JPMorgan Ultra-Short Income 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 Ultra-Short Income 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 — 33.2% | ||
Aerospace & Defense — 0.2% | ||
General Dynamics Corp. 1.88%, 8/15/2023 | 1,790,000 | 1,777,539 |
Northrop Grumman Corp. 3.25%, 8/1/2023 | 37,294,000 | 37,167,067 |
Raytheon Technologies Corp. 3.20%, 3/15/2024 | 20,734,000 | 20,395,637 |
59,340,243 | ||
Automobile Components — 0.0% ^ | ||
Magna International, Inc. (Canada) 3.63%, 6/15/2024 | 6,505,000 | 6,374,408 |
Automobiles — 0.6% | ||
BMW US Capital LLC (Germany) | ||
2.25%, 9/15/2023 (a) | 3,130,000 | 3,099,832 |
(SOFRINDX + 0.53%), 5.63%, 4/1/2024 (a) (b) | 22,838,000 | 22,879,211 |
Hyundai Capital America | ||
4.13%, 6/8/2023 (a) | 837,000 | 836,883 |
1.25%, 9/18/2023 (a) (c) | 2,506,000 | 2,470,640 |
4.30%, 2/1/2024 (a) | 876,000 | 867,287 |
0.88%, 6/14/2024 (a) | 39,002,000 | 37,102,454 |
1.00%, 9/17/2024 (a) | 4,614,000 | 4,344,417 |
2.65%, 2/10/2025 (a) | 8,000,000 | 7,611,957 |
Kia Corp. (South Korea) 1.00%, 4/16/2024 (a) | 12,580,000 | 12,079,159 |
Mercedes-Benz Finance North America LLC (Germany) 0.75%, 3/1/2024 (a) | 1,065,000 | 1,027,761 |
Volkswagen Group of America Finance LLC (Germany) | ||
4.25%, 11/13/2023 (a) | 39,386,000 | 39,088,215 |
0.88%, 11/22/2023 (a) | 14,938,000 | 14,602,504 |
2.85%, 9/26/2024 (a) | 5,725,000 | 5,535,867 |
151,546,187 | ||
Banks — 14.5% | ||
ASB Bank Ltd. (New Zealand) | ||
3.75%, 6/14/2023 (a) | 13,938,000 | 13,930,504 |
(ICE LIBOR USD 3 Month + 0.97%), 6.11%, 6/14/2023 (a) (b) | 8,887,000 | 8,886,733 |
3.13%, 5/23/2024 (a) (c) | 6,755,000 | 6,579,229 |
Australia & New Zealand Banking Group Ltd. (Australia) 4.83%, 2/3/2025 (a) | 23,413,000 | 23,349,981 |
Banco Bilbao Vizcaya Argentaria SA (Spain) 0.88%, 9/18/2023 | 200,000 | 196,806 |
Banco Santander SA (Spain) | ||
2.71%, 6/27/2024 | 11,635,000 | 11,257,712 |
(US Treasury Yield Curve Rate T Note Constant Maturity 1 Year + 0.45%), 0.70%, 6/30/2024 (b) | 44,857,000 | 44,637,510 |
3.50%, 3/24/2025 | 10,215,000 | 9,854,372 |
Bank of America Corp. | ||
4.10%, 7/24/2023 | 1,101,000 | 1,097,714 |
(SOFR + 0.41%), 0.52%, 6/14/2024 (b) | 85,060,000 | 84,882,400 |
(3-MONTH CME TERM SOFR + 1.23%), 3.46%, 3/15/2025 (b) | 2,992,000 | 2,934,199 |
(SOFR + 0.69%), 0.98%, 4/22/2025 (b) | 42,672,000 | 40,883,708 |
(SOFR + 1.11%), 3.84%, 4/25/2025 (b) (c) | 75,312,000 | 74,025,820 |
(SOFR + 1.29%), 5.08%, 1/20/2027 (b) | 110,000,000 | 109,172,837 |
Bank of Montreal (Canada) | ||
(SOFRINDX + 0.35%), 5.47%, 12/8/2023 (b) | 14,990,000 | 14,982,520 |
5.30%, 6/5/2026 | 99,000,000 | 99,116,330 |
Bank of New Zealand (New Zealand) 4.85%, 2/7/2028 (a) | 80,000,000 | 79,424,446 |
JPMorgan Ultra-Short Income 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 Nova Scotia (The) (Canada) | ||
0.80%, 6/15/2023 | 5,025,000 | 5,009,908 |
0.55%, 9/15/2023 | 166,000 | 163,551 |
(SOFR + 0.26%), 5.37%, 9/15/2023 (b) | 6,667,000 | 6,662,615 |
(SOFRINDX + 0.55%), 5.66%, 9/15/2023 (b) | 47,576,000 | 47,604,545 |
4.75%, 2/2/2026 | 67,362,000 | 66,917,050 |
1.30%, 9/15/2026 | 8,539,000 | 7,540,137 |
Banque Federative du Credit Mutuel SA (France) | ||
3.75%, 7/20/2023 (a) | 4,865,000 | 4,849,197 |
0.65%, 2/27/2024 (a) | 6,485,000 | 6,238,780 |
4.94%, 1/26/2026 (a) | 78,781,000 | 78,187,870 |
Barclays plc (United Kingdom) | ||
(US Treasury Yield Curve Rate T Note Constant Maturity 1 Year + 0.80%), 1.01%, 12/10/2024 (b) | 29,647,000 | 28,726,187 |
(ICE LIBOR USD 3 Month + 1.61%), 3.93%, 5/7/2025 (b) | 34,200,000 | 33,467,010 |
BNP Paribas SA (France) 3.80%, 1/10/2024 (a) | 44,645,000 | 44,074,538 |
BPCE SA (France) | ||
4.00%, 9/12/2023 (a) | 19,526,000 | 19,401,424 |
5.03%, 1/15/2025 (a) | 119,399,000 | 117,514,526 |
Canadian Imperial Bank of Commerce (Canada) | ||
(SOFRINDX + 0.40%), 5.51%, 12/14/2023 (b) | 50,032,000 | 49,990,023 |
(SOFR + 0.94%), 6.04%, 4/7/2025 (b) (c) | 95,598,000 | 95,737,500 |
5.14%, 4/28/2025 | 80,000,000 | 79,542,450 |
Citigroup, Inc. | ||
(ICE LIBOR USD 3 Month + 1.02%), 4.04%, 6/1/2024 (b) | 2,537,000 | 2,537,000 |
(SOFR + 0.69%), 0.78%, 10/30/2024 (b) | 10,270,000 | 10,049,014 |
Citizens Bank NA (SOFR + 1.02%), 5.28%, 1/26/2026 (b) | 241,889,000 | 226,697,553 |
Cooperatieve Rabobank UA (Netherlands) | ||
3.88%, 9/26/2023 (a) | 2,850,000 | 2,833,499 |
0.38%, 1/12/2024 | 650,000 | 629,651 |
(SOFRINDX + 0.30%), 5.39%, 1/12/2024 (b) | 60,834,000 | 60,786,550 |
Credit Agricole SA (France) 5.57%, 2/28/2025 (a) | 112,332,000 | 111,877,078 |
Federation des Caisses Desjardins du Quebec (Canada) | ||
0.70%, 5/21/2024 (a) (c) | 26,044,000 | 24,828,481 |
(SOFR + 0.43%), 5.50%, 5/21/2024 (a) (b) | 41,345,000 | 41,202,385 |
(SOFRINDX + 1.09%), 5.28%, 1/23/2026 (a) (b) | 203,120,000 | 200,394,215 |
Fifth Third Bancorp | ||
3.65%, 1/25/2024 (c) | 2,742,000 | 2,686,184 |
2.55%, 5/5/2027 | 12,223,000 | 10,698,335 |
HSBC Holdings plc (United Kingdom) | ||
(SOFR + 0.53%), 0.73%, 8/17/2024 (b) | 63,688,000 | 62,912,809 |
(SOFR + 0.71%), 0.98%, 5/24/2025 (b) | 59,681,000 | 56,696,653 |
ING Groep NV (Netherlands) | ||
4.10%, 10/2/2023 | 14,532,000 | 14,430,883 |
3.55%, 4/9/2024 | 29,942,000 | 29,323,923 |
KeyBank NA | ||
(SOFRINDX + 0.34%), 5.40%, 1/3/2024 (b) (c) | 1,546,000 | 1,511,647 |
(SOFRINDX + 0.32%), 0.43%, 6/14/2024 (b) | 68,003,000 | 65,793,430 |
5.85%, 11/15/2027 | 1,510,000 | 1,401,091 |
JPMorgan Ultra-Short Income 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 | ||
Lloyds Banking Group plc (United Kingdom) 4.05%, 8/16/2023 | 27,699,000 | 27,593,483 |
M&T Bank Corp. (ICE LIBOR USD 3 Month + 0.68%), 5.95%, 7/26/2023 (b) | 7,000,000 | 6,975,427 |
Mitsubishi UFJ Financial Group, Inc. (Japan) | ||
3.76%, 7/26/2023 | 19,164,000 | 19,102,797 |
(ICE LIBOR USD 3 Month + 0.86%), 6.13%, 7/26/2023 (b) | 2,214,000 | 2,215,396 |
2.53%, 9/13/2023 | 1,247,000 | 1,236,011 |
(US Treasury Yield Curve Rate T Note Constant Maturity 1 Year + 0.68%), 0.85%, 9/15/2024 (b) | 47,145,000 | 46,411,417 |
(US Treasury Yield Curve Rate T Note Constant Maturity 1 Year + 0.45%), 0.96%, 10/11/2025 (b) | 33,780,000 | 31,531,466 |
(US Treasury Yield Curve Rate T Note Constant Maturity 1 Year + 1.08%), 5.72%, 2/20/2026 (b) | 59,401,000 | 59,360,345 |
Mizuho Financial Group, Inc. (Japan) | ||
(SOFR + 1.25%), 1.24%, 7/10/2024 (b) | 19,000,000 | 18,902,878 |
(SOFR + 0.87%), 0.85%, 9/8/2024 (b) | 63,901,000 | 62,967,113 |
(3-MONTH CME TERM SOFR + 1.26%), 3.92%, 9/11/2024 (b) | 27,646,000 | 27,456,837 |
MUFG Bank Ltd. (Japan) 4.10%, 9/9/2023 (a) | 200,000 | 198,876 |
National Bank of Canada (Canada) | ||
5.25%, 1/17/2025 | 198,389,000 | 196,430,432 |
(SOFR + 1.01%), 3.75%, 6/9/2025 (b) | 60,344,000 | 59,063,069 |
NatWest Group plc (United Kingdom) | ||
3.88%, 9/12/2023 | 73,172,000 | 72,668,577 |
(ICE LIBOR USD 3 Month + 1.76%), 4.27%, 3/22/2025 (b) | 10,045,000 | 9,875,192 |
(US Treasury Yield Curve Rate T Note Constant Maturity 1 Year + 1.35%), 5.85%, 3/2/2027 (b) | 50,000,000 | 50,136,087 |
NatWest Markets plc (United Kingdom) (SOFR + 0.53%), 5.60%, 8/12/2024 (a) (b) | 19,015,000 | 18,900,778 |
PNC Bank NA 3.50%, 6/8/2023 | 3,000,000 | 2,998,896 |
PNC Financial Services Group, Inc. (The) | ||
3.50%, 1/23/2024 | 9,103,000 | 8,976,679 |
(SOFR + 1.09%), 4.76%, 1/26/2027 (b) (c) | 81,210,000 | 80,169,857 |
Royal Bank of Canada (Canada) (SOFRINDX + 0.45%), 5.53%, 10/26/2023 (b) | 33,530,000 | 33,528,281 |
