# EDGAR Filing Document

**Accession Number:** 0001485894
**File Stem:** 0002071691-26-001799
**Filing Date:** 2026-1
**Character Count:** 225035
**Document Hash:** 52e500df9a708cded14ad5e19e0b0075
**Contains OCR:** False
**Source Format:** 

## Filing Content

## Filing Summary
**0002071691-26-001799.hdr.sgml**: 20260128

**ACCESSION NUMBER**: 0002071691-26-001799

**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:** 26571315

**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 Sustainable Municipal Income ETF (Series ID: S000079815)

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

## Nport-Ex

**JPMorgan Sustainable Municipal Income ETF**

**Schedule of Portfolio Investments as of 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 Sustainable Municipal Income 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 — 92.5% (a)** | **Municipal Bonds — 92.5% (a)** | **Municipal Bonds — 92.5% (a)** |
| **Alabama — 0.3%** | **Alabama — 0.3%** | **Alabama — 0.3%** |
| &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; 1000000 | &nbsp;&nbsp;&nbsp;&nbsp; 1022190 |
| **Arizona — 1.2%** | **Arizona — 1.2%** | **Arizona — 1.2%** |
| &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; City of Lake Havasu City Wastewater System, Senior Lien, GO, 5.00%, 7/1/2033 | &nbsp;&nbsp;&nbsp;&nbsp; 1100000 | &nbsp;&nbsp;&nbsp;&nbsp; 1276541 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Maricopa County Industrial Development Authority, Arizona Autism Charter School Project Series 2021A, Rev., 4.00%, <br> 7/1/2041 (b)<br>| &nbsp;&nbsp;&nbsp;&nbsp; 1100000 | &nbsp;&nbsp;&nbsp;&nbsp; 957764 |
| &nbsp;&nbsp;&nbsp; Maricopa County Union High School District No. 216 Agua Fria, Project of 2023 and 2024 |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; GO, 5.00%, 7/1/2033 | &nbsp;&nbsp;&nbsp;&nbsp; 450000 | &nbsp;&nbsp;&nbsp;&nbsp; 521886 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; GO, 5.00%, 7/1/2034 | &nbsp;&nbsp;&nbsp;&nbsp; 275000 | &nbsp;&nbsp;&nbsp;&nbsp; 322073 |
| &nbsp;&nbsp;&nbsp; Total Arizona |  | &nbsp;&nbsp;&nbsp;&nbsp; 3998555 |
| **California — 8.5%** | **California — 8.5%** | **California — 8.5%** |
| &nbsp;&nbsp;&nbsp; California Community Choice Financing Authority, Clean Energy Project |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Series 2023B-1, Rev., 5.00%, 8/1/2029 (c) | &nbsp;&nbsp;&nbsp;&nbsp; 1090000 | &nbsp;&nbsp;&nbsp;&nbsp; 1144717 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Series 2024A, Rev., 5.00%, 4/1/2032 (c) | &nbsp;&nbsp;&nbsp;&nbsp; 2000000 | &nbsp;&nbsp;&nbsp;&nbsp; 2141411 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Series 2024D, Rev., 5.00%, 9/1/2032 (c) | &nbsp;&nbsp;&nbsp;&nbsp; 2065000 | &nbsp;&nbsp;&nbsp;&nbsp; 2251942 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Series 2025F, Rev., 5.00%, 11/1/2033 | &nbsp;&nbsp;&nbsp;&nbsp; 2000000 | &nbsp;&nbsp;&nbsp;&nbsp; 2190444 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Series 2025E, Rev., 5.00%, 5/1/2035 (c) | &nbsp;&nbsp;&nbsp;&nbsp; 2850000 | &nbsp;&nbsp;&nbsp;&nbsp; 3125132 |
| &nbsp;&nbsp;&nbsp; California Health Facilities Financing Authority, Cedars-Sinai Medical Center Series 2021A, Rev., 4.00%, 8/15/2048 | &nbsp;&nbsp;&nbsp;&nbsp; 1000000 | &nbsp;&nbsp;&nbsp;&nbsp; 925785 |
| &nbsp;&nbsp;&nbsp; California Health Facilities Financing Authority, Sutter Health Series 2018A, Rev., 4.00%, 11/15/2042 | &nbsp;&nbsp;&nbsp;&nbsp; 1000000 | &nbsp;&nbsp;&nbsp;&nbsp; 975637 |
| &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; 1445000 | &nbsp;&nbsp;&nbsp;&nbsp; 1156000 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; California Infrastructure and Economic Development Bank, California Academy of Science Series 2024A, Rev., 3.25%, <br> 8/1/2029<br>| &nbsp;&nbsp;&nbsp;&nbsp; 2000000 | &nbsp;&nbsp;&nbsp;&nbsp; 2017812 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; California Infrastructure and Economic Development Bank, Segerstrom Center for the Arts Series 2024, Rev., 5.00%, <br> 1/1/2032<br>| &nbsp;&nbsp;&nbsp;&nbsp; 1000000 | &nbsp;&nbsp;&nbsp;&nbsp; 1130879 |
| &nbsp;&nbsp;&nbsp; California Municipal Finance Authority, Class 1, Rev., 4.33%, 11/20/2040 (c) | &nbsp;&nbsp;&nbsp;&nbsp; 999368 | &nbsp;&nbsp;&nbsp;&nbsp; 1001830 |
| &nbsp;&nbsp;&nbsp; California Municipal Finance Authority, Humangood California Obligated Group Series 2025A, Rev., 5.00%, 10/1/2042 | &nbsp;&nbsp;&nbsp;&nbsp; 1000000 | &nbsp;&nbsp;&nbsp;&nbsp; 1035306 |
| &nbsp;&nbsp;&nbsp; California Pollution Control Financing Authority, Poseidon Resources Channelside LP Desalination Project |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Rev., AMT, 5.00%, 7/1/2036 (b) | &nbsp;&nbsp;&nbsp;&nbsp; 250000 | &nbsp;&nbsp;&nbsp;&nbsp; 269815 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Rev., AMT, 5.00%, 7/1/2037 (b) | &nbsp;&nbsp;&nbsp;&nbsp; 1100000 | &nbsp;&nbsp;&nbsp;&nbsp; 1181322 |
| &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; 490214 |
| &nbsp;&nbsp;&nbsp; California School Finance Authority, Green Dot Public School Project Series 2022A, Rev., 5.00%, 8/1/2032 (b) | &nbsp;&nbsp;&nbsp;&nbsp; 275000 | &nbsp;&nbsp;&nbsp;&nbsp; 288947 |
| &nbsp;&nbsp;&nbsp; California School Finance Authority, Kipp SoCal Public Schools Series 2019A, Rev., 5.00%, 7/1/2039 (b) | &nbsp;&nbsp;&nbsp;&nbsp; 500000 | &nbsp;&nbsp;&nbsp;&nbsp; 515195 |
| &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; 2000095 |
| &nbsp;&nbsp;&nbsp; Foothill-De Anza Community College District, GO, 4.00%, 8/1/2040 | &nbsp;&nbsp;&nbsp;&nbsp; 1245000 | &nbsp;&nbsp;&nbsp;&nbsp; 1245116 |
| &nbsp;&nbsp;&nbsp; Los Angeles Department of Water and Power Water System Series 2018B, Rev., 5.00%, 7/1/2029 | &nbsp;&nbsp;&nbsp;&nbsp; 1000000 | &nbsp;&nbsp;&nbsp;&nbsp; 1056196 |
| &nbsp;&nbsp;&nbsp; Los Angeles Department of Water and Power, Water System Series 2017A, Rev., 4.00%, 7/1/2047 | &nbsp;&nbsp;&nbsp;&nbsp; 1000000 | &nbsp;&nbsp;&nbsp;&nbsp; 951888 |
| &nbsp;&nbsp;&nbsp; San Joaquin Valley Clean Energy Authority Series 2025A, Rev., 5.50%, 7/1/2035 (c) | &nbsp;&nbsp;&nbsp;&nbsp; 1000000 | &nbsp;&nbsp;&nbsp;&nbsp; 1139759 |
| &nbsp;&nbsp;&nbsp; Total California |  | &nbsp;&nbsp;&nbsp;&nbsp; 28235442 |
| **Colorado — 3.7%** | **Colorado — 3.7%** | **Colorado — 3.7%** |
| &nbsp;&nbsp;&nbsp; Board of Governors of Colorado State University System Series 2017C, Rev., 5.00%, 3/1/2043 | &nbsp;&nbsp;&nbsp;&nbsp; 1000000 | &nbsp;&nbsp;&nbsp;&nbsp; 1025047 |
| &nbsp;&nbsp;&nbsp; Colorado Health Facilities Authority |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Series 2025A, Rev., 5.00%, 5/15/2038 | &nbsp;&nbsp;&nbsp;&nbsp; 415000 | &nbsp;&nbsp;&nbsp;&nbsp; 438451 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Series 2025A, Rev., 5.00%, 5/15/2039 | &nbsp;&nbsp;&nbsp;&nbsp; 400000 | &nbsp;&nbsp;&nbsp;&nbsp; 419606 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Series 2025A, Rev., 5.00%, 5/15/2040 | &nbsp;&nbsp;&nbsp;&nbsp; 365000 | &nbsp;&nbsp;&nbsp;&nbsp; 379617 |

---

------

**JPMorgan Sustainable Municipal Income 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, Adventist Health System |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Series 2024A-1, Rev., 5.00%, 11/15/2029 (c) | &nbsp;&nbsp;&nbsp;&nbsp; 1000000 | &nbsp;&nbsp;&nbsp;&nbsp; 1073988 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Series 2019A, Rev., 4.00%, 11/15/2043 | &nbsp;&nbsp;&nbsp;&nbsp; 2050000 | &nbsp;&nbsp;&nbsp;&nbsp; 1926325 |
| &nbsp;&nbsp;&nbsp; Colorado Health Facilities Authority, CommonSpirit Health Series 2025A, Rev., 5.00%, 9/1/2032 | &nbsp;&nbsp;&nbsp;&nbsp; 1000000 | &nbsp;&nbsp;&nbsp;&nbsp; 1110547 |
| &nbsp;&nbsp;&nbsp; Colorado Health Facilities Authority, Covenant Living Communities and Services |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Series 2025A, Rev., 5.00%, 12/1/2026 | &nbsp;&nbsp;&nbsp;&nbsp; 745000 | &nbsp;&nbsp;&nbsp;&nbsp; 755490 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Series 2025A, Rev., 5.00%, 12/1/2027 | &nbsp;&nbsp;&nbsp;&nbsp; 800000 | &nbsp;&nbsp;&nbsp;&nbsp; 822511 |
| &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; 2030000 | &nbsp;&nbsp;&nbsp;&nbsp; 2161367 |
| &nbsp;&nbsp;&nbsp; Dominion Water and Sanitation District |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Rev., 5.00%, 12/1/2027 | &nbsp;&nbsp;&nbsp;&nbsp; 579000 | &nbsp;&nbsp;&nbsp;&nbsp; 581232 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Rev., 5.25%, 12/1/2032 | &nbsp;&nbsp;&nbsp;&nbsp; 500000 | &nbsp;&nbsp;&nbsp;&nbsp; 514265 |
| &nbsp;&nbsp;&nbsp; Fort Collins-Loveland Water District, Rev., 5.00%, 12/1/2038 | &nbsp;&nbsp;&nbsp;&nbsp; 1000000 | &nbsp;&nbsp;&nbsp;&nbsp; 1151274 |
| &nbsp;&nbsp;&nbsp; Total Colorado |  | &nbsp;&nbsp;&nbsp;&nbsp; 12359720 |
| **District of Columbia — 3.2%** | **District of Columbia — 3.2%** | **District of Columbia — 3.2%** |
| &nbsp;&nbsp;&nbsp; District of Columbia Water and Sewer Authority, Subordinate Lien Series 2025A, Rev., 5.00%, 10/1/2043 | &nbsp;&nbsp;&nbsp;&nbsp; 2000000 | &nbsp;&nbsp;&nbsp;&nbsp; 2164482 |
| &nbsp;&nbsp;&nbsp; District of Columbia, Georgetown University Issue Series 2025A, Rev., 5.00%, 4/3/2035 (c) | &nbsp;&nbsp;&nbsp;&nbsp; 4250000 | &nbsp;&nbsp;&nbsp;&nbsp; 4804108 |
| &nbsp;&nbsp;&nbsp; Washington Metropolitan Area Transit Authority Dedicated Series 2024A, Rev., 4.38%, 7/15/2056 | &nbsp;&nbsp;&nbsp;&nbsp; 1555000 | &nbsp;&nbsp;&nbsp;&nbsp; 1506603 |
| &nbsp;&nbsp;&nbsp; Washington Metropolitan Area Transit Authority Dedicated, Second Lien Series 2025A, Rev., 5.25%, 7/15/2055 | &nbsp;&nbsp;&nbsp;&nbsp; 2000000 | &nbsp;&nbsp;&nbsp;&nbsp; 2113692 |
| &nbsp;&nbsp;&nbsp; Total District of Columbia |  | &nbsp;&nbsp;&nbsp;&nbsp; 10588885 |
| **Florida — 7.7%** | **Florida — 7.7%** | **Florida — 7.7%** |
| &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; City of West Palm Beach Utility System Series 2017A, Rev., 5.00%, 10/1/2042 | &nbsp;&nbsp;&nbsp;&nbsp; 1000000 | &nbsp;&nbsp;&nbsp;&nbsp; 1019445 |
| &nbsp;&nbsp;&nbsp; County of Miami-Dade Water and Sewer System Series 2025B, Rev., 4.00%, 10/1/2042 (d) | &nbsp;&nbsp;&nbsp;&nbsp; 1000000 | &nbsp;&nbsp;&nbsp;&nbsp; 995371 |
| &nbsp;&nbsp;&nbsp; County of Miami-Dade, Transit System Series 2022, Rev., 5.00%, 7/1/2049 | &nbsp;&nbsp;&nbsp;&nbsp; 1000000 | &nbsp;&nbsp;&nbsp;&nbsp; 1036169 |
| &nbsp;&nbsp;&nbsp; County of Okaloosa Water and Sewer, Rev., 5.00%, 7/1/2033 | &nbsp;&nbsp;&nbsp;&nbsp; 2020000 | &nbsp;&nbsp;&nbsp;&nbsp; 2333087 |
| &nbsp;&nbsp;&nbsp; County of Seminole Water and Sewer Series 2025A, Rev., 5.00%, 10/1/2036 | &nbsp;&nbsp;&nbsp;&nbsp; 1000000 | &nbsp;&nbsp;&nbsp;&nbsp; 1186022 |
| &nbsp;&nbsp;&nbsp; Florida Atlantic University Finance Corp., Student Housing Project Series 2024, Rev., 5.00%, 7/1/2049 | &nbsp;&nbsp;&nbsp;&nbsp; 1000000 | &nbsp;&nbsp;&nbsp;&nbsp; 1050398 |
| &nbsp;&nbsp;&nbsp; Florida Development Finance Corp., Brightline Florida Passenger Rail Project, Rev., AMT, 5.50%, 7/1/2053 | &nbsp;&nbsp;&nbsp;&nbsp; 1250000 | &nbsp;&nbsp;&nbsp;&nbsp; 1037500 |
| &nbsp;&nbsp;&nbsp; Florida Development Finance Corp., Central Charter School Project Series 2022, Rev., 5.63%, 8/15/2042 (b) | &nbsp;&nbsp;&nbsp;&nbsp; 1515000 | &nbsp;&nbsp;&nbsp;&nbsp; 1444655 |
| &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 Housing Finance Corp., Homeowner Mortgage Series 2025 5, Rev., GNMA / FNMA / FHLMC, 6.25%, 7/1/2056 | &nbsp;&nbsp;&nbsp;&nbsp; 1750000 | &nbsp;&nbsp;&nbsp;&nbsp; 1956455 |
| &nbsp;&nbsp;&nbsp; Florida Local Government Finance Commission, Bridgeprep Academy Project Series 2025A, Rev., 6.00%, 6/15/2045 (b) | &nbsp;&nbsp;&nbsp;&nbsp; 1000000 | &nbsp;&nbsp;&nbsp;&nbsp; 1024138 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Hillsborough County Housing Finance Authority, Multi- Family Tampa 47th Street Apartments Series 2025A, Rev., FNMA <br> COLL, 5.00%, 12/1/2042<br>| &nbsp;&nbsp;&nbsp;&nbsp; 1000000 | &nbsp;&nbsp;&nbsp;&nbsp; 1052469 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Hillsborough County Industrial Development Authority, Baycare Health System Series 2024E, Rev., VRDO, LIQ : Royal Bank <br> of Canada, 2.85%, 12/1/2025 (c)<br>| &nbsp;&nbsp;&nbsp;&nbsp; 675000 | &nbsp;&nbsp;&nbsp;&nbsp; 675000 |
| &nbsp;&nbsp;&nbsp; Lee County Industrial Development Authority Series 2019A-1, Rev., 5.00%, 4/1/2036 | &nbsp;&nbsp;&nbsp;&nbsp; 1235000 | &nbsp;&nbsp;&nbsp;&nbsp; 1294417 |
| &nbsp;&nbsp;&nbsp; Miami-Dade County Educational Facilities Authority Series 2024A, Rev., 5.00%, 4/1/2037 | &nbsp;&nbsp;&nbsp;&nbsp; 1000000 | &nbsp;&nbsp;&nbsp;&nbsp; 1135599 |
| &nbsp;&nbsp;&nbsp; Middleton Community Development District A, City of Wildwood, Florida Special Assessment, 5.85%, 5/1/2037 | &nbsp;&nbsp;&nbsp;&nbsp; 500000 | &nbsp;&nbsp;&nbsp;&nbsp; 535672 |
| &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; 1021654 |
| &nbsp;&nbsp;&nbsp; Peace River Manasota Regional Water Supply Authority, Utility System Series 2025A, Rev., 5.25%, 10/1/2045 | &nbsp;&nbsp;&nbsp;&nbsp; 3500000 | &nbsp;&nbsp;&nbsp;&nbsp; 3799301 |
| &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; Village Community Development District No. 15, 4.25%, 5/1/2028 (b) | &nbsp;&nbsp;&nbsp;&nbsp; 220000 | &nbsp;&nbsp;&nbsp;&nbsp; 222341 |
| &nbsp;&nbsp;&nbsp; Total Florida |  | &nbsp;&nbsp;&nbsp;&nbsp; 25389197 |

---

------

**JPMorgan Sustainable Municipal Income 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 — 2.6%** | **Georgia — 2.6%** | **Georgia — 2.6%** |
| &nbsp;&nbsp;&nbsp; Brookhaven Development Authority, Children's Healthcare of Atlan Series 2019A, Rev., 4.00%, 7/1/2049 | &nbsp;&nbsp;&nbsp;&nbsp; 2000000 | &nbsp;&nbsp;&nbsp;&nbsp; 1822290 |
| &nbsp;&nbsp;&nbsp; Douglasville-Douglas County Water and Sewer Authority, Rev., 5.00%, 6/1/2041 | &nbsp;&nbsp;&nbsp;&nbsp; 2000000 | &nbsp;&nbsp;&nbsp;&nbsp; 2225074 |
| &nbsp;&nbsp;&nbsp; Main Street Natural Gas, Inc., Gas Supply |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Series 2021C, Rev., 4.00%, 12/1/2028 (c) | &nbsp;&nbsp;&nbsp;&nbsp; 2050000 | &nbsp;&nbsp;&nbsp;&nbsp; 2090632 |
| &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;&nbsp;&nbsp;&nbsp;&nbsp; Roswell Development Authority, Wellsatar Healthcare, Inc. Series 2025A, Rev., VRDO, LOC : Truist Bank, 2.90%, <br> 12/1/2025 (c)<br>| &nbsp;&nbsp;&nbsp;&nbsp; 1250000 | &nbsp;&nbsp;&nbsp;&nbsp; 1250000 |
| &nbsp;&nbsp;&nbsp; Total Georgia |  | &nbsp;&nbsp;&nbsp;&nbsp; 8466917 |
| **Hawaii — 0.6%** | **Hawaii — 0.6%** | **Hawaii — 0.6%** |
| &nbsp;&nbsp;&nbsp; City and County Honolulu Wastewater System Series 2025B, Rev., 5.25%, 7/1/2046 | &nbsp;&nbsp;&nbsp;&nbsp; 1700000 | &nbsp;&nbsp;&nbsp;&nbsp; 1864747 |
| **Idaho — 0.3%** | **Idaho — 0.3%** | **Idaho — 0.3%** |
| &nbsp;&nbsp;&nbsp; Idaho Health Facilities Authority, St. Luke's Health System Project Series 2025B, Rev., 5.00%, 3/1/2032 (c) | &nbsp;&nbsp;&nbsp;&nbsp; 1000000 | &nbsp;&nbsp;&nbsp;&nbsp; 1091095 |
| **Illinois — 3.0%** | **Illinois — 3.0%** | **Illinois — 3.0%** |
| &nbsp;&nbsp;&nbsp; Chicago Board of Education Series 2016A, GO, 7.00%, 12/1/2025 | &nbsp;&nbsp;&nbsp;&nbsp; 1525000 | &nbsp;&nbsp;&nbsp;&nbsp; 1525000 |
| &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; 1030647 |
| &nbsp;&nbsp;&nbsp; City of Aurora, Single Family Mortgage |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Series 2007B, Rev., GNMA / FNMA / FHLMC, 5.45%, 12/1/2039 | &nbsp;&nbsp;&nbsp;&nbsp; 32561 | &nbsp;&nbsp;&nbsp;&nbsp; 32947 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Series 2007A, Rev., AMT, GNMA / FNMA / FHLMC, 5.50%, 12/1/2039 | &nbsp;&nbsp;&nbsp;&nbsp; 37090 | &nbsp;&nbsp;&nbsp;&nbsp; 37565 |
| &nbsp;&nbsp;&nbsp; City of Chicago, Waterworks, Second Lien Series 2023B, Rev., A.G., 5.00%, 11/1/2038 | &nbsp;&nbsp;&nbsp;&nbsp; 1250000 | &nbsp;&nbsp;&nbsp;&nbsp; 1351470 |
| &nbsp;&nbsp;&nbsp; City of Chicago, Waterworks, Second Lien |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Series 2001, Rev., AMBAC, 5.75%, 11/1/2030 | &nbsp;&nbsp;&nbsp;&nbsp; 840000 | &nbsp;&nbsp;&nbsp;&nbsp; 903537 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Series 2023B, Rev., A.G., 5.00%, 11/1/2035 | &nbsp;&nbsp;&nbsp;&nbsp; 500000 | &nbsp;&nbsp;&nbsp;&nbsp; 550814 |
| &nbsp;&nbsp;&nbsp; Illinois Finance Authority, Lake Forest College Series 2022A, Rev., 5.50%, 10/1/2039 | &nbsp;&nbsp;&nbsp;&nbsp; 380000 | &nbsp;&nbsp;&nbsp;&nbsp; 401425 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Illinois Finance Authority, Northwestern Memorial Healthcare Series 2021B, Rev., VRDO, LIQ : Royal Bank of Canada, <br> 2.80%, 12/1/2025 (c)<br>| &nbsp;&nbsp;&nbsp;&nbsp; 845000 | &nbsp;&nbsp;&nbsp;&nbsp; 845000 |
| &nbsp;&nbsp;&nbsp; Illinois Finance Authority, University of Chicago Series 2024A, Rev., 5.00%, 4/1/2032 | &nbsp;&nbsp;&nbsp;&nbsp; 1125000 | &nbsp;&nbsp;&nbsp;&nbsp; 1269823 |
| &nbsp;&nbsp;&nbsp; Illinois Housing Development Authority |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Series 2024A, Rev., GNMA / FNMA / FHLMC, 6.00%, 10/1/2054 | &nbsp;&nbsp;&nbsp;&nbsp; 920000 | &nbsp;&nbsp;&nbsp;&nbsp; 994383 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Series 2025A, Rev., GNMA / FNMA / FHLMC, 6.25%, 10/1/2055 | &nbsp;&nbsp;&nbsp;&nbsp; 1000000 | &nbsp;&nbsp;&nbsp;&nbsp; 1128104 |
| &nbsp;&nbsp;&nbsp; Total Illinois |  | &nbsp;&nbsp;&nbsp;&nbsp; 10070715 |
| **Indiana — 1.0%** | **Indiana — 1.0%** | **Indiana — 1.0%** |
| &nbsp;&nbsp;&nbsp; City of Goshen, Multi-Family, Green Oaks of Goshen Project Series 2021A, Rev., 5.00%, 8/1/2041 (b) | &nbsp;&nbsp;&nbsp;&nbsp; 500000 | &nbsp;&nbsp;&nbsp;&nbsp; 431111 |
| &nbsp;&nbsp;&nbsp; City of Jeffersonville, Vivera Senior Living of Jeffersonville Project Series 2020A, Rev., 4.75%, 11/1/2030 (b) | &nbsp;&nbsp;&nbsp;&nbsp; 415000 | &nbsp;&nbsp;&nbsp;&nbsp; 400494 |
| &nbsp;&nbsp;&nbsp; Indiana Finance Authority, CWA Authority Project Series 2021-1, Rev., 5.00%, 10/1/2034 | &nbsp;&nbsp;&nbsp;&nbsp; 1000000 | &nbsp;&nbsp;&nbsp;&nbsp; 1115337 |
| &nbsp;&nbsp;&nbsp; IPS Multi-School Building Corp., Ad Valorem Property Tax First Mortgage Series 2024, Rev., 5.00%, 1/15/2026 | &nbsp;&nbsp;&nbsp;&nbsp; 1350000 | &nbsp;&nbsp;&nbsp;&nbsp; 1353897 |
| &nbsp;&nbsp;&nbsp; Total Indiana |  | &nbsp;&nbsp;&nbsp;&nbsp; 3300839 |
| **Iowa — 0.6%** | **Iowa — 0.6%** | **Iowa — 0.6%** |
| &nbsp;&nbsp;&nbsp; Iowa Finance Authority, Senior Living Facility, Sunrise Retirement Community Project |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Rev., 5.00%, 9/1/2028 | &nbsp;&nbsp;&nbsp;&nbsp; 195000 | &nbsp;&nbsp;&nbsp;&nbsp; 192106 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Rev., 5.00%, 9/1/2030 | &nbsp;&nbsp;&nbsp;&nbsp; 110000 | &nbsp;&nbsp;&nbsp;&nbsp; 107502 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Rev., 5.00%, 9/1/2031 | &nbsp;&nbsp;&nbsp;&nbsp; 105000 | &nbsp;&nbsp;&nbsp;&nbsp; 102135 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Rev., 5.00%, 9/1/2036 | &nbsp;&nbsp;&nbsp;&nbsp; 445000 | &nbsp;&nbsp;&nbsp;&nbsp; 413122 |
| &nbsp;&nbsp;&nbsp; Iowa Student Loan Liquidity Corp., Student Loan Series 2015A, Rev., AMT, 5.00%, 12/1/2025 | &nbsp;&nbsp;&nbsp;&nbsp; 1000000 | &nbsp;&nbsp;&nbsp;&nbsp; 1000000 |
| &nbsp;&nbsp;&nbsp; Total Iowa |  | &nbsp;&nbsp;&nbsp;&nbsp; 1814865 |

