JPMorgan Municipal 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 Municipal ETF
SCHEDULE OF PORTFOLIO INVESTMENTS
AS OF May 31, 2024 (Unaudited)INVESTMENTS | PRINCIPAL AMOUNT($) | VALUE($) |
Municipal Bonds — 93.3% (a) | ||
Alabama — 2.5% | ||
Alabama Federal Aid Highway Finance Authority Series 2015, Rev., 4.00%, 9/1/2024 (b) | 3,000,000 | 3,000,337 |
Black Belt Energy Gas District, Gas Project | ||
Series 2023A, Rev., 5.25%, 10/1/2030 (c) | 2,000,000 | 2,111,935 |
Series 2023B-2, Rev., LIQ : Royal Bank of Canada, 5.25%, 12/1/2030 (c) | 1,000,000 | 1,069,993 |
Black Belt Energy Gas District, Gas Project No. 8 Series 2022A, Rev., 4.00%, 12/1/2029 (c) | 820,000 | 803,489 |
City of Pell City, Warrants Series 2015A, GO, 5.00%, 2/1/2025 | 100,000 | 100,806 |
County of Jefferson | ||
Series 2024, Rev., 5.00%, 10/1/2035 | 1,000,000 | 1,108,069 |
Series 2024, Rev., 5.00%, 10/1/2038 | 2,000,000 | 2,180,385 |
Series 2024, Rev., 5.00%, 10/1/2039 | 2,000,000 | 2,169,909 |
Series 2024, Rev., 5.25%, 10/1/2042 | 3,000,000 | 3,268,454 |
Series 2024, Rev., 5.25%, 10/1/2043 | 1,000,000 | 1,084,232 |
Series 2024, Rev., 5.25%, 10/1/2049 | 1,000,000 | 1,060,808 |
Energy Southeast A Cooperative District Series 2023A-1, Rev., 5.50%, 1/1/2031 (c) | 5,000,000 | 5,353,588 |
Lower Alabama Gas District (The), Gas Project Series 2016A, Rev., 5.00%, 9/1/2031 | 1,250,000 | 1,301,101 |
Selma Industrial Development Board, International Paper Co. Project Series 2020A, Rev., 1.38%, 6/16/2025 (c) | 400,000 | 389,918 |
Southeast Alabama Gas Supply District (The), Project No. 2 Series 2024 B, Rev., 5.00%, 5/1/2032 (c) | 1,500,000 | 1,575,986 |
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 | 6,174,447 |
Southeast Energy Authority A Cooperative District, Project No. 2 Series 2021B, Rev., 4.00%, 12/1/2031 (c) | 2,115,000 | 2,074,888 |
Southeast Energy Authority A Cooperative District, Project No. 3 Series 2022A-1, Rev., 5.50%, 12/1/2029 (c) | 1,000,000 | 1,059,680 |
University of Alabama (The), Huntsville General Fee Series 2018B-2, Rev., 5.00%, 9/1/2031 | 95,000 | 100,944 |
Total Alabama | 35,988,969 | |
Alaska — 0.4% | ||
Alaska Industrial Development and Export Authority, Tanana Chiefs Conference Project | ||
Series 2019 A, Rev., 5.00%, 10/1/2033 | 1,500,000 | 1,566,571 |
Series 2019 A, Rev., 4.00%, 10/1/2034 | 2,110,000 | 2,063,887 |
Series 2019 A, Rev., 4.00%, 10/1/2036 | 2,455,000 | 2,384,237 |
Total Alaska | 6,014,695 | |
Arizona — 2.1% | ||
Arizona Board of Regents | ||
Series 2020A, Rev., 5.00%, 7/1/2030 | 105,000 | 114,767 |
Series 2020A, Rev., 5.00%, 7/1/2033 | 430,000 | 468,410 |
Series 2024B, Rev., 5.00%, 7/1/2042 | 1,250,000 | 1,378,133 |
Series 2024, Rev., 5.00%, 8/1/2042 | 1,000,000 | 1,099,635 |
Arizona Industrial Development Authority, Academies of Math and Science Projects Rev., 4.50%, 7/1/2033 (d) | 510,000 | 510,285 |
Arizona Industrial Development Authority, Great Lakes Senior Living Communities LLC Project Series 2019A, Rev., 5.00%, 1/1/2036 | 250,000 | 178,660 |
Arizona Industrial Development Authority, KIPP Nashville Project | ||
Series 2022A, Rev., 5.00%, 7/1/2028 | 225,000 | 231,714 |
Series 2022A, Rev., 5.00%, 7/1/2029 | 235,000 | 243,970 |
Arizona Industrial Development Authority, National Charter School Revolving Loan Fund | ||
Series 2020A, Rev., 4.00%, 11/1/2038 | 200,000 | 194,746 |
Series 2023A, Rev., 5.00%, 11/1/2038 | 1,000,000 | 1,068,194 |
Series 2023A, Rev., 5.00%, 11/1/2040 | 1,950,000 | 2,065,890 |
Series 2023A, Rev., 5.25%, 11/1/2048 | 1,000,000 | 1,051,373 |
City of Phoenix Civic Improvement Corp., Junior Lien, Airport System Series 2019A, Rev., 5.00%, 7/1/2044 | 2,000,000 | 2,096,920 |
JPMorgan Municipal ETF
SCHEDULE OF PORTFOLIO INVESTMENTS
AS OF May 31, 2024 (Unaudited) (continued)INVESTMENTS | PRINCIPAL AMOUNT($) | VALUE($) |
Municipal Bonds — continued | ||
Arizona — continued | ||
City of Phoenix Civic Improvement Corp., Junior Lien, Wastewater System | ||
Series 2023, Rev., 5.00%, 7/1/2041 | 2,000,000 | 2,202,915 |
Series 2023, Rev., 5.00%, 7/1/2043 | 4,000,000 | 4,372,877 |
City of Phoenix Civic Improvement Corp., Senior Lien, Airport System | ||
Series 2023, Rev., AMT, 5.00%, 7/1/2024 | 375,000 | 375,215 |
Series 2023, Rev., AMT, 5.00%, 7/1/2025 | 500,000 | 506,299 |
Gilbert Water Resource Municipal Property Corp. Series 2022, Rev., 4.00%, 7/15/2047 | 2,035,000 | 1,950,826 |
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 | 754,987 |
Maricopa County Industrial Development Authority, Banner Health | ||
Series 2023A-1, Rev., 5.00%, 5/15/2026 (c) | 1,235,000 | 1,261,228 |
Series A, Rev., 4.00%, 1/1/2041 | 1,500,000 | 1,460,755 |
Maricopa County Industrial Development Authority, Valley Christian Schools Project Series 2023A, Rev., 6.00%, 7/1/2043 (d) | 945,000 | 962,468 |
Maricopa County School District No. 3, Tempe Elementary, School Improvement, Project of 2016 Series 2017A, GO, 5.00%, 7/1/2027 | 30,000 | 31,380 |
Maricopa County Unified School District No. 60 Higley COP, AGM, 5.00%, 6/1/2036 | 200,000 | 218,769 |
Pima County Unified School District No. 1 Tucson, Project of 2023 | ||
Series 2024 A, GO, AGM, 5.00%, 7/1/2025 | 1,100,000 | 1,117,143 |
Series 2024 A, GO, AGM, 5.00%, 7/1/2036 | 1,000,000 | 1,122,233 |
Series 2024 A, GO, AGM, 5.00%, 7/1/2038 | 1,750,000 | 1,941,057 |
Salt River Project Agricultural Improvement and Power District, Arizona Electric System Series 2023B, Rev., 5.25%, 1/1/2053 | 1,000,000 | 1,089,526 |
Salt Verde Financial Corp. Series 2007-1, Rev., 5.25%, 12/1/2026 | 100,000 | 102,834 |
Total Arizona | 30,173,209 | |
Arkansas — 0.0% ^ | ||
City of Fort Smith, Water and Sewer Construction Rev., 5.00%, 10/1/2024 | 75,000 | 75,270 |
County of Pulaski, Arkansas Children's Hospital Rev., 5.00%, 3/1/2037 | 500,000 | 543,523 |
Total Arkansas | 618,793 | |
California — 6.3% | ||
Azusa Unified School District, Election of 2014 Series 2022D, GO, 5.00%, 8/1/2032 | 175,000 | 196,914 |
Burbank-Glendale-Pasadena Airport Authority Brick Campaign | ||
Series 2024B, Rev., AMT, 5.25%, 7/1/2040 | 2,250,000 | 2,457,848 |
Series 2024B, Rev., AMT, 5.25%, 7/1/2044 | 1,000,000 | 1,077,248 |
Series 2024B, Rev., AMT, AGM, 4.38%, 7/1/2049 | 1,000,000 | 972,487 |
