JPMorgan Corporate Bond Research Enhanced ETF
Schedule of Portfolio Investments as of November 30, 2022
(Unaudited) 
THE “UNAUDITED MUTUAL 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., 2022.
JPMorgan Corporate Bond Research Enhanced ETF
SCHEDULE OF PORTFOLIO INVESTMENTS
AS OF November 30, 2022 (Unaudited)
 
INVESTMENTS
PRINCIPAL
AMOUNT($)
VALUE($)
Corporate Bonds — 98.5%
Aerospace & Defense — 2.9%
Boeing Co. (The)
 
 
4.88%, 5/1/2025
189,000
   187,247
5.04%, 5/1/2027
120,000
   118,836
3.60%, 5/1/2034
159,000
   128,083
5.71%, 5/1/2040
105,000
   100,051
3.75%, 2/1/2050
 30,000
    21,042
L3Harris Technologies, Inc. 4.40%, 6/15/2028
174,000
   168,183
Northrop Grumman Corp.
 
 
3.25%, 1/15/2028
 90,000
    83,485
4.03%, 10/15/2047
 41,000
    34,771
Precision Castparts Corp. 3.25%, 6/15/2025
 24,000
    23,327
Raytheon Technologies Corp.
 
 
3.50%, 3/15/2027
63,000
59,242
3.13%, 5/4/2027
146,000
136,807
4.45%, 11/16/2038
107,000
98,091
3.75%, 11/1/2046
88,000
69,912
 
 
1,229,077
Air Freight & Logistics — 0.5%
FedEx Corp.
 
 
2.40%, 5/15/2031
60,000
48,986
3.25%, 5/15/2041
110,000
79,753
4.05%, 2/15/2048
90,000
68,936
 
 
197,675
Auto Components — 0.3%
Lear Corp. 3.80%, 9/15/2027
140,000
130,814
Automobiles — 0.6%
General Motors Co. 6.13%, 10/1/2025
273,000
276,572
Banks — 16.4%
Bank of America Corp.
 
 
(ICE LIBOR USD 3 Month + 0.97%), 3.46%, 3/15/2025 (a)
480,000
467,264
(ICE LIBOR USD 3 Month + 0.87%), 2.46%, 10/22/2025 (a)
30,000
28,227
(SOFR + 1.15%), 1.32%, 6/19/2026 (a)
60,000
54,137
(ICE LIBOR USD 3 Month + 1.06%), 3.56%, 4/23/2027 (a)
154,000
145,259
(ICE LIBOR USD 3 Month + 1.58%), 3.82%, 1/20/2028 (a)
146,000
137,380
(ICE LIBOR USD 3 Month + 1.04%), 3.42%, 12/20/2028 (a)
210,000
191,489
(ICE LIBOR USD 3 Month + 0.99%), 2.50%, 2/13/2031 (a)
237,000
194,980
(SOFR + 1.32%), 2.69%, 4/22/2032 (a)
183,000
148,255
(US Treasury Yield Curve Rate T Note Constant Maturity 5 Year + 1.20%), 2.48%, 9/21/2036 (a)
53,000
40,134
(ICE LIBOR USD 3 Month + 1.81%), 4.24%, 4/24/2038 (a)
59,000
51,601
(SOFR + 1.93%), 2.68%, 6/19/2041 (a)
50,000
34,880
(ICE LIBOR USD 3 Month + 1.19%), 3.95%, 1/23/2049 (a)
50,000
39,643
(ICE LIBOR USD 3 Month + 3.15%), 4.08%, 3/20/2051 (a)
78,000
64,122
Barclays plc (United Kingdom) (US Treasury Yield Curve Rate T Note Constant Maturity 1 Year + 2.30%), 5.30%, 8/9/2026
 (a)
330,000
324,522
Citigroup, Inc.
 
 
(ICE LIBOR USD 3 Month + 0.90%), 3.35%, 4/24/2025 (a)
428,000
413,887
JPMorgan Corporate Bond Research Enhanced ETF
SCHEDULE OF PORTFOLIO INVESTMENTS
AS OF November 30, 2022 (Unaudited) (continued)
INVESTMENTS
PRINCIPAL
AMOUNT($)
VALUE($)
Corporate Bonds — continued
Banks — continued
(SOFR + 1.37%), 4.14%, 5/24/2025 (a)
100,000
    98,144
(SOFR + 2.84%), 3.11%, 4/8/2026 (a)
 78,000
    73,985
3.20%, 10/21/2026
188,000
   175,558
(SOFR + 1.15%), 2.67%, 1/29/2031 (a)
107,000
    88,819
(SOFR + 3.91%), 4.41%, 3/31/2031 (a)
156,000
   145,003
(ICE LIBOR USD 3 Month + 1.17%), 3.88%, 1/24/2039 (a)
 87,000
    72,752
4.65%, 7/23/2048
 78,000
    70,247
Citizens Financial Group, Inc. 3.25%, 4/30/2030
 67,000
    58,944
HSBC Holdings plc (United Kingdom)
 
 
(SOFR + 1.51%), 4.18%, 12/9/2025 (a)
253,000
   243,699
(ICE LIBOR USD 3 Month + 1.61%), 3.97%, 5/22/2030 (a)
200,000
   174,837
(SOFR + 2.87%), 5.40%, 8/11/2033 (a)
271,000
253,731
6.10%, 1/14/2042
75,000
77,292
Mitsubishi UFJ Financial Group, Inc. (Japan)
 
