JPMorgan USD Emerging Markets Sovereign Bond 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. |
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© J.P. Morgan Chase & Co., 2023. |
JPMorgan USD Emerging Markets Sovereign Bond ETF
SCHEDULE OF PORTFOLIO INVESTMENTS
AS OF May 31, 2023 (Unaudited)
SCHEDULE OF PORTFOLIO INVESTMENTS
AS OF May 31, 2023 (Unaudited)
INVESTMENTS | PRINCIPAL AMOUNT($) | VALUE($) |
Foreign Government Securities — 88.3% | ||
Angola — 1.9% | ||
Republic of Angola | ||
8.25%, 5/9/2028 (a) | 1,808,000 | 1,606,634 |
8.75%, 4/14/2032 (a) | 1,716,000 | 1,438,008 |
9.38%, 5/8/2048 (a) | 619,000 | 473,071 |
9.13%, 11/26/2049 (a) | 1,891,000 | 1,407,376 |
4,925,089 | ||
Azerbaijan — 0.4% | ||
Republic of Azerbaijan | ||
3.50%, 9/1/2032 (a) | 1,224,000 | 1,041,394 |
3.50%, 9/1/2032 (b) | 1,000 | 851 |
1,042,245 | ||
Bahrain — 4.4% | ||
CBB International Sukuk Co. 5 SPC 5.62%, 2/12/2024 (a) | 1,226,000 | 1,214,353 |
CBB International Sukuk Programme Co. SPC | ||
6.25%, 11/14/2024 (a) | 279,000 | 278,529 |
3.95%, 9/16/2027 (a) | 1,815,000 | 1,692,828 |
CBB International Sukuk Programme Co. WLL 3.88%, 5/18/2029 (a) | 206,000 | 183,250 |
Kingdom of Bahrain | ||
6.13%, 8/1/2023 (a) | 250,000 | 249,344 |
7.00%, 1/26/2026 (a) | 882,000 | 896,774 |
7.00%, 10/12/2028 (a) | 200,000 | 202,038 |
7.00%, 10/12/2028 (b) | 402,000 | 406,095 |
6.75%, 9/20/2029 (a) | 1,804,000 | 1,766,003 |
5.63%, 9/30/2031 (a) | 558,000 | 506,838 |
5.45%, 9/16/2032 (a) | 1,051,000 | 917,523 |
5.25%, 1/25/2033 (a) | 1,857,000 | 1,577,057 |
5.63%, 5/18/2034 (a) | 1,956,000 | 1,662,967 |
11,553,599 | ||
Bolivia, Plurinational State of — 0.2% | ||
Plurinational State of Bolivia 4.50%, 3/20/2028 (a) | 950,000 | 562,875 |
Brazil — 7.9% | ||
Federative Republic of Brazil | ||
8.88%, 4/15/2024 | 346,000 | 355,515 |
4.25%, 1/7/2025 | 1,029,000 | 1,014,079 |
2.88%, 6/6/2025 | 2,272,000 | 2,168,056 |
6.00%, 4/7/2026 | 2,918,000 | 3,006,999 |
4.63%, 1/13/2028 | 1,537,000 | 1,502,706 |
4.50%, 5/30/2029 | 519,000 | 492,401 |
3.88%, 6/12/2030 | 2,394,000 | 2,124,675 |
3.75%, 9/12/2031 (c) | 1,677,000 | 1,440,124 |
6.00%, 10/20/2033 | 1,684,000 | 1,652,004 |
8.25%, 1/20/2034 | 380,000 | 434,578 |
5.00%, 1/27/2045 | 1,474,000 | 1,136,822 |
4.75%, 1/14/2050 | 7,200,000 | 5,211,000 |
20,538,959 |
JPMorgan USD Emerging Markets Sovereign Bond 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 | ||
Chile — 1.4% | ||
Republic of Chile | ||
2.45%, 1/31/2031 | 593,000 | 514,539 |
2.55%, 7/27/2033 | 1,648,000 | 1,353,214 |
3.10%, 5/7/2041 | 1,658,000 | 1,237,075 |
3.50%, 4/15/2053 | 272,000 | 198,951 |
3.25%, 9/21/2071 | 400,000 | 254,575 |
3,558,354 | ||
China — 0.9% | ||
People's Republic of China | ||
1.95%, 12/3/2024 (a) | 400,000 | 384,200 |
1.25%, 10/26/2026 (a) | 1,027,000 | 925,455 |
2.63%, 11/2/2027 (a) | 735,000 | 697,469 |
3.50%, 10/19/2028 (a) | 281,000 | 276,135 |
1.75%, 10/26/2031 (a) | 200,000 | 171,788 |
2,455,047 | ||
Colombia — 6.4% | ||
Republic of Colombia | ||
4.00%, 2/26/2024 | 358,000 | 350,795 |
4.50%, 1/28/2026 | 200,000 | 189,600 |
3.88%, 4/25/2027 | 878,000 | 791,188 |
4.50%, 3/15/2029 | 2,586,000 | 2,247,072 |
3.00%, 1/30/2030 | 897,000 | 688,896 |
3.13%, 4/15/2031 | 1,557,000 | 1,155,391 |
