JPMorgan International Bond Opportunities ETF
Schedule of Portfolio Investments as of May 31, 2023
(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. |
JPMorgan Asset Management is the marketing name for the asset management business of J.P. Morgan Chase & Co. |
J.P. Morgan Distribution Services, Inc., member FINRA. |
© J.P. Morgan Chase & Co., 2023. |
JPMorgan International Bond Opportunities ETF
SCHEDULE OF PORTFOLIO INVESTMENTS
AS OF May 31, 2023 (Unaudited)
SCHEDULE OF PORTFOLIO INVESTMENTS
AS OF May 31, 2023 (Unaudited)
INVESTMENTS | PRINCIPAL AMOUNT($) | VALUE($) |
Corporate Bonds — 56.8% | ||
Australia — 0.9% | ||
APA Infrastructure Ltd. 2.00%, 7/15/2030 (a) | EUR150,000 | 136,289 |
Commonwealth Bank of Australia 2.69%, 3/11/2031 (b) (c) | 1,250,000 | 985,057 |
Glencore Funding LLC | ||
5.40%, 5/8/2028 (b) | 450,000 | 447,105 |
2.85%, 4/27/2031 (b) | 450,000 | 369,845 |
2.63%, 9/23/2031 (b) | 1,099,000 | 884,875 |
5.70%, 5/8/2033 (b) | 96,000 | 95,062 |
2,918,233 | ||
Austria — 0.2% | ||
ams-OSRAM AG 6.00%, 7/31/2025 (a) | EUR500,000 | 466,976 |
Benteler International AG 9.38%, 5/15/2028 (b) | EUR116,000 | 126,080 |
593,056 | ||
Belgium — 1.1% | ||
Anheuser-Busch InBev SA/NV 3.70%, 4/2/2040 (a) | EUR200,000 | 203,700 |
Anheuser-Busch InBev Worldwide, Inc. 4.44%, 10/6/2048 | 344,000 | 309,043 |
Azelis Finance NV 5.75%, 3/15/2028 (a) | EUR400,000 | 431,989 |
KBC Group NV | ||
(US Treasury Yield Curve Rate T Note Constant Maturity 1 Year + 2.10%), 5.80%, 1/19/2029 (b) (d) | 200,000 | 201,532 |
(EUR Swap Annual 5 Year + 1.25%), 1.62%, 9/18/2029 (a) (d) | EUR300,000 | 304,550 |
Ontex Group NV 3.50%, 7/15/2026 (a) | EUR500,000 | 480,181 |
Sarens Finance Co. NV 5.75%, 2/21/2027 (a) | EUR300,000 | 271,174 |
Solvay Finance SACA (EUR Swap Annual 5 Year + 3.70%), 5.42%, 11/12/2023 (a) (d) (e) (f) | EUR100,000 | 106,532 |
Solvay SA (EUR Swap Annual 5 Year + 3.92%), 4.25%, 12/4/2023 (a) (d) (e) (f) | EUR800,000 | 845,500 |
Telenet Finance Luxembourg Notes SARL 3.50%, 3/1/2028 (a) | EUR500,000 | 489,022 |
3,643,223 | ||
Brazil — 0.2% | ||
Guara Norte SARL 5.20%, 6/15/2034 (b) | 295,935 | 247,161 |
Klabin Austria GmbH 7.00%, 4/3/2049 (a) | 200,000 | 187,913 |
Suzano Austria GmbH | ||
3.75%, 1/15/2031 | 48,000 | 40,470 |
7.00%, 3/16/2047 (a) | 200,000 | 197,960 |
673,504 | ||
Canada — 0.9% | ||
Bank of Nova Scotia (The) | ||
2.45%, 2/2/2032 | 420,000 | 345,222 |
(US Treasury Yield Curve Rate T Note Constant Maturity 5 Year + 2.05%), 4.59%, 5/4/2037 (c) (d) | 570,000 | 495,035 |
Canadian Pacific Railway Co. 3.50%, 5/1/2050 | 90,000 | 68,048 |
Emera US Finance LP 2.64%, 6/15/2031 | 1,272,000 | 1,019,502 |
Emera, Inc. Series 16-A, (ICE LIBOR USD 3 Month + 5.44%), 6.75%, 6/15/2076 (d) | 236,000 | 225,970 |
Federation des Caisses Desjardins du Quebec (SOFRINDX + 1.09%), 5.28%, 1/23/2026 (b) (d) | 510,000 | 503,156 |
TransCanada PipeLines Ltd. 2.50%, 10/12/2031 | 500,000 | 403,257 |
Transcanada Trust Series 16-A, (ICE LIBOR USD 3 Month + 4.64%), 5.87%, 8/15/2076 (d) | 57,000 | 53,341 |
3,113,531 |
JPMorgan International Bond Opportunities ETF
SCHEDULE OF PORTFOLIO INVESTMENTS
AS OF May 31, 2023 (Unaudited) (continued)
SCHEDULE OF PORTFOLIO INVESTMENTS
AS OF May 31, 2023 (Unaudited) (continued)
INVESTMENTS | PRINCIPAL AMOUNT($) | VALUE($) |
Corporate Bonds — continued | ||
Chile — 0.1% | ||
Alfa Desarrollo SpA 4.55%, 9/27/2051 (b) | 338,324 | 243,086 |
Kenbourne Invest SA 6.88%, 11/26/2024 (b) | 200,000 | 160,500 |
403,586 | ||
China — 0.8% | ||
Country Garden Holdings Co. Ltd. 3.13%, 10/22/2025 (a) | 530,000 | 186,825 |
Huarong Finance 2017 Co. Ltd. 4.25%, 11/7/2027 (a) | 200,000 | 158,663 |
Huarong Finance 2019 Co. Ltd. 2.13%, 9/30/2023 (a) | 200,000 | 195,412 |
Longfor Group Holdings Ltd. 4.50%, 1/16/2028 (a) | 300,000 | 232,087 |
NXP BV | ||
5.55%, 12/1/2028 | 1,472,000 | 1,481,200 |
2.65%, 2/15/2032 | 40,000 | 32,158 |
3.25%, 5/11/2041 | 300,000 | 212,400 |
2,498,745 | ||
Colombia — 0.0% ^ | ||
AI Candelaria Spain SA 5.75%, 6/15/2033 (b) | 250,000 | 174,625 |
Denmark — 0.1% | ||
Danske Bank A/S (US Treasury Yield Curve Rate T Note Constant Maturity 1 Year + 2.10%), 6.47%, 1/9/2026 (b) (d) | 262,000 | 262,325 |
France — 8.8% | ||
Accor SA 3.00%, 2/4/2026 (a) (g) | EUR600,000 | 621,298 |
Airbus SE | ||
1.63%, 6/9/2030 (a) | EUR1,100,000 | 1,044,078 |
1.38%, 5/13/2031 (a) | EUR300,000 | 273,337 |
Altice France SA 3.38%, 1/15/2028 (a) | EUR1,000,000 | 784,560 |
Autoroutes du Sud de la France SA | ||
1.13%, 4/20/2026 (a) | EUR800,000 | 801,831 |
3.25%, 1/19/2033 (a) | EUR600,000 | 622,939 |
AXA SA (EURIBOR 3 Month + 3.75%), 3.38%, 7/6/2047 (a) (d) | EUR600,000 | 602,188 |
Banijay Entertainment SASU 3.50%, 3/1/2025 (a) | EUR725,000 | 755,579 |
Banque Federative du Credit Mutuel SA 3.75%, 7/20/2023 (b) | 715,000 | 712,678 |
BPCE SA | ||
5.15%, 7/21/2024 (b) | 600,000 | 587,284 |
4.88%, 4/1/2026 (b) | 450,000 | 435,350 |
(SOFR + 2.10%), 5.97%, 1/18/2027 (b) (d) | 2,038,000 | 2,035,522 |
(EURIBOR 3 Month + 1.00%), 0.50%, 9/15/2027 (a) (d) | EUR400,000 | 376,874 |
(SOFR + 1.31%), 2.28%, 1/20/2032 (b) (d) | 480,000 | 371,891 |
(SOFR + 1.73%), 3.12%, 10/19/2032 (b) (d) | 250,000 | 193,282 |
Burger King France SAS (EURIBOR 3 Month + 4.75%), 8.00%, 11/1/2026 (a) (d) | EUR250,000 | 266,161 |
Casino Guichard Perrachon SA 4.50%, 3/7/2024 (a) (g) | EUR300,000 | 69,778 |
CGG SA 7.75%, 4/1/2027 (a) | EUR434,000 | 398,956 |
Chrome Bidco SASU 3.50%, 5/31/2028 (a) | EUR739,000 | 647,732 |
Credit Agricole SA | ||
(SOFR + 0.89%), 1.25%, 1/26/2027 (b) (d) | 1,000,000 | 889,395 |
2.00%, 3/25/2029 (a) | EUR200,000 | 186,031 |
Credit Mutuel Arkea SA (EURIBOR ICE Swap Rate 5 Year + 1.45%), 1.88%, 10/25/2029 (a) (d) | EUR300,000 | 304,908 |
JPMorgan International Bond Opportunities ETF
SCHEDULE OF PORTFOLIO INVESTMENTS
AS OF May 31, 2023 (Unaudited) (continued)
SCHEDULE OF PORTFOLIO INVESTMENTS
AS OF May 31, 2023 (Unaudited) (continued)
INVESTMENTS | PRINCIPAL AMOUNT($) | VALUE($) |
Corporate Bonds — continued | ||
France — continued | ||
Electricite de France SA | ||
(EUR Swap Annual 6 Year + 3.44%), 4.00%, 7/4/2024 (a) (d) (e) (f) | EUR1,000,000 | 1,026,144 |
(EUR Swap Annual 5 Year + 3.97%), 3.38%, 6/15/2030 (a) (d) (e) (f) | EUR1,000,000 | 807,905 |
6.25%, 5/23/2033 (b) | 500,000 | 506,540 |
Elis SA 1.63%, 4/3/2028 (a) | EUR1,000,000 | 951,321 |
Faurecia SE | ||
2.63%, 6/15/2025 (a) | EUR300,000 | 309,411 |
3.13%, 6/15/2026 (a) | EUR600,000 | 604,463 |
2.38%, 6/15/2027 (a) | EUR600,000 | 563,000 |
3.75%, 6/15/2028 (a) | EUR500,000 | 480,390 |
iliad SA | ||
1.88%, 2/11/2028 (a) | EUR700,000 | 639,490 |
5.63%, 2/15/2030 (a) | EUR500,000 | 513,761 |
Loxam SAS | ||
2.88%, 4/15/2026 (a) | EUR300,000 | 299,057 |
4.50%, 2/15/2027 (b) | EUR288,000 | 292,577 |
Lune Holdings SARL 5.63%, 11/15/2028 (a) | EUR375,000 | 336,670 |
Orange SA | ||
(EUR Swap Annual 5 Year + 2.36%), 2.38%, 1/15/2025 (a) (d) (e) (f) | EUR200,000 | 203,057 |
(EUR Swap Annual 5 Year + 3.99%), 5.00%, 10/1/2026 (a) (d) (e) (f) | EUR400,000 | 427,138 |
(EURIBOR ICE Swap Rate 5 Year + 2.18%), 1.75%, 12/19/2026 (a) (d) (e) (f) | EUR200,000 | 190,002 |
(EUR Swap Annual 5 Year + 2.10%), 1.75%, 7/15/2028 (a) (d) (e) (f) | EUR700,000 | 628,218 |
Paprec Holding SA | ||
4.00%, 3/31/2025 (a) | EUR100,000 | 104,062 |
3.50%, 7/1/2028 (a) | EUR373,000 | 356,836 |
Parts Europe SA 6.50%, 7/16/2025 (a) | EUR400,000 | 427,874 |
Renault SA | ||
1.25%, 6/24/2025 (a) | EUR500,000 | 497,999 |
2.00%, 9/28/2026 (a) | EUR600,000 | 575,744 |
1.13%, 10/4/2027 (a) | EUR800,000 | 703,935 |
Rexel SA 2.13%, 6/15/2028 (a) | EUR600,000 | 562,507 |
Societe Generale SA | ||
(US Treasury Yield Curve Rate T Note Constant Maturity 5 Year + 4.51%), 5.38%, 11/18/2030 (b) (c) (d) (e) (f) | 525,000 | 375,242 |
(US Treasury Yield Curve Rate T Note Constant Maturity 1 Year + 1.60%), 3.34%, 1/21/2033 (b) (d) | 501,000 | 403,768 |
(US Treasury Yield Curve Rate T Note Constant Maturity 1 Year + 2.95%), 6.69%, 1/10/2034 (b) (d) | 580,000 | 594,139 |
7.37%, 1/10/2053 (b) | 336,000 | 322,361 |
SPIE SA 2.63%, 6/18/2026 (a) | EUR600,000 | 607,843 |
TotalEnergies Capital International SA 3.13%, 5/29/2050 | 50,000 | 35,579 |
TotalEnergies SE (EUR Swap Annual 5 Year + 1.77%), 1.75%, 4/4/2024 (a) (d) (e) (f) | EUR750,000 | 772,157 |
Vallourec SA 8.50%, 6/30/2026 (a) | EUR500,000 | 533,114 |
Vinci SA 1.75%, 9/26/2030 (a) | EUR100,000 | 95,170 |
28,729,126 | ||
Germany — 4.6% | ||
Adler Pelzer Holding GmbH 9.50%, 4/1/2027 (b) | EUR308,000 | 295,824 |
BK LC Lux Finco1 SARL 5.25%, 4/30/2029 (a) | EUR700,000 | 679,303 |
Cheplapharm Arzneimittel GmbH | ||
3.50%, 2/11/2027 (a) | EUR300,000 | 291,835 |
JPMorgan International Bond Opportunities ETF
SCHEDULE OF PORTFOLIO INVESTMENTS
AS OF May 31, 2023 (Unaudited) (continued)
SCHEDULE OF PORTFOLIO INVESTMENTS
AS OF May 31, 2023 (Unaudited) (continued)
INVESTMENTS | PRINCIPAL AMOUNT($) | VALUE($) |
Corporate Bonds — continued | ||
Germany — continued | ||
4.38%, 1/15/2028 (a) | EUR450,000 | 437,989 |
Commerzbank AG (EUR Swap Annual 5 Year + 4.35%), 4.00%, 12/5/2030 (a) (d) | EUR500,000 | 505,115 |
CT Investment GmbH 5.50%, 4/15/2026 (a) | EUR206,000 | 201,213 |
Deutsche Bank AG | ||
(SOFR + 2.16%), 2.22%, 9/18/2024 (d) | 1,075,000 | 1,054,289 |
(SOFR + 2.26%), 3.74%, 1/7/2033 (d) | 450,000 | 325,837 |
Deutsche Lufthansa AG | ||
2.00%, 7/14/2024 (a) | EUR400,000 | 416,445 |
2.88%, 2/11/2025 (a) | EUR1,000,000 | 1,032,840 |
3.00%, 5/29/2026 (a) | EUR500,000 | 505,055 |
Deutsche Telekom International Finance BV 2.49%, 9/19/2023 (b) | 250,000 | 247,564 |
Douglas GmbH 6.00%, 4/8/2026 (a) | EUR700,000 | 682,760 |
IHO Verwaltungs GmbH | ||
3.75% (Cash), 9/15/2026 (a) (h) | EUR125,000 | 122,924 |
3.88% (Cash), 5/15/2027 (a) (h) (i) | EUR500,000 | 474,324 |
9.50% (PIK), 5/15/2028 (b) (h) | EUR263,169 | 285,169 |
Nidda Healthcare Holding GmbH 7.50%, 8/21/2026 (a) | EUR600,000 | 633,323 |
Renk AG 5.75%, 7/15/2025 (a) | EUR300,000 | 314,468 |
Schaeffler AG | ||
2.88%, 3/26/2027 (a) | EUR550,000 | 556,296 |
3.38%, 10/12/2028 (a) | EUR200,000 | 191,639 |
Techem Verwaltungsgesellschaft 674 mbH 6.00%, 7/30/2026 (a) | EUR747,318 | 776,721 |
Techem Verwaltungsgesellschaft 675 mbH 2.00%, 7/15/2025 (a) | EUR400,000 | 405,199 |