 
(US Treasury Yield Curve Rate T Note Constant Maturity 1 Year + 1.70%), 4.79%, 7/18/2025 (a)
200,000
197,914
3.68%, 2/22/2027
31,000
29,208
3.96%, 3/2/2028
233,000
219,658
3.74%, 3/7/2029
289,000
266,873
NatWest Group plc (United Kingdom)
 
 
(US Treasury Yield Curve Rate T Note Constant Maturity 1 Year + 0.90%), 1.64%, 6/14/2027 (a)
228,000
195,198
(ICE LIBOR USD 3 Month + 1.87%), 4.44%, 5/8/2030 (a)
266,000
239,457
PNC Financial Services Group, Inc. (The) 2.60%, 7/23/2026
152,000
141,139
Santander UK Group Holdings plc (United Kingdom) (SOFR + 1.22%), 2.47%, 1/11/2028  (a)
200,000
170,259
Sumitomo Mitsui Financial Group, Inc. (Japan) 2.93%, 9/17/2041
250,000
168,884
Toronto-Dominion Bank (The) (Canada) 2.45%, 1/12/2032
200,000
162,406
Truist Financial Corp. 1.13%, 8/3/2027
90,000
75,998
Wells Fargo & Co.
 
 
(SOFR + 2.00%), 2.19%, 4/30/2026 (a)
53,000
49,364
(ICE LIBOR USD 3 Month + 1.31%), 3.58%, 5/22/2028 (a)
349,000
323,836
(3-MONTH CME TERM SOFR + 1.43%), 2.88%, 10/30/2030 (a)
323,000
277,771
5.38%, 11/2/2043
96,000
91,395
3.90%, 5/1/2045
117,000
94,423
4.75%, 12/7/2046
68,000
58,424
Westpac Banking Corp. (Australia)
 
 
(US Treasury Yield Curve Rate T Note Constant Maturity 5 Year + 1.35%), 2.89%, 2/4/2030 (a)
50,000
45,481
(USD ICE Swap Rate 5 Year + 2.24%), 4.32%, 11/23/2031 (a)
160,000
146,086
(US Treasury Yield Curve Rate T Note Constant Maturity 5 Year + 2.00%), 4.11%, 7/24/2034 (a)
107,000
91,287
(US Treasury Yield Curve Rate T Note Constant Maturity 5 Year + 1.53%), 3.02%, 11/18/2036 (a)
53,000
39,084
2.96%, 11/16/2040
71,000
46,514
 
 
6,999,450
Beverages — 2.8%
Anheuser-Busch Cos. LLC (Belgium)
 
 
3.65%, 2/1/2026
51,000
49,489
4.70%, 2/1/2036
77,000
73,881
4.90%, 2/1/2046
160,000
149,677
Anheuser-Busch InBev Worldwide, Inc. (Belgium)
 
 
4.00%, 4/13/2028
49,000
47,431
JPMorgan Corporate Bond Research Enhanced ETF
SCHEDULE OF PORTFOLIO INVESTMENTS
AS OF November 30, 2022 (Unaudited) (continued)
INVESTMENTS
PRINCIPAL
AMOUNT($)
VALUE($)
Corporate Bonds — continued
Beverages — continued
4.90%, 1/23/2031
 34,000
    34,390
4.60%, 4/15/2048
120,000
   109,022
4.44%, 10/6/2048
 39,000
    34,249
5.80%, 1/23/2059
 55,000
    58,296
Coca-Cola Co. (The)
 
 
1.75%, 9/6/2024
217,000
   208,135
2.88%, 5/5/2041
 78,000
    60,764
2.60%, 6/1/2050
 55,000
    37,800
2.75%, 6/1/2060
 59,000
    40,082
Constellation Brands, Inc. 3.15%, 8/1/2029
 66,000
    58,504
Keurig Dr Pepper, Inc. 3.80%, 5/1/2050
 20,000
    15,278
Molson Coors Beverage Co. 4.20%, 7/15/2046
30,000
24,119
PepsiCo, Inc.
 
 
2.75%, 3/19/2030
30,000
26,666
3.50%, 3/19/2040
66,000
55,880
2.75%, 10/21/2051
185,000
132,758
 
 
1,216,421
Biotechnology — 2.3%
AbbVie, Inc.
 
 
3.60%, 5/14/2025
68,000
66,143
2.95%, 11/21/2026
122,000
114,225
4.25%, 11/14/2028
192,000
187,197
4.05%, 11/21/2039
161,000
140,658
4.70%, 5/14/2045
68,000
62,670
Amgen, Inc.
 
 
2.20%, 2/21/2027
68,000
61,797
2.45%, 2/21/2030
63,000
53,776
3.15%, 2/21/2040
40,000
30,754
4.40%, 5/1/2045
20,000
17,285
3.38%, 2/21/2050
20,000
14,579
4.40%, 2/22/2062
138,000
113,018
Biogen, Inc. 3.15%, 5/1/2050
80,000
54,937
Gilead Sciences, Inc. 4.15%, 3/1/2047
47,000
39,636
Regeneron Pharmaceuticals, Inc. 1.75%, 9/15/2030
10,000
7,857
 
 
964,532
Building Products — 0.0% ^
Carrier Global Corp. 3.58%, 4/5/2050
20,000
14,671
Capital Markets — 6.9%
Charles Schwab Corp. (The) 1.95%, 12/1/2031
146,000
115,578
CME Group, Inc. 3.00%, 3/15/2025
109,000
105,471
Credit Suisse Group AG (Switzerland) (ICE LIBOR USD 3 Month + 1.24%), 4.21%, 6/12/2024  (a) (b)
250,000
242,585
Goldman Sachs Group, Inc. (The)
 