3.25%, 4/22/2032 | 2,252,000 | 1,628,196 |
8.00%, 4/20/2033 | 200,000 | 200,788 |
7.38%, 9/18/2037 | 2,669,000 | 2,472,662 |
6.13%, 1/18/2041 | 1,889,000 | 1,473,774 |
4.13%, 2/22/2042 | 2,722,000 | 1,677,092 |
5.63%, 2/26/2044 | 1,082,000 | 779,919 |
5.00%, 6/15/2045 | 1,037,000 | 688,309 |
5.20%, 5/15/2049 | 2,637,000 | 1,752,451 |
4.13%, 5/15/2051 | 200,000 | 116,413 |
3.88%, 2/15/2061 | 852,000 | 462,370 |
16,674,916 | ||
Costa Rica — 1.3% | ||
Republic of Costa Rica | ||
6.13%, 2/19/2031 (a) | 1,566,000 | 1,561,889 |
7.00%, 4/4/2044 (a) | 490,000 | 477,750 |
7.16%, 3/12/2045 (a) | 1,219,000 | 1,206,810 |
3,246,449 | ||
Dominican Republic — 6.8% | ||
Dominican Republic Government Bond | ||
5.50%, 1/27/2025 (a) | 2,120,000 | 2,086,610 |
6.88%, 1/29/2026 (a) | 1,570,000 | 1,582,069 |
5.95%, 1/25/2027 (a) | 396,000 | 386,298 |
5.95%, 1/25/2027 (b) | 198,000 | 193,149 |
JPMorgan USD Emerging Markets Sovereign Bond 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 | ||
6.00%, 7/19/2028 (a) | 720,000 | 693,360 |
6.00%, 7/19/2028 (b) | 208,000 | 200,304 |
4.50%, 1/30/2030 (a) | 3,385,000 | 2,919,562 |
4.88%, 9/23/2032 (a) | 2,752,000 | 2,304,456 |
6.00%, 2/22/2033 (a) | 201,000 | 182,948 |
5.30%, 1/21/2041 (a) | 988,000 | 764,465 |
7.45%, 4/30/2044 (b) | 302,000 | 288,032 |
6.85%, 1/27/2045 (a) | 1,221,000 | 1,079,059 |
6.85%, 1/27/2045 (b) | 357,000 | 315,499 |
6.40%, 6/5/2049 (b) | 305,000 | 251,492 |
6.40%, 6/5/2049 (a) | 1,535,000 | 1,265,704 |
5.88%, 1/30/2060 (a) | 4,151,000 | 3,071,740 |
17,584,747 | ||
Ethiopia — 0.2% | ||
Federal Democratic Republic of Ethiopia 6.63%, 12/11/2024 (a) | 949,000 | 641,346 |
Gabon — 0.3% | ||
Gabonese Republic 6.63%, 2/6/2031 (a) | 876,000 | 684,265 |
Guatemala — 0.5% | ||
Republic of Guatemala 6.13%, 6/1/2050 (a) | 1,399,000 | 1,260,849 |
Hungary — 1.4% | ||
Hungary Government Bond | ||
5.38%, 3/25/2024 | 110,000 | 109,814 |
6.13%, 5/22/2028 (a) | 222,000 | 225,788 |
5.25%, 6/16/2029 (a) | 778,000 | 753,347 |
2.13%, 9/22/2031 (a) | 943,000 | 716,562 |
7.63%, 3/29/2041 | 760,000 | 842,318 |
3.13%, 9/21/2051 (a) | 1,566,000 | 931,574 |
3,579,403 | ||
India — 0.5% | ||
Export-Import Bank of India | ||
3.25%, 1/15/2030 (a) | 974,000 | 866,738 |
2.25%, 1/13/2031 (a) | 400,000 | 325,200 |
1,191,938 | ||
Indonesia — 2.9% | ||
Perusahaan Penerbit SBSN Indonesia III | ||
4.35%, 9/10/2024 (a) | 911,000 | 905,477 |
2.80%, 6/23/2030 (a) | 918,000 | 817,766 |
2.55%, 6/9/2031 (a) | 400,000 | 344,450 |
Republic of Indonesia | ||
3.85%, 7/18/2027 (a) | 600,000 | 581,363 |
3.50%, 1/11/2028 | 1,315,000 | 1,251,551 |
4.10%, 4/24/2028 | 200,000 | 195,100 |
8.50%, 10/12/2035 (a) | 769,000 | 1,001,527 |
6.63%, 2/17/2037 (a) | 866,000 | 993,897 |
6.63%, 2/17/2037 (b) | 145,000 | 166,415 |
JPMorgan USD Emerging Markets Sovereign Bond 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 | ||
Indonesia—continued | ||
7.75%, 1/17/2038 (a) | 100,000 | 125,706 |
4.20%, 10/15/2050 | 555,000 | 470,640 |
3.05%, 3/12/2051 | 854,000 | 617,175 |
7,471,067 | ||
Iraq — 0.6% | ||
Republic of Iraq 5.80%, 1/15/2028 (a) | 1,645,625 | 1,520,969 |
Ivory Coast — 0.4% | ||
Republic of Cote d'Ivoire | ||
6.13%, 6/15/2033 (a) | 833,000 | 719,920 |
6.13%, 6/15/2033 (b) | 415,000 | 358,664 |