thyssenkrupp AG | ||
2.88%, 2/22/2024 (a) | EUR600,000 | 633,362 |
2.50%, 2/25/2025 (a) | EUR200,000 | 208,222 |
TK Elevator Midco GmbH 4.38%, 7/15/2027 (a) | EUR300,000 | 284,589 |
TUI Cruises GmbH 6.50%, 5/15/2026 (a) | EUR350,000 | 342,315 |
Volkswagen International Finance NV | ||
(EUR Swap Annual 5 Year + 3.75%), 3.50%, 6/17/2025 (a) (d) (e) (f) | EUR400,000 | 401,034 |
(EUR Swap Annual 10 Year + 3.98%), 4.62%, 6/27/2028 (a) (d) (e) (f) | EUR200,000 | 193,663 |
3.25%, 11/18/2030 (a) | EUR600,000 | 598,009 |
ZF Europe Finance BV | ||
2.00%, 2/23/2026 (a) | EUR900,000 | 875,429 |
2.50%, 10/23/2027 (a) | EUR300,000 | 278,681 |
ZF Finance GmbH | ||
2.25%, 5/3/2028 (a) | EUR200,000 | 179,768 |
3.75%, 9/21/2028 (a) | EUR500,000 | 476,329 |
14,907,533 | ||
India — 0.2% | ||
Greenko Dutch BV 3.85%, 3/29/2026 (b) | 188,000 | 165,769 |
Greenko Power II Ltd. 4.30%, 12/13/2028 (b) | 405,875 | 345,070 |
NTPC Ltd. 3.75%, 4/3/2024 (a) | 200,000 | 196,662 |
707,501 | ||
Indonesia — 0.2% | ||
Indonesia Asahan Aluminium PT 5.45%, 5/15/2030 (b) | 200,000 | 195,250 |
JPMorgan International Bond Opportunities ETF
SCHEDULE OF PORTFOLIO INVESTMENTS
AS OF May 31, 2023 (Unaudited) (continued)
SCHEDULE OF PORTFOLIO INVESTMENTS
AS OF May 31, 2023 (Unaudited) (continued)
INVESTMENTS | PRINCIPAL AMOUNT($) | VALUE($) |
Corporate Bonds — continued | ||
Indonesia — continued | ||
Pertamina Persero PT 3.65%, 7/30/2029 (b) | 400,000 | 370,325 |
Perusahaan Perseroan Persero PT Perusahaan Listrik Negara 4.13%, 5/15/2027 (a) | 200,000 | 191,663 |
757,238 | ||
Ireland — 1.3% | ||
AerCap Ireland Capital DAC | ||
2.45%, 10/29/2026 | 300,000 | 267,512 |
3.00%, 10/29/2028 | 569,000 | 493,342 |
AIB Group plc (EUR Swap Annual 5 Year + 2.15%), 1.88%, 11/19/2029 (a) (d) | EUR750,000 | 752,645 |
Avolon Holdings Funding Ltd. | ||
3.95%, 7/1/2024 (b) | 126,000 | 121,873 |
2.88%, 2/15/2025 (b) | 265,000 | 247,182 |
2.13%, 2/21/2026 (b) | 940,000 | 826,876 |
4.25%, 4/15/2026 (b) | 125,000 | 115,736 |
4.38%, 5/1/2026 (b) | 60,000 | 55,410 |
Bank of Ireland Group plc (EUR Swap Annual 5 Year + 7.92%), 7.50%, 5/19/2025 (a) (c) (d) (e) (f) | EUR300,000 | 313,711 |
eircom Finance DAC 3.50%, 5/15/2026 (a) | EUR1,000,000 | 995,413 |
4,189,700 | ||
Israel — 0.2% | ||
Energean Israel Finance Ltd. | ||
4.88%, 3/30/2026 (a) | 156,000 | 143,257 |
5.38%, 3/30/2028 (a) | 150,475 | 134,139 |
Leviathan Bond Ltd. | ||
6.13%, 6/30/2025 (a) | 200,000 | 193,975 |
6.50%, 6/30/2027 (a) | 165,554 | 157,048 |
628,419 | ||
Italy — 4.3% | ||
Assicurazioni Generali SpA | ||
2.43%, 7/14/2031 (a) | EUR200,000 | 176,782 |
(EURIBOR 3 Month + 5.35%), 5.50%, 10/27/2047 (a) (d) | EUR200,000 | 215,418 |
Autostrade per l'Italia SpA 1.88%, 9/26/2029 (a) | EUR500,000 | 451,054 |
Enel Finance International NV | ||
1.38%, 7/12/2026 (b) | 1,460,000 | 1,296,623 |
3.50%, 4/6/2028 (b) | 200,000 | 184,573 |
1.88%, 7/12/2028 (b) | 425,000 | 359,326 |
0.50%, 6/17/2030 (a) | EUR200,000 | 169,325 |
0.88%, 1/17/2031 (a) | EUR493,000 | 421,285 |
2.25%, 7/12/2031 (b) | 536,000 | 418,981 |
5.00%, 6/15/2032 (b) | 200,000 | 188,492 |
Enel SpA | ||
Series 63.5, (EUR Swap Annual 5 Year + 2.58%), 3.38%, 8/24/2026 (a) (d) (e) (f) | EUR800,000 | 786,550 |
Series 9.5Y, (EUR Swap Annual 5 Year + 2.01%), 1.88%, 6/8/2030 (a) (d) (e) (f) | EUR300,000 | 231,431 |
Eni SpA 4.25%, 5/9/2029 (b) | 250,000 | 239,154 |
Guala Closures SpA 3.25%, 6/15/2028 (a) | EUR384,000 | 355,046 |
Infrastrutture Wireless Italiane SpA | ||
1.88%, 7/8/2026 (a) | EUR500,000 | 500,759 |
1.63%, 10/21/2028 (a) | EUR100,000 | 94,450 |
JPMorgan International Bond Opportunities ETF
SCHEDULE OF PORTFOLIO INVESTMENTS
AS OF May 31, 2023 (Unaudited) (continued)
SCHEDULE OF PORTFOLIO INVESTMENTS
AS OF May 31, 2023 (Unaudited) (continued)
INVESTMENTS | PRINCIPAL AMOUNT($) | VALUE($) |
Corporate Bonds — continued | ||
Italy — continued | ||
Intesa Sanpaolo SpA | ||
(EUR Swap Annual 5 Year + 7.19%), 7.75%, 1/11/2027 (a) (c) (d) (e) (f) | EUR276,000 | 283,953 |
(US Treasury Yield Curve Rate T Note Constant Maturity 1 Year + 2.75%), 4.95%, 6/1/2042 (b) (d) | 200,000 | 128,440 |
Lottomatica SpA | ||
5.13%, 7/15/2025 (a) | EUR732,000 | 791,237 |
7.13%, 6/1/2028 (b) (j) | EUR237,000 | 254,596 |
Mundys SpA | ||
1.63%, 2/3/2025 (a) | EUR300,000 | 305,044 |
1.88%, 7/13/2027 (a) | EUR450,000 | 420,999 |
1.88%, 2/12/2028 (a) | EUR400,000 | 359,621 |
Pro-Gest SpA 3.25%, 12/15/2024 (a) | EUR577,000 | 430,865 |
Rossini SARL 6.75%, 10/30/2025 (a) | EUR250,000 | 269,630 |
Saipem Finance International BV | ||
3.75%, 9/8/2023 (a) | EUR200,000 | 212,955 |
2.63%, 1/7/2025 (a) | EUR500,000 | 513,820 |
Shiba Bidco SpA 4.50%, 10/31/2028 (a) | EUR650,000 | 592,304 |
TeamSystem SpA 3.50%, 2/15/2028 (a) | EUR300,000 | 280,286 |
Telecom Italia SpA | ||
2.88%, 1/28/2026 (a) | EUR200,000 | 198,869 |
3.63%, 5/25/2026 (a) | EUR400,000 | 404,156 |
2.38%, 10/12/2027 (a) | EUR1,350,000 | 1,239,550 |
6.88%, 2/15/2028 (a) | EUR500,000 | 533,787 |
UniCredit SpA | ||
(US Treasury Yield Curve Rate T Note Constant Maturity 1 Year + 1.20%), 1.98%, 6/3/2027 (b) (d) | 200,000 | 176,909 |
(EURIBOR 3 Month + 1.90%), 4.80%, 1/17/2029 (a) (d) | EUR200,000 | 214,822 |
(US Treasury Yield Curve Rate T Note Constant Maturity 1 Year + 1.55%), 3.13%, 6/3/2032 (b) (d) | 410,000 | 326,744 |
14,027,836 | ||
Japan — 0.9% | ||
Mitsubishi UFJ Financial Group, Inc. (US Treasury Yield Curve Rate T Note Constant Maturity 1 Year + 0.83%), 2.34%, 1/19/2028 (d) | 707,000 | 634,485 |
Sumitomo Mitsui Financial Group, Inc. 3.75%, 7/19/2023 | 157,000 | 156,575 |
Takeda Pharmaceutical Co. Ltd. | ||
5.00%, 11/26/2028 | 1,110,000 | 1,113,807 |
1.00%, 7/9/2029 | EUR363,000 | 334,360 |
2.05%, 3/31/2030 | 546,000 | 456,004 |
3.03%, 7/9/2040 | 270,000 | 201,775 |
2,897,006 | ||
Kazakhstan — 0.1% | ||
KazMunayGas National Co. JSC 5.75%, 4/19/2047 (a) | 380,000 | 291,484 |
Kuwait — 0.1% | ||
MEGlobal Canada ULC 5.00%, 5/18/2025 (b) | 200,000 | 197,038 |
Luxembourg — 1.4% | ||
Altice Finco SA 4.75%, 1/15/2028 (a) | EUR500,000 | 354,531 |
Altice France Holding SA | ||
8.00%, 5/15/2027 (a) | EUR450,000 | 271,768 |
8.00%, 5/15/2027 (b) | EUR123,000 | 74,283 |
JPMorgan International Bond Opportunities ETF
SCHEDULE OF PORTFOLIO INVESTMENTS
AS OF May 31, 2023 (Unaudited) (continued)
SCHEDULE OF PORTFOLIO INVESTMENTS
AS OF May 31, 2023 (Unaudited) (continued)
INVESTMENTS | PRINCIPAL AMOUNT($) | VALUE($) |
Corporate Bonds — continued | ||
Luxembourg — continued | ||
ARD Finance SA 5.00% (Cash), 6/30/2027 (a) (h) (i) | EUR200,000 | 162,050 |
Herens Midco SARL 5.25%, 5/15/2029 (a) | EUR403,000 | 268,152 |
INEOS Finance plc 3.38%, 3/31/2026 (a) | EUR247,000 | 245,881 |
Matterhorn Telecom SA 3.13%, 9/15/2026 (a) | EUR775,000 | 762,126 |
PLT VII Finance SARL 4.63%, 1/5/2026 (a) | EUR650,000 | 664,348 |
SELP Finance SARL, REIT 0.88%, 5/27/2029 (a) | EUR900,000 | 748,527 |
SES SA | ||
(EUR Swap Annual 5 Year + 3.19%), 2.87%, 5/27/2026 (a) (d) (e) (f) | EUR400,000 | 350,522 |
0.88%, 11/4/2027 (a) | EUR130,000 | 119,502 |
Summer BC Holdco A SARL 9.25%, 10/31/2027 (a) | EUR90,106 | 76,270 |
Summer BC Holdco B SARL 5.75%, 10/31/2026 (a) | EUR500,000 | 470,286 |
4,568,246 | ||
Malaysia — 0.1% | ||
Petronas Capital Ltd. 3.40%, 4/28/2061 (b) | 436,000 | 311,549 |
Mexico — 0.7% | ||
BBVA Bancomer SA (US Treasury Yield Curve Rate T Note Constant Maturity 5 Year + 2.65%), 5.12%, 1/18/2033 (b) (c) (d) | 200,000 | 175,525 |
Cemex SAB de CV (US Treasury Yield Curve Rate T Note Constant Maturity 5 Year + 4.53%), 5.12%, 6/8/2026 (b) (d) (e) (f) | 488,000 | 427,891 |
Fomento Economico Mexicano SAB de CV 3.50%, 1/16/2050 | 150,000 | 112,294 |
Petroleos Mexicanos 5.95%, 1/28/2031 | 1,908,000 | 1,362,598 |
Southern Copper Corp. 5.88%, 4/23/2045 | 140,000 | 141,228 |
2,219,536 | ||
Morocco — 0.0% ^ | ||
OCP SA 6.88%, 4/25/2044 (a) | 200,000 | 182,100 |
Netherlands — 1.7% | ||
ABN AMRO Bank NV | ||
4.75%, 7/28/2025 (b) | 200,000 | 193,878 |
(EUR Swap Annual 5 Year + 4.67%), 4.37%, 9/22/2025 (a) (c) (d) (e) (f) | EUR200,000 | 192,621 |
4.80%, 4/18/2026 (b) | 200,000 | 193,059 |
(US Treasury Yield Curve Rate T Note Constant Maturity 5 Year + 1.90%), 3.32%, 3/13/2037 (b) (d) | 400,000 | 305,655 |
Cooperatieve Rabobank UA | ||
3.88%, 9/26/2023 (b) | 250,000 | 248,552 |
(US Treasury Yield Curve Rate T Note Constant Maturity 1 Year + 0.73%), 1.00%, 9/24/2026 (b) (d) | 365,000 | 327,378 |
(EUR Swap Annual 5 Year + 4.68%), 4.37%, 6/29/2027 (a) (c) (d) (e) (f) | EUR400,000 | 371,751 |
Nobel Bidco BV 3.13%, 6/15/2028 (a) | EUR436,000 | 365,020 |
Q-Park Holding I BV 2.00%, 3/1/2027 (a) | EUR500,000 | 451,610 |
Sigma Holdco BV 5.75%, 5/15/2026 (a) | EUR600,000 | 533,928 |
Titan Holdings II BV 5.13%, 7/15/2029 (a) | EUR568,000 | 478,058 |
Trivium Packaging Finance BV 3.75%, 8/15/2026 (a) (g) | EUR700,000 | 680,889 |
UPC Holding BV 3.88%, 6/15/2029 (a) | EUR600,000 | 506,684 |
Ziggo Bond Co. BV 3.38%, 2/28/2030 (a) | EUR800,000 | 612,292 |
5,461,375 | ||
New Zealand — 0.1% | ||
ANZ New Zealand Int'l Ltd. 2.55%, 2/13/2030 (b) | 490,000 | 418,597 |
JPMorgan International Bond Opportunities ETF
SCHEDULE OF PORTFOLIO INVESTMENTS
AS OF May 31, 2023 (Unaudited) (continued)
SCHEDULE OF PORTFOLIO INVESTMENTS
AS OF May 31, 2023 (Unaudited) (continued)
INVESTMENTS | PRINCIPAL AMOUNT($) | VALUE($) |
Corporate Bonds — continued | ||
Norway — 0.6% | ||
DNB Bank ASA | ||
(UK Government Bond 1 Year Note Generic Bid Yield + 1.35%), 2.62%, 6/10/2026 (a) (d) | GBP1,000,000 | 1,165,952 |
(US Treasury Yield Curve Rate T Note Constant Maturity 1 Year + 0.85%), 1.13%, 9/16/2026 (b) (d) | 841,000 | 755,389 |
1,921,341 | ||
Portugal — 0.7% | ||
EDP - Energias de Portugal SA (EUR Swap Annual 5 Year + 1.84%), 1.70%, 7/20/2080 (a) (d) | EUR1,000,000 | 973,768 |
EDP Finance BV | ||
3.63%, 7/15/2024 (b) | 675,000 | 658,792 |
1.50%, 11/22/2027 (a) | EUR750,000 | 734,559 |
2,367,119 | ||
South Africa — 0.3% | ||
Anglo American Capital plc | ||
4.00%, 9/11/2027 (b) | 500,000 | 472,125 |
5.50%, 5/2/2033 (b) | 660,000 | 640,731 |
1,112,856 | ||
Spain — 5.1% | ||
Abertis Infraestructuras Finance BV | ||
(EUR Swap Annual 5 Year + 3.69%), 3.25%, 11/24/2025 (a) (d) (e) (f) | EUR900,000 | 859,881 |
