JPMorgan BetaBuilders USD High Yield Corporate Bond ETF
Schedule of Portfolio Investments as of May 31, 2024
(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. |
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© J.P. Morgan Chase & Co., 2024. |
JPMorgan BetaBuilders USD High Yield Corporate Bond ETF
SCHEDULE OF PORTFOLIO INVESTMENTS
AS OF May 31, 2024 (Unaudited)INVESTMENTS | PRINCIPAL AMOUNT($) | VALUE($) |
Corporate Bonds — 97.7% | ||
Aerospace & Defense — 2.1% | ||
Bombardier, Inc. (Canada) | ||
7.13%, 6/15/2026 (a) | 1,108,000 | 1,125,690 |
7.88%, 4/15/2027 (a) | 1,208,000 | 1,209,278 |
7.50%, 2/1/2029 (a) | 873,000 | 903,083 |
8.75%, 11/15/2030 (a) | 266,000 | 285,416 |
7.45%, 5/1/2034 (a) | 230,000 | 255,300 |
BWX Technologies, Inc. 4.13%, 6/30/2028 (a) | 732,000 | 674,524 |
Moog, Inc. 4.25%, 12/15/2027 (a) | 834,000 | 780,886 |
Spirit AeroSystems, Inc. | ||
3.85%, 6/15/2026 | 839,000 | 800,399 |
4.60%, 6/15/2028 | 624,000 | 569,147 |
9.38%, 11/30/2029 (a) | 1,204,000 | 1,291,605 |
9.75%, 11/15/2030 (a) | 276,000 | 301,538 |
TransDigm, Inc. | ||
5.50%, 11/15/2027 | 3,073,000 | 3,000,077 |
6.75%, 8/15/2028 (a) | 3,241,000 | 3,277,754 |
4.63%, 1/15/2029 | 787,000 | 724,721 |
6.38%, 3/1/2029 (a) | 600,000 | 598,698 |
4.88%, 5/1/2029 | 919,000 | 851,994 |
6.88%, 12/15/2030 (a) | 2,610,000 | 2,642,847 |
7.13%, 12/1/2031 (a) | 1,454,000 | 1,491,391 |
Triumph Group, Inc. 9.00%, 3/15/2028 (a) | 734,000 | 757,712 |
21,542,060 | ||
Air Freight & Logistics — 0.0% ^ | ||
Cargo Aircraft Management, Inc. 4.75%, 2/1/2028 (a) | 533,000 | 488,563 |
Rand Parent LLC 8.50%, 2/15/2030 (a) | 57,000 | 55,728 |
544,291 | ||
Automobile Components — 2.4% | ||
Adient Global Holdings Ltd. | ||
4.88%, 8/15/2026 (a) | 706,000 | 685,328 |
7.00%, 4/15/2028 (a) | 945,000 | 964,902 |
Allison Transmission, Inc. | ||
4.75%, 10/1/2027 (a) | 244,000 | 234,594 |
5.88%, 6/1/2029 (a) | 908,000 | 893,284 |
American Axle & Manufacturing, Inc. 6.50%, 4/1/2027 | 1,195,000 | 1,188,485 |
Clarios Global LP | ||
6.75%, 5/15/2025 (a) | 78,000 | 77,995 |
6.25%, 5/15/2026 (a) | 169,000 | 168,855 |
8.50%, 5/15/2027 (a) | 1,543,000 | 1,552,888 |
6.75%, 5/15/2028 (a) | 788,000 | 796,285 |
Cooper-Standard Automotive, Inc. 10.63% (PIK), 5/15/2027 (a) (b) | 214,000 | 150,894 |
Dana, Inc. | ||
5.63%, 6/15/2028 | 1,368,000 | 1,323,479 |
4.50%, 2/15/2032 | 341,000 | 289,181 |
Dornoch Debt Merger Sub, Inc. 6.63%, 10/15/2029 (a) | 422,000 | 364,531 |
Goodyear Tire & Rubber Co. (The) | ||
5.00%, 5/31/2026 | 1,519,000 | 1,482,326 |
JPMorgan BetaBuilders USD High Yield Corporate Bond ETF
SCHEDULE OF PORTFOLIO INVESTMENTS
AS OF May 31, 2024 (Unaudited) (continued)INVESTMENTS | PRINCIPAL AMOUNT($) | VALUE($) |
Corporate Bonds — continued | ||
Automobile Components — continued | ||
4.88%, 3/15/2027 | 70,000 | 67,258 |
5.00%, 7/15/2029 | 968,000 | 890,213 |
5.25%, 4/30/2031 | 527,000 | 478,108 |
5.63%, 4/30/2033 | 1,169,000 | 1,045,418 |
Icahn Enterprises LP | ||
6.38%, 12/15/2025 | 1,131,000 | 1,130,043 |
6.25%, 5/15/2026 | 1,541,000 | 1,502,654 |
5.25%, 5/15/2027 | 1,452,000 | 1,332,147 |
4.38%, 2/1/2029 | 463,000 | 385,864 |
IHO Verwaltungs GmbH (Germany) | ||
4.75% (Cash), 9/15/2026 (a) (b) | 534,000 | 516,520 |
6.38% (Cash), 5/15/2029 (a) (b) | 593,000 | 584,179 |
JB Poindexter & Co., Inc. 8.75%, 12/15/2031 (a) | 378,000 | 387,162 |
Patrick Industries, Inc. | ||
7.50%, 10/15/2027 (a) | 144,000 | 146,081 |
4.75%, 5/1/2029 (a) | 1,025,000 | 939,747 |
Phinia, Inc. 6.75%, 4/15/2029 (a) | 150,000 | 151,095 |
Real Hero Merger Sub 2, Inc. 6.25%, 2/1/2029 (a) | 777,000 | 669,354 |
Tenneco, Inc. 8.00%, 11/17/2028 (a) | 2,316,000 | 2,115,144 |
ZF North America Capital, Inc. (Germany) | ||
4.75%, 4/29/2025 (a) | 1,559,000 | 1,535,573 |
6.88%, 4/14/2028 (a) | 1,221,000 | 1,242,304 |
25,291,891 | ||
Automobiles — 0.5% | ||
Aston Martin Capital Holdings Ltd. (Jersey) 10.00%, 3/31/2029 (a) | 605,000 | 585,358 |
Jaguar Land Rover Automotive plc (United Kingdom) | ||
4.50%, 10/1/2027 (a) | 655,000 | 617,759 |
5.88%, 1/15/2028 (a) | 416,000 | 404,982 |
5.50%, 7/15/2029 (a) | 762,000 | 726,872 |
Mclaren Finance plc (United Kingdom) 7.50%, 8/1/2026 (a) | 661,000 | 570,443 |
PM General Purchaser LLC 9.50%, 10/1/2028 (a) | 1,040,000 | 1,056,373 |
Thor Industries, Inc. 4.00%, 10/15/2029 (a) | 996,000 | 868,475 |
Winnebago Industries, Inc. 6.25%, 7/15/2028 (a) | 245,000 | 240,768 |
5,071,030 | ||
Banks — 0.7% | ||
Intesa Sanpaolo SpA (Italy) | ||
5.71%, 1/15/2026 (a) | 1,786,000 | 1,768,735 |
(US Treasury Yield Curve Rate T Note Constant Maturity 1 Year + 2.60%), 4.20%, 6/1/2032 (a) (c) | 538,000 | 454,444 |
(US Treasury Yield Curve Rate T Note Constant Maturity 1 Year + 2.75%), 4.95%, 6/1/2042 (a) (c) | 1,177,000 | 884,151 |
Popular, Inc. (Puerto Rico) 7.25%, 3/13/2028 | 340,000 | 346,439 |
Standard Chartered plc (United Kingdom) (3-MONTH SOFR + 1.46%), 7.01%, 7/30/2037 (a) (c) (d) (e) | 600,000 | 601,103 |
UniCredit SpA (Italy) | ||
(USD ICE Swap Rate 5 Year + 3.70%), 5.86%, 6/19/2032 (a) (c) | 946,000 | 926,394 |
(US Treasury Yield Curve Rate T Note Constant Maturity 5 Year + 4.75%), 5.46%, 6/30/2035 (a) (c) | 2,036,000 | 1,912,110 |
Western Alliance Bancorp (3-MONTH CME TERM SOFR + 2.25%), 3.00%, 6/15/2031 (c) | 222,000 | 198,690 |
7,092,066 |
JPMorgan BetaBuilders USD High Yield Corporate Bond ETF
SCHEDULE OF PORTFOLIO INVESTMENTS
AS OF May 31, 2024 (Unaudited) (continued)INVESTMENTS | PRINCIPAL AMOUNT($) | VALUE($) |
Corporate Bonds — continued | ||
Beverages — 0.1% | ||
Triton Water Holdings, Inc. 6.25%, 4/1/2029 (a) | 990,000 | 914,794 |
Biotechnology — 0.2% | ||
Emergent BioSolutions, Inc. 3.88%, 8/15/2028 (a) | 937,000 | 559,623 |
Grifols SA (Spain) 4.75%, 10/15/2028 (a) | 1,603,000 | 1,394,655 |
1,954,278 | ||
Broadline Retail — 1.6% | ||
99 Cents Only Stores LLC 7.50%, 1/15/2026 (a) | 137,000 | 38,018 |
ANGI Group LLC 3.88%, 8/15/2028 (a) | 441,000 | 377,851 |
Getty Images, Inc. 9.75%, 3/1/2027 (a) | 417,000 | 416,319 |
Go Daddy Operating Co. LLC | ||
5.25%, 12/1/2027 (a) | 534,000 | 519,598 |
3.50%, 3/1/2029 (a) | 174,000 | 155,454 |
GrubHub Holdings, Inc. 5.50%, 7/1/2027 (a) | 408,000 | 367,416 |
Kohl's Corp. | ||
4.62%, 5/1/2031 (f) | 918,000 | 740,303 |
5.55%, 7/17/2045 | 208,000 | 133,217 |
Liberty Interactive LLC 8.25%, 2/1/2030 | 894,000 | 474,198 |
Macy's Retail Holdings LLC | ||
5.88%, 4/1/2029 (a) | 1,087,000 | 1,046,677 |
4.50%, 12/15/2034 | 732,000 | 627,907 |
4.30%, 2/15/2043 | 145,000 | 110,704 |
Marks & Spencer plc (United Kingdom) 7.13%, 12/1/2037 (a) | 584,000 | 610,911 |
Match Group Holdings II LLC | ||
5.00%, 12/15/2027 (a) | 814,000 | 770,827 |
4.63%, 6/1/2028 (a) | 329,000 | 305,983 |
5.63%, 2/15/2029 (a) | 233,000 | 220,905 |
4.13%, 8/1/2030 (a) | 515,000 | 447,722 |
3.63%, 10/1/2031 (a) | 345,000 | 287,350 |
Millennium Escrow Corp. 6.63%, 8/1/2026 (a) | 1,043,000 | 528,489 |
NMG Holding Co., Inc. 7.13%, 4/1/2026 (a) | 992,000 | 986,398 |
Nordstrom, Inc. | ||
6.95%, 3/15/2028 | 33,000 | 33,083 |
4.38%, 4/1/2030 | 688,000 | 625,558 |
4.25%, 8/1/2031 | 343,000 | 302,895 |
5.00%, 1/15/2044 | 1,086,000 | 854,032 |
Photo Holdings Merger Sub, Inc. 8.50%, 10/1/2026 (a) | 259,000 | 119,140 |
QVC, Inc. | ||
4.75%, 2/15/2027 | 364,000 | 310,625 |
4.38%, 9/1/2028 | 194,000 | 144,505 |
5.95%, 3/15/2043 | 1,026,000 | 588,152 |
Rakuten Group, Inc. (Japan) | ||
11.25%, 2/15/2027 (a) | 2,429,000 | 2,561,138 |
9.75%, 4/15/2029 (a) | 1,114,000 | 1,121,018 |
(US Treasury Yield Curve Rate T Note Constant Maturity 5 Year + 4.96%), 6.25%, 4/22/2031 (a) (c) (d) (e) | 814,000 | 601,546 |
16,427,939 | ||
Building Products — 1.8% | ||
ACProducts Holdings, Inc. 6.38%, 5/15/2029 (a) | 491,000 | 317,788 |
JPMorgan BetaBuilders USD High Yield Corporate Bond ETF
SCHEDULE OF PORTFOLIO INVESTMENTS
AS OF May 31, 2024 (Unaudited) (continued)INVESTMENTS | PRINCIPAL AMOUNT($) | VALUE($) |
Corporate Bonds — continued | ||
Building Products — continued | ||
Advanced Drainage Systems, Inc. | ||
5.00%, 9/30/2027 (a) | 214,000 | 206,986 |
6.38%, 6/15/2030 (a) | 167,000 | 166,666 |
AmeriTex HoldCo Intermediate LLC 10.25%, 10/15/2028 (a) | 617,000 | 646,661 |
Builders FirstSource, Inc. | ||
5.00%, 3/1/2030 (a) | 1,532,000 | 1,440,091 |
4.25%, 2/1/2032 (a) | 1,548,000 | 1,351,872 |
6.38%, 3/1/2034 (a) | 222,000 | 217,632 |
Camelot Return Merger Sub, Inc. 8.75%, 8/1/2028 (a) | 462,000 | 457,134 |
CP Atlas Buyer, Inc. 7.00%, 12/1/2028 (a) | 565,000 | 501,564 |
Eco Material Technologies, Inc. 7.88%, 1/31/2027 (a) | 1,003,000 | 1,002,923 |
EMRLD Borrower LP 6.63%, 12/15/2030 (a) | 2,442,000 | 2,446,255 |
Griffon Corp. 5.75%, 3/1/2028 | 1,369,000 | 1,323,343 |
James Hardie International Finance DAC 5.00%, 1/15/2028 (a) | 300,000 | 287,228 |
JELD-WEN, Inc. 4.88%, 12/15/2027 (a) | 684,000 | 640,900 |
MIWD Holdco II LLC 5.50%, 2/1/2030 (a) | 543,000 | 494,919 |
New Enterprise Stone & Lime Co., Inc. 5.25%, 7/15/2028 (a) | 762,000 | 716,266 |
Oscar AcquisitionCo LLC 9.50%, 4/15/2030 (a) | 780,000 | 743,889 |
Owens Corning 3.50%, 2/15/2030 (a) | 628,000 | 568,617 |
Smyrna Ready Mix Concrete LLC 8.88%, 11/15/2031 (a) | 1,280,000 | 1,347,743 |
Standard Industries, Inc. | ||
5.00%, 2/15/2027 (a) | 913,000 | 885,319 |
4.75%, 1/15/2028 (a) | 798,000 | 760,211 |
3.38%, 1/15/2031 (a) | 1,622,000 | 1,353,299 |
Summit Materials LLC | ||
6.50%, 3/15/2027 (a) | 439,000 | 436,996 |
7.25%, 1/15/2031 (a) | 418,000 | 431,000 |
18,745,302 | ||
Capital Markets — 0.7% | ||
AG TTMT Escrow Issuer LLC 8.63%, 9/30/2027 (a) | 782,000 | 812,726 |
Aretec Group, Inc. 7.50%, 4/1/2029 (a) | 242,000 | 233,794 |
Brightsphere Investment Group, Inc. 4.80%, 7/27/2026 | 224,000 | 214,829 |
Coinbase Global, Inc. | ||
3.38%, 10/1/2028 (a) | 884,000 | 755,489 |
3.63%, 10/1/2031 (a) | 527,000 | 419,103 |
Compass Group Diversified Holdings LLC | ||
5.25%, 4/15/2029 (a) | 1,251,000 | 1,171,910 |
5.00%, 1/15/2032 (a) | 370,000 | 332,776 |
Dresdner Funding Trust I 8.15%, 6/30/2031 (a) | 815,000 | 880,828 |
Jane Street Group | ||
4.50%, 11/15/2029 (a) | 1,018,000 | 942,543 |
7.13%, 4/30/2031 (a) | 660,000 | 671,935 |
StoneX Group, Inc. 7.88%, 3/1/2031 (a) | 731,000 | 748,098 |
7,184,031 | ||
Chemicals — 2.8% | ||
Ashland, Inc. | ||
3.38%, 9/1/2031 (a) | 1,136,000 | 953,577 |
JPMorgan BetaBuilders USD High Yield Corporate Bond ETF
SCHEDULE OF PORTFOLIO INVESTMENTS
AS OF May 31, 2024 (Unaudited) (continued)INVESTMENTS | PRINCIPAL AMOUNT($) | VALUE($) |
Corporate Bonds — continued | ||
Chemicals — continued | ||
6.88%, 5/15/2043 | 643,000 | 653,783 |
ASP Unifrax Holdings, Inc. | ||
5.25%, 9/30/2028 (a) | 982,000 | 493,455 |
7.50%, 9/30/2029 (a) | 78,000 | 38,640 |
Avient Corp. 7.13%, 8/1/2030 (a) | 857,000 | 871,305 |
Axalta Coating Systems LLC | ||
4.75%, 6/15/2027 (a) | 843,000 | 813,650 |
3.38%, 2/15/2029 (a) | 564,000 | 502,889 |
Cerdia Finanz GmbH (Germany) 10.50%, 2/15/2027 (a) | 248,000 | 257,798 |
Chemours Co. (The) | ||
5.38%, 5/15/2027 | 134,000 | 127,216 |
5.75%, 11/15/2028 (a) | 1,122,000 | 1,026,887 |
4.63%, 11/15/2029 (a) | 788,000 | 672,008 |
Consolidated Energy Finance SA (Switzerland) 5.63%, 10/15/2028 (a) | 497,000 | 427,723 |
CVR Partners LP 6.13%, 6/15/2028 (a) | 682,000 | 652,038 |
FXI Holdings, Inc. 12.25%, 11/15/2026 (a) | 55,000 | 54,910 |
GPD Cos., Inc. 10.13%, 4/1/2026 (a) | 1,017,000 | 979,116 |
HB Fuller Co. 4.00%, 2/15/2027 | 13,000 | 12,548 |
Herens Holdco SARL (Luxembourg) 4.75%, 5/15/2028 (a) | 534,000 | 455,310 |
INEOS Finance plc (Luxembourg) 6.75%, 5/15/2028 (a) | 750,000 | 743,453 |
LSB Industries, Inc. 6.25%, 10/15/2028 (a) | 784,000 | 754,400 |
LSF11 A5 HoldCo LLC 6.63%, 10/15/2029 (a) | 129,000 | 121,625 |
Mativ Holdings, Inc. 6.88%, 10/1/2026 (a) | 331,000 | 325,870 |
Methanex Corp. (Canada) | ||
5.13%, 10/15/2027 | 381,000 | 367,919 |
5.25%, 12/15/2029 | 1,331,000 | 1,272,454 |
5.65%, 12/1/2044 | 101,000 | 88,025 |
NOVA Chemicals Corp. (Canada) | ||
5.00%, 5/1/2025 (a) | 185,000 | 182,578 |
5.25%, 6/1/2027 (a) | 666,000 | 637,993 |
4.25%, 5/15/2029 (a) | 1,355,000 | 1,188,775 |
Nufarm Australia Ltd. (Australia) 5.00%, 1/27/2030 (a) | 44,000 | 40,156 |
Olin Corp. | ||
5.13%, 9/15/2027 | 538,000 | 521,657 |
5.63%, 8/1/2029 | 1,078,000 | 1,048,407 |
5.00%, 2/1/2030 | 224,000 | 210,458 |
Olympus Water US Holding Corp. | ||
4.25%, 10/1/2028 (a) | 1,946,000 | 1,791,291 |
9.75%, 11/15/2028 (a) | 1,321,000 | 1,404,627 |
6.25%, 10/1/2029 (a) | 75,000 | 69,522 |
Polar US Borrower LLC 6.75%, 5/15/2026 (a) | 547,000 | 153,160 |
Rain Carbon, Inc. 12.25%, 9/1/2029 (a) | 345,000 | 367,966 |
