NPORT-EX 2 JPMLDBETF.htm EDGAR HTML
JPMorgan Limited Duration Bond 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 Limited Duration Bond ETF
SCHEDULE OF PORTFOLIO INVESTMENTS
AS OF May 31, 2025 (Unaudited)
 
INVESTMENTS
PRINCIPAL
AMOUNT($)
VALUE($)
Asset-Backed Securities — 40.9%
Affirm Asset Securitization Trust Series 2024-X2, Class A, 5.22%, 12/17/2029 (a)
545,118
545,299
Amortizing Residential Collateral Trust Series 2002-BC9, Class M1, 6.09%, 12/25/2032 (b)
996,840
952,357
AMSR Trust
Series 2020-SFR3, Class A, 1.36%, 9/17/2037 (a)
7,104,240
7,032,169
Series 2021-SFR2, Class A, 1.53%, 8/17/2038 (a)
3,999,080
3,841,597
Series 2024-SFR1, Class A, 4.29%, 7/17/2041 (a) (c)
7,810,000
7,633,414
Series 2025-SFR1, Class A, 3.66%, 6/17/2042 (a)
2,025,000
1,899,942
Apidos CLO (Cayman Islands)
Series 2019-31A, Class A1R, 5.62%, 4/15/2031 (a) (b)
3,015,860
3,018,791
Series 2016-25A, Class A1R3, 5.41%, 1/20/2037 (a) (b)
3,355,000
3,348,129
Aqua Finance Issuer Trust Series 2025-A, Class A, 5.25%, 12/19/2050 ‡ (a)
6,208,133
6,192,323
Auxilior Term Funding LLC Series 2023-1A, Class A2, 6.18%, 12/15/2028 (a)
521,382
525,584
BA Credit Card Trust Series 2024-A1, Class A, 4.93%, 5/15/2029
4,500,000
4,557,028
Ballyrock CLO Ltd. (Cayman Islands)
Series 2020-2A, Class A1R, 5.54%, 10/20/2031 (a) (b)
2,295,656
2,297,086
Series 2019-1A, Class A1R, 5.55%, 7/15/2032 (a) (b)
5,274,178
5,277,364
Bear Stearns Asset-Backed Securities I Trust Series 2005-HE1, Class M2, 5.11%, 1/25/2035 (b)
223,889
229,595
Bear Stearns Asset-Backed Securities Trust Series 2003-SD1, Class A, 5.34%, 12/25/2033 (b)
368,806
376,967
Benefit Street Partners CLO Ltd. (Cayman Islands) Series 2018-14A, Class AR, 5.64%, 10/20/2037 (a) (b)
5,000,000
5,016,310
BRE Grand Islander Timeshare Issuer LLC Series 2019-A, Class A, 3.28%, 9/26/2033 (a)
650,076
639,237
BSPRT Issuer Ltd. Series 2022-FL8, Class A, 5.83%, 2/15/2037 (a) (b)
2,183,887
2,178,919
Business Jet Securities LLC
Series 2022-1A, Class A, 4.46%, 6/15/2037 ‡ (a)
5,550,273
5,432,202
Series 2024-1A, Class A, 6.20%, 5/15/2039 ‡ (a)
3,529,358
3,585,529
Series 2024-2A, Class A, 5.36%, 9/15/2039 ‡ (a)
5,694,253
5,678,698
BXG Receivables Note Trust Series 2018-A, Class A, 3.77%, 2/2/2034 (a)
417,456
415,510
BXMT Ltd. (Cayman Islands) Series 2020-FL3, Class A, 6.34%, 11/15/2037 (a) (b)
3,095,617
3,090,228
Carlyle US CLO Ltd. (Cayman Islands) Series 2021-1A, Class A1BR, 5.86%, 1/15/2040 (a) (b)
5,000,000
5,004,635
Carmax Auto Owner Trust
Series 2022-2, Class A3, 3.49%, 2/16/2027
1,008,363
1,005,392
Series 2025-1, Class A3, 4.84%, 1/15/2030
3,235,000
3,263,931
CARS-DB5 LP Series 2021-1A, Class A1, 1.44%, 8/15/2051 (a)
2,265,409
2,161,134
Carvana Auto Receivables Trust
Series 2023-N4, Class A, 6.42%, 1/10/2028 (a)
1,416,636
1,423,251
Series 2024-P2, Class A3, 5.33%, 7/10/2029
2,250,000
2,270,727
Series 2024-P3, Class A3, 4.26%, 10/10/2029
5,000,000
4,983,322
Series 2024-P4, Class A3, 4.64%, 1/10/2030
1,835,000
1,841,179
Series 2024-P3, Class A4, 4.31%, 9/10/2030
4,350,000
4,319,844
Centex Home Equity Loan Trust Series 2002-A, Class MV1, 5.29%, 1/25/2032 (b)
68,034
73,326
CF Hippolyta Issuer LLC Series 2020-1, Class A1, 1.69%, 7/15/2060 (a)
2,307,094
2,289,978
Clarus Capital Funding LLC Series 2024-1A, Class A2, 4.71%, 8/20/2032 (a)
2,212,245
2,210,574
CNH Equipment Trust Series 2024-C, Class A4, 4.12%, 3/15/2032
3,585,000
3,534,794
Consumer Portfolio Services Auto Trust
Series 2025-A, Class A, 4.77%, 10/16/2028 (a)
2,781,327
2,778,569
Series 2025-B, Class A, 4.74%, 2/15/2029 (a)
6,315,000
6,311,743
CoreVest American Finance Trust
Series 2020-2, Class A, 3.38%, 5/15/2052 (a)
78,707
78,090
Series 2020-4, Class A, 1.17%, 12/15/2052 (a)
2,034,899
2,007,411
JPMorgan Limited Duration Bond ETF
SCHEDULE OF PORTFOLIO INVESTMENTS
AS OF May 31, 2025 (Unaudited) (continued)
INVESTMENTS
PRINCIPAL
AMOUNT($)
VALUE($)
Asset-Backed Securities — continued
Countrywide Asset-Backed Certificates
Series 2003-BC2, Class 2A1, 5.04%, 6/25/2033 (b)
107,185
106,620
Series 2004-S1, Class M2, 5.58%, 2/25/2035 (c)
8,465
8,416
CPS Auto Receivables Trust Series 2024-D, Class A, 4.91%, 6/15/2028 (a)
887,420
887,800
Credit Acceptance Auto Loan Trust
Series 2023-3A, Class A, 6.39%, 8/15/2033 (a)
2,375,000
2,397,335
Series 2024-3A, Class A, 4.68%, 9/15/2034 (a)
11,845,000
11,857,306
Series 2025-1A, Class A, 5.02%, 3/15/2035 (a)
5,745,000
5,779,236
Diamond Resorts Owner Trust Series 2021-1A, Class A, 1.51%, 11/21/2033 (a)
270,357
267,917
DLLAA LLC Series 2025-1A, Class A2, 4.70%, 10/20/2027 (a)
3,000,000
3,000,174
Drive Auto Receivables Trust Series 2024-2, Class A3, 4.50%, 9/15/2028
3,460,000
3,453,744
Dryden Senior Loan Fund (Cayman Islands) Series 2016-43A, Class AR3, 5.34%, 4/20/2034 (a) (b)
5,000,000
4,996,125
Elmwood CLO Ltd. (Cayman Islands) Series 2021-5A, Class AR, 5.62%, 10/15/2037 (a) (b)
5,200,000
5,215,512
Enterprise Fleet Financing LLC Series 2025-2, Class A3, 4.41%, 6/20/2029 (a)
3,565,000
3,561,204
Exeter Automobile Receivables Trust
Series 2024-3A, Class A2, 5.82%, 2/15/2027
418,154
418,373
Series 2024-5A, Class A3, 4.45%, 3/15/2028
1,750,000
1,746,183
Series 2023-4A, Class C, 6.51%, 8/15/2028
2,500,000
2,522,753
Series 2024-4A, Class A3, 5.28%, 8/15/2030
3,000,000
3,006,209
First Franklin Mortgage Loan Trust
Series 2002-FF1, Class M1, 5.49%, 4/25/2032 (b)
37,894
42,365
Series 2002-FF4, Class M1, 6.01%, 2/25/2033 (b)
578,174
496,450
Series 2003-FFH1, Class M2, 7.06%, 9/25/2033 (b)
227,863
208,185
Series 2004-FF8, Class M4, 6.05%, 10/25/2034 (b)
188,976
125,540
FirstKey Homes Trust
Series 2021-SFR1, Class A, 1.54%, 8/17/2038 (a)
6,502,857
6,251,259
Series 2022-SFRA, Class A, 3.10%, 3/17/2039 (a)
1,958,042
1,900,062
Foundation Finance Trust
Series 2024-1A, Class A, 5.50%, 12/15/2049 (a)
1,716,647
1,740,258
Series 2024-2A, Class A, 4.60%, 3/15/2050 (a)
3,841,266
3,820,367
FS Rialto (Cayman Islands) Series 2021-FL3, Class A, 5.69%, 11/16/2036 (a) (b)
3,011,331
