NPORT-EX 2 JPMUSIETF.htm EDGAR HTML
JPMorgan Ultra-Short 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 Ultra-Short Income ETF
SCHEDULE OF PORTFOLIO INVESTMENTS
AS OF November 30, 2024 (Unaudited)
 
INVESTMENTS
PRINCIPAL
AMOUNT($)
VALUE($)
Corporate Bonds — 56.5%
Aerospace & Defense — 0.3%
BAE Systems Holdings, Inc. (United Kingdom) 3.85%, 12/15/2025 (a)
10,275,000
10,146,072
L3Harris Technologies, Inc.
3.83%, 4/27/2025
65,880,000
65,608,737
3.85%, 12/15/2026
2,402,000
2,364,529
Raytheon Technologies Corp. 3.95%, 8/16/2025
778,000
774,491
RTX Corp. 5.75%, 11/8/2026
4,394,000
4,480,608
 
83,374,437
Automobile Components — 0.0% ^
Magna International, Inc. (Canada) 4.15%, 10/1/2025
8,252,000
8,211,670
Automobiles — 3.2%
BMW US Capital LLC (Germany)
(SOFRINDX + 0.84%), 5.46%, 4/1/2025 (a) (b)
13,625,000
13,651,953
(SOFRINDX + 0.62%), 5.21%, 8/11/2025 (a) (b)
9,237,000
9,260,226
(SOFRINDX + 0.55%), 5.16%, 4/2/2026 (a) (b)
81,125,000
81,251,198
2.80%, 4/11/2026 (a)
2,000,000
1,952,907
1.25%, 8/12/2026 (a)
20,155,000
19,053,144
4.60%, 8/13/2027 (a)
19,827,000
19,801,395
General Motors Co. 6.13%, 10/1/2025
86,802,000
87,512,937
Hyundai Capital America
2.65%, 2/10/2025 (a) (c)
8,000,000
7,960,604
5.80%, 6/26/2025 (a)
24,390,000
24,507,208
6.00%, 7/11/2025 (a)
28,960,000
29,157,336
1.80%, 10/15/2025 (a)
3,192,000
3,105,998
(SOFR + 1.32%), 5.92%, 11/3/2025 (a) (b)
7,000,000
7,047,995
6.25%, 11/3/2025 (a)
5,786,000
5,850,398
5.50%, 3/30/2026 (a)
5,151,000
5,189,688
1.50%, 6/15/2026 (a)
8,713,000
8,280,522
5.45%, 6/24/2026 (a)
30,680,000
30,937,160
1.65%, 9/17/2026 (a)
3,451,000
3,261,617
5.95%, 9/21/2026 (a)
3,000,000
3,053,850
5.25%, 1/8/2027 (a)
43,739,000
44,165,675
4.30%, 9/24/2027 (a)
66,987,000
66,163,422
4.88%, 11/1/2027 (a)
32,000,000
32,018,326
Mercedes-Benz Finance North America LLC (Germany)
5.38%, 8/1/2025 (a)
15,710,000
15,772,140
5.38%, 11/26/2025 (a)
1,970,000
1,982,998
4.90%, 1/9/2026 (a)
85,449,000
85,639,003
1.45%, 3/2/2026 (a)
7,330,000
7,040,160
4.88%, 7/31/2026 (a)
114,280,000
114,747,233
Volkswagen Group of America Finance LLC (Germany)
3.35%, 5/13/2025 (a)
27,904,000
27,691,606
(SOFR + 0.93%), 5.55%, 9/12/2025 (a) (b)
119,020,000
119,320,346
5.80%, 9/12/2025 (a)
1,790,000
1,803,035
4.63%, 11/13/2025 (a)
5,708,000
5,694,497
1.25%, 11/24/2025 (a)
12,208,000
11,797,977
5.40%, 3/20/2026 (a)
2,000,000
2,008,506
4.90%, 8/14/2026 (a)
11,110,000
11,067,290
JPMorgan Ultra-Short Income ETF
SCHEDULE OF PORTFOLIO INVESTMENTS
AS OF November 30, 2024 (Unaudited) (continued)
INVESTMENTS
PRINCIPAL
AMOUNT($)
VALUE($)
Corporate Bonds — continued
Automobiles — continued
5.70%, 9/12/2026 (a)
2,000,000
2,021,564
6.00%, 11/16/2026 (a)
7,360,000
7,479,037
 