---

------

**JPMorgan Sustainable Municipal Income 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** |
| **Kentucky — 0.6%** | **Kentucky — 0.6%** | **Kentucky — 0.6%** |
| &nbsp;&nbsp;&nbsp; Kentucky Public Energy Authority, Gas Supply |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Series 2024A, Rev., 5.00%, 7/1/2030 (c) | &nbsp;&nbsp;&nbsp;&nbsp; 1000000 | &nbsp;&nbsp;&nbsp;&nbsp; 1061665 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 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; 2107640 |
| **Louisiana — 1.2%** | **Louisiana — 1.2%** | **Louisiana — 1.2%** |
| &nbsp;&nbsp;&nbsp; Louisiana Housing Corp., Single Family Mortgage Series 2025A, Rev., GNMA / FNMA / FHLMC, 6.00%, 6/1/2055 | &nbsp;&nbsp;&nbsp;&nbsp; 1000000 | &nbsp;&nbsp;&nbsp;&nbsp; 1096651 |
| &nbsp;&nbsp;&nbsp; Louisiana Public Facilities Authority, Mentorship Steam Academy Project |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Series 2021A, Rev., 5.00%, 6/1/2036 (b) | &nbsp;&nbsp;&nbsp;&nbsp; 385000 | &nbsp;&nbsp;&nbsp;&nbsp; 366962 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Series 2021A, Rev., 5.00%, 6/1/2042 (b) | &nbsp;&nbsp;&nbsp;&nbsp; 440000 | &nbsp;&nbsp;&nbsp;&nbsp; 390194 |
| &nbsp;&nbsp;&nbsp; Louisiana Public Facilities Authority, Ochsner Clinic Foundation Project |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Series 2025A, Rev., 5.25%, 5/15/2055 | &nbsp;&nbsp;&nbsp;&nbsp; 1000000 | &nbsp;&nbsp;&nbsp;&nbsp; 1048460 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Series 2025A, Rev., 5.50%, 5/15/2055 | &nbsp;&nbsp;&nbsp;&nbsp; 1000000 | &nbsp;&nbsp;&nbsp;&nbsp; 1065865 |
| &nbsp;&nbsp;&nbsp; Total Louisiana |  | &nbsp;&nbsp;&nbsp;&nbsp; 3968132 |
| **Maryland — 0.4%** | **Maryland — 0.4%** | **Maryland — 0.4%** |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Washington Suburban Sanitary Commission, Maryland Montgomery and Prince George's Counties Maryland Consolidated <br> Public Improvement Series 2024, Rev., GTD, 4.00%, 6/1/2044<br>| &nbsp;&nbsp;&nbsp;&nbsp; 1225000 | &nbsp;&nbsp;&nbsp;&nbsp; 1224732 |
| **Massachusetts — 1.3%** | **Massachusetts — 1.3%** | **Massachusetts — 1.3%** |
| &nbsp;&nbsp;&nbsp; Massachusetts Development Finance Agency, Amherst College Issue Series 2025A, Rev., 5.00%, 11/1/2035 (c) | &nbsp;&nbsp;&nbsp;&nbsp; 1000000 | &nbsp;&nbsp;&nbsp;&nbsp; 1179212 |
| &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;&nbsp;&nbsp;&nbsp;&nbsp; Massachusetts Development Finance Agency, PRG Medford Properties, Inc. Issue Tufts University Student Housing <br> Program, Rev., 5.00%, 6/1/2040<br>| &nbsp;&nbsp;&nbsp;&nbsp; 1000000 | &nbsp;&nbsp;&nbsp;&nbsp; 1094877 |
| &nbsp;&nbsp;&nbsp; Massachusetts Water Resources Authority, Green Bond Series 2016C, Rev., 4.00%, 8/1/2040 | &nbsp;&nbsp;&nbsp;&nbsp; 1000000 | &nbsp;&nbsp;&nbsp;&nbsp; 1000989 |
| &nbsp;&nbsp;&nbsp; Total Massachusetts |  | &nbsp;&nbsp;&nbsp;&nbsp; 4325608 |
| **Michigan — 3.5%** | **Michigan — 3.5%** | **Michigan — 3.5%** |
| &nbsp;&nbsp;&nbsp; City of Detroit, Unlimited Tax |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Series 2021A, GO, 5.00%, 4/1/2033 | &nbsp;&nbsp;&nbsp;&nbsp; 770000 | &nbsp;&nbsp;&nbsp;&nbsp; 834045 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Series 2023A, GO, 6.00%, 5/1/2039 | &nbsp;&nbsp;&nbsp;&nbsp; 2000000 | &nbsp;&nbsp;&nbsp;&nbsp; 2283138 |
| &nbsp;&nbsp;&nbsp; Great Lakes Water Authority Sewage Disposal System, Second Lien Series 2025C, Rev., 5.25%, 7/1/2045 | &nbsp;&nbsp;&nbsp;&nbsp; 1790000 | &nbsp;&nbsp;&nbsp;&nbsp; 1958754 |
| &nbsp;&nbsp;&nbsp; Michigan Finance Authority, Public Lighting Authority Refunding Local Project Series 2025A, Rev., 5.00%, 7/1/2032 | &nbsp;&nbsp;&nbsp;&nbsp; 1000000 | &nbsp;&nbsp;&nbsp;&nbsp; 1125131 |
| &nbsp;&nbsp;&nbsp; Michigan Finance Authority, Trinity Health Credit Group Series 2013MI-4, Rev., 4.00%, 12/1/2038 | &nbsp;&nbsp;&nbsp;&nbsp; 1000000 | &nbsp;&nbsp;&nbsp;&nbsp; 1011073 |
| &nbsp;&nbsp;&nbsp; Michigan State Hospital Finance Authority, Corewell Health Series 2025B-2, Rev., 5.00%, 6/1/2035 (c) | &nbsp;&nbsp;&nbsp;&nbsp; 1000000 | &nbsp;&nbsp;&nbsp;&nbsp; 1133502 |
| &nbsp;&nbsp;&nbsp; Michigan State Housing Development Authority Series 2025 C, Rev., 6.00%, 6/1/2056 | &nbsp;&nbsp;&nbsp;&nbsp; 2000000 | &nbsp;&nbsp;&nbsp;&nbsp; 2217674 |
| &nbsp;&nbsp;&nbsp; Michigan State University Series 2025A, Rev., 5.00%, 2/15/2055 | &nbsp;&nbsp;&nbsp;&nbsp; 1000000 | &nbsp;&nbsp;&nbsp;&nbsp; 1057319 |
| &nbsp;&nbsp;&nbsp; Total Michigan |  | &nbsp;&nbsp;&nbsp;&nbsp; 11620636 |
| **Minnesota — 0.9%** | **Minnesota — 0.9%** | **Minnesota — 0.9%** |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Minneapolis-St. Paul Housing Finance Board, Single Family Mortgage, City Living Home Programs Series 2007A-2, Rev., <br> GNMA / FNMA / FHLMC, 5.52%, 3/1/2041<br>| &nbsp;&nbsp;&nbsp;&nbsp; 80000 | &nbsp;&nbsp;&nbsp;&nbsp; 79999 |
| &nbsp;&nbsp;&nbsp; Minnesota Housing Finance Agency Series 2022M, Rev., GNMA / FNMA / FHLMC COLL, 6.00%, 1/1/2053 | &nbsp;&nbsp;&nbsp;&nbsp; 965000 | &nbsp;&nbsp;&nbsp;&nbsp; 1021931 |
| &nbsp;&nbsp;&nbsp; Minnesota Housing Finance Agency, Non Profit Housing, State Appropriation, Rev., 5.25%, 8/1/2026 | &nbsp;&nbsp;&nbsp;&nbsp; 825000 | &nbsp;&nbsp;&nbsp;&nbsp; 826529 |
| &nbsp;&nbsp;&nbsp; Minnesota Housing Finance Agency, Residential Housing Series 2024O, Rev., GNMA / FNMA / FHLMC, 6.25%, 1/1/2055 | &nbsp;&nbsp;&nbsp;&nbsp; 980000 | &nbsp;&nbsp;&nbsp;&nbsp; 1093535 |
| &nbsp;&nbsp;&nbsp; Total Minnesota |  | &nbsp;&nbsp;&nbsp;&nbsp; 3021994 |
| **Mississippi — 0.3%** | **Mississippi — 0.3%** | **Mississippi — 0.3%** |
| &nbsp;&nbsp;&nbsp; Jackson State University Educational Building Corp. Series 2021A, Rev., 1.40%, 3/1/2034 | &nbsp;&nbsp;&nbsp;&nbsp; 1000000 | &nbsp;&nbsp;&nbsp;&nbsp; 863200 |

---

------

**JPMorgan Sustainable Municipal Income 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** |
| **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, Coxhealth Obligated Group Series 2025A, Rev., 5.00%, <br> 11/15/2035<br>| &nbsp;&nbsp;&nbsp;&nbsp; 1000000 | &nbsp;&nbsp;&nbsp;&nbsp; 1137917 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Missouri Housing Development Commission, Single Family, First Place Homeownership Loan Program Series 2024A, Rev., <br> GNMA / FNMA / FHLMC, 5.75%, 5/1/2055<br>| &nbsp;&nbsp;&nbsp;&nbsp; 910000 | &nbsp;&nbsp;&nbsp;&nbsp; 991679 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Missouri State Environmental Improvement and Energy Resources Authority, Water Pollution Control and Drinking Water <br> Series 2015B, Rev., 5.00%, 7/1/2026<br>| &nbsp;&nbsp;&nbsp;&nbsp; 2000000 | &nbsp;&nbsp;&nbsp;&nbsp; 2002200 |
| &nbsp;&nbsp;&nbsp; Total Missouri |  | &nbsp;&nbsp;&nbsp;&nbsp; 4131796 |
| **Nebraska — 0.3%** | **Nebraska — 0.3%** | **Nebraska — 0.3%** |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Nebraska Investment Finance Authority, Single Family Housing Series 2024G, Rev., GNMA / FNMA / FHLMC, 6.00%, <br> 9/1/2054<br>| &nbsp;&nbsp;&nbsp;&nbsp; 990000 | &nbsp;&nbsp;&nbsp;&nbsp; 1098706 |
| **New Hampshire — 0.9%** | **New Hampshire — 0.9%** | **New Hampshire — 0.9%** |
| &nbsp;&nbsp;&nbsp; City of Manchester, School Facilities, Rev., NATL - RE, 5.50%, 6/1/2027 | &nbsp;&nbsp;&nbsp;&nbsp; 900000 | &nbsp;&nbsp;&nbsp;&nbsp; 939151 |
| &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;&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; 2980089 |
| **New Jersey — 0.2%** | **New Jersey — 0.2%** | **New Jersey — 0.2%** |
| &nbsp;&nbsp;&nbsp; Camden County Improvement Authority (The), Camden Prep High School Project, Rev., 5.00%, 7/15/2042 (b) | &nbsp;&nbsp;&nbsp;&nbsp; 590000 | &nbsp;&nbsp;&nbsp;&nbsp; 596378 |
| **New Mexico — 0.9%** | **New Mexico — 0.9%** | **New Mexico — 0.9%** |
| &nbsp;&nbsp;&nbsp; New Mexico Mortgage Finance Authority, Mountain View II & III Apartments Project, Rev., 2.97%, 3/1/2026 (c) | &nbsp;&nbsp;&nbsp;&nbsp; 1000000 | &nbsp;&nbsp;&nbsp;&nbsp; 999161 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; New Mexico Mortgage Finance Authority, Multi Family Santee Apartments and Sangre De Cristo Project, Rev., 3.28%, <br> 3/1/2026 (c) (d)<br>| &nbsp;&nbsp;&nbsp;&nbsp; 1080000 | &nbsp;&nbsp;&nbsp;&nbsp; 1080004 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; New Mexico Mortgage Finance Authority, Santee Apartments and Sangre De Cristo Project, Rev., VRDO, 3.73%, <br> 12/1/2025 (c)<br>| &nbsp;&nbsp;&nbsp;&nbsp; 1000000 | &nbsp;&nbsp;&nbsp;&nbsp; 1000000 |
| &nbsp;&nbsp;&nbsp; Total New Mexico |  | &nbsp;&nbsp;&nbsp;&nbsp; 3079165 |
| **New York — 11.9%** | **New York — 11.9%** | **New York — 11.9%** |
| &nbsp;&nbsp;&nbsp; Albany Capital Resource Corp., Medical Center Hospital Series 2025A, Rev., 5.25%, 5/1/2050 | &nbsp;&nbsp;&nbsp;&nbsp; 1000000 | &nbsp;&nbsp;&nbsp;&nbsp; 1050517 |
| &nbsp;&nbsp;&nbsp; Buffalo Sewer Authority Series 2025A, Rev., 5.00%, 6/15/2050 | &nbsp;&nbsp;&nbsp;&nbsp; 1080000 | &nbsp;&nbsp;&nbsp;&nbsp; 1140878 |
| &nbsp;&nbsp;&nbsp; Build NYC Resource Corp., ERE425 LLC ZETA Charter Schools, Inc. Project Series 2025A, Rev., 5.00%, 10/15/2040 (b) | &nbsp;&nbsp;&nbsp;&nbsp; 1000000 | &nbsp;&nbsp;&nbsp;&nbsp; 1017989 |
| &nbsp;&nbsp;&nbsp; Build NYC Resource Corp., Grand Concourse Academy Charter School Series 2022A, Rev., 3.40%, 7/1/2027 | &nbsp;&nbsp;&nbsp;&nbsp; 125000 | &nbsp;&nbsp;&nbsp;&nbsp; 124480 |
| &nbsp;&nbsp;&nbsp; Build NYC Resource Corp., Kipp NYC Public School Facilities - Canal West Project, Rev., 5.00%, 7/1/2029 | &nbsp;&nbsp;&nbsp;&nbsp; 460000 | &nbsp;&nbsp;&nbsp;&nbsp; 484584 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Build NYC Resource Corp., The Young Men's and Women's Hebrew Association Project Series 2024, Rev., 5.00%, <br> 12/1/2027<br>| &nbsp;&nbsp;&nbsp;&nbsp; 1000000 | &nbsp;&nbsp;&nbsp;&nbsp; 1042215 |
| &nbsp;&nbsp;&nbsp; Build NYC Resource Corp., Urban Resource Institute Project Series 2025A, Rev., 4.13%, 12/1/2035 | &nbsp;&nbsp;&nbsp;&nbsp; 1000000 | &nbsp;&nbsp;&nbsp;&nbsp; 1042860 |
| &nbsp;&nbsp;&nbsp; Long Island Power Authority, Electric System Series 2025B, Rev., 3.00%, 9/1/2028 (c) | &nbsp;&nbsp;&nbsp;&nbsp; 1000000 | &nbsp;&nbsp;&nbsp;&nbsp; 990987 |
| &nbsp;&nbsp;&nbsp; Metropolitan Transportation Authority |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Series 2017D, Rev., 5.00%, 11/15/2033 | &nbsp;&nbsp;&nbsp;&nbsp; 1935000 | &nbsp;&nbsp;&nbsp;&nbsp; 2027737 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Series 2024B, Rev., 5.00%, 11/15/2041 | &nbsp;&nbsp;&nbsp;&nbsp; 1000000 | &nbsp;&nbsp;&nbsp;&nbsp; 1078509 |
| &nbsp;&nbsp;&nbsp; Metropolitan Transportation Authority, Climate Bond Series 2025A, Rev., 5.25%, 11/15/2043 | &nbsp;&nbsp;&nbsp;&nbsp; 1000000 | &nbsp;&nbsp;&nbsp;&nbsp; 1084600 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Monroe County Industrial Development Corp., Academy of Health Sciences Charter School Project Series 2022A, Rev., <br> 5.00%, 7/1/2032 (b)<br>| &nbsp;&nbsp;&nbsp;&nbsp; 250000 | &nbsp;&nbsp;&nbsp;&nbsp; 257461 |
| &nbsp;&nbsp;&nbsp; New York City Housing Development Corp. Series 2025A, Rev., FHLMC COLL, 5.20%, 2/1/2055 | &nbsp;&nbsp;&nbsp;&nbsp; 1250000 | &nbsp;&nbsp;&nbsp;&nbsp; 1280640 |
| &nbsp;&nbsp;&nbsp; New York City Municipal Water Finance Authority, Second General Resolution Series 2025CC, Rev., 5.00%, 6/15/2032 | &nbsp;&nbsp;&nbsp;&nbsp; 1000000 | &nbsp;&nbsp;&nbsp;&nbsp; 1146478 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; New York City Municipal Water Finance Authority, Second General Resolution, Fiscal Year 2025 Series 2025DD, Rev., <br> 5.50%, 6/15/2039<br>| &nbsp;&nbsp;&nbsp;&nbsp; 1000000 | &nbsp;&nbsp;&nbsp;&nbsp; 1189026 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; New York City Municipal Water Finance Authority, Water and Sewer System, Second General Resolution Series 2009BB-2, <br> Rev., VRDO, LIQ : UBS AG, 2.85%, 12/1/2025 (c)<br>| &nbsp;&nbsp;&nbsp;&nbsp; 250000 | &nbsp;&nbsp;&nbsp;&nbsp; 250000 |

