# EDGAR Filing Document

**Accession Number:** 0001485894
**File Stem:** 0001752724-25-180638
**Filing Date:** 2025-7
**Character Count:** 185643
**Document Hash:** 0f3a1af254eb433697e9d71af491f191
**Contains OCR:** False
**Source Format:** 

## Filing Content

## Filing Summary
**0001752724-25-180638.hdr.sgml**: 20250728

**ACCESSION NUMBER**: 0001752724-25-180638

**CONFORMED SUBMISSION TYPE**: NPORT-P

**PUBLIC DOCUMENT COUNT**: 2

**CONFORMED PERIOD OF REPORT**: 20250531

**FILED AS OF DATE**: 20250728

**DATE AS OF CHANGE**: 20250728

**PERIOD START**: 20260228

**FILER**: 

**COMPANY DATA:**
- **COMPANY CONFORMED NAME:** J.P. Morgan Exchange-Traded Fund Trust
- **CENTRAL INDEX KEY:** 0001485894

**ORGANIZATION NAME:**
- **EIN:** 000000000
- **STATE OF INCORPORATION:** DE

**FILING VALUES:**
- **FORM TYPE:** NPORT-P
- **SEC ACT:** 1940 Act
- **SEC FILE NUMBER:** 811-22903
- **FILM NUMBER:** 251154587

**BUSINESS ADDRESS:**
- **STREET 1:** 277 PARK AVENUE
- **CITY:** NEW YORK
- **STATE:** NY
- **ZIP:** 10172
- **BUSINESS PHONE:** (800) 480-4111

**MAIL ADDRESS:**
- **STREET 1:** 277 PARK AVENUE
- **CITY:** NEW YORK
- **STATE:** NY
- **ZIP:** 10172

## Series and Classes Contracts Data

### JPMorgan Sustainable Municipal Income ETF (Series ID: S000079815)

| Class ID   | Class Name                                | Ticker Symbol   |
|:---|:---|:---|
| C000241198 | JPMorgan Sustainable Municipal Income ETF | JMSI            |

## Nport-Ex

**JPMorgan Sustainable Municipal Income ETF**

**Schedule of Portfolio Investments as of May 31, 2025**

**(Unaudited)** 

---

| |
|:---|
| &nbsp;&nbsp; THE "UNAUDITED EXCHANGE-TRADED FUNDS HOLDINGS" <br> LIST ("the List") IS TO BE USED FOR REPORTING PURPOSES <br> ONLY. IT IS NOT TO BE REPRODUCED FOR USE AS <br> ADVERTISING OR SALES LITERATURE WITH THE GENERAL <br> PUBLIC. The list is submitted for the general information of the <br> shareholders of the Fund. It is not authorized for distribution to <br> prospective investors in the Fund unless preceded or accompanied by a <br> prospectus. The list has been created from the books and records of <br> the Fund. Holdings are available 60 days after the fund's fiscal quarter, <br> using a trade date accounting convention, by contacting the appropriate <br> service center. The list is subject to change without notice. The list is <br> for informational purposes only and is not intended as an offer or <br> solicitation with respect to the purchase or sale of any security.<br>|
| &nbsp;&nbsp; JPMorgan Asset Management is the marketing name for the asset <br> management business of J.P. Morgan Chase & Co.<br>|
| J.P. Morgan Distribution Services, Inc., member FINRA. |
|© J.P. Morgan Chase & Co., 2025. |

---

------

**JPMorgan Sustainable Municipal Income ETF**

**SCHEDULE OF PORTFOLIO INVESTMENTS**

AS OF May 31, 2025 (Unaudited)

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

---

| | | |
|:---|:---|:---|
| **INVESTMENTS** | &nbsp;&nbsp;&nbsp; **PRINCIPAL** <br>**AMOUNT($)**<br>| **VALUE($)** |
| **Municipal Bonds — 91.3% (a)** | **Municipal Bonds — 91.3% (a)** | **Municipal Bonds — 91.3% (a)** |
| **Arizona — 1.6%** | **Arizona — 1.6%** | **Arizona — 1.6%** |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Arizona Industrial Development Authority, KIPP NYC Public Charter Schools Jerome Facility Project Series 2021B, Rev., <br> 4.00%, 7/1/2041<br>| &nbsp;&nbsp;&nbsp;&nbsp; 1000000 | &nbsp;&nbsp;&nbsp;&nbsp; 881285 |
| &nbsp;&nbsp;&nbsp; City of Lake Havasu City Wastewater System, Senior Lien, GO, 5.00%, 7/1/2033 | &nbsp;&nbsp;&nbsp;&nbsp; 1100000 | &nbsp;&nbsp;&nbsp;&nbsp; 1232811 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Industrial Development Authority of the County of Pima (The), La Posada at Pusch Ridge Project Series 2022B-3, Rev., <br> 5.13%, 6/25/2025 (b)<br>| &nbsp;&nbsp;&nbsp;&nbsp; 450000 | &nbsp;&nbsp;&nbsp;&nbsp; 450233 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Maricopa County Industrial Development Authority, Arizona Autism Charter School Project Series 2021A, Rev., 4.00%, <br> 7/1/2041 (b)<br>| &nbsp;&nbsp;&nbsp;&nbsp; 1100000 | &nbsp;&nbsp;&nbsp;&nbsp; 921981 |
| &nbsp;&nbsp;&nbsp; Maricopa County Union High School District No. 216 Agua Fria, Project of 2023 and 2024 |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; GO, 5.00%, 7/1/2033 | &nbsp;&nbsp;&nbsp;&nbsp; 450000 | &nbsp;&nbsp;&nbsp;&nbsp; 504225 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; GO, 5.00%, 7/1/2034 | &nbsp;&nbsp;&nbsp;&nbsp; 275000 | &nbsp;&nbsp;&nbsp;&nbsp; 309505 |
| &nbsp;&nbsp;&nbsp; Total Arizona |  | &nbsp;&nbsp;&nbsp;&nbsp; 4300040 |
| **California — 9.3%** | **California — 9.3%** | **California — 9.3%** |
| &nbsp;&nbsp;&nbsp; California Community Choice Financing Authority, Clean Energy Project |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Series 2023B-1, Rev., 5.00%, 8/1/2029 (c) | &nbsp;&nbsp;&nbsp;&nbsp; 1090000 | &nbsp;&nbsp;&nbsp;&nbsp; 1133016 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Series 2024A, Rev., 5.00%, 4/1/2032 (c) | &nbsp;&nbsp;&nbsp;&nbsp; 2000000 | &nbsp;&nbsp;&nbsp;&nbsp; 2098532 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Series 2024D, Rev., 5.00%, 9/1/2032 (c) | &nbsp;&nbsp;&nbsp;&nbsp; 2065000 | &nbsp;&nbsp;&nbsp;&nbsp; 2186458 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Series 2024H, Rev., 5.00%, 8/1/2033 (c) | &nbsp;&nbsp;&nbsp;&nbsp; 2000000 | &nbsp;&nbsp;&nbsp;&nbsp; 2127390 |
| &nbsp;&nbsp;&nbsp; California Health Facilities Financing Authority, Adventist Health System Series 2024A, Rev., 5.00%, 12/1/2034 | &nbsp;&nbsp;&nbsp;&nbsp; 1000000 | &nbsp;&nbsp;&nbsp;&nbsp; 1059289 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; California Infrastructure and Economic Development Bank, Brightline West Passenger Rail Project Series 2025A, Rev., <br> AMT, 9.50%, 1/1/2035 (b) (c)<br>| &nbsp;&nbsp;&nbsp;&nbsp; 2000000 | &nbsp;&nbsp;&nbsp;&nbsp; 1937354 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; California Infrastructure and Economic Development Bank, California Academy of Science Series 2024A, Rev., 3.25%, <br> 8/1/2029<br>| &nbsp;&nbsp;&nbsp;&nbsp; 2000000 | &nbsp;&nbsp;&nbsp;&nbsp; 1998222 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; California Infrastructure and Economic Development Bank, Segerstrom Center for the Arts Series 2024, Rev., 5.00%, <br> 1/1/2032<br>| &nbsp;&nbsp;&nbsp;&nbsp; 1000000 | &nbsp;&nbsp;&nbsp;&nbsp; 1091392 |
| &nbsp;&nbsp;&nbsp; California Municipal Finance Authority Series 2021A, Rev., AMT, 3.75%, 10/1/2025 (c) | &nbsp;&nbsp;&nbsp;&nbsp; 1000000 | &nbsp;&nbsp;&nbsp;&nbsp; 999353 |
| &nbsp;&nbsp;&nbsp; California Pollution Control Financing Authority, Poseidon Resources Channelside LP Desalination Project |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Rev., AMT, 5.00%, 7/1/2036 (b) | &nbsp;&nbsp;&nbsp;&nbsp; 250000 | &nbsp;&nbsp;&nbsp;&nbsp; 259646 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Rev., AMT, 5.00%, 7/1/2037 (b) | &nbsp;&nbsp;&nbsp;&nbsp; 1100000 | &nbsp;&nbsp;&nbsp;&nbsp; 1136486 |
| &nbsp;&nbsp;&nbsp; California Public Finance Authority, Senior Living The James Series 2024A, Rev., 6.50%, 6/1/2054 (b) | &nbsp;&nbsp;&nbsp;&nbsp; 1000000 | &nbsp;&nbsp;&nbsp;&nbsp; 932309 |
| &nbsp;&nbsp;&nbsp; California School Finance Authority, Green Dot Public Schools Project Series 2022A, Rev., 5.00%, 8/1/2032 (b) | &nbsp;&nbsp;&nbsp;&nbsp; 325000 | &nbsp;&nbsp;&nbsp;&nbsp; 335508 |
| &nbsp;&nbsp;&nbsp; California School Finance Authority, Kipp SoCal Public Schools Series 2019A, Rev., 5.00%, 7/1/2039 (b) | &nbsp;&nbsp;&nbsp;&nbsp; 500000 | &nbsp;&nbsp;&nbsp;&nbsp; 503089 |
| &nbsp;&nbsp;&nbsp; City of Los Angeles, Wastewater System, Subordinate Series 2025A, Rev., 5.00%, 6/1/2045 | &nbsp;&nbsp;&nbsp;&nbsp; 1000000 | &nbsp;&nbsp;&nbsp;&nbsp; 1050834 |
| &nbsp;&nbsp;&nbsp; Desert Community College District, Election of 2016, GO, 4.00%, 8/1/2051 | &nbsp;&nbsp;&nbsp;&nbsp; 2000000 | &nbsp;&nbsp;&nbsp;&nbsp; 1817062 |
| &nbsp;&nbsp;&nbsp; Foothill-De Anza Community College District, GO, 4.00%, 8/1/2040 | &nbsp;&nbsp;&nbsp;&nbsp; 1245000 | &nbsp;&nbsp;&nbsp;&nbsp; 1209819 |
| &nbsp;&nbsp;&nbsp; Los Angeles Department of Water and Power Water System |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Series 2018B, Rev., 5.00%, 7/1/2029 | &nbsp;&nbsp;&nbsp;&nbsp; 1000000 | &nbsp;&nbsp;&nbsp;&nbsp; 1040201 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Series 2017A, Rev., 4.00%, 7/1/2047 | &nbsp;&nbsp;&nbsp;&nbsp; 1000000 | &nbsp;&nbsp;&nbsp;&nbsp; 884308 |
| &nbsp;&nbsp;&nbsp; San Joaquin Valley Clean Energy Authority Series 2025A, Rev., 5.50%, 7/1/2035 (c) | &nbsp;&nbsp;&nbsp;&nbsp; 1000000 | &nbsp;&nbsp;&nbsp;&nbsp; 1083306 |
| &nbsp;&nbsp;&nbsp; Total California |  | &nbsp;&nbsp;&nbsp;&nbsp; 24883574 |
| **Colorado — 2.9%** | **Colorado — 2.9%** | **Colorado — 2.9%** |
| &nbsp;&nbsp;&nbsp; Colorado Health Facilities Authority, Adventist Health System |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Series 2024A-1, Rev., 5.00%, 11/15/2029 (c) | &nbsp;&nbsp;&nbsp;&nbsp; 1000000 | &nbsp;&nbsp;&nbsp;&nbsp; 1067446 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Series 2019A, Rev., 4.00%, 11/15/2043 | &nbsp;&nbsp;&nbsp;&nbsp; 2050000 | &nbsp;&nbsp;&nbsp;&nbsp; 1846626 |
| &nbsp;&nbsp;&nbsp; Colorado Health Facilities Authority, Covenant Living Communities and Services |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Series 2025A, Rev., 5.00%, 12/1/2026 | &nbsp;&nbsp;&nbsp;&nbsp; 745000 | &nbsp;&nbsp;&nbsp;&nbsp; 762399 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Series 2025A, Rev., 5.00%, 12/1/2027 | &nbsp;&nbsp;&nbsp;&nbsp; 800000 | &nbsp;&nbsp;&nbsp;&nbsp; 830441 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Colorado Housing and Finance Authority, Single Family Mortgage Series 2023L, Class III, Rev., GNMA COLL, 5.75%, <br> 11/1/2053<br>| &nbsp;&nbsp;&nbsp;&nbsp; 2190000 | &nbsp;&nbsp;&nbsp;&nbsp; 2323448 |

---

------

**JPMorgan Sustainable Municipal Income ETF**

**SCHEDULE OF PORTFOLIO INVESTMENTS**

AS OF May 31, 2025 (Unaudited) (continued)

---

| | | |
|:---|:---|:---|
| **INVESTMENTS** | &nbsp;&nbsp;&nbsp; **PRINCIPAL**<br> **AMOUNT($)**<br>| **VALUE($)** |
| **Municipal Bonds — continued** | **Municipal Bonds — continued** | **Municipal Bonds — continued** |
| **Colorado — continued** | **Colorado — continued** | **Colorado — continued** |
| &nbsp;&nbsp;&nbsp; Dominion Water and Sanitation District |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Rev., 5.00%, 12/1/2027 | &nbsp;&nbsp;&nbsp;&nbsp; 586000 | &nbsp;&nbsp;&nbsp;&nbsp; 589649 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Rev., 5.25%, 12/1/2032 | &nbsp;&nbsp;&nbsp;&nbsp; 500000 | &nbsp;&nbsp;&nbsp;&nbsp; 506775 |
| &nbsp;&nbsp;&nbsp; Total Colorado |  | &nbsp;&nbsp;&nbsp;&nbsp; 7926784 |
| **District of Columbia — 1.0%** | **District of Columbia — 1.0%** | **District of Columbia — 1.0%** |
| &nbsp;&nbsp;&nbsp; Washington Metropolitan Area Transit Authority Dedicated |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Series 2023A, Rev., 5.00%, 7/15/2048 | &nbsp;&nbsp;&nbsp;&nbsp; 1170000 | &nbsp;&nbsp;&nbsp;&nbsp; 1183658 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Series 2024A, Rev., 4.38%, 7/15/2056 | &nbsp;&nbsp;&nbsp;&nbsp; 1555000 | &nbsp;&nbsp;&nbsp;&nbsp; 1381123 |
| &nbsp;&nbsp;&nbsp; Total District of Columbia |  | &nbsp;&nbsp;&nbsp;&nbsp; 2564781 |
| **Florida — 4.9%** | **Florida — 4.9%** | **Florida — 4.9%** |
| &nbsp;&nbsp;&nbsp; County of Miami-Dade, Transit System Series 2022, Rev., 5.00%, 7/1/2049 | &nbsp;&nbsp;&nbsp;&nbsp; 1000000 | &nbsp;&nbsp;&nbsp;&nbsp; 1007670 |
| &nbsp;&nbsp;&nbsp; County of Miami-Dade, Water and Sewer System Series 2024A, Rev., 5.25%, 10/1/2054 | &nbsp;&nbsp;&nbsp;&nbsp; 1000000 | &nbsp;&nbsp;&nbsp;&nbsp; 1029217 |
| &nbsp;&nbsp;&nbsp; Florida Atlantic University Finance Corp., Student Housing Project Series 2024, Rev., 5.00%, 7/1/2049 | &nbsp;&nbsp;&nbsp;&nbsp; 1000000 | &nbsp;&nbsp;&nbsp;&nbsp; 1013076 |
| &nbsp;&nbsp;&nbsp; Florida Development Finance Corp., Brightline Florida Passenger Rail Project Series 2024, Rev., AMT, 5.00%, 7/1/2041 | &nbsp;&nbsp;&nbsp;&nbsp; 1250000 | &nbsp;&nbsp;&nbsp;&nbsp; 1147305 |
| &nbsp;&nbsp;&nbsp; Florida Development Finance Corp., Central Charter School Project Series 2022, Rev., 5.63%, 8/15/2042 (b) | &nbsp;&nbsp;&nbsp;&nbsp; 1515000 | &nbsp;&nbsp;&nbsp;&nbsp; 1402288 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Florida Development Finance Corp., GFL Solid Waste Southeast LLC Project Series 2024A, Rev., AMT, 4.38%, <br> 10/1/2031 (b) (c)<br>| &nbsp;&nbsp;&nbsp;&nbsp; 1000000 | &nbsp;&nbsp;&nbsp;&nbsp; 995329 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Hillsborough County Industrial Development Authority, Baycare Health System Series 2024E, Rev., VRDO, LIQ : Royal Bank <br> of Canada, 1.45%, 6/2/2025 (c)<br>| &nbsp;&nbsp;&nbsp;&nbsp; 675000 | &nbsp;&nbsp;&nbsp;&nbsp; 675000 |
| &nbsp;&nbsp;&nbsp; Lee County Industrial Development Authority Series 2019A-1, Rev., 5.00%, 4/1/2036 | &nbsp;&nbsp;&nbsp;&nbsp; 1235000 | &nbsp;&nbsp;&nbsp;&nbsp; 1269256 |
| &nbsp;&nbsp;&nbsp; Lee County School Board (The) Series 2023A, COP, 5.00%, 8/1/2042 | &nbsp;&nbsp;&nbsp;&nbsp; 2715000 | &nbsp;&nbsp;&nbsp;&nbsp; 2807132 |
| &nbsp;&nbsp;&nbsp; Miami-Dade County Educational Facilities Authority Series 2024A, Rev., 5.00%, 4/1/2037 | &nbsp;&nbsp;&nbsp;&nbsp; 1000000 | &nbsp;&nbsp;&nbsp;&nbsp; 1078698 |
| &nbsp;&nbsp;&nbsp; Middleton Community Development District A, City of Wildwood, Florida Special Assessment, 5.85%, 5/1/2037 | &nbsp;&nbsp;&nbsp;&nbsp; 500000 | &nbsp;&nbsp;&nbsp;&nbsp; 525602 |
| &nbsp;&nbsp;&nbsp; Village Community Development District No. 15, 4.25%, 5/1/2028 (b) | &nbsp;&nbsp;&nbsp;&nbsp; 220000 | &nbsp;&nbsp;&nbsp;&nbsp; 221632 |
| &nbsp;&nbsp;&nbsp; Total Florida |  | &nbsp;&nbsp;&nbsp;&nbsp; 13172205 |
| **Georgia — 4.1%** | **Georgia — 4.1%** | **Georgia — 4.1%** |
| &nbsp;&nbsp;&nbsp; City of Atlanta Water and Wastewater Series 2024, Rev., 5.00%, 11/1/2041 | &nbsp;&nbsp;&nbsp;&nbsp; 1000000 | &nbsp;&nbsp;&nbsp;&nbsp; 1067664 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Gainesville and Hall County Hospital Authority, Northeast Georgia Health System, Inc., Project, Rev., RAN, 5.00%, <br> 10/15/2030<br>| &nbsp;&nbsp;&nbsp;&nbsp; 1000000 | &nbsp;&nbsp;&nbsp;&nbsp; 1084189 |
| &nbsp;&nbsp;&nbsp; Georgia Housing and Finance Authority Series 2024A, Rev., 5.00%, 12/1/2042 | &nbsp;&nbsp;&nbsp;&nbsp; 1250000 | &nbsp;&nbsp;&nbsp;&nbsp; 1279089 |
| &nbsp;&nbsp;&nbsp; Main Street Natural Gas, Inc., Gas Supply |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Series 2021C, Rev., 4.00%, 12/1/2028 (c) | &nbsp;&nbsp;&nbsp;&nbsp; 2050000 | &nbsp;&nbsp;&nbsp;&nbsp; 2052023 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Series 2024E, Rev., 5.00%, 12/1/2032 (c) | &nbsp;&nbsp;&nbsp;&nbsp; 1000000 | &nbsp;&nbsp;&nbsp;&nbsp; 1041580 |
| &nbsp;&nbsp;&nbsp; Metropolitan Atlanta Rapid Transit Authority, Sales Tax |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Series 2024B, Rev., 5.00%, 7/1/2041 | &nbsp;&nbsp;&nbsp;&nbsp; 1000000 | &nbsp;&nbsp;&nbsp;&nbsp; 1067206 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Series 2025A, Rev., 5.00%, 7/1/2041 | &nbsp;&nbsp;&nbsp;&nbsp; 1950000 | &nbsp;&nbsp;&nbsp;&nbsp; 2093592 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Roswell Development Authority, Wellsatar Healthcare, Inc. Series 2025A, Rev., VRDO, LOC : Truist Bank, 1.45%, <br> 6/2/2025 (c)<br>| &nbsp;&nbsp;&nbsp;&nbsp; 1250000 | &nbsp;&nbsp;&nbsp;&nbsp; 1250000 |
| &nbsp;&nbsp;&nbsp; Total Georgia |  | &nbsp;&nbsp;&nbsp;&nbsp; 10935343 |
| **Idaho — 0.4%** | **Idaho — 0.4%** | **Idaho — 0.4%** |
| &nbsp;&nbsp;&nbsp; Idaho Health Facilities Authority, St. Luke's Health System Project Series 2025B, Rev., 5.00%, 3/1/2032 (c) | &nbsp;&nbsp;&nbsp;&nbsp; 1000000 | &nbsp;&nbsp;&nbsp;&nbsp; 1069627 |
| **Illinois — 3.7%** | **Illinois — 3.7%** | **Illinois — 3.7%** |
| &nbsp;&nbsp;&nbsp; City of Aurora, Single Family Mortgage |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Series 2007B, Rev., GNMA / FNMA / FHLMC, 5.45%, 12/1/2039 | &nbsp;&nbsp;&nbsp;&nbsp; 33799 | &nbsp;&nbsp;&nbsp;&nbsp; 33915 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Series 2007A, Rev., AMT, GNMA / FNMA / FHLMC, 5.50%, 12/1/2039 | &nbsp;&nbsp;&nbsp;&nbsp; 39849 | &nbsp;&nbsp;&nbsp;&nbsp; 40149 |

