NPORT-EX 2 JPMBBUSDHYCBETF.htm EDGAR HTML
JPMorgan BetaBuilders USD High Yield Corporate Bond ETF
Schedule of Portfolio Investments as of November 30, 2023
(Unaudited) 
THE “UNAUDITED EXCHANGE-TRADED FUNDS HOLDINGS”
LIST (“the List”) IS TO BE USED FOR REPORTING PURPOSES
ONLY.  IT IS NOT TO BE REPRODUCED FOR USE AS
ADVERTISING OR SALES LITERATURE WITH THE GENERAL
PUBLIC. The list is submitted for the general information of the
shareholders of the Fund. It is not authorized for distribution to
prospective investors in the Fund unless preceded or accompanied by a
prospectus. The list has been created from the books and records of
the Fund. Holdings are available 60 days after the fund’s fiscal quarter,
using a trade date accounting convention, by contacting the appropriate
service center. The list is subject to change without notice. The list is
for informational purposes only and is not intended as an offer or
solicitation with respect to the purchase or sale of any security.
JPMorgan Asset Management is the marketing name for the asset
management business of J.P. Morgan  Chase & Co.
J.P. Morgan Distribution Services, Inc., member FINRA.
© J.P. Morgan Chase & Co., 2023.
JPMorgan BetaBuilders USD High Yield Corporate Bond ETF
SCHEDULE OF PORTFOLIO INVESTMENTS
AS OF November 30, 2023  (Unaudited)
 
INVESTMENTS
PRINCIPAL
AMOUNT($)
VALUE($)
Corporate Bonds — 97.4%
Aerospace & Defense — 2.1%
Bombardier, Inc. (Canada)
7.50%, 3/15/2025 (a)
35,000
34,989
7.13%, 6/15/2026 (a)
662,000
661,944
7.88%, 4/15/2027 (a)
1,090,000
1,090,791
6.00%, 2/15/2028 (a)
293,000
276,197
7.50%, 2/1/2029 (a)
156,000
154,568
BWX Technologies, Inc. 4.13%, 4/15/2029 (a)
130,000
117,163
Moog, Inc. 4.25%, 12/15/2027 (a)
336,000
311,788
Rolls-Royce plc (United Kingdom) 5.75%, 10/15/2027 (a)
600,000
592,911
Spirit AeroSystems, Inc.
3.85%, 6/15/2026
390,000
369,082
4.60%, 6/15/2028
251,000
214,261
9.38%, 11/30/2029 (a)
460,000
497,393
TransDigm, Inc.
6.25%, 3/15/2026 (a)
2,007,000
1,993,153
5.50%, 11/15/2027
1,479,000
1,423,433
6.75%, 8/15/2028 (a)
320,000
320,573
4.88%, 5/1/2029
814,000
737,638
6.88%, 12/15/2030 (a)
1,033,000
1,034,291
Triumph Group, Inc.
7.75%, 8/15/2025
374,000
366,582
9.00%, 3/15/2028 (a)
105,000
107,786
 
10,304,543
Air Freight & Logistics — 0.0% ^
Cargo Aircraft Management, Inc. 4.75%, 2/1/2028 (a)
60,000
52,704
Rand Parent LLC 8.50%, 2/15/2030 (a)
81,000
76,564
 
129,268
Automobile Components — 2.3%
Adient Global Holdings Ltd.
4.88%, 8/15/2026 (a)
350,000
336,962
7.00%, 4/15/2028 (a)
241,000
244,872
8.25%, 4/15/2031 (a)
280,000
284,683
Allison Transmission, Inc. 5.88%, 6/1/2029 (a)
359,000
347,465
American Axle & Manufacturing, Inc.
6.50%, 4/1/2027
523,000
504,516
5.00%, 10/1/2029
263,000
217,661
Clarios Global LP
6.75%, 5/15/2025 (a)
145,000
145,360
6.25%, 5/15/2026 (a)
321,000
319,233
8.50%, 5/15/2027 (a)
756,000
760,530
Dana, Inc.
5.38%, 11/15/2027
411,000
390,148
5.63%, 6/15/2028
101,000
96,263
4.50%, 2/15/2032
269,000
220,566
Dealer Tire LLC 8.00%, 2/1/2028 (a)
262,000
248,389
Dornoch Debt Merger Sub, Inc. 6.63%, 10/15/2029 (a)
267,000
227,738
JPMorgan BetaBuilders USD High Yield Corporate Bond ETF
SCHEDULE OF PORTFOLIO INVESTMENTS
AS OF November 30, 2023  (Unaudited) (continued)
INVESTMENTS
PRINCIPAL
AMOUNT($)
VALUE($)
Corporate Bonds — continued
Automobile Components — continued
Goodyear Tire & Rubber Co. (The)
5.00%, 5/31/2026
407,000
394,381
4.88%, 3/15/2027
873,000
824,447
5.00%, 7/15/2029
332,000
302,900
5.25%, 4/30/2031
485,000
425,996
5.63%, 4/30/2033
172,000
148,038
Icahn Enterprises LP
6.38%, 12/15/2025
354,000
341,619
6.25%, 5/15/2026
889,000
839,386
5.25%, 5/15/2027
602,000
544,810
4.38%, 2/1/2029
199,000
163,155
IHO Verwaltungs GmbH (Germany)
4.75% (Cash), 9/15/2026 (a) (b)
551,000
518,765
6.37% (Cash), 5/15/2029 (a) (b)
393,000
360,852
Patrick Industries, Inc.
7.50%, 10/15/2027 (a)
111,000
110,201
4.75%, 5/1/2029 (a)
144,000
124,446
Real Hero Merger Sub 2, Inc. 6.25%, 2/1/2029 (a)
387,000
313,302
Tenneco, Inc. 8.00%, 11/17/2028 (a)
1,020,000
839,776
ZF North America Capital, Inc. (Germany)
4.75%, 4/29/2025 (a)
150,000
146,589
6.88%, 4/14/2028 (a)
300,000
304,275
 
11,047,324
Automobiles — 1.3%
Aston Martin Capital Holdings Ltd. (Jersey) 10.50%, 11/30/2025 (a)
200,000
200,050
Ford Motor Co.
4.35%, 12/8/2026
340,000
321,786
6.63%, 10/1/2028
453,000
458,410
3.25%, 2/12/2032
1,550,000
1,236,311
6.10%, 8/19/2032
1,074,000
1,044,892
4.75%, 1/15/2043
546,000
421,796
5.29%, 12/8/2046
951,000
773,025
Jaguar Land Rover Automotive plc (United Kingdom)
7.75%, 10/15/2025 (a)
419,000
423,254
4.50%, 10/1/2027 (a)
211,000
194,951
5.88%, 1/15/2028 (a)
273,000
265,924
Mclaren Finance plc (United Kingdom) 7.50%, 8/1/2026 (a)
454,000
386,176
PM General Purchaser LLC 9.50%, 10/1/2028 (a)
324,000
317,423
Thor Industries, Inc. 4.00%, 10/15/2029 (a)
261,000
223,978
Winnebago Industries, Inc. 6.25%, 7/15/2028 (a)
291,000
278,974
 
6,546,950
Banks — 0.7%
Intesa Sanpaolo SpA (Italy)
5.71%, 1/15/2026 (a)
715,000
701,763
(US Treasury Yield Curve Rate T Note Constant Maturity 1 Year + 2.60%), 4.20%, 6/1/2032 (a) (c)
338,000
261,733
(US Treasury Yield Curve Rate T Note Constant Maturity 1 Year + 2.75%), 4.95%, 6/1/2042 (a) (c)
219,000
144,206
Pacific Western Bank (3-MONTH CME TERM SOFR + 2.52%), 3.25%, 5/1/2031 (c)
543,000
453,438
JPMorgan BetaBuilders USD High Yield Corporate Bond ETF
SCHEDULE OF PORTFOLIO INVESTMENTS
AS OF November 30, 2023  (Unaudited) (continued)
INVESTMENTS
PRINCIPAL
AMOUNT($)
VALUE($)
Corporate Bonds — continued
Banks — continued
Popular, Inc. (Puerto Rico) 7.25%, 3/13/2028
190,000
190,190
UniCredit SpA (Italy)
(USD ICE Swap Rate 5 Year + 3.70%), 5.86%, 6/19/2032 (a) (c)
946,000
890,812
(US Treasury Yield Curve Rate T Note Constant Maturity 5 Year + 4.75%), 5.46%, 6/30/2035 (a) (c)
649,000
566,941
Western Alliance Bancorp (3-MONTH CME TERM SOFR + 2.25%), 3.00%, 6/15/2031 (c)
73,000
58,808
 
3,267,891
Beverages — 0.1%
Primo Water Holdings, Inc. (Canada) 4.38%, 4/30/2029 (a)
145,000
128,652
Triton Water Holdings, Inc. 6.25%, 4/1/2029 (a)
276,000
236,325
 
364,977
Biotechnology — 0.1%
Emergent BioSolutions, Inc. 3.88%, 8/15/2028 (a)
392,000
154,350
Grifols SA (Spain) 4.75%, 10/15/2028 (a)
340,000
300,356
 
454,706
Broadline Retail — 1.3%
ANGI Group LLC 3.88%, 8/15/2028 (a)
122,000
100,380
Go Daddy Operating Co. LLC 3.50%, 3/1/2029 (a)
852,000
750,268
Kohl's Corp. 4.62%, 5/1/2031 (d)
625,000
457,031
Macy's Retail Holdings LLC
5.88%, 4/1/2029 (a)
617,000
579,918
5.88%, 3/15/2030 (a)
5,000
4,538
4.50%, 12/15/2034
363,000
270,435
Match Group Holdings II LLC
5.00%, 12/15/2027 (a)
295,000
282,480
4.63%, 6/1/2028 (a)
110,000
102,540
5.63%, 2/15/2029 (a)
149,000
140,433
4.13%, 8/1/2030 (a)
411,000
357,648
3.63%, 10/1/2031 (a)
100,000
81,750
Millennium Escrow Corp. 6.63%, 8/1/2026 (a)
392,000
302,506
NMG Holding Co., Inc. 7.13%, 4/1/2026 (a)
504,000
472,115
Nordstrom, Inc.
4.00%, 3/15/2027
5,000
4,701
6.95%, 3/15/2028
33,000
33,379
4.38%, 4/1/2030
505,000
419,876
4.25%, 8/1/2031
91,000
71,845
5.00%, 1/15/2044
441,000
292,578
Photo Holdings Merger Sub, Inc. 8.50%, 10/1/2026 (a)
259,000
103,600
QVC, Inc.
4.45%, 2/15/2025
156,000
144,668
4.75%, 2/15/2027
839,000
641,927
5.95%, 3/15/2043
118,000
61,013
Rakuten Group, Inc. (Japan) (US Treasury Yield Curve Rate T Note Constant Maturity 5 Year + 4.96%), 6.25%,
4/22/2031 (a) (c) (e) (f)
814,000
521,774
 
6,197,403
Building Products — 1.5%
ACProducts Holdings, Inc. 6.38%, 5/15/2029 (a)
265,000
164,491
JPMorgan BetaBuilders USD High Yield Corporate Bond ETF
SCHEDULE OF PORTFOLIO INVESTMENTS
AS OF November 30, 2023  (Unaudited) (continued)
INVESTMENTS
PRINCIPAL
AMOUNT($)
VALUE($)
Corporate Bonds — continued
Building Products — continued
Advanced Drainage Systems, Inc. 6.38%, 6/15/2030 (a)
508,000
499,110
AmeriTex HoldCo Intermediate LLC 10.25%, 10/15/2028 (a)
11,000
10,753
Builders FirstSource, Inc.
5.00%, 3/1/2030 (a)
862,000
802,765
4.25%, 2/1/2032 (a)
164,000
140,681
Camelot Return Merger Sub, Inc. 8.75%, 8/1/2028 (a)
441,000
434,936
Cornerstone Building Brands, Inc. 6.13%, 1/15/2029 (a)
236,000
185,260
CP Atlas Buyer, Inc. 7.00%, 12/1/2028 (a)
235,000
192,505
Eco Material Technologies, Inc. 7.88%, 1/31/2027 (a)
51,000
50,130
Emerald Debt Merger Sub LLC 6.63%, 12/15/2030 (a)
455,000
453,862
Griffon Corp. 5.75%, 3/1/2028
584,000
551,958
James Hardie International Finance DAC 5.00%, 1/15/2028 (a)
300,000
281,250
JELD-WEN, Inc. 4.88%, 12/15/2027 (a)
492,000
453,806
Masonite International Corp.
5.38%, 2/1/2028 (a)
113,000
107,350
3.50%, 2/15/2030 (a)
373,000
315,245
MIWD Holdco II LLC 5.50%, 2/1/2030 (a)
39,000
33,043
New Enterprise Stone & Lime Co., Inc. 5.25%, 7/15/2028 (a)
32,000
29,786
Oscar AcquisitionCo LLC 9.50%, 4/15/2030 (a)
325,000
296,111
PGT Innovations, Inc. 4.38%, 10/1/2029 (a)
380,000
359,614
Standard Industries, Inc.
5.00%, 2/15/2027 (a)
22,000
21,065
4.75%, 1/15/2028 (a)
1,063,000
999,028
3.38%, 1/15/2031 (a)
529,000
434,339
Summit Materials LLC 6.50%, 3/15/2027 (a)
399,000
396,007
 
7,213,095
Capital Markets — 0.6%
AG TTMT Escrow Issuer LLC 8.63%, 9/30/2027 (a)
510,000
529,010
Aretec Escrow Issuer, Inc. 7.50%, 4/1/2029 (a)
105,000
88,731
Brightsphere Investment Group, Inc. 4.80%, 7/27/2026
170,000
161,032
Coinbase Global, Inc. 3.38%, 10/1/2028 (a)
348,000
280,016
Compass Group Diversified Holdings LLC
5.25%, 4/15/2029 (a)
509,000
464,894
5.00%, 1/15/2032 (a)
35,000
29,136
Dresdner Funding Trust I 8.15%, 6/30/2031 (a)
600,000
636,173
Jane Street Group 4.50%, 11/15/2029 (a)
517,000
462,748
Osaic Holdings, Inc. 10.75%, 8/1/2027 (a)
10,000
10,080
StoneX Group, Inc. 8.63%, 6/15/2025 (a)
320,000
321,692
 
2,983,512
Chemicals — 2.8%
Ashland, Inc.
3.38%, 9/1/2031 (a)
261,000
212,004
6.88%, 5/15/2043
96,000
90,784
ASP Unifrax Holdings, Inc.
5.25%, 9/30/2028 (a)
140,000
96,238
7.50%, 9/30/2029 (a)
336,000
178,920
JPMorgan BetaBuilders USD High Yield Corporate Bond ETF
SCHEDULE OF PORTFOLIO INVESTMENTS
AS OF November 30, 2023  (Unaudited) (continued)
INVESTMENTS
PRINCIPAL
AMOUNT($)
VALUE($)
Corporate Bonds — continued
Chemicals — continued
Avient Corp.
5.75%, 5/15/2025 (a)
237,000
236,170
7.13%, 8/1/2030 (a)
412,000
414,383
Axalta Coating Systems LLC 4.75%, 6/15/2027 (a)
819,000
776,421
Cerdia Finanz GmbH (Germany) 10.50%, 2/15/2027 (a)
248,000
251,218
Chemours Co. (The)
5.38%, 5/15/2027
38,000
36,117
5.75%, 11/15/2028 (a)
767,000
694,271
4.63%, 11/15/2029 (a)
5,000
4,201
Cornerstone Chemical Co. 10.25% (Blend (Cash 8.25% + PIK 2.00%)), 9/1/2027 (a) (b)
41,000
34,233
CVR Partners LP 6.13%, 6/15/2028 (a)
301,000
276,152
Element Solutions, Inc. 3.88%, 9/1/2028 (a)
247,000
219,495
FXI Holdings, Inc. 12.25%, 11/15/2026 (a)
448,000
392,000
GPD Cos., Inc. 10.13%, 4/1/2026 (a)
330,000
300,027
INEOS Finance plc (Luxembourg) 6.75%, 5/15/2028 (a)
619,000
589,785
Ingevity Corp. 3.88%, 11/1/2028 (a)
56,000
47,460
LSB Industries, Inc. 6.25%, 10/15/2028 (a)
433,000
403,588
LSF11 A5 HoldCo LLC 6.63%, 10/15/2029 (a)
55,000
45,879
Mativ Holdings, Inc. 6.88%, 10/1/2026 (a)
531,000
489,931
Methanex Corp. (Canada)
5.13%, 10/15/2027
177,000
166,804
5.25%, 12/15/2029
685,000
630,618
5.65%, 12/1/2044
91,000
73,352
NOVA Chemicals Corp. (Canada)
4.88%, 6/1/2024 (a)
8,000
7,909
5.25%, 6/1/2027 (a)
78,000
70,212
4.25%, 5/15/2029 (a)
833,000
657,660
Nufarm Australia Ltd. (Australia) 5.00%, 1/27/2030 (a)
340,000
301,209
Olin Corp.
5.13%, 9/15/2027
348,000
331,313
5.63%, 8/1/2029
403,000
384,642
5.00%, 2/1/2030
51,000
46,829
Olympus Water US Holding Corp.
4.25%, 10/1/2028 (a)
680,000
589,927
9.75%, 11/15/2028 (a)
200,000
205,711
6.25%, 10/1/2029 (a)
75,000
61,524
Rain Carbon, Inc. 12.25%, 9/1/2029 (a)
39,000
39,780
Rain CII Carbon LLC 7.25%, 4/1/2025 (a)
8,000
7,670
Rayonier AM Products, Inc. 7.63%, 1/15/2026 (a)
505,000
428,321
SCIH Salt Holdings, Inc.
4.88%, 5/1/2028 (a)
513,000
464,593
6.63%, 5/1/2029 (a)
376,000
333,084
SCIL IV LLC 5.38%, 11/1/2026 (a)
381,000
357,655
Scotts Miracle-Gro Co. (The)
4.50%, 10/15/2029
237,000
202,078
4.00%, 4/1/2031
255,000
204,644
4.38%, 2/1/2032
249,000
197,732
SK Invictus Intermediate II SARL 5.00%, 10/30/2029 (a)
539,000
438,010
JPMorgan BetaBuilders USD High Yield Corporate Bond ETF
SCHEDULE OF PORTFOLIO INVESTMENTS
AS OF November 30, 2023  (Unaudited) (continued)
INVESTMENTS
PRINCIPAL
AMOUNT($)
VALUE($)
Corporate Bonds — continued
Chemicals — continued
SNF Group SACA (France) 3.13%, 3/15/2027 (a)
330,000
293,919
Trinseo Materials Operating SCA 5.13%, 4/1/2029 (a)
185,000
71,871
Tronox, Inc. 4.63%, 3/15/2029 (a)
587,000
499,103
Vibrantz Technologies, Inc. 9.00%, 2/15/2030 (a)
386,000
297,351
WR Grace Holdings LLC 5.63%, 8/15/2029 (a)
674,000
567,353
 
