NPORT-EX 2 JPMABETF.htm EDGAR HTML
JPMorgan Active Bond ETF
Schedule of Portfolio Investments as of November 30, 2023
(Unaudited) 
THE “UNAUDITED EXCHANGE-TRADED FUNDS HOLDINGS”
LIST (“the List”) IS TO BE USED FOR REPORTING PURPOSES
ONLY.  IT IS NOT TO BE REPRODUCED FOR USE AS
ADVERTISING OR SALES LITERATURE WITH THE GENERAL
PUBLIC. The list is submitted for the general information of the
shareholders of the Fund. It is not authorized for distribution to
prospective investors in the Fund unless preceded or accompanied by a
prospectus. The list has been created from the books and records of
the Fund. Holdings are available 60 days after the fund’s fiscal quarter,
using a trade date accounting convention, by contacting the appropriate
service center. The list is subject to change without notice. The list is
for informational purposes only and is not intended as an offer or
solicitation with respect to the purchase or sale of any security.
JPMorgan Asset Management is the marketing name for the asset
management business of J.P. Morgan  Chase & Co.
J.P. Morgan Distribution Services, Inc., member FINRA.
© J.P. Morgan Chase & Co., 2023.
JPMorgan Active Bond ETF
SCHEDULE OF PORTFOLIO INVESTMENTS
AS OF November 30, 2023  (Unaudited)
 
