JPMorgan Inflation Managed Bond ETF
Schedule of Portfolio Investments as of May 31, 2026
(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., 2026.
JPMorgan Inflation Managed Bond ETF
SCHEDULE OF PORTFOLIO INVESTMENTS
AS OF May 31, 2026 (Unaudited)
 
INVESTMENTS
PRINCIPAL
AMOUNT($)
VALUE($)
U.S. Treasury Obligations — 45.5%
U.S. Treasury Inflation Linked Notes
1.25%, 4/15/2028 (a)
41,872,731
41,751,578
2.38%, 10/15/2028
161,386,839
165,598,275
1.25%, 4/15/2031
23,954,884
23,566,466
1.88%, 7/15/2035
35,437,291
35,193,469
1.88%, 1/15/2036
45,579,380
44,941,052
U.S. Treasury Notes
3.50%, 3/15/2029
16,546,000
16,309,444
3.50%, 2/28/2031
58,672,000
57,090,606
3.88%, 3/31/2031
145,000
143,335
Total U.S. Treasury Obligations
(Cost $387,876,044)
384,594,225
Corporate Bonds — 27.5%
Aerospace & Defense — 0.6%
BAE Systems plc (United Kingdom) 3.40%, 4/15/2030 (b)
400,000
383,292
Boeing Co. (The)
6.39%, 5/1/2031
534,000
569,665
5.71%, 5/1/2040
88,000
89,715
Honeywell Aerospace, Inc. 4.95%, 3/16/2036 (b)
800,000
791,326
L3Harris Technologies, Inc. 3.85%, 12/15/2026
665,000
663,654
Leidos, Inc. 2.30%, 2/15/2031
817,000
729,909
RTX Corp. 5.75%, 1/15/2029
1,930,000
1,994,675
 
5,222,236
Automobiles — 0.3%
Hyundai Capital America
3.00%, 2/10/2027 (b)
903,000
894,322
2.38%, 10/15/2027 (b)
919,000
893,156
1.80%, 1/10/2028 (b)
410,000
392,396
Stellantis Finance US, Inc. 2.69%, 9/15/2031 (b)
678,000
584,518
 
2,764,392
Banks — 9.0%
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)
1,100,000
1,043,827
AIB Group plc (Ireland)
(SOFR + 2.33%), 6.61%, 9/13/2029 (b) (c)
264,000
275,190
(SOFRINDX + 1.91%), 5.87%, 3/28/2035 (b) (c)
1,400,000
1,452,035
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
198,455
2.75%, 12/3/2030
3,000,000
2,712,235
Bank of America Corp.
(3-MONTH CME TERM SOFR + 1.84%), 3.82%, 1/20/2028 (c)
937,000
933,994
(SOFR + 1.53%), 1.90%, 7/23/2031 (c)
4,937,000
4,411,531
(SOFR + 1.65%), 5.47%, 1/23/2035 (c)
3,454,000
3,532,005
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
1,711,773
Bank of Montreal (Canada) 2.65%, 3/8/2027
40,000
39,580
Bank of Nova Scotia (The) (Canada) (SOFR + 0.97%), 4.90%, 6/5/2032 (c) (d)
900,000
901,017
Banque Federative du Credit Mutuel SA (France) 5.54%, 1/22/2030 (b)
850,000
871,854
Barclays plc (United Kingdom)
(SOFR + 1.74%), 5.69%, 3/12/2030 (c)
600,000
614,680
(SOFR + 1.23%), 5.37%, 2/25/2031 (c)
1,360,000
1,382,232
(SOFR + 2.98%), 6.22%, 5/9/2034 (c)
300,000
316,568
JPMorgan Inflation Managed Bond ETF
SCHEDULE OF PORTFOLIO INVESTMENTS
AS OF May 31, 2026 (Unaudited) (continued)
INVESTMENTS
PRINCIPAL
AMOUNT($)
VALUE($)
Corporate Bonds — continued
Banks — continued
BNP Paribas SA (France)
(SOFR + 1.23%), 2.59%, 1/20/2028 (b) (c)
300,000
296,461
(SOFR + 1.28%), 5.28%, 11/19/2030 (b) (c)
950,000
964,396
(SOFR + 1.62%), 5.79%, 1/13/2033 (b) (c)
450,000
465,426
(SOFR + 1.29%), 4.92%, 1/15/2034 (b) (c)
1,000,000
982,265
BPCE SA (France)
(SOFR + 1.09%), 2.05%, 10/19/2027 (b) (c)
2,214,000
2,193,913
(SOFR + 1.31%), 2.28%, 1/20/2032 (b) (c)
2,504,000
2,214,968
CaixaBank SA (Spain) (SOFR + 1.79%), 5.58%, 7/3/2036 (b) (c)
2,265,000
2,290,696
Citibank NA 5.80%, 9/29/2028
1,500,000
1,550,679
Citigroup, Inc.
4.45%, 9/29/2027
272,000
271,996
(3-MONTH CME TERM SOFR + 1.82%), 3.89%, 1/10/2028 (c)
90,000
89,724
(SOFR + 1.17%), 2.56%, 5/1/2032 (c)
2,420,000
2,177,471
(SOFR + 1.35%), 3.06%, 1/25/2033 (c)
1,250,000
1,133,877
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
740,434
(US Treasury Yield Curve Rate T Note Constant Maturity 1 Year + 1.40%), 5.56%, 2/28/2029 (b) (c)
250,000
254,308
Credit Agricole SA (France)
(SOFR + 1.69%), 5.34%, 1/10/2030 (b) (c)
377,000
382,866
(SOFR + 1.17%), 4.66%, 1/12/2032 (b) (c)
673,000
663,356
(SOFR + 1.36%), 4.82%, 9/25/2033 (b) (c)
380,000
371,947
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
417,388
(US Treasury Yield Curve Rate T Note Constant Maturity 1 Year + 0.93%), 5.02%, 3/4/2031 (b) (c)
320,000
321,887
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
977,232
Fifth Third Bancorp
3.95%, 3/14/2028
800,000
793,869
(SOFR + 1.84%), 5.63%, 1/29/2032 (c)
136,000
140,315
Fifth Third Bank NA 2.25%, 2/1/2027
250,000
246,838
HSBC Holdings plc (United Kingdom)
(SOFR + 1.73%), 2.01%, 9/22/2028 (c)
300,000
290,414
(3-MONTH CME TERM SOFR + 1.87%), 3.97%, 5/22/2030 (c)
1,040,000
1,018,935
(SOFR + 2.39%), 2.85%, 6/4/2031 (c)
1,981,000
1,835,655
(SOFR + 1.19%), 4.62%, 11/6/2031 (c)
695,000
686,546
Huntington Bancshares, Inc. (SOFR + 1.28%), 5.27%, 1/15/2031 (c)
960,000
974,184
KBC Group NV (Belgium) (US Treasury Yield Curve Rate T Note Constant Maturity 1 Year + 0.85%), 4.45%,
9/23/2031 (b) (c)
380,000
373,575
KeyCorp (SOFRINDX + 1.23%), 5.12%, 4/4/2031 (c)
526,000
530,831
Lloyds Banking Group plc (United Kingdom)
3.75%, 1/11/2027
469,000
468,120
(US Treasury Yield Curve Rate T Note Constant Maturity 1 Year + 0.60%), 4.24%, 2/10/2030 (c)
1,385,000
1,369,762
M&T Bank Corp. (SOFR + 1.40%), 5.18%, 7/8/2031 (c)
620,000
626,298
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
592,359
(US Treasury Yield Curve Rate T Note Constant Maturity 1 Year + 1.17%), 5.16%, 4/24/2031 (c)
200,000
202,884
(US Treasury Yield Curve Rate T Note Constant Maturity 1 Year + 1.02%), 5.33%, 4/21/2037 (c)
600,000
601,892
Mizuho Financial Group, Inc. (Japan) (US Treasury Yield Curve Rate T Note Constant Maturity 1 Year + 1.12%), 5.38%,
5/26/2030 (c)
2,150,000
2,197,812
National Bank of Canada (Canada) 5.60%, 12/18/2028
600,000
616,541
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
485,456
JPMorgan Inflation Managed Bond ETF
SCHEDULE OF PORTFOLIO INVESTMENTS
AS OF May 31, 2026 (Unaudited) (continued)
INVESTMENTS
PRINCIPAL
AMOUNT($)
VALUE($)
Corporate Bonds — continued
Banks — continued
(US Treasury Yield Curve Rate T Note Constant Maturity 1 Year + 1.50%), 5.78%, 3/1/2035 (c)
1,520,000
1,575,632
PNC Financial Services Group, Inc. (The)
(SOFR + 1.34%), 5.30%, 1/21/2028 (c)
340,000
341,971
(SOFR + 1.07%), 5.22%, 1/29/2031 (c)
450,000
458,383
(SOFR + 1.42%), 5.37%, 7/21/2036 (c)
860,000
868,417
Royal Bank of Canada (Canada) (SOFR + 0.98%), 4.31%, 11/3/2031 (c)
600,000
590,094
Santander UK Group Holdings plc (United Kingdom) (SOFR + 2.60%), 6.53%, 1/10/2029 (c)
750,000
771,925
Skandinaviska Enskilda Banken AB (Sweden) 4.50%, 9/3/2030 (b)
400,000
396,535
Societe Generale SA (France)
3.00%, 1/22/2030 (b)
700,000
655,431
(US Treasury Yield Curve Rate T Note Constant Maturity 1 Year + 1.60%), 6.10%, 4/13/2033 (b) (c)
3,000,000
3,120,160
(SOFR + 1.60%), 5.40%, 4/10/2037 (b) (c)
400,000
391,757
Standard Chartered plc (United Kingdom) (US Treasury Yield Curve Rate T Note Constant Maturity 1 Year + 1.20%),
5.40%, 8/12/2036 (b) (c)
1,200,000
1,196,292
Sumitomo Mitsui Financial Group, Inc. (Japan)
1.90%, 9/17/2028
1,710,000
1,613,953
5.77%, 1/13/2033
1,400,000
1,463,319
Toronto-Dominion Bank (The) (Canada) 4.87%, 4/22/2033
650,000
645,656
Truist Financial Corp.
(SOFR + 2.45%), 7.16%, 10/30/2029 (c)
275,000
290,899
(SOFR + 1.62%), 5.44%, 1/24/2030 (c)
640,000
652,973
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
834,883
(USD ICE Swap Rate 5 Year + 3.70%), 5.86%, 6/19/2032 (b) (c)
600,000
603,583
US Bancorp
(SOFR + 1.56%), 5.38%, 1/23/2030 (c)
125,000
127,522
(SOFR + 1.86%), 5.68%, 1/23/2035 (c)
627,000
647,638
Wachovia Corp. 7.57%, 8/1/2026 (e)
366,000
367,806
Wells Fargo & Co.
(SOFR + 2.10%), 2.39%, 6/2/2028 (c)
700,000
686,468
(SOFR + 1.50%), 5.20%, 1/23/2030 (c)
3,026,000
3,071,301
(3-MONTH CME TERM SOFR + 1.43%), 2.88%, 10/30/2030 (c)
637,000
601,316
(SOFR + 1.99%), 5.56%, 7/25/2034 (c)
800,000
822,984
(SOFR + 1.10%), 4.96%, 1/23/2037 (c)
280,000
273,450
 