917,248,951
Banks — 25.4%
ABN AMRO Bank NV (Netherlands)
(US Treasury Yield Curve Rate T Note Constant Maturity 1 Year + 1.65%), 6.34%, 9/18/2027 (a) (b)
82,700,000
84,733,245
(US Treasury Yield Curve Rate T Note Constant Maturity 1 Year + 0.78%), 4.99%, 12/3/2028 (a) (b)
58,500,000
58,629,852
ANZ New Zealand Int'l Ltd. (New Zealand) 1.25%, 6/22/2026 (a)
3,555,000
3,375,808
Australia & New Zealand Banking Group Ltd. (Australia)
4.83%, 2/3/2025 (a)
23,413,000
23,408,887
5.38%, 7/3/2025
72,769,000
73,083,415
5.00%, 3/18/2026
2,000,000
2,014,235
(SOFR + 0.56%), 5.17%, 3/18/2026 (a) (b)
132,670,000
133,054,092
Banco Bilbao Vizcaya Argentaria SA (Spain)
1.13%, 9/18/2025
56,000,000
54,449,158
(US Treasury Yield Curve Rate T Note Constant Maturity 1 Year + 2.30%), 5.86%, 9/14/2026 (b)
28,951,000
29,104,195
Banco Santander SA (Spain)
3.50%, 3/24/2025
10,215,000
10,169,492
2.75%, 5/28/2025
112,093,000
110,857,672
5.15%, 8/18/2025
17,134,000
17,163,264
(US Treasury Yield Curve Rate T Note Constant Maturity 1 Year + 1.25%), 5.55%, 3/14/2028 (b)
32,600,000
32,978,499
Bank of America Corp.
(SOFR + 0.65%), 1.53%, 12/6/2025 (b)
171,000
170,922
(3-MONTH CME TERM SOFR + 1.07%), 3.37%, 1/23/2026 (b)
57,004,000
56,860,518
(3-MONTH CME TERM SOFR + 0.90%), 2.02%, 2/13/2026 (b)
36,663,000
36,442,991
(SOFR + 1.33%), 3.38%, 4/2/2026 (b)
3,149,000
3,132,776
(SOFR + 1.75%), 4.83%, 7/22/2026 (b)
2,000,000
2,000,018
(SOFR + 1.01%), 1.20%, 10/24/2026 (b)
64,748,000
62,770,050
(SOFR + 1.29%), 5.08%, 1/20/2027 (b)
95,500,000
95,772,029
Bank of America NA
(SOFR + 0.78%), 5.37%, 8/18/2025 (b)
5,320,000
5,335,788
5.53%, 8/18/2026
3,000,000
3,048,302
Bank of Montreal (Canada)
(SOFRINDX + 0.71%), 5.33%, 12/12/2024 (b)
3,921,000
3,921,460
3.70%, 6/7/2025
3,000,000
2,984,450
5.92%, 9/25/2025
1,435,000
1,449,195
5.30%, 6/5/2026
69,200,000
69,924,332
1.25%, 9/15/2026
1,937,000
1,826,631
5.27%, 12/11/2026
500,000
506,721
(SOFRINDX + 1.16%), 5.78%, 12/11/2026 (b)
60,331,000
61,009,603
Series f2f, (SOFR + 0.88%), 4.57%, 9/10/2027 (b)
77,330,000
77,178,585
Bank of New Zealand (New Zealand) 4.85%, 2/7/2028 (a)
73,500,000
73,961,784
Bank of Nova Scotia (The) (Canada)
1.45%, 1/10/2025
500,000
498,158
(SOFR + 0.46%), 5.06%, 1/10/2025 (b)
32,900,000
32,908,079
3.45%, 4/11/2025
1,983,000
1,973,115
1.30%, 6/11/2025
22,760,000
22,350,365
JPMorgan Ultra-Short Income ETF
SCHEDULE OF PORTFOLIO INVESTMENTS
AS OF November 30, 2024 (Unaudited) (continued)
INVESTMENTS
PRINCIPAL
AMOUNT($)
VALUE($)
Corporate Bonds — continued
Banks — continued
5.45%, 6/12/2025
76,590,000
76,910,390
4.75%, 2/2/2026
68,362,000
68,466,097
1.05%, 3/2/2026
3,000,000
2,872,715
1.35%, 6/24/2026
8,577,000
8,166,843
1.30%, 9/15/2026
3,000,000
2,834,207
5.35%, 12/7/2026
5,696,000
5,780,086
(SOFR + 1.00%), 4.40%, 9/8/2028 (b)
75,856,000
75,292,649
Banque Federative du Credit Mutuel SA (France)
4.94%, 1/26/2026 (a)
85,390,000
85,535,928
5.90%, 7/13/2026 (a)
98,402,000
100,171,983
5.09%, 1/23/2027 (a)
19,989,000
20,148,735
Barclays plc (United Kingdom)
4.38%, 1/12/2026
31,994,000
31,832,228
(SOFR + 2.71%), 2.85%, 5/7/2026 (b)
18,090,000
17,916,966
(US Treasury Yield Curve Rate T Note Constant Maturity 1 Year + 2.30%), 5.30%, 8/9/2026 (b)
65,273,000
65,383,348
(US Treasury Yield Curve Rate T Note Constant Maturity 1 Year + 3.05%), 7.33%, 11/2/2026 (b)
15,032,000
15,334,876
(SOFR + 2.21%), 5.83%, 5/9/2027 (b)
38,223,000
38,658,798
(SOFR + 1.34%), 4.84%, 9/10/2028 (b)
34,613,000
34,470,455
BNP Paribas SA (France) 3.38%, 1/9/2025 (a)
35,441,000
35,381,201
BPCE SA (France)
2.38%, 1/14/2025 (a)
37,000,000
36,887,238
5.03%, 1/15/2025 (a)
119,399,000
119,407,291
(SOFR + 0.96%), 5.57%, 9/25/2025 (a) (b)
113,486,000
113,998,904
1.00%, 1/20/2026 (a)
500,000
479,478
5.10%, 1/26/2026 (a)
67,344,000
67,410,966
5.20%, 1/18/2027 (a) (c)
8,177,000
8,259,332
4.75%, 7/19/2027 (a)
6,330,000
6,330,212
Canadian Imperial Bank of Commerce (Canada)
(SOFRINDX + 0.94%), 5.55%, 4/7/2025 (b)
95,598,000
95,843,551
5.14%, 4/28/2025
88,414,000
88,503,958
3.95%, 8/4/2025
1,637,000
1,628,821
1.25%, 6/22/2026
3,000,000
2,851,294
5.93%, 10/2/2026
13,413,000
13,707,854
5.24%, 6/28/2027
50,794,000
51,520,020
(SOFR + 0.93%), 4.51%, 9/11/2027 (b)
73,048,000
72,782,723
Capital One NA (SOFR + 0.91%), 2.28%, 1/28/2026 (b)
77,768,000
77,410,210
Citibank NA
(SOFRINDX + 0.59%), 5.18%, 4/30/2026 (b)
19,329,000
19,374,829
4.93%, 8/6/2026
20,508,000
20,617,512
(SOFR + 0.71%), 4.88%, 11/19/2027 (b)
117,750,000
117,965,756
Citigroup, Inc.
3.70%, 1/12/2026
2,045,000
2,022,447
(SOFR + 0.69%), 2.01%, 1/25/2026 (b)
27,428,000
27,298,322
(SOFR + 1.53%), 3.29%, 3/17/2026 (b)
10,796,000
10,742,970
(SOFR + 2.84%), 3.11%, 4/8/2026 (b)
4,000,000
3,975,276
(3-MONTH CME TERM SOFR + 1.51%), 6.10%, 7/1/2026 (b)
23,987,000
24,127,167
(SOFR + 1.55%), 5.61%, 9/29/2026 (b)
16,964,000
17,065,696
3.20%, 10/21/2026
20,419,000
19,858,498
JPMorgan Ultra-Short Income ETF
SCHEDULE OF PORTFOLIO INVESTMENTS
AS OF November 30, 2024 (Unaudited) (continued)
INVESTMENTS
PRINCIPAL
AMOUNT($)
VALUE($)
Corporate Bonds — continued
Banks — continued
Citizens Bank NA (SOFR + 1.02%), 5.28%, 1/26/2026 (b)
69,943,000
69,900,665
Commonwealth Bank of Australia (Australia)
(SOFR + 0.74%), 5.37%, 3/14/2025 (a) (b)
11,628,000
11,644,047
5.32%, 3/13/2026
2,000,000
2,020,979
2.63%, 9/6/2026 (a) (c)
3,000,000
2,909,165
4.58%, 11/27/2026
44,001,000
44,061,700
Cooperatieve Rabobank UA (Netherlands)
3.38%, 5/21/2025
19,579,000
19,465,307
4.33%, 8/28/2026
2,000,000
1,996,483
5.50%, 10/5/2026
2,000,000
2,035,572
Credit Agricole SA (France)
2.38%, 1/22/2025 (a)
3,600,000
3,587,404
5.57%, 2/28/2025 (a)
112,332,000
112,496,516
(SOFR + 1.68%), 1.91%, 6/16/2026 (a) (b)
32,225,000
31,680,865
5.59%, 7/5/2026 (a)
66,257,000
67,193,199
(SOFR + 1.21%), 4.63%, 9/11/2028 (a) (b)
37,124,000
36,839,272
Danske Bank A/S (Denmark)
(US Treasury Yield Curve Rate T Note Constant Maturity 1 Year + 2.10%), 6.47%, 1/9/2026 (a) (b)
39,540,000
39,588,418
(US Treasury Yield Curve Rate T Note Constant Maturity 1 Year + 1.18%), 6.26%, 9/22/2026 (a) (b)
20,924,000
21,129,722
(US Treasury Yield Curve Rate T Note Constant Maturity 1 Year + 0.95%), 5.43%, 3/1/2028 (a) (b)
6,000,000
6,076,414
DNB Bank ASA (Norway) (SOFRINDX + 1.95%), 5.90%, 10/9/2026 (a) (b)
20,680,000
20,841,623
Federation des Caisses Desjardins du Quebec (Canada)
2.05%, 2/10/2025 (a)
12,410,000
12,342,543
(SOFRINDX + 1.09%), 5.28%, 1/23/2026 (a) (b)
210,120,000
210,139,760
Fifth Third Bancorp 2.55%, 5/5/2027
6,723,000
6,395,577
Fifth Third Bank NA 3.95%, 7/28/2025
9,589,000
9,542,964
HSBC Holdings plc (United Kingdom)
(SOFR + 1.54%), 1.65%, 4/18/2026 (b)
98,562,000
97,323,011
(SOFR + 1.93%), 2.10%, 6/4/2026 (b)
20,123,000
19,832,943
(3-MONTH CME TERM SOFR + 1.61%), 4.29%, 9/12/2026 (b)
57,374,000
57,093,698
(SOFR + 1.04%), 5.13%, 11/19/2028 (b)
31,556,000
31,692,299
HSBC USA, Inc. 5.63%, 3/17/2025
1,560,000
1,563,441
Huntington Bancshares, Inc. 4.00%, 5/15/2025
6,840,000
6,810,399
ING Groep NV (Netherlands)
4.63%, 1/6/2026 (a)
31,127,000
31,080,609
(SOFR + 1.64%), 3.87%, 3/28/2026 (b)
41,446,000
41,286,193
(US Treasury Yield Curve Rate T Note Constant Maturity 1 Year + 1.10%), 1.40%, 7/1/2026 (a) (b)
6,799,000
6,658,257
(SOFR + 1.56%), 6.08%, 9/11/2027 (b)
55,500,000
56,622,088
KeyBank NA
3.30%, 6/1/2025
4,545,000
4,503,523
4.15%, 8/8/2025
39,320,000
39,091,055
4.70%, 1/26/2026
6,166,000
6,153,467
KeyCorp 4.15%, 10/29/2025
25,914,000
25,738,552
Lloyds Banking Group plc (United Kingdom)
4.45%, 5/8/2025
71,056,000
70,915,186
(US Treasury Yield Curve Rate T Note Constant Maturity 1 Year + 1.00%), 2.44%, 2/5/2026 (b)
48,886,000
48,657,247
(US Treasury Yield Curve Rate T Note Constant Maturity 1 Year + 1.60%), 3.51%, 3/18/2026 (b)
10,600,000
10,549,763
(US Treasury Yield Curve Rate T Note Constant Maturity 1 Year + 1.75%), 4.72%, 8/11/2026 (b)
18,000,000
17,954,191
JPMorgan Ultra-Short Income ETF
SCHEDULE OF PORTFOLIO INVESTMENTS
AS OF November 30, 2024 (Unaudited) (continued)
INVESTMENTS
PRINCIPAL
AMOUNT($)
VALUE($)
Corporate Bonds — continued
Banks — continued
3.75%, 1/11/2027
1,905,000
1,866,198
(US Treasury Yield Curve Rate T Note Constant Maturity 1 Year + 0.85%), 1.63%, 5/11/2027 (b)
18,503,000
17,658,202
(US Treasury Yield Curve Rate T Note Constant Maturity 1 Year + 1.38%), 5.46%, 1/5/2028 (b)
68,732,000
69,511,062
(US Treasury Yield Curve Rate T Note Constant Maturity 1 Year + 0.85%), 5.09%, 11/26/2028 (b)
29,220,000
29,360,272
Mitsubishi UFJ Financial Group, Inc. (Japan)
2.19%, 2/25/2025
44,163,000
43,892,285
3.78%, 3/2/2025
37,000,000
36,900,672
1.41%, 7/17/2025
38,127,000
37,346,673
(US Treasury Yield Curve Rate T Note Constant Maturity 1 Year + 1.08%), 5.72%, 2/20/2026 (b)
83,780,000
83,912,624
(US Treasury Yield Curve Rate T Note Constant Maturity 1 Year + 1.13%), 3.84%, 4/17/2026 (b) (c)
12,537,000
12,476,990
Mizuho Financial Group, Inc. (Japan)
3.48%, 4/12/2026 (a) (c)
2,565,000
2,520,853
(US Treasury Yield Curve Rate T Note Constant Maturity 1 Year + 0.90%), 2.65%, 5/22/2026 (b) (c)
4,640,000
4,591,536
(3-MONTH CME TERM SOFR + 1.09%), 2.23%, 5/25/2026 (b)
16,018,000
15,808,050
(US Treasury Yield Curve Rate T Note Constant Maturity 1 Year + 0.75%), 1.55%, 7/9/2027 (b)
30,800,000
29,274,201
Morgan Stanley Bank NA
4.75%, 4/21/2026
2,000,000
2,005,160
5.88%, 10/30/2026
8,121,000
8,311,675
(SOFR + 1.08%), 4.95%, 1/14/2028 (b)
23,062,000
23,163,225
(SOFR + 0.93%), 4.97%, 7/14/2028 (b)
26,973,000
27,118,902
National Australia Bank Ltd. (Australia)
4.75%, 12/10/2025
27,294,000
27,341,832
(SOFR + 0.65%), 5.28%, 12/10/2025 (a) (b)
44,601,000
44,753,558
3.38%, 1/14/2026
2,000,000
1,973,899
(SOFR + 0.55%), 5.15%, 1/29/2026 (a) (b)
104,000,000
104,262,218
National Bank of Canada (Canada)
5.25%, 1/17/2025
84,543,000
84,560,225
(SOFRINDX + 0.90%), 5.51%, 3/25/2027 (b)
120,076,000
120,366,422
(SOFR + 1.04%), 5.60%, 7/2/2027 (b)
8,889,000
8,993,142
NatWest Group plc (United Kingdom)
4.80%, 4/5/2026
12,245,000
12,246,481
(US Treasury Yield Curve Rate T Note Constant Maturity 1 Year + 1.35%), 5.85%, 3/2/2027 (b)
50,500,000
51,045,282
(US Treasury Yield Curve Rate T Note Constant Maturity 1 Year + 1.10%), 5.58%, 3/1/2028 (b)
49,926,000
50,673,030
NatWest Markets plc (United Kingdom) 1.60%, 9/29/2026 (a)
7,131,000
6,747,452
PNC Bank NA (SOFR + 0.50%), 4.78%, 1/15/2027 (b)
144,871,000
144,919,923
PNC Financial Services Group, Inc. (The)
(SOFR + 1.32%), 5.81%, 6/12/2026 (b)
18,469,000
18,567,660
(SOFRINDX + 1.09%), 4.76%, 1/26/2027 (b)
104,710,000
104,673,991
Royal Bank of Canada (Canada)
3.38%, 4/14/2025
2,020,000
2,010,331
5.20%, 7/20/2026
2,000,000
2,022,038
4.88%, 1/19/2027
17,063,000
17,202,643
Santander Holdings USA, Inc. 3.45%, 6/2/2025
11,857,000
11,756,505
Santander UK Group Holdings plc (United Kingdom) (US Treasury Yield Curve Rate T Note Constant Maturity 1 Year
+ 1.25%), 1.53%, 8/21/2026 (b)
137,653,000
134,213,014
Skandinaviska Enskilda Banken AB (Sweden) 1.20%, 9/9/2026 (a)
3,000,000
2,830,403
Societe Generale SA (France)
2.63%, 1/22/2025 (a)
116,476,000
116,081,567
JPMorgan Ultra-Short Income ETF
SCHEDULE OF PORTFOLIO INVESTMENTS
AS OF November 30, 2024 (Unaudited) (continued)
INVESTMENTS
PRINCIPAL
AMOUNT($)
VALUE($)
Corporate Bonds — continued
Banks — continued
(US Treasury Yield Curve Rate T Note Constant Maturity 1 Year + 1.05%), 2.23%, 1/21/2026 (a) (b)
31,507,000
31,363,686
5.25%, 2/19/2027 (a)
82,217,000
82,527,804
(US Treasury Yield Curve Rate T Note Constant Maturity 1 Year + 1.50%), 5.52%, 1/19/2028 (a) (b)
100,000,000
100,717,803
Standard Chartered Bank (United Kingdom) 4.85%, 12/3/2027
81,066,000
81,351,521
Standard Chartered plc (United Kingdom)
(3-MONTH SOFR + 1.21%), 2.82%, 1/30/2026 (a) (b)
18,834,000
18,743,597
(SOFR + 1.74%), 6.36%, 3/30/2026 (a) (b)
10,609,000
10,654,525
4.05%, 4/12/2026 (a)
28,840,000
28,515,983
(US Treasury Yield Curve Rate T Note Constant Maturity 1 Year + 2.05%), 6.17%, 1/9/2027 (a) (b) (c)
24,566,000
24,835,980
(US Treasury Yield Curve Rate T Note Constant Maturity 1 Year + 1.85%), 6.19%, 7/6/2027 (a) (b)
48,000,000
48,785,280
Sumitomo Mitsui Financial Group, Inc. (Japan)
2.35%, 1/15/2025
14,650,000
14,604,905
1.47%, 7/8/2025
1,005,000
985,955
5.46%, 1/13/2026
35,869,000
36,142,085
2.63%, 7/14/2026
20,680,000
20,023,865
1.40%, 9/17/2026
13,000,000
12,276,900
3.01%, 10/19/2026
13,610,000
13,204,156
Sumitomo Mitsui Trust Bank Ltd. (Japan)
1.05%, 9/12/2025 (a)
2,000,000
1,945,463
5.65%, 3/9/2026 (a)
21,516,000
21,772,060
5.20%, 3/7/2027 (a)
44,607,000
45,177,675
4.45%, 9/10/2027 (a)
52,800,000
52,535,016
Svenska Handelsbanken AB (Sweden) 5.25%, 6/15/2026 (a)
109,095,000
110,269,657
Toronto-Dominion Bank (The) (Canada)
3.77%, 6/6/2025
2,019,000
2,008,350
(SOFR + 0.48%), 5.08%, 10/10/2025 (b)
111,929,000
112,353,392
0.75%, 1/6/2026
2,525,000
2,423,057
5.10%, 1/9/2026
5,295,000
5,315,702
1.20%, 6/3/2026
9,406,000
8,939,893
5.53%, 7/17/2026
20,483,000
20,740,999
5.26%, 12/11/2026 (c)
845,000
855,953
Truist Financial Corp.
4.00%, 5/1/2025
54,739,000
54,536,661
1.20%, 8/5/2025
6,524,000
6,374,162
(SOFR + 1.63%), 5.90%, 10/28/2026 (b)
10,454,000
10,549,159
US Bancorp
Series V, 2.38%, 7/22/2026
2,000,000
1,933,065
(SOFR + 1.43%), 5.73%, 10/21/2026 (b)
46,229,000
46,575,301
US Bank NA (SOFR + 0.69%), 4.51%, 10/22/2027 (b)
123,759,000
123,172,697
Wells Fargo & Co.
(SOFR + 1.32%), 3.91%, 4/25/2026 (b)
25,500,000
25,401,149
(SOFR + 2.00%), 2.19%, 4/30/2026 (b)
10,656,000
10,539,329
(SOFR + 1.56%), 4.54%, 8/15/2026 (b)
3,500,000
3,491,772
Wells Fargo Bank NA
4.81%, 1/15/2026
71,583,000
71,797,057
(SOFR + 1.07%), 5.69%, 12/11/2026 (b)
12,194,000
12,322,281
Westpac Banking Corp. (Australia)
(SOFR + 0.55%), 5.15%, 1/29/2026 (a) (b)
103,539,000
103,558,640
JPMorgan Ultra-Short Income ETF
SCHEDULE OF PORTFOLIO INVESTMENTS
AS OF November 30, 2024 (Unaudited) (continued)
INVESTMENTS
PRINCIPAL
AMOUNT($)
VALUE($)
Corporate Bonds — continued
Banks — continued
5.20%, 4/16/2026
2,000,000
2,020,242
2.85%, 5/13/2026
2,000,000
1,954,583
1.15%, 6/3/2026
3,000,000
2,856,190
4.60%, 10/20/2026
40,646,000
40,784,170
Westpac New Zealand Ltd. (New Zealand)
5.13%, 2/26/2027 (a)
22,513,000
22,761,795
4.90%, 2/15/2028 (a)
30,500,000
30,681,212
 
7,253,030,556
Beverages — 0.3%
Constellation Brands, Inc.
4.40%, 11/15/2025
188,000
187,416
3.70%, 12/6/2026
3,441,000
3,381,793
Diageo Capital plc (United Kingdom)
1.38%, 9/29/2025
687,000
669,255
5.20%, 10/24/2025
5,570,000
5,598,653
Keurig Dr. Pepper, Inc. 3.40%, 11/15/2025
9,380,000
9,269,547
Pernod Ricard SA (France) 3.25%, 6/8/2026 (a)
69,144,000
67,696,496
 