Series 2024B, Rev., AMT, 5.25%, 7/1/2049 | 1,000,000 | 1,064,361 |
California Community Choice Financing Authority, Clean Energy Project | ||
Series 2023B-1, Rev., 5.00%, 8/1/2029 (c) | 2,565,000 | 2,681,596 |
Series 2023 G-1, Rev., 5.25%, 4/1/2030 (c) | 1,000,000 | 1,062,296 |
Series 2021B-1, Rev., 4.00%, 8/1/2031 (c) | 6,750,000 | 6,697,141 |
Series 2024 A, Rev., 5.00%, 4/1/2032 (c) | 5,000,000 | 5,294,199 |
California Enterprise Development Authority, Riverside County, Rocketship Public Schools-Obligated Group No. 2 Series 2022A, Rev., 4.00%, 6/1/2027 (d) | 260,000 | 253,682 |
California Health Facilities Financing Authority, Adventist Health System | ||
Series 2024A, Rev., 5.00%, 12/1/2036 | 4,500,000 | 4,917,305 |
Series 2024A, Rev., 5.00%, 12/1/2037 | 3,350,000 | 3,637,627 |
Series 2024A, Rev., 5.00%, 12/1/2038 | 2,005,000 | 2,164,103 |
California Health Facilities Financing Authority, On Lok Senior Health Service Rev., 5.00%, 8/1/2040 | 100,000 | 104,436 |
JPMorgan Municipal ETF
SCHEDULE OF PORTFOLIO INVESTMENTS
AS OF May 31, 2024 (Unaudited) (continued)INVESTMENTS | PRINCIPAL AMOUNT($) | VALUE($) |
Municipal Bonds — continued | ||
California — continued | ||
California Infrastructure and Economic Development Bank, Brightline West Passenger Rail Project | ||
Series 2020A-3, Rev., AMT, 8.00%, 8/15/2024 (c) (d) | 1,000,000 | 1,032,972 |
Series 2020A, Rev., AMT, 3.95%, 1/30/2025 (c) (d) | 5,140,000 | 5,139,982 |
California Infrastructure and Economic Development Bank, California Academy of Science Series 2024A, Rev., 3.25%, 8/1/2029 | 5,000,000 | 4,874,181 |
California Municipal Finance Authority Series 2021A, Rev., AMT, 4.00%, 10/1/2024 (c) | 1,000,000 | 999,382 |
California Municipal Finance Authority, Community Health System Series 2021A, Rev., 5.00%, 2/1/2033 | 800,000 | 845,853 |
California Municipal Finance Authority, Waste Management, Inc. Project Series 2022A, Rev., AMT, 4.13%, 10/1/2025 (c) | 1,500,000 | 1,500,977 |
California Pollution Control Financing Authority, Poseidon Resources Channelside LP Desalination Project Rev., AMT, 5.00%, 7/1/2036 (d) | 770,000 | 833,595 |
California School Finance Authority, Kipp SoCal Public Schools Series 2019A, Rev., 5.00%, 7/1/2039 (d) | 825,000 | 843,739 |
California Statewide Communities Development Authority, Loma Linda University Medical Center Series 2018 A, Rev., 5.25%, 12/1/2048 (d) | 1,390,000 | 1,408,611 |
City of Aliso Viejo COP, 4.00%, 11/1/2028 | 175,000 | 180,780 |
City of Los Angeles Department of Airports, International Airport Subordinate Series 2021A, Rev., AMT, 5.00%, 5/15/2039 | 1,740,000 | 1,830,622 |
City of Santa Rosa, Courthouse Square Project and Lease COP, 4.00%, 10/1/2024 | 90,000 | 90,014 |
CSCDA Community Improvement Authority, Essential Housing, Pasadena Portfolio Series 2021A-1, Rev., 2.65%, 12/1/2046 (d) | 255,000 | 198,688 |
El Centro Financing Authority, Police Station Project | ||
Series 2023A, Rev., 5.00%, 10/1/2024 | 260,000 | 260,844 |
Series 2023A, Rev., 5.00%, 10/1/2025 | 545,000 | 554,120 |
Golden State Tobacco Securitization Corp., Enhanced Tobacco Settlement | ||
Series 2018A-1, Rev., 5.00%, 6/1/2028 (b) | 250,000 | 267,693 |
Series 2021B-2, Rev., Zero Coupon, 6/1/2066 | 18,700,000 | 2,036,729 |
Indio Finance Authority, City of Indio | ||
Series 2022A, Rev., 5.00%, 11/1/2028 | 275,000 | 293,838 |
Series 2022A, Rev., 5.00%, 11/1/2029 | 325,000 | 352,332 |
Series 2022A, Rev., 5.00%, 11/1/2030 | 400,000 | 439,266 |
Series 2022A, Rev., 5.00%, 11/1/2034 | 200,000 | 225,337 |
Los Angeles County Development Authority, West LA Building 156 and 157 Apartments Series 2023C, Rev., 3.75%, 12/1/2026 (c) | 3,000,000 | 2,962,754 |
Los Angeles Department of Water and Power, Power System Series 2022A, Rev., 5.00%, 7/1/2030 | 235,000 | 260,568 |
Los Angeles Unified School District | ||
Series 2024A, GO, 5.00%, 7/1/2025 | 4,000,000 | 4,067,864 |
Series 2024A, GO, 5.00%, 7/1/2034 | 5,640,000 | 6,523,010 |
Ontario Public Financing Authority, Civic Center Improvements Series 2022A, Rev., AGM, 5.00%, 11/1/2033 | 140,000 | 158,388 |
Petaluma Public Financing Authority, Road Improvement Projects Rev., 5.00%, 5/1/2026 | 150,000 | 154,679 |
Redding Joint Powers Financing Authority Series 2019A, Rev., 5.00%, 4/1/2026 | 150,000 | 153,737 |
River Islands Public Financing Authority, Facilities District No. 2003 | ||
Series 2022A-1, AGM, 5.00%, 9/1/2029 | 210,000 | 226,164 |
Series 2022A-1, AGM, 5.00%, 9/1/2030 | 330,000 | 359,329 |
Salinas Union High School District, Election of 2020 Series A, GO, 4.00%, 8/1/2047 | 1,000,000 | 990,631 |
San Diego County Regional Airport Authority | ||
Series 2023B, Rev., AMT, 5.25%, 7/1/2038 | 2,000,000 | 2,195,177 |
Series 2023B, Rev., AMT, 5.00%, 7/1/2048 | 5,460,000 | 5,664,259 |
San Dieguito Union High School District, Election of 2012 Series A-2, GO, 5.00%, 8/1/2024 | 150,000 | 150,095 |
San Jose Evergreen Community College District Series C, GO, 4.00%, 9/1/2043 | 2,000,000 | 2,020,779 |
JPMorgan Municipal ETF
SCHEDULE OF PORTFOLIO INVESTMENTS
AS OF May 31, 2024 (Unaudited) (continued)INVESTMENTS | PRINCIPAL AMOUNT($) | VALUE($) |
Municipal Bonds — continued | ||
California — continued | ||
Solano Irrigation District, Water COP, 4.00%, 8/1/2031 | 285,000 | 287,242 |
South San Francisco Public Facilities Financing Authority, Community Civic Campus and Multiple Capital Projects Series 2021A, Rev., 4.00%, 6/1/2029 | 220,000 | 228,110 |
State of California, Various Purpose GO, 5.00%, 11/1/2032 | 335,000 | 370,326 |
Tobacco Securitization Authority of Northern California, Sacramento County Tobacco Securitization Corp. Series 2021A, Class 1, Rev., 5.00%, 6/1/2032 | 110,000 | 119,964 |
Tobacco Securitization Authority of Southern California Series 2019 A, Class 1, Rev., 5.00%, 6/1/2048 | 3,000,000 | 3,060,560 |
Tracy Public Financing Authority, Legacy Fields Series 2022A, Rev., 5.00%, 11/1/2036 | 1,035,000 | 1,164,573 |
University of California Series 2018AZ, Rev., 4.00%, 5/15/2029 | 130,000 | 134,281 |
Vallecito Union School District Series A, GO, 5.00%, 8/1/2031 | 595,000 | 659,361 |
Yucaipa Valley Water District Financing Authority, Water and Sewer Series 2022A, Rev., 5.00%, 9/1/2034 | 500,000 | 564,538 |