 
4.00%, 3/3/2024
242,000
239,212
3.50%, 4/1/2025
130,000
125,799
3.85%, 1/26/2027
91,000
87,442
(ICE LIBOR USD 3 Month + 1.30%), 4.22%, 5/1/2029 (a)
402,000
377,663
3.80%, 3/15/2030
226,000
205,413
JPMorgan Corporate Bond Research Enhanced ETF
SCHEDULE OF PORTFOLIO INVESTMENTS
AS OF November 30, 2022 (Unaudited) (continued)
INVESTMENTS
PRINCIPAL
AMOUNT($)
VALUE($)
Corporate Bonds — continued
Capital Markets — continued
(SOFR + 1.25%), 2.38%, 7/21/2032 (a)
 53,000
    41,864
(ICE LIBOR USD 3 Month + 1.37%), 4.02%, 10/31/2038 (a)
111,000
    93,608
Intercontinental Exchange, Inc. 5.20%, 6/15/2062
159,000
   155,551
Morgan Stanley
 
 
(SOFR + 1.99%), 2.19%, 4/28/2026 (a)
128,000
   119,064
3.63%, 1/20/2027
188,000
   178,643
(ICE LIBOR USD 3 Month + 1.14%), 3.77%, 1/24/2029 (a)
305,000
   280,857
(SOFR + 1.14%), 2.70%, 1/22/2031 (a)
117,000
    98,042
(SOFR + 3.12%), 3.62%, 4/1/2031 (a)
190,000
   169,320
(SOFR + 1.36%), 2.48%, 9/16/2036 (a)
 70,000
    52,040
(ICE LIBOR USD 3 Month + 1.46%), 3.97%, 7/22/2038 (a)
 96,000
    81,733
4.30%, 1/27/2045
29,000
24,975
(SOFR + 1.43%), 2.80%, 1/25/2052 (a)
50,000
32,264
S&P Global, Inc. 3.70%, 3/1/2052  (b)
146,000
117,402
 
 
2,944,526
Chemicals — 3.2%
Albemarle Corp.
 
 
4.65%, 6/1/2027
100,000
98,023
5.05%, 6/1/2032
100,000
96,105
Celanese US Holdings LLC
 
 
6.05%, 3/15/2025
136,000
135,317
6.33%, 7/15/2029
70,000
67,261
6.38%, 7/15/2032
119,000
113,282
DuPont de Nemours, Inc. 5.42%, 11/15/2048
93,000
90,218
International Flavors & Fragrances, Inc.
 
 
4.45%, 9/26/2028
100,000
93,736
5.00%, 9/26/2048
30,000
25,840
LYB International Finance III LLC
 
 
3.38%, 10/1/2040
110,000
79,802
3.63%, 4/1/2051
86,000
58,715
Nutrien Ltd. (Canada) 5.88%, 12/1/2036
200,000
204,543
Sherwin-Williams Co. (The)
 
 
3.45%, 6/1/2027
76,000
71,337
2.95%, 8/15/2029
254,000
223,258
 
 
1,357,437
Commercial Services & Supplies — 0.1%
RELX Capital, Inc. (United Kingdom) 4.00%, 3/18/2029
66,000
62,013
Construction & Engineering — 0.3%
Quanta Services, Inc.
 
 
2.90%, 10/1/2030
50,000
41,561
2.35%, 1/15/2032
120,000
92,385
 
 
133,946
Construction Materials — 0.3%
Martin Marietta Materials, Inc. 3.20%, 7/15/2051
168,000
116,218
JPMorgan Corporate Bond Research Enhanced ETF
SCHEDULE OF PORTFOLIO INVESTMENTS
AS OF November 30, 2022 (Unaudited) (continued)
INVESTMENTS
PRINCIPAL
AMOUNT($)
VALUE($)
Corporate Bonds — continued
Consumer Finance — 2.0%
AerCap Ireland Capital DAC (Ireland)
 
 
6.50%, 7/15/2025
300,000
   303,078
3.85%, 10/29/2041
165,000
   121,038
American Express Co. (SOFR + 2.26%), 4.99%, 5/26/2033  (a)
155,000
   149,413
Capital One Financial Corp. 3.30%, 10/30/2024
282,000
   273,036
 
 
846,565
Diversified Financial Services — 1.7%
Berkshire Hathaway, Inc. 3.13%, 3/15/2026
362,000
   349,369
Corebridge Financial, Inc. 4.40%, 4/5/2052  (b)
210,000
   168,792
Equitable Holdings, Inc. 4.35%, 4/20/2028
 70,000
    66,575
Shell International Finance BV (Netherlands)
 
 
4.13%, 5/11/2035
86,000
80,790
4.38%, 5/11/2045
43,000
38,611
4.00%, 5/10/2046
29,000
24,492
 
 
728,629
Diversified Telecommunication Services — 1.2%
AT&T, Inc.
 
 
3.50%, 9/15/2053
155,000
109,448
3.55%, 9/15/2055
193,000
135,372
3.65%, 9/15/2059
30,000
20,838
Verizon Communications, Inc. 3.40%, 3/22/2041
298,000
228,738
 
 
494,396
Electric Utilities — 4.3%
Baltimore Gas and Electric Co.
 
 
3.20%, 9/15/2049
80,000
57,074
2.90%, 6/15/2050
76,000
51,128
Commonwealth Edison Co. 3.00%, 3/1/2050
76,000
52,809
Duke Energy Corp.
 
