# EDGAR Filing Document

**Accession Number:** 0001485894
**File Stem:** 0002071691-26-001811
**Filing Date:** 2026-1
**Character Count:** 175969
**Document Hash:** 805bd33d8b9afa68bb7dfa2464ad664d
**Contains OCR:** False
**Source Format:** 

## Filing Content

## Filing Summary
**0002071691-26-001811.hdr.sgml**: 20260128

**ACCESSION NUMBER**: 0002071691-26-001811

**CONFORMED SUBMISSION TYPE**: NPORT-P

**PUBLIC DOCUMENT COUNT**: 2

**CONFORMED PERIOD OF REPORT**: 20251130

**FILED AS OF DATE**: 20260128

**DATE AS OF CHANGE**: 20260128

**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:** 26571326

**BUSINESS ADDRESS:**
- **STREET 1:** 390 MADISON AVENUE
- **CITY:** NEW YORK
- **STATE:** NY
- **ZIP:** 10017
- **BUSINESS PHONE:** (800) 480-4111

**MAIL ADDRESS:**
- **STREET 1:** 390 MADISON AVENUE
- **CITY:** NEW YORK
- **STATE:** NY
- **ZIP:** 10017

## Series and Classes Contracts Data

### JPMorgan High Yield Municipal ETF (Series ID: S000079813)

| Class ID   | Class Name                        | Ticker Symbol   |
|:---|:---|:---|
| C000241196 | JPMorgan High Yield Municipal ETF | JMHI            |

## Nport-Ex

**JPMorgan High Yield Municipal ETF**

**Schedule of Portfolio Investments as of November 30, 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 High Yield Municipal ETF**

**SCHEDULE OF PORTFOLIO INVESTMENTS**

AS OF November 30, 2025 (Unaudited)

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

---

| | | |
|:---|:---|:---|
| **INVESTMENTS** | &nbsp;&nbsp;&nbsp; **PRINCIPAL** <br>**AMOUNT($)**<br>| **VALUE($)** |
| **Municipal Bonds — 90.1% (a)** | **Municipal Bonds — 90.1% (a)** | **Municipal Bonds — 90.1% (a)** |
| **Alabama — 5.5%** | **Alabama — 5.5%** | **Alabama — 5.5%** |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Baldwin County Industrial Development Authority, Novelis Corp., Project Series 2025A, Rev., AMT, 5.00%, 6/1/2032 (b) <br> (c)<br>| &nbsp;&nbsp;&nbsp;&nbsp; 1250000 | &nbsp;&nbsp;&nbsp;&nbsp; 1277738 |
| &nbsp;&nbsp;&nbsp; Black Belt Energy Gas District, Gas Project |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Series 2023D-1, Rev., 5.50%, 2/1/2029 (c) | &nbsp;&nbsp;&nbsp;&nbsp; 2030000 | &nbsp;&nbsp;&nbsp;&nbsp; 2150954 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Series 2021A, Rev., 4.00%, 12/1/2031 (c) | &nbsp;&nbsp;&nbsp;&nbsp; 3000000 | &nbsp;&nbsp;&nbsp;&nbsp; 3091922 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Series 2024D, Rev., 5.00%, 11/1/2034 (c) | &nbsp;&nbsp;&nbsp;&nbsp; 2000000 | &nbsp;&nbsp;&nbsp;&nbsp; 2169196 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Series 2025E, Rev., 5.00%, 5/1/2035 (c) | &nbsp;&nbsp;&nbsp;&nbsp; 1015000 | &nbsp;&nbsp;&nbsp;&nbsp; 1096272 |
| &nbsp;&nbsp;&nbsp; County of Jefferson sewer, Rev., 5.25%, 10/1/2049 | &nbsp;&nbsp;&nbsp;&nbsp; 1000000 | &nbsp;&nbsp;&nbsp;&nbsp; 1039285 |
| &nbsp;&nbsp;&nbsp; Lower Alabama Gas District (The), Gas Project Series 2025A, Rev., 5.00%, 12/1/2033 | &nbsp;&nbsp;&nbsp;&nbsp; 1140000 | &nbsp;&nbsp;&nbsp;&nbsp; 1201838 |
| &nbsp;&nbsp;&nbsp; Mobile County Industrial Development Authority, Calvert LLC Project Series 2024B, Rev., AMT, 4.75%, 12/1/2054 | &nbsp;&nbsp;&nbsp;&nbsp; 1000000 | &nbsp;&nbsp;&nbsp;&nbsp; 932767 |
| &nbsp;&nbsp;&nbsp; Total Alabama |  | &nbsp;&nbsp;&nbsp;&nbsp; 12959972 |
| **Alaska — 0.2%** | **Alaska — 0.2%** | **Alaska — 0.2%** |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Northern Tobacco Securitization Corp., Tobacco Settlement Asset-Backed Senior Capital Appreciation Series 2021B-2, <br> Class 2, Rev., Zero Coupon, 6/1/2066<br>| &nbsp;&nbsp;&nbsp;&nbsp; 3500000 | &nbsp;&nbsp;&nbsp;&nbsp; 399691 |
| **Arizona — 0.9%** | **Arizona — 0.9%** | **Arizona — 0.9%** |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Arizona Industrial Development Authority, Great Lakes Senior Living Communities LLC Project Series 2025A-2, Rev., <br> 5.13%, 1/1/2059<br>| &nbsp;&nbsp;&nbsp;&nbsp; 1000000 | &nbsp;&nbsp;&nbsp;&nbsp; 928463 |
| &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; 920291 |
| &nbsp;&nbsp;&nbsp; Maricopa County Industrial Development Authority, Ottawa University, Rev., 5.13%, 10/1/2030 (b) | &nbsp;&nbsp;&nbsp;&nbsp; 210000 | &nbsp;&nbsp;&nbsp;&nbsp; 200597 |
| &nbsp;&nbsp;&nbsp; Total Arizona |  | &nbsp;&nbsp;&nbsp;&nbsp; 2049351 |
| **Arkansas — 0.5%** | **Arkansas — 0.5%** | **Arkansas — 0.5%** |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Arkansas Development Finance Authority, Industrial Development , Hybar Steel Project Series 2023B, Rev., AMT, 7.38%, <br> 7/1/2048 (b)<br>| &nbsp;&nbsp;&nbsp;&nbsp; 1000000 | &nbsp;&nbsp;&nbsp;&nbsp; 1085649 |
| **California — 5.1%** | **California — 5.1%** | **California — 5.1%** |
| &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; 1280000 | &nbsp;&nbsp;&nbsp;&nbsp; 1344255 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Series 2025E, Rev., 5.00%, 5/1/2035 (c) | &nbsp;&nbsp;&nbsp;&nbsp; 2000000 | &nbsp;&nbsp;&nbsp;&nbsp; 2193075 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; California County Tobacco Securitization Agency, Los Angeles County Securitization Corp. Series 2020B-2, Rev., Zero <br> Coupon, 6/1/2055<br>| &nbsp;&nbsp;&nbsp;&nbsp; 4500000 | &nbsp;&nbsp;&nbsp;&nbsp; 862284 |
| &nbsp;&nbsp;&nbsp; California Health Facilities Financing Authority, Sutter Health Series 2017A, Rev., 4.00%, 11/15/2048 | &nbsp;&nbsp;&nbsp;&nbsp; 1000000 | &nbsp;&nbsp;&nbsp;&nbsp; 919073 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; California Infrastructure and Economic Development Bank, Brightline West Passenger Rail Project Series 2025 B, Rev., <br> 12.00%, 11/2/2026 ‡ (c)<br>| &nbsp;&nbsp;&nbsp;&nbsp; 290000 | &nbsp;&nbsp;&nbsp;&nbsp; 232000 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; California Municipal Finance Authority, Linxs Apartments Project, Senior Lien Series 2018A, Rev., AMT, 5.00%, <br> 12/31/2047<br>| &nbsp;&nbsp;&nbsp;&nbsp; 1000000 | &nbsp;&nbsp;&nbsp;&nbsp; 1003182 |
| &nbsp;&nbsp;&nbsp; California Public Finance Authority, Senior Living The James Series 2024A, Rev., 6.50%, 6/1/2054 (b) | &nbsp;&nbsp;&nbsp;&nbsp; 500000 | &nbsp;&nbsp;&nbsp;&nbsp; 490215 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; California School Facilities Financing Authority, Capital Appreciation, Azusa Unified School District Series 2009A, Rev., <br> A.G., Zero Coupon, 8/1/2030<br>| &nbsp;&nbsp;&nbsp;&nbsp; 200000 | &nbsp;&nbsp;&nbsp;&nbsp; 175042 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; California Statewide Communities Development Authority, Loma Linda University Medical Center Series 2016A, Rev., <br> 5.25%, 12/1/2056 (b)<br>| &nbsp;&nbsp;&nbsp;&nbsp; 2000000 | &nbsp;&nbsp;&nbsp;&nbsp; 2000096 |
| &nbsp;&nbsp;&nbsp; Golden State Tobacco Securitization Corp., Enhanced Tobacco Settlement Series 2021B-2, Rev., Zero Coupon, 6/1/2066 | &nbsp;&nbsp;&nbsp;&nbsp; 25000000 | &nbsp;&nbsp;&nbsp;&nbsp; 2680350 |
| &nbsp;&nbsp;&nbsp; Total California |  | &nbsp;&nbsp;&nbsp;&nbsp; 11899572 |
| **Colorado — 3.9%** | **Colorado — 3.9%** | **Colorado — 3.9%** |
| &nbsp;&nbsp;&nbsp; Bradburn Metropolitan District No. 2, Limited Tax |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Series 2018A, GO, 5.00%, 12/1/2038 | &nbsp;&nbsp;&nbsp;&nbsp; 500000 | &nbsp;&nbsp;&nbsp;&nbsp; 505255 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Series 2018B, GO, 7.25%, 12/15/2047 | &nbsp;&nbsp;&nbsp;&nbsp; 500000 | &nbsp;&nbsp;&nbsp;&nbsp; 501027 |
| &nbsp;&nbsp;&nbsp; City and County of Denver, Airport System Series 2018A, Rev., AMT, 4.00%, 12/1/2043 | &nbsp;&nbsp;&nbsp;&nbsp; 500000 | &nbsp;&nbsp;&nbsp;&nbsp; 466718 |

---

------

**JPMorgan High Yield Municipal ETF**

**SCHEDULE OF PORTFOLIO INVESTMENTS**

AS OF November 30, 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; Colorado Health Facilities Authority Series 2025A, Rev., 5.25%, 5/15/2048 | &nbsp;&nbsp;&nbsp;&nbsp; 500000 | &nbsp;&nbsp;&nbsp;&nbsp; 506433 |
| &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; 810000 | &nbsp;&nbsp;&nbsp;&nbsp; 862417 |
| &nbsp;&nbsp;&nbsp; Denver Health and Hospital Authority Series 2025A, Rev., 6.00%, 12/1/2055 | &nbsp;&nbsp;&nbsp;&nbsp; 1000000 | &nbsp;&nbsp;&nbsp;&nbsp; 1082294 |
| &nbsp;&nbsp;&nbsp; Dominion Water and Sanitation District, Rev., 5.25%, 12/1/2032 | &nbsp;&nbsp;&nbsp;&nbsp; 515000 | &nbsp;&nbsp;&nbsp;&nbsp; 529693 |
| &nbsp;&nbsp;&nbsp; Raindance Metropolitan District No. 1, Non-Potable Water System, Rev., 5.00%, 12/1/2040 | &nbsp;&nbsp;&nbsp;&nbsp; 748000 | &nbsp;&nbsp;&nbsp;&nbsp; 746270 |
| &nbsp;&nbsp;&nbsp; Rocky Mountain Rail Park Metropolitan District, Limited Tax Series 2021A, GO, 5.00%, 12/1/2041 (b) | &nbsp;&nbsp;&nbsp;&nbsp; 1250000 | &nbsp;&nbsp;&nbsp;&nbsp; 1219060 |
| &nbsp;&nbsp;&nbsp; Southern Ute Indian Tribe of the Southern Ute Reservation of Colorado Series 2025A, GO, 5.00%, 4/1/2035 (b) | &nbsp;&nbsp;&nbsp;&nbsp; 1000000 | &nbsp;&nbsp;&nbsp;&nbsp; 1094776 |
| &nbsp;&nbsp;&nbsp; St Vrain Lakes Metropolitan District No. 4 Series 2024A, GO, 0.00%, 9/20/2054 (b) | &nbsp;&nbsp;&nbsp;&nbsp; 500000 | &nbsp;&nbsp;&nbsp;&nbsp; 352696 |
| &nbsp;&nbsp;&nbsp; Third Creek Metropolitan District No. 1, Limited Tax |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Series 2022A-1, GO, 4.50%, 12/1/2037 | &nbsp;&nbsp;&nbsp;&nbsp; 825000 | &nbsp;&nbsp;&nbsp;&nbsp; 741857 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Series 2022A-1, GO, 4.75%, 12/1/2051 | &nbsp;&nbsp;&nbsp;&nbsp; 760000 | &nbsp;&nbsp;&nbsp;&nbsp; 600389 |
| &nbsp;&nbsp;&nbsp; Total Colorado |  | &nbsp;&nbsp;&nbsp;&nbsp; 9208885 |
| **Connecticut — 0.4%** | **Connecticut — 0.4%** | **Connecticut — 0.4%** |
| &nbsp;&nbsp;&nbsp; Stamford Housing Authority, Mozaic Concierge Living Project Series 2025A, Rev., 6.50%, 10/1/2055 | &nbsp;&nbsp;&nbsp;&nbsp; 1000000 | &nbsp;&nbsp;&nbsp;&nbsp; 1020224 |
| **District of Columbia — 0.5%** | **District of Columbia — 0.5%** | **District of Columbia — 0.5%** |
| &nbsp;&nbsp;&nbsp; District of Columbia, Georgetown University Issue Series 2025A, Rev., 5.00%, 4/3/2035 (c) | &nbsp;&nbsp;&nbsp;&nbsp; 1000000 | &nbsp;&nbsp;&nbsp;&nbsp; 1130378 |
| **Florida — 4.5%** | **Florida — 4.5%** | **Florida — 4.5%** |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Alachua County Health Facilities Authority, Continuing Care Retirement Oak Hammock at The university of Florida, Inc. <br> Series 2025B-1, Rev., 4.00%, 10/1/2030<br>| &nbsp;&nbsp;&nbsp;&nbsp; 735000 | &nbsp;&nbsp;&nbsp;&nbsp; 736048 |
| &nbsp;&nbsp;&nbsp; Capital Projects Finance Authority, Student Housing, Program Unionwest Properties LLC Project |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Series 2024A-1, Rev., 5.00%, 6/1/2049 (b) | &nbsp;&nbsp;&nbsp;&nbsp; 1000000 | &nbsp;&nbsp;&nbsp;&nbsp; 955652 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Series 2024B, Rev., 0.00%, 6/1/2062 (b) | &nbsp;&nbsp;&nbsp;&nbsp; 7000000 | &nbsp;&nbsp;&nbsp;&nbsp; 931669 |
| &nbsp;&nbsp;&nbsp; City of South Miami Health Facilities Authority, Inc., Baptist Health South Series 2025B, Rev., 5.00%, 8/15/2030 (c) | &nbsp;&nbsp;&nbsp;&nbsp; 1000000 | &nbsp;&nbsp;&nbsp;&nbsp; 1083547 |
| &nbsp;&nbsp;&nbsp; Florida Development Finance Corp., Brightline Florida Passenger Rail Project |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Rev., AMT, 5.25%, 7/1/2047 | &nbsp;&nbsp;&nbsp;&nbsp; 500000 | &nbsp;&nbsp;&nbsp;&nbsp; 415000 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Rev., AMT, 5.50%, 7/1/2053 | &nbsp;&nbsp;&nbsp;&nbsp; 500000 | &nbsp;&nbsp;&nbsp;&nbsp; 415000 |
| &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; 1014075 |
| &nbsp;&nbsp;&nbsp; Florida Local Government Finance Commission, Bridgeprep Academy Project Series 2025A, Rev., 6.25%, 6/15/2055 (b) | &nbsp;&nbsp;&nbsp;&nbsp; 1000000 | &nbsp;&nbsp;&nbsp;&nbsp; 1023447 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Florida Local Government Finance Commission, Fleet Landing at Nocatee Project Series 2025A, Rev., 6.75%, <br> 11/15/2055 (b)<br>| &nbsp;&nbsp;&nbsp;&nbsp; 1000000 | &nbsp;&nbsp;&nbsp;&nbsp; 1044228 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Martin County Health Facilities Authority, Cleveland Clinic Health System Obligated Group Series 2019A, Rev., 4.00%, <br> 1/1/2046<br>| &nbsp;&nbsp;&nbsp;&nbsp; 1500000 | &nbsp;&nbsp;&nbsp;&nbsp; 1382454 |
| &nbsp;&nbsp;&nbsp; Palm Beach County Health Facilities Authority, Jupiter Medical Center, Rev., 5.25%, 11/1/2055 | &nbsp;&nbsp;&nbsp;&nbsp; 1000000 | &nbsp;&nbsp;&nbsp;&nbsp; 1021653 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Seminole County Industrial Development Authority, Legacy Pointe at UCF Project Series 2019A, Rev., 5.75%, <br> 11/15/2054<br>| &nbsp;&nbsp;&nbsp;&nbsp; 500000 | &nbsp;&nbsp;&nbsp;&nbsp; 471882 |
| &nbsp;&nbsp;&nbsp; Total Florida |  | &nbsp;&nbsp;&nbsp;&nbsp; 10494655 |
| **Georgia — 4.3%** | **Georgia — 4.3%** | **Georgia — 4.3%** |
| &nbsp;&nbsp;&nbsp; Brookhaven Development Authority, Children's Healthcare of Atlan Series 2019A, Rev., 4.00%, 7/1/2049 | &nbsp;&nbsp;&nbsp;&nbsp; 1000000 | &nbsp;&nbsp;&nbsp;&nbsp; 911145 |
| &nbsp;&nbsp;&nbsp; Cobb-Marietta Coliseum and Exhibit Hall Authority, Galleria Center Project, Rev., 5.50%, 10/1/2053 | &nbsp;&nbsp;&nbsp;&nbsp; 1000000 | &nbsp;&nbsp;&nbsp;&nbsp; 1093479 |
| &nbsp;&nbsp;&nbsp; Columbia County Hospital Authority, Wellstart Health System Inc., Project Series 2023A, Rev., A.G., 5.00%, 4/1/2048 | &nbsp;&nbsp;&nbsp;&nbsp; 1000000 | &nbsp;&nbsp;&nbsp;&nbsp; 1036793 |
| &nbsp;&nbsp;&nbsp; George L Smith II Congress Center Authority, Convention Center Hotel First Series 2021A, Rev., 4.00%, 1/1/2054 | &nbsp;&nbsp;&nbsp;&nbsp; 1000000 | &nbsp;&nbsp;&nbsp;&nbsp; 839136 |
| &nbsp;&nbsp;&nbsp; Main Street Natural Gas, Inc., Gas Supply |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Series 2023A, Rev., 5.00%, 6/1/2030 (c) | &nbsp;&nbsp;&nbsp;&nbsp; 1925000 | &nbsp;&nbsp;&nbsp;&nbsp; 2036578 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Series 2024D, Rev., 5.00%, 4/1/2031 (c) | &nbsp;&nbsp;&nbsp;&nbsp; 2000000 | &nbsp;&nbsp;&nbsp;&nbsp; 2158584 |

---

------

**JPMorgan High Yield Municipal ETF**

**SCHEDULE OF PORTFOLIO INVESTMENTS**

AS OF November 30, 2025 (Unaudited) (continued)

