NPORT-EX 2 JPMINTBDETF.htm EDGAR HTML
JPMorgan International Bond Opportunities ETF
Schedule of Portfolio Investments as of May 31, 2024
(Unaudited) 
THE “UNAUDITED EXCHANGE-TRADED FUNDS HOLDINGS”
LIST (“the List”) IS TO BE USED FOR REPORTING PURPOSES
ONLY. IT IS NOT TO BE REPRODUCED FOR USE AS
ADVERTISING OR SALES LITERATURE WITH THE GENERAL
PUBLIC. The list is submitted for the general information of the
shareholders of the Fund. It is not authorized for distribution to
prospective investors in the Fund unless preceded or accompanied by a
prospectus. The list has been created from the books and records of
the Fund. Holdings are available 60 days after the fund’s fiscal quarter,
using a trade date accounting convention, by contacting the appropriate
service center. The list is subject to change without notice. The list is
for informational purposes only and is not intended as an offer or
solicitation with respect to the purchase or sale of any security.
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., 2024.
JPMorgan International Bond Opportunities ETF
SCHEDULE OF PORTFOLIO INVESTMENTS
AS OF May 31, 2024 (Unaudited)
 
INVESTMENTS
PRINCIPAL
AMOUNT($)
VALUE($)
Corporate Bonds — 61.5%
Australia — 0.7%
APA Infrastructure Ltd. 2.00%, 7/15/2030 (a)
EUR150,000
145,465
Commonwealth Bank of Australia 2.69%, 3/11/2031 (b) (c)
1,250,000
1,031,205
Glencore Funding LLC
5.40%, 5/8/2028 (b)
450,000
449,075
6.38%, 10/6/2030 (b)
29,000
30,173
2.85%, 4/27/2031 (b)
450,000
379,055
2.63%, 9/23/2031 (b)
398,000
326,981
5.63%, 4/4/2034 (b)
790,000
776,082
 
3,138,036
Austria — 0.2%
Benteler International AG
9.38%, 5/15/2028 (b)
EUR116,000
133,937
9.38%, 5/15/2028 (a)
EUR600,000
692,776
 
826,713
Belgium — 1.0%
Azelis Finance NV 5.75%, 3/15/2028 (a)
EUR600,000
668,152
KBC Group NV
(EUR Swap Annual 5 Year + 3.59%), 4.25%, 10/24/2025 (a) (c) (d) (e) (f)
EUR200,000
210,314
(EURIBOR ICE Swap Rate 5 Year + 4.93%), 8.00%, 9/5/2028 (a) (c) (d) (e) (f)
EUR1,000,000
1,157,835
(US Treasury Yield Curve Rate T Note Constant Maturity 1 Year + 2.10%), 5.80%, 1/19/2029 (b) (f)
200,000
201,096
(EUR Swap Annual 5 Year + 1.25%), 1.63%, 9/18/2029 (a) (f)
EUR300,000
322,579
Ontex Group NV 3.50%, 7/15/2026 (a)
EUR900,000
953,156
Telenet Finance Luxembourg Notes SARL 3.50%, 3/1/2028 (a)
EUR800,000
831,232
 
4,344,364
Brazil — 0.3%
Braskem Netherlands Finance BV 7.25%, 2/13/2033 (a)
350,000
326,314
Guara Norte SARL 5.20%, 6/15/2034 (b)
278,457
253,152
Klabin Austria GmbH 7.00%, 4/3/2049 (a)
200,000
200,000
Suzano Austria GmbH
3.75%, 1/15/2031
48,000
41,059
7.00%, 3/16/2047 (a)
200,000
202,660
Vale Overseas Ltd. 6.13%, 6/12/2033
213,000
212,973
 
1,236,158
Canada — 0.7%
Bank of Nova Scotia (The)
2.45%, 2/2/2032
420,000
344,344
(US Treasury Yield Curve Rate T Note Constant Maturity 5 Year + 2.05%), 4.59%, 5/4/2037 (c) (f)
570,000
511,207
Canadian Pacific Railway Co. 3.50%, 5/1/2050
90,000
64,714
Emera US Finance LP 2.64%, 6/15/2031
1,272,000
1,038,835
Emera, Inc. Series 16-A, (3-MONTH SOFR + 5.44%), 6.75%, 6/15/2076 (f)
236,000
233,415
Enbridge, Inc. Series NC5, (US Treasury Yield Curve Rate T Note Constant Maturity 5 Year + 3.79%), 8.25%,
1/15/2084 (f)
775,000
803,792
Transcanada Trust Series 16-A, (3-MONTH SOFR + 4.64%), 5.88%, 8/15/2076 (f)
57,000
55,705
 
3,052,012
Chile — 0.1%
Alfa Desarrollo SpA 4.55%, 9/27/2051 (b)
337,600
251,174
JPMorgan International Bond Opportunities ETF
SCHEDULE OF PORTFOLIO INVESTMENTS
AS OF May 31, 2024 (Unaudited) (continued)
INVESTMENTS
PRINCIPAL
AMOUNT($)
VALUE($)
Corporate Bonds — continued
China — 0.8%
Country Garden Holdings Co. Ltd. 3.13%, 10/22/2025 (a) (g)
530,000
43,725
Huarong Finance 2017 Co. Ltd. 4.25%, 11/7/2027 (a)
200,000
184,312
NXP BV
5.55%, 12/1/2028
1,472,000
1,483,246
2.50%, 5/11/2031
1,097,000
911,388
TI Automotive Finance plc 3.75%, 4/15/2029 (a)
EUR750,000
753,942
 
3,376,613
Colombia — 0.0% ^
AI Candelaria Spain SA 5.75%, 6/15/2033 (b)
250,000
197,500
Denmark — 0.3%
Danske Bank A/S
(EURIBOR ICE Swap Rate 1 Year + 0.88%), 0.75%, 6/9/2029 (a) (f)
EUR500,000
479,238
(EURIBOR ICE Swap Rate 1 Year + 1.70%), 4.75%, 6/21/2030 (a) (f)
EUR800,000
898,109
 
1,377,347
France — 8.9%
Accor SA 1.75%, 2/4/2026 (a) (h)
EUR400,000
418,703
Airbus SE
1.63%, 6/9/2030 (a)
EUR1,100,000
1,072,595
1.38%, 5/13/2031 (a)
EUR300,000
284,861
Altice France SA 3.38%, 1/15/2028 (a)
EUR1,750,000
1,292,994
Autoroutes du Sud de la France SA
1.13%, 4/20/2026 (a)
EUR800,000
829,100
3.25%, 1/19/2033 (a)
EUR600,000
632,562
AXA SA (EURIBOR 3 Month + 3.75%), 3.38%, 7/6/2047 (a) (f)
EUR600,000
636,892
Banijay Entertainment SASU
7.00%, 5/1/2029 (a)
EUR600,000
682,614
7.00%, 5/1/2029 (b)
EUR218,000
248,016
Bertrand Franchise Finance SAS 6.50%, 7/18/2030 (b) (i)
EUR150,000
164,795
BNP Paribas SA
(US Treasury Yield Curve Rate T Note Constant Maturity 5 Year + 4.35%), 8.50%, 8/14/2028 (b) (c) (d) (e) (f)
1,000,000
1,044,546
(EURIBOR ICE Swap Rate 5 Year + 4.63%), 7.38%, 6/11/2030 (a) (c) (d) (e) (f)
EUR400,000
461,146
BPCE SA
(SOFR + 2.10%), 5.98%, 1/18/2027 (b) (f)
2,038,000
2,043,708
(EURIBOR 3 Month + 1.00%), 0.50%, 9/15/2027 (a) (f)
EUR400,000
401,777
4.38%, 7/13/2028 (a)
EUR900,000
993,334
(SOFR + 1.31%), 2.28%, 1/20/2032 (b) (f)
480,000
388,140
(SOFR + 1.73%), 3.12%, 10/19/2032 (b) (f)
250,000
205,623
Burger King France SAS (EURIBOR 3 Month + 4.75%), 8.58%, 11/1/2026 (a) (f)
EUR350,000
379,767
Cerba Healthcare SACA 3.50%, 5/31/2028 (a)
EUR639,000
585,904
Chrome Holdco SAS 5.00%, 5/31/2029 (a)
EUR250,000
187,470
Credit Agricole SA
(SOFR + 0.89%), 1.25%, 1/26/2027 (b) (f)
1,000,000
931,355
(U.K. Government Bonds 1 Year Note Generic Bid Yield + 2.60%), 5.75%, 11/29/2027 (a) (f)
GBP500,000
640,624
2.00%, 3/25/2029 (a)
EUR200,000
199,832
(SOFR + 1.86%), 6.32%, 10/3/2029 (b) (f)
1,545,000
1,592,634
Credit Mutuel Arkea SA (EURIBOR ICE Swap Rate 5 Year + 1.45%), 1.88%, 10/25/2029 (a) (f)
EUR300,000
321,966
JPMorgan International Bond Opportunities ETF
SCHEDULE OF PORTFOLIO INVESTMENTS
AS OF May 31, 2024 (Unaudited) (continued)
INVESTMENTS
PRINCIPAL
AMOUNT($)
VALUE($)
Corporate Bonds — continued
France — continued
Electricite de France SA
(EUR Swap Annual 6 Year + 3.44%), 4.00%, 7/5/2024 (a) (d) (e) (f)
EUR1,000,000
1,080,506
(EUR Swap Annual 5 Year + 2.86%), 2.63%, 12/1/2027 (a) (d) (e) (f)
EUR400,000
393,539
(EUR Swap Annual 5 Year + 3.97%), 3.38%, 6/15/2030 (a) (d) (e) (f)
EUR1,200,000
1,150,761
6.25%, 5/23/2033 (b)
500,000
520,258
Elis SA 1.63%, 4/3/2028 (a)
EUR1,300,000
1,293,897
ELO SACA 6.00%, 3/22/2029 (a)
EUR400,000
430,418
Forvia SE
2.63%, 6/15/2025 (a)
EUR300,000
320,632
3.13%, 6/15/2026 (a)
EUR600,000
635,571
2.38%, 6/15/2027 (a)
EUR900,000
921,663
3.75%, 6/15/2028 (a)
EUR800,000
843,035
Iliad Holding SASU
5.63%, 10/15/2028 (a)
EUR450,000
485,831
6.88%, 4/15/2031 (b)
EUR280,000
308,842
iliad SA
5.38%, 6/14/2027 (a)
EUR600,000
664,669
1.88%, 2/11/2028 (a)
EUR1,000,000
985,646
5.63%, 2/15/2030 (a)
EUR1,100,000
1,223,394
Loxam SAS
2.88%, 4/15/2026 (a)
EUR300,000
317,377
4.50%, 2/15/2027 (b)
EUR288,000
311,148
Lune Holdings SARL 5.63%, 11/15/2028 (a)
EUR475,000
426,802
Orange SA (EUR Swap Annual 5 Year + 2.10%), 1.75%, 7/15/2028 (a) (d) (e) (f)
EUR1,100,000
1,065,248
Paprec Holding SA
3.50%, 7/1/2028 (a)
EUR873,000
904,339
7.25%, 11/17/2029 (b)
EUR182,000
208,057
Picard Groupe SAS 3.88%, 7/1/2026 (a)
EUR600,000
638,009
Renault SA
1.25%, 6/24/2025 (a)
EUR500,000
526,092
2.00%, 9/28/2026 (a)
EUR900,000
930,560
1.13%, 10/4/2027 (a)
EUR1,400,000
1,375,165
Rexel SA 2.13%, 6/15/2028 (a)
EUR1,100,000
1,098,071
Societe Generale SA
(US Treasury Yield Curve Rate T Note Constant Maturity 5 Year + 3.93%), 4.75%, 5/26/2026 (b) (c) (d) (e) (f)
400,000
366,337
(US Treasury Yield Curve Rate T Note Constant Maturity 5 Year + 4.51%), 5.38%, 11/18/2030 (b) (c) (d) (e) (f)
525,000
439,856
(US Treasury Yield Curve Rate T Note Constant Maturity 1 Year + 1.30%), 2.89%, 6/9/2032 (b) (f)
580,000
477,029
(US Treasury Yield Curve Rate T Note Constant Maturity 1 Year + 1.60%), 3.34%, 1/21/2033 (b) (f)
501,000
418,917
(US Treasury Yield Curve Rate T Note Constant Maturity 1 Year + 2.95%), 6.69%, 1/10/2034 (b) (f)
580,000
605,790
SPIE SA 2.63%, 6/18/2026 (a)
EUR600,000
633,941
TotalEnergies Capital International SA 3.13%, 5/29/2050
50,000
33,930
Veolia Environnement SA (EURIBOR ICE Swap Rate 5 Year + 2.15%), 1.63%, 6/1/2026 (a) (d) (e) (f)
EUR400,000
404,181
Vinci SA 1.75%, 9/26/2030 (a)
EUR100,000
97,600
Viridien 7.75%, 4/1/2027 (a)
EUR304,000
317,898
 