Skandinaviska Enskilda Banken AB (Sweden) 0.55%, 9/1/2023 (a) | 1,060,000 | 1,045,266 |
Societe Generale SA (France) | ||
4.25%, 9/14/2023 (a) | 11,607,000 | 11,505,207 |
2.63%, 10/16/2024 (a) | 10,595,000 | 10,064,826 |
Standard Chartered plc (United Kingdom) | ||
(US Treasury Yield Curve Rate T Note Constant Maturity 1 Year + 0.78%), 0.99%, 1/12/2025 (a) (b) | 10,000,000 | 9,666,591 |
(US Treasury Yield Curve Rate T Note Constant Maturity 1 Year + 0.88%), 1.21%, 3/23/2025 (a) (b) | 12,000,000 | 11,505,554 |
(SOFR + 1.74%), 6.84%, 3/30/2026 (a) (b) | 10,609,000 | 10,690,392 |
Sumitomo Mitsui Financial Group, Inc. (Japan) | ||
3.75%, 7/19/2023 | 2,175,000 | 2,169,108 |
3.94%, 10/16/2023 | 10,000,000 | 9,939,854 |
5.46%, 1/13/2026 | 25,879,000 | 25,979,189 |
Sumitomo Mitsui Trust Bank Ltd. (Japan) | ||
0.80%, 9/12/2023 (a) | 27,871,000 | 27,501,076 |
0.85%, 3/25/2024 (a) | 48,302,000 | 46,508,305 |
(SOFR + 0.44%), 5.55%, 9/16/2024 (a) (b) | 33,827,000 | 33,649,708 |
5.65%, 3/9/2026 (a) | 20,516,000 | 20,747,663 |
Toronto-Dominion Bank (The) (Canada) | ||
0.30%, 6/2/2023 | 3,714,000 | 3,714,000 |
(SOFR + 0.22%), 5.34%, 6/2/2023 (b) | 77,810,000 | 77,810,000 |
0.75%, 6/12/2023 | 48,222,000 | 48,155,899 |
JPMorgan Ultra-Short Income 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 | ||
0.45%, 9/11/2023 | 548,000 | 539,902 |
Wells Fargo & Co. | ||
3.75%, 1/24/2024 | 894,000 | 883,969 |
(SOFR + 1.60%), 1.67%, 6/2/2024 (b) | 52,514,000 | 52,514,000 |
(SOFR + 0.51%), 0.80%, 5/19/2025 (b) | 19,800,000 | 18,869,027 |
(SOFR + 1.32%), 3.91%, 4/25/2026 (b) | 24,500,000 | 23,841,353 |
(SOFR + 2.00%), 2.19%, 4/30/2026 (b) | 7,656,000 | 7,202,131 |
(SOFR + 1.56%), 4.54%, 8/15/2026 (b) | 500,000 | 491,470 |
Westpac New Zealand Ltd. (New Zealand) 4.90%, 2/15/2028 (a) (c) | 35,000,000 | 34,684,342 |
3,570,509,239 | ||
Beverages — 0.1% | ||
Constellation Brands, Inc. 3.60%, 5/9/2024 | 22,819,000 | 22,378,189 |
Keurig Dr Pepper, Inc. 3.13%, 12/15/2023 | 5,785,000 | 5,707,254 |
28,085,443 | ||
Biotechnology — 0.5% | ||
AbbVie, Inc. | ||
2.60%, 11/21/2024 | 894,000 | 860,800 |
3.80%, 3/15/2025 | 45,025,000 | 44,039,645 |
Amgen, Inc. | ||
1.90%, 2/21/2025 | 983,000 | 929,711 |
5.25%, 3/2/2025 | 66,086,000 | 66,269,850 |
Gilead Sciences, Inc. 3.70%, 4/1/2024 | 4,950,000 | 4,879,494 |
116,979,500 | ||
Building Products — 0.0% ^ | ||
Carlisle Cos., Inc. 0.55%, 9/1/2023 | 2,027,000 | 2,000,129 |
Capital Markets — 2.9% | ||
Bank of New York Mellon Corp. (The) (SOFR + 1.35%), 4.41%, 7/24/2026 (b) | 11,494,000 | 11,264,389 |
Charles Schwab Corp. (The) (SOFRINDX + 0.50%), 5.61%, 3/18/2024 (b) | 16,307,000 | 16,142,823 |
Goldman Sachs Group, Inc. (The) | ||
4.00%, 3/3/2024 | 43,990,000 | 43,413,968 |
3.00%, 3/15/2024 | 64,873,000 | 63,539,901 |
(SOFR + 0.49%), 0.92%, 10/21/2024 (b) | 38,732,000 | 37,946,762 |
(SOFR + 0.61%), 0.86%, 2/12/2026 (b) | 2,575,000 | 2,357,529 |
3.75%, 2/25/2026 | 13,456,000 | 12,995,146 |
Series VAR, (SOFR + 0.79%), 1.09%, 12/9/2026 (b) | 7,025,000 | 6,278,839 |
3.85%, 1/26/2027 | 60,000,000 | 57,637,810 |
Intercontinental Exchange, Inc. 3.65%, 5/23/2025 | 5,000,000 | 4,926,600 |
Morgan Stanley | ||
(SOFR + 0.47%), 5.54%, 11/10/2023 (b) | 22,354,000 | 22,347,964 |
(SOFR + 0.46%), 5.54%, 1/25/2024 (b) | 8,363,000 | 8,355,222 |
(SOFR + 0.51%), 0.79%, 1/22/2025 (b) | 2,958,000 | 2,862,221 |
(SOFR + 1.16%), 3.62%, 4/17/2025 (b) | 85,300,000 | 83,572,755 |
(SOFR + 0.53%), 0.79%, 5/30/2025 (b) | 76,634,000 | 72,631,853 |
(SOFR + 1.30%), 5.05%, 1/28/2027 (b) | 50,000,000 | 49,833,634 |
State Street Corp. 3.70%, 11/20/2023 | 6,479,000 | 6,426,180 |
JPMorgan Ultra-Short Income 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 | ||
UBS AG (Switzerland) | ||
0.38%, 6/1/2023 (a) (c) | 61,462,000 | 61,462,000 |
(SOFR + 0.36%), 5.44%, 2/9/2024 (a) (b) | 23,894,000 | 23,839,953 |
(SOFR + 0.45%), 5.53%, 8/9/2024 (a) (b) | 30,423,000 | 30,273,401 |
UBS Group AG (Switzerland) | ||
(US Treasury Yield Curve Rate T Note Constant Maturity 1 Year + 0.83%), 1.01%, 7/30/2024 (a) (b) | 36,500,000 | 36,147,595 |
(US Treasury Yield Curve Rate T Note Constant Maturity 1 Year + 1.60%), 4.49%, 8/5/2025 (a) (b) | 56,499,000 | 55,228,482 |
709,485,027 | ||
Chemicals — 0.3% | ||
Air Liquide Finance SA (France) 2.25%, 9/27/2023 (a) | 17,489,000 | 17,271,118 |
LyondellBasell Industries NV 5.75%, 4/15/2024 | 30,974,000 | 30,955,043 |
Nutrien Ltd. (Canada) 5.90%, 11/7/2024 | 726,000 | 730,395 |
Sherwin-Williams Co. (The) | ||
3.13%, 6/1/2024 | 1,881,000 | 1,834,721 |
4.05%, 8/8/2024 | 13,400,000 | 13,175,662 |
Westlake Corp. 0.88%, 8/15/2024 | 4,583,000 | 4,317,725 |
68,284,664 | ||
Construction Materials — 0.1% | ||
Martin Marietta Materials, Inc. 0.65%, 7/15/2023 | 16,655,000 | 16,556,756 |
Consumer Finance — 3.2% | ||
AerCap Ireland Capital DAC (Ireland) 1.15%, 10/29/2023 | 57,979,000 | 56,845,450 |
American Express Co. | ||
3.70%, 8/3/2023 | 3,130,000 | 3,119,131 |
0.75%, 11/3/2023 (c) | 514,000 | 503,900 |
3.38%, 5/3/2024 | 13,210,000 | 12,954,968 |
3.30%, 5/3/2027 | 49,917,000 | 47,076,629 |
5.85%, 11/5/2027 | 24,076,000 | 25,013,778 |
American Honda Finance Corp. | ||
0.88%, 7/7/2023 | 9,506,000 | 9,462,910 |
Series A, 4.60%, 4/17/2025 | 17,885,000 | 17,776,652 |
5.00%, 5/23/2025 | 134,270,000 | 134,080,023 |
Capital One Financial Corp. | ||
(SOFR + 0.69%), 1.34%, 12/6/2024 (b) | 20,097,000 | 19,485,428 |
(SOFR + 0.69%), 5.81%, 12/6/2024 (b) | 12,130,000 | 11,860,941 |
(SOFR + 1.29%), 2.64%, 3/3/2026 (b) | 27,974,000 | 26,199,099 |
(SOFR + 2.16%), 4.98%, 7/24/2026 (b) | 8,298,000 | 8,118,016 |
(SOFR + 0.86%), 1.88%, 11/2/2027 (b) | 21,014,000 | 18,141,864 |
Caterpillar Financial Services Corp. | ||
0.65%, 7/7/2023 (c) | 16,000,000 | 15,923,072 |
3.75%, 11/24/2023 | 971,000 | 963,192 |
General Motors Financial Co., Inc. | ||
(SOFR + 1.20%), 6.27%, 11/17/2023 (b) | 23,000,000 | 23,027,192 |
1.05%, 3/8/2024 | 18,436,000 | 17,827,340 |
3.95%, 4/13/2024 | 15,000,000 | 14,763,306 |
Hyundai Capital Services, Inc. (South Korea) 0.75%, 9/15/2023 (a) | 13,858,000 | 13,659,831 |
John Deere Capital Corp. (SOFR + 0.12%), 5.21%, 7/10/2023 (b) | 57,027,000 | 57,027,347 |
PACCAR Financial Corp. 4.45%, 3/30/2026 | 1,200,000 | 1,197,948 |
JPMorgan Ultra-Short Income ETF
SCHEDULE OF PORTFOLIO INVESTMENTS
AS OF May 31, 2023 (Unaudited) (continued)
SCHEDULE OF PORTFOLIO INVESTMENTS
AS OF May 31, 2023 (Unaudited) (continued)
INVESTMENTS | PRINCIPAL AMOUNT($) | VALUE($) |
Corporate Bonds — continued | ||
Consumer Finance — continued | ||
Toyota Motor Credit Corp. | ||
(SOFR + 0.75%), 5.81%, 7/25/2023 (b) | 64,017,000 | 64,055,445 |
0.45%, 1/11/2024 | 881,000 | 855,137 |
(SOFRINDX + 0.33%), 5.42%, 1/11/2024 (b) | 41,950,000 | 41,918,433 |
(SOFR + 0.38%), 5.45%, 2/22/2024 (b) (c) | 107,172,000 | 107,218,491 |
4.80%, 1/10/2025 | 37,351,000 | 37,331,105 |
786,406,628 | ||
Consumer Staples Distribution & Retail — 0.1% | ||
7-Eleven, Inc. 0.80%, 2/10/2024 (a) | 10,000,000 | 9,643,629 |
Kroger Co. (The) 3.85%, 8/1/2023 | 4,554,000 | 4,539,623 |
14,183,252 | ||
Diversified REITs — 0.0% ^ | ||
Simon Property Group LP 2.75%, 6/1/2023 | 1,914,000 | 1,914,000 |
Diversified Telecommunication Services — 0.3% | ||
AT&T, Inc. | ||
0.90%, 3/25/2024 | 3,381,000 | 3,262,500 |
(SOFRINDX + 0.64%), 5.74%, 3/25/2024 (b) | 24,755,000 | 24,755,020 |
British Telecommunications plc (United Kingdom) 4.50%, 12/4/2023 | 157,000 | 156,148 |