---

| | | |
|:---|:---|:---|
| **INVESTMENTS** | &nbsp;&nbsp;&nbsp; **PRINCIPAL**<br> **AMOUNT($)**<br>| **VALUE($)** |
| **Municipal Bonds — continued** | **Municipal Bonds — continued** | **Municipal Bonds — continued** |
| **Georgia — continued** | **Georgia — continued** | **Georgia — continued** |
| &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; 1078921 |
| &nbsp;&nbsp;&nbsp; Savannah Georgia Convention Center Authority Series 2025A, Rev., 5.25%, 6/1/2061 | &nbsp;&nbsp;&nbsp;&nbsp; 1000000 | &nbsp;&nbsp;&nbsp;&nbsp; 1002157 |
| &nbsp;&nbsp;&nbsp; Total Georgia |  | &nbsp;&nbsp;&nbsp;&nbsp; 10156793 |
| **Illinois — 5.8%** | **Illinois — 5.8%** | **Illinois — 5.8%** |
| &nbsp;&nbsp;&nbsp; Chicago Board of Education Series 2016A, GO, 7.00%, 12/1/2025 | &nbsp;&nbsp;&nbsp;&nbsp; 2145000 | &nbsp;&nbsp;&nbsp;&nbsp; 2145000 |
| &nbsp;&nbsp;&nbsp; Chicago O'Hare International Airport, Senior Lien Series 2024A, Rev., AMT, 5.25%, 1/1/2041 | &nbsp;&nbsp;&nbsp;&nbsp; 2150000 | &nbsp;&nbsp;&nbsp;&nbsp; 2326678 |
| &nbsp;&nbsp;&nbsp; Chicago Transit Authority Sales Tax Receipts Fund Series 2024A, Rev., 5.00%, 12/1/2049 | &nbsp;&nbsp;&nbsp;&nbsp; 1000000 | &nbsp;&nbsp;&nbsp;&nbsp; 1030646 |
| &nbsp;&nbsp;&nbsp; City of Chicago Series 2025A, GO, 6.00%, 1/1/2050 | &nbsp;&nbsp;&nbsp;&nbsp; 1000000 | &nbsp;&nbsp;&nbsp;&nbsp; 1050211 |
| &nbsp;&nbsp;&nbsp; City of Chicago, Waterworks, Second Lien Series 2001, Rev., AMBAC, 5.75%, 11/1/2030 | &nbsp;&nbsp;&nbsp;&nbsp; 845000 | &nbsp;&nbsp;&nbsp;&nbsp; 908915 |
| &nbsp;&nbsp;&nbsp; Illinois Finance Authority, Centerpointjoliet Terminal Series 2020, Rev., AMT, 4.13%, 12/31/2034 (b) (c) | &nbsp;&nbsp;&nbsp;&nbsp; 1000000 | &nbsp;&nbsp;&nbsp;&nbsp; 997904 |
| &nbsp;&nbsp;&nbsp; Illinois Housing Development Authority Series 2025A, Rev., GNMA / FNMA / FHLMC, 6.25%, 10/1/2055 | &nbsp;&nbsp;&nbsp;&nbsp; 995000 | &nbsp;&nbsp;&nbsp;&nbsp; 1122464 |
| &nbsp;&nbsp;&nbsp; State of Illinois |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Series 2019C, GO, 4.00%, 11/1/2042 | &nbsp;&nbsp;&nbsp;&nbsp; 1500000 | &nbsp;&nbsp;&nbsp;&nbsp; 1405437 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Series 2023B, GO, 5.50%, 5/1/2047 | &nbsp;&nbsp;&nbsp;&nbsp; 2435000 | &nbsp;&nbsp;&nbsp;&nbsp; 2561023 |
| &nbsp;&nbsp;&nbsp; Total Illinois |  | &nbsp;&nbsp;&nbsp;&nbsp; 13548278 |
| **Indiana — 1.4%** | **Indiana — 1.4%** | **Indiana — 1.4%** |
| &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; 1000000 | &nbsp;&nbsp;&nbsp;&nbsp; 862221 |
| &nbsp;&nbsp;&nbsp; City of Valparaiso, Green Oaks of Valparaiso Project, Rev., 5.38%, 12/1/2041 (b) | &nbsp;&nbsp;&nbsp;&nbsp; 1550000 | &nbsp;&nbsp;&nbsp;&nbsp; 1409910 |
| &nbsp;&nbsp;&nbsp; Indiana Housing and Community Development Authority, Vita of Marion Project Series 2021A, Rev., 5.25%, 4/1/2041 (b) | &nbsp;&nbsp;&nbsp;&nbsp; 1250000 | &nbsp;&nbsp;&nbsp;&nbsp; 1095004 |
| &nbsp;&nbsp;&nbsp; Total Indiana |  | &nbsp;&nbsp;&nbsp;&nbsp; 3367135 |
| **Iowa — 0.4%** | **Iowa — 0.4%** | **Iowa — 0.4%** |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Iowa Tobacco Settlement Authority, Subordinate Senior Capital Appreciation Asset Backed Series 2021-B-2, Class 2, Rev., <br> Zero Coupon, 6/1/2065<br>| &nbsp;&nbsp;&nbsp;&nbsp; 6265000 | &nbsp;&nbsp;&nbsp;&nbsp; 936483 |
| **Kentucky — 1.0%** | **Kentucky — 1.0%** | **Kentucky — 1.0%** |
| &nbsp;&nbsp;&nbsp; County of Carroll, Kentucky Environmental Facilities Series 2008A, Rev., AMT, 2.00%, 2/1/2032 | &nbsp;&nbsp;&nbsp;&nbsp; 1475000 | &nbsp;&nbsp;&nbsp;&nbsp; 1320323 |
| &nbsp;&nbsp;&nbsp; Kentucky Public Energy Authority, Gas Supply Series 2025B, Rev., 5.00%, 12/1/2033 | &nbsp;&nbsp;&nbsp;&nbsp; 1000000 | &nbsp;&nbsp;&nbsp;&nbsp; 1045975 |
| &nbsp;&nbsp;&nbsp; Total Kentucky |  | &nbsp;&nbsp;&nbsp;&nbsp; 2366298 |
| **Louisiana — 1.3%** | **Louisiana — 1.3%** | **Louisiana — 1.3%** |
| &nbsp;&nbsp;&nbsp; Louisiana Public Facilities Authority, Lincoln Preparatory School Project Series 2021A, Rev., 5.25%, 6/1/2060 (b) | &nbsp;&nbsp;&nbsp;&nbsp; 1145000 | &nbsp;&nbsp;&nbsp;&nbsp; 858413 |
| &nbsp;&nbsp;&nbsp; Louisiana Public Facilities Authority, Mentorship Steam Academy Project |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Series 2021A, Rev., 5.00%, 6/1/2051 (b) | &nbsp;&nbsp;&nbsp;&nbsp; 700000 | &nbsp;&nbsp;&nbsp;&nbsp; 568533 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Series 2021A, Rev., 5.00%, 6/1/2056 (b) | &nbsp;&nbsp;&nbsp;&nbsp; 740000 | &nbsp;&nbsp;&nbsp;&nbsp; 586927 |
| &nbsp;&nbsp;&nbsp; Parish of St. John the Baptist, Marathon Oil Corp., Project Series 2017A-1, Rev., 4.05%, 7/1/2026 (c) | &nbsp;&nbsp;&nbsp;&nbsp; 1000000 | &nbsp;&nbsp;&nbsp;&nbsp; 1004494 |
| &nbsp;&nbsp;&nbsp; Total Louisiana |  | &nbsp;&nbsp;&nbsp;&nbsp; 3018367 |
| **Massachusetts — 0.9%** | **Massachusetts — 0.9%** | **Massachusetts — 0.9%** |
| &nbsp;&nbsp;&nbsp; Commonwealth of Massachusetts, Consolidated Loan of 2016 Series 2016J, GO, 4.00%, 12/1/2039 | &nbsp;&nbsp;&nbsp;&nbsp; 1000000 | &nbsp;&nbsp;&nbsp;&nbsp; 1001771 |
| &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; 1050530 |
| &nbsp;&nbsp;&nbsp; Total Massachusetts |  | &nbsp;&nbsp;&nbsp;&nbsp; 2052301 |
| **Michigan — 1.5%** | **Michigan — 1.5%** | **Michigan — 1.5%** |
| &nbsp;&nbsp;&nbsp; City of Detroit, Unlimited Tax Series 2020, GO, 5.50%, 4/1/2050 | &nbsp;&nbsp;&nbsp;&nbsp; 2460000 | &nbsp;&nbsp;&nbsp;&nbsp; 2521583 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Michigan Strategic Fund, Graphic Packaging International, LLC Coated Recycled Board Machine Project, Rev., AMT, 4.00%, <br> 10/1/2026 (c)<br>| &nbsp;&nbsp;&nbsp;&nbsp; 1000000 | &nbsp;&nbsp;&nbsp;&nbsp; 999220 |
| &nbsp;&nbsp;&nbsp; Total Michigan |  | &nbsp;&nbsp;&nbsp;&nbsp; 3520803 |

---

------

**JPMorgan High Yield Municipal ETF**

**SCHEDULE OF PORTFOLIO INVESTMENTS**

AS OF November 30, 2025 (Unaudited) (continued)

---

| | | |
|:---|:---|:---|
| **INVESTMENTS** | &nbsp;&nbsp;&nbsp; **PRINCIPAL**<br> **AMOUNT($)**<br>| **VALUE($)** |
| **Municipal Bonds — continued** | **Municipal Bonds — continued** | **Municipal Bonds — continued** |
| **Minnesota — 0.4%** | **Minnesota — 0.4%** | **Minnesota — 0.4%** |
| &nbsp;&nbsp;&nbsp; City of Minneapolis, Health Care System, Fairview Health Services Series 2018A, Rev., 5.00%, 11/15/2049 | &nbsp;&nbsp;&nbsp;&nbsp; 1000000 | &nbsp;&nbsp;&nbsp;&nbsp; 984047 |
| **Missouri — 1.3%** | **Missouri — 1.3%** | **Missouri — 1.3%** |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Health and Educational Facilities Authority of the State of Missouri, Lutheran Senior Services Projects Series 2019A, Rev., <br> 5.00%, 2/1/2042<br>| &nbsp;&nbsp;&nbsp;&nbsp; 1250000 | &nbsp;&nbsp;&nbsp;&nbsp; 1254141 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Kansas City Industrial Development Authority, Historic Northeast Redevelopment Plan Series 2024A-1, Rev., 5.00%, <br> 6/1/2046 (b)<br>| &nbsp;&nbsp;&nbsp;&nbsp; 875000 | &nbsp;&nbsp;&nbsp;&nbsp; 856386 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Missouri State Environmental Improvement and Energy Resources Authority, Union Improvement Co. Project Series <br> 1998C, Rev., 2.75%, 9/1/2033<br>| &nbsp;&nbsp;&nbsp;&nbsp; 1000000 | &nbsp;&nbsp;&nbsp;&nbsp; 933340 |
| &nbsp;&nbsp;&nbsp; Total Missouri |  | &nbsp;&nbsp;&nbsp;&nbsp; 3043867 |
| **Montana — 0.3%** | **Montana — 0.3%** | **Montana — 0.3%** |
| &nbsp;&nbsp;&nbsp; County of Gallatin, Bozeman Fiber Project Series 2021A, Rev., 4.00%, 10/15/2036 (b) | &nbsp;&nbsp;&nbsp;&nbsp; 1000000 | &nbsp;&nbsp;&nbsp;&nbsp; 832899 |
| **Nebraska — 0.4%** | **Nebraska — 0.4%** | **Nebraska — 0.4%** |
| &nbsp;&nbsp;&nbsp; Central Plains Energy Project, Gas Project No. 4 Series 2023A-1, Rev., 5.00%, 11/1/2029 (c) | &nbsp;&nbsp;&nbsp;&nbsp; 1000000 | &nbsp;&nbsp;&nbsp;&nbsp; 1070752 |
| **Nevada — 0.9%** | **Nevada — 0.9%** | **Nevada — 0.9%** |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; State of Nevada Department of Business and Industry, Brighline West Passenger Rail Project Series 2025 B, Rev., AMT, <br> 12.00%, 11/2/2026 ‡ (c)<br>| &nbsp;&nbsp;&nbsp;&nbsp; 2600000 | &nbsp;&nbsp;&nbsp;&nbsp; 2080000 |
| **New Hampshire — 0.9%** | **New Hampshire — 0.9%** | **New Hampshire — 0.9%** |
| &nbsp;&nbsp;&nbsp; New Hampshire Business Finance Authority Series 2025-1, Class A-1, Rev., 4.09%, 1/20/2041 (c) | &nbsp;&nbsp;&nbsp;&nbsp; 994233 | &nbsp;&nbsp;&nbsp;&nbsp; 986294 |
| &nbsp;&nbsp;&nbsp; New Hampshire Business Finance Authority, Tamarron Project Series 2024, Rev., 5.25%, 12/1/2035 (b) | &nbsp;&nbsp;&nbsp;&nbsp; 100000 | &nbsp;&nbsp;&nbsp;&nbsp; 99611 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; New Hampshire Business Finance Authority, Winston Salem Sustainable Energy Partners Series 2025A, Rev., 5.50%, <br> 6/1/2050<br>| &nbsp;&nbsp;&nbsp;&nbsp; 1000000 | &nbsp;&nbsp;&nbsp;&nbsp; 1054644 |
| &nbsp;&nbsp;&nbsp; Total New Hampshire |  | &nbsp;&nbsp;&nbsp;&nbsp; 2140549 |
| **New Jersey — 3.9%** | **New Jersey — 3.9%** | **New Jersey — 3.9%** |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; New Jersey Economic Development Authority, Black Horse EHT Urban Renewal LLC Project Series 2019A, Rev., 5.00%, <br> 10/1/2039 (b)<br>| &nbsp;&nbsp;&nbsp;&nbsp; 2000000 | &nbsp;&nbsp;&nbsp;&nbsp; 1557960 |
| &nbsp;&nbsp;&nbsp; New Jersey Economic Development Authority, White Horse HMT Urban Renewal LLC Project, Rev., 5.00%, 1/1/2040 (b) | &nbsp;&nbsp;&nbsp;&nbsp; 2949126 | &nbsp;&nbsp;&nbsp;&nbsp; 2083962 |
| &nbsp;&nbsp;&nbsp; New Jersey Transportation Trust Fund Authority, Transportation Program Series 2022BB, Rev., 4.00%, 6/15/2038 | &nbsp;&nbsp;&nbsp;&nbsp; 1000000 | &nbsp;&nbsp;&nbsp;&nbsp; 1010953 |
| &nbsp;&nbsp;&nbsp; Tobacco Settlement Financing Corp. |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Series 2018A, Rev., 5.00%, 6/1/2036 | &nbsp;&nbsp;&nbsp;&nbsp; 2000000 | &nbsp;&nbsp;&nbsp;&nbsp; 2055140 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Series 2018B, Rev., 5.00%, 6/1/2046 | &nbsp;&nbsp;&nbsp;&nbsp; 2530000 | &nbsp;&nbsp;&nbsp;&nbsp; 2456045 |
| &nbsp;&nbsp;&nbsp; Total New Jersey |  | &nbsp;&nbsp;&nbsp;&nbsp; 9164060 |
| **New Mexico — 0.4%** | **New Mexico — 0.4%** | **New Mexico — 0.4%** |
| &nbsp;&nbsp;&nbsp; City of Farmington, San Juan Project Series 2010E, Rev., 3.88%, 6/1/2029 (c) | &nbsp;&nbsp;&nbsp;&nbsp; 1020000 | &nbsp;&nbsp;&nbsp;&nbsp; 1031967 |
| **New York — 11.6%** | **New York — 11.6%** | **New York — 11.6%** |
| &nbsp;&nbsp;&nbsp; Buffalo and Fort Erie Public Bridge Authority Series 2017, Rev., 5.00%, 1/1/2047 | &nbsp;&nbsp;&nbsp;&nbsp; 1000000 | &nbsp;&nbsp;&nbsp;&nbsp; 1007114 |
| &nbsp;&nbsp;&nbsp; Build NYC Resource Corp., ERE425 LLC ZETA Charter Schools, Inc. Project Series 2025A, Rev., 5.13%, 10/15/2045 (b) | &nbsp;&nbsp;&nbsp;&nbsp; 1150000 | &nbsp;&nbsp;&nbsp;&nbsp; 1139544 |
| &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; 2000000 | &nbsp;&nbsp;&nbsp;&nbsp; 2084430 |
| &nbsp;&nbsp;&nbsp; Build NYC Resource Corp., Urban Resource Institute Project Series 2025A, Rev., 5.50%, 12/1/2056 | &nbsp;&nbsp;&nbsp;&nbsp; 750000 | &nbsp;&nbsp;&nbsp;&nbsp; 796609 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; City of New York, Fiscal Year 2023 Series 2023A, Subseries A-3, GO, VRDO, LIQ : Bank of Montreal, 2.85%, <br> 12/1/2025 (c)<br>| &nbsp;&nbsp;&nbsp;&nbsp; 3800000 | &nbsp;&nbsp;&nbsp;&nbsp; 3800000 |
| &nbsp;&nbsp;&nbsp; Long Island Power Authority, Electric System Series 2024B, Rev., 3.00%, 9/1/2029 (c) | &nbsp;&nbsp;&nbsp;&nbsp; 1000000 | &nbsp;&nbsp;&nbsp;&nbsp; 1016777 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; New York City Housing Development Corp., Multi-Family Mortgage, 8 Spruce Street Project, Class F, Rev., 5.25%, <br> 12/15/2031<br>| &nbsp;&nbsp;&nbsp;&nbsp; 1900000 | &nbsp;&nbsp;&nbsp;&nbsp; 1956617 |
| &nbsp;&nbsp;&nbsp; New York Counties Tobacco Trust Series 2016A-2B, Rev., 5.00%, 6/1/2051 | &nbsp;&nbsp;&nbsp;&nbsp; 1500000 | &nbsp;&nbsp;&nbsp;&nbsp; 1270126 |
| &nbsp;&nbsp;&nbsp; New York State Dormitory Authority, Mount Sinai Obligated Group, Rev., 5.25%, 7/1/2050 | &nbsp;&nbsp;&nbsp;&nbsp; 2000000 | &nbsp;&nbsp;&nbsp;&nbsp; 2016364 |

---

------

**JPMorgan High Yield Municipal ETF**

**SCHEDULE OF PORTFOLIO INVESTMENTS**

AS OF November 30, 2025 (Unaudited) (continued)

