NPORT-EX 2 JPMUSIETF.htm EDGAR HTML
JPMorgan Ultra-Short Income 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 Ultra-Short Income ETF
SCHEDULE OF PORTFOLIO INVESTMENTS
AS OF May 31, 2024 (Unaudited)
 
INVESTMENTS
PRINCIPAL
AMOUNT($)
VALUE($)
Corporate Bonds — 53.9%
Aerospace & Defense — 0.3%
BAE Systems Holdings, Inc. (United Kingdom) 3.80%, 10/7/2024 (a)
6,040,000
5,997,330
L3Harris Technologies, Inc.
3.83%, 4/27/2025
65,880,000
64,846,364
3.85%, 12/15/2026
2,902,000
2,798,143
 
73,641,837
Automobile Components — 0.1%
Magna International, Inc. (Canada) 3.63%, 6/15/2024
16,015,000
15,999,160
Automobiles — 2.4%
BMW US Capital LLC (Germany)
(SOFRINDX + 0.84%), 6.21%, 4/1/2025 (a) (b)
13,625,000
13,689,432
(SOFRINDX + 0.62%), 5.95%, 8/11/2025 (a) (b)
9,237,000
9,269,055
(SOFRINDX + 0.55%), 5.92%, 4/2/2026 (a) (b)
81,125,000
81,341,317
Hyundai Capital America
0.88%, 6/14/2024 (a)
47,002,000
46,930,675
1.00%, 9/17/2024 (a)
5,566,000
5,487,353
2.65%, 2/10/2025 (a) (c)
8,000,000
7,825,864
5.80%, 6/26/2025 (a)
24,390,000
24,400,285
6.00%, 7/11/2025 (a)
28,960,000
29,042,050
1.80%, 10/15/2025 (a)
1,792,000
1,700,103
(SOFR + 1.32%), 6.67%, 11/3/2025 (a) (b)
7,000,000
7,054,740
5.50%, 3/30/2026 (a)
1,961,000
1,956,676
1.50%, 6/15/2026 (a) (c)
2,659,000
2,447,020
1.65%, 9/17/2026 (a)
1,451,000
1,328,118
5.25%, 1/8/2027 (a)
44,239,000
43,961,102
Mercedes-Benz Finance North America LLC (Germany)
4.90%, 1/9/2026 (a)
84,449,000
84,039,674
1.45%, 3/2/2026 (a)
6,330,000
5,928,636
Volkswagen Group of America Finance LLC (Germany)
2.85%, 9/26/2024 (a)
6,760,000
6,692,676
3.35%, 5/13/2025 (a)
5,000,000
4,896,195
(SOFR + 0.93%), 6.31%, 9/12/2025 (a) (b)
119,020,000
119,711,506
4.63%, 11/13/2025 (a)
5,008,000
4,938,475
1.25%, 11/24/2025 (a)
12,208,000
11,464,489
(SOFR + 0.83%), 6.22%, 3/20/2026 (a) (b)
42,692,000
42,818,102
3.20%, 9/26/2026 (a)
9,504,000
9,030,550
 
565,954,093
Banks — 20.6%
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
30,361,468
Australia & New Zealand Banking Group Ltd. (Australia)
4.83%, 2/3/2025 (a)
23,413,000
23,304,490
5.38%, 7/3/2025
72,769,000
72,796,215
(SOFR + 0.56%), 5.94%, 3/18/2026 (a) (b)
125,870,000
126,165,795
Banco Santander SA (Spain)
2.71%, 6/27/2024
13,555,000
13,526,969
(US Treasury Yield Curve Rate T Note Constant Maturity 1 Year + 0.45%), 5.74%, 6/30/2024 (b)
66,257,000
66,214,311
3.50%, 3/24/2025
10,215,000
10,046,096
JPMorgan Ultra-Short Income ETF
SCHEDULE OF PORTFOLIO INVESTMENTS
AS OF May 31, 2024 (Unaudited) (continued)
INVESTMENTS
PRINCIPAL
AMOUNT($)
VALUE($)
Corporate Bonds — continued
Banks — continued
2.75%, 5/28/2025
78,693,000
76,430,794
(US Treasury Yield Curve Rate T Note Constant Maturity 1 Year + 1.25%), 5.55%, 3/14/2028 (b)
29,600,000
29,458,308
Bank of America Corp.
(3-MONTH CME TERM SOFR + 1.35%), 3.09%, 10/1/2025 (b)
2,383,000
2,361,161
(3-MONTH CME TERM SOFR + 0.90%), 2.02%, 2/13/2026 (b)
15,000,000
14,610,111
(SOFR + 1.29%), 5.08%, 1/20/2027 (b)
95,000,000
94,317,602
Bank of America NA (SOFR + 0.78%), 6.13%, 8/18/2025 (b)
5,320,000
5,350,199
Bank of Montreal (Canada)
5.30%, 6/5/2026
67,200,000
67,080,075
(SOFRINDX + 1.16%), 6.54%, 12/11/2026 (b)
79,051,000
80,147,120
Bank of New Zealand (New Zealand) 4.85%, 2/7/2028 (a)
75,000,000
73,880,464
Bank of Nova Scotia (The) (Canada)
0.65%, 7/31/2024
7,304,000
7,245,238
1.45%, 1/10/2025
500,000
487,533
(SOFR + 0.46%), 5.83%, 1/10/2025 (b)
32,900,000
32,941,020
1.30%, 6/11/2025
22,760,000
21,798,201
5.45%, 6/12/2025
74,090,000
74,001,548
4.75%, 2/2/2026
67,362,000
66,623,222
1.05%, 3/2/2026
2,000,000
1,857,029
Banque Federative du Credit Mutuel SA (France)
4.94%, 1/26/2026 (a)
84,097,000
83,361,561
5.90%, 7/13/2026 (a)
96,402,000
97,285,680
5.09%, 1/23/2027 (a)
16,779,000
16,696,396
BNP Paribas SA (France) 3.38%, 1/9/2025 (a)
35,441,000
34,924,040
BPCE SA (France)
5.03%, 1/15/2025 (a)
119,399,000
118,995,176
(SOFR + 0.96%), 6.33%, 9/25/2025 (a) (b)
113,486,000
114,310,640
5.10%, 1/26/2026 (a)
66,344,000
65,904,292
5.20%, 1/18/2027 (a)
8,677,000
8,650,504
Canadian Imperial Bank of Commerce (Canada)
(SOFRINDX + 0.94%), 6.30%, 4/7/2025 (b)
95,598,000
96,043,860
5.14%, 4/28/2025
87,920,000
87,594,707
3.95%, 8/4/2025
226,000
222,073
Citibank NA (SOFRINDX + 0.59%), 5.93%, 4/30/2026 (b)
19,329,000
19,354,340
Citigroup, Inc.
(SOFR + 0.69%), 6.05%, 10/30/2024 (b)
24,674,000
24,689,446
(SOFR + 0.53%), 1.28%, 11/3/2025 (b)
37,295,000
36,586,546
3.70%, 1/12/2026
1,045,000
1,017,020
(SOFR + 0.69%), 2.01%, 1/25/2026 (b)
20,768,000
20,263,850
(SOFR + 1.53%), 3.29%, 3/17/2026 (b)
7,796,000
7,644,540
(3-MONTH CME TERM SOFR + 1.51%), 6.81%, 7/1/2026 (b)
23,987,000
24,218,617
Citizens Bank NA (SOFR + 1.02%), 5.28%, 1/26/2026 (b)
69,943,000
69,440,713
Commonwealth Bank of Australia (Australia) (SOFR + 0.74%), 6.13%, 3/14/2025 (a) (b)
11,628,000
11,667,269
Credit Agricole SA (France)
2.38%, 1/22/2025 (a)
3,600,000
3,522,487
5.57%, 2/28/2025 (a)
112,332,000
112,255,136
5.59%, 7/5/2026 (a)
64,257,000
64,542,203
DNB Bank ASA (Norway) (SOFRINDX + 1.95%), 5.90%, 10/9/2026 (a) (b)
17,680,000
17,736,443
JPMorgan Ultra-Short Income ETF
SCHEDULE OF PORTFOLIO INVESTMENTS
AS OF May 31, 2024 (Unaudited) (continued)
INVESTMENTS
PRINCIPAL
AMOUNT($)
VALUE($)
Corporate Bonds — continued
Banks — continued
Federation des Caisses Desjardins du Quebec (Canada)
2.05%, 2/10/2025 (a)
12,410,000
12,101,599
(SOFRINDX + 1.09%), 5.28%, 1/23/2026 (a) (b)
203,120,000
202,340,214
Fifth Third Bancorp 2.55%, 5/5/2027
7,223,000
6,700,198
HSBC Holdings plc (United Kingdom)
(3-MONTH CME TERM SOFR + 1.40%), 2.63%, 11/7/2025 (b)
120,549,000
118,903,717
(SOFR + 1.54%), 1.65%, 4/18/2026 (b)
87,074,000
83,992,156
(SOFR + 1.93%), 2.10%, 6/4/2026 (b)
17,123,000
16,502,959
HSBC USA, Inc. 5.63%, 3/17/2025
1,560,000
1,560,452
ING Groep NV (Netherlands)
(SOFR + 1.64%), 3.87%, 3/28/2026 (b)
5,734,000
5,648,811
(SOFR + 1.56%), 6.08%, 9/11/2027 (b)
55,000,000
55,553,834
KeyBank NA
(SOFRINDX + 0.32%), 5.71%, 6/14/2024 (b)
68,003,000
68,002,961
5.85%, 11/15/2027 (c)
1,510,000
1,499,218
Lloyds Banking Group plc (United Kingdom)
4.45%, 5/8/2025
71,056,000
70,298,724
(US Treasury Yield Curve Rate T Note Constant Maturity 1 Year + 1.00%), 2.44%, 2/5/2026 (b)
16,000,000
15,641,872
(US Treasury Yield Curve Rate T Note Constant Maturity 1 Year + 1.75%), 4.72%, 8/11/2026 (b)
15,000,000
14,816,854
(US Treasury Yield Curve Rate T Note Constant Maturity 1 Year + 1.38%), 5.46%, 1/5/2028 (b)
58,422,000
58,266,335
Mitsubishi UFJ Financial Group, Inc. (Japan)
2.19%, 2/25/2025
21,549,000
21,022,339
(US Treasury Yield Curve Rate T Note Constant Maturity 1 Year + 0.55%), 0.95%, 7/19/2025 (b)
66,270,000
65,849,627
(US Treasury Yield Curve Rate T Note Constant Maturity 1 Year + 1.55%), 5.06%, 9/12/2025 (b)
4,499,000
4,487,693
(US Treasury Yield Curve Rate T Note Constant Maturity 1 Year + 0.45%), 0.96%, 10/11/2025 (b)
34,169,000
33,575,574
(US Treasury Yield Curve Rate T Note Constant Maturity 1 Year + 1.08%), 5.72%, 2/20/2026 (b)
62,690,000
62,638,516
Mizuho Financial Group, Inc. (Japan)
3.48%, 4/12/2026 (a)
1,565,000
1,509,574
(3-MONTH CME TERM SOFR + 1.09%), 2.23%, 5/25/2026 (b)
8,000,000
7,735,123
Morgan Stanley Bank NA (SOFR + 1.08%), 4.95%, 1/14/2028 (b)
24,562,000
24,323,486
National Australia Bank Ltd. (Australia)
4.75%, 12/10/2025
23,828,000
23,660,739
(SOFR + 0.65%), 6.03%, 12/10/2025 (a) (b)
44,601,000
44,746,211
(SOFR + 0.55%), 5.90%, 1/29/2026 (a) (b)
104,000,000
104,119,803
National Bank of Canada (Canada)
0.75%, 8/6/2024
7,390,000
7,325,933
5.25%, 1/17/2025
79,394,000
79,166,061
(SOFR + 1.01%), 3.75%, 6/9/2025 (b)
68,074,000
68,050,817
(SOFRINDX + 0.90%), 6.27%, 3/25/2027 (b)
177,694,000
178,068,117
NatWest Group plc (United Kingdom)
4.80%, 4/5/2026
3,350,000
3,307,786
(US Treasury Yield Curve Rate T Note Constant Maturity 1 Year + 1.35%), 5.85%, 3/2/2027 (b)
50,000,000
50,134,790
(US Treasury Yield Curve Rate T Note Constant Maturity 1 Year + 1.10%), 5.58%, 3/1/2028 (b)
49,426,000
49,414,402
NatWest Markets plc (United Kingdom)
0.80%, 8/12/2024 (a)
14,463,000
14,326,274
(SOFR + 0.53%), 5.86%, 8/12/2024 (a) (b)
30,695,000
30,705,743
PNC Financial Services Group, Inc. (The) (SOFRINDX + 1.09%), 4.76%, 1/26/2027 (b)
81,210,000
80,190,403
Royal Bank of Canada (Canada) 4.88%, 1/19/2027
32,563,000
32,326,454
JPMorgan Ultra-Short Income ETF
SCHEDULE OF PORTFOLIO INVESTMENTS
AS OF May 31, 2024 (Unaudited) (continued)
INVESTMENTS
PRINCIPAL
AMOUNT($)
VALUE($)
Corporate Bonds — continued
Banks — continued
Societe Generale SA (France)
2.63%, 10/16/2024 (a) (c)
10,595,000
10,468,813
2.63%, 1/22/2025 (a)
96,006,000
93,975,610
(US Treasury Yield Curve Rate T Note Constant Maturity 1 Year + 1.05%), 2.23%, 1/21/2026 (a) (b)
4,450,000
4,341,721
(US Treasury Yield Curve Rate T Note Constant Maturity 1 Year + 1.50%), 5.52%, 1/19/2028 (a) (b)
99,000,000
98,172,362
Standard Chartered plc (United Kingdom)
(US Treasury Yield Curve Rate T Note Constant Maturity 1 Year + 3.10%), 7.78%, 11/16/2025 (a) (b)
2,850,000
2,873,598
(US Treasury Yield Curve Rate T Note Constant Maturity 1 Year + 0.95%), 1.82%, 11/23/2025 (a) (b)
18,463,000
18,091,155
(SOFR + 1.74%), 7.12%, 3/30/2026 (a) (b)
10,609,000
10,690,795
(US Treasury Yield Curve Rate T Note Constant Maturity 1 Year + 1.85%), 6.19%, 7/6/2027 (a) (b)
45,000,000
45,363,150
Sumitomo Mitsui Financial Group, Inc. (Japan)
2.35%, 1/15/2025
14,650,000
14,356,223
5.46%, 1/13/2026
25,879,000
25,878,613
Sumitomo Mitsui Trust Bank Ltd. (Japan)
(SOFR + 0.44%), 5.82%, 9/16/2024 (a) (b)
33,827,000
33,860,150
5.65%, 3/9/2026 (a)
20,516,000
20,594,607
5.20%, 3/7/2027 (a)
45,107,000
44,953,370
Svenska Handelsbanken AB (Sweden) 5.25%, 6/15/2026 (a)
107,095,000
107,110,669
Toronto-Dominion Bank (The) (Canada) (SOFR + 0.48%), 5.85%, 10/10/2025 (b) (c)
111,929,000
112,114,011
UBS AG (Switzerland)
4.75%, 8/9/2024
8,640,000
8,622,638
3.63%, 9/9/2024
16,089,000
15,998,348
Wells Fargo & Co.
(SOFR + 1.32%), 3.91%, 4/25/2026 (b)
24,500,000
24,102,166
(SOFR + 2.00%), 2.19%, 4/30/2026 (b)
7,656,000
7,414,976
(SOFR + 1.56%), 4.54%, 8/15/2026 (b)
500,000
494,038
Wells Fargo Bank NA
4.81%, 1/15/2026
70,583,000
70,059,904
(SOFR + 1.07%), 6.45%, 12/11/2026 (b)
37,507,000
37,991,546
Westpac Banking Corp. (Australia) (SOFR + 0.55%), 5.90%, 1/29/2026 (a) (b)
103,539,000
103,805,043
Westpac New Zealand Ltd. (New Zealand)
5.13%, 2/26/2027 (a)
28,013,000
27,909,556
4.90%, 2/15/2028 (a)
30,000,000
29,621,166
 
