NPORT-EX 2 JPMIBOETF.htm EDGAR HTML
JPMorgan International Bond Opportunities ETF
Schedule of Portfolio Investments as of May 31, 2025
(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., 2025.
JPMorgan International Bond Opportunities ETF
SCHEDULE OF PORTFOLIO INVESTMENTS
AS OF May 31, 2025 (Unaudited)
 
INVESTMENTS
PRINCIPAL
AMOUNT($)
VALUE($)
Corporate Bonds — 60.6%
Australia — 0.7%
APA Infrastructure Ltd. 2.00%, 7/15/2030 (a)
EUR150,000
160,641
Commonwealth Bank of Australia 2.69%, 3/11/2031 (b) (c)
1,250,000
1,095,570
Glencore Funding LLC
5.40%, 5/8/2028 (b)
450,000
457,637
6.38%, 10/6/2030 (b)
29,000
30,758
2.85%, 4/27/2031 (b)
450,000
398,852
2.63%, 9/23/2031 (b)
398,000
343,925
5.63%, 4/4/2034 (b)
933,000
938,383
5.67%, 4/1/2035 (b)
2,070,000
2,075,581
 
5,501,347
Austria — 0.3%
Benteler International AG 9.38%, 5/15/2028 (a)
EUR1,131,000
1,350,692
Lenzing AG (EUR Swap Annual 5 Year + 11.21%), 5.75%, 9/7/2025 (a) (d) (e) (f)
EUR600,000
676,470
 
2,027,162
Belgium — 0.5%
Azelis Finance NV 5.75%, 3/15/2028 (a)
EUR1,300,000
1,524,058
KBC Group NV
(EURIBOR ICE Swap Rate 5 Year + 4.93%), 8.00%, 9/5/2028 (a) (c) (d) (e) (f)
EUR1,000,000
1,247,848
(US Treasury Yield Curve Rate T Note Constant Maturity 1 Year + 2.10%), 5.80%, 1/19/2029 (b) (f)
200,000
205,448
Telenet Finance Luxembourg Notes SARL 3.50%, 3/1/2028 (a)
EUR800,000
901,275
 
3,878,629
Brazil — 0.2%
Braskem Netherlands Finance BV 7.25%, 2/13/2033 (a)
350,000
304,675
Guara Norte SARL 5.20%, 6/15/2034 (b)
259,561
242,106
Klabin Austria GmbH 7.00%, 4/3/2049 (a)
200,000
198,500
Suzano Austria GmbH
3.75%, 1/15/2031
48,000
43,419
7.00%, 3/16/2047 (a)
200,000
205,140
Vale Overseas Ltd. 6.40%, 6/28/2054
700,000
666,596
 
1,660,436
Canada — 0.7%
Bank of Nova Scotia (The)
2.45%, 2/2/2032
420,000
359,892
(US Treasury Yield Curve Rate T Note Constant Maturity 5 Year + 2.05%), 4.59%, 5/4/2037 (c) (f)
570,000
531,263
Canadian Pacific Railway Co. 3.50%, 5/1/2050
90,000
62,100
Emera US Finance LP 2.64%, 6/15/2031
3,272,000
2,817,376
Emera, Inc. Series 16-A, (3-MONTH SOFR + 5.44%), 6.75%, 6/15/2076 (f)
236,000
237,159
Enbridge, Inc.
Series NC5, (US Treasury Yield Curve Rate T Note Constant Maturity 5 Year + 3.79%), 8.25%, 1/15/2084 (f)
1,253,000
1,313,494
(US Treasury Yield Curve Rate T Note Constant Maturity 5 Year + 4.43%), 8.50%, 1/15/2084 (f)
123,000
133,470
Transcanada Trust Series 16-A, (3-MONTH SOFR + 4.64%), 5.88%, 8/15/2076 (f)
57,000
56,599
 
5,511,353
Chile — 0.0% ^
Alfa Desarrollo SpA 4.55%, 9/27/2051 (b)
335,936
242,818
JPMorgan International Bond Opportunities ETF
SCHEDULE OF PORTFOLIO INVESTMENTS
AS OF May 31, 2025 (Unaudited) (continued)
INVESTMENTS
PRINCIPAL
AMOUNT($)
VALUE($)
Corporate Bonds — continued
China — 0.0% ^
CFAMC III Co. Ltd. 4.25%, 11/7/2027 (a)
200,000
194,950
Country Garden Holdings Co. Ltd. 3.13%, 10/22/2025 (a) (g)
530,000
39,750
 
234,700
Colombia — 0.0% ^
AI Candelaria -spain- SA 5.75%, 6/15/2033 (b)
250,000
208,827
Denmark — 0.5%
Danske Bank A/S
(EURIBOR ICE Swap Rate 1 Year + 0.88%), 0.75%, 6/9/2029 (a) (f)
EUR500,000
534,234
(EURIBOR ICE Swap Rate 1 Year + 1.70%), 4.75%, 6/21/2030 (a) (f)
EUR1,800,000
2,184,792
Orsted A/S (EUR Swap Annual 5 Year + 2.62%), 5.25%, 12/8/3022 (a) (f)
EUR1,250,000
1,439,599
 
4,158,625
France — 9.4%
Airbus SE
1.63%, 6/9/2030 (a)
EUR1,100,000
1,187,331
1.38%, 5/13/2031 (a)
EUR300,000
315,071
Alstom SA (EURIBOR ICE Swap Rate 5 Year + 2.93%), 5.87%, 5/29/2029 (a) (d) (e) (f)
EUR1,500,000
1,757,356
Altice France SA
5.88%, 2/1/2027 (a)
EUR1,850,000
1,932,659
3.38%, 1/15/2028 (a)
EUR2,100,000
2,021,890
4.13%, 1/15/2029 (a)
EUR300,000
289,605
Autoroutes du Sud de la France SA
1.13%, 4/20/2026 (a)
EUR800,000
899,504
3.25%, 1/19/2033 (a)
EUR600,000
680,132
AXA SA (EURIBOR 3 Month + 3.75%), 3.38%, 7/6/2047 (a) (f)
EUR600,000
687,728
Banijay Entertainment SAS 7.00%, 5/1/2029 (a)
EUR1,268,000
1,504,899
Bertrand Franchise Finance SAS 6.50%, 7/18/2030 (a)
EUR1,450,000
1,661,489
BNP Paribas SA
(US Treasury Yield Curve Rate T Note Constant Maturity 5 Year + 4.35%), 8.50%, 8/14/2028 (b) (c) (d) (e) (f)
1,000,000
1,059,210
(US Treasury Yield Curve Rate T Note Constant Maturity 5 Year + 4.90%), 7.75%, 8/16/2029 (b) (c) (d) (e) (f)
200,000
208,049
(EURIBOR ICE Swap Rate 5 Year + 4.63%), 7.38%, 6/11/2030 (a) (c) (d) (e) (f)
EUR400,000
493,353
(SOFR + 1.62%), 5.79%, 1/13/2033 (b) (f)
1,730,000
1,772,024
(SOFR + 1.92%), 5.91%, 11/19/2035 (b) (f)
870,000
864,998
BPCE SA
(SOFR + 2.10%), 5.98%, 1/18/2027 (b) (f)
2,038,000
2,050,653
(EURIBOR 3 Month + 1.00%), 0.50%, 9/15/2027 (a) (f)
EUR400,000
442,535
4.38%, 7/13/2028 (a)
EUR900,000
1,068,361
(SOFR + 1.31%), 2.28%, 1/20/2032 (b) (f)
1,385,000
1,175,965
(SOFR + 1.73%), 3.12%, 10/19/2032 (b) (f)
250,000
214,513
(SOFR + 2.04%), 6.29%, 1/14/2036 (b) (f)
310,000
321,802
Cerba Healthcare SACA 3.50%, 5/31/2028 (a)
EUR419,000
366,330
Chrome Holdco SAS 5.00%, 5/31/2029 (a)
EUR280,000
67,473
Credit Agricole SA
(SOFR + 0.89%), 1.25%, 1/26/2027 (b) (f)
1,000,000
976,880
(U.K. Government Bonds 1 Year Note Generic Bid Yield + 2.60%), 5.75%, 11/29/2027 (a) (f)
GBP500,000
681,122
2.00%, 3/25/2029 (a)
EUR200,000
220,147
(SOFR + 1.86%), 6.32%, 10/3/2029 (b) (f)
1,545,000
1,615,401
(SOFR + 1.74%), 5.86%, 1/9/2036 (b) (f)
250,000
253,980
JPMorgan International Bond Opportunities ETF
SCHEDULE OF PORTFOLIO INVESTMENTS
AS OF May 31, 2025 (Unaudited) (continued)
INVESTMENTS
PRINCIPAL
AMOUNT($)
VALUE($)
Corporate Bonds — continued
France — continued
Electricite de France SA
(EUR Swap Annual 5 Year + 2.86%), 2.63%, 12/1/2027 (a) (d) (e) (f)
EUR800,000
881,691
(EUR Swap Annual 5 Year + 4.86%), 7.50%, 9/6/2028 (a) (d) (e) (f)
EUR1,400,000
1,750,404
(EUR Swap Annual 5 Year + 3.97%), 3.38%, 6/15/2030 (a) (d) (e) (f)
EUR2,000,000
2,133,606
6.25%, 5/23/2033 (b)
1,750,000
1,843,280
Elis SA 1.63%, 4/3/2028 (a)
EUR1,200,000
1,316,214
ELO SACA
3.25%, 7/23/2027 (a)
EUR1,200,000
1,326,796
5.88%, 4/17/2028 (a)
EUR300,000
333,145
Eutelsat SA
1.50%, 10/13/2028 (a)
EUR700,000
683,832
9.75%, 4/13/2029 (a)
EUR1,100,000
1,307,273
Forvia SE
2.38%, 6/15/2027 (a)
EUR1,600,000
1,762,555
3.75%, 6/15/2028 (a)
EUR1,650,000
1,843,329
5.63%, 6/15/2030 (b)
EUR234,000
267,602
5.50%, 6/15/2031 (a)
EUR1,300,000
1,468,705
Iliad Holding SASU
5.63%, 10/15/2028 (a)
EUR450,000
519,976
6.88%, 4/15/2031 (a)
EUR380,000
459,133
iliad SA
5.38%, 6/14/2027 (a)
EUR600,000
709,781
1.88%, 2/11/2028 (a)
EUR1,000,000
1,091,434
5.38%, 2/15/2029 (a)
EUR200,000
238,161
5.63%, 2/15/2030 (a)
EUR2,300,000
2,776,375
Loxam SAS
2.88%, 4/15/2026 (a)
EUR300,000
339,652
4.50%, 2/15/2027 (a)
EUR388,000
443,335
Orange SA (EUR Swap Annual 5 Year + 2.10%), 1.75%, 7/15/2028 (a) (d) (e) (f)
EUR1,100,000
1,180,753
Paprec Holding SA
3.50%, 7/1/2028 (a)
EUR873,000
984,835
7.25%, 11/17/2029 (a)
EUR1,082,000
1,293,056
Picard Groupe SAS 6.38%, 7/1/2029 (a)
EUR500,000
591,827
RCI Banque SA (EURIBOR ICE Swap Rate 5 Year + 2.75%), 5.50%, 10/9/2034 (a) (f)
EUR900,000
1,073,438
Renault SA
1.25%, 6/24/2025 (a)
EUR500,000
567,199
2.00%, 9/28/2026 (a)
EUR900,000
1,010,761
2.50%, 6/2/2027 (a)
EUR400,000
450,842
1.13%, 10/4/2027 (a)
EUR1,800,000
1,958,655
Rexel SA
2.13%, 6/15/2028 (a)
EUR1,800,000
1,976,928
5.25%, 9/15/2030 (a)
EUR300,000
357,241
Societe Generale SA
(US Treasury Yield Curve Rate T Note Constant Maturity 5 Year + 3.93%), 4.75%, 5/26/2026 (b) (c) (d) (e) (f)
400,000
391,317
(US Treasury Yield Curve Rate T Note Constant Maturity 5 Year + 5.45%), 10.00%, 11/14/2028 (b) (c) (d) (e)
(f)
440,000
478,551
(US Treasury Yield Curve Rate T Note Constant Maturity 5 Year + 3.79%), 8.13%, 11/21/2029 (b) (c) (d) (e)
(f)
1,050,000
1,055,731
JPMorgan International Bond Opportunities ETF
SCHEDULE OF PORTFOLIO INVESTMENTS
AS OF May 31, 2025 (Unaudited) (continued)
INVESTMENTS
PRINCIPAL
AMOUNT($)
VALUE($)
Corporate Bonds — continued
France — continued
(US Treasury Yield Curve Rate T Note Constant Maturity 5 Year + 4.51%), 5.38%, 11/18/2030 (b) (c) (d) (e)
(f)
525,000
468,350
(US Treasury Yield Curve Rate T Note Constant Maturity 1 Year + 1.60%), 6.10%, 4/13/2033 (b) (f)
2,527,000
2,599,412
SPIE SA 2.63%, 6/18/2026 (a)
EUR600,000
682,292
TotalEnergies Capital International SA 3.13%, 5/29/2050
1,240,000
794,977
TotalEnergies Capital SA 5.28%, 9/10/2054
2,008,000
1,823,784
Valeo SE
5.38%, 5/28/2027 (a)
EUR1,200,000
1,410,203
4.50%, 4/11/2030 (a)
EUR700,000
788,448
Veolia Environnement SA
(EURIBOR ICE Swap Rate 5 Year + 2.15%), 1.63%, 6/1/2026 (a) (d) (e) (f)
EUR400,000
444,617
(EUR Swap Annual 5 Year + 2.82%), 5.99%, 11/22/2028 (a) (d) (e) (f)
EUR900,000
1,090,976
Vinci SA 1.75%, 9/26/2030 (a)
EUR100,000
107,484
Viridien
8.50%, 10/15/2030 (b)
EUR386,000
418,678
8.50%, 10/15/2030 (a)
EUR300,000
325,397
 