39,495,967
JPMorgan International Bond Opportunities ETF
SCHEDULE OF PORTFOLIO INVESTMENTS
AS OF May 31, 2024 (Unaudited) (continued)
INVESTMENTS
PRINCIPAL
AMOUNT($)
VALUE($)
Corporate Bonds — continued
Germany — 4.9%
Adler Pelzer Holding GmbH
9.50%, 4/1/2027 (a)
EUR200,000
218,677
9.50%, 4/1/2027 (b)
EUR308,000
336,762
Bayer AG (EUR Swap Annual 5 Year + 3.90%), 7.00%, 9/25/2083 (a) (f)
EUR1,200,000
1,337,867
Birkenstock Financing SARL 5.25%, 4/30/2029 (a)
EUR1,100,000
1,199,356
Cheplapharm Arzneimittel GmbH
3.50%, 2/11/2027 (a)
EUR500,000
524,651
4.38%, 1/15/2028 (a)
EUR750,000
787,535
Commerzbank AG (EUR Swap Annual 5 Year + 4.35%), 4.00%, 12/5/2030 (a) (f)
EUR500,000
538,154
CT Investment GmbH 6.38%, 4/15/2030 (b)
EUR197,000
214,794
Deutsche Bank AG (SOFR + 2.26%), 3.74%, 1/7/2033 (f)
450,000
372,140
Deutsche Lufthansa AG 2.88%, 2/11/2025 (a)
EUR1,200,000
1,290,709
Evonik Industries AG (EUR Swap Annual 5 Year + 1.84%), 1.38%, 9/2/2081 (a) (f)
EUR700,000
698,240
Heidelberg Materials Finance Luxembourg SA 4.88%, 11/21/2033 (a)
EUR1,250,000
1,427,134
IHO Verwaltungs GmbH
3.75% (Cash), 9/15/2026 (a) (j)
EUR325,000
346,211
3.88% (Cash), 5/15/2027 (a) (j) (k)
EUR800,000
846,743
8.75% (Cash), 5/15/2028 (b) (j)
EUR263,169
306,254
8.75% (Cash), 5/15/2028 (a) (j) (k)
EUR300,000
349,115
Nidda Healthcare Holding GmbH 7.50%, 8/21/2026 (a)
EUR1,100,000
1,232,899
ProGroup AG 5.13%, 4/15/2029 (b)
EUR110,000
119,651
Schaeffler AG
2.88%, 3/26/2027 (a)
EUR650,000
683,503
3.38%, 10/12/2028 (a)
EUR1,000,000
1,051,142
Techem Verwaltungsgesellschaft 674 mbH 6.00%, 7/30/2026 (a)
EUR1,098,997
1,191,096
Techem Verwaltungsgesellschaft 675 mbH 5.38%, 7/15/2029 (b)
EUR146,000
160,199
thyssenkrupp AG 2.50%, 2/25/2025 (a)
EUR400,000
428,032
TK Elevator Midco GmbH 4.38%, 7/15/2027 (a)
EUR400,000
419,906
TUI Cruises GmbH
6.50%, 5/15/2026 (a)
EUR407,020
446,937
6.25%, 4/15/2029 (b)
EUR124,000
136,564
Volkswagen International Finance NV
(EUR Swap Annual 5 Year + 3.75%), 3.50%, 6/17/2025 (a) (d) (e) (f)
EUR400,000
426,967
(EUR Swap Annual 10 Year + 3.98%), 4.63%, 6/27/2028 (a) (d) (e) (f)
EUR500,000
527,052
3.25%, 11/18/2030 (a)
EUR600,000
626,680
Volkswagen Leasing GmbH 4.00%, 4/11/2031 (a)
EUR200,000
216,185
ZF Europe Finance BV
2.00%, 2/23/2026 (a)
EUR900,000
935,050
2.50%, 10/23/2027 (a)
EUR500,000
506,549
ZF Finance GmbH
2.25%, 5/3/2028 (a)
EUR700,000
695,924
3.75%, 9/21/2028 (a)
EUR1,000,000
1,044,382
 
21,643,060
India — 0.1%
Greenko Dutch BV 3.85%, 3/29/2026 (b)
182,000
171,237
Greenko Power II Ltd. 4.30%, 12/13/2028 (b)
382,500
344,728
 
515,965
JPMorgan International Bond Opportunities ETF
SCHEDULE OF PORTFOLIO INVESTMENTS
AS OF May 31, 2024 (Unaudited) (continued)
INVESTMENTS
PRINCIPAL
AMOUNT($)
VALUE($)
Corporate Bonds — continued
Indonesia — 0.2%
Indonesia Asahan Aluminium PT 5.45%, 5/15/2030 (b)
200,000
195,250
Pertamina Persero PT 3.65%, 7/30/2029 (b)
400,000
367,625
Perusahaan Perseroan Persero PT Perusahaan Listrik Negara 4.13%, 5/15/2027 (a)
200,000
192,063
 
754,938
Ireland — 2.1%
AerCap Ireland Capital DAC
6.10%, 1/15/2027
635,000
644,170
5.75%, 6/6/2028
342,000
344,835
3.30%, 1/30/2032
258,000
219,755
AIB Group plc
(EUR Swap Annual 5 Year + 6.63%), 6.25%, 6/23/2025 (a) (c) (d) (e) (f)
EUR700,000
759,535
(EUR Swap Annual 1 Year + 1.95%), 4.63%, 7/23/2029 (a) (f)
EUR300,000
333,388
Avolon Holdings Funding Ltd.
3.95%, 7/1/2024 (b)
126,000
125,820
2.88%, 2/15/2025 (b)
265,000
258,836
5.50%, 1/15/2026 (b)
315,000
311,674
4.38%, 5/1/2026 (b)
60,000
58,274
3.25%, 2/15/2027 (b)
505,000
469,991
6.38%, 5/4/2028 (b)
285,000
288,982
5.75%, 3/1/2029 (b)
1,430,000
1,419,939
5.75%, 11/15/2029 (b)
570,000
565,104
Bank of Ireland Group plc
(EUR Swap Annual 5 Year + 7.92%), 7.50%, 5/19/2025 (a) (c) (d) (e) (f)
EUR711,000
783,700
(EUR Swap Annual 5 Year + 6.43%), 6.00%, 9/1/2025 (a) (c) (d) (e) (f)
EUR600,000
647,775
eircom Finance DAC 3.50%, 5/15/2026 (a)
EUR1,200,000
1,264,336
SMBC Aviation Capital Finance DAC 5.55%, 4/3/2034 (b)
575,000
562,432
 
9,058,546
Israel — 0.1%
Energian Israel Finance Ltd.
4.88%, 3/30/2026 (a)
156,000
148,005
5.38%, 3/30/2028 (a)
150,475
135,823
Leviathan Bond Ltd.
6.13%, 6/30/2025 (a)
200,000
196,000
6.50%, 6/30/2027 (a)
165,554
157,069
 
636,897
Italy — 5.6%
Assicurazioni Generali SpA
2.43%, 7/14/2031 (a)
EUR200,000
191,576
(EURIBOR 3 Month + 5.35%), 5.50%, 10/27/2047 (a) (f)
EUR200,000
225,039
Autostrade per l'Italia SpA
1.88%, 9/26/2029 (a)
EUR900,000
874,398
5.13%, 6/14/2033 (a)
EUR1,150,000
1,298,117
Enel Finance International NV
1.37%, 7/12/2026 (b) (h)
1,010,000
930,638
3.50%, 4/6/2028 (b)
200,000
187,179
1.87%, 7/12/2028 (b) (h)
425,000
373,702
JPMorgan International Bond Opportunities ETF
SCHEDULE OF PORTFOLIO INVESTMENTS
AS OF May 31, 2024 (Unaudited) (continued)
INVESTMENTS
PRINCIPAL
AMOUNT($)
VALUE($)
Corporate Bonds — continued
Italy — continued
0.50%, 6/17/2030 (a) (h)
EUR200,000
182,658
0.88%, 1/17/2031 (a)
EUR493,000
445,519
2.25%, 7/12/2031 (b) (h)
536,000
436,704
5.00%, 6/15/2032 (b)
200,000
190,307
Enel SpA
Series 63.5, (EUR Swap Annual 5 Year + 2.58%), 3.38%, 8/24/2026 (a) (d) (e) (f)
EUR800,000
841,999
Series 9.5Y, (EUR Swap Annual 5 Year + 2.01%), 1.88%, 6/8/2030 (a) (d) (e) (f)
EUR300,000
269,313
Eni SpA 4.25%, 5/9/2029 (b)
250,000
238,978
Guala Closures SpA 3.25%, 6/15/2028 (a)
EUR784,000
786,269
Infrastrutture Wireless Italiane SpA
1.88%, 7/8/2026 (a)
EUR500,000
520,357
1.63%, 10/21/2028 (a)
EUR200,000
198,463
Intesa Sanpaolo SpA
(EUR Swap Annual 5 Year + 7.19%), 7.75%, 1/11/2027 (a) (c) (d) (e) (f)
EUR276,000
309,581
5.25%, 1/13/2030 (a)
EUR1,595,000
1,852,108
6.63%, 6/20/2033 (b)
1,220,000
1,261,726
(US Treasury Yield Curve Rate T Note Constant Maturity 1 Year + 2.75%), 4.95%, 6/1/2042 (b) (f)
200,000
150,238
Lottomatica SpA
7.13%, 6/1/2028 (a)
EUR850,000
972,941
7.13%, 6/1/2028 (b)
EUR237,000
271,279
5.38%, 6/1/2030 (b)
EUR191,000
208,281
Mundys SpA
1.63%, 2/3/2025 (a)
EUR300,000
318,614
1.88%, 7/13/2027 (a)
EUR450,000
454,855
1.88%, 2/12/2028 (a)
EUR1,000,000
989,566
Neopharmed Gentili SpA 7.13%, 4/8/2030 (b)
EUR328,000
364,380
Pro-Gest SpA 3.25%, 12/15/2024 (a)
EUR477,000
131,980
Rossini SARL 6.75%, 10/30/2025 (a)
EUR450,000
488,462
Shiba Bidco SpA 4.50%, 10/31/2028 (a)
EUR900,000
944,780
TeamSystem SpA 3.50%, 2/15/2028 (a)
EUR300,000
308,751
Telecom Italia Finance SA 7.75%, 1/24/2033
EUR330,000
419,793
Telecom Italia SpA
2.88%, 1/28/2026 (a)
EUR200,000
211,541
3.63%, 5/25/2026 (a)
EUR400,000
425,557
2.38%, 10/12/2027 (a)
EUR1,350,000
1,358,618
6.88%, 2/15/2028 (a)
EUR1,200,000
1,369,718
1.63%, 1/18/2029 (a)
EUR600,000
564,133
UniCredit SpA
(EUR Swap Annual 5 Year + 4.93%), 5.38%, 6/3/2025 (a) (c) (d) (e) (f)
EUR400,000
429,680
(EURIBOR ICE Swap Rate 5 Year + 7.33%), 7.50%, 6/3/2026 (a) (c) (d) (e) (f)
EUR400,000
447,041
(US Treasury Yield Curve Rate T Note Constant Maturity 1 Year + 1.20%), 1.98%, 6/3/2027 (b) (f)
200,000
185,772
(EURIBOR 3 Month + 0.85%), 0.93%, 1/18/2028 (a) (f)
EUR600,000
604,013
(EURIBOR 3 Month + 1.90%), 4.80%, 1/17/2029 (a) (f)
EUR1,100,000
1,230,436
(US Treasury Yield Curve Rate T Note Constant Maturity 1 Year + 1.55%), 3.13%, 6/3/2032 (b) (f)
410,000
346,302
 
24,811,362
Japan — 0.5%
Mitsubishi UFJ Financial Group, Inc. (US Treasury Yield Curve Rate T Note Constant Maturity 1 Year + 0.83%), 2.34%,
1/19/2028 (f)
707,000
654,484
JPMorgan International Bond Opportunities ETF
SCHEDULE OF PORTFOLIO INVESTMENTS
AS OF May 31, 2024 (Unaudited) (continued)
INVESTMENTS
PRINCIPAL
AMOUNT($)
VALUE($)
Corporate Bonds — continued
Japan — continued
Takeda Pharmaceutical Co. Ltd.
5.00%, 11/26/2028
1,110,000
1,099,419
1.00%, 7/9/2029
EUR363,000
345,405
3.03%, 7/9/2040
270,000
197,903
 
2,297,211
Kazakhstan — 0.2%
KazMunayGas National Co. JSC
5.38%, 4/24/2030 (a)
600,000
580,620
5.75%, 4/19/2047 (a)
380,000
323,638
 
904,258
Kuwait — 0.0% ^
MEGlobal Canada ULC 5.00%, 5/18/2025 (b)
200,000
197,800
Luxembourg — 1.8%
Altice Finco SA 4.75%, 1/15/2028 (a)
EUR600,000
392,498
Altice France Holding SA
8.00%, 5/15/2027 (a)
EUR450,000
154,148
8.00%, 5/15/2027 (b)
EUR123,000
42,134
4.00%, 2/15/2028 (a)
EUR200,000
56,404
ARD Finance SA 5.00% (Cash), 6/30/2027 (a) (j) (k)
EUR400,000
95,832
Herens Midco SARL 5.25%, 5/15/2029 (a)
EUR403,000
311,296
INEOS Finance plc
3.38%, 3/31/2026 (a)
EUR547,000
582,685
6.63%, 5/15/2028 (a)
EUR350,000
392,945
6.38%, 4/15/2029 (b)
EUR348,000
388,125
Matterhorn Telecom SA
3.13%, 9/15/2026 (a)
EUR425,000
447,543
4.00%, 11/15/2027 (a)
EUR300,000
320,964
Monitchem HoldCo 3 SA 8.75%, 5/1/2028 (a)
EUR200,000
223,272
PLT VII Finance SARL
4.63%, 1/5/2026 (a)
EUR750,000
811,590
6.00%, 6/15/2031 (b) (i)
EUR977,000
1,055,005
SELP Finance SARL, REIT 0.88%, 5/27/2029 (a)
EUR1,400,000
1,282,870
SES SA
(EUR Swap Annual 5 Year + 3.19%), 2.88%, 5/27/2026 (a) (d) (e) (f)
EUR600,000
613,075
0.88%, 11/4/2027 (a)
EUR130,000
126,158
Summer BC Holdco B SARL 5.75%, 10/31/2026 (a)
EUR575,000
615,737
 