4,815,312,105
Beverages — 0.1%
Constellation Brands, Inc.
4.75%, 11/15/2024
18,877,000
18,789,975
3.70%, 12/6/2026
3,941,000
3,790,872
Suntory Holdings Ltd. (Japan) 2.25%, 10/16/2024 (a)
4,200,000
4,143,131
 
26,723,978
Biotechnology — 1.2%
AbbVie, Inc.
2.60%, 11/21/2024
56,357,000
55,568,290
3.80%, 3/15/2025
102,864,000
101,476,766
Amgen, Inc.
1.90%, 2/21/2025
983,000
956,738
5.25%, 3/2/2025
92,163,000
91,938,795
JPMorgan Ultra-Short Income ETF
SCHEDULE OF PORTFOLIO INVESTMENTS
AS OF May 31, 2024 (Unaudited) (continued)
INVESTMENTS
PRINCIPAL
AMOUNT($)
VALUE($)
Corporate Bonds — continued
Biotechnology — continued
3.13%, 5/1/2025
21,300,000
20,839,510
2.60%, 8/19/2026
631,000
597,121
 
271,377,220
Capital Markets — 3.4%
Bank of New York Mellon (The) (SOFR + 0.45%), 5.84%, 3/13/2026 (b)
17,048,000
17,062,545
Bank of New York Mellon Corp. (The) (SOFR + 1.35%), 4.41%, 7/24/2026 (b)
11,494,000
11,358,349
Goldman Sachs Bank USA
(SOFR + 0.77%), 6.15%, 3/18/2027 (b)
96,041,000
96,662,732
(SOFR + 0.75%), 5.41%, 5/21/2027 (b)
36,393,000
36,283,092
Goldman Sachs Group, Inc. (The)
3.85%, 7/8/2024
10,908,000
10,886,438
(SOFR + 0.49%), 5.84%, 10/21/2024 (b)
38,732,000
38,737,422
3.50%, 1/23/2025
12,257,000
12,089,629
3.50%, 4/1/2025
18,418,000
18,098,001
(3-MONTH CME TERM SOFR + 1.46%), 3.27%, 9/29/2025 (b)
3,700,000
3,669,596
(SOFR + 0.61%), 0.86%, 2/12/2026 (b)
2,575,000
2,488,415
3.75%, 2/25/2026
13,456,000
13,101,220
(SOFR + 1.07%), 6.41%, 8/10/2026 (b)
34,982,000
35,137,670
(SOFR + 0.79%), 1.09%, 12/9/2026 (b)
7,025,000
6,557,621
3.85%, 1/26/2027
40,000,000
38,620,817
Intercontinental Exchange, Inc. 3.65%, 5/23/2025
5,000,000
4,914,440
Macquarie Bank Ltd. (Australia)
2.30%, 1/22/2025 (a) (c)
18,309,000
17,929,984
5.39%, 12/7/2026 (a)
17,007,000
17,029,569
(SOFR + 1.20%), 6.60%, 12/7/2026 (a) (b)
15,000,000
15,193,704
Macquarie Group Ltd. (Australia) (SOFR + 0.71%), 6.07%, 10/14/2025 (a) (b)
1,100,000
1,100,628
Morgan Stanley
(SOFR + 0.51%), 5.88%, 1/22/2025 (b)
2,958,000
2,960,071
(SOFR + 0.56%), 1.16%, 10/21/2025 (b)
12,000,000
11,783,721
(SOFR + 0.72%), 0.99%, 12/10/2026 (b)
6,000,000
5,591,866
(SOFR + 1.30%), 5.05%, 1/28/2027 (b)
50,000,000
49,647,834
Nomura Holdings, Inc. (Japan) 5.10%, 7/3/2025
1,000,000
992,283
State Street Corp. (SOFR + 0.94%), 2.35%, 11/1/2025 (b)
2,335,000
2,302,045
UBS AG (Switzerland)
(SOFR + 0.45%), 5.80%, 8/9/2024 (a) (b)
30,423,000
30,435,473
(SOFR + 0.93%), 6.31%, 9/11/2025 (b)
70,430,000
70,890,894
UBS Group AG (Switzerland)
3.75%, 3/26/2025
72,708,000
71,577,926
(US Treasury Yield Curve Rate T Note Constant Maturity 1 Year + 1.60%), 4.49%, 8/5/2025 (a) (b)
110,199,000
109,901,775
(SOFR + 1.56%), 2.59%, 9/11/2025 (a) (b)
23,100,000
22,890,851
(SOFR + 3.34%), 6.37%, 7/15/2026 (a) (b)
19,000,000
19,092,888
 
794,989,499
Chemicals — 0.3%
Eastman Chemical Co. 3.80%, 3/15/2025
10,729,000
10,582,406
Nutrien Ltd. (Canada)
5.90%, 11/7/2024
726,000
726,472
3.00%, 4/1/2025
26,346,000
25,782,398
JPMorgan Ultra-Short Income ETF
SCHEDULE OF PORTFOLIO INVESTMENTS
AS OF May 31, 2024 (Unaudited) (continued)
INVESTMENTS
PRINCIPAL
AMOUNT($)
VALUE($)
Corporate Bonds — continued
Chemicals — continued
Sherwin-Williams Co. (The)
3.13%, 6/1/2024
1,881,000
1,881,000
4.05%, 8/8/2024
13,400,000
13,357,869
Westlake Corp.
0.88%, 8/15/2024
6,993,000
6,923,386
3.60%, 8/15/2026
2,915,000
2,799,166
 
62,052,697
Commercial Services & Supplies — 0.5%
Element Fleet Management Corp. (Canada)
6.27%, 6/26/2026 (a)
67,601,000
68,207,874
5.64%, 3/13/2027 (a)
57,831,000
57,862,219
 
