JPMorgan Core Plus 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.
|
J.P. Morgan Distribution Services, Inc., member FINRA.
|
© J.P. Morgan Chase & Co., 2023.
|
JPMorgan Core Plus Bond ETF
SCHEDULE OF PORTFOLIO INVESTMENTS
AS OF November 30, 2023 (Unaudited)
INVESTMENTS
|
PRINCIPAL
AMOUNT($)
|
VALUE($)
|
Corporate Bonds — 29.3%
|
||
Aerospace & Defense — 0.4%
|
||
Boeing Co. (The)
|
|
|
2.75%, 2/1/2026
|
14,000
|
13,243
|
2.20%, 2/4/2026
|
95,000
|
88,811
|
3.10%, 5/1/2026
|
35,000
|
33,236
|
2.70%, 2/1/2027
|
65,000
|
60,047
|
3.75%, 2/1/2050
|
925,000
|
671,926
|
5.93%, 5/1/2060
|
40,000
|
38,828
|
Bombardier, Inc. (Canada) 6.00%, 2/15/2028 (a)
|
595,000
|
560,877
|
BWX Technologies, Inc. 4.13%, 4/15/2029 (a)
|
580,000
|
522,725
|
Howmet Aerospace, Inc.
|
|
|
5.13%, 10/1/2024
|
94,000
|
93,459
|
5.95%, 2/1/2037
|
554,000
|
544,604
|
L3Harris Technologies, Inc.
|
|
|
5.40%, 7/31/2033
|
1,205,000
|
1,201,056
|
5.60%, 7/31/2053
|
217,000
|
215,424
|
Lockheed Martin Corp.
|
|
|
4.50%, 5/15/2036
|
125,000
|
117,269
|
4.70%, 5/15/2046
|
100,000
|
91,413
|
4.15%, 6/15/2053
|
650,000
|
539,125
|
Precision Castparts Corp. 4.38%, 6/15/2045
|
154,000
|
129,105
|
RTX Corp.
|
|
|
4.13%, 11/16/2028
|
1,735,000
|
1,651,055
|
1.90%, 9/1/2031
|
450,000
|
352,547
|
2.38%, 3/15/2032
|
95,000
|
76,247
|
5.15%, 2/27/2033
|
365,000
|
358,505
|
4.50%, 6/1/2042
|
100,000
|
85,886
|
3.03%, 3/15/2052
|
650,000
|
411,630
|
5.38%, 2/27/2053
|
144,000
|
137,612
|
Spirit AeroSystems, Inc. 9.38%, 11/30/2029 (a)
|
253,000
|
273,566
|
TransDigm, Inc.
|
|
|
6.25%, 3/15/2026 (a)
|
530,000
|
526,343
|
6.75%, 8/15/2028 (a)
|
165,000
|
165,295
|
Triumph Group, Inc. 7.75%, 8/15/2025
|
16,000
|
15,683
|
Wesco Aircraft Holdings, Inc. 9.00%, 11/15/2026 (a) (b)
|
20,000
|
1,900
|
|
|
8,977,417
|
Automobile Components — 0.3%
|
||
Adient Global Holdings Ltd.
|
|
|
4.88%, 8/15/2026 (a)
|
400,000
|
385,099
|
7.00%, 4/15/2028 (a)
|
450,000
|
457,230
|
Allison Transmission, Inc.
|
|
|
5.88%, 6/1/2029 (a)
|
621,000
|
601,047
|
3.75%, 1/30/2031 (a)
|
75,000
|
62,642
|
American Axle & Manufacturing, Inc.
|
|
|
6.50%, 4/1/2027
|
495,000
|
477,506
|
6.88%, 7/1/2028
|
350,000
|
322,063
|
5.00%, 10/1/2029
|
75,000
|
62,071
|
Aptiv plc 5.40%, 3/15/2049
|
25,000
|
21,697
|
JPMorgan Core Plus Bond ETF
SCHEDULE OF PORTFOLIO INVESTMENTS
AS OF November 30, 2023 (Unaudited) (continued)
INVESTMENTS
|
PRINCIPAL
AMOUNT($)
|
VALUE($)
|
Corporate Bonds — continued
|
||
Automobile Components — continued
|
||
Clarios Global LP
|
|
|
6.25%, 5/15/2026 (a)
|
427,000
|
424,649
|
6.75%, 5/15/2028 (a)
|
425,000
|
428,814
|
Cooper-Standard Automotive, Inc.
|
|
|
13.50% (Blend (Cash 9.00% + PIK 4.50%)), 3/31/2027 (a) (c)
|
44,250
|
46,428
|
10.63% (PIK), 5/15/2027 (a) (c)
|
31,221
|
23,105
|
Dana, Inc.
|
|
|
5.38%, 11/15/2027
|
590,000
|
560,066
|
5.63%, 6/15/2028
|
230,000
|
219,213
|
4.50%, 2/15/2032
|
40,000
|
32,798
|
Goodyear Tire & Rubber Co. (The)
|
|
|
4.88%, 3/15/2027
|
120,000
|
113,326
|
5.00%, 7/15/2029
|
1,341,000
|
1,223,459
|
5.25%, 7/15/2031
|
660,000
|
572,550
|
Icahn Enterprises LP
|
|
|
6.38%, 12/15/2025
|
247,000
|
238,361
|
5.25%, 5/15/2027
|
315,000
|
285,075
|
Lear Corp. 2.60%, 1/15/2032
|
10,000
|
7,776
|
|
|
6,564,975
|
Automobiles — 0.1%
|
||
Ford Motor Co.
|
|
|
9.63%, 4/22/2030
|
810,000
|
927,835
|
4.75%, 1/15/2043
|
380,000
|
293,558
|
General Motors Co. 5.95%, 4/1/2049
|
25,000
|
22,798
|
Hyundai Capital America
|
|
|
1.50%, 6/15/2026 (a)
|
440,000
|
395,541
|
3.00%, 2/10/2027 (a)
|
200,000
|
184,038
|
Nissan Motor Acceptance Co. LLC 2.00%, 3/9/2026 (a)
|
305,000
|
276,296
|
|
|
2,100,066
|
Banks — 5.8%
|
||
ABN AMRO Bank NV (Netherlands)
|
|
|
(US Treasury Yield Curve Rate T Note Constant Maturity 1 Year + 1.55%), 6.58%, 10/13/2026 (a) (d)
|
600,000
|
605,944
|
(US Treasury Yield Curve Rate T Note Constant Maturity 1 Year + 1.65%), 6.34%, 9/18/2027 (a) (d)
|
200,000
|
200,999
|
(US Treasury Yield Curve Rate T Note Constant Maturity 1 Year + 1.10%), 2.47%, 12/13/2029 (a) (d)
|
1,000,000
|
848,258
|
(US Treasury Yield Curve Rate T Note Constant Maturity 5 Year + 1.90%), 3.32%, 3/13/2037 (a) (d)
|
200,000
|
151,102
|
AIB Group plc (Ireland) (SOFR + 2.33%), 6.61%, 9/13/2029 (a) (d)
|
2,600,000
|
2,650,128
|
ANZ New Zealand Int'l Ltd. (New Zealand) 5.36%, 8/14/2028 (a)
|
900,000
|
901,086
|
ASB Bank Ltd. (New Zealand) 2.38%, 10/22/2031 (a)
|
200,000
|
156,736
|
Banco Santander SA (Spain)
|
|
|
2.75%, 5/28/2025
|
200,000
|
190,252
|
5.59%, 8/8/2028
|
2,800,000
|
2,780,900
|
6.61%, 11/7/2028
|
600,000
|
621,367
|
(US Treasury Yield Curve Rate T Note Constant Maturity 5 Year + 5.31%), 9.63%, 11/21/2028 (d) (e) (f) (g)
|
2,000,000
|
2,039,476
|
Bank of America Corp.
|
|
|
(SOFR + 0.41%), 5.78%, 6/14/2024 (d)
|
400,000
|
399,512
|
(SOFR + 1.01%), 1.20%, 10/24/2026 (d)
|
2,600,000
|
2,382,323
|
(3-MONTH CME TERM SOFR + 1.32%), 3.56%, 4/23/2027 (d)
|
40,000
|
38,056
|
JPMorgan Core Plus Bond ETF
SCHEDULE OF PORTFOLIO INVESTMENTS
AS OF November 30, 2023 (Unaudited) (continued)
INVESTMENTS
|
PRINCIPAL
AMOUNT($)
|
VALUE($)
|
Corporate Bonds — continued
|
||
Banks — continued
|
||
(3-MONTH CME TERM SOFR + 1.84%), 3.82%, 1/20/2028 (d)
|
936,000
|
885,803
|
(3-MONTH CME TERM SOFR + 1.77%), 3.71%, 4/24/2028 (d)
|
1,205,000
|
1,132,432
|
(3-MONTH CME TERM SOFR + 1.63%), 3.59%, 7/21/2028 (d)
|
261,000
|
243,643
|
(SOFR + 2.04%), 4.95%, 7/22/2028 (d)
|
390,000
|
382,630
|
(3-MONTH CME TERM SOFR + 1.30%), 3.42%, 12/20/2028 (d)
|
454,000
|
417,047
|
(SOFR + 1.63%), 5.20%, 4/25/2029 (d)
|
940,000
|
925,587
|
(SOFR + 1.06%), 2.09%, 6/14/2029 (d)
|
635,000
|
545,979
|
(SOFR + 1.57%), 5.82%, 9/15/2029 (d)
|
3,985,000
|
4,020,534
|
(SOFR + 1.53%), 1.90%, 7/23/2031 (d)
|
660,000
|
518,289
|
(SOFR + 1.37%), 1.92%, 10/24/2031 (d)
|
50,000
|
39,088
|
Series N, (SOFR + 1.22%), 2.65%, 3/11/2032 (d)
|
2,740,000
|
2,228,074
|
(SOFR + 1.22%), 2.30%, 7/21/2032 (d)
|
1,900,000
|
1,491,305
|
(SOFR + 1.21%), 2.57%, 10/20/2032 (d)
|
640,000
|
509,345
|
(SOFR + 1.84%), 5.87%, 9/15/2034 (d)
|
2,670,000
|
2,678,943
|
(3-MONTH CME TERM SOFR + 1.58%), 4.08%, 4/23/2040 (d)
|
112,000
|
92,699
|
(SOFR + 1.93%), 2.68%, 6/19/2041 (d)
|
150,000
|
101,766
|
Bank of Ireland Group plc (Ireland) (US Treasury Yield Curve Rate T Note Constant
Maturity 1 Year + 2.65%), 6.25%,
9/16/2026 (a) (d)
|
259,000
|
259,043
|
Bank of Montreal (Canada)
|
|
|
5.30%, 6/5/2026
|
300,000
|
299,721
|
5.72%, 9/25/2028
|
1,000,000
|
1,011,949
|
Bank of Nova Scotia (The) (Canada)
|
|
|
3.45%, 4/11/2025
|
300,000
|
291,455
|
2.15%, 8/1/2031
|
650,000
|
514,838
|
Banque Federative du Credit Mutuel SA (France)
|
|
|
4.52%, 7/13/2025 (a)
|
320,000
|
314,590
|
4.94%, 1/26/2026 (a)
|
200,000
|
196,907
|
5.90%, 7/13/2026 (a)
|
200,000
|
201,258
|
1.60%, 10/4/2026 (a)
|
200,000
|
179,641
|
5.79%, 7/13/2028 (a)
|
605,000
|
611,149
|
Barclays plc (United Kingdom)
|
|
|
5.20%, 5/12/2026
|
200,000
|
195,295
|
(US Treasury Yield Curve Rate T Note Constant Maturity 1 Year + 3.30%), 7.39%, 11/2/2028 (d)
|
1,400,000
|
1,459,954
|
BNP Paribas SA (France)
|
|
|
(SOFR + 1.61%), 1.90%, 9/30/2028 (a) (d)
|
450,000
|
389,662
|
(SOFR + 1.87%), 5.89%, 12/5/2034 (a) (d)
|
1,995,000
|
1,989,168
|
BPCE SA (France)
|
|
|
4.75%, 7/19/2027 (a)
|
450,000
|
433,998
|
(SOFR + 1.98%), 6.61%, 10/19/2027 (a) (d)
|
1,230,000
|
1,245,731
|
5.13%, 1/18/2028 (a)
|
745,000
|
728,273
|
(SOFR + 2.27%), 6.71%, 10/19/2029 (a) (d)
|
2,680,000
|
2,734,530
|
(SOFR + 1.73%), 3.12%, 10/19/2032 (a) (d)
|
250,000
|
192,509
|
(SOFR + 2.59%), 7.00%, 10/19/2034 (a) (d)
|
890,000
|
917,177
|
CaixaBank SA (Spain) (SOFR + 2.08%), 6.68%, 9/13/2027 (a) (d)
|
820,000
|
827,480
|
Canadian Imperial Bank of Commerce (Canada) 5.99%, 10/3/2028
|
500,000
|
509,962
|
Citibank NA 5.80%, 9/29/2028
|
500,000
|
510,002
|
Citigroup, Inc.
|
|
|
(SOFR + 1.37%), 4.14%, 5/24/2025 (d)
|
81,000
|
80,258
|
JPMorgan Core Plus Bond ETF
SCHEDULE OF PORTFOLIO INVESTMENTS
AS OF November 30, 2023 (Unaudited) (continued)
INVESTMENTS
|
PRINCIPAL
AMOUNT($)
|
VALUE($)
|
Corporate Bonds — continued
|
||
Banks — continued
|
||
(SOFR + 1.55%), 5.61%, 9/29/2026 (d)
|
408,000
|
407,517
|
(SOFR + 0.77%), 1.46%, 6/9/2027 (d)
|
650,000
|
585,280
|
(3-MONTH CME TERM SOFR + 1.82%), 3.89%, 1/10/2028 (d)
|
1,350,000
|
1,284,569
|
Series VAR, (SOFR + 1.28%), 3.07%, 2/24/2028 (d)
|
645,000
|
597,943
|
(3-MONTH CME TERM SOFR + 1.65%), 3.67%, 7/24/2028 (d)
|
1,200,000
|
1,123,795
|
(3-MONTH CME TERM SOFR + 1.45%), 4.08%, 4/23/2029 (d)
|
1,045,000
|
982,532
|
(3-MONTH CME TERM SOFR + 1.60%), 3.98%, 3/20/2030 (d)
|
500,000
|
461,708
|
(SOFR + 3.91%), 4.41%, 3/31/2031 (d)
|
155,000
|
143,688
|
(SOFR + 2.11%), 2.57%, 6/3/2031 (d)
|
620,000
|
511,934
|
(SOFR + 1.17%), 2.56%, 5/1/2032 (d)
|
660,000
|
530,927
|
(SOFR + 1.18%), 2.52%, 11/3/2032 (d)
|
1,465,000
|
1,159,798
|
(SOFR + 2.34%), 6.27%, 11/17/2033 (d)
|
3,300,000
|
3,403,169
|
(SOFR + 1.38%), 2.90%, 11/3/2042 (d)
|
55,000
|
37,525
|
Cooperatieve Rabobank UA (Netherlands) (US Treasury Yield Curve Rate T Note Constant
Maturity 1 Year + 1.22%),
3.65%, 4/6/2028 (a) (d)
|
890,000
|
832,380
|
Credit Agricole SA (France)
|
|
|
(SOFR + 1.68%), 1.91%, 6/16/2026 (a) (d)
|
550,000
|
516,360
|
5.59%, 7/5/2026 (a)
|
565,000
|
567,600
|
(SOFR + 0.89%), 1.25%, 1/26/2027 (a) (d)
|
250,000
|
226,401
|
5.30%, 7/12/2028 (a)
|
990,000
|
986,822
|
(SOFR + 1.86%), 6.32%, 10/3/2029 (a) (d)
|
2,745,000
|
2,797,671
|
Danske Bank A/S (Denmark)
|
|
|
(US Treasury Yield Curve Rate T Note Constant Maturity 1 Year + 1.45%), 3.77%, 3/28/2025 (a) (d)
|
450,000
|
446,210
|
(3-MONTH SOFR + 1.59%), 3.24%, 12/20/2025 (a) (d)
|
200,000
|
193,264
|
HSBC Holdings plc (United Kingdom)
|
|
|
(SOFR + 1.29%), 1.59%, 5/24/2027 (d)
|
200,000
|
180,196
|
(SOFR + 1.57%), 5.89%, 8/14/2027 (d)
|
1,015,000
|
1,016,841
|
(SOFR + 1.10%), 2.25%, 11/22/2027 (d)
|
200,000
|
180,968
|
(3-MONTH CME TERM SOFR + 1.81%), 4.04%, 3/13/2028 (d)
|
800,000
|
756,921
|
(SOFR + 2.61%), 5.21%, 8/11/2028 (d)
|
305,000
|
299,604
|
(SOFR + 1.73%), 2.01%, 9/22/2028 (d)
|
1,370,000
|
1,194,382
|
(SOFR + 3.35%), 7.39%, 11/3/2028 (d)
|
250,000
|
263,984
|
(SOFR + 1.29%), 2.21%, 8/17/2029 (d)
|
1,200,000
|
1,018,469
|
(3-MONTH CME TERM SOFR + 1.87%), 3.97%, 5/22/2030 (d)
|
800,000
|
727,036
|
(SOFR + 1.19%), 2.80%, 5/24/2032 (d)
|
1,950,000
|
1,565,871
|
(SOFR + 1.41%), 2.87%, 11/22/2032 (d)
|
250,000
|
199,286
|
(SOFR + 2.39%), 6.25%, 3/9/2034 (d)
|
1,150,000
|
1,171,258
|
6.10%, 1/14/2042
|
230,000
|
244,184
|
ING Groep NV (Netherlands) (SOFR + 1.56%), 6.08%, 9/11/2027 (d)
|
315,000
|
317,169
|
Intesa Sanpaolo SpA (Italy) (US Treasury Yield Curve Rate T Note Constant Maturity
1 Year + 2.75%), 4.95%,
6/1/2042 (a) (d)
|
200,000
|
131,695
|
Lloyds Banking Group plc (United Kingdom)
|
|
|
(US Treasury Yield Curve Rate T Note Constant Maturity 1 Year + 1.60%), 3.51%, 3/18/2026 (d)
|
200,000
|
193,184
|
(US Treasury Yield Curve Rate T Note Constant Maturity 1 Year + 2.30%), 4.98%, 8/11/2033 (d)
|
550,000
|
510,732
|
Mitsubishi UFJ Financial Group, Inc. (Japan)
|
|
|
3.78%, 3/2/2025
|
269,000
|
262,786
|
(US Treasury Yield Curve Rate T Note Constant Maturity 1 Year + 1.55%), 5.06%, 9/12/2025 (d)
|
565,000
|
561,167
|
(US Treasury Yield Curve Rate T Note Constant Maturity 1 Year + 0.75%), 1.54%, 7/20/2027 (d)
|
1,060,000
|
954,115
|
JPMorgan Core Plus Bond ETF
SCHEDULE OF PORTFOLIO INVESTMENTS
AS OF November 30, 2023 (Unaudited) (continued)
INVESTMENTS
|
PRINCIPAL
AMOUNT($)
|
VALUE($)
|
Corporate Bonds — continued
|
||
Banks — continued
|
||
Series 8NC7, (US Treasury Yield Curve Rate T Note Constant Maturity 1 Year + 1.53%),
5.48%, 2/22/2031 (d)
|
200,000
|
198,950
|
Mizuho Financial Group, Inc. (Japan) (US Treasury Yield Curve Rate T Note Constant
Maturity 1 Year + 1.65%), 5.78%,
7/6/2029 (d)
|
580,000
|
586,159
|
Morgan Stanley Bank NA 4.75%, 4/21/2026
|
255,000
|
251,835
|
National Australia Bank Ltd. (Australia) 4.90%, 6/13/2028
|
250,000
|
247,484
|
NatWest Group plc (United Kingdom)
|
|
|
(3-MONTH SOFR + 1.76%), 4.27%, 3/22/2025 (d)
|
300,000
|
298,111
|
(US Treasury Yield Curve Rate T Note Constant Maturity 1 Year + 2.85%), 7.47%, 11/10/2026 (d)
|
1,950,000
|
1,998,673
|
(US Treasury Yield Curve Rate T Note Constant Maturity 1 Year + 1.35%), 5.85%, 3/2/2027 (d)
|
500,000
|
498,334
|
(US Treasury Yield Curve Rate T Note Constant Maturity 1 Year + 2.55%), 3.07%, 5/22/2028 (d)
|
600,000
|
545,507
|
(3-MONTH SOFR + 1.91%), 5.08%, 1/27/2030 (d)
|
200,000
|
191,274
|
Nordea Bank Abp (Finland) 5.38%, 9/22/2027 (a)
|
400,000
|
397,508
|
PNC Financial Services Group, Inc. (The)
|
|
|
2.55%, 1/22/2030
|
639,000
|
540,770
|
(SOFR + 0.98%), 2.31%, 4/23/2032 (d)
|
50,000
|
40,701
|
(SOFR + 1.95%), 5.94%, 8/18/2034 (d)
|
350,000
|
348,599
|
Royal Bank of Canada (Canada)
|
|
|
4.65%, 1/27/2026 (e)
|
245,000
|
240,854
|
4.24%, 8/3/2027
|
425,000
|
411,863
|
Santander UK Group Holdings plc (United Kingdom)
|
|
|
(SOFR + 2.75%), 6.83%, 11/21/2026 (d)
|
1,000,000
|
1,008,328
|
(SOFR + 0.99%), 1.67%, 6/14/2027 (d)
|
200,000
|
178,579
|
(SOFR + 2.60%), 6.53%, 1/10/2029 (d)
|
1,625,000
|
1,638,677
|
Societe Generale SA (France)
|
|
|
4.25%, 4/14/2025 (a)
|
200,000
|
193,330
|
4.75%, 11/24/2025 (a)
|
200,000
|
193,477
|
(US Treasury Yield Curve Rate T Note Constant Maturity 1 Year + 1.10%), 1.49%, 12/14/2026 (a) (d)
|
1,700,000
|
1,538,562
|
(US Treasury Yield Curve Rate T Note Constant Maturity 1 Year + 2.30%), 6.45%, 1/12/2027 (a) (d)
|
200,000
|
200,719
|
(US Treasury Yield Curve Rate T Note Constant Maturity 1 Year + 1.00%), 1.79%, 6/9/2027 (a) (d)
|
200,000
|
178,868
|
(US Treasury Yield Curve Rate T Note Constant Maturity 1 Year + 1.30%), 2.80%, 1/19/2028 (a) (d)
|
1,200,000
|
1,085,090
|
(US Treasury Yield Curve Rate T Note Constant Maturity 1 Year + 2.55%), 6.45%, 1/10/2029 (a) (d)
|
1,470,000
|
1,483,243
|
Standard Chartered plc (United Kingdom)
|
|
|
(US Treasury Yield Curve Rate T Note Constant Maturity 1 Year + 0.78%), 0.99%, 1/12/2025 (a) (d)
|
200,000
|
198,744
|
(US Treasury Yield Curve Rate T Note Constant Maturity 1 Year + 1.00%), 1.46%, 1/14/2027 (a) (d)
|
610,000
|
551,208
|
(US Treasury Yield Curve Rate T Note Constant Maturity 1 Year + 3.45%), 7.77%, 11/16/2028 (a) (d)
|
1,400,000
|
1,482,089
|
(US Treasury Yield Curve Rate T Note Constant Maturity 1 Year + 2.45%), 6.30%, 1/9/2029 (a)
|
893,000
|
895,921
|
Sumitomo Mitsui Financial Group, Inc. (Japan)
|
|
|
5.52%, 1/13/2028
|
255,000
|
256,242
|
5.72%, 9/14/2028
|
680,000
|
688,750
|
5.71%, 1/13/2030
|
255,000
|
257,091
|
5.77%, 1/13/2033
|
200,000
|
203,873
|
5.81%, 9/14/2033
|
500,000
|
508,375
|
Sumitomo Mitsui Trust Bank Ltd. (Japan)
|
|
|
1.05%, 9/12/2025 (a)
|
60,000
|
55,379
|
4.95%, 9/15/2027 (a)
|
200,000
|
197,091
|
Svenska Handelsbanken AB (Sweden) 5.50%, 6/15/2028 (a)
|
970,000
|
962,941
|
Swedbank AB (Sweden)
|
|
|
6.14%, 9/12/2026 (a)
|
245,000
|
246,253
|
JPMorgan Core Plus Bond ETF
SCHEDULE OF PORTFOLIO INVESTMENTS
AS OF November 30, 2023 (Unaudited) (continued)
INVESTMENTS
|
PRINCIPAL
AMOUNT($)
|
VALUE($)
|
Corporate Bonds — continued
|
||
Banks — continued
|
||
5.34%, 9/20/2027 (a)
|
200,000
|
196,166
|
Toronto-Dominion Bank (The) (Canada)
|
|
|
5.10%, 1/9/2026
|
270,000
|
269,467
|
5.53%, 7/17/2026
|
265,000
|
266,336
|
5.52%, 7/17/2028
|
100,000
|
100,713
|
2.00%, 9/10/2031
|
385,000
|
306,049
|
4.46%, 6/8/2032
|
120,000
|
111,468
|
Truist Bank 4.05%, 11/3/2025
|
60,000
|
58,367
|
Truist Financial Corp.
|
|
|
(SOFR + 2.05%), 6.05%, 6/8/2027 (d)
|
2,300,000
|
2,303,007
|
(SOFR + 1.85%), 5.12%, 1/26/2034 (d)
|
290,000
|
266,767
|
UniCredit SpA (Italy) (US Treasury Yield Curve Rate T Note Constant Maturity 1 Year
+ 1.20%), 1.98%,
6/3/2027 (a) (d)
|
200,000
|
180,026
|
US Bancorp (SOFR + 0.73%), 2.22%, 1/27/2028 (d)
|
800,000
|
721,070
|
Wells Fargo & Co.
|
|
|
3.55%, 9/29/2025
|
227,000
|
219,385
|
(3-MONTH CME TERM SOFR + 1.01%), 2.16%, 2/11/2026 (d)
|
913,000
|
871,803
|
(SOFR + 1.32%), 3.91%, 4/25/2026 (d)
|
600,000
|
584,011
|
3.00%, 10/23/2026
|
360,000
|
337,183
|
(3-MONTH CME TERM SOFR + 1.57%), 3.58%, 5/22/2028 (d)
|
1,481,000
|
1,387,118
|
(SOFR + 1.98%), 4.81%, 7/25/2028 (d)
|
320,000
|
312,164
|
(SOFR + 1.74%), 5.57%, 7/25/2029 (d)
|
860,000
|
858,620
|
(SOFR + 1.79%), 6.30%, 10/23/2029 (d)
|
5,110,000
|
5,263,944
|
(3-MONTH CME TERM SOFR + 1.26%), 2.57%, 2/11/2031 (d)
|
250,000
|
208,922
|
(SOFR + 1.50%), 3.35%, 3/2/2033 (d)
|
2,340,000
|
1,958,629
|
(SOFR + 2.02%), 5.39%, 4/24/2034 (d)
|
1,740,000
|
1,674,048
|
(SOFR + 1.99%), 5.56%, 7/25/2034 (d)
|
1,615,000
|
1,573,441
|
(SOFR + 2.06%), 6.49%, 10/23/2034 (d)
|
1,220,000
|
1,274,175
|
4.90%, 11/17/2045
|
25,000
|
21,215
|
Westpac Banking Corp. (Australia)
|
|
|
5.54%, 11/17/2028
|
300,000
|
304,975
|
1.95%, 11/20/2028
|
30,000
|
25,828
|
(USD SOFR Spread-Adjusted ICE Swap Rate 5 Year + 2.24%), 4.32%, 11/23/2031 (d) (e)
|
200,000
|
189,060
|
|
|
118,664,203
|
Beverages — 0.1%
|
||
Anheuser-Busch Cos. LLC (Belgium) 4.70%, 2/1/2036
|
540,000
|
514,569
|
Anheuser-Busch InBev Worldwide, Inc. (Belgium) 4.38%, 4/15/2038
|
295,000
|
266,800
|
Coca-Cola Femsa SAB de CV (Mexico) 2.75%, 1/22/2030
|
180,000
|
155,340
|
Constellation Brands, Inc.
|
|
|
4.65%, 11/15/2028
|
345,000
|
337,260
|
4.50%, 5/9/2047
|
120,000
|
99,451
|
Diageo Capital plc (United Kingdom) 3.88%, 4/29/2043
|
430,000
|
349,693
|
Keurig Dr Pepper, Inc. 3.40%, 11/15/2025
|
38,000
|
36,576
|
Molson Coors Beverage Co. 4.20%, 7/15/2046
|
190,000
|
150,678
|
PepsiCo, Inc. 2.75%, 10/21/2051
|
415,000
|
271,772
|
|
|
2,182,139
|
JPMorgan Core Plus Bond ETF
SCHEDULE OF PORTFOLIO INVESTMENTS
AS OF November 30, 2023 (Unaudited) (continued)
INVESTMENTS
|
PRINCIPAL
AMOUNT($)
|
VALUE($)
|
Corporate Bonds — continued
|
||
Biotechnology — 0.5%
|
||
AbbVie, Inc.
|
|
|
2.95%, 11/21/2026
|
73,000
|
69,100
|
3.20%, 11/21/2029
|
2,761,000
|
2,507,000
|
4.05%, 11/21/2039
|
1,797,000
|
1,544,403
|
4.63%, 10/1/2042
|
75,000
|
66,029
|
4.25%, 11/21/2049
|
230,000
|
193,497
|
Amgen, Inc.
|
|
|
5.25%, 3/2/2030
|
175,000
|
175,894
|
3.15%, 2/21/2040
|
477,000
|
351,783
|
Biogen, Inc. 2.25%, 5/1/2030
|
3,960,000
|
3,256,987
|
Emergent BioSolutions, Inc. 3.88%, 8/15/2028 (a)
|
28,000
|
11,025
|
Gilead Sciences, Inc.
|
|
|
1.65%, 10/1/2030
|
518,000
|
418,703
|
5.25%, 10/15/2033
|
580,000
|
582,109
|
4.60%, 9/1/2035
|
1,000,000
|
944,512
|
2.60%, 10/1/2040
|
525,000
|
361,258
|
5.55%, 10/15/2053
|
220,000
|
222,089
|
Grifols SA (Spain) 4.75%, 10/15/2028 (a)
|
200,000
|
176,680
|
Regeneron Pharmaceuticals, Inc. 1.75%, 9/15/2030
|
200,000
|
158,818
|
|
|
11,039,887
|
Broadline Retail — 0.1%
|
||
Amazon.com, Inc.
|
|
|
3.60%, 4/13/2032
|
1,140,000
|
1,048,411
|
3.95%, 4/13/2052
|
155,000
|
127,612
|
Go Daddy Operating Co. LLC
|
|
|
5.25%, 12/1/2027 (a)
|
220,000
|
212,823
|
3.50%, 3/1/2029 (a)
|
175,000
|
154,104
|
Macy's Retail Holdings LLC 5.88%, 4/1/2029 (a)
|
435,000
|
408,856
|
Nordstrom, Inc.
|
|
|
2.30%, 4/8/2024
|
85,000
|
83,725
|
4.38%, 4/1/2030
|
335,000
|
278,532
|
Shutterfly Finance LLC 8.50% (Blend (Cash 4.25% + PIK 4.25%)), 10/1/2027 (a) (c)
|
11,700
|
7,714
|
|
|
2,321,777
|
Building Products — 0.3%
|
||
Builders FirstSource, Inc. 4.25%, 2/1/2032 (a)
|
1,335,000
|
1,145,181
|
Emerald Debt Merger Sub LLC 6.63%, 12/15/2030 (a)
|
1,195,000
|
1,192,012
|
Griffon Corp. 5.75%, 3/1/2028
|
785,000
|
741,929
|
James Hardie International Finance DAC 5.00%, 1/15/2028 (a)
|
455,000
|
426,563
|
JELD-WEN, Inc. 4.88%, 12/15/2027 (a)
|
480,000
|
442,738
|
Masco Corp. 1.50%, 2/15/2028
|
125,000
|
106,588
|
PGT Innovations, Inc. 4.38%, 10/1/2029 (a)
|
435,000
|
411,664
|
Standard Industries, Inc.