7,912,281
Malaysia — 0.1%
Petronas Capital Ltd. 3.40%, 4/28/2061 (b)
436,000
289,722
Mexico — 0.8%
BBVA Bancomer SA (US Treasury Yield Curve Rate T Note Constant Maturity 5 Year + 2.65%), 5.13%, 1/18/2033 (b)
(c) (f)
200,000
184,500
Bimbo Bakeries USA, Inc. 5.38%, 1/9/2036 (b)
1,000,000
969,375
Cemex SAB de CV (US Treasury Yield Curve Rate T Note Constant Maturity 5 Year + 4.53%), 5.13%, 6/8/2026 (b) (d)
(e) (f)
488,000
468,480
Fomento Economico Mexicano SAB de CV 3.50%, 1/16/2050
150,000
105,422
JPMorgan International Bond Opportunities ETF
SCHEDULE OF PORTFOLIO INVESTMENTS
AS OF May 31, 2024 (Unaudited) (continued)
INVESTMENTS
PRINCIPAL
AMOUNT($)
VALUE($)
Corporate Bonds — continued
Mexico — continued
Petroleos Mexicanos
6.88%, 8/4/2026
870,000
848,598
7.69%, 1/23/2050
1,160,000
842,044
Southern Copper Corp. 5.88%, 4/23/2045
140,000
138,294
 
3,556,713
Morocco — 0.0% ^
OCP SA 6.88%, 4/25/2044 (a)
200,000
189,188
Netherlands — 2.0%
ABN AMRO Bank NV
4.75%, 7/28/2025 (b)
200,000
196,940
(EUR Swap Annual 5 Year + 4.67%), 4.38%, 9/22/2025 (a) (c) (d) (e) (f)
EUR200,000
212,041
(EUR Swap Annual 5 Year + 3.90%), 4.75%, 9/22/2027 (a) (c) (d) (e) (f)
EUR600,000
612,764
Cooperatieve Rabobank UA
(EUR Swap Annual 5 Year + 4.68%), 4.38%, 6/29/2027 (a) (c) (d) (e) (f)
EUR1,000,000
1,038,410
(US Treasury Yield Curve Rate T Note Constant Maturity 1 Year + 1.22%), 3.65%, 4/6/2028 (b) (f)
890,000
846,844
ING Groep NV (US Treasury Yield Curve Rate T Note Constant Maturity 5 Year + 4.34%), 5.75%, 11/16/2026 (c) (d)
(e) (f)
495,000
476,206
Q-Park Holding I BV
2.00%, 3/1/2027 (a)
EUR400,000
407,979
5.13%, 3/1/2029 (b)
EUR293,000
321,019
5.13%, 3/1/2029 (a)
EUR100,000
109,664
Sigma Holdco BV 5.75%, 5/15/2026 (a)
EUR300,000
312,087
Sunrise HoldCo IV BV 3.88%, 6/15/2029 (a)
EUR800,000
823,355
Titan Holdings II BV 5.13%, 7/15/2029 (a)
EUR568,000
557,355
Trivium Packaging Finance BV 3.75%, 8/15/2026 (a) (h)
EUR650,000
691,177
VZ Vendor Financing II BV 2.88%, 1/15/2029 (a)
EUR300,000
281,720
Wolters Kluwer NV 3.75%, 4/3/2031 (a)
EUR500,000
544,720
Ziggo Bond Co. BV 3.38%, 2/28/2030 (a)
EUR1,500,000
1,356,991
 
8,789,272
New Zealand — 0.1%
ANZ New Zealand Int'l Ltd. 2.55%, 2/13/2030 (b)
490,000
425,511
Norway — 0.6%
Aker BP ASA 6.00%, 6/13/2033 (b)
1,575,000
1,589,079
DNB Bank ASA (U.K. Government Bonds 1 Year Note Generic Bid Yield + 1.35%), 2.63%, 6/10/2026 (a) (f)
GBP1,000,000
1,238,036
 
2,827,115
Portugal — 0.9%
EDP - Energias de Portugal SA
(EUR Swap Annual 5 Year + 1.84%), 1.70%, 7/20/2080 (a) (f)
EUR1,000,000
1,052,498
Series NC5., (EUR Swap Annual 5 Year + 1.89%), 1.50%, 3/14/2082 (a) (f)
EUR400,000
396,043
(EUR Swap Annual 5 Year + 3.18%), 5.94%, 4/23/2083 (a) (f)
EUR1,100,000
1,241,297
EDP Finance BV
3.63%, 7/15/2024 (b)
675,000
673,063
1.50%, 11/22/2027 (a)
EUR750,000
756,411
 
4,119,312
JPMorgan International Bond Opportunities ETF
SCHEDULE OF PORTFOLIO INVESTMENTS
AS OF May 31, 2024 (Unaudited) (continued)
INVESTMENTS
PRINCIPAL
AMOUNT($)
VALUE($)
Corporate Bonds — continued
South Africa — 0.4%
Anglo American Capital plc
4.00%, 9/11/2027 (b)
500,000
476,720
5.50%, 5/2/2033 (b)
1,170,000
1,152,930
 
1,629,650
Spain — 5.2%
Abertis Infraestructuras Finance BV
(EUR Swap Annual 5 Year + 3.69%), 3.25%, 11/24/2025 (a) (d) (e) (f)
EUR900,000
947,893
(EUR Swap Annual 5 Year + 3.27%), 2.63%, 1/26/2027 (a) (d) (e) (f)
EUR800,000
813,666
Banco Bilbao Vizcaya Argentaria SA
Series 9, (US Treasury Yield Curve Rate T Note Constant Maturity 5 Year + 5.19%), 6.50%, 3/5/2025 (c) (d) (e) (f)
200,000
198,373
(US Treasury Yield Curve Rate T Note Constant Maturity 5 Year + 5.10%), 9.38%, 3/19/2029 (c) (d) (e) (f)
1,000,000
1,067,027
Banco de Sabadell SA (EUR Swap Annual 1 Year + 0.97%), 0.63%, 11/7/2025 (a) (f)
EUR300,000
320,958
Banco Santander SA
(US Treasury Yield Curve Rate T Note Constant Maturity 1 Year + 0.90%), 1.72%, 9/14/2027 (f)
800,000
730,969
(US Treasury Yield Curve Rate T Note Constant Maturity 5 Year + 5.31%), 9.63%, 11/21/2028 (c) (d) (e) (f)
1,000,000
1,068,937
(US Treasury Yield Curve Rate T Note Constant Maturity 5 Year + 5.30%), 9.63%, 5/21/2033 (c) (d) (e) (f)
400,000
438,746
CaixaBank SA
1.13%, 3/27/2026 (a)
EUR1,000,000
1,035,192
(EUR Swap Annual 5 Year + 6.35%), 5.88%, 10/9/2027 (a) (c) (d) (e) (f)
EUR1,000,000
1,067,327
(SOFR + 2.77%), 6.84%, 9/13/2034 (b) (f)
425,000
450,691
Cellnex Finance Co. SA 2.25%, 4/12/2026 (a)
EUR500,000
526,438
Cellnex Telecom SA
1.00%, 4/20/2027 (a)
EUR600,000
601,031
1.88%, 6/26/2029 (a)
EUR800,000
785,418
Cirsa Finance International Sarl
7.88%, 7/31/2028 (a)
EUR900,000
1,035,138
6.50%, 3/15/2029 (b)
EUR149,000
166,523
6.50%, 3/15/2029 (a)
EUR300,000
335,280
eDreams ODIGEO SA
5.50%, 7/15/2027 (b)
EUR307,000
330,269
5.50%, 7/15/2027 (a)
EUR400,000
430,318
Grifols SA
1.63%, 2/15/2025 (a)
EUR300,000
320,225
2.25%, 11/15/2027 (a)
EUR1,000,000
965,603
3.88%, 10/15/2028 (a)
EUR500,000
453,008
Grupo Antolin-Irausa SA
3.38%, 4/30/2026 (a)
EUR300,000
304,096
3.50%, 4/30/2028 (a)
EUR450,000
368,605
Iberdrola International BV Series NC5, (EUR Swap Annual 5 Year + 2.32%), 1.87%, 1/28/2026 (a) (d) (e) (f)
EUR300,000
310,460
Kaixo Bondco Telecom SA 5.13%, 9/30/2029 (a)
EUR642,000
671,311
Lorca Telecom Bondco SA 4.00%, 9/18/2027 (a)
EUR1,466,000
1,552,714
Naturgy Finance Iberia SA (EUR Swap Annual 5 Year + 2.44%), 2.37%, 11/23/2026 (a) (d) (e) (f)
EUR300,000
307,196
Repsol International Finance BV (EUR Swap Annual 10 Year + 4.20%), 4.50%, 3/25/2075 (a) (f)
EUR800,000
865,349
Telefonica Emisiones SA 5.21%, 3/8/2047
150,000
133,577
Telefonica Europe BV
(EUR Swap Annual 8 Year + 2.97%), 3.88%, 6/22/2026 (a) (d) (e) (f)
EUR900,000
957,115
JPMorgan International Bond Opportunities ETF
SCHEDULE OF PORTFOLIO INVESTMENTS
AS OF May 31, 2024 (Unaudited) (continued)
INVESTMENTS
PRINCIPAL
AMOUNT($)
VALUE($)
Corporate Bonds — continued
Spain — continued
(EUR Swap Annual 6 Year + 2.87%), 2.88%, 2/24/2028 (a) (d) (e) (f)
EUR1,200,000
1,201,958
(EUR Swap Annual 7 Year + 3.35%), 6.14%, 2/3/2030 (a) (d) (e) (f)
EUR1,800,000
2,031,214
 
22,792,625
Sweden — 1.0%
Svenska Handelsbanken AB (US Treasury Yield Curve Rate T Note Constant Maturity 5 Year + 4.05%), 4.75%,
3/1/2031 (a) (c) (d) (e) (f)
1,000,000
851,250
Verisure Holding AB
3.88%, 7/15/2026 (a)
EUR475,000
508,956
3.25%, 2/15/2027 (a)
EUR1,100,000
1,145,813
5.50%, 5/15/2030 (b)
EUR329,000
360,998
Verisure Midholding AB 5.25%, 2/15/2029 (a)
EUR1,000,000
1,053,584
Volvo Car AB
2.00%, 1/24/2025 (a)
EUR200,000
213,017
2.50%, 10/7/2027 (a)
EUR400,000
411,763
 
4,545,381
Switzerland — 1.4%
Dufry One BV 2.00%, 2/15/2027 (a)
EUR1,275,000
1,297,250
Holcim Finance Luxembourg SA 0.50%, 4/23/2031 (a)
EUR900,000
779,484
Holcim Sterling Finance Netherlands BV 2.25%, 4/4/2034 (a)
GBP300,000
288,212
Swiss Re Finance Luxembourg SA (US Treasury Yield Curve Rate T Note Constant Maturity 5 Year + 3.58%), 5.00%,
4/2/2049 (b) (f)
200,000
192,072
UBS Group AG
(US Treasury Yield Curve Rate T Note Constant Maturity 1 Year + 2.05%), 4.70%, 8/5/2027 (b) (f)
322,000
315,747
4.28%, 1/9/2028 (b)
550,000
526,717
(US Treasury Yield Curve Rate T Note Constant Maturity 5 Year + 4.75%), 9.25%, 11/13/2028 (b) (c) (d) (e) (f)
200,000
213,536
(SOFR + 3.73%), 4.19%, 4/1/2031 (b) (f)
274,000
254,702
(US Treasury Yield Curve Rate T Note Constant Maturity 1 Year + 1.00%), 2.10%, 2/11/2032 (b) (f)
280,000
225,065
(SOFR + 1.73%), 3.09%, 5/14/2032 (b) (f)
561,000
478,052
(US Treasury Yield Curve Rate T Note Constant Maturity 1 Year + 1.10%), 2.75%, 2/11/2033 (b) (f)
430,000
351,432
(US Treasury Yield Curve Rate T Note Constant Maturity 1 Year + 2.40%), 4.99%, 8/5/2033 (b) (f)
200,000
191,169
(US Treasury Yield Curve Rate T Note Constant Maturity 5 Year + 4.76%), 9.25%, 11/13/2033 (b) (c) (d) (e) (f)
200,000
222,580
Zurich Insurance Co. Ltd. (EURIBOR 3 Month + 3.95%), 3.50%, 10/1/2046 (a) (f)
EUR700,000
746,351
 
6,082,369
Taiwan — 0.4%
TSMC Arizona Corp. 4.25%, 4/22/2032
380,000
363,601
TSMC Global Ltd.
1.25%, 4/23/2026 (b)
700,000
648,606
2.25%, 4/23/2031 (b)
700,000
586,469
 
