JPMorgan BetaBuilders 1-5 Year U.S. Aggregate Bond ETF
Schedule of Portfolio Investments as of May 31, 2024
(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., 2024. |
JPMorgan BetaBuilders 1-5 Year U.S. Aggregate Bond ETF
SCHEDULE OF PORTFOLIO INVESTMENTS
AS OF May 31, 2024 (Unaudited)INVESTMENTS | PRINCIPAL AMOUNT($) | VALUE($) |
U.S. Treasury Obligations — 60.5% | ||
U.S. Treasury Bonds | ||
7.63%, 2/15/2025 | 13,000 | 13,217 |
6.50%, 11/15/2026 | 60,000 | 62,578 |
U.S. Treasury Notes | ||
0.25%, 5/31/2025 | 39,000 | 37,148 |
2.88%, 5/31/2025 | 118,000 | 115,359 |
0.25%, 6/30/2025 | 64,000 | 60,760 |
4.63%, 6/30/2025 | 195,000 | 193,926 |
4.75%, 7/31/2025 | 196,000 | 195,166 |
2.00%, 8/15/2025 | 5,000 | 4,820 |
0.25%, 8/31/2025 | 87,000 | 81,960 |
0.25%, 9/30/2025 | 89,000 | 83,552 |
4.25%, 10/15/2025 | 100,000 | 98,926 |
2.25%, 11/15/2025 | 9,000 | 8,650 |
0.38%, 11/30/2025 | 1,165,000 | 1,087,955 |
2.63%, 12/31/2025 | 38,000 | 36,634 |
0.50%, 2/28/2026 | 26,000 | 24,089 |
0.75%, 3/31/2026 | 217,000 | 201,386 |
4.50%, 3/31/2026 | 60,000 | 59,566 |
0.75%, 4/30/2026 | 124,000 | 114,749 |
0.75%, 5/31/2026 | 6,000 | 5,536 |
0.88%, 6/30/2026 | 218,000 | 201,139 |
0.63%, 7/31/2026 | 70,000 | 64,039 |
0.75%, 8/31/2026 | 705,000 | 644,690 |
0.88%, 9/30/2026 | 220,000 | 201,300 |
1.63%, 9/30/2026 | 215,000 | 200,219 |
4.63%, 10/15/2026 | 50,000 | 49,824 |
1.13%, 10/31/2026 | 259,000 | 237,673 |
1.63%, 10/31/2026 | 39,000 | 36,233 |
1.25%, 11/30/2026 | 339,000 | 311,324 |
1.63%, 11/30/2026 | 57,000 | 52,854 |
1.25%, 12/31/2026 | 218,000 | 199,828 |
1.50%, 1/31/2027 | 34,000 | 31,288 |
0.63%, 3/31/2027 | 19,000 | 16,981 |
0.50%, 6/30/2027 | 391,000 | 345,027 |
0.38%, 7/31/2027 | 172,000 | 150,634 |
0.50%, 8/31/2027 | 300,000 | 262,992 |
0.38%, 9/30/2027 | 90,000 | 78,321 |
4.13%, 10/31/2027 | 100,000 | 98,430 |
3.88%, 12/31/2027 | 20,000 | 19,523 |
0.75%, 1/31/2028 | 36,000 | 31,379 |
3.50%, 1/31/2028 | 350,000 | 337,121 |
2.75%, 2/15/2028 | 137,000 | 128,416 |
3.63%, 3/31/2028 | 50,000 | 48,332 |
2.88%, 5/15/2028 | 5,000 | 4,697 |
3.63%, 5/31/2028 | 203,000 | 196,085 |
1.25%, 6/30/2028 | 57,000 | 50,035 |
1.00%, 7/31/2028 | 232,000 | 201,024 |
4.13%, 7/31/2028 | 195,000 | 191,831 |
JPMorgan BetaBuilders 1-5 Year U.S. Aggregate Bond ETF
SCHEDULE OF PORTFOLIO INVESTMENTS
AS OF May 31, 2024 (Unaudited) (continued)INVESTMENTS | PRINCIPAL AMOUNT($) | VALUE($) |
U.S. Treasury Obligations — continued | ||
2.88%, 8/15/2028 | 61,000 | 57,116 |
1.13%, 8/31/2028 | 231,000 | 200,754 |
4.38%, 8/31/2028 | 199,000 | 197,632 |
4.63%, 9/30/2028 | 198,000 | 198,572 |
1.38%, 10/31/2028 | 174,000 | 152,182 |
1.50%, 11/30/2028 | 179,000 | 157,115 |
1.38%, 12/31/2028 | 175,000 | 152,428 |
1.75%, 1/31/2029 | 23,000 | 20,342 |
1.88%, 2/28/2029 | 12,000 | 10,658 |
4.25%, 2/28/2029 | 141,000 | 139,447 |
2.38%, 3/31/2029 | 113,000 | 102,583 |
4.13%, 3/31/2029 | 10,000 | 9,832 |
2.88%, 4/30/2029 | 119,000 | 110,475 |
2.38%, 5/15/2029 | 97,000 | 87,891 |
4.50%, 5/31/2029 | 115,000 | 115,027 |
Total U.S. Treasury Obligations (Cost $8,787,407) | 8,589,270 | |
Corporate Bonds — 24.5% | ||
Aerospace & Defense — 0.4% | ||
Boeing Co. (The) | ||
2.60%, 10/30/2025 | 38,000 | 36,218 |
2.75%, 2/1/2026 | 15,000 | 14,200 |
HEICO Corp. 5.25%, 8/1/2028 | 8,000 | 7,977 |
Lockheed Martin Corp. 3.55%, 1/15/2026 | 2,000 | 1,951 |
60,346 | ||
Automobiles — 0.3% | ||
Ford Motor Co. 6.63%, 10/1/2028 | 6,000 | 6,225 |
Toyota Motor Corp. (Japan) 1.34%, 3/25/2026 | 41,000 | 38,349 |
44,574 | ||
Banks — 6.6% | ||
Bangko Sentral ng Pilipinas International Bond (Philippines) 8.60%, 6/15/2027 | 13,000 | 14,085 |
Bank of America Corp. | ||
(SOFR + 1.01%), 1.20%, 10/24/2026 (a) | 36,000 | 33,858 |
Series N, (SOFR + 0.91%), 1.66%, 3/11/2027 (a) | 20,000 | 18,697 |
(SOFR + 0.96%), 1.73%, 7/22/2027 (a) | 30,000 | 27,703 |
(SOFR + 1.34%), 5.93%, 9/15/2027 (a) | 22,000 | 22,212 |
(SOFR + 1.58%), 4.38%, 4/27/2028 (a) | 6,000 | 5,836 |
(3-MONTH CME TERM SOFR + 1.47%), 3.97%, 2/7/2030 (a) | 17,000 | 16,021 |
Bank of Montreal (Canada) | ||
(SOFR + 0.60%), 0.95%, 1/22/2027 (a) | 6,000 | 5,578 |
2.65%, 3/8/2027 | 39,000 | 36,475 |
Citigroup, Inc. | ||
4.40%, 6/10/2025 | 17,000 | 16,783 |
4.13%, 7/25/2028 | 15,000 | 14,334 |
(3-MONTH CME TERM SOFR + 1.41%), 3.52%, 10/27/2028 (a) | 29,000 | 27,341 |
(3-MONTH CME TERM SOFR + 1.60%), 3.98%, 3/20/2030 (a) | 44,000 | 41,372 |
