JPMorgan 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 Municipal ETF
SCHEDULE OF PORTFOLIO INVESTMENTS
AS OF November 30, 2023 (Unaudited)INVESTMENTS | PRINCIPAL AMOUNT($) | VALUE($) |
Municipal Bonds — 93.7% (a) | ||
Alabama — 2.7% | ||
Alabama Federal Aid Highway Finance Authority Series 2015, Rev., 4.00%, 9/1/2024 (b) | 3,000,000 | 3,013,196 |
Black Belt Energy Gas District | ||
Series 2023A, Rev., 5.25%, 10/1/2030 (c) | 2,000,000 | 2,095,766 |
Series 2023B-2, Rev., LIQ : Royal Bank of Canada, 5.25%, 12/1/2030 (c) | 1,000,000 | 1,060,665 |
Black Belt Energy Gas District, Gas Project No. 8 Series 2022A, Rev., 4.00%, 12/1/2029 (c) | 820,000 | 786,776 |
City of Pell City, Warrants Series 2015A, GO, 5.00%, 2/1/2025 | 100,000 | 102,028 |
Energy Southeast A Cooperative District Series 2023A-1, Rev., 5.50%, 1/1/2031 (c) | 5,000,000 | 5,339,125 |
Lower Alabama Gas District (The), Gas Project Series 2016A, Rev., 5.00%, 9/1/2031 | 1,250,000 | 1,298,832 |
Selma Industrial Development Board, International Paper Co. Project Series 2020A, Rev., 1.38%, 6/16/2025 (c) | 100,000 | 95,348 |
Southeast Alabama Gas Supply District (The), Project No. 1 Series 2018A, Rev., 4.00%, 4/1/2024 (c) | 25,000 | 24,970 |
Southeast Energy Authority A Cooperative District Project No.06 Series 2023B, Rev., LIQ : Royal Bank of Canada, 5.00%, 6/1/2030 (c) | 5,870,000 | 6,122,287 |
Southeast Energy Authority A Cooperative District, Project No. 2 Series 2021B, Rev., 4.00%, 12/1/2031 (c) | 2,115,000 | 2,058,318 |
Southeast Energy Authority A Cooperative District, Project No. 3 Series 2022A-1, Rev., 5.50%, 12/1/2029 (c) | 1,000,000 | 1,059,203 |
University of Alabama (The), Huntsville General Fee Series 2018B-2, Rev., 5.00%, 9/1/2031 | 95,000 | 103,761 |
Total Alabama | 23,160,275 | |
Alaska — 0.0% ^ | ||
Alaska Municipal Bond Bank Authority Series 2014-3, Rev., 5.00%, 10/1/2025 | 20,000 | 20,257 |
Arizona — 2.2% | ||
Arizona Board of Regents Series 2020A, Rev., 5.00%, 7/1/2030 | 105,000 | 118,506 |
Arizona Board of Regents, Tax-Exempt Series 2020A Series 2020A, Rev., 5.00%, 7/1/2033 | 430,000 | 482,822 |
Arizona Industrial Development Authority, Academies of Math and Science Projects | ||
Rev., 5.00%, 7/1/2032 (d) | 120,000 | 120,046 |
Rev., 4.50%, 7/1/2033 (d) | 510,000 | 490,390 |
Arizona Industrial Development Authority, Cadence Campus Project | ||
Series 2020A, Rev., 4.00%, 7/15/2030 (d) | 105,000 | 100,974 |
Series 2020A, Rev., 4.00%, 7/15/2040 (d) | 125,000 | 106,326 |
Arizona Industrial Development Authority, Equitable School Revolving Fund LLC Series 2022A, Rev., 5.00%, 11/1/2033 | 440,000 | 485,451 |
Arizona Industrial Development Authority, Great Lakes Senior Living Communities LLC Project Series 2019A, Rev., 5.00%, 1/1/2036 | 250,000 | 174,923 |
Arizona Industrial Development Authority, KIPP Nashville Project | ||
Series 2022A, Rev., 5.00%, 7/1/2028 | 225,000 | 237,234 |
Series 2022A, Rev., 5.00%, 7/1/2029 | 235,000 | 249,582 |
Arizona Industrial Development Authority, Macombs Facility Project Series 2021A, Rev., 4.00%, 7/1/2051 | 125,000 | 105,062 |
Arizona Industrial Development Authority, National Charter School Revolving Loan Fund Series 2020A, Rev., 4.00%, 11/1/2038 | 200,000 | 193,570 |
Arizona Industrial Development Authority, Pinecrest Academy of Northern Nevada Project Series 2022A, Rev., 4.50%, 7/15/2029 (d) | 250,000 | 233,914 |
City of Phoenix Civic Improvement Corp. | ||
Series 2023, Rev., 5.00%, 7/1/2041 | 2,000,000 | 2,221,431 |
Series 2023, Rev., 5.00%, 7/1/2043 | 4,000,000 | 4,407,448 |
City of Phoenix Civic Improvement Corp., Junior Lien, Airport System | ||
Series 2017D, Rev., 5.00%, 7/1/2026 | 160,000 | 168,371 |
Series 2019A, Rev., 5.00%, 7/1/2044 | 2,000,000 | 2,112,728 |
City of Phoenix Civic Improvement Corp., Senior Lien, Airport System | ||
Series 2023, Rev., AMT, 5.00%, 7/1/2024 | 375,000 | 377,809 |
Series 2023, Rev., AMT, 5.00%, 7/1/2025 | 500,000 | 511,097 |
JPMorgan Municipal ETF
SCHEDULE OF PORTFOLIO INVESTMENTS
AS OF November 30, 2023 (Unaudited) (continued)INVESTMENTS | PRINCIPAL AMOUNT($) | VALUE($) |
Municipal Bonds — continued | ||
Arizona — continued | ||
Industrial Development Authority of the County of Pima (The), La Posada at Pusch Ridge Project Series 2022B-3, Rev., 5.13%, 11/15/2029 (d) | 750,000 | 736,989 |
Maricopa County Industrial Development Authority, Banner Health | ||
Series 2023A-1, Rev., 5.00%, 5/15/2026 (c) | 1,235,000 | 1,281,946 |
Series A, Rev., 4.00%, 1/1/2041 | 1,500,000 | 1,474,341 |
Maricopa County Industrial Development Authority, Valley Christian Schools Project | ||
Series 2023A, Rev., 5.25%, 7/1/2033 (d) | 360,000 | 355,195 |
Series 2023A, Rev., 6.00%, 7/1/2043 (d) | 945,000 | 923,686 |
Maricopa County School District No. 3, Tempe Elementary, School Improvement, Project of 2016 Series 2017A, GO, 5.00%, 7/1/2027 | 30,000 | 32,215 |
Maricopa County Unified School District No. 60 Higley COP, AGM, 5.00%, 6/1/2036 | 200,000 | 224,349 |
Salt River Project Agricultural Improvement & Power District Series 2023B, Rev., 5.25%, 1/1/2053 | 1,000,000 | 1,109,068 |
Salt Verde Financial Corp. Series 2007-1, Rev., 5.25%, 12/1/2026 | 100,000 | 103,503 |
Total Arizona | 19,138,976 | |
Arkansas — 0.1% | ||
City of Fort Smith, Water and Sewer Construction Rev., 5.00%, 10/1/2024 | 75,000 | 75,916 |
County of Pulaski | ||
Rev., 5.00%, 3/1/2037 | 500,000 | 553,582 |
Rev., 4.25%, 3/1/2048 | 250,000 | 242,285 |
Total Arkansas | 871,783 | |
California — 5.2% | ||
Azusa Unified School District, Election of 2014 | ||
Series 2022D, GO, 5.00%, 8/1/2029 | 125,000 | 140,484 |
Series 2022D, GO, 5.00%, 8/1/2032 | 175,000 | 203,317 |
California Community Choice Financing Authority Series 2023 G, Rev., 5.25%, 12/15/2023 (c) (e) | 1,000,000 | 1,041,750 |
California Community Choice Financing Authority, Clean Energy Project | ||
Series 2023B-1, Rev., 5.00%, 8/1/2029 (c) | 2,565,000 | 2,660,936 |
Series 2021B-1, Rev., 4.00%, 8/1/2031 (c) | 6,750,000 | 6,581,858 |
California Enterprise Development Authority, Riverside County, Rocketship Public Schools-Obligated Group No. 2 Series 2022A, Rev., 4.00%, 6/1/2027 (d) | 260,000 | 249,353 |
California Health Facilities Financing Authority, On Lok Senior Health Service Rev., 5.00%, 8/1/2040 | 100,000 | 102,989 |
California Infrastructure & Economic Development Bank Series 2020A-3, Rev., AMT, 8.00%, 8/15/2024 (c) (d) | 1,000,000 | 1,012,743 |
California Municipal Finance Authority, Community Health System Series 2021A, Rev., 5.00%, 2/1/2033 | 800,000 | 867,817 |
California Municipal Finance Authority, San Antonio Gardens Project Rev., 5.00%, 11/15/2039 | 150,000 | 141,037 |
California Municipal Finance Authority, Waste Management, Inc. Project Series 2022A, Rev., AMT, 4.13%, 10/1/2025 (c) | 1,500,000 | 1,494,064 |
California Pollution Control Financing Authority, Poseidon Resources Channelside LP Desalination Project Rev., AMT, 5.00%, 7/1/2036 (d) | 770,000 | 811,297 |
California Public Finance Authority, Enso Village Project | ||
Series 2021B-3, Rev., 2.13%, 11/15/2027 (d) | 1,500,000 | 1,428,295 |
Series 2021B-1, Rev., 3.13%, 5/15/2029 (d) | 200,000 | 185,103 |
California School Finance Authority, KIPP SoCal Public Schools Series 2019A, Rev., 5.00%, 7/1/2039 (d) | 500,000 | 511,293 |
City of Aliso Viejo COP, 4.00%, 11/1/2028 | 175,000 | 186,034 |
City of Los Angeles Department of Airports, International Airport Subordinate | ||
Series 2019E, Rev., AMT, 5.00%, 5/15/2026 | 10,000 | 10,554 |
Series 2021A, Rev., AMT, 5.00%, 5/15/2039 | 1,740,000 | 1,850,355 |
City of Roseville, 316 Vernon Street Project COP, 5.00%, 8/1/2025 | 70,000 | 72,160 |
City of Santa Rosa, Courthouse Square Project and Lease COP, 4.00%, 10/1/2024 | 90,000 | 90,513 |
County of San Joaquin, California Refunding Certificates of Participation COP, AGM, 5.00%, 11/15/2027 | 50,000 | 54,283 |
JPMorgan Municipal ETF
SCHEDULE OF PORTFOLIO INVESTMENTS
AS OF November 30, 2023 (Unaudited) (continued)INVESTMENTS | PRINCIPAL AMOUNT($) | VALUE($) |
Municipal Bonds — continued | ||
California — continued | ||
CSCDA Community Improvement Authority, Essential Housing, Pasadena Portfolio Series 2021A-1, Rev., 2.65%, 12/1/2046 (d) | 255,000 | 178,883 |
CSCDA Community Improvement Authority, Essential Housing, Towne at Glendale Apartments Series 2022B, Rev., 5.00%, 9/1/2037 (d) | 100,000 | 96,617 |
Downey Unified School District Series A, GO, 4.00%, 8/1/2052 | 2,500,000 | 2,457,562 |
El Centro Financing Authority, Police Station Project | ||
Series 2023A, Rev., 5.00%, 10/1/2024 | 260,000 | 262,835 |
Series 2023A, Rev., 5.00%, 10/1/2025 | 545,000 | 561,937 |
Golden State Tobacco Securitization Corp., Enhanced Tobacco Settlement Series 2018A-1, Rev., 5.00%, 6/1/2028 (b) | 250,000 | 274,972 |
Indio Finance Authority, City of Indio | ||
Series 2022A, Rev., 5.00%, 11/1/2028 | 275,000 | 303,326 |
Series 2022A, Rev., 5.00%, 11/1/2029 | 325,000 | 363,691 |
Series 2022A, Rev., 5.00%, 11/1/2030 | 400,000 | 453,953 |
Series 2022A, Rev., 5.00%, 11/1/2034 | 200,000 | 232,335 |
Los Angeles County Development Authority, West LA Building 156 & 157 Apartments Series 2023C, Rev., 3.75%, 12/1/2026 (c) | 3,000,000 | 3,003,825 |
Los Angeles Department of Water and Power, Power System Series 2022A, Rev., 5.00%, 7/1/2030 | 235,000 | 270,242 |
Ontario Public Financing Authority, Civic Center Improvements Series 2022A, Rev., AGM, 5.00%, 11/1/2033 | 140,000 | 164,712 |
Orange County Community Facilities District No. 2021-1, Rienda Series 2021-1, Rev., 5.00%, 8/15/2037 | 500,000 | 523,616 |
Petaluma Public Financing Authority, Road Improvement Projects Rev., 5.00%, 5/1/2026 | 150,000 | 157,613 |
Redding Joint Powers Financing Authority Series 2019A, Rev., 5.00%, 4/1/2026 | 150,000 | 156,549 |
River Islands Public Financing Authority, Facilities District No. 2003 | ||
Series 2022A-1, Rev., AGM, 5.00%, 9/1/2029 | 210,000 | 233,368 |
Series 2022A-1, Rev., AGM, 5.00%, 9/1/2030 | 330,000 | 373,203 |
Salinas Union High School District, Election of 2020 Series A, GO, 4.00%, 8/1/2047 | 1,000,000 | 1,003,606 |
San Diego County Regional Airport Authority | ||
Series 2023B, Rev., AMT, 5.25%, 7/1/2038 | 2,000,000 | 2,191,532 |
Series 2023B, Rev., AMT, 5.00%, 7/1/2048 | 5,460,000 | 5,679,245 |
San Dieguito Union High School District, Election of 2012 Series A-2, GO, 5.00%, 8/1/2024 | 150,000 | 150,143 |
San Jose Evergreen Community College District Series C, GO, 4.00%, 9/1/2043 | 2,000,000 | 2,030,262 |
Solano Irrigation District, Water COP, 4.00%, 8/1/2031 | 285,000 | 295,716 |
South San Francisco Public Facilities Financing Authority, Community Civic Campus and Multiple Capital Projects Series 2021A, Rev., 4.00%, 6/1/2029 | 220,000 | 234,715 |
South San Francisco Public Facilities Financing Authority, Multiple Capital Project Series 2022A, Rev., 5.00%, 6/1/2029 | 270,000 | 301,761 |
State of California, Various Purpose GO, 5.00%, 11/1/2032 | 335,000 | 384,519 |
Tobacco Securitization Authority of Northern California Series 2021A, Class 1, Rev., 5.00%, 6/1/2032 | 110,000 | 121,014 |
Tracy Public Financing Authority, Legacy Fields Series 2022A, Rev., 5.00%, 11/1/2036 | 1,035,000 | 1,160,059 |
University of California Series 2018AZ, Rev., 4.00%, 5/15/2029 | 130,000 | 136,739 |
Vallecito Union School District Series A, GO, 5.00%, 8/1/2031 | 595,000 | 673,981 |
Yucaipa Valley Water District Financing Authority, Water & Sewer Revenue Series 2022A, Rev., 5.00%, 9/1/2034 | 500,000 | 581,698 |
Total California | 44,710,464 | |
Colorado — 2.3% | ||
Adams County Housing Authority, Maiker Housing Partners Multifamily Housing, Overlook At Thornton Series 2023, Rev., 4.50%, 5/1/2026 (c) | 3,300,000 | 3,302,165 |
Board of Water Commissioners City and County of Denver (The) Series 2020B, Rev., 4.00%, 9/15/2034 | 2,015,000 | 2,099,602 |
Boulder Valley School District No. Re-2 Boulder GO, 4.13%, 12/1/2046 | 1,000,000 | 1,003,285 |
City & County of Denver Airport System Series 2018 A, Rev., AMT, 5.00%, 12/1/2028 | 2,845,000 | 3,042,763 |
City and County of Denver Series 2020B, GO, 5.00%, 8/1/2029 | 220,000 | 246,392 |
JPMorgan Municipal ETF
SCHEDULE OF PORTFOLIO INVESTMENTS
AS OF November 30, 2023 (Unaudited) (continued)INVESTMENTS | PRINCIPAL AMOUNT($) | VALUE($) |
Municipal Bonds — continued | ||
Colorado — continued | ||
City and County of Denver, Airport System | ||
Series 2022A, Rev., AMT, 5.00%, 11/15/2032 | 1,000,000 | 1,113,949 |
Series 2018A, Rev., AMT, 5.00%, 12/1/2035 | 505,000 | 533,608 |
Series 2022A, Rev., AMT, 5.50%, 11/15/2042 | 1,500,000 | 1,646,287 |
Colorado Educational and Cultural Facilities Authority, Aspen View Academy Project Rev., 4.00%, 5/1/2036 | 85,000 | 79,613 |