74,612,491
Germany — 5.9%
Adler Pelzer Holding GmbH 9.50%, 4/1/2027 (a)
EUR578,000
625,034
Allianz SE (US Treasury Yield Curve Rate T Note Constant Maturity 5 Year + 2.77%), 5.60%, 9/3/2054 (b) (f)
400,000
391,470
ASK Chemicals Deutschland Holding GmbH
10.00%, 11/15/2029 (b)
EUR382,000
425,067
10.00%, 11/15/2029 (a)
EUR650,000
723,282
Bayer AG (EUR Swap Annual 5 Year + 3.90%), 7.00%, 9/25/2083 (a) (f)
EUR2,400,000
2,891,991
Birkenstock Financing SARL 5.25%, 4/30/2029 (a)
EUR1,800,000
2,071,857
Cheplapharm Arzneimittel GmbH
3.50%, 2/11/2027 (a)
EUR600,000
679,786
4.38%, 1/15/2028 (a)
EUR1,000,000
1,116,493
7.50%, 5/15/2030 (a)
EUR800,000
917,444
Commerzbank AG
(EUR Swap Annual 5 Year + 4.35%), 4.00%, 12/5/2030 (a) (f)
EUR300,000
341,619
(EURIBOR ICE Swap Rate 5 Year + 5.13%), 7.88%, 10/9/2031 (a) (c) (d) (e) (f)
EUR800,000
991,248
(EURIBOR 3 Month + 1.25%), 4.00%, 7/16/2032 (a) (f)
EUR3,700,000
4,296,494
CT Investment GmbH
6.38%, 4/15/2030 (b)
EUR197,000
230,953
6.38%, 4/15/2030 (a)
EUR1,100,000
1,289,587
Deutsche Bank AG
(EURIBOR 3 Month + 1.50%), 1.38%, 2/17/2032 (a) (f)
EUR700,000
704,805
(SOFR + 2.26%), 3.74%, 1/7/2033 (f)
450,000
396,108
(SOFR + 2.05%), 5.40%, 9/11/2035 (f)
1,160,000
1,132,013
Evonik Industries AG (EUR Swap Annual 5 Year + 1.84%), 1.38%, 9/2/2081 (a) (f)
EUR1,000,000
1,099,116
Fressnapf Holding SE 5.25%, 10/31/2031 (a)
EUR1,200,000
1,389,627
Heidelberg Materials Finance Luxembourg SA 4.88%, 11/21/2033 (a)
EUR1,250,000
1,551,493
IHO Verwaltungs GmbH
(8.75% (Cash), 5/15/2028 (a) (h) (i)
EUR1,263,169
1,502,023
7.00% (Cash), 11/15/2031 (a) (h)
EUR1,273,000
1,518,014
Nidda Healthcare Holding GmbH
7.00%, 2/21/2030 (a)
EUR1,100,000
1,308,322
JPMorgan International Bond Opportunities ETF
SCHEDULE OF PORTFOLIO INVESTMENTS
AS OF May 31, 2025 (Unaudited) (continued)
INVESTMENTS
PRINCIPAL
AMOUNT($)
VALUE($)
Corporate Bonds — continued
Germany — continued
5.38%, 10/23/2030 (b)
EUR632,000
731,784
Phoenix PIB Dutch Finance BV 4.88%, 7/10/2029 (a)
EUR1,200,000
1,418,125
ProGroup AG 5.13%, 4/15/2029 (a)
EUR510,000
577,671
Schaeffler AG
3.38%, 10/12/2028 (a)
EUR1,300,000
1,444,954
4.75%, 8/14/2029 (a)
EUR1,700,000
1,949,490
Techem Verwaltungsgesellschaft 674 mbH 6.00%, 7/30/2026 (a)
EUR1,098,997
1,247,861
Techem Verwaltungsgesellschaft 675 mbH 5.38%, 7/15/2029 (a)
EUR1,346,000
1,564,457
TK Elevator Midco GmbH 4.38%, 7/15/2027 (a)
EUR740,000
839,183
TUI Cruises GmbH
6.25%, 4/15/2029 (b)
EUR124,000
146,956
6.25%, 4/15/2029 (a)
EUR1,050,000
1,244,382
Volkswagen Group of America Finance LLC 5.80%, 3/27/2035 (b)
200,000
197,712
Volkswagen International Finance NV
(EUR Swap Annual 10 Year + 3.98%), 4.63%, 6/27/2028 (a) (d) (e) (f)
EUR300,000
338,890
3.25%, 11/18/2030 (a)
EUR600,000
677,763
Volkswagen Leasing GmbH 4.00%, 4/11/2031 (a)
EUR200,000
233,464
Vonovia SE
0.75%, 9/1/2032 (a)
EUR1,000,000
930,468
4.25%, 4/10/2034 (a)
EUR1,000,000
1,172,110
ZF Europe Finance BV
2.00%, 2/23/2026 (a)
EUR1,000,000
1,120,411
2.50%, 10/23/2027 (a)
EUR800,000
864,073
ZF Finance GmbH
2.25%, 5/3/2028 (a)
EUR1,100,000
1,152,591
3.75%, 9/21/2028 (a)
EUR1,100,000
1,184,505
 
46,630,696
India — 0.1%
Greenko Dutch BV 3.85%, 3/29/2026 (b)
176,000
172,260
Greenko Power II Ltd. 4.30%, 12/13/2028 (b)
354,875
332,163
 
504,423
Indonesia — 0.1%
Indonesia Asahan Aluminium PT 5.45%, 5/15/2030 (b)
200,000
201,065
Pertamina Persero PT 3.65%, 7/30/2029 (b)
400,000
381,000
Perusahaan Perseroan Persero PT Perusahaan Listrik Negara 4.13%, 5/15/2027 (a)
200,000
197,025
 
779,090
Ireland — 2.0%
AerCap Ireland Capital DAC
6.10%, 1/15/2027
635,000
647,481
5.75%, 6/6/2028
342,000
351,438
4.63%, 9/10/2029
150,000
148,843
3.30%, 1/30/2032
3,758,000
3,336,946
AIB Group plc
(EUR Swap Annual 5 Year + 6.63%), 6.25%, 6/23/2025 (a) (c) (d) (e) (f)
EUR700,000
796,262
(EUR Swap Annual 1 Year + 1.95%), 4.63%, 7/23/2029 (a) (f)
EUR300,000
357,816
JPMorgan International Bond Opportunities ETF
SCHEDULE OF PORTFOLIO INVESTMENTS
AS OF May 31, 2025 (Unaudited) (continued)
INVESTMENTS
PRINCIPAL
AMOUNT($)
VALUE($)
Corporate Bonds — continued
Ireland — continued
Avolon Holdings Funding Ltd.
5.50%, 1/15/2026 (b)
315,000
315,041
4.38%, 5/1/2026 (b)
60,000
59,370
6.38%, 5/4/2028 (b)
285,000
295,028
5.75%, 3/1/2029 (b)
2,030,000
2,066,876
5.75%, 11/15/2029 (b)
567,000
575,063
5.15%, 1/15/2030 (b)
1,840,000
1,831,223
5.38%, 5/30/2030 (b)
2,095,000
2,095,377
Bank of Ireland Group plc (EUR Swap Annual 5 Year + 6.43%), 6.00%, 9/1/2025 (a) (c) (d) (e) (f)
EUR600,000
685,153
eircom Finance DAC
3.50%, 5/15/2026 (a)
EUR869,578
985,388
5.75%, 12/15/2029 (a)
EUR1,210,000
1,435,742
 
15,983,047
Italy — 5.8%
Agrifarma SpA 4.50%, 10/31/2028 (a)
EUR1,550,000
1,764,406
Autostrade per l'Italia SpA 5.13%, 6/14/2033 (a)
EUR1,650,000
2,021,502
Enel Finance International NV
1.63%, 7/12/2026 (b) (j)
1,010,000
976,293
3.50%, 4/6/2028 (b)
200,000
193,988
2.13%, 7/12/2028 (b) (j)
425,000
394,160
0.75%, 6/17/2030 (a) (j)
EUR200,000
203,569
0.88%, 1/17/2031 (a)
EUR493,000
497,084
2.50%, 7/12/2031 (b) (j)
536,000
464,039
5.00%, 6/15/2032 (b)
3,600,000
3,558,353
Enel SpA
Series 63.5, (EUR Swap Annual 5 Year + 2.58%), 3.38%, 8/24/2026 (a) (d) (e) (f)
EUR800,000
908,313
Series 9.5Y, (EUR Swap Annual 5 Year + 2.01%), 1.88%, 6/8/2030 (a) (d) (e) (f)
EUR300,000
300,312
Eni SpA
4.25%, 5/9/2029 (b)
250,000
245,530
5.75%, 5/19/2035 (b)
290,000
290,403
Fibercop SpA
2.88%, 1/28/2026 (a)
EUR200,000
226,600
3.63%, 5/25/2026 (a)
EUR400,000
455,027
2.38%, 10/12/2027 (a)
EUR500,000
552,851
6.88%, 2/15/2028 (a)
EUR1,784,000
2,180,158
1.63%, 1/18/2029
EUR1,102,000
1,163,446
7.75%, 1/24/2033
EUR430,000
578,863
Generali
2.43%, 7/14/2031 (a)
EUR200,000
214,163
(EURIBOR 3 Month + 5.35%), 5.50%, 10/27/2047 (a) (f)
EUR200,000
238,752
Guala Closures SpA 3.25%, 6/15/2028 (a)
EUR934,000
1,026,192
Infrastrutture Wireless Italiane SpA
1.63%, 10/21/2028 (a)
EUR800,000
873,932
3.75%, 4/1/2030 (a)
EUR100,000
114,359
Intesa Sanpaolo SpA
(EUR Swap Annual 5 Year + 7.19%), 7.75%, 1/11/2027 (a) (c) (d) (e) (f)
EUR276,000
328,693
(EUR Swap Annual 5 Year + 5.56%), 6.38%, 3/30/2028 (a) (c) (d) (e) (f)
EUR200,000
235,038
JPMorgan International Bond Opportunities ETF
SCHEDULE OF PORTFOLIO INVESTMENTS
AS OF May 31, 2025 (Unaudited) (continued)
INVESTMENTS
PRINCIPAL
AMOUNT($)
VALUE($)
Corporate Bonds — continued
Italy — continued
5.25%, 1/13/2030 (a)
EUR1,595,000
1,995,928
(EURIBOR 3 Month + 1.48%), 3.85%, 9/16/2032 (a) (f)
EUR2,150,000
2,485,343
6.63%, 6/20/2033 (b)
1,220,000
1,299,252
(US Treasury Yield Curve Rate T Note Constant Maturity 1 Year + 2.75%), 4.95%, 6/1/2042 (b) (f)
680,000
535,897
Lottomatica Group Spa 4.88%, 1/31/2031 (b)
EUR472,000
548,960
Lottomatica Group SpA 5.38%, 6/1/2030 (a)
EUR1,291,000
1,521,814
Mundys SpA
1.88%, 7/13/2027 (a)
EUR550,000
612,275
1.88%, 2/12/2028 (a)
EUR1,400,000
1,531,036
4.75%, 1/24/2029 (a)
EUR1,700,000
2,007,283
Neopharmed Gentili SpA 7.13%, 4/8/2030 (a)
EUR1,428,000
1,695,714
Pro-Gest SpA 3.25%, 12/15/2024 (a) (g)
EUR477,000
140,819
Rekeep SpA
9.00%, 9/15/2029 (b)
EUR261,000
292,795
9.00%, 9/15/2029 (a)
EUR100,000
112,182
Rossini Sarl 6.75%, 12/31/2029 (a)
EUR1,632,000
1,957,218
TeamSystem SpA 3.50%, 2/15/2028 (a)
EUR185,000
207,695
Telecom Italia Finance SA 7.75%, 1/24/2033
EUR100,000
142,444
Telecom Italia SpA
6.88%, 2/15/2028 (a)
EUR1,096,000
1,353,739
7.88%, 7/31/2028 (a)
EUR1,760,000
2,250,689
1.63%, 1/18/2029 (a)
EUR698,000
752,388
UniCredit SpA
(EUR Swap Annual 5 Year + 4.93%), 5.38%, 6/3/2025 (a) (c) (d) (e) (f)
EUR400,000
454,180
(EURIBOR ICE Swap Rate 5 Year + 7.33%), 7.50%, 6/3/2026 (a) (c) (d) (e) (f)
EUR400,000
470,076
(US Treasury Yield Curve Rate T Note Constant Maturity 1 Year + 1.20%), 1.98%, 6/3/2027 (b) (f)
200,000
194,216
(EUR Swap Annual 5 Year + 4.61%), 4.45%, 12/3/2027 (a) (c) (d) (e) (f)
EUR200,000
223,956
(EURIBOR 3 Month + 0.85%), 0.93%, 1/18/2028 (a) (f)
EUR600,000
664,090
(EURIBOR 3 Month + 1.90%), 4.80%, 1/17/2029 (a) (f)
EUR1,100,000
1,321,226
(EUR Swap Annual 5 Year + 2.80%), 2.73%, 1/15/2032 (a) (f)
EUR200,000
224,684
(US Treasury Yield Curve Rate T Note Constant Maturity 1 Year + 1.55%), 3.13%, 6/3/2032 (b) (f)
410,000
366,434
4.20%, 6/11/2034 (a)
EUR600,000
700,425
 
46,068,784
Japan — 0.5%
Mitsubishi UFJ Financial Group, Inc. (US Treasury Yield Curve Rate T Note Constant Maturity 1 Year + 0.83%),
2.34%, 1/19/2028 (f)
707,000
681,647
Rakuten Group, Inc. (EUR Swap Annual 5 Year + 4.49%), 4.25%, 4/22/2027 (a) (d) (e) (f)
EUR1,200,000
1,267,653
Takeda Pharmaceutical Co. Ltd.
5.00%, 11/26/2028
1,110,000
1,125,209
1.00%, 7/9/2029
EUR363,000
383,205
5.30%, 7/5/2034
525,000
524,870
 
3,982,584
Jersey — 0.2%
Waga Bondco Ltd.
8.50%, 6/15/2030 (b)
GBP220,000
293,082
8.50%, 6/15/2030 (a)
GBP700,000
932,535
 
1,225,617
JPMorgan International Bond Opportunities ETF
SCHEDULE OF PORTFOLIO INVESTMENTS
AS OF May 31, 2025 (Unaudited) (continued)
INVESTMENTS
PRINCIPAL
AMOUNT($)
VALUE($)
Corporate Bonds — continued
Kazakhstan — 0.2%
KazMunayGas National Co. JSC
5.38%, 4/24/2030 (a)
600,000
592,106
5.75%, 4/19/2047 (a)
910,000
763,490
 
1,355,596
Luxembourg — 1.9%
AccorInvest Group SA
6.38%, 10/15/2029 (a)
EUR2,055,000
2,441,832
5.50%, 11/15/2031 (a)
EUR500,000
572,902
Altice Financing SA 3.00%, 1/15/2028 (a)
EUR700,000
613,994
Altice France Holding SA
8.00%, 5/15/2027 (a)
EUR573,000
234,221
4.00%, 2/15/2028 (a)
EUR200,000
82,614
Herens Midco SARL 5.25%, 5/15/2029 (a)
EUR1,303,000
1,117,756
INEOS Finance plc
6.63%, 5/15/2028 (a)
EUR500,000
583,279
6.38%, 4/15/2029 (a)
EUR1,198,000
1,376,647
Matterhorn Telecom SA 3.13%, 9/15/2026 (a)
EUR600,000
680,078
Monitchem HoldCo 3 SA 8.75%, 5/1/2028 (a)
EUR300,000
343,073
PLT VII Finance Sarl 6.00%, 6/15/2031 (a)
EUR1,577,000
1,849,734
SELP Finance Sarl, REIT 3.75%, 1/16/2032 (a)
EUR1,200,000
1,370,487
SELP Finance SARL, REIT 0.88%, 5/27/2029 (a)
EUR1,400,000
1,449,424
SES SA
(EURIBOR ICE Swap Rate 5 Year + 3.19%), 2.88%, 5/27/2026 (a) (d) (e) (f)
EUR1,600,000
1,744,266
0.88%, 11/4/2027 (a)
EUR130,000
139,787
(EURIBOR ICE Swap Rate 5 Year + 3.23%), 5.50%, 9/12/2054 (a) (f)
EUR700,000
757,384
 
15,357,478
Malaysia — 0.1%
Petronas Capital Ltd. 3.40%, 4/28/2061 (b)
1,246,000
781,740
Mexico — 0.7%
BBVA Mexico SA Institucion de Banca Multiple Grupo Financiero BBVA Mexico (US Treasury Yield Curve Rate T
Note Constant Maturity 5 Year + 2.65%), 5.13%, 1/18/2033 (b) (c) (f)
200,000
189,750
Bimbo Bakeries USA, Inc. 5.38%, 1/9/2036 (b)
1,000,000
966,000
Cemex SAB de CV (US Treasury Yield Curve Rate T Note Constant Maturity 5 Year + 4.53%), 5.13%, 6/8/2026 (b)
(d) (e) (f)
1,148,000
1,132,502
Comision Federal de Electricidad 6.45%, 1/24/2035 (b)
566,000
543,643
FIEMEX Energia - Banco Actinver SA Institucion de Banca Multiple 7.25%, 1/31/2041 (b)
925,647
910,721
Petroleos Mexicanos 6.50%, 1/23/2029
721,000
687,682
Saavi Energia Sarl 8.88%, 2/10/2035 (b)
605,000
615,890
Southern Copper Corp. 5.88%, 4/23/2045
140,000
132,747
 
5,178,935
Morocco — 0.1%
OCP SA
6.10%, 4/30/2030 (b)
560,000
559,888
6.88%, 4/25/2044 (a)
200,000
186,906
 
