NPORT-EX 2 JPMSUSMUNETF.htm EDGAR HTML
JPMorgan Sustainable Municipal Income ETF
Schedule of Portfolio Investments as of November 30, 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 Sustainable Municipal Income ETF
SCHEDULE OF PORTFOLIO INVESTMENTS
AS OF November 30, 2024 (Unaudited)
 
INVESTMENTS
PRINCIPAL
AMOUNT($)
VALUE($)
Municipal Bonds — 88.5% (a)
Alabama — 0.5%
County of Jefferson sewer Series 2024, Rev., 5.00%, 10/1/2035
1,000,000
1,126,783
Arizona — 3.5%
Arizona Board of Regents, Stimulus Plan For Economic and Educational Development Series 2024, Rev., 5.00%,
8/1/2043
1,060,000
1,182,903
Arizona Industrial Development Authority, Equitable School Revolving Fund LLC Series 2022A, Rev., 5.00%, 11/1/2037
900,000
997,583
Industrial Development Authority of the County of Pima (The), La Posada at Pusch Ridge Project Series 2022B-3, Rev.,
5.13%, 11/15/2029 (b)
750,000
755,505
Maricopa County Industrial Development Authority, Arizona Autism Charter School Project Series 2021A, Rev., 4.00%,
7/1/2041 (b)
1,100,000
1,000,007
Maricopa County Industrial Development Authority, Banner Health Series A, Rev., 4.00%, 1/1/2041
4,450,000
4,472,464
Total Arizona
8,408,462
California — 8.4%
California Community Choice Financing Authority, Clean Energy Project
Series 2023B-1, Rev., 5.00%, 8/1/2029 (c)
1,090,000
1,155,465
Series 2024 A, Rev., 5.00%, 4/1/2032 (c)
2,000,000
2,170,058
Series 2024 D, Rev., 5.00%, 9/1/2032 (c)
1,000,000
1,095,343
California Health Facilities Financing Authority, Adventist Health System Series 2024A, Rev., 5.00%, 12/1/2036
2,100,000
2,317,709
California Infrastructure and Economic Development Bank, Brightline West Passenger Rail Project Series 2020 A-4, Rev.,
AMT, 8.00%, 8/15/2025 (b) (c)
1,000,000
1,030,465
California Infrastructure and Economic Development Bank, California Academy of Science Series 2024A, Rev., 3.25%,
8/1/2029
2,000,000
2,013,220
California Infrastructure and Economic Development Bank, Segerstrom Center for the Arts Series 2024, Rev., 5.00%,
1/1/2032
1,000,000
1,132,960
California Pollution Control Financing Authority, Poseidon Resources Channelside LP Desalination Project
Rev., AMT, 5.00%, 7/1/2036 (b)
250,000
272,896
Rev., AMT, 5.00%, 7/1/2037 (b)
1,100,000
1,198,251
California Public Finance Authority, Senior Living The James Series 2024A, Rev., 6.38%, 6/1/2059
1,000,000
990,490
California School Finance Authority, Green Dot Public Schools Project Series 2022A, Rev., 5.00%, 8/1/2032 (b)
325,000
341,392
California School Finance Authority, Kipp SoCal Public Schools Series 2019A, Rev., 5.00%, 7/1/2039 (b)
500,000
524,590
California Statewide Communities Development Authority Series 2009 C-2, Rev., 5.00%, 11/1/2029 (c)
2,000,000
2,209,711
California Statewide Communities Development Authority, Front Porch Communities Series 2021A, Rev., 4.00%,
4/1/2039
1,000,000
996,742
California Statewide Communities Development Authority, John Muir Health Series 2024A, Rev., 5.00%, 12/1/2026
625,000
653,446
California Statewide Communities Development Authority, Loma Linda University Medical Center Series 2016 A, Rev.,
5.25%, 12/1/2056 (b)
1,925,000
1,944,715
Total California