---

------

**JPMorgan Sustainable Municipal Income ETF**

**SCHEDULE OF PORTFOLIO INVESTMENTS**

AS OF May 31, 2025 (Unaudited) (continued)

---

| | | |
|:---|:---|:---|
| **INVESTMENTS** | &nbsp;&nbsp;&nbsp; **PRINCIPAL**<br> **AMOUNT($)**<br>| **VALUE($)** |
| **Municipal Bonds — continued** | **Municipal Bonds — continued** | **Municipal Bonds — continued** |
| **Illinois — continued** | **Illinois — continued** | **Illinois — continued** |
| &nbsp;&nbsp;&nbsp; City of Chicago, Waterworks, Second Lien |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Series 2001, Rev., AMBAC, 5.75%, 11/1/2030 | &nbsp;&nbsp;&nbsp;&nbsp; 1000000 | &nbsp;&nbsp;&nbsp;&nbsp; 1062507 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Series 2023B, Rev., A.G., 5.00%, 11/1/2035 | &nbsp;&nbsp;&nbsp;&nbsp; 500000 | &nbsp;&nbsp;&nbsp;&nbsp; 534909 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Series 2023B, Rev., A.G., 5.00%, 11/1/2039 | &nbsp;&nbsp;&nbsp;&nbsp; 1500000 | &nbsp;&nbsp;&nbsp;&nbsp; 1561175 |
| &nbsp;&nbsp;&nbsp; Illinois Finance Authority, Lake Forest College Series 2022A, Rev., 5.50%, 10/1/2039 | &nbsp;&nbsp;&nbsp;&nbsp; 380000 | &nbsp;&nbsp;&nbsp;&nbsp; 387627 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Illinois Finance Authority, Northwestern Memorial Healthcare Series 2021B, Rev., VRDO, LIQ : Royal Bank of Canada, <br> 1.45%, 6/2/2025 (c)<br>| &nbsp;&nbsp;&nbsp;&nbsp; 845000 | &nbsp;&nbsp;&nbsp;&nbsp; 845000 |
| &nbsp;&nbsp;&nbsp; Illinois Finance Authority, University of Chicago Series 2024A, Rev., 5.00%, 4/1/2032 | &nbsp;&nbsp;&nbsp;&nbsp; 1125000 | &nbsp;&nbsp;&nbsp;&nbsp; 1238697 |
| &nbsp;&nbsp;&nbsp; Illinois Housing Development Authority |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Series 2024A, Rev., GNMA / FNMA / FHLMC, 6.00%, 10/1/2054 | &nbsp;&nbsp;&nbsp;&nbsp; 960000 | &nbsp;&nbsp;&nbsp;&nbsp; 1029606 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Series 2025A, Rev., GNMA / FNMA / FHLMC, 6.25%, 10/1/2055 | &nbsp;&nbsp;&nbsp;&nbsp; 1000000 | &nbsp;&nbsp;&nbsp;&nbsp; 1113529 |
| &nbsp;&nbsp;&nbsp; University of Illinois Auxiliary Facilities System Series 2024A, Rev., 5.25%, 4/1/2043 | &nbsp;&nbsp;&nbsp;&nbsp; 1000000 | &nbsp;&nbsp;&nbsp;&nbsp; 1050218 |
| &nbsp;&nbsp;&nbsp; Will County School District No. 86 Joliet Series 2024, GO, 5.00%, 3/1/2042 | &nbsp;&nbsp;&nbsp;&nbsp; 1000000 | &nbsp;&nbsp;&nbsp;&nbsp; 1018613 |
| &nbsp;&nbsp;&nbsp; Total Illinois |  | &nbsp;&nbsp;&nbsp;&nbsp; 9915945 |
| **Indiana — 1.3%** | **Indiana — 1.3%** | **Indiana — 1.3%** |
| &nbsp;&nbsp;&nbsp; City of Goshen, Multi-Family, Green Oaks of Goshen Project Series 2021A, Rev., 5.00%, 8/1/2041 (b) | &nbsp;&nbsp;&nbsp;&nbsp; 500000 | &nbsp;&nbsp;&nbsp;&nbsp; 410361 |
| &nbsp;&nbsp;&nbsp; City of Jeffersonville, Vivera Senior Living of Jeffersonville Project Series 2020A, Rev., 4.75%, 11/1/2030 (b) | &nbsp;&nbsp;&nbsp;&nbsp; 495000 | &nbsp;&nbsp;&nbsp;&nbsp; 468840 |
| &nbsp;&nbsp;&nbsp; Indiana Finance Authority, CWA Authority Project Series 2021-1, Rev., 5.00%, 10/1/2034 | &nbsp;&nbsp;&nbsp;&nbsp; 1000000 | &nbsp;&nbsp;&nbsp;&nbsp; 1084423 |
| &nbsp;&nbsp;&nbsp; Indiana Finance Authority, Tippecanoe LLC- Student Housing Project Series 2023A, Rev., 5.00%, 6/1/2053 | &nbsp;&nbsp;&nbsp;&nbsp; 150000 | &nbsp;&nbsp;&nbsp;&nbsp; 143044 |
| &nbsp;&nbsp;&nbsp; IPS Multi-School Building Corp., Ad Valorem Property Tax First Mortgage Series 2024, Rev., 5.00%, 1/15/2026 | &nbsp;&nbsp;&nbsp;&nbsp; 1350000 | &nbsp;&nbsp;&nbsp;&nbsp; 1364552 |
| &nbsp;&nbsp;&nbsp; Total Indiana |  | &nbsp;&nbsp;&nbsp;&nbsp; 3471220 |
| **Iowa — 0.7%** | **Iowa — 0.7%** | **Iowa — 0.7%** |
| &nbsp;&nbsp;&nbsp; Iowa Finance Authority, Senior Living Facility, Sunrise Retirement Community Project |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Rev., 5.00%, 9/1/2028 | &nbsp;&nbsp;&nbsp;&nbsp; 195000 | &nbsp;&nbsp;&nbsp;&nbsp; 190218 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Rev., 5.00%, 9/1/2030 | &nbsp;&nbsp;&nbsp;&nbsp; 110000 | &nbsp;&nbsp;&nbsp;&nbsp; 105486 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Rev., 5.00%, 9/1/2031 | &nbsp;&nbsp;&nbsp;&nbsp; 105000 | &nbsp;&nbsp;&nbsp;&nbsp; 99694 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Rev., 5.00%, 9/1/2036 | &nbsp;&nbsp;&nbsp;&nbsp; 445000 | &nbsp;&nbsp;&nbsp;&nbsp; 395608 |
| &nbsp;&nbsp;&nbsp; Iowa Student Loan Liquidity Corp., Student Loan Series 2015A, Rev., AMT, 5.00%, 12/1/2025 | &nbsp;&nbsp;&nbsp;&nbsp; 1000000 | &nbsp;&nbsp;&nbsp;&nbsp; 1007893 |
| &nbsp;&nbsp;&nbsp; Total Iowa |  | &nbsp;&nbsp;&nbsp;&nbsp; 1798899 |
| **Kentucky — 0.6%** | **Kentucky — 0.6%** | **Kentucky — 0.6%** |
| &nbsp;&nbsp;&nbsp; Kentucky Public Energy Authority, Gas Supply Series 2024A, Rev., 5.00%, 7/1/2030 (c) | &nbsp;&nbsp;&nbsp;&nbsp; 1000000 | &nbsp;&nbsp;&nbsp;&nbsp; 1036714 |
| &nbsp;&nbsp;&nbsp; University of Kentucky, Healthcare Cancer Center Parking Projects, Rev., 5.00%, 10/1/2025 | &nbsp;&nbsp;&nbsp;&nbsp; 555000 | &nbsp;&nbsp;&nbsp;&nbsp; 558424 |
| &nbsp;&nbsp;&nbsp; Total Kentucky |  | &nbsp;&nbsp;&nbsp;&nbsp; 1595138 |
| **Louisiana — 2.6%** | **Louisiana — 2.6%** | **Louisiana — 2.6%** |
| &nbsp;&nbsp;&nbsp; Louisiana Housing Corp., Single Family Mortgage Series 2025A, Rev., GNMA / FNMA / FHLMC, 6.00%, 6/1/2055 | &nbsp;&nbsp;&nbsp;&nbsp; 1000000 | &nbsp;&nbsp;&nbsp;&nbsp; 1086100 |
| &nbsp;&nbsp;&nbsp; Louisiana Public Facilities Authority, Mentorship Steam Academy Project |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Series 2021A, Rev., 5.00%, 6/1/2036 (b) | &nbsp;&nbsp;&nbsp;&nbsp; 385000 | &nbsp;&nbsp;&nbsp;&nbsp; 356716 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Series 2021A, Rev., 5.00%, 6/1/2042 (b) | &nbsp;&nbsp;&nbsp;&nbsp; 440000 | &nbsp;&nbsp;&nbsp;&nbsp; 377808 |
| &nbsp;&nbsp;&nbsp; Louisiana Public Facilities Authority, Ochsner Clinic Foundation Project |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Series 2025B, Rev., 5.00%, 5/15/2030 | &nbsp;&nbsp;&nbsp;&nbsp; 1000000 | &nbsp;&nbsp;&nbsp;&nbsp; 1067873 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Series 2025A, Rev., 5.25%, 5/15/2055 | &nbsp;&nbsp;&nbsp;&nbsp; 1000000 | &nbsp;&nbsp;&nbsp;&nbsp; 1004265 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Series 2025A, Rev., 5.50%, 5/15/2055 | &nbsp;&nbsp;&nbsp;&nbsp; 1000000 | &nbsp;&nbsp;&nbsp;&nbsp; 1038467 |
| &nbsp;&nbsp;&nbsp; Louisiana Public Facilities Authority, Tulane University of Louisiana Project Series 2020A, Rev., 5.00%, 4/1/2045 | &nbsp;&nbsp;&nbsp;&nbsp; 2000000 | &nbsp;&nbsp;&nbsp;&nbsp; 2022594 |
| &nbsp;&nbsp;&nbsp; Total Louisiana |  | &nbsp;&nbsp;&nbsp;&nbsp; 6953823 |

---

------

**JPMorgan Sustainable Municipal Income ETF**

**SCHEDULE OF PORTFOLIO INVESTMENTS**

AS OF May 31, 2025 (Unaudited) (continued)

---

| | | |
|:---|:---|:---|
| **INVESTMENTS** | &nbsp;&nbsp;&nbsp; **PRINCIPAL**<br> **AMOUNT($)**<br>| **VALUE($)** |
| **Municipal Bonds — continued** | **Municipal Bonds — continued** | **Municipal Bonds — continued** |
| **Maryland — 0.4%** | **Maryland — 0.4%** | **Maryland — 0.4%** |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Washington Suburban Sanitary Commission, Maryland Montgomery and Prince George's Counties Maryland Consolidated <br> Public Improvement Series 2024, Rev., GTD, 4.00%, 6/1/2044<br>| &nbsp;&nbsp;&nbsp;&nbsp; 1225000 | &nbsp;&nbsp;&nbsp;&nbsp; 1157575 |
| **Massachusetts — 1.2%** | **Massachusetts — 1.2%** | **Massachusetts — 1.2%** |
| &nbsp;&nbsp;&nbsp; Massachusetts Development Finance Agency, Amherst College Issue Series 2025A, Rev., 5.00%, 11/1/2035 (c) | &nbsp;&nbsp;&nbsp;&nbsp; 1000000 | &nbsp;&nbsp;&nbsp;&nbsp; 1126285 |
| &nbsp;&nbsp;&nbsp; Massachusetts Development Finance Agency, Lasell Village, Inc. Issue, Rev., 5.00%, 7/1/2029 | &nbsp;&nbsp;&nbsp;&nbsp; 1000000 | &nbsp;&nbsp;&nbsp;&nbsp; 1048556 |
| &nbsp;&nbsp;&nbsp; Massachusetts Water Resources Authority, Green Bond Series 2016C, Rev., 4.00%, 8/1/2040 | &nbsp;&nbsp;&nbsp;&nbsp; 1000000 | &nbsp;&nbsp;&nbsp;&nbsp; 961583 |
| &nbsp;&nbsp;&nbsp; Total Massachusetts |  | &nbsp;&nbsp;&nbsp;&nbsp; 3136424 |
| **Michigan — 1.9%** | **Michigan — 1.9%** | **Michigan — 1.9%** |
| &nbsp;&nbsp;&nbsp; City of Detroit, Unlimited Tax |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Series 2021A, GO, 5.00%, 4/1/2033 | &nbsp;&nbsp;&nbsp;&nbsp; 770000 | &nbsp;&nbsp;&nbsp;&nbsp; 816957 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Series 2023A, GO, 6.00%, 5/1/2039 | &nbsp;&nbsp;&nbsp;&nbsp; 2000000 | &nbsp;&nbsp;&nbsp;&nbsp; 2211339 |
| &nbsp;&nbsp;&nbsp; Michigan Finance Authority, Trinity Health Credit Group Series 2013MI-4, Rev., 4.00%, 12/1/2038 | &nbsp;&nbsp;&nbsp;&nbsp; 1000000 | &nbsp;&nbsp;&nbsp;&nbsp; 934343 |
| &nbsp;&nbsp;&nbsp; Michigan State Hospital Finance Authority, Corewell Health Series 2025B-2, Rev., 5.00%, 6/1/2035 (c) | &nbsp;&nbsp;&nbsp;&nbsp; 1000000 | &nbsp;&nbsp;&nbsp;&nbsp; 1079235 |
| &nbsp;&nbsp;&nbsp; Total Michigan |  | &nbsp;&nbsp;&nbsp;&nbsp; 5041874 |
| **Minnesota — 1.6%** | **Minnesota — 1.6%** | **Minnesota — 1.6%** |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Minneapolis-St. Paul Housing Finance Board, Single Family Mortgage, City Living Home Programs Series 2007A-2, Rev., <br> GNMA / FNMA / FHLMC, 5.52%, 3/1/2041<br>| &nbsp;&nbsp;&nbsp;&nbsp; 85000 | &nbsp;&nbsp;&nbsp;&nbsp; 84801 |
| &nbsp;&nbsp;&nbsp; Minnesota Housing Finance Agency Series 2022M, Rev., GNMA / FNMA / FHLMC COLL, 6.00%, 1/1/2053 | &nbsp;&nbsp;&nbsp;&nbsp; 1070000 | &nbsp;&nbsp;&nbsp;&nbsp; 1132207 |
| &nbsp;&nbsp;&nbsp; Minnesota Housing Finance Agency, Non Profit Housing, State Appropriation |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Rev., 5.25%, 8/1/2025 | &nbsp;&nbsp;&nbsp;&nbsp; 1070000 | &nbsp;&nbsp;&nbsp;&nbsp; 1071580 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Rev., 5.25%, 8/1/2026 | &nbsp;&nbsp;&nbsp;&nbsp; 825000 | &nbsp;&nbsp;&nbsp;&nbsp; 826348 |
| &nbsp;&nbsp;&nbsp; Minnesota Housing Finance Agency, Residential Housing Series 2024O, Rev., GNMA / FNMA / FHLMC, 6.25%, 1/1/2055 | &nbsp;&nbsp;&nbsp;&nbsp; 1000000 | &nbsp;&nbsp;&nbsp;&nbsp; 1104318 |
| &nbsp;&nbsp;&nbsp; Total Minnesota |  | &nbsp;&nbsp;&nbsp;&nbsp; 4219254 |
| **Missouri — 1.9%** | **Missouri — 1.9%** | **Missouri — 1.9%** |
| &nbsp;&nbsp;&nbsp; Health and Educational Facilities Authority of the State of Missouri, Mercy Health Series 2018A, Rev., 5.00%, 6/1/2031 | &nbsp;&nbsp;&nbsp;&nbsp; 1000000 | &nbsp;&nbsp;&nbsp;&nbsp; 1050073 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Missouri Housing Development Commission, Single Family, First Place Homeownership Loan Program Series 2024A, Rev., <br> GNMA / FNMA / FHLMC, 5.75%, 5/1/2055<br>| &nbsp;&nbsp;&nbsp;&nbsp; 940000 | &nbsp;&nbsp;&nbsp;&nbsp; 1014288 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Missouri State Environmental Improvement and Energy Resources Authority, Water Pollution Control and Drinking Water <br> Series 2015B, Rev., 5.00%, 7/1/2026<br>| &nbsp;&nbsp;&nbsp;&nbsp; 2000000 | &nbsp;&nbsp;&nbsp;&nbsp; 2003092 |
| &nbsp;&nbsp;&nbsp; Orchard Farm R-V School District, Missouri Direct Deposit Program Series 2024A, GO, 5.75%, 3/1/2041 | &nbsp;&nbsp;&nbsp;&nbsp; 1000000 | &nbsp;&nbsp;&nbsp;&nbsp; 1124919 |
| &nbsp;&nbsp;&nbsp; Total Missouri |  | &nbsp;&nbsp;&nbsp;&nbsp; 5192372 |
| **Nebraska — 0.4%** | **Nebraska — 0.4%** | **Nebraska — 0.4%** |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Nebraska Investment Finance Authority, Single Family Housing Series 2024G, Rev., GNMA / FNMA / FHLMC, 6.00%, <br> 9/1/2054<br>| &nbsp;&nbsp;&nbsp;&nbsp; 1000000 | &nbsp;&nbsp;&nbsp;&nbsp; 1095847 |
| **New Hampshire — 1.5%** | **New Hampshire — 1.5%** | **New Hampshire — 1.5%** |
| &nbsp;&nbsp;&nbsp; City of Manchester, School Facilities, Rev., NATL - RE, 5.50%, 6/1/2027 | &nbsp;&nbsp;&nbsp;&nbsp; 900000 | &nbsp;&nbsp;&nbsp;&nbsp; 947537 |
| &nbsp;&nbsp;&nbsp; New Hampshire Business Finance Authority Series 2025-1, Rev., 4.17%, 1/20/2041 | &nbsp;&nbsp;&nbsp;&nbsp; 998565 | &nbsp;&nbsp;&nbsp;&nbsp; 928788 |
| &nbsp;&nbsp;&nbsp; New Hampshire Business Finance Authority, Winston Salem Sustainable Energy Partners |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Series 2025A, Rev., 5.00%, 12/1/2035 (d) | &nbsp;&nbsp;&nbsp;&nbsp; 1000000 | &nbsp;&nbsp;&nbsp;&nbsp; 1077618 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Series 2025A, Rev., 5.50%, 6/1/2050 (d) | &nbsp;&nbsp;&nbsp;&nbsp; 1000000 | &nbsp;&nbsp;&nbsp;&nbsp; 1030882 |
| &nbsp;&nbsp;&nbsp; Total New Hampshire |  | &nbsp;&nbsp;&nbsp;&nbsp; 3984825 |
| **New Jersey — 0.2%** | **New Jersey — 0.2%** | **New Jersey — 0.2%** |
| &nbsp;&nbsp;&nbsp; Camden County Improvement Authority (The), Camden Prep High School Project, Rev., 5.00%, 7/15/2042 (b) | &nbsp;&nbsp;&nbsp;&nbsp; 590000 | &nbsp;&nbsp;&nbsp;&nbsp; 577314 |

---

------

**JPMorgan Sustainable Municipal Income ETF**

**SCHEDULE OF PORTFOLIO INVESTMENTS**

AS OF May 31, 2025 (Unaudited) (continued)

