NPORT-EX 2 JPMUSIETF.htm EDGAR HTML
JPMorgan Ultra-Short Income 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 Ultra-Short Income ETF
SCHEDULE OF PORTFOLIO INVESTMENTS
AS OF May 31, 2025 (Unaudited)
 
INVESTMENTS
PRINCIPAL
AMOUNT($)
VALUE($)
Corporate Bonds — 58.2%
Aerospace & Defense — 0.2%
BAE Systems Holdings, Inc. (United Kingdom) 3.85%, 12/15/2025 (a)
10,275,000
10,224,789
L3Harris Technologies, Inc. 3.85%, 12/15/2026
2,402,000
2,379,202
Lockheed Martin Corp. 3.55%, 1/15/2026
2,826,000
2,811,515
Raytheon Technologies Corp. 3.95%, 8/16/2025
778,000
776,403
RTX Corp. 5.75%, 11/8/2026
60,648,000
61,689,579
 
77,881,488
Automobile Components — 0.0% ^
Magna International, Inc. (Canada) 4.15%, 10/1/2025
8,252,000
8,230,930
Automobiles — 3.3%
BMW US Capital LLC (Germany)
(SOFRINDX + 0.62%), 4.94%, 8/11/2025 (a) (b)
9,237,000
9,242,256
(SOFRINDX + 0.55%), 4.91%, 4/2/2026 (a) (b)
81,125,000
81,142,694
2.80%, 4/11/2026 (a)
2,000,000
1,970,060
1.25%, 8/12/2026 (a)
20,155,000
19,398,283
4.65%, 3/19/2027 (a)
40,876,000
40,969,133
3.45%, 4/1/2027 (a)
378,000
371,111
General Motors Co.
6.13%, 10/1/2025
54,422,000
54,584,836
5.35%, 4/15/2028 (c)
33,607,000
33,878,254
Hyundai Capital America
5.80%, 6/26/2025 (a)
24,390,000
24,401,117
6.00%, 7/11/2025 (a)
28,960,000
28,992,951
1.80%, 10/15/2025 (a) (c)
3,192,000
3,155,167
(SOFR + 1.32%), 5.64%, 11/3/2025 (a) (b)
7,000,000
7,016,869
6.25%, 11/3/2025 (a)
10,641,000
10,694,884
5.50%, 3/30/2026 (a)
7,029,000
7,067,020
1.50%, 6/15/2026 (a)
8,713,000
8,412,129
5.45%, 6/24/2026 (a)
41,417,000
41,623,624
1.65%, 9/17/2026 (a)
3,451,000
3,312,819
5.95%, 9/21/2026 (a)
9,200,000
9,316,274
5.25%, 1/8/2027 (a)
43,739,000
43,949,418
4.85%, 3/25/2027 (a)
28,410,000
28,371,620
4.30%, 9/24/2027 (a)
66,987,000
66,118,207
2.38%, 10/15/2027 (a)
15,000,000
14,138,980
4.88%, 11/1/2027 (a)
32,000,000
31,960,967
Mercedes-Benz Finance North America LLC (Germany)
5.38%, 8/1/2025 (a)
15,710,000
15,716,146
5.38%, 11/26/2025 (a)
1,970,000
1,976,517
4.90%, 1/9/2026 (a)
85,449,000
85,631,660
1.45%, 3/2/2026 (a) (c)
7,330,000
7,164,630
4.88%, 7/31/2026 (a)
114,280,000
114,573,277
5.20%, 8/3/2026 (a)
3,886,000
3,909,569
4.80%, 11/13/2026 (a)
5,000,000
5,010,481
4.80%, 1/11/2027 (a)
5,000,000
5,009,346
4.65%, 4/1/2027 (a)
4,500,000
4,502,630
Stellantis Finance US, Inc. 5.35%, 3/17/2028 (a)
14,689,000
14,731,303
JPMorgan Ultra-Short Income ETF
SCHEDULE OF PORTFOLIO INVESTMENTS
AS OF May 31, 2025 (Unaudited) (continued)
INVESTMENTS
PRINCIPAL
AMOUNT($)
VALUE($)
Corporate Bonds — continued
Automobiles — continued
Volkswagen Group of America Finance LLC (Germany)
(SOFR + 0.93%), 5.30%, 9/12/2025 (a) (b)
119,020,000
119,122,357
5.80%, 9/12/2025 (a)
1,790,000
1,792,862
4.63%, 11/13/2025 (a)
5,708,000
5,698,651
1.25%, 11/24/2025 (a)
12,208,000
11,994,606
5.40%, 3/20/2026 (a)
2,000,000
2,007,752
4.90%, 8/14/2026 (a)
17,311,000
17,314,488
5.70%, 9/12/2026 (a)
7,000,000
7,060,130
3.20%, 9/26/2026 (a)
5,000,000
4,885,145
6.00%, 11/16/2026 (a)
7,360,000
7,459,323
5.30%, 3/22/2027 (a)
4,678,000
4,700,915
4.95%, 3/25/2027 (a)
26,866,000
26,861,290
 
