JPMorgan Ultra-Short Income 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 Ultra-Short Income ETFSCHEDULE OF PORTFOLIO INVESTMENTSAS OF November 30, 2023 (Unaudited)
INVESTMENTS | PRINCIPAL AMOUNT($) | VALUE($) |
Corporate Bonds — 44.0% | ||
Aerospace & Defense — 0.1% | ||
L3Harris Technologies, Inc. 3.85%, 12/15/2026 | 2,902,000 | 2,801,930 |
RTX Corp. 3.20%, 3/15/2024 | 20,734,000 | 20,581,833 |
23,383,763 | ||
Automobile Components — 0.1% | ||
Magna International, Inc. (Canada) 3.63%, 6/15/2024 | 16,015,000 | 15,822,486 |
Automobiles — 1.6% | ||
BMW US Capital LLC (Germany) | ||
(SOFRINDX + 0.53%), 5.90%, 4/1/2024 (a) (b) | 22,838,000 | 22,850,115 |
(SOFRINDX + 0.62%), 5.95%, 8/11/2025 (a) (b) | 9,237,000 | 9,254,679 |
Hyundai Capital America | ||
0.80%, 1/8/2024 (a) | 48,000,000 | 47,751,371 |
4.30%, 2/1/2024 (a) | 876,000 | 873,190 |
0.88%, 6/14/2024 (a) | 47,002,000 | 45,711,026 |
1.00%, 9/17/2024 (a) | 5,566,000 | 5,357,695 |
2.65%, 2/10/2025 (a) | 8,000,000 | 7,708,861 |
5.80%, 6/26/2025 (a) | 24,390,000 | 24,382,896 |
6.00%, 7/11/2025 (a) | 28,960,000 | 29,030,968 |
1.80%, 10/15/2025 (a) | 1,792,000 | 1,665,962 |
(SOFR + 1.32%), 6.66%, 11/3/2025 (a) (b) | 7,000,000 | 7,008,999 |
5.50%, 3/30/2026 (a) | 1,961,000 | 1,949,032 |
1.50%, 6/15/2026 (a) | 2,659,000 | 2,390,326 |
1.65%, 9/17/2026 (a) | 1,451,000 | 1,299,447 |
Kia Corp. (South Korea) 1.00%, 4/16/2024 (a) | 12,580,000 | 12,359,976 |
Mercedes-Benz Finance North America LLC (Germany) 0.75%, 3/1/2024 (a) | 1,065,000 | 1,052,345 |
Volkswagen Group of America Finance LLC (Germany) | ||
2.85%, 9/26/2024 (a) | 6,760,000 | 6,602,233 |
(SOFR + 0.93%), 6.31%, 9/12/2025 (a) (b) | 119,020,000 | 119,039,912 |
4.63%, 11/13/2025 (a) | 1,960,000 | 1,920,888 |
3.20%, 9/26/2026 (a) | 9,504,000 | 8,905,726 |
357,115,647 | ||
Banks — 16.4% | ||
ABN AMRO Bank NV (Netherlands) (US Treasury Yield Curve Rate T Note Constant Maturity 1 Year + 1.65%), 6.34%, 9/18/2027 (a) (b) | 30,000,000 | 30,149,789 |
ASB Bank Ltd. (New Zealand) 3.13%, 5/23/2024 (a) | 6,755,000 | 6,671,204 |
Australia & New Zealand Banking Group Ltd. (Australia) | ||
4.83%, 2/3/2025 (a) | 23,413,000 | 23,274,463 |
5.38%, 7/3/2025 | 72,769,000 | 72,865,379 |
Banco Santander SA (Spain) | ||
3.89%, 5/24/2024 | 24,600,000 | 24,375,215 |
2.71%, 6/27/2024 | 12,955,000 | 12,726,532 |
(US Treasury Yield Curve Rate T Note Constant Maturity 1 Year + 0.45%), 5.74%, 6/30/2024 (b) | 66,257,000 | 66,159,682 |
3.50%, 3/24/2025 | 10,215,000 | 9,907,147 |
Bank of America Corp. | ||
(SOFR + 0.41%), 5.78%, 6/14/2024 (b) | 85,060,000 | 84,956,227 |
(3-MONTH CME TERM SOFR + 0.97%), 3.46%, 3/15/2025 (b) | 2,992,000 | 2,968,646 |
(SOFR + 0.69%), 0.98%, 4/22/2025 (b) | 46,148,000 | 45,135,528 |
(SOFR + 1.11%), 3.84%, 4/25/2025 (b) | 75,312,000 | 74,637,076 |
JPMorgan Ultra-Short Income ETFSCHEDULE OF PORTFOLIO INVESTMENTSAS OF November 30, 2023 (Unaudited) (continued)
INVESTMENTS | PRINCIPAL AMOUNT($) | VALUE($) |
Corporate Bonds — continued | ||
Banks — continued | ||
(3-MONTH CME TERM SOFR + 1.35%), 3.09%, 10/1/2025 (b) | 2,383,000 | 2,323,389 |
(SOFR + 1.29%), 5.08%, 1/20/2027 (b) | 110,000,000 | 108,784,922 |
Bank of America NA (SOFR + 0.78%), 6.11%, 8/18/2025 (b) | 5,320,000 | 5,326,412 |
Bank of Montreal (Canada) | ||
(SOFRINDX + 0.35%), 5.74%, 12/8/2023 (b) | 14,990,000 | 14,989,904 |
5.30%, 6/5/2026 | 79,200,000 | 79,126,456 |
Bank of New Zealand (New Zealand) 4.85%, 2/7/2028 (a) | 75,000,000 | 73,245,349 |
Bank of Nova Scotia (The) (Canada) | ||
0.65%, 7/31/2024 | 7,304,000 | 7,066,407 |
5.45%, 6/12/2025 | 74,090,000 | 73,899,570 |
4.75%, 2/2/2026 | 67,362,000 | 66,471,315 |
1.30%, 9/15/2026 | 8,539,000 | 7,647,629 |
Banque Federative du Credit Mutuel SA (France) | ||
0.65%, 2/27/2024 (a) (c) | 7,485,000 | 7,393,854 |
4.94%, 1/26/2026 (a) | 78,781,000 | 77,562,549 |
5.90%, 7/13/2026 (a) | 106,402,000 | 107,071,247 |
Barclays plc (United Kingdom) | ||
(US Treasury Yield Curve Rate T Note Constant Maturity 1 Year + 0.80%), 1.01%, 12/10/2024 (b) | 29,647,000 | 29,445,279 |
(3-MONTH SOFR + 1.61%), 3.93%, 5/7/2025 (b) | 34,200,000 | 33,860,054 |
BNP Paribas SA (France) 3.80%, 1/10/2024 (a) (c) | 44,645,000 | 44,553,056 |
BPCE SA (France) | ||
4.00%, 4/15/2024 | 39,514,000 | 39,245,445 |
5.03%, 1/15/2025 (a) | 119,399,000 | 117,918,715 |
(SOFR + 0.96%), 6.33%, 9/25/2025 (a) (b) | 113,486,000 | 113,609,854 |
Canadian Imperial Bank of Commerce (Canada) | ||
(SOFRINDX + 0.40%), 5.78%, 12/14/2023 (b) | 50,032,000 | 50,035,202 |
(SOFR + 0.94%), 6.30%, 4/7/2025 (b) | 95,598,000 | 95,755,459 |
5.14%, 4/28/2025 | 80,000,000 | 79,469,001 |
Citigroup, Inc. | ||
(SOFR + 0.69%), 6.03%, 10/30/2024 (b) | 10,270,000 | 10,262,195 |
(SOFR + 0.67%), 0.98%, 5/1/2025 (b) | 18,466,000 | 18,048,618 |
Citizens Bank NA (SOFR + 1.02%), 5.28%, 1/26/2026 (b) | 163,697,000 | 156,190,129 |
Cooperatieve Rabobank UA (Netherlands) | ||
0.38%, 1/12/2024 | 650,000 | 646,005 |
(SOFRINDX + 0.30%), 5.66%, 1/12/2024 (b) | 60,834,000 | 60,832,236 |
Credit Agricole SA (France) | ||
5.57%, 2/28/2025 (a) (c) | 112,332,000 | 111,756,715 |
5.59%, 7/5/2026 (a) | 74,257,000 | 74,598,662 |
DNB Bank ASA (Norway) (SOFRINDX + 1.95%), 5.90%, 10/9/2026 (a) (b) | 17,680,000 | 17,677,565 |
Federation des Caisses Desjardins du Quebec (Canada) | ||
0.70%, 5/21/2024 (a) (c) | 26,044,000 | 25,430,683 |
(SOFR + 0.43%), 5.76%, 5/21/2024 (a) (b) | 41,345,000 | 41,305,377 |
2.05%, 2/10/2025 (a) | 12,410,000 | 11,876,546 |
(SOFRINDX + 1.09%), 5.28%, 1/23/2026 (a) (b) | 203,120,000 | 201,249,966 |
Fifth Third Bancorp | ||
3.65%, 1/25/2024 (c) | 2,742,000 | 2,731,206 |
2.55%, 5/5/2027 | 7,223,000 | 6,517,685 |
JPMorgan Ultra-Short Income ETFSCHEDULE OF PORTFOLIO INVESTMENTSAS OF November 30, 2023 (Unaudited) (continued)
INVESTMENTS | PRINCIPAL AMOUNT($) | VALUE($) |
Corporate Bonds — continued | ||
Banks — continued | ||
HSBC Holdings plc (United Kingdom) | ||
(3-MONTH CME TERM SOFR + 1.21%), 3.80%, 3/11/2025 (b) | 5,000,000 | 4,966,889 |
(SOFR + 0.71%), 0.98%, 5/24/2025 (b) | 82,670,000 | 80,543,218 |
HSBC USA, Inc. 5.63%, 3/17/2025 | 1,560,000 | 1,559,279 |
ING Groep NV (Netherlands) | ||
3.55%, 4/9/2024 | 34,170,000 | 33,899,876 |
(SOFR + 1.56%), 6.08%, 9/11/2027 (b) | 55,000,000 | 55,378,719 |
KeyBank NA | ||
(SOFRINDX + 0.32%), 5.70%, 6/14/2024 (b) | 68,003,000 | 66,989,711 |
5.85%, 11/15/2027 | 1,510,000 | 1,460,391 |
Lloyds Banking Group plc (United Kingdom) 3.90%, 3/12/2024 | 11,510,000 | 11,447,476 |
Mitsubishi UFJ Financial Group, Inc. (Japan) | ||
3.41%, 3/7/2024 | 1,191,000 | 1,183,247 |
2.19%, 2/25/2025 | 10,504,000 | 10,070,675 |
(US Treasury Yield Curve Rate T Note Constant Maturity 1 Year + 0.55%), 0.95%, 7/19/2025 (b) | 30,800,000 | 29,826,446 |
(US Treasury Yield Curve Rate T Note Constant Maturity 1 Year + 0.45%), 0.96%, 10/11/2025 (b) (c) | 33,780,000 | 32,337,415 |
(US Treasury Yield Curve Rate T Note Constant Maturity 1 Year + 1.08%), 5.72%, 2/20/2026 (b) | 59,401,000 | 59,374,122 |
Mizuho Financial Group, Inc. (Japan) (3-MONTH CME TERM SOFR + 1.09%), 2.23%, 5/25/2026 (b) | 8,000,000 | 7,577,983 |
National Bank of Canada (Canada) | ||
Series FXD, 0.75%, 8/6/2024 | 7,390,000 | 7,152,416 |
5.25%, 1/17/2025 | 198,389,000 | 197,534,148 |
(SOFR + 1.01%), 3.75%, 6/9/2025 (b) | 68,074,000 | 67,204,551 |
NatWest Group plc (United Kingdom) | ||
(3-MONTH SOFR + 1.76%), 4.27%, 3/22/2025 (b) | 10,045,000 | 9,981,756 |
(US Treasury Yield Curve Rate T Note Constant Maturity 1 Year + 1.35%), 5.85%, 3/2/2027 (b) | 50,000,000 | 49,833,353 |
NatWest Markets plc (United Kingdom) (SOFR + 0.53%), 5.86%, 8/12/2024 (a) (b) | 19,015,000 | 18,972,922 |
PNC Financial Services Group, Inc. (The) | ||
3.50%, 1/23/2024 | 9,103,000 | 9,070,534 |
(SOFRINDX + 1.09%), 4.76%, 1/26/2027 (b) | 81,210,000 | 79,482,646 |
Societe Generale SA (France) | ||
3.88%, 3/28/2024 (a) | 10,000,000 | 9,932,184 |
2.63%, 10/16/2024 (a) | 10,595,000 | 10,284,084 |
2.63%, 1/22/2025 (a) | 5,736,000 | 5,508,100 |
Standard Chartered plc (United Kingdom) | ||
(US Treasury Yield Curve Rate T Note Constant Maturity 1 Year + 0.78%), 0.99%, 1/12/2025 (a) (b) | 10,000,000 | 9,937,195 |
