NPORT-EX 2 JPMLDBETF.htm EDGAR HTML
JPMorgan Limited Duration 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 Limited Duration Bond ETF
SCHEDULE OF PORTFOLIO INVESTMENTS
AS OF November 30, 2023  (Unaudited)
 
INVESTMENTS
PRINCIPAL
AMOUNT($)
VALUE($)
Asset-Backed Securities — 38.9%
ACRE Commercial Mortgage Ltd. Series 2021-FL4, Class A, 6.28%, 12/18/2037 (a) (b)
998,610
984,829
American Credit Acceptance Receivables Trust Series 2023-1, Class A, 5.45%, 9/14/2026 (a)
1,263,415
1,260,982
Ameriquest Mortgage Securities, Inc. Asset-Backed Pass-Through Certificates Series 2003-7, Class M1, 4.68%,
8/25/2033 (b)
5,718
5,809
Amortizing Residential Collateral Trust Series 2002-BC9, Class M1, 7.11%, 12/25/2032 (b)
1,189,514
1,084,497
AMSR Trust
Series 2020-SFR3, Class A, 1.36%, 9/17/2037 (a)
7,104,240
6,544,689
Series 2021-SFR2, Class A, 1.53%, 8/17/2038 (a)
4,000,000
3,544,622
Apidos CLO (Cayman Islands) Series 2019-31A, Class A1R, 6.76%, 4/15/2031 (a) (b)
4,350,000
4,347,668
Arivo Acceptance Auto Loan Receivables Trust Series 2021-1A, Class A, 1.19%, 1/15/2027 (a)
113,708
111,687
Ballyrock CLO Ltd. (Cayman Islands)
Series 2020-2A, Class A1R, 6.69%, 10/20/2031 (a) (b)
3,244,000
3,241,256
Series 2019-1A, Class A1R, 6.69%, 7/15/2032 (a) (b)
6,415,000
6,390,552
Bear Stearns Asset-Backed Securities I Trust Series 2005-HE1, Class M2, 5.06%, 1/25/2035 (b)
347,881
347,318
Bear Stearns Asset-Backed Securities Trust Series 2003-SD1, Class A, 6.36%, 12/25/2033 (b)
392,475
371,936
BRE Grand Islander Timeshare Issuer LLC Series 2019-A, Class A, 3.28%, 9/26/2033 (a)
1,197,824
1,134,173
BSPRT Issuer Ltd. (Cayman Islands) Series 2022-FL8, Class A, 6.82%, 2/15/2037 (a) (b)
5,000,000
4,916,150
Business Jet Securities LLC
Series 2020-1A, Class A, 2.98%, 11/15/2035 ‡ (a)
797,925
756,880
Series 2021-1A, Class A, 2.16%, 4/15/2036 ‡ (a)
1,396,641
1,279,625
Series 2022-1A, Class A, 4.46%, 6/15/2037 ‡ (a)
7,897,482
7,428,910
BXG Receivables Note Trust Series 2018-A, Class A, 3.77%, 2/2/2034 (a)
805,498
779,888
BXMT Ltd. (Cayman Islands) Series 2020-FL3, Class A, 6.84%, 11/15/2037 (a) (b)
7,415,862
7,103,417
CarMax Auto Owner Trust
Series 2020-4, Class A3, 0.50%, 8/15/2025
562,414
555,106
Series 2022-2, Class A3, 3.49%, 2/16/2027
4,720,000
4,629,953
Carvana Auto Receivables Trust
Series 2020-P1, Class A4, 0.61%, 10/8/2026
1,845,685
1,783,748
Series 2023-N4, Class A, 6.42%, 1/10/2028 (a)
5,250,000
5,256,062
Centex Home Equity Loan Trust Series 2002-A, Class MV1, 6.31%, 1/25/2032 (b)
68,034
67,803
CF Hippolyta Issuer LLC Series 2020-1, Class A1, 1.69%, 7/15/2060 (a)
2,307,094
2,111,862
CoreVest American Finance Trust
Series 2019-1, Class A, 3.32%, 3/15/2052 (a)
16,393
16,348
Series 2020-2, Class A, 3.38%, 5/15/2052 (a)
652,505
625,675
Series 2020-4, Class A, 1.17%, 12/15/2052 (a)
3,926,568
3,593,243
Countrywide Asset-Backed Certificates
Series 2003-BC2, Class 2A1, 6.06%, 6/25/2033 (b)
237,315
216,592
Series 2004-S1, Class M2, 5.58%, 2/25/2035 (c)
14,789
14,565
CPS Auto Receivables Trust
Series 2023-A, Class A, 5.54%, 3/16/2026 (a)
1,514,321
1,511,536
Series 2022-C, Class A, 4.18%, 4/15/2030 (a)
2,190,788
2,180,902
Credit Acceptance Auto Loan Trust
Series 2021-2A, Class A, 0.96%, 2/15/2030 (a)
1,084,520
1,076,663
Series 2023-3A, Class A, 6.39%, 8/15/2033 (a)
2,375,000
2,384,735
Diamond Resorts Owner Trust Series 2021-1A, Class A, 1.51%, 11/21/2033 (a)
476,258
440,042
DLLST LLC Series 2022-1A, Class A3, 3.40%, 1/21/2025 (a)
3,142,089
3,117,333
DT Auto Owner Trust
Series 2022-2A, Class A, 2.88%, 6/15/2026 (a)
597,308
594,492
Series 2021-1A, Class C, 0.84%, 10/15/2026 (a)
650,615
641,301
JPMorgan Limited Duration Bond ETF
SCHEDULE OF PORTFOLIO INVESTMENTS
AS OF November 30, 2023  (Unaudited) (continued)
INVESTMENTS
PRINCIPAL
AMOUNT($)
VALUE($)
Asset-Backed Securities — continued
Series 2023-1A, Class A, 5.48%, 4/15/2027 (a)
2,617,436
2,609,523
Elmwood CLO Ltd. (Cayman Islands) Series 2020-2A, Class AR, 6.83%, 10/20/2034 (a) (b)
7,500,000
7,495,980
Enterprise Fleet Financing LLC Series 2022-1, Class A2, 3.03%, 1/20/2028 (a)
2,230,424
2,181,916
Exeter Automobile Receivables Trust
Series 2022-3A, Class A3, 4.21%, 1/15/2026
1,421,409
1,419,761
Series 2023-4A, Class C, 6.51%, 8/15/2028
2,500,000
2,496,254
First Franklin Mortgage Loan Trust
Series 2002-FF1, Class M1, 6.51%, 4/25/2032 (b)
49,069
48,635
Series 2002-FF4, Class M1, 7.03%, 2/25/2033 (b)
578,174
450,185
Series 2003-FFH1, Class M2, 8.08%, 9/25/2033 (b)
226,721
193,290
Series 2004-FF8, Class M4, 7.06%, 10/25/2034 (b)