13,720,151
Commercial Services & Supplies — 3.3%
ACCO Brands Corp. 4.25%, 3/15/2029 (a)
405,000
350,637
ADT Security Corp. (The)
4.13%, 8/1/2029 (a)
250,000
222,207
4.88%, 7/15/2032 (a)
686,000
601,155
Allied Universal Holdco LLC
6.63%, 7/15/2026 (a)
1,238,000
1,202,944
9.75%, 7/15/2027 (a)
635,000
584,268
6.00%, 6/1/2029 (a)
209,000
159,114
APi Group DE, Inc.
4.13%, 7/15/2029 (a)
5,000
4,366
4.75%, 10/15/2029 (a)
60,000
53,698
Aptim Corp. 7.75%, 6/15/2025 (a)
13,000
12,121
APX Group, Inc. 5.75%, 7/15/2029 (a)
687,000
613,443
Aramark Services, Inc. 5.00%, 2/1/2028 (a)
436,000
412,609
Brink's Co. (The) 4.63%, 10/15/2027 (a)
512,000
479,964
Clean Harbors, Inc.
4.88%, 7/15/2027 (a)
25,000
24,077
6.38%, 2/1/2031 (a)
549,000
544,796
CoreCivic, Inc. 8.25%, 4/15/2026
568,000
579,306
Covanta Holding Corp.
4.88%, 12/1/2029 (a)
359,000
297,970
5.00%, 9/1/2030
102,000
83,231
Deluxe Corp. 8.00%, 6/1/2029 (a)
329,000
277,487
Enviri Corp. 5.75%, 7/31/2027 (a)
307,000
267,188
Garda World Security Corp. (Canada)
4.63%, 2/15/2027 (a)
99,000
94,132
9.50%, 11/1/2027 (a)
395,000
380,990
7.75%, 2/15/2028 (a)
275,000
277,636
6.00%, 6/1/2029 (a)
205,000
170,729
GEO Group, Inc. (The) 10.50%, 6/30/2028
301,000
303,516
GFL Environmental, Inc. (Canada)
4.25%, 6/1/2025 (a)
337,000
329,166
5.13%, 12/15/2026 (a)
725,000
703,324
4.75%, 6/15/2029 (a)
486,000
443,882
Interface, Inc. 5.50%, 12/1/2028 (a)
142,000
127,613
Madison IAQ LLC
4.13%, 6/30/2028 (a)
359,000
318,924
5.88%, 6/30/2029 (a)
458,000
384,258
Neptune Bidco US, Inc. 9.29%, 4/15/2029 (a)
1,360,000
1,263,017
JPMorgan BetaBuilders USD High Yield Corporate Bond ETF
SCHEDULE OF PORTFOLIO INVESTMENTS
AS OF November 30, 2023  (Unaudited) (continued)
INVESTMENTS
PRINCIPAL
AMOUNT($)
VALUE($)
Corporate Bonds — continued
Commercial Services & Supplies — continued
Pitney Bowes, Inc.
6.88%, 3/15/2027 (a)
668,000
591,180
7.25%, 3/15/2029 (a)
75,000
61,459
Prime Security Services Borrower LLC
5.75%, 4/15/2026 (a)
1,073,000
1,061,273
6.25%, 1/15/2028 (a)
651,000
625,134
Steelcase, Inc. 5.13%, 1/18/2029
351,000
321,765
Stericycle, Inc. 3.88%, 1/15/2029 (a)
421,000
371,214
Vericast Corp. 11.00%, 9/15/2026 (a)
849,000
892,511
Waste Pro USA, Inc. 5.50%, 2/15/2026 (a)
245,000
231,219
Williams Scotsman, Inc.
6.13%, 6/15/2025 (a)
200,000
198,582
4.63%, 8/15/2028 (a)
374,000
343,796
 
16,265,901
Communications Equipment — 0.5%
CommScope Technologies LLC 5.00%, 3/15/2027 (a)
389,000
165,325
CommScope, Inc.
6.00%, 3/1/2026 (a)
1,082,000
927,815
8.25%, 3/1/2027 (a)
816,000
405,960
7.13%, 7/1/2028 (a)
15,000
7,013
4.75%, 9/1/2029 (a)
189,000
118,597
Viasat, Inc.
5.63%, 4/15/2027 (a)
417,000
386,246
6.50%, 7/15/2028 (a)
305,000
232,562
Viavi Solutions, Inc. 3.75%, 10/1/2029 (a)
106,000
88,523
 
2,332,041
Construction & Engineering — 0.8%
AECOM 5.13%, 3/15/2027
490,000
476,384
Arcosa, Inc. 4.38%, 4/15/2029 (a)
140,000
124,865
Artera Services LLC 9.03%, 12/4/2025 (a)
568,000
518,729
ATP Tower Holdings LLC (Chile) 4.05%, 4/27/2026 (a)
277,000
242,375
Brand Industrial Services, Inc. 10.38%, 8/1/2030 (a)
253,000
262,318
Brundage-Bone Concrete Pumping Holdings, Inc. 6.00%, 2/1/2026 (a)
487,000
470,125
Dycom Industries, Inc. 4.50%, 4/15/2029 (a)
411,000
371,548
Fluor Corp. 4.25%, 9/15/2028
232,000
216,631
Global Infrastructure Solutions, Inc. 5.63%, 6/1/2029 (a)
144,000
120,350
INNOVATE Corp. 8.50%, 2/1/2026 (a)
49,000
37,244
Pike Corp. 5.50%, 9/1/2028 (a)
374,000
340,639
Tutor Perini Corp. 6.88%, 5/1/2025 (a)
345,000
314,156
VM Consolidated, Inc. 5.50%, 4/15/2029 (a)
215,000
194,835
Weekley Homes LLC 4.88%, 9/15/2028 (a)
364,000
333,506
 
4,023,705
Consumer Finance — 4.0%
Ally Financial, Inc.
5.75%, 11/20/2025
485,000
475,982
6.70%, 2/14/2033
188,000
174,797
JPMorgan BetaBuilders USD High Yield Corporate Bond ETF
SCHEDULE OF PORTFOLIO INVESTMENTS
AS OF November 30, 2023  (Unaudited) (continued)
INVESTMENTS
PRINCIPAL
AMOUNT($)
VALUE($)
Corporate Bonds — continued
Consumer Finance — continued
Cobra AcquisitionCo LLC 6.38%, 11/1/2029 (a)
101,000
73,730
Credit Acceptance Corp. 6.63%, 3/15/2026
493,000
486,140
Curo Group Holdings Corp. 7.50%, 8/1/2028 (a)
429,000
88,506
Enova International, Inc. 8.50%, 9/15/2025 (a)
220,000
215,850
Finance of America Funding LLC 7.88%, 11/15/2025 (a)
66,000
53,130
FirstCash, Inc.
4.63%, 9/1/2028 (a)
180,000
164,855
5.63%, 1/1/2030 (a)
298,000
278,952
Ford Motor Credit Co. LLC
5.58%, 3/18/2024
368,000
367,262
3.66%, 9/8/2024
970,000
948,964
4.06%, 11/1/2024
1,062,000
1,037,100
2.30%, 2/10/2025
1,331,000
1,264,859
5.13%, 6/16/2025
1,432,000
1,399,835
4.13%, 8/4/2025
1,100,000
1,055,987
4.13%, 8/17/2027
1,248,000
1,153,303
5.11%, 5/3/2029
792,000
744,299
7.35%, 3/6/2030
917,000
952,365
4.00%, 11/13/2030
200,000
171,927
3.63%, 6/17/2031
1,113,000
924,544
Global Aircraft Leasing Co. Ltd. (Cayman Islands) 6.50% (Cash), 9/15/2024 (a) (b)
770,557
720,810
goeasy Ltd. (Canada)
5.38%, 12/1/2024 (a)
305,000
305,000
4.38%, 5/1/2026 (a)
148,000
138,725
LFS Topco LLC 5.88%, 10/15/2026 (a)
189,000
166,301
Macquarie Airfinance Holdings Ltd. (United Kingdom) 8.38%, 5/1/2028 (a)
31,000
31,781
Navient Corp.
5.88%, 10/25/2024
824,000
816,531
6.75%, 6/15/2026
200,000
199,240
5.00%, 3/15/2027
528,000
492,290
9.38%, 7/25/2030
23,000
23,593
5.63%, 8/1/2033
437,000
338,605
OneMain Finance Corp.
6.13%, 3/15/2024
206,000
205,695
6.88%, 3/15/2025
162,000
163,185
7.13%, 3/15/2026
1,314,000
1,324,985
3.50%, 1/15/2027
270,000
241,266
3.88%, 9/15/2028
564,000
484,323
9.00%, 1/15/2029
30,000
30,940
5.38%, 11/15/2029
116,000
104,405
4.00%, 9/15/2030
210,000
171,070
PRA Group, Inc.
7.38%, 9/1/2025 (a)
58,000
55,715
8.38%, 2/1/2028 (a)
188,000
170,610
5.00%, 10/1/2029 (a)
431,000
325,473
PROG Holdings, Inc. 6.00%, 11/15/2029 (a)
405,000
353,869
JPMorgan BetaBuilders USD High Yield Corporate Bond ETF
SCHEDULE OF PORTFOLIO INVESTMENTS
AS OF November 30, 2023  (Unaudited) (continued)
INVESTMENTS
PRINCIPAL
AMOUNT($)
VALUE($)
Corporate Bonds — continued
Consumer Finance — continued
Synchrony Financial 7.25%, 2/2/2033
495,000
462,215
World Acceptance Corp. 7.00%, 11/1/2026 (a)
195,000
171,204
 
19,530,218
Consumer Staples Distribution & Retail — 1.0%
Albertsons Cos., Inc.
3.25%, 3/15/2026 (a)
50,000
47,016
4.63%, 1/15/2027 (a)
644,000
618,695
5.88%, 2/15/2028 (a)
590,000
582,074
3.50%, 3/15/2029 (a)
407,000
360,721
4.88%, 2/15/2030 (a)
741,000
692,843
C&S Group Enterprises LLC 5.00%, 12/15/2028 (a)
88,000
70,840
Ingles Markets, Inc. 4.00%, 6/15/2031 (a)
70,000
58,800
Performance Food Group, Inc.
6.88%, 5/1/2025 (a)
89,000
89,047
5.50%, 10/15/2027 (a)
650,000
629,128
4.25%, 8/1/2029 (a)
532,000
475,806
Rite Aid Corp. 8.00%, 11/15/2026 (a) (g)
357,000
269,535
Safeway, Inc. 7.25%, 2/1/2031
261,000
274,508
United Natural Foods, Inc. 6.75%, 10/15/2028 (a)
98,000
75,089
US Foods, Inc.
4.75%, 2/15/2029 (a)
413,000
382,826
4.63%, 6/1/2030 (a)
398,000
359,085
7.25%, 1/15/2032 (a)
10,000
10,231
 
4,996,244
Containers & Packaging — 2.8%
ARD Finance SA (Luxembourg) 6.50% (Cash), 6/30/2027 (a) (b)
454,000
233,665
Ardagh Metal Packaging Finance USA LLC
3.25%, 9/1/2028 (a)
599,000
515,188
4.00%, 9/1/2029 (a)
350,000
278,131
Ardagh Packaging Finance plc
5.25%, 4/30/2025 (a)
409,000
398,564
4.13%, 8/15/2026 (a)
800,000
707,716
5.25%, 8/15/2027 (a)
532,000
390,602
Ball Corp.
5.25%, 7/1/2025
176,000
175,058
4.88%, 3/15/2026
809,000
792,767
2.88%, 8/15/2030
581,000
481,325
3.13%, 9/15/2031
816,000
673,859
Berry Global, Inc. 5.63%, 7/15/2027 (a)
245,000
239,515
Cascades, Inc. (Canada) 5.38%, 1/15/2028 (a)
312,000
294,077
Clydesdale Acquisition Holdings, Inc. 8.75%, 4/15/2030 (a)
516,000
463,025
Crown Americas LLC
4.75%, 2/1/2026
692,000
674,756
5.25%, 4/1/2030
280,000
264,855
Graham Packaging Co., Inc. 7.13%, 8/15/2028 (a)
128,000
112,640
Graphic Packaging International LLC
4.75%, 7/15/2027 (a)
274,000
260,071
JPMorgan BetaBuilders USD High Yield Corporate Bond ETF
SCHEDULE OF PORTFOLIO INVESTMENTS
AS OF November 30, 2023  (Unaudited) (continued)
INVESTMENTS
PRINCIPAL
AMOUNT($)
VALUE($)
Corporate Bonds — continued
Containers & Packaging — continued
3.50%, 3/15/2028 (a)
31,000
28,056
3.50%, 3/1/2029 (a)
129,000
112,159
3.75%, 2/1/2030 (a)
372,000
323,138
Iris Holding, Inc. 10.00%, 12/15/2028 (a)
143,000
113,367
LABL, Inc.
6.75%, 7/15/2026 (a)
363,000
345,037
10.50%, 7/15/2027 (a)
292,000
265,353
9.50%, 11/1/2028 (a)
536,000
517,241
8.25%, 11/1/2029 (a)
156,000
124,800
Mauser Packaging Solutions Holding Co.
7.88%, 8/15/2026 (a)
1,066,000
1,058,945
9.25%, 4/15/2027 (a)
664,000
604,261
Owens-Brockway Glass Container, Inc.
6.63%, 5/13/2027 (a)
529,000
523,551
7.25%, 5/15/2031 (a)
206,000
204,457
Pactiv Evergreen Group Issuer LLC 4.38%, 10/15/2028 (a)
343,000
311,701
Pactiv Evergreen Group Issuer, Inc. 4.00%, 10/15/2027 (a)
244,000
223,260
Sealed Air Corp.
5.50%, 9/15/2025 (a)
127,000
126,047
6.13%, 2/1/2028 (a)
398,000
393,704
5.00%, 4/15/2029 (a)
165,000
153,819
6.88%, 7/15/2033 (a)
410,000
410,784
Silgan Holdings, Inc. 4.13%, 2/1/2028
354,000
325,764
TriMas Corp. 4.13%, 4/15/2029 (a)
286,000
248,618
Trivium Packaging Finance BV (Netherlands) 5.50%, 8/15/2026 (a) (d)
600,000
576,588
 
13,946,464
Distributors — 0.2%
American Builders & Contractors Supply Co., Inc.
4.00%, 1/15/2028 (a)
515,000
474,024
3.88%, 11/15/2029 (a)
139,000
120,358
Ritchie Bros Holdings, Inc. (Canada) 6.75%, 3/15/2028 (a)
374,000
380,904
 
975,286
Diversified Consumer Services — 0.6%
Adtalem Global Education, Inc. 5.50%, 3/1/2028 (a)
165,000
154,794
Carriage Services, Inc. 4.25%, 5/15/2029 (a)
219,000
185,318
Grand Canyon University 4.13%, 10/1/2024
372,000
351,771
Metis Merger Sub LLC 6.50%, 5/15/2029 (a)
270,000
228,172
Service Corp. International
5.13%, 6/1/2029
644,000
615,020
3.38%, 8/15/2030
637,000
535,099
Signal Parent, Inc. 6.13%, 4/1/2029 (a)
241,000
156,650
Sotheby's 7.38%, 10/15/2027 (a)
250,000
229,264
StoneMor, Inc. 8.50%, 5/15/2029 (a)
385,000
308,000
WW International, Inc. 4.50%, 4/15/2029 (a)
383,000
220,054
 
