JPMorgan High Yield Municipal ETF
Schedule of Portfolio Investments as of November 30, 2023
(Unaudited)
THE “UNAUDITED EXCHANGE-TRADED 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 High Yield Municipal ETFSCHEDULE OF PORTFOLIO INVESTMENTSAS OF November 30, 2023 (Unaudited)
INVESTMENTS | PRINCIPAL AMOUNT($) | VALUE($) |
Municipal Bonds — 88.9% (a) | ||
Alabama — 3.5% | ||
Black Belt Energy Gas District, Gas Project | ||
Series 2023D-1, Rev., 5.50%, 2/1/2029 (b) | 2,030,000 | 2,128,575 |
Series 2021A, Rev., 4.00%, 12/1/2031 (b) | 3,000,000 | 2,953,338 |
County of Jefferson Sewer Series A, Rev., AGM, 5.50%, 10/1/2053 | 1,500,000 | 1,523,052 |
Total Alabama | 6,604,965 | |
Arizona — 2.7% | ||
Arizona Industrial Development Authority, Doral Academy of Northern Nevada Project Series 2021A, Rev., 4.00%, 7/15/2041 (c) | 660,000 | 529,776 |
Arizona Industrial Development Authority, Great Lakes Senior Living Communities LLC Project | ||
Series 2019A, Rev., 5.00%, 1/1/2029 | 1,500,000 | 1,244,816 |
Series 2019A, Rev., 5.00%, 1/1/2037 | 1,000,000 | 682,949 |
Series 2019A, Rev., 5.00%, 1/1/2038 | 1,000,000 | 680,111 |
Series 2019A, Rev., 4.25%, 1/1/2039 | 1,000,000 | 612,468 |
Series 2019A, Rev., 4.50%, 1/1/2049 | 2,000,000 | 1,105,324 |
Maricopa County Industrial Development Authority, Ottawa University | ||
Rev., 5.00%, 10/1/2026 (c) | 100,000 | 99,681 |
Rev., 5.13%, 10/1/2030 (c) | 210,000 | 209,327 |
Total Arizona | 5,164,452 | |
Arkansas — 0.5% | ||
Arkansas Development Finance Authority, Industrial Development , Hybar Steel Project Series 2023B, Rev., 12.00%, 7/1/2048 (c) | 1,000,000 | 1,037,786 |
California — 8.7% | ||
California Community Choice Financing Authority, Clean Energy Project Series 2023B-1, Rev., 5.00%, 8/1/2029 (b) | 1,280,000 | 1,327,874 |
California Community Housing Agency, Glendale Properties Series 2021A-2, Rev., 4.00%, 8/1/2047 (c) | 1,500,000 | 1,131,104 |
California Infrastructure & Economic Development Bank Series 2020A-3, Rev., AMT, 8.00%, 8/15/2024 (b) (c) | 2,000,000 | 2,025,486 |
California Municipal Finance Authority Series 2018 A, Rev., AMT, 5.00%, 12/31/2047 | 1,000,000 | 1,006,767 |
California Public Finance Authority, Laverne Elementary Preparatory Academy | ||
Series 2019A, Rev., 4.25%, 6/15/2029 (c) | 675,000 | 640,464 |
Series 2019A, Rev., 5.00%, 6/15/2039 (c) | 785,000 | 725,805 |
California School Facilities Financing Authority, Capital Appreciation, Azusa Unified School District Series 2009A, Rev., AGM, Zero Coupon, 8/1/2030 | 200,000 | 160,516 |
California Statewide Communities Development Authority, Loma Linda University Medical Center Series 2016 A, Rev., 5.25%, 12/1/2056 (c) | 2,000,000 | 1,939,046 |
CSCDA Community Improvement Authority, Essential Housing, Mezzanine Lien Series 2021B, Rev., 4.00%, 2/1/2057 (c) | 1,500,000 | 1,036,347 |
CSCDA Community Improvement Authority, Essential Housing, Oceanaire-Long Beach Series 2021A-2, Rev., 4.00%, 9/1/2056 (c) | 2,115,000 | 1,464,762 |
CSCDA Community Improvement Authority, Essential Housing, Parallel-Anaheim Series 2021A, Rev., 4.00%, 8/1/2056 (c) | 1,400,000 | 1,014,986 |
CSCDA Community Improvement Authority, Essential Housing, Towne at Glendale Apartments Series 2022B, Rev., 5.00%, 9/1/2037 (c) | 225,000 | 217,387 |