205,363
183,781
FirstKey Homes Trust Series 2021-SFR1, Class A, 1.54%, 8/17/2038 (a)
6,909,174
6,148,208
FS Rialto (Cayman Islands) Series 2021-FL3, Class A, 6.69%, 11/16/2036 (a) (b)
5,290,000
5,188,622
Galaxy CLO Ltd. (Cayman Islands) Series 2013-15A, Class ARR, 6.63%, 10/15/2030 (a) (b)
1,717,985
1,714,537
Goodgreen (Cayman Islands)
Series 2018-1A, Class A, 3.93%, 10/15/2053 ‡ (a) (b)
1,966,761
1,708,677
Series 2019-1A, Class A, 3.86%, 10/15/2054 ‡ (a)
1,412,991
1,252,432
Goodgreen Trust Series 2017-2A, Class A, 3.26%, 10/15/2053 ‡ (a)
1,239,070
1,110,168
GreenPoint Mortgage Funding Trust Series 2005-HE3, Class A, 5.62%, 9/15/2030 (b)
8,192
7,886
HERO Funding (Cayman Islands) Series 2017-3A, Class A2, 3.95%, 9/20/2048 ‡ (a)
784,780
690,670
Hilton Grand Vacations Trust
Series 2018-AA, Class A, 3.54%, 2/25/2032 (a)
349,579
338,327
Series 2022-2A, Class A, 4.30%, 1/25/2037 (a)
1,904,826
1,830,127
Series 2020-AA, Class A, 2.74%, 2/25/2039 (a)
777,039
733,526
Hyundai Auto Lease Securitization Trust Series 2021-B, Class B, 0.62%, 3/16/2026 (a)
4,635,000
4,622,853
LCM Ltd. (Cayman Islands) Series 29A, Class AR, 6.73%, 4/15/2031 (a) (b)
5,000,000
4,970,790
Lendingpoint Asset Securitization Trust
Series 2022-B, Class A, 4.77%, 10/15/2029 (a)
1,764,073
1,745,586
Series 2022-C, Class A, 6.56%, 2/15/2030 (a)
1,745,114
1,743,076
Lendmark Funding Trust Series 2022-1A, Class A, 5.12%, 7/20/2032 (a)
3,000,000
2,947,678
LP LMS Asset Securitization Trust
Series 2021-2A, Class A, 1.75%, 1/15/2029 (a)
372,638
369,656
Series 2023-1A, Class A, 8.18%, 10/17/2033 ‡ (a)
2,333,321
2,322,611
Mariner Finance Issuance Trust
Series 2020-AA, Class A, 2.19%, 8/21/2034 (a)
1,849,544
1,802,418
Series 2021-AA, Class A, 1.86%, 3/20/2036 (a)
3,000,000
2,691,454
Marlin Receivables LLC Series 2022-1A, Class A2, 4.53%, 9/20/2025 (a)
1,951,028
1,940,638
MF1 Ltd. (Cayman Islands)
Series 2021-FL7, Class A, 6.53%, 10/16/2036 (a) (b)
3,498,599
3,447,530
Series 2022-FL8, Class A, 6.68%, 2/19/2037 (a) (b)
5,000,000
4,902,415
Neuberger Berman Loan Advisers CLO Ltd. (Cayman Islands) Series 2020-37A, Class AR, 6.65%, 7/20/2031 (a) (b)
4,425,000
4,405,437
New Century Home Equity Loan Trust Series 2003-5, Class AII, 3.73%, 11/25/2033 (b)
172,684
145,913
OCP CLO Ltd. (Cayman Islands) Series 2015-9A, Class A1R2, 6.64%, 1/15/2033 (a) (b)
5,000,000
4,969,460
OneMain Financial Issuance Trust Series 2021-1A, Class A1, 1.55%, 6/16/2036 (a)
5,000,000
4,405,725
Oportun Issuance Trust Series 2022-A, Class A, 5.05%, 6/9/2031 (a)
5,000,000
4,887,906
Pagaya AI Technology in Housing Trust Series 2023-1, Class A, 3.60%, 10/25/2040 (a)
3,500,000
3,109,241
Palmer Square Loan Funding Ltd. (Cayman Islands)
Series 2021-3A, Class A1, 6.48%, 7/20/2029 (a) (b)
1,849,142
1,843,642
Series 2021-4A, Class A1, 6.46%, 10/15/2029 (a) (b)
3,301,029
3,291,182
JPMorgan Limited Duration Bond ETF
SCHEDULE OF PORTFOLIO INVESTMENTS
AS OF November 30, 2023  (Unaudited) (continued)
INVESTMENTS
PRINCIPAL
AMOUNT($)
VALUE($)
Asset-Backed Securities — continued
Series 2022-2A, Class A1, 6.66%, 10/15/2030 (a) (b)
4,107,501
4,093,922
PRET LLC Series 2021-NPL6, Class A1, 2.49%, 7/25/2051 (a) (c)
1,789,142
1,728,597
Progress Residential
Series 2021-SFR1, Class A, 1.05%, 4/17/2038 (a)
3,010,165
2,684,443
Series 2021-SFR4, Class A, 1.56%, 5/17/2038 (a)
4,988,847
4,470,874
Progress Residential Trust
Series 2020-SFR3, Class A, 1.29%, 10/17/2027 (a)
8,925,255
8,187,533
Series 2019-SFR4, Class A, 2.69%, 10/17/2036 (a)
8,461,765
8,199,945
Series 2020-SFR2, Class A, 2.08%, 6/17/2037 (a)
5,043,390
4,751,588
Series 2021-SFR8, Class A, 1.51%, 10/17/2038 (a)
4,466,301
3,931,776
Series 2023-SFR1, Class A, 4.30%, 3/17/2040 (a)
3,392,478
3,176,781
PRPM LLC Series 2021-10, Class A1, 2.49%, 10/25/2026 (a) (c)
1,194,944
1,136,581
RASC Trust Series 2003-KS4, Class MI2, 5.01%, 6/25/2033 (c)
522,587
391,073
Santander Consumer Auto Receivables Trust Series 2021-AA, Class B, 0.71%, 8/17/2026 (a)
2,750,000
2,606,501
Santander Drive Auto Receivables Trust Series 2022-4, Class A3, 4.14%, 2/16/2027
5,742,021
5,693,965
SCF Equipment Leasing LLC Series 2022-2A, Class A3, 6.50%, 10/21/2030 (a)
5,900,000
5,933,482
Sierra Timeshare Receivables Funding LLC
Series 2019-2A, Class A, 2.59%, 5/20/2036 (a)
351,276
343,703
Series 2020-2A, Class A, 1.33%, 7/20/2037 (a)
509,521
481,081
SoFi Professional Loan Program Trust
Series 2021-B, Class AFX, 1.14%, 2/15/2047 (a)
2,972,113
2,448,480
Series 2018-B, Class A2FX, 3.34%, 8/25/2047 (a)
732,598
