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JPMorgan BetaBuilders U.S. Treasury Bond 20+ Year ETF

Schedule of Portfolio Investments as of November 30, 2024

(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.

JPMorgan BetaBuilders U.S. Treasury Bond 20+ Year ETF

SCHEDULE OF PORTFOLIO INVESTMENTS

AS OF November 30, 2024 (Unaudited)

INVESTMENTS	PRINCIPAL AMOUNT($)	VALUE($)
U.S. Treasury Obligations — 99.3%
U.S. Treasury Bonds
2.50%, 2/15/2045	159,000	116,399
3.00%, 5/15/2045	74,000	58,972
2.88%, 8/15/2045	102,000	79,433
3.00%, 11/15/2045	63,000	50,016
2.50%, 2/15/2046	129,000	93,318
2.50%, 5/15/2046	129,000	93,011
2.25%, 8/15/2046	161,000	110,222
2.88%, 11/15/2046	72,000	55,381
3.00%, 2/15/2047	141,000	110,580
3.00%, 5/15/2047	108,000	84,556
2.75%, 8/15/2047	158,000	117,938
2.75%, 11/15/2047	159,000	118,461
3.00%, 2/15/2048	182,000	141,789
3.13%, 5/15/2048	192,000	152,798
3.00%, 8/15/2048	214,000	166,285
3.38%, 11/15/2048	226,000	187,642
3.00%, 2/15/2049	230,000	178,313
2.88%, 5/15/2049	224,000	169,295
2.25%, 8/15/2049	213,000	141,121
2.38%, 11/15/2049	198,000	134,663
2.00%, 2/15/2050	250,000	155,664
1.25%, 5/15/2050	291,000	148,762
1.38%, 8/15/2050	341,000	179,531
1.63%, 11/15/2050	324,000	182,263
1.88%, 2/15/2051	373,000	223,786
2.38%, 5/15/2051	373,000	251,964
2.00%, 8/15/2051	372,000	229,390
1.88%, 11/15/2051	345,000	205,518
2.25%, 2/15/2052	308,000	201,223
2.88%, 5/15/2052	280,000	210,252
3.00%, 8/15/2052	276,000	212,833
4.00%, 11/15/2052	268,000	249,879
3.63%, 2/15/2053	277,000	241,401
3.63%, 5/15/2053	283,000	246,873
4.13%, 8/15/2053	308,000	293,839
4.75%, 11/15/2053	321,000	339,683
4.25%, 2/15/2054	347,000	338,921
4.63%, 5/15/2054	347,000	360,717
4.25%, 8/15/2054	374,000	365,760
4.50%, 11/15/2054	68,000	69,424
Total U.S. Treasury Obligations (Cost $7,507,694)		7,067,876

JPMorgan BetaBuilders U.S. Treasury Bond 20+ Year ETF

SCHEDULE OF PORTFOLIO INVESTMENTS

AS OF November 30, 2024 (Unaudited) (continued)

INVESTMENTS	SHARES	VALUE($)
Short-Term Investments — 0.1%
Investment Companies — 0.1%
JPMorgan Prime Money Market Fund Class IM Shares, 4.69% (a) (b) (Cost $7,196)	7,194	7,197
Total Investments — 99.4% (Cost $7,514,890)		7,075,073
Other Assets in Excess of Liabilities — 0.6%		42,110
NET ASSETS — 100.0%		7,117,183

Percentages indicated are based on net assets.

(a)	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.
(b)	The rate shown is the current yield as of November 30, 2024.

JPMorgan BetaBuilders U.S. Treasury Bond 20+ Year ETF

SCHEDULE OF PORTFOLIO INVESTMENTS

AS OF November 30, 2024 (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 Securities and Exchange Commission 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 Fund 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 Fund. 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.

Fixed income instruments are valued based on prices received from approved affiliated and unaffiliated pricing vendors or third party broker-dealers (collectively referred to as “Pricing Services”). The Pricing Services use multiple valuation techniques to determine the valuation of fixed income instruments. In instances where sufficient market activity exists, the Pricing Services may utilize a market-based approach through which trades or quotes from market makers are used to determine the valuation of these instruments. In instances where sufficient market activity may not exist, the Pricing Services also utilize proprietary valuation models which may consider market transactions in comparable securities and the various relationships between securities in determining fair value and/or market characteristics in order to estimate the relevant cash flows, which are then discounted to calculate the fair values.

Investments in open-end investment companies (“Underlying Funds”) are valued at each Underlying Fund’s net asset values per share as of the report date.

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.

The following table represents each valuation input as presented on the Schedule of Portfolio Investments:


	Level 1 Quoted prices	Level 2 Other significant observable inputs	Level 3 Significant unobservable inputs	Total
Investments in Securities
U.S. Treasury Obligations	$—	$7,067,876	$—	$7,067,876
Short-Term Investments
Investment Companies	7,197	—	—	7,197
Total Investments in Securities	$7,197	$7,067,876	$—	$7,075,073

JPMorgan BetaBuilders U.S. Treasury Bond 20+ Year ETF

SCHEDULE OF PORTFOLIO INVESTMENTS

AS OF November 30, 2024 (Unaudited) (continued)

B. Investment Transactions with Affiliates— The Fund invested in an Underlying Fund advised by the Adviser. An issuer which is under common control with the Fund may be considered an affiliate. The Fund assumes the issuer listed in the table below to be an affiliated issuer. The Underlying Fund's distributions may be reinvested into such Underlying Fund. Reinvestment amounts are included in the purchases at cost amounts in the table below.


For the period ended November 30, 2024
Security Description	Value at February 29, 2024	Purchases at Cost	Proceeds from Sales	Net Realized Gain (Loss)	Change in Unrealized Appreciation/ (Depreciation)	Value at November 30, 2024	Shares at November 30, 2024	Dividend Income	Capital Gain Distributions
JPMorgan Prime Money Market Fund Class IM Shares, 4.69% (a) (b)	$10,827	$1,990,824	$1,994,488	$36	$(2 )	$7,197	7,194	$1,262	$—


(a)	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.
(b)	The rate shown is the current yield as of November 30, 2024.