NPORT-EX 2 JPM_BBEME_ETF.htm EDGAR HTML
JPMorgan BetaBuilders Emerging Markets Equity ETF
Schedule of Portfolio Investments as of July 31, 2023
(Unaudited) 
THE “UNAUDITED EXCHANGE-TRADED FUNDS HOLDINGS”
LIST (“the List”) IS TO BE USED FOR REPORTING PURPOSES
ONLY.  IT IS NOT TO BE REPRODUCED FOR USE AS
ADVERTISING OR SALES LITERATURE WITH THE GENERAL
PUBLIC. The list is submitted for the general information of the
shareholders of the Fund. It is not authorized for distribution to
prospective investors in the Fund unless preceded or accompanied by a
prospectus. The list has been created from the books and records of
the Fund. Holdings are available 60 days after the fund’s fiscal quarter,
using a trade date accounting convention, by contacting the appropriate
service center. The list is subject to change without notice. The list is
for informational purposes only and is not intended as an offer or
solicitation with respect to the purchase or sale of any security.
JPMorgan Asset Management is the marketing name for the asset
management business of J.P. Morgan  Chase & Co.
J.P. Morgan Distribution Services, Inc., member FINRA.
© J.P. Morgan Chase & Co., 2023.
JPMorgan BetaBuilders Emerging Markets Equity ETF
SCHEDULE OF PORTFOLIO INVESTMENTS
AS OF July 31, 2023  (Unaudited)
 
INVESTMENTS
SHARES
VALUE($)
Common Stocks — 98.6%
Australia — 0.1%
AngloGold Ashanti Ltd.
30,967
686,839
Yancoal Australia Ltd.
23,500
77,985
 
764,824
Brazil — 5.2%
Ambev SA
322,699
1,010,663
Atacadao SA
38,550
110,137
B3 SA - Brasil Bolsa Balcao
425,698
1,343,149
Banco Bradesco SA
114,480
359,509
Banco Bradesco SA (Preference)
393,419
1,385,234
Banco BTG Pactual SA
85,118
610,924
Banco do Brasil SA
105,947
1,080,587
BB Seguridade Participacoes SA
50,244
330,869
Braskem SA (Preference), Class A *
13,992
74,506
CCR SA
82,150
230,533
Centrais Eletricas Brasileiras SA
93,152
760,778
Centrais Eletricas Brasileiras SA (Preference)
17,967
166,001
Cia de Saneamento Basico do Estado de Sao Paulo SABESP
25,281
308,852
Cia Energetica de Minas Gerais
20,457
79,989
Cia Energetica de Minas Gerais (Preference)
108,332
290,718
Cia Paranaense de Energia *
17,861
155,843
Cia Siderurgica Nacional SA
44,149
128,934
Cosan SA
85,913
361,184
CPFL Energia SA
22,737
172,857
Energisa SA
20,776
220,424
Engie Brasil Energia SA
18,656
173,866
Equatorial Energia SA
64,342
458,133
Gerdau SA (Preference)
80,401
497,836
Hapvida Participacoes e Investimentos SA * (a)
368,032
375,912
Hypera SA
29,468
269,021
Itau Unibanco Holding SA (Preference)
354,506
2,145,591
Itausa SA (Preference)
381,388
792,013
Klabin SA
61,480
298,770
Localiza Rent a Car SA
67,444
958,015
Lojas Renner SA
72,292
286,187
Magazine Luiza SA *
209,615
148,498
Natura & Co. Holding SA *
62,434
240,296
Petroleo Brasileiro SA
272,233
2,004,003
Petroleo Brasileiro SA (Preference)
336,058
2,211,605
Porto Seguro SA
13,244
80,353
PRIO SA *
49,820
481,264
Raia Drogasil SA
82,573
508,142
Rede D'Or Sao Luiz SA * (a)
64,342
489,428
Rumo SA
82,309
404,691
Sendas Distribuidora SA
87,821
252,204
Suzano SA
58,406
593,848
Telefonica Brasil SA
31,005
277,283
TIM SA
59,095
178,582
JPMorgan BetaBuilders Emerging Markets Equity ETF
SCHEDULE OF PORTFOLIO INVESTMENTS
AS OF July 31, 2023  (Unaudited) (continued)
INVESTMENTS
SHARES
VALUE($)
Common Stocks — continued
Brazil — continued
Transmissora Alianca de Energia Eletrica S/A
16,006
122,497
Vale SA
265,647
3,895,875
Vibra Energia SA *
85,228
308,019
WEG SA
108,597
917,003
 
28,550,626
Chile — 0.6%
Banco de Chile
3,212,277
357,624
Banco de Credito e Inversiones SA
5,024
150,909
Banco Santander Chile
4,876,424
260,345
Cencosud SA
95,241
204,685
Cencosud Shopping SA
34,942
63,724
Cia Cervecerias Unidas SA
9,191
76,206
Cia Sud Americana de Vapores SA
1,100,598
83,304
Empresas CMPC SA
81,302
160,483
Empresas Copec SA
32,300
247,752
Enel Americas SA *
1,428,032
193,027
Enel Chile SA
1,790,287
123,536
Falabella SA
55,650
153,893
Latam Airlines Group SA *
5,313,206
50,856
Quinenco SA
20,882
72,681
Sociedad Quimica y Minera de Chile SA (Preference), Class B
10,547
773,351
 