1,078,584 | ||
Jamaica — 1.9% | ||
Jamaica Government Bond | ||
6.75%, 4/28/2028 | 1,984,000 | 2,081,712 |
8.00%, 3/15/2039 | 204,000 | 243,780 |
7.88%, 7/28/2045 (c) | 2,327,000 | 2,684,776 |
5,010,268 | ||
Jordan — 1.3% | ||
Hashemite Kingdom of Jordan | ||
6.13%, 1/29/2026 (b) | 346,000 | 334,820 |
5.75%, 1/31/2027 (a) | 1,447,000 | 1,367,234 |
5.85%, 7/7/2030 (a) | 1,245,000 | 1,111,785 |
7.38%, 10/10/2047 (a) | 776,000 | 646,651 |
3,460,490 | ||
Kazakhstan — 0.7% | ||
Republic of Kazakhstan | ||
3.88%, 10/14/2024 (b) | 350,000 | 349,738 |
3.88%, 10/14/2024 (a) | 405,000 | 404,696 |
5.13%, 7/21/2025 (a) | 507,000 | 521,830 |
6.50%, 7/21/2045 (a) | 591,000 | 611,611 |
1,887,875 | ||
Kenya — 2.3% | ||
Republic of Kenya | ||
6.88%, 6/24/2024 (a) | 1,991,000 | 1,829,605 |
7.25%, 2/28/2028 (b) | 355,000 | 295,715 |
7.25%, 2/28/2028 (a) | 1,146,000 | 954,618 |
6.30%, 1/23/2034 (a) | 795,000 | 566,835 |
8.25%, 2/28/2048 (a) | 3,091,000 | 2,257,975 |
5,904,748 | ||
Kuwait — 0.5% | ||
State of Kuwait 3.50%, 3/20/2027 (a) | 1,416,000 | 1,383,520 |
Malaysia — 0.1% | ||
Malaysia Sovereign Sukuk Bhd. 3.04%, 4/22/2025 (a) | 341,000 | 331,047 |
JPMorgan USD Emerging Markets Sovereign Bond 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 | ||
Mexico — 1.9% | ||
United Mexican States | ||
4.13%, 1/21/2026 | 261,000 | 255,911 |
4.15%, 3/28/2027 | 202,000 | 198,124 |
3.75%, 1/11/2028 | 673,000 | 642,210 |
4.50%, 4/22/2029 | 200,000 | 194,475 |
2.66%, 5/24/2031 (c) | 400,000 | 332,325 |
2.66%, 5/24/2031 | 235,000 | 195,241 |
6.75%, 9/27/2034 | 100,000 | 109,206 |
6.05%, 1/11/2040 | 86,000 | 86,661 |
4.75%, 3/8/2044 | 386,000 | 325,519 |
4.60%, 1/23/2046 | 2,326,000 | 1,895,399 |
4.40%, 2/12/2052 (c) | 921,000 | 710,782 |
5.75%, 10/12/2110 | 122,000 | 106,430 |
5,052,283 | ||
Morocco — 1.4% | ||
Kingdom of Morocco | ||
5.95%, 3/8/2028 (a) | 258,000 | 261,112 |
3.00%, 12/15/2032 (a) | 3,526,000 | 2,772,979 |
4.00%, 12/15/2050 (a) | 978,000 | 646,580 |
3,680,671 | ||
Oman — 7.7% | ||
Oman Sovereign Sukuk SAOC | ||
4.40%, 6/1/2024 (a) | 747,000 | 734,301 |
5.93%, 10/31/2025 (a) | 970,000 | 985,945 |
4.88%, 6/15/2030 (a) | 1,475,000 | 1,482,190 |
Sultanate of Oman Government Bond | ||
4.88%, 2/1/2025 (a) | 201,000 | 198,274 |
4.75%, 6/15/2026 (a) | 1,479,000 | 1,435,832 |
5.38%, 3/8/2027 (a) | 1,805,000 | 1,771,495 |
6.75%, 10/28/2027 (a) | 2,869,000 | 2,971,746 |
5.63%, 1/17/2028 (a) | 2,214,000 | 2,190,891 |
6.00%, 8/1/2029 (a) | 1,312,000 | 1,314,706 |
6.00%, 8/1/2029 (b) | 221,000 | 221,456 |
6.25%, 1/25/2031 (a) | 893,000 | 903,772 |
7.38%, 10/28/2032 (a) | 1,435,000 | 1,564,419 |
6.50%, 3/8/2047 (a) | 2,144,000 | 1,953,452 |
6.50%, 3/8/2047 (b) | 229,000 | 208,647 |
6.75%, 1/17/2048 (a) | 1,163,000 | 1,092,711 |
7.00%, 1/25/2051 (a) | 1,003,000 | 970,904 |
20,000,741 | ||
Panama — 1.7% | ||
Republic of Panama | ||
3.16%, 1/23/2030 | 691,000 | 607,130 |
2.25%, 9/29/2032 | 1,861,000 | 1,424,014 |
6.70%, 1/26/2036 | 717,000 | 764,860 |
4.50%, 5/15/2047 | 200,000 | 156,600 |
JPMorgan USD Emerging Markets Sovereign Bond 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 | ||
Panama—continued | ||
4.50%, 4/16/2050 | 200,000 | 151,850 |
4.30%, 4/29/2053 | 514,000 | 374,513 |