---

| | | |
|:---|:---|:---|
| **INVESTMENTS** | &nbsp;&nbsp;&nbsp; **PRINCIPAL**<br> **AMOUNT($)**<br>| **VALUE($)** |
| **Municipal Bonds — continued** | **Municipal Bonds — continued** | **Municipal Bonds — continued** |
| **New York — continued** | **New York — continued** | **New York — continued** |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; New York State Energy Research and Development Authority, Rochester Gas and Electric Corp., Project Series 1997B, Rev., <br> 3.80%, 8/1/2032<br>| &nbsp;&nbsp;&nbsp;&nbsp; 1500000 | &nbsp;&nbsp;&nbsp;&nbsp; 1546891 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; New York Transportation Development Corp., Delta Air Lines, Inc., LaGuardia Airport Terminals C&D Redevelopment <br> Project<br>|  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Rev., AMT, 5.00%, 1/1/2034 | &nbsp;&nbsp;&nbsp;&nbsp; 375000 | &nbsp;&nbsp;&nbsp;&nbsp; 383165 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Series 2023, Rev., AMT, 6.00%, 4/1/2035 | &nbsp;&nbsp;&nbsp;&nbsp; 1000000 | &nbsp;&nbsp;&nbsp;&nbsp; 1103593 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Rev., AMT, 4.38%, 10/1/2045 | &nbsp;&nbsp;&nbsp;&nbsp; 1500000 | &nbsp;&nbsp;&nbsp;&nbsp; 1413445 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; New York Transportation Development Corp., Laguardia Airport Terminal Redevelopment Project Series 2016A, Rev., AMT, <br> 5.25%, 1/1/2050<br>| &nbsp;&nbsp;&nbsp;&nbsp; 2000000 | &nbsp;&nbsp;&nbsp;&nbsp; 1999968 |
| &nbsp;&nbsp;&nbsp; Suffolk Regional Off-Track Betting Corp. Series 2024, Rev., 5.75%, 12/1/2044 | &nbsp;&nbsp;&nbsp;&nbsp; 1000000 | &nbsp;&nbsp;&nbsp;&nbsp; 1016792 |
| &nbsp;&nbsp;&nbsp; Suffolk Tobacco Asset Securitization Corp. Series 2021B-2, Rev., Zero Coupon, 6/1/2066 | &nbsp;&nbsp;&nbsp;&nbsp; 1000000 | &nbsp;&nbsp;&nbsp;&nbsp; 89887 |
| &nbsp;&nbsp;&nbsp; TSASC, Inc. |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Series A, Rev., 5.00%, 6/1/2041 | &nbsp;&nbsp;&nbsp;&nbsp; 1000000 | &nbsp;&nbsp;&nbsp;&nbsp; 1002460 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Series B, Rev., 5.00%, 6/1/2048 | &nbsp;&nbsp;&nbsp;&nbsp; 2100000 | &nbsp;&nbsp;&nbsp;&nbsp; 1847257 |
| &nbsp;&nbsp;&nbsp; Westchester County Local Development Corp., Purchase Senior Learning Community, Inc., Project |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Series 2021A, Rev., 5.00%, 7/1/2046 (b) | &nbsp;&nbsp;&nbsp;&nbsp; 1135000 | &nbsp;&nbsp;&nbsp;&nbsp; 1055978 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Series 2021A, Rev., 4.50%, 7/1/2056 (b) | &nbsp;&nbsp;&nbsp;&nbsp; 1000000 | &nbsp;&nbsp;&nbsp;&nbsp; 811267 |
| &nbsp;&nbsp;&nbsp; Total New York |  | &nbsp;&nbsp;&nbsp;&nbsp; 27358284 |
| **North Carolina — 1.3%** | **North Carolina — 1.3%** | **North Carolina — 1.3%** |
| &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; 1000000 | &nbsp;&nbsp;&nbsp;&nbsp; 999547 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; North Carolina Medical Care Commission, The United Methodist Retirement Homes Project Series 2025A, Rev., 5.00%, <br> 10/1/2050 (d)<br>| &nbsp;&nbsp;&nbsp;&nbsp; 1000000 | &nbsp;&nbsp;&nbsp;&nbsp; 996564 |
| &nbsp;&nbsp;&nbsp; North Carolina Medical Care Commission, Twin Lakes Community Series 2025A, Rev., 5.25%, 1/1/2055 | &nbsp;&nbsp;&nbsp;&nbsp; 1000000 | &nbsp;&nbsp;&nbsp;&nbsp; 1003532 |
| &nbsp;&nbsp;&nbsp; Total North Carolina |  | &nbsp;&nbsp;&nbsp;&nbsp; 2999643 |
| **North Dakota — 0.5%** | **North Dakota — 0.5%** | **North Dakota — 0.5%** |
| &nbsp;&nbsp;&nbsp; North Dakota Housing Finance Agency, Home Mortgage Finance Program Series 2024C, Rev., 5.00%, 7/1/2042 | &nbsp;&nbsp;&nbsp;&nbsp; 1000000 | &nbsp;&nbsp;&nbsp;&nbsp; 1079892 |
| **Ohio — 4.0%** | **Ohio — 4.0%** | **Ohio — 4.0%** |
| &nbsp;&nbsp;&nbsp; Buckeye Tobacco Settlement Financing Authority |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Series 2020A-2, Rev., 4.00%, 6/1/2038 | &nbsp;&nbsp;&nbsp;&nbsp; 1155000 | &nbsp;&nbsp;&nbsp;&nbsp; 1126894 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Series 2020B-2, Rev., 5.00%, 6/1/2055 | &nbsp;&nbsp;&nbsp;&nbsp; 2500000 | &nbsp;&nbsp;&nbsp;&nbsp; 2105155 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Series 2020B-3, Rev., Zero Coupon, 6/1/2057 | &nbsp;&nbsp;&nbsp;&nbsp; 10000000 | &nbsp;&nbsp;&nbsp;&nbsp; 875948 |
| &nbsp;&nbsp;&nbsp; County of Hamilton, Life Enriching Communities Project, Rev., 5.50%, 1/1/2055 | &nbsp;&nbsp;&nbsp;&nbsp; 1500000 | &nbsp;&nbsp;&nbsp;&nbsp; 1525653 |
| &nbsp;&nbsp;&nbsp; County of Montgomery, Ohio Health care Facilities Solvita Project Series 2024, Rev., 5.00%, 9/1/2033 | &nbsp;&nbsp;&nbsp;&nbsp; 1000000 | &nbsp;&nbsp;&nbsp;&nbsp; 1110176 |
| &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; 1515000 | &nbsp;&nbsp;&nbsp;&nbsp; 1552425 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Port of Greater Cincinnati Development Authority, 3CDC Obligated Group Parking Facilities Series 2025A, Rev., A.G., <br> 5.00%, 12/1/2055 (d)<br>| &nbsp;&nbsp;&nbsp;&nbsp; 1000000 | &nbsp;&nbsp;&nbsp;&nbsp; 1016333 |
| &nbsp;&nbsp;&nbsp; Total Ohio |  | &nbsp;&nbsp;&nbsp;&nbsp; 9312584 |
| **Oklahoma — 1.2%** | **Oklahoma — 1.2%** | **Oklahoma — 1.2%** |
| &nbsp;&nbsp;&nbsp; Oklahoma Development Finance Authority, Health System, OU Medicine Project Series 2018B, Rev., 5.50%, 8/15/2057 | &nbsp;&nbsp;&nbsp;&nbsp; 1600000 | &nbsp;&nbsp;&nbsp;&nbsp; 1603031 |
| &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; 1125572 |
| &nbsp;&nbsp;&nbsp; Total Oklahoma |  | &nbsp;&nbsp;&nbsp;&nbsp; 2728603 |
| **Oregon — 0.3%** | **Oregon — 0.3%** | **Oregon — 0.3%** |
| &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; 666007 |

---

------

**JPMorgan High Yield Municipal ETF**

**SCHEDULE OF PORTFOLIO INVESTMENTS**

AS OF November 30, 2025 (Unaudited) (continued)

---

| | | |
|:---|:---|:---|
| **INVESTMENTS** | &nbsp;&nbsp;&nbsp; **PRINCIPAL**<br> **AMOUNT($)**<br>| **VALUE($)** |
| **Municipal Bonds — continued** | **Municipal Bonds — continued** | **Municipal Bonds — continued** |
| **Pennsylvania — 2.4%** | **Pennsylvania — 2.4%** | **Pennsylvania — 2.4%** |
| &nbsp;&nbsp;&nbsp; Commonwealth of Pennsylvania Series 2024-1, GO, 4.00%, 8/15/2042 | &nbsp;&nbsp;&nbsp;&nbsp; 1200000 | &nbsp;&nbsp;&nbsp;&nbsp; 1204198 |
| &nbsp;&nbsp;&nbsp; Geisinger Authority, Health System Series 2020A, Rev., 5.00%, 4/1/2050 | &nbsp;&nbsp;&nbsp;&nbsp; 1000000 | &nbsp;&nbsp;&nbsp;&nbsp; 1016665 |
| &nbsp;&nbsp;&nbsp; Montgomery County Higher Education and Health Authority Series 2022B, Rev., 5.00%, 5/1/2057 | &nbsp;&nbsp;&nbsp;&nbsp; 1000000 | &nbsp;&nbsp;&nbsp;&nbsp; 1006417 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Montgomery County Industrial Development Authority, Constellation Energy Generation Series 2023A, Rev., 4.10%, <br> 4/3/2028 (c)<br>| &nbsp;&nbsp;&nbsp;&nbsp; 1250000 | &nbsp;&nbsp;&nbsp;&nbsp; 1282649 |
| &nbsp;&nbsp;&nbsp; Pennsylvania Housing Finance Agency, Single Family Mortgage Series 2024-145A, Rev., 6.00%, 10/1/2054 | &nbsp;&nbsp;&nbsp;&nbsp; 970000 | &nbsp;&nbsp;&nbsp;&nbsp; 1050061 |
| &nbsp;&nbsp;&nbsp; Total Pennsylvania |  | &nbsp;&nbsp;&nbsp;&nbsp; 5559990 |
| **Puerto Rico — 3.0%** | **Puerto Rico — 3.0%** | **Puerto Rico — 3.0%** |
| &nbsp;&nbsp;&nbsp; Children's Trust Fund, Tobacco Settlement Asset-Backed Series 2005A, Rev., Zero Coupon, 5/15/2050 | &nbsp;&nbsp;&nbsp;&nbsp; 2200000 | &nbsp;&nbsp;&nbsp;&nbsp; 452736 |
| &nbsp;&nbsp;&nbsp; Commonwealth of Puerto Rico Series 2022A-1, GO, 5.63%, 7/1/2027 | &nbsp;&nbsp;&nbsp;&nbsp; 1000000 | &nbsp;&nbsp;&nbsp;&nbsp; 1022803 |
| &nbsp;&nbsp;&nbsp; Puerto Rico Sales Tax Financing Corp. Sales Tax (Puerto Rico) |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Series A-1, Rev., Zero Coupon, 7/1/2046 | &nbsp;&nbsp;&nbsp;&nbsp; 8230000 | &nbsp;&nbsp;&nbsp;&nbsp; 2792026 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Series A-2, Rev., 4.78%, 7/1/2058 | &nbsp;&nbsp;&nbsp;&nbsp; 3100000 | &nbsp;&nbsp;&nbsp;&nbsp; 2919483 |
| &nbsp;&nbsp;&nbsp; Total Puerto Rico |  | &nbsp;&nbsp;&nbsp;&nbsp; 7187048 |
| **Rhode Island — 0.4%** | **Rhode Island — 0.4%** | **Rhode Island — 0.4%** |
| &nbsp;&nbsp;&nbsp; Tobacco Settlement Financing Corp. Series B, Rev., 5.00%, 6/1/2050 | &nbsp;&nbsp;&nbsp;&nbsp; 1000000 | &nbsp;&nbsp;&nbsp;&nbsp; 996779 |
| **South Carolina — 0.2%** | **South Carolina — 0.2%** | **South Carolina — 0.2%** |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; South Carolina Jobs-Economic Development Authority, Foothill Affordable Housing Series 2025, Rev., 4.00%, <br> 3/1/2035 (c)<br>| &nbsp;&nbsp;&nbsp;&nbsp; 500000 | &nbsp;&nbsp;&nbsp;&nbsp; 509885 |
| **Tennessee — 1.5%** | **Tennessee — 1.5%** | **Tennessee — 1.5%** |
| &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., 5.25%, 6/1/2056 (b)<br>| &nbsp;&nbsp;&nbsp;&nbsp; 1000000 | &nbsp;&nbsp;&nbsp;&nbsp; 954824 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Shelby County Health Educational and Housing Facilities Board, Retirement Facility, The Farm at Bailey Station Series <br> 2019A, Rev., 5.50%, 10/1/2039<br>| &nbsp;&nbsp;&nbsp;&nbsp; 3000000 | &nbsp;&nbsp;&nbsp;&nbsp; 1997558 |
| &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; 638784 |
| &nbsp;&nbsp;&nbsp; Total Tennessee |  | &nbsp;&nbsp;&nbsp;&nbsp; 3591166 |
| **Texas — 5.5%** | **Texas — 5.5%** | **Texas — 5.5%** |
| &nbsp;&nbsp;&nbsp; Arlington Higher Education Finance Corp., Basis Texas Charter Schools, Inc., Rev., 5.63%, 6/15/2045 (b) | &nbsp;&nbsp;&nbsp;&nbsp; 1000000 | &nbsp;&nbsp;&nbsp;&nbsp; 1016884 |
| &nbsp;&nbsp;&nbsp; Central Texas Turnpike System, First Tier Series 2024B, Rev., 5.00%, 5/15/2030 (c) | &nbsp;&nbsp;&nbsp;&nbsp; 1000000 | &nbsp;&nbsp;&nbsp;&nbsp; 1076587 |
| &nbsp;&nbsp;&nbsp; City of Houston Airport System, United Airlines, Inc., Terminal Improvement Projects |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Series 2024B, Rev., AMT, 5.25%, 7/15/2034 | &nbsp;&nbsp;&nbsp;&nbsp; 1000000 | &nbsp;&nbsp;&nbsp;&nbsp; 1082770 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Series 2025B, Rev., AMT, 5.50%, 7/15/2038 (d) | &nbsp;&nbsp;&nbsp;&nbsp; 1750000 | &nbsp;&nbsp;&nbsp;&nbsp; 1874559 |
| &nbsp;&nbsp;&nbsp; County of Fort Bend Toll Road, Senior Lien, Rev., A.G., 5.25%, 3/1/2050 | &nbsp;&nbsp;&nbsp;&nbsp; 1000000 | &nbsp;&nbsp;&nbsp;&nbsp; 1068170 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; New Hope Cultural Education Facilities Finance Corp., Brazos Presbyterian Homes, Inc., Project Series 2025, Rev., 5.38%, <br> 1/1/2055<br>| &nbsp;&nbsp;&nbsp;&nbsp; 750000 | &nbsp;&nbsp;&nbsp;&nbsp; 741795 |
| &nbsp;&nbsp;&nbsp; New Hope Cultural Education Facilities Finance Corp., Legacy Midtown Park Project Series 2018A, Rev., 5.50%, 7/1/2054 | &nbsp;&nbsp;&nbsp;&nbsp; 1000000 | &nbsp;&nbsp;&nbsp;&nbsp; 835402 |
| &nbsp;&nbsp;&nbsp; North Texas Tollway Authority, First Tier Series A, Rev., 4.00%, 1/1/2043 | &nbsp;&nbsp;&nbsp;&nbsp; 1000000 | &nbsp;&nbsp;&nbsp;&nbsp; 971499 |
| &nbsp;&nbsp;&nbsp; Plano Independent School District, Unlimited Tax, GO, PSF-GTD, 4.00%, 2/15/2045 | &nbsp;&nbsp;&nbsp;&nbsp; 1000000 | &nbsp;&nbsp;&nbsp;&nbsp; 966408 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Tarrant County Cultural Education Facilities Finance Corp., Cook Children's Medical Center Series 2020, Rev., 4.00%, <br> 12/1/2045<br>| &nbsp;&nbsp;&nbsp;&nbsp; 1070000 | &nbsp;&nbsp;&nbsp;&nbsp; 993626 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Tarrant County Cultural Education Facilities Finance Corp., Health Resources System Series 2025C, Rev., 5.00%, <br> 11/15/2032 (c)<br>| &nbsp;&nbsp;&nbsp;&nbsp; 1000000 | &nbsp;&nbsp;&nbsp;&nbsp; 1110904 |
| &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; 1102579 |
| &nbsp;&nbsp;&nbsp; Total Texas |  | &nbsp;&nbsp;&nbsp;&nbsp; 12841183 |
| **Utah — 1.3%** | **Utah — 1.3%** | **Utah — 1.3%** |
| &nbsp;&nbsp;&nbsp; Intermountain Power Agency, Utah Power Supply Series 2023A, Rev., 5.00%, 7/1/2036 | &nbsp;&nbsp;&nbsp;&nbsp; 1000000 | &nbsp;&nbsp;&nbsp;&nbsp; 1104474 |

---

------

**JPMorgan High Yield Municipal ETF**

**SCHEDULE OF PORTFOLIO INVESTMENTS**

AS OF November 30, 2025 (Unaudited) (continued)

---

| | | |
|:---|:---|:---|
| **INVESTMENTS** | &nbsp;&nbsp;&nbsp; **PRINCIPAL**<br> **AMOUNT($)**<br>| **VALUE($)** |
| **Municipal Bonds — continued** | **Municipal Bonds — continued** | **Municipal Bonds — continued** |
| **Utah — continued** | **Utah — continued** | **Utah — continued** |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Mida Mountain Village Public Infrastructure District, Mountain Village Assessment Area Series 2020B, 6.25%, <br> 8/1/2030 (b)<br>| &nbsp;&nbsp;&nbsp;&nbsp; 1000000 | &nbsp;&nbsp;&nbsp;&nbsp; 990860 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Mida Mountain Village Public Infrastructure District, Utah Subordinate Tax Allocation Series 2024-2, Rev., 6.00%, <br> 6/15/2054 (b)<br>| &nbsp;&nbsp;&nbsp;&nbsp; 1000000 | &nbsp;&nbsp;&nbsp;&nbsp; 1030066 |
| &nbsp;&nbsp;&nbsp; Total Utah |  | &nbsp;&nbsp;&nbsp;&nbsp; 3125400 |
| **Virginia — 0.4%** | **Virginia — 0.4%** | **Virginia — 0.4%** |
| &nbsp;&nbsp;&nbsp; Halifax County Industrial Development Authority, Virginia Electric and Power Series 2010A, Rev., 3.80%, 5/28/2027 (c) | &nbsp;&nbsp;&nbsp;&nbsp; 1000000 | &nbsp;&nbsp;&nbsp;&nbsp; 1011809 |
| **Washington — 3.3%** | **Washington — 3.3%** | **Washington — 3.3%** |
| &nbsp;&nbsp;&nbsp; Vancouver Housing Authority Series 2025, Rev., 4.25%, 2/1/2038 | &nbsp;&nbsp;&nbsp;&nbsp; 2000000 | &nbsp;&nbsp;&nbsp;&nbsp; 2052024 |
| &nbsp;&nbsp;&nbsp; Washington Health Care Facilities Authority, Commonspirit Health Series 2025A, Rev., 5.25%, 9/1/2050 | &nbsp;&nbsp;&nbsp;&nbsp; 1000000 | &nbsp;&nbsp;&nbsp;&nbsp; 1045409 |
| &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; 1009475 |
| &nbsp;&nbsp;&nbsp; Washington State Housing Finance Commission, Radford Court and Nordheim Court |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Series 2024, Rev., 5.50%, 7/1/2049 | &nbsp;&nbsp;&nbsp;&nbsp; 1000000 | &nbsp;&nbsp;&nbsp;&nbsp; 1030421 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Series 2024, Rev., 5.00%, 7/1/2054 | &nbsp;&nbsp;&nbsp;&nbsp; 1000000 | &nbsp;&nbsp;&nbsp;&nbsp; 970145 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Washington State Housing Finance Commission, Rockwood Retirement Communities Project Series 2020A, Rev., 5.00%, <br> 1/1/2041 (b)<br>| &nbsp;&nbsp;&nbsp;&nbsp; 1000000 | &nbsp;&nbsp;&nbsp;&nbsp; 978057 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Washington State Housing Finance Commission, Seattle Academy of Arts and Science Project Series 2023, Rev., 6.38%, <br> 7/1/2063 (b)<br>| &nbsp;&nbsp;&nbsp;&nbsp; 700000 | &nbsp;&nbsp;&nbsp;&nbsp; 758091 |
| &nbsp;&nbsp;&nbsp; Total Washington |  | &nbsp;&nbsp;&nbsp;&nbsp; 7843622 |
| **West Virginia — 0.4%** | **West Virginia — 0.4%** | **West Virginia — 0.4%** |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; West Virginia Economic Development Authority, Solid Waste Disposal Facilities, Commercial Metal Co. Project, Rev., AMT, <br> 4.63%, 5/15/2032 (c)<br>| &nbsp;&nbsp;&nbsp;&nbsp; 1000000 | &nbsp;&nbsp;&nbsp;&nbsp; 1015090 |
| **Wisconsin — 6.2%** | **Wisconsin — 6.2%** | **Wisconsin — 6.2%** |
| &nbsp;&nbsp;&nbsp; Public Finance Authority, Rev., AMT, 5.75%, 12/31/2065 | &nbsp;&nbsp;&nbsp;&nbsp; 1000000 | &nbsp;&nbsp;&nbsp;&nbsp; 1037029 |
| &nbsp;&nbsp;&nbsp; Public Finance Authority, Astro Texas Land Projects, Rev., 5.00%, 12/15/2036 (b) | &nbsp;&nbsp;&nbsp;&nbsp; 849035 | &nbsp;&nbsp;&nbsp;&nbsp; 839166 |
| &nbsp;&nbsp;&nbsp; Public Finance Authority, Celanese Corp. Series 2016C, Rev., AMT, 4.30%, 11/1/2030 | &nbsp;&nbsp;&nbsp;&nbsp; 650000 | &nbsp;&nbsp;&nbsp;&nbsp; 648227 |
| &nbsp;&nbsp;&nbsp; Public Finance Authority, Georgia SR 400 Express Lanes Project, Rev., AMT, 5.75%, 6/30/2060 | &nbsp;&nbsp;&nbsp;&nbsp; 3500000 | &nbsp;&nbsp;&nbsp;&nbsp; 3637614 |
| &nbsp;&nbsp;&nbsp; Public Finance Authority, Presbyterian Villages of Michigan Obligated Group Series 2020A, Rev., 4.00%, 11/15/2042 (b) | &nbsp;&nbsp;&nbsp;&nbsp; 3877143 | &nbsp;&nbsp;&nbsp;&nbsp; 2823127 |
| &nbsp;&nbsp;&nbsp; Public Finance Authority, Ripple Ranch, LLC Obligate Series 2021A, Rev., 5.25%, 12/1/2051 (b) | &nbsp;&nbsp;&nbsp;&nbsp; 800000 | &nbsp;&nbsp;&nbsp;&nbsp; 523886 |
| &nbsp;&nbsp;&nbsp; Wisconsin Health and Educational Facilities Authority, Ascension Senior Credit Group |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Series 2016A, Rev., 4.00%, 5/15/2026 (e) | &nbsp;&nbsp;&nbsp;&nbsp; 10000 | &nbsp;&nbsp;&nbsp;&nbsp; 10066 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Series 2016A, Rev., 5.00%, 11/15/2035 | &nbsp;&nbsp;&nbsp;&nbsp; 1000000 | &nbsp;&nbsp;&nbsp;&nbsp; 1006620 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Series 2016A, Rev., 4.00%, 11/15/2046 | &nbsp;&nbsp;&nbsp;&nbsp; 990000 | &nbsp;&nbsp;&nbsp;&nbsp; 914315 |
| &nbsp;&nbsp;&nbsp; Wisconsin Health and Educational Facilities Authority, Aspirus, Inc., Obligated Group, Rev., 5.25%, 8/15/2050 | &nbsp;&nbsp;&nbsp;&nbsp; 1000000 | &nbsp;&nbsp;&nbsp;&nbsp; 1045397 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Wisconsin Health and Educational Facilities Authority, Forensic science and Protective Medicine Collaboration, Inc. Project <br> Series 2024, Rev., 5.00%, 8/1/2027 (b)<br>| &nbsp;&nbsp;&nbsp;&nbsp; 1000000 | &nbsp;&nbsp;&nbsp;&nbsp; 1009486 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Wisconsin Housing and Economic Development Authority, Home Ownership Series 2024A, Rev., GNMA / FNMA / FHLMC, <br> 6.00%, 9/1/2054<br>| &nbsp;&nbsp;&nbsp;&nbsp; 975000 | &nbsp;&nbsp;&nbsp;&nbsp; 1052138 |
| &nbsp;&nbsp;&nbsp; Total Wisconsin |  | &nbsp;&nbsp;&nbsp;&nbsp; 14547071 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Total Municipal Bonds <br>(Cost $212,279,075)<br>|  | &nbsp;&nbsp;&nbsp;&nbsp; 211937032 |