---

------

**JPMorgan Sustainable Municipal Income 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 City Municipal Water Finance Authority, Water and Sewer System, Second General Resolution, Fiscal Year 2023 <br> Series 2023, Subseries B-1, Rev., VRDO, LIQ : Mizuho Bank Ltd., 2.85%, 12/1/2025 (c)<br>| &nbsp;&nbsp;&nbsp;&nbsp; 6500000 | &nbsp;&nbsp;&nbsp;&nbsp; 6500000 |
| &nbsp;&nbsp;&nbsp; New York State Dormitory Authority, Brooklyn Law School Series 2019A, Rev., 5.00%, 7/1/2033 | &nbsp;&nbsp;&nbsp;&nbsp; 1000000 | &nbsp;&nbsp;&nbsp;&nbsp; 1045286 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; New York State Dormitory Authority, Memorial Sloan Kettering Cancer Center Series 2025 2-B, Rev., 5.00%, <br> 7/1/2032 (c)<br>| &nbsp;&nbsp;&nbsp;&nbsp; 1000000 | &nbsp;&nbsp;&nbsp;&nbsp; 1119206 |
| &nbsp;&nbsp;&nbsp; New York State Dormitory Authority, Mount Sinai Obligated Group, Rev., 5.00%, 7/1/2045 | &nbsp;&nbsp;&nbsp;&nbsp; 1500000 | &nbsp;&nbsp;&nbsp;&nbsp; 1523373 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; New York State Dormitory Authority, Rosewell Park Cancer Institute Obligated Group Series 2025A, Rev., A.G., 5.50%, <br> 7/1/2050<br>| &nbsp;&nbsp;&nbsp;&nbsp; 1000000 | &nbsp;&nbsp;&nbsp;&nbsp; 1089424 |
| &nbsp;&nbsp;&nbsp; New York State Dormitory Authority, School Districts Financing Program Series 2025A, Rev., A.G., 5.00%, 10/1/2033 | &nbsp;&nbsp;&nbsp;&nbsp; 1000000 | &nbsp;&nbsp;&nbsp;&nbsp; 1163637 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; New York State Environmental Facilities Corp., State Clean Water and Drinking Water Revolving Funds, Municipal Water <br> Finance Authority Projects - Second Resolution Series 2024A, Rev., 5.25%, 6/15/2053<br>| &nbsp;&nbsp;&nbsp;&nbsp; 1000000 | &nbsp;&nbsp;&nbsp;&nbsp; 1083113 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; New York Transportation Development Corp., JFK International Airport New Terminal One Project Series 2023, Rev., AMT, <br> A.G., 5.00%, 6/30/2049<br>| &nbsp;&nbsp;&nbsp;&nbsp; 2000000 | &nbsp;&nbsp;&nbsp;&nbsp; 2014720 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; New York Transportation Development Corp., John F. Kennedy International Airport New Terminal One Project, Rev., AMT, <br> A.G., 6.00%, 6/30/2045<br>| &nbsp;&nbsp;&nbsp;&nbsp; 1000000 | &nbsp;&nbsp;&nbsp;&nbsp; 1100138 |
| &nbsp;&nbsp;&nbsp; Onondaga Civic Development Corp., Syracuse University Project, Rev., 4.50%, 12/1/2050 | &nbsp;&nbsp;&nbsp;&nbsp; 1000000 | &nbsp;&nbsp;&nbsp;&nbsp; 992340 |
| &nbsp;&nbsp;&nbsp; Triborough Bridge and Tunnel Authority, MTA Bridges and Tunnels Series 2024C, Rev., 5.00%, 11/15/2038 | &nbsp;&nbsp;&nbsp;&nbsp; 2625000 | &nbsp;&nbsp;&nbsp;&nbsp; 2984761 |
| &nbsp;&nbsp;&nbsp; Triborough Bridge and Tunnel Authority, Payroll Mobility Tax Series 2025B-2, Rev., BAN, 5.00%, 3/15/2029 | &nbsp;&nbsp;&nbsp;&nbsp; 2500000 | &nbsp;&nbsp;&nbsp;&nbsp; 2703048 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Westchester County Local Development Corp., Purchase Senior Learning Community, Inc., Project Series 2021A, Rev., <br> 4.50%, 7/1/2056 (b)<br>| &nbsp;&nbsp;&nbsp;&nbsp; 1160000 | &nbsp;&nbsp;&nbsp;&nbsp; 941070 |
| &nbsp;&nbsp;&nbsp; Total New York |  | &nbsp;&nbsp;&nbsp;&nbsp; 39469077 |
| **North Carolina — 2.4%** | **North Carolina — 2.4%** | **North Carolina — 2.4%** |
| &nbsp;&nbsp;&nbsp; City of Charlotte Water and Sewer System Series 2022A, Rev., 5.00%, 7/1/2030 | &nbsp;&nbsp;&nbsp;&nbsp; 3000000 | &nbsp;&nbsp;&nbsp;&nbsp; 3331393 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Cumberland County Industrial Facilities and Pollution Control Financing Authority, Solid Waste Disposal Project Hero, Rev., <br> AMT, 3.13%, 12/1/2026 (c)<br>| &nbsp;&nbsp;&nbsp;&nbsp; 1000000 | &nbsp;&nbsp;&nbsp;&nbsp; 999869 |
| &nbsp;&nbsp;&nbsp; North Carolina Housing Finance Agency, Homeownership-1998 Trust |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Series 55-C, Rev., GNMA / FNMA / FHLMC, 3.20%, 1/15/2026 (c) | &nbsp;&nbsp;&nbsp;&nbsp; 2000000 | &nbsp;&nbsp;&nbsp;&nbsp; 1999093 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Series 55-A, Rev., GNMA / FNMA / FHLMC, 6.25%, 7/1/2055 | &nbsp;&nbsp;&nbsp;&nbsp; 1345000 | &nbsp;&nbsp;&nbsp;&nbsp; 1471594 |
| &nbsp;&nbsp;&nbsp; North Carolina Medical Care Commission, Twin Lakes Community Series 2025A, Rev., 5.25%, 1/1/2055 | &nbsp;&nbsp;&nbsp;&nbsp; 250000 | &nbsp;&nbsp;&nbsp;&nbsp; 250883 |
| &nbsp;&nbsp;&nbsp; Total North Carolina |  | &nbsp;&nbsp;&nbsp;&nbsp; 8052832 |
| **Ohio — 4.4%** | **Ohio — 4.4%** | **Ohio — 4.4%** |
| &nbsp;&nbsp;&nbsp; American Municipal Power, Inc., GreenUp Hydroelectric Project |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Series 2025A, Rev., 5.00%, 2/15/2036 | &nbsp;&nbsp;&nbsp;&nbsp; 1000000 | &nbsp;&nbsp;&nbsp;&nbsp; 1156535 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Series 2025A, Rev., 5.00%, 2/15/2040 | &nbsp;&nbsp;&nbsp;&nbsp; 1000000 | &nbsp;&nbsp;&nbsp;&nbsp; 1113247 |
| &nbsp;&nbsp;&nbsp; American Municipal Power, Inc., Meldahl Hydroelectric Project Series 2016A, Rev., 4.00%, 2/15/2041 | &nbsp;&nbsp;&nbsp;&nbsp; 1000000 | &nbsp;&nbsp;&nbsp;&nbsp; 996558 |
| &nbsp;&nbsp;&nbsp; American Municipal Power, Inc., Solar Electricity Prepayment Project Series 2019A, Rev., 5.00%, 2/15/2035 | &nbsp;&nbsp;&nbsp;&nbsp; 825000 | &nbsp;&nbsp;&nbsp;&nbsp; 873936 |
| &nbsp;&nbsp;&nbsp; City of Toledo Water System, Waterworks, Rev., 5.00%, 11/15/2032 | &nbsp;&nbsp;&nbsp;&nbsp; 1300000 | &nbsp;&nbsp;&nbsp;&nbsp; 1429864 |
| &nbsp;&nbsp;&nbsp; Jefferson County Port Authority, JSW Steel USA Ohio, Inc., Project Series 2023, Rev., 5.00%, 12/1/2028 (b) (c) | &nbsp;&nbsp;&nbsp;&nbsp; 1000000 | &nbsp;&nbsp;&nbsp;&nbsp; 1024703 |
| &nbsp;&nbsp;&nbsp; Kings Local School District, Unlimited Tax, GO, BAN, 5.00%, 7/9/2026 | &nbsp;&nbsp;&nbsp;&nbsp; 2000000 | &nbsp;&nbsp;&nbsp;&nbsp; 2026558 |
| &nbsp;&nbsp;&nbsp; Lakota Local School District Series 2005, GO, NATL - RE, 5.25%, 12/1/2025 | &nbsp;&nbsp;&nbsp;&nbsp; 1500000 | &nbsp;&nbsp;&nbsp;&nbsp; 1500000 |
| &nbsp;&nbsp;&nbsp; Northeast Ohio Medical University Series 2022, Rev., 5.00%, 12/1/2037 | &nbsp;&nbsp;&nbsp;&nbsp; 1100000 | &nbsp;&nbsp;&nbsp;&nbsp; 1183480 |
| &nbsp;&nbsp;&nbsp; Ohio Water Development Authority, Drinking Water Assistance Series 2025A, Rev., 5.00%, 12/1/2042 | &nbsp;&nbsp;&nbsp;&nbsp; 2000000 | &nbsp;&nbsp;&nbsp;&nbsp; 2216722 |
| &nbsp;&nbsp;&nbsp; State of Ohio, Children's Hospital Medical Center of Akron Series 2024B, Rev., 5.00%, 8/15/2032 (c) | &nbsp;&nbsp;&nbsp;&nbsp; 1000000 | &nbsp;&nbsp;&nbsp;&nbsp; 1109923 |
| &nbsp;&nbsp;&nbsp; Total Ohio |  | &nbsp;&nbsp;&nbsp;&nbsp; 14631526 |
| **Oklahoma — 2.5%** | **Oklahoma — 2.5%** | **Oklahoma — 2.5%** |
| &nbsp;&nbsp;&nbsp; Oklahoma Development Finance Authority, Health System, OU Medicine Project Series 2018B, Rev., 5.50%, 8/15/2057 | &nbsp;&nbsp;&nbsp;&nbsp; 1000000 | &nbsp;&nbsp;&nbsp;&nbsp; 1001894 |
| &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 |

---

------

**JPMorgan Sustainable Municipal Income 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** |
| **Oklahoma — continued** | **Oklahoma — continued** | **Oklahoma — continued** |
| &nbsp;&nbsp;&nbsp; Oklahoma Water Resources Board, Clean Water Program |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Rev., 5.00%, 4/1/2038 | &nbsp;&nbsp;&nbsp;&nbsp; 2000000 | &nbsp;&nbsp;&nbsp;&nbsp; 2289286 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Series 2025A, Rev., 5.00%, 4/1/2044 | &nbsp;&nbsp;&nbsp;&nbsp; 1900000 | &nbsp;&nbsp;&nbsp;&nbsp; 2050879 |
| &nbsp;&nbsp;&nbsp; Oklahoma Water Resources Board, State Loan Program Series 2021D, Rev., 4.00%, 10/1/2046 | &nbsp;&nbsp;&nbsp;&nbsp; 2035000 | &nbsp;&nbsp;&nbsp;&nbsp; 1949758 |
| &nbsp;&nbsp;&nbsp; Total Oklahoma |  | &nbsp;&nbsp;&nbsp;&nbsp; 8417389 |
| **Oregon — 1.4%** | **Oregon — 1.4%** | **Oregon — 1.4%** |
| &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 |
| &nbsp;&nbsp;&nbsp; Oregon Health and Science University Series 2021A, Rev., 3.00%, 7/1/2051 | &nbsp;&nbsp;&nbsp;&nbsp; 2645000 | &nbsp;&nbsp;&nbsp;&nbsp; 1874722 |
| &nbsp;&nbsp;&nbsp; Oregon State Facilities Authority, Peacehealth Series 2018A, Rev., VRDO, LOC : US Bank NA, 2.80%, 12/1/2025 (c) | &nbsp;&nbsp;&nbsp;&nbsp; 2175000 | &nbsp;&nbsp;&nbsp;&nbsp; 2175000 |
| &nbsp;&nbsp;&nbsp; Total Oregon |  | &nbsp;&nbsp;&nbsp;&nbsp; 4715729 |
| **Other — 0.2%** | **Other — 0.2%** | **Other — 0.2%** |
| &nbsp;&nbsp;&nbsp; Multi-Family Housing, Bond Pass-Through Certificates, Grand Reserve Apartments Series 8, Rev., 5.95%, 11/1/2035 (c) | &nbsp;&nbsp;&nbsp;&nbsp; 720000 | &nbsp;&nbsp;&nbsp;&nbsp; 720437 |
| **Pennsylvania — 2.4%** | **Pennsylvania — 2.4%** | **Pennsylvania — 2.4%** |
| &nbsp;&nbsp;&nbsp; Bucks County Water and Sewer Authority Series 2022A, Rev., A.G., 5.00%, 12/1/2038 | &nbsp;&nbsp;&nbsp;&nbsp; 525000 | &nbsp;&nbsp;&nbsp;&nbsp; 580250 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Pennsylvania Economic Development Financing Authority, Presbyterian Senior Living Homes Series 2021, Rev., 4.00%, <br> 7/1/2046<br>| &nbsp;&nbsp;&nbsp;&nbsp; 750000 | &nbsp;&nbsp;&nbsp;&nbsp; 653174 |
| &nbsp;&nbsp;&nbsp; Pennsylvania Housing Finance Agency, Single Family Mortgage |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Series 2024-145A, Rev., 6.00%, 10/1/2054 | &nbsp;&nbsp;&nbsp;&nbsp; 965000 | &nbsp;&nbsp;&nbsp;&nbsp; 1044649 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Series 2025-150A, Rev., 6.25%, 10/1/2055 | &nbsp;&nbsp;&nbsp;&nbsp; 1000000 | &nbsp;&nbsp;&nbsp;&nbsp; 1132790 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Philadelphia Authority for Industrial Development, City Service Agreement Rebuild Project Series 2025A, Rev., 5.00%, <br> 12/1/2035<br>| &nbsp;&nbsp;&nbsp;&nbsp; 3000000 | &nbsp;&nbsp;&nbsp;&nbsp; 3491410 |
| &nbsp;&nbsp;&nbsp; Redevelopment Authority of the City of Philadelphia, Service Agreement Series 2024B, Rev., 5.00%, 9/1/2042 | &nbsp;&nbsp;&nbsp;&nbsp; 850000 | &nbsp;&nbsp;&nbsp;&nbsp; 918312 |
| &nbsp;&nbsp;&nbsp; Total Pennsylvania |  | &nbsp;&nbsp;&nbsp;&nbsp; 7820585 |
| **Rhode Island — 0.5%** | **Rhode Island — 0.5%** | **Rhode Island — 0.5%** |
| &nbsp;&nbsp;&nbsp; Rhode Island Housing and Mortgage Finance Corp., Homeowenership Series 84-A, Rev., GNMA COLL, 5.00%, 4/1/2044 | &nbsp;&nbsp;&nbsp;&nbsp; 1450000 | &nbsp;&nbsp;&nbsp;&nbsp; 1502373 |
| **South Carolina — 1.0%** | **South Carolina — 1.0%** | **South Carolina — 1.0%** |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Medical University Hospital Authority, An Agency of The State of south Carolina FHA Insured Hospital Mortgage, Indian <br> Land Project, Rev., 5.25%, 5/15/2044 (d)<br>| &nbsp;&nbsp;&nbsp;&nbsp; 1000000 | &nbsp;&nbsp;&nbsp;&nbsp; 1049535 |
| &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; 2355000 | &nbsp;&nbsp;&nbsp;&nbsp; 2401556 |
| &nbsp;&nbsp;&nbsp; Total South Carolina |  | &nbsp;&nbsp;&nbsp;&nbsp; 3451091 |
| **South Dakota — 1.0%** | **South Dakota — 1.0%** | **South Dakota — 1.0%** |
| &nbsp;&nbsp;&nbsp; South Dakota Health and Educational Facilities Authority, Sanford Series 2025B, Rev., 5.00%, 11/1/2036 | &nbsp;&nbsp;&nbsp;&nbsp; 1000000 | &nbsp;&nbsp;&nbsp;&nbsp; 1137818 |
| &nbsp;&nbsp;&nbsp; South Dakota Housing Development Authority |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Series 2024C, Rev., GNMA / FNMA / FHLMC, 6.25%, 11/1/2055 | &nbsp;&nbsp;&nbsp;&nbsp; 980000 | &nbsp;&nbsp;&nbsp;&nbsp; 1097110 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Series 2025A, Rev., GNMA / FNMA / FHLMC, 6.50%, 11/1/2055 | &nbsp;&nbsp;&nbsp;&nbsp; 1000000 | &nbsp;&nbsp;&nbsp;&nbsp; 1137542 |
| &nbsp;&nbsp;&nbsp; Total South Dakota |  | &nbsp;&nbsp;&nbsp;&nbsp; 3372470 |
| **Tennessee — 3.9%** | **Tennessee — 3.9%** | **Tennessee — 3.9%** |
| &nbsp;&nbsp;&nbsp; City of Gallatin Water and Sewer, Rev., 5.00%, 1/1/2038 | &nbsp;&nbsp;&nbsp;&nbsp; 1110000 | &nbsp;&nbsp;&nbsp;&nbsp; 1267469 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Metropolitan Government Nashville and Davidson County, Health and Educational Facilities Board, Blakeford at Green Hills <br> Series 2020A, Rev., 4.00%, 11/1/2038<br>| &nbsp;&nbsp;&nbsp;&nbsp; 1265000 | &nbsp;&nbsp;&nbsp;&nbsp; 1208458 |
| &nbsp;&nbsp;&nbsp; Metropolitan Government of Nashville and Davidson County Water and Sewer |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Rev., 5.00%, 7/1/2036 | &nbsp;&nbsp;&nbsp;&nbsp; 2500000 | &nbsp;&nbsp;&nbsp;&nbsp; 2890486 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Rev., 5.00%, 7/1/2038 | &nbsp;&nbsp;&nbsp;&nbsp; 2000000 | &nbsp;&nbsp;&nbsp;&nbsp; 2276423 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Rutherford County Health and Educational Facilities Board, Ascension Senior Credit Group Series 2025B1, Rev., 5.00%, <br> 11/15/2030 (c) (d)<br>| &nbsp;&nbsp;&nbsp;&nbsp; 1000000 | &nbsp;&nbsp;&nbsp;&nbsp; 1093088 |

---

------

**JPMorgan Sustainable Municipal Income 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** |
| **Tennessee — continued** | **Tennessee — continued** | **Tennessee — continued** |
| &nbsp;&nbsp;&nbsp; Shelby County Health Educational and Housing Facilities Board, Baptism Memorial Health Obligated Group |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Series 2024B, Rev., 5.00%, 9/1/2029 (c) | &nbsp;&nbsp;&nbsp;&nbsp; 1000000 | &nbsp;&nbsp;&nbsp;&nbsp; 1056614 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Series 2025B, Rev., 5.00%, 9/1/2030 (c) | &nbsp;&nbsp;&nbsp;&nbsp; 1000000 | &nbsp;&nbsp;&nbsp;&nbsp; 1075899 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Shelby County Health Educational and Housing Facilities Board, Madrone Memphis Student Housing I, LLC- University of <br> Memphis Project Series 2024A-1, Rev., 5.00%, 6/1/2044 (b)<br>| &nbsp;&nbsp;&nbsp;&nbsp; 1250000 | &nbsp;&nbsp;&nbsp;&nbsp; 1224665 |
| &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; 12731886 |
| **Texas — 9.5%** | **Texas — 9.5%** | **Texas — 9.5%** |
| &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; Austin Community College District, Unlimited Tax, GO, 5.00%, 8/1/2037 | &nbsp;&nbsp;&nbsp;&nbsp; 1000000 | &nbsp;&nbsp;&nbsp;&nbsp; 1130970 |
| &nbsp;&nbsp;&nbsp; City of Houston Airport System, United Airlines, Inc., Terminal Improvement Projects |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Series 2025B, Rev., AMT, 5.25%, 7/15/2029 (d) | &nbsp;&nbsp;&nbsp;&nbsp; 1500000 | &nbsp;&nbsp;&nbsp;&nbsp; 1568739 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Series 2024B, Rev., AMT, 5.25%, 7/15/2034 | &nbsp;&nbsp;&nbsp;&nbsp; 650000 | &nbsp;&nbsp;&nbsp;&nbsp; 703801 |
| &nbsp;&nbsp;&nbsp; Collin County Community College District, Rev., 4.00%, 8/15/2042 | &nbsp;&nbsp;&nbsp;&nbsp; 1500000 | &nbsp;&nbsp;&nbsp;&nbsp; 1501510 |
| &nbsp;&nbsp;&nbsp; Comal Independent School District, Unlimited Tax, GO, PSF-GTD, 5.00%, 2/1/2038 | &nbsp;&nbsp;&nbsp;&nbsp; 1000000 | &nbsp;&nbsp;&nbsp;&nbsp; 1141306 |
| &nbsp;&nbsp;&nbsp; Housing Options, Inc., The Culbreath, Rev., 3.75%, 11/1/2028 (c) | &nbsp;&nbsp;&nbsp;&nbsp; 1000000 | &nbsp;&nbsp;&nbsp;&nbsp; 1013185 |
| &nbsp;&nbsp;&nbsp; Legacy Denton Public Facility Corp., Multifamily Housing Roselawn Village, Rev., 3.15%, 5/1/2029 (c) | &nbsp;&nbsp;&nbsp;&nbsp; 1000000 | &nbsp;&nbsp;&nbsp;&nbsp; 997460 |
| &nbsp;&nbsp;&nbsp; Mansfield Independent School District, Unlimited Tax Series 2024, GO, PSF-GTD, 4.00%, 2/15/2054 | &nbsp;&nbsp;&nbsp;&nbsp; 1000000 | &nbsp;&nbsp;&nbsp;&nbsp; 924398 |
| &nbsp;&nbsp;&nbsp; New Hope Cultural Education Facilities Finance Corp., Longhorn Village Project, Rev., 5.00%, 1/1/2026 | &nbsp;&nbsp;&nbsp;&nbsp; 1145000 | &nbsp;&nbsp;&nbsp;&nbsp; 1158525 |
| &nbsp;&nbsp;&nbsp; North Texas Municipal Water District Water System, Rev., 5.00%, 9/1/2036 | &nbsp;&nbsp;&nbsp;&nbsp; 2000000 | &nbsp;&nbsp;&nbsp;&nbsp; 2305309 |
| &nbsp;&nbsp;&nbsp; North Texas Municipal Water District, Panther Creek Regional Wastewater System, Rev., 5.25%, 6/1/2043 | &nbsp;&nbsp;&nbsp;&nbsp; 1855000 | &nbsp;&nbsp;&nbsp;&nbsp; 2003841 |
| &nbsp;&nbsp;&nbsp; Plano Independent School District, Unlimited Tax, GO, PSF-GTD, 5.00%, 2/15/2029 | &nbsp;&nbsp;&nbsp;&nbsp; 1000000 | &nbsp;&nbsp;&nbsp;&nbsp; 1071134 |
| &nbsp;&nbsp;&nbsp; San Antonio Water System, Junior Lien Series 2024B, Rev., 5.00%, 5/15/2030 | &nbsp;&nbsp;&nbsp;&nbsp; 1000000 | &nbsp;&nbsp;&nbsp;&nbsp; 1102025 |
| &nbsp;&nbsp;&nbsp; State of Texas Series 2025B, GO, 5.00%, 8/1/2036 | &nbsp;&nbsp;&nbsp;&nbsp; 1000000 | &nbsp;&nbsp;&nbsp;&nbsp; 1154326 |
| &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; 2000000 | &nbsp;&nbsp;&nbsp;&nbsp; 2221808 |
| &nbsp;&nbsp;&nbsp; Terrell Independent School District, Kaufman and Hunt Counties, Unlimited Tax, GO, PSF-GTD, 5.00%, 8/1/2036 | &nbsp;&nbsp;&nbsp;&nbsp; 1500000 | &nbsp;&nbsp;&nbsp;&nbsp; 1742007 |
| &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; Texas Water Development Board, Rev., 5.00%, 10/15/2036 | &nbsp;&nbsp;&nbsp;&nbsp; 2000000 | &nbsp;&nbsp;&nbsp;&nbsp; 2337008 |
| &nbsp;&nbsp;&nbsp; Texas Water Development Board, State Water Implementation Fund Series 2019A, Rev., 4.00%, 10/15/2044 | &nbsp;&nbsp;&nbsp;&nbsp; 4365000 | &nbsp;&nbsp;&nbsp;&nbsp; 4249786 |
| &nbsp;&nbsp;&nbsp; Via Metropolitan Transit Advanced Transportation District Sales Tax Series 2024, Rev., 5.00%, 8/1/2029 | &nbsp;&nbsp;&nbsp;&nbsp; 1000000 | &nbsp;&nbsp;&nbsp;&nbsp; 1079862 |
| &nbsp;&nbsp;&nbsp; Total Texas |  | &nbsp;&nbsp;&nbsp;&nbsp; 31526463 |
| **Utah — 0.5%** | **Utah — 0.5%** | **Utah — 0.5%** |
| &nbsp;&nbsp;&nbsp; Utah Associated Municipal Power Systems, Horse Butte Wind Project Series 2017B, Rev., 5.00%, 9/1/2033 | &nbsp;&nbsp;&nbsp;&nbsp; 1700000 | &nbsp;&nbsp;&nbsp;&nbsp; 1763708 |
| **Washington — 3.7%** | **Washington — 3.7%** | **Washington — 3.7%** |
| &nbsp;&nbsp;&nbsp; City of Seattle Water System |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Rev., 5.00%, 5/1/2035 | &nbsp;&nbsp;&nbsp;&nbsp; 1000000 | &nbsp;&nbsp;&nbsp;&nbsp; 1179440 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Rev., 5.00%, 5/1/2050 | &nbsp;&nbsp;&nbsp;&nbsp; 1000000 | &nbsp;&nbsp;&nbsp;&nbsp; 1062363 |
| &nbsp;&nbsp;&nbsp; City of Seattle, Municipal Light and Power, Rev., 5.00%, 2/1/2036 | &nbsp;&nbsp;&nbsp;&nbsp; 1570000 | &nbsp;&nbsp;&nbsp;&nbsp; 1833463 |
| &nbsp;&nbsp;&nbsp; City of Tacoma Electric System Series 2025B, Rev., 5.00%, 1/1/2034 | &nbsp;&nbsp;&nbsp;&nbsp; 1655000 | &nbsp;&nbsp;&nbsp;&nbsp; 1915731 |
| &nbsp;&nbsp;&nbsp; County of King Sewer Series 2016A, Rev., 4.00%, 7/1/2039 | &nbsp;&nbsp;&nbsp;&nbsp; 1000000 | &nbsp;&nbsp;&nbsp;&nbsp; 1000123 |
| &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;&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 Series 2024, Rev., 5.50%, 7/1/2049 | &nbsp;&nbsp;&nbsp;&nbsp; 1000000 | &nbsp;&nbsp;&nbsp;&nbsp; 1030421 |