 
3.75%, 4/15/2024
70,000
68,920
2.65%, 9/1/2026
118,000
109,728
3.75%, 9/1/2046
106,000
79,100
Duke Energy Indiana LLC
 
 
Series YYY, 3.25%, 10/1/2049
20,000
13,896
2.75%, 4/1/2050
20,000
12,822
Emera US Finance LP (Canada) 4.75%, 6/15/2046
135,000
106,916
Entergy Louisiana LLC 4.00%, 3/15/2033
327,000
297,384
Evergy, Inc.
 
 
2.45%, 9/15/2024
127,000
120,455
2.90%, 9/15/2029
102,000
88,051
Exelon Corp. 4.45%, 4/15/2046
20,000
17,085
Florida Power & Light Co.
 
 
3.95%, 3/1/2048
30,000
25,177
3.15%, 10/1/2049
88,000
64,564
Fortis, Inc. (Canada) 3.06%, 10/4/2026
148,000
137,821
Pacific Gas and Electric Co.
 
 
4.50%, 7/1/2040
116,000
92,522
JPMorgan Corporate Bond Research Enhanced ETF
SCHEDULE OF PORTFOLIO INVESTMENTS
AS OF November 30, 2022 (Unaudited) (continued)
INVESTMENTS
PRINCIPAL
AMOUNT($)
VALUE($)
Corporate Bonds — continued
Electric Utilities — continued
3.30%, 8/1/2040
 64,000
    44,642
4.95%, 7/1/2050
 30,000
    24,017
3.50%, 8/1/2050
102,000
    66,138
PPL Electric Utilities Corp. 3.00%, 10/1/2049
 20,000
    13,664
Southern California Edison Co.
 
 
2.25%, 6/1/2030
 10,000
     8,318
Series 13-A, 3.90%, 3/15/2043
  6,000
     4,594
Series C, 3.60%, 2/1/2045
111,000
    80,817
4.00%, 4/1/2047
 98,000
    76,947
3.65%, 2/1/2050
 14,000
    10,446
Southern Co. (The) Series 21-A, (US Treasury Yield Curve Rate T Note Constant Maturity 5 Year + 2.92%), 3.75%,
9/15/2051  (a)
 50,000
    40,108
Virginia Electric and Power Co.
 
 
Series A, 3.15%, 1/15/2026
17,000
16,182
Series A, 3.50%, 3/15/2027
43,000
40,886
4.60%, 12/1/2048
30,000
26,332
 
 
1,848,543
Electronic Equipment, Instruments & Components — 0.3%
Teledyne Technologies, Inc. 2.75%, 4/1/2031
130,000
107,114
Entertainment — 1.8%
Electronic Arts, Inc. 1.85%, 2/15/2031
241,000
193,299
Take-Two Interactive Software, Inc. 3.30%, 3/28/2024
50,000
48,670
Walt Disney Co. (The)
 
 
2.65%, 1/13/2031
254,000
218,549
3.50%, 5/13/2040
274,000
225,351
Warnermedia Holdings, Inc. 5.39%, 3/15/2062  (b)
79,000
61,129
 
 
746,998
Equity Real Estate Investment Trusts (REITs) — 2.9%
Alexandria Real Estate Equities, Inc.
 
 
2.75%, 12/15/2029
102,000
86,246
2.00%, 5/18/2032
136,000
103,698
3.00%, 5/18/2051
102,000
65,640
Boston Properties LP
 
 
4.50%, 12/1/2028
39,000
36,318
3.25%, 1/30/2031
120,000
100,306
Brixmor Operating Partnership LP 4.05%, 7/1/2030
270,000
235,962
Camden Property Trust 2.80%, 5/15/2030
260,000
223,421
Equinix, Inc. 3.20%, 11/18/2029
140,000
122,752
Healthpeak Properties, Inc. 2.88%, 1/15/2031
136,000
115,099
Simon Property Group LP 2.45%, 9/13/2029
78,000
65,575
UDR, Inc. 3.00%, 8/15/2031
20,000
16,537
Ventas Realty LP 2.50%, 9/1/2031
59,000
46,461
 
 
1,218,015
Food & Staples Retailing — 1.4%
Costco Wholesale Corp. 1.38%, 6/20/2027
140,000
123,982
Sysco Corp. 3.30%, 7/15/2026
40,000
37,940
JPMorgan Corporate Bond Research Enhanced ETF
SCHEDULE OF PORTFOLIO INVESTMENTS
AS OF November 30, 2022 (Unaudited) (continued)
INVESTMENTS
PRINCIPAL
AMOUNT($)
VALUE($)
Corporate Bonds — continued
Food & Staples Retailing — continued
Walmart, Inc.
 
 
2.85%, 7/8/2024
 50,000
    48,748
1.80%, 9/22/2031
422,000
   348,471
4.05%, 6/29/2048
 47,000
    42,529
 
 
601,670
Food Products — 1.3%
Bunge Ltd. Finance Corp. 2.75%, 5/14/2031
 60,000
    49,815
Kraft Heinz Foods Co.
 
 
3.00%, 6/1/2026
421,000
   396,301
5.50%, 6/1/2050
 99,000
    97,657
 
 
543,773
Health Care Equipment & Supplies — 1.1%
Abbott Laboratories 4.90%, 11/30/2046
200,000
200,709
Becton Dickinson and Co.
 
 
4.69%, 12/15/2044
73,000
66,926
4.67%, 6/6/2047
49,000
44,081
DH Europe Finance II Sarl
 
 
2.60%, 11/15/2029
30,000
26,471
3.40%, 11/15/2049
62,000
47,294
Medtronic, Inc. 4.38%, 3/15/2035
68,000
65,519
 
 
451,000
Health Care Providers & Services — 3.6%
Aetna, Inc. 3.88%, 8/15/2047
70,000
54,328
Cigna Corp.
 