126,070,093
Communications Equipment — 0.1%
Cisco Systems, Inc. 4.80%, 2/26/2027
16,103,000
16,054,100
Consumer Finance — 5.9%
AerCap Ireland Capital DAC (Ireland) 1.65%, 10/29/2024
172,797,000
169,884,292
American Express Co.
3.95%, 8/1/2025
61,374,000
60,341,575
4.90%, 2/13/2026
1,000,000
992,775
(SOFR + 1.00%), 4.99%, 5/1/2026 (b)
1,038,000
1,031,151
3.30%, 5/3/2027
29,917,000
28,442,040
5.85%, 11/5/2027
19,076,000
19,521,431
(SOFR + 1.00%), 5.10%, 2/16/2028 (b)
14,600,000
14,515,198
American Honda Finance Corp.
0.75%, 8/9/2024
5,630,000
5,581,768
Series A, 4.60%, 4/17/2025
17,885,000
17,751,343
(SOFRINDX + 0.78%), 6.13%, 4/23/2025 (b)
8,400,000
8,428,341
5.00%, 5/23/2025
134,270,000
133,671,846
(SOFR + 0.50%), 5.87%, 10/10/2025 (b)
64,803,000
64,842,332
Avolon Holdings Funding Ltd. (Ireland)
3.95%, 7/1/2024 (a)
1,500,000
1,497,855
2.88%, 2/15/2025 (a)
23,617,000
23,067,669
Capital One Financial Corp.
3.20%, 2/5/2025
4,903,000
4,820,156
4.25%, 4/30/2025
8,988,000
8,872,748
(SOFR + 1.29%), 2.64%, 3/3/2026 (b)
27,974,000
27,310,016
(SOFR + 2.16%), 4.99%, 7/24/2026 (b)
8,298,000
8,221,172
(SOFR + 0.86%), 1.88%, 11/2/2027 (b)
21,014,000
19,200,563
Caterpillar Financial Services Corp. (SOFR + 0.45%), 5.78%, 11/14/2024 (b)
122,378,617
122,548,663
General Motors Financial Co., Inc.
1.20%, 10/15/2024
11,003,000
10,822,351
2.90%, 2/26/2025
18,150,000
17,778,044
John Deere Capital Corp.
(SOFR + 0.50%), 5.86%, 7/3/2025 (b)
52,201,000
52,366,288
(SOFR + 0.48%), 5.83%, 10/22/2025 (b)
102,324,000
102,555,077
(SOFR + 0.44%), 5.83%, 3/6/2026 (b)
115,400,000
115,631,492
JPMorgan Ultra-Short Income ETF
SCHEDULE OF PORTFOLIO INVESTMENTS
AS OF May 31, 2024 (Unaudited) (continued)
INVESTMENTS
PRINCIPAL
AMOUNT($)
VALUE($)
Corporate Bonds — continued
Consumer Finance — continued
Toyota Motor Credit Corp.
(SOFR + 0.52%), 5.85%, 8/22/2024 (b)
112,607,000
112,685,375
(SOFR + 0.55%), 5.89%, 10/16/2024 (b)
114,534,000
114,700,822
(SOFR + 0.35%), 5.68%, 4/14/2025 (b)
27,940,000
27,951,176
(SOFR + 0.65%), 6.02%, 1/5/2026 (b)
75,000,000
75,268,616
 
1,370,302,175
Consumer Staples Distribution & Retail — 0.0% ^
7-Eleven, Inc. 0.95%, 2/10/2026 (a)
2,469,000
2,289,818
Dollar General Corp. 3.88%, 4/15/2027
519,000
499,774
 
2,789,592
Containers & Packaging — 0.1%
Avery Dennison Corp. 0.85%, 8/15/2024
15,000,000
14,864,091
Sonoco Products Co. 1.80%, 2/1/2025
2,000,000
1,948,742
 
16,812,833
Diversified REITs — 0.3%
WP Carey, Inc. 4.00%, 2/1/2025
61,782,000
60,985,064
Diversified Telecommunication Services — 0.1%
NBN Co. Ltd. (Australia) 0.88%, 10/8/2024 (a)
750,000
737,399
Telstra Corp. Ltd. (Australia) 3.13%, 4/7/2025 (a)
14,950,000
14,654,858
Verizon Communications, Inc. 3.38%, 2/15/2025
631,000
621,267
 
16,013,524
Electric Utilities — 3.0%
American Electric Power Co., Inc. Series N, 1.00%, 11/1/2025
1,461,000
1,369,511
Arizona Public Service Co. 2.55%, 9/15/2026
1,170,000
1,089,433
Cleveland Electric Illuminating Co. (The) 5.50%, 8/15/2024
26,109,000
26,084,005
Duke Energy Corp.
5.00%, 12/8/2025
1,004,000
997,763
2.65%, 9/1/2026
747,000
704,232
4.85%, 1/5/2027
82,342,000
81,566,326
Emera US Finance LP (Canada) 0.83%, 6/15/2024
11,121,000
11,095,728
Enel Finance International NV (Italy)
2.65%, 9/10/2024 (a)
10,617,000
10,523,967
4.25%, 6/15/2025 (a) (d)
14,133,000
13,951,768
6.80%, 10/14/2025 (a) (d)
27,022,000
27,458,485
1.37%, 7/12/2026 (a) (d)
3,005,000
2,768,877
Entergy Corp.
0.90%, 9/15/2025
1,163,000
1,095,741
2.95%, 9/1/2026
699,000
661,415
Evergy, Inc. 2.45%, 9/15/2024
80,026,000
79,265,437
Eversource Energy
4.20%, 6/27/2024
44,805,000
44,754,162
5.00%, 1/1/2027
18,266,000
18,069,897
Exelon Corp.
3.40%, 4/15/2026
5,956,000
5,760,097
2.75%, 3/15/2027
3,246,000
3,033,719
JPMorgan Ultra-Short Income ETF
SCHEDULE OF PORTFOLIO INVESTMENTS
AS OF May 31, 2024 (Unaudited) (continued)
INVESTMENTS
PRINCIPAL
AMOUNT($)
VALUE($)
Corporate Bonds — continued
Electric Utilities — continued
Georgia Power Co.
Series A, 2.20%, 9/15/2024
37,878,000
37,480,586
(SOFRINDX + 0.75%), 6.10%, 5/8/2025 (b)
52,192,000
52,384,761
5.00%, 2/23/2027
10,752,000
10,729,699
Interstate Power and Light Co. 3.25%, 12/1/2024
6,238,000
6,162,019
ITC Holdings Corp. 3.65%, 6/15/2024
4,775,000
4,769,986
NextEra Energy Capital Holdings, Inc.
4.20%, 6/20/2024
1,088,000
1,087,145
4.26%, 9/1/2024
34,871,000
34,729,053
6.05%, 3/1/2025
19,458,000
19,498,423
5.75%, 9/1/2025
35,823,000
35,884,471
4.95%, 1/29/2026
96,815,000
96,189,757
1.88%, 1/15/2027
1,424,000
1,305,633
3.55%, 5/1/2027
944,000
900,111
Niagara Mohawk Power Corp. 3.51%, 10/1/2024 (a)
9,869,000
9,781,094
Pinnacle West Capital Corp. 1.30%, 6/15/2025
190,000
181,154
PPL Capital Funding, Inc. 3.10%, 5/15/2026
1,308,000
1,255,051
Southwestern Electric Power Co. Series K, 2.75%, 10/1/2026
460,000
431,510
Tampa Electric Co. 3.88%, 7/12/2024
16,877,000
16,839,652
Virginia Power Fuel Securitization LLC Series A-1, 5.09%, 5/1/2027
45,553,000
45,298,447
 
705,159,115
Electronic Equipment, Instruments & Components — 0.1%
TD SYNNEX Corp. 1.25%, 8/9/2024
24,822,000
24,607,433
Energy Equipment & Services — 0.0% ^
Schlumberger Holdings Corp. 4.00%, 12/21/2025 (a)
5,937,000
5,806,447
Entertainment — 0.1%
Netflix, Inc. 5.88%, 2/15/2025
2,001,000
2,005,643
Take-Two Interactive Software, Inc.
3.55%, 4/14/2025
15,997,000
15,722,966
5.00%, 3/28/2026
8,706,000
8,640,120
 
26,368,729
Financial Services — 1.3%
Citigroup Global Markets Holdings, Inc. 0.75%, 6/7/2024
29,285,000
29,267,162
Corebridge Financial, Inc. 3.50%, 4/4/2025
40,937,000
40,183,479
EDP Finance BV (Portugal) 3.63%, 7/15/2024 (a)
64,171,000
63,986,839
Fiserv, Inc.
2.75%, 7/1/2024
27,532,000
27,467,242
3.85%, 6/1/2025
5,718,000
5,615,075
3.20%, 7/1/2026
10,000,000
9,575,233
Global Payments, Inc. 2.65%, 2/15/2025
98,038,000
95,876,017
National Rural Utilities Cooperative Finance Corp. (SOFR + 0.70%), 6.04%, 5/7/2025 (b)
38,872,000
39,026,188
NTT Finance Corp. (Japan) 1.16%, 4/3/2026 (a)
776,000
720,159
 
311,717,394
Food Products — 0.2%
Campbell Soup Co.
3.95%, 3/15/2025
7,004,000
6,909,461
JPMorgan Ultra-Short Income ETF
SCHEDULE OF PORTFOLIO INVESTMENTS
AS OF May 31, 2024 (Unaudited) (continued)
INVESTMENTS
PRINCIPAL
AMOUNT($)
VALUE($)
Corporate Bonds — continued
Food Products — continued
3.30%, 3/19/2025
1,695,000
1,664,029
General Mills, Inc.
4.00%, 4/17/2025
1,271,000
1,254,475
4.70%, 1/30/2027
14,835,000
14,633,603
Mondelez International Holdings Netherlands BV
2.25%, 9/19/2024 (a)
628,000
621,403
0.75%, 9/24/2024 (a) (c)
5,991,000
5,897,987
Tyson Foods, Inc. 4.00%, 3/1/2026
3,004,000
2,929,817
 
33,910,775
Ground Transportation — 0.5%
Canadian Pacific Railway Co. (Canada) 1.35%, 12/2/2024
5,933,000
5,809,273
Penske Truck Leasing Co. LP
3.45%, 7/1/2024 (a)
4,000,000
3,992,266
2.70%, 11/1/2024 (a)
15,544,000
15,347,545
3.95%, 3/10/2025 (a)
13,370,000
13,193,558
5.75%, 5/24/2026 (a)
54,563,000
54,744,743
3.40%, 11/15/2026 (a)
4,558,000
4,337,059
5.35%, 1/12/2027 (a)
24,679,000
24,625,254
 
122,049,698
Health Care Equipment & Supplies — 0.1%
Baxter International, Inc. 2.60%, 8/15/2026
5,000,000
4,702,064
Becton Dickinson & Co.
3.36%, 6/6/2024
1,072,000
1,071,768
3.73%, 12/15/2024
25,882,000
25,629,273
Zimmer Biomet Holdings, Inc. 1.45%, 11/22/2024
585,000
572,972
 
