JPMorgan BetaBuilders USD High Yield Corporate Bond ETF
Schedule of Portfolio Investments as of May 31, 2023
(Unaudited)
THE “UNAUDITED MUTUAL 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. |
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JPMorgan BetaBuilders USD High Yield Corporate Bond ETF
SCHEDULE OF PORTFOLIO INVESTMENTS
AS OF May 31, 2023 (Unaudited)
SCHEDULE OF PORTFOLIO INVESTMENTS
AS OF May 31, 2023 (Unaudited)
INVESTMENTS | PRINCIPAL AMOUNT($) | VALUE($) |
Corporate Bonds — 97.6% | ||
Aerospace & Defense — 2.7% | ||
Bombardier, Inc. (Canada) | ||
7.13%, 6/15/2026 (a) | 783,000 | 767,865 |
7.88%, 4/15/2027 (a) | 936,000 | 925,422 |
7.50%, 2/1/2029 (a) | 136,000 | 132,040 |
Howmet Aerospace, Inc. | ||
6.88%, 5/1/2025 | 197,000 | 201,391 |
5.90%, 2/1/2027 | 509,000 | 517,649 |
5.95%, 2/1/2037 | 323,000 | 323,118 |
Moog, Inc. 4.25%, 12/15/2027 (a) | 191,000 | 178,099 |
Rolls-Royce plc (United Kingdom) 5.75%, 10/15/2027 (a) | 600,000 | 584,004 |
Spirit AeroSystems, Inc. | ||
7.50%, 4/15/2025 (a) | 593,000 | 585,591 |
4.60%, 6/15/2028 | 128,000 | 105,317 |
9.38%, 11/30/2029 (a) | 443,000 | 471,847 |
TransDigm, Inc. | ||
6.25%, 3/15/2026 (a) | 1,633,000 | 1,621,820 |
6.38%, 6/15/2026 | 26,000 | 25,683 |
5.50%, 11/15/2027 | 1,432,000 | 1,346,239 |
4.88%, 5/1/2029 | 626,000 | 556,357 |
Triumph Group, Inc. 7.75%, 8/15/2025 | 304,000 | 291,025 |
8,633,467 | ||
Automobile Components — 2.3% | ||
Adient Global Holdings Ltd. | ||
4.88%, 8/15/2026 (a) | 350,000 | 331,307 |
7.00%, 4/15/2028 (a) | 56,000 | 56,593 |
Allison Transmission, Inc. 5.88%, 6/1/2029 (a) | 332,000 | 320,161 |
American Axle & Manufacturing, Inc. | ||
6.50%, 4/1/2027 | 664,000 | 619,459 |
5.00%, 10/1/2029 | 203,000 | 165,017 |
Clarios Global LP | ||
6.25%, 5/15/2026 (a) | 167,000 | 165,229 |
8.50%, 5/15/2027 (a) | 698,000 | 699,797 |
Cooper-Standard Automotive, Inc. | ||
4.50% (PIK), 3/31/2027 (a) (b) | 249,050 | 246,430 |
10.63% (PIK), 5/15/2027 (a) (b) | 111,000 | 58,615 |
Dana, Inc. | ||
5.38%, 11/15/2027 | 236,000 | 221,040 |
5.63%, 6/15/2028 | 40,000 | 36,621 |
4.25%, 9/1/2030 | 81,000 | 64,899 |
4.50%, 2/15/2032 | 375,000 | 300,817 |
Dealer Tire LLC 8.00%, 2/1/2028 (a) | 74,000 | 67,748 |
Dornoch Debt Merger Sub, Inc. 6.63%, 10/15/2029 (a) | 231,000 | 173,402 |
Goodyear Tire & Rubber Co. (The) | ||
5.00%, 5/31/2026 | 280,000 | 273,066 |
4.88%, 3/15/2027 | 787,000 | 751,851 |
5.00%, 7/15/2029 | 29,000 | 26,114 |
5.25%, 4/30/2031 | 400,000 | 351,464 |
JPMorgan BetaBuilders USD High Yield Corporate Bond ETF
SCHEDULE OF PORTFOLIO INVESTMENTS
AS OF May 31, 2023 (Unaudited) (continued)
SCHEDULE OF PORTFOLIO INVESTMENTS
AS OF May 31, 2023 (Unaudited) (continued)
INVESTMENTS | PRINCIPAL AMOUNT($) | VALUE($) |
Corporate Bonds — continued | ||
Automobile Components — continued | ||
Icahn Enterprises LP | ||
6.25%, 5/15/2026 | 872,000 | 763,983 |
5.25%, 5/15/2027 | 662,000 | 545,593 |
4.38%, 2/1/2029 | 142,000 | 108,658 |
IHO Verwaltungs GmbH (Germany) 6.38% (Cash), 5/15/2029 (a) (b) | 393,000 | 363,661 |
Patrick Industries, Inc. | ||
7.50%, 10/15/2027 (a) | 90,000 | 86,850 |
4.75%, 5/1/2029 (a) | 150,000 | 128,104 |
ZF North America Capital, Inc. (Germany) | ||
4.75%, 4/29/2025 (a) | 150,000 | 145,297 |
6.88%, 4/14/2028 (a) | 300,000 | 301,324 |
7,373,100 | ||
Automobiles — 1.6% | ||
Aston Martin Capital Holdings Ltd. (Jersey) 10.50%, 11/30/2025 (a) | 200,000 | 199,871 |
Ford Motor Co. | ||
6.63%, 10/1/2028 | 52,000 | 52,978 |
3.25%, 2/12/2032 | 1,296,000 | 984,795 |
6.10%, 8/19/2032 | 846,000 | 795,220 |
4.75%, 1/15/2043 | 71,000 | 52,461 |
5.29%, 12/8/2046 | 857,000 | 677,286 |
Jaguar Land Rover Automotive plc (United Kingdom) 5.50%, 7/15/2029 (a) | 295,000 | 251,775 |
Mclaren Finance plc (United Kingdom) 7.50%, 8/1/2026 (a) | 248,000 | 207,328 |
Nissan Motor Acceptance Co. LLC 1.13%, 9/16/2024 (a) | 629,000 | 584,209 |
Nissan Motor Co. Ltd. (Japan) | ||
3.52%, 9/17/2025 (a) | 222,000 | 206,145 |
4.81%, 9/17/2030 (a) | 1,054,000 | 895,653 |
PM General Purchaser LLC 9.50%, 10/1/2028 (a) | 304,000 | 284,917 |
Thor Industries, Inc. 4.00%, 10/15/2029 (a) | 36,000 | 29,433 |
5,222,071 | ||
Banks — 0.8% | ||
First Republic Bank 4.38%, 8/1/2046 (c) | 300,000 | 3,750 |
Intesa Sanpaolo SpA (Italy) | ||
5.02%, 6/26/2024 (a) | 200,000 | 194,526 |
5.71%, 1/15/2026 (a) | 715,000 | 680,496 |
(US Treasury Yield Curve Rate T Note Constant Maturity 1 Year + 2.60%), 4.20%, 6/1/2032 (a) (d) | 338,000 | 255,735 |
(US Treasury Yield Curve Rate T Note Constant Maturity 1 Year + 2.75%), 4.95%, 6/1/2042 (a) (d) | 219,000 | 140,642 |
Popular, Inc. (Puerto Rico) 7.25%, 3/13/2028 | 50,000 | 49,538 |
UniCredit SpA (Italy) | ||
(USD ICE Swap Rate 5 Year + 3.70%), 5.86%, 6/19/2032 (a) (d) | 946,000 | 856,740 |
(US Treasury Yield Curve Rate T Note Constant Maturity 5 Year + 4.75%), 5.46%, 6/30/2035 (a) (d) | 200,000 | 168,668 |
Western Alliance Bancorp (3-MONTH CME TERM SOFR + 2.25%), 3.00%, 6/15/2031 (d) | 139,000 | 98,342 |
2,448,437 | ||
Beverages — 0.1% | ||
Primo Water Holdings, Inc. (Canada) 4.38%, 4/30/2029 (a) | 25,000 | 21,504 |
Triton Water Holdings, Inc. 6.25%, 4/1/2029 (a) | 201,000 | 167,669 |
189,173 |
JPMorgan BetaBuilders USD High Yield Corporate Bond ETF
SCHEDULE OF PORTFOLIO INVESTMENTS
AS OF May 31, 2023 (Unaudited) (continued)
SCHEDULE OF PORTFOLIO INVESTMENTS
AS OF May 31, 2023 (Unaudited) (continued)
INVESTMENTS | PRINCIPAL AMOUNT($) | VALUE($) |
Corporate Bonds — continued | ||
Biotechnology — 0.1% | ||
Emergent BioSolutions, Inc. 3.88%, 8/15/2028 (a) | 208,000 | 114,320 |
Grifols Escrow Issuer SA (Spain) 4.75%, 10/15/2028 (a) | 340,000 | 287,623 |
401,943 | ||
Broadline Retail — 1.3% | ||
ANGI Group LLC 3.88%, 8/15/2028 (a) | 389,000 | 316,705 |
Go Daddy Operating Co. LLC | ||
5.25%, 12/1/2027 (a) | 145,000 | 138,475 |
3.50%, 3/1/2029 (a) | 160,000 | 138,394 |
Kohl's Corp. 4.62%, 5/1/2031 (e) | 517,000 | 336,629 |
Macy's Retail Holdings LLC | ||
5.88%, 4/1/2029 (a) | 617,000 | 545,427 |
4.50%, 12/15/2034 | 140,000 | 96,736 |
5.13%, 1/15/2042 | 62,000 | 39,649 |
4.30%, 2/15/2043 | 90,000 | 52,287 |
Match Group Holdings II LLC | ||
4.63%, 6/1/2028 (a) | 110,000 | 100,375 |
3.63%, 10/1/2031 (a) | 440,000 | 358,429 |
Millennium Escrow Corp. 6.63%, 8/1/2026 (a) | 326,000 | 223,080 |
NMG Holding Co., Inc. 7.13%, 4/1/2026 (a) | 488,000 | 439,137 |
Nordstrom, Inc. 4.38%, 4/1/2030 | 500,000 | 397,385 |
Photo Holdings Merger Sub, Inc. 8.50%, 10/1/2026 (a) | 259,000 | 148,985 |
QVC, Inc. 4.75%, 2/15/2027 | 743,000 | 456,202 |
Rakuten Group, Inc. (Japan) (US Treasury Yield Curve Rate T Note Constant Maturity 5 Year + 4.96%), 6.25%, 4/22/2031 (a) (d) (f) (g) | 528,000 | 340,560 |
4,128,455 | ||
Building Products — 1.3% | ||
Advanced Drainage Systems, Inc. 6.38%, 6/15/2030 (a) | 408,000 | 402,288 |
Builders FirstSource, Inc. 5.00%, 3/1/2030 (a) | 796,000 | 737,546 |
Camelot Return Merger Sub, Inc. 8.75%, 8/1/2028 (a) | 391,000 | 368,556 |
CP Atlas Buyer, Inc. 7.00%, 12/1/2028 (a) | 221,000 | 161,882 |
Griffon Corp. 5.75%, 3/1/2028 | 584,000 | 538,410 |
James Hardie International Finance DAC 5.00%, 1/15/2028 (a) | 300,000 | 285,151 |
JELD-WEN, Inc. 4.88%, 12/15/2027 (a) | 25,000 | 21,771 |
Masonite International Corp. 5.38%, 2/1/2028 (a) | 73,000 | 69,200 |
MIWD Holdco II LLC 5.50%, 2/1/2030 (a) | 39,000 | 31,395 |
New Enterprise Stone & Lime Co., Inc. 5.25%, 7/15/2028 (a) | 32,000 | 28,320 |
Oscar AcquisitionCo LLC 9.50%, 4/15/2030 (a) | 213,000 | 179,985 |
PGT Innovations, Inc. 4.38%, 10/1/2029 (a) | 300,000 | 273,861 |
Standard Industries, Inc. | ||
4.75%, 1/15/2028 (a) | 836,000 | 766,432 |
3.38%, 1/15/2031 (a) | 281,000 | 219,496 |
Victors Merger Corp. 6.38%, 5/15/2029 (a) | 159,000 | 101,329 |
4,185,622 | ||
Capital Markets — 0.3% | ||
AG TTMT Escrow Issuer LLC 8.63%, 9/30/2027 (a) | 379,000 | 383,813 |
Aretec Escrow Issuer, Inc. 7.50%, 4/1/2029 (a) | 105,000 | 89,704 |
JPMorgan BetaBuilders USD High Yield Corporate Bond ETF
SCHEDULE OF PORTFOLIO INVESTMENTS
AS OF May 31, 2023 (Unaudited) (continued)
SCHEDULE OF PORTFOLIO INVESTMENTS
AS OF May 31, 2023 (Unaudited) (continued)
INVESTMENTS | PRINCIPAL AMOUNT($) | VALUE($) |
Corporate Bonds — continued | ||
Capital Markets — continued | ||
Coinbase Global, Inc. | ||
3.38%, 10/1/2028 (a) | 7,000 | 4,413 |
3.63%, 10/1/2031 (a) | 256,000 | 149,114 |
Compass Group Diversified Holdings LLC 5.25%, 4/15/2029 (a) | 112,000 | 98,909 |
Dresdner Funding Trust I 8.15%, 6/30/2031 (a) | 210,000 | 221,393 |
Jane Street Group 4.50%, 11/15/2029 (a) | 136,000 | 115,957 |
1,063,303 | ||
Chemicals — 3.0% | ||
Ashland LLC | ||
3.38%, 9/1/2031 (a) | 190,000 | 152,061 |
6.88%, 5/15/2043 | 58,000 | 58,032 |
ASP Unifrax Holdings, Inc. 7.50%, 9/30/2029 (a) | 149,000 | 102,902 |
Avient Corp. | ||
5.75%, 5/15/2025 (a) | 212,000 | 210,963 |
7.13%, 8/1/2030 (a) | 412,000 | 415,977 |
Axalta Coating Systems LLC 4.75%, 6/15/2027 (a) | 525,000 | 496,110 |
Cerdia Finanz GmbH (Germany) 10.50%, 2/15/2027 (a) | 248,000 | 235,725 |
Chemours Co. (The) 5.75%, 11/15/2028 (a) | 767,000 | 675,199 |
Cornerstone Chemical Co. 1.82% (PIK), 9/1/2027 (a) (b) | 16,000 | 14,160 |
Element Solutions, Inc. 3.88%, 9/1/2028 (a) | 442,000 | 386,836 |
FXI Holdings, Inc. 12.25%, 11/15/2026 (a) | 438,000 | 402,960 |
GPD Cos., Inc. 10.13%, 4/1/2026 (a) | 330,000 | 305,027 |
INEOS Quattro Finance 2 plc (United Kingdom) 3.38%, 1/15/2026 (a) | 300,000 | 275,262 |
Ingevity Corp. 3.88%, 11/1/2028 (a) | 200,000 | 165,060 |
Iris Holding, Inc. 10.00%, 12/15/2028 (a) | 25,000 | 18,750 |
LSB Industries, Inc. 6.25%, 10/15/2028 (a) | 408,000 | 369,240 |
Mativ Holdings, Inc. 6.88%, 10/1/2026 (a) | 151,000 | 132,533 |
Methanex Corp. (Canada) | ||
5.25%, 12/15/2029 | 268,000 | 243,780 |
5.65%, 12/1/2044 | 46,000 | 36,598 |
NOVA Chemicals Corp. (Canada) | ||
4.88%, 6/1/2024 (a) | 338,000 | 330,007 |
4.25%, 5/15/2029 (a) | 611,000 | 503,217 |
Nufarm Australia Ltd. (Australia) 5.00%, 1/27/2030 (a) | 103,000 | 92,706 |
Olin Corp. | ||
5.13%, 9/15/2027 | 222,000 | 210,202 |
5.63%, 8/1/2029 | 130,000 | 124,533 |
Olympus Water US Holding Corp. 4.25%, 10/1/2028 (a) | 450,000 | 360,861 |
Rain CII Carbon LLC 7.25%, 4/1/2025 (a) | 348,000 | 337,431 |
Rayonier AM Products, Inc. 7.63%, 1/15/2026 (a) | 473,000 | 410,659 |
SCIH Salt Holdings, Inc. | ||
4.88%, 5/1/2028 (a) | 279,000 | 247,226 |