Total California | 89,267,187 | |
Colorado — 1.4% | ||
Adams County Housing Authority, Maiker Housing Partners Multifamily Housing, Overlook At Thornton Series 2023, Rev., 4.50%, 5/1/2026 (c) | 3,300,000 | 3,300,790 |
City and County of Denver Series 2020B, GO, 5.00%, 8/1/2029 | 220,000 | 239,022 |
City and County of Denver, Airport System | ||
Series 2018 A, Rev., AMT, 5.00%, 12/1/2028 | 2,845,000 | 2,975,386 |
Series 2022A, Rev., AMT, 5.00%, 11/15/2032 | 1,000,000 | 1,081,347 |
Series 2018A, Rev., AMT, 5.00%, 12/1/2035 | 505,000 | 524,197 |
City of Lone Tree COP, 5.00%, 12/1/2041 | 1,475,000 | 1,599,662 |
Colorado Bridge and Tunnel Enterprise, Senior Infrastructure Series 2024 A, Rev., AGM, 5.25%, 12/1/2049 | 1,000,000 | 1,088,212 |
Colorado Educational and Cultural Facilities Authority, Vega Collegiate Academy Project Series 2021A, Rev., 5.00%, 2/1/2051 (d) | 150,000 | 136,923 |
Colorado Health Facilities Authority, CommonSpirit Health Series 2024A, Rev., 5.00%, 12/1/2034 | 1,000,000 | 1,109,443 |
Colorado Higher Education, Capital Construction, Lease Purchase Financing Program COP, 4.00%, 9/1/2034 | 335,000 | 337,461 |
Colorado Housing and Finance Authority Series 2023L, Class III, Rev., GNMA COLL, 5.75%, 11/1/2053 | 2,960,000 | 3,109,341 |
County of Adams COP, 5.00%, 12/1/2024 | 150,000 | 150,912 |
Dominion Water and Sanitation District Rev., 5.00%, 12/1/2027 | 500,000 | 496,788 |
San Miguel County School District R-1 Telluride | ||
Series 2024, GO, 5.00%, 12/1/2037 | 1,000,000 | 1,118,386 |
Series 2024, GO, 5.00%, 12/1/2042 | 1,000,000 | 1,090,566 |
State of Colorado, Building Excellent Schools Today Series S, COP, 4.00%, 3/15/2037 | 1,000,000 | 1,007,645 |
University of Colorado, Enterprise System Series 2017A-2, Rev., 5.00%, 6/1/2026 | 40,000 | 41,180 |
Total Colorado | 19,407,261 | |
Connecticut — 0.6% | ||
City of Meriden | ||
Series 2023, GO, 4.00%, 6/15/2041 | 890,000 | 875,982 |
GO, 4.00%, 6/15/2043 | 1,080,000 | 1,050,319 |
City of Norwalk | ||
Series 2023, GO, 4.00%, 8/15/2042 | 700,000 | 699,204 |
Series 2023, GO, 4.00%, 8/15/2043 | 500,000 | 494,788 |
Stamford Housing Authority, The Dogwoods Project Rev., BAN, 11.00%, 12/1/2027 (d) | 1,000,000 | 966,277 |
State of Connecticut Series A, GO, 5.00%, 4/15/2033 | 135,000 | 140,038 |
State of Connecticut Special Tax | ||
Series 2023A, Rev., 5.00%, 7/1/2037 | 2,000,000 | 2,252,771 |
JPMorgan Municipal ETF
SCHEDULE OF PORTFOLIO INVESTMENTS
AS OF May 31, 2024 (Unaudited) (continued)INVESTMENTS | PRINCIPAL AMOUNT($) | VALUE($) |
Municipal Bonds — continued | ||
Connecticut — continued | ||
Series 2023A, Rev., 5.00%, 7/1/2038 | 1,000,000 | 1,118,269 |
University of Connecticut Series 2017A, Rev., 5.00%, 1/15/2028 | 125,000 | 129,761 |
Total Connecticut | 7,727,409 | |
Delaware — 0.2% | ||
Delaware State Economic Development Authority, St. Andrews School Project Rev., 4.00%, 7/1/2041 | 2,190,000 | 2,135,887 |
District of Columbia — 1.5% | ||
District of Columbia Series 2023A, GO, 5.00%, 1/1/2036 | 3,000,000 | 3,372,214 |
District of Columbia, Income Tax | ||
Series 2019A, Rev., 5.00%, 3/1/2029 | 100,000 | 107,651 |
Series 2023 A, Rev., 5.00%, 5/1/2043 | 1,500,000 | 1,628,090 |
Series 2023 A, Rev., 5.25%, 5/1/2048 | 2,500,000 | 2,731,264 |
District of Columbia, Kipp DC Project Rev., 4.00%, 7/1/2039 | 100,000 | 95,157 |
District of Columbia, Water and Sewer Authority, Public Utility, Senior Lien Series B, Rev., 5.00%, 10/1/2025 | 65,000 | 66,309 |
District of Columbia, Water and Sewer Authority, Public Utility, Subordinate Lien Series 2022C1, Rev., 4.00%, 10/1/2040 | 2,000,000 | 2,008,339 |
Metropolitan Washington Airports Authority Aviation | ||
Series 2010D, Rev., VRDO, LOC : Barclays Bank plc, 2.89%, 6/12/2024 (c) | 5,000,000 | 5,000,000 |
Series 2023A, Rev., AMT, 5.00%, 10/1/2025 | 875,000 | 887,801 |
Series 2021A, Rev., AMT, 5.00%, 10/1/2031 | 1,360,000 | 1,458,089 |
Series 2020A, Rev., AMT, 4.00%, 10/1/2035 | 1,750,000 | 1,726,422 |
Washington Metropolitan Area Transit Authority Dedicated, Sustainability Climate Transition Bonds Series 2023A, Rev., 5.00%, 7/15/2037 | 1,500,000 | 1,675,384 |
Total District of Columbia | 20,756,720 | |
Florida — 3.2% | ||
Capital Trust Authority, IPS Enterprises, Inc., Projects | ||
Series 2023 A, Rev., 5.13%, 6/15/2033 (d) | 1,250,000 | 1,287,520 |
Series 2023 A, Rev., 6.00%, 6/15/2043 (d) | 2,060,000 | 2,139,382 |
Central Florida Tourism Oversight District Series 2016A, GO, 5.00%, 6/1/2026 | 50,000 | 51,139 |
City of Cape Coral, Florida Special Obligation Rev., 5.00%, 10/1/2024 | 110,000 | 110,433 |
City of Kissimmee, Sales Tax Rev., 4.00%, 10/1/2025 | 170,000 | 171,259 |
City of Miami Series 2024A, Rev., 5.50%, 1/1/2049 (e) | 1,500,000 | 1,654,590 |
City of Orlando, Capital Improvement Series B, Rev., 5.00%, 10/1/2024 | 60,000 | 60,213 |
City of Tampa, H. Lee Moffitt Cancer Center Project Series 2016B, Rev., 5.00%, 7/1/2024 | 35,000 | 35,014 |
Cobb County Kennestone Hospital Authority, Wellstar Health System, Inc., Project Series 2023, Rev., 5.00%, 6/1/2027 | 1,930,000 | 1,926,973 |
County of Hillsborough, Communications Services Tax Rev., 5.00%, 10/1/2024 | 40,000 | 40,164 |
County of Lee, Airport | ||
Series 2021 B, Rev., AMT, 5.00%, 10/1/2031 | 1,840,000 | 1,959,411 |
Series 2021A, Rev., AMT, 5.00%, 10/1/2031 | 400,000 | 425,959 |
County of Miami-Dade, Aviation System Series A, Rev., AMT, 5.00%, 10/1/2034 | 1,000,000 | 1,000,949 |
County of Miami-Dade, Jackson Health System Series 2015A, Rev., 5.00%, 6/1/2025 | 150,000 | 151,800 |
County of Okaloosa, Sales Tax Rev., 5.00%, 10/1/2024 | 30,000 | 30,110 |
Duval County Public Schools Series 2022-A, COP, AGM, 5.00%, 7/1/2034 | 500,000 | 542,853 |
East Central Regional Wastewater Treatment Facilities Operation Board, Biosolids Project Rev., 5.00%, 10/1/2024 | 30,000 | 30,118 |
Florida Atlantic University Finance Corp., Student Housing Project Series 2019B, Rev., 5.00%, 7/1/2032 | 250,000 | 264,627 |
Florida Department of Children and Families, Evaluation Treatment Center Financing Corp. Project Series 2021B, COP, 5.00%, 10/1/2028 | 210,000 | 224,374 |
JPMorgan Municipal ETF
SCHEDULE OF PORTFOLIO INVESTMENTS
