# EDGAR Filing Document

**Accession Number:** 0001485894
**File Stem:** 0001752724-25-180649
**Filing Date:** 2025-7
**Character Count:** 142795
**Document Hash:** a9905a3156c75679f6748b823e09176c
**Contains OCR:** False
**Source Format:** 

## Filing Content

## Filing Summary
**0001752724-25-180649.hdr.sgml**: 20250728

**ACCESSION NUMBER**: 0001752724-25-180649

**CONFORMED SUBMISSION TYPE**: NPORT-P

**PUBLIC DOCUMENT COUNT**: 2

**CONFORMED PERIOD OF REPORT**: 20250531

**FILED AS OF DATE**: 20250728

**DATE AS OF CHANGE**: 20250728

**PERIOD START**: 20260228

**FILER**: 

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

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

**FILING VALUES:**
- **FORM TYPE:** NPORT-P
- **SEC ACT:** 1940 Act
- **SEC FILE NUMBER:** 811-22903
- **FILM NUMBER:** 251154596

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

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

## Series and Classes Contracts Data

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

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

## Nport-Ex

**JPMorgan High Yield Municipal ETF**

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

**(Unaudited)** 

---

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

---

------

**JPMorgan High Yield Municipal ETF**

**SCHEDULE OF PORTFOLIO INVESTMENTS**

AS OF May 31, 2025 (Unaudited)

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

---

| | | |
|:---|:---|:---|
| **INVESTMENTS** | &nbsp;&nbsp;&nbsp; **PRINCIPAL** <br>**AMOUNT($)**<br>| **VALUE($)** |
| **Municipal Bonds — 94.3% (a)** | **Municipal Bonds — 94.3% (a)** | **Municipal Bonds — 94.3% (a)** |
| **Alabama — 5.0%** | **Alabama — 5.0%** | **Alabama — 5.0%** |
| &nbsp;&nbsp;&nbsp; Black Belt Energy Gas District, Gas Project |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Series 2023D-1, Rev., 5.50%, 2/1/2029 (b) | &nbsp;&nbsp;&nbsp;&nbsp; 2030000 | &nbsp;&nbsp;&nbsp;&nbsp; 2124962 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Series 2021A, Rev., 4.00%, 12/1/2031 (b) | &nbsp;&nbsp;&nbsp;&nbsp; 3000000 | &nbsp;&nbsp;&nbsp;&nbsp; 2965074 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Series 2024B, Rev., 5.00%, 9/1/2032 (b) | &nbsp;&nbsp;&nbsp;&nbsp; 1000000 | &nbsp;&nbsp;&nbsp;&nbsp; 1041596 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Series 2024D, Rev., 5.00%, 11/1/2034 (b) | &nbsp;&nbsp;&nbsp;&nbsp; 2000000 | &nbsp;&nbsp;&nbsp;&nbsp; 2095658 |
| &nbsp;&nbsp;&nbsp; County of Jefferson sewer, Rev., 5.25%, 10/1/2049 | &nbsp;&nbsp;&nbsp;&nbsp; 1000000 | &nbsp;&nbsp;&nbsp;&nbsp; 1009739 |
| &nbsp;&nbsp;&nbsp; Mobile County Industrial Development Authority, Calvert LLC Project Series 2024B, Rev., AMT, 4.75%, 12/1/2054 | &nbsp;&nbsp;&nbsp;&nbsp; 1000000 | &nbsp;&nbsp;&nbsp;&nbsp; 901718 |
| &nbsp;&nbsp;&nbsp; Total Alabama |  | &nbsp;&nbsp;&nbsp;&nbsp; 10138747 |
| **Alaska — 0.2%** | **Alaska — 0.2%** | **Alaska — 0.2%** |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Northern Tobacco Securitization Corp., Tobacco Settlement Asset-Backed Senior Capital Appreciation Series 2021B-2, <br> Class 2, Rev., Zero Coupon, 6/1/2066<br>| &nbsp;&nbsp;&nbsp;&nbsp; 3500000 | &nbsp;&nbsp;&nbsp;&nbsp; 431764 |
| **Arizona — 1.2%** | **Arizona — 1.2%** | **Arizona — 1.2%** |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Arizona Industrial Development Authority, Great Lakes Senior Living Communities LLC Project Series 2025A-2, Rev., <br> 5.13%, 1/1/2059<br>| &nbsp;&nbsp;&nbsp;&nbsp; 1500000 | &nbsp;&nbsp;&nbsp;&nbsp; 1371532 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Arizona Industrial Development Authority, KIPP NYC Public Charter Schools Jerome Facility Project Series 2021B, Rev., <br> 4.00%, 7/1/2041<br>| &nbsp;&nbsp;&nbsp;&nbsp; 1000000 | &nbsp;&nbsp;&nbsp;&nbsp; 881285 |
| &nbsp;&nbsp;&nbsp; Maricopa County Industrial Development Authority, Ottawa University, Rev., 5.13%, 10/1/2030 (c) | &nbsp;&nbsp;&nbsp;&nbsp; 210000 | &nbsp;&nbsp;&nbsp;&nbsp; 202518 |
| &nbsp;&nbsp;&nbsp; Total Arizona |  | &nbsp;&nbsp;&nbsp;&nbsp; 2455335 |
| **Arkansas — 0.5%** | **Arkansas — 0.5%** | **Arkansas — 0.5%** |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Arkansas Development Finance Authority, Industrial Development , Hybar Steel Project Series 2023B, Rev., AMT, 7.38%, <br> 7/1/2048 (c)<br>| &nbsp;&nbsp;&nbsp;&nbsp; 1000000 | &nbsp;&nbsp;&nbsp;&nbsp; 1084240 |
| **California — 8.1%** | **California — 8.1%** | **California — 8.1%** |
| &nbsp;&nbsp;&nbsp; California Community Choice Financing Authority, Clean Energy Project Series 2023B-1, Rev., 5.00%, 8/1/2029 (b) | &nbsp;&nbsp;&nbsp;&nbsp; 1280000 | &nbsp;&nbsp;&nbsp;&nbsp; 1330514 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; California County Tobacco Securitization Agency, Los Angeles County Securitization Corp. Series 2020B-2, Rev., Zero <br> Coupon, 6/1/2055<br>| &nbsp;&nbsp;&nbsp;&nbsp; 4500000 | &nbsp;&nbsp;&nbsp;&nbsp; 816616 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; California Infrastructure and Economic Development Bank, Brightline West Passenger Rail Project Series 2025A, Rev., <br> AMT, 9.50%, 1/1/2035 (b) (c)<br>| &nbsp;&nbsp;&nbsp;&nbsp; 4000000 | &nbsp;&nbsp;&nbsp;&nbsp; 3874708 |
| &nbsp;&nbsp;&nbsp; California Municipal Finance Authority Series 2021A, Rev., AMT, 3.75%, 10/1/2025 (b) | &nbsp;&nbsp;&nbsp;&nbsp; 1000000 | &nbsp;&nbsp;&nbsp;&nbsp; 999353 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; California Municipal Finance Authority, Linxs Apartments Project, Senior Lien Series 2018A, Rev., AMT, 5.00%, <br> 12/31/2047<br>| &nbsp;&nbsp;&nbsp;&nbsp; 1000000 | &nbsp;&nbsp;&nbsp;&nbsp; 954747 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; California Municipal Finance Authority, Waste Management, Inc., Project Series 2024A, Rev., AMT, VRDO, 3.95%, <br> 9/1/2025 (b)<br>| &nbsp;&nbsp;&nbsp;&nbsp; 2500000 | &nbsp;&nbsp;&nbsp;&nbsp; 2499927 |
| &nbsp;&nbsp;&nbsp; California Public Finance Authority, Senior Living The James Series 2024A, Rev., 6.50%, 6/1/2054 (c) | &nbsp;&nbsp;&nbsp;&nbsp; 1000000 | &nbsp;&nbsp;&nbsp;&nbsp; 932310 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; California School Facilities Financing Authority, Capital Appreciation, Azusa Unified School District Series 2009A, Rev., <br> A.G., Zero Coupon, 8/1/2030<br>| &nbsp;&nbsp;&nbsp;&nbsp; 200000 | &nbsp;&nbsp;&nbsp;&nbsp; 168341 |
| &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 (c)<br>| &nbsp;&nbsp;&nbsp;&nbsp; 2000000 | &nbsp;&nbsp;&nbsp;&nbsp; 1937813 |
| &nbsp;&nbsp;&nbsp; Golden State Tobacco Securitization Corp., Enhanced Tobacco Settlement Series 2021B-2, Rev., Zero Coupon, 6/1/2066 | &nbsp;&nbsp;&nbsp;&nbsp; 25000000 | &nbsp;&nbsp;&nbsp;&nbsp; 2681823 |
| &nbsp;&nbsp;&nbsp; Total California |  | &nbsp;&nbsp;&nbsp;&nbsp; 16196152 |
| **Colorado — 4.2%** | **Colorado — 4.2%** | **Colorado — 4.2%** |
| &nbsp;&nbsp;&nbsp; Bradburn Metropolitan District No. 2, Limited Tax |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Series 2018A, GO, 5.00%, 12/1/2038 | &nbsp;&nbsp;&nbsp;&nbsp; 500000 | &nbsp;&nbsp;&nbsp;&nbsp; 489684 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Series 2018B, GO, 7.25%, 12/15/2047 | &nbsp;&nbsp;&nbsp;&nbsp; 500000 | &nbsp;&nbsp;&nbsp;&nbsp; 500749 |
| &nbsp;&nbsp;&nbsp; City and County of Denver, Airport System Series 2018A, Rev., AMT, 4.00%, 12/1/2043 | &nbsp;&nbsp;&nbsp;&nbsp; 500000 | &nbsp;&nbsp;&nbsp;&nbsp; 447642 |
| &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; 870000 | &nbsp;&nbsp;&nbsp;&nbsp; 923014 |
| &nbsp;&nbsp;&nbsp; Denver Health and Hospital Authority Series 2025A, Rev., 6.00%, 12/1/2055 | &nbsp;&nbsp;&nbsp;&nbsp; 1000000 | &nbsp;&nbsp;&nbsp;&nbsp; 1059171 |
| &nbsp;&nbsp;&nbsp; Dominion Water and Sanitation District, Rev., 5.25%, 12/1/2032 | &nbsp;&nbsp;&nbsp;&nbsp; 515000 | &nbsp;&nbsp;&nbsp;&nbsp; 521978 |

---

------

**JPMorgan High Yield Municipal ETF**

**SCHEDULE OF PORTFOLIO INVESTMENTS**

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

---

| | | |
|:---|:---|:---|
| **INVESTMENTS** | &nbsp;&nbsp;&nbsp; **PRINCIPAL**<br> **AMOUNT($)**<br>| **VALUE($)** |
| **Municipal Bonds — continued** | **Municipal Bonds — continued** | **Municipal Bonds — continued** |
| **Colorado — continued** | **Colorado — continued** | **Colorado — continued** |
| &nbsp;&nbsp;&nbsp; Raindance Metropolitan District No. 1, Non-Potable Water System, Rev., 5.00%, 12/1/2040 | &nbsp;&nbsp;&nbsp;&nbsp; 748000 | &nbsp;&nbsp;&nbsp;&nbsp; 700490 |
| &nbsp;&nbsp;&nbsp; Rocky Mountain Rail Park Metropolitan District, Limited Tax Series 2021A, GO, 5.00%, 12/1/2041 (c) | &nbsp;&nbsp;&nbsp;&nbsp; 1250000 | &nbsp;&nbsp;&nbsp;&nbsp; 1189639 |
| &nbsp;&nbsp;&nbsp; Southern Ute Indian Tribe of the Southern Ute Reservation of Colorado Series 2025A, GO, 5.00%, 4/1/2035 (c) | &nbsp;&nbsp;&nbsp;&nbsp; 1000000 | &nbsp;&nbsp;&nbsp;&nbsp; 1053039 |
| &nbsp;&nbsp;&nbsp; St Vrain Lakes Metropolitan District No. 4 Series 2024A, GO, 0.00%, 9/20/2054 (c) | &nbsp;&nbsp;&nbsp;&nbsp; 500000 | &nbsp;&nbsp;&nbsp;&nbsp; 334436 |
| &nbsp;&nbsp;&nbsp; Third Creek Metropolitan District No. 1, Limited Tax |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Series 2022A-1, GO, 4.50%, 12/1/2037 | &nbsp;&nbsp;&nbsp;&nbsp; 825000 | &nbsp;&nbsp;&nbsp;&nbsp; 702647 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Series 2022A-1, GO, 4.75%, 12/1/2051 | &nbsp;&nbsp;&nbsp;&nbsp; 760000 | &nbsp;&nbsp;&nbsp;&nbsp; 565945 |
| &nbsp;&nbsp;&nbsp; Total Colorado |  | &nbsp;&nbsp;&nbsp;&nbsp; 8488434 |
| **Connecticut — 0.5%** | **Connecticut — 0.5%** | **Connecticut — 0.5%** |
| &nbsp;&nbsp;&nbsp; Stamford Housing Authority, Mozaic Concierge Living Project Series 2025A, Rev., 6.50%, 10/1/2055 | &nbsp;&nbsp;&nbsp;&nbsp; 1000000 | &nbsp;&nbsp;&nbsp;&nbsp; 982677 |
| **Delaware — 0.5%** | **Delaware — 0.5%** | **Delaware — 0.5%** |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Delaware State Economic Development Authority, Delmarva Power and Light Co. Project Series 2020A, Rev., 1.05%, <br> 7/1/2025 (b)<br>| &nbsp;&nbsp;&nbsp;&nbsp; 1000000 | &nbsp;&nbsp;&nbsp;&nbsp; 997211 |
| **Florida — 2.4%** | **Florida — 2.4%** | **Florida — 2.4%** |
| &nbsp;&nbsp;&nbsp; Capital Projects Finance Authority, Student Housing, Program Unionwest Properties LLC Project |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Series 2024A-1, Rev., 5.00%, 6/1/2049 (c) | &nbsp;&nbsp;&nbsp;&nbsp; 1000000 | &nbsp;&nbsp;&nbsp;&nbsp; 955234 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Series 2024B, Rev., 0.00%, 6/1/2062 (c) | &nbsp;&nbsp;&nbsp;&nbsp; 7000000 | &nbsp;&nbsp;&nbsp;&nbsp; 1026174 |
| &nbsp;&nbsp;&nbsp; Florida Development Finance Corp., Brightline Florida Passenger Rail Project Series 2024, Rev., AMT, 5.00%, 7/1/2041 | &nbsp;&nbsp;&nbsp;&nbsp; 500000 | &nbsp;&nbsp;&nbsp;&nbsp; 458922 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Florida Development Finance Corp., GFL Solid Waste Southeast LLC Project Series 2024A, Rev., AMT, 4.38%, <br> 10/1/2031 (b) (c)<br>| &nbsp;&nbsp;&nbsp;&nbsp; 1000000 | &nbsp;&nbsp;&nbsp;&nbsp; 995329 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Martin County Health Facilities Authority, Cleveland Clinic Health System Obligated Group Series 2019A, Rev., 4.00%, <br> 1/1/2046<br>| &nbsp;&nbsp;&nbsp;&nbsp; 1500000 | &nbsp;&nbsp;&nbsp;&nbsp; 1350088 |
| &nbsp;&nbsp;&nbsp; Total Florida |  | &nbsp;&nbsp;&nbsp;&nbsp; 4785747 |
| **Georgia — 3.5%** | **Georgia — 3.5%** | **Georgia — 3.5%** |
| &nbsp;&nbsp;&nbsp; Columbia County Hospital Authority, Wellstart Health System Inc., Project Series 2023A, Rev., A.G., 5.00%, 4/1/2048 | &nbsp;&nbsp;&nbsp;&nbsp; 1000000 | &nbsp;&nbsp;&nbsp;&nbsp; 1011048 |
| &nbsp;&nbsp;&nbsp; George L Smith II Congress Center Authority, Convention Center Hotel First Series 2021A, Rev., 4.00%, 1/1/2054 | &nbsp;&nbsp;&nbsp;&nbsp; 1000000 | &nbsp;&nbsp;&nbsp;&nbsp; 816101 |
| &nbsp;&nbsp;&nbsp; Main Street Natural Gas, Inc., Gas Supply |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Series 2023A, Rev., 5.00%, 6/1/2030 (b) | &nbsp;&nbsp;&nbsp;&nbsp; 1925000 | &nbsp;&nbsp;&nbsp;&nbsp; 1996068 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Series 2024D, Rev., 5.00%, 4/1/2031 (b) | &nbsp;&nbsp;&nbsp;&nbsp; 2000000 | &nbsp;&nbsp;&nbsp;&nbsp; 2092088 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Series 2024E, Rev., 5.00%, 12/1/2032 (b) | &nbsp;&nbsp;&nbsp;&nbsp; 1000000 | &nbsp;&nbsp;&nbsp;&nbsp; 1041580 |
| &nbsp;&nbsp;&nbsp; Total Georgia |  | &nbsp;&nbsp;&nbsp;&nbsp; 6956885 |
| **Illinois — 3.5%** | **Illinois — 3.5%** | **Illinois — 3.5%** |
| &nbsp;&nbsp;&nbsp; City of Chicago, Waterworks, Second Lien Series 2001, Rev., AMBAC, 5.75%, 11/1/2030 | &nbsp;&nbsp;&nbsp;&nbsp; 1000000 | &nbsp;&nbsp;&nbsp;&nbsp; 1062507 |
| &nbsp;&nbsp;&nbsp; Illinois Finance Authority, Centerpointjoliet Terminal Series 2020, Rev., AMT, 4.13%, 12/31/2034 (b) (c) | &nbsp;&nbsp;&nbsp;&nbsp; 1000000 | &nbsp;&nbsp;&nbsp;&nbsp; 964227 |
| &nbsp;&nbsp;&nbsp; Illinois Housing Development Authority Series 2025A, Rev., GNMA / FNMA / FHLMC, 6.25%, 10/1/2055 | &nbsp;&nbsp;&nbsp;&nbsp; 1000000 | &nbsp;&nbsp;&nbsp;&nbsp; 1113530 |
| &nbsp;&nbsp;&nbsp; State of Illinois |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Series 2019C, GO, 4.00%, 11/1/2042 | &nbsp;&nbsp;&nbsp;&nbsp; 1500000 | &nbsp;&nbsp;&nbsp;&nbsp; 1312850 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Series 2023B, GO, 5.50%, 5/1/2047 | &nbsp;&nbsp;&nbsp;&nbsp; 2435000 | &nbsp;&nbsp;&nbsp;&nbsp; 2494640 |
| &nbsp;&nbsp;&nbsp; Total Illinois |  | &nbsp;&nbsp;&nbsp;&nbsp; 6947754 |
| **Indiana — 1.6%** | **Indiana — 1.6%** | **Indiana — 1.6%** |
| &nbsp;&nbsp;&nbsp; City of Goshen, Multi-Family, Green Oaks of Goshen Project Series 2021A, Rev., 5.00%, 8/1/2041 (c) | &nbsp;&nbsp;&nbsp;&nbsp; 1000000 | &nbsp;&nbsp;&nbsp;&nbsp; 820723 |
| &nbsp;&nbsp;&nbsp; City of Valparaiso, Green Oaks of Valparaiso Project, Rev., 5.38%, 12/1/2041 (c) | &nbsp;&nbsp;&nbsp;&nbsp; 1550000 | &nbsp;&nbsp;&nbsp;&nbsp; 1345788 |
| &nbsp;&nbsp;&nbsp; Indiana Housing and Community Development Authority, Vita of Marion Project Series 2021A, Rev., 5.25%, 4/1/2041 (c) | &nbsp;&nbsp;&nbsp;&nbsp; 1250000 | &nbsp;&nbsp;&nbsp;&nbsp; 1042416 |
| &nbsp;&nbsp;&nbsp; Total Indiana |  | &nbsp;&nbsp;&nbsp;&nbsp; 3208927 |