3.87%, 7/23/2060 | 580,000 | 376,021 |
4.50%, 1/19/2063 (c) | 919,000 | 658,119 |
4,513,107 | ||
Paraguay — 1.1% | ||
Republic of Paraguay | ||
4.95%, 4/28/2031 (a) | 444,000 | 423,826 |
4.95%, 4/28/2031 (a) (c) | 422,000 | 402,825 |
6.10%, 8/11/2044 (a) | 958,000 | 892,138 |
5.40%, 3/30/2050 (a) | 1,235,000 | 1,032,228 |
2,751,017 | ||
Peru — 1.9% | ||
Republic of Peru | ||
4.13%, 8/25/2027 (c) | 1,045,000 | 1,023,316 |
2.78%, 1/23/2031 | 380,000 | 323,309 |
1.86%, 12/1/2032 | 785,000 | 593,558 |
8.75%, 11/21/2033 | 1,166,000 | 1,467,192 |
3.00%, 1/15/2034 | 417,000 | 340,324 |
6.55%, 3/14/2037 | 54,000 | 59,056 |
3.30%, 3/11/2041 | 392,000 | 291,869 |
3.23%, 7/28/2121 | 1,335,000 | 765,789 |
4,864,413 | ||
Philippines — 2.2% | ||
Republic of Philippines | ||
10.63%, 3/16/2025 | 1,101,000 | 1,214,059 |
5.50%, 3/30/2026 | 714,000 | 729,753 |
9.50%, 2/2/2030 | 160,000 | 202,480 |
2.46%, 5/5/2030 | 308,000 | 267,344 |
5.00%, 1/13/2037 | 767,000 | 766,185 |
3.70%, 3/1/2041 | 2,434,000 | 2,008,506 |
3.70%, 2/2/2042 | 624,000 | 513,162 |
3.20%, 7/6/2046 | 200,000 | 147,663 |
5,849,152 | ||
Poland — 0.6% | ||
Republic of Poland | ||
3.25%, 4/6/2026 | 933,000 | 904,893 |
5.75%, 11/16/2032 | 323,000 | 342,441 |
5.50%, 4/4/2053 | 416,000 | 417,638 |
1,664,972 | ||
Qatar — 2.2% | ||
State of Qatar | ||
3.40%, 4/16/2025 (a) | 540,000 | 527,276 |
3.25%, 6/2/2026 (a) | 420,000 | 406,035 |
4.50%, 4/23/2028 (a) | 528,000 | 532,719 |
JPMorgan USD Emerging Markets Sovereign Bond 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 | ||
Qatar—continued | ||
4.00%, 3/14/2029 (a) | 773,000 | 762,999 |
9.75%, 6/15/2030 (a) | 311,000 | 413,786 |
6.40%, 1/20/2040 (a) | 742,000 | 866,424 |
4.63%, 6/2/2046 (b) | 276,000 | 261,476 |
5.10%, 4/23/2048 (a) | 613,000 | 607,368 |
4.82%, 3/14/2049 (a) | 1,225,000 | 1,164,362 |
4.40%, 4/16/2050 (a) | 202,000 | 182,532 |
5,724,977 | ||
Romania — 1.5% | ||
Romania Government Bond | ||
3.00%, 2/27/2027 (a) | 1,562,000 | 1,421,713 |
5.25%, 11/25/2027 (a) | 74,000 | 72,534 |
3.00%, 2/14/2031 (a) | 286,000 | 235,557 |
3.63%, 3/27/2032 (a) | 576,000 | 484,667 |
6.00%, 5/25/2034 (a) | 234,000 | 229,437 |
6.13%, 1/22/2044 (a) | 126,000 | 117,361 |
4.00%, 2/14/2051 (a) | 912,000 | 619,761 |
7.63%, 1/17/2053 (a) | 632,000 | 667,839 |
3,848,869 | ||
Saudi Arabia — 3.2% | ||
Kingdom of Saudi Arabia | ||
4.00%, 4/17/2025 (a) | 1,613,000 | 1,590,619 |
2.50%, 2/3/2027 (a) | 314,000 | 293,060 |
3.63%, 3/4/2028 (a) | 2,337,000 | 2,243,228 |
4.50%, 4/17/2030 (b) | 282,000 | 279,145 |
2.25%, 2/2/2033 (a) | 200,000 | 162,475 |
4.50%, 10/26/2046 (a) | 581,000 | 506,306 |
4.63%, 10/4/2047 (a) | 2,157,000 | 1,893,846 |
4.63%, 10/4/2047 (b) | 247,000 | 216,866 |
5.25%, 1/16/2050 (a) | 433,000 | 415,896 |
3.25%, 11/17/2051 (a) | 200,000 | 138,788 |
KSA Sukuk Ltd. 2.25%, 5/17/2031 (a) | 632,000 | 537,121 |
8,277,350 | ||
Serbia — 0.6% | ||
Republic of Serbia | ||
2.13%, 12/1/2030 (a) | 1,075,000 | 805,108 |
6.50%, 9/26/2033 (a) | 839,000 | 813,201 |
1,618,309 | ||
South Africa — 5.6% | ||
Republic of South Africa | ||
4.67%, 1/17/2024 | 215,000 | 212,084 |
5.88%, 9/16/2025 | 1,810,000 | 1,786,017 |
4.88%, 4/14/2026 | 1,145,000 | 1,081,882 |
4.85%, 9/27/2027 | 1,042,000 | 960,789 |