INVESTMENTS
PRINCIPAL
AMOUNT($)
VALUE($)
U.S. Treasury Obligations — 27.0%
U.S. Treasury Bonds
3.88%, 8/15/2040
600,000
546,258
4.75%, 2/15/2041
1,679,000
1,699,660
4.38%, 8/15/2043
5,380,000
5,142,103
4.13%, 8/15/2053
2,759,000
2,580,096
U.S. Treasury Notes
5.00%, 9/30/2025
2,200,000
2,208,078
4.38%, 8/15/2026
11,200,000
11,158,437
4.63%, 9/30/2028
4,380,000
4,437,487
2.38%, 3/31/2029
1,000,000
906,523
4.13%, 8/31/2030
4,735,000
4,666,010
4.88%, 10/31/2030
1,300,000
1,339,000
3.38%, 5/15/2033
1,800,000
1,663,313
U.S. Treasury STRIPS Bonds
5.37%, 2/15/2041 (a)
2,249,000
968,728
Total U.S. Treasury Obligations
(Cost $36,550,437)
37,315,693
Mortgage-Backed Securities — 25.1%
FHLMC Gold Pools, Other Pool # RE0003, 4.00%, 7/1/2049
560,716
526,182
FNMA UMBS, 30 Year
Pool # AL9058, 3.50%, 9/1/2046
315,060
284,058
Pool # AL9397, 3.00%, 10/1/2046
399,818
346,715
Pool # BE9590, 3.50%, 5/1/2047
149,756
134,183
Pool # BQ3137, 2.50%, 10/1/2050
448,739
370,979
Pool # CA8021, 2.50%, 12/1/2050
489,706
399,548
Pool # CB0458, 2.50%, 5/1/2051
477,203
389,525
Pool # CB0397, 3.00%, 5/1/2051
278,274
236,591
Pool # FM7910, 2.50%, 7/1/2051
655,616
541,753
Pool # CB1406, 3.00%, 8/1/2051
842,019
715,885
Pool # BU3608, 3.00%, 11/1/2051
148,462
126,208
Pool # BU9885, 2.50%, 1/1/2052
640,758
519,578
Pool # CB2855, 2.50%, 2/1/2052
781,630
641,942
Pool # CB3384, 4.00%, 4/1/2052
416,047
378,050
Pool # CB3775, 4.00%, 6/1/2052
385,322
350,174
Pool # BY9849, 6.00%, 10/1/2053
576,814
578,524
FNMA, Other
Pool # BS2870, 1.27%, 8/1/2028
348,659
296,568
Pool # BS5507, 3.23%, 11/1/2028
300,000
278,064
Pool # BS4928, 2.15%, 3/1/2029
2,646,000
2,311,227
Pool # BL4429, 2.25%, 10/1/2029
301,160
262,652
Pool # AM6835, 3.58%, 10/1/2029
1,180,603
1,098,181
Pool # AN8514, 3.27%, 2/1/2030
962,735
880,067
Pool # BS6161, 4.47%, 8/1/2030
494,211
478,238
Pool # BM6857, 1.83%, 12/1/2031 (b)
1,499,208
1,191,922
Pool # BS5337, 3.01%, 4/1/2032
310,000
269,657
Pool # BS5581, 3.46%, 6/1/2032
371,652
335,310
Pool # BS5659, 3.66%, 6/1/2032
795,000
718,963
Pool # AN5759, 3.29%, 7/1/2032
1,142,153
1,012,958
Pool # BS5530, 3.30%, 7/1/2032
701,000
617,258
JPMorgan Active Bond ETF
SCHEDULE OF PORTFOLIO INVESTMENTS
AS OF November 30, 2023  (Unaudited) (continued)
INVESTMENTS
PRINCIPAL
AMOUNT($)
VALUE($)
Mortgage-Backed Securities — continued
Pool # BS6132, 3.86%, 7/1/2032
415,000
381,821
Pool # BS6276, 3.97%, 8/1/2032
680,000
627,745
Pool # BS5718, 3.46%, 9/1/2032
900,000
799,142
Pool # BS6689, 3.83%, 9/1/2032
390,000
357,287
Pool # BS6417, 3.83%, 10/1/2032
499,423
459,129
Pool # BS6951, 3.90%, 10/1/2032
500,000
458,784
Pool # BS6619, 3.91%, 10/1/2032
594,928
545,694
Pool # BS6731, 3.78%, 11/1/2032
133,511
121,882
Pool # BS1636, 2.25%, 4/1/2033
750,000
600,571
Pool # BS1899, 2.17%, 5/1/2033
605,000
480,738
Pool # BS9616, 4.79%, 9/1/2033
300,000
292,995
Pool # BL2213, 3.34%, 5/1/2034
1,000,000
871,925
Pool # BL3772, 2.92%, 10/1/2034
111,243
93,794
Pool # BL7071, 1.91%, 6/1/2035
383,000
277,782
Pool # AN4430, 3.61%, 1/1/2037
426,749
389,949
Pool # BF0189, 3.00%, 6/1/2057
695,207
567,927
FNMA/FHLMC UMBS, Single Family, 30 Year
TBA, 2.50%, 12/25/2053 (c)
2,800,000
2,266,687
TBA, 5.00%, 12/25/2053 (c)
7,800,000
7,505,647
GNMA II, 30 Year
Pool # AQ6679, 3.50%, 10/20/2045
134,405
122,033
Pool # AK8802, 3.75%, 3/20/2046
301,525
277,852
Pool # CO8957, 5.00%, 12/20/2052
811,403
785,232
Pool # CX2674, 6.00%, 10/20/2053
228,925
233,463
Total Mortgage-Backed Securities
(Cost $33,871,238)
34,809,039
Asset-Backed Securities — 19.7%
ACM Auto Trust Series 2023-2A, Class A, 7.97%, 6/20/2030 (d)
346,041
346,902
American Credit Acceptance Receivables Trust Series 2023-4, Class C, 6.99%, 9/12/2030 (d)
430,000
434,818
AMSR Trust
Series 2020-SFR2, Class E1, 4.03%, 7/17/2037 (d)
253,000
240,389
Series 2020-SFR4, Class D, 2.01%, 11/17/2037 (d)
544,000
497,756
Series 2021-SFR2, Class A, 1.53%, 8/17/2038 (d)
100,000
88,616
Series 2023-SFR2, Class E1, 3.95%, 6/17/2040 (d)
550,000
465,003
Bridge Trust Series 2022-SFR1, Class A, 3.40%, 11/17/2037 (d)
350,000
329,020
Bridgecrest Lending Auto Securitization Trust Series 2023-1, Class C, 7.10%, 8/15/2029
350,000
355,234
BXG Receivables Note Trust Series 2022-A, Class C, 5.35%, 9/28/2037 (d)
263,034
246,693
Carvana Auto Receivables Trust
Series 2023-N1, Class B, 5.85%, 11/10/2027 (d)
660,000
652,516
Series 2021-P4, Class A4, 1.64%, 12/10/2027
400,000
363,172
Series 2022-P1, Class A4, 3.52%, 2/10/2028
300,000
283,661
CPS Auto Receivables Trust Series 2023-D, Class C, 7.17%, 1/15/2030 (d)
400,000
403,981
Credit Acceptance Auto Loan Trust
Series 2021-2A, Class A, 0.96%, 2/15/2030 (d)
971,792
964,752
Series 2021-2A, Class C, 1.64%, 6/17/2030 (d)
800,000
772,526
Series 2021-4, Class A, 1.26%, 10/15/2030 (d)
458,114
447,225
Series 2021-4, Class C, 1.94%, 2/18/2031 (d)
480,000
445,908
Series 2023-2A, Class A, 5.92%, 5/16/2033 (d)
600,000
594,945
DP Lion Holdco LLC Series 2023-1A, Class A, 8.24%, 11/30/2043
250,000
250,000
JPMorgan Active Bond ETF
SCHEDULE OF PORTFOLIO INVESTMENTS
AS OF November 30, 2023  (Unaudited) (continued)
INVESTMENTS
PRINCIPAL
AMOUNT($)
VALUE($)
Asset-Backed Securities — continued
FHF Issuer Trust Series 2023-2A, Class B, 7.49%, 11/15/2029 (d)
450,000
457,999
First Investors Auto Owner Trust Series 2023-1A, Class C, 6.81%, 12/17/2029 (d)
340,000
343,545
FirstKey Homes Trust
Series 2020-SFR1, Class D, 2.24%, 8/17/2037 (d)
400,000
368,841
Series 2020-SFR2, Class C, 1.67%, 10/19/2037 (d)
295,000
268,689
Series 2020-SFR2, Class E, 2.67%, 10/19/2037 (d)
615,000
565,291
Series 2021-SFR1, Class C, 1.89%, 8/17/2038 (d)
450,000
396,609
FMC GMSR Issuer Trust
Series 2020-GT1, Class A, 4.45%, 1/25/2026 (b) (d)
500,000
439,592
Series 2021-GT1, Class A, 3.62%, 7/25/2026 (b) (d)
463,095
390,427
Series 2021-GT2, Class A, 3.85%, 10/25/2026 (b) (d)
522,400
442,779
Series 2022-GT1, Class B, 7.17%, 4/25/2027 (d)
500,000
435,767
Foundation Finance Trust Series 2023-2A, Class D, 9.10%, 6/15/2049 (d)
500,000
511,726
GLS Auto Select Receivables Trust Series 2023-2A, Class A3, 6.38%, 2/15/2029 (d)
500,000
505,185
Granite Park Equipment Leasing LLC
Series 2023-1A, Class A3, 6.46%, 9/20/2032 (d)
354,000
358,557
Series 2023-1A, Class D, 7.00%, 8/22/2033 (d)
350,000
337,280
Hilton Grand Vacations Trust Series 2022-2A, Class B, 4.74%, 1/25/2037 (d)
460,034
441,997
HIN Timeshare Trust Series 2020-A, Class A, 1.39%, 10/9/2039 (d)
337,141
308,215
Home Partners of America Trust Series 2020-2, Class E, 3.08%, 1/17/2041 (d)
493,656
398,443
Lendmark Funding Trust Series 2021-1A, Class B, 2.47%, 11/20/2031 (d)
400,000
336,852
Mariner Finance Issuance Trust
Series 2020-AA, Class A, 2.19%, 8/21/2034 (d)
251,566
245,156
Series 2020-AA, Class B, 3.21%, 8/21/2034 (d)
200,000
188,947
Series 2021-AA, Class B, 2.33%, 3/20/2036 (d)
310,000
270,776
Series 2021-AA, Class C, 2.96%, 3/20/2036 (d)
200,000
172,606
Series 2021-AA, Class D, 3.83%, 3/20/2036 (d)
225,000
193,761
Series 2021-BA, Class C, 2.66%, 11/20/2036 (d)
200,000
166,877
Merchants Fleet Funding LLC Series 2023-1A, Class A, 7.21%, 5/20/2036 (d)
500,000
503,282
MNR ABS Issuer I LLC, 8.95%, 12/15/2038
250,000
250,000
New Residential Mortgage Loan Trust Series 2022-SFR1, Class B, 2.85%, 2/17/2039 (d)
455,000
407,516
NRZ FHT Excess LLC Series 2020-FHT1, Class A, 4.21%, 11/25/2025 (d)
493,051
467,517
Oportun Issuance Trust Series 2021-C, Class A, 2.18%, 10/8/2031 (d)
168,000
153,782
Prestige Auto Receivables Trust Series 2023-2A, Class C, 7.12%, 8/15/2029 (d)
390,000
394,348
Pretium Mortgage Credit Partners LLC
Series 2022-NPL1, Class A1, 2.98%, 1/25/2052 (d) (e)
490,903
471,386
Series 2021-RN1, Class A1, 1.99%, 2/25/2061 (d) (e)
179,196
170,500
Progress Residential
Series 2021-SFR3, Class A, 1.64%, 5/17/2026 (d)
98,748
88,786
Series 2021-SFR1, Class C, 1.56%, 4/17/2038 (d)
500,000
446,062
Progress Residential Trust
Series 2023-SFR2, Class D, 4.50%, 10/17/2028 (d)
450,000
401,035
Series 2021-SFR6, Class A, 1.52%, 7/17/2038 (d)
99,569
88,659
Series 2023-SFR1, Class E2, 6.60%, 3/17/2040 (d)
450,000
421,742
Series 2021-SFR7, Class A, 1.69%, 8/17/2040 (d)
419,233
346,580
Series 2022-SFR4, Class A, 4.44%, 5/17/2041 (d)
199,486
185,835
PRPM LLC Series 2021-7, Class A1, 1.87%, 8/25/2026 (d) (e)
413,972
391,413
Regional Management Issuance Trust Series 2022-1, Class B, 3.71%, 3/15/2032 (d)
300,000
272,406
Renew Series 2023-1A, Class A, 5.90%, 11/20/2058 ‡ (d)
487,365
461,717
JPMorgan Active Bond ETF
SCHEDULE OF PORTFOLIO INVESTMENTS
AS OF November 30, 2023  (Unaudited) (continued)
INVESTMENTS
PRINCIPAL
AMOUNT($)
VALUE($)
Asset-Backed Securities — continued
Republic Finance Issuance Trust Series 2020-A, Class B, 3.54%, 11/20/2030 (d)
125,000
119,353
SCF Equipment Leasing LLC
Series 2022-2A, Class A3, 6.50%, 10/21/2030 (d)
600,000
603,405
Series 2023-1A, Class A3, 6.17%, 5/20/2032 (d)
300,000
302,550
Series 2023-1A, Class D, 7.00%, 8/22/2033 (d)
399,000
392,184
Sierra Timeshare Receivables Funding LLC
Series 2021-2A, Class A, 1.35%, 9/20/2038 (d)
103,499
96,326
Series 2021-2A, Class C, 1.95%, 9/20/2038 (d)
29,278
26,977
Series 2023-1A, Class C, 7.00%, 1/20/2040 (d)
441,820
441,646
Series 2022-2A, Class C, 6.36%, 6/20/2040 (d)
400,058
395,350
Tricolor Auto Securitization Trust Series 2022-1A, Class D, 5.38%, 1/15/2026 (d)
350,000
341,165
Tricon American Homes Trust Series 2020-SFR2, Class E1, 2.73%, 11/17/2039 (d)
500,000
425,627
Tricon Residential Trust
Series 2023-SFR2, Class C, 5.00%, 12/17/2028 (d)
300,000
278,882
Series 2022-SFR1, Class E1, 5.34%, 4/17/2039 (d)
272,000
250,915
Vericrest Opportunity Loan Transferee Series 2021-NP11, Class A1, 1.87%, 8/25/2051 (d) (e)
237,098
221,695
VOLT C LLC Series 2021-NPL9, Class A1, 1.99%, 5/25/2051 (d) (e)
74,247
69,422
VOLT XCIII LLC Series 2021-NPL2, Class A1, 1.89%, 2/27/2051 (d) (e)
152,872
143,823
VOLT XCIV LLC Series 2021-NPL3, Class A1, 2.24%, 2/27/2051 (d) (e)
159,075
151,718
Westlake Automobile Receivables Trust Series 2023-4A, Class D, 7.19%, 7/16/2029 (d)
350,000
352,802
Total Asset-Backed Securities
(Cost $26,969,405)
27,265,440
Corporate Bonds — 16.0%
Aerospace & Defense — 0.9%
BAE Systems plc (United Kingdom) 5.80%, 10/11/2041 (d)
100,000
97,777
Boeing Co. (The)
5.15%, 5/1/2030
250,000
247,694
5.71%, 5/1/2040
160,000
157,751
3.38%, 6/15/2046
400,000
273,873
L3Harris Technologies, Inc.
5.40%, 7/31/2033
100,000
99,673
4.85%, 4/27/2035
115,000
107,895
Northrop Grumman Corp. 5.15%, 5/1/2040
110,000
104,970
RTX Corp. 3.03%, 3/15/2052
170,000
107,657
 