2,998,376
Galaxy CLO Ltd. (Cayman Islands) Series 2013-15A, Class ARR, 5.49%, 10/15/2030 (a) (b)
35,245
35,238
Generate CLO Ltd. (Cayman Islands) Series 6A, Class AR2, 5.67%, 10/22/2037 (a) (b)
5,000,000
5,013,790
GLS Auto Receivables Issuer Trust
Series 2025-1A, Class B, 4.98%, 7/16/2029 (a)
15,300,000
15,368,432
Series 2025-2A, Class B, 4.97%, 10/15/2029 (a)
2,500,000
2,513,951
GLS Auto Select Receivables Trust Series 2024-4A, Class A2, 4.43%, 12/17/2029 (a)
1,159,242
1,155,575
GM Financial Automobile Leasing Trust
Series 2024-3, Class A3, 4.21%, 10/20/2027
1,250,000
1,247,412
Series 2024-3, Class A4, 4.22%, 10/20/2028
1,250,000
1,242,787
GMF Floorplan Owner Revolving Trust Series 2024-4A, Class A2, 4.88%, 11/15/2029 (a) (b)
3,000,000
2,986,287
Goodgreen (Cayman Islands)
Series 2018-1A, Class A, 3.93%, 10/15/2053 ‡ (a) (b)
1,665,735
1,521,211
Series 2019-1A, Class A, 3.86%, 10/15/2054 ‡ (a)
1,197,817
1,082,639
Goodgreen Trust Series 2017-2A, Class A, 3.26%, 10/15/2053 ‡ (a)
1,027,690
910,680
Goodleap, 6.63%, 7/15/2038 ‡ (a)
1,485,000
1,523,714
GreatAmerica Leasing Receivables Funding LLC Series 2025-1, Class A3, 4.49%, 4/16/2029 (a)
2,000,000
1,996,691
GreenPoint Mortgage Funding Trust Series 2005-HE3, Class A, 4.62%, 9/15/2030 (b)
3,264
3,238
Harley-Davidson Motorcycle Trust Series 2024-B, Class A4, 4.28%, 4/15/2032
2,850,000
2,826,687
JPMorgan Limited Duration Bond ETF
SCHEDULE OF PORTFOLIO INVESTMENTS
AS OF May 31, 2025 (Unaudited) (continued)
INVESTMENTS
PRINCIPAL
AMOUNT($)
VALUE($)
Asset-Backed Securities — continued
HERO Funding (Cayman Islands) Series 2017-3A, Class A2, 3.95%, 9/20/2048 ‡ (a)
657,488
584,715
Hertz Vehicle Financing LLC Series 2025-2A, Class A, 5.13%, 9/25/2031 (a)
1,050,000
1,045,033
Hilton Grand Vacations Trust
Series 2022-2A, Class A, 4.30%, 1/25/2037 (a)
1,063,634
1,051,140
Series 2020-AA, Class A, 2.74%, 2/25/2039 (a)
465,506
452,196
Home Partners of America Trust Series 2022-1, Class B, 4.33%, 4/17/2039 (a)
5,487,442
5,413,095
Honda Auto Receivables Owner Trust Series 2025-2, Class A3, 4.15%, 10/15/2029
2,765,000
2,761,548
Huntington Bank Auto Credit-Linked Notes Series 2025-1, Class B, 4.96%, 3/21/2033 (a)
3,421,530
3,412,897
Hyundai Auto Lease Securitization Trust Series 2025-A, Class A2A, 4.60%, 6/15/2027 (a)
6,500,000
6,506,651
Hyundai Auto Receivables Trust Series 2025-A, Class A4, 4.40%, 4/15/2031
4,345,000
4,333,982
John Deere Owner Trust Series 2024-C, Class A3, 4.06%, 6/15/2029
6,000,000
5,976,134
LCM Ltd. (Cayman Islands)
Series 29A, Class AR, 5.59%, 4/15/2031 (a) (b)
2,762,126
2,764,098
Series 36A, Class A1R, 5.33%, 1/15/2034 (a) (b)
3,902,000
3,892,335
Lendmark Funding Trust
Series 2021-2A, Class A, 2.00%, 4/20/2032 (a)
6,000,000
5,668,285
Series 2022-1A, Class A, 5.12%, 7/20/2032 (a)
3,000,000
2,996,114
M&T Equipment Notes Series 2024-1A, Class A2, 4.99%, 8/18/2031 (a)
3,821,565
3,827,001
Mariner Finance Issuance Trust
Series 2021-AA, Class A, 1.86%, 3/20/2036 (a)
3,000,000
2,892,991
Series 2024-AA, Class A, 5.13%, 9/22/2036 (a)
5,000,000
5,037,747
Mercedes-Benz Auto Lease Trust Series 2024-B, Class A4, 4.22%, 6/17/2030
1,915,000
1,905,999
MF1 Ltd. (Cayman Islands)
Series 2021-FL7, Class A, 5.52%, 10/16/2036 (a) (b)
1,700,736
1,698,899
Series 2022-FL8, Class A, 5.67%, 2/19/2037 (a) (b)
3,643,076
3,626,792
MVW LLC
Series 2024-2A, Class A, 4.43%, 3/20/2042 (a)
2,377,716
2,334,384
Series 2025-1A, Class A, 4.97%, 9/22/2042 (a)
3,542,968
3,545,078
Series 2024-1A, Class A, 5.32%, 2/20/2043 (a)
1,653,706
1,671,686
Neuberger Berman Loan Advisers CLO Ltd. (Cayman Islands) Series 2021-42A, Class AR, 5.21%, 7/16/2035 (a) (b)
5,000,000
4,984,095
New Century Home Equity Loan Trust Series 2003-5, Class AII, 1.07%, 11/25/2033 (b)
94,477
56,704
OCP CLO Ltd. (Cayman Islands)
Series 2015-9A, Class AR3, 5.36%, 1/15/2037 (a) (b)
5,000,000
4,991,365
Series 2023-26A, Class AR, 5.40%, 4/17/2037 (a) (b)
5,000,000
4,992,355
Series 2018-15A, Class BR, 5.89%, 1/20/2038 (a) (b)
2,850,000
2,851,807
OneMain Financial Issuance Trust Series 2021-1A, Class A1, 1.55%, 6/16/2036 (a)
5,000,000
4,755,208
Oportun Funding Trust Series 2025-1, Class A, 4.96%, 8/16/2032 (a)
1,184,954
1,182,307
Oportun Issuance Trust
Series 2022-A, Class A, 5.05%, 6/9/2031 (a)
1,111,812
1,110,932
Series 2025-A, Class A, 5.01%, 2/8/2033 (a)
3,440,000
3,432,268
Pagaya AI Technology in Housing Trust Series 2023-1, Class A, 3.60%, 10/25/2040 (a)
3,500,000
3,363,816
Palmer Square CLO Ltd. (Cayman Islands) Series 2021-2A, Class AR1, 5.51%, 2/15/2038 (a) (b)
5,000,000
5,008,095
Palmer Square Loan Funding Ltd. (Cayman Islands)
Series 2021-4A, Class A1, 5.32%, 10/15/2029 (a) (b)
313,272
313,100
Series 2022-2A, Class A1, 5.53%, 10/15/2030 (a) (b)
1,005,475
1,005,311
Series 2024-1A, Class A1, 5.31%, 10/15/2032 (a) (b)
4,272,970
4,280,448
Series 2024-2A, Class A2, 5.71%, 1/15/2033 (a) (b)
5,000,000
5,007,860
Series 2025-1A, Class A2, 5.52%, 2/15/2033 (a) (b)
4,800,000
4,766,371
PEAC Solutions Receivables LLC Series 2024-2A, Class A2, 4.74%, 4/20/2027 (a)
1,684,254
1,683,360
JPMorgan Limited Duration Bond ETF
SCHEDULE OF PORTFOLIO INVESTMENTS
AS OF May 31, 2025 (Unaudited) (continued)
INVESTMENTS
PRINCIPAL
AMOUNT($)
VALUE($)
Asset-Backed Securities — continued
Porsche Innovative Lease Owner Trust
Series 2024-2A, Class A3, 4.35%, 10/20/2027 (a)
2,405,000
2,400,136
Series 2024-2A, Class A4, 4.26%, 9/20/2030 (a)
2,835,000
2,825,194
Prestige Auto Receivables Trust Series 2024-2A, Class A2, 4.72%, 2/15/2028 (a)
2,595,893
2,594,746
Progress Residential Series 2021-SFR4, Class A, 1.56%, 5/17/2038 (a)
4,567,412
4,459,323
Progress Residential Trust
Series 2021-SFR8, Class A, 1.51%, 10/17/2038 (a)
4,410,179
4,269,977
Series 2023-SFR1, Class A, 4.30%, 3/17/2040 (a)
3,392,478
3,344,572
Series 2024-SFR1, Class A, 3.35%, 2/17/2041 (a)
5,447,771
5,172,469
Series 2024-SFR2, Class A, 3.30%, 4/17/2041 (a)
7,874,184
7,436,606
Series 2024-SFR4, Class A, 3.10%, 7/17/2041 (a)
6,892,198