---

------

**JPMorgan High Yield Municipal ETF**

**SCHEDULE OF PORTFOLIO INVESTMENTS**

AS OF November 30, 2025 (Unaudited) (continued)

---

| | | |
|:---|:---|:---|
| **INVESTMENTS**  | &nbsp;&nbsp;&nbsp; **NO. OF** <br> **CONTRACTS**<br>| **VALUE($)** |
| **Options Purchased — 0.0% ^** | **Options Purchased — 0.0% ^** | **Options Purchased — 0.0% ^** |
| **Call Options Purchased — 0.0% ^** | **Call Options Purchased — 0.0% ^** | **Call Options Purchased — 0.0% ^** |
| &nbsp;&nbsp;&nbsp; U.S. Treasury 30 Year Bond |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 1/23/2026 at USD 130.00, American Style |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Notional Amount: USD 50,000,000 |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Counterparty: Exchange-Traded \* | &nbsp;&nbsp;&nbsp;&nbsp; 500 | &nbsp;&nbsp;&nbsp;&nbsp; 23437 |
| &nbsp;&nbsp;&nbsp; U.S. Treasury 30 Year Bond |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 1/23/2026 at USD 140.00, American Style |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Notional Amount: USD 50,000,000 |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Counterparty: Exchange-Traded \* | &nbsp;&nbsp;&nbsp;&nbsp; 500 | &nbsp;&nbsp;&nbsp;&nbsp; 5657 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Total Call Options Purchased <br>(Cost $109,375)<br>|  | &nbsp;&nbsp;&nbsp;&nbsp; 29094 |
|  | **SHARES** |  |
| **Short-Term Investments — 9.6%** | **Short-Term Investments — 9.6%** | **Short-Term Investments — 9.6%** |
| **Investment Companies — 9.6%** | **Investment Companies — 9.6%** | **Investment Companies — 9.6%** |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; JPMorgan Institutional Tax Free Money Market Fund Class IM Shares, 2.71% (f) (g) <br>(Cost $22,701,443)<br>| &nbsp;&nbsp;&nbsp;&nbsp; 22699941 | &nbsp;&nbsp;&nbsp;&nbsp; 22702211 |
| **Total Investments — 99.7%** <br>**(Cost $235,089,893)**<br>|  | &nbsp;&nbsp;&nbsp;&nbsp; **234668337** |
| **Other Assets in Excess of Liabilities — 0.3%** |  | &nbsp;&nbsp;&nbsp;&nbsp; **686749** |
| **NET ASSETS — 100.0%** |  | &nbsp;&nbsp;&nbsp;&nbsp; **235355086** |

---

&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 |
| COLL | Collateral |
| FHLMC | Federal Home Loan Mortgage Corp. |
| FNMA | Federal National Mortgage Association |
| GNMA | Government National Mortgage Association |
| GO | General Obligation |
| LIQ | Liquidity Agreement |
| PSF-GTD | Permanent School Fund Guaranteed |
| Rev. | Revenue |
| USD | United States Dollar |
| VRDO | Variable Rate Demand Obligation |

---

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

---

| | |
|:---|:---|
| ^ | Amount rounds to less than 0.1% of net assets. |
| ‡ | Value determined using significant unobservable inputs. |
| \* | Non-income producing security.  |
| (a) | The date shown represents the earliest of the prerefunded date, next put date or final maturity date. |
| (b) | Securities exempt from registration under Rule 144A or section 4(a)(2), of the Securities Act of 1933, as amended. |
| (c) | Variable or floating rate security, the interest rate of which adjusts periodically based on changes in current interest rates and prepayments <br> on the underlying pool of assets. The interest rate shown is the current rate as of November 30, 2025. <br>|
| (d) | All or a portion of the security is a when-issued security, delayed delivery security, or forward commitment. |
| (e) | Security is prerefunded or escrowed to maturity. |
| (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 <br> Investment Management Inc.<br>|
| (g) | The rate shown is the current yield as of November 30, 2025. |

---

------

**JPMorgan High Yield Municipal ETF**

**SCHEDULE OF PORTFOLIO INVESTMENTS**

AS OF November 30, 2025 (Unaudited) (continued)

**Futures contracts outstanding as of November 30, 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 10 Year Note | &nbsp;&nbsp;&nbsp;&nbsp; 84 | &nbsp;&nbsp;&nbsp;&nbsp; 03/20/2026 | &nbsp;&nbsp;&nbsp;&nbsp; USD | &nbsp;&nbsp;&nbsp;&nbsp; 9520875 | &nbsp;&nbsp;&nbsp;&nbsp; 20872 |
| U.S. Treasury Long Bond | &nbsp;&nbsp;&nbsp;&nbsp; 35 | &nbsp;&nbsp;&nbsp;&nbsp; 03/20/2026 | &nbsp;&nbsp;&nbsp;&nbsp; USD | &nbsp;&nbsp;&nbsp;&nbsp; 4110313 | &nbsp;&nbsp;&nbsp;&nbsp; 25097 |
|  |  |  |  |  | &nbsp;&nbsp;&nbsp;&nbsp; 45969 |
| **Short Contracts** |  |  |  |  |  |
| U.S. Treasury 10 Year Ultra Note | &nbsp;&nbsp;&nbsp;&nbsp; (26)<br>| &nbsp;&nbsp;&nbsp;&nbsp; 03/20/2026 | &nbsp;&nbsp;&nbsp;&nbsp; USD | &nbsp;&nbsp;&nbsp;&nbsp; (3020875)<br>| &nbsp;&nbsp;&nbsp;&nbsp; (12058)<br>|
| U.S. Treasury Ultra Bond | &nbsp;&nbsp;&nbsp;&nbsp; (13)<br>| &nbsp;&nbsp;&nbsp;&nbsp; 03/20/2026 | &nbsp;&nbsp;&nbsp;&nbsp; USD | &nbsp;&nbsp;&nbsp;&nbsp; (1572188)<br>| &nbsp;&nbsp;&nbsp;&nbsp; (11711)<br>|
|  |  |  |  |  | &nbsp;&nbsp;&nbsp;&nbsp; (23769)<br>|
|  |  |  |  |  | &nbsp;&nbsp;&nbsp;&nbsp; 22200 |

---

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

---

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

---

**Written Call Options Contracts as of November 30, 2025:**

------

---

| | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|
| **DESCRIPTION** | **COUNTERPARTY** | &nbsp;&nbsp; **NUMBER OF** <br>**CONTRACTS**<br>| &nbsp;&nbsp;&nbsp; **NOTIONAL** <br>**AMOUNT**<br>| &nbsp;&nbsp;&nbsp; **EXERCISE** <br>**PRICE**<br>| &nbsp;&nbsp; **EXPIRATION** <br>**DATE**<br>| **VALUE ($)** |
| U.S. Treasury 30 Year Bond | Exchange-Traded | 1000 | &nbsp;&nbsp;&nbsp;&nbsp; USD<br> 100,000,000<br>| &nbsp;&nbsp;&nbsp;&nbsp; USD<br> 135.00<br>| 1/23/2026 | &nbsp;&nbsp; (23438)<br>|
| Total Written Options Contracts (Premiums Received $(78125)) | Total Written Options Contracts (Premiums Received $(78125)) | Total Written Options Contracts (Premiums Received $(78125)) | Total Written Options Contracts (Premiums Received $(78125)) | Total Written Options Contracts (Premiums Received $(78125)) | Total Written Options Contracts (Premiums Received $(78125)) | &nbsp;&nbsp; (23438)<br>|

---

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

---

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

---

------

**JPMorgan High Yield Municipal ETF**

**SCHEDULE OF PORTFOLIO INVESTMENTS**

AS OF November 30, 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.

A market-based approach is primarily used to value the Fund's investments. Investments for which market quotations are not readily available are fair valued using prices supplied by approved affiliated and/or unaffiliated pricing vendors or third party broker-dealers (collectively referred to as "Pricing Services"), or may be internally fair valued using methods set forth by the valuation policies approved by the Board. This may include the use of related or comparable assets or liabilities, recent transactions, market multiples, book values and other relevant information for the investment. An income-based valuation approach may be used in which the anticipated future cash flows of the investment are discounted to calculate the fair value. Discounts may also be applied due to the nature or duration of any restrictions on the disposition of the investments. Valuations may be based upon current market prices of securities that are comparable in coupon, rating, maturity and industry. It is possible that the estimated values may differ significantly from the values that would have been used had a ready market for the investments existed, and such differences could be material.

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

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 and options are generally valued on the basis of available market quotations.

See the table on "Quantitative Information about Level 3 Fair Value Measurements" for information on the valuation techniques and inputs used to value level 3 securities held by the Fund at November 30, 2025.

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

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

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

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

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

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

------

**JPMorgan High Yield Municipal ETF**

**SCHEDULE OF PORTFOLIO INVESTMENTS**

AS OF November 30, 2025 (Unaudited) (continued)