1,037,211,751
Banks — 27.4%
ABN AMRO Bank NV (Netherlands)
(US Treasury Yield Curve Rate T Note Constant Maturity 1 Year + 1.65%), 6.34%, 9/18/2027 (a) (b)
130,000,000
132,456,767
(US Treasury Yield Curve Rate T Note Constant Maturity 1 Year + 0.78%), 4.99%, 12/3/2028 (a) (b)
59,500,000
59,905,101
ANZ New Zealand Int'l Ltd. (New Zealand) 1.25%, 6/22/2026 (a)
3,555,000
3,442,015
Australia & New Zealand Banking Group Ltd. (Australia)
5.38%, 7/3/2025
72,769,000
72,818,126
(SOFR + 0.56%), 4.91%, 3/18/2026 (a) (b)
82,670,000
82,826,652
5.00%, 3/18/2026
2,000,000
2,009,660
Banco Bilbao Vizcaya Argentaria SA (Spain)
1.13%, 9/18/2025
56,000,000
55,414,621
(US Treasury Yield Curve Rate T Note Constant Maturity 1 Year + 2.30%), 5.86%, 9/14/2026 (b)
82,151,000
82,328,722
Banco Santander SA (Spain)
5.15%, 8/18/2025
134,000
134,118
1.85%, 3/25/2026 (c)
31,452,000
30,781,867
5.29%, 8/18/2027
24,000,000
24,306,818
(US Treasury Yield Curve Rate T Note Constant Maturity 1 Year + 0.90%), 1.72%, 9/14/2027 (b)
40,281,000
38,720,127
(US Treasury Yield Curve Rate T Note Constant Maturity 1 Year + 1.65%), 6.53%, 11/7/2027 (b)
1,600,000
1,640,402
(US Treasury Yield Curve Rate T Note Constant Maturity 1 Year + 1.25%), 5.55%, 3/14/2028 (b)
31,600,000
31,980,497
Bank of America Corp.
(SOFR + 1.15%), 1.32%, 6/19/2026 (b)
44,071,000
43,985,328
(SOFR + 1.75%), 4.83%, 7/22/2026 (b)
3,000,000
2,999,657
(SOFR + 1.01%), 1.20%, 10/24/2026 (b)
69,845,000
68,861,020
(SOFR + 1.29%), 5.08%, 1/20/2027 (b)
95,610,000
95,810,762
Series N, (SOFR + 0.91%), 1.66%, 3/11/2027 (b)
15,241,000
14,888,946
(3-MONTH CME TERM SOFR + 1.32%), 3.56%, 4/23/2027 (b)
43,173,000
42,730,748
(SOFR + 0.96%), 1.73%, 7/22/2027 (b)
1,625,000
1,571,858
Series FIX, (SOFR + 0.83%), 4.98%, 1/24/2029 (b)
97,000,000
97,950,091
(SOFR + 1.11%), 4.62%, 5/9/2029 (b)
50,000,000
49,988,146
Bank of America NA
(SOFR + 0.78%), 5.10%, 8/18/2025 (b)
5,320,000
5,323,038
5.53%, 8/18/2026
3,000,000
3,038,354
Bank of Montreal (Canada)
3.70%, 6/7/2025
3,000,000
2,999,250
JPMorgan Ultra-Short Income ETF
SCHEDULE OF PORTFOLIO INVESTMENTS
AS OF May 31, 2025 (Unaudited) (continued)
INVESTMENTS
PRINCIPAL
AMOUNT($)
VALUE($)
Corporate Bonds — continued
Banks — continued
5.92%, 9/25/2025 (c)
1,435,000
1,441,063
5.30%, 6/5/2026
69,200,000
69,753,468
1.25%, 9/15/2026
1,937,000
1,860,512
(SOFR + 0.43%), 4.59%, 12/11/2026 (b)
137,095,000
136,993,953
5.27%, 12/11/2026
500,000
505,788
(SOFRINDX + 1.16%), 5.51%, 12/11/2026 (b)
60,331,000
60,874,160
(SOFR + 0.60%), 0.95%, 1/22/2027 (b)
17,296,000
16,880,249
Series f2f, (SOFR + 0.88%), 4.57%, 9/10/2027 (b)
76,330,000
76,267,768
Bank of New Zealand (New Zealand) 4.85%, 2/7/2028 (a)
64,500,000
65,149,843
Bank of Nova Scotia (The) (Canada)
1.30%, 6/11/2025 (c)
22,760,000
22,740,399
5.45%, 6/12/2025
106,590,000
106,612,263
1.05%, 3/2/2026
3,000,000
2,924,106
1.35%, 6/24/2026
8,577,000
8,308,669
1.30%, 9/15/2026
3,000,000
2,885,978
5.35%, 12/7/2026
6,696,000
6,778,697
(SOFR + 1.00%), 4.40%, 9/8/2028 (b)
66,856,000
66,620,452
Banque Federative du Credit Mutuel SA (France)
4.94%, 1/26/2026 (a)
85,390,000
85,584,579
5.90%, 7/13/2026 (a)
113,402,000
114,967,686
5.09%, 1/23/2027 (a)
18,989,000
19,118,415
Barclays plc (United Kingdom)
4.38%, 1/12/2026
58,294,000
58,153,678
(US Treasury Yield Curve Rate T Note Constant Maturity 1 Year + 2.30%), 5.30%, 8/9/2026 (b)
45,273,000
45,313,271
(US Treasury Yield Curve Rate T Note Constant Maturity 1 Year + 3.05%), 7.33%, 11/2/2026 (b)
24,091,000
24,337,120
(SOFR + 2.21%), 5.83%, 5/9/2027 (b)
92,223,000
93,064,678
(SOFR + 1.34%), 4.84%, 9/10/2028 (b)
33,613,000
33,681,976
BNP Paribas SA (France)
(SOFR + 2.07%), 2.22%, 6/9/2026 (a) (b)
38,087,000
38,067,505
(SOFR + 1.00%), 1.32%, 1/13/2027 (a) (b)
65,038,000
63,683,531
(SOFR + 0.91%), 1.68%, 6/30/2027 (a) (b)
8,603,000
8,325,951
(SOFR + 1.45%), 4.79%, 5/9/2029 (a) (b)
144,310,000
144,066,412
BPCE SA (France)
(SOFR + 0.96%), 5.25%, 9/25/2025 (a) (b)
113,486,000
113,655,984
1.00%, 1/20/2026 (a)
500,000
488,761
5.10%, 1/26/2026 (a)
67,344,000
67,460,954
(SOFR + 1.52%), 1.65%, 10/6/2026 (a) (b)
6,081,000
6,008,923
5.20%, 1/18/2027 (a) (c)
7,177,000
7,252,303
4.75%, 7/19/2027 (a)
5,330,000
5,356,568
Canadian Imperial Bank of Commerce (Canada)
3.95%, 8/4/2025
1,637,000
1,634,731
1.25%, 6/22/2026
3,000,000
2,901,032
5.93%, 10/2/2026
13,413,000
13,658,431
(SOFR + 0.93%), 4.51%, 9/11/2027 (b)
72,048,000
71,935,478
(SOFR + 0.72%), 4.86%, 1/13/2028 (b)
106,829,000
107,283,125
Citibank NA
(SOFRINDX + 0.59%), 4.94%, 4/30/2026 (b)
19,329,000
19,374,737
4.93%, 8/6/2026
20,508,000
20,623,492
JPMorgan Ultra-Short Income ETF
SCHEDULE OF PORTFOLIO INVESTMENTS
AS OF May 31, 2025 (Unaudited) (continued)
INVESTMENTS
PRINCIPAL
AMOUNT($)
VALUE($)
Corporate Bonds — continued
Banks — continued
4.58%, 5/29/2027
58,400,000
58,483,152
(SOFR + 0.71%), 4.88%, 11/19/2027 (b)
116,750,000
117,175,320
Citigroup, Inc.
3.70%, 1/12/2026
2,045,000
2,034,254
(3-MONTH CME TERM SOFR + 1.51%), 5.81%, 7/1/2026 (b)
23,987,000
24,014,949
(SOFR + 1.55%), 5.61%, 9/29/2026 (b)
41,284,000
41,379,063
3.20%, 10/21/2026
20,419,000
20,050,687
(SOFR + 0.77%), 1.12%, 1/28/2027 (b)
76,884,000
75,056,530
(SOFR + 1.14%), 4.64%, 5/7/2028 (b)
80,652,000
80,527,727
Commonwealth Bank of Australia (Australia)
4.93%, 12/9/2025 (a)
42,188,000
42,280,636
(SOFR + 0.75%), 5.12%, 3/13/2026 (a) (b)
2,766,000
2,774,555
5.32%, 3/13/2026
2,000,000
2,014,001
2.63%, 9/6/2026 (a)
3,000,000
2,940,212
4.58%, 11/27/2026
45,001,000
45,254,076
Cooperatieve Rabobank UA (Netherlands)
4.33%, 8/28/2026
2,000,000
1,998,793
5.50%, 10/5/2026
2,000,000
2,029,844
(US Treasury Yield Curve Rate T Note Constant Maturity 1 Year + 0.55%), 1.11%, 2/24/2027 (a) (b) (c)
24,586,000
23,932,724
(US Treasury Yield Curve Rate T Note Constant Maturity 1 Year + 0.73%), 1.98%, 12/15/2027 (a) (b)
60,578,000
58,130,237
Credit Agricole SA (France)
(SOFR + 1.68%), 1.91%, 6/16/2026 (a) (b)
40,126,000
40,079,966
5.59%, 7/5/2026 (a)
46,257,000
46,837,093
(SOFR + 1.21%), 4.63%, 9/11/2028 (a) (b)
36,124,000
35,972,765
(SOFR + 1.13%), 5.23%, 1/9/2029 (a) (b)
72,500,000
73,264,194
Danske Bank A/S (Denmark)
(US Treasury Yield Curve Rate T Note Constant Maturity 1 Year + 1.35%), 1.62%, 9/11/2026 (a) (b)
20,005,000
19,815,722
(US Treasury Yield Curve Rate T Note Constant Maturity 1 Year + 1.18%), 6.26%, 9/22/2026 (a) (b)
32,087,000
32,207,901
(US Treasury Yield Curve Rate T Note Constant Maturity 1 Year + 0.95%), 5.43%, 3/1/2028 (a) (b)
5,000,000
5,076,502
(US Treasury Yield Curve Rate T Note Constant Maturity 1 Year + 1.75%), 4.30%, 4/1/2028 (a) (b)
14,500,000
14,391,893
DNB Bank ASA (Norway)
(US Treasury Yield Curve Rate T Note Constant Maturity 1 Year + 0.85%), 1.13%, 9/16/2026 (a) (b)
9,184,000
9,085,320
(SOFRINDX + 1.95%), 5.90%, 10/9/2026 (a) (b)
42,180,000
42,341,277
(US Treasury Yield Curve Rate T Note Constant Maturity 1 Year + 0.72%), 1.54%, 5/25/2027 (a) (b)
42,394,000
41,120,819
Fifth Third Bancorp 2.55%, 5/5/2027
6,723,000
6,470,825
Fifth Third Bank NA 3.95%, 7/28/2025
9,589,000
9,579,492
HSBC Holdings plc (United Kingdom)
(SOFR + 1.93%), 2.10%, 6/4/2026 (b)
20,123,000
20,120,020
(3-MONTH CME TERM SOFR + 1.61%), 4.29%, 9/12/2026 (b)
62,765,000
62,643,648
(SOFR + 3.03%), 7.34%, 11/3/2026 (b)
9,700,000
9,797,346
(SOFR + 1.29%), 1.59%, 5/24/2027 (b) (c)
3,538,000
3,433,190
(SOFR + 1.04%), 5.13%, 11/19/2028 (b)
30,556,000
30,781,208
HSBC USA, Inc. 4.65%, 6/3/2028
39,811,000
39,922,911
ING Groep NV (Netherlands)
4.63%, 1/6/2026 (a)
52,629,000
52,595,083
(US Treasury Yield Curve Rate T Note Constant Maturity 1 Year + 1.10%), 1.40%, 7/1/2026 (a) (b)
7,299,000
7,278,230
(SOFR + 1.01%), 1.73%, 4/1/2027 (b)
9,455,000
9,228,511
(SOFR + 1.56%), 6.08%, 9/11/2027 (b)
54,500,000
55,476,107
JPMorgan Ultra-Short Income ETF
SCHEDULE OF PORTFOLIO INVESTMENTS
AS OF May 31, 2025 (Unaudited) (continued)
INVESTMENTS
PRINCIPAL
AMOUNT($)
VALUE($)
Corporate Bonds — continued
Banks — continued
(SOFR + 1.01%), 4.86%, 3/25/2029 (b)
38,479,000
38,631,187
KeyBank NA
3.30%, 6/1/2025
4,545,000
4,545,000
4.15%, 8/8/2025
39,320,000
39,255,511
4.70%, 1/26/2026
49,133,000
49,093,871
KeyCorp 4.15%, 10/29/2025
25,914,000
25,839,202
Lloyds Banking Group plc (United Kingdom)
(US Treasury Yield Curve Rate T Note Constant Maturity 1 Year + 1.75%), 4.72%, 8/11/2026 (b)
22,995,000
22,987,660
3.75%, 1/11/2027
5,436,000
5,369,488
(US Treasury Yield Curve Rate T Note Constant Maturity 1 Year + 0.85%), 1.63%, 5/11/2027 (b)
19,103,000
18,561,222
(US Treasury Yield Curve Rate T Note Constant Maturity 1 Year + 1.38%), 5.46%, 1/5/2028 (b)
67,732,000
68,502,648
(US Treasury Yield Curve Rate T Note Constant Maturity 1 Year + 0.85%), 5.09%, 11/26/2028 (b)
28,220,000
28,474,013
M&T Bank Corp. (SOFR + 0.93%), 4.83%, 1/16/2029 (b) (c)
38,078,000
38,153,135
Manufacturers & Traders Trust Co. 4.65%, 1/27/2026
136,894,000
136,775,541
Mitsubishi UFJ Financial Group, Inc. (Japan)
1.41%, 7/17/2025
38,127,000
37,974,323
(US Treasury Yield Curve Rate T Note Constant Maturity 1 Year + 0.75%), 1.54%, 7/20/2027 (b)
118,912,000
114,835,361
Mizuho Financial Group, Inc. (Japan)
3.48%, 4/12/2026 (a) (c)
14,215,000
14,082,968
(US Treasury Yield Curve Rate T Note Constant Maturity 1 Year + 0.67%), 1.23%, 5/22/2027 (b)
28,629,000
27,708,014
(US Treasury Yield Curve Rate T Note Constant Maturity 1 Year + 0.75%), 1.55%, 7/9/2027 (b)
35,751,000
34,562,983
Morgan Stanley Bank NA
4.75%, 4/21/2026
2,000,000
2,004,602
5.88%, 10/30/2026
8,121,000
8,282,031
(SOFR + 1.08%), 4.95%, 1/14/2028 (b)
22,062,000
22,194,555
(SOFR + 0.93%), 4.97%, 7/14/2028 (b)
25,973,000
26,193,546
(SOFR + 0.91%), 5.02%, 1/12/2029 (b)
56,306,000
56,871,677
National Australia Bank Ltd. (Australia)
4.75%, 12/10/2025
27,294,000
27,326,977
(SOFR + 0.65%), 5.00%, 12/10/2025 (a) (b)
44,601,000
44,689,425
3.38%, 1/14/2026
2,000,000
1,987,974
(SOFR + 0.55%), 4.88%, 1/29/2026 (a) (b)
104,000,000
104,171,488
National Bank of Canada (Canada)
(SOFR + 0.56%), 4.70%, 3/5/2027 (b)
195,972,000
195,732,091
(SOFRINDX + 0.90%), 5.24%, 3/25/2027 (b)
119,076,000
119,141,829
(SOFR + 1.04%), 5.60%, 7/2/2027 (b)
55,211,000
55,722,958
NatWest Group plc (United Kingdom)
4.80%, 4/5/2026
12,245,000
12,272,201
(US Treasury Yield Curve Rate T Note Constant Maturity 1 Year + 2.85%), 7.47%, 11/10/2026 (b)
30,019,000
30,363,766
(US Treasury Yield Curve Rate T Note Constant Maturity 1 Year + 1.35%), 5.85%, 3/2/2027 (b)
120,464,000
121,439,019
(US Treasury Yield Curve Rate T Note Constant Maturity 1 Year + 0.90%), 1.64%, 6/14/2027 (b)
17,454,000
16,911,718
(US Treasury Yield Curve Rate T Note Constant Maturity 1 Year + 1.10%), 5.58%, 3/1/2028 (b)
48,926,000
49,605,933
(SOFR + 1.10%), 5.36%, 5/23/2029 (b)
38,498,000
38,499,540
NatWest Markets plc (United Kingdom) 1.60%, 9/29/2026 (a)
7,131,000
6,860,177
PNC Bank NA (SOFR + 0.50%), 4.78%, 1/15/2027 (b)
144,871,000
144,963,109
PNC Financial Services Group, Inc. (The)
(SOFR + 1.32%), 5.81%, 6/12/2026 (b)
31,425,000
31,431,281
(SOFRINDX + 1.09%), 4.76%, 1/26/2027 (b)
111,563,000
111,626,595
JPMorgan Ultra-Short Income ETF
SCHEDULE OF PORTFOLIO INVESTMENTS
AS OF May 31, 2025 (Unaudited) (continued)
INVESTMENTS
PRINCIPAL
AMOUNT($)
VALUE($)
Corporate Bonds — continued
Banks — continued
Royal Bank of Canada (Canada)
1.20%, 4/27/2026
24,788,000
24,097,851
5.20%, 7/20/2026
2,000,000
2,018,339
(SOFRINDX + 0.46%), 4.78%, 8/3/2026 (b)
184,918,000
184,986,420
4.88%, 1/19/2027
17,063,000
17,203,164
(SOFR + 0.79%), 5.07%, 7/23/2027 (b)
50,504,000
50,837,802
(SOFR + 0.83%), 4.97%, 1/24/2029 (b)
97,000,000
97,965,437
Santander Holdings USA, Inc. 3.45%, 6/2/2025
11,857,000
11,857,000
Santander UK Group Holdings plc (United Kingdom)
(US Treasury Yield Curve Rate T Note Constant Maturity 1 Year + 1.25%), 1.53%, 8/21/2026 (b)
166,564,000
165,322,489
(SOFR + 2.75%), 6.83%, 11/21/2026 (b)
35,426,000
35,748,828
Skandinaviska Enskilda Banken AB (Sweden) 1.20%, 9/9/2026 (a)
3,000,000
2,881,575
Societe Generale SA (France)
(US Treasury Yield Curve Rate T Note Constant Maturity 1 Year + 1.10%), 1.49%, 12/14/2026 (a) (b)
105,414,000
103,436,084
5.25%, 2/19/2027 (a)
91,492,000
92,029,171
(SOFR + 1.10%), 5.42%, 2/19/2027 (a) (b)
27,638,000
27,615,123
(US Treasury Yield Curve Rate T Note Constant Maturity 1 Year + 1.00%), 1.79%, 6/9/2027 (a) (b)
24,226,000
23,466,033
(US Treasury Yield Curve Rate T Note Constant Maturity 1 Year + 1.50%), 5.52%, 1/19/2028 (a) (b)
101,500,000
102,259,641
Standard Chartered Bank (United Kingdom)
(SOFR + 0.65%), 4.99%, 10/8/2026 (b)
3,900,000
3,905,082
4.85%, 12/3/2027
70,066,000
70,655,255
Standard Chartered plc (United Kingdom)
4.05%, 4/12/2026 (a)
8,840,000
8,786,076
(US Treasury Yield Curve Rate T Note Constant Maturity 1 Year + 2.05%), 6.17%, 1/9/2027 (a) (b) (c)
27,420,000
27,630,037
(US Treasury Yield Curve Rate T Note Constant Maturity 1 Year + 1.00%), 1.46%, 1/14/2027 (a) (b)
20,835,000
20,401,840
(US Treasury Yield Curve Rate T Note Constant Maturity 1 Year + 1.85%), 6.19%, 7/6/2027 (a) (b)
53,627,000
54,333,487
(US Treasury Yield Curve Rate T Note Constant Maturity 1 Year + 1.05%), 5.55%, 1/21/2029 (a) (b)
32,333,000
32,810,235
Sumitomo Mitsui Financial Group, Inc. (Japan)
1.47%, 7/8/2025
1,005,000
1,001,941
0.95%, 1/12/2026
24,389,000
23,854,068
5.46%, 1/13/2026
52,209,000
52,450,184
2.63%, 7/14/2026
20,680,000
20,263,335
1.40%, 9/17/2026
13,000,000
12,492,032
3.01%, 10/19/2026
13,610,000
13,346,935
Sumitomo Mitsui Trust Bank Ltd. (Japan)
1.05%, 9/12/2025 (a)
2,000,000
1,980,226
5.65%, 3/9/2026 (a)
38,071,000
38,399,781
5.65%, 9/14/2026 (a)
5,000,000
5,070,542
5.20%, 3/7/2027 (a)
14,607,000
14,787,059
4.45%, 9/10/2027 (a)
43,800,000
43,790,791
Svenska Handelsbanken AB (Sweden) 5.25%, 6/15/2026 (a) (c)
109,095,000
110,124,507
Toronto-Dominion Bank (The) (Canada)
3.77%, 6/6/2025
2,019,000
2,018,797
(SOFR + 0.48%), 4.84%, 10/10/2025 (b)
91,929,000
91,991,512
0.75%, 1/6/2026
2,525,000
2,468,521
5.10%, 1/9/2026
5,295,000
5,308,610
1.20%, 6/3/2026
9,406,000
9,104,755
5.53%, 7/17/2026
20,483,000
20,709,440
JPMorgan Ultra-Short Income ETF
SCHEDULE OF PORTFOLIO INVESTMENTS
AS OF May 31, 2025 (Unaudited) (continued)
INVESTMENTS
PRINCIPAL
AMOUNT($)
VALUE($)
Corporate Bonds — continued
Banks — continued
5.26%, 12/11/2026
1,845,000
1,865,696
4.57%, 12/17/2026
41,342,000
41,393,517
Truist Bank (SOFR + 0.59%), 4.67%, 5/20/2027 (b)
123,622,000
123,707,282
Truist Financial Corp.
1.20%, 8/5/2025
6,524,000
6,484,899
(SOFR + 1.46%), 4.26%, 7/28/2026 (b)
21,947,000
21,921,893
(SOFR + 1.63%), 5.90%, 10/28/2026 (b)
13,464,000
13,521,962
(SOFR + 0.61%), 1.27%, 3/2/2027 (b)
23,597,000
22,961,381
(SOFR + 2.05%), 6.05%, 6/8/2027 (b)
24,918,000
25,239,695
US Bancorp
Series V, 2.38%, 7/22/2026
2,000,000
1,959,724
(SOFR + 1.43%), 5.73%, 10/21/2026 (b)
67,136,000
67,388,610
US Bank NA
(SOFR + 0.69%), 4.51%, 10/22/2027 (b)
93,509,000
93,398,653
(SOFR + 0.91%), 4.73%, 5/15/2028 (b)
53,930,000
53,981,505
Wells Fargo & Co.
(SOFR + 1.56%), 4.54%, 8/15/2026 (b)
3,500,000
3,498,583
Series W, (SOFR + 0.78%), 4.90%, 1/24/2028 (b)
61,195,000
61,421,158
Wells Fargo Bank NA
4.81%, 1/15/2026
71,583,000
71,706,710
(SOFR + 1.07%), 5.42%, 12/11/2026 (b)
13,194,000
13,282,740
Westpac Banking Corp. (Australia)
(SOFR + 0.55%), 4.88%, 1/29/2026 (a) (b)
103,539,000
103,595,358
5.20%, 4/16/2026
2,000,000
2,013,263
2.85%, 5/13/2026
13,463,000
13,281,032
1.15%, 6/3/2026
5,000,000
4,844,711
4.60%, 10/20/2026
40,646,000
40,851,157
Westpac New Zealand Ltd. (New Zealand)
5.13%, 2/26/2027 (a)
22,513,000
22,748,818
4.90%, 2/15/2028 (a)
29,500,000
29,776,514
 