6,433,534
Series 2025-SFR2, Class A, 3.31%, 4/17/2042 (a)
2,000,000
1,867,830
RASC Trust Series 2003-KS4, Class MI2, 5.01%, 6/25/2033 (c)
522,587
421,526
Reach ABS Trust Series 2025-1A, Class A, 4.96%, 8/16/2032 (a)
778,543
777,865
Regional Management Issuance Trust Series 2025-1, Class A, 4.99%, 4/17/2034 (a)
4,055,000
4,069,150
SBNA Auto Lease Trust
Series 2024-C, Class A3, 4.56%, 2/22/2028 (a)
1,000,000
999,111
Series 2025-A, Class A3, 4.83%, 4/20/2028 (a)
2,000,000
2,005,529
SCF Equipment Leasing LLC Series 2024-1A, Class A3, 5.52%, 1/20/2032 (a)
1,175,000
1,203,418
SCF Equipment Trust LLC Series 2025-1A, Class A2, 4.82%, 7/22/2030 (a)
3,000,000
3,003,402
Sierra Timeshare Receivables Funding LLC
Series 2020-2A, Class A, 1.33%, 7/20/2037 (a)
254,220
252,511
Series 2025-1A, Class A, 4.81%, 1/21/2042 (a)
2,996,961
2,995,800
SoFi Consumer Loan Program Trust Series 2025-1, Class A, 4.80%, 2/27/2034 (a)
3,401,218
3,400,667
SoFi Professional Loan Program Trust
Series 2021-B, Class AFX, 1.14%, 2/15/2047 (a)
2,236,117
1,934,848
Series 2018-B, Class A2FX, 3.34%, 8/25/2047 (a)
167,582
166,640
STAR Trust Series 2025-SFR5, Class A, 5.78%, 2/17/2042 (a) (b)
1,000,000
1,000,000
Stellantis Financial Underwritten Enhanced Lease Trust Series 2025-AA, Class A3, 4.47%, 7/20/2028 (a)
4,825,000
4,823,919
Tesla Auto Lease Trust
Series 2024-A, Class B, 5.55%, 5/22/2028 (a)
3,000,000
3,023,927
Series 2024-B, Class A4, 4.88%, 6/20/2028 (a)
6,500,000
6,520,404
Toyota Lease Owner Trust Series 2024-B, Class A3, 4.21%, 9/20/2027 (a)
6,000,000
5,985,386
Tricon American Homes Series 2020-SFR1, Class A, 1.50%, 7/17/2038 (a)
5,953,272
5,789,209
Tricon American Homes Trust Series 2019-SFR1, Class A, 2.75%, 3/17/2038 (a)
3,237,799
3,183,637
Tricon Residential Trust
Series 2024-SFR2, Class A, 4.75%, 6/17/2040 (a)
1,648,124
1,641,190
Series 2024-SFR1, Class A, 4.65%, 4/17/2041 (a)
1,390,000
1,379,159
Series 2025-SFR1, Class A, 5.43%, 3/17/2042 (a) (b)
2,725,000
2,721,892
Upstart Securitization Trust Series 2022-4, Class A, 5.98%, 8/20/2032 (a)
219,131
219,126
US Auto Funding Trust Series 2022-1A, Class A, 3.98%, 4/15/2025 (a)
198,974
197,878
Verdant Receivables LLC Series 2023-1A, Class A2, 6.24%, 1/13/2031 (a)
1,744,946
1,771,297
Veros Auto Receivables Trust Series 2023-1, Class B, 7.17%, 11/15/2028 (a)
2,000,000
2,017,857
VOLT C LLC Series 2021-NPL9, Class A1, 5.99%, 5/25/2051 (a) (c)
758,222
756,584
VOLT XCIII LLC Series 2021-NPL2, Class A1, 5.89%, 2/27/2051 (a) (c)
250,056
249,776
VOLT XCIV LLC Series 2021-NPL3, Class A1, 6.24%, 2/27/2051 (a) (c)
470,180
469,756
VOLT XCIX LLC Series 2021-NPL8, Class A1, 6.12%, 4/25/2051 (a) (c)
183,546
183,435
VOLT XCV LLC Series 2021-NPL4, Class A1, 6.24%, 3/27/2051 (a) (c)
522,961
522,314
VOLT XCVI LLC Series 2021-NPL5, Class A1, 6.12%, 3/27/2051 (a) (c)
260,612
260,452
JPMorgan Limited Duration Bond ETF
SCHEDULE OF PORTFOLIO INVESTMENTS
AS OF May 31, 2025 (Unaudited) (continued)
INVESTMENTS
PRINCIPAL
AMOUNT($)
VALUE($)
Asset-Backed Securities — continued
VOLT XCVII LLC Series 2021-NPL6, Class A1, 6.24%, 4/25/2051 (a) (c)
719,036
717,915
Volvo Financial Equipment LLC Series 2024-1A, Class A3, 4.29%, 10/16/2028 (a)
3,000,000
2,994,371
Westlake Automobile Receivables Trust
Series 2023-3A, Class A3, 5.82%, 5/17/2027 (a)
3,474,799
3,484,241
Series 2024-3A, Class B, 4.72%, 11/15/2029 (a)
7,480,000
7,469,867
Wheels Fleet Lease Funding LLC Series 2025-1A, Class A1, 4.57%, 1/18/2040 (a)
7,000,000
7,009,061
Wingspire Equipment Finance LLC Series 2024-1A, Class A2, 4.99%, 9/20/2032 (a)
4,000,000
3,995,127
World Omni Auto Receivables Trust
Series 2024-A, Class A4, 4.84%, 10/15/2029
2,890,000
2,911,540
Series 2025-B, Class A3, 4.34%, 9/16/2030
3,795,000
3,803,242
World Omni Automobile Lease Securitization Trust Series 2025-A, Class A3, 4.42%, 4/17/2028
2,750,000
2,745,092
Total Asset-Backed Securities
(Cost $493,632,358)
492,624,989
Collateralized Mortgage Obligations — 26.6%
Alternative Loan Trust
Series 2004-J4, Class 1A6, 5.38%, 6/25/2034 (c)
167
165
Series 2004-33, Class 3A3, 4.73%, 12/25/2034 (b)
90,819
86,495
Banc of America Funding Trust Series 2006-1, Class 2A1, 5.50%, 1/25/2036
75,446
65,486
Banc of America Mortgage Trust Series 2004-D, Class 2A2, 6.48%, 5/25/2034 (b)
55,588
53,778
Bear Stearns Asset-Backed Securities I Trust Series 2004-AC6, Class M1, 5.44%, 11/25/2034 (b)
27,575
7,937
CFMT LLC Series 2024-HB15, Class A, 4.00%, 8/25/2034 ‡ (a) (b)
1,405,231
1,390,298
Connecticut Avenue Securities
Series 2025-R01, Class 1A1, 5.27%, 1/25/2045 (a) (b)
3,343,034
3,335,723
Series 2025-R01, Class 1M1, 5.42%, 1/25/2045 (a) (b)
2,664,444
2,665,762
Connecticut Avenue Securities Trust
Series 2021-R03, Class 1M1, 5.17%, 12/25/2041 (a) (b)
1,334,280
1,331,785
Series 2022-R01, Class 1M1, 5.32%, 12/25/2041 (a) (b)
954,840
953,055
Series 2022-R06, Class 1M1, 7.07%, 5/25/2042 (a) (b)
1,963,066
2,004,781
Series 2022-R07, Class 1M1, 7.27%, 6/25/2042 (a) (b)
2,881,471
2,954,180
Series 2022-R08, Class 1M1, 6.87%, 7/25/2042 (a) (b)
1,240,216
1,267,736
Series 2024-R01, Class 1M1, 5.37%, 1/25/2044 (a) (b)
1,633,211
1,633,718
Series 2024-R02, Class 1M1, 5.42%, 2/25/2044 (a) (b)
1,926,714
1,925,522
Series 2024-R05, Class 2A1, 5.32%, 7/25/2044 (a) (b)
7,150,506
7,134,863
Series 2024-R05, Class 2M1, 5.32%, 7/25/2044 (a) (b)
699,423
698,991
Series 2024-R06, Class 1A1, 5.47%, 9/25/2044 (a) (b)
4,949,259
4,957,767
Series 2025-R02, Class 1M1, 5.47%, 2/25/2045 (a) (b)
3,371,166
3,368,001
Series 2025-R03, Class 2A1, 5.77%, 3/25/2045 (a) (b)
2,622,468
2,635,679
Series 2025-R03, Class 2M1, 5.92%, 3/25/2045 (a) (b)
2,368,991
2,384,129
Credit Suisse First Boston Mortgage Securities Corp. (Switzerland) Series 2004-5, Class 4A1, 6.00%, 9/25/2034
197,515
198,796
CSFB Mortgage-Backed Pass-Through Certificates Series 2003-AR24, Class 2A4, 7.34%, 10/25/2033 (b)
88,806
87,148
Deutsche Alt-A Securities, Inc. Mortgage Loan Trust Series 2005-1, Class 2A1, 3.40%, 2/25/2020 (b)
18,185