86,803,160
Biotechnology — 1.1%
AbbVie, Inc.
3.80%, 3/15/2025
102,864,000
102,576,374
3.60%, 5/14/2025
64,075,000
63,804,442
2.95%, 11/21/2026
500,000
485,617
Amgen, Inc.
1.90%, 2/21/2025
983,000
976,567
5.25%, 3/2/2025
92,163,000
92,229,446
3.13%, 5/1/2025
35,207,000
34,959,460
2.60%, 8/19/2026
4,631,000
4,476,307
Biogen, Inc. 4.05%, 9/15/2025
1,970,000
1,958,591
 
301,466,804
Building Products — 0.0% ^
Johnson Controls International plc 3.90%, 2/14/2026
4,077,000
4,032,943
Capital Markets — 4.7%
Bank of New York Mellon (The)
(SOFR + 0.45%), 5.07%, 3/13/2026 (b)
17,048,000
17,053,283
(SOFR + 1.07%), 5.15%, 5/22/2026 (b)
4,000,000
4,006,615
Bank of New York Mellon Corp. (The) (SOFR + 1.35%), 4.41%, 7/24/2026 (b)
14,494,000
14,448,634
Charles Schwab Corp. (The) 5.88%, 8/24/2026
3,000,000
3,060,793
Goldman Sachs Bank USA
(SOFR + 0.77%), 5.38%, 3/18/2027 (b)
75,019,000
75,127,928
(SOFR + 0.75%), 5.41%, 5/21/2027 (b)
34,893,000
35,182,398
Goldman Sachs Group, Inc. (The)
3.50%, 1/23/2025
12,257,000
12,231,492
3.50%, 4/1/2025
71,218,000
70,908,078
(SOFR + 0.61%), 0.86%, 2/12/2026 (b)
5,575,000
5,531,371
3.75%, 2/25/2026
14,456,000
14,296,444
JPMorgan Ultra-Short Income ETF
SCHEDULE OF PORTFOLIO INVESTMENTS
AS OF November 30, 2024 (Unaudited) (continued)
INVESTMENTS
PRINCIPAL
AMOUNT($)
VALUE($)
Corporate Bonds — continued
Capital Markets — continued
(SOFR + 1.07%), 5.66%, 8/10/2026 (b)
13,838,000
13,887,741
(SOFR + 0.79%), 1.09%, 12/9/2026 (b)
10,106,000
9,730,544
3.85%, 1/26/2027
39,500,000
38,828,583
Intercontinental Exchange, Inc. 3.65%, 5/23/2025
5,000,000
4,974,250
Jefferies Financial Group, Inc. 5.15%, 9/15/2025
102,708,000
102,706,261
Macquarie Bank Ltd. (Australia)
2.30%, 1/22/2025 (a)
18,309,000
18,240,844
5.39%, 12/7/2026 (a)
16,507,000
16,767,949
5.27%, 7/2/2027 (a)
12,762,000
13,010,197
Macquarie Group Ltd. (Australia) (SOFR + 2.21%), 5.11%, 8/9/2026 (a) (b)
62,095,000
62,113,863
Mizuho Markets Cayman LP (Japan) 5.47%, 2/14/2025 (a)
79,725,000
79,865,465
Morgan Stanley
(SOFR + 0.51%), 5.10%, 1/22/2025 (b)
2,958,000
2,958,452
(SOFR + 0.94%), 2.63%, 2/18/2026 (b)
64,020,000
63,708,271
(SOFR + 1.99%), 2.19%, 4/28/2026 (b)
4,068,000
4,024,032
(SOFR + 1.67%), 4.68%, 7/17/2026 (b)
5,197,000
5,190,324
(SOFR + 1.77%), 6.14%, 10/16/2026 (b)
4,355,000
4,404,047
(SOFR + 0.72%), 0.99%, 12/10/2026 (b)
44,802,000
43,068,348
(SOFR + 1.30%), 5.05%, 1/28/2027 (b)
48,718,000
48,870,194
Nomura Holdings, Inc. (Japan)
2.65%, 1/16/2025
73,073,000
72,852,559
5.10%, 7/3/2025
17,252,000
17,258,375
1.85%, 7/16/2025
24,482,000
24,011,065
5.71%, 1/9/2026
2,000,000
2,014,003
State Street Bank & Trust Co. 4.59%, 11/25/2026
62,407,000
62,568,195
State Street Corp.
(SOFR + 0.60%), 4.86%, 1/26/2026 (b)
4,161,000
4,159,907
(SOFR + 2.60%), 2.90%, 3/30/2026 (b)
5,163,000
5,129,180
(SOFR + 1.13%), 5.10%, 5/18/2026 (b)
20,434,000
20,463,666
5.27%, 8/3/2026
3,000,000
3,035,209
(SOFR + 1.02%), 4.53%, 2/20/2029 (b)
16,909,000
16,853,285
UBS AG (Switzerland)
(SOFR + 0.93%), 5.55%, 9/11/2025 (b)
70,430,000
70,747,742
5.80%, 9/11/2025
4,183,000
4,220,480
1.25%, 6/1/2026
2,000,000
1,903,526
1.25%, 8/7/2026
2,620,000
2,477,987
UBS Group AG (Switzerland)
3.75%, 3/26/2025
72,708,000
72,438,148
4.13%, 9/24/2025 (a)
2,936,000
2,920,857
4.13%, 4/15/2026 (a)
32,378,000
32,024,630
4.55%, 4/17/2026
3,199,000
3,193,172
(US Treasury Yield Curve Rate T Note Constant Maturity 1 Year + 1.55%), 4.49%, 5/12/2026 (a) (b)
46,226,000
46,110,121
(SOFR + 2.04%), 2.19%, 6/5/2026 (a) (b)
46,676,000
46,004,087
(SOFR + 3.34%), 6.37%, 7/15/2026 (a) (b)
22,000,000
22,174,062
(US Treasury Yield Curve Rate T Note Constant Maturity 1 Year + 1.55%), 5.71%, 1/12/2027 (a) (b)
17,000,000
17,136,106
 
1,333,892,763
JPMorgan Ultra-Short Income ETF
SCHEDULE OF PORTFOLIO INVESTMENTS
AS OF November 30, 2024 (Unaudited) (continued)
INVESTMENTS
PRINCIPAL
AMOUNT($)
VALUE($)
Corporate Bonds — continued
Chemicals — 0.3%
Chevron Phillips Chemical Co. LLC 3.40%, 12/1/2026 (a)
8,320,000
8,121,460
DuPont de Nemours, Inc. 4.49%, 11/15/2025
3,120,000
3,108,430
Eastman Chemical Co. 3.80%, 3/15/2025
1,043,000
1,038,977
Ecolab, Inc. 2.70%, 11/1/2026
2,172,000
2,102,950
EIDP, Inc. 4.50%, 5/15/2026
2,000,000
1,999,536
Nutrien Ltd. (Canada)
3.00%, 4/1/2025
26,346,000
26,189,097
5.95%, 11/7/2025
9,660,000
9,765,847
PPG Industries, Inc. 1.20%, 3/15/2026
770,000
735,868
Westlake Corp. 3.60%, 8/15/2026
43,192,000
42,358,675
 
95,420,840
Commercial Services & Supplies — 0.5%
Element Fleet Management Corp. (Canada)
6.27%, 6/26/2026 (a)
74,601,000
75,990,584
5.64%, 3/13/2027 (a)
59,831,000
60,856,018
 
136,846,602
Consumer Finance — 3.4%
AerCap Ireland Capital DAC (Ireland)
3.50%, 1/15/2025
3,672,000
3,665,188
6.50%, 7/15/2025
41,419,000
41,737,702
4.45%, 10/1/2025
39,487,000
39,370,046
1.75%, 1/30/2026
10,000,000
9,655,214
American Express Co.
3.95%, 8/1/2025
61,374,000
61,084,842
4.90%, 2/13/2026
2,000,000
2,005,979
(SOFR + 1.00%), 4.99%, 5/1/2026 (b)
91,972,000
92,033,976
3.13%, 5/20/2026
2,976,000
2,916,231
(SOFR + 1.33%), 6.34%, 10/30/2026 (b)
1,300,000
1,318,354
3.30%, 5/3/2027
14,417,000
13,990,722
(SOFR + 1.00%), 5.10%, 2/16/2028 (b)
13,100,000
13,194,104
(SOFR + 0.93%), 5.04%, 7/26/2028 (b)
27,600,000
27,807,745
American Honda Finance Corp.
Series A, 4.60%, 4/17/2025
17,885,000
17,874,279
(SOFRINDX + 0.78%), 5.37%, 4/23/2025 (b)
8,400,000
8,416,886
5.00%, 5/23/2025
134,270,000
134,420,655
(SOFR + 0.50%), 5.10%, 10/10/2025 (b)
64,803,000
64,912,919
Avolon Holdings Funding Ltd. (Ireland) 2.88%, 2/15/2025 (a)
64,457,000
64,033,518
Capital One Financial Corp.
3.20%, 2/5/2025
4,903,000
4,887,949
4.25%, 4/30/2025
8,988,000
8,971,515
(SOFR + 1.29%), 2.64%, 3/3/2026 (b)
73,294,000
72,842,264
(SOFR + 2.16%), 4.99%, 7/24/2026 (b)
26,586,000
26,577,804
(SOFR + 0.86%), 1.88%, 11/2/2027 (b)
21,514,000
20,316,167
Caterpillar Financial Services Corp. 4.45%, 10/16/2026
36,349,000
36,366,429
General Motors Financial Co., Inc.
2.90%, 2/26/2025
18,150,000
18,053,964
6.05%, 10/10/2025
15,081,000
15,228,567
JPMorgan Ultra-Short Income ETF
SCHEDULE OF PORTFOLIO INVESTMENTS
AS OF November 30, 2024 (Unaudited) (continued)
INVESTMENTS
PRINCIPAL
AMOUNT($)
VALUE($)
Corporate Bonds — continued
Consumer Finance — continued
5.40%, 4/6/2026
3,000,000
3,020,760
1.50%, 6/10/2026
774,000
736,440
John Deere Capital Corp. (SOFR + 0.50%), 5.11%, 7/3/2025 (b)
36,599,000
36,657,043
Toyota Motor Credit Corp.
(SOFR + 0.35%), 4.93%, 4/14/2025 (b)
27,940,000
27,950,246
(SOFR + 0.65%), 5.26%, 1/5/2026 (b)
75,000,000
75,217,992
(SOFR + 0.77%), 5.35%, 8/7/2026 (b)
33,926,000
34,138,411
 
979,403,911
Consumer Staples Distribution & Retail — 0.2%
Dollar General Corp. 3.88%, 4/15/2027
19,000
18,600
Kroger Co. (The) 2.65%, 10/15/2026 (c)
7,172,000
6,912,458
Sysco Corp. 3.75%, 10/1/2025
61,866,000
61,361,657
 
68,292,715
Containers & Packaging — 0.1%
Brambles USA, Inc. (Australia) 4.13%, 10/23/2025 (a)
400,000
397,024
Sonoco Products Co.
1.80%, 2/1/2025
2,000,000
1,988,061
4.45%, 9/1/2026
20,337,000
20,214,107
 
22,599,192
Diversified REITs — 0.2%
WP Carey, Inc. 4.00%, 2/1/2025
61,782,000
61,624,897
Diversified Telecommunication Services — 0.3%
AT&T, Inc.
3.88%, 1/15/2026
2,145,000
2,124,720
7.13%, 3/15/2026
9,695,000
9,951,380
1.70%, 3/25/2026
21,429,000
20,621,444
2.95%, 7/15/2026
3,000,000
2,925,436
Deutsche Telekom International Finance BV (Germany) 3.60%, 1/19/2027 (a)
3,638,000
3,560,298
NBN Co. Ltd. (Australia) 4.00%, 10/1/2027 (a)
15,656,000
15,415,039
Telstra Corp. Ltd. (Australia) 3.13%, 4/7/2025 (a)
14,950,000
14,852,194
 
69,450,511
Electric Utilities — 2.1%
American Electric Power Co., Inc. Series N, 1.00%, 11/1/2025
3,241,000
3,131,569
Arizona Public Service Co.
3.15%, 5/15/2025
3,076,000
3,053,387
2.55%, 9/15/2026
5,170,000
4,963,052
Duke Energy Corp.
0.90%, 9/15/2025
28,833,000
27,957,676
5.00%, 12/8/2025
1,004,000
1,007,398
2.65%, 9/1/2026
2,747,000
2,655,734
4.85%, 1/5/2027
76,842,000
77,287,873
Enel Finance International NV (Italy)
4.50%, 6/15/2025 (a) (d)
14,133,000
14,072,093
7.05%, 10/14/2025 (a) (d)
27,022,000
27,510,507
1.63%, 7/12/2026 (a) (d)
5,005,000
4,758,200
JPMorgan Ultra-Short Income ETF
SCHEDULE OF PORTFOLIO INVESTMENTS
AS OF November 30, 2024 (Unaudited) (continued)
INVESTMENTS
PRINCIPAL
AMOUNT($)
VALUE($)
Corporate Bonds — continued
Electric Utilities — continued
Entergy Corp.
0.90%, 9/15/2025
20,230,000
19,607,213
2.95%, 9/1/2026
2,699,000
2,619,014
Eversource Energy
3.35%, 3/15/2026
2,000,000
1,950,072
5.00%, 1/1/2027
12,766,000
12,846,420
Exelon Corp.
3.95%, 6/15/2025
56,891,000
56,579,433
3.40%, 4/15/2026
6,956,000
6,839,385
2.75%, 3/15/2027
246,000
235,706
Georgia Power Co. (SOFRINDX + 0.75%), 5.33%, 5/8/2025 (b)
52,192,000
52,325,875
Interstate Power and Light Co.
3.25%, 12/1/2024
6,238,000
6,238,000
3.40%, 8/15/2025
564,000
558,089
ITC Holdings Corp. 3.25%, 6/30/2026
1,165,000
1,138,124
NextEra Energy Capital Holdings, Inc.
6.05%, 3/1/2025
19,458,000
19,512,479
5.75%, 9/1/2025
86,783,000
87,335,027
4.95%, 1/29/2026
97,815,000
98,163,928
1.88%, 1/15/2027
924,000
873,073
Pinnacle West Capital Corp. 1.30%, 6/15/2025
190,000
186,085
PPL Capital Funding, Inc. 3.10%, 5/15/2026
2,308,000
2,253,363
Southwestern Electric Power Co.
Series N, 1.65%, 3/15/2026
1,562,000
1,498,502
Series K, 2.75%, 10/1/2026
2,460,000
2,371,136
Virginia Power Fuel Securitization LLC Series A-1, 5.09%, 5/1/2027
38,795,414
38,956,080
Xcel Energy, Inc. 3.30%, 6/1/2025
14,518,000
14,388,140
 