---

------

**JPMorgan Sustainable Municipal Income 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** |
| **Washington — continued** | **Washington — continued** | **Washington — continued** |
| &nbsp;&nbsp;&nbsp; Washington State Housing Finance Commission, Seattle Academy of Arts and Science Project |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Series 2023, Rev., 5.00%, 7/1/2028 (b) | &nbsp;&nbsp;&nbsp;&nbsp; 250000 | &nbsp;&nbsp;&nbsp;&nbsp; 258404 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Series 2023, Rev., 5.13%, 7/1/2033 (b) | &nbsp;&nbsp;&nbsp;&nbsp; 740000 | &nbsp;&nbsp;&nbsp;&nbsp; 803335 |
| &nbsp;&nbsp;&nbsp; Total Washington |  | &nbsp;&nbsp;&nbsp;&nbsp; 12144779 |
| **West Virginia — 0.2%** | **West Virginia — 0.2%** | **West Virginia — 0.2%** |
| &nbsp;&nbsp;&nbsp; West Virginia Hospital Finance Authority, University Health System Series 2023A, Rev., 5.00%, 6/1/2040 | &nbsp;&nbsp;&nbsp;&nbsp; 505000 | &nbsp;&nbsp;&nbsp;&nbsp; 545994 |
| **Wisconsin — 2.5%** | **Wisconsin — 2.5%** | **Wisconsin — 2.5%** |
| &nbsp;&nbsp;&nbsp; Public Finance Authority, Ripple Ranch, LLC Obligate Series 2021A, Rev., 5.25%, 12/1/2051 (b) | &nbsp;&nbsp;&nbsp;&nbsp; 200000 | &nbsp;&nbsp;&nbsp;&nbsp; 130972 |
| &nbsp;&nbsp;&nbsp; Public Finance Authority, Senior Lien, Rev., AMT, 5.75%, 7/1/2049 | &nbsp;&nbsp;&nbsp;&nbsp; 1000000 | &nbsp;&nbsp;&nbsp;&nbsp; 1046303 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Washington Health Care Facilities Authority, Fred Hutchinson Cancer Research Center Series 2024A, Rev., 5.00%, <br> 4/1/2035<br>| &nbsp;&nbsp;&nbsp;&nbsp; 1000000 | &nbsp;&nbsp;&nbsp;&nbsp; 1162685 |
| &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, Franciscan Sisters of Christian Charity Sponsored Ministries, Inc. <br> Series 2017A, Rev., 5.00%, 9/1/2027 (e)<br>| &nbsp;&nbsp;&nbsp;&nbsp; 785000 | &nbsp;&nbsp;&nbsp;&nbsp; 818625 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Wisconsin Health and Educational Facilities Authority, Milwaukee Regional Medical Center Thermal Service, Rev., 5.00%, <br> 4/1/2035<br>| &nbsp;&nbsp;&nbsp;&nbsp; 1165000 | &nbsp;&nbsp;&nbsp;&nbsp; 1221782 |
| &nbsp;&nbsp;&nbsp; Wisconsin Housing and Economic Development Authority, Home Ownership |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Series 2024A, Rev., GNMA / FNMA / FHLMC, 6.00%, 9/1/2054 | &nbsp;&nbsp;&nbsp;&nbsp; 980000 | &nbsp;&nbsp;&nbsp;&nbsp; 1057534 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Series 2024C, Rev., GNMA / FNMA / FHLMC, 6.00%, 3/1/2055 | &nbsp;&nbsp;&nbsp;&nbsp; 1480000 | &nbsp;&nbsp;&nbsp;&nbsp; 1614308 |
| &nbsp;&nbsp;&nbsp; Total Wisconsin |  | &nbsp;&nbsp;&nbsp;&nbsp; 8097606 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Total Municipal Bonds <br>(Cost $300,220,527)<br>|  | &nbsp;&nbsp;&nbsp;&nbsp; 306185188 |
|  | &nbsp;&nbsp;&nbsp; **NO. OF** <br> **CONTRACTS**<br>|  |
| **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 80,000,000 |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Counterparty: Exchange-Traded \* | &nbsp;&nbsp;&nbsp;&nbsp; 800 | &nbsp;&nbsp;&nbsp;&nbsp; 37500 |
| &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 80,000,000 |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Counterparty: Exchange-Traded \* | &nbsp;&nbsp;&nbsp;&nbsp; 800 | &nbsp;&nbsp;&nbsp;&nbsp; 9050 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Total Call Options Purchased <br>(Cost $175,000)<br>|  | &nbsp;&nbsp;&nbsp;&nbsp; 46550 |
|  | **SHARES** |  |
| **Short-Term Investments — 7.9%** | **Short-Term Investments — 7.9%** | **Short-Term Investments — 7.9%** |
| **Investment Companies — 7.9%** | **Investment Companies — 7.9%** | **Investment Companies — 7.9%** |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; JPMorgan Institutional Tax Free Money Market Fund Class IM Shares, 2.71% (f) (g) <br>(Cost $26,096,208)<br>| &nbsp;&nbsp;&nbsp;&nbsp; 26095087 | &nbsp;&nbsp;&nbsp;&nbsp; 26097697 |
| **Total Investments — 100.4%** <br>**(Cost $326,491,735)**<br>|  | &nbsp;&nbsp;&nbsp;&nbsp; **332329435** |
| **Liabilities in Excess of Other Assets — (0.4)%** |  | &nbsp;&nbsp;&nbsp;&nbsp; **(1230146)**<br>|
| **NET ASSETS — 100.0%** |  | &nbsp;&nbsp;&nbsp;&nbsp; **331099289** |

---

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

------

**JPMorgan Sustainable Municipal Income ETF**

**SCHEDULE OF PORTFOLIO INVESTMENTS**

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

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

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

---

| | |
|:---|:---|
| **Abbreviations** |  |
| A.G. | Insured by Assured Guaranty Inc. |
| AMBAC | Insured by American Municipal Bond Assurance Corp. |
| AMT | Alternative Minimum Tax |
| BAN | Bond Anticipation Note |
| COLL | Collateral |
| FHA | Federal Housing Administration |
| FHLMC | Federal Home Loan Mortgage Corp. |
| FNMA | Federal National Mortgage Association |
| GNMA | Government National Mortgage Association |
| GO | General Obligation |
| GTD | Guaranteed |
| LIQ | Liquidity Agreement |
| LOC | Letter of Credit |
| MTA | Metropolitan Transportation Authority |
| NATL | Insured by National Public Finance Guarantee Corp. |
| PSF-GTD | Permanent School Fund Guaranteed |
| RE | Reinsured |
| 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. |

---

**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; 59 | &nbsp;&nbsp;&nbsp;&nbsp; 03/20/2026 | &nbsp;&nbsp;&nbsp;&nbsp; USD | &nbsp;&nbsp;&nbsp;&nbsp; 6687281 | &nbsp;&nbsp;&nbsp;&nbsp; 14655 |
| U.S. Treasury Long Bond | &nbsp;&nbsp;&nbsp;&nbsp; 23 | &nbsp;&nbsp;&nbsp;&nbsp; 03/20/2026 | &nbsp;&nbsp;&nbsp;&nbsp; USD | &nbsp;&nbsp;&nbsp;&nbsp; 2701063 | &nbsp;&nbsp;&nbsp;&nbsp; 16492 |
|  |  |  |  |  | &nbsp;&nbsp;&nbsp;&nbsp; 31147 |
| **Short Contracts** |  |  |  |  |  |
| U.S. Treasury 10 Year Ultra Note | &nbsp;&nbsp;&nbsp;&nbsp; (17)<br>| &nbsp;&nbsp;&nbsp;&nbsp; 03/20/2026 | &nbsp;&nbsp;&nbsp;&nbsp; USD | &nbsp;&nbsp;&nbsp;&nbsp; (1975188)<br>| &nbsp;&nbsp;&nbsp;&nbsp; (7887)<br>|
| U.S. Treasury Ultra Bond | &nbsp;&nbsp;&nbsp;&nbsp; (9)<br>| &nbsp;&nbsp;&nbsp;&nbsp; 03/20/2026 | &nbsp;&nbsp;&nbsp;&nbsp; USD | &nbsp;&nbsp;&nbsp;&nbsp; (1088438)<br>| &nbsp;&nbsp;&nbsp;&nbsp; (8110)<br>|
|  |  |  |  |  | &nbsp;&nbsp;&nbsp;&nbsp; (15997)<br>|
|  |  |  |  |  | &nbsp;&nbsp;&nbsp;&nbsp; 15150 |

---

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

---

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

---

------

**JPMorgan Sustainable Municipal Income ETF**

**SCHEDULE OF PORTFOLIO INVESTMENTS**

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

**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 | 1600 | &nbsp;&nbsp;&nbsp;&nbsp; USD<br> 160,000,000<br>| &nbsp;&nbsp;&nbsp;&nbsp; USD<br> 135.00<br>| 1/23/2026 | &nbsp;&nbsp; (37501)<br>|
| Total Written Options Contracts (Premiums Received $(125000)) | Total Written Options Contracts (Premiums Received $(125000)) | Total Written Options Contracts (Premiums Received $(125000)) | Total Written Options Contracts (Premiums Received $(125000)) | Total Written Options Contracts (Premiums Received $(125000)) | Total Written Options Contracts (Premiums Received $(125000)) | &nbsp;&nbsp; (37501)<br>|

---

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

---

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

---

------

**JPMorgan Sustainable Municipal Income 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.

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

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

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

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

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

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

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

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

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

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

---

| | | | | |
|:---|:---|:---|:---|:---|
|  | &nbsp;&nbsp;&nbsp;&nbsp; **Level 1** <br>Quoted prices<br>| &nbsp;&nbsp;&nbsp;&nbsp; **Level 2** <br>Other significant <br>observable inputs<br>| &nbsp;&nbsp;&nbsp;&nbsp; **Level 3** <br>Significant <br>observable inputs<br>| **Total** |
| **Investments in Securities** |  |  |  |  |
| Municipal Bonds |  |  |  |  |
| &nbsp;&nbsp;&nbsp; Alabama | &nbsp;&nbsp;&nbsp;&nbsp; $— | &nbsp;&nbsp;&nbsp;&nbsp; $1022190 | &nbsp;&nbsp;&nbsp;&nbsp; $— | &nbsp;&nbsp;&nbsp;&nbsp; $1022190 |
| &nbsp;&nbsp;&nbsp; Arizona | &nbsp;&nbsp;&nbsp;&nbsp; — | &nbsp;&nbsp;&nbsp;&nbsp; 3998555 | &nbsp;&nbsp;&nbsp;&nbsp; — | &nbsp;&nbsp;&nbsp;&nbsp; 3998555 |
| &nbsp;&nbsp;&nbsp; California | &nbsp;&nbsp;&nbsp;&nbsp; — | &nbsp;&nbsp;&nbsp;&nbsp; 27079442 | &nbsp;&nbsp;&nbsp;&nbsp; 1156000 | &nbsp;&nbsp;&nbsp;&nbsp; 28235442 |
| &nbsp;&nbsp;&nbsp; Colorado | &nbsp;&nbsp;&nbsp;&nbsp; — | &nbsp;&nbsp;&nbsp;&nbsp; 12359720 | &nbsp;&nbsp;&nbsp;&nbsp; — | &nbsp;&nbsp;&nbsp;&nbsp; 12359720 |

---

------

**JPMorgan Sustainable Municipal Income 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** |
| &nbsp;&nbsp;&nbsp; District of Columbia | &nbsp;&nbsp;&nbsp;&nbsp; $— | &nbsp;&nbsp;&nbsp;&nbsp; $10588885 | &nbsp;&nbsp;&nbsp;&nbsp; $— | &nbsp;&nbsp;&nbsp;&nbsp; $10588885 |
| &nbsp;&nbsp;&nbsp; Florida | &nbsp;&nbsp;&nbsp;&nbsp; — | &nbsp;&nbsp;&nbsp;&nbsp; 25389197 | &nbsp;&nbsp;&nbsp;&nbsp; — | &nbsp;&nbsp;&nbsp;&nbsp; 25389197 |
| &nbsp;&nbsp;&nbsp; Georgia | &nbsp;&nbsp;&nbsp;&nbsp; — | &nbsp;&nbsp;&nbsp;&nbsp; 8466917 | &nbsp;&nbsp;&nbsp;&nbsp; — | &nbsp;&nbsp;&nbsp;&nbsp; 8466917 |
| &nbsp;&nbsp;&nbsp; Hawaii | &nbsp;&nbsp;&nbsp;&nbsp; — | &nbsp;&nbsp;&nbsp;&nbsp; 1864747 | &nbsp;&nbsp;&nbsp;&nbsp; — | &nbsp;&nbsp;&nbsp;&nbsp; 1864747 |
| &nbsp;&nbsp;&nbsp; Idaho | &nbsp;&nbsp;&nbsp;&nbsp; — | &nbsp;&nbsp;&nbsp;&nbsp; 1091095 | &nbsp;&nbsp;&nbsp;&nbsp; — | &nbsp;&nbsp;&nbsp;&nbsp; 1091095 |
| &nbsp;&nbsp;&nbsp; Illinois | &nbsp;&nbsp;&nbsp;&nbsp; — | &nbsp;&nbsp;&nbsp;&nbsp; 10070715 | &nbsp;&nbsp;&nbsp;&nbsp; — | &nbsp;&nbsp;&nbsp;&nbsp; 10070715 |
| &nbsp;&nbsp;&nbsp; Indiana | &nbsp;&nbsp;&nbsp;&nbsp; — | &nbsp;&nbsp;&nbsp;&nbsp; 3300839 | &nbsp;&nbsp;&nbsp;&nbsp; — | &nbsp;&nbsp;&nbsp;&nbsp; 3300839 |
| &nbsp;&nbsp;&nbsp; Iowa | &nbsp;&nbsp;&nbsp;&nbsp; — | &nbsp;&nbsp;&nbsp;&nbsp; 1814865 | &nbsp;&nbsp;&nbsp;&nbsp; — | &nbsp;&nbsp;&nbsp;&nbsp; 1814865 |
| &nbsp;&nbsp;&nbsp; Kentucky | &nbsp;&nbsp;&nbsp;&nbsp; — | &nbsp;&nbsp;&nbsp;&nbsp; 2107640 | &nbsp;&nbsp;&nbsp;&nbsp; — | &nbsp;&nbsp;&nbsp;&nbsp; 2107640 |
| &nbsp;&nbsp;&nbsp; Louisiana | &nbsp;&nbsp;&nbsp;&nbsp; — | &nbsp;&nbsp;&nbsp;&nbsp; 3968132 | &nbsp;&nbsp;&nbsp;&nbsp; — | &nbsp;&nbsp;&nbsp;&nbsp; 3968132 |
| &nbsp;&nbsp;&nbsp; Maryland | &nbsp;&nbsp;&nbsp;&nbsp; — | &nbsp;&nbsp;&nbsp;&nbsp; 1224732 | &nbsp;&nbsp;&nbsp;&nbsp; — | &nbsp;&nbsp;&nbsp;&nbsp; 1224732 |
| &nbsp;&nbsp;&nbsp; Massachusetts | &nbsp;&nbsp;&nbsp;&nbsp; — | &nbsp;&nbsp;&nbsp;&nbsp; 4325608 | &nbsp;&nbsp;&nbsp;&nbsp; — | &nbsp;&nbsp;&nbsp;&nbsp; 4325608 |
| &nbsp;&nbsp;&nbsp; Michigan | &nbsp;&nbsp;&nbsp;&nbsp; — | &nbsp;&nbsp;&nbsp;&nbsp; 11620636 | &nbsp;&nbsp;&nbsp;&nbsp; — | &nbsp;&nbsp;&nbsp;&nbsp; 11620636 |
| &nbsp;&nbsp;&nbsp; Minnesota | &nbsp;&nbsp;&nbsp;&nbsp; — | &nbsp;&nbsp;&nbsp;&nbsp; 3021994 | &nbsp;&nbsp;&nbsp;&nbsp; — | &nbsp;&nbsp;&nbsp;&nbsp; 3021994 |
| &nbsp;&nbsp;&nbsp; Mississippi | &nbsp;&nbsp;&nbsp;&nbsp; — | &nbsp;&nbsp;&nbsp;&nbsp; 863200 | &nbsp;&nbsp;&nbsp;&nbsp; — | &nbsp;&nbsp;&nbsp;&nbsp; 863200 |
| &nbsp;&nbsp;&nbsp; Missouri | &nbsp;&nbsp;&nbsp;&nbsp; — | &nbsp;&nbsp;&nbsp;&nbsp; 4131796 | &nbsp;&nbsp;&nbsp;&nbsp; — | &nbsp;&nbsp;&nbsp;&nbsp; 4131796 |
| &nbsp;&nbsp;&nbsp; Nebraska | &nbsp;&nbsp;&nbsp;&nbsp; — | &nbsp;&nbsp;&nbsp;&nbsp; 1098706 | &nbsp;&nbsp;&nbsp;&nbsp; — | &nbsp;&nbsp;&nbsp;&nbsp; 1098706 |
| &nbsp;&nbsp;&nbsp; New Hampshire | &nbsp;&nbsp;&nbsp;&nbsp; — | &nbsp;&nbsp;&nbsp;&nbsp; 2980089 | &nbsp;&nbsp;&nbsp;&nbsp; — | &nbsp;&nbsp;&nbsp;&nbsp; 2980089 |
| &nbsp;&nbsp;&nbsp; New Jersey | &nbsp;&nbsp;&nbsp;&nbsp; — | &nbsp;&nbsp;&nbsp;&nbsp; 596378 | &nbsp;&nbsp;&nbsp;&nbsp; — | &nbsp;&nbsp;&nbsp;&nbsp; 596378 |
| &nbsp;&nbsp;&nbsp; New Mexico | &nbsp;&nbsp;&nbsp;&nbsp; — | &nbsp;&nbsp;&nbsp;&nbsp; 3079165 | &nbsp;&nbsp;&nbsp;&nbsp; — | &nbsp;&nbsp;&nbsp;&nbsp; 3079165 |
| &nbsp;&nbsp;&nbsp; New York | &nbsp;&nbsp;&nbsp;&nbsp; — | &nbsp;&nbsp;&nbsp;&nbsp; 39469077 | &nbsp;&nbsp;&nbsp;&nbsp; — | &nbsp;&nbsp;&nbsp;&nbsp; 39469077 |
| &nbsp;&nbsp;&nbsp; North Carolina | &nbsp;&nbsp;&nbsp;&nbsp; — | &nbsp;&nbsp;&nbsp;&nbsp; 8052832 | &nbsp;&nbsp;&nbsp;&nbsp; — | &nbsp;&nbsp;&nbsp;&nbsp; 8052832 |
| &nbsp;&nbsp;&nbsp; Ohio | &nbsp;&nbsp;&nbsp;&nbsp; — | &nbsp;&nbsp;&nbsp;&nbsp; 14631526 | &nbsp;&nbsp;&nbsp;&nbsp; — | &nbsp;&nbsp;&nbsp;&nbsp; 14631526 |
| &nbsp;&nbsp;&nbsp; Oklahoma | &nbsp;&nbsp;&nbsp;&nbsp; — | &nbsp;&nbsp;&nbsp;&nbsp; 8417389 | &nbsp;&nbsp;&nbsp;&nbsp; — | &nbsp;&nbsp;&nbsp;&nbsp; 8417389 |
| &nbsp;&nbsp;&nbsp; Oregon | &nbsp;&nbsp;&nbsp;&nbsp; — | &nbsp;&nbsp;&nbsp;&nbsp; 4715729 | &nbsp;&nbsp;&nbsp;&nbsp; — | &nbsp;&nbsp;&nbsp;&nbsp; 4715729 |
| &nbsp;&nbsp;&nbsp; Other | &nbsp;&nbsp;&nbsp;&nbsp; — | &nbsp;&nbsp;&nbsp;&nbsp; 720437 | &nbsp;&nbsp;&nbsp;&nbsp; — | &nbsp;&nbsp;&nbsp;&nbsp; 720437 |
| &nbsp;&nbsp;&nbsp; Pennsylvania | &nbsp;&nbsp;&nbsp;&nbsp; — | &nbsp;&nbsp;&nbsp;&nbsp; 7820585 | &nbsp;&nbsp;&nbsp;&nbsp; — | &nbsp;&nbsp;&nbsp;&nbsp; 7820585 |
| &nbsp;&nbsp;&nbsp; Rhode Island | &nbsp;&nbsp;&nbsp;&nbsp; — | &nbsp;&nbsp;&nbsp;&nbsp; 1502373 | &nbsp;&nbsp;&nbsp;&nbsp; — | &nbsp;&nbsp;&nbsp;&nbsp; 1502373 |
| &nbsp;&nbsp;&nbsp; South Carolina | &nbsp;&nbsp;&nbsp;&nbsp; — | &nbsp;&nbsp;&nbsp;&nbsp; 3451091 | &nbsp;&nbsp;&nbsp;&nbsp; — | &nbsp;&nbsp;&nbsp;&nbsp; 3451091 |
| &nbsp;&nbsp;&nbsp; South Dakota | &nbsp;&nbsp;&nbsp;&nbsp; — | &nbsp;&nbsp;&nbsp;&nbsp; 3372470 | &nbsp;&nbsp;&nbsp;&nbsp; — | &nbsp;&nbsp;&nbsp;&nbsp; 3372470 |
| &nbsp;&nbsp;&nbsp; Tennessee | &nbsp;&nbsp;&nbsp;&nbsp; — | &nbsp;&nbsp;&nbsp;&nbsp; 12731886 | &nbsp;&nbsp;&nbsp;&nbsp; — | &nbsp;&nbsp;&nbsp;&nbsp; 12731886 |
| &nbsp;&nbsp;&nbsp; Texas | &nbsp;&nbsp;&nbsp;&nbsp; — | &nbsp;&nbsp;&nbsp;&nbsp; 31526463 | &nbsp;&nbsp;&nbsp;&nbsp; — | &nbsp;&nbsp;&nbsp;&nbsp; 31526463 |
| &nbsp;&nbsp;&nbsp; Utah | &nbsp;&nbsp;&nbsp;&nbsp; — | &nbsp;&nbsp;&nbsp;&nbsp; 1763708 | &nbsp;&nbsp;&nbsp;&nbsp; — | &nbsp;&nbsp;&nbsp;&nbsp; 1763708 |
| &nbsp;&nbsp;&nbsp; Washington | &nbsp;&nbsp;&nbsp;&nbsp; — | &nbsp;&nbsp;&nbsp;&nbsp; 12144779 | &nbsp;&nbsp;&nbsp;&nbsp; — | &nbsp;&nbsp;&nbsp;&nbsp; 12144779 |
| &nbsp;&nbsp;&nbsp; West Virginia | &nbsp;&nbsp;&nbsp;&nbsp; — | &nbsp;&nbsp;&nbsp;&nbsp; 545994 | &nbsp;&nbsp;&nbsp;&nbsp; — | &nbsp;&nbsp;&nbsp;&nbsp; 545994 |
| &nbsp;&nbsp;&nbsp; Wisconsin | &nbsp;&nbsp;&nbsp;&nbsp; — | &nbsp;&nbsp;&nbsp;&nbsp; 8097606 | &nbsp;&nbsp;&nbsp;&nbsp; — | &nbsp;&nbsp;&nbsp;&nbsp; 8097606 |
| Total Municipal Bonds | &nbsp;&nbsp;&nbsp;&nbsp; — | &nbsp;&nbsp;&nbsp;&nbsp; 305029188 | &nbsp;&nbsp;&nbsp;&nbsp; 1156000 | &nbsp;&nbsp;&nbsp;&nbsp; 306185188 |
| Options Purchased | &nbsp;&nbsp;&nbsp;&nbsp; 46550 | &nbsp;&nbsp;&nbsp;&nbsp; — | &nbsp;&nbsp;&nbsp;&nbsp; — | &nbsp;&nbsp;&nbsp;&nbsp; 46550 |
| Short-Term Investments |  |  |  |  |
| &nbsp;&nbsp;&nbsp; Investment Companies | &nbsp;&nbsp;&nbsp;&nbsp; 26097697 | &nbsp;&nbsp;&nbsp;&nbsp; — | &nbsp;&nbsp;&nbsp;&nbsp; — | &nbsp;&nbsp;&nbsp;&nbsp; 26097697 |
| **Total Investments in Securities** | &nbsp;&nbsp;&nbsp;&nbsp; $26144247 | &nbsp;&nbsp;&nbsp;&nbsp; $305029188 | &nbsp;&nbsp;&nbsp;&nbsp; $1156000 | &nbsp;&nbsp;&nbsp;&nbsp; $332329435 |
| **Appreciation in Other Financial Instruments** |  |  |  |  |
| Futures Contracts | &nbsp;&nbsp;&nbsp;&nbsp; $31147 | &nbsp;&nbsp;&nbsp;&nbsp; $— | &nbsp;&nbsp;&nbsp;&nbsp; $— | &nbsp;&nbsp;&nbsp;&nbsp; $31147 |
| **Depreciation in Other Financial Instruments** |  |  |  |  |
| Futures Contracts | &nbsp;&nbsp;&nbsp;&nbsp; $(15997)<br>| &nbsp;&nbsp;&nbsp;&nbsp; $— | &nbsp;&nbsp;&nbsp;&nbsp; $— | &nbsp;&nbsp;&nbsp;&nbsp; $(15997)<br>|