 
4.80%, 8/15/2038
86,000
81,140
3.40%, 3/15/2051
60,000
43,729
CVS Health Corp.
 
 
2.70%, 8/21/2040
112,000
78,820
5.05%, 3/25/2048
66,000
61,291
HCA, Inc.
 
 
5.00%, 3/15/2024
401,000
399,387
4.13%, 6/15/2029
90,000
82,247
3.50%, 7/15/2051
119,000
80,425
4.63%, 3/15/2052 (b)
50,000
40,314
UnitedHealth Group, Inc.
 
 
3.75%, 7/15/2025
237,000
232,700
3.50%, 8/15/2039
175,000
144,874
2.75%, 5/15/2040
211,000
156,629
4.63%, 11/15/2041
55,000
51,107
3.25%, 5/15/2051
60,000
44,029
 
 
1,551,020
Hotels, Restaurants & Leisure — 0.6%
Expedia Group, Inc. 3.25%, 2/15/2030
70,000
59,855
McDonald's Corp. 2.13%, 3/1/2030
71,000
60,254
JPMorgan Corporate Bond Research Enhanced ETF
SCHEDULE OF PORTFOLIO INVESTMENTS
AS OF November 30, 2022 (Unaudited) (continued)
INVESTMENTS
PRINCIPAL
AMOUNT($)
VALUE($)
Corporate Bonds — continued
Hotels, Restaurants & Leisure — continued
Starbucks Corp.
 
 
4.50%, 11/15/2048
 75,000
    66,147
3.50%, 11/15/2050
102,000
    76,433
 
 
262,689
Household Durables — 0.2%
Lennar Corp. 4.75%, 11/29/2027
 75,000
    71,793
Industrial Conglomerates — 0.4%
GE Capital Funding LLC 4.55%, 5/15/2032
 50,000
    48,603
General Electric Co. 6.75%, 3/15/2032
122,000
   138,438
 
 
187,041
Insurance — 2.3%
Aflac, Inc. 3.60%, 4/1/2030
110,000
101,496
American International Group, Inc.
 
 
2.50%, 6/30/2025
40,000
37,769
3.90%, 4/1/2026
14,000
13,603
Arch Capital Group Ltd. 3.64%, 6/30/2050
170,000
118,650
Berkshire Hathaway Finance Corp.
 
 
2.30%, 3/15/2027
55,000
51,194
4.20%, 8/15/2048
95,000
85,379
4.25%, 1/15/2049
20,000
17,905
Marsh & McLennan Cos., Inc. 3.88%, 3/15/2024
469,000
462,636
Progressive Corp. (The) 4.13%, 4/15/2047
120,000
100,572
 
 
989,204
Internet & Direct Marketing Retail — 0.6%
Amazon.com, Inc.
 
 
1.00%, 5/12/2026
53,000
47,243
3.88%, 8/22/2037
252,000
227,009
 
 
274,252
IT Services — 1.4%
Global Payments, Inc.
 
 
2.65%, 2/15/2025
274,000
257,228
3.20%, 8/15/2029
146,000
124,754
4.15%, 8/15/2049
112,000
80,381
VeriSign, Inc. 2.70%, 6/15/2031
164,000
134,419
 
 
596,782
Leisure Products — 0.3%
Hasbro, Inc. 3.90%, 11/19/2029
122,000
110,028
Life Sciences Tools & Services — 0.7%
Danaher Corp. 2.60%, 10/1/2050
101,000
66,589
Thermo Fisher Scientific, Inc.
 
 
1.22%, 10/18/2024
59,000
55,205
2.80%, 10/15/2041
189,000
142,240
4.10%, 8/15/2047
23,000
20,291
 
 
284,325
JPMorgan Corporate Bond Research Enhanced ETF
SCHEDULE OF PORTFOLIO INVESTMENTS
AS OF November 30, 2022 (Unaudited) (continued)
INVESTMENTS
PRINCIPAL
AMOUNT($)
VALUE($)
Corporate Bonds — continued
Machinery — 0.4%
Otis Worldwide Corp.
 
 
2.06%, 4/5/2025
 40,000
    37,473
2.57%, 2/15/2030
 40,000
    34,085
3.36%, 2/15/2050
167,000
   119,556
 
 
191,114
Media — 4.9%
Charter Communications Operating LLC
 
 
4.91%, 7/23/2025
270,000
   265,759
2.80%, 4/1/2031
102,000
    80,709
3.50%, 3/1/2042
177,000
   119,940
5.38%, 5/1/2047
 30,000
    24,819
4.80%, 3/1/2050
108,000
81,032
5.50%, 4/1/2063
50,000
40,062
Comcast Corp.
 
 
3.70%, 4/15/2024
183,000
180,412
3.95%, 10/15/2025
105,000
103,201
3.15%, 3/1/2026
88,000
84,202
4.15%, 10/15/2028
101,000
97,998
3.40%, 4/1/2030
40,000
36,549
3.90%, 3/1/2038
150,000
131,042
3.75%, 4/1/2040
50,000
41,780
4.00%, 11/1/2049
246,000
200,737
Discovery Communications LLC
 
 
3.95%, 3/20/2028
254,000
228,109
5.00%, 9/20/2037
30,000
24,718
4.65%, 5/15/2050
91,000
65,696
4.00%, 9/15/2055
90,000
57,693
Time Warner Cable LLC
 
 
6.55%, 5/1/2037
140,000
134,184
4.50%, 9/15/2042
100,000
75,067
 
 
2,073,709
Multiline Retail — 0.7%
Target Corp. 3.38%, 4/15/2029
342,000
317,358
Multi-Utilities — 2.8%
Ameren Corp.
 