76,280,900
Beverages — 0.1%
Constellation Brands, Inc. 2.88%, 5/1/2030
500,000
468,756
Maple Parent Holdings Corp. 5.70%, 3/26/2036 (b)
150,000
151,591
 
620,347
Biotechnology — 0.3%
AbbVie, Inc.
3.20%, 11/21/2029
1,500,000
1,440,434
5.05%, 3/15/2034
245,000
248,638
Amgen, Inc.
5.25%, 3/2/2030
230,000
235,083
4.85%, 2/19/2036
285,000
279,368
 
2,203,523
Broadline Retail — 0.1%
Amazon.com, Inc. 4.88%, 3/13/2036
745,000
736,040
JPMorgan Inflation Managed Bond ETF
SCHEDULE OF PORTFOLIO INVESTMENTS
AS OF May 31, 2026 (Unaudited) (continued)
INVESTMENTS
PRINCIPAL
AMOUNT($)
VALUE($)
Corporate Bonds — continued
Capital Markets — 2.4%
Brookfield Finance, Inc. (Canada) 4.25%, 6/2/2026
362,000
362,001
Deutsche Bank AG (Germany)
(SOFR + 2.52%), 7.15%, 7/13/2027 (c)
190,000
190,563
(SOFR + 1.32%), 2.55%, 1/7/2028 (c)
1,450,000
1,433,494
(SOFR + 3.04%), 3.55%, 9/18/2031 (c)
150,000
141,225
(SOFR + 1.72%), 3.04%, 5/28/2032 (c)
1,326,000
1,206,461
Goldman Sachs Group, Inc. (The)
3.50%, 11/16/2026
1,785,000
1,780,108
(SOFR + 1.09%), 1.99%, 1/27/2032 (c)
1,932,000
1,700,735
(SOFR + 1.28%), 2.62%, 4/22/2032 (c)
2,950,000
2,656,871
(SOFR + 1.19%), 5.07%, 1/21/2037 (c)
170,000
166,305
Macquarie Group Ltd. (Australia)
(3-MONTH CME TERM SOFR + 2.01%), 5.03%, 1/15/2030 (b) (c)
200,000
201,607
(SOFR + 1.44%), 2.69%, 6/23/2032 (b) (c)
300,000
269,627
Morgan Stanley
4.35%, 9/8/2026
963,000
963,412
(SOFR + 1.45%), 5.17%, 1/16/2030 (c)
4,000,000
4,048,927
(SOFR + 1.02%), 1.93%, 4/28/2032 (c)
1,410,000
1,227,478
(SOFR + 1.18%), 5.07%, 1/30/2037 (c)
800,000
783,386
Nasdaq, Inc. 5.55%, 2/15/2034
321,000
331,486
Nomura Holdings, Inc. (Japan)
2.33%, 1/22/2027
1,000,000
988,167
2.68%, 7/16/2030
500,000
459,271
UBS Group AG (Switzerland)
(SOFR + 1.06%), 4.40%, 9/23/2031 (b) (c)
800,000
785,547
(SOFR + 1.05%), 4.59%, 8/10/2032 (b) (c)
800,000
786,652
 
20,483,323
Chemicals — 0.0% ^
RPM International, Inc. 2.95%, 1/15/2032
438,000
396,135
Construction & Engineering — 0.1%
Quanta Services, Inc.
2.35%, 1/15/2032
446,000
392,126
5.25%, 8/9/2034
188,000
190,117
 
582,243
Construction Materials — 0.0% ^
Martin Marietta Materials, Inc. Series CB, 2.50%, 3/15/2030
40,000
36,974
Consumer Finance — 1.4%
AerCap Ireland Capital DAC (Ireland)
2.45%, 10/29/2026
1,554,000
1,543,147
3.00%, 10/29/2028
2,095,000
2,018,525
Aircastle Ltd.
5.25%, 3/15/2030 (b)
459,000
462,734
5.75%, 10/1/2031 (b)
525,000
538,271
American Express Co.
(SOFR + 0.93%), 5.04%, 7/26/2028 (c)
125,000
125,945
(SOFRINDX + 1.02%), 5.09%, 1/30/2031 (c)
155,000
157,372
(SOFR + 0.87%), 4.46%, 2/10/2032 (c)
1,280,000
1,264,532
(SOFR + 1.22%), 4.92%, 7/20/2033 (c)
125,000
125,150
Avolon Holdings Funding Ltd. (Ireland)
2.53%, 11/18/2027 (b)
678,000
657,321
4.85%, 4/1/2033 (b)
869,000
839,363
JPMorgan Inflation Managed Bond ETF
SCHEDULE OF PORTFOLIO INVESTMENTS
AS OF May 31, 2026 (Unaudited) (continued)
INVESTMENTS
PRINCIPAL
AMOUNT($)
VALUE($)
Corporate Bonds — continued
Consumer Finance — continued
Capital One Financial Corp.
(SOFR + 1.56%), 5.46%, 7/26/2030 (c)
570,000
581,329
(SOFR + 1.27%), 2.62%, 11/2/2032 (c)
1,609,000
1,424,774
General Motors Financial Co., Inc.
4.90%, 10/6/2029
500,000
502,900
2.35%, 1/8/2031
1,010,000
905,282
Mitsubishi HC Finance America LLC (Japan) 5.81%, 9/12/2028 (b)
200,000
204,885
Synchrony Financial (SOFRINDX + 2.13%), 5.94%, 8/2/2030 (c)
300,000
305,904
 
11,657,434
Consumer Staples Distribution & Retail — 0.1%
Kroger Co. (The) 5.00%, 9/15/2034
485,000
480,191
Containers & Packaging — 0.2%
Amcor Flexibles North America, Inc. 5.13%, 3/12/2036
190,000
186,527
Smurfit Westrock Financing DAC (Ireland) 5.42%, 1/15/2035
237,000
239,520
Sonoco Products Co. 5.00%, 9/1/2034
868,000
854,378
WRKCo, Inc. 4.90%, 3/15/2029
150,000
151,076
 
1,431,501
Diversified REITs — 0.2%
Safehold GL Holdings LLC 2.80%, 6/15/2031
271,000
245,321
Simon Property Group LP 2.45%, 9/13/2029
200,000
187,457
WP Carey, Inc.
2.40%, 2/1/2031
910,000
817,814
2.25%, 4/1/2033
893,000
747,927
 
1,998,519
Diversified Telecommunication Services — 0.5%
AT&T, Inc. 1.65%, 2/1/2028
1,261,000
1,206,471
Comcast Corp. 5.17%, 1/15/2037 (b)
1,574,000
1,536,732
NBN Co. Ltd. (Australia) 2.63%, 5/5/2031 (b)
700,000
638,185
Orange SA (France) 5.00%, 1/13/2036 (b)
250,000
245,412
Verizon Communications, Inc. 4.78%, 2/15/2035
770,000
749,290
 
4,376,090
Electric Utilities — 3.0%
Alabama Power Co. 5.85%, 11/15/2033
500,000
527,440
American Electric Power Co., Inc. 5.63%, 3/1/2033
100,000
103,845
Atlantic City Electric Co. 4.00%, 10/15/2028
20,000
19,840
Baltimore Gas and Electric Co. 5.30%, 6/1/2034
650,000
663,368
CenterPoint Energy Houston Electric LLC Series AA, 3.00%, 2/1/2027
310,000
307,868
Cleveland Electric Illuminating Co. (The)
3.50%, 4/1/2028 (b)
586,000
574,719
4.55%, 11/15/2030 (b)
390,000
384,176
Duke Energy Carolinas LLC 6.45%, 10/15/2032
790,000
858,368
Duke Energy Corp. 5.45%, 6/15/2034
550,000
563,008
Duke Energy Indiana LLC 5.25%, 3/1/2034
550,000
561,906
Duke Energy Ohio, Inc. 5.25%, 4/1/2033
73,000
74,610
Duquesne Light Holdings, Inc.
2.53%, 10/1/2030 (b)
421,000
378,698
2.78%, 1/7/2032 (b)
634,000
559,085
Edison International 5.25%, 11/15/2028
1,430,000
1,436,927
ENEL Finance International NV (Italy) 5.00%, 9/30/2035 (b)
360,000
351,121
Entergy Arkansas LLC 4.95%, 1/15/2036
1,370,000
1,347,182
JPMorgan Inflation Managed Bond ETF
SCHEDULE OF PORTFOLIO INVESTMENTS
AS OF May 31, 2026 (Unaudited) (continued)
INVESTMENTS
PRINCIPAL
AMOUNT($)
VALUE($)
Corporate Bonds — continued
Electric Utilities — continued
Entergy Louisiana LLC 1.60%, 12/15/2030
100,000
87,854
Evergy Metro, Inc. 5.40%, 4/1/2034
289,000
296,543
Evergy, Inc. 2.90%, 9/15/2029
379,000
359,756
Fells Point Funding Trust 3.05%, 1/31/2027 (b)
864,000
856,471
FirstEnergy Pennsylvania Electric Co. 3.25%, 3/15/2028 (b)
656,000
641,454
Florida Power & Light Co. 5.30%, 6/15/2034
1,140,000
1,169,620
Fortis, Inc. (Canada) 3.06%, 10/4/2026
1,021,000
1,017,071
Georgia Power Co. 4.85%, 3/15/2031
630,000
636,535
Interstate Power and Light Co.
4.10%, 9/26/2028
30,000
29,757
4.95%, 9/30/2034
142,000
140,537
ITC Holdings Corp. 2.95%, 5/14/2030 (b)
451,000
420,812
NextEra Energy Capital Holdings, Inc.
2.25%, 6/1/2030
200,000
182,486
5.30%, 3/15/2032
600,000
613,886
Niagara Mohawk Power Corp.
1.96%, 6/27/2030 (b)
570,000
512,583
5.11%, 1/12/2036 (b)
600,000
590,602
NRG Energy, Inc. 2.45%, 12/2/2027 (b)
865,000
837,462
Pacific Gas and Electric Co.
4.55%, 7/1/2030
978,999
965,900
5.70%, 3/1/2035
571,000
578,595
5.20%, 5/1/2036
400,000
390,114
PG&E Wildfire Recovery Funding LLC Series A-2, 4.26%, 6/1/2036
848,000
814,612
Potomac Electric Power Co. 5.20%, 3/15/2034
172,000
175,194
PPL Capital Funding, Inc. 5.25%, 9/1/2034
500,000
502,635
Public Service Co. of Oklahoma 5.20%, 1/15/2035
123,000
123,055
SCE Recovery Funding LLC
4.45%, 3/15/2036
490,000
483,990
Series A-2, 1.94%, 5/15/2038
285,000
220,926
Southern California Edison Co. 5.45%, 3/1/2035
1,000,000
999,151
Southern Co. (The) 5.70%, 3/15/2034
207,000
214,807
Southwestern Electric Power Co. Series M, 4.10%, 9/15/2028
1,080,000
1,069,955
Tampa Electric Co. 4.90%, 3/1/2029
274,000
276,807
Virginia Electric and Power Co. 5.15%, 3/15/2035
570,000
573,023
Vistra Operations Co. LLC 5.70%, 12/30/2034 (b)
640,000
647,440
 