746,794
JPMorgan International Bond Opportunities ETF
SCHEDULE OF PORTFOLIO INVESTMENTS
AS OF May 31, 2025 (Unaudited) (continued)
INVESTMENTS
PRINCIPAL
AMOUNT($)
VALUE($)
Corporate Bonds — continued
Netherlands — 2.0%
ABN AMRO Bank NV
4.75%, 7/28/2025 (b)
200,000
199,870
(EUR Swap Annual 5 Year + 4.67%), 4.38%, 9/22/2025 (a) (c) (d) (e) (f)
EUR200,000
227,317
BE Semiconductor Industries NV 4.50%, 7/15/2031 (a)
EUR1,200,000
1,410,491
Cooperatieve Rabobank UA
(EUR Swap Annual 5 Year + 4.68%), 4.38%, 6/29/2027 (a) (c) (d) (e) (f)
EUR1,000,000
1,125,150
(US Treasury Yield Curve Rate T Note Constant Maturity 1 Year + 1.22%), 3.65%, 4/6/2028 (b) (f)
890,000
875,068
Flora Food Management BV 6.88%, 7/2/2029 (a)
EUR1,292,000
1,508,497
ING Groep NV
(US Treasury Yield Curve Rate T Note Constant Maturity 5 Year + 4.34%), 5.75%, 11/16/2026 (c) (d) (e) (f)
495,000
491,945
(USD SOFR ICE Swap Rate 5 Year + 4.36%), 8.00%, 5/16/2030 (a) (c) (d) (e) (f)
400,000
422,035
Koninklijke KPN NV (EURIBOR ICE Swap Rate 5 Year + 1.97%), 4.88%, 6/18/2029 (a) (d) (e) (f)
EUR400,000
468,018
Q-Park Holding I BV
2.00%, 3/1/2027 (a)
EUR400,000
444,797
5.13%, 3/1/2029 (a)
EUR1,193,000
1,395,128
5.13%, 2/15/2030 (a)
EUR900,000
1,052,460
Sigma Holdco BV 5.75%, 5/15/2026 (a)
EUR81,972
92,737
Sunrise HoldCo IV BV 3.88%, 6/15/2029 (a)
EUR1,300,000
1,462,067
Trivium Packaging Finance BV 6.63%, 7/15/2030 (b)
EUR307,000
358,134
VZ Vendor Financing II BV 2.88%, 1/15/2029 (a)
EUR1,100,000
1,130,340
Wolters Kluwer NV 3.75%, 4/3/2031 (a)
EUR500,000
587,743
Ziggo Bond Co. BV 3.38%, 2/28/2030 (a)
EUR2,530,000
2,471,719
 
15,723,516
New Zealand — 0.1%
ANZ New Zealand Int'l Ltd. 2.55%, 2/13/2030 (b)
490,000
447,587
Norway — 0.2%
DNB Bank ASA (U.K. Government Bonds 1 Year Note Generic Bid Yield + 1.35%), 2.63%, 6/10/2026 (a) (f)
GBP1,000,000
1,346,744
Portugal — 0.9%
EDP Finance BV 1.50%, 11/22/2027 (a)
EUR750,000
832,100
EDP SA
(EUR Swap Annual 5 Year + 1.84%), 1.70%, 7/20/2080 (a) (f)
EUR1,000,000
1,131,714
(EUR Swap Annual 5 Year + 2.38%), 1.88%, 8/2/2081 (a) (f)
EUR500,000
558,244
Series NC5., (EUR Swap Annual 5 Year + 1.89%), 1.50%, 3/14/2082 (a) (f)
EUR400,000
439,987
(EUR Swap Annual 5 Year + 3.18%), 5.94%, 4/23/2083 (a) (f)
EUR3,400,000
4,082,510
 
7,044,555
South Africa — 0.1%
Anglo American Capital plc 5.50%, 5/2/2033 (b)
1,170,000
1,164,080
Spain — 4.7%
Abertis Infraestructuras Finance BV
(EUR Swap Annual 5 Year + 3.27%), 2.63%, 1/26/2027 (a) (d) (e) (f)
EUR1,700,000
1,900,056
(EURIBOR ICE Swap Rate 5 Year + 2.62%), 4.87%, 11/28/2029 (a) (d) (e) (f)
EUR600,000
694,044
Banco Bilbao Vizcaya Argentaria SA
(EURIBOR ICE Swap Rate 5 Year + 5.54%), 8.38%, 6/21/2028 (a) (c) (d) (e) (f)
EUR400,000
497,327
(US Treasury Yield Curve Rate T Note Constant Maturity 5 Year + 5.10%), 9.38%, 3/19/2029 (c) (d) (e) (f)
1,200,000
1,317,073
Banco de Sabadell SA
(EUR Swap Annual 5 Year + 5.17%), 5.00%, 5/19/2027 (a) (c) (d) (e) (f)
EUR200,000
225,780
JPMorgan International Bond Opportunities ETF
SCHEDULE OF PORTFOLIO INVESTMENTS
AS OF May 31, 2025 (Unaudited) (continued)
INVESTMENTS
PRINCIPAL
AMOUNT($)
VALUE($)
Corporate Bonds — continued
Spain — continued
(EUR Swap Annual 5 Year + 6.83%), 9.38%, 7/18/2028 (a) (c) (d) (e) (f)
EUR400,000
511,929
(EURIBOR ICE Swap Rate 1 Year + 1.25%), 3.50%, 5/27/2031 (a) (f)
EUR1,000,000
1,146,224
(EURIBOR ICE Swap Rate 1 Year + 1.25%), 3.38%, 2/18/2033 (a) (f)
EUR200,000
224,671
Banco Santander SA
(US Treasury Yield Curve Rate T Note Constant Maturity 1 Year + 0.90%), 1.72%, 9/14/2027 (f)
800,000
769,000
(US Treasury Yield Curve Rate T Note Constant Maturity 5 Year + 5.31%), 9.63%, 11/21/2028 (c) (d) (e) (f)
600,000
660,508
(EUR Swap Annual 5 Year + 4.43%), 7.00%, 11/20/2029 (a) (c) (d) (e) (f)
EUR600,000
714,482
4.88%, 10/18/2031 (a)
EUR500,000
614,173
(US Treasury Yield Curve Rate T Note Constant Maturity 5 Year + 5.30%), 9.63%, 5/21/2033 (c) (d) (e) (f)
400,000
459,916
Bankinter SA (EURIBOR ICE Swap Rate 1 Year + 1.10%), 3.50%, 9/10/2032 (a) (f)
EUR800,000
919,819
CaixaBank SA
1.13%, 3/27/2026 (a)
EUR1,000,000
1,125,458
(EUR Swap Annual 5 Year + 6.35%), 5.88%, 10/9/2027 (a) (c) (d) (e) (f)
EUR800,000
934,475
(EURIBOR 3 Month + 1.65%), 5.00%, 7/19/2029 (a) (f)
EUR700,000
844,324
(EURIBOR ICE Swap Rate 5 Year + 5.30%), 7.50%, 1/16/2030 (a) (c) (d) (e) (f)
EUR400,000
492,218
(EURIBOR 3 Month + 1.50%), 4.13%, 2/9/2032 (a) (f)
EUR1,900,000
2,242,247
(EURIBOR 3 Month + 1.30%), 3.63%, 9/19/2032 (a) (f)
EUR500,000
573,164
(SOFR + 2.77%), 6.84%, 9/13/2034 (b) (f)
2,175,000
2,355,870
Cellnex Finance Co. SA 2.25%, 4/12/2026 (a)
EUR500,000
566,927
Cirsa Finance International Sarl 6.50%, 3/15/2029 (a)
EUR149,000
177,472
Cirsa Finance International SARL
7.88%, 7/31/2028 (a)
EUR900,000
1,070,446
6.50%, 3/15/2029 (a)
EUR900,000
1,071,980
eDreams ODIGEO SA 5.50%, 7/15/2027 (a)
EUR1,007,000
1,154,878
Grifols SA
2.25%, 11/15/2027 (a)
EUR765,000
850,045
3.88%, 10/15/2028 (a)
EUR500,000
543,495
Grupo Antolin-Irausa SA
3.50%, 4/30/2028 (a)
EUR650,000
512,386
10.38%, 1/30/2030 (a)
EUR298,000
245,060
Iberdrola International BV Series NC5, (EUR Swap Annual 5 Year + 2.32%), 1.87%, 1/28/2026 (a) (d) (e) (f)
EUR300,000
336,965
Kaixo Bondco Telecom SA 5.13%, 9/30/2029 (a)
EUR1,142,000
1,316,134
Lorca Telecom Bondco SA
4.00%, 9/18/2027 (a)
EUR1,666,000
1,891,660
5.75%, 4/30/2029 (a)
EUR950,000
1,125,907
Telefonica Emisiones SA 4.67%, 3/6/2038
150,000
132,512
Telefonica Europe BV
(EUR Swap Annual 8 Year + 2.97%), 3.88%, 6/22/2026 (a) (d) (e) (f)
EUR900,000
1,024,460
(EUR Swap Annual 6 Year + 2.87%), 2.88%, 2/24/2028 (a) (d) (e) (f)
EUR1,200,000
1,323,844
(EUR Swap Annual 7 Year + 3.35%), 6.14%, 2/3/2030 (a) (d) (e) (f)
EUR3,400,000
4,094,054
(EURIBOR ICE Swap Rate 8 Year + 3.62%), 6.75%, 6/7/2031 (a) (d) (e) (f)
EUR700,000
867,334
 
37,528,317
Sweden — 1.3%
Asmodee Group AB
5.75%, 12/15/2029 (b)
EUR104,000
123,832
5.75%, 12/15/2029 (a)
EUR906,667
1,079,559
Heimstaden Bostad AB (EUR Swap Annual 5 Year + 3.91%), 3.38%, 1/15/2026 (a) (d) (e) (f)
EUR1,100,000
1,224,015
JPMorgan International Bond Opportunities ETF
SCHEDULE OF PORTFOLIO INVESTMENTS
AS OF May 31, 2025 (Unaudited) (continued)
INVESTMENTS
PRINCIPAL
AMOUNT($)
VALUE($)
Corporate Bonds — continued
Sweden — continued
Samhallsbyggnadsbolaget I Norden Holding AB 2.25%, 7/12/2027 (a)
EUR900,000
912,050
Svenska Handelsbanken AB (US Treasury Yield Curve Rate T Note Constant Maturity 5 Year + 4.05%), 4.75%,
3/1/2031 (a) (c) (d) (e) (f)
1,000,000
907,524
Verisure Holding AB
3.88%, 7/15/2026 (a)
EUR365,000
413,849
3.25%, 2/15/2027 (a)
EUR1,100,000
1,238,104
5.50%, 5/15/2030 (b)
EUR450,000
531,627
5.50%, 5/15/2030 (a)
EUR879,000
1,038,444
Verisure Midholding AB 5.25%, 2/15/2029 (a)
EUR1,450,000
1,658,750
Volvo Car AB 2.50%, 10/7/2027 (a)
EUR740,000
823,939
 
9,951,693
Switzerland — 1.8%
Dufry One BV
2.00%, 2/15/2027 (a)
EUR1,575,000
1,759,273
4.75%, 4/18/2031 (a)
EUR300,000
349,151
Holcim Finance Luxembourg SA 0.50%, 4/23/2031 (a)
EUR900,000
874,142
Holcim Sterling Finance Netherlands BV 2.25%, 4/4/2034 (a)
GBP300,000
308,520
Swiss Re Finance Luxembourg SA (US Treasury Yield Curve Rate T Note Constant Maturity 5 Year + 3.58%), 5.00%,
4/2/2049 (b) (f)
200,000
197,269
UBS Group AG
(US Treasury Yield Curve Rate T Note Constant Maturity 1 Year + 2.05%), 4.70%, 8/5/2027 (b) (f)
1,122,000
1,121,153
4.28%, 1/9/2028 (b)
1,898,000
1,878,084
(US Treasury Yield Curve Rate T Note Constant Maturity 5 Year + 4.75%), 9.25%, 11/13/2028 (b) (c) (d) (e)
(f)
585,000
636,599
(EURIBOR ICE Swap Rate 1 Year + 4.95%), 7.75%, 3/1/2029 (a) (f)
EUR400,000
511,930
(EURIBOR ICE Swap Rate 1 Year + 0.78%), 2.88%, 2/12/2030 (a) (f)
EUR1,200,000
1,353,795
(US Treasury Yield Curve Rate T Note Constant Maturity 5 Year + 3.31%), 4.38%, 2/10/2031 (b) (c) (d) (e) (f)
385,000
337,442
(SOFR + 3.73%), 4.19%, 4/1/2031 (b) (f)
974,000
943,900
(US Treasury Yield Curve Rate T Note Constant Maturity 1 Year + 1.00%), 2.10%, 2/11/2032 (b) (f)
280,000
239,372
(SOFR + 1.73%), 3.09%, 5/14/2032 (b) (f)
561,000
502,204
0.63%, 1/18/2033 (a)
EUR1,000,000
921,837
(US Treasury Yield Curve Rate T Note Constant Maturity 1 Year + 1.10%), 2.75%, 2/11/2033 (b) (f)
430,000
369,016
(US Treasury Yield Curve Rate T Note Constant Maturity 5 Year + 4.76%), 9.25%, 11/13/2033 (b) (c) (d) (e)
(f)
800,000
913,351
Zurich Insurance Co. Ltd. (EURIBOR 3 Month + 3.95%), 3.50%, 10/1/2046 (a) (f)
EUR700,000
800,951
 
14,017,989
Taiwan — 0.2%
TSMC Arizona Corp. 4.25%, 4/22/2032
380,000
368,965
TSMC Global Ltd.
1.25%, 4/23/2026 (b)
700,000
679,980
2.25%, 4/23/2031 (b)
700,000
616,196
 