(EUR Swap Annual 5 Year + 3.27%), 2.62%, 1/26/2027 (a) (d) (e) (f) | EUR100,000 | 88,675 |
Banco de Sabadell SA (EUR Swap Annual 1 Year + 0.97%), 0.63%, 11/7/2025 (a) (d) | EUR300,000 | 303,175 |
Banco Santander SA | ||
5.15%, 8/18/2025 | 1,400,000 | 1,381,652 |
(US Treasury Yield Curve Rate T Note Constant Maturity 1 Year + 0.90%), 1.72%, 9/14/2027 (d) | 800,000 | 698,882 |
CaixaBank SA | ||
(EUR Swap Annual 5 Year + 6.50%), 6.75%, 6/13/2024 (a) (c) (d) (e) (f) | EUR400,000 | 415,802 |
1.13%, 3/27/2026 (a) | EUR1,000,000 | 988,051 |
(EUR Swap Annual 5 Year + 3.62%), 3.75%, 2/15/2029 (a) (d) | EUR800,000 | 839,853 |
Cellnex Finance Co. SA 2.25%, 4/12/2026 (a) | EUR500,000 | 504,441 |
Cellnex Telecom SA | ||
1.00%, 4/20/2027 (a) | EUR500,000 | 472,523 |
1.88%, 6/26/2029 (a) | EUR600,000 | 545,785 |
1.75%, 10/23/2030 (a) | EUR600,000 | 524,239 |
Cirsa Finance International SARL 4.75%, 5/22/2025 (a) | EUR950,000 | 995,146 |
eDreams ODIGEO SA | ||
5.50%, 7/15/2027 (b) | EUR307,000 | 293,696 |
5.50%, 7/15/2027 (a) | EUR400,000 | 382,666 |
Grifols Escrow Issuer SA 3.88%, 10/15/2028 (a) | EUR200,000 | 177,743 |
Grifols SA | ||
1.63%, 2/15/2025 (a) | EUR550,000 | 562,612 |
2.25%, 11/15/2027 (a) | EUR1,000,000 | 948,061 |
Grupo Antolin-Irausa SA | ||
3.38%, 4/30/2026 (a) | EUR100,000 | 90,402 |
3.50%, 4/30/2028 (a) | EUR200,000 | 154,990 |
Iberdrola International BV (EUR Swap Annual 5 Year + 2.06%), 2.62%, 12/26/2023 (a) (d) (e) (f) | EUR800,000 | 840,166 |
Kaixo Bondco Telecom SA 5.13%, 9/30/2029 (a) | EUR392,000 | 364,538 |
Lorca Telecom Bondco SA 4.00%, 9/18/2027 (a) | EUR1,066,000 | 1,036,897 |
JPMorgan International Bond Opportunities ETF
SCHEDULE OF PORTFOLIO INVESTMENTS
AS OF May 31, 2023 (Unaudited) (continued)
SCHEDULE OF PORTFOLIO INVESTMENTS
AS OF May 31, 2023 (Unaudited) (continued)
INVESTMENTS | PRINCIPAL AMOUNT($) | VALUE($) |
Corporate Bonds — continued | ||
Spain — continued | ||
Naturgy Finance BV (EUR Swap Annual 9 Year + 3.08%), 3.38%, 4/24/2024 (a) (d) (e) (f) | EUR200,000 | 206,832 |
Repsol International Finance BV (EUR Swap Annual 10 Year + 4.20%), 4.50%, 3/25/2075 (a) (d) | EUR800,000 | 835,688 |
Telefonica Emisiones SA 5.21%, 3/8/2047 | 150,000 | 126,700 |
Telefonica Europe BV | ||
Series NC5, (EUR Swap Annual 5 Year + 2.45%), 3.00%, 9/4/2023 (a) (d) (e) (f) | EUR100,000 | 105,413 |
(EUR Swap Annual 8 Year + 2.97%), 3.88%, 6/22/2026 (a) (d) (e) (f) | EUR900,000 | 888,401 |
(EUR Swap Annual 6 Year + 2.87%), 2.88%, 2/24/2028 (a) (d) (e) (f) | EUR1,000,000 | 895,428 |
16,528,338 | ||
Sweden — 0.8% | ||
Dometic Group AB 3.00%, 5/8/2026 (a) | EUR400,000 | 396,164 |
Svenska Handelsbanken AB (US Treasury Yield Curve Rate T Note Constant Maturity 5 Year + 4.05%), 4.75%, 3/1/2031 (a) (c) (d) (e) (f) | 200,000 | 154,996 |
Verisure Holding AB | ||
3.88%, 7/15/2026 (a) | EUR275,000 | 273,033 |
3.25%, 2/15/2027 (a) | EUR900,000 | 847,772 |
Verisure Midholding AB 5.25%, 2/15/2029 (a) | EUR300,000 | 272,580 |
Volvo Car AB | ||
2.00%, 1/24/2025 (a) | EUR200,000 | 204,707 |
2.50%, 10/7/2027 (a) | EUR400,000 | 381,704 |
2,530,956 | ||
Switzerland — 1.7% | ||
Credit Suisse Group AG | ||
3.80%, 6/9/2023 | 300,000 | 299,400 |
(SOFR + 3.34%), 6.37%, 7/15/2026 (b) (d) | 300,000 | 295,257 |
4.28%, 1/9/2028 (b) | 550,000 | 502,783 |
(SOFR + 3.73%), 4.19%, 4/1/2031 (b) (d) | 274,000 | 240,816 |
(SOFR + 1.73%), 3.09%, 5/14/2032 (b) (d) | 561,000 | 450,968 |
Dufry One BV | ||
2.50%, 10/15/2024 (a) | EUR700,000 | 732,517 |
2.00%, 2/15/2027 (a) | EUR400,000 | 373,046 |
Holcim Finance Luxembourg SA 0.50%, 4/23/2031 (a) | EUR400,000 | 327,225 |
Holcim Sterling Finance Netherlands BV 2.25%, 4/4/2034 (a) | GBP300,000 | 260,905 |
Swiss Re Finance Luxembourg SA (US Treasury Yield Curve Rate T Note Constant Maturity 5 Year + 3.58%), 5.00%, 4/2/2049 (b) (d) | 200,000 | 191,000 |
UBS Group AG | ||
(US Treasury Yield Curve Rate T Note Constant Maturity 1 Year + 2.05%), 4.70%, 8/5/2027 (b) (d) | 322,000 | 309,463 |
(US Treasury Yield Curve Rate T Note Constant Maturity 1 Year + 1.00%), 2.09%, 2/11/2032 (b) (d) | 280,000 | 216,081 |
(US Treasury Yield Curve Rate T Note Constant Maturity 1 Year + 1.10%), 2.75%, 2/11/2033 (b) (d) | 430,000 | 339,906 |
(US Treasury Yield Curve Rate T Note Constant Maturity 1 Year + 2.40%), 4.99%, 8/5/2033 (b) (d) | 200,000 | 188,296 |
Zurich Insurance Co. Ltd. (EURIBOR 3 Month + 3.95%), 3.50%, 10/1/2046 (a) (d) | EUR700,000 | 706,849 |
5,434,512 | ||
Taiwan — 0.5% | ||
TSMC Arizona Corp. 4.25%, 4/22/2032 | 380,000 | 368,434 |
JPMorgan International Bond Opportunities ETF
SCHEDULE OF PORTFOLIO INVESTMENTS
AS OF May 31, 2023 (Unaudited) (continued)
SCHEDULE OF PORTFOLIO INVESTMENTS
AS OF May 31, 2023 (Unaudited) (continued)
INVESTMENTS | PRINCIPAL AMOUNT($) | VALUE($) |
Corporate Bonds — continued | ||
Taiwan — continued | ||
TSMC Global Ltd. | ||
1.25%, 4/23/2026 (b) | 700,000 | 629,881 |
2.25%, 4/23/2031 (b) | 700,000 | 581,070 |
1,579,385 | ||
United Kingdom — 9.0% | ||
888 Acquisitions Ltd. 7.56%, 7/15/2027 (b) | EUR230,000 | 224,950 |
AstraZeneca plc | ||
0.38%, 6/3/2029 (a) | EUR700,000 | 628,875 |
4.00%, 9/18/2042 | 490,000 | 434,070 |
Barclays plc | ||
(US Treasury Yield Curve Rate T Note Constant Maturity 1 Year + 0.80%), 1.01%, 12/10/2024 (d) | 630,000 | 610,433 |
(US Treasury Yield Curve Rate T Note Constant Maturity 1 Year + 2.30%), 5.30%, 8/9/2026 (d) | 398,000 | 392,237 |
Bellis Acquisition Co. plc | ||
3.25%, 2/16/2026 (a) | GBP100,000 | 105,580 |
4.50%, 2/16/2026 (a) | GBP200,000 | 216,379 |
BP Capital Markets plc | ||
(US Treasury Yield Curve Rate T Note Constant Maturity 5 Year + 4.04%), 4.38%, 6/22/2025 (d) (e) (f) | 204,000 | 195,840 |
(EUR Swap Annual 5 Year + 3.88%), 3.25%, 3/22/2026 (a) (d) (e) (f) | EUR600,000 | 592,438 |
(EUR Swap Annual 5 Year + 4.12%), 3.63%, 3/22/2029 (a) (d) (e) (f) | EUR200,000 | 184,922 |
(US Treasury Yield Curve Rate T Note Constant Maturity 5 Year + 4.40%), 4.88%, 3/22/2030 (d) (e) (f) | 94,000 | 85,423 |
Centrica plc 4.38%, 3/13/2029 (a) | GBP200,000 | 229,810 |
Constellation Automotive Financing plc 4.88%, 7/15/2027 (a) | GBP169,000 | 158,722 |
CPUK Finance Ltd. 4.50%, 8/28/2027 (a) | GBP400,000 | 420,455 |
EC Finance plc 3.00%, 10/15/2026 (a) | EUR799,000 | 798,538 |
eG Global Finance plc 4.38%, 2/7/2025 (a) | EUR300,000 | 307,798 |
Eversholt Funding plc 2.74%, 6/30/2040 (a) | GBP717,952 | 702,004 |
Gatwick Funding Ltd. 2.50%, 4/15/2030 (a) | GBP700,000 | 707,833 |
Heathrow Funding Ltd. | ||
1.50%, 10/12/2025 (a) | EUR800,000 | 809,226 |
6.75%, 12/3/2026 (a) | GBP300,000 | 381,220 |
1.50%, 2/11/2030 (a) | EUR300,000 | 275,366 |
1.88%, 3/14/2034 (a) | EUR250,000 | 215,113 |
5.88%, 5/13/2041 (a) | GBP100,000 | 121,470 |
HSBC Holdings plc | ||
(SOFR + 1.54%), 1.64%, 4/18/2026 (d) | 490,000 | 452,236 |
(SOFR + 3.03%), 7.34%, 11/3/2026 (d) | 720,000 | 750,237 |
5.75%, 12/20/2027 (a) | GBP200,000 | 240,829 |
(SOFR + 2.61%), 5.21%, 8/11/2028 (d) | 380,000 | 374,501 |
(SOFR + 1.73%), 2.01%, 9/22/2028 (d) | 1,270,000 | 1,098,996 |
(ICE LIBOR USD 3 Month + 1.61%), 3.97%, 5/22/2030 (d) | 374,000 | 341,253 |
(SOFR + 1.41%), 2.87%, 11/22/2032 (d) | 440,000 | 354,461 |
Iceland Bondco plc 4.63%, 3/15/2025 (a) | GBP200,000 | 225,776 |
INEOS Quattro Finance 1 plc 3.75%, 7/15/2026 (a) | EUR400,000 | 376,467 |
INEOS Quattro Finance 2 plc 2.50%, 1/15/2026 (a) | EUR200,000 | 193,107 |
INEOS Styrolution Group GmbH 2.25%, 1/16/2027 (a) | EUR300,000 | 277,728 |
International Consolidated Airlines Group SA 1.50%, 7/4/2027 (a) | EUR600,000 | 542,672 |
JPMorgan International Bond Opportunities ETF
SCHEDULE OF PORTFOLIO INVESTMENTS
AS OF May 31, 2023 (Unaudited) (continued)
SCHEDULE OF PORTFOLIO INVESTMENTS
AS OF May 31, 2023 (Unaudited) (continued)
INVESTMENTS | PRINCIPAL AMOUNT($) | VALUE($) |
Corporate Bonds — continued | ||
United Kingdom — continued | ||
Jaguar Land Rover Automotive plc | ||
2.20%, 1/15/2024 (a) | EUR200,000 | 210,092 |
4.50%, 1/15/2026 (a) | EUR400,000 | 407,251 |
Lloyds Banking Group plc | ||
4.05%, 8/16/2023 | 415,000 | 413,419 |
4.58%, 12/10/2025 | 200,000 | 190,823 |
National Grid plc | ||
2.18%, 6/30/2026 (a) | EUR900,000 | 920,909 |
0.25%, 9/1/2028 (a) | EUR800,000 | 715,330 |
NatWest Group plc | ||
(ICE LIBOR USD 3 Month + 1.76%), 4.27%, 3/22/2025 (d) | 780,000 | 766,814 |
(US Treasury Yield Curve Rate T Note Constant Maturity 5 Year + 5.63%), 6.00%, 12/29/2025 (c) (d) (e) (f) | 250,000 | 232,727 |
(US Treasury Yield Curve Rate T Note Constant Maturity 1 Year + 2.27%), 5.52%, 9/30/2028 (d) | 400,000 | 398,153 |
(EURIBOR 3 Month + 0.89%), 0.67%, 9/14/2029 (a) (d) | EUR1,200,000 | 1,050,551 |
NGG Finance plc (EUR Swap Annual 5 Year + 2.53%), 2.13%, 9/5/2082 (a) (d) | EUR730,000 | 664,769 |
Nomad Foods Bondco plc 2.50%, 6/24/2028 (a) | EUR600,000 | 561,743 |
Pinnacle Bidco plc 5.50%, 2/15/2025 (a) | EUR500,000 | 522,483 |
Punch Finance plc 6.13%, 6/30/2026 (a) | GBP438,000 | 471,186 |
RAC Bond Co. plc 5.25%, 11/4/2027 (a) | GBP554,000 | 547,559 |
Rolls-Royce plc | ||
0.88%, 5/9/2024 (a) | EUR600,000 | 618,983 |
4.63%, 2/16/2026 (a) | EUR300,000 | 315,895 |
Santander UK Group Holdings plc | ||
(SOFR + 2.75%), 6.83%, 11/21/2026 (d) | 285,000 | 288,210 |
(SOFR + 0.99%), 1.67%, 6/14/2027 (d) | 900,000 | 779,770 |
(SOFR + 2.60%), 6.53%, 1/10/2029 (d) | 665,000 | 675,500 |
South Eastern Power Networks plc 5.63%, 9/30/2030 (a) | GBP300,000 | 373,532 |
Standard Chartered plc | ||
(US Treasury Yield Curve Rate T Note Constant Maturity 1 Year + 0.78%), 0.99%, 1/12/2025 (b) (d) | 312,000 | 301,598 |
(US Treasury Yield Curve Rate T Note Constant Maturity 1 Year + 1.65%), 3.97%, 3/30/2026 (b) (d) | 395,000 | 380,129 |
(US Treasury Yield Curve Rate T Note Constant Maturity 1 Year + 3.45%), 7.77%, 11/16/2028 (b) (d) | 200,000 | 214,728 |
(US Treasury Yield Curve Rate T Note Constant Maturity 1 Year + 2.45%), 6.30%, 1/9/2029 (b) | 214,000 | 217,268 |
(US Treasury Yield Curve Rate T Note Constant Maturity 1 Year + 3.85%), 4.64%, 4/1/2031 (b) (d) | 306,000 | 285,229 |
Synthomer plc 3.88%, 7/1/2025 (a) | EUR300,000 | 297,277 |
Thames Water Utilities Finance plc 4.38%, 1/18/2031 (a) | EUR400,000 | 428,158 |
Virgin Media Finance plc 3.75%, 7/15/2030 (a) | EUR800,000 | 657,536 |
Vodafone Group plc | ||