25,141,794
Energy Equipment & Services — 0.1%
Halliburton Co. 2.92%, 3/1/2030
400,000
376,582
Schlumberger Holdings Corp. 3.90%, 5/17/2028 (b)
539,000
534,424
 
911,006
Entertainment — 0.1%
Take-Two Interactive Software, Inc. 5.60%, 6/12/2034
714,000
731,890
Financial Services — 0.5%
Corebridge Financial, Inc. 3.65%, 4/5/2027
300,000
298,479
Fiserv, Inc. 5.35%, 3/15/2031
910,000
921,043
Global Payments, Inc.
2.15%, 1/15/2027
901,000
888,435
3.20%, 8/15/2029
480,000
454,184
LSEG Finance plc (United Kingdom) 2.00%, 4/6/2028 (b)
890,000
850,822
JPMorgan Inflation Managed Bond ETF
SCHEDULE OF PORTFOLIO INVESTMENTS
AS OF May 31, 2026 (Unaudited) (continued)
INVESTMENTS
PRINCIPAL
AMOUNT($)
VALUE($)
Corporate Bonds — continued
Financial Services — continued
Nationwide Building Society (United Kingdom)
4.85%, 7/27/2027 (b)
700,000
704,154
5.13%, 7/29/2029 (b)
445,000
451,946
 
4,569,063
Food Products — 0.4%
Bimbo Bakeries USA, Inc. (Mexico) 6.05%, 1/15/2029 (b)
700,000
719,726
Bunge Ltd. Finance Corp.
4.20%, 9/17/2029
630,000
623,303
5.15%, 8/4/2035
350,000
349,732
General Mills, Inc. 4.95%, 3/29/2033
151,000
150,323
JBS NV 5.50%, 1/15/2036
760,000
758,275
Kraft Heinz Foods Co. 5.00%, 7/15/2035
680,000
663,221
Mars, Inc. 5.00%, 3/1/2032 (b)
217,000
219,275
 
3,483,855
Ground Transportation — 0.1%
Canadian Pacific Railway Co. (Canada) 2.05%, 3/5/2030
200,000
183,006
Uber Technologies, Inc. 4.80%, 9/15/2034
634,000
620,438
 
803,444
Health Care Equipment & Supplies — 0.1%
Solventum Corp. 5.60%, 3/23/2034
350,000
358,997
Zimmer Biomet Holdings, Inc. 5.50%, 2/19/2035
579,000
590,906
 
949,903
Health Care Providers & Services — 0.8%
Cencora, Inc. 5.15%, 2/15/2035
701,000
702,239
Cigna Group (The)
5.25%, 1/15/2036
594,000
596,249
3.20%, 3/15/2040
144,000
112,568
CommonSpirit Health
3.35%, 10/1/2029
455,000
435,695
2.78%, 10/1/2030
171,000
157,671
CVS Health Corp. 1.88%, 2/28/2031
831,000
730,109
HCA, Inc.
4.13%, 6/15/2029
964,000
950,312
3.50%, 9/1/2030
500,000
475,097
2.38%, 7/15/2031
900,000
798,541
4.60%, 11/15/2032
510,000
497,931
Humana, Inc. 3.95%, 3/15/2027
492,000
491,021
Quest Diagnostics, Inc.
3.45%, 6/1/2026
300,000
300,000
2.95%, 6/30/2030
93,000
87,163
2.80%, 6/30/2031
327,000
299,500
 
6,634,096
Health Care REITs — 0.3%
Alexandria Real Estate Equities, Inc. 3.38%, 8/15/2031
943,000
870,709
DOC DR LLC 2.63%, 11/1/2031
469,000
418,425
Healthpeak OP LLC 2.13%, 12/1/2028
470,000
443,761
Ventas Realty LP 3.25%, 10/15/2026
529,000
526,907
 
2,259,802
JPMorgan Inflation Managed Bond ETF
SCHEDULE OF PORTFOLIO INVESTMENTS
AS OF May 31, 2026 (Unaudited) (continued)
INVESTMENTS
PRINCIPAL
AMOUNT($)
VALUE($)
Corporate Bonds — continued
Hotels, Restaurants & Leisure — 0.2%
Expedia Group, Inc. 3.25%, 2/15/2030
1,345,000
1,276,911
Independent Power and Renewable Electricity Producers — 0.0% ^
Constellation Energy Generation LLC 4.40%, 1/15/2031
115,000
113,448
Insurance — 0.5%
Aon North America, Inc. 5.45%, 3/1/2034
860,000
878,751
Athene Global Funding 2.72%, 1/7/2029 (b)
1,124,000
1,060,506
CNO Global Funding
1.75%, 10/7/2026 (b)
681,000
674,996
2.65%, 1/6/2029 (b)
200,000
189,902
F&G Global Funding 2.30%, 4/11/2027 (b)
1,284,000
1,258,293
Five Corners Funding Trust II 2.85%, 5/15/2030 (b)
400,000
372,537
Principal Financial Group, Inc.
3.10%, 11/15/2026
20,000
19,891
3.70%, 5/15/2029
30,000
29,322
 
4,484,198
Interactive Media & Services — 0.3%
Alphabet, Inc. 4.80%, 2/15/2036
1,110,000
1,097,575
Meta Platforms, Inc.
4.60%, 11/15/2032
170,000
167,899
4.88%, 11/15/2035
365,000
356,628
5.25%, 5/15/2036
755,000
754,361
 
2,376,463
Leisure Products — 0.1%
Hasbro, Inc. 3.90%, 11/19/2029
592,000
577,168
Life Sciences Tools & Services — 0.1%
Thermo Fisher Scientific, Inc.
4.55%, 6/15/2033
365,000
359,777
4.90%, 2/12/2036
155,000
153,063
 
512,840
Media — 0.1%
Time Warner Cable Enterprises LLC 8.38%, 7/15/2033
1,076,000
1,209,127
Metals & Mining — 0.2%
Anglo American Capital plc (South Africa) 5.25%, 3/19/2036 (b)
290,000
287,509
Glencore Funding LLC (Australia)
2.50%, 9/1/2030 (b)
460,000
419,284
2.85%, 4/27/2031 (b)
740,000
675,088
 
1,381,881
Multi-Utilities — 0.7%
Ameren Corp. 5.00%, 1/15/2029
700,000
708,089
CenterPoint Energy, Inc. 1.45%, 6/1/2026
288,000
288,000
CMS Energy Corp. 2.95%, 2/15/2027
170,000
168,321
Consolidated Edison Co. of New York, Inc. 3.80%, 5/15/2028
10,000
9,909
Consumers Energy Co. 4.63%, 5/15/2033
340,000
336,325
DTE Energy Co. 5.20%, 4/1/2030
750,000
762,744
NiSource, Inc. 5.25%, 3/30/2028
566,000
573,803
PG&E Energy Recovery Funding LLC Series A-2, 2.28%, 1/15/2036
225,000
186,509
Public Service Enterprise Group, Inc. 1.60%, 8/15/2030
960,000
847,615
JPMorgan Inflation Managed Bond ETF
SCHEDULE OF PORTFOLIO INVESTMENTS
AS OF May 31, 2026 (Unaudited) (continued)
INVESTMENTS
PRINCIPAL
AMOUNT($)
VALUE($)
Corporate Bonds — continued
Multi-Utilities — continued
Puget Energy, Inc. 2.38%, 6/15/2028
1,004,000
959,847
Sempra 3.70%, 4/1/2029
860,000
840,404
 
5,681,566
Office REITs — 0.2%
COPT Defense Properties LP 2.00%, 1/15/2029
517,000
483,862
Kilroy Realty LP 2.65%, 11/15/2033
1,092,000
878,779
 
1,362,641
Oil, Gas & Consumable Fuels — 1.5%
Cameron LNG LLC 2.90%, 7/15/2031 (b)
146,000
133,376
Cheniere Energy Partners LP 5.55%, 10/30/2035
65,000
66,317
Cheniere Energy, Inc. 5.65%, 4/15/2034
540,000
556,139
Columbia Pipelines Holding Co. LLC
5.10%, 10/1/2031 (b)
830,000
834,744
5.68%, 1/15/2034 (b)
584,000
599,912
Columbia Pipelines Operating Co. LLC 5.44%, 2/15/2035 (b)
800,000
811,840
Coterra Energy, Inc. 3.90%, 5/15/2027
724,000
721,430
Enbridge, Inc. (Canada) 5.70%, 3/8/2033
859,000
892,902
Energy Transfer LP
5.25%, 7/1/2029
362,000
368,797
5.70%, 4/1/2035
1,180,000
1,214,695
Eni SpA (Italy) 4.25%, 5/9/2029 (b)
850,000
844,457
Enterprise Products Operating LLC
3.95%, 2/15/2027
442,000
441,766
5.20%, 1/15/2036
135,000
135,955
Flex Intermediate Holdco LLC 3.36%, 6/30/2031 (b)
1,640,000
1,513,613
MPLX LP
4.13%, 3/1/2027
458,000
457,425
2.65%, 8/15/2030
360,000
332,480
ONEOK, Inc. 4.95%, 10/15/2032
960,000
956,774
Pioneer Natural Resources Co. 1.90%, 8/15/2030
500,000
451,443
Plains All American Pipeline LP 3.55%, 12/15/2029
750,000
724,409
Sabine Pass Liquefaction LLC 4.50%, 5/15/2030
550,000
546,521
Suncor Energy, Inc. (Canada) 5.95%, 12/1/2034
216,000
226,938
Targa Resources Partners LP 4.00%, 1/15/2032
253,000
241,172
 
13,073,105
Pharmaceuticals — 0.3%
Bristol-Myers Squibb Co. 5.20%, 2/22/2034
847,000
866,911
Novartis Capital Corp. 4.90%, 3/18/2036
400,000
398,433
Takeda Pharmaceutical Co. Ltd. (Japan) 2.05%, 3/31/2030
1,100,000
1,001,072
 