20,047,453
Colorado — 2.0%
Colorado Health Facilities Authority, Adventist Health System Series 2024 A-1, Rev., 5.00%, 11/15/2029 (c)
1,000,000
1,087,219
Colorado Housing and Finance Authority, Single Family Mortgage Series 2023L, Class III, Rev., GNMA COLL, 5.75%,
11/1/2053
2,340,000
2,501,087
Dominion Water and Sanitation District
Rev., 5.00%, 12/1/2027
590,000
597,530
Rev., 5.25%, 12/1/2032
500,000
519,280
Total Colorado
4,705,116
JPMorgan Sustainable Municipal Income ETF
SCHEDULE OF PORTFOLIO INVESTMENTS
AS OF November 30, 2024 (Unaudited) (continued)
INVESTMENTS
PRINCIPAL
AMOUNT($)
VALUE($)
Municipal Bonds — continued
Connecticut — 1.3%
Connecticut State Health and Educational Facilities Authority, Yale New Heaven Health Series 2024 B, Rev., 5.00%,
7/1/2029 (c)
2,000,000
2,165,194
Stamford Housing Authority, The Dogwoods Project, Rev., BAN, 11.00%, 12/1/2027 (b)
1,000,000
978,260
Total Connecticut
3,143,454
Delaware — 1.0%
Delaware State Health Facilities Authority, Beebe Medical Center Project, Rev., 5.00%, 6/1/2034
2,200,000
2,298,312
District of Columbia — 0.7%
Washington Metropolitan Area Transit Authority Dedicated, Sustainability Climate Transition Bonds Series 2024 A, Rev.,
4.38%, 7/15/2059
1,555,000
1,584,845
Florida — 8.2%
County of Miami-Dade, Transit System Series 2022, Rev., 5.00%, 7/1/2049
1,000,000
1,072,701
Florida Development Finance Corp., Brightline Florida Passenger Rail Project
Series 2024, Rev., AMT, 5.00%, 7/1/2037
1,000,000
1,021,571
Series 2024, Rev., AMT, 5.50%, 7/1/2053
250,000
260,868
Florida Development Finance Corp., Central Charter School Project Series 2022, Rev., 5.63%, 8/15/2042 (b)
1,515,000
1,515,228
Florida Development Finance Corp., GFL Solid Waste Southeast LLC Project Series 2024A, Rev., AMT, 4.38%,
10/1/2031 (b) (c)
1,000,000
1,010,835
Florida Development Finance Corp., Idea Florida, Inc., Jacksonville IV Project, Rev., 5.25%, 6/15/2029 (b)
300,000
304,042
Hillsborough County Industrial Development Authority, Baycare Health System Series 2024C, Rev., 5.00%, 11/15/2034
2,000,000
2,328,105
Lee County Industrial Development Authority Series 2019 A-1, Rev., 5.00%, 4/1/2036
1,235,000
1,306,644
Lee County School Board (The) Series 2023A, COP, 5.00%, 8/1/2042
2,715,000
2,968,648
Miami-Dade County Educational Facilities Authority Series 2024 A, Rev., 5.00%, 4/1/2037
1,000,000
1,146,290
Middleton Community Development District A, City of Wildwood, Florida Special Assessment, 5.85%, 5/1/2037
500,000
537,902
Okaloosa County School Board, COP, AGC, 5.00%, 10/1/2049
1,000,000
1,078,478
Palm Beach County Health Facilities Authority, Jupiter Medical Center Series 2022, Rev., 5.00%, 11/1/2047
500,000
519,314
Palm Beach County School District Series 2023A, COP, 5.00%, 8/1/2040
2,865,000
3,207,568
Tampa Bay Water, Regional Water Supply Authority, Utility System Series 2024A, Rev., 5.25%, 10/1/2054
1,000,000
1,123,217
Village Community Development District No. 15, 4.25%, 5/1/2028 (b)
350,000
354,650
Total Florida
19,756,061
Georgia — 3.3%
City of Atlanta Water and Wastewater Series 2024, Rev., 5.00%, 11/1/2041
1,000,000
1,135,908