Golden State Tobacco Securitization Corp. Series 2021B-2, Rev., Zero Coupon, 6/1/2066 | 25,000,000 | 2,597,983 |
San Diego County Regional Airport Authority Series 2023B, Rev., AMT, 5.00%, 7/1/2048 | 1,000,000 | 1,040,155 |
Total California | 16,328,682 | |
Colorado — 5.6% | ||
Bradburn Metropolitan District No. 2, Limited Tax | ||
Series 2018A, GO, 5.00%, 12/1/2038 | 500,000 | 481,177 |
Series 2018B, GO, 7.25%, 12/15/2047 | 500,000 | 477,217 |
Canyon Pines Metropolitan District Special Improvement District No. 1 Series 2021A-2, 3.75%, 12/1/2040 | 1,325,000 | 1,005,401 |
JPMorgan High Yield Municipal ETFSCHEDULE OF PORTFOLIO INVESTMENTSAS OF November 30, 2023 (Unaudited) (continued)
INVESTMENTS | PRINCIPAL AMOUNT($) | VALUE($) |
Municipal Bonds — continued | ||
Colorado — continued | ||
Colorado Housing and Finance Authority Series 2023L, Rev., GNMA COLL, 5.75%, 11/1/2053 | 1,000,000 | 1,064,588 |
Dominion Water and Sanitation District Rev., 5.25%, 12/1/2032 | 515,000 | 508,831 |
Raindance Metropolitan District No. 1, Non-Potable Water System Rev., 5.00%, 12/1/2040 | 750,000 | 690,269 |
Reunion Metropolitan District Series 2021A, Rev., 3.63%, 12/1/2044 | 490,602 | 357,045 |
Rocky Mountain Rail Park Metropolitan District, Limited Tax Series 2021A, GO, 5.00%, 12/1/2041 (c) | 1,250,000 | 842,881 |
Sky Ranch Community Authority Board, Metropolitan District No. 3 Series 2022A, Rev., 5.75%, 12/1/2052 | 500,000 | 464,199 |
Sterling Ranch Community Authority Board, Limited Tax Supported District No. 2 Series 2020A, Rev., 3.75%, 12/1/2040 | 500,000 | 422,879 |
Third Creek Metropolitan District No. 1, Limited Tax | ||
Series 2022A-1, GO, 4.50%, 12/1/2037 | 825,000 | 702,457 |
Series 2022A-1, GO, 4.75%, 12/1/2051 | 760,000 | 576,632 |
Verve Metropolitan District No. 1 GO, 5.00%, 12/1/2041 | 1,125,000 | 901,681 |
Westerly Metropolitan District No. 4, Limited Tax Series 2021A, GO, 5.00%, 12/1/2040 | 700,000 | 635,067 |
Windler Public Improvement Authority, Limited Tax Series 2021A-1, Rev., 4.00%, 12/1/2036 | 1,865,000 | 1,407,109 |
Total Colorado | 10,537,433 | |
Connecticut — 0.8% | ||
Stamford Housing Authority, The Dogwoods Project Rev., BAN, 11.00%, 12/1/2027 (c) | 1,500,000 | 1,530,057 |
Delaware — 0.5% | ||
Delaware State Economic Development Authority, Delmarva Power and Light Co. Project Series 2020A, Rev., 1.05%, 7/1/2025 (b) | 1,000,000 | 954,413 |
Florida — 4.7% | ||
Capital Trust Agency, Inc., Franklin Academy Project | ||
Rev., 4.00%, 12/15/2025 (c) | 300,000 | 292,098 |
Rev., 5.00%, 12/15/2027 (c) | 330,000 | 326,089 |
Rev., 5.00%, 12/15/2028 (c) | 345,000 | 340,898 |
Rev., 5.00%, 12/15/2029 (c) | 365,000 | 360,128 |
Rev., 5.00%, 12/15/2030 (c) | 510,000 | 501,385 |
Capital Trust Agency, Inc., Legends Academy Project Series 2021A, Rev., 5.00%, 12/1/2045 (c) | 1,625,000 | 1,299,176 |
Charlotte County Industrial Development Authority, Town and Country Utilities Project Series 2021A, Rev., AMT, 4.00%, 10/1/2041 (c) | 400,000 | 342,509 |
County of Lake, Imagine South Lake Charter School Project Series 2019A, Rev., 5.00%, 1/15/2029 (c) | 500,000 | 501,618 |
Florida Development Finance Corp., Educational Facilities, UCP Charter Schools Project Series 2020A, Rev., 5.00%, 6/1/2040 | 830,000 | 743,042 |
