JPMorgan USD Emerging Markets Sovereign Bond ETF
Schedule of Portfolio Investments as of November 30, 2022
(Unaudited)
THE “UNAUDITED MUTUAL FUNDS HOLDINGS” LIST (“the List”) IS TO BE USED FOR REPORTING PURPOSES ONLY. IT IS NOT TO BE REPRODUCED FOR USE AS ADVERTISING OR SALES LITERATURE WITH THE GENERAL PUBLIC. The list is submitted for the general information of the shareholders of the Fund. It is not authorized for distribution to prospective investors in the Fund unless preceded or accompanied by a prospectus. The list has been created from the books and records of the Fund. Holdings are available 60 days after the fund’s fiscal quarter, using a trade date accounting convention, by contacting the appropriate service center. The list is subject to change without notice. The list is for informational purposes only and is not intended as an offer or solicitation with respect to the purchase or sale of any security. |
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© J.P. Morgan Chase & Co., 2022. |
JPMorgan USD Emerging Markets Sovereign Bond ETF
SCHEDULE OF PORTFOLIO INVESTMENTS
AS OF November 30, 2022 (Unaudited)
SCHEDULE OF PORTFOLIO INVESTMENTS
AS OF November 30, 2022 (Unaudited)
INVESTMENTS | PRINCIPAL AMOUNT($) | VALUE($) |
Foreign Government Securities — 87.6% | ||
Azerbaijan — 0.7% | ||
Republic of Azerbaijan | ||
3.50%, 9/1/2032 (a) | 1,000 | 832 |
4.75%, 3/18/2024 (b) | 200,000 | 196,225 |
3.50%, 9/1/2032 (b) | 421,000 | 350,430 |
547,487 | ||
Bahrain — 5.6% | ||
CBB International Sukuk Co. 7 SPC 6.88%, 10/5/2025 (b) | 200,000 | 205,850 |
CBB International Sukuk Programme Co. SPC 4.50%, 3/30/2027 (a) (c) | 389,000 | 375,579 |
Kingdom of Bahrain | ||
6.13%, 8/1/2023 (b) | 250,000 | 249,578 |
7.00%, 1/26/2026 (a) | 121,000 | 123,518 |
7.00%, 1/26/2026 (b) | 517,000 | 527,760 |
7.00%, 10/12/2028 (b) | 400,000 | 401,325 |
7.00%, 10/12/2028 (a) | 402,000 | 403,332 |
6.75%, 9/20/2029 (b) | 560,000 | 555,905 |
5.63%, 9/30/2031 (b) | 334,000 | 303,940 |
5.45%, 9/16/2032 (b) | 484,000 | 424,710 |
5.25%, 1/25/2033 (b) | 200,000 | 168,750 |
5.63%, 5/18/2034 (b) | 200,000 | 170,500 |
6.00%, 9/19/2044 (b) | 228,000 | 175,603 |
4,086,350 | ||
Bolivia, Plurinational State of — 0.2% | ||
Plurinational State of Bolivia 4.50%, 3/20/2028 (b) | 200,000 | 155,600 |
Brazil — 7.1% | ||
Federative Republic of Brazil | ||
8.88%, 4/15/2024 | 346,000 | 363,149 |
4.25%, 1/7/2025 | 227,000 | 222,432 |
2.88%, 6/6/2025 | 472,000 | 446,748 |
6.00%, 4/7/2026 | 589,000 | 608,069 |
4.63%, 1/13/2028 | 480,000 | 460,740 |
4.50%, 5/30/2029 | 310,000 | 288,300 |
3.88%, 6/12/2030 (c) | 440,000 | 383,707 |
3.75%, 9/12/2031 | 200,000 | 171,200 |
8.25%, 1/20/2034 | 380,000 | 431,609 |
7.13%, 1/20/2037 | 395,000 | 419,194 |
5.63%, 1/7/2041 | 140,000 | 122,220 |
5.00%, 1/27/2045 | 465,000 | 367,350 |
5.63%, 2/21/2047 | 342,000 | 284,715 |
4.75%, 1/14/2050 | 871,000 | 639,259 |
5,208,692 | ||
Chile — 1.6% | ||
Republic of Chile | ||
2.75%, 1/31/2027 | 200,000 | 185,400 |
2.45%, 1/31/2031 (c) | 393,000 | 332,281 |
2.55%, 7/27/2033 | 200,000 | 159,900 |
3.10%, 5/7/2041 | 200,000 | 147,100 |
JPMorgan USD Emerging Markets Sovereign Bond ETF
SCHEDULE OF PORTFOLIO INVESTMENTS
AS OF November 30, 2022 (Unaudited) (continued)
SCHEDULE OF PORTFOLIO INVESTMENTS
AS OF November 30, 2022 (Unaudited) (continued)
INVESTMENTS | PRINCIPAL AMOUNT($) | VALUE($) |