2,984,142
JPMorgan BetaBuilders USD High Yield Corporate Bond ETF
SCHEDULE OF PORTFOLIO INVESTMENTS
AS OF November 30, 2023  (Unaudited) (continued)
INVESTMENTS
PRINCIPAL
AMOUNT($)
VALUE($)
Corporate Bonds — continued
Diversified REITs — 0.7%
HAT Holdings I LLC
6.00%, 4/15/2025 (a)
175,000
172,513
3.38%, 6/15/2026 (a)
503,000
455,330
3.75%, 9/15/2030 (a)
360,000
283,704
Iron Mountain Information Management Services, Inc. 5.00%, 7/15/2032 (a)
892,000
774,693
Uniti Group LP
10.50%, 2/15/2028 (a)
837,000
823,290
4.75%, 4/15/2028 (a)
439,000
363,920
6.50%, 2/15/2029 (a)
670,000
445,792
6.00%, 1/15/2030 (a)
72,000
46,691
 
3,365,933
Diversified Telecommunication Services — 4.9%
Altice France Holding SA (Luxembourg) 10.50%, 5/15/2027 (a)
1,093,000
580,549
Altice France SA (France)
8.13%, 2/1/2027 (a)
823,000
707,920
5.50%, 1/15/2028 (a)
241,000
184,403
5.13%, 7/15/2029 (a)
400,000
286,084
5.50%, 10/15/2029 (a)
1,341,000
967,568
British Telecommunications plc (United Kingdom) (US Treasury Yield Curve Rate T Note Constant Maturity 5 Year +
3.49%), 4.88%, 11/23/2081 (a) (c)
433,000
357,443
CCO Holdings LLC
5.50%, 5/1/2026 (a)
776,000
759,170
5.13%, 5/1/2027 (a)
1,620,000
1,541,358
5.38%, 6/1/2029 (a)
928,000
860,554
4.75%, 3/1/2030 (a)
1,635,000
1,430,889
4.50%, 8/15/2030 (a)
439,000
376,668
4.25%, 2/1/2031 (a)
834,000
695,722
4.75%, 2/1/2032 (a)
1,544,000
1,296,945
4.50%, 5/1/2032
27,000
22,238
4.50%, 6/1/2033 (a)
1,566,000
1,252,903
4.25%, 1/15/2034 (a)
930,000
725,464
Consolidated Communications, Inc.
5.00%, 10/1/2028 (a)
10,000
7,825
6.50%, 10/1/2028 (a)
257,000
212,025
Embarq Corp. 8.00%, 6/1/2036
508,000
292,052
Frontier Communications Holdings LLC
5.88%, 10/15/2027 (a)
715,000
671,726
5.00%, 5/1/2028 (a)
693,000
621,738
6.75%, 5/1/2029 (a)
735,000
622,442
5.88%, 11/1/2029
180,000
144,070
6.00%, 1/15/2030 (a)
149,000
119,387
8.75%, 5/15/2030 (a)
406,000
404,848
8.63%, 3/15/2031 (a)
247,000
243,241
Frontier Florida LLC Series E, 6.86%, 2/1/2028
15,000
14,268
Iliad Holding SASU (France) 6.50%, 10/15/2026 (a)
520,000
507,319
Intelsat Jackson Holdings SA (Luxembourg) 6.50%, 3/15/2030 (a)
1,136,000
1,052,688
Level 3 Financing, Inc.
3.40%, 3/1/2027 ‡ (a)
198,000
188,100
JPMorgan BetaBuilders USD High Yield Corporate Bond ETF
SCHEDULE OF PORTFOLIO INVESTMENTS
AS OF November 30, 2023  (Unaudited) (continued)
INVESTMENTS
PRINCIPAL
AMOUNT($)
VALUE($)
Corporate Bonds — continued
Diversified Telecommunication Services — continued
4.63%, 9/15/2027 ‡ (a)
847,000
516,670
4.25%, 7/1/2028 ‡ (a)
388,000
217,280
3.88%, 11/15/2029 ‡ (a)
517,000
485,980
10.50%, 5/15/2030 (a)
521,000
483,228
Qwest Corp. 7.25%, 9/15/2025
81,000
76,554
Sable International Finance Ltd. (Chile) 5.75%, 9/7/2027 (a)
200,000
184,018
Telecom Italia Capital SA (Italy)
6.38%, 11/15/2033
851,000
797,765
6.00%, 9/30/2034
361,000
325,793
7.20%, 7/18/2036
75,000
72,861
7.72%, 6/4/2038
460,000
458,925
Telesat Canada (Canada)
5.63%, 12/6/2026 (a)
527,000
318,835
4.88%, 6/1/2027 (a)
101,000
59,487
6.50%, 10/15/2027 (a)
117,000
54,893
Virgin Media Finance plc (United Kingdom) 5.00%, 7/15/2030 (a)
753,000
628,776
Virgin Media Secured Finance plc (United Kingdom) 5.50%, 5/15/2029 (a)
729,000
686,028
Windstream Escrow LLC 7.75%, 8/15/2028 (a)
877,000
723,034
Zayo Group Holdings, Inc.
4.00%, 3/1/2027 (a)
647,000
493,639
6.13%, 3/1/2028 (a)
562,000
377,287
 
24,108,660
Electric Utilities — 1.5%
DPL, Inc. 4.35%, 4/15/2029
107,000
96,961
Drax Finco plc (United Kingdom) 6.63%, 11/1/2025 (a)
201,000
198,608
Edison International (US Treasury Yield Curve Rate T Note Constant Maturity 5 Year + 3.86%), 8.13%, 6/15/2053 (c)
209,000
211,421
Emera, Inc. (Canada) Series 16-A, (3-MONTH SOFR + 5.44%), 6.75%, 6/15/2076 (c)
396,000
382,941
FirstEnergy Corp.
2.65%, 3/1/2030
705,000
596,352
Series B, 2.25%, 9/1/2030
189,000
153,749
Series C, 7.38%, 11/15/2031
352,000
409,392
Series C, 5.10%, 7/15/2047 (d)
240,000
206,550
Series C, 3.40%, 3/1/2050
719,000
473,122
Leeward Renewable Energy Operations LLC 4.25%, 7/1/2029 (a)
210,000
176,676
NextEra Energy Operating Partners LP 4.50%, 9/15/2027 (a)
368,000
339,742
NRG Energy, Inc.
5.75%, 1/15/2028
213,000
207,792
5.25%, 6/15/2029 (a)
524,000
488,170
3.63%, 2/15/2031 (a)
619,000
506,130
3.88%, 2/15/2032 (a)
28,000
22,890
Pattern Energy Operations LP 4.50%, 8/15/2028 (a)
125,000
114,631
PG&E Corp.
5.00%, 7/1/2028
387,000
368,137
5.25%, 7/1/2030
870,000
817,248
Terraform Global Operating LP 6.13%, 3/1/2026 (a)
8,000
7,740
Vistra Operations Co. LLC
5.50%, 9/1/2026 (a)
435,000
426,985
JPMorgan BetaBuilders USD High Yield Corporate Bond ETF
SCHEDULE OF PORTFOLIO INVESTMENTS
AS OF November 30, 2023  (Unaudited) (continued)
INVESTMENTS
PRINCIPAL
AMOUNT($)
VALUE($)
Corporate Bonds — continued
Electric Utilities — continued
5.63%, 2/15/2027 (a)
918,000
892,949
5.00%, 7/31/2027 (a)
25,000
23,792
4.38%, 5/1/2029 (a)
282,000
254,583
7.75%, 10/15/2031 (a)
86,000
88,015
 
7,464,576
Electrical Equipment — 0.3%
Atkore, Inc. 4.25%, 6/1/2031 (a)
100,000
84,989
Sensata Technologies BV
5.63%, 11/1/2024 (a)
877,000
884,848
5.00%, 10/1/2025 (a)
40,000
39,352
Vertiv Group Corp. 4.13%, 11/15/2028 (a)
573,000
518,666
 
1,527,855
Electronic Equipment, Instruments & Components — 0.2%
Coherent Corp. 5.00%, 12/15/2029 (a)
394,000
356,579
Sensata Technologies, Inc.
4.38%, 2/15/2030 (a)
737,000
656,846
3.75%, 2/15/2031 (a)
115,000
97,227
 
1,110,652
Energy Equipment & Services — 1.6%
Archrock Partners LP
6.88%, 4/1/2027 (a)
397,000
393,369
6.25%, 4/1/2028 (a)
10,000
9,763
Bristow Group, Inc. 6.88%, 3/1/2028 (a)
10,000
9,524
CGG SA (France) 8.75%, 4/1/2027 (a)
250,000
226,875
CSI Compressco LP 7.50%, 4/1/2025 (a)
8,000
7,908
Enerflex Ltd. (Canada) 9.00%, 10/15/2027 (a)
647,000
609,199
Global Marine, Inc. 7.00%, 6/1/2028
299,000
254,150
Nabors Industries Ltd. 7.25%, 1/15/2026 (a)
189,000
180,669
Nabors Industries, Inc.
5.75%, 2/1/2025
55,000
54,862
7.38%, 5/15/2027 (a)
209,000
202,076
Noble Finance II LLC 8.00%, 4/15/2030 (a)
325,000
333,541
Oceaneering International, Inc. 6.00%, 2/1/2028
149,000
144,467
Petrofac Ltd. (United Kingdom) 9.75%, 11/15/2026 (a)
239,000
118,763
Precision Drilling Corp. (Canada)
7.13%, 1/15/2026 (a)
125,000
124,240
6.88%, 1/15/2029 (a)
354,000
334,533
Seadrill Finance Ltd. (Norway) 8.38%, 8/1/2030 (a)
457,000
468,219
Transocean, Inc.
7.25%, 11/1/2025 (a)
216,000
212,028
11.50%, 1/30/2027 (a)
433,000
450,320
8.00%, 2/1/2027 (a)
173,000
165,609
8.75%, 2/15/2030 (a)
865,450
883,873
7.50%, 4/15/2031
45,000
37,620
6.80%, 3/15/2038
337,000
255,288
JPMorgan BetaBuilders USD High Yield Corporate Bond ETF
SCHEDULE OF PORTFOLIO INVESTMENTS
AS OF November 30, 2023  (Unaudited) (continued)
INVESTMENTS
PRINCIPAL
AMOUNT($)
VALUE($)
Corporate Bonds — continued
Energy Equipment & Services — continued
USA Compression Partners LP
6.88%, 4/1/2026
429,000
426,577
6.88%, 9/1/2027
127,000
125,365
Valaris Ltd. 8.38%, 4/30/2030 (a)
821,000
825,901
Weatherford International Ltd.
6.50%, 9/15/2028 (a)
371,000
374,710
8.63%, 4/30/2030 (a)
131,000
135,444
Welltec International ApS (Denmark) 8.25%, 10/15/2026 (a)
329,000
331,879
 
7,696,772
Entertainment — 0.8%
Allen Media LLC 10.50%, 2/15/2028 (a)
282,000
142,245
AMC Entertainment Holdings, Inc.
10.00% (Cash), 6/15/2026 (a) (b)
409,000
330,205
7.50%, 2/15/2029 (a)
640,000
434,364
Cinemark USA, Inc. 5.25%, 7/15/2028 (a)
359,000
323,136
Lions Gate Capital Holdings LLC 5.50%, 4/15/2029 (a)
407,000
252,437
Live Nation Entertainment, Inc.
4.88%, 11/1/2024 (a)
196,000
193,795
5.63%, 3/15/2026 (a)
94,000
91,449
6.50%, 5/15/2027 (a)
919,000
918,731
4.75%, 10/15/2027 (a)
250,000
235,000
3.75%, 1/15/2028 (a)
167,000
151,052
ROBLOX Corp. 3.88%, 5/1/2030 (a)
172,000
147,705
WMG Acquisition Corp. 3.88%, 7/15/2030 (a)
711,000
619,294
 
3,839,413
Financial Services — 2.5%
Armor Holdco, Inc. 8.50%, 11/15/2029 (a)
20,000
18,000
Block, Inc. 3.50%, 6/1/2031
917,000
767,443
CPI CG, Inc. 8.63%, 3/15/2026 (a)
357,000
339,172
Freedom Mortgage Corp.
7.63%, 5/1/2026 (a)
688,000
657,371
6.63%, 1/15/2027 (a)
290,000
264,645
GTCR W-2 Merger Sub LLC 7.50%, 1/15/2031 (a)
355,000
361,656
Jefferies Finance LLC 5.00%, 8/15/2028 (a)
250,000
213,730
Jefferson Capital Holdings LLC 6.00%, 8/15/2026 (a)
614,000
570,656
LD Holdings Group LLC
6.50%, 11/1/2025 (a)
517,000
451,277
6.13%, 4/1/2028 (a)
164,000
115,539
MGIC Investment Corp. 5.25%, 8/15/2028
487,000
460,226
Midcap Financial Issuer Trust
6.50%, 5/1/2028 (a)
250,000
217,500
5.63%, 1/15/2030 (a)
436,000
350,980
MPH Acquisition Holdings LLC
5.50%, 9/1/2028 (a)
759,000
659,381
5.75%, 11/1/2028 (a)
340,000
263,269
Nationstar Mortgage Holdings, Inc.
5.00%, 2/1/2026 (a)
32,000
30,511
JPMorgan BetaBuilders USD High Yield Corporate Bond ETF
SCHEDULE OF PORTFOLIO INVESTMENTS
AS OF November 30, 2023  (Unaudited) (continued)
INVESTMENTS
PRINCIPAL
AMOUNT($)
VALUE($)
Corporate Bonds — continued
Financial Services — continued
5.50%, 8/15/2028 (a)
886,000
819,880
5.13%, 12/15/2030 (a)
100,000
86,409
NCR Atleos Corp. 9.50%, 4/1/2029 (a)
157,000
162,132
NMI Holdings, Inc. 7.38%, 6/1/2025 (a)
326,000
327,842
Oxford Finance LLC 6.38%, 2/1/2027 (a)
250,000
235,070
Paysafe Finance plc 4.00%, 6/15/2029 (a)
658,000
543,863
PennyMac Financial Services, Inc.
5.38%, 10/15/2025 (a)
5,000
4,862
4.25%, 2/15/2029 (a)
271,000
234,405
5.75%, 9/15/2031 (a)
576,000
508,030
PHH Mortgage Corp. 7.88%, 3/15/2026 (a)
569,000
502,143
Rocket Mortgage LLC
3.88%, 3/1/2031 (a)
916,000
769,440
4.00%, 10/15/2033 (a)
557,000
450,351
Sabre GLBL, Inc.
8.63%, 6/1/2027 (a)
586,000
489,280
11.25%, 12/15/2027 (a)
336,000
304,442
Shift4 Payments LLC 4.63%, 11/1/2026 (a)
339,000
321,660
United Wholesale Mortgage LLC
5.75%, 6/15/2027 (a)
40,000
37,609
5.50%, 4/15/2029 (a)
416,000
372,181
Verscend Escrow Corp. 9.75%, 8/15/2026 (a)
580,000
582,177
 
12,493,132
Food Products — 1.1%
B&G Foods, Inc.
5.25%, 4/1/2025
80,000
78,536
5.25%, 9/15/2027
476,000
414,607
Chobani LLC
7.50%, 4/15/2025 (a)
166,000
164,121
4.63%, 11/15/2028 (a)
11,000
9,940
Darling Ingredients, Inc. 5.25%, 4/15/2027 (a)
413,000
401,046
H-Food Holdings LLC 8.50%, 6/1/2026 (a)
256,000
55,040
Lamb Weston Holdings, Inc.
4.88%, 5/15/2028 (a)
592,000
566,077
4.13%, 1/31/2030 (a)
426,000
381,362
4.38%, 1/31/2032 (a)
339,000
295,471
Pilgrim's Pride Corp.
4.25%, 4/15/2031
74,000
64,083
3.50%, 3/1/2032
903,000
730,978
6.25%, 7/1/2033
78,000
76,802
Post Holdings, Inc.
5.75%, 3/1/2027 (a)
265,000
260,441
5.63%, 1/15/2028 (a)
389,000
378,493
5.50%, 12/15/2029 (a)
1,089,000
1,023,695
4.50%, 9/15/2031 (a)
651,000
566,777
Simmons Foods, Inc. 4.63%, 3/1/2029 (a)
51,000
42,332
 
5,509,801
JPMorgan BetaBuilders USD High Yield Corporate Bond ETF
SCHEDULE OF PORTFOLIO INVESTMENTS
AS OF November 30, 2023  (Unaudited) (continued)
INVESTMENTS
PRINCIPAL
AMOUNT($)
VALUE($)
Corporate Bonds — continued
Gas Utilities — 0.4%
AmeriGas Partners LP
5.50%, 5/20/2025
300,000
293,811
5.88%, 8/20/2026
740,000
722,616
Ferrellgas LP
5.38%, 4/1/2026 (a)
137,000
130,887
5.88%, 4/1/2029 (a)
528,000
486,007
Suburban Propane Partners LP 5.00%, 6/1/2031 (a)
441,000
390,285
 