(US Treasury Yield Curve Rate T Note Constant Maturity 1 Year + 0.88%), 1.21%, 3/23/2025 (a) (b) | 12,000,000 | 11,798,880 |
(SOFR + 1.74%), 7.11%, 3/30/2026 (a) (b) | 10,609,000 | 10,632,010 |
(US Treasury Yield Curve Rate T Note Constant Maturity 1 Year + 1.85%), 6.19%, 7/6/2027 (a) (b) | 45,000,000 | 45,151,227 |
Sumitomo Mitsui Financial Group, Inc. (Japan) 5.46%, 1/13/2026 | 25,879,000 | 25,858,471 |
Sumitomo Mitsui Trust Bank Ltd. (Japan) | ||
0.85%, 3/25/2024 (a) | 48,302,000 | 47,564,992 |
(SOFR + 0.44%), 5.82%, 9/16/2024 (a) (b) | 33,827,000 | 33,792,835 |
5.65%, 3/9/2026 (a) | 20,516,000 | 20,598,357 |
Svenska Handelsbanken AB (Sweden) 5.25%, 6/15/2026 (a) | 137,014,000 | 136,824,305 |
Wells Fargo & Co. | ||
3.75%, 1/24/2024 | 894,000 | 891,375 |
(SOFR + 0.51%), 0.81%, 5/19/2025 (b) | 19,800,000 | 19,293,602 |
(SOFR + 1.32%), 3.91%, 4/25/2026 (b) | 24,500,000 | 23,847,136 |
JPMorgan Ultra-Short Income ETFSCHEDULE OF PORTFOLIO INVESTMENTSAS OF November 30, 2023 (Unaudited) (continued)
INVESTMENTS | PRINCIPAL AMOUNT($) | VALUE($) |
Corporate Bonds — continued | ||
Banks — continued | ||
(SOFR + 2.00%), 2.19%, 4/30/2026 (b) | 7,656,000 | 7,277,671 |
(SOFR + 1.56%), 4.54%, 8/15/2026 (b) | 500,000 | 490,041 |
Westpac New Zealand Ltd. (New Zealand) 4.90%, 2/15/2028 (a) | 30,000,000 | 29,378,718 |
3,712,660,500 | ||
Beverages — 0.3% | ||
Constellation Brands, Inc. | ||
3.60%, 5/9/2024 | 22,819,000 | 22,582,740 |
3.70%, 12/6/2026 | 3,941,000 | 3,784,498 |
Keurig Dr Pepper, Inc. 3.13%, 12/15/2023 | 5,785,000 | 5,779,865 |
PepsiCo, Inc. (SOFRINDX + 0.40%), 5.74%, 11/12/2024 (b) | 21,243,000 | 21,257,732 |
Suntory Holdings Ltd. (Japan) 2.25%, 10/16/2024 (a) | 4,200,000 | 4,065,447 |
57,470,282 | ||
Biotechnology — 0.5% | ||
AbbVie, Inc. | ||
2.60%, 11/21/2024 | 894,000 | 869,019 |
3.80%, 3/15/2025 | 45,025,000 | 44,166,153 |
Amgen, Inc. | ||
1.90%, 2/21/2025 (c) | 983,000 | 943,500 |
5.25%, 3/2/2025 | 66,086,000 | 65,836,377 |
2.60%, 8/19/2026 | 631,000 | 591,183 |
Gilead Sciences, Inc. 3.70%, 4/1/2024 | 4,950,000 | 4,916,940 |
117,323,172 | ||
Capital Markets — 3.9% | ||
Bank of New York Mellon Corp. (The) (SOFR + 1.35%), 4.41%, 7/24/2026 (b) | 11,494,000 | 11,264,502 |
Charles Schwab Corp. (The) (SOFRINDX + 0.50%), 5.88%, 3/18/2024 (b) | 29,743,000 | 29,712,952 |
Credit Suisse AG (Switzerland) (SOFRINDX + 0.39%), 5.73%, 2/2/2024 (b) | 9,960,000 | 9,944,497 |
Goldman Sachs Group, Inc. (The) | ||
4.00%, 3/3/2024 | 14,349,000 | 14,272,479 |
3.00%, 3/15/2024 | 64,873,000 | 64,325,016 |
3.85%, 7/8/2024 | 10,908,000 | 10,780,654 |
(SOFR + 0.49%), 5.84%, 10/21/2024 (b) | 38,732,000 | 38,622,388 |
(3-MONTH CME TERM SOFR + 1.46%), 3.27%, 9/29/2025 (b) | 1,000,000 | 977,816 |
(SOFR + 0.61%), 0.86%, 2/12/2026 (b) | 2,575,000 | 2,417,390 |
3.75%, 2/25/2026 | 13,456,000 | 12,983,550 |
(SOFR + 1.07%), 6.40%, 8/10/2026 (b) | 34,982,000 | 34,878,915 |
Series VAR, (SOFR + 0.79%), 1.09%, 12/9/2026 (b) | 7,025,000 | 6,383,489 |
3.85%, 1/26/2027 | 55,000,000 | 52,817,997 |
Intercontinental Exchange, Inc. 3.65%, 5/23/2025 | 5,000,000 | 4,869,745 |
Macquarie Bank Ltd. (Australia) | ||
5.39%, 12/7/2026 (a) | 27,007,000 | 26,999,510 |
(SOFRINDX + 1.20%), 6.62%, 12/7/2026 (a) (b) | 15,000,000 | 15,034,500 |
Mizuho Markets Cayman LP (Japan) 5.83%, 1/17/2024 (a) | 33,500,000 | 33,498,311 |
Morgan Stanley | ||
(SOFR + 0.46%), 5.79%, 1/25/2024 (b) | 8,363,000 | 8,362,822 |
(SOFR + 0.51%), 0.79%, 1/22/2025 (b) | 2,958,000 | 2,932,313 |
(SOFR + 1.16%), 3.62%, 4/17/2025 (b) | 85,300,000 | 84,508,222 |
JPMorgan Ultra-Short Income ETFSCHEDULE OF PORTFOLIO INVESTMENTSAS OF November 30, 2023 (Unaudited) (continued)
INVESTMENTS | PRINCIPAL AMOUNT($) | VALUE($) |
Corporate Bonds — continued | ||
Capital Markets — continued | ||
(SOFR + 0.53%), 0.79%, 5/30/2025 (b) | 76,634,000 | 74,474,793 |
(SOFR + 0.56%), 1.16%, 10/21/2025 (b) | 12,000,000 | 11,454,797 |
(SOFR + 1.30%), 5.05%, 1/28/2027 (b) | 50,000,000 | 49,532,544 |
UBS AG (Switzerland) | ||
(SOFR + 0.36%), 5.70%, 2/9/2024 (a) (b) | 23,894,000 | 23,889,699 |
(SOFR + 0.45%), 5.79%, 8/9/2024 (a) (b) | 30,423,000 | 30,385,540 |
(SOFR + 0.93%), 6.31%, 9/11/2025 (b) | 66,691,000 | 66,753,696 |
UBS Group AG (Switzerland) | ||
3.75%, 3/26/2025 | 64,600,000 | 62,677,704 |
(US Treasury Yield Curve Rate T Note Constant Maturity 1 Year + 1.60%), 4.49%, 8/5/2025 (a) (b) | 73,499,000 | 72,603,278 |
(SOFR + 1.56%), 2.59%, 9/11/2025 (a) (b) | 15,000,000 | 14,576,147 |
871,935,266 | ||
Chemicals — 0.3% | ||
LyondellBasell Industries NV 5.75%, 4/15/2024 | 31,974,000 | 31,934,333 |
Nutrien Ltd. (Canada) 5.90%, 11/7/2024 | 726,000 | 726,643 |
Sherwin-Williams Co. (The) | ||
3.13%, 6/1/2024 | 1,881,000 | 1,856,001 |
4.05%, 8/8/2024 | 13,400,000 | 13,264,968 |
Westlake Corp. | ||
0.88%, 8/15/2024 (c) | 6,993,000 | 6,748,637 |
3.60%, 8/15/2026 | 2,915,000 | 2,778,861 |
57,309,443 | ||
Consumer Finance — 5.3% | ||
AerCap Ireland Capital DAC (Ireland) 1.65%, 10/29/2024 | 172,797,000 | 165,800,576 |
American Express Co. | ||
3.38%, 5/3/2024 | 13,210,000 | 13,088,247 |
3.30%, 5/3/2027 | 44,917,000 | 42,195,252 |
5.85%, 11/5/2027 | 19,076,000 | 19,593,753 |
American Honda Finance Corp. | ||
(SOFRINDX + 0.62%), 5.96%, 6/7/2024 (b) | 39,056,000 | 39,079,868 |
0.75%, 8/9/2024 | 5,630,000 | 5,446,603 |
(SOFRINDX + 0.70%), 6.03%, 11/22/2024 (b) | 35,646,000 | 35,705,416 |
Series A, 4.60%, 4/17/2025 | 17,885,000 | 17,716,955 |
(SOFRINDX + 0.78%), 6.13%, 4/23/2025 (b) | 8,400,000 | 8,419,262 |
5.00%, 5/23/2025 | 134,270,000 | 133,730,014 |
Avolon Holdings Funding Ltd. (Ireland) | ||
5.25%, 5/15/2024 (a) | 17,890,000 | 17,771,435 |
3.95%, 7/1/2024 (a) | 1,500,000 | 1,474,441 |
Capital One Financial Corp. | ||
(SOFR + 0.69%), 1.34%, 12/6/2024 (b) | 20,097,000 | 20,091,547 |
(SOFR + 0.69%), 6.07%, 12/6/2024 (b) | 12,130,000 | 12,128,666 |
(SOFR + 1.29%), 2.64%, 3/3/2026 (b) | 27,974,000 | 26,455,179 |
(SOFR + 2.16%), 4.99%, 7/24/2026 (b) | 8,298,000 | 8,100,128 |
(SOFR + 0.86%), 1.88%, 11/2/2027 (b) | 21,014,000 | 18,429,194 |
Caterpillar Financial Services Corp. (SOFR + 0.45%), 5.78%, 11/14/2024 (b) | 173,674,000 | 174,226,315 |
General Motors Financial Co., Inc. | ||
5.10%, 1/17/2024 | 7,000,000 | 6,991,013 |
JPMorgan Ultra-Short Income ETFSCHEDULE OF PORTFOLIO INVESTMENTSAS OF November 30, 2023 (Unaudited) (continued)
INVESTMENTS | PRINCIPAL AMOUNT($) | VALUE($) |
Corporate Bonds — continued | ||
Consumer Finance — continued | ||
1.05%, 3/8/2024 | 18,436,000 | 18,201,597 |
3.95%, 4/13/2024 | 15,000,000 | 14,881,053 |
John Deere Capital Corp. (SOFR + 0.50%), 5.86%, 7/3/2025 (b) | 52,201,000 | 52,261,247 |
Toyota Motor Credit Corp. | ||
0.45%, 1/11/2024 | 881,000 | 876,186 |
(SOFRINDX + 0.33%), 5.69%, 1/11/2024 (b) | 41,950,000 | 41,950,534 |
(SOFR + 0.38%), 5.71%, 2/22/2024 (b) | 82,172,000 | 82,168,761 |
(SOFR + 0.52%), 5.84%, 8/22/2024 (b) | 112,607,000 | 112,685,583 |
(SOFR + 0.55%), 5.88%, 10/16/2024 (b) | 114,534,000 | 114,583,656 |
1,204,052,481 | ||
Consumer Staples Distribution & Retail — 0.4% | ||
7-Eleven, Inc. 0.80%, 2/10/2024 (a) | 90,003,000 | 89,118,719 |
Dollar General Corp. 3.88%, 4/15/2027 | 519,000 | 495,485 |
89,614,204 | ||
Containers & Packaging — 0.1% | ||
Avery Dennison Corp. 0.85%, 8/15/2024 | 15,000,000 | 14,476,366 |
Diversified REITs — 0.0% ^ | ||
WP Carey, Inc. 4.60%, 4/1/2024 | 3,353,000 | 3,329,403 |
Diversified Telecommunication Services — 0.2% | ||
AT&T, Inc. 0.90%, 3/25/2024 | 23,357,000 | 23,005,329 |
British Telecommunications plc (United Kingdom) 4.50%, 12/4/2023 | 157,000 | 157,000 |
Telstra Group Ltd. (Australia) 3.13%, 4/7/2025 (a) | 14,950,000 | 14,496,211 |
Verizon Communications, Inc. 3.38%, 2/15/2025 | 631,000 | 615,730 |
38,274,270 | ||
Electric Utilities — 1.9% | ||
Arizona Public Service Co. 2.55%, 9/15/2026 | 1,170,000 | 1,081,492 |
Cleveland Electric Illuminating Co. (The) 5.50%, 8/15/2024 | 26,109,000 | 26,059,673 |
Duke Energy Corp. 2.65%, 9/1/2026 | 747,000 | 695,230 |
Emera US Finance LP (Canada) 0.83%, 6/15/2024 | 11,121,000 | 10,766,513 |
