NPORT-EX 2 JPMUSDEMSBETF.htm EDGAR HTML
JPMorgan USD Emerging Markets Sovereign Bond 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 USD Emerging Markets Sovereign Bond ETF
SCHEDULE OF PORTFOLIO INVESTMENTS
AS OF May 31, 2024 (Unaudited)
 
INVESTMENTS
PRINCIPAL
AMOUNT($)
VALUE($)
Foreign Government Securities — 85.4%
Azerbaijan — 0.2%
Republic of Azerbaijan
3.50%, 9/1/2032 (a)
1,447,000
1,219,850
3.50%, 9/1/2032 (b)
1,000
843
 
1,220,693
Bahrain — 4.3%
CBB International Sukuk Co. 7 SPC 6.88%, 10/5/2025 (a)
1,758,000
1,774,472
CBB International Sukuk Programme Co. SPC
4.50%, 3/30/2027 (a)
1,200,000
1,152,900
3.95%, 9/16/2027 (a)
1,815,000
1,711,962
Kingdom of Bahrain
7.00%, 1/26/2026 (a)
1,164,000
1,173,696
7.00%, 10/12/2028 (a)
2,689,000
2,768,971
7.00%, 10/12/2028 (b)
202,000
208,008
6.75%, 9/20/2029 (a)
3,307,000
3,349,858
7.38%, 5/14/2030 (a)
847,000
882,659
5.63%, 9/30/2031 (a)
3,406,000
3,207,192
5.45%, 9/16/2032 (a)
3,935,000
3,624,961
5.25%, 1/25/2033 (a)
2,382,000
2,132,105
5.63%, 5/18/2034 (a)
3,203,000
2,895,192
6.00%, 9/19/2044 (a)
900,000
743,139
 
25,625,115
Brazil — 5.5%
Federative Republic of Brazil
2.88%, 6/6/2025
484,000
469,340
6.00%, 4/7/2026
2,736,000
2,747,520
4.63%, 1/13/2028
877,000
845,428
4.50%, 5/30/2029
4,461,000
4,173,265
3.88%, 6/12/2030
6,186,000
5,459,145
6.00%, 10/20/2033
5,073,000
4,903,054
8.25%, 1/20/2034
1,978,000
2,258,876
5.00%, 1/27/2045
3,541,000
2,726,570
5.63%, 2/21/2047
3,501,000
2,902,329
4.75%, 1/14/2050
8,188,000
5,895,360
7.13%, 5/13/2054
637,000
622,031
 
33,002,918
Chile — 1.9%
Republic of Chile
3.24%, 2/6/2028
1,653,000
1,542,456
2.55%, 1/27/2032
1,883,000
1,569,363
2.55%, 7/27/2033
4,386,000
3,527,989
3.50%, 1/31/2034
300,000
258,562
4.95%, 1/5/2036
608,000
578,930
3.10%, 5/7/2041
3,633,000
2,637,331
3.25%, 9/21/2071
2,113,000
1,289,590
 
11,404,221
JPMorgan USD Emerging Markets Sovereign Bond ETF
SCHEDULE OF PORTFOLIO INVESTMENTS
AS OF May 31, 2024 (Unaudited) (continued)
INVESTMENTS
PRINCIPAL
AMOUNT($)
VALUE($)
Foreign Government Securities — continued
China — 1.1%
Export-Import Bank of China (The) 2.88%, 4/26/2026 (a)
1,813,000
1,740,480
People's Republic of China
1.25%, 10/26/2026 (a)
1,711,000
1,572,221
2.63%, 11/2/2027 (a)
2,806,000
2,636,763
3.50%, 10/19/2028 (a)
776,000
744,882
 
6,694,346
Colombia — 4.3%
Republic of Colombia
4.50%, 3/15/2029
1,764,000
1,595,538
3.00%, 1/30/2030
4,075,000
3,304,825
3.13%, 4/15/2031
1,709,000
1,337,293
3.25%, 4/22/2032
5,809,000
4,417,744
8.00%, 4/20/2033
200,000
205,900
7.38%, 9/18/2037
4,994,000
4,819,210
6.13%, 1/18/2041
3,479,000
2,892,788
4.13%, 2/22/2042
2,861,000
1,865,372
5.63%, 2/26/2044
1,086,000
828,075
5.00%, 6/15/2045
2,039,000
1,427,300
5.20%, 5/15/2049
3,285,000
2,296,215
8.75%, 11/14/2053
439,000
458,975
3.88%, 2/15/2061
315,000
172,463
 