Deutsche Telekom International Finance BV (Germany) 2.49%, 9/19/2023 (a) | 27,665,000 | 27,395,476 |
Telstra Corp. Ltd. (Australia) 3.13%, 4/7/2025 (a) | 14,950,000 | 14,452,902 |
Verizon Communications, Inc. 3.38%, 2/15/2025 | 631,000 | 614,422 |
70,636,468 | ||
Electric Utilities — 0.8% | ||
American Electric Power Co., Inc. Series M, 0.75%, 11/1/2023 (c) | 9,684,000 | 9,488,947 |
Cleveland Electric Illuminating Co. (The) 5.50%, 8/15/2024 | 10,800,000 | 10,811,799 |
Emera US Finance LP (Canada) 0.83%, 6/15/2024 | 11,121,000 | 10,500,059 |
Entergy Louisiana LLC 0.62%, 11/17/2023 | 9,363,000 | 9,147,113 |
Evergy, Inc. 2.45%, 9/15/2024 | 14,641,000 | 14,044,723 |
Eversource Energy | ||
Series T, (SOFRINDX + 0.25%), 5.32%, 8/15/2023 (b) | 22,322,000 | 22,304,854 |
Series N, 3.80%, 12/1/2023 | 174,000 | 172,295 |
4.20%, 6/27/2024 | 9,000,000 | 8,871,166 |
Florida Power & Light Co. (SOFRINDX + 0.38%), 5.47%, 1/12/2024 (b) | 49,271,000 | 49,159,900 |
NextEra Energy Capital Holdings, Inc. | ||
(SOFRINDX + 0.40%), 5.48%, 11/3/2023 (b) | 20,524,000 | 20,515,737 |
4.20%, 6/20/2024 | 1,088,000 | 1,072,712 |
4.26%, 9/1/2024 | 27,414,000 | 26,992,566 |
6.05%, 3/1/2025 | 14,645,000 | 14,806,946 |
Niagara Mohawk Power Corp. 3.51%, 10/1/2024 (a) | 8,320,000 | 8,018,217 |
205,907,034 | ||
Electronic Equipment, Instruments & Components — 0.3% | ||
Amphenol Corp. | ||
3.20%, 4/1/2024 | 15,475,000 | 15,202,048 |
4.75%, 3/30/2026 | 18,542,000 | 18,459,840 |
JPMorgan Ultra-Short Income 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 | ||
Electronic Equipment, Instruments & Components — continued | ||
TD SYNNEX Corp. 1.25%, 8/9/2024 | 24,822,000 | 23,410,314 |
Teledyne Technologies, Inc. 0.95%, 4/1/2024 | 31,122,000 | 29,928,041 |
87,000,243 | ||
Energy Equipment & Services — 0.0% ^ | ||
Schlumberger Holdings Corp. 4.00%, 12/21/2025 (a) | 5,937,000 | 5,761,011 |
Entertainment — 0.1% | ||
Take-Two Interactive Software, Inc. | ||
3.30%, 3/28/2024 | 24,996,000 | 24,488,252 |
3.55%, 4/14/2025 | 7,755,000 | 7,506,680 |
31,994,932 | ||
Financial Services — 0.7% | ||
Citigroup Global Markets Holdings, Inc. 0.75%, 6/7/2024 | 29,285,000 | 27,924,619 |
Element Fleet Management Corp. (Canada) 1.60%, 4/6/2024 (a) | 15,298,000 | 14,687,451 |
Fidelity National Information Services, Inc. 0.60%, 3/1/2024 | 961,000 | 924,596 |
Fiserv, Inc. 2.75%, 7/1/2024 | 2,697,000 | 2,618,277 |
Jackson Financial, Inc. 1.13%, 11/22/2023 | 24,823,000 | 24,314,964 |
National Rural Utilities Cooperative Finance Corp. | ||
(SOFR + 0.40%), 5.48%, 8/7/2023 (b) (c) | 11,905,000 | 11,901,010 |
0.35%, 2/8/2024 | 15,017,000 | 14,508,049 |
4.45%, 3/13/2026 | 45,000,000 | 44,723,741 |
NTT Finance Corp. (Japan) 0.58%, 3/1/2024 (a) | 320,000 | 308,632 |
Siemens Financieringsmaatschappij NV (Germany) (SOFR + 0.43%), 5.54%, 3/11/2024 (a) (b) | 23,914,000 | 23,950,386 |
165,861,725 | ||
Food Products — 0.4% | ||
Campbell Soup Co. | ||
3.95%, 3/15/2025 | 7,004,000 | 6,854,176 |
3.30%, 3/19/2025 | 1,695,000 | 1,637,985 |
Conagra Brands, Inc. | ||
0.50%, 8/11/2023 | 23,177,000 | 22,935,846 |
4.30%, 5/1/2024 | 4,409,000 | 4,346,821 |
Danone SA (France) 2.59%, 11/2/2023 (a) | 56,688,000 | 56,009,528 |
General Mills, Inc. 4.00%, 4/17/2025 | 1,271,000 | 1,247,191 |
Mondelez International Holdings Netherlands BV 0.75%, 9/24/2024 (a) | 1,410,000 | 1,326,338 |
94,357,885 | ||
Ground Transportation — 0.3% | ||
Penske Truck Leasing Co. LP | ||
4.13%, 8/1/2023 (a) | 4,071,000 | 4,059,633 |
3.90%, 2/1/2024 (a) | 4,900,000 | 4,829,958 |
3.95%, 3/10/2025 (a) | 1,041,000 | 1,007,142 |
5.75%, 5/24/2026 (a) | 49,563,000 | 49,454,039 |
Triton Container International Ltd. (Bermuda) 0.80%, 8/1/2023 (a) | 22,739,000 | 22,497,398 |
Union Pacific Corp. 3.50%, 6/8/2023 | 1,540,000 | 1,539,318 |
83,387,488 | ||
Health Care Equipment & Supplies — 0.0% ^ | ||
Zimmer Biomet Holdings, Inc. 1.45%, 11/22/2024 | 585,000 | 552,005 |
JPMorgan Ultra-Short Income 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 — 0.1% | ||
Aetna, Inc. 2.80%, 6/15/2023 | 9,649,000 | 9,641,154 |
Cardinal Health, Inc. 3.08%, 6/15/2024 | 2,960,000 | 2,885,912 |
Cigna Group (The) | ||
(ICE LIBOR USD 3 Month + 0.89%), 6.15%, 7/15/2023 (b) | 14,963,000 | 14,965,424 |
3.25%, 4/15/2025 | 3,050,000 | 2,945,683 |
Laboratory Corp. of America Holdings | ||
4.00%, 11/1/2023 | 1,900,000 | 1,884,615 |
3.25%, 9/1/2024 | 1,356,000 | 1,317,530 |
33,640,318 | ||
Insurance — 3.0% | ||
Allstate Corp. (The) 3.15%, 6/15/2023 | 1,230,000 | 1,228,509 |
Athene Global Funding | ||
1.20%, 10/13/2023 (a) (c) | 32,955,000 | 32,280,477 |
0.95%, 1/8/2024 (a) | 9,598,000 | 9,256,110 |
1.00%, 4/16/2024 (a) | 21,061,000 | 20,008,405 |
(SOFRINDX + 0.70%), 5.76%, 5/24/2024 (a) (b) | 43,521,000 | 43,019,122 |
Brighthouse Financial Global Funding | ||
0.60%, 6/28/2023 (a) | 13,556,000 | 13,473,742 |
1.20%, 12/15/2023 (a) | 43,419,000 | 42,318,011 |
1.00%, 4/12/2024 (a) | 7,007,000 | 6,709,529 |
1.75%, 1/13/2025 (a) | 1,370,000 | 1,282,427 |
Corebridge Global Funding | ||
0.80%, 7/7/2023 (a) (c) | 8,310,000 | 8,257,766 |
0.40%, 9/13/2023 (a) | 39,623,000 | 39,009,322 |
(SOFR + 0.38%), 5.49%, 12/15/2023 (a) (b) (c) | 48,943,000 | 48,899,557 |
0.65%, 6/17/2024 (a) | 24,078,000 | 22,873,213 |
Jackson National Life Global Funding | ||
3.25%, 1/30/2024 (a) | 21,256,000 | 20,825,254 |
1.75%, 1/12/2025 (a) | 4,116,000 | 3,838,446 |
MassMutual Global Funding II 0.85%, 6/9/2023 (a) | 39,446,000 | 39,406,095 |
Metropolitan Life Global Funding I 0.90%, 6/8/2023 (a) | 12,598,000 | 12,588,502 |
New York Life Global Funding 3.86%, 8/26/2024 (a) | 180,500,000 | 177,525,596 |
Principal Life Global Funding II 0.50%, 1/8/2024 (a) | 1,046,000 | 1,013,563 |
Protective Life Global Funding 1.08%, 6/9/2023 (a) (c) | 8,062,000 | 8,054,178 |
Reliance Standard Life Global Funding II | ||
3.85%, 9/19/2023 (a) | 4,360,000 | 4,331,682 |
2.50%, 10/30/2024 (a) | 3,544,000 | 3,370,150 |
5.24%, 2/2/2026 (a) | 169,725,000 | 167,569,528 |
727,139,184 | ||
Life Sciences Tools & Services — 0.1% | ||
Thermo Fisher Scientific, Inc. 0.80%, 10/18/2023 | 26,013,000 | 25,546,962 |
Machinery — 0.5% | ||
Daimler Truck Finance North America LLC (Germany) | ||
1.13%, 12/14/2023 (a) | 25,477,000 | 24,856,205 |
(SOFR + 1.00%), 6.10%, 4/5/2024 (a) (b) | 58,479,000 | 58,487,764 |
1.63%, 12/13/2024 (a) | 2,399,000 | 2,267,904 |
JPMorgan Ultra-Short Income ETF
SCHEDULE OF PORTFOLIO INVESTMENTS
AS OF May 31, 2023 (Unaudited) (continued)
SCHEDULE OF PORTFOLIO INVESTMENTS
AS OF May 31, 2023 (Unaudited) (continued)
INVESTMENTS | PRINCIPAL AMOUNT($) | VALUE($) |
Corporate Bonds — continued | ||
Machinery — continued | ||
5.20%, 1/17/2025 (a) | 38,702,000 | 38,572,003 |
Stanley Black & Decker, Inc. 2.30%, 2/24/2025 | 5,000,000 | 4,752,690 |
128,936,566 | ||
Media — 0.1% | ||
Fox Corp. 4.03%, 1/25/2024 | 17,827,000 | 17,630,389 |
Metals & Mining — 0.3% | ||
Anglo American Capital plc (South Africa) 3.63%, 9/11/2024 (a) | 5,501,000 | 5,342,159 |
Glencore Funding LLC (Australia) | ||
4.13%, 3/12/2024 (a) | 15,800,000 | 15,555,551 |
4.63%, 4/29/2024 (a) | 45,008,000 | 44,552,760 |
65,450,470 | ||
Multi-Utilities — 0.6% | ||
Berkshire Hathaway Energy Co. 3.75%, 11/15/2023 | 2,000,000 | 1,981,520 |
CenterPoint Energy, Inc. (SOFRINDX + 0.65%), 5.72%, 5/13/2024 (b) | 35,739,000 | 35,640,998 |
Centrica plc (United Kingdom) 4.00%, 10/16/2023 (a) | 11,634,000 | 11,558,666 |