711,862
Structured Asset Investment Loan Trust Series 2003-BC2, Class A3, 6.16%, 4/25/2033 (b)
11,278
11,226
Symphony CLO Ltd. (Cayman Islands) Series 2016-18A, Class A1RR, 6.77%, 7/23/2033 (a) (b)
5,000,000
4,990,130
Tesla Auto Lease Trust Series 2021-B, Class A4, 0.63%, 9/22/2025 (a)
2,680,000
2,617,602
Toyota Auto Receivables Owner Trust Series 2020-C, Class A4, 0.57%, 10/15/2025
4,410,881
4,338,716
Tricon American Homes Series 2020-SFR1, Class A, 1.50%, 7/17/2038 (a)
5,977,900
5,363,312
Tricon American Homes Trust Series 2019-SFR1, Class A, 2.75%, 3/17/2038 (a)
3,253,046
3,032,522
Upstart Securitization Trust
Series 2021-4, Class A, 0.84%, 9/20/2031 (a)
231,541
230,358
Series 2022-4, Class A, 5.98%, 8/20/2032 (a)
2,192,528
2,179,822
Series 2023-1, Class A, 6.59%, 2/20/2033 (a)
2,657,827
2,656,085
US Auto Funding Trust Series 2022-1A, Class A, 3.98%, 4/15/2025 ‡ (a)
1,550,489
1,479,766
VCAT LLC Series 2021-NPL1, Class A1, 2.29%, 12/26/2050 (a) (c)
548,343
539,292
Verdant Receivables LLC Series 2023-1A, Class A2, 6.24%, 1/13/2031 (a)
2,810,000
2,805,886
VOLT C LLC Series 2021-NPL9, Class A1, 1.99%, 5/25/2051 (a) (c)
1,416,265
1,324,224
VOLT XCII LLC Series 2021-NPL1, Class A1, 1.89%, 2/27/2051 (a) (c)
1,056,043
1,005,823
VOLT XCIII LLC Series 2021-NPL2, Class A1, 1.89%, 2/27/2051 (a) (c)
3,809,271
3,583,795
VOLT XCIV LLC Series 2021-NPL3, Class A1, 2.24%, 2/27/2051 (a) (c)
3,152,131
3,006,346
VOLT XCIX LLC Series 2021-NPL8, Class A1, 2.12%, 4/25/2051 (a) (c)
1,051,248
989,573
VOLT XCV LLC Series 2021-NPL4, Class A1, 2.24%, 3/27/2051 (a) (c)
1,657,482
1,605,133
VOLT XCVI LLC Series 2021-NPL5, Class A1, 2.12%, 3/27/2051 (a) (c)
2,170,397
2,076,271
VOLT XCVII LLC Series 2021-NPL6, Class A1, 2.24%, 4/25/2051 (a) (c)
3,005,719
2,832,340
Westgate Resorts LLC Series 2020-1A, Class A, 2.71%, 3/20/2034 (a)
521,623
514,165
Westlake Automobile Receivables Trust
Series 2022-3A, Class A2, 5.24%, 7/15/2025 (a)
3,575,698
3,572,261
Series 2022-2A, Class A3, 3.75%, 4/15/2026 (a)
5,350,000
5,296,697
Series 2023-3A, Class A3, 5.82%, 5/17/2027 (a)
4,000,000
3,998,250
JPMorgan Limited Duration Bond ETF
SCHEDULE OF PORTFOLIO INVESTMENTS
AS OF November 30, 2023  (Unaudited) (continued)
INVESTMENTS
PRINCIPAL
AMOUNT($)
VALUE($)
Asset-Backed Securities — continued
World Omni Select Auto Trust Series 2020-A, Class B, 0.84%, 6/15/2026
1,996,456
1,981,256
Total Asset-Backed Securities
(Cost $315,656,228)
303,823,603
Collateralized Mortgage Obligations — 27.5%
Alternative Loan Trust
Series 2004-J4, Class 1A6, 5.40%, 6/25/2034 (c)
213
206
Series 2004-33, Class 3A3, 4.22%, 12/25/2034 (b)
104,270
94,850
Banc of America Funding Trust Series 2006-1, Class 2A1, 5.50%, 1/25/2036
90,923
75,790
Banc of America Mortgage Trust Series 2004-D, Class 2A2, 4.61%, 5/25/2034 (b)
86,222
79,338
Bear Stearns Asset-Backed Securities I Trust Series 2004-AC6, Class M1, 6.46%, 11/25/2034 (b)
89,949
19,829
Connecticut Avenue Securities Trust
Series 2021-R01, Class 1M1, 6.08%, 10/25/2041 (a) (b)
304,999
304,623
Series 2021-R03, Class 1M1, 6.18%, 12/25/2041 (a) (b)
3,627,677
3,602,868
Series 2022-R01, Class 1M1, 6.33%, 12/25/2041 (a) (b)
2,154,317
2,143,886
Series 2022-R06, Class 1M1, 8.08%, 5/25/2042 (a) (b)
2,827,371
2,896,582
Series 2022-R07, Class 1M1, 8.28%, 6/25/2042 (a) (b)
4,189,334
4,302,494
Series 2022-R08, Class 1M1, 7.88%, 7/25/2042 (a) (b)
1,613,020
1,653,352
Credit Suisse First Boston Mortgage Securities Corp. (Switzerland)
Series 2005-5, Class 1A1, 5.00%, 7/25/2020
2,648
2,535
Series 2004-5, Class 4A1, 6.00%, 9/25/2034
233,423
221,631
CSFB Mortgage-Backed Pass-Through Certificates Series 2003-AR24, Class 2A4, 5.67%, 10/25/2033 (b)
149,855
142,858
Deutsche Alt-A Securities, Inc. Mortgage Loan Trust Series 2005-1, Class 2A1, 3.71%, 2/25/2020 (b)
24,152
23,640
FHLMC STACR REMIC Trust Series 2021-DNA3, Class M1, 6.08%, 10/25/2033 (a) (b)
1,324,618
1,321,351
FHLMC, REMIC
Series 1974, Class ZA, 7.00%, 7/15/2027
11,460
11,441
Series 3737, Class DG, 5.00%, 10/15/2030
83,987
82,958
Series 4120, Class KI, IO, 3.00%, 10/15/2032
731,178
42,926
Series 5000, Class CB, 1.25%, 1/25/2035
4,362,333
3,748,608
Series 3300, Class FA, 5.74%, 8/15/2035 (b)
104,076
102,036
Series 3085, Class VS, IF, 6.97%, 12/15/2035 (b)
98,241
104,063
Series 4867, Class WF, 5.09%, 4/15/2037 (b)
7,116,868
6,966,837
Series 4350, Class AF, 5.25%, 12/15/2037 (b)
1,869,406
1,800,389
Series 4350, Class FK, 5.17%, 6/15/2038 (b)
2,220,046
2,137,693
Series 4515, Class FA, 5.23%, 8/15/2038 (b)
1,103,655
1,078,425