2,972,376
China — 29.1%
360 Security Technology, Inc., Class A *
42,400
70,472
37 Interactive Entertainment Network Technology Group Co. Ltd.
15,900
59,891
AAC Technologies Holdings, Inc.
52,500
120,280
AECC Aviation Power Co. Ltd., Class A
15,900
90,061
Agricultural Bank of China Ltd., Class A
948,700
480,691
Agricultural Bank of China Ltd., Class H
2,226,000
809,697
AIM Vaccine Co. Ltd. *
30,400
188,273
Airtac International Group
10,000
297,429
Akeso, Inc. * (a)
33,000
174,779
Alibaba Group Holding Ltd. *
1,131,400
14,458,597
Alibaba Health Information Technology Ltd. *
316,000
226,894
Aluminum Corp. of China Ltd., Class H
288,000
143,216
Anhui Conch Cement Co. Ltd., Class A
23,500
89,425
Anhui Conch Cement Co. Ltd., Class H
87,000
262,644
Anhui Gujing Distillery Co. Ltd., Class A
5,300
201,841
Anhui Gujing Distillery Co. Ltd., Class B
7,200
134,597
Anjoy Foods Group Co. Ltd., Class A
5,300
114,622
ANTA Sports Products Ltd.
91,000
1,078,433
Asymchem Laboratories Tianjin Co. Ltd., Class A
5,300
92,523
Autohome, Inc., Class A
16,600
132,984
Avary Holding Shenzhen Co. Ltd., Class A
11,900
40,825
AviChina Industry & Technology Co. Ltd., Class H
177,000
88,674
Baidu, Inc., Class A *
166,000
3,245,431
Bank of Beijing Co. Ltd., Class A
123,800
80,914
JPMorgan BetaBuilders Emerging Markets Equity ETF
SCHEDULE OF PORTFOLIO INVESTMENTS
AS OF July 31, 2023  (Unaudited) (continued)
INVESTMENTS
SHARES
VALUE($)
Common Stocks — continued
China — continued
Bank of China Ltd., Class A
471,700
258,191
Bank of China Ltd., Class H
5,689,000
2,110,039
Bank of Communications Co. Ltd., Class A
233,200
190,051
Bank of Communications Co. Ltd., Class H
1,537,000
928,549
Bank of Hangzhou Co. Ltd., Class A
34,800
59,783
Bank of Jiangsu Co. Ltd., Class A
86,500
87,492
Bank of Nanjing Co. Ltd., Class A
60,600
72,741
Bank of Ningbo Co. Ltd., Class A
42,400
173,049
Baoshan Iron & Steel Co. Ltd., Class A
130,300
117,163
BeiGene Ltd. *
63,600
1,053,377
Beijing Enterprises Holdings Ltd.
53,000
210,794
Beijing Enterprises Water Group Ltd.
340,000
82,962
Beijing Kingsoft Office Software, Inc., Class A
3,550
202,008
Beijing Shiji Information Technology Co. Ltd., Class A *
15,600
30,395
Beijing Tongrentang Co. Ltd., Class A
10,600
75,726
Beijing Wantai Biological Pharmacy Enterprise Co. Ltd., Class A
4,700
45,629
Bilibili, Inc., Class Z *
17,720
337,031
Blue Moon Group Holdings Ltd. (a)
103,000
53,564
BOC Aviation Ltd. (a)
15,900
133,276
BOC Hong Kong Holdings Ltd.
262,500
801,162
BOE Technology Group Co. Ltd., Class A
222,600
131,883
Bosideng International Holdings Ltd.
238,000
109,110
BYD Co. Ltd., Class A
15,900
606,909
BYD Co. Ltd., Class H
63,000
2,243,935
BYD Electronic International Co. Ltd.
53,000
204,610
C&D International Investment Group Ltd.
48,000
131,129
Cambricon Technologies Corp. Ltd., Class A *
2,427
55,837
CGN Power Co. Ltd., Class H (a)
848,000
208,134
Changchun High & New Technology Industry Group, Inc., Class A
5,300
111,566
Changzhou Xingyu Automotive Lighting Systems Co. Ltd., Class A
5,300
106,214
China CITIC Bank Corp. Ltd., Class H
664,000
321,107
China Coal Energy Co. Ltd., Class H
153,000
110,886
China Conch Venture Holdings Ltd.
116,500
145,900
China Construction Bank Corp., Class H
7,211,000
4,202,994
China CSSC Holdings Ltd., Class A
26,500
123,903
China Eastern Airlines Corp. Ltd., Class A *
100,200
68,646
China Everbright Bank Co. Ltd., Class A
271,600
118,658
China Everbright Environment Group Ltd.
257,000
102,553
China Feihe Ltd. (a)
265,000
162,397
China First Heavy Industries Co. Ltd., Class A *
1,193,400
561,327
China Galaxy Securities Co. Ltd., Class H
253,500
148,314
China Gas Holdings Ltd.
219,000
245,323
China Hongqiao Group Ltd.
145,500
140,390
China International Capital Corp. Ltd., Class H (a)
127,200
281,511
China International Marine Containers Group Co. Ltd., Class A
483,400
500,164
China Jushi Co. Ltd., Class A
35,600
74,033
China Lesso Group Holdings Ltd.
72,000
49,194
China Life Insurance Co. Ltd., Class H
544,000
955,053
JPMorgan BetaBuilders Emerging Markets Equity ETF
SCHEDULE OF PORTFOLIO INVESTMENTS
AS OF July 31, 2023  (Unaudited) (continued)
INVESTMENTS
SHARES
VALUE($)
Common Stocks — continued
China — continued
China Literature Ltd. * (a)
31,800
144,876
China Longyuan Power Group Corp. Ltd., Class H
244,000
236,230
China Medical System Holdings Ltd.
158,000
266,065
China Mengniu Dairy Co. Ltd.
222,000
843,198
China Merchants Bank Co. Ltd., Class A
127,200
634,783
China Merchants Bank Co. Ltd., Class H
241,500
1,200,915
China Merchants Energy Shipping Co. Ltd., Class A
47,600
42,571
China Merchants Port Holdings Co. Ltd.
106,000
145,829
China Merchants Shekou Industrial Zone Holdings Co. Ltd., Class A
47,700
95,260
China Minsheng Banking Corp. Ltd., Class A
212,000
119,249
China Minsheng Banking Corp. Ltd., Class H
477,000
181,816
China National Building Material Co. Ltd., Class H
332,000
209,842
China National Nuclear Power Co. Ltd., Class A
110,500
113,099
China National Software & Service Co. Ltd., Class A
5,100
37,155
China Northern Rare Earth Group High-Tech Co. Ltd., Class A
21,200
73,351
China Oilfield Services Ltd., Class H
132,000
155,831
China Overseas Land & Investment Ltd.
291,500
691,487
China Pacific Insurance Group Co. Ltd., Class A
68,900
289,171
China Pacific Insurance Group Co. Ltd., Class H
169,600
457,228
China Petroleum & Chemical Corp., Class A
233,200
202,606
China Petroleum & Chemical Corp., Class H
1,814,000
1,015,906
China Power International Development Ltd.
361,000
135,665
China Railway Group Ltd., Class A
121,900
137,300
China Railway Group Ltd., Class H
307,000
201,841
China Resources Beer Holdings Co. Ltd.
114,000
734,488
China Resources Cement Holdings Ltd.
158,000
68,841
China Resources Gas Group Ltd.
66,100
228,986
China Resources Land Ltd.
210,000
979,908
China Resources Mixc Lifestyle Services Ltd. (a)
53,000
256,505
China Resources Pharmaceutical Group Ltd. (a)
138,000
107,408
China Resources Power Holdings Co. Ltd.
130,000
282,027
China Resources Sanjiu Medical & Pharmaceutical Co. Ltd., Class A
5,800
40,662
China Science Publishing & Media Ltd., Class A
4,100
16,807
China Shenhua Energy Co. Ltd., Class A
53,000
210,808
China Shenhua Energy Co. Ltd., Class H
238,500
714,878
China Southern Airlines Co. Ltd., Class A *
84,800
83,102
China Southern Airlines Co. Ltd., Class H *
126,000
78,974
China Suntien Green Energy Corp. Ltd., Class A
111,400
139,670
China Taiping Insurance Holdings Co. Ltd.
127,200
141,885
China Three Gorges Renewables Group Co. Ltd., Class A
169,600
128,004
China Tourism Group Duty Free Corp. Ltd., Class A
15,900
281,022
China Tourism Group Duty Free Corp. Ltd., Class H (a)
5,300
85,140
China Tower Corp. Ltd., Class H (a)
3,498,000
395,409
China Vanke Co. Ltd., Class A
58,300
124,601
China Vanke Co. Ltd., Class H
164,300
232,871
China Yangtze Power Co. Ltd., Class A
143,100
430,116
Chongqing Brewery Co. Ltd., Class A
2,900
36,911
Chongqing Changan Automobile Co. Ltd., Class A
53,000
119,202
JPMorgan BetaBuilders Emerging Markets Equity ETF
SCHEDULE OF PORTFOLIO INVESTMENTS
AS OF July 31, 2023  (Unaudited) (continued)
INVESTMENTS
SHARES
VALUE($)
Common Stocks — continued
China — continued
Chongqing Taiji Industry Group Co. Ltd., Class A *
3,300
22,254
Chongqing Water Group Co. Ltd., Class A
667,700
515,847
Chow Tai Fook Jewellery Group Ltd.
159,000
277,599
CITIC Ltd.
477,000
538,449
CITIC Securities Co. Ltd., Class A
74,200
250,759
CITIC Securities Co. Ltd., Class H
101,500
218,624
CMOC Group Ltd., Class A
106,000
91,769
CMOC Group Ltd., Class H
264,000
176,666
CNPC Capital Co. Ltd., Class A
58,300
60,371
COSCO SHIPPING Energy Transportation Co. Ltd., Class A
20,400
41,898
COSCO SHIPPING Energy Transportation Co. Ltd., Class H
106,000
117,139
COSCO SHIPPING Holdings Co. Ltd., Class H
245,000
259,311
Country Garden Holdings Co. Ltd. *
795,000
163,326
Country Garden Services Holdings Co. Ltd.
159,000
182,047
CSPC Pharmaceutical Group Ltd.
634,000
529,565
Daqin Railway Co. Ltd., Class A
88,700
88,868
Dongxing Securities Co. Ltd., Class A *
423,900
540,802
East Buy Holding Ltd. * (a)
22,000
107,581
Eastroc Beverage Group Co. Ltd., Class A
5,300
136,330
Ecovacs Robotics Co. Ltd., Class A
3,400
37,670
ENN Energy Holdings Ltd.
55,500
674,591
ENN Natural Gas Co. Ltd., Class A
18,200
46,852
Everbright Securities Co. Ltd., Class A
22,900
58,877
Far East Horizon Ltd.
129,000
97,028
Flat Glass Group Co. Ltd., Class A
10,000
49,128
Flat Glass Group Co. Ltd., Class H
41,000
122,724
Focus Media Information Technology Co. Ltd., Class A
90,100
94,048
Foshan Haitian Flavouring & Food Co. Ltd., Class A
37,160
241,317
Fosun International Ltd.
159,000
115,900
Foxconn Industrial Internet Co. Ltd., Class A
90,100
282,148
Full Truck Alliance Co. Ltd., ADR *
47,859
358,464
Fuyao Glass Industry Group Co. Ltd., Class H (a)
37,200
165,771
Ganfeng Lithium Group Co. Ltd. (a)
31,800
204,869
Ganfeng Lithium Group Co. Ltd., Class A
10,600
88,906
G-bits Network Technology Xiamen Co. Ltd., Class A
500
30,164
GCL Technology Holdings Ltd.
1,378,000
300,217
GD Power Development Co. Ltd., Class A
104,300
53,867
Geely Automobile Holdings Ltd.
370,000
539,917
Genscript Biotech Corp. *
106,000
273,010
GF Securities Co. Ltd., Class H
84,800
135,682
Giant Network Group Co. Ltd., Class A
11,800
23,459
GigaDevice Semiconductor, Inc., Class A
5,300
85,230
GoerTek, Inc., Class A
20,100
50,393
Great Wall Motor Co. Ltd., Class A
18,100
75,063
Great Wall Motor Co. Ltd., Class H
185,500
253,821
Gree Electric Appliances, Inc. of Zhuhai, Class A
37,100
201,451
Guangdong Haid Group Co. Ltd., Class A
9,800
69,082
Guangdong Investment Ltd.
212,000
183,532
JPMorgan BetaBuilders Emerging Markets Equity ETF
SCHEDULE OF PORTFOLIO INVESTMENTS
AS OF July 31, 2023  (Unaudited) (continued)
INVESTMENTS
SHARES
VALUE($)
Common Stocks — continued
China — continued
Guanghui Energy Co. Ltd., Class A
38,500
38,394
Guangzhou Automobile Group Co. Ltd., Class H
206,000
129,669
Guangzhou Tinci Materials Technology Co. Ltd., Class A
11,300
58,312
H World Group Ltd. *
106,000
507,466
Haidilao International Holding Ltd. (a)
106,000
299,393
Haier Smart Home Co. Ltd., Class A
37,100
128,482
Haier Smart Home Co. Ltd., Class H
180,200
592,586
Hainan Airlines Holding Co. Ltd., Class A *
250,800
58,659
Hainan Airport Infrastructure Co. Ltd., Class A *
66,900
39,982
Haitian International Holdings Ltd.
53,000
132,749
Haitong Securities Co. Ltd., Class H
190,800
133,490
Hangzhou First Applied Material Co. Ltd., Class A
10,900
53,419
Hansoh Pharmaceutical Group Co. Ltd. (a)
106,000
172,127
Hengan International Group Co. Ltd.
53,000
218,005
Hengli Petrochemical Co. Ltd., Class A *
36,100
78,696
Hengtong Optic-electric Co. Ltd., Class A
14,500
31,231
Hisense Home Appliances Group Co. Ltd.
25,000
64,756
Hopson Development Holdings Ltd. *
70,680
59,313
Hoshine Silicon Industry Co. Ltd., Class A
4,400
44,413
Hoyuan Green Energy Co. Ltd.
7,406
52,629
Hua Hong Semiconductor Ltd. * (a)
44,000
149,823
Huadian Power International Corp. Ltd., Class A
49,400
39,236
Huadian Power International Corp. Ltd., Class H
118,000
52,265
Huadong Medicine Co. Ltd., Class A
10,300
62,655