31,976,077
Health Care Providers & Services — 0.8%
Cardinal Health, Inc. 3.08%, 6/15/2024
44,340,000
44,293,091
Cigna Group (The)
3.50%, 6/15/2024
17,569,000
17,553,745
3.25%, 4/15/2025
3,050,000
2,990,196
4.50%, 2/25/2026
3,047,000
3,003,096
1.25%, 3/15/2026
1,663,000
1,546,907
CVS Health Corp. 5.00%, 2/20/2026
4,792,000
4,746,263
Elevance Health, Inc.
3.35%, 12/1/2024
11,000,000
10,877,671
2.38%, 1/15/2025
82,584,000
80,952,622
1.50%, 3/15/2026
3,000,000
2,801,903
Humana, Inc. 4.50%, 4/1/2025
16,417,000
16,292,138
Laboratory Corp. of America Holdings 3.25%, 9/1/2024
1,356,000
1,347,630
 
186,405,262
Health Care REITs — 0.1%
Healthpeak OP LLC 3.40%, 2/1/2025
4,510,000
4,437,508
Ventas Realty LP 3.50%, 2/1/2025
20,015,000
19,695,978
 
24,133,486
JPMorgan Ultra-Short Income ETF
SCHEDULE OF PORTFOLIO INVESTMENTS
AS OF May 31, 2024 (Unaudited) (continued)
INVESTMENTS
PRINCIPAL
AMOUNT($)
VALUE($)
Corporate Bonds — continued
Hotels, Restaurants & Leisure — 0.2%
Marriott International, Inc.
Series EE, 5.75%, 5/1/2025
12,506,000
12,512,494
5.45%, 9/15/2026
42,438,000
42,572,454
 
55,084,948
Insurance — 5.6%
AEGON Funding Co. LLC (Netherlands) 5.50%, 4/16/2027 (a)
72,400,000
71,931,933
Aon North America, Inc. 5.13%, 3/1/2027
24,376,000
24,304,899
Athene Global Funding
2.75%, 6/25/2024 (a)
1,094,000
1,091,940
0.91%, 8/19/2024 (a)
9,385,000
9,287,753
Brighthouse Financial Global Funding
1.75%, 1/13/2025 (a)
18,888,000
18,404,159
1.55%, 5/24/2026 (a)
1,406,000
1,294,464
5.55%, 4/9/2027 (a)
60,662,000
60,582,137
CNA Financial Corp. 4.50%, 3/1/2026
3,750,000
3,684,595
Corebridge Global Funding
0.65%, 6/17/2024 (a)
24,278,000
24,229,704
5.75%, 7/2/2026 (a)
34,554,000
34,565,511
(SOFR + 1.30%), 6.67%, 9/25/2026 (a) (b)
88,857,000
89,966,317
Equitable Financial Life Global Funding 1.10%, 11/12/2024 (a)
4,277,000
4,187,424
Jackson National Life Global Funding
2.65%, 6/21/2024 (a)
8,651,000
8,635,441
1.75%, 1/12/2025 (a)
4,116,000
4,011,936
5.60%, 4/10/2026 (a)
73,449,000
73,091,408
MassMutual Global Funding II (SOFR + 0.98%), 6.35%, 7/10/2026 (a) (b)
113,952,000
115,043,546
Met Tower Global Funding 4.85%, 1/16/2027 (a)
36,092,000
35,850,418
Metropolitan Life Global Funding I (SOFRINDX + 0.57%), 5.94%, 4/9/2026 (a) (b)
54,691,000
54,758,817
New York Life Global Funding
3.86%, 8/26/2024 (a)
179,360,000
178,541,119
(SOFRINDX + 0.58%), 5.94%, 1/16/2026 (a) (b)
134,932,000
135,289,869
Pacific Life Global Funding II
(SOFRINDX + 0.86%), 6.24%, 6/16/2025 (a) (b)
7,205,000
7,243,955
1.20%, 6/24/2025 (a)
1,500,000
1,434,638
(SOFR + 0.60%), 5.98%, 3/27/2026 (a) (b)
69,006,000
69,065,852
(SOFRINDX + 1.05%), 6.40%, 7/28/2026 (a) (b)
55,983,000
56,507,942
Principal Life Global Funding II
1.25%, 6/23/2025 (a)
3,500,000
3,347,443
(SOFR + 0.90%), 6.22%, 8/28/2025 (a) (b)
64,631,000
65,051,263
5.00%, 1/16/2027 (a)
14,849,000
14,771,122
Protective Life Global Funding 4.99%, 1/12/2027 (a)
37,334,000
37,154,094
Reliance Standard Life Global Funding II
2.50%, 10/30/2024 (a)
3,544,000
3,493,492
2.75%, 5/7/2025 (a)
72,080,000
70,135,618
5.24%, 2/2/2026 (a)
21,309,000
21,049,388
 
1,298,008,197
Life Sciences Tools & Services — 0.1%
Thermo Fisher Scientific, Inc. 1.22%, 10/18/2024
33,740,000
33,193,964
JPMorgan Ultra-Short Income ETF
SCHEDULE OF PORTFOLIO INVESTMENTS
AS OF May 31, 2024 (Unaudited) (continued)
INVESTMENTS
PRINCIPAL
AMOUNT($)
VALUE($)
Corporate Bonds — continued
Machinery — 0.9%
Daimler Truck Finance North America LLC (Germany)
1.63%, 12/13/2024 (a)
3,099,000
3,033,700
5.20%, 1/17/2025 (a)
48,700,000
48,533,721
3.50%, 4/7/2025 (a)
12,489,000
12,258,252
5.60%, 8/8/2025 (a)
17,943,000
17,945,098
5.15%, 1/16/2026 (a)
10,998,000
10,936,162
2.00%, 12/14/2026 (a)
10,000,000
9,202,250
5.00%, 1/15/2027 (a)
18,892,000
18,745,049
3.65%, 4/7/2027 (a)
2,950,000
2,824,507
Otis Worldwide Corp. 2.06%, 4/5/2025
59,859,000
58,135,581
Parker-Hannifin Corp. 3.65%, 6/15/2024
18,763,000
18,741,869
Stanley Black & Decker, Inc. 2.30%, 2/24/2025
5,000,000
4,882,184
 
205,238,373
Media — 0.1%
Cox Communications, Inc. 3.35%, 9/15/2026 (a)
515,000
491,528
Omnicom Group, Inc. 3.65%, 11/1/2024
15,058,000
14,925,651
 
15,417,179
Metals & Mining — 0.2%
Anglo American Capital plc (South Africa) 3.63%, 9/11/2024 (a)
5,501,000
5,452,811
Newmont Corp. 5.30%, 3/15/2026 (a)
30,866,000
30,760,190
 
36,213,001
Multi-Utilities — 0.8%
Ameren Corp.
2.50%, 9/15/2024
21,911,000
21,704,040
1.95%, 3/15/2027
2,702,000
2,470,450
CenterPoint Energy, Inc. 2.50%, 9/1/2024
25,000,000
24,795,482
DTE Energy Co.
Series C, 2.53%, 10/1/2024 (d)
51,585,000
51,035,710
4.22%, 11/1/2024 (d)
39,195,000
38,928,093
2.85%, 10/1/2026
3,215,000
3,037,365
NiSource, Inc. 3.49%, 5/15/2027
4,155,000
3,952,391
Public Service Enterprise Group, Inc. 2.88%, 6/15/2024
41,291,000
41,234,147
 
187,157,678
Oil, Gas & Consumable Fuels — 1.8%
ConocoPhillips Co. 2.40%, 3/7/2025
547,000
534,551
Enbridge, Inc. (Canada)
3.50%, 6/10/2024
28,069,000
28,051,331
2.50%, 1/15/2025
39,608,000
38,854,406
Energy Transfer LP 4.75%, 1/15/2026
103,000
101,675
Enterprise Products Operating LLC 4.60%, 1/11/2027
71,564,000
70,772,597
Marathon Petroleum Corp. 3.63%, 9/15/2024
9,400,000
9,335,682
MPLX LP 4.88%, 12/1/2024
37,000,000
36,865,476
ONEOK, Inc.
2.75%, 9/1/2024
17,009,000
16,873,835
5.00%, 3/1/2026
3,435,000
3,405,143
Phillips 66 3.85%, 4/9/2025
392,000
386,293
JPMorgan Ultra-Short Income ETF
SCHEDULE OF PORTFOLIO INVESTMENTS
AS OF May 31, 2024 (Unaudited) (continued)
INVESTMENTS
PRINCIPAL
AMOUNT($)
VALUE($)
Corporate Bonds — continued
Oil, Gas & Consumable Fuels — continued
Pioneer Natural Resources Co. 5.10%, 3/29/2026
28,294,000
28,206,222
Sabine Pass Liquefaction LLC 5.63%, 3/1/2025
2,684,000
2,678,665
Spectra Energy Partners LP 3.50%, 3/15/2025
3,762,000
3,697,811
TransCanada PipeLines Ltd. (Canada) 1.00%, 10/12/2024
53,742,000
52,820,524
Williams Cos., Inc. (The)
4.55%, 6/24/2024
89,955,000
89,873,588
3.90%, 1/15/2025
31,273,000
30,939,170
 
413,396,969
Paper & Forest Products — 0.0% ^
Georgia-Pacific LLC 0.95%, 5/15/2026 (a) (c)
3,897,000
3,581,478
Personal Care Products — 0.1%
Haleon UK Capital plc 3.13%, 3/24/2025
16,322,000
15,983,654
Pharmaceuticals — 0.2%
Bayer US Finance II LLC (Germany)
3.38%, 7/15/2024 (a)
3,651,000
3,639,719
4.25%, 12/15/2025 (a)
6,140,000
5,989,178
Bayer US Finance LLC (Germany) 3.38%, 10/8/2024 (a)
3,000,000
2,973,900
Bristol-Myers Squibb Co. (SOFR + 0.49%), 5.82%, 2/20/2026 (b)
33,658,000
33,799,667
EMD Finance LLC (Germany) 3.25%, 3/19/2025 (a)
3,730,000
3,662,855
 
50,065,319
Professional Services — 0.1%
Equifax, Inc. 2.60%, 12/1/2024
18,677,000
18,394,160
Semiconductors & Semiconductor Equipment — 0.1%
Microchip Technology, Inc.
0.98%, 9/1/2024
3,859,000
3,811,888
4.25%, 9/1/2025
13,591,000
13,375,878
NXP BV (China)
2.70%, 5/1/2025
4,431,000
4,311,097
3.88%, 6/18/2026
168,000
163,034
 
21,661,897
Software — 0.5%
Oracle Corp. 2.50%, 4/1/2025
117,530,000
114,496,877
Roper Technologies, Inc. 2.35%, 9/15/2024
5,680,000
5,627,643
VMware LLC 1.00%, 8/15/2024
7,113,000
7,042,869
 
127,167,389
Specialized REITs — 0.2%
American Tower Corp.
2.95%, 1/15/2025
2,868,000
2,817,997
2.40%, 3/15/2025
25,650,000
25,005,521
4.40%, 2/15/2026
5,314,000
5,214,995
1.60%, 4/15/2026
6,221,000
5,791,364
Crown Castle, Inc. 4.45%, 2/15/2026
8,426,000
8,273,344
 