Gainesville and Hall County Hospital Authority, Northeast Georgia Health System, Inc., Project, Rev., RAN, 5.00%,
10/15/2030
1,000,000
1,103,347
Georgia Housing and Finance Authority Series 2024 A, Rev., 5.00%, 12/1/2042
1,250,000
1,350,788
Main Street Natural Gas, Inc., Gas Supply
Series 2022B, Rev., 5.00%, 6/1/2029 (c)
2,050,000
2,173,636
Series 2024B, Rev., 5.00%, 3/1/2032 (c)
1,000,000
1,086,373
Metropolitan Atlanta Rapid Transit Authority, Sales Tax Series 2024 B, Rev., 5.00%, 7/1/2041
1,000,000
1,132,748
Total Georgia
7,982,800
Illinois — 3.7%
City of Aurora, Single Family Mortgage
Series 2007B, Rev., GNMA / FNMA / FHLMC, 5.45%, 12/1/2039
38,173
38,469
Series 2007-A, Rev., AMT, GNMA / FNMA / FHLMC, 5.50%, 12/1/2039
43,020
43,375
City of Chicago, Waterworks, Second Lien
Series 2023B, Rev., AGM, 5.00%, 11/1/2035
500,000
555,656
Series 2023B, Rev., AGM, 5.00%, 11/1/2039
1,500,000
1,650,192
JPMorgan Sustainable Municipal Income ETF
SCHEDULE OF PORTFOLIO INVESTMENTS
AS OF November 30, 2024 (Unaudited) (continued)
INVESTMENTS
PRINCIPAL
AMOUNT($)
VALUE($)
Municipal Bonds — continued
Illinois — continued
Illinois Finance Authority, Lake Forest College Series 2022A, Rev., 5.50%, 10/1/2039
380,000
404,853
Illinois Finance Authority, University of Chicago Series 2024 A, Rev., 5.00%, 4/1/2032
1,125,000
1,279,267
Illinois Housing Development Authority Series 2024 A, Rev., GNMA / FNMA / FHLMC, 6.00%, 10/1/2054
985,000
1,073,540
University of Illinois Auxiliary Facilities System Series 2024A, Rev., 5.25%, 4/1/2043
1,000,000
1,126,338
Will County Forest Preservation District, Limited Tax, GO, 5.00%, 12/15/2036
1,460,000
1,587,871
Will County School District No. 86 Joliet Series 2024, GO, 5.00%, 3/1/2042
1,000,000
1,072,614
Total Illinois
8,832,175
Indiana — 1.0%
City of Goshen, Multi-Family, Green Oaks of Goshen Project Series 2021A, Rev., 5.00%, 8/1/2041 (b)
500,000
434,229
City of Jeffersonville, Vivera Senior Living of Jeffersonville Project Series 2020A, Rev., 4.75%, 11/1/2030 (b)
495,000
467,165
Indiana Finance Authority, CHF- Tippecanoe LLC- Student Housing Project Series 2023A, Rev., 5.00%, 6/1/2053
150,000
154,835
IPS Multi-School Building Corp., Ad Valorem Property Tax First Mortgage Series 2024, Rev., 5.00%, 1/15/2026
1,350,000
1,381,133
Total Indiana
2,437,362
Iowa — 0.8%
Iowa Finance Authority, Senior Living Facility, Sunrise Retirement Community Project
Rev., 5.00%, 9/1/2028
195,000
190,949
Rev., 5.00%, 9/1/2030
110,000
106,163
Rev., 5.00%, 9/1/2031
105,000
100,418
Rev., 5.00%, 9/1/2036
445,000
406,857
Iowa Student Loan Liquidity Corp., Student Loan Series 2015A, Rev., AMT, 5.00%, 12/1/2025
1,000,000
1,012,500
Total Iowa
1,816,887
Kentucky — 1.1%
County of Knott, Solid Waste Water Project Series 2024, Rev., AMT, 4.00%, 4/1/2025 (b) (c)
1,000,000
1,000,378
Kentucky Public Energy Authority, Gas Supply Series 2024A, Rev., 5.00%, 7/1/2030 (c)
1,000,000
1,062,180
University of Kentucky, Healthcare Cancer Center Parking Projects, Rev., 5.00%, 10/1/2025
555,000
563,821
Total Kentucky
2,626,379
Louisiana — 1.2%
Louisiana Public Facilities Authority, Mentorship Steam Academy Project
Series 2021A, Rev., 5.00%, 6/1/2036 (b)
385,000