Huafon Chemical Co. Ltd., Class A
392,900
409,225
Huaneng Power International, Inc., Class A *
68,900
82,901
Huaneng Power International, Inc., Class H *
318,000
176,651
Huatai Securities Co. Ltd., Class H (a)
116,600
166,374
Huaxia Bank Co. Ltd., Class A
93,200
75,673
Huizhou Desay Sv Automotive Co. Ltd., Class A
5,300
115,553
Hundsun Technologies, Inc., Class A
15,900
91,648
Hygeia Healthcare Holdings Co. Ltd. (a)
25,600
166,427
Iflytek Co. Ltd., Class A
15,900
139,966
Industrial & Commercial Bank of China Ltd., Class A
598,900
399,913
Industrial & Commercial Bank of China Ltd., Class H
5,206,000
2,542,234
Industrial Bank Co. Ltd., Class A
127,200
296,921
Inner Mongolia Yili Industrial Group Co. Ltd., Class A
42,400
170,296
Innovent Biologics, Inc. * (a)
106,000
473,973
Inspur Electronic Information Industry Co. Ltd., Class A
8,600
54,998
JA Solar Technology Co. Ltd., Class A
21,200
98,740
JCET Group Co. Ltd., Class A
10,500
48,547
JD Health International, Inc. * (a)
79,500
581,169
JD Logistics, Inc. * (a)
143,100
243,544
JD.com, Inc., Class A
180,200
3,730,787
Jiangsu Eastern Shenghong Co. Ltd., Class A
33,900
59,629
Jiangsu Expressway Co. Ltd., Class H
106,000
97,205
Jiangsu Financial Leasing Co. Ltd., Class A
875,280
544,213
Jiangsu Hengli Hydraulic Co. Ltd., Class A
7,900
79,346
JPMorgan BetaBuilders Emerging Markets Equity ETF
SCHEDULE OF PORTFOLIO INVESTMENTS
AS OF July 31, 2023  (Unaudited) (continued)
INVESTMENTS
SHARES
VALUE($)
Common Stocks — continued
China — continued
Jiangsu Hengrui Pharmaceuticals Co. Ltd., Class A
42,400
264,882
Jiangsu King's Luck Brewery JSC Ltd., Class A
7,400
63,399
Jiangsu Pacific Quartz Co. Ltd., Class A
2,200
31,642
Jiangsu Yanghe Brewery Joint-Stock Co. Ltd., Class A
10,600
217,667
Jiangsu Zhongtian Technology Co. Ltd., Class A
20,000
44,084
Jiangxi Copper Co. Ltd., Class A
180,200
505,150
Jiangxi Copper Co. Ltd., Class H
107,000
179,756
JiuGui Liquor Co. Ltd., Class A *
5,300
78,171
Jointown Pharmaceutical Group Co. Ltd., Class A
221,265
306,779
KE Holdings, Inc., Class A *
155,500
912,793
Kingboard Holdings Ltd.
52,500
146,089
Kingdee International Software Group Co. Ltd. *
211,000
370,108
Kingnet Network Co. Ltd., Class A *
12,600
26,442
Kingsoft Corp. Ltd.
69,600
299,570
Kuaishou Technology * (a)
143,700
1,261,204
Kunlun Energy Co. Ltd.
318,000
260,218
Kweichow Moutai Co. Ltd., Class A
7,400
1,953,040
Lenovo Group Ltd.
542,000
623,945
Li Auto, Inc., Class A *
84,800
1,820,405
Li Ning Co. Ltd.
171,500
1,045,538
Longfor Group Holdings Ltd. (a)
132,500
358,470
LONGi Green Energy Technology Co. Ltd., Class A
47,700
199,861
Luxshare Precision Industry Co. Ltd., Class A
42,400
192,085
Luzhou Laojiao Co. Ltd., Class A
10,600
358,303
Meituan * (a)
349,800
6,677,724
Metallurgical Corp. of China Ltd., Class A
104,500
61,329
Microport Scientific Corp. *
53,000
106,961
MINISO Group Holding Ltd.
35,200
184,708
Minth Group Ltd.
62,000
198,464
Montage Technology Co. Ltd., Class A
6,649
53,908
Muyuan Foods Co. Ltd., Class A
37,100
230,743
NARI Technology Co. Ltd., Class A
50,880
173,270
NAURA Technology Group Co. Ltd., Class A
3,100
123,302
NetEase, Inc.
134,000
2,918,565
New China Life Insurance Co. Ltd., Class A
12,300
78,399
New China Life Insurance Co. Ltd., Class H
62,700
181,832
New Oriental Education & Technology Group, Inc. *
109,400
623,200
Ninestar Corp., Class A
8,300
38,930
Ningbo Deye Technology Co. Ltd., Class A
10,540
184,930
Ningbo Orient Wires & Cables Co. Ltd., Class A
4,100
26,691
Ningbo Tuopu Group Co. Ltd., Class A
6,500
66,915
Ningxia Baofeng Energy Group Co. Ltd., Class A
37,600
74,628
NIO, Inc., Class A *
105,470
1,610,255
Nongfu Spring Co. Ltd., Class H (a)
129,000
752,126
Oppein Home Group, Inc., Class A
2,700
40,675
PDD Holdings, Inc., ADR *
39,775
3,572,590
People's Insurance Co. Group of China Ltd. (The), Class H
600,000
230,993
PetroChina Co. Ltd., Class H
1,500,000
1,099,856
JPMorgan BetaBuilders Emerging Markets Equity ETF
SCHEDULE OF PORTFOLIO INVESTMENTS
AS OF July 31, 2023  (Unaudited) (continued)
INVESTMENTS
SHARES
VALUE($)
Common Stocks — continued
China — continued
PICC Property & Casualty Co. Ltd., Class H
528,000
619,304
Ping An Bank Co. Ltd., Class A
116,600
201,362
Ping An Healthcare and Technology Co. Ltd. * (a)
37,100
98,348
Ping An Insurance Group Co. of China Ltd., Class A
68,900
509,040
Ping An Insurance Group Co. of China Ltd., Class H
450,500
3,282,677
Poly Developments and Holdings Group Co. Ltd., Class A
74,200
148,044
Postal Savings Bank of China Co. Ltd., Class A
232,100
168,809
Postal Savings Bank of China Co. Ltd., Class H (a)
583,000
359,418
Power Construction Corp. of China Ltd., Class A
106,000
89,080
Pylon Technologies Co. Ltd., Class A
1,028
25,533
Qi An Xin Technology Group, Inc., Class A *
4,010
28,445
Qifu Technology, Inc., Class A
18,450
182,547
Qingdao Rural Commercial Bank Corp., Class A *
1,192,600
500,774
Qinghai Salt Lake Industry Co. Ltd., Class A *
37,100
103,921
Remegen Co. Ltd., Class H * (a)
10,500
59,923
Rongsheng Petrochemical Co. Ltd., Class A
63,600
113,225
SAIC Motor Corp. Ltd., Class A
68,400
148,473
Sanan Optoelectronics Co. Ltd., Class A
29,200
69,398
Sany Heavy Equipment International Holdings Co. Ltd.
76,000
120,290
Sany Heavy Industry Co. Ltd., Class A
53,000
131,842
Seres Group Co. Ltd., Class A *
8,800
55,876
SF Holding Co. Ltd., Class A
31,800
221,665
Shaanxi Beiyuan Chemical Industry Group Co. Ltd., Class A
696,900
528,905
Shaanxi Coal Industry Co. Ltd., Class A
58,300
132,659
Shandong Gold Mining Co. Ltd., Class A
21,200
72,447
Shandong Gold Mining Co. Ltd., Class H (a)
50,500
100,858
Shandong Hualu Hengsheng Chemical Co. Ltd., Class A
12,500
59,196
Shandong Weigao Group Medical Polymer Co. Ltd., Class H
178,400
230,395
Shanghai Aiko Solar Energy Co. Ltd., Class A
10,700
38,667
Shanghai Baosight Software Co. Ltd., Class A
10,600
71,319
Shanghai Baosight Software Co. Ltd., Class B
44,520
114,952
Shanghai Electric Group Co. Ltd., Class A *
427,200
285,318
Shanghai Fosun Pharmaceutical Group Co. Ltd., Class H
34,500
91,046
Shanghai Fudan Microelectronics Group Co. Ltd., Class H
19,000
50,652
Shanghai International Airport Co. Ltd., Class A *
15,900
105,680
Shanghai International Port Group Co. Ltd., Class A
119,300
90,537
Shanghai Junshi Biosciences Co. Ltd., Class H * (a)
21,200
68,026
Shanghai Pharmaceuticals Holding Co. Ltd., Class A
16,300
45,890
Shanghai Pharmaceuticals Holding Co. Ltd., Class H
56,400
102,368
Shanghai Pudong Development Bank Co. Ltd., Class A
174,900
186,250
Shanghai Putailai New Energy Technology Co. Ltd., Class A
11,900
65,648
Shanxi Coking Coal Energy Group Co. Ltd., Class A
30,500
38,770
Shanxi Meijin Energy Co. Ltd., Class A *
349,800
380,603
Shanxi Xinghuacun Fen Wine Factory Co. Ltd., Class A
10,600
354,882
Shede Spirits Co. Ltd., Class A
2,000
43,350
Shenwan Hongyuan Group Co. Ltd., Class A
199,200
140,580
Shenzhen SED Industry Co. Ltd., Class A
6,700
28,146
Shenzhen Transsion Holdings Co. Ltd., Class A
5,300
91,057
JPMorgan BetaBuilders Emerging Markets Equity ETF
SCHEDULE OF PORTFOLIO INVESTMENTS
AS OF July 31, 2023  (Unaudited) (continued)
INVESTMENTS
SHARES
VALUE($)
Common Stocks — continued
China — continued
Shenzhou International Group Holdings Ltd.
58,300
618,844
Shijiazhuang Yiling Pharmaceutical Co. Ltd., Class A
9,800
34,245
Silergy Corp.
23,000
243,280
Sinopec Oilfield Service Corp., Class A *
192,100
58,364
Sinopharm Group Co. Ltd., Class H
98,000
308,621
Sinotrans Ltd., Class H
149,000
59,949
Sinotruk Hong Kong Ltd.
48,000
100,855
Sipai Health Technology Co. Ltd. * (a)
17,305
17,196
Smoore International Holdings Ltd. (a)
159,000
179,012
Spring Airlines Co. Ltd., Class A *
5,800
49,714
StarPower Semiconductor Ltd., Class A
5,300
162,626
Sun Art Retail Group Ltd.
146,500
44,923
Sunny Optical Technology Group Co. Ltd.
52,900
518,636
TBEA Co. Ltd., Class A
29,640
68,056
TCL Technology Group Corp., Class A *
109,900
66,045
TCL Zhonghuan Renewable Energy Technology Co. Ltd., Class A
28,900
117,747
Tencent Holdings Ltd.
441,800
20,305,637
Tencent Music Entertainment Group, Class A *
95,400
338,407
Tianma Microelectronics Co. Ltd., Class A *
397,500
521,449
Tianqi Lithium Corp., Class A
10,600
98,958
Tingyi Cayman Islands Holding Corp.
138,000
213,112
Tongcheng Travel Holdings Ltd. * (a)
84,800
205,777
Tongwei Co. Ltd., Class A
31,800
155,111
Topsports International Holdings Ltd. (a)
212,000
195,966
Trip.com Group Ltd. *
39,750
1,623,502
Tsingtao Brewery Co. Ltd.
42,000
377,678
Unigroup Guoxin Microelectronics Co. Ltd., Class A
5,300
69,247
Uni-President China Holdings Ltd.
88,000
76,084
Unisplendour Corp. Ltd., Class A
21,200
81,033
Verisilicon Microelectronics Shanghai Co. Ltd., Class A *
2,918
28,192
Vipshop Holdings Ltd., ADR *
25,546
481,031
Wanhua Chemical Group Co. Ltd., Class A
21,200
290,597
Want Want China Holdings Ltd.
365,000
254,541
Weichai Power Co. Ltd., Class H
142,000
210,366
Western Securities Co. Ltd., Class A
540,700
544,446
Will Semiconductor Co. Ltd., Class A
10,600
152,466
Wingtech Technology Co. Ltd., Class A
7,300
47,551
Wuliangye Yibin Co. Ltd., Class A
26,500
673,077
WUS Printed Circuit Kunshan Co. Ltd., Class A
11,200
34,401
WuXi AppTec Co. Ltd., Class A
15,900
159,994
WuXi AppTec Co. Ltd., Class H (a)
31,800
302,495
XCMG Construction Machinery Co. Ltd., Class A
69,200
68,505
Xiamen Faratronic Co. Ltd., Class A
5,300
100,040
Xinyi Glass Holdings Ltd.
206,000
342,804
Xinyi Solar Holdings Ltd.
332,000
360,501
XPeng, Inc., Class A *
84,800
904,556
Yadea Group Holdings Ltd. (a)
106,000
241,220
Yankuang Energy Group Co. Ltd., Class A
23,850
59,238
JPMorgan BetaBuilders Emerging Markets Equity ETF
SCHEDULE OF PORTFOLIO INVESTMENTS
AS OF July 31, 2023  (Unaudited) (continued)
INVESTMENTS
SHARES
VALUE($)
Common Stocks — continued
China — continued
Yankuang Energy Group Co. Ltd., Class H
162,000
243,909
Yonyou Network Technology Co. Ltd., Class A
20,100
53,140
Youngor Group Co. Ltd., Class A
424,100
423,876
YTO Express Group Co. Ltd., Class A
20,100
44,267
Yuexiu Property Co. Ltd.
118,000
155,722
Yum China Holdings, Inc.
31,005
1,891,925
Yunnan Energy New Material Co. Ltd. *
5,300
71,699
Zhangzhou Pientzehuang Pharmaceutical Co. Ltd., Class A
5,300
215,365
Zhaojin Mining Industry Co. Ltd., Class H
99,000
142,817
Zhejiang Century Huatong Group Co. Ltd., Class A *
43,700
32,343
Zhejiang China Commodities City Group Co. Ltd., Class A
32,200
38,361
Zhejiang Chint Electrics Co. Ltd., Class A
12,600
50,002
Zhejiang Dahua Technology Co. Ltd., Class A
19,500
59,959
Zhejiang Huayou Cobalt Co. Ltd., Class A
9,400
66,385
Zhejiang Sanhua Intelligent Controls Co. Ltd., Class A
21,100
82,352
Zhejiang Supcon Technology Co. Ltd., Class A
4,596
34,832
Zhejiang Zheneng Electric Power Co. Ltd., Class A *
78,500
52,941
ZhongAn Online P&C Insurance Co. Ltd., Class H * (a)
44,700
146,490
Zhongsheng Group Holdings Ltd.
52,500
184,456
Zhuzhou CRRC Times Electric Co. Ltd., Class H
37,100
147,902
Zijin Mining Group Co. Ltd., Class A
121,900
222,622
Zijin Mining Group Co. Ltd., Class H
424,000
732,301
ZTE Corp., Class A
23,400
128,356
ZTE Corp., Class H
55,200
202,023
ZTO Express Cayman, Inc.
31,800
880,789
 