Rayonier AM Products, Inc. 7.63%, 1/15/2026 (a) | 857,000 | 774,338 |
SCIH Salt Holdings, Inc. | ||
4.88%, 5/1/2028 (a) | 1,358,000 | 1,270,884 |
6.63%, 5/1/2029 (a) | 430,000 | 404,993 |
SCIL IV LLC 5.38%, 11/1/2026 (a) | 639,000 | 614,350 |
JPMorgan BetaBuilders USD High Yield Corporate Bond ETF
SCHEDULE OF PORTFOLIO INVESTMENTS
AS OF May 31, 2024 (Unaudited) (continued)INVESTMENTS | PRINCIPAL AMOUNT($) | VALUE($) |
Corporate Bonds — continued | ||
Chemicals — continued | ||
Scotts Miracle-Gro Co. (The) | ||
4.50%, 10/15/2029 | 151,000 | 135,855 |
4.00%, 4/1/2031 | 263,000 | 224,791 |
4.38%, 2/1/2032 | 1,114,000 | 949,804 |
SK Invictus Intermediate II SARL 5.00%, 10/30/2029 (a) | 704,000 | 624,756 |
Tronox, Inc. 4.63%, 3/15/2029 (a) | 1,018,000 | 923,728 |
Vibrantz Technologies, Inc. 9.00%, 2/15/2030 (a) | 580,000 | 534,901 |
WR Grace Holdings LLC | ||
4.88%, 6/15/2027 (a) | 13,000 | 12,484 |
5.63%, 8/15/2029 (a) | 1,387,000 | 1,276,061 |
7.38%, 3/1/2031 (a) | 678,000 | 688,185 |
28,718,319 | ||
Commercial Services & Supplies — 3.2% | ||
ACCO Brands Corp. 4.25%, 3/15/2029 (a) | 603,000 | 534,900 |
ADT Security Corp. (The) | ||
4.13%, 8/1/2029 (a) | 768,000 | 697,554 |
4.88%, 7/15/2032 (a) | 1,373,000 | 1,239,062 |
Allied Universal Holdco LLC | ||
6.63%, 7/15/2026 (a) | 185,000 | 184,892 |
9.75%, 7/15/2027 (a) | 1,589,000 | 1,575,521 |
4.63%, 6/1/2028 (a) | 2,155,000 | 1,942,138 |
6.00%, 6/1/2029 (a) | 209,000 | 178,388 |
7.88%, 2/15/2031 (a) | 317,000 | 316,022 |
APi Group DE, Inc. 4.13%, 7/15/2029 (a) | 885,000 | 792,747 |
APX Group, Inc. 5.75%, 7/15/2029 (a) | 862,000 | 818,274 |
Aramark Services, Inc. 5.00%, 2/1/2028 (a) | 1,726,000 | 1,650,230 |
Brink's Co. (The) 4.63%, 10/15/2027 (a) | 532,000 | 507,911 |
Cimpress plc (Ireland) 7.00%, 6/15/2026 | 692,000 | 690,471 |
Clean Harbors, Inc. | ||
4.88%, 7/15/2027 (a) | 656,000 | 633,582 |
6.38%, 2/1/2031 (a) | 873,000 | 871,466 |
Deluxe Corp. 8.00%, 6/1/2029 (a) | 653,000 | 609,183 |
Enviri Corp. 5.75%, 7/31/2027 (a) | 407,000 | 385,885 |
Garda World Security Corp. (Canada) | ||
4.63%, 2/15/2027 (a) | 295,000 | 280,330 |
9.50%, 11/1/2027 (a) | 440,000 | 440,372 |
7.75%, 2/15/2028 (a) | 749,000 | 760,527 |
6.00%, 6/1/2029 (a) | 667,000 | 599,047 |
GFL Environmental, Inc. | ||
5.13%, 12/15/2026 (a) | 1,561,000 | 1,531,388 |
3.50%, 9/1/2028 (a) | 857,000 | 778,857 |
4.75%, 6/15/2029 (a) | 570,000 | 530,546 |
6.75%, 1/15/2031 (a) | 1,705,000 | 1,739,129 |
Legends Hospitality Holding Co. LLC 5.00%, 2/1/2026 (a) | 132,000 | 130,686 |
Madison IAQ LLC | ||
4.13%, 6/30/2028 (a) | 888,000 | 822,838 |
5.88%, 6/30/2029 (a) | 591,000 | 547,785 |
JPMorgan BetaBuilders USD High Yield Corporate Bond ETF
SCHEDULE OF PORTFOLIO INVESTMENTS
AS OF May 31, 2024 (Unaudited) (continued)INVESTMENTS | PRINCIPAL AMOUNT($) | VALUE($) |
Corporate Bonds — continued | ||
Commercial Services & Supplies — continued | ||
Neptune Bidco US, Inc. 9.29%, 4/15/2029 (a) | 2,344,000 | 2,238,852 |
Pitney Bowes, Inc. | ||
6.88%, 3/15/2027 (a) | 784,000 | 727,622 |
7.25%, 3/15/2029 (a) | 71,000 | 63,370 |
Prime Security Services Borrower LLC | ||
5.75%, 4/15/2026 (a) | 2,455,000 | 2,437,626 |
6.25%, 1/15/2028 (a) | 1,060,000 | 1,040,641 |
Reworld Holding Corp. 5.00%, 9/1/2030 | 1,633,000 | 1,469,530 |
Steelcase, Inc. 5.13%, 1/18/2029 | 306,000 | 289,082 |
Vericast Corp. 11.00%, 9/15/2026 (a) | 1,841,000 | 1,979,075 |
Waste Pro USA, Inc. 5.50%, 2/15/2026 (a) | 559,000 | 550,440 |
Williams Scotsman, Inc. | ||
4.63%, 8/15/2028 (a) | 169,000 | 157,799 |
7.38%, 10/1/2031 (a) | 762,000 | 782,531 |
33,526,299 | ||
Communications Equipment — 0.5% | ||
CommScope Technologies LLC 6.00%, 6/15/2025 (a) | 1,331,000 | 1,094,082 |
CommScope, Inc. | ||
6.00%, 3/1/2026 (a) | 1,444,000 | 1,288,770 |
8.25%, 3/1/2027 (a) | 1,437,000 | 669,498 |
4.75%, 9/1/2029 (a) | 713,000 | 513,360 |
Viasat, Inc. | ||
5.63%, 4/15/2027 (a) | 1,333,000 | 1,191,751 |
6.50%, 7/15/2028 (a) | 578,000 | 430,106 |
Viavi Solutions, Inc. 3.75%, 10/1/2029 (a) | 82,000 | 67,984 |
5,255,551 | ||
Construction & Engineering — 0.7% | ||
AECOM 5.13%, 3/15/2027 | 1,042,000 | 1,014,511 |
Artera Services LLC 8.50%, 2/15/2031 (a) | 206,000 | 210,487 |
ATP Tower Holdings LLC (Chile) 4.05%, 4/27/2026 (a) | 277,000 | 257,956 |
Brand Industrial Services, Inc. 10.38%, 8/1/2030 (a) | 1,098,000 | 1,178,753 |
Brundage-Bone Concrete Pumping Holdings, Inc. 6.00%, 2/1/2026 (a) | 627,000 | 619,227 |
Dycom Industries, Inc. 4.50%, 4/15/2029 (a) | 768,000 | 713,532 |
Fluor Corp. 4.25%, 9/15/2028 | 983,000 | 927,570 |
Global Infrastructure Solutions, Inc. 5.63%, 6/1/2029 (a) | 159,000 | 147,356 |
INNOVATE Corp. 8.50%, 2/1/2026 (a) | 308,000 | 231,000 |
Pike Corp. | ||
5.50%, 9/1/2028 (a) | 1,375,000 | 1,308,578 |
8.63%, 1/31/2031 (a) | 146,000 | 153,779 |
Railworks Holdings LP 8.25%, 11/15/2028 (a) | 309,000 | 312,090 |
VM Consolidated, Inc. 5.50%, 4/15/2029 (a) | 315,000 | 300,603 |
Weekley Homes LLC 4.88%, 9/15/2028 (a) | 364,000 | 333,370 |
7,708,812 | ||
Construction Materials — 0.0% ^ | ||
Knife River Corp. 7.75%, 5/1/2031 (a) | 431,000 | 448,582 |
JPMorgan BetaBuilders USD High Yield Corporate Bond ETF
SCHEDULE OF PORTFOLIO INVESTMENTS
AS OF May 31, 2024 (Unaudited) (continued)INVESTMENTS | PRINCIPAL AMOUNT($) | VALUE($) |
Corporate Bonds — continued | ||
Consumer Finance — 2.4% | ||
Ally Financial, Inc. | ||
5.75%, 11/20/2025 | 1,181,000 | 1,175,655 |
6.70%, 2/14/2033 | 750,000 | 750,688 |
Bread Financial Holdings, Inc. 9.75%, 3/15/2029 (a) | 719,000 | 753,109 |
Castlelake Aviation Finance DAC 5.00%, 4/15/2027 (a) | 342,000 | 328,601 |
Cobra AcquisitionCo LLC 6.38%, 11/1/2029 (a) | 101,000 | 81,564 |
Credit Acceptance Corp. 6.63%, 3/15/2026 | 1,198,000 | 1,194,194 |
Encore Capital Group, Inc. 9.25%, 4/1/2029 (a) | 795,000 | 827,352 |
Enova International, Inc. | ||
8.50%, 9/15/2025 (a) | 378,000 | 378,779 |
11.25%, 12/15/2028 (a) | 225,000 | 241,313 |
Finance of America Funding LLC 7.88%, 11/15/2025 (a) | 66,000 | 51,792 |
FirstCash, Inc. | ||
4.63%, 9/1/2028 (a) | 664,000 | 622,611 |
5.63%, 1/1/2030 (a) | 1,180,000 | 1,118,022 |
GGAM Finance Ltd. (Ireland) 8.00%, 2/15/2027 (a) | 1,377,000 | 1,416,892 |
goeasy Ltd. (Canada) 7.63%, 7/1/2029 (a) | 1,017,000 | 1,033,718 |
LFS Topco LLC 5.88%, 10/15/2026 (a) | 414,000 | 387,129 |
Macquarie Airfinance Holdings Ltd. (United Kingdom) | ||
8.13%, 3/30/2029 (a) | 969,000 | 1,020,326 |
6.50%, 3/26/2031 (a) | 158,000 | 160,428 |
Navient Corp. | ||
6.75%, 6/25/2025 | 931,000 | 932,056 |
6.75%, 6/15/2026 | 240,000 | 239,549 |
4.88%, 3/15/2028 | 1,225,000 | 1,121,912 |
5.50%, 3/15/2029 | 24,000 | 21,784 |
9.38%, 7/25/2030 | 23,000 | 24,046 |
5.63%, 8/1/2033 | 1,560,000 | 1,266,882 |
OneMain Finance Corp. | ||
7.13%, 3/15/2026 | 1,489,000 | 1,510,857 |
3.88%, 9/15/2028 | 1,784,000 | 1,586,909 |
9.00%, 1/15/2029 | 487,000 | 511,208 |
5.38%, 11/15/2029 | 568,000 | 528,248 |
4.00%, 9/15/2030 | 2,054,000 | 1,745,604 |
PRA Group, Inc. | ||
7.38%, 9/1/2025 (a) | 146,000 | 146,620 |
8.38%, 2/1/2028 (a) | 363,000 | 360,797 |
5.00%, 10/1/2029 (a) | 1,063,000 | 901,257 |
PROG Holdings, Inc. 6.00%, 11/15/2029 (a) | 635,000 | 595,298 |
SLM Corp. 3.13%, 11/2/2026 | 434,000 | 402,169 |
Synchrony Financial 7.25%, 2/2/2033 | 843,000 | 845,750 |
World Acceptance Corp. 7.00%, 11/1/2026 (a) | 220,000 | 208,296 |
24,491,415 | ||
Consumer Staples Distribution & Retail — 1.1% | ||
Albertsons Cos., Inc. | ||
4.63%, 1/15/2027 (a) | 1,409,000 | 1,358,029 |
5.88%, 2/15/2028 (a) | 927,000 | 910,949 |
JPMorgan BetaBuilders USD High Yield Corporate Bond ETF
SCHEDULE OF PORTFOLIO INVESTMENTS
AS OF May 31, 2024 (Unaudited) (continued)INVESTMENTS | PRINCIPAL AMOUNT($) | VALUE($) |
Corporate Bonds — continued | ||
Consumer Staples Distribution & Retail — continued | ||
3.50%, 3/15/2029 (a) | 1,481,000 | 1,320,916 |
4.88%, 2/15/2030 (a) | 2,002,000 | 1,872,668 |
C&S Group Enterprises LLC 5.00%, 12/15/2028 (a) | 901,000 | 665,816 |
Ingles Markets, Inc. 4.00%, 6/15/2031 (a) | 75,000 | 64,500 |
KeHE Distributors LLC 9.00%, 2/15/2029 (a) | 629,000 | 637,130 |
Performance Food Group, Inc. | ||
5.50%, 10/15/2027 (a) | 664,000 | 647,165 |
4.25%, 8/1/2029 (a) | 1,764,000 | 1,602,965 |
Rite Aid Corp. 8.00%, 11/15/2026 (a) (g) | 357,000 | 178,500 |
Safeway, Inc. 7.25%, 2/1/2031 | 165,000 | 175,380 |
United Natural Foods, Inc. 6.75%, 10/15/2028 (a) | 407,000 | 335,902 |
US Foods, Inc. | ||
4.75%, 2/15/2029 (a) | 1,291,000 | 1,211,786 |
7.25%, 1/15/2032 (a) | 50,000 | 51,603 |
11,033,309 | ||
Containers & Packaging — 2.4% | ||
ARD Finance SA (Luxembourg) 6.50% (Cash), 6/30/2027 (a) (b) | 939,000 | 218,298 |
Ardagh Metal Packaging Finance USA LLC | ||
6.00%, 6/15/2027 (a) | 317,000 | 309,951 |
3.25%, 9/1/2028 (a) | 747,000 | 655,047 |
4.00%, 9/1/2029 (a) | 637,000 | 525,893 |
Ardagh Packaging Finance plc | ||
4.13%, 8/15/2026 (a) | 800,000 | 680,200 |
5.25%, 8/15/2027 (a) | 1,956,000 | 1,149,150 |
Ball Corp. | ||
5.25%, 7/1/2025 | 176,000 | 175,680 |
4.88%, 3/15/2026 | 804,000 | 791,088 |
2.88%, 8/15/2030 | 1,617,000 | 1,366,131 |
3.13%, 9/15/2031 | 1,666,000 | 1,398,488 |
Berry Global, Inc. 5.63%, 7/15/2027 (a) | 573,000 | 565,438 |
Cascades, Inc. (Canada) 5.38%, 1/15/2028 (a) | 729,000 | 694,417 |
Clydesdale Acquisition Holdings, Inc. | ||
6.63%, 4/15/2029 (a) | 858,000 | 844,278 |
8.75%, 4/15/2030 (a) | 1,030,000 | 993,323 |
Crown Americas LLC | ||
4.75%, 2/1/2026 | 710,000 | 696,934 |
5.25%, 4/1/2030 | 499,000 | 479,627 |
Crown Cork & Seal Co., Inc. 7.38%, 12/15/2026 | 333,000 | 344,651 |
Graham Packaging Co., Inc. 7.13%, 8/15/2028 (a) | 551,000 | 519,371 |
Graphic Packaging International LLC | ||
4.75%, 7/15/2027 (a) | 214,000 | 207,285 |
3.50%, 3/15/2028 (a) | 477,000 | 435,817 |
3.50%, 3/1/2029 (a) | 457,000 | 407,873 |
3.75%, 2/1/2030 (a) | 60,000 | 53,180 |
Iris Holding, Inc. 10.00%, 12/15/2028 (a) | 74,000 | 64,952 |
LABL, Inc. | ||
6.75%, 7/15/2026 (a) | 375,000 | 370,572 |
JPMorgan BetaBuilders USD High Yield Corporate Bond ETF
SCHEDULE OF PORTFOLIO INVESTMENTS
AS OF May 31, 2024 (Unaudited) (continued)INVESTMENTS | PRINCIPAL AMOUNT($) | VALUE($) |
Corporate Bonds — continued | ||
Containers & Packaging — continued | ||
10.50%, 7/15/2027 (a) | 278,000 | 270,629 |
5.88%, 11/1/2028 (a) | 532,000 | 478,511 |
9.50%, 11/1/2028 (a) | 623,000 | 633,696 |
8.25%, 11/1/2029 (a) | 384,000 | 327,770 |
Mauser Packaging Solutions Holding Co. | ||
7.88%, 4/15/2027 (a) | 1,859,000 | 1,894,061 |
9.25%, 4/15/2027 (a) | 816,000 | 812,639 |
Owens-Brockway Glass Container, Inc. | ||
6.63%, 5/13/2027 (a) | 1,104,000 | 1,096,170 |
7.25%, 5/15/2031 (a) | 773,000 | 770,381 |
Pactiv Evergreen Group Issuer LLC 4.38%, 10/15/2028 (a) | 834,000 | 773,612 |
Sealed Air Corp. | ||
6.13%, 2/1/2028 (a) | 1,325,000 | 1,315,522 |
5.00%, 4/15/2029 (a) | 237,000 | 224,631 |
6.88%, 7/15/2033 (a) | 848,000 | 876,123 |
Silgan Holdings, Inc. 4.13%, 2/1/2028 | 10,000 | 9,436 |
TriMas Corp. 4.13%, 4/15/2029 (a) | 624,000 | 564,779 |
Trivium Packaging Finance BV (Netherlands) 5.50%, 8/15/2026 (a) (f) | 1,472,000 | 1,451,211 |
25,446,815 | ||
Distributors — 0.4% | ||
American Builders & Contractors Supply Co., Inc. 4.00%, 1/15/2028 (a) | 1,097,000 | 1,021,714 |
Dealer Tire LLC 8.00%, 2/1/2028 (a) | 571,000 | 555,545 |
Ritchie Bros Holdings, Inc. (Canada) 6.75%, 3/15/2028 (a) | 513,000 | 518,126 |
Verde Purchaser LLC 10.50%, 11/30/2030 (a) | 947,000 | 998,082 |
Windsor Holdings III LLC 8.50%, 6/15/2030 (a) | 631,000 | 659,273 |
3,752,740 | ||
Diversified Consumer Services — 0.6% | ||
Adtalem Global Education, Inc. 5.50%, 3/1/2028 (a) | 259,000 | 248,378 |
Carriage Services, Inc. 4.25%, 5/15/2029 (a) | 335,000 | 297,074 |
Grand Canyon University 4.13%, 10/1/2024 | 372,000 | 365,490 |
Mavis Tire Express Services Topco Corp. 6.50%, 5/15/2029 (a) | 726,000 | 668,779 |
Service Corp. International | ||
4.63%, 12/15/2027 | 546,000 | 521,663 |
5.13%, 6/1/2029 | 988,000 | 949,550 |
3.38%, 8/15/2030 | 983,000 | 842,727 |
Signal Parent, Inc. 6.13%, 4/1/2029 (a) | 121,000 | 79,454 |
Sotheby's 7.38%, 10/15/2027 (a) | 1,163,000 | 1,012,330 |
StoneMor, Inc. 8.50%, 5/15/2029 (a) | 705,000 | 566,171 |
Wand NewCo 3, Inc. 7.63%, 1/30/2032 (a) | 704,000 | 721,388 |
6,273,004 | ||
Diversified REITs — 0.4% | ||
Iron Mountain Information Management Services, Inc. 5.00%, 7/15/2032 (a) | 1,228,000 | 1,106,779 |
Uniti Group LP | ||
10.50%, 2/15/2028 (a) | 1,574,000 | 1,574,255 |
4.75%, 4/15/2028 (a) | 1,149,000 | 949,589 |
JPMorgan BetaBuilders USD High Yield Corporate Bond ETF