Foreign Government Securities — continued | ||
Chile—continued | ||
3.86%, 6/21/2047 | 200,000 | 159,250 |
3.50%, 4/15/2053 | 272,000 | 198,220 |
1,182,151 | ||
China — 1.0% | ||
People's Republic of China | ||
1.95%, 12/3/2024 (b) | 200,000 | 190,504 |
1.25%, 10/26/2026 (b) | 208,000 | 188,026 |
3.50%, 10/19/2028 (b) | 200,000 | 195,000 |
1.20%, 10/21/2030 (b) | 200,000 | 164,502 |
738,032 | ||
Colombia — 6.1% | ||
Republic of Colombia | ||
4.00%, 2/26/2024 | 200,000 | 193,788 |
8.13%, 5/21/2024 | 238,000 | 243,102 |
4.50%, 1/28/2026 | 200,000 | 186,000 |
4.50%, 3/15/2029 | 1,122,000 | 966,322 |
3.00%, 1/30/2030 | 222,000 | 167,055 |
3.13%, 4/15/2031 | 200,000 | 148,000 |
3.25%, 4/22/2032 | 512,000 | 366,080 |
7.38%, 9/18/2037 | 284,000 | 262,700 |
6.13%, 1/18/2041 | 325,000 | 255,125 |
4.13%, 2/22/2042 (c) | 550,000 | 338,800 |
5.63%, 2/26/2044 (c) | 472,000 | 334,176 |
5.00%, 6/15/2045 | 637,000 | 426,710 |
5.20%, 5/15/2049 | 853,000 | 573,643 |
4,461,501 | ||
Costa Rica — 1.2% | ||
Republic of Costa Rica | ||
6.13%, 2/19/2031 (b) | 200,000 | 193,500 |
7.00%, 4/04/2044 (b) | 494,000 | 461,273 |
7.16%, 3/12/2045 (b) | 237,000 | 223,965 |
878,738 | ||
Dominican Republic — 6.3% | ||
Dominican Republic Government Bond | ||
5.50%, 1/27/2025 (b) | 220,000 | 219,079 |
6.88%, 1/29/2026 (b) | 507,000 | 512,323 |
5.95%, 1/25/2027 (b) | 200,000 | 194,475 |
5.95%, 1/25/2027 (a) | 198,000 | 192,530 |
6.00%, 7/19/2028 (b) | 249,000 | 239,663 |
6.00%, 7/19/2028 (a) | 208,000 | 200,200 |
4.50%, 1/30/2030 (b) | 700,000 | 594,257 |
4.88%, 9/23/2032 (b) | 514,000 | 425,592 |
7.45%, 4/30/2044 (b) | 128,000 | 119,184 |
7.45%, 4/30/2044 (a) | 302,000 | 281,200 |
6.85%, 1/27/2045 (b) | 304,000 | 264,442 |
6.85%, 1/27/2045 (a) (c) | 357,000 | 310,545 |
JPMorgan USD Emerging Markets Sovereign Bond ETF
SCHEDULE OF PORTFOLIO INVESTMENTS
AS OF November 30, 2022 (Unaudited) (continued)
SCHEDULE OF PORTFOLIO INVESTMENTS
AS OF November 30, 2022 (Unaudited) (continued)
INVESTMENTS | PRINCIPAL AMOUNT($) | VALUE($) |
Foreign Government Securities — continued | ||
Dominican Republic—continued | ||
6.40%, 6/05/2049 (b) | 510,000 | 413,036 |
6.40%, 6/5/2049 (a) | 305,000 | 247,012 |
5.88%, 1/30/2060 (b) | 581,000 | 429,940 |
4,643,478 | ||
Egypt — 3.2% | ||
Arab Republic of Egypt | ||
5.58%, 2/21/2023 (b) | 1,000 | 990 |
5.75%, 5/29/2024 (b) | 200,000 | 192,000 |
5.88%, 6/11/2025 (b) | 224,000 | 204,960 |
7.50%, 1/31/2027 (b) | 25,000 | 22,344 |
6.59%, 2/21/2028 (b) | 200,000 | 163,250 |
7.60%, 3/1/2029 (b) | 664,000 | 542,820 |
7.63%, 5/29/2032 (b) | 400,000 | 300,825 |
7.90%, 2/21/2048 (b) | 632,000 | 406,060 |
8.70%, 3/1/2049 (b) | 582,000 | 388,485 |
7.50%, 2/16/2061 (b) | 201,000 | 127,635 |
2,349,369 | ||
Gabon — 0.2% | ||
Gabonese Republic 6.63%, 2/6/2031 (b) | 200,000 | 164,788 |
Guatemala — 0.5% | ||
Republic of Guatemala 6.13%, 6/1/2050 (b) | 400,000 | 366,200 |
Hungary — 1.0% | ||
Hungary Government Bond | ||
5.75%, 11/22/2023 | 144,000 | 143,982 |
5.38%, 3/25/2024 (c) | 218,000 | 217,632 |
7.63%, 3/29/2041 | 260,000 | 282,311 |
3.13%, 9/21/2051 (b) | 200,000 | 119,725 |
763,650 | ||
India — 0.3% | ||
Export-Import Bank of India 3.25%, 1/15/2030 (b) | 249,000 | 216,916 |
Indonesia — 2.6% | ||
Perusahaan Penerbit SBSN Indonesia III | ||
1.50%, 6/9/2026 (b) | 200,000 | 179,272 |
