JPMorgan Inflation Managed Bond ETF
Schedule of Portfolio Investments as of May 31, 2025
(Unaudited) 
THE “UNAUDITED EXCHANGE-TRADED FUNDS HOLDINGS”
LIST (“the List”) IS TO BE USED FOR REPORTING PURPOSES
ONLY. IT IS NOT TO BE REPRODUCED FOR USE AS
ADVERTISING OR SALES LITERATURE WITH THE GENERAL
PUBLIC. The list is submitted for the general information of the
shareholders of the Fund. It is not authorized for distribution to
prospective investors in the Fund unless preceded or accompanied by a
prospectus. The list has been created from the books and records of
the Fund. Holdings are available 60 days after the fund’s fiscal quarter,
using a trade date accounting convention, by contacting the appropriate
service center. The list is subject to change without notice. The list is
for informational purposes only and is not intended as an offer or
solicitation with respect to the purchase or sale of any security.
JPMorgan Asset Management is the marketing name for the asset
management business of J.P. Morgan Chase & Co.
J.P. Morgan Distribution Services, Inc., member FINRA.
© J.P. Morgan Chase & Co., 2025.
JPMorgan Inflation Managed Bond ETF
SCHEDULE OF PORTFOLIO INVESTMENTS
AS OF May 31, 2025 (Unaudited)
 
INVESTMENTS
PRINCIPAL
AMOUNT($)
VALUE($)
U.S. Treasury Obligations — 34.3%
U.S. Treasury Inflation Linked Notes
0.13%, 4/15/2026 (a)
12,391,949
12,260,378
0.13%, 7/15/2026
12,158,200
12,054,334
1.63%, 4/15/2030
11,397,414
11,430,456
U.S. Treasury Notes
3.75%, 4/30/2027
29,445,000
29,354,134
3.75%, 4/15/2028
29,375,000
29,280,908
4.88%, 10/31/2028 (a)
66,230,000
68,286,752
3.88%, 4/30/2030
29,360,000
29,243,019
4.63%, 2/15/2035
46,065,000
46,928,719
Total U.S. Treasury Obligations
(Cost $239,312,997)
238,838,700
Corporate Bonds — 29.0%
Aerospace & Defense — 0.8%
BAE Systems plc (United Kingdom) 3.40%, 4/15/2030 (b)
400,000
377,967
Boeing Co. (The)
2.75%, 2/1/2026
782,000
771,446
3.10%, 5/1/2026
931,000
917,148
6.39%, 5/1/2031
414,000
441,727
6.53%, 5/1/2034
88,000
93,929
L3Harris Technologies, Inc. 3.85%, 12/15/2026
625,000
619,068
Leidos, Inc. 2.30%, 2/15/2031
767,000
662,524
RTX Corp. 5.75%, 1/15/2029
1,800,000
1,876,150
 
5,759,959
Automobiles — 0.4%
Hyundai Capital America
3.00%, 2/10/2027 (b)
903,000
876,305
2.38%, 10/15/2027 (b)
919,000
866,248
1.80%, 1/10/2028 (b)
300,000
277,571
Stellantis Finance US, Inc. 2.69%, 9/15/2031 (b)
678,000
562,064
 
2,582,188
Banks — 8.8%
ABN AMRO Bank NV (Netherlands) (US Treasury Yield Curve Rate T Note Constant Maturity 1 Year + 1.10%), 2.47%,
12/13/2029 (b) (c)
900,000
830,175
AIB Group plc (Ireland)
(SOFR + 2.33%), 6.61%, 9/13/2029 (b) (c)
264,000
277,690
(SOFR + 1.91%), 5.87%, 3/28/2035 (b) (c)
200,000
203,015
Australia & New Zealand Banking Group Ltd. (Australia) 4.40%, 5/19/2026 (b) (d)
1,550,000
1,545,230
Banco Santander SA (Spain)
(US Treasury Yield Curve Rate T Note Constant Maturity 1 Year + 0.90%), 1.72%, 9/14/2027 (c)
200,000
192,250
2.75%, 12/3/2030
1,800,000
1,583,959
Bank of America Corp.
(SOFR + 1.15%), 1.32%, 6/19/2026 (c)
21,000
20,959
Series N, (SOFR + 0.91%), 1.66%, 3/11/2027 (c)
178,000
173,888
(3-MONTH CME TERM SOFR + 1.84%), 3.82%, 1/20/2028 (c)
937,000
924,434
(SOFR + 1.63%), 5.20%, 4/25/2029 (c)
1,747,000
1,775,251
(SOFR + 1.53%), 1.90%, 7/23/2031 (c)
3,227,000
2,793,532
(SOFR + 1.65%), 5.47%, 1/23/2035 (c)
1,707,000
1,724,853
Bank of Ireland Group plc (Ireland) (US Treasury Yield Curve Rate T Note Constant Maturity 1 Year + 1.10%), 2.03%,
9/30/2027 (b) (c)
1,725,000
1,662,458
Bank of Montreal (Canada)
2.65%, 3/8/2027
40,000
38,822
JPMorgan Inflation Managed Bond ETF
SCHEDULE OF PORTFOLIO INVESTMENTS
AS OF May 31, 2025 (Unaudited) (continued)
INVESTMENTS
PRINCIPAL
AMOUNT($)
VALUE($)
Corporate Bonds — continued
Banks — continued
(SOFR + 1.25%), 4.64%, 9/10/2030 (c)
422,000
421,674
Banque Federative du Credit Mutuel SA (France) 5.54%, 1/22/2030 (b)
850,000
875,887
Barclays plc (United Kingdom)
(SOFR + 1.88%), 6.50%, 9/13/2027 (c)
899,000
917,813
(SOFR + 1.74%), 5.69%, 3/12/2030 (c)
600,000
615,148
(SOFR + 1.23%), 5.37%, 2/25/2031 (c)
360,000
363,114
(SOFR + 2.98%), 6.22%, 5/9/2034 (c)
300,000
313,201
BNP Paribas SA (France)
(SOFR + 2.07%), 2.22%, 6/9/2026 (b) (c)
500,000
499,744
(SOFR + 1.23%), 2.59%, 1/20/2028 (b) (c)
300,000
289,574
(SOFR + 1.28%), 5.28%, 11/19/2030 (b) (c)
750,000
757,233
(SOFR + 1.62%), 5.79%, 1/13/2033 (b) (c)
450,000
460,931
BPCE SA (France)
(SOFR + 1.09%), 2.05%, 10/19/2027 (b) (c)
2,214,000
2,131,531
(SOFR + 1.31%), 2.28%, 1/20/2032 (b) (c)
1,194,000
1,013,792
Capital One NA 3.45%, 7/27/2026
447,000
440,664
Citibank NA 5.80%, 9/29/2028
1,500,000
1,561,052
Citigroup, Inc.
(SOFR + 0.77%), 1.12%, 1/28/2027 (c)
1,056,000
1,030,900
4.45%, 9/29/2027
272,000
270,881
(3-MONTH CME TERM SOFR + 1.82%), 3.89%, 1/10/2028 (c)
90,000
88,821
(SOFR + 1.17%), 2.56%, 5/1/2032 (c)
1,300,000
1,135,507
(SOFR + 1.35%), 3.06%, 1/25/2033 (c)
450,000
395,820
Cooperatieve Rabobank UA (Netherlands)
(US Treasury Yield Curve Rate T Note Constant Maturity 1 Year + 0.73%), 1.98%, 12/15/2027 (b) (c)
750,000
719,695
(US Treasury Yield Curve Rate T Note Constant Maturity 1 Year + 1.40%), 5.56%, 2/28/2029 (b) (c)
250,000
255,976
Credit Agricole SA (France)
(SOFR + 1.68%), 1.91%, 6/16/2026 (b) (c)
1,500,000
1,498,279
(SOFR + 1.13%), 5.23%, 1/9/2029 (b) (c)
673,000
680,094
(SOFR + 1.69%), 5.34%, 1/10/2030 (b) (c)
377,000
382,909
Danske Bank A/S (Denmark)
(US Treasury Yield Curve Rate T Note Constant Maturity 1 Year + 1.40%), 5.71%, 3/1/2030 (b) (c)
407,000
419,390
(US Treasury Yield Curve Rate T Note Constant Maturity 1 Year + 0.93%), 5.02%, 3/4/2031 (b) (c)
320,000
321,126
DNB Bank ASA (Norway) (US Treasury Yield Curve Rate T Note Constant Maturity 1 Year + 0.68%), 1.61%,
3/30/2028 (b) (c)
1,000,000
947,698
Fifth Third Bancorp
3.95%, 3/14/2028
800,000
789,611
(SOFR + 1.84%), 5.63%, 1/29/2032 (c)
66,000
67,770
Fifth Third Bank NA 2.25%, 2/1/2027
250,000
241,157
HSBC Holdings plc (United Kingdom)
(3-MONTH CME TERM SOFR + 1.61%), 4.29%, 9/12/2026 (c)
1,250,000
1,247,583
(SOFR + 1.73%), 2.01%, 9/22/2028 (c)
300,000
282,022
(3-MONTH CME TERM SOFR + 1.87%), 3.97%, 5/22/2030 (c)
1,040,000
1,002,847
(SOFR + 2.39%), 2.85%, 6/4/2031 (c)
1,141,000
1,028,675
Huntington Bancshares, Inc. (SOFR + 1.28%), 5.27%, 1/15/2031 (c)
900,000
909,747
ING Groep NV (Netherlands) (SOFR + 1.01%), 1.73%, 4/1/2027 (c)
880,000
858,920
KeyBank NA 3.30%, 6/1/2025
250,000
250,000
KeyCorp (SOFRINDX + 1.23%), 5.12%, 4/4/2031 (c)
526,000
524,880
Lloyds Banking Group plc (United Kingdom) 3.75%, 1/11/2027
469,000
463,262
Mitsubishi UFJ Financial Group, Inc. (Japan)
(US Treasury Yield Curve Rate T Note Constant Maturity 1 Year + 0.83%), 2.34%, 1/19/2028 (c)
600,000
578,484
(US Treasury Yield Curve Rate T Note Constant Maturity 1 Year + 1.17%), 5.16%, 4/24/2031 (c)
200,000
202,762
JPMorgan Inflation Managed Bond ETF
SCHEDULE OF PORTFOLIO INVESTMENTS
AS OF May 31, 2025 (Unaudited) (continued)
INVESTMENTS
PRINCIPAL
AMOUNT($)
VALUE($)
Corporate Bonds — continued
Banks — continued
Mizuho Financial Group, Inc. (Japan) (US Treasury Yield Curve Rate T Note Constant Maturity 1 Year + 1.12%), 5.38%,
5/26/2030 (c)
1,950,000
1,990,293
National Bank of Canada (Canada) 5.60%, 12/18/2028
400,000
413,221
NatWest Group plc (United Kingdom)
(US Treasury Yield Curve Rate T Note Constant Maturity 1 Year + 0.90%), 1.64%, 6/14/2027 (c)
486,000
470,900
(US Treasury Yield Curve Rate T Note Constant Maturity 1 Year + 1.05%), 5.11%, 5/23/2031 (c)
420,000
421,632
(US Treasury Yield Curve Rate T Note Constant Maturity 1 Year + 1.50%), 5.78%, 3/1/2035 (c)
320,000
326,178
PNC Financial Services Group, Inc. (The)
(SOFRINDX + 1.09%), 4.76%, 1/26/2027 (c)
573,000
573,327
(SOFR + 1.34%), 5.30%, 1/21/2028 (c)
340,000
343,911
(SOFR + 1.07%), 5.22%, 1/29/2031 (c)
350,000
355,642
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 (c)
1,200,000
1,191,056
(SOFR + 2.75%), 6.83%, 11/21/2026 (c)
200,000
201,823
(SOFR + 2.60%), 6.53%, 1/10/2029 (c)
750,000
778,703
Societe Generale SA (France) (US Treasury Yield Curve Rate T Note Constant Maturity 1 Year + 1.00%), 1.79%,
6/9/2027 (b) (c)
3,337,000
3,232,319
Sumitomo Mitsui Financial Group, Inc. (Japan) 1.90%, 9/17/2028
1,500,000
1,380,396
Toronto-Dominion Bank (The) (Canada) 1.15%, 6/12/2025
40,000
39,963
Truist Bank 3.30%, 5/15/2026
1,000,000
987,170
Truist Financial Corp.
(SOFR + 2.45%), 7.16%, 10/30/2029 (c)
275,000
296,048
(SOFR + 1.62%), 5.44%, 1/24/2030 (c)
500,000
511,240
UniCredit SpA (Italy)
(US Treasury Yield Curve Rate T Note Constant Maturity 1 Year + 1.20%), 1.98%, 6/3/2027 (b) (c)
835,000
810,853
(USD ICE Swap Rate 5 Year + 3.70%), 5.86%, 6/19/2032 (b) (c)
600,000
601,503
US Bancorp
(SOFR + 1.56%), 5.38%, 1/23/2030 (c)
125,000
127,847
(SOFR + 1.86%), 5.68%, 1/23/2035 (c)
127,000
129,379
(SOFR + 1.41%), 5.42%, 2/12/2036 (c)
500,000
498,816
Wachovia Corp. 7.57%, 8/1/2026 (e)
366,000
377,402
Wells Fargo & Co.
(SOFR + 2.10%), 2.39%, 6/2/2028 (c)
700,000
669,967
(SOFR + 1.50%), 5.20%, 1/23/2030 (c)
3,256,000
3,309,220
(3-MONTH CME TERM SOFR + 1.43%), 2.88%, 10/30/2030 (c)
637,000
587,843
 