Florida Development Finance Corp., IDEA Florida, Inc., Jacksonville IV Project Rev., 5.25%, 6/15/2029 (c) | 650,000 | 636,578 |
Martin County Health Facilities Authority, Cleveland Clinic Health System Obligated Group Series 2019A, Rev., 4.00%, 1/1/2046 | 1,500,000 | 1,443,226 |
Miami-Dade County Industrial Development Authority, Solid Waste Management, Inc. of Florida Project Series 2011, Rev., AMT, 5.00%, 11/1/2024 (b) | 1,000,000 | 1,003,792 |
Palm Beach County Health Facilities Authority, Jupiter Medical Center Series 2022, Rev., 5.00%, 11/1/2052 | 1,000,000 | 1,003,111 |
Total Florida | 8,793,650 | |
Georgia — 4.3% | ||
City of Atlanta Airport Passenger Facility Charge, Subordinate Lien Series 2023E, Rev., AMT, 5.00%, 7/1/2024 | 1,000,000 | 1,007,945 |
City of Atlanta Department of Aviation Series 2023C, Rev., AMT, 5.00%, 7/1/2048 | 1,000,000 | 1,045,704 |
Columbia County Hospital Authority, Wellstart Health System Inc., Project Series 2023A, Rev., AGM, 5.00%, 4/1/2048 | 1,000,000 | 1,050,004 |
George L Smith II Congress Center Authority, Convention Center Hotel Second Series 2021B, Rev., 5.00%, 1/1/2036 (c) | 500,000 | 476,527 |
Main Street Natural Gas, Inc., Gas Supply Series 2023A, Rev., 5.00%, 6/1/2030 (b) | 1,925,000 | 1,987,597 |
Municipal Electric Authority of Georgia Series 2019B, Rev., 5.00%, 1/1/2059 | 2,500,000 | 2,519,382 |
Total Georgia | 8,087,159 |
JPMorgan High Yield Municipal ETFSCHEDULE OF PORTFOLIO INVESTMENTSAS OF November 30, 2023 (Unaudited) (continued)
INVESTMENTS | PRINCIPAL AMOUNT($) | VALUE($) |
Municipal Bonds — continued | ||
Idaho — 0.1% | ||
Idaho Housing and Finance Association, Compass Public Charter School, Inc., Project Series 2018A, Rev., 4.63%, 7/1/2029 (c) | 150,000 | 148,363 |
Illinois — 8.6% | ||
Chicago Board of Education Series 2018 C, GO, AGM, 5.00%, 12/1/2032 | 2,000,000 | 2,077,247 |
Chicago O'Hare International Airport, Senior Lien | ||
Series 2023A, Rev., AMT, 5.50%, 1/1/2037 | 1,000,000 | 1,136,010 |
Series 2018A, Rev., AMT, 5.00%, 1/1/2053 | 3,500,000 | 3,542,340 |
Chicago Transit Authority Sales Tax Receipts Fund Series 2014, Rev., 5.25%, 12/1/2049 | 3,000,000 | 3,001,312 |
Illinois Finance Authority, Clark-Lindsey Village Series 2022A, Rev., 5.25%, 6/1/2037 | 175,000 | 161,909 |
Illinois Finance Authority, Plymouth Place, Inc. Series 2022B-1, Rev., 6.00%, 11/15/2027 | 200,000 | 200,017 |
State of Illinois | ||
GO, 4.00%, 6/1/2032 | 2,400,000 | 2,415,856 |
Series 2019C, GO, 4.00%, 11/1/2042 | 1,500,000 | 1,411,610 |
Series 2020C, GO, 4.25%, 10/1/2045 | 2,250,000 | 2,114,611 |
Series 2023B, GO, 4.50%, 5/1/2048 | 160,000 | 153,176 |
Total Illinois | 16,214,088 | |
Indiana — 2.4% | ||
City of Goshen, Multi-Family, Green Oaks of Goshen Project Series 2021A, Rev., 5.00%, 8/1/2041 (c) | 1,000,000 | 781,975 |
City of Valparaiso Rev., 5.38%, 12/1/2041 (c) | 1,550,000 | 1,169,007 |
Indiana Finance Authority, Educational Facilities, Kipp Indianapolis, Inc., Project | ||
Series 2020A, Rev., 5.00%, 7/1/2040 | 170,000 | 160,296 |
Series 2020A, Rev., 5.00%, 7/1/2055 | 455,000 | 403,137 |
Indiana Finance Authority, Educational Facilities, KIPP Indianapolis, Inc., Project Series 2020A, Rev., 4.00%, 7/1/2030 | 105,000 | 98,445 |
