JPMorgan Short Duration Core Plus ETF

SCHEDULE OF PORTFOLIO INVESTMENTS

AS OF NOVEMBER 30, 2021 (Unaudited)

Investments	Principal Amount ($)		Value ($)
CORPORATE BONDS — 39.9%
Aerospace & Defense — 0.7%
Boeing Co. (The)
4.88%, 5/1/2025		570,000		624,717
2.20%, 2/4/2026		125,000		124,743
Bombardier, Inc. (Canada) 6.00%, 2/15/2028 (a)		55,000		54,587
BWX Technologies, Inc.
4.13%, 6/30/2028 (a)		45,000		45,000
4.13%, 4/15/2029 (a)		60,000		59,980
Howmet Aerospace, Inc. 5.90%, 2/1/2027		50,000		56,200
Moog, Inc. 4.25%, 12/15/2027 (a)		25,000		25,392
Spirit AeroSystems, Inc. 7.50%, 4/15/2025 (a)		70,000		73,237
TransDigm, Inc. 6.25%, 3/15/2026 (a)		60,000		62,250
Triumph Group, Inc. 8.88%, 6/1/2024 (a)		50,000		54,750
				1,180,856
Airlines — 0.1%
American Airlines, Inc.
5.50%, 4/20/2026 (a)		12,000		12,255
5.75%, 4/20/2029 (a)		54,750		57,098
Delta Air Lines, Inc. 4.75%, 10/20/2028 (a)		70,000		76,701
United Airlines, Inc. 4.38%, 4/15/2026 (a)		53,000		53,211
				199,265
Auto Components — 0.3%
Allison Transmission, Inc. 5.88%, 6/1/2029 (a)		40,000		42,742
American Axle & Manufacturing, Inc.
6.50%, 4/1/2027 (b)		50,000		51,844
5.00%, 10/1/2029 (b)		30,000		28,462
Clarios Global LP
6.75%, 5/15/2025 (a)		60,000		62,625
6.25%, 5/15/2026 (a)		36,000		37,412
Dana, Inc. 5.38%, 11/15/2027		50,000		52,187
Goodyear Tire & Rubber Co. (The) 5.25%, 4/30/2031		124,000		130,758
Icahn Enterprises LP 5.25%, 5/15/2027		90,000		91,289
				497,319
Automobiles — 1.0%
BMW US Capital LLC (Germany) 3.90%, 4/9/2025 (a)		150,000		161,861

Investments	Principal Amount ($)		Value ($)
Hyundai Capital America
4.13%, 6/8/2023 (a)		150,000		156,643
2.65%, 2/10/2025 (a)		250,000		257,544
1.80%, 10/15/2025 (a)		200,000		199,714
Nissan Motor Acceptance Co. LLC 1.85%, 9/16/2026 (a)		255,000		247,593
Nissan Motor Co. Ltd. (Japan) 3.52%, 9/17/2025 (a)		200,000		209,655
Stellantis Finance US, Inc. 1.71%, 1/29/2027 (a)		210,000		206,025
Volkswagen Group of America Finance LLC (Germany) 3.35%, 5/13/2025 (a)		200,000		210,939
				1,649,974
Banks — 11.2%
ABN AMRO Bank NV (Netherlands) 4.75%, 7/28/2025 (a)		400,000		437,124
AIB Group plc (Ireland) (ICE LIBOR USD 3 Month + 1.87%), 4.26%, 4/10/2025 (a)(c)		200,000		211,665
Australia & New Zealand Banking Group Ltd. (Australia)
4.40%, 5/19/2026 (a)		250,000		274,065
(US Treasury Yield Curve Rate T Note Constant Maturity 5 Year + 1.29%), 2.95%, 7/22/2030 (a)(c)		200,000		205,363
Banco Continental SAECA (Paraguay) 2.75%, 12/10/2025 (a)		150,000		148,125
Banco Santander SA (Spain)
2.75%, 5/28/2025		400,000		413,720
5.18%, 11/19/2025		200,000		222,996
(US Treasury Yield Curve Rate T Note Constant Maturity 1 Year + 0.90%), 1.72%, 9/14/2027 (c)		200,000		196,266
Bank of America Corp.
(ICE LIBOR USD 3 Month + 0.94%), 3.86%, 7/23/2024 (c)		200,000		208,915
(ICE LIBOR USD 3 Month + 0.64%), 2.01%, 2/13/2026 (c)		585,000		592,693
(SOFR + 0.96%), 1.73%, 7/22/2027 (c)		230,000		227,922
Bank of Ireland Group plc (Ireland) (US Treasury Yield Curve Rate T Note Constant Maturity 1 Year + 1.10%), 2.03%, 9/30/2027 (a)(c)		245,000		241,898
Banque Centrale de Tunisie International Bond (Tunisia) 5.75%, 1/30/2025 (d)		200,000		150,500
Barclays plc (United Kingdom) (ICE LIBOR USD 3 Month + 1.40%), 4.61%, 2/15/2023 (c)		200,000		201,547

JPMorgan Short Duration Core Plus ETF

SCHEDULE OF PORTFOLIO INVESTMENTS

AS OF NOVEMBER 30, 2021 (Unaudited) (continued)

Investments	Principal Amount ($)		Value ($)
(ICE LIBOR USD 3 Month + 1.61%), 3.93%, 5/7/2025 (c)		600,000		633,607
(US Treasury Yield Curve Rate T Note Constant Maturity 1 Year + 1.05%), 2.28%, 11/24/2027 (c)		320,000		320,385
BNP Paribas SA (France)
(ICE LIBOR USD 3 Month + 2.24%), 4.70%, 1/10/2025 (a)(c)		515,000		550,849
4.38%, 9/28/2025 (a)		200,000		217,093
CIT Group, Inc. 6.13%, 3/9/2028		35,000		41,300
Citigroup, Inc.
(ICE LIBOR USD 3 Month + 0.90%), 3.35%, 4/24/2025 (c)		620,000		649,144
(SOFR + 0.67%), 0.98%, 5/1/2025 (c)		85,000		84,435
(SOFR + 2.84%), 3.11%, 4/8/2026 (c)		200,000		209,658
(SOFR + 0.77%), 1.12%, 1/28/2027 (c)		85,000		82,526
Citizens Bank NA 2.25%, 4/28/2025		250,000		256,850
Credit Agricole SA (France)
4.38%, 3/17/2025 (a)		775,000		835,620
(SOFR + 1.68%), 1.91%, 6/16/2026 (a)(c)		250,000		251,126
Danske Bank A/S (Denmark)
(US Treasury Yield Curve Rate T Note Constant Maturity 1 Year + 1.03%), 1.17%, 12/8/2023 (a)(c)		200,000		200,088
(US Treasury Yield Curve Rate T Note Constant Maturity 1 Year + 0.55%), 0.98%, 9/10/2025 (a)(c)		305,000		300,836
Federation des Caisses Desjardins du Quebec (Canada) 2.05%, 2/10/2025 (a)		200,000		203,751
HSBC Holdings plc (United Kingdom)
4.25%, 3/14/2024		371,000		393,464
(ICE LIBOR USD 3 Month + 0.99%), 3.95%, 5/18/2024 (c)		200,000		208,020
(SOFR + 0.53%), 0.73%, 8/17/2024 (c)		270,000		268,076
(ICE LIBOR USD 3 Month + 1.21%), 3.80%, 3/11/2025 (c)		250,000		263,219
(SOFR + 1.54%), 1.64%, 4/18/2026 (c)		200,000		199,079
(SOFR + 1.10%), 2.25%, 11/22/2027 (c)		385,000		385,888

Investments	Principal Amount ($)		Value ($)
ING Groep NV (Netherlands) (SOFR + 1.01%), 1.73%, 4/1/2027 (c)		200,000		199,167
Lloyds Banking Group plc (United Kingdom)
(US Treasury Yield Curve Rate T Note Constant Maturity 1 Year + 1.00%), 2.44%, 2/5/2026 (c)		200,000		205,439
4.65%, 3/24/2026		300,000		331,144
Mitsubishi UFJ Financial Group, Inc. (Japan)
2.19%, 2/25/2025		200,000		205,077
(US Treasury Yield Curve Rate T Note Constant Maturity 1 Year + 0.75%), 1.54%, 7/20/2027 (c)		200,000		197,100
Mizuho Financial Group Cayman 3 Ltd. (Japan) 4.60%, 3/27/2024 (a)		690,000		736,237
Mizuho Financial Group, Inc. (Japan)
(SOFR + 1.25%), 1.24%, 7/10/2024 (c)		200,000		200,835
(SOFR + 1.24%), 2.84%, 7/16/2025 (c)		200,000		207,458
4.35%, 10/20/2025 (a)		200,000		217,180
NatWest Group plc (United Kingdom)
(ICE LIBOR USD 3 Month + 1.48%), 3.50%, 5/15/2023 (c)		200,000		202,375
(ICE LIBOR USD 3 Month + 1.55%), 4.52%, 6/25/2024 (c)		200,000		210,473
(US Treasury Yield Curve Rate T Note Constant Maturity 1 Year + 0.90%), 1.64%, 6/14/2027 (c)		210,000		206,858
Santander UK Group Holdings plc (United Kingdom)
(ICE LIBOR USD 3 Month + 1.08%), 3.37%, 1/5/2024 (c)		200,000		205,153
(US Treasury Yield Curve Rate T Note Constant Maturity 1 Year + 1.25%), 1.53%, 8/21/2026 (c)		955,000		942,728
Societe Generale SA (France)
3.88%, 3/28/2024 (a)		200,000		211,583
4.25%, 4/14/2025 (a)		770,000		820,176
(US Treasury Yield Curve Rate T Note Constant Maturity 1 Year + 1.10%), 1.49%, 12/14/2026 (a)(c)		200,000		195,457
Standard Chartered plc (United Kingdom) 5.20%, 1/26/2024 (a)		350,000		374,542

JPMorgan Short Duration Core Plus ETF

SCHEDULE OF PORTFOLIO INVESTMENTS

AS OF NOVEMBER 30, 2021 (Unaudited) (continued)

Investments	Principal Amount ($)		Value ($)
(ICE LIBOR USD 3 Month + 1.08%), 3.89%, 3/15/2024 (a)(c)		200,000		206,723
(US Treasury Yield Curve Rate T Note Constant Maturity 1 Year + 0.78%), 0.99%, 1/12/2025 (a)(c)		250,000		247,390
(ICE LIBOR USD 3 Month + 1.21%), 2.82%, 1/30/2026 (a)(c)		200,000		205,338
Sumitomo Mitsui Financial Group, Inc. (Japan)
4.44%, 4/2/2024 (a)		400,000		426,545
2.35%, 1/15/2025		200,000		204,900
Sumitomo Mitsui Trust Bank Ltd. (Japan) 0.85%, 3/25/2024 (a)		200,000		198,811
UniCredit SpA (Italy) (US Treasury Yield Curve Rate T Note Constant Maturity 1 Year + 1.20%), 1.98%, 6/3/2027 (a)(c)		200,000		195,201
Wells Fargo & Co. (ICE LIBOR USD 3 Month + 0.75%), 2.16%, 2/11/2026 (c)		150,000		153,058
Westpac Banking Corp. (Australia) (US Treasury Yield Curve Rate T Note Constant Maturity 5 Year + 1.35%), 2.89%, 2/4/2030 (c)		150,000		153,543
				18,148,304
Beverages — 0.2%
Constellation Brands, Inc. 4.25%, 5/1/2023		150,000		157,036
Keurig Dr Pepper, Inc. 0.75%, 3/15/2024		85,000		84,120
				241,156
Biotechnology — 0.2%
Emergent BioSolutions, Inc. 3.88%, 8/15/2028 (a)		80,000		75,976
Grifols Escrow Issuer SA (Spain) 4.75%, 10/15/2028 (a)		200,000		198,000
				273,976
Building Products — 0.2%
Builders FirstSource, Inc.
6.75%, 6/1/2027 (a)		21,000		22,103
4.25%, 2/1/2032 (a)		35,000		35,152
Griffon Corp. 5.75%, 3/1/2028		50,000		51,531
PGT Innovations, Inc. 4.38%, 10/1/2029 (a)		55,000		54,519
Standard Industries, Inc. 4.75%, 1/15/2028 (a)		90,000		90,675