4.15%, 3/29/2027 (a) | 200,000 | 194,788 |
Republic of Indonesia | ||
3.85%, 7/18/2027 (b) | 473,000 | 454,316 |
4.10%, 4/24/2028 | 200,000 | 195,500 |
8.50%, 10/12/2035 (b) | 204,000 | 256,441 |
6.63%, 2/17/2037 (b) | 100,000 | 110,261 |
6.63%, 2/17/2037 (a) | 145,000 | 159,878 |
7.75%, 1/17/2038 (b) | 100,000 | 120,125 |
3.05%, 3/12/2051 | 383,000 | 270,536 |
1,941,117 | ||
Iraq — 0.7% | ||
Republic of Iraq 5.80%, 1/15/2028 (b) | 583,000 | 521,894 |
JPMorgan USD Emerging Markets Sovereign Bond ETF
SCHEDULE OF PORTFOLIO INVESTMENTS
AS OF November 30, 2022 (Unaudited) (continued)
SCHEDULE OF PORTFOLIO INVESTMENTS
AS OF November 30, 2022 (Unaudited) (continued)
INVESTMENTS | PRINCIPAL AMOUNT($) | VALUE($) |
Foreign Government Securities — continued | ||
Ivory Coast — 0.5% | ||
Republic of Cote d'Ivoire | ||
6.13%, 6/15/2033 (b) | 200,000 | 176,750 |
6.13%, 6/15/2033 (a) | 210,000 | 185,588 |
362,338 | ||
Jamaica — 1.8% | ||
Jamaica Government Bond | ||
6.75%, 4/28/2028 (c) | 216,000 | 227,516 |
6.75%, 4/28/2028 | 294,000 | 309,674 |
8.00%, 3/15/2039 (c) | 204,000 | 232,024 |
7.88%, 7/28/2045 (c) | 471,000 | 515,980 |
1,285,194 | ||
Jordan — 1.3% | ||
Hashemite Kingdom of Jordan | ||
6.13%, 1/29/2026 (a) | 346,000 | 343,470 |
5.85%, 7/7/2030 (b) | 536,000 | 477,643 |
7.38%, 10/10/2047 (b) | 200,000 | 167,000 |
988,113 | ||
Kazakhstan — 0.8% | ||
Republic of Kazakhstan | ||
3.88%, 10/14/2024 (a) | 350,000 | 351,159 |
4.88%, 10/14/2044 (b) | 280,000 | 248,780 |
599,939 | ||
Kenya — 1.8% | ||
Republic of Kenya | ||
7.25%, 2/28/2028 (b) | 296,000 | 261,960 |
7.25%, 2/28/2028 (a) | 355,000 | 314,175 |
6.88%, 6/24/2024 (b) | 302,000 | 278,595 |
8.00%, 5/22/2032 (b) | 200,000 | 173,500 |
8.25%, 2/28/2048 (b) | 335,000 | 262,556 |
1,290,786 | ||
Kuwait — 0.5% | ||
State of Kuwait | ||
3.50%, 3/20/2027 (b) | 200,000 | 192,100 |
3.50%, 3/20/2027 (a) | 200,000 | 192,100 |
384,200 | ||
Malaysia — 0.4% | ||
Malaysia Sovereign Sukuk Bhd. 3.04%, 4/22/2025 (b) | 286,000 | 275,954 |
Mexico — 2.0% | ||
United Mexican States | ||
4.13%, 1/21/2026 | 261,000 | 255,388 |
4.50%, 4/22/2029 | 200,000 | 194,600 |
2.66%, 5/24/2031 | 235,000 | 194,933 |
8.30%, 8/15/2031 | 24,000 | 27,897 |
6.05%, 1/11/2040 | 86,000 | 86,231 |
4.75%, 3/8/2044 | 4,000 | 3,373 |
JPMorgan USD Emerging Markets Sovereign Bond ETF
SCHEDULE OF PORTFOLIO INVESTMENTS
AS OF November 30, 2022 (Unaudited) (continued)
SCHEDULE OF PORTFOLIO INVESTMENTS
AS OF November 30, 2022 (Unaudited) (continued)
INVESTMENTS | PRINCIPAL AMOUNT($) | VALUE($) |
Foreign Government Securities — continued | ||
Mexico—continued | ||
4.60%, 1/23/2046 | 528,000 | 432,300 |
4.40%, 2/12/2052 | 200,000 | 155,200 |
5.75%, 10/12/2110 | 122,000 | 105,553 |
1,455,475 | ||
Morocco — 0.6% | ||
Kingdom of Morocco | ||
3.00%, 12/15/2032 (b) | 400,000 | 318,325 |
4.00%, 12/15/2050 (b) | 200,000 | 137,100 |
455,425 | ||
Oman — 7.0% | ||
Oman Sovereign Sukuk SAOC | ||
4.40%, 6/1/2024 (b) | 346,000 | 337,782 |
5.93%, 10/31/2025 (b) | 533,000 | 537,664 |
4.88%, 6/15/2030 (b) | 201,000 | 194,882 |
Sultanate of Oman Government Bond | ||
4.88%, 2/1/2025 (b) | 200,000 | 196,000 |
4.75%, 6/15/2026 (b) | 500,000 | 480,000 |
5.38%, 3/8/2027 (b) | 584,000 | 568,670 |
6.75%, 10/28/2027 (b) | 200,000 | 206,663 |
5.63%, 1/17/2028 (b) | 500,000 | 489,375 |
6.00%, 8/1/2029 (a) | 221,000 | 218,238 |
6.00%, 8/1/2029 (b) | 400,000 | 395,000 |