CMS Energy Corp. 3.88%, 3/1/2024 | 1,503,000 | 1,484,109 |
Consolidated Edison, Inc. Series A, 0.65%, 12/1/2023 | 329,000 | 321,152 |
Consumers Energy Co. 3.38%, 8/15/2023 | 4,440,000 | 4,430,321 |
Dominion Energy, Inc. Series D, (ICE LIBOR USD 3 Month + 0.53%), 5.40%, 9/15/2023 (b) | 31,071,000 | 31,061,414 |
DTE Energy Co. 4.22%, 11/1/2024 (d) | 3,385,000 | 3,329,851 |
WEC Energy Group, Inc. | ||
0.55%, 9/15/2023 | 15,845,000 | 15,606,634 |
0.80%, 3/15/2024 | 32,578,000 | 31,383,022 |
136,797,687 | ||
Oil, Gas & Consumable Fuels — 0.7% | ||
ConocoPhillips Co. 2.40%, 3/7/2025 | 547,000 | 524,693 |
Eni SpA (Italy) Series X-R, 4.00%, 9/12/2023 (a) | 19,145,000 | 19,024,581 |
Kinder Morgan Energy Partners LP 4.30%, 5/1/2024 | 3,463,000 | 3,415,756 |
Kinder Morgan, Inc. 5.63%, 11/15/2023 (a) | 4,000,000 | 3,991,310 |
Phillips 66 3.85%, 4/9/2025 | 392,000 | 382,707 |
Pioneer Natural Resources Co. 5.10%, 3/29/2026 | 28,294,000 | 28,296,078 |
Sabine Pass Liquefaction LLC 5.75%, 5/15/2024 | 31,105,000 | 31,042,919 |
Saudi Arabian Oil Co. (Saudi Arabia) 1.25%, 11/24/2023 (a) | 8,000,000 | 7,811,500 |
Spectra Energy Partners LP 4.75%, 3/15/2024 | 24,217,000 | 24,001,374 |
TransCanada PipeLines Ltd. (Canada) | ||
3.75%, 10/16/2023 | 29,316,000 | 29,223,835 |
1.00%, 10/12/2024 | 1,618,000 | 1,519,070 |
Williams Cos., Inc. (The) | ||
4.30%, 3/4/2024 | 28,883,000 | 28,570,876 |
4.55%, 6/24/2024 | 4,740,000 | 4,682,075 |
182,486,774 | ||
Personal Care Products — 0.1% | ||
Haleon UK Capital plc 3.13%, 3/24/2025 | 16,322,000 | 15,696,093 |
JPMorgan Ultra-Short Income 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 — 0.5% | ||
Bayer US Finance II LLC (Germany) | ||
3.88%, 12/15/2023 (a) | 32,500,000 | 32,157,016 |
3.38%, 7/15/2024 (a) | 3,651,000 | 3,561,767 |
Bayer US Finance LLC (Germany) 3.38%, 10/8/2024 (a) | 3,000,000 | 2,916,683 |
Pfizer Investment Enterprises Pte. Ltd. 4.65%, 5/19/2025 | 76,981,000 | 76,800,583 |
Shire Acquisitions Investments Ireland DAC 2.88%, 9/23/2023 | 130,000 | 128,844 |
Takeda Pharmaceutical Co. Ltd. (Japan) 4.40%, 11/26/2023 | 325,000 | 322,839 |
115,887,732 | ||
Semiconductors & Semiconductor Equipment — 0.6% | ||
Microchip Technology, Inc. | ||
0.97%, 2/15/2024 | 47,575,000 | 45,939,810 |
4.25%, 9/1/2025 | 13,591,000 | 13,247,002 |
NVIDIA Corp. 0.31%, 6/15/2023 | 39,037,000 | 38,966,628 |
NXP BV (China) 4.88%, 3/1/2024 | 53,066,000 | 52,448,312 |
150,601,752 | ||
Software — 0.2% | ||
Oracle Corp. | ||
2.40%, 9/15/2023 | 3,827,000 | 3,792,829 |
2.50%, 4/1/2025 | 11,687,000 | 11,141,670 |
Roper Technologies, Inc. 2.35%, 9/15/2024 | 1,175,000 | 1,129,607 |
VMware, Inc. | ||
0.60%, 8/15/2023 | 25,574,000 | 25,312,131 |
1.00%, 8/15/2024 | 7,113,000 | 6,716,900 |
48,093,137 | ||
Specialized REITs — 0.0% ^ | ||
American Tower Corp. | ||
2.95%, 1/15/2025 | 2,868,000 | 2,754,807 |
2.40%, 3/15/2025 | 6,000,000 | 5,689,461 |
8,444,268 | ||
Specialty Retail — 0.0% ^ | ||
AutoZone, Inc. 3.63%, 4/15/2025 | 534,000 | 518,492 |
Technology Hardware, Storage & Peripherals — 0.5% | ||
Dell International LLC 4.00%, 7/15/2024 | 2,000,000 | 1,968,712 |
Hewlett Packard Enterprise Co. | ||
1.45%, 4/1/2024 | 37,209,000 | 35,979,012 |
5.90%, 10/1/2024 | 86,671,000 | 86,889,790 |
124,837,514 | ||
Textiles, Apparel & Luxury Goods — 0.0% ^ | ||
VF Corp. 2.40%, 4/23/2025 | 850,000 | 800,017 |
Tobacco — 0.3% | ||
Altria Group, Inc. 2.35%, 5/6/2025 | 4,665,000 | 4,420,533 |
BAT Capital Corp. (United Kingdom) | ||
3.22%, 8/15/2024 | 13,971,000 | 13,560,424 |
JPMorgan Ultra-Short Income 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 | ||
Tobacco — continued | ||
2.79%, 9/6/2024 | 9,067,000 | 8,736,953 |
Reynolds American, Inc. (United Kingdom) 4.85%, 9/15/2023 | 45,368,000 | 45,231,104 |
71,949,014 | ||
Wireless Telecommunication Services — 0.2% | ||
Rogers Communications, Inc. (Canada) 4.10%, 10/1/2023 | 39,643,000 | 39,404,535 |
Total Corporate Bonds (Cost $8,256,290,845) | 8,170,985,171 | |
Asset-Backed Securities — 6.6% | ||
522 Funding CLO Ltd. (Cayman Islands) Series 2019-4A, Class AR, 6.33%, 4/20/2030 (a) (e) | 41,212,268 | 40,773,605 |
Aimco CLO Ltd. (Cayman Islands) | ||
Series 2020-12A, Class XR, 5.84%, 1/17/2032 (a) (e) | 3,483,333 | 3,481,219 |
Series 2020-12A, Class AR, 6.16%, 1/17/2032 (a) (e) | 3,689,000 | 3,640,881 |
AIMCO CLO Ltd. (Cayman Islands) Series 2019-10A, Class AR, 6.33%, 7/22/2032 (a) (e) | 5,000,000 | 4,923,350 |
Anchorage Capital CLO Ltd. (Cayman Islands) Series 2016-9A, Class XR, 6.21%, 7/15/2032 (a) (e) | 625,000 | 624,777 |
Apidos CLO (Cayman Islands) | ||
Series 2016-24A, Class A1AL, 6.20%, 10/20/2030 (a) (e) | 35,000,000 | 34,530,720 |
Series 2019-31A, Class A1R, 6.36%, 4/15/2031 (a) (e) | 28,565,000 | 28,220,478 |
Ares CLO Ltd. (Cayman Islands) | ||
Series 2016-40A, Class A1RR, 6.13%, 1/15/2029 (a) (e) | 22,002,289 | 21,804,621 |
Series 2013-2A, Class XR2, 6.22%, 10/28/2034 (a) (e) | 3,500,000 | 3,497,858 |
Atlas Senior Loan Fund (Cayman Islands) Series 2019-13A, Class A1NR, 6.35%, 4/22/2031 (a) (e) | 9,675,000 | 9,467,529 |
Atlas Senior Loan Fund Ltd. (Cayman Islands) Series 2021-18A, Class X, 6.11%, 1/18/2035 (a) (e) | 1,466,667 | 1,465,539 |
Bain Capital Credit CLO (Cayman Islands) Series 2019-1A, Class X, 6.10%, 4/19/2034 (a) (e) | 3,600,000 | 3,598,056 |
Bain Capital Credit CLO Ltd. (Cayman Islands) Series 2020-3A, Class X, 6.12%, 10/23/2034 (a) (e) | 2,640,000 | 2,638,841 |
Ballyrock CLO Ltd. (Cayman Islands) | ||
Series 2020-2A, Class A1R, 6.26%, 10/20/2031 (a) (e) | 20,955,000 | 20,666,848 |
Series 2019-1A, Class A1R, 6.29%, 7/15/2032 (a) (e) | 42,764,000 | 42,033,805 |
Bavarian Sky UK 5 plc (United Kingdom) Series 2014-1A, Class XR, 6.05%, 10/20/2034 (a) (e) | 1,400,000 | 1,399,432 |
Benefit Street Partners CLO Ltd. (Cayman Islands) | ||
Series 2013-IIA, Class A1R2, 6.13%, 7/15/2029 (a) (e) | 10,438,150 | 10,355,396 |
Series 2013-IIIA, Class A1R2, 6.25%, 7/20/2029 (a) (e) | 18,828,051 | 18,726,699 |
Series 2015-6BR, Class X, 5.95%, 7/20/2034 (a) (e) | 900,000 | 899,767 |
Buckhorn Park CLO Ltd. (Cayman Islands) Series 2019-1A, Class XR, 5.91%, 7/18/2034 (a) (e) | 2,083,331 | 2,082,210 |
Capital One Prime Auto Receivables Trust | ||
Series 2020-1, Class A3, 1.60%, 11/15/2024 | 1,297,631 | 1,292,512 |
Series 2021-1, Class A3, 0.77%, 9/15/2026 | 16,490,000 | 15,689,148 |
Carlyle Global Market Strategies CLO Ltd. (Cayman Islands) | ||
Series 2015-1A, Class AR3, 6.23%, 7/20/2031 (a) (e) | 7,545,116 | 7,441,197 |
Series 2015-5A, Class A1RR, 6.33%, 1/20/2032 (a) (e) | 7,465,682 | 7,350,165 |
CarMax Auto Owner Trust Series 2022-2, Class A2A, 2.81%, 5/15/2025 | 8,317,383 | 8,251,640 |
Carvana Auto Receivables Trust | ||
Series 2021-P3, Class A2, 0.38%, 1/10/2025 | 1,027,307 | 1,025,748 |
Series 2021-P4, Class A2, 0.82%, 4/10/2025 | 2,798,083 | 2,788,277 |
Series 2022-P1, Class A2, 2.57%, 5/12/2025 | 26,916,597 | 26,731,925 |
CBAM Ltd. (Cayman Islands) Series 2017-2A, Class XR, 5.96%, 7/17/2034 (a) (e) | 625,000 | 624,232 |
Cedar Funding II CLO Ltd. (Cayman Islands) Series 2013-1A, Class AXR, 6.10%, 4/20/2034 (a) (e) | 2,303,571 | 2,291,455 |
JPMorgan Ultra-Short Income 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 | ||
CIFC Funding Ltd. (Cayman Islands) | ||
Series 2017-1A, Class AR, 6.27%, 4/23/2029 (a) (e) | 1,599,399 | 1,583,271 |
Series 2017-5A, Class A1, 6.44%, 11/16/2030 (a) (e) | 24,594,056 | 24,368,602 |