SCHEDULE OF PORTFOLIO INVESTMENTS
AS OF May 31, 2024 (Unaudited) (continued)INVESTMENTS | PRINCIPAL AMOUNT($) | VALUE($) |
Corporate Bonds — continued | ||
Diversified REITs — continued | ||
6.50%, 2/15/2029 (a) | 1,216,000 | 843,963 |
6.00%, 1/15/2030 (a) | 274,000 | 185,410 |
4,659,996 | ||
Diversified Telecommunication Services — 4.9% | ||
Altice France SA (France) | ||
8.13%, 2/1/2027 (a) | 941,000 | 725,339 |
5.50%, 1/15/2028 (a) | 791,000 | 553,842 |
5.13%, 1/15/2029 (a) | 305,000 | 206,064 |
5.13%, 7/15/2029 (a) | 1,456,000 | 976,477 |
5.50%, 10/15/2029 (a) | 1,835,000 | 1,231,055 |
British Telecommunications plc (United Kingdom) | ||
(US Treasury Yield Curve Rate T Note Constant Maturity 5 Year + 2.99%), 4.25%, 11/23/2081 (a) (c) | 330,000 | 310,033 |
(US Treasury Yield Curve Rate T Note Constant Maturity 5 Year + 3.49%), 4.88%, 11/23/2081 (a) (c) | 862,000 | 773,193 |
CCO Holdings LLC | ||
5.50%, 5/1/2026 (a) | 1,412,000 | 1,394,482 |
5.13%, 5/1/2027 (a) | 2,468,000 | 2,358,790 |
5.00%, 2/1/2028 (a) | 916,000 | 845,750 |
5.38%, 6/1/2029 (a) | 2,319,000 | 2,077,286 |
6.38%, 9/1/2029 (a) | 1,237,000 | 1,157,763 |
4.75%, 3/1/2030 (a) | 3,254,000 | 2,771,934 |
4.50%, 8/15/2030 (a) | 1,817,000 | 1,509,756 |
4.25%, 2/1/2031 (a) | 2,962,000 | 2,387,477 |
4.75%, 2/1/2032 (a) | 2,243,000 | 1,806,133 |
4.50%, 5/1/2032 | 1,615,000 | 1,281,161 |
4.50%, 6/1/2033 (a) | 2,979,000 | 2,298,851 |
4.25%, 1/15/2034 (a) | 154,000 | 114,744 |
Consolidated Communications, Inc. | ||
5.00%, 10/1/2028 (a) | 594,000 | 487,078 |
6.50%, 10/1/2028 (a) | 849,000 | 717,287 |
Embarq Corp. 8.00%, 6/1/2036 | 991,000 | 311,313 |
Frontier Communications Holdings LLC | ||
5.88%, 10/15/2027 (a) | 1,556,000 | 1,515,163 |
5.00%, 5/1/2028 (a) | 1,095,000 | 1,022,715 |
6.75%, 5/1/2029 (a) | 1,646,000 | 1,502,444 |
6.00%, 1/15/2030 (a) | 1,168,000 | 1,012,250 |
8.75%, 5/15/2030 (a) | 604,000 | 625,049 |
8.63%, 3/15/2031 (a) | 669,000 | 685,800 |
Frontier Florida LLC Series E, 6.86%, 2/1/2028 | 51,000 | 50,884 |
Iliad Holding SASU (France) | ||
6.50%, 10/15/2026 (a) | 559,000 | 555,034 |
7.00%, 10/15/2028 (a) | 253,000 | 250,541 |
Intelsat Jackson Holdings SA (Luxembourg) 6.50%, 3/15/2030 (a) | 2,130,000 | 2,003,534 |
Level 3 Financing, Inc. | ||
4.25%, 7/1/2028 (a) | 325,000 | 124,888 |
10.50%, 4/15/2029 (a) | 198,000 | 197,505 |
4.88%, 6/15/2029 (a) | 527,000 | 315,615 |
3.75%, 7/15/2029 (a) | 456,000 | 148,270 |
JPMorgan BetaBuilders USD High Yield Corporate Bond ETF
SCHEDULE OF PORTFOLIO INVESTMENTS
AS OF May 31, 2024 (Unaudited) (continued)INVESTMENTS | PRINCIPAL AMOUNT($) | VALUE($) |
Corporate Bonds — continued | ||
Diversified Telecommunication Services — continued | ||
4.50%, 4/1/2030 (a) | 68,000 | 38,589 |
10.50%, 5/15/2030 (a) | 649,000 | 642,167 |
3.88%, 10/15/2030 (a) | 298,000 | 163,728 |
10.75%, 12/15/2030 (a) | 517,000 | 515,449 |
4.00%, 4/15/2031 (a) | 2,012,000 | 1,098,954 |
Lumen Technologies, Inc. | ||
4.50%, 1/15/2029 (a) | 71,000 | 21,123 |
4.13%, 4/15/2030 (a) | 1,328,000 | 849,256 |
Qwest Corp. 7.25%, 9/15/2025 | 186,000 | 182,660 |
Telecom Italia Capital SA (Italy) | ||
6.38%, 11/15/2033 | 187,000 | 165,799 |
6.38%, 11/15/2033 (a) | 1,109,000 | 1,071,449 |
6.00%, 9/30/2034 | 50,000 | 42,213 |
6.00%, 9/30/2034 (a) | 774,000 | 742,165 |
7.20%, 7/18/2036 | 240,000 | 218,196 |
7.20%, 7/18/2036 (a) | 716,000 | 729,984 |
7.72%, 6/4/2038 | 106,000 | 97,015 |
7.72%, 6/4/2038 (a) | 219,000 | 227,961 |
Telesat Canada (Canada) | ||
5.63%, 12/6/2026 (a) | 962,000 | 438,870 |
4.88%, 6/1/2027 (a) | 380,000 | 162,515 |
Virgin Media Finance plc (United Kingdom) 5.00%, 7/15/2030 (a) | 2,009,000 | 1,669,173 |
Virgin Media Secured Finance plc (United Kingdom) | ||
5.50%, 5/15/2029 (a) | 2,287,000 | 2,068,913 |
4.50%, 8/15/2030 (a) | 279,000 | 233,883 |
Windstream Escrow LLC 7.75%, 8/15/2028 (a) | 1,631,000 | 1,532,336 |
Zayo Group Holdings, Inc. | ||
4.00%, 3/1/2027 (a) | 1,165,000 | 908,454 |
6.13%, 3/1/2028 (a) | 926,000 | 630,041 |
50,756,393 | ||
Electric Utilities — 1.5% | ||
DPL, Inc. 4.35%, 4/15/2029 | 516,000 | 476,842 |
Edison International | ||
(US Treasury Yield Curve Rate T Note Constant Maturity 5 Year + 3.86%), 8.13%, 6/15/2053 (c) | 595,000 | 615,456 |
(US Treasury Yield Curve Rate T Note Constant Maturity 5 Year + 3.66%), 7.88%, 6/15/2054 (c) | 418,000 | 427,175 |
Emera, Inc. (Canada) Series 16-A, (3-MONTH SOFR + 5.44%), 6.75%, 6/15/2076 (c) | 1,114,000 | 1,101,798 |
Leeward Renewable Energy Operations LLC 4.25%, 7/1/2029 (a) | 977,000 | 865,709 |
NextEra Energy Operating Partners LP | ||
3.88%, 10/15/2026 (a) | 136,000 | 128,644 |
4.50%, 9/15/2027 (a) | 323,000 | 303,934 |
NRG Energy, Inc. | ||
5.75%, 1/15/2028 | 1,343,000 | 1,317,322 |
5.25%, 6/15/2029 (a) | 1,253,000 | 1,195,162 |
3.88%, 2/15/2032 (a) | 280,000 | 239,649 |
Pattern Energy Operations LP 4.50%, 8/15/2028 (a) | 945,000 | 866,249 |
PG&E Corp. | ||
5.00%, 7/1/2028 | 676,000 | 648,026 |
JPMorgan BetaBuilders USD High Yield Corporate Bond ETF
SCHEDULE OF PORTFOLIO INVESTMENTS
AS OF May 31, 2024 (Unaudited) (continued)INVESTMENTS | PRINCIPAL AMOUNT($) | VALUE($) |
Corporate Bonds — continued | ||
Electric Utilities — continued | ||
5.25%, 7/1/2030 | 808,000 | 769,673 |
Terraform Global Operating LP 6.13%, 3/1/2026 (a) | 28,000 | 27,599 |
Vistra Operations Co. LLC | ||
5.50%, 9/1/2026 (a) | 1,503,000 | 1,478,284 |
5.63%, 2/15/2027 (a) | 1,426,000 | 1,403,127 |
5.00%, 7/31/2027 (a) | 1,304,000 | 1,261,148 |
4.38%, 5/1/2029 (a) | 835,000 | 772,906 |
7.75%, 10/15/2031 (a) | 831,000 | 863,469 |
6.88%, 4/15/2032 (a) | 525,000 | 528,408 |
15,290,580 | ||
Electrical Equipment — 0.3% | ||
Sensata Technologies BV | ||
4.00%, 4/15/2029 (a) | 990,000 | 899,331 |
5.88%, 9/1/2030 (a) | 582,000 | 565,705 |
Vertiv Group Corp. 4.13%, 11/15/2028 (a) | 1,263,000 | 1,170,706 |
2,635,742 | ||
Electronic Equipment, Instruments & Components — 0.2% | ||
Coherent Corp. 5.00%, 12/15/2029 (a) | 628,000 | 585,599 |
Likewize Corp. 9.75%, 10/15/2025 (a) | 250,000 | 252,234 |
Sensata Technologies, Inc. | ||
4.38%, 2/15/2030 (a) | 601,000 | 548,221 |
3.75%, 2/15/2031 (a) | 841,000 | 725,603 |
TTM Technologies, Inc. 4.00%, 3/1/2029 (a) | 25,000 | 22,646 |
2,134,303 | ||
Energy Equipment & Services — 1.5% | ||
Archrock Partners LP | ||
6.88%, 4/1/2027 (a) | 551,000 | 553,170 |
6.25%, 4/1/2028 (a) | 163,000 | 161,105 |
Bristow Group, Inc. 6.88%, 3/1/2028 (a) | 439,000 | 429,377 |
Diamond Foreign Asset Co. 8.50%, 10/1/2030 (a) | 203,000 | 213,131 |
Enerflex Ltd. (Canada) 9.00%, 10/15/2027 (a) | 539,000 | 550,892 |
Global Marine, Inc. 7.00%, 6/1/2028 | 212,000 | 196,409 |
Helix Energy Solutions Group, Inc. 9.75%, 3/1/2029 (a) | 631,000 | 666,069 |
Kodiak Gas Services LLC 7.25%, 2/15/2029 (a) | 19,000 | 19,288 |
Nabors Industries Ltd. | ||
7.25%, 1/15/2026 (a) | 1,207,000 | 1,209,962 |
7.50%, 1/15/2028 (a) | 512,000 | 487,191 |
Nabors Industries, Inc. 7.38%, 5/15/2027 (a) | 634,000 | 632,580 |
Nine Energy Service, Inc. 13.00%, 2/1/2028 | 15,000 | 12,066 |
Noble Finance II LLC 8.00%, 4/15/2030 (a) | 370,000 | 381,674 |
Petrofac Ltd. (United Kingdom) 9.75%, 11/15/2026 (a) | 971,000 | 234,865 |
Precision Drilling Corp. (Canada) 6.88%, 1/15/2029 (a) | 203,000 | 201,203 |
Seadrill Finance Ltd. (Norway) 8.38%, 8/1/2030 (a) | 661,000 | 693,814 |
Transocean Poseidon Ltd. 6.88%, 2/1/2027 (a) | 881,550 | 879,237 |
Transocean Titan Financing Ltd. 8.38%, 2/1/2028 (a) | 360,000 | 373,348 |
JPMorgan BetaBuilders USD High Yield Corporate Bond ETF
SCHEDULE OF PORTFOLIO INVESTMENTS
AS OF May 31, 2024 (Unaudited) (continued)INVESTMENTS | PRINCIPAL AMOUNT($) | VALUE($) |
Corporate Bonds — continued | ||
Energy Equipment & Services — continued | ||
Transocean, Inc. | ||
8.00%, 2/1/2027 (a) | 1,171,000 | 1,175,713 |
8.75%, 2/15/2030 (a) | 909,000 | 948,296 |
7.50%, 4/15/2031 | 634,000 | 591,486 |
6.80%, 3/15/2038 | 1,171,000 | 974,271 |
USA Compression Partners LP 6.88%, 9/1/2027 | 1,196,000 | 1,196,066 |
Valaris Ltd. 8.38%, 4/30/2030 (a) | 1,554,000 | 1,606,215 |
Viridien (France) 8.75%, 4/1/2027 (a) | 523,000 | 500,899 |
Weatherford International Ltd. 8.63%, 4/30/2030 (a) | 394,000 | 407,379 |
Welltec International ApS (Denmark) 8.25%, 10/15/2026 (a) | 329,000 | 334,089 |
15,629,795 | ||
Entertainment — 0.9% | ||
Allen Media LLC 10.50%, 2/15/2028 (a) | 835,000 | 378,281 |
AMC Entertainment Holdings, Inc. | ||
10.00% (Cash), 6/15/2026 (a) (b) | 733,000 | 623,187 |
7.50%, 2/15/2029 (a) | 1,110,000 | 817,794 |
Banijay Entertainment SASU (France) 8.13%, 5/1/2029 (a) | 657,000 | 671,644 |
Lions Gate Capital Holdings LLC 5.50%, 4/15/2029 (a) | 279,000 | 188,541 |
Live Nation Entertainment, Inc. | ||
5.63%, 3/15/2026 (a) | 299,000 | 294,719 |
6.50%, 5/15/2027 (a) | 1,245,000 | 1,251,490 |
4.75%, 10/15/2027 (a) | 900,000 | 852,684 |
3.75%, 1/15/2028 (a) | 937,000 | 860,919 |
Odeon Finco plc (United Kingdom) 12.75%, 11/1/2027 (a) | 305,000 | 316,136 |
ROBLOX Corp. 3.88%, 5/1/2030 (a) | 1,252,000 | 1,090,830 |
WMG Acquisition Corp. | ||
3.75%, 12/1/2029 (a) | 606,000 | 536,897 |
3.88%, 7/15/2030 (a) | 1,104,000 | 975,827 |
3.00%, 2/15/2031 (a) | 280,000 | 236,969 |
9,095,918 | ||
Financial Services — 2.8% | ||
Armor Holdco, Inc. 8.50%, 11/15/2029 (a) | 216,000 | 205,669 |
Benteler International AG (Austria) 10.50%, 5/15/2028 (a) | 407,000 | 438,230 |
Block, Inc. 3.50%, 6/1/2031 | 2,024,000 | 1,733,664 |
Boost Newco Borrower LLC 7.50%, 1/15/2031 (a) | 1,388,000 | 1,438,609 |
Burford Capital Global Finance LLC 9.25%, 7/1/2031 (a) | 481,000 | 504,850 |
CPI CG, Inc. 8.63%, 3/15/2026 (a) | 429,000 | 430,997 |
Freedom Mortgage Corp. | ||
7.63%, 5/1/2026 (a) | 849,000 | 843,565 |
6.63%, 1/15/2027 (a) | 560,000 | 540,847 |
12.00%, 10/1/2028 (a) | 322,000 | 347,984 |
12.25%, 10/1/2030 (a) | 1,122,000 | 1,229,920 |
Jefferies Finance LLC 5.00%, 8/15/2028 (a) | 1,006,000 | 924,835 |
Jefferson Capital Holdings LLC 6.00%, 8/15/2026 (a) | 614,000 | 605,963 |
LD Holdings Group LLC | ||
6.50%, 11/1/2025 (a) | 555,000 | 534,279 |
6.13%, 4/1/2028 (a) | 902,000 | 627,510 |
JPMorgan BetaBuilders USD High Yield Corporate Bond ETF
SCHEDULE OF PORTFOLIO INVESTMENTS
AS OF May 31, 2024 (Unaudited) (continued)INVESTMENTS | PRINCIPAL AMOUNT($) | VALUE($) |
Corporate Bonds — continued | ||
Financial Services — continued | ||
Midcap Financial Issuer Trust | ||
6.50%, 5/1/2028 (a) | 1,159,000 | 1,080,329 |
5.63%, 1/15/2030 (a) | 366,000 | 312,704 |
Mobius Merger Sub, Inc. 9.00%, 6/1/2030 (a) | 903,000 | 916,545 |
MPH Acquisition Holdings LLC | ||
5.50%, 9/1/2028 (a) | 2,213,000 | 1,645,775 |
5.75%, 11/1/2028 (a) | 394,000 | 234,352 |
Nationstar Mortgage Holdings, Inc. | ||
5.00%, 2/1/2026 (a) | 1,108,000 | 1,087,118 |
6.00%, 1/15/2027 (a) | 770,000 | 759,467 |
5.50%, 8/15/2028 (a) | 939,000 | 896,157 |
5.13%, 12/15/2030 (a) | 828,000 | 751,419 |
NCR Atleos Corp. 9.50%, 4/1/2029 (a) | 1,265,000 | 1,364,755 |
Oxford Finance LLC 6.38%, 2/1/2027 (a) | 773,000 | 737,864 |
Paysafe Finance plc 4.00%, 6/15/2029 (a) | 734,000 | 667,553 |
PennyMac Financial Services, Inc. | ||
4.25%, 2/15/2029 (a) | 1,196,000 | 1,071,745 |
5.75%, 9/15/2031 (a) | 990,000 | 910,435 |
PHH Mortgage Corp. 7.88%, 3/15/2026 (a) | 781,000 | 760,582 |
Rocket Mortgage LLC | ||
2.88%, 10/15/2026 (a) | 270,000 | 251,179 |
3.88%, 3/1/2031 (a) | 2,397,000 | 2,071,888 |
4.00%, 10/15/2033 (a) | 657,000 | 545,476 |
Sabre GLBL, Inc. 8.63%, 6/1/2027 (a) | 571,000 | 525,681 |
Stena International SA (Sweden) 7.25%, 1/15/2031 (a) | 385,000 | 391,715 |
United Wholesale Mortgage LLC | ||
5.75%, 6/15/2027 (a) | 475,000 | 459,488 |
5.50%, 4/15/2029 (a) | 1,556,000 | 1,461,084 |
29,310,233 | ||
Food Products — 1.3% | ||
B&G Foods, Inc. 5.25%, 9/15/2027 | 945,000 | 867,276 |
Chobani LLC 7.63%, 7/1/2029 (a) | 1,004,000 | 1,022,789 |
Darling Ingredients, Inc. 5.25%, 4/15/2027 (a) | 1,245,000 | 1,211,471 |
Fiesta Purchaser, Inc. 7.88%, 3/1/2031 (a) | 407,000 | 418,185 |
H-Food Holdings LLC 8.50%, 6/1/2026 (a) | 256,000 | 21,798 |
Lamb Weston Holdings, Inc. | ||
4.88%, 5/15/2028 (a) | 627,000 | 605,749 |
4.13%, 1/31/2030 (a) | 850,000 | 764,454 |
4.38%, 1/31/2032 (a) | 275,000 | 242,863 |
Pilgrim's Pride Corp. | ||
4.25%, 4/15/2031 | 1,024,000 | 921,701 |
3.50%, 3/1/2032 | 946,000 | 794,328 |
6.25%, 7/1/2033 | 837,000 | 845,774 |
Post Holdings, Inc. | ||
5.63%, 1/15/2028 (a) | 1,265,000 | 1,235,981 |
5.50%, 12/15/2029 (a) | 1,824,000 | 1,737,344 |
4.50%, 9/15/2031 (a) | 1,886,000 | 1,669,366 |
JPMorgan BetaBuilders USD High Yield Corporate Bond ETF
SCHEDULE OF PORTFOLIO INVESTMENTS