47,103,221
JPMorgan Ultra-Short Income ETF
SCHEDULE OF PORTFOLIO INVESTMENTS
AS OF May 31, 2024 (Unaudited) (continued)
INVESTMENTS
PRINCIPAL
AMOUNT($)
VALUE($)
Corporate Bonds — continued
Specialty Retail — 0.0% ^
AutoZone, Inc.
3.25%, 4/15/2025
1,643,000
1,610,095
3.63%, 4/15/2025
534,000
524,933
3.75%, 6/1/2027
3,204,000
3,076,219
Lowe's Cos., Inc.
3.13%, 9/15/2024
2,974,000
2,952,178
3.38%, 9/15/2025
2,000,000
1,949,803
 
10,113,228
Technology Hardware, Storage & Peripherals — 0.4%
Dell International LLC
4.00%, 7/15/2024
2,000,000
1,995,929
5.85%, 7/15/2025
3,351,000
3,361,491
6.02%, 6/15/2026
2,235,000
2,255,132
4.90%, 10/1/2026
1,941,000
1,919,018
Hewlett Packard Enterprise Co. 5.90%, 10/1/2024
86,671,000
86,683,749
 
96,215,319
Tobacco — 0.5%
Altria Group, Inc. 2.35%, 5/6/2025
54,189,000
52,574,982
BAT Capital Corp. (United Kingdom)
3.22%, 8/15/2024
55,242,000
54,949,237
2.79%, 9/6/2024
9,067,000
8,993,873
 
116,518,092
Trading Companies & Distributors — 0.2%
Air Lease Corp. 0.80%, 8/18/2024
39,030,000
38,603,321
TTX Co. 5.50%, 9/25/2026 (a)
3,705,000
3,705,623
 