Dell Equipment Finance Trust Series 2021-2, Class A2, 0.33%, 12/22/2026 (a) | 1,019,874 | 1,016,916 |
Dewolf Park CLO Ltd. Series 2017-1A, Class AR, 6.18%, 10/15/2030 (a) (e) | 12,864,519 | 12,703,352 |
Dryden Senior Loan Fund (Cayman Islands) | ||
Series 2017-47A, Class A1R, 6.24%, 4/15/2028 (a) (e) | 46,639,363 | 46,234,533 |
Series 2014-36A, Class AR3, 6.27%, 4/15/2029 (a) (e) | 37,503,145 | 37,228,997 |
Elmwood CLO Ltd. (Cayman Islands) Series 2021-3A, Class A, 6.29%, 10/20/2034 (a) (e) | 10,000,000 | 9,843,000 |
Enterprise Fleet Funding LLC Series 2021-1, Class A2, 0.44%, 12/21/2026 (a) | 26,092,868 | 25,467,952 |
Ford Credit Auto Lease Trust Series 2023-A, Class A2A, 5.19%, 6/15/2025 | 12,610,000 | 12,551,292 |
Ford Credit Auto Owner Trust Series 2019-1, Class A, 3.52%, 7/15/2030 (a) | 14,586,000 | 14,360,891 |
Galaxy CLO Ltd. (Cayman Islands) | ||
Series 2015-19A, Class A1RR, 6.22%, 7/24/2030 (a) (e) | 9,648,844 | 9,531,283 |
Series 2013-15A, Class ARR, 6.23%, 10/15/2030 (a) (e) | 31,249,102 | 30,849,582 |
Series 2016-22A, Class XRR, 6.16%, 4/16/2034 (a) (e) | 2,526,317 | 2,524,958 |
GM Financial Automobile Leasing Trust Series 2022-2, Class A2, 2.93%, 10/21/2024 | 36,547,528 | 36,208,170 |
GM Financial Consumer Automobile Receivables Trust Series 2022-1, Class A2, 0.76%, 2/18/2025 | 6,519,527 | 6,473,038 |
Goldentree Loan Management US CLO Ltd. (Cayman Islands) | ||
Series 2022-12A, Class X, 6.05%, 4/20/2034 (a) (e) | 3,600,000 | 3,597,466 |
Series 2022-14A, Class X, 6.25%, 7/20/2035 (a) (e) | 2,306,250 | 2,306,109 |
Harriman Park CLO Ltd. (Cayman Islands) Series 2020-1A, Class XR, 5.85%, 4/20/2034 (a) (e) | 1,666,664 | 1,665,901 |
Honda Auto Receivables Owner Trust Series 2023-1, Class A2, 5.22%, 10/21/2025 | 66,361,000 | 66,085,662 |
Hyundai Auto Lease Securitization Trust Series 2022-C, Class A2A, 4.34%, 1/15/2025 (a) | 39,398,292 | 39,087,085 |
Hyundai Auto Receivables Trust Series 2021-A, Class A3, 0.38%, 9/15/2025 | 2,960,009 | 2,879,472 |
ICG US CLO Ltd. (Cayman Islands) Series 2016-1A, Class XRR, 6.20%, 4/29/2034 (a) (e) | 2,315,792 | 2,315,549 |
KKR CLO Ltd. (Cayman Islands) | ||
Series 13, Class A1R, 6.06%, 1/16/2028 (a) (e) | 2,434,931 | 2,420,645 |
Series 28A, Class A, 6.01%, 3/15/2031 (a) (e) | 13,479,544 | 13,361,369 |
Series 32A, Class A1, 6.58%, 1/15/2032 (a) (e) | 18,000,000 | 17,802,846 |
Series 24, Class A1R, 6.33%, 4/20/2032 (a) (e) | 10,000,000 | 9,866,550 |
Series 16, Class X, 6.00%, 10/20/2034 (a) (e) | 1,750,000 | 1,749,587 |
LCM LP (Cayman Islands) | ||
Series 20A, Class AR, 6.29%, 10/20/2027 (a) (e) | 2,963,126 | 2,956,258 |
Series 14A, Class AR, 6.29%, 7/20/2031 (a) (e) | 20,980,000 | 20,614,130 |
LCM Ltd. (Cayman Islands) | ||
Series 24A, Class AR, 6.23%, 3/20/2030 (a) (e) | 28,896,511 | 28,562,728 |
Series 25A, Class AR, 6.15%, 7/20/2030 (a) (e) | 25,794,199 | 25,460,448 |
Series 29A, Class AR, 6.33%, 4/15/2031 (a) (e) | 20,000,000 | 19,657,120 |
Magnetite Ltd. (Cayman Islands) | ||
Series 2012-7A, Class A1R2, 6.06%, 1/15/2028 (a) (e) | 35,369,968 | 35,075,725 |
Series 2016-18A, Class AR2, 6.20%, 11/15/2028 (a) (e) | 47,309,043 | 46,822,990 |
Series 2014-8A, Class AR2, 6.24%, 4/15/2031 (a) (e) | 10,405,948 | 10,311,150 |
Series 2016-17A, Class AR, 6.35%, 7/20/2031 (a) (e) | 8,500,000 | 8,419,301 |
Series 2020-25A, Class A, 6.46%, 1/25/2032 (a) (e) | 20,250,000 | 20,055,418 |
Series 2017-19A, Class X, 5.96%, 4/17/2034 (a) (e) | 1,875,000 | 1,868,524 |
Marathon CLO Ltd. (Cayman Islands) Series 2019-1A, Class AANR, 6.58%, 4/15/2032 (a) (e) | 35,000,000 | 34,583,745 |
Marlette Funding Trust Series 2022-1A, Class A, 1.36%, 4/15/2032 (a) | 816,115 | 809,201 |
Mercedes-Benz Auto Receivables Trust Series 2023-1, Class A2, 5.09%, 1/15/2026 | 40,971,000 | 40,793,055 |
JPMorgan Ultra-Short Income 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 | ||
Neuberger Berman CLO (Cayman Islands) Series 2013-15A, Class A1R2, 6.18%, 10/15/2029 (a) (e) | 35,007,660 | 34,637,769 |
Neuberger Berman CLO Ltd. (Cayman Islands) | ||
Series 2013-14A, Class AR2, 6.30%, 1/28/2030 (a) (e) | 16,961,834 | 16,800,578 |
Series 2017-16SA, Class XR, 6.06%, 4/15/2034 (a) (e) | 4,375,000 | 4,344,996 |
Neuberger Berman Loan Advisers CLO Ltd. (Cayman Islands) | ||
Series 2017-26A, Class AR, 6.18%, 10/18/2030 (a) (e) | 24,602,334 | 24,272,146 |
Series 2020-37A, Class AR, 6.22%, 7/20/2031 (a) (e) | 26,036,000 | 25,696,412 |
Newark BSL CLO 2 Ltd. (Cayman Islands) Series 2017-1A, Class A1R, 6.23%, 7/25/2030 (a) (e) | 28,746,533 | 28,380,561 |
Newark BSL CLO Ltd. (Cayman Islands) Series 2016-1A, Class A1R, 6.44%, 12/21/2029 (a) (e) | 18,440,795 | 18,278,829 |
OCP CLO Ltd. (Cayman Islands) | ||
Series 2020-8RA, Class A1, 6.48%, 1/17/2032 (a) (e) | 35,000,000 | 34,578,845 |
Series 2019-17A, Class A1R, 6.29%, 7/20/2032 (a) (e) | 13,000,000 | 12,752,818 |
Series 2015-9A, Class X, 5.74%, 1/15/2033 (a) (e) | 2,500,000 | 2,497,142 |
Series 2020-19A, Class XR, 5.95%, 10/20/2034 (a) (e) | 156,250 | 156,223 |
Octagon Investment Partners 30 Ltd. (Cayman Islands) Series 2017-1A, Class A1R, 6.25%, 3/17/2030 (a) (e) | 33,579,444 | 33,247,276 |
Octagon Investment Partners 35 Ltd. (Cayman Islands) Series 2018-1A, Class A1A, 6.31%, 1/20/2031 (a) (e) | 7,055,606 | 6,993,834 |
OHA Credit Funding 7 Ltd. (Cayman Islands) Series 2020-7A, Class XR, 5.73%, 2/24/2037 (a) (e) | 468,750 | 467,826 |
OHA Credit Partners Ltd. (Cayman Islands) Series 2016-13A, Class XR, 6.11%, 10/25/2034 ‡ (a) (e) | 1,250,000 | 1,238,585 |
OSD CLO Ltd. (Cayman Islands) | ||
Series 2021-23A, Class A, 6.13%, 4/17/2031 (a) (e) | 9,082,843 | 8,930,832 |
Series 2023-27A, Class A, 6.65%, 4/16/2035 (a) (e) | 12,000,000 | 11,817,108 |
Palmer Square Loan Funding Ltd. (Cayman Islands) | ||
Series 2020-1A, Class A1, 6.18%, 2/20/2028 (a) (e) | 2,225,219 | 2,211,897 |
Series 2020-4A, Class A1, 6.40%, 11/25/2028 (a) (e) | 21,017,006 | 20,862,930 |
Series 2021-2A, Class A1, 6.18%, 5/20/2029 (a) (e) | 22,851,080 | 22,609,612 |
Series 2021-4A, Class A1, 6.06%, 10/15/2029 (a) (e) | 23,013,297 | 22,735,043 |
Series 2022-1A, Class A1, 6.04%, 4/15/2030 (a) (e) | 27,118,343 | 26,792,787 |
Series 2022-5A, Class A1, 6.55%, 1/15/2031 (a) (e) | 1,824,881 | 1,813,408 |
Porsche Financial Auto Securitization Trust Series 2023-1A, Class A2, 5.42%, 12/22/2026 (a) | 35,740,000 | 35,616,529 |
Santander Drive Auto Receivables Trust | ||
Series 2022-6, Class A2, 4.37%, 5/15/2025 | 24,702,554 | 24,646,143 |
Series 2023-1, Class A2, 5.36%, 5/15/2026 | 13,870,000 | 13,822,551 |
Sculptor CLO Ltd. (Cayman Islands) Series 27A, Class X, 6.30%, 7/20/2034 ‡ (a) (e) | 4,000,000 | 3,963,208 |
Sound Point CLO II Ltd. (Cayman Islands) Series 2013-1A, Class A1R, 6.34%, 1/26/2031 (a) (e) | 2,430,000 | 2,400,718 |
Sound Point CLO Ltd. (Cayman Islands) Series 2019-1A, Class AR, 6.33%, 1/20/2032 (a) (e) | 7,268,000 | 7,173,305 |
Symphony CLO Ltd. (Cayman Islands) | ||
Series 2018-20A, Class X, 6.26%, 1/16/2032 (a) (e) | 375,000 | 374,981 |
Series 2020-24A, Class A, 6.47%, 1/23/2032 (a) (e) | 28,550,000 | 28,075,756 |
Symphony Static CLO Ltd. (Cayman Islands) Series 2021-1A, Class A, 6.09%, 10/25/2029 (a) (e) | 26,100,135 | 25,739,457 |
TCI-Symphony CLO Ltd. (Cayman Islands) Series 2017-1A, Class AR, 6.19%, 7/15/2030 (a) (e) | 18,908,545 | 18,644,355 |
Venture CLO Ltd. (Cayman Islands) | ||
Series 2019-36A, Class XR, 5.95%, 4/20/2032 (a) (e) | 1,833,333 | 1,825,985 |