Colorado Educational and Cultural Facilities Authority, Vega Collegiate Academy Project Series 2021A, Rev., 5.00%, 2/1/2051 (d) | 150,000 | 124,947 |
Colorado Health Facilities Authority, Aberdeen Ridges Series 2021B-3, Rev., 2.13%, 5/15/2028 | 295,000 | 270,174 |
Colorado Higher Education, Capital Construction, Lease Purchase Financing Program | ||
Series 2014A, COP, 5.00%, 11/1/2025 | 10,000 | 10,380 |
COP, 4.00%, 9/1/2034 | 335,000 | 345,228 |
Colorado Housing and Finance Authority Series 2023L, Rev., GNMA COLL, 5.75%, 11/1/2053 | 3,000,000 | 3,193,766 |
County of Adams | ||
COP, 5.00%, 12/1/2023 | 60,000 | 60,000 |
COP, 5.00%, 12/1/2024 | 150,000 | 152,654 |
Dominion Water and Sanitation District Rev., 5.00%, 12/1/2027 | 500,000 | 495,725 |
Regional Transportation District, Denver Transit Partners | ||
Series 2020A, Rev., 5.00%, 7/15/2029 | 130,000 | 137,834 |
Series 2020A, Rev., 5.00%, 1/15/2030 | 170,000 | 180,892 |
Series 2020A, Rev., 5.00%, 7/15/2030 | 115,000 | 122,849 |
Series 2020A, Rev., 5.00%, 1/15/2031 | 250,000 | 267,911 |
Series 2020A, Rev., 4.00%, 7/15/2036 | 185,000 | 183,721 |
State of Colorado, Building Excellent Schools Today Series S, COP, 4.00%, 3/15/2037 | 1,000,000 | 1,022,785 |
University of Colorado, Enterprise System Series 2017A-2, Rev., 5.00%, 6/1/2026 | 40,000 | 42,014 |
Total Colorado | 19,678,544 | |
Connecticut — 0.9% | ||
City of Meriden | ||
Series 2023, GO, 4.00%, 6/15/2041 | 890,000 | 884,349 |
GO, 4.00%, 6/15/2043 | 1,080,000 | 1,056,279 |
City of Norwalk | ||
Series 2023, GO, 4.00%, 8/15/2042 | 700,000 | 698,289 |
Series 2023, GO, 4.00%, 8/15/2043 | 500,000 | 496,243 |
Stamford Housing Authority, The Dogwoods Project Rev., BAN, 11.00%, 12/1/2027 (d) | 1,000,000 | 1,020,038 |
State of Connecticut Series A, GO, 5.00%, 4/15/2033 | 135,000 | 142,897 |
State of Connecticut Special Tax | ||
Series 2023A, Rev., 5.00%, 7/1/2037 | 2,000,000 | 2,298,031 |
Series 2023A, Rev., 5.00%, 7/1/2038 | 1,000,000 | 1,134,229 |
University of Connecticut Series 2017A, Rev., 5.00%, 1/15/2028 | 125,000 | 132,656 |
Total Connecticut | 7,863,011 | |
Delaware — 0.3% | ||
Delaware State Economic Development Authority, St. Andrews School Project Rev., 4.00%, 7/1/2041 | 2,190,000 | 2,190,747 |
District of Columbia — 1.9% | ||
District of Columbia Series 2023A, GO, 5.00%, 1/1/2036 | 3,000,000 | 3,492,215 |
District of Columbia Income Tax | ||
Series 2023 A, Rev., 5.00%, 5/1/2043 (e) | 1,500,000 | 1,668,096 |
Series 2023 A, Rev., 5.25%, 5/1/2048 (e) | 2,500,000 | 2,769,833 |
District of Columbia, Income Tax Series 2019A, Rev., 5.00%, 3/1/2029 | 100,000 | 111,418 |
JPMorgan Municipal ETF
SCHEDULE OF PORTFOLIO INVESTMENTS
AS OF November 30, 2023 (Unaudited) (continued)INVESTMENTS | PRINCIPAL AMOUNT($) | VALUE($) |
Municipal Bonds — continued | ||
District of Columbia — continued | ||
District of Columbia, Kipp DC Project Rev., 4.00%, 7/1/2039 | 100,000 | 95,129 |
District of Columbia, Water and Sewer Authority Series 2022C1, Rev., 4.00%, 10/1/2040 | 2,000,000 | 2,020,135 |
District of Columbia, Water and Sewer Authority, Public Utility, Senior Lien Series B, Rev., 5.00%, 10/1/2025 | 65,000 | 67,371 |
Metropolitan Washington Airports Authority Aviation | ||
Series 2023A, Rev., AMT, 5.00%, 10/1/2025 | 875,000 | 895,782 |
Series 2021A, Rev., AMT, 5.00%, 10/1/2031 | 1,360,000 | 1,504,469 |
Series 2020A, Rev., AMT, 4.00%, 10/1/2035 | 1,750,000 | 1,771,784 |
Washington Metropolitan Area Transit Authority Dedicated, Sustainability Climate Transition Bonds Series 2023A, Rev., 5.00%, 7/15/2037 | 1,500,000 | 1,708,685 |
Total District of Columbia | 16,104,917 | |
Florida — 3.2% | ||
Central Florida Tourism Oversight District Series 2016A, GO, 5.00%, 6/1/2026 | 50,000 | 52,089 |
Charlotte County Industrial Development Authority, Town and Country Utilities Project Series 2021A, Rev., AMT, 4.00%, 10/1/2041 (d) | 100,000 | 85,627 |
City of Cape Coral, Florida Special Obligation Rev., 5.00%, 10/1/2024 | 110,000 | 111,487 |
City of Jacksonville Series 2022A, Rev., 5.00%, 10/1/2031 | 250,000 | 287,654 |
City of Kissimmee, Sales Tax Rev., 4.00%, 10/1/2025 | 170,000 | 173,234 |
City of Miami Beach, Water and Sewer Rev., 5.00%, 9/1/2033 | 25,000 | 26,925 |
City of Orlando, Capital Improvement Series B, Rev., 5.00%, 10/1/2024 | 60,000 | 60,875 |
City of Tampa, H. Lee Moffitt Cancer Center Project Series 2016B, Rev., 5.00%, 7/1/2024 | 35,000 | 35,262 |
Collier County Educational Facilities Authority Series 2023, Rev., 5.00%, 6/1/2027 | 1,930,000 | 1,973,356 |
County of Broward, Port Facilities Series 2019A, Rev., 5.00%, 9/1/2030 | 50,000 | 55,491 |
County of Hillsborough, Communications Services Tax Rev., 5.00%, 10/1/2024 | 40,000 | 40,619 |
County of Lee Series 2021 B, Rev., AMT, 5.00%, 10/1/2031 | 1,840,000 | 2,009,063 |
County of Lee, Airport Series 2021A, Rev., AMT, 5.00%, 10/1/2031 | 400,000 | 436,753 |
County of Miami-Dade, Aviation System Series A, Rev., AMT, 5.00%, 10/1/2034 | 1,000,000 | 1,002,405 |
County of Miami-Dade, Jackson Health System Series 2015A, Rev., 5.00%, 6/1/2025 | 140,000 | 143,479 |
County of Okaloosa, Sales Tax Rev., 5.00%, 10/1/2024 | 30,000 | 30,455 |
County of Pasco | ||
Series 2023A, Rev., AGM, 5.25%, 9/1/2026 | 275,000 | 289,537 |
Series 2023A, Rev., AGM, 5.25%, 9/1/2027 | 300,000 | 321,049 |
Series 2023A, Rev., AGM, 5.25%, 9/1/2028 | 300,000 | 325,270 |
Duval County Public Schools Series 2022-A, COP, AGM, 5.00%, 7/1/2034 | 500,000 | 553,106 |
East Central Regional Wastewater Treatment Facilities Operation Board, Biosolids Project Rev., 5.00%, 10/1/2024 | 30,000 | 30,455 |
Florida Atlantic University Finance Corp., Student Housing Project Series 2019B, Rev., 5.00%, 7/1/2032 | 250,000 | 271,477 |
Florida Department of Children and Families, Evaluation Treatment Center Financing Corp. Project Series 2021B, COP, 5.00%, 10/1/2028 | 210,000 | 231,573 |
Florida Development Finance Corp., Educational Facilities, River City Science Academy Projects | ||
Series 2022A-1, Rev., 4.00%, 7/1/2031 | 175,000 | 173,129 |
Series 2021A, Rev., 4.00%, 7/1/2035 | 325,000 | 315,047 |
Series 2022A-1, Rev., 5.00%, 7/1/2042 | 215,000 | 216,306 |
Florida Development Finance Corp., IDEA Florida, Inc., Jacksonville IV Project Rev., 5.25%, 6/15/2029 (d) | 150,000 | 146,903 |
Florida Housing Finance Corp. | ||
Series 2023E, Rev., 5.00%, 5/1/2025 (c) | 1,320,000 | 1,342,356 |
Series 2023C, Rev., 5.00%, 12/1/2025 (c) | 1,410,000 | 1,442,007 |
Series 2023B, Rev., GNMA COLL, 5.00%, 2/1/2026 (c) | 1,000,000 | 1,026,112 |
Florida Municipal Loan Council, Village of Palmetto Bay Series 2021A, Rev., 4.00%, 10/1/2028 | 75,000 | 78,092 |
Florida Municipal Power Agency, All-Requirements Power Supply Project Series 2016A, Rev., 5.00%, 10/1/2024 | 130,000 | 131,789 |
JPMorgan Municipal ETF
SCHEDULE OF PORTFOLIO INVESTMENTS
AS OF November 30, 2023 (Unaudited) (continued)INVESTMENTS | PRINCIPAL AMOUNT($) | VALUE($) |
Municipal Bonds — continued | ||
Florida — continued | ||
Florida State Board of Governors University of North Florida Dormitory | ||
Series 2023A, Rev., 5.00%, 11/1/2041 | 2,205,000 | 2,382,932 |
Series 2023A, Rev., 5.00%, 11/1/2042 | 2,675,000 | 2,875,077 |
Florida State Board of Governors, University of Florida Mandatory Student Fee Series 2021A, Rev., AGM, 5.00%, 11/1/2028 | 100,000 | 109,004 |
Lee County School Board (The) Series 2023A, COP, 4.00%, 8/1/2048 | 1,500,000 | 1,431,860 |
Middleton Community Development District A, City of Wildwood, Florida Special Assessment | ||
5.45%, 5/1/2032 | 250,000 | 257,170 |
5.85%, 5/1/2037 | 250,000 | 257,170 |
Monroe County School District Series 2018A, COP, 4.00%, 6/1/2025 | 45,000 | 45,553 |
Orange County Health Facilities Authority, Orlando Health Obligated Group Series 2023A, Rev., 5.00%, 10/1/2036 | 750,000 | 828,297 |
Orange County Health Facilities Authority, The Nemours Foundation Project Series 2009C-2, Rev., VRDO, LOC : TD Bank NA, 2.95%, 12/13/2023 (c) | 1,120,000 | 1,120,000 |
Orange County School Board Series 2015D, COP, 5.00%, 8/1/2025 | 25,000 | 25,763 |
Palm Beach County Health Facilities Authority, Acts Retirement Life Communities, Inc., Obligated Group Rev., 5.00%, 11/15/2032 | 240,000 | 243,205 |
Palm Beach County Health Facilities Authority, Jupiter Medical Center Series 2022, Rev., 5.00%, 11/1/2030 | 100,000 | 105,450 |
Palm Beach County School District Series 2023A, COP, 5.00%, 8/1/2039 (e) | 2,085,000 | 2,328,750 |
Pinellas County Industrial Development Authority, Drs. Kiran & Pallavi Patel 2017 Foundation for Global Understanding, Inc., Project Rev., 5.00%, 7/1/2029 | 125,000 | 127,333 |
Polk County Housing Finance Authority, Episcopal Catholic Apartments Series 2023, Rev., 4.15%, 6/1/2026 (c) | 750,000 | 759,377 |
Seminole County Industrial Development Authority, Galileo Schools for Gifted Learning Series 2021A, Rev., 4.00%, 6/15/2036 (d) | 155,000 | 134,871 |
State of Florida Board of Education, Public Education Capital Outlay | ||
Series 2015B, GO, 5.00%, 6/1/2024 | 30,000 | 30,280 |
Series 2016B, GO, 5.00%, 6/1/2026 | 20,000 | 21,071 |
Series 2017B, GO, 5.00%, 6/1/2031 | 75,000 | 80,247 |
State of Florida, State Board of Education, Lottery Series 2016A, Rev., 5.00%, 7/1/2026 | 75,000 | 78,943 |
Tampa Bay Water, Regional Water Supply Authority, Utility System Series 2016C, Rev., 5.00%, 10/1/2025 | 55,000 | 56,887 |
Tampa-Hillsborough County Expressway Authority Series 2017B, Rev., 5.00%, 7/1/2031 | 40,000 | 43,329 |
Tohopekaliga Water Authority, Utility System Rev., 5.00%, 10/1/2025 | 10,000 | 10,367 |
University of Florida Department of Housing & Residence Education Hsg Sys Rev Series 2021A, Rev., 5.00%, 7/1/2026 | 125,000 | 131,318 |
Village Community Development District No. 15 | ||
4.25%, 5/1/2028 (d) | 350,000 | 348,043 |
4.38%, 5/1/2033 (d) | 500,000 | 495,987 |
Total Florida | 27,747,266 | |
Georgia — 4.4% | ||
Bartow County Development Authority Series 2009-1, Rev., 3.95%, 3/8/2028 (c) | 2,000,000 | 1,977,443 |
City of Atlanta Series 2019B, Rev., AMT, 5.00%, 7/1/2031 | 1,810,000 | 1,939,216 |
City of Atlanta, Airport Passenger Facility Charge Series 2019D, Rev., AMT, 4.00%, 7/1/2037 | 2,350,000 | 2,317,679 |
Clayton County Development Authority, Clayton State University Rev., 5.00%, 7/1/2034 | 225,000 | 249,336 |
Columbia County Hospital Authority, Wellstart Health System Inc., Project Series 2023B, Rev., 5.00%, 4/1/2042 | 2,000,000 | 2,158,841 |
County of DeKalb, Water and Sewerage Series 2006B, Rev., 5.25%, 10/1/2026 | 25,000 | 26,684 |
Development Authority of Monroe County (The) Series 2009-2, Rev., 3.88%, 3/6/2026 (c) | 1,250,000 | 1,240,742 |
Georgia Higher Education Facilities Authority, USG Real Estate Foundation II LLC Projects Rev., 4.00%, 6/15/2038 | 1,425,000 | 1,411,975 |
Georgia Ports Authority Rev., 4.00%, 7/1/2052 | 1,300,000 | 1,257,834 |
Glynn-Brunswick Memorial Hospital Authority, Southeast Georgia Health System Project Rev., 4.00%, 8/1/2037 | 255,000 | 246,243 |
Lee County School District Series 2022, GO, 5.00%, 2/1/2028 | 15,000 | 16,291 |
JPMorgan Municipal ETF
SCHEDULE OF PORTFOLIO INVESTMENTS
AS OF November 30, 2023 (Unaudited) (continued)INVESTMENTS | PRINCIPAL AMOUNT($) | VALUE($) |
Municipal Bonds — continued | ||
Georgia — continued | ||
Main Street Natural Gas, Inc. | ||
Series 2023D, Rev., 5.00%, 12/1/2030 (c) | 3,500,000 | 3,619,028 |
Series 2023E SUB E1, Rev., 5.00%, 6/1/2031 (c) | 4,230,000 | 4,434,104 |
Main Street Natural Gas, Inc., Gas Supply | ||
Series 2022B, Rev., 5.00%, 6/1/2029 (c) | 1,750,000 | 1,798,514 |
Series 2023B, Rev., 5.00%, 3/1/2030 (c) | 4,785,000 | 4,985,422 |
Series 2023A, Rev., 5.00%, 6/1/2030 (c) | 4,000,000 | 4,130,071 |
Series 2023C, Rev., 5.00%, 9/1/2030 (c) | 2,500,000 | 2,611,458 |
Metropolitan Atlanta Rapid Transit Authority, Sales Tax | ||
Series 2017D, Rev., 4.00%, 7/1/2028 | 35,000 | 36,326 |
Series 2023A, Rev., 5.00%, 7/1/2036 | 490,000 | 566,868 |
Series 2023A, Rev., 5.00%, 7/1/2039 | 900,000 | 1,008,523 |
Rome Building Authority, Rome City School Project Series 2023, Rev., 5.00%, 3/1/2036 | 1,000,000 | 1,152,203 |
Walton County Water and Sewer Authority, Hard Labor Creek Reservoir Water Treatment Facility Project | ||
Rev., 5.25%, 2/1/2034 | 100,000 | 118,035 |
Rev., 5.25%, 2/1/2035 | 135,000 | 158,757 |
Total Georgia | 37,461,593 | |
Hawaii — 0.0% ^ | ||
City and County of Honolulu Series D, GO, 5.00%, 9/1/2032 | 45,000 | 48,380 |
State of Hawaii | ||
Series B, Rev., 5.00%, 1/1/2027 | 25,000 | 26,240 |
Series FK, GO, 5.00%, 5/1/2033 | 30,000 | 31,875 |
Total Hawaii | 106,495 | |
Idaho — 0.1% | ||
Idaho Health Facilities Authority, St. Luke's Health System Series 2021A, Rev., 5.00%, 3/1/2029 | 35,000 | 38,031 |