4.30%, 10/12/2028 | 552,000 | 475,514 |
4.85%, 9/30/2029 | 2,523,000 | 2,171,830 |
JPMorgan USD Emerging Markets Sovereign Bond 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 | ||
5.88%, 6/22/2030 (c) | 1,565,000 | 1,405,859 |
5.38%, 7/24/2044 | 799,000 | 542,970 |
5.00%, 10/12/2046 | 2,010,000 | 1,276,099 |
5.65%, 9/27/2047 | 4,409,000 | 2,996,191 |
7.30%, 4/20/2052 | 2,221,000 | 1,781,381 |
14,690,616 | ||
Trinidad And Tobago — 0.4% | ||
Republic of Trinidad and Tobago | ||
4.50%, 8/4/2026 (a) | 200,000 | 194,413 |
4.50%, 8/4/2026 (a) (c) | 801,000 | 778,622 |
973,035 | ||
Turkey — 7.4% | ||
Hazine Mustesarligi Varlik Kiralama A/S | ||
4.49%, 11/25/2024 (b) | 1,000 | 937 |
5.13%, 6/22/2026 (a) | 1,032,000 | 918,029 |
7.25%, 2/24/2027 (a) | 1,201,000 | 1,120,533 |
Republic of Turkey | ||
5.75%, 3/22/2024 | 659,000 | 640,383 |
6.35%, 8/10/2024 | 312,000 | 301,626 |
7.38%, 2/5/2025 (c) | 671,000 | 648,899 |
4.75%, 1/26/2026 | 3,076,000 | 2,747,829 |
4.25%, 4/14/2026 | 1,012,000 | 880,946 |
4.88%, 10/9/2026 | 1,443,000 | 1,256,131 |
6.00%, 3/25/2027 | 692,000 | 613,847 |
5.13%, 2/17/2028 | 1,137,000 | 963,110 |
6.13%, 10/24/2028 | 200,000 | 173,663 |
7.63%, 4/26/2029 | 609,000 | 555,065 |
11.88%, 1/15/2030 | 245,000 | 270,924 |
5.95%, 1/15/2031 | 2,953,000 | 2,377,719 |
5.88%, 6/26/2031 | 2,101,000 | 1,670,689 |
6.50%, 9/20/2033 (c) | 3,252,000 | 2,609,323 |
8.00%, 2/14/2034 | 113,000 | 103,452 |
6.88%, 3/17/2036 | 304,000 | 244,492 |
6.75%, 5/30/2040 | 646,000 | 489,264 |
6.00%, 1/14/2041 | 400,000 | 279,950 |
4.88%, 4/16/2043 | 354,000 | 217,555 |
5.75%, 5/11/2047 | 207,000 | 135,430 |
19,219,796 | ||
United Arab Emirates — 1.9% | ||
Sharjah Sukuk Program Ltd. 4.23%, 3/14/2028 (a) | 200,000 | 190,162 |
United Arab Emirates Government Bond | ||
2.50%, 4/16/2025 (a) | 200,000 | 191,975 |
3.13%, 10/11/2027 (a) | 1,162,000 | 1,109,202 |
1.63%, 6/2/2028 (a) | 1,206,000 | 1,066,405 |
1.88%, 9/15/2031 (a) | 474,000 | 397,508 |
5.25%, 1/30/2043 (a) | 200,000 | 185,100 |
JPMorgan USD Emerging Markets Sovereign Bond 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 | ||
United Arab Emirates—continued | ||
3.13%, 9/30/2049 (a) | 540,000 | 393,626 |
3.13%, 9/30/2049 (b) | 265,000 | 193,168 |
3.88%, 4/16/2050 (a) | 200,000 | 166,538 |
4.00%, 7/28/2050 (a) | 200,000 | 122,663 |
4.95%, 7/7/2052 (a) | 269,000 | 265,520 |
3.25%, 10/19/2061 (a) | 600,000 | 429,488 |
2.70%, 9/2/2070 (a) | 575,000 | 345,647 |
5,057,002 | ||
Uruguay — 1.4% | ||
Oriental Republic of Uruguay | ||
4.38%, 10/27/2027 | 617,000 | 615,188 |
4.38%, 1/23/2031 (c) | 673,000 | 670,182 |
7.63%, 3/21/2036 | 201,000 | 249,403 |
5.10%, 6/18/2050 (c) | 1,371,000 | 1,345,122 |
4.98%, 4/20/2055 | 784,000 | 753,522 |
3,633,417 | ||
Vietnam — 0.4% | ||
Socialist Republic of Vietnam | ||
4.80%, 11/19/2024 (a) | 832,000 | 815,256 |
4.80%, 11/19/2024 (b) | 200,000 | 195,975 |
1,011,231 | ||
Total Foreign Government Securities (Cost $237,888,837) | 229,979,607 | |
Corporate Bonds — 9.8% | ||
Azerbaijan — 0.6% | ||
Southern Gas Corridor CJSC | ||
6.88%, 3/24/2026 (a) | 1,167,000 | 1,188,881 |
6.88%, 3/24/2026 (b) (c) | 393,000 | 400,369 |
1,589,250 | ||
Bahrain — 0.3% | ||
Oil and Gas Holding Co. BSCC (The) | ||
7.50%, 10/25/2027 (b) | 203,000 | 205,766 |