Series 2021-43A, Class X, 6.31%, 4/15/2034 (a) (e) | 5,000,000 | 4,997,300 |
Voya CLO Ltd. (Cayman Islands) Series 2015-1A, Class A1R, 6.16%, 1/18/2029 (a) (e) | 8,482,288 | 8,412,360 |
Westlake Automobile Receivables Trust Series 2021-3A, Class A3, 0.95%, 6/16/2025 (a) | 18,629,691 | 18,368,587 |
Total Asset-Backed Securities (Cost $1,627,723,387) | 1,614,570,493 |
JPMorgan Ultra-Short Income ETF
SCHEDULE OF PORTFOLIO INVESTMENTS
AS OF May 31, 2023 (Unaudited) (continued)
SCHEDULE OF PORTFOLIO INVESTMENTS
AS OF May 31, 2023 (Unaudited) (continued)
INVESTMENTS | PRINCIPAL AMOUNT($) | VALUE($) |
U.S. Treasury Obligations — 4.3% | ||
U.S. Treasury Notes | ||
1.50%, 2/29/2024 | 20,260,000 | 19,700,476 |
0.38%, 7/15/2024 | 528,400,000 | 501,691,029 |
3.63%, 5/15/2026 | 537,000,000 | 530,748,987 |
Total U.S. Treasury Obligations (Cost $1,056,941,718) | 1,052,140,492 | |
U.S. Government Agency Securities — 0.5% | ||
FFCB Funding Corp. 4.88%, 9/25/2023 | 5,200,000 | 5,191,139 |
FHLB | ||
5.20%, 9/7/2023 | 4,000,000 | 3,996,834 |
4.90%, 11/22/2023 | 121,670,000 | 121,418,561 |
Total U.S. Government Agency Securities (Cost $130,851,732) | 130,606,534 | |
Commercial Mortgage-Backed Securities — 0.1% | ||
Benchmark Mortgage Trust Series 2018-B3, Class A2, 3.85%, 4/10/2051 | 1,293,455 | 1,291,264 |
Citigroup Commercial Mortgage Trust | ||
Series 2014-GC25, Class B, 4.34%, 10/10/2047 (e) | 8,626,000 | 7,841,650 |
Series 2018-B2, Class A2, 3.79%, 3/10/2051 | 3,103,485 | 3,094,788 |
UBS Commercial Mortgage Trust Series 2018-C11, Class A2, 3.99%, 6/15/2051 | 329,027 | 328,129 |
Wells Fargo Commercial Mortgage Trust Series 2018-C46, Class A2, 4.06%, 8/15/2051 | 4,873,518 | 4,859,733 |
WFRBS Commercial Mortgage Trust | ||
Series 2013-UBS1, Class AS, 4.31%, 3/15/2046 (e) | 6,584,641 | 6,492,222 |
Series 2014-C22, Class AS, 4.07%, 9/15/2057 (e) | 6,901,000 | 6,488,848 |
Total Commercial Mortgage-Backed Securities (Cost $32,832,446) | 30,396,634 | |
Foreign Government Securities — 0.0% ^ | ||
Province of Ontario 3.05%, 1/29/2024 (Cost $4,835,552) | 4,895,000 | 4,823,925 |
Short-Term Investments — 56.5% | ||
Certificates of Deposits — 17.0% | ||
Bank of Montreal (Canada) | ||
3.87%, 7/21/2023 | 54,100,000 | 53,979,195 |
5.00%, 10/6/2023 | 25,000,000 | 24,937,906 |
Bank of Nova Scotia (The) (Canada) | ||
(SOFR + 0.75%), 5.80%, 8/1/2023 (b) | 74,737,000 | 74,804,699 |
(SOFR + 0.74%), 5.79%, 8/7/2023 (b) | 33,040,000 | 33,071,741 |
(SOFR + 0.64%), 5.69%, 5/31/2024 (b) | 43,016,000 | 43,016,000 |
Barclays Bank plc (United Kingdom) | ||
5.72%, 12/7/2023 | 103,196,000 | 103,109,137 |
5.70%, 12/8/2023 | 110,000,000 | 109,896,436 |
BNP Paribas SA (France) , 5.32%, 2/6/2024 | 135,295,000 | 134,859,446 |
Canadian Imperial Bank of Commerce (Canada) , 5.60%, 3/7/2024 | 31,908,000 | 31,852,649 |
Citibank NA | ||
3.85%, 7/28/2023 | 72,600,000 | 72,416,313 |
5.63%, 3/1/2024 | 115,569,000 | 115,433,365 |
5.80%, 3/5/2024 | 16,352,000 | 16,353,096 |
JPMorgan Ultra-Short Income ETF
SCHEDULE OF PORTFOLIO INVESTMENTS
AS OF May 31, 2023 (Unaudited) (continued)
SCHEDULE OF PORTFOLIO INVESTMENTS
AS OF May 31, 2023 (Unaudited) (continued)
INVESTMENTS | PRINCIPAL AMOUNT($) | VALUE($) |
Short-Term Investments — continued | ||
Certificates of Deposits — continued | ||
Cooperatieve Rabobank UA (Netherlands) | ||
4.00%, 8/23/2023 | 22,080,000 | 22,010,627 |
5.41%, 2/20/2024 | 174,909,000 | 174,548,827 |
5.57%, 3/1/2024 | 65,572,000 | 65,467,552 |
Credit Agricole Corporate and Investment Bank (France) | ||
5.41%, 11/17/2023 | 84,786,000 | 84,682,697 |
5.42%, 11/20/2023 | 17,899,000 | 17,877,808 |
5.30%, 1/11/2024 | 139,018,000 | 138,597,352 |
DNB Bank ASA (Norway) | ||
5.39%, 11/16/2023 | 27,948,000 | 27,925,435 |
5.48%, 11/24/2023 | 45,823,000 | 45,801,304 |
HSBC Bank USA NA , 4.01%, 8/10/2023 | 53,686,000 | 53,532,855 |
Kookmin Bank (South Korea) | ||
(SOFR + 0.75%), 5.80%, 8/28/2023 (b) | 12,916,000 | 12,930,280 |
(SOFR + 0.73%), 5.78%, 1/22/2024 (b) | 59,465,000 | 59,523,126 |
(SOFR + 0.73%), 5.78%, 1/26/2024 (b) | 38,932,000 | 38,970,016 |
Lloyds Bank Corporate Markets plc (United Kingdom) | ||
3.89%, 6/16/2023 | 17,860,000 | 17,849,556 |
5.49%, 12/14/2023 | 61,071,000 | 60,992,408 |
5.31%, 1/18/2024 | 72,299,000 | 72,092,127 |
Mizuho Bank Ltd. (Japan) , 5.40%, 12/14/2023 | 105,860,000 | 105,620,452 |
Natixis SA (France) , 4.29%, 9/8/2023 | 85,666,000 | 85,340,005 |
Nordea Bank Abp (Finland) | ||
2.97%, 6/8/2023 | 57,500,000 | 57,471,685 |
5.10%, 8/7/2023 | 14,804,000 | 14,799,092 |
4.14%, 9/5/2023 | 93,036,000 | 92,700,609 |
5.17%, 1/31/2024 | 205,870,000 | 204,972,135 |
Norinchukin Bank (Japan) , 3.95%, 8/15/2023 | 198,472,000 | 197,790,814 |
Oversea-Chinese Banking Corp. Ltd. (Singapore) | ||
5.15%, 6/12/2023 | 87,300,000 | 87,300,655 |
5.28%, 7/5/2023 | 94,717,000 | 94,723,251 |
Royal Bank of Canada (Canada) | ||
4.08%, 8/4/2023 | 73,300,000 | 73,110,272 |
4.87%, 9/22/2023 | 81,567,000 | 81,346,749 |
Skandinaviska Enskilda Banken AB (Sweden) , 2.85%, 6/1/2023 | 155,975,000 | 155,964,837 |
Standard Chartered Bank (United Kingdom) | ||
4.02%, 8/11/2023 | 54,640,000 | 54,485,128 |
5.44%, 1/12/2024 | 145,077,000 | 144,692,964 |
Sumitomo Mitsui Banking Corp. (Japan) | ||
3.05%, 6/7/2023 | 2,999,000 | 2,997,734 |
(SOFR + 0.89%), 5.94%, 7/31/2023 (b) | 107,685,000 | 107,805,996 |
5.00%, 10/6/2023 | 96,153,000 | 95,929,471 |
Svenska Handelsbanken AB (Sweden) , 3.46%, 6/13/2023 | 111,881,000 | 111,809,675 |
Toronto-Dominion Bank (The) (Canada) | ||
2.90%, 6/1/2023 | 5,344,000 | 5,343,659 |
4.07%, 7/18/2023 | 143,784,000 | 143,556,217 |
5.38%, 8/1/2023 | 111,800,000 | 111,818,169 |
4.35%, 9/12/2023 | 180,015,000 | 179,339,429 |
JPMorgan Ultra-Short Income 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($) |
Short-Term Investments — continued | ||
Certificates of Deposits — continued | ||
5.37%, 12/15/2023 | 74,200,000 | 74,016,471 |
Westpac Banking Corp. (Australia) | ||
5.33%, 1/11/2024 | 17,800,000 | 17,754,124 |
5.18%, 2/1/2024 | 110,036,000 | 109,608,828 |
Woori Bank (South Korea) (SOFR + 0.80%), 5.85%, 8/18/2023 (b) | 62,432,000 | 62,496,695 |
Total Certificates of Deposit (Cost $4,186,964,345) | 4,179,327,069 | |
Commercial Paper — 27.0% | ||
3M Co. | ||
5.55%, 9/7/2023 (f) | 142,458,000 | 140,428,686 |
5.50%, 2/5/2024 (f) | 29,029,000 | 27,948,476 |
ABN AMRO Funding USA LLC (Netherlands) 5.47%, 11/22/2023 (f) | 51,300,000 | 49,922,951 |
Alimentation Couche-Tard, Inc. (Canada) 5.57%, 7/14/2023 (f) | 19,350,000 | 19,220,209 |
American Electric Power Co., Inc. | ||
5.55%, 7/6/2023 (f) | 39,511,000 | 39,296,771 |
5.46%, 7/14/2023 (f) | 47,750,000 | 47,431,874 |
5.28%, 7/20/2023 (f) | 22,462,000 | 22,291,258 |
American Honda Finance Corp. 5.51%, 7/6/2023 (f) | 57,500,000 | 57,189,270 |
ASB Bank Ltd. (New Zealand) 4.10%, 8/18/2023 (a) | 67,001,000 | 66,228,945 |
AT&T, Inc. | ||
5.68%, 12/20/2023 (f) | 76,529,000 | 74,012,699 |
5.93%, 2/21/2024 (f) | 21,550,000 | 20,604,808 |
Australia & New Zealand Banking Group Ltd. (Australia) | ||
5.39%, 9/12/2023 (f) | 67,235,000 | 66,200,313 |
5.38%, 11/17/2023 (f) | 100,210,000 | 97,632,404 |
5.52%, 11/20/2023 (f) | 68,765,000 | 66,964,025 |
5.52%, 11/22/2023 (f) | 98,754,000 | 96,137,224 |
5.39%, 12/15/2023 (f) | 129,378,000 | 125,487,086 |
Banco Santander Chile (Chile) | ||
5.93%, 10/24/2023 (f) | 10,000,000 | 9,756,667 |
6.14%, 1/26/2024 (f) | 4,942,000 | 4,745,308 |