8,533,005,648
Beverages — 0.3%
Constellation Brands, Inc.
4.40%, 11/15/2025
188,000
187,637
3.70%, 12/6/2026
3,441,000
3,400,627
Diageo Capital plc (United Kingdom)
1.38%, 9/29/2025
687,000
679,960
5.20%, 10/24/2025
5,570,000
5,582,812
Keurig Dr. Pepper, Inc. 3.40%, 11/15/2025
9,380,000
9,325,917
Pernod Ricard SA (France) 3.25%, 6/8/2026 (a)
69,144,000
68,146,505
 
87,323,458
Biotechnology — 0.0% ^
AbbVie, Inc. 2.95%, 11/21/2026
500,000
490,160
Amgen, Inc. 2.60%, 8/19/2026
4,631,000
4,535,435
Biogen, Inc. 4.05%, 9/15/2025
1,970,000
1,968,884
 
6,994,479
JPMorgan Ultra-Short Income ETF
SCHEDULE OF PORTFOLIO INVESTMENTS
AS OF May 31, 2025 (Unaudited) (continued)
INVESTMENTS
PRINCIPAL
AMOUNT($)
VALUE($)
Corporate Bonds — continued
Building Products — 0.1%
CRH SMW Finance DAC 5.13%, 1/9/2030
28,656,000
29,111,839
Johnson Controls International plc 3.90%, 2/14/2026
4,077,000
4,049,520
 
33,161,359
Capital Markets — 4.9%
Bank of New York Mellon (The) (SOFR + 0.69%), 4.59%, 4/20/2027 (b)
2,000,000
2,002,593
Bank of New York Mellon Corp. (The)
2.80%, 5/4/2026
24,776,000
24,428,072
(SOFR + 1.35%), 4.41%, 7/24/2026 (b)
24,395,000
24,377,444
(SOFR + 1.03%), 4.95%, 4/26/2027 (b)
25,937,000
26,056,418
Charles Schwab Corp. (The)
1.15%, 5/13/2026
4,770,000
4,626,060
5.88%, 8/24/2026
3,000,000
3,048,085
Goldman Sachs Bank USA
(SOFR + 0.77%), 5.12%, 3/18/2027 (b)
75,019,000
75,066,124
(SOFR + 0.78%), 5.28%, 3/18/2027 (b)
41,188,000
41,363,181
(SOFR + 0.75%), 5.41%, 5/21/2027 (b)
33,893,000
34,130,989
Goldman Sachs Group, Inc. (The)
3.75%, 2/25/2026
14,456,000
14,381,676
(SOFR + 1.07%), 5.38%, 8/10/2026 (b)
13,838,000
13,855,159
(SOFR + 0.79%), 1.09%, 12/9/2026 (b)
11,106,000
10,895,413
3.85%, 1/26/2027
39,500,000
39,152,681
(SOFR + 0.80%), 1.43%, 3/9/2027 (b)
106,626,000
103,942,273
(SOFR + 1.32%), 4.94%, 4/23/2028 (b)
63,100,000
63,421,375
Jefferies Financial Group, Inc.
5.00%, 2/10/2026
70,341,000
70,340,553
5.03%, 3/16/2026
116,788,000
116,931,288
Macquarie Bank Ltd. (Australia) 5.39%, 12/7/2026 (a)
17,507,000
17,760,373
Macquarie Group Ltd. (Australia)
(SOFR + 2.21%), 5.11%, 8/9/2026 (a) (b)
68,073,000
68,097,657
(SOFR + 1.07%), 1.34%, 1/12/2027 (a) (b)
96,852,000
94,886,560
Morgan Stanley
(SOFR + 1.67%), 4.68%, 7/17/2026 (b)
12,488,000
12,486,320
(SOFR + 1.77%), 6.14%, 10/16/2026 (b)
4,355,000
4,376,802
(SOFR + 0.72%), 0.99%, 12/10/2026 (b)
80,224,000
78,619,815
(SOFR + 1.30%), 5.05%, 1/28/2027 (b)
70,736,000
70,886,376
(SOFR + 0.88%), 1.59%, 5/4/2027 (b)
27,511,000
26,732,800
(SOFR + 0.86%), 1.51%, 7/20/2027 (b)
18,011,000
17,378,152
Nomura Holdings, Inc. (Japan)
5.10%, 7/3/2025
27,252,000
27,258,411
1.85%, 7/16/2025
35,574,000
35,445,077
5.71%, 1/9/2026
2,000,000
2,010,388
1.65%, 7/14/2026
500,000
483,179
2.33%, 1/22/2027
1,386,000
1,332,485
State Street Bank & Trust Co. 4.59%, 11/25/2026
62,407,000
62,684,515
State Street Corp.
5.27%, 8/3/2026
3,000,000
3,029,589
(SOFR + 1.35%), 5.75%, 11/4/2026 (b)
1,500,000
1,506,953
JPMorgan Ultra-Short Income ETF
SCHEDULE OF PORTFOLIO INVESTMENTS
AS OF May 31, 2025 (Unaudited) (continued)
INVESTMENTS
PRINCIPAL
AMOUNT($)
VALUE($)
Corporate Bonds — continued
Capital Markets — continued
(SOFR + 1.02%), 4.53%, 2/20/2029 (b)
7,909,000
7,932,754
UBS AG (Switzerland)
(SOFR + 0.93%), 5.28%, 9/11/2025 (b)
70,430,000
70,556,237
5.80%, 9/11/2025
4,183,000
4,196,661
1.25%, 6/1/2026
2,000,000
1,937,803
1.25%, 8/7/2026
2,620,000
2,523,695
UBS Group AG (Switzerland)
4.13%, 9/24/2025 (a)
2,936,000
2,929,236
4.13%, 4/15/2026 (a)
32,378,000
32,258,719
4.55%, 4/17/2026
3,199,000
3,197,874
(SOFR + 2.04%), 2.19%, 6/5/2026 (a) (b)
52,355,000
52,344,747
(SOFR + 3.34%), 6.37%, 7/15/2026 (a) (b)
24,696,000
24,730,476
(US Treasury Yield Curve Rate T Note Constant Maturity 1 Year + 1.55%), 5.71%, 1/12/2027 (a) (b)
21,542,000
21,654,244
(US Treasury Yield Curve Rate T Note Constant Maturity 1 Year + 1.08%), 1.36%, 1/30/2027 (a) (b)
35,818,000
35,020,793
(SOFRINDX + 0.98%), 1.31%, 2/2/2027 (a) (b)
40,110,000
39,182,095
(US Treasury Yield Curve Rate T Note Constant Maturity 1 Year + 0.85%), 1.49%, 8/10/2027 (a) (b)
27,149,000
26,120,048
 
1,517,580,218
Chemicals — 0.3%
Chevron Phillips Chemical Co. LLC 3.40%, 12/1/2026 (a)
8,320,000
8,188,212
DuPont de Nemours, Inc. 4.49%, 11/15/2025
4,043,000
4,040,035
Ecolab, Inc.
2.70%, 11/1/2026
2,172,000
2,124,100
4.30%, 6/15/2028 (d)
13,571,000
13,611,284
EIDP, Inc. 4.50%, 5/15/2026
2,000,000
2,001,317
Nutrien Ltd. (Canada) 5.95%, 11/7/2025
9,660,000
9,702,938
PPG Industries, Inc. 1.20%, 3/15/2026
770,000
749,695
Westlake Corp. 3.60%, 8/15/2026
49,030,000
48,336,395
 
88,753,976
Commercial Services & Supplies — 0.5%
Element Fleet Management Corp. (Canada)
6.27%, 6/26/2026 (a)
93,891,000
95,271,314
5.64%, 3/13/2027 (a)
59,831,000
60,696,409
Republic Services, Inc. 0.88%, 11/15/2025
4,790,000
4,709,982
 
160,677,705
Consumer Finance — 3.1%
AerCap Ireland Capital DAC (Ireland)
6.50%, 7/15/2025
44,719,000
44,738,239
4.45%, 10/1/2025
39,487,000
39,437,385
1.75%, 1/30/2026 (c)
30,544,000
29,925,230
2.45%, 10/29/2026
33,860,000
32,816,924
4.88%, 4/1/2028
66,211,000
66,548,258
American Express Co.
3.95%, 8/1/2025
61,374,000
61,342,400
4.90%, 2/13/2026
2,000,000
2,003,758
3.13%, 5/20/2026
2,976,000
2,941,285
(SOFR + 1.33%), 6.34%, 10/30/2026 (b)
15,483,000
15,589,009
JPMorgan Ultra-Short Income ETF
SCHEDULE OF PORTFOLIO INVESTMENTS
AS OF May 31, 2025 (Unaudited) (continued)
INVESTMENTS
PRINCIPAL
AMOUNT($)
VALUE($)
Corporate Bonds — continued
Consumer Finance — continued
(SOFRINDX + 0.75%), 5.65%, 4/23/2027 (b)
85,628,000
86,399,082
(SOFR + 1.00%), 5.10%, 2/16/2028 (b)
12,100,000
12,210,558
(SOFR + 0.93%), 5.04%, 7/26/2028 (b)
26,600,000
26,913,115
American Honda Finance Corp. (SOFR + 0.62%), 4.99%, 12/11/2026 (b)
107,556,000
107,541,754
Avolon Holdings Funding Ltd. (Ireland)
5.50%, 1/15/2026 (a)
6,024,000
6,024,783
2.13%, 2/21/2026 (a)
32,111,000
31,224,415
4.25%, 4/15/2026 (a)
50,710,000
50,076,632
4.38%, 5/1/2026 (a)
15,428,000
15,266,006
2.53%, 11/18/2027 (a)
5,542,000
5,223,612
4.95%, 1/15/2028 (a)
48,876,000
48,664,123
Capital One Financial Corp.
(SOFR + 2.16%), 4.99%, 7/24/2026 (b)
31,861,000
31,860,751
(SOFR + 0.86%), 1.88%, 11/2/2027 (b)
20,514,000
19,730,398
Caterpillar Financial Services Corp. 4.45%, 10/16/2026
36,349,000
36,447,521
General Motors Financial Co., Inc.
6.05%, 10/10/2025
15,081,000
15,136,237
1.25%, 1/8/2026
50,515,000
49,391,547
5.40%, 4/6/2026
3,000,000
3,008,843
John Deere Capital Corp. (SOFR + 0.50%), 4.79%, 7/3/2025 (b)
36,599,000
36,605,376
Toyota Motor Credit Corp.
(SOFR + 0.77%), 5.11%, 8/7/2026 (b)
33,926,000
34,056,398
4.50%, 5/14/2027
41,451,000
41,581,819
 