1,197,290
Automobiles — 0.1%
General Motors Co. 5.95%, 4/1/2049
130,000
118,550
Banks — 3.1%
ABN AMRO Bank NV (Netherlands) (US Treasury Yield Curve Rate T Note Constant Maturity 1 Year + 1.10%), 2.47%,
12/13/2029 (d) (f)
200,000
169,652
Bank of America Corp.
(SOFR + 1.06%), 2.09%, 6/14/2029 (f)
500,000
429,904
(SOFR + 1.21%), 2.57%, 10/20/2032 (f)
500,000
397,926
Banque Federative du Credit Mutuel SA (France) 5.79%, 7/13/2028 (d)
200,000
202,033
BPCE SA (France)
(SOFR + 1.98%), 6.61%, 10/19/2027 (d) (f)
250,000
253,197
(SOFR + 2.59%), 7.00%, 10/19/2034 (d) (f)
250,000
257,634
JPMorgan Active Bond ETF
SCHEDULE OF PORTFOLIO INVESTMENTS
AS OF November 30, 2023  (Unaudited) (continued)
INVESTMENTS
PRINCIPAL
AMOUNT($)
VALUE($)
Corporate Bonds — continued
Banks — continued
Citigroup, Inc.
(3-MONTH CME TERM SOFR + 1.45%), 4.08%, 4/23/2029 (f)
150,000
141,033
(SOFR + 1.18%), 2.52%, 11/3/2032 (f)
250,000
197,918
Credit Agricole SA (France) (SOFR + 1.86%), 6.32%, 10/3/2029 (d) (f)
250,000
254,797
HSBC Holdings plc (United Kingdom)
(SOFR + 1.29%), 2.21%, 8/17/2029 (f)
200,000
169,745
(SOFR + 2.39%), 6.25%, 3/9/2034 (f)
200,000
203,697
Lloyds Banking Group plc (United Kingdom) (US Treasury Yield Curve Rate T Note Constant Maturity 1 Year + 1.70%),
5.87%, 3/6/2029 (f)
200,000
200,526
Mizuho Financial Group, Inc. (Japan) (US Treasury Yield Curve Rate T Note Constant Maturity 1 Year + 1.90%), 5.75%,
7/6/2034 (f)
200,000
199,130
National Australia Bank Ltd. (Australia) 2.33%, 8/21/2030 (d) (g)
250,000
196,372
NatWest Group plc (United Kingdom) (US Treasury Yield Curve Rate T Note Constant Maturity 1 Year + 1.95%), 5.81%,
9/13/2029 (f)
200,000
199,092
Societe Generale SA (France) (US Treasury Yield Curve Rate T Note Constant Maturity 1 Year + 1.30%), 2.89%,
6/9/2032 (d) (f)
200,000
156,610
Wells Fargo & Co.
(SOFR + 1.79%), 6.30%, 10/23/2029 (f)
315,000
324,490
(SOFR + 2.06%), 6.49%, 10/23/2034 (f)
265,000
276,767
 