---

| | | |
|:---|:---|:---|
| **INVESTMENTS** | &nbsp;&nbsp;&nbsp; **PRINCIPAL**<br> **AMOUNT($)**<br>| **VALUE($)** |
| **Municipal Bonds — continued** | **Municipal Bonds — continued** | **Municipal Bonds — continued** |
| **New Mexico — 0.4%** | **New Mexico — 0.4%** | **New Mexico — 0.4%** |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; New Mexico Mortgage Finance Authority, Santee Apartments and Sangre De Cristo Project, Rev., 3.73%, 12/1/2025 (c) <br> (d)<br>| &nbsp;&nbsp;&nbsp;&nbsp; 1000000 | &nbsp;&nbsp;&nbsp;&nbsp; 1000205 |
| **New York — 14.0%** | **New York — 14.0%** | **New York — 14.0%** |
| &nbsp;&nbsp;&nbsp; Build NYC Resource Corp., Grand Concourse Academy Charter School Series 2022A, Rev., 3.40%, 7/1/2027 | &nbsp;&nbsp;&nbsp;&nbsp; 185000 | &nbsp;&nbsp;&nbsp;&nbsp; 183085 |
| &nbsp;&nbsp;&nbsp; Build NYC Resource Corp., Kipp NYC Public School Facilities - Canal West Project, Rev., 5.00%, 7/1/2029 | &nbsp;&nbsp;&nbsp;&nbsp; 460000 | &nbsp;&nbsp;&nbsp;&nbsp; 483193 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Build NYC Resource Corp., The Young Men's and Women's Hebrew Association Project Series 2024, Rev., 5.00%, <br> 12/1/2027<br>| &nbsp;&nbsp;&nbsp;&nbsp; 1000000 | &nbsp;&nbsp;&nbsp;&nbsp; 1048220 |
| &nbsp;&nbsp;&nbsp; Camden Central School District, GO, BAN, 4.50%, 6/26/2025 | &nbsp;&nbsp;&nbsp;&nbsp; 1000000 | &nbsp;&nbsp;&nbsp;&nbsp; 1000629 |
| &nbsp;&nbsp;&nbsp; Gloversville Enlarged School District, GO, BAN, 4.50%, 6/26/2025 | &nbsp;&nbsp;&nbsp;&nbsp; 1000000 | &nbsp;&nbsp;&nbsp;&nbsp; 1000671 |
| &nbsp;&nbsp;&nbsp; Metropolitan Transportation Authority |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Series 2017D, Rev., 5.00%, 11/15/2033 | &nbsp;&nbsp;&nbsp;&nbsp; 1935000 | &nbsp;&nbsp;&nbsp;&nbsp; 1989313 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Series 2024B, Rev., 5.00%, 11/15/2041 | &nbsp;&nbsp;&nbsp;&nbsp; 2000000 | &nbsp;&nbsp;&nbsp;&nbsp; 2060256 |
| &nbsp;&nbsp;&nbsp; Metropolitan Transportation Authority, Climate Bond Series 2025A, Rev., 5.25%, 11/15/2043 | &nbsp;&nbsp;&nbsp;&nbsp; 1000000 | &nbsp;&nbsp;&nbsp;&nbsp; 1042897 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Monroe County Industrial Development Corp., Academy of Health Sciences Charter School Project Series 2022A, Rev., <br> 5.00%, 7/1/2032 (b)<br>| &nbsp;&nbsp;&nbsp;&nbsp; 250000 | &nbsp;&nbsp;&nbsp;&nbsp; 252432 |
| &nbsp;&nbsp;&nbsp; New York City Municipal Water Finance Authority, Second General Resolution |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Series 2025CC, Rev., 5.00%, 6/15/2032 | &nbsp;&nbsp;&nbsp;&nbsp; 1000000 | &nbsp;&nbsp;&nbsp;&nbsp; 1121480 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Series 2025BB, Rev., 5.00%, 6/15/2048 | &nbsp;&nbsp;&nbsp;&nbsp; 1000000 | &nbsp;&nbsp;&nbsp;&nbsp; 1026899 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; New York City Municipal Water Finance Authority, Second General Resolution, Fiscal Year 2025 Series 2025DD, Rev., <br> 5.50%, 6/15/2039<br>| &nbsp;&nbsp;&nbsp;&nbsp; 1000000 | &nbsp;&nbsp;&nbsp;&nbsp; 1128549 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; New York City Municipal Water Finance Authority, Water and Sewer System, Second General Resolution Series 2009BB-2, <br> Rev., VRDO, LIQ : UBS AG, 1.52%, 6/2/2025 (c)<br>| &nbsp;&nbsp;&nbsp;&nbsp; 250000 | &nbsp;&nbsp;&nbsp;&nbsp; 250000 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; New York City Municipal Water Finance Authority, Water and Sewer System, Second General Resolution, Fiscal Year 2023 <br> Series 2023, Subseries B-1, Rev., VRDO, LIQ : Mizuho Bank Ltd., 1.50%, 6/2/2025 (c)<br>| &nbsp;&nbsp;&nbsp;&nbsp; 6500000 | &nbsp;&nbsp;&nbsp;&nbsp; 6500000 |
| &nbsp;&nbsp;&nbsp; New York State Dormitory Authority, Brooklyn Law School Series 2019A, Rev., 5.00%, 7/1/2033 | &nbsp;&nbsp;&nbsp;&nbsp; 1000000 | &nbsp;&nbsp;&nbsp;&nbsp; 1030644 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; New York State Dormitory Authority, Memorial Sloan Kettering Cancer Center Series 2025 2-B, Rev., 5.00%, <br> 7/1/2032 (c)<br>| &nbsp;&nbsp;&nbsp;&nbsp; 1000000 | &nbsp;&nbsp;&nbsp;&nbsp; 1085711 |
| &nbsp;&nbsp;&nbsp; New York State Dormitory Authority, New York University Series 2024, Rev., 5.25%, 7/1/2049 | &nbsp;&nbsp;&nbsp;&nbsp; 2400000 | &nbsp;&nbsp;&nbsp;&nbsp; 2451639 |
| &nbsp;&nbsp;&nbsp; New York State Dormitory Authority, Pace University Series 2024A, Rev., 5.25%, 5/1/2040 | &nbsp;&nbsp;&nbsp;&nbsp; 425000 | &nbsp;&nbsp;&nbsp;&nbsp; 438869 |
| &nbsp;&nbsp;&nbsp; New York State Dormitory Authority, School Districts Financing Program Series 2025A, Rev., A.G., 5.00%, 10/1/2033 (d) | &nbsp;&nbsp;&nbsp;&nbsp; 1000000 | &nbsp;&nbsp;&nbsp;&nbsp; 1114797 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; New York State Environmental Facilities Corp., State Clean Water and Drinking Water Revolving Funds, Municipal Water <br> Finance Authority Projects - Second Resolution Series 2024A, Rev., 5.25%, 6/15/2053<br>| &nbsp;&nbsp;&nbsp;&nbsp; 1000000 | &nbsp;&nbsp;&nbsp;&nbsp; 1048323 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; New York Transportation Development Corp., JFK International Airport New Terminal One Project Series 2023, Rev., AMT, <br> A.G., 5.00%, 6/30/2049<br>| &nbsp;&nbsp;&nbsp;&nbsp; 2000000 | &nbsp;&nbsp;&nbsp;&nbsp; 1976404 |
| &nbsp;&nbsp;&nbsp; Northeastern Clinton Central School District, GO, BAN, 4.50%, 6/26/2025 | &nbsp;&nbsp;&nbsp;&nbsp; 1000000 | &nbsp;&nbsp;&nbsp;&nbsp; 1000705 |
| &nbsp;&nbsp;&nbsp; Onondaga Civic Development Corp., Syracuse University Project, Rev., 4.50%, 12/1/2050 | &nbsp;&nbsp;&nbsp;&nbsp; 1000000 | &nbsp;&nbsp;&nbsp;&nbsp; 935160 |
| &nbsp;&nbsp;&nbsp; Saratoga County Capital Resource Corp., Skidmore College Project Series 2020A, Rev., 5.00%, 7/1/2045 | &nbsp;&nbsp;&nbsp;&nbsp; 2145000 | &nbsp;&nbsp;&nbsp;&nbsp; 2162186 |
| &nbsp;&nbsp;&nbsp; Sherburne Earlville Central School District, GO, BAN, 4.50%, 7/18/2025 | &nbsp;&nbsp;&nbsp;&nbsp; 1000000 | &nbsp;&nbsp;&nbsp;&nbsp; 1001227 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Triborough Bridge and Tunnel Authority, MTA Bridges and Tunnels, TBTA Capital Lockbox Series 2025A, Rev., 5.00%, <br> 12/1/2050<br>| &nbsp;&nbsp;&nbsp;&nbsp; 1500000 | &nbsp;&nbsp;&nbsp;&nbsp; 1525034 |
| &nbsp;&nbsp;&nbsp; Triborough Bridge and Tunnel Authority, Payroll Mobility Tax Series 2025B-2, Rev., BAN, 5.00%, 3/15/2029 | &nbsp;&nbsp;&nbsp;&nbsp; 2500000 | &nbsp;&nbsp;&nbsp;&nbsp; 2688710 |
| &nbsp;&nbsp;&nbsp; Total New York |  | &nbsp;&nbsp;&nbsp;&nbsp; 37547033 |
| **North Carolina — 2.1%** | **North Carolina — 2.1%** | **North Carolina — 2.1%** |
| &nbsp;&nbsp;&nbsp; City of Charlotte Water and Sewer System Series 2022A, Rev., 5.00%, 7/1/2030 | &nbsp;&nbsp;&nbsp;&nbsp; 3000000 | &nbsp;&nbsp;&nbsp;&nbsp; 3301010 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; North Carolina Housing Finance Agency, Homeownership-1998 Trust Series 55-C, Rev., GNMA / FNMA / FHLMC, 3.20%, <br> 1/15/2026 (c)<br>| &nbsp;&nbsp;&nbsp;&nbsp; 2000000 | &nbsp;&nbsp;&nbsp;&nbsp; 1998659 |
| &nbsp;&nbsp;&nbsp; North Carolina Medical Care Commission, Twin Lakes Community Series 2025A, Rev., 5.25%, 1/1/2055 | &nbsp;&nbsp;&nbsp;&nbsp; 250000 | &nbsp;&nbsp;&nbsp;&nbsp; 242407 |
| &nbsp;&nbsp;&nbsp; Total North Carolina |  | &nbsp;&nbsp;&nbsp;&nbsp; 5542076 |

---

------

**JPMorgan Sustainable Municipal Income ETF**

**SCHEDULE OF PORTFOLIO INVESTMENTS**

AS OF May 31, 2025 (Unaudited) (continued)

---

| | | |
|:---|:---|:---|
| **INVESTMENTS** | &nbsp;&nbsp;&nbsp; **PRINCIPAL**<br> **AMOUNT($)**<br>| **VALUE($)** |
| **Municipal Bonds — continued** | **Municipal Bonds — continued** | **Municipal Bonds — continued** |
| **Ohio — 4.1%** | **Ohio — 4.1%** | **Ohio — 4.1%** |
| &nbsp;&nbsp;&nbsp; American Municipal Power, Inc., Meldahl Hydroelectric Project Series 2016A, Rev., 4.00%, 2/15/2041 | &nbsp;&nbsp;&nbsp;&nbsp; 1000000 | &nbsp;&nbsp;&nbsp;&nbsp; 915521 |
| &nbsp;&nbsp;&nbsp; American Municipal Power, Inc., Solar Electricity Prepayment Project Series 2019A, Rev., 5.00%, 2/15/2035 | &nbsp;&nbsp;&nbsp;&nbsp; 825000 | &nbsp;&nbsp;&nbsp;&nbsp; 858038 |
| &nbsp;&nbsp;&nbsp; City of Toledo Water System, Waterworks, Rev., 5.00%, 11/15/2032 | &nbsp;&nbsp;&nbsp;&nbsp; 1300000 | &nbsp;&nbsp;&nbsp;&nbsp; 1404069 |
| &nbsp;&nbsp;&nbsp; Jefferson County Port Authority, JSW Steel USA Ohio, Inc., Project Series 2023, Rev., 5.00%, 12/1/2028 (b) (c) | &nbsp;&nbsp;&nbsp;&nbsp; 1000000 | &nbsp;&nbsp;&nbsp;&nbsp; 1000745 |
| &nbsp;&nbsp;&nbsp; Lakota Local School District Series 2005, GO, NATL - RE, 5.25%, 12/1/2025 | &nbsp;&nbsp;&nbsp;&nbsp; 1500000 | &nbsp;&nbsp;&nbsp;&nbsp; 1516698 |
| &nbsp;&nbsp;&nbsp; Northeast Ohio Medical University Series 2022, Rev., 5.00%, 12/1/2037 | &nbsp;&nbsp;&nbsp;&nbsp; 1100000 | &nbsp;&nbsp;&nbsp;&nbsp; 1144882 |
| &nbsp;&nbsp;&nbsp; Ohio Water Development Authority, Water Pollution Control Loan Fund Series 2024A, Rev., 5.00%, 12/1/2043 | &nbsp;&nbsp;&nbsp;&nbsp; 1000000 | &nbsp;&nbsp;&nbsp;&nbsp; 1052776 |
| &nbsp;&nbsp;&nbsp; State of Ohio, Children's Hospital Medical Center of Akron Series 2024B, Rev., 5.00%, 8/15/2032 (c) | &nbsp;&nbsp;&nbsp;&nbsp; 1000000 | &nbsp;&nbsp;&nbsp;&nbsp; 1084852 |
| &nbsp;&nbsp;&nbsp; University of Cincinnati Series 2024A, Rev., 5.25%, 6/1/2049 | &nbsp;&nbsp;&nbsp;&nbsp; 2000000 | &nbsp;&nbsp;&nbsp;&nbsp; 2075579 |
| &nbsp;&nbsp;&nbsp; Total Ohio |  | &nbsp;&nbsp;&nbsp;&nbsp; 11053160 |
| **Oklahoma — 1.9%** | **Oklahoma — 1.9%** | **Oklahoma — 1.9%** |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Oklahoma Housing Finance Agency, Home Ownership Loan Program Series 2025A, Rev., GNMA / FNMA / FHLMC, 6.25%, <br> 9/1/2056<br>| &nbsp;&nbsp;&nbsp;&nbsp; 1000000 | &nbsp;&nbsp;&nbsp;&nbsp; 1111676 |
| &nbsp;&nbsp;&nbsp; Oklahoma Water Resources Board, State Loan Program |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Series 2024B, Rev., 5.25%, 10/1/2044 | &nbsp;&nbsp;&nbsp;&nbsp; 2000000 | &nbsp;&nbsp;&nbsp;&nbsp; 2085790 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Series 2021D, Rev., 4.00%, 10/1/2046 | &nbsp;&nbsp;&nbsp;&nbsp; 2035000 | &nbsp;&nbsp;&nbsp;&nbsp; 1865639 |
| &nbsp;&nbsp;&nbsp; Total Oklahoma |  | &nbsp;&nbsp;&nbsp;&nbsp; 5063105 |
| **Oregon — 1.7%** | **Oregon — 1.7%** | **Oregon — 1.7%** |
| &nbsp;&nbsp;&nbsp; Multnomah and Clackamas Counties School District No. 10JT Gresham-Barlow Series B, GO, Zero Coupon, 6/15/2035 | &nbsp;&nbsp;&nbsp;&nbsp; 1000000 | &nbsp;&nbsp;&nbsp;&nbsp; 637927 |
| &nbsp;&nbsp;&nbsp; Oregon Health and Science University Series 2021A, Rev., 3.00%, 7/1/2051 | &nbsp;&nbsp;&nbsp;&nbsp; 2645000 | &nbsp;&nbsp;&nbsp;&nbsp; 1801524 |
| &nbsp;&nbsp;&nbsp; Oregon State Facilities Authority, Peacehealth Series 2018A, Rev., VRDO, LOC : US Bank NA, 1.45%, 6/2/2025 (c) | &nbsp;&nbsp;&nbsp;&nbsp; 2175000 | &nbsp;&nbsp;&nbsp;&nbsp; 2175000 |
| &nbsp;&nbsp;&nbsp; Total Oregon |  | &nbsp;&nbsp;&nbsp;&nbsp; 4614451 |
| **Other — 0.3%** | **Other — 0.3%** | **Other — 0.3%** |
| &nbsp;&nbsp;&nbsp; Multi-Family Housing, Bond Pass-Through Certificates, Grand Reserve Apartments Series 8, Rev., 5.95%, 11/1/2035 (c) | &nbsp;&nbsp;&nbsp;&nbsp; 745000 | &nbsp;&nbsp;&nbsp;&nbsp; 745180 |
| **Pennsylvania — 2.2%** | **Pennsylvania — 2.2%** | **Pennsylvania — 2.2%** |
| &nbsp;&nbsp;&nbsp; Bucks County Water and Sewer Authority Series 2022A, Rev., A.G., 5.00%, 12/1/2038 | &nbsp;&nbsp;&nbsp;&nbsp; 525000 | &nbsp;&nbsp;&nbsp;&nbsp; 562338 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Northampton County General Purpose Authority, St. Luke's University Health Network Series 2024A-1, Rev., A.G., 5.00%, <br> 8/15/2049<br>| &nbsp;&nbsp;&nbsp;&nbsp; 2000000 | &nbsp;&nbsp;&nbsp;&nbsp; 1988405 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Pennsylvania Economic Development Financing Authority, Presbyterian Senior Living Homes Series 2021, Rev., 4.00%, <br> 7/1/2046<br>| &nbsp;&nbsp;&nbsp;&nbsp; 750000 | &nbsp;&nbsp;&nbsp;&nbsp; 624394 |
| &nbsp;&nbsp;&nbsp; Pennsylvania Housing Finance Agency, Single Family Mortgage Series 2024-145A, Rev., 6.00%, 10/1/2054 | &nbsp;&nbsp;&nbsp;&nbsp; 995000 | &nbsp;&nbsp;&nbsp;&nbsp; 1070838 |
| &nbsp;&nbsp;&nbsp; Philadelphia Energy Authority (The), Philadelphia Street Lighting Project Series 2023A, Rev., 5.00%, 11/1/2043 | &nbsp;&nbsp;&nbsp;&nbsp; 750000 | &nbsp;&nbsp;&nbsp;&nbsp; 773843 |
| &nbsp;&nbsp;&nbsp; Redevelopment Authority of the City of Philadelphia, Service Agreement Series 2024B, Rev., 5.00%, 9/1/2042 | &nbsp;&nbsp;&nbsp;&nbsp; 850000 | &nbsp;&nbsp;&nbsp;&nbsp; 876718 |
| &nbsp;&nbsp;&nbsp; Total Pennsylvania |  | &nbsp;&nbsp;&nbsp;&nbsp; 5896536 |
| **South Carolina — 0.7%** | **South Carolina — 0.7%** | **South Carolina — 0.7%** |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; South Carolina Jobs-Economic Development Authority, Foothill Affordable Housing Series 2025, Rev., FHLMC COLL, <br> 4.00%, 3/1/2035 (c)<br>| &nbsp;&nbsp;&nbsp;&nbsp; 2000000 | &nbsp;&nbsp;&nbsp;&nbsp; 1910371 |
| **South Dakota — 0.8%** | **South Dakota — 0.8%** | **South Dakota — 0.8%** |
| &nbsp;&nbsp;&nbsp; South Dakota Housing Development Authority |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Series 2024C, Rev., GNMA / FNMA / FHLMC, 6.25%, 11/1/2055 | &nbsp;&nbsp;&nbsp;&nbsp; 995000 | &nbsp;&nbsp;&nbsp;&nbsp; 1099560 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Series 2025A, Rev., GNMA / FNMA / FHLMC, 6.50%, 11/1/2055 | &nbsp;&nbsp;&nbsp;&nbsp; 1000000 | &nbsp;&nbsp;&nbsp;&nbsp; 1124073 |
| &nbsp;&nbsp;&nbsp; Total South Dakota |  | &nbsp;&nbsp;&nbsp;&nbsp; 2223633 |
| **Tennessee — 1.5%** | **Tennessee — 1.5%** | **Tennessee — 1.5%** |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Metropolitan Government Nashville and Davidson County, Health and Educational Facilities Board, Blakeford at Green Hills <br> Series 2020A, Rev., 4.00%, 11/1/2038<br>| &nbsp;&nbsp;&nbsp;&nbsp; 1305000 | &nbsp;&nbsp;&nbsp;&nbsp; 1150004 |

---

------

**JPMorgan Sustainable Municipal Income ETF**

**SCHEDULE OF PORTFOLIO INVESTMENTS**

AS OF May 31, 2025 (Unaudited) (continued)