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>observable inputs<br>| **Total** |
| **Investments in Securities** |  |  |  |  |
| Municipal Bonds |  |  |  |  |
| &nbsp;&nbsp;&nbsp; Alabama | &nbsp;&nbsp;&nbsp;&nbsp; $— | &nbsp;&nbsp;&nbsp;&nbsp; $12959972 | &nbsp;&nbsp;&nbsp;&nbsp; $— | &nbsp;&nbsp;&nbsp;&nbsp; $12959972 |
| &nbsp;&nbsp;&nbsp; Alaska | &nbsp;&nbsp;&nbsp;&nbsp; — | &nbsp;&nbsp;&nbsp;&nbsp; 399691 | &nbsp;&nbsp;&nbsp;&nbsp; — | &nbsp;&nbsp;&nbsp;&nbsp; 399691 |
| &nbsp;&nbsp;&nbsp; Arizona | &nbsp;&nbsp;&nbsp;&nbsp; — | &nbsp;&nbsp;&nbsp;&nbsp; 2049351 | &nbsp;&nbsp;&nbsp;&nbsp; — | &nbsp;&nbsp;&nbsp;&nbsp; 2049351 |
| &nbsp;&nbsp;&nbsp; Arkansas | &nbsp;&nbsp;&nbsp;&nbsp; — | &nbsp;&nbsp;&nbsp;&nbsp; 1085649 | &nbsp;&nbsp;&nbsp;&nbsp; — | &nbsp;&nbsp;&nbsp;&nbsp; 1085649 |
| &nbsp;&nbsp;&nbsp; California | &nbsp;&nbsp;&nbsp;&nbsp; — | &nbsp;&nbsp;&nbsp;&nbsp; 11667572 | &nbsp;&nbsp;&nbsp;&nbsp; 232000 | &nbsp;&nbsp;&nbsp;&nbsp; 11899572 |
| &nbsp;&nbsp;&nbsp; Colorado | &nbsp;&nbsp;&nbsp;&nbsp; — | &nbsp;&nbsp;&nbsp;&nbsp; 9208885 | &nbsp;&nbsp;&nbsp;&nbsp; — | &nbsp;&nbsp;&nbsp;&nbsp; 9208885 |
| &nbsp;&nbsp;&nbsp; Connecticut | &nbsp;&nbsp;&nbsp;&nbsp; — | &nbsp;&nbsp;&nbsp;&nbsp; 1020224 | &nbsp;&nbsp;&nbsp;&nbsp; — | &nbsp;&nbsp;&nbsp;&nbsp; 1020224 |
| &nbsp;&nbsp;&nbsp; District of Columbia | &nbsp;&nbsp;&nbsp;&nbsp; — | &nbsp;&nbsp;&nbsp;&nbsp; 1130378 | &nbsp;&nbsp;&nbsp;&nbsp; — | &nbsp;&nbsp;&nbsp;&nbsp; 1130378 |
| &nbsp;&nbsp;&nbsp; Florida | &nbsp;&nbsp;&nbsp;&nbsp; — | &nbsp;&nbsp;&nbsp;&nbsp; 10494655 | &nbsp;&nbsp;&nbsp;&nbsp; — | &nbsp;&nbsp;&nbsp;&nbsp; 10494655 |
| &nbsp;&nbsp;&nbsp; Georgia | &nbsp;&nbsp;&nbsp;&nbsp; — | &nbsp;&nbsp;&nbsp;&nbsp; 10156793 | &nbsp;&nbsp;&nbsp;&nbsp; — | &nbsp;&nbsp;&nbsp;&nbsp; 10156793 |
| &nbsp;&nbsp;&nbsp; Illinois | &nbsp;&nbsp;&nbsp;&nbsp; — | &nbsp;&nbsp;&nbsp;&nbsp; 13548278 | &nbsp;&nbsp;&nbsp;&nbsp; — | &nbsp;&nbsp;&nbsp;&nbsp; 13548278 |
| &nbsp;&nbsp;&nbsp; Indiana | &nbsp;&nbsp;&nbsp;&nbsp; — | &nbsp;&nbsp;&nbsp;&nbsp; 3367135 | &nbsp;&nbsp;&nbsp;&nbsp; — | &nbsp;&nbsp;&nbsp;&nbsp; 3367135 |
| &nbsp;&nbsp;&nbsp; Iowa | &nbsp;&nbsp;&nbsp;&nbsp; — | &nbsp;&nbsp;&nbsp;&nbsp; 936483 | &nbsp;&nbsp;&nbsp;&nbsp; — | &nbsp;&nbsp;&nbsp;&nbsp; 936483 |
| &nbsp;&nbsp;&nbsp; Kentucky | &nbsp;&nbsp;&nbsp;&nbsp; — | &nbsp;&nbsp;&nbsp;&nbsp; 2366298 | &nbsp;&nbsp;&nbsp;&nbsp; — | &nbsp;&nbsp;&nbsp;&nbsp; 2366298 |
| &nbsp;&nbsp;&nbsp; Louisiana | &nbsp;&nbsp;&nbsp;&nbsp; — | &nbsp;&nbsp;&nbsp;&nbsp; 3018367 | &nbsp;&nbsp;&nbsp;&nbsp; — | &nbsp;&nbsp;&nbsp;&nbsp; 3018367 |
| &nbsp;&nbsp;&nbsp; Massachusetts | &nbsp;&nbsp;&nbsp;&nbsp; — | &nbsp;&nbsp;&nbsp;&nbsp; 2052301 | &nbsp;&nbsp;&nbsp;&nbsp; — | &nbsp;&nbsp;&nbsp;&nbsp; 2052301 |
| &nbsp;&nbsp;&nbsp; Michigan | &nbsp;&nbsp;&nbsp;&nbsp; — | &nbsp;&nbsp;&nbsp;&nbsp; 3520803 | &nbsp;&nbsp;&nbsp;&nbsp; — | &nbsp;&nbsp;&nbsp;&nbsp; 3520803 |
| &nbsp;&nbsp;&nbsp; Minnesota | &nbsp;&nbsp;&nbsp;&nbsp; — | &nbsp;&nbsp;&nbsp;&nbsp; 984047 | &nbsp;&nbsp;&nbsp;&nbsp; — | &nbsp;&nbsp;&nbsp;&nbsp; 984047 |
| &nbsp;&nbsp;&nbsp; Missouri | &nbsp;&nbsp;&nbsp;&nbsp; — | &nbsp;&nbsp;&nbsp;&nbsp; 3043867 | &nbsp;&nbsp;&nbsp;&nbsp; — | &nbsp;&nbsp;&nbsp;&nbsp; 3043867 |
| &nbsp;&nbsp;&nbsp; Montana | &nbsp;&nbsp;&nbsp;&nbsp; — | &nbsp;&nbsp;&nbsp;&nbsp; 832899 | &nbsp;&nbsp;&nbsp;&nbsp; — | &nbsp;&nbsp;&nbsp;&nbsp; 832899 |
| &nbsp;&nbsp;&nbsp; Nebraska | &nbsp;&nbsp;&nbsp;&nbsp; — | &nbsp;&nbsp;&nbsp;&nbsp; 1070752 | &nbsp;&nbsp;&nbsp;&nbsp; — | &nbsp;&nbsp;&nbsp;&nbsp; 1070752 |
| &nbsp;&nbsp;&nbsp; Nevada | &nbsp;&nbsp;&nbsp;&nbsp; — | &nbsp;&nbsp;&nbsp;&nbsp; — | &nbsp;&nbsp;&nbsp;&nbsp; 2080000 | &nbsp;&nbsp;&nbsp;&nbsp; 2080000 |
| &nbsp;&nbsp;&nbsp; New Hampshire | &nbsp;&nbsp;&nbsp;&nbsp; — | &nbsp;&nbsp;&nbsp;&nbsp; 2140549 | &nbsp;&nbsp;&nbsp;&nbsp; — | &nbsp;&nbsp;&nbsp;&nbsp; 2140549 |
| &nbsp;&nbsp;&nbsp; New Jersey | &nbsp;&nbsp;&nbsp;&nbsp; — | &nbsp;&nbsp;&nbsp;&nbsp; 9164060 | &nbsp;&nbsp;&nbsp;&nbsp; — | &nbsp;&nbsp;&nbsp;&nbsp; 9164060 |
| &nbsp;&nbsp;&nbsp; New Mexico | &nbsp;&nbsp;&nbsp;&nbsp; — | &nbsp;&nbsp;&nbsp;&nbsp; 1031967 | &nbsp;&nbsp;&nbsp;&nbsp; — | &nbsp;&nbsp;&nbsp;&nbsp; 1031967 |
| &nbsp;&nbsp;&nbsp; New York | &nbsp;&nbsp;&nbsp;&nbsp; — | &nbsp;&nbsp;&nbsp;&nbsp; 27358284 | &nbsp;&nbsp;&nbsp;&nbsp; — | &nbsp;&nbsp;&nbsp;&nbsp; 27358284 |
| &nbsp;&nbsp;&nbsp; North Carolina | &nbsp;&nbsp;&nbsp;&nbsp; — | &nbsp;&nbsp;&nbsp;&nbsp; 2999643 | &nbsp;&nbsp;&nbsp;&nbsp; — | &nbsp;&nbsp;&nbsp;&nbsp; 2999643 |
| &nbsp;&nbsp;&nbsp; North Dakota | &nbsp;&nbsp;&nbsp;&nbsp; — | &nbsp;&nbsp;&nbsp;&nbsp; 1079892 | &nbsp;&nbsp;&nbsp;&nbsp; — | &nbsp;&nbsp;&nbsp;&nbsp; 1079892 |
| &nbsp;&nbsp;&nbsp; Ohio | &nbsp;&nbsp;&nbsp;&nbsp; — | &nbsp;&nbsp;&nbsp;&nbsp; 9312584 | &nbsp;&nbsp;&nbsp;&nbsp; — | &nbsp;&nbsp;&nbsp;&nbsp; 9312584 |
| &nbsp;&nbsp;&nbsp; Oklahoma | &nbsp;&nbsp;&nbsp;&nbsp; — | &nbsp;&nbsp;&nbsp;&nbsp; 2728603 | &nbsp;&nbsp;&nbsp;&nbsp; — | &nbsp;&nbsp;&nbsp;&nbsp; 2728603 |
| &nbsp;&nbsp;&nbsp; Oregon | &nbsp;&nbsp;&nbsp;&nbsp; — | &nbsp;&nbsp;&nbsp;&nbsp; 666007 | &nbsp;&nbsp;&nbsp;&nbsp; — | &nbsp;&nbsp;&nbsp;&nbsp; 666007 |
| &nbsp;&nbsp;&nbsp; Pennsylvania | &nbsp;&nbsp;&nbsp;&nbsp; — | &nbsp;&nbsp;&nbsp;&nbsp; 5559990 | &nbsp;&nbsp;&nbsp;&nbsp; — | &nbsp;&nbsp;&nbsp;&nbsp; 5559990 |
| &nbsp;&nbsp;&nbsp; Puerto Rico | &nbsp;&nbsp;&nbsp;&nbsp; — | &nbsp;&nbsp;&nbsp;&nbsp; 7187048 | &nbsp;&nbsp;&nbsp;&nbsp; — | &nbsp;&nbsp;&nbsp;&nbsp; 7187048 |
| &nbsp;&nbsp;&nbsp; Rhode Island | &nbsp;&nbsp;&nbsp;&nbsp; — | &nbsp;&nbsp;&nbsp;&nbsp; 996779 | &nbsp;&nbsp;&nbsp;&nbsp; — | &nbsp;&nbsp;&nbsp;&nbsp; 996779 |
| &nbsp;&nbsp;&nbsp; South Carolina | &nbsp;&nbsp;&nbsp;&nbsp; — | &nbsp;&nbsp;&nbsp;&nbsp; 509885 | &nbsp;&nbsp;&nbsp;&nbsp; — | &nbsp;&nbsp;&nbsp;&nbsp; 509885 |
| &nbsp;&nbsp;&nbsp; Tennessee | &nbsp;&nbsp;&nbsp;&nbsp; — | &nbsp;&nbsp;&nbsp;&nbsp; 3591166 | &nbsp;&nbsp;&nbsp;&nbsp; — | &nbsp;&nbsp;&nbsp;&nbsp; 3591166 |
| &nbsp;&nbsp;&nbsp; Texas | &nbsp;&nbsp;&nbsp;&nbsp; — | &nbsp;&nbsp;&nbsp;&nbsp; 12841183 | &nbsp;&nbsp;&nbsp;&nbsp; — | &nbsp;&nbsp;&nbsp;&nbsp; 12841183 |
| &nbsp;&nbsp;&nbsp; Utah | &nbsp;&nbsp;&nbsp;&nbsp; — | &nbsp;&nbsp;&nbsp;&nbsp; 3125400 | &nbsp;&nbsp;&nbsp;&nbsp; — | &nbsp;&nbsp;&nbsp;&nbsp; 3125400 |
| &nbsp;&nbsp;&nbsp; Virginia | &nbsp;&nbsp;&nbsp;&nbsp; — | &nbsp;&nbsp;&nbsp;&nbsp; 1011809 | &nbsp;&nbsp;&nbsp;&nbsp; — | &nbsp;&nbsp;&nbsp;&nbsp; 1011809 |
| &nbsp;&nbsp;&nbsp; Washington | &nbsp;&nbsp;&nbsp;&nbsp; — | &nbsp;&nbsp;&nbsp;&nbsp; 7843622 | &nbsp;&nbsp;&nbsp;&nbsp; — | &nbsp;&nbsp;&nbsp;&nbsp; 7843622 |
| &nbsp;&nbsp;&nbsp; West Virginia | &nbsp;&nbsp;&nbsp;&nbsp; — | &nbsp;&nbsp;&nbsp;&nbsp; 1015090 | &nbsp;&nbsp;&nbsp;&nbsp; — | &nbsp;&nbsp;&nbsp;&nbsp; 1015090 |
| &nbsp;&nbsp;&nbsp; Wisconsin | &nbsp;&nbsp;&nbsp;&nbsp; — | &nbsp;&nbsp;&nbsp;&nbsp; 14547071 | &nbsp;&nbsp;&nbsp;&nbsp; — | &nbsp;&nbsp;&nbsp;&nbsp; 14547071 |
| Total Municipal Bonds | &nbsp;&nbsp;&nbsp;&nbsp; — | &nbsp;&nbsp;&nbsp;&nbsp; 209625032 | &nbsp;&nbsp;&nbsp;&nbsp; 2312000 | &nbsp;&nbsp;&nbsp;&nbsp; 211937032 |
| Options Purchased | &nbsp;&nbsp;&nbsp;&nbsp; 29094 | &nbsp;&nbsp;&nbsp;&nbsp; — | &nbsp;&nbsp;&nbsp;&nbsp; — | &nbsp;&nbsp;&nbsp;&nbsp; 29094 |

---

------

**JPMorgan High Yield Municipal ETF**

**SCHEDULE OF PORTFOLIO INVESTMENTS**

AS OF November 30, 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> observable inputs<br>| **Total** |
| Short-Term Investments |  |  |  |  |
| &nbsp;&nbsp;&nbsp; Investment Companies | &nbsp;&nbsp;&nbsp;&nbsp; $22702211 | &nbsp;&nbsp;&nbsp;&nbsp; $— | &nbsp;&nbsp;&nbsp;&nbsp; $— | &nbsp;&nbsp;&nbsp;&nbsp; $22702211 |
| **Total Investments in Securities** | &nbsp;&nbsp;&nbsp;&nbsp; $22731305 | &nbsp;&nbsp;&nbsp;&nbsp; $209625032 | &nbsp;&nbsp;&nbsp;&nbsp; $2312000 | &nbsp;&nbsp;&nbsp;&nbsp; $234668337 |
| **Appreciation in Other Financial Instruments** |  |  |  |  |
| Futures Contracts | &nbsp;&nbsp;&nbsp;&nbsp; $45969 | &nbsp;&nbsp;&nbsp;&nbsp; $— | &nbsp;&nbsp;&nbsp;&nbsp; $— | &nbsp;&nbsp;&nbsp;&nbsp; $45969 |
| **Depreciation in Other Financial Instruments** |  |  |  |  |
| Futures Contracts | &nbsp;&nbsp;&nbsp;&nbsp; $(23769)<br>| &nbsp;&nbsp;&nbsp;&nbsp; $— | &nbsp;&nbsp;&nbsp;&nbsp; $— | &nbsp;&nbsp;&nbsp;&nbsp; $(23769)<br>|
| Options Written |  |  |  |  |
| &nbsp;&nbsp;&nbsp; Call Options Written | &nbsp;&nbsp;&nbsp;&nbsp; (23438)<br>| &nbsp;&nbsp;&nbsp;&nbsp; — | &nbsp;&nbsp;&nbsp;&nbsp; — | &nbsp;&nbsp;&nbsp;&nbsp; (23438)<br>|
| **Total Net Appreciation/ Depreciation in Other** <br>**Financial Instruments**<br>| &nbsp;&nbsp;&nbsp;&nbsp; $(1238)<br>| &nbsp;&nbsp;&nbsp;&nbsp; $— | &nbsp;&nbsp;&nbsp;&nbsp; $— | &nbsp;&nbsp;&nbsp;&nbsp; $(1238)<br>|

---

The following is a summary of investments for which significant unobservable inputs (level 3) were used in determining fair value:

---

| | | | | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|:---|:---|:---|
|  | **Balance as of** <br>**February 28,** <br>**2025**<br>| **Realized** <br>**gain (loss)**<br>| **Change in net** <br>**unrealized** <br>**appreciation** <br>**(depreciation)**<br>| **Net** <br>**accretion** <br>**(amortization)**<br>| **Purchases**<sup>1</sup> <br>| **Sales**<sup>2</sup> <br>| **Transfers** <br>**into** <br>**Level 3**<br>| **Transfers** <br>**out of** <br>**Level 3**<br>| **Balance as of** <br>**November 30,** <br>**2025**<br>|
| **Investments in Securities:** |  |  |  |  |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp; Municipal Bonds | $— | $— | $(196137)<br>| $3112 | $2505025 | $— | $— | $— | $2312000 |

---

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

<sup>1</sup> Purchases include all purchases of securities and securities received in corporate actions.

<sup>2</sup> Sales include all sales of securities, maturities, paydowns and securities tendered in corporate actions.

The changes in net unrealized appreciation (depreciation) attributable to securities owned at November 30, 2025, which were valued using significant unobservable inputs (level 3) amounted to $(196,137).

The significant unobservable inputs used in the fair value measurement of the Fund's investments are listed below. Generally, a change in the assumptions used in any input in isolation may be accompanied by a change in another input. Significant changes in any of the unobservable inputs may significantly impact the fair value measurement. The impact is based on the relationship between each unobservable input and the fair value measurement. Significant increases (decreases) in enterprise multiples may increase (decrease) the fair value measurement. Significant increases (decreases) in the discount for lack of marketability, liquidity discount, probability of default, yield and default rate may decrease (increase) the fair value measurement. A significant change in the discount rate or prepayment rate (Constant Prepayment Rate or PSA Prepayment Model) may decrease or increase the fair value measurement.

**Quantitative Information about Level 3 Fair Value Measurements** 

---

| | | | | |
|:---|:---|:---|:---|:---|
|  | **Fair Value at**<br> **November 30, 2025**<br>| &nbsp;&nbsp; **Valuation**<br> **Technique(s)**<br>| &nbsp;&nbsp; **Unobservable**<br> **Input**<br>| &nbsp;&nbsp; **Range (Weighted**<br> **Average) (a)**<br>|
|  | &nbsp;&nbsp; $2312000 | Terms of Restructuring | Expected Recovery | 80.00% (80.00%) |
| &nbsp;&nbsp;&nbsp; Municipal Bonds | &nbsp;&nbsp; 2312000 |  |  |  |
| &nbsp;&nbsp;&nbsp; Total | &nbsp;&nbsp; $2312000 |  |  |  |

---

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

&nbsp;&nbsp;&nbsp;&nbsp;(a) Unobservable inputs were weighted by the relative fair value of the instruments.

**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.

------

**JPMorgan High Yield Municipal ETF**

**SCHEDULE OF PORTFOLIO INVESTMENTS**

AS OF November 30, 2025 (Unaudited) (continued)

The Underlying Fund's distributions may be reinvested into such Underlying Fund. Reinvestment amounts are included in the purchases at cost amounts in the table below.

---

| | | | | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|:---|:---|:---|
| **For the period ended November 30, 2025** | **For the period ended November 30, 2025** | **For the period ended November 30, 2025** | **For the period ended November 30, 2025** | **For the period ended November 30, 2025** | **For the period ended November 30, 2025** | **For the period ended November 30, 2025** | **For the period ended November 30, 2025** | **For the period ended November 30, 2025** | **For the period ended November 30, 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>**November 30,** <br>**2025**<br>| **Shares at** <br>**November 30,** <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, 2.71% (a) (b)<br>| $28048497 | $87011753 | $92358039 | $127 | $(127)<br>| $22702211 | 22699941 | $360526 | $— |

---

&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 November 30, 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:** 390 Madison Avenue

  - **City:** New York

  - **State:** NY

  - **Foreign country:** US

  - **Zip / Postal Code:** 10017

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

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

- **a. Name of Series:** JPMorgan High Yield Municipal ETF

- **b. EDGAR series identifier (if any):** S000079813

- **c. LEI of Series:** 54930002QBQKE6982F34

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

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

- **b. Date as of which information is reported:** 2025-11-30

**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:** $239965272.62

**Total Liabilities:** $4609986.72

**Net Assets:** $235355285.90

**Cash Not Reported:** $1274874.29

**Currency Risk Metrics (dv01):**

- 

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

- **3-Month:** 343.65416000 | **1-Year:** 4740.02108000 | **5-Year:** 21474.72732000 | **10-Year:** 52611.68810000 | **30-Year:** 7973.87481000

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

- **3-Month:** 0.46774000 | **1-Year:** 4155.33485000 | **5-Year:** 4734.55713000 | **10-Year:** 26959.39974000 | **30-Year:** 41730.70091000

**Monthly Return Information**

| Class               | Month 1 Return (%)   | Month 2 Return (%)   | Month 3 Return (%)   |
|:---|:---|:---|:---|
| Class ID C000241196 | 2.69%                | 0.83%                | 0.39%                |

**Monthly Gains & Losses**

| Period   | Net Realized Gain/Loss   | Net Unrealized Appreciation/Depreciation   |
|:---|:---|:---|
| Month 1  | $-13566.56               | $4967865.33                                |
| Month 2  | $38487.89                | $891875.85                                 |
| Month 3  | $251431.36               | $-193137.33                                |