Citizens Financial Group, Inc. 2.85%, 7/27/2026 | 37,000 | 34,849 |
Fifth Third Bancorp (SOFR + 1.36%), 4.06%, 4/25/2028 (a) | 22,000 | 20,970 |
JPMorgan BetaBuilders 1-5 Year U.S. Aggregate Bond ETF
SCHEDULE OF PORTFOLIO INVESTMENTS
AS OF May 31, 2024 (Unaudited) (continued)INVESTMENTS | PRINCIPAL AMOUNT($) | VALUE($) |
Corporate Bonds — continued | ||
Banks — continued | ||
HSBC Holdings plc (United Kingdom) (SOFR + 1.29%), 1.59%, 5/24/2027 | 25,000 | 23,253 |
KeyCorp 4.15%, 10/29/2025 | 8,000 | 7,806 |
Kreditanstalt fuer Wiederaufbau (Germany) | ||
1.25%, 1/31/2025 | 23,000 | 22,391 |
1.00%, 10/1/2026 | 28,000 | 25,669 |
4.00%, 3/15/2029 | 12,000 | 11,686 |
Landwirtschaftliche Rentenbank (Germany) 0.88%, 3/30/2026 | 39,000 | 36,218 |
Mitsubishi UFJ Financial Group, Inc. (Japan) | ||
3.68%, 2/22/2027 | 39,000 | 37,531 |
3.96%, 3/2/2028 | 21,000 | 20,152 |
Oesterreichische Kontrollbank AG (Austria) | ||
4.13%, 1/20/2026 | 40,000 | 39,403 |
0.50%, 2/2/2026 | 5,000 | 4,638 |
PNC Financial Services Group, Inc. (The) (SOFR + 1.84%), 5.58%, 6/12/2029 (a) | 6,000 | 6,035 |
Regions Financial Corp. 1.80%, 8/12/2028 | 14,000 | 12,058 |
Royal Bank of Canada (Canada) 1.20%, 4/27/2026 | 23,000 | 21,301 |
Santander Holdings USA, Inc. | ||
(SOFR + 2.33%), 5.81%, 9/9/2026 (a) | 6,000 | 5,969 |
(SOFR + 1.25%), 2.49%, 1/6/2028 (a) | 5,000 | 4,587 |
Sumitomo Mitsui Financial Group, Inc. (Japan) | ||
3.01%, 10/19/2026 | 61,000 | 57,776 |
4.31%, 10/16/2028 | 6,000 | 5,831 |
Synovus Financial Corp. 5.20%, 8/11/2025 | 23,000 | 22,716 |
Toronto-Dominion Bank (The) (Canada) | ||
0.75%, 9/11/2025 | 5,000 | 4,718 |
2.80%, 3/10/2027 | 6,000 | 5,620 |
(USD Swap Semi 5 Year + 2.21%), 3.63%, 9/15/2031 (a) (b) | 7,000 | 6,679 |
Truist Financial Corp. | ||
3.70%, 6/5/2025 | 6,000 | 5,884 |
(SOFR + 1.37%), 4.12%, 6/6/2028 (a) | 17,000 | 16,333 |
US Bancorp | ||
Series X, 3.15%, 4/27/2027 | 30,000 | 28,491 |
(SOFR + 0.73%), 2.22%, 1/27/2028 (a) | 15,000 | 13,800 |
Wells Fargo & Co. | ||
3.00%, 4/22/2026 | 8,000 | 7,660 |
(3-MONTH CME TERM SOFR + 1.43%), 3.20%, 6/17/2027 (a) | 18,000 | 17,209 |
(SOFR + 1.98%), 4.81%, 7/25/2028 (a) | 16,000 | 15,714 |
4.15%, 1/24/2029 | 30,000 | 28,739 |
(SOFR + 1.74%), 5.57%, 7/25/2029 (a) | 35,000 | 35,208 |
Westpac Banking Corp. (Australia) | ||
5.46%, 11/18/2027 | 14,000 | 14,177 |
3.40%, 1/25/2028 | 36,000 | 34,072 |
935,438 | ||
Beverages — 0.4% | ||
Coca-Cola Co. (The) 1.00%, 3/15/2028 | 21,000 | 18,302 |
Keurig Dr. Pepper, Inc. | ||
3.40%, 11/15/2025 | 2,000 | 1,943 |
JPMorgan BetaBuilders 1-5 Year U.S. Aggregate Bond ETF
SCHEDULE OF PORTFOLIO INVESTMENTS
AS OF May 31, 2024 (Unaudited) (continued)INVESTMENTS | PRINCIPAL AMOUNT($) | VALUE($) |
Corporate Bonds — continued | ||
Beverages — continued | ||
2.55%, 9/15/2026 | 33,000 | 31,048 |
PepsiCo, Inc. 2.85%, 2/24/2026 | 10,000 | 9,642 |
60,935 | ||
Biotechnology — 0.3% | ||
Amgen, Inc. 1.65%, 8/15/2028 | 42,000 | 36,531 |
Capital Markets — 2.9% | ||
Ameriprise Financial, Inc. 2.88%, 9/15/2026 | 2,000 | 1,897 |
Ares Capital Corp. 3.25%, 7/15/2025 | 16,000 | 15,502 |
Bank of New York Mellon Corp. (The) Series J, 1.90%, 1/25/2029 | 28,000 | 24,486 |
Blue Owl Capital Corp. 2.88%, 6/11/2028 | 25,000 | 22,128 |
Brookfield Finance, Inc. (Canada) 4.85%, 3/29/2029 | 14,000 | 13,764 |
Charles Schwab Corp. (The) 2.00%, 3/20/2028 | 6,000 | 5,361 |
CME Group, Inc. 3.75%, 6/15/2028 | 12,000 | 11,571 |
Deutsche Bank AG (Germany) 4.10%, 1/13/2026 | 41,000 | 40,109 |
FactSet Research Systems, Inc. 2.90%, 3/1/2027 | 31,000 | 28,950 |
Goldman Sachs Group, Inc. (The) | ||
(SOFR + 0.80%), 1.43%, 3/9/2027 (a) | 24,000 | 22,321 |
(SOFR + 0.91%), 1.95%, 10/21/2027 (a) | 46,000 | 42,297 |
(SOFR + 1.11%), 2.64%, 2/24/2028 (a) | 5,000 | 4,646 |
(3-MONTH CME TERM SOFR + 1.42%), 3.81%, 4/23/2029 (a) | 24,000 | 22,666 |
(3-MONTH CME TERM SOFR + 1.56%), 4.22%, 5/1/2029 (a) | 7,000 | 6,709 |
Intercontinental Exchange, Inc. 3.75%, 12/1/2025 | 7,000 | 6,835 |
Morgan Stanley | ||
5.00%, 11/24/2025 | 32,000 | 31,746 |
3.95%, 4/23/2027 | 11,000 | 10,614 |
(SOFR + 0.88%), 1.59%, 5/4/2027 (a) | 14,000 | 12,990 |
(SOFR + 0.86%), 1.51%, 7/20/2027 (a) | 5,000 | 4,602 |
3.59%, 7/22/2028 (c) | 5,000 | 4,739 |
(3-MONTH CME TERM SOFR + 1.89%), 4.43%, 1/23/2030 (a) | 28,000 | 26,958 |
Northern Trust Corp. 3.65%, 8/3/2028 | 32,000 | 30,502 |
State Street Corp. (SOFR + 0.73%), 2.20%, 2/7/2028 (a) | 29,000 | 26,856 |