6.63%, 5/1/2029 (a) | 272,000 | 225,318 |
SCIL IV LLC 5.38%, 11/1/2026 (a) | 381,000 | 351,514 |
Scotts Miracle-Gro Co. (The) | ||
4.50%, 10/15/2029 | 85,000 | 72,469 |
4.00%, 4/1/2031 | 90,000 | 71,454 |
JPMorgan BetaBuilders USD High Yield Corporate Bond ETF
SCHEDULE OF PORTFOLIO INVESTMENTS
AS OF May 31, 2023 (Unaudited) (continued)
SCHEDULE OF PORTFOLIO INVESTMENTS
AS OF May 31, 2023 (Unaudited) (continued)
INVESTMENTS | PRINCIPAL AMOUNT($) | VALUE($) |
Corporate Bonds — continued | ||
Chemicals — continued | ||
4.38%, 2/1/2032 | 100,000 | 79,913 |
SK Invictus Intermediate II SARL 5.00%, 10/30/2029 (a) | 61,000 | 48,430 |
SPCM SA (France) 3.13%, 3/15/2027 (a) | 330,000 | 302,102 |
Trinseo Materials Operating SCA | ||
5.38%, 9/1/2025 (a) | 72,000 | 56,700 |
5.13%, 4/1/2029 (a) | 239,000 | 129,323 |
Tronox, Inc. 4.63%, 3/15/2029 (a) | 483,000 | 392,044 |
Venator Finance Sarl | ||
9.50%, 7/1/2025 (a) | 134,000 | 93,800 |
5.75%, 7/15/2025 (a) | 126,000 | 13,860 |
Vibrantz Technologies, Inc. 9.00%, 2/15/2030 (a) | 261,000 | 193,919 |
WR Grace Holdings LLC 5.63%, 8/15/2029 (a) | 339,000 | 281,450 |
9,626,313 | ||
Commercial Services & Supplies — 3.3% | ||
ACCO Brands Corp. 4.25%, 3/15/2029 (a) | 331,000 | 278,867 |
ADT Security Corp. (The) | ||
4.13%, 8/1/2029 (a) | 200,000 | 174,500 |
4.88%, 7/15/2032 (a) | 233,000 | 198,481 |
Allied Universal Holdco LLC | ||
6.63%, 7/15/2026 (a) | 1,123,000 | 1,054,798 |
9.75%, 7/15/2027 (a) | 433,000 | 379,893 |
6.00%, 6/1/2029 (a) | 209,000 | 154,660 |
APX Group, Inc. 5.75%, 7/15/2029 (a) | 128,000 | 109,357 |
Aramark Services, Inc. | ||
6.38%, 5/1/2025 (a) | 307,000 | 304,697 |
5.00%, 2/1/2028 (a) | 285,000 | 269,354 |
Brink's Co. (The) 4.63%, 10/15/2027 (a) | 586,000 | 546,477 |
Clean Harbors, Inc. | ||
4.88%, 7/15/2027 (a) | 25,000 | 23,906 |
6.38%, 2/1/2031 (a) | 414,000 | 414,807 |
CoreCivic, Inc. | ||
8.25%, 4/15/2026 | 568,000 | 568,146 |
4.75%, 10/15/2027 | 31,000 | 26,273 |
Covanta Holding Corp. 4.88%, 12/1/2029 (a) | 254,000 | 220,378 |
Deluxe Corp. 8.00%, 6/1/2029 (a) | 214,000 | 164,684 |
Garda World Security Corp. (Canada) | ||
4.63%, 2/15/2027 (a) | 78,000 | 71,236 |
9.50%, 11/1/2027 (a) | 518,000 | 484,489 |
GEO Group, Inc. (The) 10.50%, 6/30/2028 | 290,000 | 290,954 |
GFL Environmental, Inc. (Canada) | ||
5.13%, 12/15/2026 (a) | 555,000 | 534,926 |
4.75%, 6/15/2029 (a) | 447,000 | 405,856 |
Harsco Corp. 5.75%, 7/31/2027 (a) | 121,000 | 104,630 |
Interface, Inc. 5.50%, 12/1/2028 (a) | 142,000 | 110,760 |
Madison IAQ LLC | ||
4.13%, 6/30/2028 (a) | 168,000 | 145,162 |
5.88%, 6/30/2029 (a) | 371,000 | 282,408 |
JPMorgan BetaBuilders USD High Yield Corporate Bond ETF
SCHEDULE OF PORTFOLIO INVESTMENTS
AS OF May 31, 2023 (Unaudited) (continued)
SCHEDULE OF PORTFOLIO INVESTMENTS
AS OF May 31, 2023 (Unaudited) (continued)
INVESTMENTS | PRINCIPAL AMOUNT($) | VALUE($) |
Corporate Bonds — continued | ||
Commercial Services & Supplies — continued | ||
Neptune Bidco US, Inc. 9.29%, 4/15/2029 (a) | 790,000 | 722,850 |
OPENLANE, Inc. 5.13%, 6/1/2025 (a) | 46,000 | 45,559 |
Pitney Bowes, Inc. | ||
6.88%, 3/15/2027 (a) | 121,000 | 92,414 |
7.25%, 3/15/2029 (a) | 26,000 | 18,655 |
Prime Security Services Borrower LLC | ||
5.75%, 4/15/2026 (a) | 925,000 | 904,947 |
6.25%, 1/15/2028 (a) | 449,000 | 412,399 |
Steelcase, Inc. 5.13%, 1/18/2029 | 25,000 | 21,543 |
Stericycle, Inc. 3.88%, 1/15/2029 (a) | 153,000 | 134,937 |
Vericast Corp. 11.00%, 9/15/2026 (a) | 539,000 | 564,063 |
Waste Pro USA, Inc. 5.50%, 2/15/2026 (a) | 231,000 | 212,476 |
West Technology Group LLC 8.50%, 10/15/2025 (a) | 315,000 | 281,137 |
10,730,679 | ||
Communications Equipment — 0.6% | ||
CommScope Technologies LLC 5.00%, 3/15/2027 (a) | 95,000 | 63,896 |
CommScope, Inc. | ||
6.00%, 3/1/2026 (a) | 806,000 | 756,845 |
8.25%, 3/1/2027 (a) | 786,000 | 616,599 |
7.13%, 7/1/2028 (a) | 96,000 | 64,560 |
Viasat, Inc. | ||
5.63%, 9/15/2025 (a) | 90,000 | 86,472 |
5.63%, 4/15/2027 (a) | 66,000 | 61,807 |
6.50%, 7/15/2028 (a) | 166,000 | 134,709 |
Viavi Solutions, Inc. 3.75%, 10/1/2029 (a) | 226,000 | 190,336 |
1,975,224 | ||
Construction & Engineering — 0.8% | ||
AECOM 5.13%, 3/15/2027 | 290,000 | 279,850 |
Arcosa, Inc. 4.38%, 4/15/2029 (a) | 100,000 | 90,268 |
Artera Services LLC 9.03%, 12/4/2025 (a) | 401,000 | 342,858 |
ATP Tower Holdings LLC (Chile) 4.05%, 4/27/2026 (a) | 277,000 | 237,247 |
Brand Industrial Services, Inc. 8.50%, 7/15/2025 (a) | 360,000 | 331,277 |
Brundage-Bone Concrete Pumping Holdings, Inc. 6.00%, 2/1/2026 (a) | 550,000 | 510,125 |
Dycom Industries, Inc. 4.50%, 4/15/2029 (a) | 61,000 | 55,089 |
Global Infrastructure Solutions, Inc. 5.63%, 6/1/2029 (a) | 144,000 | 118,800 |
INNOVATE Corp. 8.50%, 2/1/2026 (a) | 175,000 | 130,812 |
Pike Corp. 5.50%, 9/1/2028 (a) | 187,000 | 166,897 |
Tutor Perini Corp. 6.88%, 5/1/2025 (a) | 252,000 | 192,489 |
Weekley Homes LLC 4.88%, 9/15/2028 (a) | 46,000 | 40,327 |
2,496,039 | ||
Consumer Finance — 4.2% | ||
Ally Financial, Inc. | ||
5.75%, 11/20/2025 | 412,000 | 400,121 |
6.70%, 2/14/2033 | 188,000 | 165,298 |
Cobra AcquisitionCo LLC 6.38%, 11/1/2029 (a) | 189,000 | 112,816 |
Credit Acceptance Corp. 6.63%, 3/15/2026 | 164,000 | 156,476 |
JPMorgan BetaBuilders USD High Yield Corporate Bond ETF
SCHEDULE OF PORTFOLIO INVESTMENTS
AS OF May 31, 2023 (Unaudited) (continued)
SCHEDULE OF PORTFOLIO INVESTMENTS
AS OF May 31, 2023 (Unaudited) (continued)
INVESTMENTS | PRINCIPAL AMOUNT($) | VALUE($) |
Corporate Bonds — continued | ||
Consumer Finance — continued | ||
Curo Group Holdings Corp. 7.50%, 8/1/2028 (a) | 337,000 | 75,825 |
Enova International, Inc. | ||
8.50%, 9/1/2024 (a) | 41,000 | 40,897 |
8.50%, 9/15/2025 (a) | 133,000 | 127,695 |
FirstCash, Inc. 5.63%, 1/1/2030 (a) | 116,000 | 105,343 |
Ford Motor Credit Co. LLC | ||
5.58%, 3/18/2024 | 762,000 | 758,552 |
3.66%, 9/8/2024 | 830,000 | 799,589 |
4.06%, 11/1/2024 | 1,062,000 | 1,026,411 |
2.30%, 2/10/2025 | 842,000 | 785,909 |
5.13%, 6/16/2025 | 1,135,000 | 1,100,394 |
4.13%, 8/17/2027 | 1,012,000 | 914,170 |
5.11%, 5/3/2029 | 400,000 | 366,210 |
7.35%, 3/6/2030 | 617,000 | 621,392 |
3.63%, 6/17/2031 | 1,018,000 | 823,267 |
Global Aircraft Leasing Co. Ltd. (Cayman Islands) 7.25% (PIK), 9/15/2024 (a) (b) | 742,557 | 662,732 |
goeasy Ltd. (Canada) | ||
5.38%, 12/1/2024 (a) | 164,000 | 157,370 |
4.38%, 5/1/2026 (a) | 200,000 | 179,228 |
LFS Topco LLC 5.88%, 10/15/2026 (a) | 184,000 | 160,401 |
Navient Corp. | ||
5.88%, 10/25/2024 | 824,000 | 805,515 |
5.00%, 3/15/2027 | 488,000 | 424,414 |
5.63%, 8/1/2033 | 169,000 | 120,412 |
OneMain Finance Corp. | ||
6.13%, 3/15/2024 | 412,000 | 402,484 |
7.13%, 3/15/2026 | 1,165,000 | 1,113,939 |
3.88%, 9/15/2028 | 518,000 | 407,277 |
PRA Group, Inc. | ||
8.38%, 2/1/2028 (a) | 162,000 | 143,370 |
5.00%, 10/1/2029 (a) | 190,000 | 142,532 |
PROG Holdings, Inc. 6.00%, 11/15/2029 (a) | 328,000 | 289,926 |
Synchrony Financial 7.25%, 2/2/2033 | 360,000 | 320,041 |
13,710,006 | ||
Consumer Staples Distribution & Retail — 1.1% | ||
Albertsons Cos., Inc. | ||
4.63%, 1/15/2027 (a) | 373,000 | 354,661 |
5.88%, 2/15/2028 (a) | 639,000 | 624,131 |
3.50%, 3/15/2029 (a) | 28,000 | 24,345 |
4.88%, 2/15/2030 (a) | 491,000 | 449,265 |
C&S Group Enterprises LLC 5.00%, 12/15/2028 (a) | 148,000 | 114,906 |
Performance Food Group, Inc. | ||
5.50%, 10/15/2027 (a) | 777,000 | 747,092 |
4.25%, 8/1/2029 (a) | 64,000 | 56,505 |
Rite Aid Corp. 8.00%, 11/15/2026 (a) | 352,000 | 184,558 |
Safeway, Inc. 7.25%, 2/1/2031 | 212,000 | 216,770 |
JPMorgan BetaBuilders USD High Yield Corporate Bond ETF
SCHEDULE OF PORTFOLIO INVESTMENTS
AS OF May 31, 2023 (Unaudited) (continued)
SCHEDULE OF PORTFOLIO INVESTMENTS
AS OF May 31, 2023 (Unaudited) (continued)
INVESTMENTS | PRINCIPAL AMOUNT($) | VALUE($) |
Corporate Bonds — continued | ||
Consumer Staples Distribution & Retail — continued | ||
US Foods, Inc. | ||
6.25%, 4/15/2025 (a) | 300,000 | 299,374 |
4.75%, 2/15/2029 (a) | 405,000 | 369,377 |
4.63%, 6/1/2030 (a) | 164,000 | 147,620 |
3,588,604 | ||
Containers & Packaging — 2.8% | ||
ARD Finance SA (Luxembourg) 6.50% (Cash), 6/30/2027 (a) (b) | 250,000 | 194,322 |
Ardagh Metal Packaging Finance USA LLC | ||
3.25%, 9/1/2028 (a) | 350,000 | 298,821 |
4.00%, 9/1/2029 (a) | 350,000 | 274,473 |
Ardagh Packaging Finance plc | ||
4.13%, 8/15/2026 (a) | 800,000 | 747,343 |
5.25%, 8/15/2027 (a) | 500,000 | 419,775 |
Ball Corp. | ||
4.88%, 3/15/2026 | 809,000 | 791,443 |
3.13%, 9/15/2031 | 757,000 | 623,786 |
Clydesdale Acquisition Holdings, Inc. 8.75%, 4/15/2030 (a) | 380,000 | 328,680 |
Crown Americas LLC | ||
4.75%, 2/1/2026 | 390,000 | 379,388 |
5.25%, 4/1/2030 | 264,000 | 251,975 |
Graphic Packaging International LLC | ||
4.75%, 7/15/2027 (a) | 274,000 | 262,416 |
3.50%, 3/15/2028 (a) | 368,000 | 334,045 |
LABL, Inc. | ||
6.75%, 7/15/2026 (a) | 328,000 | 315,295 |
10.50%, 7/15/2027 (a) | 400,000 | 372,727 |
Mauser Packaging Solutions Holding Co. | ||
7.88%, 8/15/2026 (a) | 129,000 | 127,854 |
9.25%, 4/15/2027 (a) | 493,000 | 449,926 |
Owens-Brockway Glass Container, Inc. 6.63%, 5/13/2027 (a) | 619,000 | 618,226 |
Pactiv Evergreen Group Issuer LLC 4.38%, 10/15/2028 (a) | 482,000 | 419,485 |
Pactiv Evergreen Group Issuer, Inc. 4.00%, 10/15/2027 (a) | 53,000 | 46,689 |
Sealed Air Corp. | ||
5.50%, 9/15/2025 (a) | 196,000 | 194,574 |
6.13%, 2/1/2028 (a) | 58,000 | 57,468 |
5.00%, 4/15/2029 (a) | 100,000 | 92,777 |
6.88%, 7/15/2033 (a) | 401,000 | 409,020 |
Silgan Holdings, Inc. 4.13%, 2/1/2028 | 205,000 | 187,575 |
TriMas Corp. 4.13%, 4/15/2029 (a) | 188,000 | 166,914 |
Trivium Packaging Finance BV (Netherlands) 5.50%, 8/15/2026 (a) (e) | 600,000 | 570,068 |
8,935,065 | ||
Distributors — 0.2% | ||
American Builders & Contractors Supply Co., Inc. 4.00%, 1/15/2028 (a) | 448,000 | 408,630 |
BCPE Empire Holdings, Inc. 7.63%, 5/1/2027 (a) | 223,000 | 204,127 |
Resideo Funding, Inc. 4.00%, 9/1/2029 (a) | 150,000 | 124,882 |
737,639 |
JPMorgan BetaBuilders USD High Yield Corporate Bond ETF
SCHEDULE OF PORTFOLIO INVESTMENTS
AS OF May 31, 2023 (Unaudited) (continued)
SCHEDULE OF PORTFOLIO INVESTMENTS
AS OF May 31, 2023 (Unaudited) (continued)
INVESTMENTS | PRINCIPAL AMOUNT($) | VALUE($) |
Corporate Bonds — continued | ||
Diversified Consumer Services — 0.4% | ||
Carriage Services, Inc. 4.25%, 5/15/2029 (a) | 179,000 | 145,425 |