17,611
FHLMC Seasoned Credit Risk Transfer Trust Series 2020-1, Class M55G, 3.00%, 8/25/2059
6,146,616
5,493,238
FHLMC Stacr Remic Trust
Series 2025-HQA1, Class A1, 5.27%, 2/25/2045 (a) (b)
8,500,000
8,481,416
Series 2025-HQA1, Class M1, 5.47%, 2/25/2045 (a) (b)
5,259,434
5,254,496
FHLMC STACR REMIC Trust
Series 2024-HQA2, Class A1, 5.57%, 8/25/2044 (a) (b)
9,250,000
9,275,950
Series 2025-DNA2, Class M1, 5.53%, 5/25/2045 (a) (b)
2,250,000
2,274,523
JPMorgan Limited Duration Bond ETF
SCHEDULE OF PORTFOLIO INVESTMENTS
AS OF May 31, 2025 (Unaudited) (continued)
INVESTMENTS
PRINCIPAL
AMOUNT($)
VALUE($)
Collateralized Mortgage Obligations — continued
FHLMC, REMIC
Series 1974, Class ZA, 7.00%, 7/15/2027
2,671
2,675
Series 3737, Class DG, 5.00%, 10/15/2030
5,114
5,104
Series 4120, Class KI, IO, 3.00%, 10/15/2032
453,673
23,143
Series 4187, Class CA, 2.00%, 4/15/2033
8,359,297
7,796,808
Series 5000, Class CB, 1.25%, 1/25/2035
3,226,012
2,872,437
Series 3300, Class FA, 4.75%, 8/15/2035 (b)
81,870
80,869
Series 3085, Class VS, IF, 10.93%, 12/15/2035 (b)
78,421
91,492
Series 4867, Class WF, 4.85%, 4/15/2037 (b)
5,472,967
5,408,073
Series 4350, Class AF, 4.80%, 12/15/2037 (b)
1,374,966
1,337,095
Series 4350, Class FK, 4.80%, 6/15/2038 (b)
1,670,603
1,625,213
Series 4515, Class FA, 4.82%, 8/15/2038 (b)
748,858
738,752
Series 4350, Class KF, 4.80%, 1/15/2039 (b)
274,587
266,998
Series 4448, Class TF, 4.77%, 5/15/2040 (b)
1,455,491
1,434,344
Series 4480, Class FM, 4.80%, 6/15/2040 (b)
2,279,834
2,215,969
Series 4457, Class KF, 4.80%, 10/15/2040 (b)
2,503,706
2,463,649
Series 4611, Class BF, 4.85%, 6/15/2041 (b)
7,782,904
7,708,268
Series 4363, Class FA, 4.82%, 9/15/2041 (b)
1,288,260
1,266,131
Series 4413, Class WF, 4.80%, 10/15/2041 (b)
965,390
939,720
Series 4559, Class AF, 4.95%, 3/15/2042 (b)
782,444
782,983
Series 4074, Class FE, 4.85%, 7/15/2042 (b)
1,079,025
1,059,786
Series 4150, Class F, 4.82%, 1/15/2043 (b)
3,056,026
2,981,691
Series 4161, Class YF, 4.82%, 2/15/2043 (b)
2,279,400
2,224,734
Series 4281, Class FB, 5.00%, 12/15/2043 (b)
1,482,712
1,459,956
Series 4606, Class FL, 4.95%, 12/15/2044 (b)
3,055,203
3,000,110
Series 4594, Class GN, 2.50%, 2/15/2045
1,409,413
1,303,068
Series 4935, Class KP, 2.50%, 12/25/2049
3,136,803
2,730,236
Series 5072, Class QC, 1.00%, 10/25/2050
4,790,029
3,777,788
Series 5270, Class FH, 5.27%, 6/25/2052 (b)
3,256,290
3,196,631
Series 5460, Class AF, 5.37%, 10/25/2054 (b)
9,441,116
9,376,894
FHLMC, STRIPS
Series 343, Class F4, 4.80%, 10/15/2037 (b)
1,358,333
1,337,255
Series 328, Class S4, IF, IO, 2.26%, 2/15/2038 (b)
2,404,075
127,078
FHLMC, Structured Pass-Through Certificates, Whole Loan
Series T-51, Class 1A, PO, 9/25/2042
37,284
29,119
Series T-54, Class 4A, 4.29%, 2/25/2043 (b)
609,423
579,764
First Horizon Mortgage Pass-Through Trust Series 2004-AR6, Class 2A1, 4.48%, 12/25/2034 (b)
60,205
58,113
Flagstar Mortgage Trust Series 2019-2, Class A2, 3.50%, 12/25/2049 (a) (b)
1,195,757
1,065,069
FNMA Trust, Whole Loan Series 2004-W2, Class 4A, 4.80%, 2/25/2044 (b)
71,842
70,671
FNMA, Grantor Trust, Whole Loan
Series 2002-T6, Class A4, 5.36%, 3/25/2041 (b)
305,499
296,400
Series 2001-T8, Class A1, 7.50%, 7/25/2041
98,805
99,910
FNMA, REMIC
Series 2013-43, Class YH, 2.50%, 5/25/2033
484,309
460,890
Series 2004-17, Class BF, 4.79%, 1/25/2034 (b)
30,500
30,471
Series 2006-16, Class HZ, 5.50%, 3/25/2036
91,493
94,870
Series 2006-124, Class FC, 4.79%, 1/25/2037 (b)
435,473
428,821
Series 2007-76, Class ZG, 6.00%, 8/25/2037
110,443
112,429
Series 2014-23, Class FA, 4.75%, 10/25/2039 (b)
6,264,249
6,180,361
JPMorgan Limited Duration Bond ETF
SCHEDULE OF PORTFOLIO INVESTMENTS
AS OF May 31, 2025 (Unaudited) (continued)
INVESTMENTS
PRINCIPAL
AMOUNT($)
VALUE($)
Collateralized Mortgage Obligations — continued
Series 2010-64, Class FC, 4.94%, 6/25/2040 (b)
5,230,939
5,196,791
Series 2012-38, Class PA, 2.00%, 9/25/2041
625,528
584,815
Series 2012-93, Class ME, 2.50%, 1/25/2042
797,828
752,556
Series 2012-13, Class FA, 5.02%, 2/25/2042 (b)
3,949,784
3,896,744
Series 2012-31, Class FB, 4.99%, 4/25/2042 (b)
3,360,976
3,312,168
Series 2013-23, Class KJ, 2.25%, 5/25/2042
1,210,619
1,121,035
Series 2012-119, Class FB, 4.79%, 11/25/2042 (b)
2,221,100
2,165,717
Series 2012-139, Class JA, 3.50%, 12/25/2042
1,645,744
1,551,939
Series 2013-6, Class FL, 4.84%, 2/25/2043 (b)
527,445
516,145
Series 2014-49, Class AF, 4.77%, 8/25/2044 (b)
79,798
77,871
Series 2014-58, Class FG, 4.79%, 9/25/2044 (b)
3,730,758
3,671,826
Series 2015-28, Class CI, IO, 4.00%, 5/25/2045
7,906,282
1,474,701
Series 2015-42, Class BF, 4.76%, 6/25/2045 (b)
1,738,938
1,719,373
Series 2016-25, Class LA, 3.00%, 7/25/2045
5,539,510
5,206,790
Series 2016-33, Class JA, 3.00%, 7/25/2045
1,871,526
1,763,687
Series 2015-91, Class AF, 4.82%, 12/25/2045 (b)
1,810,179
1,827,419
Series 2016-19, Class OP, PO, 4/25/2046
893,854
672,660
Series 2016-58, Class SA, IO, 2.25%, 8/25/2046 (b)
4,900,205
279,219
Series 2017-108, Class PA, 3.00%, 6/25/2047
1,271,173
1,169,757
Series 2017-104, Class LA, 3.00%, 11/25/2047
888,465
813,346
Series 2019-38, Class PC, 3.00%, 2/25/2048
1,957,635
1,837,795
Series 2018-7, Class CI, IO, 4.00%, 2/25/2048
9,047,170
1,814,616
Series 2019-77, Class FP, 4.99%, 1/25/2050 (b)
8,498,190
8,226,281
Series 2024-92, Class HB, 5.00%, 12/25/2051
6,311,506
6,320,954
Series 2019-41, Class GF, 4.94%, 3/25/2053 (b)
9,623,472
9,532,756
Series 2014-66, Class WF, 4.80%, 10/25/2054 (b)
765,854
768,474
Series 2019-74, Class BF, 4.99%, 12/25/2059 (b)
3,999,433
3,896,587
FNMA, REMIC Trust, Whole Loan
Series 2003-W4, Class 5A, 4.29%, 10/25/2042 (b)
276,900
272,883
Series 2003-W15, Class 3A, 4.99%, 12/25/2042 (b)
292,082
283,035
Series 2003-W1, Class 2A, 5.13%, 12/25/2042 (b)
92,284
91,929
Series 2009-W1, Class A, 6.00%, 12/25/2049
80,100
82,538
FNMA, STRIPS Series 400, Class 1, PO, 11/25/2039
844,687
662,950
GNMA
Series 2011-158, Class EB, 4.00%, 12/20/2026
604,534
601,335