---

------

**JPMorgan Sustainable Municipal Income 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** |
| Options Written |  |  |  |  |
| &nbsp;&nbsp;&nbsp; Call Options Written | &nbsp;&nbsp;&nbsp;&nbsp; $(37501)<br>| &nbsp;&nbsp;&nbsp;&nbsp; $— | &nbsp;&nbsp;&nbsp;&nbsp; $— | &nbsp;&nbsp;&nbsp;&nbsp; $(37501)<br>|
| **Total Net Appreciation/ Depreciation in Other** <br>**Financial Instruments**<br>| &nbsp;&nbsp;&nbsp;&nbsp; $(22351)<br>| &nbsp;&nbsp;&nbsp;&nbsp; $— | &nbsp;&nbsp;&nbsp;&nbsp; $— | &nbsp;&nbsp;&nbsp;&nbsp; $(22351)<br>|

---

**B. Investment Transactions with Affiliates**— The Fund invested in an Underlying Fund advised by the Adviser. An issuer which is under common control with the Fund may be considered an affiliate. The Fund assumes the issuer listed in the table below to be an affiliated issuer. The Underlying Fund's distributions may be reinvested into such Underlying Fund. Reinvestment amounts are included in the purchases at cost amounts in the table below.

---

| | | | | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|:---|:---|:---|
| **For the period ended 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>| $38541004 | $155632220 | $168075527 | $— | $— | $26097697 | 26095087 | $620615 | $— |

---

&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 Sustainable Municipal Income ETF

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

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

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

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

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

**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:** $337011718.39

**Total Liabilities:** $5912302.63

**Net Assets:** $331099415.76

**Cash Not Reported:** $637718.12

**Currency Risk Metrics (dv01):**

- 

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

- **3-Month:** 195.03553000 | **1-Year:** 5694.51639000 | **5-Year:** 43741.67587000 | **10-Year:** 118162.64075000 | **30-Year:** 9709.58089000

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

- **3-Month:** 10.99169000 | **1-Year:** 2262.75109000 | **5-Year:** 2377.20448000 | **10-Year:** 8723.43294000 | **30-Year:** 3803.59883000

**Monthly Return Information**

| Class               | Month 1 Return (%)   | Month 2 Return (%)   | Month 3 Return (%)   |
|:---|:---|:---|:---|
| Class ID C000241198 | 2.02%                | 0.98%                | 0.33%                |

**Monthly Gains & Losses**

| Period   | Net Realized Gain/Loss   | Net Unrealized Appreciation/Depreciation   |
|:---|:---|:---|
| Month 1  | $-27793.50               | $5229930.95                                |
| Month 2  | $-9394.37                | $2152808.58                                |
| Month 3  | $94978.15                | $-4791.66                                  |