61,629,342
Biotechnology — 0.3%
AbbVie, Inc.
3.20%, 11/21/2029
1,400,000
1,327,953
5.05%, 3/15/2034
245,000
245,711
Amgen, Inc. 5.25%, 3/2/2030
200,000
205,051
Regeneron Pharmaceuticals, Inc. 1.75%, 9/15/2030
481,000
412,058
 
2,190,773
Broadline Retail — 0.0% ^
eBay, Inc. 2.60%, 5/10/2031
50,000
44,262
Capital Markets — 2.2%
Brookfield Finance, Inc. (Canada) 4.25%, 6/2/2026
362,000
360,578
Deutsche Bank AG (Germany)
(SOFR + 2.52%), 7.15%, 7/13/2027 (c)
190,000
194,510
(SOFR + 1.32%), 2.55%, 1/7/2028 (c)
1,450,000
1,397,450
(SOFR + 1.72%), 3.04%, 5/28/2032 (c)
1,126,000
994,172
JPMorgan Inflation Managed Bond ETF
SCHEDULE OF PORTFOLIO INVESTMENTS
AS OF May 31, 2025 (Unaudited) (continued)
INVESTMENTS
PRINCIPAL
AMOUNT($)
VALUE($)
Corporate Bonds — continued
Capital Markets — continued
Goldman Sachs Group, Inc. (The)
4.25%, 10/21/2025
237,000
236,616
3.50%, 11/16/2026
1,785,000
1,758,817
(SOFR + 1.09%), 1.99%, 1/27/2032 (c)
512,000
435,764
(SOFR + 1.28%), 2.62%, 4/22/2032 (c)
2,350,000
2,060,803
Macquarie Group Ltd. (Australia)
(3-MONTH CME TERM SOFR + 2.01%), 5.03%, 1/15/2030 (b) (c)
200,000
201,084
(SOFR + 2.30%), 6.26%, 12/7/2034 (b) (c)
300,000
315,951
Morgan Stanley
4.35%, 9/8/2026
963,000
959,085
(SOFR + 1.45%), 5.17%, 1/16/2030 (c)
3,540,000
3,594,393
(SOFR + 1.02%), 1.93%, 4/28/2032 (c)
110,000
92,840
Nasdaq, Inc. 5.55%, 2/15/2034
321,000
329,493
Nomura Holdings, Inc. (Japan)
2.33%, 1/22/2027
1,000,000
961,389
2.68%, 7/16/2030
753,000
675,047
UBS Group AG (Switzerland)
(SOFR + 2.04%), 2.19%, 6/5/2026 (b) (c)
250,000
249,951
(SOFRINDX + 0.98%), 1.31%, 2/2/2027 (b) (c)
900,000
879,180
 
15,697,123
Chemicals — 0.1%
RPM International, Inc. 2.95%, 1/15/2032
438,000
380,980
Westlake Corp. 3.60%, 8/15/2026
400,000
394,341
 
775,321
Construction & Engineering — 0.1%
Quanta Services, Inc.
2.35%, 1/15/2032
446,000
375,694
5.25%, 8/9/2034
188,000
186,288
 
561,982
Construction Materials — 0.0% ^
Martin Marietta Materials, Inc. Series CB, 2.50%, 3/15/2030
40,000
36,370
Consumer Finance — 2.0%
AerCap Ireland Capital DAC (Ireland)
2.45%, 10/29/2026
1,554,000
1,506,128
3.00%, 10/29/2028
1,835,000
1,732,178
Aircastle Ltd. 5.25%, 3/15/2030 (b)
160,000
159,271
American Express Co.
(SOFR + 1.33%), 6.34%, 10/30/2026 (c)
490,000
493,355
(SOFR + 0.93%), 5.04%, 7/26/2028 (c)
125,000
126,471
(SOFRINDX + 1.02%), 5.09%, 1/30/2031 (c)
155,000
157,352
Avolon Holdings Funding Ltd. (Ireland)
2.13%, 2/21/2026 (b)
692,000
672,894
4.25%, 4/15/2026 (b)
832,000
821,608
4.38%, 5/1/2026 (b)
1,063,000
1,051,839
2.53%, 11/18/2027 (b)
4,543,000
4,282,005
Capital One Financial Corp.
(SOFR + 1.56%), 5.46%, 7/26/2030 (c)
500,000
509,101
(SOFR + 1.27%), 2.62%, 11/2/2032 (c)
709,000
606,676
General Motors Financial Co., Inc. 2.35%, 1/8/2031
940,000
801,826
JPMorgan Inflation Managed Bond ETF
SCHEDULE OF PORTFOLIO INVESTMENTS
AS OF May 31, 2025 (Unaudited) (continued)
INVESTMENTS
PRINCIPAL
AMOUNT($)
VALUE($)
Corporate Bonds — continued
Consumer Finance — continued
Macquarie Airfinance Holdings Ltd. (United Kingdom)
6.40%, 3/26/2029 (b)
37,000
38,257
6.50%, 3/26/2031 (b)
600,000
623,590
Mitsubishi HC Finance America LLC (Japan) 5.81%, 9/12/2028 (b)
200,000
206,314
 
13,788,865
Consumer Staples Distribution & Retail — 0.1%
Kroger Co. (The) 5.00%, 9/15/2034
485,000
472,376
Containers & Packaging — 0.2%
Graphic Packaging International LLC 1.51%, 4/15/2026 (b)
453,000
438,483
Smurfit Westrock Financing DAC (Ireland) 5.42%, 1/15/2035
237,000
235,983
Sonoco Products Co. 5.00%, 9/1/2034
308,000
292,695
WRKCo, Inc. 4.90%, 3/15/2029
150,000
150,848
 
1,118,009
Diversified REITs — 0.3%
Safehold GL Holdings LLC 2.80%, 6/15/2031
682,000
599,179
Simon Property Group LP 2.45%, 9/13/2029
200,000
183,950
WP Carey, Inc.
2.40%, 2/1/2031
800,000
693,967
2.25%, 4/1/2033
893,000
716,612
 
2,193,708
Diversified Telecommunication Services — 0.5%
AT&T, Inc. 1.65%, 2/1/2028
1,181,000
1,099,106
NBN Co. Ltd. (Australia) 2.63%, 5/5/2031 (b)
700,000
622,996
Sprint Capital Corp. 6.88%, 11/15/2028
155,000
165,819
Verizon Communications, Inc.
1.68%, 10/30/2030
670,000
574,190
4.78%, 2/15/2035
770,000
741,038
 
3,203,149
Electric Utilities — 2.8%
Alabama Power Co. 5.85%, 11/15/2033
500,000
525,794
American Electric Power Co., Inc. 5.63%, 3/1/2033
100,000
102,375
Atlantic City Electric Co. 4.00%, 10/15/2028
20,000
19,816
Baltimore Gas and Electric Co. 5.30%, 6/1/2034
650,000
655,945
CenterPoint Energy Houston Electric LLC Series AA, 3.00%, 2/1/2027
310,000
302,903
Cleveland Electric Illuminating Co. (The)
3.50%, 4/1/2028 (b)
586,000
564,654
4.55%, 11/15/2030 (b)
290,000
283,830
Duke Energy Carolinas LLC 6.45%, 10/15/2032
50,000
54,090
Duke Energy Corp. 5.45%, 6/15/2034
550,000
555,044
Duke Energy Indiana LLC 5.25%, 3/1/2034
550,000
551,636
Duke Energy Ohio, Inc. 5.25%, 4/1/2033
73,000
73,895
Duquesne Light Holdings, Inc.
2.53%, 10/1/2030 (b)
421,000
367,804
2.78%, 1/7/2032 (b)
554,000
472,424
Edison International 5.25%, 11/15/2028
750,000
738,875
Entergy Louisiana LLC 1.60%, 12/15/2030
100,000
85,201
Evergy, Inc. 2.90%, 9/15/2029
618,000
575,691
Fells Point Funding Trust 3.05%, 1/31/2027 (b)
864,000
840,224
FirstEnergy Pennsylvania Electric Co. 3.25%, 3/15/2028 (b)
656,000
632,192
Florida Power & Light Co. 5.30%, 6/15/2034
1,000,000
1,015,876
JPMorgan Inflation Managed Bond ETF
SCHEDULE OF PORTFOLIO INVESTMENTS
AS OF May 31, 2025 (Unaudited) (continued)
INVESTMENTS
PRINCIPAL
AMOUNT($)
VALUE($)
Corporate Bonds — continued
Electric Utilities — continued
Fortis, Inc. (Canada) 3.06%, 10/4/2026
1,021,000
1,000,365
Georgia Power Co. 4.85%, 3/15/2031
550,000
556,938
Interstate Power and Light Co.
4.10%, 9/26/2028
30,000
29,583
4.95%, 9/30/2034
142,000
137,174
ITC Holdings Corp. 2.95%, 5/14/2030 (b)
451,000
414,482
Kentucky Utilities Co. 3.30%, 10/1/2025
200,000
198,830
NextEra Energy Capital Holdings, Inc.
2.25%, 6/1/2030
200,000
177,861
5.30%, 3/15/2032
600,000
610,129
Niagara Mohawk Power Corp. 1.96%, 6/27/2030 (b)
500,000
434,929
NRG Energy, Inc. 2.45%, 12/2/2027 (b)
805,000
757,319
Pacific Gas and Electric Co.
2.95%, 3/1/2026
458,000
450,646
4.55%, 7/1/2030
1,278,999
1,238,506
5.70%, 3/1/2035
571,000
561,422
PG&E Wildfire Recovery Funding LLC Series A-2, 4.26%, 6/1/2036
848,000
795,186
Potomac Electric Power Co. 5.20%, 3/15/2034
172,000
171,801
Public Service Co. of Oklahoma 5.20%, 1/15/2035
123,000
120,207
SCE Recovery Funding LLC Series A-2, 1.94%, 5/15/2038
285,000
209,734
Southern California Edison Co. 5.45%, 3/1/2035
1,000,000
967,417
Southern Co. (The) 5.70%, 3/15/2034
207,000
213,065
Southwestern Electric Power Co. Series M, 4.10%, 9/15/2028
1,010,000
993,095
Tampa Electric Co. 4.90%, 3/1/2029
274,000
278,466
Virginia Electric and Power Co. 5.15%, 3/15/2035
500,000
491,730
Vistra Operations Co. LLC 5.70%, 12/30/2034 (b)
140,000
139,466
Wisconsin Electric Power Co. 3.10%, 6/1/2025
400,000
400,000
 
19,766,620
Energy Equipment & Services — 0.1%
Halliburton Co. 2.92%, 3/1/2030
400,000
367,145
Schlumberger Holdings Corp. 3.90%, 5/17/2028 (b)
39,000
38,366
 
405,511
Entertainment — 0.1%
Take-Two Interactive Software, Inc. 5.60%, 6/12/2034
714,000
724,715
Financial Services — 0.6%
Corebridge Financial, Inc. 3.65%, 4/5/2027
300,000
295,261
Fiserv, Inc. 5.35%, 3/15/2031
850,000
869,054
Global Payments, Inc.
2.15%, 1/15/2027
901,000
865,257
3.20%, 8/15/2029
400,000
374,165
LSEGA Financing plc (United Kingdom) 2.00%, 4/6/2028 (b)
890,000
831,071
Nationwide Building Society (United Kingdom)
4.85%, 7/27/2027 (b)
500,000
503,723
5.13%, 7/29/2029 (b)
445,000
452,108
 
4,190,639
Food Products — 0.3%
Bimbo Bakeries USA, Inc. (Mexico) 6.05%, 1/15/2029 (b)
700,000
726,250
Bunge Ltd. Finance Corp. 4.20%, 9/17/2029
550,000
542,750
General Mills, Inc. 4.95%, 3/29/2033
151,000
149,272
J M Smucker Co. (The) 6.20%, 11/15/2033
264,000
280,268
JPMorgan Inflation Managed Bond ETF
SCHEDULE OF PORTFOLIO INVESTMENTS
AS OF May 31, 2025 (Unaudited) (continued)
INVESTMENTS
PRINCIPAL
AMOUNT($)
VALUE($)
Corporate Bonds — continued
Food Products — continued
Mars, Inc. 5.00%, 3/1/2032 (b)
217,000
217,730
Mead Johnson Nutrition Co. (United Kingdom) 4.13%, 11/15/2025
89,000
88,835
 
2,005,105
Gas Utilities — 0.0% ^
ONE Gas, Inc. 2.00%, 5/15/2030
248,000
218,993
Ground Transportation — 0.3%
Canadian Pacific Railway Co. (Canada) 2.05%, 3/5/2030
200,000
178,055
Penske Truck Leasing Co. LP
5.75%, 5/24/2026 (b)
219,000
220,854
5.55%, 5/1/2028 (b)
1,218,000
1,244,732
Triton Container International Ltd. (Bermuda) 2.05%, 4/15/2026 (b)
637,000
619,431
Uber Technologies, Inc. 4.80%, 9/15/2034
134,000
129,307
 