Investments	Principal Amount ($)		Value ($)
Summit Materials LLC 5.25%, 1/15/2029 (a)		35,000		36,428
				290,408
Capital Markets — 3.5%
Coinbase Global, Inc.
3.38%, 10/1/2028 (a)		8,000		7,520
3.63%, 10/1/2031 (a)		8,000		7,420
Credit Suisse Group AG (Switzerland)
3.80%, 6/9/2023		380,000		395,841
(SOFR + 1.56%), 2.59%, 9/11/2025 (a)(c)		250,000		255,629
(SOFR + 2.04%), 2.19%, 6/5/2026 (a)(c)		250,000		252,343
Deutsche Bank AG (Germany)
(SOFR + 2.16%), 2.22%, 9/18/2024 (c)		150,000		152,132
1.69%, 3/19/2026		150,000		149,666
(SOFR + 1.22%), 2.31%, 11/16/2027 (c)		320,000		319,458
Goldman Sachs Group, Inc. (The)
Series VAR, (SOFR + 0.54%), 0.63%, 11/17/2023 (c)		500,000		498,704
(SOFR + 0.57%), 0.67%, 3/8/2024 (c)		200,000		199,260
3.50%, 1/23/2025		200,000		211,517
3.50%, 4/1/2025		100,000		106,038
(SOFR + 0.91%), 1.95%, 10/21/2027 (c)		385,000		384,107
Macquarie Bank Ltd. (Australia) 2.30%, 1/22/2025 (a)		150,000		154,419
Macquarie Group Ltd. (Australia)
(ICE LIBOR USD 3 Month + 1.02%), 3.19%, 11/28/2023 (a)(c)		500,000		511,772
(SOFR + 0.91%), 1.63%, 9/23/2027 (a)(c)		140,000		137,583
Morgan Stanley
(SOFR + 0.62%), 0.73%, 4/5/2024 (c)		160,000		159,592
(ICE LIBOR USD 3 Month + 0.85%), 3.74%, 4/24/2024 (c)		200,000		207,510
(SOFR + 1.99%), 2.19%, 4/28/2026 (c)		150,000		153,042
(SOFR + 0.86%), 1.51%, 7/20/2027 (c)		335,000		328,591
MSCI, Inc. 4.00%, 11/15/2029 (a)		35,000		36,269
Nomura Holdings, Inc. (Japan)
1.85%, 7/16/2025		200,000		200,870
1.65%, 7/14/2026		200,000		196,771

JPMorgan Short Duration Core Plus ETF

SCHEDULE OF PORTFOLIO INVESTMENTS

AS OF NOVEMBER 30, 2021 (Unaudited) (continued)

Investments	Principal Amount ($)		Value ($)
UBS Group AG (Switzerland)
(US Treasury Yield Curve Rate T Note Constant Maturity 1 Year + 0.83%), 1.01%, 7/30/2024 (a)(c)		400,000		399,755
(US Treasury Yield Curve Rate T Note Constant Maturity 1 Year + 0.85%), 1.49%, 8/10/2027 (a)(c)		270,000		264,087
				5,689,896
Chemicals — 0.6%
Axalta Coating Systems LLC 4.75%, 6/15/2027 (a)		150,000		155,018
Braskem Netherlands Finance BV (Brazil) 4.50%, 1/31/2030 (d)		200,000		200,160
Celanese US Holdings LLC 1.40%, 8/5/2026		75,000		73,130
Chemours Co. (The)
5.38%, 5/15/2027		30,000		31,356
5.75%, 11/15/2028 (a)		40,000		41,000
Element Solutions, Inc. 3.88%, 9/1/2028 (a)		70,000		69,300
INEOS Quattro Finance 2 plc (United Kingdom) 3.38%, 1/15/2026 (a)		200,000		199,000
NOVA Chemicals Corp. (Canada)
5.00%, 5/1/2025 (a)		35,000		36,662
4.25%, 5/15/2029 (a)		75,000		73,500
Olin Corp. 5.63%, 8/1/2029		30,000		32,356
Scotts Miracle-Gro Co. (The) 4.50%, 10/15/2029		40,000		41,300
				952,782
Commercial Services & Supplies — 0.5%
ACCO Brands Corp. 4.25%, 3/15/2029 (a)		35,000		34,212
Allied Universal Holdco LLC 6.63%, 7/15/2026 (a)		35,000		35,970
Aramark Services, Inc. 5.00%, 2/1/2028 (a)		65,000		65,325
Brink’s Co. (The) 4.63%, 10/15/2027 (a)		35,000		35,700
Garda World Security Corp. (Canada) 4.63%, 2/15/2027 (a)		60,000		58,650
GFL Environmental, Inc. (Canada)
3.75%, 8/1/2025 (a)		55,000		55,687
4.00%, 8/1/2028 (a)		45,000		43,654
3.50%, 9/1/2028 (a)		25,000		24,221
Madison IAQ LLC 4.13%, 6/30/2028 (a)		140,000		135,450
Nielsen Finance LLC 5.63%, 10/1/2028 (a)		55,000		56,143

Investments	Principal Amount ($)		Value ($)
Prime Security Services Borrower LLC
5.75%, 4/15/2026 (a)		100,000		105,750
3.38%, 8/31/2027 (a)		45,000		42,581
Stericycle, Inc. 3.88%, 1/15/2029 (a)		60,000		58,500
				751,843
Communications Equipment — 0.1%
CommScope, Inc.
6.00%, 3/1/2026 (a)		65,000		66,491
4.75%, 9/1/2029 (a)		105,000		101,588
Plantronics, Inc. 4.75%, 3/1/2029 (a)		35,000		31,527
				199,606
Construction & Engineering — 0.1%
Dycom Industries, Inc. 4.50%, 4/15/2029 (a)		50,000		50,341
MasTec, Inc. 4.50%, 8/15/2028 (a)		45,000		46,350
Weekley Homes LLC 4.88%, 9/15/2028 (a)		65,000		66,906
				163,597
Consumer Finance — 2.5%
AerCap Ireland Capital DAC (Ireland)
4.88%, 1/16/2024		450,000		480,838
2.88%, 8/14/2024		200,000		206,435
2.45%, 10/29/2026		490,000		491,233
Avolon Holdings Funding Ltd. (Ireland)
5.25%, 5/15/2024 (a)		450,000		484,254
5.50%, 1/15/2026 (a)		125,000		138,742
Capital One Financial Corp.
3.20%, 2/5/2025		150,000		157,768
(SOFR + 0.86%), 1.88%, 11/2/2027 (c)		330,000		328,164
Ford Motor Credit Co. LLC 4.27%, 1/9/2027		425,000		449,263
General Motors Financial Co., Inc.
1.05%, 3/8/2024		75,000		74,518
3.95%, 4/13/2024		400,000		421,624
4.00%, 1/15/2025		150,000		159,710
Navient Corp. 7.25%, 9/25/2023		35,000		37,625
OneMain Finance Corp.
7.13%, 3/15/2026		75,000		84,297
6.63%, 1/15/2028		25,000		27,692
5.38%, 11/15/2029		25,000		26,309
Park Aerospace Holdings Ltd. (Ireland)
4.50%, 3/15/2023 (a)		350,000		363,057
5.50%, 2/15/2024 (a)		150,000		161,529
				4,093,058
Containers & Packaging — 0.4%
Ardagh Packaging Finance plc 4.13%, 8/15/2026 (a)		200,000		202,262

JPMorgan Short Duration Core Plus ETF

SCHEDULE OF PORTFOLIO INVESTMENTS

AS OF NOVEMBER 30, 2021 (Unaudited) (continued)

Investments	Principal Amount ($)		Value ($)
Ball Corp. 4.88%, 3/15/2026		35,000		38,087
Graphic Packaging International LLC 1.51%, 4/15/2026 (a)		70,000		68,928
Greif, Inc. 6.50%, 3/1/2027 (a)		60,000		62,322
LABL, Inc. 6.75%, 7/15/2026 (a)		40,000		41,000
Mauser Packaging Solutions Holding Co. 5.50%, 4/15/2024 (a)		110,000		110,100
Owens-Brockway Glass Container, Inc. 6.63%, 5/13/2027 (a)		70,000		73,238
Pactiv Evergreen Group Issuer, Inc. 4.00%, 10/15/2027 (a)		55,000		52,800
Sealed Air Corp. 4.00%, 12/1/2027 (a)		30,000		30,900
				679,637
Diversified Consumer Services — 0.0% (e)
Service Corp. International 5.13%, 6/1/2029		45,000		47,925
Diversified Financial Services — 0.3%
Element Fleet Management Corp. (Canada)
1.60%, 4/6/2024 (a)		145,000		145,684
3.85%, 6/15/2025 (a)		200,000		213,819
Sabre GLBL, Inc. 9.25%, 4/15/2025 (a)		50,000		55,625
				415,128
Diversified Telecommunication Services — 1.2%
Altice France Holding SA (Luxembourg) 6.00%, 2/15/2028 (a)		200,000		186,750
Altice France SA (France) 5.13%, 7/15/2029 (a)		200,000		190,076
CCO Holdings LLC
5.00%, 2/1/2028 (a)		245,000		252,350
4.75%, 3/1/2030 (a)		285,000		292,020
4.50%, 5/1/2032		165,000		164,320
Frontier Communications Holdings LLC 5.88%, 10/15/2027 (a)		85,000		87,777
Level 3 Financing, Inc. 4.63%, 9/15/2027 (a)		70,000		70,910
Lumen Technologies, Inc. 4.00%, 2/15/2027 (a)		260,000		259,093
NBN Co. Ltd. (Australia) 1.45%, 5/5/2026 (a)		200,000		197,049
Sprint Capital Corp. 8.75%, 3/15/2032		75,000		110,880

Investments	Principal Amount ($)		Value ($)
Switch Ltd. 4.13%, 6/15/2029 (a)		55,000		55,249
Telecom Italia Capital SA (Italy) 6.38%, 11/15/2033		35,000		36,400
Zayo Group Holdings, Inc. 4.00%, 3/1/2027 (a)		45,000		42,862
				1,945,736
Electric Utilities — 1.0%
Enel Finance International NV (Italy) 1.38%, 7/12/2026 (a)		200,000		195,872
Eskom Holdings SOC Ltd. (South Africa) 6.75%, 8/6/2023 (d)		200,000		204,250
NextEra Energy Capital Holdings, Inc. 0.65%, 3/1/2023		115,000		114,853
NRG Energy, Inc.
3.75%, 6/15/2024 (a)		200,000		208,886
6.63%, 1/15/2027		34,000		35,147
5.25%, 6/15/2029 (a)		30,000		31,098
Pacific Gas and Electric Co. 1.37%, 3/10/2023		130,000		129,273
PG&E Corp. 5.00%, 7/1/2028		63,000		64,890
Southern California Edison Co. 1.10%, 4/1/2024		150,000		149,778
Vistra Operations Co. LLC
3.55%, 7/15/2024 (a)		350,000		362,846
5.50%, 9/1/2026 (a)		45,000		46,104
5.00%, 7/31/2027 (a)		70,000		70,739
4.38%, 5/1/2029 (a)		29,000		28,453
				1,642,189
Electrical Equipment — 0.0% (e)
EnerSys 4.38%, 12/15/2027 (a)		25,000		25,750
Electronic Equipment, Instruments & Components — 0.1%
CDW LLC 4.25%, 4/1/2028		35,000		35,959
Sensata Technologies, Inc. 4.38%, 2/15/2030 (a)		40,000		41,488
				77,447
Energy Equipment & Services — 0.0% (e)
Oceaneering International, Inc. 4.65%, 11/15/2024		25,000		25,375
Entertainment — 0.3%
Cinemark USA, Inc.
5.88%, 3/15/2026 (a)		35,000		34,579
5.25%, 7/15/2028 (a)		30,000		28,425
Live Nation Entertainment, Inc. 4.75%, 10/15/2027 (a)		95,000		95,000
Netflix, Inc. 4.88%, 6/15/2030 (a)		195,000		225,810

JPMorgan Short Duration Core Plus ETF

SCHEDULE OF PORTFOLIO INVESTMENTS

AS OF NOVEMBER 30, 2021 (Unaudited) (continued)