25,621,698
Costa Rica — 1.5%
Republic of Costa Rica
6.13%, 2/19/2031 (a)
2,051,000
2,052,025
6.55%, 4/3/2034 (a)
200,000
204,500
7.00%, 4/4/2044 (a)
2,123,000
2,156,968
7.16%, 3/12/2045 (a)
2,955,000
3,076,894
7.30%, 11/13/2054 (a)
1,404,000
1,469,374
 
8,959,761
Dominican Republic — 4.4%
Dominican Republic Government Bond
6.88%, 1/29/2026 (a)
1,899,000
1,921,551
5.95%, 1/25/2027 (a)
1,971,000
1,956,833
6.00%, 7/19/2028 (a)
2,763,000
2,742,277
4.50%, 1/30/2030 (a)
5,467,000
4,953,102
4.88%, 9/23/2032 (a)
2,322,000
2,071,224
6.00%, 2/22/2033 (a)
1,242,000
1,202,411
5.30%, 1/21/2041 (a)
3,102,000
2,626,037
7.45%, 4/30/2044 (b)
109,000
113,633
6.85%, 1/27/2045 (a)
787,000
772,982
6.40%, 6/5/2049 (b)
2,968,000
2,768,587
6.40%, 6/5/2049 (a)
1,304,000
1,216,388
5.88%, 1/30/2060 (a)
5,002,000
4,216,686
 
26,561,711
JPMorgan USD Emerging Markets Sovereign Bond ETF
SCHEDULE OF PORTFOLIO INVESTMENTS
AS OF May 31, 2024 (Unaudited) (continued)
INVESTMENTS
PRINCIPAL
AMOUNT($)
VALUE($)
Foreign Government Securities — continued
Egypt — 1.2%
Arab Republic of Egypt
5.88%, 6/11/2025 (a)
533,000
523,939
6.59%, 2/21/2028 (a)
234,000
217,569
7.60%, 3/1/2029 (a)
1,379,000
1,283,849
7.05%, 1/15/2032 (a)
2,103,000
1,750,747
7.63%, 5/29/2032 (a)
249,000
212,957
8.70%, 3/1/2049 (a)
3,180,000
2,527,369
8.88%, 5/29/2050 (a)
303,000
244,751
Egyptian Financial Co. for Sovereign Taskeek (The) 10.88%, 2/28/2026 (a)
602,000
624,575
 
7,385,756
Guatemala — 0.5%
Republic of Guatemala
6.60%, 6/13/2036 (a)
1,033,000
1,034,937
6.13%, 6/1/2050 (a)
2,176,000
1,964,520
 
2,999,457
Hungary — 2.0%
Hungary Government Bond
6.13%, 5/22/2028 (a)
1,394,000
1,419,580
5.25%, 6/16/2029 (a)
3,168,000
3,096,245
2.13%, 9/22/2031 (a)
332,000
260,872
6.25%, 9/22/2032 (a)
700,000
716,093
5.50%, 6/16/2034 (a)
344,000
332,025
5.50%, 3/26/2036 (a)
893,000
850,449
7.63%, 3/29/2041
2,434,000
2,745,625
3.13%, 9/21/2051 (a)
1,024,000
636,631
6.75%, 9/25/2052 (a)
1,364,000
1,448,664
Magyar Export-Import Bank Zrt. 6.13%, 12/4/2027 (a)
764,000
768,064
 
12,274,248
India — 0.5%
Export-Import Bank of India
3.88%, 2/1/2028 (a)
200,000
190,250
3.25%, 1/15/2030 (a)
589,000
527,061
2.25%, 1/13/2031 (a)
1,724,000
1,415,835
5.50%, 1/18/2033 (a)
798,000
799,745
 
2,932,891
Indonesia — 3.4%
Perusahaan Penerbit SBSN Indonesia III
4.33%, 5/28/2025 (a)
578,000
571,527
4.55%, 3/29/2026 (a)
1,013,000
1,000,449
1.50%, 6/9/2026 (a)
314,000
291,039
4.15%, 3/29/2027 (a)
1,260,000
1,223,775
4.45%, 2/20/2029 (a)
465,000
450,759
2.80%, 6/23/2030 (a)
1,081,000
947,902
2.55%, 6/9/2031 (a)
287,000
241,259
4.70%, 6/6/2032 (a)
339,000
327,771
5.60%, 11/15/2033 (a)
334,000
342,872
JPMorgan USD Emerging Markets Sovereign Bond ETF
SCHEDULE OF PORTFOLIO INVESTMENTS
AS OF May 31, 2024 (Unaudited) (continued)
INVESTMENTS
PRINCIPAL
AMOUNT($)
VALUE($)
Foreign Government Securities — continued
Indonesia—continued
Republic of Indonesia
3.50%, 1/11/2028
1,970,000
1,850,569
4.10%, 4/24/2028
2,014,000
1,929,034
4.75%, 2/11/2029
200,000
196,313
4.65%, 9/20/2032
2,443,000
2,336,882
4.85%, 1/11/2033
1,850,000
1,795,425
6.63%, 2/17/2037 (a)
1,214,000
1,347,919
6.63%, 2/17/2037 (b)
145,000
160,995
7.75%, 1/17/2038 (a)
1,229,000
1,499,515
4.63%, 4/15/2043 (a)
490,000
443,144
4.20%, 10/15/2050 (c)
3,263,000
2,659,345
3.05%, 3/12/2051
1,418,000
953,605
 