(EUR Swap Annual 5 Year + 3.43%), 4.20%, 10/3/2078 (a) (d) | EUR300,000 | 289,582 |
(EUR Swap Annual 5 Year + 2.67%), 3.10%, 1/3/2079 (a) (d) | EUR300,000 | 318,425 |
(USD Swap Semi 5 Year + 4.87%), 7.00%, 4/4/2079 (d) | 429,000 | 434,062 |
Series NC10, (EUR Swap Annual 5 Year + 3.48%), 3.00%, 8/27/2080 (a) (d) | EUR625,000 | 534,239 |
29,510,895 | ||
United States — 9.1% | ||
AbbVie, Inc. 4.25%, 11/21/2049 | 220,000 | 186,342 |
AES Corp. (The) | ||
3.30%, 7/15/2025 (b) | 31,000 | 29,379 |
3.95%, 7/15/2030 (b) | 42,000 | 37,516 |
JPMorgan International Bond Opportunities ETF
SCHEDULE OF PORTFOLIO INVESTMENTS
AS OF May 31, 2023 (Unaudited) (continued)
SCHEDULE OF PORTFOLIO INVESTMENTS
AS OF May 31, 2023 (Unaudited) (continued)
INVESTMENTS | PRINCIPAL AMOUNT($) | VALUE($) |
Corporate Bonds — continued | ||
United States — continued | ||
Aetna, Inc. 2.80%, 6/15/2023 | 595,000 | 594,516 |
Air Lease Corp. 3.13%, 12/1/2030 | 256,000 | 212,756 |
Alexander Funding Trust 1.84%, 11/15/2023 (b) | 70,000 | 68,390 |
American Express Co. (US Treasury Yield Curve Rate T Note Constant Maturity 5 Year + 2.85%), 3.55%, 9/15/2026 (d) (e) (f) | 104,000 | 85,219 |
American Medical Systems Europe BV 1.63%, 3/8/2031 | EUR100,000 | 92,366 |
AmerisourceBergen Corp. 2.70%, 3/15/2031 | 449,000 | 383,732 |
Amgen, Inc. | ||
2.45%, 2/21/2030 | 120,000 | 103,181 |
5.25%, 3/2/2033 | 468,000 | 469,653 |
AT&T, Inc. | ||
3.50%, 9/15/2053 | 130,000 | 90,246 |
3.55%, 9/15/2055 | 99,000 | 68,110 |
Bank of America Corp. | ||
(SOFR + 1.29%), 5.08%, 1/20/2027 (d) | 210,000 | 208,421 |
(SOFR + 1.05%), 2.55%, 2/4/2028 (d) | 175,000 | 158,418 |
(SOFR + 1.63%), 5.20%, 4/25/2029 (d) | 500,000 | 498,247 |
Series N, (SOFR + 1.22%), 2.65%, 3/11/2032 (d) | 560,000 | 463,155 |
(SOFR + 1.32%), 2.69%, 4/22/2032 (d) | 249,000 | 205,771 |
(SOFR + 1.22%), 2.30%, 7/21/2032 (d) | 470,000 | 374,526 |
Berkshire Hathaway Energy Co. 4.60%, 5/1/2053 | 47,000 | 41,617 |
Boeing Co. (The) 5.81%, 5/1/2050 | 205,000 | 200,695 |
BP Capital Markets America, Inc. 2.72%, 1/12/2032 | 881,000 | 751,078 |
Broadcom, Inc. 3.47%, 4/15/2034 (b) | 400,000 | 326,383 |
Capital One Financial Corp. Series M, (US Treasury Yield Curve Rate T Note Constant Maturity 5 Year + 3.16%), 3.95%, 9/1/2026 (d) (e) (f) | 442,000 | 328,570 |
CCO Holdings LLC 5.13%, 5/1/2027 (b) | 140,000 | 129,685 |
CenterPoint Energy, Inc. 2.95%, 3/1/2030 | 280,000 | 244,089 |
CF Industries, Inc. 4.95%, 6/1/2043 | 224,000 | 187,010 |
Charter Communications Operating LLC | ||
3.70%, 4/1/2051 | 308,000 | 188,842 |
3.90%, 6/1/2052 | 282,000 | 177,388 |
Citigroup, Inc. | ||
Series W, (US Treasury Yield Curve Rate T Note Constant Maturity 5 Year + 3.60%), 4.00%, 12/10/2025 (d) (e) (f) | 160,000 | 136,992 |
(US Treasury Yield Curve Rate T Note Constant Maturity 5 Year + 3.42%), 3.88%, 2/18/2026 (d) (e) (f) | 686,000 | 571,164 |
(SOFR + 1.17%), 2.56%, 5/1/2032 (d) | 320,000 | 262,692 |
(SOFR + 1.18%), 2.52%, 11/3/2032 (d) | 140,000 | 112,993 |
Comcast Corp. | ||
5.50%, 11/15/2032 | 85,000 | 89,120 |
2.80%, 1/15/2051 | 130,000 | 85,023 |
5.35%, 5/15/2053 | 375,000 | 373,158 |
2.94%, 11/1/2056 | 290,000 | 185,799 |
Constellation Energy Generation LLC | ||
5.80%, 3/1/2033 | 200,000 | 205,566 |
5.60%, 6/15/2042 | 210,000 | 202,981 |
Crown Castle, Inc., REIT | ||
4.80%, 9/1/2028 | 190,000 | 186,872 |
JPMorgan International Bond Opportunities ETF
SCHEDULE OF PORTFOLIO INVESTMENTS
AS OF May 31, 2023 (Unaudited) (continued)
SCHEDULE OF PORTFOLIO INVESTMENTS
AS OF May 31, 2023 (Unaudited) (continued)
INVESTMENTS | PRINCIPAL AMOUNT($) | VALUE($) |
Corporate Bonds — continued | ||
United States — continued | ||
2.10%, 4/1/2031 | 280,000 | 225,577 |
CVS Health Corp. 5.25%, 2/21/2033 | 370,000 | 370,926 |
Danaher Corp. 2.80%, 12/10/2051 | 85,000 | 56,999 |
Diamondback Energy, Inc. 3.13%, 3/24/2031 | 277,000 | 236,091 |
Discovery Communications LLC 3.63%, 5/15/2030 | 50,000 | 43,400 |
Duke Energy Indiana LLC 5.40%, 4/1/2053 | 35,000 | 34,756 |
Duke Energy Ohio, Inc. | ||
5.25%, 4/1/2033 | 45,000 | 45,635 |
5.65%, 4/1/2053 | 15,000 | 15,283 |
Duquesne Light Holdings, Inc. 2.78%, 1/7/2032 (b) | 140,000 | 110,082 |
Entergy Texas, Inc. 1.75%, 3/15/2031 | 115,000 | 91,310 |
Fells Point Funding Trust 3.05%, 1/31/2027 (b) | 274,000 | 254,783 |
FirstEnergy Transmission LLC 2.87%, 9/15/2028 (b) | 705,000 | 630,767 |
Ford Motor Credit Co. LLC | ||
4.27%, 1/9/2027 | 200,000 | 183,493 |
3.63%, 6/17/2031 | 467,000 | 377,667 |
Freeport-McMoRan, Inc. | ||
4.25%, 3/1/2030 | 218,000 | 199,972 |
5.40%, 11/14/2034 | 523,000 | 501,565 |
General Electric Co. 4.13%, 9/19/2035 (a) | EUR100,000 | 108,023 |
Georgia Power Co. Series A, 2.10%, 7/30/2023 | 785,000 | 780,446 |
Global Payments, Inc. | ||
2.90%, 11/15/2031 | 265,000 | 216,341 |
5.95%, 8/15/2052 | 344,000 | 320,696 |
Goldman Sachs Group, Inc. (The) | ||
Series T, (US Treasury Yield Curve Rate T Note Constant Maturity 5 Year + 2.97%), 3.80%, 5/10/2026 (d) (e) (f) | 10,000 | 7,943 |
(SOFR + 0.91%), 1.95%, 10/21/2027 (d) | 355,000 | 316,164 |
(SOFR + 1.28%), 2.62%, 4/22/2032 (d) | 290,000 | 239,218 |
(SOFR + 1.25%), 2.38%, 7/21/2032 (d) | 190,000 | 152,982 |
(SOFR + 1.26%), 2.65%, 10/21/2032 (d) | 300,000 | 245,779 |
Gray Oak Pipeline LLC 2.60%, 10/15/2025 (b) | 50,000 | 46,098 |
HCA, Inc. | ||
5.88%, 2/15/2026 | 185,000 | 185,840 |
5.20%, 6/1/2028 | 170,000 | 168,949 |
2.38%, 7/15/2031 | 370,000 | 296,961 |
5.50%, 6/15/2047 | 250,000 | 228,809 |
5.25%, 6/15/2049 | 120,000 | 105,850 |
3.50%, 7/15/2051 | 150,000 | 100,942 |
4.63%, 3/15/2052 (b) | 687,000 | 553,283 |
Healthpeak OP LLC, REIT 5.25%, 12/15/2032 | 367,000 | 359,029 |
Hyundai Capital America | ||
3.50%, 11/2/2026 (b) | 555,000 | 521,642 |
3.50%, 11/2/2026 (a) | 150,000 | 140,984 |
Indiana Michigan Power Co. 5.63%, 4/1/2053 | 48,000 | 49,046 |
International Game Technology plc 2.38%, 4/15/2028 (a) | EUR200,000 | 192,370 |
Kinder Morgan, Inc. 5.20%, 6/1/2033 | 230,000 | 222,086 |
Kraft Heinz Foods Co. 4.88%, 10/1/2049 | 250,000 | 225,673 |
Lowe's Cos., Inc. 4.80%, 4/1/2026 | 225,000 | 224,460 |
JPMorgan International Bond Opportunities ETF
SCHEDULE OF PORTFOLIO INVESTMENTS
AS OF May 31, 2023 (Unaudited) (continued)
SCHEDULE OF PORTFOLIO INVESTMENTS
AS OF May 31, 2023 (Unaudited) (continued)
INVESTMENTS | PRINCIPAL AMOUNT($) | VALUE($) |
Corporate Bonds — continued | ||
United States — continued | ||
Metropolitan Life Global Funding I 3.30%, 3/21/2029 (b) | 185,000 | 168,975 |
Morgan Stanley | ||
(SOFR + 0.46%), 5.54%, 1/25/2024 (d) | 598,000 | 597,444 |
(SOFR + 0.88%), 1.59%, 5/4/2027 (d) | 690,000 | 620,562 |
(SOFR + 1.61%), 4.21%, 4/20/2028 (d) | 315,000 | 303,694 |
(SOFR + 1.73%), 5.12%, 2/1/2029 (d) | 455,000 | 452,726 |
(SOFR + 1.59%), 5.16%, 4/20/2029 (d) | 575,000 | 573,123 |
(SOFR + 1.18%), 2.24%, 7/21/2032 (d) | 220,000 | 175,505 |
(SOFR + 1.20%), 2.51%, 10/20/2032 (d) | 173,000 | 140,434 |
(US Treasury Yield Curve Rate T Note Constant Maturity 5 Year + 2.43%), 5.95%, 1/19/2038 (d) | 125,000 | 123,464 |
Netflix, Inc. 5.38%, 11/15/2029 (b) | 357,000 | 359,428 |
OI European Group BV 6.25%, 5/15/2028 (b) | EUR180,000 | 196,327 |
Oracle Corp. 5.55%, 2/6/2053 | 250,000 | 233,460 |
Pacific Gas and Electric Co. | ||
3.30%, 3/15/2027 | 366,000 | 334,691 |
6.15%, 1/15/2033 | 460,000 | 453,771 |
Par Pharmaceutical, Inc. 7.50%, 4/1/2027 (b) (g) (k) | 9,000 | 6,648 |
PepsiCo, Inc. 0.75%, 3/18/2027 | EUR1,100,000 | 1,073,017 |
Pfizer Investment Enterprises Pte. Ltd. 5.30%, 5/19/2053 | 112,000 | 115,301 |
PNC Financial Services Group, Inc. (The) Series T, (US Treasury Yield Curve Rate T Note Constant Maturity 5 Year + 2.60%), 3.40%, 9/15/2026 (d) (e) (f) | 321,000 | 239,947 |
Regency Centers LP, REIT 2.95%, 9/15/2029 | 95,000 | 82,617 |
Roper Technologies, Inc. 2.95%, 9/15/2029 | 160,000 | 142,362 |
Southern California Edison Co. Series J, 0.70%, 8/1/2023 | 460,000 | 455,173 |
Take-Two Interactive Software, Inc. | ||
3.55%, 4/14/2025 | 60,000 | 58,079 |
5.00%, 3/28/2026 | 57,000 | 56,763 |
3.70%, 4/14/2027 | 210,000 | 200,575 |
4.00%, 4/14/2032 | 70,000 | 64,439 |
Texas Instruments, Inc. 5.05%, 5/18/2063 | 85,000 | 83,122 |
Thermo Fisher Scientific, Inc. 0.88%, 10/1/2031 | EUR100,000 | 87,019 |
T-Mobile USA, Inc. | ||
2.63%, 2/15/2029 | 34,000 | 29,723 |
2.55%, 2/15/2031 | 81,000 | 67,756 |
Toyota Motor Credit Corp. 0.50%, 8/14/2023 | 750,000 | 742,651 |
UGI International LLC 2.50%, 12/1/2029 (a) | EUR250,000 | 214,114 |
Union Electric Co. 3.90%, 4/1/2052 | 80,000 | 64,330 |
Verizon Communications, Inc. | ||
2.55%, 3/21/2031 | 330,000 | 276,350 |
2.36%, 3/15/2032 | 60,000 | 48,388 |
5.05%, 5/9/2033 | 280,000 | 277,126 |
2.65%, 11/20/2040 | 60,000 | 41,187 |
VMware, Inc. 2.20%, 8/15/2031 | 290,000 | 227,902 |
Warnermedia Holdings, Inc. | ||
4.28%, 3/15/2032 | 822,000 | 718,133 |
5.05%, 3/15/2042 | 155,000 | 125,406 |
JPMorgan International Bond Opportunities ETF
SCHEDULE OF PORTFOLIO INVESTMENTS
AS OF May 31, 2023 (Unaudited) (continued)
SCHEDULE OF PORTFOLIO INVESTMENTS
AS OF May 31, 2023 (Unaudited) (continued)
INVESTMENTS | PRINCIPAL AMOUNT($) | VALUE($) |
Corporate Bonds — continued | ||
United States — continued | ||
5.14%, 3/15/2052 | 470,000 | 366,806 |
Wells Fargo & Co. Series BB, (US Treasury Yield Curve Rate T Note Constant Maturity 5 Year + 3.45%), 3.90%, 3/15/2026 (d) (e) (f) | 340,000 | 297,840 |
29,601,959 | ||
Total Corporate Bonds (Cost $208,946,142) | 185,362,473 | |
Foreign Government Securities — 31.6% | ||
Angola — 0.2% | ||
Republic of Angola | ||
8.00%, 11/26/2029 (a) | 210,000 | 178,408 |
8.75%, 4/14/2032 (b) | 483,000 | 404,754 |
583,162 | ||
Australia — 3.1% | ||
Commonwealth of Australia | ||
1.25%, 5/21/2032 | AUD16,638,000 | 8,885,058 |
3.00%, 3/21/2047 (a) | AUD2,140,000 | 1,159,870 |
10,044,928 | ||
Bahrain — 0.1% | ||
Kingdom of Bahrain 6.00%, 9/19/2044 (a) | 335,000 | 255,605 |
Brazil — 5.6% | ||
Notas do Tesouro Nacional | ||
10.00%, 1/1/2025 (k) | BRL40,000,000 | 7,711,628 |
10.00%, 1/1/2027 (k) | BRL56,000,000 | 10,741,355 |
18,452,983 | ||
Canada — 6.2% | ||
Canada Government Bond | ||
0.50%, 11/1/2023 | CAD8,500,000 | 6,153,812 |
0.75%, 2/1/2024 | CAD7,000,000 | 5,025,510 |
0.25%, 4/1/2024 | CAD8,600,000 | 6,112,430 |
2.50%, 6/1/2024 | CAD4,300,000 | 3,102,747 |