Series 2012-61, Class FM, 4.84%, 5/16/2042 (b)
2,977,992
2,947,260
Series 2016-12, Class PA, 2.50%, 6/20/2045
4,018,315
3,741,797
Series 2023-24, Class FD, 5.03%, 2/20/2053 (b)
11,299,994
11,123,580
Series 2024-159, Class PA, 4.50%, 10/20/2054
4,904,975
4,742,045
Series 2012-H21, Class FA, 4.93%, 7/20/2062 (b)
430,326
430,103
Series 2012-H29, Class FA, 4.95%, 10/20/2062 (b)
286,438
287,503
Series 2013-H16, Class FA, 4.97%, 7/20/2063 (b)
899,515
903,635
Series 2014-H07, Class FC, 5.03%, 5/20/2064 (b)
5,508,827
5,533,661
Series 2014-H11, Class JA, 4.93%, 6/20/2064 (b)
1,020,008
1,024,311
Series 2014-H17, Class FM, 4.92%, 8/20/2064 (b)
3,374,736
3,385,949
Series 2015-H03, Class FD, 5.07%, 1/20/2065 (b)
2,130,333
2,132,100
Series 2015-H04, Class FL, 4.91%, 2/20/2065 (b)
2,598,407
2,605,888
Series 2015-H12, Class FJ, 4.86%, 5/20/2065 (b)
1,174,373
1,177,666
Series 2015-H14, Class FB, 4.86%, 5/20/2065 (b)
1,349,257
1,353,013
JPMorgan Limited Duration Bond ETF
SCHEDULE OF PORTFOLIO INVESTMENTS
AS OF May 31, 2025 (Unaudited) (continued)
INVESTMENTS
PRINCIPAL
AMOUNT($)
VALUE($)
Collateralized Mortgage Obligations — continued
Series 2015-H12, Class FA, 4.91%, 5/20/2065 (b)
1,837,532
1,842,616
Series 2015-H15, Class FB, 5.03%, 6/20/2065 (b)
2,656,318
2,657,452
Series 2015-H19, Class FN, 4.87%, 7/20/2065 (b)
3,014,852
3,022,690
Series 2015-H23, Class TA, 4.90%, 9/20/2065 (b)
4,522,681
4,535,757
GSAA Trust Series 2004-CW1, Class 1A1, 5.50%, 4/1/2034
295,583
286,856
GSR Mortgage Loan Trust Series 2004-10F, Class 7A1, 5.50%, 9/25/2034
41,812
41,681
Impac CMB Trust
Series 2004-6, Class 1A2, 5.22%, 10/25/2034 (b)
14,005
13,973
Series 2005-5, Class A1, 5.08%, 8/25/2035 (b)
235,452
220,553
IndyMac INDA Mortgage Loan Trust Series 2007-AR1, Class 1A1, 4.12%, 3/25/2037 (b)
188,369
144,774
JPMorgan Mortgage Trust Series 2003-A1, Class 1A1, 5.06%, 10/25/2033 (b)
10,092
9,589
Lhome Mortgage Trust Series 2025-RTL2, Class A1, 5.61%, 4/25/2040 (a) (b)
1,695,000
1,697,042
LHOME Mortgage Trust
Series 2024-RTL4, Class A1, 5.92%, 7/25/2039 (a) (c)
3,000,000
3,003,521
Series 2025-RTL1, Class A1, 5.65%, 1/25/2040 (a) (c)
1,240,000
1,240,411
MASTR Adjustable Rate Mortgages Trust
Series 2004-13, Class 2A1, 6.83%, 4/21/2034 (b)
41,125
40,482
Series 2004-13, Class 3A7B, 5.89%, 11/21/2034 (b)
138,259
133,053
MASTR Seasoned Securitization Trust Series 2003-1, Class 3A2, 4.84%, 2/25/2033 (b)
30,628
29,898
Mellon Residential Funding Corp. Mortgage Pass-Through Certificates Series 2001-TBC1, Class B1, 5.32%,
11/15/2031 (b)
35,152
33,176
Merrill Lynch Mortgage Investors Trust
Series 2004-D, Class A1, 5.10%, 9/25/2029 (b)
10,084
10,225
Series 2004-1, Class 2A3, 5.42%, 12/25/2034 (b)
46,942
42,341
Metlife Securitization Trust
Series 2017-1A, Class A, 3.00%, 4/25/2055 (a) (b)
430,794
410,360
Series 2018-1A, Class A, 3.75%, 3/25/2057 (a) (b)
1,457,329
1,407,876
Morgan Stanley Dean Witter Capital I, Inc. Trust
Series 2003-HYB1, Class A4, 5.36%, 3/25/2033 (b)
30,105
26,936
Series 2003-HYB1, Class B1, 5.36%, 3/25/2033 (b)
17,051
7,008
Morgan Stanley Mortgage Loan Trust
Series 2004-3, Class 4A, 5.64%, 4/25/2034 (b)
444,402
431,043
Series 2004-5AR, Class 3A3, 5.38%, 7/25/2034 (b)
51,511
50,495
Series 2004-5AR, Class 3A5, 5.38%, 7/25/2034 (b)
290,285
287,358
Series 2004-11AR, Class 1A2A, 4.75%, 1/25/2035 (b)
136,589
128,755
MRFC Mortgage Pass-Through Trust Series 2002-TBC2, Class B1, 5.29%, 8/15/2032 (b)
21,278
21,393
NAAC Reperforming Loan REMIC Trust Certificates Series 2004-R3, Class AF, 4.89%, 2/25/2035 (a) (b)
435,394
355,064
New Residential Mortgage Loan Trust
Series 2024-RTL2, Class A1, 5.44%, 9/25/2039 (a) (c)
3,960,000
3,929,624
Series 2018-4A, Class A1S, 5.19%, 1/25/2048 (a) (b)
804,691
787,497
Nomura Asset Acceptance Corp. Alternative Loan Trust Series 2003-A3, Class A1, 5.50%, 8/25/2033 (c)
108,381
109,611
NYMT Loan Trust Series 2024-BPL3, Class A1, 5.27%, 9/25/2039 (a) (c)
1,055,000
1,046,998
OBX Trust Series 2024-NQM15, Class A1, 5.32%, 10/25/2064 (a) (c)
2,556,450
2,545,639
PRET Trust Series 2024-RPL2, Class A1, 4.07%, 6/25/2064 (a) (b)
1,851,287
1,753,302
Prime Mortgage Trust Series 2005-2, Class 2A1, 5.62%, 10/25/2032 (b)
141,968
142,838
PRPM LLC Series 2025-RPL2, Class A1, 3.75%, 4/25/2055 ‡ (a) (c)
4,752,141
4,568,895
RFMSI Trust
Series 2005-SA2, Class 2A2, 6.10%, 6/25/2035 (b)
224,492
211,861
Series 2006-SA4, Class 2A1, 5.55%, 11/25/2036 (b)
113,761
93,305
JPMorgan Limited Duration Bond ETF
SCHEDULE OF PORTFOLIO INVESTMENTS
AS OF May 31, 2025 (Unaudited) (continued)
INVESTMENTS
PRINCIPAL
AMOUNT($)
VALUE($)
Collateralized Mortgage Obligations — continued
Roc Mortgage Trust Series 2025-RTL1, Class A1, 5.63%, 2/25/2040 (a) (c)
1,000,000
997,214
Seasoned Credit Risk Transfer Trust Series 2025-1, Class MAU, 3.25%, 11/25/2064
3,437,758
3,103,768
Seasoned Loans Structured Transaction Trust Series 2024-2, Class VF, 5.57%, 10/25/2034 (a) (b)
8,638,823
8,608,497
Sequoia Mortgage Trust
Series 11, Class A, 5.34%, 12/20/2032 (b)
5,182
4,506
Series 2003-3, Class A2, 5.41%, 7/20/2033 (b)
28,169
25,690
Series 2004-11, Class A2, 5.33%, 12/20/2034 (b)
204,665
189,638
Structured Asset Mortgage Investments II Trust Series 2004-AR1, Class 1A1, 5.14%, 3/19/2034 (b)
20,131
18,936
Structured Asset Mortgage Investments Trust Series 2002-AR2, Class A3, 5.19%, 7/19/2032 (b)
89,769
62,507
Structured Asset Securities Corp. Mortgage Pass-Through Certificates
Series 2003-24A, Class 2A, 6.10%, 7/25/2033 (b)
219,756
214,638
Series 2003-40A, Class 4A, 6.62%, 1/25/2034 (b)
49,628
47,742
Thornburg Mortgage Securities Trust Series 2004-4, Class 5A, 2.97%, 12/25/2044 (b)
1,153,074
1,030,023
Toorak Mortgage Trust Series 2025-RRTL1, Class A1, 5.52%, 2/25/2040 (a) (c)
1,050,000
1,044,786
Towd Point Mortgage Trust Series 2018-4, Class A1, 3.00%, 6/25/2058 (a) (b)
2,406,068
2,264,595
WaMu Mortgage Pass-Through Certificates Trust
Series 2004-AR3, Class A1, 5.42%, 6/25/2034 (b)
187,173
174,666
Series 2004-AR11, Class A, 6.93%, 10/25/2034 (b)