6.25%, 1/25/2031 (b) | 220,000 | 219,175 |
7.38%, 10/28/2032 (b) | 200,000 | 215,000 |
6.50%, 3/8/2047 (b) | 245,000 | 218,662 |
6.50%, 3/8/2047 (a) | 229,000 | 204,383 |
6.75%, 1/17/2048 (b) | 550,000 | 503,937 |
7.00%, 1/25/2051 (b) | 200,000 | 187,000 |
5,172,431 | ||
Panama — 1.8% | ||
Republic of Panama | ||
3.88%, 3/17/2028 | 207,000 | 196,107 |
3.16%, 1/23/2030 | 200,000 | 173,475 |
2.25%, 9/29/2032 | 279,000 | 210,348 |
6.70%, 1/26/2036 | 105,000 | 111,418 |
4.50%, 4/16/2050 | 200,000 | 154,100 |
4.30%, 4/29/2053 | 296,000 | 220,520 |
3.87%, 7/23/2060 | 350,000 | 232,925 |
1,298,893 | ||
Paraguay — 1.1% | ||
Republic of Paraguay | ||
4.95%, 4/28/2031 (b) | 200,000 | 192,350 |
6.10%, 8/11/2044 (b) | 262,000 | 247,312 |
5.40%, 3/30/2050 (b) | 400,000 | 336,325 |
775,987 |
JPMorgan USD Emerging Markets Sovereign Bond ETF
SCHEDULE OF PORTFOLIO INVESTMENTS
AS OF November 30, 2022 (Unaudited) (continued)
SCHEDULE OF PORTFOLIO INVESTMENTS
AS OF November 30, 2022 (Unaudited) (continued)
INVESTMENTS | PRINCIPAL AMOUNT($) | VALUE($) |
Foreign Government Securities — continued | ||
Peru — 1.9% | ||
Republic of Peru | ||
7.35%, 7/21/2025 | 321,000 | 339,056 |
4.13%, 8/25/2027 | 208,000 | 202,800 |
2.78%, 1/23/2031 | 192,000 | 162,240 |
1.86%, 12/1/2032 | 252,000 | 189,315 |
8.75%, 11/21/2033 | 8,000 | 9,930 |
3.00%, 1/15/2034 | 8,000 | 6,484 |
6.55%, 3/14/2037 | 54,000 | 57,983 |
3.30%, 3/11/2041 | 56,000 | 41,776 |
5.63%, 11/18/2050 | 66,000 | 66,165 |
3.23%, 7/28/2121 | 578,000 | 346,800 |
1,422,549 | ||
Philippines — 2.4% | ||
Republic of Philippines | ||
10.63%, 3/16/2025 | 64,000 | 71,927 |
9.50%, 2/2/2030 | 160,000 | 199,218 |
2.46%, 5/05/2030 | 308,000 | 263,374 |
7.75%, 1/14/2031 | 150,000 | 175,141 |
6.38%, 1/15/2032 | 159,000 | 172,135 |
6.38%, 10/23/2034 | 196,000 | 213,172 |
5.00%, 1/13/2037 | 200,000 | 193,022 |
3.95%, 1/20/2040 | 200,000 | 167,022 |
3.70%, 3/1/2041 | 200,000 | 161,522 |
3.70%, 2/2/2042 | 200,000 | 161,022 |
1,777,555 | ||
Poland — 0.4% | ||
Republic of Poland | ||
4.00%, 1/22/2024 | 130,000 | 128,359 |
3.25%, 4/6/2026 | 180,000 | 171,315 |
299,674 | ||
Qatar — 2.3% | ||
State of Qatar | ||
3.38%, 3/14/2024 (b) | 450,000 | 439,875 |
4.00%, 3/14/2029 (b) | 212,000 | 207,230 |
9.75%, 6/15/2030 (b) | 164,000 | 218,940 |
6.40%, 1/20/2040 (b) | 150,000 | 171,750 |
4.63%, 6/2/2046 (a) | 276,000 | 258,060 |
5.10%, 4/23/2048 (b) | 200,000 | 200,000 |
4.82%, 3/14/2049 (b) | 200,000 | 193,000 |
1,688,855 | ||
Romania — 1.0% | ||
Romania Government Bond | ||
3.00%, 2/27/2027 (b) | 68,000 | 61,064 |
5.25%, 11/25/2027 (b) | 74,000 | 71,771 |
3.00%, 2/14/2031 (b) | 286,000 | 227,871 |
3.63%, 3/27/2032 (b) | 56,000 | 45,213 |
JPMorgan USD Emerging Markets Sovereign Bond ETF
SCHEDULE OF PORTFOLIO INVESTMENTS
AS OF November 30, 2022 (Unaudited) (continued)
SCHEDULE OF PORTFOLIO INVESTMENTS
AS OF November 30, 2022 (Unaudited) (continued)
INVESTMENTS | PRINCIPAL AMOUNT($) | VALUE($) |
Foreign Government Securities — continued | ||
Romania—continued | ||
6.13%, 1/22/2044 (b) | 32,000 | 29,126 |
5.13%, 6/15/2048 (a) | 90,000 | 71,679 |
4.00%, 2/14/2051 (b) | 366,000 | 243,115 |
749,839 | ||
Saudi Arabia — 3.1% | ||
Kingdom of Saudi Arabia | ||
2.88%, 3/4/2023 (b) | 28,000 | 27,846 |
4.00%, 4/17/2025 (b) | 495,000 | 486,337 |
3.63%, 3/4/2028 (b) | 326,000 | 310,515 |
