JPMorgan Core Plus 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.
|
JPMorgan Asset Management is the marketing name for the asset
management business of J.P. Morgan Chase & Co.
|
J.P. Morgan Distribution Services, Inc., member FINRA.
|
© J.P. Morgan Chase & Co., 2023.
|
JPMorgan Core Plus 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 — 29.5%
|
||
Aerospace & Defense — 0.5%
|
||
Boeing Co. (The)
|
|
|
2.75%, 2/1/2026
|
14,000
|
13,112
|
2.20%, 2/4/2026
|
95,000
|
88,405
|
3.10%, 5/1/2026
|
35,000
|
32,971
|
2.70%, 2/1/2027
|
65,000
|
59,688
|
5.93%, 5/1/2060
|
40,000
|
38,989
|
Bombardier, Inc. (Canada) 6.00%, 2/15/2028 (a)
|
330,000
|
304,347
|
BWX Technologies, Inc. 4.13%, 4/15/2029 (a)
|
230,000
|
203,545
|
Howmet Aerospace, Inc.
|
|
|
5.13%, 10/1/2024
|
122,000
|
121,057
|
5.95%, 2/1/2037
|
184,000
|
184,067
|
Lockheed Martin Corp.
|
|
|
4.50%, 5/15/2036
|
125,000
|
121,816
|
4.70%, 5/15/2046
|
100,000
|
96,115
|
Precision Castparts Corp. 4.38%, 6/15/2045
|
154,000
|
137,500
|
Raytheon Technologies Corp.
|
|
|
4.13%, 11/16/2028
|
1,735,000
|
1,678,507
|
1.90%, 9/1/2031
|
450,000
|
361,405
|
2.38%, 3/15/2032
|
95,000
|
78,583
|
5.15%, 2/27/2033
|
165,000
|
167,806
|
4.50%, 6/1/2042
|
100,000
|
91,316
|
3.03%, 3/15/2052
|
350,000
|
241,593
|
5.38%, 2/27/2053
|
144,000
|
145,735
|
Spirit AeroSystems, Inc.
|
|
|
7.50%, 4/15/2025 (a)
|
33,000
|
32,588
|
9.38%, 11/30/2029 (a)
|
253,000
|
269,475
|
TransDigm, Inc. 6.25%, 3/15/2026 (a)
|
355,000
|
352,570
|
Triumph Group, Inc. 7.75%, 8/15/2025
|
16,000
|
15,317
|
Wesco Aircraft Holdings, Inc. 9.00%, 11/15/2026 (a)
|
20,000
|
1,800
|
|
|
4,838,307
|
Automobile Components — 0.3%
|
||
Adient Global Holdings Ltd.
|
|
|
4.88%, 8/15/2026 (a)
|
200,000
|
189,318
|
7.00%, 4/15/2028 (a)
|
210,000
|
212,223
|
Allison Transmission, Inc.
|
|
|
5.88%, 6/1/2029 (a)
|
266,000
|
256,515
|
3.75%, 1/30/2031 (a)
|
75,000
|
63,326
|
American Axle & Manufacturing, Inc.
|
|
|
6.50%, 4/1/2027
|
275,000
|
256,553
|
6.88%, 7/1/2028
|
120,000
|
107,341
|
5.00%, 10/1/2029
|
75,000
|
60,967
|
Aptiv plc 5.40%, 3/15/2049
|
25,000
|
21,721
|
Clarios Global LP 6.25%, 5/15/2026 (a)
|
427,000
|
422,472
|
Cooper-Standard Automotive, Inc.
|
|
|
4.50% (PIK), 3/31/2027 (a) (b)
|
43,500
|
43,042
|
10.63% (PIK), 5/15/2027 (a) (b)
|
30,000
|
15,842
|
JPMorgan Core Plus 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
|
||
Dana, Inc.
|
|
|
5.38%, 11/15/2027
|
365,000
|
341,863
|
4.50%, 2/15/2032
|
40,000
|
32,087
|
Goodyear Tire & Rubber Co. (The)
|
|
|
4.88%, 3/15/2027
|
120,000
|
114,640
|
5.00%, 7/15/2029
|
305,000
|
274,644
|
5.25%, 7/15/2031
|
660,000
|
574,121
|
Icahn Enterprises LP
|
|
|
6.38%, 12/15/2025
|
247,000
|
222,467
|
5.25%, 5/15/2027
|
125,000
|
103,020
|
Lear Corp. 2.60%, 1/15/2032
|
10,000
|
7,784
|
|
|
3,319,946
|
Automobiles — 0.2%
|
||
Ford Motor Co. 9.63%, 4/22/2030
|
590,000
|
672,216
|
General Motors Co. 5.95%, 4/1/2049
|
25,000
|
22,712
|
Hyundai Capital America
|
|
|
0.80%, 1/8/2024 (a)
|
170,000
|
164,882
|
1.50%, 6/15/2026 (a)
|
440,000
|
390,410
|
3.00%, 2/10/2027 (a)
|
200,000
|
183,579
|
Nissan Motor Acceptance Co. LLC 2.00%, 3/9/2026 (a)
|
305,000
|
264,730
|
|
|
1,698,529
|
Banks — 5.0%
|
||
ABN AMRO Bank NV (Netherlands)
|
|
|
(US Treasury Yield Curve Rate T Note Constant Maturity 1 Year + 1.10%), 2.47%, 12/13/2029 (a) (c)
|
500,000
|
422,240
|
(US Treasury Yield Curve Rate T Note Constant Maturity 5 Year + 1.90%), 3.32%, 3/13/2037 (a) (c)
|
200,000
|
152,827
|
ASB Bank Ltd. (New Zealand) 2.38%, 10/22/2031 (a)
|
200,000
|
161,408
|
Banco Bilbao Vizcaya Argentaria SA (Spain) 0.88%, 9/18/2023
|
200,000
|
196,806
|
Banco Santander SA (Spain) 2.75%, 5/28/2025
|
200,000
|
187,010
|
Bank of America Corp.
|
|
|
(SOFR + 0.41%), 0.52%, 6/14/2024 (c)
|
400,000
|
399,165
|
3.88%, 8/1/2025
|
203,000
|
198,021
|
(SOFR + 1.01%), 1.20%, 10/24/2026 (c)
|
2,600,000
|
2,343,419
|
(3-MONTH CME TERM SOFR + 1.32%), 3.56%, 4/23/2027 (c)
|
40,000
|
37,945
|
(3-MONTH CME TERM SOFR + 1.84%), 3.82%, 1/20/2028 (c)
|
936,000
|
886,015
|
(3-MONTH CME TERM SOFR + 1.51%), 3.71%, 4/24/2028 (c)
|
1,205,000
|
1,132,684
|
(3-MONTH CME TERM SOFR + 1.63%), 3.59%, 7/21/2028 (c)
|
261,000
|
243,291
|
(SOFR + 2.04%), 4.95%, 7/22/2028 (c)
|
390,000
|
385,752
|
(3-MONTH CME TERM SOFR + 1.04%), 3.42%, 12/20/2028 (c)
|
454,000
|
417,495
|
(SOFR + 1.63%), 5.20%, 4/25/2029 (c)
|
140,000
|
139,509
|
(SOFR + 1.06%), 2.09%, 6/14/2029 (c)
|
635,000
|
543,760
|
(SOFR + 1.53%), 1.90%, 7/23/2031 (c)
|
660,000
|
525,080
|
(SOFR + 1.37%), 1.92%, 10/24/2031 (c)
|
50,000
|
39,487
|
Series N, (SOFR + 1.22%), 2.65%, 3/11/2032 (c)
|
690,000
|
570,673
|
(SOFR + 1.22%), 2.30%, 7/21/2032 (c)
|
1,550,000
|
1,235,139
|
(SOFR + 1.21%), 2.57%, 10/20/2032 (c)
|
140,000
|
113,684
|
(3-MONTH CME TERM SOFR + 1.58%), 4.08%, 4/23/2040 (c)
|
112,000
|
94,473
|
(SOFR + 1.93%), 2.68%, 6/19/2041 (c)
|
150,000
|
102,963
|
JPMorgan Core Plus 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
|
||
Banks — continued
|
||
Bank of Ireland Group plc (Ireland) (US Treasury Yield Curve Rate T Note Constant Maturity 1 Year + 2.65%), 6.25%,
9/16/2026 (a) (c)
|
259,000
|
257,888
|
Bank of Montreal (Canada)
|
|
|
1.50%, 1/10/2025
|
370,000
|
348,182
|
5.30%, 6/5/2026
|
300,000
|
300,352
|
Bank of New Zealand (New Zealand) 3.50%, 2/20/2024 (a)
|
250,000
|
246,102
|
Bank of Nova Scotia (The) (Canada)
|
|
|
(ICE LIBOR USD 3 Month + 2.65%), 7.85%, 7/12/2023 (c) (d) (e) (f)
|
50,000
|
42,394
|
2.20%, 2/3/2025
|
112,000
|
106,343
|
3.45%, 4/11/2025
|
300,000
|
289,560
|
Banque Federative du Credit Mutuel SA (France)
|
|
|
3.75%, 7/20/2023 (a)
|
250,000
|
249,188
|
4.52%, 7/13/2025 (a)
|
320,000
|
312,852
|
4.94%, 1/26/2026 (a)
|
200,000
|
198,494
|
1.60%, 10/4/2026 (a)
|
200,000
|
177,324
|
Barclays plc (United Kingdom)
|
|
|
5.20%, 5/12/2026
|
200,000
|
194,072
|
(US Treasury Yield Curve Rate T Note Constant Maturity 1 Year + 3.30%), 7.39%, 11/2/2028 (c)
|
900,000
|
949,107
|
BNP Paribas SA (France) (SOFR + 1.61%), 1.90%, 9/30/2028 (a) (c)
|
200,000
|
171,636
|
BPCE SA (France)
|
|
|
3.50%, 10/23/2027 (a)
|
500,000
|
455,701
|
5.13%, 1/18/2028 (a)
|
745,000
|
739,871
|
(SOFR + 1.73%), 3.12%, 10/19/2032 (a) (c)
|
250,000
|
193,282
|
Canadian Imperial Bank of Commerce (Canada) 3.30%, 4/7/2025
|
105,000
|
101,061
|
Citigroup, Inc.
|
|
|
Series P, (3-MONTH CME TERM SOFR + 4.17%), 5.95%, 5/15/2025 (c) (e) (f)
|
115,000
|
107,999
|
(SOFR + 1.37%), 4.14%, 5/24/2025 (c)
|
81,000
|
79,700
|
(SOFR + 0.69%), 2.01%, 1/25/2026 (c)
|
444,000
|
417,707
|
(SOFR + 1.55%), 5.61%, 9/29/2026 (c)
|
408,000
|
410,927
|
(SOFR + 0.77%), 1.46%, 6/9/2027 (c)
|
650,000
|
579,388
|
(3-MONTH CME TERM SOFR + 1.82%), 3.89%, 1/10/2028 (c)
|
550,000
|
523,443
|
Series VAR, (SOFR + 1.28%), 3.07%, 2/24/2028 (c)
|
645,000
|
597,520
|
(3-MONTH CME TERM SOFR + 1.65%), 3.67%, 7/24/2028 (c)
|
1,200,000
|
1,127,987
|
(3-MONTH CME TERM SOFR + 1.45%), 4.07%, 4/23/2029 (c)
|
1,045,000
|
987,391
|
(3-MONTH CME TERM SOFR + 1.60%), 3.98%, 3/20/2030 (c)
|
500,000
|
463,572
|
(SOFR + 3.91%), 4.41%, 3/31/2031 (c)
|
155,000
|
146,602
|
(SOFR + 2.11%), 2.57%, 6/3/2031 (c)
|
120,000
|
100,467
|
(SOFR + 1.17%), 2.56%, 5/1/2032 (c)
|
490,000
|
402,247
|
(SOFR + 1.18%), 2.52%, 11/3/2032 (c)
|
515,000
|
415,654
|
(SOFR + 1.38%), 2.90%, 11/3/2042 (c)
|
55,000
|
38,641
|
Cooperatieve Rabobank UA (Netherlands) (US Treasury Yield Curve Rate T Note Constant Maturity 1 Year + 1.22%),
3.65%, 4/6/2028 (a) (c)
|
890,000
|
830,149
|
Credit Agricole SA (France)
|
|
|
(SOFR + 1.68%), 1.91%, 6/16/2026 (a) (c)
|
250,000
|
231,042
|
(SOFR + 0.89%), 1.25%, 1/26/2027 (a) (c)
|
250,000
|
222,349
|
5.30%, 7/12/2028 (a)
|
990,000
|
1,002,613
|
(USD Swap Semi 5 Year + 1.64%), 4.00%, 1/10/2033 (a) (c)
|
250,000
|
225,291
|
JPMorgan Core Plus 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
|
||
Banks — continued
|
||
Danske Bank A/S (Denmark)
|
|
|
(US Treasury Yield Curve Rate T Note Constant Maturity 1 Year + 1.45%), 3.77%, 3/28/2025 (a) (c)
|
200,000
|
195,302
|
(ICE LIBOR USD 3 Month + 1.59%), 3.24%, 12/20/2025 (a) (c)
|
200,000
|
190,537
|
(US Treasury Yield Curve Rate T Note Constant Maturity 1 Year + 2.10%), 6.47%, 1/9/2026 (a) (c)
|
271,000
|
271,336
|
HSBC Holdings plc (United Kingdom)
|
|
|
(SOFR + 3.03%), 7.34%, 11/3/2026 (c)
|
250,000
|
260,499
|
(SOFR + 1.29%), 1.59%, 5/24/2027 (c)
|
200,000
|
177,491
|
(SOFR + 1.10%), 2.25%, 11/22/2027 (c)
|
200,000
|
177,876
|
(ICE LIBOR USD 3 Month + 1.55%), 4.04%, 3/13/2028 (c)
|
600,000
|
566,123
|
(SOFR + 2.61%), 5.21%, 8/11/2028 (c)
|
305,000
|
300,586
|
(SOFR + 1.73%), 2.01%, 9/22/2028 (c)
|
1,370,000
|
1,185,531
|
(SOFR + 1.29%), 2.21%, 8/17/2029 (c)
|
1,200,000
|
1,011,981
|
(ICE LIBOR USD 3 Month + 1.61%), 3.97%, 5/22/2030 (c)
|
200,000
|
182,488
|
(SOFR + 1.19%), 2.80%, 5/24/2032 (c)
|
700,000
|
567,926
|
(SOFR + 1.41%), 2.87%, 11/22/2032 (c)
|
250,000
|
201,398
|
(SOFR + 2.39%), 6.25%, 3/9/2034 (c)
|
400,000
|
411,465
|
6.10%, 1/14/2042
|
230,000
|
242,566
|
(SOFR + 2.65%), 6.33%, 3/9/2044 (c)
|
265,000
|
274,332
|
ING Groep NV (Netherlands) (SOFR + 1.01%), 1.73%, 4/1/2027 (c)
|
200,000
|
179,289
|
Intesa Sanpaolo SpA (Italy) (US Treasury Yield Curve Rate T Note Constant Maturity 1 Year + 2.75%), 4.95%,
6/1/2042 (a) (c)
|
200,000
|
128,440
|
Lloyds Banking Group plc (United Kingdom) (US Treasury Yield Curve Rate T Note Constant Maturity 1 Year + 1.60%),
3.51%, 3/18/2026 (c)
|
200,000
|
191,051
|
Mitsubishi UFJ Financial Group, Inc. (Japan)
|
|
|
(US Treasury Yield Curve Rate T Note Constant Maturity 1 Year + 0.68%), 0.85%, 9/15/2024 (c)
|
200,000
|
196,888
|
3.78%, 3/2/2025
|
269,000
|
261,267
|
(US Treasury Yield Curve Rate T Note Constant Maturity 1 Year + 1.55%), 5.06%, 9/12/2025 (c)
|
565,000
|
560,025
|
(US Treasury Yield Curve Rate T Note Constant Maturity 1 Year + 0.75%), 1.54%, 7/20/2027 (c)
|
560,000
|
495,687
|
Series 8NC7, (US Treasury Yield Curve Rate T Note Constant Maturity 1 Year + 1.53%), 5.47%, 2/22/2031 (c)
|
200,000
|
201,883
|
(US Treasury Yield Curve Rate T Note Constant Maturity 1 Year + 1.10%), 2.85%, 1/19/2033 (c)
|
575,000
|
478,039
|
Mizuho Financial Group, Inc. (Japan)
|
|
|
(US Treasury Yield Curve Rate T Note Constant Maturity 1 Year + 2.05%), 5.41%, 9/13/2028 (c)
|
580,000
|
582,350
|
(US Treasury Yield Curve Rate T Note Constant Maturity 1 Year + 0.87%), 2.17%, 5/22/2032 (c)
|
225,000
|
177,499
|
Morgan Stanley Bank NA 4.75%, 4/21/2026
|
255,000
|
254,008
|
National Australia Bank Ltd. (Australia) 3.38%, 1/14/2026
|
250,000
|
240,964
|
NatWest Group plc (United Kingdom)
|
|
|
(ICE LIBOR USD 3 Month + 1.76%), 4.27%, 3/22/2025 (c)
|
300,000
|
294,929
|
(US Treasury Yield Curve Rate T Note Constant Maturity 1 Year + 2.85%), 7.47%, 11/10/2026 (c)
|
200,000
|
207,591
|
(ICE LIBOR USD 3 Month + 1.91%), 5.08%, 1/27/2030 (c)
|
200,000
|
193,851
|
NatWest Markets plc (United Kingdom) 0.80%, 8/12/2024 (a)
|
200,000
|
188,922
|
Nordea Bank Abp (Finland) 5.38%, 9/22/2027 (a)
|
200,000
|
199,174
|
PNC Financial Services Group, Inc. (The)
|
|
|
2.55%, 1/22/2030
|
639,000
|
540,316
|
(SOFR + 0.98%), 2.31%, 4/23/2032 (c)
|
50,000
|
40,431
|
Royal Bank of Canada (Canada)
|
|
|
1.60%, 1/21/2025
|
250,000
|
235,608
|
4.65%, 1/27/2026 (d)
|
245,000
|
241,019
|
4.24%, 8/3/2027
|
425,000
|
413,044
|
JPMorgan Core Plus 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
|
||
Banks — continued
|
||
Santander UK Group Holdings plc (United Kingdom)
|
|
|
(SOFR + 2.75%), 6.83%, 11/21/2026 (c)
|
200,000
|
202,253
|
(SOFR + 0.99%), 1.67%, 6/14/2027 (c)
|
200,000
|
173,282
|
(SOFR + 2.60%), 6.53%, 1/10/2029 (c)
|
1,625,000
|
1,650,659
|
Societe Generale SA (France)
|
|
|
4.25%, 4/14/2025 (a)
|
200,000
|
191,432
|
4.75%, 11/24/2025 (a)
|
200,000
|
189,969
|
(US Treasury Yield Curve Rate T Note Constant Maturity 1 Year + 1.10%), 1.49%, 12/14/2026 (a) (c)
|
200,000
|
176,244
|
(US Treasury Yield Curve Rate T Note Constant Maturity 1 Year + 2.30%), 6.45%, 1/12/2027 (a) (c)
|
200,000
|
200,407
|
(US Treasury Yield Curve Rate T Note Constant Maturity 1 Year + 1.00%), 1.79%, 6/9/2027 (a) (c)
|
200,000
|
174,673
|
(US Treasury Yield Curve Rate T Note Constant Maturity 1 Year + 1.30%), 2.80%, 1/19/2028 (a) (c)
|
1,200,000
|
1,064,103
|
(US Treasury Yield Curve Rate T Note Constant Maturity 1 Year + 2.55%), 6.45%, 1/10/2029 (a) (c)
|
970,000
|
977,958
|
Standard Chartered plc (United Kingdom)
|
|
|
(US Treasury Yield Curve Rate T Note Constant Maturity 1 Year + 0.78%), 0.99%, 1/12/2025 (a) (c)
|
200,000
|
193,332
|
(US Treasury Yield Curve Rate T Note Constant Maturity 1 Year + 1.00%), 1.46%, 1/14/2027 (a) (c)
|
410,000
|
363,842
|
(US Treasury Yield Curve Rate T Note Constant Maturity 1 Year + 3.45%), 7.77%, 11/16/2028 (a) (c)
|
400,000
|
429,455
|
(US Treasury Yield Curve Rate T Note Constant Maturity 1 Year + 2.45%), 6.30%, 1/9/2029 (a)
|
893,000
|
906,638
|
Sumitomo Mitsui Financial Group, Inc. (Japan)
|
|
|
3.75%, 7/19/2023
|
53,000
|
52,856
|
5.52%, 1/13/2028
|
255,000
|
259,066
|
5.71%, 1/13/2030
|
255,000
|
261,463
|
5.77%, 1/13/2033
|
200,000
|
208,911
|
Sumitomo Mitsui Trust Bank Ltd. (Japan)
|
|
|
1.05%, 9/12/2025 (a)
|
60,000
|
54,452
|
4.95%, 9/15/2027 (a)
|
200,000
|
199,950
|
Swedbank AB (Sweden) 5.34%, 9/20/2027 (a)
|
200,000
|
196,741
|
Toronto-Dominion Bank (The) (Canada)
|
|
|
5.10%, 1/9/2026
|
270,000
|
269,796
|
2.00%, 9/10/2031
|
385,000
|
304,589
|
4.46%, 6/8/2032
|
120,000
|
113,448
|
Truist Bank 4.05%, 11/3/2025
|
60,000
|
57,499
|
Truist Financial Corp. (SOFR + 1.85%), 5.12%, 1/26/2034 (c)
|
290,000
|
277,031
|
UniCredit SpA (Italy) (US Treasury Yield Curve Rate T Note Constant Maturity 1 Year + 1.20%), 1.98%,
6/3/2027 (a) (c)
|
200,000
|
176,909
|
Wells Fargo & Co.
|
|
|
3.55%, 9/29/2025
|
227,000
|
219,095
|
(3-MONTH CME TERM SOFR + 1.01%), 2.16%, 2/11/2026 (c)
|
913,000
|
862,126
|
(SOFR + 1.32%), 3.91%, 4/25/2026 (c)
|
600,000
|
583,870
|
3.00%, 10/23/2026
|
360,000
|
335,844
|
(3-MONTH CME TERM SOFR + 1.57%), 3.58%, 5/22/2028 (c)
|
1,481,000
|
1,389,235
|
(SOFR + 1.98%), 4.81%, 7/25/2028 (c)
|
320,000
|
314,942
|
(SOFR + 1.26%), 2.57%, 2/11/2031 (c)
|
250,000
|
211,046
|
(SOFR + 1.50%), 3.35%, 3/2/2033 (c)
|
640,000
|
549,745
|
(SOFR + 2.02%), 5.39%, 4/24/2034 (c)
|
490,000
|
490,646
|
4.90%, 11/17/2045
|
25,000
|
21,750
|
Westpac Banking Corp. (Australia)
|
|
|
2.85%, 5/13/2026
|
175,000
|
165,972
|
JPMorgan Core Plus 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
|
||
Banks — continued
|
||
1.95%, 11/20/2028
|
30,000
|
25,958
|
(USD ICE Swap Rate 5 Year + 2.24%), 4.32%, 11/23/2031 (c) (d)
|
375,000
|
350,304
|
|
|
52,340,147
|
Beverages — 0.2%
|
||
Anheuser-Busch Cos. LLC (Belgium)
|
|
|
4.70%, 2/1/2036
|
540,000
|
528,968
|
4.90%, 2/1/2046
|
240,000
|
227,927
|
Anheuser-Busch InBev Worldwide, Inc. (Belgium) 4.38%, 4/15/2038
|
295,000
|
276,504
|
Coca-Cola Co. (The) 2.60%, 6/1/2050
|
200,000
|
138,364
|
Constellation Brands, Inc.
|
|
|
4.65%, 11/15/2028
|
345,000
|
341,228
|
4.50%, 5/9/2047
|
120,000
|
101,896
|
Diageo Capital plc (United Kingdom) 3.88%, 4/29/2043
|
430,000
|
362,460
|
Keurig Dr. Pepper, Inc. 3.40%, 11/15/2025
|
38,000
|
36,648
|
|
|
2,013,995
|
Biotechnology — 0.6%
|
||
AbbVie, Inc.
|
|
|
2.95%, 11/21/2026
|
73,000
|
68,865
|
3.20%, 11/21/2029
|
421,000
|
382,117
|
4.05%, 11/21/2039
|
1,174,000
|
1,006,871
|
4.63%, 10/1/2042
|
75,000
|
66,607
|
4.25%, 11/21/2049
|
230,000
|
194,812
|
Amgen, Inc.
|
|
|
4.05%, 8/18/2029
|
610,000
|
581,179
|
5.25%, 3/2/2030
|
175,000
|
176,358
|
5.25%, 3/2/2033
|
1,750,000
|
1,756,182
|
3.15%, 2/21/2040
|
327,000
|
246,253
|
Emergent BioSolutions, Inc. 3.88%, 8/15/2028 (a)
|
100,000
|
54,962
|
Gilead Sciences, Inc.
|
|
|
2.95%, 3/1/2027
|
195,000
|
184,070
|
1.65%, 10/1/2030
|
118,000
|
96,341
|
4.60%, 9/1/2035
|
1,000,000
|
964,992
|
Grifols Escrow Issuer SA (Spain) 4.75%, 10/15/2028 (a)
|
200,000
|
169,190
|
Regeneron Pharmaceuticals, Inc. 1.75%, 9/15/2030
|
200,000
|
161,172
|
|
|
6,109,971
|
Broadline Retail — 0.2%
|
||
Amazon.com, Inc.
|
|
|
3.15%, 8/22/2027
|
201,000
|
191,757
|
1.50%, 6/3/2030
|
410,000
|
338,477
|
3.60%, 4/13/2032
|
600,000
|
562,820
|
3.10%, 5/12/2051
|
40,000
|
29,262
|
3.95%, 4/13/2052
|
315,000
|
269,572
|
Go Daddy Operating Co. LLC 5.25%, 12/1/2027 (a)
|
220,000
|
210,100
|
Macy's Retail Holdings LLC 5.88%, 4/1/2029 (a)
|
275,000
|
243,099
|
Nordstrom, Inc.
|
|
|
2.30%, 4/8/2024
|
85,000
|
81,190
|
JPMorgan Core Plus 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
|
||
Broadline Retail — continued
|
||
4.38%, 4/1/2030
|
335,000
|
266,248
|
Photo Holdings Merger Sub, Inc. 8.50%, 10/1/2026 (a)
|
13,000
|
7,478
|
|
|
2,200,003
|
Building Products — 0.3%
|
||
Builders FirstSource, Inc. 4.25%, 2/1/2032 (a)
|
615,000
|
528,371
|
Emerald Debt Merger Sub LLC 6.63%, 12/15/2030 (a)
|
410,000
|
406,720
|
Griffon Corp. 5.75%, 3/1/2028
|
400,000
|
368,774
|
James Hardie International Finance DAC 5.00%, 1/15/2028 (a)
|
200,000
|
190,101
|
JELD-WEN, Inc. 4.88%, 12/15/2027 (a)
|
195,000
|
169,812
|
Masco Corp. 1.50%, 2/15/2028
|
125,000
|
106,890
|
PGT Innovations, Inc. 4.38%, 10/1/2029 (a)
|
285,000
|
260,168
|
Standard Industries, Inc.