592,872,633
Electronic Equipment, Instruments & Components — 0.0% ^
Jabil, Inc. 1.70%, 4/15/2026
300,000
287,502
TD SYNNEX Corp. 1.75%, 8/9/2026
2,859,000
2,712,502
Tyco Electronics Group SA (Switzerland) 4.50%, 2/13/2026
2,000,000
1,999,469
 
4,999,473
Energy Equipment & Services — 0.0% ^
Schlumberger Holdings Corp. 4.00%, 12/21/2025 (a)
5,937,000
5,893,375
Entertainment — 0.1%
Netflix, Inc. 5.88%, 2/15/2025
2,001,000
2,004,578
Take-Two Interactive Software, Inc.
3.55%, 4/14/2025
16,897,000
16,803,490
5.00%, 3/28/2026
11,117,000
11,155,910
TWDC Enterprises 18 Corp. 1.85%, 7/30/2026
3,000,000
2,873,374
 
32,837,352
Financial Services — 0.9%
Corebridge Financial, Inc. 3.50%, 4/4/2025
64,098,000
63,776,369
Fiserv, Inc.
3.85%, 6/1/2025
5,718,000
5,682,317
JPMorgan Ultra-Short Income ETF
SCHEDULE OF PORTFOLIO INVESTMENTS
AS OF November 30, 2024 (Unaudited) (continued)
INVESTMENTS
PRINCIPAL
AMOUNT($)
VALUE($)
Corporate Bonds — continued
Financial Services — continued
3.20%, 7/1/2026
24,446,000
23,887,723
Global Payments, Inc. 2.65%, 2/15/2025
98,038,000
97,489,456
LSEGA Financing plc (United Kingdom) 1.38%, 4/6/2026 (a)
9,889,000
9,470,337
National Rural Utilities Cooperative Finance Corp. (SOFR + 0.70%), 5.28%, 5/7/2025 (b)
38,872,000
38,969,178
Nationwide Building Society (United Kingdom) 1.50%, 10/13/2026 (a)
1,958,000
1,849,542
NTT Finance Corp. (Japan) 1.16%, 4/3/2026 (a)
1,776,000
1,697,263
Shell International Finance BV 2.88%, 5/10/2026
2,000,000
1,954,453
 
244,776,638
Food Products — 0.4%
Bunge Ltd. Finance Corp.
1.63%, 8/17/2025
12,121,000
11,850,898
4.10%, 1/7/2028
8,099,000
7,965,180
Conagra Brands, Inc.
4.60%, 11/1/2025
11,850,000
11,824,700
7.13%, 10/1/2026
3,000,000
3,125,107
Danone SA (France) 2.95%, 11/2/2026 (a)
10,041,000
9,728,370
General Mills, Inc.
4.00%, 4/17/2025
1,271,000
1,266,665
4.70%, 1/30/2027
9,335,000
9,354,519
McCormick & Co., Inc.
3.25%, 11/15/2025
3,282,000
3,232,182
0.90%, 2/15/2026
12,000,000
11,474,096
Mead Johnson Nutrition Co. (United Kingdom) 4.13%, 11/15/2025
14,292,000
14,215,388
Mondelez International Holdings Netherlands BV 4.25%, 9/15/2025 (a)
1,500,000
1,494,107
Mondelez International, Inc. 1.50%, 5/4/2025
2,043,000
2,013,526
The Campbell's Co.
3.95%, 3/15/2025
7,004,000
6,980,755
3.30%, 3/19/2025
1,695,000
1,686,520
Tyson Foods, Inc. 4.00%, 3/1/2026
4,004,000
3,967,447
 
100,179,460
Ground Transportation — 0.6%
Canadian National Railway Co. (Canada) 2.75%, 3/1/2026
2,000,000
1,955,615
Canadian Pacific Railway Co. (Canada)
1.35%, 12/2/2024
5,933,000
5,933,000
1.75%, 12/2/2026
2,279,000
2,153,831
CSX Corp. 3.35%, 11/1/2025
21,643,000
21,379,820
ERAC USA Finance LLC
3.80%, 11/1/2025 (a)
1,047,000
1,037,654
3.30%, 12/1/2026 (a)
8,535,000
8,313,251
JB Hunt Transport Services, Inc. 3.88%, 3/1/2026
8,050,000
7,973,026
Penske Truck Leasing Co. LP
3.95%, 3/10/2025 (a)
13,370,000
13,327,624
1.20%, 11/15/2025 (a)
200,000
193,131
5.75%, 5/24/2026 (a)
58,644,000
59,326,328
3.40%, 11/15/2026 (a)
14,293,000
13,891,530
JPMorgan Ultra-Short Income ETF
SCHEDULE OF PORTFOLIO INVESTMENTS
AS OF November 30, 2024 (Unaudited) (continued)
INVESTMENTS
PRINCIPAL
AMOUNT($)
VALUE($)
Corporate Bonds — continued
Ground Transportation — continued
5.35%, 1/12/2027 (a)
24,179,000
24,418,161
Union Pacific Corp. 3.75%, 7/15/2025
738,000
734,003
 
160,636,974
Health Care Equipment & Supplies — 0.1%
Baxter International, Inc. 2.60%, 8/15/2026
7,547,000
7,282,313
Becton Dickinson & Co. 3.73%, 12/15/2024
25,882,000
25,866,057
Stryker Corp. 3.38%, 11/1/2025
4,676,000
4,619,781
 
37,768,151
Health Care Providers & Services — 1.4%
Cardinal Health, Inc.
3.75%, 9/15/2025
76,962,000
76,348,976
4.70%, 11/15/2026
33,465,000
33,430,805
3.41%, 6/15/2027
69,784,000
67,780,488
Cigna Group (The)
3.25%, 4/15/2025
9,639,000
9,585,027
4.50%, 2/25/2026
4,047,000
4,039,155
1.25%, 3/15/2026
2,663,000
2,548,622
CVS Health Corp.
3.88%, 7/20/2025
27,452,000
27,265,254
5.00%, 2/20/2026
5,792,000
5,798,807
Elevance Health, Inc.
3.35%, 12/1/2024
11,000,000
11,000,000
2.38%, 1/15/2025
82,584,000
82,320,260
5.35%, 10/15/2025
14,682,000
14,749,924
4.90%, 2/8/2026
5,000,000
4,999,754
1.50%, 3/15/2026
8,955,000
8,605,614
Humana, Inc. 4.50%, 4/1/2025
16,417,000
16,394,681
Laboratory Corp. of America Holdings
3.60%, 2/1/2025
23,611,000
23,539,184
1.55%, 6/1/2026
1,809,000
1,727,679
 
390,134,230
Health Care REITs — 0.1%
Alexandria Real Estate Equities, Inc. 3.45%, 4/30/2025
7,628,000
7,585,346
Healthpeak OP LLC 3.40%, 2/1/2025
4,510,000
4,495,612
Ventas Realty LP 3.50%, 2/1/2025
20,015,000
19,951,731
 
32,032,689
Hotels, Restaurants & Leisure — 0.4%
Darden Restaurants, Inc. 4.35%, 10/15/2027
27,735,000
27,449,395
Expedia Group, Inc. 5.00%, 2/15/2026
8,135,000
8,146,271
Marriott International, Inc.
Series EE, 5.75%, 5/1/2025
12,506,000
12,535,954
3.75%, 10/1/2025
3,909,000
3,878,616
5.45%, 9/15/2026
44,438,000
45,066,114
JPMorgan Ultra-Short Income ETF
SCHEDULE OF PORTFOLIO INVESTMENTS
AS OF November 30, 2024 (Unaudited) (continued)
INVESTMENTS
PRINCIPAL
AMOUNT($)
VALUE($)
Corporate Bonds — continued
Hotels, Restaurants & Leisure — continued
Starbucks Corp.
4.75%, 2/15/2026
21,251,000
21,307,179
2.45%, 6/15/2026
3,000,000
2,907,016
 
121,290,545
Independent Power and Renewable Electricity Producers — 0.0% ^
AES Corp. (The) 1.38%, 1/15/2026
4,661,000
4,473,606
Industrial Conglomerates — 0.0% ^
Honeywell International, Inc. 2.50%, 11/1/2026
2,000,000
1,931,761
Insurance — 4.2%
AEGON Funding Co. LLC (Netherlands) 5.50%, 4/16/2027 (a)
74,400,000
75,294,865
Athene Global Funding
1.45%, 1/8/2026 (a)
535,000
514,950
4.86%, 8/27/2026 (a)
225,572,000
225,114,118
Brighthouse Financial Global Funding
1.75%, 1/13/2025 (a)
18,888,000
18,812,494
1.55%, 5/24/2026 (a) (c)
3,406,000
3,240,845
5.55%, 4/9/2027 (a)
62,662,000
63,350,322
CNA Financial Corp. 4.50%, 3/1/2026
6,750,000
6,730,459
CNO Global Funding 4.95%, 9/9/2029 (a)
18,367,000
18,378,248
Corebridge Global Funding
5.35%, 6/24/2026 (a) (c)
111,306,000
112,379,948
5.75%, 7/2/2026 (a)
36,554,000
37,124,241
4.65%, 8/20/2027 (a)
98,494,000
98,413,902
Equitable Financial Life Global Funding
1.30%, 7/12/2026 (a)
2,471,000
2,341,185
4.88%, 11/19/2027 (a)
71,152,000
71,450,747
Guardian Life Global Funding 1.10%, 6/23/2025 (a)
1,871,000
1,833,580
Jackson National Life Global Funding
1.75%, 1/12/2025 (a)
4,116,000
4,100,655
5.60%, 4/10/2026 (a)
74,449,000
75,032,934
5.55%, 7/2/2027 (a)
47,967,000
48,741,911
MassMutual Global Funding II 4.50%, 4/10/2026 (a)
2,000,000
2,000,035
Met Tower Global Funding 4.85%, 1/16/2027 (a)
20,592,000
20,745,533
New York Life Global Funding
(SOFRINDX + 0.58%), 5.19%, 1/16/2026 (a) (b)
134,932,000
135,454,538
5.45%, 9/18/2026 (a)
3,000,000
3,049,882
(SOFR + 0.67%), 5.28%, 4/2/2027 (a) (b)
10,017,000
10,032,665
Pacific Life Global Funding II
(SOFRINDX + 0.86%), 5.49%, 6/16/2025 (a) (b)
7,205,000
7,230,852
1.20%, 6/24/2025 (a)
1,500,000
1,470,878
Pricoa Global Funding I 5.55%, 8/28/2026 (a)
3,000,000
3,051,623
Principal Financial Group, Inc. 3.10%, 11/15/2026
1,500,000
1,456,376
Principal Life Global Funding II
1.25%, 6/23/2025 (a)
3,500,000
3,432,727
1.50%, 11/17/2026 (a)
3,052,000
2,878,045
5.00%, 1/16/2027 (a)
9,349,000
9,431,583
Protective Life Global Funding 4.99%, 1/12/2027 (a)
35,834,000
36,063,923
JPMorgan Ultra-Short Income ETF
SCHEDULE OF PORTFOLIO INVESTMENTS
AS OF November 30, 2024 (Unaudited) (continued)
INVESTMENTS
PRINCIPAL
AMOUNT($)
VALUE($)
Corporate Bonds — continued
Insurance — continued
Reliance Standard Life Global Funding II
2.75%, 5/7/2025 (a)
72,080,000
71,355,700
5.24%, 2/2/2026 (a)
21,309,000
21,332,652
 
1,191,842,416
Machinery — 0.8%
CNH Industrial Capital LLC
5.45%, 10/14/2025
25,570,000
25,720,859
1.45%, 7/15/2026
1,650,000
1,566,122
Daimler Truck Finance North America LLC (Germany)
1.63%, 12/13/2024 (a)
3,099,000
3,095,938
5.20%, 1/17/2025 (a)
48,700,000
48,716,903
3.50%, 4/7/2025 (a)
12,489,000
12,428,868
5.60%, 8/8/2025 (a)
17,943,000
18,060,467
5.15%, 1/16/2026 (a)
11,998,000
12,041,344
2.00%, 12/14/2026 (a)
17,100,000
16,186,400
5.00%, 1/15/2027 (a)
17,392,000
17,477,751
3.65%, 4/7/2027 (a)
1,450,000
1,415,617
Dover Corp. 3.15%, 11/15/2025
190,000
187,261
Otis Worldwide Corp. 2.06%, 4/5/2025
59,859,000
59,267,828
Stanley Black & Decker, Inc.
2.30%, 2/24/2025
5,000,000
4,967,751
3.40%, 3/1/2026
8,710,000
8,561,912
 