 
2.50%, 9/15/2024
141,000
134,342
3.50%, 1/15/2031
310,000
276,014
Berkshire Hathaway Energy Co.
 
 
4.45%, 1/15/2049
31,000
27,204
2.85%, 5/15/2051
50,000
32,990
CenterPoint Energy, Inc. 2.65%, 6/1/2031
345,000
284,756
Consolidated Edison Co. of New York, Inc.
 
 
Series 20B, 3.95%, 4/1/2050
76,000
61,952
3.60%, 6/15/2061
50,000
36,728
Dominion Energy, Inc. 3.90%, 10/1/2025
17,000
16,556
San Diego Gas & Electric Co.
 
 
Series VVV, 1.70%, 10/1/2030
121,000
97,020
JPMorgan Corporate Bond Research Enhanced ETF
SCHEDULE OF PORTFOLIO INVESTMENTS
AS OF November 30, 2022 (Unaudited) (continued)
INVESTMENTS
PRINCIPAL
AMOUNT($)
VALUE($)
Corporate Bonds — continued
Multi-Utilities — continued
2.95%, 8/15/2051
186,000
   129,385
Southern Co. Gas Capital Corp. Series 20-A, 1.75%, 1/15/2031
152,000
   116,520
 
 
1,213,467
Oil, Gas & Consumable Fuels — 7.4%
BP Capital Markets America, Inc.
 
 
3.80%, 9/21/2025
 72,000
    70,826
4.23%, 11/6/2028
144,000
   140,402
3.00%, 2/24/2050
146,000
   100,608
BP Capital Markets plc (United Kingdom) 3.28%, 9/19/2027
187,000
   176,847
Canadian Natural Resources Ltd. (Canada) 4.95%, 6/1/2047
 30,000
    27,022
Chevron Corp. 2.95%, 5/16/2026
 88,000
    83,889
Columbia Pipeline Group, Inc. 4.50%, 6/1/2025
192,000
189,086
ConocoPhillips 5.90%, 10/15/2032
50,000
54,357
Diamondback Energy, Inc. 3.50%, 12/1/2029
70,000
62,307
Energy Transfer LP
 
 
4.95%, 5/15/2028
80,000
77,053
4.95%, 6/15/2028
32,000
30,955
5.40%, 10/1/2047
96,000
82,788
5.00%, 5/15/2050
144,000
118,677
Enterprise Products Operating LLC 2.80%, 1/31/2030
80,000
69,163
EQT Corp. 7.00%, 2/1/2030  (c)
114,000
119,935
Exxon Mobil Corp.
 
 
2.99%, 3/19/2025
175,000
169,486
2.61%, 10/15/2030
205,000
181,088
3.00%, 8/16/2039
126,000
98,711
3.45%, 4/15/2051
30,000
23,241
Kinder Morgan, Inc.
 
 
4.30%, 6/1/2025
110,000
108,374
4.80%, 2/1/2033
360,000
338,407
Marathon Oil Corp. 4.40%, 7/15/2027
90,000
86,988
Marathon Petroleum Corp. 4.75%, 9/15/2044
17,000
14,482
MPLX LP 4.95%, 3/14/2052
206,000
171,378
ONEOK, Inc. 5.20%, 7/15/2048
97,000
82,335
Phillips 66 4.88%, 11/15/2044
30,000
27,953
Pioneer Natural Resources Co. 1.90%, 8/15/2030
66,000
52,738
Sabine Pass Liquefaction LLC 5.63%, 3/1/2025
140,000
140,349
TotalEnergies Capital International SA (France) 2.83%, 1/10/2030
300,000
267,518
 
 
3,166,963
Paper & Forest Products — 0.2%
Suzano Austria GmbH (Brazil) 3.75%, 1/15/2031
95,000
78,969
Pharmaceuticals — 2.3%
Astrazeneca Finance LLC (United Kingdom) 0.70%, 5/28/2024
220,000
207,120
AstraZeneca plc (United Kingdom)
 
 
3.38%, 11/16/2025
60,000
58,129
4.38%, 11/16/2045
68,000
62,565
3.00%, 5/28/2051
60,000
42,856
JPMorgan Corporate Bond Research Enhanced ETF
SCHEDULE OF PORTFOLIO INVESTMENTS
AS OF November 30, 2022 (Unaudited) (continued)
INVESTMENTS
PRINCIPAL
AMOUNT($)
VALUE($)
Corporate Bonds — continued
Pharmaceuticals — continued
Bristol-Myers Squibb Co.
 
 
3.40%, 7/26/2029
 22,000
    20,595
4.13%, 6/15/2039
 70,000
    63,556
4.35%, 11/15/2047
 32,000
    28,900
4.25%, 10/26/2049
 88,000
    78,209
2.55%, 11/13/2050
 80,000
    52,567
Royalty Pharma plc 3.30%, 9/2/2040
 63,000
    45,372
Shire Acquisitions Investments Ireland DAC 3.20%, 9/23/2026
332,000
   312,817
 
 
972,686
Road & Rail — 1.7%
Canadian Pacific Railway Co. (Canada)
 
 
1.35%, 12/2/2024
92,000
85,671
1.75%, 12/2/2026
321,000
286,866
2.45%, 12/2/2031
82,000
68,337
CSX Corp. 2.60%, 11/1/2026
80,000
74,616
Kansas City Southern 4.30%, 5/15/2043
30,000
25,248
Norfolk Southern Corp.
 