952,705,458
Consumer Staples Distribution & Retail — 0.2%
Dollar General Corp. 3.88%, 4/15/2027
19,000
18,722
Kroger Co. (The) 2.65%, 10/15/2026
7,172,000
7,003,776
Sysco Corp. 3.75%, 10/1/2025
61,866,000
61,667,050
 
68,689,548
Containers & Packaging — 0.2%
Amcor Flexibles North America, Inc. 4.80%, 3/17/2028 (a)
29,463,000
29,538,781
Brambles USA, Inc. (Australia) 4.13%, 10/23/2025 (a)
400,000
398,728
Sonoco Products Co. 4.45%, 9/1/2026
37,666,000
37,476,536
 
67,414,045
Diversified Telecommunication Services — 0.5%
AT&T, Inc.
3.88%, 1/15/2026
2,145,000
2,132,634
7.13%, 3/15/2026
9,695,000
9,860,569
1.70%, 3/25/2026
112,605,000
109,969,185
2.95%, 7/15/2026
3,000,000
2,947,145
Deutsche Telekom International Finance BV (Germany) 3.60%, 1/19/2027 (a)
1,638,000
1,613,435
NBN Co. Ltd. (Australia) 4.00%, 10/1/2027 (a)
13,656,000
13,501,768
Verizon Communications, Inc. 0.85%, 11/20/2025 (c)
2,347,000
2,307,003
 
142,331,739
Electric Utilities — 2.0%
American Electric Power Co., Inc. Series N, 1.00%, 11/1/2025
3,241,000
3,190,260
JPMorgan Ultra-Short Income ETF
SCHEDULE OF PORTFOLIO INVESTMENTS
AS OF May 31, 2025 (Unaudited) (continued)
INVESTMENTS
PRINCIPAL
AMOUNT($)
VALUE($)
Corporate Bonds — continued
Electric Utilities — continued
Arizona Public Service Co. 2.55%, 9/15/2026
5,170,000
5,031,725
DTE Electric Co. 4.25%, 5/14/2027
6,399,000
6,363,752
Duke Energy Corp.
0.90%, 9/15/2025
28,833,000
28,521,017
5.00%, 12/8/2025
1,004,000
1,005,669
2.65%, 9/1/2026
2,747,000
2,687,635
4.85%, 1/5/2027
76,842,000
77,356,786
Enel Finance International NV (Italy)
4.50%, 6/15/2025 (a) (e)
14,133,000
14,130,262
7.05%, 10/14/2025 (a) (e)
27,022,000
27,209,069
1.63%, 7/12/2026 (a) (e)
5,005,000
4,837,968
Entergy Corp.
0.90%, 9/15/2025
23,130,000
22,878,279
2.95%, 9/1/2026
2,699,000
2,646,657
Eversource Energy
3.35%, 3/15/2026
2,000,000
1,976,449
5.00%, 1/1/2027
12,766,000
12,829,143
Exelon Corp.
3.95%, 6/15/2025
56,891,000
56,868,026
3.40%, 4/15/2026
6,956,000
6,882,998
Interstate Power and Light Co. 3.40%, 8/15/2025
564,000
562,270
ITC Holdings Corp. 3.25%, 6/30/2026
1,165,000
1,145,971
NextEra Energy Capital Holdings, Inc.
5.75%, 9/1/2025
86,783,000
87,008,026
4.95%, 1/29/2026
101,615,000
101,873,166
4.85%, 2/4/2028
48,322,000
48,833,411
Oncor Electric Delivery Co. LLC 4.50%, 3/20/2027 (a)
30,731,000
30,789,362
PPL Capital Funding, Inc. 3.10%, 5/15/2026
2,308,000
2,275,036
Southern Co. (The) 3.25%, 7/1/2026
15,200,000
15,018,248
Southwestern Electric Power Co.
Series N, 1.65%, 3/15/2026
1,562,000
1,524,508
Series K, 2.75%, 10/1/2026
2,460,000
2,398,752
Virginia Power Fuel Securitization LLC Series A-1, 5.09%, 5/1/2027
30,458,757
30,592,090
Xcel Energy, Inc. 3.30%, 6/1/2025
14,518,000
14,518,000
 
610,954,535
Electronic Equipment, Instruments & Components — 0.1%
Jabil, Inc. 1.70%, 4/15/2026
300,000
291,890
TD SYNNEX Corp. 1.75%, 8/9/2026
2,859,000
2,751,319
Teledyne Technologies, Inc. 1.60%, 4/1/2026
21,077,000
20,553,770
Tyco Electronics Group SA (Switzerland) 4.50%, 2/13/2026
2,000,000
1,999,543
 
25,596,522
Energy Equipment & Services — 0.0% ^
Schlumberger Holdings Corp. 4.00%, 12/21/2025 (a)
5,937,000
5,915,765
JPMorgan Ultra-Short Income ETF
SCHEDULE OF PORTFOLIO INVESTMENTS
AS OF May 31, 2025 (Unaudited) (continued)
INVESTMENTS
PRINCIPAL
AMOUNT($)
VALUE($)
Corporate Bonds — continued
Entertainment — 0.0% ^
Take-Two Interactive Software, Inc. 5.00%, 3/28/2026
11,117,000
11,141,098
TWDC Enterprises 18 Corp. 1.85%, 7/30/2026
3,000,000
2,919,570
 
14,060,668
Financial Services — 0.9%
Fidelity National Information Services, Inc. 1.15%, 3/1/2026
26,081,000
25,410,786
Fiserv, Inc.
3.85%, 6/1/2025
5,718,000
5,718,000
3.20%, 7/1/2026
24,446,000
24,091,088
Global Payments, Inc.
1.20%, 3/1/2026
48,783,000
47,478,065
4.80%, 4/1/2026
25,199,000
25,188,739
LSEGA Financing plc (United Kingdom) 1.38%, 4/6/2026 (a)
9,889,000
9,631,148
National Rural Utilities Cooperative Finance Corp. (SOFR + 0.58%), 4.93%, 11/22/2026 (b)
139,446,000
139,507,708
Nationwide Building Society (United Kingdom) 1.50%, 10/13/2026 (a)
1,958,000
1,880,802
NTT Finance Corp. (Japan) 1.16%, 4/3/2026 (a)
1,776,000
1,727,132
Shell International Finance BV 2.88%, 5/10/2026
2,000,000
1,974,418
 
282,607,886
Food Products — 0.3%
Archer-Daniels-Midland Co. 2.50%, 8/11/2026
10,150,000
9,931,232
Bunge Ltd. Finance Corp. 1.63%, 8/17/2025
12,121,000
12,038,319
Conagra Brands, Inc.
4.60%, 11/1/2025
11,850,000
11,837,274
7.13%, 10/1/2026
3,000,000
3,083,724
Danone SA (France) 2.95%, 11/2/2026 (a)
10,041,000
9,827,159
General Mills, Inc. 4.70%, 1/30/2027
7,335,000
7,364,294
McCormick & Co., Inc.
3.25%, 11/15/2025
3,282,000
3,252,649
0.90%, 2/15/2026
12,000,000
11,687,920
Mead Johnson Nutrition Co. (United Kingdom) 4.13%, 11/15/2025
14,292,000
14,265,555
Mondelez International Holdings Netherlands BV 4.25%, 9/15/2025 (a)
1,500,000
1,496,765
Tyson Foods, Inc. 4.00%, 3/1/2026
4,004,000
3,987,128
 
88,772,019
Ground Transportation — 0.7%
Canadian National Railway Co. (Canada) 2.75%, 3/1/2026
2,000,000
1,974,391
Canadian Pacific Railway Co. (Canada) 1.75%, 12/2/2026
2,279,000
2,190,831
CSX Corp. 3.35%, 11/1/2025
21,643,000
21,542,198
ERAC USA Finance LLC
3.80%, 11/1/2025 (a)
1,047,000
1,043,135
3.30%, 12/1/2026 (a)
30,740,000
30,214,640
JB Hunt Transport Services, Inc. 3.88%, 3/1/2026
8,050,000
7,998,786
Penske Truck Leasing Co. LP
1.20%, 11/15/2025 (a)
200,000
196,488
5.75%, 5/24/2026 (a)
108,844,000
109,765,661
1.70%, 6/15/2026 (a)
8,153,000
7,900,248
3.40%, 11/15/2026 (a)
14,293,000
14,017,646
JPMorgan Ultra-Short Income ETF
SCHEDULE OF PORTFOLIO INVESTMENTS
AS OF May 31, 2025 (Unaudited) (continued)
INVESTMENTS
PRINCIPAL
AMOUNT($)
VALUE($)
Corporate Bonds — continued
Ground Transportation — continued
5.35%, 1/12/2027 (a)
24,179,000
24,364,640
Union Pacific Corp. 3.75%, 7/15/2025
738,000
737,276
 
221,945,940
Health Care Equipment & Supplies — 0.6%
Baxter International, Inc. 2.60%, 8/15/2026
7,547,000
7,372,524
Stryker Corp.
3.38%, 11/1/2025
4,676,000
4,651,891
4.55%, 2/10/2027
57,958,000
58,155,513
Zimmer Biomet Holdings, Inc.
3.05%, 1/15/2026
35,107,000
34,781,750
4.70%, 2/19/2027
81,123,000
81,270,821
 
186,232,499
Health Care Providers & Services — 0.7%
Cardinal Health, Inc.
3.75%, 9/15/2025
76,962,000
76,800,596
4.70%, 11/15/2026
33,465,000
33,527,455
3.41%, 6/15/2027
37,784,000
37,040,516
Cencora, Inc. 4.63%, 12/15/2027
12,004,000
12,069,755
Cigna Group (The)
4.50%, 2/25/2026
4,047,000
4,045,733
1.25%, 3/15/2026
2,663,000
2,593,966
Elevance Health, Inc.
5.35%, 10/15/2025
14,682,000
14,704,761
4.90%, 2/8/2026
13,878,000
13,877,972
1.50%, 3/15/2026
8,955,000
8,742,413
HCA, Inc. 5.00%, 3/1/2028
19,379,000
19,583,271
Laboratory Corp. of America Holdings 1.55%, 6/1/2026
1,809,000
1,757,381
 
224,743,819
Health Care REITs — 0.2%
Alexandria Real Estate Equities, Inc.
4.30%, 1/15/2026
6,706,000
6,688,630
3.80%, 4/15/2026
26,405,000
26,201,569
Healthpeak OP LLC 3.25%, 7/15/2026
2,324,000
2,288,650
Welltower OP LLC 4.25%, 4/1/2026
30,224,000
30,137,491
 
65,316,340
Hotels, Restaurants & Leisure — 0.4%
Darden Restaurants, Inc.
3.85%, 5/1/2027
10,000,000
9,854,905
4.35%, 10/15/2027
31,860,000
31,758,188
Expedia Group, Inc. 5.00%, 2/15/2026
8,135,000
8,144,145
Marriott International, Inc.
3.75%, 10/1/2025 (c)
3,909,000
3,895,644
5.45%, 9/15/2026
44,438,000
44,898,177
JPMorgan Ultra-Short Income ETF
SCHEDULE OF PORTFOLIO INVESTMENTS
AS OF May 31, 2025 (Unaudited) (continued)
INVESTMENTS
PRINCIPAL
AMOUNT($)
VALUE($)
Corporate Bonds — continued
Hotels, Restaurants & Leisure — continued
Starbucks Corp.
4.75%, 2/15/2026
21,251,000
21,275,168
2.45%, 6/15/2026
4,100,000
4,014,285
 
123,840,512
Independent Power and Renewable Electricity Producers — 0.1%
AES Corp. (The) 1.38%, 1/15/2026
4,661,000
4,555,146
Southern Power Co. 4.15%, 12/1/2025
11,912,000
11,886,319
 