**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   |
|:---|:---|:---|:---|:---|:---|:---|---:|:---|:---|:---|:---|:---|:---|:---|---:|:---|
| Albany Capital Resource Corp.                                                                  | Albany Capital Resource Corp., Medical Center Hospital, Series 2025A                                                                                   | CUSIP: 012432ET3<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |   1000000 | PA      | $1050517.10   | 0.32%             | 2050-05-01      | Fixed         | 5.25%                 | No            |                  2 | On Loan: No      |
| American Municipal Power, Inc.                                                                 | American Municipal Power, Inc., Solar Electricity Prepayment Project, Series 2019A                                                                     | CUSIP: 02765MAR3<br>LEI: EARKGGZJJEMVD66XQ486 | Long             | DBT              | MUN               | US        |    825000 | PA      | $873936.03    | 0.26%             | 2035-02-15      | Fixed         | 5.00%                 | No            |                  2 | On Loan: No      |
| American Municipal Power, Inc.                                                                 | American Municipal Power, Inc., Meldahl Hydroelectric Project, Series 2016A                                                                            | CUSIP: 02765ULP7<br>LEI: EARKGGZJJEMVD66XQ486 | Long             | DBT              | MUN               | US        |   1000000 | PA      | $996558.40    | 0.30%             | 2041-02-15      | Fixed         | 4.00%                 | No            |                  2 | On Loan: No      |
| American Municipal Power, Inc.                                                                 | American Municipal Power, Inc., GreenUp Hydroelectric Project, Series 2025A                                                                            | CUSIP: 02765UUZ5<br>LEI: EARKGGZJJEMVD66XQ486 | Long             | DBT              | MUN               | US        |   1000000 | PA      | $1156534.80   | 0.35%             | 2036-02-15      | Fixed         | 5.00%                 | No            |                  2 | On Loan: No      |
| American Municipal Power, Inc.                                                                 | American Municipal Power, Inc., GreenUp Hydroelectric Project, Series 2025A                                                                            | CUSIP: 02765UVD3<br>LEI: EARKGGZJJEMVD66XQ486 | Long             | DBT              | MUN               | US        |   1000000 | PA      | $1113247.20   | 0.34%             | 2040-02-15      | Fixed         | 5.00%                 | 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    | 0.28%             | 2041-07-01      | Fixed         | 4.00%                 | No            |                  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   | 0.31%             | 2045-06-15      | Fixed         | 5.62%                 | Yes           |                  2 | On Loan: No      |
| City of Aurora IL Single Family Mortgage Revenue                                               | City of Aurora, Single Family Mortgage, Series 2007A                                                                                                   | CUSIP: 051687DB4<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |     37090 | PA      | $37565.11     | 0.01%             | 2039-12-01      | Fixed         | 5.50%                 | No            |                  2 | On Loan: No      |
| City of Aurora IL Single Family Mortgage Revenue                                               | City of Aurora, Single Family Mortgage, Series 2007B                                                                                                   | CUSIP: 051687DD0<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |     32561 | PA      | $32947.33     | 0.01%             | 2039-12-01      | Fixed         | 5.45%                 | No            |                  2 | On Loan: No      |
| Austin Community College District                                                              | Austin Community College District, Unlimited Tax                                                                                                       | CUSIP: 052403KQ4<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |   1000000 | PA      | $1130969.80   | 0.34%             | 2037-08-01      | Fixed         | 5.00%                 | No            |                  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        |   1000000 | PA      | $1022190.50   | 0.31%             | 2055-06-01      | Variable      | 5.00%                 | Yes           |                  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        |   2000000 | PA      | $1822290.40   | 0.55%             | 2049-07-01      | Fixed         | 4.00%                 | No            |                  2 | On Loan: No      |
| Bucks County Water and Sewer Authority                                                         | Bucks County Water and Sewer Authority, Series 2022A                                                                                                   | CUSIP: 118683JU6<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |    525000 | PA      | $580250.16    | 0.18%             | 2038-12-01      | Fixed         | 5.00%                 | No            |                  2 | On Loan: No      |
| Buffalo Sewer Authority                                                                        | Buffalo Sewer Authority, Series 2025A                                                                                                                  | CUSIP: 119730HS1<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |   1080000 | PA      | $1140877.87   | 0.34%             | 2050-06-15      | Fixed         | 5.00%                 | No            |                  2 | On Loan: No      |
| Build NYC Resource Corp.                                                                       | Build NYC Resource Corp., Grand Concourse Academy Charter School, Series 2022A                                                                         | CUSIP: 12008ESW7<br>LEI: 549300GROJFKMNLWEK84 | Long             | DBT              | MUN               | US        |    125000 | PA      | $124480.20    | 0.04%             | 2027-07-01      | Fixed         | 3.40%                 | No            |                  2 | On Loan: No      |
| Build NYC Resource Corp.                                                                       | Build NYC Resource Corp., Kipp NYC Public School Facilities - Canal West Project                                                                       | CUSIP: 12008ETM8<br>LEI: 549300GROJFKMNLWEK84 | Long             | DBT              | MUN               | US        |    460000 | PA      | $484584.06    | 0.15%             | 2029-07-01      | 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        |   1000000 | PA      | $1042215.20   | 0.31%             | 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: 12008EWL6<br>LEI: 549300GROJFKMNLWEK84 | Long             | DBT              | MUN               | US        |   1000000 | PA      | $1042860.40   | 0.31%             | 2035-12-01      | Fixed         | 4.12%                 | No            |                  2 | On Loan: No      |
| Build NYC Resource Corp.                                                                       | Build NYC Resource Corp., ERE425 LLC ZETA Charter Schools, Inc. Project, Series 2025A                                                                  | CUSIP: 12008EWT9<br>LEI: 549300GROJFKMNLWEK84 | Long             | DBT              | MUN               | US        |   1000000 | PA      | $1017988.90   | 0.31%             | 2040-10-15      | Fixed         | 5.00%                 | 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        |   1090000 | PA      | $1144717.35   | 0.35%             | 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 2024A                                                                    | CUSIP: 13013JDR4<br>LEI: 549300X8VKJ215S2R571 | Long             | DBT              | MUN               | US        |   2000000 | PA      | $2141411.00   | 0.65%             | 2054-05-01      | Variable      | 5.00%                 | No            |                  2 | On Loan: No      |
| California Community Choice Financing Authority                                                | California Community Choice Financing Authority, Clean Energy Project, Series 2024D                                                                    | CUSIP: 13013JFD3<br>LEI: 549300X8VKJ215S2R571 | Long             | DBT              | MUN               | US        |   2065000 | PA      | $2251942.18   | 0.68%             | 2055-02-01      | 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        |   2850000 | PA      | $3125131.88   | 0.94%             | 2056-10-01      | Variable      | 5.00%                 | No            |                  2 | On Loan: No      |
| California Community Choice Financing Authority                                                | California Community Choice Financing Authority, Clean Energy Project, Series 2025F                                                                    | CUSIP: 13013JHH2<br>LEI: 549300X8VKJ215S2R571 | Long             | DBT              | MUN               | US        |   2000000 | PA      | $2190444.20   | 0.66%             | 2033-11-01      | Fixed         | 5.00%                 | No            |                  2 | On Loan: No      |
| California Health Facilities Financing Authority                                               | California Health Facilities Financing Authority, Cedars-Sinai Medical Center, Series 2021A                                                            | CUSIP: 13032UB23<br>LEI: 5493007RI8BUDOGHZ546 | Long             | DBT              | MUN               | US        |   1000000 | PA      | $925784.90    | 0.28%             | 2048-08-15      | Fixed         | 4.00%                 | No            |                  2 | On Loan: No      |
| California Health Facilities Financing Authority                                               | California Health Facilities Financing Authority, Sutter Health, Series 2018A                                                                          | CUSIP: 13032URN0<br>LEI: 5493007RI8BUDOGHZ546 | Long             | DBT              | MUN               | US        |   1000000 | PA      | $975636.80    | 0.29%             | 2042-11-15      | Fixed         | 4.00%                 | No            |                  2 | On Loan: No      |
| California Infrastructure & Economic Development Bank                                          | California Infrastructure and Economic Development Bank, California Academy of Science, Series 2024A                                                   | CUSIP: 13034A5B2<br>LEI: 549300C1OG9RDIM8ET06 | Long             | DBT              | MUN               | US        |   2000000 | PA      | $2017812.00   | 0.61%             | 2029-08-01      | Fixed         | 3.25%                 | No            |                  2 | On Loan: No      |
| California Infrastructure & Economic Development Bank                                          | California Infrastructure and Economic Development Bank, Segerstrom Center for the Arts, Series 2024                                                   | CUSIP: 13034A5V8<br>LEI: 549300C1OG9RDIM8ET06 | Long             | DBT              | MUN               | US        |   1000000 | PA      | $1130879.30   | 0.34%             | 2032-01-01      | Fixed         | 5.00%                 | 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        |   1445000 | PA      | $1156000.00   | 0.35%             | 2065-01-01      | Variable      | 12.00%                | No            |                  3 | On Loan: No      |
| California Municipal Finance Authority                                                         | California Municipal Finance Authority, Humangood California Obligated Group, Series 2025A                                                             | CUSIP: 13048V3V8<br>LEI: 5493000UQOV6R4ZWS346 | Long             | DBT              | MUN               | US        |   1000000 | PA      | $1035305.80   | 0.31%             | 2042-10-01      | Fixed         | 5.00%                 | No            |                  2 | On Loan: No      |
| California Municipal Finance Authority                                                         | California Municipal Finance Authority, Class 1                                                                                                        | CUSIP: 13050WAD3<br>LEI: 5493000UQOV6R4ZWS346 | Long             | DBT              | MUN               | US        |    999368 | PA      | $1001829.71   | 0.30%             | 2040-11-20      | Variable      | 4.33%                 | No            |                  2 | On Loan: No      |
| California Pollution Control Financing Authority                                               | California Pollution Control Financing Authority, Poseidon Resources Channelside LP Desalination Project                                               | CUSIP: 13054WBB2<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |    250000 | PA      | $269814.80    | 0.08%             | 2036-07-01      | Fixed         | 5.00%                 | Yes           |                  2 | On Loan: No      |
| California Pollution Control Financing Authority                                               | California Pollution Control Financing Authority, Poseidon Resources Channelside LP Desalination Project                                               | CUSIP: 13054WBC0<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |   1100000 | PA      | $1181321.90   | 0.36%             | 2037-07-01      | Fixed         | 5.00%                 | Yes           |                  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    | 0.15%             | 2054-06-01      | Fixed         | 6.50%                 | Yes           |                  2 | On Loan: No      |
| California School Finance Authority                                                            | California School Finance Authority, Kipp SoCal Public Schools, Series 2019A                                                                           | CUSIP: 13059TFT1<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |    500000 | PA      | $515194.90    | 0.16%             | 2039-07-01      | Fixed         | 5.00%                 | Yes           |                  2 | On Loan: No      |
| California School Finance Authority                                                            | California School Finance Authority, Green Dot Public School Project, Series 2022A                                                                     | CUSIP: 13059THF9<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |    275000 | PA      | $288946.74    | 0.09%             | 2032-08-01      | Fixed         | 5.00%                 | Yes           |                  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   | 0.60%             | 2056-12-01      | Fixed         | 5.25%                 | Yes           |                  2 | On Loan: No      |
| Camden County Improvement Authority (The)                                                      | Camden County Improvement Authority (The), Camden Prep High School Project                                                                             | CUSIP: 13281UAC0<br>LEI: 549300UTQBT9ZE0QFB15 | Long             | DBT              | MUN               | US        |    590000 | PA      | $596378.37    | 0.18%             | 2042-07-15      | Fixed         | 5.00%                 | Yes           |                  2 | On Loan: No      |
| City of Charlotte NC Water & Sewer System Revenue                                              | City of Charlotte Water and Sewer System, Series 2022A                                                                                                 | CUSIP: 161045RK7<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |   3000000 | PA      | $3331393.50   | 1.01%             | 2030-07-01      | Fixed         | 5.00%                 | No            |                  2 | On Loan: No      |
| Chicago Board of Education                                                                     | Chicago Board of Education, Series 2016A                                                                                                               | CUSIP: 167505QY5<br>LEI: 54930099NR6T9V7LVB43 | Long             | DBT              | MUN               | US        |   1525000 | PA      | $1525000.00   | 0.46%             | 2044-12-01      | Fixed         | 7.00%                 | 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   | 0.31%             | 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        |    840000 | PA      | $903537.01    | 0.27%             | 2030-11-01      | Fixed         | 5.75%                 | No            |                  2 | On Loan: No      |
| City of Chicago IL Waterworks Revenue                                                          | City of Chicago, Waterworks, Second Lien, Series 2023B                                                                                                 | CUSIP: 167736W60<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |    500000 | PA      | $550814.20    | 0.17%             | 2035-11-01      | Fixed         | 5.00%                 | No            |                  2 | On Loan: No      |
| City of Chicago IL Waterworks Revenue                                                          | City of Chicago,  Waterworks, Second Lien, Series 2023B                                                                                                | CUSIP: 167736W94<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |   1250000 | PA      | $1351469.88   | 0.41%             | 2038-11-01      | Fixed         | 5.00%                 | No            |                  2 | On Loan: No      |
| Collin County Community College District                                                       | Collin County Community College District                                                                                                               | CUSIP: 194742GB2<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |   1500000 | PA      | $1501510.20   | 0.45%             | 2042-08-15      | Fixed         | 4.00%                 | No            |                  2 | On Loan: No      |
| Colorado Health Facilities Authority                                                           | Colorado Health Facilities Authority, Series 2025A                                                                                                     | CUSIP: 19648FA53<br>LEI: 5493002JB6DRFRZPEQ21 | Long             | DBT              | MUN               | US        |    415000 | PA      | $438451.07    | 0.13%             | 2038-05-15      | Fixed         | 5.00%                 | No            |                  2 | On Loan: No      |
| Colorado Health Facilities Authority                                                           | Colorado Health Facilities Authority, Series 2025A                                                                                                     | CUSIP: 19648FA61<br>LEI: 5493002JB6DRFRZPEQ21 | Long             | DBT              | MUN               | US        |    400000 | PA      | $419605.84    | 0.13%             | 2039-05-15      | Fixed         | 5.00%                 | No            |                  2 | On Loan: No      |
| Colorado Health Facilities Authority                                                           | Colorado Health Facilities Authority, Series 2025A                                                                                                     | CUSIP: 19648FA79<br>LEI: 5493002JB6DRFRZPEQ21 | Long             | DBT              | MUN               | US        |    365000 | PA      | $379617.01    | 0.11%             | 2040-05-15      | Fixed         | 5.00%                 | No            |                  2 | On Loan: No      |
| Colorado Health Facilities Authority                                                           | Colorado Health Facilities Authority, CommonSpirit Health, Series 2025A                                                                                | CUSIP: 19648FB60<br>LEI: 5493002JB6DRFRZPEQ21 | Long             | DBT              | MUN               | US        |   1000000 | PA      | $1110546.90   | 0.34%             | 2032-09-01      | Fixed         | 5.00%                 | No            |                  2 | On Loan: No      |
| Colorado Health Facilities Authority                                                           | Colorado Health Facilities Authority, Adventist Health System, Series 2019A                                                                            | CUSIP: 19648FJE5<br>LEI: 5493002JB6DRFRZPEQ21 | Long             | DBT              | MUN               | US        |   2050000 | PA      | $1926325.35   | 0.58%             | 2043-11-15      | Fixed         | 4.00%                 | No            |                  2 | On Loan: No      |
| Colorado Health Facilities Authority                                                           | Colorado Health Facilities Authority, Adventist Health System, Series 2024A-1                                                                          | CUSIP: 19648FYN8<br>LEI: 5493002JB6DRFRZPEQ21 | Long             | DBT              | MUN               | US        |   1000000 | PA      | $1073988.30   | 0.32%             | 2059-11-15      | Variable      | 5.00%                 | No            |                  2 | On Loan: No      |
| Colorado Health Facilities Authority                                                           | Colorado Health Facilities Authority, Covenant Living Communities and Services, Series 2025A                                                           | CUSIP: 19648FYX6<br>LEI: 5493002JB6DRFRZPEQ21 | Long             | DBT              | MUN               | US        |    745000 | PA      | $755490.27    | 0.23%             | 2026-12-01      | Fixed         | 5.00%                 | No            |                  2 | On Loan: No      |
| Colorado Health Facilities Authority                                                           | Colorado Health Facilities Authority, Covenant Living Communities and Services, Series 2025A                                                           | CUSIP: 19648FYY4<br>LEI: 5493002JB6DRFRZPEQ21 | Long             | DBT              | MUN               | US        |    800000 | PA      | $822510.48    | 0.25%             | 2027-12-01      | Fixed         | 5.00%                 | 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        |   2030000 | PA      | $2161366.78   | 0.65%             | 2053-11-01      | Fixed         | 5.75%                 | No            |                  2 | On Loan: No      |
| Board of Governors of Colorado State University System                                         | Board of Governors of Colorado State University System, Series 2017C                                                                                   | CUSIP: 196707S20<br>LEI: 549300MAE3RAIIEIQV71 | Long             | DBT              | MUN               | US        |   1000000 | PA      | $1025046.60   | 0.31%             | 2043-03-01      | Fixed         | 5.00%                 | No            |                  2 | On Loan: No      |
| Comal Independent School District                                                              | Comal Independent School District, Unlimited Tax                                                                                                       | CUSIP: 199821AN9<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |   1000000 | PA      | $1141305.60   | 0.34%             | 2038-02-01      | Fixed         | 5.00%                 | No            |                  2 | On Loan: No      |
| Cumberland County Industrial Facilities & Pollution Control Financing Authority                | Cumberland County Industrial Facilities and Pollution Control Financing Authority, Solid Waste Disposal Project Hero                                   | CUSIP: 230589AB9<br>LEI: N/A                  | Long             | STIV             | MUN               | US        |   1000000 | PA      | $999868.60    | 0.30%             | 2027-12-01      | Variable      | 3.13%                 | No            |                  2 | On Loan: No      |
| City of Detroit MI                                                                             | City of Detroit, Unlimited Tax, Series 2021A                                                                                                           | CUSIP: 2510934U1<br>LEI: 549300BQRJP7MKKHOY28 | Long             | DBT              | MUN               | US        |    770000 | PA      | $834045.29    | 0.25%             | 2033-04-01      | Fixed         | 5.00%                 | No            |                  2 | On Loan: No      |
| City of Detroit MI                                                                             | City of Detroit, Unlimited Tax, Series 2023A                                                                                                           | CUSIP: 2510936C9<br>LEI: 549300BQRJP7MKKHOY28 | Long             | DBT              | MUN               | US        |   2000000 | PA      | $2283138.20   | 0.69%             | 2039-05-01      | Fixed         | 6.00%                 | No            |                  2 | On Loan: No      |
| District of Columbia Water & Sewer Authority                                                   | District of Columbia Water and Sewer Authority, Subordinate Lien, Series 2025A                                                                         | CUSIP: 254845UW8<br>LEI: 549300OT2FIJQJ5PSH71 | Long             | DBT              | MUN               | US        |   2000000 | PA      | $2164482.60   | 0.65%             | 2043-10-01      | Fixed         | 5.00%                 | No            |                  2 | On Loan: No      |
| District of Columbia                                                                           | District of Columbia, Georgetown University Issue, Series 2025A                                                                                        | CUSIP: 25484JDJ6<br>LEI: 549300HWFOZXPKGOX654 | Long             | DBT              | MUN               | US        |   4250000 | PA      | $4804108.20   | 1.45%             | 2060-04-01      | Variable      | 5.00%                 | No            |                  2 | On Loan: No      |
| Dominion Water & Sanitation District                                                           | Dominion Water and Sanitation District                                                                                                                 | CUSIP: 25755AAC5<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |    579000 | PA      | $581232.22    | 0.18%             | 2027-12-01      | Fixed         | 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        |    500000 | PA      | $514265.40    | 0.16%             | 2032-12-01      | Fixed         | 5.25%                 | No            |                  2 | On Loan: No      |
| Douglasville-Douglas County Water & Sewer Authority                                            | Douglasville-Douglas County Water and Sewer Authority                                                                                                  | CUSIP: 259852HN4<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |   2000000 | PA      | $2225074.40   | 0.67%             | 2041-06-01      | Fixed         | 5.00%                 | No            |                  2 | On Loan: No      |
| Florida Atlantic University Finance Corp.                                                      | Florida Atlantic University Finance Corp., Student Housing Project, Series 2024                                                                        | CUSIP: 31200CEX0<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |   1000000 | PA      | $1050397.60   | 0.32%             | 2049-07-01      | Fixed         | 5.00%                 | 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        |   1250000 | PA      | $1037500.00   | 0.31%             | 2053-07-01      | Fixed         | 5.50%                 | No            |                  2 | On Loan: No      |
| Florida Development Finance Corp.                                                              | Florida Development Finance Corp., Central Charter School Project, Series 2022                                                                         | CUSIP: 34061ULH9<br>LEI: 549300HC854CNBLMWC48 | Long             | DBT              | MUN               | US        |   1515000 | PA      | $1444654.76   | 0.44%             | 2042-08-15      | Fixed         | 5.62%                 | Yes           |                  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   | 0.31%             | 2054-10-01      | Variable      | 4.38%                 | Yes           |                  2 | On Loan: No      |
| Florida Housing Finance Corp.                                                                  | Florida Housing Finance Corp., Homeowner Mortgage, Series 2025 5                                                                                       | CUSIP: 34074NFU8<br>LEI: 549300W0PCIJCI0JCF10 | Long             | DBT              | MUN               | US        |   1750000 | PA      | $1956455.03   | 0.59%             | 2056-07-01      | Fixed         | 6.25%                 | No            |                  2 | On Loan: No      |
| Florida Local Government Finance Commission                                                    | Florida Local Government Finance Commission, Bridgeprep Academy Project, Series 2025A                                                                  | CUSIP: 34077EAC0<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |   1000000 | PA      | $1024138.00   | 0.31%             | 2045-06-15      | Fixed         | 6.00%                 | Yes           |                  2 | On Loan: No      |
| Foothill-De Anza Community College District                                                    | Foothill-De Anza Community College District                                                                                                            | CUSIP: 345102MW4<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |   1245000 | PA      | $1245116.41   | 0.38%             | 2040-08-01      | Fixed         | 4.00%                 | No            |                  2 | On Loan: No      |
| Fort Collins-Loveland Water District                                                           | Fort Collins-Loveland Water District                                                                                                                   | CUSIP: 347163CK1<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |   1000000 | PA      | $1151273.80   | 0.35%             | 2038-12-01      | Fixed         | 5.00%                 | No            |                  2 | On Loan: No      |
| City of Gallatin TN Water & Sewer Revenue                                                      | City of Gallatin Water and Sewer                                                                                                                       | CUSIP: 363786ET7<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |   1110000 | PA      | $1267469.26   | 0.38%             | 2038-01-01      | Fixed         | 5.00%                 | 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        |    500000 | PA      | $431110.70    | 0.13%             | 2041-08-01      | Fixed         | 5.00%                 | Yes           |                  2 | On Loan: No      |
| Great Lakes Water Authority Sewage Disposal System Revenue                                     | Great Lakes Water Authority Sewage Disposal System, Second Lien, Series 2025C                                                                          | CUSIP: 39081HHN5<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |   1790000 | PA      | $1958754.04   | 0.59%             | 2045-07-01      | Fixed         | 5.25%                 | No            |                  2 | On Loan: No      |
| Hillsborough County Housing Finance Authority                                                  | Hillsborough County Housing Finance Authority, Multi- Family Tampa 47th Street Apartments, Series 2025A                                                | CUSIP: 43232EDE6<br>LEI: 5493003JJ1KK4FWWU787 | Long             | DBT              | MUN               | US        |   1000000 | PA      | $1052468.70   | 0.32%             | 2042-12-01      | Fixed         | 5.00%                 | No            |                  2 | On Loan: No      |
| Hillsborough County Industrial Development Authority                                           | Hillsborough County Industrial Development Authority, Baycare Health System, Series 2024E                                                              | CUSIP: 43233KAX2<br>LEI: N/A                  | Long             | STIV             | MUN               | US        |    675000 | PA      | $675000.00    | 0.20%             | 2054-11-15      | Variable      | 2.85%                 | No            |                  2 | On Loan: No      |
| City & County Honolulu HI Wastewater System Revenue                                            | City and County Honolulu Wastewater System, Series 2025B                                                                                               | CUSIP: 4387015C4<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |   1700000 | PA      | $1864746.66   | 0.56%             | 2046-07-01      | Fixed         | 5.25%                 | No            |                  2 | On Loan: No      |
| Housing Options, Inc.                                                                          | Housing Options, Inc., The Culbreath                                                                                                                   | CUSIP: 44183TAM5<br>LEI: N/A                  | Long             | STIV             | MUN               | US        |   1000000 | PA      | $1013185.40   | 0.31%             | 2045-11-01      | Variable      | 3.75%                 | No            |                  2 | On Loan: No      |
| City of Houston TX Airport System Revenue                                                      | City of Houston Airport System, United Airlines, Inc., Terminal Improvement Projects, Series 2024B                                                     | CUSIP: 442349HU3<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |    650000 | PA      | $703800.70    | 0.21%             | 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: 442349KA3<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |   1500000 | PA      | $1568738.70   | 0.47%             | 2029-07-15      | Fixed         | 5.25%                 | No            |                  2 | On Loan: No      |
| Idaho Health Facilities Authority                                                              | Idaho Health Facilities Authority, St. Luke's Health System Project, Series 2025B                                                                      | CUSIP: 451295H51<br>LEI: 549300X43KY1C2WW0J97 | Long             | DBT              | MUN               | US        |   1000000 | PA      | $1091094.60   | 0.33%             | 2060-03-01      | Variable      | 5.00%                 | No            |                  2 | On Loan: No      |
| Illinois Housing Development Authority                                                         | Illinois Housing Development Authority, Series 2025A                                                                                                   | CUSIP: 45203MK34<br>LEI: 54930053Z6M9JVHBQZ16 | Long             | DBT              | MUN               | US        |   1000000 | PA      | $1128104.20   | 0.34%             | 2055-10-01      | Fixed         | 6.25%                 | No            |                  2 | On Loan: No      |
| Illinois Housing Development Authority                                                         | Illinois Housing Development Authority, Series 2024A                                                                                                   | CUSIP: 45203MWL1<br>LEI: 54930053Z6M9JVHBQZ16 | Long             | DBT              | MUN               | US        |    920000 | PA      | $994382.37    | 0.30%             | 2054-10-01      | Fixed         | 6.00%                 | No            |                  2 | On Loan: No      |
| Illinois Finance Authority                                                                     | Illinois Finance Authority, Northwestern Memorial Healthcare, Series 2021B                                                                             | CUSIP: 45204FME2<br>LEI: 549300ZG6UBPNNNRN315 | Long             | STIV             | MUN               | US        |    845000 | PA      | $845000.00    | 0.26%             | 2055-07-15      | Variable      | 2.80%                 | No            |                  2 | On Loan: No      |
| Illinois Finance Authority                                                                     | Illinois Finance Authority, Lake Forest College, Series 2022A                                                                                          | CUSIP: 45204FRB3<br>LEI: 549300ZG6UBPNNNRN315 | Long             | DBT              | MUN               | US        |    380000 | PA      | $401425.08    | 0.12%             | 2039-10-01      | Fixed         | 5.50%                 | No            |                  2 | On Loan: No      |