Idaho Housing and Finance Association, Transportation Expansion and Congestion Mitigation Fund Series 2022A, Rev., 5.00%, 8/15/2035 | 500,000 | 576,578 |
Total Idaho | 614,609 | |
Illinois — 5.0% | ||
Champaign County Community Unit School District No. 4 Champaign, School Building GO, 5.00%, 1/1/2027 | 45,000 | 46,682 |
Chicago O'Hare International Airport, Customer Facility Charge Senior Lien | ||
Series 2023, Rev., 5.00%, 1/1/2036 | 1,265,000 | 1,388,931 |
Series 2023, Rev., 5.00%, 1/1/2037 | 825,000 | 897,071 |
Chicago O'Hare International Airport, General Airport, Senior Lien | ||
Series 2020B, Rev., 5.00%, 1/1/2024 | 210,000 | 210,255 |
Series B, Rev., 5.00%, 1/1/2034 | 40,000 | 42,059 |
Chicago O'Hare International Airport, Senior Lien | ||
Series 2023A, Rev., AMT, 5.00%, 1/1/2029 | 1,175,000 | 1,254,883 |
Series 2023A, Rev., AMT, 5.00%, 1/1/2030 | 1,545,000 | 1,665,198 |
Series 2020A, Rev., 5.00%, 1/1/2034 | 200,000 | 222,326 |
Series 2023A, Rev., AMT, 5.75%, 1/1/2048 | 1,335,000 | 1,468,682 |
Series 2023A, Rev., AMT, 5.50%, 1/1/2053 | 1,100,000 | 1,183,019 |
City of Chicago, Waterworks, Second Lien | ||
Series 2023B, Rev., 5.00%, 11/1/2024 | 625,000 | 633,210 |
Series 2023A, Rev., AGM, 5.25%, 11/1/2053 | 365,000 | 389,887 |
City of Decatur GO, 5.00%, 3/1/2027 | 130,000 | 135,072 |
City of Highland Park GO, 4.00%, 12/30/2028 | 35,000 | 36,965 |
JPMorgan Municipal ETF
SCHEDULE OF PORTFOLIO INVESTMENTS
AS OF November 30, 2023 (Unaudited) (continued)INVESTMENTS | PRINCIPAL AMOUNT($) | VALUE($) |
Municipal Bonds — continued | ||
Illinois — continued | ||
Cook County School District No. 87 Berkeley GO, AGM, 4.00%, 12/1/2030 | 35,000 | 36,860 |
County of Cook, Sales Tax Rev., 5.00%, 11/15/2034 | 2,000,000 | 2,111,442 |
County of Lake, Sales Tax GO, 4.00%, 11/30/2027 | 100,000 | 104,367 |
Illinois Finance Authority Series 2015A, Rev., 5.00%, 10/1/2025 (b) | 3,250,000 | 3,356,258 |
Illinois Finance Authority, Clark-Lindsey Village Series 2022A, Rev., 5.13%, 6/1/2032 | 185,000 | 176,718 |
Illinois Finance Authority, Clean Water Initiative Revolving Fund Rev., 5.00%, 7/1/2032 | 35,000 | 37,119 |
Illinois Finance Authority, Depaul College Prep Project Series 2023A, Rev., 4.50%, 8/1/2033 (d) | 500,000 | 491,518 |
Illinois Finance Authority, DePaul College Prep Project Series 2023A, Rev., 5.25%, 8/1/2038 (d) | 650,000 | 652,387 |
Illinois Finance Authority, Lake Forest College | ||
Series 2022A, Rev., 5.00%, 10/1/2029 | 320,000 | 332,990 |
Series 2022A, Rev., 5.00%, 10/1/2030 | 205,000 | 213,956 |
Series 2022A, Rev., 5.00%, 10/1/2031 | 235,000 | 245,988 |
Illinois Finance Authority, Plymouth Place, Inc. | ||
Series 2022B-3, Rev., 4.75%, 11/15/2027 | 200,000 | 198,012 |
Series 2022B-2, Rev., 5.25%, 11/15/2027 | 200,000 | 199,080 |
Series 2022B-1, Rev., 6.00%, 11/15/2027 | 100,000 | 100,009 |
Illinois Finance Authority, Smith Crossing Rev., 4.00%, 10/15/2028 | 350,000 | 318,068 |
Illinois Finance Authority, Uchicago Medicine Series 2022B-2, Rev., 5.00%, 8/15/2027 (c) | 1,000,000 | 1,060,533 |
Illinois Finance Authority, Unitypoint Health Series 2016D, Rev., 5.00%, 2/15/2024 (b) | 115,000 | 115,385 |
Illinois Housing Development Authority Rev., FHA, 4.00%, 6/1/2025 (c) | 2,815,000 | 2,819,061 |
Illinois State Toll Highway Authority | ||
Series 2014D, Rev., 5.00%, 1/1/2024 | 25,000 | 25,034 |
Series 2019A, Rev., 5.00%, 1/1/2036 | 250,000 | 274,966 |
Kane McHenry Cook and De Kalb Counties Unit School District No. 300 GO, 5.00%, 1/1/2024 | 35,000 | 35,038 |
Kendall and Kane Counties Community Unit School District No. 115 Series 2017B, GO, 5.00%, 1/1/2027 | 25,000 | 26,390 |
Lake County Community Consolidated School District No. 3 Beach Park GO, AGM, 4.00%, 2/1/2032 | 175,000 | 179,264 |
Lake County Forest Preserve District GO, 5.00%, 12/15/2028 | 165,000 | 179,118 |
McLean and Woodford Counties Community Unit School District No. 5 Normal Series 2017A, GO, 4.00%, 12/1/2023 | 80,000 | 80,000 |
Metropolitan Water Reclamation District of Greater Chicago, Limited Tax Series 2021C, GO, 5.00%, 12/1/2023 | 20,000 | 20,000 |
Northern Illinois University, Auxiliary Facilities System Series 2020B, Rev., 5.00%, 4/1/2034 | 135,000 | 142,148 |
Northern Illinois University, Board of Trustees, Auxiliary Facilities System | ||
Rev., 5.00%, 10/1/2029 | 300,000 | 320,159 |
Rev., 5.00%, 10/1/2030 | 300,000 | 320,989 |
Peoria Tazewell Etc Counties Community College District No. 514 GO, 4.00%, 12/1/2023 | 35,000 | 35,000 |
Sales Tax Securitization Corp., Second Lien Series 2020A, Rev., 4.00%, 1/1/2040 | 1,750,000 | 1,746,907 |
Sales Tax Securitization Corp., Senior Lien Series 2023C, Rev., 5.00%, 1/1/2033 | 1,000,000 | 1,087,245 |
Southern Illinois University | ||
Series 2022A, Rev., 5.00%, 4/1/2029 | 675,000 | 722,920 |
Series 2022A, Rev., 5.00%, 4/1/2030 | 800,000 | 862,929 |
Series 2022A, Rev., 5.00%, 4/1/2031 | 575,000 | 625,938 |
Series 2022A, Rev., 5.00%, 4/1/2032 | 510,000 | 558,776 |
Southwestern Illinois Development Authority, Flood Prevention District Council Project Rev., 5.00%, 4/15/2030 | 625,000 | 696,978 |
State of Illinois | ||
GO, 5.00%, 4/1/2024 | 30,000 | 30,125 |
Series 2018A, GO, 5.00%, 10/1/2024 | 30,000 | 30,329 |
Series 2023D, GO, 5.00%, 7/1/2025 | 1,145,000 | 1,169,990 |
Series 2017D, GO, 5.00%, 11/1/2025 | 2,550,000 | 2,618,334 |
Series 2017 A, GO, 5.00%, 12/1/2026 | 1,000,000 | 1,043,550 |
JPMorgan Municipal ETF
SCHEDULE OF PORTFOLIO INVESTMENTS
AS OF November 30, 2023 (Unaudited) (continued)INVESTMENTS | PRINCIPAL AMOUNT($) | VALUE($) |
Municipal Bonds — continued | ||
Illinois — continued | ||
Series 2022A, GO, 5.00%, 3/1/2029 | 500,000 | 538,561 |
Series 2018B, GO, 5.00%, 10/1/2029 | 2,000,000 | 2,128,015 |
GO, 4.00%, 6/1/2032 | 1,000,000 | 1,006,607 |
Series 2020B, GO, 4.00%, 10/1/2033 | 2,400,000 | 2,441,067 |
Series 2018A, GO, 5.00%, 10/1/2033 | 1,000,000 | 1,054,057 |
Series 2023B, GO, 5.50%, 5/1/2047 | 375,000 | 403,370 |
Series 2023B, GO, 4.50%, 5/1/2048 | 65,000 | 62,228 |
University of Illinois Series 2021A, Rev., 5.00%, 4/1/2029 | 450,000 | 495,482 |
Village of Bolingbrook Series 2018A, GO, AGM, 5.00%, 1/1/2033 | 125,000 | 134,430 |
Village of Elk Grove GO, 5.00%, 1/1/2029 | 25,000 | 26,597 |
Village of Wilmette Series 2020B, GO, 5.00%, 12/1/2026 | 140,000 | 148,838 |
Total Illinois | 43,415,370 | |
Indiana — 1.9% | ||
Adams Central Elementary School Building Corp., Ad Valorem Property Tax First Mortgage Rev., 5.00%, 1/15/2027 | 20,000 | 21,145 |
Ball State University, Student Fee Series R, Rev., 5.00%, 7/1/2024 | 35,000 | 35,350 |
City of Goshen, Multi-Family, Green Oaks of Goshen Project Series 2021A, Rev., 5.00%, 8/1/2041 (d) | 250,000 | 195,494 |
City of Valparaiso Rev., 5.38%, 12/1/2041 (d) | 200,000 | 150,840 |
Decatur County, Jail Building Corp. Rev., 5.00%, 7/15/2028 | 250,000 | 269,560 |
Indiana Finance Authority | ||
Series 2016C, Rev., 5.00%, 12/1/2025 | 35,000 | 36,395 |
Series 2023A, Rev., 5.00%, 10/1/2037 | 800,000 | 900,435 |
Series 2023A, Rev., 5.00%, 6/1/2038 | 400,000 | 406,956 |
Series 2023A, Rev., 5.00%, 6/1/2043 | 430,000 | 427,878 |
Series 2023A, Rev., 5.00%, 6/1/2053 | 790,000 | 758,250 |
Indiana Finance Authority, DePauw University Series 2022A, Rev., 5.00%, 7/1/2031 | 730,000 | 773,088 |
Indiana Finance Authority, Educational Facilities, Valparaiso University Project Rev., 4.00%, 10/1/2035 | 215,000 | 204,067 |
Indiana Finance Authority, Franciscan Alliance, Inc. Series 2008-J, Rev., VRDO, LOC : Bank of Montreal, 2.10%, 12/1/2023 (c) | 2,720,000 | 2,720,000 |
Indiana Finance Authority, Franciscan Alliance, Inc., Obligated Group Series 2017C, Rev., 4.00%, 11/1/2034 | 115,000 | 116,559 |
Indiana Finance Authority, Parkview Health System, Inc. Series 2009B, Rev., VRDO, LOC : Wells Fargo Bank NA, 2.00%, 12/1/2023 (c) | 4,475,000 | 4,475,000 |
Indiana Finance Authority, Rose-Hulman Institute of Technology Project Rev., 5.00%, 6/1/2030 | 200,000 | 218,501 |
Indiana Housing and Community Development Authority, Vita of New Whiteland Project Rev., 6.75%, 1/1/2043 | 1,000,000 | 965,677 |
Indiana State University, Housing and Dining System Rev., 5.00%, 4/1/2031 | 75,000 | 78,183 |
Indiana University, Student Fee Series Y, Rev., 5.00%, 8/1/2028 | 25,000 | 26,858 |
IPS Multi-School Building Corp., Indiana Unlimited Ad Valorem Property Tax, First Mortgage Rev., 5.00%, 7/15/2029 | 50,000 | 54,975 |
Monroe County Community School Corp. GO, 5.00%, 7/15/2027 | 250,000 | 266,871 |
Perry Township Multi School Building Corp., Ad Valorem Property Tax First Mortgage Rev., 5.00%, 7/15/2025 | 35,000 | 35,981 |
Vinton-Tecumseh School Building Corp., Ad Valorem Property Tax | ||
Rev., 5.00%, 1/15/2030 | 1,125,000 | 1,242,225 |
Rev., 5.00%, 7/15/2030 | 1,150,000 | 1,278,146 |
Wheeler-Union Township School Building Corp. Rev., 4.00%, 7/15/2034 | 400,000 | 411,993 |
Total Indiana | 16,070,427 | |
Iowa — 0.5% | ||
Cedar Rapids Community School District Infrastructure Sales Services & Use Tax | ||
Series 2023, Rev., AGM, 5.00%, 7/1/2035 | 1,045,000 | 1,163,562 |
Series 2023, Rev., AGM, 5.00%, 7/1/2036 | 1,060,000 | 1,169,113 |
JPMorgan Municipal ETF
SCHEDULE OF PORTFOLIO INVESTMENTS
AS OF November 30, 2023 (Unaudited) (continued)INVESTMENTS | PRINCIPAL AMOUNT($) | VALUE($) |
Municipal Bonds — continued | ||
Iowa — continued | ||
City of West Des Moines, Urban Renewal Series 2016B, GO, 5.00%, 6/1/2024 | 35,000 | 35,309 |
Des Moines Independent Community School District, Sales Services and Use Tax Rev., 5.00%, 6/1/2028 | 175,000 | 190,467 |
Iowa Finance Authority, State Revolving Fund Rev., 5.00%, 8/1/2027 | 30,000 | 32,444 |
Iowa Student Loan Liquidity Corp. | ||
Series 2023B, Rev., AMT, 5.00%, 12/1/2026 | 600,000 | 615,805 |
Series 2023B, Rev., AMT, 5.00%, 12/1/2027 | 900,000 | 940,178 |
Total Iowa | 4,146,878 | |
Kansas — 0.6% | ||
City of Topeka, Kansas Health Care Facilities | ||
Series 2022B, Rev., 5.13%, 12/1/2026 | 250,000 | 246,837 |
Series 2022A, Rev., 5.75%, 12/1/2033 | 250,000 | 246,457 |
Johnson County Community College Foundation, Inc. COP, 5.00%, 10/1/2024 | 105,000 | 106,625 |
Johnson County Water District No. 1 Series 2017A, Rev., 5.00%, 1/1/2025 | 50,000 | 50,947 |
Kansas Development Finance Authority, AdventHealth Series 2021B, Rev., 5.00%, 11/15/2031 (c) | 200,000 | 223,133 |
University of Kansas Hospital Authority, Health System Rev., VRDO, LOC : U.S. Bank NA, 1.95%, 12/1/2023 (c) | 4,660,000 | 4,660,000 |
Total Kansas | 5,533,999 | |
Kentucky — 0.1% | ||
County of Boone, Duke Energy Kentucky, Inc. Series 2008A, Rev., 3.70%, 8/1/2027 | 500,000 | 492,613 |
Kentucky Economic Development Finance Authority, Baptist Healthcare System Obligated Group Series 2017B, Rev., 5.00%, 8/15/2029 | 165,000 | 173,670 |
Louisville and Jefferson County Metropolitan Government, Norton Healthcare, Inc. Series 2016A, Rev., 4.00%, 10/1/2036 | 65,000 | 62,764 |
Louisville and Jefferson County Metropolitan Sewer District, Sewer and Drainage System | ||
Series 2017B, Rev., 5.00%, 5/15/2024 | 25,000 | 25,212 |
Series 2017A, Rev., 5.00%, 5/15/2027 | 40,000 | 42,540 |
Total Kentucky | 796,799 | |
Louisiana — 1.0% | ||
Louisiana Local Government Environmental Facilities and Community Development Authority, Calcasieu Parish Projects Rev., 5.00%, 12/1/2030 | 250,000 | 274,635 |
Louisiana Public Facilities Authority, Materra Campus Project Series 2021C, Rev., 4.00%, 6/1/2031 (d) | 245,000 | 222,119 |
Louisiana Public Facilities Authority, Tulane University Project Series 2020A, Rev., 5.00%, 4/1/2029 | 145,000 | 158,981 |
Parish of St. John the Baptist, Marathon Oil Corp., Project Series 2017A-1, Rev., 4.05%, 7/1/2026 (c) | 2,750,000 | 2,733,995 |
State of Louisiana Series 2016-B, GO, 4.00%, 8/1/2026 | 30,000 | 30,751 |
State of Louisiana Gasoline and Fuels Tax Series A, Rev., 4.50%, 5/1/2025 (b) | 5,000,000 | 5,092,036 |
Total Louisiana | 8,512,517 | |
Maine — 0.3% | ||
Maine Health and Higher Educational Facilities Authority | ||
Series 2023A, Rev., AGM, 5.00%, 7/1/2038 | 250,000 | 272,336 |
Series 2023A, Rev., AGM, 5.00%, 7/1/2039 | 295,000 | 318,115 |
Maine Municipal Bond Bank Series C, Rev., 5.00%, 11/1/2024 | 75,000 | 76,275 |
Maine Turnpike Authority Rev., 4.00%, 7/1/2040 | 2,100,000 | 2,091,201 |
Total Maine | 2,757,927 | |
Maryland — 2.2% | ||
County of Anne Arundel Series 2022, GO, 5.00%, 10/1/2035 | 2,565,000 | 2,966,808 |
County of Baltimore Series 2020, GO, 5.00%, 3/1/2025 | 4,000,000 | 4,097,293 |
County of St. Mary's, Public Improvement GO, 4.00%, 7/15/2027 | 70,000 | 72,961 |
JPMorgan Municipal ETF
SCHEDULE OF PORTFOLIO INVESTMENTS
AS OF November 30, 2023 (Unaudited) (continued)INVESTMENTS | PRINCIPAL AMOUNT($) | VALUE($) |