---

------

**JPMorgan High Yield Municipal ETF**

**SCHEDULE OF PORTFOLIO INVESTMENTS**

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

---

| | | |
|:---|:---|:---|
| **INVESTMENTS** | &nbsp;&nbsp;&nbsp; **PRINCIPAL**<br> **AMOUNT($)**<br>| **VALUE($)** |
| **Municipal Bonds — continued** | **Municipal Bonds — continued** | **Municipal Bonds — continued** |
| **Iowa — 0.5%** | **Iowa — 0.5%** | **Iowa — 0.5%** |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Iowa Tobacco Settlement Authority, Subordinate Senior Capital Appreciation Asset Backed Series 2021-B-2, Class 2, Rev., <br> Zero Coupon, 6/1/2065<br>| &nbsp;&nbsp;&nbsp;&nbsp; 6500000 | &nbsp;&nbsp;&nbsp;&nbsp; 956078 |
| **Kentucky — 0.6%** | **Kentucky — 0.6%** | **Kentucky — 0.6%** |
| &nbsp;&nbsp;&nbsp; County of Carroll, Kentucky Environmental Facilities Series 2008A, Rev., AMT, 2.00%, 2/1/2032 | &nbsp;&nbsp;&nbsp;&nbsp; 1475000 | &nbsp;&nbsp;&nbsp;&nbsp; 1240311 |
| **Louisiana — 2.0%** | **Louisiana — 2.0%** | **Louisiana — 2.0%** |
| &nbsp;&nbsp;&nbsp; Louisiana Public Facilities Authority, Lincoln Preparatory School Project Series 2021A, Rev., 5.25%, 6/1/2060 (c) | &nbsp;&nbsp;&nbsp;&nbsp; 1145000 | &nbsp;&nbsp;&nbsp;&nbsp; 879265 |
| &nbsp;&nbsp;&nbsp; Louisiana Public Facilities Authority, Mentorship Steam Academy Project |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Series 2021A, Rev., 5.00%, 6/1/2051 (c) | &nbsp;&nbsp;&nbsp;&nbsp; 700000 | &nbsp;&nbsp;&nbsp;&nbsp; 559750 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Series 2021A, Rev., 5.00%, 6/1/2056 (c) | &nbsp;&nbsp;&nbsp;&nbsp; 740000 | &nbsp;&nbsp;&nbsp;&nbsp; 577866 |
| &nbsp;&nbsp;&nbsp; Louisiana Public Facilities Authority, Ochsner Clinic Foundation Project Series 2025A, Rev., 5.25%, 5/15/2055 | &nbsp;&nbsp;&nbsp;&nbsp; 1000000 | &nbsp;&nbsp;&nbsp;&nbsp; 1004265 |
| &nbsp;&nbsp;&nbsp; Parish of St. John the Baptist, Marathon Oil Corp., Project Series 2017A-1, Rev., 4.05%, 7/1/2026 (b) | &nbsp;&nbsp;&nbsp;&nbsp; 1000000 | &nbsp;&nbsp;&nbsp;&nbsp; 999955 |
| &nbsp;&nbsp;&nbsp; Total Louisiana |  | &nbsp;&nbsp;&nbsp;&nbsp; 4021101 |
| **Maryland — 0.5%** | **Maryland — 0.5%** | **Maryland — 0.5%** |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Maryland Health and Higher Educational Facilities Authority, University of Maryland Medical System Series 2008D, Rev., <br> VRDO, LOC : TD Bank NA, 1.45%, 6/2/2025 (b)<br>| &nbsp;&nbsp;&nbsp;&nbsp; 1000000 | &nbsp;&nbsp;&nbsp;&nbsp; 1000000 |
| **Massachusetts — 1.6%** | **Massachusetts — 1.6%** | **Massachusetts — 1.6%** |
| &nbsp;&nbsp;&nbsp; Commonwealth of Massachusetts, Consolidated Loan of 2016 Series 2016J, GO, 4.00%, 12/1/2039 | &nbsp;&nbsp;&nbsp;&nbsp; 1000000 | &nbsp;&nbsp;&nbsp;&nbsp; 967406 |
| &nbsp;&nbsp;&nbsp; Massachusetts Development Finance Agency, Amherst College Issue Series 2025A, Rev., 5.00%, 11/1/2035 (b) | &nbsp;&nbsp;&nbsp;&nbsp; 1000000 | &nbsp;&nbsp;&nbsp;&nbsp; 1126285 |
| &nbsp;&nbsp;&nbsp; Massachusetts Development Finance Agency, Lasell Village, Inc. Issue, Rev., 5.00%, 7/1/2029 | &nbsp;&nbsp;&nbsp;&nbsp; 1000000 | &nbsp;&nbsp;&nbsp;&nbsp; 1048557 |
| &nbsp;&nbsp;&nbsp; Total Massachusetts |  | &nbsp;&nbsp;&nbsp;&nbsp; 3142248 |
| **Michigan — 1.7%** | **Michigan — 1.7%** | **Michigan — 1.7%** |
| &nbsp;&nbsp;&nbsp; City of Detroit, Unlimited Tax Series 2020, GO, 5.50%, 4/1/2050 | &nbsp;&nbsp;&nbsp;&nbsp; 2460000 | &nbsp;&nbsp;&nbsp;&nbsp; 2493612 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Michigan Strategic Fund, Graphic Packaging International, LLC Coated Recycled Board Machine Project, Rev., AMT, 4.00%, <br> 10/1/2026 (b)<br>| &nbsp;&nbsp;&nbsp;&nbsp; 1000000 | &nbsp;&nbsp;&nbsp;&nbsp; 993697 |
| &nbsp;&nbsp;&nbsp; Total Michigan |  | &nbsp;&nbsp;&nbsp;&nbsp; 3487309 |
| **Minnesota — 0.5%** | **Minnesota — 0.5%** | **Minnesota — 0.5%** |
| &nbsp;&nbsp;&nbsp; City of Minneapolis, Health Care System, Fairview Health Services Series 2018A, Rev., 5.00%, 11/15/2049 | &nbsp;&nbsp;&nbsp;&nbsp; 1000000 | &nbsp;&nbsp;&nbsp;&nbsp; 975226 |
| **Missouri — 0.8%** | **Missouri — 0.8%** | **Missouri — 0.8%** |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Kansas City Industrial Development Authority, Historic Northeast Redevelopment Plan Series 2024A-1, Rev., 5.00%, <br> 6/1/2046 (c)<br>| &nbsp;&nbsp;&nbsp;&nbsp; 875000 | &nbsp;&nbsp;&nbsp;&nbsp; 811657 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Missouri State Environmental Improvement and Energy Resources Authority, Union Improvement Co. Project Series <br> 1998C, Rev., 2.75%, 9/1/2033<br>| &nbsp;&nbsp;&nbsp;&nbsp; 1000000 | &nbsp;&nbsp;&nbsp;&nbsp; 883332 |
| &nbsp;&nbsp;&nbsp; Total Missouri |  | &nbsp;&nbsp;&nbsp;&nbsp; 1694989 |
| **Montana — 0.4%** | **Montana — 0.4%** | **Montana — 0.4%** |
| &nbsp;&nbsp;&nbsp; County of Gallatin, Bozeman Fiber Project Series 2021A, Rev., 4.00%, 10/15/2036 (c) | &nbsp;&nbsp;&nbsp;&nbsp; 1000000 | &nbsp;&nbsp;&nbsp;&nbsp; 783687 |
| **Nebraska — 0.5%** | **Nebraska — 0.5%** | **Nebraska — 0.5%** |
| &nbsp;&nbsp;&nbsp; Central Plains Energy Project, Gas Project No. 4 Series 2023A-1, Rev., 5.00%, 11/1/2029 (b) | &nbsp;&nbsp;&nbsp;&nbsp; 1000000 | &nbsp;&nbsp;&nbsp;&nbsp; 1030398 |
| **New Hampshire — 1.1%** | **New Hampshire — 1.1%** | **New Hampshire — 1.1%** |
| &nbsp;&nbsp;&nbsp; New Hampshire Business Finance Authority Series 2025-1, Rev., 4.17%, 1/20/2041 | &nbsp;&nbsp;&nbsp;&nbsp; 998565 | &nbsp;&nbsp;&nbsp;&nbsp; 928788 |
| &nbsp;&nbsp;&nbsp; New Hampshire Business Finance Authority, Tamarron Project Series 2024, Rev., 5.25%, 12/1/2035 (c) | &nbsp;&nbsp;&nbsp;&nbsp; 150000 | &nbsp;&nbsp;&nbsp;&nbsp; 148899 |
| &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 (d)<br>| &nbsp;&nbsp;&nbsp;&nbsp; 1000000 | &nbsp;&nbsp;&nbsp;&nbsp; 1030882 |
| &nbsp;&nbsp;&nbsp; Total New Hampshire |  | &nbsp;&nbsp;&nbsp;&nbsp; 2108569 |
| **New Jersey — 3.5%** | **New Jersey — 3.5%** | **New Jersey — 3.5%** |
| &nbsp;&nbsp;&nbsp; New Jersey Economic Development Authority Series 2020, Rev., 5.00%, 1/1/2040 (c) (e) | &nbsp;&nbsp;&nbsp;&nbsp; 2949126 | &nbsp;&nbsp;&nbsp;&nbsp; 1892485 |