1,598,676
United Kingdom — 9.0%
888 Acquisitions Ltd.
7.56%, 7/15/2027 (b)
EUR230,000
246,583
7.56%, 7/15/2027 (a)
EUR600,000
645,008
AstraZeneca plc
0.38%, 6/3/2029 (a)
EUR700,000
655,043
4.00%, 9/18/2042
490,000
410,278
JPMorgan International Bond Opportunities ETF
SCHEDULE OF PORTFOLIO INVESTMENTS
AS OF May 31, 2024 (Unaudited) (continued)
INVESTMENTS
PRINCIPAL
AMOUNT($)
VALUE($)
Corporate Bonds — continued
United Kingdom — continued
Barclays plc (SOFR + 2.22%), 6.49%, 9/13/2029 (f)
270,000
279,145
BAT Capital Corp.
6.34%, 8/2/2030
1,380,000
1,438,857
7.08%, 8/2/2043
1,005,000
1,073,777
Cadent Finance plc 0.63%, 3/19/2030 (a)
EUR800,000
718,987
Centrica plc 4.38%, 3/13/2029 (a)
GBP200,000
245,408
CPUK Finance Ltd. 4.50%, 8/28/2027 (a)
GBP400,000
472,630
EC Finance plc 3.00%, 10/15/2026 (a)
EUR899,000
943,621
Eversholt Funding plc 2.74%, 6/30/2040 (a)
GBP676,927
712,098
Gatwick Funding Ltd. 2.50%, 4/15/2030 (a)
GBP700,000
768,499
Heathrow Funding Ltd.
1.50%, 10/12/2025 (a)
EUR800,000
840,697
6.75%, 12/3/2026 (a)
GBP300,000
393,259
1.50%, 2/11/2030 (a)
EUR300,000
285,095
1.13%, 10/8/2030 (a)
EUR1,000,000
913,944
1.88%, 3/14/2034 (a)
EUR250,000
221,860
5.88%, 5/13/2041 (a)
GBP100,000
127,956
HSBC Holdings plc
(SOFR + 3.03%), 7.34%, 11/3/2026 (f)
720,000
736,830
5.75%, 12/20/2027 (a)
GBP200,000
255,819
(SOFR + 2.61%), 5.21%, 8/11/2028 (f)
380,000
376,474
(SOFR + 1.73%), 2.01%, 9/22/2028 (f)
3,260,000
2,916,271
(SOFR + 1.29%), 2.21%, 8/17/2029 (f)
985,000
862,511
(3-MONTH CME TERM SOFR + 1.87%), 3.97%, 5/22/2030 (f)
374,000
348,199
(US Treasury Yield Curve Rate T Note Constant Maturity 5 Year + 3.65%), 4.60%, 12/17/2030 (c) (d) (e) (f)
695,000
584,037
(SOFR + 1.41%), 2.87%, 11/22/2032 (f)
440,000
366,412
Iceland Bondco plc
10.88%, 12/15/2027 (a)
GBP100,000
132,778
10.88%, 12/15/2027 (b)
GBP120,000
159,333
INEOS Quattro Finance 1 plc 3.75%, 7/15/2026 (a)
EUR400,000
421,034
INEOS Quattro Finance 2 plc
8.50%, 3/15/2029 (b)
EUR200,000
229,488
8.50%, 3/15/2029 (a)
EUR200,000
229,488
INEOS Styrolution Ludwigshafen GmbH 2.25%, 1/16/2027 (a)
EUR400,000
405,121
International Consolidated Airlines Group SA
2.75%, 3/25/2025 (a)
EUR100,000
107,149
1.50%, 7/4/2027 (a)
EUR800,000
799,647
Jaguar Land Rover Automotive plc
4.50%, 1/15/2026 (a)
EUR500,000
542,566
4.50%, 7/15/2028 (a)
EUR300,000
322,046
Lloyds Banking Group plc
4.58%, 12/10/2025
200,000
196,281
(US Treasury Yield Curve Rate T Note Constant Maturity 1 Year + 1.48%), 5.99%, 8/7/2027 (f)
410,000
412,014
Macquarie Airfinance Holdings Ltd. 6.40%, 3/26/2029 (b)
16,000
16,168
National Grid plc
2.18%, 6/30/2026 (a)
EUR900,000
943,204
0.25%, 9/1/2028 (a)
EUR800,000
749,223
JPMorgan International Bond Opportunities ETF
SCHEDULE OF PORTFOLIO INVESTMENTS
AS OF May 31, 2024 (Unaudited) (continued)
INVESTMENTS
PRINCIPAL
AMOUNT($)
VALUE($)
Corporate Bonds — continued
United Kingdom — continued
NatWest Group plc
(US Treasury Yield Curve Rate T Note Constant Maturity 5 Year + 5.63%), 6.00%, 12/29/2025 (c) (d) (e) (f)
650,000
635,154
(US Treasury Yield Curve Rate T Note Constant Maturity 1 Year + 2.27%), 5.52%, 9/30/2028 (f)
400,000
399,040
(EURIBOR 3 Month + 0.89%), 0.67%, 9/14/2029 (a) (f)
EUR1,200,000
1,135,378
(US Treasury Yield Curve Rate T Note Constant Maturity 5 Year + 3.75%), 8.13%, 11/10/2033 (c) (d) (e) (f)
200,000
202,806
(US Treasury Yield Curve Rate T Note Constant Maturity 1 Year + 1.50%), 5.78%, 3/1/2035 (f)
440,000
440,294
NGG Finance plc (EUR Swap Annual 5 Year + 2.53%), 2.13%, 9/5/2082 (a) (f)
EUR730,000
728,229
Nomad Foods Bondco plc 2.50%, 6/24/2028 (a)
EUR800,000
800,767
Pinnacle Bidco plc
8.25%, 10/11/2028 (a)
EUR600,000
690,581
8.25%, 10/11/2028 (b)
EUR287,000
330,328
Punch Finance plc 6.13%, 6/30/2026 (a)
GBP538,000
666,694
RAC Bond Co. plc 5.25%, 11/4/2027 (a)
GBP554,000
662,228
RELX Finance BV 0.88%, 3/10/2032 (a)
EUR500,000
442,232
Rolls-Royce plc
4.63%, 2/16/2026 (a)
EUR700,000
764,791
1.63%, 5/9/2028 (a)
EUR200,000
198,022
Santander UK Group Holdings plc
(SOFR + 2.75%), 6.83%, 11/21/2026 (f)
285,000
289,127
(SOFR + 0.99%), 1.67%, 6/14/2027 (f)
900,000
829,648
(SOFR + 2.60%), 6.53%, 1/10/2029 (f)
665,000
682,557
South Eastern Power Networks plc 5.63%, 9/30/2030 (a)
GBP400,000
524,388
Standard Chartered plc
(US Treasury Yield Curve Rate T Note Constant Maturity 1 Year + 3.45%), 7.77%, 11/16/2028 (b) (f)
670,000
712,210
(US Treasury Yield Curve Rate T Note Constant Maturity 1 Year + 3.85%), 4.64%, 4/1/2031 (b) (f)
650,000
616,078
Thames Water Utilities Finance plc 4.38%, 1/18/2031 (a)
EUR400,000
367,870
Virgin Media Finance plc 3.75%, 7/15/2030 (a)
EUR800,000
740,870
Vmed O2 UK Financing I plc 3.25%, 1/31/2031 (a)
EUR800,000
752,565
Vodafone Group plc
(EUR Swap Annual 5 Year + 3.43%), 4.20%, 10/3/2078 (a) (f)
EUR900,000
961,887
(USD Swap Semi 5 Year + 4.87%), 7.00%, 4/4/2079 (f)
429,000
442,001
(EUR Swap Annual 5 Year + 3.48%), 3.00%, 8/27/2080 (a) (f)
EUR1,125,000
1,103,191
(EUR Swap Annual 5 Year + 3.49%), 6.50%, 8/30/2084 (a) (f)
EUR200,000
232,852
 