Investments	Principal Amount ($)		Value ($)
WMG Acquisition Corp. 3.88%, 7/15/2030 (a)		60,000		60,150
				443,964
Equity Real Estate Investment Trusts (REITs) — 0.6%
American Tower Corp. 2.40%, 3/15/2025		150,000		153,662
Corporate Office Properties LP 2.00%, 1/15/2029		140,000		135,503
Iron Mountain, Inc. 4.88%, 9/15/2027 (a)		75,000		76,070
MGM Growth Properties Operating Partnership LP 5.63%, 5/1/2024		50,000		53,471
Office Properties Income Trust
2.65%, 6/15/2026		150,000		149,439
2.40%, 2/1/2027		200,000		194,544
RHP Hotel Properties LP 4.75%, 10/15/2027		75,000		75,188
SBA Communications Corp. 3.13%, 2/1/2029 (a)		45,000		42,750
VICI Properties LP 3.50%, 2/15/2025 (a)		65,000		65,709
				946,336
Food & Staples Retailing — 0.3%
Albertsons Cos., Inc.
4.63%, 1/15/2027 (a)		190,000		196,964
3.50%, 3/15/2029 (a)		65,000		64,418
Performance Food Group, Inc. 5.50%, 10/15/2027 (a)		50,000		51,500
Rite Aid Corp. 8.00%, 11/15/2026 (a)		95,000		94,445
				407,327
Food Products — 0.2%
Lamb Weston Holdings, Inc. 4.88%, 5/15/2028 (a)		50,000		53,062
Post Holdings, Inc.
5.63%, 1/15/2028 (a)		75,000		77,198
4.63%, 4/15/2030 (a)		35,000		34,563
Viterra Finance BV (Netherlands) 2.00%, 4/21/2026 (a)		200,000		199,514
				364,337
Gas Utilities — 0.2%
AmeriGas Partners LP 5.88%, 8/20/2026		55,000		60,019
CenterPoint Energy Resources Corp. 0.70%, 3/2/2023		250,000		249,246
				309,265
Health Care Equipment & Supplies — 0.4%
Avantor Funding, Inc. 4.63%, 7/15/2028 (a)		60,000		61,962
Hill-Rom Holdings, Inc. 4.38%, 9/15/2027 (a)		40,000		41,494
Hologic, Inc. 3.25%, 2/15/2029 (a)		85,000		83,406

Investments	Principal Amount ($)		Value ($)
Mozart Debt Merger Sub, Inc. 5.25%, 10/1/2029 (a)		30,000		29,962
Zimmer Biomet Holdings, Inc. 1.45%, 11/22/2024		385,000		385,021
				601,845
Health Care Providers & Services — 1.0%
Acadia Healthcare Co., Inc. 5.50%, 7/1/2028 (a)		65,000		67,678
AdaptHealth LLC 4.63%, 8/1/2029 (a)		60,000		58,789
Centene Corp. 4.63%, 12/15/2029		265,000		283,550
Community Health Systems, Inc.
6.00%, 1/15/2029 (a)		75,000		78,000
4.75%, 2/15/2031 (a)		85,000		83,725
CVS Health Corp. 4.10%, 3/25/2025		150,000		162,136
DaVita, Inc. 4.63%, 6/1/2030 (a)		75,000		74,062
Encompass Health Corp. 4.75%, 2/1/2030		135,000		135,844
HCA, Inc.
5.38%, 9/1/2026		175,000		195,291
5.63%, 9/1/2028		65,000		75,116
Highmark, Inc. 1.45%, 5/10/2026 (a)		130,000		127,824
Tenet Healthcare Corp.
5.13%, 11/1/2027 (a)		155,000		159,159
4.25%, 6/1/2029 (a)		175,000		173,250
				1,674,424
Hotels, Restaurants & Leisure — 0.9%
1011778 BC ULC (Canada) 3.88%, 1/15/2028 (a)		65,000		64,175
Boyd Gaming Corp. 8.63%, 6/1/2025 (a)		13,000		13,910
Boyne USA, Inc. 4.75%, 5/15/2029 (a)		40,000		40,300
Caesars Entertainment, Inc. 6.25%, 7/1/2025 (a)		60,000		62,387
Caesars Resort Collection LLC 5.75%, 7/1/2025 (a)		45,000		46,741
Carnival Corp. 9.88%, 8/1/2027 (a)		100,000		112,559
Cedar Fair LP
5.50%, 5/1/2025 (a)		30,000		30,983
5.38%, 4/15/2027		30,000		30,525
Gohl Capital Ltd. (Malaysia) 4.25%, 1/24/2027 (d)		200,000		207,500
Hilton Domestic Operating Co., Inc. 4.88%, 1/15/2030		80,000		84,000
Hilton Worldwide Finance LLC 4.88%, 4/1/2027		50,000		51,313

JPMorgan Short Duration Core Plus ETF

SCHEDULE OF PORTFOLIO INVESTMENTS

AS OF NOVEMBER 30, 2021 (Unaudited) (continued)

Investments	Principal Amount ($)		Value ($)
International Game Technology plc 6.25%, 1/15/2027 (a)		200,000		220,000
Marriott Ownership Resorts, Inc. 4.50%, 6/15/2029 (a)		55,000		53,995
MGM Resorts International 5.50%, 4/15/2027		110,000		114,609
Royal Caribbean Cruises Ltd. 9.13%, 6/15/2023 (a)		50,000		53,033
Scientific Games International, Inc. 5.00%, 10/15/2025 (a)		45,000		46,181
Six Flags Entertainment Corp. 4.88%, 7/31/2024 (a)		55,000		55,409
Vail Resorts, Inc. 6.25%, 5/15/2025 (a)		35,000		36,575
Wynn Resorts Finance LLC 7.75%, 4/15/2025 (a)		90,000		93,782
Yum! Brands, Inc.
7.75%, 4/1/2025 (a)		30,000		31,622
4.75%, 1/15/2030 (a)		30,000		31,631
4.63%, 1/31/2032		8,000		8,176
				1,489,406
Household Durables — 0.3%
CD&R Smokey Buyer, Inc. 6.75%, 7/15/2025 (a)		60,000		62,625
Lennar Corp. 4.75%, 5/30/2025		150,000		164,569
Newell Brands, Inc. 4.70%, 4/1/2026 (f)		40,000		42,842
PulteGroup, Inc. 5.50%, 3/1/2026		150,000		170,932
Tempur Sealy International, Inc. 4.00%, 4/15/2029 (a)		60,000		59,561
				500,529
Household Products — 0.1%
Central Garden & Pet Co.
4.13%, 10/15/2030		35,000		34,974
4.13%, 4/30/2031 (a)		35,000		35,088
Energizer Holdings, Inc.
4.75%, 6/15/2028 (a)		45,000		44,377
4.38%, 3/31/2029 (a)		50,000		47,438
Spectrum Brands, Inc. 5.00%, 10/1/2029 (a)		50,000		52,631
				214,508
Independent Power and Renewable Electricity Producers — 0.1%
Calpine Corp. 4.50%, 2/15/2028 (a)		95,000		94,483
Insurance — 0.8%
Athene Global Funding
0.95%, 1/8/2024 (a)		259,000		258,148
0.91%, 8/19/2024 (a)		295,000		291,836
2.50%, 1/14/2025 (a)		308,000		317,160

Investments	Principal Amount ($)		Value ($)
Equitable Financial Life Global Funding 0.80%, 8/12/2024 (a)		230,000		227,653
Jackson National Life Global Funding 3.88%, 6/11/2025 (a)		150,000		162,304
				1,257,101
IT Services — 0.5%
Arches Buyer, Inc. 4.25%, 6/1/2028 (a)		55,000		54,450
Black Knight InfoServ LLC 3.63%, 9/1/2028 (a)		65,000		63,440
Booz Allen Hamilton, Inc. 3.88%, 9/1/2028 (a)		35,000		35,175
Gartner, Inc.
3.63%, 6/15/2029 (a)		85,000		84,469
3.75%, 10/1/2030 (a)		30,000		29,925
Global Payments, Inc. 1.20%, 3/1/2026		415,000		402,213
Presidio Holdings, Inc. 4.88%, 2/1/2027 (a)		50,000		50,552
Square, Inc.
2.75%, 6/1/2026 (a)		17,000		16,917
3.50%, 6/1/2031 (a)		42,000		42,578
				779,719
Leisure Products — 0.0% (e)
Mattel, Inc.
3.38%, 4/1/2026 (a)		14,000		14,211
3.75%, 4/1/2029 (a)		30,000		30,693
				44,904
Life Sciences Tools & Services — 0.0% (e)
Charles River Laboratories International, Inc. 3.75%, 3/15/2029 (a)		40,000		39,550
Media — 1.1%
Clear Channel Outdoor Holdings, Inc. 7.75%, 4/15/2028 (a)		30,000		31,269
Clear Channel Worldwide Holdings, Inc. 5.13%, 8/15/2027 (a)		30,000		30,300
CSC Holdings LLC 6.50%, 2/1/2029 (a)		200,000		211,448
DIRECTV Holdings LLC 5.88%, 8/15/2027 (a)		55,000		55,965
DISH DBS Corp. 5.88%, 11/15/2024		50,000		50,573
7.75%, 7/1/2026		310,000		318,525
Gray Escrow II, Inc. 5.38%, 11/15/2031 (a)		75,000		75,160
iHeartCommunications, Inc.
8.38%, 5/1/2027		25,000		26,304
5.25%, 8/15/2027 (a)		70,000		71,039
Lamar Media Corp. 4.00%, 2/15/2030		60,000		60,000

JPMorgan Short Duration Core Plus ETF

SCHEDULE OF PORTFOLIO INVESTMENTS

AS OF NOVEMBER 30, 2021 (Unaudited) (continued)

Investments	Principal Amount ($)		Value ($)
Meredith Corp. 6.88%, 2/1/2026		50,000		51,719
Midas OpCo Holdings LLC 5.63%, 8/15/2029 (a)		75,000		75,562
News Corp. 3.88%, 5/15/2029 (a)		74,000		72,724
Nexstar Media, Inc. 5.63%, 7/15/2027 (a)		110,000		114,125
Outfront Media Capital LLC 6.25%, 6/15/2025 (a)		22,000		22,880
Scripps Escrow II, Inc. 3.88%, 1/15/2029 (a)		40,000		39,750
Sinclair Television Group, Inc. 4.13%, 12/1/2030 (a)		65,000		58,988
Sirius XM Radio, Inc.
5.00%, 8/1/2027 (a)		55,000		56,634
5.50%, 7/1/2029 (a)		160,000		169,718
TEGNA, Inc. 5.00%, 9/15/2029		45,000		45,113
Univision Communications, Inc. 4.50%, 5/1/2029 (a)		59,000		58,959
Videotron Ltd. (Canada) 5.13%, 4/15/2027 (a)		45,000		46,179
				1,742,934
Metals & Mining — 0.5%
Alcoa Nederland Holding BV 6.13%, 5/15/2028 (a)		200,000		213,000
Allegheny Technologies, Inc. 5.88%, 12/1/2027		30,000		31,232
Arconic Corp. 6.13%, 2/15/2028 (a)		85,000		88,385
Cleveland-Cliffs, Inc.
6.75%, 3/15/2026 (a)		70,000		73,937
4.63%, 3/1/2029 (a)		20,000		20,135
FMG Resources August 2006 Pty. Ltd. (Australia) 4.50%, 9/15/2027 (a)		30,000		31,086
Freeport-McMoRan, Inc.
4.38%, 8/1/2028		80,000		83,418
4.63%, 8/1/2030		100,000		105,597
Glencore Funding LLC (Australia) 1.63%, 9/1/2025 (a)		90,000		89,264
Kaiser Aluminum Corp. 4.63%, 3/1/2028 (a)		30,000		29,383
Novelis Corp. 4.75%, 1/30/2030 (a)		85,000		85,823
				851,260
Multiline Retail — 0.0% (e)
Nordstrom, Inc. 2.30%, 4/8/2024		20,000		19,700
Multi-Utilities — 0.0% (e)
Puget Energy, Inc. 2.38%, 6/15/2028		50,000		49,524

Investments	Principal Amount ($)		Value ($)
Oil, Gas & Consumable Fuels — 2.8%
Antero Midstream Partners LP
7.88%, 5/15/2026 (a)		20,000		21,418
5.38%, 6/15/2029 (a)		30,000		30,329
Antero Resources Corp.
7.63%, 2/1/2029 (a)		29,000		31,802
5.38%, 3/1/2030 (a)		25,000		25,781
Apache Corp. 4.88%, 11/15/2027		45,000		47,925
APT Pipelines Ltd. (Australia) 4.20%, 3/23/2025 (a)		350,000		376,615
Buckeye Partners LP 4.13%, 12/1/2027		40,000		39,494
Cheniere Corpus Christi Holdings LLC 5.13%, 6/30/2027		150,000		169,819
Cheniere Energy Partners LP
4.50%, 10/1/2029		100,000		105,112
3.25%, 1/31/2032 (a)		53,000		51,476
Chesapeake Energy Corp. 5.88%, 2/1/2029 (a)		40,000		42,400
CNX Resources Corp.
7.25%, 3/14/2027 (a)		40,000		42,226
6.00%, 1/15/2029 (a)		60,000		61,396
Crestwood Midstream Partners LP 5.63%, 5/1/2027 (a)		55,000		55,000
DCP Midstream Operating LP 5.63%, 7/15/2027		85,000		94,936
DT Midstream, Inc. 4.13%, 6/15/2029 (a)		95,000		94,406
Ecopetrol SA (Colombia) 5.38%, 6/26/2026		150,000		156,937
Energean Israel Finance Ltd. (Israel)
4.50%, 3/30/2024 (d)		12,000		11,985
4.88%, 3/30/2026 (d)		10,000		9,837
Energy Transfer LP 4.05%, 3/15/2025		105,000		111,355
EnLink Midstream Partners LP 4.15%, 6/1/2025		95,000		97,205
EQM Midstream Partners LP
4.00%, 8/1/2024		30,000		30,825
6.00%, 7/1/2025 (a)		40,000		42,514
6.50%, 7/1/2027 (a)		30,000		32,400
EQT Corp. 3.90%, 10/1/2027		60,000		62,552
Gray Oak Pipeline LLC 2.60%, 10/15/2025 (a)		475,000		483,079
Greenko Dutch BV (India) 3.85%, 3/29/2026 (a)		197,000		198,871
Gulfport Energy Operating Corp. 8.00%, 5/17/2026 (a)		55,000		59,125