2,023,606
Ground Transportation — 1.1%
AerCap Global Aviation Trust (Ireland) (3-MONTH CME TERM SOFR + 4.56%), 6.50%, 6/15/2045 (a) (c)
500,000
499,821
Albion Financing 1 SARL (Luxembourg) 6.13%, 10/15/2026 (a)
520,000
507,624
Avis Budget Car Rental LLC
5.75%, 7/15/2027 (a)
20,000
18,872
5.38%, 3/1/2029 (a)
387,000
348,308
Carriage Purchaser, Inc. 7.88%, 10/15/2029 (a)
25,000
19,719
EquipmentShare.com, Inc. 9.00%, 5/15/2028 (a)
821,000
808,685
First Student Bidco, Inc. 4.00%, 7/31/2029 (a)
260,000
221,165
Hertz Corp. (The)
4.63%, 12/1/2026 (a)
248,000
218,578
5.00%, 12/1/2029 (a)
580,000
445,160
NESCO Holdings II, Inc. 5.50%, 4/15/2029 (a)
414,000
371,199
PECF USS Intermediate Holding III Corp. 8.00%, 11/15/2029 (a)
384,000
177,600
RXO, Inc. 7.50%, 11/15/2027 (a)
120,000
123,193
Uber Technologies, Inc.
7.50%, 5/15/2025 (a)
117,000
119,194
7.50%, 9/15/2027 (a)
533,000
542,771
4.50%, 8/15/2029 (a)
957,000
880,520
Watco Cos. LLC 6.50%, 6/15/2027 (a)
29,000
27,961
XPO CNW, Inc. 6.70%, 5/1/2034
245,000
244,040
 
5,574,410
Health Care Equipment & Supplies — 0.9%
Avantor Funding, Inc. 4.63%, 7/15/2028 (a)
905,000
846,511
Embecta Corp. 5.00%, 2/15/2030 (a)
352,000
295,940
Garden Spinco Corp. 8.63%, 7/20/2030 (a)
147,000
154,300
Hologic, Inc. 3.25%, 2/15/2029 (a)
533,000
468,002
Medline Borrower LP
3.88%, 4/1/2029 (a)
2,310,000
2,050,232
5.25%, 10/1/2029 (a)
898,000
812,659
 
4,627,644
Health Care Providers & Services — 3.9%
Acadia Healthcare Co., Inc. 5.50%, 7/1/2028 (a)
575,000
550,875
AdaptHealth LLC
6.13%, 8/1/2028 (a)
555,000
476,845
4.63%, 8/1/2029 (a)
68,000
53,702
5.13%, 3/1/2030 (a)
89,000
70,863
AHP Health Partners, Inc. 5.75%, 7/15/2029 (a)
330,000
274,725
JPMorgan BetaBuilders USD High Yield Corporate Bond ETF
SCHEDULE OF PORTFOLIO INVESTMENTS
AS OF November 30, 2023  (Unaudited) (continued)
INVESTMENTS
PRINCIPAL
AMOUNT($)
VALUE($)
Corporate Bonds — continued
Health Care Providers & Services — continued
Akumin, Inc. 7.50%, 8/1/2028 (a)
386,000
285,640
Community Health Systems, Inc.
8.00%, 3/15/2026 (a)
740,000
712,444
5.63%, 3/15/2027 (a)
1,083,000
966,316
8.00%, 12/15/2027 (a)
144,000
136,474
6.88%, 4/1/2028 (a)
238,000
120,190
6.00%, 1/15/2029 (a)
301,000
253,593
6.88%, 4/15/2029 (a)
671,000
395,890
6.13%, 4/1/2030 (a)
772,000
430,984
5.25%, 5/15/2030 (a)
231,000
181,800
4.75%, 2/15/2031 (a)
799,000
586,210
DaVita, Inc.
4.63%, 6/1/2030 (a)
1,647,000
1,392,069
3.75%, 2/15/2031 (a)
504,000
394,551
Encompass Health Corp.
4.50%, 2/1/2028
200,000
186,925
4.75%, 2/1/2030
585,000
531,584
Global Medical Response, Inc. 6.50%, 10/1/2025 (a)
383,000
283,420
HealthEquity, Inc. 4.50%, 10/1/2029 (a)
48,000
43,223
Heartland Dental LLC 10.50%, 4/30/2028 (a)
536,000
544,040
Kedrion SpA (Italy) 6.50%, 9/1/2029 (a)
205,000
181,425
Legacy LifePoint Health LLC 4.38%, 2/15/2027 (a)
659,000
577,067
LifePoint Health, Inc. 5.38%, 1/15/2029 (a)
169,000
110,680
ModivCare Escrow Issuer, Inc. 5.00%, 10/1/2029 (a)
175,000
133,875
ModivCare, Inc. 5.88%, 11/15/2025 (a)
189,000
184,001
Molina Healthcare, Inc.
4.38%, 6/15/2028 (a)
540,000
500,696
3.88%, 5/15/2032 (a)
762,000
639,032
Owens & Minor, Inc.
4.50%, 3/31/2029 (a)
152,000
130,150
6.63%, 4/1/2030 (a)
333,000
311,873
Pediatrix Medical Group, Inc. 5.38%, 2/15/2030 (a)
321,000
270,405
Prime Healthcare Services, Inc. 7.25%, 11/1/2025 (a)
475,000
446,062
Radiology Partners, Inc. 9.25%, 2/1/2028 (a)
177,000
82,203
RegionalCare Hospital Partners Holdings, Inc. 9.75%, 12/1/2026 (a)
341,000
329,702
RP Escrow Issuer LLC 5.25%, 12/15/2025 (a)
136,000
105,150
Select Medical Corp. 6.25%, 8/15/2026 (a)
597,000
592,700
Team Health Holdings, Inc. 6.38%, 2/1/2025 (a)
45,000
37,575
Tenet Healthcare Corp.
4.88%, 1/1/2026
912,000
896,117
6.25%, 2/1/2027
934,000
929,986
5.13%, 11/1/2027
1,086,000
1,041,846
4.63%, 6/15/2028
741,000
690,162
6.13%, 10/1/2028
1,344,000
1,303,008
6.88%, 11/15/2031
410,000
405,387
Toledo Hospital (The) 6.02%, 11/15/2048
443,000
332,742
US Acute Care Solutions LLC 6.38%, 3/1/2026 (a)
337,000
265,387
 
19,369,594
JPMorgan BetaBuilders USD High Yield Corporate Bond ETF
SCHEDULE OF PORTFOLIO INVESTMENTS
AS OF November 30, 2023  (Unaudited) (continued)
INVESTMENTS
PRINCIPAL
AMOUNT($)
VALUE($)
Corporate Bonds — continued
Health Care REITs — 0.3%
Diversified Healthcare Trust
4.75%, 5/1/2024
42,000
39,669
9.75%, 6/15/2025
82,000
81,339
4.75%, 2/15/2028
365,000
265,825
4.38%, 3/1/2031
150,000
105,578
MPT Operating Partnership LP
5.00%, 10/15/2027
540,000
430,340
4.63%, 8/1/2029
811,000
579,282
3.50%, 3/15/2031
236,000
145,478
 
1,647,511
Health Care Technology — 0.2%
IQVIA, Inc. 5.00%, 10/15/2026 (a)
800,000
780,244
Hotel & Resort REITs — 0.7%
Park Intermediate Holdings LLC
7.50%, 6/1/2025 (a)
10,000
10,060
5.88%, 10/1/2028 (a)
547,000
517,563
4.88%, 5/15/2029 (a)
250,000
222,455
RHP Hotel Properties LP 4.75%, 10/15/2027
602,000
571,737
RLJ Lodging Trust LP 4.00%, 9/15/2029 (a)
251,000
216,962
Service Properties Trust
4.35%, 10/1/2024
223,000
222,753
4.50%, 3/15/2025
400,000
385,711
7.50%, 9/15/2025
678,000
680,750
5.50%, 12/15/2027
66,000
58,764
4.38%, 2/15/2030
625,000
457,330
XHR LP
6.38%, 8/15/2025 (a)
182,000
180,182
4.88%, 6/1/2029 (a)
100,000
89,594
 
3,613,861
Hotels, Restaurants & Leisure — 8.4%
1011778 BC ULC (Canada)
3.88%, 1/15/2028 (a)
939,000
864,287
4.38%, 1/15/2028 (a)
634,000
588,413
3.50%, 2/15/2029 (a)
123,000
109,540
4.00%, 10/15/2030 (a)
988,000
851,738
Affinity Interactive 6.88%, 12/15/2027 (a)
445,000
387,401
Bloomin' Brands, Inc. 5.13%, 4/15/2029 (a)
327,000
289,775
Boyd Gaming Corp. 4.75%, 12/1/2027
707,000
669,308
Boyne USA, Inc. 4.75%, 5/15/2029 (a)
335,000
302,846
Caesars Entertainment, Inc.
6.25%, 7/1/2025 (a)
1,143,000
1,136,420
8.13%, 7/1/2027 (a)
963,000
981,059
4.63%, 10/15/2029 (a)
735,000
645,848
Caesars Resort Collection LLC 5.75%, 7/1/2025 (a)
285,000
283,469
Carnival Corp.
7.63%, 3/1/2026 (a)
912,000
917,035
5.75%, 3/1/2027 (a)
1,438,000
1,366,927
JPMorgan BetaBuilders USD High Yield Corporate Bond ETF
SCHEDULE OF PORTFOLIO INVESTMENTS
AS OF November 30, 2023  (Unaudited) (continued)
INVESTMENTS
PRINCIPAL
AMOUNT($)
VALUE($)
Corporate Bonds — continued
Hotels, Restaurants & Leisure — continued
9.88%, 8/1/2027 (a)
571,000
596,714
4.00%, 8/1/2028 (a)
944,000
855,136
10.50%, 6/1/2030 (a)
771,000
822,104
Carnival Holdings Bermuda Ltd. 10.38%, 5/1/2028 (a)
205,000
222,917
Carrols Restaurant Group, Inc. 5.88%, 7/1/2029 (a)
533,000
466,212
CDI Escrow Issuer, Inc. 5.75%, 4/1/2030 (a)
347,000
325,796
CEC Entertainment LLC 6.75%, 5/1/2026 (a)
5,000
4,833
Cedar Fair LP
5.50%, 5/1/2025 (a)
377,000
375,392
5.38%, 4/15/2027
314,000
306,229
Churchill Downs, Inc. 5.50%, 4/1/2027 (a)
446,000
430,358
ClubCorp Holdings, Inc. 8.50%, 9/15/2025 (a)
220,000
192,993
Dave & Buster's, Inc. 7.63%, 11/1/2025 (a)
62,000
62,172
Empire Resorts, Inc. 7.75%, 11/1/2026 (a)
227,000
193,518
Everi Holdings, Inc. 5.00%, 7/15/2029 (a)
161,000
141,133
Fertitta Entertainment LLC
4.63%, 1/15/2029 (a)
662,000
588,154
6.75%, 1/15/2030 (a)
482,000
406,735
Full House Resorts, Inc. 8.25%, 2/15/2028 (a)
509,000
457,321
GPS Hospitality Holding Co. LLC 7.00%, 8/15/2028 (a)
60,000
41,924
Hilton Domestic Operating Co., Inc.
5.75%, 5/1/2028 (a)
146,000
143,851
3.75%, 5/1/2029 (a)
88,000
79,028
4.88%, 1/15/2030
996,000
937,442
4.00%, 5/1/2031 (a)
206,000
181,241
3.63%, 2/15/2032 (a)
373,000
313,262
Hilton Grand Vacations Borrower Escrow LLC
5.00%, 6/1/2029 (a)
476,000
420,396
4.88%, 7/1/2031 (a)
137,000
115,011
Hilton Worldwide Finance LLC 4.88%, 4/1/2027
705,000
685,588
International Game Technology plc
6.50%, 2/15/2025 (a)
231,000
230,957
4.13%, 4/15/2026 (a)
553,000
527,428
IRB Holding Corp. 7.00%, 6/15/2025 (a)
377,000
376,295
Jacobs Entertainment, Inc. 6.75%, 2/15/2029 (a)
98,000
87,830
KFC Holding Co. 4.75%, 6/1/2027 (a)
823,000
798,310
Las Vegas Sands Corp.
2.90%, 6/25/2025
340,000
323,425
3.50%, 8/18/2026
234,000
219,389
3.90%, 8/8/2029
711,000
634,639
Life Time, Inc.
5.75%, 1/15/2026 (a)
435,000
426,289
8.00%, 4/15/2026 (a)
258,000
258,000
Light & Wonder International, Inc.
7.00%, 5/15/2028 (a)
400,000
400,380
7.25%, 11/15/2029 (a)
343,000
343,858
Lindblad Expeditions LLC 6.75%, 2/15/2027 (a)
10,000
9,750
MajorDrive Holdings IV LLC 6.38%, 6/1/2029 (a)
338,000
286,374
JPMorgan BetaBuilders USD High Yield Corporate Bond ETF
SCHEDULE OF PORTFOLIO INVESTMENTS
AS OF November 30, 2023  (Unaudited) (continued)
INVESTMENTS
PRINCIPAL
AMOUNT($)
VALUE($)
Corporate Bonds — continued
Hotels, Restaurants & Leisure — continued
Marriott Ownership Resorts, Inc.
4.75%, 1/15/2028
398,000
350,245
4.50%, 6/15/2029 (a)
108,000
90,804
Merlin Entertainments Ltd. (United Kingdom) 5.75%, 6/15/2026 (a)
401,000
386,975
MGM Resorts International
5.75%, 6/15/2025
280,000
278,421
4.63%, 9/1/2026
533,000
511,798
4.75%, 10/15/2028
255,000
235,889
Mohegan Tribal Gaming Authority 8.00%, 2/1/2026 (a)
676,000
632,905
NCL Corp. Ltd.
3.63%, 12/15/2024 (a)
189,000
182,628
5.88%, 3/15/2026 (a)
916,000
867,910
5.88%, 2/15/2027 (a)
750,000
726,086
8.38%, 2/1/2028 (a)
57,000
58,963
7.75%, 2/15/2029 (a)
249,000
235,870
Penn Entertainment, Inc. 4.13%, 7/1/2029 (a)
491,000
407,532
Premier Entertainment Sub LLC
5.63%, 9/1/2029 (a)
314,000
227,248
5.88%, 9/1/2031 (a)
277,000
196,974
Resorts World Las Vegas LLC 4.63%, 4/16/2029 (a)
300,000
250,500
Royal Caribbean Cruises Ltd.
5.50%, 8/31/2026 (a)
747,000
726,679
5.38%, 7/15/2027 (a)
10,000
9,621
11.63%, 8/15/2027 (a)
664,000
720,141
7.50%, 10/15/2027
583,000
602,182
3.70%, 3/15/2028
339,000
303,083
8.25%, 1/15/2029 (a)
895,000
933,038
9.25%, 1/15/2029 (a)
207,000
220,285
Scientific Games Holdings LP 6.63%, 3/1/2030 (a)
397,000
355,315
SeaWorld Parks & Entertainment, Inc. 5.25%, 8/15/2029 (a)
57,000
52,262
Six Flags Entertainment Corp.
5.50%, 4/15/2027 (a)
103,000
98,465
7.25%, 5/15/2031 (a)
424,000
408,844
Six Flags Theme Parks, Inc. 7.00%, 7/1/2025 (a)
277,000
277,958
Sizzling Platter LLC 8.50%, 11/28/2025 (a)
183,000
183,569
Station Casinos LLC
4.50%, 2/15/2028 (a)
329,000
297,564
4.63%, 12/1/2031 (a)
237,000
201,374
Sugarhouse HSP Gaming Prop Mezz LP 5.88%, 5/15/2025 (a)
16,000
15,697
TKC Holdings, Inc.
6.88%, 5/15/2028 (a)
250,000
225,625
10.50%, 5/15/2029 (a)
433,000
374,545
Travel + Leisure Co.
6.60%, 10/1/2025 (d)
50,000
49,859
6.63%, 7/31/2026 (a)
604,000
603,737
6.00%, 4/1/2027 (d)
608,000
589,476
4.63%, 3/1/2030 (a)
195,000
167,213
Vail Resorts, Inc. 6.25%, 5/15/2025 (a)
323,000
322,075
JPMorgan BetaBuilders USD High Yield Corporate Bond ETF
SCHEDULE OF PORTFOLIO INVESTMENTS
AS OF November 30, 2023  (Unaudited) (continued)
INVESTMENTS
PRINCIPAL
AMOUNT($)
VALUE($)
Corporate Bonds — continued
Hotels, Restaurants & Leisure — continued
Viking Cruises Ltd.
6.25%, 5/15/2025 (a)
141,000
139,590
5.88%, 9/15/2027 (a)
447,000
420,842
9.13%, 7/15/2031 (a)
21,000
21,841
Viking Ocean Cruises Ship VII Ltd. 5.63%, 2/15/2029 (a)
504,000
466,200
VOC Escrow Ltd. 5.00%, 2/15/2028 (a)
692,000
645,782
Wyndham Hotels & Resorts, Inc. 4.38%, 8/15/2028 (a)
138,000
127,017
Wynn Las Vegas LLC
5.50%, 3/1/2025 (a)
321,000
317,132
5.25%, 5/15/2027 (a)
200,000
190,476
Wynn Resorts Finance LLC
5.13%, 10/1/2029 (a)
697,000
627,731
7.13%, 2/15/2031 (a)
20,000
19,911
Yum! Brands, Inc.
4.75%, 1/15/2030 (a)
812,000
754,719
4.63%, 1/31/2032
250,000
224,805
6.88%, 11/15/2037
221,000
233,725
5.35%, 11/1/2043
41,000
37,464
 