4,230,523
Beverages — 0.2%
Anheuser-Busch InBev Worldwide, Inc. (Belgium) 5.80%, 1/23/2059
155,000
161,880
Molson Coors Beverage Co. 4.20%, 7/15/2046
105,000
83,270
 
245,150
Biotechnology — 0.6%
AbbVie, Inc.
4.55%, 3/15/2035
150,000
141,648
4.05%, 11/21/2039
120,000
103,132
4.25%, 11/21/2049
255,000
214,530
Amgen, Inc. 5.75%, 3/2/2063
225,000
220,182
Gilead Sciences, Inc. 2.60%, 10/1/2040
115,000
79,133
 
758,625
Broadline Retail — 0.1%
Amazon.com, Inc. 3.25%, 5/12/2061
160,000
109,637
Building Products — 0.1%
Masco Corp. 6.50%, 8/15/2032
100,000
104,141
Capital Markets — 0.8%
Bank of New York Mellon Corp. (The)
(SOFR + 1.60%), 6.32%, 10/25/2029 (f)
110,000
114,129
(SOFR + 1.85%), 6.47%, 10/25/2034 (f)
110,000
116,315
Goldman Sachs Group, Inc. (The)
(SOFR + 1.25%), 2.38%, 7/21/2032 (f)
250,000
196,860
(3-MONTH CME TERM SOFR + 1.69%), 4.41%, 4/23/2039 (f)
250,000
215,427
JPMorgan Active Bond ETF
SCHEDULE OF PORTFOLIO INVESTMENTS
AS OF November 30, 2023  (Unaudited) (continued)
INVESTMENTS
PRINCIPAL
AMOUNT($)
VALUE($)
Corporate Bonds — continued
Capital Markets — continued
Morgan Stanley
(SOFR + 1.59%), 5.16%, 4/20/2029 (f)
250,000
245,845
(SOFR + 1.87%), 5.25%, 4/21/2034 (f)
250,000
239,540
 
1,128,116
Chemicals — 0.2%
CF Industries, Inc. 5.15%, 3/15/2034
100,000
94,684
DuPont de Nemours, Inc. 5.32%, 11/15/2038
80,000
77,798
LYB International Finance III LLC 4.20%, 10/15/2049
80,000
58,892
Nutrien Ltd. (Canada) 5.00%, 4/1/2049
85,000
73,137
 
304,511
Construction Materials — 0.1%
Martin Marietta Materials, Inc. 3.20%, 7/15/2051
85,000
57,099
Consumer Finance — 0.4%
AerCap Ireland Capital DAC (Ireland) 3.00%, 10/29/2028
200,000
176,271
Avolon Holdings Funding Ltd. (Ireland)
4.38%, 5/1/2026 (d)
40,000
38,077
2.53%, 11/18/2027 (d)
300,000
259,233
 
473,581
Consumer Staples Distribution & Retail — 0.2%
7-Eleven, Inc. 1.80%, 2/10/2031 (d)
100,000
78,162
Alimentation Couche-Tard, Inc. (Canada) 3.44%, 5/13/2041 (d)
125,000
88,243
Kroger Co. (The) 5.00%, 4/15/2042
95,000
82,632
 
249,037
Diversified REITs — 0.2%
Goodman US Finance Three LLC (Australia) 3.70%, 3/15/2028 (d)
150,000
136,942
Simon Property Group LP 3.25%, 9/13/2049
85,000
55,922
WP Carey, Inc. 2.25%, 4/1/2033
100,000
73,873
 
266,737
Diversified Telecommunication Services — 0.3%
AT&T, Inc.
3.50%, 6/1/2041
145,000
107,769
3.80%, 12/1/2057
240,000
164,047
Verizon Communications, Inc.
2.65%, 11/20/2040
130,000
88,492
3.55%, 3/22/2051
155,000
111,485
 
471,793
Electric Utilities — 1.7%
DTE Electric Co. 5.40%, 4/1/2053
70,000
68,036
Duke Energy Corp. 3.75%, 9/1/2046
270,000
195,455
Duquesne Light Holdings, Inc. 2.78%, 1/7/2032 (d)
100,000
76,162
Emera US Finance LP (Canada) 4.75%, 6/15/2046
75,000
57,665
Entergy Texas, Inc. 5.80%, 9/1/2053
125,000
123,984
Evergy Metro, Inc. 5.30%, 10/1/2041
105,000
98,289
FirstEnergy Transmission LLC 5.45%, 7/15/2044 (d)
115,000
104,143
Fortis, Inc. (Canada) 3.06%, 10/4/2026
100,000
93,514
JPMorgan Active Bond ETF
SCHEDULE OF PORTFOLIO INVESTMENTS
AS OF November 30, 2023  (Unaudited) (continued)
INVESTMENTS
PRINCIPAL
AMOUNT($)
VALUE($)
Corporate Bonds — continued
Electric Utilities — continued
ITC Holdings Corp. 2.95%, 5/14/2030 (d)
100,000
85,258
Massachusetts Electric Co. 4.00%, 8/15/2046 (d)
65,000
45,865
Monongahela Power Co. 5.85%, 2/15/2034 (d)
100,000
100,379
NextEra Energy Capital Holdings, Inc. 5.25%, 2/28/2053
120,000
109,231
Oncor Electric Delivery Co. LLC 4.95%, 9/15/2052 (d)
110,000
99,905
Pacific Gas and Electric Co.
6.40%, 6/15/2033
100,000
101,187
4.45%, 4/15/2042
170,000
128,164
PPL Electric Utilities Corp. 5.25%, 5/15/2053
105,000
99,901
Public Service Co. of Oklahoma
5.25%, 1/15/2033
100,000
96,661
Series K, 3.15%, 8/15/2051
135,000
85,096
Sierra Pacific Power Co. 5.90%, 3/15/2054 (d)
145,000
142,710
Southern California Edison Co.
6.00%, 1/15/2034
100,000
103,771
5.70%, 3/1/2053
110,000
106,705
Union Electric Co. 4.00%, 4/1/2048
120,000
91,822
Xcel Energy, Inc. 4.80%, 9/15/2041
90,000
74,416
 