2,392,379
Health Care Equipment & Supplies — 0.1%
Zimmer Biomet Holdings, Inc. 5.50%, 2/19/2035
579,000
584,431
Health Care Providers & Services — 0.6%
Cencora, Inc. 5.15%, 2/15/2035
151,000
149,711
CommonSpirit Health
3.35%, 10/1/2029
455,000
429,713
2.78%, 10/1/2030
171,000
154,261
CVS Health Corp. 1.88%, 2/28/2031
181,000
152,072
HCA, Inc.
4.13%, 6/15/2029
964,000
938,645
3.50%, 9/1/2030
500,000
466,370
2.38%, 7/15/2031
700,000
598,819
Humana, Inc. 3.95%, 3/15/2027
492,000
488,527
Quest Diagnostics, Inc.
3.45%, 6/1/2026
300,000
296,920
2.95%, 6/30/2030
93,000
85,744
2.80%, 6/30/2031
287,000
256,928
 
4,017,710
Health Care REITs — 0.4%
Alexandria Real Estate Equities, Inc. 3.38%, 8/15/2031
883,000
798,889
DOC DR LLC 2.63%, 11/1/2031
409,000
354,083
Healthpeak OP LLC 2.13%, 12/1/2028
470,000
431,687
Ventas Realty LP
4.13%, 1/15/2026
45,000
44,776
3.25%, 10/15/2026
529,000
518,446
Welltower OP LLC 2.75%, 1/15/2032
904,000
794,723
 
2,942,604
Hotels, Restaurants & Leisure — 0.2%
Expedia Group, Inc. 3.25%, 2/15/2030
1,255,000
1,170,281
Industrial REITs — 0.1%
Goodman US Finance Three LLC (Australia) 3.70%, 3/15/2028 (b)
363,000
353,359
Prologis LP 4.75%, 6/15/2033
707,000
693,386
 
1,046,745
Insurance — 0.8%
Aon North America, Inc. 5.45%, 3/1/2034
800,000
808,873
JPMorgan Inflation Managed Bond ETF
SCHEDULE OF PORTFOLIO INVESTMENTS
AS OF May 31, 2025 (Unaudited) (continued)
INVESTMENTS
PRINCIPAL
AMOUNT($)
VALUE($)
Corporate Bonds — continued
Insurance — continued
Athene Global Funding 2.72%, 1/7/2029 (b)
1,054,000
973,385
CNO Global Funding
1.75%, 10/7/2026 (b)
681,000
653,793
2.65%, 1/6/2029 (b)
200,000
185,427
F&G Global Funding 2.30%, 4/11/2027 (b)
1,204,000
1,151,168
Five Corners Funding Trust II 2.85%, 5/15/2030 (b)
400,000
368,524
Guardian Life Global Funding 0.88%, 12/10/2025 (b)
512,000
502,289
Manulife Financial Corp. (Canada) 4.15%, 3/4/2026
389,000
387,796
Principal Financial Group, Inc.
3.10%, 11/15/2026
20,000
19,579
3.70%, 5/15/2029
30,000
29,028
Prudential Insurance Co. of America (The) 8.30%, 7/1/2025 (b)
650,000
651,659
 
5,731,521
Leisure Products — 0.1%
Hasbro, Inc. 3.90%, 11/19/2029
592,000
564,223
Media — 0.3%
Charter Communications Operating LLC 4.91%, 7/23/2025
372,000
371,942
Comcast Corp. 4.15%, 10/15/2028
1,444,000
1,434,489
Time Warner Cable Enterprises LLC 8.38%, 7/15/2033
346,000
397,389
 
2,203,820
Metals & Mining — 0.2%
Glencore Funding LLC (Australia)
2.50%, 9/1/2030 (b)
460,000
407,991
2.85%, 4/27/2031 (b)
650,000
576,120
Steel Dynamics, Inc.
1.65%, 10/15/2027
324,000
302,607
5.38%, 8/15/2034
100,000
99,925
 
1,386,643
Multi-Utilities — 0.6%
Ameren Corp. 5.00%, 1/15/2029
650,000
657,365
CenterPoint Energy, Inc. 1.45%, 6/1/2026
288,000
279,154
CMS Energy Corp. 2.95%, 2/15/2027
170,000
165,211
Consolidated Edison Co. of New York, Inc. 3.80%, 5/15/2028
10,000
9,846
Consumers Energy Co. 4.63%, 5/15/2033
300,000
292,044
DTE Energy Co. 5.20%, 4/1/2030
700,000
712,001
NiSource, Inc. 5.25%, 3/30/2028
566,000
576,900
PG&E Energy Recovery Funding LLC Series A-2, 2.28%, 1/15/2036
225,000
179,994
Public Service Enterprise Group, Inc. 1.60%, 8/15/2030
300,000
256,216
Puget Energy, Inc. 2.38%, 6/15/2028
434,000
407,141
Sempra 3.70%, 4/1/2029
800,000
772,732
 
4,308,604
Office REITs — 0.2%
COPT Defense Properties LP 2.00%, 1/15/2029
457,000
409,418
Kilroy Realty LP 2.65%, 11/15/2033
1,092,000
838,374
 
1,247,792
Oil, Gas & Consumable Fuels — 2.0%
APA Infrastructure Ltd. (Australia)
4.25%, 7/15/2027 (b)
624,000
619,509
5.13%, 9/16/2034 (b)
240,000
231,671
JPMorgan Inflation Managed Bond ETF
SCHEDULE OF PORTFOLIO INVESTMENTS
AS OF May 31, 2025 (Unaudited) (continued)
INVESTMENTS
PRINCIPAL
AMOUNT($)
VALUE($)
Corporate Bonds — continued
Oil, Gas & Consumable Fuels — continued
Cameron LNG LLC 2.90%, 7/15/2031 (b)
146,000
130,347
Cheniere Energy, Inc. 5.65%, 4/15/2034
500,000
498,961
Columbia Pipelines Holding Co. LLC
5.10%, 10/1/2031 (b)
190,000
186,325
5.68%, 1/15/2034 (b)
84,000
83,064
Columbia Pipelines Operating Co. LLC 5.44%, 2/15/2035 (b)
400,000
391,798
Coterra Energy, Inc. 3.90%, 5/15/2027
724,000
713,077
Enbridge, Inc. (Canada) 5.70%, 3/8/2033
799,000
814,913
Energy Transfer LP
5.95%, 12/1/2025
446,000
447,234
5.25%, 7/1/2029
362,000
367,931
5.70%, 4/1/2035
1,100,000
1,097,043
Eni SpA (Italy) 4.25%, 5/9/2029 (b)
850,000
834,802
Enterprise Products Operating LLC 3.95%, 2/15/2027
392,000
389,682
Flex Intermediate Holdco LLC 3.36%, 6/30/2031 (b)
1,530,000
1,337,922
Gray Oak Pipeline LLC
2.60%, 10/15/2025 (b)
312,000
308,099
3.45%, 10/15/2027 (b)
837,000
813,269
MPLX LP
4.13%, 3/1/2027
458,000
454,461
4.25%, 12/1/2027
318,000
315,571
2.65%, 8/15/2030
300,000
268,447
5.00%, 3/1/2033
350,000
339,664
NGPL PipeCo LLC 3.25%, 7/15/2031 (b)
471,000
411,814
Occidental Petroleum Corp. 5.38%, 1/1/2032
117,000
112,939
ONEOK, Inc. 4.75%, 10/15/2031
414,000
404,118
Ovintiv, Inc. 5.38%, 1/1/2026
420,000
420,173
Plains All American Pipeline LP 3.55%, 12/15/2029
700,000
661,987
Sabine Pass Liquefaction LLC 4.50%, 5/15/2030
550,000
541,886
Suncor Energy, Inc. (Canada) 5.95%, 12/1/2034
216,000
218,703
Targa Resources Partners LP 4.00%, 1/15/2032
253,000
231,348
Williams Cos., Inc. (The) 5.60%, 3/15/2035
575,000
580,332
 
14,227,090
Pharmaceuticals — 0.2%
Bristol-Myers Squibb Co.
3.40%, 7/26/2029
30,000
28,886
5.20%, 2/22/2034
787,000
793,021
Takeda Pharmaceutical Co. Ltd. (Japan) 2.05%, 3/31/2030
600,000
531,581
 
1,353,488
Real Estate Management & Development — 0.1%
Mitsui Fudosan Co. Ltd. (Japan) 3.65%, 7/20/2027 (b)
519,000
508,903
Ontario Teachers' Cadillac Fairview Properties Trust (Canada) 3.88%, 3/20/2027 (b)
325,000
320,063
 
828,966
Residential REITs — 0.3%
Essex Portfolio LP 1.65%, 1/15/2031
879,000
736,916
Mid-America Apartments LP 1.70%, 2/15/2031
687,000
582,567
UDR, Inc.
3.50%, 1/15/2028
100,000
97,597
3.20%, 1/15/2030
260,000
244,803
2.10%, 8/1/2032
266,000
215,562
 
1,877,445
JPMorgan Inflation Managed Bond ETF
SCHEDULE OF PORTFOLIO INVESTMENTS
AS OF May 31, 2025 (Unaudited) (continued)
INVESTMENTS
PRINCIPAL
AMOUNT($)
VALUE($)
Corporate Bonds — continued
Retail REITs — 0.4%
Brixmor Operating Partnership LP
2.25%, 4/1/2028
386,000
361,700
2.50%, 8/16/2031
440,000
378,358
NNN REIT, Inc.
3.60%, 12/15/2026
247,000
242,954
4.30%, 10/15/2028
870,000
860,207
Realty Income Corp. 4.13%, 10/15/2026
600,000
596,919
Regency Centers LP 3.70%, 6/15/2030
350,000
335,039
 
2,775,177
Semiconductors & Semiconductor Equipment — 0.4%
Broadcom, Inc.
4.11%, 9/15/2028
792,000
785,648
5.05%, 7/12/2029
304,000
309,444
5.15%, 11/15/2031
108,000
109,948
3.14%, 11/15/2035 (b)
200,000
165,643
KLA Corp.
4.65%, 7/15/2032
62,000
61,597
4.70%, 2/1/2034
112,000
109,919
Marvell Technology, Inc. 2.95%, 4/15/2031
622,000
556,169
NXP BV (Netherlands) 2.50%, 5/11/2031
1,058,000
911,903
 
3,010,271
Software — 0.3%
Cadence Design Systems, Inc. 4.70%, 9/10/2034
124,000
120,571
Oracle Corp.
2.65%, 7/15/2026
60,000
58,743
4.50%, 5/6/2028
95,000
95,442
2.88%, 3/25/2031
502,000
452,571
6.50%, 4/15/2038
50,000
53,234
Roper Technologies, Inc. 1.40%, 9/15/2027
600,000
560,963
Synopsys, Inc. 5.15%, 4/1/2035
155,000
153,201
Workday, Inc. 3.50%, 4/1/2027
300,000
294,750
 
1,789,475
Specialized REITs — 0.6%
American Tower Corp. 1.45%, 9/15/2026
1,678,000
1,612,889
Crown Castle, Inc. 4.45%, 2/15/2026
578,000
577,266
Equinix, Inc. 2.90%, 11/18/2026
605,000
589,862
Extra Space Storage LP
2.20%, 10/15/2030
1,010,000
878,012
2.35%, 3/15/2032
467,000
389,319
 
4,047,348
Specialty Retail — 0.2%
AutoZone, Inc. 1.65%, 1/15/2031
565,000
478,706
O'Reilly Automotive, Inc.
5.75%, 11/20/2026
195,000
198,303
3.60%, 9/1/2027
403,000
395,515
1.75%, 3/15/2031
200,000
169,729
 
1,242,253
JPMorgan Inflation Managed Bond ETF
SCHEDULE OF PORTFOLIO INVESTMENTS
AS OF May 31, 2025 (Unaudited) (continued)
INVESTMENTS
PRINCIPAL
AMOUNT($)
VALUE($)
Corporate Bonds — continued
Technology Hardware, Storage & Peripherals — 0.1%
Dell International LLC 5.30%, 4/1/2032
382,000
383,716
Hewlett Packard Enterprise Co. 5.00%, 10/15/2034
84,000
81,790
 
465,506
Tobacco — 0.2%
Altria Group, Inc. 2.45%, 2/4/2032
832,000
706,084
BAT Capital Corp. (United Kingdom) 2.26%, 3/25/2028
1,016,000
955,389
 
1,661,473
Trading Companies & Distributors — 0.2%
Air Lease Corp. 3.63%, 4/1/2027
757,000
742,170
Aviation Capital Group LLC 5.13%, 4/10/2030 (b)
385,000
382,669
 
1,124,839
Water Utilities — 0.1%
American Water Capital Corp. 5.25%, 3/1/2035
800,000
797,900
Wireless Telecommunication Services — 0.3%
T-Mobile USA, Inc.
4.95%, 3/15/2028
640,000
649,524
3.88%, 4/15/2030
1,184,000
1,141,692
 