---

------

**JPMorgan High Yield Municipal ETF**

**SCHEDULE OF PORTFOLIO INVESTMENTS**

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

---

| | | |
|:---|:---|:---|
| **INVESTMENTS** | &nbsp;&nbsp;&nbsp; **PRINCIPAL**<br> **AMOUNT($)**<br>| **VALUE($)** |
| **Municipal Bonds — continued** | **Municipal Bonds — continued** | **Municipal Bonds — continued** |
| **New Jersey — continued** | **New Jersey — continued** | **New Jersey — continued** |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; New Jersey Economic Development Authority, Black Horse EHT Urban Renewal LLC Project Series 2019A, Rev., 5.00%, <br> 10/1/2039 (c) (e)<br>| &nbsp;&nbsp;&nbsp;&nbsp; 2000000 | &nbsp;&nbsp;&nbsp;&nbsp; 1531674 |
| &nbsp;&nbsp;&nbsp; New Jersey Transportation Trust Fund Authority, Transportation Program Series 2022BB, Rev., 4.00%, 6/15/2038 | &nbsp;&nbsp;&nbsp;&nbsp; 1000000 | &nbsp;&nbsp;&nbsp;&nbsp; 951391 |
| &nbsp;&nbsp;&nbsp; Tobacco Settlement Financing Corp. Series 2018B, Rev., 5.00%, 6/1/2046 | &nbsp;&nbsp;&nbsp;&nbsp; 2685000 | &nbsp;&nbsp;&nbsp;&nbsp; 2574139 |
| &nbsp;&nbsp;&nbsp; Total New Jersey |  | &nbsp;&nbsp;&nbsp;&nbsp; 6949689 |
| **New Mexico — 0.5%** | **New Mexico — 0.5%** | **New Mexico — 0.5%** |
| &nbsp;&nbsp;&nbsp; City of Farmington, San Juan Project Series 2010E, Rev., 3.88%, 6/1/2029 (b) | &nbsp;&nbsp;&nbsp;&nbsp; 1020000 | &nbsp;&nbsp;&nbsp;&nbsp; 1021932 |
| **New York — 13.2%** | **New York — 13.2%** | **New York — 13.2%** |
| &nbsp;&nbsp;&nbsp; Buffalo and Fort Erie Public Bridge Authority Series 2017, Rev., 5.00%, 1/1/2047 | &nbsp;&nbsp;&nbsp;&nbsp; 1000000 | &nbsp;&nbsp;&nbsp;&nbsp; 999242 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Build NYC Resource Corp., The Young Men's and Women's Hebrew Association Project Series 2024, Rev., 5.00%, <br> 12/1/2027<br>| &nbsp;&nbsp;&nbsp;&nbsp; 2000000 | &nbsp;&nbsp;&nbsp;&nbsp; 2096441 |
| &nbsp;&nbsp;&nbsp; City of New York, Fiscal Year 2023 Series 2023A, Subseries A-3, GO, VRDO, LIQ : Bank of Montreal, 1.45%, 6/2/2025 (b) | &nbsp;&nbsp;&nbsp;&nbsp; 3800000 | &nbsp;&nbsp;&nbsp;&nbsp; 3800000 |
| &nbsp;&nbsp;&nbsp; Long Island Power Authority, Electric System Series 2024B, Rev., 3.00%, 9/1/2029 (b) | &nbsp;&nbsp;&nbsp;&nbsp; 1000000 | &nbsp;&nbsp;&nbsp;&nbsp; 961000 |
| &nbsp;&nbsp;&nbsp; Medina Central School District, GO, BAN, 4.50%, 7/16/2025 | &nbsp;&nbsp;&nbsp;&nbsp; 1700000 | &nbsp;&nbsp;&nbsp;&nbsp; 1702210 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; New York City Housing Development Corp., Multi-Family Mortgage, 8 Spruce Street Project Series 2024 CL F, Class F, Rev., <br> 5.25%, 12/15/2031<br>| &nbsp;&nbsp;&nbsp;&nbsp; 1900000 | &nbsp;&nbsp;&nbsp;&nbsp; 1930761 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; New York City Transitional Finance Authority, Future Tax Secured, Fiscal Year 2019 Series 2019C-4, Rev., VRDO, LIQ : <br> Barclays Bank plc, 1.50%, 6/2/2025 (b)<br>| &nbsp;&nbsp;&nbsp;&nbsp; 1300000 | &nbsp;&nbsp;&nbsp;&nbsp; 1300000 |
| &nbsp;&nbsp;&nbsp; New York Counties Tobacco Trust Series 2016A-2B, Rev., 5.00%, 6/1/2051 | &nbsp;&nbsp;&nbsp;&nbsp; 1500000 | &nbsp;&nbsp;&nbsp;&nbsp; 1274156 |
| &nbsp;&nbsp;&nbsp; New York State Dormitory Authority, Pace University Series 2024A, Rev., 5.25%, 5/1/2044 | &nbsp;&nbsp;&nbsp;&nbsp; 590000 | &nbsp;&nbsp;&nbsp;&nbsp; 598009 |
| &nbsp;&nbsp;&nbsp; New York State Dormitory Authority, The New School Series 2025A, Rev., 4.25%, 7/1/2050 | &nbsp;&nbsp;&nbsp;&nbsp; 1000000 | &nbsp;&nbsp;&nbsp;&nbsp; 885435 |
| &nbsp;&nbsp;&nbsp; New York State Energy Research and Development Authority Series 1997A, Rev., 3.00%, 7/1/2025 (b) | &nbsp;&nbsp;&nbsp;&nbsp; 2000000 | &nbsp;&nbsp;&nbsp;&nbsp; 1998241 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; New York Transportation Development Corp., Delta Air Lines, Inc., LaGuardia Airport Terminals C&D Redevelopment <br> Project<br>|  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Rev., AMT, 5.00%, 1/1/2028 | &nbsp;&nbsp;&nbsp;&nbsp; 500000 | &nbsp;&nbsp;&nbsp;&nbsp; 509758 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Rev., AMT, 5.00%, 1/1/2034 | &nbsp;&nbsp;&nbsp;&nbsp; 375000 | &nbsp;&nbsp;&nbsp;&nbsp; 377190 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Series 2023, Rev., AMT, 6.00%, 4/1/2035 | &nbsp;&nbsp;&nbsp;&nbsp; 1000000 | &nbsp;&nbsp;&nbsp;&nbsp; 1085702 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Rev., AMT, 4.38%, 10/1/2045 | &nbsp;&nbsp;&nbsp;&nbsp; 1500000 | &nbsp;&nbsp;&nbsp;&nbsp; 1328495 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Series 2016A, Rev., AMT, 5.00%, 7/1/2046 | &nbsp;&nbsp;&nbsp;&nbsp; 2000000 | &nbsp;&nbsp;&nbsp;&nbsp; 1944071 |
| &nbsp;&nbsp;&nbsp; Suffolk Regional Off-Track Betting Corp. Series 2024, Rev., 5.75%, 12/1/2044 | &nbsp;&nbsp;&nbsp;&nbsp; 1000000 | &nbsp;&nbsp;&nbsp;&nbsp; 1023252 |
| &nbsp;&nbsp;&nbsp; TSASC, Inc. Series B, Rev., 5.00%, 6/1/2048 | &nbsp;&nbsp;&nbsp;&nbsp; 2100000 | &nbsp;&nbsp;&nbsp;&nbsp; 1832594 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Westchester County Local Development Corp., Purchase Senior Learning Community, Inc., Project Series 2021A, Rev., <br> 5.00%, 7/1/2056 (c)<br>| &nbsp;&nbsp;&nbsp;&nbsp; 1000000 | &nbsp;&nbsp;&nbsp;&nbsp; 867056 |
| &nbsp;&nbsp;&nbsp; Total New York |  | &nbsp;&nbsp;&nbsp;&nbsp; 26513613 |
| **North Carolina — 1.0%** | **North Carolina — 1.0%** | **North Carolina — 1.0%** |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; North Carolina Housing Finance Agency, Homeownership-1998 Trust Series 55-C, Rev., GNMA / FNMA / FHLMC, 3.20%, <br> 1/15/2026 (b)<br>| &nbsp;&nbsp;&nbsp;&nbsp; 1000000 | &nbsp;&nbsp;&nbsp;&nbsp; 999330 |
| &nbsp;&nbsp;&nbsp; North Carolina Medical Care Commission, Twin Lakes Community Series 2025A, Rev., 5.25%, 1/1/2055 | &nbsp;&nbsp;&nbsp;&nbsp; 1000000 | &nbsp;&nbsp;&nbsp;&nbsp; 969629 |
| &nbsp;&nbsp;&nbsp; Total North Carolina |  | &nbsp;&nbsp;&nbsp;&nbsp; 1968959 |
| **North Dakota — 0.5%** | **North Dakota — 0.5%** | **North Dakota — 0.5%** |
| &nbsp;&nbsp;&nbsp; North Dakota Housing Finance Agency, Home Mortgage Finance Program Series 2024C, Rev., 5.00%, 7/1/2042 | &nbsp;&nbsp;&nbsp;&nbsp; 1000000 | &nbsp;&nbsp;&nbsp;&nbsp; 1029909 |
| **Ohio — 3.7%** | **Ohio — 3.7%** | **Ohio — 3.7%** |
| &nbsp;&nbsp;&nbsp; Buckeye Tobacco Settlement Financing Authority |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Series 2020A-2, Rev., 4.00%, 6/1/2038 | &nbsp;&nbsp;&nbsp;&nbsp; 1155000 | &nbsp;&nbsp;&nbsp;&nbsp; 1080017 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Series 2020B-2, Rev., 5.00%, 6/1/2055 | &nbsp;&nbsp;&nbsp;&nbsp; 2000000 | &nbsp;&nbsp;&nbsp;&nbsp; 1730488 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Series 2020B-3, Rev., Zero Coupon, 6/1/2057 | &nbsp;&nbsp;&nbsp;&nbsp; 10000000 | &nbsp;&nbsp;&nbsp;&nbsp; 959861 |
| &nbsp;&nbsp;&nbsp; County of Montgomery, Ohio Health care Facilities Solvita Project Series 2024, Rev., 5.00%, 9/1/2033 | &nbsp;&nbsp;&nbsp;&nbsp; 1000000 | &nbsp;&nbsp;&nbsp;&nbsp; 1076193 |

---

------

**JPMorgan High Yield Municipal ETF**

**SCHEDULE OF PORTFOLIO INVESTMENTS**

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

---

| | | |
|:---|:---|:---|
| **INVESTMENTS** | &nbsp;&nbsp;&nbsp; **PRINCIPAL**<br> **AMOUNT($)**<br>| **VALUE($)** |
| **Municipal Bonds — continued** | **Municipal Bonds — continued** | **Municipal Bonds — continued** |
| **Ohio — continued** | **Ohio — continued** | **Ohio — continued** |
| &nbsp;&nbsp;&nbsp; Jefferson County Port Authority, JSW Steel USA Ohio, Inc., Project Series 2023, Rev., 5.00%, 12/1/2028 (b) (c) | &nbsp;&nbsp;&nbsp;&nbsp; 1515000 | &nbsp;&nbsp;&nbsp;&nbsp; 1516130 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Port of Greater Cincinnati Development Authority, Duke Energy Convention Center Project Series 2024B, Rev., 5.00%, <br> 12/1/2063<br>| &nbsp;&nbsp;&nbsp;&nbsp; 1000000 | &nbsp;&nbsp;&nbsp;&nbsp; 970749 |
| &nbsp;&nbsp;&nbsp; Total Ohio |  | &nbsp;&nbsp;&nbsp;&nbsp; 7333438 |
| **Oklahoma — 1.3%** | **Oklahoma — 1.3%** | **Oklahoma — 1.3%** |
| &nbsp;&nbsp;&nbsp; Oklahoma Development Finance Authority, Health System, OU Medicine Project Series 2018B, Rev., 5.50%, 8/15/2057 | &nbsp;&nbsp;&nbsp;&nbsp; 1600000 | &nbsp;&nbsp;&nbsp;&nbsp; 1560313 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Oklahoma Housing Finance Agency, Home Ownership Loan Program Series 2025A, Rev., GNMA / FNMA / FHLMC, 6.25%, <br> 9/1/2056<br>| &nbsp;&nbsp;&nbsp;&nbsp; 1000000 | &nbsp;&nbsp;&nbsp;&nbsp; 1111676 |
| &nbsp;&nbsp;&nbsp; Total Oklahoma |  | &nbsp;&nbsp;&nbsp;&nbsp; 2671989 |
| **Oregon — 0.3%** | **Oregon — 0.3%** | **Oregon — 0.3%** |
| &nbsp;&nbsp;&nbsp; Multnomah and Clackamas Counties School District No. 10JT Gresham-Barlow Series B, GO, Zero Coupon, 6/15/2035 | &nbsp;&nbsp;&nbsp;&nbsp; 1000000 | &nbsp;&nbsp;&nbsp;&nbsp; 637927 |
| **Pennsylvania — 2.7%** | **Pennsylvania — 2.7%** | **Pennsylvania — 2.7%** |
| &nbsp;&nbsp;&nbsp; Commonwealth of Pennsylvania Series 2024-1, GO, 4.00%, 8/15/2043 | &nbsp;&nbsp;&nbsp;&nbsp; 1200000 | &nbsp;&nbsp;&nbsp;&nbsp; 1135695 |
| &nbsp;&nbsp;&nbsp; Geisinger Authority, Health System Series 2020A, Rev., 5.00%, 4/1/2050 | &nbsp;&nbsp;&nbsp;&nbsp; 1000000 | &nbsp;&nbsp;&nbsp;&nbsp; 987563 |
| &nbsp;&nbsp;&nbsp; Montgomery County Higher Education and Health Authority Series 2022B, Rev., 5.00%, 5/1/2057 | &nbsp;&nbsp;&nbsp;&nbsp; 1000000 | &nbsp;&nbsp;&nbsp;&nbsp; 966820 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Montgomery County Industrial Development Authority, Constellation Energy Generation Series 2023A, Rev., 4.10%, <br> 4/3/2028 (b)<br>| &nbsp;&nbsp;&nbsp;&nbsp; 1250000 | &nbsp;&nbsp;&nbsp;&nbsp; 1265242 |
| &nbsp;&nbsp;&nbsp; Pennsylvania Housing Finance Agency, Single Family Mortgage Series 2024-145A, Rev., 6.00%, 10/1/2054 | &nbsp;&nbsp;&nbsp;&nbsp; 995000 | &nbsp;&nbsp;&nbsp;&nbsp; 1070838 |
| &nbsp;&nbsp;&nbsp; Total Pennsylvania |  | &nbsp;&nbsp;&nbsp;&nbsp; 5426158 |
| **Puerto Rico — 3.2%** | **Puerto Rico — 3.2%** | **Puerto Rico — 3.2%** |
| &nbsp;&nbsp;&nbsp; Commonwealth of Puerto Rico Series 2022A-1, GO, 5.63%, 7/1/2027 | &nbsp;&nbsp;&nbsp;&nbsp; 1000000 | &nbsp;&nbsp;&nbsp;&nbsp; 1026243 |
| &nbsp;&nbsp;&nbsp; Puerto Rico Sales Tax Financing Corp. Sales Tax (Puerto Rico) |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Series A-1, Rev., Zero Coupon, 7/1/2046 | &nbsp;&nbsp;&nbsp;&nbsp; 8230000 | &nbsp;&nbsp;&nbsp;&nbsp; 2625898 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Series A-2, Rev., 4.78%, 7/1/2058 | &nbsp;&nbsp;&nbsp;&nbsp; 3100000 | &nbsp;&nbsp;&nbsp;&nbsp; 2774403 |
| &nbsp;&nbsp;&nbsp; Total Puerto Rico |  | &nbsp;&nbsp;&nbsp;&nbsp; 6426544 |
| **Rhode Island — 0.5%** | **Rhode Island — 0.5%** | **Rhode Island — 0.5%** |
| &nbsp;&nbsp;&nbsp; Tobacco Settlement Financing Corp. Series B, Rev., 5.00%, 6/1/2050 | &nbsp;&nbsp;&nbsp;&nbsp; 1000000 | &nbsp;&nbsp;&nbsp;&nbsp; 991429 |
| **Tennessee — 1.9%** | **Tennessee — 1.9%** | **Tennessee — 1.9%** |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Shelby County Health Educational and Housing Facilities Board Retirement Facility The Farm at Bailey Station Series <br> 2019A, Rev., 5.50%, 10/1/2039<br>| &nbsp;&nbsp;&nbsp;&nbsp; 3000000 | &nbsp;&nbsp;&nbsp;&nbsp; 2182590 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Shelby County Health Educational and Housing Facilities Board, Madrone Memphis Student Housing I, LLC- University of <br> Memphis Project Series 2024A-1, Rev., 5.25%, 6/1/2056 (c)<br>| &nbsp;&nbsp;&nbsp;&nbsp; 1000000 | &nbsp;&nbsp;&nbsp;&nbsp; 947038 |
| &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; 661722 |
| &nbsp;&nbsp;&nbsp; Total Tennessee |  | &nbsp;&nbsp;&nbsp;&nbsp; 3791350 |
| **Texas — 4.4%** | **Texas — 4.4%** | **Texas — 4.4%** |
| &nbsp;&nbsp;&nbsp; Central Texas Turnpike System, First Tier Series 2024B, Rev., 5.00%, 5/15/2030 (b) | &nbsp;&nbsp;&nbsp;&nbsp; 1000000 | &nbsp;&nbsp;&nbsp;&nbsp; 1052042 |
| &nbsp;&nbsp;&nbsp; City of Houston Airport System, United Airlines, Inc., Terminal Improvement Projects |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Series 2020A, Rev., AMT, 5.00%, 7/1/2027 | &nbsp;&nbsp;&nbsp;&nbsp; 1000000 | &nbsp;&nbsp;&nbsp;&nbsp; 1003294 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Series 2024B, Rev., AMT, 5.25%, 7/15/2034 | &nbsp;&nbsp;&nbsp;&nbsp; 1000000 | &nbsp;&nbsp;&nbsp;&nbsp; 1023950 |
| &nbsp;&nbsp;&nbsp; County of Fort Bend Toll Road, Senior Lien, Rev., A.G., 5.25%, 3/1/2050 (d) | &nbsp;&nbsp;&nbsp;&nbsp; 1000000 | &nbsp;&nbsp;&nbsp;&nbsp; 1031133 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; New Hope Cultural Education Facilities Finance Corp., Bela Vida Forefront Living Projects Series 2025A, Rev., 6.50%, <br> 10/1/2060<br>| &nbsp;&nbsp;&nbsp;&nbsp; 1125000 | &nbsp;&nbsp;&nbsp;&nbsp; 1072358 |
| &nbsp;&nbsp;&nbsp; New Hope Cultural Education Facilities Finance Corp., Legacy Midtown Park Project Series 2018A, Rev., 5.50%, 7/1/2054 | &nbsp;&nbsp;&nbsp;&nbsp; 1000000 | &nbsp;&nbsp;&nbsp;&nbsp; 696541 |
| &nbsp;&nbsp;&nbsp; Plano Independent School District, Unlimited Tax, GO, PSF-GTD, 4.00%, 2/15/2045 | &nbsp;&nbsp;&nbsp;&nbsp; 1000000 | &nbsp;&nbsp;&nbsp;&nbsp; 932057 |