2,288,319
Electronic Equipment, Instruments & Components — 0.0% ^
Corning, Inc. 5.35%, 11/15/2048
60,000
55,457
Financial Services — 0.3%
Element Fleet Management Corp. (Canada) 6.32%, 12/4/2028 (d)
70,000
70,673
Fiserv, Inc. 4.40%, 7/1/2049
90,000
74,008
Global Payments, Inc. 5.30%, 8/15/2029
100,000
98,039
Nationwide Building Society (United Kingdom) (SOFR + 1.91%), 6.56%, 10/18/2027 (d) (f)
220,000
223,219
 
465,939
Food Products — 0.3%
Bunge Ltd. Finance Corp. 2.75%, 5/14/2031
100,000
84,563
Campbell Soup Co. 3.13%, 4/24/2050
65,000
41,736
J M Smucker Co. (The)
6.20%, 11/15/2033
80,000
83,526
6.50%, 11/15/2053
75,000
79,700
JBS USA LUX SA 6.75%, 3/15/2034 (d)
100,000
100,515
Kraft Heinz Foods Co. 4.38%, 6/1/2046
90,000
73,473
 
463,513
Gas Utilities — 0.2%
Atmos Energy Corp. 4.13%, 3/15/2049
90,000
71,501
Boston Gas Co. 4.49%, 2/15/2042 (d)
100,000
79,921
Piedmont Natural Gas Co., Inc. 5.05%, 5/15/2052
75,000
65,148
Southwest Gas Corp. 3.80%, 9/29/2046
65,000
45,502
 
262,072
Ground Transportation — 0.3%
Burlington Northern Santa Fe LLC 3.55%, 2/15/2050
100,000
74,173
CSX Corp. 3.35%, 9/15/2049
95,000
65,984
Norfolk Southern Corp. 4.05%, 8/15/2052
80,000
62,072
JPMorgan Active Bond ETF
SCHEDULE OF PORTFOLIO INVESTMENTS
AS OF November 30, 2023  (Unaudited) (continued)
INVESTMENTS
PRINCIPAL
AMOUNT($)
VALUE($)
Corporate Bonds — continued
Ground Transportation — continued
Penske Truck Leasing Co. LP 6.05%, 8/1/2028 (d)
100,000
100,763
Union Pacific Corp. 4.10%, 9/15/2067
65,000
49,467
 
352,459
Health Care Providers & Services — 0.6%
Aetna, Inc. 4.50%, 5/15/2042
100,000
82,831
CVS Health Corp.
5.25%, 1/30/2031
100,000
99,537
5.05%, 3/25/2048
175,000
153,411
Elevance Health, Inc. 4.65%, 1/15/2043
100,000
87,234
HCA, Inc.
5.50%, 6/1/2033
200,000
196,651
4.63%, 3/15/2052
165,000
130,670
UnitedHealth Group, Inc. 3.25%, 5/15/2051
185,000
130,032
 
880,366
Health Care REITs — 0.1%
Welltower OP LLC
3.10%, 1/15/2030
100,000
86,739
6.50%, 3/15/2041
100,000
103,174
 
189,913
Independent Power and Renewable Electricity Producers — 0.3%
Constellation Energy Generation LLC
5.80%, 3/1/2033
200,000
201,161
5.75%, 10/1/2041
105,000
98,405
Southern Power Co. 5.15%, 9/15/2041
130,000
110,322
 
409,888
Industrial REITs — 0.1%
Prologis LP 2.25%, 4/15/2030
100,000
83,482
Insurance — 0.2%
Berkshire Hathaway Finance Corp. 3.85%, 3/15/2052
110,000
85,991
Liberty Mutual Group, Inc. 3.95%, 10/15/2050 (d)
80,000
56,040
New York Life Insurance Co. 3.75%, 5/15/2050 (d)
120,000
87,426
Prudential Funding Asia plc (Hong Kong) 3.13%, 4/14/2030
50,000
43,325
Teachers Insurance & Annuity Association of America 4.27%, 5/15/2047 (d)
75,000
60,640
 
333,422
Interactive Media & Services — 0.1%
Meta Platforms, Inc. 5.60%, 5/15/2053
125,000
127,003
Media — 0.8%
Charter Communications Operating LLC
4.40%, 4/1/2033
200,000
177,454
3.50%, 3/1/2042
200,000
132,214
4.80%, 3/1/2050
145,000
107,864
Comcast Corp.
4.20%, 8/15/2034
250,000
227,823
3.25%, 11/1/2039
210,000
159,704
4.00%, 11/1/2049
135,000
105,597
JPMorgan Active Bond ETF
SCHEDULE OF PORTFOLIO INVESTMENTS
AS OF November 30, 2023  (Unaudited) (continued)
INVESTMENTS
PRINCIPAL
AMOUNT($)
VALUE($)
Corporate Bonds — continued
Media — continued
Discovery Communications LLC 3.63%, 5/15/2030
150,000
132,550
Paramount Global 4.38%, 3/15/2043
80,000
54,491
 
1,097,697
Metals & Mining — 0.2%
Newcrest Finance Pty. Ltd. (Australia)
3.25%, 5/13/2030 (d)
100,000
87,830
5.75%, 11/15/2041 (d)
100,000
98,831
Nucor Corp. 2.98%, 12/15/2055
70,000
41,935
Steel Dynamics, Inc. 3.25%, 10/15/2050
85,000
54,275
 
282,871
Multi-Utilities — 0.3%
Consolidated Edison Co. of New York, Inc. 5.70%, 6/15/2040
70,000
67,585
Consumers Energy Co. 3.25%, 8/15/2046
80,000
56,873
Dominion Energy, Inc. Series C, 4.90%, 8/1/2041
110,000
95,032
Puget Energy, Inc. 2.38%, 6/15/2028
100,000
86,845
San Diego Gas & Electric Co. 3.95%, 11/15/2041
55,000
42,852
Southern Co. Gas Capital Corp. 4.40%, 6/1/2043
140,000
111,510
 