229,695,021
Media — 0.0% ^
Cox Communications, Inc. 3.35%, 9/15/2026 (a)
2,515,000
2,447,609
Metals & Mining — 0.2%
Glencore Funding LLC (Australia) 1.63%, 9/1/2025 (a)
21,873,000
21,357,646
Newmont Corp. 5.30%, 3/15/2026
31,866,000
32,073,446
POSCO (South Korea) 4.38%, 8/4/2025 (a)
10,479,000
10,408,686
 
63,839,778
Multi-Utilities — 0.4%
Ameren Corp. 1.95%, 3/15/2027
2,202,000
2,076,420
Dominion Energy, Inc. 3.90%, 10/1/2025
39,033,000
38,741,922
DTE Energy Co.
Series F, 1.05%, 6/1/2025
17,297,000
16,974,406
2.85%, 10/1/2026
5,215,000
5,050,788
4.95%, 7/1/2027
22,906,000
23,054,792
WEC Energy Group, Inc.
5.00%, 9/27/2025
17,277,000
17,318,469
4.75%, 1/9/2026
4,542,000
4,544,684
 
107,761,481
Office REITs — 0.2%
Boston Properties LP 3.20%, 1/15/2025
42,223,000
42,104,502
Kilroy Realty LP 3.45%, 12/15/2024
2,688,000
2,685,931
 
44,790,433
JPMorgan Ultra-Short Income ETF
SCHEDULE OF PORTFOLIO INVESTMENTS
AS OF November 30, 2024 (Unaudited) (continued)
INVESTMENTS
PRINCIPAL
AMOUNT($)
VALUE($)
Corporate Bonds — continued
Oil, Gas & Consumable Fuels — 1.4%
BP Capital Markets America, Inc. 3.80%, 9/21/2025
792,000
787,804
ConocoPhillips Co. 2.40%, 3/7/2025
547,000
543,387
Enbridge, Inc. (Canada) 2.50%, 1/15/2025
39,608,000
39,483,569
Energy Transfer LP 4.75%, 1/15/2026
1,103,000
1,101,387
Enterprise Products Operating LLC
5.05%, 1/10/2026
2,000,000
2,010,348
4.60%, 1/11/2027
56,064,000
56,194,295
Marathon Petroleum Corp. 4.70%, 5/1/2025
898,000
896,956
MPLX LP
4.88%, 12/1/2024
37,000,000
37,000,000
4.88%, 6/1/2025
56,186,000
56,184,247
1.75%, 3/1/2026
13,305,000
12,807,107
ONEOK, Inc.
2.20%, 9/15/2025
22,871,000
22,410,893
5.00%, 3/1/2026
4,435,000
4,445,202
4.25%, 9/24/2027
65,850,000
65,153,431
Phillips 66 3.85%, 4/9/2025
392,000
390,395
Phillips 66 Co. 3.55%, 10/1/2026
5,290,000
5,188,675
Pioneer Natural Resources Co. 5.10%, 3/29/2026
29,294,000
29,507,018
Sabine Pass Liquefaction LLC
5.63%, 3/1/2025
868,000
868,551
5.88%, 6/30/2026
13,328,000
13,478,430
Spectra Energy Partners LP 3.50%, 3/15/2025
3,762,000
3,745,650
Williams Cos., Inc. (The)
3.90%, 1/15/2025
31,273,000
31,228,989
4.00%, 9/15/2025
17,339,000
17,227,948
 
400,654,282
Paper & Forest Products — 0.0% ^
Georgia-Pacific LLC
1.75%, 9/30/2025 (a)
1,949,000
1,902,954
0.95%, 5/15/2026 (a)
6,897,000
6,539,592
 
8,442,546
Personal Care Products — 0.2%
Haleon UK Capital plc 3.13%, 3/24/2025
67,083,000
66,744,925
Pharmaceuticals — 0.2%
Astrazeneca Finance LLC (United Kingdom) 1.20%, 5/28/2026
2,000,000
1,908,461
Bayer US Finance II LLC (Germany) 4.25%, 12/15/2025 (a)
6,140,000
6,087,133
Bristol-Myers Squibb Co. (SOFR + 0.49%), 5.07%, 2/20/2026 (b)
33,658,000
33,716,067
EMD Finance LLC (Germany) 3.25%, 3/19/2025 (a)
3,730,000
3,711,685
Roche Holdings, Inc. 5.27%, 11/13/2026 (a)
500,000
507,747
Zoetis, Inc. 4.50%, 11/13/2025
183,000
182,678
 
46,113,771
Professional Services — 0.1%
Equifax, Inc. 2.60%, 12/1/2024
18,677,000
18,677,000
Semiconductors & Semiconductor Equipment — 0.5%
Analog Devices, Inc. 3.50%, 12/5/2026
2,000,000
1,964,367
JPMorgan Ultra-Short Income ETF
SCHEDULE OF PORTFOLIO INVESTMENTS
AS OF November 30, 2024 (Unaudited) (continued)
INVESTMENTS
PRINCIPAL
AMOUNT($)
VALUE($)
Corporate Bonds — continued
Semiconductors & Semiconductor Equipment — continued
Broadcom, Inc.
3.15%, 11/15/2025
33,398,000
32,899,443
3.46%, 9/15/2026
40,286,000
39,466,012
Microchip Technology, Inc. 4.25%, 9/1/2025
26,547,000
26,426,418
NXP BV (China)
2.70%, 5/1/2025
12,538,000
12,404,345
5.35%, 3/1/2026
7,377,000
7,403,188
3.88%, 6/18/2026
12,773,000
12,618,574
 
133,182,347
Software — 0.5%
Oracle Corp.
2.50%, 4/1/2025
117,530,000
116,580,436
2.95%, 5/15/2025
1,768,000
1,752,853
5.80%, 11/10/2025
7,865,000
7,940,487
1.65%, 3/25/2026
8,137,000
7,822,779
2.65%, 7/15/2026
3,000,000
2,909,601
Roper Technologies, Inc. 1.00%, 9/15/2025
2,505,000
2,434,810
VMware LLC 1.40%, 8/15/2026
3,688,000
3,484,562
 
142,925,528
Specialized REITs — 0.3%
American Tower Corp.
2.95%, 1/15/2025
2,868,000
2,860,091
2.40%, 3/15/2025
25,650,000
25,456,998
1.30%, 9/15/2025
24,486,000
23,797,006
4.40%, 2/15/2026
6,598,000
6,567,959
1.60%, 4/15/2026
7,221,000
6,922,581
1.45%, 9/15/2026
1,280,000
1,207,786
Crown Castle, Inc.
4.45%, 2/15/2026
13,961,000
13,902,910
1.05%, 7/15/2026
4,807,000
4,530,108
 
85,245,439
Specialty Retail — 0.5%
AutoZone, Inc.
3.25%, 4/15/2025
1,643,000
1,633,149
3.63%, 4/15/2025
534,000
531,303
3.13%, 4/21/2026
225,000
220,300
5.05%, 7/15/2026
9,700,000
9,769,358
3.75%, 6/1/2027
2,704,000
2,648,985
Home Depot, Inc. (The)
5.10%, 12/24/2025
34,774,000
35,023,232
5.15%, 6/25/2026
63,038,000
63,744,010
Lowe's Cos., Inc.
4.40%, 9/8/2025
13,747,000
13,716,345
3.38%, 9/15/2025
4,230,000
4,185,495
JPMorgan Ultra-Short Income ETF
SCHEDULE OF PORTFOLIO INVESTMENTS
AS OF November 30, 2024 (Unaudited) (continued)
INVESTMENTS
PRINCIPAL
AMOUNT($)
VALUE($)
Corporate Bonds — continued
Specialty Retail — continued
4.80%, 4/1/2026
10,309,000
10,337,219
O'Reilly Automotive, Inc. 5.75%, 11/20/2026
2,081,000
2,122,574
 
143,931,970
Technology Hardware, Storage & Peripherals — 0.2%
Dell International LLC
6.02%, 6/15/2026
12,057,000
12,241,506
4.90%, 10/1/2026
6,911,000
6,924,475
Hewlett Packard Enterprise Co. 4.45%, 9/25/2026
41,797,000
41,615,952
 
60,781,933
Tobacco — 0.4%
Altria Group, Inc.
2.35%, 5/6/2025
55,352,000
54,749,673
4.40%, 2/14/2026
7,006,000
6,982,718
BAT Capital Corp. (United Kingdom) 3.22%, 9/6/2026
12,000,000
11,685,146
Philip Morris International, Inc.
3.38%, 8/11/2025
5,314,000
5,266,678
2.75%, 2/25/2026
29,466,000
28,819,968
0.88%, 5/1/2026
6,632,000
6,299,185
Reynolds American, Inc. (United Kingdom) 4.45%, 6/12/2025
8,220,000
8,204,168
 
122,007,536
Trading Companies & Distributors — 0.0% ^
TTX Co. 5.50%, 9/25/2026 (a)
5,705,000
5,771,998
Transportation Infrastructure — 0.0% ^
Sydney Airport Finance Co. Pty. Ltd. (Australia) 3.63%, 4/28/2026 (a)
7,970,000
7,826,778
Water Utilities — 0.0% ^
American Water Capital Corp. 3.40%, 3/1/2025
3,084,000
3,072,294
Wireless Telecommunication Services — 0.3%
T-Mobile USA, Inc.
3.50%, 4/15/2025
88,139,000
87,674,267
2.25%, 2/15/2026
2,622,000
2,542,619
2.63%, 4/15/2026
5,300,000
5,153,936
 