6.23%, 2/7/2024 (f) | 27,198,000 | 26,065,203 |
6.21%, 2/9/2024 (f) | 24,520,000 | 23,491,156 |
Banco Santander SA (Spain) | ||
5.55%, 11/17/2023 (f) | 84,219,000 | 81,969,206 |
5.63%, 2/22/2024 (f) | 120,440,000 | 115,527,051 |
Bank Montana System 5.50%, 11/17/2023 (f) | 83,809,000 | 81,633,481 |
Bank of Montreal (Canada) | ||
5.55%, 11/6/2023 (f) | 168,723,000 | 164,629,653 |
5.47%, 1/4/2024 (f) | 29,203,000 | 28,231,969 |
BAT International Finance plc (United Kingdom) | ||
6.09%, 6/29/2023 (f) | 49,910,000 | 49,693,213 |
5.34%, 7/12/2023 (f) | 8,680,000 | 8,624,870 |
5.34%, 7/13/2023 (f) | 15,000,000 | 14,902,390 |
BNP Paribas SA (France) 5.29%, 10/2/2023 (f) | 191,424,000 | 187,899,777 |
BPCE SA (France) | ||
5.41%, 10/6/2023 (f) | 63,131,000 | 61,889,031 |
5.17%, 10/20/2023 (f) | 7,000,000 | 6,847,117 |
JPMorgan Ultra-Short Income 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($) |
Short-Term Investments — continued | ||
Commercial Paper — continued | ||
5.33%, 11/7/2023 (f) | 257,310,000 | 250,974,457 |
Canadian Imperial Bank of Commerce (Canada) 3.81%, 7/26/2023 (f) | 84,793,000 | 84,136,665 |
Canadian National Railway Co. (Canada) 5.04%, 7/6/2023 (f) | 4,000,000 | 3,978,784 |
Centrica plc (United Kingdom) 5.46%, 6/9/2023 (f) | 36,158,000 | 36,110,751 |
Citigroup Global Markets, Inc. | ||
4.12%, 8/9/2023 (f) | 3,940,000 | 3,899,166 |
5.52%, 11/27/2023 (f) | 10,460,000 | 10,160,844 |
5.43%, 1/8/2024 (f) | 23,541,000 | 22,719,341 |
Cooperatieve Rabobank UA (Netherlands) 5.19%, 10/31/2023 (f) | 59,006,000 | 57,634,509 |
Credit Agricole Corporate and Investment Bank (France) 5.65%, 11/27/2023 (f) | 3,996,000 | 3,886,450 |
Credit Industriel et Commercial (France) | ||
5.38%, 11/10/2023 (f) | 137,202,000 | 133,833,123 |
5.59%, 11/22/2023 (f) | 55,099,000 | 53,636,848 |
DBS Bank Ltd. (Singapore) 5.16%, 6/12/2023 (f) | 50,275,000 | 50,190,052 |
DNB Bank ASA (Norway) | ||
5.47%, 11/17/2023 (f) | 158,329,000 | 154,281,891 |
5.51%, 11/22/2023 (f) | 75,690,000 | 73,695,779 |
5.38%, 12/19/2023 (f) | 112,419,000 | 108,986,211 |
E.ON SE (Germany) 5.34%, 7/17/2023 (f) | 25,228,000 | 25,048,101 |
EIDP, Inc. 5.76%, 11/17/2023 (f) | 10,970,000 | 10,679,904 |
Enel Finance America LLC (Italy) | ||
5.44%, 6/15/2023 (f) | 2,250,000 | 2,244,920 |
5.92%, 7/17/2023 (f) | 84,939,000 | 84,304,805 |
5.95%, 7/24/2023 (f) | 25,000,000 | 24,780,475 |
Entergy Corp. | ||
5.55%, 6/6/2023 (f) | 3,662,000 | 3,658,809 |
5.46%, 7/12/2023 (f) | 19,000,000 | 18,879,325 |
5.46%, 7/18/2023 (f) | 38,000,000 | 37,724,069 |
Fidelity National Information Services, Inc. 5.46%, 7/26/2023 (f) | 20,760,000 | 20,584,583 |
General Motors Financial Co., Inc. 5.37%, 6/22/2023 (f) | 4,735,000 | 4,718,807 |
Glencore Funding LLC (Australia) | ||
5.40%, 6/20/2023 (f) | 47,750,000 | 47,606,846 |
5.87%, 11/10/2023 (f) | 92,577,000 | 90,195,706 |
Haleon UK Capital plc 5.58%, 6/7/2023 (f) | 29,750,000 | 29,719,167 |
HSBC USA, Inc. | ||
4.18%, 8/1/2023 (f) | 7,400,000 | 7,332,442 |
6.07%, 12/8/2023 (f) | 97,500,000 | 94,579,371 |
5.99%, 5/20/2024 (f) | 25,000,000 | 23,613,774 |
ING US Funding LLC (Netherlands) | ||
5.17%, 8/22/2023 (f) | 5,500,000 | 5,432,451 |
5.27%, 9/21/2023 (f) | 271,850,000 | 267,213,131 |
Leidos, Inc. 5.83%, 6/5/2023 (f) | 47,750,000 | 47,713,253 |
Lloyds Bank Corporate Markets plc (United Kingdom) 5.22%, 10/20/2023 (f) | 3,000,000 | 2,934,479 |
Macquarie Bank Ltd. (Australia) | ||
4.06%, 8/18/2023 (f) | 9,745,000 | 9,631,532 |
5.63%, 11/21/2023 (f) | 84,979,000 | 82,705,189 |
5.58%, 12/1/2023 (f) | 11,600,000 | 11,271,480 |
5.15%, 4/5/2024 (f) | 120,000,000 | 114,321,833 |
JPMorgan Ultra-Short Income 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($) |
Short-Term Investments — continued | ||
Commercial Paper — continued | ||
Marriott International, Inc. 5.44%, 6/20/2023 (f) | 40,950,000 | 40,826,741 |
MUFG Bank Ltd. (Japan) 5.10%, 8/1/2023 (f) | 11,000,000 | 10,900,239 |
National Australia Bank Ltd. (Australia) 5.46%, 12/1/2023 (f) | 56,925,000 | 55,334,377 |
National Bank of Canada (Canada) 5.17%, 7/10/2023 (f) | 3,383,000 | 3,363,781 |
Natixis SA (France) | ||
5.22%, 6/1/2023 (f) | 80,799,000 | 80,787,619 |
5.46%, 9/1/2023 (f) | 50,000,000 | 49,305,987 |
NatWest Markets plc (United Kingdom) | ||
5.13%, 7/26/2023 (a) (f) | 13,000,000 | 12,891,164 |
5.63%, 2/6/2024 (a) (f) | 83,924,000 | 80,581,113 |
NextEra Energy Capital Holdings, Inc. 5.27%, 6/1/2023 (f) | 38,458,000 | 38,452,284 |
Nordea Bank AB (Finland) 5.38%, 11/13/2023 (f) | 56,456,000 | 55,047,122 |
Northrop Grumman Corp. 5.68%, 8/17/2023 (f) | 69,600,000 | 68,763,361 |
Nutrien Ltd 5.56%, 7/17/2023 (f) | 23,200,000 | 23,034,956 |
Nutrien Ltd. (Canada) | ||
5.35%, 6/20/2023 (f) | 42,000,000 | 41,875,260 |
5.41%, 6/29/2023 (f) | 73,000,000 | 72,681,686 |
Oesterreichische Kontrollbank AG (Austria) 4.87%, 7/5/2023 (f) | 2,500,000 | 2,487,624 |
Philip Morris International, Inc. 5.19%, 10/24/2023 (f) | 2,750,000 | 2,689,831 |
Protective Life Corp. 5.65%, 7/13/2023 (f) | 41,900,000 | 41,629,044 |
Public Service Enterprise Group, Inc. 5.56%, 8/16/2023 (f) | 3,200,000 | 3,161,664 |
Reckitt Benckiser Treasury Services plc (United Kingdom) 5.29%, 6/20/2023 (f) | 150,000,000 | 149,569,000 |
Royal Bank of Canada (Canada) | ||
5.61%, 11/22/2023 (f) | 103,570,000 | 100,821,079 |
5.48%, 12/8/2023 (f) | 37,000,000 | 35,922,675 |
5.39%, 12/15/2023 (f) | 136,186,000 | 132,066,373 |
Sempra Energy | ||
5.58%, 8/21/2023 (f) | 46,000,000 | 45,407,272 |
5.61%, 9/5/2023 (f) | 51,525,000 | 50,732,967 |
5.61%, 9/6/2023 (f) | 11,895,000 | 11,710,235 |
Skandinaviska Enskilda Banken AB (Sweden) | ||
5.18%, 8/10/2023 (f) | 2,500,000 | 2,474,386 |
5.35%, 10/2/2023 (f) | 110,210,000 | 108,174,519 |
5.17%, 10/23/2023 (f) | 11,000,000 | 10,762,345 |
5.39%, 11/17/2023 (f) | 241,108,000 | 234,924,450 |
Societe Generale SA (France) 5.44%, 12/15/2023 (f) | 205,985,000 | 199,786,808 |
Standard Chartered Bank (United Kingdom) | ||
3.00%, 6/6/2023 (f) | 31,200,000 | 31,173,771 |
5.58%, 2/21/2024 (f) | 24,395,000 | 23,393,700 |
Sumitomo Mitsui Banking Corp. (Japan) 5.52%, 1/5/2024 (f) | 36,002,000 | 34,805,975 |
Suncor Energy, Inc. (Canada) | ||
5.73%, 7/5/2023 (f) | 11,688,000 | 11,626,433 |
5.63%, 7/12/2023 (f) | 20,180,000 | 20,051,830 |
5.87%, 11/2/2023 (f) | 42,523,000 | 41,463,852 |
Svenska Handelsbanken AB (Sweden) | ||
5.36%, 10/10/2023 (f) | 104,101,000 | 102,060,794 |
5.33%, 1/9/2024 (f) | 133,099,000 | 128,574,285 |
Telstra Group Ltd. (Australia) 5.48%, 6/22/2023 (f) | 230,340,000 | 229,618,446 |
JPMorgan Ultra-Short Income 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($) |
Short-Term Investments — continued | ||
Commercial Paper — continued | ||
TELUS Corp. (Canada) | ||
5.74%, 10/5/2023 (f) | 13,965,000 | 13,682,463 |
5.74%, 10/10/2023 (f) | 40,395,000 | 39,544,228 |
TransCanada PipeLines Ltd. (Canada) 5.66%, 8/8/2023 (f) | 10,000,000 | 9,893,472 |
Westpac Banking Corp. (Australia) | ||
5.52%, 8/23/2023 (f) | 80,993,000 | 79,992,520 |
5.36%, 2/9/2024 (f) | 7,000,000 | 6,730,633 |
Westpac Securities Ltd. (New Zealand) 5.61%, 11/30/2023 (f) | 54,000,000 | 52,514,955 |
Westpac Securities NZ Ltd. (New Zealand) 4.21%, 8/25/2023 (f) | 49,700,000 | 49,068,962 |
Total Commercial Paper (Cost $6,645,689,507) | 6,638,284,695 | |
SHARES | ||
Investment Companies — 12.0% | ||
JPMorgan U.S. Government Money Market Fund Class IM Shares, 5.06% (g) (h) (Cost $2,966,521,596) | 2,966,521,596 | 2,966,521,596 |