460,697
Oil, Gas & Consumable Fuels — 1.2%
APA Infrastructure Ltd. (Australia) 4.25%, 7/15/2027 (d)
150,000
143,084
Columbia Pipelines Operating Co. LLC 5.93%, 8/15/2030 (d)
100,000
100,401
ConocoPhillips Co. 5.30%, 5/15/2053
85,000
81,888
Energy Transfer LP 6.50%, 2/1/2042
260,000
263,188
Exxon Mobil Corp.
3.00%, 8/16/2039
90,000
68,275
3.45%, 4/15/2051
95,000
70,307
Flex Intermediate Holdco LLC 3.36%, 6/30/2031 (d)
100,000
78,212
Marathon Petroleum Corp. 6.50%, 3/1/2041
70,000
71,815
MPLX LP 4.80%, 2/15/2029
100,000
96,817
NGPL PipeCo LLC
4.88%, 8/15/2027 (d)
100,000
96,160
3.25%, 7/15/2031 (d)
100,000
82,592
Phillips 66 Co. 4.90%, 10/1/2046
125,000
109,648
Plains All American Pipeline LP 4.90%, 2/15/2045
280,000
226,926
Sabine Pass Liquefaction LLC 4.50%, 5/15/2030
100,000
94,409
TotalEnergies Capital International SA (France) 3.13%, 5/29/2050
125,000
86,054
 
1,669,776
Pharmaceuticals — 0.2%
Merck & Co., Inc. 5.15%, 5/17/2063
125,000
121,585
Takeda Pharmaceutical Co. Ltd. (Japan) 3.03%, 7/9/2040
200,000
144,462
 
266,047
Residential REITs — 0.1%
Essex Portfolio LP 1.65%, 1/15/2031
100,000
76,069
UDR, Inc. 3.10%, 11/1/2034
100,000
78,176
 
154,245
JPMorgan Active Bond ETF
SCHEDULE OF PORTFOLIO INVESTMENTS
AS OF November 30, 2023  (Unaudited) (continued)
INVESTMENTS
PRINCIPAL
AMOUNT($)
VALUE($)
Corporate Bonds — continued
Retail REITs — 0.1%
NNN REIT, Inc. 5.60%, 10/15/2033
100,000
97,777
Realty Income Corp. 4.85%, 3/15/2030
100,000
96,879
 
194,656
Semiconductors & Semiconductor Equipment — 0.5%
Broadcom, Inc. 2.45%, 2/15/2031 (d)
150,000
123,331
Intel Corp. 5.70%, 2/10/2053
110,000
111,755
KLA Corp. 3.30%, 3/1/2050
95,000
67,555
NXP BV (China)
5.00%, 1/15/2033
100,000
95,237
3.25%, 5/11/2041
180,000
127,758
QUALCOMM, Inc. 4.50%, 5/20/2052
75,000
65,177
Texas Instruments, Inc. 5.05%, 5/18/2063
95,000
90,181
 
680,994
Software — 0.2%
Intuit, Inc. 5.50%, 9/15/2053
70,000
71,827
Oracle Corp.
4.90%, 2/6/2033
100,000
96,207
3.65%, 3/25/2041
215,000
162,898
 
330,932
Specialized REITs — 0.1%
Crown Castle, Inc. 4.00%, 3/1/2027
100,000
95,045
Extra Space Storage LP 5.90%, 1/15/2031
80,000
80,252
 
175,297
Specialty Retail — 0.1%
Lowe's Cos., Inc.
2.63%, 4/1/2031
100,000
84,028
5.75%, 7/1/2053
105,000
103,518
 
187,546
Technology Hardware, Storage & Peripherals — 0.2%
Apple, Inc. 4.10%, 8/8/2062
260,000
215,762
Tobacco — 0.1%
BAT Capital Corp. (United Kingdom)
2.26%, 3/25/2028
100,000
87,604
4.39%, 8/15/2037
130,000
105,017
 
192,621
Wireless Telecommunication Services — 0.4%
T-Mobile USA, Inc.
3.88%, 4/15/2030
200,000
183,703
3.00%, 2/15/2041
400,000
282,168
Vodafone Group plc (United Kingdom) 4.88%, 6/19/2049
115,000
97,751
 
563,622
Total Corporate Bonds
(Cost $21,134,273)
22,099,386
JPMorgan Active Bond ETF
SCHEDULE OF PORTFOLIO INVESTMENTS
AS OF November 30, 2023  (Unaudited) (continued)
INVESTMENTS
PRINCIPAL
AMOUNT($)
VALUE($)
Collateralized Mortgage Obligations — 5.8%
FHLMC, REMIC
Series 4016, Class KZ, 4.00%, 3/15/2042
301,026
279,768
Series 4487, Class TL, 3.00%, 5/15/2045
1,000,000
807,015
Series 4710, Class JE, 2.75%, 6/15/2047
602,771
496,613
Series 4994, Class LI, IO, 4.00%, 12/25/2048
181,775
33,493
Series 4896, Class CG, 3.50%, 4/15/2049
358,035
326,366
Series 5141, Class PA, 1.00%, 4/25/2050
352,234
277,667
FHLMC, STRIPS
Series 276, Class 20, 2.00%, 9/15/2042
277,206
233,804
Series 326, Class 350, 3.50%, 3/15/2044
566,875
512,869
FNMA, REMIC
Series 2012-4, Class NB, 4.00%, 2/25/2042
265,000
245,655
Series 2012-124, Class PA, 2.50%, 7/25/2042
122,888
108,845
Series 2017-87, Class EA, 3.00%, 4/25/2044
288,764
250,537
Series 2019-12, Class BA, 3.00%, 4/25/2049
313,368
267,264
Series 2020-54, Class UB, 5.00%, 7/25/2050
158,457
152,751
Series 2021-27, Class EC, 1.50%, 5/25/2051
164,655
129,002
GNMA Series 2019-83, Class YA, 4.77%, 6/20/2040 (b)
179,728
172,056
PRPM LLC
Series 2020-4, Class A1, 5.95%, 10/25/2025 (d) (e)
595,901
591,603
Series 2023-RCF2, Class A1, 4.00%, 11/25/2053 (d) (e)
200,000
185,868
Seasoned Credit Risk Transfer Trust
Series 2019-1, Class MA, 3.50%, 7/25/2058
288,096
265,056
Series 2019-1, Class MT, 3.50%, 7/25/2058
314,893
271,719
Series 2019-2, Class HT, 3.00%, 8/25/2058
617,353
511,569
Vendee Mortgage Trust
Series 2010-1, Class DZ, 4.25%, 4/15/2040
602,477
565,970
Series 2011-1, Class DZ, 3.75%, 9/15/2046
1,570,082
1,413,044
Total Collateralized Mortgage Obligations
(Cost $7,867,695)
8,098,534
Commercial Mortgage-Backed Securities — 5.5%
BB-UBS Trust Series 2012-SHOW, Class B, 3.88%, 11/5/2036 (d)
465,000
406,729
CSMC OA LLC
Series 2014-USA, Class A2, 3.95%, 9/15/2037 (d)
495,000
425,106
Series 2014-USA, Class B, 4.18%, 9/15/2037 (d)
500,000
389,145
FHLMC, Multi-Family Structured Pass-Through Certificates
Series KL06, Class XFX, IO, 1.47%, 12/25/2029 (b)
5,000,000
276,865
Series KJ40, Class A2, 3.69%, 11/25/2030 (b)
335,000
310,378
Series K135, Class AM, 1.91%, 10/25/2031 (b)
1,050,000
837,932
FNMA ACES Series 2023-M8, Class A1, 4.47%, 11/25/2032 (b)
500,000
490,366
FREMF Mortgage Trust
Series 2017-KGX1, Class BFX, 3.71%, 10/25/2027 (b) (d)
570,000
504,607
Series 2018-K154, Class B, 4.16%, 11/25/2032 (b) (d)
610,000
483,675
Series 2018-K155, Class B, 4.31%, 4/25/2033 (b) (d)
580,000
462,226
Series 2015-K46, Class C, 3.82%, 4/25/2048 (b) (d)
316,000
305,078
Series 2018-K80, Class B, 4.38%, 8/25/2050 (b) (d)
125,000
117,199
Series 2018-K79, Class C, 4.35%, 7/25/2051 (b) (d)
145,000
133,718
GAM Re-REMIC Trust
Series 2022-FRR3, Class BK41, PO, 10/27/2047 (d)
250,000
232,187
JPMorgan Active Bond ETF
SCHEDULE OF PORTFOLIO INVESTMENTS
AS OF November 30, 2023  (Unaudited) (continued)
INVESTMENTS
PRINCIPAL
AMOUNT($)
VALUE($)
Commercial Mortgage-Backed Securities — continued
Series 2022-FRR3, Class CK41, PO, 10/27/2047 (d)
100,000
92,434
Series 2022-FRR3, Class AK47, 0.70%, 5/27/2048 (b) (d)
500,000
453,535
Series 2021-FRR1, Class 2A, PO, 11/29/2050 (d)
580,000
436,495
Series 2021-FRR2, Class BK49, 2.30%, 9/27/2051 (b) (d)
300,000
274,394
GNMA Series 2017-76, Class B, 2.60%, 12/16/2056
745,502
520,637
JPMCC Re-REMIC Trust Series 2015-FRR2, Class AK39, 2.70%, 8/27/2047 (b) (d)
500,000
476,002
Total Commercial Mortgage-Backed Securities
(Cost $7,491,289)
7,628,708
Foreign Government Securities — 0.2%
United Mexican States 6.34%, 5/4/2053
(Cost $217,232)
230,000
218,730
 