1,665,141
United Kingdom — 8.9%
888 Acquisitions Ltd.
7.56%, 7/15/2027 (b)
EUR230,000
261,832
7.56%, 7/15/2027 (a)
EUR385,000
437,730
Amber Finco plc 6.63%, 7/15/2029 (a)
EUR1,615,000
1,918,490
JPMorgan International Bond Opportunities ETF
SCHEDULE OF PORTFOLIO INVESTMENTS
AS OF May 31, 2025 (Unaudited) (continued)
INVESTMENTS
PRINCIPAL
AMOUNT($)
VALUE($)
Corporate Bonds — continued
United Kingdom — continued
AstraZeneca plc
0.38%, 6/3/2029 (a)
EUR700,000
726,898
4.00%, 9/18/2042
2,390,000
1,987,006
Barclays plc
(SOFR + 2.22%), 6.49%, 9/13/2029 (f)
2,770,000
2,907,097
(SONIA + 2.06%), 5.85%, 3/21/2035 (a) (f)
GBP2,000,000
2,663,373
BAT Capital Corp.
6.34%, 8/2/2030
3,680,000
3,924,616
7.08%, 8/2/2043
1,005,000
1,086,766
Cadent Finance plc 0.63%, 3/19/2030 (a)
EUR800,000
810,165
Centrica plc 4.38%, 3/13/2029 (a)
GBP200,000
263,759
CPUK Finance Ltd. 4.50%, 8/28/2027 (a)
GBP390,000
510,147
EC Finance plc 3.25%, 10/15/2026 (a) (j)
EUR1,099,000
1,232,261
Eversholt Funding plc 2.74%, 6/30/2040 (a)
GBP635,902
718,160
Gatwick Funding Ltd. 2.50%, 4/15/2030 (a)
GBP700,000
836,805
Heathrow Funding Ltd.
1.50%, 10/12/2025 (a)
EUR800,000
905,352
6.75%, 12/3/2026 (a)
GBP300,000
414,564
1.50%, 2/11/2030 (a)
EUR300,000
316,983
1.13%, 10/8/2030 (a)
EUR1,000,000
1,017,130
6.00%, 3/5/2032 (a)
GBP400,000
536,766
1.88%, 3/14/2034 (a)
EUR250,000
242,598
5.88%, 5/13/2041 (a)
GBP100,000
129,759
HSBC Holdings plc
(SOFR + 3.03%), 7.34%, 11/3/2026 (f)
720,000
727,226
5.75%, 12/20/2027 (a)
GBP200,000
274,928
(SOFR + 2.61%), 5.21%, 8/11/2028 (f)
380,000
383,919
(SOFR + 1.73%), 2.01%, 9/22/2028 (f)
3,260,000
3,064,641
(3-MONTH CME TERM SOFR + 1.87%), 3.97%, 5/22/2030 (f)
374,000
360,639
(US Treasury Yield Curve Rate T Note Constant Maturity 5 Year + 2.99%), 7.05%, 6/5/2030 (d) (e) (f)
1,020,000
1,028,584
(US Treasury Yield Curve Rate T Note Constant Maturity 5 Year + 3.65%), 4.60%, 12/17/2030 (c) (d) (e) (f)
695,000
625,443
(SOFR + 1.41%), 2.87%, 11/22/2032 (f)
440,000
383,175
(SOFR + 1.90%), 5.87%, 11/18/2035 (f)
450,000
445,929
Iceland Bondco plc 10.88%, 12/15/2027 (a)
GBP520,000
742,660
INEOS Quattro Finance 2 plc
8.50%, 3/15/2029 (a)
EUR800,000
919,962
6.75%, 4/15/2030 (a)
EUR624,000
674,651
INEOS Styrolution Ludwigshafen GmbH 2.25%, 1/16/2027 (a)
EUR400,000
440,128
Jaguar Land Rover Automotive plc
4.50%, 1/15/2026 (a)
EUR280,000
319,516
4.50%, 7/15/2028 (a)
EUR600,000
690,012
Lloyds Banking Group plc
4.58%, 12/10/2025
200,000
199,609
(US Treasury Yield Curve Rate T Note Constant Maturity 1 Year + 1.48%), 5.99%, 8/7/2027 (f)
410,000
415,721
Mobico Group plc (U.K. Government Bonds 5 Year Note Generic Bid Yield + 4.14%), 4.25%, 11/26/2025 (a) (d)
(e) (f)
GBP194,000
208,165
National Grid plc
2.18%, 6/30/2026 (a)
EUR900,000
1,018,447
JPMorgan International Bond Opportunities ETF
SCHEDULE OF PORTFOLIO INVESTMENTS
AS OF May 31, 2025 (Unaudited) (continued)
INVESTMENTS
PRINCIPAL
AMOUNT($)
VALUE($)
Corporate Bonds — continued
United Kingdom — continued
0.25%, 9/1/2028 (a)
EUR800,000
840,763
4.28%, 1/16/2035 (a)
EUR1,000,000
1,182,218
NatWest Group plc
(US Treasury Yield Curve Rate T Note Constant Maturity 5 Year + 5.63%), 6.00%, 12/29/2025 (c) (d) (e) (f)
350,000
348,869
(US Treasury Yield Curve Rate T Note Constant Maturity 1 Year + 2.27%), 5.52%, 9/30/2028 (f)
1,885,000
1,916,124
(EURIBOR 3 Month + 0.89%), 0.67%, 9/14/2029 (a) (f)
EUR2,500,000
2,650,059
(US Treasury Yield Curve Rate T Note Constant Maturity 5 Year + 3.75%), 8.13%, 11/10/2033 (c) (d) (e) (f)
400,000
424,108
NGG Finance plc (EUR Swap Annual 5 Year + 2.53%), 2.13%, 9/5/2082 (a) (f)
EUR1,530,000
1,690,170
Nomad Foods Bondco plc 2.50%, 6/24/2028 (a)
EUR1,475,000
1,626,705
OEG Finance plc 7.25%, 9/27/2029 (a)
EUR959,000
1,115,137
PeopleCert Wisdom Issuer plc 5.75%, 9/15/2026 (a)
EUR600,000
684,404
Pinnacle Bidco plc 8.25%, 10/11/2028 (a)
EUR987,000
1,182,327
Punch Finance plc
6.13%, 6/30/2026 (a)
GBP838,000
1,129,079
7.88%, 12/30/2030 (b) (k)
GBP571,000
777,015
RAC Bond Co. plc 5.25%, 11/4/2027 (a)
GBP1,319,000
1,735,799
RELX Finance BV 0.88%, 3/10/2032 (a)
EUR500,000
492,034
Santander UK Group Holdings plc
(SOFR + 2.75%), 6.83%, 11/21/2026 (f)
285,000
287,597
(SOFR + 0.99%), 1.67%, 6/14/2027 (f)
900,000
869,503
(SOFR + 2.60%), 6.53%, 1/10/2029 (f)
665,000
690,450
South Eastern Power Networks plc 5.63%, 9/30/2030 (a)
GBP400,000
553,476
Standard Chartered plc
(US Treasury Yield Curve Rate T Note Constant Maturity 1 Year + 3.45%), 7.77%, 11/16/2028 (b) (f)
2,170,000
2,315,260
(US Treasury Yield Curve Rate T Note Constant Maturity 1 Year + 3.85%), 4.64%, 4/1/2031 (b) (f)
1,350,000
1,318,275
Synthomer plc 7.38%, 5/2/2029 (a)
EUR250,000
282,409
Thames Water Utilities Finance plc 4.38%, 1/18/2033 (a)
EUR400,000
317,556
Virgin Media Finance plc 3.75%, 7/15/2030 (a)
EUR670,000
718,910
Vmed O2 UK Financing I plc
3.25%, 1/31/2031 (a)
EUR1,400,000
1,508,209
5.63%, 4/15/2032 (a)
EUR350,000
409,835
Vodafone Group plc
5.75%, 6/28/2054
2,595,000
2,429,070
(EUR Swap Annual 5 Year + 3.43%), 4.20%, 10/3/2078 (a) (f)
EUR900,000
1,036,996
(USD Swap Semi 5 Year + 4.87%), 7.00%, 4/4/2079 (f)
429,000
441,282
(EUR Swap Annual 5 Year + 3.48%), 3.00%, 8/27/2080 (a) (f)
EUR1,325,000
1,416,084
(EUR Swap Annual 5 Year + 3.49%), 6.50%, 8/30/2084 (a) (f)
EUR1,100,000
1,359,294
 