|
|
|
5.00%, 2/15/2027 (a)
|
20,000
|
19,150
|
4.75%, 1/15/2028 (a)
|
550,000
|
516,901
|
4.38%, 7/15/2030 (a)
|
825,000
|
723,139
|
Summit Materials LLC 5.25%, 1/15/2029 (a)
|
560,000
|
523,600
|
|
|
6,249,465
|
JPMorgan Core Plus Bond ETF
SCHEDULE OF PORTFOLIO INVESTMENTS
AS OF November 30, 2023 (Unaudited) (continued)
INVESTMENTS
|
PRINCIPAL
AMOUNT($)
|
VALUE($)
|
Corporate Bonds — continued
|
||
Capital Markets — 2.0%
|
||
Bank of New York Mellon Corp. (The)
|
|
|
3.25%, 5/16/2027
|
160,000
|
150,075
|
(SOFR + 1.60%), 6.32%, 10/25/2029 (d)
|
400,000
|
415,016
|
(SOFR + 1.42%), 4.29%, 6/13/2033 (d)
|
180,000
|
164,948
|
(SOFR + 1.85%), 6.47%, 10/25/2034 (d)
|
1,760,000
|
1,861,033
|
Credit Suisse AG (Switzerland) 3.70%, 2/21/2025
|
310,000
|
300,912
|
Credit Suisse USA, Inc. (Switzerland) 7.13%, 7/15/2032
|
53,000
|
58,059
|
Deutsche Bank AG (Germany)
|
|
|
(SOFR + 2.52%), 7.15%, 7/13/2027 (d)
|
315,000
|
321,292
|
(SOFR + 2.51%), 6.82%, 11/20/2029 (d)
|
825,000
|
840,522
|
Goldman Sachs Group, Inc. (The)
|
|
|
3.50%, 4/1/2025
|
280,000
|
271,894
|
(3-MONTH CME TERM SOFR + 1.46%), 3.27%, 9/29/2025 (d)
|
201,000
|
196,541
|
(SOFR + 1.08%), 5.80%, 8/10/2026 (d)
|
800,000
|
800,694
|
3.50%, 11/16/2026
|
726,000
|
692,699
|
3.85%, 1/26/2027
|
135,000
|
129,644
|
(SOFR + 0.80%), 1.43%, 3/9/2027 (d)
|
1,835,000
|
1,664,897
|
(SOFR + 1.51%), 4.39%, 6/15/2027 (d)
|
117,000
|
113,379
|
(SOFR + 1.11%), 2.64%, 2/24/2028 (d)
|
150,000
|
136,622
|
(3-MONTH CME TERM SOFR + 1.77%), 3.69%, 6/5/2028 (d)
|
1,620,000
|
1,521,099
|
(3-MONTH CME TERM SOFR + 1.42%), 3.81%, 4/23/2029 (d)
|
1,820,000
|
1,690,978
|
(3-MONTH CME TERM SOFR + 1.56%), 4.22%, 5/1/2029 (d)
|
1,500,000
|
1,416,040
|
(SOFR + 1.77%), 6.48%, 10/24/2029 (d)
|
4,915,000
|
5,088,491
|
(SOFR + 1.28%), 2.62%, 4/22/2032 (d)
|
2,240,000
|
1,805,021
|
(SOFR + 1.41%), 3.10%, 2/24/2033 (d)
|
940,000
|
775,070
|
(SOFR + 1.51%), 3.21%, 4/22/2042 (d)
|
160,000
|
115,171
|
(SOFR + 1.63%), 3.44%, 2/24/2043 (d)
|
18,000
|
13,236
|
LPL Holdings, Inc. 4.00%, 3/15/2029 (a)
|
295,000
|
263,170
|
Macquarie Group Ltd. (Australia) (3-MONTH SOFR + 1.75%), 5.03%, 1/15/2030 (a) (d)
|
200,000
|
193,233
|
Morgan Stanley
|
|
|
(SOFR + 1.16%), 3.62%, 4/17/2025 (d)
|
590,000
|
584,524
|
3.88%, 1/27/2026
|
330,000
|
320,612
|
3.13%, 7/27/2026
|
130,000
|
122,910
|
3.63%, 1/20/2027
|
191,000
|
182,456
|
(SOFR + 0.88%), 1.59%, 5/4/2027 (d)
|
210,000
|
190,400
|
(SOFR + 1.00%), 2.48%, 1/21/2028 (d)
|
914,000
|
832,927
|
3.59%, 7/22/2028 (h)
|
1,360,000
|
1,273,042
|
(SOFR + 1.73%), 5.12%, 2/1/2029 (d)
|
260,000
|
255,915
|
(SOFR + 1.59%), 5.16%, 4/20/2029 (d)
|
1,945,000
|
1,912,676
|
(SOFR + 1.63%), 5.45%, 7/20/2029 (d)
|
2,440,000
|
2,430,747
|
(SOFR + 1.83%), 6.41%, 11/1/2029 (d)
|
300,000
|
310,645
|
(3-MONTH CME TERM SOFR + 1.89%), 4.43%, 1/23/2030 (d)
|
1,373,000
|
1,303,427
|
(SOFR + 1.14%), 2.70%, 1/22/2031 (d)
|
70,000
|
59,107
|
(SOFR + 1.03%), 1.79%, 2/13/2032 (d)
|
350,000
|
268,188
|
(SOFR + 1.18%), 2.24%, 7/21/2032 (d)
|
80,000
|
62,562
|
(SOFR + 1.29%), 2.94%, 1/21/2033 (d)
|
1,265,000
|
1,032,029
|
(SOFR + 1.88%), 5.42%, 7/21/2034 (d)
|
1,180,000
|
1,144,316
|
(US Treasury Yield Curve Rate T Note Constant Maturity 5 Year + 2.43%), 5.95%, 1/19/2038 (d)
|
380,000
|
368,359
|
JPMorgan Core Plus Bond ETF
SCHEDULE OF PORTFOLIO INVESTMENTS
AS OF November 30, 2023 (Unaudited) (continued)
INVESTMENTS
|
PRINCIPAL
AMOUNT($)
|
VALUE($)
|
Corporate Bonds — continued
|
||
Capital Markets — continued
|
||
(SOFR + 1.49%), 3.22%, 4/22/2042 (d)
|
285,000
|
207,187
|
MSCI, Inc. 4.00%, 11/15/2029 (a)
|
115,000
|
103,466
|
Northern Trust Corp. 3.95%, 10/30/2025
|
60,000
|
58,607
|
Nuveen LLC 4.00%, 11/1/2028 (a)
|
160,000
|
151,756
|
S&P Global, Inc.
|
|
|
2.70%, 3/1/2029
|
456,000
|
411,392
|
1.25%, 8/15/2030
|
500,000
|
394,948
|
2.90%, 3/1/2032
|
112,000
|
95,464
|
3.25%, 12/1/2049
|
563,000
|
393,593
|
State Street Corp.
|
|
|
(SOFR + 1.72%), 5.82%, 11/4/2028 (d)
|
335,000
|
341,496
|
(SOFR + 1.48%), 5.68%, 11/21/2029 (d)
|
500,000
|
504,134
|
UBS Group AG (Switzerland)
|
|
|
(SOFRINDX + 0.98%), 1.31%, 2/2/2027 (a) (d)
|
250,000
|
225,601
|
(US Treasury Yield Curve Rate T Note Constant Maturity 1 Year + 0.85%), 1.49%, 8/10/2027 (a) (d)
|
585,000
|
519,688
|
(US Treasury Yield Curve Rate T Note Constant Maturity 1 Year + 1.75%), 4.75%, 5/12/2028 (a) (d)
|
200,000
|
192,734
|
(US Treasury Yield Curve Rate T Note Constant Maturity 5 Year + 4.75%), 9.25%, 11/13/2028 (a) (d) (e) (f) (g)
|
260,000
|
271,642
|
(3-MONTH SOFR + 1.47%), 3.13%, 8/13/2030 (a) (d)
|
2,350,000
|
2,025,970
|
(US Treasury Yield Curve Rate T Note Constant Maturity 1 Year + 2.40%), 4.99%, 8/5/2033 (a) (d)
|
700,000
|
644,253
|
(US Treasury Yield Curve Rate T Note Constant Maturity 5 Year + 4.76%), 9.25%, 11/13/2033 (a) (d) (e) (f) (g)
|
265,000
|
280,880
|
4.88%, 5/15/2045
|
250,000
|
220,369
|
|
|
40,697,758
|
Chemicals — 0.3%
|
||
Avient Corp. 7.13%, 8/1/2030 (a)
|
410,000
|
412,371
|
Axalta Coating Systems LLC 4.75%, 6/15/2027 (a)
|
300,000
|
284,403
|
CF Industries, Inc.
|
|
|
5.15%, 3/15/2034
|
260,000
|
246,179
|
4.95%, 6/1/2043
|
70,000
|
59,337
|
Chemours Co. (The)
|
|
|
5.75%, 11/15/2028 (a)
|
790,000
|
715,090
|
4.63%, 11/15/2029 (a)
|
195,000
|
163,843
|
CVR Partners LP 6.13%, 6/15/2028 (a)
|
335,000
|
307,346
|
Ecolab, Inc. 2.13%, 2/1/2032
|
75,000
|
60,703
|
EIDP, Inc. 4.80%, 5/15/2033
|
320,000
|
311,511
|
Element Solutions, Inc. 3.88%, 9/1/2028 (a)
|
625,000
|
555,402
|
LYB International Finance III LLC 3.38%, 10/1/2040
|
40,000
|
28,559
|
NOVA Chemicals Corp. (Canada)
|
|
|
5.25%, 6/1/2027 (a)
|
310,000
|
279,046
|
8.50%, 11/15/2028 (a)
|
545,000
|
562,985
|
Nutrien Ltd. (Canada)
|
|
|
4.90%, 3/27/2028
|
186,000
|
183,705
|
2.95%, 5/13/2030
|
80,000
|
69,156
|
3.95%, 5/13/2050
|
190,000
|
140,890
|
Olin Corp. 5.13%, 9/15/2027
|
290,000
|
276,094
|
Scotts Miracle-Gro Co. (The) 4.50%, 10/15/2029
|
1,080,000
|
920,861
|
Sherwin-Williams Co. (The) 4.50%, 6/1/2047
|
15,000
|
12,682
|
Trinseo Materials Operating SCA 5.38%, 9/1/2025 (a)
|
33,000
|
27,555
|
JPMorgan Core Plus Bond ETF
SCHEDULE OF PORTFOLIO INVESTMENTS
AS OF November 30, 2023 (Unaudited) (continued)
INVESTMENTS
|
PRINCIPAL
AMOUNT($)
|
VALUE($)
|
Corporate Bonds — continued
|
||
Chemicals — continued
|
||
WR Grace Holdings LLC
|
|
|
4.88%, 6/15/2027 (a)
|
350,000
|
333,307
|
7.38%, 3/1/2031 (a)
|
320,000
|
311,982
|
|
|
6,263,007
|
Commercial Services & Supplies — 0.4%
|
||
ACCO Brands Corp. 4.25%, 3/15/2029 (a)
|
642,000
|
555,825
|
ADT Security Corp. (The)
|
|
|
4.13%, 8/1/2029 (a)
|
540,000
|
479,968
|
4.88%, 7/15/2032 (a)
|
20,000
|
17,526
|
Allied Universal Holdco LLC 4.63%, 6/1/2028 (a)
|
450,000
|
390,360
|
Aramark Services, Inc. 5.00%, 2/1/2028 (a)
|
270,000
|
255,515
|
Brink's Co. (The) 4.63%, 10/15/2027 (a)
|
200,000
|
187,486
|
Clean Harbors, Inc. 4.88%, 7/15/2027 (a)
|
370,000
|
356,334
|
Garda World Security Corp. (Canada) 4.63%, 2/15/2027 (a)
|
230,000
|
218,690
|
GFL Environmental, Inc. (Canada)
|
|
|
3.75%, 8/1/2025 (a)
|
105,000
|
101,415
|
5.13%, 12/15/2026 (a)
|
55,000
|
53,356
|
4.00%, 8/1/2028 (a)
|
735,000
|
655,771
|
4.75%, 6/15/2029 (a)
|
730,000
|
666,736
|
Interface, Inc. 5.50%, 12/1/2028 (a)
|
160,000
|
143,789
|
Madison IAQ LLC 4.13%, 6/30/2028 (a)
|
1,185,000
|
1,052,717
|
Prime Security Services Borrower LLC
|
|
|
5.75%, 4/15/2026 (a)
|
282,000
|
278,918
|
3.38%, 8/31/2027 (a)
|
885,000
|
800,654
|
Stericycle, Inc.
|
|
|
5.38%, 7/15/2024 (a)
|
85,000
|
84,653
|
3.88%, 1/15/2029 (a)
|
335,000
|
295,384
|
Waste Management, Inc. 1.50%, 3/15/2031
|
170,000
|
134,019
|
Williams Scotsman, Inc. 7.38%, 10/1/2031 (a)
|
560,000
|
573,499
|
|
|
7,302,615
|
Communications Equipment — 0.0% ^
|
||
Ciena Corp. 4.00%, 1/31/2030 (a)
|
305,000
|
268,861
|
CommScope Technologies LLC 6.00%, 6/15/2025 (a)
|
105,000
|
82,425
|
CommScope, Inc. 6.00%, 3/1/2026 (a)
|
472,000
|
404,740
|
|
|
756,026
|
Construction & Engineering — 0.1%
|
||
Dycom Industries, Inc. 4.50%, 4/15/2029 (a)
|
465,000
|
420,365
|
Global Infrastructure Solutions, Inc. 5.63%, 6/1/2029 (a)
|
840,000
|
702,039
|
MasTec, Inc. 4.50%, 8/15/2028 (a)
|
305,000
|
274,852
|
Weekley Homes LLC 4.88%, 9/15/2028 (a)
|
750,000
|
687,168
|
|
|
2,084,424
|
Construction Materials — 0.0% ^
|
||
Knife River Corp. 7.75%, 5/1/2031 (a)
|
395,000
|
405,690
|
Martin Marietta Materials, Inc. 2.40%, 7/15/2031
|
300,000
|
243,709
|
|
|
649,399
|
JPMorgan Core Plus Bond ETF
SCHEDULE OF PORTFOLIO INVESTMENTS
AS OF November 30, 2023 (Unaudited) (continued)
INVESTMENTS
|
PRINCIPAL
AMOUNT($)
|
VALUE($)
|
Corporate Bonds — continued
|
||
Consumer Finance — 0.9%
|
||
AerCap Ireland Capital DAC (Ireland)
|
|
|
2.45%, 10/29/2026
|
860,000
|
783,453
|
5.75%, 6/6/2028
|
400,000
|
398,403
|
3.00%, 10/29/2028
|
1,050,000
|
925,423
|
Ally Financial, Inc. 5.75%, 11/20/2025
|
605,000
|
593,751
|
American Express Co.
|
|
|
1.65%, 11/4/2026
|
480,000
|
435,071
|
2.55%, 3/4/2027
|
540,000
|
496,910
|
5.85%, 11/5/2027
|
270,000
|
277,328
|
(SOFR + 1.28%), 5.28%, 7/27/2029 (d)
|
1,325,000
|
1,318,418
|
Avolon Holdings Funding Ltd. (Ireland)
|
|
|
5.25%, 5/15/2024 (a)
|
250,000
|
248,343
|
2.88%, 2/15/2025 (a)
|
478,000
|
456,557
|
5.50%, 1/15/2026 (a)
|
60,000
|
58,830
|
2.13%, 2/21/2026 (a)
|
275,000
|
250,329
|
4.25%, 4/15/2026 (a)
|
1,265,000
|
1,203,165
|
2.53%, 11/18/2027 (a)
|
2,035,000
|
1,758,464
|
Capital One Financial Corp. (SOFR + 1.27%), 2.62%, 11/2/2032 (d)
|
100,000
|
74,980
|
Ford Motor Credit Co. LLC
|
|
|
4.39%, 1/8/2026
|
890,000
|
853,281
|
4.27%, 1/9/2027
|
1,290,000
|
1,211,495
|
4.13%, 8/17/2027
|
1,350,000
|
1,247,563
|
6.80%, 5/12/2028
|
1,090,000
|
1,108,952
|
7.20%, 6/10/2030
|
550,000
|
568,565
|
4.00%, 11/13/2030
|
250,000
|
214,909
|
3.63%, 6/17/2031
|
200,000
|
166,135
|
General Motors Financial Co., Inc.
|
|
|
3.80%, 4/7/2025
|
35,000
|
34,006
|
3.60%, 6/21/2030
|
60,000
|
52,570
|
2.70%, 6/10/2031
|
690,000
|
554,120
|
John Deere Capital Corp. 4.70%, 6/10/2030
|
400,000
|
395,299
|
Navient Corp.
|
|
|
6.13%, 3/25/2024
|
130,000
|
129,917
|
5.88%, 10/25/2024
|
20,000
|
19,819
|
OneMain Finance Corp.
|
|
|
7.13%, 3/15/2026
|
1,469,000
|
1,481,280
|
3.50%, 1/15/2027
|
354,000
|
316,327
|
6.63%, 1/15/2028
|
440,000
|
427,620
|
Park Aerospace Holdings Ltd. (Ireland) 5.50%, 2/15/2024 (a)
|
208,000
|
207,430
|
|
|
18,268,713
|
Consumer Staples Distribution & Retail — 0.2%
|
||
7-Eleven, Inc.
|
|
|
0.95%, 2/10/2026 (a)
|
65,000
|
59,074
|
1.80%, 2/10/2031 (a)
|
325,000
|
254,026
|
2.50%, 2/10/2041 (a)
|
14,000
|
8,979
|
2.80%, 2/10/2051 (a)
|
50,000
|
29,466
|
JPMorgan Core Plus Bond ETF
SCHEDULE OF PORTFOLIO INVESTMENTS
AS OF November 30, 2023 (Unaudited) (continued)
INVESTMENTS
|
PRINCIPAL
AMOUNT($)
|
VALUE($)
|
Corporate Bonds — continued
|
||
Consumer Staples Distribution & Retail — continued
|
||
Albertsons Cos., Inc.
|
|
|
4.63%, 1/15/2027 (a)
|
1,350,000
|
1,296,953
|
5.88%, 2/15/2028 (a)
|
530,000
|
522,880
|
3.50%, 3/15/2029 (a)
|
965,000
|
855,272
|
4.88%, 2/15/2030 (a)
|
20,000
|
18,700
|
Alimentation Couche-Tard, Inc. (Canada)
|
|
|
3.44%, 5/13/2041 (a)
|
5,000
|
3,530
|
3.63%, 5/13/2051 (a)
|
10,000
|
6,594
|
Performance Food Group, Inc. 5.50%, 10/15/2027 (a)
|
391,000
|
378,445
|
Rite Aid Corp. 8.00%, 11/15/2026 (a) (b)
|
125,000
|
94,375
|
Sysco Corp. 2.40%, 2/15/2030
|
250,000
|
211,975
|
Target Corp.
|
|
|
4.50%, 9/15/2032
|
200,000
|
193,578
|
4.80%, 1/15/2053
|
730,000
|
669,183
|
|
|
4,603,030
|
Containers & Packaging — 0.4%
|
||
Ardagh Packaging Finance plc 4.13%, 8/15/2026 (a)
|
1,275,000
|
1,127,922
|
Ball Corp.
|
|
|
6.00%, 6/15/2029
|
435,000
|
434,056
|
3.13%, 9/15/2031
|
480,000
|
396,388
|
Canpack SA (Poland) 3.88%, 11/15/2029 (a)
|
200,000
|
168,000
|
Crown Americas LLC
|
|
|
4.25%, 9/30/2026
|
13,000
|
12,431
|
5.25%, 4/1/2030
|
350,000
|
331,069
|
Graphic Packaging International LLC
|
|
|
4.75%, 7/15/2027 (a)
|
108,000
|
102,510
|
3.50%, 3/15/2028 (a)
|
180,000
|
162,907
|
LABL, Inc. 6.75%, 7/15/2026 (a)
|
525,000
|
499,020
|
Mauser Packaging Solutions Holding Co. 7.88%, 8/15/2026 (a)
|
950,000
|
943,713
|
Owens-Brockway Glass Container, Inc. 6.63%, 5/13/2027 (a)
|
720,000
|
712,584
|
Packaging Corp. of America 3.05%, 10/1/2051
|
85,000
|
53,724
|
Pactiv Evergreen Group Issuer, Inc. 4.00%, 10/15/2027 (a)
|
1,025,000
|
937,875
|
Sealed Air Corp.
|
|
|
4.00%, 12/1/2027 (a)
|
570,000
|
523,831
|
6.13%, 2/1/2028 (a)
|
205,000
|
202,787
|
TriMas Corp. 4.13%, 4/15/2029 (a)
|
637,000
|
553,739
|
Trivium Packaging Finance BV (Netherlands) 5.50%, 8/15/2026 (a) (i)
|
450,000
|
432,441
|
WRKCo, Inc. 4.65%, 3/15/2026
|
30,000
|
29,376
|
|
|
7,624,373
|
Distributors — 0.0% ^
|
||
American Builders & Contractors Supply Co., Inc.
|
|
|
4.00%, 1/15/2028 (a)
|
435,000
|
400,389
|
3.88%, 11/15/2029 (a)
|
155,000
|
134,212
|
Ritchie Bros Holdings, Inc. (Canada)
|
|
|
6.75%, 3/15/2028 (a)
|
235,000
|
239,338
|
7.75%, 3/15/2031 (a)
|
65,000
|
67,444
|
|
|
841,383
|
JPMorgan Core Plus Bond ETF
SCHEDULE OF PORTFOLIO INVESTMENTS
AS OF November 30, 2023 (Unaudited) (continued)
INVESTMENTS
|
PRINCIPAL
AMOUNT($)
|
VALUE($)
|
Corporate Bonds — continued
|
||
Diversified Consumer Services — 0.0% ^
|
||
Service Corp. International 5.13%, 6/1/2029
|
770,000
|
735,350
|
University of Miami Series 2022, 4.06%, 4/1/2052
|
40,000
|
31,733
|
|
|
767,083
|
Diversified REITs — 0.1%
|
||
Goodman US Finance Three LLC (Australia) 3.70%, 3/15/2028 (a)
|
590,000
|
538,637
|
Simon Property Group LP
|
|
|
2.45%, 9/13/2029
|
500,000
|
427,589
|
3.25%, 9/13/2049
|
31,000
|
20,395
|
VICI Properties LP
|
|
|
3.50%, 2/15/2025 (a)
|
90,000
|
87,040
|
4.50%, 9/1/2026 (a)
|
95,000
|
90,241
|
4.63%, 12/1/2029 (a)
|
20,000
|
18,100
|
WP Carey, Inc. 2.25%, 4/1/2033
|
145,000
|
107,116
|
|
|
1,289,118
|
Diversified Telecommunication Services — 0.8%
|
||
Altice France Holding SA (Luxembourg) 10.50%, 5/15/2027 (a)
|
200,000
|
106,230
|
Altice France SA (France) 5.13%, 7/15/2029 (a)
|
200,000
|
143,042
|
AT&T, Inc.
|
|
|
1.65%, 2/1/2028
|
450,000
|
391,956
|
2.55%, 12/1/2033
|
1,870,000
|
1,455,696
|
3.50%, 6/1/2041
|
260,000
|
193,240
|
3.65%, 6/1/2051
|
65,000
|
45,278
|
3.55%, 9/15/2055
|
565,000
|
372,487
|
CCO Holdings LLC
|
|
|
5.13%, 5/1/2027 (a)
|
785,000
|
746,893
|
5.00%, 2/1/2028 (a)
|
545,000
|
510,708
|
5.38%, 6/1/2029 (a)
|
100,000
|
92,732
|
4.75%, 3/1/2030 (a)
|
4,264,000
|
3,731,689
|
4.50%, 8/15/2030 (a)
|
2,079,000
|
1,783,808
|
4.25%, 2/1/2031 (a)
|
1,415,000
|
1,180,391
|
4.75%, 2/1/2032 (a)
|
1,025,000
|
860,990
|
4.50%, 6/1/2033 (a)
|
135,000
|
108,009
|
Embarq Corp. 8.00%, 6/1/2036
|
13,000
|
7,474
|
ESC Co., Escrow 8.50%, 10/15/2024 (b) (j)
|
28,000
|
3
|
Frontier Communications Holdings LLC 5.88%, 10/15/2027 (a)
|
235,000
|
220,777
|
Intelsat Jackson Holdings SA (Luxembourg) 6.50%, 3/15/2030 (a)
|
999,000
|
925,735
|
Lumen Technologies, Inc.
|
|
|
5.13%, 12/15/2026 (a)
|
130,000
|
63,700
|
4.00%, 2/15/2027 (a)
|
1,000,000
|
528,320
|
NBN Co. Ltd. (Australia) 5.75%, 10/6/2028 (a)
|
500,000
|
511,739
|
Sprint Capital Corp.
|
|
|
6.88%, 11/15/2028
|
258,000
|
272,813
|
8.75%, 3/15/2032
|
240,000
|
286,824
|
Telecom Italia Capital SA (Italy) 6.00%, 9/30/2034
|
134,000
|
120,931
|
Telecom Italia SpA (Italy) 5.30%, 5/30/2024 (a)
|
200,000
|
198,405
|
Verizon Communications, Inc.
|
|
|
2.10%, 3/22/2028
|
12,000
|
10,626
|
JPMorgan Core Plus Bond ETF
SCHEDULE OF PORTFOLIO INVESTMENTS
AS OF November 30, 2023 (Unaudited) (continued)
INVESTMENTS
|
PRINCIPAL
AMOUNT($)
|
VALUE($)
|
Corporate Bonds — continued
|
||
Diversified Telecommunication Services — continued
|
||
4.33%, 9/21/2028
|
75,000
|
72,383
|
4.02%, 12/3/2029
|
684,000
|
642,271
|
3.40%, 3/22/2041
|
385,000
|
291,198
|
2.88%, 11/20/2050
|
75,000
|
47,470
|
3.70%, 3/22/2061
|
30,000
|
21,216
|
|
|
15,945,034
|
Electric Utilities — 1.8%
|
||
AEP Transmission Co. LLC Series N, 2.75%, 8/15/2051
|
50,000
|
29,922
|
Alabama Power Co.
|
|
|
3.05%, 3/15/2032
|
200,000
|
170,076
|
5.85%, 11/15/2033
|
275,000
|
284,002
|
Baltimore Gas and Electric Co.
|
|
|
3.20%, 9/15/2049
|
295,000
|
197,451
|
2.90%, 6/15/2050
|
550,000
|
345,835
|
5.40%, 6/1/2053
|
305,000
|
292,031
|
Commonwealth Edison Co. 5.30%, 2/1/2053
|
868,000
|
827,390
|
Connecticut Light and Power Co. (The) 4.00%, 4/1/2048
|
46,000
|
36,325
|
DTE Electric Co.
|
|
|
Series A, 4.00%, 4/1/2043
|
90,000
|
72,230
|
5.40%, 4/1/2053
|
80,000
|
77,756
|
DTE Electric Securitization Funding II LLC Series A-2, 6.09%, 9/1/2037
|
400,000
|
419,618
|
Duke Energy Carolinas LLC 3.20%, 8/15/2049
|
634,000
|
424,647
|
Duke Energy Florida LLC
|
|
|
5.88%, 11/15/2033
|
230,000
|
237,927
|
6.20%, 11/15/2053
|
240,000
|
254,740
|
Duke Energy Indiana LLC
|
|
|
Series YYY, 3.25%, 10/1/2049
|
125,000
|
83,054
|
2.75%, 4/1/2050
|
395,000
|
236,053
|
5.40%, 4/1/2053
|
830,000
|
784,923
|
Duke Energy Ohio, Inc. 5.25%, 4/1/2033
|
624,000
|
619,255
|
Duquesne Light Holdings, Inc. 2.53%, 10/1/2030 (a)
|
148,000
|
119,397
|
Edison International
|
|
|
5.25%, 11/15/2028
|
100,000
|
98,447
|
6.95%, 11/15/2029
|
245,000
|
259,320
|
Electricite de France SA (France) 6.90%, 5/23/2053 (a)
|
640,000
|
659,667
|
Emera US Finance LP (Canada)
|
|
|
2.64%, 6/15/2031
|
660,000
|
520,768
|
4.75%, 6/15/2046
|
50,000
|
38,443
|
Enel Finance International NV (Italy) 2.25%, 7/12/2031 (a)
|
200,000
|
155,723
|
Entergy Arkansas LLC
|
|
|
4.00%, 6/1/2028
|
13,000
|
12,387
|
2.65%, 6/15/2051
|
274,000
|
157,278
|
Entergy Louisiana LLC
|
|
|
2.40%, 10/1/2026
|
69,000
|
63,608
|
1.60%, 12/15/2030
|
500,000
|
385,975
|
2.90%, 3/15/2051
|
823,000
|
504,967
|
JPMorgan Core Plus Bond ETF
SCHEDULE OF PORTFOLIO INVESTMENTS
AS OF November 30, 2023 (Unaudited) (continued)
INVESTMENTS
|
PRINCIPAL
AMOUNT($)
|
VALUE($)
|
Corporate Bonds — continued
|
||
Electric Utilities — continued
|
||
Entergy Mississippi LLC
|
|
|
5.00%, 9/1/2033
|
535,000
|
516,015
|
3.50%, 6/1/2051
|
20,000
|
13,709
|
Entergy Texas Restoration Funding LLC Series A-2, 3.70%, 12/15/2035
|
215,000
|
189,127
|
Entergy Texas, Inc. 1.75%, 3/15/2031
|
535,000
|
416,747
|
Evergy Kansas Central, Inc. 4.13%, 3/1/2042
|
240,000
|
191,068
|
Eversource Energy
|
|
|
4.60%, 7/1/2027
|
31,000
|
30,201
|
5.45%, 3/1/2028
|
100,000
|
100,103
|
3.38%, 3/1/2032
|
365,000
|
311,252
|
Fells Point Funding Trust 3.05%, 1/31/2027 (a)
|
1,570,000
|
1,445,827
|
FirstEnergy Transmission LLC
|
|
|
2.87%, 9/15/2028 (a)
|
965,000
|
853,298
|
4.55%, 4/1/2049 (a)
|
90,000
|
72,734
|
Florida Power & Light Co.
|
|
|
3.70%, 12/1/2047
|
60,000
|
45,251
|
5.30%, 4/1/2053
|
390,000
|
379,588
|
Indiana Michigan Power Co.
|
|
|
Series K, 4.55%, 3/15/2046
|
50,000
|
41,584
|
5.63%, 4/1/2053
|
150,000
|
146,464
|
ITC Holdings Corp.
|
|
|
4.95%, 9/22/2027 (a)
|
432,000
|
426,253
|
2.95%, 5/14/2030 (a)
|
405,000
|
345,294
|
5.40%, 6/1/2033 (a)
|
300,000
|
293,785
|
Kentucky Utilities Co. 5.13%, 11/1/2040
|
404,000
|
368,864
|
MidAmerican Energy Co.
|
|
|
3.65%, 4/15/2029
|
46,000
|
42,784
|
5.85%, 9/15/2054
|
110,000
|
112,511
|
Mid-Atlantic Interstate Transmission LLC 4.10%, 5/15/2028 (a)
|
430,000
|
406,822
|
Mississippi Power Co. Series 12-A, 4.25%, 3/15/2042
|
240,000
|
191,565
|
Monongahela Power Co. 5.85%, 2/15/2034 (a)
|
210,000
|
210,795
|
Nevada Power Co. 6.00%, 3/15/2054
|
600,000
|
609,098
|
NextEra Energy Capital Holdings, Inc.
|
|
|
5.75%, 9/1/2025
|
430,000
|
430,264
|
5.00%, 7/15/2032
|
60,000
|
57,921
|
5.25%, 2/28/2053
|
80,000
|
72,821
|
Northern States Power Co.
|
|
|
2.60%, 6/1/2051
|
590,000
|
349,659
|
4.50%, 6/1/2052
|
50,000
|
42,334
|
NRG Energy, Inc.
|
|
|
6.63%, 1/15/2027
|
21,000
|
20,841
|
2.45%, 12/2/2027 (a)
|
60,000
|
52,582
|
5.75%, 1/15/2028
|
560,000
|
546,308
|
3.38%, 2/15/2029 (a)
|
210,000
|
179,729
|
5.25%, 6/15/2029 (a)
|
1,375,000
|
1,280,981
|
Ohio Power Co.
|
|
|
Series P, 2.60%, 4/1/2030
|
50,000
|
42,305
|
Series R, 2.90%, 10/1/2051
|
290,000
|
179,667
|
JPMorgan Core Plus Bond ETF
SCHEDULE OF PORTFOLIO INVESTMENTS
AS OF November 30, 2023 (Unaudited) (continued)
INVESTMENTS
|
PRINCIPAL
AMOUNT($)
|
VALUE($)
|
Corporate Bonds — continued
|
||
Electric Utilities — continued
|
||
Oklahoma Gas and Electric Co. 5.40%, 1/15/2033
|
100,000
|
99,899
|
Oncor Electric Delivery Co. LLC
|
|
|
3.10%, 9/15/2049
|
290,000
|
193,144
|
4.95%, 9/15/2052 (a)
|
400,000
|
363,290
|
Pacific Gas and Electric Co.
|
|
|
3.45%, 7/1/2025
|
17,000
|
16,301
|
2.95%, 3/1/2026
|
110,000
|
102,681
|
4.65%, 8/1/2028
|
2,200,000
|
2,055,282
|
6.10%, 1/15/2029
|
605,000
|
607,888
|
6.40%, 6/15/2033
|
860,000
|
870,204
|
4.50%, 7/1/2040
|
130,000
|
103,076
|
4.20%, 6/1/2041
|
30,000
|
22,185
|
4.25%, 3/15/2046
|
418,000
|
296,742
|
6.75%, 1/15/2053
|
1,770,000
|
1,785,549
|
PacifiCorp 4.15%, 2/15/2050
|
198,000
|
140,972
|
PG&E Corp.
|
|
|
5.00%, 7/1/2028
|
696,000
|
662,076
|
5.25%, 7/1/2030
|
300,000
|
281,810
|
PG&E Recovery Funding LLC Series A-3, 5.54%, 7/15/2047
|
185,000
|
178,913
|
PG&E Wildfire Recovery Funding LLC
|
|
|
Series A-2, 4.26%, 6/1/2036
|
25,000
|
22,804
|
Series A-4, 5.21%, 12/1/2047
|
40,000
|
37,144
|
Series A-5, 5.10%, 6/1/2052
|
70,000
|
64,533
|
PPL Electric Utilities Corp.
|
|
|
6.25%, 5/15/2039
|
382,000
|
406,737
|
5.25%, 5/15/2053
|
70,000
|
66,601
|
Public Service Co. of Colorado
|
|
|
2.70%, 1/15/2051
|
45,000
|
26,190
|
5.25%, 4/1/2053
|
138,000
|
127,245
|
Public Service Co. of Oklahoma
|
|
|
5.25%, 1/15/2033
|
155,000
|
149,824
|
Series K, 3.15%, 8/15/2051
|
150,000
|
94,551
|
Public Service Electric and Gas Co.
|
|
|
4.65%, 3/15/2033
|
520,000
|
499,665
|
2.05%, 8/1/2050
|
68,000
|
36,261
|
SCE Recovery Funding LLC Series A-1, 4.70%, 6/15/2040
|
50,000
|
47,186
|
Sigeco Securitization I LLC
|
|
|
Series A1, 5.03%, 11/15/2036
|
53,000
|
51,438
|
Series A2, 5.17%, 5/15/2041
|
49,000
|
45,549
|
Southern California Edison Co.
|
|
|
5.30%, 3/1/2028
|
719,000
|
724,332
|
5.65%, 10/1/2028
|
600,000
|
610,457
|
Series G, 2.50%, 6/1/2031
|
775,000
|
635,514
|
Series C, 3.60%, 2/1/2045
|
35,000
|
24,866
|
Series C, 4.13%, 3/1/2048
|
238,000
|
185,093
|
Series 20A, 2.95%, 2/1/2051
|
430,000
|
265,197
|
5.88%, 12/1/2053
|
706,000
|
700,014
|
Southern Co. (The) 5.50%, 3/15/2029
|
390,000
|
395,950
|
JPMorgan Core Plus Bond ETF
SCHEDULE OF PORTFOLIO INVESTMENTS
AS OF November 30, 2023 (Unaudited) (continued)
INVESTMENTS
|
PRINCIPAL
AMOUNT($)
|
VALUE($)
|
Corporate Bonds — continued
|
||
Electric Utilities — continued
|
||
Southwestern Electric Power Co.
|
|
|
Series N, 1.65%, 3/15/2026
|
45,000
|
41,413
|
5.30%, 4/1/2033
|
130,000
|
124,798
|
3.25%, 11/1/2051
|
210,000
|
131,295
|
Southwestern Public Service Co. 4.50%, 8/15/2041
|
74,000
|
61,981
|
Tucson Electric Power Co.
|
|
|
1.50%, 8/1/2030
|
448,000
|
350,726
|
4.85%, 12/1/2048
|
232,000
|
196,062
|
5.50%, 4/15/2053
|
115,000
|
107,794
|
Union Electric Co.
|
|
|
3.90%, 4/1/2052
|
45,000
|
34,178
|
5.45%, 3/15/2053
|
555,000
|
532,785
|
Virginia Electric and Power Co. 5.70%, 8/15/2053
|
730,000
|
717,229
|
Vistra Operations Co. LLC
|
|
|
5.50%, 9/1/2026 (a)
|
65,000
|
63,802
|
5.63%, 2/15/2027 (a)
|
1,400,000
|
1,361,795
|
5.00%, 7/31/2027 (a)
|
420,000
|
399,710
|
4.38%, 5/1/2029 (a)
|
275,000
|
248,264
|
4.30%, 7/15/2029 (a)
|
90,000
|
81,628
|
Wisconsin Public Service Corp. 4.75%, 11/1/2044
|
69,000
|
59,670
|
|
|
36,895,659
|
Electrical Equipment — 0.1%
|
||
Eaton Corp. 4.15%, 3/15/2033
|
400,000
|
373,356
|
EnerSys 4.38%, 12/15/2027 (a)
|
450,000
|
411,822
|
Regal Rexnord Corp.