41,289,040
Household Durables — 1.5%
Ashton Woods USA LLC
4.63%, 8/1/2029 (a)
45,000
37,860
4.63%, 4/1/2030 (a)
195,000
162,688
Beazer Homes USA, Inc.
5.88%, 10/15/2027
286,000
267,410
7.25%, 10/15/2029
146,000
141,133
Brookfield Residential Properties, Inc. (Canada)
6.25%, 9/15/2027 (a)
261,000
246,274
5.00%, 6/15/2029 (a)
114,000
96,132
4.88%, 2/15/2030 (a)
271,000
228,854
CD&R Smokey Buyer, Inc. 6.75%, 7/15/2025 (a)
16,000
15,476
Century Communities, Inc.
6.75%, 6/1/2027
31,000
31,005
3.88%, 8/15/2029 (a)
288,000
249,978
Dream Finders Homes, Inc. 8.25%, 8/15/2028 (a)
100,000
103,000
Empire Communities Corp. (Canada) 7.00%, 12/15/2025 (a)
144,000
137,528
KB Home
4.80%, 11/15/2029
437,000
398,522
7.25%, 7/15/2030
319,000
320,549
4.00%, 6/15/2031
290,000
245,288
M/I Homes, Inc.
4.95%, 2/1/2028
80,000
76,045
3.95%, 2/15/2030
115,000
98,146
Mattamy Group Corp. (Canada) 5.25%, 12/15/2027 (a)
107,000
100,402
Newell Brands, Inc.
4.88%, 6/1/2025
260,000
253,737
5.20%, 4/1/2026 (d)
1,280,000
1,235,646
JPMorgan BetaBuilders USD High Yield Corporate Bond ETF
SCHEDULE OF PORTFOLIO INVESTMENTS
AS OF November 30, 2023  (Unaudited) (continued)
INVESTMENTS
PRINCIPAL
AMOUNT($)
VALUE($)
Corporate Bonds — continued
Household Durables — continued
6.38%, 9/15/2027
315,000
307,394
6.63%, 9/15/2029
123,000
119,876
6.37%, 4/1/2036 (d)
47,000
41,508
6.50%, 4/1/2046 (d)
146,000
116,811
Shea Homes LP 4.75%, 2/15/2028
315,000
293,715
SWF Escrow Issuer Corp. 6.50%, 10/1/2029 (a)
403,000
252,882
Taylor Morrison Communities, Inc. 5.88%, 6/15/2027 (a)
756,000
741,384
Tempur Sealy International, Inc. 4.00%, 4/15/2029 (a)
768,000
664,751
TopBuild Corp.
3.63%, 3/15/2029 (a)
178,000
155,533
4.13%, 2/15/2032 (a)
53,000
45,292
Tri Pointe Homes, Inc. 5.70%, 6/15/2028
201,000
190,977
 
7,375,796
Household Products — 0.4%
Central Garden & Pet Co.
5.13%, 2/1/2028
267,000
253,889
4.13%, 10/15/2030
436,000
373,528
Energizer Holdings, Inc.
4.75%, 6/15/2028 (a)
418,000
373,635
4.38%, 3/31/2029 (a)
240,000
206,996
Kronos Acquisition Holdings, Inc. (Canada)
5.00%, 12/31/2026 (a)
113,000
106,847
7.00%, 12/31/2027 (a)
320,000
296,266
Spectrum Brands, Inc.
5.00%, 10/1/2029 (a)
184,000
169,776
5.50%, 7/15/2030 (a)
400,000
373,392
 
2,154,329
Independent Power and Renewable Electricity Producers — 0.8%
Calpine Corp.
5.25%, 6/1/2026 (a)
302,000
296,507
4.50%, 2/15/2028 (a)
998,000
941,883
5.13%, 3/15/2028 (a)
468,000
440,450
5.00%, 2/1/2031 (a)
393,000
347,468
3.75%, 3/1/2031 (a)
427,000
365,877
Clearway Energy Operating LLC
4.75%, 3/15/2028 (a)
206,000
192,776
3.75%, 2/15/2031 (a)
655,000
548,023
3.75%, 1/15/2032 (a)
311,000
250,013
Talen Energy Supply LLC 8.63%, 6/1/2030 (a)
530,000
555,239
TransAlta Corp. (Canada) 6.50%, 3/15/2040
219,000
206,408
 
4,144,644
Insurance — 1.7%
Acrisure LLC
10.13%, 8/1/2026 (a)
97,000
99,924
4.25%, 2/15/2029 (a)
105,000
91,707
6.00%, 8/1/2029 (a)
532,000
458,352
JPMorgan BetaBuilders USD High Yield Corporate Bond ETF
SCHEDULE OF PORTFOLIO INVESTMENTS
AS OF November 30, 2023  (Unaudited) (continued)
INVESTMENTS
PRINCIPAL
AMOUNT($)
VALUE($)
Corporate Bonds — continued
Insurance — continued
Alliant Holdings Intermediate LLC
4.25%, 10/15/2027 (a)
464,000
429,961
6.75%, 10/15/2027 (a)
583,000
559,088
6.75%, 4/15/2028 (a)
586,000
585,451
5.88%, 11/1/2029 (a)
15,000
13,566
AmWINS Group, Inc. 4.88%, 6/30/2029 (a)
255,000
229,506
Assurant, Inc. (3-MONTH SOFR + 4.14%), 7.00%, 3/27/2048 (c)
72,000
71,615
AssuredPartners, Inc.
7.00%, 8/15/2025 (a)
457,000
455,889
5.63%, 1/15/2029 (a)
310,000
277,084
BroadStreet Partners, Inc. 5.88%, 4/15/2029 (a)
147,000
133,623
Genworth Holdings, Inc. 6.50%, 6/15/2034
6,000
5,444
Global Atlantic Fin Co. (US Treasury Yield Curve Rate T Note Constant Maturity 5 Year + 3.80%), 4.70%,
10/15/2051 (a) (c)
421,000
349,182
HUB International Ltd.
7.00%, 5/1/2026 (a)
1,104,000
1,098,217
5.63%, 12/1/2029 (a)
196,000
177,726
7.25%, 6/15/2030 (a)
550,000
562,134
Jones Deslauriers Insurance Management, Inc. (Canada) 8.50%, 3/15/2030 (a)
436,000
450,170
Liberty Mutual Group, Inc.
7.80%, 3/15/2037 (a)
165,000
160,431
(US Treasury Yield Curve Rate T Note Constant Maturity 5 Year + 3.32%), 4.13%, 12/15/2051 (a) (c)
54,000
43,979
4.30%, 2/1/2061 (a)
559,000
320,034
NFP Corp.
4.88%, 8/15/2028 (a)
194,000
177,064
6.88%, 8/15/2028 (a)
911,000
811,114
7.50%, 10/1/2030 (a)
294,000
291,402
8.50%, 10/1/2031 (a)
10,000
10,329
Ryan Specialty LLC 4.38%, 2/1/2030 (a)
462,000
416,955
USI, Inc. 6.88%, 5/1/2025 (a)
154,000
152,839
 
8,432,786
Interactive Media & Services — 0.2%
Cars.com, Inc. 6.38%, 11/1/2028 (a)
225,000
213,001
Rackspace Technology Global, Inc.
3.50%, 2/15/2028 (a)
277,000
113,346
5.38%, 12/1/2028 (a)
18,000
5,404
TripAdvisor, Inc. 7.00%, 7/15/2025 (a)
295,000
295,994
Ziff Davis, Inc. 4.63%, 10/15/2030 (a)
528,000
465,363
ZipRecruiter, Inc. 5.00%, 1/15/2030 (a)
55,000
46,475
 
1,139,583
IT Services — 0.7%
Ahead DB Holdings LLC 6.63%, 5/1/2028 (a)
223,000
191,399
Arches Buyer, Inc. 6.13%, 12/1/2028 (a)
234,000
200,363
Cablevision Lightpath LLC
3.88%, 9/15/2027 (a)
253,000
214,378
5.63%, 9/15/2028 (a)
320,000
239,238
Conduent Business Services LLC 6.00%, 11/1/2029 (a)
487,000
406,645
JPMorgan BetaBuilders USD High Yield Corporate Bond ETF
SCHEDULE OF PORTFOLIO INVESTMENTS
AS OF November 30, 2023  (Unaudited) (continued)
INVESTMENTS
PRINCIPAL
AMOUNT($)
VALUE($)
Corporate Bonds — continued
IT Services — continued
Newfold Digital Holdings Group, Inc. 6.00%, 2/15/2029 (a)
61,000
41,829
Northwest Fiber LLC
4.75%, 4/30/2027 (a)
378,000
345,923
10.75%, 6/1/2028 (a)
136,000
131,689
Presidio Holdings, Inc.
4.88%, 2/1/2027 (a)
379,000
366,533
8.25%, 2/1/2028 (a)
205,000
199,617
Tempo Acquisition LLC 5.75%, 6/1/2025 (a)
56,000
55,288
Twilio, Inc. 3.88%, 3/15/2031
571,000
492,620
Unisys Corp. 6.88%, 11/1/2027 (a)
408,000
342,390
 
3,227,912
Leisure Products — 0.1%
Universal Entertainment Corp. (Japan) 8.75%, 12/11/2024 (a) (d)
392,000
412,525
Life Sciences Tools & Services — 0.2%
Charles River Laboratories International, Inc. 3.75%, 3/15/2029 (a)
507,000
450,728
Fortrea Holdings, Inc. 7.50%, 7/1/2030 (a)
200,000
198,000
PRA Health Sciences, Inc. 2.88%, 7/15/2026 (a)
375,000
346,182
 
994,910
Machinery — 1.2%
Amsted Industries, Inc. 4.63%, 5/15/2030 (a)
498,000
428,600
ATS Corp. (Canada) 4.13%, 12/15/2028 (a)
5,000
4,413
Calderys Financing LLC (France) 11.25%, 6/1/2028 (a)
410,000
417,921
Chart Industries, Inc. 7.50%, 1/1/2030 (a)
948,000
966,872
Enpro Industries, Inc. 5.75%, 10/15/2026
315,000
305,550
GrafTech Finance, Inc. 4.63%, 12/15/2028 (a)
309,000
207,252
GrafTech Global Enterprises, Inc. 9.88%, 12/15/2028 (a)
326,000
255,910
Hillenbrand, Inc.
5.75%, 6/15/2025
128,000
126,416
3.75%, 3/1/2031
387,000
321,094
Husky III Holding Ltd. (Canada) 13.00% (Cash), 2/15/2025 (a) (b)
428,000
419,440
Manitowoc Co., Inc. (The) 9.00%, 4/1/2026 (a)
47,000
46,883
Mueller Water Products, Inc. 4.00%, 6/15/2029 (a)
391,000
345,057
Park-Ohio Industries, Inc. 6.63%, 4/15/2027
363,000
330,301
Roller Bearing Co. of America, Inc. 4.38%, 10/15/2029 (a)
211,000
189,488
SPX FLOW, Inc. 8.75%, 4/1/2030 (a)
199,000
190,045
Terex Corp. 5.00%, 5/15/2029 (a)
355,000
325,508
Titan International, Inc. 7.00%, 4/30/2028
643,000
620,907
TK Elevator US Newco, Inc. (Germany) 5.25%, 7/15/2027 (a)
498,000
473,144
Werner FinCo. LP 14.50% (Blend (Cash 8.75% + PIK 5.75%)), 10/15/2028 (a) (b)
7,120
5,788
 
5,980,589
Marine Transportation — 0.0% ^
Danaos Corp. (Greece) 8.50%, 3/1/2028 (a)
188,000
187,993
Media — 6.6%
Advantage Sales & Marketing, Inc. 6.50%, 11/15/2028 (a)
404,000
360,080
Altice Financing SA (Luxembourg)
5.00%, 1/15/2028 (a)
529,000
452,959
JPMorgan BetaBuilders USD High Yield Corporate Bond ETF
SCHEDULE OF PORTFOLIO INVESTMENTS
AS OF November 30, 2023  (Unaudited) (continued)
INVESTMENTS
PRINCIPAL
AMOUNT($)
VALUE($)
Corporate Bonds — continued
Media — continued
5.75%, 8/15/2029 (a)
561,000
461,189
AMC Networks, Inc.
4.75%, 8/1/2025
307,000
291,333
4.25%, 2/15/2029
211,000
147,738
Beasley Mezzanine Holdings LLC 8.63%, 2/1/2026 (a)
60,000
38,400
Cable One, Inc. 4.00%, 11/15/2030 (a)
284,000
221,673
Clear Channel International BV (United Kingdom) 6.63%, 8/1/2025 (a)
478,000
470,575
Clear Channel Outdoor Holdings, Inc.
5.13%, 8/15/2027 (a)
293,000
271,201
7.50%, 6/1/2029 (a)
800,000
630,536
CMG Media Corp. 8.88%, 12/15/2027 (a)
342,000
273,600
CSC Holdings LLC
7.50%, 4/1/2028 (a)
611,000
417,865
11.25%, 5/15/2028 (a)
428,000
427,248
6.50%, 2/1/2029 (a)
1,226,000
1,036,926
5.75%, 1/15/2030 (a)
1,150,000
649,750
4.13%, 12/1/2030 (a)
529,000
376,495
4.63%, 12/1/2030 (a)
600,000
330,454
3.38%, 2/15/2031 (a)
200,000
136,430
4.50%, 11/15/2031 (a)
938,000
663,804
Cumulus Media New Holdings, Inc. 6.75%, 7/1/2026 (a)
359,000
238,735
Directv Financing LLC 5.88%, 8/15/2027 (a)
1,534,000
1,380,356
DISH DBS Corp.
5.88%, 11/15/2024
1,167,000
1,024,468
7.75%, 7/1/2026
380,000
226,813
5.25%, 12/1/2026 (a)
1,205,000
968,880
7.38%, 7/1/2028
390,000
192,788
5.75%, 12/1/2028 (a)
1,390,000
1,029,552
5.13%, 6/1/2029
466,000
211,133
DISH Network Corp. 11.75%, 11/15/2027 (a)
850,000
843,733
Gannett Holdings LLC 6.00%, 11/1/2026 (a)
67,000
58,833
GCI LLC 4.75%, 10/15/2028 (a)
40,000
35,911
Gray Television, Inc.
7.00%, 5/15/2027 (a)
551,000
500,721
4.75%, 10/15/2030 (a)
649,000
463,327
iHeartCommunications, Inc.
6.38%, 5/1/2026
555,417
472,654
8.38%, 5/1/2027
458,864
321,152
5.25%, 8/15/2027 (a)
282,000
216,114
4.75%, 1/15/2028 (a)
45,000
34,338
Lamar Media Corp.
4.88%, 1/15/2029
277,000
262,458
4.00%, 2/15/2030
397,000
353,951
3.63%, 1/15/2031
372,000
318,400
LCPR Senior Secured Financing DAC
6.75%, 10/15/2027 (a)
638,000
599,927
5.13%, 7/15/2029 (a)
469,000
393,695
Liberty Interactive LLC 8.25%, 2/1/2030
30,000
11,872
JPMorgan BetaBuilders USD High Yield Corporate Bond ETF
SCHEDULE OF PORTFOLIO INVESTMENTS
AS OF November 30, 2023  (Unaudited) (continued)
INVESTMENTS
PRINCIPAL
AMOUNT($)
VALUE($)
Corporate Bonds — continued
Media — continued
McGraw-Hill Education, Inc.
5.75%, 8/1/2028 (a)
260,000
237,250
8.00%, 8/1/2029 (a)
417,000
375,821
News Corp.
3.88%, 5/15/2029 (a)
643,000
568,821
5.13%, 2/15/2032 (a)
140,000
126,498
Nexstar Media, Inc.
5.63%, 7/15/2027 (a)
756,000
715,796
4.75%, 11/1/2028 (a)
162,000
143,394
Outfront Media Capital LLC
5.00%, 8/15/2027 (a)
447,000
421,479
4.25%, 1/15/2029 (a)
445,000
384,338
Paramount Global (US Treasury Yield Curve Rate T Note Constant Maturity 5 Year + 4.00%), 6.38%, 3/30/2062 (c)
600,000
483,000
Radiate Holdco LLC
4.50%, 9/15/2026 (a)
160,000
119,184
6.50%, 9/15/2028 (a)
687,000
321,756
Scripps Escrow II, Inc.
3.88%, 1/15/2029 (a)
201,000
168,952
5.38%, 1/15/2031 (a)
144,000
98,640
Scripps Escrow, Inc. 5.88%, 7/15/2027 (a)
484,000
407,770
Sinclair Television Group, Inc.
5.50%, 3/1/2030 (a)
473,000
349,263
4.13%, 12/1/2030 (a)
178,000
125,045
Sirius XM Radio, Inc.
3.13%, 9/1/2026 (a)
55,000
50,600
5.00%, 8/1/2027 (a)
1,137,000
1,080,251
4.00%, 7/15/2028 (a)
290,000
259,113
5.50%, 7/1/2029 (a)
1,108,000
1,029,509
4.13%, 7/1/2030 (a)
816,000
688,500
3.88%, 9/1/2031 (a)
526,000
425,595
Spanish Broadcasting System, Inc. 9.75%, 3/1/2026 (a)
48,000
27,720
Stagwell Global LLC 5.63%, 8/15/2029 (a)
244,000
213,805
Summer BC Bidco B LLC 5.50%, 10/31/2026 (a)
263,000
235,425
TEGNA, Inc.
4.75%, 3/15/2026 (a)
180,000
173,281
5.00%, 9/15/2029
892,000
792,720
Townsquare Media, Inc. 6.88%, 2/1/2026 (a)
150,000
144,585
Univision Communications, Inc.
5.13%, 2/15/2025 (a)
629,000
621,138
4.50%, 5/1/2029 (a)
704,000
617,707
7.38%, 6/30/2030 (a)
471,000
462,242
UPC Broadband Finco BV (Netherlands) 4.88%, 7/15/2031 (a)
810,000
683,438
UPC Holding BV (Netherlands) 5.50%, 1/15/2028 (a)
363,000
329,622
Urban One, Inc. 7.38%, 2/1/2028 (a)
221,000
187,348
Videotron Ltd. (Canada) 5.13%, 4/15/2027 (a)
309,000
298,962
Virgin Media Vendor Financing Notes IV DAC (United Kingdom) 5.00%, 7/15/2028 (a)
223,000
200,172
JPMorgan BetaBuilders USD High Yield Corporate Bond ETF
SCHEDULE OF PORTFOLIO INVESTMENTS
AS OF November 30, 2023  (Unaudited) (continued)
INVESTMENTS
PRINCIPAL
AMOUNT($)
VALUE($)
Corporate Bonds — continued
Media — continued
VZ Secured Financing BV (Netherlands) 5.00%, 1/15/2032 (a)
322,000
264,093
Ziggo Bond Co. BV (Netherlands) 5.13%, 2/28/2030 (a)
966,000
754,974
 