---

------

**JPMorgan High Yield Municipal ETF**

**SCHEDULE OF PORTFOLIO INVESTMENTS**

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

---

| | | |
|:---|:---|:---|
| **INVESTMENTS** | &nbsp;&nbsp;&nbsp; **PRINCIPAL**<br> **AMOUNT($)**<br>| **VALUE($)** |
| **Municipal Bonds — continued** | **Municipal Bonds — continued** | **Municipal Bonds — continued** |
| **Texas — continued** | **Texas — continued** | **Texas — continued** |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Tarrant County Cultural Education Facilities Finance Corp., Cook Children's Medical Center Series 2020, Rev., 4.00%, <br> 12/1/2045<br>| &nbsp;&nbsp;&nbsp;&nbsp; 1070000 | &nbsp;&nbsp;&nbsp;&nbsp; 943825 |
| &nbsp;&nbsp;&nbsp; Texas Municipal Gas Acquisition and Supply Corp. V, Gas Supply Series 2024, Rev., 5.00%, 1/1/2034 (b) | &nbsp;&nbsp;&nbsp;&nbsp; 1000000 | &nbsp;&nbsp;&nbsp;&nbsp; 1052609 |
| &nbsp;&nbsp;&nbsp; Total Texas |  | &nbsp;&nbsp;&nbsp;&nbsp; 8807809 |
| **Utah — 1.5%** | **Utah — 1.5%** | **Utah — 1.5%** |
| &nbsp;&nbsp;&nbsp; Intermountain Power Agency, Utah Power Supply Series 2023A, Rev., 5.00%, 7/1/2036 | &nbsp;&nbsp;&nbsp;&nbsp; 1000000 | &nbsp;&nbsp;&nbsp;&nbsp; 1059254 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Mida Mountain Village Public Infrastructure District, Mountain Village Assessment Area Series 2020B, 6.25%, <br> 8/1/2030 (c)<br>| &nbsp;&nbsp;&nbsp;&nbsp; 1000000 | &nbsp;&nbsp;&nbsp;&nbsp; 975006 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Mida Mountain Village Public Infrastructure District, Utah Subordinate Tax Allocation Series 2024-2, Rev., 6.00%, <br> 6/15/2054 (c)<br>| &nbsp;&nbsp;&nbsp;&nbsp; 1000000 | &nbsp;&nbsp;&nbsp;&nbsp; 1004027 |
| &nbsp;&nbsp;&nbsp; Total Utah |  | &nbsp;&nbsp;&nbsp;&nbsp; 3038287 |
| **Virginia — 2.1%** | **Virginia — 2.1%** | **Virginia — 2.1%** |
| &nbsp;&nbsp;&nbsp; Fredericksburg Economic Development Authority, Stadium Project |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Series 2021A, Rev., 7.00%, 11/15/2026 (c) | &nbsp;&nbsp;&nbsp;&nbsp; 370000 | &nbsp;&nbsp;&nbsp;&nbsp; 364534 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Series 2019B, Rev., 6.63%, 9/1/2029 (b) (c) | &nbsp;&nbsp;&nbsp;&nbsp; 1255000 | &nbsp;&nbsp;&nbsp;&nbsp; 1165511 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Series 2019B, Rev., 7.50%, 9/1/2044 (b) (c) | &nbsp;&nbsp;&nbsp;&nbsp; 1000000 | &nbsp;&nbsp;&nbsp;&nbsp; 756786 |
| &nbsp;&nbsp;&nbsp; Halifax County Industrial Development Authority, Virginia Electric and Power Series 2010A, Rev., 3.80%, 5/28/2027 (b) | &nbsp;&nbsp;&nbsp;&nbsp; 1000000 | &nbsp;&nbsp;&nbsp;&nbsp; 1008928 |
| &nbsp;&nbsp;&nbsp; Virginia Small Business Financing Authority, Senior Lien, Transform 66 P3 Project, Rev., AMT, 5.00%, 12/31/2056 | &nbsp;&nbsp;&nbsp;&nbsp; 1000000 | &nbsp;&nbsp;&nbsp;&nbsp; 923549 |
| &nbsp;&nbsp;&nbsp; Total Virginia |  | &nbsp;&nbsp;&nbsp;&nbsp; 4219308 |
| **Washington — 2.8%** | **Washington — 2.8%** | **Washington — 2.8%** |
| &nbsp;&nbsp;&nbsp; Vancouver Housing Authority Series 2025, Rev., 4.25%, 2/1/2038 | &nbsp;&nbsp;&nbsp;&nbsp; 2000000 | &nbsp;&nbsp;&nbsp;&nbsp; 1906115 |
| &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 (c)<br>| &nbsp;&nbsp;&nbsp;&nbsp; 1000000 | &nbsp;&nbsp;&nbsp;&nbsp; 983930 |
| &nbsp;&nbsp;&nbsp; Washington State Housing Finance Commission, Radford Court and Nordheim Court |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Series 2024, Rev., 5.50%, 7/1/2049 | &nbsp;&nbsp;&nbsp;&nbsp; 1000000 | &nbsp;&nbsp;&nbsp;&nbsp; 1020190 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Series 2024, Rev., 5.00%, 7/1/2054 | &nbsp;&nbsp;&nbsp;&nbsp; 1000000 | &nbsp;&nbsp;&nbsp;&nbsp; 953850 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Washington State Housing Finance Commission, Seattle Academy Of Arts and Science Project Series 2023, Rev., 6.38%, <br> 7/1/2063 (c)<br>| &nbsp;&nbsp;&nbsp;&nbsp; 800000 | &nbsp;&nbsp;&nbsp;&nbsp; 854779 |
| &nbsp;&nbsp;&nbsp; Total Washington |  | &nbsp;&nbsp;&nbsp;&nbsp; 5718864 |
| **West Virginia — 0.5%** | **West Virginia — 0.5%** | **West Virginia — 0.5%** |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; West Virginia Economic Development Authority, Solid Waste Disposal Facilities, Commercial Metal Co. Project, Rev., AMT, <br> 4.63%, 5/15/2032 (b)<br>| &nbsp;&nbsp;&nbsp;&nbsp; 1000000 | &nbsp;&nbsp;&nbsp;&nbsp; 993932 |
| **Wisconsin — 9.3%** | **Wisconsin — 9.3%** | **Wisconsin — 9.3%** |
| &nbsp;&nbsp;&nbsp; Public Finance Authority, Rev., AMT, 5.75%, 7/1/2054 | &nbsp;&nbsp;&nbsp;&nbsp; 7000000 | &nbsp;&nbsp;&nbsp;&nbsp; 7146926 |
| &nbsp;&nbsp;&nbsp; Public Finance Authority, Astro Texas Land Projects |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Series 2024, Rev., 5.50%, 6/1/2025 (c) | &nbsp;&nbsp;&nbsp;&nbsp; 500000 | &nbsp;&nbsp;&nbsp;&nbsp; 500000 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Rev., 5.00%, 12/15/2036 (c) | &nbsp;&nbsp;&nbsp;&nbsp; 999550 | &nbsp;&nbsp;&nbsp;&nbsp; 979210 |
| &nbsp;&nbsp;&nbsp; Public Finance Authority, Celanese Corp. Series 2016C, Rev., AMT, 4.30%, 11/1/2030 | &nbsp;&nbsp;&nbsp;&nbsp; 1000000 | &nbsp;&nbsp;&nbsp;&nbsp; 986625 |
| &nbsp;&nbsp;&nbsp; Public Finance Authority, Kahala Nui Project, Rev., 5.25%, 11/15/2061 | &nbsp;&nbsp;&nbsp;&nbsp; 1000000 | &nbsp;&nbsp;&nbsp;&nbsp; 996359 |
| &nbsp;&nbsp;&nbsp; Public Finance Authority, Presbyterian Villages of Michigan Obligated Group Series 2020A, Rev., 4.00%, 11/15/2042 (c) | &nbsp;&nbsp;&nbsp;&nbsp; 3955000 | &nbsp;&nbsp;&nbsp;&nbsp; 2739405 |
| &nbsp;&nbsp;&nbsp; Public Finance Authority, Ripple Ranch, LLC Obligate Series 2021A, Rev., 5.25%, 12/1/2051 (c) | &nbsp;&nbsp;&nbsp;&nbsp; 800000 | &nbsp;&nbsp;&nbsp;&nbsp; 500100 |
| &nbsp;&nbsp;&nbsp; Wisconsin Health and Educational Facilities Authority Series 2016A, Rev., 4.00%, 11/15/2046 | &nbsp;&nbsp;&nbsp;&nbsp; 1000000 | &nbsp;&nbsp;&nbsp;&nbsp; 846631 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Wisconsin Health and Educational Facilities Authority, Ascension Senior Credit Group Series 2016A, Rev., 5.00%, <br> 11/15/2035<br>| &nbsp;&nbsp;&nbsp;&nbsp; 1000000 | &nbsp;&nbsp;&nbsp;&nbsp; 1008184 |
| &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; 1018057 |

---

------

**JPMorgan High Yield Municipal ETF**

**SCHEDULE OF PORTFOLIO INVESTMENTS**

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

---

| | | |
|:---|:---|:---|
| **INVESTMENTS** | &nbsp;&nbsp;&nbsp; **PRINCIPAL**<br> **AMOUNT($)**<br>| **VALUE($)** |
| **Municipal Bonds — continued** | **Municipal Bonds — continued** | **Municipal Bonds — continued** |
| **Wisconsin — continued** | **Wisconsin — continued** | **Wisconsin — continued** |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Wisconsin Health and Educational Facilities Authority, Forensic science and Protective Medicine Collaboration, Inc. Project <br> Series 2024, Rev., 5.00%, 8/1/2027 (c)<br>| &nbsp;&nbsp;&nbsp;&nbsp; 1000000 | &nbsp;&nbsp;&nbsp;&nbsp; 1014101 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Wisconsin Housing and Economic Development Authority, Home Ownership Series 2024A, Rev., GNMA / FNMA / FHLMC, <br> 6.00%, 9/1/2054<br>| &nbsp;&nbsp;&nbsp;&nbsp; 965000 | &nbsp;&nbsp;&nbsp;&nbsp; 1035911 |
| &nbsp;&nbsp;&nbsp; Total Wisconsin |  | &nbsp;&nbsp;&nbsp;&nbsp; 18771509 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Total Municipal Bonds <br>(Cost $195,064,732)<br>|  | &nbsp;&nbsp;&nbsp;&nbsp; 189426435 |
|  | **SHARES** |  |
| **Short-Term Investments — 5.2%** | **Short-Term Investments — 5.2%** | **Short-Term Investments — 5.2%** |
| **Investment Companies — 5.2%** | **Investment Companies — 5.2%** | **Investment Companies — 5.2%** |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; JPMorgan Institutional Tax Free Money Market Fund Class IM Shares, 2.30% (f) (g) <br>(Cost $10,475,688)<br>| &nbsp;&nbsp;&nbsp;&nbsp; 10475408 | &nbsp;&nbsp;&nbsp;&nbsp; 10476455 |
| **Total Investments — 99.5%** <br>**(Cost $205,540,420)**<br>|  | &nbsp;&nbsp;&nbsp;&nbsp; **199902890** |
| **Other Assets in Excess of Liabilities — 0.5%** |  | &nbsp;&nbsp;&nbsp;&nbsp; **930249** |
| **NET ASSETS — 100.0%** |  | &nbsp;&nbsp;&nbsp;&nbsp; **200833139** |

---

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

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

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

---

| | |
|:---|:---|
| **Abbreviations** |  |
| A.G. | Insured by Assured Guaranty Inc. |
| AMBAC | Insured by American Municipal Bond Assurance Corp. |
| AMT | Alternative Minimum Tax |
| BAN | Bond Anticipation Note |
| COLL | Collateral |
| FHLMC | Federal Home Loan Mortgage Corp. |
| FNMA | Federal National Mortgage Association |
| GNMA | Government National Mortgage Association |
| GO | General Obligation |
| LIQ | Liquidity Agreement |
| LOC | Letter of Credit |
| PSF-GTD | Permanent School Fund Guaranteed |
| Rev. | Revenue |
| VRDO | Variable Rate Demand Obligation |

---

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

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

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(b) Variable or floating rate security, the interest rate of which adjusts periodically
 based on changes in current interest rates and prepayments on the underlying pool of assets. The interest rate shown is the current rate as of May 31,
 2025.

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

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

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(e) Defaulted security.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(f) Investment in an affiliated fund, which is registered under the Investment Company
 Act of 1940, as amended, and is advised by J.P. Morgan Investment Management Inc.

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

------

**JPMorgan High Yield Municipal ETF**

**SCHEDULE OF PORTFOLIO INVESTMENTS**

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

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

------

---

| | | | | | |
|:---|:---|:---|:---|:---|:---|
| **DESCRIPTION** | &nbsp;&nbsp;&nbsp; **NUMBER OF** <br>**CONTRACTS**<br>| **EXPIRATION DATE** | **TRADING CURRENCY** | &nbsp;&nbsp;&nbsp; **NOTIONAL** <br>**AMOUNT ($)**<br>| &nbsp;&nbsp;&nbsp; **VALUE AND** <br>**UNREALIZED** <br>**APPRECIATION** <br>&nbsp;&nbsp;&nbsp;&nbsp;**(DEPRECIATION) ($)**<br>|
| **Long Contracts** |  |  |  |  |  |
| U.S. Treasury 10 Year Note | &nbsp;&nbsp;&nbsp;&nbsp; 116 | &nbsp;&nbsp;&nbsp;&nbsp; 09/19/2025 | &nbsp;&nbsp;&nbsp;&nbsp; USD | &nbsp;&nbsp;&nbsp;&nbsp; 12865125 | &nbsp;&nbsp;&nbsp;&nbsp; 159429 |
| U.S. Treasury Long Bond | &nbsp;&nbsp;&nbsp;&nbsp; 39 | &nbsp;&nbsp;&nbsp;&nbsp; 09/19/2025 | &nbsp;&nbsp;&nbsp;&nbsp; USD | &nbsp;&nbsp;&nbsp;&nbsp; 4411875 | &nbsp;&nbsp;&nbsp;&nbsp; 91434 |
|  |  |  |  |  | &nbsp;&nbsp;&nbsp;&nbsp; 250863 |
| **Short Contracts** |  |  |  |  |  |
| U.S. Treasury 10 Year Ultra Note | &nbsp;&nbsp;&nbsp;&nbsp; (28)<br>| &nbsp;&nbsp;&nbsp;&nbsp; 09/19/2025 | &nbsp;&nbsp;&nbsp;&nbsp; USD | &nbsp;&nbsp;&nbsp;&nbsp; (3158750)<br>| &nbsp;&nbsp;&nbsp;&nbsp; (38748)<br>|
| U.S. Treasury Ultra Bond | &nbsp;&nbsp;&nbsp;&nbsp; (13)<br>| &nbsp;&nbsp;&nbsp;&nbsp; 09/19/2025 | &nbsp;&nbsp;&nbsp;&nbsp; USD | &nbsp;&nbsp;&nbsp;&nbsp; (1512063)<br>| &nbsp;&nbsp;&nbsp;&nbsp; (34750)<br>|
|  |  |  |  |  | &nbsp;&nbsp;&nbsp;&nbsp; (73498)<br>|
|  |  |  |  |  | &nbsp;&nbsp;&nbsp;&nbsp; 177365 |