Metis Merger Sub LLC 6.50%, 5/15/2029 (a) | 304,000 | 256,184 |
Service Corp. International | ||
5.13%, 6/1/2029 | 551,000 | 523,450 |
3.38%, 8/15/2030 | 119,000 | 99,068 |
StoneMor, Inc. 8.50%, 5/15/2029 (a) | 24,000 | 20,280 |
WW International, Inc. 4.50%, 4/15/2029 (a) | 230,000 | 138,575 |
1,182,982 | ||
Diversified REITs — 0.4% | ||
Global Net Lease, Inc. 3.75%, 12/15/2027 (a) | 134,000 | 95,871 |
HAT Holdings I LLC | ||
3.38%, 6/15/2026 (a) | 351,000 | 307,125 |
3.75%, 9/15/2030 (a) | 120,000 | 90,829 |
Iron Mountain Information Management Services, Inc. 5.00%, 7/15/2032 (a) | 215,000 | 183,275 |
Uniti Group LP | ||
10.50%, 2/15/2028 (a) | 316,000 | 306,590 |
4.75%, 4/15/2028 (a) | 76,000 | 60,946 |
6.50%, 2/15/2029 (a) | 610,000 | 390,929 |
1,435,565 | ||
Diversified Telecommunication Services — 5.0% | ||
Altice France Holding SA (Luxembourg) 10.50%, 5/15/2027 (a) | 550,000 | 328,625 |
Altice France SA (France) | ||
5.50%, 1/15/2028 (a) | 241,000 | 182,746 |
5.50%, 10/15/2029 (a) | 1,341,000 | 973,164 |
CCO Holdings LLC | ||
5.50%, 5/1/2026 (a) | 603,000 | 590,601 |
5.13%, 5/1/2027 (a) | 846,000 | 783,669 |
5.38%, 6/1/2029 (a) | 953,000 | 857,760 |
4.75%, 3/1/2030 (a) | 1,635,000 | 1,378,907 |
4.75%, 2/1/2032 (a) | 1,047,000 | 838,919 |
4.50%, 6/1/2033 (a) | 1,219,000 | 930,541 |
4.25%, 1/15/2034 (a) | 456,000 | 337,353 |
Consolidated Communications, Inc. 6.50%, 10/1/2028 (a) | 192,000 | 143,760 |
Embarq Corp. 8.00%, 6/1/2036 | 525,000 | 261,188 |
Frontier Communications Holdings LLC | ||
5.88%, 10/15/2027 (a) | 557,000 | 496,401 |
5.00%, 5/1/2028 (a) | 377,000 | 315,755 |
6.75%, 5/1/2029 (a) | 534,000 | 393,891 |
5.88%, 11/1/2029 | 180,000 | 126,041 |
8.75%, 5/15/2030 (a) | 340,000 | 317,893 |
8.63%, 3/15/2031 (a) | 57,000 | 52,601 |
Iliad Holding SASU (France) 6.50%, 10/15/2026 (a) | 750,000 | 706,095 |
Intelsat Jackson Holdings SA (Luxembourg) 6.50%, 3/15/2030 (a) | 846,000 | 778,235 |
Level 3 Financing, Inc. | ||
3.40%, 3/1/2027 (a) | 188,000 | 148,864 |
4.63%, 9/15/2027 (a) | 972,000 | 607,372 |
4.25%, 7/1/2028 (a) | 389,000 | 223,778 |
JPMorgan BetaBuilders USD High Yield Corporate Bond ETF
SCHEDULE OF PORTFOLIO INVESTMENTS
AS OF May 31, 2023 (Unaudited) (continued)
SCHEDULE OF PORTFOLIO INVESTMENTS
AS OF May 31, 2023 (Unaudited) (continued)
INVESTMENTS | PRINCIPAL AMOUNT($) | VALUE($) |
Corporate Bonds — continued | ||
Diversified Telecommunication Services — continued | ||
10.50%, 5/15/2030 (a) | 299,000 | 284,120 |
Lumen Technologies, Inc. 4.00%, 2/15/2027 (a) | 1,021,000 | 668,030 |
Qwest Corp. 7.25%, 9/15/2025 | 216,000 | 178,944 |
Sable International Finance Ltd. (Chile) 5.75%, 9/7/2027 (a) | 200,000 | 185,250 |
Telecom Italia Capital SA (Italy) | ||
6.38%, 11/15/2033 | 736,000 | 641,738 |
6.00%, 9/30/2034 | 356,000 | 299,511 |
7.72%, 6/4/2038 | 241,000 | 220,212 |
Telesat Canada (Canada) 5.63%, 12/6/2026 (a) | 383,000 | 231,715 |
Virgin Media Finance plc (United Kingdom) 5.00%, 7/15/2030 (a) | 748,000 | 592,095 |
Virgin Media Secured Finance plc (United Kingdom) 5.50%, 5/15/2029 (a) | 729,000 | 655,220 |
Windstream Escrow LLC 7.75%, 8/15/2028 (a) | 285,000 | 231,746 |
Zayo Group Holdings, Inc. | ||
4.00%, 3/1/2027 (a) | 190,000 | 132,766 |
6.13%, 3/1/2028 (a) | 279,000 | 168,105 |
16,263,611 | ||
Electric Utilities — 1.6% | ||
Drax Finco plc (United Kingdom) 6.63%, 11/1/2025 (a) | 201,000 | 195,975 |
Edison International (US Treasury Yield Curve Rate T Note Constant Maturity 5 Year + 3.86%), 8.12%, 6/15/2053 (d) | 145,000 | 148,263 |
Emera, Inc. (Canada) Series 16-A, (ICE LIBOR USD 3 Month + 5.44%), 6.75%, 6/15/2076 (d) | 297,000 | 284,378 |
FirstEnergy Corp. | ||
2.65%, 3/1/2030 | 695,000 | 589,881 |
Series C, 7.38%, 11/15/2031 | 208,000 | 240,693 |
Series C, 5.10%, 7/15/2047 (e) | 179,000 | 158,415 |
Series C, 3.40%, 3/1/2050 | 394,000 | 262,605 |
NextEra Energy Operating Partners LP | ||
4.25%, 7/15/2024 (a) | 126,000 | 123,625 |
4.50%, 9/15/2027 (a) | 493,000 | 459,106 |
NRG Energy, Inc. | ||
5.75%, 1/15/2028 | 272,000 | 258,663 |
5.25%, 6/15/2029 (a) | 524,000 | 472,500 |
3.63%, 2/15/2031 (a) | 262,000 | 206,464 |
3.88%, 2/15/2032 (a) | 149,000 | 115,663 |
PG&E Corp. 5.25%, 7/1/2030 | 587,000 | 530,457 |
Terraform Global Operating LP 6.13%, 3/1/2026 (a) | 5,000 | 4,800 |
Vistra Operations Co. LLC | ||
5.63%, 2/15/2027 (a) | 941,000 | 905,063 |
5.00%, 7/31/2027 (a) | 89,000 | 83,639 |
4.38%, 5/1/2029 (a) | 314,000 | 273,685 |
5,313,875 | ||
Electrical Equipment — 0.0% ^ | ||
Vertiv Group Corp. 4.13%, 11/15/2028 (a) | 25,000 | 22,359 |
Electronic Equipment, Instruments & Components — 0.3% | ||
Coherent Corp. 5.00%, 12/15/2029 (a) | 454,000 | 403,738 |
Sensata Technologies, Inc. 4.38%, 2/15/2030 (a) | 726,000 | 648,214 |
1,051,952 |
JPMorgan BetaBuilders USD High Yield Corporate Bond ETF
SCHEDULE OF PORTFOLIO INVESTMENTS
AS OF May 31, 2023 (Unaudited) (continued)
SCHEDULE OF PORTFOLIO INVESTMENTS
AS OF May 31, 2023 (Unaudited) (continued)
INVESTMENTS | PRINCIPAL AMOUNT($) | VALUE($) |
Corporate Bonds — continued | ||
Energy Equipment & Services — 1.5% | ||
Archrock Partners LP 6.88%, 4/1/2027 (a) | 472,000 | 450,999 |
Enerflex Ltd. (Canada) 9.00%, 10/15/2027 (a) | 317,000 | 308,409 |
Global Marine, Inc. 7.00%, 6/1/2028 | 23,000 | 18,319 |
Nabors Industries Ltd. 7.25%, 1/15/2026 (a) | 189,000 | 172,187 |
Nabors Industries, Inc. 7.38%, 5/15/2027 (a) | 530,000 | 497,946 |
Oceaneering International, Inc. 6.00%, 2/1/2028 | 65,000 | 60,784 |
Patterson-UTI Energy, Inc. | ||
3.95%, 2/1/2028 | 316,000 | 279,282 |
5.15%, 11/15/2029 | 70,000 | 61,561 |
Petrofac Ltd. (United Kingdom) 9.75%, 11/15/2026 (a) | 239,000 | 173,275 |
Precision Drilling Corp. (Canada) | ||
7.13%, 1/15/2026 (a) | 91,000 | 89,569 |
6.88%, 1/15/2029 (a) | 148,000 | 132,516 |
Transocean, Inc. | ||
7.25%, 11/1/2025 (a) | 26,000 | 24,440 |
11.50%, 1/30/2027 (a) | 161,000 | 164,690 |
8.75%, 2/15/2030 (a) | 911,000 | 910,544 |
6.80%, 3/15/2038 | 334,000 | 226,355 |
USA Compression Partners LP 6.88%, 4/1/2026 | 229,000 | 217,788 |
Valaris Ltd. 8.38%, 4/30/2030 (a) | 334,000 | 331,629 |
Weatherford International Ltd. | ||
6.50%, 9/15/2028 (a) | 145,000 | 143,651 |
8.63%, 4/30/2030 (a) | 131,000 | 131,639 |
Welltec International ApS (Denmark) 8.25%, 10/15/2026 (a) | 329,000 | 335,580 |
4,731,163 | ||
Entertainment — 0.9% | ||
Allen Media LLC 10.50%, 2/15/2028 (a) | 220,000 | 120,815 |
AMC Entertainment Holdings, Inc. | ||
10.00% (Cash), 6/15/2026 (a) (b) | 267,000 | 169,959 |
7.50%, 2/15/2029 (a) | 524,000 | 367,455 |
Banijay Entertainment SASU (France) 5.38%, 3/1/2025 (a) | 250,000 | 244,797 |
Cinemark USA, Inc. | ||
8.75%, 5/1/2025 (a) | 131,000 | 133,293 |
5.25%, 7/15/2028 (a) | 95,000 | 83,162 |
Lions Gate Capital Holdings LLC 5.50%, 4/15/2029 (a) | 272,000 | 193,120 |
Live Nation Entertainment, Inc. | ||
4.88%, 11/1/2024 (a) | 266,000 | 261,257 |
6.50%, 5/15/2027 (a) | 676,000 | 677,148 |
ROBLOX Corp. 3.88%, 5/1/2030 (a) | 258,000 | 220,925 |
WMG Acquisition Corp. | ||
3.75%, 12/1/2029 (a) | 88,000 | 75,680 |
3.88%, 7/15/2030 (a) | 607,000 | 518,445 |
3,066,056 | ||
Financial Services — 2.1% | ||
Block, Inc. | ||
2.75%, 6/1/2026 | 175,000 | 157,481 |
3.50%, 6/1/2031 | 538,000 | 439,429 |
JPMorgan BetaBuilders USD High Yield Corporate Bond ETF
SCHEDULE OF PORTFOLIO INVESTMENTS
AS OF May 31, 2023 (Unaudited) (continued)
SCHEDULE OF PORTFOLIO INVESTMENTS
AS OF May 31, 2023 (Unaudited) (continued)
INVESTMENTS | PRINCIPAL AMOUNT($) | VALUE($) |
Corporate Bonds — continued | ||
Financial Services — continued | ||
CPI CG, Inc. 8.63%, 3/15/2026 (a) | 277,000 | 267,369 |
Freedom Mortgage Corp. | ||
7.63%, 5/1/2026 (a) | 246,000 | 214,987 |
6.63%, 1/15/2027 (a) | 230,000 | 190,891 |
Home Point Capital, Inc. 5.00%, 2/1/2026 (a) | 25,000 | 22,375 |
Jefferson Capital Holdings LLC 6.00%, 8/15/2026 (a) | 90,000 | 72,249 |
LD Holdings Group LLC | ||
6.50%, 11/1/2025 (a) | 442,000 | 350,837 |
6.13%, 4/1/2028 (a) | 10,000 | 6,475 |
MGIC Investment Corp. 5.25%, 8/15/2028 | 348,000 | 329,206 |
Midcap Financial Issuer Trust 5.63%, 1/15/2030 (a) | 436,000 | 342,168 |
MPH Acquisition Holdings LLC | ||
5.50%, 9/1/2028 (a) | 394,000 | 314,135 |
5.75%, 11/1/2028 (a) | 132,000 | 94,380 |
Nationstar Mortgage Holdings, Inc. 5.50%, 8/15/2028 (a) | 886,000 | 766,390 |
NMI Holdings, Inc. 7.38%, 6/1/2025 (a) | 381,000 | 381,432 |
Paysafe Finance plc 4.00%, 6/15/2029 (a) | 302,000 | 244,792 |
PennyMac Financial Services, Inc. 5.75%, 9/15/2031 (a) | 439,000 | 353,481 |
PHH Mortgage Corp. 7.88%, 3/15/2026 (a) | 267,000 | 235,013 |
Rocket Mortgage LLC | ||
2.88%, 10/15/2026 (a) | 28,000 | 24,466 |
3.88%, 3/1/2031 (a) | 358,000 | 281,861 |
4.00%, 10/15/2033 (a) | 552,000 | 415,725 |
Sabre GLBL, Inc. | ||
9.25%, 4/15/2025 (a) | 353,000 | 337,115 |
7.38%, 9/1/2025 (a) | 120,000 | 101,476 |
11.25%, 12/15/2027 (a) | 269,000 | 206,780 |
Shift4 Payments LLC 4.63%, 11/1/2026 (a) | 175,000 | 164,073 |
United Wholesale Mortgage LLC 5.50%, 4/15/2029 (a) | 297,000 | 247,995 |
Verscend Escrow Corp. 9.75%, 8/15/2026 (a) | 283,000 | 283,618 |
6,846,199 | ||
Food Products — 1.0% | ||
B&G Foods, Inc. | ||
5.25%, 4/1/2025 | 72,000 | 67,846 |
5.25%, 9/15/2027 | 88,000 | 74,820 |
Chobani LLC 7.50%, 4/15/2025 (a) | 451,000 | 447,945 |
Darling Ingredients, Inc. 5.25%, 4/15/2027 (a) | 172,000 | 167,202 |
FAGE International SA (Luxembourg) 5.63%, 8/15/2026 (a) | 304,000 | 287,275 |
H-Food Holdings LLC 8.50%, 6/1/2026 (a) | 142,000 | 56,090 |
Lamb Weston Holdings, Inc. | ||
4.88%, 5/15/2028 (a) | 275,000 | 265,448 |
4.13%, 1/31/2030 (a) | 91,000 | 81,038 |
Pilgrim's Pride Corp. 3.50%, 3/1/2032 | 748,000 | 597,727 |
Post Holdings, Inc. | ||
5.75%, 3/1/2027 (a) | 30,000 | 29,421 |
5.63%, 1/15/2028 (a) | 10,000 | 9,642 |
5.50%, 12/15/2029 (a) | 1,089,000 | 1,012,468 |
JPMorgan BetaBuilders USD High Yield Corporate Bond ETF
SCHEDULE OF PORTFOLIO INVESTMENTS
AS OF May 31, 2023 (Unaudited) (continued)
SCHEDULE OF PORTFOLIO INVESTMENTS
AS OF May 31, 2023 (Unaudited) (continued)
INVESTMENTS | PRINCIPAL AMOUNT($) | VALUE($) |
Corporate Bonds — continued | ||
Food Products — continued | ||
4.50%, 9/15/2031 (a) | 256,000 | 216,648 |
Simmons Foods, Inc. 4.63%, 3/1/2029 (a) | 48,000 | 38,991 |
3,352,561 | ||
Gas Utilities — 0.4% | ||