7.50%, 10/25/2027 (a) | 490,000 | 496,676 |
702,442 | ||
Chile — 0.6% | ||
Corp. Nacional del Cobre de Chile | ||
3.00%, 9/30/2029 (a) | 900,000 | 791,606 |
4.38%, 2/5/2049 (a) | 401,000 | 331,326 |
3.70%, 1/30/2050 (a) | 482,000 | 354,361 |
Empresa de Transporte de Pasajeros Metro SA 4.70%, 5/7/2050 (a) | 200,000 | 164,375 |
1,641,668 | ||
China — 1.5% | ||
CNAC HK Finbridge Co. Ltd. 4.13%, 7/19/2027 (a) | 200,000 | 190,168 |
Minmetals Bounteous Finance BVI Ltd. (US Treasury Yield Curve Rate T Note Constant Maturity 5 Year + 5.21%), 3.38%, 9/3/2024 (a) (d) (e) (f) | 400,000 | 386,950 |
JPMorgan USD Emerging Markets Sovereign Bond ETF
SCHEDULE OF PORTFOLIO INVESTMENTS
AS OF May 31, 2023 (Unaudited) (continued)
SCHEDULE OF PORTFOLIO INVESTMENTS
AS OF May 31, 2023 (Unaudited) (continued)
INVESTMENTS | PRINCIPAL AMOUNT($) | VALUE($) |
Corporate Bonds — continued | ||
China — continued | ||
Sinopec Group Overseas Development 2012 Ltd. 4.88%, 5/17/2042 (a) | 200,000 | 195,163 |
Sinopec Group Overseas Development 2017 Ltd. 3.63%, 4/12/2027 (b) | 200,000 | 193,725 |
Sinopec Group Overseas Development 2018 Ltd. | ||
2.15%, 5/13/2025 (a) | 405,000 | 381,662 |
2.95%, 11/12/2029 (a) | 752,000 | 688,221 |
2.70%, 5/13/2030 (a) | 400,000 | 361,200 |
SPIC MTN Co. Ltd. 1.63%, 7/27/2025 (a) | 486,000 | 449,641 |
State Grid Overseas Investment BVI Ltd. | ||
3.50%, 5/4/2027 (b) | 2,000 | 1,930 |
3.50%, 5/4/2027 (a) | 954,000 | 920,789 |
3,769,449 | ||
Indonesia — 0.5% | ||
Pelabuhan Indonesia Persero PT 4.25%, 5/5/2025 (a) | 485,000 | 474,936 |
Pertamina Persero PT | ||
5.63%, 5/20/2043 (a) | 200,000 | 188,913 |
4.18%, 1/21/2050 (a) | 485,000 | 376,118 |
Perusahaan Perseroan Persero PT Perusahaan Listrik Negara | ||
6.15%, 5/21/2048 (a) | 218,000 | 209,048 |
4.00%, 6/30/2050 (a) | 200,000 | 141,475 |
1,390,490 | ||
Malaysia — 1.3% | ||
Petronas Capital Ltd. | ||
3.50%, 3/18/2025 (a) | 200,000 | 194,350 |
3.50%, 4/21/2030 (a) | 1,698,000 | 1,586,356 |
2.48%, 1/28/2032 (a) | 400,000 | 339,200 |
4.50%, 3/18/2045 (a) | 259,000 | 238,604 |
4.55%, 4/21/2050 (a) | 320,000 | 294,000 |
3.40%, 4/28/2061 (a) | 1,040,000 | 743,145 |
3,395,655 | ||
Mexico — 1.6% | ||
Banco Nacional de Comercio Exterior SNC 4.38%, 10/14/2025 (a) | 254,000 | 247,856 |
Mexico City Airport Trust 5.50%, 7/31/2047 (a) | 209,000 | 159,383 |
Petroleos Mexicanos | ||
4.50%, 1/23/2026 (c) | 704,000 | 623,047 |
6.88%, 8/4/2026 (c) | 599,000 | 544,716 |
6.70%, 2/16/2032 | 1,251,000 | 932,933 |
10.00%, 2/7/2033 (a) | 168,000 | 149,873 |
6.63%, 6/15/2035 | 372,000 | 251,472 |
6.50%, 6/2/2041 | 206,000 | 125,956 |
6.75%, 9/21/2047 | 1,762,000 | 1,059,649 |
6.95%, 1/28/2060 | 132,000 | 78,164 |
4,173,049 | ||
Panama — 0.2% | ||
Aeropuerto Internacional de Tocumen SA 5.13%, 8/11/2061 (a) | 200,000 | 149,850 |
Banco Nacional de Panama 2.50%, 8/11/2030 (a) | 566,000 | 448,909 |
598,759 |
JPMorgan USD Emerging Markets Sovereign Bond 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 | ||
Peru — 0.2% | ||
Petroleos del Peru SA | ||
4.75%, 6/19/2032 (a) | 691,000 | 496,570 |
5.63%, 6/19/2047 (a) | 200,000 | 121,400 |
617,970 | ||
Qatar — 0.4% | ||
QatarEnergy 3.13%, 7/12/2041 (a) | 1,502,000 | 1,129,128 |
Saudi Arabia — 0.3% | ||