**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   |
|:---|:---|:---|:---|:---|:---|:---|---:|:---|:---|:---|:---|:---|:---|:---|---:|:---|
| Alachua County Health Facilities Authority                                | Alachua County Health Facilities Authority, Continuing Care Retirement Oak Hammock at The university of Florida, Inc., Series 2025B-1                | CUSIP: 010684BN7<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |    735000 | PA      | $736047.60    | 0.31%             | 2030-10-01      | Fixed         | 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      | $920291.00    | 0.39%             | 2041-07-01      | Fixed         | 4.00%                 | No            |                  2 | On Loan: No      |
| Arizona Industrial Development Authority                                  | Arizona Industrial Development Authority, Great Lakes Senior Living Communities LLC Project, Series 2025A-2                                          | CUSIP: 04052TDC6<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |   1000000 | PA      | $928462.60    | 0.39%             | 2059-01-01      | Fixed         | 5.12%                 | No            |                  2 | On Loan: No      |
| Arkansas Development Finance Authority                                    | Arkansas Development Finance Authority, Industrial Development , Hybar Steel Project, Series 2023B                                                   | CUSIP: 04108WCF7<br>LEI: N/A                  | Long             | STIV             | MUN               | US        |   1000000 | PA      | $1085648.60   | 0.46%             | 2048-07-01      | Fixed         | 7.37%                 | Yes           |                  2 | On Loan: No      |
| Arlington Higher Education Finance Corp.                                  | Arlington Higher Education Finance Corp., Basis Texas Charter Schools, Inc.                                                                          | CUSIP: 041807PU6<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |   1000000 | PA      | $1016884.20   | 0.43%             | 2045-06-15      | Fixed         | 5.62%                 | Yes           |                  2 | On Loan: No      |
| Baldwin County Industrial Development Authority                           | Baldwin County Industrial Development Authority, Novelis Corp., Project, Series 2025A                                                                | CUSIP: 05786PAA1<br>LEI: N/A                  | Long             | STIV             | MUN               | US        |   1250000 | PA      | $1277738.13   | 0.54%             | 2055-06-01      | Variable      | 5.00%                 | Yes           |                  2 | On Loan: No      |
| Black Belt Energy Gas District                                            | Black Belt Energy Gas District, Gas Project, Series 2021A                                                                                            | CUSIP: 09182NBR0<br>LEI: 549300I8V0Z68JQCB679 | Long             | DBT              | MUN               | US        |   3000000 | PA      | $3091922.10   | 1.31%             | 2051-06-01      | Variable      | 4.00%                 | No            |                  2 | On Loan: No      |
| Black Belt Energy Gas District                                            | Black Belt Energy Gas District, Gas Project, Series 2023D-1                                                                                          | CUSIP: 09182TCR6<br>LEI: 549300I8V0Z68JQCB679 | Long             | DBT              | MUN               | US        |   2030000 | PA      | $2150953.69   | 0.91%             | 2049-06-01      | Variable      | 5.50%                 | No            |                  2 | On Loan: No      |
| Black Belt Energy Gas District                                            | Black Belt Energy Gas District, Gas Project, Series 2024D                                                                                            | CUSIP: 09182TEN3<br>LEI: 549300I8V0Z68JQCB679 | Long             | DBT              | MUN               | US        |   2000000 | PA      | $2169196.00   | 0.92%             | 2055-03-01      | Variable      | 5.00%                 | No            |                  2 | On Loan: No      |
| Black Belt Energy Gas District                                            | Black Belt Energy Gas District, Gas Project, Series 2025E                                                                                            | CUSIP: 09182TGC5<br>LEI: 549300I8V0Z68JQCB679 | Long             | DBT              | MUN               | US        |   1015000 | PA      | $1096271.96   | 0.47%             | 2055-12-01      | Variable      | 5.00%                 | No            |                  2 | On Loan: No      |
| Bradburn Metropolitan District No. 2                                      | Bradburn Metropolitan District No. 2, Limited Tax, Series 2018A                                                                                      | CUSIP: 103844AD8<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |    500000 | PA      | $505254.75    | 0.21%             | 2038-12-01      | Fixed         | 5.00%                 | No            |                  2 | On Loan: No      |
| Bradburn Metropolitan District No. 2                                      | Bradburn Metropolitan District No. 2, Limited Tax, Series 2018B                                                                                      | CUSIP: 103844AF3<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |    500000 | PA      | $501027.40    | 0.21%             | 2047-12-15      | Fixed         | 7.25%                 | No            |                  2 | On Loan: No      |
| Brookhaven Development Authority                                          | Brookhaven Development Authority, Children's Healthcare of Atlan, Series 2019A                                                                       | CUSIP: 113073AY6<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |   1000000 | PA      | $911145.20    | 0.39%             | 2049-07-01      | Fixed         | 4.00%                 | No            |                  2 | On Loan: No      |
| Buckeye Tobacco Settlement Financing Authority                            | Buckeye Tobacco Settlement Financing Authority, Series 2020A-2, Class 1                                                                              | CUSIP: 118217CU0<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |   1155000 | PA      | $1126893.88   | 0.48%             | 2038-06-01      | Fixed         | 4.00%                 | No            |                  2 | On Loan: No      |
| Buckeye Tobacco Settlement Financing Authority                            | Buckeye Tobacco Settlement Financing Authority, Series 2020B-2, Class 2                                                                              | CUSIP: 118217CZ9<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |   2500000 | PA      | $2105155.25   | 0.89%             | 2055-06-01      | Fixed         | 5.00%                 | No            |                  2 | On Loan: No      |
| Buckeye Tobacco Settlement Financing Authority                            | Buckeye Tobacco Settlement Financing Authority, Series 2020B-3, Class 2                                                                              | CUSIP: 118217DA3<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |  10000000 | PA      | $875948.00    | 0.37%             | 2057-06-01      | None          | 0.00%                 | No            |                  2 | On Loan: No      |
| Buffalo & Fort Erie Public Bridge Authority                               | Buffalo and Fort Erie Public Bridge Authority, Series 2017                                                                                           | CUSIP: 119427BV3<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |   1000000 | PA      | $1007113.90   | 0.43%             | 2047-01-01      | Fixed         | 5.00%                 | 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        |   2000000 | PA      | $2084430.40   | 0.89%             | 2027-12-01      | Fixed         | 5.00%                 | No            |                  2 | On Loan: No      |
| Build NYC Resource Corp.                                                  | Build NYC Resource Corp., Urban Resource Institute Project, Series 2025A                                                                             | CUSIP: 12008EWQ5<br>LEI: 549300GROJFKMNLWEK84 | Long             | DBT              | MUN               | US        |    750000 | PA      | $796609.20    | 0.34%             | 2056-12-01      | Fixed         | 5.50%                 | No            |                  2 | On Loan: No      |
| Build NYC Resource Corp.                                                  | Build NYC Resource Corp., ERE425 LLC ZETA Charter Schools, Inc. Project, Series 2025A                                                                | CUSIP: 12008EWU6<br>LEI: 549300GROJFKMNLWEK84 | Long             | DBT              | MUN               | US        |   1150000 | PA      | $1139544.09   | 0.48%             | 2045-10-15      | Fixed         | 5.12%                 | Yes           |                  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        |   1280000 | PA      | $1344255.23   | 0.57%             | 2053-07-01      | Variable      | 5.00%                 | No            |                  2 | On Loan: No      |
| California Community Choice Financing Authority                           | California Community Choice Financing Authority, Clean Energy Project, Series 2025E                                                                  | CUSIP: 13013JHG4<br>LEI: 549300X8VKJ215S2R571 | Long             | DBT              | MUN               | US        |   2000000 | PA      | $2193075.00   | 0.93%             | 2056-10-01      | Variable      | 5.00%                 | No            |                  2 | On Loan: No      |
| California County Tobacco Securitization Agency                           | California County Tobacco Securitization Agency, Los Angeles County Securitization Corp., Series 2020B-2                                             | CUSIP: 13016NFC3<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |   4500000 | PA      | $862284.15    | 0.37%             | 2055-06-01      | None          | 0.00%                 | No            |                  2 | On Loan: No      |
| California Health Facilities Financing Authority                          | California Health Facilities Financing Authority, Sutter Health, Series 2017A                                                                        | CUSIP: 13032UNX2<br>LEI: 5493007RI8BUDOGHZ546 | Long             | DBT              | MUN               | US        |   1000000 | PA      | $919073.20    | 0.39%             | 2048-11-15      | Fixed         | 4.00%                 | No            |                  2 | On Loan: No      |
| California Infrastructure & Economic Development Bank                     | California Infrastructure and Economic Development Bank, Brightline West Passenger Rail Project, Series 2025 B                                       | CUSIP: 13034A7E4<br>LEI: 549300C1OG9RDIM8ET06 | Long             | STIV             | MUN               | US        |    290000 | PA      | $232000.00    | 0.10%             | 2065-01-01      | Variable      | 12.00%                | No            |                  3 | On Loan: No      |
| California Municipal Finance Authority                                    | California Municipal Finance Authority, Linxs Apartments Project, Senior Lien, Series 2018A                                                          | CUSIP: 13048VCD8<br>LEI: 5493000UQOV6R4ZWS346 | Long             | DBT              | MUN               | US        |   1000000 | PA      | $1003182.30   | 0.43%             | 2047-12-31      | Fixed         | 5.00%                 | 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        |    500000 | PA      | $490214.35    | 0.21%             | 2054-06-01      | Fixed         | 6.50%                 | Yes           |                  2 | On Loan: No      |
| California School Facilities Financing Authority                          | California School Facilities Financing Authority, Capital Appreciation, Azusa Unified School District, Series 2009A                                  | CUSIP: 13058RAR5<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |    200000 | PA      | $175041.88    | 0.07%             | 2030-08-01      | None          | 0.00%                 | No            |                  2 | On Loan: No      |
| California Statewide Communities Development Authority                    | California Statewide Communities Development Authority, Loma Linda University Medical Center, Series 2016A                                           | CUSIP: 13080SML5<br>LEI: 549300KTNI2GCJNX2U48 | Long             | DBT              | MUN               | US        |   2000000 | PA      | $2000095.40   | 0.85%             | 2056-12-01      | Fixed         | 5.25%                 | Yes           |                  2 | On Loan: No      |
| Capital Projects Finance Authority/FL                                     | Capital Projects Finance Authority, Student Housing, Program Unionwest Properties LLC Project, Series 2024B                                          | CUSIP: 140427CK9<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |   7000000 | PA      | $931668.50    | 0.40%             | 2062-06-01      | Variable      | 0.00%                 | Yes           |                  2 | On Loan: No      |
| Capital Projects Finance Authority/FL                                     | Capital Projects Finance Authority, Student Housing, Program Unionwest Properties LLC Project, Series 2024A-1                                        | CUSIP: 140427CP8<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |   1000000 | PA      | $955652.50    | 0.41%             | 2049-06-01      | Fixed         | 5.00%                 | Yes           |                  2 | On Loan: No      |
| County of Carroll KY                                                      | County of Carroll, Kentucky Environmental Facilities, Series 2008A                                                                                   | CUSIP: 14483RAV9<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |   1475000 | PA      | $1320323.54   | 0.56%             | 2032-02-01      | Fixed         | 2.00%                 | No            |                  2 | On Loan: No      |
| Central Plains Energy Project                                             | Central Plains Energy Project, Gas Project No. 4, Series 2023A-1                                                                                     | CUSIP: 154871CW5<br>LEI: SVQOT7V5CPLIGNP5BE29 | Long             | DBT              | MUN               | US        |   1000000 | PA      | $1070752.50   | 0.45%             | 2054-05-01      | Variable      | 5.00%                 | No            |                  2 | On Loan: No      |
| City of Chicago IL                                                        | City of Chicago, Series 2025A                                                                                                                        | CUSIP: 167486U72<br>LEI: T5UYO5SYLC8K73MJQX30 | Long             | DBT              | MUN               | US        |   1000000 | PA      | $1050211.00   | 0.45%             | 2050-01-01      | Fixed         | 6.00%                 | No            |                  2 | On Loan: No      |
| Chicago Board of Education                                                | Chicago Board of Education, Series 2016A                                                                                                             | CUSIP: 167505QY5<br>LEI: 54930099NR6T9V7LVB43 | Long             | DBT              | MUN               | US        |   2145000 | PA      | $2145000.00   | 0.91%             | 2044-12-01      | Fixed         | 7.00%                 | No            |                  2 | On Loan: No      |
| Chicago O'Hare International Airport                                      | Chicago O'Hare International Airport, Senior Lien, Series 2024A                                                                                      | CUSIP: 1675934M1<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |   2150000 | PA      | $2326677.97   | 0.99%             | 2041-01-01      | Fixed         | 5.25%                 | No            |                  2 | On Loan: No      |
| Chicago Transit Authority Sales Tax Receipts Fund                         | Chicago Transit Authority Sales Tax Receipts Fund, Series 2024A                                                                                      | CUSIP: 16772PEP7<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |   1000000 | PA      | $1030646.60   | 0.44%             | 2049-12-01      | Fixed         | 5.00%                 | 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        |    845000 | PA      | $908915.21    | 0.39%             | 2030-11-01      | Fixed         | 5.75%                 | No            |                  2 | On Loan: No      |
| Children's Trust Fund                                                     | Children's Trust Fund, Tobacco Settlement Asset-Backed, Series 2005A                                                                                 | CUSIP: 16876QBJ7<br>LEI: N/A                  | Long             | DBT              | MUN               | PR        |   2200000 | PA      | $452736.02    | 0.19%             | 2050-05-15      | None          | 0.00%                 | No            |                  2 | On Loan: No      |
| Cobb-Marietta Coliseum & Exhibit Hall Authority                           | Cobb-Marietta Coliseum and Exhibit Hall Authority, Galleria Center Project                                                                           | CUSIP: 190760JQ2<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |   1000000 | PA      | $1093478.90   | 0.46%             | 2053-10-01      | Fixed         | 5.50%                 | No            |                  2 | On Loan: No      |
| Colorado Health Facilities Authority                                      | Colorado Health Facilities Authority, Series 2025A                                                                                                   | CUSIP: 19648FA87<br>LEI: 5493002JB6DRFRZPEQ21 | Long             | DBT              | MUN               | US        |    500000 | PA      | $506433.40    | 0.22%             | 2048-05-15      | 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        |    810000 | PA      | $862417.29    | 0.37%             | 2053-11-01      | Fixed         | 5.75%                 | No            |                  2 | On Loan: No      |
| Columbia County Hospital Authority/GA                                     | Columbia County Hospital Authority, Wellstart Health System Inc., Project, Series 2023A                                                              | CUSIP: 197479AB4<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |   1000000 | PA      | $1036793.20   | 0.44%             | 2048-04-01      | Fixed         | 5.00%                 | No            |                  2 | On Loan: No      |
| City & County of Denver CO Airport System Revenue                         | City and County of Denver, Airport System, Series 2018A                                                                                              | CUSIP: 249182LN4<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |    500000 | PA      | $466717.85    | 0.20%             | 2043-12-01      | Fixed         | 4.00%                 | No            |                  2 | On Loan: No      |
| Denver Health & Hospital Authority                                        | Denver Health and Hospital Authority, Series 2025A                                                                                                   | CUSIP: 24918EEP1<br>LEI: 549300WFV5S7GIR4OS67 | Long             | DBT              | MUN               | US        |   1000000 | PA      | $1082294.40   | 0.46%             | 2055-12-01      | Fixed         | 6.00%                 | No            |                  2 | On Loan: No      |
| City of Detroit MI                                                        | City of Detroit, Unlimited Tax, Series 2020                                                                                                          | CUSIP: 2510934Q0<br>LEI: 549300BQRJP7MKKHOY28 | Long             | DBT              | MUN               | US        |   2460000 | PA      | $2521583.39   | 1.07%             | 2050-04-01      | Fixed         | 5.50%                 | No            |                  2 | On Loan: No      |
| State of Nevada Department of Business & Industry                         | State of Nevada Department of Business and Industry, Brighline West Passenger Rail Project, Series 2025 B                                            | CUSIP: 25457VBV7<br>LEI: N/A                  | Long             | STIV             | MUN               | US        |   2600000 | PA      | $2080000.00   | 0.88%             | 2065-01-01      | Variable      | 12.00%                | No            |                  3 | On Loan: No      |
| District of Columbia                                                      | District of Columbia, Georgetown University Issue, Series 2025A                                                                                      | CUSIP: 25484JDJ6<br>LEI: 549300HWFOZXPKGOX654 | Long             | DBT              | MUN               | US        |   1000000 | PA      | $1130378.40   | 0.48%             | 2060-04-01      | Variable      | 5.00%                 | No            |                  2 | On Loan: No      |
| Dominion Water & Sanitation District                                      | Dominion Water and Sanitation District                                                                                                               | CUSIP: 25755AAD3<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |    515000 | PA      | $529693.36    | 0.23%             | 2032-12-01      | Fixed         | 5.25%                 | No            |                  2 | On Loan: No      |
| City of Farmington NM                                                     | City of Farmington, San Juan Project, Series 2010E                                                                                                   | CUSIP: 311450GF1<br>LEI: 5493000GWMTI2L4AZA61 | Long             | STIV             | MUN               | US        |   1020000 | PA      | $1031967.46   | 0.44%             | 2040-06-01      | Variable      | 3.88%                 | No            |                  2 | On Loan: No      |
| Florida Development Finance Corp.                                         | Florida Development Finance Corp., Brightline Florida Passenger Rail Project                                                                         | CUSIP: 340618DT1<br>LEI: 549300HC854CNBLMWC48 | Long             | DBT              | MUN               | US        |    500000 | PA      | $415000.00    | 0.18%             | 2053-07-01      | Fixed         | 5.50%                 | No            |                  2 | On Loan: No      |
| Florida Development Finance Corp.                                         | Florida Development Finance Corp., Brightline Florida Passenger Rail Project                                                                         | CUSIP: 340618DU8<br>LEI: 549300HC854CNBLMWC48 | Long             | DBT              | MUN               | US        |    500000 | PA      | $415000.00    | 0.18%             | 2047-07-01      | Fixed         | 5.25%                 | 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      | $1014074.60   | 0.43%             | 2054-10-01      | Variable      | 4.38%                 | Yes           |                  2 | On Loan: No      |
| Florida Local Government Finance Commission                               | Florida Local Government Finance Commission, Bridgeprep Academy Project, Series 2025A                                                                | CUSIP: 34077EAD8<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |   1000000 | PA      | $1023446.70   | 0.43%             | 2055-06-15      | Fixed         | 6.25%                 | Yes           |                  2 | On Loan: No      |
| Florida Local Government Finance Commission                               | Florida Local Government Finance Commission, Fleet Landing at Nocatee Project, Series 2025A                                                          | CUSIP: 34077UAH3<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |   1000000 | PA      | $1044228.30   | 0.44%             | 2055-11-15      | Fixed         | 6.75%                 | Yes           |                  2 | On Loan: No      |
| County of Fort Bend TX Toll Road Revenue                                  | County of Fort Bend Toll Road, Senior Lien                                                                                                           | CUSIP: 346817FT1<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |   1000000 | PA      | $1068169.60   | 0.45%             | 2050-03-01      | Fixed         | 5.25%                 | No            |                  2 | On Loan: No      |
| County of Gallatin MT                                                     | County of Gallatin, Bozeman Fiber Project, Series 2021A                                                                                              | CUSIP: 363671BF4<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |   1000000 | PA      | $832898.50    | 0.35%             | 2036-10-15      | Fixed         | 4.00%                 | Yes           |                  2 | On Loan: No      |
| Geisinger Authority                                                       | Geisinger Authority, Health System, Series 2020A                                                                                                     | CUSIP: 368497JU8<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |   1000000 | PA      | $1016665.10   | 0.43%             | 2050-04-01      | Fixed         | 5.00%                 | No            |                  2 | On Loan: No      |
| George L Smith II Congress Center Authority                               | George L Smith II Congress Center Authority, Convention Center Hotel First, Series 2021A                                                             | CUSIP: 37255MAC9<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |   1000000 | PA      | $839135.70    | 0.36%             | 2054-01-01      | Fixed         | 4.00%                 | No            |                  2 | On Loan: No      |
| Golden State Tobacco Securitization Corp.                                 | Golden State Tobacco Securitization Corp., Enhanced Tobacco Settlement, Series 2021B-2                                                               | CUSIP: 38122NB84<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |  25000000 | PA      | $2680350.00   | 1.14%             | 2066-06-01      | None          | 0.00%                 | No            |                  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        |   1000000 | PA      | $862221.40    | 0.37%             | 2041-08-01      | Fixed         | 5.00%                 | Yes           |                  2 | On Loan: No      |
| Halifax County Industrial Development Authority                           | Halifax County Industrial Development Authority, Virginia Electric and Power, Series 2010A                                                           | CUSIP: 40579PAE1<br>LEI: N/A                  | Long             | STIV             | MUN               | US        |   1000000 | PA      | $1011809.20   | 0.43%             | 2041-12-01      | Variable      | 3.80%                 | No            |                  2 | On Loan: No      |