|
|
|
5.00%, 2/15/2027 (a)
|
20,000
|
18,771
|
4.75%, 1/15/2028 (a)
|
300,000
|
275,035
|
4.38%, 7/15/2030 (a)
|
555,000
|
468,623
|
Summit Materials LLC 5.25%, 1/15/2029 (a)
|
315,000
|
295,555
|
|
|
3,088,820
|
Capital Markets — 1.7%
|
||
Ameriprise Financial, Inc. 4.00%, 10/15/2023
|
47,000
|
46,705
|
Bank of New York Mellon Corp. (The)
|
|
|
(SOFR + 1.03%), 4.95%, 4/26/2027 (c)
|
250,000
|
249,177
|
3.25%, 5/16/2027
|
160,000
|
151,348
|
(SOFR + 1.42%), 4.29%, 6/13/2033 (c)
|
180,000
|
169,860
|
Charles Schwab Corp. (The)
|
|
|
0.90%, 3/11/2026
|
30,000
|
26,317
|
2.75%, 10/1/2029
|
46,000
|
39,174
|
Coinbase Global, Inc. 3.63%, 10/1/2031 (a)
|
125,000
|
72,810
|
Credit Suisse AG (Switzerland) 3.70%, 2/21/2025
|
310,000
|
294,162
|
Credit Suisse Group AG (Switzerland) (SOFRINDX + 0.98%), 1.31%, 2/2/2027 (a) (c)
|
250,000
|
215,875
|
Credit Suisse USA, Inc. (Switzerland) 7.13%, 7/15/2032
|
53,000
|
58,381
|
Deutsche Bank AG (Germany) (SOFR + 2.16%), 2.22%, 9/18/2024 (c)
|
150,000
|
147,110
|
Goldman Sachs Group, Inc. (The)
|
|
|
3.50%, 4/1/2025
|
280,000
|
270,383
|
(3-MONTH CME TERM SOFR + 1.46%), 3.27%, 9/29/2025 (c)
|
201,000
|
194,372
|
3.50%, 11/16/2026
|
771,000
|
730,757
|
3.85%, 1/26/2027
|
135,000
|
129,685
|
(SOFR + 0.80%), 1.43%, 3/9/2027 (c)
|
1,085,000
|
974,782
|
(SOFR + 1.51%), 4.39%, 6/15/2027 (c)
|
117,000
|
114,707
|
(SOFR + 1.11%), 2.64%, 2/24/2028 (c)
|
150,000
|
135,992
|
(3-MONTH CME TERM SOFR + 1.77%), 3.69%, 6/5/2028 (c)
|
820,000
|
772,502
|
(3-MONTH CME TERM SOFR + 1.42%), 3.81%, 4/23/2029 (c)
|
1,820,000
|
1,696,424
|
(SOFR + 1.28%), 2.62%, 4/22/2032 (c)
|
840,000
|
692,908
|
(SOFR + 1.41%), 3.10%, 2/24/2033 (c)
|
940,000
|
797,107
|
(SOFR + 1.51%), 3.21%, 4/22/2042 (c)
|
160,000
|
117,133
|
(SOFR + 1.63%), 3.44%, 2/24/2043 (c)
|
18,000
|
13,471
|
LPL Holdings, Inc. 4.00%, 3/15/2029 (a)
|
295,000
|
259,037
|
Macquarie Group Ltd. (Australia) (ICE LIBOR USD 3 Month + 1.75%), 5.03%, 1/15/2030 (a) (c)
|
200,000
|
196,667
|
JPMorgan Core Plus 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
|
||
Morgan Stanley
|
|
|
(SOFR + 1.16%), 3.62%, 4/17/2025 (c)
|
590,000
|
578,053
|
3.88%, 1/27/2026
|
330,000
|
321,257
|
3.13%, 7/27/2026
|
130,000
|
122,609
|
3.63%, 1/20/2027
|
191,000
|
183,021
|
(SOFR + 0.88%), 1.59%, 5/4/2027 (c)
|
210,000
|
188,867
|
(SOFR + 1.00%), 2.48%, 1/21/2028 (c)
|
914,000
|
829,725
|
(ICE LIBOR USD 3 Month + 1.34%), 3.59%, 7/22/2028 (c)
|
760,000
|
709,526
|
(SOFR + 1.73%), 5.12%, 2/1/2029 (c)
|
260,000
|
258,700
|
(SOFR + 1.59%), 5.16%, 4/20/2029 (c)
|
445,000
|
443,547
|
(3-MONTH CME TERM SOFR + 1.63%), 4.43%, 1/23/2030 (c)
|
573,000
|
550,029
|
(SOFR + 1.14%), 2.70%, 1/22/2031 (c)
|
70,000
|
59,835
|
(SOFR + 1.18%), 2.24%, 7/21/2032 (c)
|
80,000
|
63,820
|
(SOFR + 1.29%), 2.94%, 1/21/2033 (c)
|
315,000
|
263,208
|
(US Treasury Yield Curve Rate T Note Constant Maturity 5 Year + 2.43%), 5.95%, 1/19/2038 (c)
|
380,000
|
375,332
|
(SOFR + 1.49%), 3.22%, 4/22/2042 (c)
|
285,000
|
212,990
|
MSCI, Inc. 4.00%, 11/15/2029 (a)
|
115,000
|
103,227
|
Northern Trust Corp. 3.95%, 10/30/2025
|
60,000
|
58,008
|
Nuveen LLC 4.00%, 11/1/2028 (a)
|
160,000
|
152,635
|
S&P Global, Inc.
|
|
|
2.70%, 3/1/2029
|
456,000
|
412,630
|
1.25%, 8/15/2030
|
500,000
|
396,890
|
2.90%, 3/1/2032
|
112,000
|
97,405
|
3.25%, 12/1/2049
|
223,000
|
164,153
|
State Street Corp. (SOFR + 1.72%), 5.82%, 11/4/2028 (c)
|
335,000
|
344,637
|
UBS Group AG (Switzerland)
|
|
|
(US Treasury Yield Curve Rate T Note Constant Maturity 1 Year + 0.85%), 1.49%, 8/10/2027 (a) (c)
|
585,000
|
504,341
|
(US Treasury Yield Curve Rate T Note Constant Maturity 1 Year + 1.75%), 4.75%, 5/12/2028 (a) (c)
|
200,000
|
191,584
|
(ICE LIBOR USD 3 Month + 1.47%), 3.13%, 8/13/2030 (a) (c)
|
950,000
|
813,420
|
(US Treasury Yield Curve Rate T Note Constant Maturity 1 Year + 1.10%), 2.75%, 2/11/2033 (a) (c)
|
200,000
|
158,096
|
(US Treasury Yield Curve Rate T Note Constant Maturity 1 Year + 2.40%), 4.99%, 8/5/2033 (a) (c)
|
700,000
|
659,036
|
(US Treasury Yield Curve Rate T Note Constant Maturity 1 Year + 1.10%), 3.18%, 2/11/2043 (a) (c)
|
200,000
|
139,655
|
|
|
17,923,082
|
Chemicals — 0.4%
|
||
Avient Corp. 7.13%, 8/1/2030 (a)
|
330,000
|
333,185
|
Axalta Coating Systems LLC 4.75%, 6/15/2027 (a)
|
300,000
|
283,491
|
CF Industries, Inc.
|
|
|
5.15%, 3/15/2034
|
60,000
|
56,906
|
4.95%, 6/1/2043
|
70,000
|
58,441
|
Chemours Co. (The)
|
|
|
5.38%, 5/15/2027
|
65,000
|
59,847
|
5.75%, 11/15/2028 (a)
|
405,000
|
356,526
|
CVR Partners LP 6.13%, 6/15/2028 (a)
|
70,000
|
60,745
|
Ecolab, Inc. 2.13%, 2/1/2032
|
75,000
|
62,091
|
EIDP, Inc. 4.80%, 5/15/2033
|
220,000
|
217,514
|
Element Solutions, Inc. 3.88%, 9/1/2028 (a)
|
350,000
|
306,318
|
INEOS Quattro Finance 2 plc (United Kingdom) 3.38%, 1/15/2026 (a)
|
400,000
|
367,016
|
JPMorgan Core Plus 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
|
||
International Flavors & Fragrances, Inc.
|
|
|
1.83%, 10/15/2027 (a)
|
116,000
|
98,058
|
2.30%, 11/1/2030 (a)
|
13,000
|
10,321
|
3.27%, 11/15/2040 (a)
|
25,000
|
17,256
|
LYB International Finance III LLC 3.38%, 10/1/2040
|
40,000
|
28,758
|
NOVA Chemicals Corp. (Canada) 5.25%, 6/1/2027 (a)
|
310,000
|
279,783
|
Nutrien Ltd. (Canada)
|
|
|
4.90%, 3/27/2028
|
186,000
|
184,378
|
2.95%, 5/13/2030
|
80,000
|
70,008
|
3.95%, 5/13/2050
|
190,000
|
143,731
|
Scotts Miracle-Gro Co. (The) 4.50%, 10/15/2029
|
440,000
|
375,135
|
Sherwin-Williams Co. (The) 4.50%, 6/1/2047
|
15,000
|
12,814
|
Trinseo Materials Operating SCA 5.38%, 9/1/2025 (a)
|
145,000
|
114,187
|
WR Grace Holdings LLC 4.88%, 6/15/2027 (a)
|
350,000
|
324,607
|
|
|
3,821,116
|
Commercial Services & Supplies — 0.3%
|
||
ACCO Brands Corp. 4.25%, 3/15/2029 (a)
|
287,000
|
241,797
|
ADT Security Corp. (The)
|
|
|
4.13%, 6/15/2023
|
4,000
|
3,990
|
4.13%, 8/1/2029 (a)
|
300,000
|
261,750
|
4.88%, 7/15/2032 (a)
|
20,000
|
17,037
|
Allied Universal Holdco LLC 4.63%, 6/1/2028 (a)
|
200,000
|
165,798
|
Aramark Services, Inc. 5.00%, 2/1/2028 (a)
|
270,000
|
255,177
|
Garda World Security Corp. (Canada) 4.63%, 2/15/2027 (a)
|
230,000
|
210,054
|
GFL Environmental, Inc. (Canada)
|
|
|
3.75%, 8/1/2025 (a)
|
105,000
|
99,463
|
5.13%, 12/15/2026 (a)
|
55,000
|
53,011
|
4.00%, 8/1/2028 (a)
|
455,000
|
406,294
|
4.75%, 6/15/2029 (a)
|
110,000
|
99,875
|
Interface, Inc. 5.50%, 12/1/2028 (a)
|
160,000
|
124,800
|
Madison IAQ LLC 4.13%, 6/30/2028 (a)
|
605,000
|
522,757
|
Prime Security Services Borrower LLC
|
|
|
5.75%, 4/15/2026 (a)
|
282,000
|
275,887
|
3.38%, 8/31/2027 (a)
|
440,000
|
386,198
|
Stericycle, Inc.
|
|
|
5.38%, 7/15/2024 (a)
|
85,000
|
84,037
|
3.88%, 1/15/2029 (a)
|
120,000
|
105,833
|
Waste Management, Inc. 1.50%, 3/15/2031
|
170,000
|
135,204
|
|
|
3,448,962
|
Communications Equipment — 0.1%
|
||
CommScope Technologies LLC 6.00%, 6/15/2025 (a)
|
105,000
|
98,685
|
CommScope, Inc. 6.00%, 3/1/2026 (a)
|
472,000
|
443,214
|
|
|
541,899
|
Construction & Engineering — 0.1%
|
||
Dycom Industries, Inc. 4.50%, 4/15/2029 (a)
|
330,000
|
298,020
|
Global Infrastructure Solutions, Inc. 5.63%, 6/1/2029 (a)
|
380,000
|
313,500
|
JPMorgan Core Plus 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
|
||
Construction & Engineering — continued
|
||
MasTec, Inc. 4.50%, 8/15/2028 (a)
|
305,000
|
280,858
|
Weekley Homes LLC 4.88%, 9/15/2028 (a)
|
295,000
|
258,618
|
|
|
1,150,996
|
Construction Materials — 0.0% ^
|
||
Martin Marietta Materials, Inc. 2.40%, 7/15/2031
|
70,000
|
57,209
|
Consumer Finance — 0.8%
|
||
AerCap Ireland Capital DAC (Ireland)
|
|
|
1.15%, 10/29/2023
|
450,000
|
441,202
|
2.45%, 10/29/2026
|
310,000
|
276,429
|
5.75%, 6/6/2028
|
400,000
|
396,620
|
3.00%, 10/29/2028
|
450,000
|
390,165
|
American Express Co.
|
|
|
1.65%, 11/4/2026
|
130,000
|
116,507
|
2.55%, 3/4/2027
|
540,000
|
495,950
|
5.85%, 11/5/2027
|
270,000
|
280,517
|
Avolon Holdings Funding Ltd. (Ireland)
|
|
|
5.13%, 10/1/2023 (a)
|
170,000
|
169,252
|
5.25%, 5/15/2024 (a)
|
250,000
|
246,110
|
2.88%, 2/15/2025 (a)
|
328,000
|
305,946
|
5.50%, 1/15/2026 (a)
|
60,000
|
57,753
|
2.13%, 2/21/2026 (a)
|
275,000
|
241,905
|
4.25%, 4/15/2026 (a)
|
25,000
|
23,147
|
2.53%, 11/18/2027 (a)
|
1,260,000
|
1,041,654
|
Capital One Financial Corp. (SOFR + 1.27%), 2.62%, 11/2/2032 (c)
|
100,000
|
76,814
|
Ford Motor Credit Co. LLC
|
|
|
4.39%, 1/8/2026
|
200,000
|
188,059
|
4.27%, 1/9/2027
|
830,000
|
761,495
|
4.13%, 8/17/2027
|
1,350,000
|
1,219,495
|
4.00%, 11/13/2030
|
250,000
|
210,073
|
3.63%, 6/17/2031
|
200,000
|
161,742
|
General Motors Financial Co., Inc.
|
|
|
3.80%, 4/7/2025
|
35,000
|
33,818
|
3.60%, 6/21/2030
|
60,000
|
51,987
|
2.70%, 6/10/2031
|
25,000
|
19,851
|
Global Aircraft Leasing Co. Ltd. (Cayman Islands) 7.25% (PIK), 9/15/2024 (a) (b)
|
225,000
|
200,812
|
Navient Corp.
|
|
|
6.13%, 3/25/2024
|
130,000
|
127,396
|
5.88%, 10/25/2024
|
20,000
|
19,551
|
OneMain Finance Corp.
|
|
|
6.88%, 3/15/2025
|
285,000
|
274,613
|
7.13%, 3/15/2026
|
604,000
|
577,527
|
6.63%, 1/15/2028
|
95,000
|
85,979
|
Park Aerospace Holdings Ltd. (Ireland) 5.50%, 2/15/2024 (a)
|
208,000
|
205,747
|
|
|
8,698,116
|
Consumer Staples Distribution & Retail — 0.3%
|
||
7-Eleven, Inc.
|
|
|
0.95%, 2/10/2026 (a)
|
65,000
|
58,525
|
JPMorgan Core Plus 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
|
||
1.80%, 2/10/2031 (a)
|
160,000
|
126,755
|
2.50%, 2/10/2041 (a)
|
14,000
|
9,330
|
2.80%, 2/10/2051 (a)
|
50,000
|
31,361
|
Albertsons Cos., Inc.
|
|
|
4.63%, 1/15/2027 (a)
|
1,350,000
|
1,283,624
|
4.88%, 2/15/2030 (a)
|
20,000
|
18,300
|
Alimentation Couche-Tard, Inc. (Canada)
|
|
|
3.44%, 5/13/2041 (a)
|
5,000
|
3,590
|
3.63%, 5/13/2051 (a)
|
10,000
|
6,787
|
Performance Food Group, Inc. 5.50%, 10/15/2027 (a)
|
391,000
|
375,950
|
Rite Aid Corp. 8.00%, 11/15/2026 (a)
|
125,000
|
65,539
|
Sysco Corp. 2.40%, 2/15/2030
|
250,000
|
214,147
|
Target Corp. 4.80%, 1/15/2053
|
280,000
|
263,484
|
Walmart, Inc. 4.50%, 4/15/2053
|
180,000
|
172,516
|
|
|
2,629,908
|
Containers & Packaging — 0.3%
|
||
Ardagh Packaging Finance plc 4.13%, 8/15/2026 (a)
|
600,000
|
560,507
|
Ball Corp. 3.13%, 9/15/2031
|
480,000
|
395,531
|
Canpack SA (Poland) 3.88%, 11/15/2029 (a)
|
200,000
|
159,875
|
Crown Americas LLC 4.25%, 9/30/2026
|
13,000
|
12,334
|
Graphic Packaging International LLC
|
|
|
4.75%, 7/15/2027 (a)
|
108,000
|
103,434
|
3.50%, 3/15/2028 (a)
|
90,000
|
81,696
|
LABL, Inc. 6.75%, 7/15/2026 (a)
|
240,000
|
230,703
|
Mauser Packaging Solutions Holding Co. 7.88%, 8/15/2026 (a)
|
400,000
|
396,448
|
Owens-Brockway Glass Container, Inc. 6.63%, 5/13/2027 (a)
|
245,000
|
244,694
|
Packaging Corp. of America 3.05%, 10/1/2051
|
85,000
|
55,213
|
Pactiv Evergreen Group Issuer, Inc. 4.00%, 10/15/2027 (a)
|
435,000
|
383,200
|
Sealed Air Corp.
|
|
|
4.00%, 12/1/2027 (a)
|
115,000
|
104,937
|
6.13%, 2/1/2028 (a)
|
205,000
|
203,120
|
TriMas Corp. 4.13%, 4/15/2029 (a)
|
182,000
|
161,587
|
Trivium Packaging Finance BV (Netherlands) 5.50%, 8/15/2026 (a) (g)
|
450,000
|
427,551
|
WRKCo, Inc. 4.65%, 3/15/2026
|
30,000
|
29,409
|
|
|
3,550,239
|
Distributors — 0.0% ^
|
||
American Builders & Contractors Supply Co., Inc. 4.00%, 1/15/2028 (a)
|
250,000
|
228,030
|
Ritchie Bros Holdings, Inc. (Canada) 6.75%, 3/15/2028 (a)
|
235,000
|
237,794
|
|
|
465,824
|
Diversified Consumer Services — 0.0% ^
|
||
Service Corp. International 5.13%, 6/1/2029
|
385,000
|
365,750
|
University of Miami Series 2022, 4.06%, 4/1/2052
|
40,000
|
33,601
|
|
|
399,351
|
Diversified REITs — 0.0% ^
|
||
Goodman US Finance Three LLC (Australia) 3.70%, 3/15/2028 (a)
|
90,000
|
82,789
|
Simon Property Group LP 3.25%, 9/13/2049
|
31,000
|
20,449
|
JPMorgan Core Plus 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 REITs — continued
|
||
VICI Properties LP
|
|
|
5.63%, 5/1/2024 (a)
|
67,000
|
66,553
|
3.50%, 2/15/2025 (a)
|
90,000
|
85,805
|
4.50%, 9/1/2026 (a)
|
95,000
|
90,040
|
4.25%, 12/1/2026 (a)
|
30,000
|
28,142
|
4.63%, 12/1/2029 (a)
|
20,000
|
18,228
|
WP Carey, Inc. 2.25%, 4/1/2033
|
145,000
|
108,384
|
|
|
500,390
|
Diversified Telecommunication Services — 0.9%
|
||
Altice France Holding SA (Luxembourg) 10.50%, 5/15/2027 (a)
|
200,000
|
119,500
|
Altice France SA (France) 5.13%, 7/15/2029 (a)
|
200,000
|
142,415
|
AT&T, Inc.
|
|
|
1.65%, 2/1/2028
|
450,000
|
389,693
|
2.55%, 12/1/2033
|
870,000
|
683,668
|
3.50%, 6/1/2041
|
260,000
|
198,414
|
3.65%, 6/1/2051
|
65,000
|
47,146
|
CCO Holdings LLC
|
|
|
5.00%, 2/1/2028 (a)
|
545,000
|
495,303
|
5.38%, 6/1/2029 (a)
|
100,000
|
90,006
|
4.75%, 3/1/2030 (a)
|
1,544,000
|
1,302,161
|
4.50%, 8/15/2030 (a)
|
1,029,000
|
847,023
|
4.25%, 2/1/2031 (a)
|
1,080,000
|
865,123
|
4.50%, 6/1/2033 (a)
|
135,000
|
103,054
|
Embarq Corp. 8.00%, 6/1/2036
|
13,000
|
6,468
|
ESC Co., Escrow 8.50%, 10/15/2024 ‡ (h)
|
28,000
|
3
|
Frontier Communications Holdings LLC 5.88%, 10/15/2027 (a)
|
115,000
|
102,488
|
Intelsat Jackson Holdings SA (Luxembourg) 6.50%, 3/15/2030 (a)
|
379,000
|
348,642
|
Lumen Technologies, Inc.
|
|
|
5.13%, 12/15/2026 (a)
|
130,000
|
79,625
|
4.00%, 2/15/2027 (a)
|
1,000,000
|
654,290
|
Sprint Capital Corp.
|
|
|
6.88%, 11/15/2028
|
258,000
|
275,819
|
8.75%, 3/15/2032
|
240,000
|
291,580
|
Telecom Italia Capital SA (Italy) 6.00%, 9/30/2034
|
134,000
|
112,737
|
Telecom Italia SpA (Italy) 5.30%, 5/30/2024 (a)
|
200,000
|
194,838
|
Verizon Communications, Inc.
|
|
|
2.10%, 3/22/2028
|
25,000
|
22,064
|
4.33%, 9/21/2028
|
75,000
|
72,896
|
4.02%, 12/3/2029
|
184,000
|
173,292
|
2.55%, 3/21/2031
|
585,000
|
489,894
|
2.36%, 3/15/2032
|
463,000
|
373,394
|
5.05%, 5/9/2033
|
410,000
|
405,792
|
3.40%, 3/22/2041
|
30,000
|
22,897
|
3.85%, 11/1/2042
|
125,000
|
99,989
|
2.88%, 11/20/2050
|
75,000
|
47,863
|
3.70%, 3/22/2061
|
30,000
|
21,384
|
|
|
9,079,461
|
JPMorgan Core Plus 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
|
||
Electric Utilities — 2.2%
|
||
AEP Transmission Co. LLC
|
|
|
Series N, 2.75%, 8/15/2051
|
50,000
|
31,761
|
Series O, 4.50%, 6/15/2052
|
200,000
|
177,406
|
Alabama Power Co. 3.05%, 3/15/2032
|
200,000
|
174,967
|
American Electric Power Co., Inc. 2.03%, 3/15/2024
|
40,000
|
38,706
|
Baltimore Gas and Electric Co.
|
|
|
3.20%, 9/15/2049
|
295,000
|
210,844
|
2.90%, 6/15/2050
|
50,000
|
33,345
|
5.40%, 6/1/2053
|
305,000
|
305,542
|
Commonwealth Edison Co. 5.30%, 2/1/2053
|
618,000
|
619,844
|
Connecticut Light and Power Co. (The) 4.00%, 4/1/2048
|
46,000
|
38,214
|
DTE Electric Co.
|
|
|
Series A, 4.00%, 4/1/2043
|
90,000
|
74,543
|
5.40%, 4/1/2053
|
80,000
|
81,286
|
Duke Energy Carolinas LLC 3.20%, 8/15/2049
|
34,000
|
24,185
|
Duke Energy Indiana LLC
|
|
|
Series YYY, 3.25%, 10/1/2049
|
125,000
|
88,231
|
2.75%, 4/1/2050
|
395,000
|
253,350
|
5.40%, 4/1/2053
|
280,000
|
278,052
|
Duke Energy Ohio, Inc. 5.25%, 4/1/2033
|
624,000
|
632,799
|
Duke Energy Progress LLC 5.25%, 3/15/2033
|
340,000
|
347,054
|
Duquesne Light Holdings, Inc. 2.53%, 10/1/2030 (a)
|
148,000
|
118,534
|
Edison International
|
|
|
5.25%, 11/15/2028
|
100,000
|
98,591
|
6.95%, 11/15/2029
|
245,000
|
260,251
|
Emera US Finance LP (Canada)
|
|
|
2.64%, 6/15/2031
|
660,000
|
528,987
|
4.75%, 6/15/2046
|
50,000
|
39,805
|
Enel Finance International NV (Italy) 2.25%, 7/12/2031 (a)
|
200,000
|
156,336
|
Entergy Arkansas LLC
|
|
|
4.00%, 6/1/2028
|
13,000
|
12,530
|
2.65%, 6/15/2051
|
274,000
|
169,570
|
Entergy Louisiana LLC
|
|
|
2.40%, 10/1/2026
|
69,000
|
63,704
|
1.60%, 12/15/2030
|
500,000
|
391,813
|
Entergy Mississippi LLC
|
|
|
5.00%, 9/1/2033
|
375,000
|
371,126
|
3.50%, 6/1/2051
|
20,000
|
14,669
|
Entergy Texas Restoration Funding II LLC Series A-2, 3.70%, 12/15/2035
|
215,000
|
198,917
|
Entergy Texas, Inc. 1.75%, 3/15/2031
|
535,000
|
424,791
|
Eversource Energy
|
|
|
4.60%, 7/1/2027
|
31,000
|
30,525
|
5.45%, 3/1/2028
|
100,000
|
101,711
|
5.13%, 5/15/2033
|
365,000
|
360,998
|
Fells Point Funding Trust 3.05%, 1/31/2027 (a)
|
970,000
|
901,968
|
FirstEnergy Transmission LLC
|
|
|
2.87%, 9/15/2028 (a)
|
965,000
|
863,390
|
4.55%, 4/1/2049 (a)
|
90,000
|
73,901
|
JPMorgan Core Plus 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
|
||
Electric Utilities — continued
|
||
Florida Power & Light Co.
|
|
|
5.10%, 4/1/2033
|
288,000
|
294,668
|
4.80%, 5/15/2033
|
260,000
|
259,890
|
3.70%, 12/1/2047
|
60,000
|
48,227
|
5.30%, 4/1/2053
|
70,000
|
71,461
|
Indiana Michigan Power Co.
|
|
|
Series K, 4.55%, 3/15/2046
|
50,000
|
43,233
|
5.63%, 4/1/2053
|
150,000
|
153,269
|
ITC Holdings Corp.
|
|
|
4.95%, 9/22/2027 (a) (i)
|
432,000
|
430,254
|
2.95%, 5/14/2030 (a)
|
405,000
|
350,069
|
5.40%, 6/1/2033 (a) (i)
|
300,000
|
300,190
|
Kentucky Utilities Co. 5.13%, 11/1/2040
|
74,000
|
70,889
|
MidAmerican Energy Co. 3.65%, 4/15/2029
|
46,000
|
43,707
|
Mid-Atlantic Interstate Transmission LLC 4.10%, 5/15/2028 (a)
|
430,000
|
413,499
|
Monongahela Power Co. 4.10%, 4/15/2024 (a)
|
100,000
|
97,860
|
NextEra Energy Capital Holdings, Inc.
|
|
|
5.00%, 7/15/2032
|
60,000
|
59,263
|
5.05%, 2/28/2033
|
1,320,000
|
1,307,275
|
5.25%, 2/28/2053
|
80,000
|
75,649
|
Northern States Power Co.
|
|
|
2.60%, 6/1/2051
|
70,000
|
44,840
|
4.50%, 6/1/2052
|
50,000
|
44,945
|
NRG Energy, Inc.
|
|
|
6.63%, 1/15/2027
|
21,000
|
20,947
|
2.45%, 12/2/2027 (a)
|
60,000
|
51,024
|
5.75%, 1/15/2028
|
395,000
|
375,633
|
3.38%, 2/15/2029 (a)
|
210,000
|
173,128
|
5.25%, 6/15/2029 (a)
|
505,000
|
455,367
|
Ohio Power Co.
|
|
|
Series P, 2.60%, 4/1/2030
|
50,000
|
43,074
|
Series R, 2.90%, 10/1/2051
|
65,000
|
42,797
|
Oklahoma Gas and Electric Co. 5.40%, 1/15/2033
|
100,000
|
102,235
|
Oncor Electric Delivery Co. LLC
|
|
|
3.10%, 9/15/2049
|
50,000
|
35,282
|
4.95%, 9/15/2052 (a)
|
400,000
|
382,629
|
Pacific Gas and Electric Co.
|
|
|
1.70%, 11/15/2023
|
30,000
|
29,385
|
3.25%, 2/16/2024
|
75,000
|
73,479
|
3.45%, 7/1/2025
|
17,000
|
16,165
|
2.95%, 3/1/2026
|
110,000
|
101,695
|
4.65%, 8/1/2028
|
100,000
|
93,856
|
4.50%, 7/1/2040
|
130,000
|
100,773
|
4.20%, 6/1/2041
|
30,000
|
22,306
|
4.25%, 3/15/2046
|
418,000
|
297,603
|
PacifiCorp
|
|
|
4.15%, 2/15/2050
|
118,000
|
97,202
|
3.30%, 3/15/2051
|
710,000
|
504,588
|
JPMorgan Core Plus 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
|
||
Electric Utilities — continued
|
||
5.50%, 5/15/2054
|
335,000
|
338,458
|
PG&E Corp.
|
|
|
5.00%, 7/1/2028
|
256,000
|
236,142
|
5.25%, 7/1/2030
|
205,000
|
185,253
|
PG&E Recovery Funding LLC Series A-3, 5.54%, 7/15/2047
|
185,000
|
192,431
|
PG&E Wildfire Recovery Funding LLC
|
|
|
Series A-2, 4.26%, 6/1/2036
|
25,000
|
24,010
|
Series A-4, 5.21%, 12/1/2047
|
40,000
|
39,817
|
Series A-5, 5.10%, 6/1/2052
|
70,000
|
70,498
|
PPL Electric Utilities Corp. 5.25%, 5/15/2053
|
70,000
|
70,158
|
Public Service Co. of Colorado
|
|
|
2.70%, 1/15/2051
|
45,000
|
29,143
|
5.25%, 4/1/2053
|
190,000
|
187,866
|
Public Service Co. of Oklahoma
|
|
|
5.25%, 1/15/2033
|
155,000
|
155,878
|
Series K, 3.15%, 8/15/2051
|
150,000
|
100,136
|
Public Service Electric and Gas Co.
|
|
|
3.00%, 5/15/2027
|
50,000
|
47,210
|
4.65%, 3/15/2033
|
200,000
|
197,923
|
2.05%, 8/1/2050
|
68,000
|
38,614
|
SCE Recovery Funding LLC Series A-1, 4.70%, 6/15/2040
|
50,000
|
49,863
|
Southern California Edison Co.
|
|
|
5.30%, 3/1/2028
|
719,000
|
732,021
|
Series G, 2.50%, 6/1/2031
|
775,000
|
649,591
|
Series C, 3.60%, 2/1/2045
|
35,000
|
25,446
|
Series C, 4.13%, 3/1/2048
|
238,000
|
191,516
|
Series 20A, 2.95%, 2/1/2051
|
430,000
|
277,368
|
5.88%, 12/1/2053
|
615,000
|
625,033
|
Southwestern Electric Power Co.
|
|
|
Series N, 1.65%, 3/15/2026
|
45,000
|
40,886
|
5.30%, 4/1/2033
|
130,000
|
129,057
|
3.25%, 11/1/2051
|
210,000
|
138,014
|
Southwestern Public Service Co.