32,405,874
Metals & Mining — 1.9%
ATI, Inc. 5.13%, 10/1/2031
250,000
220,057
Baffinland Iron Mines Corp. (Canada) 8.75%, 7/15/2026 (a)
213,000
200,334
Big River Steel LLC 6.63%, 1/31/2029 (a)
515,000
514,115
Carpenter Technology Corp. 6.38%, 7/15/2028
454,000
446,018
Cleveland-Cliffs, Inc.
6.75%, 3/15/2026 (a)
197,000
197,267
5.88%, 6/1/2027
652,000
640,029
6.75%, 4/15/2030 (a)
51,000
49,614
4.88%, 3/1/2031 (a)
522,000
448,702
Coeur Mining, Inc. 5.13%, 2/15/2029 (a)
206,000
177,447
Commercial Metals Co.
4.13%, 1/15/2030
279,000
244,243
4.38%, 3/15/2032
40,000
34,224
Constellium SE 5.63%, 6/15/2028 (a)
350,000
334,413
Eldorado Gold Corp. (Turkey) 6.25%, 9/1/2029 (a)
250,000
224,000
FMG Resources August 2006 Pty. Ltd. (Australia)
4.50%, 9/15/2027 (a)
1,228,000
1,159,023
5.88%, 4/15/2030 (a)
107,000
102,870
6.13%, 4/15/2032 (a)
318,000
307,335
Hudbay Minerals, Inc. (Canada)
4.50%, 4/1/2026 (a)
159,000
151,048
6.13%, 4/1/2029 (a)
457,000
430,757
IAMGOLD Corp. (Burkina Faso) 5.75%, 10/15/2028 (a)
240,000
195,269
Kaiser Aluminum Corp.
4.63%, 3/1/2028 (a)
351,000
310,907
4.50%, 6/1/2031 (a)
319,000
257,514
Mineral Resources Ltd. (Australia)
8.13%, 5/1/2027 (a)
270,000
270,850
8.00%, 11/1/2027 (a)
165,000
165,318
8.50%, 5/1/2030 (a)
260,000
262,850
New Gold, Inc. (Canada) 7.50%, 7/15/2027 (a)
209,000
204,650
Novelis Corp.
3.25%, 11/15/2026 (a)
20,000
18,350
4.75%, 1/30/2030 (a)
1,073,000
974,120
3.88%, 8/15/2031 (a)
126,000
106,056
SunCoke Energy, Inc. 4.88%, 6/30/2029 (a)
130,000
111,819
United States Steel Corp.
6.88%, 3/1/2029
167,000
165,975
6.65%, 6/1/2037
363,000
357,328
 
9,282,502
Mortgage Real Estate Investment Trusts (REITs) — 0.4%
Apollo Commercial Real Estate Finance, Inc. 4.63%, 6/15/2029 (a)
535,000
434,710
JPMorgan BetaBuilders USD High Yield Corporate Bond ETF
SCHEDULE OF PORTFOLIO INVESTMENTS
AS OF November 30, 2023  (Unaudited) (continued)
INVESTMENTS
PRINCIPAL
AMOUNT($)
VALUE($)
Corporate Bonds — continued
Mortgage Real Estate Investment Trusts (REITs) — continued
Ladder Capital Finance Holdings LLLP
4.25%, 2/1/2027 (a)
354,000
326,629
4.75%, 6/15/2029 (a)
405,000
352,610
Starwood Property Trust, Inc.
3.75%, 12/31/2024 (a)
380,000
367,503
3.63%, 7/15/2026 (a)
373,000
342,187
 
1,823,639
Multi-Utilities — 0.1%
Algonquin Power & Utilities Corp. (Canada) (US Treasury Yield Curve Rate T Note Constant Maturity 5 Year + 3.25%),
4.75%, 1/18/2082 (c)
447,000
367,658
Office REITs — 0.2%
Brandywine Operating Partnership LP
3.95%, 11/15/2027
265,000
229,459
4.55%, 10/1/2029
310,000
255,864
Office Properties Income Trust
4.50%, 2/1/2025
207,000
184,378
2.65%, 6/15/2026
85,000
58,428
2.40%, 2/1/2027
131,000
80,185
3.45%, 10/15/2031
158,000
84,089
 
892,403
Oil, Gas & Consumable Fuels — 10.5%
Aethon United BR LP 8.25%, 2/15/2026 (a)
237,000
238,185
Alliance Resource Operating Partners LP 7.50%, 5/1/2025 (a)
242,000
240,790
Antero Midstream Partners LP
7.88%, 5/15/2026 (a)
27,000
27,530
5.75%, 3/1/2027 (a)
529,000
517,593
5.75%, 1/15/2028 (a)
521,000
503,975
Ascent Resources Utica Holdings LLC
7.00%, 11/1/2026 (a)
583,000
574,965
5.88%, 6/30/2029 (a)
157,000
144,280
Baytex Energy Corp. (Canada) 8.75%, 4/1/2027 (a)
380,000
389,818
Blue Racer Midstream LLC
7.63%, 12/15/2025 (a)
492,000
496,946
6.63%, 7/15/2026 (a)
70,000
68,701
Buckeye Partners LP
4.13%, 3/1/2025 (a)
140,000
136,365
4.13%, 12/1/2027
219,000
202,274
4.50%, 3/1/2028 (a)
693,000
632,290
5.85%, 11/15/2043
350,000
264,476
5.60%, 10/15/2044
42,000
29,767
California Resources Corp. 7.13%, 2/1/2026 (a)
339,000
341,051
Callon Petroleum Co.
6.38%, 7/1/2026
319,000
315,866
8.00%, 8/1/2028 (a)
432,000
438,067
7.50%, 6/15/2030 (a)
254,000
250,762
Calumet Specialty Products Partners LP
11.00%, 4/15/2025 (a)
64,000
64,640
JPMorgan BetaBuilders USD High Yield Corporate Bond ETF
SCHEDULE OF PORTFOLIO INVESTMENTS
AS OF November 30, 2023  (Unaudited) (continued)
INVESTMENTS
PRINCIPAL
AMOUNT($)
VALUE($)
Corporate Bonds — continued
Oil, Gas & Consumable Fuels — continued
8.13%, 1/15/2027 (a)
241,000
226,878
9.75%, 7/15/2028 (a)
281,000
271,868
Chesapeake Energy Corp. 5.50%, 2/1/2026 (a)
1,065,000
1,043,987
Chord Energy Corp. 6.38%, 6/1/2026 (a)
15,000
14,903
Civitas Resources, Inc.
5.00%, 10/15/2026 (a)
606,000
577,899
8.75%, 7/1/2031 (a)
591,000
611,667
CNX Midstream Partners LP 4.75%, 4/15/2030 (a)
268,000
233,355
CNX Resources Corp.
7.25%, 3/14/2027 (a)
316,000
315,709
6.00%, 1/15/2029 (a)
11,000
10,489
7.38%, 1/15/2031 (a)
275,000
273,320
Comstock Resources, Inc. 6.75%, 3/1/2029 (a)
916,000
843,330
Conuma Resources Ltd. (Canada) 13.13%, 5/1/2028 (a)
86,000
82,130
CQP Holdco LP 5.50%, 6/15/2031 (a)
750,000
693,701
Crescent Energy Finance LLC 9.25%, 2/15/2028 (a)
386,000
398,892
CrownRock LP
5.63%, 10/15/2025 (a)
163,000
161,370
5.00%, 5/1/2029 (a)
495,000
475,200
CVR Energy, Inc. 5.25%, 2/15/2025 (a)
443,000
436,472
Delek Logistics Partners LP 7.13%, 6/1/2028 (a)
299,000
281,703
DT Midstream, Inc.
4.13%, 6/15/2029 (a)
820,000
736,172
4.38%, 6/15/2031 (a)
189,000
165,843
Encino Acquisition Partners Holdings LLC 8.50%, 5/1/2028 (a)
200,000
194,899
Endeavor Energy Resources LP 5.75%, 1/30/2028 (a)
567,000
553,093
Energean plc (Egypt) 6.50%, 4/30/2027 (a)
596,000
524,480
Energy Transfer LP
5.63%, 5/1/2027 (a)
730,000
717,261
8.00%, 4/1/2029 (a)
296,000
306,603
7.38%, 2/1/2031 (a)
140,000
143,928
EnLink Midstream LLC
5.38%, 6/1/2029
618,000
596,402
6.50%, 9/1/2030 (a)
286,000
287,858
EnLink Midstream Partners LP
4.85%, 7/15/2026
370,000
360,041
5.60%, 4/1/2044
107,000
91,177
5.05%, 4/1/2045
206,000
163,576
5.45%, 6/1/2047
318,000
267,521
Enviva Partners LP 6.50%, 1/15/2026 (a)
249,000
125,123
EQM Midstream Partners LP
4.00%, 8/1/2024
401,000
392,588
5.50%, 7/15/2028
892,000
867,005
4.50%, 1/15/2029 (a)
250,000
228,094
4.75%, 1/15/2031 (a)
762,000
678,662
6.50%, 7/15/2048
275,000
252,985
FTAI Infra Escrow Holdings LLC 10.50%, 6/1/2027 (a)
448,000
447,830
JPMorgan BetaBuilders USD High Yield Corporate Bond ETF
SCHEDULE OF PORTFOLIO INVESTMENTS
AS OF November 30, 2023  (Unaudited) (continued)
INVESTMENTS
PRINCIPAL
AMOUNT($)
VALUE($)
Corporate Bonds — continued
Oil, Gas & Consumable Fuels — continued
Genesis Energy LP
6.50%, 10/1/2025
11,000
10,910
8.00%, 1/15/2027
1,061,000
1,061,974
Global Partners LP 6.88%, 1/15/2029
52,000
48,421
Gran Tierra Energy International Holdings Ltd. (Colombia) 6.25%, 2/15/2025 (a)
219,000
199,459
Gran Tierra Energy, Inc. (Colombia) 9.50%, 10/15/2029 (a)
250,000
213,281
Gulfport Energy Corp. 8.00%, 5/17/2026
271,999
275,364
Hess Infrastructure Partners LP 5.63%, 2/15/2026 (a)
25,000
24,688
Hess Midstream Operations LP
5.63%, 2/15/2026 (a)
54,000
53,325
5.13%, 6/15/2028 (a)
780,000
746,448
Hilcorp Energy I LP
6.25%, 11/1/2028 (a)
81,000
78,810
5.75%, 2/1/2029 (a)
111,000
104,322
6.00%, 2/1/2031 (a)
234,000
216,016
6.25%, 4/15/2032 (a)
609,000
562,473
Holly Energy Partners LP 6.38%, 4/15/2027 (a)
236,000
231,965
Ithaca Energy North Sea plc (United Kingdom) 9.00%, 7/15/2026 (a)
342,000
330,775
ITT Holdings LLC 6.50%, 8/1/2029 (a)
458,000
399,605
Kinetik Holdings LP 5.88%, 6/15/2030 (a)
499,000
475,341
Martin Midstream Partners LP 11.50%, 2/15/2028 (a)
175,000
177,685
Matador Resources Co. 6.88%, 4/15/2028 (a)
585,000
586,305
MEG Energy Corp. (Canada)
7.13%, 2/1/2027 (a)
185,000
187,140
5.88%, 2/1/2029 (a)
243,000
232,276
Moss Creek Resources Holdings, Inc.
7.50%, 1/15/2026 (a)
409,000
399,794
10.50%, 5/15/2027 (a)
197,000
199,244
Murphy Oil Corp.
6.38%, 7/15/2028
137,000
136,083
7.05%, 5/1/2029
63,000
64,496
5.87%, 12/1/2042 (d)
361,000
306,507
Neptune Energy Bondco plc (United Kingdom) 6.63%, 5/15/2025 (a)
438,000
435,941
New Fortress Energy, Inc.
6.75%, 9/15/2025 (a)
717,000
694,919
6.50%, 9/30/2026 (a)
509,000
483,447
NGL Energy Operating LLC 7.50%, 2/1/2026 (a)
502,000
503,886
NGL Energy Partners LP 7.50%, 4/15/2026
311,000
298,634
Northern Oil and Gas, Inc. 8.13%, 3/1/2028 (a)
134,000
135,382
Northriver Midstream Finance LP (Canada) 5.63%, 2/15/2026 (a)
706,000
686,585
NuStar Logistics LP
6.00%, 6/1/2026
204,000
203,325
5.63%, 4/28/2027
688,000
677,271
Parkland Corp. (Canada)
5.88%, 7/15/2027 (a)
50,000
49,013
4.50%, 10/1/2029 (a)
377,000
335,853
4.63%, 5/1/2030 (a)
476,000
424,830
PBF Holding Co. LLC 6.00%, 2/15/2028
121,000
116,229
JPMorgan BetaBuilders USD High Yield Corporate Bond ETF
SCHEDULE OF PORTFOLIO INVESTMENTS
AS OF November 30, 2023  (Unaudited) (continued)
INVESTMENTS
PRINCIPAL
AMOUNT($)
VALUE($)
Corporate Bonds — continued
Oil, Gas & Consumable Fuels — continued
PDC Energy, Inc. 5.75%, 5/15/2026
264,000
262,931
Permian Resources Operating LLC
6.88%, 4/1/2027 (a)
34,000
33,727
8.00%, 4/15/2027 (a)
328,000
334,988
5.88%, 7/1/2029 (a)
735,000
702,400
Range Resources Corp.
8.25%, 1/15/2029
442,000
458,049
4.75%, 2/15/2030 (a)
216,000
197,006
Rockcliff Energy II LLC 5.50%, 10/15/2029 (a)
473,000
439,203
Rockies Express Pipeline LLC
4.95%, 7/15/2029 (a)
588,000
542,750
4.80%, 5/15/2030 (a)
506,000
453,040
6.88%, 4/15/2040 (a)
137,000
124,883
SM Energy Co.
5.63%, 6/1/2025
120,000
118,314
6.75%, 9/15/2026
562,000
554,657
6.63%, 1/15/2027
25,000
24,595
Southwestern Energy Co.
5.70%, 1/23/2025 (d)
615,000
613,417
8.38%, 9/15/2028
159,000
164,442
5.38%, 3/15/2030
657,000
622,942
4.75%, 2/1/2032
464,000
413,822
Strathcona Resources Ltd. (Canada) 6.88%, 8/1/2026 (a)
417,000
397,193
Summit Midstream Holdings LLC
5.75%, 4/15/2025
244,000
244,000
9.00%, 10/15/2026 (a) (d)
570,000
566,486
Sunnova Energy Corp. 5.88%, 9/1/2026 (a)
403,000
326,732
Sunoco LP
6.00%, 4/15/2027
466,000
463,290
5.88%, 3/15/2028
35,000
34,277
4.50%, 4/30/2030
949,000
852,906
Tallgrass Energy Partners LP
6.00%, 3/1/2027 (a)
118,000
113,487
5.50%, 1/15/2028 (a)
749,000
690,987
6.00%, 12/31/2030 (a)
100,000
90,293
6.00%, 9/1/2031 (a)
357,000
320,106
Talos Production, Inc. 12.00%, 1/15/2026
685,000
708,920
Teine Energy Ltd. (Canada) 6.88%, 4/15/2029 (a)
579,000
547,155
TerraForm Power Operating LLC
5.00%, 1/31/2028 (a)
603,000
571,342
4.75%, 1/15/2030 (a)
190,000
171,000
Topaz Solar Farms LLC 5.75%, 9/30/2039 (a)
217,862
210,792
TransMontaigne Partners LP 6.13%, 2/15/2026
207,000
180,630
Venture Global Calcasieu Pass LLC
3.88%, 8/15/2029 (a)
1,167,000
1,023,292
4.13%, 8/15/2031 (a)
379,000
326,916
3.88%, 11/1/2033 (a)
309,000
252,908
JPMorgan BetaBuilders USD High Yield Corporate Bond ETF
SCHEDULE OF PORTFOLIO INVESTMENTS
AS OF November 30, 2023  (Unaudited) (continued)
INVESTMENTS
PRINCIPAL
AMOUNT($)
VALUE($)
Corporate Bonds — continued
Oil, Gas & Consumable Fuels — continued
Venture Global LNG, Inc.
8.13%, 6/1/2028 (a)
1,227,000
1,216,530
9.50%, 2/1/2029 (a)
200,000
206,359
8.38%, 6/1/2031 (a)
1,235,000
1,216,881
9.88%, 2/1/2032 (a)
10,000
10,248
Vermilion Energy, Inc. (Canada) 6.88%, 5/1/2030 (a)
369,000
350,039
Vital Energy, Inc.
9.50%, 1/15/2025
244,000
244,946
10.13%, 1/15/2028
351,000
357,400
7.75%, 7/31/2029 (a)
201,000
184,257
W&T Offshore, Inc. 11.75%, 2/1/2026 (a)
220,000
225,060
 