2,266,416
Real Estate Management & Development — 0.1%
Mitsui Fudosan Co. Ltd. (Japan) 3.65%, 7/20/2027 (b)
519,000
514,927
Ontario Teachers' Cadillac Fairview Properties Trust (Canada) 3.88%, 3/20/2027 (b)
325,000
323,777
 
838,704
Residential REITs — 0.2%
Essex Portfolio LP 1.65%, 1/15/2031
939,000
816,761
Mid-America Apartments LP 1.70%, 2/15/2031
737,000
646,220
UDR, Inc.
3.50%, 1/15/2028
100,000
98,551
JPMorgan Inflation Managed Bond ETF
SCHEDULE OF PORTFOLIO INVESTMENTS
AS OF May 31, 2026 (Unaudited) (continued)
INVESTMENTS
PRINCIPAL
AMOUNT($)
VALUE($)
Corporate Bonds — continued
Residential REITs — continued
3.20%, 1/15/2030
260,000
247,935
2.10%, 8/1/2032
266,000
226,173
 
2,035,640
Retail REITs — 0.4%
Brixmor Operating Partnership LP
2.25%, 4/1/2028
436,000
418,753
2.50%, 8/16/2031
440,000
392,954
NNN REIT, Inc.
3.60%, 12/15/2026
247,000
246,052
4.30%, 10/15/2028
930,000
926,358
Realty Income Corp. 4.13%, 10/15/2026
650,000
650,178
Regency Centers LP 3.70%, 6/15/2030
350,000
339,095
 
2,973,390
Semiconductors & Semiconductor Equipment — 0.4%
Broadcom, Inc.
5.05%, 7/12/2029
414,000
421,222
5.15%, 11/15/2031
608,000
621,103
3.14%, 11/15/2035 (b)
200,000
170,371
4.80%, 2/15/2036
90,000
87,622
Marvell Technology, Inc.
2.95%, 4/15/2031
1,202,000
1,107,664
5.45%, 7/15/2035
42,000
42,974
NXP BV (Netherlands) 2.50%, 5/11/2031
1,128,000
1,014,399
 
3,465,355
Software — 0.4%
Oracle Corp.
2.65%, 7/15/2026
60,000
59,886
4.50%, 5/6/2028
95,000
94,794
2.88%, 3/25/2031
502,000
449,647
4.80%, 9/26/2032
1,070,000
1,028,175
5.70%, 2/4/2036
360,000
353,691
6.50%, 4/15/2038
50,000
51,221
Roper Technologies, Inc. 4.90%, 10/15/2034
600,000
579,571
Synopsys, Inc. 5.15%, 4/1/2035
745,000
744,017
Workday, Inc. 3.50%, 4/1/2027
300,000
298,005
 
3,659,007
Specialized REITs — 0.4%
American Tower Corp. 1.45%, 9/15/2026
1,798,000
1,784,390
Equinix, Inc. 2.90%, 11/18/2026
605,000
601,117
Extra Space Storage LP
2.20%, 10/15/2030
1,080,000
970,358
2.35%, 3/15/2032
467,000
405,789
 
3,761,654
Specialty Retail — 0.2%
AutoZone, Inc. 1.65%, 1/15/2031
565,000
492,669
O'Reilly Automotive, Inc.
5.75%, 11/20/2026
195,000
196,140
JPMorgan Inflation Managed Bond ETF
SCHEDULE OF PORTFOLIO INVESTMENTS
AS OF May 31, 2026 (Unaudited) (continued)
INVESTMENTS
PRINCIPAL
AMOUNT($)
VALUE($)
Corporate Bonds — continued
Specialty Retail — continued
3.60%, 9/1/2027
403,000
399,215
1.75%, 3/15/2031
280,000
244,977
 
1,333,001
Technology Hardware, Storage & Peripherals — 0.0% ^
Dell International LLC 5.30%, 4/1/2032
382,000
390,157
Hewlett Packard Enterprise Co. 5.00%, 10/15/2034
42,000
41,199
 
431,356
Tobacco — 0.2%
Altria Group, Inc. 2.45%, 2/4/2032
892,000
785,791
BAT Capital Corp. (United Kingdom) 2.26%, 3/25/2028
1,086,000
1,044,832
 
1,830,623
Trading Companies & Distributors — 0.0% ^
Aviation Capital Group LLC 5.13%, 4/10/2030 (b)
385,000
386,634
Water Utilities — 0.1%
American Water Capital Corp. 5.25%, 3/1/2035
800,000
812,423
Wireless Telecommunication Services — 0.2%
T-Mobile USA, Inc.
4.95%, 3/15/2028
640,000
646,198
3.88%, 4/15/2030
1,304,000
1,268,913
 