Series 4350, Class KF, 4.56%, 1/15/2039 (b)
377,814
363,650
Series 4448, Class TF, 5.27%, 5/15/2040 (b)
2,144,808
2,095,914
Series 4480, Class FM, 4.63%, 6/15/2040 (b)
2,711,095
2,604,998
Series 4457, Class KF, 5.08%, 10/15/2040 (b)
3,528,572
3,443,472
Series 4363, Class FA, 5.01%, 9/15/2041 (b)
1,705,478
1,662,712
Series 4413, Class WF, 5.00%, 10/15/2041 (b)
1,562,754
1,505,356
Series 4559, Class AF, 5.55%, 3/15/2042 (b)
1,142,711
1,134,300
Series 4074, Class FE, 5.84%, 7/15/2042 (b)
1,312,126
1,270,375
Series 4150, Class F, 5.81%, 1/15/2043 (b)
3,496,294
3,346,584
Series 4161, Class YF, 5.81%, 2/15/2043 (b)
2,635,169
2,523,850
Series 4281, Class FB, 5.99%, 12/15/2043 (b)
1,826,128
1,762,066
Series 4606, Class FL, 5.94%, 12/15/2044 (b)
3,676,259
3,534,229
Series 4594, Class GN, 2.50%, 2/15/2045
1,770,335
1,570,752
Series 5072, Class QC, 1.00%, 10/25/2050
5,288,451
3,899,401
JPMorgan Limited Duration Bond ETF
SCHEDULE OF PORTFOLIO INVESTMENTS
AS OF November 30, 2023  (Unaudited) (continued)
INVESTMENTS
PRINCIPAL
AMOUNT($)
VALUE($)
Collateralized Mortgage Obligations — continued
FHLMC, STRIPS
Series 343, Class F4, 5.78%, 10/15/2037 (b)
1,837,522
1,795,229
Series 328, Class S4, IF, IO, 1.82%, 2/15/2038 (b)
3,430,418
191,173
FHLMC, Structured Pass-Through Certificates, Whole Loan
Series T-51, Class 1A, PO, 9/25/2042
38,032
30,073
Series T-54, Class 4A, 4.16%, 2/25/2043 (b)
734,261
657,214
First Horizon Mortgage Pass-Through Trust Series 2004-AR6, Class 2A1, 4.74%, 12/25/2034 (b)
74,734
69,470
Flagstar Mortgage Trust Series 2019-2, Class A2, 3.50%, 12/25/2049 (a) (b)
1,398,842
1,218,371
FNMA Trust, Whole Loan Series 2004-W2, Class 4A, 4.16%, 2/25/2044 (b)
109,292
104,357
FNMA, Grantor Trust, Whole Loan
Series 2002-T6, Class A4, 4.94%, 3/25/2041 (b)
361,454
340,484
Series 2001-T8, Class A1, 7.50%, 7/25/2041
124,851
123,150
FNMA, REMIC
Series G94-9, Class PJ, 6.50%, 8/17/2024
1,211
1,208
Series 2013-43, Class YH, 2.50%, 5/25/2033
715,465
668,140
Series 2004-17, Class BF, 5.79%, 1/25/2034 (b)
95,945
95,565
Series 2006-3, Class SB, IF, IO, 1.26%, 7/25/2035 (b)
93,298
1,061
Series 2006-16, Class HZ, 5.50%, 3/25/2036
106,926
104,346
Series 2006-124, Class FC, 5.79%, 1/25/2037 (b)
556,013
537,068
Series 2014-23, Class FA, 5.41%, 10/25/2039 (b)
7,913,981
7,731,385
Series 2012-38, Class PA, 2.00%, 9/25/2041
852,387
765,826
Series 2012-93, Class ME, 2.50%, 1/25/2042
1,032,239
932,976
Series 2012-13, Class FA, 6.02%, 2/25/2042 (b)
4,936,441
4,779,754
Series 2012-31, Class FB, 5.99%, 4/25/2042 (b)
3,955,528
3,826,398
Series 2013-23, Class KJ, 2.25%, 5/25/2042
1,625,666
1,441,499
Series 2012-119, Class FB, 5.79%, 11/25/2042 (b)
2,597,836
2,480,511
Series 2012-139, Class JA, 3.50%, 12/25/2042
1,952,691
1,770,655
Series 2013-6, Class FL, 5.84%, 2/25/2043 (b)
640,375
614,211
Series 2014-49, Class AF, 5.36%, 8/25/2044 (b)
110,628
106,932
Series 2015-42, Class BF, 5.63%, 6/25/2045 (b)
2,526,798
2,479,271
Series 2016-25, Class LA, 3.00%, 7/25/2045
6,937,503
6,217,780
Series 2016-33, Class JA, 3.00%, 7/25/2045
2,421,721
2,185,931
Series 2015-91, Class AF, 5.09%, 12/25/2045 (b)
2,558,454
2,488,693
Series 2016-58, Class SA, IO, 1.33%, 8/25/2046 (b)
6,709,275
293,383
Series 2017-108, Class PA, 3.00%, 6/25/2047
1,504,033
1,339,581
Series 2017-104, Class LA, 3.00%, 11/25/2047
1,045,108
924,652
Series 2019-38, Class PC, 3.00%, 2/25/2048
2,351,731
2,119,015
Series 2019-77, Class FP, 5.99%, 1/25/2050 (b)
9,339,564
8,983,098
Series 2014-66, Class WF, 5.41%, 10/25/2054 (b)
1,064,884
1,048,508
Series 2019-74, Class BF, 5.99%, 12/25/2059 (b)
4,565,154
4,372,022
FNMA, REMIC Trust, Whole Loan
Series 2003-W4, Class 5A, 3.96%, 10/25/2042 (b)
345,580
303,984
Series 2003-W15, Class 3A, 4.48%, 12/25/2042 (b)
371,634
344,473
Series 2003-W1, Class 2A, 5.23%, 12/25/2042 (b)
111,722
105,815
Series 2009-W1, Class A, 6.00%, 12/25/2049
124,687
123,760
GNMA
Series 2011-158, Class EB, 4.00%, 12/20/2026
2,031,816
1,976,402
Series 2010-166, Class GP, 3.00%, 4/20/2039
219,941
215,797
Series 2012-61, Class FM, 5.84%, 5/16/2042 (b)
3,454,207
3,371,736
JPMorgan Limited Duration Bond ETF
SCHEDULE OF PORTFOLIO INVESTMENTS
AS OF November 30, 2023  (Unaudited) (continued)
INVESTMENTS
PRINCIPAL
AMOUNT($)
VALUE($)
Collateralized Mortgage Obligations — continued
Series 2012-H21, Class FA, 5.94%, 7/20/2062 (b)
959,324
954,630
Series 2012-H29, Class FA, 5.95%, 10/20/2062 (b)
788,905
785,731
Series 2013-H16, Class FA, 5.98%, 7/20/2063 (b)
1,985,595
1,976,595
Series 2014-H07, Class FC, 6.04%, 5/20/2064 (b)