158,811,142
Colombia — 0.2%
Banco de Bogota SA
8,109
63,201
Bancolombia SA
20,352
174,401
Bancolombia SA (Preference)
33,443
254,170
Ecopetrol SA
377,307
221,034
Grupo de Inversiones Suramericana SA
6,488
62,332
Grupo Energia Bogota SA ESP
266,962
120,171
Grupo Nutresa SA
8,038
105,369
Interconexion Electrica SA ESP
32,807
143,745
 
1,144,423
Czech Republic — 0.1%
CEZ A/S
11,808
522,544
Komercni Banka A/S
5,618
183,991
 
706,535
Egypt — 0.1%
Commercial International Bank Egypt SAE
179,670
293,458
Greece — 0.3%
Eurobank Ergasias Services and Holdings SA *
183,910
321,271
Hellenic Telecommunications Organization SA
14,469
228,349
JUMBO SA
8,109
241,976
JPMorgan BetaBuilders Emerging Markets Equity ETF
SCHEDULE OF PORTFOLIO INVESTMENTS
AS OF July 31, 2023  (Unaudited) (continued)
INVESTMENTS
SHARES
VALUE($)
Common Stocks — continued
Greece — continued
Motor Oil Hellas Corinth Refineries SA
6,201
156,714
Mytilineos SA
7,631
317,570
National Bank of Greece SA *
40,598
279,587
OPAP SA
13,102
230,432
 
1,775,899
Hong Kong — 0.1%
Kingboard Laminates Holdings Ltd.
59,000
60,535
Nine Dragons Paper Holdings Ltd.
123,000
81,057
Orient Overseas International Ltd.
10,000
167,102
Sino Biopharmaceutical Ltd.
742,000
336,525
 
645,219
Hungary — 0.2%
MOL Hungarian Oil & Gas plc
36,599
288,938
OTP Bank Nyrt.
16,324
593,641
Richter Gedeon Nyrt.
9,699
244,663
 
1,127,242
India — 15.8%
ABB India Ltd.
3,869
214,438
ACC Ltd.
6,201
152,294
Adani Enterprises Ltd.
20,193
612,567
Adani Green Energy Ltd. *
25,811
343,095
Adani Ports & Special Economic Zone Ltd.
54,272
513,493
Adani Power Ltd. *
57,028
189,701
Adani Total Gas Ltd.
20,352
164,229
Adani Transmission Ltd. *
20,670
206,251
Adani Wilmar Ltd. *
11,554
57,877
Alkem Laboratories Ltd.
3,021
146,195
Ambuja Cements Ltd.
54,378
306,457
Apollo Hospitals Enterprise Ltd.
7,420
467,098
Ashok Leyland Ltd.
106,371
238,048
Asian Paints Ltd.
32,981
1,354,794
AU Small Finance Bank Ltd. (a)
24,168
214,901
Aurobindo Pharma Ltd.
20,776
207,896
Avenue Supermarts Ltd. * (a)
11,024
503,683
Axis Bank Ltd.
168,275
1,953,588
Bajaj Auto Ltd.
5,088
305,416
Bajaj Finance Ltd.
19,663
1,748,038
Bajaj Finserv Ltd.
28,249
549,755
Bajaj Holdings & Investment Ltd.
2,014
184,863
Balkrishna Industries Ltd.
5,989
185,251
Bandhan Bank Ltd. * (a)
56,021
152,303
Bank of Baroda
76,479
188,348
Bharat Electronics Ltd.
264,841
421,399
Bharat Forge Ltd.
18,921
214,451
Bharat Petroleum Corp. Ltd.
70,543
323,976
Bharti Airtel Ltd.
179,480
1,943,765
JPMorgan BetaBuilders Emerging Markets Equity ETF
SCHEDULE OF PORTFOLIO INVESTMENTS
AS OF July 31, 2023  (Unaudited) (continued)
INVESTMENTS
SHARES
VALUE($)
Common Stocks — continued
India — continued
Biocon Ltd.
33,376
104,401
Bosch Ltd.
636
146,816
Britannia Industries Ltd.
8,692
506,664
Canara Bank
26,818
112,459
Cholamandalam Investment and Finance Co. Ltd.
29,150
401,647
Cipla Ltd.
39,962
571,547
Coal India Ltd.
153,288
427,833
Colgate-Palmolive India Ltd.
9,805
240,930
Container Corp. of India Ltd.
20,246
171,186
Dabur India Ltd.
56,630
396,731
Divi's Laboratories Ltd.
9,381
420,739
DLF Ltd.
45,739
288,784
Dr Reddy's Laboratories Ltd.
8,957
614,498
Eicher Motors Ltd.
10,282
421,141
Embassy Office Parks, REIT
44,891
170,329
GAIL India Ltd.
194,457
281,788
Godrej Consumer Products Ltd. *
27,931
352,118
Godrej Properties Ltd. *
8,586
181,883
Grasim Industries Ltd.
27,719
624,208
Havells India Ltd.
18,497
300,336
HCL Technologies Ltd.
77,423
1,052,331
HDFC Asset Management Co. Ltd. (a)
5,883
181,343
HDFC Bank Ltd.
390,726
7,844,251
HDFC Life Insurance Co. Ltd. (a)
69,960
550,463
Hero MotoCorp Ltd.
9,593
374,010
Hindalco Industries Ltd.
108,067
609,215
Hindustan Aeronautics Ltd. (a)
6,148
296,622
Hindustan Petroleum Corp. Ltd.
47,223
162,126
Hindustan Unilever Ltd.
65,317
2,034,665
ICICI Bank Ltd.
378,295
4,610,461
ICICI Lombard General Insurance Co. Ltd. (a)
17,437
293,859
ICICI Prudential Life Insurance Co. Ltd. (a)
28,726
202,630
Indian Hotels Co. Ltd.
65,137
313,310
Indian Oil Corp. Ltd.
281,960
321,598
Indian Railway Catering & Tourism Corp. Ltd.
28,643
223,340
Indraprastha Gas Ltd.
25,864
145,789
Indus Towers Ltd. *
61,745
129,309
IndusInd Bank Ltd.
42,453
732,921
Info Edge India Ltd.
5,406
302,126
Infosys Ltd.
264,092
4,371,020
InterGlobe Aviation Ltd. * (a)
7,155
225,751
ITC Ltd.
218,205
1,236,437
Jindal Steel & Power Ltd.
29,415
239,762
Jio Financial Services Ltd. ‡ *
252,424
803,626
JSW Energy Ltd.
30,369
106,729
JSW Steel Ltd.
69,695
693,392
Jubilant Foodworks Ltd.
28,249
164,584
Kotak Mahindra Bank Ltd.
79,932
1,806,393
JPMorgan BetaBuilders Emerging Markets Equity ETF
SCHEDULE OF PORTFOLIO INVESTMENTS
AS OF July 31, 2023  (Unaudited) (continued)
INVESTMENTS
SHARES
VALUE($)
Common Stocks — continued
India — continued
Larsen & Toubro Ltd. *
50,880
1,660,150
LTIMindtree Ltd. (a)
6,784
404,253
Lupin Ltd.
17,808
213,518
Macrotech Developers Ltd. * (a)
17,808
164,644
Mahindra & Mahindra Ltd.
70,755
1,270,372
Marico Ltd.
38,213
260,709
Maruti Suzuki India Ltd.
9,805
1,171,727
Mphasis Ltd.
6,095
170,316
MRF Ltd.
177
221,744
Muthoot Finance Ltd.
7,929
130,294
Nestle India Ltd.
2,597
712,179
NMDC Ltd.
84,482
120,648
NTPC Ltd.
347,593
923,979
Oil & Natural Gas Corp. Ltd.
285,303
615,288
One 97 Communications Ltd. *
6,492
63,196
Page Industries Ltd.
424
195,010
Patanjali Foods Ltd.
6,884
111,448
Petronet LNG Ltd.
55,438
157,617
PI Industries Ltd.
5,936
261,139
Pidilite Industries Ltd.
11,236
357,509
Power Finance Corp. Ltd.
85,860
273,270
Power Grid Corp. of India Ltd.
252,757
818,362
Procter & Gamble Hygiene & Health Care Ltd.
689
132,084
Punjab National Bank
162,816
122,644
REC Ltd.
91,478
225,889
Reliance Industries Ltd.
252,424
7,835,994
Samvardhana Motherson International Ltd.
140,291
167,909
SBI Cards & Payment Services Ltd.
20,988
218,486
SBI Life Insurance Co. Ltd. (a)
33,337
520,394
Shree Cement Ltd.
713
209,133
Shriram Finance Ltd.
18,232
420,321
Siemens Ltd.
6,572
318,476
Sona Blw Precision Forgings Ltd. (a)
22,949
159,223
SRF Ltd.
10,706
283,020
State Bank of India
130,579
986,367
Sun Pharmaceutical Industries Ltd.
78,985
1,098,664
Sundaram Finance Ltd.
4,982
160,358
Tata Consultancy Services Ltd.
74,951
3,122,384
Tata Consumer Products Ltd.
44,626
466,496
Tata Elxsi Ltd.
2,544
221,803
Tata Motors Ltd.
130,221
1,021,772
Tata Motors Ltd., Class A
34,224
172,675
Tata Power Co. Ltd. (The)
123,893
356,849
Tata Steel Ltd.
596,462
894,861
Tech Mahindra Ltd.
46,799
635,682
Titan Co. Ltd.
30,526
1,115,549
Torrent Pharmaceuticals Ltd.
7,208
175,738
Tube Investments of India Ltd.
7,738
290,131
JPMorgan BetaBuilders Emerging Markets Equity ETF
SCHEDULE OF PORTFOLIO INVESTMENTS
AS OF July 31, 2023  (Unaudited) (continued)
INVESTMENTS
SHARES
VALUE($)
Common Stocks — continued
India — continued
TVS Motor Co. Ltd.
16,854
282,506
UltraTech Cement Ltd.
8,533
863,640
United Spirits Ltd. *
21,995
271,835
UPL Ltd. *
39,379
299,420
Varun Beverages Ltd.
34,662
339,191
Vedanta Ltd.
82,521
277,702
Voltas Ltd.
16,854
159,995
Wipro Ltd.
108,403
534,657
Yes Bank Ltd. *
935,609
192,964
Zomato Ltd. *
373,173
382,022
Zydus Lifesciences Ltd.
18,709
143,883
 