| County of Hamilton OH                                                     | County of Hamilton, Life Enriching Communities Project                                                                                               | CUSIP: 40727RDJ4<br>LEI: 549300TO1E3N4E4YIO28 | Long             | DBT              | MUN               | US        |   1500000 | PA      | $1525652.70   | 0.65%             | 2055-01-01      | Fixed         | 5.50%                 | 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        |   1000000 | PA      | $1082770.30   | 0.46%             | 2034-07-15      | Fixed         | 5.25%                 | No            |                  2 | On Loan: No      |
| City of Houston TX Airport System Revenue                                 | City of Houston Airport System, United Airlines, Inc., Terminal Improvement Projects, Series 2025B                                                   | CUSIP: 442349KK1<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |   1750000 | PA      | $1874559.23   | 0.80%             | 2038-07-15      | Fixed         | 5.50%                 | No            |                  2 | On Loan: No      |
| Illinois Housing Development Authority                                    | Illinois Housing Development Authority, Series 2025A                                                                                                 | CUSIP: 45203MK34<br>LEI: 54930053Z6M9JVHBQZ16 | Long             | DBT              | MUN               | US        |    995000 | PA      | $1122463.68   | 0.48%             | 2055-10-01      | Fixed         | 6.25%                 | No            |                  2 | On Loan: No      |
| Illinois Finance Authority                                                | Illinois Finance Authority, Centerpointjoliet Terminal, Series 2020                                                                                  | CUSIP: 45203PAB0<br>LEI: 549300ZG6UBPNNNRN315 | Long             | STIV             | MUN               | US        |   1000000 | PA      | $997903.80    | 0.42%             | 2050-12-01      | Variable      | 4.12%                 | Yes           |                  2 | On Loan: No      |
| State of Illinois                                                         | State of Illinois, Series 2019C                                                                                                                      | CUSIP: 4521525X5<br>LEI: 54930048FV8RWPR02D67 | Long             | DBT              | MUN               | US        |   1500000 | PA      | $1405437.00   | 0.60%             | 2042-11-01      | Fixed         | 4.00%                 | No            |                  2 | On Loan: No      |
| State of Illinois                                                         | State of Illinois, Series 2023B                                                                                                                      | CUSIP: 452153FL8<br>LEI: 54930048FV8RWPR02D67 | Long             | DBT              | MUN               | US        |   2435000 | PA      | $2561022.94   | 1.09%             | 2047-05-01      | Fixed         | 5.50%                 | No            |                  2 | On Loan: No      |
| Indiana Housing & Community Development Authority                         | Indiana Housing and Community Development Authority, Vita of Marion Project, Series 2021A                                                            | CUSIP: 45506CBA4<br>LEI: 549300QRKDYVNHT1OE86 | Long             | DBT              | MUN               | US        |   1250000 | PA      | $1095004.25   | 0.47%             | 2041-04-01      | Fixed         | 5.25%                 | Yes           |                  2 | On Loan: No      |
| Intermountain Power Agency                                                | Intermountain Power Agency, Utah Power Supply, Series 2023A                                                                                          | CUSIP: 45884AF24<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |   1000000 | PA      | $1104473.40   | 0.47%             | 2036-07-01      | Fixed         | 5.00%                 | 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: 549300UURKD5II8M6J91 | Long             | STIV             | RF                | US        |  22699941 | NS      | $22702210.52  | 9.65%             |  |  |  | No            |                  1 | On Loan: No      |
| County of Jefferson AL Sewer Revenue                                      | County of Jefferson sewer                                                                                                                            | CUSIP: 472682ZR7<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |   1000000 | PA      | $1039285.20   | 0.44%             | 2049-10-01      | Fixed         | 5.25%                 | 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        |   1515000 | PA      | $1552424.89   | 0.66%             | 2053-12-01      | Variable      | 5.00%                 | Yes           |                  2 | On Loan: No      |
| Kansas City Industrial Development Authority                              | Kansas City Industrial Development Authority, Historic Northeast Redevelopment Plan, Series 2024A-1                                                  | CUSIP: 48502MAA1<br>LEI: 549300QWDXL46XQC8110 | Long             | DBT              | MUN               | US        |    875000 | PA      | $856386.04    | 0.36%             | 2046-06-01      | Fixed         | 5.00%                 | Yes           |                  2 | On Loan: No      |
| Long Island Power Authority                                               | Long Island Power Authority, Electric System, Series 2024B                                                                                           | CUSIP: 542691KA7<br>LEI: 1R46U5SYJ63KQXF39168 | Long             | DBT              | MUN               | US        |   1000000 | PA      | $1016777.10   | 0.43%             | 2049-09-01      | Variable      | 3.00%                 | No            |                  2 | On Loan: No      |
| Louisiana Public Facilities Authority                                     | Louisiana Public Facilities Authority, Lincoln Preparatory School Project, Series 2021A                                                              | CUSIP: 546399KY1<br>LEI: 549300RQIPT5S4P4M065 | Long             | DBT              | MUN               | US        |   1145000 | PA      | $858412.45    | 0.36%             | 2060-06-01      | Fixed         | 5.25%                 | Yes           |                  2 | On Loan: No      |
| Louisiana Public Facilities Authority                                     | Louisiana Public Facilities Authority, Mentorship Steam Academy Project, Series 2021A                                                                | CUSIP: 546399LP9<br>LEI: 549300RQIPT5S4P4M065 | Long             | DBT              | MUN               | US        |    700000 | PA      | $568533.21    | 0.24%             | 2051-06-01      | Fixed         | 5.00%                 | Yes           |                  2 | On Loan: No      |
| Louisiana Public Facilities Authority                                     | Louisiana Public Facilities Authority, Mentorship Steam Academy Project, Series 2021A                                                                | CUSIP: 546399LQ7<br>LEI: 549300RQIPT5S4P4M065 | Long             | DBT              | MUN               | US        |    740000 | PA      | $586927.37    | 0.25%             | 2056-06-01      | Fixed         | 5.00%                 | Yes           |                  2 | On Loan: No      |
| Lower Alabama Gas District (The)                                          | Lower Alabama Gas District (The), Gas Project, Series 2025A                                                                                          | CUSIP: 547804AQ7<br>LEI: 549300YTI1NTDG2OVU42 | Long             | DBT              | MUN               | US        |   1140000 | PA      | $1201838.27   | 0.51%             | 2033-12-01      | Fixed         | 5.00%                 | No            |                  2 | On Loan: No      |
| Main Street Natural Gas, Inc.                                             | Main Street Natural Gas, Inc., Gas Supply, Series 2023A                                                                                              | CUSIP: 56035DEN8<br>LEI: 549300NY5M0QVZ6X4U26 | Long             | DBT              | MUN               | US        |   1925000 | PA      | $2036577.43   | 0.87%             | 2053-06-01      | Variable      | 5.00%                 | No            |                  2 | On Loan: No      |
| Main Street Natural Gas, Inc.                                             | Main Street Natural Gas, Inc., Gas Supply, Series 2024D                                                                                              | CUSIP: 56035DHZ8<br>LEI: 549300NY5M0QVZ6X4U26 | Long             | DBT              | MUN               | US        |   2000000 | PA      | $2158584.00   | 0.92%             | 2054-04-01      | Variable      | 5.00%                 | No            |                  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      | $1078920.90   | 0.46%             | 2055-05-01      | Variable      | 5.00%                 | No            |                  2 | On Loan: No      |
| Maricopa County Industrial Development Authority                          | Maricopa County Industrial Development Authority, Ottawa University                                                                                  | CUSIP: 56678RAJ2<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |    210000 | PA      | $200597.21    | 0.09%             | 2030-10-01      | Fixed         | 5.12%                 | Yes           |                  2 | On Loan: No      |
| Martin County Health Facilities Authority                                 | Martin County Health Facilities Authority, Cleveland Clinic Health System Obligated Group, Series 2019A                                              | CUSIP: 573903FZ9<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |   1500000 | PA      | $1382454.00   | 0.59%             | 2046-01-01      | Fixed         | 4.00%                 | No            |                  2 | On Loan: No      |
| Commonwealth of Massachusetts                                             | Commonwealth of Massachusetts, Consolidated Loan of 2016, Series 2016J                                                                               | CUSIP: 57582RME3<br>LEI: 5493001N1YCXNI1O7K10 | Long             | DBT              | MUN               | US        |   1000000 | PA      | $1001770.90   | 0.43%             | 2039-12-01      | Fixed         | 4.00%                 | 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      | $1050530.40   | 0.45%             | 2029-07-01      | Fixed         | 5.00%                 | No            |                  2 | On Loan: No      |
| Michigan Strategic Fund                                                   | Michigan Strategic Fund, Graphic Packaging International, LLC Coated Recycled Board Machine Project                                                  | CUSIP: 594698SR4<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |   1000000 | PA      | $999220.10    | 0.42%             | 2061-10-01      | Variable      | 4.00%                 | No            |                  2 | On Loan: No      |
| Mida Mountain Village Public Infrastructure District                      | Mida Mountain Village Public Infrastructure District, Mountain Village Assessment Area, Series 2020B                                                 | CUSIP: 59561TAE3<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |   1000000 | PA      | $990860.20    | 0.42%             | 2030-08-01      | Fixed         | 6.25%                 | Yes           |                  2 | On Loan: No      |
| Mida Mountain Village Public Infrastructure District                      | Mida Mountain Village Public Infrastructure District, Utah Subordinate Tax Allocation, Series 2024-2                                                 | CUSIP: 59561UAD2<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |   1000000 | PA      | $1030066.20   | 0.44%             | 2054-06-15      | Fixed         | 6.00%                 | Yes           |                  2 | On Loan: No      |
| City of Minneapolis MN                                                    | City of Minneapolis, Health Care System, Fairview Health Services, Series 2018A                                                                      | CUSIP: 60374VEF6<br>LEI: 54930069TEI1INHRHS55 | Long             | DBT              | MUN               | US        |   1000000 | PA      | $984047.00    | 0.42%             | 2049-11-15      | Fixed         | 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, Lutheran Senior Services Projects, Series 2019A                                | CUSIP: 60635H2S7<br>LEI: 549300IWTBCMX5JB3277 | Long             | DBT              | MUN               | US        |   1250000 | PA      | $1254141.00   | 0.53%             | 2042-02-01      | Fixed         | 5.00%                 | No            |                  2 | On Loan: No      |
| Missouri State Environmental Improvement & Energy Resources Authority     | Missouri State Environmental Improvement and Energy Resources Authority, Union Improvement Co. Project, Series 1998C                                 | CUSIP: 606907BF9<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |   1000000 | PA      | $933340.40    | 0.40%             | 2033-09-01      | Fixed         | 2.75%                 | No            |                  2 | On Loan: No      |
| Mobile County Industrial Development Authority                            | Mobile County Industrial Development Authority, Calvert LLC Project, Series 2024B                                                                    | CUSIP: 60733UAB7<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |   1000000 | PA      | $932767.10    | 0.40%             | 2054-12-01      | Fixed         | 4.75%                 | No            |                  2 | On Loan: No      |
| County of Montgomery OH                                                   | County of Montgomery, Ohio Health care Facilities Solvita Project, Series 2024                                                                       | CUSIP: 613518CV9<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |   1000000 | PA      | $1110176.30   | 0.47%             | 2033-09-01      | Fixed         | 5.00%                 | No            |                  2 | On Loan: No      |
| Montgomery County Higher Education and Health Authority                   | Montgomery County Higher Education and Health Authority, Series 2022B                                                                                | CUSIP: 613603G94<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |   1000000 | PA      | $1006416.30   | 0.43%             | 2057-05-01      | Fixed         | 5.00%                 | No            |                  2 | On Loan: No      |
| Montgomery County Industrial Development Authority                        | Montgomery County Industrial Development Authority, Constellation Energy Generation, Series 2023A                                                    | CUSIP: 61361TAA9<br>LEI: N/A                  | Long             | STIV             | MUN               | US        |   1250000 | PA      | $1282648.88   | 0.54%             | 2053-04-01      | Variable      | 4.10%                 | 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      | $666007.30    | 0.28%             | 2035-06-15      | None          | 0.00%                 | No            |                  2 | On Loan: No      |
| New Hampshire Business Finance Authority                                  | New Hampshire Business Finance Authority, Series 2025-1, Class A-1                                                                                   | CUSIP: 63607WBD5<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |    994233 | PA      | $986294.11    | 0.42%             | 2041-01-20      | Variable      | 4.09%                 | 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      | $1054643.70   | 0.45%             | 2050-06-01      | Fixed         | 5.50%                 | No            |                  2 | On Loan: No      |
| New Hampshire Business Finance Authority                                  | New Hampshire Business Finance Authority, Tamarron Project, Series 2024                                                                              | CUSIP: 63608TAB6<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |    100000 | PA      | $99611.18     | 0.04%             | 2035-12-01      | Fixed         | 5.25%                 | Yes           |                  2 | On Loan: No      |
| New Hope Cultural Education Facilities Finance Corp.                      | New Hope Cultural Education Facilities Finance Corp., Legacy Midtown Park Project, Series 2018A                                                      | CUSIP: 64542UDY7<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |   1000000 | PA      | $835401.90    | 0.35%             | 2054-07-01      | Fixed         | 5.50%                 | No            |                  2 | On Loan: No      |
| New Hope Cultural Education Facilities Finance Corp.                      | New Hope Cultural Education Facilities Finance Corp., Brazos Presbyterian Homes, Inc., Project, Series 2025                                          | CUSIP: 64542UHY3<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |    750000 | PA      | $741795.00    | 0.32%             | 2055-01-01      | Fixed         | 5.38%                 | No            |                  2 | On Loan: No      |
| New Jersey Economic Development Authority                                 | New Jersey Economic Development Authority, Black Horse EHT Urban Renewal LLC Project, Series 2019A                                                   | CUSIP: 64577B7A6<br>LEI: 5493006JS6QWDVU4R678 | Long             | DBT              | MUN               | US        |   2000000 | PA      | $1557960.40   | 0.66%             | 2039-10-01      | Fixed         | 5.00%                 | Yes           |                  2 | On Loan: No      |
| New Jersey Economic Development Authority                                 | New Jersey Economic Development Authority, White Horse HMT Urban Renewal LLC Project                                                                 | CUSIP: 64577XBH8<br>LEI: 5493006JS6QWDVU4R678 | Long             | DBT              | MUN               | US        |   2949126 | PA      | $2083961.74   | 0.89%             | 2040-01-01      | Fixed         | 5.00%                 | Yes           |                  2 | On Loan: No      |
| New Jersey Transportation Trust Fund Authority                            | New Jersey Transportation Trust Fund Authority, Transportation Program, Series 2022BB                                                                | CUSIP: 64613CBG2<br>LEI: 549300YUVD5TEXR6L889 | Long             | DBT              | MUN               | US        |   1000000 | PA      | $1010953.40   | 0.43%             | 2038-06-15      | Fixed         | 4.00%                 | No            |                  2 | On Loan: No      |
| New York Counties Tobacco Trust VI                                        | New York Counties Tobacco Trust, Series 2016A-2B                                                                                                     | CUSIP: 64945JAF9<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |   1500000 | PA      | $1270126.50   | 0.54%             | 2051-06-01      | Fixed         | 5.00%                 | No            |                  2 | On Loan: No      |
| City of New York NY                                                       | City of New York, Fiscal Year 2023, Series 2023A, Subseries A-3                                                                                      | CUSIP: 64966QH29<br>LEI: 549300ABYZD2SFD5JB29 | Long             | STIV             | MUN               | US        |   3800000 | PA      | $3800000.00   | 1.61%             | 2049-09-01      | Variable      | 2.85%                 | No            |                  2 | On Loan: No      |
| New York City Housing Development Corp.                                   | New York City Housing Development Corp., Multi-Family Mortgage, 8 Spruce Street Project, Class F                                                     | CUSIP: 64966TGX6<br>LEI: 549300SQWVHKBRF8D702 | Long             | DBT              | MUN               | US        |   1900000 | PA      | $1956616.96   | 0.83%             | 2031-12-15      | Fixed         | 5.25%                 | No            |                  2 | On Loan: No      |
| New York State Energy Research & Development Authority                    | New York State Energy Research and Development Authority, Rochester Gas and Electric Corp., Project, Series 1997B                                    | CUSIP: 649845JD7<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |   1500000 | PA      | $1546891.05   | 0.66%             | 2032-08-01      | Fixed         | 3.80%                 | No            |                  2 | On Loan: No      |
| New York State Dormitory Authority                                        | New York State Dormitory Authority, Mount Sinai Obligated Group                                                                                      | CUSIP: 64985SMS9<br>LEI: 549300C8XO7EXTX2XU71 | Long             | DBT              | MUN               | US        |   2000000 | PA      | $2016363.80   | 0.86%             | 2050-07-01      | Fixed         | 5.25%                 | No            |                  2 | On Loan: No      |
| New York Transportation Development Corp.                                 | New York Transportation Development Corp., Laguardia Airport Terminal Redevelopment Project, Series 2016A                                            | CUSIP: 650116AV8<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |   2000000 | PA      | $1999967.60   | 0.85%             | 2050-01-01      | Fixed         | 5.25%                 | No            |                  2 | On Loan: No      |
| New York Transportation Development Corp.                                 | New York Transportation Development Corp., Delta Air Lines, Inc., LaGuardia Airport Terminals C&D Redevelopment Project                              | CUSIP: 650116CN4<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |    375000 | PA      | $383164.99    | 0.16%             | 2034-01-01      | Fixed         | 5.00%                 | No            |                  2 | On Loan: No      |
| New York Transportation Development Corp.                                 | New York Transportation Development Corp., Delta Air Lines, Inc., LaGuardia Airport Terminals C&D Redevelopment Project                              | CUSIP: 650116DA1<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |   1500000 | PA      | $1413444.90   | 0.60%             | 2045-10-01      | Fixed         | 4.38%                 | No            |                  2 | On Loan: No      |
| New York Transportation Development Corp.                                 | New York Transportation Development Corp., Delta Air Lines, Inc., LaGuardia Airport Terminals C&D Redevelopment Project, Series 2023                 | CUSIP: 650116GN0<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |   1000000 | PA      | $1103593.10   | 0.47%             | 2035-04-01      | Fixed         | 6.00%                 | No            |                  2 | On Loan: No      |
| North Carolina Housing Finance Agency                                     | North Carolina Housing Finance Agency, Homeownership-1998 Trust, Series 55-C                                                                         | CUSIP: 65820BBB1<br>LEI: EC4EE0PS5OP5O69B5C39 | Long             | STIV             | MUN               | US        |   1000000 | PA      | $999546.70    | 0.42%             | 2056-07-01      | Variable      | 3.20%                 | 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        |   1000000 | PA      | $1003532.10   | 0.43%             | 2055-01-01      | Fixed         | 5.25%                 | No            |                  2 | On Loan: No      |
| North Carolina Medical Care Commission                                    | North Carolina Medical Care Commission, The United Methodist Retirement Homes Project, Series 2025A                                                  | CUSIP: 65820YVE3<br>LEI: 549300FH6KOXGCHQYG81 | Long             | DBT              | MUN               | US        |   1000000 | PA      | $996563.90    | 0.42%             | 2050-10-01      | Fixed         | 5.00%                 | No            |                  2 | On Loan: No      |
| North Dakota Housing Finance Agency                                       | North Dakota Housing Finance Agency, Home Mortgage Finance Program, Series 2024C                                                                     | CUSIP: 6589098F6<br>LEI: 549300DVQAGW0B16JX70 | Long             | DBT              | MUN               | US        |   1000000 | PA      | $1079891.60   | 0.46%             | 2042-07-01      | Fixed         | 5.00%                 | No            |                  2 | On Loan: No      |
| North Texas Tollway Authority                                             | North Texas Tollway Authority, First Tier, Series A                                                                                                  | CUSIP: 66285WWC6<br>LEI: PQGZGRE0F2WPMYQQ1B78 | Long             | DBT              | MUN               | US        |   1000000 | PA      | $971498.40    | 0.41%             | 2043-01-01      | Fixed         | 4.00%                 | No            |                  2 | On Loan: No      |
| Northern Tobacco Securitization Corp.                                     | Northern Tobacco Securitization Corp., Tobacco Settlement Asset-Backed Senior Capital Appreciation, Series 2021B-2, Class 2                          | CUSIP: 66585VCB9<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |   3500000 | PA      | $399691.25    | 0.17%             | 2066-06-01      | None          | 0.00%                 | No            |                  2 | On Loan: No      |
| Oklahoma Development Finance Authority                                    | Oklahoma Development Finance Authority, Health System, OU Medicine Project, Series 2018B                                                             | CUSIP: 67884XCN5<br>LEI: 549300PXGPHUWC32DJ91 | Long             | DBT              | MUN               | US        |   1600000 | PA      | $1603030.56   | 0.68%             | 2057-08-15      | 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      | $1125572.50   | 0.48%             | 2056-09-01      | Fixed         | 6.25%                 | No            |                  2 | On Loan: No      |
| Palm Beach County Health Facilities Authority                             | Palm Beach County Health Facilities Authority, Jupiter Medical Center                                                                                | CUSIP: 69651ACZ5<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |   1000000 | PA      | $1021653.50   | 0.43%             | 2055-11-01      | Fixed         | 5.25%                 | 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        |    970000 | PA      | $1050061.28   | 0.45%             | 2054-10-01      | Fixed         | 6.00%                 | No            |                  2 | On Loan: No      |
| Commonwealth of Pennsylvania                                              | Commonwealth of Pennsylvania, Series 2024-1                                                                                                          | CUSIP: 70914P4G4<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |   1200000 | PA      | $1204197.96   | 0.51%             | 2042-08-15      | Fixed         | 4.00%                 | No            |                  2 | On Loan: No      |