70,520,629
United States — 10.5%
AbbVie, Inc.
5.05%, 3/15/2034
1,440,000
1,444,182
4.25%, 11/21/2049
897,000
718,650
Accenture Capital, Inc.
4.25%, 10/4/2031
170,000
166,922
4.50%, 10/4/2034
230,000
220,976
AES Corp. (The) 3.95%, 7/15/2030 (b)
42,000
39,197
JPMorgan International Bond Opportunities ETF
SCHEDULE OF PORTFOLIO INVESTMENTS
AS OF May 31, 2025 (Unaudited) (continued)
INVESTMENTS
PRINCIPAL
AMOUNT($)
VALUE($)
Corporate Bonds — continued
United States — continued
American Express Co.
(US Treasury Yield Curve Rate T Note Constant Maturity 5 Year + 2.85%), 3.55%, 9/15/2026 (d) (e) (f)
104,000
100,574
(SOFR + 1.79%), 5.67%, 4/25/2036 (f)
250,000
255,268
American Medical Systems Europe BV 1.63%, 3/8/2031
EUR100,000
105,122
Ardagh Packaging Finance plc 2.13%, 8/15/2026 (a)
EUR1,700,000
1,775,844
AT&T, Inc.
3.50%, 9/15/2053
130,000
86,383
3.55%, 9/15/2055
99,000
65,447
6.05%, 8/15/2056
690,000
691,408
Bank of America Corp.
(SOFR + 1.29%), 5.08%, 1/20/2027 (f)
210,000
210,441
(SOFR + 1.05%), 2.55%, 2/4/2028 (f)
175,000
169,143
(SOFR + 1.63%), 5.20%, 4/25/2029 (f)
500,000
508,086
(SOFR + 1.57%), 5.82%, 9/15/2029 (f)
1,080,000
1,118,912
(US Treasury Yield Curve Rate T Note Constant Maturity 5 Year + 2.68%), 6.63%, 5/1/2030 (d) (e) (f)
317,000
322,024
Series N, (SOFR + 1.22%), 2.65%, 3/11/2032 (f)
560,000
495,712
(SOFR + 1.32%), 2.69%, 4/22/2032 (f)
249,000
219,911
(SOFR + 1.22%), 2.30%, 7/21/2032 (f)
470,000
403,250
(SOFR + 1.65%), 5.47%, 1/23/2035 (f)
312,000
315,263
(SOFR + 1.91%), 5.43%, 8/15/2035 (f)
795,000
778,982
(SOFR + 1.31%), 5.51%, 1/24/2036 (f)
196,000
197,549
Baxter International, Inc. 2.54%, 2/1/2032
605,000
518,815
Berkshire Hathaway Energy Co. 4.60%, 5/1/2053
47,000
38,024
Berry Global, Inc. 5.80%, 6/15/2031
760,000
788,907
Boeing Co. (The)
3.25%, 2/1/2035
50,000
41,150
5.81%, 5/1/2050
205,000
191,968
3.95%, 8/1/2059
377,000
249,923
BP Capital Markets America, Inc.
2.72%, 1/12/2032
881,000
774,241
4.81%, 2/13/2033
1,600,000
1,570,426
BP Capital Markets plc
(US Treasury Yield Curve Rate T Note Constant Maturity 5 Year + 4.04%), 4.38%, 6/22/2025 (d) (e) (f)
43,000
42,836
(EUR Swap Annual 5 Year + 3.52%), 3.25%, 3/22/2026 (a) (d) (e) (f)
EUR1,150,000
1,303,882
(EUR Swap Annual 5 Year + 3.78%), 3.63%, 3/22/2029 (a) (d) (e) (f)
EUR200,000
224,453
Bristol-Myers Squibb Co.
5.20%, 2/22/2034
1,930,000
1,944,766
5.55%, 2/22/2054
230,000
218,413
5.65%, 2/22/2064
155,000
146,555
Broadcom, Inc.
4.55%, 2/15/2032
180,000
176,249
3.47%, 4/15/2034 (b)
490,000
430,395
3.14%, 11/15/2035 (b)
608,000
503,555
CCO Holdings LLC 5.13%, 5/1/2027 (b)
140,000
138,556
Cencora, Inc. 2.70%, 3/15/2031
1,839,000
1,640,690
CF Industries, Inc. 4.95%, 6/1/2043
224,000
191,854
Charter Communications Operating LLC
3.70%, 4/1/2051
308,000
198,264
JPMorgan International Bond Opportunities ETF
SCHEDULE OF PORTFOLIO INVESTMENTS
AS OF May 31, 2025 (Unaudited) (continued)
INVESTMENTS
PRINCIPAL
AMOUNT($)
VALUE($)
Corporate Bonds — continued
United States — continued
3.90%, 6/1/2052
282,000
186,139
5.25%, 4/1/2053
165,000
136,011
Cheniere Energy Partners LP
5.95%, 6/30/2033
540,000
552,526
5.75%, 8/15/2034
1,715,000
1,721,116
Citigroup, Inc.
Series W, (US Treasury Yield Curve Rate T Note Constant Maturity 5 Year + 3.60%), 4.00%, 12/10/2025 (d) (e)
(f)
160,000
158,362
Series X, (US Treasury Yield Curve Rate T Note Constant Maturity 5 Year + 3.42%), 3.88%, 2/18/2026 (d) (e)
(f)
686,000
672,061
Series CC, (US Treasury Yield Curve Rate T Note Constant Maturity 5 Year + 2.69%), 7.13%, 8/15/2029 (d) (e)
(f)
670,000
677,514
Series EE, (US Treasury Yield Curve Rate T Note Constant Maturity 5 Year + 2.57%), 6.75%, 2/15/2030 (d) (e)
(f)
290,000
286,888
Series FF, (US Treasury Yield Curve Rate T Note Constant Maturity 5 Year + 2.73%), 6.95%, 2/15/2030 (d) (e)
(f)
413,000
416,517
(SOFR + 1.34%), 4.54%, 9/19/2030 (f)
755,000
745,706
(SOFR + 1.17%), 2.56%, 5/1/2032 (f)
320,000
279,509
(SOFR + 1.18%), 2.52%, 11/3/2032 (f)
140,000
120,471
(SOFR + 2.34%), 6.27%, 11/17/2033 (f)
250,000
265,233
(SOFR + 2.06%), 5.83%, 2/13/2035 (f)
410,000
408,948
(SOFR + 1.47%), 5.33%, 3/27/2036 (f)
1,045,000
1,030,753
Columbia Pipelines Operating Co. LLC
5.93%, 8/15/2030 (b)
800,000
831,196
6.04%, 11/15/2033 (b)
200,000
205,861
Comcast Corp.
2.80%, 1/15/2051
130,000
76,130
5.35%, 5/15/2053
1,365,000
1,235,825
2.94%, 11/1/2056
290,000
165,822
Constellation Energy Generation LLC 5.60%, 6/15/2042
144,000
138,079
Coterra Energy, Inc. 5.40%, 2/15/2035
338,000
327,758
Crown Castle, Inc., REIT 4.80%, 9/1/2028
190,000
189,958
Diamondback Energy, Inc.
3.13%, 3/24/2031
277,000
250,000
5.75%, 4/18/2054
580,000
519,840
Dominion Energy, Inc.
Series B, (US Treasury Yield Curve Rate T Note Constant Maturity 5 Year + 2.51%), 7.00%, 6/1/2054 (f)
60,000
63,049
Series A, (US Treasury Yield Curve Rate T Note Constant Maturity 5 Year + 2.39%), 6.88%, 2/1/2055 (f)
100,000
103,592
(US Treasury Yield Curve Rate T Note Constant Maturity 5 Year + 2.21%), 6.63%, 5/15/2055 (f)
630,000
630,737
Duke Energy Carolinas LLC 5.40%, 1/15/2054
49,000
45,655
Duke Energy Indiana LLC 5.40%, 4/1/2053
35,000
32,294
Duke Energy Ohio, Inc.
5.25%, 4/1/2033
45,000
45,552
5.65%, 4/1/2053
15,000
14,248
Duke Energy Progress LLC 5.55%, 3/15/2055
15,000
14,290
Duquesne Light Holdings, Inc. 2.78%, 1/7/2032 (b)
140,000
119,385
Edison International (US Treasury Yield Curve Rate T Note Constant Maturity 5 Year + 3.86%), 8.13%,
6/15/2053 (f)
344,000
339,847
EMRLD Borrower LP 6.38%, 12/15/2030 (a)
EUR1,432,000
1,704,943
JPMorgan International Bond Opportunities ETF
SCHEDULE OF PORTFOLIO INVESTMENTS
AS OF May 31, 2025 (Unaudited) (continued)
INVESTMENTS
PRINCIPAL
AMOUNT($)
VALUE($)
Corporate Bonds — continued
United States — continued
Energy Transfer LP (US Treasury Yield Curve Rate T Note Constant Maturity 5 Year + 4.02%), 8.00%,
5/15/2054 (f)
490,000
513,613
Entergy Corp. (US Treasury Yield Curve Rate T Note Constant Maturity 5 Year + 2.67%), 7.13%, 12/1/2054 (f)
170,000
173,805
Entergy Mississippi LLC 5.80%, 4/15/2055
49,000
47,378
Entergy Texas, Inc. 1.75%, 3/15/2031
115,000
97,914
Enterprise Products Operating LLC 5.55%, 2/16/2055
310,000
289,252
Exelon Corp. (US Treasury Yield Curve Rate T Note Constant Maturity 5 Year + 1.98%), 6.50%, 3/15/2055 (f)
120,000
119,858
Expand Energy Corp.
5.38%, 3/15/2030
855,000
850,355
5.70%, 1/15/2035
382,000
377,110
Fells Point Funding Trust 3.05%, 1/31/2027 (b)
274,000
266,460
FirstEnergy Transmission LLC 2.87%, 9/15/2028 (b)
705,000
666,778
Foundry JV Holdco LLC 5.50%, 1/25/2031 (b)
260,000
263,361
Freeport-McMoRan, Inc.
4.13%, 3/1/2028
119,000
117,032
4.25%, 3/1/2030
159,000
153,938
4.63%, 8/1/2030
203,000
199,303
General Electric Co. 4.13%, 9/19/2035 (a)
EUR100,000
118,808
General Motors Financial Co., Inc.
2.35%, 1/8/2031
465,000
396,648
5.60%, 6/18/2031
334,000
335,372
Gilead Sciences, Inc.
2.80%, 10/1/2050
310,000
188,462
5.55%, 10/15/2053
119,000
114,107
Global Payments, Inc. 2.90%, 11/15/2031
265,000
230,231
Goldman Sachs Group, Inc. (The)
Series T, (US Treasury Yield Curve Rate T Note Constant Maturity 5 Year + 2.97%), 3.80%, 5/10/2026 (d) (e)
(f)
465,000
457,023
(SOFR + 0.91%), 1.95%, 10/21/2027 (f)
355,000
341,928
Series X, (US Treasury Yield Curve Rate T Note Constant Maturity 5 Year + 2.81%), 7.50%, 5/10/2029 (d) (e)
(f)
815,000
848,734
(US Treasury Yield Curve Rate T Note Constant Maturity 5 Year + 2.46%), 6.85%, 2/10/2030 (d) (e) (f)
205,000
206,694
(SOFR + 1.14%), 4.69%, 10/23/2030 (f)
690,000
687,527
(SOFR + 1.08%), 5.21%, 1/28/2031 (f)
320,000
324,488
(SOFR + 1.58%), 5.22%, 4/23/2031 (f)
390,000
395,684
(SOFR + 1.28%), 2.62%, 4/22/2032 (f)
290,000
254,312
(SOFR + 1.25%), 2.38%, 7/21/2032 (f)
190,000
163,499
(SOFR + 1.26%), 2.65%, 10/21/2032 (f)
300,000
260,449
(SOFR + 1.55%), 5.33%, 7/23/2035 (f)
380,000
376,779
(SOFR + 1.42%), 5.02%, 10/23/2035 (f)
168,000
162,584
(SOFR + 1.38%), 5.54%, 1/28/2036 (f)
275,000
276,950
Gray Oak Pipeline LLC, 2.60%, 10/15/2025 (b)
50,000
49,375
HCA, Inc.
5.20%, 6/1/2028
170,000
172,437
2.38%, 7/15/2031
370,000
316,519
5.45%, 9/15/2034
70,000
69,302
5.75%, 3/1/2035
790,000
796,231
5.50%, 6/15/2047
91,000
82,353
JPMorgan International Bond Opportunities ETF
SCHEDULE OF PORTFOLIO INVESTMENTS
AS OF May 31, 2025 (Unaudited) (continued)
INVESTMENTS
PRINCIPAL
AMOUNT($)
VALUE($)
Corporate Bonds — continued
United States — continued
5.25%, 6/15/2049
500,000
432,441
3.50%, 7/15/2051
150,000
96,127
4.63%, 3/15/2052
614,000
480,167
5.95%, 9/15/2054
495,000
466,858
Healthpeak OP LLC, REIT 5.25%, 12/15/2032
367,000
366,513
Huntington Bancshares, Inc. (SOFRINDX + 1.87%), 5.71%, 2/2/2035 (f)
512,000
515,116
Hyundai Capital America
3.50%, 11/2/2026 (b)
555,000
544,517
3.50%, 11/2/2026 (a)
150,000
147,167
6.50%, 1/16/2029 (b)
110,000
114,917
5.40%, 1/8/2031 (b)
190,000
191,586
IGT Lottery Holdings BV 4.25%, 3/15/2030 (a)
EUR300,000
346,371
International Game Technology plc 2.38%, 4/15/2028 (a)
EUR1,500,000
1,668,941
JBS USA Holding Lux Sarl 7.25%, 11/15/2053
290,000
319,777
JBS USA Holding Lux SARL
6.75%, 3/15/2034
1,043,000
1,120,593
4.38%, 2/2/2052
120,000
90,317
JBS USA LUX SARL 5.95%, 4/20/2035 (b)
165,000
167,973
KeyCorp (SOFRINDX + 2.42%), 6.40%, 3/6/2035 (f)
996,000
1,045,202
Kinder Morgan, Inc. 5.20%, 6/1/2033
230,000
226,991
Marriott International, Inc. 5.35%, 3/15/2035
220,000
217,023
Mars, Inc.
5.20%, 3/1/2035 (b)
460,000
458,275
5.65%, 5/1/2045 (b)
104,000
102,027
Marvell Technology, Inc. 2.95%, 4/15/2031
320,000
286,132
Meta Platforms, Inc.
4.45%, 8/15/2052
148,000
122,396
5.40%, 8/15/2054
495,000
469,906
Metropolitan Life Global Funding I 3.30%, 3/21/2029 (b)
185,000
177,076
Morgan Stanley
(SOFR + 0.88%), 1.59%, 5/4/2027 (f)
690,000
670,482
(SOFR + 1.61%), 4.21%, 4/20/2028 (f)
315,000
312,631
(SOFR + 1.73%), 5.12%, 2/1/2029 (f)
455,000
460,485
(SOFR + 1.59%), 5.16%, 4/20/2029 (f)
575,000
583,024
(SOFR + 1.63%), 5.45%, 7/20/2029 (f)
870,000
889,881
(SOFR + 1.10%), 4.65%, 10/18/2030 (f)
760,000
754,931
(SOFR + 1.11%), 5.23%, 1/15/2031 (f)
600,000
608,864
(SOFR + 1.51%), 5.19%, 4/17/2031 (f)
497,000
504,258
(SOFR + 1.20%), 2.51%, 10/20/2032 (f)
173,000
148,960
(SOFR + 1.88%), 5.42%, 7/21/2034 (f)
290,000
292,615
(SOFR + 1.56%), 5.32%, 7/19/2035 (f)
460,000
457,001
(SOFR + 1.76%), 5.66%, 4/17/2036 (f)
395,000
401,452
(SOFR + 1.36%), 2.48%, 9/16/2036 (f)
140,000
116,996
(US Treasury Yield Curve Rate T Note Constant Maturity 5 Year + 2.43%), 5.95%, 1/19/2038 (f)
125,000
126,105
Netflix, Inc. 5.38%, 11/15/2029 (b)
357,000
369,946
NextEra Energy Capital Holdings, Inc.
5.45%, 3/15/2035
1,716,000
1,714,942
(US Treasury Yield Curve Rate T Note Constant Maturity 5 Year + 2.46%), 6.75%, 6/15/2054 (f)
220,000
224,941
JPMorgan International Bond Opportunities ETF
SCHEDULE OF PORTFOLIO INVESTMENTS
AS OF May 31, 2025 (Unaudited) (continued)
INVESTMENTS
PRINCIPAL
AMOUNT($)
VALUE($)
Corporate Bonds — continued
United States — continued
(US Treasury Yield Curve Rate T Note Constant Maturity 5 Year + 2.36%), 6.70%, 9/1/2054 (f)
240,000
243,298
(US Treasury Yield Curve Rate T Note Constant Maturity 5 Year + 2.05%), 6.38%, 8/15/2055 (f)
115,000
115,143
(US Treasury Yield Curve Rate T Note Constant Maturity 5 Year + 1.98%), 6.50%, 8/15/2055 (f)
85,000
85,605
NiSource, Inc. (US Treasury Yield Curve Rate T Note Constant Maturity 5 Year + 2.45%), 6.95%, 11/30/2054 (f)
116,000
118,695
OI European Group BV
6.25%, 5/15/2028 (a)
EUR380,000
445,989
5.25%, 6/1/2029 (b)
EUR261,000
302,940
5.25%, 6/1/2029 (a)
EUR300,000
348,207
Oracle Corp.
5.50%, 8/3/2035
53,000
53,245
5.38%, 9/27/2054
690,000
611,968
6.00%, 8/3/2055
210,000
203,601
Pacific Gas and Electric Co.
3.30%, 3/15/2027
366,000
356,540
6.15%, 1/15/2033
460,000
467,777
6.40%, 6/15/2033
360,000
370,408
PG&E Corp. (US Treasury Yield Curve Rate T Note Constant Maturity 5 Year + 3.88%), 7.38%, 3/15/2055 (f)
747,000
731,474
Piedmont Natural Gas Co., Inc. 3.35%, 6/1/2050
66,000
42,535
PNC Financial Services Group, Inc. (The)
Series T, (US Treasury Yield Curve Rate T Note Constant Maturity 5 Year + 2.60%), 3.40%, 9/15/2026 (d) (e)
(f)
611,000
581,591
(SOFR + 1.26%), 4.81%, 10/21/2032 (f)
260,000
256,757
(SOFR + 1.90%), 5.68%, 1/22/2035 (f)
110,000
112,214
PPL Capital Funding, Inc. 5.25%, 9/1/2034
45,000
44,549
Prudential Financial, Inc. (US Treasury Yield Curve Rate T Note Constant Maturity 5 Year + 2.40%), 6.50%,
3/15/2054 (f)
295,000
299,495
Regency Centers LP, REIT 2.95%, 9/15/2029
95,000
89,129
Roper Technologies, Inc. 2.95%, 9/15/2029
160,000
149,675
SCIL IV LLC 9.50%, 7/15/2028 (a)
EUR900,000
1,072,334
Sempra (US Treasury Yield Curve Rate T Note Constant Maturity 5 Year + 2.79%), 6.88%, 10/1/2054 (f)
280,000
272,989
State Street Corp.
Series I, (US Treasury Yield Curve Rate T Note Constant Maturity 5 Year + 2.61%), 6.70%, 3/15/2029 (d) (e)
(f)
59,000
60,225
Series J, (US Treasury Yield Curve Rate T Note Constant Maturity 5 Year + 2.63%), 6.70%, 9/15/2029 (d) (e)
(f)
270,000
275,259
Stellantis Finance US, Inc.
5.75%, 3/18/2030 (b)
200,000
200,468
6.45%, 3/18/2035 (b)
410,000
405,346
Synopsys, Inc.
5.15%, 4/1/2035
123,000
121,573
5.70%, 4/1/2055
220,000
210,028
Take-Two Interactive Software, Inc.
3.70%, 4/14/2027
210,000
206,673
5.40%, 6/12/2029
43,000
43,890
5.60%, 6/12/2034
172,000
174,581
Texas Instruments, Inc. 5.00%, 3/14/2053
90,000
80,477
Thermo Fisher Scientific, Inc. 0.88%, 10/1/2031
EUR100,000
99,632
T-Mobile USA, Inc. 2.63%, 2/15/2029
34,000
31,628
JPMorgan International Bond Opportunities ETF
SCHEDULE OF PORTFOLIO INVESTMENTS
AS OF May 31, 2025 (Unaudited) (continued)
INVESTMENTS
PRINCIPAL
AMOUNT($)
VALUE($)
Corporate Bonds — continued
United States — continued
Truist Financial Corp.
(SOFR + 2.30%), 6.12%, 10/28/2033 (f)
95,000
99,315
(SOFR + 1.85%), 5.12%, 1/26/2034 (f)
410,000
401,961
(SOFR + 2.36%), 5.87%, 6/8/2034 (f)
336,000
344,225
(SOFR + 1.92%), 5.71%, 1/24/2035 (f)
75,000
76,209
Uber Technologies, Inc. 5.35%, 9/15/2054
70,000
63,573
UGI International LLC 2.50%, 12/1/2029 (a)
EUR350,000
371,171
Union Electric Co. 3.90%, 4/1/2052
80,000
59,035
US Bancorp (SOFR + 1.86%), 5.68%, 1/23/2035 (f)
110,000
112,060
Ventas Realty LP, REIT 5.00%, 1/15/2035
325,000
312,512
Vistra Operations Co. LLC
6.00%, 4/15/2034 (b)
720,000
730,200
5.70%, 12/30/2034 (b)
150,000
149,428
Walt Disney Co. (The) 3.60%, 1/13/2051
330,000
236,969
Wells Fargo & Co.
(SOFR + 1.74%), 5.57%, 7/25/2029 (f)
780,000
800,193
(US Treasury Yield Curve Rate T Note Constant Maturity 5 Year + 2.77%), 6.85%, 9/15/2029 (d) (e) (f)
645,000
662,901
(SOFR + 1.11%), 5.24%, 1/24/2031 (f)
475,000
482,073
(SOFR + 1.99%), 5.56%, 7/25/2034 (f)
500,000
506,399
(SOFR + 1.78%), 5.50%, 1/23/2035 (f)
390,000
392,213
(SOFR + 1.74%), 5.60%, 4/23/2036 (f)
750,000
758,761
Welltower OP LLC, REIT 2.80%, 6/1/2031
220,000
196,785
 
83,071,480
Total Corporate Bonds
(Cost $470,217,297)
479,112,903
Foreign Government Securities — 31.7%
Australia — 1.5%
Commonwealth of Australia
1.25%, 5/21/2032
AUD19,398,000
10,495,191
3.00%, 3/21/2047 (a)
AUD2,140,000
1,039,218
 
11,534,409
Brazil — 2.5%
Notas do Tesouro Nacional 10.00%, 1/1/2027 (g)
BRL121,900,000
20,163,212
Canada — 10.4%
Canada Government Bond
3.50%, 8/1/2025
CAD11,190,000
8,165,394
4.50%, 11/1/2025
CAD17,479,000
12,831,307
0.25%, 3/1/2026
CAD16,062,000
11,502,000
3.00%, 4/1/2026
CAD18,245,000
13,339,517
4.00%, 5/1/2026
CAD13,162,000
9,711,692
4.00%, 8/1/2026
CAD22,838,000
16,911,120
3.00%, 2/1/2027
CAD13,022,000
9,551,744
 
82,012,774
Colombia — 0.4%
Republic of Colombia
7.38%, 4/25/2030
1,849,000
1,904,285
JPMorgan International Bond Opportunities ETF
SCHEDULE OF PORTFOLIO INVESTMENTS
AS OF May 31, 2025 (Unaudited) (continued)
INVESTMENTS
PRINCIPAL
AMOUNT($)
VALUE($)
Foreign Government Securities — continued
Colombia—continued
3.13%, 4/15/2031
242,000
198,053
7.50%, 2/2/2034
805,000
798,560
 
2,900,898
Costa Rica — 0.1%
Republic of Costa Rica 7.30%, 11/13/2054 (b)
791,000
808,402
Czech Republic — 1.5%
Czech Republic
4.90%, 4/14/2034
CZK68,550,000
3,322,827
3.50%, 5/30/2035
CZK176,500,000
7,620,005
1.95%, 7/30/2037
CZK37,240,000
1,315,628
 
12,258,460
Dominican Republic — 0.3%
Dominican Republic Government Bond
6.95%, 3/15/2037 (b)
2,002,000
2,009,007
5.30%, 1/21/2041 (b)
375,000
315,938
 
2,324,945
Egypt — 0.3%
Arab Republic of Egypt
8.63%, 2/4/2030 (b)
1,073,000
1,066,562
7.63%, 5/29/2032 (a)
1,585,000
1,423,033
 
2,489,595
Germany — 1.2%
Bundesobligation 2.10%, 4/12/2029 (a)
EUR2,500,000
2,851,864
Bundesrepublik Deutschland
1.70%, 8/15/2032 (a)
EUR2,370,000
2,589,813
2.30%, 2/15/2033 (a)
EUR1,090,000
1,234,528
Bundesschatzanweisungen 2.90%, 6/18/2026 (a)
EUR2,500,000
2,870,259
 