Enel Finance International NV (Italy) | ||
2.65%, 9/10/2024 (a) | 9,700,000 | 9,448,139 |
6.80%, 10/14/2025 (a) | 4,522,000 | 4,603,624 |
1.38%, 7/12/2026 (a) | 3,005,000 | 2,692,890 |
Entergy Corp. 2.95%, 9/1/2026 | 699,000 | 653,655 |
Evergy, Inc. 2.45%, 9/15/2024 | 80,026,000 | 77,915,679 |
Eversource Energy | ||
Series N, 3.80%, 12/1/2023 | 174,000 | 174,000 |
4.20%, 6/27/2024 | 44,805,000 | 44,377,518 |
Exelon Corp. 2.75%, 3/15/2027 | 3,246,000 | 3,014,401 |
Florida Power & Light Co. (SOFRINDX + 0.38%), 5.74%, 1/12/2024 (b) | 49,271,000 | 49,269,324 |
Georgia Power Co. | ||
Series A, 2.20%, 9/15/2024 | 37,878,000 | 36,798,992 |
(SOFRINDX + 0.75%), 6.09%, 5/8/2025 (b) | 52,192,000 | 52,263,792 |
NextEra Energy Capital Holdings, Inc. | ||
4.20%, 6/20/2024 | 1,088,000 | 1,077,723 |
4.26%, 9/1/2024 | 34,871,000 | 34,448,385 |
JPMorgan Ultra-Short Income ETFSCHEDULE OF PORTFOLIO INVESTMENTSAS OF November 30, 2023 (Unaudited) (continued)
INVESTMENTS | PRINCIPAL AMOUNT($) | VALUE($) |
Corporate Bonds — continued | ||
Electric Utilities — continued | ||
6.05%, 3/1/2025 | 14,645,000 | 14,697,753 |
5.75%, 9/1/2025 | 35,823,000 | 35,844,966 |
1.88%, 1/15/2027 | 1,424,000 | 1,283,587 |
3.55%, 5/1/2027 | 944,000 | 893,754 |
Niagara Mohawk Power Corp. 3.51%, 10/1/2024 (a) | 9,869,000 | 9,659,992 |
Pinnacle West Capital Corp. 1.30%, 6/15/2025 | 190,000 | 177,087 |
Southern Co. (The) Series 21-A, 0.60%, 2/26/2024 | 3,994,000 | 3,944,503 |
Southwestern Electric Power Co. Series K, 2.75%, 10/1/2026 | 460,000 | 427,853 |
Tampa Electric Co. 3.88%, 7/12/2024 | 16,877,000 | 16,681,235 |
438,951,760 | ||
Electronic Equipment, Instruments & Components — 0.3% | ||
Amphenol Corp. 3.20%, 4/1/2024 | 15,475,000 | 15,341,734 |
TD SYNNEX Corp. 1.25%, 8/9/2024 | 24,822,000 | 23,972,996 |
Teledyne Technologies, Inc. 0.95%, 4/1/2024 | 31,122,000 | 30,611,411 |
69,926,141 | ||
Energy Equipment & Services — 0.0% ^ | ||
Schlumberger Holdings Corp. 4.00%, 12/21/2025 (a) | 5,937,000 | 5,800,887 |
Entertainment — 0.0% ^ | ||
Take-Two Interactive Software, Inc. | ||
3.30%, 3/28/2024 | 968,000 | 960,288 |
3.55%, 4/14/2025 | 8,715,000 | 8,483,365 |
5.00%, 3/28/2026 | 1,924,000 | 1,911,204 |
11,354,857 | ||
Financial Services — 1.3% | ||
Citigroup Global Markets Holdings, Inc. 0.75%, 6/7/2024 | 29,285,000 | 28,435,759 |
EDP Finance BV (Portugal) 3.63%, 7/15/2024 (a) | 49,020,000 | 48,285,026 |
Element Fleet Management Corp. (Canada) | ||
1.60%, 4/6/2024 (a) (c) | 31,944,000 | 31,439,191 |
6.27%, 6/26/2026 (a) | 67,601,000 | 67,985,277 |
Fidelity National Information Services, Inc. 0.60%, 3/1/2024 | 961,000 | 948,469 |
Fiserv, Inc. | ||
2.75%, 7/1/2024 | 27,532,000 | 27,045,034 |
3.20%, 7/1/2026 | 10,000,000 | 9,491,895 |
National Rural Utilities Cooperative Finance Corp. | ||
0.35%, 2/8/2024 | 15,017,000 | 14,871,352 |
(SOFR + 0.70%), 6.04%, 5/7/2025 (b) | 38,872,000 | 38,900,165 |
NTT Finance Corp. (Japan) 0.58%, 3/1/2024 (a) | 320,000 | 315,819 |
Siemens Financieringsmaatschappij NV (Germany) (SOFR + 0.43%), 5.81%, 3/11/2024 (a) (b) | 34,774,000 | 34,783,319 |
302,501,306 | ||
Food Products — 0.1% | ||
Campbell Soup Co. | ||
3.95%, 3/15/2025 | 7,004,000 | 6,853,544 |
3.30%, 3/19/2025 | 1,695,000 | 1,642,142 |
Conagra Brands, Inc. 4.30%, 5/1/2024 | 4,409,000 | 4,377,369 |
General Mills, Inc. 4.00%, 4/17/2025 | 1,271,000 | 1,244,912 |
JPMorgan Ultra-Short Income ETFSCHEDULE OF PORTFOLIO INVESTMENTSAS OF November 30, 2023 (Unaudited) (continued)
INVESTMENTS | PRINCIPAL AMOUNT($) | VALUE($) |
Corporate Bonds — continued | ||
Food Products — continued | ||
Mondelez International Holdings Netherlands BV | ||
2.25%, 9/19/2024 (a) | 628,000 | 610,081 |
0.75%, 9/24/2024 (a) | 5,991,000 | 5,742,391 |
20,470,439 | ||
Ground Transportation — 0.4% | ||
Penske Truck Leasing Co. LP | ||
3.90%, 2/1/2024 (a) | 4,900,000 | 4,880,003 |
3.45%, 7/1/2024 (a) | 4,000,000 | 3,939,715 |
2.70%, 11/1/2024 (a) | 15,544,000 | 15,080,140 |
3.95%, 3/10/2025 (a) | 2,754,000 | 2,686,623 |
5.75%, 5/24/2026 (a) | 54,563,000 | 54,366,834 |
3.40%, 11/15/2026 (a) | 4,558,000 | 4,253,388 |
85,206,703 | ||
Health Care Equipment & Supplies — 0.1% | ||
Baxter International, Inc. | ||
0.87%, 12/1/2023 | 8,190,000 | 8,190,000 |
2.60%, 8/15/2026 | 5,000,000 | 4,645,807 |
Becton Dickinson & Co. 3.36%, 6/6/2024 | 1,072,000 | 1,058,283 |
Stryker Corp. 0.60%, 12/1/2023 | 3,486,000 | 3,486,000 |
Zimmer Biomet Holdings, Inc. 1.45%, 11/22/2024 | 585,000 | 560,282 |
17,940,372 | ||
Health Care Providers & Services — 0.3% | ||
Cardinal Health, Inc. 3.08%, 6/15/2024 | 44,340,000 | 43,678,280 |
Cigna Group (The) | ||
3.50%, 6/15/2024 | 17,569,000 | 17,357,196 |
3.25%, 4/15/2025 | 3,050,000 | 2,958,649 |
CVS Health Corp. 5.00%, 2/20/2026 | 792,000 | 788,259 |
Laboratory Corp. of America Holdings 3.25%, 9/1/2024 | 1,356,000 | 1,329,738 |
66,112,122 | ||
Health Care REITs — 0.1% | ||
Welltower OP LLC 3.63%, 3/15/2024 | 13,150,000 | 13,056,402 |
Hotels, Restaurants & Leisure — 0.2% | ||
Marriott International, Inc. 5.45%, 9/15/2026 | 42,438,000 | 42,667,773 |
Insurance — 4.3% | ||
Athene Global Funding | ||
0.95%, 1/8/2024 (a) | 9,598,000 | 9,548,303 |
1.00%, 4/16/2024 (a) | 21,061,000 | 20,651,906 |
(SOFRINDX + 0.70%), 6.02%, 5/24/2024 (a) (b) | 55,521,000 | 55,406,126 |
2.75%, 6/25/2024 (a) | 1,094,000 | 1,072,052 |
Brighthouse Financial Global Funding | ||
1.20%, 12/15/2023 (a) | 43,419,000 | 43,355,095 |
1.00%, 4/12/2024 (a) | 7,007,000 | 6,882,976 |
1.75%, 1/13/2025 (a) | 18,888,000 | 18,007,060 |
Corebridge Global Funding | ||
(SOFR + 0.38%), 5.76%, 12/15/2023 (a) (b) | 48,943,000 | 48,941,464 |
JPMorgan Ultra-Short Income ETFSCHEDULE OF PORTFOLIO INVESTMENTSAS OF November 30, 2023 (Unaudited) (continued)
INVESTMENTS | PRINCIPAL AMOUNT($) | VALUE($) |
Corporate Bonds — continued | ||
Insurance — continued | ||
0.65%, 6/17/2024 (a) | 24,278,000 | 23,613,211 |
5.75%, 7/2/2026 (a) | 34,554,000 | 34,512,206 |
(SOFR + 1.30%), 6.67%, 9/25/2026 (a) (b) | 88,857,000 | 88,878,691 |
Equitable Financial Life Global Funding 1.10%, 11/12/2024 (a) | 4,277,000 | 4,090,562 |
Jackson National Life Global Funding | ||
3.25%, 1/30/2024 (a) | 21,256,000 | 21,157,627 |
2.65%, 6/21/2024 (a) | 8,651,000 | 8,484,131 |
1.75%, 1/12/2025 (a) | 4,116,000 | 3,907,007 |
MassMutual Global Funding II (SOFR + 0.98%), 6.34%, 7/10/2026 (a) (b) | 113,952,000 | 114,236,716 |
New York Life Global Funding 3.86%, 8/26/2024 (a) | 179,360,000 | 177,133,870 |
Pacific Life Global Funding II | ||
(SOFRINDX + 0.86%), 6.24%, 6/16/2025 (a) (b) | 7,205,000 | 7,208,589 |
(SOFRINDX + 1.05%), 6.39%, 7/28/2026 (a) (b) | 55,983,000 | 56,002,356 |
Principal Life Global Funding II | ||
0.50%, 1/8/2024 (a) | 1,046,000 | 1,040,583 |
(SOFR + 0.90%), 6.22%, 8/28/2025 (a) (b) | 63,245,000 | 63,332,605 |
Reliance Standard Life Global Funding II | ||
2.50%, 10/30/2024 (a) | 3,544,000 | 3,429,786 |
5.24%, 2/2/2026 (a) | 169,725,000 | 166,601,552 |
977,494,474 | ||
Machinery — 0.8% | ||
Daimler Truck Finance North America LLC (Germany) | ||
1.13%, 12/14/2023 (a) | 25,477,000 | 25,443,362 |
(SOFR + 1.00%), 6.36%, 4/5/2024 (a) (b) | 58,479,000 | 58,542,460 |
1.63%, 12/13/2024 (a) | 2,399,000 | 2,302,984 |
5.20%, 1/17/2025 (a) | 38,702,000 | 38,513,294 |
5.60%, 8/8/2025 (a) | 17,943,000 | 17,932,243 |
5.15%, 1/16/2026 (a) | 5,604,000 | 5,568,089 |
2.00%, 12/14/2026 (a) | 10,000,000 | 9,051,550 |
3.65%, 4/7/2027 (a) | 2,950,000 | 2,798,650 |
Parker-Hannifin Corp. 3.65%, 6/15/2024 | 18,763,000 | 18,537,045 |
Stanley Black & Decker, Inc. 2.30%, 2/24/2025 | 5,000,000 | 4,792,822 |
183,482,499 | ||
Media — 0.1% | ||
Cox Communications, Inc. 3.35%, 9/15/2026 (a) | 515,000 | 487,555 |
Fox Corp. 4.03%, 1/25/2024 | 17,827,000 | 17,770,226 |
Omnicom Group, Inc. 3.65%, 11/1/2024 | 14,877,000 | 14,593,475 |
32,851,256 | ||
Metals & Mining — 0.4% | ||
Anglo American Capital plc (South Africa) 3.63%, 9/11/2024 (a) | 5,501,000 | 5,393,125 |
Glencore Funding LLC (Australia) | ||
4.13%, 3/12/2024 (a) | 30,550,000 | 30,399,052 |
4.63%, 4/29/2024 (a) | 45,008,000 | 44,733,440 |