AmeriGas Partners LP 5.88%, 8/20/2026 | 641,000 | 595,992 |
Ferrellgas LP 5.88%, 4/1/2029 (a) | 429,000 | 357,262 |
Suburban Propane Partners LP 5.00%, 6/1/2031 (a) | 266,000 | 226,661 |
1,179,915 | ||
Ground Transportation — 1.2% | ||
AerCap Global Aviation Trust (Ireland) (3-MONTH CME TERM SOFR + 4.30%), 6.50%, 6/15/2045 (a) (d) | 300,000 | 293,077 |
Albion Financing 1 SARL (Luxembourg) 6.13%, 10/15/2026 (a) | 520,000 | 466,300 |
Avis Budget Car Rental LLC 5.38%, 3/1/2029 (a) | 357,000 | 321,529 |
Carriage Purchaser, Inc. 7.88%, 10/15/2029 (a) | 114,000 | 82,650 |
First Student Bidco, Inc. 4.00%, 7/31/2029 (a) | 340,000 | 282,090 |
Hertz Corp. (The) | ||
4.63%, 12/1/2026 (a) | 220,000 | 196,181 |
5.00%, 12/1/2029 (a) | 399,000 | 320,328 |
NESCO Holdings II, Inc. 5.50%, 4/15/2029 (a) | 323,000 | 285,471 |
PECF USS Intermediate Holding III Corp. 8.00%, 11/15/2029 (a) | 198,000 | 102,465 |
Uber Technologies, Inc. | ||
7.50%, 5/15/2025 (a) | 117,000 | 118,363 |
7.50%, 9/15/2027 (a) | 26,000 | 26,671 |
4.50%, 8/15/2029 (a) | 733,000 | 668,627 |
Watco Cos. LLC 6.50%, 6/15/2027 (a) | 81,000 | 77,612 |
Williams Scotsman International, Inc. 4.63%, 8/15/2028 (a) | 269,000 | 245,718 |
XPO CNW, Inc. 6.70%, 5/1/2034 | 175,000 | 165,917 |
XPO Escrow Sub LLC 7.50%, 11/15/2027 (a) | 120,000 | 123,240 |
3,776,239 | ||
Health Care Equipment & Supplies — 0.9% | ||
Avantor Funding, Inc. 4.63%, 7/15/2028 (a) | 818,000 | 756,624 |
Hologic, Inc. 3.25%, 2/15/2029 (a) | 400,000 | 349,334 |
Medline Borrower LP | ||
3.88%, 4/1/2029 (a) | 1,376,000 | 1,186,738 |
5.25%, 10/1/2029 (a) | 755,000 | 645,995 |
2,938,691 | ||
Health Care Providers & Services — 3.5% | ||
Acadia Healthcare Co., Inc. 5.50%, 7/1/2028 (a) | 304,000 | 288,961 |
AdaptHealth LLC | ||
6.13%, 8/1/2028 (a) | 182,000 | 153,107 |
4.63%, 8/1/2029 (a) | 90,000 | 69,335 |
AHP Health Partners, Inc. 5.75%, 7/15/2029 (a) | 131,000 | 111,350 |
Akumin Escrow, Inc. 7.50%, 8/1/2028 (a) | 243,000 | 164,633 |
Akumin, Inc. 7.00%, 11/1/2025 (a) | 27,000 | 21,872 |
Cano Health LLC 6.25%, 10/1/2028 (a) | 170,000 | 113,050 |
Community Health Systems, Inc. | ||
8.00%, 3/15/2026 (a) | 672,000 | 627,467 |
JPMorgan BetaBuilders USD High Yield Corporate Bond ETF
SCHEDULE OF PORTFOLIO INVESTMENTS
AS OF May 31, 2023 (Unaudited) (continued)
SCHEDULE OF PORTFOLIO INVESTMENTS
AS OF May 31, 2023 (Unaudited) (continued)
INVESTMENTS | PRINCIPAL AMOUNT($) | VALUE($) |
Corporate Bonds — continued | ||
Health Care Providers & Services — continued | ||
5.63%, 3/15/2027 (a) | 744,000 | 636,851 |
8.00%, 12/15/2027 (a) | 27,000 | 25,130 |
6.00%, 1/15/2029 (a) | 284,000 | 228,998 |
6.88%, 4/15/2029 (a) | 811,000 | 456,074 |
6.13%, 4/1/2030 (a) | 117,000 | 63,198 |
4.75%, 2/15/2031 (a) | 513,000 | 368,604 |
DaVita, Inc. | ||
4.63%, 6/1/2030 (a) | 1,067,000 | 913,827 |
3.75%, 2/15/2031 (a) | 175,000 | 138,838 |
Encompass Health Corp. 4.75%, 2/1/2030 | 394,000 | 358,897 |
Envision Healthcare Corp. 8.75%, 10/15/2026 (a) | 149,000 | 745 |
Global Medical Response, Inc. 6.50%, 10/1/2025 (a) | 88,000 | 59,459 |
HealthEquity, Inc. 4.50%, 10/1/2029 (a) | 82,000 | 72,813 |
Legacy LifePoint Health LLC 4.38%, 2/15/2027 (a) | 367,000 | 276,494 |
LifePoint Health, Inc. 5.38%, 1/15/2029 (a) | 215,000 | 107,044 |
ModivCare, Inc. 5.88%, 11/15/2025 (a) | 169,000 | 156,890 |
Molina Healthcare, Inc. | ||
4.38%, 6/15/2028 (a) | 602,000 | 552,251 |
3.88%, 11/15/2030 (a) | 46,000 | 39,352 |
3.88%, 5/15/2032 (a) | 252,000 | 209,976 |
Owens & Minor, Inc. | ||
4.50%, 3/31/2029 (a) | 74,000 | 60,680 |
6.63%, 4/1/2030 (a) | 333,000 | 300,188 |
Pediatrix Medical Group, Inc. 5.38%, 2/15/2030 (a) | 191,000 | 175,720 |
Prime Healthcare Services, Inc. 7.25%, 11/1/2025 (a) | 405,000 | 379,862 |
Radiology Partners, Inc. 9.25%, 2/1/2028 (a) | 216,000 | 59,400 |
RegionalCare Hospital Partners Holdings, Inc. 9.75%, 12/1/2026 (a) | 200,000 | 149,876 |
RP Escrow Issuer LLC 5.25%, 12/15/2025 (a) | 296,000 | 197,639 |
Select Medical Corp. 6.25%, 8/15/2026 (a) | 372,000 | 361,724 |
Tenet Healthcare Corp. | ||
4.88%, 1/1/2026 | 335,000 | 324,052 |
6.25%, 2/1/2027 | 711,000 | 700,376 |
5.13%, 11/1/2027 | 938,000 | 896,321 |
4.63%, 6/15/2028 | 741,000 | 689,121 |
6.13%, 10/1/2028 | 608,000 | 576,265 |
6.88%, 11/15/2031 | 224,000 | 215,880 |
US Acute Care Solutions LLC 6.38%, 3/1/2026 (a) | 115,000 | 97,463 |
US Renal Care, Inc. 10.63%, 7/15/2027 (a) | 213,000 | 63,368 |
11,463,151 | ||
Health Care REITs — 0.4% | ||
Diversified Healthcare Trust | ||
4.75%, 5/1/2024 | 121,000 | 110,384 |
4.75%, 2/15/2028 | 48,000 | 32,657 |
4.38%, 3/1/2031 | 374,000 | 267,673 |
JPMorgan BetaBuilders USD High Yield Corporate Bond ETF
SCHEDULE OF PORTFOLIO INVESTMENTS
AS OF May 31, 2023 (Unaudited) (continued)
SCHEDULE OF PORTFOLIO INVESTMENTS
AS OF May 31, 2023 (Unaudited) (continued)
INVESTMENTS | PRINCIPAL AMOUNT($) | VALUE($) |
Corporate Bonds — continued | ||
Health Care REITs — continued | ||
MPT Operating Partnership LP | ||
5.00%, 10/15/2027 | 90,000 | 73,915 |
4.63%, 8/1/2029 | 980,000 | 731,600 |
1,216,229 | ||
Health Care Technology — 0.2% | ||
IQVIA, Inc. 5.00%, 10/15/2026 (a) | 800,000 | 778,062 |
Hotel & Resort REITs — 0.7% | ||
Park Intermediate Holdings LLC | ||
7.50%, 6/1/2025 (a) | 70,000 | 70,000 |
5.88%, 10/1/2028 (a) | 547,000 | 499,745 |
RHP Hotel Properties LP 4.75%, 10/15/2027 | 595,000 | 551,238 |
RLJ Lodging Trust LP 4.00%, 9/15/2029 (a) | 229,000 | 191,501 |
Service Properties Trust | ||
4.50%, 3/15/2025 | 114,000 | 106,590 |
7.50%, 9/15/2025 | 320,000 | 313,795 |
4.38%, 2/15/2030 | 653,000 | 473,989 |
2,206,858 | ||
Hotels, Restaurants & Leisure — 8.3% | ||
1011778 BC ULC (Canada) | ||
3.88%, 1/15/2028 (a) | 897,000 | 822,595 |
4.38%, 1/15/2028 (a) | 538,000 | 493,917 |
4.00%, 10/15/2030 (a) | 598,000 | 513,367 |
Affinity Interactive 6.88%, 12/15/2027 (a) | 96,000 | 84,019 |
Bloomin' Brands, Inc. 5.13%, 4/15/2029 (a) | 229,000 | 204,756 |
Boyd Gaming Corp. 4.75%, 12/1/2027 | 712,000 | 674,537 |
Boyne USA, Inc. 4.75%, 5/15/2029 (a) | 335,000 | 299,199 |
Caesars Entertainment, Inc. | ||
6.25%, 7/1/2025 (a) | 1,018,000 | 1,014,929 |
8.13%, 7/1/2027 (a) | 723,000 | 736,730 |
4.63%, 10/15/2029 (a) | 628,000 | 541,402 |
Caesars Resort Collection LLC 5.75%, 7/1/2025 (a) | 285,000 | 286,451 |
Carnival Corp. | ||
7.63%, 3/1/2026 (a) | 912,000 | 864,677 |
5.75%, 3/1/2027 (a) | 1,074,000 | 919,383 |
9.88%, 8/1/2027 (a) | 571,000 | 589,340 |
4.00%, 8/1/2028 (a) | 539,000 | 470,043 |
10.50%, 6/1/2030 (a) | 672,000 | 674,344 |
Carrols Restaurant Group, Inc. 5.88%, 7/1/2029 (a) | 52,000 | 43,104 |
CCM Merger, Inc. 6.38%, 5/1/2026 (a) | 50,000 | 48,294 |
CDI Escrow Issuer, Inc. 5.75%, 4/1/2030 (a) | 267,000 | 250,261 |
Cedar Fair LP 5.50%, 5/1/2025 (a) | 262,000 | 260,023 |
Churchill Downs, Inc. 5.50%, 4/1/2027 (a) | 289,000 | 279,216 |
Everi Holdings, Inc. 5.00%, 7/15/2029 (a) | 217,000 | 192,405 |
Fertitta Entertainment LLC | ||
4.63%, 1/15/2029 (a) | 451,000 | 393,642 |
6.75%, 1/15/2030 (a) | 423,000 | 344,194 |
Full House Resorts, Inc. 8.25%, 2/15/2028 (a) | 90,000 | 84,375 |
JPMorgan BetaBuilders USD High Yield Corporate Bond ETF
SCHEDULE OF PORTFOLIO INVESTMENTS
AS OF May 31, 2023 (Unaudited) (continued)
SCHEDULE OF PORTFOLIO INVESTMENTS
AS OF May 31, 2023 (Unaudited) (continued)
INVESTMENTS | PRINCIPAL AMOUNT($) | VALUE($) |
Corporate Bonds — continued | ||
Hotels, Restaurants & Leisure — continued | ||
Hilton Domestic Operating Co., Inc. | ||
5.75%, 5/1/2028 (a) | 120,000 | 118,344 |
4.88%, 1/15/2030 | 996,000 | 925,967 |
4.00%, 5/1/2031 (a) | 40,000 | 34,522 |
Hilton Grand Vacations Borrower Escrow LLC | ||
5.00%, 6/1/2029 (a) | 302,000 | 268,604 |
4.88%, 7/1/2031 (a) | 244,000 | 207,096 |
Hilton Worldwide Finance LLC 4.88%, 4/1/2027 | 719,000 | 698,139 |
International Game Technology plc 6.50%, 2/15/2025 (a) | 231,000 | 231,866 |
IRB Holding Corp. 7.00%, 6/15/2025 (a) | 377,000 | 377,822 |
Jacobs Entertainment, Inc. 6.75%, 2/15/2029 (a) | 54,000 | 47,407 |
KFC Holding Co. 4.75%, 6/1/2027 (a) | 445,000 | 429,131 |
Las Vegas Sands Corp. | ||
3.20%, 8/8/2024 | 215,000 | 207,353 |
2.90%, 6/25/2025 | 46,000 | 43,006 |
3.50%, 8/18/2026 | 46,000 | 42,601 |
3.90%, 8/8/2029 | 648,000 | 573,186 |
Life Time, Inc. | ||
5.75%, 1/15/2026 (a) | 83,000 | 80,405 |
8.00%, 4/15/2026 (a) | 25,000 | 24,656 |
MajorDrive Holdings IV LLC 6.38%, 6/1/2029 (a) | 233,000 | 178,005 |
Marriott Ownership Resorts, Inc. | ||
4.75%, 1/15/2028 | 276,000 | 246,384 |
4.50%, 6/15/2029 (a) | 90,000 | 77,116 |
MGM Resorts International | ||
4.63%, 9/1/2026 | 708,000 | 669,150 |
4.75%, 10/15/2028 | 200,000 | 182,270 |
Mohegan Tribal Gaming Authority 8.00%, 2/1/2026 (a) | 590,000 | 520,274 |
NCL Corp. Ltd. | ||
3.63%, 12/15/2024 (a) | 149,000 | 142,440 |
5.88%, 3/15/2026 (a) | 662,000 | 600,531 |
5.88%, 2/15/2027 (a) | 364,000 | 346,647 |
7.75%, 2/15/2029 (a) | 220,000 | 198,941 |
Penn Entertainment, Inc. 4.13%, 7/1/2029 (a) | 25,000 | 20,161 |
Premier Entertainment Sub LLC 5.63%, 9/1/2029 (a) | 303,000 | 215,130 |
Resorts World Las Vegas LLC 4.63%, 4/16/2029 (a) | 300,000 | 240,627 |
Royal Caribbean Cruises Ltd. | ||
11.50%, 6/1/2025 (a) | 780,000 | 824,421 |
5.50%, 8/31/2026 (a) | 682,000 | 641,189 |
11.63%, 8/15/2027 (a) | 327,000 | 355,379 |
7.50%, 10/15/2027 | 583,000 | 572,210 |
3.70%, 3/15/2028 | 110,000 | 93,483 |
Scientific Games Holdings LP 6.63%, 3/1/2030 (a) | 276,000 | 242,626 |
Scientific Games International, Inc. | ||
8.63%, 7/1/2025 (a) | 143,000 | 146,051 |
7.00%, 5/15/2028 (a) | 90,000 | 88,984 |
7.25%, 11/15/2029 (a) | 258,000 | 256,388 |
Six Flags Entertainment Corp. 5.50%, 4/15/2027 (a) | 85,000 | 80,330 |
JPMorgan BetaBuilders USD High Yield Corporate Bond ETF
SCHEDULE OF PORTFOLIO INVESTMENTS
AS OF May 31, 2023 (Unaudited) (continued)
SCHEDULE OF PORTFOLIO INVESTMENTS
AS OF May 31, 2023 (Unaudited) (continued)
INVESTMENTS | PRINCIPAL AMOUNT($) | VALUE($) |
Corporate Bonds — continued | ||
Hotels, Restaurants & Leisure — continued | ||
Six Flags Theme Parks, Inc. 7.00%, 7/1/2025 (a) | 256,000 | 257,926 |
Station Casinos LLC | ||
4.50%, 2/15/2028 (a) | 290,000 | 258,063 |
4.63%, 12/1/2031 (a) | 127,000 | 105,594 |
TKC Holdings, Inc. 10.50%, 5/15/2029 (a) | 168,000 | 112,980 |
Travel + Leisure Co. | ||
6.63%, 7/31/2026 (a) | 164,000 | 162,476 |
6.00%, 4/1/2027 (e) | 471,000 | 454,750 |