374,069
Series 2021A, Rev., 5.00%, 6/1/2042 (b)
440,000
408,426
Louisiana Public Facilities Authority, Tulane University of Louisiana Project Series 2020 A, Rev., 5.00%, 4/1/2045
2,000,000
2,128,181
Total Louisiana
2,910,676
Massachusetts — 0.3%
Massachusetts Development Finance Agency, Boston Medical Center Issue Series 2023G, Rev., 4.38%, 7/1/2052
700,000
696,682
Michigan — 3.2%
City of Detroit, Unlimited Tax
Series 2021A, GO, 5.00%, 4/1/2033
770,000
835,561
Series 2023A, GO, 6.00%, 5/1/2039
3,225,000
3,734,822
Michigan Finance Authority, Trinity Health Credit Group
Series 2022B, Rev., 5.00%, 12/1/2028 (c)
2,000,000
2,125,676
Series 2013MI-4, Rev., 4.00%, 12/1/2038
1,000,000
1,008,035
Total Michigan
7,704,094
Minnesota — 1.8%
Minneapolis-St. Paul Housing Finance Board, Single Family Mortgage, City Living Home Programs Series 2007A-2, Rev.,
GNMA / FNMA / FHLMC, 5.52%, 3/1/2041
85,000
84,761
JPMorgan Sustainable Municipal Income ETF
SCHEDULE OF PORTFOLIO INVESTMENTS
AS OF November 30, 2024 (Unaudited) (continued)
INVESTMENTS
PRINCIPAL
AMOUNT($)
VALUE($)
Municipal Bonds — continued
Minnesota — continued
Minnesota Housing Finance Agency Series 2022M, Rev., GNMA / FNMA / FHLMC COLL, 6.00%, 1/1/2053
1,150,000
1,225,731
Minnesota Housing Finance Agency, Non Profit Housing, State Appropriation
Rev., 5.25%, 8/1/2025
1,070,000
1,071,654
Rev., 5.25%, 8/1/2026
825,000
826,413
Minnesota Housing Finance Agency, Residential Housing Series 2024 O, Rev., GNMA / FNMA / FHLMC, 6.25%, 1/1/2055
1,000,000
1,131,592
Total Minnesota
4,340,151
Missouri — 1.7%
Health and Educational Facilities Authority of the State of Missouri, Mercy Health Series 2018A, Rev., 5.00%, 6/1/2031
1,000,000
1,071,491
Missouri Housing Development Commission, Single Family, First Place Homeownership Loan Program Series 2024 A, Rev.,
GNMA / FNMA / FHLMC, 5.75%, 5/1/2055
985,000
1,071,411
Missouri State Environmental Improvement and Energy Resources Authority, Water Pollution Control and Drinking Water
Series 2015 B, Rev., 5.00%, 7/1/2026
2,000,000
2,025,201
Total Missouri
4,168,103
Nebraska — 0.5%
Nebraska Investment Finance Authority, Single Family Housing Series 2024G, Rev., GNMA / FHLMC / FNMA, 6.00%,
9/1/2054
1,000,000
1,121,134
New Hampshire — 0.4%
City of Manchester, School Facilities, Rev., NATL - RE, 5.50%, 6/1/2027
900,000
961,839
New Jersey — 0.2%
Camden County Improvement Authority (The), Camden Prep High School Project, Rev., 5.00%, 7/15/2042 (b)
590,000
607,273
New York — 11.1%
Build NYC Resource Corp., Grand Concourse Academy Charter School Series 2022A, Rev., 3.40%, 7/1/2027
185,000
183,724
Build NYC Resource Corp., Kipp NYC Public School Facilities - Canal West Project, Rev., 5.00%, 7/1/2029
460,000
490,261
Camden Central School District, GO, BAN, 4.50%, 6/26/2025
1,000,000
1,006,838
Gloversville Enlarged School District, GO, BAN, 4.50%, 6/26/2025
1,000,000
1,007,181
Metropolitan Transportation Authority
Series 2024B, Rev., 5.00%, 11/15/2041
1,000,000
1,107,486
Series 2024B, Rev., 5.00%, 11/15/2042
1,000,000
1,101,150
Monroe County Industrial Development Corp., Academy of Health Sciences Charter School Project Series 2022A, Rev.,