20,570,099
Iraq — 0.3%
Republic of Iraq 5.80%, 1/15/2028 (a)
1,963,000
1,862,121
Ivory Coast — 0.8%
Republic of Cote d'Ivoire
6.13%, 6/15/2033 (a)
2,268,000
2,015,912
8.25%, 1/30/2037 (a)
3,025,000
2,941,056
 
4,956,968
Jamaica — 1.2%
Jamaica Government Bond
6.75%, 4/28/2028
2,568,000
2,624,175
7.88%, 7/28/2045
3,773,000
4,376,680
 
7,000,855
Jordan — 1.2%
Hashemite Kingdom of Jordan
5.75%, 1/31/2027 (a)
3,090,000
2,988,648
7.50%, 1/13/2029 (a)
1,283,000
1,279,792
5.85%, 7/7/2030 (a)
2,422,000
2,228,870
7.38%, 10/10/2047 (a)
1,160,000
1,009,908
 
7,507,218
Kazakhstan — 0.6%
Republic of Kazakhstan
3.88%, 10/14/2024 (b)
350,000
348,408
3.88%, 10/14/2024 (a)
499,000
496,730
5.13%, 7/21/2025 (a)
307,000
306,886
4.88%, 10/14/2044 (a)
1,115,000
1,062,628
6.50%, 7/21/2045 (a)
1,006,000
1,130,392
 
3,345,044
Kenya — 1.1%
Republic of Kenya
7.25%, 2/28/2028 (a)
1,099,000
1,030,466
8.00%, 5/22/2032 (a)
4,343,000
3,957,559
JPMorgan USD Emerging Markets Sovereign Bond ETF
SCHEDULE OF PORTFOLIO INVESTMENTS
AS OF May 31, 2024 (Unaudited) (continued)
INVESTMENTS
PRINCIPAL
AMOUNT($)
VALUE($)
Foreign Government Securities — continued
Kenya—continued
6.30%, 1/23/2034 (a)
277,000
218,814
8.25%, 2/28/2048 (a)
1,840,000
1,538,019
 
6,744,858
Kuwait — 0.6%
State of Kuwait 3.50%, 3/20/2027 (a)
3,899,000
3,735,710
Malaysia — 0.1%
Malaysia Sukuk Global Bhd. 3.18%, 4/27/2026 (a)
752,000
725,680
Mexico — 4.2%
United Mexican States
4.15%, 3/28/2027
742,000
716,726
3.75%, 1/11/2028
3,444,000
3,249,199
4.50%, 4/22/2029
1,074,000
1,027,348
2.66%, 5/24/2031
1,586,000
1,307,657
4.75%, 4/27/2032
800,000
743,600
3.50%, 2/12/2034
4,795,000
3,922,909
6.75%, 9/27/2034
1,723,000
1,811,842
6.35%, 2/9/2035
268,000
270,546
6.05%, 1/11/2040
1,000,000
968,000
4.75%, 3/8/2044
2,602,000
2,105,018
4.60%, 1/23/2046
4,519,000
3,527,079
4.40%, 2/12/2052 (c)
2,282,000
1,681,834
6.34%, 5/4/2053
1,198,000
1,143,716
3.77%, 5/24/2061
262,000
162,964
3.75%, 4/19/2071
4,833,000
2,943,297
 
25,581,735
Morocco — 1.0%
Kingdom of Morocco
5.95%, 3/8/2028 (a)
1,410,000
1,410,888
3.00%, 12/15/2032 (a)
3,647,000
2,912,932
6.50%, 9/8/2033 (a)
842,000
858,482
4.00%, 12/15/2050 (a)
1,201,000
811,228
 
5,993,530
Nigeria — 2.9%
Federal Republic of Nigeria
7.63%, 11/21/2025 (a)
1,900,000
1,904,883
6.50%, 11/28/2027 (a)
335,000
312,749
6.13%, 9/28/2028 (a)
1,475,000
1,309,712
8.38%, 3/24/2029 (a)
2,642,000
2,516,505
7.14%, 2/23/2030 (a)
1,014,000
892,857
8.75%, 1/21/2031 (a)
1,516,000
1,428,587
7.88%, 2/16/2032 (a)
1,675,000
1,477,769
7.38%, 9/28/2033 (a)
6,528,000
5,437,236
7.63%, 11/28/2047 (a)
2,003,000
1,499,927
8.25%, 9/28/2051 (a)
1,061,000
836,991
 