---

| | | |
|:---|:---|:---|
| **INVESTMENTS** | &nbsp;&nbsp;&nbsp; **PRINCIPAL**<br> **AMOUNT($)**<br>| **VALUE($)** |
| **Municipal Bonds — continued** | **Municipal Bonds — continued** | **Municipal Bonds — continued** |
| **Tennessee — continued** | **Tennessee — continued** | **Tennessee — continued** |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Shelby County Health Educational and Housing Facilities Board, Baptism Memorial Health Obligated Group Series 2024B, <br> Rev., 5.00%, 9/1/2029 (c)<br>| &nbsp;&nbsp;&nbsp;&nbsp; 1000000 | &nbsp;&nbsp;&nbsp;&nbsp; 1041578 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Shelby County Health Educational and Housing Facilities Board, Madrone Memphis Student Housing I, LLC- University of <br> Memphis Project Series 2024A-1, Rev., 5.00%, 6/1/2044 (b)<br>| &nbsp;&nbsp;&nbsp;&nbsp; 1250000 | &nbsp;&nbsp;&nbsp;&nbsp; 1192572 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Shelby County Health Educational and Housing Facilities Board, The Farms at Bailey Station Project Series 2019A, Rev., <br> 5.75%, 10/1/2059<br>| &nbsp;&nbsp;&nbsp;&nbsp; 1000000 | &nbsp;&nbsp;&nbsp;&nbsp; 661723 |
| &nbsp;&nbsp;&nbsp; Total Tennessee |  | &nbsp;&nbsp;&nbsp;&nbsp; 4045877 |
| **Texas — 9.1%** | **Texas — 9.1%** | **Texas — 9.1%** |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; City of Houston Airport System, United Airlines, Inc., Terminal Improvement Projects Series 2024B, Rev., AMT, 5.25%, <br> 7/15/2034<br>| &nbsp;&nbsp;&nbsp;&nbsp; 650000 | &nbsp;&nbsp;&nbsp;&nbsp; 665568 |
| &nbsp;&nbsp;&nbsp; Collin County Community College District, Rev., 4.00%, 8/15/2042 | &nbsp;&nbsp;&nbsp;&nbsp; 1500000 | &nbsp;&nbsp;&nbsp;&nbsp; 1387314 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Harris County Cultural Education Facilities Finance Corp., Memorial Hermann Health System Series 2020C-3, Rev., 5.00%, <br> 12/1/2026 (c)<br>| &nbsp;&nbsp;&nbsp;&nbsp; 2000000 | &nbsp;&nbsp;&nbsp;&nbsp; 2049328 |
| &nbsp;&nbsp;&nbsp; Housing Options, Inc., The Culbreath, Rev., 3.75%, 11/1/2028 (c) | &nbsp;&nbsp;&nbsp;&nbsp; 1000000 | &nbsp;&nbsp;&nbsp;&nbsp; 1006895 |
| &nbsp;&nbsp;&nbsp; Mansfield Independent School District, Unlimited Tax Series 2024, GO, PSF-GTD, 4.00%, 2/15/2054 | &nbsp;&nbsp;&nbsp;&nbsp; 1000000 | &nbsp;&nbsp;&nbsp;&nbsp; 864739 |
| &nbsp;&nbsp;&nbsp; Mission Economic Development Corp., Waste Management, Inc. Project Series 2020B, Rev., AMT, 3.95%, 9/1/2025 (c) | &nbsp;&nbsp;&nbsp;&nbsp; 1000000 | &nbsp;&nbsp;&nbsp;&nbsp; 999971 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; New Hope Cultural Education Facilities Finance Corp., Bela Vida Forefront Living Projects Series 2025A, Rev., 6.25%, <br> 10/1/2045<br>| &nbsp;&nbsp;&nbsp;&nbsp; 500000 | &nbsp;&nbsp;&nbsp;&nbsp; 479849 |
| &nbsp;&nbsp;&nbsp; North Texas Municipal Water District, Panther Creek Regional Wastewater System, Rev., 5.25%, 6/1/2043 (d) | &nbsp;&nbsp;&nbsp;&nbsp; 1855000 | &nbsp;&nbsp;&nbsp;&nbsp; 1969413 |
| &nbsp;&nbsp;&nbsp; Permanent University Fund - University of Texas System Series 2025A, Rev., 5.00%, 7/1/2035 | &nbsp;&nbsp;&nbsp;&nbsp; 2500000 | &nbsp;&nbsp;&nbsp;&nbsp; 2821409 |
| &nbsp;&nbsp;&nbsp; Plano Independent School District, Unlimited Tax, GO, PSF-GTD, 5.00%, 2/15/2029 | &nbsp;&nbsp;&nbsp;&nbsp; 1000000 | &nbsp;&nbsp;&nbsp;&nbsp; 1073609 |
| &nbsp;&nbsp;&nbsp; San Antonio Water System, Junior Lien Series 2024B, Rev., 5.00%, 5/15/2030 | &nbsp;&nbsp;&nbsp;&nbsp; 1000000 | &nbsp;&nbsp;&nbsp;&nbsp; 1090069 |
| &nbsp;&nbsp;&nbsp; Sunnyvale Independent School District, Unlimited Tax, GO, PSF-GTD, 4.25%, 2/15/2055 | &nbsp;&nbsp;&nbsp;&nbsp; 1960000 | &nbsp;&nbsp;&nbsp;&nbsp; 1763905 |
| &nbsp;&nbsp;&nbsp; Tarrant Regional Water District Water Supply System Series 2024, Rev., 5.00%, 3/1/2041 | &nbsp;&nbsp;&nbsp;&nbsp; 1000000 | &nbsp;&nbsp;&nbsp;&nbsp; 1055379 |
| &nbsp;&nbsp;&nbsp; Texas Municipal Gas Acquisition and Supply Corp. V, Gas Supply Series 2024, Rev., 5.00%, 1/1/2034 (c) | &nbsp;&nbsp;&nbsp;&nbsp; 1000000 | &nbsp;&nbsp;&nbsp;&nbsp; 1052609 |
| &nbsp;&nbsp;&nbsp; Texas Water Development Board, State Water Implementation Fund Series 2019A, Rev., 4.00%, 10/15/2044 | &nbsp;&nbsp;&nbsp;&nbsp; 4365000 | &nbsp;&nbsp;&nbsp;&nbsp; 3919667 |
| &nbsp;&nbsp;&nbsp; Via Metropolitan Transit Advanced Transportation District Sales Tax |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Series 2024, Rev., 5.00%, 8/1/2029 | &nbsp;&nbsp;&nbsp;&nbsp; 1000000 | &nbsp;&nbsp;&nbsp;&nbsp; 1077381 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Series 2024, Rev., 5.00%, 8/1/2049 | &nbsp;&nbsp;&nbsp;&nbsp; 1000000 | &nbsp;&nbsp;&nbsp;&nbsp; 1032004 |
| &nbsp;&nbsp;&nbsp; Total Texas |  | &nbsp;&nbsp;&nbsp;&nbsp; 24309109 |
| **Utah — 0.6%** | **Utah — 0.6%** | **Utah — 0.6%** |
| &nbsp;&nbsp;&nbsp; Utah Associated Municipal Power Systems, Horse Butte Wind Project Series 2017B, Rev., 5.00%, 9/1/2033 | &nbsp;&nbsp;&nbsp;&nbsp; 1700000 | &nbsp;&nbsp;&nbsp;&nbsp; 1750851 |
| **Vermont — 0.8%** | **Vermont — 0.8%** | **Vermont — 0.8%** |
| &nbsp;&nbsp;&nbsp; Vermont Student Assistance Corp., Education Loan Series 2016A, Rev., AMT, 5.00%, 6/15/2025 | &nbsp;&nbsp;&nbsp;&nbsp; 2150000 | &nbsp;&nbsp;&nbsp;&nbsp; 2150987 |
| **Virginia — 2.4%** | **Virginia — 2.4%** | **Virginia — 2.4%** |
| &nbsp;&nbsp;&nbsp; Fairfax County Industrial Development Authority, Rev., 4.00%, 5/15/2042 | &nbsp;&nbsp;&nbsp;&nbsp; 4450000 | &nbsp;&nbsp;&nbsp;&nbsp; 4110010 |
| &nbsp;&nbsp;&nbsp; Hampton Roads Sanitation District Series 2024A, Rev., 5.00%, 11/1/2037 | &nbsp;&nbsp;&nbsp;&nbsp; 1275000 | &nbsp;&nbsp;&nbsp;&nbsp; 1414436 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Virginia Small Business Financing Authority, Environmental Facilities Pure Salmon Virginia LLC Project, Rev., AMT, 4.00%, <br> 11/20/2025 (c)<br>| &nbsp;&nbsp;&nbsp;&nbsp; 1000000 | &nbsp;&nbsp;&nbsp;&nbsp; 1000231 |
| &nbsp;&nbsp;&nbsp; Total Virginia |  | &nbsp;&nbsp;&nbsp;&nbsp; 6524677 |
| **Washington — 3.0%** | **Washington — 3.0%** | **Washington — 3.0%** |
| &nbsp;&nbsp;&nbsp; City of Seattle Water System |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Rev., 5.00%, 5/1/2035 | &nbsp;&nbsp;&nbsp;&nbsp; 1000000 | &nbsp;&nbsp;&nbsp;&nbsp; 1136606 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Rev., 5.00%, 5/1/2050 | &nbsp;&nbsp;&nbsp;&nbsp; 1000000 | &nbsp;&nbsp;&nbsp;&nbsp; 1029713 |
| &nbsp;&nbsp;&nbsp; County of King Sewer Series 2016A, Rev., 4.00%, 7/1/2039 | &nbsp;&nbsp;&nbsp;&nbsp; 1000000 | &nbsp;&nbsp;&nbsp;&nbsp; 977380 |
| &nbsp;&nbsp;&nbsp; Vancouver Housing Authority Series 2025, Rev., 4.25%, 2/1/2038 | &nbsp;&nbsp;&nbsp;&nbsp; 2000000 | &nbsp;&nbsp;&nbsp;&nbsp; 1906114 |

---

------

**JPMorgan Sustainable Municipal Income ETF**

**SCHEDULE OF PORTFOLIO INVESTMENTS**

AS OF May 31, 2025 (Unaudited) (continued)

---

| | | |
|:---|:---|:---|
| **INVESTMENTS** | &nbsp;&nbsp;&nbsp; **PRINCIPAL**<br> **AMOUNT($)**<br>| **VALUE($)** |
| **Municipal Bonds — continued** | **Municipal Bonds — continued** | **Municipal Bonds — continued** |
| **Washington — continued** | **Washington — continued** | **Washington — continued** |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Washington State Housing Finance Commission, Blakeley and Laurel Villages Portfolio Series 2025A, Rev., 5.50%, <br> 7/1/2050 (b)<br>| &nbsp;&nbsp;&nbsp;&nbsp; 1000000 | &nbsp;&nbsp;&nbsp;&nbsp; 983930 |
| &nbsp;&nbsp;&nbsp; Washington State Housing Finance Commission, Radford Court and Nordheim Court Series 2024, Rev., 5.50%, 7/1/2049 | &nbsp;&nbsp;&nbsp;&nbsp; 1000000 | &nbsp;&nbsp;&nbsp;&nbsp; 1020190 |
| &nbsp;&nbsp;&nbsp; Washington State Housing Finance Commission, Seattle Academy Of Arts and Science Project |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Series 2023, Rev., 5.00%, 7/1/2028 (b) | &nbsp;&nbsp;&nbsp;&nbsp; 250000 | &nbsp;&nbsp;&nbsp;&nbsp; 257733 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Series 2023, Rev., 5.13%, 7/1/2033 (b) | &nbsp;&nbsp;&nbsp;&nbsp; 740000 | &nbsp;&nbsp;&nbsp;&nbsp; 784059 |
| &nbsp;&nbsp;&nbsp; Total Washington |  | &nbsp;&nbsp;&nbsp;&nbsp; 8095725 |
| **West Virginia — 0.2%** | **West Virginia — 0.2%** | **West Virginia — 0.2%** |
| &nbsp;&nbsp;&nbsp; West Virginia Hospital Finance Authority, University Health System Series 2023A, Rev., 5.00%, 6/1/2040 | &nbsp;&nbsp;&nbsp;&nbsp; 505000 | &nbsp;&nbsp;&nbsp;&nbsp; 521853 |
| **Wisconsin — 3.3%** | **Wisconsin — 3.3%** | **Wisconsin — 3.3%** |
| &nbsp;&nbsp;&nbsp; Public Finance Authority, Ripple Ranch, LLC Obligate Series 2021A, Rev., 5.25%, 12/1/2051 (b) | &nbsp;&nbsp;&nbsp;&nbsp; 200000 | &nbsp;&nbsp;&nbsp;&nbsp; 125025 |
| &nbsp;&nbsp;&nbsp; Public Finance Authority, Senior Lien, Rev., AMT, 5.75%, 7/1/2049 | &nbsp;&nbsp;&nbsp;&nbsp; 1000000 | &nbsp;&nbsp;&nbsp;&nbsp; 1027169 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Washington Health Care Facilities Authority, Fred Hutchinson Cancer Research Center Series 2024A, Rev., 5.00%, <br> 4/1/2035<br>| &nbsp;&nbsp;&nbsp;&nbsp; 1000000 | &nbsp;&nbsp;&nbsp;&nbsp; 1113180 |
| &nbsp;&nbsp;&nbsp; Wisconsin Health and Educational Facilities Authority, Aspirus, Inc., Obligated Group |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Rev., 5.25%, 8/15/2050 | &nbsp;&nbsp;&nbsp;&nbsp; 1000000 | &nbsp;&nbsp;&nbsp;&nbsp; 1018057 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Rev., 4.38%, 8/15/2055 | &nbsp;&nbsp;&nbsp;&nbsp; 1000000 | &nbsp;&nbsp;&nbsp;&nbsp; 860865 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Wisconsin Health and Educational Facilities Authority, Franciscan Sisters of Christian Charity Sponsored Ministries, Inc. <br> Series 2017A, Rev., 5.00%, 9/1/2027 (e)<br>| &nbsp;&nbsp;&nbsp;&nbsp; 785000 | &nbsp;&nbsp;&nbsp;&nbsp; 817546 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Wisconsin Health and Educational Facilities Authority, Milwaukee Regional Medical Center Thermal Service, Rev., 5.00%, <br> 4/1/2035<br>| &nbsp;&nbsp;&nbsp;&nbsp; 1165000 | &nbsp;&nbsp;&nbsp;&nbsp; 1207274 |
| &nbsp;&nbsp;&nbsp; Wisconsin Housing and Economic Development Authority, Home Ownership |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Series 2024A, Rev., GNMA / FNMA / FHLMC, 6.00%, 9/1/2054 | &nbsp;&nbsp;&nbsp;&nbsp; 970000 | &nbsp;&nbsp;&nbsp;&nbsp; 1041278 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Series 2024C, Rev., GNMA / FNMA / FHLMC, 6.00%, 3/1/2055 | &nbsp;&nbsp;&nbsp;&nbsp; 1500000 | &nbsp;&nbsp;&nbsp;&nbsp; 1624405 |
| &nbsp;&nbsp;&nbsp; Total Wisconsin |  | &nbsp;&nbsp;&nbsp;&nbsp; 8834799 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Total Municipal Bonds <br>(Cost $248,800,195)<br>|  | &nbsp;&nbsp;&nbsp;&nbsp; 244822492 |
|  | **SHARES** |  |
| **Short-Term Investments — 9.9%** | **Short-Term Investments — 9.9%** | **Short-Term Investments — 9.9%** |
| **Investment Companies — 9.9%** | **Investment Companies — 9.9%** | **Investment Companies — 9.9%** |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; JPMorgan Institutional Tax Free Money Market Fund Class IM Shares, 2.30% (f) (g) <br>(Cost $26,564,042)<br>| &nbsp;&nbsp;&nbsp;&nbsp; 26562875 | &nbsp;&nbsp;&nbsp;&nbsp; 26565531 |
| **Total Investments — 101.2%** <br>**(Cost $275,364,237)**<br>|  | &nbsp;&nbsp;&nbsp;&nbsp; **271388023** |
| **Liabilities in Excess of Other Assets — (1.2)%** |  | &nbsp;&nbsp;&nbsp;&nbsp; **(3123153)**<br>|
| **NET ASSETS — 100.0%** |  | &nbsp;&nbsp;&nbsp;&nbsp; **268264870** |

---

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

<br>Percentages indicated are based on net assets.<br>

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

---

| | |
|:---|:---|
| **Abbreviations** |  |
| A.G. | Insured by Assured Guaranty Inc. |
| AMBAC | Insured by American Municipal Bond Assurance Corp. |
| AMT | Alternative Minimum Tax |
| BAN | Bond Anticipation Note |
| COLL | Collateral |
| COP | Certificate of Participation |
| FHLMC | Federal Home Loan Mortgage Corp. |

---

------

**JPMorgan Sustainable Municipal Income ETF**

**SCHEDULE OF PORTFOLIO INVESTMENTS**

AS OF May 31, 2025 (Unaudited) (continued)

---

| | |
|:---|:---|
| FNMA | Federal National Mortgage Association |
| GNMA | Government National Mortgage Association |
| GO | General Obligation |
| GTD | Guaranteed |
| LIQ | Liquidity Agreement |
| LOC | Letter of Credit |
| MTA | Metropolitan Transportation Authority |
| NATL | Insured by National Public Finance Guarantee Corp. |
| PSF-GTD | Permanent School Fund Guaranteed |
| RAN | Revenue Anticipation Note |
| RE | Reinsured |
| Rev. | Revenue |
| VRDO | Variable Rate Demand Obligation |

---

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(a) The date shown represents the earliest of the prerefunded date, next put date or final
 maturity date.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(b) Securities exempt from registration under Rule 144A or section 4(a)(2), of the Securities
 Act of 1933, as amended.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(c) 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.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(d) All or a portion of the security is a when-issued security, delayed delivery security,
 or forward commitment.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(e) Security is prerefunded or escrowed to maturity.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(f) 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.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(g) The rate shown is the current yield as of May 31, 2025.

**Futures contracts outstanding as of May 31, 2025:**

------

---

| | | | | | |
|:---|:---|:---|:---|:---|:---|
| **DESCRIPTION** | &nbsp;&nbsp;&nbsp; **NUMBER OF** <br>**CONTRACTS**<br>| **EXPIRATION DATE** | **TRADING CURRENCY** | &nbsp;&nbsp;&nbsp; **NOTIONAL** <br>**AMOUNT ($)**<br>| &nbsp;&nbsp;&nbsp; **VALUE AND** <br>**UNREALIZED** <br>**APPRECIATION** <br>&nbsp;&nbsp;&nbsp;&nbsp;**(DEPRECIATION) ($)**<br>|
| **Long Contracts** |  |  |  |  |  |
| U.S. Treasury Long Bond | &nbsp;&nbsp;&nbsp;&nbsp; 26 | &nbsp;&nbsp;&nbsp;&nbsp; 09/19/2025 | &nbsp;&nbsp;&nbsp;&nbsp; USD | &nbsp;&nbsp;&nbsp;&nbsp; 2941250 | &nbsp;&nbsp;&nbsp;&nbsp; 60956 |
| **Short Contracts** |  |  |  |  |  |
| U.S. Treasury 10 Year Ultra Note | &nbsp;&nbsp;&nbsp;&nbsp; (18)<br>| &nbsp;&nbsp;&nbsp;&nbsp; 09/19/2025 | &nbsp;&nbsp;&nbsp;&nbsp; USD | &nbsp;&nbsp;&nbsp;&nbsp; (2030625)<br>| &nbsp;&nbsp;&nbsp;&nbsp; (24912)<br>|
| U.S. Treasury Ultra Bond | &nbsp;&nbsp;&nbsp;&nbsp; (9)<br>| &nbsp;&nbsp;&nbsp;&nbsp; 09/19/2025 | &nbsp;&nbsp;&nbsp;&nbsp; USD | &nbsp;&nbsp;&nbsp;&nbsp; (1046813)<br>| &nbsp;&nbsp;&nbsp;&nbsp; (24055)<br>|
|  |  |  |  |  | &nbsp;&nbsp;&nbsp;&nbsp; (48967)<br>|
|  |  |  |  |  | &nbsp;&nbsp;&nbsp;&nbsp; 11989 |

---

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

---

| | |
|:---|:---|
| **Abbreviations** |  |
| USD | United States Dollar |

---

------

**JPMorgan Sustainable Municipal Income ETF**

**SCHEDULE OF PORTFOLIO INVESTMENTS**

AS OF May 31, 2025 (Unaudited) (continued)

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

**A. Valuation of Investments**— Investments are valued in accordance with U.S. generally accepted accounting principles ("GAAP") and the Fund's valuation policies set forth by, and under the supervision and responsibility of, the Board of Trustees of the Trust (the "Board"), which established the following approach to valuation, as described more fully below: (i) investments for which market quotations are readily available shall be valued at their market value and (ii) all other investments for which market quotations are not readily available shall be valued at their fair value as determined in good faith by the Board.

Under Section 2(a)(41) of the Investment Company Act of 1940, the Board is required to determine fair value for securities that do not have readily available market quotations. Under Securities and Exchange Commission Rule 2a-5 (Good Faith Determinations of Fair Value), the Board may designate the performance of these fair valuation determinations to a valuation designee. The Board has designated the Adviser as the "Valuation Designee" to perform fair valuation determinations for the Fund on behalf of the Board subject to appropriate oversight by the Board. The Adviser, as Valuation Designee, leverages the J.P. Morgan Asset Management Americas Valuation Committee ("AVC") to help oversee and carry out the policies for the valuation of investments held in the Fund. The Adviser, as Valuation Designee, remains responsible for the valuation determinations.

This oversight by the AVC includes monitoring the appropriateness of fair values based on results of ongoing valuation oversight including, but not limited to, consideration of macro or security specific events, market events, and pricing vendor and broker due diligence. The Administrator is responsible for discussing and assessing the potential impacts to the fair values on an ongoing basis, and, at least on a quarterly basis, with the AVC and the Board.

Fixed income instruments are valued based on prices received from approved affiliated and unaffiliated pricing vendors or third party broker-dealers (collectively referred to as "Pricing Services"). The Pricing Services use multiple valuation techniques to determine the valuation of fixed income instruments. In instances where sufficient market activity exists, the Pricing Services may utilize a market-based approach through which trades or quotes from market makers are used to determine the valuation of these instruments. In instances where sufficient market activity may not exist, the Pricing Services also utilize proprietary valuation models which may consider market transactions in comparable securities and the various relationships between securities in determining fair value and/or market characteristics in order to estimate the relevant cash flows, which are then discounted to calculate the fair values.

Investments in open-end investment companies ("Underlying Funds") are valued at each Underlying Fund's net asset values per share as of the report date.

Futures contracts are generally valued on the basis of available market quotations.

Valuations reflected in this report are as of the report date. As a result, changes in valuation due to market events and/or issuer-related events after the report date and prior to issuance of the report are not reflected herein.

The various inputs that are used in determining the valuation of the Fund's investments are summarized into the three broad levels listed below.

• Level 1 — Unadjusted inputs using quoted prices in active markets for identical investments.

• Level 2 — Other significant observable inputs including, but not limited to, quoted prices for similar investments, inputs other than quoted prices that are observable for investments (such as interest rates, prepayment speeds, credit risk, etc.) or other market corroborated inputs.

• Level 3 — Significant inputs based on the best information available in the circumstances, to the extent observable inputs are not available (including the Fund's assumptions in determining the fair value of investments).

A financial instrument's level within the fair value hierarchy is based on the lowest level of any input, both individually and in the aggregate, that is significant to the fair value measurement. The inputs or methodology used for valuing instruments are not necessarily an indication of the risk associated with investing in those instruments.