Indiana Housing and Community Development Authority, Vita of Marion Project Series 2021A, Rev., 5.25%, 4/1/2041 (c) | 1,250,000 | 965,485 |
Indianapolis Local Public Improvement Bond Bank Series 2023F-1, Rev., 5.25%, 3/1/2067 (d) | 1,000,000 | 1,035,567 |
Total Indiana | 4,613,912 | |
Kansas — 0.4% | ||
City of Wichita, Health Care Facilities, Presbyterian Manors, Inc. | ||
Series 2018 I, Rev., 5.00%, 5/15/2033 | 500,000 | 443,434 |
Series 2018I, Rev., 5.00%, 5/15/2038 | 500,000 | 389,729 |
Total Kansas | 833,163 | |
Louisiana — 1.1% | ||
Louisiana Public Facilities Authority, Lincoln Preparatory School Project Series 2021A, Rev., 5.25%, 6/1/2051 (c) | 1,145,000 | 919,529 |
Louisiana Public Facilities Authority, Mentorship Steam Academy Project | ||
Series 2021A, Rev., 5.00%, 6/1/2051 (c) | 700,000 | 542,751 |
Series 2021A, Rev., 5.00%, 6/1/2056 (c) | 740,000 | 557,951 |
Total Louisiana | 2,020,231 | |
Maryland — 0.5% | ||
Maryland Health and Higher Educational Facilities Authority, University of Maryland Medical System Series 2008D, Rev., VRDO, LOC : TD Bank NA, 1.95%, 12/1/2023 (b) | 1,000,000 | 1,000,000 |
Massachusetts — 0.6% | ||
Massachusetts Development Finance Agency Series 2023 M, Rev., 5.00%, 7/1/2032 (d) | 1,000,000 | 1,121,819 |
Michigan — 3.4% | ||
City of Detroit Series 2020, GO, 5.50%, 4/1/2050 | 2,460,000 | 2,535,492 |
Michigan Finance Authority, Aquinas College Project Rev., 4.00%, 5/1/2031 | 540,000 | 482,110 |
JPMorgan High Yield Municipal ETFSCHEDULE OF PORTFOLIO INVESTMENTSAS OF November 30, 2023 (Unaudited) (continued)
INVESTMENTS | PRINCIPAL AMOUNT($) | VALUE($) |
Municipal Bonds — continued | ||
Michigan — continued | ||
Michigan Finance Authority, Universal Learning Academy Rev., 6.00%, 11/1/2032 | 750,000 | 765,573 |
State of Michigan Trunk Line Series 2020 B, Rev., 4.00%, 11/15/2045 | 2,550,000 | 2,545,498 |
Total Michigan | 6,328,673 | |
Missouri — 0.5% | ||
Joplin Industrial Development Authority, 32nd Street Place Community Improvement District Project Series 2021, Rev., 4.25%, 11/1/2050 | 1,250,000 | 1,030,314 |
Montana — 0.5% | ||
County of Gallatin, Bozeman Fiber Project Series 2021A, Rev., 4.00%, 10/15/2032 (c) | 1,000,000 | 915,331 |
Nebraska — 0.6% | ||
Central Plains Energy Project Series 2023 A-1, Rev., 5.00%, 11/1/2029 (b) | 1,000,000 | 1,041,468 |
New Hampshire — 0.5% | ||
New Hampshire Business Finance Authority, The Vista Project Series 2019A, Rev., 5.63%, 7/1/2046 (c) | 1,000,000 | 876,785 |
New Jersey — 2.8% | ||
New Jersey Economic Development Authority Series 2020, Rev., 5.00%, 1/1/2040 (c) (e) | 3,000,000 | 2,084,520 |
New Jersey Economic Development Authority, Black Horse EHT Urban Renewal LLC Project Series 2019A, Rev., 5.00%, 10/1/2039 (c) (e) | 2,000,000 | 1,296,860 |
New Jersey Economic Development Authority, Marion P. Thomas Charter School, Inc., Project Series 2018A, Rev., 5.00%, 10/1/2033 (c) | 1,000,000 | 945,652 |
Tobacco Settlement Financing Corp. Series 2018B, Rev., 5.00%, 6/1/2046 | 1,000,000 | 1,002,386 |
Total New Jersey | 5,329,418 | |
New York — 10.1% | ||
Buffalo & Fort Erie Public Bridge Authority Series 2017, Rev., 5.00%, 1/1/2047 | 1,000,000 | 1,019,283 |
Build NYC Resource Corp., New World Preparatory Charter School Project Series 2021A, Rev., 4.00%, 6/15/2051 (c) | 395,000 | 284,190 |