1,915,111
Total Corporate Bonds
(Cost $234,005,388)
232,513,363
Mortgage-Backed Securities — 9.3%
FHLMC Gold Pools, 20 Year
Pool # C91030, 5.50%, 5/1/2027
3,461
3,482
Pool # C91802, 3.50%, 1/1/2035
1,256,712
1,216,011
FHLMC Gold Pools, 30 Year
Pool # A15232, 5.00%, 10/1/2033
63,627
63,243
Pool # A57681, 6.00%, 12/1/2036
427
448
Pool # G06493, 4.50%, 5/1/2041
303,794
301,378
FHLMC Gold Pools, Other
Pool # WN1157, 1.80%, 11/1/2028
1,000,000
942,062
Pool # U90690, 3.50%, 6/1/2042
308,046
288,415
FHLMC UMBS, 30 Year
Pool # ZM6956, 4.50%, 6/1/2048
622,970
609,628
Pool # RA7937, 5.00%, 9/1/2052
2,914,614
2,894,107
Pool # SD8324, 5.50%, 5/1/2053
1,377,565
1,388,503
Pool # SD3518, 5.50%, 7/1/2053
1,521,731
1,539,886
Pool # SD3900, 5.50%, 8/1/2053
1,230,790
1,239,336
Pool # QI4131, 5.50%, 4/1/2054
1,957,348
1,969,872
Pool # SD5568, 5.50%, 5/1/2054
2,209,825
2,221,516
Pool # QJ5547, 5.50%, 9/1/2054
2,091,950
2,119,049
Pool # QJ7687, 5.50%, 11/1/2054
2,097,849
2,136,391
Pool # RJ2914, 5.50%, 11/1/2054
2,964,706
2,993,850
FNMA UMBS, 20 Year
Pool # MA1138, 3.50%, 8/1/2032
181,519
177,625
Pool # AP9584, 3.00%, 10/1/2032
801,551
773,673
FNMA UMBS, 30 Year
Pool # AL0045, 6.00%, 12/1/2032
76,478
78,318
JPMorgan Inflation Managed Bond ETF
SCHEDULE OF PORTFOLIO INVESTMENTS
AS OF May 31, 2026 (Unaudited) (continued)
INVESTMENTS
PRINCIPAL
AMOUNT($)
VALUE($)
Mortgage-Backed Securities — continued
Pool # 735503, 6.00%, 4/1/2035
22,845
23,549
Pool # 888460, 6.50%, 10/1/2036
145,337
154,476
Pool # 888890, 6.50%, 10/1/2037
3,550
3,779
Pool # 949320, 7.00%, 10/1/2037
17,223
18,210
Pool # 995149, 6.50%, 10/1/2038
8,587
8,950
Pool # 994410, 7.00%, 11/1/2038
73,275
77,472
Pool # AD9151, 5.00%, 8/1/2040
136,456
138,179
Pool # AE0681, 4.50%, 12/1/2040
302,006
299,230
Pool # BM3500, 4.00%, 9/1/2047
611,202
591,538
Pool # BM3499, 4.00%, 12/1/2047
760,411
722,726
Pool # BE8354, 4.00%, 3/1/2048
393,902
374,357
Pool # FM9776, 3.00%, 11/1/2051
1,820,376
1,610,136
Pool # FS7749, 3.00%, 2/1/2052
904,955
799,443
Pool # FS9551, 5.50%, 9/1/2053
1,237,691
1,249,612
Pool # DA4015, 6.00%, 10/1/2053
452,573
469,694
Pool # FS6668, 5.50%, 12/1/2053
1,036,813
1,044,572
Pool # CB8151, 5.50%, 3/1/2054
1,868,509
1,880,388
Pool # DB2385, 5.50%, 6/1/2054
3,015,114
3,030,280
Pool # DB3630, 5.50%, 6/1/2054
2,556,895
2,578,970
Pool # BU5025, 5.50%, 9/1/2054
1,719,430
1,731,375
Pool # FS9262, 5.50%, 10/1/2054
1,711,367
1,728,155
Pool # DB1954, 5.00%, 11/1/2054
2,394,138
2,357,091
FNMA, Other
Pool # AN1247, 2.64%, 6/1/2026
1,576,000
1,571,883
Pool # AN6732, 2.83%, 5/1/2027
1,127,765
1,113,119
Pool # AN7338, 3.06%, 11/1/2027
902,010
888,310
Pool # AN7943, 3.10%, 1/1/2028
2,258,073
2,219,228
Pool # BS8224, 4.10%, 5/1/2028
3,775,000
3,761,537
Pool # AN9486, 3.57%, 6/1/2028
3,547,706
3,494,594
Pool # AN2069, 2.35%, 8/1/2028
1,306,953
1,256,773
Pool # BL0907, 3.88%, 12/1/2028
695,770
688,292
Pool # BM4162, 3.12%, 10/1/2029 (f)
91,593
88,924
Pool # BL4333, 2.52%, 11/1/2029
1,075,820
1,015,585
Pool # BS5117, 2.58%, 3/1/2032
2,393,690
2,169,965
Pool # BS8503, 4.62%, 5/1/2033
1,000,000
1,002,298
Pool # BS2933, 1.82%, 9/1/2033
3,400,000
2,824,602
Pool # MA1125, 4.00%, 7/1/2042
386,989
373,096
Pool # MA1437, 3.50%, 5/1/2043
554,545
518,547
Pool # MA1463, 3.50%, 6/1/2043
536,647
501,808
Pool # BF0669, 4.00%, 6/1/2052
1,627,890
1,544,427
Pool # BF0230, 5.50%, 1/1/2058
2,579,560
2,672,732
Pool # BM7238, 3.00%, 4/1/2059
1,896,964
1,639,260
Pool # BM6734, 4.00%, 8/1/2059
2,823,073
2,637,566
Pool # BF0736, 4.00%, 6/1/2063
1,985,225
1,835,691
GNMA II, 30 Year
Pool # 4245, 6.00%, 9/20/2038
46,114
48,491
Pool # BA7567, 4.50%, 5/20/2048
538,688
517,356
Pool # BI0416, 4.50%, 11/20/2048
61,177
59,335
Pool # BM9692, 4.50%, 7/20/2049
191,171
184,596
Total Mortgage-Backed Securities
(Cost $79,496,824)
78,476,990
Asset-Backed Securities — 8.1%
Air Canada Pass-Through Trust (Canada) Series 2017-1, Class AA, 3.30%, 1/15/2030 (b)
304,304
289,552
JPMorgan Inflation Managed Bond ETF
SCHEDULE OF PORTFOLIO INVESTMENTS
AS OF May 31, 2026 (Unaudited) (continued)
INVESTMENTS
PRINCIPAL
AMOUNT($)
VALUE($)
Asset-Backed Securities — continued
Aligned Data Centers Issuer LLC Series 2021-1A, Class A2, 1.94%, 8/15/2046 (b)
1,966,000
1,955,685
American Airlines Pass-Through Trust
Series 2016-3, Class AA, 3.00%, 10/15/2028
60,383
58,347
Series 2021-1, Class B, 3.95%, 7/11/2030
762,405
731,365
American Credit Acceptance Receivables Trust
Series 2026-2, Class B, 4.50%, 10/8/2030 (b)
545,000
543,833
Series 2026-1, Class D, 5.10%, 1/12/2033 (b)
1,110,000
1,102,632
AmeriCredit Automobile Receivables Trust Series 2024-1, Class B, 5.38%, 6/18/2029
1,020,000
1,031,020
AMSR Trust Series 2026-SFR1, Class B, 3.78%, 4/17/2043 (b)
750,000
698,268
Avis Budget Rental Car Funding AESOP LLC Series 2024-2A, Class A, 5.13%, 10/20/2028 (b)
467,000
471,049
Bridgecrest Lending Auto Securitization Trust
Series 2025-2, Class C, 5.17%, 3/17/2031
632,000
636,104
Series 2025-3, Class C, 4.81%, 5/15/2031
390,000
390,633
Series 2026-1, Class C, 4.44%, 11/17/2031
425,000
420,428
Series 2026-2, Class C, 4.88%, 2/17/2032
445,000
444,209
Business Jet Securities LLC
Series 2022-1A, Class A, 4.46%, 6/15/2037 ‡ (b)
490,649
485,083
Series 2024-2A, Class A, 5.36%, 9/15/2039 ‡ (b)
637,732
635,737
Carmax Auto Owner Trust
Series 2025-2, Class A3, 4.48%, 3/15/2030
464,000
465,678
Series 2025-3, Class A3, 4.35%, 7/15/2030
370,000
370,764
CarMax Auto Owner Trust Series 2023-4, Class A3, 6.00%, 7/17/2028
114,513
115,466
Carvana Auto Receivables Trust
Series 2021-P4, Class A4, 1.64%, 12/10/2027
566,497
564,621
Series 2024-P4, Class A3, 4.64%, 1/10/2030
241,798
242,531
Series 2025-P3, Class A3, 4.04%, 11/11/2030
1,000,000
997,125
Consumer Portfolio Services Auto Trust Series 2025-B, Class A, 4.74%, 2/15/2029 (b)
188,284
188,570
CoreVest American Finance Trust
Series 2019-3, Class A, 2.71%, 10/15/2052 (b)
11,608
11,587
Series 2022-1, Class A, 4.74%, 6/17/2055 (b) (f)
212,805
213,769
CPS Auto Receivables Trust
Series 2026-B, Class B, 4.59%, 12/16/2030 (b)
1,055,000
1,052,548
Series 2024-D, Class C, 4.76%, 1/15/2031 (b)
235,000
235,197
Credit Acceptance Auto Loan Trust
Series 2023-1A, Class B, 7.02%, 5/16/2033 (b)
329,170
329,584
Series 2024-1A, Class A, 5.68%, 3/15/2034 (b)
619,957
621,997
Series 2024-2A, Class A, 5.95%, 6/15/2034 (b)
1,500,000
1,512,437
Series 2024-3A, Class A, 4.68%, 9/15/2034 (b)
1,066,000
1,067,928
Series 2025-1A, Class A, 5.02%, 3/15/2035 (b)
957,000
960,890
Series 2025-2A, Class A, 4.50%, 11/15/2035 (b)
1,400,000
1,395,597
Series 2026-1A, Class B, 4.96%, 6/16/2036 (b)
350,000
347,797
Crossroads Asset Trust Series 2025-A, Class A2, 4.91%, 2/20/2032 (b)
228,354
229,484
Dell Equipment Finance Trust Series 2025-1, Class A3, 4.61%, 2/24/2031 (b)
232,000
233,047
Drive Auto Receivables Trust
Series 2024-2, Class A3, 4.50%, 9/15/2028
97,787
97,817
Series 2024-2, Class C, 4.67%, 5/17/2032
376,000
377,597
Series 2025-2, Class C, 4.39%, 9/15/2032
495,000
491,549
Series 2025-1, Class C, 4.99%, 9/15/2032
264,000
265,496
Exeter Automobile Receivables Trust
Series 2023-1A, Class D, 6.69%, 6/15/2029
165,147
166,794
Series 2024-3A, Class C, 5.70%, 7/16/2029
284,000
286,067
Series 2026-2A, Class B, 4.66%, 1/15/2031
530,000
529,728
Series 2025-4A, Class C, 4.57%, 6/16/2031
730,000
727,374
JPMorgan Inflation Managed Bond ETF
SCHEDULE OF PORTFOLIO INVESTMENTS
AS OF May 31, 2026 (Unaudited) (continued)
INVESTMENTS
PRINCIPAL
AMOUNT($)
VALUE($)
Asset-Backed Securities — continued
Series 2025-3A, Class C, 5.09%, 10/15/2031
427,000
429,798
Series 2025-5A, Class C, 4.68%, 3/15/2032
320,000
318,799
Series 2026-1A, Class C, 4.40%, 5/17/2032
410,000
404,462
FHF Trust Series 2023-1A, Class A2, 6.57%, 6/15/2028 (b)
34,748
34,831
FirstKey Homes Trust
Series 2021-SFR1, Class E1, 2.39%, 8/17/2038 (b)
600,000
595,834
Series 2021-SFR2, Class D, 2.06%, 9/17/2038 (b)
2,900,000
2,872,506
Ford Credit Auto Owner Trust Series 2026-1, Class A, 4.32%, 8/15/2038 (b) (e)
1,095,000
1,083,298
FRTKL Series 2021-SFR1, Class A, 1.57%, 9/17/2038 (b)
2,118,000
2,096,233
GLS Auto Receivables Issuer Trust
Series 2026-2A, Class B, 4.63%, 9/16/2030 (b)
435,000
434,654
Series 2025-4A, Class C, 4.74%, 8/15/2031 (b)
670,000
665,962
GLS Auto Select Receivables Trust Series 2025-1A, Class A2, 4.71%, 4/15/2030 (b)
217,808
218,565
GM Financial Automobile Leasing Trust Series 2024-2, Class A3, 5.39%, 7/20/2027
118,288
118,453
GreenSky Home Improvement Issuer Trust Series 2025-3A, Class A2, 4.59%, 12/27/2060 (b)
345,000
342,962
HERO Funding (Cayman Islands) Series 2017-3A, Class A2, 3.95%, 9/20/2048 (b)
82,015
76,573
Hertz Vehicle Financing LLC
Series 2025-3A, Class A, 5.06%, 12/26/2029 (b)
1,330,000
1,337,576
Series 2025-2A, Class A, 5.13%, 9/25/2031 (b)
260,000
260,966
Hilton Grand Vacations Trust
Series 2026-1A, Class B, 5.01%, 2/25/2043 (b)
371,258
370,316
Series 2025-2A, Class A, 4.54%, 5/25/2044 (b)
276,338
275,600
Series 2025-2A, Class B, 4.73%, 5/25/2044 (b)
236,385
233,732
Series 2025-3EXT, Class B, 4.90%, 10/25/2044 (b)
294,031
291,822
Home Partners of America Trust Series 2022-1, Class D, 4.73%, 4/17/2039 (b)
1,144,021
1,133,159
Hyundai Auto Lease Securitization Trust
Series 2025-A, Class A3, 4.83%, 1/18/2028 (b)
497,000
499,217
Series 2025-B, Class A3, 4.53%, 4/17/2028 (b)
497,000
498,785