The following table represents each valuation input as presented on the Schedule of Portfolio Investments:

---

| | | | | |
|:---|:---|:---|:---|:---|
|  | &nbsp;&nbsp;&nbsp;&nbsp; **Level 1** <br>Quoted prices<br>| &nbsp;&nbsp;&nbsp;&nbsp; **Level 2** <br>Other significant <br>observable inputs<br>| &nbsp;&nbsp;&nbsp;&nbsp; **Level 3** <br>Significant <br>unobservable inputs<br>| **Total** |
| **Investments in Securities** |  |  |  |  |
| Municipal Bonds | &nbsp;&nbsp;&nbsp;&nbsp; $— | &nbsp;&nbsp;&nbsp;&nbsp; $244822492 | &nbsp;&nbsp;&nbsp;&nbsp; $— | &nbsp;&nbsp;&nbsp;&nbsp; $244822492 |
| Short-Term Investments |  |  |  |  |
| &nbsp;&nbsp;&nbsp; Investment Companies | &nbsp;&nbsp;&nbsp;&nbsp; 26565531 | &nbsp;&nbsp;&nbsp;&nbsp; — | &nbsp;&nbsp;&nbsp;&nbsp; — | &nbsp;&nbsp;&nbsp;&nbsp; 26565531 |
| **Total Investments in Securities** | &nbsp;&nbsp;&nbsp;&nbsp; $26565531 | &nbsp;&nbsp;&nbsp;&nbsp; $244822492 | &nbsp;&nbsp;&nbsp;&nbsp; $— | &nbsp;&nbsp;&nbsp;&nbsp; $271388023 |

---

------

**JPMorgan Sustainable Municipal Income ETF**

**SCHEDULE OF PORTFOLIO INVESTMENTS**

AS OF May 31, 2025 (Unaudited) (continued)

---

| | | | | |
|:---|:---|:---|:---|:---|
|  | &nbsp;&nbsp;&nbsp;&nbsp; **Level 1**<br> Quoted prices<br>| &nbsp;&nbsp;&nbsp;&nbsp; **Level 2**<br> Other significant<br> observable inputs<br>| &nbsp;&nbsp;&nbsp;&nbsp; **Level 3**<br> Significant<br> unobservable inputs<br>| **Total** |
| **Appreciation in Other Financial Instruments** |  |  |  |  |
| Futures Contracts | &nbsp;&nbsp;&nbsp;&nbsp; $60956 | &nbsp;&nbsp;&nbsp;&nbsp; $— | &nbsp;&nbsp;&nbsp;&nbsp; $— | &nbsp;&nbsp;&nbsp;&nbsp; $60956 |
| **Depreciation in Other Financial Instruments** |  |  |  |  |
| Futures Contracts | &nbsp;&nbsp;&nbsp;&nbsp; $(48967)<br>| &nbsp;&nbsp;&nbsp;&nbsp; $— | &nbsp;&nbsp;&nbsp;&nbsp; $— | &nbsp;&nbsp;&nbsp;&nbsp; $(48967)<br>|
| **Total Net Appreciation/ Depreciation in Other** <br>**Financial Instruments**<br>| &nbsp;&nbsp;&nbsp;&nbsp; $11989 | &nbsp;&nbsp;&nbsp;&nbsp; $— | &nbsp;&nbsp;&nbsp;&nbsp; $— | &nbsp;&nbsp;&nbsp;&nbsp; $11989 |

---

**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** | **For the period ended May 31, 2025** | **For the period ended May 31, 2025** | **For the period ended May 31, 2025** | **For the period ended May 31, 2025** | **For the period ended May 31, 2025** | **For the period ended May 31, 2025** | **For the period ended May 31, 2025** | **For the period ended May 31, 2025** | **For the period ended May 31, 2025** |
| **Security Description** | **Value at** <br>**February 28,** <br>**2025**<br>| **Purchases at** <br>**Cost**<br>| **Proceeds from** <br>**Sales**<br>| **Net Realized** <br>**Gain (Loss)**<br>| **Change in** <br>**Unrealized** <br>**Appreciation/** <br>**(Depreciation)**<br>| **Value at** <br>**May 31,** <br>**2025**<br>| **Shares at** <br>**May 31,** <br>**2025**<br>| **Dividend** <br>**Income**<br>| **Capital Gain** <br>**Distributions**<br>|
| &nbsp;&nbsp;&nbsp; JPMorgan Institutional Tax Free <br> Money Market Fund Class IM <br> Shares, 2.30% (a) (b)<br>| $38541004 | $41706528 | $53682001 | $— | $— | $26565531 | 26562875 | $203805 | $— |

---

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

 <br> (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. <br> (b) The rate shown is the current yield as of May 31, 2025.

------

## Form NPORT-P: Monthly Portfolio Investments Report

### NPORT-P: Part A: General Information

**Item A.1. Information about the Registrant.**

- **a. Name of Registrant:** J.P. Morgan Exchange-Traded Fund Trust

- **b. Investment Company Act file number:** 811-22903

- **c. CIK number of Registrant:** 0001485894

- **d. LEI of Registrant:** 5493001E1K1DVWDV2464

- **e. Address and telephone number of Registrant.**

  - **Street Address 1:** 277 Park Avenue

  - **City:** New York

  - **State:** NY

  - **Foreign country:** US

  - **Zip / Postal Code:** 10172

  - **Telephone number:** 844-457-6383

**Item A.2. Information about the Series.**

- **a. Name of Series:** JPMorgan Sustainable Municipal Income ETF

- **b. EDGAR series identifier (if any):** S000079815

- **c. LEI of Series:** 54930002QFGZTBXQ8F49

**Item A.3. Reporting period.**

- **a. Date of fiscal year-end:** 2026-02-28

- **b. Date as of which information is reported:** 2025-05-31

**Item A.4. Final filing**

Does the Fund anticipate that this will be its final filing on Form N-PORT? **No**

### Fund Information

**Total Assets:** $274567409.14

**Total Liabilities:** $6303118.13

**Net Assets:** $268264291.01

**Currency Risk Metrics (dv01):**

- 

**Credit Spread Risk - Investment Grade (dv01):**

- **3-Month:** 122.49832000 | **1-Year:** 3769.56743000 | **5-Year:** 35548.66820000 | **10-Year:** 91082.04465000 | **30-Year:** 18168.42044000

**Credit Spread Risk - Non-Investment Grade (dv01):**

- **3-Month:** 29.36612000 | **1-Year:** 306.52199000 | **5-Year:** 1806.82866000 | **10-Year:** 7740.01529000 | **30-Year:** 2704.92797000

**Monthly Return Information**

| Class               | Month 1 Return (%)   | Month 2 Return (%)   | Month 3 Return (%)   |
|:---|:---|:---|:---|
| Class ID C000241198 | -1.36%               | -0.31%               | -0.17%               |

**Monthly Gains & Losses**

| Period   | Net Realized Gain/Loss   | Net Unrealized Appreciation/Depreciation   |
|:---|:---|:---|
| Month 1  | $-252317.33              | $-4132617.83                               |
| Month 2  | $-982225.50              | $-848265.29                                |
| Month 3  | $-423681.48              | $-869296.90                                |