AS OF May 31, 2024 (Unaudited) (continued)INVESTMENTS | PRINCIPAL AMOUNT($) | VALUE($) |
Corporate Bonds — continued | ||
Food Products — continued | ||
Sigma Holdco BV (Netherlands) 7.88%, 5/15/2026 (a) | 200,000 | 194,500 |
Simmons Foods, Inc. 4.63%, 3/1/2029 (a) | 1,041,000 | 907,422 |
TreeHouse Foods, Inc. 4.00%, 9/1/2028 | 407,000 | 362,433 |
13,823,434 | ||
Gas Utilities — 0.4% | ||
AmeriGas Partners LP | ||
5.50%, 5/20/2025 | 881,000 | 866,855 |
5.88%, 8/20/2026 | 1,238,000 | 1,197,056 |
5.75%, 5/20/2027 | 73,000 | 69,598 |
Ferrellgas LP | ||
5.38%, 4/1/2026 (a) | 599,000 | 584,918 |
5.88%, 4/1/2029 (a) | 85,000 | 80,251 |
Suburban Propane Partners LP | ||
5.88%, 3/1/2027 | 191,000 | 188,077 |
5.00%, 6/1/2031 (a) | 1,295,000 | 1,162,162 |
4,148,917 | ||
Ground Transportation — 1.1% | ||
AerCap Global Aviation Trust (Ireland) (3-MONTH CME TERM SOFR + 4.56%), 6.50%, 6/15/2045 (a) (c) | 750,000 | 748,568 |
Albion Financing 1 SARL (Luxembourg) 6.13%, 10/15/2026 (a) | 1,069,000 | 1,051,861 |
Avis Budget Car Rental LLC | ||
5.75%, 7/15/2027 (a) | 480,000 | 460,782 |
4.75%, 4/1/2028 (a) | 205,000 | 186,356 |
5.38%, 3/1/2029 (a) | 793,000 | 723,588 |
8.00%, 2/15/2031 (a) | 472,000 | 465,667 |
Carriage Purchaser, Inc. 7.88%, 10/15/2029 (a) | 359,000 | 327,992 |
Genesee & Wyoming, Inc. 6.25%, 4/15/2032 (a) | 10,000 | 9,884 |
GN Bondco LLC 9.50%, 10/15/2031 (a) | 1,436,000 | 1,308,250 |
Hertz Corp. (The) | ||
4.63%, 12/1/2026 (a) | 524,000 | 406,841 |
5.00%, 12/1/2029 (a) | 1,308,000 | 863,803 |
NESCO Holdings II, Inc. 5.50%, 4/15/2029 (a) | 907,000 | 831,579 |
PECF USS Intermediate Holding III Corp. 8.00%, 11/15/2029 (a) | 711,000 | 307,508 |
Uber Technologies, Inc. | ||
7.50%, 9/15/2027 (a) | 997,000 | 1,015,444 |
4.50%, 8/15/2029 (a) | 762,000 | 718,359 |
Watco Cos. LLC 6.50%, 6/15/2027 (a) | 585,000 | 577,613 |
XPO CNW, Inc. 6.70%, 5/1/2034 | 425,000 | 449,488 |
XPO, Inc. 7.13%, 2/1/2032 (a) | 718,000 | 731,145 |
11,184,728 | ||
Health Care Equipment & Supplies — 1.0% | ||
Avantor Funding, Inc. 4.63%, 7/15/2028 (a) | 2,007,000 | 1,888,617 |
Bausch + Lomb Corp. 8.38%, 10/1/2028 (a) | 1,587,000 | 1,614,772 |
Embecta Corp. 5.00%, 2/15/2030 (a) | 937,000 | 774,899 |
Hologic, Inc. 3.25%, 2/15/2029 (a) | 1,329,000 | 1,186,580 |
Medline Borrower LP | ||
3.88%, 4/1/2029 (a) | 3,377,000 | 3,073,667 |
JPMorgan BetaBuilders USD High Yield Corporate Bond ETF
SCHEDULE OF PORTFOLIO INVESTMENTS
AS OF May 31, 2024 (Unaudited) (continued)INVESTMENTS | PRINCIPAL AMOUNT($) | VALUE($) |
Corporate Bonds — continued | ||
Health Care Equipment & Supplies — continued | ||
6.25%, 4/1/2029 (a) | 163,000 | 163,033 |
5.25%, 10/1/2029 (a) | 968,000 | 912,511 |
Neogen Food Safety Corp. 8.63%, 7/20/2030 (a) | 289,000 | 308,771 |
Teleflex, Inc. | ||
4.63%, 11/15/2027 | 416,000 | 398,288 |
4.25%, 6/1/2028 (a) | 583,000 | 544,760 |
10,865,898 | ||
Health Care Providers & Services — 3.9% | ||
Acadia Healthcare Co., Inc. | ||
5.50%, 7/1/2028 (a) | 1,117,000 | 1,086,148 |
5.00%, 4/15/2029 (a) | 132,000 | 124,435 |
AdaptHealth LLC 5.13%, 3/1/2030 (a) | 907,000 | 792,227 |
AHP Health Partners, Inc. 5.75%, 7/15/2029 (a) | 615,000 | 567,141 |
Community Health Systems, Inc. | ||
8.00%, 3/15/2026 (a) | 1,483,000 | 1,485,647 |
5.63%, 3/15/2027 (a) | 1,470,000 | 1,392,312 |
8.00%, 12/15/2027 (a) | 284,000 | 284,108 |
6.00%, 1/15/2029 (a) | 1,825,000 | 1,634,170 |
6.88%, 4/15/2029 (a) | 832,000 | 651,063 |
6.13%, 4/1/2030 (a) | 759,000 | 541,228 |
5.25%, 5/15/2030 (a) | 729,000 | 605,144 |
4.75%, 2/15/2031 (a) | 1,273,000 | 1,005,135 |
10.88%, 1/15/2032 (a) | 789,000 | 815,230 |
DaVita, Inc. | ||
4.63%, 6/1/2030 (a) | 2,035,000 | 1,823,121 |
3.75%, 2/15/2031 (a) | 1,096,000 | 919,766 |
Encompass Health Corp. | ||
4.50%, 2/1/2028 | 798,000 | 753,862 |
4.75%, 2/1/2030 | 1,461,000 | 1,352,223 |
4.63%, 4/1/2031 | 418,000 | 377,811 |
Global Medical Response, Inc. 10.00% (Cash), 10/31/2028 (a) (b) | 1,103,029 | 1,072,696 |
HealthEquity, Inc. 4.50%, 10/1/2029 (a) | 100,000 | 91,604 |
Heartland Dental LLC 10.50%, 4/30/2028 (a) | 133,000 | 141,519 |
Kedrion SpA (Italy) 6.50%, 9/1/2029 (a) | 683,000 | 621,701 |
Legacy LifePoint Health LLC 4.38%, 2/15/2027 (a) | 609,000 | 575,137 |
LifePoint Health, Inc. 5.38%, 1/15/2029 (a) | 830,000 | 700,595 |
ModivCare Escrow Issuer, Inc. 5.00%, 10/1/2029 (a) | 274,000 | 194,584 |
ModivCare, Inc. 5.88%, 11/15/2025 (a) | 1,143,000 | 1,136,547 |
Molina Healthcare, Inc. | ||
4.38%, 6/15/2028 (a) | 976,000 | 908,103 |
3.88%, 11/15/2030 (a) | 207,000 | 180,504 |
3.88%, 5/15/2032 (a) | 1,372,000 | 1,160,928 |
Option Care Health, Inc. 4.38%, 10/31/2029 (a) | 386,000 | 351,425 |
Owens & Minor, Inc. | ||
4.50%, 3/31/2029 (a) | 148,000 | 130,611 |
6.63%, 4/1/2030 (a) | 449,000 | 426,895 |
Prime Healthcare Services, Inc. 7.25%, 11/1/2025 (a) | 1,062,000 | 1,063,933 |
JPMorgan BetaBuilders USD High Yield Corporate Bond ETF
SCHEDULE OF PORTFOLIO INVESTMENTS
AS OF May 31, 2024 (Unaudited) (continued)INVESTMENTS | PRINCIPAL AMOUNT($) | VALUE($) |
Corporate Bonds — continued | ||
Health Care Providers & Services — continued | ||
Radiology Partners, Inc. | ||
7.78% (Blend (Cash 4.28% + PIK 3.50%)), 1/31/2029 (a) (b) | 574,000 | 528,797 |
9.78% (PIK), 2/15/2030 (a) (b) | 550,000 | 415,982 |
RegionalCare Hospital Partners Holdings, Inc. 9.75%, 12/1/2026 (a) | 1,924,000 | 1,926,869 |
Select Medical Corp. 6.25%, 8/15/2026 (a) | 1,616,000 | 1,616,538 |
Star Parent, Inc. 9.00%, 10/1/2030 (a) | 757,000 | 789,356 |
Tenet Healthcare Corp. | ||
6.25%, 2/1/2027 | 1,346,000 | 1,344,913 |
5.13%, 11/1/2027 | 1,100,000 | 1,071,836 |
4.63%, 6/15/2028 | 1,147,000 | 1,090,053 |
6.13%, 10/1/2028 | 2,387,000 | 2,364,559 |
4.25%, 6/1/2029 | 584,000 | 540,257 |
4.38%, 1/15/2030 | 802,000 | 737,518 |
6.75%, 5/15/2031 (a) | 2,047,000 | 2,065,746 |
6.88%, 11/15/2031 | 1,363,000 | 1,424,704 |
Toledo Hospital (The) 6.02%, 11/15/2048 | 43,000 | 35,320 |
40,920,001 | ||
Health Care REITs — 0.4% | ||
Diversified Healthcare Trust | ||
9.75%, 6/15/2025 | 842,000 | 842,537 |
4.75%, 2/15/2028 | 1,488,000 | 1,224,352 |
MPT Operating Partnership LP | ||
5.00%, 10/15/2027 | 731,000 | 599,135 |
4.63%, 8/1/2029 | 720,000 | 524,164 |
3.50%, 3/15/2031 | 1,121,000 | 727,543 |
3,917,731 | ||
Health Care Technology — 0.1% | ||
IQVIA, Inc. 5.00%, 10/15/2026 (a) | 879,000 | 859,392 |
Hotel & Resort REITs — 1.0% | ||
Park Intermediate Holdings LLC | ||
5.88%, 10/1/2028 (a) | 1,044,000 | 1,023,120 |
4.88%, 5/15/2029 (a) | 1,339,000 | 1,245,186 |
RHP Hotel Properties LP 4.75%, 10/15/2027 | 1,093,000 | 1,048,111 |
RLJ Lodging Trust LP | ||
3.75%, 7/1/2026 (a) | 424,000 | 400,525 |
4.00%, 9/15/2029 (a) | 1,022,000 | 893,930 |
Service Properties Trust | ||
4.50%, 3/15/2025 | 516,000 | 510,471 |
7.50%, 9/15/2025 | 1,299,000 | 1,320,835 |
5.25%, 2/15/2026 | 530,000 | 509,704 |
4.75%, 10/1/2026 | 303,000 | 283,303 |
5.50%, 12/15/2027 | 345,000 | 316,916 |
3.95%, 1/15/2028 | 54,000 | 44,821 |
4.95%, 10/1/2029 | 350,000 | 271,547 |
4.38%, 2/15/2030 | 342,000 | 247,986 |
8.63%, 11/15/2031 (a) | 927,000 | 970,525 |
JPMorgan BetaBuilders USD High Yield Corporate Bond ETF
SCHEDULE OF PORTFOLIO INVESTMENTS
AS OF May 31, 2024 (Unaudited) (continued)INVESTMENTS | PRINCIPAL AMOUNT($) | VALUE($) |
Corporate Bonds — continued | ||
Hotel & Resort REITs — continued | ||
XHR LP | ||
6.38%, 8/15/2025 (a) | 274,000 | 273,700 |
4.88%, 6/1/2029 (a) | 1,069,000 | 984,873 |
10,345,553 | ||
Hotels, Restaurants & Leisure — 8.2% | ||
1011778 BC ULC (Canada) | ||
3.88%, 1/15/2028 (a) | 1,192,000 | 1,107,364 |
4.38%, 1/15/2028 (a) | 1,429,000 | 1,338,522 |
4.00%, 10/15/2030 (a) | 3,055,000 | 2,658,287 |
Acushnet Co. 7.38%, 10/15/2028 (a) | 20,000 | 20,568 |
Affinity Interactive 6.88%, 12/15/2027 (a) | 592,000 | 526,830 |
Bloomin' Brands, Inc. 5.13%, 4/15/2029 (a) | 343,000 | 314,429 |
Boyd Gaming Corp. | ||
4.75%, 12/1/2027 | 887,000 | 844,291 |
4.75%, 6/15/2031 (a) | 311,000 | 279,038 |
Boyne USA, Inc. 4.75%, 5/15/2029 (a) | 716,000 | 661,261 |
Brinker International, Inc. 8.25%, 7/15/2030 (a) | 704,000 | 734,560 |
Caesars Entertainment, Inc. | ||
8.13%, 7/1/2027 (a) | 1,239,000 | 1,263,150 |
4.63%, 10/15/2029 (a) | 1,592,000 | 1,438,238 |
7.00%, 2/15/2030 (a) | 2,690,000 | 2,719,055 |
6.50%, 2/15/2032 (a) | 90,000 | 88,997 |
Carnival Corp. | ||
7.63%, 3/1/2026 (a) | 1,601,000 | 1,609,681 |
5.75%, 3/1/2027 (a) | 2,394,000 | 2,349,909 |
4.00%, 8/1/2028 (a) | 3,025,000 | 2,778,674 |
6.00%, 5/1/2029 (a) | 315,000 | 307,865 |
7.00%, 8/15/2029 (a) | 970,000 | 998,237 |
10.50%, 6/1/2030 (a) | 1,305,000 | 1,418,513 |
Carnival Holdings Bermuda Ltd. 10.38%, 5/1/2028 (a) | 2,050,000 | 2,219,410 |
CEC Entertainment LLC 6.75%, 5/1/2026 (a) | 861,000 | 848,346 |
Cedar Fair LP | ||
5.38%, 4/15/2027 | 15,000 | 14,729 |
5.25%, 7/15/2029 | 668,000 | 629,266 |
Churchill Downs, Inc. | ||
5.50%, 4/1/2027 (a) | 1,051,000 | 1,029,149 |
5.75%, 4/1/2030 (a) | 1,631,000 | 1,564,411 |
Empire Resorts, Inc. 7.75%, 11/1/2026 (a) | 470,000 | 439,437 |
Everi Holdings, Inc. 5.00%, 7/15/2029 (a) | 465,000 | 451,436 |
Fertitta Entertainment LLC | ||
4.63%, 1/15/2029 (a) | 997,000 | 896,854 |
6.75%, 1/15/2030 (a) | 998,000 | 882,124 |
Full House Resorts, Inc. 8.25%, 2/15/2028 (a) | 623,000 | 588,434 |
Hilton Domestic Operating Co., Inc. | ||
5.75%, 5/1/2028 (a) | 577,000 | 571,719 |
3.75%, 5/1/2029 (a) | 914,000 | 828,228 |
4.88%, 1/15/2030 | 1,434,000 | 1,355,803 |
JPMorgan BetaBuilders USD High Yield Corporate Bond ETF
SCHEDULE OF PORTFOLIO INVESTMENTS
AS OF May 31, 2024 (Unaudited) (continued)INVESTMENTS | PRINCIPAL AMOUNT($) | VALUE($) |
Corporate Bonds — continued | ||
Hotels, Restaurants & Leisure — continued | ||
4.00%, 5/1/2031 (a) | 744,000 | 657,486 |
3.63%, 2/15/2032 (a) | 2,048,000 | 1,736,898 |
Hilton Grand Vacations Borrower Escrow LLC 5.00%, 6/1/2029 (a) | 653,000 | 603,062 |
Hilton Worldwide Finance LLC 4.88%, 4/1/2027 | 705,000 | 686,476 |
International Game Technology plc | ||
4.13%, 4/15/2026 (a) | 1,117,000 | 1,082,010 |
6.25%, 1/15/2027 (a) | 393,000 | 393,656 |
IRB Holding Corp. 7.00%, 6/15/2025 (a) | 524,000 | 524,140 |
Jacobs Entertainment, Inc. 6.75%, 2/15/2029 (a) | 340,000 | 317,050 |
KFC Holding Co. 4.75%, 6/1/2027 (a) | 1,020,000 | 989,485 |
Life Time, Inc. | ||
5.75%, 1/15/2026 (a) | 1,347,000 | 1,339,245 |
8.00%, 4/15/2026 (a) | 344,000 | 346,319 |
Light & Wonder International, Inc. | ||
7.00%, 5/15/2028 (a) | 839,000 | 843,836 |
7.25%, 11/15/2029 (a) | 630,000 | 639,777 |
Lindblad Expeditions Holdings, Inc. 9.00%, 5/15/2028 (a) | 116,000 | 118,406 |
Lindblad Expeditions LLC 6.75%, 2/15/2027 (a) | 857,000 | 848,058 |
MajorDrive Holdings IV LLC 6.38%, 6/1/2029 (a) | 661,000 | 622,267 |
Marriott Ownership Resorts, Inc. 4.75%, 1/15/2028 | 545,000 | 509,291 |
Merlin Entertainments Ltd. (United Kingdom) 5.75%, 6/15/2026 (a) | 801,000 | 789,658 |
MGM Resorts International | ||
5.75%, 6/15/2025 | 841,000 | 838,787 |
4.63%, 9/1/2026 | 1,471,000 | 1,426,993 |
5.50%, 4/15/2027 | 410,000 | 403,231 |
Midwest Gaming Borrower LLC 4.88%, 5/1/2029 (a) | 127,000 | 117,422 |
Mohegan Tribal Gaming Authority 8.00%, 2/1/2026 (a) | 1,027,000 | 964,949 |
NCL Corp. Ltd. | ||
5.88%, 3/15/2026 (a) | 1,681,000 | 1,652,812 |
5.88%, 2/15/2027 (a) | 1,908,000 | 1,880,578 |
8.38%, 2/1/2028 (a) | 924,000 | 964,392 |
7.75%, 2/15/2029 (a) | 262,000 | 269,234 |
Ontario Gaming GTA LP (Canada) 8.00%, 8/1/2030 (a) | 709,000 | 726,849 |
Penn Entertainment, Inc. 4.13%, 7/1/2029 (a) | 777,000 | 648,445 |
Premier Entertainment Sub LLC | ||
5.63%, 9/1/2029 (a) | 1,228,000 | 891,721 |
5.88%, 9/1/2031 (a) | 314,000 | 219,108 |
Raptor Acquisition Corp. 4.88%, 11/1/2026 (a) | 91,000 | 87,357 |
Resorts World Las Vegas LLC 4.63%, 4/16/2029 (a) | 1,200,000 | 1,070,610 |
Royal Caribbean Cruises Ltd. | ||
4.25%, 7/1/2026 (a) | 610,000 | 588,020 |
5.50%, 8/31/2026 (a) | 1,748,000 | 1,722,256 |
5.38%, 7/15/2027 (a) | 1,263,000 | 1,237,466 |
7.50%, 10/15/2027 | 806,000 | 845,509 |
3.70%, 3/15/2028 | 944,000 | 877,092 |
9.25%, 1/15/2029 (a) | 267,000 | 284,404 |
7.25%, 1/15/2030 (a) | 1,265,000 | 1,306,753 |
Scientific Games Holdings LP 6.63%, 3/1/2030 (a) | 505,000 | 478,364 |
JPMorgan BetaBuilders USD High Yield Corporate Bond ETF
SCHEDULE OF PORTFOLIO INVESTMENTS
AS OF May 31, 2024 (Unaudited) (continued)INVESTMENTS | PRINCIPAL AMOUNT($) | VALUE($) |
Corporate Bonds — continued | ||
Hotels, Restaurants & Leisure — continued | ||
SeaWorld Parks & Entertainment, Inc. 5.25%, 8/15/2029 (a) | 694,000 | 648,962 |
Six Flags Entertainment Corp. | ||