1,791,216
Total Corporate Bonds
(Cost $205,213,478)
201,954,210
Mortgage-Backed Securities — 15.3%
FHLMC Gold Pools, 20 Year
Pool # C91030, 5.50%, 5/1/2027
8,710
8,750
Pool # C91802, 3.50%, 1/1/2035
1,527,545
1,481,298
FHLMC Gold Pools, 30 Year
Pool # A15232, 5.00%, 10/1/2033
70,723
70,931
Pool # A57681, 6.00%, 12/1/2036
496
518
Pool # G06493, 4.50%, 5/1/2041
330,056
324,111
FHLMC Gold Pools, Other
Pool # WN1157, 1.80%, 11/1/2028
1,000,000
919,752
Pool # U90690, 3.50%, 6/1/2042
335,699
309,433
FHLMC UMBS, 30 Year
Pool # ZM6956, 4.50%, 6/1/2048
685,255
657,418
Pool # QC3244, 3.00%, 6/1/2051
2,321,929
1,995,419
Pool # RA7937, 5.00%, 9/1/2052
3,252,071
3,160,154
Pool # SD8324, 5.50%, 5/1/2053
1,668,765
1,654,700
Pool # SD3518, 5.50%, 7/1/2053
1,733,790
1,721,483
Pool # SD3900, 5.50%, 8/1/2053
1,430,878
1,420,059
Pool # QI4131, 5.50%, 4/1/2054
2,307,381
2,285,486
Pool # SD5568, 5.50%, 5/1/2054
2,701,777
2,678,927
Pool # QJ5547, 5.50%, 9/1/2054
2,569,670
2,578,661
Pool # QJ7687, 5.50%, 11/1/2054
2,306,875
2,308,037
Pool # RJ2914, 5.50%, 11/1/2054
3,368,753
3,350,295
FNMA UMBS, 20 Year
Pool # MA1138, 3.50%, 8/1/2032
233,993
228,965
Pool # AP9584, 3.00%, 10/1/2032
1,049,074
1,013,073
FNMA UMBS, 30 Year
Pool # AL0045, 6.00%, 12/1/2032
95,959
99,414
Pool # 735503, 6.00%, 4/1/2035
28,020
29,075
Pool # 888460, 6.50%, 10/1/2036
178,900
188,166
JPMorgan Inflation Managed Bond ETF
SCHEDULE OF PORTFOLIO INVESTMENTS
AS OF May 31, 2025 (Unaudited) (continued)
INVESTMENTS
PRINCIPAL
AMOUNT($)
VALUE($)
Mortgage-Backed Securities — continued
Pool # 888890, 6.50%, 10/1/2037
4,177
4,400
Pool # 949320, 7.00%, 10/1/2037
18,281
19,080
Pool # 995149, 6.50%, 10/1/2038
9,889
10,367
Pool # 994410, 7.00%, 11/1/2038
113,156
118,347
Pool # AD9151, 5.00%, 8/1/2040
152,823
153,003
Pool # AE0681, 4.50%, 12/1/2040
357,014
350,343
Pool # BM3500, 4.00%, 9/1/2047
669,549
636,501
Pool # BM3499, 4.00%, 12/1/2047
838,026
781,885
Pool # BE8354, 4.00%, 3/1/2048
403,845
376,245
Pool # CB1878, 3.00%, 10/1/2051
2,325,137
1,993,565
Pool # FM9776, 3.00%, 11/1/2051
2,029,845
1,743,396
Pool # FS7749, 3.00%, 2/1/2052
999,710
860,885
Pool # CB3378, 4.00%, 4/1/2052
1,743,884
1,601,195
Pool # FS6323, 3.50%, 5/1/2052
2,427,139
2,167,778
Pool # CB3629, 4.00%, 5/1/2052
4,112,053
3,776,261
Pool # FS9551, 5.50%, 9/1/2053
1,405,507
1,398,664
Pool # DA4015, 6.00%, 10/1/2053
583,883
592,621
Pool # FS6668, 5.50%, 12/1/2053
1,166,294
1,156,016
Pool # CB8151, 5.50%, 3/1/2054
2,280,960
2,261,138
Pool # DB2385, 5.50%, 6/1/2054
3,450,541
3,417,033
Pool # DB3630, 5.50%, 6/1/2054
2,943,897
2,937,919
Pool # BU5025, 5.50%, 9/1/2054
1,923,105
1,908,639
Pool # FS9262, 5.50%, 10/1/2054
1,912,895
1,897,845
Pool # DB1954, 5.00%, 11/1/2054
2,483,766
2,406,291
FNMA, Other
Pool # AN1247, 2.64%, 6/1/2026
1,576,000
1,543,628
Pool # AN6732, 2.83%, 5/1/2027
1,147,265
1,115,969
Pool # AN7338, 3.06%, 11/1/2027
921,598
896,582
Pool # AN7943, 3.10%, 1/1/2028
2,307,627
2,241,507
Pool # BS8224, 4.10%, 5/1/2028
3,775,000
3,763,631
Pool # AN9486, 3.57%, 6/1/2028
3,608,132
3,529,468
Pool # AN2069, 2.35%, 8/1/2028
1,336,950
1,264,080
Pool # BL0907, 3.88%, 12/1/2028
700,000
686,642
Pool # BM4162, 3.12%, 10/1/2029 (f)
123,374
118,642
Pool # BL4333, 2.52%, 11/1/2029
1,100,468
1,022,185
Pool # BS8252, 4.36%, 4/1/2030
3,495,000
3,487,713
Pool # BZ2889, 4.37%, 1/1/2032
2,488,624
2,464,460
Pool # BM7037, 1.76%, 3/1/2032 (f)
996,664
840,875
Pool # BS5117, 2.58%, 3/1/2032
2,393,690
2,115,760
Pool # BS8503, 4.62%, 5/1/2033
1,000,000
994,797
Pool # BS2933, 1.82%, 9/1/2033
3,400,000
2,732,212
Pool # MA1125, 4.00%, 7/1/2042
429,338
404,759
Pool # MA1437, 3.50%, 5/1/2043
614,542
564,938
Pool # MA1463, 3.50%, 6/1/2043
595,269
547,217
Pool # BF0669, 4.00%, 6/1/2052
1,733,508
1,616,833
Pool # BF0230, 5.50%, 1/1/2058
2,788,212
2,848,254
Pool # BM7238, 3.00%, 4/1/2059
2,072,050
1,768,688
Pool # BM6734, 4.00%, 8/1/2059
3,181,744
2,924,672
Pool # BF0497, 3.00%, 7/1/2060
1,569,693
1,328,177
Pool # BF0546, 2.50%, 7/1/2061
752,732
578,920
Pool # BF0617, 2.50%, 3/1/2062
1,899,427
1,460,823
Pool # BF0736, 4.00%, 6/1/2063
2,219,393
2,019,280
JPMorgan Inflation Managed Bond ETF
SCHEDULE OF PORTFOLIO INVESTMENTS
AS OF May 31, 2025 (Unaudited) (continued)
INVESTMENTS
PRINCIPAL
AMOUNT($)
VALUE($)
Mortgage-Backed Securities — continued
GNMA II, 30 Year
Pool # 4245, 6.00%, 9/20/2038
51,469
54,530
Pool # BA7567, 4.50%, 5/20/2048
567,085
534,984
Pool # BI0416, 4.50%, 11/20/2048
67,185
63,977
Pool # BM9692, 4.50%, 7/20/2049
221,717
210,181
Total Mortgage-Backed Securities
(Cost $109,964,390)
106,797,926
Asset-Backed Securities — 9.1%
Air Canada Pass-Through Trust (Canada) Series 2017-1, Class AA, 3.30%, 1/15/2030 (b)
329,597
305,962
Aligned Data Centers Issuer LLC Series 2021-1A, Class A2, 1.94%, 8/15/2046 (b)
1,966,000
1,889,293
American Airlines Pass-Through Trust
Series 2016-3, Class AA, 3.00%, 10/15/2028
65,812
61,864
Series 2021-1, Class B, 3.95%, 7/11/2030
862,575
807,543
American Credit Acceptance Receivables Trust Series 2023-1, Class C, 5.59%, 4/12/2029 (b)
384,904
385,370
AmeriCredit Automobile Receivables Trust Series 2024-1, Class B, 5.38%, 6/18/2029
1,020,000
1,032,515
AMSR Trust Series 2020-SFR5, Class A, 1.38%, 11/17/2037 (b)
221,887
218,504
Amur Equipment Finance Receivables LLC Series 2022-1A, Class A2, 1.64%, 10/20/2027 (b)
28,698
28,651
Avis Budget Rental Car Funding AESOP LLC
Series 2020-1A, Class A, 2.33%, 8/20/2026 (b)
355,000
353,834
Series 2024-2A, Class A, 5.13%, 10/20/2028 (b)
467,000
471,800
Bridgecrest Lending Auto Securitization Trust Series 2025-2, Class C, 5.17%, 3/17/2031
632,000
635,171
Business Jet Securities LLC
Series 2022-1A, Class A, 4.46%, 6/15/2037 ‡ (b)
666,033
651,864
Series 2024-2A, Class A, 5.36%, 9/15/2039 ‡ (b)
796,826
794,649
Carmax Auto Owner Trust Series 2025-2, Class A3, 4.48%, 3/15/2030
464,000
465,440
CarMax Auto Owner Trust Series 2023-4, Class A3, 6.00%, 7/17/2028
241,000
244,425
Carvana Auto Receivables Trust
Series 2021-P3, Class A3, 0.70%, 11/10/2026
10,704
10,692
Series 2022-P3, Class A3, 4.61%, 11/10/2027
108,434
108,365
Series 2021-P4, Class A4, 1.64%, 12/10/2027
2,700,000
2,646,140
Series 2024-P4, Class A3, 4.64%, 1/10/2030
276,000
276,929
Consumer Portfolio Services Auto Trust Series 2025-B, Class A, 4.74%, 2/15/2029 (b)
555,000
554,714
CoreVest American Finance Trust
Series 2019-3, Class A, 2.71%, 10/15/2052 (b)
29,465
29,256
Series 2022-1, Class A, 4.74%, 6/17/2055 (b) (f)
388,747
388,672
CPS Auto Receivables Trust
Series 2023-A, Class C, 5.54%, 4/16/2029 (b)
551,591
552,149
Series 2024-D, Class C, 4.76%, 1/15/2031 (b)
235,000
233,666
Credit Acceptance Auto Loan Trust
Series 2023-1A, Class B, 7.02%, 5/16/2033 (b)
2,100,000
2,136,064
Series 2024-1A, Class A, 5.68%, 3/15/2034 (b)
797,000
806,131
Series 2024-2A, Class A, 5.95%, 6/15/2034 (b)
1,000,000
1,014,688
Series 2024-3A, Class A, 4.68%, 9/15/2034 (b)
1,066,000
1,067,107
Series 2025-1A, Class A, 5.02%, 3/15/2035 (b)
957,000
962,703
Dell Equipment Finance Trust Series 2025-1, Class A3, 4.61%, 2/24/2031 (b)
232,000
233,221
Drive Auto Receivables Trust
Series 2024-2, Class A3, 4.50%, 9/15/2028
345,000
344,376
Series 2024-2, Class C, 4.67%, 5/17/2032
376,000
373,955
Series 2025-1, Class C, 4.99%, 9/15/2032
264,000
264,641
DT Auto Owner Trust
Series 2021-4A, Class D, 1.99%, 9/15/2027 (b)
732,429
720,431
Series 2023-1A, Class C, 5.55%, 10/16/2028 (b)
1,798,000
1,802,023
Series 2023-2A, Class B, 5.41%, 2/15/2029 (b)
436,367
436,686
JPMorgan Inflation Managed Bond ETF
SCHEDULE OF PORTFOLIO INVESTMENTS
AS OF May 31, 2025 (Unaudited) (continued)
INVESTMENTS
PRINCIPAL
AMOUNT($)
VALUE($)
Asset-Backed Securities — continued
Exeter Automobile Receivables Trust
Series 2022-4A, Class C, 4.92%, 12/15/2028
374,217
374,257
Series 2023-1A, Class D, 6.69%, 6/15/2029
243,000
247,103
Series 2024-3A, Class C, 5.70%, 7/16/2029
284,000
286,847
Series 2025-3A, Class C, 5.09%, 10/15/2031
427,000
428,418
FHF Trust Series 2023-1A, Class A2, 6.57%, 6/15/2028 (b)
204,538
206,330
FirstKey Homes Trust
Series 2020-SFR2, Class A, 1.27%, 10/19/2037 (b)
955,756
940,498
Series 2021-SFR1, Class E1, 2.39%, 8/17/2038 (b)
600,000
576,343
Series 2021-SFR2, Class D, 2.06%, 9/17/2038 (b)
2,900,000
2,769,495
Flagship Credit Auto Trust Series 2023-1, Class C, 5.43%, 5/15/2029 (b)
1,800,000
1,802,030
FRTKL Series 2021-SFR1, Class A, 1.57%, 9/17/2038 (b)
2,118,000
2,032,382
GLS Auto Select Receivables Trust Series 2025-1A, Class A2, 4.71%, 4/15/2030 (b)
375,000
374,992
GM Financial Automobile Leasing Trust Series 2024-2, Class A3, 5.39%, 7/20/2027
480,000
483,999
HERO Funding (Cayman Islands) Series 2017-3A, Class A2, 3.95%, 9/20/2048 ‡ (b)
95,642
85,056
Hertz Vehicle Financing LLC
Series 2022-1A, Class A, 1.99%, 6/25/2026 (b)
153,667
153,368
Series 2025-2A, Class A, 5.13%, 9/25/2031 (b)
260,000
258,770
Home Partners of America Trust Series 2022-1, Class D, 4.73%, 4/17/2039 (b)
1,145,205
1,124,333
Hyundai Auto Lease Securitization Trust
Series 2025-A, Class A3, 4.83%, 1/18/2028 (b)
497,000
499,610
Series 2025-B, Class A3, 4.53%, 4/17/2028 (b)
497,000
498,745
Hyundai Auto Receivables Trust Series 2025-A, Class A3, 4.32%, 10/15/2029
714,000
713,946
Kubota Credit Owner Trust Series 2023-1A, Class A3, 5.02%, 6/15/2027 (b)
912,553
915,028
Lendmark Funding Trust
Series 2022-1A, Class A, 5.12%, 7/20/2032 (b)
177,000
176,771
Series 2025-1A, Class A, 4.94%, 9/20/2034 ‡ (b)