9,546,464
Guatemala — 0.3%
Republic of Guatemala
6.05%, 8/6/2031 (b)
1,635,000
1,636,635
6.55%, 2/6/2037 (b)
525,000
525,000
 
2,161,635
Hungary — 0.3%
Hungary Government Bond
5.50%, 3/26/2036 (b)
1,681,000
1,589,217
6.75%, 9/25/2052 (b)
864,000
863,352
 
2,452,569
Indonesia — 1.3%
Republic of Indonesia
6.88%, 4/15/2029
IDR37,428,000,000
2,331,996
7.00%, 2/15/2033
IDR22,841,000,000
1,421,779
6.75%, 7/15/2035
IDR102,747,000,000
6,267,897
 
10,021,672
JPMorgan International Bond Opportunities ETF
SCHEDULE OF PORTFOLIO INVESTMENTS
AS OF May 31, 2025 (Unaudited) (continued)
INVESTMENTS
PRINCIPAL
AMOUNT($)
VALUE($)
Foreign Government Securities — continued
Israel — 0.1%
State of Israel Government Bond 3.38%, 1/15/2050
1,360,000
842,775
Italy — 0.1%
Italian Republic Government Bond 2.88%, 10/17/2029
1,135,000
1,056,083
Ivory Coast — 0.3%
Republic of Cote d'Ivoire
6.13%, 6/15/2033 (a)
305,000
270,592
8.08%, 4/1/2036 (b)
678,000
639,052
6.88%, 10/17/2040 (b)
EUR2,055,000
1,909,701
 
2,819,345
Jordan — 0.2%
Hashemite Kingdom of Jordan 5.85%, 7/7/2030 (a)
1,532,000
1,432,466
Kenya — 0.1%
Republic of Kenya 9.50%, 3/5/2036 (b)
958,000
873,696
Lebanon — 0.0% ^
Lebanese Republic
6.65%, 4/22/2024 (a) (g)
227,000
39,271
6.65%, 11/3/2028 (a) (g)
226,000
39,098
 
78,369
Mexico — 3.7%
Mex Bonos Desarr Fix Rt
8.50%, 2/28/2030
MXN245,500,000
12,493,306
7.75%, 5/29/2031
MXN118,020,000
5,754,160
7.50%, 5/26/2033
MXN35,370,000
1,648,418
8.00%, 5/24/2035
MXN121,230,000
5,744,237
United Mexican States
4.49%, 5/25/2032
EUR926,000
1,055,128
6.35%, 2/9/2035
685,000
682,602
7.38%, 5/13/2055
824,000
814,524
3.77%, 5/24/2061
1,317,000
737,520
3.75%, 4/19/2071
741,000
400,047
 
29,329,942
New Zealand — 0.3%
New Zealand Government Bond
4.50%, 4/15/2027 (a)
NZD952,000
579,557
2.75%, 4/15/2037 (a)
NZD3,201,000
1,563,851
 
2,143,408
Oman — 0.3%
Sultanate of Oman Government Bond
5.63%, 1/17/2028 (a)
300,000
302,681
6.25%, 1/25/2031 (a)
1,110,000
1,160,094
6.75%, 1/17/2048 (a)
1,025,000
1,029,295
 
2,492,070
JPMorgan International Bond Opportunities ETF
SCHEDULE OF PORTFOLIO INVESTMENTS
AS OF May 31, 2025 (Unaudited) (continued)
INVESTMENTS
PRINCIPAL
AMOUNT($)
VALUE($)
Foreign Government Securities — continued
Paraguay — 0.2%
Republic of Paraguay
4.95%, 4/28/2031 (b)
550,000
539,516
5.60%, 3/13/2048 (a)
1,480,000
1,280,200
 
1,819,716
Poland — 3.0%
Republic of Poland
4.75%, 7/25/2029
PLN20,865,000
5,550,584
1.75%, 4/25/2032
PLN24,920,000
5,371,077
6.00%, 10/25/2033
PLN13,324,000
3,729,140
2.00%, 8/25/2036
PLN31,790,903
7,559,322
5.50%, 3/18/2054
1,395,000
1,261,952
 
23,472,075
Romania — 0.2%
Romania Government Bond
6.63%, 9/27/2029 (b)
EUR776,000
935,848
7.50%, 2/10/2037 (b)
448,000
449,815
 
1,385,663
Senegal — 0.0% ^
Republic of Senegal 6.25%, 5/23/2033 (a)
423,000
303,240
South Africa — 1.2%
Republic of South Africa
4.30%, 10/12/2028
1,175,000
1,123,594
4.85%, 9/30/2029
1,190,000
1,133,177
9.00%, 1/31/2040
ZAR160,863,000
7,547,353
 
9,804,124
Turkey — 1.1%
Istanbul Metropolitan Municipality
6.38%, 12/9/2025 (a)
420,000
418,828
10.50%, 12/6/2028 (a)
380,000
404,320
Republic of Turkiye (The)
HB, 36.00%, 8/12/2026
TRY173,351,253
4,202,709
HB, 30.00%, 9/12/2029
TRY67,952,334
1,531,848
7.25%, 5/29/2032
2,135,000
2,097,744
 
8,655,449
United Arab Emirates — 0.2%
United Arab Emirates Government Bond 4.00%, 7/28/2050 (b)
2,245,000
1,403,125
United Kingdom — 0.6%
United Kingdom of Great Britain and Northern Ireland 4.25%, 3/7/2036 (a)
GBP3,456,937
4,466,506
Total Foreign Government Securities
(Cost $256,916,025)
251,053,087
Commercial Mortgage-Backed Securities — 0.2%
United States — 0.2%
BANK Series 2018-BN13, Class C, 4.55%, 8/15/2061 (i)
118,000
100,006
Benchmark Mortgage Trust Series 2019-B11, Class C, 3.75%, 5/15/2052 (i)
315,000
241,523
JPMorgan International Bond Opportunities ETF
SCHEDULE OF PORTFOLIO INVESTMENTS
AS OF May 31, 2025 (Unaudited) (continued)
INVESTMENTS
PRINCIPAL
AMOUNT($)
VALUE($)
Commercial Mortgage-Backed Securities — continued
United States — continued
BHMS Series 2018-ATLS, Class A, 5.88%, 7/15/2035 (b) (i)
130,000
130,010
BX Commercial Mortgage Trust Series 2024-MF, Class B, 6.02%, 2/15/2039 (b) (i)
283,346
283,700
CCUBS Commercial Mortgage Trust Series 2017-C1, Class C, 4.43%, 11/15/2050 (i)
28,000
25,283
CD Mortgage Trust Series 2016-CD2, Class C, 3.97%, 11/10/2049 (i)
21,000
12,337
FHLMC, Multi-Family Structured Pass-Through Certificates
Series K739, Class X1, IO, 1.18%, 9/25/2027 (i)
1,976,947
38,949
Series K072, Class X3, IO, 2.14%, 12/25/2045 (i)
400,000
20,185
Series K089, Class X3, IO, 2.30%, 1/25/2046 (i)
850,000
63,507
Series K078, Class X3, IO, 2.21%, 6/25/2046 (i)
1,820,000
107,136
Series K088, Class X3, IO, 2.35%, 2/25/2047 (i)
880,000
66,562
FREMF Series 2018-KF46, Class B, 6.42%, 3/25/2028 (b) (i)
18,152
17,434
FREMF Mortgage Trust
Series 2017-KF38, Class B, 6.97%, 9/25/2024 (b) (i)
19,725
19,718
Series 2018-KF49, Class B, 6.37%, 6/25/2025 (b) (i)
133,319
133,085
GS Mortgage Securities Trust Series 2015-GC30, Class C, 3.99%, 5/10/2050 (i)
36,000
32,059
JPMBB Commercial Mortgage Securities Trust
Series 2015-C30, Class C, 4.22%, 7/15/2048 (i)
62,000
47,918
Series 2015-C31, Class C, 4.60%, 8/15/2048 (i)
23,000
18,400
JPMorgan Chase Commercial Mortgage Securities Trust Series 2016-JP4, Class C, 3.38%, 12/15/2049 (i)
28,000
24,090
Morgan Stanley Bank of America Merrill Lynch Trust Series 2015-C24, Class C, 4.29%, 5/15/2048 (i)
36,000
34,903
Morgan Stanley Capital I Trust
Series 2005-HQ7, Class E, 5.44%, 11/14/2042 (i)
620
609
Series 2015-MS1, Class B, 4.01%, 5/15/2048 (i)
28,000
26,834
SDR Commercial Mortgage Trust Series 2024-DSNY, Class B, 6.07%, 5/15/2039 (b) (i)
378,000
372,448
UBS Commercial Mortgage Trust Series 2017-C7, Class B, 4.29%, 12/15/2050 (i)
106,000
101,299
Velocity Commercial Capital Loan Trust
Series 2018-2, Class A, 4.05%, 10/26/2048 (b) (i)
46,434
45,165
Series 2019-1, Class M1, 3.94%, 3/25/2049 (b) (i)
57,441
53,153
Total Commercial Mortgage-Backed Securities
(Cost $2,210,325)
2,016,313
Asset-Backed Securities — 0.2%
Cayman Islands — 0.1%
Dryden CLO Ltd. Series 2019-68A, Class ARR, 5.36%, 7/15/2035 (b) (i)
330,000
329,902
Galaxy CLO Ltd. Series 2013-15A, Class ARR, 5.49%, 10/15/2030 (b) (i)
4,464
4,463
 
334,365
United States — 0.1%
Accelerated Assets LLC Series 2018-1, Class C, 6.65%, 12/2/2033 (b)
35,180
34,411
Chase Funding Trust Series 2003-6, Class 1A7, 4.83%, 11/25/2034 (j)
46,119
45,359
Credit-Based Asset Servicing and Securitization LLC Series 2004-CB5, Class M1, 5.35%, 1/25/2034 (i)
59,247
63,685
Exeter Automobile Receivables Trust Series 2024-3A, Class D, 5.98%, 9/16/2030
300,000
303,656
Flagship Credit Auto Trust
Series 2023-1, Class A3, 5.01%, 8/16/2027 (b)
50,188
50,198
Series 2023-1, Class B, 5.05%, 1/18/2028 (b)
66,000
65,955
JPMorgan International Bond Opportunities ETF
SCHEDULE OF PORTFOLIO INVESTMENTS
AS OF May 31, 2025 (Unaudited) (continued)
INVESTMENTS
PRINCIPAL
AMOUNT($)
VALUE($)
Asset-Backed Securities — continued
United States — continued
JetBlue Pass-Through Trust Series 2019-1, Class A, 2.95%, 5/15/2028
37,198
33,918
US Auto Funding Series 2021-1A, Class C, 2.20%, 5/15/2026 (b)
385,264
359,488
 
956,670
Total Asset-Backed Securities
(Cost $1,318,590)
1,291,035
Collateralized Mortgage Obligations — 0.1%
United States — 0.1%
Alternative Loan Trust
Series 2004-25CB, Class A1, 6.00%, 12/25/2034
62,116
55,407
Series 2005-6CB, Class 1A6, 5.50%, 4/25/2035
43,716
37,074
Series 2007-2CB, Class 1A6, 5.75%, 3/25/2037
106,981
54,951
Chase Mortgage Finance Trust Series 2007-A1, Class 1A5, 6.63%, 2/25/2037 (i)
5,964
5,895
CHL Mortgage Pass-Through Trust Series 2007-16, Class A1, 6.50%, 10/25/2037
39,689
16,165
Connecticut Avenue Securities Trust Series 2023-R02, Class 1M1, 6.62%, 1/25/2043 (b) (i)
244,601
250,157
FHLMC, REMIC
Series 4305, Class SK, IF, IO, 2.15%, 2/15/2044 (i)
313,194
41,660
Series 4689, Class SD, IF, IO, 1.70%, 6/15/2047 (i)
209,620
24,043
Series 5022, IO, 3.00%, 9/25/2050
326,655
55,382
Series 5023, Class MI, IO, 3.00%, 10/25/2050
572,615
95,678
Series 4839, Class WS, IF, IO, 1.65%, 8/15/2056 (i)
1,534,679
209,903
FNMA, REMIC
Series 2012-146, Class AI, IO, 3.00%, 1/25/2028
168,900
3,575
Series 2016-68, Class BI, IO, 3.00%, 10/25/2031
257,716
14,058
Series 2012-93, Class SE, IF, IO, 1.66%, 9/25/2042 (i)
60,652
6,536
Series 2012-124, Class UI, IO, 4.00%, 11/25/2042
62,431
11,133
Series 2015-40, Class LS, IF, IO, 1.73%, 6/25/2045 (i)
160,825
17,864
Series 2017-31, Class SG, IF, IO, 1.66%, 5/25/2047 (i)
552,367
61,523
Series 2017-39, Class ST, IF, IO, 1.66%, 5/25/2047 (i)
151,177
17,100
FNMA, STRIPS Series 409, Class 27, IO, 4.00%, 4/25/2027 (i)
10,386
120
GNMA Series 2015-H13, Class GI, IO, 1.51%, 4/20/2065 (i)
30,057
793
Merrill Lynch Mortgage Investors Trust Series 2004-C, Class A1, 5.00%, 7/25/2029 (i)
5,407
5,310
Structured Adjustable Rate Mortgage Loan Trust Series 2004-8, Class 3A, 6.04%, 7/25/2034 (i)
7,823
7,690
Total Collateralized Mortgage Obligations
(Cost $1,232,318)
992,017
 
SHARES
Short-Term Investments — 3.9%
Investment Companies — 3.9%
JPMorgan U.S. Government Money Market Fund Class IM Shares, 4.26% (l) (m)
(Cost $30,613,171)
30,613,171
30,613,171
Total Investments — 96.7%
(Cost $762,507,726)
765,078,526
Other Assets in Excess of Liabilities — 3.3%
25,909,936
NET ASSETS — 100.0%
790,988,462
 
Percentages indicated are based on net assets.
 
JPMorgan International Bond Opportunities ETF
SCHEDULE OF PORTFOLIO INVESTMENTS
AS OF May 31, 2025 (Unaudited) (continued)
Abbreviations
 
AUD
Australian Dollar
BRL
Brazilian Real
CAD
Canadian Dollar
CLO
Collateralized Loan Obligations
CME
Chicago Mercantile Exchange
CZK
Czech Republic Koruna
EUR
Euro
EURIBOR
Euro Interbank Offered Rate
FHLMC
Federal Home Loan Mortgage Corp.
FNMA
Federal National Mortgage Association
GBP
British Pound
GNMA
Government National Mortgage Association
HB
High Coupon Bonds (a.k.a. "IOettes") represent the right to receive interest payments on an underlying pool of mortgages with similar features as those
associated with IO securities. Unlike IO's the owner also has a right to receive a very small portion of principal. The high interest rates result from taking
interest payments from other classes in the Real Estate Mortgage Investment Conduit trust and allocating them to the small principal of the HB class.
ICE
Intercontinental Exchange
IDR
Indonesian Rupiah
IF
Inverse Floaters represent securities that pay interest at a rate that increases (decreases) with a decline (incline) in a specified index or have an interest
rate that adjusts periodically based on changes in current interest rates and prepayments on the underlying pool of assets. The interest rate shown is the
rate in effect as of May 31, 2025. The rate may be subject to a cap and floor.
IO
Interest Only represents the right to receive the monthly interest payments on an underlying pool of mortgage loans. The principal amount shown
represents the par value on the underlying pool. The yields on these securities are subject to accelerated principal paydowns as a result of prepayment or
refinancing of the underlying pool of mortgage instruments. As a result, interest income may be reduced considerably.
JSC
Joint Stock Company
MXN
Mexican Peso
NZD
New Zealand Dollar
PLN
Polish Zloty
PT
Limited liability company
REIT
Real Estate Investment Trust
REMIC
Real Estate Mortgage Investment Conduit
SOFR
Secured Overnight Financing Rate
SOFRINDX
Compounding index of the Secured Overnight Financing Rate
SONIA
Sterling Overnight Index Average
STRIPS
Separate Trading of Registered Interest and Principal of Securities. The STRIPS Program lets investors hold and trade individual interest and principal
components of eligible notes and bonds as separate securities.
TRY
Turkish Lira
USD
United States Dollar
ZAR
South African Rand
 
^
Amount rounds to less than 0.1% of net assets.
(a)
Security exempt from registration pursuant to Regulation S under the Securities Act of 1933, as amended. Regulation S applies to securities
offerings that are made outside of the United States and do not involve direct selling efforts in the United States and as such may have
restrictions on resale.
 