|
|
|
3.30%, 6/15/2024
|
29,000
|
28,366
|
4.50%, 8/15/2041
|
74,000
|
65,217
|
Tucson Electric Power Co.
|
|
|
1.50%, 8/1/2030
|
448,000
|
354,437
|
4.85%, 12/1/2048
|
232,000
|
207,674
|
5.50%, 4/15/2053
|
115,000
|
112,842
|
Union Electric Co.
|
|
|
3.90%, 4/1/2052
|
45,000
|
36,185
|
5.45%, 3/15/2053
|
235,000
|
236,078
|
Vistra Operations Co. LLC
|
|
|
5.50%, 9/1/2026 (a)
|
65,000
|
63,154
|
5.63%, 2/15/2027 (a)
|
440,000
|
423,196
|
5.00%, 7/31/2027 (a)
|
420,000
|
394,703
|
4.38%, 5/1/2029 (a)
|
275,000
|
239,692
|
JPMorgan Core Plus 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
|
||
Electric Utilities — continued
|
||
4.30%, 7/15/2029 (a)
|
90,000
|
80,313
|
Wisconsin Public Service Corp. 4.75%, 11/1/2044
|
69,000
|
62,374
|
|
|
22,797,165
|
Electrical Equipment — 0.1%
|
||
Eaton Corp. 4.15%, 3/15/2033
|
200,000
|
191,203
|
EnerSys 4.38%, 12/15/2027 (a)
|
65,000
|
60,446
|
Regal Rexnord Corp.
|
|
|
6.05%, 2/15/2026 (a)
|
68,000
|
68,148
|
6.05%, 4/15/2028 (a)
|
135,000
|
133,412
|
6.30%, 2/15/2030 (a)
|
57,000
|
56,866
|
6.40%, 4/15/2033 (a)
|
79,000
|
78,137
|
Sensata Technologies BV 5.00%, 10/1/2025 (a)
|
40,000
|
39,315
|
Vertiv Group Corp. 4.13%, 11/15/2028 (a)
|
160,000
|
143,100
|
|
|
770,627
|
Electronic Equipment, Instruments & Components — 0.1%
|
||
Arrow Electronics, Inc. 2.95%, 2/15/2032
|
20,000
|
16,461
|
Coherent Corp. 5.00%, 12/15/2029 (a)
|
300,000
|
266,787
|
Corning, Inc. 3.90%, 11/15/2049
|
75,000
|
55,438
|
Sensata Technologies, Inc. 4.38%, 2/15/2030 (a)
|
255,000
|
227,678
|
|
|
566,364
|
Energy Equipment & Services — 0.1%
|
||
Archrock Partners LP 6.88%, 4/1/2027 (a)
|
155,000
|
148,104
|
Baker Hughes Holdings LLC 2.06%, 12/15/2026
|
70,000
|
63,536
|
Halliburton Co. 3.80%, 11/15/2025
|
12,000
|
11,675
|
Nabors Industries, Inc. 7.38%, 5/15/2027 (a)
|
225,000
|
211,392
|
Oceaneering International, Inc. 4.65%, 11/15/2024
|
120,000
|
116,780
|
Precision Drilling Corp. (Canada) 7.13%, 1/15/2026 (a)
|
335,000
|
329,730
|
Schlumberger Holdings Corp. 3.90%, 5/17/2028 (a)
|
14,000
|
13,272
|
Transocean, Inc. 8.75%, 2/15/2030 (a)
|
235,000
|
234,883
|
USA Compression Partners LP 6.88%, 4/1/2026
|
255,000
|
242,515
|
|
|
1,371,887
|
Entertainment — 0.8%
|
||
Activision Blizzard, Inc.
|
|
|
1.35%, 9/15/2030
|
230,000
|
183,897
|
2.50%, 9/15/2050
|
259,000
|
163,507
|
Cinemark USA, Inc.
|
|
|
8.75%, 5/1/2025 (a)
|
79,000
|
80,382
|
5.88%, 3/15/2026 (a)
|
185,000
|
175,750
|
5.25%, 7/15/2028 (a)
|
40,000
|
35,016
|
Live Nation Entertainment, Inc.
|
|
|
5.63%, 3/15/2026 (a)
|
2,000
|
1,954
|
6.50%, 5/15/2027 (a)
|
485,000
|
485,824
|
4.75%, 10/15/2027 (a)
|
365,000
|
338,081
|
Netflix, Inc.
|
|
|
4.88%, 4/15/2028
|
308,000
|
305,471
|
5.38%, 11/15/2029 (a)
|
88,000
|
88,599
|
JPMorgan Core Plus 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
|
||
Entertainment — continued
|
||
Take-Two Interactive Software, Inc. 3.70%, 4/14/2027
|
115,000
|
109,839
|
Walt Disney Co. (The)
|
|
|
3.80%, 3/22/2030
|
650,000
|
615,665
|
3.50%, 5/13/2040
|
350,000
|
287,404
|
5.40%, 10/1/2043
|
840,000
|
853,796
|
Warnermedia Holdings, Inc.
|
|
|
3.76%, 3/15/2027
|
3,150,000
|
2,951,964
|
4.28%, 3/15/2032
|
1,290,000
|
1,126,997
|
5.14%, 3/15/2052
|
80,000
|
62,435
|
WMG Acquisition Corp. 3.88%, 7/15/2030 (a)
|
100,000
|
85,411
|
|
|
7,951,992
|
Financial Services — 0.3%
|
||
Block, Inc.
|
|
|
2.75%, 6/1/2026
|
130,000
|
116,986
|
3.50%, 6/1/2031
|
430,000
|
351,217
|
EDP Finance BV (Portugal) 1.71%, 1/24/2028 (a)
|
250,000
|
213,958
|
Fidelity National Information Services, Inc. 2.25%, 3/1/2031
|
195,000
|
156,289
|
Fiserv, Inc. 3.20%, 7/1/2026
|
170,000
|
160,544
|
Global Payments, Inc.
|
|
|
3.20%, 8/15/2029
|
160,000
|
139,733
|
2.90%, 5/15/2030
|
40,000
|
33,735
|
2.90%, 11/15/2031
|
75,000
|
61,228
|
LSEGA Financing plc (United Kingdom) 2.00%, 4/6/2028 (a)
|
200,000
|
172,492
|
Nationstar Mortgage Holdings, Inc. 6.00%, 1/15/2027 (a)
|
305,000
|
278,160
|
Rocket Mortgage LLC
|
|
|
2.88%, 10/15/2026 (a)
|
265,000
|
231,552
|
3.63%, 3/1/2029 (a)
|
300,000
|
247,398
|
Shell International Finance BV (Netherlands)
|
|
|
2.88%, 11/26/2041
|
350,000
|
257,201
|
3.63%, 8/21/2042
|
200,000
|
163,458
|
3.75%, 9/12/2046
|
141,000
|
113,131
|
3.13%, 11/7/2049
|
25,000
|
17,924
|
3.00%, 11/26/2051
|
200,000
|
138,334
|
Visa, Inc. 2.70%, 4/15/2040
|
300,000
|
230,571
|
|
|
3,083,911
|
Food Products — 0.3%
|
||
Bunge Ltd. Finance Corp. 2.75%, 5/14/2031
|
230,000
|
192,649
|
Campbell Soup Co. 4.15%, 3/15/2028
|
170,000
|
165,091
|
Cargill, Inc. 4.38%, 4/22/2052 (a)
|
150,000
|
130,692
|
Darling Ingredients, Inc.
|
|
|
5.25%, 4/15/2027 (a)
|
50,000
|
48,605
|
6.00%, 6/15/2030 (a)
|
315,000
|
309,951
|
General Mills, Inc. 4.15%, 2/15/2043
|
200,000
|
172,732
|
Lamb Weston Holdings, Inc. 4.13%, 1/31/2030 (a)
|
285,000
|
253,802
|
Mead Johnson Nutrition Co. (United Kingdom) 4.13%, 11/15/2025
|
64,000
|
63,066
|
Nestle Holdings, Inc. 4.85%, 3/14/2033 (a)
|
832,000
|
854,977
|
JPMorgan Core Plus 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
|
||
Post Holdings, Inc.
|
|
|
5.75%, 3/1/2027 (a)
|
82,000
|
80,416
|
5.50%, 12/15/2029 (a)
|
385,000
|
357,943
|
|
|
2,629,924
|
Gas Utilities — 0.2%
|
||
AmeriGas Partners LP
|
|
|
5.50%, 5/20/2025
|
168,000
|
161,712
|
5.88%, 8/20/2026
|
10,000
|
9,298
|
5.75%, 5/20/2027
|
80,000
|
72,463
|
Atmos Energy Corp.
|
|
|
5.50%, 6/15/2041
|
52,000
|
51,852
|
5.75%, 10/15/2052
|
35,000
|
36,614
|
Boston Gas Co. 3.00%, 8/1/2029 (a)
|
37,000
|
32,649
|
CenterPoint Energy Resources Corp. 5.40%, 3/1/2033
|
420,000
|
427,128
|
Piedmont Natural Gas Co., Inc. 5.05%, 5/15/2052
|
100,000
|
91,238
|
Southern California Gas Co.
|
|
|
Series XX, 2.55%, 2/1/2030
|
33,000
|
28,598
|
5.20%, 6/1/2033
|
610,000
|
606,771
|
Southwest Gas Corp. 4.05%, 3/15/2032
|
480,000
|
432,669
|
Superior Plus LP (Canada) 4.50%, 3/15/2029 (a)
|
270,000
|
236,366
|
|
|
2,187,358
|
Ground Transportation — 0.4%
|
||
Avis Budget Car Rental LLC
|
|
|
5.75%, 7/15/2027 (a)
|
325,000
|
306,185
|
4.75%, 4/1/2028 (a)
|
95,000
|
84,702
|
5.38%, 3/1/2029 (a)
|
55,000
|
49,535
|
Burlington Northern Santa Fe LLC
|
|
|
3.55%, 2/15/2050
|
78,000
|
61,341
|
3.05%, 2/15/2051
|
155,000
|
108,521
|
Canadian Pacific Railway Co. (Canada)
|
|
|
2.88%, 11/15/2029
|
1,125,000
|
1,006,828
|
3.10%, 12/2/2051
|
250,000
|
173,165
|
CSX Corp.
|
|
|
3.25%, 6/1/2027
|
20,000
|
18,952
|
4.50%, 11/15/2052
|
100,000
|
88,822
|
First Student Bidco, Inc. 4.00%, 7/31/2029 (a)
|
300,000
|
248,903
|
Hertz Corp. (The) 4.63%, 12/1/2026 (a)
|
395,000
|
352,233
|
Norfolk Southern Corp. 3.95%, 10/1/2042
|
50,000
|
41,220
|
Penske Truck Leasing Co. LP 1.20%, 11/15/2025 (a)
|
46,000
|
41,140
|
Triton Container International Ltd. (Bermuda) 1.15%, 6/7/2024 (a)
|
400,000
|
377,075
|
Uber Technologies, Inc. 7.50%, 5/15/2025 (a)
|
155,000
|
156,805
|
Union Pacific Corp.
|
|
|
2.40%, 2/5/2030
|
200,000
|
175,282
|
4.95%, 5/15/2053
|
120,000
|
116,722
|
XPO Escrow Sub LLC 7.50%, 11/15/2027 (a)
|
240,000
|
246,480
|
JPMorgan Core Plus 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
|
||
Ground Transportation — continued
|
||
XPO, Inc.
|
|
|
6.25%, 6/1/2028 (a)
|
115,000
|
113,179
|
7.13%, 6/1/2031 (a)
|
115,000
|
113,933
|
|
|
3,881,023
|
Health Care Equipment & Supplies — 0.2%
|
||
Abbott Laboratories 4.75%, 11/30/2036
|
190,000
|
191,252
|
Avantor Funding, Inc. 4.63%, 7/15/2028 (a)
|
396,000
|
366,288
|
Becton Dickinson & Co. 3.70%, 6/6/2027
|
200,000
|
191,820
|
Boston Scientific Corp. 6.50%, 11/15/2035 (g)
|
700,000
|
772,132
|
DH Europe Finance II SARL 3.25%, 11/15/2039
|
250,000
|
202,332
|
Hologic, Inc. 3.25%, 2/15/2029 (a)
|
115,000
|
100,433
|
Medline Borrower LP
|
|
|
3.88%, 4/1/2029 (a)
|
680,000
|
586,469
|
5.25%, 10/1/2029 (a)
|
55,000
|
47,059
|
Teleflex, Inc. 4.25%, 6/1/2028 (a)
|
85,000
|
78,167
|
|
|
2,535,952
|
Health Care Providers & Services — 1.3%
|
||
Acadia Healthcare Co., Inc.
|
|
|
5.50%, 7/1/2028 (a)
|
251,000
|
238,583
|
5.00%, 4/15/2029 (a)
|
175,000
|
160,461
|
AdaptHealth LLC 4.63%, 8/1/2029 (a)
|
85,000
|
65,483
|
Aetna, Inc.
|
|
|
4.13%, 11/15/2042
|
70,000
|
56,822
|
4.75%, 3/15/2044
|
200,000
|
175,795
|
3.88%, 8/15/2047
|
735,000
|
564,079
|
Centene Corp. 4.63%, 12/15/2029
|
916,000
|
849,498
|
Cigna Group (The) 2.38%, 3/15/2031
|
135,000
|
112,732
|
CommonSpirit Health
|
|
|
1.55%, 10/1/2025
|
13,000
|
11,921
|
2.78%, 10/1/2030
|
13,000
|
11,037
|
3.91%, 10/1/2050
|
15,000
|
11,425
|
Community Health Systems, Inc.
|
|
|
5.63%, 3/15/2027 (a)
|
570,000
|
487,910
|
4.75%, 2/15/2031 (a)
|
85,000
|
61,075
|
CVS Health Corp.
|
|
|
2.88%, 6/1/2026
|
10,000
|
9,459
|
4.30%, 3/25/2028
|
237,000
|
230,965
|
5.13%, 2/21/2030
|
100,000
|
99,682
|
5.25%, 1/30/2031
|
145,000
|
145,550
|
5.25%, 2/21/2033
|
1,070,000
|
1,072,679
|
4.78%, 3/25/2038
|
290,000
|
268,219
|
2.70%, 8/21/2040
|
50,000
|
34,500
|
DaVita, Inc. 4.63%, 6/1/2030 (a)
|
610,000
|
522,432
|
Encompass Health Corp.
|
|
|
4.50%, 2/1/2028
|
180,000
|
165,802
|
4.75%, 2/1/2030
|
345,000
|
314,263
|
4.63%, 4/1/2031
|
75,000
|
65,495
|
JPMorgan Core Plus 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
|
||
Envision Healthcare Corp. 8.75%, 10/15/2026 (a)
|
20,000
|
100
|
Hackensack Meridian Health, Inc. Series 2020, 2.68%, 9/1/2041
|
50,000
|
34,966
|
HCA, Inc.
|
|
|
5.25%, 6/15/2026
|
220,000
|
218,455
|
5.38%, 9/1/2026
|
155,000
|
154,317
|
4.50%, 2/15/2027
|
210,000
|
204,729
|
5.63%, 9/1/2028
|
2,095,000
|
2,110,009
|
3.50%, 9/1/2030
|
37,000
|
32,714
|
5.50%, 6/15/2047
|
300,000
|
274,571
|
3.50%, 7/15/2051
|
35,000
|
23,553
|
MultiCare Health System 2.80%, 8/15/2050
|
10,000
|
6,160
|
MyMichigan Health Series 2020, 3.41%, 6/1/2050
|
10,000
|
6,954
|
New York and Presbyterian Hospital (The) 2.61%, 8/1/2060
|
5,000
|
2,889
|
Northwell Healthcare, Inc. 4.26%, 11/1/2047
|
110,000
|
89,992
|
Owens & Minor, Inc. 4.50%, 3/31/2029 (a)
|
420,000
|
344,400
|
Quest Diagnostics, Inc. 2.95%, 6/30/2030
|
55,000
|
48,583
|
Tenet Healthcare Corp.
|
|
|
4.88%, 1/1/2026
|
260,000
|
251,503
|
5.13%, 11/1/2027
|
510,000
|
487,339
|
4.63%, 6/15/2028
|
745,000
|
692,840
|
4.25%, 6/1/2029
|
990,000
|
889,010
|
UnitedHealth Group, Inc.
|
|
|
3.38%, 4/15/2027
|
91,000
|
87,407
|
4.63%, 11/15/2041
|
232,000
|
217,030
|
3.25%, 5/15/2051
|
485,000
|
353,828
|
5.88%, 2/15/2053
|
254,000
|
277,725
|
5.05%, 4/15/2053
|
900,000
|
883,630
|
|
|
13,428,571
|
Health Care REITs — 0.0% ^
|
||
Healthpeak OP LLC
|
|
|
2.13%, 12/1/2028
|
64,000
|
54,191
|
3.00%, 1/15/2030
|
87,000
|
75,911
|
Sabra Health Care LP 3.20%, 12/1/2031
|
120,000
|
88,703
|
|
|
218,805
|
Health Care Technology — 0.0% ^
|
||
IQVIA, Inc. 5.00%, 5/15/2027 (a)
|
200,000
|
192,333
|
Hotel & Resort REITs — 0.0% ^
|
||
RHP Hotel Properties LP 4.75%, 10/15/2027
|
390,000
|
361,315
|
Hotels, Restaurants & Leisure — 0.8%
|
||
1011778 BC ULC (Canada)
|
|
|
5.75%, 4/15/2025 (a)
|
50,000
|
49,853
|
3.88%, 1/15/2028 (a)
|
257,000
|
235,682
|
Boyd Gaming Corp. 4.75%, 12/1/2027
|
222,000
|
210,319
|
Boyne USA, Inc. 4.75%, 5/15/2029 (a)
|
327,000
|
292,054
|
Caesars Entertainment, Inc. 6.25%, 7/1/2025 (a)
|
615,000
|
613,145
|
JPMorgan Core Plus 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
|
||
Carnival Corp.
|
|
|
9.88%, 8/1/2027 (a)
|
110,000
|
113,533
|
4.00%, 8/1/2028 (a)
|
810,000
|
706,373
|
Cedar Fair LP
|
|
|
6.50%, 10/1/2028
|
230,000
|
226,347
|
5.25%, 7/15/2029
|
250,000
|
229,823
|
Hilton Domestic Operating Co., Inc.
|
|
|
5.38%, 5/1/2025 (a)
|
25,000
|
24,841
|
5.75%, 5/1/2028 (a)
|
285,000
|
281,067
|
3.75%, 5/1/2029 (a)
|
345,000
|
304,490
|
4.88%, 1/15/2030
|
290,000
|
269,609
|
International Game Technology plc 6.25%, 1/15/2027 (a)
|
200,000
|
199,608
|
Las Vegas Sands Corp. 2.90%, 6/25/2025
|
205,000
|
191,658
|
Marriott Ownership Resorts, Inc. 4.50%, 6/15/2029 (a)
|
170,000
|
145,663
|
MGM Resorts International
|
|
|
6.75%, 5/1/2025
|
130,000
|
130,495
|
5.50%, 4/15/2027
|
446,000
|
427,054
|
Royal Caribbean Cruises Ltd.
|
|
|
11.50%, 6/1/2025 (a)
|
10,000
|
10,569
|
8.25%, 1/15/2029 (a)
|
502,000
|
528,216
|
9.25%, 1/15/2029 (a)
|
592,000
|
629,382
|
Sands China Ltd. (Macau)
|
|
|
5.63%, 8/8/2025 (g)
|
200,000
|
194,000
|
4.30%, 1/8/2026 (g)
|
250,000
|
233,437
|
2.80%, 3/8/2027 (g)
|
200,000
|
171,370
|
Six Flags Theme Parks, Inc. 7.00%, 7/1/2025 (a)
|
253,000
|
254,904
|
Starbucks Corp. 3.35%, 3/12/2050
|
5,000
|
3,616
|
Station Casinos LLC 4.50%, 2/15/2028 (a)
|
260,000
|
231,367
|
Travel + Leisure Co. 5.65%, 4/1/2024 (g)
|
25,000
|
24,825
|
Vail Resorts, Inc. 6.25%, 5/15/2025 (a)
|
139,000
|
139,347
|
Wynn Las Vegas LLC
|
|
|
5.50%, 3/1/2025 (a)
|
75,000
|
73,532
|
5.25%, 5/15/2027 (a)
|
125,000
|
117,560
|
Wynn Macau Ltd. (Macau) 5.63%, 8/26/2028 (a)
|
200,000
|
168,500
|
Wynn Resorts Finance LLC 5.13%, 10/1/2029 (a)
|
625,000
|
557,724
|
Yum! Brands, Inc. 4.63%, 1/31/2032
|
585,000
|
532,046
|
|
|
8,522,009
|
Household Durables — 0.1%
|
||
CD&R Smokey Buyer, Inc. 6.75%, 7/15/2025 (a)
|
55,000
|
48,522
|
Lennar Corp. 4.50%, 4/30/2024
|
6,000
|
5,958
|
MDC Holdings, Inc.
|
|
|
3.85%, 1/15/2030
|
30,000
|
26,041
|
2.50%, 1/15/2031
|
125,000
|
97,049
|
Newell Brands, Inc.
|
|
|
6.63%, 9/15/2029
|
395,000
|
372,781
|
JPMorgan Core Plus 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 Durables — continued
|
||
5.87%, 4/1/2036 (g)
|
50,000
|
40,000
|
Tempur Sealy International, Inc. 4.00%, 4/15/2029 (a)
|
520,000
|
442,466
|
|
|
1,032,817
|
Household Products — 0.1%
|
||
Central Garden & Pet Co.
|
|
|
5.13%, 2/1/2028
|
145,000
|
136,304
|
4.13%, 10/15/2030
|
165,000
|
138,403
|
Colgate-Palmolive Co. 3.70%, 8/1/2047
|
100,000
|
86,436
|
Energizer Holdings, Inc.
|
|
|
4.75%, 6/15/2028 (a)
|
255,000
|
226,828
|
4.38%, 3/31/2029 (a)
|
275,000
|
235,469
|
Spectrum Brands, Inc.
|
|
|
5.75%, 7/15/2025
|
135,000
|
134,118
|
5.00%, 10/1/2029 (a)
|
150,000
|
133,875
|
5.50%, 7/15/2030 (a)
|
195,000
|
178,425
|
|
|
1,269,858
|
Independent Power and Renewable Electricity Producers — 0.1%
|
||
Calpine Corp.
|
|
|
5.25%, 6/1/2026 (a)
|
338,000
|
327,771
|
5.13%, 3/15/2028 (a)
|
55,000
|
49,269
|
Constellation Energy Generation LLC
|
|
|
3.25%, 6/1/2025
|
37,000
|
35,390
|
5.80%, 3/1/2033
|
240,000
|
246,679
|
6.25%, 10/1/2039
|
85,000
|
88,164
|
5.75%, 10/1/2041
|
120,000
|
114,591
|
5.60%, 6/15/2042
|
215,000
|
207,814
|
|
|
1,069,678
|
Industrial REITs — 0.0% ^
|
||
Prologis LP
|
|
|
1.75%, 7/1/2030
|
149,000
|
120,386
|
4.75%, 6/15/2033
|
350,000
|
342,269
|
|
|
462,655
|
Insurance — 0.3%
|
||
AIA Group Ltd. (Hong Kong) 3.20%, 3/11/2025 (a)
|
200,000
|
193,287
|
Alleghany Corp. 3.25%, 8/15/2051
|
50,000
|
35,011
|
Aon Corp. 5.35%, 2/28/2033
|
165,000
|
167,465
|
Athene Global Funding
|
|
|
1.45%, 1/8/2026 (a)
|
20,000
|
17,635
|
2.95%, 11/12/2026 (a)
|
44,000
|
39,438
|
Berkshire Hathaway Finance Corp.
|
|
|
2.85%, 10/15/2050
|
60,000
|
41,348
|
2.50%, 1/15/2051
|
340,000
|
218,540
|
3.85%, 3/15/2052
|
445,000
|
363,022
|
Equitable Financial Life Global Funding 1.70%, 11/12/2026 (a)
|
25,000
|
21,995
|
F&G Global Funding 1.75%, 6/30/2026 (a)
|
10,000
|
8,917
|
Great-West Lifeco Finance 2018 LP (Canada) 4.58%, 5/17/2048 (a)
|
20,000
|
16,698
|
JPMorgan Core Plus 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
|
||
Manulife Financial Corp. (Canada) 4.15%, 3/4/2026
|
42,000
|
40,926
|
Marsh & McLennan Cos., Inc. 5.45%, 3/15/2053
|
155,000
|
154,953
|
MetLife, Inc.
|
|
|
4.13%, 8/13/2042
|
79,000
|
65,297
|
5.00%, 7/15/2052
|
150,000
|
136,398
|
Metropolitan Life Global Funding I 5.15%, 3/28/2033 (a)
|
880,000
|
877,936
|
New York Life Global Funding 3.00%, 1/10/2028 (a)
|
51,000
|
47,474
|
New York Life Insurance Co. 4.45%, 5/15/2069 (a)
|
50,000
|
41,782
|
Pacific Life Insurance Co. (ICE LIBOR USD 3 Month + 2.80%), 4.30%, 10/24/2067 (a) (c)
|
27,000
|
20,339
|
Principal Financial Group, Inc. 3.70%, 5/15/2029
|
45,000
|
41,709
|
Progressive Corp. (The)
|
|
|
3.00%, 3/15/2032
|
200,000
|
176,446
|
4.35%, 4/25/2044
|
42,000
|
36,408
|
Prudential Financial, Inc.
|
|
|
3.88%, 3/27/2028
|
32,000
|
30,887
|
3.91%, 12/7/2047
|
70,000
|
54,303
|
Teachers Insurance & Annuity Association of America 4.27%, 5/15/2047 (a)
|
40,000
|
33,075
|
Travelers Cos., Inc. (The) 5.35%, 11/1/2040
|
16,000
|
16,381
|
W R Berkley Corp. 3.55%, 3/30/2052
|
45,000
|
31,721
|
|
|
2,929,391
|
Interactive Media & Services — 0.1%
|
||
Alphabet, Inc. 2.05%, 8/15/2050
|
200,000
|
122,728
|
Meta Platforms, Inc.
|
|
|
4.60%, 5/15/2028
|
500,000
|
499,692
|
4.80%, 5/15/2030
|
210,000
|
210,687
|
5.60%, 5/15/2053
|
205,000
|
204,869
|
TripAdvisor, Inc. 7.00%, 7/15/2025 (a)
|
175,000
|
175,418
|
|
|
1,213,394
|
IT Services — 0.1%
|
||
Arches Buyer, Inc. 4.25%, 6/1/2028 (a)
|
210,000
|
177,809
|
Gartner, Inc. 3.75%, 10/1/2030 (a)
|
130,000
|
114,016
|
Presidio Holdings, Inc. 4.88%, 2/1/2027 (a)
|
240,000
|
224,299
|
|
|
516,124
|
Leisure Products — 0.0% ^
|
||
Hasbro, Inc. 3.90%, 11/19/2029
|
15,000
|
13,688
|
Mattel, Inc.
|
|
|
3.38%, 4/1/2026 (a)
|
70,000
|
64,208
|
5.88%, 12/15/2027 (a)
|
65,000
|
63,337
|
|
|
141,233
|
Life Sciences Tools & Services — 0.0% ^
|
||
Charles River Laboratories International, Inc. 3.75%, 3/15/2029 (a)
|
120,000
|
105,324
|
Syneos Health, Inc. 3.63%, 1/15/2029 (a)
|
180,000
|
174,150
|
|
|
279,474
|
JPMorgan Core Plus 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 — 0.2%
|
||
Caterpillar, Inc.
|
|
|
4.30%, 5/15/2044
|
278,000
|
258,578
|
3.25%, 4/9/2050
|
200,000
|
155,574
|
Chart Industries, Inc. 7.50%, 1/1/2030 (a)
|
310,000
|
313,122
|
Deere & Co. 3.90%, 6/9/2042
|
120,000
|
107,556
|
Hillenbrand, Inc. 3.75%, 3/1/2031
|
264,000
|
219,111
|
Illinois Tool Works, Inc. 3.90%, 9/1/2042
|
15,000
|
13,139
|
Otis Worldwide Corp. 2.06%, 4/5/2025
|
190,000
|
179,452
|
Parker-Hannifin Corp.
|
|
|
3.25%, 3/1/2027
|
92,000
|
87,168
|
4.25%, 9/15/2027
|
300,000
|
292,474
|
Stanley Black & Decker, Inc. 2.75%, 11/15/2050
|
10,000
|
5,819
|
Terex Corp. 5.00%, 5/15/2029 (a)
|
275,000
|
254,831
|
TK Elevator US Newco, Inc. (Germany) 5.25%, 7/15/2027 (a)
|
250,000
|
230,169
|
Xylem, Inc. 1.95%, 1/30/2028
|
30,000
|
26,588
|
|
|
2,143,581
|
Media — 1.4%
|
||
Charter Communications Operating LLC
|
|
|
2.25%, 1/15/2029
|
665,000
|
551,887
|
2.30%, 2/1/2032
|
1,250,000
|
941,246
|
3.50%, 6/1/2041
|
85,000
|
56,090
|
3.50%, 3/1/2042
|
190,000
|
124,077
|
3.70%, 4/1/2051
|
40,000
|
24,525
|
3.90%, 6/1/2052
|
95,000
|
59,759
|
Clear Channel Outdoor Holdings, Inc. 5.13%, 8/15/2027 (a)
|
637,000
|
561,535
|
Comcast Corp.