39,856,626
United States — 11.1%
AbbVie, Inc.
5.05%, 3/15/2034
740,000
732,113
4.25%, 11/21/2049
530,000
440,265
5.40%, 3/15/2054
110,000
108,437
AES Corp. (The) 3.95%, 7/15/2030 (b)
42,000
37,841
American Express Co. (US Treasury Yield Curve Rate T Note Constant Maturity 5 Year + 2.85%), 3.55%, 9/15/2026 (d)
(e) (f)
104,000
94,801
American Medical Systems Europe BV 1.63%, 3/8/2031
EUR100,000
95,168
Amgen, Inc.
5.25%, 3/2/2033
329,000
326,498
4.66%, 6/15/2051
150,000
128,289
Ardagh Packaging Finance plc 2.13%, 8/15/2026 (a)
EUR1,050,000
922,408
JPMorgan International Bond Opportunities ETF
SCHEDULE OF PORTFOLIO INVESTMENTS
AS OF May 31, 2024 (Unaudited) (continued)
INVESTMENTS
PRINCIPAL
AMOUNT($)
VALUE($)
Corporate Bonds — continued
United States — continued
AT&T, Inc.
3.50%, 9/15/2053
130,000
87,800
3.55%, 9/15/2055
99,000
66,475
Bank of America Corp.
(SOFR + 1.29%), 5.08%, 1/20/2027 (f)
210,000
208,492
(SOFR + 1.05%), 2.55%, 2/4/2028 (f)
175,000
162,703
(SOFR + 1.63%), 5.20%, 4/25/2029 (f)
500,000
497,300
(SOFR + 1.57%), 5.82%, 9/15/2029 (f)
1,080,000
1,098,273
Series N, (SOFR + 1.22%), 2.65%, 3/11/2032 (f)
560,000
470,653
(SOFR + 1.32%), 2.69%, 4/22/2032 (f)
249,000
209,268
(SOFR + 1.22%), 2.30%, 7/21/2032 (f)
470,000
382,487
(SOFR + 1.84%), 5.87%, 9/15/2034 (f)
360,000
368,114
(SOFR + 1.65%), 5.47%, 1/23/2035 (f)
480,000
476,846
Baxter International, Inc. 2.54%, 2/1/2032
605,000
491,425
Berkshire Hathaway Energy Co. 4.60%, 5/1/2053
47,000
38,958
Berry Global, Inc. 5.80%, 6/15/2031 (b)
340,000
338,299
Boeing Co. (The)
6.53%, 5/1/2034 (b)
45,000
45,626
5.81%, 5/1/2050
205,000
183,563
BP Capital Markets America, Inc.
2.72%, 1/12/2032
881,000
747,111
4.81%, 2/13/2033
600,000
580,307
BP Capital Markets plc
(US Treasury Yield Curve Rate T Note Constant Maturity 5 Year + 4.04%), 4.38%, 6/22/2025 (d) (e) (f)
43,000
42,047
(EUR Swap Annual 5 Year + 3.52%), 3.25%, 3/22/2026 (a) (d) (e) (f)
EUR1,150,000
1,213,568
(EUR Swap Annual 5 Year + 3.78%), 3.63%, 3/22/2029 (a) (d) (e) (f)
EUR200,000
206,973
(US Treasury Yield Curve Rate T Note Constant Maturity 5 Year + 4.40%), 4.88%, 3/22/2030 (d) (e) (f)
94,000
88,690
(US Treasury Yield Curve Rate T Note Constant Maturity 5 Year + 2.15%), 6.45%, 12/1/2033 (d) (e) (f)
380,000
388,496
Bristol-Myers Squibb Co.
5.20%, 2/22/2034
530,000
526,577
5.55%, 2/22/2054
230,000
226,449
5.65%, 2/22/2064
155,000
151,461
Broadcom, Inc.
3.47%, 4/15/2034 (b)
490,000
412,958
3.14%, 11/15/2035 (b)
440,000
349,748
CCO Holdings LLC 5.13%, 5/1/2027 (b)
140,000
133,805
Cencora, Inc. 2.70%, 3/15/2031
839,000
711,792
CenterPoint Energy, Inc. 2.95%, 3/1/2030
280,000
246,763
CF Industries, Inc. 4.95%, 6/1/2043
224,000
197,274
Charter Communications Operating LLC
3.70%, 4/1/2051
308,000
188,526
3.90%, 6/1/2052
282,000
176,980
Cheniere Energy Partners LP
5.95%, 6/30/2033
540,000
544,774
5.75%, 8/15/2034 (b)
640,000
635,732
Citibank NA 5.57%, 4/30/2034
250,000
253,483
Citigroup, Inc.
Series W, (US Treasury Yield Curve Rate T Note Constant Maturity 5 Year + 3.60%), 4.00%, 12/10/2025 (d) (e) (f)
160,000
152,901
JPMorgan International Bond Opportunities ETF
SCHEDULE OF PORTFOLIO INVESTMENTS
AS OF May 31, 2024 (Unaudited) (continued)
INVESTMENTS
PRINCIPAL
AMOUNT($)
VALUE($)
Corporate Bonds — continued
United States — continued
Series X, (US Treasury Yield Curve Rate T Note Constant Maturity 5 Year + 3.42%), 3.88%, 2/18/2026 (d) (e) (f)
686,000
645,387
Series CC, (US Treasury Yield Curve Rate T Note Constant Maturity 5 Year + 2.69%), 7.13%, 8/15/2029 (d) (e) (f)
220,000
219,510
(SOFR + 1.17%), 2.56%, 5/1/2032 (f)
320,000
266,042
(SOFR + 1.18%), 2.52%, 11/3/2032 (f)
140,000
114,810
(SOFR + 2.06%), 5.83%, 2/13/2035 (f)
410,000
405,781
Columbia Pipelines Operating Co. LLC
5.93%, 8/15/2030 (b)
800,000
811,766
6.04%, 11/15/2033 (b)
200,000
203,859
Comcast Corp.
2.80%, 1/15/2051
130,000
79,695
5.35%, 5/15/2053
1,365,000
1,299,542
2.94%, 11/1/2056
290,000
174,287
Constellation Energy Generation LLC
5.80%, 3/1/2033
45,000
45,704
5.60%, 6/15/2042
210,000
201,945
6.50%, 10/1/2053
195,000
208,233
Crown Castle, Inc., REIT 4.80%, 9/1/2028
190,000
185,374
CVS Health Corp. 5.25%, 2/21/2033
131,000
127,342
Danaher Corp. 2.80%, 12/10/2051
85,000
53,270
Diamondback Energy, Inc. 3.13%, 3/24/2031
277,000
242,635
Discovery Communications LLC 3.63%, 5/15/2030
50,000
43,997
Dominion Energy, Inc.
Series B, (US Treasury Yield Curve Rate T Note Constant Maturity 5 Year + 2.51%), 7.00%, 6/1/2054 (f)
60,000
61,942
Series A, (US Treasury Yield Curve Rate T Note Constant Maturity 5 Year + 2.39%), 6.88%, 2/1/2055 (f)
100,000
101,438
Duke Energy Indiana LLC 5.40%, 4/1/2053
35,000
33,149
Duke Energy Ohio, Inc.
5.25%, 4/1/2033
45,000
44,560
5.65%, 4/1/2053
15,000
14,678
Duquesne Light Holdings, Inc. 2.78%, 1/7/2032 (b)
140,000
113,081
EMRLD Borrower LP
6.38%, 12/15/2030 (b)
EUR182,000
204,490
6.38%, 12/15/2030 (a)
EUR300,000
337,071
Energy Transfer LP (US Treasury Yield Curve Rate T Note Constant Maturity 5 Year + 4.02%), 8.00%, 5/15/2054 (f)
490,000
510,110
Entergy Corp. (US Treasury Yield Curve Rate T Note Constant Maturity 5 Year + 2.67%), 7.13%, 12/1/2054 (f)
170,000
169,280
Entergy Texas, Inc. 1.75%, 3/15/2031
115,000
92,665
Fells Point Funding Trust 3.05%, 1/31/2027 (b)
274,000
256,958
FirstEnergy Transmission LLC 2.87%, 9/15/2028 (b)
705,000
638,884
Ford Motor Credit Co. LLC
4.27%, 1/9/2027
200,000
192,188
3.63%, 6/17/2031
467,000
398,932
Freeport-McMoRan, Inc.
4.13%, 3/1/2028
119,000
113,731
4.25%, 3/1/2030
159,000
149,497
4.63%, 8/1/2030
203,000
194,181
5.40%, 11/14/2034
29,000
28,282
General Electric Co. 4.13%, 9/19/2035 (a)
EUR100,000
110,294
Gilead Sciences, Inc. 5.55%, 10/15/2053
430,000
426,710
Global Payments, Inc. 2.90%, 11/15/2031
265,000
220,560
JPMorgan International Bond Opportunities ETF
SCHEDULE OF PORTFOLIO INVESTMENTS
AS OF May 31, 2024 (Unaudited) (continued)
INVESTMENTS
PRINCIPAL
AMOUNT($)
VALUE($)
Corporate Bonds — continued
United States — continued
Goldman Sachs Group, Inc. (The)
Series T, (US Treasury Yield Curve Rate T Note Constant Maturity 5 Year + 2.97%), 3.80%, 5/10/2026 (d) (e) (f)
10,000
9,379
(SOFR + 0.91%), 1.95%, 10/21/2027 (f)
355,000
326,440
Series W, (US Treasury Yield Curve Rate T Note Constant Maturity 5 Year + 3.16%), 7.50%, 2/10/2029 (d) (e) (f)
202,000
210,438
Series X, (US Treasury Yield Curve Rate T Note Constant Maturity 5 Year + 2.81%), 7.50%, 5/10/2029 (d) (e) (f)
815,000
837,343
(SOFR + 1.28%), 2.62%, 4/22/2032 (f)
290,000
242,043
(SOFR + 1.25%), 2.38%, 7/21/2032 (f)
190,000
155,086
(SOFR + 1.26%), 2.65%, 10/21/2032 (f)
300,000
248,480
(SOFR + 1.55%), 5.85%, 4/25/2035 (f)
380,000
388,084
Gray Oak Pipeline LLC 2.60%, 10/15/2025 (b)
50,000
47,875
HCA, Inc.
5.20%, 6/1/2028
170,000
168,677
2.38%, 7/15/2031
370,000
301,857
5.50%, 6/15/2047
91,000
84,490
5.25%, 6/15/2049
500,000
443,508
3.50%, 7/15/2051
150,000
100,094
4.63%, 3/15/2052
877,000
706,933
Healthpeak OP LLC, REIT 5.25%, 12/15/2032
367,000
359,804
Hyundai Capital America
3.50%, 11/2/2026 (b)
555,000
528,411
3.50%, 11/2/2026 (a)
150,000
142,814
6.50%, 1/16/2029 (b)
110,000
114,256
International Game Technology plc 2.38%, 4/15/2028 (a)
EUR200,000
203,317
JBS USA Holding Lux SARL
6.75%, 3/15/2034 (b)
137,000
143,939
4.38%, 2/2/2052
120,000
88,880
7.25%, 11/15/2053 (b)
290,000
317,346
KeyCorp (SOFRINDX + 2.42%), 6.40%, 3/6/2035 (f)
424,000
426,843
Kinder Morgan, Inc. 5.20%, 6/1/2033
230,000
222,020
Kraft Heinz Foods Co. 4.88%, 10/1/2049
250,000
218,460
Marvell Technology, Inc. 5.95%, 9/15/2033
607,000
622,818
Meta Platforms, Inc. 4.45%, 8/15/2052
148,000
126,395
Metropolitan Life Global Funding I 3.30%, 3/21/2029 (b)
185,000
170,517
Morgan Stanley
(SOFR + 0.88%), 1.59%, 5/4/2027 (f)
690,000
640,019
(SOFR + 1.61%), 4.21%, 4/20/2028 (f)
315,000
305,304
(SOFR + 1.73%), 5.12%, 2/1/2029 (f)
455,000
451,997
(SOFR + 1.59%), 5.16%, 4/20/2029 (f)
575,000
571,127
(SOFR + 1.63%), 5.45%, 7/20/2029 (f)
870,000
873,045
(SOFR + 1.20%), 2.51%, 10/20/2032 (f)
173,000
142,073
(SOFR + 1.88%), 5.42%, 7/21/2034 (f)
290,000
286,996
(SOFR + 1.58%), 5.83%, 4/19/2035 (f)
300,000
305,993
(SOFR + 1.36%), 2.48%, 9/16/2036 (f)
140,000
110,383
(US Treasury Yield Curve Rate T Note Constant Maturity 5 Year + 2.43%), 5.95%, 1/19/2038 (f)
125,000
124,100
(US Treasury Yield Curve Rate T Note Constant Maturity 5 Year + 1.80%), 5.94%, 2/7/2039 (f)
150,000
148,500
Netflix, Inc. 5.38%, 11/15/2029 (b)
357,000
359,383
Occidental Petroleum Corp. 6.20%, 3/15/2040
123,000
123,762
JPMorgan International Bond Opportunities ETF
SCHEDULE OF PORTFOLIO INVESTMENTS
AS OF May 31, 2024 (Unaudited) (continued)
INVESTMENTS
PRINCIPAL
AMOUNT($)
VALUE($)
Corporate Bonds — continued
United States — continued
OI European Group BV
6.25%, 5/15/2028 (b)
EUR180,000
202,617
5.25%, 6/1/2029 (b)
EUR261,000
285,290
Oracle Corp. 3.60%, 4/1/2050
88,000
61,216
Pacific Gas and Electric Co.
3.30%, 3/15/2027
366,000
345,604
6.15%, 1/15/2033
460,000
469,223
6.40%, 6/15/2033
360,000
373,691
5.80%, 5/15/2034
395,000
394,049
Pfizer Investment Enterprises Pte. Ltd. 5.34%, 5/19/2063
120,000
112,762
PNC Financial Services Group, Inc. (The)
Series T, (US Treasury Yield Curve Rate T Note Constant Maturity 5 Year + 2.60%), 3.40%, 9/15/2026 (d) (e) (f)
321,000
285,323
(SOFR + 1.90%), 5.68%, 1/22/2035 (f)
110,000
110,004
Prudential Financial, Inc. (US Treasury Yield Curve Rate T Note Constant Maturity 5 Year + 2.40%), 6.50%,
3/15/2054 (f)
295,000
295,746
Regency Centers LP, REIT 2.95%, 9/15/2029
95,000
84,796
Roper Technologies, Inc. 2.95%, 9/15/2029
160,000
142,826
SCIL IV LLC 9.50%, 7/15/2028 (a)
EUR500,000
587,961
Sempra (US Treasury Yield Curve Rate T Note Constant Maturity 5 Year + 2.79%), 6.88%, 10/1/2054 (f)
280,000
277,253
State Street Corp. Series I, (US Treasury Yield Curve Rate T Note Constant Maturity 5 Year + 2.61%), 6.70%,
3/15/2029 (d) (e) (f)
117,000
118,218
Take-Two Interactive Software, Inc. 3.70%, 4/14/2027
210,000
201,327
Texas Instruments, Inc. 5.00%, 3/14/2053
90,000
84,056
Thermo Fisher Scientific, Inc. 0.88%, 10/1/2031
EUR100,000
89,672
T-Mobile USA, Inc.
2.63%, 2/15/2029
34,000
30,202
2.55%, 2/15/2031
81,000
68,301
Truist Financial Corp.
(SOFR + 2.30%), 6.12%, 10/28/2033 (f)
95,000
96,987
(SOFR + 1.85%), 5.12%, 1/26/2034 (f)
410,000
390,469
(SOFR + 2.36%), 5.87%, 6/8/2034 (f)
336,000
337,101
(SOFR + 1.92%), 5.71%, 1/24/2035 (f)
75,000
74,523
UGI International LLC 2.50%, 12/1/2029 (a)
EUR350,000
336,802
Union Electric Co. 3.90%, 4/1/2052
80,000
61,392
US Bancorp (SOFR + 1.86%), 5.68%, 1/23/2035 (f)
110,000
109,837
Vistra Operations Co. LLC 6.00%, 4/15/2034 (b)
720,000
721,031
Warnermedia Holdings, Inc.
4.30%, 1/17/2030
EUR377,000
408,530
4.28%, 3/15/2032
1,452,000
1,270,802
5.05%, 3/15/2042
155,000
128,097
5.14%, 3/15/2052
111,000
87,624
Wells Fargo & Co.
(SOFR + 1.74%), 5.57%, 7/25/2029 (f)
780,000
784,409
(SOFR + 1.99%), 5.56%, 7/25/2034 (f)
500,000
497,762
JPMorgan International Bond Opportunities ETF
SCHEDULE OF PORTFOLIO INVESTMENTS
AS OF May 31, 2024 (Unaudited) (continued)
INVESTMENTS
PRINCIPAL
AMOUNT($)
VALUE($)
Corporate Bonds — continued
United States — continued
(SOFR + 1.78%), 5.50%, 1/23/2035 (f)
390,000
386,621
Welltower OP LLC, REIT 2.80%, 6/1/2031
220,000
186,937
 
48,828,667
Total Corporate Bonds
(Cost $282,462,254)
271,559,029
Foreign Government Securities — 28.1%
Angola — 0.1%
Republic of Angola
8.00%, 11/26/2029 (a)
210,000
190,779
8.75%, 4/14/2032 (b)
483,000
431,319
 
622,098
Australia — 2.2%
Commonwealth of Australia
1.25%, 5/21/2032
AUD16,638,000
8,788,109
3.00%, 3/21/2047 (a)
AUD2,140,000
1,073,757
 
9,861,866
Bahrain — 0.1%
Kingdom of Bahrain 6.00%, 9/19/2044 (a)
335,000
276,613
Brazil — 4.5%
Notas do Tesouro Nacional 10.00%, 1/1/2027
BRL107,300,000
19,956,953
Canada — 5.2%
Canada Government Bond
2.75%, 8/1/2024
CAD7,000,000
5,119,021
1.50%, 9/1/2024
CAD8,795,000
6,399,549
3.00%, 11/1/2024
CAD4,175,000
3,041,062
2.25%, 6/1/2025
CAD11,950,000
8,578,012
 
23,137,644
Colombia — 0.5%
Republic of Colombia
3.13%, 4/15/2031
460,000
359,950
7.50%, 2/2/2034
1,130,000
1,119,830
5.20%, 5/15/2049
520,000
363,480
8.75%, 11/14/2053
277,000
289,603
 
2,132,863
Costa Rica — 0.2%
Republic of Costa Rica
6.13%, 2/19/2031 (a)
300,000
300,150
7.30%, 11/13/2054 (b)
521,000
545,259
 
845,409
Czech Republic — 1.6%
Czech Republic
4.50%, 11/11/2032
CZK57,580,000
2,551,932
JPMorgan International Bond Opportunities ETF
SCHEDULE OF PORTFOLIO INVESTMENTS
AS OF May 31, 2024 (Unaudited) (continued)
INVESTMENTS
PRINCIPAL
AMOUNT($)
VALUE($)
Foreign Government Securities — continued
Czech Republic—continued
4.90%, 4/14/2034
CZK68,550,000
3,124,150
1.95%, 7/30/2037
CZK37,240,000
1,236,069
 
6,912,151
Dominican Republic — 0.3%
Dominican Republic Government Bond
6.88%, 1/29/2026 (b)
280,000
283,325
5.30%, 1/21/2041 (b)
375,000
317,461
6.85%, 1/27/2045 (a)
660,000
648,244
 
1,249,030
Egypt — 0.2%
Arab Republic of Egypt 7.63%, 5/29/2032 (a)
950,000
812,487
Germany — 0.3%
Bundesrepublik Deutschland 2.30%, 2/15/2033 (a)
EUR1,090,000
1,154,301
Hungary — 0.3%
Hungary Government Bond
5.50%, 3/26/2036 (b)
936,000
891,400
6.75%, 9/25/2052 (b)
394,000
418,455
 
1,309,855
Israel — 0.1%
State of Israel Government Bond 3.38%, 1/15/2050
570,000
363,797
Italy — 0.2%
Italian Republic Government Bond 2.88%, 10/17/2029
1,135,000
994,862
Ivory Coast — 0.3%
Republic of Cote d'Ivoire
6.38%, 3/3/2028 (a)
270,000
262,794
6.13%, 6/15/2033 (a)
570,000
506,644
6.88%, 10/17/2040 (b)
EUR730,000
673,622
 
1,443,060
Lebanon — 0.0% ^
Lebanese Republic
6.65%, 4/22/2024 (a) (g)
227,000
15,549
6.65%, 11/3/2028 (a) (g)
226,000
15,481
 
31,030
Mexico — 4.6%
Mex Bonos Desarr Fix Rt
7.75%, 5/29/2031
MXN125,280,000
6,609,625
7.50%, 5/26/2033
MXN149,230,000
7,599,480
8.00%, 5/24/2035
MXN72,630,000
3,729,145
United Mexican States
4.49%, 5/25/2032
EUR656,000
709,287
6.35%, 2/9/2035
325,000
328,088
3.77%, 5/24/2061
942,000
585,924
3.75%, 4/19/2071
1,433,000
872,697
 