(b)
Securities exempt from registration under Rule 144A or section 4(a)(2), of the Securities Act of 1933, as amended.
 
(c)
Contingent Capital security (“CoCo”). CoCos are hybrid debt securities that may be convertible into equity or may be written down if a
pre-specified trigger event occurs. The total value of aggregate CoCo holdings at May 31, 2025 is $23,677,089 or 2.99% of the Fund’s net
assets as of May 31, 2025.
 
(d)
Security is an interest bearing note with preferred security characteristics.
 
(e)
Security is perpetual and thus, does not have a predetermined maturity date. The coupon rate for this security is fixed for a period of time
and may be structured to adjust thereafter. The date shown, if applicable, reflects the next call date. The coupon rate shown is the rate in
effect as of May 31, 2025.
 
(f)
Variable or floating rate security, linked to the referenced benchmark. The interest rate shown is the current rate as of May 31, 2025.
 
(g)
Defaulted security.
 
(h)
Security has the ability to pay in kind (“PIK”) or pay income in cash. When applicable, separate rates of such payments are disclosed.
 
(i)
Variable or floating rate security, the interest rate of which adjusts periodically based on changes in current interest rates and prepayments
on the underlying pool of assets. The interest rate shown is the current rate as of May 31, 2025.
 
(j)
Step bond. Interest rate is a fixed rate for an initial period that either resets at a specific date or may reset in the future contingent upon a
predetermined trigger. The interest rate shown is the current rate as of May 31, 2025.
 
(k)
All or a portion of the security is a when-issued security, delayed delivery security, or forward commitment.
 
JPMorgan International Bond Opportunities ETF
SCHEDULE OF PORTFOLIO INVESTMENTS
AS OF May 31, 2025 (Unaudited) (continued)
(l)
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.
 
(m)
The rate shown is the current yield as of May 31, 2025.
 
Futures contracts outstanding as of May 31, 2025:
 
DESCRIPTION
NUMBER OF
CONTRACTS
EXPIRATION DATE
TRADING CURRENCY
NOTIONAL
AMOUNT ($)
VALUE AND
UNREALIZED
APPRECIATION
(DEPRECIATION) ($)
Long Contracts
Euro-BTP
149
06/06/2025
EUR
20,496,405
225,783
Euro-Schatz
168
06/06/2025
EUR
20,482,383
85,201
U.S. Treasury 10 Year Note
1,028
09/19/2025
USD
114,011,625
1,412,858
U.S. Treasury 10 Year Ultra Note
127
09/19/2025
USD
14,327,187
175,240
U.S. Treasury Long Bond
145
09/19/2025
USD
16,403,125
339,942
Long Gilt
300
09/26/2025
GBP
36,976,673
493,006
U.S. Treasury 5 Year Note
1,011
09/30/2025
USD
109,488,141
629,693
 
3,361,723
Short Contracts
Euro-Bobl
(142
)
06/06/2025
EUR
(19,223,918
)
(70,238
)
Euro-Bund
(18
)
06/06/2025
EUR
(2,684,136
)
(7,627
)
Euro-Buxl 30 Year Bond
(54
)
06/06/2025
EUR
(7,464,403
)
(209,662
)
Japan 10 Year Bond
(36
)
06/13/2025
JPY
(34,840,404
)
(12,801
)
U.S. Treasury 10 Year Note
(70
)
09/19/2025
USD
(7,763,438
)
(63,962
)
U.S. Treasury 10 Year Ultra Note
(81
)
09/19/2025
USD
(9,137,812
)
(105,965
)
U.S. Treasury Long Bond
(14
)
09/19/2025
USD
(1,583,750
)
(32,774
)
U.S. Treasury Ultra Bond
(194
)
09/19/2025
USD
(22,564,625
)
(511,467
)
U.S. Treasury 2 Year Note
(213
)
09/30/2025
USD
(44,200,828
)
(68,586
)
U.S. Treasury 5 Year Note
(261
)
09/30/2025
USD
(28,265,484
)
(159,399
)
 
(1,242,481
)
 
2,119,242
 
Abbreviations
 
EUR
Euro
GBP
British Pound
JPY
Japanese Yen
USD
United States Dollar
JPMorgan International Bond Opportunities ETF
SCHEDULE OF PORTFOLIO INVESTMENTS
AS OF May 31, 2025 (Unaudited) (continued)
Forward foreign currency exchange contracts outstanding as of May 31, 2025:
 
CURRENCY
PURCHASED
CURRENCY
SOLD
COUNTERPARTY
SETTLEMENT
DATE
UNREALIZED
APPRECIATION
(DEPRECIATION) ($)
EUR
1,820,547
USD
2,039,761
BNP Paribas
6/4/2025
27,502
EUR
239,105,333
USD
270,970,087
HSBC Bank, NA
6/4/2025
538,083
EUR
472,000
USD
524,388
Morgan Stanley
6/4/2025
11,576
USD
1,321,761
EUR
1,162,236
Barclays Bank plc
6/4/2025
2,022
USD
3,481,653
EUR
3,060,133
BNP Paribas
6/4/2025
6,820
USD
7,489,813
EUR
6,554,524
Citibank, NA
6/4/2025
47,039
USD
3,348,365
EUR
2,941,367
HSBC Bank, NA
6/4/2025
8,392
USD
235,640,759
EUR
206,952,644
Morgan Stanley
6/4/2025
642,514
AUD
5,514,486
USD
3,539,280
Standard Chartered Bank
6/24/2025
16,425
BRL
21,464,394
USD
3,727,985
Citibank, NA**
6/24/2025
6,418
CAD
4,920,134
USD
3,543,667
Barclays Bank plc
6/24/2025
45,293
CNY
25,558,668
USD
3,543,668
BNP Paribas**
6/24/2025
16,878
CZK
16,806,171
USD
749,435
Citibank, NA
6/24/2025
16,767
EUR
1,546,560
USD
1,757,472
BNP Paribas
6/24/2025
919
EUR
13,304,332
USD
15,051,522
Goldman Sachs International
6/24/2025
75,082
EUR
2,152,372
USD
2,427,006
Morgan Stanley
6/24/2025
20,174
INR
303,727,325
USD
3,541,824
Citibank, NA**
6/24/2025
4,323
JPY
2,431,505,863
USD
16,738,407
BNP Paribas
6/24/2025
199,472
JPY
128,975,422
USD
875,640
Citibank, NA
6/24/2025
22,804
JPY
125,135,070
USD
870,089
Morgan Stanley
6/24/2025
1,602
KRW
19,154,410,914
USD
13,753,239
Citibank, NA**
6/24/2025
131,430
KRW
1,034,135,953
USD
742,972
Standard Chartered Bank**
6/24/2025
6,653
MXN
48,642,313
USD
2,472,866
HSBC Bank, NA
6/24/2025
28,255
PHP
25,925,146
USD
463,562
Goldman Sachs International**
6/24/2025
748
PLN
2,694,485
USD
706,958
Barclays Bank plc
6/24/2025
12,543
THB
101,916,952
USD
3,079,118
Goldman Sachs International
6/24/2025
30,804
TRY
26,018,021
USD
642,339
Barclays Bank plc
6/24/2025
6,059
TWD
108,381,244
USD
3,623,203
Citibank, NA**
6/24/2025
21,203
TWD
119,661,043
USD
4,003,782
Goldman Sachs International**
6/24/2025
19,916
USD
14,804,627
AUD
22,842,188
Barclays Bank plc
6/24/2025
76,134
USD
3,618,967
AUD
5,586,156
BNP Paribas
6/24/2025
17,050
USD
17,638,319
BRL
99,442,851
Goldman Sachs International**
6/24/2025
337,124
USD
3,567,720
CNY
25,596,322
BNP Paribas**
6/24/2025
1,929
USD
1,776,715
EUR
1,558,940
Morgan Stanley
6/24/2025
4,249
USD
777,879
IDR
12,652,145,817
HSBC Bank, NA**
6/24/2025
5,074
USD
333,734
INR
28,532,958
Citibank, NA**
6/24/2025
599
USD
22,643,506
MXN
440,288,399
Goldman Sachs International
6/24/2025
4,486
ZAR
65,533,998
USD
3,560,895
Goldman Sachs International
6/24/2025
77,784
ZAR
70,081,619
USD
3,881,552
Standard Chartered Bank
6/24/2025
9,627
EUR
1,158,137
USD
1,314,361
Citibank, NA
7/3/2025
3,185
EUR
1,068,951
USD
1,215,876
HSBC Bank, NA
7/3/2025
209
USD
2,359,468
EUR
2,072,499
Citibank, NA
7/3/2025
1,703
USD
10,400,893
GBP
7,715,305
Barclays Bank plc
7/3/2025
4,210
USD
3,886,954
GBP
2,879,731
Morgan Stanley
7/3/2025
6,401
Total unrealized appreciation
2,517,480
EUR
654,647
USD
746,322
Barclays Bank plc
6/4/2025
(2,959
)
GBP
7,715,305
USD
10,399,499
Barclays Bank plc
6/4/2025
(4,237
)
USD
11,498,965
EUR
10,182,757
Barclays Bank plc
6/4/2025
(63,728
)
USD
10,453,313
EUR
9,375,271
BNP Paribas
6/4/2025
(192,466
)
USD
2,026,863
EUR
1,823,596
HSBC Bank, NA
6/4/2025
(43,861
)
USD
10,318,580
GBP
7,715,305
BNP Paribas
6/4/2025
(76,683
)
CLP
10,816,925,672
USD
11,566,328
HSBC Bank, NA**
6/24/2025
(133,778
)
CNY
2,011,963
USD
280,481
HSBC Bank, NA**
6/24/2025
(197
)
EUR
1,583,050
RON
8,151,125
Barclays Bank plc
6/24/2025
(25,004
)
EUR
1,606,284
RON
8,266,741
Goldman Sachs International
6/24/2025
(24,472
)
USD
80,561,295
CAD
111,802,569
BNP Paribas
6/24/2025
(992,374
)
USD
3,893,006
CAD
5,351,357
HSBC Bank, NA
6/24/2025
(10,508
)
JPMorgan International Bond Opportunities ETF
SCHEDULE OF PORTFOLIO INVESTMENTS
AS OF May 31, 2025 (Unaudited) (continued)
CURRENCY
PURCHASED
CURRENCY
SOLD
COUNTERPARTY
SETTLEMENT
DATE
UNREALIZED
APPRECIATION
(DEPRECIATION) ($)
USD
3,323,017
COP
14,043,370,036
Goldman Sachs International**
6/24/2025
(48,389
)
USD
4,161,158
CZK
91,889,610
Citibank, NA
6/24/2025
(28,137
)
USD
1,773,330
CZK
39,282,790
Goldman Sachs International
6/24/2025
(17,593
)
USD
3,671,838
EUR
3,254,001
BNP Paribas
6/24/2025
(27,858
)
USD
150,393
EUR
133,615
HSBC Bank, NA
6/24/2025
(1,523
)
USD
170,079
EUR
152,761
Morgan Stanley
6/24/2025
(3,605
)
USD
4,600,726
GBP
3,448,818
BNP Paribas
6/24/2025
(46,495
)
USD
6,971,478
GBP
5,244,627
Goldman Sachs International
6/24/2025
(95,563
)
USD
821,972
HUF
300,426,088
Citibank, NA
6/24/2025
(21,630
)
USD
9,968,208
HUF
3,594,450,880
Goldman Sachs International
6/24/2025
(125,079
)
USD
13,220,786
IDR
218,928,946,478
HSBC Bank, NA**
6/24/2025
(151,613
)
USD
3,628,684
KRW
5,047,136,717
Standard Chartered Bank**
6/24/2025
(29,889
)
USD
3,543,668
MXN
69,487,774
Goldman Sachs International
6/24/2025
(29,298
)
USD
2,120,747
NZD
3,557,996
BNP Paribas
6/24/2025
(6,955
)
USD
8,983,734
PLN
33,927,566
Barclays Bank plc
6/24/2025
(75,851
)
USD
5,457,247
PLN
20,637,852
HSBC Bank, NA
6/24/2025
(53,622
)
USD
1,507,781
ZAR
27,572,515
HSBC Bank, NA
6/24/2025
(23,143
)
USD
3,561,531
ZAR
64,494,693
Standard Chartered Bank
6/24/2025
(19,442
)
USD
271,477,708
EUR
239,105,333
HSBC Bank, NA
7/3/2025
(538,800
)
USD
7,189,367
EUR
6,355,305
Morgan Stanley
7/3/2025
(40,701
)
Total unrealized depreciation
(2,955,453
)
Net unrealized depreciation
(437,973
)
 
Abbreviations
 
AUD
Australian Dollar
BRL
Brazilian Real
CAD
Canadian Dollar
CLP
Chile Peso
CNY
China Yuan
COP
Columbian Peso
CZK
Czech Republic Koruna
EUR
Euro
GBP
British Pound
HUF
Hungarian Forint
IDR
Indonesian Rupiah
INR
Indian Rupee
JPY
Japanese Yen
KRW
Korean Republic Won
MXN
Mexican Peso
NZD
New Zealand Dollar
PHP
Philippines Peso
PLN
Polish Zloty
RON
Romanian Leu
THB
Thai Baht
TRY
Turkish Lira
TWD
Taiwan Dollar
USD
United States Dollar
ZAR
South African Rand
 
**
Non-deliverable forward.
Centrally Cleared Credit default swap contracts outstanding - buy protection(*) as of May 31, 2025:
 
REFERENCE
OBLIGATION/INDEX
FINANCING
RATE PAID
BY THE FUND
(%)
PAYMENT
FREQUENCY
MATURITY
DATE
IMPLIED
CREDIT
SPREAD
(%)(a)
NOTIONAL
AMOUNT(b)
UPFRONT
PAYMENTS
(RECEIPTS)
($)(c)
UNREALIZED
APPRECIATION
(DEPRECIATION)
($)
VALUE
($)
iTraxx.Europe.Crossover.43-V1
5.00
Quarterly
6/20/2030
3.00
EUR 25,355,000
(2,125,932
)
(648,705
)
(2,774,637
)
 
JPMorgan International Bond Opportunities ETF
SCHEDULE OF PORTFOLIO INVESTMENTS
AS OF May 31, 2025 (Unaudited) (continued)
(*)
The Fund, as a buyer of credit protection, is generally obligated to make periodic payments and may also pay or receive an upfront premium to or from
the protection seller, in exchange for the right to receive a contingent payment, upon occurrence of a credit event with respect to an underlying reference
obligation, as defined under the terms of individual swap contracts.
(a)
Implied credit spreads are an indication of the seller's performance risk, related to the likelihood of a credit event occurring that would require a seller to
make payment to a buyer. Implied credit spreads are used to determine the value of swap contracts and reflect the cost of buying/selling protection, which
may include upfront payments made to enter into the contract. Therefore, higher spreads would indicate a greater likelihood that a seller will be obligated
to perform (i.e. make payment) under the swap contract. Increasing values, in absolute terms and relative to notional amounts, are also indicative of
greater performance risk. Implied credit spreads for credit default swaps on credit indices are linked to the weighted average spread across the underlying
reference obligations included in a particular index.
(b)
The notional amount is the maximum amount that a seller of credit protection would be obligated to pay and a buyer of credit protection would receive,
upon occurrence of a credit event.
(c)
Upfront payments and receipts generally represent premiums paid or received at the initiation of the agreement to compensate the differences between
the stated terms of the swap agreement and current market conditions (credit spreads, interest rates and other relevant factors).
 