5.50%, 4/15/2027 (a) | 126,000 | 123,542 |
7.25%, 5/15/2031 (a) | 777,000 | 777,499 |
Sizzling Platter LLC 8.50%, 11/28/2025 (a) | 678,000 | 683,407 |
Speedway Motorsports LLC 4.88%, 11/1/2027 (a) | 60,000 | 56,770 |
Station Casinos LLC | ||
4.50%, 2/15/2028 (a) | 1,564,000 | 1,456,374 |
4.63%, 12/1/2031 (a) | 396,000 | 346,792 |
TKC Holdings, Inc. | ||
6.88%, 5/15/2028 (a) | 410,000 | 400,495 |
10.50%, 5/15/2029 (a) | 894,000 | 880,986 |
Travel + Leisure Co. | ||
6.60%, 10/1/2025 (f) | 193,000 | 194,588 |
6.63%, 7/31/2026 (a) | 547,000 | 549,236 |
6.00%, 4/1/2027 (f) | 677,000 | 674,721 |
4.63%, 3/1/2030 (a) | 939,000 | 852,178 |
Viking Cruises Ltd. | ||
5.88%, 9/15/2027 (a) | 680,000 | 663,946 |
9.13%, 7/15/2031 (a) | 34,000 | 36,627 |
Viking Ocean Cruises Ship VII Ltd. 5.63%, 2/15/2029 (a) | 822,000 | 788,315 |
VOC Escrow Ltd. 5.00%, 2/15/2028 (a) | 1,531,000 | 1,470,564 |
Wyndham Hotels & Resorts, Inc. 4.38%, 8/15/2028 (a) | 612,000 | 567,731 |
Wynn Las Vegas LLC 5.25%, 5/15/2027 (a) | 1,244,000 | 1,210,848 |
Wynn Resorts Finance LLC | ||
5.13%, 10/1/2029 (a) | 875,000 | 822,888 |
7.13%, 2/15/2031 (a) | 101,000 | 103,705 |
Yum! Brands, Inc. | ||
4.75%, 1/15/2030 (a) | 1,715,000 | 1,616,866 |
4.63%, 1/31/2032 | 1,098,000 | 1,000,139 |
5.38%, 4/1/2032 | 702,000 | 668,586 |
6.88%, 11/15/2037 | 204,000 | 220,165 |
85,142,217 | ||
Household Durables — 1.7% | ||
Ashton Woods USA LLC | ||
6.63%, 1/15/2028 (a) | 176,000 | 173,904 |
4.63%, 4/1/2030 (a) | 473,000 | 420,474 |
Beazer Homes USA, Inc. | ||
5.88%, 10/15/2027 | 591,000 | 579,439 |
7.25%, 10/15/2029 | 718,000 | 716,494 |
Brookfield Residential Properties, Inc. (Canada) | ||
6.25%, 9/15/2027 (a) | 976,000 | 952,698 |
5.00%, 6/15/2029 (a) | 67,000 | 60,193 |
4.88%, 2/15/2030 (a) | 553,000 | 486,835 |
CD&R Smokey Buyer, Inc. 6.75%, 7/15/2025 (a) | 915,000 | 907,738 |
Century Communities, Inc. | ||
6.75%, 6/1/2027 | 437,000 | 438,968 |
JPMorgan BetaBuilders USD High Yield Corporate Bond ETF
SCHEDULE OF PORTFOLIO INVESTMENTS
AS OF May 31, 2024 (Unaudited) (continued)INVESTMENTS | PRINCIPAL AMOUNT($) | VALUE($) |
Corporate Bonds — continued | ||
Household Durables — continued | ||
3.88%, 8/15/2029 (a) | 1,067,000 | 947,030 |
Dream Finders Homes, Inc. 8.25%, 8/15/2028 (a) | 275,000 | 282,474 |
Installed Building Products, Inc. 5.75%, 2/1/2028 (a) | 270,000 | 261,578 |
KB Home | ||
6.88%, 6/15/2027 | 175,000 | 178,025 |
4.80%, 11/15/2029 | 502,000 | 469,333 |
7.25%, 7/15/2030 | 319,000 | 327,067 |
4.00%, 6/15/2031 | 1,007,000 | 889,692 |
LGI Homes, Inc. 8.75%, 12/15/2028 (a) | 325,000 | 337,443 |
M/I Homes, Inc. | ||
4.95%, 2/1/2028 | 961,000 | 913,766 |
3.95%, 2/15/2030 | 140,000 | 122,256 |
Mattamy Group Corp. (Canada) 5.25%, 12/15/2027 (a) | 221,000 | 213,778 |
Newell Brands, Inc. | ||
5.70%, 4/1/2026 (f) | 1,637,000 | 1,616,405 |
6.38%, 9/15/2027 | 1,446,000 | 1,419,559 |
6.63%, 9/15/2029 | 293,000 | 286,641 |
6.87%, 4/1/2036 (f) | 249,000 | 221,093 |
Shea Homes LP 4.75%, 2/15/2028 | 427,000 | 403,291 |
SWF Escrow Issuer Corp. 6.50%, 10/1/2029 (a) | 710,000 | 402,720 |
Taylor Morrison Communities, Inc. | ||
5.88%, 6/15/2027 (a) | 886,000 | 881,789 |
5.13%, 8/1/2030 (a) | 343,000 | 325,428 |
Tempur Sealy International, Inc. | ||
4.00%, 4/15/2029 (a) | 1,037,000 | 929,904 |
3.88%, 10/15/2031 (a) | 328,000 | 275,544 |
TopBuild Corp. | ||
3.63%, 3/15/2029 (a) | 179,000 | 161,011 |
4.13%, 2/15/2032 (a) | 555,000 | 484,231 |
Tri Pointe Homes, Inc. 5.70%, 6/15/2028 | 521,000 | 509,367 |
17,596,168 | ||
Household Products — 0.4% | ||
Central Garden & Pet Co. | ||
5.13%, 2/1/2028 | 336,000 | 323,349 |
4.13%, 10/15/2030 | 715,000 | 633,166 |
4.13%, 4/30/2031 (a) | 359,000 | 313,982 |
Energizer Holdings, Inc. 4.75%, 6/15/2028 (a) | 1,355,000 | 1,249,997 |
Kronos Acquisition Holdings, Inc. (Canada) | ||
5.00%, 12/31/2026 (a) | 791,000 | 766,302 |
7.00%, 12/31/2027 (a) | 560,000 | 550,202 |
Spectrum Brands, Inc. | ||
5.00%, 10/1/2029 (a) | 495,000 | 494,736 |
3.88%, 3/15/2031 (a) | 40,000 | 36,820 |
4,368,554 | ||
Independent Power and Renewable Electricity Producers — 0.8% | ||
Calpine Corp. | ||
5.25%, 6/1/2026 (a) | 618,000 | 610,484 |
JPMorgan BetaBuilders USD High Yield Corporate Bond ETF
SCHEDULE OF PORTFOLIO INVESTMENTS
AS OF May 31, 2024 (Unaudited) (continued)INVESTMENTS | PRINCIPAL AMOUNT($) | VALUE($) |
Corporate Bonds — continued | ||
Independent Power and Renewable Electricity Producers — continued | ||
4.50%, 2/15/2028 (a) | 2,851,000 | 2,680,938 |
5.13%, 3/15/2028 (a) | 165,000 | 157,238 |
3.75%, 3/1/2031 (a) | 1,790,000 | 1,565,453 |
Clearway Energy Operating LLC | ||
4.75%, 3/15/2028 (a) | 462,000 | 439,217 |
3.75%, 2/15/2031 (a) | 863,000 | 753,070 |
3.75%, 1/15/2032 (a) | 669,000 | 569,351 |
Talen Energy Supply LLC 8.63%, 6/1/2030 (a) | 1,411,000 | 1,513,370 |
TransAlta Corp. (Canada) 6.50%, 3/15/2040 | 270,000 | 265,430 |
8,554,551 | ||
Insurance — 2.3% | ||
Acrisure LLC | ||
8.25%, 2/1/2029 (a) | 379,000 | 380,830 |
4.25%, 2/15/2029 (a) | 1,252,000 | 1,139,325 |
6.00%, 8/1/2029 (a) | 818,000 | 745,615 |
Alliant Holdings Intermediate LLC | ||
4.25%, 10/15/2027 (a) | 545,000 | 509,648 |
6.75%, 10/15/2027 (a) | 1,119,000 | 1,096,789 |
6.75%, 4/15/2028 (a) | 1,751,000 | 1,754,250 |
5.88%, 11/1/2029 (a) | 831,000 | 773,003 |
7.00%, 1/15/2031 (a) | 1,001,000 | 1,003,617 |
AmWINS Group, Inc. | ||
6.38%, 2/15/2029 (a) | 474,000 | 472,839 |
4.88%, 6/30/2029 (a) | 715,000 | 657,223 |
Ardonagh Finco Ltd. (United Kingdom) 7.75%, 2/15/2031 (a) | 393,000 | 390,266 |
Ardonagh Group Finance Ltd. (United Kingdom) 8.88%, 2/15/2032 (a) | 1,032,000 | 1,017,037 |
Assurant, Inc. (3-MONTH SOFR + 4.14%), 7.00%, 3/27/2048 (c) | 1,337,000 | 1,352,177 |
AssuredPartners, Inc. | ||
5.63%, 1/15/2029 (a) | 1,240,000 | 1,153,923 |
7.50%, 2/15/2032 (a) | 536,000 | 532,828 |
BroadStreet Partners, Inc. 5.88%, 4/15/2029 (a) | 781,000 | 715,125 |
Genworth Holdings, Inc. 6.50%, 6/15/2034 | 743,000 | 702,269 |
Global Atlantic Fin Co. (US Treasury Yield Curve Rate T Note Constant Maturity 5 Year + 3.80%), 4.70%, 10/15/2051 (a) (c) | 399,000 | 360,944 |
Howden UK Refinance plc (United Kingdom) 7.25%, 2/15/2031 (a) | 1,046,000 | 1,038,156 |
HUB International Ltd. | ||
5.63%, 12/1/2029 (a) | 1,307,000 | 1,212,626 |
7.25%, 6/15/2030 (a) | 3,366,000 | 3,419,953 |
7.38%, 1/31/2032 (a) | 893,000 | 896,170 |
Jones Deslauriers Insurance Management, Inc. (Canada) 10.50%, 12/15/2030 (a) | 159,000 | 171,117 |
Liberty Mutual Group, Inc. | ||
7.80%, 3/15/2037 (a) | 292,000 | 307,062 |
4.30%, 2/1/2061 (a) | 350,000 | 210,339 |
Ryan Specialty LLC 4.38%, 2/1/2030 (a) | 1,556,000 | 1,435,550 |
23,448,681 | ||
Interactive Media & Services — 0.1% | ||
Cars.com, Inc. 6.38%, 11/1/2028 (a) | 236,000 | 231,821 |
JPMorgan BetaBuilders USD High Yield Corporate Bond ETF
SCHEDULE OF PORTFOLIO INVESTMENTS
AS OF May 31, 2024 (Unaudited) (continued)INVESTMENTS | PRINCIPAL AMOUNT($) | VALUE($) |
Corporate Bonds — continued | ||
Interactive Media & Services — continued | ||
Ziff Davis, Inc. 4.63%, 10/15/2030 (a) | 847,000 | 755,826 |
ZipRecruiter, Inc. 5.00%, 1/15/2030 (a) | 123,000 | 106,661 |
1,094,308 | ||
IT Services — 0.8% | ||
Ahead DB Holdings LLC 6.63%, 5/1/2028 (a) | 1,080,000 | 1,001,700 |
Arches Buyer, Inc. | ||
4.25%, 6/1/2028 (a) | 38,000 | 33,166 |
6.13%, 12/1/2028 (a) | 1,347,000 | 1,085,085 |
Cablevision Lightpath LLC | ||
3.88%, 9/15/2027 (a) | 469,000 | 409,018 |
5.63%, 9/15/2028 (a) | 226,000 | 177,962 |
Cogent Communications Group, Inc. 7.00%, 6/15/2027 (a) | 598,000 | 595,198 |
Conduent Business Services LLC 6.00%, 11/1/2029 (a) | 926,000 | 860,814 |
ION Trading Technologies SARL (Luxembourg) 5.75%, 5/15/2028 (a) | 632,000 | 574,204 |
Newfold Digital Holdings Group, Inc. | ||
11.75%, 10/15/2028 (a) | 224,000 | 228,399 |
6.00%, 2/15/2029 (a) | 690,000 | 496,557 |
Northwest Fiber LLC 10.75%, 6/1/2028 (a) | 136,000 | 139,656 |
Presidio Holdings, Inc. | ||
4.88%, 2/1/2027 (a) | 783,000 | 782,267 |
8.25%, 2/1/2028 (a) | 219,000 | 223,129 |
Twilio, Inc. 3.88%, 3/15/2031 | 1,211,000 | 1,056,677 |
Unisys Corp. 6.88%, 11/1/2027 (a) | 982,000 | 854,340 |
8,518,172 | ||
Leisure Products — 0.1% | ||
Amer Sports Co. (Finland) 6.75%, 2/16/2031 (a) | 652,000 | 649,653 |
Vista Outdoor, Inc. 4.50%, 3/15/2029 (a) | 110,000 | 108,080 |
757,733 | ||
Life Sciences Tools & Services — 0.3% | ||
Charles River Laboratories International, Inc. | ||
4.25%, 5/1/2028 (a) | 733,000 | 687,579 |
3.75%, 3/15/2029 (a) | 578,000 | 522,831 |
4.00%, 3/15/2031 (a) | 544,000 | 478,175 |
Fortrea Holdings, Inc. 7.50%, 7/1/2030 (a) | 970,000 | 969,512 |
2,658,097 | ||
Machinery — 1.3% | ||
Amsted Industries, Inc. 4.63%, 5/15/2030 (a) | 635,000 | 576,817 |
Calderys Financing LLC (France) 11.25%, 6/1/2028 (a) | 515,000 | 549,128 |
Chart Industries, Inc. 7.50%, 1/1/2030 (a) | 1,812,000 | 1,866,195 |
Enpro, Inc. 5.75%, 10/15/2026 | 891,000 | 878,119 |
GrafTech Finance, Inc. 4.63%, 12/15/2028 (a) | 742,000 | 480,500 |
GrafTech Global Enterprises, Inc. 9.88%, 12/15/2028 (a) | 405,000 | 305,696 |
Hillenbrand, Inc. | ||
5.75%, 6/15/2025 | 871,000 | 867,119 |
5.00%, 9/15/2026 (f) | 594,000 | 579,429 |
Manitowoc Co., Inc. (The) 9.00%, 4/1/2026 (a) | 7,000 | 6,999 |
JPMorgan BetaBuilders USD High Yield Corporate Bond ETF
SCHEDULE OF PORTFOLIO INVESTMENTS
AS OF May 31, 2024 (Unaudited) (continued)INVESTMENTS | PRINCIPAL AMOUNT($) | VALUE($) |
Corporate Bonds — continued | ||
Machinery — continued | ||
Mueller Water Products, Inc. 4.00%, 6/15/2029 (a) | 287,000 | 261,833 |
OT Merger Corp. 7.88%, 10/15/2029 (a) | 580,000 | 302,603 |
Park-Ohio Industries, Inc. 6.63%, 4/15/2027 | 373,000 | 356,708 |
Roller Bearing Co. of America, Inc. 4.38%, 10/15/2029 (a) | 926,000 | 845,832 |
SPX FLOW, Inc. 8.75%, 4/1/2030 (a) | 547,000 | 562,701 |
Terex Corp. 5.00%, 5/15/2029 (a) | 1,037,000 | 975,300 |
Titan International, Inc. 7.00%, 4/30/2028 | 268,000 | 259,428 |
TK Elevator Holdco GmbH (Germany) 7.63%, 7/15/2028 (a) | 635,000 | 627,906 |
TK Elevator US Newco, Inc. (Germany) 5.25%, 7/15/2027 (a) | 2,141,000 | 2,065,498 |
Wabash National Corp. 4.50%, 10/15/2028 (a) | 885,000 | 798,709 |
Werner FinCo. LP 14.50% (Blend (Cash 8.75% + PIK 5.75%)), 10/15/2028 (a) (b) | 7,324 | 7,230 |
13,173,750 | ||
Marine Transportation — 0.0% ^ | ||
Danaos Corp. (Greece) 8.50%, 3/1/2028 (a) | 188,000 | 192,184 |
Media — 6.2% | ||
Advantage Sales & Marketing, Inc. 6.50%, 11/15/2028 (a) | 782,000 | 703,735 |
Altice Financing SA (Luxembourg) | ||
5.00%, 1/15/2028 (a) | 1,020,000 | 805,753 |
5.75%, 8/15/2029 (a) | 2,423,000 | 1,798,629 |
AMC Networks, Inc. 4.25%, 2/15/2029 | 1,002,000 | 706,879 |
Cable One, Inc. 4.00%, 11/15/2030 (a) | 402,000 | 299,952 |
Clear Channel Outdoor Holdings, Inc. | ||
5.13%, 8/15/2027 (a) | 1,892,000 | 1,787,372 |
7.50%, 6/1/2029 (a) | 919,000 | 754,504 |
CMG Media Corp. 8.88%, 12/15/2027 (a) | 242,000 | 121,103 |
CSC Holdings LLC | ||
5.38%, 2/1/2028 (a) | 2,294,000 | 1,611,071 |
7.50%, 4/1/2028 (a) | 931,000 | 519,740 |
11.25%, 5/15/2028 (a) | 922,000 | 743,943 |
6.50%, 2/1/2029 (a) | 1,367,000 | 924,943 |
5.75%, 1/15/2030 (a) | 1,098,000 | 474,453 |
4.13%, 12/1/2030 (a) | 2,644,000 | 1,630,445 |
4.63%, 12/1/2030 (a) | 1,826,000 | 767,749 |
3.38%, 2/15/2031 (a) | 1,284,000 | 751,929 |
4.50%, 11/15/2031 (a) | 1,255,000 | 767,659 |
Cumulus Media New Holdings, Inc. 8.00%, 7/1/2029 (a) | 496,000 | 245,520 |
Directv Financing LLC 5.88%, 8/15/2027 (a) | 2,347,000 | 2,203,862 |
DISH DBS Corp. | ||
7.75%, 7/1/2026 | 1,903,000 | 1,210,146 |
5.25%, 12/1/2026 (a) | 1,493,000 | 1,188,916 |
7.38%, 7/1/2028 | 1,801,000 | 799,416 |
5.75%, 12/1/2028 (a) | 1,252,000 | 872,265 |
5.13%, 6/1/2029 | 991,000 | 394,627 |
DISH Network Corp. 11.75%, 11/15/2027 (a) | 2,794,000 | 2,803,254 |
Gannett Holdings LLC 6.00%, 11/1/2026 (a) | 67,000 | 63,230 |
GCI LLC 4.75%, 10/15/2028 (a) | 387,000 | 351,350 |
JPMorgan BetaBuilders USD High Yield Corporate Bond ETF
SCHEDULE OF PORTFOLIO INVESTMENTS
AS OF May 31, 2024 (Unaudited) (continued)INVESTMENTS | PRINCIPAL AMOUNT($) | VALUE($) |
Corporate Bonds — continued | ||
Media — continued | ||
Gray Television, Inc. | ||
7.00%, 5/15/2027 (a) | 771,000 | 680,426 |
4.75%, 10/15/2030 (a) | 1,785,000 | 1,015,463 |
5.38%, 11/15/2031 (a) | 103,000 | 57,201 |
iHeartCommunications, Inc. | ||
6.38%, 5/1/2026 | 820,417 | 627,850 |
8.38%, 5/1/2027 | 1,482,864 | 535,712 |
5.25%, 8/15/2027 (a) | 203,000 | 112,139 |
4.75%, 1/15/2028 (a) | 112,000 | 59,203 |
Lamar Media Corp. | ||
4.88%, 1/15/2029 | 342,000 | 325,760 |