20,394,499 | ||
Colombia — 0.2% | ||
Republic of Colombia | ||
3.13%, 4/15/2031 | 460,000 | 341,349 |
5.20%, 5/15/2049 | 520,000 | 345,572 |
686,921 | ||
Costa Rica — 0.1% | ||
Republic of Costa Rica 6.13%, 2/19/2031 (a) | 300,000 | 299,213 |
Czech Republic — 0.4% | ||
Czech Republic 1.95%, 7/30/2037 | CZK37,240,000 | 1,232,910 |
Dominican Republic — 0.4% | ||
Dominican Republic Government Bond | ||
6.88%, 1/29/2026 (b) | 280,000 | 282,153 |
JPMorgan International Bond Opportunities ETF
SCHEDULE OF PORTFOLIO INVESTMENTS
AS OF May 31, 2023 (Unaudited) (continued)
SCHEDULE OF PORTFOLIO INVESTMENTS
AS OF May 31, 2023 (Unaudited) (continued)
INVESTMENTS | PRINCIPAL AMOUNT($) | VALUE($) |
Foreign Government Securities — continued | ||
Dominican Republic—continued | ||
5.30%, 1/21/2041 (b) | 375,000 | 290,156 |
6.85%, 1/27/2045 (a) | 660,000 | 583,275 |
1,155,584 | ||
Hungary — 0.1% | ||
Hungary Government Bond 6.75%, 9/25/2052 (b) | 394,000 | 397,275 |
Indonesia — 0.8% | ||
Republic of Indonesia 7.00%, 2/15/2033 | IDR36,946,000,000 | 2,571,925 |
Israel — 0.1% | ||
State of Israel Government Bond 3.38%, 1/15/2050 | 570,000 | 418,344 |
Italy — 1.5% | ||
Italian Republic Government Bond | ||
0.88%, 5/6/2024 | 962,000 | 918,116 |
2.38%, 10/17/2024 | 3,295,000 | 3,149,990 |
2.88%, 10/17/2029 | 1,135,000 | 992,158 |
5,060,264 | ||
Ivory Coast — 0.4% | ||
Republic of Cote d'Ivoire | ||
6.38%, 3/3/2028 (a) | 270,000 | 257,985 |
6.13%, 6/15/2033 (a) | 570,000 | 492,623 |
6.88%, 10/17/2040 (b) | EUR730,000 | 566,837 |
1,317,445 | ||
Kazakhstan — 0.1% | ||
Republic of Kazakhstan 1.50%, 9/30/2034 (b) | EUR370,000 | 279,638 |
Lebanon — 0.0% ^ | ||
Lebanese Republic | ||
6.65%, 4/22/2024 (a) (k) | 227,000 | 13,053 |
6.65%, 11/3/2028 (a) (k) | 226,000 | 12,896 |
25,949 | ||
Mexico — 3.2% | ||
Mex Bonos Desarr Fix Rt | ||
7.75%, 5/29/2031 | MXN77,280,000 | 4,101,696 |
7.50%, 5/26/2033 | MXN42,730,000 | 2,207,230 |
8.50%, 11/18/2038 | MXN49,000,000 | 2,648,310 |
United Mexican States | ||
6.35%, 2/9/2035 | 325,000 | 342,022 |
3.77%, 5/24/2061 | 392,000 | 260,631 |
3.75%, 4/19/2071 | 1,433,000 | 938,436 |
10,498,325 | ||
New Zealand — 0.7% | ||
New Zealand Government Bond | ||
4.50%, 4/15/2027 (a) | NZD952,000 | 577,614 |
2.75%, 4/15/2037 (a) | NZD3,201,000 | 1,587,005 |
2,164,619 |
JPMorgan International Bond Opportunities ETF
SCHEDULE OF PORTFOLIO INVESTMENTS
AS OF May 31, 2023 (Unaudited) (continued)
SCHEDULE OF PORTFOLIO INVESTMENTS
AS OF May 31, 2023 (Unaudited) (continued)
INVESTMENTS | PRINCIPAL AMOUNT($) | VALUE($) |
Foreign Government Securities — continued | ||
Nigeria — 0.2% | ||
Federal Republic of Nigeria | ||
7.63%, 11/21/2025 (a) | 300,000 | 285,900 |
7.38%, 9/28/2033 (b) | 327,000 | 240,100 |
526,000 | ||
Oman — 0.4% | ||
Sultanate of Oman Government Bond | ||
5.63%, 1/17/2028 (a) | 300,000 | 296,869 |
6.25%, 1/25/2031 (a) | 550,000 | 556,634 |
6.75%, 1/17/2048 (a) | 320,000 | 300,660 |
1,154,163 | ||
Paraguay — 0.2% | ||
Republic of Paraguay | ||
5.00%, 4/15/2026 (a) | 302,000 | 296,772 |
4.95%, 4/28/2031 (b) | 550,000 | 525,009 |
821,781 | ||
Philippines — 0.1% | ||
Republic of Philippines | ||
2.95%, 5/5/2045 | 330,000 | 235,496 |
5.50%, 1/17/2048 | 200,000 | 207,163 |
442,659 | ||
Portugal — 1.3% | ||
Portuguese Republic 5.13%, 10/15/2024 (a) | 4,260,000 | 4,250,926 |
Qatar — 0.1% | ||
State of Qatar | ||
5.10%, 4/23/2048 (a) | 245,000 | 242,749 |
4.40%, 4/16/2050 (b) | 200,000 | 180,725 |
423,474 | ||
Romania — 0.4% | ||
Romania Government Bond | ||
6.63%, 9/27/2029 (b) | EUR776,000 | 848,026 |
4.63%, 4/3/2049 (b) | EUR276,000 | 218,921 |
7.63%, 1/17/2053 (b) | 148,000 | 156,392 |
1,223,339 | ||
Saudi Arabia — 0.2% | ||
Kingdom of Saudi Arabia 5.00%, 1/18/2053 (b) | 566,000 | 518,881 |
Senegal — 0.2% | ||
Republic of Senegal 6.25%, 5/23/2033 (a) | 660,000 | 523,586 |
Serbia — 0.1% | ||
Republic of Serbia 1.50%, 6/26/2029 (b) | EUR410,000 | 328,084 |
South Africa — 1.4% | ||
Republic of South Africa | ||
4.30%, 10/12/2028 | 490,000 | 422,105 |
8.25%, 3/31/2032 | ZAR29,250,000 | 1,191,079 |
JPMorgan International Bond Opportunities ETF
SCHEDULE OF PORTFOLIO INVESTMENTS
AS OF May 31, 2023 (Unaudited) (continued)
SCHEDULE OF PORTFOLIO INVESTMENTS
AS OF May 31, 2023 (Unaudited) (continued)
INVESTMENTS | PRINCIPAL AMOUNT($) | VALUE($) |
Foreign Government Securities — continued | ||
South Africa—continued | ||
8.88%, 2/28/2035 | ZAR66,432,132 | 2,638,686 |
5.75%, 9/30/2049 | 710,000 | 480,936 |
4,732,806 | ||
Spain — 3.4% | ||
Bonos and Obligaciones del Estado | ||
0.25%, 7/30/2024 (a) | EUR3,000,000 | 3,101,135 |
2.75%, 10/31/2024 (a) | EUR5,480,000 | 5,846,326 |
1.60%, 4/30/2025 (a) | EUR2,000,000 | 2,083,853 |
11,031,314 | ||
Turkey — 0.1% | ||
Republic of Turkey 9.88%, 1/15/2028 | 350,000 | 348,534 |
United Arab Emirates — 0.3% | ||
United Arab Emirates Government Bond | ||
4.05%, 7/7/2032 (b) | 441,000 | 432,538 |
4.00%, 7/28/2050 (b) | 400,000 | 245,325 |
4.95%, 7/7/2052 (b) | 305,000 | 301,054 |
978,917 | ||
Uruguay — 0.0% ^ | ||
Oriental Republic of Uruguay 5.10%, 6/18/2050 | 88,906 | 87,228 |
Total Foreign Government Securities (Cost $109,429,087) | 103,231,281 | |
Asset-Backed Securities — 1.7% | ||
Cayman Islands — 0.3% | ||
Bain Capital Credit CLO Ltd. Series 2021-7A, Class A1, 6.41%, 1/22/2035 (b) (i) | 250,000 | 243,362 |
Dryden CLO Ltd. Series 2019-68A, Class AR, 6.43%, 7/15/2035 (b) (i) | 290,000 | 283,479 |
Galaxy CLO Ltd. Series 2013-15A, Class ARR, 6.23%, 10/15/2030 (b) (i) | 243,536 | 240,422 |
Neuberger Berman CLO Series 2013-15A, Class A1R2, 6.18%, 10/15/2029 (b) (i) | 245,851 | 243,254 |
1,010,517 | ||
United States — 1.4% | ||
Accelerated Assets LLC Series 2018-1, Class C, 6.65%, 12/2/2033 (b) | 84,717 | 81,999 |
American Credit Acceptance Receivables Trust | ||
Series 2023-1, Class A, 5.45%, 9/14/2026 (b) | 242,610 | 241,532 |
Series 2023-1, Class C, 5.59%, 4/12/2029 (b) | 267,000 | 264,496 |
BMW Vehicle Lease Trust Series 2023-1, Class A3, 5.16%, 11/25/2025 | 81,000 | 80,698 |
Chase Funding Trust Series 2003-6, Class 1A7, 5.28%, 11/25/2034 (g) | 60,404 | 58,689 |
Credit-Based Asset Servicing and Securitization LLC Series 2004-CB5, Class M1, 6.05%, 1/25/2034 (i) | 73,531 | 69,854 |
Flagship Credit Auto Trust | ||
Series 2023-1, Class A3, 5.01%, 8/16/2027 (b) | 88,000 | 86,988 |
Series 2023-1, Class B, 5.05%, 1/18/2028 (b) | 66,000 | 65,111 |
FREED ABS Trust Series 2022-3FP, Class B, 5.79%, 8/20/2029 (b) | 670,000 | 664,220 |
GM Financial Automobile Leasing Trust | ||
Series 2023-1, Class A2B, 5.48%, 6/20/2025 (i) | 120,000 | 119,954 |
Series 2023-1, Class A3, 5.16%, 4/20/2026 | 172,000 | 171,576 |
GoldenTree Loan Opportunities Ltd. Series 2015-10A, Class AR, 6.37%, 7/20/2031 (b) (i) | 275,000 | 272,249 |
JPMorgan International Bond Opportunities ETF
SCHEDULE OF PORTFOLIO INVESTMENTS
AS OF May 31, 2023 (Unaudited) (continued)
SCHEDULE OF PORTFOLIO INVESTMENTS
AS OF May 31, 2023 (Unaudited) (continued)
INVESTMENTS | PRINCIPAL AMOUNT($) | VALUE($) |
Asset-Backed Securities — continued | ||
United States — continued | ||
JetBlue Pass-Through Trust | ||
Series 2019-1, Class B, 8.00%, 11/15/2027 | 126,546 | 126,679 |
Series 2019-1, Class A, 2.95%, 5/15/2028 | 42,075 | 35,983 |
Series 2020-1, Class B, 7.75%, 11/15/2028 | 34,740 | 34,860 |
Progress Residential Series 2021-SFR1, Class E, 2.11%, 4/17/2038 (b) | 250,000 | 217,414 |
Santander Revolving Auto Loan Trust | ||
Series 2019-A, Class C, 3.00%, 1/26/2032 (b) | 150,000 | 140,984 |
Series 2019-A, Class D, 3.45%, 1/26/2032 (b) | 650,000 | 607,720 |
Structured Asset Investment Loan Trust Series 2005-HE3, Class M1, 5.86%, 9/25/2035 (i) | 22,729 | 22,178 |
US Auto Funding Series 2021-1A, Class C, 2.20%, 5/15/2026 (b) | 1,125,000 | 1,060,698 |
4,423,882 | ||
Total Asset-Backed Securities (Cost $5,612,746) | 5,434,399 | |
Commercial Mortgage-Backed Securities — 1.2% | ||
United States — 1.2% | ||
BAMLL Re-REMIC Trust Series 2014-FRR4, Class BK29, PO, 4/27/2023 ‡ (b) | 74,673 | 74,673 |
BANK Series 2018-BN13, Class C, 4.58%, 8/15/2061 (i) | 118,000 | 96,525 |
Benchmark Mortgage Trust Series 2019-B11, Class C, 3.75%, 5/15/2052 (i) | 315,000 | 238,985 |
BHMS Series 2018-ATLS, Class A, 6.36%, 7/15/2035 (b) (i) | 130,000 | 126,325 |
Cascade Funding Mortgage Trust Series 2021-FRR1, Class BK45, 2.09%, 2/28/2025 (b) (i) | 1,000,000 | 903,772 |
CCUBS Commercial Mortgage Trust Series 2017-C1, Class C, 4.43%, 11/15/2050 (i) | 28,000 | 23,372 |
CD Mortgage Trust Series 2016-CD2, Class C, 3.98%, 11/10/2049 (i) | 21,000 | 16,305 |
Citigroup Commercial Mortgage Trust Series 2014-GC23, Class C, 4.43%, 7/10/2047 (i) | 21,000 | 19,007 |
FHLMC, Multi-Family Structured Pass-Through Certificates | ||
Series K033, Class X1, IO, 0.26%, 7/25/2023 (i) | 1,721,305 | 17 |
Series K739, Class X1, IO, 1.21%, 9/25/2027 (i) | 2,102,561 | 82,630 |
Series K153, Class X3, IO, 3.78%, 4/25/2035 (i) | 340,000 | 78,370 |
Series K036, Class X3, IO, 2.12%, 12/25/2041 (i) | 2,640,000 | 21,327 |
Series K041, Class X3, IO, 1.64%, 11/25/2042 (i) | 3,470,000 | 63,860 |
Series K054, Class X3, IO, 1.60%, 4/25/2043 (i) | 1,365,000 | 53,571 |
Series K050, Class X3, IO, 1.55%, 10/25/2043 (i) | 1,010,000 | 29,455 |
Series K051, Class X3, IO, 1.61%, 10/25/2043 (i) | 1,395,000 | 48,619 |
Series K052, Class X3, IO, 1.62%, 1/25/2044 (i) | 750,000 | 25,568 |
Series K726, Class X3, IO, 2.15%, 7/25/2044 (i) | 2,290,000 | 40,465 |
Series K067, Class X3, IO, 2.11%, 9/25/2044 (i) | 1,385,000 | 100,784 |
Series K072, Class X3, IO, 2.14%, 12/25/2045 (i) | 400,000 | 32,003 |
Series K089, Class X3, IO, 2.30%, 1/25/2046 (i) | 850,000 | 87,201 |
Series K078, Class X3, IO, 2.21%, 6/25/2046 (i) | 1,820,000 | 165,864 |
Series K088, Class X3, IO, 2.35%, 2/25/2047 (i) | 880,000 | 94,752 |
FREMF Series 2018-KF46, Class B, 7.01%, 3/25/2028 (b) (i) | 241,539 | 219,252 |
FREMF Mortgage Trust | ||
Series 2017-KF31, Class B, 7.96%, 4/25/2024 (b) (i) | 38,243 | 37,939 |
Series 2017-KF36, Class B, 7.71%, 8/25/2024 (b) (i) | 30,220 | 29,486 |
Series 2017-KF38, Class B, 7.56%, 9/25/2024 (b) (i) | 19,725 | 18,942 |
Series 2018-KF47, Class B, 7.06%, 5/25/2025 (b) (i) | 9,422 | 9,167 |
Series 2018-KF49, Class B, 6.96%, 6/25/2025 (b) (i) | 133,319 | 127,050 |