8,830,831
8,795,415
Series 2014-H11, Class JA, 5.94%, 6/20/2064 (b)
2,196,593
2,184,132
Series 2014-H17, Class FM, 5.92%, 8/20/2064 (b)
6,589,075
6,551,137
Series 2015-H03, Class FD, 6.08%, 1/20/2065 (b)
3,651,407
3,613,220
Series 2015-H04, Class FL, 5.91%, 2/20/2065 (b)
5,683,548
5,653,099
Series 2015-H12, Class FJ, 5.87%, 5/20/2065 (b)
3,254,262
3,237,397
Series 2015-H14, Class FB, 5.87%, 5/20/2065 (b)
3,793,838
3,776,578
Series 2015-H12, Class FA, 5.92%, 5/20/2065 (b)
4,112,680
4,092,995
Series 2015-H15, Class FB, 6.04%, 6/20/2065 (b)
5,964,282
5,914,597
Series 2015-H19, Class FN, 5.88%, 7/20/2065 (b)
6,377,541
6,339,115
Series 2015-H23, Class TA, 5.91%, 9/20/2065 (b)
8,699,835
8,649,017
GSAA Trust Series 2004-CW1, Class 1A1, 5.50%, 4/1/2034
358,785
329,536
GSR Mortgage Loan Trust Series 2004-10F, Class 7A1, 5.50%, 9/25/2034
66,022
62,826
Impac CMB Trust
Series 2004-6, Class 1A2, 6.24%, 10/25/2034 (b)
32,117
31,055
Series 2005-5, Class A1, 6.10%, 8/25/2035 (b)
290,807
262,535
IndyMac INDA Mortgage Loan Trust Series 2007-AR1, Class 1A1, 3.54%, 3/25/2037 (b)
203,707
167,352
JPMorgan Mortgage Trust Series 2003-A1, Class 1A1, 4.52%, 10/25/2033 (b)
18,583
16,730
MASTR Adjustable Rate Mortgages Trust
Series 2004-13, Class 2A1, 5.87%, 4/21/2034 (b)
52,981
49,733
Series 2004-13, Class 3A7B, 7.41%, 11/21/2034 (b)
173,685
160,090
MASTR Seasoned Securitization Trust Series 2003-1, Class 3A2, 5.86%, 2/25/2033 (b)
34,341
32,276
Mellon Residential Funding Corp. Mortgage Pass-Through Certificates
Series 2002-TBC1, Class B1, 6.44%, 9/15/2030 (b)
14,791
13,783
Series 2002-TBC1, Class B2, 6.84%, 9/15/2030 (b)
5,951
4,653
Series 2001-TBC1, Class B1, 6.32%, 11/15/2031 (b)
59,688
54,323
Merrill Lynch Mortgage Investors Trust
Series 2004-D, Class A1, 6.12%, 9/25/2029 (b)
75,046
71,075
Series 2004-1, Class 2A3, 4.57%, 12/25/2034 (b)
67,408
61,030
Metlife Securitization Trust
Series 2017-1A, Class A, 3.00%, 4/25/2055 (a) (b)
580,044
532,083
Series 2018-1A, Class A, 3.75%, 3/25/2057 (a) (b)
1,737,299
1,611,081
Morgan Stanley Dean Witter Capital I, Inc. Trust
Series 2003-HYB1, Class A4, 6.09%, 3/25/2033 (b)
43,071
37,095
Series 2003-HYB1, Class B1, 6.09%, 3/25/2033 (b)
44,193
24,873
Morgan Stanley Mortgage Loan Trust
Series 2004-3, Class 4A, 5.64%, 4/25/2034 (b)
558,780
541,609
Series 2004-5AR, Class 3A3, 5.23%, 7/25/2034 (b)
73,440
64,599
Series 2004-5AR, Class 3A5, 5.23%, 7/25/2034 (b)
413,866
380,283
Series 2004-11AR, Class 1A2A, 5.77%, 1/25/2035 (b)
174,386
154,507
MRFC Mortgage Pass-Through Trust Series 2002-TBC2, Class B1, 6.29%, 8/15/2032 (b)
31,379
28,187
NAAC Reperforming Loan REMIC Trust Certificates Series 2004-R3, Class AF, 5.91%, 2/25/2035 (a) (b)
515,105
408,311
New Residential Mortgage Loan Trust Series 2018-4A, Class A1S, 6.21%, 1/25/2048 (a) (b)
1,127,714
1,091,519
Nomura Asset Acceptance Corp. Alternative Loan Trust Series 2003-A3, Class A1, 5.50%, 8/25/2033 (c)
129,117
125,754
Prime Mortgage Trust Series 2005-2, Class 2A1, 5.94%, 10/25/2032 (b)
175,255
170,148
PRPM LLC Series 2020-6, Class A1, 5.36%, 11/25/2025 (a) (c)
1,830,926
1,798,243
JPMorgan Limited Duration Bond ETF
SCHEDULE OF PORTFOLIO INVESTMENTS
AS OF November 30, 2023  (Unaudited) (continued)
INVESTMENTS
PRINCIPAL
AMOUNT($)
VALUE($)
Collateralized Mortgage Obligations — continued
RFMSI Trust
Series 2005-SA2, Class 2A2, 5.17%, 6/25/2035 (b)
306,364
284,925
Series 2006-SA4, Class 2A1, 5.55%, 11/25/2036 (b)
141,864
120,840
Seasoned Credit Risk Transfer Trust Series 2020-1, Class M55G, 3.00%, 8/25/2059
7,078,834
6,143,291
Sequoia Mortgage Trust
Series 11, Class A, 6.35%, 12/20/2032 (b)
7,514
6,595
Series 2003-3, Class A2, 6.37%, 7/20/2033 (b)
58,740
51,059
Series 2004-11, Class A2, 6.44%, 12/20/2034 (b)
324,623
279,342
Structured Asset Mortgage Investments II Trust Series 2004-AR1, Class 1A1, 6.15%, 3/19/2034 (b)
26,099
23,833
Structured Asset Mortgage Investments Trust Series 2002-AR2, Class A3, 6.20%, 7/19/2032 (b)
116,575
79,605
Structured Asset Securities Corp. Mortgage Pass-Through Certificates
Series 2003-24A, Class 2A, 6.60%, 7/25/2033 (b)
243,074
229,433
Series 2003-40A, Class 4A, 7.16%, 1/25/2034 (b)
118,939
108,854
Thornburg Mortgage Securities Trust Series 2004-4, Class 5A, 2.80%, 12/25/2044 (b)
1,226,845
1,039,886
Towd Point Mortgage Trust Series 2018-4, Class A1, 3.00%, 6/25/2058 (a) (b)
2,875,422
2,617,651
WaMu Mortgage Pass-Through Certificates Trust
Series 2004-AR3, Class A1, 4.50%, 6/25/2034 (b)
238,982
213,532
Series 2004-AR11, Class A, 5.97%, 10/25/2034 (b)