Series 2026-A, Class A3, 3.97%, 12/15/2028 (b)
470,000
467,974
Hyundai Auto Receivables Trust Series 2025-A, Class A3, 4.32%, 10/15/2029
714,000
714,963
Kubota Credit Owner Trust Series 2023-1A, Class A3, 5.02%, 6/15/2027 (b)
174,959
175,187
Lendmark Funding Trust Series 2025-1A, Class A, 4.94%, 9/20/2034 (b)
733,000
735,906
M&T Bank RV Trust Series 2026-1A, Class A, 4.35%, 1/15/2046 (b)
282,626
279,186
Mariner Finance Issuance Trust Series 2026-AA, Class B, 5.30%, 5/20/2039 (b)
620,000
623,967
Mercedes-Benz Auto Lease Trust Series 2025-A, Class A4, 4.69%, 2/18/2031
255,000
256,598
MVW LLC
Series 2021-2A, Class A, 1.43%, 5/20/2039 (b)
248,973
237,853
Series 2021-1WA, Class A, 1.14%, 1/22/2041 (b)
45,255
44,020
Series 2025-1A, Class B, 5.21%, 9/22/2042 (b)
269,514
270,339
Series 2024-1A, Class A, 5.32%, 2/20/2043 (b)
379,182
384,662
Series 2026-1A, Class A, 4.67%, 3/20/2043 (b)
684,862
680,878
Nissan Auto Lease Trust Series 2025-A, Class A3, 4.75%, 3/15/2028
1,145,000
1,151,241
OneMain Direct Auto Receivables Trust
Series 2023-1A, Class A, 5.41%, 11/14/2029 (b)
1,839,496
1,850,995
Series 2026-1A, Class C, 4.86%, 5/15/2034 (b)
485,000
478,485
Oportun Issuance Trust Series 2026-A, Class B, 5.06%, 1/9/2034 (b)
590,000
587,926
Prestige Auto Receivables Trust Series 2024-2A, Class B, 4.56%, 2/15/2029 (b)
82,729
82,709
Progress Residential Trust
Series 2021-SFR8, Class E1, 2.38%, 10/17/2038 (b)
1,144,000
1,131,853
Series 2021-SFR11, Class A, 2.28%, 1/17/2039 (b)
1,965,500
1,842,235
Series 2023-SFR1, Class A, 4.30%, 3/17/2040 (b)
1,225,371
1,212,347
Series 2021-SFR9, Class E1, 2.81%, 11/17/2040 (b)
1,048,000
988,404
Series 2025-SFR1, Class A, 3.40%, 2/17/2042 (b)
1,096,123
1,040,715
JPMorgan Inflation Managed Bond ETF
SCHEDULE OF PORTFOLIO INVESTMENTS
AS OF May 31, 2026 (Unaudited) (continued)
INVESTMENTS
PRINCIPAL
AMOUNT($)
VALUE($)
Asset-Backed Securities — continued
Series 2025-SFR2, Class A, 3.31%, 4/17/2042 (b)
1,241,019
1,169,850
Purchasing Power Funding LLC Series 2026-A, Class A, 4.37%, 8/15/2030 (b)
540,000
535,763
Reach ABS Trust Series 2026-1A, Class C, 4.80%, 2/15/2033 (b)
765,000
756,700
Santander Drive Auto Receivables Trust
Series 2024-4, Class B, 4.93%, 9/17/2029
583,000
586,032
Series 2023-5, Class B, 6.16%, 12/17/2029
658,477
663,307
Series 2024-2, Class C, 5.84%, 6/17/2030
298,000
302,239
Series 2024-3, Class C, 5.64%, 8/15/2030
1,108,000
1,123,725
Series 2025-1, Class C, 5.04%, 3/17/2031
476,000
479,370
Series 2025-3, Class C, 4.68%, 9/15/2031
380,000
379,733
Series 2025-4, Class C, 4.52%, 1/15/2032
95,000
94,631
Series 2026-1, Class C, 4.26%, 4/15/2032
375,000
370,533
SCF Equipment Leasing LLC
Series 2024-1A, Class A3, 5.52%, 1/20/2032 (b)
243,960
247,114
Series 2024-1A, Class B, 5.56%, 4/20/2032 (b)
1,000,000
1,016,880
Series 2025-2A, Class C, 4.82%, 6/20/2036 (b)
285,000
278,561
Sierra Timeshare Receivables Funding LLC Series 2022-2A, Class A, 4.73%, 6/20/2040 (b)
24,078
24,106
SpringCastle America Funding LLC Series 2020-AA, Class A, 1.97%, 9/25/2037 (b)
83,318
78,465
Stream Innovations Issuer Trust Series 2025-1A, Class A, 5.05%, 9/15/2045 (b)
477,874
477,180
Tesla Auto Lease Trust Series 2024-A, Class A3, 5.30%, 6/21/2027 (b)
42,095
42,148
Toyota Auto Receivables Owner Trust
Series 2026-A, Class A3, 3.86%, 9/16/2030
430,000
426,503
Series 2026-B, Class A3, 4.13%, 12/16/2030
667,000
664,019
United Airlines Pass-Through Trust
Series 2016-1, Class AA, 3.10%, 7/7/2028
586,234
569,470
Series 2016-2, Class AA, 2.88%, 10/7/2028
617,395
593,790
Series 2018-1, Class AA, 3.50%, 3/1/2030
392,410
380,201
Series 2018-1, Class A, 3.70%, 3/1/2030
656,294
627,936
Veros Auto Receivables Trust Series 2026-1, Class B, 4.84%, 5/15/2029 (b)
125,000
124,896
Volkswagen Auto Lease Trust Series 2024-A, Class A3, 5.21%, 6/21/2027
289,443
289,908
VOLT C LLC Series 2021-NPL9, Class A1, 5.99%, 5/25/2051 (b) (e)
100,218
100,234
Western Funding Auto Loan Trust Series 2025-1, Class C, 5.34%, 11/15/2035 (b)
591,000
594,025
Westgate Resorts LLC
Series 2024-1A, Class B, 6.56%, 1/20/2038 (b)
500,583
504,908
Series 2026-1A, Class B, 5.47%, 10/20/2039 (b)
608,630
608,073
Westlake Automobile Receivables Trust Series 2023-1A, Class C, 5.74%, 8/15/2028 (b)
50,735
50,827
World Omni Auto Receivables Trust Series 2023-D, Class A3, 5.79%, 2/15/2029
144,071
145,387
World Omni Automobile Lease Securitization Trust Series 2025-A, Class A3, 4.42%, 4/17/2028
312,000
312,847
Total Asset-Backed Securities
(Cost $68,675,932)
68,444,891
Commercial Mortgage-Backed Securities — 3.7%
20 Times Square Trust Series 2018-20TS, Class A, 3.10%, 5/15/2035 (b) (f)
331,890
313,636
BXP Trust Series 2017-GM, Class A, 3.38%, 6/13/2039 (b)
1,500,000
1,478,337
FHLMC, Multi-Family Structured Pass-Through Certificates
Series K737, Class AM, 2.10%, 10/25/2026
3,110,000
3,081,787
Series K072, Class A2, 3.44%, 12/25/2027
473,000
467,491
Series K083, Class A2, 4.05%, 9/25/2028 (f)
594,000
589,993
Series K145, Class AM, 2.58%, 6/25/2032
880,000
787,436
Series KJ44, Class A2, 4.61%, 2/25/2033
1,900,000
1,894,890
FNMA ACES
Series 2015-M10, Class A2, 3.09%, 4/25/2027 (f)
614,208
609,793
Series 2017-M8, Class A2, 3.06%, 5/25/2027 (f)
900,198
891,331
Series 2017-M12, Class A2, 3.06%, 6/25/2027 (f)
1,987,547
1,965,802
JPMorgan Inflation Managed Bond ETF
SCHEDULE OF PORTFOLIO INVESTMENTS
AS OF May 31, 2026 (Unaudited) (continued)
INVESTMENTS
PRINCIPAL
AMOUNT($)
VALUE($)
Commercial Mortgage-Backed Securities — continued
Series 2017-M13, Class A2, 2.93%, 9/25/2027 (f)
310,572
305,955
Series 2018-M2, Class A2, 2.93%, 1/25/2028 (f)
2,591,123
2,538,690
Series 2018-M4, Class A2, 3.07%, 3/25/2028 (f)
1,457,338
1,431,240
Series 2018-M9, Class APT2, 3.10%, 4/25/2028 (f)
1,982,512
1,938,903
Series 2018-M14, Class A2, 3.58%, 8/25/2028 (f)
360,242
354,768
Series 2017-M5, Class A2, 3.02%, 4/25/2029 (f)
1,537,403
1,489,815
Series 2018-M3, Class A2, 3.07%, 2/25/2030 (f)
787,297
756,262
Series 2020-M50, Class A2, 1.20%, 10/25/2030
326,167
316,789
Series 2020-M50, Class X1, IO, 1.82%, 10/25/2030 (f)
5,260,584
147,952
Series 2021-M11, Class A2, 1.46%, 3/25/2031 (f)
1,517,000
1,324,456
Series 2022-M1G, Class A2, 1.53%, 9/25/2031 (f)
5,000,000
4,376,834
Series 2026-M9, Class A1, 1.57%, 10/25/2031 (f)
131,479
118,394
Series 2026-M9, Class A, 1.57%, 1/25/2033 (f)
132,151
116,882
Series 2026-M9, Class A2, 1.57%, 1/25/2033 (f)
617,488
520,316
Series 2021-M3, Class X1, IO, 1.83%, 11/25/2033 (f)
233,464
12,954
Morgan Stanley Capital I Trust Series 2021-PLZA, Class A, 2.57%, 11/9/2043 (b)
1,958,000
1,709,782
MRCD MARK Mortgage Trust Series 2019-PARK, Class A, 2.72%, 12/15/2036 (b)
300,000
270,000
SLG Office Trust Series 2021-OVA, Class A, 2.59%, 7/15/2041 (b)
1,770,000
1,577,773
Total Commercial Mortgage-Backed Securities
(Cost $32,461,943)
31,388,261
Collateralized Mortgage Obligations — 3.3%
Citigroup Mortgage Loan Trust Series 2004-HYB4, Class WA, 6.60%, 12/25/2034 (f)
2,463
2,473
Citigroup Mortgage Loan Trust, Inc. Series 2003-1, Class 3A4, 5.25%, 9/25/2033
2,482
2,447
FHLMC Seasoned Credit Risk Transfer Trust
Series 2018-1, Class M60C, 3.50%, 5/25/2057
1,068,801
994,937
Series 2017-4, Class M60C, 3.50%, 6/25/2057
1,069,610
994,210
Series 2017-4, Class MT, 3.50%, 6/25/2057
289,268
263,199
Series 2018-2, Class M55D, 4.00%, 11/25/2057
1,104,687
1,043,034
Series 2019-3, Class M55D, 4.00%, 10/25/2058
253,480
237,728
Series 2020-1, Class M55G, 3.00%, 8/25/2059
2,577,890
2,313,388
FHLMC, REMIC
Series 3911, Class B, 3.50%, 8/15/2026
3,489
3,481
Series 3959, Class PB, 3.00%, 11/15/2026
85,733
85,398
Series 3337, Class MD, 5.50%, 6/15/2027
1,484
1,484
Series 2110, Class PG, 6.00%, 1/15/2029
11,398
11,472
Series 3563, Class LB, 4.00%, 8/15/2029
1,687
1,670
Series 3653, Class B, 4.50%, 4/15/2030
22,061
22,046
Series 3824, Class EY, 3.50%, 3/15/2031
72,032
70,774
Series 2525, Class AM, 4.50%, 4/15/2032
172,198
172,109
Series 2441, Class GF, 6.50%, 4/15/2032
5,655
5,858
Series 2436, Class MC, 7.00%, 4/15/2032
1,639
1,666
Series 2760, Class KT, 4.50%, 9/15/2032
21,422
21,362
Series 2505, Class D, 5.50%, 9/15/2032
23,223
23,648
Series 2544, Class KE, 5.50%, 12/15/2032
17,056
17,421
Series 2557, Class HL, 5.30%, 1/15/2033
39,317
39,446
Series 2575, Class PE, 5.50%, 2/15/2033
14,338
14,624
Series 2586, Class WG, 4.00%, 3/15/2033
49,984
49,170
Series 2596, Class QD, 4.00%, 3/15/2033
45,193
43,856
Series 2621, Class QH, 5.00%, 5/15/2033
57,152
57,802
Series 2624, Class QH, 5.00%, 6/15/2033
67,466
68,230
Series 2648, Class BK, 5.00%, 7/15/2033
6,608
6,678
Series 4238, Class UY, 3.00%, 8/15/2033
1,270,232
1,221,357
Series 2673, Class PE, 5.50%, 9/15/2033
101,926
104,352
JPMorgan Inflation Managed Bond ETF
SCHEDULE OF PORTFOLIO INVESTMENTS
AS OF May 31, 2026 (Unaudited) (continued)
INVESTMENTS
PRINCIPAL
AMOUNT($)
VALUE($)
Collateralized Mortgage Obligations — continued
Series 2696, Class DG, 5.50%, 10/15/2033
93,513
96,160
Series 2725, Class TA, 4.50%, 12/15/2033
178,287
177,246
Series 2733, Class ME, 5.00%, 1/15/2034
89,569
90,178
Series 2768, Class PK, 5.00%, 3/15/2034
98,130
98,129
Series 2934, Class KG, 5.00%, 2/15/2035
77,767
78,261
Series 2960, Class JH, 5.50%, 4/15/2035
200,157
205,319
Series 3082, Class PW, 5.50%, 12/15/2035
14,988
15,294
Series 3084, Class BH, 5.50%, 12/15/2035
318,789
325,440