Municipal Bonds — continued | ||
Maryland — continued | ||
Maryland Health and Higher Educational Facilities Authority, Stevenson University Project | ||
Series 2021A, Rev., 5.00%, 6/1/2033 | 200,000 | 216,543 |
Series 2021A, Rev., 4.00%, 6/1/2051 | 250,000 | 219,595 |
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 (c) | 9,300,000 | 9,300,000 |
State of Maryland, Department of Transportation Rev., 5.00%, 9/1/2026 | 75,000 | 79,428 |
State of Maryland, State and Local Facilities Loan of 2017 | ||
Series 2017A, GO, 5.00%, 8/1/2025 | 45,000 | 46,603 |
Series 2017B, GO, 5.00%, 8/1/2026 | 205,000 | 216,726 |
State of Maryland, State and Local Facilities Loan of 2021 Series 2021A, GO, 5.00%, 3/1/2031 | 400,000 | 460,678 |
State of Maryland, State and Local Facilities Loan of 2022 Series 2022A, GO, 5.00%, 6/1/2033 | 1,000,000 | 1,169,815 |
Total Maryland | 18,846,450 | |
Massachusetts — 2.0% | ||
City of Boston Series 2017A, GO, 5.00%, 4/1/2025 | 10,000 | 10,278 |
Commonwealth of Massachusetts | ||
Series 2020 E, GO, 5.00%, 11/1/2050 | 3,210,000 | 3,406,360 |
Series 2023 D, GO, 5.00%, 10/1/2051 | 10,000,000 | 10,812,600 |
Commonwealth of Massachusetts Federal Highway, Accelerated Bridge Program Series C, GO, 5.00%, 10/1/2026 | 25,000 | 26,557 |
Massachusetts Development Finance Agency, Boston Medical Center Issue | ||
Series 2023G, Rev., 5.00%, 7/1/2029 | 750,000 | 816,597 |
Series 2023G, Rev., 4.38%, 7/1/2052 | 700,000 | 649,287 |
Series 2023G, Rev., 5.25%, 7/1/2052 | 1,000,000 | 1,043,097 |
Massachusetts Development Finance Agency, Milford Regional Medical Center Series 2020G, Rev., 5.00%, 7/15/2037 (d) | 245,000 | 228,038 |
Massachusetts Development Finance Agency, Salem Community Corp. Rev., 5.00%, 1/1/2030 | 235,000 | 225,014 |
Massachusetts Development Finance Agency, Southcoast Health System Obligated Group Issue Series 2021G, Rev., 5.00%, 7/1/2035 | 200,000 | 214,316 |
Massachusetts State College Building Authority Series 2017D, Rev., 5.00%, 5/1/2027 | 45,000 | 48,354 |
Town of Hopkinton, Municipal Purpose Loan GO, 5.00%, 11/15/2024 | 30,000 | 30,559 |
Total Massachusetts | 17,511,057 | |
Michigan — 1.3% | ||
Berrien Springs Public Schools, School Building and Site, Unlimited Tax GO, Q-SBLF, 5.00%, 5/1/2030 | 250,000 | 276,060 |
City of Ann Arbor | ||
Rev., 4.00%, 4/1/2042 | 1,515,000 | 1,510,748 |
Rev., 4.00%, 4/1/2045 | 1,705,000 | 1,659,892 |
City of Detroit, Unlimited Tax | ||
Series 2021A, GO, 5.00%, 4/1/2031 | 480,000 | 511,699 |
Series 2021A, GO, 5.00%, 4/1/2035 | 400,000 | 420,296 |
Series 2023C, GO, 6.00%, 5/1/2043 | 1,200,000 | 1,319,852 |
Series 2021A, GO, 5.00%, 4/1/2046 | 1,015,000 | 1,018,357 |
City of Holland | ||
Series 2023, GO, 5.00%, 5/1/2041 | 1,070,000 | 1,159,196 |
Series 2023, GO, 5.00%, 5/1/2042 | 1,000,000 | 1,076,771 |
Grand Traverse County Hospital Finance Authority, Munson Healthcare Obligated Group Rev., 5.00%, 7/1/2026 | 175,000 | 182,474 |
Great Lakes Water Authority Sewage Disposal System, Second Lien Series 2023A, Rev., 5.00%, 7/1/2038 (e) | 1,000,000 | 1,125,120 |
Michigan State Building Authority, Facilities Program Series 2023-II, Rev., 4.00%, 10/15/2047 | 675,000 | 663,984 |
JPMorgan Municipal ETF
SCHEDULE OF PORTFOLIO INVESTMENTS
AS OF November 30, 2023 (Unaudited) (continued)INVESTMENTS | PRINCIPAL AMOUNT($) | VALUE($) |
Municipal Bonds — continued | ||
Michigan — continued | ||
Michigan State Hospital Finance Authority, Trinity Health Credit Group Series 2008C, Rev., 5.00%, 12/1/2025 | 25,000 | 25,859 |
State of Michigan Trunk Line, Rebuilding Michigan Program Series 2021A, Rev., 4.00%, 11/15/2036 | 395,000 | 408,844 |
Total Michigan | 11,359,152 | |
Minnesota — 1.3% | ||
City of Mankato | ||
Series 2022B, GO, 5.00%, 2/1/2027 | 250,000 | 266,864 |
Series 2022B, GO, 5.00%, 2/1/2029 | 755,000 | 835,073 |
City of Minneapolis, Health Care System, Fairview Health Services Series 2018A, Rev., 5.00%, 11/15/2033 | 180,000 | 187,899 |
City of Woodbury, Charter School Lease, Woodbury Leadership Academy Project Series 2021A, Rev., 4.00%, 7/1/2031 | 175,000 | 159,315 |
County of Hennepin Series 2023 A, GO, 5.00%, 12/1/2034 | 2,000,000 | 2,369,910 |
Duluth Economic Development Authority, Benedictine Health System Series 2021A, Rev., 3.00%, 7/1/2024 | 100,000 | 98,535 |
Metropolitan Council Series 2023C, GO, 4.00%, 3/1/2041 | 2,800,000 | 2,810,283 |
Minnesota Housing Finance Agency Series 2023F, Rev., GNMA / FNMA / FHLMC, 5.75%, 7/1/2053 | 2,500,000 | 2,660,666 |
Minnesota Municipal Gas Agency Subseries, 2022A, Rev., LIQ : Royal Bank of Canada, 4.00%, 6/1/2027 | 1,000,000 | 1,004,526 |
State of Minnesota, Various Purpose Series 2020A, GO, 5.00%, 8/1/2030 | 350,000 | 399,151 |
University of Minnesota Series 2017B, Rev., 5.00%, 12/1/2025 | 15,000 | 15,565 |
Total Minnesota | 10,807,787 | |
Mississippi — 0.0% ^ | ||
Mississippi Development Bank, Ranking County Project Rev., 5.00%, 3/1/2026 | 205,000 | 214,119 |
Mississippi State University Educational Building Corp., New Facilities and Refinancing Project Rev., 5.00%, 8/1/2025 | 35,000 | 36,005 |
State of Mississippi | ||
Series 2015F, GO, 5.00%, 11/1/2025 (b) | 35,000 | 36,336 |
Series 2016B, GO, 5.00%, 12/1/2025 | 20,000 | 20,817 |
Series 2018A, GO, 5.00%, 11/1/2026 (b) | 60,000 | 63,730 |
University of Mississippi Educational Building Corp., Facilities Refinancing Project Series 2016A, Rev., 5.00%, 10/1/2030 | 40,000 | 42,007 |
Total Mississippi | 413,014 | |
Missouri — 0.6% | ||
Bi-State Development Agency of the Missouri-Illinois Metropolitan District, St. Clair County Metrolink Project Rev., AGM, 5.25%, 7/1/2024 | 40,000 | 40,459 |
City of Excelsior Springs Series 2020B, COP, 4.00%, 3/1/2030 | 115,000 | 120,254 |
City of Kansas City, Sanitary Sewer System Series 2018B, Rev., 5.00%, 1/1/2033 | 25,000 | 27,086 |
Health and Educational Facilities Authority of the State of Missouri | ||
Rev., 4.00%, 2/15/2035 | 390,000 | 370,434 |
Rev., 4.00%, 2/15/2036 | 580,000 | 546,354 |
Health and Educational Facilities Authority of the State of Missouri, City Art Institute Rev., 5.00%, 9/1/2030 | 200,000 | 214,179 |
Health and Educational Facilities Authority of the State of Missouri, Lake Regional Health System Rev., 5.00%, 2/15/2027 | 225,000 | 229,976 |
Health and Educational Facilities Authority of the State of Missouri, Lutheran Senior Services Projects Series 2016A, Rev., 5.00%, 2/1/2036 | 1,000,000 | 980,309 |
Health and Educational Facilities Authority of the State of Missouri, Mercy Health Series 2018A, Rev., 5.00%, 6/1/2028 | 180,000 | 194,490 |
Health and Educational Facilities Authority of the State of Missouri, St. Luke's Episcopal-Presbyterian Hospitals Series 2015B, Rev., 5.00%, 12/1/2026 | 165,000 | 168,817 |
Health and Educational Facilities Authority of the State of Missouri, St. Luke's Health System, Inc. Rev., 5.00%, 11/15/2029 | 300,000 | 310,105 |
Health and Educational Facilities Authority of the State of Missouri, Wright Memorial Hospital Rev., 5.00%, 9/1/2026 | 200,000 | 202,548 |
Industrial Development Authority of the City of St Louis Missouri (The), Innovation District Rev., 5.00%, 5/15/2041 | 285,000 | 279,146 |
Metropolitan St. Louis Sewer District, Wastewater System Improvement Series 2017A, Rev., 5.00%, 5/1/2027 | 45,000 | 48,202 |
JPMorgan Municipal ETF
SCHEDULE OF PORTFOLIO INVESTMENTS
AS OF November 30, 2023 (Unaudited) (continued)INVESTMENTS | PRINCIPAL AMOUNT($) | VALUE($) |
Municipal Bonds — continued | ||
Missouri — continued | ||
Missouri Development Finance Board, Fulton State Hospital Project Rev., 5.00%, 10/1/2025 | 25,000 | 25,390 |
Springfield School District No. R-12 GO, 4.00%, 3/1/2042 | 1,800,000 | 1,812,955 |
Total Missouri | 5,570,704 | |
Montana — 0.2% | ||
Yellowstone and Carbon Counties School District No. 7-70 Laurel Series 2023, GO, 5.00%, 7/1/2039 | 1,675,000 | 1,848,292 |
Nebraska — 0.8% | ||
Central Plains Energy Project, Gas Project No. 3 Series 2017A, Rev., 5.00%, 9/1/2030 | 320,000 | 336,151 |
Central Plains Energy Project, Gas Project No. 4 Series 2018A, Rev., 5.00%, 12/28/2023 (c) | 3,000,000 | 3,007,872 |
Central Plains Energy Project, Gas Project No. 5 Series 2022-1, Rev., 5.00%, 10/1/2029 (c) | 1,335,000 | 1,373,730 |
City of Lincoln, Electric System | ||
Rev., 5.00%, 9/1/2026 | 85,000 | 89,695 |
Rev., 5.00%, 9/1/2028 | 50,000 | 53,305 |
City of Omaha, Sanitary Sewerage System Rev., 5.00%, 4/1/2027 | 50,000 | 52,217 |
Nebraska Educational Health Cultural and Social Services Finance Authority, Immanuel Retirement Communities Obligated Group Series 2019A, Rev., 4.00%, 1/1/2033 | 250,000 | 254,135 |
Omaha Public Power District Series 2016A, Rev., 5.00%, 2/1/2028 | 1,075,000 | 1,123,416 |
Omaha Public Power District, Electric System | ||
Series B, Rev., 5.00%, 2/1/2025 | 20,000 | 20,242 |
Series 2016A, Rev., 5.00%, 2/1/2026 | 40,000 | 41,772 |
Series 2016A, Rev., 5.00%, 2/1/2027 | 30,000 | 31,306 |
Public Power Generation Agency, Whelan Energy Center Unit 2 Series 2015A, Rev., 5.00%, 1/1/2024 | 155,000 | 155,159 |
University of Nebraska Facilities Corp., UNMC Global Center Project Rev., 5.00%, 12/15/2025 | 35,000 | 36,447 |
Total Nebraska | 6,575,447 | |
Nevada — 0.8% | ||
Clark County School District, Limited Tax | ||
Series 2018A, GO, 5.00%, 6/15/2032 | 95,000 | 102,157 |
Series 2018A, GO, 4.00%, 6/15/2035 | 90,000 | 91,845 |
Clark County Water Reclamation District Series 2023, GO, 5.00%, 7/1/2043 | 4,000,000 | 4,356,986 |
County of Clark Department of Aviation, Jet Aviation Fuel tax Series 2022A, Rev., AMT, 5.00%, 7/1/2026 | 500,000 | 516,725 |
County of Clark, Indexed Fuel Tax and Subordinate Motor Vehicle Fuel Tax Rev., 5.00%, 7/1/2028 | 25,000 | 26,809 |
County of Clark, Limited Tax Series 2018B, GO, 5.00%, 12/1/2027 | 120,000 | 130,215 |
County of Clark, Passenger Facility Charge, Las Vegas-McCarran International Airport Passenger Facility Series 2019E, Rev., 5.00%, 7/1/2033 | 155,000 | 171,591 |
Nye County School District Series 2023, GO, PSF-GTD, 5.00%, 5/1/2036 | 1,000,000 | 1,152,348 |
Truckee Meadows Water Authority Rev., 5.00%, 7/1/2029 | 50,000 | 53,636 |
Total Nevada | 6,602,312 | |
New Hampshire — 0.8% | ||
New Hampshire Business Finance Authority, Springpoint Senior Living Project Rev., 4.00%, 1/1/2025 | 290,000 | 287,171 |
New Hampshire Business Finance Authority, University of Nevada Reno Project | ||
Series 2023A, Rev., 5.00%, 12/1/2036 | 715,000 | 799,285 |
Series 2023A, Rev., 5.00%, 12/1/2037 | 860,000 | 950,684 |
Series 2023A, Rev., 5.00%, 12/1/2038 | 665,000 | 730,652 |
Series 2023A, Rev., 5.25%, 12/1/2039 | 790,000 | 878,817 |
Series 2023A, Rev., 5.25%, 6/1/2051 | 2,400,000 | 2,591,420 |
Series 2023A, Rev., 4.50%, 6/1/2053 | 1,075,000 | 1,064,243 |
Total New Hampshire | 7,302,272 |
JPMorgan Municipal ETF
SCHEDULE OF PORTFOLIO INVESTMENTS
AS OF November 30, 2023 (Unaudited) (continued)INVESTMENTS | PRINCIPAL AMOUNT($) | VALUE($) |
Municipal Bonds — continued | ||
New Jersey — 2.4% | ||
Borough of North Haledon GO, BAN, 4.50%, 6/26/2024 | 5,000,000 | 5,018,145 |
Burlington County Bridge Commission, Government Leasing Program Rev., 4.50%, 8/7/2024 | 1,750,000 | 1,761,124 |
City of New Brunswick GO, 4.00%, 3/15/2024 | 10,000 | 10,023 |
New Jersey Economic Development Authority Series 2024SSS, Rev., 5.00%, 6/15/2026 (e) | 1,000,000 | 1,027,002 |
New Jersey Economic Development Authority, Biomedical Research Facilities Series 2016A, Rev., 5.00%, 7/15/2028 | 160,000 | 167,043 |
New Jersey Transportation Trust Fund Authority Series 2023 BB, Rev., 5.25%, 6/15/2050 | 3,500,000 | 3,754,401 |
New Jersey Transportation Trust Fund Authority, Transportation System | ||
Series 2018A, Rev., 4.00%, 12/15/2031 | 250,000 | 257,198 |
Series 2018A, Rev., 5.00%, 12/15/2033 | 2,000,000 | 2,155,243 |
New Jersey Turnpike Authority | ||
Series 2020D, Rev., 5.00%, 1/1/2028 | 200,000 | 208,833 |
Series 2022B, Rev., 5.00%, 1/1/2042 | 1,500,000 | 1,646,937 |
Passaic County Improvement Authority (The), City of Paterson Project Rev., 5.00%, 6/15/2025 | 10,000 | 10,283 |
Township of Raritan GO, BAN, 4.50%, 4/29/2024 | 5,000,000 | 5,012,922 |
Total New Jersey | 21,029,154 | |
New Mexico — 0.6% | ||
Albuquerque Municipal School District No. 12 Series 2023B, GO, 5.00%, 8/1/2024 | 590,000 | 596,810 |
City of Albuquerque, Gross Receipts Tax Series 2015A, Rev., 5.00%, 7/1/2026 | 240,000 | 247,090 |
Loving Municipal School District No. 10 Series 2023, GO, 5.00%, 9/15/2024 | 3,875,000 | 3,921,731 |
New Mexico Finance Authority, Senior Lien Public Project Revolving Fund Series 2016E, Rev., 5.00%, 6/1/2024 | 25,000 | 25,236 |
New Mexico Finance Authority, State Transportation, Subordinate Lien Series 2018A, Rev., 5.00%, 6/15/2027 | 100,000 | 107,460 |