Vail Resorts, Inc. 6.25%, 5/15/2025 (a) | 219,000 | 219,547 |
Viking Cruises Ltd. | ||
13.00%, 5/15/2025 (a) | 10,000 | 10,509 |
5.88%, 9/15/2027 (a) | 385,000 | 339,281 |
Viking Ocean Cruises Ship VII Ltd. 5.63%, 2/15/2029 (a) | 95,000 | 82,888 |
VOC Escrow Ltd. 5.00%, 2/15/2028 (a) | 461,000 | 414,962 |
Wyndham Hotels & Resorts, Inc. 4.38%, 8/15/2028 (a) | 138,000 | 126,615 |
Wynn Las Vegas LLC 5.50%, 3/1/2025 (a) | 658,000 | 645,119 |
Wynn Resorts Finance LLC 5.13%, 10/1/2029 (a) | 697,000 | 621,974 |
Yum! Brands, Inc. | ||
4.75%, 1/15/2030 (a) | 727,000 | 682,679 |
6.88%, 11/15/2037 | 181,000 | 192,255 |
27,021,663 | ||
Household Durables — 1.6% | ||
American Greetings Corp. 8.75%, 4/15/2025 (a) | 176,000 | 170,539 |
Beazer Homes USA, Inc. | ||
5.88%, 10/15/2027 | 258,000 | 237,899 |
7.25%, 10/15/2029 | 95,000 | 90,259 |
Brookfield Residential Properties, Inc. (Canada) | ||
6.25%, 9/15/2027 (a) | 261,000 | 233,630 |
4.88%, 2/15/2030 (a) | 25,000 | 18,870 |
CD&R Smokey Buyer, Inc. 6.75%, 7/15/2025 (a) | 299,000 | 263,782 |
Century Communities, Inc. 6.75%, 6/1/2027 | 10,000 | 9,994 |
Empire Communities Corp. (Canada) 7.00%, 12/15/2025 (a) | 223,000 | 202,930 |
KB Home 4.80%, 11/15/2029 | 437,000 | 399,479 |
M/I Homes, Inc. 4.95%, 2/1/2028 | 52,000 | 48,642 |
Mattamy Group Corp. (Canada) 5.25%, 12/15/2027 (a) | 215,000 | 198,395 |
Meritage Homes Corp. 5.13%, 6/6/2027 | 61,000 | 58,223 |
Newell Brands, Inc. | ||
4.70%, 4/1/2026 (e) | 1,074,000 | 996,146 |
6.38%, 9/15/2027 | 276,000 | 262,501 |
6.00%, 4/1/2046 (e) | 143,000 | 104,192 |
Shea Homes LP 4.75%, 2/15/2028 | 240,000 | 210,428 |
SWF Escrow Issuer Corp. 6.50%, 10/1/2029 (a) | 247,000 | 147,274 |
Taylor Morrison Communities, Inc. 5.88%, 6/15/2027 (a) | 506,000 | 494,235 |
Tempur Sealy International, Inc. 4.00%, 4/15/2029 (a) | 552,000 | 469,695 |
TopBuild Corp. 4.13%, 2/15/2032 (a) | 337,000 | 282,905 |
Tri Pointe Homes, Inc. 5.70%, 6/15/2028 | 176,000 | 170,366 |
5,070,384 |
JPMorgan BetaBuilders USD High Yield Corporate Bond ETF
SCHEDULE OF PORTFOLIO INVESTMENTS
AS OF May 31, 2023 (Unaudited) (continued)
SCHEDULE OF PORTFOLIO INVESTMENTS
AS OF May 31, 2023 (Unaudited) (continued)
INVESTMENTS | PRINCIPAL AMOUNT($) | VALUE($) |
Corporate Bonds — continued | ||
Household Products — 0.4% | ||
Central Garden & Pet Co. | ||
5.13%, 2/1/2028 | 216,000 | 203,047 |
4.13%, 10/15/2030 | 35,000 | 29,358 |
Energizer Holdings, Inc. | ||
4.75%, 6/15/2028 (a) | 518,000 | 460,771 |
4.38%, 3/31/2029 (a) | 128,000 | 109,600 |
Kronos Acquisition Holdings, Inc. (Canada) 7.00%, 12/31/2027 (a) | 272,000 | 233,493 |
Spectrum Brands, Inc. 5.50%, 7/15/2030 (a) | 408,000 | 373,320 |
1,409,589 | ||
Independent Power and Renewable Electricity Producers — 0.7% | ||
Calpine Corp. | ||
5.25%, 6/1/2026 (a) | 38,000 | 36,850 |
4.50%, 2/15/2028 (a) | 957,000 | 870,874 |
5.13%, 3/15/2028 (a) | 436,000 | 390,571 |
5.00%, 2/1/2031 (a) | 360,000 | 290,519 |
Clearway Energy Operating LLC | ||
4.75%, 3/15/2028 (a) | 67,000 | 62,359 |
3.75%, 2/15/2031 (a) | 477,000 | 400,125 |
TransAlta Corp. (Canada) 6.50%, 3/15/2040 | 219,000 | 203,670 |
2,254,968 | ||
Insurance — 1.3% | ||
Acrisure LLC 6.00%, 8/1/2029 (a) | 370,000 | 309,502 |
Alliant Holdings Intermediate LLC | ||
4.25%, 10/15/2027 (a) | 269,000 | 241,969 |
6.75%, 10/15/2027 (a) | 555,000 | 517,267 |
AmWINS Group, Inc. 4.88%, 6/30/2029 (a) | 290,000 | 258,837 |
AssuredPartners, Inc. | ||
7.00%, 8/15/2025 (a) | 25,000 | 24,651 |
5.63%, 1/15/2029 (a) | 67,000 | 57,969 |
BroadStreet Partners, Inc. 5.88%, 4/15/2029 (a) | 147,000 | 127,178 |
Enstar Finance LLC | ||
(US Treasury Yield Curve Rate T Note Constant Maturity 5 Year + 5.47%), 5.75%, 9/1/2040 (d) | 136,000 | 112,754 |
(US Treasury Yield Curve Rate T Note Constant Maturity 5 Year + 4.01%), 5.50%, 1/15/2042 (d) | 90,000 | 64,910 |
Genworth Holdings, Inc. 6.50%, 6/15/2034 | 246,000 | 219,596 |
Global Atlantic Fin Co. (US Treasury Yield Curve Rate T Note Constant Maturity 5 Year + 3.80%), 4.70%, 10/15/2051 (a) (d) | 287,000 | 223,142 |
HUB International Ltd. | ||
7.00%, 5/1/2026 (a) | 555,000 | 546,671 |
5.63%, 12/1/2029 (a) | 145,000 | 130,088 |
Liberty Mutual Group, Inc. | ||
(US Treasury Yield Curve Rate T Note Constant Maturity 5 Year + 3.32%), 4.12%, 12/15/2051 (a) (d) | 44,000 | 33,887 |
4.30%, 2/1/2061 (a) | 462,000 | 275,442 |
NFP Corp. | ||
4.88%, 8/15/2028 (a) | 238,000 | 212,465 |
6.88%, 8/15/2028 (a) | 435,000 | 360,759 |
JPMorgan BetaBuilders USD High Yield Corporate Bond ETF
SCHEDULE OF PORTFOLIO INVESTMENTS
AS OF May 31, 2023 (Unaudited) (continued)
SCHEDULE OF PORTFOLIO INVESTMENTS
AS OF May 31, 2023 (Unaudited) (continued)
INVESTMENTS | PRINCIPAL AMOUNT($) | VALUE($) |
Corporate Bonds — continued | ||
Insurance — continued | ||
Ryan Specialty LLC 4.38%, 2/1/2030 (a) | 391,000 | 346,735 |
USI, Inc. 6.88%, 5/1/2025 (a) | 248,000 | 243,820 |
4,307,642 | ||
Interactive Media & Services — 0.3% | ||
Cars.com, Inc. 6.38%, 11/1/2028 (a) | 25,000 | 23,179 |
TripAdvisor, Inc. 7.00%, 7/15/2025 (a) | 455,000 | 456,086 |
Ziff Davis, Inc. 4.63%, 10/15/2030 (a) | 528,000 | 449,946 |
929,211 | ||
IT Services — 0.8% | ||
Ahead DB Holdings LLC 6.63%, 5/1/2028 (a) | 223,000 | 181,187 |
Arches Buyer, Inc. 6.13%, 12/1/2028 (a) | 154,000 | 133,270 |
Cablevision Lightpath LLC | ||
3.88%, 9/15/2027 (a) | 250,000 | 205,995 |
5.63%, 9/15/2028 (a) | 278,000 | 202,017 |
Conduent Business Services LLC 6.00%, 11/1/2029 (a) | 259,000 | 211,760 |
Gartner, Inc. 4.50%, 7/1/2028 (a) | 525,000 | 494,249 |
ION Trading Technologies SARL (Luxembourg) 5.75%, 5/15/2028 (a) | 236,000 | 196,175 |
Newfold Digital Holdings Group, Inc. 6.00%, 2/15/2029 (a) | 89,000 | 64,629 |
Northwest Fiber LLC | ||
4.75%, 4/30/2027 (a) | 64,000 | 54,554 |
10.75%, 6/1/2028 (a) | 106,000 | 93,445 |
Presidio Holdings, Inc. | ||
4.88%, 2/1/2027 (a) | 17,000 | 15,888 |
8.25%, 2/1/2028 (a) | 149,000 | 137,105 |
Tempo Acquisition LLC 5.75%, 6/1/2025 (a) | 175,000 | 174,475 |
Twilio, Inc. 3.88%, 3/15/2031 | 90,000 | 76,016 |
Unisys Corp. 6.88%, 11/1/2027 (a) | 309,000 | 234,315 |
Virtusa Corp. 7.13%, 12/15/2028 (a) | 177,000 | 141,157 |
2,616,237 | ||
Leisure Products — 0.4% | ||
Mattel, Inc. | ||
5.88%, 12/15/2027 (a) | 300,000 | 292,325 |
3.75%, 4/1/2029 (a) | 185,000 | 161,336 |
5.45%, 11/1/2041 | 252,000 | 209,656 |
Universal Entertainment Corp. (Japan) 8.50%, 12/11/2024 (a) | 392,000 | 372,349 |
Vista Outdoor, Inc. 4.50%, 3/15/2029 (a) | 150,000 | 122,858 |
1,158,524 | ||
Life Sciences Tools & Services — 0.2% | ||
Charles River Laboratories International, Inc. 3.75%, 3/15/2029 (a) | 476,000 | 417,785 |
PRA Health Sciences, Inc. 2.88%, 7/15/2026 (a) | 375,000 | 341,271 |
759,056 | ||
Machinery — 1.0% | ||
Amsted Industries, Inc. 4.63%, 5/15/2030 (a) | 100,000 | 89,661 |
Chart Industries, Inc. 7.50%, 1/1/2030 (a) | 241,000 | 243,427 |
EnPro Industries, Inc. 5.75%, 10/15/2026 | 442,000 | 432,493 |
JPMorgan BetaBuilders USD High Yield Corporate Bond ETF
SCHEDULE OF PORTFOLIO INVESTMENTS
AS OF May 31, 2023 (Unaudited) (continued)
SCHEDULE OF PORTFOLIO INVESTMENTS
AS OF May 31, 2023 (Unaudited) (continued)
INVESTMENTS | PRINCIPAL AMOUNT($) | VALUE($) |
Corporate Bonds — continued | ||
Machinery — continued | ||
GrafTech Finance, Inc. 4.63%, 12/15/2028 (a) | 280,000 | 223,310 |
Hillenbrand, Inc. 3.75%, 3/1/2031 | 280,000 | 232,391 |
Husky III Holding Ltd. (Canada) 13.00% (Cash), 2/15/2025 (a) (b) | 342,000 | 312,075 |
Park-Ohio Industries, Inc. 6.63%, 4/15/2027 | 205,000 | 172,712 |
Roller Bearing Co. of America, Inc. 4.38%, 10/15/2029 (a) | 213,000 | 188,505 |
SPX FLOW, Inc. 8.75%, 4/1/2030 (a) | 186,000 | 160,064 |
Terex Corp. 5.00%, 5/15/2029 (a) | 309,000 | 286,338 |
Titan International, Inc. 7.00%, 4/30/2028 | 270,000 | 245,619 |
TK Elevator US Newco, Inc. (Germany) 5.25%, 7/15/2027 (a) | 498,000 | 458,497 |
Werner FinCo. LP 8.75%, 7/15/2025 (a) | 192,000 | 168,424 |
3,213,516 | ||
Media — 6.4% | ||
Advantage Sales & Marketing, Inc. 6.50%, 11/15/2028 (a) | 329,000 | 276,064 |
Altice Financing SA (Luxembourg) | ||
5.00%, 1/15/2028 (a) | 529,000 | 413,330 |
5.75%, 8/15/2029 (a) | 250,000 | 190,638 |
AMC Networks, Inc. | ||
4.75%, 8/1/2025 | 333,000 | 294,339 |
4.25%, 2/15/2029 | 237,000 | 135,090 |
Cable One, Inc. 4.00%, 11/15/2030 (a) | 42,000 | 32,865 |
Cengage Learning, Inc. 9.50%, 6/15/2024 (a) | 374,000 | 372,740 |
Clear Channel Outdoor Holdings, Inc. | ||
5.13%, 8/15/2027 (a) | 48,000 | 42,313 |
7.50%, 6/1/2029 (a) | 594,000 | 423,066 |
CMG Media Corp. 8.88%, 12/15/2027 (a) | 139,000 | 90,032 |
CSC Holdings LLC | ||
5.25%, 6/1/2024 | 37,000 | 34,308 |
7.50%, 4/1/2028 (a) | 611,000 | 331,043 |
6.50%, 2/1/2029 (a) | 1,226,000 | 965,240 |
5.75%, 1/15/2030 (a) | 950,000 | 418,409 |
4.50%, 11/15/2031 (a) | 738,000 | 513,119 |
Directv Financing LLC 5.88%, 8/15/2027 (a) | 1,138,000 | 1,002,371 |
DISH DBS Corp. | ||
5.88%, 11/15/2024 | 1,167,000 | 999,530 |
7.75%, 7/1/2026 | 300,000 | 172,131 |
5.25%, 12/1/2026 (a) | 523,000 | 413,128 |
5.75%, 12/1/2028 (a) | 1,311,000 | 950,901 |
5.13%, 6/1/2029 | 501,000 | 227,218 |
DISH Network Corp. 11.75%, 11/15/2027 (a) | 572,000 | 547,465 |
Gray Television, Inc. | ||
7.00%, 5/15/2027 (a) | 469,000 | 386,254 |
4.75%, 10/15/2030 (a) | 493,000 | 319,538 |
iHeartCommunications, Inc. | ||
6.38%, 5/1/2026 | 320,417 | 243,232 |
8.38%, 5/1/2027 | 409,864 | 231,228 |
Lamar Media Corp. | ||
3.75%, 2/15/2028 | 75,000 | 67,502 |
JPMorgan BetaBuilders USD High Yield Corporate Bond ETF
SCHEDULE OF PORTFOLIO INVESTMENTS
AS OF May 31, 2023 (Unaudited) (continued)
SCHEDULE OF PORTFOLIO INVESTMENTS
AS OF May 31, 2023 (Unaudited) (continued)
INVESTMENTS | PRINCIPAL AMOUNT($) | VALUE($) |
Corporate Bonds — continued | ||
Media — continued | ||
4.00%, 2/15/2030 | 273,000 | 238,819 |
LCPR Senior Secured Financing DAC 6.75%, 10/15/2027 (a) | 638,000 | 591,994 |
Liberty Interactive LLC 8.25%, 2/1/2030 | 5,000 | 1,745 |
McGraw-Hill Education, Inc. | ||
5.75%, 8/1/2028 (a) | 297,000 | 253,192 |
8.00%, 8/1/2029 (a) | 211,000 | 176,185 |
National CineMedia LLC 5.88%, 4/15/2028 (a) | 148,000 | 47,893 |
News Corp. | ||
3.88%, 5/15/2029 (a) | 743,000 | 652,382 |
5.13%, 2/15/2032 (a) | 140,000 | 127,376 |
Nexstar Media, Inc. | ||
5.63%, 7/15/2027 (a) | 724,000 | 664,270 |
4.75%, 11/1/2028 (a) | 178,000 | 150,193 |