17,617,216
JPMorgan USD Emerging Markets Sovereign Bond ETF
SCHEDULE OF PORTFOLIO INVESTMENTS
AS OF May 31, 2024 (Unaudited) (continued)
INVESTMENTS
PRINCIPAL
AMOUNT($)
VALUE($)
Foreign Government Securities — continued
Oman — 5.0%
Oman Sovereign Sukuk SAOC
5.93%, 10/31/2025 (a)
1,704,000
1,707,936
4.88%, 6/15/2030 (a)
2,492,000
2,411,708
Sultanate of Oman Government Bond
4.75%, 6/15/2026 (a)
3,378,000
3,318,007
6.75%, 10/28/2027 (a)
2,233,000
2,299,990
5.63%, 1/17/2028 (a)
2,620,000
2,612,480
6.00%, 8/1/2029 (a)
3,563,000
3,598,630
6.25%, 1/25/2031 (a)
3,124,000
3,202,100
7.38%, 10/28/2032 (a)
3,580,000
3,941,079
6.50%, 3/8/2047 (a)
2,182,000
2,144,033
6.75%, 1/17/2048 (a)
2,360,000
2,365,900
7.00%, 1/25/2051 (a)
2,649,000
2,754,245
 
30,356,108
Pakistan — 1.0%
Islamic Republic of Pakistan
6.00%, 4/8/2026 (a)
255,000
230,695
6.88%, 12/5/2027 (a)
4,310,000
3,771,250
7.38%, 4/8/2031 (a)
2,350,000
1,923,328
 
5,925,273
Panama — 2.2%
Republic of Panama
3.88%, 3/17/2028
700,000
641,813
3.16%, 1/23/2030
2,322,000
1,937,714
2.25%, 9/29/2032
2,145,000
1,530,994
3.30%, 1/19/2033 (c)
997,000
763,204
6.70%, 1/26/2036
2,712,000
2,606,062
6.88%, 1/31/2036
316,000
306,026
4.30%, 4/29/2053
611,000
385,312
6.85%, 3/28/2054
1,008,000
910,665
3.87%, 7/23/2060 (c)
3,474,000
1,953,039
4.50%, 1/19/2063
3,243,000
2,042,077
 
13,076,906
Paraguay — 0.7%
Republic of Paraguay
4.95%, 4/28/2031 (a)
1,610,000
1,527,991
6.10%, 8/11/2044 (a)
3,024,000
2,869,965
 
4,397,956
Peru — 2.0%
Republic of Peru
4.13%, 8/25/2027
350,000
336,000
2.78%, 1/23/2031
1,547,000
1,305,281
1.86%, 12/1/2032
4,292,000
3,201,564
8.75%, 11/21/2033
1,166,000
1,400,293
3.00%, 1/15/2034
1,371,000
1,098,942
6.55%, 3/14/2037
172,000
181,353
JPMorgan USD Emerging Markets Sovereign Bond ETF
SCHEDULE OF PORTFOLIO INVESTMENTS
AS OF May 31, 2024 (Unaudited) (continued)
INVESTMENTS
PRINCIPAL
AMOUNT($)
VALUE($)
Foreign Government Securities — continued
Peru—continued
3.30%, 3/11/2041
2,325,000
1,694,344
3.55%, 3/10/2051
100,000
69,531
2.78%, 12/1/2060
1,691,000
930,578
3.23%, 7/28/2121
3,281,000
1,797,988
 
12,015,874
Philippines — 2.8%
Republic of Philippines
5.50%, 3/30/2026
1,483,000
1,488,098
3.00%, 2/1/2028
2,063,000
1,908,502
3.75%, 1/14/2029
1,868,000
1,751,834
9.50%, 2/2/2030
561,000
678,109
2.46%, 5/5/2030
1,448,000
1,243,922
6.38%, 1/15/2032
200,000
213,000
5.00%, 7/17/2033
500,000
489,219
6.38%, 10/23/2034
408,000
441,532
5.00%, 1/13/2037
2,135,000
2,056,939
3.95%, 1/20/2040
1,157,000
959,587
3.70%, 3/1/2041
2,731,000
2,167,731
3.70%, 2/2/2042
2,339,000
1,838,308
2.65%, 12/10/2045
1,757,000
1,118,084
4.20%, 3/29/2047
422,000
343,449
5.50%, 1/17/2048
300,000
295,908
 