733,000
738,137
Mercedes-Benz Auto Lease Trust Series 2025-A, Class A4, 4.69%, 2/18/2031
255,000
257,172
MVW LLC
Series 2021-2A, Class A, 1.43%, 5/20/2039 (b)
360,364
340,623
Series 2021-1WA, Class A, 1.14%, 1/22/2041 (b)
67,313
64,223
Series 2025-1A, Class B, 5.21%, 9/22/2042 (b)
372,012
371,847
Series 2024-1A, Class A, 5.32%, 2/20/2043 (b)
599,424
605,942
Nissan Auto Lease Trust Series 2025-A, Class A3, 4.75%, 3/15/2028
1,145,000
1,153,639
OneMain Direct Auto Receivables Trust Series 2023-1A, Class A, 5.41%, 11/14/2029 (b)
2,334,000
2,352,751
Oportun Issuance Trust Series 2025-A, Class B, 5.30%, 2/8/2033 (b)
259,000
258,580
Prestige Auto Receivables Trust Series 2024-2A, Class B, 4.56%, 2/15/2029 (b)
88,000
87,633
Progress Residential Trust
Series 2021-SFR8, Class E1, 2.38%, 10/17/2038 (b)
1,144,000
1,104,447
Series 2021-SFR11, Class A, 2.28%, 1/17/2039 (b)
1,974,415
1,813,910
Series 2023-SFR1, Class A, 4.30%, 3/17/2040 (b)
1,252,224
1,234,540
Series 2021-SFR9, Class E1, 2.81%, 11/17/2040 (b)
1,048,000
973,314
Series 2025-SFR1, Class A, 3.40%, 2/17/2042 (b) (e)
1,101,700
1,031,833
Series 2025-SFR2, Class A, 3.31%, 4/17/2042 (b)
1,250,000
1,167,393
Santander Drive Auto Receivables Trust
Series 2023-1, Class B, 4.98%, 2/15/2028
183,339
183,375
Series 2024-4, Class B, 4.93%, 9/17/2029
583,000
585,740
Series 2023-5, Class B, 6.16%, 12/17/2029
740,000
753,246
Series 2024-2, Class C, 5.84%, 6/17/2030
298,000
303,955
Series 2024-3, Class C, 5.64%, 8/15/2030
1,108,000
1,123,757
Series 2025-1, Class C, 5.04%, 3/17/2031
476,000
478,857
SCF Equipment Leasing LLC Series 2024-1A, Class A3, 5.52%, 1/20/2032 (b)
263,000
269,361
Sierra Timeshare Receivables Funding LLC Series 2022-2A, Class A, 4.73%, 6/20/2040 (b)
39,045
38,830
JPMorgan Inflation Managed Bond ETF
SCHEDULE OF PORTFOLIO INVESTMENTS
AS OF May 31, 2025 (Unaudited) (continued)
INVESTMENTS
PRINCIPAL
AMOUNT($)
VALUE($)
Asset-Backed Securities — continued
SpringCastle America Funding LLC Series 2020-AA, Class A, 1.97%, 9/25/2037 (b)
116,777
109,252
Stream Innovations Issuer Trust Series 2025-1A, Class A, 5.05%, 9/15/2045 ‡ (b)
682,000
683,170
Tesla Auto Lease Trust Series 2024-A, Class A3, 5.30%, 6/21/2027 (b)
313,000
313,960
Toyota Auto Receivables Owner Trust Series 2021-C, Class A4, 0.72%, 1/15/2027
525,991
520,453
United Airlines Pass-Through Trust
Series 2016-1, Class AA, 3.10%, 7/7/2028
642,324
610,074
Series 2016-2, Class AA, 2.88%, 10/7/2028
662,911
621,863
Series 2018-1, Class AA, 3.50%, 3/1/2030
429,943
402,537
Series 2018-1, Class A, 3.70%, 3/1/2030
719,066
665,467
US Auto Funding Trust Series 2022-1A, Class A, 3.98%, 4/15/2025 (b)
31,836
31,661
Volkswagen Auto Lease Trust Series 2024-A, Class A3, 5.21%, 6/21/2027
465,000
468,834
VOLT C LLC Series 2021-NPL9, Class A1, 5.99%, 5/25/2051 (b) (e)
189,605
189,196
VOLT CI LLC Series 2021-NP10, Class A1, 5.99%, 5/25/2051 (b) (e)
189,185
188,722
VOLT CV LLC Series 2021-CF2, Class A1, 5.49%, 11/27/2051 (b) (e)
546,603
544,828
VOLT XCIII LLC Series 2021-NPL2, Class A1, 5.89%, 2/27/2051 (b) (e)
41,621
41,575
VOLT XCIV LLC Series 2021-NPL3, Class A1, 6.24%, 2/27/2051 (b) (e)
127,620
127,505
VOLT XCIX LLC Series 2021-NPL8, Class A1, 6.12%, 4/25/2051 (b) (e)
86,125
86,074
VOLT XCVI LLC Series 2021-NPL5, Class A1, 6.12%, 3/27/2051 (b) (e)
98,949
98,888
VOLT XCVII LLC Series 2021-NPL6, Class A1, 6.24%, 4/25/2051 (b) (e)
251,663
251,270
Westgate Resorts LLC
Series 2022-1A, Class A, 1.79%, 8/20/2036 (b)
272,671
270,393
Series 2024-1A, Class B, 6.56%, 1/20/2038 (b)
720,560
727,662
Westlake Automobile Receivables Trust
Series 2021-3A, Class D, 2.12%, 1/15/2027 (b)
513,369
509,974
Series 2023-1A, Class A3, 5.21%, 1/18/2028 (b)
14,837
14,841
Series 2023-1A, Class C, 5.74%, 8/15/2028 (b)
180,000
181,160
World Omni Auto Receivables Trust Series 2023-D, Class A3, 5.79%, 2/15/2029
275,000
278,064
World Omni Automobile Lease Securitization Trust Series 2025-A, Class A3, 4.42%, 4/17/2028
312,000
311,443
Total Asset-Backed Securities
(Cost $64,334,027)
63,799,786
Collateralized Mortgage Obligations — 4.9%
CHL Mortgage Pass-Through Trust Series 2004-8, Class 2A1, 4.50%, 6/25/2019 ‡
414
207
Citigroup Mortgage Loan Trust Series 2004-HYB4, Class WA, 6.98%, 12/25/2034 (f)
4,350
4,286
Citigroup Mortgage Loan Trust, Inc. Series 2003-1, Class 3A4, 5.25%, 9/25/2033
3,357
3,288
FHLMC Seasoned Credit Risk Transfer Trust
Series 2018-1, Class M60C, 3.50%, 5/25/2057
1,184,634
1,081,833
Series 2017-4, Class M60C, 3.50%, 6/25/2057
1,179,962
1,075,030
Series 2017-4, Class MT, 3.50%, 6/25/2057
312,270
277,877
Series 2018-2, Class M55D, 4.00%, 11/25/2057
1,232,136
1,151,111
Series 2019-3, Class M55D, 4.00%, 10/25/2058
277,079
258,358
Series 2020-1, Class M55G, 3.00%, 8/25/2059
2,836,901
2,535,342
FHLMC, REMIC
Series 2988, Class TY, 5.50%, 6/15/2025
13
13
Series 3816, Class HA, 3.50%, 11/15/2025
44,329
44,161
Series 3087, Class KX, 5.50%, 12/15/2025
758
757
Series 3787, Class AY, 3.50%, 1/15/2026
25,789
25,646
Series 3794, Class LB, 3.50%, 1/15/2026
19,911
19,798
Series 3102, Class CE, 5.50%, 1/15/2026
4,208
4,202
Series 3123, Class HT, 5.00%, 3/15/2026
766
765
Series 3121, Class JD, 5.50%, 3/15/2026
1,004
1,002
Series 3150, Class EQ, 5.00%, 5/15/2026
3,663
3,654
Series 3898, Class KH, 3.50%, 6/15/2026
31,571
31,368
Series 3911, Class B, 3.50%, 8/15/2026
47,073
46,635
JPMorgan Inflation Managed Bond ETF
SCHEDULE OF PORTFOLIO INVESTMENTS
AS OF May 31, 2025 (Unaudited) (continued)
INVESTMENTS
PRINCIPAL
AMOUNT($)
VALUE($)
Collateralized Mortgage Obligations — continued
Series 3959, Class PB, 3.00%, 11/15/2026
379,514
374,974
Series 3337, Class MD, 5.50%, 6/15/2027
5,865
5,864
Series 2110, Class PG, 6.00%, 1/15/2029
19,698
19,772
Series 3563, Class LB, 4.00%, 8/15/2029
3,039
3,003
Series 2009-96, Class DB, 4.00%, 11/25/2029
25,366
25,141
Series 3653, Class B, 4.50%, 4/15/2030
34,117
34,102
Series 3824, Class EY, 3.50%, 3/15/2031
98,451
96,667
Series 2525, Class AM, 4.50%, 4/15/2032
221,341
221,189
Series 2441, Class GF, 6.50%, 4/15/2032
7,173
7,471
Series 2436, Class MC, 7.00%, 4/15/2032
2,846
2,894
Series 2760, Class KT, 4.50%, 9/15/2032
26,355
26,308
Series 2505, Class D, 5.50%, 9/15/2032
31,440
32,094
Series 2544, Class KE, 5.50%, 12/15/2032
20,445
20,934
Series 2557, Class HL, 5.30%, 1/15/2033
54,175
54,382
Series 2575, Class PE, 5.50%, 2/15/2033
17,198
17,628
Series 2586, Class WG, 4.00%, 3/15/2033
64,088
63,001
Series 2596, Class QD, 4.00%, 3/15/2033
57,674
55,895
Series 2621, Class QH, 5.00%, 5/15/2033
71,130
72,135
Series 2624, Class QH, 5.00%, 6/15/2033
82,034
83,190
Series 2648, Class BK, 5.00%, 7/15/2033
7,692
7,815
Series 4238, Class UY, 3.00%, 8/15/2033
1,625,603
1,560,638
Series 2673, Class PE, 5.50%, 9/15/2033
130,151
133,610
Series 2696, Class DG, 5.50%, 10/15/2033
118,354
122,053
Series 2725, Class TA, 4.50%, 12/15/2033
223,470
223,197
Series 2733, Class ME, 5.00%, 1/15/2034
112,101
113,314
Series 2768, Class PK, 5.00%, 3/15/2034
122,036
122,275
Series 2934, Class KG, 5.00%, 2/15/2035
93,072
94,778
Series 2960, Class JH, 5.50%, 4/15/2035
249,394
256,581
Series 3082, Class PW, 5.50%, 12/15/2035
18,469
19,036
Series 3084, Class BH, 5.50%, 12/15/2035
379,379
394,058
Series 3098, Class KG, 5.50%, 1/15/2036
426,731
443,574
Series 3136, Class CO, PO, 4/15/2036
5,401
4,702
Series 3145, Class AJ, 5.50%, 4/15/2036
15,970
16,607
Series 3819, Class ZQ, 6.00%, 4/15/2036
275,341
289,528
Series 3200, PO, 8/15/2036
30,119
25,331
Series 3270, Class AT, 5.50%, 1/15/2037
9,963
9,967
Series 3272, Class PA, 6.00%, 2/15/2037
2,897
3,058
Series 3348, Class HT, 6.00%, 7/15/2037
25,918
27,173
Series 3501, Class A, 4.50%, 1/15/2039
82,203
79,825
Series 3508, Class PK, 4.00%, 2/15/2039
1,518
1,445
Series 3513, Class A, 4.50%, 2/15/2039
5,693
5,578
Series 3653, Class HJ, 5.00%, 4/15/2040
253,776
254,241
Series 3677, Class KB, 4.50%, 5/15/2040
527,401
525,828
Series 3677, Class PB, 4.50%, 5/15/2040
240,877
240,822
Series 3715, Class PC, 4.50%, 8/15/2040
89,675
89,375
Series 3955, Class HB, 3.00%, 12/15/2040
26,059
25,778
Series 3828, Class PU, 4.50%, 3/15/2041
36,033
35,418
Series 3852, Class TP, IF, 5.50%, 5/15/2041 (f)
105,817
105,698
Series 3956, Class EB, 3.25%, 11/15/2041
608,913
563,169
Series 3963, Class JB, 4.50%, 11/15/2041
853,842
848,580
Series 4026, Class MQ, 4.00%, 4/15/2042
32,768
31,443
Series 4616, Class HP, 3.00%, 9/15/2046
798,215
713,433
Series 3688, Class GT, 7.49%, 11/15/2046 (f)
12,976
13,812
JPMorgan Inflation Managed Bond ETF
SCHEDULE OF PORTFOLIO INVESTMENTS
AS OF May 31, 2025 (Unaudited) (continued)
INVESTMENTS
PRINCIPAL
AMOUNT($)
VALUE($)
Collateralized Mortgage Obligations — continued
FHLMC, STRIPS Series 262, Class 35, 3.50%, 7/15/2042
362,676
337,351
FNMA, REMIC
Series 1997-57, Class PN, 5.00%, 9/18/2027
14,966
14,859
Series 2009-39, Class LB, 4.50%, 6/25/2029
24,278
24,100
Series 2010-28, Class DE, 5.00%, 4/25/2030
85,147
85,915
Series 2001-63, Class TC, 6.00%, 12/25/2031
19,845
20,466
Series 2001-81, Class HE, 6.50%, 1/25/2032
52,360
54,412
Series 2002-75, Class GB, 5.50%, 11/25/2032
14,986
14,878
Series 2011-39, Class ZA, 6.00%, 11/25/2032
227,958
236,005
Series 2002-85, Class PE, 5.50%, 12/25/2032
17,960
18,366
Series 2003-21, Class OU, 5.50%, 3/25/2033
15,292
15,734
Series 2003-26, Class EB, 3.50%, 4/25/2033
391,833
381,487
Series 2003-23, Class CH, 5.00%, 4/25/2033
14,384
14,575