16,441,465
Industrial Conglomerates — 0.0% ^
Honeywell International, Inc. 2.50%, 11/1/2026
2,000,000
1,947,884
Insurance — 5.3%
AEGON Funding Co. LLC (Netherlands) 5.50%, 4/16/2027 (a)
73,400,000
74,108,533
Athene Global Funding
1.45%, 1/8/2026 (a) (c)
535,000
524,576
5.68%, 2/23/2026 (a)
4,710,000
4,740,147
(SOFRINDX + 0.85%), 5.19%, 5/8/2026 (a) (b)
12,860,000
12,889,223
(SOFRINDX + 0.75%), 5.10%, 7/16/2026 (a) (b)
24,818,000
24,872,699
4.86%, 8/27/2026 (a)
225,572,000
226,093,777
4.95%, 1/7/2027 (a)
110,158,000
110,442,842
3.21%, 3/8/2027 (a)
6,896,000
6,674,345
Brighthouse Financial Global Funding
1.55%, 5/24/2026 (a)
3,406,000
3,300,952
5.55%, 4/9/2027 (a)
61,662,000
62,452,464
CNA Financial Corp. 4.50%, 3/1/2026
6,750,000
6,739,456
CNO Global Funding
4.88%, 12/10/2027 (a)
33,597,000
33,688,131
4.95%, 9/9/2029 (a)
17,367,000
17,350,334
Corebridge Global Funding
5.35%, 6/24/2026 (a)
111,306,000
112,259,028
5.75%, 7/2/2026 (a)
64,606,000
65,422,887
4.65%, 8/20/2027 (a)
97,494,000
97,725,352
Equitable Financial Life Global Funding
1.30%, 7/12/2026 (a)
2,471,000
2,386,327
4.60%, 4/1/2027 (a)
167,980,000
167,914,177
4.88%, 11/19/2027 (a)
70,152,000
70,604,911
F&G Global Funding 5.15%, 7/7/2025 (a)
1,250,000
1,249,980
Guardian Life Global Funding 1.10%, 6/23/2025 (a) (c)
1,871,000
1,867,269
Jackson National Life Global Funding
5.60%, 4/10/2026 (a)
109,709,000
110,614,067
5.55%, 7/2/2027 (a)
46,967,000
47,751,234
MassMutual Global Funding II 4.50%, 4/10/2026 (a)
2,000,000
2,001,952
Met Tower Global Funding 4.85%, 1/16/2027 (a)
19,592,000
19,720,614
Mutual of Omaha Cos. Global Funding 5.35%, 4/9/2027 (a)
13,008,000
13,163,492
New York Life Global Funding
5.45%, 9/18/2026 (a)
2,000,000
2,027,154
(SOFR + 0.67%), 5.03%, 4/2/2027 (a) (b)
9,017,000
9,039,366
4.40%, 12/13/2027 (a)
169,001,000
169,222,527
JPMorgan Ultra-Short Income ETF
SCHEDULE OF PORTFOLIO INVESTMENTS
AS OF May 31, 2025 (Unaudited) (continued)
INVESTMENTS
PRINCIPAL
AMOUNT($)
VALUE($)
Corporate Bonds — continued
Insurance — continued
Pacific Life Global Funding II
(SOFRINDX + 0.86%), 5.21%, 6/16/2025 (a) (b)
7,205,000
7,207,109
1.20%, 6/24/2025 (a)
1,500,000
1,497,038
(SOFR + 0.48%), 4.80%, 2/4/2027 (a) (b)
43,739,000
43,691,071
4.45%, 5/1/2028 (a)
49,504,000
49,573,921
Pricoa Global Funding I 5.55%, 8/28/2026 (a)
3,000,000
3,039,551
Principal Financial Group, Inc. 3.10%, 11/15/2026
500,000
489,464
Principal Life Global Funding II
1.25%, 6/23/2025 (a)
3,500,000
3,493,401
1.50%, 11/17/2026 (a)
2,052,000
1,968,535
5.00%, 1/16/2027 (a)
8,349,000
8,411,197
Protective Life Global Funding 4.99%, 1/12/2027 (a)
18,117,000
18,242,653
Reliance Standard Life Global Funding II 5.24%, 2/2/2026 (a)
21,309,000
21,369,929
 
1,635,831,685
IT Services — 0.1%
CGI, Inc. (Canada) 1.45%, 9/14/2026
19,338,000
18,574,322
Machinery — 0.5%
CNH Industrial Capital LLC
5.45%, 10/14/2025
25,570,000
25,654,562
1.88%, 1/15/2026
8,530,000
8,384,136
1.45%, 7/15/2026
11,650,000
11,222,678
Daimler Truck Finance North America LLC (Germany)
5.60%, 8/8/2025 (a)
17,943,000
17,965,660
5.15%, 1/16/2026 (a)
11,998,000
12,022,844
2.00%, 12/14/2026 (a)
17,100,000
16,445,413
5.00%, 1/15/2027 (a)
17,392,000
17,496,422
3.65%, 4/7/2027 (a)
1,575,000
1,548,017
4.95%, 1/13/2028 (a)
18,623,000
18,734,772
Dover Corp. 3.15%, 11/15/2025
190,000
188,788
Stanley Black & Decker, Inc. 3.40%, 3/1/2026
12,458,000
12,333,160
 
141,996,452
Media — 0.1%
Cox Communications, Inc. 3.35%, 9/15/2026 (a)
2,735,000
2,683,488
Omnicom Group, Inc. 3.60%, 4/15/2026
16,335,000
16,173,012
 
18,856,500
Metals & Mining — 0.2%
Glencore Funding LLC (Australia)
1.63%, 9/1/2025 (a)
23,940,000
23,746,683
(SOFRINDX + 0.75%), 5.09%, 10/1/2026 (a) (b)
6,842,000
6,846,373
5.34%, 4/4/2027 (a)
1,278,000
1,292,224
POSCO (South Korea) 4.38%, 8/4/2025 (a)
10,479,000
10,470,093
Rio Tinto Finance USA plc (Australia)
4.38%, 3/12/2027
7,153,000
7,171,757
4.50%, 3/14/2028
15,547,000
15,609,941
 
65,137,071
JPMorgan Ultra-Short Income ETF
SCHEDULE OF PORTFOLIO INVESTMENTS
AS OF May 31, 2025 (Unaudited) (continued)
INVESTMENTS
PRINCIPAL
AMOUNT($)
VALUE($)
Corporate Bonds — continued
Multi-Utilities — 0.4%
Dominion Energy, Inc.
3.90%, 10/1/2025
39,033,000
38,946,935
Series A, 1.45%, 4/15/2026
12,036,000
11,711,426
DTE Energy Co.
Series F, 1.05%, 6/1/2025
17,297,000
17,297,000
2.85%, 10/1/2026
5,215,000
5,099,647
WEC Energy Group, Inc.
5.00%, 9/27/2025
17,277,000
17,281,769
4.75%, 1/9/2026
35,196,000
35,220,241
 
125,557,018
Oil, Gas & Consumable Fuels — 1.0%
BP Capital Markets America, Inc. 3.80%, 9/21/2025
792,000
790,668
Energy Transfer LP 4.75%, 1/15/2026
59,866,000
59,795,335
Enterprise Products Operating LLC
5.05%, 1/10/2026
2,000,000
2,006,482
4.60%, 1/11/2027
54,064,000
54,324,027
MPLX LP 1.75%, 3/1/2026
21,387,000
20,905,695
ONEOK, Inc.
2.20%, 9/15/2025
22,871,000
22,710,590
5.00%, 3/1/2026
16,899,000
16,923,891
4.25%, 9/24/2027
65,850,000
65,418,813
Phillips 66 Co. 3.55%, 10/1/2026
5,290,000
5,223,048
Pioneer Natural Resources Co. 5.10%, 3/29/2026
29,294,000
29,433,997
Sabine Pass Liquefaction LLC 5.88%, 6/30/2026
18,821,000
18,934,893
Williams Cos., Inc. (The) 4.00%, 9/15/2025
17,339,000
17,301,139
 
313,768,578
Paper & Forest Products — 0.1%
Georgia-Pacific LLC
1.75%, 9/30/2025 (a)
1,949,000
1,928,523
0.95%, 5/15/2026 (a)
6,897,000
6,670,506
4.40%, 6/30/2028 (a)
14,544,000
14,558,693
 
23,157,722
Pharmaceuticals — 0.0% ^
Astrazeneca Finance LLC (United Kingdom) 1.20%, 5/28/2026
2,000,000
1,941,739
Bayer US Finance II LLC (Germany) 4.25%, 12/15/2025 (a)
6,140,000
6,117,169
Roche Holdings, Inc. 5.27%, 11/13/2026 (a)
500,000
507,039
Zoetis, Inc. 4.50%, 11/13/2025
183,000
182,880
 
8,748,827
Residential REITs — 0.0% ^
AvalonBay Communities, Inc. 2.95%, 5/11/2026
2,991,000
2,949,953
Essex Portfolio LP 3.38%, 4/15/2026
4,489,000
4,439,389
 
7,389,342
Retail REITs — 0.3%
Brixmor Operating Partnership LP 4.13%, 6/15/2026
32,405,000
32,222,778
Federal Realty OP LP 1.25%, 2/15/2026
38,788,000
37,833,849
JPMorgan Ultra-Short Income ETF
SCHEDULE OF PORTFOLIO INVESTMENTS
AS OF May 31, 2025 (Unaudited) (continued)
INVESTMENTS
PRINCIPAL
AMOUNT($)
VALUE($)
Corporate Bonds — continued
Retail REITs — continued
NNN REIT, Inc. 4.00%, 11/15/2025
5,943,000
5,923,330
Realty Income Corp. 4.88%, 6/1/2026
5,562,000
5,574,526
 
81,554,483
Semiconductors & Semiconductor Equipment — 0.8%
Advanced Micro Devices, Inc. 4.21%, 9/24/2026
47,233,000
47,259,651
Analog Devices, Inc. 3.50%, 12/5/2026
2,000,000
1,977,243
Broadcom, Inc.
3.15%, 11/15/2025
48,997,000
48,677,609
3.46%, 9/15/2026 (c)
40,286,000
39,783,394
4.80%, 4/15/2028
70,284,000
71,097,656
Microchip Technology, Inc. 4.25%, 9/1/2025
26,547,000
26,506,622
NXP BV (Netherlands)
5.35%, 3/1/2026
7,377,000
7,400,053
3.88%, 6/18/2026
12,773,000
12,660,214
 
255,362,442
Software — 0.3%
Oracle Corp.
5.80%, 11/10/2025
7,865,000
7,906,327
1.65%, 3/25/2026
8,137,000
7,938,521
2.65%, 7/15/2026
3,000,000
2,937,144
4.80%, 8/3/2028
56,807,000
57,367,081
Roper Technologies, Inc.
1.00%, 9/15/2025
2,505,000
2,478,811
3.85%, 12/15/2025
6,436,000
6,410,552
VMware LLC 1.40%, 8/15/2026
3,688,000
3,550,966
 
88,589,402
Specialized REITs — 0.4%
American Tower Corp.
1.30%, 9/15/2025
24,486,000
24,227,014
4.40%, 2/15/2026
9,307,000
9,288,750
1.60%, 4/15/2026
21,421,000
20,851,133
1.45%, 9/15/2026
1,280,000
1,230,333
3.13%, 1/15/2027
6,725,000
6,559,680
Crown Castle, Inc.
4.45%, 2/15/2026
36,747,000
36,700,353
3.70%, 6/15/2026
3,118,000
3,084,930
1.05%, 7/15/2026
6,233,000
5,978,436
Equinix, Inc. 1.45%, 5/15/2026
1,910,000
1,852,043
Extra Space Storage LP 3.50%, 7/1/2026
6,852,000
6,776,822
 
116,549,494
Specialty Retail — 0.5%
AutoZone, Inc.
3.13%, 4/21/2026
5,970,000
5,905,474
5.05%, 7/15/2026
9,700,000
9,752,912
Home Depot, Inc. (The) 5.10%, 12/24/2025
34,774,000
34,906,410
JPMorgan Ultra-Short Income ETF
SCHEDULE OF PORTFOLIO INVESTMENTS
AS OF May 31, 2025 (Unaudited) (continued)
INVESTMENTS
PRINCIPAL
AMOUNT($)
VALUE($)
Corporate Bonds — continued
Specialty Retail — continued
Lowe's Cos., Inc.
4.40%, 9/8/2025
13,747,000
13,740,853
3.38%, 9/15/2025
4,230,000
4,215,479
4.80%, 4/1/2026
47,901,000
47,992,589
2.50%, 4/15/2026
20,000,000
19,676,880
O'Reilly Automotive, Inc.
3.55%, 3/15/2026
17,092,000
16,963,170
5.75%, 11/20/2026
11,532,000
11,727,355
 
164,881,122
Technology Hardware, Storage & Peripherals — 0.2%
Dell International LLC
6.02%, 6/15/2026
12,057,000
12,168,662
4.90%, 10/1/2026
6,911,000
6,929,700
Hewlett Packard Enterprise Co. 4.45%, 9/25/2026
58,198,000
58,112,939
 
77,211,301
Tobacco — 0.7%
Altria Group, Inc. 4.40%, 2/14/2026
7,006,000
6,995,532
BAT Capital Corp. (United Kingdom) 3.22%, 9/6/2026
12,000,000
11,796,455
BAT International Finance plc (United Kingdom) 1.67%, 3/25/2026
118,437,000
115,631,133
Philip Morris International, Inc.
3.38%, 8/11/2025
5,314,000
5,298,030
5.00%, 11/17/2025
1,176,000
1,178,036
4.88%, 2/13/2026
26,859,000
26,923,889
2.75%, 2/25/2026
31,466,000
31,059,872
0.88%, 5/1/2026
6,632,000
6,420,236
Reynolds American, Inc. (United Kingdom) 4.45%, 6/12/2025
8,220,000
8,219,383
 
213,522,566
Trading Companies & Distributors — 0.1%
Aviation Capital Group LLC 4.75%, 4/14/2027 (a)
29,135,000
29,021,145
TTX Co. 5.50%, 9/25/2026 (a)
5,705,000
5,768,504
 
34,789,649
Transportation Infrastructure — 0.0% ^
Sydney Airport Finance Co. Pty. Ltd. (Australia) 3.63%, 4/28/2026 (a)
7,970,000
7,888,652
Transurban Finance Co. Pty. Ltd. (Australia) 4.13%, 2/2/2026 (a)
5,018,000
4,995,016
 