80,525,617 |
JPMorgan Ultra-Short Income ETFSCHEDULE OF PORTFOLIO INVESTMENTSAS OF November 30, 2023 (Unaudited) (continued)
INVESTMENTS | PRINCIPAL AMOUNT($) | VALUE($) |
Corporate Bonds — continued | ||
Multi-Utilities — 1.0% | ||
Ameren Corp. | ||
2.50%, 9/15/2024 | 21,911,000 | 21,345,625 |
1.95%, 3/15/2027 | 2,702,000 | 2,436,374 |
CenterPoint Energy, Inc. | ||
(SOFRINDX + 0.65%), 5.98%, 5/13/2024 (b) | 35,739,000 | 35,724,744 |
2.50%, 9/1/2024 | 25,000,000 | 24,381,650 |
CMS Energy Corp. 3.88%, 3/1/2024 | 7,524,000 | 7,478,633 |
Consolidated Edison, Inc. Series A, 0.65%, 12/1/2023 | 329,000 | 329,000 |
DTE Energy Co. | ||
Series C, 2.53%, 10/1/2024 (d) | 27,793,000 | 27,038,487 |
4.22%, 11/1/2024 (d) | 39,195,000 | 38,586,602 |
2.85%, 10/1/2026 | 3,215,000 | 2,998,514 |
NiSource, Inc. 3.49%, 5/15/2027 | 4,155,000 | 3,926,249 |
Public Service Enterprise Group, Inc. 2.88%, 6/15/2024 | 41,291,000 | 40,654,056 |
WEC Energy Group, Inc. 0.80%, 3/15/2024 | 32,578,000 | 32,094,027 |
236,993,961 | ||
Oil, Gas & Consumable Fuels — 1.4% | ||
ConocoPhillips Co. 2.40%, 3/7/2025 | 547,000 | 527,595 |
Enbridge, Inc. (Canada) 3.50%, 6/10/2024 | 19,971,000 | 19,726,409 |
Energy Transfer LP 4.90%, 2/1/2024 | 26,434,000 | 26,369,487 |
Kinder Morgan Energy Partners LP 4.30%, 5/1/2024 | 3,463,000 | 3,436,181 |
Magellan Midstream Partners LP 5.00%, 3/1/2026 | 3,435,000 | 3,389,950 |
Marathon Petroleum Corp. 3.63%, 9/15/2024 | 9,400,000 | 9,235,579 |
ONEOK, Inc. 2.75%, 9/1/2024 | 17,009,000 | 16,617,435 |
Phillips 66 3.85%, 4/9/2025 | 392,000 | 383,500 |
Pioneer Natural Resources Co. 5.10%, 3/29/2026 | 28,294,000 | 28,215,052 |
Sabine Pass Liquefaction LLC 5.75%, 5/15/2024 | 5,107,000 | 5,101,278 |
Spectra Energy Partners LP | ||
4.75%, 3/15/2024 | 24,217,000 | 24,140,967 |
3.50%, 3/15/2025 | 3,762,000 | 3,653,436 |
TransCanada PipeLines Ltd. (Canada) 1.00%, 10/12/2024 | 49,992,000 | 47,957,541 |
Williams Cos., Inc. (The) | ||
4.30%, 3/4/2024 | 28,883,000 | 28,760,833 |
4.55%, 6/24/2024 | 88,179,000 | 87,528,922 |
305,044,165 | ||
Paper & Forest Products — 0.0% ^ | ||
Georgia-Pacific LLC 0.63%, 5/15/2024 (a) | 4,670,000 | 4,561,916 |
Personal Care Products — 0.1% | ||
Haleon UK Capital plc 3.13%, 3/24/2025 | 16,322,000 | 15,805,671 |
Pharmaceuticals — 0.2% | ||
Bayer US Finance II LLC (Germany) | ||
3.88%, 12/15/2023 (a) | 32,500,000 | 32,475,415 |
3.38%, 7/15/2024 (a) | 3,651,000 | 3,587,133 |
4.25%, 12/15/2025 (a) | 6,140,000 | 5,917,295 |
Bayer US Finance LLC (Germany) 3.38%, 10/8/2024 (a) | 3,000,000 | 2,931,209 |
44,911,052 |
JPMorgan Ultra-Short Income ETFSCHEDULE OF PORTFOLIO INVESTMENTSAS OF November 30, 2023 (Unaudited) (continued)
INVESTMENTS | PRINCIPAL AMOUNT($) | VALUE($) |
Corporate Bonds — continued | ||
Semiconductors & Semiconductor Equipment — 0.6% | ||
Microchip Technology, Inc. | ||
0.97%, 2/15/2024 | 51,895,000 | 51,376,435 |
0.98%, 9/1/2024 | 3,429,000 | 3,308,364 |
4.25%, 9/1/2025 | 13,591,000 | 13,250,608 |
NXP BV (China) | ||
4.88%, 3/1/2024 | 64,066,000 | 63,796,923 |
3.88%, 6/18/2026 | 168,000 | 161,650 |
131,893,980 | ||
Software — 0.1% | ||
Oracle Corp. 2.50%, 4/1/2025 | 11,687,000 | 11,225,885 |
Roper Technologies, Inc. 2.35%, 9/15/2024 | 5,680,000 | 5,527,494 |
VMware, Inc. 1.00%, 8/15/2024 | 7,113,000 | 6,880,367 |
23,633,746 | ||
Specialized REITs — 0.1% | ||
American Tower Corp. | ||
2.95%, 1/15/2025 | 2,868,000 | 2,776,465 |
2.40%, 3/15/2025 | 6,264,000 | 6,006,423 |
4.40%, 2/15/2026 | 1,960,000 | 1,912,866 |
1.60%, 4/15/2026 | 1,221,000 | 1,113,922 |
11,809,676 | ||
Specialty Retail — 0.0% ^ | ||
AutoZone, Inc. | ||
3.63%, 4/15/2025 | 534,000 | 520,753 |
3.75%, 6/1/2027 | 3,204,000 | 3,063,698 |
Lowe's Cos., Inc. | ||
3.13%, 9/15/2024 | 2,974,000 | 2,915,961 |
3.38%, 9/15/2025 | 2,000,000 | 1,931,207 |
8,431,619 | ||
Technology Hardware, Storage & Peripherals — 0.6% | ||
Dell International LLC | ||
4.00%, 7/15/2024 | 2,000,000 | 1,977,053 |
6.02%, 6/15/2026 | 3,129,000 | 3,163,153 |
4.90%, 10/1/2026 | 1,941,000 | 1,915,567 |
Hewlett Packard Enterprise Co. | ||
1.45%, 4/1/2024 | 37,209,000 | 36,666,370 |
5.90%, 10/1/2024 | 86,671,000 | 86,656,401 |
130,378,544 | ||
Tobacco — 0.3% | ||
Altria Group, Inc. 2.35%, 5/6/2025 | 4,665,000 | 4,464,247 |
BAT Capital Corp. (United Kingdom) | ||
3.22%, 8/15/2024 | 55,242,000 | 54,198,558 |
2.79%, 9/6/2024 | 9,067,000 | 8,857,100 |
67,519,905 |
JPMorgan Ultra-Short Income ETFSCHEDULE OF PORTFOLIO INVESTMENTSAS OF November 30, 2023 (Unaudited) (continued)
INVESTMENTS | PRINCIPAL AMOUNT($) | VALUE($) |
Corporate Bonds — continued | ||
Trading Companies & Distributors — 0.1% | ||
Air Lease Corp. 0.80%, 8/18/2024 (c) | 34,030,000 | 32,761,902 |
Total Corporate Bonds (Cost $9,970,346,309) | 9,924,856,028 | |
Asset-Backed Securities — 9.9% | ||
522 Funding CLO Ltd. (Cayman Islands) Series 2019-4A, Class AR, 6.76%, 4/20/2030 (a) (e) | 35,034,607 | 34,969,898 |
AIMCO CLO Ltd. (Cayman Islands) | ||
Series 2018-BA, Class AR, 6.76%, 1/15/2032 (a) (e) | 5,750,000 | 5,746,849 |
Series 2020-12A, Class XR, 6.25%, 1/17/2032 (a) (e) | 2,850,000 | 2,848,527 |
Series 2020-12A, Class AR, 6.57%, 1/17/2032 (a) (e) | 3,689,000 | 3,678,121 |
Series 2019-10A, Class AR, 6.73%, 7/22/2032 (a) (e) | 10,000,000 | 9,974,070 |
Anchorage Capital CLO Ltd. (Cayman Islands) Series 2016-9A, Class XR, 6.61%, 7/15/2032 (a) (e) | 375,000 | 374,902 |
Apidos CLO (Cayman Islands) | ||
Series 2016-24A, Class A1AL, 6.63%, 10/20/2030 (a) (e) | 47,500,000 | 47,339,830 |
Series 2019-31A, Class A1R, 6.76%, 4/15/2031 (a) (e) | 28,565,000 | 28,549,689 |
Ares CLO Ltd. (Cayman Islands) | ||
Series 2016-40A, Class A1RR, 6.53%, 1/15/2029 (a) (e) | 17,583,973 | 17,527,652 |
Series 2013-2A, Class XR2, 6.60%, 10/28/2034 (a) (e) | 3,000,000 | 2,999,724 |
ARI Fleet Lease Trust Series 2023-A, Class A2, 5.41%, 2/17/2032 (a) | 12,137,078 | 12,073,265 |
Atlas Senior Loan Fund (Cayman Islands) Series 2019-13A, Class A1NR, 6.75%, 4/22/2031 (a) (e) | 8,624,701 | 8,594,635 |
Atlas Senior Loan Fund Ltd. (Cayman Islands) Series 2021-18A, Class X, 6.51%, 1/18/2035 (a) (e) | 1,200,000 | 1,199,228 |
Bain Capital Credit CLO (Cayman Islands) Series 2019-1A, Class X, 6.49%, 4/19/2034 (a) (e) | 3,000,000 | 2,998,620 |
Bain Capital Credit CLO Ltd. (Cayman Islands) Series 2020-3A, Class X, 6.52%, 10/23/2034 (a) (e) | 2,053,333 | 2,052,588 |
Ballyrock CLO Ltd. (Cayman Islands) | ||
Series 2020-2A, Class A1R, 6.69%, 10/20/2031 (a) (e) | 20,955,000 | 20,937,272 |
Series 2019-1A, Class A1R, 6.69%, 7/15/2032 (a) (e) | 42,764,000 | 42,601,026 |
Bank of America Auto Trust Series 2023-2A, Class A2, 5.85%, 8/17/2026 (a) | 76,409,000 | 76,645,639 |
Benefit Street Partners CLO Ltd. (Cayman Islands) | ||
Series 2013-IIA, Class A1R2, 6.53%, 7/15/2029 (a) (e) | 2,893,908 | 2,890,251 |
Series 2013-IIIA, Class A1R2, 6.68%, 7/20/2029 (a) (e) | 5,461,985 | 5,460,117 |
Series 2015-6BR, Class X, 6.38%, 7/20/2034 (a) (e) | 300,000 | 299,949 |
BMW Vehicle Owner Trust Series 2023-A, Class A2A, 5.72%, 4/27/2026 | 41,730,000 | 41,745,741 |
Buckhorn Park CLO Ltd. (Cayman Islands) Series 2019-1A, Class XR, 6.31%, 7/18/2034 (a) (e) | 1,249,997 | 1,249,537 |
Capital One Prime Auto Receivables Trust Series 2021-1, Class A3, 0.77%, 9/15/2026 | 12,800,977 | 12,328,683 |
Carlyle Global Market Strategies CLO Ltd. (Cayman Islands) | ||
Series 2015-1A, Class AR3, 6.66%, 7/20/2031 (a) (e) | 7,342,291 | 7,327,004 |
Series 2015-5A, Class A1RR, 6.76%, 1/20/2032 (a) (e) | 7,458,161 | 7,435,951 |
Series 2015-4A, Class A1R, 7.02%, 7/20/2032 (a) (e) | 5,000,000 | 4,997,370 |
CarMax Auto Owner Trust Series 2022-2, Class A2A, 2.81%, 5/15/2025 | 666,269 | 665,492 |
Carvana Auto Receivables Trust Series 2022-P1, Class A2, 2.57%, 5/12/2025 | 24,303 | 24,279 |
Cedar Funding II CLO Ltd. (Cayman Islands) Series 2013-1A, Class AXR, 6.53%, 4/20/2034 (a) (e) | 1,535,714 | 1,531,539 |
Chesapeake Funding LLC (Canada) Series 2023-2A, Class A1, 6.16%, 10/15/2035 (a) | 13,410,603 | 13,465,240 |
CIFC Funding Ltd. (Cayman Islands) | ||
Series 2017-1A, Class AR, 6.68%, 4/23/2029 (a) (e) | 2,727,495 | 2,725,981 |