**Designated Index Information**

- **Index Name:** N/A

- **Index Identifier:** N/A

### Schedule of Portfolio Investments

| Name                                                                                           | Title                                                                                                                                                  | Identifiers                                   | Payoff Profile   | Asset Category   | Issuer Category   | Country   |   Balance | Units   | Value (USD)   | % of Net Assets   | Maturity Date   | Coupon Type   | Annualized Rate (%)   | Restricted?   |   Fair Value Level | Lending Status   |
|:---|:---|:---|:---|:---|:---|:---|---:|:---|:---|:---|:---|:---|:---|:---|---:|:---|
| Illinois Finance Authority                                                                     | Illinois Finance Authority, University of Chicago, Series 2024A                                                                                        | CUSIP: 45204FWD3<br>LEI: 549300ZG6UBPNNNRN315 | Long             | DBT              | MUN               | US        |   1125000 | PA      | $1238696.55   | 0.46%             | 2032-04-01      | Fixed         | 5.00%                 | No            |                  2 | On Loan: No      |
| Saratoga County Capital Resource Corp.                                                         | Saratoga County Capital Resource Corp., Skidmore College Project, Series 2020A                                                                         | CUSIP: 803481CY4<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |   2145000 | PA      | $2162185.74   | 0.81%             | 2045-07-01      | Fixed         | 5.00%                 | No            |                  2 | On Loan: No      |
| Minneapolis/St. Paul Housing Finance Board/MN                                                  | Minneapolis-St. Paul Housing Finance Board, Single Family Mortgage, City Living Home Programs, Series 2007A-2                                          | CUSIP: 603798AH2<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |     85000 | PA      | $84801.18     | 0.03%             | 2041-03-01      | Fixed         | 5.52%                 | No            |                  2 | On Loan: No      |
| County of Miami-Dade FL Water & Sewer System Revenue                                           | County of Miami-Dade Water and Sewer System, Series 2024A                                                                                              | CUSIP: 59334DNX8<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |   1000000 | PA      | $1029216.90   | 0.38%             | 2054-10-01      | Fixed         | 5.25%                 | No            |                  2 | On Loan: No      |
| Massachusetts Development Finance Agency                                                       | Massachusetts Development Finance Agency, Lasell Village, Inc. Issue                                                                                   | CUSIP: 57585BJJ8<br>LEI: 549300UZSVMFXJK08K70 | Long             | DBT              | MUN               | US        |   1000000 | PA      | $1048556.40   | 0.39%             | 2029-07-01      | Fixed         | 5.00%                 | No            |                  2 | On Loan: No      |
| Metropolitan Government Nashville and Davidson County, Health and Educational Facilities Board | Metropolitan Government Nashville and Davidson County, Health and Educational Facilities Board, Blakeford at Green Hills, Series 2020A                 | CUSIP: 592041YW1<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |   1305000 | PA      | $1150003.98   | 0.43%             | 2038-11-01      | Fixed         | 4.00%                 | No            |                  2 | On Loan: No      |
| Metropolitan Atlanta Rapid Transit Authority                                                   | Metropolitan Atlanta Rapid Transit Authority, Sales Tax, Series 2024B                                                                                  | CUSIP: 591746BN1<br>LEI: 5493006NVWO3NVLK0F49 | Long             | DBT              | MUN               | US        |   1000000 | PA      | $1067205.90   | 0.40%             | 2041-07-01      | Fixed         | 5.00%                 | No            |                  2 | On Loan: No      |
| Oklahoma Water Resources Board                                                                 | Oklahoma Water Resources Board, State Loan Program, Series 2024B                                                                                       | CUSIP: 67920Q4R6<br>LEI: 5493007CUNXW5UX11C71 | Long             | DBT              | MUN               | US        |   2000000 | PA      | $2085789.60   | 0.78%             | 2044-10-01      | Fixed         | 5.25%                 | No            |                  2 | On Loan: No      |
| Washington Suburban Sanitary Commission                                                        | Washington Suburban Sanitary Commission, Maryland Montgomery and Prince George's Counties Maryland Consolidated Public Improvement, Series 2024        | CUSIP: 940158FZ6<br>LEI: 549300EZUWNTQF827C24 | Long             | DBT              | MUN               | US        |   1225000 | PA      | $1157575.02   | 0.43%             | 2044-06-01      | Fixed         | 4.00%                 | No            |                  2 | On Loan: No      |
| South Dakota Housing Development Authority                                                     | South Dakota Housing Development Authority, Series 2024C                                                                                               | CUSIP: 83756LBH7<br>LEI: 549300G853EK61667C18 | Long             | DBT              | MUN               | US        |    995000 | PA      | $1099559.87   | 0.41%             | 2055-11-01      | Fixed         | 6.25%                 | No            |                  2 | On Loan: No      |
| Utah Associated Municipal Power Systems                                                        | Utah Associated Municipal Power Systems, Horse Butte Wind Project, Series 2017B                                                                        | CUSIP: 917328SE7<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |   1700000 | PA      | $1750851.25   | 0.65%             | 2033-09-01      | Fixed         | 5.00%                 | No            |                  2 | On Loan: No      |
| New York State Dormitory Authority                                                             | New York State Dormitory Authority, School Districts Financing Program, Series 2025A                                                                   | CUSIP: 64985SDE0<br>LEI: 549300C8XO7EXTX2XU71 | Long             | DBT              | MUN               | US        |   1000000 | PA      | $1114797.40   | 0.42%             | 2033-10-01      | Fixed         | 5.00%                 | No            |                  2 | On Loan: No      |
| Colorado Health Facilities Authority                                                           | Colorado Health Facilities Authority, Covenant Living Communities and Services, Series 2025A                                                           | CUSIP: 19648FYX6<br>LEI: 5493002JB6DRFRZPEQ21 | Long             | DBT              | MUN               | US        |    745000 | PA      | $762398.58    | 0.28%             | 2026-12-01      | Fixed         | 5.00%                 | No            |                  2 | On Loan: No      |
| City of Seattle WA Water System Revenue                                                        | City of Seattle Water System                                                                                                                           | CUSIP: 812728ZU0<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |   1000000 | PA      | $1136605.70   | 0.42%             | 2035-05-01      | Fixed         | 5.00%                 | No            |                  2 | On Loan: No      |
| Florida Development Finance Corp.                                                              | Florida Development Finance Corp., GFL Solid Waste Southeast LLC Project, Series 2024A                                                                 | CUSIP: 34061XAG7<br>LEI: 549300HC854CNBLMWC48 | Long             | STIV             | MUN               | US        |   1000000 | PA      | $995328.60    | 0.37%             | 2054-10-01      | Variable      | 4.38%                 | Yes           |                  2 | On Loan: No      |
| New York City Municipal Water Finance Authority                                                | New York City Municipal Water Finance Authority, Series 2025CC                                                                                         | CUSIP: 64972GM68<br>LEI: 549300Q2EHQ6RJPQKP05 | Long             | DBT              | MUN               | US        |   1000000 | PA      | $1121479.70   | 0.42%             | 2032-06-15      | Fixed         | 5.00%                 | No            |                  2 | On Loan: No      |
| Metropolitan Transportation Authority                                                          | Metropolitan Transportation Authority, Series 2017D                                                                                                    | CUSIP: 59261ATB3<br>LEI: 5493000TKYODLXADQD60 | Long             | DBT              | MUN               | US        |   1935000 | PA      | $1989312.74   | 0.74%             | 2033-11-15      | Fixed         | 5.00%                 | No            |                  2 | On Loan: No      |
| Minnesota Housing Finance Agency                                                               | Minnesota Housing Finance Agency, Non Profit Housing, State Appropriation                                                                              | CUSIP: 60415N6L1<br>LEI: 549300R89XDTQBK4GE22 | Long             | DBT              | MUN               | US        |   1070000 | PA      | $1071580.39   | 0.40%             | 2025-08-01      | Fixed         | 5.25%                 | No            |                  2 | On Loan: No      |
| State of Ohio                                                                                  | State of Ohio, Children's Hospital Medical Center of Akron, Series 2024B                                                                               | CUSIP: 67756CGB8<br>LEI: 5493005LEB5E170OMX59 | Long             | DBT              | MUN               | US        |   1000000 | PA      | $1084851.90   | 0.40%             | 2054-08-15      | Variable      | 5.00%                 | No            |                  2 | On Loan: No      |
| Industrial Development Authority of the County of Pima (The)                                   | Industrial Development Authority of the County of Pima (The), La Posada at Pusch Ridge Project, Series 2022B-3                                         | CUSIP: 72178AAM4<br>LEI: 549300QDTQ25545R4K19 | Long             | DBT              | MUN               | US        |    450000 | PA      | $450233.15    | 0.17%             | 2029-11-15      | Fixed         | 5.12%                 | Yes           |                  2 | On Loan: No      |
| Iowa Finance Authority                                                                         | Iowa Finance Authority, Senior Living Facility, Sunrise Retirement Community Project                                                                   | CUSIP: 46247CCA5<br>LEI: 549300NQVL49BTHOW391 | Long             | DBT              | MUN               | US        |    445000 | PA      | $395608.25    | 0.15%             | 2036-09-01      | Fixed         | 5.00%                 | No            |                  2 | On Loan: No      |
| New York State Dormitory Authority                                                             | New York State Dormitory Authority, Pace University, Series 2024A                                                                                      | CUSIP: 65000B4T2<br>LEI: 549300C8XO7EXTX2XU71 | Long             | DBT              | MUN               | US        |    425000 | PA      | $438868.64    | 0.16%             | 2040-05-01      | Fixed         | 5.25%                 | No            |                  2 | On Loan: No      |
| Colorado Housing and Finance Authority                                                         | Colorado Housing and Finance Authority, Single Family Mortgage, Series 2023L, Class III                                                                | CUSIP: 19648GAV4<br>LEI: 5493005GIROYQAWBMC18 | Long             | DBT              | MUN               | US        |   2190000 | PA      | $2323448.31   | 0.87%             | 2053-11-01      | Fixed         | 5.75%                 | No            |                  2 | On Loan: No      |
| Fairfax County Industrial Development Authority                                                | Fairfax County Industrial Development Authority, Series 2022                                                                                           | CUSIP: 30382VAT3<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |   4450000 | PA      | $4110010.21   | 1.53%             | 2042-05-15      | Fixed         | 4.00%                 | No            |                  2 | On Loan: No      |
| Public Finance Authority                                                                       | Public Finance Authority, Ripple Ranch, LLC Obligate, Series 2021A                                                                                     | CUSIP: 74443XAC1<br>LEI: 5493004S6D3NA627K012 | Long             | DBT              | MUN               | US        |    200000 | PA      | $125024.94    | 0.05%             | 2051-12-01      | Fixed         | 5.25%                 | Yes           |                  2 | On Loan: No      |
| Louisiana Public Facilities Authority                                                          | Louisiana Public Facilities Authority, Mentorship Steam Academy Project, Series 2021A                                                                  | CUSIP: 546399LS3<br>LEI: 549300RQIPT5S4P4M065 | Long             | DBT              | MUN               | US        |    440000 | PA      | $377807.85    | 0.14%             | 2042-06-01      | Fixed         | 5.00%                 | Yes           |                  2 | On Loan: No      |
| Build NYC Resource Corp.                                                                       | Build NYC Resource Corp., Kipp NYC Public School Facilities - Canal West Project                                                                       | CUSIP: 12008ETM8<br>LEI: 549300GROJFKMNLWEK84 | Long             | DBT              | MUN               | US        |    460000 | PA      | $483193.15    | 0.18%             | 2029-07-01      | Fixed         | 5.00%                 | No            |                  2 | On Loan: No      |
| University of Illinois Auxiliary Facilities System                                             | University of Illinois Auxiliary Facilities System, Series 2024A                                                                                       | CUSIP: 914354AU9<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |   1000000 | PA      | $1050218.00   | 0.39%             | 2043-04-01      | Fixed         | 5.25%                 | No            |                  2 | On Loan: No      |
| California Health Facilities Financing Authority                                               | California Health Facilities Financing Authority, Adventist Health System, Series 2024A                                                                | CUSIP: 13032UT65<br>LEI: 5493007RI8BUDOGHZ546 | Long             | DBT              | MUN               | US        |   1000000 | PA      | $1059288.80   | 0.39%             | 2034-12-01      | Fixed         | 5.00%                 | No            |                  2 | On Loan: No      |
| Iowa Finance Authority                                                                         | Iowa Finance Authority, Senior Living Facility, Sunrise Retirement Community Project                                                                   | CUSIP: 46247CBZ1<br>LEI: 549300NQVL49BTHOW391 | Long             | DBT              | MUN               | US        |    105000 | PA      | $99693.87     | 0.04%             | 2031-09-01      | Fixed         | 5.00%                 | No            |                  2 | On Loan: No      |
| Northeast Ohio Medical University                                                              | Northeast Ohio Medical University, Series 2022                                                                                                         | CUSIP: 66433RCU0<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |   1100000 | PA      | $1144881.65   | 0.43%             | 2037-12-01      | Fixed         | 5.00%                 | No            |                  2 | On Loan: No      |
| North Carolina Housing Finance Agency                                                          | North Carolina Housing Finance Agency, Homeownership, Series 55-C                                                                                      | CUSIP: 65820BBB1<br>LEI: EC4EE0PS5OP5O69B5C39 | Long             | STIV             | MUN               | US        |   2000000 | PA      | $1998659.00   | 0.75%             | 2056-07-01      | Variable      | 3.20%                 | No            |                  2 | On Loan: No      |
| New York City Municipal Water Finance Authority                                                | New York City Municipal Water Finance Authority, Second General Resolution, Fiscal Year 2025, Series 2025DD                                            | CUSIP: 64972GP73<br>LEI: 549300Q2EHQ6RJPQKP05 | Long             | DBT              | MUN               | US        |   1000000 | PA      | $1128548.90   | 0.42%             | 2039-06-15      | Fixed         | 5.50%                 | No            |                  2 | On Loan: No      |
| Shelby County Health Educational & Housing Facilities Board                                    | Shelby County Health Educational and Housing Facilities Board, Baptism Memorial Health Obligated Group, Series 2024B                                   | CUSIP: 821691AC6<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |   1000000 | PA      | $1041578.20   | 0.39%             | 2029-09-01      | Variable      | 5.00%                 | No            |                  2 | On Loan: No      |
| New York State Environmental Facilities Corp.                                                  | New York State Environmental Facilities Corp., State Clean Water and Drinking Water Revolving Funds, Municipal Water Finance Authority Projects - Seco | CUSIP: 64986DPL3<br>LEI: 549300QJ33JJW73OQO60 | Long             | DBT              | MUN               | US        |   1000000 | PA      | $1048322.80   | 0.39%             | 2053-06-15      | Fixed         | 5.25%                 | No            |                  2 | On Loan: No      |
| Metropolitan Atlanta Rapid Transit Authority                                                   | Metropolitan Atlanta Rapid Transit Authority, Sales Tax, Series 2025A                                                                                  | CUSIP: 591746BT8<br>LEI: 5493006NVWO3NVLK0F49 | Long             | DBT              | MUN               | US        |   1950000 | PA      | $2093592.15   | 0.78%             | 2041-07-01      | Fixed         | 5.00%                 | No            |                  2 | On Loan: No      |
| California Infrastructure & Economic Development Bank                                          | California Infrastructure and Economic Development Bank, California Academy of Science, Series 2024A                                                   | CUSIP: 13034A5B2<br>LEI: 549300C1OG9RDIM8ET06 | Long             | DBT              | MUN               | US        |   2000000 | PA      | $1998221.60   | 0.74%             | 2029-08-01      | Fixed         | 3.25%                 | No            |                  2 | On Loan: No      |
| City of Chicago IL Waterworks Revenue                                                          | City of Chicago, Waterworks, Second Lien, Series 2023B                                                                                                 | CUSIP: 167736W60<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |    500000 | PA      | $534908.95    | 0.20%             | 2035-11-01      | Fixed         | 5.00%                 | No            |                  2 | On Loan: No      |
| Indiana Finance Authority                                                                      | Indiana Finance Authority, CWA Authority Project, Series 2021-1                                                                                        | CUSIP: 45505MJQ0<br>LEI: 549300PS0PAS7NDSSI20 | Long             | DBT              | MUN               | US        |   1000000 | PA      | $1084422.50   | 0.40%             | 2034-10-01      | Fixed         | 5.00%                 | No            |                  2 | On Loan: No      |
| Village Community Development District No. 15                                                  | Village Community Development District No. 15                                                                                                          | CUSIP: 92708KAA5<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |    220000 | PA      | $221632.49    | 0.08%             | 2028-05-01      | Fixed         | 4.25%                 | Yes           |                  2 | On Loan: No      |
| Foothill-De Anza Community College District                                                    | Foothill-De Anza Community College District                                                                                                            | CUSIP: 345102MW4<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |   1245000 | PA      | $1209818.91   | 0.45%             | 2040-08-01      | Fixed         | 4.00%                 | No            |                  2 | On Loan: No      |
| Florida Development Finance Corp.                                                              | Florida Development Finance Corp., Brightline Florida Passenger Rail Project, Series 2024                                                              | CUSIP: 340618DQ7<br>LEI: 549300HC854CNBLMWC48 | Long             | DBT              | MUN               | US        |   1250000 | PA      | $1147305.00   | 0.43%             | 2041-07-01      | Fixed         | 5.00%                 | No            |                  2 | On Loan: No      |
| Iowa Finance Authority                                                                         | Iowa Finance Authority, Senior Living Facility, Sunrise Retirement Community Project                                                                   | CUSIP: 46247CBW8<br>LEI: 549300NQVL49BTHOW391 | Long             | DBT              | MUN               | US        |    195000 | PA      | $190218.39    | 0.07%             | 2028-09-01      | Fixed         | 5.00%                 | No            |                  2 | On Loan: No      |
| Lakota Local School District/Butler County                                                     | Lakota Local School District, Series 2005                                                                                                              | CUSIP: 512804RD9<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |   1500000 | PA      | $1516697.70   | 0.57%             | 2025-12-01      | Fixed         | 5.25%                 | No            |                  2 | On Loan: No      |
| Main Street Natural Gas, Inc.                                                                  | Main Street Natural Gas, Inc., Gas Supply, Series 2021C                                                                                                | CUSIP: 56035DCZ3<br>LEI: 549300NY5M0QVZ6X4U26 | Long             | DBT              | MUN               | US        |   2050000 | PA      | $2052022.74   | 0.76%             | 2052-05-01      | Variable      | 4.00%                 | No            |                  2 | On Loan: No      |
| San Joaquin Valley Clean Energy Authority                                                      | San Joaquin Valley Clean Energy Authority, Series 2025A                                                                                                | CUSIP: 79811YAK4<br>LEI: 254900VA5DFN33OVGH87 | Long             | DBT              | MUN               | US        |   1000000 | PA      | $1083305.70   | 0.40%             | 2056-01-01      | Variable      | 5.50%                 | No            |                  2 | On Loan: No      |
| City of Atlanta Water and Wastewater                                                           | City of Atlanta Water and Wastewater, Series 2024                                                                                                      | CUSIP: 047870TE0<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |   1000000 | PA      | $1067663.70   | 0.40%             | 2041-11-01      | Fixed         | 5.00%                 | No            |                  2 | On Loan: No      |
| Oregon Health and Science University                                                           | Oregon Health and Science University, Series 2021A                                                                                                     | CUSIP: 685869HG7<br>LEI: 549300XTWOAGON8L2G98 | Long             | DBT              | MUN               | US        |   2645000 | PA      | $1801523.78   | 0.67%             | 2051-07-01      | Fixed         | 3.00%                 | No            |                  2 | On Loan: No      |
| Minnesota Housing Finance Agency                                                               | Minnesota Housing Finance Agency, Residential Housing, Series 2024O                                                                                    | CUSIP: 60416UGU3<br>LEI: 549300R89XDTQBK4GE22 | Long             | DBT              | MUN               | US        |   1000000 | PA      | $1104317.60   | 0.41%             | 2055-01-01      | Fixed         | 6.25%                 | No            |                  2 | On Loan: No      |
| Missouri State Environmental Improvement & Energy Resources Authority                          | Missouri State Environmental Improvement and Energy Resources Authority, Water Pollution Control and Drinking Water, Series 2015B                      | CUSIP: 60636UDC0<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |   2000000 | PA      | $2003092.40   | 0.75%             | 2026-07-01      | Fixed         | 5.00%                 | No            |                  2 | On Loan: No      |
| New Hampshire Business Finance Authority                                                       | New Hampshire Business Finance Authority, Series 2025-1                                                                                                | CUSIP: 63607WBD5<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |    998565 | PA      | $928788.61    | 0.35%             | 2041-01-20      | Fixed         | 4.17%                 | No            |                  2 | On Loan: No      |
| West Virginia Hospital Finance Authority                                                       | West Virginia Hospital Finance Authority, University Health System, Series 2023A                                                                       | CUSIP: 956622V68<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |    505000 | PA      | $521853.11    | 0.19%             | 2040-06-01      | Fixed         | 5.00%                 | No            |                  2 | On Loan: No      |
| California Community Choice Financing Authority                                                | California Community Choice Financing Authority, Clean Energy Project, Series 2024D                                                                    | CUSIP: 13013JFD3<br>LEI: 549300X8VKJ215S2R571 | Long             | DBT              | MUN               | US        |   2065000 | PA      | $2186458.34   | 0.82%             | 2055-02-01      | Variable      | 5.00%                 | No            |                  2 | On Loan: No      |
| Triborough Bridge & Tunnel Authority                                                           | Triborough Bridge and Tunnel Authority, MTA Bridges and Tunnels, TBTA Capital Lockbox, Series 2025A                                                    | CUSIP: 896032BA6<br>LEI: 54930020ZN4LQF7K3456 | Long             | DBT              | MUN               | US        |   1500000 | PA      | $1525034.10   | 0.57%             | 2050-12-01      | Fixed         | 5.00%                 | No            |                  2 | On Loan: No      |
| Gainesville & Hall County Hospital Authority                                                   | Gainesville and Hall County Hospital Authority, Northeast Georgia Health System, Inc., Project                                                         | CUSIP: 362762QZ2<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |   1000000 | PA      | $1084189.30   | 0.40%             | 2030-10-15      | Fixed         | 5.00%                 | No            |                  2 | On Loan: No      |
| Metropolitan Transportation Authority                                                          | Metropolitan Transportation Authority, Climate Bond, Series 2025A                                                                                      | CUSIP: 59261A5A1<br>LEI: 5493000TKYODLXADQD60 | Long             | DBT              | MUN               | US        |   1000000 | PA      | $1042897.20   | 0.39%             | 2043-11-15      | Fixed         | 5.25%                 | No            |                  2 | On Loan: No      |
| Wisconsin Health & Educational Facilities Authority                                            | Washington Health Care Facilities Authority, Fred Hutchinson Cancer Research Center, Series 2024A                                                      | CUSIP: 97712JLL5<br>LEI: 549300ISNGXS0VHGVD41 | Long             | DBT              | MUN               | US        |   1000000 | PA      | $1113179.90   | 0.41%             | 2035-04-01      | Fixed         | 5.00%                 | No            |                  2 | On Loan: No      |
| Ohio Water Development Authority Water Pollution Control Loan Fund                             | Ohio Water Development Authority, Water Pollution Control Loan Fund, Series 2024A                                                                      | CUSIP: 67766WN40<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |   1000000 | PA      | $1052775.70   | 0.39%             | 2043-12-01      | Fixed         | 5.00%                 | No            |                  2 | On Loan: No      |
| California Community Choice Financing Authority                                                | California Community Choice Financing Authority, Clean Energy Project, Series 2023B-1                                                                  | CUSIP: 13013JCB0<br>LEI: 549300X8VKJ215S2R571 | Long             | DBT              | MUN               | US        |   1090000 | PA      | $1133015.65   | 0.42%             | 2053-07-01      | Variable      | 5.00%                 | No            |                  2 | On Loan: No      |
| N/A                                                                                            | U.S. Treasury Long Bond                                                                                                                                | CUSIP: N/A<br>LEI: N/A                        | N/A              | DIR              |  | US        |        26 | NC      | $60956.03     | 0.02%             |  |  |  | No            |                  1 | On Loan: No      |
| California Community Choice Financing Authority                                                | California Community Choice Financing Authority, Clean Energy Project, Series 2024H                                                                    | CUSIP: 13013JFW1<br>LEI: 549300X8VKJ215S2R571 | Long             | DBT              | MUN               | US        |   2000000 | PA      | $2127390.20   | 0.79%             | 2056-01-01      | Variable      | 5.00%                 | No            |                  2 | On Loan: No      |
| Health & Educational Facilities Authority of the State of Missouri                             | Health and Educational Facilities Authority of the State of Missouri, Mercy Health, Series 2018A                                                       | CUSIP: 60637AND0<br>LEI: 549300IWTBCMX5JB3277 | Long             | DBT              | MUN               | US        |   1000000 | PA      | $1050072.60   | 0.39%             | 2031-06-01      | Fixed         | 5.00%                 | No            |                  2 | On Loan: No      |
| Wisconsin Housing & Economic Development Authority Home Ownership Revenue                      | Wisconsin Housing and Economic Development Authority Home Ownership, Series 2024C                                                                      | CUSIP: 97689QWD4<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |   1500000 | PA      | $1624405.50   | 0.61%             | 2055-03-01      | Fixed         | 6.00%                 | No            |                  2 | On Loan: No      |
| City of Houston TX Airport System Revenue                                                      | City of Houston Airport System, United Airlines, Inc. Terminal Improvement Projects, Series 2024B                                                      | CUSIP: 442349HU3<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |    650000 | PA      | $665567.57    | 0.25%             | 2034-07-15      | Fixed         | 5.25%                 | No            |                  2 | On Loan: No      |
| Collin County Community College District                                                       | Collin County Community College District                                                                                                               | CUSIP: 194742GB2<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |   1500000 | PA      | $1387314.45   | 0.52%             | 2042-08-15      | Fixed         | 4.00%                 | No            |                  2 | On Loan: No      |
| Permanent University Fund - University of Texas System                                         | Permanent University Fund - University of Texas System, Series 2025A                                                                                   | CUSIP: 915130BY3<br>LEI: 549300GZUEUTLKVGLF98 | Long             | DBT              | MUN               | US        |   2500000 | PA      | $2821409.00   | 1.05%             | 2035-07-01      | Fixed         | 5.00%                 | No            |                  2 | On Loan: No      |
| Middleton Community Development District A                                                     | Middleton Community Development District A, City of Wildwood, Florida Special Assessment                                                               | CUSIP: 596681AC0<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |    500000 | PA      | $525602.55    | 0.20%             | 2037-05-01      | Fixed         | 5.85%                 | No            |                  2 | On Loan: No      |
| University of Cincinnati                                                                       | University of Cincinnati, Series 2024A                                                                                                                 | CUSIP: 9141194V1<br>LEI: 549300E0RD3ICJ858L23 | Long             | DBT              | MUN               | US        |   2000000 | PA      | $2075579.20   | 0.77%             | 2049-06-01      | Fixed         | 5.25%                 | No            |                  2 | On Loan: No      |
| Housing Options, Inc.                                                                          | Housing Options, Inc., The Culbreath                                                                                                                   | CUSIP: 44183TAM5<br>LEI: N/A                  | Long             | STIV             | MUN               | US        |   1000000 | PA      | $1006894.70   | 0.38%             | 2045-11-01      | Variable      | 3.75%                 | No            |                  2 | On Loan: No      |
| Wisconsin Health & Educational Facilities Authority                                            | Wisconsin Health and Educational Facilities Authority, Aspirus, Inc., Obligated Group                                                                  | CUSIP: 97712JMU4<br>LEI: 549300ISNGXS0VHGVD41 | Long             | DBT              | MUN               | US        |   1000000 | PA      | $860865.20    | 0.32%             | 2055-08-15      | Fixed         | 4.38%                 | No            |                  2 | On Loan: No      |
