JPMorgan BetaBuilders USD High Yield Corporate Bond ETF
Schedule of Portfolio Investments as of November 30, 2023
(Unaudited)
THE “UNAUDITED EXCHANGE-TRADED FUNDS HOLDINGS” LIST (“the List”) IS TO BE USED FOR REPORTING PURPOSES ONLY. IT IS NOT TO BE REPRODUCED FOR USE AS ADVERTISING OR SALES LITERATURE WITH THE GENERAL PUBLIC. The list is submitted for the general information of the shareholders of the Fund. It is not authorized for distribution to prospective investors in the Fund unless preceded or accompanied by a prospectus. The list has been created from the books and records of the Fund. Holdings are available 60 days after the fund’s fiscal quarter, using a trade date accounting convention, by contacting the appropriate service center. The list is subject to change without notice. The list is for informational purposes only and is not intended as an offer or solicitation with respect to the purchase or sale of any security. |
JPMorgan Asset Management is the marketing name for the asset management business of J.P. Morgan Chase & Co. |
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© J.P. Morgan Chase & Co., 2023. |
JPMorgan BetaBuilders USD High Yield Corporate Bond ETFSCHEDULE OF PORTFOLIO INVESTMENTSAS OF November 30, 2023 (Unaudited)
INVESTMENTS | PRINCIPAL AMOUNT($) | VALUE($) |
Corporate Bonds — 97.4% | ||
Aerospace & Defense — 2.1% | ||
Bombardier, Inc. (Canada) | ||
7.50%, 3/15/2025 (a) | 35,000 | 34,989 |
7.13%, 6/15/2026 (a) | 662,000 | 661,944 |
7.88%, 4/15/2027 (a) | 1,090,000 | 1,090,791 |
6.00%, 2/15/2028 (a) | 293,000 | 276,197 |
7.50%, 2/1/2029 (a) | 156,000 | 154,568 |
BWX Technologies, Inc. 4.13%, 4/15/2029 (a) | 130,000 | 117,163 |
Moog, Inc. 4.25%, 12/15/2027 (a) | 336,000 | 311,788 |
Rolls-Royce plc (United Kingdom) 5.75%, 10/15/2027 (a) | 600,000 | 592,911 |
Spirit AeroSystems, Inc. | ||
3.85%, 6/15/2026 | 390,000 | 369,082 |
4.60%, 6/15/2028 | 251,000 | 214,261 |
9.38%, 11/30/2029 (a) | 460,000 | 497,393 |
TransDigm, Inc. | ||
6.25%, 3/15/2026 (a) | 2,007,000 | 1,993,153 |
5.50%, 11/15/2027 | 1,479,000 | 1,423,433 |
6.75%, 8/15/2028 (a) | 320,000 | 320,573 |
4.88%, 5/1/2029 | 814,000 | 737,638 |
6.88%, 12/15/2030 (a) | 1,033,000 | 1,034,291 |
Triumph Group, Inc. | ||
7.75%, 8/15/2025 | 374,000 | 366,582 |
9.00%, 3/15/2028 (a) | 105,000 | 107,786 |
10,304,543 | ||
Air Freight & Logistics — 0.0% ^ | ||
Cargo Aircraft Management, Inc. 4.75%, 2/1/2028 (a) | 60,000 | 52,704 |
Rand Parent LLC 8.50%, 2/15/2030 (a) | 81,000 | 76,564 |
129,268 | ||
Automobile Components — 2.3% | ||
Adient Global Holdings Ltd. | ||
4.88%, 8/15/2026 (a) | 350,000 | 336,962 |
7.00%, 4/15/2028 (a) | 241,000 | 244,872 |
8.25%, 4/15/2031 (a) | 280,000 | 284,683 |
Allison Transmission, Inc. 5.88%, 6/1/2029 (a) | 359,000 | 347,465 |
American Axle & Manufacturing, Inc. | ||
6.50%, 4/1/2027 | 523,000 | 504,516 |
5.00%, 10/1/2029 | 263,000 | 217,661 |
Clarios Global LP | ||
6.75%, 5/15/2025 (a) | 145,000 | 145,360 |
6.25%, 5/15/2026 (a) | 321,000 | 319,233 |
8.50%, 5/15/2027 (a) | 756,000 | 760,530 |
Dana, Inc. | ||
5.38%, 11/15/2027 | 411,000 | 390,148 |
5.63%, 6/15/2028 | 101,000 | 96,263 |
4.50%, 2/15/2032 | 269,000 | 220,566 |
Dealer Tire LLC 8.00%, 2/1/2028 (a) | 262,000 | 248,389 |
Dornoch Debt Merger Sub, Inc. 6.63%, 10/15/2029 (a) | 267,000 | 227,738 |
JPMorgan BetaBuilders USD High Yield Corporate Bond ETFSCHEDULE OF PORTFOLIO INVESTMENTSAS OF November 30, 2023 (Unaudited) (continued)
INVESTMENTS | PRINCIPAL AMOUNT($) | VALUE($) |
Corporate Bonds — continued | ||
Automobile Components — continued | ||
Goodyear Tire & Rubber Co. (The) | ||
5.00%, 5/31/2026 | 407,000 | 394,381 |
4.88%, 3/15/2027 | 873,000 | 824,447 |
5.00%, 7/15/2029 | 332,000 | 302,900 |
5.25%, 4/30/2031 | 485,000 | 425,996 |
5.63%, 4/30/2033 | 172,000 | 148,038 |
Icahn Enterprises LP | ||
6.38%, 12/15/2025 | 354,000 | 341,619 |
6.25%, 5/15/2026 | 889,000 | 839,386 |
5.25%, 5/15/2027 | 602,000 | 544,810 |
4.38%, 2/1/2029 | 199,000 | 163,155 |
IHO Verwaltungs GmbH (Germany) | ||
4.75% (Cash), 9/15/2026 (a) (b) | 551,000 | 518,765 |
6.37% (Cash), 5/15/2029 (a) (b) | 393,000 | 360,852 |
Patrick Industries, Inc. | ||
7.50%, 10/15/2027 (a) | 111,000 | 110,201 |
4.75%, 5/1/2029 (a) | 144,000 | 124,446 |
Real Hero Merger Sub 2, Inc. 6.25%, 2/1/2029 (a) | 387,000 | 313,302 |
Tenneco, Inc. 8.00%, 11/17/2028 (a) | 1,020,000 | 839,776 |
ZF North America Capital, Inc. (Germany) | ||
4.75%, 4/29/2025 (a) | 150,000 | 146,589 |
6.88%, 4/14/2028 (a) | 300,000 | 304,275 |
11,047,324 | ||
Automobiles — 1.3% | ||
Aston Martin Capital Holdings Ltd. (Jersey) 10.50%, 11/30/2025 (a) | 200,000 | 200,050 |
Ford Motor Co. | ||
4.35%, 12/8/2026 | 340,000 | 321,786 |
6.63%, 10/1/2028 | 453,000 | 458,410 |
3.25%, 2/12/2032 | 1,550,000 | 1,236,311 |
6.10%, 8/19/2032 | 1,074,000 | 1,044,892 |
4.75%, 1/15/2043 | 546,000 | 421,796 |
5.29%, 12/8/2046 | 951,000 | 773,025 |
Jaguar Land Rover Automotive plc (United Kingdom) | ||
7.75%, 10/15/2025 (a) | 419,000 | 423,254 |
4.50%, 10/1/2027 (a) | 211,000 | 194,951 |
5.88%, 1/15/2028 (a) | 273,000 | 265,924 |
Mclaren Finance plc (United Kingdom) 7.50%, 8/1/2026 (a) | 454,000 | 386,176 |
PM General Purchaser LLC 9.50%, 10/1/2028 (a) | 324,000 | 317,423 |
Thor Industries, Inc. 4.00%, 10/15/2029 (a) | 261,000 | 223,978 |
Winnebago Industries, Inc. 6.25%, 7/15/2028 (a) | 291,000 | 278,974 |
6,546,950 | ||
Banks — 0.7% | ||
Intesa Sanpaolo SpA (Italy) | ||
5.71%, 1/15/2026 (a) | 715,000 | 701,763 |
(US Treasury Yield Curve Rate T Note Constant Maturity 1 Year + 2.60%), 4.20%, 6/1/2032 (a) (c) | 338,000 | 261,733 |
(US Treasury Yield Curve Rate T Note Constant Maturity 1 Year + 2.75%), 4.95%, 6/1/2042 (a) (c) | 219,000 | 144,206 |
Pacific Western Bank (3-MONTH CME TERM SOFR + 2.52%), 3.25%, 5/1/2031 (c) | 543,000 | 453,438 |
JPMorgan BetaBuilders USD High Yield Corporate Bond ETFSCHEDULE OF PORTFOLIO INVESTMENTSAS OF November 30, 2023 (Unaudited) (continued)
INVESTMENTS | PRINCIPAL AMOUNT($) | VALUE($) |
Corporate Bonds — continued | ||
Banks — continued | ||
Popular, Inc. (Puerto Rico) 7.25%, 3/13/2028 | 190,000 | 190,190 |
UniCredit SpA (Italy) | ||
(USD ICE Swap Rate 5 Year + 3.70%), 5.86%, 6/19/2032 (a) (c) | 946,000 | 890,812 |
(US Treasury Yield Curve Rate T Note Constant Maturity 5 Year + 4.75%), 5.46%, 6/30/2035 (a) (c) | 649,000 | 566,941 |
Western Alliance Bancorp (3-MONTH CME TERM SOFR + 2.25%), 3.00%, 6/15/2031 (c) | 73,000 | 58,808 |
3,267,891 | ||
Beverages — 0.1% | ||
Primo Water Holdings, Inc. (Canada) 4.38%, 4/30/2029 (a) | 145,000 | 128,652 |
Triton Water Holdings, Inc. 6.25%, 4/1/2029 (a) | 276,000 | 236,325 |
364,977 | ||
Biotechnology — 0.1% | ||
Emergent BioSolutions, Inc. 3.88%, 8/15/2028 (a) | 392,000 | 154,350 |
Grifols SA (Spain) 4.75%, 10/15/2028 (a) | 340,000 | 300,356 |
454,706 | ||
Broadline Retail — 1.3% | ||
ANGI Group LLC 3.88%, 8/15/2028 (a) | 122,000 | 100,380 |
Go Daddy Operating Co. LLC 3.50%, 3/1/2029 (a) | 852,000 | 750,268 |
Kohl's Corp. 4.62%, 5/1/2031 (d) | 625,000 | 457,031 |
Macy's Retail Holdings LLC | ||
5.88%, 4/1/2029 (a) | 617,000 | 579,918 |
5.88%, 3/15/2030 (a) | 5,000 | 4,538 |
4.50%, 12/15/2034 | 363,000 | 270,435 |
Match Group Holdings II LLC | ||
5.00%, 12/15/2027 (a) | 295,000 | 282,480 |
4.63%, 6/1/2028 (a) | 110,000 | 102,540 |
5.63%, 2/15/2029 (a) | 149,000 | 140,433 |
4.13%, 8/1/2030 (a) | 411,000 | 357,648 |
3.63%, 10/1/2031 (a) | 100,000 | 81,750 |
Millennium Escrow Corp. 6.63%, 8/1/2026 (a) | 392,000 | 302,506 |
NMG Holding Co., Inc. 7.13%, 4/1/2026 (a) | 504,000 | 472,115 |
Nordstrom, Inc. | ||
4.00%, 3/15/2027 | 5,000 | 4,701 |
6.95%, 3/15/2028 | 33,000 | 33,379 |
4.38%, 4/1/2030 | 505,000 | 419,876 |
4.25%, 8/1/2031 | 91,000 | 71,845 |
5.00%, 1/15/2044 | 441,000 | 292,578 |
Photo Holdings Merger Sub, Inc. 8.50%, 10/1/2026 (a) | 259,000 | 103,600 |
QVC, Inc. | ||
4.45%, 2/15/2025 | 156,000 | 144,668 |
4.75%, 2/15/2027 | 839,000 | 641,927 |
5.95%, 3/15/2043 | 118,000 | 61,013 |
Rakuten Group, Inc. (Japan) (US Treasury Yield Curve Rate T Note Constant Maturity 5 Year + 4.96%), 6.25%, 4/22/2031 (a) (c) (e) (f) | 814,000 | 521,774 |
6,197,403 | ||
Building Products — 1.5% | ||
ACProducts Holdings, Inc. 6.38%, 5/15/2029 (a) | 265,000 | 164,491 |
JPMorgan BetaBuilders USD High Yield Corporate Bond ETFSCHEDULE OF PORTFOLIO INVESTMENTSAS OF November 30, 2023 (Unaudited) (continued)
INVESTMENTS | PRINCIPAL AMOUNT($) | VALUE($) |
Corporate Bonds — continued | ||
Building Products — continued | ||
Advanced Drainage Systems, Inc. 6.38%, 6/15/2030 (a) | 508,000 | 499,110 |
AmeriTex HoldCo Intermediate LLC 10.25%, 10/15/2028 (a) | 11,000 | 10,753 |
Builders FirstSource, Inc. | ||
5.00%, 3/1/2030 (a) | 862,000 | 802,765 |
4.25%, 2/1/2032 (a) | 164,000 | 140,681 |
Camelot Return Merger Sub, Inc. 8.75%, 8/1/2028 (a) | 441,000 | 434,936 |
Cornerstone Building Brands, Inc. 6.13%, 1/15/2029 (a) | 236,000 | 185,260 |
CP Atlas Buyer, Inc. 7.00%, 12/1/2028 (a) | 235,000 | 192,505 |
Eco Material Technologies, Inc. 7.88%, 1/31/2027 (a) | 51,000 | 50,130 |
Emerald Debt Merger Sub LLC 6.63%, 12/15/2030 (a) | 455,000 | 453,862 |
Griffon Corp. 5.75%, 3/1/2028 | 584,000 | 551,958 |
James Hardie International Finance DAC 5.00%, 1/15/2028 (a) | 300,000 | 281,250 |
JELD-WEN, Inc. 4.88%, 12/15/2027 (a) | 492,000 | 453,806 |
Masonite International Corp. | ||
5.38%, 2/1/2028 (a) | 113,000 | 107,350 |
3.50%, 2/15/2030 (a) | 373,000 | 315,245 |
MIWD Holdco II LLC 5.50%, 2/1/2030 (a) | 39,000 | 33,043 |
New Enterprise Stone & Lime Co., Inc. 5.25%, 7/15/2028 (a) | 32,000 | 29,786 |
Oscar AcquisitionCo LLC 9.50%, 4/15/2030 (a) | 325,000 | 296,111 |
PGT Innovations, Inc. 4.38%, 10/1/2029 (a) | 380,000 | 359,614 |
Standard Industries, Inc. | ||
5.00%, 2/15/2027 (a) | 22,000 | 21,065 |
4.75%, 1/15/2028 (a) | 1,063,000 | 999,028 |
3.38%, 1/15/2031 (a) | 529,000 | 434,339 |
Summit Materials LLC 6.50%, 3/15/2027 (a) | 399,000 | 396,007 |
7,213,095 | ||
Capital Markets — 0.6% | ||
AG TTMT Escrow Issuer LLC 8.63%, 9/30/2027 (a) | 510,000 | 529,010 |
Aretec Escrow Issuer, Inc. 7.50%, 4/1/2029 (a) | 105,000 | 88,731 |
Brightsphere Investment Group, Inc. 4.80%, 7/27/2026 | 170,000 | 161,032 |
Coinbase Global, Inc. 3.38%, 10/1/2028 (a) | 348,000 | 280,016 |
Compass Group Diversified Holdings LLC | ||
5.25%, 4/15/2029 (a) | 509,000 | 464,894 |
5.00%, 1/15/2032 (a) | 35,000 | 29,136 |
Dresdner Funding Trust I 8.15%, 6/30/2031 (a) | 600,000 | 636,173 |
Jane Street Group 4.50%, 11/15/2029 (a) | 517,000 | 462,748 |
Osaic Holdings, Inc. 10.75%, 8/1/2027 (a) | 10,000 | 10,080 |
StoneX Group, Inc. 8.63%, 6/15/2025 (a) | 320,000 | 321,692 |
2,983,512 | ||
Chemicals — 2.8% | ||
Ashland, Inc. | ||
3.38%, 9/1/2031 (a) | 261,000 | 212,004 |
6.88%, 5/15/2043 | 96,000 | 90,784 |
ASP Unifrax Holdings, Inc. | ||
5.25%, 9/30/2028 (a) | 140,000 | 96,238 |
7.50%, 9/30/2029 (a) | 336,000 | 178,920 |
JPMorgan BetaBuilders USD High Yield Corporate Bond ETFSCHEDULE OF PORTFOLIO INVESTMENTSAS OF November 30, 2023 (Unaudited) (continued)
INVESTMENTS | PRINCIPAL AMOUNT($) | VALUE($) |
Corporate Bonds — continued | ||
Chemicals — continued | ||
Avient Corp. | ||
5.75%, 5/15/2025 (a) | 237,000 | 236,170 |
7.13%, 8/1/2030 (a) | 412,000 | 414,383 |
Axalta Coating Systems LLC 4.75%, 6/15/2027 (a) | 819,000 | 776,421 |
Cerdia Finanz GmbH (Germany) 10.50%, 2/15/2027 (a) | 248,000 | 251,218 |
Chemours Co. (The) | ||
5.38%, 5/15/2027 | 38,000 | 36,117 |
5.75%, 11/15/2028 (a) | 767,000 | 694,271 |
4.63%, 11/15/2029 (a) | 5,000 | 4,201 |
Cornerstone Chemical Co. 10.25% (Blend (Cash 8.25% + PIK 2.00%)), 9/1/2027 (a) (b) | 41,000 | 34,233 |
CVR Partners LP 6.13%, 6/15/2028 (a) | 301,000 | 276,152 |
Element Solutions, Inc. 3.88%, 9/1/2028 (a) | 247,000 | 219,495 |
FXI Holdings, Inc. 12.25%, 11/15/2026 (a) | 448,000 | 392,000 |
GPD Cos., Inc. 10.13%, 4/1/2026 (a) | 330,000 | 300,027 |
INEOS Finance plc (Luxembourg) 6.75%, 5/15/2028 (a) | 619,000 | 589,785 |
Ingevity Corp. 3.88%, 11/1/2028 (a) | 56,000 | 47,460 |
LSB Industries, Inc. 6.25%, 10/15/2028 (a) | 433,000 | 403,588 |
LSF11 A5 HoldCo LLC 6.63%, 10/15/2029 (a) | 55,000 | 45,879 |
Mativ Holdings, Inc. 6.88%, 10/1/2026 (a) | 531,000 | 489,931 |
Methanex Corp. (Canada) | ||
5.13%, 10/15/2027 | 177,000 | 166,804 |
5.25%, 12/15/2029 | 685,000 | 630,618 |
5.65%, 12/1/2044 | 91,000 | 73,352 |
NOVA Chemicals Corp. (Canada) | ||
4.88%, 6/1/2024 (a) | 8,000 | 7,909 |
5.25%, 6/1/2027 (a) | 78,000 | 70,212 |
4.25%, 5/15/2029 (a) | 833,000 | 657,660 |
Nufarm Australia Ltd. (Australia) 5.00%, 1/27/2030 (a) | 340,000 | 301,209 |
Olin Corp. | ||
5.13%, 9/15/2027 | 348,000 | 331,313 |
5.63%, 8/1/2029 | 403,000 | 384,642 |
5.00%, 2/1/2030 | 51,000 | 46,829 |
Olympus Water US Holding Corp. | ||
4.25%, 10/1/2028 (a) | 680,000 | 589,927 |
9.75%, 11/15/2028 (a) | 200,000 | 205,711 |
6.25%, 10/1/2029 (a) | 75,000 | 61,524 |
Rain Carbon, Inc. 12.25%, 9/1/2029 (a) | 39,000 | 39,780 |
Rain CII Carbon LLC 7.25%, 4/1/2025 (a) | 8,000 | 7,670 |
Rayonier AM Products, Inc. 7.63%, 1/15/2026 (a) | 505,000 | 428,321 |
SCIH Salt Holdings, Inc. | ||