AS OF May 31, 2024 (Unaudited) (continued)INVESTMENTS | PRINCIPAL AMOUNT($) | VALUE($) |
Municipal Bonds — continued | ||
Florida — continued | ||
Florida Development Finance Corp., Brightline Florida Passenger Rail Project Series 2024, Rev., AMT, 5.50%, 7/1/2053 | 5,000,000 | 5,196,549 |
Florida Development Finance Corp., Idea Florida, Inc., Jacksonville IV Project Rev., 5.25%, 6/15/2029 (d) | 150,000 | 152,893 |
Florida Housing Finance Corp., Culmer Apartments Series 2023C, Rev., 5.00%, 12/1/2025 (c) | 1,410,000 | 1,423,653 |
Florida Housing Finance Corp., Hampton Point Apartments Series 2023E, Rev., 5.00%, 5/1/2025 (c) | 1,320,000 | 1,328,776 |
Florida Housing Finance Corp., Northside Transit Village III Series 2023B, Rev., GNMA COLL, 5.00%, 2/1/2026 (c) | 1,000,000 | 1,013,753 |
Florida Municipal Loan Council, Village of Palmetto Bay Series 2021A, Rev., 4.00%, 10/1/2028 | 75,000 | 76,042 |
Florida Municipal Power Agency, All-Requirements Power Supply Project Series 2016A, Rev., 5.00%, 10/1/2024 | 130,000 | 130,355 |
Florida State Board of Governors University of North Florida Dormitory | ||
Series 2023A, Rev., 5.00%, 11/1/2041 | 2,205,000 | 2,375,597 |
Series 2023A, Rev., 5.00%, 11/1/2042 | 2,675,000 | 2,873,206 |
Florida State Board of Governors, University of Florida Mandatory Student Fee Series 2021A, Rev., AGM, 5.00%, 11/1/2028 | 100,000 | 105,727 |
JEA Water and Sewer System Series 2024A, Rev., 5.25%, 10/1/2049 | 5,000,000 | 5,482,299 |
Lee County School Board (The) Series 2023A, COP, 4.00%, 8/1/2048 | 1,500,000 | 1,399,022 |
Marion County School Board COP, AGM, 5.25%, 6/1/2044 | 1,465,000 | 1,604,891 |
Miami-Dade County Housing Finance Authority, Running Brook Apartments Series 202, Rev., 3.55%, 1/1/2026 (c) | 1,500,000 | 1,473,035 |
Middleton Community Development District A, City of Wildwood, Florida Special Assessment 5.85%, 5/1/2037 | 250,000 | 261,851 |
Orange County Health Facilities Authority, Orlando Health Obligated Group Series 2023A, Rev., 5.00%, 10/1/2036 | 750,000 | 831,371 |
Orange County Health Facilities Authority, The Nemours Foundation Project Series 2009C-2, Rev., VRDO, LOC : TD Bank NA, 2.86%, 6/12/2024 (c) | 1,020,000 | 1,020,000 |
Palm Beach County Health Facilities Authority, Acts Retirement Life Communities, Inc., Obligated Group Rev., 5.00%, 11/15/2032 | 240,000 | 246,672 |
Palm Beach County School District Series 2024A, COP, 5.00%, 8/1/2039 | 2,085,000 | 2,307,563 |
Polk County Housing Finance Authority, Episcopal Catholic Apartments Series 2023, Rev., 4.15%, 6/1/2026 (c) | 750,000 | 749,613 |
St Johns County School Board Series 2024 A, COP, AGM, 5.00%, 7/1/2041 | 1,600,000 | 1,735,443 |
State of Florida Board of Education, Public Education Capital Outlay | ||
Series 2015B, GO, 5.00%, 6/1/2024 | 30,000 | 30,000 |
Series 2017B, GO, 5.00%, 6/1/2031 | 75,000 | 78,435 |
State of Florida, State Board of Education, Lottery Series 2016A, Rev., 5.00%, 7/1/2026 | 75,000 | 77,241 |
Tampa Bay Water, Regional Water Supply Authority, Utility System Series 2016C, Rev., 5.00%, 10/1/2025 | 55,000 | 56,022 |
Tampa-Hillsborough County Expressway Authority Series 2017B, Rev., 5.00%, 7/1/2031 | 40,000 | 42,369 |
University of Florida, Department of Housing and Residence Education Housing System Series 2021A, Rev., 5.00%, 7/1/2026 | 125,000 | 128,676 |
Village Community Development District No. 15 4.25%, 5/1/2028 (d) | 350,000 | 350,185 |
Total Florida | 44,658,127 | |
Georgia — 3.4% | ||
Augusta Development Authority, AU Health System, Inc. Project Series 2018, Rev., 4.00%, 7/1/2038 | 3,995,000 | 3,859,746 |
Bartow County Development Authority, Georgia Power Co. Plant Series 2009-1, Rev., 3.95%, 3/8/2028 (c) | 2,000,000 | 2,017,142 |
City of Atlanta, Airport Passenger Facility Charge, Subordinate Lien Series 2019D, Rev., AMT, 4.00%, 7/1/2037 | 2,350,000 | 2,297,095 |
City of Atlanta, Georgia Airport Series 2019B, Rev., AMT, 5.00%, 7/1/2031 | 1,810,000 | 1,903,493 |
Columbia County Hospital Authority, Wellstart Health System Inc., Project Series 2023B, Rev., 5.00%, 4/1/2042 | 2,000,000 | 2,129,669 |
County of DeKalb, Water and Sewerage Series 2006B, Rev., 5.25%, 10/1/2026 | 25,000 | 26,017 |
Development Authority of Burke County (The) Series 2013-1, Rev., 3.38%, 3/12/2027 (c) | 1,000,000 | 986,381 |
Development Authority of Monroe County (The), Georgia Power Co. Plant Scherer Project Series 2009-2, Rev., 3.88%, 3/6/2026 (c) | 1,250,000 | 1,252,122 |
Georgia Higher Education Facilities Authority, USG Real Estate Foundation II LLC Projects Rev., 4.00%, 6/15/2038 | 1,425,000 | 1,413,112 |
Georgia Ports Authority Series 2022, Rev., 5.00%, 7/1/2047 | 1,155,000 | 1,231,439 |
JPMorgan Municipal ETF
SCHEDULE OF PORTFOLIO INVESTMENTS
AS OF May 31, 2024 (Unaudited) (continued)INVESTMENTS | PRINCIPAL AMOUNT($) | VALUE($) |
Municipal Bonds — continued | ||
Georgia — continued | ||
Main Street Natural Gas, Inc., Gas Supply | ||
Series 2022B, Rev., 5.00%, 6/1/2029 (c) | 1,750,000 | 1,818,339 |
Series 2023B, Rev., 5.00%, 3/1/2030 (c) | 4,785,000 | 5,026,897 |
Series 2023A, Rev., 5.00%, 6/1/2030 (c) | 4,000,000 | 4,177,148 |
Series 2023C, Rev., 5.00%, 9/1/2030 (c) | 2,500,000 | 2,624,927 |
Series 2023D, Rev., 5.00%, 12/1/2030 (c) | 3,500,000 | 3,659,490 |
Series 2023E SUB E1, Rev., 5.00%, 6/1/2031 (c) | 4,230,000 | 4,458,569 |
Series 2024 A, Rev., 5.00%, 9/1/2031 (c) | 3,000,000 | 3,171,139 |
Series 2024B, Rev., 5.00%, 3/1/2032 (c) | 3,000,000 | 3,181,215 |
Metropolitan Atlanta Rapid Transit Authority, Sales Tax | ||
Series 2017D, Rev., 4.00%, 7/1/2028 | 35,000 | 35,448 |
Series 2023A, Rev., 5.00%, 7/1/2036 | 490,000 | 553,116 |
Series 2023A, Rev., 5.00%, 7/1/2039 | 900,000 | 999,614 |
Rome Building Authority, Rome City School Project Series 2023, Rev., 5.00%, 3/1/2036 | 1,000,000 | 1,131,636 |
Walton County Water and Sewer Authority, Hard Labor Creek Reservoir Water Treatment Facility Project | ||
Rev., 5.25%, 2/1/2034 | 100,000 | 114,414 |
Rev., 5.25%, 2/1/2035 | 135,000 | 154,435 |
Total Georgia | 48,222,603 | |
Guam — 0.1% | ||
Guam Government Waterworks Authority Series 2024A, Rev., 5.00%, 7/1/2040 | 1,810,000 | 1,925,624 |
Hawaii — 0.0% ^ | ||