|
|
|
2.65%, 2/1/2030
|
230,000
|
202,801
|
4.25%, 10/15/2030
|
694,000
|
672,620
|
1.95%, 1/15/2031
|
80,000
|
65,715
|
1.50%, 2/15/2031
|
450,000
|
357,267
|
5.50%, 11/15/2032
|
210,000
|
220,179
|
3.90%, 3/1/2038
|
95,000
|
82,791
|
3.25%, 11/1/2039
|
313,000
|
246,233
|
4.00%, 3/1/2048
|
45,000
|
37,268
|
2.89%, 11/1/2051
|
820,000
|
539,964
|
2.45%, 8/15/2052
|
110,000
|
66,105
|
5.35%, 5/15/2053
|
950,000
|
945,335
|
2.94%, 11/1/2056
|
1,348,000
|
863,645
|
CSC Holdings LLC
|
|
|
5.25%, 6/1/2024
|
187,000
|
173,395
|
5.38%, 2/1/2028 (a)
|
215,000
|
169,149
|
6.50%, 2/1/2029 (a)
|
400,000
|
314,923
|
4.50%, 11/15/2031 (a)
|
200,000
|
139,057
|
Directv Financing LLC 5.88%, 8/15/2027 (a)
|
371,000
|
326,783
|
Discovery Communications LLC 4.00%, 9/15/2055
|
45,000
|
28,577
|
DISH DBS Corp.
|
|
|
5.88%, 11/15/2024
|
916,000
|
784,549
|
JPMorgan Core Plus 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
|
||
5.25%, 12/1/2026 (a)
|
175,000
|
138,236
|
DISH Network Corp. 11.75%, 11/15/2027 (a)
|
200,000
|
191,421
|
Gannett Holdings LLC 6.00%, 11/1/2026 (a)
|
110,000
|
91,575
|
Gray Escrow II, Inc. 5.38%, 11/15/2031 (a)
|
135,000
|
85,900
|
Gray Television, Inc. 4.75%, 10/15/2030 (a)
|
100,000
|
64,815
|
iHeartCommunications, Inc.
|
|
|
6.38%, 5/1/2026
|
360,000
|
273,280
|
8.38%, 5/1/2027
|
25,000
|
14,104
|
5.25%, 8/15/2027 (a)
|
260,000
|
182,581
|
Lamar Media Corp.
|
|
|
3.75%, 2/15/2028
|
215,000
|
193,504
|
4.00%, 2/15/2030
|
140,000
|
122,471
|
News Corp. 3.88%, 5/15/2029 (a)
|
450,000
|
395,117
|
Nexstar Media, Inc.
|
|
|
5.63%, 7/15/2027 (a)
|
515,000
|
472,513
|
4.75%, 11/1/2028 (a)
|
105,000
|
88,597
|
Outfront Media Capital LLC
|
|
|
6.25%, 6/15/2025 (a)
|
25,000
|
24,906
|
5.00%, 8/15/2027 (a)
|
181,000
|
162,105
|
Paramount Global 4.95%, 1/15/2031
|
50,000
|
44,841
|
Scripps Escrow II, Inc. 3.88%, 1/15/2029 (a)
|
270,000
|
207,900
|
Scripps Escrow, Inc. 5.88%, 7/15/2027 (a)
|
115,000
|
88,555
|
Sinclair Television Group, Inc. 4.13%, 12/1/2030 (a)
|
150,000
|
98,090
|
Sirius XM Radio, Inc.
|
|
|
5.00%, 8/1/2027 (a)
|
110,000
|
99,733
|
4.00%, 7/15/2028 (a)
|
1,350,000
|
1,130,426
|
5.50%, 7/1/2029 (a)
|
160,000
|
139,664
|
4.13%, 7/1/2030 (a)
|
105,000
|
82,582
|
Stagwell Global LLC 5.63%, 8/15/2029 (a)
|
395,000
|
338,999
|
TEGNA, Inc.
|
|
|
4.63%, 3/15/2028
|
415,000
|
361,050
|
5.00%, 9/15/2029
|
265,000
|
227,226
|
Univision Communications, Inc.
|
|
|
6.63%, 6/1/2027 (a)
|
140,000
|
132,550
|
4.50%, 5/1/2029 (a)
|
280,000
|
235,058
|
Videotron Ltd. (Canada)
|
|
|
5.38%, 6/15/2024 (a)
|
37,000
|
36,617
|
5.13%, 4/15/2027 (a)
|
215,000
|
207,393
|
|
|
14,487,284
|
Metals & Mining — 0.5%
|
||
Alcoa Nederland Holding BV
|
|
|
5.50%, 12/15/2027 (a)
|
200,000
|
195,207
|
6.13%, 5/15/2028 (a)
|
200,000
|
196,250
|
Arconic Corp. 6.13%, 2/15/2028 (a)
|
543,000
|
548,086
|
ATI, Inc. 5.88%, 12/1/2027
|
460,000
|
438,150
|
BHP Billiton Finance USA Ltd. (Australia) 4.90%, 2/28/2033
|
100,000
|
100,394
|
Big River Steel LLC 6.63%, 1/31/2029 (a)
|
290,000
|
287,825
|
JPMorgan Core Plus 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
|
||
Carpenter Technology Corp. 6.38%, 7/15/2028
|
240,000
|
231,320
|
Cleveland-Cliffs, Inc.
|
|
|
6.75%, 3/15/2026 (a)
|
125,000
|
126,429
|
5.88%, 6/1/2027
|
430,000
|
415,002
|
FMG Resources August 2006 Pty. Ltd. (Australia)
|
|
|
4.50%, 9/15/2027 (a)
|
100,000
|
94,680
|
5.88%, 4/15/2030 (a)
|
135,000
|
127,405
|
Freeport-McMoRan, Inc.
|
|
|
5.00%, 9/1/2027
|
45,000
|
43,919
|
4.25%, 3/1/2030
|
97,000
|
88,978
|
4.63%, 8/1/2030
|
300,000
|
280,897
|
5.40%, 11/14/2034
|
183,000
|
175,500
|
Glencore Funding LLC (Australia)
|
|
|
4.63%, 4/29/2024 (a)
|
290,000
|
287,067
|
3.88%, 10/27/2027 (a)
|
40,000
|
37,666
|
2.50%, 9/1/2030 (a)
|
37,000
|
30,285
|
2.85%, 4/27/2031 (a)
|
435,000
|
357,517
|
2.63%, 9/23/2031 (a)
|
102,000
|
82,127
|
5.70%, 5/8/2033 (a)
|
289,000
|
286,176
|
Kaiser Aluminum Corp. 4.63%, 3/1/2028 (a)
|
205,000
|
179,168
|
Novelis Corp. 4.75%, 1/30/2030 (a)
|
255,000
|
226,311
|
Nucor Corp. 2.98%, 12/15/2055
|
50,000
|
31,465
|
Rio Tinto Finance USA Ltd. (Australia) 5.20%, 11/2/2040
|
20,000
|
20,059
|
Rio Tinto Finance USA plc (Australia) 4.13%, 8/21/2042
|
40,000
|
34,889
|
Teck Resources Ltd. (Canada) 5.40%, 2/1/2043
|
20,000
|
18,196
|
United States Steel Corp. 6.88%, 3/1/2029
|
147,000
|
142,066
|
Vale Overseas Ltd. (Brazil) 3.75%, 7/8/2030
|
20,000
|
17,700
|
|
|
5,100,734
|
Mortgage Real Estate Investment Trusts (REITs) — 0.1%
|
||
Great Ajax Operating Partnership LP Series QIB, 8.88%, 9/1/2027 (a)
|
1,000,000
|
965,884
|
Multi-Utilities — 0.2%
|
||
Ameren Corp.
|
|
|
1.95%, 3/15/2027
|
20,000
|
17,898
|
3.50%, 1/15/2031
|
291,000
|
259,793
|
Berkshire Hathaway Energy Co.
|
|
|
5.15%, 11/15/2043
|
194,000
|
186,115
|
2.85%, 5/15/2051
|
40,000
|
26,244
|
4.60%, 5/1/2053
|
20,000
|
17,709
|
Consolidated Edison Co. of New York, Inc.
|
|
|
Series E, 4.65%, 12/1/2048
|
60,000
|
53,030
|
Series A, 4.13%, 5/15/2049
|
41,000
|
33,189
|
Consumers Energy Co. 4.63%, 5/15/2033
|
205,000
|
202,133
|
DTE Energy Co. 4.88%, 6/1/2028
|
500,000
|
494,417
|
NiSource, Inc. 5.25%, 3/30/2028 (i)
|
275,000
|
277,043
|
PG&E Energy Recovery Funding LLC Series A-3, 2.82%, 7/15/2046
|
70,000
|
49,882
|
Puget Sound Energy, Inc.
|
|
|
5.76%, 7/15/2040
|
140,000
|
136,295
|
JPMorgan Core Plus 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
|
||
Multi-Utilities — continued
|
||
5.45%, 6/1/2053
|
30,000
|
30,012
|
San Diego Gas & Electric Co.
|
|
|
2.95%, 8/15/2051
|
170,000
|
114,826
|
5.35%, 4/1/2053
|
200,000
|
197,589
|
Southern Co. Gas Capital Corp.
|
|
|
4.40%, 5/30/2047
|
100,000
|
82,360
|
Series 21A, 3.15%, 9/30/2051
|
170,000
|
113,260
|
|
|
2,291,795
|
Office REITs — 0.0% ^
|
||
Alexandria Real Estate Equities, Inc.
|
|
|
1.88%, 2/1/2033
|
53,000
|
38,892
|
5.15%, 4/15/2053
|
30,000
|
26,448
|
Corporate Office Properties LP 2.25%, 3/15/2026
|
94,000
|
83,170
|
|
|
148,510
|
Oil, Gas & Consumable Fuels — 2.4%
|
||
Aker BP ASA (Norway) 3.10%, 7/15/2031 (a)
|
250,000
|
208,148
|
Antero Midstream Partners LP
|
|
|
7.88%, 5/15/2026 (a)
|
390,000
|
395,299
|
5.75%, 3/1/2027 (a)
|
110,000
|
105,397
|
5.75%, 1/15/2028 (a)
|
90,000
|
85,837
|
Antero Resources Corp.
|
|
|
7.63%, 2/1/2029 (a)
|
318,000
|
323,499
|
5.38%, 3/1/2030 (a)
|
125,000
|
114,916
|
Apache Corp. 4.38%, 10/15/2028
|
179,000
|
163,785
|
Baytex Energy Corp. (Canada) 8.75%, 4/1/2027 (a)
|
310,000
|
313,265
|
Blue Racer Midstream LLC 6.63%, 7/15/2026 (a)
|
195,000
|
192,786
|
BP Capital Markets America, Inc.
|
|
|
3.02%, 1/16/2027
|
106,000
|
100,410
|
1.75%, 8/10/2030
|
730,000
|
599,137
|
2.72%, 1/12/2032
|
557,000
|
474,858
|
4.81%, 2/13/2033
|
1,660,000
|
1,641,394
|
4.89%, 9/11/2033
|
350,000
|
347,712
|
3.00%, 2/24/2050
|
174,000
|
118,458
|
2.77%, 11/10/2050
|
55,000
|
35,800
|
2.94%, 6/4/2051
|
67,000
|
44,758
|
3.00%, 3/17/2052
|
480,000
|
322,932
|
BP Capital Markets plc (United Kingdom)
|
|
|
(US Treasury Yield Curve Rate T Note Constant Maturity 5 Year + 4.04%), 4.38%, 6/22/2025 (c) (e) (f)
|
85,000
|
81,600
|
(US Treasury Yield Curve Rate T Note Constant Maturity 5 Year + 4.40%), 4.88%, 3/22/2030 (c) (e) (f)
|
155,000
|
140,856
|
Buckeye Partners LP
|
|
|
3.95%, 12/1/2026
|
345,000
|
307,536
|
4.13%, 12/1/2027
|
175,000
|
153,151
|
California Resources Corp. 7.13%, 2/1/2026 (a)
|
140,000
|
142,100
|
Cameron LNG LLC 3.70%, 1/15/2039 (a)
|
20,000
|
16,353
|
Cheniere Corpus Christi Holdings LLC 5.88%, 3/31/2025
|
200,000
|
200,199
|
Cheniere Energy Partners LP
|
|
|
4.50%, 10/1/2029
|
469,000
|
429,448
|
JPMorgan Core Plus 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
|
||
4.00%, 3/1/2031
|
135,000
|
118,812
|
3.25%, 1/31/2032
|
240,000
|
196,361
|
Chesapeake Energy Corp.
|
|
|
5.88%, 2/1/2029 (a)
|
370,000
|
348,409
|
6.75%, 4/15/2029 (a)
|
115,000
|
112,435
|
Chevron Corp. 2.00%, 5/11/2027
|
171,000
|
156,592
|
Chord Energy Corp. 6.38%, 6/1/2026 (a)
|
260,000
|
256,100
|
CNX Resources Corp. 7.25%, 3/14/2027 (a)
|
182,000
|
179,618
|
Comstock Resources, Inc.
|
|
|
6.75%, 3/1/2029 (a)
|
405,000
|
353,972
|
5.88%, 1/15/2030 (a)
|
35,000
|
29,181
|
ConocoPhillips Co.
|
|
|
3.80%, 3/15/2052
|
300,000
|
238,926
|
4.03%, 3/15/2062
|
233,000
|
185,544
|
Coterra Energy, Inc. 3.90%, 5/15/2027
|
30,000
|
28,477
|
Crescent Energy Finance LLC 7.25%, 5/1/2026 (a)
|
185,000
|
172,065
|
Crestwood Midstream Partners LP
|
|
|
5.75%, 4/1/2025
|
100,000
|
98,082
|
5.63%, 5/1/2027 (a)
|
295,000
|
278,200
|
8.00%, 4/1/2029 (a)
|
215,000
|
216,150
|
DT Midstream, Inc.
|
|
|
4.13%, 6/15/2029 (a)
|
360,000
|
312,192
|
4.38%, 6/15/2031 (a)
|
180,000
|
151,385
|
4.30%, 4/15/2032 (a)
|
80,000
|
70,484
|
Energy Transfer LP
|
|
|
4.15%, 9/15/2029
|
150,000
|
140,174
|
5.75%, 2/15/2033
|
120,000
|
120,327
|
5.80%, 6/15/2038
|
100,000
|
95,336
|
5.35%, 5/15/2045
|
45,000
|
38,459
|
EnLink Midstream LLC 5.38%, 6/1/2029
|
250,000
|
236,833
|
EnLink Midstream Partners LP
|
|
|
4.85%, 7/15/2026
|
280,000
|
270,889
|
5.60%, 4/1/2044
|
9,000
|
7,231
|
Enterprise Products Operating LLC
|
|
|
2.80%, 1/31/2030
|
37,000
|
32,555
|
5.35%, 1/31/2033
|
110,000
|
112,122
|
3.30%, 2/15/2053
|
30,000
|
20,885
|
EQM Midstream Partners LP
|
|
|
4.13%, 12/1/2026
|
90,000
|
82,788
|
7.50%, 6/1/2027 (a)
|
160,000
|
160,985
|
6.50%, 7/1/2027 (a)
|
160,000
|
156,297
|
5.50%, 7/15/2028
|
365,000
|
342,142
|
4.50%, 1/15/2029 (a)
|
215,000
|
187,840
|
4.75%, 1/15/2031 (a)
|
195,000
|
167,345
|
Exxon Mobil Corp.
|
|
|
4.23%, 3/19/2040
|
400,000
|
366,148
|
3.10%, 8/16/2049
|
220,000
|
159,598
|
JPMorgan Core Plus 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
|
||
Flex Intermediate Holdco LLC
|
|
|
3.36%, 6/30/2031 (a)
|
64,000
|
51,411
|
4.32%, 12/30/2039 (a)
|
20,000
|
14,367
|
Genesis Energy LP
|
|
|
6.25%, 5/15/2026
|
275,000
|
261,198
|
8.00%, 1/15/2027
|
110,000
|
107,143
|
Gray Oak Pipeline LLC
|
|
|
2.00%, 9/15/2023 (a)
|
44,000
|
43,480
|
2.60%, 10/15/2025 (a)
|
112,000
|
103,260
|
Gulfport Energy Corp. 8.00%, 5/17/2026 (a)
|
360,000
|
359,100
|
Hess Midstream Operations LP
|
|
|
5.63%, 2/15/2026 (a)
|
105,000
|
103,031
|
5.50%, 10/15/2030 (a)
|
275,000
|
249,203
|
Hilcorp Energy I LP 5.75%, 2/1/2029 (a)
|
555,000
|
502,363
|
Holly Energy Partners LP 6.38%, 4/15/2027 (a)
|
240,000
|
236,934
|
Kinder Morgan, Inc. 3.25%, 8/1/2050
|
75,000
|
47,067
|
Kinetik Holdings LP 5.88%, 6/15/2030 (a)
|
300,000
|
284,250
|
MEG Energy Corp. (Canada) 5.88%, 2/1/2029 (a)
|
270,000
|
254,955
|
MPLX LP
|
|
|
2.65%, 8/15/2030
|
70,000
|
58,601
|
4.95%, 3/14/2052
|
55,000
|
45,276
|
NGL Energy Operating LLC 7.50%, 2/1/2026 (a)
|
95,000
|
90,771
|
NGPL PipeCo LLC 3.25%, 7/15/2031 (a)
|
10,000
|
8,266
|
NuStar Logistics LP
|
|
|
5.75%, 10/1/2025
|
60,000
|
58,598
|
5.63%, 4/28/2027
|
395,000
|
373,902
|
Occidental Petroleum Corp.
|
|
|
8.88%, 7/15/2030
|
150,000
|
172,860
|
6.63%, 9/1/2030
|
385,000
|
401,363
|
Permian Resources Operating LLC 5.38%, 1/15/2026 (a)
|
165,000
|
155,687
|
Pioneer Natural Resources Co. 1.13%, 1/15/2026
|
50,000
|
45,242
|
Range Resources Corp.
|
|
|
4.88%, 5/15/2025
|
45,000
|
44,113
|
8.25%, 1/15/2029
|
380,000
|
395,761
|
Sabine Pass Liquefaction LLC
|
|
|
5.63%, 3/1/2025
|
90,000
|
89,965
|
5.88%, 6/30/2026
|
20,000
|
20,288
|
4.50%, 5/15/2030
|
894,000
|
845,304
|
SM Energy Co.
|
|
|
6.75%, 9/15/2026
|
160,000
|
154,479
|
6.63%, 1/15/2027
|
285,000
|
273,927
|
Southwestern Energy Co.
|
|
|
5.70%, 1/23/2025 (g)
|
2,000
|
1,987
|
8.38%, 9/15/2028
|
305,000
|
317,908
|
5.38%, 2/1/2029
|
320,000
|
297,993
|
5.38%, 3/15/2030
|
215,000
|
197,617
|
Spectra Energy Partners LP 4.50%, 3/15/2045
|
15,000
|
12,159
|
Summit Midstream Holdings LLC 9.00%, 10/15/2026 (a) (g)
|
185,000
|
176,283
|
JPMorgan Core Plus 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
|
||
Suncor Energy, Inc. (Canada) 6.80%, 5/15/2038
|
83,000
|
88,179
|
Sunoco LP
|
|
|
6.00%, 4/15/2027
|
185,000
|
181,951
|
5.88%, 3/15/2028
|
100,000
|
96,317
|
4.50%, 5/15/2029
|
180,000
|
160,234
|
Tallgrass Energy Partners LP
|
|
|
7.50%, 10/1/2025 (a)
|
45,000
|
44,888
|
6.00%, 3/1/2027 (a)
|
395,000
|
369,338
|
5.50%, 1/15/2028 (a)
|
55,000
|
49,658
|
6.00%, 12/31/2030 (a)
|
280,000
|
243,244
|
6.00%, 9/1/2031 (a)
|
40,000
|
34,017
|
Targa Resources Corp. 5.20%, 7/1/2027
|
31,000
|
30,602
|
TotalEnergies Capital International SA (France)
|
|
|
3.46%, 7/12/2049
|
234,000
|
178,359
|
3.13%, 5/29/2050
|
80,000
|
56,926
|
TransCanada PipeLines Ltd. (Canada) 5.10%, 3/15/2049
|
48,000
|
43,968
|
Valero Energy Corp. 2.15%, 9/15/2027
|
25,000
|
22,375
|
Venture Global Calcasieu Pass LLC 3.88%, 8/15/2029 (a)
|
570,000
|
495,916
|
Venture Global LNG, Inc. 8.13%, 6/1/2028 (a)
|
1,300,000
|
1,306,500
|
Vital Energy, Inc. 9.50%, 1/15/2025
|
255,000
|
252,240
|
Western Midstream Operating LP
|
|
|
4.50%, 3/1/2028
|
225,000
|
211,502
|
4.75%, 8/15/2028
|
30,000
|
28,329
|
Williams Cos., Inc. (The)
|
|
|
2.60%, 3/15/2031
|
1,525,000
|
1,261,330
|
5.40%, 3/4/2044
|
50,000
|
45,759
|
|
|
25,318,317
|
Passenger Airlines — 0.2%
|
||
American Airlines, Inc.
|
|
|
11.75%, 7/15/2025 (a)
|
345,000
|
377,908
|
5.50%, 4/20/2026 (a)
|
555,000
|
544,677
|
5.75%, 4/20/2029 (a)
|
390,000
|
373,695
|
Continental Airlines Pass-Through Trust Series 2012-2, Class A Shares, 4.00%, 10/29/2024
|
26,882
|
26,036
|
Delta Air Lines, Inc. 7.38%, 1/15/2026
|
105,000
|
110,216
|
Mileage Plus Holdings LLC 6.50%, 6/20/2027 (a)
|
480,250
|
479,427
|
United Airlines Holdings, Inc.
|
|
|
5.00%, 2/1/2024
|
20,000
|
19,700
|
4.88%, 1/15/2025
|
16,000
|
15,640
|
|
|
1,947,299
|
Personal Care Products — 0.3%
|
||
Edgewell Personal Care Co.
|
|
|
5.50%, 6/1/2028 (a)
|
295,000
|
275,825
|
4.13%, 4/1/2029 (a)
|
70,000
|
60,375
|
Estee Lauder Cos., Inc. (The) 2.60%, 4/15/2030
|
258,000
|
226,886
|
Kenvue, Inc.
|
|
|
4.90%, 3/22/2033 (a)
|
1,500,000
|
1,527,433
|
5.10%, 3/22/2043 (a)
|
300,000
|
301,947
|
JPMorgan Core Plus 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
|
||
Personal Care Products — continued
|
||
5.05%, 3/22/2053 (a)
|
225,000
|
226,488
|
Prestige Brands, Inc. 5.13%, 1/15/2028 (a)
|
265,000
|
253,075
|
|
|
2,872,029
|
Pharmaceuticals — 0.9%
|
||
Astrazeneca Finance LLC (United Kingdom)
|
|
|
4.90%, 3/3/2030
|
1,130,000
|
1,146,988
|
4.88%, 3/3/2033
|
500,000
|
509,346
|
Bausch Health Americas, Inc.
|
|
|
9.25%, 4/1/2026 (a)
|
263,000
|
216,975
|
8.50%, 1/31/2027 (a)
|
88,000
|
46,200
|
Bausch Health Cos., Inc.
|
|
|
5.50%, 11/1/2025 (a)
|
402,000
|
356,794
|
5.75%, 8/15/2027 (a)
|
30,000
|
18,837
|
5.00%, 1/30/2028 (a)
|
30,000
|
13,181
|
4.88%, 6/1/2028 (a)
|
280,000
|
168,868
|
5.00%, 2/15/2029 (a)
|
175,000
|
76,155
|
Bayer US Finance II LLC (Germany) 3.38%, 7/15/2024 (a)
|
70,000
|
68,289
|
Bristol-Myers Squibb Co.
|
|
|
4.13%, 6/15/2039
|
164,000
|
148,438
|
2.35%, 11/13/2040
|
480,000
|
334,704
|
3.70%, 3/15/2052
|
160,000
|
127,805
|
Catalent Pharma Solutions, Inc. 3.13%, 2/15/2029 (a)
|
225,000
|
183,119
|
Elanco Animal Health, Inc. 6.65%, 8/28/2028 (g)
|
215,000
|
205,736
|
Eli Lilly & Co.
|
|
|
4.70%, 2/27/2033
|
595,000
|
605,881
|
2.25%, 5/15/2050
|
70,000
|
44,832
|
4.95%, 2/27/2063
|
400,000
|
397,186
|
Jazz Securities DAC 4.38%, 1/15/2029 (a)
|
200,000
|
179,196
|
Merck & Co., Inc.
|
|
|
2.75%, 12/10/2051
|
170,000
|
115,868
|
5.00%, 5/17/2053
|
135,000
|
135,873
|
5.15%, 5/17/2063
|
105,000
|
105,938
|
Organon & Co.
|
|
|
4.13%, 4/30/2028 (a)
|
400,000
|
356,097
|
5.13%, 4/30/2031 (a)
|
200,000
|
169,710
|
Par Pharmaceutical, Inc. 7.50%, 4/1/2027 (a) (g) (h)
|
80,000
|
59,094
|
Pfizer Investment Enterprises Pte. Ltd.
|
|
|
4.75%, 5/19/2033
|
380,000
|
381,524
|
5.30%, 5/19/2053
|
315,000
|
324,284
|
5.34%, 5/19/2063
|
315,000
|
315,417
|
Pfizer, Inc. 4.40%, 5/15/2044
|
500,000
|
468,715
|
Royalty Pharma plc 1.20%, 9/2/2025
|
166,000
|
150,034
|
Shire Acquisitions Investments Ireland DAC 3.20%, 9/23/2026
|
145,000
|
136,828
|
Takeda Pharmaceutical Co. Ltd. (Japan)
|
|
|
5.00%, 11/26/2028
|
1,000,000
|
1,003,430
|
3.03%, 7/9/2040
|
400,000
|
298,925
|
JPMorgan Core Plus 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
|
||
Zoetis, Inc.
|
|
|
2.00%, 5/15/2030
|
245,000
|
204,540
|
5.60%, 11/16/2032
|
284,000
|
299,689
|
|
|
9,374,496
|
Real Estate Management & Development — 0.0% ^
|
||
Kennedy-Wilson, Inc. 4.75%, 3/1/2029
|
75,000
|
58,922
|
Realogy Group LLC 5.75%, 1/15/2029 (a)
|
105,000
|
75,856
|
|
|
134,778
|
Residential REITs — 0.0% ^
|
||
AvalonBay Communities, Inc. 3.35%, 5/15/2027
|
32,000
|
30,149
|
Camden Property Trust 3.15%, 7/1/2029
|
130,000
|
115,800
|
ERP Operating LP 3.25%, 8/1/2027
|
31,000
|
28,771
|
Essex Portfolio LP 2.65%, 3/15/2032
|
45,000
|
36,242
|
Mid-America Apartments LP 4.20%, 6/15/2028
|
100,000
|
96,719
|
UDR, Inc. 2.10%, 8/1/2032
|
45,000
|
34,443
|
|
|
342,124
|
Retail REITs — 0.0% ^
|
||
NNN REIT, Inc. 3.60%, 12/15/2026
|
39,000
|
36,707
|
Realty Income Corp.
|
|
|
4.13%, 10/15/2026
|
44,000
|
42,904
|
3.25%, 1/15/2031
|
9,000
|
7,875
|
Regency Centers LP 3.70%, 6/15/2030
|
135,000
|
121,467
|
Scentre Group Trust 1 (Australia) 3.50%, 2/12/2025 (a)
|
150,000
|
144,803
|
|
|
353,756
|
Semiconductors & Semiconductor Equipment — 0.6%
|
||
Amkor Technology, Inc. 6.63%, 9/15/2027 (a)
|
265,000
|
264,616
|
ams-OSRAM AG (Austria) 7.00%, 7/31/2025 (a)
|
250,000
|
218,750
|
Analog Devices, Inc.
|
|
|
3.50%, 12/5/2026
|
25,000
|
24,267
|
2.95%, 10/1/2051
|
107,000
|
75,025
|
Entegris Escrow Corp. 5.95%, 6/15/2030 (a)
|
415,000
|
399,790
|
Intel Corp.
|
|
|
5.20%, 2/10/2033
|
400,000
|
402,441
|
5.63%, 2/10/2043
|
1,105,000
|
1,104,789
|
5.70%, 2/10/2053
|
85,000
|
83,967
|
KLA Corp.
|
|
|
4.65%, 7/15/2032
|
280,000
|
279,809
|
3.30%, 3/1/2050
|
280,000
|
207,414
|
Marvell Technology, Inc. 2.95%, 4/15/2031
|
85,000
|
71,246
|
Microchip Technology, Inc. 0.97%, 2/15/2024
|
25,000
|
24,141
|
NVIDIA Corp. 2.00%, 6/15/2031
|
455,000
|
382,885
|
NXP BV (China)
|
|
|
3.25%, 5/11/2041
|
70,000
|
49,560
|
3.13%, 2/15/2042
|
180,000
|
124,009
|
ON Semiconductor Corp. 3.88%, 9/1/2028 (a)
|
375,000
|
338,636
|
JPMorgan Core Plus 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
|
||
QUALCOMM, Inc.