Series 2003-63, Class YB, 5.00%, 7/25/2033
50,546
51,036
Series 2003-69, Class N, 5.00%, 7/25/2033
92,351
92,940
Series 2003-80, Class QG, 5.00%, 8/25/2033
102,419
103,480
Series 2003-85, Class QD, 5.50%, 9/25/2033
52,993
54,308
Series 2003-94, Class CE, 5.00%, 10/25/2033
2,279
2,267
Series 2005-5, Class CK, 5.00%, 1/25/2035
55,403
54,802
Series 2005-29, Class WC, 4.75%, 4/25/2035
96,967
95,615
Series 2005-48, Class TD, 5.50%, 6/25/2035
125,927
130,465
Series 2005-53, Class MJ, 5.50%, 6/25/2035
126,098
130,515
Series 2005-58, Class EP, 5.50%, 7/25/2035
6,281
6,313
Series 2005-68, Class BE, 5.25%, 8/25/2035
109,034
110,585
Series 2005-68, Class PG, 5.50%, 8/25/2035
42,062
42,117
Series 2005-102, Class PG, 5.00%, 11/25/2035
171,891
174,511
Series 2005-110, Class GL, 5.50%, 12/25/2035
219,587
227,825
Series 2006-49, Class PA, 6.00%, 6/25/2036
23,852
24,929
Series 2009-19, Class PW, 4.50%, 10/25/2036
136,129
135,590
Series 2006-114, Class HE, 5.50%, 12/25/2036
168,625
173,200
Series 2007-33, Class HE, 5.50%, 4/25/2037
12,678
13,204
Series 2007-65, Class KI, IF, IO, 2.18%, 7/25/2037 (f)
3,214
313
Series 2007-71, Class KP, 5.50%, 7/25/2037
8,593
8,493
Series 2007-71, Class GB, 6.00%, 7/25/2037
98,866
104,180
Series 2009-86, Class OT, PO, 10/25/2037
17,446
14,676
Series 2008-72, Class BX, 5.50%, 8/25/2038
8,305
8,528
Series 2008-74, Class B, 5.50%, 9/25/2038
4,193
4,336
Series 2009-37, Class KI, IF, IO, 1.56%, 6/25/2039 (f)
2,481
153
Series 2009-86, Class IP, IO, 5.50%, 10/25/2039
5,818
1,000
Series 2009-92, Class AD, 6.00%, 11/25/2039
64,624
64,636
Series 2009-112, Class ST, IF, IO, 1.81%, 1/25/2040 (f)
40,434
3,923
Series 2010-22, Class PE, 5.00%, 3/25/2040
868,217
884,137
Series 2010-35, Class SB, IF, IO, 1.98%, 4/25/2040 (f)
14,536
886
Series 2010-37, Class CY, 5.00%, 4/25/2040
500,491
507,729
Series 2010-54, Class EA, 4.50%, 6/25/2040
11,206
11,125
Series 2010-64, Class DM, 5.00%, 6/25/2040
1,662
1,672
Series 2010-71, Class HJ, 5.50%, 7/25/2040
54,416
56,337
Series 2010-123, Class BP, 4.50%, 11/25/2040
1,259,921
1,254,906
Series 2011-41, Class KL, 4.00%, 5/25/2041
752,791
728,911
Series 2011-50, Class LP, 4.00%, 6/25/2041
297,803
283,550
Series 2012-137, Class CF, 4.74%, 8/25/2041 (f)
35,472
35,383
Series 2012-103, Class DA, 3.50%, 10/25/2041
3,347
3,328
Series 2012-14, Class DE, 3.50%, 3/25/2042
479,841
450,059
JPMorgan Inflation Managed Bond ETF
SCHEDULE OF PORTFOLIO INVESTMENTS
AS OF May 31, 2025 (Unaudited) (continued)
INVESTMENTS
PRINCIPAL
AMOUNT($)
VALUE($)
Collateralized Mortgage Obligations — continued
Series 2012-139, Class JA, 3.50%, 12/25/2042
237,367
223,837
Series 2013-104, Class CY, 5.00%, 10/25/2043
2,250,000
2,158,103
Series 2019-65, Class PA, 2.50%, 5/25/2048
168,481
152,510
Series 2009-96, Class CB, 4.00%, 11/25/2049
12,780
11,831
Series 2019-7, Class CA, 3.50%, 11/25/2057
2,024,203
1,940,145
FNMA, STRIPS Series 314, Class 1, PO, 7/25/2031
15,800
13,965
GNMA
Series 2003-29, Class PD, 5.50%, 4/16/2033
105,574
105,355
Series 2003-65, Class AP, 5.50%, 8/20/2033
35,311
35,417
Series 2003-77, Class TK, 5.00%, 9/16/2033
150,020
149,654
Series 2004-16, Class GC, 5.50%, 2/20/2034
381,139
384,565
Series 2004-54, Class BG, 5.50%, 7/20/2034
8,222
8,339
Series 2004-93, Class PD, 5.00%, 11/16/2034
218,457
217,907
Series 2004-101, Class BE, 5.00%, 11/20/2034
191,870
191,344
Series 2005-11, Class PL, 5.00%, 2/20/2035
93,876
94,020
Series 2005-26, Class XY, 5.50%, 3/20/2035
349,555
355,209
Series 2005-33, Class AY, 5.50%, 4/16/2035
86,386
86,531
Series 2005-49, Class B, 5.50%, 6/20/2035
31,136
31,548
Series 2005-51, Class DC, 5.00%, 7/20/2035
75,261
75,615
Series 2005-56, Class BD, 5.00%, 7/20/2035
11,635
11,687
Series 2006-7, Class ND, 5.50%, 8/20/2035
11,472
11,636
Series 2007-37, Class LB, 5.50%, 6/16/2037
89,733
91,101
Series 2007-79, Class BL, 5.75%, 8/20/2037
69,112
69,098
Series 2009-106, Class ST, IF, IO, 1.56%, 2/20/2038 (f)
63,149
1,993
Series 2008-7, Class PQ, 5.00%, 2/20/2038
202,851
202,297
Series 2008-9, Class PW, 5.25%, 2/20/2038
215,354
215,909
Series 2008-23, Class YA, 5.25%, 3/20/2038
49,767
49,970
Series 2008-35, Class NF, 5.00%, 4/20/2038
50,918
50,628
Series 2008-34, Class PG, 5.25%, 4/20/2038
58,644
58,673
Series 2008-33, Class PB, 5.50%, 4/20/2038
173,704
174,884
Series 2008-38, Class BG, 5.00%, 5/16/2038
275,449
275,530
Series 2008-43, Class NB, 5.50%, 5/20/2038
86,404
86,701
Series 2008-56, Class PX, 5.50%, 6/20/2038
170,054
169,596
Series 2008-58, Class PE, 5.50%, 7/16/2038
428,111
433,864
Series 2008-62, Class SA, IF, IO, 1.71%, 7/20/2038 (f)
1,207
5
Series 2008-76, Class US, IF, IO, 1.46%, 9/20/2038 (f)
38,460
1,190
Series 2011-97, Class WA, 6.09%, 11/20/2038 (f)
282,871
287,961
Series 2008-95, Class DS, IF, IO, 2.86%, 12/20/2038 (f)
35,476
581
Series 2009-14, Class AG, 4.50%, 3/20/2039
61,167
60,994
Series 2009-72, Class SM, IF, IO, 1.81%, 8/16/2039 (f)
78,353
5,812
Series 2009-61, Class AP, 4.00%, 8/20/2039
5,840
5,707
Series 2010-130, Class BD, 4.00%, 12/20/2039
199,337
195,825
Series 2010-157, Class OP, PO, 12/20/2040
60,908
51,672
Series 2014-H11, Class VA, 4.93%, 6/20/2064 (f)
599,623
601,746
Series 2015-H20, Class FA, 4.90%, 8/20/2065 (f)
720,727
722,688
Series 2015-H26, Class FG, 4.95%, 10/20/2065 (f)
518,705
520,546
GSR Mortgage Loan Trust Series 2004-6F, Class 2A4, 5.50%, 5/25/2034
31,089
31,296
JPMorgan Mortgage Trust
Series 2006-A2, Class 5A3, 7.11%, 11/25/2033 (f)
39,921
39,479
Series 2007-A1, Class 5A5, 6.38%, 7/25/2035 (f)
12,055
12,221
MASTR Adjustable Rate Mortgages Trust Series 2004-13, Class 2A1, 6.83%, 4/21/2034 (f)
22,932
22,573
Merrill Lynch Mortgage Investors Trust
Series 2003-F, Class A1, 5.08%, 10/25/2028 (f)
15,574
14,726
JPMorgan Inflation Managed Bond ETF
SCHEDULE OF PORTFOLIO INVESTMENTS
AS OF May 31, 2025 (Unaudited) (continued)
INVESTMENTS
PRINCIPAL
AMOUNT($)
VALUE($)
Collateralized Mortgage Obligations — continued
Series 2004-B, Class A1, 4.94%, 5/25/2029 (f)
24,219
23,419
Morgan Stanley Mortgage Loan Trust Series 2004-3, Class 4A, 5.64%, 4/25/2034 (f)
13,332
12,931
PHH Mortgage Trust Series 2008-CIM2, Class 5A1, 6.00%, 7/25/2038
7,082
7,674
Seasoned Loans Structured Transaction Series 2018-2, Class A1, 3.50%, 11/25/2028
317,172
306,922
Sequoia Mortgage Trust Series 2004-11, Class A1, 5.04%, 12/20/2034 (f)
47,341
42,695
Thornburg Mortgage Securities Trust Series 2004-4, Class 3A, 5.55%, 12/25/2044 (f)
60,476
58,129
Vendee Mortgage Trust Series 2003-2, Class Z, 5.00%, 5/15/2033
190,207
191,017
WaMu Mortgage Pass-Through Certificates Trust Series 2003-AR11, Class A6, 6.70%, 10/25/2033 (f)
47,715
45,181
Total Collateralized Mortgage Obligations
(Cost $36,332,275)
33,856,280
Commercial Mortgage-Backed Securities — 4.7%
20 Times Square Trust Series 2018-20TS, Class A, 3.10%, 5/15/2035 (b) (f)
383,071
362,002
BXP Trust Series 2017-GM, Class A, 3.38%, 6/13/2039 (b)
1,500,000
1,445,993
FHLMC, Multi-Family Structured Pass-Through Certificates
Series KLU2, Class A7, 2.23%, 9/25/2025 (f)
334,333
331,105
Series K737, Class AM, 2.10%, 10/25/2026
3,110,000
3,010,302
Series K072, Class A2, 3.44%, 12/25/2027
473,000
463,907
Series K083, Class A2, 4.05%, 9/25/2028 (f)
594,000
590,291
Series K145, Class AM, 2.58%, 6/25/2032
880,000
772,406
Series KJ44, Class A2, 4.61%, 2/25/2033
1,900,000
1,906,105
FNMA ACES
Series 2015-M10, Class A2, 3.09%, 4/25/2027 (f)
751,780
735,694
Series 2017-M8, Class A2, 3.06%, 5/25/2027 (f)
1,046,404
1,021,954
Series 2017-M12, Class A2, 3.06%, 6/25/2027 (f)
2,432,481
2,374,032
Series 2017-M13, Class A2, 2.93%, 9/25/2027 (f)
315,384
306,447
Series 2018-M2, Class A2, 2.91%, 1/25/2028 (f)
2,963,193
2,869,886
Series 2018-M4, Class A2, 3.06%, 3/25/2028 (f)
1,713,019
1,659,185
Series 2018-M9, Class APT2, 3.10%, 4/25/2028 (f)
2,336,916
2,266,883
Series 2018-M14, Class A2, 3.58%, 8/25/2028 (f)
375,575
367,804
Series 2017-M5, Class A2, 3.01%, 4/25/2029 (f)
1,880,204
1,798,577
Series 2018-M3, Class A2, 3.06%, 2/25/2030 (f)
1,050,355
998,201
Series 2020-M50, Class A2, 1.20%, 10/25/2030
352,556
332,282
Series 2020-M50, Class X1, IO, 1.82%, 10/25/2030 (f)
5,394,086
231,878
Series 2021-M11, Class A2, 1.46%, 3/25/2031 (f)
1,517,000
1,283,963
Series 2022-M1G, Class A2, 1.53%, 9/25/2031 (f)
5,000,000
4,241,812
Series 2021-M3, Class 1A1, 1.00%, 11/25/2033
2,569
2,553
Series 2021-M3, Class X1, IO, 1.90%, 11/25/2033 (f)
315,631
21,227
Morgan Stanley Capital I Trust Series 2021-PLZA, Class A, 2.57%, 11/9/2043 (b)
1,958,000
1,645,347
MRCD MARK Mortgage Trust Series 2019-PARK, Class A, 2.72%, 12/15/2036 (b)
300,000
266,460
SLG Office Trust Series 2021-OVA, Class A, 2.59%, 7/15/2041 (b)
1,770,000
1,531,961
Total Commercial Mortgage-Backed Securities
(Cost $34,378,159)
32,838,257
Foreign Government Securities — 0.3%
Republic of Colombia 7.38%, 9/18/2037
300,000
284,064
United Mexican States
6.00%, 5/13/2030
700,000
721,000
2.66%, 5/24/2031
1,200,000
1,022,400
Total Foreign Government Securities
(Cost $2,205,760)
2,027,464
JPMorgan Inflation Managed Bond ETF
SCHEDULE OF PORTFOLIO INVESTMENTS
AS OF May 31, 2025 (Unaudited) (continued)
INVESTMENTS 
SHARES
VALUE($)
Short-Term Investments — 1.7%
Investment Companies — 1.7%
JPMorgan Prime Money Market Fund Class IM Shares, 4.38% (g) (h)
(Cost $11,666,403)
11,664,594
11,666,927
Total Investments — 99.3%
(Cost $703,407,489)
691,779,550
Other Assets in Excess of Liabilities — 0.7%
4,881,968
NET ASSETS — 100.0%
696,661,518
 