4.50%, 4/17/2030 (a) | 282,000 | 279,180 |
2.25%, 2/2/2033 (b) | 200,000 | 161,250 |
4.50%, 10/26/2046 (b) | 200,000 | 174,750 |
4.63%, 10/4/2047 (b) | 254,000 | 224,473 |
4.63%, 10/4/2047 (a) | 247,000 | 218,286 |
4.50%, 4/22/2060 (b) | 270,000 | 237,263 |
KSA Sukuk Ltd. 2.25%, 5/17/2031 (b) | 200,000 | 169,000 |
2,288,900 | ||
Senegal — 0.7% | ||
Republic of Senegal | ||
6.25%, 5/23/2033 (b) | 408,000 | 339,737 |
6.75%, 3/13/2048 (b) | 216,000 | 154,683 |
494,420 | ||
Serbia, Republic Of — 0.2% | ||
Republic of Serbia 2.13%, 12/1/2030 (b) | 230,000 | 168,518 |
South Africa — 5.6% | ||
Republic of South Africa | ||
4.67%, 1/17/2024 | 232,000 | 228,491 |
5.88%, 9/16/2025 | 518,000 | 520,849 |
4.88%, 4/14/2026 (c) | 200,000 | 195,725 |
4.85%, 9/27/2027 (c) | 208,000 | 198,029 |
4.30%, 10/12/2028 | 393,000 | 355,247 |
4.85%, 9/30/2029 | 612,000 | 553,019 |
5.88%, 6/22/2030 (c) | 465,000 | 440,529 |
5.88%, 4/20/2032 | 275,000 | 252,313 |
5.38%, 7/24/2044 (c) | 200,000 | 152,975 |
5.00%, 10/12/2046 | 612,000 | 437,312 |
5.65%, 9/27/2047 | 645,000 | 487,781 |
7.30%, 4/20/2052 | 344,000 | 302,290 |
4,124,560 | ||
Trinidad And Tobago — 0.3% | ||
Republic of Trinidad and Tobago 4.50%, 8/4/2026 (b) | 200,000 | 195,225 |
Tunisia — 0.2% | ||
Tunisian Republic 5.75%, 1/30/2025 (b) | 200,000 | 145,475 |
JPMorgan USD Emerging Markets Sovereign Bond ETF
SCHEDULE OF PORTFOLIO INVESTMENTS
AS OF November 30, 2022 (Unaudited) (continued)
SCHEDULE OF PORTFOLIO INVESTMENTS
AS OF November 30, 2022 (Unaudited) (continued)
INVESTMENTS | PRINCIPAL AMOUNT($) | VALUE($) |
Foreign Government Securities — continued | ||
Turkey — 8.1% | ||
Hazine Mustesarligi Varlik Kiralama A/S | ||
5.00%, 4/6/2023 (b) | 200,000 | 199,225 |
4.49%, 11/25/2024 (a) | 1,000 | 946 |
5.13%, 6/22/2026 (b) | 400,000 | 363,200 |
7.25%, 2/24/2027 (b) | 200,000 | 193,600 |
Republic of Turkey | ||
5.75%, 3/22/2024 (c) | 275,000 | 273,625 |
7.38%, 2/5/2025 (c) | 321,000 | 322,605 |
4.25%, 3/13/2025 | 310,000 | 289,075 |
4.75%, 1/26/2026 | 624,000 | 564,720 |
4.25%, 4/14/2026 (c) | 312,000 | 276,120 |
4.25%, 4/14/2026 | 256,000 | 226,560 |
4.88%, 10/9/2026 | 200,000 | 178,000 |
6.00%, 3/25/2027 | 470,000 | 430,050 |
7.63%, 4/26/2029 | 200,000 | 189,000 |
11.88%, 1/15/2030 | 245,000 | 286,038 |
5.95%, 1/15/2031 (c) | 600,000 | 492,000 |
5.88%, 6/26/2031 | 509,000 | 411,017 |
6.50%, 9/20/2033 | 200,000 | 165,500 |
8.00%, 2/14/2034 | 96,000 | 94,560 |
6.88%, 3/17/2036 | 104,000 | 86,840 |
6.75%, 5/30/2040 (c) | 646,000 | 511,955 |
6.63%, 2/17/2045 | 255,000 | 193,800 |
5.75%, 5/11/2047 | 353,000 | 240,040 |
5,988,476 | ||
United Arab Emirates — 1.9% | ||
United Arab Emirates Government Bond | ||
2.50%, 4/16/2025 (b) | 200,000 | 191,350 |
3.13%, 10/11/2027 (b) | 300,000 | 286,931 |
1.88%, 9/15/2031 (b) | 232,000 | 191,298 |
2.00%, 10/19/2031 (b) | 200,000 | 166,350 |
3.13%, 9/30/2049 (b) | 232,000 | 168,244 |
3.13%, 9/30/2049 (a) | 265,000 | 192,175 |
3.88%, 4/16/2050 (b) | 200,000 | 165,975 |
1,362,323 | ||
Uruguay — 1.3% | ||
Oriental Republic of Uruguay | ||
4.38%, 10/27/2027 | 240,000 | 242,880 |
4.38%, 1/23/2031 (c) | 116,000 | 116,000 |
7.63%, 3/21/2036 | 100,000 | 128,000 |
5.10%, 6/18/2050 | 101,000 | 100,495 |
4.98%, 4/20/2055 | 381,000 | 368,617 |
955,992 |
JPMorgan USD Emerging Markets Sovereign Bond ETF
SCHEDULE OF PORTFOLIO INVESTMENTS