|
|
|
4.25%, 5/20/2032
|
55,000
|
53,544
|
4.50%, 5/20/2052
|
35,000
|
31,134
|
Synaptics, Inc. 4.00%, 6/15/2029 (a)
|
170,000
|
142,375
|
Texas Instruments, Inc. 5.05%, 5/18/2063
|
221,000
|
216,118
|
TSMC Arizona Corp. (Taiwan) 2.50%, 10/25/2031
|
960,000
|
806,880
|
TSMC Global Ltd. (Taiwan) 1.00%, 9/28/2027 (a)
|
380,000
|
325,048
|
Xilinx, Inc. 2.38%, 6/1/2030
|
239,000
|
206,788
|
|
|
5,833,232
|
Software — 0.4%
|
||
Black Knight InfoServ LLC 3.63%, 9/1/2028 (a)
|
220,000
|
196,900
|
Clarivate Science Holdings Corp. 3.88%, 7/1/2028 (a)
|
260,000
|
229,729
|
Microsoft Corp.
|
|
|
2.92%, 3/17/2052
|
490,000
|
362,578
|
2.68%, 6/1/2060
|
250,000
|
167,127
|
NCR Corp.
|
|
|
5.75%, 9/1/2027 (a)
|
115,000
|
114,375
|
5.00%, 10/1/2028 (a)
|
390,000
|
342,866
|
5.13%, 4/15/2029 (a)
|
175,000
|
153,081
|
6.13%, 9/1/2029 (a)
|
161,000
|
159,678
|
Oracle Corp.
|
|
|
2.65%, 7/15/2026
|
583,000
|
543,757
|
2.30%, 3/25/2028
|
15,000
|
13,271
|
4.90%, 2/6/2033
|
245,000
|
236,654
|
3.80%, 11/15/2037
|
150,000
|
121,872
|
3.65%, 3/25/2041
|
115,000
|
86,806
|
3.95%, 3/25/2051
|
15,000
|
11,001
|
5.55%, 2/6/2053
|
150,000
|
140,076
|
4.38%, 5/15/2055
|
55,000
|
42,516
|
Roper Technologies, Inc. 1.75%, 2/15/2031
|
355,000
|
280,825
|
SS&C Technologies, Inc. 5.50%, 9/30/2027 (a)
|
355,000
|
338,845
|
VMware, Inc. 4.65%, 5/15/2027
|
105,000
|
102,970
|
Workday, Inc. 3.70%, 4/1/2029
|
172,000
|
160,010
|
|
|
3,804,937
|
Specialized REITs — 0.2%
|
||
American Tower Corp.
|
|
|
1.45%, 9/15/2026
|
85,000
|
75,245
|
2.95%, 1/15/2051
|
25,000
|
15,434
|
Crown Castle, Inc. 2.90%, 3/15/2027
|
270,000
|
249,366
|
Equinix, Inc. 3.90%, 4/15/2032
|
80,000
|
71,831
|
Iron Mountain, Inc.
|
|
|
4.88%, 9/15/2027 (a)
|
315,000
|
294,751
|
5.00%, 7/15/2028 (a)
|
385,000
|
352,490
|
Life Storage LP 2.20%, 10/15/2030
|
88,000
|
70,930
|
Public Storage 2.25%, 11/9/2031
|
90,000
|
74,049
|
SBA Communications Corp. 3.13%, 2/1/2029
|
455,000
|
383,263
|
|
|
1,587,359
|
JPMorgan Core Plus 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 — 0.6%
|
||
Asbury Automotive Group, Inc.
|
|
|
4.50%, 3/1/2028
|
297,000
|
270,873
|
4.63%, 11/15/2029 (a)
|
125,000
|
110,181
|
Bath & Body Works, Inc.
|
|
|
5.25%, 2/1/2028
|
175,000
|
166,518
|
7.50%, 6/15/2029
|
518,000
|
523,670
|
6.88%, 11/1/2035
|
235,000
|
212,886
|
Gap, Inc. (The) 3.63%, 10/1/2029 (a)
|
295,000
|
207,522
|
Group 1 Automotive, Inc. 4.00%, 8/15/2028 (a)
|
300,000
|
262,695
|
Home Depot, Inc. (The)
|
|
|
1.88%, 9/15/2031
|
770,000
|
628,545
|
4.50%, 9/15/2032
|
350,000
|
347,995
|
4.25%, 4/1/2046
|
301,000
|
264,002
|
4.95%, 9/15/2052
|
206,000
|
199,846
|
Lithia Motors, Inc. 3.88%, 6/1/2029 (a)
|
310,000
|
267,076
|
Lowe's Cos., Inc.
|
|
|
1.70%, 10/15/2030
|
170,000
|
135,910
|
4.25%, 4/1/2052
|
315,000
|
252,002
|
5.63%, 4/15/2053
|
585,000
|
571,178
|
O'Reilly Automotive, Inc.
|
|
|
1.75%, 3/15/2031
|
73,000
|
58,214
|
4.70%, 6/15/2032
|
90,000
|
87,679
|
Penske Automotive Group, Inc. 3.75%, 6/15/2029
|
334,000
|
286,093
|
PetSmart, Inc. 4.75%, 2/15/2028 (a)
|
750,000
|
693,903
|
Sonic Automotive, Inc. 4.63%, 11/15/2029 (a)
|
305,000
|
252,352
|
SRS Distribution, Inc. 4.63%, 7/1/2028 (a)
|
410,000
|
361,780
|
Staples, Inc.
|
|
|
7.50%, 4/15/2026 (a)
|
290,000
|
238,373
|
10.75%, 4/15/2027 (a)
|
23,000
|
14,103
|
|
|
6,413,396
|
Technology Hardware, Storage & Peripherals — 0.4%
|
||
Apple, Inc.
|
|
|
4.38%, 5/13/2045
|
429,000
|
405,547
|
2.65%, 2/8/2051
|
500,000
|
341,870
|
4.85%, 5/10/2053
|
490,000
|
492,996
|
2.85%, 8/5/2061
|
500,000
|
334,534
|
Dell International LLC
|
|
|
4.90%, 10/1/2026
|
30,000
|
29,802
|
5.30%, 10/1/2029
|
400,000
|
398,471
|
Seagate HDD Cayman
|
|
|
4.09%, 6/1/2029
|
150,000
|
129,618
|
3.13%, 7/15/2029
|
335,000
|
256,487
|
8.25%, 12/15/2029 (a)
|
924,000
|
944,816
|
4.13%, 1/15/2031
|
114,000
|
92,908
|
8.50%, 7/15/2031 (a)
|
230,000
|
235,621
|
9.63%, 12/1/2032 (a)
|
140,000
|
152,787
|
|
|
3,815,457
|
JPMorgan Core Plus 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
|
||
Textiles, Apparel & Luxury Goods — 0.0% ^
|
||
Hanesbrands, Inc. 4.88%, 5/15/2026 (a)
|
130,000
|
121,079
|
William Carter Co. (The) 5.63%, 3/15/2027 (a)
|
100,000
|
97,640
|
|
|
218,719
|
Tobacco — 0.5%
|
||
Altria Group, Inc.
|
|
|
2.45%, 2/4/2032
|
80,000
|
62,642
|
3.40%, 2/4/2041
|
145,000
|
99,371
|
3.88%, 9/16/2046
|
95,000
|
65,855
|
BAT Capital Corp. (United Kingdom)
|
|
|
3.56%, 8/15/2027
|
141,000
|
129,638
|
2.26%, 3/25/2028
|
1,045,000
|
897,902
|
4.39%, 8/15/2037
|
600,000
|
474,534
|
4.54%, 8/15/2047
|
665,000
|
476,626
|
Imperial Brands Finance plc (United Kingdom) 6.13%, 7/27/2027 (a)
|
285,000
|
289,868
|
Philip Morris International, Inc.
|
|
|
3.13%, 3/2/2028
|
49,000
|
45,500
|
5.75%, 11/17/2032
|
820,000
|
840,389
|
5.38%, 2/15/2033
|
1,045,000
|
1,038,052
|
4.38%, 11/15/2041
|
345,000
|
289,417
|
4.13%, 3/4/2043
|
100,000
|
79,308
|
|
|
4,789,102
|
Trading Companies & Distributors — 0.3%
|
||
Air Lease Corp.
|
|
|
3.38%, 7/1/2025
|
92,000
|
87,256
|
1.88%, 8/15/2026
|
50,000
|
44,172
|
Aviation Capital Group LLC 4.13%, 8/1/2025 (a)
|
110,000
|
103,506
|
Herc Holdings, Inc. 5.50%, 7/15/2027 (a)
|
565,000
|
536,471
|
Imola Merger Corp. 4.75%, 5/15/2029 (a)
|
540,000
|
464,513
|
United Rentals North America, Inc.
|
|
|
4.88%, 1/15/2028
|
235,000
|
224,193
|
5.25%, 1/15/2030
|
695,000
|
658,757
|
3.88%, 2/15/2031
|
185,000
|
158,727
|
WESCO Distribution, Inc.
|
|
|
7.13%, 6/15/2025 (a)
|
85,000
|
85,622
|
7.25%, 6/15/2028 (a)
|
570,000
|
582,606
|
|
|
2,945,823
|
Transportation Infrastructure — 0.0% ^
|
||
Transurban Finance Co. Pty. Ltd. (Australia) 2.45%, 3/16/2031 (a)
|
212,000
|
173,863
|
Wireless Telecommunication Services — 0.5%
|
||
Hughes Satellite Systems Corp.
|
|
|
5.25%, 8/1/2026
|
85,000
|
79,156
|
6.63%, 8/1/2026
|
215,000
|
198,576
|
Rogers Communications, Inc. (Canada) 4.55%, 3/15/2052 (a)
|
40,000
|
31,765
|
Sprint LLC
|
|
|
7.88%, 9/15/2023
|
8,000
|
8,024
|
7.13%, 6/15/2024
|
30,000
|
30,308
|
JPMorgan Core Plus 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
|
||
Wireless Telecommunication Services — continued
|
||
7.63%, 3/1/2026
|
296,000
|
309,460
|
T-Mobile USA, Inc.
|
|
|
4.80%, 7/15/2028
|
2,140,000
|
2,111,910
|
2.63%, 2/15/2029
|
28,000
|
24,478
|
3.38%, 4/15/2029
|
1,250,000
|
1,131,323
|
2.55%, 2/15/2031
|
67,000
|
56,045
|
5.20%, 1/15/2033
|
250,000
|
250,117
|
5.05%, 7/15/2033
|
940,000
|
926,877
|
|
|
5,158,039
|
Total Corporate Bonds
(Cost $319,810,529)
|
|
307,510,645
|
Mortgage-Backed Securities — 17.3%
|
||
FHLMC Gold Pools, 30 Year Pool # G60855, 4.50%, 12/1/2045
|
68,301
|
67,583
|
FHLMC Gold Pools, Other
|
|
|
Pool # WN1158, 1.80%, 11/1/2028
|
4,000,000
|
3,489,468
|
Pool # WN2203, 3.75%, 8/1/2032
|
1,200,000
|
1,133,624
|
Pool # N31271, 4.50%, 1/1/2036
|
13,406
|
13,062
|
FHLMC UMBS, 20 Year Pool # SC0310, 2.00%, 8/1/2042
|
955,355
|
819,231
|
FHLMC UMBS, 30 Year
|
|
|
Pool # QA5045, 4.00%, 11/1/2049
|
75,225
|
71,733
|
Pool # QB1397, 2.50%, 7/1/2050
|
2,229,559
|
1,913,623
|
Pool # SD2301, 3.50%, 3/1/2052
|
1,454,552
|
1,337,802
|
Pool # SD1464, 3.00%, 5/1/2052
|
1,060,300
|
944,735
|
Pool # SD1303, 4.50%, 7/1/2052
|
1,602,409
|
1,553,980
|
Pool # QE8091, 4.00%, 8/1/2052
|
1,760,756
|
1,665,748
|
Pool # SD1725, 4.00%, 10/1/2052
|
1,953,791
|
1,846,628
|
Pool # QF3433, 5.00%, 11/1/2052
|
1,962,527
|
1,946,545
|
Pool # RA8766, 5.00%, 3/1/2053
|
1,984,904
|
1,955,182
|
FNMA UMBS, 20 Year Pool # MA3004, 4.00%, 5/1/2037
|
334,536
|
322,693
|
FNMA UMBS, 30 Year
|
|
|
Pool # AL2374, 4.00%, 12/1/2041
|
98,880
|
96,046
|
Pool # AL4244, 4.00%, 7/1/2042
|
112,998
|
110,360
|
Pool # BM1164, 3.50%, 12/1/2045
|
78,566
|
73,357
|
Pool # MA3073, 4.50%, 7/1/2047
|
18,634
|
18,365
|
Pool # BK4769, 5.00%, 8/1/2048
|
331,944
|
332,480
|
Pool # BN5013, 5.00%, 1/1/2049
|
111,478
|
111,831
|
Pool # BO1073, 4.50%, 6/1/2049
|
27,890
|
27,267
|
Pool # BO3039, 3.00%, 7/1/2049
|
160,818
|
144,144
|
Pool # BN6475, 4.00%, 7/1/2049
|
7,758
|
7,416
|
Pool # BO2562, 4.00%, 7/1/2049
|
81,742
|
78,171
|
Pool # BO4519, 4.00%, 8/1/2049
|
3,492
|
3,330
|
Pool # BO2203, 3.50%, 9/1/2049
|
238,025
|
220,858
|
Pool # FS1186, 3.50%, 1/1/2050
|
1,745,340
|
1,619,871
|
Pool # CA5702, 2.50%, 5/1/2050
|
1,361,051
|
1,175,087
|
Pool # BU0070, 2.50%, 10/1/2051
|
942,267
|
806,398
|
Pool # FS0009, 3.50%, 11/1/2051
|
3,240,886
|
2,982,223
|
Pool # FM9961, 3.00%, 12/1/2051
|
466,311
|
414,329
|
JPMorgan Core Plus 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($)
|
Mortgage-Backed Securities — continued
|
||
Pool # CB2637, 2.50%, 1/1/2052
|
479,762
|
411,487
|
Pool # BV0273, 3.00%, 1/1/2052
|
297,945
|
265,908
|
Pool # CB2670, 3.00%, 1/1/2052
|
447,249
|
397,213
|
Pool # BV3930, 3.00%, 2/1/2052
|
584,612
|
519,762
|
Pool # BV0295, 3.50%, 2/1/2052
|
627,315
|
587,751
|
Pool # FS0957, 3.00%, 3/1/2052
|
277,573
|
246,429
|
Pool # FS1954, 3.00%, 3/1/2052
|
1,846,500
|
1,671,233
|
Pool # CB3132, 3.50%, 3/1/2052
|
2,929,157
|
2,691,420
|
Pool # BW6017, 3.50%, 5/1/2052
|
591,208
|
546,691
|
Pool # CB3608, 3.50%, 5/1/2052
|
5,003,585
|
4,600,697
|
Pool # FS2588, 4.50%, 8/1/2052
|
1,644,541
|
1,596,999
|
Pool # FS3536, 4.50%, 8/1/2052
|
1,944,074
|
1,884,415
|
Pool # CB4830, 4.50%, 9/1/2052
|
1,414,005
|
1,379,142
|
Pool # FS3829, 4.50%, 9/1/2052
|
1,375,590
|
1,335,808
|
Pool # CB4628, 5.00%, 9/1/2052
|
2,383,676
|
2,348,001
|
Pool # CB4837, 5.00%, 10/1/2052
|
1,486,416
|
1,483,444
|
Pool # BX0627, 5.00%, 11/1/2052
|
1,983,274
|
1,967,125
|
Pool # CB5413, 4.00%, 12/1/2052
|
1,983,792
|
1,876,142
|
Pool # CB5428, 4.50%, 12/1/2052
|
1,986,032
|
1,935,837
|
Pool # BX3808, 5.00%, 3/1/2053
|
1,009,628
|
999,805
|
Pool # BX3811, 5.00%, 3/1/2053
|
1,626,303
|
1,604,877
|
Pool # CB5896, 5.00%, 3/1/2053
|
1,972,634
|
1,946,753
|
Pool # BX3824, 5.50%, 3/1/2053
|
364,035
|
364,656
|
Pool # CB5907, 5.50%, 3/1/2053
|
1,131,338
|
1,137,618
|
FNMA, Other
|
|
|
Pool # AM8846, 2.68%, 5/1/2025
|
139,790
|
134,052
|
Pool # AM0414, 2.87%, 9/1/2027
|
396,319
|
375,555
|
Pool # AN7560, 2.90%, 12/1/2027
|
182,120
|
170,097
|
Pool # BL2367, 3.48%, 5/1/2029
|
533,835
|
508,443
|
Pool # BS6079, 3.52%, 7/1/2029
|
2,500,000
|
2,372,247
|
Pool # BS8075, 5.00%, 9/1/2029
|
1,500,000
|
1,545,749
|
Pool # BS1577, 1.82%, 2/1/2030
|
853,542
|
731,673
|
Pool # BS6827, 4.19%, 5/1/2030
|
911,675
|
900,930
|
Pool # BS4878, 2.44%, 6/1/2030
|
591,315
|
524,750
|
Pool # 387898, 3.71%, 8/1/2030
|
741,512
|
706,180
|
Pool # BS5171, 2.51%, 10/1/2030
|
1,925,000
|
1,691,227
|
Pool # BS5985, 3.99%, 11/1/2030
|
425,000
|
413,600
|
Pool # BS8033, 4.43%, 11/1/2030
|
3,090,000
|
3,085,656
|
Pool # BS8306, 4.52%, 12/1/2030
|
2,997,507
|
3,014,981
|
Pool # BL9645, 1.50%, 1/1/2031
|
100,000
|
80,810
|
Pool # BL9627, 1.56%, 1/1/2031
|
500,000
|
405,999
|
Pool # BS1731, 1.82%, 1/1/2031
|
968,678
|
814,765
|
Pool # BS1304, 1.54%, 3/1/2031
|
1,500,000
|
1,211,137
|
Pool # BS2422, 1.67%, 7/1/2031
|
1,200,000
|
972,008
|
Pool # BS2898, 1.56%, 9/1/2031
|
1,000,000
|
799,401
|
Pool # BS4116, 2.28%, 10/1/2031
|
771,678
|
656,182
|
Pool # BS3612, 1.93%, 11/1/2031
|
1,500,000
|
1,233,873
|
Pool # BS4563, 2.01%, 1/1/2032
|
1,100,000
|
912,744
|
Pool # BS3464, 2.03%, 1/1/2032
|
1,112,000
|
923,584
|
JPMorgan Core Plus 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($)
|
Mortgage-Backed Securities — continued
|
||
Pool # BS4709, 2.22%, 2/1/2032
|
2,000,000
|
1,671,848
|
Pool # BM7037, 1.75%, 3/1/2032 (j)
|
1,099,480
|
900,632
|
Pool # BS4654, 2.39%, 3/1/2032
|
1,467,505
|
1,260,734
|
Pool # BL6367, 1.82%, 4/1/2032
|
329,478
|
271,335
|
Pool # BS5130, 2.55%, 4/1/2032
|
490,396
|
427,981
|
Pool # BS5463, 3.34%, 5/1/2032
|
1,763,067
|
1,630,400
|
Pool # BS5597, 3.59%, 5/1/2032
|
1,175,000
|
1,096,062
|
Pool # BS5195, 2.80%, 6/1/2032
|
2,042,650
|
1,800,544
|
Pool # BS5875, 3.66%, 6/1/2032
|
2,128,918
|
1,998,667
|
Pool # BS6301, 3.67%, 8/1/2032
|
945,000
|
890,787
|
Pool # BS6385, 3.89%, 8/1/2032
|
2,471,707
|
2,377,844
|
Pool # BS6448, 3.93%, 8/1/2032
|
1,550,000
|
1,491,314
|
Pool # BS6502, 3.41%, 9/1/2032
|
2,995,474
|
2,781,476
|
Pool # BS6335, 3.75%, 9/1/2032
|
1,030,000
|
978,315
|
Pool # BS6339, 3.80%, 9/1/2032
|
1,056,986
|
1,003,716
|
Pool # BS6347, 4.03%, 9/1/2032
|
350,000
|
333,683
|
Pool # BS6759, 3.97%, 10/1/2032
|
899,968
|
870,665
|
Pool # BL8708, 1.40%, 11/1/2032
|
200,000
|
152,306
|
Pool # BS6995, 4.18%, 11/1/2032
|
1,015,000
|
991,861
|
Pool # BS6849, 4.23%, 11/1/2032
|
794,382
|
782,130
|
Pool # BS6815, 4.71%, 11/1/2032
|
1,283,000
|
1,301,092
|
Pool # BS6994, 4.85%, 11/1/2032
|
661,000
|
677,740
|
Pool # BS7203, 4.98%, 11/1/2032
|
1,249,000
|
1,295,573
|
Pool # BS7095, 4.80%, 12/1/2032
|
1,023,597
|
1,045,422
|
Pool # BS7663, 4.71%, 1/1/2033
|
2,000,000
|
2,033,538
|
Pool # BS7671, 4.76%, 2/1/2033
|
2,177,000
|
2,218,529
|
Pool # BS8334, 4.71%, 3/1/2033
|
2,368,369
|
2,396,676
|
Pool # BS8277, 4.39%, 4/1/2033
|
3,014,000
|
2,995,855
|
Pool # BS8157, 4.51%, 4/1/2033
|
2,750,000
|
2,759,947
|
Pool # BS8256, 4.53%, 4/1/2033
|
2,000,000
|
2,009,206
|
Pool # BS8055, 4.71%, 4/1/2033
|
1,500,000
|
1,521,832
|
Pool # BS8152, 4.55%, 5/1/2033
|
2,000,000
|
2,013,991
|
Pool # BS8703, 4.48%, 6/1/2033 ‡ (i)
|
3,000,000
|
3,004,016
|
Pool # AN6000, 3.21%, 7/1/2033
|
963,284
|
877,816
|
Pool # AN9725, 3.76%, 7/1/2033
|
101,591
|
96,903
|
Pool # BS4197, 2.14%, 12/1/2033
|
500,000
|
411,094
|
Pool # BS6427, 3.75%, 9/1/2034
|
1,010,000
|
938,996
|
Pool # BL3772, 2.92%, 10/1/2034
|
685,262
|
604,975
|
Pool # BS5018, 2.88%, 10/1/2035
|
750,000
|
612,483
|
Pool # AN7345, 3.21%, 11/1/2037
|
627,566
|
564,206
|
Pool # MA1072, 3.50%, 5/1/2042
|
10,050
|
9,435
|
Pool # BF0230, 5.50%, 1/1/2058
|
397,881
|
410,019
|
Pool # BF0400, 4.00%, 8/1/2059
|
697,471
|
658,281
|
Pool # BF0497, 3.00%, 7/1/2060
|
71,963
|
61,926
|
Pool # BF0560, 2.50%, 9/1/2061
|
915,431
|
757,324
|
Pool # BF0562, 3.50%, 9/1/2061
|
908,297
|
828,909
|
Pool # BF0583, 4.00%, 12/1/2061
|
910,122
|
859,794
|
Pool # BF0586, 5.00%, 12/1/2061
|
935,380
|
924,151
|
Pool # BF0617, 2.50%, 3/1/2062 (i)
|
3,227,944
|
2,664,440
|
JPMorgan Core Plus 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($)
|
Mortgage-Backed Securities — continued
|
||
Pool # BF0677, 4.00%, 9/1/2062 (i)
|
3,189,836
|
3,013,438
|
FNMA/FHLMC UMBS, Single Family, 30 Year TBA, 4.00%, 6/25/2053 (i)
|
1,825,000
|
1,724,055
|
GNMA I, 30 Year
|
|
|
Pool # CO1928, 5.50%, 10/15/2052
|
1,283,474
|
1,322,651
|
Pool # CR2369, 6.00%, 1/15/2053
|
1,809,172
|
1,912,974
|
GNMA II
|
|
|
Pool # CJ7125, ARM, 6.11%, 10/20/2071 (j)
|
463,339
|
473,548
|
Pool # CJ7141, ARM, 6.04%, 11/20/2071 (j)
|
445,554
|
453,777
|
Pool # CE9384, ARM, 6.11%, 11/20/2071 (j)
|
748,262
|
764,211
|
Pool # CE5557, ARM, 6.21%, 11/20/2071 (j)
|
101,433
|
104,298
|
Pool # CK2792, ARM, 6.21%, 3/20/2072 (j)
|
811,533
|
835,201
|
Pool # CO0363, ARM, 6.37%, 7/20/2072 (j)
|
781,902
|
814,243
|
GNMA II, 30 Year
|
|
|
Pool # AJ9020, 4.50%, 10/20/2044
|
33,367
|
32,438
|
Pool # BB3525, 4.00%, 9/20/2047
|
23,867
|
22,991
|
Pool # BM2418, 4.00%, 8/20/2049
|
16,006
|
15,611
|
Pool # BN7049, 4.50%, 8/20/2049
|
137,360
|
134,836
|
Pool # BP7160, 4.50%, 9/20/2049
|
86,119
|
86,683
|
Pool # CC9803, 4.00%, 4/20/2051
|
286,972
|
273,544
|
Pool # MA7534, 2.50%, 8/20/2051
|
4,491,494
|
3,928,969
|
Pool # MA7705, 2.50%, 11/20/2051
|
6,175,318
|
5,409,475
|
Pool # CH7863, 3.50%, 12/20/2051
|
665,862
|
621,012
|
Pool # CI2080, 3.50%, 12/20/2051
|
842,399
|
760,387
|
Pool # CH0876, 3.00%, 1/20/2052
|
109,818
|
99,257
|
Pool # CH0877, 3.00%, 1/20/2052
|
271,915
|
245,679
|
Pool # CH0878, 3.00%, 1/20/2052
|
306,286
|
276,621
|
Pool # CJ3916, 3.00%, 1/20/2052
|
740,299
|
682,140
|
Pool # CK2608, 3.00%, 1/20/2052
|
469,056
|
422,922
|
Pool # CK4909, 3.00%, 1/20/2052
|
97,344
|
87,770
|
Pool # CK4916, 3.00%, 1/20/2052
|
211,964
|
190,781
|
Pool # CJ8184, 3.50%, 1/20/2052
|
611,285
|
566,948
|
Pool # CK4918, 3.50%, 1/20/2052
|
71,604
|
66,869
|
Pool # CK7137, 4.00%, 1/20/2052
|
474,373
|
441,321
|
Pool # CK2667, 3.00%, 2/20/2052
|
608,108
|
547,258
|
Pool # CK2672, 3.50%, 2/20/2052
|
585,949
|
547,027
|
Pool # CM2154, 3.00%, 3/20/2052
|
779,996
|
700,369
|
Pool # CM2278, 3.50%, 4/20/2052
|
853,196
|
795,466
|
Pool # CO4826, 5.00%, 6/20/2052
|
566,271
|
559,197
|
Pool # CO4847, 5.00%, 7/20/2052
|
845,464
|
834,902
|
Pool # MA8200, 4.00%, 8/20/2052
|
1,920,280
|
1,824,477
|
Pool # CO1924, 4.50%, 10/20/2052
|
1,196,308
|
1,174,104
|
Pool # CP8517, 4.50%, 10/20/2052
|
991,025
|
949,969
|
Pool # CO1925, 5.00%, 10/20/2052
|
991,838
|
999,059
|
Total Mortgage-Backed Securities
(Cost $185,930,688)
|
|
180,270,973
|
Asset-Backed Securities — 17.2%
|
||
ACC Trust Series 2022-1, Class C, 3.24%, 10/20/2025 (a)
|
1,000,000
|
961,196
|
ACHV ABS TRUST
|
|
|
Series 2023-1PL, Class C, 7.42%, 3/18/2030 (a)
|
1,977,000
|
1,976,151
|
JPMorgan Core Plus Bond ETF
SCHEDULE OF PORTFOLIO INVESTMENTS
AS OF May 31, 2023 (Unaudited) (continued)
SCHEDULE OF PORTFOLIO INVESTMENTS
AS OF May 31, 2023 (Unaudited) (continued)
INVESTMENTS
|
PRINCIPAL
AMOUNT($)
|
VALUE($)
|
Asset-Backed Securities — continued
|
||
Series 2023-2PL, Class C, 7.27%, 5/20/2030 (a)
|
2,900,000
|
2,893,980
|
ACRE Commercial Mortgage Ltd. Series 2021-FL4, Class B, 6.51%, 12/18/2037 (a) (j)
|
250,000
|
233,016
|
Air Canada Pass-Through Trust (Canada) Series 2017-1, Class AA, 3.30%, 1/15/2030 (a)
|
384,800
|
339,923
|
American Airlines Pass-Through Trust Series 2015-2, Class A, 4.00%, 9/22/2027
|
180,469
|
162,467
|
American Credit Acceptance Receivables Trust
|
|
|
Series 2020-2, Class C, 3.88%, 4/13/2026 (a)
|
81,124
|
80,656
|
Series 2022-2, Class E, 6.57%, 6/13/2028 (a)
|
300,000
|
278,014
|
Series 2022-3, Class D, 5.83%, 10/13/2028 (a)
|
506,000
|
497,421
|
American Homes 4 Rent Trust
|
|
|
Series 2014-SFR3, Class B, 4.20%, 12/17/2036 (a)
|
125,000
|
121,634
|
Series 2015-SFR1, Class E, 5.64%, 4/17/2052 (a)
|
150,000
|
147,087
|
Series 2015-SFR1, Class F, 5.89%, 4/17/2052 (a)
|
400,000
|
391,124
|
Series 2015-SFR2, Class A, 3.73%, 10/17/2052 (a)
|
89,122
|
85,777
|
AMSR Trust
|
|
|
Series 2020-SFR1, Class E, 3.22%, 4/17/2037 (a)
|
500,000
|
464,868
|
Series 2020-SFR2, Class E2, 4.28%, 7/17/2037 (a)
|
375,000
|
354,996
|
Series 2020-SFR3, Class E1, 2.56%, 9/17/2037 (a)
|
2,082,000
|
1,892,996
|
Series 2020-SFR3, Class E2, 2.76%, 9/17/2037 (a)
|
350,000
|
318,717
|
Series 2020-SFR4, Class A, 1.36%, 11/17/2037 (a)
|
1,500,000
|
1,361,469
|
Series 2020-SFR5, Class D, 2.18%, 11/17/2037 (a)
|
3,000,000
|
2,696,524
|
Series 2020-SFR4, Class E2, 2.46%, 11/17/2037 (a)
|
425,000
|
380,194
|
Series 2021-SFR3, Class C, 1.80%, 10/17/2038 (a)
|
1,000,000
|
864,608
|
Series 2022-SFR1, Class F, 6.02%, 3/17/2039 (a)
|
750,000
|
665,200
|
Series 2022-SFR3, Class E2, 4.00%, 10/17/2039 (a)
|
1,000,000
|
852,074
|
Series 2023-SFR1, Class E2, 4.00%, 4/17/2040 (a)
|
2,085,000
|
1,772,605
|
Aqua Finance Trust Series 2019-A, Class B, 3.47%, 7/16/2040 (a)
|
222,895
|
206,512
|
Avid Automobile Receivables Trust Series 2019-1, Class D, 4.03%, 7/15/2026 (a)
|
300,000
|
297,797
|
British Airways Pass-Through Trust (United Kingdom) Series 2013-1, Class A, 4.63%, 6/20/2024 (a)
|
101,425
|
100,031
|
Business Jet Securities LLC