| Illinois Finance Authority                                                                     | Illinois Finance Authority, University of Chicago, Series 2024A                                                                                        | CUSIP: 45204FWD3<br>LEI: 549300ZG6UBPNNNRN315 | Long             | DBT              | MUN               | US        |   1125000 | PA      | $1269823.05   | 0.38%             | 2032-04-01      | Fixed         | 5.00%                 | No            |                  2 | On Loan: No      |
| Indiana Finance Authority                                                                      | Indiana Finance Authority, CWA Authority Project, Series 2021-1                                                                                        | CUSIP: 45505MJQ0<br>LEI: 549300PS0PAS7NDSSI20 | Long             | DBT              | MUN               | US        |   1000000 | PA      | $1115337.40   | 0.34%             | 2034-10-01      | Fixed         | 5.00%                 | No            |                  2 | On Loan: No      |
| Iowa Finance Authority                                                                         | Iowa Finance Authority, Senior Living Facility, Sunrise Retirement Community Project                                                                   | CUSIP: 46247CBW8<br>LEI: 549300NQVL49BTHOW391 | Long             | DBT              | MUN               | US        |    195000 | PA      | $192106.47    | 0.06%             | 2028-09-01      | Fixed         | 5.00%                 | No            |                  2 | On Loan: No      |
| Iowa Finance Authority                                                                         | Iowa Finance Authority, Senior Living Facility, Sunrise Retirement Community Project                                                                   | CUSIP: 46247CBY4<br>LEI: 549300NQVL49BTHOW391 | Long             | DBT              | MUN               | US        |    110000 | PA      | $107501.83    | 0.03%             | 2030-09-01      | Fixed         | 5.00%                 | No            |                  2 | On Loan: No      |
| Iowa Finance Authority                                                                         | Iowa Finance Authority, Senior Living Facility, Sunrise Retirement Community Project                                                                   | CUSIP: 46247CBZ1<br>LEI: 549300NQVL49BTHOW391 | Long             | DBT              | MUN               | US        |    105000 | PA      | $102135.17    | 0.03%             | 2031-09-01      | Fixed         | 5.00%                 | No            |                  2 | On Loan: No      |
| Iowa Finance Authority                                                                         | Iowa Finance Authority, Senior Living Facility, Sunrise Retirement Community Project                                                                   | CUSIP: 46247CCA5<br>LEI: 549300NQVL49BTHOW391 | Long             | DBT              | MUN               | US        |    445000 | PA      | $413121.76    | 0.12%             | 2036-09-01      | Fixed         | 5.00%                 | No            |                  2 | On Loan: No      |
| Iowa Student Loan Liquidity Corp.                                                              | Iowa Student Loan Liquidity Corp., Student Loan, Series 2015A                                                                                          | CUSIP: 462590KB5<br>LEI: 549300FO1LWVSZKGJK70 | Long             | DBT              | MUN               | US        |   1000000 | PA      | $1000000.00   | 0.30%             | 2025-12-01      | Fixed         | 5.00%                 | No            |                  2 | On Loan: No      |
| IPS Multi-School Building Corp.                                                                | IPS Multi-School Building Corp., Ad Valorem Property Tax First Mortgage, Series 2024                                                                   | CUSIP: 46263RUB9<br>LEI: 549300BHLK1DUJUYPM91 | Long             | DBT              | MUN               | US        |   1350000 | PA      | $1353896.78   | 0.41%             | 2026-01-15      | 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        |  26095087 | NS      | $26097696.85  | 7.88%             |  |  |  | No            |                  1 | On Loan: No      |
| Jackson State University Educational Building Corp.                                            | Jackson State University Educational Building Corp., Series 2021A                                                                                      | CUSIP: 468714FG0<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |   1000000 | PA      | $863199.90    | 0.26%             | 2034-03-01      | Fixed         | 1.40%                 | No            |                  2 | On Loan: No      |
| Jefferson County Port Authority                                                                | Jefferson County Port Authority, JSW Steel USA Ohio, Inc., Project, Series 2023                                                                        | CUSIP: 473318AB9<br>LEI: N/A                  | Long             | STIV             | MUN               | US        |   1000000 | PA      | $1024702.90   | 0.31%             | 2053-12-01      | Variable      | 5.00%                 | Yes           |                  2 | On Loan: No      |
| City of Jeffersonville IN                                                                      | City of Jeffersonville, Vivera Senior Living of Jeffersonville Project, Series 2020A                                                                   | CUSIP: 475666AA1<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |    415000 | PA      | $400493.76    | 0.12%             | 2030-11-01      | Fixed         | 4.75%                 | Yes           |                  2 | On Loan: No      |
| County of King Sewer Revenue                                                                   | County of King Sewer, Series 2016A                                                                                                                     | CUSIP: 4952893L2<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |   1000000 | PA      | $1000123.00   | 0.30%             | 2039-07-01      | Fixed         | 4.00%                 | No            |                  2 | On Loan: No      |
| Kings Local School District                                                                    | Kings Local School District, Unlimited Tax                                                                                                             | CUSIP: 496026ND3<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |   2000000 | PA      | $2026557.60   | 0.61%             | 2026-07-09      | Fixed         | 5.00%                 | No            |                  2 | On Loan: No      |
| City of Lake Havasu City AZ Wastewater System Revenue                                          | City of Lake Havasu City Wastewater System, Senior Lien                                                                                                | CUSIP: 50989RAL4<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |   1100000 | PA      | $1276540.87   | 0.39%             | 2033-07-01      | Fixed         | 5.00%                 | No            |                  2 | On Loan: No      |
| Lakota Local School District/Butler County                                                     | Lakota Local School District, Series 2005                                                                                                              | CUSIP: 512804RD9<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |   1500000 | PA      | $1500000.00   | 0.45%             | 2025-12-01      | Fixed         | 5.25%                 | No            |                  2 | On Loan: No      |
| Lee County Industrial Development Authority                                                    | Lee County Industrial Development Authority, Series 2019A-1                                                                                            | CUSIP: 52350LAK6<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |   1235000 | PA      | $1294417.46   | 0.39%             | 2036-04-01      | Fixed         | 5.00%                 | No            |                  2 | On Loan: No      |
| Legacy Denton Public Facility Corp.                                                            | Legacy Denton Public Facility Corp., Multifamily Housing Roselawn Village                                                                              | CUSIP: 52474GAC6<br>LEI: N/A                  | Long             | STIV             | MUN               | US        |   1000000 | PA      | $997460.30    | 0.30%             | 2043-11-01      | Variable      | 3.15%                 | No            |                  2 | On Loan: No      |
| Long Island Power Authority                                                                    | Long Island Power Authority, Electric System, Series 2025B                                                                                             | CUSIP: 542691LD0<br>LEI: 1R46U5SYJ63KQXF39168 | Long             | STIV             | MUN               | US        |   1000000 | PA      | $990987.40    | 0.30%             | 2055-09-01      | Variable      | 3.00%                 | No            |                  2 | On Loan: No      |
| Los Angeles Department of Water & Power Water System Revenue                                   | Los Angeles Department of Water and Power, Water System, Series 2017A                                                                                  | CUSIP: 544525WL8<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |   1000000 | PA      | $951888.00    | 0.29%             | 2047-07-01      | Fixed         | 4.00%                 | No            |                  2 | On Loan: No      |
| Los Angeles Department of Water & Power Water System Revenue                                   | Los Angeles Department of Water and Power Water System, Series 2018B                                                                                   | CUSIP: 544525XX1<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |   1000000 | PA      | $1056195.50   | 0.32%             | 2029-07-01      | Fixed         | 5.00%                 | No            |                  2 | On Loan: No      |
| Louisiana Housing Corp.                                                                        | Louisiana Housing Corp., Single Family Mortgage, Series 2025A                                                                                          | CUSIP: 54627DTY7<br>LEI: 549300VL35TBE7RSJH61 | Long             | DBT              | MUN               | US        |   1000000 | PA      | $1096651.20   | 0.33%             | 2055-06-01      | Fixed         | 6.00%                 | No            |                  2 | On Loan: No      |
| Louisiana Public Facilities Authority                                                          | Louisiana Public Facilities Authority, Mentorship Steam Academy Project, Series 2021A                                                                  | CUSIP: 546399LN4<br>LEI: 549300RQIPT5S4P4M065 | Long             | DBT              | MUN               | US        |    385000 | PA      | $366962.37    | 0.11%             | 2036-06-01      | Fixed         | 5.00%                 | Yes           |                  2 | On Loan: No      |
| Louisiana Public Facilities Authority                                                          | Louisiana Public Facilities Authority, Mentorship Steam Academy Project, Series 2021A                                                                  | CUSIP: 546399LS3<br>LEI: 549300RQIPT5S4P4M065 | Long             | DBT              | MUN               | US        |    440000 | PA      | $390194.20    | 0.12%             | 2042-06-01      | Fixed         | 5.00%                 | Yes           |                  2 | On Loan: No      |
| Louisiana Public Facilities Authority                                                          | Louisiana Public Facilities Authority, Ochsner Clinic Foundation Project, Series 2025A                                                                 | CUSIP: 546399UN4<br>LEI: 549300RQIPT5S4P4M065 | Long             | DBT              | MUN               | US        |   1000000 | PA      | $1048459.50   | 0.32%             | 2055-05-15      | Fixed         | 5.25%                 | No            |                  2 | On Loan: No      |
| Louisiana Public Facilities Authority                                                          | Louisiana Public Facilities Authority, Ochsner Clinic Foundation Project, Series 2025A                                                                 | CUSIP: 546399UP9<br>LEI: 549300RQIPT5S4P4M065 | Long             | DBT              | MUN               | US        |   1000000 | PA      | $1065864.80   | 0.32%             | 2055-05-15      | Fixed         | 5.50%                 | No            |                  2 | On Loan: No      |
| Main Street Natural Gas, Inc.                                                                  | Main Street Natural Gas, Inc., Gas Supply, Series 2021C                                                                                                | CUSIP: 56035DCZ3<br>LEI: 549300NY5M0QVZ6X4U26 | Long             | DBT              | MUN               | US        |   2050000 | PA      | $2090631.41   | 0.63%             | 2052-05-01      | Variable      | 4.00%                 | 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   | 0.33%             | 2055-05-01      | Variable      | 5.00%                 | No            |                  2 | On Loan: No      |
| City of Manchester NH                                                                          | City of Manchester, School Facilities                                                                                                                  | CUSIP: 562358CK5<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |    900000 | PA      | $939151.44    | 0.28%             | 2027-06-01      | Fixed         | 5.50%                 | No            |                  2 | On Loan: No      |
| Mansfield Independent School District                                                          | Mansfield Independent School District, Unlimited Tax, Series 2024                                                                                      | CUSIP: 564386UE8<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |   1000000 | PA      | $924397.50    | 0.28%             | 2054-02-15      | Fixed         | 4.00%                 | No            |                  2 | On Loan: No      |
| Maricopa County Industrial Development Authority                                               | Maricopa County Industrial Development Authority, Arizona Autism Charter School Project, Series 2021A                                                  | CUSIP: 56681NGK7<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |   1100000 | PA      | $957764.28    | 0.29%             | 2041-07-01      | Fixed         | 4.00%                 | Yes           |                  2 | On Loan: No      |
| Maricopa County Union High School District No. 216 Agua Fria                                   | Maricopa County Union High School District No. 216 Agua Fria, Project of 2023 and 2024                                                                 | CUSIP: 567541SD0<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |    450000 | PA      | $521886.11    | 0.16%             | 2033-07-01      | Fixed         | 5.00%                 | No            |                  2 | On Loan: No      |
| Maricopa County Union High School District No. 216 Agua Fria                                   | Maricopa County Union High School District No. 216 Agua Fria, Project of 2023 and 2024                                                                 | CUSIP: 567541SR9<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |    275000 | PA      | $322072.69    | 0.10%             | 2034-07-01      | Fixed         | 5.00%                 | 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   | 0.32%             | 2029-07-01      | Fixed         | 5.00%                 | No            |                  2 | On Loan: No      |
| Massachusetts Development Finance Agency                                                       | Massachusetts Development Finance Agency, Amherst College Issue, Series 2025A                                                                          | CUSIP: 57585BKD9<br>LEI: 549300UZSVMFXJK08K70 | Long             | DBT              | MUN               | US        |   1000000 | PA      | $1179212.20   | 0.36%             | 2055-11-01      | Variable      | 5.00%                 | No            |                  2 | On Loan: No      |
| Massachusetts Development Finance Agency                                                       | Massachusetts Development Finance Agency, PRG Medford Properties, Inc. Issue Tufts University Student Housing Program                                  | CUSIP: 57585BMN5<br>LEI: 549300UZSVMFXJK08K70 | Long             | DBT              | MUN               | US        |   1000000 | PA      | $1094876.50   | 0.33%             | 2040-06-01      | Fixed         | 5.00%                 | No            |                  2 | On Loan: No      |
| Massachusetts Water Resources Authority                                                        | Massachusetts Water Resources Authority, Green Bond, Series 2016C                                                                                      | CUSIP: 576051PN0<br>LEI: 549300GBS2G3YGHOYO19 | Long             | DBT              | MUN               | US        |   1000000 | PA      | $1000989.10   | 0.30%             | 2040-08-01      | Fixed         | 4.00%                 | No            |                  2 | On Loan: No      |
| Medical University Hospital Authority                                                          | Medical University Hospital Authority, An Agency of The State of south Carolina FHA Insured Hospital Mortgage, Indian Land Project                     | CUSIP: 58463YBH5<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |   1000000 | PA      | $1049534.90   | 0.32%             | 2044-05-15      | Fixed         | 5.25%                 | No            |                  2 | On Loan: No      |
| Metropolitan Government Nashville and Davidson County, Health and Educational Facilities Board | Metropolitan Government Nashville and Davidson County, Health and Educational Facilities Board, Blakeford at Green Hills, Series 2020A                 | CUSIP: 592041YW1<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |   1265000 | PA      | $1208458.17   | 0.36%             | 2038-11-01      | Fixed         | 4.00%                 | No            |                  2 | On Loan: No      |
| Metropolitan Government of Nashville & Davidson County TN Water & Sewer Revenue                | Metropolitan Government of Nashville and Davidson County Water and Sewer                                                                               | CUSIP: 5920983E5<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |   2500000 | PA      | $2890485.75   | 0.87%             | 2036-07-01      | Fixed         | 5.00%                 | No            |                  2 | On Loan: No      |
| Metropolitan Government of Nashville & Davidson County TN Water & Sewer Revenue                | Metropolitan Government of Nashville and Davidson County Water and Sewer                                                                               | CUSIP: 5920983G0<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |   2000000 | PA      | $2276422.60   | 0.69%             | 2038-07-01      | Fixed         | 5.00%                 | No            |                  2 | On Loan: No      |
| Metropolitan Transportation Authority                                                          | Metropolitan Transportation Authority, Series 2024B                                                                                                    | CUSIP: 59261A3L9<br>LEI: 5493000TKYODLXADQD60 | Long             | DBT              | MUN               | US        |   1000000 | PA      | $1078509.40   | 0.33%             | 2041-11-15      | Fixed         | 5.00%                 | No            |                  2 | On Loan: No      |
| Metropolitan Transportation Authority                                                          | Metropolitan Transportation Authority, Climate Bond, Series 2025A                                                                                      | CUSIP: 59261A5A1<br>LEI: 5493000TKYODLXADQD60 | Long             | DBT              | MUN               | US        |   1000000 | PA      | $1084600.30   | 0.33%             | 2043-11-15      | Fixed         | 5.25%                 | No            |                  2 | On Loan: No      |
| Metropolitan Transportation Authority                                                          | Metropolitan Transportation Authority, Series 2017D                                                                                                    | CUSIP: 59261ATB3<br>LEI: 5493000TKYODLXADQD60 | Long             | DBT              | MUN               | US        |   1935000 | PA      | $2027737.39   | 0.61%             | 2033-11-15      | Fixed         | 5.00%                 | No            |                  2 | On Loan: No      |
| Miami-Dade County Educational Facilities Authority                                             | Miami-Dade County Educational Facilities Authority, Series 2024A                                                                                       | CUSIP: 59333ANQ0<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |   1000000 | PA      | $1135598.60   | 0.34%             | 2037-04-01      | Fixed         | 5.00%                 | No            |                  2 | On Loan: No      |
| County of Miami-Dade FL Water & Sewer System Revenue                                           | County of Miami-Dade Water and Sewer System, Series 2025B                                                                                              | CUSIP: 59334DRG1<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |   1000000 | PA      | $995371.30    | 0.30%             | 2042-10-01      | Fixed         | 4.00%                 | No            |                  2 | On Loan: No      |
| County of Miami-Dade, Transit System                                                           | County of Miami-Dade, Transit System, Series 2022                                                                                                      | CUSIP: 59334PKW6<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |   1000000 | PA      | $1036169.50   | 0.31%             | 2049-07-01      | Fixed         | 5.00%                 | No            |                  2 | On Loan: No      |
| Michigan Finance Authority                                                                     | Michigan Finance Authority, Trinity Health Credit Group, Series 2013MI-4                                                                               | CUSIP: 59447TYB3<br>LEI: 54930022O46HOX5J1D14 | Long             | DBT              | MUN               | US        |   1000000 | PA      | $1011072.70   | 0.31%             | 2038-12-01      | Fixed         | 4.00%                 | No            |                  2 | On Loan: No      |
| Michigan Finance Authority                                                                     | Michigan Finance Authority, Public Lighting Authority Refunding Local Project, Series 2025A                                                            | CUSIP: 59447UAL4<br>LEI: 54930022O46HOX5J1D14 | Long             | DBT              | MUN               | US        |   1000000 | PA      | $1125131.30   | 0.34%             | 2032-07-01      | Fixed         | 5.00%                 | No            |                  2 | On Loan: No      |
| Michigan State Housing Development Authority                                                   | Michigan State Housing Development Authority, Series 2025 C                                                                                            | CUSIP: 594654K38<br>LEI: 549300NSWW1HVXE93T03 | Long             | DBT              | MUN               | US        |   2000000 | PA      | $2217673.60   | 0.67%             | 2056-06-01      | Fixed         | 6.00%                 | No            |                  2 | On Loan: No      |
| Michigan State Hospital Finance Authority                                                      | Michigan State Hospital Finance Authority, Corewell Health, Series 2025B-2                                                                             | CUSIP: 59465HXF8<br>LEI: 54930011MIBQ2P7ZNM19 | Long             | DBT              | MUN               | US        |   1000000 | PA      | $1133502.10   | 0.34%             | 2055-08-15      | Variable      | 5.00%                 | No            |                  2 | On Loan: No      |
| Michigan State University                                                                      | Michigan State University, Series 2025A                                                                                                                | CUSIP: 594712C74<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |   1000000 | PA      | $1057318.90   | 0.32%             | 2055-02-15      | Fixed         | 5.00%                 | No            |                  2 | On Loan: No      |
| Middleton Community Development District A                                                     | Middleton Community Development District A, City of Wildwood, Florida Special Assessment                                                               | CUSIP: 596681AC0<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |    500000 | PA      | $535672.35    | 0.16%             | 2037-05-01      | Fixed         | 5.85%                 | No            |                  2 | On Loan: No      |
| Minneapolis/St. Paul Housing Finance Board/MN                                                  | Minneapolis-St. Paul Housing Finance Board, Single Family Mortgage, City Living Home Programs, Series 2007A-2                                          | CUSIP: 603798AH2<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |     80000 | PA      | $79998.96     | 0.02%             | 2041-03-01      | Fixed         | 5.52%                 | No            |                  2 | On Loan: No      |
| Minnesota Housing Finance Agency                                                               | Minnesota Housing Finance Agency, Non Profit Housing, State Appropriation                                                                              | CUSIP: 60415N6M9<br>LEI: 549300R89XDTQBK4GE22 | Long             | DBT              | MUN               | US        |    825000 | PA      | $826528.81    | 0.25%             | 2026-08-01      | Fixed         | 5.25%                 | No            |                  2 | On Loan: No      |
| Minnesota Housing Finance Agency                                                               | Minnesota Housing Finance Agency, Series 2022M                                                                                                         | CUSIP: 60416TYA0<br>LEI: 549300R89XDTQBK4GE22 | Long             | DBT              | MUN               | US        |    965000 | PA      | $1021931.14   | 0.31%             | 2053-01-01      | Fixed         | 6.00%                 | No            |                  2 | On Loan: No      |
| Minnesota Housing Finance Agency                                                               | Minnesota Housing Finance Agency, Residential Housing, Series 2024O                                                                                    | CUSIP: 60416UGU3<br>LEI: 549300R89XDTQBK4GE22 | Long             | DBT              | MUN               | US        |    980000 | PA      | $1093535.35   | 0.33%             | 2055-01-01      | Fixed         | 6.25%                 | No            |                  2 | On Loan: No      |
| Missouri State Environmental Improvement & Energy Resources Authority                          | Missouri State Environmental Improvement and Energy Resources Authority, Water Pollution Control and Drinking Water, Series 2015B                      | CUSIP: 60636UDC0<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |   2000000 | PA      | $2002200.20   | 0.60%             | 2026-07-01      | 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, Coxhealth Obligated Group, Series 2025A                                          | CUSIP: 60637AYQ9<br>LEI: 549300IWTBCMX5JB3277 | Long             | DBT              | MUN               | US        |   1000000 | PA      | $1137917.20   | 0.34%             | 2035-11-15      | Fixed         | 5.00%                 | No            |                  2 | On Loan: No      |
| Missouri Housing Development Commission                                                        | Missouri Housing Development Commission, Single Family, First Place Homeownership Loan Program, Series 2024A                                           | CUSIP: 60637B8J2<br>LEI: 5493007FBL7WCV3NKY25 | Long             | DBT              | MUN               | US        |    910000 | PA      | $991678.78    | 0.30%             | 2055-05-01      | Fixed         | 5.75%                 | No            |                  2 | On Loan: No      |
| Monroe County Industrial Development Corp.                                                     | Monroe County Industrial Development Corp., Academy of Health Sciences Charter School Project, Series 2022A                                            | CUSIP: 61075YAF4<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |    250000 | PA      | $257461.10    | 0.08%             | 2032-07-01      | Fixed         | 5.00%                 | Yes           |                  2 | On Loan: No      |
| Multi-Family Housing, Bond Pass-Through Certificates                                           | Multi-Family Housing, Bond Pass-Through Certificates, Grand Reserve Apartments, Series 8                                                               | CUSIP: 62544MCD4<br>LEI: N/A                  | Long             | STIV             | MUN               | US        |    720000 | PA      | $720436.82    | 0.22%             | 2035-11-01      | Variable      | 5.95%                 | 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    | 0.20%             | 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    | 0.30%             | 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   | 0.32%             | 2050-06-01      | Fixed         | 5.50%                 | No            |                  2 | On Loan: No      |
| Nebraska Investment Finance Authority                                                          | Nebraska Investment Finance Authority, Single Family Housing, Series 2024G                                                                             | CUSIP: 63968M7U7<br>LEI: 549300OIIXIM3SRZWK33 | Long             | DBT              | MUN               | US        |    990000 | PA      | $1098706.16   | 0.33%             | 2054-09-01      | Fixed         | 6.00%                 | No            |                  2 | On Loan: No      |
| New Hope Cultural Education Facilities Finance Corp.                                           | New Hope Cultural Education Facilities Finance Corp., Longhorn Village Project                                                                         | CUSIP: 64542UDP6<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |   1145000 | PA      | $1158525.31   | 0.35%             | 2028-01-01      | Fixed         | 5.00%                 | No            |                  2 | On Loan: No      |
| New Mexico Mortgage Finance Authority                                                          | New Mexico Mortgage Finance Authority, Santee Apartments and Sangre De Cristo Project                                                                  | CUSIP: 64719HEP1<br>LEI: N/A                  | Long             | STIV             | MUN               | US        |   1000000 | PA      | $1000000.00   | 0.30%             | 2042-02-01      | Variable      | 3.73%                 | No            |                  2 | On Loan: No      |
| New Mexico Mortgage Finance Authority                                                          | New Mexico Mortgage Finance Authority, Mountain View II & III Apartments Project                                                                       | CUSIP: 64719HEQ9<br>LEI: N/A                  | Long             | STIV             | MUN               | US        |   1000000 | PA      | $999161.10    | 0.30%             | 2042-02-01      | Variable      | 2.97%                 | No            |                  2 | On Loan: No      |
| New Mexico Mortgage Finance Authority                                                          | New Mexico Mortgage Finance Authority, Multi Family Santee Apartments and Sangre De Cristo Project                                                     | CUSIP: 64719HES5<br>LEI: N/A                  | Long             | STIV             | MUN               | US        |   1080000 | PA      | $1080004.00   | 0.33%             | 2042-02-01      | Variable      | 3.28%                 | No            |                  2 | On Loan: No      |
| New York City Housing Development Corp.                                                        | New York City Housing Development Corp., Series 2025A                                                                                                  | CUSIP: 64966WKK2<br>LEI: 549300SQWVHKBRF8D702 | Long             | DBT              | MUN               | US        |   1250000 | PA      | $1280639.75   | 0.39%             | 2055-02-01      | Fixed         | 5.20%                 | No            |                  2 | On Loan: No      |
| New York City Municipal Water Finance Authority                                                | New York City Municipal Water Finance Authority, Water and Sewer System, Second General Resolution, Series 2009BB-2                                    | CUSIP: 64972FWL6<br>LEI: 549300Q2EHQ6RJPQKP05 | Long             | STIV             | MUN               | US        |    250000 | PA      | $250000.00    | 0.08%             | 2039-06-15      | Variable      | 2.85%                 | No            |                  2 | On Loan: No      |
| New York City Municipal Water Finance Authority                                                | New York City Municipal Water Finance Authority, Water and Sewer System, Second General Resolution, Fiscal Year 2023, Series 2023, Subseries B-1       | CUSIP: 64972GC44<br>LEI: 549300Q2EHQ6RJPQKP05 | Long             | STIV             | MUN               | US        |   6500000 | PA      | $6500000.00   | 1.96%             | 2044-06-15      | Variable      | 2.85%                 | No            |                  2 | On Loan: No      |
| New York City Municipal Water Finance Authority                                                | New York City Municipal Water Finance Authority, Second General Resolution, Series 2025CC                                                              | CUSIP: 64972GM68<br>LEI: 549300Q2EHQ6RJPQKP05 | Long             | DBT              | MUN               | US        |   1000000 | PA      | $1146477.70   | 0.35%             | 2032-06-15      | Fixed         | 5.00%                 | No            |                  2 | On Loan: No      |
| New York City Municipal Water Finance Authority                                                | New York City Municipal Water Finance Authority, Second General Resolution, Fiscal Year 2025, Series 2025DD                                            | CUSIP: 64972GP73<br>LEI: 549300Q2EHQ6RJPQKP05 | Long             | DBT              | MUN               | US        |   1000000 | PA      | $1189025.80   | 0.36%             | 2039-06-15      | Fixed         | 5.50%                 | No            |                  2 | On Loan: No      |
| New York State Dormitory Authority                                                             | New York State Dormitory Authority, Memorial Sloan Kettering Cancer Center, Series 2025 2-B                                                            | CUSIP: 64985SBY8<br>LEI: 549300C8XO7EXTX2XU71 | Long             | DBT              | MUN               | US        |   1000000 | PA      | $1119205.60   | 0.34%             | 2049-07-01      | Variable      | 5.00%                 | No            |                  2 | On Loan: No      |
| New York State Dormitory Authority                                                             | New York State Dormitory Authority, School Districts Financing Program, Series 2025A                                                                   | CUSIP: 64985SDE0<br>LEI: 549300C8XO7EXTX2XU71 | Long             | DBT              | MUN               | US        |   1000000 | PA      | $1163637.00   | 0.35%             | 2033-10-01      | Fixed         | 5.00%                 | No            |                  2 | On Loan: No      |
| New York State Dormitory Authority                                                             | New York State Dormitory Authority, Mount Sinai Obligated Group                                                                                        | CUSIP: 64985SMR1<br>LEI: 549300C8XO7EXTX2XU71 | Long             | DBT              | MUN               | US        |   1500000 | PA      | $1523372.55   | 0.46%             | 2045-07-01      | Fixed         | 5.00%                 | No            |                  2 | On Loan: No      |