16,994,222
Poland — 2.2%
Republic of Poland
3.25%, 4/6/2026
4,112,000
3,984,651
5.50%, 11/16/2027
302,000
306,581
5.75%, 11/16/2032
229,000
236,001
4.88%, 10/4/2033
3,711,000
3,578,480
5.50%, 4/4/2053
5,328,000
5,142,266
 
13,247,979
Qatar — 2.6%
State of Qatar
3.40%, 4/16/2025 (a)
1,178,000
1,158,174
3.25%, 6/2/2026 (a)
1,286,000
1,239,022
4.50%, 4/23/2028 (a)
828,000
815,903
4.00%, 3/14/2029 (a)
2,463,000
2,368,421
3.75%, 4/16/2030 (a)
2,043,000
1,922,463
6.40%, 1/20/2040 (a)
980,000
1,081,322
4.63%, 6/2/2046 (a)
759,000
680,823
4.82%, 3/14/2049 (a)
1,987,000
1,812,025
4.40%, 4/16/2050 (a)
5,332,000
4,545,530
 
15,623,683
Romania — 2.0%
Romania Government Bond
3.00%, 2/27/2027 (a)
3,234,000
2,995,816
JPMorgan USD Emerging Markets Sovereign Bond ETF
SCHEDULE OF PORTFOLIO INVESTMENTS
AS OF May 31, 2024 (Unaudited) (continued)
INVESTMENTS
PRINCIPAL
AMOUNT($)
VALUE($)
Foreign Government Securities — continued
Romania—continued
5.25%, 11/25/2027 (a)
340,000
332,649
6.63%, 2/17/2028 (a)
832,000
850,836
5.88%, 1/30/2029 (a)
1,392,000
1,381,421
3.63%, 3/27/2032 (a)
156,000
131,243
6.00%, 5/25/2034 (a)
570,000
557,637
6.13%, 1/22/2044 (a) (c)
3,860,000
3,662,831
5.13%, 6/15/2048 (a)
1,050,000
881,013
4.00%, 2/14/2051 (a)
366,000
252,427
7.63%, 1/17/2053 (a)
1,110,000
1,203,906
 
12,249,779
Saudi Arabia — 4.0%
Kingdom of Saudi Arabia
4.00%, 4/17/2025 (a)
968,000
955,552
3.25%, 10/26/2026 (a)
238,000
227,780
2.50%, 2/3/2027 (a)
3,795,000
3,540,317
4.75%, 1/18/2028 (a)
500,000
493,735
3.63%, 3/4/2028 (a)
4,620,000
4,378,005
4.38%, 4/16/2029 (a)
1,062,000
1,028,547
4.50%, 4/17/2030 (a)
500,000
481,550
2.25%, 2/2/2033 (a)
3,868,000
3,065,313
5.00%, 1/16/2034 (a)
395,000
384,137
4.50%, 10/26/2046 (a)
4,288,000
3,590,686
4.63%, 10/4/2047 (a)
1,369,000
1,160,364
5.00%, 4/17/2049 (a)
300,000
266,457
5.25%, 1/16/2050 (a)
1,858,000
1,705,644
3.75%, 1/21/2055 (a)
1,100,000
769,527
3.45%, 2/2/2061 (a)
2,204,000
1,413,315
KSA Sukuk Ltd. 2.25%, 5/17/2031 (a)
461,000
384,949
 
23,845,878
Serbia — 0.4%
Republic of Serbia 6.50%, 9/26/2033 (a)
2,325,000
2,325,000
South Africa — 3.9%
Republic of South Africa
5.88%, 9/16/2025
2,930,000
2,897,038
4.88%, 4/14/2026
1,395,000
1,344,431
4.85%, 9/27/2027
1,013,000
961,844
4.30%, 10/12/2028
3,225,000
2,885,972
4.85%, 9/30/2029
6,869,000
6,142,603
5.88%, 6/22/2030
200,000
185,575
5.88%, 4/20/2032
403,000
362,196
5.38%, 7/24/2044
376,000
270,194
5.00%, 10/12/2046
623,000
418,968
5.65%, 9/27/2047
5,322,000
3,835,166
5.75%, 9/30/2049
620,000
445,625
7.30%, 4/20/2052
4,435,000
3,803,012
 