86,186,360
Indonesia — 2.2%
Adaro Energy Indonesia Tbk. PT
1,038,800
166,178
Allo Bank Indonesia Tbk. PT *
238,400
28,629
Aneka Tambang Tbk.
683,600
90,106
Astra International Tbk. PT
1,499,900
681,621
Avia Avian Tbk. PT
1,314,400
54,040
Bank Central Asia Tbk. PT
4,059,900
2,458,804
Bank Mandiri Persero Tbk. PT
3,312,500
1,259,232
Bank Negara Indonesia Persero Tbk. PT
551,200
324,493
Bank Rakyat Indonesia Persero Tbk. PT
5,262,900
1,970,451
Barito Pacific Tbk. PT
2,019,300
103,762
Bayan Resources Tbk. PT
561,800
739,505
Bukit Asam Tbk. PT
286,500
52,683
Chandra Asri Petrochemical Tbk. PT
1,722,500
242,153
Charoen Pokphand Indonesia Tbk. PT *
530,000
181,810
Elang Mahkota Teknologi Tbk. PT
2,941,500
126,907
GoTo Gojek Tokopedia Tbk. PT *
67,442,500
506,270
Gudang Garam Tbk. PT
33,800
62,591
Indah Kiat Pulp & Paper Tbk. PT
190,800
115,823
Indocement Tunggal Prakarsa Tbk. PT
137,800
95,280
Indofood CBP Sukses Makmur Tbk. PT
159,000
118,149
Indofood Sukses Makmur Tbk. PT
328,600
159,639
Kalbe Farma Tbk. PT
2,644,700
335,909
Merdeka Copper Gold Tbk. PT *
1,017,600
237,112
Mitra Keluarga Karyasehat Tbk. PT (a)
402,800
77,729
MNC Digital Entertainment Tbk. PT *
124,300
31,155
Sarana Menara Nusantara Tbk. PT
1,505,200
101,302
Semen Indonesia Persero Tbk. PT
243,800
112,813
Sumber Alfaria Trijaya Tbk. PT
1,409,800
252,436
Telkom Indonesia Persero Tbk. PT
3,519,200
867,046
Unilever Indonesia Tbk. PT
418,700
106,896
United Tractors Tbk. PT
164,300
300,156
Vale Indonesia Tbk. PT
152,600
69,637
 
12,030,317
JPMorgan BetaBuilders Emerging Markets Equity ETF
SCHEDULE OF PORTFOLIO INVESTMENTS
AS OF July 31, 2023  (Unaudited) (continued)
INVESTMENTS
SHARES
VALUE($)
Common Stocks — continued
Kuwait — 0.8%
Agility Public Warehousing Co. KSC *
118,720
243,460
Boubyan Bank KSCP
110,611
223,228
Gulf Bank KSCP
265,000
227,767
Kuwait Finance House KSCP
580,000
1,490,015
Mabanee Co. KPSC
46,218
132,867
Mobile Telecommunications Co. KSCP
156,774
265,884
National Bank of Kuwait SAKP
580,128
1,816,724
 
4,399,945
Luxembourg — 0.1%
Reinet Investments SCA
10,918
264,498
Malaysia — 1.5%
AMMB Holdings Bhd.
159,000
136,155
Axiata Group Bhd.
349,800
207,170
CELCOMDIGI Bhd.
249,100
244,196
CIMB Group Holdings Bhd.
535,300
659,410
Dialog Group Bhd.
434,600
221,847
Gamuda Bhd.
238,500
227,421
Genting Bhd.
153,700
146,954
Genting Malaysia Bhd.
286,200
165,087
HAP Seng Consolidated Bhd.
196,100
147,925
Hong Leong Bank Bhd.
58,300
253,291
IHH Healthcare Bhd.
227,900
300,997
IOI Corp. Bhd.
227,900
210,851
Kuala Lumpur Kepong Bhd.
41,100
212,579
Malayan Banking Bhd.
520,300
1,040,973
Malaysia Airports Holdings Bhd.
74,000
113,242
Maxis Bhd.
169,600
151,979
MISC Bhd.
98,000
156,247
MR DIY Group M Bhd. (a)
413,400
134,796
Petronas Chemicals Group Bhd.
212,000
327,033
Petronas Dagangan Bhd.
26,500
134,939
Petronas Gas Bhd.
56,200
212,884
PPB Group Bhd.
52,100
192,963
Press Metal Aluminium Holdings Bhd.
265,000
296,327
Public Bank Bhd.
1,118,300
1,034,437
RHB Bank Bhd.
286,200
361,321
Sime Darby Bhd.
229,400
111,017
Sime Darby Plantation Bhd.
249,100
251,805
Telekom Malaysia Bhd.
121,900
137,635
Tenaga Nasional Bhd.
206,300
439,310
Top Glove Corp. Bhd. *
386,900
78,982
Westports Holdings Bhd.
69,800
54,219
 
8,363,992
Mexico — 2.1%
Arca Continental SAB de CV
34,655
347,709
Becle SAB de CV
34,154
89,296
Cemex SAB de CV *
1,119,466
853,054
JPMorgan BetaBuilders Emerging Markets Equity ETF
SCHEDULE OF PORTFOLIO INVESTMENTS
AS OF July 31, 2023  (Unaudited) (continued)
INVESTMENTS
SHARES
VALUE($)
Common Stocks — continued
Mexico — continued
Coca-Cola Femsa SAB de CV
38,849
327,334
Fibra Uno Administracion SA de CV, REIT
212,477
319,382
Fomento Economico Mexicano SAB de CV
135,839
1,539,049
GMexico Transportes SAB de CV (a)
35,166
84,004
Gruma SAB de CV, Class B
13,462
240,459
Grupo Aeroportuario del Pacifico SAB de CV, Class B
27,396
521,252
Grupo Aeroportuario del Sureste SAB de CV, Class B
13,939
395,470
Grupo Bimbo SAB de CV
101,601
528,058
Grupo Carso SAB de CV
36,570
290,878
Grupo Elektra SAB de CV
4,081
307,297
Grupo Financiero Banorte SAB de CV, Class O
183,433
1,739,354
Grupo Financiero Inbursa SAB de CV, Class O *
144,902
352,888
Grupo Mexico SAB de CV
230,338
1,198,253
Industrias CH SAB de CV *
8,304
98,740
Industrias Penoles SAB de CV *
13,780
197,323
Kimberly-Clark de Mexico SAB de CV, Class A
104,145
245,607
Operadora De Sites Mexicanos SAB de CV
66,050
66,977
Orbia Advance Corp. SAB de CV
68,370
155,277
Promotora y Operadora de Infraestructura SAB de CV
17,550
182,553
Wal-Mart de Mexico SAB de CV
374,498
1,559,942
 
11,640,156
Peru — 0.2%
Credicorp Ltd.
5,366
842,730
Enel Distribucion Peru SAA
37,720
35,376
InRetail Peru Corp. (a)
2,227
74,827
 
952,933
Philippines — 0.8%
Aboitiz Equity Ventures, Inc.
166,420
162,892
Aboitiz Power Corp.
107,600
70,667
ACEN Corp. *
551,600
52,434
Ayala Corp.
18,550
207,915
Ayala Land, Inc.
445,200
222,313
Bank of the Philippine Islands
145,750
303,911
BDO Unibank, Inc.
155,290
410,672
Globe Telecom, Inc.
2,320
81,132
GT Capital Holdings, Inc.
6,290
62,446
International Container Terminal Services, Inc.
59,890
236,686
JG Summit Holdings, Inc.
225,800
177,168
Jollibee Foods Corp.
32,860
152,626
Manila Electric Co.
20,670
134,069
Metro Pacific Investments Corp.
797,000
70,675
Metropolitan Bank & Trust Co.
319,030
348,748
Monde Nissin Corp. (a)
535,300
79,740
PLDT, Inc.
6,360
151,768
San Miguel Corp.
31,330
62,118
SM Investments Corp.
36,040
598,833
JPMorgan BetaBuilders Emerging Markets Equity ETF
SCHEDULE OF PORTFOLIO INVESTMENTS
AS OF July 31, 2023  (Unaudited) (continued)
INVESTMENTS
SHARES
VALUE($)
Common Stocks — continued
Philippines — continued
SM Prime Holdings, Inc.
853,300
519,190
Universal Robina Corp.
64,660
144,600
 
4,250,603
Qatar — 0.9%
Commercial Bank PSQC (The)
236,433
406,130
Dukhan Bank
187,625
213,065
Industries Qatar QSC
147,605
540,583
Masraf Al Rayan QSC
453,892
313,024
Mesaieed Petrochemical Holding Co.
325,155
174,355
Ooredoo QPSC
56,816
178,409
Qatar Electricity & Water Co. QSC
37,960
189,119
Qatar Fuel QSC
47,011
216,985
Qatar Gas Transport Co. Ltd.
200,711
232,410
Qatar International Islamic Bank QSC
86,178
245,722
Qatar Islamic Bank SAQ
122,271
710,521
Qatar National Bank QPSC
324,339
1,513,103
 
4,933,426
Saudi Arabia — 3.5%
ACWA Power Co.
9,752
479,365
Advanced Petrochemical Co.
9,381
113,878
Al Rajhi Bank
148,090
2,943,669
Alinma Bank
72,451
714,335
Almarai Co. JSC
18,444
338,704
Arabian Internet & Communications Services Co.
1,908
185,480
Bank Al-Jazira
29,680
145,369
Banque Saudi Fransi
43,672
495,772
Bupa Arabia for Cooperative Insurance Co.
1,865
85,780
Dr Sulaiman Al Habib Medical Services Group Co.
6,254
481,789
Elm Co.
1,961
355,458
Etihad Etisalat Co.
27,878
348,105
Jarir Marketing Co.
43,460
179,585
Mouwasat Medical Services Co.
3,438
229,882
Nahdi Medical Co.
2,915
135,076
Riyad Bank
108,756
921,986
SABIC Agri-Nutrients Co.
17,225
662,032
Sahara International Petrochemical Co.
26,553
267,941
Saudi Arabian Mining Co. *
90,073
1,066,495
Saudi Arabian Oil Co. (a)
178,981
1,546,715
Saudi Aramco Base Oil Co.
3,704
146,362
Saudi Awwal Bank
27,348
277,414
Saudi Basic Industries Corp.
66,515
1,520,164
Saudi Electricity Co.
58,512
350,035
Saudi Industrial Investment Group
27,348
182,204
Saudi Investment Bank (The)
36,199
172,701
Saudi Kayan Petrochemical Co. *
54,325
177,486
Saudi National Bank (The)
225,674
2,318,984
Saudi Tadawul Group Holding Co.
3,551
190,591
JPMorgan BetaBuilders Emerging Markets Equity ETF
SCHEDULE OF PORTFOLIO INVESTMENTS
AS OF July 31, 2023  (Unaudited) (continued)
INVESTMENTS
SHARES
VALUE($)
Common Stocks — continued
Saudi Arabia — continued
Saudi Telecom Co.
135,335
1,530,323
Savola Group (The)
21,942
247,326
Yanbu National Petrochemical Co.
20,352
248,658
 