95,370,822
Total Corporate Bonds
(Cost $16,094,698,015)
16,132,652,746
Asset-Backed Securities — 14.1%
AIMCO CLO (Cayman Islands) Series 2018-AA, Class A, 5.93%, 4/17/2031 (a) (e)
9,140,854
9,138,569
Aimco CLO Ltd. (Cayman Islands)
Series 2020-12A, Class XR, 5.50%, 1/17/2032 (a) (e)
1,479,031
1,478,885
Series 2020-12A, Class AR, 5.82%, 1/17/2032 (a) (e)
3,474,796
3,483,417
Ally Auto Receivables Trust
Series 2024-1, Class A2, 5.32%, 1/15/2027
61,284,472
61,357,879
Series 2022-3, Class A3, 5.07%, 4/15/2027
4,092,831
4,100,094
Series 2022-2, Class A3, 4.76%, 5/17/2027
14,449,561
14,452,607
American Express Credit Account Master Trust
Series 2022-2, Class A, 3.39%, 5/15/2027
79,424,000
78,979,106
JPMorgan Ultra-Short Income ETF
SCHEDULE OF PORTFOLIO INVESTMENTS
AS OF November 30, 2024 (Unaudited) (continued)
INVESTMENTS
PRINCIPAL
AMOUNT($)
VALUE($)
Asset-Backed Securities — continued
Series 2022-3, Class A, 3.75%, 8/15/2027
63,195,000
62,835,490
Series 2022-4, Class A, 4.95%, 10/15/2027
10,400,000
10,432,860
AmeriCredit Automobile Receivables Trust Series 2022-2, Class A3, 4.38%, 4/18/2028
2,614,905
2,610,487
Apidos CLO (Cayman Islands)
Series 2016-24A, Class A1AL, 5.83%, 10/20/2030 (a) (e)
30,998,629
31,055,543
Series 2018-18A, Class AR, 5.78%, 10/22/2030 (a) (e)
29,543,800
29,536,414
Series 2019-31A, Class A1R, 6.02%, 4/15/2031 (a) (e)
23,923,726
23,957,004
Series XXXA, Class A1AR, 5.71%, 10/18/2031 (a) (e)
16,535,800
16,530,740
Series 2016-25A, Class A1R2, 5.77%, 10/20/2031 (a) (e)
13,320,086
13,316,756
Ares CLO Ltd. (Cayman Islands) Series 2015-4A, Class A1RR, 5.74%, 10/15/2030 (a) (e)
23,461,892
23,483,946
ARI Fleet Lease Trust Series 2023-A, Class A2, 5.41%, 2/17/2032 (a)
5,299,244
5,315,744
Assurant CLO Ltd. (Cayman Islands) Series 2019-4A, Class AR, 5.96%, 4/20/2030 (a) (e)
1,346,066
1,346,066
Atlas Senior Loan Fund Ltd. (Cayman Islands) Series 2021-18A, Class X, 5.74%, 1/18/2035 (a) (e)
666,667
666,602
BA Credit Card Trust
Series 2022-A1, Class A1, 3.53%, 11/15/2027
7,306,000
7,263,246
Series 2022-A2, Class A2, 5.00%, 4/15/2028
45,812,000
46,019,780
Bain Capital Credit CLO (Cayman Islands) Series 2019-1A, Class X, 5.71%, 4/19/2034 (a) (e)
1,800,000
1,799,800
Bain Capital Credit CLO Ltd. (Cayman Islands) Series 2020-3A, Class X, 5.74%, 10/23/2034 (a) (e)
880,000
879,813
Ballyrock CLO Ltd. (Cayman Islands)
Series 2020-2A, Class A1R, 5.89%, 10/20/2031 (a) (e)
17,875,062
17,885,948
Series 2019-1A, Class A1R, 5.95%, 7/15/2032 (a) (e)
41,087,272
41,160,079
Bank of America Auto Trust Series 2023-2A, Class A2, 5.85%, 8/17/2026 (a)
40,554,450
40,683,669
Barings CLO Ltd. (Cayman Islands) Series 2018-4A, Class A1R, 5.81%, 10/15/2030 (a) (e)
25,608,845
25,616,988
BMW Vehicle Lease Trust Series 2024-1, Class A2A, 5.10%, 7/27/2026
38,096,965
38,168,950
BMW Vehicle Owner Trust Series 2023-A, Class A2A, 5.72%, 4/27/2026
9,302,669
9,317,676
Buttermilk Park CLO Ltd. (Cayman Islands) Series 2018-1A, Class A1R, 5.74%, 10/15/2031 (a) (e)
32,482,895
32,520,153
Capital One Multi-Asset Execution Trust Series 2022-A2, Class A, 3.49%, 5/15/2027
63,791,000
63,446,873
Capital One Prime Auto Receivables Trust
Series 2021-1, Class A3, 0.77%, 9/15/2026
4,097,602
4,051,400
Series 2024-1, Class A2A, 4.61%, 10/15/2027
10,047,000
10,050,882
Series 2022-2, Class A4, 3.69%, 12/15/2027
5,715,000
5,636,648
Carlyle Global Market Strategies CLO Ltd. (Cayman Islands) Series 2015-1A, Class AR3, 5.86%, 7/20/2031 (a) (e)
4,411,720
4,416,348
CARLYLE US CLO Ltd. (Cayman Islands) Series 2018-2A, Class A1R, 5.81%, 10/15/2031 (a) (e)
10,821,119
10,834,472
CarVal CLO Ltd. (Cayman Islands)
Series 2018-1A, Class AR, 5.88%, 7/16/2031 (a) (e)
34,915,079
34,966,509
Series 2019-1A, Class AR2, 0.00%, 4/20/2032 ‡ (a) (e) (f)
135,941,000
135,941,000
CCG Receivables Trust Series 2023-2, Class A2, 6.28%, 4/14/2032 (a)
10,270,374
10,425,560
Chesapeake Funding LLC (Canada) Series 2023-2A, Class A1, 6.16%, 10/15/2035 (a)
9,778,743
9,913,904
CIFC Funding Ltd. (Cayman Islands) Series 2018-4A, Class A1, 6.06%, 10/17/2031 (a) (e)
32,011,868
32,039,238
Citibank Credit Card Issuance Trust Series 2023-A2, Class A2, 5.22%, 12/8/2027 (e)
65,328,000
65,464,751
CNH Equipment Trust
Series 2022-A, Class A3, 2.94%, 7/15/2027
4,801,596
4,748,444
Series 2024-A, Class A2, 5.19%, 7/15/2027
29,768,768
29,823,665
Dell Equipment Finance Trust
Series 2023-1, Class A3, 5.65%, 9/22/2028 (a)
8,462,507
8,493,246
Series 2023-2, Class A2, 5.84%, 1/22/2029 (a)
5,661,933
5,669,074
Series 2023-3, Class A2, 6.10%, 4/23/2029 (a)
17,375,366
17,439,672
Series 2024-1, Class A2, 5.58%, 3/22/2030 (a)
46,964,000
47,136,240
Series 2024-2, Class A2, 4.69%, 8/22/2030 (a)
46,470,000
46,518,069
JPMorgan Ultra-Short Income ETF
SCHEDULE OF PORTFOLIO INVESTMENTS
AS OF November 30, 2024 (Unaudited) (continued)
INVESTMENTS
PRINCIPAL
AMOUNT($)
VALUE($)
Asset-Backed Securities — continued
Dewolf Park CLO Ltd. Series 2017-1A, Class AR, 5.84%, 10/15/2030 (a) (e)
34,158,251
34,187,217
Discover Card Execution Note Trust
Series 2022-A2, Class A, 3.32%, 5/15/2027
22,552,000
22,415,035
Series 2022-A3, Class A3, 3.56%, 7/15/2027
56,837,000
56,474,982
Series 2023-A1, Class A, 4.31%, 3/15/2028
107,878,000
107,592,922
Dllad LLC Series 2024-1A, Class A2, 5.50%, 8/20/2027 (a)
25,750,950
25,893,744
Dryden CLO Ltd. (Cayman Islands) Series 2018-58A, Class A1, 5.91%, 7/17/2031 (a) (e)
5,818,061
5,823,379
Dryden Senior Loan Fund (Cayman Islands)
Series 2017-47A, Class A1R, 5.90%, 4/15/2028 (a) (e)
5,743,017
5,742,448
Series 2013-30A, Class AR, 5.61%, 11/15/2028 (a) (e)
2,694,594
2,697,035
Series 2013-26A, Class AR, 5.82%, 4/15/2029 (a) (e)
4,420,149
4,421,020
Series 2014-36A, Class AR3, 5.94%, 4/15/2029 (a) (e)
11,487,051
11,492,806
Series 2017-49A, Class AR, 5.84%, 7/18/2030 (a) (e)
1,067,140
1,068,473
Series 2015-41A, Class AR, 5.89%, 4/15/2031 (a) (e)
3,376,132
3,380,713
Enterprise Fleet Financing LLC
Series 2024-4, Class A2, 4.69%, 7/20/2027 (a)
16,196,000
16,195,966
Series 2022-4, Class A2, 5.76%, 10/22/2029 (a)
17,951,885
18,068,977
Series 2023-3, Class A2, 6.40%, 3/20/2030 (a)
41,951,292
42,691,850
Flatiron CLO Ltd. (Cayman Islands) Series 2018-1A, Class A, 5.86%, 4/17/2031 (a) (e)
4,623,371
4,625,886
Ford Credit Auto Owner Trust
Series 2023-C, Class A2A, 5.68%, 9/15/2026
16,281,877
16,332,444
Series 2024-C, Class A2A, 4.32%, 8/15/2027
80,176,000
80,009,923
Series 2024-D, Class A2A, 4.59%, 10/15/2027
78,516,000
78,546,755
Series 2020-1, Class A, 2.04%, 8/15/2031 (a)
79,832,000
79,389,874
Series 2021-1, Class A, 1.37%, 10/17/2033 (a)
21,640,000
20,704,745
Series 2021-2, Class A, 1.53%, 5/15/2034 (a)
92,543,000
87,252,724
Galaxy CLO Ltd. (Cayman Islands)
Series 2013-15A, Class ARR, 5.89%, 10/15/2030 (a) (e)
9,256,974
9,256,475
Series 2015-20A, Class AR, 5.88%, 4/20/2031 (a) (e)
12,897,165
12,904,593
Series 2018-28A, Class A1, 6.02%, 7/15/2031 (a) (e)
9,633,154
9,635,100
Series 2018-26A, Class AR, 5.68%, 11/22/2031 (a) (e)
26,284,532
26,277,409
Series 2016-22A, Class XRR, 5.81%, 4/16/2034 (a) (e)
1,263,158
1,263,041
GM Financial Automobile Leasing Trust
Series 2024-2, Class A2A, 5.43%, 9/21/2026
72,378,141
72,718,853
Series 2023-3, Class A3, 5.38%, 11/20/2026
11,274,000
11,329,098
GM Financial Consumer Automobile Receivables Trust
Series 2023-3, Class A2A, 5.74%, 9/16/2026
15,608,768
15,642,654
Series 2024-1, Class A2A, 5.12%, 2/16/2027
24,327,357
24,373,134
Series 2024-2, Class A2A, 5.33%, 3/16/2027
23,057,053
23,129,524
Series 2024-3, Class A2A, 5.35%, 6/16/2027
776,000
779,609
Greenwood Park CLO Ltd.
Series 2018-1A, Class A2, 5.93%, 4/15/2031 (a) (e)
1,953,974
1,956,397
Series 2018-1A, Class A1, 5.95%, 4/15/2031 (a) (e)
1,171,728
1,172,018
Honda Auto Receivables Owner Trust Series 2023-1, Class A2, 5.22%, 10/21/2025
1,237,218
1,237,453
Hyundai Auto Lease Securitization Trust Series 2023-B, Class A3, 5.15%, 6/15/2026 (a)
12,592,299
12,608,283
Hyundai Auto Receivables Trust
Series 2023-B, Class A2A, 5.77%, 5/15/2026
21,298,625
21,342,741
Series 2023-A, Class A3, 4.58%, 4/15/2027
51,848,000
51,821,381
Series 2024-A, Class A2A, 5.29%, 4/15/2027
22,974,138
23,042,291
JPMorgan Ultra-Short Income ETF
SCHEDULE OF PORTFOLIO INVESTMENTS
AS OF November 30, 2024 (Unaudited) (continued)
INVESTMENTS
PRINCIPAL
AMOUNT($)
VALUE($)
Asset-Backed Securities — continued
Series 2021-A, Class A4, 0.62%, 5/17/2027
6,063,604
6,013,912
Series 2024-B, Class A2A, 5.15%, 6/15/2027
87,500,000
87,786,764
Series 2024-C, Class A2A, 4.53%, 9/15/2027
31,253,000
31,244,624
ICG US CLO Ltd. (Cayman Islands) Series 2016-1A, Class XRR, 5.77%, 4/29/2034 (a) (e)
1,052,636
1,052,541
KKR CLO Ltd. (Cayman Islands)
Series 21, Class A, 5.92%, 4/15/2031 (a) (e)
7,513,928
7,525,822
Series 24, Class A1R, 5.96%, 4/20/2032 (a) (e)
13,248,686
13,259,431
KKR Financial CLO Ltd. (Cayman Islands) Series 2013-1A, Class A1R2, 5.76%, 4/15/2029 (a) (e)
18,124,707
18,119,198
KKR Static CLO Ltd. (Cayman Islands) Series 2022-1A, Class AR, 6.02%, 7/20/2031 (a) (e)
7,214,042
7,219,366
Kubota Credit Owner Trust Series 2022-1A, Class A3, 2.67%, 10/15/2026 (a)
43,177,542
42,721,781
LCM LP (Cayman Islands) Series 14A, Class AR, 5.92%, 7/20/2031 (a) (e)
8,959,905
8,965,110
LCM Ltd. (Cayman Islands)
Series 24A, Class AR, 5.86%, 3/20/2030 (a) (e)
8,205,092
8,206,052
Series 25A, Class AR, 5.72%, 7/20/2030 (a) (e)
4,972,541
4,972,884
Series 26A, Class A1, 5.95%, 1/20/2031 (a) (e)
4,421,584
4,425,135
Series 29A, Class AR, 5.99%, 4/15/2031 (a) (e)
8,162,852
8,179,030
Madison Park Funding Ltd. (Cayman Islands)
Series 2015-17A, Class AR2, 5.88%, 7/21/2030 (a) (e)
2,434,104
2,433,495
Series 2015-18A, Class ARR, 5.82%, 10/21/2030 (a) (e)
46,289,688
46,359,678
Series 2014-14A, Class AR3, 5.83%, 10/22/2030 (a) (e)
44,552,268
44,628,809
Series 13A, Class AR, 5.78%, 11/21/2030 (a) (e)
41,540,309
41,595,516
Series 2021-52A, Class X, 5.79%, 1/22/2035 (a) (e)
1,052,632
1,052,539
Magnetite Ltd. (Cayman Islands)
Series 2015-15A, Class AR, 5.90%, 7/25/2031 (a) (e)
1,763,553
1,766,250
Series 2015-12A, Class AR4, 5.81%, 10/15/2031 (a) (e)
8,547,448
8,556,936
Series 2020-25A, Class A, 6.09%, 1/25/2032 (a) (e)
20,657,719
20,689,346
Marble Point CLO Ltd. (Cayman Islands) Series 2019-1A, Class A1R2, 5.60%, 7/23/2032 (a) (e)
22,935,000
22,935,000
Mercedes-Benz Auto Lease Trust Series 2023-A, Class A3, 4.74%, 1/15/2027
2,413,000
2,413,878
Neuberger Berman CLO (Cayman Islands) Series 2013-15A, Class A1R2, 5.84%, 10/15/2029 (a) (e)
43,248,582
43,276,477
Neuberger Berman CLO Ltd. (Cayman Islands)
Series 2013-14A, Class AR2, 5.91%, 1/28/2030 (a) (e)
6,785,175
6,804,601
Series 2017-16SA, Class XR, 5.72%, 4/15/2034 ‡ (a) (e)
625,000
624,885
Neuberger Berman Loan Advisers CLO Ltd. (Cayman Islands)
Series 2019-31A, Class AR, 5.92%, 4/20/2031 (a) (e)
16,818,804
16,852,778
Series 2021-40A, Class A, 5.97%, 4/16/2033 (a) (e)
5,904,458
5,916,403
Newark BSL CLO Ltd. (Cayman Islands)
Series 2016-1A, Class A1R, 5.98%, 12/21/2029 (a) (e)
9,198,577
9,212,016
Series 2017-1A, Class A1R, 5.86%, 7/25/2030 (a) (e)
19,734,832
19,742,470
Nissan Auto Receivables Owner Trust Series 2022-B, Class A3, 4.46%, 5/17/2027
7,255,752
7,248,193
OCP CLO Ltd. (Cayman Islands)
Series 2014-6A, Class A1R2, 5.80%, 10/17/2030 (a) (e)
17,300,639
17,299,514
Series 2018-15A, Class A1, 5.98%, 7/20/2031 (a) (e)
1,259,821
1,261,235
Octagon Investment Partners Ltd. (Cayman Islands)
Series 2017-1A, Class A1R, 5.88%, 3/17/2030 (a) (e)
15,321,242
15,348,161
Series 2013-1A, Class A1RR, 5.85%, 7/19/2030 (a) (e)
2,007,923
2,008,841
Series 2018-1A, Class A1A, 5.94%, 1/20/2031 (a) (e)
4,158,337
4,165,161
OSD CLO Ltd. (Cayman Islands) Series 2021-23A, Class A, 5.78%, 4/17/2031 (a) (e)
4,482,054
4,481,888
Palmer Square CLO Ltd. (Cayman Islands) Series 2014-1A, Class A1R2, 6.04%, 1/17/2031 (a) (e)
2,361,475
2,361,806
JPMorgan Ultra-Short Income ETF
SCHEDULE OF PORTFOLIO INVESTMENTS
AS OF November 30, 2024 (Unaudited) (continued)
INVESTMENTS
PRINCIPAL
AMOUNT($)
VALUE($)
Asset-Backed Securities — continued