New Mexico Hospital Equipment Loan Council, Presbyterian Healthcare Services Series 2015A, Rev., 5.00%, 8/1/2025 (b) | 25,000 | 25,735 |
State of New Mexico, Capital Projects GO, 5.00%, 3/1/2024 | 305,000 | 306,365 |
Total New Mexico | 5,230,427 | |
New York — 16.1% | ||
Build NYC Resource Corp., Grand Concourse Academy Charter School Series 2022A, Rev., 5.00%, 7/1/2032 | 100,000 | 105,611 |
Build NYC Resource Corp., Kipp NYC Public School Facilities - Canal West Project Rev., 5.00%, 7/1/2034 | 205,000 | 222,231 |
Build NYC Resource Corp., KIPP NYC Public School Facilities - Canal West Project Rev., 5.00%, 7/1/2033 | 585,000 | 637,021 |
Build NYC Resource Corp., New World Preparatory Charter School Project | ||
Series 2021A, Rev., 4.00%, 6/15/2041 (d) | 100,000 | 79,977 |
Series 2021A, Rev., 4.00%, 6/15/2051 (d) | 150,000 | 107,920 |
City of New York Series 2023E, Subseries E-1, GO, 4.00%, 4/1/2050 | 1,290,000 | 1,249,485 |
City of New York, Fiscal Year 2006 Series 2006, Subseries I-4, GO, VRDO, LOC : TD Bank NA, 1.95%, 12/1/2023 (c) | 10,000,000 | 10,000,000 |
City of New York, Fiscal Year 2018 | ||
Series 2018E, GO, VRDO, LOC : TD Bank NA, 1.95%, 12/1/2023 (c) | 4,400,000 | 4,400,000 |
Series 2018F-1, GO, 5.00%, 4/1/2033 | 105,000 | 113,094 |
City of New York, Fiscal Year 2019 Series 2019E, GO, 5.00%, 8/1/2033 | 100,000 | 109,501 |
City of New York, Fiscal Year 2020 Series 2020C-1, GO, 5.00%, 8/1/2033 | 160,000 | 180,749 |
City of New York, Fiscal Year 2021 | ||
Series 2021A-1, GO, 5.00%, 8/1/2031 | 185,000 | 209,478 |
Series 2021-1, GO, 5.00%, 4/1/2033 | 235,000 | 268,322 |
Series 2021F, Subseries F-1, GO, 5.00%, 3/1/2037 | 1,000,000 | 1,115,185 |
City of New York, Fiscal Year 2022 Series 2022B,Subseries B-1, GO, 5.00%, 8/1/2033 | 1,650,000 | 1,920,784 |
City of New York, Fiscal Year 2024 Series 2024A, GO, 4.13%, 8/1/2053 | 1,225,000 | 1,197,593 |
County of Erie, Public Improvement Series 2019A, GO, 5.00%, 9/15/2025 | 25,000 | 25,927 |
County of Onondaga GO, 5.00%, 3/15/2026 | 20,000 | 20,103 |
JPMorgan Municipal ETF
SCHEDULE OF PORTFOLIO INVESTMENTS
AS OF November 30, 2023 (Unaudited) (continued)INVESTMENTS | PRINCIPAL AMOUNT($) | VALUE($) |
Municipal Bonds — continued | ||
New York — continued | ||
Erie County Water Authority Rev., 5.00%, 12/1/2027 | 30,000 | 31,983 |
Falconer Central School District GO, 4.00%, 12/15/2034 | 1,145,000 | 1,172,543 |
Malone Central School District GO, BAN, 4.50%, 6/27/2024 | 5,000,000 | 5,016,016 |
Metropolitan Transportation Authority Series 2015 E-1, Rev., VRDO, LOC : Bank of Montreal, 2.10%, 12/1/2023 (c) | 2,300,000 | 2,300,000 |
New York City Municipal Water Finance Authority | ||
Series 2019FF-1, Rev., 4.00%, 6/15/2049 | 1,530,000 | 1,495,835 |
Series 2023AA Subseries AA-1, Rev., 5.25%, 6/15/2052 | 3,000,000 | 3,290,016 |
Series 2024, Subseries AA-1, Rev., 5.25%, 6/15/2053 | 2,700,000 | 2,981,683 |
New York City Municipal Water Finance Authority, Second General Resolution | ||
Series DD-1, Rev., VRDO, LIQ : TD Bank NA, 1.95%, 12/1/2023 (c) | 2,100,000 | 2,100,000 |
Series 2023, Subseries AA-3, Rev., 5.00%, 6/15/2047 | 725,000 | 783,350 |
New York City Municipal Water Finance Authority, Water and Sewer System, Second General Resolution, Fiscal Year 2023 Series 2023CC, Rev., VRDO, LIQ : Barclays Bank plc, 2.10%, 12/1/2023 (c) | 2,105,000 | 2,105,000 |
New York City Transitional Finance Authority Building Aid, Subordinate | ||
Series 2019 S-2A, Rev., 5.00%, 7/15/2025 (b) | 45,000 | 46,387 |
Series 2019S-2A, Rev., 5.00%, 7/15/2025 | 5,000 | 5,152 |
Series 2023, Subseries S-1A, Rev., 5.00%, 7/15/2035 | 800,000 | 919,817 |
Series 2020S1, Subseries S-1B, Rev., 4.00%, 7/15/2042 | 1,500,000 | 1,498,170 |
New York City Transitional Finance Authority Future Tax Secured Series 2023F, Subseries F-1, Rev., 4.00%, 2/1/2051 | 1,250,000 | 1,205,695 |
New York City Transitional Finance Authority, Building Aid, Fiscal Year 2018 Series 2018S-4A, Rev., 5.00%, 7/15/2033 | 105,000 | 113,715 |
New York City Transitional Finance Authority, Future Tax Secured | ||
Series 2021C, Subseries C-1, Rev., 4.00%, 5/1/2035 | 750,000 | 780,347 |
Series 2020A, Subseries A-2, Rev., 5.00%, 5/1/2039 | 265,000 | 283,127 |
Series 2022B, Subseries B-1, Rev., 4.00%, 8/1/2045 | 5,000,000 | 4,908,904 |
New York City Transitional Finance Authority, Future Tax Secured, Fiscal Year 2003 Series 2003A-4, Rev., VRDO, LIQ : TD Bank NA, 1.95%, 12/1/2023 (c) | 5,090,000 | 5,090,000 |
New York City Transitional Finance Authority, Future Tax Secured, Fiscal Year 2014 Series D-3, Rev., VRDO, LIQ : Mizuho Bank Ltd., 2.00%, 12/1/2023 (c) | 15,700,000 | 15,700,000 |
New York City Transitional Finance Authority, Future Tax Secured, Fiscal Year 2017 Series 2017F-1, Rev., 5.00%, 5/1/2030 | 550,000 | 582,648 |
New York City Transitional Finance Authority, Future Tax Secured, Fiscal Year 2018 Series 2018 -1, Rev., 5.00%, 11/1/2026 | 25,000 | 26,576 |
New York City Transitional Finance Authority, Future Tax Secured, Fiscal Year 2024 | ||
Series 2024C, Rev., 5.25%, 5/1/2048 | 2,000,000 | 2,211,541 |
Series 2024C, Rev., 5.00%, 5/1/2053 | 2,500,000 | 2,694,650 |
New York City Transitional Finance Authority, Future Tax Secured, Tax-Exempt, Fiscal Year 2022 Series 2022F, SubseriesF-1, Rev., 5.00%, 2/1/2036 | 525,000 | 601,261 |
New York City Water and Sewer System, Second General Resolution, Fiscal Year 2020 Series 2022FF, Rev., 4.00%, 6/15/2041 | 1,760,000 | 1,766,931 |
New York Power Authority, Green Transmission Project | ||
Series 2023 A, Rev., AGM, 5.00%, 11/15/2053 | 1,000,000 | 1,070,547 |
Series 2023 A, Rev., AGM, 5.13%, 11/15/2058 | 2,750,000 | 2,953,117 |
New York State Dormitory Authority Series 2015B, Rev., 5.00%, 2/15/2035 | 4,000,000 | 4,061,826 |
New York State Dormitory Authority, Columbia University Series 2018B, Rev., 5.00%, 10/1/2038 | 25,000 | 26,674 |
New York State Dormitory Authority, Cornell University Series 2019D, Rev., 5.00%, 7/1/2033 | 135,000 | 161,218 |
New York State Dormitory Authority, Northwell Health Obligated Group Series 2019A, Rev., 5.00%, 5/1/2029 | 70,000 | 75,386 |
New York State Dormitory Authority, Personal Income Tax | ||
Series 2019D, Rev., 5.00%, 2/15/2034 | 2,000,000 | 2,250,715 |
Series 2021A, Rev., 4.00%, 3/15/2037 | 990,000 | 1,011,285 |
JPMorgan Municipal ETF
SCHEDULE OF PORTFOLIO INVESTMENTS
AS OF November 30, 2023 (Unaudited) (continued)INVESTMENTS | PRINCIPAL AMOUNT($) | VALUE($) |
Municipal Bonds — continued | ||
New York — continued | ||
Series 2021E, Rev., 4.00%, 3/15/2040 | 3,000,000 | 3,008,160 |
New York State Dormitory Authority, State Personal Income Tax | ||
Series 2021E, Rev., 5.00%, 3/15/2033 | 1,610,000 | 1,875,171 |
Series 2021 E, Rev., 4.00%, 3/15/2042 | 1,000,000 | 991,135 |
New York State Dormitory Authority, State Personal Income Tax, General Purpose Series 2018A, Rev., 5.00%, 3/15/2031 | 25,000 | 27,302 |
New York State Dormitory Authority, State Supported Debt University Facilities Series 2019A, Rev., 5.00%, 7/1/2024 | 25,000 | 25,273 |
New York State Housing Finance Agency, 160 Madison Avenue LLC Series 2013A, Rev., VRDO, LOC : Landesbank Hessen-Thuringen, 2.05%, 12/1/2023 (c) | 5,000,000 | 5,000,000 |
New York State Urban Development Corp., State Personal Income Tax, General Purpose | ||
Series A-1, Rev., 5.00%, 12/26/2023 | 25,000 | 25,030 |
Series 2016A, Rev., 5.00%, 3/15/2026 (b) | 30,000 | 31,370 |
Series 2017A, Rev., 5.00%, 3/15/2027 (b) | 150,000 | 161,401 |
Series 2020A, Rev., 4.00%, 3/15/2045 | 500,000 | 489,660 |
New York State Urban Development Corp., State Sales Tax Series 2021A, Rev., 4.00%, 3/15/2046 | 2,500,000 | 2,427,063 |
New York Transportation Development Corp. 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 | ||
Series 2018, Rev., AMT, 5.00%, 1/1/2031 | 1,430,000 | 1,448,425 |
Series 2023, Rev., AMT, 6.00%, 4/1/2035 | 3,000,000 | 3,241,512 |
Onondaga Civic Development Corp., Le Moyne College Project | ||
Rev., 5.00%, 7/1/2027 | 100,000 | 104,197 |
Rev., 5.00%, 7/1/2031 | 360,000 | 383,421 |
Series 2020B, Rev., 5.00%, 7/1/2032 | 250,000 | 263,437 |
Port Authority of New York and New Jersey, Consolidated | ||
Series 214, Rev., AMT, 5.00%, 9/1/2036 | 1,975,000 | 2,078,457 |
Series 223, Rev., AMT, 4.00%, 7/15/2037 | 510,000 | 505,276 |
Port Washington Union Free School District GO, 4.00%, 8/1/2036 | 1,370,000 | 1,432,127 |
Smithtown Central School District | ||
GO, 4.00%, 6/1/2035 | 2,465,000 | 2,610,623 |
GO, 4.00%, 6/1/2036 | 2,125,000 | 2,222,486 |
GO, 4.00%, 6/1/2037 | 2,000,000 | 2,068,082 |
Suffolk County Economic Development Corp., St. Johnland Assisted Living Inc., Project Rev., 5.13%, 11/1/2041 (d) | 340,000 | 275,171 |
Syracuse Industrial Development Agency, Syracuse City School District Project Series 2020A, Rev., 4.00%, 5/1/2036 | 1,275,000 | 1,299,824 |
Town of Stony Point GO, 5.00%, 8/15/2027 | 75,000 | 80,931 |
Triborough Bridge & Tunnel Authority Sales Tax Series 2023A, Rev., 4.13%, 5/15/2053 | 2,250,000 | 2,173,058 |
Triborough Bridge and Tunnel Authority, Payroll Mobility Tax Senior Lien Series 2022D-1A, Rev., 5.00%, 11/15/2037 | 1,000,000 | 1,140,908 |
Tully Central School District GO, BAN, 4.50%, 6/27/2024 | 5,000,000 | 5,018,514 |
Westchester County Local Development Corp., Kendal on Hudson Project Series 2022B, Rev., 5.00%, 1/1/2032 | 240,000 | 240,416 |
Westchester County Local Development Corp., Purchase Senior Learning Community, Inc. Project | ||
Series 2021D, Rev., 2.88%, 7/1/2026 (d) | 250,000 | 238,876 |
Series 2021C-EFRB, Rev., 3.20%, 7/1/2028 (d) | 250,000 | 233,458 |
Yonkers Industrial Development Agency, New Community School Project Rev., 5.00%, 5/1/2042 | 1,445,000 | 1,552,412 |
Total New York | 137,971,972 | |
North Carolina — 0.6% | ||
City of Charlotte Series 2023B, Rev., AMT, 5.00%, 7/1/2048 | 570,000 | 594,241 |
City of Charlotte, North Carolina Government Facilities | ||
Series 2023B, COP, 5.00%, 6/1/2026 | 400,000 | 420,636 |
Series 2023B, COP, 5.00%, 6/1/2027 | 460,000 | 494,708 |
JPMorgan Municipal ETF
SCHEDULE OF PORTFOLIO INVESTMENTS
AS OF November 30, 2023 (Unaudited) (continued)INVESTMENTS | PRINCIPAL AMOUNT($) | VALUE($) |
Municipal Bonds — continued | ||
North Carolina — continued | ||
City of Sanford | ||
Series 2023, Rev., 5.00%, 4/1/2034 | 390,000 | 451,011 |
Series 2023, Rev., 5.00%, 4/1/2036 | 140,000 | 159,737 |
County of Davidson GO, 5.00%, 6/1/2027 | 35,000 | 37,641 |
County of Duplin Rev., 5.00%, 6/1/2028 | 65,000 | 70,204 |
County of Wayne, Limited Obligation Rev., 5.00%, 6/1/2024 | 25,000 | 25,222 |
State of North Carolina, Build NC Programs, Limited Obligation | ||
Series 2014C, Rev., 5.00%, 5/1/2024 | 25,000 | 25,192 |
Series 2020B, Rev., 5.00%, 5/1/2029 | 100,000 | 111,454 |
University of North Carolina, Hospital at Chapel Hill Series A, Rev., VRDO, LIQ : TD Bank NA, 1.95%, 12/1/2023 (c) | 2,900,000 | 2,900,000 |
Total North Carolina | 5,290,046 | |
North Dakota — 0.6% | ||
City of Grand Forks | ||
Series 2023A, Rev., AGM, 5.00%, 12/1/2039 | 400,000 | 429,059 |
Series 2023A, Rev., AGM, 5.00%, 12/1/2040 | 350,000 | 373,692 |
North Dakota Building Authority, Facilities Improvement Series 2020A, Rev., 5.00%, 12/1/2023 | 115,000 | 115,000 |
North Dakota Housing Finance Agency, Home Mortgage Finance Program | ||
Series 2017H, Rev., VRDO, LIQ : Royal Bank of Canada, 3.00%, 12/13/2023 (c) | 1,725,000 | 1,725,000 |
Series 2023A, Rev., 5.75%, 7/1/2053 | 2,250,000 | 2,381,823 |
Total North Dakota | 5,024,574 | |
Ohio — 2.1% | ||
Akron Bath Copley Joint Township Hospital District, Summa Health Obligated Group Rev., 5.00%, 11/15/2029 | 330,000 | 350,878 |
American Municipal Power, Inc., Greenup Hydroelectric Projects Series 2016A, Rev., 5.00%, 2/15/2030 | 25,000 | 25,903 |
Bowling Green State University, General Receipts Series 2016A, Rev., 5.00%, 6/1/2024 | 25,000 | 25,203 |
Buckeye Tobacco Settlement Financing Authority Series 2020B-2, Class 2, Rev., 5.00%, 6/1/2055 | 250,000 | 220,559 |
City of Akron, Income Tax Series 2019, Rev., 4.00%, 12/1/2023 | 175,000 | 175,000 |
City of Cleveland Series 2022A, GO, 5.00%, 12/1/2035 | 460,000 | 525,215 |
City of Reynoldsburg, Limited Tax, Capital Facilities GO, 5.00%, 12/1/2026 | 15,000 | 15,916 |
County of Cuyahoga, Eliza Jennings Senior Care Network Series 2022A, Rev., 5.00%, 5/15/2032 | 340,000 | 321,590 |
County of Franklin, CHE Trinity Health Credit Group Series 2013 OH, Rev., 4.30%, 2/1/2024 (c) | 3,000,000 | 3,003,180 |
County of Summit, Various Purpose Improvement Series 2022, GO, 5.00%, 12/1/2031 | 100,000 | 114,947 |
County of Warren, Healthcare Facilities, Otterbein Homes Obligated Group Series 2019A, Rev., 4.00%, 7/1/2033 | 205,000 | 201,695 |