SHARES
Short-Term Investments — 9.1%
Investment Companies — 9.1%
JPMorgan U.S. Government Money Market Fund Class IM Shares, 5.28% (h) (i)
(Cost $12,614,631)
12,614,631
12,614,631
Total Investments — 108.4%
(Cost $146,716,200)
150,050,161
Liabilities in Excess of Other Assets — (8.4)%
(11,586,135
)
NET ASSETS — 100.0%
138,464,026
 
Percentages indicated are based on net assets.
 
Abbreviations
 
ABS
Asset-Backed Securities
ACES
Alternative Credit Enhancement Securities
CME
Chicago Mercantile Exchange
CSMC
Credit Suisse Mortgage Trust
FHLMC
Federal Home Loan Mortgage Corp.
FNMA
Federal National Mortgage Association
GNMA
Government National Mortgage Association
IO
Interest Only represents the right to receive the monthly interest payments on an underlying pool of mortgage loans. The principal amount shown
represents the par value on the underlying pool. The yields on these securities are subject to accelerated principal paydowns as a result of prepayment or
refinancing of the underlying pool of mortgage instruments. As a result, interest income may be reduced considerably.
PO
Principal Only represents the right to receive the principal portion only on an underlying pool of mortgage loans. The market value of these securities is
extremely volatile in response to changes in market interest rates. As prepayments on the underlying mortgages of these securities increase, the yield on
these securities increases.
REIT
Real Estate Investment Trust
REMIC
Real Estate Mortgage Investment Conduit
Re-REMIC
Combined Real Estate Mortgage Investment Conduit
SOFR
Secured Overnight Financing Rate
STRIPS
Separate Trading of Registered Interest and Principal of Securities. The STRIPS Program lets investors hold and trade individual interest and principal
components of eligible notes and bonds as separate securities.
TBA
To Be Announced; Security is subject to delayed delivery.
UMBS
Uniform Mortgage-Backed Securities
 
^
Amount rounds to less than 0.1% of net assets.
‡
Value determined using significant unobservable inputs.
 
(a)
The rate shown is the effective yield as of November 30, 2023.
 
(b)
Variable or floating rate security, the interest rate of which adjusts periodically based on changes in current interest rates and prepayments
on the underlying pool of assets. The interest rate shown is the current rate as of November 30, 2023.
 
(c)
All or a portion of the security is a when-issued security, delayed delivery security, or forward commitment.
 
JPMorgan Active Bond ETF
SCHEDULE OF PORTFOLIO INVESTMENTS
AS OF November 30, 2023  (Unaudited) (continued)
(d)
Securities exempt from registration under Rule 144A or section 4(a)(2), of the Securities Act of 1933, as amended.
 
(e)
Step bond. Interest rate is a fixed rate for an initial period that either resets at a specific date or may reset in the future contingent upon a
predetermined trigger. The interest rate shown is the current rate as of November 30, 2023.
 
(f)
Variable or floating rate security, linked to the referenced benchmark. The interest rate shown is the current rate as of November 30, 2023.
 
(g)
Contingent Capital security (“CoCo”). CoCos are hybrid debt securities that may be convertible into equity or may be written down if a
pre-specified trigger event occurs. The total value of aggregate CoCo holdings at November 30, 2023 is $196,372 or 0.14% of the Fund’s
net assets as of November 30, 2023.
 
(h)
Investment in an affiliated fund, which is registered under the Investment Company Act of 1940, as amended, and is advised by J.P. Morgan
Investment Management Inc.
 
(i)
The rate shown is the current yield as of November 30, 2023.
 