AS OF November 30, 2022 (Unaudited) (continued)
SCHEDULE OF PORTFOLIO INVESTMENTS
AS OF November 30, 2022 (Unaudited) (continued)
INVESTMENTS | PRINCIPAL AMOUNT($) | VALUE($) |
Foreign Government Securities — continued | ||
Vietnam — 0.3% | ||
Socialist Republic of Vietnam 4.80%, 11/19/2024 (a) | 200,000 | 194,663 |
Total Foreign Government Securities (Cost $70,209,883) | 64,427,722 | |
Corporate Bonds — 10.4% | ||
Azerbaijan — 0.8% | ||
Southern Gas Corridor CJSC | ||
6.88%, 3/24/2026 (b) | 200,000 | 204,425 |
6.88%, 3/24/2026 (a) | 393,000 | 401,695 |
606,120 | ||
Bahrain — 0.3% | ||
Oil and Gas Holding Co. BSCC (The) 7.50%, 10/25/2027 (a) | 203,000 | 203,609 |
Chile — 0.6% | ||
Corp. Nacional del Cobre de Chile | ||
4.38%, 2/5/2049 (b) | 200,000 | 163,850 |
3.70%, 1/30/2050 (b) | 320,000 | 234,880 |
398,730 | ||
China — 1.7% | ||
CNAC HK Finbridge Co. Ltd. 4.13%, 7/19/2027 (b) | 200,000 | 182,888 |
Minmetals Bounteous Finance BVI Ltd. (US Treasury Yield Curve Rate T Note Constant Maturity 5 Year + 5.21%), 3.38%, 9/3/2024 (b) (d) (e) (f) | 200,000 | 189,000 |
Sinopec Group Overseas Development 2017 Ltd. 3.63%, 4/12/2027 (a) | 200,000 | 191,728 |
Sinopec Group Overseas Development 2018 Ltd. 2.15%, 5/13/2025��(b) | 396,000 | 369,223 |
State Grid Overseas Investment BVI Ltd. | ||
3.50%, 5/4/2027 (a) | 2,000 | 1,914 |
1.63%, 8/5/2030 (b) | 400,000 | 321,544 |
1,256,297 | ||
Indonesia — 0.7% | ||
Pertamina Persero PT 1.40%, 2/9/2026 (b) | 238,000 | 212,144 |
Perusahaan Perseroan Persero PT Perusahaan Listrik Negara | ||
6.15%, 5/21/2048 (b) | 201,000 | 184,529 |
4.00%, 6/30/2050 (b) | 200,000 | 140,250 |
536,923 | ||
Kazakhstan — 0.5% | ||
KazMunayGas National Co. JSC | ||
5.38%, 4/24/2030 (b) | 200,000 | 178,875 |
5.75%, 4/19/2047 (b) | 200,000 | 150,175 |
329,050 | ||
Malaysia — 1.2% | ||
Petronas Capital Ltd. | ||
3.50%, 3/18/2025 (b) | 200,000 | 194,163 |
2.48%, 1/28/2032 (b) | 200,000 | 165,354 |
4.55%, 4/21/2050 (b) | 320,000 | 287,667 |
3.40%, 4/28/2061 (b) | 306,000 | 215,497 |
862,681 |
JPMorgan USD Emerging Markets Sovereign Bond ETF
SCHEDULE OF PORTFOLIO INVESTMENTS
AS OF November 30, 2022 (Unaudited) (continued)
SCHEDULE OF PORTFOLIO INVESTMENTS
AS OF November 30, 2022 (Unaudited) (continued)
INVESTMENTS | PRINCIPAL AMOUNT($) | VALUE($) |
Corporate Bonds — continued | ||
Mexico — 1.7% | ||
Mexico City Airport Trust 5.50%, 7/31/2047 (b) | 209,000 | 153,615 |
Petroleos Mexicanos | ||
4.50%, 1/23/2026 | 214,000 | 192,600 |
6.70%, 2/16/2032 | 536,000 | 413,175 |
6.63%, 6/15/2035 | 270,000 | 189,837 |
6.50%, 6/2/2041 (c) | 24,000 | 15,360 |
6.75%, 9/21/2047 | 244,000 | 155,245 |
7.69%, 1/23/2050 | 48,000 | 32,674 |
6.95%, 1/28/2060 | 167,000 | 105,260 |
1,257,766 | ||
Panama — 0.2% | ||
Aeropuerto Internacional de Tocumen SA 5.13%, 8/11/2061 (b) | 200,000 | 151,413 |
Peru — 0.2% | ||
Petroleos del Peru SA 5.63%, 6/19/2047 (a) | 200,000 | 135,748 |
Qatar — 0.7% | ||
Qatar Energy | ||
3.13%, 7/12/2041 (b) | 500,000 | 378,219 |
3.30%, 7/12/2051 (b) | 200,000 | 145,037 |
523,256 | ||
South Africa — 0.7% | ||
Eskom Holdings SOC Ltd. | ||
6.75%, 8/6/2023 (a) | 2,000 | 1,950 |
7.13%, 2/11/2025 (a) | 327,000 | 305,949 |
6.35%, 8/10/2028 (a) | 240,000 | 224,400 |
532,299 | ||
United Arab Emirates — 1.1% | ||
Abu Dhabi Crude Oil Pipeline LLC 4.60%, 11/2/2047 (b) | 222,000 | 198,107 |