418,249 | ||
Chemicals — 0.2% | ||
Air Products and Chemicals, Inc. 1.85%, 5/15/2027 | 9,000 | 8,252 |
DuPont de Nemours, Inc. 4.49%, 11/15/2025 | 10,000 | 9,873 |
LYB International Finance III LLC 1.25%, 10/1/2025 | 5,000 | 4,716 |
22,841 | ||
Commercial Services & Supplies — 0.0% ^ | ||
RELX Capital, Inc. (United Kingdom) 4.00%, 3/18/2029 | 7,000 | 6,680 |
Consumer Finance — 0.8% | ||
American Express Co. 1.65%, 11/4/2026 | 17,000 | 15,595 |
American Honda Finance Corp. | ||
1.00%, 9/10/2025 | 17,000 | 16,089 |
2.25%, 1/12/2029 | 12,000 | 10,625 |
Capital One Financial Corp. (SOFR + 2.06%), 4.93%, 5/10/2028 (a) | 11,000 | 10,821 |
Caterpillar Financial Services Corp. 1.10%, 9/14/2027 | 6,000 | 5,318 |
JPMorgan BetaBuilders 1-5 Year U.S. Aggregate Bond ETF
SCHEDULE OF PORTFOLIO INVESTMENTS
AS OF May 31, 2024 (Unaudited) (continued)INVESTMENTS | PRINCIPAL AMOUNT($) | VALUE($) |
Corporate Bonds — continued | ||
Consumer Finance — continued | ||
John Deere Capital Corp. | ||
3.45%, 3/7/2029 | 5,000 | 4,693 |
3.35%, 4/18/2029 | 11,000 | 10,278 |
PACCAR Financial Corp. 2.00%, 2/4/2027 | 2,000 | 1,853 |
Synchrony Financial 3.95%, 12/1/2027 | 24,000 | 22,467 |
Toyota Motor Credit Corp. | ||
0.80%, 10/16/2025 | 3,000 | 2,826 |
3.05%, 3/22/2027 | 17,000 | 16,106 |
116,671 | ||
Consumer Staples Distribution & Retail — 0.2% | ||
Costco Wholesale Corp. 1.38%, 6/20/2027 | 3,000 | 2,707 |
Dollar General Corp. 3.88%, 4/15/2027 | 12,000 | 11,553 |
Kroger Co. (The) 3.50%, 2/1/2026 | 2,000 | 1,942 |
Walgreens Boots Alliance, Inc. 3.45%, 6/1/2026 | 9,000 | 8,583 |
24,785 | ||
Containers & Packaging — 0.2% | ||
Berry Global, Inc. 1.57%, 1/15/2026 | 26,000 | 24,355 |
WRKCo, Inc. 4.65%, 3/15/2026 | 3,000 | 2,955 |
27,310 | ||
Distributors — 0.2% | ||
LKQ Corp. 5.75%, 6/15/2028 | 24,000 | 24,233 |
Diversified REITs — 0.3% | ||
Simon Property Group LP | ||
3.50%, 9/1/2025 | 33,000 | 32,229 |
3.38%, 12/1/2027 | 9,000 | 8,502 |
40,731 | ||
Diversified Telecommunication Services — 0.6% | ||
AT&T, Inc. | ||
3.88%, 1/15/2026 | 8,000 | 7,813 |
1.70%, 3/25/2026 | 11,000 | 10,297 |
1.65%, 2/1/2028 | 16,000 | 14,138 |
Verizon Communications, Inc. | ||
0.85%, 11/20/2025 | 26,000 | 24,365 |
3.00%, 3/22/2027 | 13,000 | 12,277 |
2.10%, 3/22/2028 | 12,000 | 10,751 |
4.33%, 9/21/2028 | 6,000 | 5,815 |
85,456 | ||
Electric Utilities — 1.4% | ||
American Electric Power Co., Inc. Series N, 1.00%, 11/1/2025 | 2,000 | 1,875 |
Duke Energy Corp. (US Treasury Yield Curve Rate T Note Constant Maturity 5 Year + 2.32%), 3.25%, 1/15/2082 (a) | 19,000 | 17,051 |
Eversource Energy Series Q, 0.80%, 8/15/2025 | 30,000 | 28,272 |
ITC Holdings Corp. 3.25%, 6/30/2026 | 10,000 | 9,559 |
NextEra Energy Capital Holdings, Inc. (US Treasury Yield Curve Rate T Note Constant Maturity 5 Year + 2.55%), 3.80%, 3/15/2082 (a) | 22,000 | 20,081 |
JPMorgan BetaBuilders 1-5 Year U.S. Aggregate Bond ETF
SCHEDULE OF PORTFOLIO INVESTMENTS
AS OF May 31, 2024 (Unaudited) (continued)INVESTMENTS | PRINCIPAL AMOUNT($) | VALUE($) |
Corporate Bonds — continued | ||
Electric Utilities — continued | ||
Pacific Gas and Electric Co. | ||
3.15%, 1/1/2026 | 4,000 | 3,846 |
2.95%, 3/1/2026 | 6,000 | 5,726 |
3.00%, 6/15/2028 | 5,000 | 4,559 |
Public Service Electric and Gas Co. 0.95%, 3/15/2026 | 10,000 | 9,285 |
Southern Co. (The) Series B, (US Treasury Yield Curve Rate T Note Constant Maturity 5 Year + 3.73%), 4.00%, 1/15/2051 (a) | 44,000 | 42,408 |
Union Electric Co. 2.95%, 6/15/2027 | 29,000 | 27,173 |
Virginia Electric and Power Co. Series A, 3.80%, 4/1/2028 | 32,000 | 30,469 |
200,304 | ||
Electrical Equipment — 0.3% | ||
ABB Finance USA, Inc. (Switzerland) 3.80%, 4/3/2028 | 16,000 | 15,513 |
Emerson Electric Co. 0.88%, 10/15/2026 | 25,000 | 22,737 |
38,250 | ||
Electronic Equipment, Instruments & Components — 0.0% ^ | ||
Jabil, Inc. 3.95%, 1/12/2028 | 5,000 | 4,724 |
Energy Equipment & Services — 0.3% | ||
Baker Hughes Holdings LLC 3.34%, 12/15/2027 | 14,000 | 13,189 |
Schlumberger Investment SA 4.50%, 5/15/2028 | 29,000 | 28,518 |
41,707 | ||
Entertainment — 0.2% | ||
TWDC Enterprises 18 Corp. 2.95%, 6/15/2027 | 5,000 | 4,728 |
Walt Disney Co. (The) 2.20%, 1/13/2028 | 19,000 | 17,332 |
22,060 | ||
Financial Services — 0.9% | ||
Block Financial LLC 2.50%, 7/15/2028 | 37,000 | 32,916 |
Global Payments, Inc. 4.95%, 8/15/2027 | 10,000 | 9,868 |