|
|
|
6.05%, 2/15/2026 (a)
|
68,000
|
67,881
|
6.05%, 4/15/2028 (a)
|
135,000
|
132,824
|
6.30%, 2/15/2030 (a)
|
57,000
|
56,330
|
6.40%, 4/15/2033 (a)
|
79,000
|
77,853
|
Sensata Technologies BV
|
|
|
5.00%, 10/1/2025 (a)
|
40,000
|
39,352
|
4.00%, 4/15/2029 (a)
|
700,000
|
628,261
|
Vertiv Group Corp. 4.13%, 11/15/2028 (a)
|
365,000
|
330,389
|
|
|
2,118,068
|
Electronic Equipment, Instruments & Components — 0.1%
|
||
Arrow Electronics, Inc. 2.95%, 2/15/2032
|
20,000
|
16,299
|
Coherent Corp. 5.00%, 12/15/2029 (a)
|
815,000
|
737,594
|
Corning, Inc. 3.90%, 11/15/2049
|
75,000
|
55,486
|
Sensata Technologies, Inc. 4.38%, 2/15/2030 (a)
|
255,000
|
227,267
|
|
|
1,036,646
|
Energy Equipment & Services — 0.1%
|
||
Archrock Partners LP 6.88%, 4/1/2027 (a)
|
155,000
|
153,582
|
Baker Hughes Holdings LLC 2.06%, 12/15/2026
|
400,000
|
365,697
|
Diamond Foreign Asset Co. 8.50%, 10/1/2030 (a)
|
220,000
|
220,634
|
Nabors Industries, Inc. 7.38%, 5/15/2027 (a)
|
225,000
|
217,546
|
Noble Finance II LLC 8.00%, 4/15/2030 (a)
|
320,000
|
328,410
|
JPMorgan Core Plus Bond ETF
SCHEDULE OF PORTFOLIO INVESTMENTS
AS OF November 30, 2023 (Unaudited) (continued)
INVESTMENTS
|
PRINCIPAL
AMOUNT($)
|
VALUE($)
|
Corporate Bonds — continued
|
||
Energy Equipment & Services — continued
|
||
Precision Drilling Corp. (Canada) 7.13%, 1/15/2026 (a)
|
335,000
|
332,963
|
Schlumberger Holdings Corp. 3.90%, 5/17/2028 (a)
|
214,000
|
203,180
|
Transocean, Inc. 8.75%, 2/15/2030 (a)
|
418,000
|
426,898
|
USA Compression Partners LP 6.88%, 4/1/2026
|
435,000
|
432,543
|
|
|
2,681,453
|
Entertainment — 0.4%
|
||
Cinemark USA, Inc.
|
|
|
8.75%, 5/1/2025 (a)
|
79,000
|
79,592
|
5.88%, 3/15/2026 (a)
|
295,000
|
286,206
|
5.25%, 7/15/2028 (a)
|
40,000
|
36,004
|
Live Nation Entertainment, Inc.
|
|
|
5.63%, 3/15/2026 (a)
|
2,000
|
1,946
|
6.50%, 5/15/2027 (a)
|
1,055,000
|
1,054,691
|
4.75%, 10/15/2027 (a)
|
365,000
|
343,100
|
Netflix, Inc. 5.38%, 11/15/2029 (a)
|
88,000
|
88,576
|
Take-Two Interactive Software, Inc. 3.70%, 4/14/2027
|
115,000
|
109,547
|
Walt Disney Co. (The) 6.65%, 11/15/2037
|
170,000
|
190,779
|
Warnermedia Holdings, Inc.
|
|
|
3.76%, 3/15/2027
|
3,150,000
|
2,972,252
|
4.28%, 3/15/2032
|
1,290,000
|
1,137,990
|
5.05%, 3/15/2042
|
1,500,000
|
1,238,449
|
5.14%, 3/15/2052
|
80,000
|
63,941
|
WMG Acquisition Corp. 3.88%, 7/15/2030 (a)
|
100,000
|
87,102
|
|
|
7,690,175
|
Financial Services — 0.3%
|
||
Block, Inc.
|
|
|
2.75%, 6/1/2026
|
309,000
|
284,964
|
3.50%, 6/1/2031
|
690,000
|
577,465
|
Fidelity National Information Services, Inc. 2.25%, 3/1/2031
|
195,000
|
158,120
|
Fiserv, Inc. 3.20%, 7/1/2026
|
170,000
|
161,362
|
Global Payments, Inc.
|
|
|
3.20%, 8/15/2029
|
160,000
|
140,992
|
2.90%, 11/15/2031
|
75,000
|
61,647
|
GTCR W-2 Merger Sub LLC 7.50%, 1/15/2031 (a)
|
430,000
|
438,062
|
LSEGA Financing plc (United Kingdom) 2.00%, 4/6/2028 (a)
|
400,000
|
346,821
|
Nationstar Mortgage Holdings, Inc. 6.00%, 1/15/2027 (a)
|
675,000
|
651,375
|
Nationwide Building Society (United Kingdom) (SOFR + 1.91%), 6.56%, 10/18/2027 (a) (d)
|
350,000
|
355,121
|
NCR Atleos Corp. 9.50%, 4/1/2029 (a)
|
417,000
|
430,632
|
PayPal Holdings, Inc. 5.05%, 6/1/2052
|
100,000
|
95,821
|
Rocket Mortgage LLC
|
|
|
2.88%, 10/15/2026 (a)
|
530,000
|
478,987
|
3.63%, 3/1/2029 (a)
|
410,000
|
360,116
|
Shell International Finance BV (Netherlands)
|
|
|
2.88%, 11/26/2041
|
620,000
|
442,753
|
3.63%, 8/21/2042
|
200,000
|
159,189
|
3.75%, 9/12/2046
|
141,000
|
110,296
|
3.13%, 11/7/2049
|
25,000
|
17,172
|
JPMorgan Core Plus Bond ETF
SCHEDULE OF PORTFOLIO INVESTMENTS
AS OF November 30, 2023 (Unaudited) (continued)
INVESTMENTS
|
PRINCIPAL
AMOUNT($)
|
VALUE($)
|
Corporate Bonds — continued
|
||
Financial Services — continued
|
||
3.00%, 11/26/2051
|
670,000
|
444,360
|
Siemens Financieringsmaatschappij NV (Germany) 3.30%, 9/15/2046 (a)
|
350,000
|
254,997
|
Visa, Inc. 2.70%, 4/15/2040
|
300,000
|
220,006
|
|
|
6,190,258
|
Food Products — 0.2%
|
||
Bunge Ltd. Finance Corp. 2.75%, 5/14/2031
|
385,000
|
325,567
|
Campbell Soup Co. 4.15%, 3/15/2028
|
170,000
|
163,372
|
Cargill, Inc. 4.38%, 4/22/2052 (a)
|
150,000
|
127,515
|
Darling Ingredients, Inc.
|
|
|
5.25%, 4/15/2027 (a)
|
50,000
|
48,553
|
6.00%, 6/15/2030 (a)
|
545,000
|
526,190
|
General Mills, Inc. 4.15%, 2/15/2043
|
200,000
|
160,866
|
JBS USA LUX SA 6.75%, 3/15/2034 (a)
|
250,000
|
251,288
|
Lamb Weston Holdings, Inc. 4.13%, 1/31/2030 (a)
|
795,000
|
711,696
|
Post Holdings, Inc.
|
|
|
5.75%, 3/1/2027 (a)
|
82,000
|
80,589
|
5.50%, 12/15/2029 (a)
|
1,000,000
|
940,032
|
Viterra Finance BV (Netherlands) 3.20%, 4/21/2031 (a)
|
200,000
|
166,219
|
|
|
3,501,887
|
Gas Utilities — 0.1%
|
||
AmeriGas Partners LP
|
|
|
5.50%, 5/20/2025
|
168,000
|
164,534
|
5.88%, 8/20/2026
|
10,000
|
9,765
|
5.75%, 5/20/2027
|
305,000
|
291,305
|
Atmos Energy Corp.
|
|
|
5.50%, 6/15/2041
|
52,000
|
50,630
|
5.75%, 10/15/2052
|
185,000
|
188,230
|
6.20%, 11/15/2053
|
630,000
|
679,568
|
Boston Gas Co. 3.00%, 8/1/2029 (a)
|
37,000
|
32,413
|
Piedmont Natural Gas Co., Inc. 5.05%, 5/15/2052
|
100,000
|
86,864
|
Southern California Gas Co. Series XX, 2.55%, 2/1/2030
|
393,000
|
334,617
|
Southwest Gas Corp. 4.05%, 3/15/2032
|
480,000
|
427,902
|
Superior Plus LP (Canada) 4.50%, 3/15/2029 (a)
|
495,000
|
435,895
|
|
|
2,701,723
|
Ground Transportation — 0.4%
|
||
Avis Budget Car Rental LLC
|
|
|
5.75%, 7/15/2027 (a)
|
600,000
|
566,157
|
4.75%, 4/1/2028 (a)
|
95,000
|
86,086
|
5.38%, 3/1/2029 (a)
|
55,000
|
49,501
|
Burlington Northern Santa Fe LLC
|
|
|
3.55%, 2/15/2050
|
708,000
|
525,143
|
3.05%, 2/15/2051
|
155,000
|
103,064
|
5.20%, 4/15/2054
|
850,000
|
823,842
|
Canadian Pacific Railway Co. (Canada)
|
|
|
2.88%, 11/15/2029
|
1,125,000
|
985,205
|
3.10%, 12/2/2051
|
250,000
|
167,002
|
JPMorgan Core Plus Bond ETF
SCHEDULE OF PORTFOLIO INVESTMENTS
AS OF November 30, 2023 (Unaudited) (continued)
INVESTMENTS
|
PRINCIPAL
AMOUNT($)
|
VALUE($)
|
Corporate Bonds — continued
|
||
Ground Transportation — continued
|
||
CSX Corp. 4.50%, 11/15/2052
|
460,000
|
393,231
|
EquipmentShare.com, Inc. 9.00%, 5/15/2028 (a)
|
355,000
|
349,675
|
First Student Bidco, Inc. 4.00%, 7/31/2029 (a)
|
300,000
|
255,190
|
Hertz Corp. (The) 4.63%, 12/1/2026 (a)
|
860,000
|
757,974
|
Norfolk Southern Corp. 3.95%, 10/1/2042
|
50,000
|
39,611
|
Penske Truck Leasing Co. LP 1.20%, 11/15/2025 (a)
|
376,000
|
343,562
|
RXO, Inc. 7.50%, 11/15/2027 (a)
|
510,000
|
523,571
|
Triton Container International Ltd. (Bermuda) 1.15%, 6/7/2024 (a)
|
400,000
|
389,114
|
Uber Technologies, Inc.
|
|
|
7.50%, 5/15/2025 (a)
|
155,000
|
157,906
|
7.50%, 9/15/2027 (a)
|
435,000
|
442,975
|
Union Pacific Corp.
|
|
|
2.40%, 2/5/2030
|
560,000
|
482,191
|
3.50%, 2/14/2053
|
120,000
|
87,579
|
XPO, Inc.
|
|
|
6.25%, 6/1/2028 (a)
|
330,000
|
326,015
|
7.13%, 6/1/2031 (a)
|
405,000
|
409,364
|
|
|
8,263,958
|
Health Care Equipment & Supplies — 0.2%
|
||
Abbott Laboratories 4.75%, 11/30/2036
|
290,000
|
283,725
|
Avantor Funding, Inc. 4.63%, 7/15/2028 (a)
|
426,000
|
398,468
|
Becton Dickinson & Co. 3.70%, 6/6/2027
|
200,000
|
190,361
|
Boston Scientific Corp. 6.50%, 11/15/2035 (i)
|
700,000
|
758,391
|
DH Europe Finance II SARL 3.25%, 11/15/2039
|
250,000
|
193,428
|
Hologic, Inc. 3.25%, 2/15/2029 (a)
|
605,000
|
531,222
|
Medline Borrower LP
|
|
|
3.88%, 4/1/2029 (a)
|
1,085,000
|
962,988
|
5.25%, 10/1/2029 (a)
|
55,000
|
49,773
|
Teleflex, Inc. 4.25%, 6/1/2028 (a)
|
450,000
|
414,437
|
|
|
3,782,793
|
Health Care Providers & Services — 1.2%
|
||
Acadia Healthcare Co., Inc.
|
|
|
5.50%, 7/1/2028 (a)
|
631,000
|
604,525
|
5.00%, 4/15/2029 (a)
|
175,000
|
163,366
|
AdaptHealth LLC 4.63%, 8/1/2029 (a)
|
85,000
|
67,128
|
Aetna, Inc.
|
|
|
4.13%, 11/15/2042
|
320,000
|
249,146
|
4.75%, 3/15/2044
|
200,000
|
168,041
|
3.88%, 8/15/2047
|
1,735,000
|
1,266,965
|
Centene Corp. 4.63%, 12/15/2029
|
581,000
|
539,594
|
Cigna Group (The) 2.38%, 3/15/2031
|
135,000
|
110,718
|
CommonSpirit Health
|
|
|
1.55%, 10/1/2025
|
13,000
|
12,016
|
2.78%, 10/1/2030
|
13,000
|
10,765
|
3.91%, 10/1/2050
|
15,000
|
10,780
|
Community Health Network, Inc. Series 20-A, 3.10%, 5/1/2050
|
190,000
|
117,127
|
JPMorgan Core Plus Bond ETF
SCHEDULE OF PORTFOLIO INVESTMENTS
AS OF November 30, 2023 (Unaudited) (continued)
INVESTMENTS
|
PRINCIPAL
AMOUNT($)
|
VALUE($)
|
Corporate Bonds — continued
|
||
Health Care Providers & Services — continued
|
||
Community Health Systems, Inc.
|
|
|
8.00%, 3/15/2026 (a)
|
255,000
|
245,504
|
5.63%, 3/15/2027 (a)
|
1,240,000
|
1,106,401
|
4.75%, 2/15/2031 (a)
|
85,000
|
62,363
|
CVS Health Corp.
|
|
|
4.30%, 3/25/2028
|
737,000
|
712,988
|
5.13%, 2/21/2030
|
100,000
|
98,557
|
5.25%, 1/30/2031
|
145,000
|
144,328
|
5.25%, 2/21/2033
|
70,000
|
68,810
|
4.78%, 3/25/2038
|
1,290,000
|
1,157,543
|
2.70%, 8/21/2040
|
50,000
|
33,437
|
DaVita, Inc. 4.63%, 6/1/2030 (a)
|
1,190,000
|
1,005,806
|
Encompass Health Corp.
|
|
|
4.50%, 2/1/2028
|
180,000
|
168,233
|
4.75%, 2/1/2030
|
1,210,000
|
1,099,516
|
4.63%, 4/1/2031
|
75,000
|
65,832
|
Envision Healthcare Corp. 8.75%, 10/15/2026 ‡ (b)
|
20,000
|
—
|
Hackensack Meridian Health, Inc. Series 2020, 2.68%, 9/1/2041
|
50,000
|
33,389
|
HCA, Inc.
|
|
|
5.25%, 6/15/2026
|
570,000
|
565,094
|
4.50%, 2/15/2027
|
580,000
|
562,588
|
5.63%, 9/1/2028
|
1,750,000
|
1,754,607
|
3.50%, 9/1/2030
|
2,012,000
|
1,768,965
|
2.38%, 7/15/2031
|
1,130,000
|
898,979
|
5.50%, 6/15/2047
|
300,000
|
269,365
|
3.50%, 7/15/2051
|
35,000
|
22,934
|
Memorial Health Services 3.45%, 11/1/2049
|
530,000
|
376,622
|
MultiCare Health System 2.80%, 8/15/2050
|
10,000
|
5,766
|
MyMichigan Health Series 2020, 3.41%, 6/1/2050
|
10,000
|
6,727
|
New York and Presbyterian Hospital (The) 2.61%, 8/1/2060
|
5,000
|
2,642
|
Northwell Healthcare, Inc. 4.26%, 11/1/2047
|
110,000
|
86,122
|
Northwestern Memorial Healthcare Obligated Group Series 2021, 2.63%, 7/15/2051
|
617,000
|
377,183
|
Owens & Minor, Inc. 4.50%, 3/31/2029 (a)
|
580,000
|
496,625
|
Quest Diagnostics, Inc.
|
|
|
2.95%, 6/30/2030
|
55,000
|
47,266
|
6.40%, 11/30/2033
|
580,000
|
614,035
|
Sutter Health 5.55%, 8/15/2053
|
150,000
|
147,530
|
Tenet Healthcare Corp.
|
|
|
4.88%, 1/1/2026
|
260,000
|
255,472
|
5.13%, 11/1/2027
|
905,000
|
868,205
|
4.63%, 6/15/2028
|
1,040,000
|
968,648
|
4.25%, 6/1/2029
|
3,138,000
|
2,812,273
|
UnitedHealth Group, Inc.
|
|
|
4.63%, 11/15/2041
|
232,000
|
208,837
|
3.25%, 5/15/2051
|
485,000
|
340,895
|
5.88%, 2/15/2053
|
254,000
|
269,920
|
5.05%, 4/15/2053
|
1,400,000
|
1,326,497
|
|
|
24,376,675
|
JPMorgan Core Plus Bond ETF
SCHEDULE OF PORTFOLIO INVESTMENTS
AS OF November 30, 2023 (Unaudited) (continued)
INVESTMENTS
|
PRINCIPAL
AMOUNT($)
|
VALUE($)
|
Corporate Bonds — continued
|
||
Health Care REITs — 0.0% ^
|
||
Healthpeak OP LLC
|
|
|
2.13%, 12/1/2028
|
64,000
|
54,629
|
3.00%, 1/15/2030
|
87,000
|
74,721
|
Sabra Health Care LP 3.20%, 12/1/2031
|
120,000
|
93,853
|
|
|
223,203
|
Health Care Technology — 0.0% ^
|
||
IQVIA, Inc.
|
|
|
5.00%, 5/15/2027 (a)
|
200,000
|
193,603
|
6.50%, 5/15/2030 (a)
|
510,000
|
514,309
|
|
|
707,912
|
Hotel & Resort REITs — 0.0% ^
|
||
RHP Hotel Properties LP
|
|
|
4.75%, 10/15/2027
|
390,000
|
370,395
|
7.25%, 7/15/2028 (a)
|
555,000
|
563,620
|
|
|
934,015
|
Hotels, Restaurants & Leisure — 0.9%
|
||
1011778 BC ULC (Canada)
|
|
|
5.75%, 4/15/2025 (a)
|
50,000
|
49,834
|
3.88%, 1/15/2028 (a)
|
257,000
|
236,551
|
4.00%, 10/15/2030 (a)
|
290,000
|
250,004
|
Acushnet Co. 7.38%, 10/15/2028 (a)
|
420,000
|
431,344
|
Boyd Gaming Corp. 4.75%, 12/1/2027
|
548,000
|
518,785
|
Boyne USA, Inc. 4.75%, 5/15/2029 (a)
|
577,000
|
521,619
|
Caesars Entertainment, Inc.
|
|
|
6.25%, 7/1/2025 (a)
|
1,140,000
|
1,133,437
|
8.13%, 7/1/2027 (a)
|
285,000
|
290,345
|
Carnival Corp.
|
|
|
5.75%, 3/1/2027 (a)
|
560,000
|
532,322
|
9.88%, 8/1/2027 (a)
|
110,000
|
114,954
|
4.00%, 8/1/2028 (a)
|
1,000,000
|
905,864
|
Carnival Holdings Bermuda Ltd. 10.38%, 5/1/2028 (a)
|
385,000
|
418,649
|
Cedar Fair LP
|
|
|
6.50%, 10/1/2028
|
668,000
|
658,114
|
5.25%, 7/15/2029
|
250,000
|
228,587
|
Hilton Domestic Operating Co., Inc.
|
|
|
5.38%, 5/1/2025 (a)
|
25,000
|
24,824
|
5.75%, 5/1/2028 (a)
|
285,000
|
280,805
|
3.75%, 5/1/2029 (a)
|
345,000
|
309,826
|
4.88%, 1/15/2030
|
1,220,000
|
1,148,272
|
International Game Technology plc 6.25%, 1/15/2027 (a)
|
200,000
|
199,604
|
Las Vegas Sands Corp. 2.90%, 6/25/2025
|
205,000
|
195,006
|
Marriott Ownership Resorts, Inc. 4.50%, 6/15/2029 (a)
|
615,000
|
517,080
|
McDonald's Corp. 5.45%, 8/14/2053
|
430,000
|
423,706
|
MGM Resorts International
|
|
|
6.75%, 5/1/2025
|
130,000
|
130,260
|
4.63%, 9/1/2026
|
355,000
|
340,879
|
JPMorgan Core Plus Bond ETF
SCHEDULE OF PORTFOLIO INVESTMENTS
AS OF November 30, 2023 (Unaudited) (continued)
INVESTMENTS
|
PRINCIPAL
AMOUNT($)
|
VALUE($)
|
Corporate Bonds — continued
|
||
Hotels, Restaurants & Leisure — continued
|
||
5.50%, 4/15/2027
|
726,000
|
703,353
|
Royal Caribbean Cruises Ltd.
|
|
|
11.63%, 8/15/2027 (a)
|
355,000
|
385,015
|
8.25%, 1/15/2029 (a)
|
502,000
|
523,335
|
9.25%, 1/15/2029 (a)
|
1,117,000
|
1,188,688
|
Sands China Ltd. (Macau)
|
|
|
5.38%, 8/8/2025 (i)
|
1,000,000
|
976,045
|
4.30%, 1/8/2026 (i)
|
250,000
|
235,550
|
2.55%, 3/8/2027 (i)
|
200,000
|
175,000
|
Six Flags Entertainment Corp. 7.25%, 5/15/2031 (a)
|
255,000
|
245,885
|
Six Flags Theme Parks, Inc. 7.00%, 7/1/2025 (a)
|
253,000
|
253,875
|
Starbucks Corp.
|
|
|
4.80%, 2/15/2033
|
350,000
|
344,417
|
3.35%, 3/12/2050
|
5,000
|
3,479
|
Station Casinos LLC 4.50%, 2/15/2028 (a)
|
700,000
|
633,115
|
Travel + Leisure Co. 5.65%, 4/1/2024 (i)
|
25,000
|
24,971
|
Vail Resorts, Inc. 6.25%, 5/15/2025 (a)
|
509,000
|
507,543
|
Wynn Las Vegas LLC
|
|
|
5.50%, 3/1/2025 (a)
|
75,000
|
74,096
|
5.25%, 5/15/2027 (a)
|
125,000
|
119,048
|
Wynn Macau Ltd. (Macau)
|
|
|
4.88%, 10/1/2024 (a)
|
375,000
|
366,679
|
5.63%, 8/26/2028 (a)
|
200,000
|
176,773
|
Wynn Resorts Finance LLC 5.13%, 10/1/2029 (a)
|
1,345,000
|
1,211,331
|
Yum! Brands, Inc.
|
|
|
4.75%, 1/15/2030 (a)
|
215,000
|
199,833
|
4.63%, 1/31/2032
|
1,025,000
|
921,701
|
|
|
19,130,403
|
Household Durables — 0.2%
|
||
CD&R Smokey Buyer, Inc. 6.75%, 7/15/2025 (a)
|
410,000
|
396,564
|
MDC Holdings, Inc.
|
|
|
3.85%, 1/15/2030
|
30,000
|
25,966
|
2.50%, 1/15/2031
|
17,000
|
13,123
|
Newell Brands, Inc.
|
|
|
5.20%, 4/1/2026 (i)
|
1,265,000
|
1,221,166
|
6.63%, 9/15/2029
|
540,000
|
526,287
|
6.37%, 4/1/2036 (i)
|
310,000
|
273,774
|
Tempur Sealy International, Inc. 4.00%, 4/15/2029 (a)
|
970,000
|
839,594
|
|
|
3,296,474
|
Household Products — 0.1%
|
||
Central Garden & Pet Co.
|
|
|
5.13%, 2/1/2028
|
145,000
|
137,880
|
4.13%, 10/15/2030
|
165,000
|
141,358
|
Energizer Holdings, Inc.
|
|
|
4.75%, 6/15/2028 (a)
|
655,000
|
585,482
|
4.38%, 3/31/2029 (a)
|
275,000
|
237,183
|
JPMorgan Core Plus Bond ETF
SCHEDULE OF PORTFOLIO INVESTMENTS
AS OF November 30, 2023 (Unaudited) (continued)
INVESTMENTS
|
PRINCIPAL
AMOUNT($)
|
VALUE($)
|
Corporate Bonds — continued
|
||
Household Products — continued
|
||
Spectrum Brands, Inc.
|
|
|
5.00%, 10/1/2029 (a)
|
475,000
|
438,280
|
5.50%, 7/15/2030 (a)
|
540,000
|
504,079
|
|
|
2,044,262
|
Independent Power and Renewable Electricity Producers — 0.2%
|
||
Calpine Corp.
|
|
|
5.25%, 6/1/2026 (a)
|
548,000
|
538,032
|
4.50%, 2/15/2028 (a)
|
260,000
|
245,380
|
5.13%, 3/15/2028 (a)
|
55,000
|
51,762
|
Constellation Energy Generation LLC
|
|
|
3.25%, 6/1/2025
|
187,000
|
180,400
|
5.80%, 3/1/2033
|
240,000
|
241,393
|
6.25%, 10/1/2039
|
85,000
|
85,544
|
5.75%, 10/1/2041
|
120,000
|
112,463
|
5.60%, 6/15/2042
|
215,000
|
200,996
|
6.50%, 10/1/2053
|
1,640,000
|
1,714,714
|
|
|
3,370,684
|
Industrial REITs — 0.0% ^
|
||
Prologis LP
|
|
|
1.75%, 7/1/2030
|
149,000
|
119,022
|
4.75%, 6/15/2033
|
640,000
|
610,955
|
|
|
729,977
|
Insurance — 0.3%
|
||
Alleghany Corp. 3.25%, 8/15/2051
|
50,000
|
34,116
|
Aon Corp. 5.35%, 2/28/2033
|
165,000
|
164,098
|
Athene Global Funding
|
|
|
1.45%, 1/8/2026 (a)
|
370,000
|
335,761
|
2.95%, 11/12/2026 (a)
|
44,000
|
40,258
|
Berkshire Hathaway Finance Corp.
|
|
|
2.50%, 1/15/2051
|
200,000
|
121,973
|
3.85%, 3/15/2052
|
715,000
|
558,939
|
Cincinnati Financial Corp. 6.13%, 11/1/2034
|
200,000
|
201,942
|
Corebridge Global Funding 5.90%, 9/19/2028 (a)
|
140,000
|
141,581
|
Equitable Financial Life Global Funding 1.70%, 11/12/2026 (a)
|
25,000
|
22,160
|
F&G Global Funding 1.75%, 6/30/2026 (a)
|
10,000
|
8,907
|
Fidelity & Guaranty Life Holdings, Inc. 5.50%, 5/1/2025 (a)
|
440,000
|
432,951
|
Great-West Lifeco Finance 2018 LP (Canada) 4.58%, 5/17/2048 (a)
|
20,000
|
16,626
|
Guardian Life Global Funding 5.74%, 10/2/2028 (a)
|
500,000
|
514,104
|
Manulife Financial Corp. (Canada) 4.15%, 3/4/2026
|
42,000
|
41,063
|
Marsh & McLennan Cos., Inc. 5.45%, 3/15/2053
|
155,000
|
151,319
|
MetLife, Inc.
|
|
|
4.13%, 8/13/2042
|
329,000
|
269,692
|
5.00%, 7/15/2052
|
350,000
|
319,883
|
Metropolitan Life Global Funding I 5.15%, 3/28/2033 (a)
|
880,000
|
859,153
|
New York Life Global Funding 3.00%, 1/10/2028 (a)
|
51,000
|
46,818
|
New York Life Insurance Co. 4.45%, 5/15/2069 (a)
|
50,000
|
38,879
|
JPMorgan Core Plus Bond ETF
SCHEDULE OF PORTFOLIO INVESTMENTS
AS OF November 30, 2023 (Unaudited) (continued)
INVESTMENTS
|
PRINCIPAL
AMOUNT($)
|
VALUE($)
|
Corporate Bonds — continued
|
||
Insurance — continued
|
||
Pacific Life Global Funding II 5.50%, 8/28/2026 (a)
|
135,000
|
136,105
|
Pacific Life Insurance Co. (3-MONTH SOFR + 2.80%), 4.30%, 10/24/2067 (a) (d)
|
27,000
|
20,094
|
Pricoa Global Funding I 5.55%, 8/28/2026 (a)
|
175,000
|
176,373
|
Principal Financial Group, Inc. 3.70%, 5/15/2029
|
235,000
|
215,998
|
Progressive Corp. (The)
|
|
|
3.00%, 3/15/2032
|
200,000
|
171,598
|
4.35%, 4/25/2044
|
42,000
|
35,142
|
Prudential Financial, Inc.
|
|
|
3.88%, 3/27/2028
|
32,000
|
30,615
|
3.91%, 12/7/2047
|
250,000
|
190,249
|
Prudential Funding Asia plc (Hong Kong) 3.13%, 4/14/2030
|
470,000
|
407,255
|
Teachers Insurance & Annuity Association of America 4.27%, 5/15/2047 (a)
|
800,000
|
646,826
|
Travelers Cos., Inc. (The) 5.35%, 11/1/2040
|
16,000
|
15,807
|
W R Berkley Corp. 3.55%, 3/30/2052
|
45,000
|
30,022
|
|
|
6,396,307
|
Interactive Media & Services — 0.1%
|
||
Meta Platforms, Inc.
|
|
|
4.80%, 5/15/2030
|
210,000
|
210,199
|
4.45%, 8/15/2052
|
552,000
|
471,954
|
5.60%, 5/15/2053
|
961,000
|
976,397
|
TripAdvisor, Inc. 7.00%, 7/15/2025 (a)
|
420,000
|
421,415
|
|
|
2,079,965
|
IT Services — 0.1%
|
||
Arches Buyer, Inc. 4.25%, 6/1/2028 (a)
|
550,000
|
479,209
|
CGI, Inc. (Canada) 1.45%, 9/14/2026
|
170,000
|
152,042
|
Gartner, Inc. 3.75%, 10/1/2030 (a)
|
130,000
|
113,504
|
Presidio Holdings, Inc. 4.88%, 2/1/2027 (a)
|
410,000
|
396,514
|
Twilio, Inc. 3.63%, 3/15/2029
|
510,000
|
451,526
|
|
|
1,592,795
|
Leisure Products — 0.0% ^
|
||
Hasbro, Inc. 3.90%, 11/19/2029
|
15,000
|
13,489
|
Life Sciences Tools & Services — 0.2%
|
||
Charles River Laboratories International, Inc. 3.75%, 3/15/2029 (a)
|
120,000
|
106,681
|
Danaher Corp. 2.80%, 12/10/2051
|
300,000
|
190,322
|
Thermo Fisher Scientific, Inc.
|
|
|
4.98%, 8/10/2030
|
650,000
|
649,002
|
5.09%, 8/10/2033
|
2,585,000
|
2,579,333
|
|
|
3,525,338
|
Machinery — 0.2%
|
||
Chart Industries, Inc. 7.50%, 1/1/2030 (a)
|
940,000
|
958,713
|
Hillenbrand, Inc. 3.75%, 3/1/2031
|
984,000
|
816,425
|
Illinois Tool Works, Inc. 3.90%, 9/1/2042
|
15,000
|
12,557
|
Otis Worldwide Corp. 5.25%, 8/16/2028
|
450,000
|
452,171
|
Parker-Hannifin Corp.
|
|
|
3.25%, 3/1/2027
|
92,000
|
87,047
|
4.25%, 9/15/2027
|
300,000
|
292,053
|
JPMorgan Core Plus Bond ETF
SCHEDULE OF PORTFOLIO INVESTMENTS
AS OF November 30, 2023 (Unaudited) (continued)
INVESTMENTS
|
PRINCIPAL
AMOUNT($)
|
VALUE($)
|
Corporate Bonds — continued
|
||
Machinery — continued
|
||
Stanley Black & Decker, Inc. 2.75%, 11/15/2050
|
10,000
|
5,702
|
Terex Corp. 5.00%, 5/15/2029 (a)
|
275,000
|
252,154
|
Trinity Industries, Inc.
|
|
|
4.55%, 10/1/2024
|
220,000
|
215,050
|
7.75%, 7/15/2028 (a)
|
320,000
|
326,400
|
Xylem, Inc. 1.95%, 1/30/2028
|
30,000
|
26,369
|
|
|
3,444,641
|
Media — 1.5%
|
||
Charter Communications Operating LLC
|
|
|
2.25%, 1/15/2029
|
665,000
|
560,371
|
2.30%, 2/1/2032
|
1,250,000
|
955,982
|
6.65%, 2/1/2034
|
1,000,000
|
1,024,347
|
3.50%, 6/1/2041
|
85,000
|
56,869
|
3.50%, 3/1/2042
|
575,000
|
380,114
|
3.70%, 4/1/2051
|
40,000
|
24,752
|
3.90%, 6/1/2052
|
95,000
|
60,777
|
Clear Channel Outdoor Holdings, Inc. 5.13%, 8/15/2027 (a)
|
1,102,000
|
1,020,012
|
Comcast Corp.
|
|
|
2.65%, 2/1/2030
|
2,230,000
|
1,950,137
|
4.25%, 10/15/2030
|
1,344,000
|
1,280,977
|
1.95%, 1/15/2031
|
80,000
|
65,103
|
1.50%, 2/15/2031
|
450,000
|
354,445
|
5.50%, 11/15/2032
|
210,000
|
215,214
|
3.90%, 3/1/2038
|
95,000
|
80,885
|
3.25%, 11/1/2039
|
813,000
|
618,283
|
4.00%, 3/1/2048
|
45,000
|
35,541
|
2.89%, 11/1/2051
|
1,520,000
|
957,560
|
5.35%, 5/15/2053
|
2,175,000
|
2,100,168
|
2.94%, 11/1/2056
|
3,348,000
|
2,045,585
|
CSC Holdings LLC
|
|
|
5.25%, 6/1/2024
|
397,000
|
378,183
|
5.38%, 2/1/2028 (a)
|
470,000
|
399,611
|
6.50%, 2/1/2029 (a)
|
1,570,000
|
1,327,875
|
4.50%, 11/15/2031 (a)
|
200,000
|
141,536
|
Directv Financing LLC 5.88%, 8/15/2027 (a)
|
956,000
|
860,248
|
Discovery Communications LLC 4.00%, 9/15/2055
|
45,000
|
29,766
|
DISH DBS Corp.