12,883,668
Wireless Telecommunication Services — 0.2%
T-Mobile USA, Inc.
1.50%, 2/15/2026
13,875,000
13,551,240
2.25%, 2/15/2026
35,175,000
34,570,767
2.63%, 4/15/2026
6,757,000
6,652,276
 
54,774,283
Total Corporate Bonds
(Cost $18,064,455,770)
18,109,473,583
JPMorgan Ultra-Short Income ETF
SCHEDULE OF PORTFOLIO INVESTMENTS
AS OF May 31, 2025 (Unaudited) (continued)
INVESTMENTS
PRINCIPAL
AMOUNT($)
VALUE($)
Asset-Backed Securities — 14.6%
Ally Auto Receivables Trust
Series 2024-1, Class A2, 5.32%, 1/15/2027
16,104,356
16,116,734
Series 2022-3, Class A3, 5.07%, 4/15/2027
2,180,008
2,182,367
Series 2022-2, Class A3, 4.76%, 5/17/2027
7,967,067
7,968,557
American Express Credit Account Master Trust
Series 2022-3, Class A, 3.75%, 8/15/2027
63,195,000
63,093,382
Series 2022-4, Class A, 4.95%, 10/15/2027
10,400,000
10,415,417
AmeriCredit Automobile Receivables Trust Series 2022-2, Class A3, 4.38%, 4/18/2028
797,680
797,277
Amur Equipment Finance Receivables LLC Series 2024-2A, Class A2, 5.19%, 7/21/2031 (a)
5,106,891
5,141,493
Apidos CLO (Cayman Islands)
Series 2016-24A, Class A1AL, 5.48%, 10/20/2030 (a) (f)
24,070,779
24,073,860
Series 2019-31A, Class A1R, 5.62%, 4/15/2031 (a) (f)
19,804,145
19,823,395
Series XXXA, Class A1AR, 5.35%, 10/18/2031 (a) (f)
11,587,004
11,578,464
Series 2015-23A, Class ARR, 5.31%, 4/15/2033 (a) (f)
58,800,000
58,782,654
Ares CLO Ltd. (Cayman Islands) Series 2015-4A, Class A1RR, 5.34%, 10/15/2030 (a) (f)
15,410,390
15,404,441
ARI Fleet Lease Trust Series 2023-A, Class A2, 5.41%, 2/17/2032 (a)
2,736,455
2,741,424
BA Credit Card Trust
Series 2022-A1, Class A1, 3.53%, 11/15/2027
7,306,000
7,303,379
Series 2022-A2, Class A2, 5.00%, 4/15/2028
45,812,000
45,899,098
Bain Capital Credit CLO (Cayman Islands)
Series 2019-2A, Class AR3, 5.20%, 10/17/2032 (a) (f)
136,641,978
136,230,002
Series 2019-1A, Class X, 5.36%, 4/19/2034 (a) (f)
1,200,000
1,199,896
Bain Capital Credit CLO Ltd. (Cayman Islands) Series 2020-3A, Class X, 5.39%, 10/23/2034 (a) (f)
293,333
293,293
Ballyrock CLO Ltd. (Cayman Islands)
Series 2020-2A, Class A1R, 5.54%, 10/20/2031 (a) (f)
14,829,059
14,838,297
Series 2019-1A, Class A1R, 5.55%, 7/15/2032 (a) (f)
47,984,747
48,013,730
Bank of America Auto Trust Series 2023-2A, Class A2, 5.85%, 8/17/2026 (a)
6,246,749
6,251,045
Barings CLO Ltd. (Cayman Islands) Series 2018-4A, Class A1R, 5.41%, 10/15/2030 (a) (f)
64,257,618
64,258,646
BMW Vehicle Lease Trust
Series 2024-1, Class A2A, 5.10%, 7/27/2026
11,219,425
11,228,523
Series 2023-2, Class A3, 5.99%, 9/25/2026
8,238,073
8,270,222
Series 2024-1, Class A3, 4.98%, 3/25/2027
6,845,000
6,869,079
BofA Auto Trust Series 2025-1A, Class A2A, 4.52%, 11/22/2027 (a)
21,255,000
21,240,313
Buttermilk Park CLO Ltd. (Cayman Islands) Series 2018-1A, Class A1R, 5.34%, 10/15/2031 (a) (f)
25,277,500
25,270,043
Capital One Prime Auto Receivables Trust
Series 2021-1, Class A3, 0.77%, 9/15/2026
678,566
676,875
Series 2022-2, Class A3, 3.66%, 5/17/2027
1,990,735
1,982,784
Series 2024-1, Class A2A, 4.61%, 10/15/2027
8,784,554
8,784,901
Series 2022-2, Class A4, 3.69%, 12/15/2027
5,715,000
5,672,405
Carlyle Global Market Strategies CLO Ltd. (Cayman Islands) Series 2015-1A, Class AR3, 5.51%, 7/20/2031 (a) (f)
3,811,970
3,813,357
CARLYLE US CLO Ltd. (Cayman Islands) Series 2018-2A, Class A1R, 5.41%, 10/15/2031 (a) (f)
5,718,101
5,718,090
CarVal CLO Ltd. (Cayman Islands)
Series 2018-1A, Class AR, 5.49%, 7/16/2031 (a) (f)
32,580,443
32,628,076
Series 2019-1A, Class AR2, 5.29%, 4/20/2032 (a) (f)
132,713,031
132,556,429
Series 2019-2A, Class AR2, 5.26%, 7/20/2032 (a) (f)
29,591,704
29,534,503
CCG Receivables Trust
Series 2024-1, Class A2, 4.99%, 3/15/2032 (a)
43,723,119
43,893,512
Series 2023-2, Class A2, 6.28%, 4/14/2032 (a)
7,003,043
7,084,778
Chesapeake Funding LLC (Canada) Series 2023-2A, Class A1, 6.16%, 10/15/2035 (a)
7,357,405
7,446,895
JPMorgan Ultra-Short Income ETF
SCHEDULE OF PORTFOLIO INVESTMENTS
AS OF May 31, 2025 (Unaudited) (continued)
INVESTMENTS
PRINCIPAL
AMOUNT($)
VALUE($)
Asset-Backed Securities — continued
CIFC Funding Ltd. (Cayman Islands)
Series 2013-3RA, Class A1R, 5.28%, 4/24/2031 (a) (f)
64,552,562
64,504,083
Series 2016-1A, Class AR3, 5.27%, 10/21/2031 (a) (f)
119,684,354
119,503,152
Citibank Credit Card Issuance Trust Series 2023-A2, Class A2, 4.97%, 12/8/2027 (f)
65,328,000
65,373,730
CNH Equipment Trust
Series 2022-A, Class A3, 2.94%, 7/15/2027
2,599,218
2,576,920
Series 2024-A, Class A2, 5.19%, 7/15/2027
8,791,592
8,800,959
Dell Equipment Finance Trust
Series 2023-1, Class A3, 5.65%, 9/22/2028 (a)
3,812,806
3,821,581
Series 2023-2, Class A3, 5.65%, 1/22/2029 (a)
4,055,733
4,071,178
Series 2024-1, Class A2, 5.58%, 3/22/2030 (a)
20,762,248
20,810,647
Series 2024-2, Class A2, 4.69%, 8/22/2030 (a)
46,470,000
46,497,701
Dewolf Park CLO Ltd. Series 2017-1A, Class AR, 5.44%, 10/15/2030 (a) (f)
26,636,323
26,655,048
Discover Card Execution Note Trust
Series 2022-A3, Class A3, 3.56%, 7/15/2027
56,837,000
56,765,971
Series 2023-A1, Class A, 4.31%, 3/15/2028
107,878,000
107,753,671
Series 2021-A2, Class A2, 1.03%, 9/15/2028
117,266,000
112,226,986
Dllad LLC Series 2024-1A, Class A2, 5.50%, 8/20/2027 (a)
19,367,967
19,449,138
Dryden CLO Ltd. (Cayman Islands) Series 2019-72A, Class ARR, 5.43%, 5/15/2032 (a) (f)
20,661,026
20,655,241
Dryden Senior Loan Fund (Cayman Islands)
Series 2013-30A, Class AR, 5.41%, 11/15/2028 (a) (f)
132,359
132,317
Series 2013-26A, Class AR, 5.42%, 4/15/2029 (a) (f)
2,417,914
2,418,441
Series 2017-49A, Class AR, 5.48%, 7/18/2030 (a) (f)
559,950
559,946
Series 2015-41A, Class AR, 5.49%, 4/15/2031 (a) (f)
1,930,084
1,932,187
Elmwood CLO Ltd. (Cayman Islands) Series 2021-3A, Class A1R, 5.54%, 4/20/2034 (a) (f)
40,000,000
40,034,760
Enterprise Fleet Financing LLC
Series 2024-4, Class A2, 4.69%, 7/20/2027 (a)
16,196,000
16,202,404
Series 2022-4, Class A2, 5.76%, 10/22/2029 (a)
11,596,330
11,639,731
Series 2023-3, Class A2, 6.40%, 3/20/2030 (a)
32,515,491
32,991,264
Ford Credit Auto Lease Trust
Series 2024-A, Class A3, 5.06%, 5/15/2027
23,633,000
23,676,442
Series 2024-A, Class A4, 5.05%, 6/15/2027
1,601,000
1,609,818
Ford Credit Auto Owner Trust
Series 2023-C, Class A2A, 5.68%, 9/15/2026
4,092,191
4,095,962
Series 2024-C, Class A2A, 4.32%, 8/15/2027
74,390,945
74,301,750
Series 2024-D, Class A2A, 4.59%, 10/15/2027
78,516,000
78,531,978
Series 2023-B, Class A3, 5.23%, 5/15/2028
14,890,560
14,963,432
Series 2021-1, Class A, 1.37%, 10/17/2033 (a)
113,195,000
110,079,138
Series 2021-2, Class A, 1.53%, 5/15/2034 (a)
92,543,000
88,694,914
Series 2022-1, Class A, 3.88%, 11/15/2034 (a)
17,000,000
16,811,042
Galaxy CLO Ltd. (Cayman Islands)
Series 2013-15A, Class ARR, 5.49%, 10/15/2030 (a) (f)
982,500
982,315
Series 2015-20A, Class AR, 5.53%, 4/20/2031 (a) (f)
2,710,530
2,710,265
Series 2018-28A, Class A1, 5.62%, 7/15/2031 (a) (f)
3,866,719
3,868,115
Series 2018-26A, Class AR, 5.50%, 11/22/2031 (a) (f)
29,043,529
29,050,906
Series 2016-22A, Class XRR, 5.42%, 4/16/2034 (a) (f)
842,105
842,030
Gm Financial Automobile Leasing Trust Series 2025-2, Class A2A, 4.55%, 7/20/2027
36,260,000
36,253,187
GM Financial Automobile Leasing Trust
Series 2024-2, Class A2A, 5.43%, 9/21/2026
42,189,550
42,286,003
JPMorgan Ultra-Short Income ETF
SCHEDULE OF PORTFOLIO INVESTMENTS
AS OF May 31, 2025 (Unaudited) (continued)
INVESTMENTS
PRINCIPAL
AMOUNT($)
VALUE($)
Asset-Backed Securities — continued
Series 2023-3, Class A3, 5.38%, 11/20/2026
7,906,489
7,922,338
Series 2024-1, Class A3, 5.09%, 3/22/2027
11,255,000
11,291,681
GM Financial Consumer Automobile Receivables Trust
Series 2024-1, Class A2A, 5.12%, 2/16/2027
9,260,058
9,269,499
Series 2024-2, Class A2A, 5.33%, 3/16/2027
10,370,272
10,385,477
Series 2024-3, Class A2A, 5.35%, 6/16/2027
465,234
466,211
Series 2025-1, Class A2A, 4.44%, 1/18/2028
32,705,000
32,673,570
Series 2023-3, Class A3, 5.45%, 6/16/2028
8,078,966
8,129,062
Greenwood Park CLO Ltd.
Series 2018-1A, Class A2, 5.53%, 4/15/2031 (a) (f)
889,391
889,805
Series 2018-1A, Class A1, 5.55%, 4/15/2031 (a) (f)
533,336
533,584
Hyundai Auto Lease Securitization Trust
Series 2023-B, Class A3, 5.15%, 6/15/2026 (a)
8,795,320
8,799,213
Series 2023-C, Class A3, 5.80%, 12/15/2026 (a)
32,505,337
32,618,469
Series 2023-B, Class A4, 5.17%, 4/15/2027 (a)
18,472,000
18,490,902
Series 2024-B, Class A3, 5.41%, 5/17/2027 (a)
68,793,000
69,350,650
Series 2023-C, Class A4, 5.84%, 9/15/2027 (a)
15,053,000
15,181,179
Hyundai Auto Receivables Trust
Series 2023-A, Class A3, 4.58%, 4/15/2027
30,449,847
30,446,199
Series 2024-A, Class A2A, 5.29%, 4/15/2027
11,929,008
11,951,414
Series 2024-B, Class A2A, 5.15%, 6/15/2027
60,366,795
60,506,103
Series 2024-C, Class A2A, 4.53%, 9/15/2027
28,937,053
28,931,283
Series 2023-B, Class A3, 5.48%, 4/17/2028
28,124,829
28,300,480
ICG US CLO Ltd. (Cayman Islands) Series 2016-1A, Class XRR, 5.44%, 4/29/2034 (a) (f)
631,584
631,528
KKR CLO Ltd. (Cayman Islands)
Series 21, Class A, 5.52%, 4/15/2031 (a) (f)
4,098,241
4,097,446
Series 15, Class A1R2, 5.37%, 1/18/2032 (a) (f)
65,256,455
65,215,278
Series 24, Class A1R, 5.61%, 4/20/2032 (a) (f)
10,585,666
10,596,601
KKR Financial CLO Ltd. (Cayman Islands) Series 2013-1A, Class A1R2, 5.36%, 4/15/2029 (a) (f)
1,933,733
1,933,162
KKR Static CLO Ltd. (Cayman Islands) Series 2022-1A, Class AR2, 5.25%, 7/20/2031 (a) (f)
28,331,867
28,276,790
Kubota Credit Owner Trust Series 2022-1A, Class A3, 2.67%, 10/15/2026 (a)
20,610,928
20,500,178
LCM LP (Cayman Islands) Series 14A, Class AR, 5.57%, 7/20/2031 (a) (f)
5,531,456
5,532,844
LCM Ltd. (Cayman Islands)
Series 24A, Class AR, 5.51%, 3/20/2030 (a) (f)
1,444,197
1,444,248
Series 26A, Class A1, 5.60%, 1/20/2031 (a) (f)
1,349,837
1,349,980
Series 29A, Class AR, 5.59%, 4/15/2031 (a) (f)
5,524,251
5,528,196
Madison Park Funding Ltd. (Cayman Islands)
Series 2015-18A, Class ARR, 5.47%, 10/21/2030 (a) (f)
33,458,418
33,481,271
Series 2014-14A, Class AR4, 5.23%, 10/22/2030 (a) (f)
108,354,285
108,138,227
Series 13A, Class AR, 5.43%, 11/21/2030 (a) (f)
30,247,299
30,247,843
Series 2021-52A, Class X, 5.43%, 1/22/2035 (a) (f)
789,474
789,407
Magnetite Ltd. (Cayman Islands)
Series 2015-15A, Class AR, 5.55%, 7/25/2031 (a) (f)
785,794
786,060
Series 2015-12A, Class AR4, 5.41%, 10/15/2031 (a) (f)
4,393,151
4,393,200
Series 2020-25A, Class A, 5.74%, 1/25/2032 (a) (f)
16,765,315
16,780,739
Marble Point CLO Ltd. (Cayman Islands) Series 2019-1A, Class A1R2, 5.32%, 7/23/2032 (a) (f)
20,487,663
20,462,812
Mercedes-Benz Auto Lease Trust
Series 2023-A, Class A3, 4.74%, 1/15/2027
1,196,438
1,196,415
Series 2024-B, Class A3, 4.23%, 2/15/2028
35,070,000
34,959,249
JPMorgan Ultra-Short Income ETF
SCHEDULE OF PORTFOLIO INVESTMENTS
AS OF May 31, 2025 (Unaudited) (continued)
INVESTMENTS
PRINCIPAL
AMOUNT($)
VALUE($)
Asset-Backed Securities — continued
Series 2025-A, Class A2A, 4.57%, 4/17/2028
40,000,000
40,077,192
Neuberger Berman CLO (Cayman Islands) Series 2013-15A, Class A1R2, 5.44%, 10/15/2029 (a) (f)
31,066,553
31,077,924