4.88%, 5/1/2028 (a) | 513,000 | 464,593 |
6.63%, 5/1/2029 (a) | 376,000 | 333,084 |
SCIL IV LLC 5.38%, 11/1/2026 (a) | 381,000 | 357,655 |
Scotts Miracle-Gro Co. (The) | ||
4.50%, 10/15/2029 | 237,000 | 202,078 |
4.00%, 4/1/2031 | 255,000 | 204,644 |
4.38%, 2/1/2032 | 249,000 | 197,732 |
SK Invictus Intermediate II SARL 5.00%, 10/30/2029 (a) | 539,000 | 438,010 |
JPMorgan BetaBuilders USD High Yield Corporate Bond ETFSCHEDULE OF PORTFOLIO INVESTMENTSAS OF November 30, 2023 (Unaudited) (continued)
INVESTMENTS | PRINCIPAL AMOUNT($) | VALUE($) |
Corporate Bonds — continued | ||
Chemicals — continued | ||
SNF Group SACA (France) 3.13%, 3/15/2027 (a) | 330,000 | 293,919 |
Trinseo Materials Operating SCA 5.13%, 4/1/2029 (a) | 185,000 | 71,871 |
Tronox, Inc. 4.63%, 3/15/2029 (a) | 587,000 | 499,103 |
Vibrantz Technologies, Inc. 9.00%, 2/15/2030 (a) | 386,000 | 297,351 |
WR Grace Holdings LLC 5.63%, 8/15/2029 (a) | 674,000 | 567,353 |
13,720,151 | ||
Commercial Services & Supplies — 3.3% | ||
ACCO Brands Corp. 4.25%, 3/15/2029 (a) | 405,000 | 350,637 |
ADT Security Corp. (The) | ||
4.13%, 8/1/2029 (a) | 250,000 | 222,207 |
4.88%, 7/15/2032 (a) | 686,000 | 601,155 |
Allied Universal Holdco LLC | ||
6.63%, 7/15/2026 (a) | 1,238,000 | 1,202,944 |
9.75%, 7/15/2027 (a) | 635,000 | 584,268 |
6.00%, 6/1/2029 (a) | 209,000 | 159,114 |
APi Group DE, Inc. | ||
4.13%, 7/15/2029 (a) | 5,000 | 4,366 |
4.75%, 10/15/2029 (a) | 60,000 | 53,698 |
Aptim Corp. 7.75%, 6/15/2025 (a) | 13,000 | 12,121 |
APX Group, Inc. 5.75%, 7/15/2029 (a) | 687,000 | 613,443 |
Aramark Services, Inc. 5.00%, 2/1/2028 (a) | 436,000 | 412,609 |
Brink's Co. (The) 4.63%, 10/15/2027 (a) | 512,000 | 479,964 |
Clean Harbors, Inc. | ||
4.88%, 7/15/2027 (a) | 25,000 | 24,077 |
6.38%, 2/1/2031 (a) | 549,000 | 544,796 |
CoreCivic, Inc. 8.25%, 4/15/2026 | 568,000 | 579,306 |
Covanta Holding Corp. | ||
4.88%, 12/1/2029 (a) | 359,000 | 297,970 |
5.00%, 9/1/2030 | 102,000 | 83,231 |
Deluxe Corp. 8.00%, 6/1/2029 (a) | 329,000 | 277,487 |
Enviri Corp. 5.75%, 7/31/2027 (a) | 307,000 | 267,188 |
Garda World Security Corp. (Canada) | ||
4.63%, 2/15/2027 (a) | 99,000 | 94,132 |
9.50%, 11/1/2027 (a) | 395,000 | 380,990 |
7.75%, 2/15/2028 (a) | 275,000 | 277,636 |
6.00%, 6/1/2029 (a) | 205,000 | 170,729 |
GEO Group, Inc. (The) 10.50%, 6/30/2028 | 301,000 | 303,516 |
GFL Environmental, Inc. (Canada) | ||
4.25%, 6/1/2025 (a) | 337,000 | 329,166 |
5.13%, 12/15/2026 (a) | 725,000 | 703,324 |
4.75%, 6/15/2029 (a) | 486,000 | 443,882 |
Interface, Inc. 5.50%, 12/1/2028 (a) | 142,000 | 127,613 |
Madison IAQ LLC | ||
4.13%, 6/30/2028 (a) | 359,000 | 318,924 |
5.88%, 6/30/2029 (a) | 458,000 | 384,258 |
Neptune Bidco US, Inc. 9.29%, 4/15/2029 (a) | 1,360,000 | 1,263,017 |
JPMorgan BetaBuilders USD High Yield Corporate Bond ETFSCHEDULE OF PORTFOLIO INVESTMENTSAS OF November 30, 2023 (Unaudited) (continued)
INVESTMENTS | PRINCIPAL AMOUNT($) | VALUE($) |
Corporate Bonds — continued | ||
Commercial Services & Supplies — continued | ||
Pitney Bowes, Inc. | ||
6.88%, 3/15/2027 (a) | 668,000 | 591,180 |
7.25%, 3/15/2029 (a) | 75,000 | 61,459 |
Prime Security Services Borrower LLC | ||
5.75%, 4/15/2026 (a) | 1,073,000 | 1,061,273 |
6.25%, 1/15/2028 (a) | 651,000 | 625,134 |
Steelcase, Inc. 5.13%, 1/18/2029 | 351,000 | 321,765 |
Stericycle, Inc. 3.88%, 1/15/2029 (a) | 421,000 | 371,214 |
Vericast Corp. 11.00%, 9/15/2026 (a) | 849,000 | 892,511 |
Waste Pro USA, Inc. 5.50%, 2/15/2026 (a) | 245,000 | 231,219 |
Williams Scotsman, Inc. | ||
6.13%, 6/15/2025 (a) | 200,000 | 198,582 |
4.63%, 8/15/2028 (a) | 374,000 | 343,796 |
16,265,901 | ||
Communications Equipment — 0.5% | ||
CommScope Technologies LLC 5.00%, 3/15/2027 (a) | 389,000 | 165,325 |
CommScope, Inc. | ||
6.00%, 3/1/2026 (a) | 1,082,000 | 927,815 |
8.25%, 3/1/2027 (a) | 816,000 | 405,960 |
7.13%, 7/1/2028 (a) | 15,000 | 7,013 |
4.75%, 9/1/2029 (a) | 189,000 | 118,597 |
Viasat, Inc. | ||
5.63%, 4/15/2027 (a) | 417,000 | 386,246 |
6.50%, 7/15/2028 (a) | 305,000 | 232,562 |
Viavi Solutions, Inc. 3.75%, 10/1/2029 (a) | 106,000 | 88,523 |
2,332,041 | ||
Construction & Engineering — 0.8% | ||
AECOM 5.13%, 3/15/2027 | 490,000 | 476,384 |
Arcosa, Inc. 4.38%, 4/15/2029 (a) | 140,000 | 124,865 |
Artera Services LLC 9.03%, 12/4/2025 (a) | 568,000 | 518,729 |
ATP Tower Holdings LLC (Chile) 4.05%, 4/27/2026 (a) | 277,000 | 242,375 |
Brand Industrial Services, Inc. 10.38%, 8/1/2030 (a) | 253,000 | 262,318 |
Brundage-Bone Concrete Pumping Holdings, Inc. 6.00%, 2/1/2026 (a) | 487,000 | 470,125 |
Dycom Industries, Inc. 4.50%, 4/15/2029 (a) | 411,000 | 371,548 |
Fluor Corp. 4.25%, 9/15/2028 | 232,000 | 216,631 |
Global Infrastructure Solutions, Inc. 5.63%, 6/1/2029 (a) | 144,000 | 120,350 |
INNOVATE Corp. 8.50%, 2/1/2026 (a) | 49,000 | 37,244 |
Pike Corp. 5.50%, 9/1/2028 (a) | 374,000 | 340,639 |
Tutor Perini Corp. 6.88%, 5/1/2025 (a) | 345,000 | 314,156 |
VM Consolidated, Inc. 5.50%, 4/15/2029 (a) | 215,000 | 194,835 |
Weekley Homes LLC 4.88%, 9/15/2028 (a) | 364,000 | 333,506 |
4,023,705 | ||
Consumer Finance — 4.0% | ||
Ally Financial, Inc. | ||
5.75%, 11/20/2025 | 485,000 | 475,982 |
6.70%, 2/14/2033 | 188,000 | 174,797 |
JPMorgan BetaBuilders USD High Yield Corporate Bond ETFSCHEDULE OF PORTFOLIO INVESTMENTSAS OF November 30, 2023 (Unaudited) (continued)
INVESTMENTS | PRINCIPAL AMOUNT($) | VALUE($) |
Corporate Bonds — continued | ||
Consumer Finance — continued | ||
Cobra AcquisitionCo LLC 6.38%, 11/1/2029 (a) | 101,000 | 73,730 |
Credit Acceptance Corp. 6.63%, 3/15/2026 | 493,000 | 486,140 |
Curo Group Holdings Corp. 7.50%, 8/1/2028 (a) | 429,000 | 88,506 |
Enova International, Inc. 8.50%, 9/15/2025 (a) | 220,000 | 215,850 |
Finance of America Funding LLC 7.88%, 11/15/2025 (a) | 66,000 | 53,130 |
FirstCash, Inc. | ||
4.63%, 9/1/2028 (a) | 180,000 | 164,855 |
5.63%, 1/1/2030 (a) | 298,000 | 278,952 |
Ford Motor Credit Co. LLC | ||
5.58%, 3/18/2024 | 368,000 | 367,262 |
3.66%, 9/8/2024 | 970,000 | 948,964 |
4.06%, 11/1/2024 | 1,062,000 | 1,037,100 |
2.30%, 2/10/2025 | 1,331,000 | 1,264,859 |
5.13%, 6/16/2025 | 1,432,000 | 1,399,835 |
4.13%, 8/4/2025 | 1,100,000 | 1,055,987 |
4.13%, 8/17/2027 | 1,248,000 | 1,153,303 |
5.11%, 5/3/2029 | 792,000 | 744,299 |
7.35%, 3/6/2030 | 917,000 | 952,365 |
4.00%, 11/13/2030 | 200,000 | 171,927 |
3.63%, 6/17/2031 | 1,113,000 | 924,544 |
Global Aircraft Leasing Co. Ltd. (Cayman Islands) 6.50% (Cash), 9/15/2024 (a) (b) | 770,557 | 720,810 |
goeasy Ltd. (Canada) | ||
5.38%, 12/1/2024 (a) | 305,000 | 305,000 |
4.38%, 5/1/2026 (a) | 148,000 | 138,725 |
LFS Topco LLC 5.88%, 10/15/2026 (a) | 189,000 | 166,301 |
Macquarie Airfinance Holdings Ltd. (United Kingdom) 8.38%, 5/1/2028 (a) | 31,000 | 31,781 |
Navient Corp. | ||
5.88%, 10/25/2024 | 824,000 | 816,531 |
6.75%, 6/15/2026 | 200,000 | 199,240 |
5.00%, 3/15/2027 | 528,000 | 492,290 |
9.38%, 7/25/2030 | 23,000 | 23,593 |
5.63%, 8/1/2033 | 437,000 | 338,605 |
OneMain Finance Corp. | ||
6.13%, 3/15/2024 | 206,000 | 205,695 |
6.88%, 3/15/2025 | 162,000 | 163,185 |
7.13%, 3/15/2026 | 1,314,000 | 1,324,985 |
3.50%, 1/15/2027 | 270,000 | 241,266 |
3.88%, 9/15/2028 | 564,000 | 484,323 |
9.00%, 1/15/2029 | 30,000 | 30,940 |
5.38%, 11/15/2029 | 116,000 | 104,405 |
4.00%, 9/15/2030 | 210,000 | 171,070 |
PRA Group, Inc. | ||
7.38%, 9/1/2025 (a) | 58,000 | 55,715 |
8.38%, 2/1/2028 (a) | 188,000 | 170,610 |
5.00%, 10/1/2029 (a) | 431,000 | 325,473 |
PROG Holdings, Inc. 6.00%, 11/15/2029 (a) | 405,000 | 353,869 |
JPMorgan BetaBuilders USD High Yield Corporate Bond ETFSCHEDULE OF PORTFOLIO INVESTMENTSAS OF November 30, 2023 (Unaudited) (continued)
INVESTMENTS | PRINCIPAL AMOUNT($) | VALUE($) |
Corporate Bonds — continued | ||
Consumer Finance — continued | ||
Synchrony Financial 7.25%, 2/2/2033 | 495,000 | 462,215 |
World Acceptance Corp. 7.00%, 11/1/2026 (a) | 195,000 | 171,204 |
19,530,218 | ||
Consumer Staples Distribution & Retail — 1.0% | ||
Albertsons Cos., Inc. | ||
3.25%, 3/15/2026 (a) | 50,000 | 47,016 |
4.63%, 1/15/2027 (a) | 644,000 | 618,695 |
5.88%, 2/15/2028 (a) | 590,000 | 582,074 |
3.50%, 3/15/2029 (a) | 407,000 | 360,721 |
4.88%, 2/15/2030 (a) | 741,000 | 692,843 |
C&S Group Enterprises LLC 5.00%, 12/15/2028 (a) | 88,000 | 70,840 |
Ingles Markets, Inc. 4.00%, 6/15/2031 (a) | 70,000 | 58,800 |
Performance Food Group, Inc. | ||
6.88%, 5/1/2025 (a) | 89,000 | 89,047 |
5.50%, 10/15/2027 (a) | 650,000 | 629,128 |
4.25%, 8/1/2029 (a) | 532,000 | 475,806 |
Rite Aid Corp. 8.00%, 11/15/2026 (a) (g) | 357,000 | 269,535 |
Safeway, Inc. 7.25%, 2/1/2031 | 261,000 | 274,508 |
United Natural Foods, Inc. 6.75%, 10/15/2028 (a) | 98,000 | 75,089 |
US Foods, Inc. | ||
4.75%, 2/15/2029 (a) | 413,000 | 382,826 |
4.63%, 6/1/2030 (a) | 398,000 | 359,085 |
7.25%, 1/15/2032 (a) | 10,000 | 10,231 |
4,996,244 | ||
Containers & Packaging — 2.8% | ||
ARD Finance SA (Luxembourg) 6.50% (Cash), 6/30/2027 (a) (b) | 454,000 | 233,665 |
Ardagh Metal Packaging Finance USA LLC | ||
3.25%, 9/1/2028 (a) | 599,000 | 515,188 |
4.00%, 9/1/2029 (a) | 350,000 | 278,131 |
Ardagh Packaging Finance plc | ||
5.25%, 4/30/2025 (a) | 409,000 | 398,564 |
4.13%, 8/15/2026 (a) | 800,000 | 707,716 |
5.25%, 8/15/2027 (a) | 532,000 | 390,602 |
Ball Corp. | ||
5.25%, 7/1/2025 | 176,000 | 175,058 |
4.88%, 3/15/2026 | 809,000 | 792,767 |
2.88%, 8/15/2030 | 581,000 | 481,325 |
3.13%, 9/15/2031 | 816,000 | 673,859 |
Berry Global, Inc. 5.63%, 7/15/2027 (a) | 245,000 | 239,515 |
Cascades, Inc. (Canada) 5.38%, 1/15/2028 (a) | 312,000 | 294,077 |
Clydesdale Acquisition Holdings, Inc. 8.75%, 4/15/2030 (a) | 516,000 | 463,025 |
Crown Americas LLC | ||
4.75%, 2/1/2026 | 692,000 | 674,756 |
5.25%, 4/1/2030 | 280,000 | 264,855 |
Graham Packaging Co., Inc. 7.13%, 8/15/2028 (a) | 128,000 | 112,640 |
Graphic Packaging International LLC | ||
4.75%, 7/15/2027 (a) | 274,000 | 260,071 |
JPMorgan BetaBuilders USD High Yield Corporate Bond ETFSCHEDULE OF PORTFOLIO INVESTMENTSAS OF November 30, 2023 (Unaudited) (continued)
INVESTMENTS | PRINCIPAL AMOUNT($) | VALUE($) |
Corporate Bonds — continued | ||
Containers & Packaging — continued | ||
3.50%, 3/15/2028 (a) | 31,000 | 28,056 |
3.50%, 3/1/2029 (a) | 129,000 | 112,159 |
3.75%, 2/1/2030 (a) | 372,000 | 323,138 |
Iris Holding, Inc. 10.00%, 12/15/2028 (a) | 143,000 | 113,367 |
LABL, Inc. | ||
6.75%, 7/15/2026 (a) | 363,000 | 345,037 |
10.50%, 7/15/2027 (a) | 292,000 | 265,353 |
9.50%, 11/1/2028 (a) | 536,000 | 517,241 |
8.25%, 11/1/2029 (a) | 156,000 | 124,800 |
Mauser Packaging Solutions Holding Co. | ||
7.88%, 8/15/2026 (a) | 1,066,000 | 1,058,945 |
9.25%, 4/15/2027 (a) | 664,000 | 604,261 |
Owens-Brockway Glass Container, Inc. | ||
6.63%, 5/13/2027 (a) | 529,000 | 523,551 |
7.25%, 5/15/2031 (a) | 206,000 | 204,457 |
Pactiv Evergreen Group Issuer LLC 4.38%, 10/15/2028 (a) | 343,000 | 311,701 |
Pactiv Evergreen Group Issuer, Inc. 4.00%, 10/15/2027 (a) | 244,000 | 223,260 |
Sealed Air Corp. | ||
5.50%, 9/15/2025 (a) | 127,000 | 126,047 |
6.13%, 2/1/2028 (a) | 398,000 | 393,704 |
5.00%, 4/15/2029 (a) | 165,000 | 153,819 |
6.88%, 7/15/2033 (a) | 410,000 | 410,784 |
Silgan Holdings, Inc. 4.13%, 2/1/2028 | 354,000 | 325,764 |
TriMas Corp. 4.13%, 4/15/2029 (a) | 286,000 | 248,618 |
Trivium Packaging Finance BV (Netherlands) 5.50%, 8/15/2026 (a) (d) | 600,000 | 576,588 |
13,946,464 | ||
Distributors — 0.2% | ||
American Builders & Contractors Supply Co., Inc. | ||
4.00%, 1/15/2028 (a) | 515,000 | 474,024 |
3.88%, 11/15/2029 (a) | 139,000 | 120,358 |
Ritchie Bros Holdings, Inc. (Canada) 6.75%, 3/15/2028 (a) | 374,000 | 380,904 |
975,286 | ||
Diversified Consumer Services — 0.6% | ||
Adtalem Global Education, Inc. 5.50%, 3/1/2028 (a) | 165,000 | 154,794 |
Carriage Services, Inc. 4.25%, 5/15/2029 (a) | 219,000 | 185,318 |
Grand Canyon University 4.13%, 10/1/2024 | 372,000 | 351,771 |
Metis Merger Sub LLC 6.50%, 5/15/2029 (a) | 270,000 | 228,172 |
Service Corp. International | ||
5.13%, 6/1/2029 | 644,000 | 615,020 |
3.38%, 8/15/2030 | 637,000 | 535,099 |
Signal Parent, Inc. 6.13%, 4/1/2029 (a) | 241,000 | 156,650 |
Sotheby's 7.38%, 10/15/2027 (a) | 250,000 | 229,264 |
StoneMor, Inc. 8.50%, 5/15/2029 (a) | 385,000 | 308,000 |
WW International, Inc. 4.50%, 4/15/2029 (a) | 383,000 | 220,054 |
2,984,142 |
JPMorgan BetaBuilders USD High Yield Corporate Bond ETFSCHEDULE OF PORTFOLIO INVESTMENTSAS OF November 30, 2023 (Unaudited) (continued)
INVESTMENTS | PRINCIPAL AMOUNT($) | VALUE($) |
Corporate Bonds — continued | ||
Diversified REITs — 0.7% | ||
HAT Holdings I LLC | ||
6.00%, 4/15/2025 (a) | 175,000 | 172,513 |
3.38%, 6/15/2026 (a) | 503,000 | 455,330 |
3.75%, 9/15/2030 (a) | 360,000 | 283,704 |
Iron Mountain Information Management Services, Inc. 5.00%, 7/15/2032 (a) | 892,000 | 774,693 |
Uniti Group LP | ||
10.50%, 2/15/2028 (a) | 837,000 | 823,290 |
4.75%, 4/15/2028 (a) | 439,000 | 363,920 |
6.50%, 2/15/2029 (a) | 670,000 | 445,792 |
6.00%, 1/15/2030 (a) | 72,000 | 46,691 |
3,365,933 | ||
Diversified Telecommunication Services — 4.9% | ||
Altice France Holding SA (Luxembourg) 10.50%, 5/15/2027 (a) | 1,093,000 | 580,549 |