|
|
|
Series 2020-1A, Class A, 2.98%, 11/15/2035 ‡ (a)
|
499,315
|
472,201
|
Series 2020-1A, Class B, 3.97%, 11/15/2035 ‡ (a)
|
3,057,385
|
2,863,940
|
Series 2021-1A, Class A, 2.16%, 4/15/2036 ‡ (a)
|
203,939
|
187,626
|
Series 2021-1A, Class B, 2.92%, 4/15/2036 ‡ (a)
|
460,040
|
407,738
|
Series 2021-1A, Class C, 5.07%, 4/15/2036 ‡ (a)
|
202,682
|
186,165
|
BXG Receivables Note Trust Series 2020-A, Class C, 4.22%, 2/28/2036 (a)
|
1,827,083
|
1,688,066
|
CarNow Auto Receivables Trust Series 2021-1A, Class C, 2.16%, 2/17/2026 (a)
|
161,615
|
159,468
|
Carvana Auto Receivables Trust
|
|
|
Series 2019-4A, Class D, 3.07%, 7/15/2025 (a)
|
72,601
|
71,800
|
Series 2023-P2, Class A4, 5.38%, 3/12/2029 (a)
|
2,000,000
|
1,970,391
|
Cascade MH Asset Trust
|
|
|
Series 2019-MH1, Class B, 5.00%, 11/25/2044 ‡ (a) (j)
|
401,843
|
365,754
|
Series 2021-MH1, Class A1, 1.75%, 2/25/2046 (a)
|
884,893
|
761,929
|
Series 2022-MH1, Class M, 4.25%, 8/25/2054 ‡ (a) (g)
|
965,972
|
769,393
|
Continental Finance Credit Card ABS Master Trust Series 2022-A, Class A, 6.19%, 10/15/2030 (a)
|
825,000
|
799,438
|
CoreVest American Finance Trust
|
|
|
Series 2019-1, Class E, 5.60%, 3/15/2052 (a) (j)
|
551,000
|
511,150
|
Series 2019-2, Class E, 5.24%, 6/15/2052 (a) (j)
|
650,000
|
586,118
|
Series 2019-3, Class E, 4.75%, 10/15/2052 (a) (j)
|
570,000
|
482,310
|
JPMorgan Core Plus 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($)
|
Asset-Backed Securities — continued
|
||
CPS Auto Receivables Trust
|
|
|
Series 2022-D, Class D, 8.73%, 1/16/2029 (a)
|
1,000,000
|
1,056,275
|
Series 2023-A, Class D, 6.44%, 4/16/2029 (a)
|
723,000
|
718,177
|
Series 2022-C, Class C, 5.28%, 4/15/2030 (a)
|
1,000,000
|
986,722
|
Credit Acceptance Auto Loan Trust
|
|
|
Series 2022-3A, Class D, 9.00%, 4/18/2033 (a)
|
1,000,000
|
1,003,046
|
Series 2023-1A, Class C, 7.71%, 7/15/2033 (a)
|
1,675,000
|
1,703,226
|
Series 2023-2A, Class C, 7.15%, 9/15/2033 (a)
|
1,500,000
|
1,493,929
|
DataBank Issuer Series 2021-1A, Class A2, 2.06%, 2/27/2051 (a)
|
250,000
|
221,493
|
Delta Air Lines Pass-Through Trust Series 2019-1, Class AA, 3.20%, 4/25/2024
|
15,000
|
14,637
|
Diamond Resorts Owner Trust
|
|
|
Series 2021-1A, Class A, 1.51%, 11/21/2033 (a)
|
198,025
|
182,075
|
Series 2021-1A, Class D, 3.83%, 11/21/2033 (a)
|
173,706
|
157,196
|
Drive Auto Receivables Trust Series 2020-2, Class D, 3.05%, 5/15/2028
|
750,000
|
733,060
|
DT Auto Owner Trust
|
|
|
Series 2020-2A, Class D, 4.73%, 3/16/2026 (a)
|
500,000
|
492,152
|
Series 2022-3A, Class C, 7.69%, 7/17/2028 (a)
|
1,350,000
|
1,390,025
|
Series 2023-1A, Class D, 6.44%, 11/15/2028 (a)
|
1,440,000
|
1,435,640
|
Series 2023-2A, Class D, 6.62%, 2/15/2029 (a)
|
1,600,000
|
1,596,392
|
Elara HGV Timeshare Issuer LLC
|
|
|
Series 2021-A, Class C, 2.09%, 8/27/2035 (a)
|
427,036
|
376,572
|
Series 2021-A, Class D, 3.32%, 8/27/2035 (a)
|
152,513
|
135,428
|
Exeter Automobile Receivables Trust
|
|
|
Series 2020-2A, Class C, 3.28%, 5/15/2025 (a)
|
1,248
|
1,246
|
Series 2020-2A, Class D, 4.73%, 4/15/2026 (a)
|
400,000
|
396,504
|
Series 2023-2A, Class C, 5.75%, 7/17/2028
|
969,000
|
963,481
|
Series 2022-3A, Class D, 6.76%, 9/15/2028
|
1,000,000
|
1,003,637
|
Series 2022-5A, Class D, 7.40%, 2/15/2029
|
1,000,000
|
1,011,055
|
Series 2022-6A, Class D, 8.03%, 4/6/2029
|
1,291,000
|
1,348,054
|
Series 2022-4A, Class E, 8.23%, 3/15/2030 (a)
|
1,000,000
|
923,823
|
FHF Trust
|
|
|
Series 2021-1A, Class A, 1.27%, 3/15/2027 (a)
|
163,367
|
156,854
|
Series 2022-2A, Class A, 6.14%, 12/15/2027 (a)
|
1,125,519
|
1,109,426
|
FirstKey Homes Trust
|
|
|
Series 2020-SFR1, Class E, 2.79%, 8/17/2037 (a)
|
2,300,000
|
2,103,777
|
Series 2020-SFR1, Class F1, 3.64%, 8/17/2037 (a)
|
2,201,000
|
2,043,175
|
Series 2020-SFR2, Class E, 2.67%, 10/19/2037 (a)
|
1,500,000
|
1,368,349
|
Series 2020-SFR2, Class F1, 3.02%, 10/19/2037 (a)
|
1,000,000
|
907,999
|
Series 2020-SFR2, Class F2, 3.12%, 10/19/2037 (a)
|
560,000
|
507,968
|
Series 2022-SFR3, Class D, 3.50%, 7/17/2038 (a)
|
1,250,000
|
1,135,805
|
Series 2021-SFR1, Class E1, 2.39%, 8/17/2038 (a)
|
500,000
|
426,061
|
Series 2021-SFR1, Class F1, 3.24%, 8/17/2038 (a)
|
600,000
|
511,267
|
Series 2021-SFR2, Class E1, 2.26%, 9/17/2038 (a)
|
635,000
|
544,226
|
Series 2021-SFR2, Class E2, 2.36%, 9/17/2038 (a)
|
814,000
|
695,721
|
Series 2022-SFR1, Class E2, 5.00%, 5/17/2039 (a)
|
2,000,000
|
1,816,334
|
Series 2022-SFR2, Class E2, 4.50%, 7/17/2039 (a)
|
492,000
|
429,078
|
Flagship Credit Auto Trust
|
|
|
Series 2020-4, Class D, 2.18%, 2/16/2027 (a)
|
280,000
|
261,012
|
Series 2021-4, Class C, 1.96%, 12/15/2027 (a)
|
500,000
|
458,265
|
JPMorgan Core Plus 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($)
|
Asset-Backed Securities — continued
|
||
Series 2023-2, Class C, 5.81%, 5/15/2029 (a)
|
535,000
|
532,131
|
Series 2022-3, Class E, 7.95%, 10/15/2029 (a)
|
1,000,000
|
916,695
|
FMC GMSR Issuer Trust
|
|
|
Series 2021-GT1, Class B, 4.36%, 7/25/2026 (a) (j)
|
900,000
|
711,154
|
Series 2022-GT1, Class A, 6.19%, 4/25/2027 (a)
|
2,000,000
|
1,867,729
|
Series 2022-GT1, Class B, 7.17%, 4/25/2027 (a)
|
600,000
|
539,106
|
Series 2022-GT2, Class B, 10.07%, 7/25/2027 (a)
|
1,000,000
|
948,275
|
FNMA, Grantor Trust Series 2017-T1, Class A, 2.90%, 6/25/2027
|
1,092,296
|
1,021,440
|
Foundation Finance Trust
|
|
|
Series 2020-1A, Class B, 4.62%, 7/16/2040 (a)
|
300,000
|
283,543
|
Series 2020-1A, Class C, 5.75%, 7/16/2040 ‡ (a)
|
1,450,000
|
1,345,211
|
Series 2021-1A, Class C, 2.99%, 5/15/2041 (a)
|
536,000
|
458,692
|
Series 2023-1A, Class D, 9.18%, 12/15/2043 ‡ (a)
|
2,000,000
|
1,978,968
|
FREED ABS Trust
|
|
|
Series 2021-2, Class C, 1.94%, 6/19/2028 (a)
|
143,537
|
140,661
|
Series 2022-1FP, Class D, 3.35%, 3/19/2029 (a)
|
700,000
|
630,617
|
Series 2022-3FP, Class C, 7.05%, 8/20/2029 (a)
|
500,000
|
498,844
|
Series 2022-4FP, Class C, 8.59%, 12/18/2029 (a)
|
1,000,000
|
1,021,268
|
FRTKL Series 2021-SFR1, Class D, 2.17%, 9/17/2038 (a)
|
1,000,000
|
857,192
|
GLS Auto Receivables Issuer Trust
|
|
|
Series 2022-1A, Class D, 3.97%, 1/18/2028 (a)
|
1,000,000
|
949,025
|
Series 2021-2A, Class E, 2.87%, 5/15/2028 (a)
|
1,500,000
|
1,353,623
|
Series 2022-3A, Class E, 8.35%, 10/15/2029 (a)
|
750,000
|
723,181
|
Series 2023-2A, Class E, 9.37%, 1/15/2030 (a)
|
2,000,000
|
1,983,538
|
Series 2023-1A, Class E, 11.42%, 3/15/2030 (a)
|
1,500,000
|
1,574,532
|
HGI CRE CLO Ltd. (Cayman Islands)
|
|
|
Series 2022-FL3, Class B, 7.48%, 4/20/2037 (a) (j)
|
1,000,000
|
975,133
|
Series 2022-FL3, Class E, 9.18%, 4/20/2037 (a) (j)
|
663,500
|
626,093
|
Hilton Grand Vacations Trust
|
|
|
Series 2022-1D, Class D, 6.79%, 6/20/2034 (a)
|
289,947
|
276,948
|
Series 2022-2A, Class D, 8.73%, 1/25/2037 (a)
|
522,734
|
511,532
|
Series 2020-AA, Class C, 6.42%, 2/25/2039 (a)
|
192,099
|
188,979
|
HIN Timeshare Trust
|
|
|
Series 2020-A, Class D, 5.50%, 10/9/2039 (a)
|
81,845
|
75,693
|
Series 2020-A, Class E, 6.50%, 10/9/2039 (a)
|
368,301
|
341,226
|
HINNT LLC Series 2022-A, Class D, 6.50%, 5/15/2041 (a)
|
626,083
|
595,321
|
Home Partners of America Trust Series 2022-1, Class D, 4.73%, 4/17/2039 (a)
|
957,452
|
888,761
|
Lendingpoint Asset Securitization Trust Series 2022-A, Class D, 4.54%, 6/15/2029 (a)
|
1,000,000
|
875,803
|
Lendmark Funding Trust
|
|
|
Series 2021-1A, Class D, 5.05%, 11/20/2031 (a)
|
870,000
|
674,763
|
Series 2021-2A, Class B, 2.37%, 4/20/2032 (a)
|
1,000,000
|
826,153
|
Series 2023-1A, Class D, 8.69%, 5/20/2033 (a)
|
530,000
|
526,620
|
LP LMS Asset Securitization Trust
|
|
|
6.17%, 10/15/2028 ‡
|
550,000
|
537,020
|
Series 2023-1A, Class B, 7.48%, 10/17/2033 ‡ (a)
|
1,500,000
|
1,402,255
|
Series 2023-1A, Class A, 8.18%, 10/17/2033 ‡ (a)
|
1,279,036
|
1,284,084
|
Mariner Finance Issuance Trust
|
|
|
Series 2019-AA, Class D, 5.44%, 7/20/2032 (a)
|
1,500,000
|
1,392,311
|
Series 2020-AA, Class D, 5.75%, 8/21/2034 (a)
|
2,070,000
|
1,810,714
|
JPMorgan Core Plus 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($)
|
Asset-Backed Securities — continued
|
||
Series 2021-AA, Class D, 3.83%, 3/20/2036 (a)
|
351,000
|
292,132
|
Series 2022-AA, Class D, 9.10%, 10/20/2037 (a)
|
650,000
|
653,528
|
Marlette Funding Trust
|
|
|
Series 2023-1A, Class C, 7.20%, 4/15/2033 (a)
|
980,000
|
989,261
|
Series 2023-2A, Class C, 6.96%, 6/15/2033 (a)
|
375,000
|
373,765
|
Mercury Financial Credit Card Master Trust Series 2023-1A, Class A, 8.04%, 9/20/2027 (a)
|
1,584,000
|
1,582,291
|
MVW LLC
|
|
|
Series 2020-1A, Class C, 4.21%, 10/20/2037 (a)
|
116,182
|
109,457
|
Series 2020-1A, Class D, 7.14%, 10/20/2037 (a)
|
1,161,820
|
1,108,443
|
Series 2019-2A, Class B, 2.44%, 10/20/2038 (a)
|
54,647
|
50,603
|
Series 2023-1A, Class C, 6.54%, 10/20/2040 (a)
|
2,908,988
|
2,880,668
|
Series 2022-2A, Class C, 7.62%, 10/21/2041 (a)
|
855,212
|
866,141
|
Series 2022-2A, Class D, 9.00%, 10/21/2041 (a)
|
2,076,455
|
2,063,726
|
MVW Owner Trust Series 2019-1A, Class C, 3.33%, 11/20/2036 (a)
|
32,723
|
30,759
|
New Residential Mortgage LLC Series 2020-FNT1, Class A, 5.44%, 6/25/2025 (a)
|
1,974,210
|
1,883,936
|
New Residential Mortgage Loan Trust
|
|
|
Series 2022-SFR1, Class D, 3.30%, 2/17/2039 (a)
|
340,000
|
298,540
|
Series 2022-SFR1, Class E1, 3.55%, 2/17/2039 (a)
|
420,000
|
358,738
|
NMEF Funding LLC Series 2021-A, Class C, 2.58%, 12/15/2027 (a)
|
600,000
|
571,341
|
NRZ Excess Spread-Collateralized Notes
|
|
|
Series 2020-PLS1, Class A, 3.84%, 12/25/2025 (a)
|
176,914
|
163,818
|
Series 2021-FNT1, Class A, 2.98%, 3/25/2026 (a)
|
670,930
|
605,241
|
Series 2021-FNT2, Class A, 3.23%, 5/25/2026 (a)
|
187,835
|
168,698
|
Series 2021-GNT1, Class A, 3.47%, 11/25/2026 (a)
|
2,713,730
|
2,460,381
|
NRZ FHT Excess LLC Series 2020-FHT1, Class A, 4.21%, 11/25/2025 (a)
|
708,559
|
655,539
|
Octane Receivables Trust
|
|
|
Series 2020-1A, Class C, 2.89%, 3/20/2026 (a)
|
350,000
|
336,215
|
Series 2022-2A, Class C, 6.29%, 7/20/2028 (a)
|
1,390,000
|
1,383,711
|
Series 2022-2A, Class D, 7.70%, 2/20/2030 (a)
|
2,000,000
|
2,010,630
|
OneMain Direct Auto Receivables Trust Series 2019-1A, Class B, 3.95%, 11/14/2028 (a)
|
1,000,000
|
956,458
|
Oportun Funding XIV LLC
|
|
|
Series 2021-A, Class A, 1.21%, 3/8/2028 (a)
|
1,396,436
|
1,331,125
|
Series 2021-A, Class C, 3.44%, 3/8/2028 (a)
|
331,654
|
316,988
|
Oportun Issuance Trust
|
|
|
Series 2022-2, Class C, 9.36%, 10/9/2029 (a)
|
1,500,000
|
1,500,367
|
Series 2022-3, Class C, 10.15%, 1/8/2030 (a)
|
1,912,000
|
1,942,994
|
Series 2021-B, Class B, 1.96%, 5/8/2031 (a)
|
400,000
|
357,709
|
Series 2021-B, Class C, 3.65%, 5/8/2031 (a)
|
100,000
|
91,033
|
Series 2022-A, Class C, 7.40%, 6/9/2031 (a)
|
755,000
|
716,803
|
Pagaya AI Debt Selection Trust Series 2021-1, Class B, 2.13%, 11/15/2027 (a)
|
499,794
|
485,711
|
PFP Ltd. (Cayman Islands)
|
|
|
Series 2021-7, Class C, 6.76%, 4/14/2038 (a) (j)
|
164,992
|
152,059
|
Series 2021-7, Class D, 7.51%, 4/14/2038 (a) (j)
|
169,991
|
158,799
|
Porsche Financial Auto Securitization Trust Series 2023-1A, Class A3, 4.81%, 9/22/2028 (a)
|
1,500,000
|
1,498,003
|
Prestige Auto Receivables Trust Series 2022-1A, Class C, 7.09%, 8/15/2028 (a)
|
1,200,000
|
1,213,329
|
PRET LLC
|
|
|
Series 2021-NPL6, Class A1, 2.49%, 7/25/2051 (a) (g)
|
535,805
|
499,681
|
Series 2021-RN3, Class A1, 1.84%, 9/25/2051 (a) (g)
|
762,405
|
695,570
|
Pretium Mortgage Credit Partners I LLC Series 2021-NPL1, Class A1, 2.24%, 9/27/2060 (a) (g)
|
295,623
|
280,399
|
JPMorgan Core Plus 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($)
|
Asset-Backed Securities — continued
|
||
Progress Residential
|
|
|
Series 2021-SFR3, Class E1, 2.54%, 5/17/2026 (a)
|
450,000
|
390,104
|
Series 2021-SFR3, Class E2, 2.69%, 5/17/2026 (a)
|
645,000
|
558,991
|
Progress Residential Trust
|
|
|
Series 2022-SFR2, Class E2, 4.80%, 4/17/2027 (a)
|
651,000
|
592,551
|
Series 2020-SFR3, Class E, 2.30%, 10/17/2027 (a)
|
2,300,000
|
2,067,285
|
Series 2020-SFR3, Class G, 4.11%, 10/17/2027 (a)
|
500,000
|
454,161
|
Series 2020-SFR1, Class C, 2.18%, 4/17/2037 (a)
|
2,100,000
|
1,944,240
|
Series 2020-SFR1, Class E, 3.03%, 4/17/2037 (a)
|
425,000
|
395,533
|
Series 2020-SFR1, Class F, 3.43%, 4/17/2037 (a)
|
450,000
|
418,911
|
Series 2020-SFR2, Class D, 3.87%, 6/17/2037 (a)
|
750,000
|
707,676
|
Series 2021-SFR2, Class E2, 2.65%, 4/19/2038 (a)
|
400,000
|
348,694
|
Series 2021-SFR5, Class E1, 2.21%, 7/17/2038 (a)
|
950,000
|
812,473
|
Series 2021-SFR5, Class E2, 2.36%, 7/17/2038 (a)
|
270,000
|
228,173
|
Series 2021-SFR8, Class E1, 2.38%, 10/17/2038 (a)
|
2,650,000
|
2,258,919
|
Series 2022-SFR3, Class F, 6.60%, 4/17/2039 (a)
|
665,000
|
617,937
|
Series 2022-SFR5, Class E2, 6.86%, 6/17/2039 (a)
|
388,000
|
368,292
|
Series 2023-SFR1, Class E2, 6.60%, 3/17/2040 (a)
|
796,000
|
758,292
|
Series 2021-SFR7, Class E1, 2.59%, 8/17/2040 (a)
|
793,000
|
632,454
|
Series 2022-SFR1, Class E2, 3.99%, 2/17/2041 (a)
|
750,000
|
638,458
|
ReadyCap Lending Small Business Loan Trust Series 2019-2, Class A, 7.75%, 12/27/2044 (a) (j)
|
60,614
|
58,001
|
Regional Management Issuance Trust
|
|
|
Series 2020-1, Class C, 3.80%, 10/15/2030 (a)
|
1,900,000
|
1,696,160
|
Series 2021-1, Class D, 5.07%, 3/17/2031 (a)
|
500,000
|
420,055
|
Series 2022-2B, Class B, 8.51%, 11/17/2032 (a)
|
1,227,000
|
1,249,337
|
Santander Drive Auto Receivables Trust Series 2023-2, Class C, 5.47%, 12/16/2030
|
1,500,000
|
1,492,916
|
Santander Revolving Auto Loan Trust Series 2019-A, Class D, 3.45%, 1/26/2032 (a)
|
150,000
|
140,243
|
SCF Equipment Leasing LLC Series 2022-2A, Class E, 6.50%, 6/20/2035 (a)
|
1,112,000
|
941,532
|
Sierra Timeshare Receivables Funding LLC
|
|
|
Series 2020-2A, Class D, 6.59%, 7/20/2037 (a)
|
511,099
|
489,474
|
Series 2021-1A, Class D, 3.17%, 11/20/2037 (a)
|
233,364
|
213,136
|
Series 2022-1A, Class D, 6.00%, 10/20/2038 (a)
|
435,922
|
413,972
|
Series 2022-3A, Class D, 10.52%, 7/20/2039 (a)
|
694,072
|
706,114
|
Series 2023-1A, Class D, 9.80%, 1/20/2040 (a)
|
1,616,169
|
1,634,178
|
Series 2022-2A, Class D, 9.22%, 6/20/2040 (a)
|
426,550
|
422,478
|
SpringCastle America Funding LLC Series 2020-AA, Class A, 1.97%, 9/25/2037 (a)
|
585,796
|
524,712
|
Theorem Funding Trust Series 2022-2A, Class A, 6.06%, 12/15/2028 (a)
|
325,218
|
321,940
|
Tricon American Homes Series 2020-SFR1, Class E, 3.54%, 7/17/2038 (a)
|
300,000
|
275,318
|
United Airlines Pass-Through Trust
|
|
|
Series 2014-1, Class A, 4.00%, 4/11/2026
|
112,362
|
106,703
|
Series 2016-2, Class A, 3.10%, 10/7/2028
|
7,093
|
6,094
|
Series 2018-1, Class A, 3.70%, 3/1/2030
|
11,765
|
10,266
|
United Auto Credit Securitization Trust
|
|
|
Series 2022-2, Class C, 5.81%, 5/10/2027 (a)
|
856,000
|
846,779
|
Series 2022-2, Class E, 10.00%, 4/10/2029 (a)
|
1,000,000
|
957,271
|
UOG ABS Issuer I LLC Series 2023-1, Class A1, 8.35%, 6/5/2040 ‡ (a)
|
1,000,000
|
1,000,000
|
Upstart Securitization Trust Series 2022-4, Class A, 5.98%, 8/20/2032 (a)
|
789,257
|
778,944
|
Upstart Structured Pass-Through Trust Series 2022-4A, Class A, 7.01%, 11/15/2030 (a)
|
972,396
|
969,151
|
US Airways Pass-Through Trust Series 2011-1, Class A, 7.13%, 10/22/2023
|
11,209
|
11,166
|
JPMorgan Core Plus 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($)
|
Asset-Backed Securities — continued
|
||
US Auto Funding Trust Series 2022-1A, Class D, 9.14%, 7/15/2027 (a)
|
1,000,000
|
690,129
|
USASF Receivables LLC Series 2020-1A, Class D, 9.35%, 3/15/2027 (a)
|
750,000
|
753,564
|
VCAT LLC
|
|
|
Series 2021-NPL1, Class A1, 2.29%, 12/26/2050 (a) (g)
|
156,091
|
148,871
|
Series 2021-NPL5, Class A1, 1.87%, 8/25/2051 (a) (g)
|
541,957
|
493,161
|
Veros Auto Receivables Trust Series 2021-1, Class B, 1.49%, 10/15/2026 (a)
|
300,000
|
289,359
|
VOLT CV LLC Series 2021-CF2, Class A1, 2.49%, 11/27/2051 (a) (g)
|
1,556,328
|
1,434,490
|
VOLT XCII LLC Series 2021-NPL1, Class A1, 1.89%, 2/27/2051 (a) (g)
|
1,008,242
|
916,787
|
VOLT XCIII LLC Series 2021-NPL2, Class A1, 1.89%, 2/27/2051 (a) (g)
|
619,531
|
564,217
|
VOLT XCIV LLC Series 2021-NPL3, Class A1, 2.24%, 2/27/2051 (a) (g)
|
203,566
|
188,718
|
Westgate Resorts LLC
|
|
|
Series 2020-1A, Class C, 6.21%, 3/20/2034 (a)
|
74,736
|
73,648
|
Series 2022-1A, Class B, 2.29%, 8/20/2036 (a)
|
160,183
|
150,586
|
Series 2022-1A, Class D, 3.84%, 8/20/2036 (a)
|
640,733
|
594,674
|
Series 2023-1A, Class C, 7.49%, 12/20/2037 ‡ (a)
|
3,000,000
|
3,002,417
|
Westlake Automobile Receivables Trust
|
|
|
Series 2021-3A, Class D, 2.12%, 1/15/2027 (a)
|
500,000
|
462,366
|
Series 2021-3A, Class E, 3.42%, 4/15/2027 (a)
|
2,500,000
|
2,258,741
|
Series 2022-2A, Class D, 5.48%, 9/15/2027 (a)
|
1,000,000
|
979,496
|
Series 2023-1A, Class D, 6.79%, 11/15/2028 (a)
|
905,000
|
908,631
|
Series 2023-2A, Class D, 7.01%, 11/15/2028 (a)
|
1,219,000
|
1,231,142
|
Total Asset-Backed Securities
(Cost $183,084,297)
|
|
179,759,191
|
U.S. Treasury Obligations — 16.1%
|
||
U.S. Treasury Bonds
|
|
|
4.50%, 8/15/2039
|
1,534,000
|
1,664,750
|
1.13%, 5/15/2040
|
2,073,000
|
1,347,207
|
4.38%, 5/15/2040
|
370,000
|
394,325
|
1.13%, 8/15/2040
|
6,437,100
|
4,146,649
|
1.38%, 11/15/2040
|
2,866,000
|
1,921,451
|
4.75%, 2/15/2041
|
2,968,000
|
3,304,914
|
2.25%, 5/15/2041
|
4,977,000
|
3,849,010
|
4.38%, 5/15/2041
|
811,000
|
860,895
|
2.75%, 11/15/2042
|
3,551,000
|
2,936,510
|
4.00%, 11/15/2042
|
11,985,000
|
11,992,491
|
3.63%, 8/15/2043
|
2,027,000
|
1,917,970
|
3.75%, 11/15/2043
|
2,226,000
|
2,143,916
|
2.88%, 8/15/2045
|
809,000
|
670,364
|
3.38%, 11/15/2048
|
8,534,000
|
7,731,937
|
2.38%, 11/15/2049
|
7,721,000
|
5,764,511
|
2.00%, 2/15/2050
|
358,000
|
245,048
|
1.88%, 2/15/2051
|
2,622,000
|
1,731,954
|
2.38%, 5/15/2051
|
13,009,000
|
9,666,805
|
2.25%, 2/15/2052
|
1,775,000
|
1,280,219
|
4.00%, 11/15/2052
|
5,604,000
|
5,760,737
|
3.63%, 2/15/2053
|
3,914,000
|
3,759,275
|
U.S. Treasury Notes
|
|
|
2.13%, 2/29/2024
|
156,000
|
152,386
|
1.13%, 2/28/2025
|
565,000
|
532,512
|
JPMorgan Core Plus Bond ETF
SCHEDULE OF PORTFOLIO INVESTMENTS
AS OF May 31, 2023 (Unaudited) (continued)
SCHEDULE OF PORTFOLIO INVESTMENTS
AS OF May 31, 2023 (Unaudited) (continued)
INVESTMENTS
|
PRINCIPAL
AMOUNT($)
|
VALUE($)
|
U.S. Treasury Obligations — continued
|
||
0.25%, 8/31/2025
|
1,548,000
|
1,415,150
|
3.88%, 1/15/2026
|
7,383,000
|
7,331,377
|
1.13%, 10/31/2026
|
10,471,000
|
9,525,747
|
0.50%, 8/31/2027
|
6,112,000
|
5,310,994
|
3.13%, 8/31/2027
|
1,895,000
|
1,839,482
|
0.63%, 11/30/2027
|
2,224,000
|
1,930,536
|
1.25%, 3/31/2028
|
180,000
|
159,757
|
1.25%, 4/30/2028
|
4,100,000
|
3,633,144
|
1.25%, 9/30/2028
|
16,718,000
|
14,679,841
|
3.13%, 8/31/2029
|
1,870,000
|
1,804,842
|
0.88%, 11/15/2030
|
430,000
|
353,524
|
1.88%, 2/15/2032
|
5,701,000
|
4,954,525
|
2.88%, 5/15/2032
|
5,040,000
|
4,741,341
|
2.75%, 8/15/2032
|
5,487,000
|
5,102,267
|
4.13%, 11/15/2032
|
14,864,000
|
15,414,432
|
U.S. Treasury STRIPS Bonds
|
|
|
2.56%, 5/15/2032 (k)
|
2,200,000
|
1,576,590
|
1.66%, 5/15/2033 (k)
|
3,205,000
|
2,202,574
|
3.73%, 2/15/2034 (k)
|
4,986,000
|
3,320,161
|
4.06%, 8/15/2039 (k)
|
511,000
|
266,945
|
4.18%, 2/15/2040 (k)
|
2,155,000
|
1,098,169
|
2.41%, 11/15/2040 (k)
|
3,172,000
|
1,562,780
|
3.99%, 5/15/2041 (k)
|
10,019,000
|
4,801,961
|
2.34%, 8/15/2041 (k)
|
207,000