91,481
89,087
Total Collateralized Mortgage Obligations
(Cost $324,933,661)
319,834,311
Mortgage-Backed Securities — 13.8%
FHLMC Gold Pools, Other Pool # U49009, 3.00%, 8/1/2028
427,495
419,427
FHLMC UMBS, 30 Year
Pool # RA2459, 4.00%, 4/1/2050
4,434,137
4,115,662
Pool # RA2904, 3.00%, 6/1/2050
4,107,034
3,531,301
Pool # RA2970, 2.50%, 7/1/2050
4,746,565
3,910,217
Pool # SD1787, 5.00%, 10/1/2052
2,960,370
2,926,216
Pool # SD8277, 5.50%, 12/1/2052
4,046,584
4,018,167
Pool # QF9638, 5.00%, 3/1/2053
7,644,072
7,438,349
Pool # QI4073, 5.50%, 4/1/2054
3,245,535
3,215,175
Pool # SD6317, 5.50%, 5/1/2054
10,367,362
10,333,569
Pool # SD5658, 5.50%, 6/1/2054
5,360,298
5,342,826
Pool # RJ1658, 6.00%, 6/1/2054
5,498,650
5,568,459
Pool # SD6799, 6.00%, 10/1/2054
12,952,035
13,170,307
FNMA UMBS, 20 Year
Pool # MA1338, 3.00%, 2/1/2033
629,059
601,979
Pool # MA1401, 3.00%, 4/1/2033
246,969
235,774
Pool # MA1490, 3.00%, 7/1/2033
823,740
789,400
FNMA UMBS, 30 Year
Pool # 995724, 6.00%, 4/1/2039
115,647
120,485
Pool # AD0588, 5.00%, 12/1/2039
531,817
532,140
Pool # AD9721, 5.50%, 8/1/2040
158,970
158,481
Pool # BM3048, 4.00%, 10/1/2042
2,599,587
2,470,305
Pool # AS4592, 4.00%, 2/1/2045
4,791,322
4,480,848
Pool # BM5560, 4.00%, 1/1/2046
2,881,252
2,734,471
Pool # CA0411, 4.00%, 9/1/2047
2,895,335
2,719,235
Pool # CA2489, 4.50%, 10/1/2048
507,592
486,699
Pool # BP7345, 3.00%, 6/1/2050
5,866,834
5,040,134
Pool # BQ7436, 3.00%, 9/1/2051
3,653,632
3,117,379
JPMorgan Limited Duration Bond ETF
SCHEDULE OF PORTFOLIO INVESTMENTS
AS OF May 31, 2025 (Unaudited) (continued)
INVESTMENTS
PRINCIPAL
AMOUNT($)
VALUE($)
Mortgage-Backed Securities — continued
Pool # BQ7454, 3.00%, 12/1/2051
5,274,318
4,510,569
Pool # FS2898, 4.50%, 9/1/2052
4,690,442
4,449,384
Pool # CB4630, 5.50%, 9/1/2052
6,598,959
6,609,376
Pool # FS3051, 5.00%, 10/1/2052
3,008,174
2,974,390
Pool # CB4839, 5.50%, 10/1/2052
3,075,390
3,062,947
Pool # CB5027, 5.50%, 11/1/2052
6,176,696
6,139,961
Pool # FA0711, 5.50%, 6/1/2053
11,520,349
11,499,449
Pool # CB8709, 6.00%, 6/1/2054
4,974,150
5,025,591
Pool # BU5096, 6.00%, 9/1/2054
4,732,276
4,812,958
Pool # CB9991, 6.00%, 2/1/2055
14,750,133
15,005,956
FNMA, Other
Pool # BK7908, 4.00%, 11/1/2048
251,327
230,163
Pool # BF0769, 4.50%, 9/1/2063
4,733,187
4,476,570
GNMA II, 30 Year Pool # CG5224, 3.50%, 8/20/2051
8,292,922
7,281,742
GNMA II, Other Pool # 787496, 6.00%, 7/20/2064
2,942,451
2,958,159
Total Mortgage-Backed Securities
(Cost $175,780,886)
166,514,220
Commercial Mortgage-Backed Securities — 7.1%
20 Times Square Trust Series 2018-20TS, Class A, 3.10%, 5/15/2035 (a) (b)
1,084,928
1,025,257
ARES Trust Series 2025-IND3, Class A, 5.83%, 4/15/2042 (a) (b)
5,000,000
5,008,491
BANK Series 2021-BN35, Class A2, 1.87%, 6/15/2064
2,650,000
2,485,673
Bayview Commercial Asset Trust
Series 2005-2A, Class A2, 4.96%, 8/25/2035 (a) (b)
295,417
287,249
Series 2005-2A, Class M1, 5.08%, 8/25/2035 (a) (b)
59,001
57,091
Series 2007-3, Class A2, 4.87%, 7/25/2037 (a) (b)
273,410
255,964
BBCMS Mortgage Trust Series 2020-C7, Class A2, 2.02%, 4/15/2053
908,696
860,946
BBCMS Trust Series 2015-VFM, Class A1, 2.47%, 3/10/2036 (a)
275,201
270,941
BHMS Series 2018-ATLS, Class A, 5.88%, 7/15/2035 (a) (b)
6,000,000
6,000,473
BX
Series 2021-MFM1, Class A, 5.14%, 1/15/2034 (a) (b)
1,523,987
1,523,034
Series 2024-PALM, Class A, 5.87%, 6/15/2037 (a) (b)
4,326,923
4,336,838
BX Trust
Series 2021-BXMF, Class A, 5.08%, 10/15/2026 (a) (b)
6,464,208
6,439,967
Series 2021-LBA, Class AJV, 5.24%, 2/15/2036 (a) (b)
6,500,000
6,495,937
COMM Mortgage Trust Series 2024-CBM, Class A1, 5.66%, 12/10/2041 (a) (b)
7,000,000
6,998,477
FHLMC, Multi-Family Structured Credit Risk Series 2021-MN1, Class M1, 6.32%, 1/25/2051 (a) (b)
89,114
88,683
FHLMC, Multi-Family Structured Pass-Through Certificates
Series Q007, Class APT2, 6.43%, 10/25/2047 (b)
675,558
675,103
Series Q013, Class APT1, 6.23%, 5/25/2050 (b)
1,249,634
1,248,262
FREMF Mortgage Trust
Series 2017-K68, Class B, 3.84%, 10/25/2049 (a) (b)
2,000,000
1,955,430
Series 2017-K64, Class B, 4.00%, 5/25/2050 (a) (b)
5,000,000
4,921,120
ILPT Commercial Mortgage Trust Series 2022-LPF2, Class A, 6.57%, 10/15/2039 (a) (b)
3,000,000
2,996,250
OAKST Commercial Mortgage Trust Series 2023-NLP, Class A, 6.09%, 3/15/2040 (a) (b)
2,000,000
2,000,256
One Bryant Park Trust Series 2019-OBP, Class A, 2.52%, 9/15/2054 (a)
5,000,000
4,498,718
ONE Mortgage Trust Series 2021-PARK, Class A, 5.14%, 3/15/2036 (a) (b)
7,000,000
6,868,750
ROCK Trust Series 2024-CNTR, Class A, 5.39%, 11/13/2041 (a)
2,380,000
2,410,035
SDR Commercial Mortgage Trust Series 2024-DSNY, Class A, 5.72%, 5/15/2039 (a) (b)
5,000,000
4,964,062
SMR Mortgage Trust Series 2022-IND, Class A, 5.98%, 2/15/2039 (a) (b)
7,325,417
7,253,654
JPMorgan Limited Duration Bond ETF
SCHEDULE OF PORTFOLIO INVESTMENTS
AS OF May 31, 2025 (Unaudited) (continued)
INVESTMENTS
PRINCIPAL
AMOUNT($)
VALUE($)
Commercial Mortgage-Backed Securities — continued
STWD Mortgage Trust (Cayman Islands) Series 2021-LIH, Class B, 6.10%, 11/15/2036 (a) (b)
2,300,000
2,288,500
Wells Fargo Commercial Mortgage Trust Series 2021-SAVE, Class A, 5.69%, 2/15/2040 (a) (b)
986,628
986,043
Total Commercial Mortgage-Backed Securities
(Cost $86,145,700)
85,201,204
Corporate Bonds — 5.3%
Banks — 3.1%
Bank of America Corp. (SOFR + 0.83%), 5.18%, 1/24/2029 (d)
5,000,000
4,990,095
BNP Paribas SA (France) (SOFR + 1.00%), 1.32%, 1/13/2027 (a) (d)
6,470,000
6,335,257
Huntington National Bank (The) (SOFR + 0.72%), 5.05%, 4/12/2028 (d)
4,000,000
3,990,480
Morgan Stanley Bank NA (SOFR + 0.90%), 5.23%, 1/12/2029 (d)
5,000,000
4,993,565
Standard Chartered plc (United Kingdom) (SOFR + 1.24%), 5.52%, 1/21/2029 (a) (d)
5,000,000
4,992,250
Sumitomo Mitsui Financial Group, Inc. (Japan) 0.95%, 1/12/2026
2,900,000
2,836,393
Truist Financial Corp. 1.20%, 8/5/2025
4,000,000
3,976,026
Wells Fargo & Co. (SOFR + 0.78%), 5.13%, 1/24/2028 (d)
5,000,000
4,980,250
 