|
|
|
5.88%, 11/15/2024
|
1,356,000
|
1,190,385
|
5.25%, 12/1/2026 (a)
|
175,000
|
140,709
|
DISH Network Corp. 11.75%, 11/15/2027 (a)
|
980,000
|
972,775
|
Gannett Holdings LLC 6.00%, 11/1/2026 (a)
|
235,000
|
206,353
|
Gray Escrow II, Inc. 5.38%, 11/15/2031 (a)
|
135,000
|
96,242
|
Gray Television, Inc.
|
|
|
7.00%, 5/15/2027 (a)
|
155,000
|
140,856
|
4.75%, 10/15/2030 (a)
|
100,000
|
71,391
|
iHeartCommunications, Inc.
|
|
|
6.38%, 5/1/2026
|
850,000
|
723,341
|
JPMorgan Core Plus Bond ETF
SCHEDULE OF PORTFOLIO INVESTMENTS
AS OF November 30, 2023 (Unaudited) (continued)
INVESTMENTS
|
PRINCIPAL
AMOUNT($)
|
VALUE($)
|
Corporate Bonds — continued
|
||
Media — continued
|
||
8.38%, 5/1/2027
|
25,000
|
17,497
|
5.25%, 8/15/2027 (a)
|
260,000
|
199,254
|
Lamar Media Corp.
|
|
|
3.75%, 2/15/2028
|
215,000
|
197,972
|
4.00%, 2/15/2030
|
600,000
|
534,939
|
News Corp. 3.88%, 5/15/2029 (a)
|
685,000
|
605,976
|
Nexstar Media, Inc.
|
|
|
5.63%, 7/15/2027 (a)
|
785,000
|
743,254
|
4.75%, 11/1/2028 (a)
|
285,000
|
252,267
|
Outfront Media Capital LLC
|
|
|
5.00%, 8/15/2027 (a)
|
461,000
|
434,679
|
7.38%, 2/15/2031 (a)
|
455,000
|
466,602
|
Paramount Global
|
|
|
3.70%, 6/1/2028
|
200,000
|
179,283
|
4.95%, 1/15/2031
|
350,000
|
316,963
|
Scripps Escrow II, Inc. 3.88%, 1/15/2029 (a)
|
270,000
|
226,950
|
Scripps Escrow, Inc. 5.88%, 7/15/2027 (a)
|
115,000
|
96,887
|
Sinclair Television Group, Inc. 4.13%, 12/1/2030 (a)
|
150,000
|
105,375
|
Sirius XM Radio, Inc.
|
|
|
5.00%, 8/1/2027 (a)
|
110,000
|
104,510
|
4.00%, 7/15/2028 (a)
|
2,755,000
|
2,461,569
|
5.50%, 7/1/2029 (a)
|
160,000
|
148,666
|
4.13%, 7/1/2030 (a)
|
485,000
|
409,219
|
Stagwell Global LLC 5.63%, 8/15/2029 (a)
|
520,000
|
455,650
|
TEGNA, Inc.
|
|
|
4.63%, 3/15/2028
|
890,000
|
809,393
|
5.00%, 9/15/2029
|
340,000
|
302,158
|
Univision Communications, Inc.
|
|
|
6.63%, 6/1/2027 (a)
|
540,000
|
532,151
|
4.50%, 5/1/2029 (a)
|
280,000
|
245,679
|
Videotron Ltd. (Canada)
|
|
|
5.38%, 6/15/2024 (a)
|
37,000
|
36,869
|
5.13%, 4/15/2027 (a)
|
215,000
|
208,016
|
|
|
30,558,171
|
Metals & Mining — 0.5%
|
||
Alcoa Nederland Holding BV
|
|
|
5.50%, 12/15/2027 (a)
|
200,000
|
192,007
|
6.13%, 5/15/2028 (a)
|
500,000
|
492,356
|
ATI, Inc.
|
|
|
5.88%, 12/1/2027
|
460,000
|
444,539
|
7.25%, 8/15/2030
|
250,000
|
251,174
|
BHP Billiton Finance USA Ltd. (Australia)
|
|
|
5.25%, 9/8/2030
|
270,000
|
272,566
|
4.90%, 2/28/2033
|
100,000
|
98,460
|
5.25%, 9/8/2033
|
940,000
|
940,513
|
Big River Steel LLC 6.63%, 1/31/2029 (a)
|
635,000
|
633,909
|
Carpenter Technology Corp. 6.38%, 7/15/2028
|
420,000
|
412,616
|
JPMorgan Core Plus Bond ETF
SCHEDULE OF PORTFOLIO INVESTMENTS
AS OF November 30, 2023 (Unaudited) (continued)
INVESTMENTS
|
PRINCIPAL
AMOUNT($)
|
VALUE($)
|
Corporate Bonds — continued
|
||
Metals & Mining — continued
|
||
Cleveland-Cliffs, Inc.
|
|
|
6.75%, 3/15/2026 (a)
|
125,000
|
125,170
|
5.88%, 6/1/2027
|
635,000
|
623,341
|
4.63%, 3/1/2029 (a)
|
310,000
|
278,595
|
FMG Resources August 2006 Pty. Ltd. (Australia)
|
|
|
4.50%, 9/15/2027 (a)
|
100,000
|
94,383
|
5.88%, 4/15/2030 (a)
|
135,000
|
129,789
|
Freeport-McMoRan, Inc.
|
|
|
4.25%, 3/1/2030
|
97,000
|
88,497
|
4.63%, 8/1/2030
|
300,000
|
278,719
|
5.40%, 11/14/2034
|
183,000
|
173,556
|
Glencore Funding LLC (Australia)
|
|
|
3.88%, 10/27/2027 (a)
|
40,000
|
37,570
|
6.13%, 10/6/2028 (a)
|
2,000,000
|
2,043,952
|
2.50%, 9/1/2030 (a)
|
37,000
|
30,287
|
2.85%, 4/27/2031 (a)
|
435,000
|
356,696
|
2.63%, 9/23/2031 (a)
|
102,000
|
82,080
|
Kaiser Aluminum Corp. 4.63%, 3/1/2028 (a)
|
205,000
|
181,584
|
Newcrest Finance Pty. Ltd. (Australia) 5.75%, 11/15/2041 (a)
|
300,000
|
296,494
|
Novelis Corp. 4.75%, 1/30/2030 (a)
|
255,000
|
231,501
|
Nucor Corp. 2.98%, 12/15/2055
|
50,000
|
29,953
|
Rio Tinto Finance USA Ltd. (Australia) 5.20%, 11/2/2040
|
20,000
|
19,281
|
Rio Tinto Finance USA plc (Australia) 4.13%, 8/21/2042
|
370,000
|
313,120
|
Teck Resources Ltd. (Canada) 5.40%, 2/1/2043
|
20,000
|
17,643
|
United States Steel Corp. 6.88%, 3/1/2029
|
147,000
|
146,097
|
Vale Overseas Ltd. (Brazil) 3.75%, 7/8/2030
|
20,000
|
17,564
|
|
|
9,334,012
|
Mortgage Real Estate Investment Trusts (REITs) — 0.0% ^
|
||
Great Ajax Operating Partnership LP Series QIB, 8.88%, 9/1/2027 (a)
|
1,000,000
|
870,187
|
Multi-Utilities — 0.2%
|
||
Ameren Corp.
|
|
|
1.95%, 3/15/2027
|
20,000
|
18,034
|
3.50%, 1/15/2031
|
291,000
|
257,172
|
Ameren Illinois Co. 4.95%, 6/1/2033
|
750,000
|
729,434
|
Berkshire Hathaway Energy Co.
|
|
|
5.15%, 11/15/2043
|
194,000
|
177,795
|
2.85%, 5/15/2051
|
40,000
|
24,804
|
4.60%, 5/1/2053
|
20,000
|
16,344
|
Consolidated Edison Co. of New York, Inc.
|
|
|
Series E, 4.65%, 12/1/2048
|
225,000
|
189,858
|
Series A, 4.13%, 5/15/2049
|
491,000
|
380,526
|
Consumers Energy Co. 4.63%, 5/15/2033
|
365,000
|
348,696
|
DTE Energy Co. 4.88%, 6/1/2028
|
500,000
|
490,215
|
NiSource, Inc. 5.25%, 3/30/2028
|
275,000
|
274,627
|
PG&E Energy Recovery Funding LLC Series A-3, 2.82%, 7/15/2046
|
70,000
|
46,849
|
Puget Sound Energy, Inc.
|
|
|
5.76%, 7/15/2040
|
140,000
|
134,710
|
JPMorgan Core Plus Bond ETF
SCHEDULE OF PORTFOLIO INVESTMENTS
AS OF November 30, 2023 (Unaudited) (continued)
INVESTMENTS
|
PRINCIPAL
AMOUNT($)
|
VALUE($)
|
Corporate Bonds — continued
|
||
Multi-Utilities — continued
|
||
5.45%, 6/1/2053
|
30,000
|
28,793
|
San Diego Gas & Electric Co.
|
|
|
4.95%, 8/15/2028
|
350,000
|
348,654
|
2.95%, 8/15/2051
|
170,000
|
107,643
|
5.35%, 4/1/2053
|
200,000
|
188,945
|
Southern Co. Gas Capital Corp.
|
|
|
5.75%, 9/15/2033
|
160,000
|
161,928
|
4.40%, 5/30/2047
|
100,000
|
78,538
|
Series 21A, 3.15%, 9/30/2051
|
710,000
|
441,758
|
WEC Energy Group, Inc. 5.60%, 9/12/2026
|
270,000
|
271,560
|
|
|
4,716,883
|
Office REITs — 0.0% ^
|
||
Alexandria Real Estate Equities, Inc.
|
|
|
1.88%, 2/1/2033
|
53,000
|
38,879
|
5.15%, 4/15/2053
|
30,000
|
26,833
|
Corporate Office Properties LP 2.25%, 3/15/2026
|
94,000
|
86,230
|
|
|
151,942
|
Oil, Gas & Consumable Fuels — 2.6%
|
||
Aker BP ASA (Norway) 3.10%, 7/15/2031 (a)
|
250,000
|
206,911
|
Antero Midstream Partners LP
|
|
|
7.88%, 5/15/2026 (a)
|
390,000
|
397,651
|
5.75%, 3/1/2027 (a)
|
430,000
|
420,728
|
5.75%, 1/15/2028 (a)
|
395,000
|
382,092
|
Antero Resources Corp.
|
|
|
7.63%, 2/1/2029 (a)
|
798,000
|
817,249
|
5.38%, 3/1/2030 (a)
|
125,000
|
117,078
|
Apache Corp. 4.38%, 10/15/2028
|
179,000
|
164,729
|
Baytex Energy Corp. (Canada)
|
|
|
8.75%, 4/1/2027 (a)
|
310,000
|
318,009
|
8.50%, 4/30/2030 (a)
|
494,000
|
505,169
|
Blue Racer Midstream LLC 6.63%, 7/15/2026 (a)
|
195,000
|
191,383
|
BP Capital Markets America, Inc.
|
|
|
1.75%, 8/10/2030
|
730,000
|
597,875
|
2.72%, 1/12/2032
|
557,000
|
469,837
|
4.81%, 2/13/2033
|
3,360,000
|
3,261,173
|
4.89%, 9/11/2033
|
710,000
|
692,463
|
3.00%, 2/24/2050
|
174,000
|
115,295
|
2.77%, 11/10/2050
|
55,000
|
34,589
|
2.94%, 6/4/2051
|
67,000
|
43,357
|
3.00%, 3/17/2052
|
695,000
|
453,208
|
BP Capital Markets plc (United Kingdom)
|
|
|
(US Treasury Yield Curve Rate T Note Constant Maturity 5 Year + 4.04%), 4.38%, 6/22/2025 (d) (f) (g)
|
85,000
|
81,896
|
(US Treasury Yield Curve Rate T Note Constant Maturity 5 Year + 4.40%), 4.88%, 3/22/2030 (d) (f) (g)
|
155,000
|
139,309
|
Buckeye Partners LP
|
|
|
3.95%, 12/1/2026
|
795,000
|
749,287
|
4.13%, 12/1/2027
|
175,000
|
161,634
|
California Resources Corp. 7.13%, 2/1/2026 (a)
|
325,000
|
326,966
|
JPMorgan Core Plus Bond ETF
SCHEDULE OF PORTFOLIO INVESTMENTS
AS OF November 30, 2023 (Unaudited) (continued)
INVESTMENTS
|
PRINCIPAL
AMOUNT($)
|
VALUE($)
|
Corporate Bonds — continued
|
||
Oil, Gas & Consumable Fuels — continued
|
||
Cameron LNG LLC 3.70%, 1/15/2039 (a)
|
20,000
|
15,839
|
Cheniere Energy Partners LP
|
|
|
4.50%, 10/1/2029
|
319,000
|
297,595
|
4.00%, 3/1/2031
|
135,000
|
119,085
|
3.25%, 1/31/2032
|
240,000
|
197,587
|
Chesapeake Energy Corp.
|
|
|
5.88%, 2/1/2029 (a)
|
650,000
|
624,106
|
6.75%, 4/15/2029 (a)
|
115,000
|
114,591
|
Chord Energy Corp. 6.38%, 6/1/2026 (a)
|
545,000
|
541,485
|
Civitas Resources, Inc.
|
|
|
8.38%, 7/1/2028 (a)
|
290,000
|
297,015
|
8.63%, 11/1/2030 (a)
|
445,000
|
460,897
|
8.75%, 7/1/2031 (a)
|
997,000
|
1,031,864
|
CNX Resources Corp. 7.25%, 3/14/2027 (a)
|
427,000
|
426,607
|
Columbia Pipelines Operating Co. LLC
|
|
|
6.04%, 11/15/2033 (a)
|
360,000
|
363,266
|
6.50%, 8/15/2043 (a)
|
210,000
|
212,499
|
Comstock Resources, Inc.
|
|
|
6.75%, 3/1/2029 (a)
|
925,000
|
851,616
|
5.88%, 1/15/2030 (a)
|
35,000
|
30,360
|
ConocoPhillips Co.
|
|
|
5.05%, 9/15/2033
|
411,000
|
406,001
|
3.80%, 3/15/2052
|
610,000
|
464,779
|
5.55%, 3/15/2054
|
2,340,000
|
2,331,907
|
4.03%, 3/15/2062
|
233,000
|
175,974
|
Coterra Energy, Inc. 3.90%, 5/15/2027
|
30,000
|
28,596
|
Crescent Energy Finance LLC
|
|
|
7.25%, 5/1/2026 (a)
|
593,000
|
588,552
|
9.25%, 2/15/2028 (a)
|
400,000
|
413,360
|
DT Midstream, Inc.
|
|
|
4.13%, 6/15/2029 (a)
|
830,000
|
745,149
|
4.38%, 6/15/2031 (a)
|
180,000
|
157,946
|
4.30%, 4/15/2032 (a)
|
80,000
|
69,354
|
Encino Acquisition Partners Holdings LLC 8.50%, 5/1/2028 (a)
|
415,000
|
404,414
|
Energy Transfer LP
|
|
|
5.75%, 4/1/2025
|
100,000
|
99,553
|
5.63%, 5/1/2027 (a)
|
295,000
|
289,852
|
8.00%, 4/1/2029 (a)
|
215,000
|
222,701
|
4.15%, 9/15/2029
|
1,150,000
|
1,065,965
|
5.75%, 2/15/2033
|
120,000
|
119,499
|
6.55%, 12/1/2033
|
510,000
|
533,509
|
5.80%, 6/15/2038
|
100,000
|
95,467
|
5.35%, 5/15/2045
|
45,000
|
39,229
|
Eni USA, Inc. (Italy) 7.30%, 11/15/2027
|
140,000
|
148,612
|
EnLink Midstream LLC 5.38%, 6/1/2029
|
312,000
|
301,096
|
EnLink Midstream Partners LP
|
|
|
4.85%, 7/15/2026
|
645,000
|
627,639
|
5.60%, 4/1/2044
|
404,000
|
344,256
|
JPMorgan Core Plus Bond ETF
SCHEDULE OF PORTFOLIO INVESTMENTS
AS OF November 30, 2023 (Unaudited) (continued)
INVESTMENTS
|
PRINCIPAL
AMOUNT($)
|
VALUE($)
|
Corporate Bonds — continued
|
||
Oil, Gas & Consumable Fuels — continued
|
||
Enterprise Products Operating LLC Series H, 6.65%, 10/15/2034
|
530,000
|
584,315
|
EQM Midstream Partners LP
|
|
|
4.13%, 12/1/2026
|
420,000
|
396,898
|
7.50%, 6/1/2027 (a)
|
1,245,000
|
1,272,498
|
6.50%, 7/1/2027 (a)
|
405,000
|
405,644
|
5.50%, 7/15/2028
|
365,000
|
354,772
|
4.50%, 1/15/2029 (a)
|
215,000
|
196,161
|
4.75%, 1/15/2031 (a)
|
335,000
|
298,362
|
Exxon Mobil Corp.
|
|
|
4.23%, 3/19/2040
|
750,000
|
666,861
|
3.10%, 8/16/2049
|
220,000
|
152,595
|
Flex Intermediate Holdco LLC
|
|
|
3.36%, 6/30/2031 (a)
|
64,000
|
50,055
|
4.32%, 12/30/2039 (a)
|
20,000
|
13,843
|
Genesis Energy LP
|
|
|
6.25%, 5/15/2026
|
275,000
|
269,275
|
8.00%, 1/15/2027
|
435,000
|
435,400
|
Gray Oak Pipeline LLC 2.60%, 10/15/2025 (a)
|
112,000
|
104,871
|
Gulfport Energy Corp. 8.00%, 5/17/2026 (a)
|
695,000
|
703,597
|
Hess Corp. 4.30%, 4/1/2027
|
1,350,000
|
1,315,007
|
Hess Midstream Operations LP
|
|
|
5.63%, 2/15/2026 (a)
|
105,000
|
103,688
|
5.50%, 10/15/2030 (a)
|
275,000
|
259,526
|
Hilcorp Energy I LP 5.75%, 2/1/2029 (a)
|
1,129,000
|
1,061,079
|
Holly Energy Partners LP 6.38%, 4/15/2027 (a)
|
240,000
|
235,897
|
Kinder Morgan, Inc. 3.25%, 8/1/2050
|
75,000
|
47,734
|
Kinetik Holdings LP 5.88%, 6/15/2030 (a)
|
760,000
|
723,966
|
MEG Energy Corp. (Canada) 5.88%, 2/1/2029 (a)
|
430,000
|
411,023
|
MPLX LP
|
|
|
2.65%, 8/15/2030
|
470,000
|
392,900
|
4.95%, 3/14/2052
|
55,000
|
45,907
|
NGL Energy Operating LLC 7.50%, 2/1/2026 (a)
|
215,000
|
215,808
|
NGPL PipeCo LLC 3.25%, 7/15/2031 (a)
|
10,000
|
8,259
|
NuStar Logistics LP
|
|
|
5.75%, 10/1/2025
|
250,000
|
248,292
|
5.63%, 4/28/2027
|
395,000
|
388,840
|
Permian Resources Operating LLC 5.38%, 1/15/2026 (a)
|
315,000
|
304,704
|
Phillips 66 4.65%, 11/15/2034
|
330,000
|
308,798
|
Pioneer Natural Resources Co.
|
|
|
1.13%, 1/15/2026
|
50,000
|
45,909
|
1.90%, 8/15/2030
|
2,330,000
|
1,911,004
|
Range Resources Corp.
|
|
|
4.88%, 5/15/2025
|
45,000
|
44,287
|
8.25%, 1/15/2029
|
930,000
|
963,768
|
Rockies Express Pipeline LLC
|
|
|
3.60%, 5/15/2025 (a)
|
385,000
|
368,644
|
4.95%, 7/15/2029 (a)
|
465,000
|
429,216
|
4.80%, 5/15/2030 (a)
|
440,000
|
393,948
|
JPMorgan Core Plus Bond ETF
SCHEDULE OF PORTFOLIO INVESTMENTS
AS OF November 30, 2023 (Unaudited) (continued)
INVESTMENTS
|
PRINCIPAL
AMOUNT($)
|
VALUE($)
|
Corporate Bonds — continued
|
||
Oil, Gas & Consumable Fuels — continued
|
||
Sabine Pass Liquefaction LLC
|
|
|
5.63%, 3/1/2025
|
90,000
|
89,918
|
5.88%, 6/30/2026
|
420,000
|
423,914
|
5.00%, 3/15/2027
|
1,225,000
|
1,213,602
|
4.50%, 5/15/2030
|
894,000
|
844,020
|
SM Energy Co.
|
|
|
6.75%, 9/15/2026
|
250,000
|
246,733
|
6.63%, 1/15/2027
|
605,000
|
595,191
|
Southwestern Energy Co.
|
|
|
5.70%, 1/23/2025 (i)
|
2,000
|
1,995
|
8.38%, 9/15/2028
|
305,000
|
315,440
|
5.38%, 2/1/2029
|
660,000
|
627,993
|
5.38%, 3/15/2030
|
370,000
|
350,820
|
Summit Midstream Holdings LLC 9.00%, 10/15/2026 (a) (i)
|
185,000
|
183,859
|
Suncor Energy, Inc. (Canada) 6.80%, 5/15/2038
|
83,000
|
86,920
|
Sunoco LP
|
|
|
6.00%, 4/15/2027
|
185,000
|
183,924
|
5.88%, 3/15/2028
|
430,000
|
421,122
|
4.50%, 5/15/2029
|
180,000
|
164,060
|
Tallgrass Energy Partners LP
|
|
|
7.50%, 10/1/2025 (a)
|
45,000
|
45,259
|
6.00%, 3/1/2027 (a)
|
395,000
|
379,891
|
5.50%, 1/15/2028 (a)
|
55,000
|
50,740
|
6.00%, 12/31/2030 (a)
|
280,000
|
252,819
|
6.00%, 9/1/2031 (a)
|
40,000
|
35,866
|
TotalEnergies Capital International SA (France)
|
|
|
2.99%, 6/29/2041
|
270,000
|
197,725
|
3.46%, 7/12/2049
|
444,000
|
326,975
|
3.13%, 5/29/2050
|
80,000
|
55,075
|
TransCanada PipeLines Ltd. (Canada) 5.10%, 3/15/2049
|
48,000
|
42,801
|
Valero Energy Corp. 2.15%, 9/15/2027
|
25,000
|
22,348
|
Venture Global Calcasieu Pass LLC 3.88%, 8/15/2029 (a)
|
570,000
|
499,808
|
Venture Global LNG, Inc.
|
|
|
8.13%, 6/1/2028 (a)
|
1,620,000
|
1,606,177
|
9.50%, 2/1/2029 (a)
|
785,000
|
809,959
|
8.38%, 6/1/2031 (a)
|
415,000
|
408,911
|
Vital Energy, Inc.
|
|
|
9.50%, 1/15/2025
|
255,000
|
255,988
|
10.13%, 1/15/2028
|
200,000
|
203,647
|
|
|
52,982,561
|
Passenger Airlines — 0.2%
|
||
American Airlines, Inc.
|
|
|
11.75%, 7/15/2025 (a)
|
345,000
|
377,551
|
5.50%, 4/20/2026 (a)
|
1,370,833
|
1,349,528
|
7.25%, 2/15/2028 (a)
|
225,000
|
222,220
|
5.75%, 4/20/2029 (a)
|
1,375,000
|
1,317,304
|
Continental Airlines Pass-Through Trust Series 2012-2, Class A Shares, 4.00%, 10/29/2024
|
25,643
|
24,949
|
JPMorgan Core Plus Bond ETF
SCHEDULE OF PORTFOLIO INVESTMENTS
AS OF November 30, 2023 (Unaudited) (continued)
INVESTMENTS
|
PRINCIPAL
AMOUNT($)
|
VALUE($)
|
Corporate Bonds — continued
|
||
Passenger Airlines — continued
|
||
Delta Air Lines, Inc.
|
|
|
7.38%, 1/15/2026
|
105,000
|
107,529
|
4.38%, 4/19/2028
|
140,000
|
133,536
|
Mileage Plus Holdings LLC 6.50%, 6/20/2027 (a)
|
645,000
|
641,448
|
United Airlines Holdings, Inc.
|
|
|
5.00%, 2/1/2024
|
20,000
|
19,910
|
4.88%, 1/15/2025
|
16,000
|
15,720
|
United Airlines, Inc. 4.63%, 4/15/2029 (a)
|
695,000
|
620,433
|
VistaJet Malta Finance plc (Switzerland) 9.50%, 6/1/2028 (a)
|
270,000
|
223,976
|
|
|
5,054,104
|
Personal Care Products — 0.1%
|
||
Edgewell Personal Care Co.
|
|
|
5.50%, 6/1/2028 (a)
|
545,000
|
519,112
|
4.13%, 4/1/2029 (a)
|
70,000
|
61,757
|
Estee Lauder Cos., Inc. (The) 2.60%, 4/15/2030
|
258,000
|
221,888
|
Kenvue, Inc. 5.10%, 3/22/2043
|
300,000
|
292,194
|
Prestige Brands, Inc. 5.13%, 1/15/2028 (a)
|
265,000
|
251,832
|
|
|
1,346,783
|
Pharmaceuticals — 0.8%
|
||
Astrazeneca Finance LLC (United Kingdom)
|
|
|
4.90%, 3/3/2030
|
2,130,000
|
2,135,531
|
4.88%, 3/3/2033
|
500,000
|
497,370
|
AstraZeneca plc (United Kingdom) 1.38%, 8/6/2030
|
370,000
|
297,790
|
Bausch Health Americas, Inc.
|
|
|
9.25%, 4/1/2026 (a)
|
263,000
|
231,465
|
8.50%, 1/31/2027 (a)
|
88,000
|
43,396
|
Bausch Health Cos., Inc.
|
|
|
5.50%, 11/1/2025 (a)
|
1,357,000
|
1,182,286
|
5.75%, 8/15/2027 (a)
|
30,000
|
16,350
|
4.88%, 6/1/2028 (a)
|
280,000
|
142,498
|
Bristol-Myers Squibb Co.
|
|
|
5.75%, 2/1/2031
|
500,000
|
520,880
|
4.13%, 6/15/2039
|
629,000
|
540,813
|
2.35%, 11/13/2040
|
480,000
|
318,112
|
3.70%, 3/15/2052
|
260,000
|
193,949
|
6.40%, 11/15/2063
|
520,000
|
573,394
|
Catalent Pharma Solutions, Inc. 3.13%, 2/15/2029 (a)
|
500,000
|
418,750
|
Elanco Animal Health, Inc. 6.65%, 8/28/2028 (i)
|
440,000
|
439,450
|
Eli Lilly & Co. 4.95%, 2/27/2063
|
740,000
|
714,057
|
Jazz Securities DAC 4.38%, 1/15/2029 (a)
|
400,000
|
359,850
|
Merck & Co., Inc.
|
|
|
5.00%, 5/17/2053
|
235,000
|
226,091
|
5.15%, 5/17/2063
|
425,000
|
413,390
|
Organon & Co.
|
|
|
4.13%, 4/30/2028 (a)
|
700,000
|
621,579
|
5.13%, 4/30/2031 (a)
|
400,000
|
314,713
|
JPMorgan Core Plus Bond ETF
SCHEDULE OF PORTFOLIO INVESTMENTS
AS OF November 30, 2023 (Unaudited) (continued)
INVESTMENTS
|
PRINCIPAL
AMOUNT($)
|
VALUE($)
|
Corporate Bonds — continued
|
||
Pharmaceuticals — continued
|
||
Pfizer Investment Enterprises Pte. Ltd.
|
|
|
4.75%, 5/19/2033
|
540,000
|
525,324
|
5.30%, 5/19/2053
|
675,000
|
658,149
|
5.34%, 5/19/2063
|
315,000
|
302,960
|
Pfizer, Inc. 4.40%, 5/15/2044
|
500,000
|
446,742
|
Roche Holdings, Inc.
|
|
|
5.49%, 11/13/2030 (a)
|
1,620,000
|
1,662,319
|
5.59%, 11/13/2033 (a)
|
930,000
|
966,200
|
Royalty Pharma plc 1.20%, 9/2/2025
|
166,000
|
153,237
|
Shire Acquisitions Investments Ireland DAC 3.20%, 9/23/2026
|
145,000
|
137,817
|
Takeda Pharmaceutical Co. Ltd. (Japan)
|
|
|
5.00%, 11/26/2028
|
1,000,000
|
992,230
|
3.03%, 7/9/2040
|
400,000
|
288,924
|
Zoetis, Inc.
|
|
|
2.00%, 5/15/2030
|
435,000
|
359,890
|
5.60%, 11/16/2032
|
64,000
|
65,562
|
|
|
16,761,068
|
Real Estate Management & Development — 0.0% ^
|
||
Kennedy-Wilson, Inc. 4.75%, 3/1/2029
|
75,000
|
60,130
|
Ontario Teachers' Cadillac Fairview Properties Trust (Canada) 3.88%, 3/20/2027 (a)
|
200,000
|
187,005
|
Realogy Group LLC 5.75%, 1/15/2029 (a)
|
105,000
|
74,887
|
|
|
322,022
|
Residential REITs — 0.1%
|
||
AvalonBay Communities, Inc. 3.35%, 5/15/2027
|
32,000
|
30,137
|
Camden Property Trust
|
|
|
5.85%, 11/3/2026
|
400,000
|
406,270
|
3.15%, 7/1/2029
|
130,000
|
116,648
|
ERP Operating LP 3.25%, 8/1/2027
|
191,000
|
177,420
|
Essex Portfolio LP 2.65%, 3/15/2032
|
535,000
|
426,268
|
Mid-America Apartments LP 4.20%, 6/15/2028
|
100,000
|
95,435
|
UDR, Inc. 2.10%, 8/1/2032
|
45,000
|
33,518
|
|
|
1,285,696
|
Retail REITs — 0.1%
|
||
NNN REIT, Inc.
|
|
|
3.60%, 12/15/2026
|
39,000
|
36,673
|
5.60%, 10/15/2033
|
100,000
|
97,777
|
Realty Income Corp.
|
|
|
4.13%, 10/15/2026
|
44,000
|
42,581
|
3.25%, 1/15/2031
|
279,000
|
242,237
|
Regency Centers LP 3.70%, 6/15/2030
|
335,000
|
298,694
|
Scentre Group Trust 1 (Australia)
|
|
|
3.50%, 2/12/2025 (a)
|
150,000
|
145,777
|
3.25%, 10/28/2025 (a)
|
160,000
|
152,707
|
|
|
1,016,446
|
Semiconductors & Semiconductor Equipment — 0.4%
|
||
Amkor Technology, Inc. 6.63%, 9/15/2027 (a)
|
690,000
|
693,146
|
JPMorgan Core Plus Bond ETF
SCHEDULE OF PORTFOLIO INVESTMENTS
AS OF November 30, 2023 (Unaudited) (continued)
INVESTMENTS
|
PRINCIPAL
AMOUNT($)
|
VALUE($)
|
Corporate Bonds — continued
|
||
Semiconductors & Semiconductor Equipment — continued
|
||
ams-OSRAM AG (Austria)
|
|
|
7.00%, 7/31/2025 (a)
|
250,000
|
254,238
|
12.25%, 3/30/2029 (a)
|
250,000
|
254,955
|
Entegris Escrow Corp. 5.95%, 6/15/2030 (a)
|
690,000
|
666,510
|
Entegris, Inc.
|
|
|
4.38%, 4/15/2028 (a)
|
460,000
|
429,240
|
3.63%, 5/1/2029 (a)
|
180,000
|
157,361
|
Intel Corp.
|
|
|
5.20%, 2/10/2033
|
400,000
|
405,557
|
5.63%, 2/10/2043
|
193,000
|
196,498
|
5.70%, 2/10/2053
|
921,000
|
935,697
|
KLA Corp.
|
|
|
4.65%, 7/15/2032
|
440,000
|
432,358
|
5.00%, 3/15/2049
|
100,000
|
93,080
|
3.30%, 3/1/2050
|
280,000
|
199,108
|
Marvell Technology, Inc.
|
|
|
5.75%, 2/15/2029
|
550,000
|
555,054
|
2.95%, 4/15/2031
|
85,000
|
71,236
|
NVIDIA Corp. 3.50%, 4/1/2040
|
100,000
|
82,409
|
NXP BV (China)
|
|
|
3.25%, 5/11/2041
|
270,000
|
191,637
|
3.13%, 2/15/2042
|
330,000
|
226,086
|
ON Semiconductor Corp. 3.88%, 9/1/2028 (a)
|
555,000
|
501,734
|
QUALCOMM, Inc.
|
|
|
4.25%, 5/20/2032
|
55,000
|
52,705
|
4.50%, 5/20/2052
|
415,000
|
360,645
|
Synaptics, Inc. 4.00%, 6/15/2029 (a)
|
485,000
|
419,675
|
Texas Instruments, Inc. 5.05%, 5/18/2063
|
551,000
|
523,050
|
TSMC Arizona Corp. (Taiwan) 2.50%, 10/25/2031
|
960,000
|
792,586
|
TSMC Global Ltd. (Taiwan) 1.00%, 9/28/2027 (a)
|
380,000
|
326,614
|
|
|
8,821,179
|
Software — 0.5%
|
||
Black Knight InfoServ LLC 3.63%, 9/1/2028 (a)
|
220,000
|
204,050
|
Clarivate Science Holdings Corp. 3.88%, 7/1/2028 (a)
|
260,000
|
234,581
|
Elastic NV 4.13%, 7/15/2029 (a)
|
480,000
|
428,517
|
Intuit, Inc.
|
|
|
5.20%, 9/15/2033
|
1,000,000
|
1,007,932
|
5.50%, 9/15/2053
|
700,000
|
718,272
|
Microsoft Corp.
|
|
|
1.35%, 9/15/2030 (a)
|
230,000
|
185,869
|
2.50%, 9/15/2050 (a)
|
509,000
|
322,792
|
NCR Voyix Corp.
|
|
|
5.00%, 10/1/2028 (a)
|
680,000
|
619,038
|
5.13%, 4/15/2029 (a)
|
270,000
|
247,279
|
Oracle Corp.
|
|
|
2.65%, 7/15/2026
|
583,000
|
546,147
|
2.30%, 3/25/2028
|
15,000
|
13,338
|
JPMorgan Core Plus Bond ETF
SCHEDULE OF PORTFOLIO INVESTMENTS
AS OF November 30, 2023 (Unaudited) (continued)
INVESTMENTS
|
PRINCIPAL
AMOUNT($)
|
VALUE($)
|
Corporate Bonds — continued
|
||
Software — continued
|
||
4.90%, 2/6/2033
|
1,245,000
|
1,197,780
|
3.80%, 11/15/2037
|
1,150,000
|
937,074
|
3.65%, 3/25/2041
|
115,000
|
87,131
|
3.95%, 3/25/2051
|
375,000
|
277,459
|
5.55%, 2/6/2053
|
1,150,000
|
1,084,111
|
4.38%, 5/15/2055
|
305,000
|
236,290
|
RingCentral, Inc. 8.50%, 8/15/2030 (a)
|
455,000
|
453,271
|
Roper Technologies, Inc. 1.75%, 2/15/2031
|
355,000
|
280,143
|
SS&C Technologies, Inc. 5.50%, 9/30/2027 (a)
|
980,000
|
948,405
|
VMware, Inc. 4.65%, 5/15/2027
|
285,000
|
278,678
|
Workday, Inc. 3.70%, 4/1/2029
|
172,000
|
159,628
|
|
|
10,467,785
|
Specialized REITs — 0.2%
|
||
American Tower Corp.