|
98,141
|
2.25%, 11/15/2041 (k)
|
845,000
|
405,349
|
2.67%, 2/15/2042 (k)
|
1,065,000
|
492,521
|
1.42%, 2/15/2045 (k)
|
649,000
|
269,623
|
Total U.S. Treasury Obligations
(Cost $178,208,289)
|
|
168,067,609
|
Commercial Mortgage-Backed Securities — 4.4%
|
||
BAMLL Re-REMIC Trust
|
|
|
Series 2014-FRR4, Class BK29, PO, 4/27/2023 ‡ (a)
|
156,098
|
156,098
|
Series 2014-FRR5, Class AK37, 2.29%, 1/27/2047 (a) (j)
|
770,000
|
740,636
|
BB-UBS Trust Series 2012-SHOW, Class E, 4.03%, 11/5/2036 (a) (j)
|
225,000
|
201,711
|
BXP Trust Series 2017-GM, Class A, 3.38%, 6/13/2039 (a)
|
2,000,000
|
1,802,276
|
Cascade Funding Mortgage Trust
|
|
|
Series 2021-FRR1, Class DK45, 0.00%, 2/28/2025 (a)
|
380,000
|
317,880
|
Series 2021-FRR1, Class CK45, 1.38%, 2/28/2025 (a) (j)
|
500,000
|
444,990
|
Series 2021-FRR1, Class BK45, 2.09%, 2/28/2025 (a) (j)
|
600,000
|
542,263
|
Series 2021-FRR1, Class CK54, 0.00%, 2/28/2026 (a)
|
480,000
|
376,415
|
Series 2021-FRR1, Class DKW1, 0.00%, 2/28/2026 (a)
|
430,000
|
327,351
|
Series 2021-FRR1, Class BK98, 0.00%, 8/29/2029 (a)
|
1,150,000
|
690,929
|
Series 2021-FRR1, Class BK99, 0.00%, 9/29/2029 (a)
|
400,000
|
235,338
|
CSMC OA LLC Series 2014-USA, Class D, 4.37%, 9/15/2037 (a)
|
239,000
|
172,053
|
FHLMC, Multi-Family Structured Credit Risk
|
|
|
Series 2021-MN1, Class M1, 6.97%, 1/25/2051 (a) (j)
|
1,586,040
|
1,516,471
|
Series 2021-M2, Class M2, 8.72%, 1/25/2051 (a) (j)
|
685,000
|
616,818
|
Series 2021-MN3, Class M1, 7.27%, 11/25/2051 (a) (j)
|
479,378
|
459,105
|
Series 2022-MN4, Class M1, 9.22%, 5/25/2052 (a) (j)
|
988,007
|
978,645
|
JPMorgan Core Plus Bond ETF
SCHEDULE OF PORTFOLIO INVESTMENTS
AS OF May 31, 2023 (Unaudited) (continued)
SCHEDULE OF PORTFOLIO INVESTMENTS
AS OF May 31, 2023 (Unaudited) (continued)
INVESTMENTS
|
PRINCIPAL
AMOUNT($)
|
VALUE($)
|
Commercial Mortgage-Backed Securities — continued
|
||
Series 2022-MN4, Class M2, 11.47%, 5/25/2052 (a) (j)
|
750,000
|
732,476
|
FHLMC, Multifamily Structured Pass-Through Certificates Series K136, Class A2, 2.13%, 11/25/2031
|
3,500,000
|
2,950,250
|
FHLMC, Multi-Family Structured Pass-Through Certificates
|
|
|
Series KW06, Class A2, 3.80%, 6/25/2028 (j)
|
1,750,000
|
1,700,844
|
Series K088, Class A2, 3.69%, 1/25/2029
|
350,000
|
339,928
|
Series K128, Class X3, IO, 2.78%, 4/25/2031 (j)
|
550,000
|
86,969
|
Series K142, Class A2, 2.40%, 3/25/2032
|
1,250,000
|
1,072,116
|
Series K-151, Class A2, 3.80%, 10/25/2032 (j)
|
1,050,000
|
1,004,587
|
Series K-153, Class A2, 3.82%, 12/25/2032 (j)
|
1,000,000
|
957,377
|
Series K-1520, Class X1, IO, 0.47%, 2/25/2036 (j)
|
4,487,385
|
180,279
|
Series K-1520, Class X3, IO, 3.09%, 4/25/2039 (j)
|
550,000
|
136,999
|
Series K145, Class AM, 2.58%, 6/25/2055
|
1,100,000
|
948,602
|
Series Q014, Class X, IO, 2.79%, 10/25/2055 (j)
|
1,890,195
|
345,564
|
FNMA ACES
|
|
|
Series 2017-M3, Class A2, 2.47%, 12/25/2026 (j)
|
263,639
|
244,545
|
Series 2021-M11, Class A2, 1.46%, 3/25/2031 (j)
|
300,000
|
238,940
|
Series 2022-M1G, Class A2, 1.53%, 9/25/2031 (j)
|
2,700,000
|
2,190,261
|
Series 2022-M1, Class A1, 1.67%, 10/25/2031 (j)
|
479,707
|
419,199
|
Series 2022-M3, Class A2, 1.71%, 11/25/2031 (j)
|
1,400,000
|
1,136,102
|
Series 2022-M8, Class A2, 1.94%, 12/25/2031 (j)
|
2,500,000
|
2,072,931
|
Series 2022-M2S, Class A1, 3.75%, 5/25/2032 (j)
|
989,291
|
953,815
|
Series 2022-M13, Class A2, 2.59%, 6/25/2032 (j)
|
1,372,000
|
1,193,666
|
Series 2020-M53, Class A2, 1.68%, 11/25/2032 (j)
|
1,250,000
|
987,472
|
Series 2021-M3, Class 1A1, 1.00%, 11/25/2033
|
45,870
|
43,179
|
Series 2021-M3, Class X1, IO, 1.94%, 11/25/2033 (j)
|
525,310
|
45,226
|
FREMF Mortgage Trust
|
|
|
Series 2018-KL3W, Class CW, 4.10%, 8/25/2025 (a) (j)
|
250,000
|
229,354
|
Series 2018-KBX1, Class B, 3.58%, 1/25/2026 (a) (j)
|
500,000
|
420,101
|
Series 2021-KHG3, Class BFX, 2.40%, 9/25/2028 (a) (j)
|
1,000,000
|
835,317
|
Series 2015-K44, Class B, 3.72%, 1/25/2048 (a) (j)
|
200,000
|
192,645
|
Series 2015-K45, Class B, 3.61%, 4/25/2048 (a) (j)
|
199,293
|
191,542
|
Series 2015-K48, Class B, 3.65%, 8/25/2048 (a) (j)
|
200,000
|
192,310
|
Series 2015-K50, Class B, 3.78%, 10/25/2048 (a) (j)
|
200,000
|
191,831
|
Series 2015-K51, Class B, 3.95%, 10/25/2048 (a) (j)
|
381,860
|
367,904
|
Series 2016-K52, Class B, 3.93%, 1/25/2049 (a) (j)
|
250,000
|
239,964
|
Series 2016-K53, Class C, 4.02%, 3/25/2049 (a) (j)
|
70,000
|
66,791
|
Series 2016-K57, Class B, 3.92%, 8/25/2049 (a) (j)
|
1,000,000
|
953,260
|
Series 2017-K729, Class B, 3.67%, 11/25/2049 (a) (j)
|
300,000
|
288,794
|
Series 2018-K80, Class B, 4.23%, 8/25/2050 (a) (j)
|
1,000,000
|
943,588
|
Series 2019-K88, Class C, 4.38%, 2/25/2052 (a) (j)
|
1,975,000
|
1,829,943
|
FRR Re-REMIC Trust Series 2018-C1, Class CK43, PO, 2/27/2048 (a)
|
612,660
|
513,184
|
Hudson Yards Mortgage Trust Series 2019-30HY, Class A, 3.23%, 7/10/2039 (a)
|
3,000,000
|
2,600,856
|
JPMCC Re-REMIC Trust Series 2015-FRR2, Class AK39, 2.72%, 8/27/2047 (a) (j)
|
944,000
|
873,298
|
MHC Commercial Mortgage Trust Series 2021-MHC, Class F, 7.77%, 4/15/2038 (a) (j)
|
600,000
|
575,874
|
Multi-Family Connecticut Avenue Securities Trust
|
|
|
Series 2019-01, Class M10, 8.39%, 10/25/2049 (a) (j)
|
2,518,655
|
2,395,208
|
JPMorgan Core Plus 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($)
|
Commercial Mortgage-Backed Securities — continued
|
||
Series 2020-01, Class M7, 7.09%, 3/25/2050 (a) (j)
|
132,758
|
130,563
|
Series 2020-01, Class M10, 8.89%, 3/25/2050 (a) (j)
|
2,255,000
|
2,121,688
|
Total Commercial Mortgage-Backed Securities
(Cost $47,825,844)
|
|
45,714,321
|
Collateralized Mortgage Obligations — 3.5%
|
||
Ajax Mortgage Loan Trust Series 2021-B, Class A, 2.24%, 6/25/2066 (a) (g)
|
247,725
|
232,291
|
Anchor Mortgage Trust Series 2021-1, Class A2, 3.65%, 10/25/2026 (a) (g)
|
476,191
|
442,646
|
CSMC Trust
|
|
|
Series 2021-JR1, Class A1, 2.46%, 9/27/2066 (a) (j)
|
418,068
|
402,082
|
Series 2022-JR1, Class A1, 4.27%, 10/25/2066 ‡ (a) (g)
|
649,911
|
620,481
|
FHLMC, REMIC
|
|
|
Series 2708, Class ZD, 5.50%, 11/15/2033
|
78,696
|
79,800
|
Series 4302, Class PA, 4.00%, 12/15/2043
|
59,452
|
56,838
|
Series 4281, Class BC, 4.50%, 12/15/2043 (j)
|
87,753
|
86,967
|
Series 5141, Class AH, 2.25%, 11/25/2047
|
1,374,164
|
1,222,505
|
Series 5028, Class JG, 1.50%, 8/25/2050
|
3,109,325
|
2,466,520
|
FNMA, REMIC
|
|
|
Series 2003-7, Class FA, 5.89%, 2/25/2033 (j)
|
77,965
|
78,577
|
Series 2013-108, Class GU, 3.00%, 10/25/2033
|
425,011
|
401,382
|
Series 2005-110, Class TY, 5.50%, 12/25/2035
|
48,340
|
49,192
|
Series 2007-89, Class F, 5.72%, 9/25/2037 (j)
|
89,368
|
88,872
|
Series 2011-112, Class PB, 4.00%, 11/25/2041
|
112,795
|
107,627
|
Series 2014-57, Class PE, 3.00%, 9/25/2044
|
1,129,000
|
954,869
|
Series 2021-14, Class CB, 1.00%, 11/25/2049
|
4,030,879
|
3,127,045
|
GNMA
|
|
|
Series 2012-61, Class FM, 5.51%, 5/16/2042 (j)
|
363,938
|
359,602
|
Series 2020-165, Class UD, 1.50%, 11/20/2050
|
750,564
|
610,765
|
Series 2010-H24, Class FA, 5.21%, 10/20/2060 (j)
|
54,035
|
53,608
|
Series 2014-H03, Class FA, 5.46%, 1/20/2064 (j)
|
29,228
|
29,084
|
Series 2015-H05, Class FC, 5.34%, 2/20/2065 (j)
|
241,515
|
238,522
|
Series 2021-H14, Class CF, 6.33%, 9/20/2071 (j)
|
2,886,412
|
2,922,119
|
GS Mortgage-Backed Securities Corp. Trust Series 2021-RPL1, Class A1, 1.75%, 12/25/2060 (a) (j)
|
3,090,078
|
2,774,985
|
Home RE Ltd. (Bermuda) Series 2022-1, Class M1C, 10.47%, 10/25/2034 (a) (j)
|
750,000
|
754,790
|
Indenparkaprtn, 4.09%, 7/1/2033 (i)
|
2,500,000
|
2,468,359
|
LHOME Mortgage Trust
|
|
|
Series 2021-RTL1, Class A1, 2.09%, 2/25/2026 (a) (j)
|
174,099
|
170,787
|
Series 2023-RTL1, Class A1, 7.87%, 1/25/2028 (a) (g)
|
1,320,000
|
1,319,530
|
PMT Credit Risk Transfer Trust Series 2021-1R, Class A, 8.06%, 2/27/2024 (a) (j)
|
2,459,788
|
2,403,107
|
PRPM LLC Series 2021-2, Class A1, 2.12%, 3/25/2026 (a) (j)
|
140,732
|
133,238
|
Radnor RE Ltd. (Bermuda) Series 2022-1, Class M1B, 11.72%, 9/25/2032 (a) (j)
|
400,000
|
424,198
|
RCO VI Mortgage LLC Series 2022-1, Class A1, 3.00%, 1/25/2027 (a) (g)
|
378,017
|
355,658
|
Seasoned Credit Risk Transfer Trust
|
|
|
Series 2018-1, Class MA, 3.00%, 5/25/2057
|
397,364
|
367,216
|
Series 2018-1, Class M60C, 3.50%, 5/25/2057
|
145,521
|
137,244
|
Series 2018-3, Class MA, 3.50%, 8/25/2057 (j)
|
58,463
|
55,424
|
Series 2018-3, Class M55D, 4.00%, 8/25/2057 (j)
|
271,789
|
258,415
|
Series 2018-2, Class MT, 3.50%, 11/25/2057
|
595,677
|
538,373
|
Series 2018-2, Class M55D, 4.00%, 11/25/2057
|
297,479
|
282,919
|
Series 2019-1, Class MA, 3.50%, 7/25/2058
|
2,955,699
|
2,795,180
|
JPMorgan Core Plus 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($)
|
Collateralized Mortgage Obligations — continued
|
||
Series 2019-2, Class MA, 3.50%, 8/25/2058
|
1,531,528
|
1,444,937
|
Series 2020-1, Class MA, 2.50%, 8/25/2059
|
757,779
|
691,528
|
Series 2020-3, Class M5TW, 3.00%, 5/25/2060
|
482,754
|
434,239
|
Series 2020-3, Class TTW, 3.00%, 5/25/2060
|
467,537
|
434,420
|
Series 2021-1, Class BXS, 11.83%, 9/25/2060 (a) (j)
|
149,425
|
105,860
|
Series 2022-1, Class MTU, 3.25%, 11/25/2061
|
493,143
|
435,612
|
Towd Point Mortgage Trust Series 2021-R1, Class A2C, 3.31%, 11/30/2060 (a)
|
754,000
|
702,070
|
Two Harbors Msr Frn, 7.55%, 4/15/2024 ‡
|
1,500,000
|
1,500,000
|
VM Master Issuer LLC Series 2022-1, Class B, 6.88%, 5/24/2025 ‡ (a) (j)
|
800,000
|
732,480
|
Total Collateralized Mortgage Obligations
(Cost $37,063,154)
|
|
36,351,963
|
U.S. Government Agency Securities — 0.1%
|
||
Resolution Funding Corp. STRIPS
DN, 4.35%, 4/15/2030 (k) (Cost $1,631,085)
|
2,195,000
|
1,664,255
|
Municipal Bonds — 0.0% (l) ^
|
||
Ohio — 0.0% ^
|
||
Ohio University, General Receipts, Federally Taxable Rev., 5.59%, 12/1/2114
|
25,000
|
23,714
|
Texas — 0.0% ^
|
||
Texas Natural Gas Securitization Finance Corp., Winter Storm URI Series 2023A-2, Rev., 5.17%, 4/1/2041
|
45,000
|
47,233
|
Total Municipal Bonds
(Cost $77,772)
|
|
70,947
|
|
SHARES
|
|
Common Stocks — 0.0% ^
|
||
Oil, Gas & Consumable Fuels — 0.0% ^
|
||
Chesapeake Energy Corp.
|
185
|
13,921
|
EP Energy Corp. ‡ *
|
275
|
2,063
|
|
|
15,984
|
Professional Services — 0.0% ^
|
||
NMG, Inc. ‡ *
|
1
|
131
|
Wireless Telecommunication Services — 0.0% ^
|
||
Intelsat SA (Luxembourg) ‡ *
|
270
|
7,020
|
Total Common Stocks
(Cost $10,146)
|
|
23,135
|
Preferred Stocks — 0.0% ^
|
||
Broadline Retail — 0.0% ^
|
||
MYT Holding LLC Series A, 10.00%, 6/6/2029 ‡
(Cost $2,753)
|
2,868
|
2,330
|
|
NO. OF
WARRANTS
|
|
Warrants — 0.0% ^
|
||
Diversified Telecommunication Services — 0.0% ^
|
||
Windstream Holdings, Inc. expiring 12/31/2049, price 10.75 USD ‡ *
|
16
|
120
|
JPMorgan Core Plus Bond ETF
SCHEDULE OF PORTFOLIO INVESTMENTS
AS OF May 31, 2023 (Unaudited) (continued)
SCHEDULE OF PORTFOLIO INVESTMENTS
AS OF May 31, 2023 (Unaudited) (continued)
INVESTMENTS
|
NO. OF
WARRANTS
|
VALUE($)
|
Warrants — continued
|
||
Media — 0.0% ^
|
||
Nmg Research Ltd. expiring 9/24/2027, price 1.00 USD (United Kingdom) ‡ *
|
78
|
1,755
|
Total Warrants
(Cost $1)
|
|
1,875
|
|
NO. OF
RIGHTS
|
|
Rights — 0.0% ^
|
||
Diversified Telecommunication Services — 0.0% ^
|
||
Intelsat Jackson Holdings SA, expiring 12/5/2025 (Luxembourg) ‡ *
(Cost $1 )
|
56
|
1
|
|
SHARES
|
|
Short-Term Investments — 11.8%
|
||
Investment Companies — 11.8%
|
||
JPMorgan U.S. Government Money Market Fund Class IM Shares, 5.06% (m) (n)
(Cost $122,960,830)
|
122,960,830
|
122,960,830
|
Total Investments — 99.9%
(Cost $1,076,605,389)
|
|
1,042,398,075
|
Other Assets Less Liabilities — 0.1%
|
|
527,503
|
NET ASSETS — 100.0%
|
|
1,042,925,578
|
Percentages indicated are based on net assets.
|
Abbreviations
|
|
ABS
|
Asset-Backed Securities
|
ACES
|
Alternative Credit Enhancement Securities
|
ARM
|
Adjustable Rate Mortgage. The interest rate shown is the rate in effect as of May 31, 2023.
|
CME
|
Chicago Mercantile Exchange
|
CSMC
|
Credit Suisse Mortgage Trust
|
DN
|
Discount Notes
|
FHLMC
|
Federal Home Loan Mortgage Corp.
|
FNMA
|
Federal National Mortgage Association
|
FRN
|
Floating Rate Note
|
GNMA
|
Government National Mortgage Association
|
ICE
|
Intercontinental Exchange
|
IO
|
Interest Only represents the right to receive the monthly interest payments on an underlying pool of mortgage loans. The principal
amount shown
represents the par value on the underlying pool. The yields on these securities are subject to accelerated principal paydowns
as a result of prepayment or
refinancing of the underlying pool of mortgage instruments. As a result, interest income may be reduced considerably.
|
LIBOR
|
London Interbank Offered Rate
|
PO
|
Principal Only represents the right to receive the principal portion only on an underlying pool of mortgage loans. The market
value of these securities is
extremely volatile in response to changes in market interest rates. As prepayments on the underlying mortgages of these securities
increase, the yield on
these securities increases.
|
RE
|
Reinsured
|
REIT
|
Real Estate Investment Trust
|
REMIC
|
Real Estate Mortgage Investment Conduit
|
Re-REMIC
|
Combined Real Estate Mortgage Investment Conduit
|
Rev.
|
Revenue
|
SCA
|
Limited partnership with share capital
|
SOFR
|
Secured Overnight Financing Rate
|
SOFRINDX
|
Compounding index of the Secured Overnight Financing Rate
|
STRIPS
|
Separate Trading of Registered Interest and Principal of Securities. The STRIPS Program lets investors hold and trade individual
interest and principal
components of eligible notes and bonds as separate securities.
|
JPMorgan Core Plus Bond ETF
SCHEDULE OF PORTFOLIO INVESTMENTS
AS OF May 31, 2023 (Unaudited) (continued)
SCHEDULE OF PORTFOLIO INVESTMENTS
AS OF May 31, 2023 (Unaudited) (continued)
TBA
|
To Be Announced; Security is subject to delayed delivery.
|
UMBS
|
Uniform Mortgage-Backed Securities
|
USD
|
United States Dollar
|
^
|
Amount rounds to less than 0.1% of net assets.
|
|
‡
|
Value determined using significant unobservable inputs.
|
|
*
|
Non-income producing security.
|
|
(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)
|
Variable or floating rate security, linked to the referenced benchmark. The interest rate shown is the current rate as of
May 31, 2023.
|
|
(d)
|
Contingent Capital security (“CoCo”). CoCos are hybrid debt securities that may be convertible into equity or may be written down if a
pre-specified trigger event occurs. The total value of aggregate CoCo holdings at May 31, 2023 is $633,717 or 0.06% of the Fund’s net
assets as of May 31, 2023.
|
|
(e)
|
Security is an interest bearing note with preferred security characteristics.
|
|
(f)
|
Security is perpetual and thus, does not have a predetermined maturity date. The coupon rate for this security is fixed for
a period of time
and may be structured to adjust thereafter. The date shown, if applicable, reflects the next call date. The coupon rate shown
is the rate in
effect as of May 31, 2023.
|
|
(g)
|
Step bond. Interest rate is a fixed rate for an initial period that either resets at a specific date or may reset in the future
contingent upon a
predetermined trigger. The interest rate shown is the current rate as of May 31, 2023.
|
|
(h)
|
Defaulted security.
|
|
(i)
|
All or a portion of the security is a when-issued security, delayed delivery security, or forward commitment.
|
|
(j)
|
Variable or floating rate security, the interest rate of which adjusts periodically based on changes in current interest rates
and prepayments
on the underlying pool of assets. The interest rate shown is the current rate as of May 31, 2023.
|
|
(k)
|
The rate shown is the effective yield as of May 31, 2023.
|
|
(l)
|
The date shown represents the earliest of the prerefunded date, next put date or final maturity date.
|
|
(m)
|
Investment in an affiliated fund, which is registered under the Investment Company Act of 1940, as amended, and is advised
by J.P. Morgan
Investment Management Inc.
|
|
(n)
|
The rate shown is the current yield as of May 31, 2023.
|
|
Futures contracts outstanding as of May 31, 2023:
DESCRIPTION
|
NUMBER OF
CONTRACTS
|
EXPIRATION DATE
|
TRADING CURRENCY
|
NOTIONAL
AMOUNT ($)
|
VALUE AND
UNREALIZED
APPRECIATION
(DEPRECIATION) ($)
|
Long Contracts
|
|
|
|
|
|
U.S. Treasury 10 Year Note
|
624
|
09/20/2023
|
USD
|
71,418,750
|
206,099
|
U.S. Treasury 10 Year Ultra Note
|
3
|
09/20/2023
|
USD
|
361,453
|
1,869
|
U.S. Treasury Long Bond
|
250
|
09/20/2023
|
USD
|
32,117,188
|
331,355
|
U.S. Treasury Ultra Bond
|
188
|
09/20/2023
|
USD
|
25,785,375
|
493,244
|
U.S. Treasury 2 Year Note
|
484
|
09/29/2023
|
USD
|
99,609,469
|
(69,553
)
|
U.S. Treasury 5 Year Note
|
63
|
09/29/2023
|
USD
|
6,870,445
|
18,676
|
|
|
|
|
|
981,690
|
Short Contracts
|
|
|
|
|
|
U.S. Treasury 10 Year Note
|
(2
)
|
09/20/2023
|
USD
|
(228,906
)
|
(707
)
|
U.S. Treasury 10 Year Ultra Note
|
(258
)
|
09/20/2023
|
USD
|
(31,084,969
)
|
(125,557
)
|
U.S. Treasury 5 Year Note
|
(1
)
|
09/29/2023
|
USD
|
(109,055
)
|
(2
)
|
|
|
|
|
|
(126,266
)
|
|
|
|
|
|
855,424
|
Abbreviations
|
|
USD
|
United States Dollar
|
JPMorgan Core Plus Bond ETF
SCHEDULE OF PORTFOLIO INVESTMENTS
AS OF May 31, 2023 (Unaudited) (continued)
SCHEDULE OF PORTFOLIO INVESTMENTS
AS OF May 31, 2023 (Unaudited) (continued)
Forward foreign currency exchange contracts outstanding as of May 31, 2023:
CURRENCY
PURCHASED
|
CURRENCY
SOLD
|
COUNTERPARTY
|
SETTLEMENT
DATE
|
UNREALIZED
APPRECIATION
(DEPRECIATION) ($)
|
||
JPY
|
74,749,447
|
USD
|
536,077
|
Royal Bank of Canada
|
6/15/2023
|
1,519
|
Total unrealized appreciation
|
1,519
|
|||||
JPY
|
274,352,687
|
USD
|
2,056,240
|
Citibank, NA
|
6/15/2023
|
(83,104
)
|
Total unrealized depreciation
|
(83,104
)
|
|||||
Net unrealized depreciation
|
(81,585
)
|
Abbreviations
|
|
JPY
|
Japanese Yen
|
USD
|
United States Dollar
|
Over-the-Counter ("OTC") Credit default swap contracts outstanding — buy protection (*) as of May 31, 2023:
REFERENCE
OBLIGATION/INDEX
|
FINANCING
RATE PAID
BY THE FUND
(%)
|
PAYMENT
FREQUENCY
|
COUNTERPARTY
|
MATURITY
DATE
|
IMPLIED
CREDIT
SPREAD
(%)(a)
|
NOTIONAL
AMOUNT(b)
|
UPFRONT
PAYMENTS
(RECEIPTS)
($)(c)
|
UNREALIZED
APPRECIATION
(DEPRECIATION)
($)
|
VALUE
($)
|
Bank of America Corp.,
3.50%, 4/19/2026
|
1.00
|
Quarterly
|
Morgan Stanley
|
6/20/2028
|
0.97
|
USD2,300,000
|
19,431
|
(27,325
)
|
(7,894
)
|
Bank of America Corp.,
3.50%, 4/19/2026
|
1.00
|
Quarterly
|
Morgan Stanley
|
6/20/2028
|
0.97
|
USD3,000,000
|
22,629
|
(32,926
)
|
(10,297
)
|
Bank of America Corp.,
3.50%, 4/19/2026
|
1.00
|
Quarterly
|
Morgan Stanley
|
6/20/2028
|
0.97
|
USD2,900,000
|
10,312
|
(20,265
)
|
(9,953
)
|
Bank of America Corp.,
3.50%, 4/19/2026
|
1.00
|
Quarterly
|
Morgan Stanley
|
6/20/2028
|
0.97
|
USD210,000
|
2,237
|
(2,957
)
|
(720
)
|
|
|
|
|
|
|
|
54,609
|
(83,473
)
|
(28,864
)
|
(*)
|
The Fund, as a buyer of credit protection, is generally obligated to make periodic payments and may also pay or receive an
upfront premium
to or from the protection seller, in exchange for the right to receive a contingent payment, upon occurrence of a credit event
with respect to
an underlying reference obligation, as defined under the terms of individual swap contracts.