Neuberger Berman Loan Advisers CLO Ltd. (Cayman Islands) Series 2021-40A, Class A, 5.58%, 4/16/2033 (a) (f)
5,615,882
5,622,469
Newark BSL CLO Ltd. (Cayman Islands)
Series 2016-1A, Class A1R, 5.64%, 12/21/2029 (a) (f)
3,558,113
3,558,658
Series 2017-1A, Class A1R, 5.51%, 7/25/2030 (a) (f)
36,651,333
36,665,810
Nissan Auto Receivables Owner Trust Series 2022-B, Class A3, 4.46%, 5/17/2027
4,527,353
4,524,788
Octagon Investment Partners Ltd. (Cayman Islands)
Series 2013-1A, Class A1RR, 5.50%, 7/19/2030 (a) (f)
629,554
629,529
Series 2018-1A, Class A1A, 5.59%, 1/20/2031 (a) (f)
2,600,996
2,601,433
Palmer Square Loan Funding Ltd. (Cayman Islands)
Series 2021-4A, Class A1, 5.32%, 10/15/2029 (a) (f)
1,910,961
1,909,908
Series 2022-1A, Class A1, 5.31%, 4/15/2030 (a) (f)
6,414,430
6,407,874
Series 2022-3A, Class A1AR, 5.36%, 4/15/2031 (a) (f)
16,900,074
16,895,089
Series 2024-3A, Class A1, 5.39%, 8/8/2032 (a) (f)
64,838,152
64,798,989
Series 2024-1A, Class A1, 5.31%, 10/15/2032 (a) (f)
43,413,378
43,489,351
Series 2024-2A, Class A1N, 5.26%, 1/15/2033 (a) (f)
17,174,839
17,141,160
Series 2025-1A, Class A1, 5.12%, 2/15/2033 (a) (f)
148,300,000
147,454,838
Porsche Financial Auto Securitization Trust Series 2023-1A, Class A3, 4.81%, 9/22/2028 (a)
2,328,514
2,331,035
Porsche Innovative Lease Owner Trust Series 2025-1A, Class A2A, 4.60%, 12/20/2027 (a)
23,310,000
23,332,690
Rad CLO Ltd. (Cayman Islands) Series 2020-7A, Class A1R, 5.63%, 4/17/2036 (a) (f)
22,750,000
22,774,934
Santander Drive Auto Receivables Trust
Series 2024-3, Class A2, 5.91%, 6/15/2027
6,126,193
6,131,959
Series 2023-2, Class A3, 5.21%, 7/15/2027
356,489
356,574
Series 2023-3, Class A3, 5.61%, 10/15/2027
5,740,262
5,747,132
SBNA Auto Lease Trust
Series 2024-C, Class A2, 4.94%, 11/20/2026 (a)
19,564,796
19,568,938
Series 2024-A, Class A3, 5.39%, 11/20/2026 (a)
46,342,994
46,437,149
Series 2024-B, Class A2, 5.67%, 11/20/2026 (a)
15,255,748
15,278,110
Series 2025-A, Class A2, 4.68%, 4/20/2027 (a)
57,491,000
57,453,717
Series 2023-A, Class A3, 6.51%, 4/20/2027 (a)
33,599,079
33,771,073
Series 2024-B, Class A3, 5.56%, 11/22/2027 (a)
30,000,000
30,250,605
SCF Equipment Leasing LLC Series 2024-1A, Class A2, 5.88%, 11/20/2029 (a)
14,814,727
14,912,967
SCF Equipment Trust LLC Series 2025-1A, Class A2, 4.82%, 7/22/2030 (a)
11,540,000
11,553,087
Sound Point CLO II Ltd. (Cayman Islands) Series 2013-1A, Class A1R, 5.61%, 1/26/2031 (a) (f)
596,764
597,097
Symphony CLO Ltd. (Cayman Islands)
Series 2018-19A, Class A, 5.48%, 4/16/2031 (a) (f)
18,738,225
18,748,887
Series 2018-20A, Class AR2, 5.36%, 1/16/2032 (a) (f)
25,935,553
25,952,359
Series 2020-24A, Class AR, 5.48%, 1/23/2032 (a) (f)
44,843,066
44,883,469
Series 2019-21A, Class AR2, 5.16%, 7/15/2032 (a) (f)
29,617,249
29,518,476
TCI-Symphony CLO Ltd. (Cayman Islands) Series 2017-1A, Class AR, 5.45%, 7/15/2030 (a) (f)
8,736,584
8,734,994
Tesla Auto Lease Trust Series 2024-A, Class A2A, 5.37%, 6/22/2026 (a)
6,299,880
6,304,744
THL Credit Wind River CLO Ltd. (Cayman Islands)
Series 2014-2A, Class AR, 5.66%, 1/15/2031 (a) (f)
406,757
406,830
Series 2019-3A, Class AR2, 5.32%, 4/15/2031 (a) (f)
46,632,649
46,600,659
Toyota Auto Loan Extended Note Trust Series 2021-1A, Class A, 1.07%, 2/27/2034 (a)
65,371,000
63,734,470
Toyota Auto Receivables Owner Trust
Series 2024-C, Class A2A, 5.16%, 5/17/2027
621,726
622,871
Series 2023-B, Class A3, 4.71%, 2/15/2028
8,824,244
8,831,842
JPMorgan Ultra-Short Income ETF
SCHEDULE OF PORTFOLIO INVESTMENTS
AS OF May 31, 2025 (Unaudited) (continued)
INVESTMENTS
PRINCIPAL
AMOUNT($)
VALUE($)
Asset-Backed Securities — continued
Toyota Lease Owner Trust Series 2024-A, Class A3, 5.25%, 4/20/2027 (a)
96,311,716
96,769,235
Verdant Receivables LLC Series 2025-1A, Class A2, 4.85%, 3/13/2028 (a)
19,410,000
19,420,400
Verizon Master Trust
Series 2024-1, Class A1A, 5.00%, 12/20/2028
78,273,000
78,437,577
Series 2022-6, Class A, 3.67%, 1/22/2029
40,745,000
40,696,750
Volkswagen Auto Lease Trust Series 2023-A, Class A3, 5.81%, 10/20/2026
46,059,123
46,266,881
Volkswagen Auto Loan Enhanced Trust
Series 2023-1, Class A2A, 5.50%, 12/21/2026
731,198
731,640
Series 2023-2, Class A2A, 5.72%, 3/22/2027
33,772,730
33,863,865
Series 2024-1, Class A2A, 4.65%, 11/22/2027
41,981,764
42,004,585
Series 2023-1, Class A3, 5.02%, 6/20/2028
13,056,000
13,096,808
Voya CLO Ltd. (Cayman Islands) Series 2017-3A, Class XR, 5.38%, 4/20/2034 (a) (f)
761,905
761,838
Wheels Fleet Lease Funding LLC
Series 2024-1A, Class A2, 5.16%, 2/18/2039 (a) (f)
18,961,552
18,983,669
Series 2024-3A, Class A1, 4.80%, 9/19/2039 (a)
19,139,000
19,167,710
World Omni Auto Receivables Trust
Series 2024-A, Class A2A, 5.05%, 4/15/2027
22,299,524
22,312,150
Series 2022-C, Class A3, 3.66%, 10/15/2027
5,148,067
5,129,716
Series 2025-A, Class A2A, 4.49%, 4/17/2028
101,223,000
101,201,490
Series 2025-B, Class A2A, 4.38%, 8/15/2028
25,215,000
25,187,813
Total Asset-Backed Securities
(Cost $4,538,937,571)
4,543,414,389
U.S. Treasury Obligations — 2.2%
U.S. Treasury Notes
4.63%, 9/15/2026
135,000,000
135,933,398
4.13%, 10/31/2026
270,000,000
270,316,408
4.13%, 9/30/2027
165,000,000
165,908,789
3.88%, 10/15/2027
100,000,000
99,972,656
Total U.S. Treasury Obligations
(Cost $671,765,467)
672,131,251
Commercial Mortgage-Backed Securities — 0.0% ^
Wells Fargo Commercial Mortgage Trust Series 2018-C46, Class A2, 4.06%, 8/15/2051
(Cost $2,000,135)
1,941,930
1,905,730
Short-Term Investments — 25.0%
Certificates of Deposits — 7.7%
Banco Santander SA (Spain) , 4.64%, 11/21/2025
33,712,000
33,727,282
Bank of Nova Scotia (The) (Canada) (SOFR + 0.34%), 4.69%, 6/4/2025 (b)
226,610,000
226,616,640
Barclays Bank plc (United Kingdom) (SOFR + 0.40%), 4.68%, 12/9/2025 (b)
46,265,000
46,298,278
BNP Paribas SA (France)
(SOFR + 0.56%), 4.84%, 8/8/2025 (b)
38,432,000
38,461,723
4.56%, 2/12/2026
163,452,000
163,558,293
Cooperatieve Rabobank UA (Netherlands) , 4.37%, 5/13/2026
102,171,000
102,190,750
Credit Agricole Corporate and Investment Bank (France)
(SOFR + 0.60%), 4.88%, 8/1/2025 (b)
30,536,000
30,561,862
4.40%, 10/7/2025
93,938,000
93,886,644
4.60%, 11/18/2025
46,140,000
46,158,253
Credit Industriel et Commercial (France) , 4.65%, 11/21/2025
45,394,000
45,413,733
DZ Bank AG (Germany) , 4.42%, 9/2/2025
287,436,000
287,417,863
JPMorgan Ultra-Short Income ETF
SCHEDULE OF PORTFOLIO INVESTMENTS
AS OF May 31, 2025 (Unaudited) (continued)
INVESTMENTS
PRINCIPAL
AMOUNT($)
VALUE($)
Short-Term Investments — continued
Certificates of Deposits — continued
Intesa Sanpaolo SpA (Italy) , 4.75%, 11/6/2025
49,529,000
49,517,965
Kookmin Bank (South Korea) (SOFR + 0.55%), 4.83%, 6/9/2025 (b)
61,378,000
61,384,598
Landesbank Baden-Wuerttemberg (Germany) , 4.66%, 11/28/2025
60,104,000
60,175,265
Landesbank Baden-Wurttemberg (Germany) , 5.02%, 7/29/2025
500,000
500,350
Lloyds Bank Corporate Markets plc (United Kingdom) (SOFR + 0.57%), 4.85%, 10/30/2025 (b)
11,750,000
11,769,045
Mitsubishi UFJ Trust & Banking Corp. (Japan) (SOFR + 0.33%), 4.61%, 3/11/2026 (b)
182,017,000
182,049,308
Mizuho Bank Ltd. (Japan)
4.60%, 11/20/2025
38,749,000
38,758,842
4.60%, 1/14/2026
35,490,000
35,512,983
(SOFR + 0.35%), 4.63%, 2/4/2026 (b)
54,447,000
54,477,621
(SOFR + 0.32%), 4.60%, 3/6/2026 (b)
72,807,000
72,821,583
Natixis SA (France) (SOFR + 0.59%), 4.87%, 8/8/2025 (b)
31,855,000
31,884,058
Norinchukin Bank (The) (Japan) , 4.51%, 10/9/2025
143,906,000
143,857,187
Shinhan Bank (South Korea)
(SOFR + 0.55%), 4.83%, 6/9/2025 (b)
24,679,000
24,682,132
(SOFR + 0.55%), 4.83%, 6/13/2025 (b)
50,000,000
50,008,950
Standard Chartered Bank (United Kingdom)
4.50%, 10/9/2025
68,590,000
68,557,200
4.68%, 11/12/2025
23,180,000
23,189,513
4.67%, 2/12/2026
28,718,000
28,749,291
Swedbank AB (Sweden) , 4.50%, 10/15/2025
57,933,000
57,925,330
Toronto-Dominion Bank (The) (Canada)
4.50%, 10/1/2025
217,168,000
217,094,793
(SOFR + 0.45%), 4.73%, 4/27/2026 (b)
65,108,000
65,181,422
Total Certificates of Deposit
(Cost $2,391,994,334)
2,392,388,757
Commercial Paper — 10.0%
AbbVie, Inc. 4.71%, 9/16/2025 (a) (g)
279,606,000
275,719,756
Alphabet, Inc. 4.35%, 6/23/2025 (a) (g)
164,800,000
164,325,656
American Honda Finance Corp. 4.71%, 7/16/2025 (g)
52,704,000
52,385,647
Australia & New Zealand Banking Group Ltd. (Australia) 4.59%, 11/25/2025 (a) (g)
189,166,000
185,092,991
BPCE SA (France) 4.57%, 2/11/2026 (a) (g)
93,412,000
90,529,175
Broadcom, Inc.
4.77%, 7/8/2025 (a) (g)
7,400,000
7,362,802
4.76%, 10/21/2025 (a) (g)
15,000,000
14,725,380
Brookfield Corporate Treasury Ltd. (Canada)
4.70%, 6/4/2025 (g)
92,000,000
91,939,979
5.12%, 6/30/2025 (a) (g)
22,855,000
22,762,088
Charles Schwab Corp (The) 4.61%, 11/14/2025 (a) (g)
25,000,000
24,489,700
Charles Schwab Corp. (The) 4.60%, 7/22/2025 (a) (g)
284,236,000
282,406,089
Citigroup Global Markets, Inc. 5.50%, 6/3/2025 (a) (g)
45,025,000
45,003,361
Credit Industriel et Commercial (France) 4.57%, 2/11/2026 (a) (g)
29,691,000
28,789,287
Danske Bank A/S (Denmark)
4.60%, 1/13/2026 (a) (g)
55,845,000
54,307,649
4.56%, 2/6/2026 (a) (g)
144,677,000
140,301,968
DNB Bank ASA (Norway)
4.58%, 11/25/2025 (a) (g)
61,581,000
60,262,982
4.38%, 2/12/2026 (a) (g)
3,000,000
2,908,496
JPMorgan Ultra-Short Income ETF
SCHEDULE OF PORTFOLIO INVESTMENTS
AS OF May 31, 2025 (Unaudited) (continued)
INVESTMENTS
PRINCIPAL
AMOUNT($)
VALUE($)
Short-Term Investments — continued
Commercial Paper — continued
Energy Transfer LP 4.55%, 6/2/2025 (a) (g)
102,000,000
101,961,169
European Investment Bank (Luxembourg) 4.37%, 12/9/2025 (g)
70,422,000
68,800,801
First Abu Dhabi Bank PJSC (United Arab Emirates)
4.51%, 11/10/2025 (a) (g)
13,812,000
13,536,321
4.60%, 11/13/2025 (a) (g)
287,098,000
281,268,217
4.60%, 2/12/2026 (a) (g)
75,034,000
72,718,833
4.46%, 2/27/2026 (a) (g)
112,560,000
108,890,060
Glencore Funding LLC (Australia) 4.66%, 10/31/2025 (a) (g)
189,249,000
185,520,151
HSBC USA, Inc.
4.88%, 12/5/2025 (a) (g)
17,000,000
16,599,536
4.84%, 2/4/2026 (a) (g)
17,000,000
16,479,111
ING US Funding LLC (Netherlands) 4.49%, 10/7/2025 (a) (g)
190,242,000
187,216,981
KEB Hana Bank (South Korea) 4.60%, 11/26/2025 (a) (g)
20,768,000
20,309,027
Macquarie Bank Ltd. (Australia) 4.62%, 11/20/2025 (a) (g)
82,707,000
80,939,303
Mizuho Bank Ltd. (Japan) 4.62%, 11/18/2025 (a) (g)
106,676,000
104,465,364
National Bank of Canada (Canada) 4.40%, 5/13/2026 (a) (g)
28,903,000
27,736,712
National Grid North America, Inc. 4.79%, 7/29/2025 (a) (g)
5,120,000
5,080,832
NatWest Markets plc (United Kingdom) 4.60%, 11/18/2025 (a) (g)
59,325,000
58,082,770
Parker-Hannifin Corp. 4.60%, 6/13/2025 (a) (g)
10,000,000
9,982,067
Reckitt Benckiser Treasury Services plc (United Kingdom) 4.66%, 6/23/2025 (a) (g)
5,000,000
4,985,050
RTX Corp. 4.75%, 6/25/2025 (a) (g)
31,000,000
30,895,766
Standard Chartered Bank (United Kingdom) 4.60%, 1/14/2026 (a) (g)
28,107,000
27,334,440
Svenska Handelsbanken AB (Sweden) 4.59%, 11/18/2025 (a) (g)
121,604,000
119,100,028
Telstra Group Ltd. (Australia) 4.60%, 6/27/2025 (a) (g)
34,000,000
33,883,689
Total Commercial Paper
(Cost $3,119,523,800)
3,119,099,234
 