---

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

---

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

---

------

**JPMorgan High Yield Municipal ETF**

**SCHEDULE OF PORTFOLIO INVESTMENTS**

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

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

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

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

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

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

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

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

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

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

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

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

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

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

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

---

| | | | | |
|:---|:---|:---|:---|:---|
|  | &nbsp;&nbsp;&nbsp;&nbsp; **Level 1** <br>Quoted prices<br>| &nbsp;&nbsp;&nbsp;&nbsp; **Level 2** <br>Other significant <br>observable inputs<br>| &nbsp;&nbsp;&nbsp;&nbsp; **Level 3** <br>Significant <br>unobservable inputs<br>| **Total** |
| **Investments in Securities** |  |  |  |  |
| Municipal Bonds | &nbsp;&nbsp;&nbsp;&nbsp; $— | &nbsp;&nbsp;&nbsp;&nbsp; $189426435 | &nbsp;&nbsp;&nbsp;&nbsp; $— | &nbsp;&nbsp;&nbsp;&nbsp; $189426435 |
| Short-Term Investments |  |  |  |  |
| &nbsp;&nbsp;&nbsp; Investment Companies | &nbsp;&nbsp;&nbsp;&nbsp; 10476455 | &nbsp;&nbsp;&nbsp;&nbsp; — | &nbsp;&nbsp;&nbsp;&nbsp; — | &nbsp;&nbsp;&nbsp;&nbsp; 10476455 |
| **Total Investments in Securities** | &nbsp;&nbsp;&nbsp;&nbsp; $10476455 | &nbsp;&nbsp;&nbsp;&nbsp; $189426435 | &nbsp;&nbsp;&nbsp;&nbsp; $— | &nbsp;&nbsp;&nbsp;&nbsp; $199902890 |

---

------

**JPMorgan High Yield Municipal ETF**

**SCHEDULE OF PORTFOLIO INVESTMENTS**

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

---

| | | | | |
|:---|:---|:---|:---|:---|
|  | &nbsp;&nbsp;&nbsp;&nbsp; **Level 1**<br> Quoted prices<br>| &nbsp;&nbsp;&nbsp;&nbsp; **Level 2**<br> Other significant<br> observable inputs<br>| &nbsp;&nbsp;&nbsp;&nbsp; **Level 3**<br> Significant<br> unobservable inputs<br>| **Total** |
| **Appreciation in Other Financial Instruments** |  |  |  |  |
| Futures Contracts | &nbsp;&nbsp;&nbsp;&nbsp; $250863 | &nbsp;&nbsp;&nbsp;&nbsp; $— | &nbsp;&nbsp;&nbsp;&nbsp; $— | &nbsp;&nbsp;&nbsp;&nbsp; $250863 |
| **Depreciation in Other Financial Instruments** |  |  |  |  |
| Futures Contracts | &nbsp;&nbsp;&nbsp;&nbsp; $(73498)<br>| &nbsp;&nbsp;&nbsp;&nbsp; $— | &nbsp;&nbsp;&nbsp;&nbsp; $— | &nbsp;&nbsp;&nbsp;&nbsp; $(73498)<br>|
| **Total Net Appreciation/ Depreciation in Other** <br>**Financial Instruments**<br>| &nbsp;&nbsp;&nbsp;&nbsp; $177365 | &nbsp;&nbsp;&nbsp;&nbsp; $— | &nbsp;&nbsp;&nbsp;&nbsp; $— | &nbsp;&nbsp;&nbsp;&nbsp; $177365 |

---

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

---

| | | | | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|:---|:---|:---|
| **For the period ended May 31, 2025** | **For the period ended May 31, 2025** | **For the period ended May 31, 2025** | **For the period ended May 31, 2025** | **For the period ended May 31, 2025** | **For the period ended May 31, 2025** | **For the period ended May 31, 2025** | **For the period ended May 31, 2025** | **For the period ended May 31, 2025** | **For the period ended May 31, 2025** |
| **Security Description** | **Value at** <br>**February 28,** <br>**2025**<br>| **Purchases at** <br>**Cost**<br>| **Proceeds from** <br>**Sales**<br>| **Net Realized** <br>**Gain (Loss)**<br>| **Change in** <br>**Unrealized** <br>**Appreciation/** <br>**(Depreciation)**<br>| **Value at** <br>**May 31,** <br>**2025**<br>| **Shares at** <br>**May 31,** <br>**2025**<br>| **Dividend** <br>**Income**<br>| **Capital Gain** <br>**Distributions**<br>|
| &nbsp;&nbsp;&nbsp; JPMorgan Institutional Tax Free <br> Money Market Fund Class IM <br> Shares, 2.30% (a) (b)<br>| $28048497 | $25487334 | $43059376 | $127 | $(127)<br>| $10476455 | 10475408 | $111285 | $— |

---

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

 <br> (a) Investment in an affiliated fund, which is registered under the Investment Company Act of 1940, as amended, and is advised by J.P. Morgan Investment Management Inc. <br> (b) The rate shown is the current yield as of May 31, 2025.

------

## Form NPORT-P: Monthly Portfolio Investments Report

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

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

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

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

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

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

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

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

  - **City:** New York

  - **State:** NY

  - **Foreign country:** US

  - **Zip / Postal Code:** 10172

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

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

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

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

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

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

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

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

**Item A.4. Final filing**

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

### Fund Information

**Total Assets:** $203057290.35

**Total Liabilities:** $2224379.70

**Net Assets:** $200832910.65

**Currency Risk Metrics (dv01):**

- 

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

- **3-Month:** 55.24820000 | **1-Year:** 2136.28064000 | **5-Year:** 17389.28775000 | **10-Year:** 43059.09532000 | **30-Year:** 11836.10275000

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

- **3-Month:** 0.00000000 | **1-Year:** 787.54678000 | **5-Year:** 5290.67265000 | **10-Year:** 23577.51930000 | **30-Year:** 49160.34881000

**Monthly Return Information**

| Class               | Month 1 Return (%)   | Month 2 Return (%)   | Month 3 Return (%)   |
|:---|:---|:---|:---|
| Class ID C000241196 | -1.39%               | -0.85%               | -0.14%               |

**Monthly Gains & Losses**

| Period   | Net Realized Gain/Loss   | Net Unrealized Appreciation/Depreciation   |
|:---|:---|:---|
| Month 1  | $40845.47                | $-3750443.62                               |
| Month 2  | $-618182.86              | $-2473276.78                               |
| Month 3  | $-278258.96              | $-725348.40                                |