Series 3098, Class KG, 5.50%, 1/15/2036
347,584
354,963
Series 3136, Class CO, PO, 4/15/2036
3,714
3,247
Series 3145, Class AJ, 5.50%, 4/15/2036
13,976
14,288
Series 3819, Class ZQ, 6.00%, 4/15/2036
228,093
236,727
Series 3200, PO, 8/15/2036
25,901
22,204
Series 3270, Class AT, 5.50%, 1/15/2037
8,051
8,231
Series 3272, Class PA, 6.00%, 2/15/2037
2,522
2,647
Series 3348, Class HT, 6.00%, 7/15/2037
22,970
23,932
Series 3501, Class A, 4.50%, 1/15/2039
77,598
75,227
Series 3508, Class PK, 4.00%, 2/15/2039
1,421
1,353
Series 3513, Class A, 4.50%, 2/15/2039
5,118
5,083
Series 3653, Class HJ, 5.00%, 4/15/2040
225,009
227,632
Series 3677, Class KB, 4.50%, 5/15/2040
462,002
458,221
Series 3677, Class PB, 4.50%, 5/15/2040
199,946
199,963
Series 3715, Class PC, 4.50%, 8/15/2040
73,878
73,325
Series 3955, Class HB, 3.00%, 12/15/2040
8,269
8,244
Series 3828, Class PU, 4.50%, 3/15/2041
33,897
33,802
Series 3852, Class TP, IF, 5.50%, 5/15/2041 (f)
94,727
92,160
Series 3956, Class EB, 3.25%, 11/15/2041
529,266
492,335
Series 3963, Class JB, 4.50%, 11/15/2041
727,062
715,639
Series 4026, Class MQ, 4.00%, 4/15/2042
28,824
28,070
Series 4616, Class HP, 3.00%, 9/15/2046
734,539
662,255
Series 3688, Class GT, 7.45%, 11/15/2046 (f)
10,720
11,329
FHLMC, STRIPS Series 262, Class 35, 3.50%, 7/15/2042
321,924
299,811
FNMA, REMIC
Series 1997-57, Class PN, 5.00%, 9/18/2027
4,010
3,999
Series 2009-39, Class LB, 4.50%, 6/25/2029
15,218
15,135
Series 2009-96, Class DB, 4.00%, 11/25/2029
15,260
15,143
Series 2010-28, Class DE, 5.00%, 4/25/2030
61,199
61,584
Series 2001-63, Class TC, 6.00%, 12/25/2031
15,703
16,040
Series 2001-81, Class HE, 6.50%, 1/25/2032
41,121
42,508
Series 2002-75, Class GB, 5.50%, 11/25/2032
4,823
4,805
Series 2011-39, Class ZA, 6.00%, 11/25/2032
180,936
186,165
Series 2002-85, Class PE, 5.50%, 12/25/2032
14,449
14,727
Series 2003-21, Class OU, 5.50%, 3/25/2033
13,240
13,395
Series 2003-26, Class EB, 3.50%, 4/25/2033
302,196
293,790
Series 2003-23, Class CH, 5.00%, 4/25/2033
11,342
11,464
Series 2003-63, Class YB, 5.00%, 7/25/2033
42,143
42,373
Series 2003-69, Class N, 5.00%, 7/25/2033
77,433
77,875
Series 2003-80, Class QG, 5.00%, 8/25/2033
86,944
87,440
Series 2003-85, Class QD, 5.50%, 9/25/2033
42,056
42,979
Series 2005-5, Class CK, 5.00%, 1/25/2035
29,515
29,355
Series 2005-29, Class WC, 4.75%, 4/25/2035
62,025
61,415
Series 2005-48, Class TD, 5.50%, 6/25/2035
101,618
103,539
Series 2005-53, Class MJ, 5.50%, 6/25/2035
99,633
101,461
JPMorgan Inflation Managed Bond ETF
SCHEDULE OF PORTFOLIO INVESTMENTS
AS OF May 31, 2026 (Unaudited) (continued)
INVESTMENTS
PRINCIPAL
AMOUNT($)
VALUE($)
Collateralized Mortgage Obligations — continued
Series 2005-58, Class EP, 5.50%, 7/25/2035
4,401
4,476
Series 2005-68, Class BE, 5.25%, 8/25/2035
77,448
78,433
Series 2005-68, Class PG, 5.50%, 8/25/2035
29,775
30,265
Series 2005-102, Class PG, 5.00%, 11/25/2035
141,600
142,198
Series 2005-110, Class GL, 5.50%, 12/25/2035
180,050
183,544
Series 2006-49, Class PA, 6.00%, 6/25/2036
19,322
19,954
Series 2009-19, Class PW, 4.50%, 10/25/2036
111,276
110,913
Series 2006-114, Class HE, 5.50%, 12/25/2036
142,900
145,552
Series 2007-33, Class HE, 5.50%, 4/25/2037
11,053
11,311
Series 2007-65, Class KI, IF, IO, 2.89%, 7/25/2037 (f)
2,625
224
Series 2007-71, Class KP, 5.50%, 7/25/2037
6,244
6,200
Series 2007-71, Class GB, 6.00%, 7/25/2037
85,154
88,494
Series 2009-86, Class OT, PO, 10/25/2037
14,186
12,126
Series 2008-72, Class BX, 5.50%, 8/25/2038
6,816
6,989
Series 2008-74, Class B, 5.50%, 9/25/2038
2,915
3,006
Series 2009-37, Class KI, IF, IO, 2.27%, 6/25/2039 (f)
2,299
132
Series 2009-86, Class IP, IO, 5.50%, 10/25/2039
4,958
812
Series 2009-92, Class AD, 6.00%, 11/25/2039
10,723
10,699
Series 2009-112, Class ST, IF, IO, 2.52%, 1/25/2040 (f)
35,443
3,219
Series 2010-22, Class PE, 5.00%, 3/25/2040
731,968
735,782
Series 2010-35, Class SB, IF, IO, 2.69%, 4/25/2040 (f)
12,077
713
Series 2010-37, Class CY, 5.00%, 4/25/2040
416,852
419,121
Series 2010-54, Class EA, 4.50%, 6/25/2040
6,893
6,861
Series 2010-64, Class DM, 5.00%, 6/25/2040
1,164
1,170
Series 2010-71, Class HJ, 5.50%, 7/25/2040
44,330
45,221
Series 2010-123, Class BP, 4.50%, 11/25/2040
1,037,003
1,033,537
Series 2011-41, Class KL, 4.00%, 5/25/2041
686,011
663,997
Series 2011-50, Class LP, 4.00%, 6/25/2041
256,300
249,847
Series 2012-137, Class CF, 4.03%, 8/25/2041 (f)
4,107
4,106
Series 2012-103, Class DA, 3.50%, 10/25/2041
48
48
Series 2012-14, Class DE, 3.50%, 3/25/2042
437,379
412,027
Series 2012-139, Class JA, 3.50%, 12/25/2042
207,655
196,180
Series 2013-104, Class CY, 5.00%, 10/25/2043
2,250,000
2,269,995
Series 2019-65, Class PA, 2.50%, 5/25/2048
140,638
129,335
Series 2009-96, Class CB, 4.00%, 11/25/2049
12,430
11,497
Series 2019-7, Class CA, 3.50%, 11/25/2057
1,749,323
1,681,127
FNMA, STRIPS Series 314, Class 1, PO, 7/25/2031
12,024
10,831
GNMA
Series 2003-65, Class AP, 5.50%, 8/20/2033
28,313
28,264
Series 2004-16, Class GC, 5.50%, 2/20/2034
311,203
311,627
Series 2004-54, Class BG, 5.50%, 7/20/2034
6,801
6,871
Series 2004-93, Class PD, 5.00%, 11/16/2034
181,364
181,066
Series 2004-101, Class BE, 5.00%, 11/20/2034
158,372
158,168
Series 2005-11, Class PL, 5.00%, 2/20/2035
77,743
77,670
Series 2005-26, Class XY, 5.50%, 3/20/2035
287,085
291,896
Series 2005-33, Class AY, 5.50%, 4/16/2035
69,640
69,533
Series 2005-49, Class B, 5.50%, 6/20/2035
26,034
26,349
Series 2005-51, Class DC, 5.00%, 7/20/2035
63,399
63,490
Series 2005-56, Class BD, 5.00%, 7/20/2035
9,797
9,856
Series 2006-7, Class ND, 5.50%, 8/20/2035
9,517
9,653
Series 2007-37, Class LB, 5.50%, 6/16/2037
76,943
76,746
Series 2007-79, Class BL, 5.75%, 8/20/2037
60,044
59,918
Series 2009-106, Class ST, IF, IO, 2.28%, 2/20/2038 (f)
52,847
560
JPMorgan Inflation Managed Bond ETF
SCHEDULE OF PORTFOLIO INVESTMENTS
AS OF May 31, 2026 (Unaudited) (continued)
INVESTMENTS
PRINCIPAL
AMOUNT($)
VALUE($)
Collateralized Mortgage Obligations — continued
Series 2008-7, Class PQ, 5.00%, 2/20/2038
178,875
178,407
Series 2008-9, Class PW, 5.25%, 2/20/2038
185,620
185,700
Series 2008-23, Class YA, 5.25%, 3/20/2038
43,359
43,459
Series 2008-35, Class NF, 5.00%, 4/20/2038
43,445
43,333
Series 2008-34, Class PG, 5.25%, 4/20/2038
50,298
50,186
Series 2008-33, Class PB, 5.50%, 4/20/2038
150,077
150,607
Series 2008-38, Class BG, 5.00%, 5/16/2038
224,089
224,377
Series 2008-43, Class NB, 5.50%, 5/20/2038
75,173
75,179
Series 2008-56, Class PX, 5.50%, 6/20/2038
148,217
147,874
Series 2008-58, Class PE, 5.50%, 7/16/2038
356,174
356,419
Series 2008-62, Class SA, IF, IO, 2.43%, 7/20/2038 (f)
949
5
Series 2008-76, Class US, IF, IO, 2.18%, 9/20/2038 (f)
33,241
389
Series 2011-97, Class WA, 6.07%, 11/20/2038 (f)
229,560
231,912
Series 2008-95, Class DS, IF, IO, 3.58%, 12/20/2038 (f)
30,815
243
Series 2009-14, Class AG, 4.50%, 3/20/2039
52,756
52,624
Series 2009-72, Class SM, IF, IO, 2.51%, 8/16/2039 (f)
65,412
4,024
Series 2009-61, Class AP, 4.00%, 8/20/2039
4,637
4,530
Series 2010-130, Class BD, 4.00%, 12/20/2039
161,522
158,823
Series 2010-157, Class OP, PO, 12/20/2040
53,787
46,333
Series 2014-H11, Class VA, 4.28%, 6/20/2064 (f)
298,179
297,923
Series 2015-H20, Class FA, 4.25%, 8/20/2065 (f)
274,715
274,319
Series 2015-H26, Class FG, 4.30%, 10/20/2065 (f)
223,697
223,555
GSR Mortgage Loan Trust Series 2004-6F, Class 2A4, 5.50%, 5/25/2034
26,767
26,521
JPMorgan Mortgage Trust
Series 2006-A2, Class 5A3, 6.31%, 11/25/2033 (f)
35,644
35,636
Series 2007-A1, Class 5A5, 5.81%, 7/25/2035 (f)
10,171
10,203
LHOME Mortgage Trust Series 2026-RTL1, Class A1, 4.91%, 1/25/2041 (b) (e)
295,000
293,003
MASTR Adjustable Rate Mortgages Trust Series 2004-13, Class 2A1, 6.02%, 4/21/2034 (f)
17,937
17,747
Merrill Lynch Mortgage Investors Trust
Series 2003-F, Class A1, 4.34%, 10/25/2028 (f)
4,851
4,788
Series 2004-B, Class A1, 4.20%, 5/25/2029 (f)
17,241
16,968
Morgan Stanley Mortgage Loan Trust Series 2004-3, Class 4A, 5.65%, 4/25/2034 (f)
10,929
10,776
PHH Mortgage Trust Series 2008-CIM2, Class 5A1, 6.00%, 7/25/2038
7,018
6,502
Seasoned Loans Structured Transaction Series 2018-2, Class A1, 3.50%, 11/25/2028
280,324
274,411
Sequoia Mortgage Trust Series 2004-11, Class A1, 4.32%, 12/20/2034 (f)
37,493
34,868
Thornburg Mortgage Securities Trust Series 2004-4, Class 3A, 5.27%, 12/25/2044 (f)
48,231
48,015
Vendee Mortgage Trust Series 2003-2, Class Z, 5.00%, 5/15/2033
153,461
153,291
WaMu Mortgage Pass-Through Certificates Trust Series 2003-AR11, Class A6, 5.66%, 10/25/2033 (f)
28,309
26,486
Total Collateralized Mortgage Obligations
(Cost $30,053,868)
28,068,272
Foreign Government Securities — 0.4%
Republic of Panama 5.23%, 2/23/2034
462,000
458,188
United Mexican States
6.00%, 5/13/2030
1,200,000
1,237,800
2.66%, 5/24/2031
2,000,000
1,773,380
5.63%, 2/9/2034
287,000
282,124
Total Foreign Government Securities
(Cost $3,838,202)
3,751,492
JPMorgan Inflation Managed Bond ETF
SCHEDULE OF PORTFOLIO INVESTMENTS
AS OF May 31, 2026 (Unaudited) (continued)
INVESTMENTS 
SHARES
VALUE($)
Short-Term Investments — 1.7%
Investment Companies — 1.7%
JPMorgan Prime Money Market Fund Class IM Shares, 3.74% (g) (h)
(Cost $14,222,669)
14,221,575
14,224,419
Total Investments — 99.5%
(Cost $850,630,870)
841,461,913
Other Assets in Excess of Liabilities — 0.5%
3,983,236
NET ASSETS — 100.0%
845,445,149
 