Gaci First Investment Co. | ||
4.88%, 2/14/2035 (a) | 200,000 | 193,413 |
5.13%, 2/14/2053 (a) | 492,000 | 444,737 |
638,150 | ||
South Africa — 1.3% | ||
Eskom Holdings SOC Ltd. | ||
6.75%, 8/6/2023 (b) | 2,000 | 1,977 |
7.13%, 2/11/2025 (b) | 327,000 | 312,448 |
7.13%, 2/11/2025 (a) | 1,680,000 | 1,605,240 |
6.35%, 8/10/2028 (b) | 240,000 | 216,750 |
6.35%, 8/10/2028 (a) | 271,000 | 244,747 |
Transnet SOC Ltd. 8.25%, 2/6/2028 (a) | 1,024,000 | 978,112 |
3,359,274 | ||
United Arab Emirates — 1.0% | ||
Abu Dhabi Crude Oil Pipeline LLC 4.60%, 11/2/2047 (a) | 275,000 | 253,911 |
DP World Ltd. 6.85%, 7/2/2037 (a) | 630,000 | 681,502 |
MDGH GMTN RSC Ltd. | ||
2.88%, 11/7/2029 (a) | 1,213,000 | 1,100,646 |
2.88%, 5/21/2030 (a) | 201,000 | 181,001 |
3.38%, 3/28/2032 (a) | 212,000 | 192,231 |
3.40%, 6/7/2051 (a) | 200,000 | 151,600 |
2,560,891 | ||
Total Corporate Bonds (Cost $26,698,109) | 25,566,175 | |
SHARES | ||
Short-Term Investments — 4.8% | ||
Investment Companies — 0.2% | ||
JPMorgan U.S. Government Money Market Fund Class IM Shares, 5.06% (g) (h)(Cost $480,629) | 480,629 | 480,629 |
Investment of Cash Collateral from Securities Loaned — 4.6% | ||
JPMorgan Securities Lending Money Market Fund Agency SL Class Shares, 5.26% (g) (h) | 9,797,981 | 9,798,961 |
JPMorgan U.S. Government Money Market Fund Class IM Shares, 5.06% (g) (h) | 2,125,390 | 2,125,390 |
Total Investment of Cash Collateral from Securities Loaned (Cost $11,925,511) | 11,924,351 | |
Total Short-Term Investments (Cost $12,406,140) | 12,404,980 |
JPMorgan USD Emerging Markets Sovereign Bond ETF
SCHEDULE OF PORTFOLIO INVESTMENTS
AS OF May 31, 2023 (Unaudited) (continued)
SCHEDULE OF PORTFOLIO INVESTMENTS
AS OF May 31, 2023 (Unaudited) (continued)
INVESTMENTS | SHARES | VALUE($) |
Total Investments — 102.9% (Cost $276,993,086) | 267,950,762 | |
Liabilities in Excess of Other Assets — (2.9)% | (7,497,063 ) | |
NET ASSETS — 100.0% | 260,453,699 |
Percentages indicated are based on net assets. |
Abbreviations | |
CJSC | Closed Joint Stock Company |
GMTN | Global Medium Term Note |
MTN | Medium Term Note |
PT | Limited liability company |
SPC | Special purpose company |
(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) | The security or a portion of this security is on loan at May 31, 2023. The total value of securities on loan at May 31, 2023 is $11,455,999. |
(d) | Security is an interest bearing note with preferred security characteristics. |
(e) | Security is perpetual and thus, does not have a predetermined maturity date. The coupon rate for this security is fixed for a period of time and may be structured to adjust thereafter. The date shown, if applicable, reflects the next call date. The coupon rate shown is the rate in effect as of May 31, 2023. |
(f) | Variable or floating rate security, linked to the referenced benchmark. The interest rate shown is the current rate as of May 31, 2023. |
(g) | Investment in an affiliated fund, which is registered under the Investment Company Act of 1940, as amended, and is advised by J.P. Morgan Investment Management Inc. |
(h) | The rate shown is the current yield as of May 31, 2023. |
JPMorgan USD Emerging Markets Sovereign Bond 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.