19,059,664
South Africa — 3.0%
Absa Group Ltd.
62,039
657,517
African Rainbow Minerals Ltd.
8,003
90,331
Anglo American Platinum Ltd.
4,134
206,614
Aspen Pharmacare Holdings Ltd.
28,991
310,907
Bid Corp. Ltd.
24,804
587,515
Bidvest Group Ltd. (The)
25,122
389,815
Capitec Bank Holdings Ltd.
7,102
712,199
Clicks Group Ltd.
18,073
283,489
Discovery Ltd. *
37,312
329,625
Exxaro Resources Ltd.
17,808
161,334
FirstRand Ltd.
410,372
1,669,341
Gold Fields Ltd.
65,932
1,022,552
Impala Platinum Holdings Ltd.
63,070
455,559
Kumba Iron Ore Ltd.
4,028
110,492
Life Healthcare Group Holdings Ltd.
108,491
126,364
Mr Price Group Ltd.
30,500
268,525
MTN Group Ltd.
65,508
513,002
MultiChoice Group
32,754
162,106
Naspers Ltd., Class N
15,931
3,130,233
Nedbank Group Ltd.
35,987
472,884
Northam Platinum Holdings Ltd. *
20,246
171,059
Old Mutual Ltd.
359,483
261,515
OUTsurance Group Ltd.
62,275
134,657
Pepkor Holdings Ltd. (a)
88,653
86,156
Remgro Ltd.
39,167
352,122
Sanlam Ltd.
133,348
490,406
Sasol Ltd.
43,142
602,353
Shoprite Holdings Ltd.
36,305
524,566
Sibanye Stillwater Ltd.
209,350
397,851
Standard Bank Group Ltd.
99,322
1,060,768
Tiger Brands Ltd.
11,978
107,063
Vodacom Group Ltd.
61,427
405,604
Woolworths Holdings Ltd.
74,677
334,055
 
16,588,579
South Korea — 12.9%
Amorepacific Corp.
2,173
191,934
BGF retail Co. Ltd.
689
90,401
BNK Financial Group, Inc.
21,221
112,547
Celltrion Healthcare Co. Ltd.
7,950
410,710
Celltrion, Inc.
7,897
908,529
Cheil Worldwide, Inc.
9,434
134,262
CJ CheilJedang Corp.
605
132,810
JPMorgan BetaBuilders Emerging Markets Equity ETF
SCHEDULE OF PORTFOLIO INVESTMENTS
AS OF July 31, 2023  (Unaudited) (continued)
INVESTMENTS
SHARES
VALUE($)
Common Stocks — continued
South Korea — continued
CJ Corp.
1,089
55,362
CosmoAM&T Co. Ltd. *
1,615
230,285
Coway Co. Ltd.
3,975
127,741
DB Insurance Co. Ltd.
3,657
216,240
Doosan Bobcat, Inc.
3,657
167,752
Doosan Enerbility Co. Ltd. *
30,263
415,390
Ecopro BM Co. Ltd.
4,028
1,324,927
Ecopro Co. Ltd.
1,441
1,365,012
E-MART, Inc.
1,431
84,940
F&F Co. Ltd.
1,325
107,575
GS Holdings Corp.
6,837
202,029
Hana Financial Group, Inc.
21,836
672,888
Hanjin Kal Corp.
1,562
51,851
Hankook Tire & Technology Co. Ltd.
5,671
172,009
Hanmi Pharm Co. Ltd.
468
97,853
Hanmi Science Co. Ltd.
2,304
57,559
Hanon Systems
11,819
79,055
Hanwha Aerospace Co. Ltd.
2,438
233,901
Hanwha Corp.
3,236
78,327
Hanwha Ocean Co. Ltd. *
2,826
103,788
Hanwha Solutions Corp. *
8,162
242,242
HD Hyundai Co. Ltd.
3,373
162,886
HD Hyundai Heavy Industries Co. Ltd. *
1,484
162,686
HD Korea Shipbuilding & Offshore Engineering Co. Ltd. *
3,392
328,336
HLB, Inc. *
8,215
211,847
HMM Co. Ltd.
26,765
367,376
Hotel Shilla Co. Ltd.
2,332
137,765
HYBE Co. Ltd. *
1,378
283,782
Hyundai Engineering & Construction Co. Ltd.
5,300
155,552
Hyundai Glovis Co. Ltd.
1,590
217,414
Hyundai Marine & Fire Insurance Co. Ltd.
4,081
91,626
Hyundai Mobis Co. Ltd.
4,876
890,925
Hyundai Motor Co.
10,441
1,605,341
Hyundai Motor Co. (Preference)
2,650
225,400
Hyundai Rotem Co. Ltd. *
5,300
130,357
Hyundai Steel Co.
9,169
259,933
Industrial Bank of Korea
21,200
172,835
Kakao Corp.
22,831
919,107
Kakao Games Corp. *
3,498
86,564
KakaoBank Corp.
22,949
468,132
Kakaopay Corp. *
1,802
70,923
Kangwon Land, Inc.
14,391
176,140
KB Financial Group, Inc.
28,408
1,137,780
Kia Corp.
19,822
1,286,434
Korea Aerospace Industries Ltd.
5,300
204,625
Korea Electric Power Corp. *
18,974
285,895
Korea Investment Holdings Co. Ltd.
3,017
115,608
Korea Zinc Co. Ltd.
1,007
390,095
JPMorgan BetaBuilders Emerging Markets Equity ETF
SCHEDULE OF PORTFOLIO INVESTMENTS
AS OF July 31, 2023  (Unaudited) (continued)
INVESTMENTS
SHARES
VALUE($)
Common Stocks — continued
South Korea — continued
Korean Air Lines Co. Ltd.
16,681
321,980
Krafton, Inc. *
2,594
349,667
KT Corp.
9,487
219,695
KT&G Corp.
8,109
524,717
Kumho Petrochemical Co. Ltd.
1,272
119,783
L&F Co. Ltd.
1,696
342,772
LG Chem Ltd.
3,445
1,752,492
LG Chem Ltd. (Preference)
530
163,338
LG Corp.
9,805
641,878
LG Display Co. Ltd. *
16,377
173,157
LG Electronics, Inc.
7,950
676,715
LG Energy Solution Ltd. *
3,127
1,373,790
LG H&H Co. Ltd.
689
231,175
LG Innotek Co. Ltd.
1,007
208,806
LG Uplus Corp.
15,652
122,852
Lotte Chemical Corp.
1,378
162,825
Lotte Energy Materials Corp.
1,585
68,190
Meritz Financial Group, Inc. *
8,056
311,045
Mirae Asset Securities Co. Ltd.
18,156
98,700
NAVER Corp.
10,921
1,945,766
NCSoft Corp.
1,166
252,959
Netmarble Corp. * (a)
1,908
73,678
Orion Corp.
1,855
165,105
Pan Ocean Co. Ltd.
17,598
65,989
Pearl Abyss Corp. *
2,756
121,150
POSCO Future M Co. Ltd.
2,279
942,849
POSCO Holdings, Inc.
5,406
2,723,983
Posco International Corp.
3,763
266,281
S-1 Corp.
5,087
204,155
Samsung Biologics Co. Ltd. * (a)
1,458
875,483
Samsung C&T Corp.
6,518
528,092
Samsung Electro-Mechanics Co. Ltd.
4,187
477,648
Samsung Electronics Co. Ltd.
375,587
20,564,390
Samsung Electronics Co. Ltd. (Preference)
60,132
2,708,392
Samsung Engineering Co. Ltd. *
10,388
301,325
Samsung Fire & Marine Insurance Co. Ltd.
2,438
466,016
Samsung Heavy Industries Co. Ltd. *
55,332
392,173
Samsung Life Insurance Co. Ltd.
6,943
379,839
Samsung SDI Co. Ltd.
4,025
2,101,069
Samsung SDS Co. Ltd.
3,241
326,283
Samsung Securities Co. Ltd.
4,638
130,610
SD Biosensor, Inc.
3,498
35,543
Shinhan Financial Group Co. Ltd.
37,577
1,034,243
SK Biopharmaceuticals Co. Ltd. *
2,067
131,990
SK Bioscience Co. Ltd. *
1,803
103,825
SK Hynix, Inc.
39,412
3,816,857
SK IE Technology Co. Ltd. * (a)
2,067
174,173
SK Innovation Co. Ltd. *
3,816
647,267
JPMorgan BetaBuilders Emerging Markets Equity ETF
SCHEDULE OF PORTFOLIO INVESTMENTS
AS OF July 31, 2023  (Unaudited) (continued)
INVESTMENTS
SHARES
VALUE($)
Common Stocks — continued
South Korea — continued
SK Square Co. Ltd. *
7,367
256,488
SK Telecom Co. Ltd.
7,950
287,480
SK, Inc.
2,784
333,702
SKC Co. Ltd.
1,484
115,525
S-Oil Corp.
3,074
180,702
Woori Financial Group, Inc.
47,965
438,360
Yuhan Corp.
3,869
221,368
 