119,527
106,570
Total Collateralized Mortgage Obligations
(Cost $225,193,615)
215,074,188
Mortgage-Backed Securities — 9.5%
FHLMC Gold Pools, Other Pool # U49009, 3.00%, 8/1/2028
805,127
769,009
FHLMC UMBS, 30 Year
Pool # RA2459, 4.00%, 4/1/2050
4,869,061
4,487,486
Pool # RA2904, 3.00%, 6/1/2050
4,746,661
4,055,325
Pool # RA2970, 2.50%, 7/1/2050
5,418,299
4,410,696
Pool # SD1787, 5.00%, 10/1/2052
3,651,506
3,578,568
Pool # SD8277, 5.50%, 12/1/2052
4,618,575
4,559,348
FNMA UMBS, 15 Year Pool # AD1969, 4.00%, 2/1/2025
103,610
103,155
FNMA UMBS, 20 Year
Pool # MA1338, 3.00%, 2/1/2033
841,584
780,445
Pool # MA1401, 3.00%, 4/1/2033
326,414
302,495
Pool # MA1490, 3.00%, 7/1/2033
1,081,058
1,001,151
FNMA UMBS, 30 Year
Pool # 995724, 6.00%, 4/1/2039
146,195
150,940
Pool # AD0588, 5.00%, 12/1/2039
718,794
716,732
Pool # AD9721, 5.50%, 8/1/2040
170,518
170,022
Pool # BM3048, 4.00%, 10/1/2042
3,051,061
2,861,672
Pool # AS4592, 4.00%, 2/1/2045
5,126,944
4,778,511
Pool # BM5560, 4.00%, 1/1/2046
3,584,962
3,356,888
Pool # CA0411, 4.00%, 9/1/2047
3,434,610
3,207,824
Pool # CA2489, 4.50%, 10/1/2048
618,402
582,157
Pool # BP7345, 3.00%, 6/1/2050
6,140,284
5,235,094
Pool # BQ7436, 3.00%, 9/1/2051
4,315,697
3,660,827
Pool # BQ7454, 3.00%, 12/1/2051
5,791,133
4,912,361
Pool # FS2898, 4.50%, 9/1/2052
5,476,695
5,131,558
Pool # FS3051, 5.00%, 10/1/2052
3,496,662
3,426,817
Pool # CB4839, 5.50%, 10/1/2052
3,695,003
3,648,144
FNMA, Other Pool # BK7908, 4.00%, 11/1/2048
291,806
265,037
JPMorgan Limited Duration Bond ETF
SCHEDULE OF PORTFOLIO INVESTMENTS
AS OF November 30, 2023  (Unaudited) (continued)
INVESTMENTS
PRINCIPAL
AMOUNT($)
VALUE($)
Mortgage-Backed Securities — continued
GNMA I, 15 Year Pool # 723171, 4.50%, 10/15/2024
39,236
39,471
GNMA II, 30 Year Pool # CG5224, 3.50%, 8/20/2051
8,989,143
7,924,225
Total Mortgage-Backed Securities
(Cost $84,585,868)
74,115,958
Commercial Mortgage-Backed Securities — 9.1%
20 Times Square Trust Series 2018-20TS, Class A, 3.20%, 5/15/2035 (a) (b)
1,944,523
1,759,936
BAMLL Commercial Mortgage Securities Trust Series 2015-200P, Class A, 3.22%, 4/14/2033 (a)
3,500,000
3,302,200
BANK Series 2021-BN35, Class A2, 1.87%, 6/15/2064
2,650,000
2,371,596
Bayview Commercial Asset Trust
Series 2005-2A, Class A2, 5.98%, 8/25/2035 (a) (b)
377,418
342,845
Series 2005-2A, Class M1, 6.10%, 8/25/2035 (a) (b)
75,378
69,304
Series 2007-3, Class A2, 5.89%, 7/25/2037 (a) (b)
367,885
323,602
BBCMS Mortgage Trust Series 2020-C7, Class A2, 2.02%, 4/15/2053
1,000,000
895,045
BBCMS Trust Series 2015-VFM, Class A1, 2.47%, 3/10/2036 (a)
764,549
722,715
BHMS Series 2018-ATLS, Class A, 6.87%, 7/15/2035 (a) (b)
6,000,000
5,929,548
BPR Trust Series 2021-KEN, Class A, 6.69%, 2/15/2029 (a) (b)
2,115,000
2,102,013
BX Series 2021-MFM1, Class A, 6.14%, 1/15/2034 (a) (b)
3,065,047
3,016,868
BX Trust
Series 2021-BXMF, Class A, 6.07%, 10/15/2026 (a) (b)
7,507,721
7,340,429
Series 2021-LBA, Class AJV, 6.24%, 2/15/2036 (a) (b)
6,500,000
6,369,492
Commercial Mortgage Trust Series 2020-CBM, Class A1, 2.31%, 2/10/2037 (a) (b)
6,000,000
5,676,364
FHLMC, Multi-Family Structured Credit Risk Series 2021-MN1, Class M1, 7.33%, 1/25/2051 (a) (b)
162,784
158,045
FHLMC, Multi-Family Structured Pass-Through Certificates
Series Q007, Class APT2, 3.46%, 10/25/2047 (b)
1,028,763
1,005,528
Series Q013, Class APT1, 1.78%, 5/25/2050 (b)
2,699,582
2,596,604
ILPT Commercial Mortgage Trust Series 2022-LPF2, Class A, 7.57%, 10/15/2039 (a) (b)
3,000,000
2,971,535
OAKST Commercial Mortgage Trust Series 2023-NLP, Class A, 6.30%, 3/15/2040 (a) (b)
2,000,000
1,992,219
One Bryant Park Trust Series 2019-OBP, Class A, 2.52%, 9/15/2054 (a)
5,000,000
4,065,000
ONE Mortgage Trust Series 2021-PARK, Class A, 6.14%, 3/15/2036 (a) (b)
7,000,000
6,595,333
SMR Mortgage Trust Series 2022-IND, Class A, 6.97%, 2/15/2039 (a) (b)
7,421,798
6,997,271
STWD Mortgage Trust (Cayman Islands) Series 2021-LIH, Class B, 7.09%, 11/15/2036 (a) (b)
2,300,000
2,237,214
UBS-BAMLL Trust Series 2012-WRM, Class A, 3.66%, 6/10/2030 (a)
36,602
33,674
Wells Fargo Commercial Mortgage Trust Series 2021-SAVE, Class A, 6.59%, 2/15/2040 (a) (b)
2,158,874
2,072,212
Total Commercial Mortgage-Backed Securities
(Cost $74,581,107)
70,946,592
Corporate Bonds — 6.0%
Banks — 1.6%
BNP Paribas SA (France) (SOFR + 1.00%), 1.32%, 1/13/2027 (a) (d)
6,470,000
5,879,427
Sumitomo Mitsui Financial Group, Inc. (Japan) 0.95%, 1/12/2026
2,900,000
2,639,184
Truist Financial Corp. 1.20%, 8/5/2025
4,000,000
3,708,299
 