| Plano Independent School District                                         | Plano Independent School District, Unlimited Tax                                                                                                     | CUSIP: 727199G21<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |   1000000 | PA      | $966408.20    | 0.41%             | 2045-02-15      | Fixed         | 4.00%                 | No            |                  2 | On Loan: No      |
| Port of Greater Cincinnati Development Authority                          | Port of Greater Cincinnati Development Authority, 3CDC Obligated Group Parking Facilities, Series 2025A                                              | CUSIP: 734191BF5<br>LEI: 549300IK2RCZBY62ST97 | Long             | DBT              | MUN               | US        |   1000000 | PA      | $1016332.80   | 0.43%             | 2055-12-01      | Fixed         | 5.00%                 | No            |                  2 | On Loan: No      |
| Kentucky Public Energy Authority                                          | Kentucky Public Energy Authority, Gas Supply, Series 2025B                                                                                           | CUSIP: 74440DFQ2<br>LEI: 549300XEJZWHYSY4SL55 | Long             | DBT              | MUN               | US        |   1000000 | PA      | $1045974.70   | 0.44%             | 2033-12-01      | Fixed         | 5.00%                 | No            |                  2 | On Loan: No      |
| Public Finance Authority                                                  | Public Finance Authority, Astro Texas Land Projects                                                                                                  | CUSIP: 74442PL86<br>LEI: 5493004S6D3NA627K012 | Long             | DBT              | MUN               | US        |    849035 | PA      | $839165.99    | 0.36%             | 2036-12-15      | Fixed         | 5.00%                 | Yes           |                  2 | On Loan: No      |
| Public Finance Authority                                                  | Public Finance Authority, Presbyterian Villages of Michigan Obligated Group, Series 2020A                                                            | CUSIP: 74442PQH1<br>LEI: 5493004S6D3NA627K012 | Long             | DBT              | MUN               | US        |   3877143 | PA      | $2823126.51   | 1.20%             | 2042-11-15      | Fixed         | 4.00%                 | Yes           |                  2 | On Loan: No      |
| Public Finance Authority                                                  | Public Finance Authority, Celanese Corp., Series 2016C                                                                                               | CUSIP: 74443QAD4<br>LEI: 5493004S6D3NA627K012 | Long             | DBT              | MUN               | US        |    650000 | PA      | $648227.39    | 0.28%             | 2030-11-01      | Fixed         | 4.30%                 | 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        |    800000 | PA      | $523886.24    | 0.22%             | 2051-12-01      | Fixed         | 5.25%                 | Yes           |                  2 | On Loan: No      |
| Public Finance Authority                                                  | Public Finance Authority, Georgia SR 400 Express Lanes Project                                                                                       | CUSIP: 74448UAB4<br>LEI: 5493004S6D3NA627K012 | Long             | DBT              | MUN               | US        |   3500000 | PA      | $3637613.70   | 1.55%             | 2060-06-30      | Fixed         | 5.75%                 | No            |                  2 | On Loan: No      |
| Public Finance Authority                                                  | Public Finance Authority                                                                                                                             | CUSIP: 74448UAD0<br>LEI: 5493004S6D3NA627K012 | Long             | DBT              | MUN               | US        |   1000000 | PA      | $1037028.50   | 0.44%             | 2065-12-31      | Fixed         | 5.75%                 | No            |                  2 | On Loan: No      |
| Commonwealth of Puerto Rico                                               | Commonwealth of Puerto Rico, Series 2022A-1                                                                                                          | CUSIP: 74514L3G0<br>LEI: 549300X44HXPLJU48U63 | Long             | DBT              | MUN               | PR        |   1000000 | PA      | $1022803.00   | 0.43%             | 2027-07-01      | Fixed         | 5.62%                 | No            |                  2 | On Loan: No      |
| Puerto Rico Sales Tax Financing Corp. Sales Tax Revenue                   | Puerto Rico Sales Tax Financing Corp. Sales Tax, Series A-1                                                                                          | CUSIP: 74529JQG3<br>LEI: N/A                  | Long             | DBT              | MUN               | PR        |   8230000 | PA      | $2792025.85   | 1.19%             | 2046-07-01      | None          | 0.00%                 | No            |                  2 | On Loan: No      |
| Puerto Rico Sales Tax Financing Corp. Sales Tax Revenue                   | Puerto Rico Sales Tax Financing Corp. Sales Tax, Series A-2                                                                                          | CUSIP: 74529JRL1<br>LEI: N/A                  | Long             | DBT              | MUN               | PR        |   3100000 | PA      | $2919482.97   | 1.24%             | 2058-07-01      | Fixed         | 4.78%                 | No            |                  2 | On Loan: No      |
| Raindance Metropolitan District No. 1 Non-Potable Water System Revenue    | Raindance Metropolitan District No. 1, Non-Potable Water System                                                                                      | CUSIP: 75087GAA0<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |    748000 | PA      | $746269.50    | 0.32%             | 2040-12-01      | Fixed         | 5.00%                 | No            |                  2 | On Loan: No      |
| Rocky Mountain Rail Park Metropolitan District                            | Rocky Mountain Rail Park Metropolitan District, Limited Tax, Series 2021A                                                                            | CUSIP: 774762AB4<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |   1250000 | PA      | $1219060.13   | 0.52%             | 2041-12-01      | Fixed         | 5.00%                 | Yes           |                  2 | On Loan: No      |
| Parish of St. John the Baptist LA                                         | Parish of St. John the Baptist, Marathon Oil Corp., Project, Series 2017A-1                                                                          | CUSIP: 79020FAW6<br>LEI: N/A                  | Long             | STIV             | MUN               | US        |   1000000 | PA      | $1004494.00   | 0.43%             | 2037-06-01      | Variable      | 4.05%                 | No            |                  2 | On Loan: No      |
| Savannah Georgia Convention Center Authority                              | Savannah Georgia Convention Center Authority, Series 2025A                                                                                           | CUSIP: 804828AC5<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |   1000000 | PA      | $1002157.20   | 0.43%             | 2061-06-01      | Fixed         | 5.25%                 | No            |                  2 | On Loan: No      |
| Seminole County Industrial Development Authority                          | Seminole County Industrial Development Authority, Legacy Pointe at UCF Project, Series 2019A                                                         | CUSIP: 81669TAD0<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |    500000 | PA      | $471882.30    | 0.20%             | 2054-11-15      | Fixed         | 5.75%                 | No            |                  2 | On Loan: No      |
| Shelby County Health Educational & Housing Facilities Board               | Shelby County Health Educational and Housing Facilities Board, Retirement Facility, The Farm at Bailey Station, Series 2019A                         | CUSIP: 82170KAC1<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |   3000000 | PA      | $1997557.80   | 0.85%             | 2039-10-01      | Fixed         | 5.50%                 | 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      | $638783.60    | 0.27%             | 2059-10-01      | Fixed         | 5.75%                 | 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: 82170LAB1<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |   1000000 | PA      | $954824.30    | 0.41%             | 2056-06-01      | Fixed         | 5.25%                 | Yes           |                  2 | On Loan: No      |
| South Carolina Jobs-Economic Development Authority                        | South Carolina Jobs-Economic Development Authority, Foothill Affordable Housing, Series 2025                                                         | CUSIP: 837031H63<br>LEI: 5493006X47I9VG3DL112 | Long             | STIV             | MUN               | US        |    500000 | PA      | $509884.50    | 0.22%             | 2062-03-01      | Variable      | 4.00%                 | No            |                  2 | On Loan: No      |
| City of South Miami Health Facilities Authority, Inc.                     | City of South Miami Health Facilities Authority, Inc., Baptist Health South, Series 2025B                                                            | CUSIP: 838810EM7<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |   1000000 | PA      | $1083547.10   | 0.46%             | 2065-08-15      | Variable      | 5.00%                 | No            |                  2 | On Loan: No      |
| Southern Ute Indian Tribe of the Southern Ute Reservation of Colorado     | Southern Ute Indian Tribe of the Southern Ute Reservation of Colorado, Series 2025A                                                                  | CUSIP: 844090AD2<br>LEI: 549300X0RZRBWLO0J697 | Long             | DBT              | MUN               | US        |   1000000 | PA      | $1094776.30   | 0.47%             | 2035-04-01      | Fixed         | 5.00%                 | Yes           |                  2 | On Loan: No      |
| St Vrain Lakes Metropolitan District No. 4                                | St Vrain Lakes Metropolitan District No. 4, Series 2024A                                                                                             | CUSIP: 85237KAA9<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |    500000 | PA      | $352695.45    | 0.15%             | 2054-09-20      | Variable      | 0.00%                 | Yes           |                  2 | On Loan: No      |
| Stamford Housing Authority                                                | Stamford Housing Authority, Mozaic Concierge Living Project, Series 2025A                                                                            | CUSIP: 852640AK7<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |   1000000 | PA      | $1020223.70   | 0.43%             | 2055-10-01      | Fixed         | 6.50%                 | No            |                  2 | On Loan: No      |
| Suffolk Tobacco Asset Securitization Corp.                                | Suffolk Tobacco Asset Securitization Corp., Series 2021B-2                                                                                           | CUSIP: 864809CD8<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |   1000000 | PA      | $89886.90     | 0.04%             | 2066-06-01      | None          | 0.00%                 | No            |                  2 | On Loan: No      |
| Suffolk Regional Off-Track Betting Corp.                                  | Suffolk Regional Off-Track Betting Corp., Series 2024                                                                                                | CUSIP: 86480TAB0<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |   1000000 | PA      | $1016792.00   | 0.43%             | 2044-12-01      | Fixed         | 5.75%                 | No            |                  2 | On Loan: No      |
| Tarrant County Cultural Education Facilities Finance Corp.                | Tarrant County Cultural Education Facilities Finance Corp., Cook Children's Medical Center, Series 2020                                              | CUSIP: 87638QQQ5<br>LEI: 549300ROY505NVTMMI25 | Long             | DBT              | MUN               | US        |   1070000 | PA      | $993626.29    | 0.42%             | 2045-12-01      | Fixed         | 4.00%                 | No            |                  2 | On Loan: No      |
| Tarrant County Cultural Education Facilities Finance Corp.                | Tarrant County Cultural Education Facilities Finance Corp., Health Resources System, Series 2025C                                                    | CUSIP: 87638TJU8<br>LEI: 549300ROY505NVTMMI25 | Long             | DBT              | MUN               | US        |   1000000 | PA      | $1110904.10   | 0.47%             | 2064-11-15      | Variable      | 5.00%                 | 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      | $1102578.50   | 0.47%             | 2055-01-01      | Variable      | 5.00%                 | No            |                  2 | On Loan: No      |
| Central Texas Turnpike System                                             | Central Texas Turnpike System, First Tier, Series 2024B                                                                                              | CUSIP: 88283KBQ0<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |   1000000 | PA      | $1076587.20   | 0.46%             | 2042-08-15      | Variable      | 5.00%                 | No            |                  2 | On Loan: No      |
| Third Creek Metropolitan District No. 1                                   | Third Creek Metropolitan District No. 1, Limited Tax, Series 2022A-1                                                                                 | CUSIP: 88423EAA1<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |    825000 | PA      | $741857.00    | 0.32%             | 2037-12-01      | Fixed         | 4.50%                 | No            |                  2 | On Loan: No      |
| Third Creek Metropolitan District No. 1                                   | Third Creek Metropolitan District No. 1, Limited Tax, Series 2022A-1                                                                                 | CUSIP: 88423EAC7<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |    760000 | PA      | $600388.52    | 0.26%             | 2051-12-01      | Fixed         | 4.75%                 | No            |                  2 | On Loan: No      |
| Iowa Tobacco Settlement Authority                                         | Iowa Tobacco Settlement Authority, Subordinate Senior Capital Appreciation Asset Backed, Series 2021-B-2, Class 2                                    | CUSIP: 888805CJ5<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |   6265000 | PA      | $936482.80    | 0.40%             | 2065-06-01      | None          | 0.00%                 | No            |                  2 | On Loan: No      |
| Tobacco Settlement Financing Corp.                                        | Tobacco Settlement Financing Corp., Series 2018A                                                                                                     | CUSIP: 888808HM7<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |   2000000 | PA      | $2055139.60   | 0.87%             | 2036-06-01      | Fixed         | 5.00%                 | No            |                  2 | On Loan: No      |
| Tobacco Settlement Financing Corp.                                        | Tobacco Settlement Financing Corp., Series 2018B                                                                                                     | CUSIP: 888808HT2<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |   2530000 | PA      | $2456044.81   | 1.04%             | 2046-06-01      | Fixed         | 5.00%                 | No            |                  2 | On Loan: No      |
| Tobacco Settlement Financing Corp.                                        | Tobacco Settlement Financing Corp., Series B                                                                                                         | CUSIP: 888809BG4<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |   1000000 | PA      | $996779.10    | 0.42%             | 2050-06-01      | Fixed         | 5.00%                 | No            |                  2 | On Loan: No      |
| TSASC, Inc.                                                               | TSASC, Inc., Series A                                                                                                                                | CUSIP: 898526FF0<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |   1000000 | PA      | $1002459.60   | 0.43%             | 2041-06-01      | Fixed         | 5.00%                 | No            |                  2 | On Loan: No      |
| TSASC, Inc.                                                               | TSASC, Inc., Series B                                                                                                                                | CUSIP: 898526FR4<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |   2100000 | PA      | $1847257.23   | 0.78%             | 2048-06-01      | Fixed         | 5.00%                 | No            |                  2 | On Loan: No      |
| City of Valparaiso IN                                                     | City of Valparaiso, Green Oaks of Valparaiso Project                                                                                                 | CUSIP: 920286AA9<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |   1550000 | PA      | $1409909.61   | 0.60%             | 2041-12-01      | Fixed         | 5.38%                 | Yes           |                  2 | On Loan: No      |
| Vancouver Housing Authority                                               | Vancouver Housing Authority, Series 2025                                                                                                             | CUSIP: 921626PU5<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |   2000000 | PA      | $2052024.00   | 0.87%             | 2038-02-01      | Fixed         | 4.25%                 | No            |                  2 | On Loan: No      |
| Washington State Housing Finance Commission                               | Washington State Housing Finance Commission, Rockwood Retirement Communities Project, Series 2020A                                                   | CUSIP: 939783C95<br>LEI: 549300YL1HU59NREG764 | Long             | DBT              | MUN               | US        |   1000000 | PA      | $978056.80    | 0.42%             | 2041-01-01      | Fixed         | 5.00%                 | Yes           |                  2 | On Loan: No      |
| Washington Health Care Facilities Authority                               | Washington Health Care Facilities Authority, Commonspirit Health, Series 2025A                                                                       | CUSIP: 93978HF67<br>LEI: 549300ZVPWQIL3N5TL85 | Long             | DBT              | MUN               | US        |   1000000 | PA      | $1045408.80   | 0.44%             | 2050-09-01      | Fixed         | 5.25%                 | 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: 93978LGR1<br>LEI: 549300YL1HU59NREG764 | Long             | DBT              | MUN               | US        |    700000 | PA      | $758090.90    | 0.32%             | 2063-07-01      | Fixed         | 6.38%                 | Yes           |                  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      | $1030421.40   | 0.44%             | 2049-07-01      | 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: 93978LHG4<br>LEI: 549300YL1HU59NREG764 | Long             | DBT              | MUN               | US        |   1000000 | PA      | $970145.10    | 0.41%             | 2054-07-01      | Fixed         | 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      | $1009474.60   | 0.43%             | 2050-07-01      | Fixed         | 5.50%                 | Yes           |                  2 | On Loan: No      |
| West Virginia Economic Development Authority                              | West Virginia Economic Development Authority, Solid Waste Disposal Facilities, Commercial Metal Co. Project                                          | CUSIP: 95648VBV0<br>LEI: 549300WW88TKKF5H1220 | Long             | STIV             | MUN               | US        |   1000000 | PA      | $1015090.50   | 0.43%             | 2055-04-15      | Variable      | 4.62%                 | No            |                  2 | On Loan: No      |
| Westchester County Local Development Corp.                                | Westchester County Local Development Corp., Purchase Senior Learning Community, Inc., Project, Series 2021A                                          | CUSIP: 95737TET9<br>LEI: 549300KOSU8OC75V9238 | Long             | DBT              | MUN               | US        |   1135000 | PA      | $1055978.01   | 0.45%             | 2046-07-01      | Fixed         | 5.00%                 | Yes           |                  2 | On Loan: No      |
| Westchester County Local Development Corp.                                | Westchester County Local Development Corp., Purchase Senior Learning Community, Inc., Project, Series 2021A                                          | CUSIP: 95737TEV4<br>LEI: 549300KOSU8OC75V9238 | Long             | DBT              | MUN               | US        |   1000000 | PA      | $811267.00    | 0.34%             | 2056-07-01      | Fixed         | 4.50%                 | Yes           |                  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        |    975000 | PA      | $1052138.10   | 0.45%             | 2054-09-01      | Fixed         | 6.00%                 | No            |                  2 | On Loan: No      |
| Wisconsin Health & Educational Facilities Authority                       | Wisconsin Health and Educational Facilities Authority, Ascension Senior Credit Group, Series 2016A                                                   | CUSIP: 97712DQU3<br>LEI: 549300ISNGXS0VHGVD41 | Long             | DBT              | MUN               | US        |   1000000 | PA      | $1006619.50   | 0.43%             | 2035-11-15      | Fixed         | 5.00%                 | No            |                  2 | On Loan: No      |
| Wisconsin Health & Educational Facilities Authority                       | Wisconsin Health and Educational Facilities Authority, Forensic science and Protective Medicine Collaboration, Inc. Project, Series 2024             | CUSIP: 97712JHF3<br>LEI: 549300ISNGXS0VHGVD41 | Long             | DBT              | MUN               | US        |   1000000 | PA      | $1009486.20   | 0.43%             | 2027-08-01      | Fixed         | 5.00%                 | Yes           |                  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      | $1045397.50   | 0.44%             | 2050-08-15      | Fixed         | 5.25%                 | No            |                  2 | On Loan: No      |
| Wisconsin Health & Educational Facilities Authority                       | Wisconsin Health and Educational Facilities Authority, Ascension Senior Credit Group, Series 2016A                                                   | CUSIP: 97712JMV2<br>LEI: 549300ISNGXS0VHGVD41 | Long             | DBT              | MUN               | US        |     10000 | PA      | $10066.16     | 0.00%             | 2046-11-15      | Fixed         | 4.00%                 | No            |                  2 | On Loan: No      |
| Wisconsin Health & Educational Facilities Authority                       | Wisconsin Health and Educational Facilities Authority, Ascension Senior Credit Group, Series 2016A                                                   | CUSIP: 97712JMW0<br>LEI: 549300ISNGXS0VHGVD41 | Long             | DBT              | MUN               | US        |    990000 | PA      | $914314.90    | 0.39%             | 2046-11-15      | Fixed         | 4.00%                 | No            |                  2 | On Loan: No      |
| N/A                                                                       | U.S. Treasury 30 Year Bond                                                                                                                           | CUSIP: N/A<br>LEI: N/A                        | N/A              | DIR              |  | US        |       500 | NC      | $5656.50      | 0.00%             |  |  |  | No            |                  1 | On Loan: No      |
| N/A                                                                       | U.S. Treasury 30 Year Bond                                                                                                                           | CUSIP: N/A<br>LEI: N/A                        | N/A              | DIR              |  | US        |       500 | NC      | $23437.50     | 0.01%             |  |  |  | No            |                  1 | On Loan: No      |
| N/A                                                                       | U.S. Treasury 30 Year Bond                                                                                                                           | CUSIP: N/A<br>LEI: N/A                        | N/A              | DIR              |  | US        |     -1000 | NC      | $-23438.00    | -0.01%            |  |  |  | No            |                  1 | On Loan: No      |
| N/A                                                                       | U.S. Treasury 10 Year Note                                                                                                                           | CUSIP: N/A<br>LEI: N/A                        | N/A              | DIR              |  | US        |        84 | NC      | $20871.72     | 0.01%             |  |  |  | No            |                  1 | On Loan: No      |
| N/A                                                                       | U.S. Treasury Long Bond                                                                                                                              | CUSIP: N/A<br>LEI: N/A                        | N/A              | DIR              |  | US        |        35 | NC      | $25097.10     | 0.01%             |  |  |  | No            |                  1 | On Loan: No      |
| N/A                                                                       | U.S. Treasury 10 Year Ultra Note                                                                                                                     | CUSIP: N/A<br>LEI: N/A                        | N/A              | DIR              |  | US        |       -26 | NC      | $-12057.73    | -0.01%            |  |  |  | No            |                  1 | On Loan: No      |
| N/A                                                                       | U.S. Treasury Ultra Bond                                                                                                                             | CUSIP: N/A<br>LEI: N/A                        | N/A              | DIR              |  | US        |       -13 | NC      | $-11710.51    | -0.00%            |  |  |  | No            |                  1 | On Loan: No      |

### Signature

**Date Signed:** 2025-12-30

**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