Fixed income instruments are valued based on prices received from approved affiliated and unaffiliated pricing vendors or third party broker-dealers (collectively referred to as “Pricing Services”). The Pricing Services use multiple valuation techniques to determine the valuation of fixed income instruments. In instances where sufficient market activity exists, the Pricing Services may utilize a market-based approach through which trades or quotes from market makers are used to determine the valuation of these instruments. In instances where sufficient market activity may not exist, the Pricing Services also utilize proprietary valuation models which may consider market transactions in comparable securities and the various relationships between securities in determining fair value and/or market characteristics in order to estimate the relevant cash flows, which are then discounted to calculate the fair values.
Investments in open-end investment companies (“Underlying Funds”) are valued at each Underlying Fund’s NAV per share as of the report date.
Valuations reflected in this report are as of the report date. As a result, changes in valuation due to market events and/or issuer-related events after the report date and prior to issuance of the report are not reflected herein.
The various inputs that are used in determining the valuation of the Fund's investments are summarized into the three broad levels listed below.
•
Level 1 — Unadjusted inputs using quoted prices in active markets for identical investments.
•
Level 2 — Other significant observable inputs including, but not limited to, quoted prices for similar investments, inputs other than quoted prices that are observable for investments (such as interest rates, prepayment speeds, credit risk, etc.) or other market corroborated inputs.
•
Level 3 — Significant inputs based on the best information available in the circumstances, to the extent observable inputs are not available (including the Fund's assumptions in determining the fair value of investments).
A financial instrument’s level within the fair value hierarchy is based on the lowest level of any input, both individually and in the aggregate, that is significant to the fair value measurement. The inputs or methodology used for valuing instruments are not necessarily an indication of the risk associated with investing in those instruments.
The following table represents each valuation input as presented on the Schedule of Portfolio Investments ("SOI"):
Level 1 Quoted prices | Level 2 Other significant observable inputs | Level 3 Significant unobservable inputs | Total | |
Investments in Securities | ||||
Corporate Bonds | $— | $25,566,175 | $— | $25,566,175 |
Foreign Government Securities | — | 229,979,607 | — | 229,979,607 |
Short-Term Investments | ||||
Investment Companies | 480,629 | — | — | 480,629 |
Investment of Cash Collateral from Securities Loaned | 11,924,351 | — | — | 11,924,351 |
Total Short-Term Investments | 12,404,980 | — | — | 12,404,980 |
JPMorgan USD Emerging Markets Sovereign Bond ETF
SCHEDULE OF PORTFOLIO INVESTMENTS
AS OF May 31, 2023 (Unaudited) (continued)
SCHEDULE OF PORTFOLIO INVESTMENTS
AS OF May 31, 2023 (Unaudited) (continued)
Level 1 Quoted prices | Level 2 Other significant observable inputs | Level 3 Significant unobservable inputs | Total | |
Total Investments in Securities | $12,404,980 | $255,545,782 | $— | $267,950,762 |
B. Investment Transactions with Affiliates — The Fund invested in Underlying Funds, which are advised by the Adviser. An issuer which is under common control with the Fund may be considered an affiliate. The Fund assumes the issuers listed in the table below to be affiliated issuers. The Underlying Funds’ distributions may be reinvested into such Underlying Funds. Reinvestment amounts are included in the purchases at cost amounts in the table below.
For the period ended 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 Securities Lending Money Market Fund Agency SL Class Shares, 5.26% (a) (b) | $8,802,300 | $14,000,000 | $13,000,000 | $(2,379 ) | $(960 ) | $9,798,961 | 9,797,981 | $116,929 | $— |
JPMorgan U.S. Government Money Market Fund Class IM Shares, 5.06% (a) (b) | 1,809,720 | 21,199,188 | 20,883,518 | — | — | 2,125,390 | 2,125,390 | 30,595 | — |
JPMorgan U.S. Government Money Market Fund Class IM Shares, 5.06% (a) (b) | 1,134,608 | 7,155,881 | 7,809,860 | — | — | 480,629 | 480,629 | 9,187 | — |
Total | $11,746,628 | $42,355,069 | $41,693,378 | $(2,379 ) | $(960 ) | $12,404,980 | $156,711 | $— |
(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. |