SHARES
Investment Companies — 6.4%
JPMorgan U.S. Government Money Market Fund Class IM Shares, 4.26% (h) (i)
(Cost $1,985,279,115)
1,985,279,115
1,985,279,115
Investment of Cash Collateral from Securities Loaned — 0.1%
JPMorgan Securities Lending Money Market Fund Agency SL Class Shares, 4.36% (h) (i)
(Cost $34,779,265)
34,779,265
34,779,265
 
PRINCIPAL
AMOUNT($)
Repurchase Agreements — 0.8%
Wells Fargo Securities LLC, 4.77%, dated 5/31/2025, due 8/29/2025, repurchase price $242,862,000,
collateralized by Collateralized Mortgage Obligations, 0.00% - 6.50%, due 11/25/2031 - 6/25/2064 and
Municipal Debt Securities, 0.00% - 7.38%, due 6/1/2025 - 6/1/2059, with the value of $265,067,643.
(Cost $240,000,000)
240,000,000
240,000,000
Total Short-Term Investments
(Cost $7,771,576,514)
7,771,546,371
Total Investments — 100.0%
(Cost $31,048,735,457)
31,098,471,324
Other Assets in Excess of Liabilities — 0.0% ^
5,638,233
NET ASSETS — 100.0%
31,104,109,557
 
JPMorgan Ultra-Short Income ETF
SCHEDULE OF PORTFOLIO INVESTMENTS
AS OF May 31, 2025 (Unaudited) (continued)
Percentages indicated are based on net assets.
 
Abbreviations
 
CIFC
Commercial Industrial Finance Corp.
CLO
Collateralized Loan Obligations
CME
Chicago Mercantile Exchange
PJSC
Public Joint Stock Company
REIT
Real Estate Investment Trust
SOFR
Secured Overnight Financing Rate
SOFRINDX
Compounding index of the Secured Overnight Financing Rate
 
^
Amount rounds to less than 0.1% of net assets.
(a)
Securities exempt from registration under Rule 144A or section 4(a)(2), of the Securities Act of 1933, as amended.
 
(b)
Variable or floating rate security, linked to the referenced benchmark. The interest rate shown is the current rate as of May 31, 2025.
 
(c)
The security or a portion of this security is on loan at May 31, 2025. The total value of securities on loan at May 31, 2025 is $33,708,463.
 
(d)
All or a portion of the security is a when-issued security, delayed delivery security, or forward commitment.
 
(e)
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.
 
(f)
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.
 
(g)
The rate shown is the effective yield as of May 31, 2025.
 
(h)
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.
 
(i)
The rate shown is the current yield as of May 31, 2025.
 
JPMorgan Ultra-Short Income 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.
Fixed income instruments are valued based on prices received from approved affiliated and unaffiliated pricing vendors or third party broker-dealers (collectively referred to as “Pricing Services”). The Pricing Services use multiple valuation techniques to determine the valuation of fixed income instruments. In instances where sufficient market activity exists, the Pricing Services may utilize a market-based approach through which trades or quotes from market makers are used to determine the valuation of these instruments. In instances where sufficient market activity may not exist, the Pricing Services also utilize proprietary valuation models which may consider market transactions in comparable securities and the various relationships between securities in determining fair value and/or market characteristics in order to estimate the relevant cash flows, which are then discounted to calculate the fair values.
Investments in open-end investment companies (“Underlying Funds”) are valued at each Underlying Fund’s net asset values per share as of the report date.
Valuations reflected in this report are as of the report date. As a result, changes in valuation due to market events and/or issuer-related events after the report date and prior to issuance of the report are not reflected herein.
The various inputs that are used in determining the valuation of the Fund's investments are summarized into the three broad levels listed below.
•
Level 1 — Unadjusted inputs using quoted prices in active markets for identical investments.
•
Level 2 — Other significant observable inputs including, but not limited to, quoted prices for similar investments, inputs other than quoted prices that are observable for investments (such as interest rates, prepayment speeds, credit risk, etc.) or other market corroborated inputs.
•
Level 3 — Significant inputs based on the best information available in the circumstances, to the extent observable inputs are not available (including the Fund's assumptions in determining the fair value of investments).
A financial instrument’s level within the fair value hierarchy is based on the lowest level of any input, both individually and in the aggregate, that is significant to the fair value measurement. The inputs or methodology used for valuing instruments are not necessarily an indication of the risk associated with investing in those instruments.
The following table represents each valuation input as presented on the Schedule of Portfolio Investments: 
 
 
 
 
 
 
Level 1
Quoted prices
Level 2
Other significant
observable inputs
Level 3
Significant
unobservable inputs
Total
Investments in Securities
Asset-Backed Securities
$—
$4,543,414,389
$—
$4,543,414,389
Commercial Mortgage-Backed Securities
—
1,905,730
—
1,905,730
Corporate Bonds
—
18,109,473,583
—
18,109,473,583
U.S. Treasury Obligations
—
672,131,251
—
672,131,251
Short-Term Investments
Certificates of Deposits
—
2,392,388,757
—
2,392,388,757
JPMorgan Ultra-Short Income 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
Commercial Paper
$—
$3,119,099,234
$—
$3,119,099,234
Investment Companies
1,985,279,115
—
—
1,985,279,115
Investment of Cash Collateral from Securities
Loaned
34,779,265
—
—
34,779,265
Repurchase Agreements
—
240,000,000
—
240,000,000
Total Short-Term Investments
2,020,058,380
5,751,487,991
—
7,771,546,371
Total Investments in Securities
$2,020,058,380
$29,078,412,944
$—
$31,098,471,324
B. Investment Transactions with Affiliates— The Fund invested in Underlying Funds advised by the Adviser. An issuer which is under common control with the Fund may be considered an affiliate. The Fund assumes the issuers listed in the table below to be affiliated issuers. The Underlying Funds’ distributions may be reinvested into such Underlying Funds. Reinvestment amounts are included in the purchases at cost amounts in the table below. 
 
For the period ended 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
Securities
Lending
Money
Market Fund
Agency SL
Class Shares,
4.36%
 (a) (b)
$76,209,770
$74,830,245
$116,260,750
$—
$—
$34,779,265
34,779,265
$513,179
$—
JPMorgan
U.S. Government
Money
Market Fund
Class IM
Shares,
4.26%
 (a) (b)
3,163,005,924
4,291,850,323
5,469,577,132
—
—
1,985,279,115
1,985,279,115
24,954,831
—
Total
$3,239,215,694
$4,366,680,568
$5,585,837,882
$—
$—
$2,020,058,380
$25,468,010
$—
 
 
(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.