20,434,246
JPMorgan International Bond Opportunities ETF
SCHEDULE OF PORTFOLIO INVESTMENTS
AS OF May 31, 2024 (Unaudited) (continued)
INVESTMENTS
PRINCIPAL
AMOUNT($)
VALUE($)
Foreign Government Securities — continued
New Zealand — 0.5%
New Zealand Government Bond
4.50%, 4/15/2027 (a)
NZD952,000
581,256
2.75%, 4/15/2037 (a)
NZD3,201,000
1,558,658
 
2,139,914
Nigeria — 0.1%
Federal Republic of Nigeria
7.63%, 11/21/2025 (a)
300,000
300,771
7.38%, 9/28/2033 (b)
327,000
272,362
 
573,133
Oman — 0.3%
Sultanate of Oman Government Bond
5.63%, 1/17/2028 (a)
300,000
299,139
6.25%, 1/25/2031 (a)
550,000
563,750
6.75%, 1/17/2048 (a)
320,000
320,800
 
1,183,689
Paraguay — 0.1%
Republic of Paraguay 4.95%, 4/28/2031 (b)
550,000
521,984
Poland — 1.1%
Republic of Poland
6.00%, 10/25/2033
PLN10,400,000
2,694,451
5.13%, 9/18/2034
1,183,000
1,154,088
5.50%, 3/18/2054
1,025,000
982,606
 
4,831,145
Romania — 0.4%
Romania Government Bond
6.63%, 9/27/2029 (b)
EUR776,000
911,649
6.38%, 1/30/2034 (b)
554,000
552,249
4.63%, 4/3/2049 (b)
EUR276,000
252,876
7.63%, 1/17/2053 (b)
148,000
160,521
 
1,877,295
Saudi Arabia — 0.3%
Kingdom of Saudi Arabia 5.00%, 1/18/2053 (b)
1,246,000
1,085,266
Senegal — 0.1%
Republic of Senegal 6.25%, 5/23/2033 (a)
660,000
558,301
South Africa — 0.2%
Republic of South Africa
4.30%, 10/12/2028
490,000
438,489
5.75%, 9/30/2049
710,000
510,312
 
948,801
Spain — 3.8%
Bonos and Obligaciones del Estado
0.25%, 7/30/2024
EUR3,000,000
3,237,644
JPMorgan International Bond Opportunities ETF
SCHEDULE OF PORTFOLIO INVESTMENTS
AS OF May 31, 2024 (Unaudited) (continued)
INVESTMENTS
PRINCIPAL
AMOUNT($)
VALUE($)
Foreign Government Securities — continued
Spain—continued
2.75%, 10/31/2024 (a)
EUR5,480,000
5,924,430
1.60%, 4/30/2025 (a)
EUR7,070,000
7,542,119
 
16,704,193
Turkey — 0.4%
Istanbul Metropolitan Municipality
6.38%, 12/9/2025 (a)
420,000
412,268
10.50%, 12/6/2028 (a)
380,000
407,550
Republic of Turkey
9.88%, 1/15/2028
350,000
384,125
7.63%, 5/15/2034
568,000
569,363
 
1,773,306
United Arab Emirates — 0.1%
United Arab Emirates Government Bond 4.00%, 7/28/2050 (b)
400,000
255,500
Uruguay — 0.0% ^
Oriental Republic of Uruguay 5.10%, 6/18/2050
88,906
83,127
Total Foreign Government Securities
(Cost $130,984,457)
124,073,919
Supranational — 1.5%
European Union, 3.00%, 3/4/2053 (a)
(Cost $6,777,022)
EUR6,730,000
6,695,704
U.S. Treasury Obligations — 1.0%
United States — 1.0%
U.S. Treasury Inflation Linked Notes , 1.38%, 7/15/2033
(Cost $4,427,325)
4,566,096
4,292,643
Commercial Mortgage-Backed Securities — 0.8%
United States — 0.8%
BANK Series 2018-BN13, Class C, 4.54%, 8/15/2061 (k)
118,000
102,789
Benchmark Mortgage Trust Series 2019-B11, Class C, 3.75%, 5/15/2052 (k)
315,000
234,891
BHMS Series 2018-ATLS, Class A, 6.86%, 7/15/2035 (b) (k)
130,000
129,999
BX Commercial Mortgage Trust Series 2024-MF, Class B, 7.01%, 2/15/2039 (b) (k)
320,000
319,500
Cascade Funding Mortgage Trust Series 2021-FRR1, Class BK45, 2.04%, 2/28/2025 (b) (k)
1,000,000
951,761
CCUBS Commercial Mortgage Trust Series 2017-C1, Class C, 4.43%, 11/15/2050 (k)
28,000
24,606
CD Mortgage Trust Series 2016-CD2, Class C, 3.98%, 11/10/2049 (k)
21,000
16,088
FHLMC, Multi-Family Structured Pass-Through Certificates
Series K739, Class X1, IO, 1.20%, 9/25/2027 (k)
2,078,517
61,107
Series K072, Class X3, IO, 2.14%, 12/25/2045 (k)
400,000
26,806
Series K089, Class X3, IO, 2.30%, 1/25/2046 (k)
850,000
77,327
Series K078, Class X3, IO, 2.21%, 6/25/2046 (k)
1,820,000
137,619
Series K088, Class X3, IO, 2.35%, 2/25/2047 (k)
880,000
81,223
FREMF Series 2018-KF46, Class B, 7.39%, 3/25/2028 (b) (k)
241,539
224,226
FREMF Mortgage Trust
Series 2017-KF38, Class B, 7.94%, 9/25/2024 (b) (k)
19,725
19,626
Series 2018-KF47, Class B, 7.44%, 5/25/2025 (b) (k)
9,422
9,266
Series 2018-KF49, Class B, 7.34%, 6/25/2025 (b) (k)
133,319
130,114
Series 2017-K728, Class C, 3.72%, 11/25/2050 (b) (k)
105,000
103,816
JPMorgan International Bond Opportunities ETF
SCHEDULE OF PORTFOLIO INVESTMENTS
AS OF May 31, 2024 (Unaudited) (continued)
INVESTMENTS
PRINCIPAL
AMOUNT($)
VALUE($)
Commercial Mortgage-Backed Securities — continued
United States — continued
GS Mortgage Securities Trust
Series 2012-GCJ9, Class D, 4.60%, 11/10/2045 (b) (k)
263,512
239,796
Series 2015-GC30, Class C, 4.07%, 5/10/2050 (k)
36,000
32,517
JPMBB Commercial Mortgage Securities Trust
Series 2015-C30, Class C, 4.23%, 7/15/2048 (k)
62,000
49,220
Series 2015-C31, Class C, 4.62%, 8/15/2048 (k)
23,000
19,536
JPMorgan Chase Commercial Mortgage Securities Trust Series 2016-JP4, Class C, 3.38%, 12/15/2049 (k)
28,000
22,233
LB-UBS Commercial Mortgage Trust Series 2006-C6, Class AJ, 5.45%, 9/15/2039 (k)
134,898
51,437
Morgan Stanley Bank of America Merrill Lynch Trust Series 2015-C24, Class C, 4.32%, 5/15/2048 (k)
36,000
32,617
Morgan Stanley Capital I Trust
Series 2005-HQ7, Class E, 5.44%, 11/14/2042 (k)
1,637
1,558
Series 2015-MS1, Class B, 4.02%, 5/15/2048 (k)
28,000
26,317
SDR Commercial Mortgage Trust Series 2024-DSNY, Class B, 7.04%, 5/15/2039 (b) (k)
378,000
377,852
UBS Commercial Mortgage Trust Series 2017-C7, Class B, 4.29%, 12/15/2050 (k)
106,000
96,383
Velocity Commercial Capital Loan Trust
Series 2018-2, Class A, 4.05%, 10/26/2048 (b) (k)
60,922
57,992
Series 2019-1, Class M1, 3.94%, 3/25/2049 (b) (k)
72,350
64,514
Total Commercial Mortgage-Backed Securities
(Cost $4,078,982)
3,722,736
Asset-Backed Securities — 0.8%
Cayman Islands — 0.2%
Bain Capital Credit CLO Ltd. Series 2021-7A, Class A1, 6.73%, 1/22/2035 (b) (k)
250,000
250,378
Dryden CLO Ltd. Series 2019-68A, Class AR, 6.76%, 7/15/2035 (b) (k)
290,000
290,576
Galaxy CLO Ltd. Series 2013-15A, Class ARR, 6.56%, 10/15/2030 (b) (k)
147,550
147,702
Neuberger Berman CLO Series 2013-15A, Class A1R2, 6.51%, 10/15/2029 (b) (k)
203,099
203,400
 
892,056
United States — 0.6%
Accelerated Assets LLC Series 2018-1, Class C, 6.65%, 12/2/2033 (b)
57,330
56,517
American Credit Acceptance Receivables Trust
Series 2023-1, Class A, 5.45%, 9/14/2026 (b)
13,920
13,916
Series 2023-1, Class C, 5.59%, 4/12/2029 (b)
267,000
265,936
BMW Vehicle Lease Trust Series 2023-1, Class A3, 5.16%, 11/25/2025
80,359
80,190
Chase Funding Trust Series 2003-6, Class 1A7, 4.87%, 11/25/2034 (h)
53,667
51,674
Credit-Based Asset Servicing and Securitization LLC Series 2004-CB5, Class M1, 6.35%, 1/25/2034 (k)
64,874
65,999
Flagship Credit Auto Trust
Series 2023-1, Class A3, 5.01%, 8/16/2027 (b)
88,000
87,302
Series 2023-1, Class B, 5.05%, 1/18/2028 (b)
66,000
65,167
GM Financial Automobile Leasing Trust
Series 2023-1, Class A2B, 5.87%, 6/20/2025 (k)
18,723
18,728
Series 2023-1, Class A3, 5.16%, 4/20/2026
172,000
171,552
JetBlue Pass-Through Trust
Series 2019-1, Class B, 8.00%, 11/15/2027
105,395
107,444
Series 2019-1, Class A, 2.95%, 5/15/2028
39,636
35,147
Series 2020-1, Class B, 7.75%, 11/15/2028
29,836
30,546
Progress Residential Series 2021-SFR1, Class E, 2.11%, 4/17/2038 (b)
250,000
228,850
Santander Revolving Auto Loan Trust Series 2019-A, Class D, 3.45%, 1/26/2032 (b)
650,000
639,567
JPMorgan International Bond Opportunities ETF
SCHEDULE OF PORTFOLIO INVESTMENTS
AS OF May 31, 2024 (Unaudited) (continued)
INVESTMENTS
PRINCIPAL
AMOUNT($)
VALUE($)
Asset-Backed Securities — continued
United States — continued
Structured Asset Investment Loan Trust Series 2005-HE3, Class M1, 6.16%, 9/25/2035 (k)
10,558
10,374
US Auto Funding Series 2021-1A, Class C, 2.20%, 5/15/2026 (b)
763,062
705,369
 
2,634,278
Total Asset-Backed Securities
(Cost $3,600,687)
3,526,334
Collateralized Mortgage Obligations — 0.6%
United States — 0.6%
Alternative Loan Trust
Series 2004-25CB, Class A1, 6.00%, 12/25/2034
70,554
61,156
Series 2005-6CB, Class 1A6, 5.50%, 4/25/2035
49,117
40,429
Series 2007-2CB, Class 1A6, 5.75%, 3/25/2037
109,459
57,049
Chase Mortgage Finance Trust Series 2007-A1, Class 1A5, 6.02%, 2/25/2037 (k)
8,673
8,339
CHL Mortgage Pass-Through Trust Series 2007-16, Class A1, 6.50%, 10/25/2037
39,689
16,584
Connecticut Avenue Securities Trust Series 2023-R02, Class 1M1, 7.62%, 1/25/2043 (b) (k)
296,541
303,976
FHLMC, REMIC
Series 4305, Class SK, IF, IO, 1.16%, 2/15/2044 (k)
350,352
37,090
Series 4689, Class SD, IF, IO, 0.71%, 6/15/2047 (k)
233,310
25,704
Series 5022, IO, 3.00%, 9/25/2050
358,432
61,090
Series 5023, Class MI, IO, 3.00%, 10/25/2050
637,398
107,702
Series 4839, Class WS, IF, IO, 0.66%, 8/15/2056 (k)
1,643,643
188,213
FNMA, REMIC
Series 2012-146, Class AI, IO, 3.00%, 1/25/2028
318,270
9,721
Series 2016-68, Class BI, IO, 3.00%, 10/25/2031
346,577
22,314
Series 2012-93, Class SE, IF, IO, 0.66%, 9/25/2042 (k)
69,398
6,862
Series 2012-124, Class UI, IO, 4.00%, 11/25/2042
70,768
12,208
Series 2015-40, Class LS, IF, IO, 0.73%, 6/25/2045 (k)
182,541
16,364
Series 2017-31, Class SG, IF, IO, 0.66%, 5/25/2047 (k)
600,529
62,804
Series 2017-39, Class ST, IF, IO, 0.66%, 5/25/2047 (k)
166,919
18,899
FNMA, STRIPS Series 409, Class 27, IO, 4.00%, 4/25/2027 (k)
29,145
614
GNMA Series 2015-H13, Class GI, IO, 1.54%, 4/20/2065 (k)
51,017
1,114
Merrill Lynch Mortgage Investors Trust Series 2004-C, Class A1, 6.00%, 7/25/2029 (k)
6,694
6,393
MFA Trust Series 2023-RTL1, Class A1, 7.58%, 8/25/2027 (b) (h)
230,000
229,356
Structured Adjustable Rate Mortgage Loan Trust Series 2004-8, Class 3A, 6.51%, 7/25/2034 (k)
9,330
8,779
VM Master Issuer LLC Series 2022-1, Class A1, 5.16%, 5/24/2025 ‡ (b) (k)
1,138,717
1,117,643
Total Collateralized Mortgage Obligations
(Cost $2,792,159)
2,420,403
 
SHARES
Common Stocks — 0.0% ^
United States — 0.0% ^
Windstream Holdings, Inc. ‡ *(Cost $—)
16
216
Short-Term Investments — 2.3%
Investment Companies — 2.3%
JPMorgan U.S. Government Money Market Fund Class IM Shares, 5.26% (l) (m)(Cost $10,273,419)
10,273,419
10,273,419
JPMorgan International Bond Opportunities ETF
SCHEDULE OF PORTFOLIO INVESTMENTS
AS OF May 31, 2024 (Unaudited) (continued)
 INVESTMENTS
SHARES
VALUE($)
Total Investments — 96.6%
(Cost $445,396,305)
426,564,403
Other Assets Less Liabilities — 3.4%
14,820,651
NET ASSETS — 100.0%
441,385,054
 
Percentages indicated are based on net assets.
 