Build NYC Resource Corp., Richmond Charter Schools Series 2021A, Rev., 5.00%, 6/1/2051 (c) | 575,000 | 512,878 |
City of New York, Fiscal Year 2023 Series 2023A, Subseries A-3, GO, VRDO, LIQ : Bank of Montreal, 1.95%, 12/1/2023 (b) | 2,000,000 | 2,000,000 |
Jefferson County Civic Facility Development Corp., Samaritan Medical Center Project Series 2017A, Rev., 4.00%, 11/1/2042 | 1,000,000 | 737,875 |
Monroe County Industrial Development Corp.,Rochester Regional Health Project Series 2020A, Rev., 4.00%, 12/1/2036 | 2,800,000 | 2,714,955 |
New York City Municipal Water Finance Authority Series 2024, Subseries AA-1, Rev., 5.25%, 6/15/2053 | 1,000,000 | 1,104,327 |
New York Counties Tobacco Trust Series 2016 A-2B, Rev., 5.00%, 6/1/2051 | 1,500,000 | 1,366,670 |
New York Transportation Development Corp. | ||
Series 2016 A, Rev., AMT, 5.00%, 7/1/2046 | 2,000,000 | 1,980,035 |
Series 2023, Rev., AMT, AGM, 5.00%, 6/30/2049 | 2,000,000 | 2,013,700 |
New York Transportation Development Corp., Delta Air Lines, Inc., LaGuardia Airport Terminals C&D Redevelopment Project | ||
Rev., AMT, 5.00%, 1/1/2028 | 500,000 | 507,276 |
Rev., AMT, 5.00%, 1/1/2034 | 375,000 | 379,153 |
Series 2023, Rev., AMT, 6.00%, 4/1/2035 | 1,000,000 | 1,080,504 |
Rev., AMT, 4.38%, 10/1/2045 | 3,000,000 | 2,697,171 |
Suffolk County Economic Development Corp., St. Johnland Assisted Living Inc., Project Rev., 5.13%, 11/1/2041 (c) | 750,000 | 606,995 |
Total New York | 19,005,012 | |
Ohio — 2.7% | ||
Buckeye Tobacco Settlement Financing Authority | ||
Series 2020A-2, Rev., 4.00%, 6/1/2039 | 1,155,000 | 1,127,598 |
Series 2020B-2, Rev., 5.00%, 6/1/2055 | 2,000,000 | 1,764,472 |
JPMorgan High Yield Municipal ETFSCHEDULE OF PORTFOLIO INVESTMENTSAS OF November 30, 2023 (Unaudited) (continued)
INVESTMENTS | PRINCIPAL AMOUNT($) | VALUE($) |
Municipal Bonds — continued | ||
Ohio — continued | ||
Series 2020B-3, Rev., Zero Coupon, 6/1/2057 | 15,000,000 | 1,536,673 |
County of Cuyahoga, Eliza Jennings Senior Care Network Series 2022A, Rev., 5.00%, 5/15/2032 | 460,000 | 435,093 |
County of Hardin, Economic Development Facilities Improvement, Ohio Northern University Rev., 5.00%, 5/1/2030 | 250,000 | 242,003 |
Total Ohio | 5,105,839 | |
Oklahoma — 1.3% | ||
Oklahoma Development Finance Authority Health System, OU Medicine Project Series 2018B, Rev., 5.50%, 8/15/2057 | 2,600,000 | 2,492,913 |
Pennsylvania — 0.9% | ||
Allegheny County Airport Authority, Pittsburgh International Airport Series 2023A, Rev., AMT, AGM, 5.50%, 1/1/2048 | 1,000,000 | 1,081,597 |
Philadelphia Authority for Industrial Development, International Education and Community Initiatives Project Series 2018A, Rev., 4.50%, 6/1/2029 (c) | 600,000 | 589,129 |
Total Pennsylvania | 1,670,726 | |
Puerto Rico — 3.1% | ||
Commonwealth of Puerto Rico GO, 0.00%, 11/1/2043 (b) | 1,109,625 | 577,005 |
Puerto Rico Sales Tax Financing Corp. Sales Tax (Puerto Rico) | ||
Series A-1, Rev., Zero Coupon, 7/1/2046 | 8,230,000 | 2,418,327 |
Series A-2, Rev., 4.78%, 7/1/2058 | 3,100,000 | 2,912,651 |
Total Puerto Rico | 5,907,983 | |
Tennessee — 1.8% | ||