**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   |
|:---|:---|:---|:---|:---|:---|:---|---:|:---|:---|:---|:---|:---|:---|:---|---:|:---|
| Delaware State Economic Development Authority                             | Delaware State Economic Development Authority, Delmarva Power and Light Co. Project, Series 2020A                                                    | CUSIP: 246387SU9<br>LEI: N/A                  | Long             | STIV             | MUN               | US        |   1000000 | PA      | $997211.30    | 0.50%             | 2031-01-01      | Variable      | 1.05%                 | No            |                  2 | On Loan: No      |
| Oklahoma Development Finance Authority                                    | Oklahoma Development Finance Authority, Health System, OU Medicine Project, Series 2018B                                                             | CUSIP: 67884XCN5<br>LEI: 549300PXGPHUWC32DJ91 | Long             | DBT              | MUN               | US        |   1600000 | PA      | $1560312.80   | 0.78%             | 2057-08-15      | Fixed         | 5.50%                 | No            |                  2 | On Loan: No      |
| Massachusetts Development Finance Agency                                  | Massachusetts Development Finance Agency, Lasell Village, Inc. Issue                                                                                 | CUSIP: 57585BJJ8<br>LEI: 549300UZSVMFXJK08K70 | Long             | DBT              | MUN               | US        |   1000000 | PA      | $1048556.40   | 0.52%             | 2029-07-01      | Fixed         | 5.00%                 | No            |                  2 | On Loan: No      |
| Buckeye Tobacco Settlement Financing Authority                            | Buckeye Tobacco Settlement Financing Authority, Series 2020A-2, Class 1                                                                              | CUSIP: 118217CU0<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |   1155000 | PA      | $1080016.82   | 0.54%             | 2038-06-01      | Fixed         | 4.00%                 | No            |                  2 | On Loan: No      |
| Washington State Housing Finance Commission                               | Washington State Housing Finance Commission, Radford Court and Nordheim Court, Series 2024                                                           | CUSIP: 93978LHG4<br>LEI: 549300YL1HU59NREG764 | Long             | DBT              | MUN               | US        |   1000000 | PA      | $953850.30    | 0.47%             | 2054-07-01      | Fixed         | 5.00%                 | No            |                  2 | On Loan: No      |
| Capital Projects Finance Authority/FL                                     | Capital Projects Finance Authority, Student Housing, Program Unionwest Properties LLC Project, Series 2024A-1                                        | CUSIP: 140427CP8<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |   1000000 | PA      | $955233.60    | 0.48%             | 2049-06-01      | Fixed         | 5.00%                 | Yes           |                  2 | On Loan: No      |
| New Jersey Transportation Trust Fund Authority                            | New Jersey Transportation Trust Fund Authority, Transportation Program, Series 2022BB                                                                | CUSIP: 64613CBG2<br>LEI: 549300YUVD5TEXR6L889 | Long             | DBT              | MUN               | US        |   1000000 | PA      | $951391.20    | 0.47%             | 2038-06-15      | Fixed         | 4.00%                 | No            |                  2 | On Loan: No      |
| Florida Development Finance Corp.                                         | Florida Development Finance Corp., GFL Solid Waste Southeast LLC Project, Series 2024A                                                               | CUSIP: 34061XAG7<br>LEI: 549300HC854CNBLMWC48 | Long             | STIV             | MUN               | US        |   1000000 | PA      | $995328.60    | 0.50%             | 2054-10-01      | Variable      | 4.38%                 | Yes           |                  2 | On Loan: No      |
| Black Belt Energy Gas District                                            | Black Belt Energy Gas District, Gas Project, Series 2024B                                                                                            | CUSIP: 09182TEC7<br>LEI: 549300I8V0Z68JQCB679 | Long             | DBT              | MUN               | US        |   1000000 | PA      | $1041595.70   | 0.52%             | 2055-10-01      | Variable      | 5.00%                 | No            |                  2 | On Loan: No      |
| Main Street Natural Gas, Inc.                                             | Main Street Natural Gas, Inc., Gas Supply, Series 2024D                                                                                              | CUSIP: 56035DHZ8<br>LEI: 549300NY5M0QVZ6X4U26 | Long             | DBT              | MUN               | US        |   2000000 | PA      | $2092088.00   | 1.04%             | 2054-04-01      | Variable      | 5.00%                 | No            |                  2 | On Loan: No      |
| Black Belt Energy Gas District                                            | Black Belt Energy Gas District, Gas Project, Series 2024D                                                                                            | CUSIP: 09182TEN3<br>LEI: 549300I8V0Z68JQCB679 | Long             | DBT              | MUN               | US        |   2000000 | PA      | $2095657.80   | 1.04%             | 2055-03-01      | Variable      | 5.00%                 | No            |                  2 | On Loan: No      |
| California Municipal Finance Authority                                    | California Municipal Finance Authority, Linxs Apartments Project, Senior Lien, Series 2018A                                                          | CUSIP: 13048VCD8<br>LEI: 5493000UQOV6R4ZWS346 | Long             | DBT              | MUN               | US        |   1000000 | PA      | $954747.20    | 0.48%             | 2047-12-31      | Fixed         | 5.00%                 | No            |                  2 | On Loan: No      |
| Black Belt Energy Gas District                                            | Black Belt Energy Gas District, Gas Project, Series 2021A                                                                                            | CUSIP: 09182NBR0<br>LEI: 549300I8V0Z68JQCB679 | Long             | DBT              | MUN               | US        |   3000000 | PA      | $2965073.70   | 1.48%             | 2031-12-01      | Variable      | 4.00%                 | 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        |    870000 | PA      | $923013.71    | 0.46%             | 2053-11-01      | 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        |    800000 | PA      | $500099.76    | 0.25%             | 2051-12-01      | Fixed         | 5.25%                 | Yes           |                  2 | On Loan: No      |
| Public Finance Authority                                                  | Public Finance Authority                                                                                                                             | CUSIP: 74442PF75<br>LEI: 5493004S6D3NA627K012 | Long             | DBT              | MUN               | US        |   7000000 | PA      | $7146925.80   | 3.56%             | 2054-07-01      | Fixed         | 5.75%                 | No            |                  2 | On Loan: No      |
| Central Texas Turnpike System                                             | Central Texas Turnpike System, First Tier, Series 2024B                                                                                              | CUSIP: 88283KBQ0<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |   1000000 | PA      | $1052041.50   | 0.52%             | 2042-08-15      | Variable      | 5.00%                 | No            |                  2 | On Loan: No      |
| West Virginia Economic Development Authority                              | West Virginia Economic Development Authority, Solid Waste Disposal Facilities, Commercial Metal Co. Project                                          | CUSIP: 95648VBV0<br>LEI: 549300WW88TKKF5H1220 | Long             | STIV             | MUN               | US        |   1000000 | PA      | $993932.10    | 0.49%             | 2055-04-15      | Variable      | 4.62%                 | No            |                  2 | On Loan: No      |
| Public Finance Authority                                                  | Public Finance Authority, Astro Texas Land Projects, Series 2024                                                                                     | CUSIP: 74447TAE2<br>LEI: 5493004S6D3NA627K012 | Long             | DBT              | MUN               | US        |    500000 | PA      | $500000.00    | 0.25%             | 2028-12-15      | Fixed         | 5.50%                 | Yes           |                  2 | On Loan: No      |
| Wisconsin Health & Educational Facilities Authority                       | Wisconsin Health and Educational Facilities Authority, Ascension Senior Credit Group, Series 2016A                                                   | CUSIP: 97712DQU3<br>LEI: 549300ISNGXS0VHGVD41 | Long             | DBT              | MUN               | US        |   1000000 | PA      | $1008183.70   | 0.50%             | 2035-11-15      | Fixed         | 5.00%                 | No            |                  2 | On Loan: No      |
| Fredericksburg Economic Development Authority                             | Fredericksburg Economic Development Authority, Stadium Project, Series 2021A                                                                         | CUSIP: 355850AH1<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |    370000 | PA      | $364533.81    | 0.18%             | 2026-11-15      | Fixed         | 7.00%                 | Yes           |                  2 | On Loan: No      |
| North Carolina Housing Finance Agency                                     | North Carolina Housing Finance Agency, Homeownership, Series 55-C                                                                                    | CUSIP: 65820BBB1<br>LEI: EC4EE0PS5OP5O69B5C39 | Long             | STIV             | MUN               | US        |   1000000 | PA      | $999329.50    | 0.50%             | 2056-07-01      | Variable      | 3.20%                 | No            |                  2 | On Loan: No      |
| City of Farmington NM                                                     | City of Farmington, San Juan Project, Series 2010E                                                                                                   | CUSIP: 311450GF1<br>LEI: 5493000GWMTI2L4AZA61 | Long             | STIV             | MUN               | US        |   1020000 | PA      | $1021932.29   | 0.51%             | 2040-06-01      | Variable      | 3.88%                 | No            |                  2 | On Loan: No      |
| Intermountain Power Agency                                                | Intermountain Power Agency, Utah Power Supply, Series 2023A                                                                                          | CUSIP: 45884AF24<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |   1000000 | PA      | $1059254.30   | 0.53%             | 2036-07-01      | Fixed         | 5.00%                 | No            |                  2 | On Loan: No      |
| Golden State Tobacco Securitization Corp.                                 | Golden State Tobacco Securitization Corp., Enhanced Tobacco Settlement, Series 2021B-2                                                               | CUSIP: 38122NB84<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |  25000000 | PA      | $2681822.50   | 1.34%             | 2066-06-01      | None          | 0.00%                 | No            |                  2 | On Loan: No      |
| City of Houston TX Airport System Revenue                                 | City of Houston Airport System, United Airlines, Inc. Terminal Improvement Projects, Series 2020A                                                    | CUSIP: 442349DG8<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |   1000000 | PA      | $1003294.00   | 0.50%             | 2027-07-01      | Fixed         | 5.00%                 | No            |                  2 | On Loan: No      |
| Florida Development Finance Corp.                                         | Florida Development Finance Corp., Brightline Florida Passenger Rail Project, Series 2024                                                            | CUSIP: 340618DQ7<br>LEI: 549300HC854CNBLMWC48 | Long             | DBT              | MUN               | US        |    500000 | PA      | $458922.00    | 0.23%             | 2041-07-01      | Fixed         | 5.00%                 | No            |                  2 | On Loan: No      |
| Fredericksburg Economic Development Authority                             | Fredericksburg Economic Development Authority, Stadium Project, Series 2019B                                                                         | CUSIP: 355850AF5<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |   1255000 | PA      | $1165510.97   | 0.58%             | 2029-09-01      | Variable      | 6.12%                 | Yes           |                  2 | On Loan: No      |
| Montgomery County Industrial Development Authority                        | Montgomery County Industrial Development Authority, Constellation Energy Generation, Series 2023A                                                    | CUSIP: 61361TAA9<br>LEI: N/A                  | Long             | STIV             | MUN               | US        |   1250000 | PA      | $1265241.88   | 0.63%             | 2028-04-03      | Variable      | 4.10%                 | No            |                  2 | On Loan: No      |
| New York City Housing Development Corp.                                   | New York City Housing Development Corp., Multi-Family Mortgage, 8 Spruce Street Project, Series 2024 CL F                                            | CUSIP: 64966TGX6<br>LEI: 549300SQWVHKBRF8D702 | Long             | DBT              | MUN               | US        |   1900000 | PA      | $1930760.43   | 0.96%             | 2031-12-15      | Fixed         | 5.25%                 | No            |                  2 | On Loan: No      |
| New Hampshire Business Finance Authority                                  | New Hampshire Business Finance Authority, Series 2025-1                                                                                              | CUSIP: 63607WBD5<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |    998565 | PA      | $928788.61    | 0.46%             | 2041-01-20      | Fixed         | 4.17%                 | No            |                  2 | On Loan: No      |
| Public Finance Authority                                                  | Public Finance Authority, Astro Texas Land Projects                                                                                                  | CUSIP: 74442PL86<br>LEI: 5493004S6D3NA627K012 | Long             | DBT              | MUN               | US        |    999550 | PA      | $979209.74    | 0.49%             | 2036-12-15      | Fixed         | 5.00%                 | Yes           |                  2 | On Loan: No      |
| New Jersey Economic Development Authority                                 | New Jersey Economic Development Authority, Series 2020                                                                                               | CUSIP: 64577XBH8<br>LEI: 5493006JS6QWDVU4R678 | Long             | DBT              | MUN               | US        |   2949126 | PA      | $1892484.73   | 0.94%             | 2040-01-01      | 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        |   1280000 | PA      | $1330513.79   | 0.66%             | 2053-07-01      | Variable      | 5.00%                 | No            |                  2 | On Loan: No      |
| Martin County Health Facilities Authority                                 | Martin County Health Facilities Authority, Cleveland Clinic Health System Obligated Group, Series 2019A                                              | CUSIP: 573903FZ9<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |   1500000 | PA      | $1350088.50   | 0.67%             | 2046-01-01      | Fixed         | 4.00%                 | No            |                  2 | On Loan: No      |
| N/A                                                                       | U.S. Treasury Long Bond                                                                                                                              | CUSIP: N/A<br>LEI: N/A                        | N/A              | DIR              |  | US        |        39 | NC      | $91434.07     | 0.05%             |  |  |  | No            |                  1 | On Loan: No      |
| City of Houston TX Airport System Revenue                                 | City of Houston Airport System, United Airlines, Inc. Terminal Improvement Projects, Series 2024B                                                    | CUSIP: 442349HU3<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |   1000000 | PA      | $1023950.10   | 0.51%             | 2034-07-15      | Fixed         | 5.25%                 | No            |                  2 | On Loan: No      |
| Indiana Housing & Community Development Authority                         | Indiana Housing and Community Development Authority, Vita of Marion Project, Series 2021A                                                            | CUSIP: 45506CBA4<br>LEI: 549300QRKDYVNHT1OE86 | Long             | DBT              | MUN               | US        |   1250000 | PA      | $1042416.00   | 0.52%             | 2041-04-01      | Fixed         | 5.25%                 | Yes           |                  2 | On Loan: No      |
| Public Finance Authority                                                  | Public Finance Authority, Presbyterian Villages of Michigan Obligated Group, Series 2020A                                                            | CUSIP: 74442PQH1<br>LEI: 5493004S6D3NA627K012 | Long             | DBT              | MUN               | US        |   3955000 | PA      | $2739404.65   | 1.36%             | 2042-11-15      | Fixed         | 4.00%                 | Yes           |                  2 | On Loan: No      |
| St Vrain Lakes Metropolitan District No. 4                                | St Vrain Lakes Metropolitan District No. 4, Series 2024A                                                                                             | CUSIP: 85237KAA9<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |    500000 | PA      | $334435.75    | 0.17%             | 2054-09-20      | Variable      | 0.00%                 | Yes           |                  2 | On Loan: No      |
| Tobacco Settlement Financing Corp.                                        | Tobacco Settlement Financing Corp., Series 2018B                                                                                                     | CUSIP: 888808HT2<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |   2685000 | PA      | $2574139.04   | 1.28%             | 2046-06-01      | Fixed         | 5.00%                 | No            |                  2 | On Loan: No      |
| Geisinger Authority                                                       | Geisinger Authority, Health System, Series 2020A                                                                                                     | CUSIP: 368497JU8<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |   1000000 | PA      | $987563.00    | 0.49%             | 2050-04-01      | 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      | $1018057.00   | 0.51%             | 2050-08-15      | Fixed         | 5.25%                 | No            |                  2 | On Loan: No      |
| Bradburn Metropolitan District No. 2                                      | Bradburn Metropolitan District No. 2, Limited Tax, Series 2018A                                                                                      | CUSIP: 103844AD8<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |    500000 | PA      | $489684.15    | 0.24%             | 2038-12-01      | Fixed         | 5.00%                 | No            |                  2 | On Loan: No      |
| Illinois Finance Authority                                                | Illinois Finance Authority, Centerpointjoliet Terminal, Series 2020                                                                                  | CUSIP: 45203PAB0<br>LEI: 549300ZG6UBPNNNRN315 | Long             | STIV             | MUN               | US        |   1000000 | PA      | $964227.30    | 0.48%             | 2050-12-01      | Variable      | 4.12%                 | Yes           |                  2 | On Loan: No      |
| New York Transportation Development Corp.                                 | New York Transportation Development Corp., Delta Air Lines, Inc., LaGuardia Airport Terminals C&D Redevelopment Project                              | CUSIP: 650116CN4<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |    375000 | PA      | $377190.00    | 0.19%             | 2034-01-01      | Fixed         | 5.00%                 | No            |                  2 | On Loan: No      |
| New York Transportation Development Corp.                                 | New York Transportation Development Corp., Delta Air Lines, Inc., LaGuardia Airport Terminals C&D Redevelopment Project, Series 2023                 | CUSIP: 650116GN0<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |   1000000 | PA      | $1085701.90   | 0.54%             | 2035-04-01      | Fixed         | 6.00%                 | 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      | $1906114.60   | 0.95%             | 2038-02-01      | Fixed         | 4.25%                 | 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      | $1126285.20   | 0.56%             | 2055-11-01      | Variable      | 5.00%                 | No            |                  2 | On Loan: No      |
| Washington State Housing Finance Commission                               | Washington State Housing Finance Commission, Blakeley and Laurel Villages Portfolio, Series 2025A                                                    | CUSIP: 93978LJM9<br>LEI: 549300YL1HU59NREG764 | Long             | DBT              | MUN               | US        |   1000000 | PA      | $983929.90    | 0.49%             | 2050-07-01      | Fixed         | 5.50%                 | Yes           |                  2 | On Loan: No      |
| Central Plains Energy Project                                             | Central Plains Energy Project, Gas Project No. 4, Series 2023A-1                                                                                     | CUSIP: 154871CW5<br>LEI: SVQOT7V5CPLIGNP5BE29 | Long             | DBT              | MUN               | US        |   1000000 | PA      | $1030397.70   | 0.51%             | 2054-05-01      | Variable      | 5.00%                 | No            |                  2 | On Loan: No      |
| Oklahoma Housing Finance Agency                                           | Oklahoma Housing Finance Agency, Home Ownership Loan Program, Series 2025A                                                                           | CUSIP: 67886MW88<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |   1000000 | PA      | $1111676.40   | 0.55%             | 2056-09-01      | Fixed         | 6.25%                 | No            |                  2 | On Loan: No      |
| N/A                                                                       | U.S. Treasury 10 Year Note                                                                                                                           | CUSIP: N/A<br>LEI: N/A                        | N/A              | DIR              |  | US        |       116 | NC      | $159429.26    | 0.08%             |  |  |  | No            |                  1 | On Loan: No      |
| City of Chicago IL Waterworks Revenue                                     | City of Chicago Waterworks, Second Lien, Series 2001                                                                                                 | CUSIP: 167736SJ7<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |   1000000 | PA      | $1062507.20   | 0.53%             | 2030-11-01      | Fixed         | 5.75%                 | No            |                  2 | On Loan: No      |
| City of Minneapolis MN                                                    | City of Minneapolis, Health Care System, Fairview Health Services, Series 2018A                                                                      | CUSIP: 60374VEF6<br>LEI: 54930069TEI1INHRHS55 | Long             | DBT              | MUN               | US        |   1000000 | PA      | $975225.50    | 0.49%             | 2049-11-15      | Fixed         | 5.00%                 | No            |                  2 | On Loan: No      |
| Iowa Tobacco Settlement Authority                                         | Iowa Tobacco Settlement Authority, Subordinate Senior Capital Appreciation Asset Backed, Series 2021-B-2, Class 2                                    | CUSIP: 888805CJ5<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |   6500000 | PA      | $956077.85    | 0.48%             | 2065-06-01      | None          | 0.00%                 | No            |                  2 | On Loan: No      |