Altice France SA (France) | ||
8.13%, 2/1/2027 (a) | 823,000 | 707,920 |
5.50%, 1/15/2028 (a) | 241,000 | 184,403 |
5.13%, 7/15/2029 (a) | 400,000 | 286,084 |
5.50%, 10/15/2029 (a) | 1,341,000 | 967,568 |
British Telecommunications plc (United Kingdom) (US Treasury Yield Curve Rate T Note Constant Maturity 5 Year + 3.49%), 4.88%, 11/23/2081 (a) (c) | 433,000 | 357,443 |
CCO Holdings LLC | ||
5.50%, 5/1/2026 (a) | 776,000 | 759,170 |
5.13%, 5/1/2027 (a) | 1,620,000 | 1,541,358 |
5.38%, 6/1/2029 (a) | 928,000 | 860,554 |
4.75%, 3/1/2030 (a) | 1,635,000 | 1,430,889 |
4.50%, 8/15/2030 (a) | 439,000 | 376,668 |
4.25%, 2/1/2031 (a) | 834,000 | 695,722 |
4.75%, 2/1/2032 (a) | 1,544,000 | 1,296,945 |
4.50%, 5/1/2032 | 27,000 | 22,238 |
4.50%, 6/1/2033 (a) | 1,566,000 | 1,252,903 |
4.25%, 1/15/2034 (a) | 930,000 | 725,464 |
Consolidated Communications, Inc. | ||
5.00%, 10/1/2028 (a) | 10,000 | 7,825 |
6.50%, 10/1/2028 (a) | 257,000 | 212,025 |
Embarq Corp. 8.00%, 6/1/2036 | 508,000 | 292,052 |
Frontier Communications Holdings LLC | ||
5.88%, 10/15/2027 (a) | 715,000 | 671,726 |
5.00%, 5/1/2028 (a) | 693,000 | 621,738 |
6.75%, 5/1/2029 (a) | 735,000 | 622,442 |
5.88%, 11/1/2029 | 180,000 | 144,070 |
6.00%, 1/15/2030 (a) | 149,000 | 119,387 |
8.75%, 5/15/2030 (a) | 406,000 | 404,848 |
8.63%, 3/15/2031 (a) | 247,000 | 243,241 |
Frontier Florida LLC Series E, 6.86%, 2/1/2028 | 15,000 | 14,268 |
Iliad Holding SASU (France) 6.50%, 10/15/2026 (a) | 520,000 | 507,319 |
Intelsat Jackson Holdings SA (Luxembourg) 6.50%, 3/15/2030 (a) | 1,136,000 | 1,052,688 |
Level 3 Financing, Inc. | ||
3.40%, 3/1/2027 ‡ (a) | 198,000 | 188,100 |
JPMorgan BetaBuilders USD High Yield Corporate Bond ETFSCHEDULE OF PORTFOLIO INVESTMENTSAS OF November 30, 2023 (Unaudited) (continued)
INVESTMENTS | PRINCIPAL AMOUNT($) | VALUE($) |
Corporate Bonds — continued | ||
Diversified Telecommunication Services — continued | ||
4.63%, 9/15/2027 ‡ (a) | 847,000 | 516,670 |
4.25%, 7/1/2028 ‡ (a) | 388,000 | 217,280 |
3.88%, 11/15/2029 ‡ (a) | 517,000 | 485,980 |
10.50%, 5/15/2030 (a) | 521,000 | 483,228 |
Qwest Corp. 7.25%, 9/15/2025 | 81,000 | 76,554 |
Sable International Finance Ltd. (Chile) 5.75%, 9/7/2027 (a) | 200,000 | 184,018 |
Telecom Italia Capital SA (Italy) | ||
6.38%, 11/15/2033 | 851,000 | 797,765 |
6.00%, 9/30/2034 | 361,000 | 325,793 |
7.20%, 7/18/2036 | 75,000 | 72,861 |
7.72%, 6/4/2038 | 460,000 | 458,925 |
Telesat Canada (Canada) | ||
5.63%, 12/6/2026 (a) | 527,000 | 318,835 |
4.88%, 6/1/2027 (a) | 101,000 | 59,487 |
6.50%, 10/15/2027 (a) | 117,000 | 54,893 |
Virgin Media Finance plc (United Kingdom) 5.00%, 7/15/2030 (a) | 753,000 | 628,776 |
Virgin Media Secured Finance plc (United Kingdom) 5.50%, 5/15/2029 (a) | 729,000 | 686,028 |
Windstream Escrow LLC 7.75%, 8/15/2028 (a) | 877,000 | 723,034 |
Zayo Group Holdings, Inc. | ||
4.00%, 3/1/2027 (a) | 647,000 | 493,639 |
6.13%, 3/1/2028 (a) | 562,000 | 377,287 |
24,108,660 | ||
Electric Utilities — 1.5% | ||
DPL, Inc. 4.35%, 4/15/2029 | 107,000 | 96,961 |
Drax Finco plc (United Kingdom) 6.63%, 11/1/2025 (a) | 201,000 | 198,608 |
Edison International (US Treasury Yield Curve Rate T Note Constant Maturity 5 Year + 3.86%), 8.13%, 6/15/2053 (c) | 209,000 | 211,421 |
Emera, Inc. (Canada) Series 16-A, (3-MONTH SOFR + 5.44%), 6.75%, 6/15/2076 (c) | 396,000 | 382,941 |
FirstEnergy Corp. | ||
2.65%, 3/1/2030 | 705,000 | 596,352 |
Series B, 2.25%, 9/1/2030 | 189,000 | 153,749 |
Series C, 7.38%, 11/15/2031 | 352,000 | 409,392 |
Series C, 5.10%, 7/15/2047 (d) | 240,000 | 206,550 |
Series C, 3.40%, 3/1/2050 | 719,000 | 473,122 |
Leeward Renewable Energy Operations LLC 4.25%, 7/1/2029 (a) | 210,000 | 176,676 |
NextEra Energy Operating Partners LP 4.50%, 9/15/2027 (a) | 368,000 | 339,742 |
NRG Energy, Inc. | ||
5.75%, 1/15/2028 | 213,000 | 207,792 |
5.25%, 6/15/2029 (a) | 524,000 | 488,170 |
3.63%, 2/15/2031 (a) | 619,000 | 506,130 |
3.88%, 2/15/2032 (a) | 28,000 | 22,890 |
Pattern Energy Operations LP 4.50%, 8/15/2028 (a) | 125,000 | 114,631 |
PG&E Corp. | ||
5.00%, 7/1/2028 | 387,000 | 368,137 |
5.25%, 7/1/2030 | 870,000 | 817,248 |
Terraform Global Operating LP 6.13%, 3/1/2026 (a) | 8,000 | 7,740 |
Vistra Operations Co. LLC | ||
5.50%, 9/1/2026 (a) | 435,000 | 426,985 |
JPMorgan BetaBuilders USD High Yield Corporate Bond ETFSCHEDULE OF PORTFOLIO INVESTMENTSAS OF November 30, 2023 (Unaudited) (continued)
INVESTMENTS | PRINCIPAL AMOUNT($) | VALUE($) |
Corporate Bonds — continued | ||
Electric Utilities — continued | ||
5.63%, 2/15/2027 (a) | 918,000 | 892,949 |
5.00%, 7/31/2027 (a) | 25,000 | 23,792 |
4.38%, 5/1/2029 (a) | 282,000 | 254,583 |
7.75%, 10/15/2031 (a) | 86,000 | 88,015 |
7,464,576 | ||
Electrical Equipment — 0.3% | ||
Atkore, Inc. 4.25%, 6/1/2031 (a) | 100,000 | 84,989 |
Sensata Technologies BV | ||
5.63%, 11/1/2024 (a) | 877,000 | 884,848 |
5.00%, 10/1/2025 (a) | 40,000 | 39,352 |
Vertiv Group Corp. 4.13%, 11/15/2028 (a) | 573,000 | 518,666 |
1,527,855 | ||
Electronic Equipment, Instruments & Components — 0.2% | ||
Coherent Corp. 5.00%, 12/15/2029 (a) | 394,000 | 356,579 |
Sensata Technologies, Inc. | ||
4.38%, 2/15/2030 (a) | 737,000 | 656,846 |
3.75%, 2/15/2031 (a) | 115,000 | 97,227 |
1,110,652 | ||
Energy Equipment & Services — 1.6% | ||
Archrock Partners LP | ||
6.88%, 4/1/2027 (a) | 397,000 | 393,369 |
6.25%, 4/1/2028 (a) | 10,000 | 9,763 |
Bristow Group, Inc. 6.88%, 3/1/2028 (a) | 10,000 | 9,524 |
CGG SA (France) 8.75%, 4/1/2027 (a) | 250,000 | 226,875 |
CSI Compressco LP 7.50%, 4/1/2025 (a) | 8,000 | 7,908 |
Enerflex Ltd. (Canada) 9.00%, 10/15/2027 (a) | 647,000 | 609,199 |
Global Marine, Inc. 7.00%, 6/1/2028 | 299,000 | 254,150 |
Nabors Industries Ltd. 7.25%, 1/15/2026 (a) | 189,000 | 180,669 |
Nabors Industries, Inc. | ||
5.75%, 2/1/2025 | 55,000 | 54,862 |
7.38%, 5/15/2027 (a) | 209,000 | 202,076 |
Noble Finance II LLC 8.00%, 4/15/2030 (a) | 325,000 | 333,541 |
Oceaneering International, Inc. 6.00%, 2/1/2028 | 149,000 | 144,467 |
Petrofac Ltd. (United Kingdom) 9.75%, 11/15/2026 (a) | 239,000 | 118,763 |
Precision Drilling Corp. (Canada) | ||
7.13%, 1/15/2026 (a) | 125,000 | 124,240 |
6.88%, 1/15/2029 (a) | 354,000 | 334,533 |
Seadrill Finance Ltd. (Norway) 8.38%, 8/1/2030 (a) | 457,000 | 468,219 |
Transocean, Inc. | ||
7.25%, 11/1/2025 (a) | 216,000 | 212,028 |
11.50%, 1/30/2027 (a) | 433,000 | 450,320 |
8.00%, 2/1/2027 (a) | 173,000 | 165,609 |
8.75%, 2/15/2030 (a) | 865,450 | 883,873 |
7.50%, 4/15/2031 | 45,000 | 37,620 |
6.80%, 3/15/2038 | 337,000 | 255,288 |
JPMorgan BetaBuilders USD High Yield Corporate Bond ETFSCHEDULE OF PORTFOLIO INVESTMENTSAS OF November 30, 2023 (Unaudited) (continued)
INVESTMENTS | PRINCIPAL AMOUNT($) | VALUE($) |
Corporate Bonds — continued | ||
Energy Equipment & Services — continued | ||
USA Compression Partners LP | ||
6.88%, 4/1/2026 | 429,000 | 426,577 |
6.88%, 9/1/2027 | 127,000 | 125,365 |
Valaris Ltd. 8.38%, 4/30/2030 (a) | 821,000 | 825,901 |
Weatherford International Ltd. | ||
6.50%, 9/15/2028 (a) | 371,000 | 374,710 |
8.63%, 4/30/2030 (a) | 131,000 | 135,444 |
Welltec International ApS (Denmark) 8.25%, 10/15/2026 (a) | 329,000 | 331,879 |
7,696,772 | ||
Entertainment — 0.8% | ||
Allen Media LLC 10.50%, 2/15/2028 (a) | 282,000 | 142,245 |
AMC Entertainment Holdings, Inc. | ||
10.00% (Cash), 6/15/2026 (a) (b) | 409,000 | 330,205 |
7.50%, 2/15/2029 (a) | 640,000 | 434,364 |
Cinemark USA, Inc. 5.25%, 7/15/2028 (a) | 359,000 | 323,136 |
Lions Gate Capital Holdings LLC 5.50%, 4/15/2029 (a) | 407,000 | 252,437 |
Live Nation Entertainment, Inc. | ||
4.88%, 11/1/2024 (a) | 196,000 | 193,795 |
5.63%, 3/15/2026 (a) | 94,000 | 91,449 |
6.50%, 5/15/2027 (a) | 919,000 | 918,731 |
4.75%, 10/15/2027 (a) | 250,000 | 235,000 |
3.75%, 1/15/2028 (a) | 167,000 | 151,052 |
ROBLOX Corp. 3.88%, 5/1/2030 (a) | 172,000 | 147,705 |
WMG Acquisition Corp. 3.88%, 7/15/2030 (a) | 711,000 | 619,294 |
3,839,413 | ||
Financial Services — 2.5% | ||
Armor Holdco, Inc. 8.50%, 11/15/2029 (a) | 20,000 | 18,000 |
Block, Inc. 3.50%, 6/1/2031 | 917,000 | 767,443 |
CPI CG, Inc. 8.63%, 3/15/2026 (a) | 357,000 | 339,172 |
Freedom Mortgage Corp. | ||
7.63%, 5/1/2026 (a) | 688,000 | 657,371 |
6.63%, 1/15/2027 (a) | 290,000 | 264,645 |
GTCR W-2 Merger Sub LLC 7.50%, 1/15/2031 (a) | 355,000 | 361,656 |
Jefferies Finance LLC 5.00%, 8/15/2028 (a) | 250,000 | 213,730 |
Jefferson Capital Holdings LLC 6.00%, 8/15/2026 (a) | 614,000 | 570,656 |
LD Holdings Group LLC | ||
6.50%, 11/1/2025 (a) | 517,000 | 451,277 |
6.13%, 4/1/2028 (a) | 164,000 | 115,539 |
MGIC Investment Corp. 5.25%, 8/15/2028 | 487,000 | 460,226 |
Midcap Financial Issuer Trust | ||
6.50%, 5/1/2028 (a) | 250,000 | 217,500 |
5.63%, 1/15/2030 (a) | 436,000 | 350,980 |
MPH Acquisition Holdings LLC | ||
5.50%, 9/1/2028 (a) | 759,000 | 659,381 |
5.75%, 11/1/2028 (a) | 340,000 | 263,269 |
Nationstar Mortgage Holdings, Inc. | ||
5.00%, 2/1/2026 (a) | 32,000 | 30,511 |
JPMorgan BetaBuilders USD High Yield Corporate Bond ETFSCHEDULE OF PORTFOLIO INVESTMENTSAS OF November 30, 2023 (Unaudited) (continued)
INVESTMENTS | PRINCIPAL AMOUNT($) | VALUE($) |
Corporate Bonds — continued | ||
Financial Services — continued | ||
5.50%, 8/15/2028 (a) | 886,000 | 819,880 |
5.13%, 12/15/2030 (a) | 100,000 | 86,409 |
NCR Atleos Corp. 9.50%, 4/1/2029 (a) | 157,000 | 162,132 |
NMI Holdings, Inc. 7.38%, 6/1/2025 (a) | 326,000 | 327,842 |
Oxford Finance LLC 6.38%, 2/1/2027 (a) | 250,000 | 235,070 |
Paysafe Finance plc 4.00%, 6/15/2029 (a) | 658,000 | 543,863 |
PennyMac Financial Services, Inc. | ||
5.38%, 10/15/2025 (a) | 5,000 | 4,862 |
4.25%, 2/15/2029 (a) | 271,000 | 234,405 |
5.75%, 9/15/2031 (a) | 576,000 | 508,030 |
PHH Mortgage Corp. 7.88%, 3/15/2026 (a) | 569,000 | 502,143 |
Rocket Mortgage LLC | ||
3.88%, 3/1/2031 (a) | 916,000 | 769,440 |
4.00%, 10/15/2033 (a) | 557,000 | 450,351 |
Sabre GLBL, Inc. | ||
8.63%, 6/1/2027 (a) | 586,000 | 489,280 |
11.25%, 12/15/2027 (a) | 336,000 | 304,442 |
Shift4 Payments LLC 4.63%, 11/1/2026 (a) | 339,000 | 321,660 |
United Wholesale Mortgage LLC | ||
5.75%, 6/15/2027 (a) | 40,000 | 37,609 |
5.50%, 4/15/2029 (a) | 416,000 | 372,181 |
Verscend Escrow Corp. 9.75%, 8/15/2026 (a) | 580,000 | 582,177 |
12,493,132 | ||
Food Products — 1.1% | ||
B&G Foods, Inc. | ||
5.25%, 4/1/2025 | 80,000 | 78,536 |
5.25%, 9/15/2027 | 476,000 | 414,607 |
Chobani LLC | ||
7.50%, 4/15/2025 (a) | 166,000 | 164,121 |
4.63%, 11/15/2028 (a) | 11,000 | 9,940 |
Darling Ingredients, Inc. 5.25%, 4/15/2027 (a) | 413,000 | 401,046 |
H-Food Holdings LLC 8.50%, 6/1/2026 (a) | 256,000 | 55,040 |
Lamb Weston Holdings, Inc. | ||
4.88%, 5/15/2028 (a) | 592,000 | 566,077 |
4.13%, 1/31/2030 (a) | 426,000 | 381,362 |
4.38%, 1/31/2032 (a) | 339,000 | 295,471 |
Pilgrim's Pride Corp. | ||
4.25%, 4/15/2031 | 74,000 | 64,083 |
3.50%, 3/1/2032 | 903,000 | 730,978 |
6.25%, 7/1/2033 | 78,000 | 76,802 |
Post Holdings, Inc. | ||
5.75%, 3/1/2027 (a) | 265,000 | 260,441 |
5.63%, 1/15/2028 (a) | 389,000 | 378,493 |
5.50%, 12/15/2029 (a) | 1,089,000 | 1,023,695 |
4.50%, 9/15/2031 (a) | 651,000 | 566,777 |
Simmons Foods, Inc. 4.63%, 3/1/2029 (a) | 51,000 | 42,332 |
5,509,801 |
JPMorgan BetaBuilders USD High Yield Corporate Bond ETFSCHEDULE OF PORTFOLIO INVESTMENTSAS OF November 30, 2023 (Unaudited) (continued)
INVESTMENTS | PRINCIPAL AMOUNT($) | VALUE($) |
Corporate Bonds — continued | ||
Gas Utilities — 0.4% | ||
AmeriGas Partners LP | ||
5.50%, 5/20/2025 | 300,000 | 293,811 |
5.88%, 8/20/2026 | 740,000 | 722,616 |
Ferrellgas LP | ||
5.38%, 4/1/2026 (a) | 137,000 | 130,887 |
5.88%, 4/1/2029 (a) | 528,000 | 486,007 |
Suburban Propane Partners LP 5.00%, 6/1/2031 (a) | 441,000 | 390,285 |
2,023,606 | ||
Ground Transportation — 1.1% | ||
AerCap Global Aviation Trust (Ireland) (3-MONTH CME TERM SOFR + 4.56%), 6.50%, 6/15/2045 (a) (c) | 500,000 | 499,821 |
Albion Financing 1 SARL (Luxembourg) 6.13%, 10/15/2026 (a) | 520,000 | 507,624 |
Avis Budget Car Rental LLC | ||
5.75%, 7/15/2027 (a) | 20,000 | 18,872 |
5.38%, 3/1/2029 (a) | 387,000 | 348,308 |
Carriage Purchaser, Inc. 7.88%, 10/15/2029 (a) | 25,000 | 19,719 |
EquipmentShare.com, Inc. 9.00%, 5/15/2028 (a) | 821,000 | 808,685 |
First Student Bidco, Inc. 4.00%, 7/31/2029 (a) | 260,000 | 221,165 |
Hertz Corp. (The) | ||
4.63%, 12/1/2026 (a) | 248,000 | 218,578 |
5.00%, 12/1/2029 (a) | 580,000 | 445,160 |
NESCO Holdings II, Inc. 5.50%, 4/15/2029 (a) | 414,000 | 371,199 |
PECF USS Intermediate Holding III Corp. 8.00%, 11/15/2029 (a) | 384,000 | 177,600 |
RXO, Inc. 7.50%, 11/15/2027 (a) | 120,000 | 123,193 |
Uber Technologies, Inc. | ||
7.50%, 5/15/2025 (a) | 117,000 | 119,194 |
7.50%, 9/15/2027 (a) | 533,000 | 542,771 |
4.50%, 8/15/2029 (a) | 957,000 | 880,520 |
Watco Cos. LLC 6.50%, 6/15/2027 (a) | 29,000 | 27,961 |
XPO CNW, Inc. 6.70%, 5/1/2034 | 245,000 | 244,040 |
5,574,410 | ||
Health Care Equipment & Supplies — 0.9% | ||
Avantor Funding, Inc. 4.63%, 7/15/2028 (a) | 905,000 | 846,511 |
Embecta Corp. 5.00%, 2/15/2030 (a) | 352,000 | 295,940 |
Garden Spinco Corp. 8.63%, 7/20/2030 (a) | 147,000 | 154,300 |