Private Export Funding Corp. Series PP, 1.40%, 7/15/2028 | 31,000 | 27,072 |
Shell International Finance BV 3.88%, 11/13/2028 | 13,000 | 12,457 |
Visa, Inc. | ||
0.75%, 8/15/2027 | 8,000 | 7,056 |
2.75%, 9/15/2027 | 38,000 | 35,555 |
124,924 | ||
Food Products — 0.1% | ||
Hormel Foods Corp. 1.70%, 6/3/2028 | 5,000 | 4,415 |
Kellanova 3.25%, 4/1/2026 | 8,000 | 7,705 |
12,120 | ||
Ground Transportation — 0.3% | ||
CSX Corp. 3.80%, 3/1/2028 | 28,000 | 26,873 |
JB Hunt Transport Services, Inc. 3.88%, 3/1/2026 | 5,000 | 4,877 |
Union Pacific Corp. 2.15%, 2/5/2027 | 12,000 | 11,137 |
42,887 | ||
Health Care Providers & Services — 0.8% | ||
Advocate Health & Hospitals Corp. 3.83%, 8/15/2028 | 5,000 | 4,771 |
JPMorgan BetaBuilders 1-5 Year U.S. Aggregate Bond ETF
SCHEDULE OF PORTFOLIO INVESTMENTS
AS OF May 31, 2024 (Unaudited) (continued)INVESTMENTS | PRINCIPAL AMOUNT($) | VALUE($) |
Corporate Bonds — continued | ||
Health Care Providers & Services — continued | ||
CVS Health Corp. 1.30%, 8/21/2027 | 60,000 | 52,891 |
Elevance Health, Inc. 1.50%, 3/15/2026 | 10,000 | 9,343 |
Humana, Inc. 1.35%, 2/3/2027 | 5,000 | 4,508 |
Sutter Health Series 20A, 1.32%, 8/15/2025 | 31,000 | 29,509 |
UnitedHealth Group, Inc. 1.15%, 5/15/2026 | 10,000 | 9,267 |
110,289 | ||
Hotels, Restaurants & Leisure — 0.3% | ||
Expedia Group, Inc. 5.00%, 2/15/2026 | 6,000 | 5,943 |
Hyatt Hotels Corp. 4.85%, 3/15/2026 | 31,000 | 30,680 |
36,623 | ||
Household Durables — 0.1% | ||
DR Horton, Inc. 1.40%, 10/15/2027 | 2,000 | 1,771 |
Lennar Corp. 5.00%, 6/15/2027 | 10,000 | 9,926 |
11,697 | ||
Household Products — 0.4% | ||
Colgate-Palmolive Co. 4.60%, 3/1/2028 | 30,000 | 29,899 |
Procter & Gamble Co. (The) | ||
1.00%, 4/23/2026 | 14,000 | 13,027 |
2.80%, 3/25/2027 | 21,000 | 19,914 |
62,840 | ||
Industrial Conglomerates — 0.3% | ||
Honeywell International, Inc. 1.10%, 3/1/2027 | 42,000 | 37,949 |
Industrial REITs — 0.0% ^ | ||
Prologis LP 2.13%, 4/15/2027 | 4,000 | 3,684 |
Insurance — 0.5% | ||
Aflac, Inc. 1.13%, 3/15/2026 | 30,000 | 27,859 |
Assurant, Inc. 4.90%, 3/27/2028 | 9,000 | 8,773 |
Berkshire Hathaway Finance Corp. 2.30%, 3/15/2027 | 6,000 | 5,613 |
Prudential Financial, Inc. | ||
1.50%, 3/10/2026 | 10,000 | 9,364 |
(3-MONTH SOFR + 2.38%), 4.50%, 9/15/2047 (a) | 8,000 | 7,513 |
RenaissanceRe Holdings Ltd. (Bermuda) 3.60%, 4/15/2029 | 19,000 | 17,474 |
76,596 | ||
IT Services — 0.3% | ||
DXC Technology Co. 2.38%, 9/15/2028 | 37,000 | 31,661 |
Kyndryl Holdings, Inc. 2.05%, 10/15/2026 | 5,000 | 4,607 |
36,268 | ||
Machinery — 0.0% ^ | ||
Otis Worldwide Corp. 5.25%, 8/16/2028 | 7,000 | 7,029 |
Media — 0.3% | ||
Charter Communications Operating LLC 3.75%, 2/15/2028 | 5,000 | 4,633 |
JPMorgan BetaBuilders 1-5 Year U.S. Aggregate Bond ETF
SCHEDULE OF PORTFOLIO INVESTMENTS
AS OF May 31, 2024 (Unaudited) (continued)INVESTMENTS | PRINCIPAL AMOUNT($) | VALUE($) |
Corporate Bonds — continued | ||
Media — continued | ||
Comcast Corp. | ||
3.38%, 8/15/2025 | 12,000 | 11,733 |
3.95%, 10/15/2025 | 29,000 | 28,465 |
44,831 | ||
Metals & Mining — 0.1% | ||
ArcelorMittal SA (Luxembourg) 4.55%, 3/11/2026 | 11,000 | 10,790 |
BHP Billiton Finance USA Ltd. (Australia) | ||
6.42%, 3/1/2026 | 1,000 | 1,018 |
4.75%, 2/28/2028 | 5,000 | 4,948 |
16,756 | ||
Multi-Utilities — 0.2% | ||
NiSource, Inc. 0.95%, 8/15/2025 | 28,000 | 26,497 |
Oil, Gas & Consumable Fuels — 0.9% | ||
BP Capital Markets plc 3.72%, 11/28/2028 | 10,000 | 9,459 |
Cheniere Energy, Inc. 4.63%, 10/15/2028 | 5,000 | 4,825 |
Chevron Corp. 2.00%, 5/11/2027 | 10,000 | 9,210 |
Energy Transfer LP 4.75%, 1/15/2026 | 7,000 | 6,914 |
Equinor ASA (Norway) 1.75%, 1/22/2026 | 6,000 | 5,680 |
MPLX LP 4.00%, 3/15/2028 | 5,000 | 4,772 |
ONEOK, Inc. 2.20%, 9/15/2025 | 29,000 | 27,761 |
Petroleos Mexicanos (Mexico) 6.84%, 1/23/2030 (d) | 1 | 1 |
Pioneer Natural Resources Co. 1.13%, 1/15/2026 | 15,000 | 14,038 |
Sabine Pass Liquefaction LLC 4.20%, 3/15/2028 | 5,000 | 4,818 |
TotalEnergies Capital International SA (France) 3.46%, 2/19/2029 | 32,000 | 29,995 |
TransCanada PipeLines Ltd. (Canada) 4.25%, 5/15/2028 | 7,000 | 6,738 |
124,211 | ||
Paper & Forest Products — 0.0% ^ | ||
Suzano Austria GmbH (Brazil) 2.50%, 9/15/2028 | 5,000 | 4,354 |
Pharmaceuticals — 0.7% | ||
AstraZeneca plc (United Kingdom) | ||
0.70%, 4/8/2026 | 23,000 | 21,215 |
4.00%, 1/17/2029 | 16,000 | 15,373 |
Johnson & Johnson | ||
2.45%, 3/1/2026 | 5,000 | 4,790 |