Palmer Square Loan Funding Ltd. (Cayman Islands)
Series 2021-4A, Class A1, 5.72%, 10/15/2029 (a) (e)
6,834,412
6,836,852
Series 2022-1A, Class A1, 5.70%, 4/15/2030 (a) (e)
12,890,095
12,894,594
Series 2022-3A, Class A1AR, 5.76%, 4/15/2031 (a) (e)
34,859,907
34,868,482
Series 2024-3A, Class A1, 5.60%, 8/8/2032 (a) (e)
49,138,094
49,132,296
Series 2024-1A, Class A1, 6.16%, 10/15/2032 (a) (e)
49,300,000
49,346,095
Porsche Financial Auto Securitization Trust
Series 2023-1A, Class A2, 5.42%, 12/22/2026 (a)
1,472,481
1,472,962
Series 2023-1A, Class A3, 4.81%, 9/22/2028 (a)
3,484,000
3,490,019
Rad CLO Ltd. (Cayman Islands) Series 2020-7A, Class A1R, 6.00%, 4/17/2036 (a) (e)
22,750,000
22,810,492
RR Ltd. (Cayman Islands) Series 2018-3A, Class A1R2, 6.01%, 1/15/2030 (a) (e)
4,669,819
4,670,044
Santander Drive Auto Receivables Trust
Series 2024-3, Class A2, 5.91%, 6/15/2027
26,523,778
26,631,634
Series 2023-2, Class A3, 5.21%, 7/15/2027
5,039,621
5,045,009
Series 2023-3, Class A3, 5.61%, 10/15/2027
16,042,000
16,086,850
SBNA Auto Lease Trust
Series 2024-C, Class A2, 4.94%, 11/20/2026 (a)
26,240,000
26,262,640
Series 2024-A, Class A3, 5.39%, 11/20/2026 (a)
32,203,000
32,373,177
Series 2024-B, Class A2, 5.67%, 11/20/2026 (a)
34,604,899
34,738,889
Series 2023-A, Class A3, 6.51%, 4/20/2027 (a)
19,973,000
20,245,306
SBNA Auto Receivables Trust Series 2024-A, Class A2, 5.70%, 3/15/2027 (a)
3,448,926
3,454,736
SCF Equipment Leasing LLC Series 2024-1A, Class A2, 5.88%, 11/20/2029 (a)
19,234,000
19,390,897
Sculptor CLO Ltd. (Cayman Islands) Series 27A, Class X, 5.93%, 7/20/2034 ‡ (a) (e)
2,333,333
2,333,301
Sound Point CLO II Ltd. (Cayman Islands) Series 2013-1A, Class A1R, 5.95%, 1/26/2031 (a) (e)
1,153,090
1,153,299
Sound Point CLO Ltd. (Cayman Islands) Series 2019-1A, Class AR, 5.96%, 1/20/2032 (a) (e)
5,617,265
5,615,861
Symphony CLO Ltd. (Cayman Islands)
Series 2018-19A, Class A, 5.87%, 4/16/2031 (a) (e)
22,300,673
22,322,394
Series 2018-20A, Class AR2, 5.75%, 1/16/2032 (a) (e)
28,997,834
29,035,676
Series 2020-24A, Class AR, 5.83%, 1/23/2032 (a) (e)
39,988,745
40,011,538
Symphony Static CLO Ltd. (Cayman Islands) Series 2021-1A, Class A, 5.72%, 10/25/2029 (a) (e)
14,764,233
14,767,954
TCI-Symphony CLO Ltd. (Cayman Islands) Series 2017-1A, Class AR, 5.85%, 7/15/2030 (a) (e)
10,971,654
11,002,023
Tesla Auto Lease Trust
Series 2023-A, Class A2, 5.86%, 8/20/2025 (a)
2,872,864
2,874,086
Series 2024-A, Class A2A, 5.37%, 6/22/2026 (a)
23,160,775
23,202,450
THL Credit Wind River CLO Ltd. (Cayman Islands)
Series 2014-2A, Class AR, 6.06%, 1/15/2031 (a) (e)
8,405,960
8,404,985
Series 2019-3A, Class AR2, 5.72%, 4/15/2031 ‡ (a) (e) (f)
59,000,000
59,076,700
Toyota Auto Loan Extended Note Trust Series 2021-1A, Class A, 1.07%, 2/27/2034 (a)
65,371,000
62,567,199
Toyota Auto Receivables Owner Trust Series 2024-C, Class A2A, 5.16%, 5/17/2027
943,000
946,568
Toyota Lease Owner Trust Series 2024-A, Class A3, 5.25%, 4/20/2027 (a)
88,332,000
89,018,083
Verizon Master Trust
Series 2024-1, Class A1A, 5.00%, 12/20/2028
78,273,000
78,623,718
Series 2022-6, Class A, 3.67%, 1/22/2029
40,745,000
40,467,571
Volkswagen Auto Lease Trust Series 2023-A, Class A3, 5.81%, 10/20/2026
56,739,000
57,235,268
Volkswagen Auto Loan Enhanced Trust
Series 2023-1, Class A2A, 5.50%, 12/21/2026
33,953,417
34,033,836
Series 2023-2, Class A2A, 5.72%, 3/22/2027
73,211,634
73,584,391
Series 2024-1, Class A2A, 4.65%, 11/22/2027
42,287,000
42,302,845
Voya CLO Ltd. (Cayman Islands) Series 2017-3A, Class XR, 5.73%, 4/20/2034 (a) (e)
1,142,858
1,142,753
JPMorgan Ultra-Short Income ETF
SCHEDULE OF PORTFOLIO INVESTMENTS
AS OF November 30, 2024 (Unaudited) (continued)
INVESTMENTS
PRINCIPAL
AMOUNT($)
VALUE($)
Asset-Backed Securities — continued
Wheels Fleet Lease Funding LLC
Series 2024-1A, Class A2, 5.44%, 2/18/2039 (a) (e)
22,000,000
22,033,601
Series 2024-3A, Class A1, 4.80%, 9/19/2039 (a)
19,139,000
19,110,603
World Omni Auto Receivables Trust
Series 2024-A, Class A2A, 5.05%, 4/15/2027
56,313,459
56,378,203
Series 2022-C, Class A3, 3.66%, 10/15/2027
8,814,059
8,761,558
Total Asset-Backed Securities
(Cost $4,013,892,080)
4,022,394,242
U.S. Treasury Obligations — 2.5%
U.S. Treasury Notes
4.63%, 9/15/2026
135,000,000
135,917,579
4.13%, 10/31/2026
270,000,000
269,620,312
4.13%, 9/30/2027
165,000,000
165,019,336
3.88%, 10/15/2027
154,000,000
152,977,345
Total U.S. Treasury Obligations
(Cost $726,219,415)
723,534,572
Commercial Mortgage-Backed Securities — 0.0% ^
Wells Fargo Commercial Mortgage Trust Series 2018-C46, Class A2, 4.06%, 8/15/2051
(Cost $2,640,907)
2,553,106
2,463,340
Short-Term Investments — 27.9%
Certificates of Deposits — 8.8%
Banco Santander SA (Spain) , 4.64%, 11/21/2025
33,712,000
33,728,201
Bank of Nova Scotia (The) (Canada) (SOFR + 0.34%), 4.93%, 6/4/2025 (b)
226,610,000
226,756,186
Bayerische Landesbank (Germany) , 5.10%, 1/10/2025
400,000
400,133
BNP Paribas SA (France)
(SOFR + 0.31%), 4.90%, 3/7/2025 (b)
27,002,000
27,016,449
(SOFR + 0.56%), 5.15%, 8/8/2025 (b)
38,432,000
38,510,558
Canadian Imperial Bank of Commerce (Canada) (SOFR + 0.30%), 4.89%, 3/4/2025 (b)
2,295,000
2,296,274
Credit Agricole Corporate and Investment Bank (France)
(SOFR + 0.60%), 5.19%, 8/1/2025 (b)
30,536,000
30,612,891
4.40%, 10/7/2025
93,938,000
93,794,123
4.60%, 11/18/2025
46,140,000
46,155,386
Credit Industriel et Commercial (France)
5.60%, 4/29/2025
28,649,000
28,752,756
4.65%, 11/21/2025
45,394,000
45,406,593
KEB Hana Bank (South Korea) , 5.47%, 1/10/2025
30,475,000
30,499,968
Kookmin Bank (South Korea)
(SOFR + 0.52%), 5.11%, 4/23/2025 (b)
60,114,000
60,165,964
5.47%, 5/14/2025
34,806,000
34,892,169
(SOFR + 0.56%), 5.15%, 5/27/2025 (b)
54,892,000
54,949,194
(SOFR + 0.55%), 5.14%, 6/9/2025 (b)
61,378,000
61,436,000
Landesbank Baden-Wuerttemberg (Germany) , 4.66%, 11/28/2025
60,104,000
60,157,259
Lloyds Bank Corporate Markets plc (United Kingdom) (SOFR + 0.57%), 5.16%, 10/30/2025 (b)
16,750,000
16,783,210
Mitsubishi UFJ Trust & Banking Corp. (Japan) (SOFR + 0.39%), 4.98%, 4/3/2025 (b)
114,825,000
114,907,535
Mizuho Bank Ltd. (Japan) , 4.60%, 11/20/2025
38,749,000
38,746,401
Natixis SA (France) (SOFR + 0.59%), 5.18%, 8/8/2025 (b)
31,855,000
31,923,884
Nordea Bank Abp (Finland)
(SOFR + 0.27%), 4.86%, 2/27/2025 (b)
38,902,000
38,921,035
JPMorgan Ultra-Short Income ETF
SCHEDULE OF PORTFOLIO INVESTMENTS
AS OF November 30, 2024 (Unaudited) (continued)
INVESTMENTS
PRINCIPAL
AMOUNT($)
VALUE($)
Short-Term Investments — continued
Certificates of Deposits — continued
(SOFR + 0.30%), 4.89%, 3/21/2025 (b)
107,263,000
107,332,395
Norinchukin Bank (The) (Japan) , 4.51%, 10/9/2025
143,906,000
143,740,948
Shinhan Bank (South Korea)
(SOFR + 0.55%), 5.14%, 6/9/2025 (b)
24,679,000
24,696,595
(SOFR + 0.55%), 5.14%, 6/13/2025 (b)
50,000,000
50,034,100
Skandinaviska Enskilda Banken AB (Sweden)
(SOFR + 0.30%), 4.89%, 3/7/2025 (b)
38,571,000
38,591,097
5.38%, 3/19/2025
87,423,000
87,581,561
Standard Chartered Bank (United Kingdom)
4.50%, 10/9/2025
68,590,000
68,510,588
4.68%, 11/12/2025
23,180,000
23,191,540
Svenska Handelsbanken AB (Sweden)
(SOFR + 0.35%), 4.94%, 1/23/2025 (b)
61,725,000
61,747,451
(SOFR + 0.28%), 4.87%, 2/26/2025 (b)
95,628,000
95,676,235
5.39%, 3/19/2025
79,261,000
79,410,052
Swedbank AB (Sweden) , 4.50%, 10/15/2025
57,933,000
57,910,511
Toronto-Dominion Bank (The) (Canada)
5.33%, 3/18/2025
88,059,000
88,205,293
4.50%, 10/1/2025
242,168,000
241,995,550
Westpac Banking Corp. (Australia)
(SOFR + 0.27%), 4.86%, 2/21/2025 (b)
173,820,000
173,883,079
5.40%, 4/9/2025
39,062,000
39,149,191
Total Certificates of Deposit
(Cost $2,497,227,793)
2,498,468,355
Commercial Paper — 13.7%
Australia & New Zealand Banking Group Ltd. (Australia)
4.59%, 2/27/2025 (a)
89,900,000
88,895,368
4.59%, 11/25/2025 (a)
239,166,000
228,715,701
Bank of Montreal (Canada) 4.64%, 11/21/2025
44,403,000
42,473,651
BofA Securities, Inc.
5.38%, 2/26/2025
3,500,000
3,460,030
5.56%, 5/29/2025
77,609,000
75,838,100
BPCE SA (France) 4.62%, 11/13/2025 (a)
27,114,000
25,957,437
Brookfield Corporate Treasury Ltd. (Canada)
5.09%, 12/27/2024 (a)
66,442,000
66,186,853
4.98%, 12/31/2024 (a)
40,888,000
40,708,577
Citigroup Global Markets, Inc. 5.50%, 6/3/2025 (a)
60,525,000
59,121,359
Credit Industriel et Commercial (France) 5.17%, 2/6/2025 (a)
73,221,000
72,581,483
DNB Bank ASA (Norway)
5.14%, 2/7/2025 (a)
142,168,000
140,922,187
5.49%, 5/29/2025 (a)
98,389,000
96,188,656
4.58%, 11/25/2025 (a)
111,581,000
106,772,087
EIDP, Inc. 5.72%, 12/13/2024 (a)
13,774,000
13,748,938
Energy Transfer LP 4.80%, 12/2/2024 (a)
100,000,000
99,961,131
Evergy Missouri West, Inc. 4.67%, 12/2/2024 (a)
15,000,000
14,994,170
First Abu Dhabi Bank PJSC (United Arab Emirates)
5.56%, 2/28/2025 (a)
70,000,000
69,190,916
4.60%, 11/13/2025 (a)
287,098,000
274,842,768
JPMorgan Ultra-Short Income ETF
SCHEDULE OF PORTFOLIO INVESTMENTS
AS OF November 30, 2024 (Unaudited) (continued)
INVESTMENTS
PRINCIPAL
AMOUNT($)
VALUE($)
Short-Term Investments — continued
Commercial Paper — continued
Glencore Funding LLC (Australia) 5.68%, 2/28/2025 (a)
178,194,000
176,036,867
Henkel of America, Inc. (Germany) 4.72%, 2/18/2025 (a)
26,350,000
26,084,748
HSBC USA, Inc.
5.65%, 2/7/2025 (a)
30,000,000
29,727,194
5.53%, 4/24/2025 (a)
43,216,000
42,402,187
5.92%, 5/20/2025 (a)
33,408,000
32,667,382
ING US Funding LLC (Netherlands) 4.49%, 10/7/2025 (a)
190,242,000
183,001,947
Lloyds Bank plc (United Kingdom) 4.61%, 3/28/2025
51,000,000
50,235,328
LVMH Moet Hennessy Louis Vuitton SE (France)
5.42%, 1/3/2025 (a)
20,882,000
20,789,152
5.40%, 1/6/2025 (a)
50,000,000
49,758,841
5.38%, 3/17/2025 (a)
35,209,000
34,728,608
Macquarie Bank Ltd. (Australia)
5.37%, 4/4/2025 (a)
69,803,000
68,700,182
4.62%, 11/20/2025 (a)
82,707,000
79,082,318
Macquarie International Finance Ltd. (Australia) 5.54%, 1/31/2025
8,268,000
8,201,168
Mizuho Bank Ltd. (Japan) 4.62%, 11/18/2025 (a)
106,676,000
102,065,879
National Bank of Canada (Canada) 5.47%, 4/30/2025 (a)
29,000,000
28,444,347
NatWest Markets plc (United Kingdom)
Series G, 5.28%, 4/16/2025 (a)
32,993,000
32,425,641
4.60%, 11/18/2025 (a)
59,325,000
56,797,024
Nutrien Ltd. (Canada) 4.74%, 12/20/2024 (a)
38,300,000
38,194,369
Penske Truck Leasing Co. LP 4.77%, 5/27/2025
25,000,000
24,415,598
Pfizer, Inc. 4.97%, 2/6/2025 (a)
18,382,000
18,221,588
Podium Funding Trust (Canada) (SOFR + 0.26%), 4.85%, 12/6/2024 (b)
57,500,000
57,501,639
Procter & Gamble Co. (The) 4.91%, 4/21/2025 (a)
52,681,000
51,752,022
Quanta Services, Inc. 4.95%, 12/2/2024 (a)
25,000,000
24,989,673
RELX, Inc. (United Kingdom) 4.74%, 12/4/2024 (a)
38,000,000
37,975,526
Siemens Capital Co. LLC (Germany) 4.57%, 4/28/2025 (a)
88,400,000
86,768,284
Skandinaviska Enskilda Banken AB (Sweden)
4.97%, 3/3/2025 (a)
87,790,000
86,748,488
5.53%, 4/22/2025 (a)
30,000,000
29,463,720
5.53%, 4/23/2025 (a)
91,671,000
90,021,709
4.50%, 10/7/2025 (a)
39,072,000
37,589,166
Societe Generale SA (France) 5.54%, 5/29/2025 (a)
69,544,000
67,988,667
Standard Chartered Bank (United Kingdom) 5.36%, 2/14/2025 (a)
85,143,000
84,297,335
Svenska Handelsbanken AB (Sweden) 4.59%, 11/18/2025 (a)
171,604,000
164,271,401
Telstra Group Ltd. (Australia) 5.50%, 12/10/2024 (a)
52,441,000
52,367,051
TotalEnergies Capital SA (France)
4.71%, 1/27/2025 (a)
85,500,000
84,862,197
4.71%, 1/28/2025 (a)
103,527,000
102,741,921
Walt Disney Co. (The)
5.53%, 1/9/2025 (a)
72,030,000
71,653,545
5.53%, 1/10/2025 (a)
50,000,000
49,732,367
5.61%, 1/22/2025 (a)
100,000,000
99,309,100
Total Commercial Paper
(Cost $3,900,107,390)
3,902,573,591
JPMorgan Ultra-Short Income ETF
SCHEDULE OF PORTFOLIO INVESTMENTS
AS OF November 30, 2024 (Unaudited) (continued)
INVESTMENTS 
SHARES
VALUE($)
Investment Companies — 4.5%
JPMorgan U.S. Government Money Market Fund Class IM Shares, 4.58% (g) (h)
(Cost $1,295,443,216)
1,295,443,216
1,295,443,216
Investment of Cash Collateral from Securities Loaned — 0.1%
JPMorgan Securities Lending Money Market Fund Agency SL Class Shares, 4.62% (g) (h)
(Cost $25,393,045)
25,393,045
25,393,045
 