Hologic, Inc. 3.25%, 2/15/2029 (a) | 533,000 | 468,002 |
Medline Borrower LP | ||
3.88%, 4/1/2029 (a) | 2,310,000 | 2,050,232 |
5.25%, 10/1/2029 (a) | 898,000 | 812,659 |
4,627,644 | ||
Health Care Providers & Services — 3.9% | ||
Acadia Healthcare Co., Inc. 5.50%, 7/1/2028 (a) | 575,000 | 550,875 |
AdaptHealth LLC | ||
6.13%, 8/1/2028 (a) | 555,000 | 476,845 |
4.63%, 8/1/2029 (a) | 68,000 | 53,702 |
5.13%, 3/1/2030 (a) | 89,000 | 70,863 |
AHP Health Partners, Inc. 5.75%, 7/15/2029 (a) | 330,000 | 274,725 |
JPMorgan BetaBuilders USD High Yield Corporate Bond ETFSCHEDULE OF PORTFOLIO INVESTMENTSAS OF November 30, 2023 (Unaudited) (continued)
INVESTMENTS | PRINCIPAL AMOUNT($) | VALUE($) |
Corporate Bonds — continued | ||
Health Care Providers & Services — continued | ||
Akumin, Inc. 7.50%, 8/1/2028 (a) | 386,000 | 285,640 |
Community Health Systems, Inc. | ||
8.00%, 3/15/2026 (a) | 740,000 | 712,444 |
5.63%, 3/15/2027 (a) | 1,083,000 | 966,316 |
8.00%, 12/15/2027 (a) | 144,000 | 136,474 |
6.88%, 4/1/2028 (a) | 238,000 | 120,190 |
6.00%, 1/15/2029 (a) | 301,000 | 253,593 |
6.88%, 4/15/2029 (a) | 671,000 | 395,890 |
6.13%, 4/1/2030 (a) | 772,000 | 430,984 |
5.25%, 5/15/2030 (a) | 231,000 | 181,800 |
4.75%, 2/15/2031 (a) | 799,000 | 586,210 |
DaVita, Inc. | ||
4.63%, 6/1/2030 (a) | 1,647,000 | 1,392,069 |
3.75%, 2/15/2031 (a) | 504,000 | 394,551 |
Encompass Health Corp. | ||
4.50%, 2/1/2028 | 200,000 | 186,925 |
4.75%, 2/1/2030 | 585,000 | 531,584 |
Global Medical Response, Inc. 6.50%, 10/1/2025 (a) | 383,000 | 283,420 |
HealthEquity, Inc. 4.50%, 10/1/2029 (a) | 48,000 | 43,223 |
Heartland Dental LLC 10.50%, 4/30/2028 (a) | 536,000 | 544,040 |
Kedrion SpA (Italy) 6.50%, 9/1/2029 (a) | 205,000 | 181,425 |
Legacy LifePoint Health LLC 4.38%, 2/15/2027 (a) | 659,000 | 577,067 |
LifePoint Health, Inc. 5.38%, 1/15/2029 (a) | 169,000 | 110,680 |
ModivCare Escrow Issuer, Inc. 5.00%, 10/1/2029 (a) | 175,000 | 133,875 |
ModivCare, Inc. 5.88%, 11/15/2025 (a) | 189,000 | 184,001 |
Molina Healthcare, Inc. | ||
4.38%, 6/15/2028 (a) | 540,000 | 500,696 |
3.88%, 5/15/2032 (a) | 762,000 | 639,032 |
Owens & Minor, Inc. | ||
4.50%, 3/31/2029 (a) | 152,000 | 130,150 |
6.63%, 4/1/2030 (a) | 333,000 | 311,873 |
Pediatrix Medical Group, Inc. 5.38%, 2/15/2030 (a) | 321,000 | 270,405 |
Prime Healthcare Services, Inc. 7.25%, 11/1/2025 (a) | 475,000 | 446,062 |
Radiology Partners, Inc. 9.25%, 2/1/2028 (a) | 177,000 | 82,203 |
RegionalCare Hospital Partners Holdings, Inc. 9.75%, 12/1/2026 (a) | 341,000 | 329,702 |
RP Escrow Issuer LLC 5.25%, 12/15/2025 (a) | 136,000 | 105,150 |
Select Medical Corp. 6.25%, 8/15/2026 (a) | 597,000 | 592,700 |
Team Health Holdings, Inc. 6.38%, 2/1/2025 (a) | 45,000 | 37,575 |
Tenet Healthcare Corp. | ||
4.88%, 1/1/2026 | 912,000 | 896,117 |
6.25%, 2/1/2027 | 934,000 | 929,986 |
5.13%, 11/1/2027 | 1,086,000 | 1,041,846 |
4.63%, 6/15/2028 | 741,000 | 690,162 |
6.13%, 10/1/2028 | 1,344,000 | 1,303,008 |
6.88%, 11/15/2031 | 410,000 | 405,387 |
Toledo Hospital (The) 6.02%, 11/15/2048 | 443,000 | 332,742 |
US Acute Care Solutions LLC 6.38%, 3/1/2026 (a) | 337,000 | 265,387 |
19,369,594 |
JPMorgan BetaBuilders USD High Yield Corporate Bond ETFSCHEDULE OF PORTFOLIO INVESTMENTSAS OF November 30, 2023 (Unaudited) (continued)
INVESTMENTS | PRINCIPAL AMOUNT($) | VALUE($) |
Corporate Bonds — continued | ||
Health Care REITs — 0.3% | ||
Diversified Healthcare Trust | ||
4.75%, 5/1/2024 | 42,000 | 39,669 |
9.75%, 6/15/2025 | 82,000 | 81,339 |
4.75%, 2/15/2028 | 365,000 | 265,825 |
4.38%, 3/1/2031 | 150,000 | 105,578 |
MPT Operating Partnership LP | ||
5.00%, 10/15/2027 | 540,000 | 430,340 |
4.63%, 8/1/2029 | 811,000 | 579,282 |
3.50%, 3/15/2031 | 236,000 | 145,478 |
1,647,511 | ||
Health Care Technology — 0.2% | ||
IQVIA, Inc. 5.00%, 10/15/2026 (a) | 800,000 | 780,244 |
Hotel & Resort REITs — 0.7% | ||
Park Intermediate Holdings LLC | ||
7.50%, 6/1/2025 (a) | 10,000 | 10,060 |
5.88%, 10/1/2028 (a) | 547,000 | 517,563 |
4.88%, 5/15/2029 (a) | 250,000 | 222,455 |
RHP Hotel Properties LP 4.75%, 10/15/2027 | 602,000 | 571,737 |
RLJ Lodging Trust LP 4.00%, 9/15/2029 (a) | 251,000 | 216,962 |
Service Properties Trust | ||
4.35%, 10/1/2024 | 223,000 | 222,753 |
4.50%, 3/15/2025 | 400,000 | 385,711 |
7.50%, 9/15/2025 | 678,000 | 680,750 |
5.50%, 12/15/2027 | 66,000 | 58,764 |
4.38%, 2/15/2030 | 625,000 | 457,330 |
XHR LP | ||
6.38%, 8/15/2025 (a) | 182,000 | 180,182 |
4.88%, 6/1/2029 (a) | 100,000 | 89,594 |
3,613,861 | ||
Hotels, Restaurants & Leisure — 8.4% | ||
1011778 BC ULC (Canada) | ||
3.88%, 1/15/2028 (a) | 939,000 | 864,287 |
4.38%, 1/15/2028 (a) | 634,000 | 588,413 |
3.50%, 2/15/2029 (a) | 123,000 | 109,540 |
4.00%, 10/15/2030 (a) | 988,000 | 851,738 |
Affinity Interactive 6.88%, 12/15/2027 (a) | 445,000 | 387,401 |
Bloomin' Brands, Inc. 5.13%, 4/15/2029 (a) | 327,000 | 289,775 |
Boyd Gaming Corp. 4.75%, 12/1/2027 | 707,000 | 669,308 |
Boyne USA, Inc. 4.75%, 5/15/2029 (a) | 335,000 | 302,846 |
Caesars Entertainment, Inc. | ||
6.25%, 7/1/2025 (a) | 1,143,000 | 1,136,420 |
8.13%, 7/1/2027 (a) | 963,000 | 981,059 |
4.63%, 10/15/2029 (a) | 735,000 | 645,848 |
Caesars Resort Collection LLC 5.75%, 7/1/2025 (a) | 285,000 | 283,469 |
Carnival Corp. | ||
7.63%, 3/1/2026 (a) | 912,000 | 917,035 |
5.75%, 3/1/2027 (a) | 1,438,000 | 1,366,927 |
JPMorgan BetaBuilders USD High Yield Corporate Bond ETFSCHEDULE OF PORTFOLIO INVESTMENTSAS OF November 30, 2023 (Unaudited) (continued)
INVESTMENTS | PRINCIPAL AMOUNT($) | VALUE($) |
Corporate Bonds — continued | ||
Hotels, Restaurants & Leisure — continued | ||
9.88%, 8/1/2027 (a) | 571,000 | 596,714 |
4.00%, 8/1/2028 (a) | 944,000 | 855,136 |
10.50%, 6/1/2030 (a) | 771,000 | 822,104 |
Carnival Holdings Bermuda Ltd. 10.38%, 5/1/2028 (a) | 205,000 | 222,917 |
Carrols Restaurant Group, Inc. 5.88%, 7/1/2029 (a) | 533,000 | 466,212 |
CDI Escrow Issuer, Inc. 5.75%, 4/1/2030 (a) | 347,000 | 325,796 |
CEC Entertainment LLC 6.75%, 5/1/2026 (a) | 5,000 | 4,833 |
Cedar Fair LP | ||
5.50%, 5/1/2025 (a) | 377,000 | 375,392 |
5.38%, 4/15/2027 | 314,000 | 306,229 |
Churchill Downs, Inc. 5.50%, 4/1/2027 (a) | 446,000 | 430,358 |
ClubCorp Holdings, Inc. 8.50%, 9/15/2025 (a) | 220,000 | 192,993 |
Dave & Buster's, Inc. 7.63%, 11/1/2025 (a) | 62,000 | 62,172 |
Empire Resorts, Inc. 7.75%, 11/1/2026 (a) | 227,000 | 193,518 |
Everi Holdings, Inc. 5.00%, 7/15/2029 (a) | 161,000 | 141,133 |
Fertitta Entertainment LLC | ||
4.63%, 1/15/2029 (a) | 662,000 | 588,154 |
6.75%, 1/15/2030 (a) | 482,000 | 406,735 |
Full House Resorts, Inc. 8.25%, 2/15/2028 (a) | 509,000 | 457,321 |
GPS Hospitality Holding Co. LLC 7.00%, 8/15/2028 (a) | 60,000 | 41,924 |
Hilton Domestic Operating Co., Inc. | ||
5.75%, 5/1/2028 (a) | 146,000 | 143,851 |
3.75%, 5/1/2029 (a) | 88,000 | 79,028 |
4.88%, 1/15/2030 | 996,000 | 937,442 |
4.00%, 5/1/2031 (a) | 206,000 | 181,241 |
3.63%, 2/15/2032 (a) | 373,000 | 313,262 |
Hilton Grand Vacations Borrower Escrow LLC | ||
5.00%, 6/1/2029 (a) | 476,000 | 420,396 |
4.88%, 7/1/2031 (a) | 137,000 | 115,011 |
Hilton Worldwide Finance LLC 4.88%, 4/1/2027 | 705,000 | 685,588 |
International Game Technology plc | ||
6.50%, 2/15/2025 (a) | 231,000 | 230,957 |
4.13%, 4/15/2026 (a) | 553,000 | 527,428 |
IRB Holding Corp. 7.00%, 6/15/2025 (a) | 377,000 | 376,295 |
Jacobs Entertainment, Inc. 6.75%, 2/15/2029 (a) | 98,000 | 87,830 |
KFC Holding Co. 4.75%, 6/1/2027 (a) | 823,000 | 798,310 |
Las Vegas Sands Corp. | ||
2.90%, 6/25/2025 | 340,000 | 323,425 |
3.50%, 8/18/2026 | 234,000 | 219,389 |
3.90%, 8/8/2029 | 711,000 | 634,639 |
Life Time, Inc. | ||
5.75%, 1/15/2026 (a) | 435,000 | 426,289 |
8.00%, 4/15/2026 (a) | 258,000 | 258,000 |
Light & Wonder International, Inc. | ||
7.00%, 5/15/2028 (a) | 400,000 | 400,380 |
7.25%, 11/15/2029 (a) | 343,000 | 343,858 |
Lindblad Expeditions LLC 6.75%, 2/15/2027 (a) | 10,000 | 9,750 |
MajorDrive Holdings IV LLC 6.38%, 6/1/2029 (a) | 338,000 | 286,374 |
JPMorgan BetaBuilders USD High Yield Corporate Bond ETFSCHEDULE OF PORTFOLIO INVESTMENTSAS OF November 30, 2023 (Unaudited) (continued)
INVESTMENTS | PRINCIPAL AMOUNT($) | VALUE($) |
Corporate Bonds — continued | ||
Hotels, Restaurants & Leisure — continued | ||
Marriott Ownership Resorts, Inc. | ||
4.75%, 1/15/2028 | 398,000 | 350,245 |
4.50%, 6/15/2029 (a) | 108,000 | 90,804 |
Merlin Entertainments Ltd. (United Kingdom) 5.75%, 6/15/2026 (a) | 401,000 | 386,975 |
MGM Resorts International | ||
5.75%, 6/15/2025 | 280,000 | 278,421 |
4.63%, 9/1/2026 | 533,000 | 511,798 |
4.75%, 10/15/2028 | 255,000 | 235,889 |
Mohegan Tribal Gaming Authority 8.00%, 2/1/2026 (a) | 676,000 | 632,905 |
NCL Corp. Ltd. | ||
3.63%, 12/15/2024 (a) | 189,000 | 182,628 |
5.88%, 3/15/2026 (a) | 916,000 | 867,910 |
5.88%, 2/15/2027 (a) | 750,000 | 726,086 |
8.38%, 2/1/2028 (a) | 57,000 | 58,963 |
7.75%, 2/15/2029 (a) | 249,000 | 235,870 |
Penn Entertainment, Inc. 4.13%, 7/1/2029 (a) | 491,000 | 407,532 |
Premier Entertainment Sub LLC | ||
5.63%, 9/1/2029 (a) | 314,000 | 227,248 |
5.88%, 9/1/2031 (a) | 277,000 | 196,974 |
Resorts World Las Vegas LLC 4.63%, 4/16/2029 (a) | 300,000 | 250,500 |
Royal Caribbean Cruises Ltd. | ||
5.50%, 8/31/2026 (a) | 747,000 | 726,679 |
5.38%, 7/15/2027 (a) | 10,000 | 9,621 |
11.63%, 8/15/2027 (a) | 664,000 | 720,141 |
7.50%, 10/15/2027 | 583,000 | 602,182 |
3.70%, 3/15/2028 | 339,000 | 303,083 |
8.25%, 1/15/2029 (a) | 895,000 | 933,038 |
9.25%, 1/15/2029 (a) | 207,000 | 220,285 |
Scientific Games Holdings LP 6.63%, 3/1/2030 (a) | 397,000 | 355,315 |
SeaWorld Parks & Entertainment, Inc. 5.25%, 8/15/2029 (a) | 57,000 | 52,262 |
Six Flags Entertainment Corp. | ||
5.50%, 4/15/2027 (a) | 103,000 | 98,465 |
7.25%, 5/15/2031 (a) | 424,000 | 408,844 |
Six Flags Theme Parks, Inc. 7.00%, 7/1/2025 (a) | 277,000 | 277,958 |
Sizzling Platter LLC 8.50%, 11/28/2025 (a) | 183,000 | 183,569 |
Station Casinos LLC | ||
4.50%, 2/15/2028 (a) | 329,000 | 297,564 |
4.63%, 12/1/2031 (a) | 237,000 | 201,374 |
Sugarhouse HSP Gaming Prop Mezz LP 5.88%, 5/15/2025 (a) | 16,000 | 15,697 |
TKC Holdings, Inc. | ||
6.88%, 5/15/2028 (a) | 250,000 | 225,625 |
10.50%, 5/15/2029 (a) | 433,000 | 374,545 |
Travel + Leisure Co. | ||
6.60%, 10/1/2025 (d) | 50,000 | 49,859 |
6.63%, 7/31/2026 (a) | 604,000 | 603,737 |
6.00%, 4/1/2027 (d) | 608,000 | 589,476 |
4.63%, 3/1/2030 (a) | 195,000 | 167,213 |
Vail Resorts, Inc. 6.25%, 5/15/2025 (a) | 323,000 | 322,075 |
JPMorgan BetaBuilders USD High Yield Corporate Bond ETFSCHEDULE OF PORTFOLIO INVESTMENTSAS OF November 30, 2023 (Unaudited) (continued)
INVESTMENTS | PRINCIPAL AMOUNT($) | VALUE($) |
Corporate Bonds — continued | ||
Hotels, Restaurants & Leisure — continued | ||
Viking Cruises Ltd. | ||
6.25%, 5/15/2025 (a) | 141,000 | 139,590 |
5.88%, 9/15/2027 (a) | 447,000 | 420,842 |
9.13%, 7/15/2031 (a) | 21,000 | 21,841 |
Viking Ocean Cruises Ship VII Ltd. 5.63%, 2/15/2029 (a) | 504,000 | 466,200 |
VOC Escrow Ltd. 5.00%, 2/15/2028 (a) | 692,000 | 645,782 |
Wyndham Hotels & Resorts, Inc. 4.38%, 8/15/2028 (a) | 138,000 | 127,017 |
Wynn Las Vegas LLC | ||
5.50%, 3/1/2025 (a) | 321,000 | 317,132 |
5.25%, 5/15/2027 (a) | 200,000 | 190,476 |
Wynn Resorts Finance LLC | ||
5.13%, 10/1/2029 (a) | 697,000 | 627,731 |
7.13%, 2/15/2031 (a) | 20,000 | 19,911 |
Yum! Brands, Inc. | ||
4.75%, 1/15/2030 (a) | 812,000 | 754,719 |
4.63%, 1/31/2032 | 250,000 | 224,805 |
6.88%, 11/15/2037 | 221,000 | 233,725 |
5.35%, 11/1/2043 | 41,000 | 37,464 |
41,289,040 | ||
Household Durables — 1.5% | ||
Ashton Woods USA LLC | ||
4.63%, 8/1/2029 (a) | 45,000 | 37,860 |
4.63%, 4/1/2030 (a) | 195,000 | 162,688 |
Beazer Homes USA, Inc. | ||
5.88%, 10/15/2027 | 286,000 | 267,410 |
7.25%, 10/15/2029 | 146,000 | 141,133 |
Brookfield Residential Properties, Inc. (Canada) | ||
6.25%, 9/15/2027 (a) | 261,000 | 246,274 |
5.00%, 6/15/2029 (a) | 114,000 | 96,132 |
4.88%, 2/15/2030 (a) | 271,000 | 228,854 |
CD&R Smokey Buyer, Inc. 6.75%, 7/15/2025 (a) | 16,000 | 15,476 |
Century Communities, Inc. | ||
6.75%, 6/1/2027 | 31,000 | 31,005 |
3.88%, 8/15/2029 (a) | 288,000 | 249,978 |
Dream Finders Homes, Inc. 8.25%, 8/15/2028 (a) | 100,000 | 103,000 |
Empire Communities Corp. (Canada) 7.00%, 12/15/2025 (a) | 144,000 | 137,528 |
KB Home | ||
4.80%, 11/15/2029 | 437,000 | 398,522 |
7.25%, 7/15/2030 | 319,000 | 320,549 |
4.00%, 6/15/2031 | 290,000 | 245,288 |
M/I Homes, Inc. | ||
4.95%, 2/1/2028 | 80,000 | 76,045 |
3.95%, 2/15/2030 | 115,000 | 98,146 |
Mattamy Group Corp. (Canada) 5.25%, 12/15/2027 (a) | 107,000 | 100,402 |
Newell Brands, Inc. | ||
4.88%, 6/1/2025 | 260,000 | 253,737 |
5.20%, 4/1/2026 (d) | 1,280,000 | 1,235,646 |
JPMorgan BetaBuilders USD High Yield Corporate Bond ETFSCHEDULE OF PORTFOLIO INVESTMENTSAS OF November 30, 2023 (Unaudited) (continued)
INVESTMENTS | PRINCIPAL AMOUNT($) | VALUE($) |
Corporate Bonds — continued | ||
Household Durables — continued | ||
6.38%, 9/15/2027 | 315,000 | 307,394 |
6.63%, 9/15/2029 | 123,000 | 119,876 |
6.37%, 4/1/2036 (d) | 47,000 | 41,508 |
6.50%, 4/1/2046 (d) | 146,000 | 116,811 |
Shea Homes LP 4.75%, 2/15/2028 | 315,000 | 293,715 |