Nashville Metropolitan Development and Housing Agency, Tax Increment, Fifth Broadway Development Project Series 2018, Rev., 5.13%, 6/1/2036 (c) | 425,000 | 427,281 |
Shelby County Health Educational and Housing Facilities Board Retirement Facility The Farm At Bailey Station Series 2019A, Rev., 5.50%, 10/1/2039 | 3,000,000 | 2,328,583 |
Shelby County Health Educational and Housing Facilities Board, The Farms at Bailey Station Project Series 2019A, Rev., 5.75%, 10/1/2059 | 1,000,000 | 687,890 |
Total Tennessee | 3,443,754 | |
Texas — 5.3% | ||
Arlington Higher Education Finance Corp., Winfree Academy Charter Schools Series 2019A, Rev., 5.75%, 8/15/2043 | 1,000,000 | 965,639 |
City of Houston, Combined Utility System, Junior Lien Series A, Rev., AGM, Zero Coupon, 12/1/2027 (f) | 30,000 | 26,487 |
New Hope Cultural Education Facilities Finance Corp., Legacy Midtown Park Project Series 2018A, Rev., 5.50%, 7/1/2054 | 1,000,000 | 745,343 |
New Hope Cultural Education Facilities Finance Corp., Morningside Ministries Project | ||
Series 2020A, Rev., 5.00%, 1/1/2035 | 500,000 | 447,603 |
Rev., 4.00%, 1/1/2037 | 625,000 | 484,100 |
Series 2020A, Rev., 5.00%, 1/1/2040 | 790,000 | 674,962 |
Series 2020A, Rev., 5.00%, 1/1/2055 | 2,000,000 | 1,547,268 |
New Hope Cultural Education Facilities Finance Corp., Presbyterian Village North Project Rev., 5.00%, 10/1/2039 | 1,000,000 | 814,499 |
New Hope Cultural Education Facilities Finance Corp., Wesleyan Homes, Inc., Project Rev., 4.00%, 1/1/2029 | 300,000 | 268,843 |
San Antonio Education Facilities Corp., University of The Incarnate Word Series 2021A, Rev., 4.00%, 4/1/2051 | 1,000,000 | 804,616 |
Tarrant County Cultural Education Facilities Finance Corp., Retirement Facility, MRC Stevenson Oaks Project Series 2020A, Rev., 6.25%, 11/15/2031 | 500,000 | 475,369 |
Texas Private Activity Bond Surface Transportation Corp. Series 2019, Rev., AMT, 5.00%, 6/30/2058 | 1,625,000 | 1,628,461 |
Texas Water Development Board Series 2023 A, Rev., 5.00%, 10/15/2058 | 1,080,000 | 1,153,792 |
Total Texas | 10,036,982 | |
Utah — 1.5% | ||
Mida Golf and Equestrian Center Public Infrastructure District, Limited Tax GO, 4.25%, 6/1/2041 (c) | 1,100,000 | 836,708 |
Mida Mountain Village Public Infrastructure District, Mountain Village Assessment Area Series 2020B, Rev., 6.25%, 8/1/2030 (c) | 1,000,000 | 916,509 |
JPMorgan High Yield Municipal ETFSCHEDULE OF PORTFOLIO INVESTMENTSAS OF November 30, 2023 (Unaudited) (continued)
INVESTMENTS | PRINCIPAL AMOUNT($) | VALUE($) |
Municipal Bonds — continued | ||
Utah — continued | ||
Utah Charter School Finance Authority, Mountain West Montessori Academy Project Series 2020A, Rev., 3.13%, 6/15/2029 (c) | 570,000 | 509,964 |
Utah Charter School Finance Authority, Wallace Stegner Academy | ||
Series 2022A, Rev., 5.25%, 6/15/2032 (c) | 250,000 | 246,787 |
Series 2022A, Rev., 5.63%, 6/15/2042 (c) | 400,000 | 383,565 |
Total Utah | 2,893,533 | |
Virginia — 3.5% | ||
Fredericksburg Economic Development Authority, Stadium Project | ||
Series 2021A, Rev., 7.00%, 11/15/2026 (c) | 475,000 | 475,159 |
Series 2019B, Rev., 6.13%, 9/1/2029 (c) | 1,480,000 | 1,292,808 |
Series 2019B, Rev., 7.00%, 9/1/2044 (c) | 1,000,000 | 745,467 |
Roanoke County Economic Development Authority, Residential Care Facility, Richfield Living | ||