Series 2017-K728, Class B, 3.65%, 11/25/2050 (b) (i) | 190,000 | 183,639 |
JPMorgan International Bond Opportunities ETF
SCHEDULE OF PORTFOLIO INVESTMENTS
AS OF May 31, 2023 (Unaudited) (continued)
SCHEDULE OF PORTFOLIO INVESTMENTS
AS OF May 31, 2023 (Unaudited) (continued)
INVESTMENTS | PRINCIPAL AMOUNT($) | VALUE($) |
Commercial Mortgage-Backed Securities — continued | ||
United States — continued | ||
Series 2017-K728, Class C, 3.65%, 11/25/2050 (b) (i) | 105,000 | 101,041 |
GNMA Series 2017-23, IO, 0.61%, 5/16/2059 (i) | 248,371 | 8,249 |
GS Mortgage Securities Trust | ||
Series 2012-GCJ9, Class D, 4.61%, 11/10/2045 (b) (i) | 279,146 | 256,941 |
Series 2015-GC30, Class C, 4.07%, 5/10/2050 (i) | 36,000 | 31,733 |
JPMBB Commercial Mortgage Securities Trust | ||
Series 2015-C30, Class C, 4.23%, 7/15/2048 (i) | 62,000 | 53,078 |
Series 2015-C31, Class C, 4.62%, 8/15/2048 (i) | 23,000 | 20,076 |
JPMorgan Chase Commercial Mortgage Securities Trust Series 2016-JP4, Class C, 3.38%, 12/15/2049 (i) | 28,000 | 22,915 |
LB-UBS Commercial Mortgage Trust Series 2006-C6, Class AJ, 5.45%, 9/15/2039 (i) | 134,898 | 49,912 |
Morgan Stanley Bank of America Merrill Lynch Trust | ||
Series 2014-C14, Class C, 5.06%, 2/15/2047 (i) | 21,000 | 20,388 |
Series 2015-C24, Class C, 4.32%, 5/15/2048 (i) | 36,000 | 30,613 |
Morgan Stanley Capital I Trust | ||
Series 2005-HQ7, Class E, 5.31%, 11/14/2042 (i) | 35,173 | 33,667 |
Series 2015-MS1, Class B, 4.02%, 5/15/2048 (i) | 28,000 | 25,788 |
UBS Commercial Mortgage Trust Series 2017-C7, Class B, 4.29%, 12/15/2050 (i) | 106,000 | 93,800 |
Velocity Commercial Capital Loan Trust | ||
Series 2018-2, Class A, 4.05%, 10/26/2048 (b) (i) | 79,627 | 76,051 |
Series 2019-1, Class M1, 3.94%, 3/25/2049 (b) (i) | 90,532 | 79,580 |
Wells Fargo Commercial Mortgage Trust Series 2016-C35, Class C, 4.18%, 7/15/2048 (i) | 23,000 | 18,511 |
Total Commercial Mortgage-Backed Securities (Cost $4,472,653) | 3,971,268 | |
Collateralized Mortgage Obligations — 0.9% | ||
United Kingdom — 0.0% ^ | ||
Brass NO 8 plc Series 8A, Class A1, 6.02%, 11/16/2066 (b) (i) | 11,066 | 11,064 |
United States — 0.9% | ||
Alternative Loan Trust | ||
Series 2004-25CB, Class A1, 6.00%, 12/25/2034 | 84,737 | 75,821 |
Series 2005-6CB, Class 1A6, 5.50%, 4/25/2035 | 54,765 | 47,326 |
Series 2005-80CB, Class 5A1, 6.00%, 2/25/2036 | 61,701 | 58,398 |
Series 2007-2CB, Class 1A6, 5.75%, 3/25/2037 | 115,583 | 65,673 |
Chase Mortgage Finance Trust Series 2007-A1, Class 1A5, 4.21%, 2/25/2037 (i) | 12,179 | 11,761 |
CHL Mortgage Pass-Through Trust Series 2007-16, Class A1, 6.50%, 10/25/2037 | 40,870 | 19,752 |
Connecticut Avenue Securities Trust Series 2023-R02, Class 1M1, 7.27%, 1/25/2043 (b) (i) | 353,176 | 355,434 |
FHLMC, REMIC | ||
Series 4305, Class SK, IF, IO, 1.49%, 2/15/2044 (i) | 387,403 | 46,206 |
Series 4689, Class SD, IF, IO, 1.04%, 6/15/2047 (i) | 260,048 | 34,355 |
Series 5022, IO, 3.00%, 9/25/2050 | 394,450 | 55,848 |
Series 5023, Class MI, IO, 3.00%, 10/25/2050 | 708,596 | 124,051 |
Series 4839, Class WS, IF, IO, 0.99%, 8/15/2056 (i) | 1,752,165 | 228,422 |
FNMA, REMIC | ||
Series 2012-146, Class AI, IO, 3.00%, 1/25/2028 | 506,386 | 20,297 |
Series 2016-68, Class BI, IO, 3.00%, 10/25/2031 | 450,108 | 32,962 |
Series 2012-93, Class SE, IF, IO, 0.96%, 9/25/2042 (i) | 79,285 | 8,437 |
Series 2012-124, Class UI, IO, 4.00%, 11/25/2042 | 80,920 | 14,043 |
Series 2015-40, Class LS, IF, IO, 1.03%, 6/25/2045 (i) | 196,562 | 20,215 |
JPMorgan International Bond Opportunities ETF
SCHEDULE OF PORTFOLIO INVESTMENTS
AS OF May 31, 2023 (Unaudited) (continued)
SCHEDULE OF PORTFOLIO INVESTMENTS
AS OF May 31, 2023 (Unaudited) (continued)
INVESTMENTS | PRINCIPAL AMOUNT($) | VALUE($) |
Collateralized Mortgage Obligations — continued | ||
United States — continued | ||
Series 2016-75, Class SC, IF, IO, 0.96%, 10/25/2046 (i) | 5,960 | 487 |
Series 2017-31, Class SG, IF, IO, 0.96%, 5/25/2047 (i) | 665,439 | 77,340 |
Series 2017-39, Class ST, IF, IO, 0.96%, 5/25/2047 (i) | 185,667 | 23,662 |
Series 2017-69, Class SH, IF, IO, 1.06%, 9/25/2047 (i) | 299,117 | 38,251 |
Series 2019-42, Class SK, IF, IO, 0.91%, 8/25/2049 (i) | 497,965 | 55,364 |
FNMA, STRIPS Series 409, Class 27, IO, 4.00%, 4/25/2027 (i) | 56,226 | 1,843 |
GNMA | ||
Series 2017-107, Class KS, IF, IO, 1.05%, 7/20/2047 (i) | 172,831 | 17,347 |
Series 2015-H13, Class GI, IO, 1.47%, 4/20/2065 (i) | 95,289 | 2,046 |
Merrill Lynch Mortgage Investors Trust Series 2004-C, Class A1, 5.70%, 7/25/2029 (i) | 24,840 | 23,243 |
MFA Trust Series 2023-RTL1, Class A1, 7.58%, 8/25/2027 (b) (g) | 230,000 | 227,158 |
PNMAC GMSR Issuer Trust Series 2018-GT2, Class A, 7.79%, 8/25/2025 (b) (i) | 210,000 | 207,201 |
Structured Adjustable Rate Mortgage Loan Trust Series 2004-8, Class 3A, 5.00%, 7/25/2034 (i) | 11,255 | 10,691 |
VM Master Issuer LLC Series 2022-1, Class A1, 5.16%, 5/24/2025 ‡ (b) (i) | 1,200,000 | 1,130,880 |
3,034,514 | ||
Total Collateralized Mortgage Obligations (Cost $3,567,841) | 3,045,578 | |
Supranational — 0.2% | ||
European Union, 0.10%, 10/4/2040 (a) (Cost $1,214,081) | EUR1,070,000 | 670,947 |
NO. OF WARRANTS | ||
Warrants — 0.0% ^ | ||
United States — 0.0% ^ | ||
Windstream Holdings, Inc. expiring 12/31/2049, price 10.75 USD ‡ *(Cost $—) | 16 | 120 |
SHARES | ||
Short-Term Investments — 3.4% | ||
Investment Companies — 3.4% | ||
JPMorgan U.S. Government Money Market Fund Class IM Shares, 5.06% (l) (m)(Cost $11,135,417) | 11,135,417 | 11,135,417 |
Total Investments — 95.8% (Cost $344,377,967) | 312,851,483 | |
Other Assets Less Liabilities — 4.2% | 13,580,273 | |
NET ASSETS — 100.0% | 326,431,756 |
Percentages indicated are based on net assets. |
Abbreviations | |
ABS | Asset-Backed Securities |
AUD | Australian Dollar |
BRL | Brazilian Real |
CAD | Canadian Dollar |
CLO | Collateralized Loan Obligations |
CZK | Czech Republic Koruna |
EUR | Euro |
EURIBOR | Euro Interbank Offered Rate |
FHLMC | Federal Home Loan Mortgage Corp. |
FNMA | Federal National Mortgage Association |
GBP | British Pound |
JPMorgan International Bond Opportunities ETF
SCHEDULE OF PORTFOLIO INVESTMENTS
AS OF May 31, 2023 (Unaudited) (continued)
SCHEDULE OF PORTFOLIO INVESTMENTS
AS OF May 31, 2023 (Unaudited) (continued)
GNMA | Government National Mortgage Association |
ICE | Intercontinental Exchange |
IDR | Indonesian Rupiah |
IF | Inverse Floaters represent securities that pay interest at a rate that increases (decreases) with a decline (incline) in a specified index or have an interest rate that adjusts periodically based on changes in current interest rates and prepayments on the underlying pool of assets. The interest rate shown is the rate in effect as of May 31, 2023. The rate may be subject to a cap and floor. |
IO | Interest Only represents the right to receive the monthly interest payments on an underlying pool of mortgage loans. The principal amount shown represents the par value on the underlying pool. The yields on these securities are subject to accelerated principal paydowns as a result of prepayment or refinancing of the underlying pool of mortgage instruments. As a result, interest income may be reduced considerably. |
JSC | Joint Stock Company |
LIBOR | London Interbank Offered Rate |
MXN | Mexican Peso |
NZD | New Zealand Dollar |
PO | Principal Only represents the right to receive the principal portion only on an underlying pool of mortgage loans. The market value of these securities is extremely volatile in response to changes in market interest rates. As prepayments on the underlying mortgages of these securities increase, the yield on these securities increases. |
PT | Limited liability company |
REIT | Real Estate Investment Trust |
REMIC | Real Estate Mortgage Investment Conduit |
Re-REMIC | Combined Real Estate Mortgage Investment Conduit |
SOFR | Secured Overnight Financing Rate |
SOFRINDX | Compounding index of the Secured Overnight Financing Rate |
STRIPS | Separate Trading of Registered Interest and Principal of Securities. The STRIPS Program lets investors hold and trade individual interest and principal components of eligible notes and bonds as separate securities. |
USD | United States Dollar |
ZAR | South African Rand |
^ | Amount rounds to less than 0.1% of net assets. | |
‡ | Value determined using significant unobservable inputs. | |
* | Non-income producing security. | |
(a) | 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. | |
(b) | Securities exempt from registration under Rule 144A or section 4(a)(2), of the Securities Act of 1933, as amended. | |
(c) | Contingent Capital security (“CoCo”). CoCos are hybrid debt securities that may be convertible into equity or may be written down if a pre-specified trigger event occurs. The total value of aggregate CoCo holdings at May 31, 2023 is $3,996,420 or 1.22% of the Fund’s net assets as of May 31, 2023. | |
(d) | Variable or floating rate security, linked to the referenced benchmark. The interest rate shown is the current rate as of May 31, 2023. | |
(e) | Security is an interest bearing note with preferred security characteristics. | |
(f) | Security is perpetual and thus, does not have a predetermined maturity date. The coupon rate for this security is fixed for a period of time and may be structured to adjust thereafter. The date shown, if applicable, reflects the next call date. The coupon rate shown is the rate in effect as of May 31, 2023. | |
(g) | Step bond. Interest rate is a fixed rate for an initial period that either resets at a specific date or may reset in the future contingent upon a predetermined trigger. The interest rate shown is the current rate as of May 31, 2023. | |
(h) | Security has the ability to pay in kind (“PIK”) or pay income in cash. When applicable, separate rates of such payments are disclosed. | |
(i) | Variable or floating rate security, the interest rate of which adjusts periodically based on changes in current interest rates and prepayments on the underlying pool of assets. The interest rate shown is the current rate as of May 31, 2023. | |
(j) | All or a portion of the security is a when-issued security, delayed delivery security, or forward commitment. | |