SWF Escrow Issuer Corp. 6.50%, 10/1/2029 (a) | 403,000 | 252,882 |
Taylor Morrison Communities, Inc. 5.88%, 6/15/2027 (a) | 756,000 | 741,384 |
Tempur Sealy International, Inc. 4.00%, 4/15/2029 (a) | 768,000 | 664,751 |
TopBuild Corp. | ||
3.63%, 3/15/2029 (a) | 178,000 | 155,533 |
4.13%, 2/15/2032 (a) | 53,000 | 45,292 |
Tri Pointe Homes, Inc. 5.70%, 6/15/2028 | 201,000 | 190,977 |
7,375,796 | ||
Household Products — 0.4% | ||
Central Garden & Pet Co. | ||
5.13%, 2/1/2028 | 267,000 | 253,889 |
4.13%, 10/15/2030 | 436,000 | 373,528 |
Energizer Holdings, Inc. | ||
4.75%, 6/15/2028 (a) | 418,000 | 373,635 |
4.38%, 3/31/2029 (a) | 240,000 | 206,996 |
Kronos Acquisition Holdings, Inc. (Canada) | ||
5.00%, 12/31/2026 (a) | 113,000 | 106,847 |
7.00%, 12/31/2027 (a) | 320,000 | 296,266 |
Spectrum Brands, Inc. | ||
5.00%, 10/1/2029 (a) | 184,000 | 169,776 |
5.50%, 7/15/2030 (a) | 400,000 | 373,392 |
2,154,329 | ||
Independent Power and Renewable Electricity Producers — 0.8% | ||
Calpine Corp. | ||
5.25%, 6/1/2026 (a) | 302,000 | 296,507 |
4.50%, 2/15/2028 (a) | 998,000 | 941,883 |
5.13%, 3/15/2028 (a) | 468,000 | 440,450 |
5.00%, 2/1/2031 (a) | 393,000 | 347,468 |
3.75%, 3/1/2031 (a) | 427,000 | 365,877 |
Clearway Energy Operating LLC | ||
4.75%, 3/15/2028 (a) | 206,000 | 192,776 |
3.75%, 2/15/2031 (a) | 655,000 | 548,023 |
3.75%, 1/15/2032 (a) | 311,000 | 250,013 |
Talen Energy Supply LLC 8.63%, 6/1/2030 (a) | 530,000 | 555,239 |
TransAlta Corp. (Canada) 6.50%, 3/15/2040 | 219,000 | 206,408 |
4,144,644 | ||
Insurance — 1.7% | ||
Acrisure LLC | ||
10.13%, 8/1/2026 (a) | 97,000 | 99,924 |
4.25%, 2/15/2029 (a) | 105,000 | 91,707 |
6.00%, 8/1/2029 (a) | 532,000 | 458,352 |
JPMorgan BetaBuilders USD High Yield Corporate Bond ETFSCHEDULE OF PORTFOLIO INVESTMENTSAS OF November 30, 2023 (Unaudited) (continued)
INVESTMENTS | PRINCIPAL AMOUNT($) | VALUE($) |
Corporate Bonds — continued | ||
Insurance — continued | ||
Alliant Holdings Intermediate LLC | ||
4.25%, 10/15/2027 (a) | 464,000 | 429,961 |
6.75%, 10/15/2027 (a) | 583,000 | 559,088 |
6.75%, 4/15/2028 (a) | 586,000 | 585,451 |
5.88%, 11/1/2029 (a) | 15,000 | 13,566 |
AmWINS Group, Inc. 4.88%, 6/30/2029 (a) | 255,000 | 229,506 |
Assurant, Inc. (3-MONTH SOFR + 4.14%), 7.00%, 3/27/2048 (c) | 72,000 | 71,615 |
AssuredPartners, Inc. | ||
7.00%, 8/15/2025 (a) | 457,000 | 455,889 |
5.63%, 1/15/2029 (a) | 310,000 | 277,084 |
BroadStreet Partners, Inc. 5.88%, 4/15/2029 (a) | 147,000 | 133,623 |
Genworth Holdings, Inc. 6.50%, 6/15/2034 | 6,000 | 5,444 |
Global Atlantic Fin Co. (US Treasury Yield Curve Rate T Note Constant Maturity 5 Year + 3.80%), 4.70%, 10/15/2051 (a) (c) | 421,000 | 349,182 |
HUB International Ltd. | ||
7.00%, 5/1/2026 (a) | 1,104,000 | 1,098,217 |
5.63%, 12/1/2029 (a) | 196,000 | 177,726 |
7.25%, 6/15/2030 (a) | 550,000 | 562,134 |
Jones Deslauriers Insurance Management, Inc. (Canada) 8.50%, 3/15/2030 (a) | 436,000 | 450,170 |
Liberty Mutual Group, Inc. | ||
7.80%, 3/15/2037 (a) | 165,000 | 160,431 |
(US Treasury Yield Curve Rate T Note Constant Maturity 5 Year + 3.32%), 4.13%, 12/15/2051 (a) (c) | 54,000 | 43,979 |
4.30%, 2/1/2061 (a) | 559,000 | 320,034 |
NFP Corp. | ||
4.88%, 8/15/2028 (a) | 194,000 | 177,064 |
6.88%, 8/15/2028 (a) | 911,000 | 811,114 |
7.50%, 10/1/2030 (a) | 294,000 | 291,402 |
8.50%, 10/1/2031 (a) | 10,000 | 10,329 |
Ryan Specialty LLC 4.38%, 2/1/2030 (a) | 462,000 | 416,955 |
USI, Inc. 6.88%, 5/1/2025 (a) | 154,000 | 152,839 |
8,432,786 | ||
Interactive Media & Services — 0.2% | ||
Cars.com, Inc. 6.38%, 11/1/2028 (a) | 225,000 | 213,001 |
Rackspace Technology Global, Inc. | ||
3.50%, 2/15/2028 (a) | 277,000 | 113,346 |
5.38%, 12/1/2028 (a) | 18,000 | 5,404 |
TripAdvisor, Inc. 7.00%, 7/15/2025 (a) | 295,000 | 295,994 |
Ziff Davis, Inc. 4.63%, 10/15/2030 (a) | 528,000 | 465,363 |
ZipRecruiter, Inc. 5.00%, 1/15/2030 (a) | 55,000 | 46,475 |
1,139,583 | ||
IT Services — 0.7% | ||
Ahead DB Holdings LLC 6.63%, 5/1/2028 (a) | 223,000 | 191,399 |
Arches Buyer, Inc. 6.13%, 12/1/2028 (a) | 234,000 | 200,363 |
Cablevision Lightpath LLC | ||
3.88%, 9/15/2027 (a) | 253,000 | 214,378 |
5.63%, 9/15/2028 (a) | 320,000 | 239,238 |
Conduent Business Services LLC 6.00%, 11/1/2029 (a) | 487,000 | 406,645 |
JPMorgan BetaBuilders USD High Yield Corporate Bond ETFSCHEDULE OF PORTFOLIO INVESTMENTSAS OF November 30, 2023 (Unaudited) (continued)
INVESTMENTS | PRINCIPAL AMOUNT($) | VALUE($) |
Corporate Bonds — continued | ||
IT Services — continued | ||
Newfold Digital Holdings Group, Inc. 6.00%, 2/15/2029 (a) | 61,000 | 41,829 |
Northwest Fiber LLC | ||
4.75%, 4/30/2027 (a) | 378,000 | 345,923 |
10.75%, 6/1/2028 (a) | 136,000 | 131,689 |
Presidio Holdings, Inc. | ||
4.88%, 2/1/2027 (a) | 379,000 | 366,533 |
8.25%, 2/1/2028 (a) | 205,000 | 199,617 |
Tempo Acquisition LLC 5.75%, 6/1/2025 (a) | 56,000 | 55,288 |
Twilio, Inc. 3.88%, 3/15/2031 | 571,000 | 492,620 |
Unisys Corp. 6.88%, 11/1/2027 (a) | 408,000 | 342,390 |
3,227,912 | ||
Leisure Products — 0.1% | ||
Universal Entertainment Corp. (Japan) 8.75%, 12/11/2024 (a) (d) | 392,000 | 412,525 |
Life Sciences Tools & Services — 0.2% | ||
Charles River Laboratories International, Inc. 3.75%, 3/15/2029 (a) | 507,000 | 450,728 |
Fortrea Holdings, Inc. 7.50%, 7/1/2030 (a) | 200,000 | 198,000 |
PRA Health Sciences, Inc. 2.88%, 7/15/2026 (a) | 375,000 | 346,182 |
994,910 | ||
Machinery — 1.2% | ||
Amsted Industries, Inc. 4.63%, 5/15/2030 (a) | 498,000 | 428,600 |
ATS Corp. (Canada) 4.13%, 12/15/2028 (a) | 5,000 | 4,413 |
Calderys Financing LLC (France) 11.25%, 6/1/2028 (a) | 410,000 | 417,921 |
Chart Industries, Inc. 7.50%, 1/1/2030 (a) | 948,000 | 966,872 |
Enpro Industries, Inc. 5.75%, 10/15/2026 | 315,000 | 305,550 |
GrafTech Finance, Inc. 4.63%, 12/15/2028 (a) | 309,000 | 207,252 |
GrafTech Global Enterprises, Inc. 9.88%, 12/15/2028 (a) | 326,000 | 255,910 |
Hillenbrand, Inc. | ||
5.75%, 6/15/2025 | 128,000 | 126,416 |
3.75%, 3/1/2031 | 387,000 | 321,094 |
Husky III Holding Ltd. (Canada) 13.00% (Cash), 2/15/2025 (a) (b) | 428,000 | 419,440 |
Manitowoc Co., Inc. (The) 9.00%, 4/1/2026 (a) | 47,000 | 46,883 |
Mueller Water Products, Inc. 4.00%, 6/15/2029 (a) | 391,000 | 345,057 |
Park-Ohio Industries, Inc. 6.63%, 4/15/2027 | 363,000 | 330,301 |
Roller Bearing Co. of America, Inc. 4.38%, 10/15/2029 (a) | 211,000 | 189,488 |
SPX FLOW, Inc. 8.75%, 4/1/2030 (a) | 199,000 | 190,045 |
Terex Corp. 5.00%, 5/15/2029 (a) | 355,000 | 325,508 |
Titan International, Inc. 7.00%, 4/30/2028 | 643,000 | 620,907 |
TK Elevator US Newco, Inc. (Germany) 5.25%, 7/15/2027 (a) | 498,000 | 473,144 |
Werner FinCo. LP 14.50% (Blend (Cash 8.75% + PIK 5.75%)), 10/15/2028 (a) (b) | 7,120 | 5,788 |
5,980,589 | ||
Marine Transportation — 0.0% ^ | ||
Danaos Corp. (Greece) 8.50%, 3/1/2028 (a) | 188,000 | 187,993 |
Media — 6.6% | ||
Advantage Sales & Marketing, Inc. 6.50%, 11/15/2028 (a) | 404,000 | 360,080 |
Altice Financing SA (Luxembourg) | ||
5.00%, 1/15/2028 (a) | 529,000 | 452,959 |
JPMorgan BetaBuilders USD High Yield Corporate Bond ETFSCHEDULE OF PORTFOLIO INVESTMENTSAS OF November 30, 2023 (Unaudited) (continued)
INVESTMENTS | PRINCIPAL AMOUNT($) | VALUE($) |
Corporate Bonds — continued | ||
Media — continued | ||
5.75%, 8/15/2029 (a) | 561,000 | 461,189 |
AMC Networks, Inc. | ||
4.75%, 8/1/2025 | 307,000 | 291,333 |
4.25%, 2/15/2029 | 211,000 | 147,738 |
Beasley Mezzanine Holdings LLC 8.63%, 2/1/2026 (a) | 60,000 | 38,400 |
Cable One, Inc. 4.00%, 11/15/2030 (a) | 284,000 | 221,673 |
Clear Channel International BV (United Kingdom) 6.63%, 8/1/2025 (a) | 478,000 | 470,575 |
Clear Channel Outdoor Holdings, Inc. | ||
5.13%, 8/15/2027 (a) | 293,000 | 271,201 |
7.50%, 6/1/2029 (a) | 800,000 | 630,536 |
CMG Media Corp. 8.88%, 12/15/2027 (a) | 342,000 | 273,600 |
CSC Holdings LLC | ||
7.50%, 4/1/2028 (a) | 611,000 | 417,865 |
11.25%, 5/15/2028 (a) | 428,000 | 427,248 |
6.50%, 2/1/2029 (a) | 1,226,000 | 1,036,926 |
5.75%, 1/15/2030 (a) | 1,150,000 | 649,750 |
4.13%, 12/1/2030 (a) | 529,000 | 376,495 |
4.63%, 12/1/2030 (a) | 600,000 | 330,454 |
3.38%, 2/15/2031 (a) | 200,000 | 136,430 |
4.50%, 11/15/2031 (a) | 938,000 | 663,804 |
Cumulus Media New Holdings, Inc. 6.75%, 7/1/2026 (a) | 359,000 | 238,735 |
Directv Financing LLC 5.88%, 8/15/2027 (a) | 1,534,000 | 1,380,356 |
DISH DBS Corp. | ||
5.88%, 11/15/2024 | 1,167,000 | 1,024,468 |
7.75%, 7/1/2026 | 380,000 | 226,813 |
5.25%, 12/1/2026 (a) | 1,205,000 | 968,880 |
7.38%, 7/1/2028 | 390,000 | 192,788 |
5.75%, 12/1/2028 (a) | 1,390,000 | 1,029,552 |
5.13%, 6/1/2029 | 466,000 | 211,133 |
DISH Network Corp. 11.75%, 11/15/2027 (a) | 850,000 | 843,733 |
Gannett Holdings LLC 6.00%, 11/1/2026 (a) | 67,000 | 58,833 |
GCI LLC 4.75%, 10/15/2028 (a) | 40,000 | 35,911 |
Gray Television, Inc. | ||
7.00%, 5/15/2027 (a) | 551,000 | 500,721 |
4.75%, 10/15/2030 (a) | 649,000 | 463,327 |
iHeartCommunications, Inc. | ||
6.38%, 5/1/2026 | 555,417 | 472,654 |
8.38%, 5/1/2027 | 458,864 | 321,152 |
5.25%, 8/15/2027 (a) | 282,000 | 216,114 |
4.75%, 1/15/2028 (a) | 45,000 | 34,338 |
Lamar Media Corp. | ||
4.88%, 1/15/2029 | 277,000 | 262,458 |
4.00%, 2/15/2030 | 397,000 | 353,951 |
3.63%, 1/15/2031 | 372,000 | 318,400 |
LCPR Senior Secured Financing DAC | ||
6.75%, 10/15/2027 (a) | 638,000 | 599,927 |
5.13%, 7/15/2029 (a) | 469,000 | 393,695 |
Liberty Interactive LLC 8.25%, 2/1/2030 | 30,000 | 11,872 |
JPMorgan BetaBuilders USD High Yield Corporate Bond ETFSCHEDULE OF PORTFOLIO INVESTMENTSAS OF November 30, 2023 (Unaudited) (continued)
INVESTMENTS | PRINCIPAL AMOUNT($) | VALUE($) |
Corporate Bonds — continued | ||
Media — continued | ||
McGraw-Hill Education, Inc. | ||
5.75%, 8/1/2028 (a) | 260,000 | 237,250 |
8.00%, 8/1/2029 (a) | 417,000 | 375,821 |
News Corp. | ||
3.88%, 5/15/2029 (a) | 643,000 | 568,821 |
5.13%, 2/15/2032 (a) | 140,000 | 126,498 |
Nexstar Media, Inc. | ||
5.63%, 7/15/2027 (a) | 756,000 | 715,796 |
4.75%, 11/1/2028 (a) | 162,000 | 143,394 |
Outfront Media Capital LLC | ||
5.00%, 8/15/2027 (a) | 447,000 | 421,479 |
4.25%, 1/15/2029 (a) | 445,000 | 384,338 |
Paramount Global (US Treasury Yield Curve Rate T Note Constant Maturity 5 Year + 4.00%), 6.38%, 3/30/2062 (c) | 600,000 | 483,000 |
Radiate Holdco LLC | ||
4.50%, 9/15/2026 (a) | 160,000 | 119,184 |
6.50%, 9/15/2028 (a) | 687,000 | 321,756 |
Scripps Escrow II, Inc. | ||
3.88%, 1/15/2029 (a) | 201,000 | 168,952 |
5.38%, 1/15/2031 (a) | 144,000 | 98,640 |
Scripps Escrow, Inc. 5.88%, 7/15/2027 (a) | 484,000 | 407,770 |
Sinclair Television Group, Inc. | ||
5.50%, 3/1/2030 (a) | 473,000 | 349,263 |
4.13%, 12/1/2030 (a) | 178,000 | 125,045 |
Sirius XM Radio, Inc. | ||
3.13%, 9/1/2026 (a) | 55,000 | 50,600 |
5.00%, 8/1/2027 (a) | 1,137,000 | 1,080,251 |
4.00%, 7/15/2028 (a) | 290,000 | 259,113 |
5.50%, 7/1/2029 (a) | 1,108,000 | 1,029,509 |
4.13%, 7/1/2030 (a) | 816,000 | 688,500 |
3.88%, 9/1/2031 (a) | 526,000 | 425,595 |
Spanish Broadcasting System, Inc. 9.75%, 3/1/2026 (a) | 48,000 | 27,720 |
Stagwell Global LLC 5.63%, 8/15/2029 (a) | 244,000 | 213,805 |
Summer BC Bidco B LLC 5.50%, 10/31/2026 (a) | 263,000 | 235,425 |
TEGNA, Inc. | ||
4.75%, 3/15/2026 (a) | 180,000 | 173,281 |
5.00%, 9/15/2029 | 892,000 | 792,720 |
Townsquare Media, Inc. 6.88%, 2/1/2026 (a) | 150,000 | 144,585 |
Univision Communications, Inc. | ||
5.13%, 2/15/2025 (a) | 629,000 | 621,138 |
4.50%, 5/1/2029 (a) | 704,000 | 617,707 |
7.38%, 6/30/2030 (a) | 471,000 | 462,242 |
UPC Broadband Finco BV (Netherlands) 4.88%, 7/15/2031 (a) | 810,000 | 683,438 |
UPC Holding BV (Netherlands) 5.50%, 1/15/2028 (a) | 363,000 | 329,622 |
Urban One, Inc. 7.38%, 2/1/2028 (a) | 221,000 | 187,348 |
Videotron Ltd. (Canada) 5.13%, 4/15/2027 (a) | 309,000 | 298,962 |
Virgin Media Vendor Financing Notes IV DAC (United Kingdom) 5.00%, 7/15/2028 (a) | 223,000 | 200,172 |
JPMorgan BetaBuilders USD High Yield Corporate Bond ETFSCHEDULE OF PORTFOLIO INVESTMENTSAS OF November 30, 2023 (Unaudited) (continued)
INVESTMENTS | PRINCIPAL AMOUNT($) | VALUE($) |
Corporate Bonds — continued | ||
Media — continued | ||
VZ Secured Financing BV (Netherlands) 5.00%, 1/15/2032 (a) | 322,000 | 264,093 |
Ziggo Bond Co. BV (Netherlands) 5.13%, 2/28/2030 (a) | 966,000 | 754,974 |
32,405,874 | ||
Metals & Mining — 1.9% | ||
ATI, Inc. 5.13%, 10/1/2031 | 250,000 | 220,057 |
Baffinland Iron Mines Corp. (Canada) 8.75%, 7/15/2026 (a) | 213,000 | 200,334 |
Big River Steel LLC 6.63%, 1/31/2029 (a) | 515,000 | 514,115 |
Carpenter Technology Corp. 6.38%, 7/15/2028 | 454,000 | 446,018 |
Cleveland-Cliffs, Inc. | ||
6.75%, 3/15/2026 (a) | 197,000 | 197,267 |
5.88%, 6/1/2027 | 652,000 | 640,029 |
6.75%, 4/15/2030 (a) | 51,000 | 49,614 |
4.88%, 3/1/2031 (a) | 522,000 | 448,702 |
Coeur Mining, Inc. 5.13%, 2/15/2029 (a) | 206,000 | 177,447 |
Commercial Metals Co. | ||
4.13%, 1/15/2030 | 279,000 | 244,243 |
4.38%, 3/15/2032 | 40,000 | 34,224 |
Constellium SE 5.63%, 6/15/2028 (a) | 350,000 | 334,413 |
Eldorado Gold Corp. (Turkey) 6.25%, 9/1/2029 (a) | 250,000 | 224,000 |
FMG Resources August 2006 Pty. Ltd. (Australia) | ||
4.50%, 9/15/2027 (a) | 1,228,000 | 1,159,023 |