23,552,624
JPMorgan USD Emerging Markets Sovereign Bond ETF
SCHEDULE OF PORTFOLIO INVESTMENTS
AS OF May 31, 2024 (Unaudited) (continued)
INVESTMENTS
PRINCIPAL
AMOUNT($)
VALUE($)
Foreign Government Securities — continued
Trinidad And Tobago — 0.3%
Republic of Trinidad and Tobago 4.50%, 8/4/2026 (a)
1,905,000
1,843,683
Turkey — 7.5%
Hazine Mustesarligi Varlik Kiralama A/S
5.13%, 6/22/2026 (a)
1,557,000
1,522,839
7.25%, 2/24/2027 (a)
4,915,000
4,986,145
8.51%, 1/14/2029 (a)
400,000
423,240
Republic of Turkey
6.38%, 10/14/2025
680,000
680,340
4.75%, 1/26/2026
4,696,000
4,572,589
4.25%, 4/14/2026
2,569,000
2,476,593
4.88%, 10/9/2026
2,855,000
2,758,273
6.00%, 3/25/2027
451,000
444,636
5.13%, 2/17/2028
3,756,000
3,544,725
6.13%, 10/24/2028
1,241,000
1,208,449
7.63%, 4/26/2029
1,252,000
1,277,866
9.13%, 7/13/2030
625,000
677,672
5.95%, 1/15/2031
4,250,000
3,926,363
5.88%, 6/26/2031
1,820,000
1,670,760
9.38%, 1/19/2033
2,137,000
2,380,810
6.50%, 9/20/2033
2,073,000
1,942,463
6.88%, 3/17/2036
3,143,000
2,958,474
6.75%, 5/30/2040
955,000
859,978
6.00%, 1/14/2041
3,980,000
3,289,788
5.75%, 5/11/2047
5,047,000
3,855,908
 
45,457,911
United Arab Emirates — 2.4%
Finance Department Government of Sharjah 6.13%, 3/6/2036 (a)
635,000
629,006
Sharjah Sukuk Program Ltd.
4.23%, 3/14/2028 (a)
700,000
663,544
3.23%, 10/23/2029 (a)
438,000
388,217
United Arab Emirates Government Bond
3.13%, 5/3/2026 (a)
501,000
481,398
3.13%, 10/11/2027 (a)
1,975,000
1,858,969
1.63%, 6/2/2028 (a)
3,864,000
3,395,490
2.50%, 9/30/2029 (a)
758,000
672,725
2.00%, 10/19/2031 (a)
1,810,000
1,484,508
6.50%, 11/23/2032 (a)
400,000
412,208
3.13%, 9/30/2049 (a)
1,604,000
1,090,559
3.88%, 4/16/2050 (a)
368,000
287,040
3.90%, 9/9/2050 (a)
519,000
376,607
4.95%, 7/7/2052 (a)
567,000
523,154
3.25%, 10/19/2061 (a)
562,000
370,566
2.70%, 9/2/2070 (a)
3,352,000
1,883,589
 
14,517,580
Uruguay — 1.6%
Oriental Republic of Uruguay
4.38%, 10/27/2027
450,000
443,925
JPMorgan USD Emerging Markets Sovereign Bond ETF
SCHEDULE OF PORTFOLIO INVESTMENTS
AS OF May 31, 2024 (Unaudited) (continued)
INVESTMENTS
PRINCIPAL
AMOUNT($)
VALUE($)
Foreign Government Securities — continued
Uruguay—continued
4.38%, 1/23/2031
2,921,000
2,826,067
5.75%, 10/28/2034
895,000
923,193
7.63%, 3/21/2036
180,000
213,300
5.10%, 6/18/2050
2,939,000
2,747,965
4.98%, 4/20/2055
2,438,000
2,207,152
 
9,361,602
Total Foreign Government Securities
(Cost $517,830,041)
515,115,907
Corporate Bonds — 12.3%
Azerbaijan — 0.5%
Southern Gas Corridor CJSC 6.88%, 3/24/2026 (a)
2,749,000
2,763,075
Bahrain — 0.2%
Bapco Energies BSC Closed 7.50%, 10/25/2027 (a)
1,417,000
1,439,389
Chile — 0.9%
Corp. Nacional del Cobre de Chile
3.00%, 9/30/2029 (a)
1,395,000
1,221,933
5.95%, 1/8/2034 (a)
565,000
558,820
4.50%, 8/1/2047 (a)
1,350,000
1,055,109
4.38%, 2/5/2049 (a)
956,000
727,755
3.70%, 1/30/2050 (a) (c)
1,649,000
1,111,014
Empresa de Transporte de Pasajeros Metro SA 4.70%, 5/7/2050 (a)
683,000
550,029
 
5,224,660
China — 1.4%
China Development Bank 1.00%, 10/27/2025 (a)
890,000
839,103
CNAC HK Finbridge Co. Ltd. 4.13%, 7/19/2027 (a)
200,000
192,312
Sinopec Group Overseas Development 2012 Ltd. 4.88%, 5/17/2042 (a)
1,320,000
1,246,621
Sinopec Group Overseas Development 2018 Ltd.
2.15%, 5/13/2025 (a)
900,000
872,721
2.95%, 11/12/2029 (a)
601,000
548,088
2.70%, 5/13/2030 (a)
472,000
421,043
2.30%, 1/8/2031 (a)
1,044,000
898,164
SPIC MTN Co. Ltd. 1.63%, 7/27/2025 (a)
1,076,000
1,027,916
State Grid Overseas Investment BVI Ltd.
3.50%, 5/4/2027 (a)
1,749,000
1,674,598
1.63%, 8/5/2030 (a)
805,000
669,599
 