(k) | Defaulted security. | |
(l) | Investment in an affiliated fund, which is registered under the Investment Company Act of 1940, as amended, and is advised by J.P. Morgan Investment Management Inc. | |
(m) | The rate shown is the current yield as of May 31, 2023. |
JPMorgan International Bond Opportunities ETF
SCHEDULE OF PORTFOLIO INVESTMENTS
AS OF May 31, 2023 (Unaudited) (continued)
SCHEDULE OF PORTFOLIO INVESTMENTS
AS OF May 31, 2023 (Unaudited) (continued)
Futures contracts outstanding as of May 31, 2023:
DESCRIPTION | NUMBER OF CONTRACTS | EXPIRATION DATE | TRADING CURRENCY | NOTIONAL AMOUNT ($) | VALUE AND UNREALIZED APPRECIATION (DEPRECIATION) ($) |
Long Contracts | |||||
Euro-Buxl 30 Year Bond | 44 | 06/08/2023 | EUR | 6,515,758 | 215,826 |
U.S. Treasury 10 Year Note | 261 | 09/20/2023 | USD | 29,872,266 | 80,913 |
U.S. Treasury Long Bond | 2 | 09/20/2023 | USD | 256,938 | 3,308 |
U.S. Treasury Ultra Bond | 6 | 09/20/2023 | USD | 822,937 | 15,737 |
U.S. Treasury 2 Year Note | 197 | 09/29/2023 | USD | 40,543,524 | (28,314 ) |
U.S. Treasury 5 Year Note | 264 | 09/29/2023 | USD | 28,790,438 | 2,855 |
290,325 | |||||
Short Contracts | |||||
Euro-Bobl | (158 ) | 06/08/2023 | EUR | (19,947,149 ) | (478,751 ) |
Euro-Bund | (19 ) | 06/08/2023 | EUR | (2,762,647 ) | 2,243 |
Japan 10 Year Bond | (18 ) | 06/13/2023 | JPY | (19,202,153 ) | (432,010 ) |
U.S. Treasury 10 Year Ultra Note | (103 ) | 09/20/2023 | USD | (12,409,891 ) | (64,591 ) |
U.S. Treasury Ultra Bond | (12 ) | 09/20/2023 | USD | (1,645,875 ) | (31,152 ) |
Long Gilt | (24 ) | 09/27/2023 | GBP | (2,889,646 ) | (37,717 ) |
U.S. Treasury 2 Year Note | (4 ) | 09/29/2023 | USD | (823,219 ) | 734 |
U.S. Treasury 5 Year Note | (81 ) | 09/29/2023 | USD | (8,833,430 ) | (162 ) |
(1,041,406 ) | |||||
(751,081 ) |
Abbreviations | |
EUR | Euro |
GBP | British Pound |
JPY | Japanese Yen |
USD | United States Dollar |
JPMorgan International Bond Opportunities ETF
SCHEDULE OF PORTFOLIO INVESTMENTS
AS OF May 31, 2023 (Unaudited) (continued)
SCHEDULE OF PORTFOLIO INVESTMENTS
AS OF May 31, 2023 (Unaudited) (continued)
Forward foreign currency exchange contracts outstanding as of May 31, 2023:
CURRENCY PURCHASED | CURRENCY SOLD | COUNTERPARTY | SETTLEMENT DATE | UNREALIZED APPRECIATION (DEPRECIATION) ($) | ||
USD | 484,595 | EUR | 447,762 | Barclays Bank plc | 6/5/2023 | 5,902 |
USD | 616,390 | EUR | 561,250 | HSBC Bank, NA | 6/5/2023 | 16,370 |
USD | 1,068,805 | EUR | 991,480 | Merrill Lynch International | 6/5/2023 | 8,836 |
USD | 94,932,638 | EUR | 86,281,901 | Morgan Stanley | 6/5/2023 | 2,690,567 |
USD | 2,126,193 | EUR | 1,950,252 | Royal Bank of Canada | 6/5/2023 | 41,221 |
USD | 6,493,882 | GBP | 5,208,830 | Morgan Stanley | 6/5/2023 | 13,967 |
BRL | 8,243,720 | USD | 1,609,065 | Citibank, NA** | 6/22/2023 | 10,750 |
INR | 33,183,884 | USD | 400,146 | Merrill Lynch International** | 6/22/2023 | 859 |
JPY | 44,582,385 | AUD | 492,327 | Barclays Bank plc | 6/22/2023 | 519 |
KRW | 6,125,836,495 | USD | 4,598,251 | Citibank, NA** | 6/22/2023 | 37,892 |
USD | 11,859,789 | AUD | 17,713,578 | BNP Paribas | 6/22/2023 | 329,110 |
USD | 17,632,991 | BRL | 87,519,585 | Goldman Sachs International** | 6/22/2023 | 436,200 |
USD | 17,206,862 | CAD | 23,200,789 | Citibank, NA | 6/22/2023 | 106,873 |
USD | 3,163,006 | CAD | 4,250,965 | HSBC Bank, NA | 6/22/2023 | 29,861 |
USD | 17,169,171 | EUR | 15,702,682 | Barclays Bank plc | 6/22/2023 | 364,683 |
USD | 322,556 | EUR | 294,566 | Merrill Lynch International | 6/22/2023 | 7,320 |
USD | 123,955 | EUR | 114,163 | Morgan Stanley | 6/22/2023 | 1,783 |
USD | 4,009,790 | IDR | 59,380,975,471 | Goldman Sachs International** | 6/22/2023 | 50,682 |
USD | 2,261,774 | NZD | 3,623,442 | BNP Paribas | 6/22/2023 | 79,589 |
USD | 3,042,986 | PHP | 170,020,785 | Goldman Sachs International** | 6/22/2023 | 25,685 |
USD | 1,455,606 | SGD | 1,937,739 | BNP Paribas | 6/22/2023 | 21,698 |
USD | 4,363,331 | ZAR | 84,459,027 | Citibank, NA | 6/22/2023 | 88,580 |
USD | 2,909,891 | EUR | 2,695,929 | BNP Paribas | 7/5/2023 | 22,553 |
Total unrealized appreciation | 4,391,500 | |||||
EUR | 81,808 | USD | 88,373 | Barclays Bank plc | 6/5/2023 | (914 ) |
EUR | 575,000 | USD | 632,995 | BNP Paribas | 6/5/2023 | (18,275 ) |
EUR | 82,822 | USD | 89,575 | HSBC Bank, NA | 6/5/2023 | (1,032 ) |
EUR | 577,907 | USD | 639,871 | Royal Bank of Canada | 6/5/2023 | (22,043 ) |
EUR | 213,387 | USD | 231,708 | Standard Chartered Bank | 6/5/2023 | (3,582 ) |
CZK | 34,216,211 | EUR | 1,443,265 | BNP Paribas | 6/22/2023 | (4,259 ) |
CZK | 4,243,390 | USD | 195,630 | BNP Paribas | 6/22/2023 | (4,609 ) |
INR | 236,782,931 | USD | 2,875,163 | Merrill Lynch International** | 6/22/2023 | (13,800 ) |
JPY | 821,660,130 | USD | 6,131,325 | TD Bank Financial Group | 6/22/2023 | (215,248 ) |
NZD | 65,446 | USD | 40,809 | Morgan Stanley | 6/22/2023 | (1,395 ) |
PLN | 5,956,955 | USD | 1,431,454 | BNP Paribas | 6/22/2023 | (26,525 ) |
THB | 54,553,139 | EUR | 1,471,625 | Citibank, NA | 6/22/2023 | (4,049 ) |
THB | 113,887,868 | USD | 3,354,859 | HSBC Bank, NA | 6/22/2023 | (75,505 ) |
USD | 1,618,662 | AUD | 2,500,946 | Citibank, NA | 6/22/2023 | (9,332 ) |
USD | 1,593,585 | COP | 7,340,886,803 | BNP Paribas** | 6/22/2023 | (47,220 ) |
USD | 9,170,009 | MXN | 162,943,895 | Barclays Bank plc | 6/22/2023 | (925 ) |
ZAR | 6,489,839 | USD | 334,615 | Morgan Stanley | 6/22/2023 | (6,143 ) |
CNY | 10,037,755 | USD | 1,446,910 | Citibank, NA** | 6/26/2023 | (31,316 ) |
EUR | 109,932 | USD | 118,264 | Merrill Lynch International | 7/5/2023 | (527 ) |
USD | 94,841,424 | EUR | 88,701,722 | HSBC Bank, NA | 7/5/2023 | (158,049 ) |
USD | 223,725 | EUR | 209,017 | State Street Corp. | 7/5/2023 | (132 ) |
USD | 113,585 | GBP | 91,614 | Citibank, NA | 7/5/2023 | (460 ) |
USD | 6,443,235 | GBP | 5,208,830 | Morgan Stanley | 7/5/2023 | (40,932 ) |
Total unrealized depreciation | (686,272 ) | |||||
Net unrealized appreciation | 3,705,228 |
Abbreviations | |
AUD | Australian Dollar |
BRL | Brazilian Real |
CAD | Canadian Dollar |
CNY | China Yuan |
JPMorgan International Bond Opportunities ETF
SCHEDULE OF PORTFOLIO INVESTMENTS
AS OF May 31, 2023 (Unaudited) (continued)
SCHEDULE OF PORTFOLIO INVESTMENTS
AS OF May 31, 2023 (Unaudited) (continued)
COP | Columbian Peso |
CZK | Czech Republic Koruna |
EUR | Euro |
GBP | British Pound |
IDR | Indonesian Rupiah |
INR | Indian Rupee |
JPY | Japanese Yen |
KRW | Korean Republic Won |
MXN | Mexican Peso |
NZD | New Zealand Dollar |
PHP | Philippines Peso |
PLN | Polish Zloty |
SGD | Singapore Dollar |
THB | Thai Baht |
USD | United States Dollar |
ZAR | South African Rand |
** | Non-deliverable forward. |
Centrally Cleared Credit default swap contracts outstanding - buy protection(*) as of May 31, 2023:
REFERENCE OBLIGATION/INDEX | FINANCING RATE PAID BY THE FUND (%) | PAYMENT FREQUENCY | MATURITY DATE | IMPLIED CREDIT SPREAD (%)(a) | NOTIONAL AMOUNT(b) | UPFRONT PAYMENTS (RECEIPTS) ($)(c) | UNREALIZED APPRECIATION (DEPRECIATION) ($) | VALUE ($) |
iTraxx.Europe.Crossover.39-V1 | 5.00 | Quarterly | 6/20/2028 | 4.34 | EUR14,164,071 | (119,707 ) | (433,739 ) | (553,446 ) |
(*) | The Fund, as a buyer of credit protection, is generally obligated to make periodic payments and may also pay or receive an upfront premium to or from the protection seller, in exchange for the right to receive a contingent payment, upon occurrence of a credit event with respect to an underlying reference obligation, as defined under the terms of individual swap contracts. | ||||||||
(a) | Implied credit spreads are an indication of the seller's performance risk, related to the likelihood of a credit event occurring that would require a seller to make payment to a buyer. Implied credit spreads are used to determine the value of swap contracts and reflect the cost of buying/selling protection, which may include upfront payments made to enter into the contract. Therefore, higher spreads would indicate a greater likelihood that a seller will be obligated to perform (i.e. make payment) under the swap contract. Increasing values, in absolute terms and relative to notional amounts, are also indicative of greater performance risk. Implied credit spreads for credit default swaps on credit indices are linked to the weighted average spread across the underlying reference obligations included in a particular index. | ||||||||
(b) | The notional amount is the maximum amount that a seller of credit protection would be obligated to pay and a buyer of credit protection would receive, upon occurrence of a credit event. | ||||||||
(c) | Upfront payments and receipts generally represent premiums paid or received at the initiation of the agreement to compensate the differences between the stated terms of the swap agreement and current market conditions (credit spreads, interest rates and other relevant factors). |
Abbreviations | |
EUR | Euro |
Centrally Cleared interest rate swap contracts outstanding as of May 31, 2023:
FLOATING RATE INDEX (a) | FIXED RATE | PAY/RECIEVE FLOATING RATE | MATURITY DATE | NOTIONAL AMOUNT | UPFRONT PAYMENTS (RECEIPTS)($) | VALUE AND UNREALIZED APPRECIATION (DEPRECIATION)($) |
1 day SOFR Annual | 2.95 annually | Receive | 12/17/2035 | USD3,750,000 | — | 64,342 |
1 day SOFR Annual | 3.03 annually | Receive | 12/4/2035 | USD7,500,000 | — | 78,946 |
— | 143,288 | |||||
1 day SOFR annually | 2.74 Annual | Pay | 12/17/2027 | USD17,000,000 | — | (66,414) |
1 day SOFR annually | 2.87 Annual | Pay | 12/4/2027 | USD34,000,000 | — | (55,265) |
— | (121,679) | |||||
21,609 |
JPMorgan International Bond Opportunities ETF
SCHEDULE OF PORTFOLIO INVESTMENTS
AS OF May 31, 2023 (Unaudited) (continued)
SCHEDULE OF PORTFOLIO INVESTMENTS
AS OF May 31, 2023 (Unaudited) (continued)
Abbreviations | |
SOFR | Secured Overnight Financing Rate |
USD | United States Dollar |
(a) | Value of floating rate index at May 31, 2023 was as follows: |
FLOATING RATE INDEX | VALUE |
1 day SOFR | 5.08% |
JPMorgan International Bond Opportunities ETF
SCHEDULE OF PORTFOLIO INVESTMENTS
AS OF May 31, 2023 (Unaudited) (continued)
SCHEDULE OF PORTFOLIO INVESTMENTS
AS OF May 31, 2023 (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.