Percentages indicated are based on net assets.
 
Abbreviations
 
ACES
Alternative Credit Enhancement Securities
CME
Chicago Mercantile Exchange
FHLMC
Federal Home Loan Mortgage Corp.
FNMA
Federal National Mortgage Association
GNMA
Government National Mortgage Association
ICE
Intercontinental Exchange
IF
Inverse Floaters represent securities that pay interest at a rate that increases (decreases) with a decline (incline) in a specified index or have an interest
rate that adjusts periodically based on changes in current interest rates and prepayments on the underlying pool of assets. The interest rate shown is the
rate in effect as of May 31, 2025. The rate may be subject to a cap and floor.
IO
Interest Only represents the right to receive the monthly interest payments on an underlying pool of mortgage loans. The principal amount shown
represents the par value on the underlying pool. The yields on these securities are subject to accelerated principal paydowns as a result of prepayment or
refinancing of the underlying pool of mortgage instruments. As a result, interest income may be reduced considerably.
PO
Principal Only represents the right to receive the principal portion only on an underlying pool of mortgage loans. The market value of these securities is
extremely volatile in response to changes in market interest rates. As prepayments on the underlying mortgages of these securities increase, the yield on
these securities increases.
REIT
Real Estate Investment Trust
REMIC
Real Estate Mortgage Investment Conduit
SOFR
Secured Overnight Financing Rate
SOFRINDX
Compounding index of the Secured Overnight Financing Rate
STRIPS
Separate Trading of Registered Interest and Principal of Securities. The STRIPS Program lets investors hold and trade individual interest and principal
components of eligible notes and bonds as separate securities.
UMBS
Uniform Mortgage-Backed Securities
USD
United States Dollar
 
^
Amount rounds to less than 0.1% of net assets.
‡
Value determined using significant unobservable inputs.
 
(a)
All or a portion of this security is deposited with the broker as initial margin for futures contracts or centrally cleared swaps.
 
(b)
Securities exempt from registration under Rule 144A or section 4(a)(2), of the Securities Act of 1933, as amended.
 
(c)
Variable or floating rate security, linked to the referenced benchmark. The interest rate shown is the current rate as of May 31, 2025.
 
(d)
Contingent Capital security (“CoCo”). CoCos are hybrid debt securities that may be convertible into equity or may be written down if a
pre-specified trigger event occurs. The total value of aggregate CoCo holdings at May 31, 2025 is $1,545,230 or 0.22% of the Fund’s net
assets as of May 31, 2025.
 
(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)
Investment in an affiliated fund, which is registered under the Investment Company Act of 1940, as amended, and is advised by J.P. Morgan
Investment Management Inc.
 
(h)
The rate shown is the current yield as of May 31, 2025.
 
JPMorgan Inflation Managed Bond ETF
SCHEDULE OF PORTFOLIO INVESTMENTS
AS OF May 31, 2025 (Unaudited) (continued)
Futures contracts outstanding as of May 31, 2025:
 
DESCRIPTION
NUMBER OF
CONTRACTS
EXPIRATION DATE
TRADING CURRENCY
NOTIONAL
AMOUNT ($)
VALUE AND
UNREALIZED
APPRECIATION
(DEPRECIATION) ($)
Long Contracts
U.S. Treasury 10 Year Note
1,206
09/19/2025
USD
133,752,938
1,657,499
U.S. Treasury 10 Year Ultra Note
120
09/19/2025
USD
13,537,500
32,063
U.S. Treasury Long Bond
84
09/19/2025
USD
9,502,500
196,928
U.S. Treasury 2 Year Note
31
09/30/2025
USD
6,432,984
(522
)
U.S. Treasury 5 Year Note
65
09/30/2025
USD
7,039,297
42,280
 
1,928,248
Short Contracts
U.S. Treasury Ultra Bond
(92
)
09/19/2025
USD
(10,700,750
)
(245,928
)
 
1,682,320
 
Abbreviations
 
USD
United States Dollar
Centrally Cleared Inflation-linked swap contracts outstanding as of May 31, 2025 :
 
FLOATING RATE INDEX(a)
FIXED RATE
%
PAY/
RECEIVE
FLOATING
RATE
MATURITY
DATE
NOTIONAL
AMOUNT
UPFRONT
PAYMENTS
(RECEIPTS)
$
UNREALIZED
APPRECIATION
(DEPRECIATION) ($)
VALUE ($)
CPI-U at termination
2.34% at termination
Receive
4/9/2030
USD4,135,000
—
35,166
35,166
CPI-U at termination
2.34% at termination
Receive
4/9/2035
USD5,690,000
—
67,147
67,147
CPI-U at termination
2.43% at termination
Receive
5/7/2035
USD8,125,000
(4,569
)
40,866
36,297
CPI-U at termination
2.45% at termination
Receive
12/3/2034
USD3,639,000
—
23,969
23,969
CPI-U at termination
2.45% at termination
Receive
3/17/2035
USD62,445,000
35,754
241,719
277,473
CPI-U at termination
2.46% at termination
Receive
5/2/2030
USD7,395,000
—
20,513
20,513
CPI-U at termination
2.49% at termination
Receive
6/3/2035
USD47,000,000
45,887
25
45,912
CPI-U at termination
2.50% at termination
Receive
6/3/2035
USD4,890,000
—
—
—
CPI-U at termination
2.51% at termination
Receive
2/28/2035
USD46,170,000
—
15,439
15,439
CPI-U at termination
2.52% at termination
Receive
3/20/2028
USD94,170,000
42,605
351,154
393,759
CPI-U at termination
2.54% at termination
Receive
3/6/2030
USD4,395,000
—
7,600
7,600
CPI-U at termination
2.56% at termination
Receive
1/31/2030
USD5,542,000
—
11,639
11,639
CPI-U at termination
2.56% at termination
Receive
3/5/2030
USD8,675,000
—
6,776
6,776
CPI-U at termination
2.60% at termination
Receive
2/6/2030
USD98,645,000
(81,155
)
114,448
33,293
CPI-U at termination
2.63% at termination
Receive
3/3/2028
USD30,665,000
31,546
58,678
90,224
CPI-U at termination
2.65% at termination
Receive
2/10/2028
USD59,075,000
3,664
178,148
181,812
CPI-U at termination
2.67% at termination
Receive
2/6/2028
USD28,366,000
—
74,662
74,662
CPI-U at termination
3.22% at termination
Receive
6/3/2026
USD13,270,000
—
—
—
 
 
 
 
 
73,732
1,247,949
1,321,681
CPI-U at termination
2.56% at termination
Receive
1/31/2035
USD8,658,000
—
(30,488
)
(30,488
)
CPI-U at termination
2.57% at termination
Receive
4/2/2030
USD14,525,000
—
(30,011
)
(30,011
)
CPI-U at termination
2.59% at termination
Receive
2/4/2035
USD15,673,000
—
(87,034
)
(87,034
)
CPI-U at termination
2.64% at termination
Receive
5/7/2028
USD31,495,000
(5,800
)
(2,992
)
(8,792
)
CPI-U at termination
2.77% at termination
Receive
4/16/2027
USD41,350,000
(34,478
)
14,905
(19,573
)
 
 
 
 
 
(40,278
)
(135,620
)
(175,898
)
 
 
 
 
 
33,454
1,112,329
1,145,783
 
Abbreviations
 
CPI-U
Consumer Price Index for All Urban Consumers
USD
United States Dollar
 
(a)
Value of floating rate index at May 31, 2025 was as follows:
 
JPMorgan Inflation Managed Bond ETF
SCHEDULE OF PORTFOLIO INVESTMENTS
AS OF May 31, 2025 (Unaudited) (continued)
FLOATING RATE INDEX
VALUE
CPI-U
3.21%
Centrally Cleared Credit default swap contracts outstanding - buy protection(*) as of May 31, 2025:
 
REFERENCE
OBLIGATION/INDEX
FINANCING
RATE PAID
BY THE FUND
(%)
PAYMENT
FREQUENCY
MATURITY
DATE
IMPLIED
CREDIT
SPREAD
(%)(a)
NOTIONAL
AMOUNT(b)
UPFRONT
PAYMENTS
(RECEIPTS)
($)(c)
UNREALIZED
APPRECIATION
(DEPRECIATION)
($)
VALUE
($)
CDX.NA.IG.44-V1
1.00
Quarterly
6/20/2030
0.56
USD 106,340,000
(1,952,047
)
(394,930
)
(2,346,977
)
 
(*)
The Fund, as a buyer of credit protection, is generally obligated to make periodic payments and may also pay or receive an upfront premium to or from
the protection seller, in exchange for the right to receive a contingent payment, upon occurrence of a credit event with respect to an underlying reference
obligation, as defined under the terms of individual swap contracts.
(a)
Implied credit spreads are an indication of the seller's performance risk, related to the likelihood of a credit event occurring that would require a seller to
make payment to a buyer. Implied credit spreads are used to determine the value of swap contracts and reflect the cost of buying/selling protection, which
may include upfront payments made to enter into the contract. Therefore, higher spreads would indicate a greater likelihood that a seller will be obligated
to perform (i.e. make payment) under the swap contract. Increasing values, in absolute terms and relative to notional amounts, are also indicative of
greater performance risk. Implied credit spreads for credit default swaps on credit indices are linked to the weighted average spread across the underlying
reference obligations included in a particular index.
(b)
The notional amount is the maximum amount that a seller of credit protection would be obligated to pay and a buyer of credit protection would receive,
upon occurrence of a credit event.
(c)
Upfront payments and receipts generally represent premiums paid or received at the initiation of the agreement to compensate the differences between
the stated terms of the swap agreement and current market conditions (credit spreads, interest rates and other relevant factors).
 
Abbreviations
 
CDX
Credit Default Swap Index
USD
United States Dollar
Centrally Cleared interest rate swap contracts outstanding as of May 31, 2025:
 
FLOATING RATE INDEX (a)
FIXED RATE
%
PAY/
RECEIVE
FLOATING
RATE
MATURITY
DATE
NOTIONAL
AMOUNT
UPFRONT
PAYMENTS
(RECEIPTS)
($)
VALUE AND
UNREALIZED
APPRECIATION
(DEPRECIATION)($)
1 day SOFR annually
4.00 annually
Pay
3/15/2035
USD23,480,000
—
(112,988
)
1 day SOFR annually
4.08 annually
Pay
4/1/2035
USD26,805,000
—
(55,812
)
 
 
 
 
 
—
(168,800
)
 
Abbreviations
 
SOFR
Secured Overnight Financing Rate
USD
United States Dollar
 
(a)
Value of floating rate index at May 31, 2025 was as follows:
 