Northeast Ohio Medical University Series 2022, Rev., 5.00%, 12/1/2035 | 1,000,000 | 1,090,267 |
Ohio Air Quality Development Authority, Duke Energy Corp. | ||
Series 2022B, Rev., 4.00%, 6/1/2027 (c) | 2,000,000 | 2,000,633 |
Series 2022A, Rev., AMT, 4.25%, 6/1/2027 (c) | 1,500,000 | 1,505,303 |
Ohio Higher Educational Facility Commission, Capital University 2022 Project | ||
Rev., 5.00%, 9/1/2031 | 400,000 | 408,968 |
Rev., 5.75%, 9/1/2037 | 500,000 | 518,371 |
Ohio Higher Educational Facility Commission, Denison University Project Series 2017A, Rev., 5.00%, 11/1/2025 | 75,000 | 77,424 |
Ohio Higher Educational Facility Commission, John Carroll university Rev., 4.00%, 10/1/2034 | 440,000 | 434,605 |
Ohio Higher Educational Facility Commission, Tiffin University 2019 Project Rev., 5.00%, 11/1/2034 | 125,000 | 123,393 |
Ohio Higher Educational Facility Commission, University of Findlay 2019 Project Rev., 5.00%, 3/1/2034 | 160,000 | 160,099 |
Ohio Turnpike and Infrastructure Commission, Junior Lien Series 2018A, Rev., 5.00%, 2/15/2027 | 135,000 | 144,270 |
Ohio Water Development Authority Series 2023A, Rev., 5.00%, 12/1/2036 | 1,335,000 | 1,544,345 |
Ohio Water Development Authority Water Pollution Control Loan Fund | ||
Series 2023B, Rev., 5.00%, 12/1/2038 | 1,500,000 | 1,695,393 |
JPMorgan Municipal ETF
SCHEDULE OF PORTFOLIO INVESTMENTS
AS OF November 30, 2023 (Unaudited) (continued)INVESTMENTS | PRINCIPAL AMOUNT($) | VALUE($) |
Municipal Bonds — continued | ||
Ohio — continued | ||
Series 2020 A, Rev., 5.00%, 12/1/2050 | 1,000,000 | 1,063,255 |
Ohio Water Development Authority, Drinking Water Assistance Fund Series 2022A, Rev., 5.00%, 12/1/2041 | 1,000,000 | 1,109,061 |
Ohio Water Development Authority, Fresh Water Series 2016B, Rev., 5.00%, 6/1/2026 | 30,000 | 31,585 |
Ohio Water Development Authority, Water Pollution Control Loan Fund Series 2017A, Rev., 5.00%, 12/1/2026 | 45,000 | 47,947 |
State of Ohio Series 2021B, GO, 5.00%, 9/15/2031 | 210,000 | 243,384 |
State of Ohio, Capital Facilities Lease Appropriation, Administrative Building Fund Projects, Tax Exempt Series 2018A, Rev., 5.00%, 10/1/2034 | 220,000 | 239,521 |
State of Ohio, Cleveland Clinic Health System Obligated Group Series 2017A, Rev., 5.00%, 1/1/2028 | 25,000 | 27,050 |
State of Ohio, Infrastructure Improvement Series 2018A, GO, 5.00%, 9/1/2028 | 25,000 | 27,572 |
State of Ohio, Natural Resources Series 2017V, GO, 5.00%, 10/1/2027 | 35,000 | 37,911 |
Youngstown State University, General Receipts Rev., AGM, 4.00%, 12/15/2030 | 490,000 | 512,374 |
Total Ohio | 18,022,817 | |
Oklahoma — 0.6% | ||
Oklahoma Capitol Improvement Authority Series 2014A, Rev., 5.00%, 7/1/2025 | 1,000,000 | 1,010,224 |
Oklahoma Capitol Improvement Authority, Capitol Repair Project | ||
Series 2018C, Rev., 5.00%, 1/1/2030 | 10,000 | 10,696 |
Series 2018C, Rev., 5.00%, 1/1/2036 | 45,000 | 47,514 |
Oklahoma Capitol Improvement Authority, State Highway, Capital Improvement Rev., 5.00%, 7/1/2024 | 100,000 | 101,000 |
Oklahoma Water Resources Board Series 2023A, Rev., 4.00%, 10/1/2043 | 3,720,000 | 3,759,172 |
Total Oklahoma | 4,928,606 | |
Oregon — 0.3% | ||
Hillsboro School District No. 1J GO, 5.00%, 6/15/2028 | 25,000 | 26,812 |
Salem Hospital Facility Authority, Capital Manor Project Rev., 4.00%, 5/15/2040 | 375,000 | 308,224 |
Salem Hospital Facility Authority, Multi Model, Salem Health Project Series 2019A, Rev., 5.00%, 5/15/2028 | 75,000 | 80,302 |
Tri-County Metropolitan Transportation District of Oregon, Senior Lien Series 2021A, Rev., 5.00%, 9/1/2035 | 1,060,000 | 1,206,551 |
Tri-County Metropolitan Transportation District of Oregon, Senior Lien Payroll Tax Series 2018A, Rev., 5.00%, 9/1/2027 (b) | 45,000 | 48,671 |
Union County Hospital Facility Authority, Grande Ronde Hospital, Inc. | ||
Series 2022, Rev., 5.00%, 7/1/2026 | 300,000 | 307,658 |
Series 2022, Rev., 5.00%, 7/1/2028 | 400,000 | 417,979 |
Total Oregon | 2,396,197 | |
Pennsylvania — 6.8% | ||
Aliquippa School District, Limited Tax GO, 3.88%, 12/1/2037 | 200,000 | 185,665 |
Allegheny County Airport Authority, Pittsburgh International Airport | ||
Series 2023A, Rev., AMT, AGM, 5.50%, 1/1/2048 | 1,500,000 | 1,622,396 |
Series 2023A, Rev., AMT, AGM, 5.50%, 1/1/2053 | 1,000,000 | 1,075,472 |
Allegheny County Higher Education Building Authority Series 2024, Rev., 5.00%, 3/1/2043 (e) | 3,500,000 | 3,737,300 |
Allegheny County Higher Education Building Authority, Carnegie Mellon University Series 2008A, Rev., VRDO, LIQ : Bank of New York Mellon Corp. (The), 2.35%, 12/1/2023 (c) | 6,000,000 | 6,000,000 |
Berks County Industrial Development Authority, The Highlands at Wyomissing Series 2017A, Rev., 5.00%, 5/15/2037 | 250,000 | 244,725 |
Bucks County Community College Authority Series 2019A, Rev., GTD, 5.00%, 6/15/2033 | 35,000 | 37,912 |
Bucks County Water and Sewer Authority | ||
Series 2022A, Rev., AGM, 5.00%, 12/1/2032 | 115,000 | 133,840 |
Series 2022A, Rev., AGM, 5.00%, 12/1/2033 | 105,000 | 122,673 |
Series 2022A, Rev., AGM, 5.00%, 12/1/2036 | 380,000 | 432,834 |
City of Philadelphia, Airport System Series 2017B, Rev., AMT, 5.00%, 7/1/2035 | 2,000,000 | 2,085,646 |
Commonwealth Financing Authority, Tobacco Master Settlement Payment Rev., 5.00%, 6/1/2035 | 225,000 | 238,417 |
JPMorgan Municipal ETF
SCHEDULE OF PORTFOLIO INVESTMENTS
AS OF November 30, 2023 (Unaudited) (continued)INVESTMENTS | PRINCIPAL AMOUNT($) | VALUE($) |
Municipal Bonds — continued | ||
Pennsylvania — continued | ||
Commonwealth of Pennsylvania Series 1, GO, 4.00%, 4/1/2033 | 2,000,000 | 2,000,702 |
County of Chester GO, 5.00%, 11/15/2027 | 30,000 | 32,640 |
County of Lehigh, Lehigh Valley Health Network Hospital Series 2016A, Rev., 4.00%, 7/1/2035 | 175,000 | 174,756 |
Delaware Valley Regional Finance Authority, Local Government Series 2022D, Rev., 4.00%, 3/1/2029 | 1,000,000 | 1,031,863 |
Geisinger Authority, Health System Series 2020B, Rev., 5.00%, 2/15/2027 (c) | 250,000 | 259,262 |
General Authority of Southcentral Pennsylvania, WellSpan Health Obligated Group Series D, Rev., VRDO, LIQ : Bank of America NA, 2.20%, 12/1/2023 (c) | 5,000,000 | 5,000,000 |
Montgomery County Higher Education and Health Authority, Thomas Jefferson University | ||
Rev., 5.00%, 9/1/2027 | 265,000 | 278,888 |
Series 2018A, Rev., 4.00%, 9/1/2038 | 135,000 | 132,571 |
Montgomery County Industrial Development Authority Series 2023A, Rev., 4.10%, 4/3/2028 (c) | 2,250,000 | 2,253,438 |
Pennsylvania Economic Development Financing Authority Series 2021A-2, Rev., 4.60%, 10/1/2026 (c) | 5,000,000 | 5,023,975 |
Pennsylvania Economic Development Financing Authority, The Penndot Major Bridges Rev., AMT, AGM, 5.00%, 12/31/2057 | 425,000 | 428,998 |
Pennsylvania Higher Educational Facilities Authority, State System of Higher Education Series 2017AU-1, Rev., 5.00%, 6/15/2026 | 70,000 | 73,311 |
Pennsylvania Housing Finance Agency, Single Family Mortgage Series 2023-141A, Rev., 5.75%, 10/1/2053 | 4,960,000 | 5,250,778 |
Pennsylvania Turnpike Commission | ||
Series A-1, Rev., 5.00%, 12/1/2029 | 105,000 | 113,120 |
Series A-1, Rev., 5.00%, 12/1/2031 | 60,000 | 64,431 |
Series 2016B, Rev., 4.00%, 6/1/2033 | 575,000 | 582,219 |
Series 2022A, Rev., 5.00%, 12/1/2033 | 1,000,000 | 1,137,717 |
Series 2023-1, Rev., 5.00%, 12/1/2036 | 750,000 | 833,291 |
Series 2023, Rev., 5.00%, 12/1/2039 | 500,000 | 523,606 |
Series 2022B, Rev., 5.25%, 12/1/2041 | 1,000,000 | 1,119,976 |
Philadelphia Authority for Industrial Development, Holy Family University Project Rev., 5.00%, 9/1/2027 | 610,000 | 637,391 |
Philadelphia Energy Authority (The), Philadelphia Street Lighting Project | ||
Series 2023A, Rev., 5.00%, 11/1/2037 | 835,000 | 926,559 |
Series 2023A, Rev., 5.00%, 11/1/2038 | 850,000 | 931,753 |
Series 2023A, Rev., 5.00%, 11/1/2041 | 1,265,000 | 1,358,510 |
School District of Philadelphia (The) Series 2024A, Rev., RAN, 5.00%, 6/28/2024 | 4,750,000 | 4,784,107 |
State Public School Building Authority, Delaware County Community College Project Rev., 5.00%, 10/1/2027 | 25,000 | 26,253 |
Swarthmore Borough Authority Series 2023, Rev., 5.00%, 9/15/2053 | 1,500,000 | 1,629,421 |
Township of Hampton | ||
GO, 5.00%, 1/1/2035 | 150,000 | 168,885 |
GO, 5.00%, 1/1/2037 | 175,000 | 194,493 |
GO, 4.00%, 1/1/2042 | 970,000 | 969,203 |
GO, 4.00%, 1/1/2047 | 700,000 | 676,634 |
Township of Palmer Series 2020C, GO, 4.00%, 11/15/2031 | 175,000 | 182,017 |
Township of Upper St. Clair Series 2016A, GO, 4.00%, 6/1/2025 | 20,000 | 20,278 |
University of Pittsburgh-of the Commonwealth System of Higher Education Series 2023 A, Rev., 5.00%, 2/15/2034 | 3,000,000 | 3,553,634 |
Total Pennsylvania | 58,291,560 | |
Rhode Island — 0.0% ^ | ||
State of Rhode Island and Providence Plantations Consolidated Capital Development Loan Series 2018A, GO, 5.00%, 4/1/2029 | 75,000 | 81,871 |
South Carolina — 0.7% | ||
Charleston County Airport District Rev., 5.00%, 7/1/2035 | 250,000 | 269,901 |
County of Dorchester, Waterworks and Sewer System Series 2023, Rev., 4.25%, 10/1/2048 | 2,320,000 | 2,288,610 |
JPMorgan Municipal ETF
SCHEDULE OF PORTFOLIO INVESTMENTS
AS OF November 30, 2023 (Unaudited) (continued)INVESTMENTS | PRINCIPAL AMOUNT($) | VALUE($) |
Municipal Bonds — continued | ||
South Carolina — continued | ||
Patriots Energy Group Financing Agency Series 2023 SUB B-1, Rev., 5.25%, 3/1/2031 (c) | 2,670,000 | 2,833,567 |
South Carolina Jobs-Economic Development Authority, Episcopal Home at Still Hopes Series 2018A, Rev., 5.00%, 4/1/2033 | 125,000 | 115,823 |
South Carolina Jobs-Economic Development Authority, Wofford College Project Rev., 5.00%, 4/1/2029 | 10,000 | 10,831 |
University of South Carolina, Athletic Facilities Series 2022A, Rev., 5.00%, 5/1/2034 | 415,000 | 473,543 |
Total South Carolina | 5,992,275 | |
South Dakota — 0.2% | ||
City of Rapid City, Sales Tax Rev., 5.00%, 12/1/2023 | 25,000 | 25,000 |
South Dakota Board of Regents Housing and Auxiliary Facilities System Rev., 5.00%, 4/1/2027 | 35,000 | 36,882 |
South Dakota Conservancy District, State Revolving Fund Program Rev., 5.00%, 8/1/2025 | 35,000 | 36,166 |
South Dakota Housing Development Authority Series 2023J, Rev., GNMA / FNMA / FHLMC, 3.88%, 12/13/2023 (c) (e) | 2,000,000 | 2,004,545 |
Total South Dakota | 2,102,593 | |
Tennessee — 3.4% | ||
City of Clarksville | ||
Series 2021A, Rev., 4.00%, 2/1/2041 | 3,950,000 | 3,969,147 |
Series 2021A, Rev., 4.00%, 2/1/2051 | 1,000,000 | 964,378 |
City of Knoxville, Wastewater System Series 2022B, Rev., 4.00%, 4/1/2045 | 2,765,000 | 2,747,787 |
City of Lenoir City, Electric System Series 2022, Rev., 5.00%, 6/1/2033 | 165,000 | 189,383 |
City of Murfreesboro GO, 4.00%, 4/1/2025 | 25,000 | 25,065 |
County of Coffee, Rural High School Series 2021A, GO, 5.00%, 6/1/2028 | 125,000 | 136,654 |
County of Montgomery, Public Improvement GO, 5.00%, 4/1/2027 | 25,000 | 26,757 |
County of Robertson GO, 5.00%, 6/1/2025 | 25,000 | 25,724 |
County of Shelby, Public Improvement Series 2019A, GO, 5.00%, 4/1/2027 | 105,000 | 112,585 |
County of Sullivan GO, 5.00%, 5/1/2026 | 30,000 | 31,473 |
County of Washington Series 2016A, GO, 4.00%, 6/1/2027 | 50,000 | 51,167 |
County of Williamson GO, 5.00%, 4/1/2024 | 20,000 | 20,121 |
Johnson City Health and Educational Facilities Board, Ballad Health Series 2023A, Rev., 5.00%, 7/1/2024 | 625,000 | 628,794 |
Memphis-Shelby County Airport Authority Series 2021A, Rev., AMT, 5.00%, 7/1/2045 | 1,000,000 | 1,031,532 |
Metropolitan Government Nashville and Davidson County, Health and Educational Facilities Board, Belmont University | ||
Rev., 5.00%, 5/1/2026 | 450,000 | 468,780 |
Series 2023, Rev., 5.00%, 5/1/2038 | 400,000 | 431,282 |
Series 2023, Rev., 5.00%, 5/1/2041 | 500,000 | 530,535 |
Metropolitan Government Nashville and Davidson County, Health and Educational Facilities Board, Trevecca Nazarene University Project Series 2021B, Rev., 4.00%, 10/1/2041 | 355,000 | 312,234 |
Metropolitan Government of Nashville and Davidson County | ||
Series A, GO, 5.00%, 7/1/2025 | 10,000 | 10,312 |
GO, 5.00%, 7/1/2031 | 2,000,000 | 2,189,859 |
Metropolitan Government of Nashville and Davidson County, Electric System Series 2014A, Rev., 5.00%, 5/15/2024 | 10,000 | 10,084 |
Metropolitan Nashville Airport Authority (The) | ||
Series 2022B, Rev., AMT, 5.50%, 7/1/2036 | 600,000 | 676,646 |
Series 2022B, Rev., AMT, 5.25%, 7/1/2047 | 630,000 | 664,094 |
Series 2022B, Rev., AMT, 5.00%, 7/1/2052 | 500,000 | 511,683 |
Shelby County Health Educational and Housing Facilities Board, Methodist Le Bonheur Healthcare | ||
Series 2017A, Rev., 5.00%, 5/1/2024 | 155,000 | 155,856 |
Series 2017A, Rev., 5.00%, 5/1/2027 | 200,000 | 210,896 |