4.00%, 2/15/2030 | 587,000 | 527,951 |
3.63%, 1/15/2031 | 416,000 | 359,952 |
LCPR Senior Secured Financing DAC (Puerto Rico) 6.75%, 10/15/2027 (a) | 1,500,000 | 1,420,808 |
McGraw-Hill Education, Inc. | ||
5.75%, 8/1/2028 (a) | 1,038,000 | 968,488 |
8.00%, 8/1/2029 (a) | 603,000 | 562,165 |
News Corp. | ||
3.88%, 5/15/2029 (a) | 976,000 | 885,625 |
5.13%, 2/15/2032 (a) | 643,000 | 598,359 |
Nexstar Media, Inc. | ||
5.63%, 7/15/2027 (a) | 1,319,000 | 1,244,981 |
4.75%, 11/1/2028 (a) | 621,000 | 547,729 |
Outfront Media Capital LLC | ||
5.00%, 8/15/2027 (a) | 429,000 | 411,974 |
4.25%, 1/15/2029 (a) | 960,000 | 866,731 |
4.63%, 3/15/2030 (a) | 561,000 | 498,706 |
7.38%, 2/15/2031 (a) | 765,000 | 790,592 |
Paramount Global (US Treasury Yield Curve Rate T Note Constant Maturity 5 Year + 4.00%), 6.38%, 3/30/2062 (c) | 1,234,000 | 1,124,678 |
Radiate Holdco LLC | ||
4.50%, 9/15/2026 (a) | 598,000 | 444,033 |
6.50%, 9/15/2028 (a) | 1,261,000 | 579,477 |
Scripps Escrow, Inc. 5.88%, 7/15/2027 (a) | 508,000 | 329,883 |
Sinclair Television Group, Inc. | ||
5.50%, 3/1/2030 (a) | 737,000 | 486,870 |
4.13%, 12/1/2030 (a) | 561,000 | 380,453 |
Sirius XM Radio, Inc. | ||
3.13%, 9/1/2026 (a) | 1,096,000 | 1,025,554 |
5.00%, 8/1/2027 (a) | 1,400,000 | 1,329,548 |
4.00%, 7/15/2028 (a) | 1,249,000 | 1,118,058 |
5.50%, 7/1/2029 (a) | 1,086,000 | 1,008,639 |
4.13%, 7/1/2030 (a) | 1,377,000 | 1,154,132 |
3.88%, 9/1/2031 (a) | 946,000 | 755,418 |
Stagwell Global LLC 5.63%, 8/15/2029 (a) | 1,083,000 | 991,322 |
Summer BC Bidco B LLC 5.50%, 10/31/2026 (a) | 603,000 | 587,684 |
Sunrise FinCo. I BV (Netherlands) 4.88%, 7/15/2031 (a) | 711,000 | 634,639 |
Sunrise HoldCo IV BV (Netherlands) 5.50%, 1/15/2028 (a) | 593,000 | 570,026 |
JPMorgan BetaBuilders USD High Yield Corporate Bond ETF
SCHEDULE OF PORTFOLIO INVESTMENTS
AS OF May 31, 2024 (Unaudited) (continued)INVESTMENTS | PRINCIPAL AMOUNT($) | VALUE($) |
Corporate Bonds — continued | ||
Media — continued | ||
TEGNA, Inc. | ||
4.75%, 3/15/2026 (a) | 656,000 | 634,858 |
5.00%, 9/15/2029 | 2,003,000 | 1,760,213 |
Townsquare Media, Inc. 6.88%, 2/1/2026 (a) | 727,000 | 710,566 |
Univision Communications, Inc. | ||
6.63%, 6/1/2027 (a) | 627,000 | 605,745 |
8.00%, 8/15/2028 (a) | 661,000 | 651,029 |
4.50%, 5/1/2029 (a) | 1,861,000 | 1,589,580 |
7.38%, 6/30/2030 (a) | 1,243,000 | 1,177,906 |
Urban One, Inc. 7.38%, 2/1/2028 (a) | 915,000 | 729,329 |
Videotron Ltd. (Canada) | ||
5.13%, 4/15/2027 (a) | 1,181,000 | 1,154,643 |
3.63%, 6/15/2029 (a) | 358,000 | 323,443 |
Virgin Media Vendor Financing Notes IV DAC (United Kingdom) 5.00%, 7/15/2028 (a) | 1,313,000 | 1,184,084 |
VZ Secured Financing BV (Netherlands) 5.00%, 1/15/2032 (a) | 1,656,000 | 1,405,412 |
Ziggo Bond Co. BV (Netherlands) 5.13%, 2/28/2030 (a) | 1,553,000 | 1,326,413 |
Ziggo BV (Netherlands) 4.88%, 1/15/2030 (a) | 423,000 | 377,014 |
64,550,909 | ||
Metals & Mining — 2.3% | ||
Alcoa Nederland Holding BV 6.13%, 5/15/2028 (a) | 900,000 | 898,173 |
Arsenal AIC Parent LLC | ||
8.00%, 10/1/2030 (a) | 426,000 | 443,099 |
11.50%, 10/1/2031 (a) | 82,000 | 91,416 |
ATI, Inc. | ||
5.88%, 12/1/2027 | 20,000 | 19,639 |
5.13%, 10/1/2031 | 559,000 | 509,926 |
Baffinland Iron Mines Corp. (Canada) 8.75%, 7/15/2026 (a) | 622,000 | 565,573 |
Big River Steel LLC 6.63%, 1/31/2029 (a) | 619,000 | 616,630 |
Carpenter Technology Corp. 6.38%, 7/15/2028 | 454,000 | 453,272 |
Cleveland-Cliffs, Inc. | ||
5.88%, 6/1/2027 | 295,000 | 292,256 |
4.63%, 3/1/2029 (a) | 25,000 | 23,400 |
6.75%, 4/15/2030 (a) | 1,153,000 | 1,139,848 |
4.88%, 3/1/2031 (a) | 605,000 | 528,943 |
Coeur Mining, Inc. 5.13%, 2/15/2029 (a) | 253,000 | 235,883 |
Commercial Metals Co. | ||
4.13%, 1/15/2030 | 235,000 | 213,193 |
4.38%, 3/15/2032 | 109,000 | 97,530 |
Compass Minerals International, Inc. 6.75%, 12/1/2027 (a) | 701,000 | 669,950 |
Constellium SE 5.63%, 6/15/2028 (a) | 350,000 | 339,915 |
Eldorado Gold Corp. (Turkey) 6.25%, 9/1/2029 (a) | 924,000 | 876,645 |
FMG Resources August 2006 Pty. Ltd. (Australia) | ||
4.50%, 9/15/2027 (a) | 1,573,000 | 1,494,203 |
5.88%, 4/15/2030 (a) | 312,000 | 302,631 |
4.38%, 4/1/2031 (a) | 1,775,000 | 1,575,828 |
6.13%, 4/15/2032 (a) | 734,000 | 717,612 |
Hecla Mining Co. 7.25%, 2/15/2028 | 826,000 | 831,822 |
JPMorgan BetaBuilders USD High Yield Corporate Bond ETF
SCHEDULE OF PORTFOLIO INVESTMENTS
AS OF May 31, 2024 (Unaudited) (continued)INVESTMENTS | PRINCIPAL AMOUNT($) | VALUE($) |
Corporate Bonds — continued | ||
Metals & Mining — continued | ||
Hudbay Minerals, Inc. (Canada) | ||
4.50%, 4/1/2026 (a) | 323,000 | 314,828 |
6.13%, 4/1/2029 (a) | 554,000 | 546,387 |
IAMGOLD Corp. (Burkina Faso) 5.75%, 10/15/2028 (a) | 743,000 | 696,748 |
Infrabuild Australia Pty. Ltd. (Australia) 14.50%, 11/15/2028 (a) | 462,000 | 479,861 |
Kaiser Aluminum Corp. 4.63%, 3/1/2028 (a) | 1,345,000 | 1,251,256 |
Mineral Resources Ltd. (Australia) | ||
8.13%, 5/1/2027 (a) | 1,128,000 | 1,139,624 |
8.00%, 11/1/2027 (a) | 1,386,000 | 1,409,950 |
8.50%, 5/1/2030 (a) | 447,000 | 462,817 |
New Gold, Inc. (Canada) 7.50%, 7/15/2027 (a) | 339,000 | 339,938 |
Novelis Corp. | ||
4.75%, 1/30/2030 (a) | 1,256,000 | 1,160,437 |
3.88%, 8/15/2031 (a) | 1,115,000 | 954,629 |
SunCoke Energy, Inc. 4.88%, 6/30/2029 (a) | 620,000 | 557,146 |
United States Steel Corp. | ||
6.88%, 3/1/2029 | 1,512,000 | 1,512,008 |
6.65%, 6/1/2037 | 615,000 | 609,695 |
24,372,711 | ||
Mortgage Real Estate Investment Trusts (REITs) — 0.4% | ||
Apollo Commercial Real Estate Finance, Inc. 4.63%, 6/15/2029 (a) | 719,000 | 600,793 |
Ladder Capital Finance Holdings LLLP | ||
4.25%, 2/1/2027 (a) | 1,416,000 | 1,327,783 |
4.75%, 6/15/2029 (a) | 453,000 | 409,392 |
Rithm Capital Corp. 6.25%, 10/15/2025 (a) | 414,000 | 410,261 |
Starwood Property Trust, Inc. | ||
3.63%, 7/15/2026 (a) | 1,076,000 | 998,672 |
4.38%, 1/15/2027 (a) | 367,000 | 343,892 |
4,090,793 | ||
Multi-Utilities — 0.1% | ||
Algonquin Power & Utilities Corp. (Canada) (US Treasury Yield Curve Rate T Note Constant Maturity 5 Year + 3.25%), 4.75%, 1/18/2082 (c) | 1,361,000 | 1,225,460 |
Office REITs — 0.2% | ||
Brandywine Operating Partnership LP 3.95%, 11/15/2027 | 973,000 | 875,466 |
Hudson Pacific Properties LP 3.25%, 1/15/2030 | 807,000 | 563,862 |
Office Properties Income Trust | ||
2.65%, 6/15/2026 | 638,000 | 355,971 |
2.40%, 2/1/2027 | 399,000 | 178,600 |
9.00%, 3/31/2029 (a) | 21,000 | 19,281 |
3.45%, 10/15/2031 | 110,000 | 44,179 |
2,037,359 | ||
Oil, Gas & Consumable Fuels — 10.0% | ||
Aethon United BR LP 8.25%, 2/15/2026 (a) | 201,000 | 202,890 |
Antero Midstream Partners LP | ||
5.75%, 3/1/2027 (a) | 693,000 | 685,112 |
5.75%, 1/15/2028 (a) | 679,000 | 664,235 |
JPMorgan BetaBuilders USD High Yield Corporate Bond ETF
SCHEDULE OF PORTFOLIO INVESTMENTS
AS OF May 31, 2024 (Unaudited) (continued)INVESTMENTS | PRINCIPAL AMOUNT($) | VALUE($) |
Corporate Bonds — continued | ||
Oil, Gas & Consumable Fuels — continued | ||
Ascent Resources Utica Holdings LLC | ||
7.00%, 11/1/2026 (a) | 1,202,000 | 1,201,734 |
5.88%, 6/30/2029 (a) | 412,000 | 395,919 |
Baytex Energy Corp. (Canada) 8.50%, 4/30/2030 (a) | 696,000 | 725,804 |
Berry Petroleum Co. LLC 7.00%, 2/15/2026 (a) | 428,000 | 421,484 |
Blue Racer Midstream LLC 6.63%, 7/15/2026 (a) | 578,000 | 577,371 |
Buckeye Partners LP | ||
4.13%, 12/1/2027 | 754,000 | 699,248 |
4.50%, 3/1/2028 (a) | 739,000 | 690,645 |
5.85%, 11/15/2043 | 350,000 | 298,722 |
5.60%, 10/15/2044 | 243,000 | 189,084 |
California Resources Corp. 7.13%, 2/1/2026 (a) | 833,000 | 837,205 |
Calumet Specialty Products Partners LP | ||
11.00%, 4/15/2025 (a) | 9,000 | 9,003 |
8.13%, 1/15/2027 (a) | 487,000 | 459,691 |
9.75%, 7/15/2028 (a) | 663,000 | 629,609 |
Chesapeake Energy Corp. | ||
5.50%, 2/1/2026 (a) | 1,358,000 | 1,342,978 |
5.88%, 2/1/2029 (a) | 18,000 | 17,700 |
6.75%, 4/15/2029 (a) | 741,000 | 742,944 |
Chord Energy Corp. 6.38%, 6/1/2026 (a) | 293,000 | 292,530 |
Civitas Resources, Inc. | ||
5.00%, 10/15/2026 (a) | 544,000 | 529,619 |
8.38%, 7/1/2028 (a) | 338,000 | 354,727 |
8.63%, 11/1/2030 (a) | 1,469,000 | 1,571,363 |
8.75%, 7/1/2031 (a) | 1,551,000 | 1,655,869 |
CNX Midstream Partners LP 4.75%, 4/15/2030 (a) | 776,000 | 697,925 |
CNX Resources Corp. | ||
6.00%, 1/15/2029 (a) | 454,000 | 443,002 |
7.38%, 1/15/2031 (a) | 1,026,000 | 1,044,154 |
Comstock Resources, Inc. | ||
6.75%, 3/1/2029 (a) | 1,197,000 | 1,157,841 |
5.88%, 1/15/2030 (a) | 2,049,000 | 1,888,750 |
CQP Holdco LP 5.50%, 6/15/2031 (a) | 2,197,000 | 2,058,856 |
Crescent Energy Finance LLC 9.25%, 2/15/2028 (a) | 972,000 | 1,029,082 |
CrownRock LP | ||
5.63%, 10/15/2025 (a) | 260,000 | 259,345 |
5.00%, 5/1/2029 (a) | 289,000 | 285,026 |
CVR Energy, Inc. | ||
5.75%, 2/15/2028 (a) | 625,000 | 576,831 |
8.50%, 1/15/2029 (a) | 211,000 | 211,902 |
Delek Logistics Partners LP | ||
7.13%, 6/1/2028 (a) | 589,000 | 581,475 |
8.63%, 3/15/2029 (a) | 10,000 | 10,225 |
DT Midstream, Inc. | ||
4.13%, 6/15/2029 (a) | 843,000 | 770,883 |
4.38%, 6/15/2031 (a) | 2,106,000 | 1,891,689 |
Encino Acquisition Partners Holdings LLC 8.50%, 5/1/2028 (a) | 193,000 | 196,764 |
JPMorgan BetaBuilders USD High Yield Corporate Bond ETF
SCHEDULE OF PORTFOLIO INVESTMENTS
AS OF May 31, 2024 (Unaudited) (continued)INVESTMENTS | PRINCIPAL AMOUNT($) | VALUE($) |
Corporate Bonds — continued | ||
Oil, Gas & Consumable Fuels — continued | ||
Endeavor Energy Resources LP 5.75%, 1/30/2028 (a) | 327,000 | 330,159 |
Energean plc (Israel) 6.50%, 4/30/2027 (a) | 596,000 | 559,435 |
Energy Transfer LP 5.63%, 5/1/2027 (a) | 30,000 | 29,907 |
EQM Midstream Partners LP | ||
6.00%, 7/1/2025 (a) | 259,000 | 258,834 |
6.50%, 7/1/2027 (a) | 754,000 | 760,324 |
5.50%, 7/15/2028 | 892,000 | 874,659 |
4.50%, 1/15/2029 (a) | 1,870,000 | 1,742,778 |
4.75%, 1/15/2031 (a) | 1,015,000 | 932,064 |
6.50%, 7/15/2048 | 1,303,000 | 1,303,710 |
FTAI Infra Escrow Holdings LLC 10.50%, 6/1/2027 (a) | 433,000 | 460,274 |
Genesis Energy LP | ||
8.00%, 1/15/2027 | 1,409,000 | 1,435,940 |
8.25%, 1/15/2029 | 304,000 | 311,437 |
8.88%, 4/15/2030 | 623,000 | 651,011 |
Global Partners LP | ||
6.88%, 1/15/2029 | 761,000 | 749,281 |
8.25%, 1/15/2032 (a) | 849,000 | 873,478 |
Gulfport Energy Corp. 8.00%, 5/17/2026 | 331,999 | 336,550 |
Harbour Energy plc (United Kingdom) 5.50%, 10/15/2026 (a) | 230,000 | 225,116 |
Harvest Midstream I LP 7.50%, 9/1/2028 (a) | 395,000 | 400,829 |
Hess Infrastructure Partners LP 5.63%, 2/15/2026 (a) | 25,000 | 24,842 |
Hess Midstream Operations LP | ||
5.63%, 2/15/2026 (a) | 1,376,000 | 1,367,319 |
5.13%, 6/15/2028 (a) | 868,000 | 836,181 |
4.25%, 2/15/2030 (a) | 806,000 | 732,600 |
5.50%, 10/15/2030 (a) | 96,000 | 92,139 |
Hilcorp Energy I LP | ||
6.25%, 11/1/2028 (a) | 888,000 | 876,672 |
5.75%, 2/1/2029 (a) | 373,000 | 360,317 |
6.00%, 4/15/2030 (a) | 285,000 | 275,024 |
6.00%, 2/1/2031 (a) | 308,000 | 293,446 |
6.25%, 4/15/2032 (a) | 649,000 | 622,126 |
8.38%, 11/1/2033 (a) | 532,000 | 569,088 |
Howard Midstream Energy Partners LLC 6.75%, 1/15/2027 (a) | 234,000 | 234,197 |
Ithaca Energy North Sea plc (United Kingdom) 9.00%, 7/15/2026 (a) | 874,000 | 886,729 |
ITT Holdings LLC 6.50%, 8/1/2029 (a) | 645,000 | 590,373 |
Kinetik Holdings LP | ||
6.63%, 12/15/2028 (a) | 350,000 | 353,692 |
5.88%, 6/15/2030 (a) | 712,000 | 693,836 |
Martin Midstream Partners LP 11.50%, 2/15/2028 (a) | 674,000 | 723,106 |
Matador Resources Co. 6.88%, 4/15/2028 (a) | 1,434,000 | 1,447,074 |
MEG Energy Corp. (Canada) 5.88%, 2/1/2029 (a) | 992,000 | 962,770 |
Moss Creek Resources Holdings, Inc. | ||
7.50%, 1/15/2026 (a) | 309,000 | 308,104 |
10.50%, 5/15/2027 (a) | 668,000 | 682,989 |
Murphy Oil Corp. 5.87%, 12/1/2042 (f) | 778,000 | 684,593 |
JPMorgan BetaBuilders USD High Yield Corporate Bond ETF
SCHEDULE OF PORTFOLIO INVESTMENTS
AS OF May 31, 2024 (Unaudited) (continued)INVESTMENTS | PRINCIPAL AMOUNT($) | VALUE($) |
Corporate Bonds — continued | ||
Oil, Gas & Consumable Fuels — continued | ||
New Fortress Energy, Inc. | ||
6.75%, 9/15/2025 (a) | 1,093,000 | 1,080,070 |
6.50%, 9/30/2026 (a) | 1,282,000 | 1,206,677 |
8.75%, 3/15/2029 (a) | 147,000 | 141,099 |
NGL Energy Operating LLC | ||
8.13%, 2/15/2029 (a) | 250,000 | 254,487 |
8.38%, 2/15/2032 (a) | 1,123,000 | 1,143,718 |
Northern Oil & Gas, Inc. | ||
8.13%, 3/1/2028 (a) | 637,000 | 647,641 |
8.75%, 6/15/2031 (a) | 420,000 | 440,051 |
Northriver Midstream Finance LP (Canada) 5.63%, 2/15/2026 (a) | 429,000 | 423,196 |
NuStar Logistics LP | ||
5.75%, 10/1/2025 | 825,000 | 820,006 |
6.00%, 6/1/2026 | 428,000 | 423,907 |
Parkland Corp. (Canada) | ||