0.95%, 9/1/2027 | 12,000 | 10,636 |
2.90%, 1/15/2028 | 15,000 | 14,116 |
Merck & Co., Inc. | ||
1.70%, 6/10/2027 | 29,000 | 26,385 |
1.90%, 12/10/2028 | 13,000 | 11,471 |
103,986 | ||
Residential REITs — 0.0% ^ | ||
AvalonBay Communities, Inc. 3.50%, 11/15/2025 | 2,000 | 1,951 |
JPMorgan BetaBuilders 1-5 Year U.S. Aggregate Bond ETF
SCHEDULE OF PORTFOLIO INVESTMENTS
AS OF May 31, 2024 (Unaudited) (continued)INVESTMENTS | PRINCIPAL AMOUNT($) | VALUE($) |
Corporate Bonds — continued | ||
Retail REITs — 0.1% | ||
Agree LP 2.00%, 6/15/2028 | 6,000 | 5,256 |
Brixmor Operating Partnership LP 3.90%, 3/15/2027 | 6,000 | 5,732 |
10,988 | ||
Semiconductors & Semiconductor Equipment — 0.2% | ||
NVIDIA Corp. 1.55%, 6/15/2028 | 7,000 | 6,195 |
QUALCOMM, Inc. 1.30%, 5/20/2028 | 18,000 | 15,699 |
21,894 | ||
Software — 0.3% | ||
Microsoft Corp. 3.30%, 2/6/2027 | 7,000 | 6,737 |
Roper Technologies, Inc. 1.00%, 9/15/2025 | 37,000 | 34,939 |
41,676 | ||
Specialized REITs — 0.5% | ||
American Tower Corp. 1.30%, 9/15/2025 | 11,000 | 10,421 |
Crown Castle, Inc. | ||
5.00%, 1/11/2028 | 5,000 | 4,921 |
3.80%, 2/15/2028 | 6,000 | 5,663 |
4.80%, 9/1/2028 | 7,000 | 6,833 |
CubeSmart LP 2.25%, 12/15/2028 | 18,000 | 15,764 |
Equinix, Inc. | ||
1.25%, 7/15/2025 | 16,000 | 15,243 |
2.00%, 5/15/2028 | 8,000 | 7,032 |
Public Storage Operating Co. 0.88%, 2/15/2026 | 10,000 | 9,296 |
75,173 | ||
Specialty Retail — 0.5% | ||
Home Depot, Inc. (The) 3.35%, 9/15/2025 | 5,000 | 4,885 |
Lowe's Cos., Inc. | ||
3.38%, 9/15/2025 | 6,000 | 5,849 |
1.70%, 9/15/2028 | 41,000 | 35,656 |
O'Reilly Automotive, Inc. 3.60%, 9/1/2027 | 31,000 | 29,487 |
75,877 | ||
Technology Hardware, Storage & Peripherals — 0.5% | ||
Apple, Inc. | ||
3.00%, 11/13/2027 | 15,000 | 14,183 |
1.20%, 2/8/2028 | 6,000 | 5,281 |
4.00%, 5/10/2028 | 5,000 | 4,881 |
1.40%, 8/5/2028 | 39,000 | 34,116 |
Dell International LLC 5.85%, 7/15/2025 | 7,000 | 7,021 |
65,482 | ||
Tobacco — 0.3% | ||
BAT Capital Corp. (United Kingdom) 2.26%, 3/25/2028 | 10,000 | 8,920 |
BAT International Finance plc (United Kingdom) 5.93%, 2/2/2029 | 36,000 | 36,776 |
45,696 | ||
JPMorgan BetaBuilders 1-5 Year U.S. Aggregate Bond ETF
SCHEDULE OF PORTFOLIO INVESTMENTS
AS OF May 31, 2024 (Unaudited) (continued)INVESTMENTS | PRINCIPAL AMOUNT($) | VALUE($) |
Corporate Bonds — continued | ||
Trading Companies & Distributors — 0.2% | ||
Air Lease Corp. | ||
2.88%, 1/15/2026 | 20,000 | 19,120 |
2.10%, 9/1/2028 | 10,000 | 8,737 |
GATX Corp. 3.25%, 9/15/2026 | 5,000 | 4,763 |
32,620 | ||
Water Utilities — 0.1% | ||
American Water Capital Corp. 2.95%, 9/1/2027 | 13,000 | 12,162 |
Total Corporate Bonds (Cost $3,513,821) | 3,478,885 | |
Mortgage-Backed Securities — 6.5% | ||
FHLMC Gold Pools, 15 Year | ||
Pool # J14776, 3.00%, 3/1/2026 | 2,274 | 2,225 |
Pool # G18568, 2.50%, 9/1/2030 | 5,656 | 5,298 |
Pool # J33012, 3.00%, 10/1/2030 | 13,612 | 12,927 |
Pool # G18600, 2.50%, 5/1/2031 | 4,295 | 4,004 |
Pool # J35495, 2.50%, 10/1/2031 | 8,456 | 7,876 |
Pool # G18632, 3.00%, 2/1/2032 | 4,586 | 4,324 |
Pool # J37147, 3.00%, 6/1/2032 | 5,018 | 4,707 |
Pool # G18715, 3.00%, 12/1/2033 | 3,258 | 3,032 |
FHLMC UMBS, 15 Year | ||
Pool # ZS8617, 2.50%, 8/1/2031 | 9,630 | 8,973 |
Pool # ZS7938, 2.50%, 1/1/2033 | 1,298 | 1,202 |
Pool # ZK9341, 3.00%, 3/1/2033 | 1,688 | 1,569 |
Pool # ZT0716, 3.00%, 10/1/2033 | 1,726 | 1,605 |
Pool # SB0194, 2.50%, 12/1/2033 | 3,702 | 3,417 |
Pool # SB0109, 2.50%, 11/1/2034 | 6,627 | 6,017 |
Pool # SB0264, 2.50%, 2/1/2035 | 9,656 | 8,769 |
Pool # SB0401, 2.00%, 7/1/2035 | 14,544 | 12,803 |
Pool # SB0394, 2.50%, 7/1/2035 | 8,070 | 7,309 |
Pool # SB8501, 2.00%, 8/1/2035 | 11,133 | 9,801 |
Pool # SB0406, 2.50%, 8/1/2035 | 14,928 | 13,519 |
Pool # SB8058, 2.50%, 8/1/2035 | 10,796 | 9,718 |
Pool # RC1591, 1.50%, 10/1/2035 | 16,807 | 14,362 |
Pool # QN4278, 2.00%, 11/1/2035 | 5,965 | 5,246 |
Pool # QN4490, 1.50%, 12/1/2035 | 14,091 | 12,041 |
Pool # SB0450, 2.00%, 12/1/2035 | 27,968 | 24,732 |
Pool # SB8083, 1.50%, 1/1/2036 | 62,121 | 53,004 |
Pool # SB8102, 1.50%, 5/1/2036 | 22,283 | 19,011 |
Pool # SB8118, 1.50%, 9/1/2036 | 48,246 | 41,070 |
Pool # SB8141, 2.00%, 2/1/2037 | 39,037 | 34,101 |
Pool # SB8222, 4.50%, 4/1/2038 | 12,256 | 11,955 |
FNMA UMBS, 15 Year | ||
Pool # AV4793, 3.50%, 5/1/2029 | 6,000 | 5,758 |
Pool # AS4489, 2.50%, 3/1/2030 | 1,237 | 1,161 |
Pool # AL6583, 3.00%, 3/1/2030 | 2,713 | 2,585 |