42,308,944
Transportation Infrastructure — 0.0% ^
Sydney Airport Finance Co. Pty. Ltd. (Australia) 3.63%, 4/28/2026 (a)
6,970,000
6,710,300
Water Utilities — 0.0% ^
American Water Capital Corp. 3.40%, 3/1/2025
3,084,000
3,035,177
Wireless Telecommunication Services — 0.3%
T-Mobile USA, Inc. 3.50%, 4/15/2025
77,666,000
76,205,162
Total Corporate Bonds
(Cost $12,588,956,394)
12,585,986,035
Asset-Backed Securities — 13.8%
AIMCO CLO (Cayman Islands) Series 2018-AA, Class A, 6.60%, 4/17/2031 (a) (e)
14,841,124
14,877,247
AIMCO CLO Ltd. (Cayman Islands)
Series 2020-12A, Class XR, 6.17%, 1/17/2032 (a) (e)
2,202,435
2,202,193
Series 2020-12A, Class AR, 6.49%, 1/17/2032 (a) (e)
3,665,315
3,669,226
Series 2019-10A, Class AR, 6.65%, 7/22/2032 (a) (e)
10,000,000
9,997,500
Ally Auto Receivables Trust
Series 2024-1, Class A2, 5.32%, 1/15/2027
84,806,000
84,642,808
Series 2022-3, Class A3, 5.07%, 4/15/2027
6,250,000
6,227,592
Series 2022-2, Class A3, 4.76%, 5/17/2027
21,759,000
21,623,215
AmeriCredit Automobile Receivables Trust Series 2022-2, Class A3, 4.38%, 4/18/2028
4,631,550
4,593,543
JPMorgan Ultra-Short Income ETF
SCHEDULE OF PORTFOLIO INVESTMENTS
AS OF May 31, 2024 (Unaudited) (continued)
INVESTMENTS
PRINCIPAL
AMOUNT($)
VALUE($)
Asset-Backed Securities — continued
Anchorage Capital CLO Ltd. (Cayman Islands) Series 2016-9A, Class XR, 6.54%, 7/15/2032 (a) (e)
125,000
124,980
Apidos CLO (Cayman Islands)
Series 2016-24A, Class A1AL, 6.54%, 10/20/2030 (a) (e)
43,984,793
44,088,642
Series 2018-18A, Class AR, 6.47%, 10/22/2030 (a) (e)
41,378,693
41,395,286
Series 2019-31A, Class A1R, 6.69%, 4/15/2031 (a) (e)
28,565,000
28,631,185
Series 2016-25A, Class A1R2, 6.47%, 10/20/2031 (a) (e)
18,141,138
18,160,385
Ares CLO Ltd. (Cayman Islands)
Series 2016-40A, Class A1RR, 6.46%, 1/15/2029 (a) (e)
9,752,805
9,765,142
Series 2013-2A, Class XR2, 6.54%, 10/28/2034 (a) (e)
2,500,000
2,499,765
ARI Fleet Lease Trust Series 2023-A, Class A2, 5.41%, 2/17/2032 (a)
8,210,696
8,188,676
Assurant CLO Ltd. (Cayman Islands) Series 2019-4A, Class AR, 6.67%, 4/20/2030 (a) (e)
17,013,037
17,027,396
Atlas Senior Loan Fund Ltd. (Cayman Islands) Series 2021-18A, Class X, 6.44%, 1/18/2035 (a) (e)
933,333
933,238
Bain Capital Credit CLO (Cayman Islands) Series 2019-1A, Class X, 6.42%, 4/19/2034 (a) (e)
2,400,000
2,399,760
Bain Capital Credit CLO Ltd. (Cayman Islands) Series 2020-3A, Class X, 6.44%, 10/23/2034 (a) (e)
1,466,667
1,466,237
Ballyrock CLO Ltd. (Cayman Islands)
Series 2020-2A, Class A1R, 6.60%, 10/20/2031 (a) (e)
19,986,852
20,002,701
Series 2019-1A, Class A1R, 6.62%, 7/15/2032 (a) (e)
42,764,000
42,862,828
Bank of America Auto Trust Series 2023-2A, Class A2, 5.85%, 8/17/2026 (a)
76,409,000
76,473,153
Barings CLO Ltd. (Cayman Islands)
Series 2018-3A, Class A1, 6.54%, 7/20/2029 (a) (e)
204,667
204,728
Series 2018-4A, Class A1R, 6.48%, 10/15/2030 (a) (e)
27,692,000
27,698,729
BMW Vehicle Lease Trust Series 2024-1, Class A2A, 5.10%, 7/27/2026
54,063,000
53,877,472
BMW Vehicle Owner Trust Series 2023-A, Class A2A, 5.72%, 4/27/2026
28,486,042
28,497,242
Buckhorn Park CLO Ltd. (Cayman Islands) Series 2019-1A, Class XR, 6.24%, 7/18/2034 (a) (e)
416,663
416,581
Buttermilk Park CLO Ltd. (Cayman Islands)
Series 2018-1A, Class A1R, 0.00%, 10/15/2031 (a) (e) (f)
37,491,503
37,491,503
Series 2018-1A, Class A1, 6.69%, 10/15/2031 (a) (e)
16,289,818
16,285,746
Capital One Prime Auto Receivables Trust Series 2021-1, Class A3, 0.77%, 9/15/2026
8,164,515
7,948,062
Carlyle Global Market Strategies CLO Ltd. (Cayman Islands) Series 2015-1A, Class AR3, 6.57%, 7/20/2031 (a) (e)
6,229,376
6,237,873
CARLYLE US CLO Ltd. (Cayman Islands) Series 2018-2A, Class A1R, 6.48%, 10/15/2031 (a) (e)
15,984,432
16,012,949
CarVal CLO Ltd. (Cayman Islands) Series 2018-1A, Class AR, 6.55%, 7/16/2031 (a) (e)
36,508,710
36,566,357
CCG Receivables Trust Series 2023-2, Class A2, 6.28%, 4/14/2032 (a)
12,000,000
12,079,952
Cedar Funding II CLO Ltd. (Cayman Islands) Series 2013-1A, Class AXR, 6.44%, 4/20/2034 (a) (e)
767,857
767,618
Chesapeake Funding LLC (Canada) Series 2023-2A, Class A1, 6.16%, 10/15/2035 (a)
11,681,565
11,748,748
CIFC Funding Ltd. (Cayman Islands)
Series 2017-5A, Class A1, 6.76%, 11/16/2030 (a) (e)
18,561,474
18,601,269
Series 2018-4A, Class A1, 6.73%, 10/17/2031 (a) (e)
34,142,353
34,180,217
Citibank Credit Card Issuance Trust Series 2023-A2, Class A2, 5.98%, 12/8/2027 (e)
65,328,000
65,549,775
CNH Equipment Trust
Series 2022-A, Class A3, 2.94%, 7/15/2027
6,039,770
5,901,439
Series 2024-A, Class A2, 5.19%, 7/15/2027
42,055,000
41,901,129
Dell Equipment Finance Trust
Series 2022-1, Class A3, 2.49%, 8/23/2027 (a)
3,426,722
3,414,496
Series 2023-1, Class A3, 5.65%, 9/22/2028 (a)
9,224,000
9,231,657
Series 2023-2, Class A2, 5.84%, 1/22/2029 (a)
16,890,332
16,899,792
Series 2023-3, Class A2, 6.10%, 4/23/2029 (a)
38,979,843
39,034,426
Series 2024-1, Class A2, 5.58%, 3/22/2030 (a)
46,964,000
46,996,560
Dewolf Park CLO Ltd. Series 2017-1A, Class AR, 6.51%, 10/15/2030 (a) (e)
21,118,361
21,151,074
Dllad LLC Series 2024-1A, Class A2, 5.50%, 8/20/2027 (a)
25,750,950
25,743,081
JPMorgan Ultra-Short Income ETF
SCHEDULE OF PORTFOLIO INVESTMENTS
AS OF May 31, 2024 (Unaudited) (continued)
INVESTMENTS
PRINCIPAL
AMOUNT($)
VALUE($)
Asset-Backed Securities — continued
Dryden CLO Ltd. (Cayman Islands) Series 2018-58A, Class A1, 6.58%, 7/17/2031 (a) (e)
6,416,477
6,424,119
Dryden Senior Loan Fund (Cayman Islands)
Series 2017-47A, Class A1R, 6.57%, 4/15/2028 (a) (e)
19,318,880
19,333,389
Series 2013-30A, Class AR, 6.40%, 11/15/2028 (a) (e)
5,448,708
5,448,768
Series 2013-26A, Class AR, 6.49%, 4/15/2029 (a) (e)
5,311,133
5,318,579
Series 2014-36A, Class AR3, 6.61%, 4/15/2029 (a) (e)
24,294,422
24,329,916
Series 2017-49A, Class AR, 6.54%, 7/18/2030 (a) (e)
1,281,078
1,283,061
Series 2015-41A, Class AR, 6.56%, 4/15/2031 (a) (e)
4,485,000
4,496,190
Elmwood CLO Ltd. (Cayman Islands) Series 2022-5A, Class AR, 6.97%, 7/17/2033 (a) (e)
39,000,000
39,177,099
Enterprise Fleet Financing LLC
Series 2022-4, Class A2, 5.76%, 10/22/2029 (a)
25,337,246
25,338,493
Series 2023-3, Class A2, 6.40%, 3/20/2030 (a)
49,548,000
50,038,302
Flatiron CLO Ltd. (Cayman Islands) Series 2018-1A, Class A, 6.53%, 4/17/2031 (a) (e)
2,664,156
2,667,729
Ford Credit Auto Lease Trust Series 2023-A, Class A2A, 5.19%, 6/15/2025
187,428
187,375
Ford Credit Auto Owner Trust Series 2023-C, Class A2A, 5.68%, 9/15/2026
29,837,000
29,846,020
Galaxy CLO Ltd. (Cayman Islands)
Series 2015-19A, Class A1RR, 6.53%, 7/24/2030 (a) (e)
19,018,975
19,053,818
Series 2013-15A, Class ARR, 6.56%, 10/15/2030 (a) (e)
18,932,783
18,952,208
Series 2018-28A, Class A1, 6.69%, 7/15/2031 (a) (e)
17,063,753
17,088,615
Series 2018-26A, Class AR, 6.50%, 11/22/2031 (a) (e)
40,908,542
40,908,542
Series 2016-22A, Class XRR, 6.49%, 4/16/2034 (a) (e)
1,684,211
1,684,041
GM Financial Automobile Leasing Trust Series 2024-2, Class A2A, 5.43%, 9/21/2026
77,489,000
77,457,648
GM Financial Consumer Automobile Receivables Trust
Series 2023-3, Class A2A, 5.74%, 9/16/2026
34,683,830
34,693,406
Series 2024-1, Class A2A, 5.12%, 2/16/2027
36,515,000
36,405,404
Series 2024-2, Class A2A, 5.33%, 3/16/2027
27,845,000
27,794,275
Goldentree Loan Management US CLO Ltd. (Cayman Islands)
Series 2022-12A, Class X, 6.32%, 4/20/2034 (a) (e)
1,200,000
1,199,864
Series 2022-14A, Class X, 6.52%, 7/20/2035 (a) (e)
461,250
461,439
Greenwood Park CLO Ltd.
Series 2018-1A, Class A2, 6.60%, 4/15/2031 (a) (e)
2,783,584
2,788,374
Series 2018-1A, Class A1, 6.62%, 4/15/2031 (a) (e)
1,669,215
1,670,190
Honda Auto Receivables Owner Trust Series 2023-1, Class A2, 5.22%, 10/21/2025
27,805,513
27,771,365
Hyundai Auto Receivables Trust
Series 2021-A, Class A3, 0.38%, 9/15/2025
1,467,123
1,461,305
Series 2023-B, Class A2A, 5.77%, 5/15/2026
49,220,183
49,247,702
Series 2023-A, Class A3, 4.58%, 4/15/2027
28,345,000
28,064,954
Series 2024-A, Class A2A, 5.29%, 4/15/2027
27,018,000
26,967,098
Series 2021-A, Class A4, 0.62%, 5/17/2027
12,390,000
12,064,857
ICG US CLO Ltd. (Cayman Islands)
Series 2016-1A, Class XRR, 6.49%, 4/29/2034 (a) (e)
1,473,688
1,473,542
Series 2014-1A, Class XR, 6.39%, 10/20/2034 (a) (e)
466,667
466,567
KKR CLO Ltd. (Cayman Islands)
Series 23, Class A1, 6.74%, 10/20/2031 (a) (e)
4,134,487
4,142,334
Series 24, Class A1R, 6.67%, 4/20/2032 (a) (e)
10,000,000
10,010,710
KKR Financial CLO Ltd. (Cayman Islands) Series 2013-1A, Class A1R2, 6.42%, 4/15/2029 (a) (e)
33,283,771
33,283,771
KKR Static CLO Ltd. (Cayman Islands) Series 2022-1A, Class AR, 6.71%, 7/20/2031 (a) (e)
9,315,622
9,334,878
Kubota Credit Owner Trust Series 2022-1A, Class A3, 2.67%, 10/15/2026 (a)
67,120,287
65,689,639
LCM LP (Cayman Islands) Series 14A, Class AR, 6.63%, 7/20/2031 (a) (e)
14,680,383
14,706,411
JPMorgan Ultra-Short Income ETF
SCHEDULE OF PORTFOLIO INVESTMENTS
AS OF May 31, 2024 (Unaudited) (continued)
INVESTMENTS
PRINCIPAL
AMOUNT($)
VALUE($)
Asset-Backed Securities — continued
LCM Ltd. (Cayman Islands)
Series 24A, Class AR, 6.57%, 3/20/2030 (a) (e)
13,074,267
13,083,655
Series 25A, Class AR, 6.42%, 7/20/2030 (a) (e)
12,209,226
12,220,605
Series 26A, Class A1, 6.66%, 1/20/2031 (a) (e)
7,974,139
7,988,022
Series 29A, Class AR, 6.66%, 4/15/2031 (a) (e)
10,000,000
10,014,490
Madison Park Funding Ltd. (Cayman Islands)
Series 2015-17A, Class AR2, 6.59%, 7/21/2030 (a) (e)
3,982,532
3,991,512
Series 2015-18A, Class ARR, 6.53%, 10/21/2030 (a) (e)
46,866,961
46,965,241
Series 13A, Class AR, 6.48%, 11/21/2030 (a) (e)
53,242,418
53,325,263
Series 2021-52A, Class X, 6.49%, 1/22/2035 (a) (e)
1,315,789
1,315,662
Magnetite Ltd. (Cayman Islands)
Series 2015-15A, Class AR, 6.60%, 7/25/2031 (a) (e)
2,934,313
2,941,021
Series 2015-12A, Class AR4, 6.48%, 10/15/2031 (a) (e)
13,559,951
13,593,661
Series 2020-25A, Class A, 6.79%, 1/25/2032 (a) (e)
25,660,395
25,730,884
Mercedes-Benz Auto Receivables Trust Series 2023-1, Class A2, 5.09%, 1/15/2026
10,076,238
10,068,521
Neuberger Berman CLO (Cayman Islands) Series 2013-15A, Class A1R2, 6.51%, 10/15/2029 (a) (e)
28,919,923
28,962,926
Neuberger Berman CLO Ltd. (Cayman Islands)
Series 2013-14A, Class AR2, 6.62%, 1/28/2030 (a) (e)
10,396,677
10,409,039
Series 2017-16SA, Class XR, 6.39%, 4/15/2034 (a) (e)
1,875,000
1,874,179
Neuberger Berman Loan Advisers CLO Ltd. (Cayman Islands)
Series 2017-26A, Class AR, 6.51%, 10/18/2030 (a) (e)
24,272,035
24,302,836
Series 2019-31A, Class AR, 6.63%, 4/20/2031 (a) (e)
17,150,000
17,184,180
Series 2020-37A, Class AR, 6.56%, 7/20/2031 (a) (e)
25,055,231
25,091,286
Series 2021-40A, Class A, 6.65%, 4/16/2033 (a) (e)
6,000,000
6,011,700
Newark BSL CLO Ltd. (Cayman Islands)
Series 2016-1A, Class A1R, 6.69%, 12/21/2029 (a) (e)
15,099,107
15,114,130
Series 2017-1A, Class A1R, 6.56%, 7/25/2030 (a) (e)
24,160,465
24,194,966
Nissan Auto Receivables Owner Trust Series 2022-B, Class A3, 4.46%, 5/17/2027
9,046,000
8,957,599
OCP CLO Ltd. (Cayman Islands)
Series 2017-13A, Class A1AR, 6.55%, 7/15/2030 (a) (e)
37,544,459
37,580,953
Series 2014-6A, Class A1R2, 6.47%, 10/17/2030 (a) (e)
40,000,000
40,006,560
Series 2017-14A, Class A1A, 6.74%, 11/20/2030 (a) (e)
2,879,848
2,882,569
Series 2018-15A, Class A1, 6.69%, 7/20/2031 (a) (e)
1,611,537
1,614,936
Series 2020-8RA, Class A1, 6.80%, 1/17/2032 (a) (e)
34,916,453
34,986,915
Series 2019-17A, Class A1R, 6.63%, 7/20/2032 (a) (e)
13,000,000
13,020,631
Series 2020-18A, Class AR, 6.68%, 7/20/2032 (a) (e)
8,953,500
8,966,868
Series 2015-9A, Class X, 6.08%, 1/15/2033 (a) (e)
500,000
499,952
Octagon Investment Partners Ltd. (Cayman Islands)
Series 2017-1A, Class A1R, 6.59%, 3/17/2030 (a) (e)
26,641,352
26,671,723
Series 2018-1A, Class A1A, 6.65%, 1/20/2031 (a) (e)
7,479,586
7,487,133
OHA Credit Partners Ltd. (Cayman Islands) Series 2016-13A, Class XR, 6.44%, 10/25/2034 (a) (e)
750,000
749,391
OSD CLO Ltd. (Cayman Islands) Series 2021-23A, Class A, 6.45%, 4/17/2031 (a) (e)
6,589,723
6,590,593
Palmer Square Loan Funding Ltd. (Cayman Islands)
Series 2021-1A, Class A1, 6.49%, 4/20/2029 (a) (e)
213,027
213,187
Series 2021-2A, Class A1, 6.39%, 5/20/2029 (a) (e)
9,351,397
9,355,484
Series 2021-4A, Class A1, 6.39%, 10/15/2029 (a) (e)
14,102,459
14,113,036
Series 2022-1A, Class A1, 6.38%, 4/15/2030 (a) (e)
22,289,383
