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