5.00%, 7/1/2032 (b)
250,000
259,344
New York City Municipal Water Finance Authority, Second Generation, Fiscal Year 2024
Series 2024, Subseries BB-2, Rev., 5.25%, 6/15/2047
1,500,000
1,681,672
Series 2024, Subseries CC-1, Rev., 5.25%, 6/15/2054
1,500,000
1,675,165
New York City Municipal Water Finance Authority, Water and Sewer System, Second General Resolution, Fiscal Year 2023
Series 2023, Subseries B-1, Rev., VRDO, LIQ : Mizuho Bank Ltd., 0.75%, 12/2/2024 (c)
6,500,000
6,500,000
New York State Dormitory Authority, Brooklyn Law School Series 2019 A, Rev., 5.00%, 7/1/2033
1,000,000
1,048,937
New York State Dormitory Authority, New York University Series 2024, Rev., 5.25%, 7/1/2049
2,400,000
2,596,632
New York State Dormitory Authority, Pace University Series 2024 A, Rev., 5.25%, 5/1/2040
425,000
472,578
New York Transportation Development Corp., JFK International Airport New Terminal One Project Series 2023, Rev., AMT,
AGM, 5.00%, 6/30/2049
2,000,000
2,074,210
Northeastern Clinton Central School District, GO, BAN, 4.50%, 6/26/2025
1,000,000
1,007,467
Saratoga County Capital Resource Corp., Skidmore College Project Series 2020 A, Rev., 5.00%, 7/1/2045
2,145,000
2,295,051
Sherburne Earlville Central School District, GO, BAN, 4.50%, 7/18/2025
1,000,000
1,007,667
Triborough Bridge and Tunnel Authority, Payroll Mobility Tax Series 2024C, Rev., 5.00%, 11/15/2035
1,000,000
1,178,100
Total New York
26,693,463
JPMorgan Sustainable Municipal Income ETF
SCHEDULE OF PORTFOLIO INVESTMENTS
AS OF November 30, 2024 (Unaudited) (continued)
INVESTMENTS
PRINCIPAL
AMOUNT($)
VALUE($)
Municipal Bonds — continued
North Carolina — 0.8%
North Carolina Housing Finance Agency, Homeownership Series 55-C, Rev., GNMA / FNMA / FHLMC, 3.20%,
1/15/2026 (c)
2,000,000
1,991,309
Ohio — 3.8%
American Municipal Power, Inc., Solar Electricity Prepayment Project Series 2019A, Rev., 5.00%, 2/15/2035
825,000
880,040
Jefferson County Port Authority, JSW Steel USA Ohio, Inc., Project Series 2023, Rev., 5.00%, 12/1/2028 (b) (c)
1,000,000
1,026,142
Lakota Local School District Series 2005, GO, NATL - RE, 5.25%, 12/1/2025
1,500,000
1,534,695
Northeast Ohio Medical University Series 2022, Rev., 5.00%, 12/1/2037
1,100,000
1,191,206
Ohio Water Development Authority, Water Pollution Control Loan Fund Series 2024A, Rev., 5.00%, 12/1/2043
1,000,000
1,130,548
State of Ohio, Children's Hospital Medical Center of Akron Series 2024 B, Rev., 5.00%, 8/15/2032 (c)
1,000,000
1,111,191
University of Cincinnati Series 2024A, Rev., 5.25%, 6/1/2049
2,000,000
2,204,063
Total Ohio
9,077,885
Oklahoma — 1.8%
Oklahoma Water Resources Board, State Loan Program
Series 2024B, Rev., 5.25%, 10/1/2044
2,000,000
2,204,398
Series 2021D, Rev., 4.00%, 10/1/2046
2,035,000
2,054,120
Total Oklahoma
4,258,518
Oregon — 1.8%
Multnomah and Clackamas Counties School District No. 10JT Gresham-Barlow Series B, GO, Zero Coupon, 6/15/2035
1,000,000
639,975
Oregon Health and Science University Series 2021 A, Rev., 3.00%, 7/1/2051
2,645,000
2,137,028
Union County Hospital Facility Authority, Grande Ronde Hospital, Inc. Series 2022, Rev., 5.00%, 7/1/2035
1,360,000
1,422,179
Total Oregon