12,226,910
Capital Markets — 0.5%
Credit Suisse AG (Switzerland) 7.95%, 1/9/2025
4,000,000
4,077,718
Consumer Finance — 1.3%
American Honda Finance Corp. (3-MONTH CME TERM SOFR + 0.54%), 5.97%, 1/12/2024 (d)
10,000,000
10,000,713
Diversified Telecommunication Services — 0.5%
AT&T, Inc. 1.65%, 2/1/2028
4,335,000
3,775,839
JPMorgan Limited Duration Bond ETF
SCHEDULE OF PORTFOLIO INVESTMENTS
AS OF November 30, 2023  (Unaudited) (continued)
INVESTMENTS
PRINCIPAL
AMOUNT($)
VALUE($)
Corporate Bonds — continued
Independent Power and Renewable Electricity Producers — 0.2%
Southern Power Co. 0.90%, 1/15/2026
1,780,000
1,618,562
Insurance — 1.9%
Metropolitan Life Global Funding I (SOFR + 0.32%), 5.68%, 1/7/2024 (a) (d)
10,000,000
10,000,458
Protective Life Global Funding 1.17%, 7/15/2025 (a)
5,190,000
4,824,472
 
14,824,930
Total Corporate Bonds
(Cost $48,664,021)
46,524,672
 
SHARES
Short-Term Investments — 8.6%
Investment Companies — 8.6%
JPMorgan Prime Money Market Fund Class IM Shares, 5.48% (e) (f)
(Cost $66,975,667)
66,955,400
66,988,878
Total Investments — 99.6%
(Cost $815,656,506)
777,473,891
Other Assets Less Liabilities — 0.4%
2,995,278
NET ASSETS — 100.0%
780,469,169
 
Percentages indicated are based on net assets.
 
Abbreviations
 
CLO
Collateralized Loan Obligations
CME
Chicago Mercantile Exchange
FHLMC
Federal Home Loan Mortgage Corp.
FNMA
Federal National Mortgage Association
GNMA
Government National Mortgage Association
IF
Inverse Floaters represent securities that pay interest at a rate that increases (decreases) with a decline (incline) in a specified index or have an interest
rate that adjusts periodically based on changes in current interest rates and prepayments on the underlying pool of assets. The interest rate shown is the
rate in effect as of November 30, 2023. The rate may be subject to a cap and floor.
IO
Interest Only represents the right to receive the monthly interest payments on an underlying pool of mortgage loans. The principal amount shown
represents the par value on the underlying pool. The yields on these securities are subject to accelerated principal paydowns as a result of prepayment or
refinancing of the underlying pool of mortgage instruments. As a result, interest income may be reduced considerably.
PO
Principal Only represents the right to receive the principal portion only on an underlying pool of mortgage loans. The market value of these securities is
extremely volatile in response to changes in market interest rates. As prepayments on the underlying mortgages of these securities increase, the yield on
these securities increases.
REMIC
Real Estate Mortgage Investment Conduit
SOFR
Secured Overnight Financing Rate
STRIPS
Separate Trading of Registered Interest and Principal of Securities. The STRIPS Program lets investors hold and trade individual interest and principal
components of eligible notes and bonds as separate securities.
UMBS
Uniform Mortgage-Backed Securities
 
‡
Value determined using significant unobservable inputs.
(a)
Securities exempt from registration under Rule 144A or section 4(a)(2), of the Securities Act of 1933, as amended.
(b)
Variable or floating rate security, the interest rate of which adjusts periodically based on changes in current interest rates and prepayments on the
underlying pool of assets. The interest rate shown is the current rate as of November 30, 2023.
(c)
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.
(d)
Variable or floating rate security, linked to the referenced benchmark. The interest rate shown is the current rate as of November 30, 2023.
(e)
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.
(f)
The rate shown is the current yield as of November 30, 2023.
JPMorgan Limited Duration 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.
See the table on “Quantitative Information about Level 3 Fair Value Measurements” for information on the valuation techniques and inputs used to value level 3 securities held by the Fund at November 30, 2023.
Valuations reflected in this report are as of the report date. As a result, changes in valuation due to market events and/or issuer-related events after the report date and prior to issuance of the report are not reflected herein.
The various inputs that are used in determining the valuation of the Fund's investments are summarized into the three broad levels listed below.
•
Level 1 — Unadjusted inputs using quoted prices in active markets for identical investments.
•
Level 2 — Other significant observable inputs including, but not limited to, quoted prices for similar investments, inputs other than quoted prices that are observable for investments (such as interest rates, prepayment speeds, credit risk, etc.) or other market corroborated inputs.
•
Level 3 — Significant inputs based on the best information available in the circumstances, to the extent observable inputs are not available (including the Fund's assumptions in determining the fair value of investments).
A financial instrument’s level within the fair value hierarchy is based on the lowest level of any input, both individually and in the aggregate, that is significant to the fair value measurement. The inputs or methodology used for valuing instruments are not necessarily an indication of the risk associated with investing in those instruments. 
The following table represents each valuation input as presented on the Schedule of Portfolio Investments (“SOI”): 
 