22,318,382
Series 2022-3A, Class A1AR, 6.43%, 4/15/2031 (a) (e)
58,654,376
58,686,929
Series 2024-3A, Class A1, 0.00%, 8/8/2032 (a) (e) (f)
52,875,000
52,875,000
JPMorgan Ultra-Short Income ETF
SCHEDULE OF PORTFOLIO INVESTMENTS
AS OF May 31, 2024 (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)
15,244,293
15,233,899
Rad CLO Ltd. (Cayman Islands) Series 2020-7A, Class A1R, 6.67%, 4/17/2036 (a) (e)
22,750,000
22,863,750
Santander Drive Auto Receivables Trust
Series 2023-2, Class A3, 5.21%, 7/15/2027
8,496,000
8,471,447
Series 2023-3, Class A3, 5.61%, 10/15/2027
16,042,000
16,025,331
SBNA Auto Lease Trust Series 2024-B, Class A2, 5.67%, 11/20/2026 (a)
40,240,000
40,260,671
SBNA Auto Receivables Trust Series 2024-A, Class A2, 5.70%, 3/15/2027 (a)
7,122,000
7,114,864
Sculptor CLO Ltd. (Cayman Islands) Series 27A, Class X, 6.64%, 7/20/2034 (a) (e)
3,000,000
3,000,555
Sound Point CLO II Ltd. (Cayman Islands) Series 2013-1A, Class A1R, 6.66%, 1/26/2031 (a) (e)
1,764,080
1,764,638
Sound Point CLO Ltd. (Cayman Islands) Series 2019-1A, Class AR, 6.67%, 1/20/2032 (a) (e)
7,268,000
7,277,914
Symphony CLO Ltd. (Cayman Islands)
Series 2018-19A, Class A, 6.55%, 4/16/2031 (a) (e)
9,395,408
9,414,593
Series 2020-24A, Class AR, 6.53%, 1/23/2032 (a) (e)
43,541,670
43,594,137
Symphony Static CLO Ltd. (Cayman Islands) Series 2021-1A, Class A, 6.42%, 10/25/2029 (a) (e)
22,838,198
22,860,511
TCI-Symphony CLO Ltd. (Cayman Islands) Series 2017-1A, Class AR, 6.52%, 7/15/2030 (a) (e)
14,903,654
14,924,593
Tesla Auto Lease Trust
Series 2023-A, Class A2, 5.86%, 8/20/2025 (a)
18,118,364
18,127,410
Series 2024-A, Class A2A, 5.37%, 6/22/2026 (a)
32,890,000
32,812,975
THL Credit Wind River CLO Ltd. (Cayman Islands) Series 2014-2A, Class AR, 6.73%, 1/15/2031 (a) (e)
15,871,452
15,879,816
Toyota Lease Owner Trust Series 2023-A, Class A2, 5.30%, 8/20/2025 (a)
21,673,081
21,651,941
Venture CLO Ltd. (Cayman Islands) Series 2021-43A, Class X, 6.64%, 4/15/2034 (a) (e)
3,333,333
3,332,987
Verizon Master Trust Series 2024-1, Class A1A, 5.00%, 12/20/2028
78,273,000
77,831,204
Volkswagen Auto Lease Trust Series 2023-A, Class A3, 5.81%, 10/20/2026
27,432,000
27,541,561
Volkswagen Auto Loan Enhanced Trust
Series 2023-1, Class A2A, 5.50%, 12/21/2026
70,469,753
70,398,339
Series 2023-2, Class A2A, 5.72%, 3/22/2027
115,881,994
115,944,129
Voya CLO Ltd. (Cayman Islands) Series 2017-3A, Class XR, 6.44%, 4/20/2034 (a) (e)
1,523,810
1,523,657
Wheels Fleet Lease Funding LLC Series 2024-1A, Class A2, 6.15%, 2/18/2039 (a) (e)
22,000,000
22,006,884
World Omni Auto Receivables Trust
Series 2021-A, Class A3, 0.30%, 1/15/2026
5,519,008
5,467,517
Series 2024-A, Class A2A, 5.05%, 4/15/2027
80,097,000
79,829,700
Total Asset-Backed Securities
(Cost $3,228,606,115)
3,232,139,813
U.S. Treasury Obligations — 2.3%
U.S. Treasury Notes
0.38%, 7/15/2024 (Cost $525,717,656)
528,400,000
525,345,188
Commercial Mortgage-Backed Securities — 0.0% ^
Benchmark Mortgage Trust Series 2018-B3, Class A2, 3.85%, 4/10/2051
495,611
488,241
Citigroup Commercial Mortgage Trust Series 2018-B2, Class A2, 3.79%, 3/10/2051
2,847,913
2,842,634
Wells Fargo Commercial Mortgage Trust Series 2018-C46, Class A2, 4.06%, 8/15/2051
2,693,279
2,685,990
Total Commercial Mortgage-Backed Securities
(Cost $6,237,563)
6,016,865
Short-Term Investments — 30.0%
Certificates of Deposits — 11.8%
Bank of Montreal (Canada) , 5.85%, 7/12/2024
49,536,000
49,554,206
Bank of Nova Scotia (The) (Canada) , 6.05%, 6/28/2024
3,636,000
3,637,207
Barclays Bank plc (United Kingdom) , 6.00%, 8/8/2024
103,000,000
103,056,130
Bayerische Landesbank (Germany) , 5.10%, 1/10/2025
400,000
398,758
JPMorgan Ultra-Short Income ETF
SCHEDULE OF PORTFOLIO INVESTMENTS
AS OF May 31, 2024 (Unaudited) (continued)
INVESTMENTS
PRINCIPAL
AMOUNT($)
VALUE($)
Short-Term Investments — continued
Certificates of Deposits — continued
BNP Paribas SA (France)
5.95%, 9/12/2024
108,749,000
108,842,557
5.95%, 10/3/2024
36,792,000
36,829,864
5.34%, 10/8/2024
88,055,000
87,989,700
(SOFR + 0.31%), 5.64%, 3/7/2025 (b)
27,002,000
27,006,663
(SOFR + 0.56%), 5.89%, 8/8/2025 (b)
38,432,000
38,486,764
Canadian Imperial Bank of Commerce (Canada)
6.01%, 6/28/2024
89,201,000
89,227,510
(SOFR + 0.30%), 5.63%, 3/4/2025 (b)
2,295,000
2,295,657
Cooperatieve Rabobank UA (Netherlands) , 5.95%, 9/12/2024
34,713,000
34,741,460
Credit Agricole Corporate and Investment Bank (France) (SOFR + 0.60%), 5.93%, 8/1/2025 (b)
30,536,000
30,616,221
Credit Industriel et Commercial (France) , 5.60%, 4/29/2025
28,649,000
28,671,208
First Abu Dhabi Bank USA NV (SOFR + 0.27%), 5.60%, 11/7/2024 (b)
64,341,000
64,361,776
Kookmin Bank (South Korea) (SOFR + 0.56%), 5.89%, 5/27/2025 (b)
54,892,000
54,872,795
Lloyds Bank Corporate Markets plc (United Kingdom) , 6.07%, 10/2/2024
110,821,000
110,977,957
Lloyds Bank plc (United Kingdom) (SOFR + 0.57%), 5.90%, 10/30/2025 (b)
16,750,000
16,766,316
Mitsubishi UFJ Trust & Banking Corp. (Japan)
(SOFR + 0.50%), 5.83%, 7/5/2024 (b)
28,650,000
28,660,469
(SOFR + 0.39%), 5.72%, 4/3/2025 (b)
114,825,000
114,881,601
National Australia Bank Ltd. (Australia) (SOFR + 0.52%), 5.85%, 10/16/2024 (b)
122,345,000
122,500,508
Natixis SA (France) (SOFR + 0.59%), 5.92%, 8/8/2025 (b)
31,855,000
31,928,931
Nordea Bank Abp (Finland)
(SOFR + 0.27%), 5.60%, 2/27/2025 (b)
53,902,000
53,917,164
(SOFR + 0.30%), 5.63%, 3/21/2025 (b)
107,263,000
107,308,627
Norinchukin Bank (The) (Japan) (SOFR + 0.21%), 5.54%, 7/19/2024 (b)
159,306,000
159,328,910
Northern Trust Co. (The) , 5.40%, 9/20/2024
25,802,000
25,791,392
Skandinaviska Enskilda Banken AB (Sweden)
(SOFR + 0.30%), 5.63%, 3/7/2025 (b)
38,571,000
38,577,944
5.38%, 3/19/2025
87,423,000
87,273,652
Sumitomo Mitsui Banking Corp. (Japan)
(SOFR + 0.70%), 6.02%, 6/6/2024 (b)
226,669,000
226,690,364
(SOFR + 0.72%), 6.05%, 8/7/2024 (b)
48,274,000
48,327,287
Svenska Handelsbanken AB (Sweden)
(SOFR + 0.23%), 5.56%, 10/31/2024 (b)
26,011,000
26,017,178
(SOFR + 0.35%), 5.68%, 1/23/2025 (b)
61,725,000
61,769,139
(SOFR + 0.28%), 5.61%, 2/26/2025 (b)
95,628,000
95,634,696
5.39%, 3/19/2025
79,261,000
79,147,557
Toronto-Dominion Bank (The) (Canada)
5.95%, 9/13/2024
100,000,000
100,076,312
6.00%, 9/20/2024
41,785,000
41,825,930
5.33%, 3/18/2025
88,059,000
87,894,311
Wells Fargo Bank NA (SOFR + 0.60%), 5.93%, 11/4/2024 (b)
123,732,000
123,951,128
Westpac Banking Corp. (Australia)
(SOFR + 0.27%), 5.60%, 2/21/2025 (b)
173,820,000
173,823,283
5.40%, 4/9/2025
39,062,000
39,032,003
Total Certificates of Deposit
(Cost $2,761,771,976)
2,762,691,135
JPMorgan Ultra-Short Income ETF
SCHEDULE OF PORTFOLIO INVESTMENTS
AS OF May 31, 2024 (Unaudited) (continued)
INVESTMENTS
PRINCIPAL
AMOUNT($)
VALUE($)
Short-Term Investments — continued
Commercial Paper — 14.3%
American Electric Power Co., Inc.
5.70%, 9/23/2024 (a) (g)
43,584,000
42,803,170
5.70%, 9/26/2024 (a) (g)
25,000,000
24,540,346
ANZ New Zealand Int'l Ltd. (New Zealand) 5.24%, 10/22/2024 (a)
49,466,000
48,402,679
Australia & New Zealand Banking Group Ltd. (Australia)
5.66%, 6/7/2024 (a) (g)
82,000,000
81,915,176
5.94%, 8/16/2024 (a)
2,883,000
2,850,380
Banco Santander SA (Spain) 5.27%, 10/11/2024 (a)
69,900,000
68,502,568
Bank of Montreal (Canada) (SOFR + 0.55%), 5.88%, 11/5/2024 (b)
82,000,000
82,133,321
BofA Securities, Inc.
5.38%, 2/26/2025 (g)
3,500,000
3,358,813
5.56%, 5/29/2025
107,609,000
101,878,532
Brookfield Corporate Treasury Ltd. (Canada)
5.85%, 6/25/2024 (a) (g)
60,070,000
59,832,408
5.90%, 6/26/2024 (a)
11,260,000
11,213,675
5.90%, 6/28/2024 (a) (g)
96,991,000
96,561,141
Coca-Cola Co. (The)
5.36%, 9/16/2024 (a) (g)
9,882,000
9,726,791
5.40%, 11/13/2024 (a)
46,482,000
45,347,175
Commonwealth Bank of Australia (Australia) 5.93%, 7/22/2024 (a)
132,398,000
131,378,300
Credit Agricole Corporate and Investment Bank (France) 5.30%, 10/4/2024 (g)
116,606,000
114,440,510
Credit Industriel et Commercial (France) 5.17%, 2/6/2025 (a) (g)
73,221,000
70,429,463
CRH America Finance, Inc.
6.01%, 6/18/2024 (a)
10,387,000
10,358,477
5.68%, 6/21/2024 (a) (g)
5,500,000
5,482,325
DNB Bank ASA (Norway)
5.14%, 2/7/2025 (a) (g)
142,168,000
136,943,326
5.49%, 5/29/2025 (a)
98,389,000
93,236,061
Eidp, Inc. 5.73%, 12/13/2024 (a) (g)
13,774,000
13,365,975
Enel Finance America LLC (Italy)
5.72%, 11/4/2024 (a)
16,328,000
15,929,946
5.73%, 11/18/2024 (a)
26,696,000
25,987,154
Entergy Corp. 5.70%, 7/9/2024 (a) (g)
20,107,000
19,985,758
First Abu Dhabi Bank PJSC (United Arab Emirates)
5.39%, 8/8/2024 (a)
22,621,000
22,387,740
5.33%, 10/8/2024 (a) (g)
193,918,000
190,120,260
5.56%, 2/28/2025 (a) (g)
70,000,000
67,198,209
General Motors Financial Co. Inc 5.70%, 11/27/2024 (a)
10,995,000
10,682,192
General Motors Financial Co., Inc.
6.00%, 6/5/2024 (a) (g)
16,800,000
16,787,273
5.65%, 6/24/2024 (a) (g)
4,500,000
4,483,298
Glencore Funding LLC (Australia)
5.74%, 7/8/2024 (a) (g)
14,792,000
14,703,199
5.76%, 8/30/2024 (a)
73,700,000
72,660,523
Henkel Corp. (Germany)
5.46%, 9/10/2024 (a) (g)
26,100,000
25,708,361
5.45%, 10/18/2024 (a) (g)
20,796,000
20,367,102
5.51%, 10/30/2024 (a) (g)
1,985,000
1,940,586
JPMorgan Ultra-Short Income ETF
SCHEDULE OF PORTFOLIO INVESTMENTS
AS OF May 31, 2024 (Unaudited) (continued)
INVESTMENTS
PRINCIPAL
AMOUNT($)
VALUE($)
Short-Term Investments — continued
Commercial Paper — continued
Henkel of America, Inc. (Germany)
5.46%, 9/30/2024 (a)
33,047,000
32,452,394
5.55%, 11/25/2024 (a)
47,595,000
46,349,943
5.47%, 11/26/2024 (a)
14,333,000
13,955,975
HSBC USA, Inc.
6.25%, 6/6/2024 (a) (g)
52,663,000
52,615,979
5.65%, 2/7/2025 (a)
30,000,000
28,868,142
5.92%, 5/20/2025 (a)
33,408,000
31,648,190
ING US Funding LLC (Netherlands)
5.89%, 6/14/2024 (g)
70,379,000
70,232,952
5.91%, 7/19/2024 (a) (g)
94,619,000
93,926,598
L3Harris Technologies, Inc.
6.32%, 8/27/2024 (a) (g)
33,020,000
32,569,015
6.22%, 8/29/2024 (a) (g)
12,500,000
12,325,313
LVMH Moet Hennessy Louis Vuitton SE (France)
5.42%, 1/3/2025 (a)
20,882,000
20,220,299
5.40%, 1/6/2025 (a) (g)
50,000,000
48,394,510
5.38%, 3/17/2025 (a)
35,209,000
33,734,323
LVMH Moet Hennessy Louis Vuitton, Inc. (France)
5.83%, 7/23/2024 (a) (g)
11,200,000
11,112,026
5.81%, 11/7/2024 (a)
6,955,000
6,791,274
Macquarie Bank Ltd (Australia) 5.43%, 10/22/2024 (a)
24,428,000
23,893,515
Macquarie Bank Ltd. (Australia)
6.00%, 8/20/2024 (a) (g)
19,877,000
19,631,335
5.77%, 11/20/2024 (a)
83,000,000
80,837,508
5.37%, 4/4/2025 (a) (g)
69,803,000
66,634,278
Macquarie International Finance Ltd. (Australia) 5.54%, 1/31/2025
8,268,000
7,965,792
National Bank of Canada (Canada) 5.47%, 4/30/2025 (a) (g)
29,000,000
27,584,599
NatWest Markets plc (United Kingdom) 5.31%, 10/23/2024 (a)
40,100,000
39,243,304
Philip Morris International, Inc. 5.51%, 6/4/2024 (a) (g)
1,200,000
1,199,289
Podium Funding Trust (Canada) (SOFR + 0.26%), 5.59%, 12/6/2024 (b)
57,500,000
57,498,015
Sempra 5.68%, 11/12/2024 (a) (g)
94,000,000
91,580,871
Skandinaviska Enskilda Banken AB (Sweden)
5.53%, 4/22/2025 (a) (g)
30,000,000
28,572,518
5.53%, 4/23/2025 (a) (g)
91,671,000
87,296,608
Societe Generale SA (France)
5.90%, 6/21/2024 (a) (g)
31,600,000
31,502,451
5.54%, 5/29/2025 (a)
69,544,000
65,864,518
Standard Chartered Bank (United Kingdom)
6.05%, 8/13/2024 (a) (g)
40,071,000
39,630,709
6.08%, 8/27/2024 (a)
6,290,000
6,207,144
5.36%, 2/14/2025 (a) (g)
85,143,000
81,898,084
Suncorp-Metway Ltd. (Australia) 5.44%, 7/2/2024 (a) (g)
17,895,000
17,809,719
Svenska Handelsbanken AB (Sweden) 6.00%, 8/22/2024 (a) (g)
67,788,000
66,958,981
Swedbank AB (Sweden) 5.33%, 7/1/2024 (g)
3,200,000
3,185,433
Telstra Group Ltd. (Australia)
5.58%, 6/12/2024 (a)
4,957,000
4,948,103
6.14%, 9/6/2024 (a) (g)
22,200,000
21,859,317
JPMorgan Ultra-Short Income ETF
SCHEDULE OF PORTFOLIO INVESTMENTS
AS OF May 31, 2024 (Unaudited) (continued)
INVESTMENTS
PRINCIPAL
AMOUNT($)
VALUE($)
Short-Term Investments — continued
Commercial Paper — continued
TELUS Corp. (Canada) 5.82%, 6/12/2024 (a)
14,887,000
14,859,915
Toronto-Dominion Bank (The) (Canada) 5.98%, 8/23/2024 (a) (g)
93,960,000
92,785,926
Total Finance USA, Inc. (France) 5.42%, 6/24/2024 (a) (g)
7,800,000
7,772,156
Westpac Banking Corp. (Australia) 5.91%, 9/13/2024 (a) (g)
57,366,000
56,474,198
Total Commercial Paper
(Cost $3,343,978,750)
3,342,533,432
 