JPMorgan Short Duration Core Plus ETF

SCHEDULE OF PORTFOLIO INVESTMENTS

AS OF NOVEMBER 30, 2021 (Unaudited) (continued)

Investments	Principal Amount ($)		Value ($)
Hess Midstream Operations LP 5.63%, 2/15/2026 (a)		70,000		71,575
Leviathan Bond Ltd. (Israel) 6.13%, 6/30/2025 (d)		50,000		52,494
Lundin Energy Finance BV (Netherlands) 2.00%, 7/15/2026 (a)		200,000		198,743
MEG Energy Corp. (Canada) 7.13%, 2/1/2027 (a)		50,000		51,125
MPLX LP 4.88%, 12/1/2024		150,000		163,070
NGL Energy Operating LLC 7.50%, 2/1/2026 (a)		30,000		29,785
NuStar Logistics LP 5.63%, 4/28/2027		60,000		61,275
Occidental Petroleum Corp.
5.88%, 9/1/2025		45,000		48,375
6.13%, 1/1/2031		180,000		209,754
Oil and Gas Holding Co. BSCC (The) (Bahrain) 7.63%, 11/7/2024 (d)		200,000		215,000
Petroleos Mexicanos (Mexico)
4.25%, 1/15/2025		100,000		99,269
4.50%, 1/23/2026		100,000		97,640
6.88%, 8/4/2026		30,000		31,667
Range Resources Corp.
4.88%, 5/15/2025		40,000		40,808
9.25%, 2/1/2026		20,000		21,486
Southwestern Energy Co.
5.38%, 2/1/2029		45,000		46,350
5.38%, 3/15/2030		35,000		36,444
Sunoco LP 5.88%, 3/15/2028		45,000		47,025
Tallgrass Energy Partners LP
7.50%, 10/1/2025 (a)		25,000		26,500
6.00%, 12/31/2030 (a)		85,000		83,992
Targa Resources Partners LP
6.88%, 1/15/2029		150,000		166,152
4.88%, 2/1/2031		60,000		64,350
Trinidad Petroleum Holdings Ltd. (Trinidad and Tobago) 9.75%, 6/15/2026 (a)		25,000		27,255
Western Midstream Operating LP 4.75%, 8/15/2028		55,000		59,881
				4,536,835
Paper & Forest Products — 0.1%
Fibria Overseas Finance Ltd. (Brazil) 5.50%, 1/17/2027		100,000		110,050
Personal Products — 0.1%
Edgewell Personal Care Co. 5.50%, 6/1/2028 (a)		70,000		72,975

Investments	Principal Amount ($)		Value ($)
Prestige Brands, Inc. 5.13%, 1/15/2028 (a)		40,000		41,500
				114,475
Pharmaceuticals — 0.7%
Bausch Health Americas, Inc.
9.25%, 4/1/2026 (a)		310,000		324,722
8.50%, 1/31/2027 (a)		120,000		123,406
Bausch Health Cos., Inc. 4.88%, 6/1/2028 (a)		170,000		167,450
Jazz Securities DAC 4.38%, 1/15/2029 (a)		200,000		203,764
Organon & Co. 5.13%, 4/30/2031 (a)		200,000		204,250
Par Pharmaceutical, Inc. 7.50%, 4/1/2027 (a)		50,000		50,408
				1,074,000
Real Estate Management & Development — 0.2%
Country Garden Holdings Co. Ltd. (China) 3.13%, 10/22/2025 (d)		200,000		178,000
Kennedy-Wilson, Inc. 4.75%, 3/1/2029		75,000		76,020
				254,020
Road & Rail — 0.5%
Avis Budget Car Rental LLC
5.75%, 7/15/2027 (a)(b)		45,000		46,687
4.75%, 4/1/2028 (a)		35,000		35,569
Hertz Corp. (The) 4.63%, 12/1/2026 (a)		75,000		73,923
Triton Container International Ltd. (Bermuda)
1.15%, 6/7/2024 (a)		200,000		197,725
2.05%, 4/15/2026 (a)		359,000		356,703
Uber Technologies, Inc. 7.50%, 5/15/2025 (a)		60,000		63,225
XPO Logistics, Inc. 6.25%, 5/1/2025 (a)		50,000		51,987
				825,819
Semiconductors & Semiconductor Equipment — 0.5%
Broadcom Corp. 3.88%, 1/15/2027		150,000		161,529
Marvell Technology, Inc. 1.65%, 4/15/2026		125,000		124,192
Microchip Technology, Inc. 4.25%, 9/1/2025		380,000		394,716
ON Semiconductor Corp. 3.88%, 9/1/2028 (a)		75,000		76,304
				756,741
Software — 0.2%
CDK Global, Inc. 4.88%, 6/1/2027		35,000		36,050
Clarivate Science Holdings Corp. 3.88%, 7/1/2028 (a)		70,000		68,812

JPMorgan Short Duration Core Plus ETF

SCHEDULE OF PORTFOLIO INVESTMENTS

AS OF NOVEMBER 30, 2021 (Unaudited) (continued)

Investments	Principal Amount ($)		Value ($)
Fair Isaac Corp. 4.00%, 6/15/2028 (a)		35,000		34,913
NCR Corp.
5.13%, 4/15/2029 (a)		9,000		9,095
6.13%, 9/1/2029 (a)		115,000		121,900
Nuance Communications, Inc. 5.63%, 12/15/2026		30,000		30,906
SS&C Technologies, Inc. 5.50%, 9/30/2027 (a)		70,000		72,756
				374,432
Specialty Retail — 0.4%
Asbury Automotive Group, Inc. 4.50%, 3/1/2028		40,000		40,088
Bath & Body Works, Inc.
5.25%, 2/1/2028		45,000		48,262
7.50%, 6/15/2029		20,000		22,285
6.75%, 7/1/2036		25,000		29,875
Gap, Inc. (The) 3.63%, 10/1/2029 (a)		45,000		43,055
Group 1 Automotive, Inc. 4.00%, 8/15/2028 (a)		55,000		54,409
Lithia Motors, Inc.
4.63%, 12/15/2027 (a)		35,000		36,488
4.38%, 1/15/2031 (a)		35,000		36,531
Penske Automotive Group, Inc.
3.50%, 9/1/2025		30,000		30,338
3.75%, 6/15/2029		25,000		24,377
PetSmart, Inc. 4.75%, 2/15/2028 (a)		250,000		253,026
SRS Distribution, Inc. 4.63%, 7/1/2028 (a)		55,000		55,130
Staples, Inc. 7.50%, 4/15/2026 (a)		45,000		44,681
				718,545
Technology Hardware, Storage & Peripherals — 0.1%
Seagate HDD Cayman 4.88%, 6/1/2027		50,000		54,303
Western Digital Corp. 4.75%, 2/15/2026		25,000		26,998
				81,301
Textiles, Apparel & Luxury Goods — 0.0% (e)
William Carter Co. (The) 5.63%, 3/15/2027 (a)		35,000		36,034
Thrifts & Mortgage Finance — 1.3%
BPCE SA (France)
5.70%, 10/22/2023 (a)		400,000		432,484
5.15%, 7/21/2024 (a)		285,000		310,530
2.38%, 1/14/2025 (a)		500,000		509,983
4.50%, 3/15/2025 (a)		200,000		216,058
Ladder Capital Finance Holdings LLLP REIT, 5.25%, 10/1/2025 (a)		85,000		85,433

Investments	Principal Amount ($)		Value ($)
Nationstar Mortgage Holdings, Inc. 6.00%, 1/15/2027 (a)		80,000		82,602
Nationwide Building Society (United Kingdom)
(ICE LIBOR USD 3 Month + 1.06%), 3.77%, 3/8/2024 (a)(c)		200,000		206,876
(ICE LIBOR USD 3 Month + 1.39%), 4.36%, 8/1/2024 (a)(c)		200,000		210,463
Rocket Mortgage LLC
2.88%, 10/15/2026 (a)		19,000		18,514
3.63%, 3/1/2029 (a)		50,000		48,875
4.00%, 10/15/2033 (a)		5,000		4,900
				2,126,718
Tobacco — 0.2%
Imperial Brands Finance plc (United Kingdom) 3.13%, 7/26/2024 (a)		200,000		207,349
Reynolds American, Inc. (United Kingdom) 4.45%, 6/12/2025		150,000		162,256
				369,605
Trading Companies & Distributors — 1.0%
Air Lease Corp.
4.25%, 2/1/2024		150,000		158,785
2.30%, 2/1/2025		480,000		487,335
Aviation Capital Group LLC
4.38%, 1/30/2024 (a)		200,000		210,961
5.50%, 12/15/2024 (a)		150,000		165,143
1.95%, 1/30/2026 (a)		250,000		245,361
Herc Holdings, Inc. 5.50%, 7/15/2027 (a)		60,000		62,080
Imola Merger Corp. 4.75%, 5/15/2029 (a)		82,000		82,474
United Rentals North America, Inc. 4.88%, 1/15/2028		155,000		162,363
WESCO Distribution, Inc. 7.25%, 6/15/2028 (a)		70,000		76,125
				1,650,627
Wireless Telecommunication Services — 0.3%
Hughes Satellite Systems Corp. 6.63%, 8/1/2026		65,000		72,150
Sprint Corp. 7.63%, 3/1/2026		120,000		141,750
T-Mobile USA, Inc.
3.50%, 4/15/2025		150,000		158,676
2.25%, 2/15/2026		60,000		59,278
4.75%, 2/1/2028		75,000		78,351
				510,205
TOTAL CORPORATE BONDS (Cost $65,381,241)				64,561,750

JPMorgan Short Duration Core Plus ETF

SCHEDULE OF PORTFOLIO INVESTMENTS

AS OF NOVEMBER 30, 2021 (Unaudited) (continued)

Investments	Principal Amount ($)		Value ($)
U.S. TREASURY OBLIGATIONS — 19.3%
U.S. Treasury Notes
0.13%, 6/30/2023		870,000		865,888
0.13%, 7/31/2023		3,175,000		3,157,265
0.13%, 8/31/2023		940,000		934,198
0.25%, 9/30/2023		1,540,000		1,532,962
0.13%, 1/15/2024		1,395,000		1,380,723
0.13%, 2/15/2024		1,360,000		1,345,231
0.38%, 4/15/2024		25,000		24,819
0.25%, 5/15/2024		450,000		444,990
0.25%, 6/15/2024		930,000		918,738
0.38%, 7/15/2024		2,285,000		2,263,132
0.38%, 8/15/2024		1,585,000		1,568,779
0.38%, 9/15/2024		4,005,000		3,959,631
0.63%, 10/15/2024		4,545,000		4,522,275
0.75%, 11/15/2024		7,710,000		7,691,930
0.50%, 2/28/2026		15,000		14,629
0.75%, 5/31/2026		80,000		78,709
0.75%, 8/31/2026		80,000		78,556
0.88%, 9/30/2026		420,000		414,586
1.25%, 9/30/2028		140,000		138,972
TOTAL U.S. TREASURY OBLIGATIONS (Cost $31,439,413)				31,336,013
ASSET-BACKED SECURITIES — 17.5%
ACC Auto Trust Series 2021-A, Class A, 1.08%, 4/15/2027 (a)		347,266		346,695
ACC Trust Series 2020-A, Class A, 6.00%, 3/20/2023 (a)		73,416		74,405
Accelerated LLC Series 2021-1H, Class B, 1.90%, 10/20/2040 (a)		319,658		315,759
Affirm Asset Securitization Trust Series 2020-A, Class A, 2.10%, 2/18/2025 (a)		225,000		225,741
AIMCO CLO Ltd. (Cayman Islands) Series 2019-10A, Class AR, 1.19%, 7/22/2032 (a)(g)		350,000		349,999
Aligned Data Centers Issuer LLC Series 2021-1A, Class A2, 1.94%, 8/15/2046 (a)		263,000		260,414
American Credit Acceptance Receivables Trust Series 2020-1, Class E, 3.32%, 3/13/2026 (a)		450,000		461,438