City and County of Honolulu Series D, GO, 5.00%, 9/1/2032 | 45,000 | 46,824 |
State of Hawaii Series FK, GO, 5.00%, 5/1/2033 | 30,000 | 31,107 |
Total Hawaii | 77,931 | |
Idaho — 0.0% ^ | ||
Idaho Health Facilities Authority, St. Luke's Health System Project Series 2021A, Rev., 5.00%, 3/1/2029 | 35,000 | 36,919 |
Idaho Housing and Finance Association, Transportation Expansion and Congestion Mitigation Fund Series 2022A, Rev., 5.00%, 8/15/2035 | 500,000 | 558,852 |
Total Idaho | 595,771 | |
Illinois — 5.5% | ||
Champaign County Community Unit School District No. 4 Champaign, School Building GO, 5.00%, 1/1/2027 | 45,000 | 45,912 |
Chicago Midway International Airport, Senior Lien | ||
Series 2023A, Rev., AMT, 5.00%, 1/1/2029 | 1,175,000 | 1,229,481 |
Series 2023A, Rev., AMT, 5.00%, 1/1/2030 | 1,545,000 | 1,630,029 |
Series 2023 C, Rev., AMT, 5.00%, 1/1/2034 | 3,500,000 | 3,763,381 |
Series 2023 C, Rev., AMT, 5.00%, 1/1/2039 | 2,500,000 | 2,634,131 |
Series 2023A, Rev., AMT, 5.75%, 1/1/2048 | 1,335,000 | 1,461,253 |
Series 2023A, Rev., AMT, 5.50%, 1/1/2053 | 1,100,000 | 1,176,028 |
Chicago O'Hare International Airport, Customer Facility Charge Senior Lien | ||
Series 2023, Rev., 5.00%, 1/1/2036 | 1,265,000 | 1,385,137 |
Series 2023, Rev., 5.00%, 1/1/2037 | 825,000 | 899,655 |
Chicago O'Hare International Airport, General Airport, Senior Lien | ||
Series 2020A, Rev., 5.00%, 1/1/2034 | 200,000 | 213,987 |
Series B, Rev., 5.00%, 1/1/2034 | 40,000 | 41,212 |
City of Chicago, Waterworks, Second Lien | ||
Series 2023B, Rev., 5.00%, 11/1/2024 | 625,000 | 627,698 |
JPMorgan Municipal ETF
SCHEDULE OF PORTFOLIO INVESTMENTS
AS OF May 31, 2024 (Unaudited) (continued)INVESTMENTS | PRINCIPAL AMOUNT($) | VALUE($) |
Municipal Bonds — continued | ||
Illinois — continued | ||
Series 2023A, Rev., AGM, 5.25%, 11/1/2053 | 365,000 | 390,093 |
City of Decatur GO, 5.00%, 3/1/2027 | 130,000 | 132,755 |
City of Highland Park GO, 4.00%, 12/30/2028 | 35,000 | 35,885 |
Cook County School District No. 87 Berkeley GO, AGM, 4.00%, 12/1/2030 | 35,000 | 35,807 |
County of Cook, Sales Tax Rev., 5.00%, 11/15/2034 | 2,000,000 | 2,070,317 |
County of Lake, Sales Tax GO, 4.00%, 11/30/2027 | 100,000 | 101,739 |
Illinois Finance Authority, Clean Water Initiative Revolving Fund Rev., 5.00%, 7/1/2032 | 35,000 | 36,173 |
Illinois Finance Authority, Depaul College Prep Project Series 2023A, Rev., 4.50%, 8/1/2033 (d) | 500,000 | 513,699 |
Illinois Finance Authority, Lake Forest College | ||
Series 2022A, Rev., 5.00%, 10/1/2029 | 320,000 | 327,143 |
Series 2022A, Rev., 5.00%, 10/1/2030 | 205,000 | 210,126 |
Series 2022A, Rev., 5.00%, 10/1/2031 | 235,000 | 241,174 |
Illinois Finance Authority, Smith Crossing Rev., 4.00%, 10/15/2028 | 350,000 | 334,421 |
Illinois Finance Authority, Uchicago Medicine Series 2022B-2, Rev., 5.00%, 8/15/2027 (c) | 1,000,000 | 1,035,510 |
Illinois Finance Authority, University of Chicago | ||
Series 2015A, Rev., 5.00%, 10/1/2025 (b) | 3,250,000 | 3,306,037 |
Series 2024 A, Rev., 5.00%, 4/1/2032 | 16,085,000 | 17,899,361 |
Illinois Housing Development Authority | ||
Rev., FHA, 4.00%, 6/1/2025 (c) | 2,815,000 | 2,805,108 |
Series 2024 A, Rev., GNMA/FNMA/FHLMC, 6.00%, 10/1/2054 | 1,000,000 | 1,071,503 |
Illinois State Toll Highway Authority | ||
Series 2019A, Rev., 5.00%, 1/1/2036 | 250,000 | 268,325 |
Series 2024 A, Rev., 5.00%, 1/1/2038 | 2,000,000 | 2,250,647 |
Lake County Community Consolidated School District No. 3 Beach Park GO, AGM, 4.00%, 2/1/2032 | 175,000 | 176,265 |
Sales Tax Securitization Corp., Second Lien Series 2020A, Rev., 4.00%, 1/1/2040 | 1,750,000 | 1,716,392 |
Sales Tax Securitization Corp., Senior Lien Series 2023C, Rev., 5.00%, 1/1/2033 | 1,000,000 | 1,075,819 |
Southern Illinois University | ||
Series 2022A, Rev., 5.00%, 4/1/2029 | 675,000 | 702,598 |
Series 2022A, Rev., 5.00%, 4/1/2030 | 800,000 | 838,484 |
Series 2022A, Rev., 5.00%, 4/1/2031 | 575,000 | 607,301 |
Series 2022A, Rev., 5.00%, 4/1/2032 | 510,000 | 541,170 |
State of Illinois | ||
Series 2018A, GO, 5.00%, 10/1/2024 | 30,000 | 30,086 |
Series 2023D, GO, 5.00%, 7/1/2025 | 1,145,000 | 1,158,621 |
Series 2017D, GO, 5.00%, 11/1/2025 | 2,550,000 | 2,591,108 |
Series 2017 A, GO, 5.00%, 12/1/2026 | 1,000,000 | 1,028,160 |
Series 2024B, GO, 5.00%, 5/1/2027 | 1,000,000 | 1,032,944 |
Series 2022A, GO, 5.00%, 3/1/2029 | 500,000 | 526,869 |
Series 2018B, GO, 5.00%, 10/1/2029 | 2,000,000 | 2,100,198 |
GO, 4.00%, 6/1/2032 | 1,000,000 | 993,077 |
Series 2020B, GO, 4.00%, 10/1/2033 | 2,400,000 | 2,385,940 |
Series 2018A, GO, 5.00%, 10/1/2033 | 1,000,000 | 1,050,455 |
Series 2024B, GO, 5.00%, 5/1/2037 | 5,000,000 | 5,483,628 |
Series 2024B, GO, 5.00%, 5/1/2038 | 3,000,000 | 3,279,037 |
Series 2023B, GO, 5.50%, 5/1/2047 | 375,000 | 403,506 |
Series 2023B, GO, 4.50%, 5/1/2048 | 65,000 | 64,523 |
University of Illinois, Auxiliary Facilities System Series 2021A, Rev., 5.00%, 4/1/2029 | 450,000 | 483,289 |
Village of Bolingbrook Series 2018A, GO, AGM, 5.00%, 1/1/2033 | 125,000 | 129,033 |
JPMorgan Municipal ETF
SCHEDULE OF PORTFOLIO INVESTMENTS
AS OF May 31, 2024 (Unaudited) (continued)INVESTMENTS | PRINCIPAL AMOUNT($) | VALUE($) |
Municipal Bonds — continued | ||
Illinois — continued | ||
Village of Wilmette Series 2020B, GO, 5.00%, 12/1/2026 | 140,000 | 144,999 |
Will County School District No. 86 Joliet Series 2024, GO, 5.00%, 3/1/2043 | 1,000,000 | 1,046,802 |
Total Illinois | 77,764,031 | |
Indiana — 1.2% | ||
Ball State University, Student Fee Series R, Rev., 5.00%, 7/1/2024 | 35,000 | 35,026 |
City of Goshen, Multi-Family, Green Oaks of Goshen Project Series 2021A, Rev., 5.00%, 8/1/2041 (d) | 250,000 | 203,495 |
City of Valparaiso Rev., 5.38%, 12/1/2041 (d) | 200,000 | 156,839 |
Greater Clark County School Building Corp. | ||
Series 2024A, Rev., 5.00%, 1/15/2027 | 800,000 | 829,754 |
Series 2024A, Rev., 5.00%, 7/15/2037 | 1,000,000 | 1,108,621 |
Indiana Finance Authority Series 2016C, Rev., 5.00%, 12/1/2025 | 35,000 | 35,789 |
Indiana Finance Authority, CHF- Tippecanoe LLC- Student Housing Project | ||
Series 2023A, Rev., 5.00%, 6/1/2038 | 400,000 | 413,918 |
Series 2023A, Rev., 5.00%, 6/1/2043 | 430,000 | 438,571 |
Series 2023A, Rev., 5.00%, 6/1/2053 | 790,000 | 794,678 |