Series 2017-5A, Class A1, 6.84%, 11/16/2030 (a) (e) | 23,196,694 | 23,185,931 |
Series 2018-4A, Class A1, 6.81%, 10/17/2031 (a) (e) | 12,125,000 | 12,118,343 |
Dell Equipment Finance Trust | ||
Series 2022-1, Class A3, 2.49%, 8/23/2027 (a) | 11,429,650 | 11,267,492 |
Series 2023-2, Class A2, 5.84%, 1/22/2029 (a) | 23,413,000 | 23,398,479 |
JPMorgan Ultra-Short Income ETFSCHEDULE OF PORTFOLIO INVESTMENTSAS OF November 30, 2023 (Unaudited) (continued)
INVESTMENTS | PRINCIPAL AMOUNT($) | VALUE($) |
Asset-Backed Securities — continued | ||
Series 2023-3, Class A2, 6.10%, 4/23/2029 (a) | 38,840,000 | 38,937,671 |
Dewolf Park CLO Ltd. Series 2017-1A, Class AR, 6.58%, 10/15/2030 (a) (e) | 23,890,711 | 23,834,425 |
Dryden CLO Ltd. (Cayman Islands) Series 2018-58A, Class A1, 6.66%, 7/17/2031 (a) (e) | 6,696,210 | 6,686,534 |
Dryden Senior Loan Fund (Cayman Islands) | ||
Series 2017-47A, Class A1R, 6.64%, 4/15/2028 (a) (e) | 33,947,250 | 33,928,342 |
Series 2013-30A, Class AR, 6.46%, 11/15/2028 (a) (e) | 1,459,635 | 1,457,004 |
Series 2013-26A, Class AR, 6.56%, 4/15/2029 (a) (e) | 5,906,119 | 5,893,858 |
Series 2014-36A, Class AR3, 6.68%, 4/15/2029 (a) (e) | 30,973,235 | 30,955,952 |
Series 2015-41A, Class AR, 6.63%, 4/15/2031 (a) (e) | 5,219,037 | 5,207,325 |
Elmwood CLO Ltd. (Cayman Islands) | ||
Series 2022-5A, Class AR, 7.05%, 7/17/2033 (a) (e) | 39,000,000 | 39,027,222 |
Series 2021-3A, Class A, 6.72%, 10/20/2034 (a) (e) | 10,000,000 | 9,974,030 |
Enterprise Fleet Financing LLC Series 2022-4, Class A2, 5.76%, 10/22/2029 (a) | 32,675,494 | 32,608,251 |
Enterprise Fleet Funding LLC Series 2021-1, Class A2, 0.44%, 12/21/2026 (a) | 11,081,462 | 10,944,176 |
Flatiron CLO Ltd. (Cayman Islands) Series 2018-1A, Class A, 6.61%, 4/17/2031 (a) (e) | 3,610,810 | 3,604,643 |
Ford Credit Auto Lease Trust Series 2023-A, Class A2A, 5.19%, 6/15/2025 | 8,413,286 | 8,400,145 |
Ford Credit Auto Owner Trust Series 2019-1, Class A, 3.52%, 7/15/2030 (a) | 14,586,000 | 14,544,867 |
Galaxy CLO Ltd. (Cayman Islands) | ||
Series 2015-19A, Class A1RR, 6.61%, 7/24/2030 (a) (e) | 8,799,033 | 8,772,988 |
Series 2013-15A, Class ARR, 6.63%, 10/15/2030 (a) (e) | 27,918,188 | 27,862,156 |
Series 2018-28A, Class A1, 6.76%, 7/15/2031 (a) (e) | 22,637,067 | 22,618,029 |
Series 2016-22A, Class XRR, 6.56%, 4/16/2034 (a) (e) | 2,105,263 | 2,104,299 |
GM Financial Consumer Automobile Receivables Trust Series 2023-3, Class A2A, 5.74%, 9/16/2026 | 49,810,000 | 49,826,378 |
Goldentree Loan Management US CLO Ltd. (Cayman Islands) | ||
Series 2022-12A, Class X, 6.42%, 4/20/2034 (a) (e) | 2,400,000 | 2,398,750 |
Series 2022-14A, Class X, 6.62%, 7/20/2035 (a) (e) | 1,383,750 | 1,383,649 |
GoldenTree Loan Opportunities Ltd. (Cayman Islands) Series 2015-11A, Class AR2, 6.73%, 1/18/2031 (a) (e) | 7,662,204 | 7,658,841 |
Greenwood Park CLO Ltd. | ||
Series 2018-1A, Class A2, 6.67%, 4/15/2031 (a) (e) | 4,108,788 | 4,099,190 |
Series 2018-1A, Class A1, 6.69%, 4/15/2031 (a) (e) | 2,463,893 | 2,458,137 |
Harriman Park CLO Ltd. (Cayman Islands) Series 2020-1A, Class XR, 6.28%, 4/20/2034 (a) (e) | 833,330 | 833,085 |
Honda Auto Receivables Owner Trust Series 2023-1, Class A2, 5.22%, 10/21/2025 | 57,255,468 | 57,107,800 |
Hyundai Auto Lease Securitization Trust Series 2022-C, Class A2A, 4.34%, 1/15/2025 (a) | 19,741,861 | 19,685,109 |
Hyundai Auto Receivables Trust | ||
Series 2021-A, Class A3, 0.38%, 9/15/2025 | 6,730,745 | 6,623,946 |
Series 2023-B, Class A2A, 5.77%, 5/15/2026 | 67,662,000 | 67,681,155 |
Series 2021-A, Class A4, 0.62%, 5/17/2027 | 12,390,000 | 11,813,120 |
ICG US CLO Ltd. (Cayman Islands) | ||
Series 2016-1A, Class XRR, 6.55%, 4/29/2034 (a) (e) | 1,894,740 | 1,894,556 |
Series 2014-1A, Class XR, 6.48%, 10/20/2034 (a) (e) | 933,333 | 933,040 |
KKR CLO Ltd. (Cayman Islands) | ||
Series 13, Class A1R, 6.46%, 1/16/2028 (a) (e) | 722,620 | 721,917 |
Series 28A, Class A, 6.81%, 3/15/2031 (a) (e) | 12,849,569 | 12,832,325 |
Series 23, Class A1, 6.83%, 10/20/2031 (a) (e) | 4,500,000 | 4,489,371 |
Series 32A, Class A1, 6.98%, 1/15/2032 (a) (e) | 18,000,000 | 17,990,262 |
Series 24, Class A1R, 6.76%, 4/20/2032 (a) (e) | 10,000,000 | 9,985,430 |
Kubota Credit Owner Trust Series 2022-1A, Class A3, 2.67%, 10/15/2026 (a) | 75,000,000 | 72,325,830 |
LCM LP (Cayman Islands) Series 14A, Class AR, 6.72%, 7/20/2031 (a) (e) | 18,361,040 | 18,277,350 |
JPMorgan Ultra-Short Income ETFSCHEDULE OF PORTFOLIO INVESTMENTSAS OF November 30, 2023 (Unaudited) (continued)
INVESTMENTS | PRINCIPAL AMOUNT($) | VALUE($) |
Asset-Backed Securities — continued | ||
LCM Ltd. (Cayman Islands) | ||
Series 24A, Class AR, 6.66%, 3/20/2030 (a) (e) | 21,153,809 | 21,094,663 |
Series 25A, Class AR, 6.52%, 7/20/2030 (a) (e) | 18,722,941 | 18,634,756 |
Series 26A, Class A1, 6.75%, 1/20/2031 (a) (e) | 11,246,827 | 11,234,838 |
Series 29A, Class AR, 6.73%, 4/15/2031 (a) (e) | 20,000,000 | 19,883,160 |
Madison Park Funding Ltd. (Cayman Islands) | ||
Series 2015-19A, Class A1R2, 6.59%, 1/22/2028 (a) (e) | 3,535,895 | 3,526,292 |
Series 2015-18A, Class ARR, 6.61%, 10/21/2030 (a) (e) | 39,700,873 | 39,597,810 |
Series 2021-52A, Class X, 6.57%, 1/22/2035 (a) (e) | 1,578,947 | 1,572,698 |
Magnetite Ltd. (Cayman Islands) | ||
Series 2012-7A, Class A1R2, 6.46%, 1/15/2028 (a) (e) | 27,100,997 | 27,025,927 |
Series 2016-18A, Class AR2, 6.52%, 11/15/2028 (a) (e) | 30,288,655 | 30,219,416 |
Series 2014-8A, Class AR2, 6.64%, 4/15/2031 (a) (e) | 9,845,489 | 9,834,058 |
Series 2016-17A, Class AR, 6.78%, 7/20/2031 (a) (e) | 13,775,698 | 13,765,986 |
Series 2015-15A, Class AR, 6.65%, 7/25/2031 (a) (e) | 3,977,518 | 3,975,315 |
Series 2020-25A, Class A, 6.84%, 1/25/2032 (a) (e) | 26,250,000 | 26,245,275 |
Series 2017-19A, Class X, 6.36%, 4/17/2034 (a) (e) | 625,000 | 624,876 |
Marathon CLO Ltd. (Cayman Islands) Series 2019-1A, Class AANR, 6.98%, 4/15/2032 (a) (e) | 35,000,000 | 34,981,485 |
Mercedes-Benz Auto Receivables Trust Series 2023-1, Class A2, 5.09%, 1/15/2026 | 27,674,395 | 27,600,593 |
Neuberger Berman CLO (Cayman Islands) Series 2013-15A, Class A1R2, 6.58%, 10/15/2029 (a) (e) | 33,744,306 | 33,618,271 |
Neuberger Berman CLO Ltd. (Cayman Islands) | ||
Series 2013-14A, Class AR2, 6.68%, 1/28/2030 (a) (e) | 14,972,453 | 14,964,248 |
Series 2017-16SA, Class XR, 6.46%, 4/15/2034 (a) (e) | 3,125,000 | 3,122,866 |
Neuberger Berman Loan Advisers CLO Ltd. (Cayman Islands) | ||
Series 2017-26A, Class AR, 6.58%, 10/18/2030 (a) (e) | 26,870,702 | 26,802,557 |
Series 2020-37A, Class AR, 6.65%, 7/20/2031 (a) (e) | 26,036,000 | 25,920,895 |
Newark BSL CLO 2 Ltd. (Cayman Islands) Series 2017-1A, Class A1R, 6.61%, 7/25/2030 (a) (e) | 27,286,751 | 27,200,252 |
Newark BSL CLO Ltd. (Cayman Islands) Series 2016-1A, Class A1R, 6.75%, 12/21/2029 (a) (e) | 17,827,270 | 17,796,269 |
OCP CLO Ltd. (Cayman Islands) | ||
Series 2017-13A, Class A1AR, 6.62%, 7/15/2030 (a) (e) | 30,693,668 | 30,618,714 |
Series 2018-15A, Class A1, 6.78%, 7/20/2031 (a) (e) | 1,697,830 | 1,696,636 |
Series 2020-8RA, Class A1, 6.88%, 1/17/2032 (a) (e) | 35,000,000 | 34,981,590 |
Series 2019-17A, Class A1R, 6.72%, 7/20/2032 (a) (e) | 13,000,000 | 12,956,775 |
Series 2020-18A, Class AR, 6.77%, 7/20/2032 (a) (e) | 8,953,500 | 8,939,246 |
Series 2015-9A, Class X, 6.14%, 1/15/2033 (a) (e) | 1,500,000 | 1,498,906 |
Octagon Investment Partners 30 Ltd. (Cayman Islands) Series 2017-1A, Class A1R, 6.68%, 3/17/2030 (a) (e) | 30,809,371 | 30,717,127 |
Octagon Investment Partners 35 Ltd. (Cayman Islands) Series 2018-1A, Class A1A, 6.74%, 1/20/2031 (a) (e) | 8,835,763 | 8,824,338 |
OHA Credit Funding 7 Ltd. (Cayman Islands) Series 2020-7A, Class XR, 6.10%, 2/24/2037 (a) (e) | 156,250 | 156,132 |
OHA Credit Partners Ltd. (Cayman Islands) Series 2016-13A, Class XR, 6.52%, 10/25/2034 (a) (e) | 1,000,000 | 998,950 |
OSD CLO Ltd. (Cayman Islands) | ||
Series 2021-23A, Class A, 6.53%, 4/17/2031 (a) (e) | 8,232,918 | 8,185,604 |
Series 2023-27A, Class A, 6.99%, 4/16/2035 (a) (e) | 12,000,000 | 11,910,420 |
Palmer Square CLO Ltd. (Cayman Islands) Series 2018-2A, Class A1A, 6.76%, 7/16/2031 (a) (e) | 11,573,555 | 11,568,046 |