Investments	Principal Amount ($)		Value ($)
AMSR Trust
Series 2021-SFR3, Class E1, 2.33%, 10/17/2038 ‡(a)		300,000		294,364
Series 2021-SFR4, Class E1, 2.97%, 12/17/2038 ‡(a)		400,000		399,529
Aqua Finance Trust Series 2021-A, Class B, 2.40%, 7/17/2046 ‡(a)		313,000		310,018
Ares CLO Ltd (Cayman Islands) Series 2016-40A, Class A1RR, 1.05%, 1/15/2029 (a)(g)		793,000		793,000
Atlas Senior Loan Fund (Cayman Islands) Series 2019-13A, Class A1NR, 1.21%, 4/22/2031 (a)(g)		200,000		199,950
Bain Capital Credit CLO Ltd. (Cayman Islands) Series 2017-1A, Class A1R, 1.10%, 7/20/2030 (a)(g)		337,000		337,215
Ballyrock CLO Ltd. (Cayman Islands) Series 2019-1A, Class A1R, 1.15%, 7/15/2032 (a)(g)		250,000		249,937
Business Jet Securities LLC
Series 2020-1A, Class A, 2.98%, 11/15/2035 (a)		470,900		475,660
Series 2021-1A, Class A, 2.16%, 4/15/2036 (a)		338,813		338,911
CarMax Auto Owner Trust Series 2018-1, Class D, 3.37%, 7/15/2024		185,000		186,284
CarNow Auto Receivables Trust Series 2021-1A, Class C, 2.16%, 2/17/2026 (a)		196,000		195,873
CIFC Funding Ltd. (Cayman Islands)
Series 2012-2RA, Class A1, 0.93%, 1/20/2028 (a)(g)		183,679		183,815
Series 2019-1A, Class AR, 1.23%, 4/20/2032 (a)(g)		250,000		250,304
Consumer Loan Underlying Bond Certificate Issuer Trust I Series 2019-HP1, Class B, 3.48%, 12/15/2026 ‡(a)		200,000		202,678
CPS Auto Receivables Trust
Series 2021-C, Class C, 1.21%, 6/15/2027 (a)		244,000		241,491
Series 2021-D, Class D, 2.31%, 12/15/2027 (a)		200,000		199,150
Credit Acceptance Auto Loan Trust Series 2021-3A, Class C, 1.63%, 9/16/2030 (a)		250,000		247,635

JPMorgan Short Duration Core Plus ETF

SCHEDULE OF PORTFOLIO INVESTMENTS

AS OF NOVEMBER 30, 2021 (Unaudited) (continued)

Investments	Principal Amount ($)		Value ($)
Crossroads Asset Trust Series 2021-A, Class C, 1.44%, 1/20/2026 ‡(a)		125,000		123,967
Dext ABS LLC Series 2021-1, Class A, 1.12%, 2/15/2028 (a)		294,000		293,864
Dryden Senior Loan Fund (Cayman Islands) Series 2017-49A, Class AR, 1.07%, 7/18/2030 (a)(g)		500,000		500,676
DT Auto Owner Trust
Series 2018-2A, Class E, 5.54%, 6/16/2025 (a)		185,000		190,511
Series 2020-1A, Class D, 2.55%, 11/17/2025 (a)		190,000		193,883
Series 2021-1A, Class D, 1.16%, 11/16/2026 (a)		250,000		246,805
Series 2021-3A, Class D, 1.31%, 5/17/2027 (a)		250,000		245,006
Exeter Automobile Receivables Trust
Series 2019-3A, Class D, 3.11%, 8/15/2025 (a)		195,000		199,725
Series 2021-2A, Class D, 1.40%, 4/15/2027		210,000		207,758
Series 2021-4A, Class D, 1.96%, 1/17/2028		480,000		479,225
FCI Funding LLC Series 2021-1A, Class A, 1.13%, 4/15/2033 (a)		137,848		137,401
FHF Trust
Series 2021-2A, Class A, 0.83%, 12/15/2026 (a)		404,709		402,723
Series 2021-1A, Class A, 1.27%, 3/15/2027 (a)		145,263		144,590
First Investors Auto Owner Trust Series 2017-3A, Class D, 3.44%, 3/15/2024 (a)		163,000		164,789
FirstKey Homes Trust Series 2021-SFR3, Class E1, 2.99%, 12/17/2038 ‡(a)		500,000		499,753
Flagship Credit Auto Trust
Series 2021-1, Class D, 1.27%, 3/15/2027 (a)		225,000		219,911
Series 2021-3, Class C, 1.46%, 9/15/2027 (a)		143,000		140,996
Foundation Finance Trust Series 2021-1A, Class A, 1.27%, 5/15/2041 (a)		158,175		156,090
Foursight Capital Automobile Receivables Trust
Series 2018-1, Class F, 6.82%, 4/15/2025 (a)		160,000		160,452

Investments	Principal Amount ($)		Value ($)
Series 2018-2, Class F, 6.48%, 6/15/2026 (a)		145,000		148,810
FREED ABS Trust Series 2021-1CP, Class B, 1.41%, 3/20/2028 ‡(a)		185,000		184,697
FRTKL Series 2021-SFR1, Class D, 2.17%, 9/17/2038 ‡(a)		238,000		232,761
Galaxy CLO Ltd. (Cayman Islands)
Series 2015-19A, Class A1RR, 1.07%, 7/24/2030 (a)(g)		250,000		249,875
Series 2015-21A, Class AR, 1.15%, 4/20/2031 (a)(g)		250,000		250,010
GLS Auto Receivables Issuer Trust
Series 2019-4A, Class C, 3.06%, 8/15/2025 (a)		175,000		178,768
Series 2021-3A, Class D, 1.48%, 7/15/2027 (a)		200,000		197,050
Goldman Home Improvement Trust Issuer Trust Series 2021-GRN2, Class A, 1.15%, 6/25/2051 (a)		209,470		206,938
LCM LP (Cayman Islands) Series 14A, Class AR, 1.17%, 7/20/2031 (a)(g)		400,000		400,503
LCM Ltd. (Cayman Islands) Series 26A, Class A1, 1.20%, 1/20/2031 (a)(g)		250,000		250,129
Lendbuzz Securitization Trust Series 2021-1A, Class A, 1.46%, 6/15/2026 (a)		257,185		256,594
Lendingpoint Asset Securitization Trust Series 2021-A, Class B, 1.46%, 12/15/2028 ‡(a)		203,000		201,568
Lendmark Funding Trust Series 2019-2A, Class A, 2.78%, 4/20/2028 (a)		225,000		228,373
LL ABS Trust
Series 2019-1A, Class B, 3.52%, 3/15/2027 ‡(a)		74,595		74,845
Series 2021-1A, Class A, 1.07%, 5/15/2029 (a)		255,738		254,717
LMREC LLC Series 2021-CRE4, Class A, 1.14%, 4/22/2037 (a)(g)		184,000		184,026
Longfellow Place CLO Ltd. (Cayman Islands) Series 2013-1A, Class AR3, 1.12%, 4/15/2029 (a)(g)		187,021		186,974

JPMorgan Short Duration Core Plus ETF

SCHEDULE OF PORTFOLIO INVESTMENTS

AS OF NOVEMBER 30, 2021 (Unaudited) (continued)

Investments	Principal Amount ($)		Value ($)
Mariner Finance Issuance Trust Series 2021-AA, Class A, 1.86%, 3/20/2036 (a)		192,000		189,333
Mercury Financial Credit Card Master Trust Series 2021-1A, Class A, 1.54%, 3/20/2026 (a)		284,000		284,179
Mission Lane Credit Card Master Trust Series 2021-A, Class A, 1.59%, 9/15/2026 (a)		355,000		353,113
MVW LLC
Series 2021-1WA, Class A, 1.14%, 1/22/2041 (a)		203,106		199,964
Series 2021-1WA, Class B, 1.44%, 1/22/2041 ‡(a)		87,170		86,238
Neuberger Berman CLO (Cayman Islands) Series 2013-15A, Class A1R2, 1.04%, 10/15/2029 (a)(g)		608,000		608,416
Neuberger Berman Loan Advisers CLO Ltd. (Cayman Islands) Series 2020-37A, Class AR, 1.10%, 7/20/2031 (a)(g)		354,000		354,132
NMEF Funding LLC Series 2021-A, Class B, 1.85%, 12/15/2027 ‡(a)		178,000		177,628
NRZ Excess Spread-Collateralized Notes Series 2021-FNT1, Class A, 2.98%, 3/25/2026 (a)		148,541		147,565
Oportun Funding XIV LLC Series 2021-A, Class A, 1.21%, 3/8/2028 (a)		172,000		171,853
Pagaya AI Debt Selection Trust
Series 2021-1, Class A, 1.18%, 11/15/2027 (a)		152,320		152,116
Series 2021-HG1, Class A, 1.22%, 1/16/2029 (a)		337,934		336,952
Series 2021-3, Class A, 1.15%, 5/15/2029 (a)		226,603		225,859
Palmer Square Loan Funding Ltd. (Cayman Islands)
Series 2020-1A, Class A1, 0.96%, 2/20/2028 (a)(g)		120,870		120,901
Series 2021-2A, Class A1, 0.96%, 5/20/2029 (a)(g)		167,651		167,609
PRET LLC Series 2021-NPL3, Class A1, 1.87%, 7/25/2051 (a)(f)		232,112		230,850
Pretium Mortgage Credit Partners I LLC Series 2021-NPL2, Class A1, 1.99%, 6/27/2060 (a)(f)		250,302		247,978

Investments	Principal Amount ($)		Value ($)
Series 2021-NPL1, Class A1, 2.24%, 9/27/2060 (a)(f)		204,811		203,993
Progress Residential Series 2021-SFR3, Class E1, 2.54%, 5/17/2026 ‡(a)		200,000		198,409
Progress Residential Trust Series 2021-SFR8, Class E1, 2.38%, 10/17/2038 ‡(a)		350,000		342,888
Santander Drive Auto Receivables Trust
Series 2021-1, Class D, 1.13%, 11/16/2026		190,000		189,188
Series 2021-3, Class D, 1.33%, 9/15/2027		300,000		296,775
Skopos Auto Receivables Trust Series 2019-1A, Class C, 3.63%, 9/16/2024 (a)		175,000		176,871
SoFi Consumer Loan Program Trust Series 2018-4, Class D, 4.76%, 11/26/2027 ‡(a)		175,000		178,470
Sound Point CLO Ltd. (Cayman Islands) Series 2019-1A, Class AR, 1.21%, 1/20/2032 (a)(g)		400,000		399,899
Stratus CLO Ltd. (Cayman Islands) Series 2021-1A, Class A, 12/29/2029 (a)(g)(h)		500,000		500,000
Symphony CLO Ltd. (Cayman Islands) Series 2016-18A, Class A1RR, 1.22%, 7/23/2033 (a)(g)		250,000		249,937
Tricon Residential Trust Series 2021-SFR1, Class E1, 2.79%, 7/17/2038 ‡(a)		240,000		239,594
Upstart Pass-Through Trust
Series 2021-ST4, Class A, 2.00%, 7/20/2027 (a)		187,898		186,684
Series 2021-ST5, Class A, 2.00%, 7/20/2027 (a)		219,440		218,008
Series 2021-ST8, Class A, 1.75%, 10/20/2029 (a)		298,501		296,630
Series 2021-ST9, Class A, 1.70%, 11/20/2029 (a)		246,772		245,413
Upstart Securitization Trust
Series 2019-3, Class B, 3.83%, 1/21/2030 ‡(a)		240,322		242,483
Series 2020-1, Class B, 3.09%, 4/22/2030 ‡(a)		200,000		202,724
Series 2021-2, Class B, 1.75%, 6/20/2031 ‡(a)		275,000		273,282
Series 2021-3, Class A, 0.83%, 7/20/2031 (a)		216,807		216,316

JPMorgan Short Duration Core Plus ETF

SCHEDULE OF PORTFOLIO INVESTMENTS

AS OF NOVEMBER 30, 2021 (Unaudited) (continued)