Indiana Finance Authority, DePauw University Series 2022A, Rev., 5.00%, 7/1/2031 | 730,000 | 763,490 |
Indiana Finance Authority, Franciscan Alliance, Inc., Obligated Group | ||
Series 2008-J, Rev., VRDO, LOC : Barclays Bank plc, 2.25%, 6/1/2024 (c) | 2,720,000 | 2,720,000 |
Series 2017C, Rev., 4.00%, 11/1/2034 | 115,000 | 115,388 |
Indiana Finance Authority, Rose-Hulman Institute of Technology Project Rev., 5.00%, 6/1/2030 | 435,000 | 461,465 |
Indiana Housing and Community Development Authority, Vita of New Whiteland Project Rev., 6.75%, 1/1/2043 | 1,000,000 | 998,877 |
Indiana State University, Housing and Dining System Rev., 5.00%, 4/1/2031 | 75,000 | 76,834 |
Indianapolis Local Public Improvement Bond Bank Series 2021A, Rev., AGM, 4.00%, 6/1/2037 | 5,000,000 | 5,018,257 |
Perry Township Multi School Building Corp., Ad Valorem Property Tax First Mortgage Rev., 5.00%, 7/15/2025 | 35,000 | 35,495 |
Vinton-Tecumseh School Building Corp., Ad Valorem Property Tax | ||
Rev., 5.00%, 1/15/2030 | 1,125,000 | 1,204,872 |
Rev., 5.00%, 7/15/2030 | 1,150,000 | 1,238,948 |
Wheeler-Union Township School Building Corp. Rev., 4.00%, 7/15/2034 | 300,000 | 303,559 |
Total Indiana | 16,953,876 | |
Iowa — 0.4% | ||
Cedar Rapids Community School District Infrastructure Sales Services and Use Tax | ||
Series 2023, Rev., AGM, 5.00%, 7/1/2035 | 1,045,000 | 1,132,639 |
Series 2023, Rev., AGM, 5.00%, 7/1/2036 | 1,060,000 | 1,145,559 |
City of West Des Moines, Urban Renewal Series 2016B, GO, 5.00%, 6/1/2024 | 35,000 | 35,000 |
Des Moines Independent Community School District, Sales Services and Use Tax Rev., 5.00%, 6/1/2028 | 175,000 | 184,817 |
Iowa Finance Authority, State Revolving Fund Rev., 5.00%, 8/1/2027 | 30,000 | 31,516 |
Iowa Great Lakes Sanitation District | ||
GO, 5.00%, 6/1/2025 | 725,000 | 734,179 |
GO, 5.00%, 6/1/2026 | 1,145,000 | 1,174,720 |
Iowa Student Loan Liquidity Corp., Student Loan | ||
Series 2023B, Rev., AMT, 5.00%, 12/1/2026 | 600,000 | 607,697 |
Series 2023B, Rev., AMT, 5.00%, 12/1/2027 | 900,000 | 914,560 |
Total Iowa | 5,960,687 | |
Kansas — 0.4% | ||
City of Topeka, Kansas Health Care Facilities | ||
Series 2022B, Rev., 5.13%, 12/1/2026 | 150,000 | 149,670 |
JPMorgan Municipal ETF
SCHEDULE OF PORTFOLIO INVESTMENTS
AS OF May 31, 2024 (Unaudited) (continued)INVESTMENTS | PRINCIPAL AMOUNT($) | VALUE($) |
Municipal Bonds — continued | ||
Kansas — continued | ||
Series 2022A, Rev., 5.75%, 12/1/2033 | 250,000 | 252,211 |
Johnson County Community College Foundation, Inc. COP, 5.00%, 10/1/2024 | 105,000 | 105,426 |
Johnson County Water District No. 1 Series 2017A, Rev., 5.00%, 1/1/2025 | 50,000 | 50,349 |
Kansas Development Finance Authority, AdventHealth Series 2021B, Rev., 5.00%, 11/15/2031 (c) | 200,000 | 216,128 |
University of Kansas Hospital Authority, Health System Rev., VRDO, LOC : US Bank NA, 2.20%, 6/1/2024 (c) | 4,660,000 | 4,660,000 |
Total Kansas | 5,433,784 | |
Kentucky — 1.4% | ||
County of Boone, Duke Energy Kentucky, Inc. Series 2008A, Rev., 3.70%, 8/1/2027 | 500,000 | 490,482 |
County of Knott, Solid Waste Water Project Series 2024, Rev., AMT, 4.00%, 4/1/2025 (c) (d) | 10,500,000 | 10,471,022 |
Kentucky Economic Development Finance Authority, Baptist Healthcare System Obligated Group Series 2017B, Rev., 5.00%, 8/15/2029 | 165,000 | 170,233 |
Kentucky Public Energy Authority Series 2023 A-1, Rev., 5.25%, 2/1/2032 (c) | 3,330,000 | 3,545,884 |
Louisville and Jefferson County Metropolitan Government, Norton Healthcare, Inc. Series 2016A, Rev., 4.00%, 10/1/2036 | 65,000 | 62,166 |
University of Kentucky, General Receipts Series 2015A, Rev., 4.00%, 4/1/2038 | 5,000,000 | 4,771,005 |
Total Kentucky | 19,510,792 | |
Louisiana — 1.8% | ||
Louisiana Local Government Environmental Facilities and Community Development Authority, American Biocarbon CT, LLC Project Series 2021, Rev., AMT, 4.00%, 6/25/2024 (c) | 3,000,000 | 2,998,960 |
Louisiana Local Government Environmental Facilities and Community Development Authority, Calcasieu Parish Projects Rev., 5.00%, 12/1/2030 | 250,000 | 267,008 |
Parish of St. John the Baptist, Marathon Oil Corp., Project Series 2017A-1, Rev., 4.05%, 7/1/2026 (c) | 2,750,000 | 2,709,585 |
State of Louisiana Series 2016-B, GO, 4.00%, 8/1/2026 | 30,000 | 30,253 |
State of Louisiana Gasoline and Fuels Tax Series A, Rev., 4.50%, 5/1/2025 (b) | 5,000,000 | 5,044,218 |
State of Louisiana Gasoline and Fuels Tax, Second Lien Series 2023A-1, Rev., VRDO, LOC : TD Bank NA, 2.15%, 6/1/2024 (c) | 15,000,000 | 15,000,000 |
Total Louisiana | 26,050,024 | |
Maine — 0.2% | ||
Maine Health and Higher Educational Facilities Authority, Mainehealth | ||
Series 2023A, Rev., AGM, 5.00%, 7/1/2038 | 250,000 | 268,608 |
Series 2023A, Rev., AGM, 5.00%, 7/1/2039 | 295,000 | 313,248 |
Maine Municipal Bond Bank Series C, Rev., 5.00%, 11/1/2024 | 75,000 | 75,416 |
Maine Turnpike Authority Rev., 4.00%, 7/1/2040 | 2,100,000 | 2,078,819 |
Total Maine | 2,736,091 | |
Maryland — 2.1% | ||
County of Anne Arundel Series 2022, GO, 5.00%, 10/1/2035 | 2,565,000 | 2,884,288 |
County of Baltimore, Consolidated Public Improvement Series 2020, GO, 5.00%, 3/1/2025 | 4,000,000 | 4,044,085 |
County of St. Mary's, Public Improvement GO, 4.00%, 7/15/2027 | 70,000 | 71,315 |
Maryland Health and Higher Educational Facilities Authority, Pooled Loan Program Series 1985B, Rev., VRDO, LOC : TD Bank NA, 2.95%, 6/12/2024 (c) | 10,000,000 | 10,000,000 |
Maryland Health and Higher Educational Facilities Authority, University of Maryland Medical System Series 2008D, Rev., VRDO, LOC : TD Bank NA, 2.15%, 6/1/2024 (c) | 9,300,000 | 9,300,000 |
State of Maryland, Department of Transportation Rev., 5.00%, 9/1/2026 | 75,000 | 77,613 |
State of Maryland, State and Local Facilities Loan of 2017 Series 2017A, GO, 5.00%, 8/1/2025 | 45,000 | 45,815 |
State of Maryland, State and Local Facilities Loan of 2022 Series 2022A, GO, 5.00%, 6/1/2033 | 1,000,000 | 1,128,907 |
Town of Ocean City Series 2023, GO, 4.00%, 1/15/2043 | 1,500,000 | 1,464,098 |
Total Maryland | 29,016,121 |
JPMorgan Municipal ETF
SCHEDULE OF PORTFOLIO INVESTMENTS
AS OF May 31, 2024 (Unaudited) (continued)INVESTMENTS | PRINCIPAL AMOUNT($) | VALUE($) |