FLOATING RATE INDEX
VALUE
1 day SOFR
4.35%
JPMorgan Inflation Managed Bond ETF
SCHEDULE OF PORTFOLIO INVESTMENTS
AS OF May 31, 2025 (Unaudited) (continued)
A. Valuation of Investments— Investments are valued in accordance with U.S. generally accepted accounting principles (“GAAP”) and the Fund's valuation policies set forth by, and under the supervision and responsibility of, the Board of Trustees of the Trust (the “Board”), which established the following approach to valuation, as described more fully below: (i) investments for which market quotations are readily available shall be valued at their market value and (ii) all other investments for which market quotations are not readily available shall be valued at their fair value as determined in good faith by the Board.
Under Section 2(a)(41) of the Investment Company Act of 1940, the Board is required to determine fair value for securities that do not have readily available market quotations. Under Securities and Exchange Commission Rule 2a-5 (Good Faith Determinations of Fair Value), the Board may designate the performance of these fair valuation determinations to a valuation designee. The Board has designated the Adviser as the “Valuation Designee” to perform fair valuation determinations for the Fund on behalf of the Board subject to appropriate oversight by the Board. The Adviser, as Valuation Designee, leverages the J.P. Morgan Asset Management Americas Valuation Committee (“AVC”) to help oversee and carry out the policies for the valuation of investments held in the Fund. The Adviser, as Valuation Designee, remains responsible for the valuation determinations.
This oversight by the AVC includes monitoring the appropriateness of fair values based on results of ongoing valuation oversight including, but not limited to, consideration of macro or security specific events, market events, and pricing vendor and broker due diligence. The Administrator is responsible for discussing and assessing the potential impacts to the fair values on an ongoing basis, and, at least on a quarterly basis, with the AVC and the Board.
A market-based approach is primarily used to value the Fund's investments. Investments for which market quotations are not readily available are fair valued using prices supplied by approved affiliated and/or unaffiliated pricing vendors or third party broker-dealers (collectively referred to as “Pricing Services”), or may be internally fair valued using methods set forth by the valuation policies approved by the Board. This may include the use of related or comparable assets or liabilities, recent transactions, market multiples, book values and other relevant information for the investment. An income-based valuation approach may be used in which the anticipated future cash flows of the investment are discounted to calculate the fair value. Discounts may also be applied due to the nature or duration of any restrictions on the disposition of the investments. Valuations may be based upon current market prices of securities that are comparable in coupon, rating, maturity and industry. It is possible that the estimated values may differ significantly from the values that would have been used had a ready market for the investments existed, and such differences could be material.
Fixed income instruments are valued based on prices received from Pricing Services. The Pricing Services use multiple valuation techniques to determine the valuation of fixed income instruments. In instances where sufficient market activity exists, the Pricing Services may utilize a market-based approach through which trades or quotes from market makers are used to determine the valuation of these instruments. In instances where sufficient market activity may not exist, the Pricing Services also utilize proprietary valuation models which may consider market transactions in comparable securities and the various relationships between securities in determining fair value and/or market characteristics in order to estimate the relevant cash flows, which are then discounted to calculate the fair values.
Futures contracts are generally valued on the basis of available market quotations. Swaps are valued utilizing market quotations from approved Pricing Services.
Valuations reflected in this report are as of the report date. As a result, changes in valuation due to market events and/or issuer-related events after the report date and prior to issuance of the report are not reflected herein.
The various inputs that are used in determining the valuation of the Fund's investments are summarized into the three broad levels listed below.
•
Level 1 — Unadjusted inputs using quoted prices in active markets for identical investments.
•
Level 2 — Other significant observable inputs including, but not limited to, quoted prices for similar investments, inputs other than quoted prices that are observable for investments (such as interest rates, prepayment speeds, credit risk, etc.) or other market corroborated inputs.
•
Level 3 — Significant inputs based on the best information available in the circumstances, to the extent observable inputs are not available (including the Fund's assumptions in determining the fair value of investments).
A financial instrument’s level within the fair value hierarchy is based on the lowest level of any input, both individually and in the aggregate, that is significant to the fair value measurement. The inputs or methodology used for valuing instruments are not necessarily an indication of the risk associated with investing in those instruments.
The following table represents each valuation input as presented on the Schedule of Portfolio Investments: 
JPMorgan Inflation Managed Bond ETF
SCHEDULE OF PORTFOLIO INVESTMENTS
AS OF May 31, 2025 (Unaudited) (continued)
 
 
 
 
 
 
Level 1
Quoted prices
Level 2
Other significant
observable inputs
Level 3
Significant
unobservable inputs
Total
Investments in Securities
Asset-Backed Securities
$—
$60,846,910
$2,952,876
$63,799,786
Collateralized Mortgage Obligations
—
33,856,073
207
33,856,280
Commercial Mortgage-Backed Securities
—
32,838,257
—
32,838,257
Corporate Bonds
—
201,954,210
—
201,954,210
Foreign Government Securities
—
2,027,464
—
2,027,464
Mortgage-Backed Securities
—
106,797,926
—
106,797,926
U.S. Treasury Obligations
—
238,838,700
—
238,838,700
Short-Term Investments
Investment Companies
11,666,927
—
—
11,666,927
Total Investments in Securities
$11,666,927
$677,159,540
$2,953,083
$691,779,550
Appreciation in Other Financial Instruments
Futures Contracts
$1,928,770
$—
$—
$1,928,770
Swaps
—
1,262,854
—
1,262,854
Depreciation in Other Financial Instruments
Futures Contracts
$(246,450
)
$—
$—
$(246,450
)
Swaps
—
(714,255
)
—
(714,255
)
Total Net Appreciation/ Depreciation in Other
Financial Instruments
$1,682,320
$548,599
$—
$2,230,919
B. Investment Transactions with Affiliates— The Fund invested in an Underlying Fund advised by the Adviser. An issuer which is under common control with the Fund may be considered an affiliate. The Fund assumes the issuer listed in the table below to be an affiliated issuer. The Underlying Fund's distributions may be reinvested into such Underlying Fund. Reinvestment amounts are included in the purchases at cost amounts in the table below. 
 
For the period ended May 31, 2025
Security Description
Value at
February 28,
2025
Purchases at
Cost
Proceeds from
Sales
Net Realized
Gain (Loss)
Change in
Unrealized
Appreciation/
(Depreciation)
Value at
May 31,
2025
Shares at
May 31,
2025
Dividend
Income
Capital Gain
Distributions
JPMorgan Prime Money Market
Fund Class IM Shares, 4.38%
 (a) (b)
$10,430,555
$63,468,485
$62,232,838
$1,880
$(1,155
)
$11,666,927
11,664,594
$103,545
$—
 
 
(a)
Investment in an affiliated fund, which is registered under the Investment Company Act of 1940, as amended, and is advised by J.P. Morgan
Investment Management Inc.
(b)
The rate shown is the current yield as of May 31, 2025.
C. Derivatives— The Fund used derivative instruments including options, futures contracts, forward foreign currency exchange contracts and swaps, in connection with its investment strategy. Derivative instruments may be used as substitutes for securities in which the Fund can invest, to hedge portfolio investments or to generate income or gain to the Fund. Derivatives may also be used to manage duration, sector and yield curve exposures and credit and spread volatility.
The Fund may be subject to various risks from the use of derivatives, including the risk that changes in the value of a derivative may not correlate perfectly with the underlying asset, rate or index; counterparty credit risk related to derivatives counterparties’ failure to perform under contract terms; liquidity risk related to the potential lack of a liquid market for these contracts allowing a Fund to close out its position(s); and documentation risk relating to disagreement over contract terms. Investing in certain derivatives also results in a form of leverage and as such, the Fund's risk of loss associated with these instruments may exceed their value.
JPMorgan Inflation Managed Bond ETF
SCHEDULE OF PORTFOLIO INVESTMENTS
AS OF May 31, 2025 (Unaudited) (continued)
The Fund is party to various derivative contracts governed by International Swaps and Derivatives Association master agreements (“ISDA agreements”). The Fund's ISDA agreements, which are separately negotiated with each dealer counterparty, may contain provisions allowing, absent other considerations, a counterparty to exercise rights, to the extent not otherwise waived, against the Fund in the event the Fund's net assets decline over time by a pre-determined percentage or fall below a pre-determined floor. The ISDA agreements may also contain provisions allowing, absent other conditions, the Fund to exercise rights, to the extent not otherwise waived, against a counterparty (e.g., decline in a counterparty’s credit rating below a specified level). Such rights for both a counterparty and the Fund often include the ability to terminate (i.e., close out) open contracts at prices which may favor a counterparty, which could have an adverse effect on the Fund. The ISDA agreements give the Fund and a counterparty the right, upon an event of default, to close out all transactions traded under such agreements and to net amounts owed or due across all transactions and offset such net payable or receivable against collateral posted to a segregated account by one party for the benefit of the other.
Counterparty credit risk may be mitigated to the extent a counterparty posts additional collateral for mark to market gains to the Fund.
Notes (1) — (2) below describe the various derivatives used by the Fund.
(1). Futures Contracts— The Fund used currency, index, interest rate, treasury or other financial futures contracts to manage and hedge interest rate risk associated with portfolio investments and to gain or reduce exposure to positive and negative price fluctuation or a particular countries or regions. The Fund also used futures contracts to lengthen or shorten the duration of the overall investment portfolio. The Fund used commodity futures contracts to obtain long and short exposure to the underlying commodities markets. The purchase of futures contracts will tend to increase the Fund's exposure to positive and negative price fluctuations in the underlying instrument. The sales of futures contracts will tend to offset both positive and negative market price changes.
Futures contracts provide for the delayed delivery of the underlying instrument at a fixed price or are settled for a cash amount based on the change in the value of the underlying instrument at a specific date in the future. Upon entering into a futures contract, the Fund is required to deposit with the broker, cash or securities in an amount equal to a certain percentage of the contract amount, which is referred to as the initial margin deposit. Subsequent payments, referred to as variation margin, are made or received by the Fund periodically and are based on changes in the market value of open futures contracts. Changes in the market value of open futures contracts are recorded as change in net unrealized appreciation/depreciation on futures contracts. Securities deposited as initial margin are designated on the Schedule of Investments, while cash deposited is considered restricted.
The Fund may be exposed to the risk that the change in the value of the futures contract may not correlate perfectly with the underlying instrument. Use of long futures contracts subject the Fund to risk of loss up to the notional amount of the futures contracts. Use of short futures contracts subjects the Fund to unlimited risk of loss. The Fund may enter into futures contracts only on exchanges or boards of trade. The exchange or board of trade acts as the counterparty to each futures transaction; therefore, the Fund's credit risk is limited to failure of the exchange or board of trade. Under some circumstances, futures exchanges may establish daily limits on the amount that the price of a futures contract can vary from the previous day’s settlement price, which could effectively prevent liquidation of positions.
The Fund's futures contracts are not subject to master netting arrangements (the right to close out all transactions traded with a counterparty and net amounts owed or due across transactions).
(2). Swaps — The Fund engaged in various swap transactions to manage credit, interest rate (e.g., duration, yield curve), currency, inflation and total return risks within its portfolio. The Fund also used swaps as alternatives to direct investments. Swap transactions are contracts negotiated over-the-counter (“OTC swaps”) between the Fund and a counterparty or are centrally cleared (“centrally cleared swaps”) through a central clearinghouse managed by a Futures Commission Merchant (“FCM”) that exchange investment cash flows, assets, foreign currencies or market-linked returns at specified, future intervals.
Upfront payments made and/or received by the Fund are recorded as assets or liabilities, respectively, and amortized over the term of the swap. The value of an OTC swap agreement is recorded at the beginning of the measurement period. Upon entering into a centrally cleared swap, the Fund is required to deposit with the FCM cash or securities, which is referred to as initial margin deposit. Securities deposited as initial margin are designated on the Schedule of Investments, while cash deposited is considered restricted. The change in the value of swaps, including accruals of periodic amounts of interest to be paid or received on swaps, is reported as change in net unrealized appreciation/depreciation on swaps. A realized gain or loss is recorded upon payment or receipt of a periodic payment or payment made upon termination of a swap agreement.
The Fund may be required to post or receive collateral based on the net value of the Fund's outstanding OTC swap contracts with the counterparty in the form of cash or securities. Daily movement of cash collateral is subject to minimum threshold amounts. Collateral posted by the Fund is held in a segregated account at the Fund's custodian bank.
The central clearinghouse acts as the counterparty to each centrally cleared swap transaction; therefore credit risk is limited to the failure of the clearinghouse.
The Fund's swap contracts (excluding centrally cleared swaps) are subject to master netting arrangements.
JPMorgan Inflation Managed Bond ETF
SCHEDULE OF PORTFOLIO INVESTMENTS
AS OF May 31, 2025 (Unaudited) (continued)
Inflation-Linked Swaps
The Fund used inflation-linked swaps to provide inflation protection within its portfolio. These are agreements between counterparties to exchange interest payments based on interest rates over the life of the swap. One cash flow stream will typically be a floating rate payment based upon the Consumer Price Index upon while the other is a pre-determined fixed interest rate. The use of swaps exposes the Fund to interest rate risk.
Credit Default Swaps
The Fund entered into credit default swaps to simulate long and/or short bond positions or to take an active long and/or short position with respect to the likelihood of a default or credit event by the issuer of the underlying reference obligation.
The underlying reference obligation may be a single issuer of corporate or sovereign debt, a basket of issuers or a credit index. A credit index is a list of credit instruments or exposures that reference a fixed number of obligors with shared characteristics that represents some part of the credit market as a whole. Index credit default swaps have standardized terms including a fixed spread and standard maturity dates. The composition of the obligations within a particular index changes periodically.
Credit default swaps involve one party, the protection buyer, making a stream of payments to another party, the protection seller, in exchange for the right to receive a contingent payment if there is a credit event related to the underlying reference obligation. In the event that the reference obligation matures prior to the termination date of the contract, a similar security will be substituted for the duration of the contract term. Credit events are defined under individual swap agreements and generally include bankruptcy, failure to pay, restructuring, repudiation/moratorium, obligation acceleration and obligation default.
If a credit event occurs, the Fund, as a protection seller, would be obligated to make a payment, which may be either: (i) a net cash settlement equal to the notional amount of the swap less the auction value of the reference obligation or (ii) the notional amount of the swap in exchange for the delivery of the reference obligation. Selling protection effectively adds leverage to the Fund's portfolio up to the notional amount of swap agreements. The notional amount represents the maximum potential liability under a contract. Potential liabilities under these contracts may be reduced by: the auction rates of the underlying reference obligations; upfront payments received at the inception of a swap; and net amounts received from credit default swaps purchased with the identical reference obligation.
Interest Rate Swaps
The Fund entered into interest rate swap contracts to manage fund exposure to interest rates or to either preserve or generate a return on a particular investment or portion of its portfolio. These are agreements between counterparties to exchange periodic interest payments based on interest rates. One cash flow stream will typically be a floating rate payment based upon a specified interest rate while the other is typically based on a fixed interest rate.