70,267,618
Taiwan — 13.6%
Accton Technology Corp.
39,000
475,814
Acer, Inc.
223,000
249,033
Advanced Energy Solution Holding Co. Ltd.
3,000
66,269
Advantech Co. Ltd.
35,196
439,518
ASE Technology Holding Co. Ltd.
250,000
915,021
Asia Cement Corp.
213,000
273,265
Asustek Computer, Inc.
52,000
603,943
AUO Corp. *
530,000
349,632
Catcher Technology Co. Ltd.
49,000
270,957
Cathay Financial Holding Co. Ltd.
689,000
1,004,269
Chailease Holding Co. Ltd. *
110,000
728,353
Chang Hwa Commercial Bank Ltd.
458,000
274,978
Cheng Shin Rubber Industry Co. Ltd.
150,000
183,860
Chicony Electronics Co. Ltd.
49,000
163,232
China Airlines Ltd.
213,000
169,382
China Development Financial Holding Corp. *
1,219,000
487,388
China Steel Corp.
921,000
819,387
Chunghwa Telecom Co. Ltd.
279,000
1,029,219
Compal Electronics, Inc.
317,000
307,753
CTBC Financial Holding Co. Ltd. *
1,431,000
1,197,129
Delta Electronics, Inc.
141,000
1,645,994
E Ink Holdings, Inc.
64,000
458,997
E.Sun Financial Holding Co. Ltd.
1,100,068
906,056
Eclat Textile Co. Ltd.
17,000
294,092
eMemory Technology, Inc.
4,000
237,034
Eva Airways Corp.
188,000
220,438
Evergreen Marine Corp. Taiwan Ltd.
75,000
248,717
Far Eastern New Century Corp.
318,000
300,757
Far EasTone Telecommunications Co. Ltd.
116,000
261,912
Feng TAY Enterprise Co. Ltd. *
53,000
358,471
First Financial Holding Co. Ltd.
742,000
686,414
Formosa Chemicals & Fibre Corp.
296,000
616,196
Formosa Petrochemical Corp.
106,000
270,535
Formosa Plastics Corp.
318,000
841,966
Fubon Financial Holding Co. Ltd.
580,000
1,210,585
Giant Manufacturing Co. Ltd.
23,000
170,614
Global Unichip Corp.
5,000
261,523
Globalwafers Co. Ltd.
17,000
278,600
JPMorgan BetaBuilders Emerging Markets Equity ETF
SCHEDULE OF PORTFOLIO INVESTMENTS
AS OF July 31, 2023  (Unaudited) (continued)
INVESTMENTS
SHARES
VALUE($)
Common Stocks — continued
Taiwan — continued
Highwealth Construction Corp.
106,000
142,818
Hiwin Technologies Corp.
20,000
134,627
Hon Hai Precision Industry Co. Ltd.
801,000
2,771,725
Hotai Motor Co. Ltd. *
26,000
627,776
Hua Nan Financial Holdings Co. Ltd.
742,000
525,644
Innolux Corp. *
689,000
365,876
Inventec Corp.
265,000
539,061
Largan Precision Co. Ltd.
7,000
485,532
Lite-On Technology Corp.
212,000
1,019,359
Macronix International Co. Ltd.
136,000
135,350
MediaTek, Inc.
117,000
2,574,576
Mega Financial Holding Co. Ltd.
795,000
1,019,437
Merida Industry Co. Ltd.
15,000
103,632
Micro-Star International Co. Ltd.
54,000
334,937
momo.com, Inc.
5,000
95,496
Nan Ya Plastics Corp.
371,000
826,744
Nan Ya Printed Circuit Board Corp.
18,000
142,526
Nanya Technology Corp.
87,000
200,759
Nien Made Enterprise Co. Ltd.
14,000
145,123
Novatek Microelectronics Corp.
42,000
567,989
Oneness Biotech Co. Ltd.
28,163
174,250
Pegatron Corp.
154,000
375,007
PharmaEssentia Corp. *
22,000
240,013
Phison Electronics Corp.
11,000
143,421
Polaris Group *
39,000
106,788
Pou Chen Corp.
186,000
185,084
Powerchip Semiconductor Manufacturing Corp.
265,000
253,305
Powertech Technology, Inc. *
53,000
186,799
President Chain Store Corp.
42,000
373,133
Quanta Computer, Inc.
212,000
1,612,867
Radiant Opto-Electronics Corp.
53,000
203,532
Realtek Semiconductor Corp.
35,000
480,694
Ruentex Development Co. Ltd.
151,000
171,343
Ruentex Industries Ltd.
59,000
116,544
Shanghai Commercial & Savings Bank Ltd. (The)
371,000
520,050
Shin Kong Financial Holding Co. Ltd. *
1,113,000
341,622
Simplo Technology Co. Ltd.
12,000
117,457
Sino-American Silicon Products, Inc.
53,000
289,803
SinoPac Financial Holdings Co. Ltd.
887,000
526,738
Synnex Technology International Corp.
93,000
175,280
Taishin Financial Holding Co. Ltd.
911,750
530,420
Taiwan Business Bank
447,000
205,226
Taiwan Cement Corp.
482,000
572,717
Taiwan Cooperative Financial Holding Co. Ltd.
742,000
694,581
Taiwan High Speed Rail Corp.
160,000
153,664
Taiwan Mobile Co. Ltd.
126,000
378,609
Taiwan Semiconductor Manufacturing Co. Ltd.
1,385,000
25,009,782
Tatung Co. Ltd. *
148,000
233,532
JPMorgan BetaBuilders Emerging Markets Equity ETF
SCHEDULE OF PORTFOLIO INVESTMENTS
AS OF July 31, 2023  (Unaudited) (continued)
INVESTMENTS
SHARES
VALUE($)
Common Stocks — continued
Taiwan — continued
Teco Electric and Machinery Co. Ltd.
115,000
197,169
Tripod Technology Corp.
105,000
565,198
Unimicron Technology Corp.
99,000
584,477
Uni-President Enterprises Corp.
354,000
849,270
United Microelectronics Corp.
848,000
1,274,289
Vanguard International Semiconductor Corp.
58,000
143,002
Voltronic Power Technology Corp.
5,000
279,003
Walsin Lihwa Corp.
212,000
270,624
Wan Hai Lines Ltd.
106,000
170,376
Win Semiconductors Corp.
27,000
140,994
Winbond Electronics Corp. *
203,000
190,278
Wistron Corp.
212,000
956,911
Wiwynn Corp.
8,000
454,313
Yageo Corp.
25,000
366,509
Yang Ming Marine Transport Corp.
127,000
188,393
Yuanta Financial Holding Co. Ltd.
901,000
700,643
Zhen Ding Technology Holding Ltd.
53,000
177,605
 
73,917,605
Thailand — 1.8%
Advanced Info Service PCL, NVDR
78,400
518,002
Airports of Thailand PCL, NVDR *
312,700
653,335
B Grimm Power PCL, NVDR
72,500
82,158
Bangkok Bank PCL, NVDR
41,900
210,060
Bangkok Dusit Medical Services PCL, NVDR
296,800
249,691
Bangkok Expressway & Metro PCL, NVDR
556,500
148,111
Bank of Ayudhya PCL, NVDR
123,800
115,796
Banpu PCL, NVDR
247,300
70,492
Berli Jucker PCL, NVDR
327,900
335,405
BTS Group Holdings PCL, NVDR
503,700
119,272
Bumrungrad Hospital PCL, NVDR
28,500
180,026
Carabao Group PCL, NVDR
128,400
273,341
Central Pattana PCL, NVDR
98,500
195,893
Central Retail Corp. PCL, NVDR
222,600
268,415
Charoen Pokphand Foods PCL, NVDR
386,800
229,543
CP ALL PCL, NVDR
323,300
600,113
Delta Electronics Thailand PCL, NVDR
328,600
1,086,498
Energy Absolute PCL, NVDR
132,500
240,374
Gulf Energy Development PCL, NVDR
408,100
593,752
Home Product Center PCL, NVDR
291,500
121,021
Indorama Ventures PCL, NVDR
211,600
211,924
Intouch Holdings PCL, NVDR
84,400
190,006
JMT Network Services PCL, NVDR
50,100
56,786
Kasikornbank PCL, NVDR
84,800
312,560
Krung Thai Bank PCL, NVDR
254,400
152,486
Krungthai Card PCL, NVDR
77,300
106,233
Minor International PCL, NVDR
190,800
184,095
Muangthai Capital PCL, NVDR
51,200
53,190
JPMorgan BetaBuilders Emerging Markets Equity ETF
SCHEDULE OF PORTFOLIO INVESTMENTS
AS OF July 31, 2023  (Unaudited) (continued)
INVESTMENTS
SHARES
VALUE($)
Common Stocks — continued
Thailand — continued
Osotspa PCL, NVDR
111,300
95,213
PTT Exploration & Production PCL, NVDR
104,500
487,990
PTT Global Chemical PCL, NVDR
121,900
140,894
PTT Oil & Retail Business PCL, NVDR
222,600
139,242
PTT PCL, NVDR
630,700
645,356
SCB X PCL, NVDR
63,600
209,212
SCG Packaging PCL, NVDR
88,000
104,195
Siam Cement PCL (The), NVDR
21,200
201,445
Siam Global House PCL, NVDR
150,000
72,400
Srisawad Corp. PCL, NVDR
49,300
68,153
Thai Life Insurance PCL, NVDR
184,300
60,355
Thai Oil PCL, NVDR
65,300
97,976
TMBThanachart Bank PCL, NVDR
3,503,300
176,153
 
10,057,162
Turkey — 0.7%
Akbank TAS
226,840
235,399
Arcelik A/S *
13,347
76,494
Aselsan Elektronik Sanayi ve Ticaret A/S
43,884
121,501
BIM Birlesik Magazalar A/S
33,178
266,427
Enka Insaat ve Sanayi A/S
133,083
166,041
Eregli Demir ve Celik Fabrikalari TAS *
100,912
156,103
Ford Otomotiv Sanayi A/S
5,141
181,195
Haci Omer Sabanci Holding A/S
126,562
270,705
Hektas Ticaret TAS *
76,691
86,884
KOC Holding A/S
80,613
404,090
Petkim Petrokimya Holding A/S *
90,850
60,620
Sasa Polyester Sanayi A/S *
72,291
163,537
Tofas Turk Otomobil Fabrikasi A/S
9,222
103,372
Turk Hava Yollari AO *
52,046
452,606
Turkcell Iletisim Hizmetleri A/S *
87,821
168,478
Turkiye Garanti Bankasi A/S
43,016
70,160
Turkiye Is Bankasi A/S, Class C
258,799
145,290
Turkiye Petrol Rafinerileri A/S
68,370
262,431
Turkiye Sise ve Cam Fabrikalari A/S
97,361
193,028
Yapi ve Kredi Bankasi A/S
199,863
105,635
 
3,689,996
United Arab Emirates — 2.6%
Abu Dhabi Commercial Bank PJSC
216,505
517,551
Abu Dhabi Islamic Bank PJSC
107,431
328,766
Abu Dhabi National Oil Co. for Distribution PJSC
212,636
225,784
Abu Dhabi Ports Co. PJSC *
63,303
113,785
ADNOC Drilling Co. PJSC
189,369
203,140
Aldar Properties PJSC
267,438
376,365
Alpha Dhabi Holding PJSC *
103,562
562,797
Americana Restaurants International plc
184,874
193,285
Dubai Electricity & Water Authority PJSC
665,574
485,648
Dubai Islamic Bank PJSC
213,133
333,777
JPMorgan BetaBuilders Emerging Markets Equity ETF
SCHEDULE OF PORTFOLIO INVESTMENTS
AS OF July 31, 2023  (Unaudited) (continued)
INVESTMENTS
SHARES
VALUE($)
Common Stocks — continued
United Arab Emirates — continued
Emaar Properties PJSC
457,549
841,912
Emirates NBD Bank PJSC
182,161
842,880
Emirates Telecommunications Group Co. PJSC
257,209
1,568,442
Fertiglobe plc
85,022
82,847
First Abu Dhabi Bank PJSC
326,798
1,302,429
International Holding Co. PJSC *
52,956
5,696,566
Multiply Group PJSC *
248,517
218,523
Q Holding PJSC *
152,057
103,129
Salik Co. PJSC
115,221
98,509
 
14,096,135
United States — 0.1%
JBS SA
49,184
195,228
Parade Technologies Ltd.
5,000
146,789
 
342,017
Total Common Stocks
(Cost $508,647,336)
537,832,750
Short-Term Investments — 0.8%
Investment Companies — 0.8%
JPMorgan U.S. Government Money Market Fund Class IM Shares, 5.27% (b) (c)(Cost $4,355,841)
4,355,841
4,355,841
Total Investments — 99.4%
(Cost $513,003,177)
542,188,591
Other Assets Less Liabilities — 0.6%
3,162,994
NET ASSETS — 100.0%
545,351,585
 
Percentages indicated are based on net assets.
 