Pool # AL9852, 3.00%, 9/1/2030 | 7,726 | 7,353 |
Pool # AS7467, 2.50%, 7/1/2031 | 4,605 | 4,285 |
JPMorgan BetaBuilders 1-5 Year U.S. Aggregate Bond ETF
SCHEDULE OF PORTFOLIO INVESTMENTS
AS OF May 31, 2024 (Unaudited) (continued)INVESTMENTS | PRINCIPAL AMOUNT($) | VALUE($) |
Mortgage-Backed Securities — continued | ||
Pool # FM6169, 3.50%, 5/1/2032 | 11,816 | 11,451 |
Pool # BM3276, 3.50%, 12/1/2032 | 5,837 | 5,567 |
Pool # CA1089, 3.00%, 2/1/2033 | 5,141 | 4,821 |
Pool # FM4036, 2.50%, 12/1/2033 | 6,341 | 5,873 |
Pool # BN3975, 3.00%, 1/1/2034 | 670 | 623 |
Pool # MA3631, 3.00%, 4/1/2034 | 5,477 | 5,070 |
Pool # MA3709, 2.50%, 6/1/2034 | 3,663 | 3,326 |
Pool # BJ5549, 3.00%, 8/1/2034 | 1,657 | 1,534 |
Pool # FM2403, 3.50%, 9/1/2034 | 6,076 | 5,771 |
Pool # FM5400, 2.50%, 10/1/2034 | 7,960 | 7,412 |
Pool # MA3828, 3.00%, 11/1/2034 | 5,699 | 5,283 |
Pool # BP5762, 2.50%, 6/1/2035 | 18,874 | 17,121 |
Pool # FM3936, 2.50%, 8/1/2035 | 3,414 | 3,158 |
Pool # CA7497, 2.50%, 10/1/2035 | 7,419 | 6,718 |
Pool # FM4850, 2.00%, 11/1/2035 | 12,480 | 10,986 |
Pool # FM5396, 2.00%, 12/1/2035 | 28,085 | 24,786 |
Pool # FM6510, 2.00%, 3/1/2036 | 27,510 | 24,278 |
Pool # FM6512, 2.00%, 3/1/2036 | 3,304 | 2,908 |
Pool # MA4298, 2.50%, 3/1/2036 | 15,835 | 14,272 |
Pool # CB0302, 1.50%, 5/1/2036 | 43,845 | 37,408 |
Pool # FM7113, 2.00%, 5/1/2036 | 3,379 | 2,970 |
Pool # MA4329, 2.00%, 5/1/2036 | 54,025 | 47,387 |
Pool # BP3507, 2.00%, 6/1/2036 | 53,361 | 46,903 |
Pool # CB0747, 2.50%, 6/1/2036 | 8,524 | 7,658 |
Pool # MA4384, 2.50%, 7/1/2036 | 3,988 | 3,589 |
Pool # FM9020, 2.00%, 9/1/2036 | 6,877 | 6,069 |
Pool # FM9367, 1.50%, 11/1/2036 | 42,438 | 36,008 |
Pool # MA4470, 2.00%, 11/1/2036 | 29,920 | 26,189 |
Pool # MA4497, 2.00%, 12/1/2036 | 29,063 | 25,419 |
Pool # MA4516, 2.00%, 1/1/2037 | 38,286 | 33,486 |
Pool # FS4759, 2.50%, 4/1/2037 | 43,614 | 39,387 |
FNMA/FHLMC UMBS, Single Family, 15 Year | ||
TBA, 3.00%, 6/25/2039 (e) | 37,000 | 34,024 |
TBA, 4.00%, 6/25/2039 (e) | 12,000 | 11,505 |
TBA, 5.00%, 6/25/2039 (e) | 8,000 | 7,919 |
TBA, 5.50%, 6/25/2039 (e) | 5,000 | 5,007 |
GNMA II, 15 Year | ||
Pool # MA4559, 3.00%, 7/20/2032 | 4,019 | 3,781 |
Pool # MA7107, 2.50%, 1/20/2036 | 16,154 | 14,534 |
Total Mortgage-Backed Securities (Cost $1,019,448) | 915,960 | |
Supranational — 2.5% | ||
African Development Bank (Supranational) 0.88%, 3/23/2026 | 23,000 | 21,381 |
Asian Development Bank (Supranational) | ||
0.38%, 6/11/2024 | 16,000 | 15,982 |
2.00%, 1/22/2025 | 11,000 | 10,770 |
1.25%, 6/9/2028 | 7,000 | 6,130 |
JPMorgan BetaBuilders 1-5 Year U.S. Aggregate Bond ETF
SCHEDULE OF PORTFOLIO INVESTMENTS
AS OF May 31, 2024 (Unaudited) (continued)INVESTMENTS | PRINCIPAL AMOUNT($) | VALUE($) |
Supranational — continued | ||
Asian Infrastructure Investment Bank (The) (Supranational) 0.50%, 5/28/2025 | 30,000 | 28,640 |
European Bank for Reconstruction & Development (Supranational) | ||
1.50%, 2/13/2025 | 5,000 | 4,870 |
0.50%, 11/25/2025 | 4,000 | 3,741 |
European Investment Bank (Supranational) | ||
3.88%, 3/15/2028 | 35,000 | 34,047 |
4.00%, 2/15/2029 | 29,000 | 28,255 |
Inter-American Development Bank (Supranational) | ||
0.50%, 9/23/2024 | 5,000 | 4,926 |
0.88%, 4/20/2026 | 56,000 | 51,928 |
1.13%, 7/20/2028 | 39,000 | 33,912 |
International Bank for Reconstruction & Development (Supranational) | ||
2.50%, 11/25/2024 | 25,000 | 24,658 |
0.63%, 4/22/2025 | 20,000 | 19,205 |
1.88%, 10/27/2026 | 34,000 | 31,744 |
1.38%, 4/20/2028 | 37,000 | 32,722 |
International Finance Corp. (Supranational) 0.75%, 10/8/2026 | 6,000 | 5,463 |
Total Supranational (Cost $365,347) | 358,374 | |
Commercial Mortgage-Backed Securities — 1.8% | ||
Benchmark Mortgage Trust Series 2019-B12, Class A2, 3.00%, 8/15/2052 | 6,083 | 5,865 |
CGMS Commercial Mortgage Trust Series 2017-B1, Class AAB, 3.24%, 8/15/2050 | 11,091 | 10,679 |
Citigroup Commercial Mortgage Trust | ||
Series 2016-C1, Class AAB, 3.00%, 5/10/2049 | 4,073 | 3,988 |
Series 2020-GC46, Class A2, 2.71%, 2/15/2053 | 20,000 | 19,267 |
CSAIL Commercial Mortgage Trust Series 2015-C3, Class A4, 3.72%, 8/15/2048 | 20,000 | 19,483 |
FHLMC, Multi-Family Structured Pass-Through Certificates Series K092, Class A1, 3.13%, 10/25/2028 | 127,037 | 121,532 |
FNMA ACES Series 2017-M10, Class AV2, 2.51%, 7/25/2024 (c) | 4,810 | 4,782 |