| New York State Dormitory Authority                                                             | New York State Dormitory Authority, Rosewell Park Cancer Institute Obligated Group, Series 2025A                                                       | CUSIP: 64985SNG4<br>LEI: 549300C8XO7EXTX2XU71 | Long             | DBT              | MUN               | US        |   1000000 | PA      | $1089423.80   | 0.33%             | 2050-07-01      | Fixed         | 5.50%                 | No            |                  2 | On Loan: No      |
| New York State Environmental Facilities Corp.                                                  | New York State Environmental Facilities Corp., State Clean Water and Drinking Water Revolving Funds, Municipal Water Finance Authority Projects - Seco | CUSIP: 64986DPL3<br>LEI: 549300QJ33JJW73OQO60 | Long             | DBT              | MUN               | US        |   1000000 | PA      | $1083112.80   | 0.33%             | 2053-06-15      | Fixed         | 5.25%                 | No            |                  2 | On Loan: No      |
| New York State Dormitory Authority                                                             | New York State Dormitory Authority, Brooklyn Law School, Series 2019A                                                                                  | CUSIP: 64990GMJ8<br>LEI: 549300C8XO7EXTX2XU71 | Long             | DBT              | MUN               | US        |   1000000 | PA      | $1045285.90   | 0.32%             | 2033-07-01      | Fixed         | 5.00%                 | No            |                  2 | On Loan: No      |
| New York Transportation Development Corp.                                                      | New York Transportation Development Corp., JFK International Airport New Terminal One Project, Series 2023                                             | CUSIP: 650116GX8<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |   2000000 | PA      | $2014720.00   | 0.61%             | 2049-06-30      | Fixed         | 5.00%                 | No            |                  2 | On Loan: No      |
| New York Transportation Development Corp.                                                      | New York Transportation Development Corp., John F. Kennedy International Airport New Terminal One Project                                              | CUSIP: 650116JH0<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |   1000000 | PA      | $1100138.40   | 0.33%             | 2045-06-30      | Fixed         | 6.00%                 | No            |                  2 | On Loan: No      |
| North Carolina Housing Finance Agency                                                          | North Carolina Housing Finance Agency, Homeownership-1998 Trust, Series 55-A                                                                           | CUSIP: 65820BBA3<br>LEI: EC4EE0PS5OP5O69B5C39 | Long             | DBT              | MUN               | US        |   1345000 | PA      | $1471593.82   | 0.44%             | 2055-07-01      | Fixed         | 6.25%                 | 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        |   2000000 | PA      | $1999093.40   | 0.60%             | 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        |    250000 | PA      | $250883.03    | 0.08%             | 2055-01-01      | Fixed         | 5.25%                 | No            |                  2 | On Loan: No      |
| North Texas Municipal Water District                                                           | North Texas Municipal Water District, Panther Creek Regional Wastewater System                                                                         | CUSIP: 66283AKW5<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |   1855000 | PA      | $2003840.75   | 0.61%             | 2043-06-01      | Fixed         | 5.25%                 | No            |                  2 | On Loan: No      |
| North Texas Municipal Water District Water System Revenue                                      | North Texas Municipal Water District Water System                                                                                                      | CUSIP: 662903H97<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |   2000000 | PA      | $2305308.60   | 0.70%             | 2036-09-01      | Fixed         | 5.00%                 | No            |                  2 | On Loan: No      |
| Northeast Ohio Medical University                                                              | Northeast Ohio Medical University, Series 2022                                                                                                         | CUSIP: 66433RCU0<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |   1100000 | PA      | $1183479.77   | 0.36%             | 2037-12-01      | Fixed         | 5.00%                 | No            |                  2 | On Loan: No      |
| State of Ohio                                                                                  | State of Ohio, Children's Hospital Medical Center of Akron, Series 2024B                                                                               | CUSIP: 67756CGB8<br>LEI: 5493005LEB5E170OMX59 | Long             | DBT              | MUN               | US        |   1000000 | PA      | $1109923.10   | 0.34%             | 2054-08-15      | Variable      | 5.00%                 | No            |                  2 | On Loan: No      |
| Ohio Water Development Authority                                                               | Ohio Water Development Authority, Drinking Water Assistance, Series 2025A                                                                              | CUSIP: 67765QSX5<br>LEI: 549300QMBH1DMY67FZ74 | Long             | DBT              | MUN               | US        |   2000000 | PA      | $2216722.00   | 0.67%             | 2042-12-01      | Fixed         | 5.00%                 | No            |                  2 | On Loan: No      |
| County of Okaloosa FL Water & Sewer Revenue                                                    | County of Okaloosa Water and Sewer                                                                                                                     | CUSIP: 678252GE1<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |   2020000 | PA      | $2333087.07   | 0.70%             | 2033-07-01      | Fixed         | 5.00%                 | 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        |   1000000 | PA      | $1001894.10   | 0.30%             | 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   | 0.34%             | 2056-09-01      | Fixed         | 6.25%                 | No            |                  2 | On Loan: No      |
| Oklahoma Water Resources Board                                                                 | Oklahoma Water Resources Board, Clean Water Program                                                                                                    | CUSIP: 67919PVS9<br>LEI: 5493007CUNXW5UX11C71 | Long             | DBT              | MUN               | US        |   2000000 | PA      | $2289285.60   | 0.69%             | 2038-04-01      | Fixed         | 5.00%                 | No            |                  2 | On Loan: No      |
| Oklahoma Water Resources Board                                                                 | Oklahoma Water Resources Board, Clean Water Program, Series 2025A                                                                                      | CUSIP: 67919PWV1<br>LEI: 5493007CUNXW5UX11C71 | Long             | DBT              | MUN               | US        |   1900000 | PA      | $2050879.00   | 0.62%             | 2044-04-01      | Fixed         | 5.00%                 | No            |                  2 | On Loan: No      |
| Oklahoma Water Resources Board                                                                 | Oklahoma Water Resources Board, State Loan Program, Series 2021D                                                                                       | CUSIP: 67920QP85<br>LEI: 5493007CUNXW5UX11C71 | Long             | DBT              | MUN               | US        |   2035000 | PA      | $1949757.51   | 0.59%             | 2046-10-01      | Fixed         | 4.00%                 | No            |                  2 | On Loan: No      |
| Onondaga Civic Development Corp.                                                               | Onondaga Civic Development Corp., Syracuse University Project                                                                                          | CUSIP: 682832LK4<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |   1000000 | PA      | $992340.30    | 0.30%             | 2050-12-01      | Fixed         | 4.50%                 | No            |                  2 | On Loan: No      |
| Oregon Health and Science University                                                           | Oregon Health and Science University, Series 2021A                                                                                                     | CUSIP: 685869HG7<br>LEI: 549300XTWOAGON8L2G98 | Long             | DBT              | MUN               | US        |   2645000 | PA      | $1874721.78   | 0.57%             | 2051-07-01      | Fixed         | 3.00%                 | No            |                  2 | On Loan: No      |
| Oregon State Facilities Authority                                                              | Oregon State Facilities Authority, Peacehealth, Series 2018A                                                                                           | CUSIP: 68608JXD8<br>LEI: N/A                  | Long             | STIV             | MUN               | US        |   2175000 | PA      | $2175000.00   | 0.66%             | 2034-08-01      | Variable      | 2.80%                 | 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   | 0.31%             | 2055-11-01      | Fixed         | 5.25%                 | No            |                  2 | On Loan: No      |
| Peace River Manasota Regional Water Supply Authority                                           | Peace River Manasota Regional Water Supply Authority, Utility System, Series 2025A                                                                     | CUSIP: 704612GL8<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |   3500000 | PA      | $3799301.10   | 1.15%             | 2045-10-01      | Fixed         | 5.25%                 | No            |                  2 | On Loan: No      |
| Pennsylvania Economic Development Financing Authority                                          | Pennsylvania Economic Development Financing Authority, Presbyterian Senior Living Homes, Series 2021                                                   | CUSIP: 70869PNK9<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |    750000 | PA      | $653173.65    | 0.20%             | 2046-07-01      | Fixed         | 4.00%                 | No            |                  2 | On Loan: No      |
| Pennsylvania Housing Finance Agency                                                            | Pennsylvania Housing Finance Agency, Single Family Mortgage, Series 2024-145A                                                                          | CUSIP: 70879QWN9<br>LEI: 549300JZVUPNWP77SP29 | Long             | DBT              | MUN               | US        |    965000 | PA      | $1044648.59   | 0.32%             | 2054-10-01      | Fixed         | 6.00%                 | No            |                  2 | On Loan: No      |
| Pennsylvania Housing Finance Agency                                                            | Pennsylvania Housing Finance Agency, Single Family Mortgage, Series 2025-150A                                                                          | CUSIP: 70879QZ71<br>LEI: 549300JZVUPNWP77SP29 | Long             | DBT              | MUN               | US        |   1000000 | PA      | $1132789.50   | 0.34%             | 2055-10-01      | Fixed         | 6.25%                 | No            |                  2 | On Loan: No      |
| Philadelphia Authority for Industrial Development                                              | Philadelphia Authority for Industrial Development, City Service Agreement Rebuild Project, Series 2025A                                                | CUSIP: 71783DDS1<br>LEI: 549300DIY68KQZEW7M79 | Long             | DBT              | MUN               | US        |   3000000 | PA      | $3491410.50   | 1.05%             | 2035-12-01      | Fixed         | 5.00%                 | No            |                  2 | On Loan: No      |
| Redevelopment Authority of the City of Philadelphia                                            | Redevelopment Authority of the City of Philadelphia, Service Agreement, Series 2024B                                                                   | CUSIP: 717868JP9<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |    850000 | PA      | $918312.38    | 0.28%             | 2042-09-01      | Fixed         | 5.00%                 | No            |                  2 | On Loan: No      |
| Plano Independent School District                                                              | Plano Independent School District, Unlimited Tax                                                                                                       | CUSIP: 727199E23<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |   1000000 | PA      | $1071133.60   | 0.32%             | 2029-02-15      | Fixed         | 5.00%                 | No            |                  2 | On Loan: No      |
| Kentucky Public Energy Authority                                                               | Kentucky Public Energy Authority, Gas Supply, Series 2024A                                                                                             | CUSIP: 74440DEL4<br>LEI: 549300XEJZWHYSY4SL55 | Long             | DBT              | MUN               | US        |   1000000 | PA      | $1061664.90   | 0.32%             | 2055-05-01      | Variable      | 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   | 0.32%             | 2033-12-01      | Fixed         | 5.00%                 | No            |                  2 | On Loan: No      |
| Public Finance Authority                                                                       | Public Finance Authority, Senior Lien                                                                                                                  | CUSIP: 74442PF67<br>LEI: 5493004S6D3NA627K012 | Long             | DBT              | MUN               | US        |   1000000 | PA      | $1046302.90   | 0.32%             | 2049-07-01      | Fixed         | 5.75%                 | No            |                  2 | On Loan: No      |
| Public Finance Authority                                                                       | Public Finance Authority, Ripple Ranch, LLC Obligate, Series 2021A                                                                                     | CUSIP: 74443XAC1<br>LEI: 5493004S6D3NA627K012 | Long             | DBT              | MUN               | US        |    200000 | PA      | $130971.56    | 0.04%             | 2051-12-01      | Fixed         | 5.25%                 | Yes           |                  2 | On Loan: No      |
| Rhode Island Housing & Mortgage Finance Corp.                                                  | Rhode Island Housing and Mortgage Finance Corp., Homeowenership, Series 84-A                                                                           | CUSIP: 76221SGH8<br>LEI: 254900N9FNYNPO539444 | Long             | DBT              | MUN               | US        |   1450000 | PA      | $1502372.84   | 0.45%             | 2044-04-01      | Fixed         | 5.00%                 | No            |                  2 | On Loan: No      |
| Roswell Development Authority                                                                  | Roswell Development Authority, Wellsatar Healthcare, Inc., Series 2025A                                                                                | CUSIP: 77853AAA1<br>LEI: N/A                  | Long             | STIV             | MUN               | US        |   1250000 | PA      | $1250000.00   | 0.38%             | 2047-04-01      | Variable      | 2.90%                 | No            |                  2 | On Loan: No      |
| Rutherford County Health & Educational Facilities Board                                        | Rutherford County Health and Educational Facilities Board, Ascension Senior Credit Group, Series 2025B1                                                | CUSIP: 78324PAK5<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |   1000000 | PA      | $1093087.70   | 0.33%             | 2048-11-15      | Variable      | 5.00%                 | No            |                  2 | On Loan: No      |
| San Antonio Water System                                                                       | San Antonio Water System, Junior Lien, Series 2024B                                                                                                    | CUSIP: 79642GQX3<br>LEI: 549300S7VENCVRZAA322 | Long             | DBT              | MUN               | US        |   1000000 | PA      | $1102025.40   | 0.33%             | 2030-05-15      | Fixed         | 5.00%                 | No            |                  2 | On Loan: No      |
| San Joaquin Valley Clean Energy Authority                                                      | San Joaquin Valley Clean Energy Authority, Series 2025A                                                                                                | CUSIP: 79811YAK4<br>LEI: 254900VA5DFN33OVGH87 | Long             | DBT              | MUN               | US        |   1000000 | PA      | $1139759.40   | 0.34%             | 2056-01-01      | Variable      | 5.50%                 | No            |                  2 | On Loan: No      |
| City of Seattle WA Municipal Light & Power Revenue                                             | City of Seattle Municipal Light and Power                                                                                                              | CUSIP: 812643D50<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |   1570000 | PA      | $1833463.27   | 0.55%             | 2036-02-01      | Fixed         | 5.00%                 | No            |                  2 | On Loan: No      |
| City of Seattle WA Water System Revenue                                                        | City of Seattle Water System                                                                                                                           | CUSIP: 812728B36<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |   1000000 | PA      | $1062362.80   | 0.32%             | 2050-05-01      | Fixed         | 5.00%                 | No            |                  2 | On Loan: No      |
| City of Seattle WA Water System Revenue                                                        | City of Seattle Water System                                                                                                                           | CUSIP: 812728ZU0<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |   1000000 | PA      | $1179439.70   | 0.36%             | 2035-05-01      | Fixed         | 5.00%                 | 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    | 0.14%             | 2054-11-15      | Fixed         | 5.75%                 | No            |                  2 | On Loan: No      |
| County of Seminole FL Water & Sewer Revenue                                                    | County of Seminole Water and Sewer, Series 2025A                                                                                                       | CUSIP: 816705KU0<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |   1000000 | PA      | $1186022.40   | 0.36%             | 2036-10-01      | Fixed         | 5.00%                 | No            |                  2 | On Loan: No      |
| Shelby County Health Educational & Housing Facilities Board                                    | Shelby County Health Educational and Housing Facilities Board, Baptism Memorial Health Obligated Group, Series 2024B                                   | CUSIP: 821691AC6<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |   1000000 | PA      | $1056614.00   | 0.32%             | 2049-09-01      | Variable      | 5.00%                 | No            |                  2 | On Loan: No      |
| Shelby County Health Educational & Housing Facilities Board                                    | Shelby County Health Educational and Housing Facilities Board, Baptism Memorial Health Obligated Group, Series 2025B                                   | CUSIP: 821691AD4<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |   1000000 | PA      | $1075899.50   | 0.32%             | 2044-09-01      | Variable      | 5.00%                 | 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    | 0.19%             | 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: 82170LAA3<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |   1250000 | PA      | $1224665.38   | 0.37%             | 2044-06-01      | Fixed         | 5.00%                 | 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        |   2355000 | PA      | $2401556.00   | 0.73%             | 2062-03-01      | Variable      | 4.00%                 | No            |                  2 | On Loan: No      |
| South Dakota Health & Educational Facilities Authority                                         | South Dakota Health and Educational Facilities Authority, Sanford, Series 2025B                                                                        | CUSIP: 83755VW26<br>LEI: 549300ZW6LKR8UI2C378 | Long             | DBT              | MUN               | US        |   1000000 | PA      | $1137818.20   | 0.34%             | 2036-11-01      | Fixed         | 5.00%                 | No            |                  2 | On Loan: No      |
| South Dakota Housing Development Authority                                                     | South Dakota Housing Development Authority, Series 2024C                                                                                               | CUSIP: 83756LBH7<br>LEI: 549300G853EK61667C18 | Long             | DBT              | MUN               | US        |    980000 | PA      | $1097109.61   | 0.33%             | 2055-11-01      | Fixed         | 6.25%                 | No            |                  2 | On Loan: No      |
| South Dakota Housing Development Authority                                                     | South Dakota Housing Development Authority, Series 2025A                                                                                               | CUSIP: 83756LBS3<br>LEI: 549300G853EK61667C18 | Long             | DBT              | MUN               | US        |   1000000 | PA      | $1137541.80   | 0.34%             | 2055-11-01      | Fixed         | 6.50%                 | 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   | 0.33%             | 2065-08-15      | Variable      | 5.00%                 | No            |                  2 | On Loan: No      |
| City of Tacoma WA Electric System Revenue                                                      | City of Tacoma Electric System, Series 2025B                                                                                                           | CUSIP: 873519RG9<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |   1655000 | PA      | $1915730.52   | 0.58%             | 2034-01-01      | Fixed         | 5.00%                 | 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        |   2000000 | PA      | $2221808.20   | 0.67%             | 2064-11-15      | Variable      | 5.00%                 | No            |                  2 | On Loan: No      |
| Terrell Independent School District/TX                                                         | Terrell Independent School District, Kaufman and Hunt Counties, Unlimited Tax                                                                          | CUSIP: 881405NN0<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |   1500000 | PA      | $1742007.45   | 0.53%             | 2036-08-01      | Fixed         | 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   | 0.33%             | 2055-01-01      | Variable      | 5.00%                 | No            |                  2 | On Loan: No      |
| State of Texas                                                                                 | State of Texas, Series 2025B                                                                                                                           | CUSIP: 8827244U8<br>LEI: 549300X9CH74QB747L76 | Long             | DBT              | MUN               | US        |   1000000 | PA      | $1154326.30   | 0.35%             | 2036-08-01      | Fixed         | 5.00%                 | No            |                  2 | On Loan: No      |
| Texas Water Development Board                                                                  | Texas Water Development Board, State Water Implementation Fund, Series 2019A                                                                           | CUSIP: 882854Z62<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |   4365000 | PA      | $4249785.83   | 1.28%             | 2044-10-15      | Fixed         | 4.00%                 | No            |                  2 | On Loan: No      |
| Texas Water Development Board                                                                  | Texas Water Development Board                                                                                                                          | CUSIP: 88285AJQ2<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |   2000000 | PA      | $2337008.20   | 0.71%             | 2036-10-15      | Fixed         | 5.00%                 | No            |                  2 | On Loan: No      |
| City of Toledo OH Water System Revenue                                                         | City of Toledo Water System, Waterworks                                                                                                                | CUSIP: 889396SP3<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |   1300000 | PA      | $1429863.76   | 0.43%             | 2032-11-15      | Fixed         | 5.00%                 | No            |                  2 | On Loan: No      |
| Triborough Bridge & Tunnel Authority                                                           | Triborough Bridge and Tunnel Authority, MTA Bridges and Tunnels, Series 2024C                                                                          | CUSIP: 89602HHW0<br>LEI: 54930020ZN4LQF7K3456 | Long             | DBT              | MUN               | US        |   2625000 | PA      | $2984760.71   | 0.90%             | 2038-11-15      | Fixed         | 5.00%                 | No            |                  2 | On Loan: No      |
| Triborough Bridge & Tunnel Authority                                                           | Triborough Bridge and Tunnel Authority, Payroll Mobility Tax, Series 2025B-2                                                                           | CUSIP: 89602HJB4<br>LEI: 54930020ZN4LQF7K3456 | Long             | DBT              | MUN               | US        |   2500000 | PA      | $2703047.50   | 0.82%             | 2029-03-15      | Fixed         | 5.00%                 | No            |                  2 | On Loan: No      |
| Utah Associated Municipal Power Systems                                                        | Utah Associated Municipal Power Systems, Horse Butte Wind Project, Series 2017B                                                                        | CUSIP: 917328SE7<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |   1700000 | PA      | $1763707.67   | 0.53%             | 2033-09-01      | Fixed         | 5.00%                 | No            |                  2 | On Loan: No      |
| Vancouver Housing Authority                                                                    | Vancouver Housing Authority, Series 2025                                                                                                               | CUSIP: 921626PU5<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |   2000000 | PA      | $2052024.00   | 0.62%             | 2038-02-01      | Fixed         | 4.25%                 | No            |                  2 | On Loan: No      |
| Via Metropolitan Transit Advanced Transportation District Sales Tax Revenue                    | Via Metropolitan Transit Advanced Transportation District Sales Tax, Series 2024                                                                       | CUSIP: 92555FCQ3<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |   1000000 | PA      | $1079862.40   | 0.33%             | 2029-08-01      | Fixed         | 5.00%                 | No            |                  2 | On Loan: No      |
| Village Community Development District No. 15                                                  | Village Community Development District No. 15                                                                                                          | CUSIP: 92708KAA5<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |    220000 | PA      | $222340.65    | 0.07%             | 2028-05-01      | Fixed         | 4.25%                 | Yes           |                  2 | On Loan: No      |
| Washington Metropolitan Area Transit Authority Dedicated Revenue                               | Washington Metropolitan Area Transit Authority Dedicated, Series 2024A                                                                                 | CUSIP: 93878YDW6<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |   1555000 | PA      | $1506602.65   | 0.46%             | 2056-07-15      | Fixed         | 4.38%                 | No            |                  2 | On Loan: No      |
| Washington Metropolitan Area Transit Authority Dedicated Revenue                               | Washington Metropolitan Area Transit Authority Dedicated, Second Lien, Series 2025A                                                                    | CUSIP: 93878YEB1<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |   2000000 | PA      | $2113691.80   | 0.64%             | 2055-07-15      | 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: 93978LGK6<br>LEI: 549300YL1HU59NREG764 | Long             | DBT              | MUN               | US        |    250000 | PA      | $258404.05    | 0.08%             | 2028-07-01      | Fixed         | 5.00%                 | Yes           |                  2 | On Loan: No      |
| Washington State Housing Finance Commission                                                    | Washington State Housing Finance Commission, Seattle Academy of Arts and Science Project, Series 2023                                                  | CUSIP: 93978LGL4<br>LEI: 549300YL1HU59NREG764 | Long             | DBT              | MUN               | US        |    740000 | PA      | $803335.42    | 0.24%             | 2033-07-01      | Fixed         | 5.12%                 | 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   | 0.31%             | 2049-07-01      | Fixed         | 5.50%                 | 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   | 0.30%             | 2050-07-01      | Fixed         | 5.50%                 | Yes           |                  2 | On Loan: No      |
| Washington Suburban Sanitary Commission                                                        | Washington Suburban Sanitary Commission, Maryland Montgomery and Prince George's Counties Maryland Consolidated Public Improvement, Series 2024        | CUSIP: 940158FZ6<br>LEI: 549300EZUWNTQF827C24 | Long             | DBT              | MUN               | US        |   1225000 | PA      | $1224731.97   | 0.37%             | 2044-06-01      | Fixed         | 4.00%                 | No            |                  2 | On Loan: No      |
| City of West Palm Beach FL Utility System Revenue                                              | City of West Palm Beach Utility System, Series 2017A                                                                                                   | CUSIP: 955121QA9<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |   1000000 | PA      | $1019445.00   | 0.31%             | 2042-10-01      | Fixed         | 5.00%                 | No            |                  2 | On Loan: No      |
| West Virginia Hospital Finance Authority                                                       | West Virginia Hospital Finance Authority, University Health System, Series 2023A                                                                       | CUSIP: 956622V68<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |    505000 | PA      | $545994.33    | 0.16%             | 2040-06-01      | Fixed         | 5.00%                 | No            |                  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        |   1160000 | PA      | $941069.72    | 0.28%             | 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        |    980000 | PA      | $1057533.68   | 0.32%             | 2054-09-01      | Fixed         | 6.00%                 | No            |                  2 | On Loan: No      |
| Wisconsin Housing and Economic Development Authority, Home Ownership                           | Wisconsin Housing and Economic Development Authority, Home Ownership, Series 2024C                                                                     | CUSIP: 97689QWD4<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |   1480000 | PA      | $1614308.08   | 0.49%             | 2055-03-01      | Fixed         | 6.00%                 | No            |                  2 | On Loan: No      |
| Wisconsin Health & Educational Facilities Authority                                            | Wisconsin Health and Educational Facilities Authority, Milwaukee Regional Medical Center Thermal Service                                               | CUSIP: 97712DT63<br>LEI: 549300ISNGXS0VHGVD41 | Long             | DBT              | MUN               | US        |   1165000 | PA      | $1221781.87   | 0.37%             | 2035-04-01      | Fixed         | 5.00%                 | No            |                  2 | On Loan: No      |
| Wisconsin Health & Educational Facilities Authority                                            | Wisconsin Health and Educational Facilities Authority, Franciscan Sisters of Christian Charity Sponsored Ministries, Inc., Series 2017A                | CUSIP: 97712DYD2<br>LEI: 549300ISNGXS0VHGVD41 | Long             | DBT              | MUN               | US        |    785000 | PA      | $818625.40    | 0.25%             | 2027-09-01      | Fixed         | 5.00%                 | No            |                  2 | On Loan: No      |
| Wisconsin Health & Educational Facilities Authority                                            | Washington Health Care Facilities Authority, Fred Hutchinson Cancer Research Center, Series 2024A                                                      | CUSIP: 97712JLL5<br>LEI: 549300ISNGXS0VHGVD41 | Long             | DBT              | MUN               | US        |   1000000 | PA      | $1162684.80   | 0.35%             | 2035-04-01      | Fixed         | 5.00%                 | No            |                  2 | On Loan: No      |
| Wisconsin Health & Educational Facilities Authority                                            | Wisconsin Health and Educational Facilities Authority, Aspirus, Inc., Obligated Group                                                                  | CUSIP: 97712JMS9<br>LEI: 549300ISNGXS0VHGVD41 | Long             | DBT              | MUN               | US        |   1000000 | PA      | $1045397.50   | 0.32%             | 2050-08-15      | Fixed         | 5.25%                 | No            |                  2 | On Loan: No      |
| N/A                                                                                            | U.S. Treasury 30 Year Bond                                                                                                                             | CUSIP: N/A<br>LEI: N/A                        | N/A              | DIR              |  | US        |       800 | NC      | $9050.40      | 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        |       800 | NC      | $37500.00     | 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        |     -1600 | NC      | $-37500.80    | -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        |        59 | NC      | $14654.41     | 0.00%             |  |  |  | No            |                  1 | On Loan: No      |
| N/A                                                                                            | U.S. Treasury Long Bond                                                                                                                                | CUSIP: N/A<br>LEI: N/A                        | N/A              | DIR              |  | US        |        23 | NC      | $16492.38     | 0.00%             |  |  |  | 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        |       -17 | NC      | $-7886.91     | -0.00%            |  |  |  | No            |                  1 | On Loan: No      |
| N/A                                                                                            | U.S. Treasury Ultra Bond                                                                                                                               | CUSIP: N/A<br>LEI: N/A                        | N/A              | DIR              |  | US        |        -9 | NC      | $-8109.68     | -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