Investment of Cash Collateral from Securities Loaned — 0.1% | ||
JPMorgan Securities Lending Money Market Fund Agency SL Class Shares, 5.26% (g) (h) | 29,706,469 | 29,709,439 |
JPMorgan U.S. Government Money Market Fund Class IM Shares, 5.06% (g) (h) | 3,609,054 | 3,609,054 |
Total Investment of Cash Collateral from Securities Loaned (Cost $33,321,064) | 33,318,493 | |
PRINCIPAL AMOUNT($) | ||
Repurchase Agreements — 0.4% | ||
Wells Fargo Securities LLC, 5.40%, dated 5/31/2023, due 6/21/2023, repurchase price $100,315,000, collateralized by Asset-Backed Securities, 0.00% - 11.75%, due 2/15/2024 - 5/25/2065, with the value $111,485,001. (Cost $100,000,000) | 100,000,000 | 100,000,000 |
Total Short-Term Investments (Cost $13,932,496,512) | 13,917,451,853 | |
Total Investments — 101.2% (Cost $25,041,972,192) | 24,920,975,102 | |
Liabilities in Excess of Other Assets — (1.2)% | (306,748,619 ) | |
NET ASSETS — 100.0% | 24,614,226,483 |
Percentages indicated are based on net assets. |
Abbreviations | |
CIFC | Commercial Industrial Finance Corp. |
CLO | Collateralized Loan Obligations |
CME | Chicago Mercantile Exchange |
FFCB | Federal Farm Credit Bank |
FHLB | Federal Home Loan Bank |
ICE | Intercontinental Exchange |
LIBOR | London Interbank Offered Rate |
REIT | Real Estate Investment Trust |
SOFR | Secured Overnight Financing Rate |
JPMorgan Ultra-Short Income ETF
SCHEDULE OF PORTFOLIO INVESTMENTS
AS OF May 31, 2023 (Unaudited) (continued)
SCHEDULE OF PORTFOLIO INVESTMENTS
AS OF May 31, 2023 (Unaudited) (continued)
SOFRINDX | Compounding index of the Secured Overnight Financing Rate |
USD | United States Dollar |
^ | Amount rounds to less than 0.1% of net assets. | |
‡ | Value determined using significant unobservable inputs. | |
(a) | Securities exempt from registration under Rule 144A or section 4(a)(2), of the Securities Act of 1933, as amended. | |
(b) | Variable or floating rate security, linked to the referenced benchmark. The interest rate shown is the current rate as of May 31, 2023. | |
(c) | The security or a portion of this security is on loan at May 31, 2023. The total value of securities on loan at May 31, 2023 is $32,473,132. | |
(d) | Step bond. Interest rate is a fixed rate for an initial period that either resets at a specific date or may reset in the future contingent upon a predetermined trigger. The interest rate shown is the current rate as of May 31, 2023. | |
(e) | Variable or floating rate security, the interest rate of which adjusts periodically based on changes in current interest rates and prepayments on the underlying pool of assets. The interest rate shown is the current rate as of May 31, 2023. | |
(f) | The rate shown is the effective yield as of May 31, 2023. | |
(g) | Investment in an affiliated fund, which is registered under the Investment Company Act of 1940, as amended, and is advised by J.P. Morgan Investment Management Inc. | |
(h) | The rate shown is the current yield as of May 31, 2023. |
Futures contracts outstanding as of May 31, 2023:
DESCRIPTION | NUMBER OF CONTRACTS | EXPIRATION DATE | TRADING CURRENCY | NOTIONAL AMOUNT ($) | VALUE AND UNREALIZED APPRECIATION (DEPRECIATION) ($) |
Long Contracts | |||||
U.S. Treasury 2 Year Note | 8,570 | 09/29/2023 | USD | 1,763,746,176 | (1,076,742 ) |
Abbreviations | |
USD | United States Dollar |
JPMorgan Ultra-Short Income 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.
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.
Valuations reflected in this report are as of the report date. As a result, changes in valuation due to market events and/or issuer-related events after the report date and prior to issuance of the report are not reflected herein.
The various inputs that are used in determining the valuation of the Fund's investments are summarized into the three broad levels listed below.
•
Level 1 — Unadjusted inputs using quoted prices in active markets for identical investments.
•
Level 2 — Other significant observable inputs including, but not limited to, quoted prices for similar investments, inputs other than quoted prices that are observable for investments (such as interest rates, prepayment speeds, credit risk, etc.) or other market corroborated inputs.
•
Level 3 — Significant inputs based on the best information available in the circumstances, to the extent observable inputs are not available (including the Fund's assumptions in determining the fair value of investments).
A financial instrument’s level within the fair value hierarchy is based on the lowest level of any input, both individually and in the aggregate, that is significant to the fair value measurement. The inputs or methodology used for valuing instruments are not necessarily an indication of the risk associated with investing in those instruments.
JPMorgan Ultra-Short Income ETF
SCHEDULE OF PORTFOLIO INVESTMENTS
AS OF May 31, 2023 (Unaudited) (continued)
SCHEDULE OF PORTFOLIO INVESTMENTS
AS OF May 31, 2023 (Unaudited) (continued)
The following table represents each valuation input as presented on the Schedule of Portfolio Investments:
Level 1 Quoted prices | Level 2 Other significant observable inputs | Level 3 Significant unobservable inputs | Total | |
Investments in Securities | ||||
Asset-Backed Securities | $— | $1,609,368,700 | $5,201,793 | $1,614,570,493 |
Commercial Mortgage-Backed Securities | — | 30,396,634 | — | 30,396,634 |
Corporate Bonds | — | 8,170,985,171 | — | 8,170,985,171 |
Foreign Government Securities | — | 4,823,925 | — | 4,823,925 |
U.S. Government Agency Securities | — | 130,606,534 | — | 130,606,534 |
U.S. Treasury Obligations | — | 1,052,140,492 | — | 1,052,140,492 |
Short-Term Investments | ||||
Certificates of Deposits | — | 4,179,327,069 | — | 4,179,327,069 |
Commercial Paper | — | 6,638,284,695 | — | 6,638,284,695 |
Investment Companies | 2,966,521,596 | — | — | 2,966,521,596 |
Investment of Cash Collateral from Securities Loaned | 33,318,493 | — | — | 33,318,493 |
Repurchase Agreements | — | 100,000,000 | — | 100,000,000 |
Total Short-Term Investments | 2,999,840,089 | 10,917,611,764 | — | 13,917,451,853 |
Total Investments in Securities | $2,999,840,089 | $21,915,933,220 | $5,201,793 | $24,920,975,102 |
Depreciation in Other Financial Instruments | ||||
Futures Contracts | $(1,076,742 ) | $— | $— | $(1,076,742 ) |
There were no significant transfers into or out of level 3 for the period ended May 31, 2023.
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 Securities Lending Money Market Fund Agency SL Class Shares, 5.26% (a) (b) | $14,713,952 | $59,000,000 | $44,000,000 | $(2,942 ) | $(1,571 ) | $29,709,439 | 29,706,469 | $365,392 | $— |
JPMorgan Ultra-Short Income ETF
SCHEDULE OF PORTFOLIO INVESTMENTS
AS OF May 31, 2023 (Unaudited) (continued)
SCHEDULE OF PORTFOLIO INVESTMENTS
AS OF May 31, 2023 (Unaudited) (continued)
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) | $1,401,082 | $26,316,574 | $24,108,602 | $— | $— | $3,609,054 | 3,609,054 | $55,667 | $— |
JPMorgan U.S. Government Money Market Fund Class IM Shares, 5.06% (a) (b) | 2,751,326,315 | 4,638,830,548 | 4,423,635,267 | — | — | 2,966,521,596 | 2,966,521,596 | 56,043,283 | — |
Total | $2,767,441,349 | $4,724,147,122 | $4,491,743,869 | $(2,942 ) | $(1,571 ) | $2,999,840,089 | $56,464,342 | $— |
(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. |