|
|
|
1.45%, 9/15/2026
|
85,000
|
76,070
|
5.90%, 11/15/2033
|
100,000
|
101,628
|
2.95%, 1/15/2051
|
25,000
|
15,396
|
Crown Castle, Inc.
|
|
|
2.90%, 3/15/2027
|
270,000
|
248,025
|
5.10%, 5/1/2033
|
2,000,000
|
1,912,319
|
Equinix, Inc. 3.90%, 4/15/2032
|
80,000
|
70,929
|
Extra Space Storage LP 2.20%, 10/15/2030
|
88,000
|
69,889
|
Iron Mountain, Inc.
|
|
|
4.88%, 9/15/2027 (a)
|
455,000
|
430,717
|
5.00%, 7/15/2028 (a)
|
610,000
|
569,625
|
Public Storage Operating Co.
|
|
|
2.25%, 11/9/2031
|
90,000
|
72,533
|
5.10%, 8/1/2033
|
304,000
|
298,563
|
SBA Communications Corp. 3.13%, 2/1/2029
|
930,000
|
809,877
|
|
|
4,675,571
|
Specialty Retail — 0.6%
|
||
Asbury Automotive Group, Inc.
|
|
|
4.50%, 3/1/2028
|
297,000
|
273,237
|
4.63%, 11/15/2029 (a)
|
300,000
|
270,180
|
AutoZone, Inc. 1.65%, 1/15/2031
|
150,000
|
117,054
|
Bath & Body Works, Inc.
|
|
|
5.25%, 2/1/2028
|
175,000
|
168,143
|
7.50%, 6/15/2029
|
923,000
|
947,709
|
6.88%, 11/1/2035
|
550,000
|
520,357
|
Gap, Inc. (The) 3.63%, 10/1/2029 (a)
|
430,000
|
354,000
|
Group 1 Automotive, Inc. 4.00%, 8/15/2028 (a)
|
590,000
|
531,701
|
Home Depot, Inc. (The)
|
|
|
1.88%, 9/15/2031
|
770,000
|
619,837
|
4.50%, 9/15/2032
|
540,000
|
529,362
|
4.25%, 4/1/2046
|
301,000
|
255,161
|
3.63%, 4/15/2052
|
805,000
|
604,074
|
Lithia Motors, Inc. 3.88%, 6/1/2029 (a)
|
480,000
|
423,130
|
JPMorgan Core Plus Bond ETF
SCHEDULE OF PORTFOLIO INVESTMENTS
AS OF November 30, 2023 (Unaudited) (continued)
INVESTMENTS
|
PRINCIPAL
AMOUNT($)
|
VALUE($)
|
Corporate Bonds — continued
|
||
Specialty Retail — continued
|
||
Lowe's Cos., Inc.
|
|
|
1.70%, 10/15/2030
|
170,000
|
135,620
|
4.25%, 4/1/2052
|
665,000
|
522,132
|
5.63%, 4/15/2053
|
1,585,000
|
1,541,797
|
O'Reilly Automotive, Inc.
|
|
|
1.75%, 3/15/2031
|
73,000
|
57,256
|
4.70%, 6/15/2032
|
90,000
|
85,922
|
Penske Automotive Group, Inc. 3.75%, 6/15/2029
|
769,000
|
666,942
|
PetSmart, Inc. 4.75%, 2/15/2028 (a)
|
1,000,000
|
914,507
|
Sonic Automotive, Inc. 4.63%, 11/15/2029 (a)
|
615,000
|
542,109
|
SRS Distribution, Inc. 4.63%, 7/1/2028 (a)
|
700,000
|
639,016
|
Staples, Inc.
|
|
|
7.50%, 4/15/2026 (a)
|
480,000
|
424,797
|
10.75%, 4/15/2027 (a)
|
23,000
|
14,959
|
TJX Cos., Inc. (The) 3.88%, 4/15/2030
|
160,000
|
149,630
|
|
|
11,308,632
|
Technology Hardware, Storage & Peripherals — 0.2%
|
||
Apple, Inc.
|
|
|
4.38%, 5/13/2045
|
429,000
|
389,955
|
2.65%, 2/8/2051
|
1,140,000
|
739,272
|
4.85%, 5/10/2053
|
490,000
|
474,284
|
2.85%, 8/5/2061
|
750,000
|
478,614
|
Seagate HDD Cayman
|
|
|
4.09%, 6/1/2029
|
150,000
|
134,567
|
3.13%, 7/15/2029
|
335,000
|
261,237
|
8.25%, 12/15/2029 (a)
|
924,000
|
981,321
|
4.13%, 1/15/2031
|
114,000
|
97,620
|
8.50%, 7/15/2031 (a)
|
230,000
|
245,785
|
9.63%, 12/1/2032 (a)
|
140,000
|
157,250
|
|
|
3,959,905
|
Textiles, Apparel & Luxury Goods — 0.0% ^
|
||
Hanesbrands, Inc. 4.88%, 5/15/2026 (a)
|
130,000
|
122,497
|
William Carter Co. (The) 5.63%, 3/15/2027 (a)
|
205,000
|
198,802
|
|
|
321,299
|
Tobacco — 0.6%
|
||
Altria Group, Inc.
|
|
|
2.45%, 2/4/2032
|
480,000
|
377,003
|
3.40%, 2/4/2041
|
145,000
|
100,126
|
BAT Capital Corp. (United Kingdom)
|
|
|
3.56%, 8/15/2027
|
38,000
|
35,571
|
2.26%, 3/25/2028
|
1,045,000
|
915,461
|
4.74%, 3/16/2032
|
1,000,000
|
926,570
|
6.42%, 8/2/2033
|
1,890,000
|
1,924,389
|
4.39%, 8/15/2037
|
600,000
|
484,693
|
4.54%, 8/15/2047
|
665,000
|
486,704
|
Imperial Brands Finance plc (United Kingdom) 6.13%, 7/27/2027 (a)
|
285,000
|
288,889
|
JPMorgan Core Plus Bond ETF
SCHEDULE OF PORTFOLIO INVESTMENTS
AS OF November 30, 2023 (Unaudited) (continued)
INVESTMENTS
|
PRINCIPAL
AMOUNT($)
|
VALUE($)
|
Corporate Bonds — continued
|
||
Tobacco — continued
|
||
Philip Morris International, Inc.
|
|
|
3.13%, 3/2/2028
|
459,000
|
425,825
|
5.75%, 11/17/2032
|
820,000
|
838,755
|
5.38%, 2/15/2033
|
1,545,000
|
1,521,455
|
5.63%, 9/7/2033
|
3,140,000
|
3,154,859
|
4.38%, 11/15/2041
|
345,000
|
288,334
|
4.13%, 3/4/2043
|
100,000
|
79,396
|
|
|
11,848,030
|
Trading Companies & Distributors — 0.3%
|
||
Air Lease Corp.
|
|
|
3.38%, 7/1/2025
|
92,000
|
88,280
|
1.88%, 8/15/2026
|
50,000
|
45,236
|
Aviation Capital Group LLC 4.13%, 8/1/2025 (a)
|
110,000
|
105,727
|
Herc Holdings, Inc. 5.50%, 7/15/2027 (a)
|
565,000
|
548,633
|
Imola Merger Corp. 4.75%, 5/15/2029 (a)
|
740,000
|
672,356
|
United Rentals North America, Inc.
|
|
|
4.88%, 1/15/2028
|
1,245,000
|
1,197,428
|
5.25%, 1/15/2030
|
1,195,000
|
1,141,721
|
3.88%, 2/15/2031
|
185,000
|
161,141
|
WESCO Distribution, Inc.
|
|
|
7.13%, 6/15/2025 (a)
|
85,000
|
85,121
|
7.25%, 6/15/2028 (a)
|
1,145,000
|
1,164,284
|
|
|
5,209,927
|
Transportation Infrastructure — 0.0% ^
|
||
Transurban Finance Co. Pty. Ltd. (Australia) 2.45%, 3/16/2031 (a)
|
212,000
|
170,492
|
Wireless Telecommunication Services — 0.4%
|
||
Hughes Satellite Systems Corp.
|
|
|
5.25%, 8/1/2026
|
185,000
|
157,959
|
6.63%, 8/1/2026
|
215,000
|
169,099
|
Rogers Communications, Inc. (Canada) 4.55%, 3/15/2052
|
40,000
|
31,731
|
Sprint LLC
|
|
|
7.13%, 6/15/2024
|
30,000
|
30,141
|
7.63%, 3/1/2026
|
71,000
|
73,623
|
T-Mobile USA, Inc.
|
|
|
4.80%, 7/15/2028
|
2,140,000
|
2,108,267
|
2.63%, 2/15/2029
|
28,000
|
24,649
|
3.38%, 4/15/2029
|
3,835,000
|
3,475,613
|
2.55%, 2/15/2031
|
67,000
|
55,541
|
5.20%, 1/15/2033
|
750,000
|
738,508
|
5.05%, 7/15/2033
|
355,000
|
344,205
|
|
|
7,209,336
|
Total Corporate Bonds
(Cost $605,903,269)
|
|
600,312,683
|
Mortgage-Backed Securities — 22.8%
|
||
FHLMC Gold Pools, 30 Year Pool # G60855, 4.50%, 12/1/2045
|
64,329
|
61,854
|
JPMorgan Core Plus Bond ETF
SCHEDULE OF PORTFOLIO INVESTMENTS
AS OF November 30, 2023 (Unaudited) (continued)
INVESTMENTS
|
PRINCIPAL
AMOUNT($)
|
VALUE($)
|
Mortgage-Backed Securities — continued
|
||
FHLMC Gold Pools, Other
|
|
|
Pool # WN1158, 1.80%, 11/1/2028
|
4,000,000
|
3,456,983
|
Pool # WN2203, 3.75%, 8/1/2032
|
1,200,000
|
1,090,669
|
Pool # WN3233, 3.19%, 7/1/2033
|
4,000,000
|
3,485,218
|
Pool # N31271, 4.50%, 1/1/2036
|
12,962
|
12,378
|
Pool # RE0003, 4.00%, 7/1/2049
|
2,199,172
|
2,063,726
|
FHLMC UMBS, 20 Year Pool # SC0310, 2.00%, 8/1/2042
|
918,647
|
759,698
|
FHLMC UMBS, 30 Year
|
|
|
Pool # QA5045, 4.00%, 11/1/2049
|
43,310
|
39,916
|
Pool # RA1983, 3.00%, 2/1/2050
|
4,183,058
|
3,580,325
|
Pool # QB1397, 2.50%, 7/1/2050
|
2,153,671
|
1,756,864
|
Pool # SD8089, 2.50%, 7/1/2050
|
4,321,826
|
3,531,443
|
Pool # QC7968, 2.50%, 10/1/2051
|
4,135,270
|
3,375,420
|
Pool # RA6222, 3.00%, 11/1/2051
|
3,420,827
|
2,901,884
|
Pool # SD2301, 3.50%, 3/1/2052
|
1,358,652
|
1,198,392
|
Pool # SD1464, 3.00%, 5/1/2052
|
1,029,988
|
871,647
|
Pool # SD3781, 4.00%, 7/1/2052
|
5,549,627
|
5,043,943
|
Pool # SD1303, 4.50%, 7/1/2052
|
1,564,413
|
1,468,023
|
Pool # SD4181, 3.50%, 8/1/2052
|
5,973,856
|
5,245,208
|
Pool # QE8091, 4.00%, 8/1/2052
|
1,713,502
|
1,557,537
|
Pool # SD1725, 4.00%, 10/1/2052
|
1,907,814
|
1,734,159
|
Pool # QF3433, 5.00%, 11/1/2052
|
1,946,997
|
1,876,460
|
Pool # RA8766, 5.00%, 3/1/2053
|
1,928,053
|
1,857,461
|
Pool # SD3567, 4.50%, 5/1/2053
|
3,932,281
|
3,684,743
|
Pool # RA9669, 5.00%, 8/1/2053
|
3,874,056
|
3,729,108
|
FNMA UMBS, 20 Year Pool # MA3004, 4.00%, 5/1/2037
|
316,280
|
303,058
|
FNMA UMBS, 30 Year
|
|
|
Pool # AL2374, 4.00%, 12/1/2041
|
91,691
|
86,151
|
Pool # AL4244, 4.00%, 7/1/2042
|
106,066
|
99,548
|
Pool # BM1164, 3.50%, 12/1/2045
|
74,390
|
67,231
|
Pool # MA3073, 4.50%, 7/1/2047
|
17,578
|
16,833
|
Pool # BK4769, 5.00%, 8/1/2048
|
306,305
|
300,386
|
Pool # BN5013, 5.00%, 1/1/2049
|
110,380
|
107,879
|
Pool # BO1073, 4.50%, 6/1/2049
|
13,122
|
12,406
|
Pool # BO3039, 3.00%, 7/1/2049
|
158,771
|
136,543
|
Pool # BN6475, 4.00%, 7/1/2049
|
7,682
|
7,108
|
Pool # BO2562, 4.00%, 7/1/2049
|
69,337
|
64,262
|
Pool # BO4519, 4.00%, 8/1/2049
|
3,457
|
3,187
|
Pool # BO2203, 3.50%, 9/1/2049
|
225,771
|
201,651
|
Pool # FS1186, 3.50%, 1/1/2050
|
1,684,970
|
1,486,659
|
Pool # FM3365, 3.00%, 3/1/2050
|
2,929,099
|
2,506,526
|
Pool # CA5702, 2.50%, 5/1/2050
|
1,300,721
|
1,069,882
|
Pool # CA6989, 2.50%, 9/1/2050
|
4,657,557
|
3,837,472
|
Pool # CB0397, 3.00%, 5/1/2051
|
1,043,529
|
887,216
|
Pool # FS5384, 2.50%, 6/1/2051
|
5,850,657
|
4,803,029
|
Pool # CB1406, 3.00%, 8/1/2051
|
14,408,691
|
12,250,276
|
Pool # CB1411, 3.00%, 8/1/2051
|
3,893,586
|
3,310,013
|
Pool # BU0070, 2.50%, 10/1/2051
|
917,009
|
743,095
|
Pool # FS0009, 3.50%, 11/1/2051
|
3,104,861
|
2,735,291
|
JPMorgan Core Plus Bond ETF
SCHEDULE OF PORTFOLIO INVESTMENTS
AS OF November 30, 2023 (Unaudited) (continued)
INVESTMENTS
|
PRINCIPAL
AMOUNT($)
|
VALUE($)
|
Mortgage-Backed Securities — continued
|
||
Pool # FM9961, 3.00%, 12/1/2051
|
455,920
|
385,659
|
Pool # MA4494, 3.00%, 12/1/2051
|
4,082,431
|
3,460,464
|
Pool # FS4108, 4.00%, 12/1/2051
|
3,886,769
|
3,538,240
|
Pool # CB2637, 2.50%, 1/1/2052
|
461,402
|
374,846
|
Pool # BV0273, 3.00%, 1/1/2052
|
287,373
|
243,378
|
Pool # CB2670, 3.00%, 1/1/2052
|
435,034
|
368,236
|
Pool # MA4548, 2.50%, 2/1/2052
|
6,435,697
|
5,219,464
|
Pool # BV3930, 3.00%, 2/1/2052
|
545,186
|
461,734
|
Pool # BV0295, 3.50%, 2/1/2052
|
593,695
|
531,322
|
Pool # FS0957, 3.00%, 3/1/2052
|
267,648
|
226,288
|
Pool # FS1954, 3.00%, 3/1/2052
|
1,762,068
|
1,520,354
|
Pool # FS4393, 3.00%, 3/1/2052
|
3,297,973
|
2,796,509
|
Pool # CB3132, 3.50%, 3/1/2052
|
2,855,300
|
2,504,364
|
Pool # CB3378, 4.00%, 4/1/2052
|
3,206,912
|
2,914,034
|
Pool # CB3384, 4.00%, 4/1/2052
|
8,320,950
|
7,561,007
|
Pool # BW6017, 3.50%, 5/1/2052
|
585,788
|
518,762
|
Pool # CB3608, 3.50%, 5/1/2052
|
4,904,769
|
4,305,727
|
Pool # FS2588, 4.50%, 8/1/2052
|
1,580,276
|
1,480,556
|
Pool # FS3536, 4.50%, 8/1/2052
|
1,855,942
|
1,738,951
|
Pool # CB4830, 4.50%, 9/1/2052
|
1,402,871
|
1,315,569
|
Pool # FS3829, 4.50%, 9/1/2052
|
1,345,262
|
1,262,354
|
Pool # CB4628, 5.00%, 9/1/2052
|
2,287,854
|
2,204,497
|
Pool # FS2982, 5.00%, 9/1/2052
|
2,926,438
|
2,821,171
|
Pool # CB4837, 5.00%, 10/1/2052
|
1,475,774
|
1,426,801
|
Pool # BX0627, 5.00%, 11/1/2052
|
1,968,357
|
1,896,035
|
Pool # CB5413, 4.00%, 12/1/2052
|
1,963,260
|
1,782,958
|
Pool # CB5428, 4.50%, 12/1/2052
|
1,968,808
|
1,844,773
|
Pool # BX3808, 5.00%, 3/1/2053
|
977,965
|
945,421
|
Pool # BX3811, 5.00%, 3/1/2053
|
1,596,171
|
1,537,731
|
Pool # CB5896, 5.00%, 3/1/2053
|
1,884,775
|
1,814,600
|
Pool # BX3824, 5.50%, 3/1/2053
|
361,456
|
356,457
|
Pool # CB5907, 5.50%, 3/1/2053
|
1,122,947
|
1,112,523
|
Pool # BY4714, 5.00%, 6/1/2053
|
3,173,620
|
3,054,959
|
Pool # BY4776, 5.00%, 7/1/2053
|
2,985,590
|
2,873,960
|
Pool # BY4736, 5.50%, 7/1/2053
|
2,806,470
|
2,766,992
|
Pool # BY7218, 5.00%, 9/1/2053
|
1,556,975
|
1,498,590
|
FNMA, Other
|
|
|
Pool # AM8846, 2.68%, 5/1/2025
|
137,933
|
132,794
|
Pool # AM0414, 2.87%, 9/1/2027
|
393,599
|
365,846
|
Pool # AN7560, 2.90%, 12/1/2027
|
180,424
|
166,414
|
Pool # BS8981, 5.04%, 2/1/2029
|
3,822,000
|
3,844,881
|
Pool # BL2367, 3.48%, 5/1/2029
|
529,371
|
493,814
|
Pool # BS6079, 3.52%, 7/1/2029
|
2,500,000
|
2,328,567
|
Pool # AN6730, 3.01%, 9/1/2029
|
2,003,321
|
1,821,460
|
Pool # BS6621, 3.50%, 9/1/2029
|
4,000,000
|
3,700,818
|
Pool # BS7011, 4.81%, 9/1/2029
|
2,975,475
|
2,939,884
|
Pool # BS8075, 5.00%, 9/1/2029
|
1,500,000
|
1,504,533
|
Pool # BS1577, 1.82%, 2/1/2030
|
847,789
|
711,550
|
Pool # BS6827, 4.19%, 5/1/2030
|
907,330
|
869,882
|
JPMorgan Core Plus Bond ETF
SCHEDULE OF PORTFOLIO INVESTMENTS
AS OF November 30, 2023 (Unaudited) (continued)
INVESTMENTS
|
PRINCIPAL
AMOUNT($)
|
VALUE($)
|
Mortgage-Backed Securities — continued
|
||
Pool # BS4878, 2.44%, 6/1/2030
|
587,543
|
508,003
|
Pool # BS8846, 4.09%, 7/1/2030
|
2,500,000
|
2,377,514
|
Pool # BS9022, 4.46%, 7/1/2030
|
2,640,000
|
2,565,714
|
Pool # 387898, 3.71%, 8/1/2030
|
735,876
|
681,741
|
Pool # BS6088, 4.04%, 8/1/2030
|
4,615,000
|
4,355,497
|
Pool # BS5171, 2.51%, 10/1/2030
|
1,925,000
|
1,648,704
|
Pool # BS5985, 3.99%, 11/1/2030
|
425,000
|
400,717
|
Pool # BS8033, 4.43%, 11/1/2030
|
3,090,000
|
2,992,382
|
Pool # BS8306, 4.52%, 12/1/2030
|
2,984,579
|
2,906,130
|
Pool # BS9296, 4.80%, 12/1/2030
|
2,505,000
|
2,478,355
|
Pool # BL9645, 1.50%, 1/1/2031
|
100,000
|
79,119
|
Pool # BL9627, 1.56%, 1/1/2031
|
500,000
|
397,405
|
Pool # BS1731, 1.82%, 1/1/2031
|
960,967
|
788,298
|
Pool # BS1304, 1.54%, 3/1/2031
|
1,500,000
|
1,182,868
|
Pool # BS2422, 1.67%, 7/1/2031
|
1,200,000
|
946,936
|
Pool # BS2898, 1.56%, 9/1/2031
|
1,000,000
|
778,333
|
Pool # BS4116, 2.28%, 10/1/2031
|
767,168
|
634,877
|
Pool # BS3612, 1.93%, 11/1/2031
|
1,500,000
|
1,196,787
|
Pool # BM6857, 1.83%, 12/1/2031 (h)
|
23,487,595
|
18,673,442
|
Pool # BS4505, 1.93%, 1/1/2032
|
8,000,000
|
6,427,058
|
Pool # BS4563, 2.01%, 1/1/2032
|
1,100,000
|
885,617
|
Pool # BS3464, 2.03%, 1/1/2032
|
1,112,000
|
898,151
|
Pool # BS4709, 2.22%, 2/1/2032
|
2,000,000
|
1,617,986
|
Pool # BM7037, 1.75%, 3/1/2032 (h)
|
1,099,165
|
868,114
|
Pool # BS4654, 2.39%, 3/1/2032
|
1,453,360
|
1,213,307
|
Pool # BL6367, 1.82%, 4/1/2032
|
326,441
|
261,457
|
Pool # BS5130, 2.55%, 4/1/2032
|
485,913
|
411,592
|
Pool # BS5463, 3.34%, 5/1/2032
|
1,749,456
|
1,565,816
|
Pool # BS5597, 3.59%, 5/1/2032
|
1,175,000
|
1,057,927
|
Pool # BS5195, 2.80%, 6/1/2032
|
2,042,650
|
1,735,547
|
Pool # BS5875, 3.66%, 6/1/2032
|
2,115,280
|
1,917,289
|
Pool # BS6301, 3.67%, 8/1/2032
|
945,000
|
856,809
|
Pool # BS6385, 3.89%, 8/1/2032
|
2,452,921
|
2,275,564
|
Pool # BS6448, 3.93%, 8/1/2032
|
1,550,000
|
1,433,682
|
Pool # BS6502, 3.41%, 9/1/2032
|
2,969,798
|
2,661,974
|
Pool # BS6335, 3.75%, 9/1/2032
|
1,030,000
|
942,689
|
Pool # BS6339, 3.80%, 9/1/2032
|
1,056,986
|
964,659
|
Pool # BS6347, 4.03%, 9/1/2032
|
350,000
|
320,769
|
Pool # BS6417, 3.83%, 10/1/2032
|
2,615,976
|
2,404,916
|
Pool # BS6951, 3.90%, 10/1/2032
|
13,290,000
|
12,194,476
|
Pool # BS6759, 3.97%, 10/1/2032
|
893,172
|
832,519
|
Pool # BL8708, 1.40%, 11/1/2032
|
200,000
|
147,477
|
Pool # BS6995, 4.18%, 11/1/2032
|
1,015,000
|
953,436
|
Pool # BS6849, 4.23%, 11/1/2032
|
788,958
|
747,601
|
Pool # BS6815, 4.71%, 11/1/2032
|
1,283,000
|
1,253,606
|
Pool # BS6994, 4.85%, 11/1/2032
|
661,000
|
652,807
|
Pool # BS7203, 4.98%, 11/1/2032
|
1,249,000
|
1,246,788
|
Pool # BS7095, 4.80%, 12/1/2032
|
1,023,597
|
1,007,180
|
Pool # BS7663, 4.71%, 1/1/2033
|
2,000,000
|
1,958,934
|
JPMorgan Core Plus Bond ETF
SCHEDULE OF PORTFOLIO INVESTMENTS
AS OF November 30, 2023 (Unaudited) (continued)
INVESTMENTS
|
PRINCIPAL
AMOUNT($)
|
VALUE($)
|
Mortgage-Backed Securities — continued
|
||
Pool # BS7671, 4.76%, 2/1/2033
|
2,177,000
|
2,135,536
|
Pool # BS8334, 4.71%, 3/1/2033
|
2,368,369
|
2,307,631
|
Pool # BS1636, 2.25%, 4/1/2033
|
1,138,043
|
911,301
|
Pool # BS7740, 4.11%, 4/1/2033
|
2,000,000
|
1,860,099
|
Pool # BS8277, 4.39%, 4/1/2033
|
3,014,000
|
2,869,549
|
Pool # BS8157, 4.51%, 4/1/2033
|
2,750,000
|
2,642,994
|
Pool # BS8256, 4.53%, 4/1/2033
|
2,000,000
|
1,927,991
|
Pool # BS8055, 4.71%, 4/1/2033
|
1,500,000
|
1,466,005
|
Pool # BS8250, 4.51%, 5/1/2033
|
1,755,340
|
1,689,581
|
Pool # BS8152, 4.55%, 5/1/2033
|
2,000,000
|
1,927,866
|
Pool # BS8703, 4.48%, 6/1/2033
|
3,000,000
|
2,876,718
|
Pool # AN6000, 3.21%, 7/1/2033
|
956,509
|
834,331
|
Pool # AN9725, 3.76%, 7/1/2033
|
100,620
|
91,961
|
Pool # BS8883, 4.58%, 7/1/2033
|
2,558,000
|
2,470,784
|
Pool # BS9146, 4.35%, 8/1/2033
|
2,000,000
|
1,895,841
|
Pool # BS6038, 3.98%, 9/1/2033
|
2,085,000
|
1,896,035
|
Pool # BS8897, 4.55%, 9/1/2033
|
3,115,000
|
3,001,387
|
Pool # BS9616, 4.79%, 9/1/2033
|
1,203,000
|
1,174,910
|
Pool # BS9470, 4.45%, 10/1/2033
|
3,000,000
|
2,865,550
|
Pool # BS9182, 4.52%, 10/1/2033
|
1,216,000
|
1,168,164
|
Pool # BS9310, 4.64%, 10/1/2033
|
1,718,898
|
1,662,275
|
Pool # BS4197, 2.14%, 12/1/2033
|
500,000
|
396,846
|
Pool # BL3625, 2.89%, 9/1/2034
|
2,107,000
|
1,740,246
|
Pool # BL3756, 2.92%, 9/1/2034
|
5,000,000
|
4,193,213
|
Pool # BS6427, 3.75%, 9/1/2034
|
1,010,000
|
900,568
|
Pool # BL3772, 2.92%, 10/1/2034
|
678,073
|
571,718
|
Pool # BS5018, 2.88%, 10/1/2035
|
750,000
|
584,862
|
Pool # AN7345, 3.21%, 11/1/2037
|
620,260
|
524,992
|
Pool # MA1072, 3.50%, 5/1/2042
|
9,537
|
8,651
|
Pool # BF0533, 2.50%, 11/1/2050
|
1,202,477
|
984,555
|
Pool # BF0230, 5.50%, 1/1/2058
|
383,380
|
389,834
|
Pool # BF0300, 4.00%, 8/1/2058
|
5,637,631
|
5,175,327
|
Pool # BF0400, 4.00%, 8/1/2059
|
636,187
|
576,904
|
Pool # BF0497, 3.00%, 7/1/2060
|
68,858
|
56,186
|
Pool # BF0520, 3.00%, 1/1/2061
|
3,242,142
|
2,688,635
|
Pool # BF0560, 2.50%, 9/1/2061
|
882,499
|
692,866
|
Pool # BF0562, 3.50%, 9/1/2061
|
852,955
|
739,588
|
Pool # BF0583, 4.00%, 12/1/2061
|
866,462
|
786,752
|
Pool # BF0586, 5.00%, 12/1/2061
|
862,882
|
834,530
|
Pool # BF0617, 2.50%, 3/1/2062
|
3,132,333
|
2,453,422
|
Pool # BF0677, 4.00%, 9/1/2062
|
3,052,342
|
2,771,531
|
FNMA/FHLMC UMBS, Single Family, 30 Year
|
|
|
TBA, 2.50%, 12/25/2053 (k)
|
2,140,000
|
1,732,397
|
TBA, 4.00%, 12/25/2053 (k)
|
1,825,000
|
1,656,722
|
TBA, 5.50%, 12/25/2053 (k)
|
25,000,000
|
24,632,571
|
TBA, 6.00%, 12/25/2053 (k)
|
15,000,000
|
15,041,647
|
GNMA I, 30 Year
|
|
|
Pool # CO1928, 5.50%, 10/15/2052
|
1,273,694
|
1,263,146
|
Pool # CR2369, 6.00%, 1/15/2053
|
1,797,465
|
1,843,596
|
JPMorgan Core Plus Bond ETF
SCHEDULE OF PORTFOLIO INVESTMENTS
AS OF November 30, 2023 (Unaudited) (continued)
INVESTMENTS
|
PRINCIPAL
AMOUNT($)
|
VALUE($)
|
Mortgage-Backed Securities — continued
|
||
GNMA II
|
|
|
Pool # CJ7125, ARM, 6.73%, 10/20/2071 (h)
|
462,583
|
472,545
|
Pool # CJ7141, ARM, 6.71%, 11/20/2071 (h)
|
444,826
|
453,017
|
Pool # CE9384, ARM, 6.76%, 11/20/2071 (h)
|
753,116
|
769,916
|
Pool # CE5557, ARM, 6.92%, 11/20/2071 (h)
|
103,572
|
106,464
|
Pool # CK2792, ARM, 7.21%, 3/20/2072 (h)
|
831,155
|
855,340
|
Pool # CO0363, ARM, 7.37%, 7/20/2072 (h)
|
778,607
|
809,910
|
GNMA II, 30 Year
|
|
|
Pool # AJ9020, 4.50%, 10/20/2044
|
32,912
|
31,235
|
Pool # BB3525, 4.00%, 9/20/2047
|
23,588
|
21,955
|
Pool # BM2418, 4.00%, 8/20/2049
|
14,234
|
13,429
|
Pool # BN7049, 4.50%, 8/20/2049
|
131,767
|
126,028
|
Pool # BP7160, 4.50%, 9/20/2049
|
85,220
|
83,583
|
Pool # CH1162, 3.50%, 6/20/2050
|
219,683
|
204,054
|
Pool # CB8492, 3.50%, 1/20/2051
|
1,630,414
|
1,528,820
|
Pool # CB8531, 3.50%, 2/20/2051
|
716,750
|
660,327
|
Pool # CC9803, 4.00%, 4/20/2051
|
214,577
|
198,437
|
Pool # MA7534, 2.50%, 8/20/2051
|
4,281,306
|
3,576,213
|
Pool # CH1291, 3.50%, 9/20/2051
|
902,571
|
814,620
|
Pool # CH1293, 3.50%, 9/20/2051
|
2,576,321
|
2,369,890
|
Pool # CH1292, 3.50%, 10/20/2051
|
1,037,833
|
944,407
|
Pool # MA7705, 2.50%, 11/20/2051
|
5,906,873
|
4,933,273
|
Pool # CH7863, 3.50%, 12/20/2051
|
659,211
|
592,532
|
Pool # CI2080, 3.50%, 12/20/2051
|
787,524
|
694,642
|
Pool # CH0876, 3.00%, 1/20/2052
|
96,955
|
84,299
|
Pool # CH0877, 3.00%, 1/20/2052
|
268,764
|
233,498
|
Pool # CH0878, 3.00%, 1/20/2052
|
303,074
|
263,114
|
Pool # CJ3916, 3.00%, 1/20/2052
|
732,384
|
649,407
|
Pool # CK2608, 3.00%, 1/20/2052
|
464,002
|
402,256
|
Pool # CK4909, 3.00%, 1/20/2052
|
96,324
|
83,506
|
Pool # CK4916, 3.00%, 1/20/2052
|
202,021
|
174,837
|
Pool # CJ8184, 3.50%, 1/20/2052
|
605,217
|
541,003
|
Pool # CK4918, 3.50%, 1/20/2052
|
70,845
|
63,767
|
Pool # CK7137, 4.00%, 1/20/2052
|
462,305
|
419,854
|
Pool # CK2667, 3.00%, 2/20/2052
|
588,396
|
509,109
|
Pool # CK2672, 3.50%, 2/20/2052
|
580,188
|
522,214
|
Pool # CM2154, 3.00%, 3/20/2052
|
749,582
|
647,026
|
Pool # CM2278, 3.50%, 4/20/2052
|
826,869
|
743,319
|
Pool # CO4826, 5.00%, 6/20/2052
|
562,040
|
545,995
|
Pool # CO4847, 5.00%, 7/20/2052
|
839,218
|
815,260
|
Pool # MA8200, 4.00%, 8/20/2052
|
1,855,085
|
1,708,813
|
Pool # CO1924, 4.50%, 10/20/2052
|
1,186,927
|
1,134,304
|
Pool # CP8517, 4.50%, 10/20/2052
|
982,962
|
916,914
|
Pool # CO1925, 5.00%, 10/20/2052
|
984,641
|
975,977
|
Pool # CO8957, 5.00%, 12/20/2052
|
6,862,059
|
6,640,725
|
Pool # CS4305, 5.50%, 6/20/2053
|
2,476,313
|
2,467,638
|
Pool # CV0175, 6.50%, 6/20/2053
|
1,656,970
|
1,720,558
|
Pool # CS4391, 5.50%, 7/20/2053
|
2,974,973
|
2,964,547
|
Pool # CW7288, 6.50%, 9/20/2053
|
1,119,527
|
1,143,494
|
JPMorgan Core Plus Bond ETF
SCHEDULE OF PORTFOLIO INVESTMENTS
AS OF November 30, 2023 (Unaudited) (continued)
INVESTMENTS
|
PRINCIPAL
AMOUNT($)
|
VALUE($)
|
Mortgage-Backed Securities — continued
|
||
GNMA II, Single Family, 30 Year
|
|
|
TBA, 5.00%, 12/15/2053 (k)
|
20,300,000
|
19,717,697
|
TBA, 5.50%, 12/15/2053 (k)
|
11,000,000
|
10,919,043
|
Total Mortgage-Backed Securities
(Cost $475,433,403)
|
|
466,459,684
|
Asset-Backed Securities — 16.6%
|
||
ACC Trust Series 2022-1, Class C, 3.24%, 10/20/2025 (a)
|
1,000,000
|
588,407
|
ACHV ABS TRUST
|
|
|
Series 2023-1PL, Class C, 7.42%, 3/18/2030 (a)
|
1,977,000
|
1,987,625
|
Series 2023-2PL, Class C, 7.27%, 5/20/2030 (a)
|
2,900,000
|
2,907,808
|
Series 2023-3PL, Class C, 7.35%, 8/19/2030 (a)
|
1,750,000
|
1,759,621
|
ACM Auto Trust Series 2023-2A, Class A, 7.97%, 6/20/2030 (a)
|
3,114,371
|
3,122,118
|
ACRE Commercial Mortgage Ltd. Series 2021-FL4, Class B, 6.85%, 12/18/2037 (a) (h)
|
250,000
|
242,770
|
Air Canada Pass-Through Trust (Canada) Series 2017-1, Class AA, 3.30%, 1/15/2030 (a)
|
372,000
|
326,038
|
Ajax Mortgage Loan Trust Series 2021-B, Class A, 2.24%, 6/25/2066 (a) (i)
|
228,806
|
217,808
|
American Airlines Pass-Through Trust Series 2015-2, Class A, 4.00%, 9/22/2027
|
174,072
|
155,790
|
American Credit Acceptance Receivables Trust
|
|
|
Series 2022-2, Class E, 6.57%, 6/13/2028 (a)
|
300,000
|
286,222
|
Series 2022-3, Class D, 5.83%, 10/13/2028 (a)
|
506,000
|
497,624
|
Series 2023-3, Class D, 6.82%, 10/12/2029 (a)
|
1,955,000
|
1,945,478
|
American Homes 4 Rent Trust
|
|
|
Series 2014-SFR3, Class B, 4.20%, 12/17/2036 (a)
|
125,000
|
122,281
|
Series 2015-SFR1, Class E, 5.64%, 4/17/2052 (a)
|
150,000
|
148,163
|
Series 2015-SFR1, Class F, 5.89%, 4/17/2052 (a)
|
400,000
|
395,591
|
Series 2015-SFR2, Class A, 3.73%, 10/17/2052 (a)
|
88,177
|
84,989
|
AMSR Trust
|
|
|
Series 2020-SFR1, Class E, 3.22%, 4/17/2037 (a)
|
500,000
|
470,948
|
Series 2020-SFR2, Class E2, 4.28%, 7/17/2037 (a)