DP World Ltd. 6.85%, 7/2/2037 (b) | 270,000 | 280,429 |
MDGH GMTN RSC Ltd. | ||
2.88%, 11/7/2029 (b) | 200,000 | 178,475 |
2.88%, 5/21/2030 (b) | 201,000 | 176,038 |
833,049 | ||
Total Corporate Bonds (Cost $9,015,227) | 7,626,941 | |
SHARES | ||
Short-Term Investments — 6.8% | ||
Investment Companies — 0.3% | ||
JPMorgan U.S. Government Money Market Fund Class IM Shares, 3.59% (g) (h)(Cost $209,313) | 209,313 | 209,313 |
Investment of Cash Collateral from Securities Loaned — 6.5% | ||
JPMorgan Securities Lending Money Market Fund Agency SL Class Shares, 4.02% (g) (h) | 2,800,480 | 2,800,760 |
JPMorgan USD Emerging Markets Sovereign Bond ETF
SCHEDULE OF PORTFOLIO INVESTMENTS
AS OF November 30, 2022 (Unaudited) (continued)
SCHEDULE OF PORTFOLIO INVESTMENTS
AS OF November 30, 2022 (Unaudited) (continued)
INVESTMENTS | SHARES | VALUE($) |
Short-Term Investments — continued | ||
Investment of Cash Collateral from Securities Loaned — continued | ||
JPMorgan U.S. Government Money Market Fund Class IM Shares, 3.59% (g) (h) | 2,011,387 | 2,011,387 |
Total Investment of Cash Collateral from Securities Loaned (Cost $4,811,387) | 4,812,147 | |
Total Short-Term Investments (Cost $5,020,700) | 5,021,460 | |
Total Investments — 104.8% (Cost $84,245,810) | 77,076,123 | |
Liabilities in Excess of Other Assets — (4.8)% | (3,515,988) | |
NET ASSETS — 100.0% | 73,560,135 |
Percentages indicated are based on net assets. |
Abbreviations | |
CJSC | Closed Joint Stock Company |
GMTN | Global Medium Term Note |
JSC | Joint Stock Company |
PT | Limited liability company |
SPC | Special purpose company |
(a) | Securities exempt from registration under Rule 144A or section 4(a)(2), of the Securities Act of 1933, as amended. |
(b) | Security exempt from registration pursuant to Regulation S under the Securities Act of 1933, as amended. Regulation S applies to securities offerings that are made outside of the United States and do not involve direct selling efforts in the United States and as such may have restrictions on resale. |
(c) | The security or a portion of this security is on loan at November 30, 2022. The total value of securities on loan at November 30, 2022 is $4,633,729. |
(d) | Security is an interest bearing note with preferred security characteristics. |
(e) | Security is perpetual and thus, does not have a predetermined maturity date. The coupon rate for this security is fixed for a period of time and may be structured to adjust thereafter. The date shown, if applicable, reflects the next call date. The coupon rate shown is the rate in effect as of November 30, 2022. |
(f) | Variable or floating rate security, linked to the referenced benchmark. The interest rate shown is the current rate as of November 30, 2022. |
(g) | Investment in an affiliated fund, which is registered under the Investment Company Act of 1940, as amended, and is advised by J.P. Morgan Investment Management Inc. |
(h) | The rate shown is the current yield as of November 30, 2022. |
JPMorgan USD Emerging Markets Sovereign Bond ETF
SCHEDULE OF PORTFOLIO INVESTMENTS
AS OF November 30, 2022 (Unaudited) (continued)
SCHEDULE OF PORTFOLIO INVESTMENTS
AS OF November 30, 2022 (Unaudited) (continued)