PRINCIPAL
AMOUNT($)
Repurchase Agreements — 0.8%
Wells Fargo Securities LLC, 5.14%, dated 11/30/2024, due 3/05/2025, repurchase price $243,255,333,
collateralized by Asset-Backed Securities, 2.47% - 5.52%, due 2/16/2027 - 2/15/2029, Collateralized
Mortgage Obligations, 0.24% - 9.25%, due 9/25/2028 - 9/25/2068, Corporate Notes & Bonds, 0.00% -
15.00%, due 12/9/2024 - 11/1/2057^^ and Municipal Debt Securities, 0.00% - 5.00%, due 7/1/2032 -
10/1/2046 with the value of $265,628,724.
(Cost $240,000,000)
240,000,000
240,000,000
Total Short-Term Investments
(Cost $7,958,171,444)
7,961,878,207
Total Investments — 101.0%
(Cost $28,795,621,861)
28,842,923,107
Liabilities in Excess of Other Assets — (1.0)%
(287,807,039
)
NET ASSETS — 100.0%
28,555,116,068
 
Percentages indicated are based on net assets.
 
Abbreviations
 
CIFC
Commercial Industrial Finance Corp.
CLO
Collateralized Loan Obligations
CME
Chicago Mercantile Exchange
PJSC
Public Joint Stock Company
REIT
Real Estate Investment Trust
SOFR
Secured Overnight Financing Rate
SOFRINDX
Compounding index of the Secured Overnight Financing Rate
 
^
Amount rounds to less than 0.1% of net assets.
‡
Value determined using significant unobservable inputs.
 
^^
Certain securities are perpetual and thus, do not have predetermined maturity dates. The coupon rates for these securities are fixed for a
period of time and may be structured to adjust thereafter. The coupon rates shown are the rates in effect as of November 30, 2024.
 
(a)
Securities exempt from registration under Rule 144A or section 4(a)(2), of the Securities Act of 1933, as amended.
 
(b)
Variable or floating rate security, linked to the referenced benchmark. The interest rate shown is the current rate as of November 30, 2024.
 
(c)
The security or a portion of this security is on loan at November 30, 2024. The total value of securities on loan at November 30, 2024 is
$24,409,415.
 
(d)
Step bond. Interest rate is a fixed rate for an initial period that either resets at a specific date or may reset in the future contingent upon a
predetermined trigger. The interest rate shown is the current rate as of November 30, 2024.
 
(e)
Variable or floating rate security, the interest rate of which adjusts periodically based on changes in current interest rates and prepayments
on the underlying pool of assets. The interest rate shown is the current rate as of November 30, 2024.
 
(f)
All or a portion of the security is a when-issued security, delayed delivery security, or forward commitment.
 
(g)
Investment in an affiliated fund, which is registered under the Investment Company Act of 1940, as amended, and is advised by J.P. Morgan
Investment Management Inc.
 
(h)
The rate shown is the current yield as of November 30, 2024.
 
JPMorgan Ultra-Short 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 approved affiliated and unaffiliated pricing vendors or third party broker-dealers (collectively referred to as “Pricing Services”). The Pricing Services use multiple valuation techniques to determine the valuation of fixed income instruments. In instances where sufficient market activity exists, the Pricing Services may utilize a market-based approach through which trades or quotes from market makers are used to determine the valuation of these instruments. In instances where sufficient market activity may not exist, the Pricing Services also utilize proprietary valuation models which may consider market transactions in comparable securities and the various relationships between securities in determining fair value and/or market characteristics in order to estimate the relevant cash flows, which are then discounted to calculate the fair values.
Investments in open-end investment companies (“Underlying Funds”) are valued at each Underlying Fund’s net asset values per share as of the report date.
Valuations reflected in this report are as of the report date. As a result, changes in valuation due to market events and/or issuer-related events after the report date and prior to issuance of the report are not reflected herein.
The various inputs that are used in determining the valuation of the Fund's investments are summarized into the three broad levels listed below.
•
Level 1 — Unadjusted inputs using quoted prices in active markets for identical investments.
•
Level 2 — Other significant observable inputs including, but not limited to, quoted prices for similar investments, inputs other than quoted prices that are observable for investments (such as interest rates, prepayment speeds, credit risk, etc.) or other market corroborated inputs.
•
Level 3 — Significant inputs based on the best information available in the circumstances, to the extent observable inputs are not available (including the Fund's assumptions in determining the fair value of investments).
A financial instrument’s level within the fair value hierarchy is based on the lowest level of any input, both individually and in the aggregate, that is significant to the fair value measurement. The inputs or methodology used for valuing instruments are not necessarily an indication of the risk associated with investing in those instruments.
The following table represents each valuation input as presented on the Schedule of Portfolio Investments: 
 
 
 
 
 
 
Level 1
Quoted prices
Level 2
Other significant
observable inputs
Level 3
Significant
unobservable inputs
Total
Investments in Securities
Asset-Backed Securities
$—
$3,824,418,356
$197,975,886
$4,022,394,242
Commercial Mortgage-Backed Securities
—
2,463,340
—
2,463,340
Corporate Bonds
—
16,132,652,746
—
16,132,652,746
U.S. Treasury Obligations
—
723,534,572
—
723,534,572
Short-Term Investments
Certificates of Deposits
—
2,498,468,355
—
2,498,468,355
JPMorgan Ultra-Short 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
Commercial Paper
$—
$3,902,573,591
$—
$3,902,573,591
Investment Companies
1,295,443,216
—
—
1,295,443,216
Investment of Cash Collateral from Securities
Loaned
25,393,045
—
—
25,393,045
Repurchase Agreements
—
240,000,000
—
240,000,000
Total Short-Term Investments
1,320,836,261
6,641,041,946
—
7,961,878,207
Total Investments in Securities
$1,320,836,261
$27,324,110,960
$197,975,886
*
$28,842,923,107
 
 
*
Level 3 securities are valued by brokers and pricing services. At November 30, 2024, the value of these securities was $197,975,886. The inputs
for these securities are not readily available or cannot be reasonably estimated and generally are those inputs described in Note A. The
appropriateness of fair values for these securities is monitored on an ongoing basis which may include results of back testing, results of broker
and vendor due diligence, unchanged price review and consideration of macro or security specific events.
The following is a summary of investments for which significant unobservable inputs (level 3) were used in determining fair value: 
 
Balance as of
February 29,
2024
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,
2024
Investments in
Securities:
Asset-Backed
Securities
$—
$—
$82,217
$—
$194,941,000
$(2,875,000
)
$5,827,669
$—
$197,975,886
 
 
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, 2024, which were valued using significant unobservable inputs (level 3) amounted to $82,217.
There were no significant transfers into or out of level 3 for the period ended November 30, 2024.
B. Investment Transactions with Affiliates— The Fund invested in Underlying Funds advised by the Adviser. An issuer which is under common control with the Fund may be considered an affiliate. The Fund assumes the issuers listed in the table below to be affiliated issuers. The Underlying Funds’ distributions may be reinvested into such Underlying Funds. Reinvestment amounts are included in the purchases at cost amounts in the table below. 
 
For the period ended 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
Securities
Lending
Money
Market
Fund
Agency SL
Class Shares,
4.62%
 (a) (b)
$27,711,282
$203,372,738
$205,688,534
$(2,441
)
$—
$25,393,045
25,393,045
$727,069
$—
JPMorgan Ultra-Short Income ETF
SCHEDULE OF PORTFOLIO INVESTMENTS
AS OF November 30, 2024 (Unaudited) (continued)
 
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
U.S. Government
Money
Market
Fund
Class IM
Shares,
4.58%
 (a) (b)
$4,046,410
$34,101,270
$38,147,680
$—
$—
$—
—
$63,341
$—
JPMorgan
U.S. Government
Money
Market
Fund
Class IM
Shares,
4.58%
 (a) (b)
1,101,895,063
12,264,209,485
12,070,661,332
—
—
1,295,443,216
1,295,443,216
64,567,142
—
Total
$1,133,652,755
$12,501,683,493
$12,314,497,546
$(2,441
)
$—
$1,320,836,261
$65,357,552
$—
 
 
(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.