Investments	Principal Amount ($)		Value ($)
Series 2021-4, Class B, 1.84%, 9/20/2031 ‡(a)		231,000		228,051
Series 2021-5, Class B, 2.49%, 11/20/2031 ‡(a)		225,000		222,616
US Auto Funding
Series 2021-1A, Class A, 0.79%, 7/15/2024 (a)		86,307		86,180
Series 2021-1A, Class B, 1.49%, 3/17/2025 (a)		142,000		141,064
VCAT LLC
Series 2021-NPL2, Class A1, 2.12%, 3/27/2051 (a)(f)		199,143		199,131
Series 2021-NPL3, Class A1, 1.74%, 5/25/2051 (a)(f)		204,087		202,369
Series 2021-NPL4, Class A1, 1.87%, 8/25/2051 (a)(f)		301,311		300,368
Venture CLO Ltd. (Cayman Islands) Series 2018-32A, Class A2A, 1.19%, 7/18/2031 (a)(g)		150,000		150,051
Veros Auto Receivables Trust Series 2021-1, Class A, 0.92%, 10/15/2026 (a)		131,402		131,263
VOLT CIII LLC Series 2021-CF1, Class A1, 1.99%, 8/25/2051 ‡(a)(f)		374,058		372,307
VOLT XCIX LLC Series 2021-NPL8, Class A1, 2.12%, 4/25/2051 (a)(f)		161,668		161,331
VOLT XCVI LLC Series 2021-NPL5, Class A1, 2.12%, 3/27/2051 (a)(f)		134,825		134,465
VOLT XCVII LLC Series 2021-NPL6, Class A1, 2.24%, 4/25/2051 (a)(f)		170,691		170,036
VOLT XCVIII LLC Series 2021-NPL7, Class A1, 2.12%, 4/25/2051 (a)(f)		132,931		132,751
Westlake Automobile Receivables Trust
Series 2019-3A, Class E, 3.59%, 3/17/2025 (a)		100,000		103,160
Series 2020-1A, Class D, 2.80%, 6/16/2025 (a)		175,000		178,959
Series 2021-1A, Class C, 0.95%, 3/16/2026 (a)		260,000		258,687
Series 2021-1A, Class D, 1.23%, 4/15/2026 (a)		250,000		247,648
Series 2021-3A, Class D, 2.12%, 1/15/2027 (a)		450,000		450,861
TOTAL ASSET-BACKED SECURITIES (Cost $28,435,720)				28,318,576

Investments	Principal Amount ($)		Value ($)
MORTGAGE-BACKED SECURITIES — 9.3%
FHLMC Gold Pools, 30 Year Pool # G08878, 4.50%, 5/1/2049		386,083		414,962
FHLMC UMBS, 10 Year Pool # RD5034, 2.00%, 9/1/2030		639,340		656,025
FHLMC UMBS, 15 Year Pool # ZS6689, 2.50%, 4/1/2028		272,183		283,869
FNMA UMBS, 15 Year
Pool # FM2072, 3.00%, 12/1/2031		343,803		360,415
Pool # MA4516, 2.00%, 12/1/2036 (h)		3,610,000		3,704,214
FNMA UMBS, 30 Year Pool # BM1285, 4.50%, 5/1/2047		210,949		229,504
FNMA/FHLMC UMBS, Single Family, 15 Year TBA, 1.50%, 12/25/2036 (h)		6,870,000		6,905,960
FNMA/FHLMC UMBS, Single Family, 30 Year TBA, 3.00%, 12/25/2051 (h)		200,000		207,672
GNMA II, 30 Year
Pool # MA7534, 2.50%, 8/20/2051		98,684		101,511
Pool # MA7535, 3.00%, 8/20/2051		451,113		469,432
Pool # MA7650, 3.00%, 10/20/2051		597,256		621,775
Pool # MA7705, 2.50%, 11/20/2051		460,000		473,175
Pool # MA7706, 3.00%, 11/20/2051		570,000		593,929
TOTAL MORTGAGE-BACKED SECURITIES (Cost $15,022,680)				15,022,443
COMMERCIAL MORTGAGE-BACKED SECURITIES — 7.0%
AREIT Trust Series 2021-CRE5, Class C, 2.34%, 8/17/2026 ‡(a)(g)		336,000		336,150
Beast Mortgage Trust Series 2021-1818, Class B, 1.70%, 3/15/2036 ‡(a)(g)		179,000		178,991
BX Commercial Mortgage Trust Series 2021-VOLT, Class D, 1.74%, 9/15/2036 ‡(a)(g)		275,000		273,374

JPMorgan Short Duration Core Plus ETF

SCHEDULE OF PORTFOLIO INVESTMENTS

AS OF NOVEMBER 30, 2021 (Unaudited) (continued)

Investments	Principal Amount ($)		Value ($)
Series 2021-XL2, Class E, 1.94%, 10/15/2038 ‡(a)(g)		384,767		379,228
BX Trust Series 2021-RISE, Class D, 11/15/2036 ‡(a)(g)(h)		360,000		360,000
Citigroup Commercial Mortgage Trust
Series 2021-PRM2, Class F, 3.84%, 10/15/2036 ‡(a)(g)		275,000		274,999
Series 2014-GC19, Class D, 5.26%, 3/10/2047 ‡(a)(g)		250,000		261,384
Series 2014-GC23, Class C, 4.58%, 7/10/2047 ‡(g)		200,000		209,067
Series 2015-GC27, Class B, 3.77%, 2/10/2048 ‡		200,000		206,871
Series 2015-GC27, Class C, 4.57%, 2/10/2048 ‡(g)		440,000		456,700
Series 2015-GC29, Class C, 4.29%, 4/10/2048 ‡(g)		400,000		416,671
Series 2015-GC31, Class C, 4.19%, 6/10/2048 ‡(g)		250,000		256,712
COMM Mortgage Trust
Series 2019-WCM, Class G, 2.79%, 10/15/2034 ‡(a)(g)		385,000		378,120
Series 2013-CR10, Class AM, 4.52%, 8/10/2046 (a)(g)		200,000		210,161
Series 2015-CR26, Class B, 4.63%, 10/10/2048 ‡(g)		200,000		215,140
Series 2015-PC1, Class B, 4.46%, 7/10/2050 ‡(g)		200,000		213,124
Commercial Mortgage Trust Series 2014-CR20, Class C, 4.65%, 11/10/2047 ‡(g)		100,000		101,894
CSAIL Commercial Mortgage Trust Series 2015-C4, Class E, 3.71%, 11/15/2048 ‡(g)		325,000		316,495
FHLMC, Multi-Family Structured Pass-Through Certificates
Series K068, Class X1, IO, 0.56%, 8/25/2027 (g)		3,647,824		83,223
Series K028, Class X3, IO, 1.72%, 6/25/2041 (g)		4,629,000		101,588
Series K111, Class X3, IO, 3.29%, 4/25/2048 (g)		405,000		93,675
Series K110, Class X3, IO, 3.52%, 6/25/2048 (g)		380,000		92,391
Series K119, Class X3, IO, 2.82%, 9/25/2048 (g)		460,000		94,338
Series K115, Class X3, IO, 3.06%, 9/25/2048 (g)		430,000		92,341

Investments	Principal Amount ($)		Value ($)
Series K125, Class X3, IO, 2.75%, 2/25/2049 (g)		460,000		93,613
FREMF Mortgage Trust
Series 2018-K732, Class C, 4.20%, 5/25/2025 (a)(g)		200,000		209,999
Series 2016-K57, Class C, 4.05%, 8/25/2049 (a)(g)		185,000		195,130
Series 2016-K58, Class C, 3.87%, 9/25/2049 (a)(g)		110,000		116,019
Series 2017-K62, Class C, 4.01%, 1/25/2050 (a)(g)		200,000		211,015
GS Mortgage Securities Trust
Series 2016-GS2, Class B, 3.76%, 5/10/2049 ‡(g)		100,000		105,137
Series 2016-GS3, Class C, 4.12%, 10/10/2049 ‡(g)		165,000		170,208
Series 2017-GS5, Class D, 3.51%, 3/10/2050 ‡(a)(g)		250,000		240,403
Independence Plaza Trust
Series 2018-INDP, Class A, 3.76%, 7/10/2035 (a)		175,000		181,485
Series 2018-INDP, Class C, 4.16%, 7/10/2035 ‡(a)		150,000		154,782
JPMBB Commercial Mortgage Securities Trust
Series 2015-C31, Class C, 4.77%, 8/15/2048 ‡(g)		150,000		156,652
Series 2016-C1, Class D1, 4.30%, 3/15/2049 ‡(a)(g)		400,000		407,331
JPMCC Commercial Mortgage Securities Trust Series 2017-JP5, Class D, 4.75%, 3/15/2050 ‡(a)(g)		275,000		275,806
JPMorgan Chase Commercial Mortgage Securities Trust Series 2013-C16, Class D, 5.17%, 12/15/2046 (a)(g)		200,000		204,932
KKR Industrial Portfolio Trust Series 2021-KDIP, Class D, 1.34%, 12/15/2037 ‡(a)(g)		131,250		129,031
Life Mortgage Trust Series 2021-BMR, Class C, 1.19%, 3/15/2038 ‡(a)(g)		195,000		193,359
MHC Commercial Mortgage Trust Series 2021-MHC, Class D, 1.69%, 4/15/2038 ‡(a)(g)		250,000		249,374
Morgan Stanley Bank of America Merrill Lynch Trust
Series 2014-C14, Class D, 5.22%, 2/15/2047 ‡(a)(g)		175,023		180,258
Series 2015-C24, Class D, 3.26%, 5/15/2048 (a)		220,000		210,080

JPMorgan Short Duration Core Plus ETF

SCHEDULE OF PORTFOLIO INVESTMENTS

AS OF NOVEMBER 30, 2021 (Unaudited) (continued)

Investments	Principal Amount ($)		Value ($)
Multi-Family Connecticut Avenue Securities Trust Series 2019-01, Class M7, 1.79%, 10/15/2049 ‡(a)(g)		111,137		110,688
PFP Ltd. (Cayman Islands) Series 2021-7, Class C, 1.74%, 4/14/2038 ‡(a)(g)		166,492		165,469
SG Commercial Mortgage Securities Trust Series 2016-C5, Class B, 3.93%, 10/10/2048 ‡		225,000		232,104
STWD Mortgage Trust (Cayman Islands) Series 2021-LIH, Class B, 1.76%, 11/15/2036 ‡(a)(g)		400,000		399,122
Velocity Commercial Capital Loan Trust Series 2021-2, Class A, 1.52%, 8/25/2051 (a)(g)		356,157		349,967
Wells Fargo Commercial Mortgage Trust Series 2015-LC22, Class D, 4.71%, 9/15/2058 ‡(g)		205,000		205,964
WFRBS Commercial Mortgage Trust
Series 2013-C11, Class C, 4.32%, 3/15/2045 ‡(g)		117,000		119,519
Series 2014-C25, Class B, 4.24%, 11/15/2047 ‡(g)		160,000		168,043
Series 2014-C22, Class C, 3.91%, 9/15/2057 ‡(g)		225,000		230,714
TOTAL COMMERCIAL MORTGAGE-BACKED SECURITIES (Cost $11,396,204)				11,268,841
COLLATERALIZED MORTGAGE OBLIGATIONS — 3.5%
FHLMC STACR REMIC Trust
Series 2020-DNA1, Class M2, 1.79%, 1/25/2050 (a)(g)		166,913		167,307
Series 2020-HQA3, Class B1, 5.84%, 7/25/2050 (a)(g)		200,000		208,139
FHLMC Structured Agency Credit Risk Debt Notes Series 2021-DNA2, Class M2, 2.35%, 8/25/2033 (a)(g)		100,000		101,810
FHLMC, REMIC
Series 3993, Class BC, 3.50%, 1/15/2027		425,000		451,933
Series 2673, Class PE, 5.50%, 9/15/2033		139,340		157,543

Investments	Principal Amount ($)		Value ($)
Series 4718, Class DA, 3.00%, 2/15/2047		368,042		381,260
Series 4937, Class MS, IF, IO, 5.96%, 12/25/2049 (g)		381,616		68,672
Series 5021, Class MI, IO, 3.00%, 10/25/2050		553,473		88,095
FHLMC, STRIPS Series 311, Class S1, IF, IO, 5.86%, 8/15/2043 (g)		519,611		89,641
FNMA, Connecticut Avenue Securities Series 2017-C07, Class 2M2, 2.59%, 5/25/2030 (g)		118,866		120,590
FNMA, REMIC Series 2012-136, Class DL, 3.50%, 12/25/2042		270,000		283,809
GNMA Series 2021-9, Class MI, IO, 2.50%, 1/20/2051		286,700		33,320
Legacy Mortgage Asset Trust Series 2021-GS3, Class A1, 1.75%, 7/25/2061 (a)(f)		135,602		134,624
LHOME Mortgage Trust Series 2021-RTL1, Class A1, 2.09%, 9/25/2026 (a)(g)		188,000		187,551
NYMT Loan Trust Series 2021-SP1, Class A1, 1.67%, 8/25/2061 (a)(f)		320,751		317,780
PRET LLC Series 2021-RN4, Class A1, 2.49%, 11/25/2061 (a)(g)		550,000		550,473
PRPM LLC
Series 2021-2, Class A1, 2.12%, 3/25/2026 (a)(g)		158,695		157,873
Series 2021-5, Class A1, 1.79%, 6/25/2026 (a)(f)		223,639		221,972
Series 2021-6, Class A1, 1.79%, 7/25/2026 (a)(f)		344,633		342,239
Series 2021-7, Class A1, 1.87%, 8/25/2026 (a)(f)		291,284		288,771
Series 2021-11, Class A1, 2.49%, 11/25/2026 (a)(g)		286,000		286,000
RCO VII Mortgage LLC Series 2021-1, Class A1, 1.87%, 5/26/2026 (a)(f)		121,146		120,751
Verus Securitization Trust Series 2021-2, Class M1, 2.19%, 2/25/2066 ‡(a)(g)		144,000		143,414
VOLT CV LLC Series 2021-CF2, Class A1, 2.49%, 11/27/2051 (a)(f)		500,000		499,485