Abbreviations
 
AUD
Australian Dollar
BRL
Brazilian Real
CAD
Canadian Dollar
CLO
Collateralized Loan Obligations
CME
Chicago Mercantile Exchange
CZK
Czech Republic Koruna
EUR
Euro
EURIBOR
Euro Interbank Offered Rate
FHLMC
Federal Home Loan Mortgage Corp.
FNMA
Federal National Mortgage Association
GBP
British Pound
GNMA
Government National Mortgage Association
ICE
Intercontinental Exchange
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 May 31, 2024. 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.
JSC
Joint Stock Company
MXN
Mexican Peso
NZD
New Zealand Dollar
PLN
Polish Zloty
PT
Limited liability company
REIT
Real Estate Investment Trust
REMIC
Real Estate Mortgage Investment Conduit
SOFR
Secured Overnight Financing Rate
SOFRINDX
Compounding index of the 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.
USD
United States Dollar
 
^
Amount rounds to less than 0.1% of net assets.
‡
Value determined using significant unobservable inputs.
 
*
Non-income producing security.
 
(a)
Security exempt from registration pursuant to Regulation S under the Securities Act of 1933, as amended. Regulation S applies to securities
offerings that are made outside of the United States and do not involve direct selling efforts in the United States and as such may have
restrictions on resale.
 
(b)
Securities exempt from registration under Rule 144A or section 4(a)(2), of the Securities Act of 1933, as amended.
 
(c)
Contingent Capital security (“CoCo”). CoCos are hybrid debt securities that may be convertible into equity or may be written down if a
pre-specified trigger event occurs. The total value of aggregate CoCo holdings at May 31, 2024 is $17,673,452 or 4.00% of the Fund’s net
assets as of May 31, 2024.
 
(d)
Security is an interest bearing note with preferred security characteristics.
 
(e)
Security is perpetual and thus, does not have a predetermined maturity date. The coupon rate for this security is fixed for a period of time
and may be structured to adjust thereafter. The date shown, if applicable, reflects the next call date. The coupon rate shown is the rate in
effect as of May 31, 2024.
 
(f)
Variable or floating rate security, linked to the referenced benchmark. The interest rate shown is the current rate as of May 31, 2024.
 
(g)
Defaulted security.
 
JPMorgan International Bond Opportunities ETF
SCHEDULE OF PORTFOLIO INVESTMENTS
AS OF May 31, 2024 (Unaudited) (continued)
(h)
Step bond. Interest rate is a fixed rate for an initial period that either resets at a specific date or may reset in the future contingent upon a
predetermined trigger. The interest rate shown is the current rate as of May 31, 2024.
 
(i)
All or a portion of the security is a when-issued security, delayed delivery security, or forward commitment.
 
(j)
Security has the ability to pay in kind (“PIK”) or pay income in cash. When applicable, separate rates of such payments are disclosed.
 
(k)
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 May 31, 2024.
 
(l)
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.
 
(m)
The rate shown is the current yield as of May 31, 2024.
 
Futures contracts outstanding as of May 31, 2024:
 
DESCRIPTION
NUMBER OF
CONTRACTS
EXPIRATION DATE
TRADING CURRENCY
NOTIONAL
AMOUNT ($)
VALUE AND
UNREALIZED
APPRECIATION
(DEPRECIATION) ($)
Long Contracts
Euro-Bobl
21
06/06/2024
EUR
2,641,815
(46,042
)
Euro-BTP
112
06/06/2024
EUR
14,172,315
(185,824
)
Euro-Bund
14
06/06/2024
EUR
1,963,854
(32,306
)
Euro-Schatz
27
06/06/2024
EUR
3,074,945
(22,101
)
Canada 10 Year Bond
118
09/18/2024
CAD
10,300,921
(27,643
)
U.S. Treasury 10 Year Note
202
09/19/2024
USD
22,011,688
1,154
Long Gilt
148
09/26/2024
GBP
18,164,893
(170,593
)
U.S. Treasury 2 Year Note
166
09/30/2024
USD
33,832,875
27,200
U.S. Treasury 5 Year Note
187
09/30/2024
USD
19,813,234
25,923
 
(430,232
)
Short Contracts
Euro-Buxl 30 Year Bond
(66
)
06/06/2024
EUR
(9,044,760
)
550,294
U.S. Treasury 10 Year Note
(42
)
09/19/2024
USD
(4,576,688
)
(96
)
U.S. Treasury 10 Year Ultra Note
(176
)
09/19/2024
USD
(19,764,250
)
2,271
U.S. Treasury Long Bond
(4
)
09/19/2024
USD
(466,000
)
952
U.S. Treasury Ultra Bond
(62
)
09/19/2024
USD
(7,612,437
)
107,879
U.S. Treasury 2 Year Note
(10
)
09/30/2024
USD
(2,038,125
)
(1,816
)
U.S. Treasury 5 Year Note
(178
)
09/30/2024
USD
(18,859,656
)
(27,582
)
 
631,902
 
201,670
 
Abbreviations
 
CAD
Canadian Dollar
EUR
Euro
GBP
British Pound
USD
United States Dollar
JPMorgan International Bond Opportunities ETF
SCHEDULE OF PORTFOLIO INVESTMENTS
AS OF May 31, 2024 (Unaudited) (continued)
Forward foreign currency exchange contracts outstanding as of May 31, 2024:
 
CURRENCY
PURCHASED
CURRENCY
SOLD
COUNTERPARTY
SETTLEMENT
DATE
UNREALIZED
APPRECIATION
(DEPRECIATION) ($)
EUR
1,158,547
USD
1,241,284
Citibank, NA
6/5/2024
15,845
EUR
142,073,269
USD
153,627,526
Morgan Stanley
6/5/2024
534,942
EUR
402,817
USD
432,688
Royal Bank of Canada
6/5/2024
4,404
EUR
167,844
USD
180,347
Standard Chartered Bank
6/5/2024
1,778
GBP
5,561,018
USD
7,073,370
HSBC Bank, NA
6/5/2024
12,793
GBP
510,421
USD
646,860
Morgan Stanley
6/5/2024
3,548
USD
357,522
EUR
329,000
BNP Paribas
6/5/2024
527
USD
410,172
EUR
377,000
Morgan Stanley
6/5/2024
1,093
BRL
17,008,085
USD
3,231,940
Citibank, NA**
6/24/2024
190
CNY
23,737,140
USD
3,287,601
BNP Paribas**
6/24/2024
49,252
INR
257,521,674
USD
3,079,515
BNP Paribas**
6/24/2024
5,147
INR
274,470,461
USD
3,283,953
Citibank, NA**
6/24/2024
3,727
KRW
4,509,073,884
USD
3,261,536
Goldman Sachs International**
6/24/2024
2,641
PLN
2,037,621
USD
513,582
Morgan Stanley
6/24/2024
3,531
USD
15,925,298
BRL
82,000,474
Barclays Bank plc**
6/24/2024
342,345
USD
5,714,109
IDR
92,122,864,444
Goldman Sachs International**
6/24/2024
52,146
USD
13,751,590
MXN
233,108,890
Citibank, NA
6/24/2024
56,780
USD
2,535,921
MXN
42,428,594
Goldman Sachs International
6/24/2024
43,303
USD
2,528,088
MXN
42,371,341
HSBC Bank, NA
6/24/2024
38,833
USD
3,209,007
PHP
185,470,973
Goldman Sachs International**
6/24/2024
40,388
USD
3,306,541
THB
118,903,214
Citibank, NA
6/24/2024
69,342
USD
6,535,614
ZAR
120,079,473
Citibank, NA
6/24/2024
154,053
EUR
776,232
USD
842,314
BNP Paribas
7/3/2024
1,048
USD
284,488
EUR
261,000
Merrill Lynch International
7/3/2024
917
TRY
69,791,269
USD
1,628,544
Barclays Bank plc
1/22/2025
115,473
Total unrealized appreciation
1,554,046
EUR
292,599
USD
318,370
Merrill Lynch International
6/5/2024
(874
)
EUR
524,859
USD
570,882
Morgan Stanley
6/5/2024
(1,362
)
USD
927,182
EUR
861,498
Barclays Bank plc
6/5/2024
(7,622
)
USD
2,292,384
EUR
2,136,301
BNP Paribas
6/5/2024
(25,698
)
USD
147,161,229
EUR
137,046,384
Goldman Sachs International
6/5/2024
(1,546,608
)
USD
2,374,075
EUR
2,212,287
HSBC Bank, NA
6/5/2024
(26,459
)
USD
1,775,490
EUR
1,657,464
Merrill Lynch International
6/5/2024
(23,009
)
USD
7,622,164
GBP
6,071,439
HSBC Bank, NA
6/5/2024
(114,407
)
AUD
104,004
USD
69,390
Morgan Stanley
6/24/2024
(150
)
CLP
3,026,407,618
USD
3,301,956
Goldman Sachs International**
6/24/2024
(6,546
)
IDR
11,760,232,727
USD
731,317
Barclays Bank plc**
6/24/2024
(8,521
)
IDR
27,805,725,339
USD
1,730,126
Citibank, NA**
6/24/2024
(21,159
)
KRW
4,422,711,770
USD
3,265,681
HSBC Bank, NA**
6/24/2024
(64,022
)
PHP
187,863,224
USD
3,248,824
Goldman Sachs International**
6/24/2024
(39,335
)
THB
109,524,929
USD
2,993,629
Goldman Sachs International
6/24/2024
(11,759
)
USD
13,271,617
AUD
20,035,514
Citibank, NA
6/24/2024
(66,976
)
USD
22,878,337
CAD
31,223,183
BNP Paribas
6/24/2024
(39,172
)
USD
3,275,672
CLP
3,010,866,668
Citibank, NA**
6/24/2024
(2,815
)
USD
3,268,866
CNY
23,706,144
BNP Paribas**
6/24/2024
(63,630
)
USD
3,155,930
CNY
22,798,052
Goldman Sachs International**
6/24/2024
(48,910
)
USD
3,815,096
CZK
87,590,520
State Street Corp.
6/24/2024
(34,928
)
USD
33,652,364
EUR
31,146,215
Citibank, NA
6/24/2024
(172,858
)
USD
2,143,652
NZD
3,557,996
Barclays Bank plc
6/24/2024
(43,456
)
USD
2,861,312
SGD
3,865,419
State Street Corp.
6/24/2024
(2,231
)
ZAR
59,930,896
USD
3,245,402
Goldman Sachs International
6/24/2024
(60,406
)
USD
245,764
EUR
226,440
HSBC Bank, NA
7/3/2024
(259
)
USD
152,658,822
EUR
141,000,271
Morgan Stanley
7/3/2024
(535,307
)
USD
7,074,364
GBP
5,561,018
HSBC Bank, NA
7/3/2024
(12,816
)
USD
1,670,501
TRY
69,868,686
Goldman Sachs International
1/22/2025
(75,451
)
Total unrealized depreciation
(3,056,746
)
Net unrealized depreciation
(1,502,700
)
JPMorgan International Bond Opportunities ETF
SCHEDULE OF PORTFOLIO INVESTMENTS
AS OF May 31, 2024 (Unaudited) (continued)
 
Abbreviations
 
AUD
Australian Dollar
BRL
Brazilian Real
CAD
Canadian Dollar
CLP
Chile Peso
CNY
China Yuan
CZK
Czech Republic Koruna
EUR
Euro
GBP
British Pound
IDR
Indonesian Rupiah
INR
Indian Rupee
KRW
Korean Republic Won
MXN
Mexican Peso
NZD
New Zealand Dollar
PHP
Philippines Peso
PLN
Polish Zloty
SGD
Singapore Dollar
THB
Thai Baht
TRY
Turkish Lira
USD
United States Dollar
ZAR
South African Rand
 
**
Non-deliverable forward.
Centrally Cleared interest rate swap contracts outstanding as of May 31, 2024:
 
FLOATING RATE INDEX (a)
FIXED RATE
PAY/
RECEIVE
FLOATING
RATE
MATURITY
DATE
NOTIONAL
AMOUNT
UPFRONT
PAYMENTS
(RECEIPTS)
($)
UNREALIZED
APPRECIATION
(DEPRECIATION) ($)
VALUE ($)
1 day SOFR annually
3.95 annually
Pay
4/19/2029
USD123,000,000
(22,016
)
264,660
242,644
1 day SOFR annually
4.02 annually
Receive
4/19/2037
USD28,000,000
14,265
(146,222
)
(131,957
)
1 day SOFR annually
4.07 annually
Receive
2/15/2034
USD13,673,000
(3,821
)
(1,092
)
(4,913
)
 
 
 
 
 
10,444
(147,314
)
(136,870
)
 
 
 
 
 
(11,572
)
117,346
105,774
 
Abbreviations
 
SOFR
Secured Overnight Financing Rate
USD
United States Dollar
 
(a)
Value of floating rate index at May 31, 2024 was as follows:
 