JPMorgan Chase Commercial Mortgage Securities Trust Series 2015-JP1, Class D, 4.22%, 1/15/2049 (c) | 10,000 | 8,174 |
Morgan Stanley Bank of America Merrill Lynch Trust | ||
Series 2014-C19, Class A3, 3.25%, 12/15/2047 | 4,035 | 4,010 |
Series 2016-C31, Class A5, 3.10%, 11/15/2049 | 32,000 | 29,803 |
Wells Fargo Commercial Mortgage Trust Series 2015-C31, Class A4, 3.70%, 11/15/2048 | 24,000 | 23,294 |
Total Commercial Mortgage-Backed Securities (Cost $262,260) | 250,877 | |
Foreign Government Securities — 1.3% | ||
Canada Government Bond 0.75%, 5/19/2026 | 10,000 | 9,230 |
Province of Alberta 1.00%, 5/20/2025 | 13,000 | 12,472 |
Province of British Columbia 0.90%, 7/20/2026 | 10,000 | 9,180 |
Province of Manitoba 1.50%, 10/25/2028 | 48,000 | 41,792 |
Province of Ontario | ||
0.63%, 1/21/2026 | 22,000 | 20,464 |
1.05%, 4/14/2026 | 8,000 | 7,435 |
Province of Quebec | ||
0.60%, 7/23/2025 | 21,000 | 19,923 |
3.63%, 4/13/2028 | 20,000 | 19,178 |
Republic of Peru 4.13%, 8/25/2027 | 36,000 | 34,552 |
JPMorgan BetaBuilders 1-5 Year U.S. Aggregate Bond ETF
SCHEDULE OF PORTFOLIO INVESTMENTS
AS OF May 31, 2024 (Unaudited) (continued)INVESTMENTS | PRINCIPAL AMOUNT($) | VALUE($) |
Foreign Government Securities — continued | ||
Republic of Poland | ||
3.25%, 4/6/2026 | 7,000 | 6,779 |
4.63%, 3/18/2029 | 5,000 | 4,908 |
Total Foreign Government Securities (Cost $191,349) | 185,913 | |
U.S. Government Agency Securities — 1.2% | ||
FFCB Funding Corp. | ||
2.51%, 4/1/2025 | 4,000 | 3,908 |
3.32%, 2/25/2026 | 10,000 | 9,719 |
3.00%, 8/3/2026 | 7,000 | 6,718 |
1.00%, 10/7/2026 | 46,000 | 41,847 |
0.75%, 12/16/2026 | 18,000 | 16,197 |
FHLB | ||
0.66%, 10/28/2024 | 10,000 | 9,805 |
1.25%, 12/21/2026 | 10,000 | 9,161 |
3.25%, 11/16/2028 | 30,000 | 28,412 |
FHLMC | ||
5.20%, 1/10/2025 | 5,000 | 4,989 |
4.00%, 2/28/2025 | 20,000 | 19,804 |
FNMA 1.88%, 9/24/2026 | 7,000 | 6,553 |
Tennessee Valley Authority 3.88%, 3/15/2028 | 10,000 | 9,721 |
Total U.S. Government Agency Securities (Cost $170,815) | 166,834 | |
Asset-Backed Securities — 0.3% | ||
Capital One Multi-Asset Execution Trust Series 2022-A2, Class A, 3.49%, 5/15/2027 | 30,000 | 29,438 |
CarMax Auto Owner Trust Series 2021-1, Class A3, 0.34%, 12/15/2025 | 2,728 | 2,706 |
Discover Card Execution Note Trust Series 2022-A1, Class A1, 1.96%, 2/15/2027 | 10,000 | 9,747 |
Exeter Automobile Receivables Trust Series 2021-3A, Class C, 0.96%, 10/15/2026 | 4,046 | 3,999 |
World Omni Auto Receivables Trust Series 2021-C, Class A3, 0.44%, 8/17/2026 | 3,761 | 3,680 |
Total Asset-Backed Securities (Cost $50,046) | 49,570 | |
Municipal Bonds — 0.3% (f) | ||
California — 0.1% | ||
University of California, Taxable Series 2020BG, Rev., 0.88%, 5/15/2025 | 5,000 | 4,795 |
Florida — 0.2% | ||
State Board of Administration Finance Corp. Series 2020A, Rev., 1.71%, 7/1/2027 | 36,000 | 32,421 |
Total Municipal Bonds (Cost $39,166) | 37,216 | |
JPMorgan BetaBuilders 1-5 Year U.S. Aggregate Bond ETF
SCHEDULE OF PORTFOLIO INVESTMENTS
AS OF May 31, 2024 (Unaudited) (continued) INVESTMENTS | SHARES | VALUE($) |
Short-Term Investments — 0.6% | ||
Investment Companies — 0.6% | ||
JPMorgan U.S. Government Money Market Fund Class IM Shares, 5.26% (g) (h) (Cost $84,148) | 84,148 | 84,148 |
Total Investments — 99.5% (Cost $14,483,807) | 14,117,047 | |
Other Assets Less Liabilities — 0.5% | 77,397 | |
NET ASSETS — 100.0% | 14,194,444 | |
Percentages indicated are based on net assets. |
Abbreviations | |
ACES | Alternative Credit Enhancement Securities |
CME | Chicago Mercantile Exchange |
FFCB | Federal Farm Credit Bank |
FHLB | Federal Home Loan Bank |
FHLMC | Federal Home Loan Mortgage Corp. |
FNMA | Federal National Mortgage Association |
GNMA | Government National Mortgage Association |
REIT | Real Estate Investment Trust |
Rev. | Revenue |
SOFR | Secured Overnight Financing Rate |
TBA | To Be Announced; Security is subject to delayed delivery. |
UMBS | Uniform Mortgage-Backed Securities |
USD | United States Dollar |
^ | Amount rounds to less than 0.1% of net assets. | |
(a) | Variable or floating rate security, linked to the referenced benchmark. The interest rate shown is the current rate as of May 31, 2024. | |
(b) | Contingent Capital security (“CoCo”). CoCos are hybrid debt securities that may be convertible into equity or may be written down if a pre-specified trigger event occurs. The total value of aggregate CoCo holdings at May 31, 2024 is $6,679 or 0.05% of the Fund’s net assets as of May 31, 2024. | |