37,094,316
Capital Markets — 0.8%
Deutsche Bank AG (Germany) (SOFR + 1.21%), 5.57%, 1/10/2029 (d)
5,000,000
4,980,051
Goldman Sachs Group, Inc. (The) (SOFR + 1.08%), 5.41%, 1/28/2031 (d)
5,000,000
4,958,550
 
9,938,601
Diversified Telecommunication Services — 0.3%
AT&T, Inc. 1.65%, 2/1/2028
4,335,000
4,034,398
Financial Services — 0.1%
CFIN 2022-RTL1 Issuer LLC Class A Shares, 0.00%, 8/17/2027 ‡
365,000
365,000
Street Capital Group, Inc. (Canada) 0.00%, 2/15/2030 ‡
340,000
340,000
 
705,000
Independent Power and Renewable Electricity Producers — 0.2%
Southern Power Co. 0.90%, 1/15/2026
1,780,000
1,737,744
Insurance — 0.4%
Protective Life Global Funding 1.17%, 7/15/2025 (a)
5,190,000
5,169,572
Machinery — 0.4%
Daimler Truck Finance North America LLC (Germany) (SOFR + 0.84%), 5.17%, 1/13/2028 (a) (d)
5,000,000
4,977,960
Total Corporate Bonds
(Cost $64,377,273)
63,657,591
 