Palmer Square Loan Funding Ltd. (Cayman Islands) | ||
Series 2020-4A, Class A1, 6.64%, 11/25/2028 (a) (e) | 9,801,128 | 9,788,485 |
Series 2021-1A, Class A1, 6.58%, 4/20/2029 (a) (e) | 636,500 | 635,784 |
Series 2021-2A, Class A1, 6.43%, 5/20/2029 (a) (e) | 18,766,097 | 18,707,190 |
Series 2021-4A, Class A1, 6.46%, 10/15/2029 (a) (e) | 20,136,278 | 20,076,211 |
Series 2022-1A, Class A1, 6.44%, 4/15/2030 (a) (e) | 28,663,281 | 28,550,348 |
JPMorgan Ultra-Short Income ETFSCHEDULE OF PORTFOLIO INVESTMENTSAS OF November 30, 2023 (Unaudited) (continued)
INVESTMENTS | PRINCIPAL AMOUNT($) | VALUE($) |
Asset-Backed Securities — continued | ||
Porsche Financial Auto Securitization Trust Series 2023-1A, Class A2, 5.42%, 12/22/2026 (a) | 32,003,539 | 31,944,646 |
Santander Drive Auto Receivables Trust Series 2023-1, Class A2, 5.36%, 5/15/2026 | 5,745,284 | 5,739,166 |
Sculptor CLO Ltd. (Cayman Islands) Series 27A, Class X, 6.73%, 7/20/2034 (a) (e) | 3,666,667 | 3,661,533 |
Sound Point CLO II Ltd. (Cayman Islands) Series 2013-1A, Class A1R, 6.71%, 1/26/2031 (a) (e) | 2,121,681 | 2,116,311 |
Sound Point CLO Ltd. (Cayman Islands) Series 2019-1A, Class AR, 6.76%, 1/20/2032 (a) (e) | 7,268,000 | 7,243,209 |
Stratus CLO Ltd. (Cayman Islands) Series 2021-1A, Class A, 6.48%, 12/29/2029 (a) (e) | 837,557 | 834,007 |
Symphony CLO Ltd. (Cayman Islands) | ||
Series 2018-19A, Class A, 6.62%, 4/16/2031 (a) (e) | 7,634,291 | 7,619,458 |
Series 2018-20A, Class X, 6.66%, 1/16/2032 (a) (e) | 125,000 | 124,994 |
Series 2020-24A, Class A, 6.87%, 1/23/2032 (a) (e) | 28,550,000 | 28,514,855 |
Symphony Static CLO Ltd. (Cayman Islands) Series 2021-1A, Class A, 6.47%, 10/25/2029 (a) (e) | 22,842,714 | 22,731,424 |
TCI-Symphony CLO Ltd. (Cayman Islands) Series 2017-1A, Class AR, 6.59%, 7/15/2030 (a) (e) | 17,645,775 | 17,595,608 |
Venture CLO Ltd. (Cayman Islands) | ||
Series 2019-36A, Class XR, 6.38%, 4/20/2032 (a) (e) | 916,667 | 913,075 |
Series 2021-43A, Class X, 6.71%, 4/15/2034 (a) (e) | 4,166,667 | 4,164,750 |
Volkswagen Auto Loan Enhanced Trust | ||
Series 2023-1, Class A2A, 5.50%, 12/21/2026 | 102,380,000 | 102,269,583 |
Series 2023-2, Class A2A, 5.72%, 3/22/2027 | 116,992,000 | 117,303,257 |
Voya CLO Ltd. (Cayman Islands) | ||
Series 2015-1A, Class A1R, 6.56%, 1/18/2029 (a) (e) | 4,090,975 | 4,085,849 |
Series 2017-3A, Class XR, 6.53%, 4/20/2034 (a) (e) | 1,904,762 | 1,903,878 |
Westlake Automobile Receivables Trust Series 2021-3A, Class A3, 0.95%, 6/16/2025 (a) | 1,989,839 | 1,986,160 |
World Omni Auto Receivables Trust Series 2021-A, Class A3, 0.30%, 1/15/2026 | 13,285,086 | 13,036,805 |
Total Asset-Backed Securities (Cost $2,244,261,404) | 2,245,451,648 | |
U.S. Treasury Obligations — 2.4% | ||
U.S. Treasury Notes | ||
1.50%, 2/29/2024 | 20,260,000 | 20,066,106 |
0.38%, 7/15/2024 | 528,400,000 | 512,630,562 |
Total U.S. Treasury Obligations (Cost $534,930,117) | 532,696,668 | |
Commercial Mortgage-Backed Securities — 0.0% ^ | ||
Benchmark Mortgage Trust Series 2018-B3, Class A2, 3.85%, 4/10/2051 | 925,488 | 898,202 |
Citigroup Commercial Mortgage Trust Series 2018-B2, Class A2, 3.79%, 3/10/2051 | 3,089,725 | 3,082,043 |
Wells Fargo Commercial Mortgage Trust Series 2018-C46, Class A2, 4.06%, 8/15/2051 | 2,911,558 | 2,903,439 |
Total Commercial Mortgage-Backed Securities (Cost $7,184,205) | 6,883,684 | |
Foreign Government Securities — 0.0% ^ | ||
Province of Ontario 3.05%, 1/29/2024 (Cost $4,880,452) | 4,895,000 | 4,876,116 |
Short-Term Investments — 42.5% | ||
Certificates of Deposits — 15.7% | ||
Bank of Montreal (Canada) , 5.85%, 7/12/2024 | 171,536,000 | 171,743,547 |
Bank of Nova Scotia (The) (Canada) | ||
(SOFR + 0.64%), 5.97%, 5/31/2024 (b) | 43,016,000 | 43,071,344 |
6.05%, 6/28/2024 | 3,636,000 | 3,641,897 |
JPMorgan Ultra-Short Income ETFSCHEDULE OF PORTFOLIO INVESTMENTSAS OF November 30, 2023 (Unaudited) (continued)
INVESTMENTS | PRINCIPAL AMOUNT($) | VALUE($) |
Short-Term Investments — continued | ||
Certificates of Deposits — continued | ||
Barclays Bank plc (United Kingdom) | ||
5.70%, 12/8/2023 | 110,000,000 | 110,001,373 |
6.00%, 8/8/2024 | 103,000,000 | 103,144,131 |
BNP Paribas SA (France) | ||
5.32%, 2/6/2024 | 135,295,000 | 135,204,424 |
5.95%, 9/12/2024 | 108,749,000 | 108,960,495 |
5.95%, 10/3/2024 | 36,792,000 | 36,876,815 |
Canadian Imperial Bank of Commerce (Canada) | ||
5.60%, 3/7/2024 | 31,908,000 | 31,895,464 |
6.01%, 6/28/2024 | 89,201,000 | 89,341,125 |
Citibank NA | ||
5.63%, 3/1/2024 | 115,569,000 | 115,556,317 |
5.80%, 3/5/2024 | 16,352,000 | 16,357,354 |
5.84%, 4/30/2024 | 101,301,000 | 101,368,233 |
Cooperatieve Rabobank UA (Netherlands) | ||
5.41%, 2/20/2024 | 174,909,000 | 174,877,375 |
5.57%, 3/1/2024 | 65,572,000 | 65,545,548 |
5.95%, 9/12/2024 | 34,713,000 | 34,789,316 |
Credit Agricole Corporate and Investment Bank (France) , 5.30%, 1/11/2024 | 139,018,000 | 138,967,712 |
Kookmin Bank (South Korea) | ||
(SOFR + 6.12%), 6.06%, 1/22/2024 (b) | 59,465,000 | 59,510,723 |
(SOFR + 6.12%), 6.06%, 1/26/2024 (b) | 38,932,000 | 38,964,143 |
6.00%, 5/20/2024 | 111,963,000 | 112,072,371 |
Lloyds Bank Corporate Markets plc (United Kingdom) | ||
5.31%, 1/18/2024 | 72,299,000 | 72,258,478 |
6.07%, 10/2/2024 | 110,821,000 | 111,132,463 |
Lloyds Bank Corporate Markets PLC (United Kingdom) (SOFR + 0.66%), 5.99%, 8/15/2024 (b) | 28,414,000 | 28,461,188 |
Mitsubishi UFJ Trust & Banking Corp. (Japan) (SOFR + 0.50%), 5.83%, 7/5/2024 (b) | 28,650,000 | 28,656,110 |
Mizuho Bank Ltd. (Japan) , 5.40%, 12/14/2023 | 105,860,000 | 105,851,698 |
MUFG Bank Ltd. (Japan) , 5.71%, 5/24/2024 | 31,350,000 | 31,359,242 |
National Australia Bank Ltd. (Australia) (SOFR + 5.91%), 5.85%, 10/16/2024 (b) | 122,345,000 | 122,441,757 |
Nordea Bank Abp (Finland) , 5.17%, 1/31/2024 | 205,870,000 | 205,697,380 |
Norinchukin Bank (The) (Japan) , 5.71%, 1/17/2024 | 195,021,000 | 195,066,789 |
Standard Chartered Bank (United Kingdom) , 5.44%, 1/12/2024 | 145,077,000 | 145,049,961 |
Sumitomo Mitsui Banking Corp. (Japan) | ||
(SOFR + 6.09%), 6.03%, 6/6/2024 (b) | 226,669,000 | 227,032,430 |
(SOFR + 6.11%), 6.05%, 8/7/2024 (b) | 48,274,000 | 48,347,264 |
Toronto-Dominion Bank (The) (Canada) | ||
5.37%, 12/15/2023 | 74,200,000 | 74,192,650 |
5.95%, 9/13/2024 | 100,000,000 | 100,243,428 |
6.00%, 9/20/2024 | 41,785,000 | 41,905,912 |
Wells Fargo Bank NA | ||
(SOFR + 5.99%), 5.93%, 8/2/2024 (b) | 37,018,000 | 37,059,962 |
(SOFR + 0.60%), 5.93%, 11/4/2024 (b) | 123,732,000 | 123,764,075 |
Westpac Banking Corp. (Australia) | ||
5.33%, 1/11/2024 | 17,800,000 | 17,795,301 |
JPMorgan Ultra-Short Income ETFSCHEDULE OF PORTFOLIO INVESTMENTSAS OF November 30, 2023 (Unaudited) (continued)
INVESTMENTS | PRINCIPAL AMOUNT($) | VALUE($) |
Short-Term Investments — continued | ||
Certificates of Deposits — continued | ||
5.18%, 2/1/2024 | 110,036,000 | 109,963,394 |
Woori Bank (South Korea) , 5.85%, 1/24/2024 (a) | 15,882,000 | 15,884,921 |
Total Certificates of Deposit (Cost $3,532,029,286) | 3,534,054,110 | |
Commercial Paper — 18.9% | ||
3M Co. 5.50%, 2/5/2024 (f) | 29,029,000 | 28,740,915 |
Albemarle Corp. 5.96%, 12/1/2023 (f) | 25,000,000 | 24,996,033 |
Alimentation Couche-Tard, Inc. (Canada) | ||
5.82%, 1/10/2024 (f) | 39,087,000 | 38,835,516 |
5.85%, 2/1/2024 (f) | 12,560,000 | 12,434,912 |
AT&T, Inc. | ||
5.68%, 12/20/2023 (f) | 76,529,000 | 76,299,505 |
5.92%, 2/21/2024 (f) | 38,550,000 | 38,053,521 |
Australia & New Zealand Banking Group Ltd. (Australia) | ||
5.39%, 12/15/2023 (f) | 129,378,000 | 129,090,296 |
5.66%, 6/7/2024 (f) | 112,000,000 | 108,787,706 |
5.94%, 8/16/2024 (a) | 2,883,000 | 2,772,735 |
Banco Santander Chile (Chile) | ||
6.14%, 1/26/2024 (f) | 4,942,000 | 4,896,021 |
6.23%, 2/7/2024 (a) | 27,198,000 | 26,890,905 |
6.21%, 2/9/2024 (f) | 24,520,000 | 24,234,892 |
Banco Santander SA (Spain) | ||
5.63%, 2/22/2024 (f) | 120,440,000 | 118,898,287 |
5.79%, 5/7/2024 (a) | 60,124,000 | 58,666,383 |
Bank of Montreal (Canada) | ||
5.47%, 1/4/2024 (f) | 29,203,000 | 29,050,299 |