8,390,165
Hong Kong — 0.3%
China Life Insurance Overseas Co. Ltd. (US Treasury Yield Curve Rate T Note Constant Maturity 5 Year + 1.23%), 5.35%,
8/15/2033 (a) (d)
1,685,000
1,690,527
Hungary — 0.2%
MFB Magyar Fejlesztesi Bank Zrt. 6.50%, 6/29/2028 (a)
1,082,000
1,096,758
Indonesia — 0.7%
Indonesia Asahan Aluminium PT 4.75%, 5/15/2025 (a)
343,000
338,922
Pertamina Persero PT
JPMorgan USD Emerging Markets Sovereign Bond ETF
SCHEDULE OF PORTFOLIO INVESTMENTS
AS OF May 31, 2024 (Unaudited) (continued)
INVESTMENTS
PRINCIPAL
AMOUNT($)
VALUE($)
Corporate Bonds — continued
Indonesia — continued
5.63%, 5/20/2043 (a)
600,000
572,438
6.45%, 5/30/2044 (a)
297,000
308,137
4.18%, 1/21/2050 (a)
1,466,000
1,121,032
Perusahaan Perseroan Persero PT Perusahaan Listrik Negara
4.13%, 5/15/2027 (a)
500,000
480,156
5.45%, 5/21/2028 (a)
253,000
251,267
5.25%, 10/24/2042 (a)
825,000
737,344
6.15%, 5/21/2048 (a)
262,000
256,760
 
4,066,056
Malaysia — 1.2%
Petronas Capital Ltd.
3.50%, 4/21/2030 (a)
1,640,000
1,498,796
2.48%, 1/28/2032 (a)
3,323,000
2,746,194
3.40%, 4/28/2061 (a)
4,448,000
2,955,696
 
7,200,686
Mexico — 3.3%
Banco Nacional de Comercio Exterior SNC 4.38%, 10/14/2025 (a)
758,000
743,788
Mexico City Airport Trust 5.50%, 7/31/2047 (a)
844,000
711,070
Petroleos Mexicanos
4.50%, 1/23/2026
2,210,000
2,091,058
6.88%, 8/4/2026
317,000
309,202
6.50%, 1/23/2029
481,000
435,016
8.75%, 6/2/2029
3,455,000
3,384,138
6.84%, 1/23/2030
323,000
285,626
6.70%, 2/16/2032
4,309,000
3,619,129
10.00%, 2/7/2033
743,000
748,201
6.63%, 6/15/2035
2,131,000
1,635,542
6.50%, 6/2/2041
5,655,000
3,916,087
6.75%, 9/21/2047
1,794,000
1,195,719
7.69%, 1/23/2050
1,270,000
921,893
 
19,996,469
Oman — 0.1%
EDO Sukuk Ltd. 5.88%, 9/21/2033 (b)
903,000
912,418
Panama — 0.1%
Aeropuerto Internacional de Tocumen SA 5.13%, 8/11/2061 (a)
882,000
640,001
Banco Nacional de Panama 2.50%, 8/11/2030 (a)
200,000
153,250
 
793,251
Peru — 0.2%
Petroleos del Peru SA
4.75%, 6/19/2032 (a)
439,000
315,421
5.63%, 6/19/2047 (a)
1,894,000
1,126,930
 
1,442,351
Poland — 0.4%
Bank Gospodarstwa Krajowego 5.38%, 5/22/2033 (a)
2,232,000
2,181,780
JPMorgan USD Emerging Markets Sovereign Bond ETF
SCHEDULE OF PORTFOLIO INVESTMENTS
AS OF May 31, 2024 (Unaudited) (continued)
INVESTMENTS
PRINCIPAL
AMOUNT($)
VALUE($)
Corporate Bonds — continued
Qatar — 0.6%
QatarEnergy 2.25%, 7/12/2031 (a)
600,000
496,470
QatarEnergy Trading LLC 3.13%, 7/12/2041 (a)
3,900,000
2,868,177
 
3,364,647
Saudi Arabia — 0.7%
Gaci First Investment Co.
5.00%, 10/13/2027 (a)
701,000
695,210
5.00%, 1/29/2029 (a)
201,000
197,106
4.75%, 2/14/2030 (a)
820,000
793,563
4.88%, 2/14/2035 (a)
1,552,000
1,460,618
5.13%, 2/14/2053 (a)
878,000
751,287
Suci Second Investment Co. 6.25%, 10/25/2033 (a)
567,000
608,567
 