Abbreviations
 
EUR
Euro
Centrally Cleared interest rate swap contracts outstanding as of May 31, 2025:
 
FLOATING RATE INDEX (a)
FIXED RATE
%
PAY/
RECEIVE
FLOATING
RATE
MATURITY
DATE
NOTIONAL
AMOUNT
UPFRONT
PAYMENTS
(RECEIPTS)
($)
UNREALIZED
APPRECIATION
(DEPRECIATION) ($)
VALUE ($)
6 month EURIBOR semi-annually
2.28 annually
Pay
12/18/2029
EUR10,465,000
—
42,754
42,754
1 day SOFR annually
3.46 annually
Pay
7/15/2028
USD63,383,000
—
130,117
130,117
1 day SOFR annually
3.62 annually
Receive
7/15/2036
USD14,714,000
—
319,742
319,742
1 day SOFR annually
3.95 annually
Pay
4/19/2029
USD41,810,000
(7,484
)
397,000
389,516
1 day CDI at termination
14.38 at termination
Pay
1/2/2029
BRL16,812,211
—
88,573
88,573
 
 
 
 
 
(7,484
)
978,186
970,702
1 day SOFR annually
4.02 annually
Receive
4/19/2037
USD9,964,000
5,076
(28,482
)
(23,406
)
1 day CDI at termination
11.25 at termination
Pay
1/4/2027
BRL18,896,361
—
(168,872
)
(168,872
)
1 day CDI at termination
11.30 at termination
Pay
1/4/2027
BRL18,880,536
—
(164,451
)
(164,451
)
1 day SOFR annually
3.96 annually
Receive
2/15/2035
USD14,377,000
3,033
(160,922
)
(157,889
)
 
 
 
 
 
8,109
(522,727
)
(514,618
)
 
 
 
 
 
625
455,459
456,084
 
Abbreviations
 
BRL
Brazilian Real
CDI
Certificate of interbank deposits
EUR
Euro
EURIBOR
Euro Interbank Offered Rate
SOFR
Secured Overnight Financing Rate
USD
United States Dollar
 
(a)
Value of floating rate index at May 31, 2025 was as follows:
 
FLOATING RATE INDEX
VALUE
1 Day CDI
2.06%
1 day SOFR
4.35
6 month EURIBOR
2.07
JPMorgan International Bond Opportunities ETF
SCHEDULE OF PORTFOLIO INVESTMENTS
AS OF May 31, 2025 (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.
A market-based approach is primarily used to value the Fund's investments. Investments for which market quotations are not readily available are fair valued using prices supplied by approved affiliated and/or unaffiliated pricing vendors or third party broker-dealers (collectively referred to as “Pricing Services”), or may be internally fair valued using methods set forth by the valuation policies approved by the Board. This may include the use of related or comparable assets or liabilities, recent transactions, market multiples, book values and other relevant information for the investment. An income-based valuation approach may be used in which the anticipated future cash flows of the investment are discounted to calculate the fair value. Discounts may also be applied due to the nature or duration of any restrictions on the disposition of the investments. Valuations may be based upon current market prices of securities that are comparable in coupon, rating, maturity and industry. It is possible that the estimated values may differ significantly from the values that would have been used had a ready market for the investments existed, and such differences could be material.
Fixed income instruments are valued based on prices received from Pricing Services. The Pricing Services use multiple valuation techniques to determine the valuation of fixed income instruments. In instances where sufficient market activity exists, the Pricing Services may utilize a market-based approach through which trades or quotes from market makers are used to determine the valuation of these instruments. In instances where sufficient market activity may not exist, the Pricing Services also utilize proprietary valuation models which may consider market transactions in comparable securities and the various relationships between securities in determining fair value and/or market characteristics in order to estimate the relevant cash flows, which are then discounted to calculate the fair values.
Investments in open-end investment companies (“Underlying Funds”) are valued at each Underlying Fund’s net asset values per share as of the report date.
Futures contracts are generally valued on the basis of available market quotations. Swaps and forward foreign currency exchange contracts are valued utilizing market quotations from approved Pricing Services.
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: 
JPMorgan International Bond Opportunities ETF
SCHEDULE OF PORTFOLIO INVESTMENTS
AS OF May 31, 2025 (Unaudited) (continued)
 
 
 
 
Level 1
Quoted prices
Level 2
Other significant
observable inputs
Level 3
Significant
unobservable inputs
Total
Investments in Securities
Asset-Backed Securities
$—
$1,291,035
$—
$1,291,035
Collateralized Mortgage Obligations
—
992,017
—
992,017
Commercial Mortgage-Backed Securities
—
2,016,313
—
2,016,313
Corporate Bonds
—
479,112,903
—
479,112,903
Foreign Government Securities
—
251,053,087
—
251,053,087
Short-Term Investments
Investment Companies
30,613,171
—
—
30,613,171
Total Investments in Securities
$30,613,171
$734,465,355
$—
$765,078,526
Appreciation in Other Financial Instruments
Forward Foreign Currency Exchange Contracts
$—
$2,517,480
$—
$2,517,480
Futures Contracts
3,361,723
—
—
3,361,723
Swaps
—
978,186
—
978,186
Depreciation in Other Financial Instruments
Forward Foreign Currency Exchange Contracts
$—
$(2,955,453
)
$—
$(2,955,453
)
Futures Contracts
(1,242,481
)
—
—
(1,242,481
)
Swaps
—
(1,171,432
)
—
(1,171,432
)
Total Net Appreciation/ Depreciation in Other
Financial Instruments
$2,119,242
$(631,219
)
$—
$1,488,023
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 May 31, 2025
Security Description
Value at
February 28,
2025
Purchases at
Cost
Proceeds from
Sales
Net Realized
Gain (Loss)
Change in
Unrealized
Appreciation/
(Depreciation)
Value at
May 31,
2025
Shares at
May 31,
2025
Dividend
Income
Capital Gain
Distributions
JPMorgan U.S. Government
Money Market Fund Class IM
Shares, 4.26%  (a) (b)
$14,100,041
$117,487,628
$100,974,498
$—
$—
$30,613,171
30,613,171
$361,868
$—
 
 
(a)
Investment in an affiliated fund, which is registered under the Investment Company Act of 1940, as amended, and is advised by J.P. Morgan
Investment Management Inc.
(b)
The rate shown is the current yield as of May 31, 2025.
C. Derivatives— The Fund used derivative instruments including options, futures contracts, forward foreign currency exchange contracts and swaps, in connection with its investment strategy. Derivative instruments may be used as substitutes for securities in which the Fund can invest, to hedge portfolio investments or to generate income or gain to the Fund. Derivatives may also be used to manage duration, sector and yield curve exposures and credit and spread volatility.
The Fund may be subject to various risks from the use of derivatives, including the risk that changes in the value of a derivative may not correlate perfectly with the underlying asset, rate or index; counterparty credit risk related to derivatives counterparties’ failure to perform under contract terms; liquidity risk related to the potential lack of a liquid market for these contracts allowing a Fund to close out its position(s); and documentation risk relating to disagreement over contract terms. Investing in certain derivatives also results in a form of leverage and as such, the Fund's risk of loss associated with these instruments may exceed their value.
JPMorgan International Bond Opportunities ETF
SCHEDULE OF PORTFOLIO INVESTMENTS
AS OF May 31, 2025 (Unaudited) (continued)
The Fund is party to various derivative contracts governed by International Swaps and Derivatives Association master agreements (“ISDA agreements”). The Fund's ISDA agreements, which are separately negotiated with each dealer counterparty, may contain provisions allowing, absent other considerations, a counterparty to exercise rights, to the extent not otherwise waived, against the Fund in the event the Fund's net assets decline over time by a pre-determined percentage or fall below a pre-determined floor. The ISDA agreements may also contain provisions allowing, absent other conditions, the Fund to exercise rights, to the extent not otherwise waived, against a counterparty (e.g., decline in a counterparty’s credit rating below a specified level). Such rights for both a counterparty and the Fund often include the ability to terminate (i.e., close out) open contracts at prices which may favor a counterparty, which could have an adverse effect on the Fund. The ISDA agreements give the Fund and a counterparty the right, upon an event of default, to close out all transactions traded under such agreements and to net amounts owed or due across all transactions and offset such net payable or receivable against collateral posted to a segregated account by one party for the benefit of the other.
Counterparty credit risk may be mitigated to the extent a counterparty posts additional collateral for mark to market gains to the Fund.
Notes (1) — (3) below describe the various derivatives used by the Fund.
(1). Futures Contracts— The Fund used currency, index, interest rate, treasury or other financial futures contracts to manage and hedge interest rate risk associated with portfolio investments and to gain or reduce exposure to positive and negative price fluctuation or a particular countries or regions. The Fund also used futures contracts to lengthen or shorten the duration of the overall investment portfolio. The Fund used commodity futures contracts to obtain long and short exposure to the underlying commodities markets. The purchase of futures contracts will tend to increase the Fund's exposure to positive and negative price fluctuations in the underlying instrument. The sales of futures contracts will tend to offset both positive and negative market price changes.
Futures contracts provide for the delayed delivery of the underlying instrument at a fixed price or are settled for a cash amount based on the change in the value of the underlying instrument at a specific date in the future. Upon entering into a futures contract, the Fund is required to deposit with the broker, cash or securities in an amount equal to a certain percentage of the contract amount, which is referred to as the initial margin deposit. Subsequent payments, referred to as variation margin, are made or received by the Fund periodically and are based on changes in the market value of open futures contracts. Changes in the market value of open futures contracts are recorded as change in net unrealized appreciation/depreciation on futures contracts. Securities deposited as initial margin are designated on the Schedule of Investments, while cash deposited is considered restricted.
The Fund may be exposed to the risk that the change in the value of the futures contract may not correlate perfectly with the underlying instrument. Use of long futures contracts subject the Fund to risk of loss up to the notional amount of the futures contracts. Use of short futures contracts subjects the Fund to unlimited risk of loss. The Fund may enter into futures contracts only on exchanges or boards of trade. The exchange or board of trade acts as the counterparty to each futures transaction; therefore, the Fund's credit risk is limited to failure of the exchange or board of trade. Under some circumstances, futures exchanges may establish daily limits on the amount that the price of a futures contract can vary from the previous day’s settlement price, which could effectively prevent liquidation of positions.
The Fund's futures contracts are not subject to master netting arrangements (the right to close out all transactions traded with a counterparty and net amounts owed or due across transactions).
(2). Forward Foreign Currency Exchange Contracts— The Fund is exposed to foreign currency risks associated with some or all of the portfolio investments and used forward foreign currency exchange contracts to hedge or manage certain of these exposures as part of an investment strategy. The Fund also bought forward foreign currency exchange contracts to gain exposure to currencies. Forward foreign currency exchange contracts represent obligations to purchase or sell foreign currency on a specified future date at a price fixed at the time the contracts are entered into. Non-deliverable forward foreign currency exchange contracts are settled with the counterparty in U.S. dollars without the delivery of the foreign currency.
The values of the forward foreign currency exchange contracts are adjusted daily based on the applicable exchange rate of the underlying currency. Changes in the value of these contracts are recorded as unrealized appreciation or depreciation until the contract settlement date. When the forward foreign currency exchange contract is closed, the Fund records a realized gain or loss equal to the difference between the value at the time the contract was opened and the value at the time it was closed. The Fund also records a realized gain or loss, upon settlement, when a forward foreign currency exchange contract offsets another forward foreign currency exchange contract with the same counterparty.
The Fund's forward foreign currency exchange contracts are subject to master netting arrangements (the right to close out all transactions with a counterparty and net amounts owed or due across transactions).
The Fund may be required to post or receive collateral for non-deliverable forward foreign currency exchange contracts.
(3). Swaps — The Fund engaged in various swap transactions to manage credit, interest rate (e.g., duration, yield curve), currency, inflation and total return risks within its portfolio. The Fund also used swaps as alternatives to direct investments. Swap transactions are contracts
JPMorgan International Bond Opportunities ETF
SCHEDULE OF PORTFOLIO INVESTMENTS
AS OF May 31, 2025 (Unaudited) (continued)
negotiated over-the-counter (“OTC swaps”) between the Fund and a counterparty or are centrally cleared (“centrally cleared swaps”) through a central clearinghouse managed by a Futures Commission Merchant (“FCM”) that exchange investment cash flows, assets, foreign currencies or market-linked returns at specified, future intervals.
Upfront payments made and/or received by the Fund are recorded as assets or liabilities, respectively, and amortized over the term of the swap. The value of an OTC swap agreement is recorded at the beginning of the measurement period. Upon entering into a centrally cleared swap, the Fund is required to deposit with the FCM cash or securities, which is referred to as initial margin deposit. Securities deposited as initial margin are designated on the Schedule of Investments, while cash deposited is considered restricted. The change in the value of swaps, including accruals of periodic amounts of interest to be paid or received on swaps, is reported as change in net unrealized appreciation/depreciation on swaps. A realized gain or loss is recorded upon payment or receipt of a periodic payment or payment made upon termination of a swap agreement.
The Fund may be required to post or receive collateral based on the net value of the Fund's outstanding OTC swap contracts with the counterparty in the form of cash or securities. Daily movement of cash collateral is subject to minimum threshold amounts. Collateral posted by the Fund is held in a segregated account at the Fund's custodian bank.
The central clearinghouse acts as the counterparty to each centrally cleared swap transaction; therefore credit risk is limited to the failure of the clearinghouse.
The Fund's swap contracts (excluding centrally cleared swaps) are subject to master netting arrangements.
Credit Default Swaps
The Fund entered into credit default swaps to simulate long and/or short bond positions or to take an active long and/or short position with respect to the likelihood of a default or credit event by the issuer of the underlying reference obligation.
The underlying reference obligation may be a single issuer of corporate or sovereign debt, a basket of issuers or a credit index. A credit index is a list of credit instruments or exposures that reference a fixed number of obligors with shared characteristics that represents some part of the credit market as a whole. Index credit default swaps have standardized terms including a fixed spread and standard maturity dates. The composition of the obligations within a particular index changes periodically.
Credit default swaps involve one party, the protection buyer, making a stream of payments to another party, the protection seller, in exchange for the right to receive a contingent payment if there is a credit event related to the underlying reference obligation. In the event that the reference obligation matures prior to the termination date of the contract, a similar security will be substituted for the duration of the contract term. Credit events are defined under individual swap agreements and generally include bankruptcy, failure to pay, restructuring, repudiation/moratorium, obligation acceleration and obligation default.
If a credit event occurs, the Fund, as a protection seller, would be obligated to make a payment, which may be either: (i) a net cash settlement equal to the notional amount of the swap less the auction value of the reference obligation or (ii) the notional amount of the swap in exchange for the delivery of the reference obligation. Selling protection effectively adds leverage to the Fund's portfolio up to the notional amount of swap agreements. The notional amount represents the maximum potential liability under a contract. Potential liabilities under these contracts may be reduced by: the auction rates of the underlying reference obligations; upfront payments received at the inception of a swap; and net amounts received from credit default swaps purchased with the identical reference obligation.
Interest Rate Swaps
The Fund entered into interest rate swap contracts to manage fund exposure to interest rates or to either preserve or generate a return on a particular investment or portion of its portfolio. These are agreements between counterparties to exchange periodic interest payments based on interest rates. One cash flow stream will typically be a floating rate payment based upon a specified interest rate while the other is typically based on a fixed interest rate.