(SOFR + 5.94%), 5.88%, 11/5/2024 (b) | 82,000,000 | 82,012,157 |
Citigroup Global Markets, Inc. 5.43%, 1/8/2024 (f) | 23,541,000 | 23,402,214 |
Cnh Industrial Capital 5.93%, 2/5/2024 (f) | 35,000,000 | 34,633,159 |
Commonwealth Bank of Australia (Australia) 5.93%, 7/22/2024 (f) | 132,398,000 | 127,779,657 |
DNB Bank ASA (Norway) 5.38%, 12/19/2023 (f) | 112,419,000 | 112,105,686 |
Duke Energy Corp. 5.90%, 2/22/2024 (f) | 50,356,000 | 49,690,965 |
EIDP, Inc. 5.94%, 12/1/2023 (a) | 10,519,000 | 10,517,398 |
Enel Finance America LLC (Italy) 5.65%, 12/8/2023 (a) | 25,827,000 | 25,795,805 |
Energy Mo West, Inc. 5.45%, 12/1/2023 (f) | 13,500,000 | 13,497,962 |
Energy Transfer Partners LP 5.75%, 12/1/2023 (f) | 54,750,000 | 54,741,295 |
General Motors Financial Co., Inc. | ||
0.00%, 5/29/2024 (f) | 8,695,000 | 8,441,541 |
0.00%, 5/30/2024 (f) | 40,000,000 | 38,833,488 |
Glencore Funding LLC (Australia) | ||
5.86%, 1/18/2024 (f) | 21,183,000 | 21,018,059 |
6.01%, 2/20/2024 (f) | 73,687,000 | 72,728,060 |
GTA Funding LLC 5.75%, 1/10/2024 (f) | 80,139,000 | 79,646,206 |
HSBC USA, Inc. | ||
5.58%, 12/8/2023 (f) | 3,300,000 | 3,296,068 |
5.85%, 4/26/2024 (f) | 97,500,000 | 95,243,602 |
6.34%, 5/1/2024 (f) | 5,050,000 | 4,928,894 |
5.99%, 5/20/2024 (f) | 25,000,000 | 24,318,673 |
JPMorgan Ultra-Short Income ETFSCHEDULE OF PORTFOLIO INVESTMENTSAS OF November 30, 2023 (Unaudited) (continued)
INVESTMENTS | PRINCIPAL AMOUNT($) | VALUE($) |
Short-Term Investments — continued | ||
Commercial Paper — continued | ||
6.25%, 6/6/2024 (f) | 52,663,000 | 51,080,176 |
6.50%, 8/1/2024 (f) | 2,870,000 | 2,757,870 |
6.51%, 9/27/2024 (f) | 24,750,000 | 23,547,353 |
ING US Funding LLC (Netherlands) | ||
5.89%, 6/14/2024 (f) | 95,379,000 | 92,548,354 |
5.91%, 7/19/2024 (f) | 94,619,000 | 91,344,999 |
L3Harris Technologies, Inc. | ||
6.32%, 8/27/2024 (f) | 33,020,000 | 31,610,690 |
6.22%, 8/29/2024 (f) | 12,500,000 | 11,962,607 |
Lloyds Bank plc (United Kingdom) 5.90%, 4/22/2024 (f) | 121,445,000 | 118,762,620 |
LVMH Moet Hennessy Louis Vuitton, Inc. (France) | ||
5.83%, 7/23/2024 (f) | 11,200,000 | 10,804,865 |
5.81%, 11/7/2024 (a) | 6,955,000 | 6,608,673 |
Macquarie Bank Ltd. (Australia) | ||
5.58%, 12/1/2023 (a) | 11,600,000 | 11,598,272 |
5.15%, 4/5/2024 (f) | 120,000,000 | 117,638,195 |
5.82%, 4/26/2024 (f) | 1,500,000 | 1,465,743 |
5.93%, 5/17/2024 (a) | 58,200,000 | 56,690,269 |
6.00%, 8/20/2024 (f) | 19,877,000 | 19,080,629 |
5.77%, 11/20/2024 (a) | 83,000,000 | 78,587,780 |
Marathon Oil Corp. 5.95%, 12/1/2023 (f) | 49,375,000 | 49,367,544 |
MUFG Bank Ltd. (Japan) 5.82%, 1/19/2024 (f) | 110,645,000 | 109,805,276 |
National Australia Bank Ltd. (Australia) | ||
5.46%, 12/1/2023 (f) | 56,925,000 | 56,916,664 |
5.62%, 12/11/2023 (f) | 192,846,000 | 192,534,374 |
National Bank of Canada (Canada) | ||
5.81%, 2/26/2024 (a) | 35,852,000 | 35,372,911 |
5.77%, 3/15/2024 (f) | 9,761,000 | 9,603,694 |
NatWest Markets plc (United Kingdom) 5.63%, 2/6/2024 (a) (f) | 83,924,000 | 83,042,189 |
NextEra Energy Capital Holdings Inc. 5.88%, 2/20/2024 (a) | 42,671,000 | 42,121,200 |
Nordea Bank Abp (Finland) 5.78%, 4/11/2024 (f) | 66,450,000 | 65,127,498 |
Nutrien Ltd. (Canada) | ||
5.71%, 12/4/2023 (f) | 4,864,000 | 4,861,046 |
5.74%, 12/14/2023 (f) | 11,500,000 | 11,475,373 |
Quanta Services, Inc. 5.84%, 12/6/2023 (a) | 7,062,000 | 7,055,242 |
Royal Bank of Canada (Canada) | ||
5.48%, 12/8/2023 (f) | 37,000,000 | 36,956,241 |
5.39%, 12/15/2023 (f) | 136,186,000 | 135,883,156 |
Skandinaviska Enskilda Banken AB (Sweden) 5.79%, 4/1/2024 (f) | 180,259,000 | 176,898,177 |
Societe Generale SA (France) | ||
5.44%, 12/15/2023 (f) | 205,985,000 | 205,530,031 |
6.00%, 5/13/2024 (f) | 33,394,000 | 32,555,560 |
5.90%, 6/21/2024 (f) | 31,600,000 | 30,624,875 |
Standard Chartered Bank (United Kingdom) | ||
5.58%, 2/21/2024 (f) | 24,395,000 | 24,091,059 |
6.05%, 8/13/2024 (f) | 40,071,000 | 38,529,314 |
6.08%, 8/27/2024 (f) | 6,290,000 | 6,035,683 |
Sumitomo Mitsui Banking Corp. (Japan) 5.52%, 1/5/2024 (f) | 36,002,000 | 35,808,424 |
JPMorgan Ultra-Short Income ETFSCHEDULE OF PORTFOLIO INVESTMENTSAS OF November 30, 2023 (Unaudited) (continued)
INVESTMENTS | PRINCIPAL AMOUNT($) | VALUE($) |
Short-Term Investments — continued | ||
Commercial Paper — continued | ||
Svenska Handelsbanken AB (Sweden) | ||
5.33%, 1/9/2024 (f) | 133,099,000 | 132,318,300 |
6.00%, 8/22/2024 (f) | 67,788,000 | 65,095,413 |
Telstra Group Ltd. (Australia) | ||
5.86%, 3/8/2024 (f) | 12,000,000 | 11,811,841 |
5.87%, 3/12/2024 (f) | 65,000,000 | 63,939,475 |
6.14%, 9/6/2024 (f) | 22,200,000 | 21,223,889 |
TELUS Corp. (Canada) 5.90%, 1/9/2024 (f) | 2,884,000 | 2,866,119 |
Toronto-Dominion Bank (The) (Canada) 5.98%, 8/23/2024 (f) | 93,960,000 | 90,253,488 |
TransCanada PipeLines Ltd. (Canada) 5.87%, 12/20/2023 (a) | 10,874,000 | 10,840,754 |
VW Credit, Inc. (Germany) 5.96%, 4/19/2024 (f) | 30,784,000 | 30,094,915 |
Western Midstream Operating LP | ||
6.04%, 12/5/2023 (a) | 44,375,000 | 44,337,281 |
6.04%, 12/6/2023 (a) | 11,000,000 | 10,988,945 |
Westpac Banking Corp. (Australia) | ||
5.36%, 2/9/2024 (f) | 7,000,000 | 6,926,659 |
5.91%, 9/13/2024 (f) | 57,366,000 | 54,908,624 |
Total Commercial Paper (Cost $4,266,315,059) | 4,267,169,144 | |
SHARES | ||
Investment Companies — 7.0% | ||
JPMorgan U.S. Government Money Market Fund Class IM Shares, 5.28% (g) (h) (Cost $1,573,356,583) | 1,573,356,583 | 1,573,356,583 |
Investment of Cash Collateral from Securities Loaned — 0.0% ^ | ||
JPMorgan Securities Lending Money Market Fund Agency SL Class Shares, 5.52% (g) (h) | 6,710,268 | 6,712,281 |
JPMorgan U.S. Government Money Market Fund Class IM Shares, 5.28% (g) (h) | 1,402,088 | 1,402,088 |
Total Investment of Cash Collateral from Securities Loaned (Cost $8,114,369) | 8,114,369 | |
PRINCIPAL AMOUNT($) | ||
Repurchase Agreements — 0.9% | ||
Wells Fargo Securities LLC, 5.90%, dated 11/30/2023, due 12/14/2023, repurchase price $200,458,889, collateralized by Asset-Backed Securities, 0.00% - 13.03%, due 1/15/2025 - 10/25/2066, with the value of $223,100,779. (Cost $200,000,000) | 200,000,000 | 200,000,000 |
Total Short-Term Investments (Cost $9,579,815,297) | 9,582,694,206 | |
Total Investments — 98.8% (Cost $22,341,417,784) | 22,297,458,350 | |
Other Assets Less Liabilities — 1.2% | 274,780,128 | |
NET ASSETS — 100.0% | 22,572,238,478 |
Percentages indicated are based on net assets. |
Abbreviations | |
CIFC | Commercial Industrial Finance Corp. |
JPMorgan Ultra-Short Income ETFSCHEDULE OF PORTFOLIO INVESTMENTSAS OF November 30, 2023 (Unaudited) (continued)
CLO | Collateralized Loan Obligations |
CME | Chicago Mercantile Exchange |
REIT | Real Estate Investment Trust |
SOFR | Secured Overnight Financing Rate |
SOFRINDX | Compounding index of the Secured Overnight Financing Rate |
^ | Amount rounds to less than 0.1% of net assets. | |
(a) | Securities exempt from registration under Rule 144A or section 4(a)(2), of the Securities Act of 1933, as amended. | |
(b) | Variable or floating rate security, linked to the referenced benchmark. The interest rate shown is the current rate as of November 30, 2023. | |
(c) | The security or a portion of this security is on loan at November 30, 2023. The total value of securities on loan at November 30, 2023 is $7,917,175. | |
(d) | Step bond. Interest rate is a fixed rate for an initial period that either resets at a specific date or may reset in the future contingent upon a predetermined trigger. The interest rate shown is the current rate as of November 30, 2023. | |
(e) | Variable or floating rate security, the interest rate of which adjusts periodically based on changes in current interest rates and prepayments on the underlying pool of assets. The interest rate shown is the current rate as of November 30, 2023. | |
(f) | The rate shown is the effective yield as of November 30, 2023. | |
(g) | Investment in an affiliated fund, which is registered under the Investment Company Act of 1940, as amended, and is advised by J.P. Morgan Investment Management Inc. | |
(h) | The rate shown is the current yield as of November 30, 2023. |