(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 May 31, 2024. | |
(d) | Security exempt from registration pursuant to Regulation S under the Securities Act of 1933, as amended. Regulation S applies to securities offerings that are made outside of the United States and do not involve direct selling efforts in the United States and as such may have restrictions on resale. | |
(e) | All or a portion of the security is a when-issued security, delayed delivery security, or forward commitment. | |
(f) | The date shown represents the earliest of the prerefunded date, next put date or final maturity date. | |
(g) | Investment in an affiliated fund, which is registered under the Investment Company Act of 1940, as amended, and is advised by J.P. Morgan Investment Management Inc. | |
(h) | The rate shown is the current yield as of May 31, 2024. | |
JPMorgan BetaBuilders 1-5 Year U.S. Aggregate Bond ETF
SCHEDULE OF PORTFOLIO INVESTMENTS
AS OF May 31, 2024 (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 net asset value per share as of the report date.
Valuations reflected in this report are as of the report date. As a result, changes in valuation due to market events and/or issuer-related events after the report date and prior to issuance of the report are not reflected herein.
The various inputs that are used in determining the valuation of the Fund's investments are summarized into the three broad levels listed below.
•
Level 1 — Unadjusted inputs using quoted prices in active markets for identical investments.
•
Level 2 — Other significant observable inputs including, but not limited to, quoted prices for similar investments, inputs other than quoted prices that are observable for investments (such as interest rates, prepayment speeds, credit risk, etc.) or other market corroborated inputs.
•
Level 3 — Significant inputs based on the best information available in the circumstances, to the extent observable inputs are not available (including the Fund's assumptions in determining the fair value of investments).
A financial instrument’s level within the fair value hierarchy is based on the lowest level of any input, both individually and in the aggregate, that is significant to the fair value measurement. The inputs or methodology used for valuing instruments are not necessarily an indication of the risk associated with investing in those instruments.
The following table represents each valuation input as presented on the Schedule of Portfolio Investments:
Level 1 Quoted prices | Level 2 Other significant observable inputs | Level 3 Significant unobservable inputs | Total | |
Investments in Securities | ||||
Asset-Backed Securities | $— | $49,570 | $— | $49,570 |
Commercial Mortgage-Backed Securities | — | 250,877 | — | 250,877 |
Corporate Bonds | — | 3,478,885 | — | 3,478,885 |
Foreign Government Securities | — | 185,913 | — | 185,913 |
Mortgage-Backed Securities | — | 915,960 | — | 915,960 |
Municipal Bonds | — | 37,216 | — | 37,216 |
JPMorgan BetaBuilders 1-5 Year U.S. Aggregate Bond ETF
SCHEDULE OF PORTFOLIO INVESTMENTS
AS OF May 31, 2024 (Unaudited) (continued)Level 1 Quoted prices | Level 2 Other significant observable inputs | Level 3 Significant unobservable inputs | Total | |
Supranational | $— | $358,374 | $— | $358,374 |
U.S. Government Agency Securities | — | 166,834 | — | 166,834 |
U.S. Treasury Obligations | — | 8,589,270 | — | 8,589,270 |
Short-Term Investments | ||||
Investment Companies | 84,148 | — | — | 84,148 |
Total Investments in Securities | $84,148 | $14,032,899 | $— | $14,117,047 |
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 May 31, 2024 | |||||||||
Security Description | Value at February 29, 2024 | Purchases at Cost | Proceeds from Sales | Net Realized Gain (Loss) | Change in Unrealized Appreciation/ (Depreciation) | Value at May 31, 2024 | Shares at May 31, 2024 | Dividend Income | Capital Gain Distributions |
JPMorgan U.S. Government Money Market Fund Class IM Shares, 5.26% (a) (b) | $130,683 | $341,643 | $388,178 | $— | $— | $84,148 | 84,148 | $999 | $— |
(a) | Investment in an affiliated fund, which is registered under the Investment Company Act of 1940, as amended, and is advised by J.P. Morgan Investment Management Inc. |
(b) | The rate shown is the current yield as of May 31, 2024. |