Series 2019A, Rev., 4.75%, 9/1/2029 (e) | 1,000,000 | 570,000 |
Series 2020, Rev., 4.30%, 9/1/2030 (e) | 770,000 | 438,900 |
Series 2019A, Rev., 5.00%, 9/1/2034 (e) | 2,000,000 | 1,140,000 |
Series 2020, Rev., 5.00%, 9/1/2040 (e) | 1,640,000 | 934,800 |
Virginia Small Business Financing Authority, Environmental Facilities Series 2022, Rev., 5.00%, 11/15/2024 (b) | 1,000,000 | 1,002,950 |
Total Virginia | 6,600,084 | |
Washington — 0.6% | ||
Washington State Housing Finance Commission, Seattle Academy Of Arts and Science Project Series 2023, Rev., 6.38%, 7/1/2063 (c) | 1,000,000 | 1,068,369 |
Wisconsin — 4.8% | ||
Public Finance Authority, Cedars Obligated Group Series 2019, Rev., 4.25%, 5/1/2029 (c) | 855,000 | 754,109 |
Public Finance Authority, ENO River Academy Project | ||
Series 2020A, Rev., 4.00%, 6/15/2030 (c) | 235,000 | 223,677 |
Series 2020A, Rev., 5.00%, 6/15/2040 (c) | 410,000 | 387,070 |
Public Finance Authority, First Mortgage Southminster, Inc. Series 2018, Rev., 4.25%, 10/1/2038 (c) | 890,000 | 739,180 |
Public Finance Authority, Minnesota College of Osteopathic Medicine | ||
Series 2019A-1, Rev., 5.50%, 12/1/2048 (c) (e) | 17,498 | 5,424 |
Series 2019A-2, Rev., 7.25%, 12/1/2048 (c) (e) | 45,647 | 14,150 |
Public Finance Authority, Presbyterian Villages of Michigan Obligated Group Series 2020A, Rev., 4.00%, 11/15/2042 (c) | 3,955,000 | 2,778,480 |
Public Finance Authority, Ripple Ranch, LLC Obligate Series 2021A, Rev., 5.25%, 12/1/2051 (c) | 800,000 | 544,549 |
Public Finance Authority, The Franklin School of Innovation Rev., 5.00%, 1/1/2042 (c) | 250,000 | 213,290 |
Public Finance Authority, Viticus Group Project | ||
Series 2022B, Rev., 5.00%, 12/1/2024 (c) | 215,000 | 212,642 |
Series 2022A, Rev., 4.00%, 12/1/2031 (c) | 400,000 | 358,260 |
Public Finance Authority, Wilson Preparatory Academy | ||
Series 2019A, Rev., 4.13%, 6/15/2029 (c) | 400,000 | 377,900 |
Series 2019A, Rev., 5.00%, 6/15/2039 (c) | 500,000 | 470,622 |
Series 2019A, Rev., 5.00%, 6/15/2049 (c) | 1,100,000 | 968,890 |
Wisconsin Health & Educational Facilities Authority, Ascension Senior Credit Group Series 2016 A, Rev., 5.00%, 11/15/2035 | 1,000,000 | 1,024,932 |
Total Wisconsin | 9,073,175 | |
Total Municipal Bonds (Cost $183,793,240) | 167,810,532 |
JPMorgan High Yield Municipal ETFSCHEDULE OF PORTFOLIO INVESTMENTSAS OF November 30, 2023 (Unaudited) (continued)
INVESTMENTS | SHARES | VALUE($) |
Short-Term Investments — 10.7% | ||
Investment Companies — 10.7% | ||
JPMorgan Institutional Tax Free Money Market Fund Class IM Shares, 3.14% (g) (h) (Cost $20,098,055) | 20,097,508 | 20,099,518 |
Total Investments — 99.6% (Cost $203,891,295) | 187,910,050 | |
Other Assets Less Liabilities — 0.4% | 825,303 | |
NET ASSETS — 100.0% | 188,735,353 |
Percentages indicated are based on net assets. |
Abbreviations | |
AGM | Insured by Assured Guaranty Municipal Corp. |
AMT | Alternative Minimum Tax |
BAN | Bond Anticipation Note |
COLL | Collateral |
GNMA | Government National Mortgage Association |
GO | General Obligation |
LIQ | Liquidity Agreement |
LOC | Letter of Credit |
Rev. | Revenue |
VRDO | Variable Rate Demand Obligation |
(a) | The date shown represents the earliest of the prerefunded date, next put date or final maturity date. |