A market-based approach is primarily used to value the Fund's investments. Investments for which market quotations are not readily available are fair valued using prices supplied by approved affiliated and/or unaffiliated pricing vendors or third party broker-dealers (collectively referred to as “Pricing Services”), or may be internally fair valued using methods set forth by the valuation policies approved by the Board. This may include the use of related or comparable assets or liabilities, recent transactions, market multiples, book values and other relevant information for the investment. An income-based valuation approach may be used in which the anticipated future cash flows of the investment are discounted to calculate the fair value. Discounts may also be applied due to the nature or duration of any restrictions on the disposition of the investments. Valuations may be based upon current market prices of securities that are comparable in coupon, rating, maturity and industry. It is possible that the estimated values may differ significantly from the values that would have been used had a ready market for the investments existed, and such differences could be material.
Fixed income instruments are valued based on prices received from Pricing Services. The Pricing Services use multiple valuation techniques to determine the valuation of fixed income instruments. In instances where sufficient market activity exists, the Pricing Services may utilize a market-based approach through which trades or quotes from market makers are used to determine the valuation of these instruments. In instances where sufficient market activity may not exist, the Pricing Services also utilize proprietary valuation models which may consider market transactions in comparable securities and the various relationships between securities in determining fair value and/or market characteristics in order to estimate the relevant cash flows, which are then discounted to calculate the fair values.
Investments in open-end investment companies (“Underlying Funds”) are valued at each Underlying Fund’s net asset value per share as of the report date.
Futures contracts are generally valued on the basis of available market quotations. Swaps and forward foreign currency exchange contracts are valued utilizing market quotations from approved Pricing Services.
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.
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The following table represents each valuation input as presented on the Schedule of Portfolio Investments ("SOI"):
Level 1 Quoted prices | Level 2 Other significant observable inputs | Level 3 Significant unobservable inputs | Total | |
Investments in Securities | ||||
Asset-Backed Securities | $— | $5,434,399 | $— | $5,434,399 |
Collateralized Mortgage Obligations | ||||
United Kingdom | — | 11,064 | — | 11,064 |
United States | — | 1,903,634 | 1,130,880 | 3,034,514 |
Total Collateralized Mortgage Obligations | — | 1,914,698 | 1,130,880 | 3,045,578 |
Commercial Mortgage-Backed Securities | ||||
United States | — | 3,896,595 | 74,673 | 3,971,268 |
Corporate Bonds | — | 185,362,473 | — | 185,362,473 |
Foreign Government Securities | — | 103,231,281 | — | 103,231,281 |
Supranational | — | 670,947 | — | 670,947 |
Warrants | — | — | 120 | 120 |
Short-Term Investments | ||||
Investment Companies | 11,135,417 | — | — | 11,135,417 |
Total Investments in Securities | $11,135,417 | $300,510,393 | $1,205,673 | $312,851,483 |
Appreciation in Other Financial Instruments | ||||
Forward Foreign Currency Exchange Contracts | $— | $4,391,500 | $— | $4,391,500 |
Futures Contracts | 321,616 | — | — | 321,616 |
Swaps | — | 143,288 | — | 143,288 |
Depreciation in Other Financial Instruments | ||||
Forward Foreign Currency Exchange Contracts | — | (686,272 ) | — | (686,272 ) |
Futures Contracts | (1,072,697 ) | — | — | (1,072,697 ) |
Swaps | — | (555,418 ) | — | (555,418 ) |
Total Net Appreciation/ Depreciation in Other Financial Instruments | $(751,081 ) | $3,293,098 | $— | $2,542,017 |
The following is a summary of investments for which significant unobservable inputs (level 3) were used in determining fair value:
Balance as of February 28, 2023 | Realized gain (loss) | Change in net unrealized appreciation (depreciation) | Net accretion (amortization) | Purchases1 | Sales2 | Transfers into Level 3 | Transfers out of Level 3 | Balance as of May 31, 2023 | |
Investments in Securities: | |||||||||
Collateralized Mortgage Obligations | $1,124,280 | $— | $6,599 | $1 | $— | $— | $— | $— | $1,130,880 |
Commercial Mortgage-Backed Securities | 394,851 | — | 2,823 | (360 ) | 2,686 | (325,327 ) | — | — | 74,673 |
Warrants | 120 | — | — | — | — | — | — | — | 120 |
Total | $1,519,251 | $— | $9,422 | $(359 ) | $2,686 | $(325,327 ) | $— | $— | $1,205,673 |
1 | Purchases include all purchases of securities and securities received in corporate actions. | ||||||||
2 | Sales include all sales of securities, maturities, paydowns and securities tendered in corporate actions. |
The changes in net unrealized appreciation (depreciation) attributable to securities owned at May 31, 2023, which were valued using significant unobservable inputs (level 3), amounted to $9,422.
B. Investment Transactions with Affiliates — The Fund invested in an Underlying Fund, which is 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
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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, 2023 | |||||||||
Security Description | Value at February 28, 2023 | Purchases at Cost | Proceeds from Sales | Net Realized Gain (Loss) | Change in Unrealized Appreciation/ (Depreciation) | Value at May 31, 2023 | Shares at May 31, 2023 | Dividend Income | Capital Gain Distributions |
JPMorgan U.S. Government Money Market Fund Class IM Shares, 5.06% (a) (b) | $486,978 | $40,818,603 | $30,170,164 | $— | $— | $11,135,417 | 11,135,417 | $47,607 | $— |
(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 May 31, 2023. |
C. Derivatives — The Fund used derivative instruments including options, futures contracts, forward foreign currency exchange contracts and swaps, in connection with its investment strategy. Derivative instruments may be used as substitutes for securities in which the Fund can invest, to hedge portfolio investments or to generate income or gain to the Fund. Derivatives may also be used to manage duration, sector and yield curve exposures and credit and spread volatility.
The Fund may be subject to various risks from the use of derivatives, including the risk that changes in the value of a derivative may not correlate perfectly with the underlying asset, rate or index; counterparty credit risk related to derivatives counterparties’ failure to perform under contract terms; liquidity risk related to the potential lack of a liquid market for these contracts allowing a Fund to close out its position(s); and documentation risk relating to disagreement over contract terms. Investing in certain derivatives also results in a form of leverage and as such, the Fund's risk of loss associated with these instruments may exceed their value.
The Fund is party to various derivative contracts governed by International Swaps and Derivatives Association master agreements (“ISDA agreements”). The Fund's ISDA agreements, which are separately negotiated with each dealer counterparty, may contain provisions allowing, absent other considerations, a counterparty to exercise rights, to the extent not otherwise waived, against the Fund in the event the Fund's net assets decline over time by a pre-determined percentage or fall below a pre-determined floor. The ISDA agreements may also contain provisions allowing, absent other conditions, the Fund to exercise rights, to the extent not otherwise waived, against a counterparty (e.g., decline in a counterparty’s credit rating below a specified level). Such rights for both a counterparty and the Fund often include the ability to terminate (i.e., close out) open contracts at prices which may favor a counterparty, which could have an adverse effect on the Fund. The ISDA agreements give the Fund and a counterparty the right, upon an event of default, to close out all transactions traded under such agreements and to net amounts owed or due across all transactions and offset such net payable or receivable against collateral posted to a segregated account by one party for the benefit of the other.
Counterparty credit risk may be mitigated to the extent a counterparty posts additional collateral for mark to market gains to the Fund.
Notes (1) — (3) below describe the various derivatives used by the Fund.
(1). Futures Contracts — The Fund used currency, index, interest rate, treasury or other financial futures contracts to manage and hedge interest rate risk associated with portfolio investments and to gain or reduce exposure to positive and negative price fluctuation or a particular countries or regions. The Fund also used futures contracts to lengthen or shorten the duration of the overall investment portfolio. The Fund used commodity futures contracts to obtain long and short exposure to the underlying commodities markets. The purchase of futures contracts will tend to increase the Fund's exposure to positive and negative price fluctuations in the underlying instrument. The sales of futures contracts will tend to offset both positive and negative market price changes.
Futures contracts provide for the delayed delivery of the underlying instrument at a fixed price or are settled for a cash amount based on the change in the value of the underlying instrument at a specific date in the future. Upon entering into a futures contract, the Fund is required to deposit with the broker, cash or securities in an amount equal to a certain percentage of the contract amount, which is referred to as the initial margin deposit. Subsequent payments, referred to as variation margin, are made or received by the Fund periodically and are based on changes in the market value of open futures contracts. Changes in the market value of open futures contracts are recorded as change in net unrealized appreciation/depreciation on futures contracts. Securities deposited as initial margin are designated on the Schedule of Investments, while cash deposited is considered restricted.
The Fund may be exposed to the risk that the change in the value of the futures contract may not correlate perfectly with the underlying instrument. Use of long futures contracts subject the Fund to risk of loss up to the notional amount of the futures contracts. Use of short futures contracts subjects the Fund to unlimited risk of loss. The Fund may enter into futures contracts only on exchanges or boards of trade. The exchange or board of trade acts as the counterparty to each futures transaction; therefore, the Fund's credit risk is limited to failure of the
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exchange or board of trade. Under some circumstances, futures exchanges may establish daily limits on the amount that the price of a futures contract can vary from the previous day’s settlement price, which could effectively prevent liquidation of positions.
The Fund's futures contracts are not subject to master netting arrangements (the right to close out all transactions traded with a counterparty and net amounts owed or due across transactions).
(2). Forward Foreign Currency Exchange Contracts— The Fund is exposed to foreign currency risks associated with some or all of the portfolio investments and used forward foreign currency exchange contracts to hedge or manage certain of these exposures as part of an investment strategy. The Fund also bought forward foreign currency exchange contracts to gain exposure to currencies. Forward foreign currency exchange contracts represent obligations to purchase or sell foreign currency on a specified future date at a price fixed at the time the contracts are entered into. Non-deliverable forward foreign currency exchange contracts are settled with the counterparty in U.S. dollars without the delivery of the foreign currency.
The values of the forward foreign currency exchange contracts are adjusted daily based on the applicable exchange rate of the underlying currency. Changes in the value of these contracts are recorded as unrealized appreciation or depreciation until the contract settlement date. When the forward foreign currency exchange contract is closed, the Fund records a realized gain or loss equal to the difference between the value at the time the contract was opened and the value at the time it was closed. The Fund also records a realized gain or loss, upon settlement, when a forward foreign currency exchange contract offsets another forward foreign currency exchange contract with the same counterparty.
The Fund's forward foreign currency exchange contracts are subject to master netting arrangements (the right to close out all transactions with a counterparty and net amounts owed or due across transactions).
The Fund may be required to post or receive collateral for non-deliverable forward foreign currency exchange contracts.
(3). Swaps — The Fund engaged in various swap transactions to manage credit, interest rate (e.g., duration, yield curve), currency, inflation and total return risks within its portfolio. The Fund also used swaps as alternatives to direct investments. Swap transactions are contracts negotiated over-the-counter (“OTC swaps”) between the Fund and a counterparty or are centrally cleared (“centrally cleared swaps”) through a central clearinghouse managed by a Futures Commission Merchant (“FCM”) that exchange investment cash flows, assets, foreign currencies or market-linked returns at specified, future intervals.
Upfront payments made and/or received by the Fund are recorded as assets or liabilities, respectively, and amortized over the term of the swap. The value of an OTC swap agreement is recorded at the beginning of the measurement period. Upon entering into a centrally cleared swap, the Fund is required to deposit with the FCM cash or securities, which is referred to as initial margin deposit. Securities deposited as initial margin are designated on the Schedule of Investments, while cash deposited is considered restricted. The change in the value of swaps, including accruals of periodic amounts of interest to be paid or received on swaps, is reported as change in net unrealized appreciation/depreciation on swaps. A realized gain or loss is recorded upon payment or receipt of a periodic payment or payment made upon termination of a swap agreement.
The Fund may be required to post or receive collateral based on the net value of the Fund's outstanding OTC swap contracts with the counterparty in the form of cash or securities. Daily movement of cash collateral is subject to minimum threshold amounts. Collateral posted by the Fund is held in a segregated account at the Fund's custodian bank.
The central clearinghouse acts as the counterparty to each centrally cleared swap transaction; therefore credit risk is limited to the failure of the clearinghouse.
The Fund's swap contracts (excluding centrally cleared swaps) are subject to master netting arrangements.
Credit Default Swaps
The Fund entered into credit default swaps to simulate long and/or short bond positions or to take an active long and/or short position with respect to the likelihood of a default or credit event by the issuer of the underlying reference obligation.
The underlying reference obligation may be a single issuer of corporate or sovereign debt, a basket of issuers or a credit index. A credit index is a list of credit instruments or exposures that reference a fixed number of obligors with shared characteristics that represents some part of the credit market as a whole. Index credit default swaps have standardized terms including a fixed spread and standard maturity dates. The composition of the obligations within a particular index changes periodically.
Credit default swaps involve one party, the protection buyer, making a stream of payments to another party, the protection seller, in exchange for the right to receive a contingent payment if there is a credit event related to the underlying reference obligation. In the event that the reference obligation matures prior to the termination date of the contract, a similar security will be substituted for the duration of the contract term. Credit events are defined under individual swap agreements and generally include bankruptcy, failure to pay, restructuring, repudiation/moratorium, obligation acceleration and obligation default.
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If a credit event occurs, the Fund, as a protection seller, would be obligated to make a payment, which may be either: (i) a net cash settlement equal to the notional amount of the swap less the auction value of the reference obligation or (ii) the notional amount of the swap in exchange for the delivery of the reference obligation. Selling protection effectively adds leverage to the Fund's portfolio up to the notional amount of swap agreements. The notional amount represents the maximum potential liability under a contract. Potential liabilities under these contracts may be reduced by: the auction rates of the underlying reference obligations; upfront payments received at the inception of a swap; and net amounts received from credit default swaps purchased with the identical reference obligation.
Interest Rate Swaps
The Fund entered into interest rate swap contracts to manage fund exposure to interest rates or to either preserve or generate a return on a particular investment or portion of its portfolio. These are agreements between counterparties to exchange periodic interest payments based on interest rates. One cash flow stream will typically be a floating rate payment based upon a specified interest rate while the other is typically based on a fixed interest rate.