51,465,975
Paper & Forest Products — 0.3%
Ahlstrom Holding 3 Oy (Finland) 4.88%, 2/4/2028 (a)
227,000
191,670
Domtar Corp. 6.75%, 10/1/2028 (a)
510,000
443,773
Glatfelter Corp. 4.75%, 11/15/2029 (a)
74,000
44,785
Louisiana-Pacific Corp. 3.63%, 3/15/2029 (a)
362,000
313,961
Mercer International, Inc. (Germany)
5.50%, 1/15/2026
53,000
49,797
5.13%, 2/1/2029
432,000
360,774
 
1,404,760
Passenger Airlines — 1.8%
Air Canada (Canada) 3.88%, 8/15/2026 (a)
535,000
499,375
Allegiant Travel Co. 7.25%, 8/15/2027 (a)
481,000
456,950
American Airlines Group, Inc. 3.75%, 3/1/2025 (a)
335,000
320,508
American Airlines, Inc.
11.75%, 7/15/2025 (a)
415,000
454,155
5.50%, 4/20/2026 (a)
1,001,674
986,106
7.25%, 2/15/2028 (a)
395,000
390,119
5.75%, 4/20/2029 (a)
1,680,009
1,609,515
Delta Air Lines, Inc.
2.90%, 10/28/2024
60,000
58,098
7.38%, 1/15/2026
413,000
422,949
4.38%, 4/19/2028
385,000
367,223
3.75%, 10/28/2029
190,000
169,944
Hawaiian Brand Intellectual Property Ltd. 5.75%, 1/20/2026 (a)
441,111
350,898
Spirit Loyalty Cayman Ltd. 8.00%, 9/20/2025 (a)
292,000
214,283
United Airlines Holdings, Inc. 4.88%, 1/15/2025
609,000
598,342
United Airlines, Inc.
4.38%, 4/15/2026 (a)
279,000
265,310
4.63%, 4/15/2029 (a)
1,222,000
1,090,891
VistaJet Malta Finance plc (Switzerland)
7.88%, 5/1/2027 (a)
567,000
479,115
9.50%, 6/1/2028 (a)
214,000
177,522
6.38%, 2/1/2030 (a)
168,000
117,490
 
9,028,793
JPMorgan BetaBuilders USD High Yield Corporate Bond ETF
SCHEDULE OF PORTFOLIO INVESTMENTS
AS OF November 30, 2023  (Unaudited) (continued)
INVESTMENTS
PRINCIPAL
AMOUNT($)
VALUE($)
Corporate Bonds — continued
Personal Care Products — 0.4%
BellRing Brands, Inc. 7.00%, 3/15/2030 (a)
604,000
614,359
Coty, Inc.
5.00%, 4/15/2026 (a)
235,000
229,371
6.50%, 4/15/2026 (a)
62,000
61,690
Edgewell Personal Care Co. 4.13%, 4/1/2029 (a)
100,000
88,225
Herbalife Nutrition Ltd. 7.88%, 9/1/2025 (a)
660,000
647,334
Prestige Brands, Inc.
5.13%, 1/15/2028 (a)
26,000
24,708
3.75%, 4/1/2031 (a)
507,000
422,843
 
2,088,530
Pharmaceuticals — 1.4%
Bausch Health Americas, Inc.
9.25%, 4/1/2026 (a)
108,000
95,050
8.50%, 1/31/2027 (a)
365,000
179,993
Bausch Health Cos., Inc.
5.50%, 11/1/2025 (a)
1,063,000
926,139
9.00%, 12/15/2025 (a)
300,000
268,992
6.13%, 2/1/2027 (a)
333,000
185,348
5.75%, 8/15/2027 (a)
1,112,000
606,040
5.00%, 1/30/2028 (a)
669,000
247,690
11.00%, 9/30/2028 (a)
487,000
304,375
5.00%, 2/15/2029 (a)
32,000
11,187
6.25%, 2/15/2029 (a)
30,000
10,687
5.25%, 1/30/2030 (a)
5,000
1,790
14.00%, 10/15/2030 (a)
352,000
182,888
5.25%, 2/15/2031 (a)
190,000
66,975
Catalent Pharma Solutions, Inc.
5.00%, 7/15/2027 (a)
513,000
484,384
3.13%, 2/15/2029 (a)
225,000
188,437
Cheplapharm Arzneimittel GmbH (Germany) 5.50%, 1/15/2028 (a)
287,000
266,116
Elanco Animal Health, Inc. 6.65%, 8/28/2028 (d)
268,000
267,665
HLF Financing SARL LLC 4.88%, 6/1/2029 (a)
168,000
119,156
Jazz Securities DAC 4.38%, 1/15/2029 (a)
450,000
404,832
Mallinckrodt International Finance SA 11.50%, 12/15/2028 (a) (g)
104,000
92,406
Organon & Co. 5.13%, 4/30/2031 (a)
825,000
649,096
P&L Development LLC 7.75%, 11/15/2025 (a)
196,000
127,890
Perrigo Finance Unlimited Co.
4.38%, 3/15/2026
738,000
708,673
4.65%, 6/15/2030 (d)
550,000
490,560
 
6,886,369
Professional Services — 0.3%
AMN Healthcare, Inc.
4.63%, 10/1/2027 (a)
130,000
120,690
4.00%, 4/15/2029 (a)
100,000
88,657
CoreLogic, Inc. 4.50%, 5/1/2028 (a)
480,000
402,000
Dun & Bradstreet Corp. (The) 5.00%, 12/15/2029 (a)
401,000
362,344
JPMorgan BetaBuilders USD High Yield Corporate Bond ETF
SCHEDULE OF PORTFOLIO INVESTMENTS
AS OF November 30, 2023  (Unaudited) (continued)
INVESTMENTS
PRINCIPAL
AMOUNT($)
VALUE($)
Corporate Bonds — continued
Professional Services — continued
KBR, Inc. 4.75%, 9/30/2028 (a)
28,000
24,992
Science Applications International Corp. 4.88%, 4/1/2028 (a)
301,000
280,468
 
1,279,151
Real Estate Management & Development — 0.6%
Anywhere Real Estate Group LLC 7.00%, 4/15/2030 (a)
23,000
19,866
Cushman & Wakefield US Borrower LLC 6.75%, 5/15/2028 (a)
420,000
399,000
Five Point Operating Co. LP 7.88%, 11/15/2025 (a)
261,000
249,849
Forestar Group, Inc.
3.85%, 5/15/2026 (a)
55,000
51,192
5.00%, 3/1/2028 (a)
65,000
60,147
Howard Hughes Corp. (The)
5.38%, 8/1/2028 (a)
165,000
154,688
4.13%, 2/1/2029 (a)
225,000
192,937
4.38%, 2/1/2031 (a)
476,000
395,080
Hunt Cos., Inc. 5.25%, 4/15/2029 (a)
329,000
282,331
Kennedy-Wilson, Inc. 4.75%, 3/1/2029
593,000
475,426
Realogy Group LLC
5.75%, 1/15/2029 (a)
773,000
551,309
5.25%, 4/15/2030 (a)
142,000
95,582
WeWork Cos. LLC 5.00%, 7/10/2025 (a)
217,000
3,255
 
2,930,662
Retail REITs — 0.2%
Brookfield Property REIT, Inc.
5.75%, 5/15/2026 (a)
546,000
517,797
4.50%, 4/1/2027 (a)
295,000
258,656
 
776,453
Semiconductors & Semiconductor Equipment — 0.4%
Amkor Technology, Inc. 6.63%, 9/15/2027 (a)
489,000
491,230
ams-OSRAM AG (Austria) 7.00%, 7/31/2025 (a)
442,000
449,492
Entegris Escrow Corp.
4.75%, 4/15/2029 (a)
363,000
342,953
5.95%, 6/15/2030 (a)
631,000
609,519
ON Semiconductor Corp. 3.88%, 9/1/2028 (a)
53,000
47,913
Synaptics, Inc. 4.00%, 6/15/2029 (a)
224,000
193,829
 
2,134,936
Software — 2.8%
ACI Worldwide, Inc. 5.75%, 8/15/2026 (a)
357,000
351,010
AthenaHealth Group, Inc. 6.50%, 2/15/2030 (a)
739,000
640,568
Boxer Parent Co., Inc.
7.13%, 10/2/2025 (a)
313,000
312,609
9.13%, 3/1/2026 (a)
108,000
108,000
Camelot Finance SA 4.50%, 11/1/2026 (a)
287,000
272,123
Capstone Borrower, Inc. 8.00%, 6/15/2030 (a)
92,000
92,000
Central Parent LLC 8.00%, 6/15/2029 (a)
39,000
40,006
Clarivate Science Holdings Corp.
3.88%, 7/1/2028 (a)
544,000
490,815
JPMorgan BetaBuilders USD High Yield Corporate Bond ETF
SCHEDULE OF PORTFOLIO INVESTMENTS
AS OF November 30, 2023  (Unaudited) (continued)
INVESTMENTS
PRINCIPAL
AMOUNT($)
VALUE($)
Corporate Bonds — continued
Software — continued
4.88%, 7/1/2029 (a)
100,000
89,487
Cloud Software Group, Inc.
6.50%, 3/31/2029 (a)
1,600,000
1,473,406
9.00%, 9/30/2029 (a)
1,375,000
1,237,446
Consensus Cloud Solutions, Inc. 6.50%, 10/15/2028 (a)
641,000
578,951
Crowdstrike Holdings, Inc. 3.00%, 2/15/2029
550,000
482,904
Elastic NV 4.13%, 7/15/2029 (a)
119,000
106,236
Fair Isaac Corp.
5.25%, 5/15/2026 (a)
368,000
360,180
4.00%, 6/15/2028 (a)
270,000
248,390
Gen Digital, Inc.
5.00%, 4/15/2025 (a)
453,000
449,331
6.75%, 9/30/2027 (a)
192,000
193,284
7.13%, 9/30/2030 (a)
405,000
413,825
GoTo Group, Inc. 5.50%, 9/1/2027 (a)
260,000
153,353
McAfee Corp. 7.38%, 2/15/2030 (a)
830,000
716,995
MicroStrategy, Inc. 6.13%, 6/15/2028 (a)
635,000
585,556
NCR Voyix Corp.
5.00%, 10/1/2028 (a)
285,000
259,450
5.13%, 4/15/2029 (a)
344,000
315,052
5.25%, 10/1/2030 (a)
303,000
266,349
Open Text Corp. (Canada)
3.88%, 2/15/2028 (a)
5,000
4,550
3.88%, 12/1/2029 (a)
740,000
647,228
Open Text Holdings, Inc. (Canada)
4.13%, 2/15/2030 (a)
507,000
448,698
4.13%, 12/1/2031 (a)
440,000
375,792
PTC, Inc. 4.00%, 2/15/2028 (a)
231,000
212,506
Rocket Software, Inc. 6.50%, 2/15/2029 (a)
315,000
254,659
SS&C Technologies, Inc. 5.50%, 9/30/2027 (a)
827,000
800,338
Veritas US, Inc. 7.50%, 9/1/2025 (a)
1,140,000
888,443
 
13,869,540
Specialized REITs — 0.7%
Iron Mountain, Inc.
4.88%, 9/15/2027 (a)
785,000
743,105
5.00%, 7/15/2028 (a)
176,000
164,351
4.88%, 9/15/2029 (a)
915,000
833,228
5.25%, 7/15/2030 (a)
60,000
55,023
4.50%, 2/15/2031 (a)
54,000
46,736
5.63%, 7/15/2032 (a)
367,000
333,194
SBA Communications Corp.
3.88%, 2/15/2027
921,000
866,978
3.13%, 2/1/2029
465,000
404,938
 
3,447,553
Specialty Retail — 2.6%
99 Escrow Issuer, Inc. 7.50%, 1/15/2026 (a)
137,000
47,265
Arko Corp. 5.13%, 11/15/2029 (a)
335,000
278,887
JPMorgan BetaBuilders USD High Yield Corporate Bond ETF
SCHEDULE OF PORTFOLIO INVESTMENTS
AS OF November 30, 2023  (Unaudited) (continued)
INVESTMENTS
PRINCIPAL
AMOUNT($)
VALUE($)
Corporate Bonds — continued
Specialty Retail — continued
Asbury Automotive Group, Inc.
4.50%, 3/1/2028
454,000
417,676
4.63%, 11/15/2029 (a)
489,000
440,394
5.00%, 2/15/2032 (a)
77,000
67,165
At Home Group, Inc. 4.88%, 7/15/2028 (a)
229,000
68,127
Bath & Body Works, Inc.
9.38%, 7/1/2025 (a)
539,000
563,209
5.25%, 2/1/2028
5,000
4,804
7.50%, 6/15/2029
276,000
283,389
6.88%, 11/1/2035
857,000
810,811
6.75%, 7/1/2036
46,000
42,777
BCPE Ulysses Intermediate, Inc. 7.75% (Cash), 4/1/2027 (a) (b)
30,000
26,535
Carvana Co. 5.50%, 4/15/2027 (a)
50,000
34,500
Evergreen Acqco 1 LP 9.75%, 4/26/2028 (a)
36,000
37,350
Foot Locker, Inc. 4.00%, 10/1/2029 (a)
372,000
300,286
Gap, Inc. (The)
3.63%, 10/1/2029 (a)
604,000
497,247
3.88%, 10/1/2031 (a)
210,000
165,865
Group 1 Automotive, Inc. 4.00%, 8/15/2028 (a)
502,000
452,396
Guitar Center, Inc. 8.50%, 1/15/2026 (a)
150,000
122,625
LBM Acquisition LLC 6.25%, 1/15/2029 (a)
538,000
450,640
LCM Investments Holdings II LLC 4.88%, 5/1/2029 (a)
345,000
301,474
Lithia Motors, Inc.
3.88%, 6/1/2029 (a)
742,000
654,088
4.38%, 1/15/2031 (a)
123,000
105,998
LSF9 Atlantis Holdings LLC 7.75%, 2/15/2026 (a)
508,000
475,910
Michaels Cos., Inc. (The)
5.25%, 5/1/2028 (a)
111,000
81,022
7.88%, 5/1/2029 (a)
557,000
316,643
Murphy Oil USA, Inc.
5.63%, 5/1/2027
351,000
342,232
4.75%, 9/15/2029
100,000
92,558
3.75%, 2/15/2031 (a)
5,000
4,243
Park River Holdings, Inc.
5.63%, 2/1/2029 (a)
54,000
40,637
6.75%, 8/1/2029 (a)
86,000
65,563
Penske Automotive Group, Inc. 3.75%, 6/15/2029
639,000
554,195
PetSmart, Inc.
4.75%, 2/15/2028 (a)
450,000
411,528
7.75%, 2/15/2029 (a)
400,000
377,064
Sonic Automotive, Inc.
4.63%, 11/15/2029 (a)
411,000
362,287
4.88%, 11/15/2031 (a)
300,000
252,396
Specialty Building Products Holdings LLC 6.38%, 9/30/2026 (a)
439,000
425,815
SRS Distribution, Inc.
4.63%, 7/1/2028 (a)
393,000
358,762
6.13%, 7/1/2029 (a)
565,000
499,024
JPMorgan BetaBuilders USD High Yield Corporate Bond ETF
SCHEDULE OF PORTFOLIO INVESTMENTS
AS OF November 30, 2023  (Unaudited) (continued)
INVESTMENTS
PRINCIPAL
AMOUNT($)
VALUE($)
Corporate Bonds — continued
Specialty Retail — continued
Staples, Inc.
7.50%, 4/15/2026 (a)
1,140,000
1,008,892
10.75%, 4/15/2027 (a)
243,000
158,045
Upbound Group, Inc. 6.38%, 2/15/2029 (a)
300,000
273,177
Victoria's Secret & Co. 4.63%, 7/15/2029 (a)
373,000
302,683
White Cap Buyer LLC 6.88%, 10/15/2028 (a)
246,000
224,458
White Cap Parent LLC 8.25% (Cash), 3/15/2026 (a) (b)
176,000
172,148
 