(b) | Variable or floating rate security, the interest rate of which adjusts periodically based on changes in current interest rates and prepayments on the underlying pool of assets. The interest rate shown is the current rate as of November 30, 2023. |
(c) | Securities exempt from registration under Rule 144A or section 4(a)(2), of the Securities Act of 1933, as amended. |
(d) | All or a portion of the security is a when-issued security, delayed delivery security, or forward commitment. |
(e) | Defaulted security. |
(f) | Security is prerefunded or escrowed to maturity. |
(g) | Investment in an affiliated fund, which is registered under the Investment Company Act of 1940, as amended, and is advised by J.P. Morgan Investment Management Inc. |
(h) | The rate shown is the current yield as of November 30, 2023. |
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
JPMorgan High Yield Municipal ETFSCHEDULE OF PORTFOLIO INVESTMENTSAS OF November 30, 2023 (Unaudited) (continued)
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.
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 | ||||
Municipal Bonds | $— | $167,810,532 | $— | $167,810,532 |
Short-Term Investments | ||||
Investment Companies | 20,099,518 | — | — | 20,099,518 |
Total Investments in Securities | $20,099,518 | $167,810,532 | $— | $187,910,050 |
B. Investment Transactions with Affiliates — The Fund invested in an Underlying Fund advised by the Adviser. An issuer which is under common control with the Fund may be considered an affiliate. The Fund assumes the issuer listed in the table below to be an affiliated issuer. The Underlying Fund's distributions may be reinvested into such Underlying Fund. Reinvestment amounts are included in the purchases at cost amounts in the table below.
For the period ended November 30, 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 November 30, 2023 | Shares at November 30, 2023 | Dividend Income | Capital Gain Distributions |
JPMorgan Institutional Tax Free Money Market Fund Class IM Shares, 3.14% (a) (b) | $— | $74,954,721 | $54,856,144 | $(522 ) | $1,463 | $20,099,518 | 20,097,508 | $119,165 | $— |
JPMorgan Institutional Tax Free Money Market Fund Class Institutional Shares, 3.80% (a) (b) | — | 119,630,112 | 119,624,421 | (5,691 ) | — | — | — | 243,355 | — |
Total | $— | $194,584,833 | $174,480,565 | $(6,213 ) | $1,463 | $20,099,518 | $362,520 | $— |
(a) | Investment in an affiliated fund, which is registered under the Investment Company Act of 1940, as amended, and is advised by J.P. Morgan Investment Management Inc. |
(b) | The rate shown is the current yield as of November 30, 2023. |
JPMorgan High Yield Municipal ETFSCHEDULE OF PORTFOLIO INVESTMENTSAS OF November 30, 2023 (Unaudited) (continued)
* | As of the close of business on July 14, 2023, JPMorgan High Yield Municipal Fund (the "Acquired Fund"), a series of Trust I Funds, reorganized ("the Reorganization") into a newly created exchange-traded fund, JPMorgan High Yield Municipal ETF (the "Fund"). Following the Reorganization, the Acquired Fund's performance and financial history were adopted by the Fund. The tables include transactions from the Acquired Fund for the period March 1, 2023 through July 14, 2023. |