4,199,182
Other — 0.3%
Multi-Family Housing, Bond Pass-Through Certificates, Grand Reserve Apartments Series 8, Rev., 5.95%, 11/1/2035 (c)
770,000
770,506
Pennsylvania — 3.4%
Bucks County Water and Sewer Authority Series 2022A, Rev., AGM, 5.00%, 12/1/2038
525,000
586,475
Commonwealth of Pennsylvania Series 2024-1, GO, 4.00%, 8/15/2043
1,500,000
1,516,041
Northampton County General Purpose Authority,St. Luke's Hospital Obligated Group Series 2024A-1, Rev., AGM, 5.00%,
8/15/2049
2,000,000
2,193,413
Pennsylvania Economic Development Financing Authority, Presbyterian Senior Living Homes Series 2021, Rev., 4.00%,
7/1/2046
750,000
706,055
Pennsylvania Higher Educational Facilities Authority, Thomas Jefferson University Series 2024B-1, Rev., 5.25%,
11/1/2044
1,015,000
1,121,451
Pennsylvania Housing Finance Agency, Single Family Mortgage Series 2024-145A, Rev., 6.00%, 10/1/2054
1,000,000
1,095,538
Philadelphia Energy Authority (The), Philadelphia Street Lighting Project Series 2023A, Rev., 5.00%, 11/1/2043
750,000
824,196
Total Pennsylvania
8,043,169
South Carolina — 1.2%
South Carolina Jobs-Economic Development Authority, Novant Health Obligated Group Series 2024 A, Rev., 5.50%,
11/1/2054
2,500,000
2,795,509
South Dakota — 0.5%
South Dakota Housing Development Authority Series 2024C, Rev., GNMA / FNMA / FHLMC, 6.25%, 11/1/2055
1,000,000
1,129,758
Tennessee — 1.8%
Metropolitan Government Nashville and Davidson County, Health and Educational Facilities Board, Blakeford at Green Hills
Series 2020A, Rev., 4.00%, 11/1/2038
1,305,000
1,232,027
Shelby County Health Educational and Housing Facilities Board, Baptism Memorial Health Obligated Group Series 2024B,
Rev., 5.00%, 9/1/2029 (c)
1,000,000
1,065,430
JPMorgan Sustainable Municipal Income ETF
SCHEDULE OF PORTFOLIO INVESTMENTS
AS OF November 30, 2024 (Unaudited) (continued)
INVESTMENTS
PRINCIPAL
AMOUNT($)
VALUE($)
Municipal Bonds — continued
Tennessee — continued
Shelby County Health Educational and Housing Facilities Board, Madrone Memphis Student Housing I, LLC- University of
Memphis Project Series 2024 A-1, Rev., 5.00%, 6/1/2044 (b)
1,250,000
1,278,365
Shelby County Health Educational and Housing Facilities Board, The Farms at Bailey Station Project Series 2019A, Rev.,
5.75%, 10/1/2049
1,000,000
700,939
Total Tennessee
4,276,761
Texas — 7.7%
City of Houston Airport System, United Airlines, Inc. Terminal Improvement Projects Series 2024B, Rev., AMT, 5.25%,
7/15/2033
650,000
693,978
Clifton Higher Education Finance Corp., Yes Prep Public School, Inc. Series 2023, Rev., PSF-GTD, 4.25%, 4/1/2048
1,000,000
1,012,398
Collin County Community College District, GO, 4.00%, 8/15/2042
1,500,000
1,520,060
Denton Independent School District, Unlimited Tax
Series 2023, GO, PSF-GTD, 5.00%, 8/15/2041
1,055,000
1,176,464
Series 2023, GO, PSF-GTD, 5.00%, 8/15/2043
1,250,000
1,383,491
Harris County Cultural Education Facilities Finance Corp., Memorial Hermann Health System Series 2020C-3, Rev., 5.00%,
12/1/2026 (c)
2,000,000
2,071,731
Midland Independent School District Series 2024, GO, PSF-GTD, 4.00%, 2/15/2054
1,000,000
993,015