SHARES
Short-Term Investments — 6.0%
Investment Companies — 6.0%
JPMorgan Prime Money Market Fund Class IM Shares, 4.38% (e) (f)
(Cost $72,838,037)
72,824,854
72,839,419
Total Investments — 99.7%
(Cost $1,217,707,915)
1,200,671,734
Other Assets in Excess of Liabilities — 0.3%
3,784,685
NET ASSETS — 100.0%
1,204,456,419
 
Percentages indicated are based on net assets.
 
JPMorgan Limited Duration Bond ETF
SCHEDULE OF PORTFOLIO INVESTMENTS
AS OF May 31, 2025 (Unaudited) (continued)
Abbreviations
 
ABS
Asset-Backed Securities
CLO
Collateralized Loan Obligations
FHLMC
Federal Home Loan Mortgage Corp.
FNMA
Federal National Mortgage Association
GNMA
Government National Mortgage Association
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.
PO
Principal Only represents the right to receive the principal portion only on an underlying pool of mortgage loans. The market value of these securities is
extremely volatile in response to changes in market interest rates. As prepayments on the underlying mortgages of these securities increase, the yield on
these securities increases.
REMIC
Real Estate Mortgage Investment Conduit
SOFR
Secured Overnight Financing Rate
STRIPS
Separate Trading of Registered Interest and Principal of Securities. The STRIPS Program lets investors hold and trade individual interest and principal
components of eligible notes and bonds as separate securities.
UMBS
Uniform Mortgage-Backed Securities
 
‡
Value determined using significant unobservable inputs.
(a)
Securities exempt from registration under Rule 144A or section 4(a)(2), of the Securities Act of 1933, as amended.
(b)
Variable or floating rate security, 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.
(c)
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.
(d)
Variable or floating rate security, linked to the referenced benchmark. The interest rate shown is the current rate as of May 31, 2025.
(e)
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.
(f)
The rate shown is the current yield as of May 31, 2025.
JPMorgan Limited Duration Bond 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.
See the table on “Quantitative Information about Level 3 Fair Value Measurements” for information on the valuation techniques and inputs used to value level 3 securities held by the Fund at May 31, 2025.
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 Limited Duration Bond 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
$—
$472,305,601
$20,319,388
$492,624,989
Collateralized Mortgage Obligations
—
318,444,013
1,390,298
319,834,311
Commercial Mortgage-Backed Securities
—
85,201,204
—
85,201,204
Corporate Bonds
Banks
—
37,094,316
—
37,094,316
Capital Markets
—
9,938,601
—
9,938,601
Diversified Telecommunication Services
—
4,034,398
—
4,034,398
Financial Services
—
—
705,000
705,000
Independent Power and Renewable Electricity
Producers
—
1,737,744
—
1,737,744
Insurance
—
5,169,572
—
5,169,572
Machinery
—
4,977,960
—
4,977,960
Total Corporate Bonds
—
62,952,591
705,000
63,657,591
Mortgage-Backed Securities
—
166,514,220
—
166,514,220
Short-Term Investments
Investment Companies
72,839,419
—
—
72,839,419
Total Investments in Securities
$72,839,419
$1,105,417,629
$22,414,686
$1,200,671,734
The following is a summary of investments for which significant unobservable inputs (level 3) were used in determining fair value: 
 
Balance as of
February 28,
2025
Realized
gain (loss)
Change in net
unrealized
appreciation
(depreciation)
Net
accretion
(amortization)
Purchases1
Sales2
Transfers
into
Level 3
Transfers
out of
Level 3
Balance as of
May 31,
2025
Investments in Securities:
Asset-Backed Securities
$16,929,953
$—
$(79,252
)
$1,969
$4,120,753
$(654,035
)
$—
$—
$20,319,388
Collateralized Mortgage
Obligations
2,590,334
—
330
720
—
(200,050
)
—
(1,001,036
)
1,390,298
Corporate Bonds
—
—
—
—
705,000
—
—
—
705,000
Total
$19,520,287
$—
$(78,922
)
$2,689
$4,825,753
$(854,085
)
$—
$(1,001,036
)
$22,414,686
 
 
1
Purchases include all purchases of securities and securities received in corporate actions.
2
Sales include all sales of securities, maturities, paydowns and securities tendered in corporate actions.
The changes in net unrealized appreciation (depreciation) attributable to securities owned at May 31, 2025, which were valued using significant unobservable inputs (level 3) amounted to $(78,921).
There were no significant transfers into or out of level 3 for the period ended May 31, 2025.
The significant unobservable inputs used in the fair value measurement of the Fund's investments are listed below. Generally, a change in the assumptions used in any input in isolation may be accompanied by a change in another input. Significant changes in any of the unobservable inputs may significantly impact the fair value measurement. The impact is based on the relationship between each unobservable input and the fair value measurement. Significant increases (decreases) in enterprise multiples may increase (decrease) the fair value measurement. Significant increases (decreases) in the discount for lack of marketability, liquidity discount, probability of default, yield and default rate may
JPMorgan Limited Duration Bond ETF
SCHEDULE OF PORTFOLIO INVESTMENTS
AS OF May 31, 2025 (Unaudited) (continued)
decrease (increase) the fair value measurement. A significant change in the discount rate or prepayment rate (Constant Prepayment Rate or PSA Prepayment Model) may decrease or increase the fair value measurement.
Quantitative Information about Level 3 Fair Value Measurements # 
 
Fair Value at
May 31, 2025
Valuation
Technique(s)
Unobservable
Input
Range (Weighted
Average) (a)
 
$18,795,675
Discounted Cash Flow
Constant Prepayment Rate
0.00% - 8.00% (1.58%)
 
 
Yield (Discount Rate of Cash Flows)
5.48% - 7.38% (5.84%)
Asset-Backed Securities
18,795,675
 
 
 
 
1,390,298
Discounted Cash Flow
Constant Prepayment Rate
90.00% (90.00%)
 
 
Yield (Discount Rate of Cash Flows)
5.83% (5.83%)
Collateralized Mortgage Obligations
1,390,298
 
 
 
Total
$20,185,973
 
 
 
 
#
The table above does not include certain level 3 investments that are valued by brokers and Pricing Services. At May 31, 2025, the value of
these investments was $2,228,713. The inputs for these investments are not readily available or cannot be reasonably estimated and are
generally those inputs described in Note A.
(a)
Unobservable inputs were weighted by the relative fair value of the instruments.
B. Investment Transactions with Affiliates— The Fund invested in 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 Prime Money Market
Fund Class IM Shares, 4.38%
 (a) (b)
$78,487,741
$139,917,087
$145,550,096
$(2,540
)
$(12,773
)
$72,839,419
72,824,854
$877,452
$—
 
 
(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.