FLOATING RATE INDEX
VALUE
1 Day SOFR
5.34%
JPMorgan International Bond Opportunities ETF
SCHEDULE OF PORTFOLIO INVESTMENTS
AS OF May 31, 2024 (Unaudited) (continued)
A. Valuation of Investments— Investments are valued in accordance with U.S. generally accepted accounting principles (“GAAP”) and the Fund's valuation policies set forth by, and under the supervision and responsibility of, the Board of Trustees of the Trust (the “Board”), which established the following approach to valuation, as described more fully below: (i) investments for which market quotations are readily available shall be valued at their market value and (ii) all other investments for which market quotations are not readily available shall be valued at their fair value as determined in good faith by the Board.
Under Section 2(a)(41) of the Investment Company Act of 1940, the Board is required to determine fair value for securities that do not have readily available market quotations. Under SEC Rule 2a-5 (Good Faith Determinations of Fair Value), the Board may designate the performance of these fair valuation determinations to a valuation designee. The Board has designated the Adviser as the “Valuation Designee” to perform fair valuation determinations for the Fund on behalf of the Board subject to appropriate oversight by the Board. The Adviser, as Valuation Designee, leverages the J.P. Morgan Asset Management Americas Valuation Committee (“AVC”) to help oversee and carry out the policies for the valuation of investments held in the Fund. The Adviser, as Valuation Designee, remains responsible for the valuation determinations.
This oversight by the AVC includes monitoring the appropriateness of fair values based on results of ongoing valuation oversight including, but not limited to, consideration of macro or security specific events, market events, and pricing vendor and broker due diligence. The Administrator is responsible for discussing and assessing the potential impacts to the fair values on an ongoing basis, and, at least on a quarterly basis, with the AVC and the Board.
A market-based approach is primarily used to value the Fund's investments. Investments for which market quotations are not readily available are fair valued using prices supplied by approved affiliated and/or unaffiliated pricing vendors or third party broker-dealers (collectively referred to as “Pricing Services”), or may be internally fair valued using methods set forth by the valuation policies approved by the Board. This may include the use of related or comparable assets or liabilities, recent transactions, market multiples, book values and other relevant information for the investment. An income-based valuation approach may be used in which the anticipated future cash flows of the investment are discounted to calculate the fair value. Discounts may also be applied due to the nature or duration of any restrictions on the disposition of the investments. Valuations may be based upon current market prices of securities that are comparable in coupon, rating, maturity and industry. It is possible that the estimated values may differ significantly from the values that would have been used had a ready market for the investments existed, and such differences could be material.
Fixed income instruments are valued based on prices received from 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 net asset values per share as of the report date.
Futures contracts are generally valued on the basis of available market quotations. Swaps and forward foreign currency exchange contracts are valued utilizing market quotations from approved Pricing Services.
Valuations reflected in this report are as of the report date. As a result, changes in valuation due to market events and/or issuer-related events after the report date and prior to issuance of the report are not reflected herein.
The various inputs that are used in determining the valuation of the Fund's investments are summarized into the three broad levels listed below.
•
Level 1 — Unadjusted inputs using quoted prices in active markets for identical investments.
•
Level 2 — Other significant observable inputs including, but not limited to, quoted prices for similar investments, inputs other than quoted prices that are observable for investments (such as interest rates, prepayment speeds, credit risk, etc.) or other market corroborated inputs.
•
Level 3 — Significant inputs based on the best information available in the circumstances, to the extent observable inputs are not available (including the Fund's assumptions in determining the fair value of investments).
A financial instrument’s level within the fair value hierarchy is based on the lowest level of any input, both individually and in the aggregate, that is significant to the fair value measurement. The inputs or methodology used for valuing instruments are not necessarily an indication of the risk associated with investing in those instruments.
JPMorgan International Bond Opportunities ETF
SCHEDULE OF PORTFOLIO INVESTMENTS
AS OF May 31, 2024 (Unaudited) (continued)
The following table represents each valuation input as presented on the Schedule of Portfolio Investments: 
 
 
 
 
Level 1
Quoted prices
Level 2
Other significant
observable inputs
Level 3
Significant
unobservable inputs
Total
Investments in Securities
Asset-Backed Securities
$—
$3,526,334
$—
$3,526,334
Collateralized Mortgage Obligations
United States
—
1,302,760
1,117,643
2,420,403
Commercial Mortgage-Backed Securities
—
3,722,736
—
3,722,736
Common Stocks
—
—
216
216
Corporate Bonds
—
271,559,029
—
271,559,029
Foreign Government Securities
—
124,073,919
—
124,073,919
Supranational
—
6,695,704
—
6,695,704
U.S. Treasury Obligations
—
4,292,643
—
4,292,643
Short-Term Investments
Investment Companies
10,273,419
—
—
10,273,419
Total Investments in Securities
$10,273,419
$415,173,125
$1,117,859
$426,564,403
Appreciation in Other Financial Instruments
Forward Foreign Currency Exchange Contracts
$—
$1,554,046
$—
$1,554,046
Futures Contracts
715,673
—
—
715,673
Swaps
—
264,660
—
264,660
Depreciation in Other Financial Instruments
Forward Foreign Currency Exchange Contracts
—
(3,056,746
)
—
(3,056,746
)
Futures Contracts
(514,003
)
—
—
(514,003
)
Swaps
—
(147,314
)
—
(147,314
)
Total Net Appreciation/ Depreciation in Other
Financial Instruments
$201,670
$(1,385,354
)
$—
$(1,183,684
)
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. 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 May 31, 2024
Security Description
Value at
February 29,
2024
Purchases at
Cost
Proceeds from
Sales
Net Realized
Gain (Loss)
Change in
Unrealized
Appreciation/
(Depreciation)
Value at
May 31,
2024
Shares at
May 31,
2024
Dividend
Income
Capital Gain
Distributions
JPMorgan U.S. Government Money
Market Fund Class IM Shares,
5.26%  (a) (b)
$12,140,460
$45,261,252
$47,128,293
$—
$—
$10,273,419
10,273,419
$134,024
$—
 
 
(a)
Investment in an affiliated fund, which is registered under the Investment Company Act of 1940, as amended, and is advised by J.P. Morgan
Investment Management Inc.
(b)
The rate shown is the current yield as of May 31, 2024.
C. Derivatives— The Fund used derivative instruments including options, futures contracts, forward foreign currency exchange contracts and swaps, in connection with its investment strategy. Derivative instruments may be used as substitutes for securities in which the Fund can invest, to hedge portfolio investments or to generate income or gain to the Fund. Derivatives may also be used to manage duration, sector and yield curve exposures and credit and spread volatility.
The Fund may be subject to various risks from the use of derivatives, including the risk that changes in the value of a derivative may not correlate perfectly with the underlying asset, rate or index; counterparty credit risk related to derivatives counterparties’ failure to perform
JPMorgan International Bond Opportunities ETF
SCHEDULE OF PORTFOLIO INVESTMENTS
AS OF May 31, 2024 (Unaudited) (continued)
under contract terms; liquidity risk related to the potential lack of a liquid market for these contracts allowing a Fund to close out its position(s); and documentation risk relating to disagreement over contract terms. Investing in certain derivatives also results in a form of leverage and as such, the Fund's risk of loss associated with these instruments may exceed their value.
The Fund is party to various derivative contracts governed by International Swaps and Derivatives Association master agreements (“ISDA agreements”). The Fund's ISDA agreements, which are separately negotiated with each dealer counterparty, may contain provisions allowing, absent other considerations, a counterparty to exercise rights, to the extent not otherwise waived, against the Fund in the event the Fund's net assets decline over time by a pre-determined percentage or fall below a pre-determined floor. The ISDA agreements may also contain provisions allowing, absent other conditions, the Fund to exercise rights, to the extent not otherwise waived, against a counterparty (e.g., decline in a counterparty’s credit rating below a specified level). Such rights for both a counterparty and the Fund often include the ability to terminate (i.e., close out) open contracts at prices which may favor a counterparty, which could have an adverse effect on the Fund. The ISDA agreements give the Fund and a counterparty the right, upon an event of default, to close out all transactions traded under such agreements and to net amounts owed or due across all transactions and offset such net payable or receivable against collateral posted to a segregated account by one party for the benefit of the other.
Counterparty credit risk may be mitigated to the extent a counterparty posts additional collateral for mark to market gains to the Fund.
Notes (1) — (3) below describe the various derivatives used by the Fund.
(1). Futures Contracts— The Fund used currency, index, interest rate, treasury or other financial futures contracts to manage and hedge interest rate risk associated with portfolio investments and to gain or reduce exposure to positive and negative price fluctuation or a particular countries or regions. The Fund also used futures contracts to lengthen or shorten the duration of the overall investment portfolio. The Fund used commodity futures contracts to obtain long and short exposure to the underlying commodities markets. The purchase of futures contracts will tend to increase the Fund's exposure to positive and negative price fluctuations in the underlying instrument. The sales of futures contracts will tend to offset both positive and negative market price changes.
Futures contracts provide for the delayed delivery of the underlying instrument at a fixed price or are settled for a cash amount based on the change in the value of the underlying instrument at a specific date in the future. Upon entering into a futures contract, the Fund is required to deposit with the broker, cash or securities in an amount equal to a certain percentage of the contract amount, which is referred to as the initial margin deposit. Subsequent payments, referred to as variation margin, are made or received by the Fund periodically and are based on changes in the market value of open futures contracts. Changes in the market value of open futures contracts are recorded as change in net unrealized appreciation/depreciation on futures contracts. Securities deposited as initial margin are designated on the Schedule of Investments, while cash deposited is considered restricted.
The Fund may be exposed to the risk that the change in the value of the futures contract may not correlate perfectly with the underlying instrument. Use of long futures contracts subject the Fund to risk of loss up to the notional amount of the futures contracts. Use of short futures contracts subjects the Fund to unlimited risk of loss. The Fund may enter into futures contracts only on exchanges or boards of trade. The exchange or board of trade acts as the counterparty to each futures transaction; therefore, the Fund's credit risk is limited to failure of the exchange or board of trade. Under some circumstances, futures exchanges may establish daily limits on the amount that the price of a futures contract can vary from the previous day’s settlement price, which could effectively prevent liquidation of positions.
The Fund's futures contracts are not subject to master netting arrangements (the right to close out all transactions traded with a counterparty and net amounts owed or due across transactions).
(2). Forward Foreign Currency Exchange Contracts— The Fund is exposed to foreign currency risks associated with some or all of the portfolio investments and used forward foreign currency exchange contracts to hedge or manage certain of these exposures as part of an investment strategy. The Fund also bought forward foreign currency exchange contracts to gain exposure to currencies. Forward foreign currency exchange contracts represent obligations to purchase or sell foreign currency on a specified future date at a price fixed at the time the contracts are entered into. Non-deliverable forward foreign currency exchange contracts are settled with the counterparty in U.S. dollars without the delivery of the foreign currency.
The values of the forward foreign currency exchange contracts are adjusted daily based on the applicable exchange rate of the underlying currency. Changes in the value of these contracts are recorded as unrealized appreciation or depreciation until the contract settlement date. When the forward foreign currency exchange contract is closed, the Fund records a realized gain or loss equal to the difference between the value at the time the contract was opened and the value at the time it was closed. The Fund also records a realized gain or loss, upon settlement, when a forward foreign currency exchange contract offsets another forward foreign currency exchange contract with the same counterparty.
The Fund's forward foreign currency exchange contracts are subject to master netting arrangements (the right to close out all transactions with a counterparty and net amounts owed or due across transactions).
The Fund may be required to post or receive collateral for non-deliverable forward foreign currency exchange contracts.
JPMorgan International Bond Opportunities ETF
SCHEDULE OF PORTFOLIO INVESTMENTS
AS OF May 31, 2024 (Unaudited) (continued)
(3). Swaps — The Fund engaged in various swap transactions to manage credit, interest rate (e.g., duration, yield curve), currency, inflation and total return risks within its portfolio. The Fund also used swaps as alternatives to direct investments. Swap transactions are contracts negotiated over-the-counter (“OTC swaps”) between the Fund and a counterparty or are centrally cleared (“centrally cleared swaps”) through a central clearinghouse managed by a Futures Commission Merchant (“FCM”) that exchange investment cash flows, assets, foreign currencies or market-linked returns at specified, future intervals.
Upfront payments made and/or received by the Fund are recorded as assets or liabilities, respectively, and amortized over the term of the swap. The value of an OTC swap agreement is recorded at the beginning of the measurement period. Upon entering into a centrally cleared swap, the Fund is required to deposit with the FCM cash or securities, which is referred to as initial margin deposit. Securities deposited as initial margin are designated on the Schedule of Investments, while cash deposited is considered restricted. The change in the value of swaps, including accruals of periodic amounts of interest to be paid or received on swaps, is reported as change in net unrealized appreciation/depreciation on swaps. A realized gain or loss is recorded upon payment or receipt of a periodic payment or payment made upon termination of a swap agreement.
The Fund may be required to post or receive collateral based on the net value of the Fund's outstanding OTC swap contracts with the counterparty in the form of cash or securities. Daily movement of cash collateral is subject to minimum threshold amounts. Collateral posted by the Fund is held in a segregated account at the Fund's custodian bank.
The central clearinghouse acts as the counterparty to each centrally cleared swap transaction; therefore credit risk is limited to the failure of the clearinghouse.
The Fund's swap contracts (excluding centrally cleared swaps) are subject to master netting arrangements.
Interest Rate Swaps
The Fund entered into interest rate swap contracts to manage fund exposure to interest rates or to either preserve or generate a return on a particular investment or portion of its portfolio. These are agreements between counterparties to exchange periodic interest payments based on interest rates. One cash flow stream will typically be a floating rate payment based upon a specified interest rate while the other is typically based on a fixed interest rate.