| Wisconsin Health & Educational Facilities Authority                                            | Wisconsin Health and Educational Facilities Authority, Aspirus, Inc., Obligated Group                                                                  | CUSIP: 97712JMS9<br>LEI: 549300ISNGXS0VHGVD41 | Long             | DBT              | MUN               | US        |   1000000 | PA      | $1018057.00   | 0.38%             | 2050-08-15      | Fixed         | 5.25%                 | No            |                  2 | On Loan: No      |
| City of Chicago IL Waterworks Revenue                                                          | City of Chicago, Waterworks, Second Lien, Series 2023B                                                                                                 | CUSIP: 167736X28<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |   1500000 | PA      | $1561174.80   | 0.58%             | 2039-11-01      | Fixed         | 5.00%                 | No            |                  2 | On Loan: No      |
| Sunnyvale Independent School District                                                          | Sunnyvale Independent School District, Unlimited Tax                                                                                                   | CUSIP: 867646LJ8<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |   1960000 | PA      | $1763904.55   | 0.66%             | 2055-02-15      | Fixed         | 4.25%                 | No            |                  2 | On Loan: No      |
| New Hampshire Business Finance Authority                                                       | New Hampshire Business Finance Authority, Winston Salem Sustainable Energy Partners, Series 2025A                                                      | CUSIP: 63607YCQ1<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |   1000000 | PA      | $1077618.30   | 0.40%             | 2035-12-01      | Fixed         | 5.00%                 | No            |                  2 | On Loan: No      |
| Mission Economic Development Corp.                                                             | Mission Economic Development Corp., Waste Management, Inc. Project, Series 2020B                                                                       | CUSIP: 605155BS8<br>LEI: N/A                  | Long             | STIV             | MUN               | US        |   1000000 | PA      | $999970.90    | 0.37%             | 2040-07-01      | Variable      | 3.75%                 | No            |                  2 | On Loan: No      |
| Orchard Farm R-V School District                                                               | Orchard Farm R-V School District, Missouri Direct Deposit Program, Series 2024A                                                                        | CUSIP: 68562PHU8<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |   1000000 | PA      | $1124919.10   | 0.42%             | 2041-03-01      | Fixed         | 5.75%                 | No            |                  2 | On Loan: No      |
| Vancouver Housing Authority                                                                    | Vancouver Housing Authority, Series 2025                                                                                                               | CUSIP: 921626PU5<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |   2000000 | PA      | $1906114.60   | 0.71%             | 2038-02-01      | Fixed         | 4.25%                 | No            |                  2 | On Loan: No      |
| Camden County Improvement Authority (The)                                                      | Camden County Improvement Authority (The), Camden Prep High School Project                                                                             | CUSIP: 13281UAC0<br>LEI: 549300UTQBT9ZE0QFB15 | Long             | DBT              | MUN               | US        |    590000 | PA      | $577314.17    | 0.22%             | 2042-07-15      | Fixed         | 5.00%                 | Yes           |                  2 | On Loan: No      |
| Massachusetts Development Finance Agency                                                       | Massachusetts Development Finance Agency, Amherst College Issue, Series 2025A                                                                          | CUSIP: 57585BKD9<br>LEI: 549300UZSVMFXJK08K70 | Long             | DBT              | MUN               | US        |   1000000 | PA      | $1126285.20   | 0.42%             | 2055-11-01      | Variable      | 5.00%                 | No            |                  2 | On Loan: No      |
| Washington State Housing Finance Commission                                                    | Washington State Housing Finance Commission, Blakeley and Laurel Villages Portfolio, Series 2025A                                                      | CUSIP: 93978LJM9<br>LEI: 549300YL1HU59NREG764 | Long             | DBT              | MUN               | US        |   1000000 | PA      | $983929.90    | 0.37%             | 2050-07-01      | Fixed         | 5.50%                 | Yes           |                  2 | On Loan: No      |
| Wisconsin Health & Educational Facilities Authority                                            | Wisconsin Health and Educational Facilities Authority, Franciscan Sisters of Christian Charity Sponsored Ministries, Inc., Series 2017A                | CUSIP: 97712DYD2<br>LEI: 549300ISNGXS0VHGVD41 | Long             | DBT              | MUN               | US        |    785000 | PA      | $817545.63    | 0.30%             | 2027-09-01      | Fixed         | 5.00%                 | No            |                  2 | On Loan: No      |
| City of Manchester NH                                                                          | City of Manchester, School Facilities                                                                                                                  | CUSIP: 562358CK5<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |    900000 | PA      | $947536.65    | 0.35%             | 2027-06-01      | Fixed         | 5.50%                 | No            |                  2 | On Loan: No      |
| Oklahoma Housing Finance Agency                                                                | Oklahoma Housing Finance Agency, Home Ownership Loan Program, Series 2025A                                                                             | CUSIP: 67886MW88<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |   1000000 | PA      | $1111676.40   | 0.41%             | 2056-09-01      | Fixed         | 6.25%                 | No            |                  2 | On Loan: No      |
| City of Chicago IL Waterworks Revenue                                                          | City of Chicago Waterworks, Second Lien, Series 2001                                                                                                   | CUSIP: 167736SJ7<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |   1000000 | PA      | $1062507.20   | 0.40%             | 2030-11-01      | Fixed         | 5.75%                 | No            |                  2 | On Loan: No      |
| Idaho Health Facilities Authority                                                              | Idaho Health Facilities Authority, St. Luke's Health System Project, Series 2025B                                                                      | CUSIP: 451295H51<br>LEI: 549300X43KY1C2WW0J97 | Long             | DBT              | MUN               | US        |   1000000 | PA      | $1069626.90   | 0.40%             | 2060-03-01      | Variable      | 5.00%                 | No            |                  2 | On Loan: No      |
| Colorado Health Facilities Authority                                                           | Colorado Health Facilities Authority, Covenant Living Communities and Services, Series 2025A                                                           | CUSIP: 19648FYY4<br>LEI: 5493002JB6DRFRZPEQ21 | Long             | DBT              | MUN               | US        |    800000 | PA      | $830440.80    | 0.31%             | 2027-12-01      | Fixed         | 5.00%                 | No            |                  2 | On Loan: No      |
| New York City Municipal Water Finance Authority                                                | New York City Municipal Water Finance Authority, Water and Sewer System, Second General Resolution, Series 2009BB-2                                    | CUSIP: 64972FWL6<br>LEI: 549300Q2EHQ6RJPQKP05 | Long             | STIV             | MUN               | US        |    250000 | PA      | $250000.00    | 0.09%             | 2039-06-15      | Variable      | 3.02%                 | No            |                  2 | On Loan: No      |
| City of Aurora IL Single Family Mortgage Revenue                                               | City of Aurora, Single Family Mortgage, Series 2007A                                                                                                   | CUSIP: 051687DB4<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |     39849 | PA      | $40148.51     | 0.01%             | 2039-12-01      | Fixed         | 5.50%                 | No            |                  2 | On Loan: No      |
| Washington State Housing Finance Commission                                                    | Washington State Housing Finance Commission, Radford Court and Nordheim Court, Series 2024                                                             | CUSIP: 93978LHF6<br>LEI: 549300YL1HU59NREG764 | Long             | DBT              | MUN               | US        |   1000000 | PA      | $1020189.60   | 0.38%             | 2049-07-01      | Fixed         | 5.50%                 | No            |                  2 | On Loan: No      |
| City of Jeffersonville IN                                                                      | City of Jeffersonville, Vivera Senior Living of Jeffersonville Project, Series 2020A                                                                   | CUSIP: 475666AA1<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |    495000 | PA      | $468839.84    | 0.17%             | 2030-11-01      | Fixed         | 4.75%                 | Yes           |                  2 | On Loan: No      |
| Triborough Bridge & Tunnel Authority                                                           | Triborough Bridge and Tunnel Authority, Payroll Mobility Tax, Series 2025B-2                                                                           | CUSIP: 89602HJB4<br>LEI: 54930020ZN4LQF7K3456 | Long             | DBT              | MUN               | US        |   2500000 | PA      | $2688710.25   | 1.00%             | 2029-03-15      | Fixed         | 5.00%                 | No            |                  2 | On Loan: No      |
| Louisiana Housing Corp.                                                                        | Louisiana Housing Corp., Single Family Mortgage, Series 2025A                                                                                          | CUSIP: 54627DTY7<br>LEI: 549300VL35TBE7RSJH61 | Long             | DBT              | MUN               | US        |   1000000 | PA      | $1086099.70   | 0.40%             | 2055-06-01      | Fixed         | 6.00%                 | No            |                  2 | On Loan: No      |
| Virginia Small Business Financing Authority                                                    | Virginia Small Business Financing Authority, Environmental Facilities Pure Salmon Virginia LLC Project                                                 | CUSIP: 92810RAC1<br>LEI: N/A                  | Long             | STIV             | MUN               | US        |   1000000 | PA      | $1000231.10   | 0.37%             | 2052-11-01      | Variable      | 4.00%                 | No            |                  2 | On Loan: No      |
| Arizona Industrial Development Authority                                                       | Arizona Industrial Development Authority, KIPP NYC Public Charter Schools Jerome Facility Project, Series 2021B                                        | CUSIP: 04052BQU1<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |   1000000 | PA      | $881285.30    | 0.33%             | 2041-07-01      | Fixed         | 4.00%                 | No            |                  2 | On Loan: No      |
| Oregon State Facilities Authority                                                              | Oregon State Facilities Authority, Peacehealth, Series 2018A                                                                                           | CUSIP: 68608JXD8<br>LEI: N/A                  | Long             | STIV             | MUN               | US        |   2175000 | PA      | $2175000.00   | 0.81%             | 2034-08-01      | Variable      | 2.80%                 | No            |                  2 | On Loan: No      |
| Washington State Housing Finance Commission                                                    | Washington State Housing Finance Commission, Seattle Academy Of Arts and Science Project, Series 2023                                                  | CUSIP: 93978LGK6<br>LEI: 549300YL1HU59NREG764 | Long             | DBT              | MUN               | US        |    250000 | PA      | $257732.60    | 0.10%             | 2028-07-01      | Fixed         | 5.00%                 | Yes           |                  2 | On Loan: No      |
| City of Charlotte NC Water & Sewer System Revenue                                              | City of Charlotte Water and Sewer System, Series 2022A                                                                                                 | CUSIP: 161045RK7<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |   3000000 | PA      | $3301009.80   | 1.23%             | 2030-07-01      | Fixed         | 5.00%                 | No            |                  2 | On Loan: No      |
| N/A                                                                                            | U.S. Treasury Ultra Bond                                                                                                                               | CUSIP: N/A<br>LEI: N/A                        | N/A              | DIR              |  | US        |        -9 | NC      | $-24054.99    | -0.01%            |  |  |  | No            |                  1 | On Loan: No      |
| City of Detroit MI                                                                             | City of Detroit, Unlimited Tax, Series 2023A                                                                                                           | CUSIP: 2510936C9<br>LEI: 549300BQRJP7MKKHOY28 | Long             | DBT              | MUN               | US        |   2000000 | PA      | $2211339.40   | 0.82%             | 2039-05-01      | Fixed         | 6.00%                 | No            |                  2 | On Loan: No      |
| Roswell Development Authority                                                                  | Roswell Development Authority, Wellsatar Healthcare, Inc., Series 2025A                                                                                | CUSIP: 77853AAA1<br>LEI: N/A                  | Long             | STIV             | MUN               | US        |   1250000 | PA      | $1250000.00   | 0.47%             | 2047-04-01      | Variable      | 3.05%                 | No            |                  2 | On Loan: No      |
| South Carolina Jobs-Economic Development Authority                                             | South Carolina Jobs-Economic Development Authority, Series 2025                                                                                        | CUSIP: 837031H63<br>LEI: 5493006X47I9VG3DL112 | Long             | STIV             | MUN               | US        |   2000000 | PA      | $1910370.60   | 0.71%             | 2062-03-01      | Variable      | 4.00%                 | No            |                  2 | On Loan: No      |
| New York State Dormitory Authority                                                             | New York State Dormitory Authority, Brooklyn Law School, Series 2019A                                                                                  | CUSIP: 64990GMJ8<br>LEI: 549300C8XO7EXTX2XU71 | Long             | DBT              | MUN               | US        |   1000000 | PA      | $1030643.70   | 0.38%             | 2033-07-01      | Fixed         | 5.00%                 | No            |                  2 | On Loan: No      |
| Redevelopment Authority of the City of Philadelphia                                            | Redevelopment Authority of the City of Philadelphia, Service Agreement, Series 2024B                                                                   | CUSIP: 717868JP9<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |    850000 | PA      | $876717.71    | 0.33%             | 2042-09-01      | Fixed         | 5.00%                 | No            |                  2 | On Loan: No      |
| San Antonio Water System                                                                       | San Antonio Water System, Junior Lien, Series 2024B                                                                                                    | CUSIP: 79642GQX3<br>LEI: 549300S7VENCVRZAA322 | Long             | DBT              | MUN               | US        |   1000000 | PA      | $1090068.70   | 0.41%             | 2030-05-15      | Fixed         | 5.00%                 | No            |                  2 | On Loan: No      |
| Miami-Dade County Educational Facilities Authority                                             | Miami-Dade County Educational Facilities Authority, Series 2024A                                                                                       | CUSIP: 59333ANQ0<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |   1000000 | PA      | $1078698.20   | 0.40%             | 2037-04-01      | Fixed         | 5.00%                 | No            |                  2 | On Loan: No      |
| Missouri Housing Development Commission                                                        | Missouri Housing Development Commission, Single Family, First Place Homeownership Loan Program, Series 2024A                                           | CUSIP: 60637B8J2<br>LEI: 5493007FBL7WCV3NKY25 | Long             | DBT              | MUN               | US        |    940000 | PA      | $1014287.82   | 0.38%             | 2055-05-01      | Fixed         | 5.75%                 | No            |                  2 | On Loan: No      |
| Indiana Finance Authority                                                                      | Indiana Finance Authority, CHF- Tippecanoe LLC- Student Housing Project, Series 2023A                                                                  | CUSIP: 45471FAF8<br>LEI: 549300PS0PAS7NDSSI20 | Long             | DBT              | MUN               | US        |    150000 | PA      | $143043.96    | 0.05%             | 2053-06-01      | Fixed         | 5.00%                 | No            |                  2 | On Loan: No      |
| Los Angeles Department of Water & Power Water System Revenue                                   | Los Angeles Department of Water and Power Water System, Series 2017A                                                                                   | CUSIP: 544525WL8<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |   1000000 | PA      | $884307.50    | 0.33%             | 2047-07-01      | Fixed         | 4.00%                 | No            |                  2 | On Loan: No      |
| Michigan State Hospital Finance Authority                                                      | Michigan State Hospital Finance Authority, Corewell Health, Series 2025B-2                                                                             | CUSIP: 59465HXF8<br>LEI: 54930011MIBQ2P7ZNM19 | Long             | DBT              | MUN               | US        |   1000000 | PA      | $1079234.60   | 0.40%             | 2055-08-15      | Variable      | 5.00%                 | No            |                  2 | On Loan: No      |
| Illinois Housing Development Authority                                                         | Illinois Housing Development Authority, Series 2024A                                                                                                   | CUSIP: 45203MWL1<br>LEI: 54930053Z6M9JVHBQZ16 | Long             | DBT              | MUN               | US        |    960000 | PA      | $1029605.66   | 0.38%             | 2054-10-01      | Fixed         | 6.00%                 | No            |                  2 | On Loan: No      |
| Pennsylvania Economic Development Financing Authority                                          | Pennsylvania Economic Development Financing Authority, Presbyterian Senior Living Homes, Series 2021                                                   | CUSIP: 70869PNK9<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |    750000 | PA      | $624393.68    | 0.23%             | 2046-07-01      | Fixed         | 4.00%                 | No            |                  2 | On Loan: No      |
| Gloversville Enlarged School District                                                          | Gloversville Enlarged School District                                                                                                                  | CUSIP: 379874JE1<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |   1000000 | PA      | $1000670.60   | 0.37%             | 2025-06-26      | Fixed         | 4.50%                 | No            |                  2 | On Loan: No      |
| Kentucky Public Energy Authority                                                               | Kentucky Public Energy Authority, Gas Supply, Series 2024A                                                                                             | CUSIP: 74440DEL4<br>LEI: 549300XEJZWHYSY4SL55 | Long             | DBT              | MUN               | US        |   1000000 | PA      | $1036714.30   | 0.39%             | 2055-05-01      | Variable      | 5.00%                 | No            |                  2 | On Loan: No      |
| Onondaga Civic Development Corp.                                                               | Onondaga Civic Development Corp., Syracuse University Project                                                                                          | CUSIP: 682832LK4<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |   1000000 | PA      | $935160.40    | 0.35%             | 2050-12-01      | Fixed         | 4.50%                 | No            |                  2 | On Loan: No      |
| Northampton County General Purpose Authority                                                   | Northampton County General Purpose Authority,St. Luke's Hospital Obligated Group, Series 2024A-1                                                       | CUSIP: 66353RDE1<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |   2000000 | PA      | $1988405.00   | 0.74%             | 2049-08-15      | Fixed         | 5.00%                 | No            |                  2 | On Loan: No      |
| N/A                                                                                            | U.S. Treasury 10 Year Ultra Note                                                                                                                       | CUSIP: N/A<br>LEI: N/A                        | N/A              | DIR              |  | US        |       -18 | NC      | $-24911.95    | -0.01%            |  |  |  | No            |                  1 | On Loan: No      |
| Dominion Water & Sanitation District                                                           | Dominion Water and Sanitation District                                                                                                                 | CUSIP: 25755AAD3<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |    500000 | PA      | $506774.95    | 0.19%             | 2032-12-01      | Fixed         | 5.25%                 | No            |                  2 | On Loan: No      |
| Louisiana Public Facilities Authority                                                          | Louisiana Public Facilities Authority, Ochsner Clinic Foundation Project, Series 2025A                                                                 | CUSIP: 546399UP9<br>LEI: 549300RQIPT5S4P4M065 | Long             | DBT              | MUN               | US        |   1000000 | PA      | $1038467.30   | 0.39%             | 2055-05-15      | Fixed         | 5.50%                 | No            |                  2 | On Loan: No      |
| California Infrastructure & Economic Development Bank                                          | California Infrastructure and Economic Development Bank, Segerstrom Center for the Arts, Series 2024                                                   | CUSIP: 13034A5V8<br>LEI: 549300C1OG9RDIM8ET06 | Long             | DBT              | MUN               | US        |   1000000 | PA      | $1091392.40   | 0.41%             | 2032-01-01      | Fixed         | 5.00%                 | No            |                  2 | On Loan: No      |
| Louisiana Public Facilities Authority                                                          | Louisiana Public Facilities Authority, Ochsner Clinic Foundation Project, Series 2025A                                                                 | CUSIP: 546399UN4<br>LEI: 549300RQIPT5S4P4M065 | Long             | DBT              | MUN               | US        |   1000000 | PA      | $1004265.10   | 0.37%             | 2055-05-15      | Fixed         | 5.25%                 | No            |                  2 | On Loan: No      |
| American Municipal Power, Inc.                                                                 | American Municipal Power, Inc., Meldahl Hydroelectric Project, Series 2016A                                                                            | CUSIP: 02765ULP7<br>LEI: EARKGGZJJEMVD66XQ486 | Long             | DBT              | MUN               | US        |   1000000 | PA      | $915520.80    | 0.34%             | 2041-02-15      | Fixed         | 4.00%                 | No            |                  2 | On Loan: No      |
| Build NYC Resource Corp.                                                                       | Build NYC Resource Corp., Grand Concourse Academy Charter School, Series 2022A                                                                         | CUSIP: 12008ESW7<br>LEI: 549300GROJFKMNLWEK84 | Long             | DBT              | MUN               | US        |    185000 | PA      | $183084.99    | 0.07%             | 2027-07-01      | Fixed         | 3.40%                 | No            |                  2 | On Loan: No      |
| Shelby County Health Educational & Housing Facilities Board                                    | Shelby County Health Educational and Housing Facilities Board, The Farms at Bailey Station Project, Series 2019A                                       | CUSIP: 82170KAG2<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |   1000000 | PA      | $661722.40    | 0.25%             | 2059-10-01      | Fixed         | 5.75%                 | No            |                  2 | On Loan: No      |
| Texas Municipal Gas Acquisition & Supply Corp. V                                               | Texas Municipal Gas Acquisition and Supply Corp. V Gas supply, Series 2024                                                                             | CUSIP: 88256RAK2<br>LEI: 254900XZ4J30QIJO9G03 | Long             | DBT              | MUN               | US        |   1000000 | PA      | $1052609.40   | 0.39%             | 2055-01-01      | Variable      | 5.00%                 | No            |                  2 | On Loan: No      |
| County of Miami-Dade, Transit System                                                           | County of Miami-Dade, Transit System, Series 2022                                                                                                      | CUSIP: 59334PKW6<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |   1000000 | PA      | $1007669.70   | 0.38%             | 2049-07-01      | Fixed         | 5.00%                 | No            |                  2 | On Loan: No      |
| City of Los Angeles CA Wastewater System Revenue                                               | City of Los Angeles, Wastewater System, Subordinate, Series 2025A                                                                                      | CUSIP: 53945CMB3<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |   1000000 | PA      | $1050834.30   | 0.39%             | 2045-06-01      | Fixed         | 5.00%                 | No            |                  2 | On Loan: No      |
| City of Lake Havasu City AZ Wastewater System Revenue                                          | City of Lake Havasu City Wastewater System, Senior Lien                                                                                                | CUSIP: 50989RAL4<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |   1100000 | PA      | $1232810.92   | 0.46%             | 2033-07-01      | Fixed         | 5.00%                 | No            |                  2 | On Loan: No      |
| Mansfield Independent School District                                                          | Mansfield Independent School District, Unlimited Tax, Series 2024                                                                                      | CUSIP: 564386UE8<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |   1000000 | PA      | $864739.40    | 0.32%             | 2054-02-15      | Fixed         | 4.00%                 | No            |                  2 | On Loan: No      |
| University of Kentucky                                                                         | University of Kentucky, Healthcare Cancer Center Parking Projects                                                                                      | CUSIP: 914383AA2<br>LEI: 549300CXE3YQ1HXYCQ71 | Long             | DBT              | MUN               | US        |    555000 | PA      | $558423.35    | 0.21%             | 2025-10-01      | Fixed         | 5.00%                 | No            |                  2 | On Loan: No      |
| Maricopa County Union High School District No. 216 Agua Fria                                   | Maricopa County Union High School District No. 216 Agua Fria, Project of 2023 and 2024                                                                 | CUSIP: 567541SR9<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |    275000 | PA      | $309504.36    | 0.12%             | 2034-07-01      | Fixed         | 5.00%                 | No            |                  2 | On Loan: No      |
| Camden Central School District                                                                 | Camden Central School District                                                                                                                         | CUSIP: 133123MG1<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |   1000000 | PA      | $1000628.90   | 0.37%             | 2025-06-26      | Fixed         | 4.50%                 | No            |                  2 | On Loan: No      |
| North Carolina Medical Care Commission                                                         | North Carolina Medical Care Commission, Twin Lakes Community, Series 2025A                                                                             | CUSIP: 65820YTT3<br>LEI: 549300FH6KOXGCHQYG81 | Long             | DBT              | MUN               | US        |    250000 | PA      | $242407.25    | 0.09%             | 2055-01-01      | Fixed         | 5.25%                 | No            |                  2 | On Loan: No      |
| Nebraska Investment Finance Authority                                                          | Nebraska Investment Finance Authority, Single Family Housing, Series 2024G                                                                             | CUSIP: 63968M7U7<br>LEI: 549300OIIXIM3SRZWK33 | Long             | DBT              | MUN               | US        |   1000000 | PA      | $1095846.70   | 0.41%             | 2054-09-01      | Fixed         | 6.00%                 | No            |                  2 | On Loan: No      |
| City of Seattle WA Water System Revenue                                                        | City of Seattle Water System                                                                                                                           | CUSIP: 812728B36<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |   1000000 | PA      | $1029713.20   | 0.38%             | 2050-05-01      | Fixed         | 5.00%                 | No            |                  2 | On Loan: No      |
| Public Finance Authority                                                                       | Public Finance Authority, Senior Lien                                                                                                                  | CUSIP: 74442PF67<br>LEI: 5493004S6D3NA627K012 | Long             | DBT              | MUN               | US        |   1000000 | PA      | $1027168.80   | 0.38%             | 2049-07-01      | Fixed         | 5.75%                 | No            |                  2 | On Loan: No      |
| Iowa Finance Authority                                                                         | Iowa Finance Authority, Senior Living Facility, Sunrise Retirement Community Project                                                                   | CUSIP: 46247CBY4<br>LEI: 549300NQVL49BTHOW391 | Long             | DBT              | MUN               | US        |    110000 | PA      | $105485.82    | 0.04%             | 2030-09-01      | Fixed         | 5.00%                 | No            |                  2 | On Loan: No      |
| Via Metropolitan Transit Advanced Transportation District Sales Tax Revenue                    | Via Metropolitan Transit Advanced Transportation District Sales Tax, Series 2024                                                                       | CUSIP: 92555FDG4<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |   1000000 | PA      | $1032004.30   | 0.38%             | 2049-08-01      | Fixed         | 5.00%                 | No            |                  2 | On Loan: No      |
| Wisconsin Housing & Economic Development Authority Home Ownership Revenue                      | Wisconsin Housing and Economic Development Authority Home Ownership, Series 2024A                                                                      | CUSIP: 97689QTU0<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |    970000 | PA      | $1041278.51   | 0.39%             | 2054-09-01      | Fixed         | 6.00%                 | No            |                  2 | On Loan: No      |
| Hampton Roads Sanitation District                                                              | Hampton Roads Sanitation District, Series 2024A                                                                                                        | CUSIP: 409327MG5<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |   1275000 | PA      | $1414435.53   | 0.53%             | 2037-11-01      | Fixed         | 5.00%                 | No            |                  2 | On Loan: No      |
| Colorado Health Facilities Authority                                                           | Colorado Health Facilities Authority, Adventist Health System, Series 2019A                                                                            | CUSIP: 19648FJE5<br>LEI: 5493002JB6DRFRZPEQ21 | Long             | DBT              | MUN               | US        |   2050000 | PA      | $1846625.45   | 0.69%             | 2043-11-15      | Fixed         | 4.00%                 | No            |                  2 | On Loan: No      |
| California Public Finance Authority                                                            | California Public Finance Authority, Senior Living The James, Series 2024A                                                                             | CUSIP: 13057GAP4<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |   1000000 | PA      | $932309.50    | 0.35%             | 2054-06-01      | Fixed         | 6.50%                 | Yes           |                  2 | On Loan: No      |
| Georgia Housing & Finance Authority                                                            | Georgia Housing and Finance Authority, Series 2024A                                                                                                    | CUSIP: 37353PMD8<br>LEI: 549300I628IMF9PWV724 | Long             | DBT              | MUN               | US        |   1250000 | PA      | $1279089.38   | 0.48%             | 2042-12-01      | Fixed         | 5.00%                 | No            |                  2 | On Loan: No      |