SHARES
Investment Companies — 2.9%
JPMorgan U.S. Government Money Market Fund Class IM Shares, 5.26% (h) (i)
(Cost $662,393,409)
662,393,409
662,393,409
Investment of Cash Collateral from Securities Loaned — 0.0% ^
JPMorgan Securities Lending Money Market Fund Agency SL Class Shares, 5.47% (h) (i)
4,706,970
4,707,441
JPMorgan U.S. Government Money Market Fund Class IM Shares, 5.26% (h) (i)
1,062,896
1,062,896
Total Investment of Cash Collateral from Securities Loaned
(Cost $5,770,337)
5,770,337
 
PRINCIPAL
AMOUNT($)
Repurchase Agreements — 1.0%
Wells Fargo Securities LLC, 5.78%, dated 5/31/2024, due 9/06/2024, repurchase price $243,776,267,
collateralized by Collateralized Mortgage Obligations, 0.20% - 11.71%, due 8/25/2028 - 6/25/2069, Municipal
Debt Securities, 0.00% - 5.00%, due 7/1/2032 - 12/1/2040 and Sovereign Government Securities, 5.00%, due
3/16/2026 with the value of $265,694,451.
(Cost $240,000,000)
240,000,000
240,000,000
Total Short-Term Investments
(Cost $7,013,914,472)
7,013,388,313
Total Investments — 100.0%
(Cost $23,363,432,200)
23,362,876,214
Other Assets Less Liabilities — 0.0% ^
8,576,948
NET ASSETS — 100.0%
23,371,453,162
 
Percentages indicated are based on net assets.
 
Abbreviations
 
CIFC
Commercial Industrial Finance Corp.
CLO
Collateralized Loan Obligations
CME
Chicago Mercantile Exchange
PJSC
Public Joint Stock Company
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 May 31, 2024.
 
(c)
The security or a portion of this security is on loan at May 31, 2024. The total value of securities on loan at May 31, 2024 is $5,634,772.
 
(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 May 31, 2024.
 
(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 May 31, 2024.
 
JPMorgan Ultra-Short Income ETF
SCHEDULE OF PORTFOLIO INVESTMENTS
AS OF May 31, 2024 (Unaudited) (continued)
(f)
All or a portion of the security is a when-issued security, delayed delivery security, or forward commitment.
 
(g)
The rate shown is the effective yield as of May 31, 2024.
 
(h)
Investment in an affiliated fund, which is registered under the Investment Company Act of 1940, as amended, and is advised by J.P. Morgan
Investment Management Inc.
 
(i)
The rate shown is the current yield as of May 31, 2024.
 
JPMorgan Ultra-Short Income 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.
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 net asset value per share as of the report date.
Valuations reflected in this report are as of the report date. As a result, changes in valuation due to market events and/or issuer-related events after the report date and prior to issuance of the report are not reflected herein.
The various inputs that are used in determining the valuation of the Fund's investments are summarized into the three broad levels listed below.
•
Level 1 — Unadjusted inputs using quoted prices in active markets for identical investments.
•
Level 2 — Other significant observable inputs including, but not limited to, quoted prices for similar investments, inputs other than quoted prices that are observable for investments (such as interest rates, prepayment speeds, credit risk, etc.) or other market corroborated inputs.
•
Level 3 — Significant inputs based on the best information available in the circumstances, to the extent observable inputs are not available (including the Fund's assumptions in determining the fair value of investments).
A financial instrument’s level within the fair value hierarchy is based on the lowest level of any input, both individually and in the aggregate, that is significant to the fair value measurement. The inputs or methodology used for valuing instruments are not necessarily an indication of the risk associated with investing in those instruments.
The following table represents each valuation input as presented on the Schedule of Portfolio Investments: 
 
 
 
 
 
 
Level 1
Quoted prices
Level 2
Other significant
observable inputs
Level 3
Significant
unobservable inputs
Total
Investments in Securities
Asset-Backed Securities
$—
$3,232,139,813
$—
$3,232,139,813
Commercial Mortgage-Backed Securities
—
6,016,865
—
6,016,865
Corporate Bonds
—
12,585,986,035
—
12,585,986,035
U.S. Treasury Obligations
—
525,345,188
—
525,345,188
Short-Term Investments
Certificates of Deposits
—
2,762,691,135
—
2,762,691,135
JPMorgan Ultra-Short Income ETF
SCHEDULE OF PORTFOLIO INVESTMENTS
AS OF May 31, 2024 (Unaudited) (continued)
 
 
 
 
 
 
Level 1
Quoted prices
Level 2
Other significant
observable inputs
Level 3
Significant
unobservable inputs
Total
Commercial Paper
$—
$3,342,533,432
$—
$3,342,533,432
Investment Companies
662,393,409
—
—
662,393,409
Investment of Cash Collateral from Securities
Loaned
5,770,337
—
—
5,770,337
Repurchase Agreements
—
240,000,000
—
240,000,000
Total Short-Term Investments
668,163,746
6,345,224,567
—
7,013,388,313
Total Investments in Securities
$668,163,746
$22,694,712,468
$—
$23,362,876,214
There were no significant transfers into or out of level 3 for the period ended May 31, 2024.
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 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 Securities
Lending Money
Market Fund
Agency SL
Class Shares,
5.47%  (a) (b)
$27,711,282
$32,000,000
$55,000,000
$(3,841
)
$—
$4,707,441
4,706,970
$178,662
$—
JPMorgan
U.S. Government
Money Market
Fund Class IM
Shares, 5.26%
 (a) (b)
4,046,410
14,966,211
17,949,725
—
—
1,062,896
1,062,896
28,987
—
JPMorgan
U.S. Government
Money Market
Fund Class IM
Shares, 5.26%
 (a) (b)
1,101,895,063
2,858,382,612
3,297,884,266
—
—
662,393,409
662,393,409
9,553,475
—
Total
$1,133,652,755
$2,905,348,823
$3,370,833,991
$(3,841
)
$—
$668,163,746
$9,761,124
$—
 
 
(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.