Futures contracts outstanding as of November 30, 2023:
 
DESCRIPTION
NUMBER OF
CONTRACTS
EXPIRATION DATE
TRADING CURRENCY
NOTIONAL
AMOUNT ($)
VALUE AND
UNREALIZED
APPRECIATION
(DEPRECIATION) ($)
Long Contracts
U.S. Treasury Ultra Bond
16
03/19/2024
USD
1,970,000
25,215
 
Abbreviations
 
USD
United States Dollar
JPMorgan Active Bond ETF
SCHEDULE OF PORTFOLIO INVESTMENTS
AS OF November 30, 2023  (Unaudited) (continued)
A. Valuation of Investments— Investments are valued in accordance with U.S. generally accepted accounting principles (“GAAP”) and the Fund's valuation policies set forth by, and under the supervision and responsibility of, the Board of Trustees of the Trust (the “Board”), which established the following approach to valuation, as described more fully below: (i) investments for which market quotations are readily available shall be valued at their market value and (ii) all other investments for which market quotations are not readily available shall be valued at their fair value as determined in good faith by the Board.
Under Section 2(a)(41) of the Investment Company Act of 1940, the Board is required to determine fair value for securities that do not have readily available market quotations. Under SEC Rule 2a-5 (Good Faith Determinations of Fair Value), the Board may designate the performance of these fair valuation determinations to a valuation designee. The Board has designated the Adviser as the “Valuation Designee” to perform fair valuation determinations for the Fund on behalf of the Board subject to appropriate oversight by the Board. The Adviser, as Valuation Designee, leverages the J.P. Morgan Asset Management Americas Valuation Committee (“AVC”) to help oversee and carry out the policies for the valuation of investments held in the Fund. The Adviser, as Valuation Designee, remains responsible for the valuation determinations.
This oversight by the AVC includes monitoring the appropriateness of fair values based on results of ongoing valuation oversight including, but not limited to, consideration of macro or security specific events, market events, and pricing vendor and broker due diligence. The Administrator is responsible for discussing and assessing the potential impacts to the fair values on an ongoing basis, and, at least on a quarterly basis, with the AVC and the Board.
A market-based approach is primarily used to value the Fund's investments. Investments for which market quotations are not readily available are fair valued using prices supplied by approved affiliated and/or unaffiliated pricing vendors or third party broker-dealers (collectively referred to as “Pricing Services”), or may be internally fair valued using methods set forth by the valuation policies approved by the Board. This may include the use of related or comparable assets or liabilities, recent transactions, market multiples, book values and other relevant information for the investment. An income-based valuation approach may be used in which the anticipated future cash flows of the investment are discounted to calculate the fair value. Discounts may also be applied due to the nature or duration of any restrictions on the disposition of the investments. Valuations may be based upon current market prices of securities that are comparable in coupon, rating, maturity and industry. It is possible that the estimated values may differ significantly from the values that would have been used had a ready market for the investments existed, and such differences could be material.
Fixed income instruments are valued based on prices received from Pricing Services. The Pricing Services use multiple valuation techniques to determine the valuation of fixed income instruments. In instances where sufficient market activity exists, the Pricing Services may utilize a market-based approach through which trades or quotes from market makers are used to determine the valuation of these instruments. In instances where sufficient market activity may not exist, the Pricing Services also utilize proprietary valuation models which may consider market transactions in comparable securities and the various relationships between securities in determining fair value and/or market characteristics in order to estimate the relevant cash flows, which are then discounted to calculate the fair values.
Equities and other exchange-traded instruments are valued at the last sale price or official market closing price on the primary exchange on which the instrument is traded before the net asset value (“NAV”) of the Fund is calculated on a valuation date. Certain foreign equity instruments are valued by applying international fair value factors provided by approved Pricing Services. The factors seek to adjust the local closing price for movements of local markets post-closing, but prior to the time the NAVs are calculated.  
Investments in open-end investment companies (“Underlying Funds”) are valued at each Underlying Fund’s per share as of the report date.
Futures contracts are generally valued on the basis of available market quotations.
Valuations reflected in this report are as of the report date. As a result, changes in valuation due to market events and/or issuer-related events after the report date and prior to issuance of the report are not reflected herein.
The various inputs that are used in determining the valuation of the Fund's investments are summarized into the three broad levels listed below.
•
Level 1 — Unadjusted inputs using quoted prices in active markets for identical investments.
•
Level 2 — Other significant observable inputs including, but not limited to, quoted prices for similar investments, inputs other than quoted prices that are observable for investments (such as interest rates, prepayment speeds, credit risk, etc.) or other market corroborated inputs.
•
Level 3 — Significant inputs based on the best information available in the circumstances, to the extent observable inputs are not available (including the Fund's assumptions in determining the fair value of investments).
A financial instrument’s level within the fair value hierarchy is based on the lowest level of any input, both individually and in the aggregate, that is significant to the fair value measurement. The inputs or methodology used for valuing instruments are not necessarily an indication of the risk associated with investing in those instruments. 
JPMorgan Active Bond ETF
SCHEDULE OF PORTFOLIO INVESTMENTS
AS OF November 30, 2023  (Unaudited) (continued)
The following table represents each valuation input as presented on the Schedule of Portfolio Investments (“SOI”): 
 
 
 
 
 
 
Level 1
Quoted prices
Level 2
Other significant
observable inputs
Level 3
Significant
unobservable inputs
Total
Investments in Securities
Asset-Backed Securities
$—
$26,803,723
$461,717
$27,265,440
Collateralized Mortgage Obligations
—
8,098,534
—
8,098,534
Commercial Mortgage-Backed Securities
—
7,628,708
—
7,628,708
Corporate Bonds
—
22,099,386
—
22,099,386
Foreign Government Securities
—
218,730
—
218,730
Mortgage-Backed Securities
—
34,809,039
—
34,809,039
U.S. Treasury Obligations
—
37,315,693
—
37,315,693
Short-Term Investments
Investment Companies
12,614,631
—
—
12,614,631
Total Investments in Securities
$12,614,631
$136,973,813
$461,717
$150,050,161
Appreciation in Other Financial Instruments
Futures Contracts
$25,215
$—
$—
$25,215
There were no significant transfers into or out of level 3 for the period ended November 30, 2023.
B. Investment Transactions with Affiliates — The Fund invested in Underlying Funds advised by the Adviser. An issuer which is under common control with the Fund may be considered an affiliate. The Fund assumes the issuers listed in the table below to be affiliated issuers. The Underlying Funds’ distributions may be reinvested into such Underlying Funds. Reinvestment amounts are included in the purchases at cost amounts in the table below. 
 
For the period ended November 30, 2023
Security Description
Value at
October 11,
2023(a)
Purchases at
Cost
Proceeds from
Sales
Net Realized
Gain (Loss)
Change in
Unrealized
Appreciation/
(Depreciation)
Value at
November 30,
2023
Shares at
November 30,
2023
Dividend
Income
Capital Gain
Distributions
JPMorgan U.S. Government Money
Market Fund Class IM Shares, 5.28%
 (b) (c)
$—
$87,348,252
$74,733,621
$—
$—
$12,614,631
12,614,631
$137,148
$—
 
 
(a)
Commencement of operations was October 11, 2023.
(b)
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.
(c)
The rate shown is the current yield as of November 30, 2023.