Abbreviations
 
ADR
American Depositary Receipt
JSC
Joint Stock Company
NVDR
Non-Voting Depositary Receipt
PJSC
Public Joint Stock Company
Preference
A special type of equity investment that shares in the earnings of the company, has limited voting rights, and may have a dividend preference. Preference
shares may also have liquidation preference.
PT
Limited liability company
REIT
Real Estate Investment Trust
SCA
Limited partnership with share capital
 
‡
Value determined using significant unobservable inputs.
*
Non-income producing security.
(a)
Security exempt from registration pursuant to Regulation S under the Securities Act of 1933, as amended. Regulation S applies to securities offerings that
are made outside of the United States and do not involve direct selling efforts in the United States and as such may have restrictions on resale.
(b)
Investment in an affiliated fund, which is registered under the Investment Company Act of 1940, as amended, and is advised by J.P. Morgan Investment
Management Inc.
(c)
The rate shown is the current yield as of July 31, 2023.
JPMorgan BetaBuilders Emerging Markets Equity ETF
SCHEDULE OF PORTFOLIO INVESTMENTS
AS OF July 31, 2023  (Unaudited) (continued)
Summary of Investments by Industry, July 31, 2023
The following table represents the portfolio investments of the Fund by industry classifications as a percentage of total investments:  
INDUSTRY
PERCENT OF
TOTAL
INVESTMENTS
Banks
17.2
%
Semiconductors & Semiconductor Equipment
7.4
Technology Hardware, Storage & Peripherals
5.8
Interactive Media & Services
5.2
Broadline Retail
5.0
Oil, Gas & Consumable Fuels
4.9
Metals & Mining
3.9
Chemicals
3.3
Automobiles
3.2
Electronic Equipment, Instruments & Components
2.8
Industrial Conglomerates
2.7
Insurance
2.7
Hotels, Restaurants & Leisure
2.5
IT Services
2.1
Beverages
1.9
Food Products
1.7
Real Estate Management & Development
1.5
Consumer Staples Distribution & Retail
1.4
Pharmaceuticals
1.4
Diversified Telecommunication Services
1.3
Capital Markets
1.2
Wireless Telecommunication Services
1.2
Electrical Equipment
1.1
Electric Utilities
1.1
Construction Materials
1.1
Financial Services
1.1
Entertainment
1.0
Independent Power and Renewable Electricity Producers
1.0
Textiles, Apparel & Luxury Goods
1.0
Others (each less than 1.0%)
11.5
Short-Term Investments
0.8
Futures contracts outstanding as of July 31, 2023:
 
DESCRIPTION
NUMBER OF
CONTRACTS
EXPIRATION DATE
TRADING CURRENCY
NOTIONAL
AMOUNT ($)
VALUE AND
UNREALIZED
APPRECIATION
(DEPRECIATION) ($)
Long Contracts
MSCI Emerging Markets E-Mini Index
143
09/15/2023
USD
7,538,960
320,584
 
Abbreviations
 
MSCI
Morgan Stanley Capital International
USD
United States Dollar
JPMorgan BetaBuilders Emerging Markets Equity ETF
SCHEDULE OF PORTFOLIO INVESTMENTS
AS OF July 31, 2023 (Unaudited) (continued)
A. Valuation of Investments — Investments are valued in accordance with U.S. generally accepted accounting principles (“GAAP”) and the Fund's valuation policies set forth by, and under the supervision and responsibility of, the Board of Trustees of the Trust (the “Board”), which established the following approach to valuation, as described more fully below: (i) investments for which market quotations are readily available shall be valued at their market value and (ii) all other investments for which market quotations are not readily available shall be valued at their fair value as determined in good faith by the Board.
Under Section 2(a)(41) of the Investment Company Act of 1940, the Board is required to determine fair value for securities that do not have readily available market quotations. Under SEC Rule 2a-5 (Good Faith Determinations of Fair Value), the Board may designate the performance of these fair valuation determinations to a valuation designee. The Board has designated the Adviser as the “Valuation Designee” to perform fair valuation determinations for the Funds on behalf of the Board subject to appropriate oversight by the Board. The Adviser, as Valuation Designee, leverages the J.P. Morgan Asset Management Americas Valuation Committee (“AVC”) to help oversee and carry out the policies for the valuation of investments held in the Funds. The Adviser, as Valuation Designee, remains responsible for the valuation determinations. 
This oversight by the AVC includes monitoring the appropriateness of fair values based on results of ongoing valuation oversight including, but not limited to, consideration of macro or security specific events, market events, and pricing vendor and broker due diligence. The Administrator is responsible for discussing and assessing the potential impacts to the fair values on an ongoing basis, and, at least on a quarterly basis, with the AVC and the Board.
A market-based approach is primarily used to value the Fund's investments. Investments for which market quotations are not readily available are fair valued using prices supplied by approved affiliated and/or unaffiliated pricing vendors or third party broker-dealers (collectively referred to as “Pricing Services”), or may be internally fair valued using methods set forth by the valuation policies approved by the Board. This may include the use of related or comparable assets or liabilities, recent transactions, market multiples, book values and other relevant information for the investment. An income-based valuation approach may be used in which the anticipated future cash flows of the investment are discounted to calculate the fair value. Discounts may also be applied due to the nature or duration of any restrictions on the disposition of the investments. Valuations may be based upon current market prices of securities that are comparable in coupon, rating, maturity and industry. It is possible that the estimated values may differ significantly from the values that would have been used had a ready market for the investments existed, and such differences could be material.
Equities and other exchange-traded instruments are valued at the last sale price or official market closing price on the primary exchange on which the instrument is traded before the net asset value (“NAV”) of the Fund is calculated on a valuation date. Certain foreign equity instruments are valued by applying international fair value factors provided by approved Pricing Services. The factors seek to adjust the local closing price for movements of local markets post-closing, but prior to the time the NAV is calculated. 
Investments in open-end investment companies (“Underlying Funds”) are valued at each Underlying Fund’s NAV per share as of the report date.
Futures contracts are generally valued on the basis of available market quotations.
Valuations reflected in this report are as of the report date. As a result, changes in valuation due to market events and/or issuer-related events after the report date and prior to issuance of the report are not reflected herein.
The various inputs that are used in determining the valuation of the Fund's investments are summarized into the three broad levels listed below.
•
Level 1 — Unadjusted inputs using quoted prices in active markets for identical investments.
•
Level 2 — Other significant observable inputs including, but not limited to, quoted prices for similar investments, inputs other than quoted prices that are observable for investments (such as interest rates, prepayment speeds, credit risk, etc.) or other market corroborated inputs.
•
Level 3 — Significant inputs based on the best information available in the circumstances, to the extent observable inputs are not available (including the Fund's assumptions in determining the fair value of investments).
A financial instrument’s level within the fair value hierarchy is based on the lowest level of any input, both individually and in the aggregate, that is significant to the fair value measurement. The inputs or methodology used for valuing instruments are not necessarily an indication of the risk associated with investing in those instruments. 
JPMorgan BetaBuilders Emerging Markets Equity ETF
SCHEDULE OF PORTFOLIO INVESTMENTS
AS OF July 31, 2023 (Unaudited) (continued)
The following table represents each valuation input as presented on the Schedule of Portfolio Investments ("SOI"): 
 
 
 
 
Level 1
Quoted prices
Level 2
Other significant
observable inputs
Level 3
Significant
unobservable inputs
Total
Investments in Securities
Common Stocks
Australia
$—
$764,824
$—
$764,824
Brazil
28,550,626
—
—
28,550,626
Chile
2,972,376
—
—
2,972,376
China
7,235,038
151,576,104
—
158,811,142
Colombia
1,144,423
—
—
1,144,423
Czech Republic
522,544
183,991
—
706,535
Egypt
—
293,458
—
293,458
Greece
241,976
1,533,923
—
1,775,899
Hong Kong
—
645,219
—
645,219
Hungary
244,663
882,579
—
1,127,242
India
713,575
84,669,159
803,626
86,186,360
Indonesia
1,040,761
10,989,556
—
12,030,317
Kuwait
—
4,399,945
—
4,399,945
Luxembourg
264,498
—
—
264,498
Malaysia
540,786
7,823,206
—
8,363,992
Mexico
11,640,156
—
—
11,640,156
Peru
952,933
—
—
952,933
Philippines
62,118
4,188,485
—
4,250,603
Qatar
178,409
4,755,017
—
4,933,426
Saudi Arabia
—
19,059,664
—
19,059,664
South Africa
7,733,069
8,855,510
—
16,588,579
South Korea
—
70,267,618
—
70,267,618
Taiwan
—
73,917,605
—
73,917,605
Thailand
—
10,057,162
—
10,057,162
Turkey
344,732
3,345,264
—
3,689,996
United Arab Emirates
8,213,537
5,882,598
—
14,096,135
United States
195,228
146,789
—
342,017
Total Common Stocks
72,791,448
464,237,676
803,626
537,832,750
Short-Term Investments
Investment Companies
4,355,841
—
—
4,355,841
Total Investments in Securities
$77,147,289
$464,237,676
$803,626
$542,188,591
Appreciation in Other Financial Instruments
Futures Contracts
$320,584
$—
$—
$320,584
B. Investment Transactions with Affiliates — The Fund invested in Underlying Funds advised by the Adviser. An issuer which is under common control with the Fund may be considered an affiliate. The Fund assumes the issuers listed in the table below to be affiliated issuers.
JPMorgan BetaBuilders Emerging Markets Equity ETF
SCHEDULE OF PORTFOLIO INVESTMENTS
AS OF July 31, 2023 (Unaudited) (continued)
The Underlying Funds’ distributions may be reinvested into such Underlying Funds. Reinvestment amounts are included in the purchases at cost amounts in the table below. 
 
For the period ended July 31, 2023
Security Description
Value at
May 10, 
2023(a)
Purchases at
Cost
Proceeds from
Sales
Net Realized
Gain (Loss)
Change in
Unrealized
Appreciation/
(Depreciation)
Value at
July 31,
2023
Shares at
July 31,
2023
Dividend
Income
Capital Gain
Distributions
JPMorgan U.S. Government Money Market
Fund Class IM Shares, 5.27%  (b) (c)
$—
$41,099,725
$36,743,884
$—
$—
$4,355,841
4,355,841
$21,658
$—
 
 
(a)
Commencement of operations was May 10, 2023.
(b)
Investment in an affiliated fund, which is registered under the Investment Company Act of 1940, as amended, and is advised by J.P. Morgan
Investment Management Inc.
(c)
The rate shown is the current yield as of July 31, 2023.