|
375,000
|
356,068
|
Series 2020-SFR3, Class E1, 2.56%, 9/17/2037 (a)
|
2,082,000
|
1,914,270
|
Series 2020-SFR3, Class E2, 2.76%, 9/17/2037 (a)
|
350,000
|
321,857
|
Series 2020-SFR4, Class A, 1.36%, 11/17/2037 (a)
|
1,500,000
|
1,374,816
|
Series 2020-SFR5, Class D, 2.18%, 11/17/2037 (a)
|
3,000,000
|
2,751,777
|
Series 2020-SFR4, Class E2, 2.46%, 11/17/2037 (a)
|
425,000
|
390,123
|
Series 2021-SFR3, Class C, 1.80%, 10/17/2038 (a)
|
1,000,000
|
873,612
|
Series 2022-SFR1, Class F, 6.02%, 3/17/2039 (a)
|
750,000
|
672,817
|
Series 2022-SFR3, Class D, 4.00%, 10/17/2039 (a)
|
2,120,000
|
1,892,977
|
Series 2022-SFR3, Class E2, 4.00%, 10/17/2039 (a)
|
1,000,000
|
871,883
|
Series 2023-SFR1, Class E2, 4.00%, 4/17/2040 (a)
|
2,085,000
|
1,742,883
|
Series 2023-SFR1, Class F, 4.00%, 4/17/2040 (a)
|
2,500,000
|
1,960,849
|
Series 2023-SFR2, Class E1, 3.95%, 6/17/2040 (a)
|
3,300,000
|
2,790,019
|
Aqua Finance Trust Series 2019-A, Class B, 3.47%, 7/16/2040 (a)
|
191,036
|
177,002
|
Bridge Trust Series 2022-SFR1, Class A, 3.40%, 11/17/2037 (a)
|
7,370,000
|
6,928,227
|
Bridgecrest Lending Auto Securitization Trust Series 2023-1, Class C, 7.10%, 8/15/2029
|
5,000,000
|
5,074,777
|
British Airways Pass-Through Trust (United Kingdom) Series 2013-1, Class A, 4.63%,
6/20/2024 (a)
|
72,703
|
72,104
|
Business Jet Securities LLC
|
|
|
Series 2020-1A, Class A, 2.98%, 11/15/2035 ‡ (a)
|
380,340
|
360,776
|
Series 2020-1A, Class B, 3.97%, 11/15/2035 ‡ (a)
|
2,586,669
|
2,445,463
|
Series 2021-1A, Class A, 2.16%, 4/15/2036 ‡ (a)
|
161,742
|
148,190
|
Series 2021-1A, Class B, 2.92%, 4/15/2036 ‡ (a)
|
386,228
|
346,902
|
JPMorgan Core Plus Bond ETF
SCHEDULE OF PORTFOLIO INVESTMENTS
AS OF November 30, 2023 (Unaudited) (continued)
INVESTMENTS
|
PRINCIPAL
AMOUNT($)
|
VALUE($)
|
Asset-Backed Securities — continued
|
||
Series 2021-1A, Class C, 5.07%, 4/15/2036 ‡ (a)
|
155,037
|
145,270
|
BXG Receivables Note Trust
|
|
|
Series 2020-A, Class C, 4.22%, 2/28/2036 (a)
|
2,049,846
|
1,901,269
|
Series 2022-A, Class A, 4.12%, 9/28/2037 (a)
|
4,340,053
|
4,145,969
|
Series 2023-A, Class C, 7.38%, 11/15/2038 (a)
|
2,254,232
|
2,202,077
|
CarMax Auto Owner Trust Series 2023-4, Class A3, 6.00%, 7/17/2028
|
725,000
|
737,762
|
CarNow Auto Receivables Trust Series 2021-1A, Class C, 2.16%, 2/17/2026 (a)
|
48,917
|
48,734
|
Carvana Auto Receivables Trust
|
|
|
Series 2019-4A, Class D, 3.07%, 7/15/2025 (a)
|
15,849
|
15,811
|
Series 2022-P1, Class A4, 3.52%, 2/10/2028
|
3,500,000
|
3,309,383
|
Series 2023-P2, Class A4, 5.38%, 3/12/2029 (a)
|
2,000,000
|
1,976,857
|
Series 2023-P3, Class A4, 5.71%, 7/10/2029 (a)
|
709,000
|
710,035
|
Series 2023-N3, Class C, 6.55%, 12/10/2029 (a)
|
3,489,000
|
3,500,712
|
Cascade MH Asset Trust
|
|
|
Series 2019-MH1, Class B, 5.00%, 11/25/2044 ‡ (a) (h)
|
401,843
|
374,592
|
Series 2021-MH1, Class A1, 1.75%, 2/25/2046 (a)
|
821,443
|
697,960
|
Series 2022-MH1, Class M, 4.25%, 8/25/2054 ‡ (a) (i)
|
945,544
|
749,027
|
Continental Finance Credit Card ABS Master Trust Series 2022-A, Class A, 6.19%, 10/15/2030 (a)
|
825,000
|
810,614
|
CoreVest American Finance Trust
|
|
|
Series 2019-1, Class E, 5.75%, 3/15/2052 (a) (h)
|
551,000
|
500,934
|
Series 2019-2, Class E, 5.41%, 6/15/2052 (a) (h)
|
1,043,000
|
907,973
|
Series 2019-3, Class E, 4.89%, 10/15/2052 (a) (h)
|
570,000
|
482,497
|
CPS Auto Receivables Trust
|
|
|
Series 2022-D, Class D, 8.73%, 1/16/2029 (a)
|
1,000,000
|
1,033,896
|
Series 2023-A, Class D, 6.44%, 4/16/2029 (a)
|
723,000
|
713,117
|
Series 2023-D, Class C, 7.17%, 1/15/2030 (a)
|
4,100,000
|
4,140,802
|
Series 2022-C, Class C, 5.28%, 4/15/2030 (a)
|
1,000,000
|
981,761
|
Credit Acceptance Auto Loan Trust
|
|
|
Series 2021-2A, Class A, 0.96%, 2/15/2030 (a)
|
1,197,248
|
1,188,574
|
Series 2021-4, Class A, 1.26%, 10/15/2030 (a)
|
728,401
|
711,087
|
Series 2022-3A, Class D, 9.00%, 4/18/2033 (a)
|
1,000,000
|
992,195
|
Series 2023-1A, Class C, 7.71%, 7/15/2033 (a)
|
1,675,000
|
1,684,418
|
Series 2023-2A, Class C, 7.15%, 9/15/2033 (a)
|
1,500,000
|
1,478,458
|
Series 2023-3A, Class C, 7.62%, 12/15/2033 (a)
|
2,700,000
|
2,695,901
|
DataBank Issuer Series 2021-1A, Class A2, 2.06%, 2/27/2051 (a)
|
250,000
|
223,141
|
Delta Air Lines Pass-Through Trust Series 2019-1, Class AA, 3.20%, 4/25/2024
|
15,000
|
14,818
|
Diamond Resorts Owner Trust
|
|
|
Series 2021-1A, Class A, 1.51%, 11/21/2033 (a)
|
161,587
|
149,300
|
Series 2021-1A, Class D, 3.83%, 11/21/2033 (a)
|
141,743
|
128,842
|
DLLAA LLC Series 2023-1A, Class A3, 5.64%, 2/22/2028 (a)
|
1,265,000
|
1,265,061
|
DP Lion Holdco LLC Series 2023-1A, Class B, 12.73%, 11/30/2043
|
1,500,000
|
1,500,000
|
Drive Auto Receivables Trust Series 2020-2, Class D, 3.05%, 5/15/2028
|
631,791
|
622,991
|
DT Auto Owner Trust
|
|
|
Series 2020-2A, Class D, 4.73%, 3/16/2026 (a)
|
500,000
|
496,081
|
Series 2022-3A, Class C, 7.69%, 7/17/2028 (a)
|
1,350,000
|
1,372,004
|
Series 2023-1A, Class D, 6.44%, 11/15/2028 (a)
|
1,440,000
|
1,422,808
|
Series 2023-2A, Class D, 6.62%, 2/15/2029 (a)
|
1,600,000
|
1,584,541
|
Elara HGV Timeshare Issuer LLC
|
|
|
Series 2021-A, Class C, 2.09%, 8/27/2035 (a)
|
352,532
|
318,696
|
JPMorgan Core Plus Bond ETF
SCHEDULE OF PORTFOLIO INVESTMENTS
AS OF November 30, 2023 (Unaudited) (continued)
INVESTMENTS
|
PRINCIPAL
AMOUNT($)
|
VALUE($)
|
Asset-Backed Securities — continued
|
||
Series 2021-A, Class D, 3.32%, 8/27/2035 (a)
|
125,904
|
113,484
|
Exeter Automobile Receivables Trust
|
|
|
Series 2020-2A, Class D, 4.73%, 4/15/2026 (a)
|
217,491
|
216,289
|
Series 2023-2A, Class C, 5.75%, 7/17/2028
|
969,000
|
956,899
|
Series 2022-3A, Class D, 6.76%, 9/15/2028
|
1,000,000
|
990,038
|
Series 2022-5A, Class D, 7.40%, 2/15/2029
|
1,000,000
|
1,006,837
|
Series 2022-6A, Class D, 8.03%, 4/6/2029
|
1,291,000
|
1,324,525
|
Series 2023-4A, Class D, 6.95%, 12/17/2029
|
1,205,000
|
1,203,095
|
Series 2022-4A, Class E, 8.23%, 3/15/2030 (a)
|
1,000,000
|
953,718
|
Series 2023-4A, Class E, 9.57%, 2/18/2031 (a)
|
1,120,000
|
1,125,762
|
FHF Issuer Trust Series 2023-2A, Class B, 7.49%, 11/15/2029 (a)
|
4,550,000
|
4,630,876
|
FHF Trust
|
|
|
Series 2021-1A, Class A, 1.27%, 3/15/2027 (a)
|
111,208
|
107,282
|
Series 2022-2A, Class A, 6.14%, 12/15/2027 (a)
|
847,478
|
840,245
|
First Investors Auto Owner Trust Series 2023-1A, Class C, 6.81%, 12/17/2029 (a)
|
1,300,000
|
1,313,553
|
FirstKey Homes Trust
|
|
|
Series 2020-SFR1, Class E, 2.79%, 8/17/2037 (a)
|
2,300,000
|
2,128,946
|
Series 2020-SFR1, Class F1, 3.64%, 8/17/2037 (a)
|
2,201,000
|
2,045,384
|
Series 2020-SFR2, Class E, 2.67%, 10/19/2037 (a)
|
8,800,000
|
8,088,718
|
Series 2020-SFR2, Class F1, 3.02%, 10/19/2037 (a)
|
1,000,000
|
912,718
|
Series 2020-SFR2, Class F2, 3.12%, 10/19/2037 (a)
|
560,000
|
509,772
|
Series 2022-SFR3, Class D, 3.50%, 7/17/2038 (a)
|
1,250,000
|
1,134,821
|
Series 2022-SFR3, Class E1, 3.50%, 7/17/2038 (a)
|
4,500,000
|
4,019,655
|
Series 2021-SFR1, Class E1, 2.39%, 8/17/2038 (a)
|
500,000
|
436,737
|
Series 2021-SFR1, Class F1, 3.24%, 8/17/2038 (a)
|
1,668,000
|
1,425,755
|
Series 2021-SFR2, Class E1, 2.26%, 9/17/2038 (a)
|
635,000
|
547,765
|
Series 2021-SFR2, Class E2, 2.36%, 9/17/2038 (a)
|
814,000
|
700,527
|
Series 2022-SFR1, Class E1, 5.00%, 5/17/2039 (a)
|
3,165,000
|
2,883,854
|
Series 2022-SFR1, Class E2, 5.00%, 5/17/2039 (a)
|
2,000,000
|
1,807,805
|
Series 2022-SFR2, Class E2, 4.50%, 7/17/2039 (a)
|
492,000
|
436,109
|
Flagship Credit Auto Trust
|
|
|
Series 2020-4, Class D, 2.18%, 2/16/2027 (a)
|
280,000
|
261,940
|
Series 2021-4, Class C, 1.96%, 12/15/2027 (a)
|
500,000
|
466,541
|
Series 2023-2, Class C, 5.81%, 5/15/2029 (a)
|
535,000
|
528,599
|
FMC GMSR Issuer Trust
|
|
|
Series 2021-GT1, Class B, 4.36%, 7/25/2026 (a) (h)
|
900,000
|
710,172
|
Series 2022-GT1, Class A, 6.19%, 4/25/2027 (a)
|
2,000,000
|
1,892,774
|
Series 2022-GT1, Class B, 7.17%, 4/25/2027 (a)
|
600,000
|
522,920
|
Series 2022-GT2, Class B, 10.07%, 7/25/2027 (a)
|
1,000,000
|
967,847
|
FNMA, Grantor Trust Series 2017-T1, Class A, 2.90%, 6/25/2027
|
1,090,898
|
1,013,474
|
Foundation Finance Trust
|
|
|
Series 2020-1A, Class B, 4.62%, 7/16/2040 (a)
|
300,000
|
285,126
|
Series 2020-1A, Class C, 5.75%, 7/16/2040 (a)
|
1,450,000
|
1,294,439
|
Series 2021-1A, Class C, 2.99%, 5/15/2041 (a)
|
501,475
|
426,947
|
Series 2023-1A, Class D, 9.18%, 12/15/2043 (a)
|
2,000,000
|
1,994,764
|
FREED ABS Trust
|
|
|
Series 2021-2, Class C, 1.94%, 6/19/2028 (a)
|
75,013
|
74,162
|
Series 2022-1FP, Class D, 3.35%, 3/19/2029 (a)
|
700,000
|
665,776
|
Series 2022-3FP, Class C, 7.05%, 8/20/2029 (a)
|
500,000
|
498,424
|
JPMorgan Core Plus Bond ETF
SCHEDULE OF PORTFOLIO INVESTMENTS
AS OF November 30, 2023 (Unaudited) (continued)
INVESTMENTS
|
PRINCIPAL
AMOUNT($)
|
VALUE($)
|
Asset-Backed Securities — continued
|
||
Series 2022-4FP, Class C, 8.59%, 12/18/2029 (a)
|
1,000,000
|
1,015,959
|
FRTKL Series 2021-SFR1, Class D, 2.17%, 9/17/2038 (a)
|
1,000,000
|
870,450
|
GLS Auto Receivables Issuer Trust
|
|
|
Series 2022-1A, Class D, 3.97%, 1/18/2028 (a)
|
4,000,000
|
3,792,101
|
Series 2021-2A, Class E, 2.87%, 5/15/2028 (a)
|
1,500,000
|
1,383,066
|
Series 2022-3A, Class E, 8.35%, 10/15/2029 (a)
|
750,000
|
740,194
|
Series 2023-2A, Class E, 9.37%, 1/15/2030 (a)
|
2,000,000
|
1,976,296
|
Series 2023-1A, Class E, 11.42%, 3/15/2030 (a)
|
1,500,000
|
1,592,575
|
GLS Auto Select Receivables Trust Series 2023-1A, Class A2, 6.27%, 8/16/2027 (a)
|
3,000,000
|
3,001,332
|
Hertz Vehicle Financing LLC Series 2023-3A, Class A, 5.94%, 2/25/2028 (a)
|
1,397,000
|
1,397,522
|
HGI CRE CLO Ltd. (Cayman Islands)
|
|
|
Series 2022-FL3, Class B, 7.92%, 4/20/2037 (a) (h)
|
1,000,000
|
978,908
|
Series 2022-FL3, Class E, 9.62%, 4/20/2037 (a) (h)
|
663,500
|
638,759
|
Hilton Grand Vacations Trust
|
|
|
Series 2022-1D, Class D, 6.79%, 6/20/2034 (a)
|
247,556
|
235,303
|
Series 2022-2A, Class D, 8.73%, 1/25/2037 (a)
|
431,281
|
425,307
|
Series 2020-AA, Class C, 6.42%, 2/25/2039 (a)
|
162,221
|
159,177
|
HIN Timeshare Trust
|
|
|
Series 2020-A, Class D, 5.50%, 10/9/2039 (a)
|
67,428
|
62,910
|
Series 2020-A, Class E, 6.50%, 10/9/2039 (a)
|
303,427
|
282,221
|
HINNT LLC Series 2022-A, Class D, 6.50%, 5/15/2041 (a)
|
514,940
|
487,381
|
Home Partners of America Trust
|
|
|
Series 2022-1, Class D, 4.73%, 4/17/2039 (a)
|
953,685
|
870,438
|
Series 2021-3, Class D, 3.00%, 1/17/2041 (a)
|
3,863,435
|
3,222,519
|
John Deere Owner Trust Series 2023-B, Class A4, 5.11%, 5/15/2030
|
2,200,000
|
2,197,613
|
Lending Funding Trust
|
|
|
Series 2020-2A, Class A, 2.32%, 4/21/2031 (a)
|
3,750,000
|
3,385,814
|
Series 2020-2A, Class D, 6.77%, 4/21/2031 (a)
|
4,000,000
|
3,533,605
|
Lendingpoint Asset Securitization Trust Series 2022-A, Class D, 4.54%, 6/15/2029 (a)
|
1,000,000
|
826,869
|
Lendmark Funding Trust
|
|
|
Series 2021-1A, Class A, 1.90%, 11/20/2031 (a)
|
844,000
|
741,390
|
Series 2021-1A, Class D, 5.05%, 11/20/2031 (a)
|
870,000
|
703,682
|
Series 2021-2A, Class B, 2.37%, 4/20/2032 (a)
|
1,545,000
|
1,280,134
|
Series 2021-2A, Class D, 4.46%, 4/20/2032 (a)
|
3,800,000
|
2,962,241
|
Series 2023-1A, Class D, 8.69%, 5/20/2033 (a)
|
530,000
|
542,844
|
LP LMS Asset Securitization Trust
|
|
|
6.17%, 10/15/2028 ‡
|
335,182
|
332,534
|
Series 2023-1A, Class B, 7.48%, 10/17/2033 ‡ (a)
|
1,500,000
|
1,420,513
|
Series 2023-1A, Class A, 8.18%, 10/17/2033 ‡ (a)
|
845,829
|
841,946
|
Mariner Finance Issuance Trust
|
|
|
Series 2019-AA, Class D, 5.44%, 7/20/2032 (a)
|
1,500,000
|
1,439,950
|
Series 2020-AA, Class D, 5.75%, 8/21/2034 (a)
|
2,070,000
|
1,881,088
|
Series 2023-AA, Class E, 11.12%, 10/22/2035 (a)
|
1,500,000
|
1,490,180
|
Series 2021-AA, Class B, 2.33%, 3/20/2036 (a)
|
1,300,000
|
1,135,513
|
Series 2021-AA, Class C, 2.96%, 3/20/2036 (a)
|
370,000
|
319,322
|
Series 2021-AA, Class D, 3.83%, 3/20/2036 (a)
|
651,000
|
560,615
|
Series 2021-AA, Class E, 5.40%, 3/20/2036 (a)
|
6,040,000
|
5,119,665
|
Series 2022-AA, Class D, 9.10%, 10/20/2037 (a)
|
650,000
|
655,636
|
Series 2022-AA, Class E, 10.98%, 10/20/2037 ‡ (a)
|
3,000,000
|
3,000,475
|
JPMorgan Core Plus Bond ETF
SCHEDULE OF PORTFOLIO INVESTMENTS
AS OF November 30, 2023 (Unaudited) (continued)
INVESTMENTS
|
PRINCIPAL
AMOUNT($)
|
VALUE($)
|
Asset-Backed Securities — continued
|
||
Marlette Funding Trust
|
|
|
Series 2023-1A, Class C, 7.20%, 4/15/2033 (a)
|
980,000
|
984,998
|
Series 2023-2A, Class C, 6.96%, 6/15/2033 (a)
|
375,000
|
373,714
|
Merchants Fleet Funding LLC Series 2023-1A, Class A, 7.21%, 5/20/2036 (a)
|
4,000,000
|
4,026,252
|
Mercury Financial Credit Card Master Trust Series 2023-1A, Class A, 8.04%, 9/20/2027 (a)
|
2,584,000
|
2,601,860
|
MNR ABS Issuer I LLC, 12.44%, 12/15/2038
|
4,000,000
|
4,000,000
|
MVW LLC
|
|
|
Series 2020-1A, Class C, 4.21%, 10/20/2037 (a)
|
97,978
|
93,316
|
Series 2020-1A, Class D, 7.14%, 10/20/2037 (a)
|
979,780
|
943,869
|
Series 2019-2A, Class B, 2.44%, 10/20/2038 (a)
|
45,705
|
42,691
|
Series 2023-1A, Class C, 6.54%, 10/20/2040 (a)
|
2,538,610
|
2,493,034
|
Series 2022-2A, Class C, 7.62%, 10/21/2041 (a)
|
745,479
|
750,359
|
Series 2022-2A, Class D, 9.00%, 10/21/2041 (a)
|
1,810,022
|
1,790,826
|
MVW Owner Trust Series 2019-1A, Class C, 3.33%, 11/20/2036 (a)
|
27,247
|
25,856
|
New Residential Mortgage LLC Series 2020-FNT1, Class A, 5.44%, 6/25/2025 (a)
|
1,495,769
|
1,448,372
|
New Residential Mortgage Loan Trust
|
|
|
Series 2022-SFR1, Class D, 3.30%, 2/17/2039 (a)
|
340,000
|
299,169
|
Series 2022-SFR1, Class E1, 3.55%, 2/17/2039 (a)
|
420,000
|
360,560
|
Nissan Auto Lease Trust Series 2023-B, Class A4, 5.61%, 11/15/2027
|
800,000
|
801,279
|
NMEF Funding LLC Series 2021-A, Class C, 2.58%, 12/15/2027 (a)
|
600,000
|
578,833
|
NRZ Excess Spread-Collateralized Notes
|
|
|
Series 2020-PLS1, Class A, 3.84%, 12/25/2025 (a)
|
150,627
|
141,945
|
Series 2021-FNT1, Class A, 2.98%, 3/25/2026 (a)
|
505,804
|
465,217
|
Series 2021-FNT2, Class A, 3.23%, 5/25/2026 (a)
|
143,503
|
131,977
|
Series 2021-GNT1, Class A, 3.47%, 11/25/2026 (a)
|
1,241,440
|
1,135,374
|
NRZ FHT Excess LLC Series 2020-FHT1, Class A, 4.21%, 11/25/2025 (a)
|
1,446,282
|
1,371,383
|
Octane Receivables Trust
|
|
|
Series 2020-1A, Class C, 2.89%, 3/20/2026 (a)
|
350,000
|
343,237
|
Series 2022-2A, Class C, 6.29%, 7/20/2028 (a)
|
1,390,000
|
1,380,643
|
Series 2022-2A, Class D, 7.70%, 2/20/2030 (a)
|
2,000,000
|
2,013,176
|
OneMain Direct Auto Receivables Trust Series 2019-1A, Class B, 3.95%, 11/14/2028 (a)
|
1,000,000
|
953,975
|
Oportun Funding XIV LLC
|
|
|
Series 2021-A, Class A, 1.21%, 3/8/2028 (a)
|
883,506
|
839,946
|
Series 2021-A, Class C, 3.44%, 3/8/2028 (a)
|
209,833
|
200,298
|
Oportun Issuance Trust
|
|
|
Series 2022-2, Class C, 9.36%, 10/9/2029 (a)
|
1,500,000
|
1,497,702
|
Series 2022-3, Class C, 10.15%, 1/8/2030 (a)
|
1,912,000
|
1,931,295
|
Series 2021-B, Class B, 1.96%, 5/8/2031 (a)
|
400,000
|
365,556
|
Series 2021-B, Class C, 3.65%, 5/8/2031 (a)
|
100,000
|
92,252
|
Series 2022-A, Class C, 7.40%, 6/9/2031 (a)
|
755,000
|
721,732
|
Series 2021-C, Class A, 2.18%, 10/8/2031 (a)
|
3,663,000
|
3,353,004
|
Pagaya AI Debt Selection Trust Series 2021-1, Class B, 2.13%, 11/15/2027 (a)
|
235,381
|
233,497
|
PFP Ltd. (Cayman Islands)
|
|
|
Series 2021-7, Class C, 7.09%, 4/14/2038 (a) (h)
|
164,992
|
159,798
|
Series 2021-7, Class D, 7.84%, 4/14/2038 (a) (h)
|
169,992
|
162,593
|
Porsche Financial Auto Securitization Trust
|
|
|
Series 2023-1A, Class A3, 4.81%, 9/22/2028 (a)
|
1,500,000
|
1,488,032
|
Series 2023-2A, Class A3, 5.79%, 1/22/2029 (a)
|
600,000
|
607,225
|
Prestige Auto Receivables Trust Series 2022-1A, Class C, 7.09%, 8/15/2028 (a)
|
1,200,000
|
1,199,159
|
JPMorgan Core Plus Bond ETF
SCHEDULE OF PORTFOLIO INVESTMENTS
AS OF November 30, 2023 (Unaudited) (continued)
INVESTMENTS
|
PRINCIPAL
AMOUNT($)
|
VALUE($)
|
Asset-Backed Securities — continued
|
||
PRET LLC
|
|
|
Series 2021-NPL6, Class A1, 2.49%, 7/25/2051 (a) (i)
|
383,388
|
370,414
|
Series 2021-RN3, Class A1, 1.84%, 9/25/2051 (a) (i)
|
712,214
|
655,160
|
Pretium Mortgage Credit Partners I LLC Series 2021-NPL1, Class A1, 2.24%, 9/27/2060 (a) (i)
|
255,511
|
250,863
|
Pretium Mortgage Credit Partners LLC Series 2022-NPL1, Class A1, 2.98%, 1/25/2052 (a) (i)
|
2,454,515
|
2,356,928
|
Progress Residential
|
|
|
Series 2021-SFR3, Class E1, 2.54%, 5/17/2026 (a)
|
450,000
|
396,394
|
Series 2021-SFR3, Class E2, 2.69%, 5/17/2026 (a)
|
645,000
|
565,731
|
Progress Residential Trust
|
|
|
Series 2022-SFR2, Class E2, 4.80%, 4/17/2027 (a)
|
651,000
|
584,597
|
Series 2020-SFR3, Class E, 2.30%, 10/17/2027 (a)
|
2,300,000
|
2,095,520
|
Series 2020-SFR3, Class G, 4.11%, 10/17/2027 (a)
|
500,000
|
460,153
|
Series 2023-SFR2, Class E1, 4.75%, 10/17/2028 (a)
|
3,769,000
|
3,299,308
|
Series 2020-SFR1, Class C, 2.18%, 4/17/2037 (a)
|
2,100,000
|
1,978,957
|
Series 2020-SFR1, Class E, 3.03%, 4/17/2037 (a)
|
425,000
|
401,924
|
Series 2020-SFR1, Class F, 3.43%, 4/17/2037 (a)
|
450,000
|
423,133
|
Series 2020-SFR1, Class G, 4.03%, 4/17/2037 (a)
|
5,000,000
|
4,672,243
|
Series 2020-SFR2, Class D, 3.87%, 6/17/2037 (a)
|
750,000
|
716,509
|
Series 2021-SFR2, Class E2, 2.65%, 4/19/2038 (a)
|
500,000
|
440,762
|
Series 2021-SFR5, Class E1, 2.21%, 7/17/2038 (a)
|
950,000
|
823,542
|
Series 2021-SFR5, Class E2, 2.36%, 7/17/2038 (a)
|
270,000
|
234,100
|
Series 2021-SFR8, Class E1, 2.38%, 10/17/2038 (a)
|
2,650,000
|
2,282,821
|
Series 2022-SFR3, Class D, 4.45%, 4/17/2039 (a)
|
1,090,000
|
1,004,964
|
Series 2022-SFR3, Class F, 6.60%, 4/17/2039 (a)
|
665,000
|
619,124
|
Series 2022-SFR5, Class E2, 6.86%, 6/17/2039 (a)
|
388,000
|
371,145
|
Series 2023-SFR1, Class E2, 6.60%, 3/17/2040 (a)
|
5,476,000
|
5,132,135
|
Series 2021-SFR7, Class E1, 2.59%, 8/17/2040 (a)
|
793,000
|
632,579
|
Series 2022-SFR1, Class E2, 3.99%, 2/17/2041 (a)
|
750,000
|
617,631
|
PRPM LLC Series 2021-2, Class A1, 2.12%, 3/25/2026 (a) (h)
|
123,731
|
120,042
|
RCO VI Mortgage LLC Series 2022-1, Class A1, 3.00%, 1/25/2027 (a) (i)
|
274,451
|
262,095
|
ReadyCap Lending Small Business Loan Trust Series 2019-2, Class A, 8.00%, 12/27/2044 (a) (h)
|
50,695
|
48,740
|
Regional Management Issuance Trust
|
|
|
Series 2020-1, Class C, 3.80%, 10/15/2030 (a)
|
1,900,000
|
1,729,784
|
Series 2021-1, Class D, 5.07%, 3/17/2031 (a)
|
500,000
|
431,097
|
Series 2022-1, Class B, 3.71%, 3/15/2032 (a)
|
1,358,000
|
1,233,091
|
Series 2022-2B, Class B, 8.51%, 11/17/2032 (a)
|
1,227,000
|
1,246,413
|
Renew Series 2023-1A, Class A, 5.90%, 11/20/2058 ‡ (a)
|
3,275,091
|
3,102,736
|
RT Fin LLC, 7.85%, 10/15/2043 ‡
|
2,163,739
|
2,163,739
|
Santander Drive Auto Receivables Trust Series 2023-2, Class C, 5.47%, 12/16/2030
|
1,500,000
|
1,472,882
|
Santander Revolving Auto Loan Trust Series 2019-A, Class D, 3.45%, 1/26/2032 (a)
|
150,000
|
143,072
|
SCF Equipment Leasing LLC
|
|
|
Series 2022-2A, Class A3, 6.50%, 10/21/2030 (a)
|
2,300,000
|
2,313,053
|
Series 2023-1A, Class B, 6.37%, 5/20/2032 (a)
|
4,000,000
|
4,052,936
|
Series 2022-2A, Class E, 6.50%, 6/20/2035 (a)
|
1,112,000
|
955,975
|
Sierra Timeshare Receivables Funding LLC
|
|
|
Series 2020-2A, Class D, 6.59%, 7/20/2037 (a)
|
409,089
|
393,996
|
Series 2021-1A, Class D, 3.17%, 11/20/2037 (a)
|
183,781
|
170,790
|
Series 2022-1A, Class D, 6.00%, 10/20/2038 (a)
|
340,173
|
322,284
|
Series 2022-3A, Class D, 10.52%, 7/20/2039 (a)
|
522,499
|
533,606
|
JPMorgan Core Plus Bond ETF
SCHEDULE OF PORTFOLIO INVESTMENTS
AS OF November 30, 2023 (Unaudited) (continued)
INVESTMENTS
|
PRINCIPAL
AMOUNT($)
|
VALUE($)
|
Asset-Backed Securities — continued
|
||
Series 2023-1A, Class D, 9.80%, 1/20/2040 (a)
|
1,917,980
|
1,937,322
|
Series 2023-2A, Class D, 9.72%, 4/20/2040 (a)
|
1,016,448
|
1,033,005
|
Series 2022-2A, Class D, 9.22%, 6/20/2040 (a)
|
330,185
|
330,291
|
SpringCastle America Funding LLC Series 2020-AA, Class A, 1.97%, 9/25/2037 (a)
|
504,543
|
462,029
|
Tesla Auto Lease Trust Series 2023-B, Class A4, 6.22%, 3/22/2027 (a)
|
3,300,000
|
3,323,158
|
Theorem Funding Trust Series 2022-2A, Class A, 6.06%, 12/15/2028 (a)
|
218,495
|
217,103
|
Tricolor Auto Securitization Trust Series 2022-1A, Class D, 5.38%, 1/15/2026 (a)
|
3,755,000
|
3,660,212
|
Tricon American Homes Series 2020-SFR1, Class E, 3.54%, 7/17/2038 (a)
|
300,000
|
275,994
|
United Airlines Pass-Through Trust
|
|
|
Series 2014-1, Class A, 4.00%, 4/11/2026
|
107,011
|
100,898
|
Series 2016-2, Class A, 3.10%, 10/7/2028
|
6,879
|
5,784
|
Series 2018-1, Class A, 3.70%, 3/1/2030
|
11,393
|
9,720
|
United Auto Credit Securitization Trust
|
|
|
Series 2022-2, Class C, 5.81%, 5/10/2027 (a)
|
856,000
|
849,368
|
Series 2022-2, Class E, 10.00%, 4/10/2029 ‡ (a)
|
1,000,000
|
800,000
|
UOG ABS Issuer I LLC Series 2023-1, Class A1, 8.35%, 6/5/2040 ‡ (a)
|
960,157
|
945,755
|
Upstart Securitization Trust Series 2022-4, Class A, 5.98%, 8/20/2032 (a)
|
548,383
|
545,205
|
Upstart Structured Pass-Through Trust Series 2022-4A, Class A, 7.01%, 11/15/2030 (a)
|
612,726
|
612,798
|
US Auto Funding Trust Series 2022-1A, Class D, 9.14%, 7/15/2027 ‡ (a)
|
1,000,000
|
300,000
|
USASF Receivables LLC Series 2020-1A, Class D, 9.35%, 3/15/2027 (a)
|
712,964
|
712,993
|
VCAT LLC
|
|
|
Series 2021-NPL1, Class A1, 2.29%, 12/26/2050 (a) (i)
|
110,389
|
108,566
|
Series 2021-NPL5, Class A1, 1.87%, 8/25/2051 (a) (i)
|
718,376
|
686,252
|
Vericrest Opportunity Loan Transferee Series 2021-NP11, Class A1, 1.87%, 8/25/2051 (a) (i)
|
2,463,355
|
2,303,327
|
Veros Auto Receivables Trust Series 2021-1, Class B, 1.49%, 10/15/2026 (a)
|
224,135
|
220,687
|
VOLT CV LLC Series 2021-CF2, Class A1, 2.49%, 11/27/2051 (a) (i)
|
1,433,606
|
1,325,194
|
VOLT XCII LLC Series 2021-NPL1, Class A1, 1.89%, 2/27/2051 (a) (i)
|
743,974
|
708,594
|
VOLT XCIII LLC Series 2021-NPL2, Class A1, 1.89%, 2/27/2051 (a) (i)
|
1,152,806
|
1,084,570
|
VOLT XCIV LLC Series 2021-NPL3, Class A1, 2.24%, 2/27/2051 (a) (i)
|
161,522
|
154,052
|
Westgate Resorts LLC
|
|
|
Series 2020-1A, Class C, 6.21%, 3/20/2034 (a)
|
43,883
|
43,463
|
Series 2022-1A, Class B, 2.29%, 8/20/2036 (a)
|
128,961
|