Municipal Bonds — continued | ||
Massachusetts — 3.4% | ||
Commonwealth of Massachusetts | ||
Series 2024A, GO, 5.00%, 1/1/2041 | 1,000,000 | 1,105,685 |
Series 2024 A, GO, 5.00%, 3/1/2041 | 5,000,000 | 5,535,950 |
Series 2024B, GO, 5.00%, 11/1/2041 | 3,000,000 | 3,326,211 |
Series 2020 E, GO, 5.00%, 11/1/2050 | 3,210,000 | 3,361,944 |
Series 2023 D, GO, 5.00%, 10/1/2051 | 16,430,000 | 17,554,339 |
Massachusetts Development Finance Agency, Boston Medical Center Issue | ||
Series 2023G, Rev., 5.00%, 7/1/2029 | 750,000 | 793,049 |
Series 2023G, Rev., 4.38%, 7/1/2052 | 700,000 | 658,605 |
Series 2023G, Rev., 5.25%, 7/1/2052 | 1,000,000 | 1,052,088 |
Massachusetts Development Finance Agency, Mass General Brigham Series 2024 E-2, Rev., VRDO, LOC : Royal Bank of Canada, 2.00%, 6/1/2024 (c) | 10,000,000 | 10,000,000 |
Massachusetts Development Finance Agency, Milford Regional Medical Center Series 2020G, Rev., 5.00%, 7/15/2037 (d) | 245,000 | 239,250 |
Massachusetts Development Finance Agency, Salem Community Corp. Rev., 5.00%, 1/1/2030 | 235,000 | 233,075 |
Massachusetts State College Building Authority Series 2017D, Rev., 5.00%, 5/1/2027 | 45,000 | 47,156 |
Town of Andover | ||
Series 2023, GO, 4.00%, 12/1/2045 | 1,515,000 | 1,486,421 |
Series 2023, GO, 4.00%, 12/1/2046 | 1,615,000 | 1,568,823 |
Series 2023, GO, 4.00%, 12/1/2051 | 1,350,000 | 1,293,384 |
Town of Hopkinton, Municipal Purpose Loan GO, 5.00%, 11/15/2024 | 30,000 | 30,189 |
Total Massachusetts | 48,286,169 | |
Michigan — 1.3% | ||
Berrien Springs Public Schools, School Building and Site, Unlimited Tax GO, Q-SBLF, 5.00%, 5/1/2030 | 100,000 | 107,102 |
City of Ann Arbor | ||
Rev., 4.00%, 4/1/2042 | 1,515,000 | 1,494,241 |
Rev., 4.00%, 4/1/2045 | 1,705,000 | 1,639,018 |
City of Detroit, Unlimited Tax | ||
Series 2023C, GO, 6.00%, 5/1/2043 | 1,200,000 | 1,322,471 |
Series 2021A, GO, 5.00%, 4/1/2046 | 1,015,000 | 1,017,540 |
City of Holland | ||
Series 2023, GO, 5.00%, 5/1/2041 | 1,070,000 | 1,141,415 |
Series 2023, GO, 5.00%, 5/1/2042 | 1,000,000 | 1,061,607 |
Grand Traverse County Hospital Finance Authority, Munson Healthcare Obligated Group Rev., 5.00%, 7/1/2026 | 175,000 | 179,091 |
Great Lakes Water Authority Sewage Disposal System, Second Lien Series 2023A, Rev., 5.00%, 7/1/2038 | 1,000,000 | 1,112,254 |
Lansing Board of Water and Light Series 2024 A, Rev., 5.00%, 7/1/2049 | 8,000,000 | 8,525,507 |
Michigan Finance Authority, Trinity Health Credit Group Series 2022B, Rev., 5.00%, 12/1/2028 (c) | 1,000,000 | 1,046,794 |
State of Michigan Trunk Line Series 2021A, Rev., 4.00%, 11/15/2036 | 395,000 | 403,118 |
Total Michigan | 19,050,158 | |
Minnesota — 0.7% | ||
City of Mankato Series 2022B, GO, 5.00%, 2/1/2027 | 250,000 | 259,837 |
City of Minneapolis, Health Care System, Fairview Health Services Series 2018A, Rev., 5.00%, 11/15/2033 | 180,000 | 185,595 |
County of Hennepin Series 2023 A, GO, 5.00%, 12/1/2034 | 2,000,000 | 2,283,901 |
Duluth Economic Development Authority, Benedictine Health System Series 2021A, Rev., 3.00%, 7/1/2024 | 100,000 | 99,798 |
Metropolitan Council, Minneapolis St. Paul Metropolitan Area Series 2023C, GO, 4.00%, 3/1/2041 | 2,800,000 | 2,747,136 |
JPMorgan Municipal ETF
SCHEDULE OF PORTFOLIO INVESTMENTS
AS OF May 31, 2024 (Unaudited) (continued)INVESTMENTS | PRINCIPAL AMOUNT($) | VALUE($) |
Municipal Bonds — continued | ||
Minnesota — continued | ||
Minnesota Housing Finance Agency Series 2023F, Rev., GNMA/FNMA/FHLMC, 5.75%, 7/1/2053 | 2,480,000 | 2,604,312 |
Minnesota Municipal Gas Agency Subseries, 2022A, Rev., LIQ : Royal Bank of Canada, 4.00%, 6/1/2027 | 1,000,000 | 994,420 |
Total Minnesota | 9,174,999 | |
Mississippi — 0.0% ^ | ||
Mississippi Development Bank, Ranking County Project Rev., 5.00%, 3/1/2026 | 205,000 | 210,405 |
Mississippi State University Educational Building Corp., New Facilities and Refinancing Project Rev., 5.00%, 8/1/2025 | 35,000 | 35,584 |
State of Mississippi Series 2016B, GO, 5.00%, 12/1/2025 | 20,000 | 20,480 |
Total Mississippi | 266,469 | |
Missouri — 1.0% | ||
Bi-State Development Agency of the Missouri-Illinois Metropolitan District, St. Clair County Metrolink Project Rev., AGM, 5.25%, 7/1/2024 | 40,000 | 40,037 |
City of Excelsior Springs Series 2020B, COP, 4.00%, 3/1/2030 | 115,000 | 116,994 |
City of Springfield Public Utility Series 2015, Rev., 4.00%, 8/1/2035 | 5,000,000 | 4,821,757 |
Health and Educational Facilities Authority of the State of Missouri | ||
Rev., 4.00%, 2/15/2035 | 390,000 | 361,094 |
Rev., 4.00%, 2/15/2036 | 580,000 | 532,721 |
Health and Educational Facilities Authority of the State of Missouri, Lake Regional Health System Rev., 5.00%, 2/15/2027 | 225,000 | 226,107 |
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 | 1,002,459 |
Health and Educational Facilities Authority of the State of Missouri, Mercy Health Series 2018A, Rev., 5.00%, 6/1/2028 | 180,000 | 189,008 |
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 | 166,735 |
Health and Educational Facilities Authority of the State of Missouri, Wright Memorial Hospital Rev., 5.00%, 9/1/2026 | 200,000 | 199,642 |
Kansas City Industrial Development Authority Series 2020 B, Rev., 5.00%, 3/1/2025 | 1,050,000 | 1,058,075 |
Metropolitan St. Louis Sewer District, Wastewater System Improvement Series 2017A, Rev., 5.00%, 5/1/2027 | 45,000 | 46,970 |
Missouri Housing Development Commission, Single Family, First Place Homeownership Loan Program Series 2024 A, Rev., GNMA/FNMA/FHLMC, 5.75%, 5/1/2055 | 3,000,000 | 3,200,353 |
Springfield School District No. R-12 GO, 4.00%, 3/1/2042 | 1,800,000 | 1,782,811 |
Total Missouri | 13,744,763 | |
Montana — 0.1% | ||
Yellowstone and Carbon Counties School District No. 7-70 Laurel Series 2023, GO, 5.00%, 7/1/2039 | 1,675,000 | 1,817,085 |
Nebraska — 0.2% | ||
Central Plains Energy Project, Gas Project No. 3 Series 2017A, Rev., 5.00%, 9/1/2030 | 320,000 | 333,319 |
Central Plains Energy Project, Gas Project No. 5 Series 2022-1, Rev., 5.00%, 10/1/2029 (c) | 1,335,000 | 1,388,997 |
City of Lincoln, Electric System | ||
Rev., 5.00%, 9/1/2026 | 85,000 | 87,772 |
Rev., 5.00%, 9/1/2028 | 50,000 | 52,011 |
Omaha Public Power District, Electric System | ||