A. Valuation of Investments — Investments are valued in accordance with U.S. generally accepted accounting principles (“GAAP”) and the Fund's valuation policies set forth by, and under the supervision and responsibility of, the Board of Trustees of the Trust (the “Board”), which established the following approach to valuation, as described more fully below: (i) investments for which market quotations are readily available shall be valued at their market value and (ii) all other investments for which market quotations are not readily available shall be valued at their fair value as determined in good faith by the Board.
Under Section 2(a)(41) of the Investment Company Act of 1940, the Board is required to determine fair value for securities that do not have readily available market quotations. Under SEC 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 NAVs per share as of the report date.
B. 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 SEC 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.
Level 1 Quoted prices | Level 2 Other significant observable inputs | Level 3 Significant unobservable inputs | Total | |
Investments in Securities | ||||
Corporate Bonds | $— | $7,626,941 | $— | $7,626,941 |
Foreign Government Securities | — | 64,427,722 | — | 64,427,722 |
Short-Term Investments | ||||
Investment Companies | 209,313 | — | — | 209,313 |
JPMorgan USD Emerging Markets Sovereign Bond ETF
SCHEDULE OF PORTFOLIO INVESTMENTS
AS OF November 30, 2022 (Unaudited) (continued)
SCHEDULE OF PORTFOLIO INVESTMENTS
AS OF November 30, 2022 (Unaudited) (continued)
Level 1 Quoted prices | Level 2 Other significant observable inputs | Level 3 Significant unobservable inputs | Total | |
Investment of Cash Collateral from Securities Loaned | $4,812,147 | $— | $— | $4,812,147 |
Total Short-Term Investments | 5,021,460 | — | — | 5,021,460 |
Total Investments in Securities | $5,021,460 | $72,054,663 | $— | $77,076,123 |
C. Investment Transactions with Affiliates — The Fund invested in Underlying Funds, which are advised by the Adviser. An issuer which is under common control with the Fund may be considered an affiliate. The Fund assumes the issuers listed in the table below to be affiliated issuers. The Underlying Funds’ distributions may be reinvested into such Underlying Funds. Reinvestment amounts are included in the purchases at cost amounts in the table below.
For the period ended November 30, 2022 | |||||||||
Security Description | Value at February 28, 2022 | Purchases at Cost | Proceeds from Sales | Net Realized Gain (Loss) | Change in Unrealized Appreciation/ (Depreciation) | Value at November 30, 2022 | Shares at November 30, 2022 | Dividend Income | Capital Gain Distributions |
JPMorgan Securities Lending Money Market Fund Agency SL Class Shares, 4.02% (a) (b) | $— | $2,800,000 | $— | $— | $760 | $2,800,760 | 2,800,480 | $11,924 | $— |
JPMorgan U.S. Government Money Market Fund Class IM Shares, 3.59% (a) (b) | 786,418 | 23,968,301 | 22,743,332 | — | — | 2,011,387 | 2,011,387 | 19,962 | — |
JPMorgan U.S. Government Money Market Fund Class IM Shares, 3.59% (a) (b) | 177,868 | 11,642,434 | 11,610,989 | — | — | 209,313 | 209,313 | 4,263 | — |
Total | $964,286 | $38,410,735 | $34,354,321 | $— | $760 | $5,021,460 | $36,149 | $— |
(a) | Investment in an affiliated fund, which is registered under the Investment Company Act of 1940, as amended, and is advised by J.P. Morgan Investment Management Inc. |
(b) | The rate shown is the current yield as of November 30, 2022. |