| Washington State Housing Finance Commission                               | Washington State Housing Finance Commission, Radford Court and Nordheim Court, Series 2024                                                           | CUSIP: 93978LHF6<br>LEI: 549300YL1HU59NREG764 | Long             | DBT              | MUN               | US        |   1000000 | PA      | $1020189.60   | 0.51%             | 2049-07-01      | Fixed         | 5.50%                 | No            |                  2 | On Loan: No      |
| Denver Health & Hospital Authority                                        | Denver Health and Hospital Authority, Series 2025A                                                                                                   | CUSIP: 24918EEP1<br>LEI: 549300WFV5S7GIR4OS67 | Long             | DBT              | MUN               | US        |   1000000 | PA      | $1059171.10   | 0.53%             | 2055-12-01      | Fixed         | 6.00%                 | No            |                  2 | On Loan: No      |
| New Jersey Economic Development Authority                                 | New Jersey Economic Development Authority, Black Horse EHT Urban Renewal LLC Project, Series 2019A                                                   | CUSIP: 64577B7A6<br>LEI: 5493006JS6QWDVU4R678 | Long             | DBT              | MUN               | US        |   2000000 | PA      | $1531673.80   | 0.76%             | 2039-10-01      | Fixed         | 5.00%                 | Yes           |                  2 | On Loan: No      |
| Third Creek Metropolitan District No. 1                                   | Third Creek Metropolitan District No. 1, Limited Tax, Series 2022A-1                                                                                 | CUSIP: 88423EAA1<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |    825000 | PA      | $702647.55    | 0.35%             | 2037-12-01      | Fixed         | 4.50%                 | No            |                  2 | On Loan: No      |
| Arizona Industrial Development Authority                                  | Arizona Industrial Development Authority, KIPP NYC Public Charter Schools Jerome Facility Project, Series 2021B                                      | CUSIP: 04052BQU1<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |   1000000 | PA      | $881285.30    | 0.44%             | 2041-07-01      | Fixed         | 4.00%                 | No            |                  2 | On Loan: No      |
| City of Valparaiso IN                                                     | City of Valparaiso, Green Oaks of Valparaiso Project                                                                                                 | CUSIP: 920286AA9<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |   1550000 | PA      | $1345788.12   | 0.67%             | 2041-12-01      | Fixed         | 5.38%                 | Yes           |                  2 | On Loan: No      |
| New York Transportation Development Corp.                                 | New York Transportation Development Corp., Delta Air Lines, Inc., LaGuardia Airport Terminals C&D Redevelopment Project                              | CUSIP: 650116CG9<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |    500000 | PA      | $509758.05    | 0.25%             | 2028-01-01      | Fixed         | 5.00%                 | No            |                  2 | On Loan: No      |
| N/A                                                                       | U.S. Treasury Ultra Bond                                                                                                                             | CUSIP: N/A<br>LEI: N/A                        | N/A              | DIR              |  | US        |       -13 | NC      | $-34749.57    | -0.02%            |  |  |  | No            |                  1 | On Loan: No      |
| City of Detroit MI                                                        | City of Detroit, Unlimited Tax, Series 2020                                                                                                          | CUSIP: 2510934Q0<br>LEI: 549300BQRJP7MKKHOY28 | Long             | DBT              | MUN               | US        |   2460000 | PA      | $2493611.96   | 1.24%             | 2050-04-01      | Fixed         | 5.50%                 | No            |                  2 | On Loan: No      |
| Suffolk Regional Off-Track Betting Corp.                                  | Suffolk Regional Off-Track Betting Corp., Series 2024                                                                                                | CUSIP: 86480TAB0<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |   1000000 | PA      | $1023251.80   | 0.51%             | 2044-12-01      | Fixed         | 5.75%                 | No            |                  2 | On Loan: No      |
| Capital Projects Finance Authority/FL                                     | Capital Projects Finance Authority, Student Housing, Program Unionwest Properties LLC Project, Series 2024B                                          | CUSIP: 140427CK9<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |   7000000 | PA      | $1026174.10   | 0.51%             | 2062-06-01      | Variable      | 0.00%                 | 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: 93978LGR1<br>LEI: 549300YL1HU59NREG764 | Long             | DBT              | MUN               | US        |    800000 | PA      | $854779.52    | 0.43%             | 2063-07-01      | Fixed         | 6.38%                 | Yes           |                  2 | On Loan: No      |
| State of Illinois                                                         | State of Illinois, Series 2023B                                                                                                                      | CUSIP: 452153FL8<br>LEI: 54930048FV8RWPR02D67 | Long             | DBT              | MUN               | US        |   2435000 | PA      | $2494639.97   | 1.24%             | 2047-05-01      | Fixed         | 5.50%                 | No            |                  2 | On Loan: No      |
| Public Finance Authority                                                  | Public Finance Authority, Celanese Corp., Series 2016C                                                                                               | CUSIP: 74443QAD4<br>LEI: 5493004S6D3NA627K012 | Long             | DBT              | MUN               | US        |   1000000 | PA      | $986625.60    | 0.49%             | 2030-11-01      | Fixed         | 4.30%                 | No            |                  2 | On Loan: No      |
| Tarrant County Cultural Education Facilities Finance Corp.                | Tarrant County Cultural Education Facilities Finance Corp., Cook Children's Medical Center, Series 2020                                              | CUSIP: 87638QQQ5<br>LEI: 549300ROY505NVTMMI25 | Long             | DBT              | MUN               | US        |   1070000 | PA      | $943824.96    | 0.47%             | 2045-12-01      | Fixed         | 4.00%                 | No            |                  2 | On Loan: No      |
| Black Belt Energy Gas District                                            | Black Belt Energy Gas District, Gas Project, Series 2023D-1                                                                                          | CUSIP: 09182TCR6<br>LEI: 549300I8V0Z68JQCB679 | Long             | DBT              | MUN               | US        |   2030000 | PA      | $2124962.18   | 1.06%             | 2049-06-01      | Variable      | 5.50%                 | No            |                  2 | On Loan: No      |
| Westchester County Local Development Corp.                                | Westchester County Local Development Corp., Purchase Senior Learning Community, Inc., Project, Series 2021A                                          | CUSIP: 95737TEU6<br>LEI: 549300KOSU8OC75V9238 | Long             | DBT              | MUN               | US        |   1000000 | PA      | $867055.50    | 0.43%             | 2056-07-01      | Fixed         | 5.00%                 | Yes           |                  2 | On Loan: No      |
| Wisconsin Health & Educational Facilities Authority                       | Wisconsin Health and Educational Facilities Authority, Forensic science and Protective Medicine Collaboration, Inc. Project, Series 2024             | CUSIP: 97712JHF3<br>LEI: 549300ISNGXS0VHGVD41 | Long             | DBT              | MUN               | US        |   1000000 | PA      | $1014100.80   | 0.50%             | 2027-08-01      | Fixed         | 5.00%                 | Yes           |                  2 | On Loan: No      |
| Bradburn Metropolitan District No. 2                                      | Bradburn Metropolitan District No. 2, Limited Tax, Series 2018B                                                                                      | CUSIP: 103844AF3<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |    500000 | PA      | $500748.75    | 0.25%             | 2047-12-15      | Fixed         | 7.25%                 | No            |                  2 | On Loan: No      |
| Mida Mountain Village Public Infrastructure District                      | Mida Mountain Village Public Infrastructure District, Mountain Village Assessment Area, Series 2020B                                                 | CUSIP: 59561TAE3<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |   1000000 | PA      | $975006.00    | 0.49%             | 2030-08-01      | Fixed         | 6.25%                 | Yes           |                  2 | On Loan: No      |
| Maricopa County Industrial Development Authority                          | Maricopa County Industrial Development Authority, Ottawa University                                                                                  | CUSIP: 56678RAJ2<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |    210000 | PA      | $202517.41    | 0.10%             | 2030-10-01      | Fixed         | 5.12%                 | Yes           |                  2 | On Loan: No      |
| N/A                                                                       | U.S. Treasury 10 Year Ultra Note                                                                                                                     | CUSIP: N/A<br>LEI: N/A                        | N/A              | DIR              |  | US        |       -28 | NC      | $-38748.49    | -0.02%            |  |  |  | No            |                  1 | On Loan: No      |
| Southern Ute Indian Tribe of the Southern Ute Reservation of Colorado     | Southern Ute Indian Tribe of the Southern Ute Reservation of Colorado, Series 2025A                                                                  | CUSIP: 844090AD2<br>LEI: 549300X0RZRBWLO0J697 | Long             | DBT              | MUN               | US        |   1000000 | PA      | $1053038.60   | 0.52%             | 2035-04-01      | Fixed         | 5.00%                 | Yes           |                  2 | On Loan: No      |
| Dominion Water & Sanitation District                                      | Dominion Water and Sanitation District                                                                                                               | CUSIP: 25755AAD3<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |    515000 | PA      | $521978.20    | 0.26%             | 2032-12-01      | Fixed         | 5.25%                 | No            |                  2 | On Loan: No      |
| Virginia Small Business Financing Authority                               | Virginia Small Business Financing Authority, Senior Lien, Transform 66 P3 Project                                                                    | CUSIP: 928097AD6<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |   1000000 | PA      | $923549.20    | 0.46%             | 2056-12-31      | Fixed         | 5.00%                 | No            |                  2 | On Loan: No      |
| New Hampshire Business Finance Authority                                  | New Hampshire Business Finance Authority, Tamarron Project, Series 2024                                                                              | CUSIP: 63608TAB6<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |    150000 | PA      | $148898.75    | 0.07%             | 2035-12-01      | Fixed         | 5.25%                 | Yes           |                  2 | On Loan: No      |
| Tobacco Settlement Financing Corp.                                        | Tobacco Settlement Financing Corp., Series B                                                                                                         | CUSIP: 888809BG4<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |   1000000 | PA      | $991428.80    | 0.49%             | 2050-06-01      | Fixed         | 5.00%                 | No            |                  2 | On Loan: No      |
| Louisiana Public Facilities Authority                                     | Louisiana Public Facilities Authority, Ochsner Clinic Foundation Project, Series 2025A                                                               | CUSIP: 546399UN4<br>LEI: 549300RQIPT5S4P4M065 | Long             | DBT              | MUN               | US        |   1000000 | PA      | $1004265.10   | 0.50%             | 2055-05-15      | Fixed         | 5.25%                 | No            |                  2 | On Loan: No      |
| Shelby County Health Educational & Housing Facilities Board               | Shelby County Health Educational and Housing Facilities Board, The Farms at Bailey Station Project, Series 2019A                                     | CUSIP: 82170KAG2<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |   1000000 | PA      | $661722.40    | 0.33%             | 2059-10-01      | Fixed         | 5.75%                 | No            |                  2 | On Loan: No      |
| Texas Municipal Gas Acquisition & Supply Corp. V                          | Texas Municipal Gas Acquisition and Supply Corp. V Gas supply, Series 2024                                                                           | CUSIP: 88256RAK2<br>LEI: 254900XZ4J30QIJO9G03 | Long             | DBT              | MUN               | US        |   1000000 | PA      | $1052609.40   | 0.52%             | 2055-01-01      | Variable      | 5.00%                 | No            |                  2 | On Loan: No      |
| Commonwealth of Pennsylvania                                              | Commonwealth of Pennsylvania, Series 2024-1                                                                                                          | CUSIP: 70914P4H2<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |   1200000 | PA      | $1135694.64   | 0.57%             | 2043-08-15      | Fixed         | 4.00%                 | No            |                  2 | On Loan: No      |
| TSASC, Inc.                                                               | TSASC, Inc., Series B                                                                                                                                | CUSIP: 898526FR4<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |   2100000 | PA      | $1832594.19   | 0.91%             | 2048-06-01      | Fixed         | 5.00%                 | No            |                  2 | On Loan: No      |
| Wisconsin Health & Educational Facilities Authority                       | Wisconsin Health and Educational Facilities Authority, Series 2016A                                                                                  | CUSIP: 97712JMD2<br>LEI: 549300ISNGXS0VHGVD41 | Long             | DBT              | MUN               | US        |   1000000 | PA      | $846631.40    | 0.42%             | 2046-11-15      | Fixed         | 4.00%                 | No            |                  2 | On Loan: No      |
| Buffalo & Fort Erie Public Bridge Authority                               | Buffalo and Fort Erie Public Bridge Authority, Series 2017                                                                                           | CUSIP: 119427BV3<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |   1000000 | PA      | $999242.20    | 0.50%             | 2047-01-01      | Fixed         | 5.00%                 | No            |                  2 | On Loan: No      |
| North Carolina Medical Care Commission                                    | North Carolina Medical Care Commission, Twin Lakes Community, Series 2025A                                                                           | CUSIP: 65820YTT3<br>LEI: 549300FH6KOXGCHQYG81 | Long             | DBT              | MUN               | US        |   1000000 | PA      | $969629.00    | 0.48%             | 2055-01-01      | Fixed         | 5.25%                 | No            |                  2 | On Loan: No      |
| Louisiana Public Facilities Authority                                     | Louisiana Public Facilities Authority, Lincoln Preparatory School Project, Series 2021A                                                              | CUSIP: 546399KY1<br>LEI: 549300RQIPT5S4P4M065 | Long             | DBT              | MUN               | US        |   1145000 | PA      | $879264.97    | 0.44%             | 2060-06-01      | Fixed         | 5.25%                 | Yes           |                  2 | On Loan: No      |
| County of Fort Bend TX Toll Road Revenue                                  | County of Fort Bend Toll Road, Senior Lien                                                                                                           | CUSIP: 346817FT1<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |   1000000 | PA      | $1031132.90   | 0.51%             | 2050-03-01      | Fixed         | 5.25%                 | No            |                  2 | On Loan: No      |
| Wisconsin Housing & Economic Development Authority Home Ownership Revenue | Wisconsin Housing and Economic Development Authority Home Ownership, Series 2024A                                                                    | CUSIP: 97689QTU0<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |    965000 | PA      | $1035911.10   | 0.52%             | 2054-09-01      | Fixed         | 6.00%                 | No            |                  2 | On Loan: No      |
| Michigan Strategic Fund                                                   | Michigan Strategic Fund, Graphic Packaging International, LLC Coated Recycled Board Machine Project                                                  | CUSIP: 594698SR4<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |   1000000 | PA      | $993697.00    | 0.49%             | 2026-10-01      | Variable      | 4.00%                 | No            |                  2 | On Loan: No      |
| California Public Finance Authority                                       | California Public Finance Authority, Senior Living The James, Series 2024A                                                                           | CUSIP: 13057GAP4<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |   1000000 | PA      | $932309.50    | 0.46%             | 2054-06-01      | Fixed         | 6.50%                 | Yes           |                  2 | On Loan: No      |
| New Hope Cultural Education Facilities Finance Corp.                      | New Hope Cultural Education Facilities Finance Corp., Bela Vida Forefront Living Projects, Series 2025A                                              | CUSIP: 64542UHG2<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |   1125000 | PA      | $1072358.10   | 0.53%             | 2060-10-01      | Fixed         | 6.50%                 | No            |                  2 | On Loan: No      |
| Buckeye Tobacco Settlement Financing Authority                            | Buckeye Tobacco Settlement Financing Authority, Series 2020B-2, Class 2                                                                              | CUSIP: 118217CZ9<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |   2000000 | PA      | $1730488.20   | 0.86%             | 2055-06-01      | Fixed         | 5.00%                 | No            |                  2 | On Loan: No      |
| Shelby County Health Educational & Housing Facilities Board               | Shelby County Health Educational and Housing Facilities Board Retirement Facility The Farm At Bailey Station, Series 2019A                           | CUSIP: 82170KAC1<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |   3000000 | PA      | $2182589.70   | 1.09%             | 2039-10-01      | Fixed         | 5.50%                 | No            |                  2 | On Loan: No      |
| George L Smith II Congress Center Authority                               | George L Smith II Congress Center Authority, Convention Center Hotel First, Series 2021A                                                             | CUSIP: 37255MAC9<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |   1000000 | PA      | $816101.50    | 0.41%             | 2054-01-01      | Fixed         | 4.00%                 | No            |                  2 | On Loan: No      |
| Port of Greater Cincinnati Development Authority                          | Port of Greater Cincinnati Development Authority, Duke Energy Convention Center Project, Series 2024B                                                | CUSIP: 734195EF3<br>LEI: 549300IK2RCZBY62ST97 | Long             | DBT              | MUN               | US        |   1000000 | PA      | $970749.30    | 0.48%             | 2063-12-01      | Fixed         | 5.00%                 | No            |                  2 | On Loan: No      |
| California Municipal Finance Authority                                    | California Municipal Finance Authority, Series 2021A                                                                                                 | CUSIP: 13048RAJ6<br>LEI: 5493000UQOV6R4ZWS346 | Long             | STIV             | MUN               | US        |   1000000 | PA      | $999352.80    | 0.50%             | 2041-07-01      | Variable      | 3.75%                 | No            |                  2 | On Loan: No      |
| Maryland Health & Higher Educational Facilities Authority                 | Maryland Health and Higher Educational Facilities Authority, University of Maryland Medical System, Series 2008D                                     | CUSIP: 574217V28<br>LEI: N/A                  | Long             | STIV             | MUN               | US        |   1000000 | PA      | $1000000.00   | 0.50%             | 2041-07-01      | Variable      | 3.00%                 | No            |                  2 | On Loan: No      |
| Puerto Rico Sales Tax Financing Corp. Sales Tax Revenue                   | Puerto Rico Sales Tax Financing Corp. Sales Tax, Series A-2                                                                                          | CUSIP: 74529JRL1<br>LEI: N/A                  | Long             | DBT              | MUN               | PR        |   3100000 | PA      | $2774402.66   | 1.38%             | 2058-07-01      | Fixed         | 4.78%                 | No            |                  2 | On Loan: No      |
| California School Facilities Financing Authority                          | California School Facilities Financing Authority, Capital Appreciation, Azusa Unified School District, Series 2009A                                  | CUSIP: 13058RAR5<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |    200000 | PA      | $168341.46    | 0.08%             | 2030-08-01      | None          | 0.00%                 | No            |                  2 | On Loan: No      |
| Shelby County Health & Educational Facilities Board                       | Shelby County Health Educational and Housing Facilities Board, Madrone Memphis Student Housing I, LLC- University of Memphis Project, Series 2024A-1 | CUSIP: 82170LAB1<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |   1000000 | PA      | $947038.10    | 0.47%             | 2056-06-01      | Fixed         | 5.25%                 | Yes           |                  2 | On Loan: No      |
| City of New York NY                                                       | City of New York, Fiscal Year 2023, Series 2023A, Subseries A-3                                                                                      | CUSIP: 64966QH29<br>LEI: 549300ABYZD2SFD5JB29 | Long             | STIV             | MUN               | US        |   3800000 | PA      | $3800000.00   | 1.89%             | 2049-09-01      | Variable      | 3.00%                 | No            |                  2 | On Loan: No      |
| Mobile County Industrial Development Authority                            | Mobile County Industrial Development Authority, Calvert LLC Project, Series 2024B                                                                    | CUSIP: 60733UAB7<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |   1000000 | PA      | $901718.30    | 0.45%             | 2054-12-01      | Fixed         | 4.75%                 | No            |                  2 | On Loan: No      |
| Fredericksburg Economic Development Authority                             | Fredericksburg Economic Development Authority, Stadium Project, Series 2019B                                                                         | CUSIP: 355850AG3<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |   1000000 | PA      | $756786.50    | 0.38%             | 2044-09-01      | Variable      | 7.00%                 | Yes           |                  2 | On Loan: No      |