5.88%, 4/15/2030 (a) | 107,000 | 102,870 |
6.13%, 4/15/2032 (a) | 318,000 | 307,335 |
Hudbay Minerals, Inc. (Canada) | ||
4.50%, 4/1/2026 (a) | 159,000 | 151,048 |
6.13%, 4/1/2029 (a) | 457,000 | 430,757 |
IAMGOLD Corp. (Burkina Faso) 5.75%, 10/15/2028 (a) | 240,000 | 195,269 |
Kaiser Aluminum Corp. | ||
4.63%, 3/1/2028 (a) | 351,000 | 310,907 |
4.50%, 6/1/2031 (a) | 319,000 | 257,514 |
Mineral Resources Ltd. (Australia) | ||
8.13%, 5/1/2027 (a) | 270,000 | 270,850 |
8.00%, 11/1/2027 (a) | 165,000 | 165,318 |
8.50%, 5/1/2030 (a) | 260,000 | 262,850 |
New Gold, Inc. (Canada) 7.50%, 7/15/2027 (a) | 209,000 | 204,650 |
Novelis Corp. | ||
3.25%, 11/15/2026 (a) | 20,000 | 18,350 |
4.75%, 1/30/2030 (a) | 1,073,000 | 974,120 |
3.88%, 8/15/2031 (a) | 126,000 | 106,056 |
SunCoke Energy, Inc. 4.88%, 6/30/2029 (a) | 130,000 | 111,819 |
United States Steel Corp. | ||
6.88%, 3/1/2029 | 167,000 | 165,975 |
6.65%, 6/1/2037 | 363,000 | 357,328 |
9,282,502 | ||
Mortgage Real Estate Investment Trusts (REITs) — 0.4% | ||
Apollo Commercial Real Estate Finance, Inc. 4.63%, 6/15/2029 (a) | 535,000 | 434,710 |
JPMorgan BetaBuilders USD High Yield Corporate Bond ETFSCHEDULE OF PORTFOLIO INVESTMENTSAS OF November 30, 2023 (Unaudited) (continued)
INVESTMENTS | PRINCIPAL AMOUNT($) | VALUE($) |
Corporate Bonds — continued | ||
Mortgage Real Estate Investment Trusts (REITs) — continued | ||
Ladder Capital Finance Holdings LLLP | ||
4.25%, 2/1/2027 (a) | 354,000 | 326,629 |
4.75%, 6/15/2029 (a) | 405,000 | 352,610 |
Starwood Property Trust, Inc. | ||
3.75%, 12/31/2024 (a) | 380,000 | 367,503 |
3.63%, 7/15/2026 (a) | 373,000 | 342,187 |
1,823,639 | ||
Multi-Utilities — 0.1% | ||
Algonquin Power & Utilities Corp. (Canada) (US Treasury Yield Curve Rate T Note Constant Maturity 5 Year + 3.25%), 4.75%, 1/18/2082 (c) | 447,000 | 367,658 |
Office REITs — 0.2% | ||
Brandywine Operating Partnership LP | ||
3.95%, 11/15/2027 | 265,000 | 229,459 |
4.55%, 10/1/2029 | 310,000 | 255,864 |
Office Properties Income Trust | ||
4.50%, 2/1/2025 | 207,000 | 184,378 |
2.65%, 6/15/2026 | 85,000 | 58,428 |
2.40%, 2/1/2027 | 131,000 | 80,185 |
3.45%, 10/15/2031 | 158,000 | 84,089 |
892,403 | ||
Oil, Gas & Consumable Fuels — 10.5% | ||
Aethon United BR LP 8.25%, 2/15/2026 (a) | 237,000 | 238,185 |
Alliance Resource Operating Partners LP 7.50%, 5/1/2025 (a) | 242,000 | 240,790 |
Antero Midstream Partners LP | ||
7.88%, 5/15/2026 (a) | 27,000 | 27,530 |
5.75%, 3/1/2027 (a) | 529,000 | 517,593 |
5.75%, 1/15/2028 (a) | 521,000 | 503,975 |
Ascent Resources Utica Holdings LLC | ||
7.00%, 11/1/2026 (a) | 583,000 | 574,965 |
5.88%, 6/30/2029 (a) | 157,000 | 144,280 |
Baytex Energy Corp. (Canada) 8.75%, 4/1/2027 (a) | 380,000 | 389,818 |
Blue Racer Midstream LLC | ||
7.63%, 12/15/2025 (a) | 492,000 | 496,946 |
6.63%, 7/15/2026 (a) | 70,000 | 68,701 |
Buckeye Partners LP | ||
4.13%, 3/1/2025 (a) | 140,000 | 136,365 |
4.13%, 12/1/2027 | 219,000 | 202,274 |
4.50%, 3/1/2028 (a) | 693,000 | 632,290 |
5.85%, 11/15/2043 | 350,000 | 264,476 |
5.60%, 10/15/2044 | 42,000 | 29,767 |
California Resources Corp. 7.13%, 2/1/2026 (a) | 339,000 | 341,051 |
Callon Petroleum Co. | ||
6.38%, 7/1/2026 | 319,000 | 315,866 |
8.00%, 8/1/2028 (a) | 432,000 | 438,067 |
7.50%, 6/15/2030 (a) | 254,000 | 250,762 |
Calumet Specialty Products Partners LP | ||
11.00%, 4/15/2025 (a) | 64,000 | 64,640 |
JPMorgan BetaBuilders USD High Yield Corporate Bond ETFSCHEDULE OF PORTFOLIO INVESTMENTSAS OF November 30, 2023 (Unaudited) (continued)
INVESTMENTS | PRINCIPAL AMOUNT($) | VALUE($) |
Corporate Bonds — continued | ||
Oil, Gas & Consumable Fuels — continued | ||
8.13%, 1/15/2027 (a) | 241,000 | 226,878 |
9.75%, 7/15/2028 (a) | 281,000 | 271,868 |
Chesapeake Energy Corp. 5.50%, 2/1/2026 (a) | 1,065,000 | 1,043,987 |
Chord Energy Corp. 6.38%, 6/1/2026 (a) | 15,000 | 14,903 |
Civitas Resources, Inc. | ||
5.00%, 10/15/2026 (a) | 606,000 | 577,899 |
8.75%, 7/1/2031 (a) | 591,000 | 611,667 |
CNX Midstream Partners LP 4.75%, 4/15/2030 (a) | 268,000 | 233,355 |
CNX Resources Corp. | ||
7.25%, 3/14/2027 (a) | 316,000 | 315,709 |
6.00%, 1/15/2029 (a) | 11,000 | 10,489 |
7.38%, 1/15/2031 (a) | 275,000 | 273,320 |
Comstock Resources, Inc. 6.75%, 3/1/2029 (a) | 916,000 | 843,330 |
Conuma Resources Ltd. (Canada) 13.13%, 5/1/2028 (a) | 86,000 | 82,130 |
CQP Holdco LP 5.50%, 6/15/2031 (a) | 750,000 | 693,701 |
Crescent Energy Finance LLC 9.25%, 2/15/2028 (a) | 386,000 | 398,892 |
CrownRock LP | ||
5.63%, 10/15/2025 (a) | 163,000 | 161,370 |
5.00%, 5/1/2029 (a) | 495,000 | 475,200 |
CVR Energy, Inc. 5.25%, 2/15/2025 (a) | 443,000 | 436,472 |
Delek Logistics Partners LP 7.13%, 6/1/2028 (a) | 299,000 | 281,703 |
DT Midstream, Inc. | ||
4.13%, 6/15/2029 (a) | 820,000 | 736,172 |
4.38%, 6/15/2031 (a) | 189,000 | 165,843 |
Encino Acquisition Partners Holdings LLC 8.50%, 5/1/2028 (a) | 200,000 | 194,899 |
Endeavor Energy Resources LP 5.75%, 1/30/2028 (a) | 567,000 | 553,093 |
Energean plc (Egypt) 6.50%, 4/30/2027 (a) | 596,000 | 524,480 |
Energy Transfer LP | ||
5.63%, 5/1/2027 (a) | 730,000 | 717,261 |
8.00%, 4/1/2029 (a) | 296,000 | 306,603 |
7.38%, 2/1/2031 (a) | 140,000 | 143,928 |
EnLink Midstream LLC | ||
5.38%, 6/1/2029 | 618,000 | 596,402 |
6.50%, 9/1/2030 (a) | 286,000 | 287,858 |
EnLink Midstream Partners LP | ||
4.85%, 7/15/2026 | 370,000 | 360,041 |
5.60%, 4/1/2044 | 107,000 | 91,177 |
5.05%, 4/1/2045 | 206,000 | 163,576 |
5.45%, 6/1/2047 | 318,000 | 267,521 |
Enviva Partners LP 6.50%, 1/15/2026 (a) | 249,000 | 125,123 |
EQM Midstream Partners LP | ||
4.00%, 8/1/2024 | 401,000 | 392,588 |
5.50%, 7/15/2028 | 892,000 | 867,005 |
4.50%, 1/15/2029 (a) | 250,000 | 228,094 |
4.75%, 1/15/2031 (a) | 762,000 | 678,662 |
6.50%, 7/15/2048 | 275,000 | 252,985 |
FTAI Infra Escrow Holdings LLC 10.50%, 6/1/2027 (a) | 448,000 | 447,830 |
JPMorgan BetaBuilders USD High Yield Corporate Bond ETFSCHEDULE OF PORTFOLIO INVESTMENTSAS OF November 30, 2023 (Unaudited) (continued)
INVESTMENTS | PRINCIPAL AMOUNT($) | VALUE($) |
Corporate Bonds — continued | ||
Oil, Gas & Consumable Fuels — continued | ||
Genesis Energy LP | ||
6.50%, 10/1/2025 | 11,000 | 10,910 |
8.00%, 1/15/2027 | 1,061,000 | 1,061,974 |
Global Partners LP 6.88%, 1/15/2029 | 52,000 | 48,421 |
Gran Tierra Energy International Holdings Ltd. (Colombia) 6.25%, 2/15/2025 (a) | 219,000 | 199,459 |
Gran Tierra Energy, Inc. (Colombia) 9.50%, 10/15/2029 (a) | 250,000 | 213,281 |
Gulfport Energy Corp. 8.00%, 5/17/2026 | 271,999 | 275,364 |
Hess Infrastructure Partners LP 5.63%, 2/15/2026 (a) | 25,000 | 24,688 |
Hess Midstream Operations LP | ||
5.63%, 2/15/2026 (a) | 54,000 | 53,325 |
5.13%, 6/15/2028 (a) | 780,000 | 746,448 |
Hilcorp Energy I LP | ||
6.25%, 11/1/2028 (a) | 81,000 | 78,810 |
5.75%, 2/1/2029 (a) | 111,000 | 104,322 |
6.00%, 2/1/2031 (a) | 234,000 | 216,016 |
6.25%, 4/15/2032 (a) | 609,000 | 562,473 |
Holly Energy Partners LP 6.38%, 4/15/2027 (a) | 236,000 | 231,965 |
Ithaca Energy North Sea plc (United Kingdom) 9.00%, 7/15/2026 (a) | 342,000 | 330,775 |
ITT Holdings LLC 6.50%, 8/1/2029 (a) | 458,000 | 399,605 |
Kinetik Holdings LP 5.88%, 6/15/2030 (a) | 499,000 | 475,341 |
Martin Midstream Partners LP 11.50%, 2/15/2028 (a) | 175,000 | 177,685 |
Matador Resources Co. 6.88%, 4/15/2028 (a) | 585,000 | 586,305 |
MEG Energy Corp. (Canada) | ||
7.13%, 2/1/2027 (a) | 185,000 | 187,140 |
5.88%, 2/1/2029 (a) | 243,000 | 232,276 |
Moss Creek Resources Holdings, Inc. | ||
7.50%, 1/15/2026 (a) | 409,000 | 399,794 |
10.50%, 5/15/2027 (a) | 197,000 | 199,244 |
Murphy Oil Corp. | ||
6.38%, 7/15/2028 | 137,000 | 136,083 |
7.05%, 5/1/2029 | 63,000 | 64,496 |
5.87%, 12/1/2042 (d) | 361,000 | 306,507 |
Neptune Energy Bondco plc (United Kingdom) 6.63%, 5/15/2025 (a) | 438,000 | 435,941 |
New Fortress Energy, Inc. | ||
6.75%, 9/15/2025 (a) | 717,000 | 694,919 |
6.50%, 9/30/2026 (a) | 509,000 | 483,447 |
NGL Energy Operating LLC 7.50%, 2/1/2026 (a) | 502,000 | 503,886 |
NGL Energy Partners LP 7.50%, 4/15/2026 | 311,000 | 298,634 |
Northern Oil and Gas, Inc. 8.13%, 3/1/2028 (a) | 134,000 | 135,382 |
Northriver Midstream Finance LP (Canada) 5.63%, 2/15/2026 (a) | 706,000 | 686,585 |
NuStar Logistics LP | ||
6.00%, 6/1/2026 | 204,000 | 203,325 |
5.63%, 4/28/2027 | 688,000 | 677,271 |
Parkland Corp. (Canada) | ||
5.88%, 7/15/2027 (a) | 50,000 | 49,013 |
4.50%, 10/1/2029 (a) | 377,000 | 335,853 |
4.63%, 5/1/2030 (a) | 476,000 | 424,830 |
PBF Holding Co. LLC 6.00%, 2/15/2028 | 121,000 | 116,229 |
JPMorgan BetaBuilders USD High Yield Corporate Bond ETFSCHEDULE OF PORTFOLIO INVESTMENTSAS OF November 30, 2023 (Unaudited) (continued)
INVESTMENTS | PRINCIPAL AMOUNT($) | VALUE($) |
Corporate Bonds — continued | ||
Oil, Gas & Consumable Fuels — continued | ||
PDC Energy, Inc. 5.75%, 5/15/2026 | 264,000 | 262,931 |
Permian Resources Operating LLC | ||
6.88%, 4/1/2027 (a) | 34,000 | 33,727 |
8.00%, 4/15/2027 (a) | 328,000 | 334,988 |
5.88%, 7/1/2029 (a) | 735,000 | 702,400 |
Range Resources Corp. | ||
8.25%, 1/15/2029 | 442,000 | 458,049 |
4.75%, 2/15/2030 (a) | 216,000 | 197,006 |
Rockcliff Energy II LLC 5.50%, 10/15/2029 (a) | 473,000 | 439,203 |
Rockies Express Pipeline LLC | ||
4.95%, 7/15/2029 (a) | 588,000 | 542,750 |
4.80%, 5/15/2030 (a) | 506,000 | 453,040 |
6.88%, 4/15/2040 (a) | 137,000 | 124,883 |
SM Energy Co. | ||
5.63%, 6/1/2025 | 120,000 | 118,314 |
6.75%, 9/15/2026 | 562,000 | 554,657 |
6.63%, 1/15/2027 | 25,000 | 24,595 |
Southwestern Energy Co. | ||
5.70%, 1/23/2025 (d) | 615,000 | 613,417 |
8.38%, 9/15/2028 | 159,000 | 164,442 |
5.38%, 3/15/2030 | 657,000 | 622,942 |
4.75%, 2/1/2032 | 464,000 | 413,822 |
Strathcona Resources Ltd. (Canada) 6.88%, 8/1/2026 (a) | 417,000 | 397,193 |
Summit Midstream Holdings LLC | ||
5.75%, 4/15/2025 | 244,000 | 244,000 |
9.00%, 10/15/2026 (a) (d) | 570,000 | 566,486 |
Sunnova Energy Corp. 5.88%, 9/1/2026 (a) | 403,000 | 326,732 |
Sunoco LP | ||
6.00%, 4/15/2027 | 466,000 | 463,290 |
5.88%, 3/15/2028 | 35,000 | 34,277 |
4.50%, 4/30/2030 | 949,000 | 852,906 |
Tallgrass Energy Partners LP | ||
6.00%, 3/1/2027 (a) | 118,000 | 113,487 |
5.50%, 1/15/2028 (a) | 749,000 | 690,987 |
6.00%, 12/31/2030 (a) | 100,000 | 90,293 |
6.00%, 9/1/2031 (a) | 357,000 | 320,106 |
Talos Production, Inc. 12.00%, 1/15/2026 | 685,000 | 708,920 |
Teine Energy Ltd. (Canada) 6.88%, 4/15/2029 (a) | 579,000 | 547,155 |
TerraForm Power Operating LLC | ||
5.00%, 1/31/2028 (a) | 603,000 | 571,342 |
4.75%, 1/15/2030 (a) | 190,000 | 171,000 |
Topaz Solar Farms LLC 5.75%, 9/30/2039 (a) | 217,862 | 210,792 |
TransMontaigne Partners LP 6.13%, 2/15/2026 | 207,000 | 180,630 |
Venture Global Calcasieu Pass LLC | ||
3.88%, 8/15/2029 (a) | 1,167,000 | 1,023,292 |
4.13%, 8/15/2031 (a) | 379,000 | 326,916 |
3.88%, 11/1/2033 (a) | 309,000 | 252,908 |
JPMorgan BetaBuilders USD High Yield Corporate Bond ETFSCHEDULE OF PORTFOLIO INVESTMENTSAS OF November 30, 2023 (Unaudited) (continued)
INVESTMENTS | PRINCIPAL AMOUNT($) | VALUE($) |
Corporate Bonds — continued | ||
Oil, Gas & Consumable Fuels — continued | ||
Venture Global LNG, Inc. | ||
8.13%, 6/1/2028 (a) | 1,227,000 | 1,216,530 |
9.50%, 2/1/2029 (a) | 200,000 | 206,359 |
8.38%, 6/1/2031 (a) | 1,235,000 | 1,216,881 |
9.88%, 2/1/2032 (a) | 10,000 | 10,248 |
Vermilion Energy, Inc. (Canada) 6.88%, 5/1/2030 (a) | 369,000 | 350,039 |
Vital Energy, Inc. | ||
9.50%, 1/15/2025 | 244,000 | 244,946 |
10.13%, 1/15/2028 | 351,000 | 357,400 |
7.75%, 7/31/2029 (a) | 201,000 | 184,257 |
W&T Offshore, Inc. 11.75%, 2/1/2026 (a) | 220,000 | 225,060 |
51,465,975 | ||
Paper & Forest Products — 0.3% | ||
Ahlstrom Holding 3 Oy (Finland) 4.88%, 2/4/2028 (a) | 227,000 | 191,670 |
Domtar Corp. 6.75%, 10/1/2028 (a) | 510,000 | 443,773 |
Glatfelter Corp. 4.75%, 11/15/2029 (a) | 74,000 | 44,785 |
Louisiana-Pacific Corp. 3.63%, 3/15/2029 (a) | 362,000 | 313,961 |
Mercer International, Inc. (Germany) | ||
5.50%, 1/15/2026 | 53,000 | 49,797 |
5.13%, 2/1/2029 | 432,000 | 360,774 |
1,404,760 | ||
Passenger Airlines — 1.8% | ||
Air Canada (Canada) 3.88%, 8/15/2026 (a) | 535,000 | 499,375 |
Allegiant Travel Co. 7.25%, 8/15/2027 (a) | 481,000 | 456,950 |
American Airlines Group, Inc. 3.75%, 3/1/2025 (a) | 335,000 | 320,508 |
American Airlines, Inc. | ||
11.75%, 7/15/2025 (a) | 415,000 | 454,155 |
5.50%, 4/20/2026 (a) | 1,001,674 | 986,106 |
7.25%, 2/15/2028 (a) | 395,000 | 390,119 |
5.75%, 4/20/2029 (a) | 1,680,009 | 1,609,515 |
Delta Air Lines, Inc. | ||
2.90%, 10/28/2024 | 60,000 | 58,098 |
7.38%, 1/15/2026 | 413,000 | 422,949 |
4.38%, 4/19/2028 | 385,000 | 367,223 |
3.75%, 10/28/2029 | 190,000 | 169,944 |
Hawaiian Brand Intellectual Property Ltd. 5.75%, 1/20/2026 (a) | 441,111 | 350,898 |
Spirit Loyalty Cayman Ltd. 8.00%, 9/20/2025 (a) | 292,000 | 214,283 |
United Airlines Holdings, Inc. 4.88%, 1/15/2025 | 609,000 | 598,342 |
United Airlines, Inc. | ||
4.38%, 4/15/2026 (a) | 279,000 | 265,310 |
4.63%, 4/15/2029 (a) | 1,222,000 | 1,090,891 |
VistaJet Malta Finance plc (Switzerland) | ||
7.88%, 5/1/2027 (a) | 567,000 | 479,115 |
9.50%, 6/1/2028 (a) | 214,000 | 177,522 |
6.38%, 2/1/2030 (a) | 168,000 | 117,490 |