JPMorgan Short Duration Core Plus ETF

SCHEDULE OF PORTFOLIO INVESTMENTS

AS OF NOVEMBER 30, 2021 (Unaudited) (continued)

Investments	Principal Amount ($)		Value ($)
ZH Trust Series 2021-1, Class A, 2.25%, 2/18/2027 (a)		205,883		203,591
TOTAL COLLATERALIZED MORTGAGE OBLIGATIONS (Cost $5,653,819)				5,606,643
FOREIGN GOVERNMENT SECURITIES — 1.4%
Arab Republic of Egypt (Egypt) 3.88%, 2/16/2026 (a)		200,000		181,000
Dominican Republic Government Bond (Dominican Republic) 6.00%, 7/19/2028 (d)		150,000		165,000
Federal Republic of Nigeria (Nigeria) 6.50%, 11/28/2027 (d)		200,000		194,750
Hashemite Kingdom of Jordan (Jordan) 4.95%, 7/7/2025 (a)		200,000		204,500
Islamic Republic of Pakistan (Pakistan) 6.00%, 4/8/2026 (a)		200,000		197,022
Republic of Costa Rica (Costa Rica) 4.38%, 4/30/2025 (d)		200,000		202,225
Republic of Cote d’Ivoire (Ivory Coast) 5.75%, 12/31/2032 (d)(f)		68,195		66,694
Republic of Ecuador (Ecuador)
5.00%, 7/31/2030 (a)(f)		50,000		40,750
5.00%, 7/31/2030 (d)(f)		25,000		20,375
Republic of El Salvador (El Salvador) 5.88%, 1/30/2025 (d)		80,000		55,265
Republic of Ghana (Ghana) Zero Coupon, 4/7/2025 (a)(b)		200,000		133,600
Republic of Iraq (Iraq) 6.75%, 3/9/2023 (d)		200,000		196,850
Republic of Kenya (Kenya) 7.00%, 5/22/2027 (d)		200,000		207,000
Sultanate of Oman Government Bond (Oman) 4.75%, 6/15/2026 (d)		200,000		202,250
Ukraine Government Bond (Ukraine)
7.75%, 9/1/2023 (d)		100,000		100,850
7.75%, 9/1/2024 (d)		100,000		100,019
TOTAL FOREIGN GOVERNMENT SECURITIES (Cost $2,415,731)				2,268,150
SUPRANATIONAL — 0.1%
Africa Finance Corp. (Supranational) 4.38%, 4/17/2026 (d) (Cost $217,840)		200,000		216,000

Investments	Principal Amount ($)		Value ($)
MUNICIPAL BONDS — 0.1% (i)
California — 0.1%
California Housing Finance Series 2021-1, Class X, Rev., 0.80%, 12/20/2021 (g) (Cost $141,337)		2,181,703		146,515
	Shares
SHORT-TERM INVESTMENTS — 9.9%
INVESTMENT COMPANIES — 9.5%
JPMorgan Prime Money Market Fund Class IM Shares, 0.07% (j)(k) (Cost $15,395,383)		15,388,296		15,394,451
INVESTMENT OF CASH COLLATERAL FROM SECURITIES LOANED — 0.1%
JPMorgan U.S. Government Money Market Fund Class IM Shares, 0.03% (j)(k) (Cost $227,405) 227,405				227,405
	Principal Amount ($)
U.S. TREASURY OBLIGATIONS — 0.3%
U.S. Treasury Bills 0.05%, 12/23/2021 (l)(m) (Cost $472,985)		473,000		472,958
TOTAL SHORT-TERM INVESTMENTS (COST $16,095,773)				16,094,814
Total Investments — 108.0% (Cost $176,199,758)				174,839,745
Liabilities in Excess of Other Assets — (8.0)%				(12,933,900	)
Net Assets — 100.0%				161,905,845

Percentages indicated are based on net assets.

Abbreviations
ABS	Asset-Backed Securities
CIFC	Commercial Industrial Finance Corp.
CLO	Collateralized Loan Obligations
FHLMC	Federal Home Loan Mortgage Corp.
FNMA	Federal National Mortgage Association
GNMA	Government National Mortgage Association
ICE	Intercontinental Exchange

JPMorgan Short Duration Core Plus ETF

SCHEDULE OF PORTFOLIO INVESTMENTS

AS OF NOVEMBER 30, 2021 (Unaudited) (continued)

IF	Inverse Floaters represent securities that pay interest at a rate that increases (decreases) with a decline (incline) in a specified index or have an interest rate that adjusts periodically based on changes in current interest rates and prepayments on the underlying pool of assets. The interest rate shown is the rate in effect as of November 30, 2021. The rate may be subject to a cap and floor.
IO	Interest Only represents the right to receive the monthly interest payments on an underlying pool of mortgage loans. The principal amount shown represents the par value on the underlying pool. The yields on these securities are subject to accelerated principal paydowns as a result of prepayment or refinancing of the underlying pool of mortgage instruments. As a result, interest income may be reduced considerably.
LIBOR	London Interbank Offered Rate
REIT	Real Estate Investment Trust
REMIC	Real Estate Mortgage Investment Conduit
Rev.	Revenue
SOFR	Secured Overnight Financing Rate
STRIPS	Separate Trading of Registered Interest and Principal of Securities. The STRIPS Program lets investors hold and trade individual interest and principal components of eligible notes and bonds as separate securities.
TBA	To Be Announced; Security is subject to delayed delivery.
UMBS	Uniform Mortgage-Backed Securities
USD	United States Dollar
(a)	Securities exempt from registration under Rule 144A or section 4(a)(2), of the Securities Act of 1933, as amended.
(b)	The security or a portion of this security is on loan at November 30, 2021. The total value of securities on loan at November 30, 2021 is $220,363.
(c)	Variable or floating rate security, linked to the referenced benchmark. The interest rate shown is the current rate as of November 30, 2021.
(d)	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.
(e)	Amount rounds to less than 0.1% of net assets.
(f)	Step bond. Interest rate is a fixed rate for an initial period that either resets at a specific date or may reset in the future contingent upon a predetermined trigger. The interest rate shown is the current rate as of November 30, 2021.
(g)	Variable or floating rate security, the interest rate of which adjusts periodically based on changes in current interest rates and prepayments on the underlying pool of assets. The interest rate shown is the current rate as of November 30, 2021.
(h)	All or a portion of the security is a when-issued security, delayed delivery security, or forward commitment.

JPMorgan Short Duration Core Plus ETF

SCHEDULE OF PORTFOLIO INVESTMENTS

AS OF NOVEMBER 30, 2021 (Unaudited) (continued)

(i)	The date shown represents the earliest of the prerefunded date, next put date or final maturity date.
(j)	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.
(k)	The rate shown is the current yield as of November 30, 2021.
(l)	All or a portion of this security is deposited with the broker as initial margin for futures contracts or centrally cleared swaps.
(m)	The rate shown is the effective yield as of November 30, 2021.
‡	Value determined using significant unobservable inputs.

Futures contracts outstanding as of November 30, 2021:

Description	Number of Contracts			Expiration Date		Trading Currency		Notional Amount ($)			Value and Unrealized Appreciation (Depreciation) ($)
Long Contracts
U.S. Treasury 2 Year Note		65			03/2022		USD		14,209,609			19,561
Short Contracts
U.S. Treasury 5 Year Note		(72	)		03/2022		USD		(8,737,875	)		(56,285	)
U.S. Treasury 10 Year Note		(57	)		03/2022		USD		(7,454,531	)		(75,823	)
U.S. Treasury 10 Year Ultra Note		(25	)		03/2022		USD		(3,673,828	)		(56,771	)
												(188,879	)
												(169,318	)

Abbreviations
USD	United States Dollar

Centrally Cleared Credit default swap contracts outstanding - sell protection^(a) as of November 30, 2021:

Reference Obligation/Index

Financing Rate Paid by the Fund (%)

Payment Frequency

Maturity Date

Implied Credit Spread (%) (b)

Notional Amount (c)

Upfront Payments (Receipts)($) (d)

Unrealized Appreciation (Depreciation) ($)

Value ($)

CDX.NA.HY.37-V1

5.00

Quarterly

12/20/2026

3.30

USD 1,600,000

148,744

(11,054

)

137,690

^(a)  The Fund, as a seller of credit protection, receives periodic payments and may also receive or pay an upfront premium from or to the protection buyer, and is obligated to make a contingent payment, upon occurrence of a credit event with respect to an underlying reference obligation, as defined under the terms of individual swap contracts.

JPMorgan Short Duration Core Plus ETF

SCHEDULE OF PORTFOLIO INVESTMENTS

AS OF NOVEMBER 30, 2021 (Unaudited) (continued)

^(b)  Implied credit spreads are an indication of the seller’s performance risk, related to the likelihood of a credit event occurring that would require a seller to make payment to a buyer. Implied credit spreads are used to determine the value of swap contracts and reflect the cost of buying/selling protection, which may include upfront payments made to enter into the contract. Therefore, higher spreads would indicate a greater likelihood that a seller will be obligated to perform (i.e. make payment) under the swap contract. Increasing values, in absolute terms and relative to notional amounts, are also indicative of greater performance risk. Implied credit spreads for credit default swaps on credit indices are linked to the weighted average spread across the underlying reference obligations included in a particular index.

^(c)  The notional amount is the maximum amount that a seller of credit protection would be obligated to pay and a buyer of credit protection would receive, upon occurrence of a credit event.

^(d)  Upfront payments and receipts generally represent premiums paid or received at the initiation of the agreement to compensate the differences between the stated terms of the swap agreement and current market conditions (credit spreads, interest rates and other relevant factors).

Abbreviations
CDX	Credit Default Swap Index
USD	United States Dollar

JPMorgan Short Duration Core Plus ETF

SCHEDULE OF PORTFOLIO INVESTMENTS

AS OF NOVEMBER 30, 2021 (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.

J.P. Morgan Investment Management Inc. (the “Administrator”) has established the J.P. Morgan Asset Management Americas Valuation Committee (“AVC”) to assist the Board with the oversight and monitoring of the valuation of the Fund’s investments. The Administrator implements the valuation policies of the Fund’s investments, as directed by the Board. The AVC oversees and carries out the policies for the valuation of investments held in the Fund. This includes monitoring the appropriateness of fair values based on results of ongoing valuation oversight including, but not limited to, consideration of macro or security specific events, market events, and pricing vendor and broker due diligence. The Administrator is responsible for discussing and assessing the potential impacts to the fair values on an ongoing basis, and, at least on a quarterly basis, with the AVC and the Board.

A market-based approach is primarily used to value the Fund’s investments. Investments for which market quotations are not readily available are fair valued by approved affiliated and/or unaffiliated pricing vendors or third party broker-dealers (collectively referred to as “Pricing Services”) or may be internally fair valued using methods set forth by the valuation policies approved by the Board. This may include the use of related or comparable assets or liabilities, recent transactions, market multiples, book values and other relevant information for the investment. An income-based valuation approach may be used in which the anticipated future cash flows of the investment are discounted to calculate the fair value. Discounts may also be applied due to the nature or duration of any restrictions on the disposition of the investments. Valuations may be based upon current market prices of securities that are comparable in coupon, rating, maturity and industry. It is possible that the estimated values may differ significantly from the values that would have been used had a ready market for the investments existed, and such differences could be material.

Fixed income instruments are valued based on prices received from Pricing Services. The Pricing Services use multiple valuation techniques to determine the valuation of fixed income instruments. In instances where sufficient market activity exists, the Pricing Services may utilize a market-based approach through which trades or quotes from market makers are used to determine the valuation of these instruments. In instances where sufficient market activity may not exist, the Pricing Services also utilize proprietary valuation models which may consider market transactions in comparable securities and the various relationships between securities in determining fair value and/or market characteristics in order to estimate the relevant cash flows, which are then discounted to calculate the fair values.

Investments in open-end investment companies (“Underlying Funds”) are valued at each Underlying Fund’s net asset values per share as of the report date.

Futures contracts are generally valued on the basis of available market quotations. Swaps are valued utilizing market quotations from approved Pricing Services.

See the table on “Quantitative Information about Level 3 Fair Value Measurements” for information on the valuation techniques and inputs used to value level 3 securities held by the Fund at November 30, 2021.

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).