| Florida Atlantic University Finance Corp.                                                      | Florida Atlantic University Finance Corp., Student Housing Project, Series 2024                                                                        | CUSIP: 31200CEX0<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |   1000000 | PA      | $1013075.70   | 0.38%             | 2049-07-01      | Fixed         | 5.00%                 | No            |                  2 | On Loan: No      |
| California Community Choice Financing Authority                                                | California Community Choice Financing Authority, Clean Energy Project, Series 2024A                                                                    | CUSIP: 13013JDR4<br>LEI: 549300X8VKJ215S2R571 | Long             | DBT              | MUN               | US        |   2000000 | PA      | $2098531.60   | 0.78%             | 2054-05-01      | Variable      | 5.00%                 | No            |                  2 | On Loan: No      |
| California Municipal Finance Authority                                                         | California Municipal Finance Authority, Series 2021A                                                                                                   | CUSIP: 13048RAJ6<br>LEI: 5493000UQOV6R4ZWS346 | Long             | STIV             | MUN               | US        |   1000000 | PA      | $999352.80    | 0.37%             | 2041-07-01      | Variable      | 3.75%                 | No            |                  2 | On Loan: No      |
| Tarrant Regional Water District Water Supply System Revenue                                    | Tarrant Regional Water District Water Supply System, Series 2024                                                                                       | CUSIP: 876443VX7<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |   1000000 | PA      | $1055378.60   | 0.39%             | 2041-03-01      | Fixed         | 5.00%                 | No            |                  2 | On Loan: No      |
| Illinois Finance Authority                                                                     | Illinois Finance Authority, Northwestern Memorial Healthcare, Series 2021B                                                                             | CUSIP: 45204FME2<br>LEI: 549300ZG6UBPNNNRN315 | Long             | STIV             | MUN               | US        |    845000 | PA      | $845000.00    | 0.31%             | 2055-07-15      | Variable      | 3.00%                 | No            |                  2 | On Loan: No      |
| Lee County School Board (The)                                                                  | Lee County School Board (The), Series 2023A                                                                                                            | CUSIP: 523494RG9<br>LEI: 54930014H67DITNA1Q29 | Long             | DBT              | MUN               | US        |   2715000 | PA      | $2807132.44   | 1.05%             | 2042-08-01      | Fixed         | 5.00%                 | No            |                  2 | On Loan: No      |
| Via Metropolitan Transit Advanced Transportation District Sales Tax Revenue                    | Via Metropolitan Transit Advanced Transportation District Sales Tax, Series 2024                                                                       | CUSIP: 92555FCQ3<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |   1000000 | PA      | $1077381.40   | 0.40%             | 2029-08-01      | Fixed         | 5.00%                 | No            |                  2 | On Loan: No      |
| Plano Independent School District                                                              | Plano Independent School District, Unlimited Tax                                                                                                       | CUSIP: 727199E23<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |   1000000 | PA      | $1073608.90   | 0.40%             | 2029-02-15      | Fixed         | 5.00%                 | No            |                  2 | On Loan: No      |
| City of Aurora IL Single Family Mortgage Revenue                                               | City of Aurora, Single Family Mortgage, Series 2007B                                                                                                   | CUSIP: 051687DD0<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |     33799 | PA      | $33915.46     | 0.01%             | 2039-12-01      | Fixed         | 5.45%                 | No            |                  2 | On Loan: No      |
| Maricopa County Union High School District No. 216 Agua Fria                                   | Maricopa County Union High School District No. 216 Agua Fria, Project of 2023 and 2024                                                                 | CUSIP: 567541SD0<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |    450000 | PA      | $504224.91    | 0.19%             | 2033-07-01      | Fixed         | 5.00%                 | No            |                  2 | On Loan: No      |
| California Pollution Control Financing Authority                                               | California Pollution Control Financing Authority, Poseidon Resources Channelside LP Desalination Project                                               | CUSIP: 13054WBC0<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |   1100000 | PA      | $1136486.45   | 0.42%             | 2037-07-01      | Fixed         | 5.00%                 | Yes           |                  2 | On Loan: No      |
| Iowa Student Loan Liquidity Corp.                                                              | Iowa Student Loan Liquidity Corp., Student Loan, Series 2015A                                                                                          | CUSIP: 462590KB5<br>LEI: 549300FO1LWVSZKGJK70 | Long             | DBT              | MUN               | US        |   1000000 | PA      | $1007892.80   | 0.38%             | 2025-12-01      | Fixed         | 5.00%                 | No            |                  2 | On Loan: No      |
| Monroe County Industrial Development Corp.                                                     | Monroe County Industrial Development Corp., Academy of Health Sciences Charter School Project, Series 2022A                                            | CUSIP: 61075YAF4<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |    250000 | PA      | $252431.68    | 0.09%             | 2032-07-01      | Fixed         | 5.00%                 | Yes           |                  2 | On Loan: No      |
| Main Street Natural Gas, Inc.                                                                  | Main Street Natural Gas, Inc., Gas Supply, Series 2024E                                                                                                | CUSIP: 56035DJJ2<br>LEI: 549300NY5M0QVZ6X4U26 | Long             | DBT              | MUN               | US        |   1000000 | PA      | $1041580.40   | 0.39%             | 2055-05-01      | Variable      | 5.00%                 | No            |                  2 | On Loan: No      |
| Wisconsin Health & Educational Facilities Authority                                            | Wisconsin Health and Educational Facilities Authority, Milwaukee Regional Medical Center Thermal Service                                               | CUSIP: 97712DT63<br>LEI: 549300ISNGXS0VHGVD41 | Long             | DBT              | MUN               | US        |   1165000 | PA      | $1207273.66   | 0.45%             | 2035-04-01      | Fixed         | 5.00%                 | No            |                  2 | On Loan: No      |
| New York City Municipal Water Finance Authority                                                | New York City Municipal Water Finance Authority, Water and Sewer System, Second General Resolution, Fiscal Year 2023, Series 2023, Subseries B-1       | CUSIP: 64972GC44<br>LEI: 549300Q2EHQ6RJPQKP05 | Long             | STIV             | MUN               | US        |   6500000 | PA      | $6500000.00   | 2.42%             | 2044-06-15      | Variable      | 3.05%                 | No            |                  2 | On Loan: No      |
| Los Angeles Department of Water & Power Water System Revenue                                   | Los Angeles Department of Water and Power Water System, Series 2018B                                                                                   | CUSIP: 544525XX1<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |   1000000 | PA      | $1040200.80   | 0.39%             | 2029-07-01      | Fixed         | 5.00%                 | No            |                  2 | On Loan: No      |
| Northeastern Clinton Central School District                                                   | Northeastern Clinton Central School District                                                                                                           | CUSIP: 664416HR8<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |   1000000 | PA      | $1000705.20   | 0.37%             | 2025-06-26      | Fixed         | 4.50%                 | No            |                  2 | On Loan: No      |
| Bucks County Water and Sewer Authority                                                         | Bucks County Water and Sewer Authority, Series 2022A                                                                                                   | CUSIP: 118683JU6<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |    525000 | PA      | $562338.63    | 0.21%             | 2038-12-01      | Fixed         | 5.00%                 | No            |                  2 | On Loan: No      |
| City of Toledo OH Water System Revenue                                                         | City of Toledo Water System, Waterworks                                                                                                                | CUSIP: 889396SP3<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |   1300000 | PA      | $1404069.42   | 0.52%             | 2032-11-15      | Fixed         | 5.00%                 | No            |                  2 | On Loan: No      |
| Lee County Industrial Development Authority                                                    | Lee County Industrial Development Authority, Series 2019A-1                                                                                            | CUSIP: 52350LAK6<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |   1235000 | PA      | $1269255.69   | 0.47%             | 2036-04-01      | Fixed         | 5.00%                 | No            |                  2 | On Loan: No      |
| Illinois Finance Authority                                                                     | Illinois Finance Authority, Lake Forest College, Series 2022A                                                                                          | CUSIP: 45204FRB3<br>LEI: 549300ZG6UBPNNNRN315 | Long             | DBT              | MUN               | US        |    380000 | PA      | $387627.25    | 0.14%             | 2039-10-01      | Fixed         | 5.50%                 | No            |                  2 | On Loan: No      |
| California Infrastructure & Economic Development Bank                                          | California Infrastructure and Economic Development Bank, Brightline West Passenger Rail Project, Series 2025A                                          | CUSIP: 13034A6B1<br>LEI: 549300C1OG9RDIM8ET06 | Long             | DBT              | MUN               | US        |   2000000 | PA      | $1937354.20   | 0.72%             | 2065-01-01      | Variable      | 9.50%                 | Yes           |                  2 | On Loan: No      |
| Louisiana Public Facilities Authority                                                          | Louisiana Public Facilities Authority, Tulane University of Louisiana Project, Series 2020A                                                            | CUSIP: 546399JU1<br>LEI: 549300RQIPT5S4P4M065 | Long             | DBT              | MUN               | US        |   2000000 | PA      | $2022594.60   | 0.75%             | 2045-04-01      | Fixed         | 5.00%                 | No            |                  2 | On Loan: No      |
| Minnesota Housing Finance Agency                                                               | Minnesota Housing Finance Agency, Non Profit Housing, State Appropriation                                                                              | CUSIP: 60415N6M9<br>LEI: 549300R89XDTQBK4GE22 | Long             | DBT              | MUN               | US        |    825000 | PA      | $826347.80    | 0.31%             | 2026-08-01      | Fixed         | 5.25%                 | No            |                  2 | On Loan: No      |
| Shelby County Health & Educational Facilities Board                                            | Shelby County Health Educational and Housing Facilities Board, Madrone Memphis Student Housing I, LLC- University of Memphis Project, Series 2024A-1   | CUSIP: 82170LAA3<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |   1250000 | PA      | $1192572.25   | 0.44%             | 2044-06-01      | Fixed         | 5.00%                 | Yes           |                  2 | On Loan: No      |
| Desert Community College District                                                              | Desert Community College District, Election of 2016                                                                                                    | CUSIP: 250375NC2<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |   2000000 | PA      | $1817062.40   | 0.68%             | 2051-08-01      | Fixed         | 4.00%                 | No            |                  2 | On Loan: No      |
| JPMorgan Institutional Tax Free Money Market Fund                                              | JPMorgan Institutional Tax Free Money Market Fund, Class IM                                                                                            | CUSIP: 46645V725<br>LEI: N/A                  | Long             | STIV             | RF                | US        |  26562875 | NS      | $26565531.30  | 9.90%             |  |  |  | No            |                  1 | On Loan: No      |
| Sherburne Earlville Central School District                                                    | Sherburne Earlville Central School District                                                                                                            | CUSIP: 823539FV8<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |   1000000 | PA      | $1001227.40   | 0.37%             | 2025-07-18      | Fixed         | 4.50%                 | No            |                  2 | On Loan: No      |
| North Texas Municipal Water District                                                           | North Texas Municipal Water District, Panther Creek Regional Wastewater System                                                                         | CUSIP: 66283AKW5<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |   1855000 | PA      | $1969413.25   | 0.73%             | 2043-06-01      | Fixed         | 5.25%                 | No            |                  2 | On Loan: No      |
| South Dakota Housing Development Authority                                                     | South Dakota Housing Development Authority, Series 2025A                                                                                               | CUSIP: 83756LBS3<br>LEI: 549300G853EK61667C18 | Long             | DBT              | MUN               | US        |   1000000 | PA      | $1124073.30   | 0.42%             | 2055-11-01      | Fixed         | 6.50%                 | No            |                  2 | On Loan: No      |
| New Hope Cultural Education Facilities Finance Corp.                                           | New Hope Cultural Education Facilities Finance Corp., Bela Vida Forefront Living Projects, Series 2025A                                                | CUSIP: 64542UHE7<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |    500000 | PA      | $479849.50    | 0.18%             | 2045-10-01      | Fixed         | 6.25%                 | No            |                  2 | On Loan: No      |
| Louisiana Public Facilities Authority                                                          | Louisiana Public Facilities Authority, Ochsner Clinic Foundation Project, Series 2025B                                                                 | CUSIP: 546399UQ7<br>LEI: 549300RQIPT5S4P4M065 | Long             | DBT              | MUN               | US        |   1000000 | PA      | $1067872.70   | 0.40%             | 2030-05-15      | Fixed         | 5.00%                 | No            |                  2 | On Loan: No      |
| New Mexico Mortgage Finance Authority                                                          | New Mexico Mortgage Finance Authority, Santee Apartments and Sangre De Cristo Project                                                                  | CUSIP: 64719HEP1<br>LEI: N/A                  | Long             | STIV             | MUN               | US        |   1000000 | PA      | $1000205.00   | 0.37%             | 2042-02-01      | Variable      | 3.73%                 | No            |                  2 | On Loan: No      |
| California School Finance Authority                                                            | California School Finance Authority, Kipp SoCal Public Schools, Series 2019A                                                                           | CUSIP: 13059TFT1<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |    500000 | PA      | $503088.80    | 0.19%             | 2039-07-01      | Fixed         | 5.00%                 | Yes           |                  2 | On Loan: No      |
| Washington Metropolitan Area Transit Authority Dedicated Revenue                               | Washington Metropolitan Area Transit Authority Dedicated, Series 2024A                                                                                 | CUSIP: 93878YDW6<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |   1555000 | PA      | $1381122.70   | 0.51%             | 2056-07-15      | Fixed         | 4.38%                 | No            |                  2 | On Loan: No      |
| New York State Dormitory Authority                                                             | New York State Dormitory Authority, Memorial Sloan Kettering Cancer Center, Series 2025 2-B                                                            | CUSIP: 64985SBY8<br>LEI: 549300C8XO7EXTX2XU71 | Long             | DBT              | MUN               | US        |   1000000 | PA      | $1085710.90   | 0.40%             | 2049-07-01      | Variable      | 5.00%                 | No            |                  2 | On Loan: No      |
| Will County School District No. 86 Joliet                                                      | Will County School District No. 86 Joliet, Series 2024                                                                                                 | CUSIP: 968767PG2<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |   1000000 | PA      | $1018613.00   | 0.38%             | 2042-03-01      | Fixed         | 5.00%                 | No            |                  2 | On Loan: No      |
| Pennsylvania Housing Finance Agency                                                            | Pennsylvania Housing Finance Agency, Single Family Mortgage, Series 2024-145A                                                                          | CUSIP: 70879QWN9<br>LEI: 549300JZVUPNWP77SP29 | Long             | DBT              | MUN               | US        |    995000 | PA      | $1070837.91   | 0.40%             | 2054-10-01      | Fixed         | 6.00%                 | No            |                  2 | On Loan: No      |
| Dominion Water & Sanitation District                                                           | Dominion Water and Sanitation District                                                                                                                 | CUSIP: 25755AAC5<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |    586000 | PA      | $589649.43    | 0.22%             | 2027-12-01      | Fixed         | 5.00%                 | No            |                  2 | On Loan: No      |
| Oklahoma Water Resources Board                                                                 | Oklahoma Water Resources Board, State Loan Program, Series 2021D                                                                                       | CUSIP: 67920QP85<br>LEI: 5493007CUNXW5UX11C71 | Long             | DBT              | MUN               | US        |   2035000 | PA      | $1865639.36   | 0.70%             | 2046-10-01      | Fixed         | 4.00%                 | No            |                  2 | On Loan: No      |
| Maricopa County Industrial Development Authority                                               | Maricopa County Industrial Development Authority, Arizona Autism Charter School Project, Series 2021A                                                  | CUSIP: 56681NGK7<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |   1100000 | PA      | $921981.28    | 0.34%             | 2041-07-01      | Fixed         | 4.00%                 | Yes           |                  2 | On Loan: No      |
| Washington Metropolitan Area Transit Authority Dedicated Revenue                               | Washington Metropolitan Area Transit Authority Dedicated, Series 2023A                                                                                 | CUSIP: 93878YDS5<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |   1170000 | PA      | $1183658.35   | 0.44%             | 2048-07-15      | Fixed         | 5.00%                 | No            |                  2 | On Loan: No      |
| Texas Water Development Board                                                                  | Texas Water Development Board, State Water Implementation Fund, Series 2019A                                                                           | CUSIP: 882854Z62<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |   4365000 | PA      | $3919666.55   | 1.46%             | 2044-10-15      | Fixed         | 4.00%                 | No            |                  2 | On Loan: No      |
| Metropolitan Transportation Authority                                                          | Metropolitan Transportation Authority, Series 2024B                                                                                                    | CUSIP: 59261A3L9<br>LEI: 5493000TKYODLXADQD60 | Long             | DBT              | MUN               | US        |   2000000 | PA      | $2060256.20   | 0.77%             | 2041-11-15      | Fixed         | 5.00%                 | No            |                  2 | On Loan: No      |
| Multnomah & Clackamas Counties School District No. 10JT Gresham-Barlow                         | Multnomah and Clackamas Counties School District No. 10JT Gresham-Barlow, Series B                                                                     | CUSIP: 625482GF5<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |   1000000 | PA      | $637927.30    | 0.24%             | 2035-06-15      | None          | 0.00%                 | No            |                  2 | On Loan: No      |
| New Hampshire Business Finance Authority                                                       | New Hampshire Business Finance Authority, Winston Salem Sustainable Energy Partners, Series 2025A                                                      | CUSIP: 63607YCW8<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |   1000000 | PA      | $1030881.90   | 0.38%             | 2050-06-01      | Fixed         | 5.50%                 | No            |                  2 | On Loan: No      |
| Build NYC Resource Corp.                                                                       | Build NYC Resource Corp., The Young Men's and Women's Hebrew Association Project, Series 2024                                                          | CUSIP: 12008EVX1<br>LEI: 549300GROJFKMNLWEK84 | Long             | DBT              | MUN               | US        |   1000000 | PA      | $1048220.30   | 0.39%             | 2027-12-01      | Fixed         | 5.00%                 | No            |                  2 | On Loan: No      |
| Michigan Finance Authority                                                                     | Michigan Finance Authority, Trinity Health Credit Group, Series 2013MI-4                                                                               | CUSIP: 59447TYB3<br>LEI: 54930022O46HOX5J1D14 | Long             | DBT              | MUN               | US        |   1000000 | PA      | $934343.20    | 0.35%             | 2038-12-01      | Fixed         | 4.00%                 | No            |                  2 | On Loan: No      |
| Vermont Student Assistance Corp.                                                               | Vermont Student Assistance Corp., Education Loan, Series 2016A                                                                                         | CUSIP: 92428CKG8<br>LEI: 549300VHYVRSKNFRSZ91 | Long             | DBT              | MUN               | US        |   2150000 | PA      | $2150986.64   | 0.80%             | 2025-06-15      | Fixed         | 5.00%                 | No            |                  2 | On Loan: No      |
| California School Finance Authority                                                            | California School Finance Authority, Green Dot Public Schools Project, Series 2022A                                                                    | CUSIP: 13059THF9<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |    325000 | PA      | $335507.64    | 0.13%             | 2032-08-01      | Fixed         | 5.00%                 | Yes           |                  2 | On Loan: No      |
| City of Goshen IN                                                                              | City of Goshen, Multi-Family, Green Oaks of Goshen Project, Series 2021A                                                                               | CUSIP: 38327MAA5<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |    500000 | PA      | $410361.20    | 0.15%             | 2041-08-01      | Fixed         | 5.00%                 | Yes           |                  2 | On Loan: No      |
| City of Detroit MI                                                                             | City of Detroit, Unlimited Tax, Series 2021A                                                                                                           | CUSIP: 2510934U1<br>LEI: 549300BQRJP7MKKHOY28 | Long             | DBT              | MUN               | US        |    770000 | PA      | $816956.99    | 0.30%             | 2033-04-01      | Fixed         | 5.00%                 | No            |                  2 | On Loan: No      |
| Multi-Family Housing, Bond Pass-Through Certificates                                           | Multi-Family Housing, Bond Pass-Through Certificates, Grand Reserve Apartments, Series 8                                                               | CUSIP: 62544MCD4<br>LEI: N/A                  | Long             | STIV             | MUN               | US        |    745000 | PA      | $745179.62    | 0.28%             | 2035-11-01      | Variable      | 5.95%                 | No            |                  2 | On Loan: No      |
| New York Transportation Development Corp.                                                      | New York Transportation Development Corp., JFK International Airport New Terminal One Project, Series 2023                                             | CUSIP: 650116GX8<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |   2000000 | PA      | $1976403.80   | 0.74%             | 2049-06-30      | Fixed         | 5.00%                 | No            |                  2 | On Loan: No      |
| Illinois Housing Development Authority                                                         | Illinois Housing Development Authority, Series 2025A                                                                                                   | CUSIP: 45203MK34<br>LEI: 54930053Z6M9JVHBQZ16 | Long             | DBT              | MUN               | US        |   1000000 | PA      | $1113529.40   | 0.42%             | 2055-10-01      | Fixed         | 6.25%                 | No            |                  2 | On Loan: No      |
| Louisiana Public Facilities Authority                                                          | Louisiana Public Facilities Authority, Mentorship Steam Academy Project, Series 2021A                                                                  | CUSIP: 546399LN4<br>LEI: 549300RQIPT5S4P4M065 | Long             | DBT              | MUN               | US        |    385000 | PA      | $356715.82    | 0.13%             | 2036-06-01      | Fixed         | 5.00%                 | Yes           |                  2 | On Loan: No      |
| IPS Multi-School Building Corp.                                                                | IPS Multi-School Building Corp., Ad Valorem Property Tax First Mortgage, Series 2024                                                                   | CUSIP: 46263RUB9<br>LEI: 549300BHLK1DUJUYPM91 | Long             | DBT              | MUN               | US        |   1350000 | PA      | $1364552.46   | 0.51%             | 2026-01-15      | Fixed         | 5.00%                 | No            |                  2 | On Loan: No      |
| Harris County Cultural Education Facilities Finance Corp.                                      | Harris County Cultural Education Facilities Finance Corp., Memorial Hermann Health System, Series 2020C-3                                              | CUSIP: 414009PP9<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |   2000000 | PA      | $2049328.00   | 0.76%             | 2032-06-01      | Variable      | 5.00%                 | No            |                  2 | On Loan: No      |
| Philadelphia Energy Authority (The)                                                            | Philadelphia Energy Authority (The), Philadelphia Street Lighting Project, Series 2023A                                                                | CUSIP: 71780UAR1<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |    750000 | PA      | $773842.80    | 0.29%             | 2043-11-01      | Fixed         | 5.00%                 | No            |                  2 | On Loan: No      |
| New York State Dormitory Authority                                                             | New York State Dormitory Authority, New York University, Series 2024                                                                                   | CUSIP: 65000BT73<br>LEI: 549300C8XO7EXTX2XU71 | Long             | DBT              | MUN               | US        |   2400000 | PA      | $2451638.88   | 0.91%             | 2049-07-01      | Fixed         | 5.25%                 | No            |                  2 | On Loan: No      |
| California Pollution Control Financing Authority                                               | California Pollution Control Financing Authority, Poseidon Resources Channelside LP Desalination Project                                               | CUSIP: 13054WBB2<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |    250000 | PA      | $259646.30    | 0.10%             | 2036-07-01      | Fixed         | 5.00%                 | Yes           |                  2 | On Loan: No      |
| Hillsborough County Industrial Development Authority                                           | Hillsborough County Industrial Development Authority, Baycare Health System, Series 2024E                                                              | CUSIP: 43233KAX2<br>LEI: N/A                  | Long             | STIV             | MUN               | US        |    675000 | PA      | $675000.00    | 0.25%             | 2054-11-15      | Variable      | 3.00%                 | No            |                  2 | On Loan: No      |
| County of King Sewer Revenue                                                                   | County of King Sewer, Series 2016A                                                                                                                     | CUSIP: 4952893L2<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |   1000000 | PA      | $977380.00    | 0.36%             | 2039-07-01      | Fixed         | 4.00%                 | No            |                  2 | On Loan: No      |
| Florida Development Finance Corp.                                                              | Florida Development Finance Corp., Central Charter School Project, Series 2022                                                                         | CUSIP: 34061ULH9<br>LEI: 549300HC854CNBLMWC48 | Long             | DBT              | MUN               | US        |   1515000 | PA      | $1402287.79   | 0.52%             | 2042-08-15      | Fixed         | 5.62%                 | Yes           |                  2 | On Loan: No      |
| Washington State Housing Finance Commission                                                    | Washington State Housing Finance Commission, Seattle Academy Of Arts and Science Project, Series 2023                                                  | CUSIP: 93978LGL4<br>LEI: 549300YL1HU59NREG764 | Long             | DBT              | MUN               | US        |    740000 | PA      | $784059.08    | 0.29%             | 2033-07-01      | Fixed         | 5.12%                 | Yes           |                  2 | On Loan: No      |
| Massachusetts Water Resources Authority                                                        | Massachusetts Water Resources Authority, Green Bond, Series 2016C                                                                                      | CUSIP: 576051PN0<br>LEI: 549300GBS2G3YGHOYO19 | Long             | DBT              | MUN               | US        |   1000000 | PA      | $961582.50    | 0.36%             | 2040-08-01      | Fixed         | 4.00%                 | No            |                  2 | On Loan: No      |
| New York City Municipal Water Finance Authority                                                | New York City Municipal Water Finance Authority, Second General Resolution, Series 2025BB                                                              | CUSIP: 64972GL44<br>LEI: 549300Q2EHQ6RJPQKP05 | Long             | DBT              | MUN               | US        |   1000000 | PA      | $1026899.40   | 0.38%             | 2048-06-15      | Fixed         | 5.00%                 | No            |                  2 | On Loan: No      |
| Minnesota Housing Finance Agency                                                               | Minnesota Housing Finance Agency, Series 2022M                                                                                                         | CUSIP: 60416TYA0<br>LEI: 549300R89XDTQBK4GE22 | Long             | DBT              | MUN               | US        |   1070000 | PA      | $1132207.02   | 0.42%             | 2053-01-01      | Fixed         | 6.00%                 | No            |                  2 | On Loan: No      |
| American Municipal Power, Inc.                                                                 | American Municipal Power, Inc., Solar Electricity Prepayment Project, Series 2019A                                                                     | CUSIP: 02765MAR3<br>LEI: EARKGGZJJEMVD66XQ486 | Long             | DBT              | MUN               | US        |    825000 | PA      | $858038.45    | 0.32%             | 2035-02-15      | Fixed         | 5.00%                 | No            |                  2 | On Loan: No      |
| Colorado Health Facilities Authority                                                           | Colorado Health Facilities Authority, Adventist Health System, Series 2024A-1                                                                          | CUSIP: 19648FYN8<br>LEI: 5493002JB6DRFRZPEQ21 | Long             | DBT              | MUN               | US        |   1000000 | PA      | $1067446.20   | 0.40%             | 2059-11-15      | Variable      | 5.00%                 | No            |                  2 | On Loan: No      |
| Jefferson County Port Authority                                                                | Jefferson County Port Authority, JSW Steel USA Ohio, Inc., Project, Series 2023                                                                        | CUSIP: 473318AB9<br>LEI: N/A                  | Long             | STIV             | MUN               | US        |   1000000 | PA      | $1000745.60   | 0.37%             | 2028-12-01      | Variable      | 5.00%                 | Yes           |                  2 | On Loan: No      |

### Signature

**Date Signed:** 2025-06-30

**Name of Applicant:** J.P. Morgan Exchange-Traded Fund Trust

**Signature:** Timothy J. Clemens

**Name of Signer:** Timothy J. Clemens

**Title:** Treasurer and Principal Financial Officer