Shelby County Health Educational and Housing Facilities Board, The Farms at Bailey Station Project | ||
Series 2019A, Rev., 5.00%, 10/1/2029 | 150,000 | 134,244 |
JPMorgan Municipal ETF
SCHEDULE OF PORTFOLIO INVESTMENTS
AS OF November 30, 2023 (Unaudited) (continued)INVESTMENTS | PRINCIPAL AMOUNT($) | VALUE($) |
Municipal Bonds — continued | ||
Tennessee — continued | ||
Series 2019A, Rev., 5.50%, 10/1/2034 | 150,000 | 128,109 |
State of Tennessee | ||
Series A, GO, 5.00%, 9/1/2024 (b) | 25,000 | 25,347 |
Series 2023A, GO, 5.00%, 5/1/2038 | 10,000,000 | 11,284,021 |
Tennessee Energy Acquisition Corp., Gas Project Series 2023A-1, Rev., 5.00%, 5/1/2028 (c) | 1,250,000 | 1,278,286 |
Total Tennessee | 28,982,835 | |
Texas — 8.0% | ||
Alamo Community College District, Limited Tax GO, 5.00%, 2/15/2024 | 75,000 | 75,265 |
Aledo Independent School District, Unlimited Tax | ||
GO, PSF-GTD, 5.00%, 2/15/2042 | 500,000 | 544,608 |
GO, PSF-GTD, 5.00%, 2/15/2048 | 5,615,000 | 6,024,893 |
Angleton Independent School District, Unlimited Tax GO, 5.00%, 2/15/2036 | 2,140,000 | 2,414,542 |
Arlington Higher Education Finance Corp., Trinity Basin Preparatory, Inc. | ||
Rev., PSF-GTD, 5.00%, 8/15/2026 | 160,000 | 167,778 |
Rev., PSF-GTD, 5.00%, 8/15/2027 | 145,000 | 154,625 |
Rev., PSF-GTD, 5.00%, 8/15/2028 | 150,000 | 162,192 |
Rev., PSF-GTD, 5.00%, 8/15/2029 | 130,000 | 142,443 |
Rev., PSF-GTD, 5.00%, 8/15/2030 | 100,000 | 111,005 |
Rev., PSF-GTD, 5.00%, 8/15/2031 | 120,000 | 134,911 |
Rev., PSF-GTD, 5.00%, 8/15/2032 | 125,000 | 140,250 |
Austin Independent School District, Unlimited Tax Series 2022B, GO, PSF-GTD, 5.00%, 8/1/2028 | 50,000 | 54,873 |
Board of Regents of the University of Texas System, Financing System Series 2016D, Rev., 5.00%, 8/15/2024 | 50,000 | 50,664 |
Brushy Creek Regional Utility Authority, Inc., Brushy Creek Regional Water Treatment and Distribution Project Rev., 5.00%, 8/1/2026 | 85,000 | 89,016 |
City of Austin, Airport System | ||
Series 2019B, Rev., AMT, 5.00%, 11/15/2029 | 240,000 | 259,026 |
Rev., AMT, 5.00%, 11/15/2035 | 1,000,000 | 1,098,121 |
Series 2017B, Rev., AMT, 5.00%, 11/15/2046 | 1,000,000 | 1,003,651 |
City of Corpus Christi, Certificates of Obligation Series 2016A, GO, 4.00%, 3/1/2026 | 100,000 | 101,924 |
City of Corpus Christi, Utility System Series 2022B, Rev., 5.00%, 7/15/2032 | 325,000 | 372,140 |
City of Dallas Housing Finance Corp., Rosemont At Ash Creek Apartments Series 2023, Rev., FHA, 5.00%, 12/1/2025 (c) | 1,375,000 | 1,408,336 |
City of Georgetown, Utilities System | ||
Series 2023, Rev., 5.00%, 8/15/2025 | 520,000 | 534,982 |
Series 2023, Rev., 5.00%, 8/15/2038 | 1,375,000 | 1,506,753 |
City of Grand Prairie GO, 4.00%, 2/15/2037 | 600,000 | 611,688 |
City of Houston, Airport System, Subordinate Lien Series 2021A, Rev., AMT, 5.00%, 7/1/2033 | 150,000 | 164,165 |
City of Houston, Combined Utility System, First Lien Series 2018D, Rev., 5.00%, 11/15/2030 | 45,000 | 49,312 |
City of League City, Combination Tax GO, 5.00%, 2/15/2027 | 20,000 | 20,785 |
City of Pflugerville, Limited Tax GO, 5.00%, 8/1/2026 | 25,000 | 26,345 |
City of San Angelo GO, 5.00%, 2/15/2027 | 20,000 | 21,253 |
City of San Antonio, Electric and Gas Systems Series 2023B, Rev., 5.25%, 2/1/2041 | 1,560,000 | 1,747,925 |
City of San Marcos, Combination Tax, Certificates of Obligation GO, 5.00%, 8/15/2031 | 170,000 | 181,245 |
Clifton Higher Education Finance Corp. | ||
Series 2023, Rev., PSF-GTD, 5.00%, 4/1/2025 | 195,000 | 199,194 |
Series 2023, Rev., PSF-GTD, 5.00%, 4/1/2026 | 250,000 | 259,318 |
Series 2023, Rev., PSF-GTD, 5.00%, 4/1/2038 | 265,000 | 283,799 |
Series 2023, Rev., PSF-GTD, 4.25%, 4/1/2048 | 1,000,000 | 963,011 |
JPMorgan Municipal ETF
SCHEDULE OF PORTFOLIO INVESTMENTS
AS OF November 30, 2023 (Unaudited) (continued)INVESTMENTS | PRINCIPAL AMOUNT($) | VALUE($) |
Municipal Bonds — continued | ||
Texas — continued | ||
Clifton Higher Education Finance Corp., Yes Prep Public Schools, Inc. | ||
Rev., PSF-GTD, 5.00%, 4/1/2030 | 185,000 | 202,509 |
Rev., PSF-GTD, 4.00%, 4/1/2031 | 75,000 | 77,300 |
Clint Independent School District, Unlimited Tax Series 2015A, GO, PSF-GTD, 5.00%, 2/15/2024 | 25,000 | 25,088 |
County of Harris, Unlimited Tax Series 2017A, GO, 5.00%, 10/1/2026 | 25,000 | 26,466 |
County of Hays, Limited Tax GO, 5.00%, 2/15/2026 | 20,000 | 20,826 |
County of Montgomery, Unlimited Tax GO, 5.00%, 3/1/2025 | 25,000 | 25,565 |
County of Williamson, Limited Tax GO, 5.00%, 2/15/2026 | 40,000 | 41,783 |
Crandall Independent School District Series 2023, GO, PSF-GTD, 5.00%, 8/15/2053 | 595,000 | 634,495 |
Crandall Independent School District, Unlimited Tax Series 2023, GO, PSF-GTD, 5.00%, 8/15/2048 | 1,000,000 | 1,074,556 |
Crowley Independent School District | ||
Series 2023, GO, PSF-GTD, 5.00%, 2/1/2039 | 2,800,000 | 3,118,146 |
Series 2023, GO, PSF-GTD, 5.00%, 2/1/2041 | 5,100,000 | 5,629,850 |
Cypress-Fairbanks Independent School District, Unlimited Tax Series 2015A, GO, PSF-GTD, 5.00%, 2/15/2025 | 20,000 | 20,451 |
Dallas Area Rapid Transit, Sales Tax, Senior Lien Series 2014A, Rev., 5.00%, 12/1/2024 (b) | 200,000 | 203,460 |
Denton Independent School District Series 2023, GO, PSF-GTD, 5.00%, 8/15/2043 | 1,805,000 | 1,986,136 |
Glen Rose Independent School District Series 2023, GO, PSF-GTD, 5.00%, 8/15/2036 | 1,000,000 | 1,103,062 |
Glen Rose Independent School District, Unlimited tax Series 2023, GO, PSF-GTD, 5.00%, 8/15/2035 | 1,000,000 | 1,112,808 |
Laredo Independent School District, Unlimited Tax GO, PSF-GTD, 5.00%, 8/1/2024 | 25,000 | 25,297 |
Lower Colorado River Authority, LCRA Transmission Services Corp. Project Rev., 5.00%, 5/15/2035 | 155,000 | 166,531 |
Melissa Independent School District, Unlimited Tax Series 2023, GO, PSF-GTD, 5.00%, 2/1/2041 | 1,000,000 | 1,103,780 |
Metropolitan Transit Authority of Harris County, Sales and Use Tax Series 2017A, Rev., 5.00%, 11/1/2025 | 45,000 | 46,649 |
Metropolitan Transit Authority of Harris County, Sales and Use Tax, Contractual Obligations Series B, Rev., 5.00%, 11/1/2029 | 25,000 | 26,860 |
North East Independent School District, Unlimited Tax GO, PSF-GTD, 5.00%, 8/1/2025 | 20,000 | 20,594 |
North Texas Municipal Water District, Wastewater System Rev., 5.00%, 6/1/2027 | 20,000 | 21,502 |
North Texas Tollway Authority System, First Tier Series 2023 A, Rev., 5.00%, 1/1/2026 | 3,740,000 | 3,886,139 |
Northside Independent School District, Unlimited Tax GO, PSF-GTD, 5.00%, 8/15/2024 | 65,000 | 65,773 |
Northwest Independent School District, Unlimited Tax Series 2023, GO, PSF-GTD, 5.00%, 2/15/2039 | 2,500,000 | 2,757,720 |
Permanent University Fund - University of Texas System Series 2016A, Rev., 5.00%, 7/1/2024 | 85,000 | 85,928 |
Prosper Independent School District, Unlimited Tax School Building GO, PSF-GTD, 5.00%, 2/15/2037 | 25,000 | 26,514 |
San Antonio Education Facilities Corp., Hallmark University Project Series 2021A, Rev., 5.00%, 10/1/2041 | 100,000 | 82,005 |
San Antonio Water System, Junior Lien Series 2017A, Rev., 5.00%, 5/15/2025 | 25,000 | 25,701 |
Sherman Independent School District, Unlimited Tax Series 2018A, GO, PSF-GTD, 5.00%, 2/15/2030 | 25,000 | 27,095 |
State of Texas, Transportation Commission Mobility Fund Series 2015-A, GO, 5.00%, 10/1/2024 | 50,000 | 50,782 |
Stephen F Austin State University, Financing System Series 2019A, Rev., 5.00%, 10/15/2026 | 60,000 | 63,205 |
Tarrant County Cultural Education Facilities Finance Corp., Baylor Scott & White Health Project Series 2022F, Rev., 5.00%, 11/15/2030 (c) | 2,000,000 | 2,200,667 |
Tarrant Regional Water District Water Supply System Series 2022, Rev., 5.00%, 3/1/2048 | 4,930,000 | 5,208,705 |
Tarrant Regional, Water Control and Improvement District, Water System Rev., 5.00%, 3/1/2025 | 25,000 | 25,577 |
Texas A&M University, Financing System Series 2017E, Rev., 5.00%, 5/15/2030 | 155,000 | 164,612 |
Texas Private Activity Bond Surface Transportation Corp. Series 2023, Rev., AMT, 5.25%, 12/31/2036 | 2,700,000 | 2,858,826 |
Texas Public Finance Authority | ||
Series 2023, Rev., 5.00%, 5/1/2026 | 500,000 | 517,458 |
Series 2023, Rev., 5.00%, 5/1/2027 | 625,000 | 657,194 |
Texas State Affordable Housing Corp., Juniper Creek Apartments Project Series 2023, Rev., 3.75%, 7/1/2026 (c) | 3,000,000 | 2,990,719 |
Texas Tech University System Series 2017A, Rev., 5.00%, 2/15/2024 | 35,000 | 35,124 |
JPMorgan Municipal ETF
SCHEDULE OF PORTFOLIO INVESTMENTS
AS OF November 30, 2023 (Unaudited) (continued)INVESTMENTS | PRINCIPAL AMOUNT($) | VALUE($) |
Municipal Bonds — continued | ||
Texas — continued | ||
Texas Water Development Board | ||
Series 2023 A, Rev., 5.00%, 10/15/2024 | 1,000,000 | 1,016,488 |
Series 2023 A, Rev., 5.00%, 10/15/2037 | 1,700,000 | 1,942,235 |
Series 2023 A, Rev., 5.00%, 10/15/2058 | 1,725,000 | 1,842,862 |
Tomball Independent School District Series 2018, GO, PSF-GTD, 5.00%, 2/15/2024 | 110,000 | 110,400 |
Trinity River Authority | ||
Series 2023, Rev., 5.00%, 8/1/2036 | 1,120,000 | 1,279,629 |
Series 2023, Rev., 5.00%, 8/1/2037 | 1,175,000 | 1,327,036 |
Series 2023, Rev., 5.00%, 2/1/2041 | 700,000 | 772,530 |
Series 2023, Rev., 5.00%, 2/1/2042 | 675,000 | 742,899 |
Trinity River Authority, Water Project Rev., 5.00%, 2/1/2026 | 60,000 | 62,555 |
Total Texas | 68,620,130 | |
Utah — 1.2% | ||
City of Salt Lake City, Airport System | ||
Series 2021A, Rev., AMT, 5.00%, 7/1/2029 | 2,350,000 | 2,522,706 |
Series 2023A, Rev., AMT, 5.25%, 7/1/2040 | 1,060,000 | 1,148,291 |
Series 2023A, Rev., AMT, 5.25%, 7/1/2048 | 1,750,000 | 1,848,447 |
City of Salt Lake City, Sales and Excise Tax Series 2022A, Rev., 4.00%, 10/1/2030 | 155,000 | 165,240 |
City of South Jordan, Sales Tax Rev., 5.00%, 8/15/2029 | 45,000 | 50,302 |
County of Summit, Sales Tax Rev., 5.00%, 12/15/2023 | 70,000 | 70,037 |
Metropolitan Water District of Salt Lake and Sandy Series 2021A, Rev., 4.00%, 7/1/2030 | 365,000 | 390,653 |
Snyderville Basin Special Recreation District GO, 4.00%, 12/15/2025 | 100,000 | 102,096 |
Utah Charter School Finance Authority, The Freedom Academy Foundation, St. George Campus Project Series 2021A, Rev., 5.00%, 6/15/2041 (d) | 150,000 | 131,940 |
Utah Infrastructure Agency | ||
Rev., 5.00%, 10/15/2027 | 130,000 | 132,213 |
Rev., 5.00%, 10/15/2032 | 310,000 | 315,959 |
Utah Telecommunication Open Infrastructure Agency, Sales Tax and Telecommunications | ||
Rev., 5.25%, 6/1/2033 | 250,000 | 287,354 |
Rev., 5.25%, 6/1/2034 | 325,000 | 373,518 |
Rev., 5.25%, 6/1/2035 | 580,000 | 664,231 |
Utah Transit Authority Series 2023, Rev., 5.00%, 12/15/2041 | 1,235,000 | 1,377,162 |
Utah Transit Authority, Sales Tax Series 2007A, Rev., BHAC - CR, MBIA, 5.00%, 6/15/2035 | 295,000 | 342,404 |
Total Utah | 9,922,553 | |
Virginia — 2.1% | ||
City of Richmond, Public Improvement Series 2017B, GO, 5.00%, 7/15/2027 | 175,000 | 188,883 |
Commonwealth of Virginia Series 2018A, GO, 5.00%, 6/1/2030 | 25,000 | 27,439 |
County of Fairfax | ||
Series 2023A, GO, 4.00%, 10/1/2038 | 2,000,000 | 2,052,563 |
Series 2023A, GO, 4.00%, 10/1/2039 | 2,000,000 | 2,043,381 |
County of Spotsylvania, Public Improvement GO, 5.00%, 7/15/2029 | 85,000 | 93,708 |
Isle of Wight County Economic Development Authority Series 2023, Rev., AGM, 5.25%, 7/1/2043 (e) | 1,500,000 | 1,624,395 |
Loudoun County Economic Development Authority, Howard Hughes Medical Institute Series E, Rev., VRDO, 2.96%, 12/13/2023 (c) | 4,000,000 | 4,000,000 |
Northern Virginia Transportation Commission, Transforming Rail in Virginia Program Rev., 5.00%, 6/1/2040 | 640,000 | 711,203 |
Virginia College Building Authority Series 2023A, Rev., 4.00%, 9/1/2040 | 1,485,000 | 1,510,965 |
Virginia Commonwealth Transportation Board Rev., 4.00%, 5/15/2045 | 2,000,000 | 2,007,291 |
JPMorgan Municipal ETF
SCHEDULE OF PORTFOLIO INVESTMENTS
AS OF November 30, 2023 (Unaudited) (continued)INVESTMENTS | PRINCIPAL AMOUNT($) | VALUE($) |
Municipal Bonds — continued | ||
Virginia — continued | ||
Virginia Small Business Financing Authority, Environmental Facilities Series 2022, Rev., 5.00%, 11/15/2024 (c) | 1,500,000 | 1,504,425 |
Virginia Small Business Financing Authority, Senior Lien Rev., AMT, 4.00%, 7/1/2032 | 250,000 | 248,383 |
Virginia Small Business Financing Authority, Senior Lien, Elizabeth River Crossing Opco, LLC Project Rev., AMT, 4.00%, 1/1/2036 | 2,000,000 | 1,953,503 |
Total Virginia | 17,966,139 | |
Washington — 3.3% | ||
Auburn School District No. 408 of King and Pierce Counties, Unlimited Tax GO, 4.00%, 12/1/2036 | 1,000,000 | 1,015,574 |
Central Puget Sound Regional Transit Authority Series 2021S-1, Rev., 4.00%, 11/1/2040 | 2,000,000 | 2,018,967 |