Outfront Media Capital LLC | ||
5.00%, 8/15/2027 (a) | 447,000 | 400,338 |
4.25%, 1/15/2029 (a) | 367,000 | 300,206 |
Paramount Global (US Treasury Yield Curve Rate T Note Constant Maturity 5 Year + 4.00%), 6.37%, 3/30/2062 (d) | 459,000 | 367,769 |
Radiate Holdco LLC | ||
4.50%, 9/15/2026 (a) | 50,000 | 38,500 |
6.50%, 9/15/2028 (a) | 323,000 | 162,307 |
Scripps Escrow II, Inc. 3.88%, 1/15/2029 (a) | 127,000 | 97,790 |
Scripps Escrow, Inc. 5.88%, 7/15/2027 (a) | 385,000 | 296,466 |
Sinclair Television Group, Inc. | ||
5.50%, 3/1/2030 (a) | 156,000 | 90,461 |
4.13%, 12/1/2030 (a) | 216,000 | 141,250 |
Sirius XM Radio, Inc. | ||
5.00%, 8/1/2027 (a) | 687,000 | 622,878 |
5.50%, 7/1/2029 (a) | 1,006,000 | 878,135 |
4.13%, 7/1/2030 (a) | 551,000 | 433,359 |
3.88%, 9/1/2031 (a) | 115,000 | 84,863 |
Spanish Broadcasting System, Inc. 9.75%, 3/1/2026 (a) | 48,000 | 31,198 |
Stagwell Global LLC 5.63%, 8/15/2029 (a) | 389,000 | 333,850 |
TEGNA, Inc. 5.00%, 9/15/2029 | 892,000 | 764,850 |
Townsquare Media, Inc. 6.88%, 2/1/2026 (a) | 70,000 | 64,904 |
Univision Communications, Inc. | ||
5.13%, 2/15/2025 (a) | 504,000 | 486,602 |
4.50%, 5/1/2029 (a) | 198,000 | 166,219 |
7.38%, 6/30/2030 (a) | 388,000 | 360,736 |
UPC Broadband Finco BV (Netherlands) 4.88%, 7/15/2031 (a) | 204,000 | 171,319 |
UPC Holding BV (Netherlands) 5.50%, 1/15/2028 (a) | 363,000 | 318,532 |
Urban One, Inc. 7.38%, 2/1/2028 (a) | 202,000 | 181,800 |
Videotron Ltd. (Canada) 5.38%, 6/15/2024 (a) | 308,000 | 304,815 |
Ziggo Bond Co. BV (Netherlands) 5.13%, 2/28/2030 (a) | 816,000 | 625,716 |
20,722,006 | ||
Metals & Mining — 2.0% | ||
Arconic Corp. | ||
6.00%, 5/15/2025 (a) | 296,000 | 296,798 |
JPMorgan BetaBuilders USD High Yield Corporate Bond ETF
SCHEDULE OF PORTFOLIO INVESTMENTS
AS OF May 31, 2023 (Unaudited) (continued)
SCHEDULE OF PORTFOLIO INVESTMENTS
AS OF May 31, 2023 (Unaudited) (continued)
INVESTMENTS | PRINCIPAL AMOUNT($) | VALUE($) |
Corporate Bonds — continued | ||
Metals & Mining — continued | ||
6.13%, 2/15/2028 (a) | 322,000 | 325,016 |
Baffinland Iron Mines Corp. (Canada) 8.75%, 7/15/2026 (a) | 293,000 | 281,420 |
Big River Steel LLC 6.63%, 1/31/2029 (a) | 505,000 | 501,212 |
Carpenter Technology Corp. 6.38%, 7/15/2028 | 454,000 | 437,580 |
Cleveland-Cliffs, Inc. | ||
5.88%, 6/1/2027 | 388,000 | 374,467 |
4.88%, 3/1/2031 (a) | 299,000 | 255,506 |
Coeur Mining, Inc. 5.13%, 2/15/2029 (a) | 119,000 | 100,257 |
Constellium SE 5.63%, 6/15/2028 (a) | 350,000 | 333,375 |
FMG Resources August 2006 Pty. Ltd. (Australia) | ||
5.13%, 5/15/2024 (a) | 42,000 | 41,972 |
4.50%, 9/15/2027 (a) | 839,000 | 794,362 |
5.88%, 4/15/2030 (a) | 47,000 | 44,356 |
6.13%, 4/15/2032 (a) | 290,000 | 273,640 |
Hudbay Minerals, Inc. (Canada) 4.50%, 4/1/2026 (a) | 32,000 | 29,325 |
IAMGOLD Corp. (Burkina Faso) 5.75%, 10/15/2028 (a) | 137,000 | 103,974 |
Kaiser Aluminum Corp. | ||
4.63%, 3/1/2028 (a) | 288,000 | 251,709 |
4.50%, 6/1/2031 (a) | 58,000 | 45,574 |
Mineral Resources Ltd. (Australia) 8.50%, 5/1/2030 (a) | 235,000 | 235,881 |
New Gold, Inc. (Canada) 7.50%, 7/15/2027 (a) | 209,000 | 196,092 |
Novelis Corp. 4.75%, 1/30/2030 (a) | 1,073,000 | 952,281 |
SunCoke Energy, Inc. 4.88%, 6/30/2029 (a) | 200,000 | 164,658 |
Taseko Mines Ltd. (Canada) 7.00%, 2/15/2026 (a) | 197,000 | 176,596 |
United States Steel Corp. 6.65%, 6/1/2037 | 274,000 | 250,718 |
6,466,769 | ||
Mortgage Real Estate Investment Trusts (REITs) — 0.3% | ||
Apollo Commercial Real Estate Finance, Inc. 4.63%, 6/15/2029 (a) | 361,000 | 274,256 |
Blackstone Mortgage Trust, Inc. 3.75%, 1/15/2027 (a) | 283,000 | 236,600 |
Ladder Capital Finance Holdings LLLP | ||
4.25%, 2/1/2027 (a) | 212,000 | 179,620 |
4.75%, 6/15/2029 (a) | 145,000 | 113,332 |
Starwood Property Trust, Inc. 3.63%, 7/15/2026 (a) | 205,000 | 172,330 |
976,138 | ||
Multi-Utilities — 0.1% | ||
Algonquin Power & Utilities Corp. (Canada) (US Treasury Yield Curve Rate T Note Constant Maturity 5 Year + 3.25%), 4.75%, 1/18/2082 (d) | 347,000 | 277,600 |
Office REITs — 0.1% | ||
Office Properties Income Trust | ||
4.50%, 2/1/2025 | 229,000 | 191,161 |
2.65%, 6/15/2026 | 287,000 | 197,144 |
3.45%, 10/15/2031 | 82,000 | 39,252 |
427,557 | ||
Oil, Gas & Consumable Fuels — 10.4% | ||
Aethon United BR LP 8.25%, 2/15/2026 (a) | 222,000 | 214,824 |
Alliance Resource Operating Partners LP 7.50%, 5/1/2025 (a) | 189,000 | 187,529 |
JPMorgan BetaBuilders USD High Yield Corporate Bond ETF
SCHEDULE OF PORTFOLIO INVESTMENTS
AS OF May 31, 2023 (Unaudited) (continued)
SCHEDULE OF PORTFOLIO INVESTMENTS
AS OF May 31, 2023 (Unaudited) (continued)
INVESTMENTS | PRINCIPAL AMOUNT($) | VALUE($) |
Corporate Bonds — continued | ||
Oil, Gas & Consumable Fuels — continued | ||
Antero Midstream Partners LP | ||
5.75%, 3/1/2027 (a) | 581,000 | 556,690 |
5.75%, 1/15/2028 (a) | 337,000 | 321,412 |
Apache Corp. | ||
4.25%, 1/15/2030 | 594,000 | 533,115 |
6.00%, 1/15/2037 | 130,000 | 119,925 |
5.10%, 9/1/2040 | 577,000 | 474,583 |
Ascent Resources Utica Holdings LLC | ||
7.00%, 11/1/2026 (a) | 460,000 | 440,941 |
5.88%, 6/30/2029 (a) | 127,000 | 111,492 |
Baytex Energy Corp. (Canada) 8.75%, 4/1/2027 (a) | 246,000 | 248,591 |
Berry Petroleum Co. LLC 7.00%, 2/15/2026 (a) | 193,000 | 177,244 |
Blue Racer Midstream LLC 7.63%, 12/15/2025 (a) | 424,000 | 428,656 |
Buckeye Partners LP | ||
3.95%, 12/1/2026 | 124,000 | 110,535 |
4.50%, 3/1/2028 (a) | 893,000 | 785,702 |
5.60%, 10/15/2044 | 123,000 | 88,940 |
California Resources Corp. 7.13%, 2/1/2026 (a) | 269,000 | 273,035 |
Callon Petroleum Co. | ||
6.38%, 7/1/2026 | 244,000 | 231,682 |
8.00%, 8/1/2028 (a) | 182,000 | 177,970 |
Calumet Specialty Products Partners LP | ||
11.00%, 4/15/2025 (a) | 94,000 | 96,823 |
8.13%, 1/15/2027 (a) | 241,000 | 229,553 |
Chesapeake Energy Corp. 5.50%, 2/1/2026 (a) | 283,000 | 275,176 |
Chord Energy Corp. 6.38%, 6/1/2026 (a) | 38,000 | 37,430 |
CNX Midstream Partners LP 4.75%, 4/15/2030 (a) | 268,000 | 221,931 |
CNX Resources Corp. | ||
7.25%, 3/14/2027 (a) | 36,000 | 35,529 |
7.38%, 1/15/2031 (a) | 79,000 | 76,040 |
Comstock Resources, Inc. 6.75%, 3/1/2029 (a) | 916,000 | 800,588 |
CQP Holdco LP 5.50%, 6/15/2031 (a) | 500,000 | 445,611 |
Crestwood Midstream Partners LP | ||
5.63%, 5/1/2027 (a) | 663,000 | 625,242 |
8.00%, 4/1/2029 (a) | 59,000 | 59,316 |
CrownRock LP | ||
5.63%, 10/15/2025 (a) | 377,000 | 369,460 |
5.00%, 5/1/2029 (a) | 199,000 | 186,563 |
Delek Logistics Partners LP 7.13%, 6/1/2028 (a) | 38,000 | 34,580 |
DT Midstream, Inc. 4.13%, 6/15/2029 (a) | 820,000 | 711,105 |
Earthstone Energy Holdings LLC 8.00%, 4/15/2027 (a) | 299,000 | 291,017 |
Encino Acquisition Partners Holdings LLC 8.50%, 5/1/2028 (a) | 163,000 | 149,756 |
Endeavor Energy Resources LP 5.75%, 1/30/2028 (a) | 567,000 | 559,913 |
Energy Ventures Gom LLC 11.75%, 4/15/2026 (a) | 167,000 | 170,259 |
EnLink Midstream LLC 5.38%, 6/1/2029 | 513,000 | 485,981 |
EnLink Midstream Partners LP | ||
4.85%, 7/15/2026 | 214,000 | 207,036 |
5.05%, 4/1/2045 | 102,000 | 78,972 |
JPMorgan BetaBuilders USD High Yield Corporate Bond ETF
SCHEDULE OF PORTFOLIO INVESTMENTS
AS OF May 31, 2023 (Unaudited) (continued)
SCHEDULE OF PORTFOLIO INVESTMENTS
AS OF May 31, 2023 (Unaudited) (continued)
INVESTMENTS | PRINCIPAL AMOUNT($) | VALUE($) |
Corporate Bonds — continued | ||
Oil, Gas & Consumable Fuels — continued | ||
5.45%, 6/1/2047 | 285,000 | 226,737 |
Enviva Partners LP 6.50%, 1/15/2026 (a) | 90,000 | 71,273 |
EQM Midstream Partners LP | ||
4.00%, 8/1/2024 | 321,000 | 312,522 |
6.00%, 7/1/2025 (a) | 25,000 | 24,727 |
5.50%, 7/15/2028 | 892,000 | 836,138 |
4.50%, 1/15/2029 (a) | 168,000 | 146,777 |
4.75%, 1/15/2031 (a) | 187,000 | 160,480 |
6.50%, 7/15/2048 | 268,000 | 218,924 |
Genesis Energy LP | ||
6.50%, 10/1/2025 | 43,000 | 42,213 |
8.00%, 1/15/2027 | 1,004,000 | 977,926 |
Global Partners LP 6.88%, 1/15/2029 | 26,000 | 23,898 |
Gran Tierra Energy International Holdings Ltd. (Colombia) 6.25%, 2/15/2025 (a) | 219,000 | 182,427 |
Gulfport Energy Corp. 8.00%, 5/17/2026 | 271,999 | 271,319 |
Hess Infrastructure Partners LP 5.63%, 2/15/2026 (a) | 25,000 | 24,531 |
Hess Midstream Operations LP | ||
5.63%, 2/15/2026 (a) | 114,000 | 111,863 |
5.13%, 6/15/2028 (a) | 798,000 | 747,127 |
Hilcorp Energy I LP 6.25%, 4/15/2032 (a) | 643,000 | 575,185 |
Holly Energy Partners LP 6.38%, 4/15/2027 (a) | 174,000 | 171,777 |
Ithaca Energy North Sea plc (United Kingdom) 9.00%, 7/15/2026 (a) | 342,000 | 322,068 |
ITT Holdings LLC 6.50%, 8/1/2029 (a) | 208,000 | 165,880 |
Kinetik Holdings LP 5.88%, 6/15/2030 (a) | 404,000 | 382,790 |
Martin Midstream Partners LP 11.50%, 2/15/2028 (a) | 175,000 | 164,902 |
Matador Resources Co. 6.88%, 4/15/2028 (a) | 255,000 | 252,914 |
MEG Energy Corp. (Canada) | ||
7.13%, 2/1/2027 (a) | 329,000 | 334,889 |
5.88%, 2/1/2029 (a) | 197,000 | 186,023 |
Moss Creek Resources Holdings, Inc. | ||
7.50%, 1/15/2026 (a) | 26,000 | 23,958 |
10.50%, 5/15/2027 (a) | 217,000 | 209,134 |
Murphy Oil Corp. | ||
7.05%, 5/1/2029 | 145,000 | 145,406 |
6.13%, 12/1/2042 (e) | 220,000 | 179,663 |
Neptune Energy Bondco plc (United Kingdom) 6.63%, 5/15/2025 (a) | 438,000 | 429,910 |
New Fortress Energy, Inc. | ||
6.75%, 9/15/2025 (a) | 633,000 | 582,726 |
6.50%, 9/30/2026 (a) | 200,000 | 177,249 |
NGL Energy Operating LLC 7.50%, 2/1/2026 (a) | 290,000 | 277,089 |
NGL Energy Partners LP 7.50%, 4/15/2026 | 311,000 | 280,859 |
Northriver Midstream Finance LP (Canada) 5.63%, 2/15/2026 (a) | 193,000 | 179,934 |
NuStar Logistics LP | ||
6.00%, 6/1/2026 | 289,000 | 280,440 |
5.63%, 4/28/2027 | 510,000 | 482,760 |
Occidental Petroleum Corp. | ||
5.88%, 9/1/2025 | 589,000 | 589,147 |
8.88%, 7/15/2030 | 511,000 | 588,876 |
JPMorgan BetaBuilders USD High Yield Corporate Bond ETF
SCHEDULE OF PORTFOLIO INVESTMENTS
AS OF May 31, 2023 (Unaudited) (continued)
SCHEDULE OF PORTFOLIO INVESTMENTS
AS OF May 31, 2023 (Unaudited) (continued)
INVESTMENTS | PRINCIPAL AMOUNT($) | VALUE($) |
Corporate Bonds — continued | ||
Oil, Gas & Consumable Fuels — continued | ||
6.13%, 1/1/2031 | 270,000 | 274,388 |
6.45%, 9/15/2036 | 1,140,000 | 1,159,950 |
7.95%, 6/15/2039 | 611,000 | 682,792 |
4.40%, 4/15/2046 | 312,000 | 236,340 |
Parkland Corp. (Canada) | ||
4.50%, 10/1/2029 (a) | 200,000 | 172,920 |
4.63%, 5/1/2030 (a) | 267,000 | 230,822 |
PBF Holding Co. LLC 6.00%, 2/15/2028 | 72,000 | 66,960 |