| North Dakota Housing Finance Agency                                       | North Dakota Housing Finance Agency, Home Mortgage Finance Program, Series 2024C                                                                     | CUSIP: 6589098F6<br>LEI: 549300DVQAGW0B16JX70 | Long             | DBT              | MUN               | US        |   1000000 | PA      | $1029909.40   | 0.51%             | 2042-07-01      | Fixed         | 5.00%                 | No            |                  2 | On Loan: No      |
| California County Tobacco Securitization Agency                           | California County Tobacco Securitization Agency, Los Angeles County Securitization Corp., Series 2020B-2                                             | CUSIP: 13016NFC3<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |   4500000 | PA      | $816616.35    | 0.41%             | 2055-06-01      | None          | 0.00%                 | No            |                  2 | On Loan: No      |
| Kansas City Industrial Development Authority                              | Kansas City Industrial Development Authority, Historic Northeast Redevelopment Plan, Series 2024A-1                                                  | CUSIP: 48502MAA1<br>LEI: 549300QWDXL46XQC8110 | Long             | DBT              | MUN               | US        |    875000 | PA      | $811657.09    | 0.40%             | 2046-06-01      | Fixed         | 5.00%                 | Yes           |                  2 | On Loan: No      |
| Main Street Natural Gas, Inc.                                             | Main Street Natural Gas, Inc., Gas Supply, Series 2024E                                                                                              | CUSIP: 56035DJJ2<br>LEI: 549300NY5M0QVZ6X4U26 | Long             | DBT              | MUN               | US        |   1000000 | PA      | $1041580.40   | 0.52%             | 2055-05-01      | Variable      | 5.00%                 | No            |                  2 | On Loan: No      |
| Rocky Mountain Rail Park Metropolitan District                            | Rocky Mountain Rail Park Metropolitan District, Limited Tax, Series 2021A                                                                            | CUSIP: 774762AB4<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |   1250000 | PA      | $1189639.25   | 0.59%             | 2041-12-01      | Fixed         | 5.00%                 | Yes           |                  2 | On Loan: No      |
| Commonwealth of Puerto Rico                                               | Commonwealth of Puerto Rico, Series 2022A-1                                                                                                          | CUSIP: 74514L3G0<br>LEI: 549300X44HXPLJU48U63 | Long             | DBT              | MUN               | PR        |   1000000 | PA      | $1026243.40   | 0.51%             | 2027-07-01      | Fixed         | 5.62%                 | No            |                  2 | On Loan: No      |
| Halifax County Industrial Development Authority                           | Halifax County Industrial Development Authority, Virginia Electric and Power, Series 2010A                                                           | CUSIP: 40579PAE1<br>LEI: N/A                  | Long             | STIV             | MUN               | US        |   1000000 | PA      | $1008927.70   | 0.50%             | 2041-12-01      | Variable      | 3.80%                 | No            |                  2 | On Loan: No      |
| Third Creek Metropolitan District No. 1                                   | Third Creek Metropolitan District No. 1, Limited Tax, Series 2022A-1                                                                                 | CUSIP: 88423EAC7<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |    760000 | PA      | $565944.79    | 0.28%             | 2051-12-01      | Fixed         | 4.75%                 | No            |                  2 | On Loan: No      |
| California Infrastructure & Economic Development Bank                     | California Infrastructure and Economic Development Bank, Brightline West Passenger Rail Project, Series 2025A                                        | CUSIP: 13034A6B1<br>LEI: 549300C1OG9RDIM8ET06 | Long             | DBT              | MUN               | US        |   4000000 | PA      | $3874708.40   | 1.93%             | 2065-01-01      | Variable      | 9.50%                 | Yes           |                  2 | On Loan: No      |
| County of Gallatin MT                                                     | County of Gallatin, Bozeman Fiber Project, Series 2021A                                                                                              | CUSIP: 363671BF4<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |   1000000 | PA      | $783687.30    | 0.39%             | 2036-10-15      | Fixed         | 4.00%                 | Yes           |                  2 | On Loan: No      |
| New York State Dormitory Authority                                        | New York State Dormitory Authority, Pace University, Series 2024A                                                                                    | CUSIP: 65000B4X3<br>LEI: 549300C8XO7EXTX2XU71 | Long             | DBT              | MUN               | US        |    590000 | PA      | $598009.25    | 0.30%             | 2044-05-01      | Fixed         | 5.25%                 | No            |                  2 | On Loan: No      |
| Arkansas Development Finance Authority                                    | Arkansas Development Finance Authority, Industrial Development , Hybar Steel Project, Series 2023B                                                   | CUSIP: 04108WCF7<br>LEI: N/A                  | Long             | STIV             | MUN               | US        |   1000000 | PA      | $1084239.90   | 0.54%             | 2048-07-01      | Fixed         | 7.37%                 | Yes           |                  2 | On Loan: No      |
| Long Island Power Authority                                               | Long Island Power Authority, Electric System, Series 2024B                                                                                           | CUSIP: 542691KA7<br>LEI: 1R46U5SYJ63KQXF39168 | Long             | DBT              | MUN               | US        |   1000000 | PA      | $961000.10    | 0.48%             | 2049-09-01      | Variable      | 3.00%                 | No            |                  2 | On Loan: No      |
| Puerto Rico Sales Tax Financing Corp. Sales Tax Revenue                   | Puerto Rico Sales Tax Financing Corp. Sales Tax, Series A-1                                                                                          | CUSIP: 74529JQG3<br>LEI: N/A                  | Long             | DBT              | MUN               | PR        |   8230000 | PA      | $2625898.37   | 1.31%             | 2046-07-01      | None          | 0.00%                 | No            |                  2 | On Loan: No      |
| Commonwealth of Massachusetts                                             | Commonwealth of Massachusetts, Consolidated Loan of 2016, Series 2016J                                                                               | CUSIP: 57582RME3<br>LEI: 5493001N1YCXNI1O7K10 | Long             | DBT              | MUN               | US        |   1000000 | PA      | $967406.00    | 0.48%             | 2039-12-01      | Fixed         | 4.00%                 | No            |                  2 | On Loan: No      |
| JPMorgan Institutional Tax Free Money Market Fund                         | JPMorgan Institutional Tax Free Money Market Fund, Class IM                                                                                          | CUSIP: 46645V725<br>LEI: N/A                  | Long             | STIV             | RF                | US        |  10475408 | NS      | $10476455.22  | 5.22%             |  |  |  | No            |                  1 | On Loan: No      |
| California Municipal Finance Authority                                    | California Municipal Finance Authority, Waste Management, Inc. Project, Series 2024A                                                                 | CUSIP: 13048RAR8<br>LEI: 5493000UQOV6R4ZWS346 | Long             | STIV             | MUN               | US        |   2500000 | PA      | $2499927.25   | 1.24%             | 2046-11-01      | Variable      | 3.75%                 | No            |                  2 | On Loan: No      |
| County of Montgomery OH                                                   | County of Montgomery, Ohio Health care Facilities Solvita Project, Series 2024                                                                       | CUSIP: 613518CV9<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |   1000000 | PA      | $1076193.10   | 0.54%             | 2033-09-01      | Fixed         | 5.00%                 | No            |                  2 | On Loan: No      |
| Stamford Housing Authority                                                | Stamford Housing Authority, Mozaic Concierge Living Project, Series 2025A                                                                            | CUSIP: 852640AK7<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |   1000000 | PA      | $982677.10    | 0.49%             | 2055-10-01      | Fixed         | 6.50%                 | No            |                  2 | On Loan: No      |
| New York Transportation Development Corp.                                 | New York Transportation Development Corp., Delta Air Lines, Inc., LaGuardia Airport Terminals C&D Redevelopment Project, Series 2016A                | CUSIP: 650116AR7<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |   2000000 | PA      | $1944071.40   | 0.97%             | 2046-07-01      | Fixed         | 5.00%                 | No            |                  2 | On Loan: No      |
| Montgomery County Higher Education and Health Authority                   | Montgomery County Higher Education and Health Authority, Series 2022B                                                                                | CUSIP: 613603G94<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |   1000000 | PA      | $966820.40    | 0.48%             | 2057-05-01      | Fixed         | 5.00%                 | No            |                  2 | On Loan: No      |
| New Hope Cultural Education Facilities Finance Corp.                      | New Hope Cultural Education Facilities Finance Corp., Legacy Midtown Park Project, Series 2018A                                                      | CUSIP: 64542UDY7<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |   1000000 | PA      | $696541.10    | 0.35%             | 2054-07-01      | Fixed         | 5.50%                 | No            |                  2 | On Loan: No      |
| Main Street Natural Gas, Inc.                                             | Main Street Natural Gas, Inc., Gas Supply, Series 2023A                                                                                              | CUSIP: 56035DEN8<br>LEI: 549300NY5M0QVZ6X4U26 | Long             | DBT              | MUN               | US        |   1925000 | PA      | $1996067.73   | 0.99%             | 2030-06-01      | Variable      | 5.00%                 | No            |                  2 | On Loan: No      |
| Columbia County Hospital Authority/GA                                     | Columbia County Hospital Authority, Wellstart Health System Inc., Project, Series 2023A                                                              | CUSIP: 197479AB4<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |   1000000 | PA      | $1011047.60   | 0.50%             | 2048-04-01      | Fixed         | 5.00%                 | No            |                  2 | On Loan: No      |
| Mida Mountain Village Public Infrastructure District                      | Mida Mountain Village Public Infrastructure District, Utah Subordinate Tax Allocation, Series 2024-2                                                 | CUSIP: 59561UAD2<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |   1000000 | PA      | $1004027.10   | 0.50%             | 2054-06-15      | Fixed         | 6.00%                 | Yes           |                  2 | On Loan: No      |
| Pennsylvania Housing Finance Agency                                       | Pennsylvania Housing Finance Agency, Single Family Mortgage, Series 2024-145A                                                                        | CUSIP: 70879QWN9<br>LEI: 549300JZVUPNWP77SP29 | Long             | DBT              | MUN               | US        |    995000 | PA      | $1070837.91   | 0.53%             | 2054-10-01      | Fixed         | 6.00%                 | No            |                  2 | On Loan: No      |
| Multnomah & Clackamas Counties School District No. 10JT Gresham-Barlow    | Multnomah and Clackamas Counties School District No. 10JT Gresham-Barlow, Series B                                                                   | CUSIP: 625482GF5<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |   1000000 | PA      | $637927.30    | 0.32%             | 2035-06-15      | None          | 0.00%                 | No            |                  2 | On Loan: No      |
| New York State Energy Research & Development Authority                    | New York State Energy Research and Development Authority, Series 1997A                                                                               | CUSIP: 649845HE7<br>LEI: N/A                  | Long             | STIV             | MUN               | US        |   2000000 | PA      | $1998241.00   | 0.99%             | 2032-08-01      | Variable      | 3.00%                 | No            |                  2 | On Loan: No      |
| Plano Independent School District                                         | Plano Independent School District, Unlimited Tax                                                                                                     | CUSIP: 727199G21<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |   1000000 | PA      | $932057.10    | 0.46%             | 2045-02-15      | Fixed         | 4.00%                 | No            |                  2 | On Loan: No      |
| New Hampshire Business Finance Authority                                  | New Hampshire Business Finance Authority, Winston Salem Sustainable Energy Partners, Series 2025A                                                    | CUSIP: 63607YCW8<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |   1000000 | PA      | $1030881.90   | 0.51%             | 2050-06-01      | Fixed         | 5.50%                 | No            |                  2 | On Loan: No      |
| Build NYC Resource Corp.                                                  | Build NYC Resource Corp., The Young Men's and Women's Hebrew Association Project, Series 2024                                                        | CUSIP: 12008EVX1<br>LEI: 549300GROJFKMNLWEK84 | Long             | DBT              | MUN               | US        |   2000000 | PA      | $2096440.60   | 1.04%             | 2027-12-01      | 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        |   1000000 | PA      | $820722.40    | 0.41%             | 2041-08-01      | Fixed         | 5.00%                 | Yes           |                  2 | On Loan: No      |
| Raindance Metropolitan District No. 1 Non-Potable Water System Revenue    | Raindance Metropolitan District No. 1, Non-Potable Water System                                                                                      | CUSIP: 75087GAA0<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |    748000 | PA      | $700490.41    | 0.35%             | 2040-12-01      | Fixed         | 5.00%                 | No            |                  2 | On Loan: No      |
| New York Counties Tobacco Trust VI                                        | New York Counties Tobacco Trust, Series 2016A-2B                                                                                                     | CUSIP: 64945JAF9<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |   1500000 | PA      | $1274156.40   | 0.63%             | 2051-06-01      | Fixed         | 5.00%                 | No            |                  2 | On Loan: No      |
| Illinois Housing Development Authority                                    | Illinois Housing Development Authority, Series 2025A                                                                                                 | CUSIP: 45203MK34<br>LEI: 54930053Z6M9JVHBQZ16 | Long             | DBT              | MUN               | US        |   1000000 | PA      | $1113529.40   | 0.55%             | 2055-10-01      | Fixed         | 6.25%                 | No            |                  2 | On Loan: No      |
| Public Finance Authority                                                  | Public Finance Authority, Kahala Nui Project                                                                                                         | CUSIP: 74442PL37<br>LEI: 5493004S6D3NA627K012 | Long             | DBT              | MUN               | US        |   1000000 | PA      | $996358.90    | 0.50%             | 2061-11-15      | Fixed         | 5.25%                 | No            |                  2 | On Loan: No      |
| Northern Tobacco Securitization Corp.                                     | Northern Tobacco Securitization Corp., Tobacco Settlement Asset-Backed Senior Capital Appreciation, Series 2021B-2, Class 2                          | CUSIP: 66585VCB9<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |   3500000 | PA      | $431763.50    | 0.21%             | 2066-06-01      | None          | 0.00%                 | No            |                  2 | On Loan: No      |
| New York Transportation Development Corp.                                 | New York Transportation Development Corp., Delta Air Lines, Inc., LaGuardia Airport Terminals C&D Redevelopment Project                              | CUSIP: 650116DA1<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |   1500000 | PA      | $1328495.10   | 0.66%             | 2045-10-01      | Fixed         | 4.38%                 | No            |                  2 | On Loan: No      |
| California Statewide Communities Development Authority                    | California Statewide Communities Development Authority, Loma Linda University Medical Center, Series 2016A                                           | CUSIP: 13080SML5<br>LEI: 549300KTNI2GCJNX2U48 | Long             | DBT              | MUN               | US        |   2000000 | PA      | $1937813.20   | 0.96%             | 2056-12-01      | Fixed         | 5.25%                 | Yes           |                  2 | On Loan: No      |
| Medina Central School District                                            | Medina Central School District                                                                                                                       | CUSIP: 584802GQ9<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |   1700000 | PA      | $1702210.00   | 0.85%             | 2025-07-16      | Fixed         | 4.50%                 | No            |                  2 | On Loan: No      |
| County of Carroll KY                                                      | County of Carroll, Kentucky Environmental Facilities, Series 2008A                                                                                   | CUSIP: 14483RAV9<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |   1475000 | PA      | $1240311.13   | 0.62%             | 2032-02-01      | Fixed         | 2.00%                 | No            |                  2 | On Loan: No      |
| Louisiana Public Facilities Authority                                     | Louisiana Public Facilities Authority, Mentorship Steam Academy Project, Series 2021A                                                                | CUSIP: 546399LP9<br>LEI: 549300RQIPT5S4P4M065 | Long             | DBT              | MUN               | US        |    700000 | PA      | $559750.03    | 0.28%             | 2051-06-01      | Fixed         | 5.00%                 | Yes           |                  2 | On Loan: No      |
| Arizona Industrial Development Authority                                  | Arizona Industrial Development Authority, Great Lakes Senior Living Communities LLC Project, Series 2025A-2                                          | CUSIP: 04052TDC6<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |   1500000 | PA      | $1371531.75   | 0.68%             | 2059-01-01      | Fixed         | 5.12%                 | No            |                  2 | On Loan: No      |
| City & County of Denver CO Airport System Revenue                         | City and County of Denver, Airport System, Series 2018A                                                                                              | CUSIP: 249182LN4<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |    500000 | PA      | $447641.95    | 0.22%             | 2043-12-01      | Fixed         | 4.00%                 | No            |                  2 | On Loan: No      |
| New York City Transitional Finance Authority Future Tax Secured Revenue   | New York City Transitional Finance Authority, Future Tax Secured, Fiscal Year 2019, Series 2019C-4                                                   | CUSIP: 64971XKS6<br>LEI: N/A                  | Long             | STIV             | MUN               | US        |   1300000 | PA      | $1300000.00   | 0.65%             | 2044-11-01      | Variable      | 3.05%                 | No            |                  2 | On Loan: No      |
| Louisiana Public Facilities Authority                                     | Louisiana Public Facilities Authority, Mentorship Steam Academy Project, Series 2021A                                                                | CUSIP: 546399LQ7<br>LEI: 549300RQIPT5S4P4M065 | Long             | DBT              | MUN               | US        |    740000 | PA      | $577865.85    | 0.29%             | 2056-06-01      | Fixed         | 5.00%                 | Yes           |                  2 | On Loan: No      |
| Missouri State Environmental Improvement & Energy Resources Authority     | Missouri State Environmental Improvement and Energy Resources Authority, Union Improvement Co. Project, Series 1998C                                 | CUSIP: 606907BF9<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |   1000000 | PA      | $883331.60    | 0.44%             | 2033-09-01      | Fixed         | 2.75%                 | No            |                  2 | On Loan: No      |
| State of Illinois                                                         | State of Illinois, Series 2019C                                                                                                                      | CUSIP: 4521525X5<br>LEI: 54930048FV8RWPR02D67 | Long             | DBT              | MUN               | US        |   1500000 | PA      | $1312849.65   | 0.65%             | 2042-11-01      | Fixed         | 4.00%                 | No            |                  2 | On Loan: No      |
| New York State Dormitory Authority                                        | New York State Dormitory Authority, The New School, Series 2025A                                                                                     | CUSIP: 64985SBV4<br>LEI: 549300C8XO7EXTX2XU71 | Long             | DBT              | MUN               | US        |   1000000 | PA      | $885435.20    | 0.44%             | 2050-07-01      | Fixed         | 4.25%                 | No            |                  2 | On Loan: No      |
| County of Jefferson AL Sewer Revenue                                      | County of Jefferson sewer                                                                                                                            | CUSIP: 472682ZR7<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |   1000000 | PA      | $1009739.60   | 0.50%             | 2049-10-01      | Fixed         | 5.25%                 | No            |                  2 | On Loan: No      |
| Parish of St. John the Baptist LA                                         | Parish of St. John the Baptist, Marathon Oil Corp., Project, Series 2017A-1                                                                          | CUSIP: 79020FAW6<br>LEI: N/A                  | Long             | STIV             | MUN               | US        |   1000000 | PA      | $999955.50    | 0.50%             | 2026-07-01      | Variable      | 4.05%                 | No            |                  2 | On Loan: No      |
| Jefferson County Port Authority                                           | Jefferson County Port Authority, JSW Steel USA Ohio, Inc., Project, Series 2023                                                                      | CUSIP: 473318AB9<br>LEI: N/A                  | Long             | STIV             | MUN               | US        |   1515000 | PA      | $1516129.58   | 0.75%             | 2028-12-01      | Variable      | 5.00%                 | Yes           |                  2 | On Loan: No      |
| Buckeye Tobacco Settlement Financing Authority                            | Buckeye Tobacco Settlement Financing Authority, Series 2020B-3, Class 2                                                                              | CUSIP: 118217DA3<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |  10000000 | PA      | $959861.00    | 0.48%             | 2057-06-01      | None          | 0.00%                 | No            |                  2 | On Loan: No      |

### Signature

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

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

**Signature:** Timothy J. Clemens

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

**Title:** Treasurer and Principal Financial Officer