Tarrant Regional Water District Water Supply System Series 2024, Rev., 5.00%, 3/1/2041
1,000,000
1,122,217
Texas A&M University Series 2024A, Rev., 5.00%, 5/15/2040
2,000,000
2,280,321
Texas Municipal Gas Acquisition and Supply Corp. V Gas supply Series 2024, Rev., 5.00%, 1/1/2034 (c)
1,000,000
1,085,489
Texas Water Development Board, State Water Implementation Fund Series 2019A, Rev., 4.00%, 10/15/2044
3,000,000
3,010,799
Via Metropolitan Transit Advanced Transportation District Sales Tax
Series 2024, Rev., 5.00%, 8/1/2029
1,000,000
1,096,117
Series 2024, Rev., 5.00%, 8/1/2049
1,000,000
1,096,694
Total Texas
18,542,774
Utah — 0.9%
Utah Associated Municipal Power Systems, Horse Butte Wind Project Series 2017B, Rev., 5.00%, 9/1/2033
1,700,000
1,781,704
Utah Charter School Finance Authority, Wallace Stegner Academy Series 2022A, Rev., 5.63%, 6/15/2042 (b)
400,000
410,182
Total Utah
2,191,886
Vermont — 0.9%
Vermont Student Assistance Corp., Education Loan Series 2016A, Rev., AMT, 5.00%, 6/15/2025
2,150,000
2,166,062
Virginia — 1.0%
Hampton Roads Sanitation District Series 2024 A, Rev., 5.00%, 11/1/2037
1,275,000
1,492,747
Virginia Small Business Financing Authority, Environmental Facilities Pure Salmon Virginia LLC Project, Rev., AMT, 4.00%,
11/20/2025 (c)
1,000,000
1,000,768
Total Virginia
2,493,515
Washington — 4.4%
County of King Sewer
Series 2016A, Rev., 4.00%, 7/1/2039
1,000,000
1,003,216
Series 2016A, Rev., 4.00%, 7/1/2041
1,000,000
1,001,438
Fircrest Properties, State of Washington Dshs Project, Rev., 5.50%, 6/1/2049
1,000,000
1,131,063
FYI Properties, State of Washington District Project, Rev., 5.00%, 6/1/2039
5,000,000
5,250,696
Washington State Housing Finance Commission, Radford Court and Nordheim Court Series 2024, Rev., 5.50%, 7/1/2049
1,000,000
1,089,922
Washington State Housing Finance Commission, Seattle Academy Of Arts and Science Project
Series 2023, Rev., 5.00%, 7/1/2028 (b)
250,000
260,501
Series 2023, Rev., 5.13%, 7/1/2033 (b)
740,000
801,132
Total Washington
10,537,968
JPMorgan Sustainable Municipal Income ETF
SCHEDULE OF PORTFOLIO INVESTMENTS
AS OF November 30, 2024 (Unaudited) (continued)
INVESTMENTS
PRINCIPAL
AMOUNT($)
VALUE($)
Municipal Bonds — continued
West Virginia — 0.2%
West Virginia Hospital Finance Authority, University Health System Series 2023 A, Rev., 5.00%, 6/1/2040
505,000
553,658
Wisconsin — 2.1%
Public Finance Authority, Ripple Ranch, LLC Obligate Series 2021A, Rev., 5.25%, 12/1/2051 (b)
200,000
136,467
Wisconsin Health and Educational Facilities Authority, Franciscan Sisters of Christian Charity Sponsored Ministries, Inc.
Series 2017A, Rev., 5.00%, 9/1/2027 (d)
785,000
827,504
Wisconsin Health and Educational Facilities Authority, Milwaukee Regional Medical Center Thermal Service, Rev., 5.00%,
4/1/2035
1,165,000
1,233,634
Wisconsin Housing and Economic Development Authority Home Ownership Series 2024 C, Rev., GNMA / FNMA / FHLMC,
6.00%, 3/1/2055 (e)
1,500,000
1,657,316
Wisconsin Housing and Economic Development Authority, Home Ownership Series 2024 A, Rev., GNMA / FNMA / FHLMC,
6.00%, 9/1/2054
995,000
1,083,928
Total Wisconsin
4,938,849
Total Municipal Bonds
(Cost $209,671,951)
211,936,813
 