JPMorgan Short Duration Core Plus ETF

SCHEDULE OF PORTFOLIO INVESTMENTS

AS OF NOVEMBER 30, 2021 (Unaudited) (continued)

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	$	—		$	23,029,706		$	5,288,870	$	28,318,576
Collateralized Mortgage Obligations		—			5,463,229			143,414		5,606,643
Commercial Mortgage-Backed Securities		—			2,539,957			8,728,884		11,268,841
Corporate Bonds		—			64,561,750			—		64,561,750
Foreign Government Securities		—			2,268,150			—		2,268,150
Mortgage-Backed Securities		—			15,022,443			—		15,022,443
Municipal Bonds		—			146,515			—		146,515
Supranational		—			216,000			—		216,000
U.S. Treasury Obligations		—			31,336,013			—		31,336,013
Short-Term Investments
Investment Companies		15,394,451			—			—		15,394,451
Investment of Cash Collateral from Securities Loaned		227,405			—			—		227,405
U.S. Treasury Obligations		—			472,958			—		472,958
Total Short-Term Investments		15,621,856			472,958			—		16,094,814
Total Investments in Securities	$	15,621,856		$	145,056,721		$	14,161,168	$	174,839,745
Appreciation in Other Financial Instruments
Futures Contracts	$	19,561		$	—		$	—	$	19,561
Depreciation in Other Financial Instruments
Futures Contracts		(188,879	)		—			—		(188,879	)
Swaps		—			(11,054	)		—		(11,054	)
Total Net Appreciation/Depreciation in Other Financial Instruments	$	(169,318	)	$	(11,054	)	$	—	$	(180,372	)

The following is a summary of investments for which significant unobservable inputs (level 3) were used in determining fair value:

	Value at March 1, 2021*		Realized gain (loss)		Change in net unrealized appreciation (depreciation)			Net accretion (amortization)			Purchases1		Sales2			Transfers into Level 3		Transfers out of Level 3		Balance as of November 30, 2021
Investments in Securities:
Asset-Backed Securities	$	—	$	—	$	(48,376	)	$	(2,363	)	$	5,513,648	$	(174,039	)	$	—	$	—	$	5,288,870
Collateralized Mortgage Obligations		—		—		(584	)		—			143,998		—			—		—		143,414
Commercial Mortgage-Backed Securities		—		19		(118,738	)		(8,172	)		8,991,328		(135,553	)		—		—		8,728,884
Total	$	—	$	19	$	(167,698	)	$	(10,535	)	$	14,648,974	$	(309,592	)	$	—	$	—	$	14,161,168

* Commencement of operations was March 1, 2021.

¹  Purchases include all purchases of securities and securities received in corporate actions.

²  Sales include all sales of securities, maturities, paydowns and securities tendered in corporate actions.

The changes in net unrealized appreciation (depreciation) attributable to securities owned at November 30, 2021, which were valued using significant unobservable inputs (level 3) amounted to $(167,698).

The significant unobservable inputs used in the fair value measurement of the Fund’s investments are listed below. Generally, a change in the assumptions used in any input in isolation may be accompanied by a change in another input. Significant changes in any of the unobservable inputs may significantly impact the fair value measurement. The impact is based on the relationship between each unobservable input and the fair value measurement. Significant increases (decreases) in the yield and default rate may decrease (increase) the fair value measurement. A significant change in the prepayment rate (Constant Prepayment Rate or PSA Prepayment Model) may decrease or increase the fair value measurement.

Quantitative Information about Level 3 Fair Value Measurements #

	Fair Value at November 30, 2021		Valuation Technique(s)	Unobservable Input	Range (Weighted Average)(a)
	$	4,416,809	Discounted Cash Flow	Constant Prepayment Rate	0.00% - 30.00% (11.13%)
				Yield (Discount Rate of Cash Flows)	1.17% - 2.92% (2.32%)
Asset-Backed Securities		4,416,809
		143,414	Discounted Cash Flow	Constant Prepayment Rate	25.00% (25.00%)
				Yield (Discount Rate of Cash Flows)	2.28% (2.28%)
Collateralized Mortgage Obligations		143,414
		7,867,264	Discounted Cash Flow	Yield (Discount Rate of Cash Flows)	1.92% - 4.97% (3.30%)
Commercial Mortgage-Backed Securities		7,867,264
Total	$	12,427,487

# The table above does not include certain level 3 investments that are valued by brokers and Pricing Services. At November 30, 2021, the value of these investments was $1,733,681. The inputs for these investments are not readily available or cannot be reasonably estimated and are generally those inputs described in Note A.

(a) Unobservable inputs were weighted by the relative fair value of the instruments.

B. Investment Transactions with Affiliates — The Fund invested in Underlying Funds which are 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. Underlying Funds’ distributions may be reinvested into such Underlying Funds. Reinvestment amounts are included in the purchase cost amounts in the table below.

For the period ended November 30, 2021
Security Description	Value at March 1, 2021(a)		Purchases at Cost		Proceeds from Sales		Net Realized Gain (Loss)			Change in Unrealized Appreciation/ (Depreciation)			Value at November 30, 2021		Shares at November 30, 2021		Dividend Income		Capital Gain Distributions
JPMorgan Prime Money Market Fund Class IM Shares, 0.07%(b)(c)	$	—	$	112,909,291	$	97,510,537	$	(3,371	)	$	(932	)	$	15,394,451		15,388,296	$	4,965	$	—
JPMorgan U.S. Government Money Market Fund Class IM Shares, 0.03%(b)(c)		—		601,704		374,299		—			—			227,405		227,405		20		—
Total	$	—	$	113,510,995	$	97,884,836	$	(3,371	)	$	(932	)	$	15,621,856			$	4,985	$	—

(a) Commencement of operations was March 1, 2021.

(b) 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.

(c) The rate shown is the current yield as of November 30, 2021.

C. Derivatives — The Fund used derivative instruments including futures contracts and swaps, in connection with its investment strategy. Derivative instruments may be used as substitutes for securities in which the Fund can invest, to hedge portfolio investments or to generate income or gain to the Fund. Derivatives may also be used to manage duration, sector and yield curve exposures and credit and spread volatility.

The Fund may be subject to various risks from the use of derivatives, including the risk that changes in the value of a derivative may not correlate perfectly with the underlying asset, rate or index; counterparty credit risk related to derivatives counterparties’ failure to perform under contract terms; liquidity risk related to the potential lack of a liquid market for these contracts allowing a Fund to close out its position(s); and documentation risk relating to disagreement over contract terms. Investing in certain derivatives also results in a form of leverage and as such, the Fund’s risk of loss associated with these instruments may exceed their value.

The Fund is party to various derivative contracts governed by International Swaps and Derivatives Association master agreements (“ISDA agreements”). The Fund’s ISDA agreements, which are separately negotiated with each dealer counterparty, may contain provisions allowing, absent other considerations, a counterparty to exercise rights, to the extent not otherwise waived, against the Fund in the event the Fund’s net assets decline over time by a pre-determined percentage or fall below a pre-determined floor. The ISDA agreements may also contain provisions allowing, absent other conditions, the Fund to exercise rights, to the extent not otherwise waived, against a counterparty (e.g., decline in a counterparty’s credit rating below a specified level). Such rights for both a counterparty and the Fund often include the ability to terminate (i.e., close out) open contracts at prices which may favor a counterparty, which could have an adverse effect on the Fund. The ISDA agreements give the Fund and a counterparty the right, upon an event of default, to close out all transactions traded under such agreements and to net amounts owed or due across all transactions and offset such net payable or receivable against collateral posted to a segregated account by one party for the benefit of the other.

Counterparty credit risk may be mitigated to the extent a counterparty posts additional collateral for mark to market gains to the Fund.

Notes (1) — (2) below describe the various derivatives used by the Fund.

JPMorgan Short Duration Core Plus ETF

SCHEDULE OF PORTFOLIO INVESTMENTS

AS OF NOVEMBER 30, 2021 (Unaudited) (continued)

(1). Futures Contracts — The Fund used treasury futures contracts to manage and hedge interest rate risk associated with portfolio investments and to gain or reduce exposure to positive and negative price fluctuation or a particular countries or regions. The Fund also used futures contracts to lengthen or shorten the duration of the overall investment portfolio.

Futures contracts provide for the delayed delivery of the underlying instrument at a fixed price or are settled for a cash amount based on the change in the value of the underlying instrument at a specific date in the future. Upon entering into a futures contract, the Fund is required to deposit with the broker, cash or securities in an amount equal to a certain percentage of the contract amount, which is referred to as the initial margin deposit. Subsequent payments, referred to as variation margin, are made or received by the Fund periodically and are based on changes in the market value of open futures contracts. Changes in the market value of open future contracts are recorded as change in net unrealized appreciation/depreciation on futures contracts. Securities deposited as initial margin are designated on the Schedule of Investments, while cash deposited is considered restricted.

The Fund may be exposed to the risk that the change in the value of the futures contract may not correlate perfectly with the underlying instrument. Use of long futures contracts subject the Fund to risk of loss up to the notional amount of the futures contracts. Use of short futures contracts subjects the Fund to unlimited risk of loss. The Fund may enter into futures contracts only on exchanges or boards of trade. The exchange or board of trade acts as the counterparty to each futures transaction; therefore, the Fund’s credit risk is limited to failure of the exchange or board of trade. Under some circumstances, futures exchanges may establish daily limits on the amount that the price of a futures contract can vary from the previous day’s settlement price, which could effectively prevent liquidation of positions.

The Fund’s futures contracts are not subject to master netting arrangements (the right to close out all transactions traded with a counterparty and net amounts owed or due across transactions).

(2). Swaps — The Fund engaged in various swap transactions to manage credit risk within its portfolio. The Fund also used swaps as alternatives to direct investments. Swap transactions are contracts negotiated over-the-counter (“OTC swaps”) between the Fund and a counterparty or are centrally cleared (“centrally cleared swaps”) through a central clearinghouse managed by a Futures Commission Merchant (“FCM”) that exchange investment cash flows, assets, foreign currencies or market-linked returns at specified, future intervals.

Upfront payments made and/or received by the Fund are recorded as assets or liabilities, respectively, and amortized over the term of the swap. The value of an OTC swap agreement is recorded at the beginning of the measurement period. Upon entering into a centrally cleared swap, the Fund is required to deposit with the FCM cash or securities, which is referred to as initial margin deposit. Securities deposited as initial margin are designated on the Schedule of Investments, while cash deposited is considered restricted. The change in the value of swaps, including accruals of periodic amounts of interest to be paid or received on swaps, is reported as change in net unrealized appreciation/depreciation on swaps. A realized gain or loss is recorded upon payment or receipt of a periodic payment or payment made upon termination of a swap agreement.

The Fund may be required to post or receive collateral based on the net value of the Fund’s outstanding OTC swap contracts with the counterparty in the form of cash or securities. Daily movement of cash collateral is subject to minimum threshold amounts. Collateral posted by the Fund is held in a segregated account at the Fund’s custodian bank.

The central clearinghouse acts as the counterparty to each centrally cleared swap transaction; therefore credit risk is limited to the failure of the clearinghouse.

The Fund’s swap contracts (excluding centrally cleared swaps) are subject to master netting arrangements.

Credit Default Swaps

The Fund entered into credit default swaps to simulate long and/or short bond positions or to take an active long and/or short position with respect to the likelihood of a default or credit event by the issuer of the underlying reference obligation.

The underlying reference obligation may be a single issuer of corporate or sovereign debt, a basket of issuers or a credit index. A credit index is a list of credit instruments or exposures that reference a fixed number of obligors with shared characteristics that represents some part of the credit market as a whole. Index credit default swaps have standardized terms including a fixed spread and standard maturity dates. The composition of the obligations within a particular index changes periodically.

Credit default swaps involve one party, the protection buyer, making a stream of payments to another party, the protection seller, in exchange for the right to receive a contingent payment if there is a credit event related to the underlying reference obligation. In the event that the reference obligation matures prior to the termination date of the contract, a similar security will be substituted for the duration of the contract term. Credit events are defined under individual swap agreements and generally include bankruptcy, failure to pay, restructuring, repudiation/moratorium, obligation acceleration and obligation default.

JPMorgan Short Duration Core Plus ETF

SCHEDULE OF PORTFOLIO INVESTMENTS

AS OF NOVEMBER 30, 2021 (Unaudited) (continued)

If a credit event occurs, the Fund, as a protection seller, would be obligated to make a payment, which may be either: (i) a net cash settlement equal to the notional amount of the swap less the auction value of the reference obligation or (ii) the notional amount of the swap in exchange for the delivery of the reference obligation. Selling protection effectively adds leverage to the Fund’s portfolio up to the notional amount of swap agreements. The notional amount represents the maximum potential liability under a contract. Potential liabilities under these contracts may be reduced by: the auction rates of the underlying reference obligations; upfront payments received at the inception of a swap; and net amounts received from credit default swaps purchased with the identical reference obligation.