Percentages indicated are based on net assets.
 
Abbreviations
 
ABS
Asset-Backed Securities
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, 2026. 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, 2026.
 
(d)
All or a portion of the security is a when-issued security, delayed delivery security, or forward commitment.
 
(e)
Step bond. Interest rate is a fixed rate for an initial period that either resets at a specific date or may reset in the future contingent upon a
predetermined trigger. The interest rate shown is the current rate as of May 31, 2026.
 
(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, 2026.
 
(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, 2026.
 
JPMorgan Inflation Managed Bond ETF
SCHEDULE OF PORTFOLIO INVESTMENTS
AS OF May 31, 2026 (Unaudited) (continued)
Futures contracts outstanding as of May 31, 2026:
 
DESCRIPTION
NUMBER OF
CONTRACTS
EXPIRATION DATE
TRADING CURRENCY
NOTIONAL
AMOUNT ($)
VALUE AND
UNREALIZED
APPRECIATION
(DEPRECIATION) ($)
Long Contracts
U.S. Treasury 10 Year Note
1,080
09/21/2026
USD
118,681,875
1,113,460
U.S. Treasury 10 Year Ultra Note
600
09/21/2026
USD
67,321,875
663,889
U.S. Treasury 5 Year Note
485
09/30/2026
USD
52,027,617
328,967
 
2,106,316
Short Contracts
U.S. Treasury Long Bond
(51
)
09/21/2026
USD
(5,732,719
)
(116,774
)
U.S. Treasury Ultra Bond
(20
)
09/21/2026
USD
(2,292,500
)
(50,434
)
U.S. Treasury 2 Year Note
(183
)
09/30/2026
USD
(37,812,375
)
(83,191
)
 
(250,399
)
 
1,855,917
 
Abbreviations
 
USD
United States Dollar
Centrally Cleared Inflation-linked swap contracts outstanding as of May 31, 2026 :
 
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
2.40% at termination
Receive
12/2/2035
USD14,970,000
—
239,875
239,875
CPI-U at termination
2.44% at termination
Receive
12/9/2035
USD56,595,000
24,496
682,505
707,001
CPI-U at termination
2.44% at termination
Receive
3/30/2036
USD3,920,000
—
53,689
53,689
CPI-U at termination
2.45% at termination
Receive
2/17/2036
USD8,310,000
—
114,275
114,275
CPI-U at termination
2.46% at termination
Receive
4/8/2036
USD92,435,000
68,740
1,079,168
1,147,908
CPI-U at termination
2.50% at termination
Receive
2/3/2036
USD11,990,000
(3,272
)
113,087
109,815
CPI-U at termination
2.54% at termination
Receive
3/18/2031
USD50,250,000
—
552,571
552,571
CPI-U at termination
2.54% at termination
Receive
3/19/2031
USD38,790,000
32,466
377,537
410,003
CPI-U at termination
2.57% at termination
Receive
4/8/2031
USD62,230,000
25,833
555,526
581,359
CPI-U at termination
2.59% at termination
Receive
5/5/2036
USD11,490,000
—
4,225
4,225
CPI-U at termination
2.74% at termination
Receive
5/5/2031
USD22,570,000
—
11,621
11,621
CPI-U at termination
2.53% at termination
Receive
6/2/2036
USD9,015,000
—
—
—
 
 
 
 
 
148,263
3,784,079
3,932,342
CPI-U at termination
2.77% at termination
Receive
5/19/2031
USD17,905,000
—
(69,071
)
(69,071
)
CPI-U at termination
2.81% at termination
Receive
5/22/2029
USD49,025,000
(37,524
)
28,881
(8,643
)
CPI-U at termination
2.89% at termination
Receive
5/21/2029
USD43,340,000
—
(102,602
)
(102,602
)
CPI-U at termination
2.97% at termination
Receive
5/6/2029
USD20,075,000
—
(31,697
)
(31,697
)
 
 
 
 
 
(37,524
)
(174,489
)
(212,013
)
 
 
 
 
 
110,739
3,609,590
3,720,329
 
Abbreviations
 
CPI-U
Consumer Price Index for All Urban Consumers
USD
United States Dollar
 
(a)
Value of floating rate index at May 31, 2026 was as follows:
 
FLOATING RATE INDEX
VALUE
CPI-U
3.35%
JPMorgan Inflation Managed Bond ETF
SCHEDULE OF PORTFOLIO INVESTMENTS
AS OF May 31, 2026 (Unaudited) (continued)
Centrally Cleared Credit default swap contracts outstanding - buy protection(*) as of May 31, 2026:
 
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.46-V1
1.00
Quarterly
6/20/2031
0.51
USD 92,525,000
(1,467,932
)
(774,933
)
(2,242,865
)
 
(*)
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, 2026:
 
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
3.63 annually
Pay
3/23/2028
USD41,770,000
—
(119,185
)
1 day SOFR annually
3.60 annually
Pay
3/29/2028
USD41,545,000
—
(129,581
)
 
 
 
 
 
—
(248,766
)
 
Abbreviations
 
SOFR
Secured Overnight Financing Rate
USD
United States Dollar
 
(a)
Value of floating rate index at May 31, 2026 was as follows:
 
FLOATING RATE INDEX
VALUE
1 day SOFR
3.63%
JPMorgan Inflation Managed Bond ETF
SCHEDULE OF PORTFOLIO INVESTMENTS
AS OF May 31, 2026 (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 "1940 Act"), the Board is required to determine fair value for securities that do not have readily available market quotations. Pursuant to Rule 2a-5 under the 1940 Act (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.
JPMorgan Inflation Managed Bond ETF
SCHEDULE OF PORTFOLIO INVESTMENTS
AS OF May 31, 2026 (Unaudited) (continued)
The following table represents each valuation input as presented on the Schedule of Portfolio Investments: 
 
 
Level 1
Quoted prices
Level 2
Other significant
observable inputs
Level 3
Significant
unobservable inputs
Total
Investments in Securities
Asset-Backed Securities
$—
$67,324,071
$1,120,820
$68,444,891
Collateralized Mortgage Obligations
—
28,068,272
—
28,068,272
Commercial Mortgage-Backed Securities
—
31,388,261
—
31,388,261
Corporate Bonds
—
232,513,363
—
232,513,363
Foreign Government Securities
—
3,751,492
—
3,751,492
Mortgage-Backed Securities
—
78,476,990
—
78,476,990
U.S. Treasury Obligations
—
384,594,225
—
384,594,225
Short-Term Investments
Investment Companies
14,224,419
—
—
14,224,419
Total Investments in Securities
$14,224,419
$826,116,674
$1,120,820
$841,461,913
Appreciation in Other Financial Instruments
Futures Contracts
$2,106,316
$—
$—
$2,106,316
Swaps
—
3,812,960
—
3,812,960
Depreciation in Other Financial Instruments
Futures Contracts
$(250,399
)
$—
$—
$(250,399
)
Swaps
—
(1,227,069
)
—
(1,227,069
)
Total Net Appreciation/ Depreciation in Other
Financial Instruments
$1,855,917
$2,585,891
$—
$4,441,808
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, 2026
Security Description
Value at
February 28,
2026
Purchases at
Cost
Proceeds from
Sales
Net Realized
Gain (Loss)
Change in
Unrealized
Appreciation/
(Depreciation)
Value at
May 31,
2026
Shares at
May 31,
2026
Dividend
Income
Capital Gain
Distributions
JPMorgan Prime Money Market
Fund Class IM Shares, 3.74%
 (a) (b)
$11,497,826
$66,018,282
$63,289,181
$(3,467
)
$959
$14,224,419
14,221,575
$104,750
$—
 
 
(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, 2026.
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, 2026 (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, 2026 (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.