9,028,793 |
JPMorgan BetaBuilders USD High Yield Corporate Bond ETFSCHEDULE OF PORTFOLIO INVESTMENTSAS OF November 30, 2023 (Unaudited) (continued)
INVESTMENTS | PRINCIPAL AMOUNT($) | VALUE($) |
Corporate Bonds — continued | ||
Personal Care Products — 0.4% | ||
BellRing Brands, Inc. 7.00%, 3/15/2030 (a) | 604,000 | 614,359 |
Coty, Inc. | ||
5.00%, 4/15/2026 (a) | 235,000 | 229,371 |
6.50%, 4/15/2026 (a) | 62,000 | 61,690 |
Edgewell Personal Care Co. 4.13%, 4/1/2029 (a) | 100,000 | 88,225 |
Herbalife Nutrition Ltd. 7.88%, 9/1/2025 (a) | 660,000 | 647,334 |
Prestige Brands, Inc. | ||
5.13%, 1/15/2028 (a) | 26,000 | 24,708 |
3.75%, 4/1/2031 (a) | 507,000 | 422,843 |
2,088,530 | ||
Pharmaceuticals — 1.4% | ||
Bausch Health Americas, Inc. | ||
9.25%, 4/1/2026 (a) | 108,000 | 95,050 |
8.50%, 1/31/2027 (a) | 365,000 | 179,993 |
Bausch Health Cos., Inc. | ||
5.50%, 11/1/2025 (a) | 1,063,000 | 926,139 |
9.00%, 12/15/2025 (a) | 300,000 | 268,992 |
6.13%, 2/1/2027 (a) | 333,000 | 185,348 |
5.75%, 8/15/2027 (a) | 1,112,000 | 606,040 |
5.00%, 1/30/2028 (a) | 669,000 | 247,690 |
11.00%, 9/30/2028 (a) | 487,000 | 304,375 |
5.00%, 2/15/2029 (a) | 32,000 | 11,187 |
6.25%, 2/15/2029 (a) | 30,000 | 10,687 |
5.25%, 1/30/2030 (a) | 5,000 | 1,790 |
14.00%, 10/15/2030 (a) | 352,000 | 182,888 |
5.25%, 2/15/2031 (a) | 190,000 | 66,975 |
Catalent Pharma Solutions, Inc. | ||
5.00%, 7/15/2027 (a) | 513,000 | 484,384 |
3.13%, 2/15/2029 (a) | 225,000 | 188,437 |
Cheplapharm Arzneimittel GmbH (Germany) 5.50%, 1/15/2028 (a) | 287,000 | 266,116 |
Elanco Animal Health, Inc. 6.65%, 8/28/2028 (d) | 268,000 | 267,665 |
HLF Financing SARL LLC 4.88%, 6/1/2029 (a) | 168,000 | 119,156 |
Jazz Securities DAC 4.38%, 1/15/2029 (a) | 450,000 | 404,832 |
Mallinckrodt International Finance SA 11.50%, 12/15/2028 (a) (g) | 104,000 | 92,406 |
Organon & Co. 5.13%, 4/30/2031 (a) | 825,000 | 649,096 |
P&L Development LLC 7.75%, 11/15/2025 (a) | 196,000 | 127,890 |
Perrigo Finance Unlimited Co. | ||
4.38%, 3/15/2026 | 738,000 | 708,673 |
4.65%, 6/15/2030 (d) | 550,000 | 490,560 |
6,886,369 | ||
Professional Services — 0.3% | ||
AMN Healthcare, Inc. | ||
4.63%, 10/1/2027 (a) | 130,000 | 120,690 |
4.00%, 4/15/2029 (a) | 100,000 | 88,657 |
CoreLogic, Inc. 4.50%, 5/1/2028 (a) | 480,000 | 402,000 |
Dun & Bradstreet Corp. (The) 5.00%, 12/15/2029 (a) | 401,000 | 362,344 |
JPMorgan BetaBuilders USD High Yield Corporate Bond ETFSCHEDULE OF PORTFOLIO INVESTMENTSAS OF November 30, 2023 (Unaudited) (continued)
INVESTMENTS | PRINCIPAL AMOUNT($) | VALUE($) |
Corporate Bonds — continued | ||
Professional Services — continued | ||
KBR, Inc. 4.75%, 9/30/2028 (a) | 28,000 | 24,992 |
Science Applications International Corp. 4.88%, 4/1/2028 (a) | 301,000 | 280,468 |
1,279,151 | ||
Real Estate Management & Development — 0.6% | ||
Anywhere Real Estate Group LLC 7.00%, 4/15/2030 (a) | 23,000 | 19,866 |
Cushman & Wakefield US Borrower LLC 6.75%, 5/15/2028 (a) | 420,000 | 399,000 |
Five Point Operating Co. LP 7.88%, 11/15/2025 (a) | 261,000 | 249,849 |
Forestar Group, Inc. | ||
3.85%, 5/15/2026 (a) | 55,000 | 51,192 |
5.00%, 3/1/2028 (a) | 65,000 | 60,147 |
Howard Hughes Corp. (The) | ||
5.38%, 8/1/2028 (a) | 165,000 | 154,688 |
4.13%, 2/1/2029 (a) | 225,000 | 192,937 |
4.38%, 2/1/2031 (a) | 476,000 | 395,080 |
Hunt Cos., Inc. 5.25%, 4/15/2029 (a) | 329,000 | 282,331 |
Kennedy-Wilson, Inc. 4.75%, 3/1/2029 | 593,000 | 475,426 |
Realogy Group LLC | ||
5.75%, 1/15/2029 (a) | 773,000 | 551,309 |
5.25%, 4/15/2030 (a) | 142,000 | 95,582 |
WeWork Cos. LLC 5.00%, 7/10/2025 (a) | 217,000 | 3,255 |
2,930,662 | ||
Retail REITs — 0.2% | ||
Brookfield Property REIT, Inc. | ||
5.75%, 5/15/2026 (a) | 546,000 | 517,797 |
4.50%, 4/1/2027 (a) | 295,000 | 258,656 |
776,453 | ||
Semiconductors & Semiconductor Equipment — 0.4% | ||
Amkor Technology, Inc. 6.63%, 9/15/2027 (a) | 489,000 | 491,230 |
ams-OSRAM AG (Austria) 7.00%, 7/31/2025 (a) | 442,000 | 449,492 |
Entegris Escrow Corp. | ||
4.75%, 4/15/2029 (a) | 363,000 | 342,953 |
5.95%, 6/15/2030 (a) | 631,000 | 609,519 |
ON Semiconductor Corp. 3.88%, 9/1/2028 (a) | 53,000 | 47,913 |
Synaptics, Inc. 4.00%, 6/15/2029 (a) | 224,000 | 193,829 |
2,134,936 | ||
Software — 2.8% | ||
ACI Worldwide, Inc. 5.75%, 8/15/2026 (a) | 357,000 | 351,010 |
AthenaHealth Group, Inc. 6.50%, 2/15/2030 (a) | 739,000 | 640,568 |
Boxer Parent Co., Inc. | ||
7.13%, 10/2/2025 (a) | 313,000 | 312,609 |
9.13%, 3/1/2026 (a) | 108,000 | 108,000 |
Camelot Finance SA 4.50%, 11/1/2026 (a) | 287,000 | 272,123 |
Capstone Borrower, Inc. 8.00%, 6/15/2030 (a) | 92,000 | 92,000 |
Central Parent LLC 8.00%, 6/15/2029 (a) | 39,000 | 40,006 |
Clarivate Science Holdings Corp. | ||
3.88%, 7/1/2028 (a) | 544,000 | 490,815 |
JPMorgan BetaBuilders USD High Yield Corporate Bond ETFSCHEDULE OF PORTFOLIO INVESTMENTSAS OF November 30, 2023 (Unaudited) (continued)
INVESTMENTS | PRINCIPAL AMOUNT($) | VALUE($) |
Corporate Bonds — continued | ||
Software — continued | ||
4.88%, 7/1/2029 (a) | 100,000 | 89,487 |
Cloud Software Group, Inc. | ||
6.50%, 3/31/2029 (a) | 1,600,000 | 1,473,406 |
9.00%, 9/30/2029 (a) | 1,375,000 | 1,237,446 |
Consensus Cloud Solutions, Inc. 6.50%, 10/15/2028 (a) | 641,000 | 578,951 |
Crowdstrike Holdings, Inc. 3.00%, 2/15/2029 | 550,000 | 482,904 |
Elastic NV 4.13%, 7/15/2029 (a) | 119,000 | 106,236 |
Fair Isaac Corp. | ||
5.25%, 5/15/2026 (a) | 368,000 | 360,180 |
4.00%, 6/15/2028 (a) | 270,000 | 248,390 |
Gen Digital, Inc. | ||
5.00%, 4/15/2025 (a) | 453,000 | 449,331 |
6.75%, 9/30/2027 (a) | 192,000 | 193,284 |
7.13%, 9/30/2030 (a) | 405,000 | 413,825 |
GoTo Group, Inc. 5.50%, 9/1/2027 (a) | 260,000 | 153,353 |
McAfee Corp. 7.38%, 2/15/2030 (a) | 830,000 | 716,995 |
MicroStrategy, Inc. 6.13%, 6/15/2028 (a) | 635,000 | 585,556 |
NCR Voyix Corp. | ||
5.00%, 10/1/2028 (a) | 285,000 | 259,450 |
5.13%, 4/15/2029 (a) | 344,000 | 315,052 |
5.25%, 10/1/2030 (a) | 303,000 | 266,349 |
Open Text Corp. (Canada) | ||
3.88%, 2/15/2028 (a) | 5,000 | 4,550 |
3.88%, 12/1/2029 (a) | 740,000 | 647,228 |
Open Text Holdings, Inc. (Canada) | ||
4.13%, 2/15/2030 (a) | 507,000 | 448,698 |
4.13%, 12/1/2031 (a) | 440,000 | 375,792 |
PTC, Inc. 4.00%, 2/15/2028 (a) | 231,000 | 212,506 |
Rocket Software, Inc. 6.50%, 2/15/2029 (a) | 315,000 | 254,659 |
SS&C Technologies, Inc. 5.50%, 9/30/2027 (a) | 827,000 | 800,338 |
Veritas US, Inc. 7.50%, 9/1/2025 (a) | 1,140,000 | 888,443 |
13,869,540 | ||
Specialized REITs — 0.7% | ||
Iron Mountain, Inc. | ||
4.88%, 9/15/2027 (a) | 785,000 | 743,105 |
5.00%, 7/15/2028 (a) | 176,000 | 164,351 |
4.88%, 9/15/2029 (a) | 915,000 | 833,228 |
5.25%, 7/15/2030 (a) | 60,000 | 55,023 |
4.50%, 2/15/2031 (a) | 54,000 | 46,736 |
5.63%, 7/15/2032 (a) | 367,000 | 333,194 |
SBA Communications Corp. | ||
3.88%, 2/15/2027 | 921,000 | 866,978 |
3.13%, 2/1/2029 | 465,000 | 404,938 |
3,447,553 | ||
Specialty Retail — 2.6% | ||
99 Escrow Issuer, Inc. 7.50%, 1/15/2026 (a) | 137,000 | 47,265 |
Arko Corp. 5.13%, 11/15/2029 (a) | 335,000 | 278,887 |
JPMorgan BetaBuilders USD High Yield Corporate Bond ETFSCHEDULE OF PORTFOLIO INVESTMENTSAS OF November 30, 2023 (Unaudited) (continued)
INVESTMENTS | PRINCIPAL AMOUNT($) | VALUE($) |
Corporate Bonds — continued | ||
Specialty Retail — continued | ||
Asbury Automotive Group, Inc. | ||
4.50%, 3/1/2028 | 454,000 | 417,676 |
4.63%, 11/15/2029 (a) | 489,000 | 440,394 |
5.00%, 2/15/2032 (a) | 77,000 | 67,165 |
At Home Group, Inc. 4.88%, 7/15/2028 (a) | 229,000 | 68,127 |
Bath & Body Works, Inc. | ||
9.38%, 7/1/2025 (a) | 539,000 | 563,209 |
5.25%, 2/1/2028 | 5,000 | 4,804 |
7.50%, 6/15/2029 | 276,000 | 283,389 |
6.88%, 11/1/2035 | 857,000 | 810,811 |
6.75%, 7/1/2036 | 46,000 | 42,777 |
BCPE Ulysses Intermediate, Inc. 7.75% (Cash), 4/1/2027 (a) (b) | 30,000 | 26,535 |
Carvana Co. 5.50%, 4/15/2027 (a) | 50,000 | 34,500 |
Evergreen Acqco 1 LP 9.75%, 4/26/2028 (a) | 36,000 | 37,350 |
Foot Locker, Inc. 4.00%, 10/1/2029 (a) | 372,000 | 300,286 |
Gap, Inc. (The) | ||
3.63%, 10/1/2029 (a) | 604,000 | 497,247 |
3.88%, 10/1/2031 (a) | 210,000 | 165,865 |
Group 1 Automotive, Inc. 4.00%, 8/15/2028 (a) | 502,000 | 452,396 |
Guitar Center, Inc. 8.50%, 1/15/2026 (a) | 150,000 | 122,625 |
LBM Acquisition LLC 6.25%, 1/15/2029 (a) | 538,000 | 450,640 |
LCM Investments Holdings II LLC 4.88%, 5/1/2029 (a) | 345,000 | 301,474 |
Lithia Motors, Inc. | ||
3.88%, 6/1/2029 (a) | 742,000 | 654,088 |
4.38%, 1/15/2031 (a) | 123,000 | 105,998 |
LSF9 Atlantis Holdings LLC 7.75%, 2/15/2026 (a) | 508,000 | 475,910 |
Michaels Cos., Inc. (The) | ||
5.25%, 5/1/2028 (a) | 111,000 | 81,022 |
7.88%, 5/1/2029 (a) | 557,000 | 316,643 |
Murphy Oil USA, Inc. | ||
5.63%, 5/1/2027 | 351,000 | 342,232 |
4.75%, 9/15/2029 | 100,000 | 92,558 |
3.75%, 2/15/2031 (a) | 5,000 | 4,243 |
Park River Holdings, Inc. | ||
5.63%, 2/1/2029 (a) | 54,000 | 40,637 |
6.75%, 8/1/2029 (a) | 86,000 | 65,563 |
Penske Automotive Group, Inc. 3.75%, 6/15/2029 | 639,000 | 554,195 |
PetSmart, Inc. | ||
4.75%, 2/15/2028 (a) | 450,000 | 411,528 |
7.75%, 2/15/2029 (a) | 400,000 | 377,064 |
Sonic Automotive, Inc. | ||
4.63%, 11/15/2029 (a) | 411,000 | 362,287 |
4.88%, 11/15/2031 (a) | 300,000 | 252,396 |
Specialty Building Products Holdings LLC 6.38%, 9/30/2026 (a) | 439,000 | 425,815 |
SRS Distribution, Inc. | ||
4.63%, 7/1/2028 (a) | 393,000 | 358,762 |
6.13%, 7/1/2029 (a) | 565,000 | 499,024 |
JPMorgan BetaBuilders USD High Yield Corporate Bond ETFSCHEDULE OF PORTFOLIO INVESTMENTSAS OF November 30, 2023 (Unaudited) (continued)
INVESTMENTS | PRINCIPAL AMOUNT($) | VALUE($) |
Corporate Bonds — continued | ||
Specialty Retail — continued | ||
Staples, Inc. | ||
7.50%, 4/15/2026 (a) | 1,140,000 | 1,008,892 |
10.75%, 4/15/2027 (a) | 243,000 | 158,045 |
Upbound Group, Inc. 6.38%, 2/15/2029 (a) | 300,000 | 273,177 |
Victoria's Secret & Co. 4.63%, 7/15/2029 (a) | 373,000 | 302,683 |
White Cap Buyer LLC 6.88%, 10/15/2028 (a) | 246,000 | 224,458 |
White Cap Parent LLC 8.25% (Cash), 3/15/2026 (a) (b) | 176,000 | 172,148 |
12,972,790 | ||
Technology Hardware, Storage & Peripherals — 0.7% | ||
Seagate HDD Cayman | ||
4.88%, 6/1/2027 | 641,000 | 621,137 |
4.09%, 6/1/2029 | 888,000 | 796,634 |
4.13%, 1/15/2031 | 202,000 | 172,975 |
8.50%, 7/15/2031 (a) | 40,000 | 42,745 |
9.63%, 12/1/2032 (a) | 162,000 | 181,961 |
Western Digital Corp. | ||
4.75%, 2/15/2026 | 283,000 | 273,029 |
3.10%, 2/1/2032 | 334,000 | 248,736 |
Xerox Corp. | ||
4.80%, 3/1/2035 | 65,000 | 45,484 |
6.75%, 12/15/2039 | 329,000 | 247,821 |
Xerox Holdings Corp. | ||
5.00%, 8/15/2025 (a) | 600,000 | 574,340 |
5.50%, 8/15/2028 (a) | 403,000 | 335,866 |
3,540,728 | ||
Textiles, Apparel & Luxury Goods — 0.3% | ||
Crocs, Inc. | ||
4.25%, 3/15/2029 (a) | 27,000 | 23,625 |
4.13%, 8/15/2031 (a) | 80,000 | 65,400 |
G-III Apparel Group Ltd. 7.88%, 8/15/2025 (a) | 282,000 | 280,490 |
Hanesbrands, Inc. | ||
4.88%, 5/15/2026 (a) | 321,000 | 302,475 |
9.00%, 2/15/2031 (a) | 98,000 | 92,385 |
Levi Strauss & Co. 3.50%, 3/1/2031 (a) | 418,000 | 350,075 |
Under Armour, Inc. 3.25%, 6/15/2026 | 26,000 | 24,372 |
William Carter Co. (The) 5.63%, 3/15/2027 (a) | 204,000 | 197,832 |
Wolverine World Wide, Inc. 4.00%, 8/15/2029 (a) | 372,000 | 286,630 |
1,623,284 | ||
Tobacco — 0.2% | ||
Turning Point Brands, Inc. 5.63%, 2/15/2026 (a) | 102,000 | 95,115 |
Vector Group Ltd. | ||
10.50%, 11/1/2026 (a) | 126,000 | 126,169 |
5.75%, 2/1/2029 (a) | 572,000 | 509,153 |
730,437 | ||
Trading Companies & Distributors — 1.6% | ||
Alta Equipment Group, Inc. 5.63%, 4/15/2026 (a) | 70,000 | 65,403 |
JPMorgan BetaBuilders USD High Yield Corporate Bond ETFSCHEDULE OF PORTFOLIO INVESTMENTSAS OF November 30, 2023 (Unaudited) (continued)
INVESTMENTS | PRINCIPAL AMOUNT($) | VALUE($) |
Corporate Bonds — continued | ||
Trading Companies & Distributors — continued | ||
Beacon Roofing Supply, Inc. | ||
4.50%, 11/15/2026 (a) | 275,000 | 262,271 |
4.13%, 5/15/2029 (a) | 54,000 | 47,688 |
6.50%, 8/1/2030 (a) | 281,000 | 280,686 |
BlueLinx Holdings, Inc. 6.00%, 11/15/2029 (a) | 242,000 | 217,402 |
Boise Cascade Co. 4.88%, 7/1/2030 (a) | 433,000 | 394,030 |
Fortress Transportation and Infrastructure Investors LLC | ||
6.50%, 10/1/2025 (a) | 278,000 | 276,136 |
5.50%, 5/1/2028 (a) | 683,000 | 641,395 |
Foundation Building Materials, Inc. 6.00%, 3/1/2029 (a) | 225,000 | 192,938 |
H&E Equipment Services, Inc. 3.88%, 12/15/2028 (a) | 774,000 | 685,322 |
Herc Holdings, Inc. 5.50%, 7/15/2027 (a) | 644,000 | 625,345 |
Imola Merger Corp. 4.75%, 5/15/2029 (a) | 1,021,000 | 927,670 |
United Rentals North America, Inc. | ||
5.50%, 5/15/2027 | 693,000 | 682,771 |
3.88%, 11/15/2027 | 185,000 | 173,793 |
4.88%, 1/15/2028 | 483,000 | 464,544 |
5.25%, 1/15/2030 | 736,000 | 703,186 |
3.75%, 1/15/2032 | 517,000 | 437,909 |
WESCO Distribution, Inc. | ||
7.13%, 6/15/2025 (a) | 80,000 | 80,114 |
7.25%, 6/15/2028 (a) | 913,000 | 928,376 |
8,086,979 | ||
Wireless Telecommunication Services — 1.1% | ||
C&W Senior Financing DAC (Panama) 6.88%, 9/15/2027 (a) | 758,000 | 687,980 |
Connect Finco SARL (United Kingdom) 6.75%, 10/1/2026 (a) | 700,000 | 671,900 |