123,089
|
Series 2022-1A, Class D, 3.84%, 8/20/2036 (a)
|
515,844
|
484,387
|
Series 2023-1A, Class C, 7.49%, 12/20/2037 (a)
|
2,685,068
|
2,649,619
|
Westlake Automobile Receivables Trust
|
|
|
Series 2021-3A, Class D, 2.12%, 1/15/2027 (a)
|
500,000
|
469,826
|
Series 2021-3A, Class E, 3.42%, 4/15/2027 (a)
|
2,500,000
|
2,343,666
|
Series 2022-2A, Class D, 5.48%, 9/15/2027 (a)
|
1,000,000
|
982,657
|
Series 2023-3A, Class C, 6.02%, 9/15/2028 (a)
|
2,100,000
|
2,080,234
|
Series 2023-1A, Class D, 6.79%, 11/15/2028 (a)
|
905,000
|
899,276
|
Series 2023-2A, Class D, 7.01%, 11/15/2028 (a)
|
1,219,000
|
1,216,478
|
Series 2023-4A, Class D, 7.19%, 7/16/2029 (a)
|
3,500,000
|
3,528,016
|
Total Asset-Backed Securities
(Cost $342,157,075)
|
|
339,652,322
|
U.S. Treasury Obligations — 13.0%
|
||
U.S. Treasury Bonds
|
|
|
4.50%, 8/15/2039
|
4,757,000
|
4,713,704
|
1.13%, 5/15/2040
|
2,073,000
|
1,228,900
|
1.13%, 8/15/2040
|
6,437,100
|
3,782,802
|
JPMorgan Core Plus Bond ETF
SCHEDULE OF PORTFOLIO INVESTMENTS
AS OF November 30, 2023 (Unaudited) (continued)
INVESTMENTS
|
PRINCIPAL
AMOUNT($)
|
VALUE($)
|
U.S. Treasury Obligations — continued
|
||
4.75%, 2/15/2041
|
1,421,000
|
1,438,485
|
2.25%, 5/15/2041
|
4,977,000
|
3,519,283
|
4.38%, 5/15/2041
|
811,000
|
782,425
|
3.13%, 11/15/2041
|
1,743,000
|
1,411,421
|
2.75%, 11/15/2042
|
1,571,000
|
1,182,362
|
4.00%, 11/15/2042
|
36,100,000
|
32,829,848
|
3.63%, 8/15/2043
|
2,027,000
|
1,740,211
|
3.75%, 11/15/2043
|
2,226,000
|
1,943,055
|
3.38%, 5/15/2044
|
14,050,000
|
11,545,148
|
2.88%, 8/15/2045
|
809,000
|
604,885
|
2.38%, 11/15/2049
|
15,952,000
|
10,547,014
|
1.88%, 2/15/2051
|
2,622,000
|
1,524,550
|
2.38%, 5/15/2051
|
13,009,000
|
8,546,303
|
2.25%, 2/15/2052
|
1,775,000
|
1,130,869
|
4.00%, 11/15/2052
|
7,080,000
|
6,471,839
|
3.63%, 2/15/2053
|
1,682,000
|
1,435,153
|
U.S. Treasury Notes
|
|
|
2.13%, 2/29/2024
|
156,000
|
154,745
|
1.13%, 2/28/2025
|
565,000
|
538,339
|
0.25%, 8/31/2025
|
1,548,000
|
1,430,691
|
3.88%, 1/15/2026
|
7,383,000
|
7,268,217
|
1.13%, 10/31/2026
|
31,585,000
|
28,730,012
|
0.50%, 8/31/2027
|
22,449,000
|
19,456,969
|
3.13%, 8/31/2027
|
1,895,000
|
1,812,094
|
0.63%, 11/30/2027
|
2,224,000
|
1,920,546
|
1.25%, 3/31/2028
|
180,000
|
158,048
|
1.25%, 4/30/2028
|
4,100,000
|
3,592,785
|
1.25%, 9/30/2028
|
16,718,000
|
14,483,273
|
2.38%, 3/31/2029
|
23,971,000
|
21,730,273
|
3.13%, 8/31/2029
|
1,870,000
|
1,752,395
|
0.88%, 11/15/2030
|
430,000
|
341,716
|
1.88%, 2/15/2032
|
5,701,000
|
4,729,826
|
2.88%, 5/15/2032
|
8,205,000
|
7,341,552
|
2.75%, 8/15/2032
|
5,487,000
|
4,845,493
|
4.13%, 11/15/2032
|
14,864,000
|
14,591,687
|
3.88%, 8/15/2033
|
14,979,000
|
14,405,585
|
U.S. Treasury STRIPS Bonds
|
|
|
2.62%, 5/15/2032 (j)
|
2,200,000
|
1,511,976
|
1.69%, 5/15/2033 (j)
|
3,205,000
|
2,095,347
|
3.74%, 2/15/2034 (j)
|
4,986,000
|
3,145,732
|
4.70%, 5/15/2040 (j)
|
3,436,000
|
1,541,988
|
4.59%, 11/15/2040 (j)
|
18,060,000
|
7,883,471
|
4.12%, 5/15/2041 (j)
|
10,019,000
|
4,261,098
|
2.33%, 8/15/2041 (j)
|
207,000
|
86,903
|
2.30%, 11/15/2041 (j)
|
845,000
|
364,844
|
2.66%, 2/15/2042 (j)
|
1,065,000
|
436,341
|
1.40%, 2/15/2045 (j)
|
649,000
|
238,814
|
Total U.S. Treasury Obligations
(Cost $284,765,703)
|
|
267,229,017
|
JPMorgan Core Plus Bond ETF
SCHEDULE OF PORTFOLIO INVESTMENTS
AS OF November 30, 2023 (Unaudited) (continued)
INVESTMENTS
|
PRINCIPAL
AMOUNT($)
|
VALUE($)
|
Commercial Mortgage-Backed Securities — 4.8%
|
||
BAMLL Re-REMIC Trust Series 2014-FRR5, Class AK37, 1.74%, 1/27/2047 (a) (h)
|
770,000
|
757,219
|
BAMLL RE-Remic Trust Series 2014-FRR8, Class C, 0.00%, 11/26/2047 ‡ (a) (h)
|
4,000,000
|
3,676,085
|
BBCMS Mortgage Trust Series 2016-ETC, Class E, 3.73%, 8/14/2036 (a) (h)
|
4,913,000
|
3,632,290
|
BB-UBS Trust Series 2012-SHOW, Class E, 4.16%, 11/5/2036 (a) (h)
|
225,000
|
188,707
|
BMD2 Re-Remic Trust Series 2019-FRR1, Class 5B13, 2.20%, 5/25/2052 ‡ (a) (h)
|
4,000,000
|
2,895,130
|
BXP Trust Series 2017-GM, Class A, 3.38%, 6/13/2039 (a)
|
2,000,000
|
1,819,623
|
Cascade Funding Mortgage Trust
|
|
|
Series 2021-FRR1, Class DK45, 0.00%, 2/28/2025 (a)
|
380,000
|
333,018
|
Series 2021-FRR1, Class CK45, 1.37%, 2/28/2025 (a) (h)
|
500,000
|
457,391
|
Series 2021-FRR1, Class BK45, 2.08%, 2/28/2025 (a) (h)
|
600,000
|
554,778
|
Series 2021-FRR1, Class CK54, 0.00%, 2/28/2026 (a)
|
480,000
|
389,144
|
Series 2021-FRR1, Class DKW1, 0.00%, 2/28/2026 (a)
|
430,000
|
340,562
|
Series 2021-FRR1, Class BK98, 0.00%, 8/29/2029 (a)
|
1,150,000
|
711,973
|
Series 2021-FRR1, Class AK99, 0.00%, 9/29/2029 (a)
|
3,000,000
|
1,922,898
|
Series 2021-FRR1, Class BK99, 0.00%, 9/29/2029 (a)
|
400,000
|
231,719
|
CSMC OA LLC Series 2014-USA, Class D, 4.37%, 9/15/2037 (a)
|
239,000
|
133,624
|
FHLMC Series K753, Class A2, 4.40%, 10/25/2030
|
3,125,000
|
3,019,633
|
FHLMC, Multi-Family Structured Credit Risk
|
|
|
Series 2023-MN7, Class M2, 11.03%, 9/25/2043 ‡ (a) (h)
|
1,240,000
|
1,246,202
|
Series 2021-MN1, Class M1, 7.33%, 1/25/2051 (a) (h)
|
1,492,186
|
1,448,743
|
Series 2021-MN1, Class M2, 9.08%, 1/25/2051 (a) (h)
|
685,000
|
642,600
|
Series 2021-MN3, Class M1, 7.63%, 11/25/2051 (a) (h)
|
471,036
|
456,755
|
Series 2022-MN4, Class M1, 9.58%, 5/25/2052 (a) (h)
|
981,329
|
988,093
|
Series 2022-MN4, Class M2, 11.83%, 5/25/2052 (a) (h)
|
750,000
|
766,314
|
FHLMC, Multi-Family Structured Pass-Through Certificates
|
|
|
Series KW06, Class A2, 3.80%, 6/25/2028 (h)
|
1,750,000
|
1,668,655
|
Series K088, Class A2, 3.69%, 1/25/2029
|
350,000
|
331,767
|
Series K128, Class X3, IO, 2.88%, 4/25/2031 (h)
|
550,000
|
83,603
|
Series K136, Class A2, 2.13%, 11/25/2031
|
3,500,000
|
2,851,974
|
Series K142, Class A2, 2.40%, 3/25/2032
|
1,250,000
|
1,034,359
|
Series K-151, Class A2, 3.80%, 10/25/2032 (h)
|
1,050,000
|
961,301
|
Series K-153, Class A2, 3.82%, 12/25/2032 (h)
|
1,000,000
|
915,667
|
Series K-160, Class A2, 4.50%, 8/25/2033 (h)
|
6,000,000
|
5,776,999
|
Series K-1520, Class X1, IO, 0.58%, 2/25/2036 (h)
|
4,482,955
|
168,608
|
Series K-1520, Class X3, IO, 3.20%, 4/25/2039 (h)
|
550,000
|
129,255
|
Series K145, Class AM, 2.58%, 6/25/2055
|
1,100,000
|
912,829
|
Series Q014, Class X, IO, 2.79%, 10/25/2055 (h)
|
1,866,459
|
294,501
|
FNMA ACES
|
|
|
Series 2017-M3, Class A2, 2.55%, 12/25/2026 (h)
|
260,024
|
242,858
|
Series 2021-M11, Class A2, 1.51%, 3/25/2031 (h)
|
300,000
|
233,735
|
Series 2023-M2, Class PT, 3.24%, 4/25/2031 (h)
|
4,000,175
|
3,610,714
|
Series 2022-M1G, Class A2, 1.58%, 9/25/2031 (h)
|
2,700,000
|
2,124,998
|
Series 2022-M1, Class A1, 1.72%, 10/25/2031 (h)
|
449,151
|
388,992
|
Series 2022-M3, Class A2, 1.76%, 11/25/2031 (h)
|
1,400,000
|
1,104,704
|
Series 2021-M15, Class A2, 2.00%, 11/25/2031
|
1,500,000
|
1,235,494
|
Series 2022-M8, Class A2, 2.00%, 12/25/2031 (h)
|
2,500,000
|
1,987,058
|
Series 2022-M2S, Class A1, 3.88%, 5/25/2032 (h)
|
977,366
|
925,343
|
Series 2022-M13, Class A2, 2.68%, 6/25/2032 (h)
|
1,372,000
|
1,135,415
|
Series 2020-M53, Class A2, 1.74%, 11/25/2032 (h)
|
1,250,000
|
958,107
|
JPMorgan Core Plus Bond ETF
SCHEDULE OF PORTFOLIO INVESTMENTS
AS OF November 30, 2023 (Unaudited) (continued)
INVESTMENTS
|
PRINCIPAL
AMOUNT($)
|
VALUE($)
|
Commercial Mortgage-Backed Securities — continued
|
||
Series 2023-M8, Class A2, 4.47%, 3/25/2033 (h)
|
2,980,000
|
2,850,418
|
Series 2021-M3, Class 1A1, 1.00%, 11/25/2033
|
27,282
|
26,141
|
Series 2021-M3, Class X1, IO, 2.05%, 11/25/2033 (h)
|
506,612
|
41,541
|
FREMF Mortgage Trust
|
|
|
Series 2018-KL3W, Class CW, 4.23%, 8/25/2025 (a) (h)
|
250,000
|
232,001
|
Series 2018-KBX1, Class B, 3.69%, 1/25/2026 (a) (h)
|
500,000
|
431,374
|
Series 2021-KHG3, Class BFX, 2.48%, 9/25/2028 (a) (h)
|
1,000,000
|
831,459
|
Series 2015-K44, Class B, 3.85%, 1/25/2048 (a) (h)
|
200,000
|
194,118
|
Series 2015-K45, Class B, 3.73%, 4/25/2048 (a) (h)
|
199,293
|
193,381
|
Series 2015-K48, Class B, 3.77%, 8/25/2048 (a) (h)
|
200,000
|
192,443
|
Series 2015-K50, Class B, 3.91%, 10/25/2048 (a) (h)
|
200,000
|
192,574
|
Series 2015-K51, Class B, 4.09%, 10/25/2048 (a) (h)
|
381,860
|
368,384
|
Series 2016-K52, Class B, 4.07%, 1/25/2049 (a) (h)
|
250,000
|
240,259
|
Series 2016-K53, Class C, 4.16%, 3/25/2049 (a) (h)
|
70,000
|
66,858
|
Series 2016-K57, Class B, 4.05%, 8/25/2049 (a) (h)
|
1,000,000
|
951,862
|
Series 2017-K729, Class B, 3.80%, 11/25/2049 (a) (h)
|
300,000
|
292,033
|
Series 2018-K80, Class B, 4.38%, 8/25/2050 (a) (h)
|
1,000,000
|
937,590
|
Series 2019-K88, Class C, 4.53%, 2/25/2052 (a) (h)
|
1,975,000
|
1,816,818
|
FRR Re-REMIC Trust Series 2018-C1, Class CK43, PO, 2/27/2048 (a)
|
612,660
|
542,642
|
GAM Re-REMIC Trust
|
|
|
Series 2021-FRR1, Class 1B, PO, 11/29/2050 ‡ (a)
|
5,000,000
|
3,605,649
|
Series 2022-FRR3, Class BK89, PO, 1/27/2052 ‡ (a)
|
4,000,000
|
2,506,402
|
GS Mortgage Securities Corp. II Series 2023-SHIP, Class A, 4.47%, 9/10/2038 (a) (h)
|
4,140,000
|
3,967,502
|
Hudson Yards Mortgage Trust Series 2019-30HY, Class A, 3.23%, 7/10/2039 (a)
|
3,000,000
|
2,584,533
|
JPMCC Re-REMIC Trust Series 2015-FRR2, Class AK39, 2.70%, 8/27/2047 (a) (h)
|
944,000
|
898,692
|
MHC Commercial Mortgage Trust Series 2021-MHC, Class F, 8.04%, 4/15/2038 (a) (h)
|
553,494
|
535,097
|
Multi-Family Connecticut Avenue Securities Trust
|
|
|
Series 2019-01, Class M10, 8.69%, 10/25/2049 (a) (h)
|
6,161,326
|
5,877,627
|
Series 2020-01, Class M10, 9.19%, 3/25/2050 (a) (h)
|
5,241,365
|
5,008,783
|
Series 2023-01, Class M10, 11.83%, 11/25/2053 (a) (h)
|
5,685,000
|
5,748,844
|
RFM Reremic Trust Series 2022-FRR1, Class BK64, 1.72%, 3/1/2050 (a) (h)
|
2,328,481
|
1,873,751
|
Total Commercial Mortgage-Backed Securities
(Cost $101,010,464)
|
|
98,698,213
|
Collateralized Mortgage Obligations — 2.8%
|
||
Anchor Mortgage Trust Series 2021-1, Class A2, 3.65%, 10/25/2026 (a) (i)
|
476,191
|
445,709
|
Connecticut Avenue Securities Trust Series 2023-R06, Class 1M2, 8.03%, 7/25/2043 (a) (h)
|
1,500,000
|
1,516,499
|
CSMC Trust
|
|
|
Series 2021-JR1, Class A1, 2.46%, 9/27/2066 (a) (h)
|
354,809
|
346,269
|
Series 2022-JR1, Class A1, 4.27%, 10/25/2066 (a) (i)
|
528,848
|
515,787
|
FHLMC, REMIC
|
|
|
Series 5200, Class YV, 2.50%, 7/25/2033
|
3,964,825
|
3,491,290
|
Series 2708, Class ZD, 5.50%, 11/15/2033
|
70,617
|
69,913
|
Series 4302, Class PA, 4.00%, 12/15/2043
|
54,578
|
51,558
|
Series 4281, Class BC, 4.50%, 12/15/2043 (h)
|
82,083
|
78,785
|
Series 5141, Class AH, 2.25%, 11/25/2047
|
1,297,956
|
1,112,815
|
Series 5200, Class MA, 2.50%, 8/25/2048
|
3,320,236
|
2,878,931
|
Series 5028, Class JG, 1.50%, 8/25/2050
|
2,948,583
|
2,248,769
|
Series 5155, Class JD, 1.25%, 10/25/2051
|
1,467,211
|
1,092,635
|
Series 5347, PO, 10/25/2053
|
5,422,013
|
4,074,044
|
JPMorgan Core Plus Bond ETF
SCHEDULE OF PORTFOLIO INVESTMENTS
AS OF November 30, 2023 (Unaudited) (continued)
INVESTMENTS
|
PRINCIPAL
AMOUNT($)
|
VALUE($)
|
Collateralized Mortgage Obligations — continued
|
||
FHLMC, STRIPS Series 406, PO, 10/25/2053
|
3,922,632
|
2,945,297
|
FNMA, REMIC
|
|
|
Series 2003-7, Class FA, 6.19%, 2/25/2033 (h)
|
69,676
|
69,803
|
Series 2013-108, Class GU, 3.00%, 10/25/2033
|
388,736
|
361,970
|
Series 2005-110, Class TY, 5.50%, 12/25/2035
|
44,701
|
44,288
|
Series 2007-89, Class F, 6.02%, 9/25/2037 (h)
|
80,311
|
79,521
|
Series 2011-112, Class PB, 4.00%, 11/25/2041
|
108,664
|
100,922
|
Series 2014-57, Class PE, 3.00%, 9/25/2044
|
1,129,000
|
886,205
|
Series 2021-14, Class CB, 1.00%, 11/25/2049
|
3,872,653
|
2,859,545
|
GNMA
|
|
|
Series 2012-61, Class FM, 5.84%, 5/16/2042 (h)
|
348,875
|
340,545
|
Series 2020-165, Class UD, 1.50%, 11/20/2050
|
723,269
|
532,656
|
Series 2010-H24, Class FA, 5.79%, 10/20/2060 (h)
|
37,785
|
37,558
|
Series 2014-H03, Class FA, 6.04%, 1/20/2064 (h)
|
21,611
|
21,546
|
Series 2015-H05, Class FC, 5.92%, 2/20/2065 (h)
|
220,794
|
218,411
|
Series 2021-H14, Class CF, 6.73%, 9/20/2071 (h)
|
2,945,465
|
2,989,746
|
GS Mortgage-Backed Securities Corp. Trust Series 2021-RPL1, Class A1, 1.75%, 12/25/2060 (a) (h)
|
2,824,215
|
2,541,968
|
Home RE Ltd. (Bermuda) Series 2022-1, Class M1C, 10.83%, 10/25/2034 (a) (h)
|
750,000
|
786,227
|
LHOME Mortgage Trust
|
|
|
Series 2021-RTL1, Class A1, 3.09%, 2/25/2026 (a) (h)
|
22,293
|
22,210
|
Series 2023-RTL1, Class A1, 7.87%, 1/25/2028 (a) (i)
|
1,320,000
|
1,311,336
|
Series 2023-RTL2, Class A1, 8.00%, 6/25/2028 (a) (i)
|
2,000,000
|
1,995,249
|
PMT Credit Risk Transfer Trust Series 2021-1R, Class A, 8.37%, 2/27/2024 (a) (h)
|
2,331,196
|
2,326,649
|
Radnor RE Ltd. (Bermuda) Series 2022-1, Class M1B, 12.08%, 9/25/2032 (a) (h)
|
400,000
|
426,400
|
Seasoned Credit Risk Transfer Trust
|
|
|
Series 2018-1, Class MA, 3.00%, 5/25/2057
|
375,893
|
338,615
|
Series 2018-1, Class M60C, 3.50%, 5/25/2057
|
136,138
|
123,344
|
Series 2018-3, Class MA, 3.50%, 8/25/2057 (h)
|
54,009
|
50,006
|
Series 2018-3, Class M55D, 4.00%, 8/25/2057 (h)
|
260,969
|
234,743
|
Series 2018-2, Class MT, 3.50%, 11/25/2057
|
574,885
|
497,143
|
Series 2018-2, Class M55D, 4.00%, 11/25/2057
|
285,976
|
257,945
|
Series 2019-1, Class MA, 3.50%, 7/25/2058
|
2,733,794
|
2,515,164
|
Series 2019-2, Class MA, 3.50%, 8/25/2058
|
1,432,247
|
1,311,732
|
Series 2019-3, Class MT, 3.50%, 10/25/2058
|
4,500,306
|
3,894,414
|
Series 2020-1, Class MA, 2.50%, 8/25/2059
|
4,266,047
|
3,798,824
|
Series 2020-3, Class M5TW, 3.00%, 5/25/2060
|
462,132
|
402,234
|
Series 2020-3, Class TTW, 3.00%, 5/25/2060
|
426,330
|
385,246
|
Series 2021-1, Class BXS, 14.11%, 9/25/2060 (a) (h)
|
149,407
|
101,756
|
Series 2022-1, Class MTU, 3.25%, 11/25/2061
|
478,718
|
401,732
|
Series 2023-1, Class MT, 3.00%, 10/25/2062
|
3,022,273
|
2,419,755
|
Towd Point Mortgage Trust Series 2021-R1, Class A2C, 3.31%, 11/30/2060 (a)
|
754,000
|
692,965
|
Two Harbors Msr Frn, 7.25%, 4/15/2024 ‡ (a)
|
1,500,000
|
1,492,500
|
VM Master Issuer LLC Series 2022-1, Class B, 6.88%, 5/24/2025 ‡ (a) (h)
|
800,000
|
721,302
|
Total Collateralized Mortgage Obligations
(Cost $59,565,158)
|
|
58,460,476
|
U.S. Government Agency Securities — 0.3%
|
||
Resolution Funding Corp. STRIPS
DN, 4.88%, 4/15/2030 (j) (Cost $5,353,693)
|
7,306,000
|
5,360,053
|
JPMorgan Core Plus Bond ETF
SCHEDULE OF PORTFOLIO INVESTMENTS
AS OF November 30, 2023 (Unaudited) (continued)
INVESTMENTS
|
PRINCIPAL
AMOUNT($)
|
VALUE($)
|
Loan Assignments — 0.2% (d) (l)
|
||
Broadline Retail — 0.0% ^
|
||
GoodRx, Inc., 1st Lien Term Loan (1-MONTH CME TERM SOFR + 2.75%), 8.20%, 10/10/2025
|
621,698
|
620,921
|
Machinery — 0.0% ^
|
||
Alliance Laundry Systems LLC, 1st Lien Term Loan B (3-MONTH CME TERM SOFR + 3.50%),
8.99%, 10/8/2027
|
565,111
|
565,349
|
Media — 0.1%
|
||
CSC Holdings LLC, Term Loan B-6 (1-MONTH CME TERM SOFR + 4.50%), 9.82%, 1/18/2028 (m)
|
750,000
|
721,410
|
Personal Care Products — 0.0% ^
|
||
Nestle Skin Health SA, Term Loan B (Luxembourg) (3-MONTH CME TERM SOFR + 3.50%), 9.24%,
10/1/2026
|
621,811
|
623,627
|
Semiconductors & Semiconductor Equipment — 0.0% ^
|
||
Brooks Automation, 1st Lien Term Loan B (1-MONTH SOFR + 3.10%; 6-MONTH SOFR + 3.10%
+ 3.10%), 8.14%,
2/1/2029
|
648,359
|
644,306
|
Software — 0.0% ^
|
||
Genesys Telecom Holdings US, Inc., 1st Lien Term Loan B (1-MONTH CME TERM SOFR + 4.00%),
9.46%, 12/1/2027
|
621,803
|
622,083
|
Specialty Retail — 0.1%
|
||
AppleCaramel Buyer LLC, 1st Lien Term Loan B (1-MONTH CME TERM SOFR + 3.75%), 9.10%,
10/19/2027
|
497,469
|
496,961
|
Petco Health & Wellness Co., Inc., Term Loan B (3-MONTH CME TERM SOFR + 3.25%), 8.90%,
3/3/2028
|
495,342
|
467,687
|
|
|
964,648
|
Total Loan Assignments
(Cost $4,770,091)
|
|
4,762,344
|
Municipal Bonds — 0.0% (n) ^
|
||
Ohio — 0.0% ^
|
||
Ohio University, General Receipts, Federally Taxable Rev., 5.59%, 12/1/2114
|
25,000
|
22,453
|
Texas — 0.0% ^
|
||
Texas Natural Gas Securitization Finance Corp., Winter Storm URI Series 2023A-2, Rev.,
5.17%, 4/1/2041
|
45,000
|
44,289
|
Total Municipal Bonds
(Cost $77,768)
|
|
66,742
|
|
SHARES
|
|
Common Stocks — 0.0% ^
|
||
Diversified Telecommunication Services — 0.0% ^
|
||
Windstream Holdings, Inc. ‡ *
|
16
|
168
|
Oil, Gas & Consumable Fuels — 0.0% ^
|
||
Chesapeake Energy Corp.
|
185
|
14,857
|
EP Energy Corp. ‡ *
|
275
|
440
|
|
|
15,297
|
Professional Services — 0.0% ^
|
||
NMG, Inc. ‡ *
|
1
|
113
|
Wireless Telecommunication Services — 0.0% ^
|
||
Intelsat SA (Luxembourg) ‡ *
|
270
|
7,222
|
Total Common Stocks
(Cost $10,146)
|
|
22,800
|
Preferred Stocks — 0.0% ^
|
||
Broadline Retail — 0.0% ^
|
||
MYT Holding LLC Series A, 10.00%, 6/6/2029 ‡
(Cost $2,753)
|
2,868
|
1,685
|
JPMorgan Core Plus Bond ETF
SCHEDULE OF PORTFOLIO INVESTMENTS
AS OF November 30, 2023 (Unaudited) (continued)
INVESTMENTS
|
NO. OF
WARRANTS
|
VALUE($)
|
Warrants — 0.0% ^
|
||
Media — 0.0% ^
|
||
Nmg Research Ltd. expiring 9/24/2027, price 1.00 USD (United Kingdom) ‡ *
(Cost $1)
|
78
|
1,072
|
|
NO. OF
RIGHTS
|
|
Rights — 0.0% ^
|
||
Diversified Telecommunication Services — 0.0% ^
|
||
Intelsat Jackson Holdings SA, expiring 12/5/2025 (Luxembourg) ‡ *
(Cost $1 )
|
56
|
1
|
|
SHARES
|
|
Short-Term Investments — 13.5%
|
||
Investment Companies — 13.5%
|
||
JPMorgan U.S. Government Money Market Fund Class IM Shares, 5.28% (o) (p)
(Cost $275,669,212)
|
275,669,212
|
275,669,212
|
Total Investments — 103.3%
(Cost $2,154,718,737)
|
|
2,116,696,304
|
Liabilities in Excess of Other Assets — (3.3)%
|
|
(67,905,977
)
|
NET ASSETS — 100.0%
|
|
2,048,790,327
|
Percentages indicated are based on net assets.
|
Abbreviations
|
|
ABS
|
Asset-Backed Securities
|
ACES
|
Alternative Credit Enhancement Securities
|
ARM
|
Adjustable Rate Mortgage. The interest rate shown is the rate in effect as of November
30, 2023.
|
CME
|
Chicago Mercantile Exchange
|
CSMC
|
Credit Suisse Mortgage Trust
|
DN
|
Discount Notes
|
FHLMC
|
Federal Home Loan Mortgage Corp.
|
FNMA
|
Federal National Mortgage Association
|
FRN
|
Floating Rate Note
|
GNMA
|
Government National Mortgage Association
|
ICE
|
Intercontinental Exchange
|
IO
|
Interest Only represents the right to receive the monthly interest payments on an
underlying pool of mortgage loans. The principal amount shown
represents the par value on the underlying pool. The yields on these securities are
subject to accelerated principal paydowns as a result of prepayment or
refinancing of the underlying pool of mortgage instruments. As a result, interest
income may be reduced considerably.
|
PIK
|
Payment In Kind
|
PO
|
Principal Only represents the right to receive the principal portion only on an underlying
pool of mortgage loans. The market value of these securities is
extremely volatile in response to changes in market interest rates. As prepayments
on the underlying mortgages of these securities increase, the yield on
these securities increases.
|
PT
|
Limited liability company
|
RE
|
Reinsured
|
REIT
|
Real Estate Investment Trust
|
REMIC
|
Real Estate Mortgage Investment Conduit
|
Re-REMIC
|
Combined Real Estate Mortgage Investment Conduit
|
Rev.
|
Revenue
|
SCA
|
Limited partnership with share capital
|
SOFR
|
Secured Overnight Financing Rate
|
SOFRINDX
|
Compounding index of the Secured Overnight Financing Rate
|
STRIPS
|
Separate Trading of Registered Interest and Principal of Securities. The STRIPS Program
lets investors hold and trade individual interest and principal
components of eligible notes and bonds as separate securities.
|
TBA
|
To Be Announced; Security is subject to delayed delivery.
|
JPMorgan Core Plus Bond ETF
SCHEDULE OF PORTFOLIO INVESTMENTS
AS OF November 30, 2023 (Unaudited) (continued)
UMBS
|
Uniform Mortgage-Backed Securities
|
USD
|
United States Dollar
|
^
|
Amount rounds to less than 0.1% of net assets.
|
|
‡
|
Value determined using significant unobservable inputs.
|
|
*
|
Non-income producing security.
|
|
(a)
|
Securities exempt from registration under Rule 144A or section 4(a)(2), of the Securities
Act of 1933, as amended.
|
|
(b)
|
Defaulted security.
|
|
(c)
|
Security has the ability to pay in kind (“PIK”) or pay income in cash. When applicable, separate rates of such payments are disclosed.
|
|
(d)
|
Variable or floating rate security, linked to the referenced benchmark. The interest
rate shown is the current rate as of November 30, 2023.
|
|
(e)
|
Contingent Capital security (“CoCo”). CoCos are hybrid debt securities that may be convertible into equity or may be written down if a
pre-specified trigger event occurs. The total value of aggregate CoCo holdings at November 30, 2023 is $3,021,912 or 0.15% of the Fund’s
net assets as of November 30, 2023.
|
|
(f)
|
Security is an interest bearing note with preferred security characteristics.
|
|
(g)
|
Security is perpetual and thus, does not have a predetermined maturity date. The coupon
rate for this security is fixed for a period of time
and may be structured to adjust thereafter. The date shown, if applicable, reflects
the next call date. The coupon rate shown is the rate in
effect as of November 30, 2023.
|
|
(h)
|
Variable or floating rate security, the interest rate of which adjusts periodically
based on changes in current interest rates and prepayments
on the underlying pool of assets. The interest rate shown is the current rate as of
November 30, 2023.
|
|
(i)
|
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.
|
|
(j)
|
The rate shown is the effective yield as of November 30, 2023.
|
|
(k)
|
All or a portion of the security is a when-issued security, delayed delivery security,
or forward commitment.
|
|
(l)
|
Loan assignments are presented by obligor. Each series or loan tranche underlying
each obligor may have varying terms.
|
|
(m)
|
All or a portion of this security is unsettled as of November 30, 2023. Unless otherwise
indicated, the coupon rate is undetermined. The
coupon rate shown may not be accrued for the entire position.
|
|
(n)
|
The date shown represents the earliest of the prerefunded date, next put date or final
maturity date.
|
|
(o)
|
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.
|
|
(p)
|
The rate shown is the current yield as of November 30, 2023.