4,506,351
South Africa — 0.4%
Eskom Holdings SOC Ltd. 6.35%, 8/10/2028 (a)
1,321,000
1,264,857
Transnet SOC Ltd. 8.25%, 2/6/2028 (a)
1,157,000
1,144,412
 
2,409,269
United Arab Emirates — 1.1%
Abu Dhabi Crude Oil Pipeline LLC 4.60%, 11/2/2047 (a)
1,170,000
1,034,643
DP World Ltd. 6.85%, 7/2/2037 (a)
1,900,000
2,041,607
DP World Salaam (US Treasury Yield Curve Rate T Note Constant Maturity 5 Year + 5.75%), 6.00%, 10/1/2025 (a) (d) (e)
(f)
211,000
209,996
MDGH GMTN RSC Ltd.
2.88%, 11/7/2029 (a)
2,178,000
1,947,415
3.38%, 3/28/2032 (a)
866,000
770,411
4.38%, 11/22/2033 (a)
241,000
224,205
3.40%, 6/7/2051 (a)
682,000
477,911
 
6,706,188
Total Corporate Bonds
(Cost $73,668,867)
74,184,040
 
SHARES
Short-Term Investments — 1.3%
Investment Companies — 0.5%
JPMorgan U.S. Government Money Market Fund Class IM Shares, 5.26% (g) (h)(Cost $2,868,206)
2,868,206
2,868,206
Investment of Cash Collateral from Securities Loaned — 0.8%
JPMorgan Securities Lending Money Market Fund Agency SL Class Shares, 5.47% (g) (h)
3,000,100
3,000,400
JPMorgan U.S. Government Money Market Fund Class IM Shares, 5.26% (g) (h)
1,848,688
1,848,688
Total Investment of Cash Collateral from Securities Loaned
(Cost $4,849,288)
4,849,088
Total Short-Term Investments
(Cost $7,717,494)
7,717,294
JPMorgan USD Emerging Markets Sovereign Bond ETF
SCHEDULE OF PORTFOLIO INVESTMENTS
AS OF May 31, 2024 (Unaudited) (continued)
 INVESTMENTS
SHARES
VALUE($)
Total Investments — 99.0%
(Cost $599,216,402)
597,017,241
Other Assets Less Liabilities — 1.0%
6,088,263
NET ASSETS — 100.0%
603,105,504
 
Percentages indicated are based on net assets.
 
Abbreviations
 
CJSC
Closed Joint Stock Company
GMTN
Global Medium Term Note
MTN
Medium Term Note
PT
Limited liability company
SPC
Special purpose company
 
(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)
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 $4,669,560.
(d)
Variable or floating rate security, linked to the referenced benchmark. The interest rate shown is the current rate as of May 31, 2024.
(e)
Security is an interest bearing note with preferred security characteristics.
(f)
Security is perpetual and thus, does not have a predetermined maturity date. The coupon rate for this security is fixed for a period of time and may be
structured to adjust thereafter. The date shown, if applicable, reflects the next call date. The coupon rate shown is the rate in effect as of May 31, 2024.
(g)
Investment in an affiliated fund, which is registered under the Investment Company Act of 1940, as amended, and is advised by J.P. Morgan Investment
Management Inc.
(h)
The rate shown is the current yield as of May 31, 2024.
JPMorgan USD Emerging Markets Sovereign Bond 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 values 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
Corporate Bonds
$—
$74,184,040
$—
$74,184,040
Foreign Government Securities
—
515,115,907
—
515,115,907
Short-Term Investments
Investment Companies
2,868,206
—
—
2,868,206
Investment of Cash Collateral from Securities Loaned
4,849,088
—
—
4,849,088
Total Short-Term Investments
7,717,294
—
—
7,717,294
JPMorgan USD Emerging Markets Sovereign Bond 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
Total Investments in Securities
$7,717,294
$589,299,947
$—
$597,017,241
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)
$7,001,400
$8,000,000
$12,000,000
$(1,500
)
$500
$3,000,400
3,000,100
$64,451
$—
JPMorgan U.S. Government Money
Market Fund Class IM Shares,
5.26%  (a) (b)
896,718
12,280,900
11,328,930
—
—
1,848,688
1,848,688
23,116
—
JPMorgan U.S. Government Money
Market Fund Class IM Shares,
5.26%  (a) (b)
3,914,092
12,232,942
13,278,828
—
—
2,868,206
2,868,206
41,478
—
Total
$11,812,210
$32,513,842
$36,607,758
$(1,500
)
$500
$7,717,294
$129,045
$—
 
 
(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.