SHARES
Short-Term Investments — 11.1%
Investment Companies — 11.1%
JPMorgan Institutional Tax Free Money Market Fund Class IM Shares, 2.85% (f) (g)
(Cost $26,493,072)
26,491,912
26,494,561
Total Investments — 99.6%
(Cost $236,165,023)
238,431,374
Other Assets in Excess of Liabilities — 0.4%
941,268
NET ASSETS — 100.0%
239,372,642
 
Percentages indicated are based on net assets.
 
Abbreviations
 
AGC
Insured by Assured Guaranty Corp.
AGM
Insured by Assured Guaranty Municipal Corp.
AMT
Alternative Minimum Tax
BAN
Bond Anticipation Note
COLL
Collateral
COP
Certificate of Participation
FHLMC
Federal Home Loan Mortgage Corp.
FNMA
Federal National Mortgage Association
GNMA
Government National Mortgage Association
GO
General Obligation
LIQ
Liquidity Agreement
NATL
Insured by National Public Finance Guarantee Corp.
PSF-GTD
Permanent School Fund Guaranteed
RAN
Revenue Anticipation Note
RE
Reinsured
Rev.
Revenue
VRDO
Variable Rate Demand Obligation
 
(a)
The date shown represents the earliest of the prerefunded date, next put date or final maturity date.
(b)
Securities exempt from registration under Rule 144A or section 4(a)(2), of the Securities Act of 1933, as amended.
(c)
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, 2024.
(d)
Security is prerefunded or escrowed to maturity.
JPMorgan Sustainable Municipal Income ETF
SCHEDULE OF PORTFOLIO INVESTMENTS
AS OF November 30, 2024 (Unaudited) (continued)
(e)
All or a portion of the security is a when-issued security, delayed delivery security, or forward commitment.
(f)
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.
(g)
The rate shown is the current yield as of November 30, 2024.
Futures contracts outstanding as of November 30, 2024:
 
DESCRIPTION
NUMBER OF
CONTRACTS
EXPIRATION DATE
TRADING CURRENCY
NOTIONAL
AMOUNT ($)
VALUE AND
UNREALIZED
APPRECIATION
(DEPRECIATION) ($)
Long Contracts
U.S. Treasury 5 Year Note
271
03/31/2025
USD
29,168,492
222,114
Short Contracts
U.S. Treasury Ultra Bond
(30
)
03/20/2025
USD
(3,820,313
)
(139,894
)
U.S. Treasury 2 Year Note
(140
)
03/31/2025
USD
(28,857,500
)
(70,273
)
 
(210,167
)
 
11,947
 
Abbreviations
 
USD
United States Dollar
JPMorgan Sustainable Municipal Income ETF
SCHEDULE OF PORTFOLIO INVESTMENTS
AS OF November 30, 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 Securities and Exchange Commission 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 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.
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
Municipal Bonds
$—
$211,936,813
$—
$211,936,813
Short-Term Investments
Investment Companies
26,494,561
—
—
26,494,561
Total Investments in Securities
$26,494,561
$211,936,813
$—
$238,431,374
JPMorgan Sustainable Municipal Income ETF
SCHEDULE OF PORTFOLIO INVESTMENTS
AS OF November 30, 2024 (Unaudited) (continued)
 
 
 
 
 
 
Level 1
Quoted prices
Level 2
Other significant
observable inputs
Level 3
Significant
unobservable inputs
Total
Appreciation in Other Financial Instruments
Futures Contracts
$222,114
$—
$—
$222,114
Depreciation in Other Financial Instruments
Futures Contracts
(210,167
)
—
—
(210,167
)
Total Net Appreciation/ Depreciation in Other
Financial Instruments
$11,947
$—
$—
$11,947
B. Investment Transactions with Affiliates— The Fund invested in an Underlying Fund advised by the Adviser. An issuer which is under common control with the Fund may be considered an affiliate. The Fund assumes the issuer listed in the table below to be an affiliated issuer. The Underlying Fund's distributions may be reinvested into such Underlying Fund. Reinvestment amounts are included in the purchases at cost amounts in the table below. 
 
For the period ended November 30, 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
November 30,
2024
Shares at
November 30,
2024
Dividend
Income
Capital Gain
Distributions
JPMorgan Institutional Tax Free
Money Market Fund Class IM
Shares, 2.85%  (a) (b)
$33,472,938
$86,411,986
$93,390,965
$(822
)
$1,424
$26,494,561
26,491,912
$585,583
$—
 
 
(a)
Investment in an affiliated fund, which is registered under the Investment Company Act of 1940, as amended, and is advised by J.P. Morgan
Investment Management Inc.
(b)
The rate shown is the current yield as of November 30, 2024.