 
4.15%, 2/28/2048
106,000
88,730
3.16%, 5/15/2055
50,000
34,000
Union Pacific Corp.
 
 
2.89%, 4/6/2036
55,000
44,375
3.25%, 2/5/2050
34,000
25,357
 
 
733,200
Semiconductors & Semiconductor Equipment — 3.4%
Analog Devices, Inc. 3.50%, 12/5/2026
108,000
103,608
Broadcom, Inc. 3.50%, 2/15/2041  (b)
81,000
58,590
Intel Corp.
 
 
3.25%, 11/15/2049
73,000
51,220
3.20%, 8/12/2061
53,000
34,547
KLA Corp. 4.10%, 3/15/2029
387,000
376,822
Marvell Technology, Inc. 2.95%, 4/15/2031
80,000
65,369
NVIDIA Corp.
 
 
2.00%, 6/15/2031
123,000
100,000
3.50%, 4/1/2050
136,000
105,411
NXP BV (China)
 
 
4.30%, 6/18/2029
40,000
36,838
3.25%, 5/11/2041
190,000
134,354
QUALCOMM, Inc.
 
 
3.25%, 5/20/2027
233,000
222,557
1.30%, 5/20/2028
192,000
163,137
3.25%, 5/20/2050
20,000
14,878
 
 
1,467,331
Software — 1.7%
Microsoft Corp. 4.10%, 2/6/2037
88,000
85,199
Oracle Corp.
 
 
2.50%, 4/1/2025
50,000
47,293
JPMorgan Corporate Bond Research Enhanced ETF
SCHEDULE OF PORTFOLIO INVESTMENTS
AS OF November 30, 2022 (Unaudited) (continued)
INVESTMENTS
PRINCIPAL
AMOUNT($)
VALUE($)
Corporate Bonds — continued
Software — continued
3.60%, 4/1/2050
206,000
   143,311
3.95%, 3/25/2051
 83,000
    60,737
4.10%, 3/25/2061
248,000
   176,404
Roper Technologies, Inc. 1.75%, 2/15/2031
136,000
   105,531
VMware, Inc. 2.20%, 8/15/2031
148,000
   112,959
 
 
731,434
Specialty Retail — 2.4%
AutoZone, Inc. 1.65%, 1/15/2031
174,000
   134,990
Home Depot, Inc. (The)
 
 
2.50%, 4/15/2027
237,000
   219,807
1.50%, 9/15/2028
133,000
   114,008
2.70%, 4/15/2030
247,000
218,582
3.30%, 4/15/2040
56,000
45,342
4.20%, 4/1/2043
30,000
26,865
3.13%, 12/15/2049
63,000
46,117
Lowe's Cos., Inc.
 
 
3.10%, 5/3/2027
40,000
37,563
2.80%, 9/15/2041
122,000
86,165
3.70%, 4/15/2046
107,000
81,986
4.05%, 5/3/2047
40,000
32,231
 
 
1,043,656
Technology Hardware, Storage & Peripherals — 2.3%
Apple, Inc.
 
 
1.80%, 9/11/2024
194,000
185,420
2.75%, 1/13/2025
50,000
48,360
2.90%, 9/12/2027
189,000
178,674
2.38%, 2/8/2041
69,000
50,517
3.85%, 5/4/2043
20,000
17,851
3.45%, 2/9/2045
56,000
46,274
4.65%, 2/23/2046
153,000
149,414
2.65%, 5/11/2050
83,000
57,380
2.65%, 2/8/2051
80,000
54,711
Dell International LLC
 
 
6.02%, 6/15/2026
152,000
155,231
5.30%, 10/1/2029
40,000
39,567
 
 
983,399
Thrifts & Mortgage Finance — 0.6%
BPCE SA (France) 4.00%, 4/15/2024
250,000
245,727
Tobacco — 1.0%
Altria Group, Inc. 4.00%, 2/4/2061
55,000
36,570
BAT Capital Corp. (United Kingdom)
 
 
3.22%, 8/15/2024
119,000
114,769
4.39%, 8/15/2037
274,000
215,830
Reynolds American, Inc. (United Kingdom) 4.45%, 6/12/2025
76,000
74,632
 
 
441,801
JPMorgan Corporate Bond Research Enhanced ETF
SCHEDULE OF PORTFOLIO INVESTMENTS
AS OF November 30, 2022 (Unaudited) (continued)
INVESTMENTS
PRINCIPAL
AMOUNT($)
VALUE($)
Corporate Bonds — continued
Water Utilities — 0.3%
American Water Capital Corp.
 
 
3.75%, 9/1/2047
 50,000
    39,423
3.45%, 5/1/2050
100,000
    74,387
 
 
113,810
Wireless Telecommunication Services — 1.7%
T-Mobile USA, Inc.
 
 
3.50%, 4/15/2025
195,000
   188,800
3.75%, 4/15/2027
245,000
   232,078
3.88%, 4/15/2030
218,000
   200,219
4.50%, 4/15/2050
141,000
   119,100
 
 
740,197
Total Corporate Bonds
(Cost $47,968,541)
 
42,072,010
 
SHARES
 
Short-Term Investments — 0.9%
Investment Companies — 0.9%
JPMorgan U.S. Government Money Market Fund Class IM Shares, 3.59% (d) (e)
(Cost $399,363)
399,363
399,363
Total Investments — 99.4%
(Cost $48,367,904)
 
42,471,373
Other Assets Less Liabilities — 0.6%
 
244,932
NET ASSETS — 100.0%
 
42,716,305
 
Percentages indicated are based on net assets.
 