5.88%, 7/15/2027 (a) | 460,000 | 452,407 |
4.50%, 10/1/2029 (a) | 542,000 | 493,016 |
4.63%, 5/1/2030 (a) | 1,289,000 | 1,171,593 |
PBF Holding Co. LLC | ||
6.00%, 2/15/2028 | 1,333,000 | 1,302,534 |
7.88%, 9/15/2030 (a) | 323,000 | 331,795 |
Permian Resources Operating LLC | ||
8.00%, 4/15/2027 (a) | 597,000 | 612,649 |
5.88%, 7/1/2029 (a) | 1,010,000 | 989,779 |
7.00%, 1/15/2032 (a) | 1,404,000 | 1,434,340 |
Range Resources Corp. | ||
8.25%, 1/15/2029 | 941,000 | 977,688 |
4.75%, 2/15/2030 (a) | 407,000 | 377,494 |
Rockcliff Energy II LLC 5.50%, 10/15/2029 (a) | 1,115,000 | 1,035,656 |
Rockies Express Pipeline LLC | ||
4.95%, 7/15/2029 (a) | 1,518,000 | 1,406,037 |
4.80%, 5/15/2030 (a) | 788,000 | 719,798 |
6.88%, 4/15/2040 (a) | 741,000 | 704,184 |
Sitio Royalties Operating Partnership LP 7.88%, 11/1/2028 (a) | 83,000 | 86,114 |
SM Energy Co. | ||
5.63%, 6/1/2025 | 444,000 | 442,286 |
6.75%, 9/15/2026 | 873,000 | 871,657 |
6.50%, 7/15/2028 | 77,000 | 76,744 |
Southwestern Energy Co. | ||
5.70%, 1/23/2025 (f) | 457,000 | 454,964 |
8.38%, 9/15/2028 | 722,000 | 745,469 |
5.38%, 3/15/2030 | 881,000 | 847,439 |
4.75%, 2/1/2032 | 1,919,000 | 1,739,384 |
Summit Midstream Holdings LLC 9.50%, 10/15/2026 (a) (f) | 1,038,000 | 1,064,986 |
Sunnova Energy Corp. 5.88%, 9/1/2026 (a) | 746,000 | 529,436 |
Sunoco LP | ||
6.00%, 4/15/2027 | 707,000 | 700,802 |
5.88%, 3/15/2028 | 551,000 | 542,038 |
JPMorgan BetaBuilders USD High Yield Corporate Bond ETF
SCHEDULE OF PORTFOLIO INVESTMENTS
AS OF May 31, 2024 (Unaudited) (continued)INVESTMENTS | PRINCIPAL AMOUNT($) | VALUE($) |
Corporate Bonds — continued | ||
Oil, Gas & Consumable Fuels — continued | ||
4.50%, 5/15/2029 | 1,258,000 | 1,154,396 |
4.50%, 4/30/2030 | 1,939,000 | 1,750,149 |
Tallgrass Energy Partners LP | ||
6.00%, 3/1/2027 (a) | 1,488,000 | 1,456,966 |
5.50%, 1/15/2028 (a) | 964,000 | 919,478 |
6.00%, 12/31/2030 (a) | 191,000 | 180,006 |
6.00%, 9/1/2031 (a) | 611,000 | 572,273 |
Talos Production, Inc. | ||
9.00%, 2/1/2029 (a) | 902,000 | 946,268 |
9.38%, 2/1/2031 (a) | 130,000 | 137,585 |
Teine Energy Ltd. (Canada) 6.88%, 4/15/2029 (a) | 404,000 | 394,981 |
TerraForm Power Operating LLC | ||
5.00%, 1/31/2028 (a) | 593,000 | 565,973 |
4.75%, 1/15/2030 (a) | 548,000 | 497,826 |
Topaz Solar Farms LLC 5.75%, 9/30/2039 (a) | 143,677 | 141,023 |
Venture Global Calcasieu Pass LLC | ||
3.88%, 8/15/2029 (a) | 1,846,000 | 1,662,518 |
6.25%, 1/15/2030 (a) | 1,360,000 | 1,363,271 |
4.13%, 8/15/2031 (a) | 677,000 | 597,906 |
3.88%, 11/1/2033 (a) | 1,504,000 | 1,261,595 |
Venture Global LNG, Inc. | ||
8.13%, 6/1/2028 (a) | 2,115,000 | 2,161,519 |
9.50%, 2/1/2029 (a) | 1,990,000 | 2,158,197 |
8.38%, 6/1/2031 (a) | 1,978,000 | 2,039,712 |
9.88%, 2/1/2032 (a) | 965,000 | 1,034,765 |
Vermilion Energy, Inc. (Canada) 6.88%, 5/1/2030 (a) | 784,000 | 768,401 |
Viper Energy, Inc. 5.38%, 11/1/2027 (a) | 125,000 | 121,911 |
Vital Energy, Inc. | ||
7.75%, 7/31/2029 (a) | 705,000 | 714,788 |
7.88%, 4/15/2032 (a) | 115,000 | 116,766 |
W&T Offshore, Inc. 11.75%, 2/1/2026 (a) | 674,000 | 690,430 |
104,252,083 | ||
Paper & Forest Products — 0.2% | ||
Domtar Corp. 6.75%, 10/1/2028 (a) | 984,000 | 888,160 |
Glatfelter Corp. 4.75%, 11/15/2029 (a) | 194,000 | 157,563 |
Louisiana-Pacific Corp. 3.63%, 3/15/2029 (a) | 250,000 | 224,977 |
Mercer International, Inc. (Germany) | ||
5.50%, 1/15/2026 | 226,000 | 219,324 |
5.13%, 2/1/2029 | 1,154,000 | 1,010,475 |
2,500,499 | ||
Passenger Airlines — 1.5% | ||
Air Canada (Canada) 3.88%, 8/15/2026 (a) | 1,239,000 | 1,176,186 |
Allegiant Travel Co. 7.25%, 8/15/2027 (a) | 445,000 | 421,013 |
American Airlines Group, Inc. 3.75%, 3/1/2025 (a) | 1,158,000 | 1,132,029 |
American Airlines, Inc. | ||
5.50%, 4/20/2026 (a) | 1,178,683 | 1,167,545 |
7.25%, 2/15/2028 (a) | 164,000 | 163,763 |
JPMorgan BetaBuilders USD High Yield Corporate Bond ETF
SCHEDULE OF PORTFOLIO INVESTMENTS
AS OF May 31, 2024 (Unaudited) (continued)INVESTMENTS | PRINCIPAL AMOUNT($) | VALUE($) |
Corporate Bonds — continued | ||
Passenger Airlines — continued | ||
5.75%, 4/20/2029 (a) | 2,014,009 | 1,947,677 |
8.50%, 5/15/2029 (a) | 316,000 | 325,931 |
Delta Air Lines, Inc. | ||
7.38%, 1/15/2026 | 725,000 | 741,484 |
4.38%, 4/19/2028 | 1,251,000 | 1,203,159 |
3.75%, 10/28/2029 | 79,000 | 72,664 |
Hawaiian Brand Intellectual Property Ltd. 5.75%, 1/20/2026 (a) | 1,158,111 | 1,067,899 |
Spirit Loyalty Cayman Ltd. 8.00%, 9/20/2025 (a) | 1,508,000 | 1,132,365 |
United Airlines Holdings, Inc. 4.88%, 1/15/2025 | 509,000 | 505,297 |
United Airlines, Inc. | ||
4.38%, 4/15/2026 (a) | 1,639,000 | 1,579,276 |
4.63%, 4/15/2029 (a) | 2,211,000 | 2,043,630 |
VistaJet Malta Finance plc (Switzerland) | ||
7.88%, 5/1/2027 (a) | 477,000 | 431,851 |
9.50%, 6/1/2028 (a) | 635,000 | 577,526 |
6.38%, 2/1/2030 (a) | 201,000 | 161,398 |
15,850,693 | ||
Personal Care Products — 0.4% | ||
BellRing Brands, Inc. 7.00%, 3/15/2030 (a) | 685,000 | 699,862 |
Coty, Inc. | ||
4.75%, 1/15/2029 (a) | 1,382,000 | 1,300,878 |
6.63%, 7/15/2030 (a) | 478,000 | 481,396 |
Herbalife Nutrition Ltd. 7.88%, 9/1/2025 (a) | 136,000 | 132,381 |
Prestige Brands, Inc. | ||
5.13%, 1/15/2028 (a) | 771,000 | 742,840 |
3.75%, 4/1/2031 (a) | 516,000 | 442,445 |
3,799,802 | ||
Pharmaceuticals — 1.5% | ||
Bausch Health Americas, Inc. | ||
9.25%, 4/1/2026 (a) | 195,000 | 181,683 |
8.50%, 1/31/2027 (a) | 1,971,000 | 1,427,812 |
Bausch Health Cos., Inc. | ||
5.50%, 11/1/2025 (a) | 1,822,000 | 1,718,310 |
6.13%, 2/1/2027 (a) | 430,000 | 357,059 |
5.75%, 8/15/2027 (a) | 693,000 | 547,470 |
5.00%, 1/30/2028 (a) | 469,000 | 265,815 |
4.88%, 6/1/2028 (a) | 954,000 | 698,805 |
11.00%, 9/30/2028 (a) | 498,000 | 434,505 |
5.00%, 2/15/2029 (a) | 281,000 | 144,715 |
6.25%, 2/15/2029 (a) | 99,000 | 52,965 |
5.25%, 1/30/2030 (a) | 646,000 | 327,845 |
14.00%, 10/15/2030 (a) | 425,000 | 323,000 |
Catalent Pharma Solutions, Inc. | ||
5.00%, 7/15/2027 (a) | 611,000 | 598,057 |
3.13%, 2/15/2029 (a) | 275,000 | 262,334 |
Cheplapharm Arzneimittel GmbH (Germany) 5.50%, 1/15/2028 (a) | 802,000 | 747,865 |
Elanco Animal Health, Inc. 6.65%, 8/28/2028 (f) | 984,000 | 992,088 |
JPMorgan BetaBuilders USD High Yield Corporate Bond ETF
SCHEDULE OF PORTFOLIO INVESTMENTS
AS OF May 31, 2024 (Unaudited) (continued)INVESTMENTS | PRINCIPAL AMOUNT($) | VALUE($) |
Corporate Bonds — continued | ||
Pharmaceuticals — continued | ||
Endo Finance Holdings, Inc. 8.50%, 4/15/2031 (a) | 965,000 | 989,143 |
HLF Financing Sarl LLC 12.25%, 4/15/2029 (a) | 234,000 | 230,189 |
HLF Financing SARL LLC 4.88%, 6/1/2029 (a) | 1,255,000 | 816,094 |
Jazz Securities DAC 4.38%, 1/15/2029 (a) | 650,000 | 597,875 |
Organon & Co. | ||
4.13%, 4/30/2028 (a) | 1,195,000 | 1,103,801 |
5.13%, 4/30/2031 (a) | 1,578,000 | 1,394,490 |
P&L Development LLC 7.75%, 11/15/2025 (a) | 202,000 | 171,267 |
Perrigo Finance Unlimited Co. | ||
4.38%, 3/15/2026 | 1,003,000 | 968,235 |
4.65%, 6/15/2030 (f) | 550,000 | 505,515 |
4.90%, 12/15/2044 | 266,000 | 210,737 |
16,067,674 | ||
Professional Services — 0.3% | ||
AMN Healthcare, Inc. | ||
4.63%, 10/1/2027 (a) | 581,000 | 549,743 |
4.00%, 4/15/2029 (a) | 300,000 | 265,817 |
CoreLogic, Inc. 4.50%, 5/1/2028 (a) | 1,219,000 | 1,101,273 |
Dun & Bradstreet Corp. (The) 5.00%, 12/15/2029 (a) | 822,000 | 764,432 |
Science Applications International Corp. 4.88%, 4/1/2028 (a) | 722,000 | 685,379 |
TriNet Group, Inc. 3.50%, 3/1/2029 (a) | 208,000 | 183,599 |
VT Topco, Inc. 8.50%, 8/15/2030 (a) | 25,000 | 26,133 |
3,576,376 | ||
Real Estate Management & Development — 0.6% | ||
Anywhere Real Estate Group LLC | ||
5.75%, 1/15/2029 (a) | 1,106,000 | 758,913 |
7.00%, 4/15/2030 (a) | 505,000 | 438,417 |
Cushman & Wakefield US Borrower LLC | ||
6.75%, 5/15/2028 (a) | 708,000 | 704,023 |
8.88%, 9/1/2031 (a) | 181,000 | 190,283 |
Five Point Operating Co. LP 10.50%, 1/15/2028 (a) (f) | 401,132 | 412,763 |
Greystar Real Estate Partners LLC 7.75%, 9/1/2030 (a) | 677,000 | 712,608 |
Howard Hughes Corp. (The) | ||
5.38%, 8/1/2028 (a) | 1,297,000 | 1,228,094 |
4.13%, 2/1/2029 (a) | 452,000 | 401,584 |
Hunt Cos., Inc. 5.25%, 4/15/2029 (a) | 698,000 | 620,143 |
Kennedy-Wilson, Inc. | ||
4.75%, 3/1/2029 | 546,000 | 464,307 |
5.00%, 3/1/2031 | 1,002,000 | 797,143 |
6,728,278 | ||
Retail REITs — 0.2% | ||
Brookfield Property REIT, Inc. | ||
5.75%, 5/15/2026 (a) | 1,251,000 | 1,227,974 |
4.50%, 4/1/2027 (a) | 703,000 | 651,870 |
1,879,844 |
JPMorgan BetaBuilders USD High Yield Corporate Bond ETF
SCHEDULE OF PORTFOLIO INVESTMENTS
AS OF May 31, 2024 (Unaudited) (continued)INVESTMENTS | PRINCIPAL AMOUNT($) | VALUE($) |
Corporate Bonds — continued | ||
Semiconductors & Semiconductor Equipment — 0.5% | ||
Amkor Technology, Inc. 6.63%, 9/15/2027 (a) | 779,000 | 778,911 |
ams-OSRAM AG (Austria) 12.25%, 3/30/2029 (a) | 445,000 | 459,699 |
Entegris, Inc. | ||
4.75%, 4/15/2029 (a) | 2,005,000 | 1,902,351 |
5.95%, 6/15/2030 (a) | 682,000 | 671,322 |
ON Semiconductor Corp. 3.88%, 9/1/2028 (a) | 780,000 | 712,258 |
Synaptics, Inc. 4.00%, 6/15/2029 (a) | 773,000 | 692,274 |
5,216,815 | ||
Software — 3.1% | ||
AthenaHealth Group, Inc. 6.50%, 2/15/2030 (a) | 1,730,000 | 1,569,695 |
Boxer Parent Co., Inc. 7.13%, 10/2/2025 (a) | 359,000 | 359,929 |
Camelot Finance SA 4.50%, 11/1/2026 (a) | 39,000 | 37,627 |
Capstone Borrower, Inc. 8.00%, 6/15/2030 (a) | 547,000 | 555,643 |
Central Parent LLC 8.00%, 6/15/2029 (a) | 1,223,000 | 1,255,592 |
Clarivate Science Holdings Corp. | ||
3.88%, 7/1/2028 (a) | 1,838,000 | 1,683,217 |
4.88%, 7/1/2029 (a) | 365,000 | 332,851 |
Cloud Software Group, Inc. | ||
6.50%, 3/31/2029 (a) | 4,321,000 | 4,098,074 |
9.00%, 9/30/2029 (a) | 3,609,000 | 3,492,237 |
Consensus Cloud Solutions, Inc. | ||
6.00%, 10/15/2026 (a) | 228,000 | 221,175 |
6.50%, 10/15/2028 (a) | 924,000 | 850,509 |
Crowdstrike Holdings, Inc. 3.00%, 2/15/2029 | 652,000 | 578,942 |
Dye & Durham Ltd. (Canada) 8.63%, 4/15/2029 (a) | 452,000 | 457,644 |
Elastic NV 4.13%, 7/15/2029 (a) | 909,000 | 812,741 |
Fair Isaac Corp. | ||
5.25%, 5/15/2026 (a) | 317,000 | 313,260 |
4.00%, 6/15/2028 (a) | 1,334,000 | 1,234,902 |
Gen Digital, Inc. | ||
6.75%, 9/30/2027 (a) | 947,000 | 954,559 |
7.13%, 9/30/2030 (a) | 1,229,000 | 1,247,850 |
GoTo Group, Inc. 5.50%, 5/1/2028 (a) | 650,579 | 433,082 |
McAfee Corp. 7.38%, 2/15/2030 (a) | 972,000 | 899,749 |
MicroStrategy, Inc. 6.13%, 6/15/2028 (a) | 968,000 | 925,425 |
NCR Voyix Corp. | ||
5.00%, 10/1/2028 (a) | 674,000 | 630,699 |
5.25%, 10/1/2030 (a) | 981,000 | 889,911 |
Open Text Corp. (Canada) | ||
3.88%, 2/15/2028 (a) | 552,000 | 507,352 |
3.88%, 12/1/2029 (a) | 980,000 | 862,908 |
Open Text Holdings, Inc. (Canada) | ||
4.13%, 2/15/2030 (a) | 757,000 | 673,002 |
4.13%, 12/1/2031 (a) | 1,244,000 | 1,070,421 |
PTC, Inc. 4.00%, 2/15/2028 (a) | 840,000 | 783,024 |
RingCentral, Inc. 8.50%, 8/15/2030 (a) | 335,000 | 350,558 |
Rocket Software, Inc. 6.50%, 2/15/2029 (a) | 1,608,000 | 1,354,956 |
JPMorgan BetaBuilders USD High Yield Corporate Bond ETF
SCHEDULE OF PORTFOLIO INVESTMENTS
AS OF May 31, 2024 (Unaudited) (continued)INVESTMENTS | PRINCIPAL AMOUNT($) | VALUE($) |
Corporate Bonds — continued | ||
Software — continued | ||
SS&C Technologies, Inc. 5.50%, 9/30/2027 (a) | 1,117,000 | 1,093,944 |
Veritas US, Inc. 7.50%, 9/1/2025 (a) | 2,001,000 | 1,827,889 |
32,359,367 | ||
Specialized REITs — 0.8% | ||
Iron Mountain, Inc. | ||
4.88%, 9/15/2027 (a) | 1,349,000 | 1,301,193 |
5.00%, 7/15/2028 (a) | 1,479,000 | 1,403,428 |
4.88%, 9/15/2029 (a) | 1,373,000 | 1,272,217 |
5.25%, 7/15/2030 (a) | 668,000 | 624,579 |
4.50%, 2/15/2031 (a) | 496,000 | 441,431 |
5.63%, 7/15/2032 (a) | 669,000 | 624,300 |
SBA Communications Corp. | ||
3.88%, 2/15/2027 | 1,527,000 | 1,445,325 |
3.13%, 2/1/2029 | 1,408,000 | 1,238,779 |
8,351,252 | ||
Specialty Retail — 3.3% | ||
Advance Auto Parts, Inc. 3.50%, 3/15/2032 | 1,108,000 | 934,121 |
Arko Corp. 5.13%, 11/15/2029 (a) | 335,000 | 284,244 |
Asbury Automotive Group, Inc. | ||
4.50%, 3/1/2028 | 526,000 | 496,827 |
4.63%, 11/15/2029 (a) | 1,328,000 | 1,221,783 |
5.00%, 2/15/2032 (a) | 302,000 | 270,339 |
At Home Group, Inc. 4.88%, 7/15/2028 (a) | 373,000 | 158,525 |
Bath & Body Works, Inc. | ||
9.38%, 7/1/2025 (a) | 720,000 | 745,466 |
6.69%, 1/15/2027 | 453,000 | 457,136 |
5.25%, 2/1/2028 | 1,438,000 | 1,397,297 |
7.50%, 6/15/2029 | 395,000 | 405,546 |
6.88%, 11/1/2035 | 537,000 | 541,593 |
BCPE Ulysses Intermediate, Inc. 7.75% (Cash), 4/1/2027 (a) (b) | 95,000 | 91,237 |
Carvana Co. | ||
13.00% (PIK), 6/1/2030 (a) (b) | 602,000 | 579,793 |