12,972,790
Technology Hardware, Storage & Peripherals — 0.7%
Seagate HDD Cayman
4.88%, 6/1/2027
641,000
621,137
4.09%, 6/1/2029
888,000
796,634
4.13%, 1/15/2031
202,000
172,975
8.50%, 7/15/2031 (a)
40,000
42,745
9.63%, 12/1/2032 (a)
162,000
181,961
Western Digital Corp.
4.75%, 2/15/2026
283,000
273,029
3.10%, 2/1/2032
334,000
248,736
Xerox Corp.
4.80%, 3/1/2035
65,000
45,484
6.75%, 12/15/2039
329,000
247,821
Xerox Holdings Corp.
5.00%, 8/15/2025 (a)
600,000
574,340
5.50%, 8/15/2028 (a)
403,000
335,866
 
3,540,728
Textiles, Apparel & Luxury Goods — 0.3%
Crocs, Inc.
4.25%, 3/15/2029 (a)
27,000
23,625
4.13%, 8/15/2031 (a)
80,000
65,400
G-III Apparel Group Ltd. 7.88%, 8/15/2025 (a)
282,000
280,490
Hanesbrands, Inc.
4.88%, 5/15/2026 (a)
321,000
302,475
9.00%, 2/15/2031 (a)
98,000
92,385
Levi Strauss & Co. 3.50%, 3/1/2031 (a)
418,000
350,075
Under Armour, Inc. 3.25%, 6/15/2026
26,000
24,372
William Carter Co. (The) 5.63%, 3/15/2027 (a)
204,000
197,832
Wolverine World Wide, Inc. 4.00%, 8/15/2029 (a)
372,000
286,630
 
1,623,284
Tobacco — 0.2%
Turning Point Brands, Inc. 5.63%, 2/15/2026 (a)
102,000
95,115
Vector Group Ltd.
10.50%, 11/1/2026 (a)
126,000
126,169
5.75%, 2/1/2029 (a)
572,000
509,153
 
730,437
Trading Companies & Distributors — 1.6%
Alta Equipment Group, Inc. 5.63%, 4/15/2026 (a)
70,000
65,403
JPMorgan BetaBuilders USD High Yield Corporate Bond ETF
SCHEDULE OF PORTFOLIO INVESTMENTS
AS OF November 30, 2023  (Unaudited) (continued)
INVESTMENTS
PRINCIPAL
AMOUNT($)
VALUE($)
Corporate Bonds — continued
Trading Companies & Distributors — continued
Beacon Roofing Supply, Inc.
4.50%, 11/15/2026 (a)
275,000
262,271
4.13%, 5/15/2029 (a)
54,000
47,688
6.50%, 8/1/2030 (a)
281,000
280,686
BlueLinx Holdings, Inc. 6.00%, 11/15/2029 (a)
242,000
217,402
Boise Cascade Co. 4.88%, 7/1/2030 (a)
433,000
394,030
Fortress Transportation and Infrastructure Investors LLC
6.50%, 10/1/2025 (a)
278,000
276,136
5.50%, 5/1/2028 (a)
683,000
641,395
Foundation Building Materials, Inc. 6.00%, 3/1/2029 (a)
225,000
192,938
H&E Equipment Services, Inc. 3.88%, 12/15/2028 (a)
774,000
685,322
Herc Holdings, Inc. 5.50%, 7/15/2027 (a)
644,000
625,345
Imola Merger Corp. 4.75%, 5/15/2029 (a)
1,021,000
927,670
United Rentals North America, Inc.
5.50%, 5/15/2027
693,000
682,771
3.88%, 11/15/2027
185,000
173,793
4.88%, 1/15/2028
483,000
464,544
5.25%, 1/15/2030
736,000
703,186
3.75%, 1/15/2032
517,000
437,909
WESCO Distribution, Inc.
7.13%, 6/15/2025 (a)
80,000
80,114
7.25%, 6/15/2028 (a)
913,000
928,376
 
8,086,979
Wireless Telecommunication Services — 1.1%
C&W Senior Financing DAC (Panama) 6.88%, 9/15/2027 (a)
758,000
687,980
Connect Finco SARL (United Kingdom) 6.75%, 10/1/2026 (a)
700,000
671,900
Hughes Satellite Systems Corp.
5.25%, 8/1/2026
220,000
187,843
6.63%, 8/1/2026
670,000
526,958
Millicom International Cellular SA (Guatemala)
5.13%, 1/15/2028 (a)
180,000
162,450
4.50%, 4/27/2031 (a)
559,000
445,244
Rogers Communications, Inc. (Canada) (US Treasury Yield Curve Rate T Note Constant Maturity 5 Year + 3.59%), 5.25%,
3/15/2082 (a) (c)
85,000
78,176
United States Cellular Corp. 6.70%, 12/15/2033
316,000
309,781
Vmed O2 UK Financing I plc (United Kingdom)
4.25%, 1/31/2031 (a)
529,000
444,577
4.75%, 7/15/2031 (a)
500,000
427,205
Vodafone Group plc (United Kingdom)
(USD Swap Semi 5 Year + 4.87%), 7.00%, 4/4/2079 (c)
694,000
700,951
(US Treasury Yield Curve Rate T Note Constant Maturity 5 Year + 2.45%), 3.25%, 6/4/2081 (c)
71,000
64,743
(US Treasury Yield Curve Rate T Note Constant Maturity 5 Year + 2.77%), 4.13%, 6/4/2081 (c)
331,000
266,093
(US Treasury Yield Curve Rate T Note Constant Maturity 5 Year + 3.07%), 5.13%, 6/4/2081 (c)
884,000
605,271
 
5,579,172
Total Corporate Bonds
(Cost $497,202,832)
479,995,780
JPMorgan BetaBuilders USD High Yield Corporate Bond ETF
SCHEDULE OF PORTFOLIO INVESTMENTS
AS OF November 30, 2023  (Unaudited) (continued)
 INVESTMENTS
SHARES
VALUE($)
Common Stocks — 0.0% ^
Software — 0.0% ^
Cwt Travel Group, Inc. ‡ *(Cost $34,721)
1,455
7,275
Short-Term Investments — 0.7%
Investment Companies — 0.7%
JPMorgan U.S. Government Money Market Fund Class IM Shares, 5.28% (h) (i)
(Cost $3,665,888)
3,665,888
3,665,888
Total Investments — 98.1%
(Cost $500,903,441)
483,668,943
Other Assets Less Liabilities — 1.9%
9,223,206
NET ASSETS — 100.0%
492,892,149
 
Percentages indicated are based on net assets.
 
Abbreviations
 
CME
Chicago Mercantile Exchange
ICE
Intercontinental Exchange
PIK
Payment In Kind
REIT
Real Estate Investment Trust
SCA
Limited partnership with share capital
SOFR
Secured Overnight Financing Rate
USD
United States Dollar
 
^
Amount rounds to less than 0.1% of net assets.
‡
Value determined using significant unobservable inputs.
 
*
Non-income producing security.
 
(a)
Securities exempt from registration under Rule 144A or section 4(a)(2), of the Securities Act of 1933, as amended.
 
(b)
Security has the ability to pay in kind (“PIK”) or pay income in cash. When applicable, separate rates of such payments are disclosed.
 
(c)
Variable or floating rate security, linked to the referenced benchmark. The interest rate shown is the current rate as of November 30, 2023.
 
(d)
Step bond. Interest rate is a fixed rate for an initial period that either resets at a specific date or may reset in the future contingent upon a
predetermined trigger. The interest rate shown is the current rate as of November 30, 2023.
 
(e)
Security is an interest bearing note with preferred security characteristics.
 
(f)
Security is perpetual and thus, does not have a predetermined maturity date. The coupon rate for this security is fixed for a period of time
and may be structured to adjust thereafter. The date shown, if applicable, reflects the next call date. The coupon rate shown is the rate in
effect as of November 30, 2023.
 
(g)
Defaulted security.
 
(h)
Investment in an affiliated fund, which is registered under the Investment Company Act of 1940, as amended, and is advised by J.P. Morgan
Investment Management Inc.
 
(i)
The rate shown is the current yield as of November 30, 2023.
 
JPMorgan BetaBuilders USD High Yield Corporate Bond 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.
Fixed income instruments are valued based on prices received from approved affiliated and unaffiliated pricing vendors or third party broker-dealers (collectively referred to as “Pricing Services”). The Pricing Services use multiple valuation techniques to determine the valuation of fixed income instruments. In instances where sufficient market activity exists, the Pricing Services may utilize a market-based approach through which trades or quotes from market makers are used to determine the valuation of these instruments. In instances where sufficient market activity may not exist, the Pricing Services also utilize proprietary valuation models which may consider market transactions in comparable securities and the various relationships between securities in determining fair value and/or market characteristics in order to estimate the relevant cash flows, which are then discounted to calculate the fair values.
Equities and other exchange-traded instruments are valued at the last sale price or official market closing price on the primary exchange on which the instrument is traded before the net asset value (“NAV”) of the Fund is calculated on a valuation date.
Investments in open-end investment companies (“Underlying Funds”) are valued at each Underlying Fund’s NAV per share as of the report date.
Valuations reflected in this report are as of the report date. As a result, changes in valuation due to market events and/or issuer-related events after the report date and prior to issuance of the report are not reflected herein.
The various inputs that are used in determining the valuation of the Fund's investments are summarized into the three broad levels listed below.
•
Level 1 — Unadjusted inputs using quoted prices in active markets for identical investments.
•
Level 2 — Other significant observable inputs including, but not limited to, quoted prices for similar investments, inputs other than quoted prices that are observable for investments (such as interest rates, prepayment speeds, credit risk, etc.) or other market corroborated inputs.
•
Level 3 — Significant inputs based on the best information available in the circumstances, to the extent observable inputs are not available (including the Fund's assumptions in determining the fair value of investments).
A financial instrument’s level within the fair value hierarchy is based on the lowest level of any input, both individually and in the aggregate, that is significant to the fair value measurement. The inputs or methodology used for valuing instruments are not necessarily an indication of the risk associated with investing in those instruments. 
The following table represents each valuation input as presented on the Schedule of Portfolio Investments (“SOI”): 
 
 
 
 
 
 
Level 1
Quoted prices
Level 2
Other significant
observable inputs
Level 3
Significant
unobservable inputs
Total
Investments in Securities
Common Stocks
$—
$—
$7,275
$7,275
Corporate Bonds
Aerospace & Defense
—
10,304,543
—
10,304,543
Air Freight & Logistics
—
129,268
—
129,268
JPMorgan BetaBuilders USD High Yield Corporate Bond ETF
SCHEDULE OF PORTFOLIO INVESTMENTS
AS OF November 30, 2023 (Unaudited) (continued)
 
 
 
 
 
 
Level 1
Quoted prices
Level 2
Other significant
observable inputs
Level 3
Significant
unobservable inputs
Total
Automobile Components
$—
$11,047,324
$—
$11,047,324
Automobiles
—
6,546,950
—
6,546,950
Banks
—
3,267,891
—
3,267,891
Beverages
—
364,977
—
364,977
Biotechnology
—
454,706
—
454,706
Broadline Retail
—
6,197,403
—
6,197,403
Building Products
—
7,213,095
—
7,213,095
Capital Markets
—
2,983,512
—
2,983,512
Chemicals
—
13,720,151
—
13,720,151
Commercial Services & Supplies
—
16,265,901
—
16,265,901
Communications Equipment
—
2,332,041
—
2,332,041
Construction & Engineering
—
4,023,705
—
4,023,705
Consumer Finance
—
19,530,218
—
19,530,218
Consumer Staples Distribution & Retail
—
4,996,244
—
4,996,244
Containers & Packaging
—
13,946,464
—
13,946,464
Distributors
—
975,286
—
975,286
Diversified Consumer Services
—
2,984,142
—
2,984,142
Diversified REITs
—
3,365,933
—
3,365,933
Diversified Telecommunication Services
—
22,700,630
1,408,030
24,108,660
Electric Utilities
—
7,464,576
—
7,464,576
Electrical Equipment
—
1,527,855
—
1,527,855
Electronic Equipment, Instruments & Components
—
1,110,652
—
1,110,652
Energy Equipment & Services
—
7,696,772
—
7,696,772
Entertainment
—
3,839,413
—
3,839,413
Financial Services
—
12,493,132
—
12,493,132
Food Products
—
5,509,801
—
5,509,801
Gas Utilities
—
2,023,606
—
2,023,606
Ground Transportation
—
5,574,410
—
5,574,410
Health Care Equipment & Supplies
—
4,627,644
—
4,627,644
Health Care Providers & Services
—
19,369,594
—
19,369,594
Health Care REITs
—
1,647,511
—
1,647,511
Health Care Technology
—
780,244
—
780,244
Hotel & Resort REITs
—
3,613,861
—
3,613,861
Hotels, Restaurants & Leisure
—
41,289,040
—
41,289,040
Household Durables
—
7,375,796
—
7,375,796
Household Products
—
2,154,329
—
2,154,329
Independent Power and Renewable Electricity Producers
—
4,144,644
—
4,144,644
Insurance
—
8,432,786
—
8,432,786
Interactive Media & Services
—
1,139,583
—
1,139,583
IT Services
—
3,227,912
—
3,227,912
Leisure Products
—
412,525
—
412,525
Life Sciences Tools & Services
—
994,910
—
994,910
Machinery
—
5,980,589
—
5,980,589
Marine Transportation
—
187,993
—
187,993
Media
—
32,405,874
—
32,405,874
Metals & Mining
—
9,282,502
—
9,282,502
Mortgage Real Estate Investment Trusts (REITs)
—
1,823,639
—
1,823,639
JPMorgan BetaBuilders USD High Yield Corporate Bond ETF
SCHEDULE OF PORTFOLIO INVESTMENTS
AS OF November 30, 2023 (Unaudited) (continued)
 
 
 
 
 
 
Level 1
Quoted prices
Level 2
Other significant
observable inputs
Level 3
Significant
unobservable inputs
Total
Multi-Utilities
$—
$367,658
$—
$367,658
Office REITs
—
892,403
—
892,403
Oil, Gas & Consumable Fuels
—
51,465,975
—
51,465,975
Paper & Forest Products
—
1,404,760
—
1,404,760
Passenger Airlines
—
9,028,793
—
9,028,793
Personal Care Products
—
2,088,530
—
2,088,530
Pharmaceuticals
—
6,886,369
—
6,886,369
Professional Services
—
1,279,151
—
1,279,151
Real Estate Management & Development
—
2,930,662
—
2,930,662
Retail REITs
—
776,453
—
776,453
Semiconductors & Semiconductor Equipment
—
2,134,936
—
2,134,936
Software
—
13,869,540
—
13,869,540
Specialized REITs
—
3,447,553
—
3,447,553
Specialty Retail
—
12,972,790
—
12,972,790
Technology Hardware, Storage & Peripherals
—
3,540,728
—
3,540,728
Textiles, Apparel & Luxury Goods
—
1,623,284
—
1,623,284
Tobacco
—
730,437
—
730,437
Trading Companies & Distributors
—
8,086,979
—
8,086,979
Wireless Telecommunication Services
—
5,579,172
—
5,579,172
Total Corporate Bonds
—
478,587,750
1,408,030
479,995,780
Short-Term Investments
Investment Companies
3,665,888
—
—
3,665,888
Total Investments in Securities
$3,665,888
$478,587,750
$1,415,305
$483,668,943
B. Investment Transactions with Affiliates — The Fund invested in Underlying Funds advised by the Adviser. An issuer which is under common control with the Fund may be considered an affiliate. The Fund assumes the issuers listed in the table below to be affiliated issuers. The Underlying Funds’ distributions may be reinvested into such Underlying Funds. Reinvestment amounts are included in the purchases at cost amounts in the table below. 
 
For the period ended November 30, 2023
Security Description
Value at
February 28,
2023
Purchases at
Cost
Proceeds from
Sales
Net Realized
Gain (Loss)
Change in
Unrealized
Appreciation/
(Depreciation)
Value at
November 30,
2023
Shares at
November 30,
2023
Dividend
Income
Capital Gain
Distributions
JPMorgan U.S. Government Money
Market Fund Class IM Shares, 5.28%
 (a) (b)
$3,094,499
$46,134,517
$45,563,128
$—
$—
$3,665,888
3,665,888
$80,238
$—
 
 
(a)
Investment in an affiliated fund, which is registered under the Investment Company Act of 1940, as amended, and is advised by J.P. Morgan
Investment Management Inc.
(b)
The rate shown is the current yield as of November 30, 2023.