|
|
Futures contracts outstanding as of November 30, 2023:
DESCRIPTION
|
NUMBER OF
CONTRACTS
|
EXPIRATION DATE
|
TRADING CURRENCY
|
NOTIONAL
AMOUNT ($)
|
VALUE AND
UNREALIZED
APPRECIATION
(DEPRECIATION) ($)
|
Long Contracts
|
|
|
|
|
|
U.S. Treasury 10 Year Note
|
238
|
03/19/2024
|
USD
|
26,153,969
|
114,000
|
U.S. Treasury 10 Year Ultra Note
|
255
|
03/19/2024
|
USD
|
28,970,391
|
208,785
|
U.S. Treasury Long Bond
|
457
|
03/19/2024
|
USD
|
53,297,625
|
388,494
|
U.S. Treasury Ultra Bond
|
777
|
03/19/2024
|
USD
|
95,668,125
|
383,911
|
U.S. Treasury 2 Year Note
|
461
|
03/28/2024
|
USD
|
94,288,906
|
245,187
|
U.S. Treasury 5 Year Note
|
517
|
03/28/2024
|
USD
|
55,282,649
|
217,075
|
|
|
|
|
|
1,557,452
|
Short Contracts
|
|
|
|
|
|
U.S. Treasury 10 Year Note
|
(2
)
|
03/19/2024
|
USD
|
(219,781
)
|
(895
)
|
U.S. Treasury Long Bond
|
(3
)
|
03/19/2024
|
USD
|
(349,875
)
|
(2,616
)
|
U.S. Treasury 5 Year Note
|
(1
)
|
03/28/2024
|
USD
|
(106,930
)
|
(393
)
|
|
|
|
|
|
(3,904
)
|
|
|
|
|
|
1,553,548
|
Abbreviations
|
|
USD
|
United States Dollar
|
JPMorgan Core Plus Bond ETF
SCHEDULE OF PORTFOLIO INVESTMENTS
AS OF November 30, 2023 (Unaudited) (continued)
Forward foreign currency exchange contracts outstanding as of November 30, 2023:
CURRENCY
PURCHASED
|
CURRENCY
SOLD
|
COUNTERPARTY
|
SETTLEMENT
DATE
|
UNREALIZED
APPRECIATION
(DEPRECIATION) ($)
|
||
JPY
|
662,724,907
|
USD
|
4,435,058
|
BNP Paribas
|
12/15/2023
|
42,890
|
Total unrealized appreciation
|
42,890
|
|||||
USD
|
4,411,790
|
JPY
|
662,724,907
|
Goldman Sachs International
|
12/15/2023
|
(66,158
)
|
Net unrealized depreciation
|
(23,268
)
|
Abbreviations
|
|
JPY
|
Japanese Yen
|
USD
|
United States Dollar
|
Over-the-Counter ("OTC") Credit default swap contracts outstanding — buy protection (*) as of November 30, 2023:
REFERENCE
OBLIGATION/INDEX
|
FINANCING
RATE PAID
BY THE FUND
(%)
|
PAYMENT
FREQUENCY
|
COUNTERPARTY
|
MATURITY
DATE
|
IMPLIED
CREDIT
SPREAD
(%)(a)
|
NOTIONAL
AMOUNT(b)
|
UPFRONT
PAYMENTS
(RECEIPTS)
($)(c)
|
UNREALIZED
APPRECIATION
(DEPRECIATION)
($)
|
VALUE
($)
|
Bank of America Corp.,
3.50%, 4/19/2026
|
1.00
|
Quarterly
|
Morgan Stanley
|
6/20/2028
|
0.78
|
USD2,300,000
|
17,505
|
(42,641
)
|
(25,136
)
|
Bank of America Corp.,
3.50%, 4/19/2026
|
1.00
|
Quarterly
|
Morgan Stanley
|
6/20/2028
|
0.78
|
USD3,000,000
|
20,385
|
(53,171
)
|
(32,786
)
|
Bank of America Corp.,
3.50%, 4/19/2026
|
1.00
|
Quarterly
|
Morgan Stanley
|
6/20/2028
|
0.78
|
USD2,900,000
|
9,289
|
(40,982
)
|
(31,693
)
|
Bank of America Corp.,
3.50%, 4/19/2026
|
1.00
|
Quarterly
|
Morgan Stanley
|
6/20/2028
|
0.78
|
USD210,000
|
2,015
|
(4,310
)
|
(2,295
)
|
|
|
|
|
|
|
|
49,194
|
(141,104
)
|
(91,910
)
|
(*)
|
The Fund, as a buyer of credit protection, is generally obligated to make periodic
payments and may also pay or receive an upfront premium
to or from the protection seller, in exchange for the right to receive a contingent
payment, upon occurrence of a credit event with respect to
an underlying reference obligation, as defined under the terms of individual swap
contracts.
|
|
|||||||
(a)
|
Implied credit spreads are an indication of the seller's performance risk, related
to the likelihood of a credit event occurring that would require a seller to
make payment to a buyer. Implied credit spreads are used to determine the value of
swap contracts and reflect the cost of buying/selling protection, which
may include upfront payments made to enter into the contract. Therefore, higher spreads
would indicate a greater likelihood that a seller will be obligated
to perform (i.e. make payment) under the swap contract. Increasing values, in absolute
terms and relative to notional amounts, are also indicative of
greater performance risk. Implied credit spreads for credit default swaps on credit
indices are linked to the weighted average spread across the underlying
reference obligations included in a particular index.
|
||||||||
(b)
|
The notional amount is the maximum amount that a seller of credit protection would
be obligated to pay and a buyer of credit protection would receive,
upon occurrence of a credit event.
|
||||||||
(c)
|
Upfront payments and receipts generally represent premiums paid or received at the
initiation of the agreement to compensate the differences between
the stated terms of the swap agreement and current market conditions (credit spreads,
interest rates and other relevant factors).
|
||||||||
Abbreviations
|
|
|
|
|
|
|
|
|
|
USD
|
United States Dollar
|
|
|
|
|
|
|
|
|
Centrally Cleared Credit default swap contracts outstanding — sell protection(**) as of November 30, 2023:
REFERENCE
OBLIGATION/INDEX
|
FINANCING
RATE PAID
BY THE FUND
(%)
|
PAYMENT
FREQUENCY
|
MATURITY
DATE
|
IMPLIED
CREDIT
SPREAD
(%)(a)
|
NOTIONAL
AMOUNT(b)
|
UPFRONT
PAYMENTS
(RECEIPTS)
($)(c)
|
UNREALIZED
APPRECIATION
(DEPRECIATION)
($)
|
VALUE
($)
|
CDX.NA.IG.38-V1
|
1.00
|
Quarterly
|
6/20/2027
|
0.46
|
USD11,000,000
|
(4,087
)
|
220,172
|
216,085
|
CDX.NA.IG.39-V1
|
1.00
|
Quarterly
|
12/20/2027
|
0.54
|
USD7,250,000
|
67,597
|
70,141
|
137,738
|
|
|
|
|
|
|
63,510
|
290,313
|
353,823
|
(**)
|
The Fund, as a seller of credit protection, receives periodic payments and may also
receive or pay an upfront premium from or to the protection buyer,
and is obligated to make a contingent payment, upon occurrence of a credit event with
respect to an underlying reference obligation, as defined under the
terms of individual swap contracts.
|
JPMorgan Core Plus Bond ETF
SCHEDULE OF PORTFOLIO INVESTMENTS
AS OF November 30, 2023 (Unaudited) (continued)
(a)
|
Implied credit spreads are an indication of the seller's performance risk, related
to the likelihood of a credit event occurring that would require a seller to
make payment to a buyer. Implied credit spreads are used to determine the value of
swap contracts and reflect the cost of buying/selling protection, which
may include upfront payments made to enter into the contract. Therefore, higher spreads
would indicate a greater likelihood that a seller will be obligated
to perform (i.e. make payment) under the swap contract.Increasing values, in absolute
terms and relative to notional amounts, are also indicative of
greater performance risk. Implied credit spreads for credit default swaps on credit
indices are linked to the weighted average spread across the underlying
reference obligations included in a particular index.
|
||||||||
(b)
|
The notional amount is the maximum amount that a seller of credit protection would
be obligated to pay and a buyer of credit protection would receive,
upon occurrence of a credit event.
|
||||||||
(c)
|
Upfront payments and receipts generally represent premiums paid or received at the
initiation of the agreement to compensate the differences between
the stated terms of the swap agreement and current market conditions (credit spreads,
interest rates and other relevant factors).
|
Abbreviations
|
|
CDX
|
Credit Default Swap Index
|
USD
|
United States Dollar
|
Summary of total OTC swap contracts outstanding as of November 30, 2023:
|
NET UPFRONT
PAYMENTS
(RECEIPTS)
($)
|
VALUE
($)
|
Liabilities
|
|
|
OTC Credit default swap contracts outstanding - buy protection
|
49,194
|
(91,910
)
|
JPMorgan Core Plus Bond ETF
SCHEDULE OF PORTFOLIO INVESTMENTS
AS 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.
A market-based approach is primarily used to value the Fund's investments. Investments
for which market quotations are not readily available are fair valued using prices supplied by approved affiliated and/or unaffiliated pricing
vendors or third party broker-dealers (collectively referred to as “Pricing Services”), or may be internally fair valued using methods set forth by the valuation policies approved by the Board. This may include the use of related or comparable assets or liabilities, recent transactions,
market multiples, book values and other relevant information for the investment. An income-based valuation approach may be used in
which the anticipated future cash flows of the investment are discounted to calculate the fair value. Discounts may also be applied due to the
nature or duration of any restrictions on the disposition of the investments. Valuations may be based upon current market prices of securities
that are comparable in coupon, rating, maturity and industry. It is possible that the estimated values may differ significantly from the
values that would have been used had a ready market for the investments existed, and such differences could be material.
Fixed income instruments are valued based on prices received from approved affiliated
and unaffiliated pricing vendors or third party broker-dealers (collectively referred to as “Pricing Services”). The Pricing Services use multiple valuation techniques to determine the valuation of fixed income instruments. In instances where sufficient market activity
exists, the Pricing Services may utilize a market-based approach through which trades or quotes from market makers are used to determine the
valuation of these instruments. In instances where sufficient market activity may not exist, the Pricing Services also utilize proprietary
valuation models which may consider market transactions in comparable securities and the various relationships between securities in determining
fair value and/or market characteristics in order to estimate the relevant cash flows, which are then discounted to calculate the fair
values.
Equities and other exchange-traded instruments are valued at the last sale price or
official market closing price on the primary exchange on which the instrument is traded before the net asset value (“NAV”) of the Fund is calculated on a valuation date. Certain foreign equity instruments are valued by applying international fair value factors provided by approved
Pricing Services. The factors seek to adjust the local closing price for movements of local markets post-closing, but prior to the time the
NAVs are calculated.
Investments in open-end investment companies (“Underlying Funds”) are valued at each Underlying Fund’s NAV per share as of the report date.
Futures contracts are generally valued on the basis of available market quotations.
Swaps and forward foreign currency exchange contracts are valued utilizing market quotations from approved Pricing Services.
See the table on “Quantitative Information about Level 3 Fair Value Measurements” for information on the valuation techniques and inputs used to value level 3 securities held by the Fund at November 30, 2023.
Valuations reflected in this report are as of the report date. As a result, changes
in valuation due to market events and/or issuer-related events after the report date and prior to issuance of the report are not reflected herein.
The various inputs that are used in determining the valuation of the Fund's investments
are summarized into the three broad levels listed below.
•
Level 1 — Unadjusted inputs using quoted prices in active markets for identical investments.
•
Level 2 — Other significant observable inputs including, but not limited to, quoted prices
for similar investments, inputs other than quoted prices that are observable for investments (such as interest rates, prepayment
speeds, credit risk, etc.) or other market corroborated inputs.
JPMorgan Core Plus Bond ETF
SCHEDULE OF PORTFOLIO INVESTMENTS
AS OF November 30, 2023 (Unaudited) (continued)
•
Level 3 — Significant inputs based on the best information available in the circumstances,
to the extent observable inputs are not available (including the Fund's assumptions in determining the fair value of investments).
A financial instrument’s level within the fair value hierarchy is based on the lowest level of any input, both individually and in the aggregate, that is significant to the fair value measurement. The inputs or methodology used
for valuing instruments are not necessarily an indication of the risk associated with investing in those instruments.
The following table represents each valuation input as presented on the Schedule of
Portfolio Investments:
|
|
|
|
|
|
Level 1
Quoted prices
|
Level 2
Other significant
observable inputs
|
Level 3
Significant
unobservable inputs
|
Total
|
Investments in Securities
|
|
|
|
|
Asset-Backed Securities
|
$—
|
$322,174,404
|
$17,477,918
|
$339,652,322
|
Collateralized Mortgage Obligations
|
—
|
56,246,674
|
2,213,802
|
58,460,476
|
Commercial Mortgage-Backed Securities
|
—
|
84,768,745
|
13,929,468
|
98,698,213
|
Common Stocks
|
|
|
|
|
Diversified Telecommunication Services
|
—
|
—
|
168
|
168
|
Oil, Gas & Consumable Fuels
|
14,857
|
—
|
440
|
15,297
|
Professional Services
|
—
|
—
|
113
|
113
|
Wireless Telecommunication Services
|
—
|
—
|
7,222
|
7,222
|
Total Common Stocks
|
14,857
|
—
|
7,943
|
22,800
|
Corporate Bonds
|
|
|
|
|
Aerospace & Defense
|
—
|
8,977,417
|
—
|
8,977,417
|
Automobile Components
|
—
|
6,564,975
|
—
|
6,564,975
|
Automobiles
|
—
|
2,100,066
|
—
|
2,100,066
|
Banks
|
—
|
118,664,203
|
—
|
118,664,203
|
Beverages
|
—
|
2,182,139
|
—
|
2,182,139
|
Biotechnology
|
—
|
11,039,887
|
—
|
11,039,887
|
Broadline Retail
|
—
|
2,321,777
|
—
|
2,321,777
|
Building Products
|
—
|
6,249,465
|
—
|
6,249,465
|
Capital Markets
|
—
|
40,697,758
|
—
|
40,697,758
|
Chemicals
|
—
|
6,263,007
|
—
|
6,263,007
|
Commercial Services & Supplies
|
—
|
7,302,615
|
—
|
7,302,615
|
Communications Equipment
|
—
|
756,026
|
—
|
756,026
|
Construction & Engineering
|
—
|
2,084,424
|
—
|
2,084,424
|
Construction Materials
|
—
|
649,399
|
—
|
649,399
|
Consumer Finance
|
—
|
18,268,713
|
—
|
18,268,713
|
Consumer Staples Distribution & Retail
|
—
|
4,603,030
|
—
|
4,603,030
|
Containers & Packaging
|
—
|
7,624,373
|
—
|
7,624,373
|
Distributors
|
—
|
841,383
|
—
|
841,383
|
Diversified Consumer Services
|
—
|
767,083
|
—
|
767,083
|
Diversified REITs
|
—
|
1,289,118
|
—
|
1,289,118
|
Diversified Telecommunication Services
|
—
|
15,945,031
|
3
|
15,945,034
|
Electric Utilities
|
—
|
36,895,659
|
—
|
36,895,659
|
Electrical Equipment
|
—
|
2,118,068
|
—
|
2,118,068
|
Electronic Equipment, Instruments & Components
|
—
|
1,036,646
|
—
|
1,036,646
|
Energy Equipment & Services
|
—
|
2,681,453
|
—
|
2,681,453
|
Entertainment
|
—
|
7,690,175
|
—
|
7,690,175
|
Financial Services
|
—
|
6,190,258
|
—
|
6,190,258
|
Food Products
|
—
|
3,501,887
|
—
|
3,501,887
|
Gas Utilities
|
—
|
2,701,723
|
—
|
2,701,723
|
JPMorgan Core Plus Bond ETF
SCHEDULE OF PORTFOLIO INVESTMENTS
AS OF November 30, 2023 (Unaudited) (continued)
|
|
|
|
|
|
Level 1
Quoted prices
|
Level 2
Other significant
observable inputs
|
Level 3
Significant
unobservable inputs
|
Total
|
Ground Transportation
|
$—
|
$8,263,958
|
$—
|
$8,263,958
|
Health Care Equipment & Supplies
|
—
|
3,782,793
|
—
|
3,782,793
|
Health Care Providers & Services
|
—
|
24,376,675
|
—
|
24,376,675
|
Health Care REITs
|
—
|
223,203
|
—
|
223,203
|
Health Care Technology
|
—
|
707,912
|
—
|
707,912
|
Hotel & Resort REITs
|
—
|
934,015
|
—
|
934,015
|
Hotels, Restaurants & Leisure
|
—
|
19,130,403
|
—
|
19,130,403
|
Household Durables
|
—
|
3,296,474
|
—
|
3,296,474
|
Household Products
|
—
|
2,044,262
|
—
|
2,044,262
|
Independent Power and Renewable Electricity
Producers
|
—
|
3,370,684
|
—
|
3,370,684
|
Industrial REITs
|
—
|
729,977
|
—
|
729,977
|
Insurance
|
—
|
6,396,307
|
—
|
6,396,307
|
Interactive Media & Services
|
—
|
2,079,965
|
—
|
2,079,965
|
IT Services
|
—
|
1,592,795
|
—
|
1,592,795
|
Leisure Products
|
—
|
13,489
|
—
|
13,489
|
Life Sciences Tools & Services
|
—
|
3,525,338
|
—
|
3,525,338
|
Machinery
|
—
|
3,444,641
|
—
|
3,444,641
|
Media
|
—
|
30,558,171
|
—
|
30,558,171
|
Metals & Mining
|
—
|
9,334,012
|
—
|
9,334,012
|
Mortgage Real Estate Investment Trusts (REITs)
|
—
|
870,187
|
—
|
870,187
|
Multi-Utilities
|
—
|
4,716,883
|
—
|
4,716,883
|
Office REITs
|
—
|
151,942
|
—
|
151,942
|
Oil, Gas & Consumable Fuels
|
—
|
52,982,561
|
—
|
52,982,561
|
Passenger Airlines
|
—
|
5,054,104
|
—
|
5,054,104
|
Personal Care Products
|
—
|
1,346,783
|
—
|
1,346,783
|
Pharmaceuticals
|
—
|
16,761,068
|
—
|
16,761,068
|
Real Estate Management & Development
|
—
|
322,022
|
—
|
322,022
|
Residential REITs
|
—
|
1,285,696
|
—
|
1,285,696
|
Retail REITs
|
—
|
1,016,446
|
—
|
1,016,446
|
Semiconductors & Semiconductor Equipment
|
—
|
8,821,179
|
—
|
8,821,179
|
Software
|
—
|
10,467,785
|
—
|
10,467,785
|
Specialized REITs
|
—
|
4,675,571
|
—
|
4,675,571
|
Specialty Retail
|
—
|
11,308,632
|
—
|
11,308,632
|
Technology Hardware, Storage & Peripherals
|
—
|
3,959,905
|
—
|
3,959,905
|
Textiles, Apparel & Luxury Goods
|
—
|
321,299
|
—
|
321,299
|
Tobacco
|
—
|
11,848,030
|
—
|
11,848,030
|
Trading Companies & Distributors
|
—
|
5,209,927
|
—
|
5,209,927
|
Transportation Infrastructure
|
—
|
170,492
|
—
|
170,492
|
Wireless Telecommunication Services
|
—
|
7,209,336
|
—
|
7,209,336
|
Total Corporate Bonds
|
—
|
600,312,680
|
3
|
600,312,683
|
Loan Assignments
|
—
|
4,762,344
|
—
|
4,762,344
|
Mortgage-Backed Securities
|
—
|
466,459,684
|
—
|
466,459,684
|
Municipal Bonds
|
—
|
66,742
|
—
|
66,742
|
Preferred Stocks
|
—
|
—
|
1,685
|
1,685
|
Rights
|
—
|
—
|
1
|
1
|
U.S. Government Agency Securities
|
—
|
5,360,053
|
—
|
5,360,053
|
JPMorgan Core Plus Bond ETF
SCHEDULE OF PORTFOLIO INVESTMENTS
AS OF November 30, 2023 (Unaudited) (continued)
|
|
|
|
|
|
Level 1
Quoted prices
|
Level 2
Other significant
observable inputs
|
Level 3
Significant
unobservable inputs
|
Total
|
U.S. Treasury Obligations
|
$—
|
$267,229,017
|
$—
|
$267,229,017
|
Warrants
|
—
|
—
|
1,072
|
1,072
|
Short-Term Investments
|
|
|
|
|
Investment Companies
|
275,669,212
|
—
|
—
|
275,669,212
|
Total Investments in Securities
|
$275,684,069
|
$1,807,380,343
|
$33,631,892
|
$2,116,696,304
|
Appreciation in Other Financial Instruments
|
|
|
|
|
Forward Foreign Currency Exchange Contracts
|
$—
|
$42,890
|
$—
|
$42,890
|
Futures Contracts
|
1,557,452
|
—
|
—
|
1,557,452
|
Swaps
|
—
|
290,313
|
—
|
290,313
|
Depreciation in Other Financial Instruments
|
|
|
|
|
Forward Foreign Currency Exchange Contracts
|
—
|
(66,158
)
|
—
|
(66,158
)
|
Futures Contracts
|
(3,904
)
|
—
|
—
|
(3,904
)
|
Swaps
|
—
|
(141,104
)
|
—
|
(141,104
)
|
Total Net Appreciation/ Depreciation in Other
Financial Instruments
|
$1,553,548
|
$125,941
|
$—
|
$1,679,489
|
The following is a summary of investments for which significant unobservable inputs
(level 3) were used in determining fair value:
|
Balance as of
February 28,
2023
|
Realized
gain (loss)
|
Change in net
unrealized
appreciation
(depreciation)
|
Net
accretion
(amortization)
|
Purchases1
|
Sales2
|
Transfers
into
Level 3
|
Transfers
out of
Level 3
|
Other(a)
|
Balance as of
November 30,
2023
|
Investments in
Securities:
|
|
|
|
|
|
|
|
|
|
|
Asset-Backed
Securities
|
$2,208,139
|
$185
|
$(670,123
)
|
$32,368
|
$15,704,131
|
$(2,454,279
)
|
$1,881,672
|
$—
|
$775,825
|
$17,477,918
|
Collateralized
Mortgage
Obligations
|
3,547,824
|
—
|
(14,105
)
|
1
|
1,500,000
|
(50,464
)
|
—
|
(1,993,629
)
|
(775,825
)
|
2,213,802
|
Commercial
Mortgage-Backed
Securities
|
825,407
|
2,786
|
(166,261
)
|
13,818
|
14,089,888
|
(836,170
)
|
—
|
—
|
—
|
13,929,468
|
Common Stocks
|
8,693
|
1,513
|
(750
)
|
—
|
—
|
(1,513
)
|
—
|
—
|
—
|
7,943
|
Corporate Bonds
|
3
|
6
|
—
|
—
|
—
|
(6
)
|
—
|
—
|
—
|
3
|
Preferred Stocks
|
2,567
|
—
|
(882
)
|
—
|
—
|
—
|
—
|
—
|
—
|
1,685
|
Rights
|
1
|
—
|
—
|
—
|
—
|
—
|
—
|
—
|
—
|
1
|
Warrants
|
2,460
|
—
|
(1,388
)
|
—
|
—
|
—
|
—
|
—
|
—
|
1,072
|
Total
|
$6,595,094
|
$4,490
|
$(853,509
)
|
$46,187
|
$31,294,019
|
$(3,342,432
)
|
$1,881,672
|
$(1,993,629
)
|
$—
|
$33,631,892
|
|
|||||||||
1
|
Purchases include all purchases of securities and securities received in corporate
actions.
|
||||||||
2
|
Sales include all sales of securities, maturities, paydowns and securities tendered
in corporate actions.
|
(a)
|
Certain Level 3 investments were re-classified between Collateralized Mortgage Obligations
and Asset-Backed Securities.
|
The changes in net unrealized appreciation (depreciation) attributable to securities
owned at November 30, 2023, which were valued using significant unobservable inputs (level 3) amounted to $(876,551).
There were no significant transfers into or out of level 3 for the period ended November
30, 2023.
The significant unobservable inputs used in the fair value measurement of the Fund's
investments are listed below. Generally, a change in the assumptions used in any input in isolation may be accompanied by a change in another
input. Significant changes in any of the unobservable inputs may significantly impact the fair value measurement. The impact is based on
the relationship between each unobservable input and the fair value measurement. Significant increases (decreases) in enterprise multiples
may increase (decrease) the fair value measurement. Signifi
JPMorgan Core Plus Bond ETF
SCHEDULE OF PORTFOLIO INVESTMENTS
AS OF November 30, 2023 (Unaudited) (continued)
cant increases (decreases) in the discount for lack of marketability, liquidity discount,
probability of default, yield and default rate may decrease (increase) the fair value measurement. A significant change in the discount
rate or prepayment rate (Constant Prepayment Rate or PSA Prepayment Model) may decrease or increase the fair value measurement.
Quantitative Information about Level 3 Fair Value Measurements #
|
Fair Value at
November 30, 2023
|
Valuation
Technique(s)
|
Unobservable
Input
|
Range (Weighted
Average) (a)
|
|
$11,024,403
|
Discounted Cash Flow
|
Constant Prepayment Rate
|
0.00% - 30.00% (10.83%)
|
|
|
|
Constant Default Rate
|
0.00% - 29.00% (0.82%)
|
|
|
|
Yield (Discount Rate of Cash Flows)
|
6.77% - 44.98% (9.74%)
|
|
|
|
|
|
Asset-Backed Securities
|
11,024,403
|
|
|
|
|
721,302
|
Discounted Cash Flow
|
Yield (Discount Rate of Cash Flows)
|
15.68% (15.68%)
|
|
|
|
|
|
Collateralized Mortgage
Obligations
|
721,302
|
|
|
|
|
1
|
Terms of Restructuring
|
Expected Recovery
|
$0.01 ($0.01)
|
|
|
|
|
|
Rights
|
1
|
|
|
|
Total
|
$11,745,706
|
|
|
|
#
|
The table above does not include certain level 3 investments that are valued by brokers
and Pricing Services. At November 30, 2023, the value
of these investments was $ 21,886,186. The inputs for these investments are not readily
available or cannot be reasonably estimated and are
generally those inputs described in Note A.
|
(a)
|
Unobservable inputs were weighted by the relative fair value of the instruments.
|
B. Investment Transactions with Affiliates — The Fund invested in an Underlying Fund advised by the Adviser. An issuer which is
under common control with the Fund may be considered an affiliate. The Fund assumes the
issuer listed in the table below to be an affiliated issuer. The Underlying Fund's distributions may be reinvested into such Underlying Fund. Reinvestment
amounts are included in the purchases at cost amounts in the table below.
|
|||||||||
For the period ended November 30, 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)
|
$111,022,635
|
$816,214,656
|
$651,568,079
|
$—
|
$—
|
$275,669,212
|
275,669,212
|
$6,658,075
|
$—
|
|
|
(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.
|
C. Derivatives — The Fund used derivative instruments including options, futures contracts, forward
foreign currency exchange contracts and swaps, in connection with its investment strategy. Derivative instruments may
be used as substitutes for securities in which the Fund can invest, to hedge portfolio investments or to generate income or gain to the Fund.
Derivatives may also be used to manage duration, sector and yield curve exposures and credit and spread volatility.
The Fund may be subject to various risks from the use of derivatives, including the
risk that changes in the value of a derivative may not correlate perfectly with the underlying asset, rate or index; counterparty credit risk related to derivatives counterparties’ failure to perform under contract terms; liquidity risk related to the potential lack of a liquid market
for these contracts allowing a Fund to close out its position(s); and documentation risk relating to disagreement over contract terms. Investing in
certain derivatives also results in a form of leverage and as such, the Fund's risk of loss associated with these instruments may exceed
their value.
JPMorgan Core Plus Bond ETF
SCHEDULE OF PORTFOLIO INVESTMENTS
AS OF November 30, 2023 (Unaudited) (continued)
The Fund is party to various derivative contracts governed by International Swaps and Derivatives Association master agreements (“ISDA agreements”). The Fund's ISDA agreements, which are separately negotiated with each dealer counterparty, may contain provisions allowing, absent other considerations, a counterparty to exercise rights, to the extent not
otherwise waived, against the Fund in the event the Fund's net assets decline over time by a pre-determined percentage or fall below a pre-determined
floor. The ISDA agreements may also contain provisions allowing, absent other conditions, the Fund to exercise rights, to the
extent not otherwise waived, against a counterparty (e.g., decline in a counterparty’s credit rating below a specified level). Such rights for both a counterparty and the Fund often include the ability to terminate (i.e., close out) open contracts at prices which may favor a counterparty,
which could have an adverse effect on the Fund. The ISDA agreements give the Fund and a counterparty the right, upon an event of default,
to close out all transactions traded under such agreements and to net amounts owed or due across all transactions and offset such
net payable or receivable against collateral posted to a segregated account by one party for the benefit of the other.
Counterparty credit risk may be mitigated to the extent a counterparty posts additional
collateral for mark to market gains to the Fund.
Notes (1) — (3) below describe the various derivatives used by the Fund.
(1). Futures Contracts — The Fund used currency, index, interest rate, treasury or other financial futures
contracts to manage and hedge interest rate risk associated with portfolio investments and to gain or reduce exposure
to positive and negative price fluctuation or a particular countries or regions. The Fund also used futures contracts to lengthen or shorten
the duration of the overall investment portfolio. The Fund used commodity futures contracts to obtain long and short exposure to the underlying
commodities markets. The purchase of futures contracts will tend to increase the Fund's exposure to positive and negative price fluctuations
in the underlying instrument. The sales of futures contracts will tend to offset both positive and negative market price changes.
Futures contracts provide for the delayed delivery of the underlying instrument at
a fixed price or are settled for a cash amount based on the change in the value of the underlying instrument at a specific date in the future.
Upon entering into a futures contract, the Fund is required to deposit with the broker, cash or securities in an amount equal to a certain percentage
of the contract amount, which is referred to as the initial margin deposit. Subsequent payments, referred to as variation margin, are made or
received by the Fund periodically and are based on changes in the market value of open futures contracts. Changes in the market value
of open futures contracts are recorded as change in net unrealized appreciation/depreciation on futures contracts. Securities deposited as
initial margin are designated on the Schedule of Investments, while cash deposited is considered restricted.
The Fund may be exposed to the risk that the change in the value of the futures contract
may not correlate perfectly with the underlying instrument. Use of long futures contracts subject the Fund to risk of loss up to the
notional amount of the futures contracts. Use of short futures contracts subjects the Fund to unlimited risk of loss. The Fund may enter
into futures contracts only on exchanges or boards of trade. The exchange or board of trade acts as the counterparty to each futures transaction;
therefore, the Fund's credit risk is limited to failure of the exchange or board of trade. Under some circumstances, futures exchanges may establish
daily limits on the amount that the price of a futures contract can vary from the previous day’s settlement price, which could effectively prevent liquidation of positions.
The Fund's futures contracts are not subject to master netting arrangements (the right
to close out all transactions traded with a counterparty and net amounts owed or due across transactions).
(2). Forward Foreign Currency Exchange Contracts— The Fund is exposed to foreign currency risks associated with some or all of the
portfolio investments and used forward foreign currency exchange contracts to hedge
or manage certain of these exposures as part of an investment strategy. The Fund also bought forward foreign currency exchange contracts
to gain exposure to currencies. Forward foreign currency exchange contracts represent obligations to purchase or sell foreign currency
on a specified future date at a price fixed at the time the contracts are entered into. Non-deliverable forward foreign currency exchange
contracts are settled with the counterparty in U.S. dollars without the delivery of the foreign currency.
The values of the forward foreign currency exchange contracts are adjusted daily based
on the applicable exchange rate of the underlying currency. Changes in the value of these contracts are recorded as unrealized appreciation
or depreciation until the contract settlement date. When the forward foreign currency exchange contract is closed, the Fund records a
realized gain or loss equal to the difference between the value at the time the contract was opened and the value at the time it was closed.
The Fund also records a realized gain or loss, upon settlement, when a forward foreign currency exchange contract offsets another forward
foreign currency exchange contract with the same counterparty.
The Fund's forward foreign currency exchange contracts are subject to master netting
arrangements (the right to close out all transactions with a counterparty and net amounts owed or due across transactions).
The Fund may be required to post or receive collateral for non-deliverable forward
foreign currency exchange contracts.
(3). Swaps — The Fund engaged in various swap transactions to manage credit, interest rate (e.g.,
duration, yield curve), currency, inflation and total return risks within its portfolio. The Fund also used swaps as alternatives
to direct investments. Swap transactions are contracts
JPMorgan Core Plus Bond ETF
SCHEDULE OF PORTFOLIO INVESTMENTS
AS OF November 30, 2023 (Unaudited) (continued)
negotiated over-the-counter (“OTC swaps”) between the Fund and a counterparty or are centrally cleared (“centrally cleared swaps”) through a central clearinghouse managed by a Futures Commission Merchant (“FCM”) that exchange investment cash flows, assets, foreign currencies or market-linked returns at specified, future intervals.
Upfront payments made and/or received by the Fund are recorded as assets or liabilities,
respectively, and amortized over the term of the swap. The value of an OTC swap agreement is recorded at the beginning of the measurement
period. Upon entering into a centrally cleared swap, the Fund is required to deposit with the FCM cash or securities, which is referred
to as initial margin deposit. Securities deposited as initial margin are designated on the Schedule of Investments, while cash deposited
is considered restricted. The change in the value of swaps, including accruals of periodic amounts of interest to be paid or received on swaps,
is reported as change in net unrealized appreciation/depreciation on swaps. A realized gain or loss is recorded upon payment or receipt of a periodic
payment or payment made upon termination of a swap agreement.
The Fund may be required to post or receive collateral based on the net value of the
Fund's outstanding OTC swap contracts with the counterparty in the form of cash or securities. Daily movement of cash collateral
is subject to minimum threshold amounts. Collateral posted by the Fund is held in a segregated account at the Fund's custodian bank.
The central clearinghouse acts as the counterparty to each centrally cleared swap
transaction; therefore credit risk is limited to the failure of the clearinghouse.
The Fund's swap contracts (excluding centrally cleared swaps) are subject to master
netting arrangements.
Credit Default Swaps
The Fund entered into credit default swaps to simulate long and/or short bond positions
or to take an active long and/or short position with respect to the likelihood of a default or credit event by the issuer of the underlying
reference obligation.
The underlying reference obligation may be a single issuer of corporate or sovereign
debt, a basket of issuers or a credit index. A credit index is a list of credit instruments or exposures that reference a fixed number of obligors
with shared characteristics that represents some part of the credit market as a whole. Index credit default swaps have standardized terms including
a fixed spread and standard maturity dates. The composition of the obligations within a particular index changes periodically.
Credit default swaps involve one party, the protection buyer, making a stream of payments
to another party, the protection seller, in exchange for the right to receive a contingent payment if there is a credit event related to
the underlying reference obligation. In the event that the reference obligation matures prior to the termination date of the contract, a similar
security will be substituted for the duration of the contract term. Credit events are defined under individual swap agreements and generally include
bankruptcy, failure to pay, restructuring, repudiation/moratorium, obligation acceleration and obligation default.
If a credit event occurs, the Fund, as a protection seller, would be obligated to
make a payment, which may be either: (i) a net cash settlement equal to the notional amount of the swap less the auction value of the reference
obligation or (ii) the notional amount of the swap in exchange for the delivery of the reference obligation. Selling protection effectively
adds leverage to the Fund's portfolio up to the notional amount of swap agreements. The notional amount represents the maximum potential liability
under a contract. Potential liabilities under these contracts may be reduced by: the auction rates of the underlying reference obligations;
upfront payments received at the inception of a swap; and net amounts received from credit default swaps purchased with the identical reference
obligation.