Hughes Satellite Systems Corp. | ||
5.25%, 8/1/2026 | 220,000 | 187,843 |
6.63%, 8/1/2026 | 670,000 | 526,958 |
Millicom International Cellular SA (Guatemala) | ||
5.13%, 1/15/2028 (a) | 180,000 | 162,450 |
4.50%, 4/27/2031 (a) | 559,000 | 445,244 |
Rogers Communications, Inc. (Canada) (US Treasury Yield Curve Rate T Note Constant Maturity 5 Year + 3.59%), 5.25%, 3/15/2082 (a) (c) | 85,000 | 78,176 |
United States Cellular Corp. 6.70%, 12/15/2033 | 316,000 | 309,781 |
Vmed O2 UK Financing I plc (United Kingdom) | ||
4.25%, 1/31/2031 (a) | 529,000 | 444,577 |
4.75%, 7/15/2031 (a) | 500,000 | 427,205 |
Vodafone Group plc (United Kingdom) | ||
(USD Swap Semi 5 Year + 4.87%), 7.00%, 4/4/2079 (c) | 694,000 | 700,951 |
(US Treasury Yield Curve Rate T Note Constant Maturity 5 Year + 2.45%), 3.25%, 6/4/2081 (c) | 71,000 | 64,743 |
(US Treasury Yield Curve Rate T Note Constant Maturity 5 Year + 2.77%), 4.13%, 6/4/2081 (c) | 331,000 | 266,093 |
(US Treasury Yield Curve Rate T Note Constant Maturity 5 Year + 3.07%), 5.13%, 6/4/2081 (c) | 884,000 | 605,271 |
5,579,172 | ||
Total Corporate Bonds (Cost $497,202,832) | 479,995,780 |
JPMorgan BetaBuilders USD High Yield Corporate Bond ETFSCHEDULE OF PORTFOLIO INVESTMENTSAS OF November 30, 2023 (Unaudited) (continued)
INVESTMENTS | SHARES | VALUE($) |
Common Stocks — 0.0% ^ | ||
Software — 0.0% ^ | ||
Cwt Travel Group, Inc. ‡ *(Cost $34,721) | 1,455 | 7,275 |
Short-Term Investments — 0.7% | ||
Investment Companies — 0.7% | ||
JPMorgan U.S. Government Money Market Fund Class IM Shares, 5.28% (h) (i) (Cost $3,665,888) | 3,665,888 | 3,665,888 |
Total Investments — 98.1% (Cost $500,903,441) | 483,668,943 | |
Other Assets Less Liabilities — 1.9% | 9,223,206 | |
NET ASSETS — 100.0% | 492,892,149 |
Percentages indicated are based on net assets. |
Abbreviations | |
CME | Chicago Mercantile Exchange |
ICE | Intercontinental Exchange |
PIK | Payment In Kind |
REIT | Real Estate Investment Trust |
SCA | Limited partnership with share capital |
SOFR | Secured Overnight Financing Rate |
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 November 30, 2023. | |
(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 November 30, 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 November 30, 2023. | |
(g) | Defaulted security. | |
(h) | Investment in an affiliated fund, which is registered under the Investment Company Act of 1940, as amended, and is advised by J.P. Morgan Investment Management Inc. | |
(i) | The rate shown is the current yield as of November 30, 2023. |
JPMorgan BetaBuilders USD High Yield Corporate Bond ETFSCHEDULE OF PORTFOLIO INVESTMENTSAS OF November 30, 2023 (Unaudited) (continued)
A. Valuation of Investments— Investments are valued in accordance with U.S. generally accepted accounting principles (“GAAP”) and the Fund's valuation policies set forth by, and under the supervision and responsibility of, the Board of Trustees of the Trust (the “Board”), which established the following approach to valuation, as described more fully below: (i) investments for which market quotations are readily available shall be valued at their market value and (ii) all other investments for which market quotations are not readily available shall be valued at their fair value as determined in good faith by the Board.
Under Section 2(a)(41) of the Investment Company Act of 1940, the Board is required to determine fair value for securities that do not have readily available market quotations. Under SEC Rule 2a-5 (Good Faith Determinations of Fair Value), the Board may designate the performance of these fair valuation determinations to a valuation designee. The Board has designated the Adviser as the “Valuation Designee” to perform fair valuation determinations for the Fund on behalf of the Board subject to appropriate oversight by the Board. The Adviser, as Valuation Designee, leverages the J.P. Morgan Asset Management Americas Valuation Committee (“AVC”) to help oversee and carry out the policies for the valuation of investments held in the Fund. The Adviser, as Valuation Designee, remains responsible for the valuation determinations.
This oversight by the AVC includes monitoring the appropriateness of fair values based on results of ongoing valuation oversight including, but not limited to, consideration of macro or security specific events, market events, and pricing vendor and broker due diligence. The Administrator is responsible for discussing and assessing the potential impacts to the fair values on an ongoing basis, and, at least on a quarterly basis, with the AVC and the Board.
Fixed income instruments are valued based on prices received from approved affiliated and unaffiliated pricing vendors or third party broker-dealers (collectively referred to as “Pricing Services”). The Pricing Services use multiple valuation techniques to determine the valuation of fixed income instruments. In instances where sufficient market activity exists, the Pricing Services may utilize a market-based approach through which trades or quotes from market makers are used to determine the valuation of these instruments. In instances where sufficient market activity may not exist, the Pricing Services also utilize proprietary valuation models which may consider market transactions in comparable securities and the various relationships between securities in determining fair value and/or market characteristics in order to estimate the relevant cash flows, which are then discounted to calculate the fair values.
Equities and other exchange-traded instruments are valued at the last sale price or official market closing price on the primary exchange on which the instrument is traded before the net asset value (“NAV”) of the Fund is calculated on a valuation date.
Investments in open-end investment companies (“Underlying Funds”) are valued at each Underlying Fund’s NAV per share as of the report date.
Valuations reflected in this report are as of the report date. As a result, changes in valuation due to market events and/or issuer-related events after the report date and prior to issuance of the report are not reflected herein.
The various inputs that are used in determining the valuation of the Fund's investments are summarized into the three broad levels listed below.
•
Level 1 — Unadjusted inputs using quoted prices in active markets for identical investments.
•
Level 2 — Other significant observable inputs including, but not limited to, quoted prices for similar investments, inputs other than quoted prices that are observable for investments (such as interest rates, prepayment speeds, credit risk, etc.) or other market corroborated inputs.
•
Level 3 — Significant inputs based on the best information available in the circumstances, to the extent observable inputs are not available (including the Fund's assumptions in determining the fair value of investments).
A financial instrument’s level within the fair value hierarchy is based on the lowest level of any input, both individually and in the aggregate, that is significant to the fair value measurement. The inputs or methodology used for valuing instruments are not necessarily an indication of the risk associated with investing in those instruments.
The following table represents each valuation input as presented on the Schedule of Portfolio Investments (“SOI”):
Level 1 Quoted prices | Level 2 Other significant observable inputs | Level 3 Significant unobservable inputs | Total | |
Investments in Securities | ||||
Common Stocks | $— | $— | $7,275 | $7,275 |
Corporate Bonds | ||||
Aerospace & Defense | — | 10,304,543 | — | 10,304,543 |
Air Freight & Logistics | — | 129,268 | — | 129,268 |
JPMorgan BetaBuilders USD High Yield Corporate Bond ETFSCHEDULE OF PORTFOLIO INVESTMENTSAS OF November 30, 2023 (Unaudited) (continued)
Level 1 Quoted prices | Level 2 Other significant observable inputs | Level 3 Significant unobservable inputs | Total | |
Automobile Components | $— | $11,047,324 | $— | $11,047,324 |
Automobiles | — | 6,546,950 | — | 6,546,950 |
Banks | — | 3,267,891 | — | 3,267,891 |
Beverages | — | 364,977 | — | 364,977 |
Biotechnology | — | 454,706 | — | 454,706 |
Broadline Retail | — | 6,197,403 | — | 6,197,403 |
Building Products | — | 7,213,095 | — | 7,213,095 |
Capital Markets | — | 2,983,512 | — | 2,983,512 |
Chemicals | — | 13,720,151 | — | 13,720,151 |
Commercial Services & Supplies | — | 16,265,901 | — | 16,265,901 |
Communications Equipment | — | 2,332,041 | — | 2,332,041 |
Construction & Engineering | — | 4,023,705 | — | 4,023,705 |
Consumer Finance | — | 19,530,218 | — | 19,530,218 |
Consumer Staples Distribution & Retail | — | 4,996,244 | — | 4,996,244 |
Containers & Packaging | — | 13,946,464 | — | 13,946,464 |
Distributors | — | 975,286 | — | 975,286 |
Diversified Consumer Services | — | 2,984,142 | — | 2,984,142 |
Diversified REITs | — | 3,365,933 | — | 3,365,933 |
Diversified Telecommunication Services | — | 22,700,630 | 1,408,030 | 24,108,660 |
Electric Utilities | — | 7,464,576 | — | 7,464,576 |
Electrical Equipment | — | 1,527,855 | — | 1,527,855 |
Electronic Equipment, Instruments & Components | — | 1,110,652 | — | 1,110,652 |
Energy Equipment & Services | — | 7,696,772 | — | 7,696,772 |
Entertainment | — | 3,839,413 | — | 3,839,413 |
Financial Services | — | 12,493,132 | — | 12,493,132 |
Food Products | — | 5,509,801 | — | 5,509,801 |
Gas Utilities | — | 2,023,606 | — | 2,023,606 |
Ground Transportation | — | 5,574,410 | — | 5,574,410 |
Health Care Equipment & Supplies | — | 4,627,644 | — | 4,627,644 |
Health Care Providers & Services | — | 19,369,594 | — | 19,369,594 |
Health Care REITs | — | 1,647,511 | — | 1,647,511 |
Health Care Technology | — | 780,244 | — | 780,244 |
Hotel & Resort REITs | — | 3,613,861 | — | 3,613,861 |
Hotels, Restaurants & Leisure | — | 41,289,040 | — | 41,289,040 |
Household Durables | — | 7,375,796 | — | 7,375,796 |
Household Products | — | 2,154,329 | — | 2,154,329 |
Independent Power and Renewable Electricity Producers | — | 4,144,644 | — | 4,144,644 |
Insurance | — | 8,432,786 | — | 8,432,786 |
Interactive Media & Services | — | 1,139,583 | — | 1,139,583 |
IT Services | — | 3,227,912 | — | 3,227,912 |
Leisure Products | — | 412,525 | — | 412,525 |
Life Sciences Tools & Services | — | 994,910 | — | 994,910 |
Machinery | — | 5,980,589 | — | 5,980,589 |
Marine Transportation | — | 187,993 | — | 187,993 |
Media | — | 32,405,874 | — | 32,405,874 |
Metals & Mining | — | 9,282,502 | — | 9,282,502 |
Mortgage Real Estate Investment Trusts (REITs) | — | 1,823,639 | — | 1,823,639 |
JPMorgan BetaBuilders USD High Yield Corporate Bond ETFSCHEDULE OF PORTFOLIO INVESTMENTSAS OF November 30, 2023 (Unaudited) (continued)
Level 1 Quoted prices | Level 2 Other significant observable inputs | Level 3 Significant unobservable inputs | Total | |
Multi-Utilities | $— | $367,658 | $— | $367,658 |
Office REITs | — | 892,403 | — | 892,403 |
Oil, Gas & Consumable Fuels | — | 51,465,975 | — | 51,465,975 |
Paper & Forest Products | — | 1,404,760 | — | 1,404,760 |
Passenger Airlines | — | 9,028,793 | — | 9,028,793 |
Personal Care Products | — | 2,088,530 | — | 2,088,530 |
Pharmaceuticals | — | 6,886,369 | — | 6,886,369 |
Professional Services | — | 1,279,151 | — | 1,279,151 |
Real Estate Management & Development | — | 2,930,662 | — | 2,930,662 |
Retail REITs | — | 776,453 | — | 776,453 |
Semiconductors & Semiconductor Equipment | — | 2,134,936 | — | 2,134,936 |
Software | — | 13,869,540 | — | 13,869,540 |
Specialized REITs | — | 3,447,553 | — | 3,447,553 |
Specialty Retail | — | 12,972,790 | — | 12,972,790 |
Technology Hardware, Storage & Peripherals | — | 3,540,728 | — | 3,540,728 |
Textiles, Apparel & Luxury Goods | — | 1,623,284 | — | 1,623,284 |
Tobacco | — | 730,437 | — | 730,437 |
Trading Companies & Distributors | — | 8,086,979 | — | 8,086,979 |
Wireless Telecommunication Services | — | 5,579,172 | — | 5,579,172 |
Total Corporate Bonds | — | 478,587,750 | 1,408,030 | 479,995,780 |
Short-Term Investments | ||||
Investment Companies | 3,665,888 | — | — | 3,665,888 |
Total Investments in Securities | $3,665,888 | $478,587,750 | $1,415,305 | $483,668,943 |
B. Investment Transactions with Affiliates — The Fund invested in Underlying Funds advised by the Adviser. An issuer which is under common control with the Fund may be considered an affiliate. The Fund assumes the issuers listed in the table below to be affiliated issuers. 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 November 30, 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 November 30, 2023 | Shares at November 30, 2023 | Dividend Income | Capital Gain Distributions |
JPMorgan U.S. Government Money Market Fund Class IM Shares, 5.28% (a) (b) | $3,094,499 | $46,134,517 | $45,563,128 | $— | $— | $3,665,888 | 3,665,888 | $80,238 | $— |
(a) | Investment in an affiliated fund, which is registered under the Investment Company Act of 1940, as amended, and is advised by J.P. Morgan Investment Management Inc. |
(b) | The rate shown is the current yield as of November 30, 2023. |