 
 
 
 
 
Level 1
Quoted prices
Level 2
Other significant
observable inputs
Level 3
Significant
unobservable inputs
Total
Investments in Securities
Asset-Backed Securities
$—
$285,793,864
$18,029,739
$303,823,603
Collateralized Mortgage Obligations
—
215,074,188
—
215,074,188
Commercial Mortgage-Backed Securities
—
70,946,592
—
70,946,592
Corporate Bonds
—
46,524,672
—
46,524,672
Mortgage-Backed Securities
—
74,115,958
—
74,115,958
Short-Term Investments
Investment Companies
66,988,878
—
—
66,988,878
Total Investments in Securities
$66,988,878
$692,455,274
$18,029,739
$777,473,891
JPMorgan Limited Duration Bond ETF
SCHEDULE OF PORTFOLIO INVESTMENTS
AS OF November 30, 2023  (Unaudited) (continued)
The following is a summary of investments for which significant unobservable inputs (level 3) were used in determining fair value: 
 
Balance as of
February 28,
2023*
Realized
gain (loss)
Change in net
unrealized
appreciation
(depreciation)
Net
accretion
(amortization)
Purchases1
Sales2
Transfers
into
Level 3
Transfers
out of
Level 3
Balance as of
November 30,
2023
Investments in
Securities:
Asset-Backed
Securities
$18,725,809
$—
$82,024
$10,851
$6,194,524
$(6,983,469
)
$—
$—
$18,029,739
Collateralized
Mortgage
Obligations
—
—
—
—
5,000,000
(5,000,000
)
—
—
—
Total
$18,725,809
$—
$82,024
$10,851
$11,194,524
$(11,983,469
)
$—
$—
$18,029,739
 
 
1
Purchases include all purchases of securities and securities received in corporate actions.
2
Sales include all sales of securities, maturities, paydowns and securities tendered in corporate actions.
 
*
As of the close of business on July 28, 2023, JPMorgan Limited Duration Bond Fund (the "Acquired Fund"), a series of Trust II Funds,
reorganized ("the Reorganization") into a newly created exchange-traded fund, JPMorgan Limited Duration Bond ETF (the "Fund"). Following the
Reorganization, the Acquired Fund's performance and financial history were adopted by the Fund. The tables include transactions from the
Acquired Fund for the period March 1, 2023 through July 28, 2023.
The changes in net unrealized appreciation (depreciation) attributable to securities owned at November 30, 2023, which were valued using significant unobservable inputs (level 3) amounted to $50,524.
The significant unobservable inputs used in the fair value measurement of the Fund's investments are listed below. Generally, a change in the assumptions used in any input in isolation may be accompanied by a change in another input. Significant changes in any of the unobservable inputs may significantly impact the fair value measurement. The impact is based on the relationship between each unobservable input and the fair value measurement. Significant increases (decreases) in enterprise multiples may increase (decrease) the fair value measurement. Significant increases (decreases) in the discount for lack of marketability, liquidity discount, probability of default, yield and default rate may decrease (increase) the fair value measurement. A significant change in the discount rate or prepayment rate (Constant Prepayment Rate or PSA Prepayment Model) may decrease or increase the fair value measurement.
Quantitative Information about Level 3 Fair Value Measurements # 
 
Fair Value at
November 30, 2023
Valuation
Technique(s)
Unobservable
Input
Range (Weighted
Average) (a)
 
$15,707,127
Discounted Cash Flow
Constant Prepayment Rate
0.00% - 10.00% (2.98%)
 
 
Constant Default Rate
0.00% - 29.00% (2.73%)
 
 
Yield (Discount Rate of Cash Flows)
6.62% - 15.84% (7.80%)
Asset-Backed Securities
15,707,127
 
 
 
Total
$15,707,127
 
 
 
 
#
The table above does not include certain level 3 investments that are valued by brokers and Pricing Services. At November 30, 2023, the value
of these investments was $2,322,612. The inputs for these investments are not readily available or cannot be reasonably estimated and are
generally those inputs described in Note A.
(a)
Unobservable inputs were weighted by the relative fair value of the instruments.
B. Investment Transactions with Affiliates — The Fund invested in an Underlying Fund advised by the Adviser. An issuer which is under common control with the Fund may be considered an affiliate. The Fund assumes the issuer listed in the table below to be an affiliated issuer.
JPMorgan Limited Duration Bond ETF
SCHEDULE OF PORTFOLIO INVESTMENTS
AS OF November 30, 2023  (Unaudited) (continued)
The Underlying Fund's distributions may be reinvested into such Underlying Fund. Reinvestment amounts are included in the purchases at cost amounts in the table below. 
 
For the period ended November 30, 2023*
Security Description
Value at
February 28,
2023
Purchases at
Cost
Proceeds from
Sales
Net Realized
Gain (Loss)
Change in
Unrealized
Appreciation/
(Depreciation)
Value at
November 30,
2023
Shares at
November 30,
2023
Dividend
Income
Capital Gain
Distributions
JPMorgan Prime Money Market
Fund Class IM Shares,
5.48%  (a) (b)
$—
$170,115,248
$103,142,322
$2,741
$13,211
$66,988,878
66,955,400
$965,436
$—
JPMorgan Prime Money Market
Fund Class Institutional
Shares, 5.39%  (a) (b)
98,193,083
216,149,340
314,319,032
13,438
(36,829
)
—
—
1,660,612
—
Total
$98,193,083
$386,264,588
$417,461,354
$16,179
$(23,618
)
$66,988,878
$2,626,048
$—
 
 
(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.
*
As of the close of business on July 28, 2023, JPMorgan Limited Duration Bond Fund (the "Acquired Fund"), a series of Trust II Funds,
reorganized ("the Reorganization") into a newly created exchange-traded fund, JPMorgan Limited Duration Bond ETF (the "Fund"). Following the
Reorganization, the Acquired Fund's performance and financial history were adopted by the Fund. The tables include transactions from the
Acquired Fund for the period March 1, 2023 through July 28, 2023.