|
|
|||||||
(a)
|
Implied credit spreads are an indication of the seller's performance risk, related to the likelihood of a credit event occurring
that would require a seller to
make payment to a buyer. Implied credit spreads are used to determine the value of swap contracts and reflect the cost of
buying/selling protection, which
may include upfront payments made to enter into the contract. Therefore, higher spreads would indicate a greater likelihood
that a seller will be obligated
to perform (i.e. make payment) under the swap contract. Increasing values, in absolute terms and relative to notional amounts,
are also indicative of
greater performance risk. Implied credit spreads for credit default swaps on credit indices are linked to the weighted average
spread across the underlying
reference obligations included in a particular index.
|
||||||||
(b)
|
The notional amount is the maximum amount that a seller of credit protection would be obligated to pay and a buyer of credit
protection would receive,
upon occurrence of a credit event.
|
||||||||
(c)
|
Upfront payments and receipts generally represent premiums paid or received at the initiation of the agreement to compensate
the differences between
the stated terms of the swap agreement and current market conditions (credit spreads, interest rates and other relevant factors).
|
||||||||
Abbreviations
|
|
|
|
|
|
|
|
|
|
USD
|
United States Dollar
|
|
|
|
|
|
|
|
|
Centrally Cleared Credit default swap contracts outstanding — sell protection(**) as of May 31, 2023:
REFERENCE
OBLIGATION/INDEX
|
FINANCING
RATE PAID
BY THE FUND
(%)
|
PAYMENT
FREQUENCY
|
MATURITY
DATE
|
IMPLIED
CREDIT
SPREAD
(%)(a)
|
NOTIONAL
AMOUNT(b)
|
UPFRONT
PAYMENTS
(RECEIPTS)
($)(c)
|
UNREALIZED
APPRECIATION
(DEPRECIATION)
($)
|
VALUE
($)
|
CDX.NA.IG.38-V1
|
1.00
|
Quarterly
|
6/20/2027
|
0.65
|
USD11,000,000
|
(4,664
)
|
167,962
|
163,298
|
CDX.NA.IG.39-V1
|
1.00
|
Quarterly
|
12/20/2027
|
0.73
|
USD7,250,000
|
75,955
|
20,058
|
96,013
|
|
|
|
|
|
|
71,291
|
188,020
|
259,311
|
JPMorgan Core Plus Bond ETF
SCHEDULE OF PORTFOLIO INVESTMENTS
AS OF May 31, 2023 (Unaudited) (continued)
SCHEDULE OF PORTFOLIO INVESTMENTS
AS OF May 31, 2023 (Unaudited) (continued)
(**)
|
The Fund, as a seller of credit protection, receives periodic payments and may also receive or pay an upfront premium from
or to the protection buyer,
and is obligated to make a contingent payment, upon occurrence of a credit event with respect to an underlying reference obligation,
as defined under the
terms of individual swap contracts.
|
||||||||
(a)
|
Implied credit spreads are an indication of the seller's performance risk, related to the likelihood of a credit event occurring
that would require a seller to
make payment to a buyer. Implied credit spreads are used to determine the value of swap contracts and reflect the cost of
buying/selling protection, which
may include upfront payments made to enter into the contract. Therefore, higher spreads would indicate a greater likelihood
that a seller will be obligated
to perform (i.e. make payment) under the swap contract.Increasing values, in absolute terms and relative to notional amounts,
are also indicative of
greater performance risk. Implied credit spreads for credit default swaps on credit indices are linked to the weighted average
spread across the underlying
reference obligations included in a particular index.
|
||||||||
(b)
|
The notional amount is the maximum amount that a seller of credit protection would be obligated to pay and a buyer of credit
protection would receive,
upon occurrence of a credit event.
|
||||||||
(c)
|
Upfront payments and receipts generally represent premiums paid or received at the initiation of the agreement to compensate
the differences between
the stated terms of the swap agreement and current market conditions (credit spreads, interest rates and other relevant factors).
|
Abbreviations
|
|
CDX
|
Credit Default Swap Index
|
USD
|
United States Dollar
|
Summary of total OTC swap contracts outstanding as of May 31, 2023:
|
NET UPFRONT
PAYMENTS
(RECEIPTS)
($)
|
VALUE
($)
|
Liabilities
|
|
|
OTC Credit default swap contracts outstanding - buy protection
|
54,609
|
(28,864
)
|
JPMorgan Core Plus 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.
A market-based approach is primarily used to value the Fund's investments. Investments for which market quotations are not
readily available are fair valued using prices supplied by approved affiliated and/or unaffiliated pricing vendors or third party broker-dealers
(collectively referred to as “Pricing Services”), or may be internally fair valued using methods set forth by the valuation policies approved by the Board. This may include the use of related or comparable assets or liabilities, recent transactions, market multiples, book values
and other relevant information for the investment. An income-based valuation approach may be used in which the anticipated future cash flows
of the investment are discounted to calculate the fair value. Discounts may also be applied due to the nature or duration of any restrictions
on the disposition of the investments. Valuations may be based upon current market prices of securities that are comparable in coupon, rating, maturity
and industry. It is possible that the estimated values may differ significantly from the values that would have been used had
a ready market for the investments existed, and such differences could be material.
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.
Investments in open-end investment companies (“Underlying Funds”) are valued at each Underlying Fund’s NAVs per share as of the report date.
Futures contracts are generally valued on the basis of available market quotations. Swaps and forward foreign currency exchange
contracts are valued utilizing market quotations from approved Pricing Services.
See the table on “Quantitative Information about Level 3 Fair Value Measurements” for information on the valuation techniques and inputs used to value level 3 securities held by the Fund at May 31, 2023.
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.
JPMorgan Core Plus 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 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
|
|
|
|
|
Asset-Backed Securities
|
$—
|
$163,956,419
|
$15,802,772
|
$179,759,191
|
Collateralized Mortgage Obligations
|
—
|
33,499,002
|
2,852,961
|
36,351,963
|
Commercial Mortgage-Backed Securities
|
—
|
45,558,223
|
156,098
|
45,714,321
|
Common Stocks
|
|
|
|
|
Oil, Gas & Consumable Fuels
|
13,921
|
—
|
2,063
|
15,984
|
Professional Services
|
—
|
—
|
131
|
131
|
Wireless Telecommunication Services
|
—
|
—
|
7,020
|
7,020
|
Total Common Stocks
|
13,921
|
—
|
9,214
|
23,135
|
Corporate Bonds
|
|
|
|
|
Aerospace & Defense
|
—
|
4,838,307
|
—
|
4,838,307
|
Automobile Components
|
—
|
3,319,946
|
—
|
3,319,946
|
Automobiles
|
—
|
1,698,529
|
—
|
1,698,529
|
Banks
|
—
|
52,340,147
|
—
|
52,340,147
|
Beverages
|
—
|
2,013,995
|
—
|
2,013,995
|
Biotechnology
|
—
|
6,109,971
|
—
|
6,109,971
|
Broadline Retail
|
—
|
2,200,003
|
—
|
2,200,003
|
Building Products
|
—
|
3,088,820
|
—
|
3,088,820
|
Capital Markets
|
—
|
17,923,082
|
—
|
17,923,082
|
Chemicals
|
—
|
3,821,116
|
—
|
3,821,116
|
Commercial Services & Supplies
|
—
|
3,448,962
|
—
|
3,448,962
|
Communications Equipment
|
—
|
541,899
|
—
|
541,899
|
Construction & Engineering
|
—
|
1,150,996
|
—
|
1,150,996
|
Construction Materials
|
—
|
57,209
|
—
|
57,209
|
Consumer Finance
|
—
|
8,698,116
|
—
|
8,698,116
|
Consumer Staples Distribution & Retail
|
—
|
2,629,908
|
—
|
2,629,908
|
Containers & Packaging
|
—
|
3,550,239
|
—
|
3,550,239
|
Distributors
|
—
|
465,824
|
—
|
465,824
|
Diversified Consumer Services
|
—
|
399,351
|
—
|
399,351
|
Diversified REITs
|
—
|
500,390
|
—
|
500,390
|
Diversified Telecommunication Services
|
—
|
9,079,458
|
3
|
9,079,461
|
Electric Utilities
|
—
|
22,797,165
|
—
|
22,797,165
|
Electrical Equipment
|
—
|
770,627
|
—
|
770,627
|
Electronic Equipment, Instruments & Components
|
—
|
566,364
|
—
|
566,364
|
Energy Equipment & Services
|
—
|
1,371,887
|
—
|
1,371,887
|
Entertainment
|
—
|
7,951,992
|
—
|
7,951,992
|
Financial Services
|
—
|
3,083,911
|
—
|
3,083,911
|
Food Products
|
—
|
2,629,924
|
—
|
2,629,924
|
Gas Utilities
|
—
|
2,187,358
|
—
|
2,187,358
|
Ground Transportation
|
—
|
3,881,023
|
—
|
3,881,023
|
JPMorgan Core Plus 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
|
Health Care Equipment & Supplies
|
$—
|
$2,535,952
|
$—
|
$2,535,952
|
Health Care Providers & Services
|
—
|
13,428,571
|
—
|
13,428,571
|
Health Care REITs
|
—
|
218,805
|
—
|
218,805
|
Health Care Technology
|
—
|
192,333
|
—
|
192,333
|
Hotel & Resort REITs
|
—
|
361,315
|
—
|
361,315
|
Hotels, Restaurants & Leisure
|
—
|
8,522,009
|
—
|
8,522,009
|
Household Durables
|
—
|
1,032,817
|
—
|
1,032,817
|
Household Products
|
—
|
1,269,858
|
—
|
1,269,858
|
Independent Power and Renewable Electricity
Producers
|
—
|
1,069,678
|
—
|
1,069,678
|
Industrial REITs
|
—
|
462,655
|
—
|
462,655
|
Insurance
|
—
|
2,929,391
|
—
|
2,929,391
|
Interactive Media & Services
|
—
|
1,213,394
|
—
|
1,213,394
|
IT Services
|
—
|
516,124
|
—
|
516,124
|
Leisure Products
|
—
|
141,233
|
—
|
141,233
|
Life Sciences Tools & Services
|
—
|
279,474
|
—
|
279,474
|
Machinery
|
—
|
2,143,581
|
—
|
2,143,581
|
Media
|
—
|
14,487,284
|
—
|
14,487,284
|
Metals & Mining
|
—
|
5,100,734
|
—
|
5,100,734
|
Mortgage Real Estate Investment Trusts (REITs)
|
—
|
965,884
|
—
|
965,884
|
Multi-Utilities
|
—
|
2,291,795
|
—
|
2,291,795
|
Office REITs
|
—
|
148,510
|
—
|
148,510
|
Oil, Gas & Consumable Fuels
|
—
|
25,318,317
|
—
|
25,318,317
|
Passenger Airlines
|
—
|
1,947,299
|
—
|
1,947,299
|
Personal Care Products
|
—
|
2,872,029
|
—
|
2,872,029
|
Pharmaceuticals
|
—
|
9,374,496
|
—
|
9,374,496
|
Real Estate Management & Development
|
—
|
134,778
|
—
|
134,778
|
Residential REITs
|
—
|
342,124
|
—
|
342,124
|
Retail REITs
|
—
|
353,756
|
—
|
353,756
|
Semiconductors & Semiconductor Equipment
|
—
|
5,833,232
|
—
|
5,833,232
|
Software
|
—
|
3,804,937
|
—
|
3,804,937
|
Specialized REITs
|
—
|
1,587,359
|
—
|
1,587,359
|
Specialty Retail
|
—
|
6,413,396
|
—
|
6,413,396
|
Technology Hardware, Storage & Peripherals
|
—
|
3,815,457
|
—
|
3,815,457
|
Textiles, Apparel & Luxury Goods
|
—
|
218,719
|
—
|
218,719
|
Tobacco
|
—
|
4,789,102
|
—
|
4,789,102
|
Trading Companies & Distributors
|
—
|
2,945,823
|
—
|
2,945,823
|
Transportation Infrastructure
|
—
|
173,863
|
—
|
173,863
|
Wireless Telecommunication Services
|
—
|
5,158,039
|
—
|
5,158,039
|
Total Corporate Bonds
|
—
|
307,510,642
|
3
|
307,510,645
|
Mortgage-Backed Securities
|
—
|
177,266,957
|
3,004,016
|
180,270,973
|
Municipal Bonds
|
—
|
70,947
|
—
|
70,947
|
Preferred Stocks
|
—
|
—
|
2,330
|
2,330
|
Rights
|
—
|
—
|
1
|
1
|
U.S. Government Agency Securities
|
—
|
1,664,255
|
—
|
1,664,255
|
U.S. Treasury Obligations
|
—
|
168,067,609
|
—
|
168,067,609
|
Warrants
|
—
|
—
|
1,875
|
1,875
|
JPMorgan Core Plus 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
|
$122,960,830
|
$—
|
$—
|
$122,960,830
|
Total Investments in Securities
|
$122,974,751
|
$897,594,054
|
$21,829,270
|
$1,042,398,075
|
Appreciation in Other Financial Instruments
|
|
|
|
|
Forward Foreign Currency Exchange Contracts
|
$—
|
$1,519
|
$—
|
$1,519
|
Futures Contracts
|
1,051,243
|
—
|
—
|
1,051,243
|
Swaps
|
—
|
188,020
|
—
|
188,020
|
Depreciation in Other Financial Instruments
|
|
|
|
|
Forward Foreign Currency Exchange Contracts
|
—
|
(83,104
)
|
—
|
(83,104
)
|
Futures Contracts
|
(195,819
)
|
—
|
—
|
(195,819
)
|
Swaps
|
—
|
(83,473
)
|
—
|
(83,473
)
|
Total Net Appreciation/ Depreciation in Other
Financial Instruments
|
$855,424
|
$22,962
|
$—
|
$878,386
|
The following is a summary of investments for which significant unobservable inputs (level 3) were used in determining fair
value:
|
Balance as of
February 28,
2023
|
Realized
gain (loss)
|
Change in net
unrealized
appreciation
(depreciation)
|
Net
accretion
(amortization)
|
Purchases1
|
Sales2
|
Transfers
into
Level 3
|
Transfers
out of
Level 3
|
Other(a)
|
Balance as of
May 31,
2023
|
Investments in
Securities:
|
|
|
|
|
|
|
|
|
|
|
Asset-Backed
Securities
|
$2,208,139
|
$185
|
$93,186
|
$7,379
|
$11,852,481
|
$(452,837
)
|
$1,318,414
|
$—
|
$775,825
|
$15,802,772
|
Collateralized
Mortgage
Obligations
|
3,547,824
|
—
|
8,157
|
—
|
1,500,001
|
(101,359
)
|
—
|
(1,325,837
)
|
(775,825
)
|
2,852,961
|
Commercial
Mortgage-Backed
Securities
|
825,407
|
—
|
8,413
|
(363
)
|
2,713
|
(680,072
)
|
—
|
—
|
—
|
156,098
|
Common Stocks
|
8,693
|
275
|
520
|
—
|
—
|
(274
)
|
—
|
—
|
—
|
9,214
|
Corporate Bonds
|
3
|
—
|
—
|
—
|
—
|
—
|
—
|
—
|
—
|
3
|
Mortgage-Backed
Securities
|
—
|
—
|
(5,359
)
|
—
|
3,009,375
|
—
|
—
|
—
|
—
|
3,004,016
|
Preferred Stocks
|
2,567
|
—
|
(237
)
|
—
|
—
|
—
|
—
|
—
|
—
|
2,330
|
Rights
|
1
|
—
|
—
|
—
|
—
|
—
|
—
|
—
|
—
|
1
|
Warrants
|
2,460
|
—
|
(585
)
|
—
|
—
|
—
|
—
|
—
|
—
|
1,875
|
Total
|
$6,595,094
|
$460
|
$104,095
|
$7,016
|
$16,364,570
|
$(1,234,542
)
|
$1,318,414
|
$(1,325,837
)
|
$—
|
$21,829,270
|
|
|||||||||
1
|
Purchases include all purchases of securities and securities received in corporate actions.
|
||||||||
2
|
Sales include all sales of securities, maturities, paydowns and securities tendered in corporate actions.
|
(a)
|
Certain Level 3 investments were re-classified between Collateralized Mortgage Obligations and Asset-Backed Securities.
|
The changes in net unrealized appreciation (depreciation) attributable to securities owned at February 28, 2023, which were
valued using significant unobservable inputs (level 3) amounted to $104,162.
There were no significant transfers into or out of level 3 for the period ended May 31, 2023.
The significant unobservable inputs used in the fair value measurement of the Fund's investments are listed below. Generally,
a change in the assumptions used in any input in isolation may be accompanied by a change in another input. Significant changes in any of
the unobservable inputs may significantly impact the fair value measurement. The impact is based on the relationship between each unobservable
input and the fair value measurement. Significant increases (decreases) in enterprise multiples may increase (decrease) the fair value measurement.
Signifi
JPMorgan Core Plus Bond ETF
SCHEDULE OF PORTFOLIO INVESTMENTS
AS OF May 31, 2023 (Unaudited) (continued)
SCHEDULE OF PORTFOLIO INVESTMENTS
AS OF May 31, 2023 (Unaudited) (continued)
cant increases (decreases) in the discount for lack of marketability, liquidity discount, probability of default, yield and
default rate may decrease (increase) the fair value measurement. A significant change in the discount rate or prepayment rate (Constant Prepayment
Rate or PSA Prepayment Model) may decrease or increase the fair value measurement.
Quantitative Information about Level 3 Fair Value Measurements #
|
Fair Value
at May 31, 2023
|
Valuation
Technique(s)
|
Unobservable
Input
|
Range (Weighted
Average)(a)
|
|
$7,807,603
|
Discounted Cash Flow
|
Constant Prepayment Rate
|
0.00% - 20.00% (8.89%)
|
|
|
|
Constant Default Rate
|
0.00% - 1.00% (0.05%)
|
|
|
|
Yield (Discount Rate of Cash Flows)
|
5.77% - 11.99% (8.61%)
|
|
|
|
|
|
Asset-Backed Securities
|
7,807,603
|
|
|
|
|
1,352,961
|
Discounted Cash Flow
|
Constant Prepayment Rate
|
0.00% - 8.00% (3.67%)
|
|
|
|
Yield (Discount Rate of Cash Flows)
|
7.98% - 15.68% (12.15%)
|
|
|
|
|
|
Collateralized Mortgage
Obligations
|
1,352,961
|
|
|
|
|
1
|
Pending Distribution Amount
|
Expected Recovery
|
$0.01 ($0.01)
|
|
|
|
|
|
Rights
|
1
|
|
|
|
Total
|
$9,160,565
|
|
|
|
#
|
The table above does not include certain level 3 investments that are valued by brokers and Pricing Services. At May 31,
2023, the value of
these investments was $12,668,705. The inputs for these investments are not readily available or cannot be reasonably estimated
and are
generally those inputs described in Note A.
|
(a)
|
Unobservable inputs were weighted by the relative fair value of the instruments.
|
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
|
JPMorgan U.S. Government
Money Market Fund
Class IM Shares, 5.06%
(a) (b)
|
$111,022,635
|
$174,115,966
|
$162,177,771
|
$—
|
$—
|
$122,960,830
|
122,960,830
|
$1,487,756
|
$—
|
|
|
(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 May 31, 2023.
|
C. Derivatives — The Fund used derivative instruments including options, futures contracts, forward foreign currency exchange contracts and swaps, in connection with its investment strategy. Derivative instruments may be used as substitutes for securities in
which the Fund can invest, to hedge portfolio investments or to generate income or gain to the Fund. Derivatives may also be used to manage duration,
sector and yield curve exposures and credit and spread volatility.
The Fund may be subject to various risks from the use of derivatives, including the risk that changes in the value of a derivative
may not correlate perfectly with the underlying asset, rate or index; counterparty credit risk related to derivatives counterparties’ failure to perform under contract terms; liquidity risk related to the potential lack of a liquid market for these contracts allowing a Fund
to close out its position(s); and documentation risk relating to disagreement over contract terms. Investing in certain derivatives also results in a form
of leverage and as such, the Fund's risk of loss associated with these instruments may exceed their value.
JPMorgan Core Plus Bond ETF
SCHEDULE OF PORTFOLIO INVESTMENTS
AS OF May 31, 2023 (Unaudited) (continued)
SCHEDULE OF PORTFOLIO INVESTMENTS
AS OF May 31, 2023 (Unaudited) (continued)
The Fund is party to various derivative contracts governed by International Swaps and Derivatives Association master agreements (“ISDA agreements”). The Fund's ISDA agreements, which are separately negotiated with each dealer counterparty, may contain provisions allowing, absent other considerations, a counterparty to exercise rights, to the extent not otherwise waived, against the Fund in the
event the Fund's net assets decline over time by a pre-determined percentage or fall below a pre-determined floor. The ISDA agreements may also
contain provisions allowing, absent other conditions, the Fund to exercise rights, to the extent not otherwise waived, against a counterparty
(e.g., decline in a counterparty’s credit rating below a specified level). Such rights for both a counterparty and the Fund often include the ability to terminate (i.e., close out) open contracts at prices which may favor a counterparty, which could have an adverse effect on
the Fund. The ISDA agreements give the Fund and a counterparty the right, upon an event of default, to close out all transactions traded
under such agreements and to net amounts owed or due across all transactions and offset such net payable or receivable against collateral
posted to a segregated account by one party for the benefit of the other.
Counterparty credit risk may be mitigated to the extent a counterparty posts additional collateral for mark to market gains
to the Fund.
Notes (1) — (3) below describe the various derivatives used by the Fund.
(1). Futures Contracts — The Fund used currency, index, interest rate, treasury or other financial futures contracts to manage and hedge interest rate risk associated with portfolio investments and to gain or reduce exposure to positive and negative price fluctuation
or a particular countries or regions. The Fund also used futures contracts to lengthen or shorten the duration of the overall investment portfolio.
The Fund used commodity futures contracts to obtain long and short exposure to the underlying commodities markets. The purchase of
futures contracts will tend to increase the Fund's exposure to positive and negative price fluctuations in the underlying instrument. The sales
of futures contracts will tend to offset both positive and negative market price changes.
Futures contracts provide for the delayed delivery of the underlying instrument at a fixed price or are settled for a cash
amount based on the change in the value of the underlying instrument at a specific date in the future. Upon entering into a futures contract,
the Fund is required to deposit with the broker, cash or securities in an amount equal to a certain percentage of the contract amount, which is referred
to as the initial margin deposit. Subsequent payments, referred to as variation margin, are made or received by the Fund periodically and are
based on changes in the market value of open futures contracts. Changes in the market value of open futures contracts are recorded
as change in net unrealized appreciation/depreciation on futures contracts. Securities deposited as initial margin are designated on the Schedule
of Investments, while cash deposited is considered restricted.
The Fund may be exposed to the risk that the change in the value of the futures contract may not correlate perfectly with
the underlying instrument. Use of long futures contracts subject the Fund to risk of loss up to the notional amount of the futures contracts.
Use of short futures contracts subjects the Fund to unlimited risk of loss. The Fund may enter into futures contracts only on exchanges
or boards of trade. The exchange or board of trade acts as the counterparty to each futures transaction; therefore, the Fund's credit risk is
limited to failure of the exchange or board of trade. Under some circumstances, futures exchanges may establish daily limits on the amount that the
price of a futures contract can vary from the previous day’s settlement price, which could effectively prevent liquidation of positions.
The Fund's futures contracts are not subject to master netting arrangements (the right to close out all transactions traded
with a counterparty and net amounts owed or due across transactions).
(2). Forward Foreign Currency Exchange Contracts— The Fund is exposed to foreign currency risks associated with some or all of the portfolio investments and used forward foreign currency exchange contracts to hedge or manage certain of these exposures as
part of an investment strategy. The Fund also bought forward foreign currency exchange contracts to gain exposure to currencies. Forward
foreign currency exchange contracts represent obligations to purchase or sell foreign currency on a specified future date at a price
fixed at the time the contracts are entered into. Non-deliverable forward foreign currency exchange contracts are settled with the counterparty
in U.S. dollars without the delivery of the foreign currency.
The values of the forward foreign currency exchange contracts are adjusted daily based on the applicable exchange rate of
the underlying currency. Changes in the value of these contracts are recorded as unrealized appreciation or depreciation until the contract
settlement date. When the forward foreign currency exchange contract is closed, the Fund records a realized gain or loss equal to the difference
between the value at the time the contract was opened and the value at the time it was closed. The Fund also records a realized gain or
loss, upon settlement, when a forward foreign currency exchange contract offsets another forward foreign currency exchange contract with
the same counterparty.
The Fund's forward foreign currency exchange contracts are subject to master netting arrangements (the right to close out
all transactions with a counterparty and net amounts owed or due across transactions).
The Fund may be required to post or receive collateral for non-deliverable forward foreign currency exchange contracts.
(3). Swaps — The Fund engaged in various swap transactions to manage credit, interest rate (e.g., duration, yield curve), currency, inflation
and total return risks within its portfolio. The Fund also used swaps as alternatives to direct investments. Swap transactions
are contracts
JPMorgan Core Plus Bond ETF
SCHEDULE OF PORTFOLIO INVESTMENTS
AS OF May 31, 2023 (Unaudited) (continued)
SCHEDULE OF PORTFOLIO INVESTMENTS
AS OF May 31, 2023 (Unaudited) (continued)
negotiated over-the-counter (“OTC swaps”) between the Fund and a counterparty or are centrally cleared (“centrally cleared swaps”) through a central clearinghouse managed by a Futures Commission Merchant (“FCM”) that exchange investment cash flows, assets, foreign currencies or market-linked returns at specified, future intervals.
Upfront payments made and/or received by the Fund are recorded as assets or liabilities, respectively, and amortized over
the term of the swap. The value of an OTC swap agreement is recorded at the beginning of the measurement period. Upon entering into a centrally
cleared swap, the Fund is required to deposit with the FCM cash or securities, which is referred to as initial margin deposit. Securities
deposited as initial margin are designated on the Schedule of Investments, while cash deposited is considered restricted. The change in
the value of swaps, including accruals of periodic amounts of interest to be paid or received on swaps, is reported as change in net unrealized
appreciation/depreciation on swaps. A realized gain or loss is recorded upon payment or receipt of a periodic payment or payment made upon termination
of a swap agreement.
The Fund may be required to post or receive collateral based on the net value of the Fund's outstanding OTC swap contracts
with the counterparty in the form of cash or securities. Daily movement of cash collateral is subject to minimum threshold amounts.
Collateral posted by the Fund is held in a segregated account at the Fund's custodian bank.
The central clearinghouse acts as the counterparty to each centrally cleared swap transaction; therefore credit risk is limited
to the failure of the clearinghouse.
The Fund's swap contracts (excluding centrally cleared swaps) are subject to master netting arrangements.
Credit Default Swaps
The Fund entered into credit default swaps to simulate long and/or short bond positions or to take an active long and/or short
position with respect to the likelihood of a default or credit event by the issuer of the underlying reference obligation.
The underlying reference obligation may be a single issuer of corporate or sovereign debt, a basket of issuers or a credit
index. A credit index is a list of credit instruments or exposures that reference a fixed number of obligors with shared characteristics that represents
some part of the credit market as a whole. Index credit default swaps have standardized terms including a fixed spread and standard maturity
dates. The composition of the obligations within a particular index changes periodically.
Credit default swaps involve one party, the protection buyer, making a stream of payments to another party, the protection
seller, in exchange for the right to receive a contingent payment if there is a credit event related to the underlying reference obligation. In
the event that the reference obligation matures prior to the termination date of the contract, a similar security will be substituted for the
duration of the contract term. Credit events are defined under individual swap agreements and generally include bankruptcy, failure to pay, restructuring,
repudiation/moratorium, obligation acceleration and obligation default.
If a credit event occurs, the Fund, as a protection seller, would be obligated to make a payment, which may be either: (i)
a net cash settlement equal to the notional amount of the swap less the auction value of the reference obligation or (ii) the notional amount of
the swap in exchange for the delivery of the reference obligation. Selling protection effectively adds leverage to the Fund's portfolio
up to the notional amount of swap agreements. The notional amount represents the maximum potential liability under a contract. Potential liabilities
under these contracts may be reduced by: the auction rates of the underlying reference obligations; upfront payments received at the inception
of a swap; and net amounts received from credit default swaps purchased with the identical reference obligation.