Central Puget Sound Regional Transit Authority, Sales and Use Tax Series 2015S-1, Rev., 5.00%, 11/1/2024 | 30,000 | 30,510 |
City of Bonney Lake, Water and Sewer System Rev., 4.00%, 12/1/2030 | 10,000 | 10,184 |
City of Seattle, Drainage and Wastewater System Improvement Rev., 4.00%, 4/1/2026 | 20,000 | 20,496 |
City of Seattle, Water System Rev., 5.00%, 8/1/2024 | 35,000 | 35,429 |
City of University Place, Limited Tax GO, 5.00%, 12/1/2026 | 85,000 | 89,291 |
Clark County School District No. 101 La Center, Unlimited Tax GO, 5.00%, 12/1/2029 | 50,000 | 54,584 |
County of King Series 2023 B, GO, 5.00%, 12/1/2053 | 6,055,000 | 6,509,023 |
County of King, Limited Tax | ||
Series 2013B, GO, 5.00%, 3/5/2024 | 20,000 | 20,086 |
Series 2015A, GO, 5.00%, 7/1/2025 | 50,000 | 51,050 |
County of Snohomish, Limited Tax GO, 5.00%, 12/1/2025 | 10,000 | 10,280 |
County of Spokane, Limited Tax Series 2022A, GO, 5.00%, 12/1/2042 | 900,000 | 985,773 |
Energy Northwest, Bonneville Power Administrator Series 2016-A, Rev., 5.00%, 7/1/2028 | 25,000 | 26,310 |
Energy Northwest, Columbia Generating Station Series 2021A, Rev., 4.00%, 7/1/2042 | 3,760,000 | 3,775,379 |
Energy Northwest, Project 1 Series 2017A, Rev., 5.00%, 7/1/2028 | 55,000 | 59,135 |
Franklin County School District No. 1 Pasco, Unlimited Tax GO, 5.00%, 12/1/2030 | 35,000 | 37,732 |
King County Public Hospital District No. 2, Evergreen Healthcare, Limited Tax GO, 5.00%, 12/1/2024 (b) | 105,000 | 106,920 |
King County School District No. 403 Renton, Unlimited Tax GO, 4.00%, 12/1/2023 | 160,000 | 160,000 |
King County School District No. 405 Bellevue, Unlimited Tax GO, 5.00%, 12/1/2026 | 20,000 | 21,280 |
King County School District No. 411 Issaquah, Unlimited Tax GO, 5.00%, 12/1/2024 | 35,000 | 35,661 |
Mason County School District No. 309 Shelton, Unlimited Tax GO, 5.00%, 12/1/2029 | 45,000 | 48,093 |
North Thurston Public Schools, Unlimited Tax GO, 4.00%, 12/1/2036 | 2,100,000 | 2,154,640 |
Pierce County School District No. 403 Bethel, Unlimited Tax GO, 4.00%, 12/1/2023 | 20,000 | 20,000 |
Pierce County School District No. 416 White River, Unlimited Tax GO, 5.00%, 12/1/2025 | 50,000 | 51,992 |
Port of Seattle, Intermediate Lien Series 2022B, Rev., AMT, 4.00%, 8/1/2047 | 400,000 | 371,054 |
Snohomish County School District No. 15 Edmonds, Unlimited Tax GO, 5.00%, 12/1/2025 | 25,000 | 25,996 |
Snohomish County School District No. 4 Lake Stevens, Unlimited Tax GO, 5.00%, 12/1/2024 | 25,000 | 25,472 |
Snohomish County School District No. 6 Mukilteo, Unlimited Tax GO, 5.00%, 12/1/2023 | 105,000 | 105,000 |
Spokane County School District No. 354 Mead, Unlimited Tax GO, 5.00%, 12/1/2024 | 20,000 | 20,364 |
State of Washington, State and Local Agency Real and Personal Property Series 2015-C, COP, 5.00%, 1/1/2029 | 55,000 | 57,090 |
State of Washington, Various Purpose | ||
Series 2021B, GO, 5.00%, 6/1/2033 | 1,000,000 | 1,125,998 |
Series 2020C, GO, 5.00%, 2/1/2043 | 700,000 | 750,570 |
Series 2023B, GO, 5.00%, 2/1/2043 | 2,000,000 | 2,204,001 |
Series 2022A, GO, 5.00%, 8/1/2043 | 1,170,000 | 1,272,684 |
Series 2024B, GO, 5.00%, 6/1/2044 | 3,000,000 | 3,305,772 |
Washington Health Care Facilities Authority, Providence St. Joseph Health Series 2018B, Rev., 5.00%, 10/1/2028 | 30,000 | 32,031 |
Washington State Housing Finance Commission | ||
Series 2023A, Rev., 5.00%, 7/1/2026 | 285,000 | 290,710 |
JPMorgan Municipal ETF
SCHEDULE OF PORTFOLIO INVESTMENTS
AS OF November 30, 2023 (Unaudited) (continued)INVESTMENTS | PRINCIPAL AMOUNT($) | VALUE($) |
Municipal Bonds — continued | ||
Washington — continued | ||
Series 2023A, Rev., 5.00%, 7/1/2027 | 350,000 | 360,835 |
Washington State Housing Finance Commission, Seattle Academy Of Arts and Science Project Series 2023, Rev., 5.63%, 7/1/2038 (d) | 1,215,000 | 1,311,183 |
Total Washington | 28,607,149 | |
West Virginia — 0.5% | ||
State of West Virginia Series 2019 A, GO, 5.00%, 12/1/2035 | 1,055,000 | 1,158,010 |
West Virginia Hospital Finance Authority, University Health System Series 2023 A, Rev., 5.00%, 6/1/2040 | 1,800,000 | 1,913,102 |
West Virginia Hospital Finance Authority, Vandalia Health Group Series 2023B, Rev., AGM, 5.00%, 9/1/2040 | 1,000,000 | 1,041,837 |
Total West Virginia | 4,112,949 | |
Wisconsin — 1.5% | ||
City of Oshkosh, Sewer | ||
Series 2022E, Rev., 5.00%, 5/1/2027 | 550,000 | 588,392 |
Series 2022E, Rev., 5.00%, 5/1/2029 | 605,000 | 667,885 |
City of Oshkosh, Water | ||
Series 2022D, Rev., 5.00%, 1/1/2027 | 165,000 | 175,320 |
Series 2022D, Rev., 5.00%, 1/1/2028 | 180,000 | 194,762 |
Hamilton School District, School Building and Improvement GO, 5.00%, 4/1/2025 | 60,000 | 61,542 |
Public Finance Authority | ||
Series 2023, Rev., AMT, 5.00%, 7/1/2025 | 265,000 | 267,880 |
Series 2023, Rev., AMT, 5.00%, 7/1/2026 | 450,000 | 459,606 |
Series 2023, Rev., AMT, 5.00%, 7/1/2027 | 790,000 | 814,612 |
Public Finance Authority, Acts Retirement Life Communities, Inc., Obligated Group Series 2020A, Rev., 4.00%, 11/15/2037 | 300,000 | 268,451 |
Public Finance Authority, Eastern Michigan University Student Housing Project Series 2022A-1, Rev., 5.00%, 7/1/2032 | 500,000 | 563,028 |
Public Finance Authority, Lenoir-Rhyne University | ||
Series 2022, Rev., 5.00%, 4/1/2029 | 1,155,000 | 1,173,525 |
Series 2022, Rev., 5.00%, 4/1/2030 | 1,215,000 | 1,233,504 |
Series 2022, Rev., 5.00%, 4/1/2031 | 1,275,000 | 1,293,499 |
Series 2022, Rev., 5.00%, 4/1/2032 | 665,000 | 673,704 |
Public Finance Authority, Piedmont Community Charter School Rev., 5.00%, 6/15/2039 | 200,000 | 198,372 |
Public Finance Authority, Scotland Healthcare System Series 2021A, Rev., 5.00%, 10/1/2027 | 500,000 | 518,690 |
Public Finance Authority, Triad Educational Services, Inc. | ||
Rev., 5.00%, 6/15/2032 | 365,000 | 373,696 |
Rev., 5.00%, 6/15/2042 | 380,000 | 360,548 |
Public Finance Authority, Ultimate Medical Academy Project Series 2019A, Rev., 5.00%, 10/1/2029 (d) | 150,000 | 154,028 |
State of Wisconsin | ||
Series 2016-1, GO, 5.00%, 11/1/2024 | 40,000 | 40,702 |
Series 2016-2, GO, 5.00%, 11/1/2026 | 50,000 | 52,285 |
Series 2023B, GO, 5.00%, 5/1/2035 | 1,280,000 | 1,480,411 |
State of Wisconsin, Clean Water Fund Leveraged Loan Portfolio Series 20161, Rev., 5.00%, 6/1/2024 (b) | 65,000 | 65,546 |
State of Wisconsin, Environmental Improvement Fund | ||
Series 2018A, Rev., 5.00%, 6/1/2025 | 35,000 | 36,081 |
Series 2018A, Rev., 5.00%, 6/1/2026 | 20,000 | 21,042 |
Village of Pleasant Prairie GO, 4.00%, 8/1/2024 | 10,000 | 10,042 |
Wisconsin Department of Transportation | ||
Series 2017 2, Rev., 5.00%, 7/1/2031 | 180,000 | 192,178 |
Series 2017 2, Rev., 5.00%, 7/1/2032 | 50,000 | 53,365 |
JPMorgan Municipal ETF
SCHEDULE OF PORTFOLIO INVESTMENTS
AS OF November 30, 2023 (Unaudited) (continued)INVESTMENTS | PRINCIPAL AMOUNT($) | VALUE($) |
Municipal Bonds — continued | ||
Wisconsin — continued | ||
Wisconsin Health and Educational Facilities Authority, Oakwood Lutheran Senior Ministries | ||
Rev., 4.00%, 1/1/2026 | 175,000 | 166,464 |
Rev., 4.00%, 1/1/2027 | 175,000 | 162,515 |
Wisconsin Health and Educational Facilities Authority, St. Camillus Health System Series 2019A, Rev., 5.00%, 11/1/2029 | 150,000 | 141,553 |
WPPI Energy Series 2016A, Rev., 5.00%, 7/1/2024 | 170,000 | 171,661 |
Total Wisconsin | 12,634,889 | |
Total Municipal Bonds (Cost $798,007,552) | 804,948,077 | |
U.S. Treasury Obligations — 0.5% | ||
U.S. Treasury Notes 3.88%, 4/30/2025 (Cost $3,988,363) | 4,000,000 | 3,940,312 |
SHARES | ||
Short-Term Investments — 7.0% | ||
Investment Companies — 7.0% | ||
JPMorgan Institutional Tax Free Money Market Fund Class IM Shares, 3.14% (f) (g) (Cost $60,345,875) | 60,344,403 | 60,350,438 |
Total Investments — 101.2% (Cost $862,341,790) | 869,238,827 | |
Liabilities in Excess of Other Assets — (1.2)% | (10,000,568 ) | |
NET ASSETS — 100.0% | 859,238,259 |
Percentages indicated are based on net assets. |
Abbreviations | |
AGM | Insured by Assured Guaranty Municipal Corp. |
AMT | Alternative Minimum Tax |
BAN | Bond Anticipation Note |
BHAC | Insured by Berkshire Hathaway Assurance Corp. |
COLL | Collateral |
COP | Certificate of Participation |
CR | Custodial Receipts |
FHA | Federal Housing Administration |
FHLMC | Federal Home Loan Mortgage Corp. |
FNMA | Federal National Mortgage Association |
GNMA | Government National Mortgage Association |
GO | General Obligation |
GTD | Guaranteed |
LIQ | Liquidity Agreement |
LOC | Letter of Credit |
MBIA | Insured by Municipal Bond Insurance Corp. |
PSF-GTD | Permanent School Fund Guaranteed |
Q-SBLF | Qualified School Bond Loan Fund |
RAN | Revenue Anticipation Note |
Rev. | Revenue |
VRDO | Variable Rate Demand Obligation |
^ | Amount rounds to less than 0.1% of net assets. | |
(a) | The date shown represents the earliest of the prerefunded date, next put date or final maturity date. | |
(b) | Security is prerefunded or escrowed to maturity. |
JPMorgan Municipal ETF
SCHEDULE OF PORTFOLIO INVESTMENTS
AS OF November 30, 2023 (Unaudited) (continued)(c) | 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. | |
(d) | Securities exempt from registration under Rule 144A or section 4(a)(2), of the Securities Act of 1933, as amended. | |
(e) | All or a portion of the security is a when-issued security, delayed delivery security, or forward commitment. | |
(f) | Investment in an affiliated fund, which is registered under the Investment Company Act of 1940, as amended, and is advised by J.P. Morgan Investment Management Inc. | |
(g) | The rate shown is the current yield as of November 30, 2023. |
Futures contracts outstanding as of November 30, 2023:
DESCRIPTION | NUMBER OF CONTRACTS | EXPIRATION DATE | TRADING CURRENCY | NOTIONAL AMOUNT ($) | VALUE AND UNREALIZED APPRECIATION (DEPRECIATION) ($) |
Long Contracts | |||||
U.S. Treasury 2 Year Note | 27 | 03/28/2024 | USD | 5,522,344 | 14,361 |
U.S. Treasury 5 Year Note | 63 | 03/28/2024 | USD | 6,736,570 | 26,124 |
40,485 |
Abbreviations | |
USD | United States Dollar |
Centrally Cleared Credit default swap contracts outstanding - buy protection(*) as of November 30, 2023:
REFERENCE OBLIGATION/INDEX | FINANCING RATE PAID BY THE FUND (%) | PAYMENT FREQUENCY | MATURITY DATE | IMPLIED CREDIT SPREAD (%)(a) | NOTIONAL AMOUNT(b) | UPFRONT PAYMENTS (RECEIPTS) ($)(c) | UNREALIZED APPRECIATION (DEPRECIATION) ($) | VALUE ($) |
CDX.NA.HY.41-V2 | 5.00 | Quarterly | 12/20/2028 | 4.03 | USD9,350,000 | (84,195 ) | (367,747 ) | (451,942 ) |
(*) | 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 | |
CDX | Credit Default Swap Index |
USD | United States Dollar |
JPMorgan Municipal ETF
SCHEDULE OF PORTFOLIO INVESTMENTS
AS OF November 30, 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 NAVs per share as of the report date.
Futures contracts are generally valued on the basis of available market quotations. Swaps 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.
The following table represents each valuation input as presented on the Schedule of Portfolio Investments:
Level 1 Quoted prices | Level 2 Other significant observable inputs | Level 3 Significant unobservable inputs | Total | |
Investments in Securities | ||||
Municipal Bonds | $— | $804,948,077 | $— | $804,948,077 |
U.S. Treasury Obligations | — | 3,940,312 | — | 3,940,312 |
JPMorgan Municipal ETF
SCHEDULE OF PORTFOLIO INVESTMENTS
AS OF November 30, 2023 (Unaudited) (continued)Level 1 Quoted prices | Level 2 Other significant observable inputs | Level 3 Significant unobservable inputs | Total | |
Short-Term Investments | ||||
Investment Companies | $60,350,438 | $— | $— | $60,350,438 |
Total Investments in Securities | $60,350,438 | $808,888,389 | $— | $869,238,827 |
Appreciation in Other Financial Instruments | ||||
Futures Contracts | $40,485 | $— | $— | $40,485 |
Depreciation in Other Financial Instruments | ||||
Swaps | — | (367,747 ) | — | (367,747 ) |
Total Net Appreciation/ Depreciation in Other Financial Instruments | $40,485 | $(367,747 ) | $— | $(327,262 ) |
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) | $28,406,555 | $(87 ) | $2,787 | $60,350,438 | 60,344,403 | $1,359,382 | $— |
(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. |
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.
JPMorgan Municipal ETF
SCHEDULE OF PORTFOLIO INVESTMENTS
AS OF November 30, 2023 (Unaudited) (continued)Notes (1) — (2) 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 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). 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
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AS OF November 30, 2023 (Unaudited) (continued)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.
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.