PDC Energy, Inc. 5.75%, 5/15/2026 | 264,000 | 263,195 |
Permian Resources Operating LLC | ||
7.75%, 2/15/2026 (a) | 185,000 | 186,081 |
6.88%, 4/1/2027 (a) | 109,000 | 105,730 |
5.88%, 7/1/2029 (a) | 155,000 | 145,112 |
Range Resources Corp. 8.25%, 1/15/2029 | 563,000 | 586,350 |
ROCC Holdings LLC 9.25%, 8/15/2026 (a) | 305,000 | 326,923 |
Rockcliff Energy II LLC 5.50%, 10/15/2029 (a) | 176,000 | 161,700 |
Rockies Express Pipeline LLC | ||
4.95%, 7/15/2029 (a) | 347,000 | 311,349 |
4.80%, 5/15/2030 (a) | 72,000 | 62,178 |
6.88%, 4/15/2040 (a) | 44,000 | 37,840 |
SM Energy Co. | ||
5.63%, 6/1/2025 | 284,000 | 274,046 |
6.75%, 9/15/2026 | 446,000 | 430,611 |
Southwestern Energy Co. | ||
8.38%, 9/15/2028 | 205,000 | 213,676 |
5.38%, 3/15/2030 | 589,000 | 541,379 |
4.75%, 2/1/2032 | 200,000 | 173,035 |
Summit Midstream Holdings LLC | ||
5.75%, 4/15/2025 | 261,000 | 214,020 |
9.00%, 10/15/2026 (a) (e) | 163,000 | 155,319 |
Sunnova Energy Corp. 5.88%, 9/1/2026 (a) | 125,000 | 109,773 |
Sunoco LP | ||
6.00%, 4/15/2027 | 253,000 | 248,830 |
4.50%, 4/30/2030 | 599,000 | 525,429 |
Tallgrass Energy Partners LP | ||
5.50%, 1/15/2028 (a) | 575,000 | 519,150 |
6.00%, 9/1/2031 (a) | 234,000 | 198,998 |
Teine Energy Ltd. (Canada) 6.88%, 4/15/2029 (a) | 225,000 | 205,409 |
TerraForm Power Operating LLC 5.00%, 1/31/2028 (a) | 23,000 | 21,563 |
TransMontaigne Partners LP 6.13%, 2/15/2026 | 207,000 | 179,573 |
Venture Global Calcasieu Pass LLC | ||
3.88%, 8/15/2029 (a) | 1,117,000 | 971,822 |
3.88%, 11/1/2033 (a) | 190,000 | 155,632 |
Viper Energy Partners LP 5.38%, 11/1/2027 (a) | 26,000 | 25,005 |
Vital Energy, Inc. 10.13%, 1/15/2028 | 359,000 | 348,246 |
W&T Offshore, Inc. 11.75%, 2/1/2026 (a) | 220,000 | 218,106 |
33,733,460 |
JPMorgan BetaBuilders USD High Yield Corporate Bond ETF
SCHEDULE OF PORTFOLIO INVESTMENTS
AS OF May 31, 2023 (Unaudited) (continued)
SCHEDULE OF PORTFOLIO INVESTMENTS
AS OF May 31, 2023 (Unaudited) (continued)
INVESTMENTS | PRINCIPAL AMOUNT($) | VALUE($) |
Corporate Bonds — continued | ||
Paper & Forest Products — 0.3% | ||
Ahlstrom Holding 3 Oy (Finland) 4.88%, 2/4/2028 (a) | 227,000 | 188,395 |
Domtar Corp. 6.75%, 10/1/2028 (a) | 315,000 | 274,182 |
Glatfelter Corp. 4.75%, 11/15/2029 (a) | 217,000 | 137,742 |
Louisiana-Pacific Corp. 3.63%, 3/15/2029 (a) | 174,000 | 152,250 |
Mercer International, Inc. (Germany) 5.13%, 2/1/2029 | 381,000 | 301,249 |
1,053,818 | ||
Passenger Airlines — 1.9% | ||
Air Canada (Canada) 3.88%, 8/15/2026 (a) | 473,000 | 439,079 |
Allegiant Travel Co. 7.25%, 8/15/2027 (a) | 481,000 | 477,392 |
American Airlines Group, Inc. 3.75%, 3/1/2025 (a) | 441,000 | 416,684 |
American Airlines, Inc. | ||
5.50%, 4/20/2026 (a) | 585,009 | 574,128 |
5.75%, 4/20/2029 (a) | 1,381,009 | 1,323,274 |
Delta Air Lines, Inc. | ||
7.38%, 1/15/2026 | 25,000 | 26,242 |
4.38%, 4/19/2028 | 288,000 | 269,935 |
3.75%, 10/28/2029 | 398,000 | 354,547 |
Hawaiian Brand Intellectual Property Ltd. 5.75%, 1/20/2026 (a) | 191,111 | 177,652 |
Spirit Loyalty Cayman Ltd. 8.00%, 9/20/2025 (a) | 273,000 | 276,455 |
United Airlines, Inc. | ||
4.38%, 4/15/2026 (a) | 190,000 | 179,760 |
4.63%, 4/15/2029 (a) | 1,104,000 | 1,000,050 |
VistaJet Malta Finance plc (Switzerland) | ||
7.88%, 5/1/2027 (a) | 491,000 | 443,128 |
9.50%, 6/1/2028 (a) | 116,000 | 106,177 |
6.38%, 2/1/2030 (a) | 59,000 | 46,910 |
6,111,413 | ||
Personal Care Products — 0.5% | ||
BellRing Brands, Inc. 7.00%, 3/15/2030 (a) | 604,000 | 612,378 |
Coty, Inc. | ||
5.00%, 4/15/2026 (a) | 301,000 | 289,065 |
6.50%, 4/15/2026 (a) | 27,000 | 26,582 |
Herbalife Nutrition Ltd. 7.88%, 9/1/2025 (a) | 604,000 | 555,904 |
Prestige Brands, Inc. | ||
5.13%, 1/15/2028 (a) | 26,000 | 24,830 |
3.75%, 4/1/2031 (a) | 92,000 | 75,711 |
1,584,470 | ||
Pharmaceuticals — 1.8% | ||
Bausch Health Cos., Inc. | ||
5.50%, 11/1/2025 (a) | 1,037,000 | 920,387 |
9.00%, 12/15/2025 (a) | 57,000 | 48,523 |
5.75%, 8/15/2027 (a) | 1,137,000 | 713,911 |
5.00%, 1/30/2028 (a) | 959,000 | 421,344 |
5.00%, 2/15/2029 (a) | 176,000 | 76,590 |
5.25%, 1/30/2030 (a) | 178,000 | 75,686 |
14.00%, 10/15/2030 (a) | 59,000 | 36,806 |
JPMorgan BetaBuilders USD High Yield Corporate Bond ETF
SCHEDULE OF PORTFOLIO INVESTMENTS
AS OF May 31, 2023 (Unaudited) (continued)
SCHEDULE OF PORTFOLIO INVESTMENTS
AS OF May 31, 2023 (Unaudited) (continued)
INVESTMENTS | PRINCIPAL AMOUNT($) | VALUE($) |
Corporate Bonds — continued | ||
Pharmaceuticals — continued | ||
5.25%, 2/15/2031 (a) | 157,000 | 66,725 |
Catalent Pharma Solutions, Inc. | ||
5.00%, 7/15/2027 (a) | 508,000 | 461,868 |
3.13%, 2/15/2029 (a) | 397,000 | 323,102 |
Elanco Animal Health, Inc. 6.65%, 8/28/2028 (e) | 258,000 | 246,883 |
Jazz Securities DAC 4.38%, 1/15/2029 (a) | 450,000 | 403,191 |
Mallinckrodt International Finance SA 11.50%, 12/15/2028 (a) | 461,000 | 341,140 |
Organon & Co. 5.13%, 4/30/2031 (a) | 825,000 | 700,055 |
P&L Development LLC 7.75%, 11/15/2025 (a) | 129,000 | 102,239 |
Perrigo Finance Unlimited Co. | ||
4.38%, 3/15/2026 | 325,000 | 308,597 |
4.40%, 6/15/2030 (e) | 550,000 | 478,304 |
5,725,351 | ||
Professional Services — 0.2% | ||
AMN Healthcare, Inc. 4.63%, 10/1/2027 (a) | 255,000 | 235,556 |
CoreLogic, Inc. 4.50%, 5/1/2028 (a) | 328,000 | 263,820 |
Dun & Bradstreet Corp. (The) 5.00%, 12/15/2029 (a) | 27,000 | 23,522 |
KBR, Inc. 4.75%, 9/30/2028 (a) | 28,000 | 25,623 |
Korn Ferry 4.63%, 12/15/2027 (a) | 90,000 | 85,248 |
Science Applications International Corp. 4.88%, 4/1/2028 (a) | 30,000 | 27,938 |
661,707 | ||
Real Estate Management & Development — 0.6% | ||
Cushman & Wakefield US Borrower LLC 6.75%, 5/15/2028 (a) | 300,000 | 267,750 |
Five Point Operating Co. LP 7.88%, 11/15/2025 (a) | 119,000 | 104,759 |
Forestar Group, Inc. | ||
3.85%, 5/15/2026 (a) | 90,000 | 82,913 |
5.00%, 3/1/2028 (a) | 65,000 | 59,150 |
Howard Hughes Corp. (The) 4.38%, 2/1/2031 (a) | 428,000 | 337,099 |
Hunt Cos., Inc. 5.25%, 4/15/2029 (a) | 303,000 | 232,715 |
Kennedy-Wilson, Inc. 4.75%, 3/1/2029 | 525,000 | 412,455 |
Realogy Group LLC | ||
5.75%, 1/15/2029 (a) | 336,000 | 242,738 |
5.25%, 4/15/2030 (a) | 101,000 | 70,061 |
WeWork Cos. LLC 5.00%, 7/10/2025 (a) | 217,000 | 100,533 |
1,910,173 | ||
Retail REITs — 0.1% | ||
Brookfield Property REIT, Inc. | ||
5.75%, 5/15/2026 (a) | 448,000 | 397,838 |
4.50%, 4/1/2027 (a) | 90,000 | 71,924 |
469,762 | ||
Semiconductors & Semiconductor Equipment — 0.5% | ||
Amkor Technology, Inc. 6.63%, 9/15/2027 (a) | 489,000 | 488,291 |
ams-OSRAM AG (Austria) 7.00%, 7/31/2025 (a) | 442,000 | 386,750 |
Entegris Escrow Corp. 5.95%, 6/15/2030 (a) | 341,000 | 328,502 |
JPMorgan BetaBuilders USD High Yield Corporate Bond ETF
SCHEDULE OF PORTFOLIO INVESTMENTS
AS OF May 31, 2023 (Unaudited) (continued)
SCHEDULE OF PORTFOLIO INVESTMENTS
AS OF May 31, 2023 (Unaudited) (continued)
INVESTMENTS | PRINCIPAL AMOUNT($) | VALUE($) |
Corporate Bonds — continued | ||
Semiconductors & Semiconductor Equipment — continued | ||
ON Semiconductor Corp. 3.88%, 9/1/2028 (a) | 73,000 | 65,922 |
Synaptics, Inc. 4.00%, 6/15/2029 (a) | 316,000 | 264,650 |
1,534,115 | ||
Software — 2.8% | ||
ACI Worldwide, Inc. 5.75%, 8/15/2026 (a) | 168,000 | 165,887 |
AthenaHealth Group, Inc. 6.50%, 2/15/2030 (a) | 632,000 | 520,567 |
Boxer Parent Co., Inc. 9.13%, 3/1/2026 (a) | 208,000 | 202,715 |
Camelot Finance SA 4.50%, 11/1/2026 (a) | 100,000 | 93,838 |
Clarivate Science Holdings Corp. 3.88%, 7/1/2028 (a) | 564,000 | 498,335 |
Cloud Software Group, Inc. | ||
6.50%, 3/31/2029 (a) | 1,228,000 | 1,085,905 |
9.00%, 9/30/2029 (a) | 678,000 | 576,300 |
Consensus Cloud Solutions, Inc. 6.50%, 10/15/2028 (a) | 43,000 | 37,478 |
Crowdstrike Holdings, Inc. 3.00%, 2/15/2029 | 547,000 | 476,756 |
CWT Travel Group, Inc. 8.50%, 11/19/2026 (a) | 124,000 | 75,020 |
Elastic NV 4.13%, 7/15/2029 (a) | 90,000 | 77,830 |
Fair Isaac Corp. | ||
5.25%, 5/15/2026 (a) | 349,000 | 343,329 |
4.00%, 6/15/2028 (a) | 89,000 | 81,875 |
Gen Digital, Inc. | ||
6.75%, 9/30/2027 (a) | 102,000 | 101,884 |
7.13%, 9/30/2030 (a) | 386,000 | 385,334 |
GoTo Group, Inc. 5.50%, 9/1/2027 (a) | 407,000 | 231,871 |
Helios Software Holdings, Inc. 4.63%, 5/1/2028 (a) | 215,000 | 183,667 |
McAfee Corp. 7.38%, 2/15/2030 (a) | 481,000 | 404,553 |
MicroStrategy, Inc. 6.13%, 6/15/2028 (a) | 118,000 | 102,660 |
NCR Corp. | ||
5.75%, 9/1/2027 (a) | 205,000 | 203,886 |
5.00%, 10/1/2028 (a) | 30,000 | 26,374 |
5.13%, 4/15/2029 (a) | 26,000 | 22,743 |
6.13%, 9/1/2029 (a) | 734,000 | 727,973 |
5.25%, 10/1/2030 (a) | 91,000 | 77,692 |
Open Text Corp. (Canada) 3.88%, 12/1/2029 (a) | 90,000 | 74,958 |
Open Text Holdings, Inc. (Canada) | ||
4.13%, 2/15/2030 (a) | 607,000 | 513,845 |
4.13%, 12/1/2031 (a) | 90,000 | 73,831 |
PTC, Inc. 4.00%, 2/15/2028 (a) | 169,000 | 157,405 |
Rocket Software, Inc. 6.50%, 2/15/2029 (a) | 252,000 | 205,445 |
SS&C Technologies, Inc. 5.50%, 9/30/2027 (a) | 716,000 | 683,416 |
Veritas US, Inc. 7.50%, 9/1/2025 (a) | 692,000 | 517,541 |
8,930,913 | ||
Specialized REITs — 0.7% | ||
Iron Mountain, Inc. | ||
4.88%, 9/15/2027 (a) | 785,000 | 734,538 |
5.00%, 7/15/2028 (a) | 126,000 | 115,360 |
4.88%, 9/15/2029 (a) | 915,000 | 816,034 |
JPMorgan BetaBuilders USD High Yield Corporate Bond ETF
SCHEDULE OF PORTFOLIO INVESTMENTS
AS OF May 31, 2023 (Unaudited) (continued)
SCHEDULE OF PORTFOLIO INVESTMENTS
AS OF May 31, 2023 (Unaudited) (continued)
INVESTMENTS | PRINCIPAL AMOUNT($) | VALUE($) |
Corporate Bonds — continued | ||
Specialized REITs — continued | ||
SBA Communications Corp. | ||
3.88%, 2/15/2027 | 384,000 | 353,936 |
3.13%, 2/1/2029 | 111,000 | 93,500 |
2,113,368 | ||
Specialty Retail — 2.9% | ||
99 Escrow Issuer, Inc. 7.50%, 1/15/2026 (a) | 137,000 | 50,826 |
Abercrombie & Fitch Management Co. 8.75%, 7/15/2025 (a) | 133,000 | 134,451 |
Arko Corp. 5.13%, 11/15/2029 (a) | 221,000 | 173,989 |
Asbury Automotive Group, Inc. | ||
4.50%, 3/1/2028 | 313,000 | 285,465 |
4.63%, 11/15/2029 (a) | 445,000 | 392,244 |
5.00%, 2/15/2032 (a) | 77,000 | 66,060 |
At Home Group, Inc. 7.13%, 7/15/2029 (a) | 242,000 | 237,720 |
Bath & Body Works, Inc. | ||
9.38%, 7/1/2025 (a) | 39,000 | 41,431 |
7.50%, 6/15/2029 | 176,000 | 177,927 |
6.88%, 11/1/2035 | 857,000 | 776,354 |
BCPE Ulysses Intermediate, Inc. 7.75% (Cash), 4/1/2027 (a) (b) | 62,000 | 53,301 |
Carvana Co. | ||