14.00% (PIK), 6/1/2031 (a) (b) | 2,227,350 | 2,188,481 |
eG Global Finance plc (United Kingdom) 12.00%, 11/30/2028 (a) | 1,286,000 | 1,331,948 |
Evergreen Acqco 1 LP 9.75%, 4/26/2028 (a) | 837,000 | 887,552 |
Foot Locker, Inc. 4.00%, 10/1/2029 (a) | 866,000 | 717,322 |
Gap, Inc. (The) | ||
3.63%, 10/1/2029 (a) | 1,303,000 | 1,127,609 |
3.88%, 10/1/2031 (a) | 656,000 | 544,554 |
Global Auto Holdings Ltd. (United Kingdom) 8.75%, 1/15/2032 (a) | 862,000 | 829,145 |
Group 1 Automotive, Inc. 4.00%, 8/15/2028 (a) | 1,255,000 | 1,145,714 |
Guitar Center, Inc. 8.50%, 1/15/2026 (a) | 391,000 | 352,305 |
LBM Acquisition LLC 6.25%, 1/15/2029 (a) | 1,020,000 | 921,042 |
LCM Investments Holdings II LLC | ||
4.88%, 5/1/2029 (a) | 467,000 | 433,924 |
8.25%, 8/1/2031 (a) | 161,000 | 167,045 |
JPMorgan BetaBuilders USD High Yield Corporate Bond ETF
SCHEDULE OF PORTFOLIO INVESTMENTS
AS OF May 31, 2024 (Unaudited) (continued)INVESTMENTS | PRINCIPAL AMOUNT($) | VALUE($) |
Corporate Bonds — continued | ||
Specialty Retail — continued | ||
Lithia Motors, Inc. | ||
4.63%, 12/15/2027 (a) | 206,000 | 195,864 |
3.88%, 6/1/2029 (a) | 1,670,000 | 1,487,415 |
4.38%, 1/15/2031 (a) | 277,000 | 244,053 |
Michaels Cos., Inc. (The) | ||
5.25%, 5/1/2028 (a) | 1,242,000 | 1,007,410 |
7.88%, 5/1/2029 (a) | 275,000 | 187,026 |
Murphy Oil USA, Inc. | ||
5.63%, 5/1/2027 | 488,000 | 481,745 |
4.75%, 9/15/2029 | 37,000 | 34,857 |
3.75%, 2/15/2031 (a) | 645,000 | 559,686 |
Park River Holdings, Inc. | ||
5.63%, 2/1/2029 (a) | 923,000 | 751,043 |
6.75%, 8/1/2029 (a) | 106,000 | 89,870 |
Penske Automotive Group, Inc. 3.75%, 6/15/2029 | 1,124,000 | 999,574 |
PetSmart, Inc. | ||
4.75%, 2/15/2028 (a) | 1,548,000 | 1,437,634 |
7.75%, 2/15/2029 (a) | 1,098,000 | 1,051,191 |
Sonic Automotive, Inc. | ||
4.63%, 11/15/2029 (a) | 1,156,000 | 1,038,628 |
4.88%, 11/15/2031 (a) | 476,000 | 417,736 |
Specialty Building Products Holdings LLC 6.38%, 9/30/2026 (a) | 908,000 | 888,238 |
SRS Distribution, Inc. | ||
4.63%, 7/1/2028 (a) | 172,000 | 171,010 |
6.13%, 7/1/2029 (a) | 200,000 | 203,077 |
Staples, Inc. | ||
7.50%, 4/15/2026 (a) | 1,718,000 | 1,717,694 |
10.75%, 4/15/2027 (a) | 968,000 | 861,827 |
Upbound Group, Inc. 6.38%, 2/15/2029 (a) | 350,000 | 337,495 |
Victoria's Secret & Co. 4.63%, 7/15/2029 (a) | 849,000 | 692,353 |
Victra Holdings LLC 7.75%, 2/15/2026 (a) | 53,000 | 52,506 |
White Cap Buyer LLC 6.88%, 10/15/2028 (a) | 441,000 | 420,717 |
White Cap Parent LLC 8.25% (Cash), 3/15/2026 (a) (b) | 703,000 | 694,288 |
34,253,485 | ||
Technology Hardware, Storage & Peripherals — 0.7% | ||
Seagate HDD Cayman | ||
4.88%, 6/1/2027 | 1,453,000 | 1,410,852 |
4.09%, 6/1/2029 | 1,234,000 | 1,129,539 |
8.25%, 12/15/2029 (a) | 106,000 | 113,389 |
4.13%, 1/15/2031 | 1,241,000 | 1,089,225 |
9.63%, 12/1/2032 | 177,000 | 200,496 |
Western Digital Corp. 4.75%, 2/15/2026 | 804,000 | 786,633 |
Xerox Corp. 6.75%, 12/15/2039 | 456,000 | 374,373 |
Xerox Holdings Corp. | ||
5.00%, 8/15/2025 (a) | 1,290,000 | 1,263,203 |
5.50%, 8/15/2028 (a) | 525,000 | 461,361 |
6,829,071 |
JPMorgan BetaBuilders USD High Yield Corporate Bond ETF
SCHEDULE OF PORTFOLIO INVESTMENTS
AS OF May 31, 2024 (Unaudited) (continued)INVESTMENTS | PRINCIPAL AMOUNT($) | VALUE($) |
Corporate Bonds — continued | ||
Textiles, Apparel & Luxury Goods — 0.5% | ||
Crocs, Inc. | ||
4.25%, 3/15/2029 (a) | 443,000 | 404,365 |
4.13%, 8/15/2031 (a) | 495,000 | 430,496 |
G-III Apparel Group Ltd. 7.88%, 8/15/2025 (a) | 588,000 | 589,480 |
Hanesbrands, Inc. | ||
4.88%, 5/15/2026 (a) | 1,067,000 | 1,035,088 |
9.00%, 2/15/2031 (a) | 167,000 | 170,485 |
Levi Strauss & Co. 3.50%, 3/1/2031 (a) | 1,078,000 | 931,768 |
William Carter Co. (The) 5.63%, 3/15/2027 (a) | 703,000 | 690,361 |
Wolverine World Wide, Inc. 4.00%, 8/15/2029 (a) | 818,000 | 681,247 |
4,933,290 | ||
Tobacco — 0.2% | ||
Turning Point Brands, Inc. 5.63%, 2/15/2026 (a) | 176,000 | 173,053 |
Vector Group Ltd. 5.75%, 2/1/2029 (a) | 1,640,000 | 1,504,919 |
1,677,972 | ||
Trading Companies & Distributors — 1.8% | ||
Alta Equipment Group, Inc. 5.63%, 4/15/2026 (a) | 266,000 | 269,588 |
Beacon Roofing Supply, Inc. | ||
4.50%, 11/15/2026 (a) | 644,000 | 622,360 |
6.50%, 8/1/2030 (a) | 464,000 | 464,412 |
BlueLinx Holdings, Inc. 6.00%, 11/15/2029 (a) | 565,000 | 540,239 |
Boise Cascade Co. 4.88%, 7/1/2030 (a) | 741,000 | 684,536 |
EquipmentShare.com, Inc. 9.00%, 5/15/2028 (a) | 748,000 | 771,702 |
Fortress Transportation and Infrastructure Investors LLC | ||
5.50%, 5/1/2028 (a) | 985,000 | 952,007 |
7.00%, 5/1/2031 (a) | 200,000 | 202,349 |
Foundation Building Materials, Inc. 6.00%, 3/1/2029 (a) | 275,000 | 243,748 |
H&E Equipment Services, Inc. 3.88%, 12/15/2028 (a) | 1,284,000 | 1,151,479 |
Herc Holdings, Inc. 5.50%, 7/15/2027 (a) | 1,379,000 | 1,346,318 |
Imola Merger Corp. 4.75%, 5/15/2029 (a) | 2,339,000 | 2,177,109 |
United Rentals North America, Inc. | ||
5.50%, 5/15/2027 | 1,509,000 | 1,490,163 |
3.88%, 11/15/2027 | 673,000 | 632,539 |
4.88%, 1/15/2028 | 2,125,000 | 2,045,655 |
5.25%, 1/15/2030 | 1,584,000 | 1,520,571 |
3.75%, 1/15/2032 | 673,000 | 575,306 |
WESCO Distribution, Inc. | ||
7.13%, 6/15/2025 (a) | 1,553,000 | 1,552,340 |
7.25%, 6/15/2028 (a) | 1,055,000 | 1,074,719 |
18,317,140 | ||
Wireless Telecommunication Services — 1.0% | ||
Altice France Holding SA (Luxembourg) | ||
10.50%, 5/15/2027 (a) | 1,498,000 | 554,249 |
6.00%, 2/15/2028 (a) | 1,156,000 | 359,825 |
Connect Finco SARL (United Kingdom) 6.75%, 10/1/2026 (a) | 1,637,000 | 1,545,674 |
JPMorgan BetaBuilders USD High Yield Corporate Bond ETF
SCHEDULE OF PORTFOLIO INVESTMENTS
AS OF May 31, 2024 (Unaudited) (continued)INVESTMENTS | PRINCIPAL AMOUNT($) | VALUE($) |
Corporate Bonds — continued | ||
Wireless Telecommunication Services — continued | ||
Hughes Satellite Systems Corp. | ||
5.25%, 8/1/2026 | 453,000 | 306,865 |
6.63%, 8/1/2026 | 1,105,000 | 450,287 |
Millicom International Cellular SA (Guatemala) 4.50%, 4/27/2031 (a) | 759,000 | 649,040 |
Rogers Communications, Inc. (Canada) (US Treasury Yield Curve Rate T Note Constant Maturity 5 Year + 3.59%), 5.25%, 3/15/2082 (a) (c) | 739,000 | 710,975 |
United States Cellular Corp. 6.70%, 12/15/2033 | 833,000 | 876,796 |
Vmed O2 UK Financing I plc (United Kingdom) | ||
4.25%, 1/31/2031 (a) | 848,000 | 698,063 |
4.75%, 7/15/2031 (a) | 810,000 | 672,363 |
Vodafone Group plc (United Kingdom) | ||
(USD Swap Semi 5 Year + 4.87%), 7.00%, 4/4/2079 (c) | 2,589,000 | 2,667,459 |
(US Treasury Yield Curve Rate T Note Constant Maturity 5 Year + 3.07%), 5.13%, 6/4/2081 (c) | 1,976,000 | 1,453,140 |
10,944,736 | ||
Total Corporate Bonds (Cost $1,028,432,405) | 1,016,321,166 | |
SHARES | ||
Common Stocks — 0.0% ^ | ||
Financial Services — 0.0% ^ | ||
Mallinckrodt plc (Luxembourg) ‡ * | 739 | 40,053 |
Software — 0.0% ^ | ||
Cwt Travel Group, Inc. ‡ * | 1,455 | 7,275 |
Total Common Stocks (Cost $65,231) | 47,328 | |
Short-Term Investments — 1.5% | ||
Investment Companies — 1.5% | ||
JPMorgan U.S. Government Money Market Fund Class IM Shares, 5.26% (h) (i) (Cost $16,172,451) | 16,172,451 | 16,172,451 |
Total Investments — 99.2% (Cost $1,044,670,087) | 1,032,540,945 | |
Other Assets Less Liabilities — 0.8% | 7,965,761 | |
NET ASSETS — 100.0% | 1,040,506,706 |
Percentages indicated are based on net assets. |
Abbreviations | |
CME | Chicago Mercantile Exchange |
ICE | Intercontinental Exchange |
PIK | Payment In Kind |
REIT | Real Estate Investment Trust |
SOFR | Secured Overnight Financing Rate |
USD | United States Dollar |
^ | Amount rounds to less than 0.1% of net assets. | |
‡ | Value determined using significant unobservable inputs. | |
* | Non-income producing security. | |
(a) | Securities exempt from registration under Rule 144A or section 4(a)(2), of the Securities Act of 1933, as amended. | |
(b) | Security has the ability to pay in kind (“PIK”) or pay income in cash. When applicable, separate rates of such payments are disclosed. |
JPMorgan BetaBuilders USD High Yield Corporate Bond ETF
SCHEDULE OF PORTFOLIO INVESTMENTS
AS OF May 31, 2024 (Unaudited) (continued)(c) | Variable or floating rate security, linked to the referenced benchmark. The interest rate shown is the current rate as of May 31, 2024. | |
(d) | Security is an interest bearing note with preferred security characteristics. | |
(e) | Security is perpetual and thus, does not have a predetermined maturity date. The coupon rate for this security is fixed for a period of time and may be structured to adjust thereafter. The date shown, if applicable, reflects the next call date. The coupon rate shown is the rate in effect as of May 31, 2024. | |
(f) | Step bond. Interest rate is a fixed rate for an initial period that either resets at a specific date or may reset in the future contingent upon a predetermined trigger. The interest rate shown is the current rate as of May 31, 2024. | |
(g) | Defaulted security. | |
(h) | Investment in an affiliated fund, which is registered under the Investment Company Act of 1940, as amended, and is advised by J.P. Morgan Investment Management Inc. | |
(i) | The rate shown is the current yield as of May 31, 2024. |
JPMorgan BetaBuilders USD High Yield Corporate Bond ETF
SCHEDULE OF PORTFOLIO INVESTMENTS
AS OF May 31, 2024 (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.
Investments in open-end investment companies (“Underlying Funds”) are valued at each Underlying Fund’s NAV per share as of the report date.
Valuations reflected in this report are as of the report date. As a result, changes in valuation due to market events and/or issuer-related events after the report date and prior to issuance of the report are not reflected herein.
The various inputs that are used in determining the valuation of the Fund's investments are summarized into the three broad levels listed below.
•
Level 1 — Unadjusted inputs using quoted prices in active markets for identical investments.
•
Level 2 — Other significant observable inputs including, but not limited to, quoted prices for similar investments, inputs other than quoted prices that are observable for investments (such as interest rates, prepayment speeds, credit risk, etc.) or other market corroborated inputs.
•
Level 3 — Significant inputs based on the best information available in the circumstances, to the extent observable inputs are not available (including the Fund's assumptions in determining the fair value of investments).
A financial instrument’s level within the fair value hierarchy is based on the lowest level of any input, both individually and in the aggregate, that is significant to the fair value measurement. The inputs or methodology used for valuing instruments are not necessarily an indication of the risk associated with investing in those instruments.
JPMorgan BetaBuilders USD High Yield Corporate Bond ETF
SCHEDULE OF PORTFOLIO INVESTMENTS
AS OF May 31, 2024 (Unaudited) (continued)The following table represents each valuation input as presented on the Schedule of Portfolio Investments:
Level 1 Quoted prices | Level 2 Other significant observable inputs | Level 3 Significant unobservable inputs | Total | |
Investments in Securities | ||||
Common Stocks | $— | $— | $47,328 | $47,328 |
Corporate Bonds | — | 1,016,321,166 | — | 1,016,321,166 |
Short-Term Investments | ||||
Investment Companies | 16,172,451 | — | — | 16,172,451 |
Total Investments in Securities | $16,172,451 | $1,016,321,166 | $47,328 | $1,032,540,945 |
There were no significant transfers into or out of level 3 for the period ended May 31, 2024.
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 issuers listed in the table below to be affiliated issuers. The Underlying Funds’ distributions may be reinvested into such Underlying Funds. Reinvestment amounts are included in the purchases at cost amounts in the table below.
For the period ended May 31, 2024 | |||||||||
Security Description | Value at February 29, 2024 | Purchases at Cost | Proceeds from Sales | Net Realized Gain (Loss) | Change in Unrealized Appreciation/ (Depreciation) | Value at May 31, 2024 | Shares at May 31, 2024 | Dividend Income | Capital Gain Distributions |
JPMorgan U.S. Government Money Market Fund Class IM Shares, 5.26% (a) (b) | $7,787,177 | $39,849,936 | $31,464,662 | $— | $— | $16,172,451 | 16,172,451 | $99,217 | $— |
(a) | Investment in an affiliated fund, which is registered under the Investment Company Act of 1940, as amended, and is advised by J.P. Morgan Investment Management Inc. |
(b) | The rate shown is the current yield as of May 31, 2024. |