Abbreviations
 
CME
Chicago Mercantile Exchange
ICE
Intercontinental Exchange
LIBOR
London Interbank Offered Rate
SOFR
Secured Overnight Financing Rate
USD
United States Dollar
 
^
Amount rounds to less than 0.1% of net assets.
(a)
Variable or floating rate security, linked to the referenced benchmark. The interest rate shown is the current rate as of November 30, 2022.
 
(b)
Securities exempt from registration under Rule 144A or section 4(a)(2), of the Securities Act of 1933, as amended.
 
(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 November 30, 2022.
 
(d)
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.
 
(e)
The rate shown is the current yield as of November 30, 2022.
 
JPMorgan Corporate Bond Research Enhanced ETF
SCHEDULE OF PORTFOLIO INVESTMENTS
AS OF November 30, 2022 (Unaudited) (continued)
Futures contracts outstanding as of November 30, 2022:
 
DESCRIPTION
NUMBER OF
CONTRACTS
EXPIRATION DATE
TRADING CURRENCY
NOTIONAL
AMOUNT ($)
VALUE AND
UNREALIZED
APPRECIATION
(DEPRECIATION) ($)
Long Contracts
 
 
 
 
 
U.S. Treasury 10 Year Ultra Note
1
03/22/2023
USD
120,203
1,209
U.S. Treasury Long Bond
1
03/22/2023
USD
127,656
1,256
U.S. Treasury 2 Year Note
2
03/31/2023
USD
411,109
1,371
U.S. Treasury 5 Year Note
13
03/31/2023
USD
1,414,359
11,349
 
 
 
 
 
15,185
Short Contracts
 
 
 
 
 
U.S. Treasury 10 Year Note
(10)
03/22/2023
USD
(1,137,969)
(8,771)
U.S. Treasury Ultra Bond
(1)
03/22/2023
USD
(137,219)
(3,190)
 
 
 
 
 
(11,961)
 
 
 
 
 
3,224
 
Abbreviations
 
USD
United States Dollar
JPMorgan Corporate Bond Research Enhanced ETF
SCHEDULE OF PORTFOLIO INVESTMENTS
AS OF November 30, 2022 (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 SEC 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 NAVs per share as of the report date.
Futures contracts are generally valued on the basis of available market quotations.
Valuations reflected in this report are as of the report date. As a result, changes in valuation due to market events and/or issuer-related events after the report date and prior to issuance of the report are not reflected herein.
The various inputs that are used in determining the valuation of the Fund's investments are summarized into the three broad levels listed below.
•
Level 1 — Unadjusted inputs using quoted prices in active markets for identical investments.
•
Level 2 — Other significant observable inputs including, but not limited to, quoted prices for similar investments, inputs other than quoted prices that are observable for investments (such as interest rates, prepayment speeds, credit risk, etc.) or other market corroborated inputs.
•
Level 3 — Significant inputs based on the best information available in the circumstances, to the extent observable inputs are not available (including the Fund's assumptions in determining the fair value of investments).
A financial instrument’s level within the fair value hierarchy is based on the lowest level of any input, both individually and in the aggregate, that is significant to the fair value measurement. The inputs or methodology used for valuing instruments are not necessarily an indication of the risk associated with investing in those instruments. 
The following table represents each valuation input as presented on the Schedule of Portfolio Investments ("SOI"): 
 
 
 
 
 
 
Level 1
Quoted prices
Level 2
Other significant
observable inputs
Level 3
Significant
unobservable inputs
Total
Investments in Securities
 
 
 
 
Corporate Bonds
$—
$42,072,010
$—
$42,072,010
Short-Term Investments
 
 
 
 
Investment Companies
399,363
—
—
399,363
Total Investments in Securities
$399,363
$42,072,010
$—
$42,471,373
JPMorgan Corporate Bond Research Enhanced ETF
SCHEDULE OF PORTFOLIO INVESTMENTS
AS OF November 30, 2022 (Unaudited) (continued)
 
 
 
 
 
 
Level 1
Quoted prices
Level 2
Other significant
observable inputs
Level 3
Significant
unobservable inputs
Total
Appreciation in Other Financial Instruments
 
 
 
 
Futures Contracts
$15,185
$—
$—
$15,185
Depreciation in Other Financial Instruments
 
 
 
 
Futures Contracts
(11,961)
—
—
(11,961)
Total Net Appreciation/ Depreciation in Other
Financial Instruments
$3,224
$—
$—
$3,224
B. Investment Transactions with Affiliates — The Fund invested in an Underlying Fund, which is advised by the Adviser. An issuer which is under common control with the Fund may be considered an affiliate. The Fund assumes the issuer listed in the table below to be an affiliated issuer. The Underlying Fund's distributions may be reinvested into such Underlying Fund. Reinvestment amounts are included in the purchases at cost amounts in the table below. 
 
For the period ended November 30, 2022
Security Description
Value at
February 28,
2022
Purchases at
Cost
Proceeds from
Sales
Net Realized
Gain (Loss)
Change in
Unrealized
Appreciation/
(Depreciation)
Value at
November 30,
2022
Shares at
November 30,
2022
Dividend
Income
Capital Gain
Distributions
JPMorgan U.S. Government Money Market
Fund Class IM Shares, 3.59%  (a) (b)
$159,865
$3,054,604
$2,815,106
$—
$—
$399,363
399,363
$2,447
$—
 
 
(a)
Investment in an affiliated fund, which is registered under the Investment Company Act of 1940, as amended, and is advised by J.P. Morgan
Investment Management Inc.
(b)
The rate shown is the current yield as of November 30, 2022.