Futures contracts outstanding as of November 30, 2023:
DESCRIPTION | NUMBER OF CONTRACTS | EXPIRATION DATE | TRADING CURRENCY | NOTIONAL AMOUNT ($) | VALUE AND UNREALIZED APPRECIATION (DEPRECIATION) ($) |
Short Contracts | |||||
U.S. Treasury 2 Year Note | (366 ) | 03/28/2024 | USD | (74,858,438 ) | (203,706 ) |
Abbreviations | |
USD | United States Dollar |
JPMorgan Ultra-Short Income ETFSCHEDULE OF PORTFOLIO INVESTMENTSAS OF November 30, 2023 (Unaudited) (continued)
A. Valuation of Investments— Investments are valued in accordance with U.S. generally accepted accounting principles (“GAAP”) and the Fund's valuation policies set forth by, and under the supervision and responsibility of, the Board of Trustees of the Trust (the “Board”), which established the following approach to valuation, as described more fully below: (i) investments for which market quotations are readily available shall be valued at their market value and (ii) all other investments for which market quotations are not readily available shall be valued at their fair value as determined in good faith by the Board.
Under Section 2(a)(41) of the Investment Company Act of 1940, the Board is required to determine fair value for securities that do not have readily available market quotations. Under SEC Rule 2a-5 (Good Faith Determinations of Fair Value), the Board may designate the performance of these fair valuation determinations to a valuation designee. The Board has designated the Adviser as the “Valuation Designee” to perform fair valuation determinations for the Fund on behalf of the Board subject to appropriate oversight by the Board. The Adviser, as Valuation Designee, leverages the J.P. Morgan Asset Management Americas Valuation Committee (“AVC”) to help oversee and carry out the policies for the valuation of investments held in the Fund. The Adviser, as Valuation Designee, remains responsible for the valuation determinations.
This oversight by the AVC includes monitoring the appropriateness of fair values based on results of ongoing valuation oversight including, but not limited to, consideration of macro or security specific events, market events, and pricing vendor and broker due diligence. The Administrator is responsible for discussing and assessing the potential impacts to the fair values on an ongoing basis, and, at least on a quarterly basis, with the AVC and the Board.
Fixed income instruments are valued based on prices received from approved affiliated and unaffiliated pricing vendors or third party broker-dealers (collectively referred to as “Pricing Services”). The Pricing Services use multiple valuation techniques to determine the valuation of fixed income instruments. In instances where sufficient market activity exists, the Pricing Services may utilize a market-based approach through which trades or quotes from market makers are used to determine the valuation of these instruments. In instances where sufficient market activity may not exist, the Pricing Services also utilize proprietary valuation models which may consider market transactions in comparable securities and the various relationships between securities in determining fair value and/or market characteristics in order to estimate the relevant cash flows, which are then discounted to calculate the fair values.
Investments in open-end investment companies (“Underlying Funds”) are valued at each Underlying Fund’s NAVs per share as of the report date.
Futures contracts are generally valued on the basis of available market quotations.
Valuations reflected in this report are as of the report date. As a result, changes in valuation due to market events and/or issuer-related events after the report date and prior to issuance of the report are not reflected herein.
The various inputs that are used in determining the valuation of the Fund's investments are summarized into the three broad levels listed below.
•
Level 1 — Unadjusted inputs using quoted prices in active markets for identical investments.
•
Level 2 — Other significant observable inputs including, but not limited to, quoted prices for similar investments, inputs other than quoted prices that are observable for investments (such as interest rates, prepayment speeds, credit risk, etc.) or other market corroborated inputs.
•
Level 3 — Significant inputs based on the best information available in the circumstances, to the extent observable inputs are not available (including the Fund's assumptions in determining the fair value of investments).
A financial instrument’s level within the fair value hierarchy is based on the lowest level of any input, both individually and in the aggregate, that is significant to the fair value measurement. The inputs or methodology used for valuing instruments are not necessarily an indication of the risk associated with investing in those instruments.
The following table represents each valuation input as presented on the Schedule of Portfolio Investments (“SOI”):
Level 1 Quoted prices | Level 2 Other significant observable inputs | Level 3 Significant unobservable inputs | Total | |
Investments in Securities | ||||
Asset-Backed Securities | $— | $2,245,451,648 | $— | $2,245,451,648 |
Commercial Mortgage-Backed Securities | — | 6,883,684 | — | 6,883,684 |
Corporate Bonds | — | 9,924,856,028 | — | 9,924,856,028 |
Foreign Government Securities | — | 4,876,116 | — | 4,876,116 |
U.S. Treasury Obligations | — | 532,696,668 | — | 532,696,668 |
JPMorgan Ultra-Short Income ETFSCHEDULE OF PORTFOLIO INVESTMENTSAS OF November 30, 2023 (Unaudited) (continued)
Level 1 Quoted prices | Level 2 Other significant observable inputs | Level 3 Significant unobservable inputs | Total | |
Short-Term Investments | ||||
Certificates of Deposits | $— | $3,534,054,110 | $— | $3,534,054,110 |
Commercial Paper | — | 4,267,169,144 | — | 4,267,169,144 |
Investment Companies | 1,573,356,583 | — | — | 1,573,356,583 |
Investment of Cash Collateral from Securities Loaned | 8,114,369 | — | — | 8,114,369 |
Repurchase Agreements | — | 200,000,000 | — | 200,000,000 |
Total Short-Term Investments | 1,581,470,952 | 8,001,223,254 | — | 9,582,694,206 |
Total Investments in Securities | $1,581,470,952 | $20,715,987,398 | $— | $22,297,458,350 |
Depreciation in Other Financial Instruments | ||||
Futures Contracts | $(203,706 ) | $— | $— | $(203,706 ) |
There were no significant transfers into or out of level 3 for the period ended November 30, 2023.
B. Investment Transactions with Affiliates — The Fund invested in Underlying Funds advised by the Adviser. An issuer which is under common control with the Fund may be considered an affiliate. The Fund assumes the issuers listed in the table below to be affiliated issuers. The Underlying Funds’ distributions may be reinvested into such Underlying Funds. Reinvestment amounts are included in the purchases at cost amounts in the table below.
For the period ended November 30, 2023 | |||||||||
Security Description | Value at February 28, 2023 | Purchases at Cost | Proceeds from Sales | Net Realized Gain (Loss) | Change in Unrealized Appreciation/ (Depreciation) | Value at November 30, 2023 | Shares at November 30, 2023 | Dividend Income | Capital Gain Distributions |
JPMorgan Securities Lending Money Market Fund Agency SL Class Shares, 5.52% (a) (b) | $14,713,952 | $118,000,000 | $126,000,000 | $(2,671 ) | $1,000 | $6,712,281 | 6,710,268 | $642,235 | $— |
JPMorgan Ultra-Short Income ETFSCHEDULE OF PORTFOLIO INVESTMENTSAS OF November 30, 2023 (Unaudited) (continued)
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) | $1,401,082 | $76,907,919 | $76,906,913 | $— | $— | $1,402,088 | 1,402,088 | $121,667 | $— |
JPMorgan U.S. Government Money Market Fund Class IM Shares, 5.28% (a) (b) | 2,751,326,315 | 10,795,518,883 | 11,973,488,615 | — | — | 1,573,356,583 | 1,573,356,583 | 101,997,181 | — |
Total | $2,767,441,349 | $10,990,426,802 | $12,176,395,528 | $(2,671 ) | $1,000 | $1,581,470,952 | $102,761,083 | $— |
(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. |