5.63%, 10/1/2025 (a) | 71,000 | 53,159 |
5.88%, 10/1/2028 (a) | 26,000 | 14,835 |
10.25%, 5/1/2030 (a) | 1,283,000 | 863,579 |
eG Global Finance plc (United Kingdom) 8.50%, 10/30/2025 (a) | 357,000 | 344,230 |
Foot Locker, Inc. 4.00%, 10/1/2029 (a) | 94,000 | 70,511 |
Gap, Inc. (The) | ||
3.63%, 10/1/2029 (a) | 357,000 | 251,137 |
3.88%, 10/1/2031 (a) | 112,000 | 77,256 |
Group 1 Automotive, Inc. 4.00%, 8/15/2028 (a) | 216,000 | 189,141 |
LBM Acquisition LLC 6.25%, 1/15/2029 (a) | 215,000 | 170,239 |
LCM Investments Holdings II LLC 4.88%, 5/1/2029 (a) | 165,000 | 137,593 |
Lithia Motors, Inc. 3.88%, 6/1/2029 (a) | 352,000 | 303,260 |
LSF9 Atlantis Holdings LLC 7.75%, 2/15/2026 (a) | 361,000 | 334,848 |
Michaels Cos., Inc. (The) | ||
5.25%, 5/1/2028 (a) | 374,000 | 287,980 |
7.88%, 5/1/2029 (a) | 378,000 | 232,258 |
Murphy Oil USA, Inc. 5.63%, 5/1/2027 | 294,000 | 288,539 |
Park River Holdings, Inc. | ||
5.63%, 2/1/2029 (a) | 54,000 | 39,711 |
6.75%, 8/1/2029 (a) | 56,000 | 41,746 |
Penske Automotive Group, Inc. 3.75%, 6/15/2029 | 309,000 | 264,679 |
PetSmart, Inc. | ||
4.75%, 2/15/2028 (a) | 450,000 | 416,342 |
7.75%, 2/15/2029 (a) | 400,000 | 388,326 |
Sonic Automotive, Inc. 4.63%, 11/15/2029 (a) | 161,000 | 133,209 |
Specialty Building Products Holdings LLC 6.38%, 9/30/2026 (a) | 431,000 | 388,944 |
SRS Distribution, Inc. | ||
4.63%, 7/1/2028 (a) | 275,000 | 242,657 |
JPMorgan BetaBuilders USD High Yield Corporate Bond ETF
SCHEDULE OF PORTFOLIO INVESTMENTS
AS OF May 31, 2023 (Unaudited) (continued)
SCHEDULE OF PORTFOLIO INVESTMENTS
AS OF May 31, 2023 (Unaudited) (continued)
INVESTMENTS | PRINCIPAL AMOUNT($) | VALUE($) |
Corporate Bonds — continued | ||
Specialty Retail — continued | ||
6.13%, 7/1/2029 (a) | 435,000 | 360,215 |
Staples, Inc. | ||
7.50%, 4/15/2026 (a) | 851,000 | 699,500 |
10.75%, 4/15/2027 (a) | 169,000 | 103,627 |
Victoria's Secret & Co. 4.63%, 7/15/2029 (a) | 147,000 | 112,796 |
White Cap Buyer LLC 6.88%, 10/15/2028 (a) | 246,000 | 212,739 |
White Cap Parent LLC 8.25% (Cash), 3/15/2026 (a) (b) | 132,000 | 124,410 |
9,537,234 | ||
Technology Hardware, Storage & Peripherals — 0.7% | ||
Diebold Nixdorf, Inc. 9.38%, 7/15/2025 (a) | 269,000 | 54,977 |
Seagate HDD Cayman | ||
4.88%, 3/1/2024 | 291,000 | 290,515 |
4.88%, 6/1/2027 | 608,000 | 583,638 |
4.09%, 6/1/2029 | 90,000 | 77,771 |
4.13%, 1/15/2031 | 38,000 | 30,969 |
Western Digital Corp. | ||
4.75%, 2/15/2026 | 165,000 | 157,217 |
3.10%, 2/1/2032 | 536,000 | 401,566 |
Xerox Corp. 6.75%, 12/15/2039 | 287,000 | 207,227 |
Xerox Holdings Corp. | ||
5.00%, 8/15/2025 (a) | 225,000 | 211,636 |
5.50%, 8/15/2028 (a) | 246,000 | 209,516 |
2,225,032 | ||
Textiles, Apparel & Luxury Goods — 0.4% | ||
Crocs, Inc. 4.25%, 3/15/2029 (a) | 40,000 | 34,453 |
G-III Apparel Group Ltd. 7.88%, 8/15/2025 (a) | 282,000 | 266,490 |
Hanesbrands, Inc. 4.88%, 5/15/2026 (a) | 321,000 | 298,971 |
Levi Strauss & Co. 3.50%, 3/1/2031 (a) | 303,000 | 250,433 |
Under Armour, Inc. 3.25%, 6/15/2026 | 65,000 | 59,417 |
William Carter Co. (The) 5.63%, 3/15/2027 (a) | 204,000 | 199,185 |
Wolverine World Wide, Inc. 4.00%, 8/15/2029 (a) | 314,000 | 250,478 |
1,359,427 | ||
Tobacco — 0.1% | ||
Vector Group Ltd. 5.75%, 2/1/2029 (a) | 310,000 | 269,372 |
Trading Companies & Distributors — 1.7% | ||
Beacon Roofing Supply, Inc. 4.50%, 11/15/2026 (a) | 268,000 | 253,348 |
Boise Cascade Co. 4.88%, 7/1/2030 (a) | 25,000 | 22,405 |
Fly Leasing Ltd. (India) 7.00%, 10/15/2024 (a) | 244,000 | 216,794 |
Fortress Transportation and Infrastructure Investors LLC | ||
6.50%, 10/1/2025 (a) | 141,000 | 136,941 |
5.50%, 5/1/2028 (a) | 254,000 | 228,020 |
Foundation Building Materials, Inc. 6.00%, 3/1/2029 (a) | 225,000 | 180,835 |
H&E Equipment Services, Inc. 3.88%, 12/15/2028 (a) | 774,000 | 664,282 |
Herc Holdings, Inc. 5.50%, 7/15/2027 (a) | 545,000 | 517,481 |
Imola Merger Corp. 4.75%, 5/15/2029 (a) | 825,000 | 709,673 |
JPMorgan BetaBuilders USD High Yield Corporate Bond ETF
SCHEDULE OF PORTFOLIO INVESTMENTS
AS OF May 31, 2023 (Unaudited) (continued)
SCHEDULE OF PORTFOLIO INVESTMENTS
AS OF May 31, 2023 (Unaudited) (continued)
INVESTMENTS | PRINCIPAL AMOUNT($) | VALUE($) |
Corporate Bonds — continued | ||
Trading Companies & Distributors — continued | ||
United Rentals North America, Inc. | ||
5.50%, 5/15/2027 | 693,000 | 684,313 |
3.88%, 11/15/2027 | 50,000 | 46,255 |
4.88%, 1/15/2028 | 248,000 | 236,595 |
5.25%, 1/15/2030 | 736,000 | 697,619 |
3.75%, 1/15/2032 | 51,000 | 42,682 |
WESCO Distribution, Inc. | ||
7.13%, 6/15/2025 (a) | 79,000 | 79,578 |
7.25%, 6/15/2028 (a) | 913,000 | 933,192 |
5,650,013 | ||
Wireless Telecommunication Services — 1.1% | ||
C&W Senior Financing DAC (Panama) 6.88%, 9/15/2027 (a) | 465,000 | 399,993 |
Connect Finco SARL (United Kingdom) 6.75%, 10/1/2026 (a) | 700,000 | 674,883 |
Hughes Satellite Systems Corp. | ||
5.25%, 8/1/2026 | 65,000 | 60,531 |
6.63%, 8/1/2026 | 551,000 | 508,909 |
Ligado Networks LLC 17.50% (PIK), 5/1/2024 (a) (b) | 319,725 | 27,154 |
Millicom International Cellular SA (Guatemala) 4.50%, 4/27/2031 (a) | 559,000 | 419,194 |
United States Cellular Corp. 6.70%, 12/15/2033 | 42,000 | 34,532 |
Vmed O2 UK Financing I plc (United Kingdom) 4.75%, 7/15/2031 (a) | 300,000 | 246,692 |
Vodafone Group plc (United Kingdom) | ||
(USD Swap Semi 5 Year + 4.87%), 7.00%, 4/4/2079 (d) | 779,000 | 788,192 |
(US Treasury Yield Curve Rate T Note Constant Maturity 5 Year + 2.77%), 4.12%, 6/4/2081 (d) | 96,000 | 76,373 |
(US Treasury Yield Curve Rate T Note Constant Maturity 5 Year + 3.07%), 5.12%, 6/4/2081 (d) | 401,000 | 296,937 |
3,533,390 | ||
Total Corporate Bonds (Cost $343,953,113) | 316,284,486 | |
SHARES | ||
Short-Term Investments — 0.8% | ||
Investment Companies — 0.8% | ||
JPMorgan U.S. Government Money Market Fund Class IM Shares, 5.06% (h) (i) (Cost $2,414,544) | 2,414,544 | 2,414,544 |
Total Investments — 98.4% (Cost $346,367,657) | 318,699,030 | |
Other Assets Less Liabilities — 1.6% | 5,313,277 | |
NET ASSETS — 100.0% | 324,012,307 |
Percentages indicated are based on net assets. |
Abbreviations | |
CME | Chicago Mercantile Exchange |
ICE | Intercontinental Exchange |
LIBOR | London Interbank Offered Rate |
REIT | Real Estate Investment Trust |
SCA | Limited partnership with share capital |
JPMorgan BetaBuilders USD High Yield Corporate Bond ETF
SCHEDULE OF PORTFOLIO INVESTMENTS
AS OF May 31, 2023 (Unaudited) (continued)
SCHEDULE OF PORTFOLIO INVESTMENTS
AS OF May 31, 2023 (Unaudited) (continued)
SOFR | Secured Overnight Financing Rate |
USD | United States Dollar |
^ | Amount rounds to less than 0.1% of net assets. | |
(a) | Securities exempt from registration under Rule 144A or section 4(a)(2), of the Securities Act of 1933, as amended. | |
(b) | Security has the ability to pay in kind (“PIK”) or pay income in cash. When applicable, separate rates of such payments are disclosed. | |
(c) | Security was purchased prior to its affiliation with JPMorgan Chase & Co. | |
(d) | Variable or floating rate security, linked to the referenced benchmark. The interest rate shown is the current rate as of May 31, 2023. | |
(e) | Step bond. Interest rate is a fixed rate for an initial period that either resets at a specific date or may reset in the future contingent upon a predetermined trigger. The interest rate shown is the current rate as of May 31, 2023. | |
(f) | Security is an interest bearing note with preferred security characteristics. | |
(g) | Security is perpetual and thus, does not have a predetermined maturity date. The coupon rate for this security is fixed for a period of time and may be structured to adjust thereafter. The date shown, if applicable, reflects the next call date. The coupon rate shown is the rate in effect as of May 31, 2023. | |
(h) | 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. | |
(i) | The rate shown is the current yield as of May 31, 2023. |
JPMorgan BetaBuilders USD High Yield Corporate Bond ETF
SCHEDULE OF PORTFOLIO INVESTMENTS
AS OF May 31, 2023 (Unaudited) (continued)
SCHEDULE OF PORTFOLIO INVESTMENTS
AS OF May 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 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.
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 NAVs are calculated. , as well as certain derivatives with foreign equity reference obligations,are valued by applying international fair value factors provided by approved Pricing Services.
Investments in open-end investment companies (“Underlying Funds”) are valued at each Underlying Fund’s NAV 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 ("SOI"):
Level 1 Quoted prices | Level 2 Other significant observable inputs | Level 3 Significant unobservable inputs | Total | |
Investments in Securities | ||||
Corporate Bonds | $— | $316,284,486 | $— | $316,284,486 |
JPMorgan BetaBuilders USD High Yield Corporate Bond ETF
SCHEDULE OF PORTFOLIO INVESTMENTS
AS OF May 31, 2023 (Unaudited) (continued)
SCHEDULE OF PORTFOLIO INVESTMENTS
AS OF May 31, 2023 (Unaudited) (continued)
Level 1 Quoted prices | Level 2 Other significant observable inputs | Level 3 Significant unobservable inputs | Total | |
Short-Term Investments | ||||
Investment Companies | $2,414,544 | $— | $— | $2,414,544 |
Total Investments in Securities | $2,414,544 | $316,284,486 | $— | $318,699,030 |
B. Investment Transactions with Affiliates — The Fund invested in Underlying Funds, which are 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. 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 May 31, 2023 | |||||||||
Security Description | Value at February 28, 2023 | Purchases at Cost | Proceeds from Sales | Net Realized Gain (Loss) | Change in Unrealized Appreciation/ (Depreciation) | Value at May 31, 2023 | Shares at May 31, 2023 | Dividend Income | Capital Gain Distributions |
First Republic Bank , 4.38% (a) | $— | $152,975 | $— | $— | $(149,225 ) | $3,750 | 300,000 | $2,115 | $— |
JPMorgan U.S. Government Money Market Fund Class IM Shares, 5.06% (b) (c) | 3,094,499 | 13,372,848 | 14,052,803 | — | — | 2,414,544 | 2,414,544 | 23,767 | — |
Total | $3,094,499 | $13,525,823 | $14,052,803 | $— | $(149,225 ) | $2,418,294 | $25,882 | $— |
(a) | Security was purchased prior to its affiliation with JPMorgan Chase & Co. |
(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 May 31, 2023. |