Series 2016A, Rev., 5.00%, 2/1/2026 | 40,000 | 41,021 |
Series 2016A, Rev., 5.00%, 2/1/2027 | 30,000 | 30,610 |
Series 2016A, Rev., 5.00%, 2/1/2028 | 1,075,000 | 1,096,702 |
Total Nebraska | 3,030,432 | |
Nevada — 0.5% | ||
Clark County School District, Limited Tax | ||
Series 2018A, GO, 5.00%, 6/15/2032 | 95,000 | 99,754 |
JPMorgan Municipal ETF
SCHEDULE OF PORTFOLIO INVESTMENTS
AS OF May 31, 2024 (Unaudited) (continued)INVESTMENTS | PRINCIPAL AMOUNT($) | VALUE($) |
Municipal Bonds — continued | ||
Nevada — continued | ||
Series 2018A, GO, 4.00%, 6/15/2035 | 90,000 | 90,724 |
Clark County Water Reclamation District Series 2023, GO, 5.00%, 7/1/2043 | 4,000,000 | 4,324,949 |
County of Clark Department of Aviation, Jet Aviation Fuel tax Series 2022A, Rev., AMT, 5.00%, 7/1/2026 | 500,000 | 511,814 |
County of Clark, Limited Tax Series 2018B, GO, 5.00%, 12/1/2027 | 120,000 | 126,527 |
County of Clark, Passenger Facility Charge, Las Vegas-McCarran International Airport Passenger Facility Series 2019E, Rev., 5.00%, 7/1/2033 | 155,000 | 165,930 |
Nye County School District Series 2023, GO, PSF-GTD, 5.00%, 5/1/2036 | 1,000,000 | 1,120,987 |
Truckee Meadows Water Authority Rev., 5.00%, 7/1/2029 | 50,000 | 52,205 |
Total Nevada | 6,492,890 | |
New Hampshire — 0.5% | ||
New Hampshire Business Finance Authority, University of Nevada Reno Project | ||
Series 2023A, Rev., 5.00%, 12/1/2036 | 715,000 | 784,422 |
Series 2023A, Rev., 5.00%, 12/1/2037 | 860,000 | 938,052 |
Series 2023A, Rev., 5.00%, 12/1/2038 | 665,000 | 720,834 |
Series 2023A, Rev., 5.25%, 12/1/2039 | 790,000 | 864,114 |
Series 2023A, Rev., 5.25%, 6/1/2051 | 2,400,000 | 2,555,858 |
Series 2023A, Rev., 4.50%, 6/1/2053 | 1,075,000 | 1,055,305 |
Total New Hampshire | 6,918,585 | |
New Jersey — 1.8% | ||
Borough of North Haledon GO, BAN, 4.50%, 6/26/2024 | 5,000,000 | 5,000,196 |
Burlington County Bridge Commission, Government Leasing Program Series 2023C, Rev., 4.50%, 8/7/2024 | 1,750,000 | 1,751,394 |
Jersey City Municipal Utilities Authority Series 2024 B, Rev., GTD, 5.00%, 5/1/2025 | 2,400,000 | 2,419,761 |
Moorestown Township School District | ||
Series 2024, GO, 5.00%, 7/15/2034 | 325,000 | 373,341 |
Series 2024, GO, 5.00%, 7/15/2035 | 265,000 | 306,147 |
Series 2024, GO, 5.00%, 7/15/2036 | 260,000 | 302,432 |
New Jersey Economic Development Authority, School Facilities Construction Series 2024SSS, Rev., 5.00%, 6/15/2026 | 1,000,000 | 1,026,835 |
New Jersey Transportation Trust Fund Authority, Transportation Program Series 2023 BB, Rev., 5.25%, 6/15/2050 | 3,500,000 | 3,748,782 |
New Jersey Transportation Trust Fund Authority, Transportation System | ||
Series 2018A, Rev., 4.00%, 12/15/2031 | 250,000 | 252,976 |
Series 2018A, Rev., 5.00%, 12/15/2033 | 2,000,000 | 2,103,226 |
New Jersey Turnpike Authority Series 2022B, Rev., 5.00%, 1/1/2042 | 1,500,000 | 1,634,285 |
Tobacco Settlement Financing Corp. | ||
Series 2018 A, Rev., 5.00%, 6/1/2033 | 1,000,000 | 1,050,894 |
Series 2018 A, Rev., 5.00%, 6/1/2034 | 2,005,000 | 2,104,759 |
Series 2018 A, Rev., 5.00%, 6/1/2036 | 2,700,000 | 2,824,119 |
Total New Jersey | 24,899,147 | |
New Mexico — 0.6% | ||
Albuquerque Municipal School District No. 12 | ||
Series 2024, GO, 5.00%, 8/1/2036 | 600,000 | 658,712 |
Series 2024, GO, 5.00%, 8/1/2037 | 1,000,000 | 1,096,549 |
Albuquerque Municipal School District No. 12, School Building Series 2023B, GO, 5.00%, 8/1/2024 | 590,000 | 591,165 |
City of Albuquerque Series 2015A, Rev., 5.00%, 7/1/2026 | 240,000 | 243,674 |
City of Farmington, San Juan Project Series 2010 C, Rev., 3.88%, 6/1/2029 (c) (e) | 1,500,000 | 1,490,115 |
Loving Municipal School District No. 10 Series 2023, GO, 5.00%, 9/15/2024 | 3,875,000 | 3,886,018 |
JPMorgan Municipal ETF
SCHEDULE OF PORTFOLIO INVESTMENTS
AS OF May 31, 2024 (Unaudited) (continued)INVESTMENTS | PRINCIPAL AMOUNT($) | VALUE($) |
Municipal Bonds — continued | ||
New Mexico — continued | ||
New Mexico Finance Authority, Senior Lien Public Project Revolving Fund Series 2016E, Rev., 5.00%, 6/1/2024 | 25,000 | 25,000 |
New Mexico Finance Authority, State Transportation, Subordinate Lien Series 2018A, Rev., 5.00%, 6/15/2027 | 100,000 | 104,696 |
Total New Mexico | 8,095,929 | |
New York — 14.0% | ||
Build NYC Resource Corp., Kipp NYC Public School Facilities - Canal West Project | ||
Rev., 5.00%, 7/1/2033 | 585,000 | 616,902 |
Rev., 5.00%, 7/1/2034 | 205,000 | 215,709 |
Chautauqua Tobacco Asset Securitization Corp. Series 2014, Rev., 5.00%, 6/1/2048 | 2,975,000 | 2,800,743 |
City of New York, Fiscal Year 2018 | ||
Series 2018E, GO, VRDO, LOC : TD Bank NA, 2.15%, 6/1/2024 (c) | 4,400,000 | 4,400,000 |
Series B-4, GO, VRDO, LIQ : Barclays Bank plc, 2.25%, 6/1/2024 (c) | 4,360,000 | 4,360,000 |
Series 2018F-1, GO, 5.00%, 4/1/2033 | 105,000 | 110,403 |
City of New York, Fiscal Year 2019 Series 2019E, GO, 5.00%, 8/1/2033 | 100,000 | 106,706 |
City of New York, Fiscal Year 2021 | ||
Series 2021A-1, GO, 5.00%, 8/1/2031 | 185,000 | 201,576 |
Series 2021-1, GO, 5.00%, 4/1/2033 | 235,000 | 257,891 |
Series 2021F, Subseries F-1, GO, 5.00%, 3/1/2037 | 1,000,000 | 1,087,679 |
City of New York, Fiscal Year 2022 Series 2022B,Subseries B-1, GO, 5.00%, 8/1/2033 | 1,650,000 | 1,837,952 |
City of New York, Fiscal Year 2023 Series 2023E, Subseries E-1, GO, 4.00%, 4/1/2050 | 1,290,000 | 1,221,887 |
City of New York, Fiscal Year 2024 Series 2024A, GO, 4.13%, 8/1/2053 | 1,225,000 | 1,170,712 |
City of Oneida GO, BAN, 4.50%, 3/28/2025 | 12,400,000 | 12,483,079 |
Malone Central School District GO, BAN, 4.50%, 6/27/2024 | 5,000,000 | 4,999,942 |
Metropolitan Transportation Authority Series 2015 E-1, Rev., VRDO, LOC : Barclays Bank plc, 2.25%, 6/1/2024 (c) | 2,300,000 | 2,300,000 |
New York City Municipal Water Finance Authority | ||
Series 2024, Subseries BB-1, Rev., 5.25%, 6/15/2047 | 6,500,000 | 7,130,442 |
Series 2024, Subseries CC-1, Rev., 5.25%, 6/15/2054 | 1,500,000 | 1,632,896 |
New York City Municipal Water Finance Authority, Second Generation, Fiscal Year 2015 Series 2015 GG, Rev., 5.00%, 6/15/2039 | 3,000,000 | 3,032,302 |
New York City Municipal Water Finance Authority, Water and Sewer System, Second General Resolution Series DD-1, Rev., VRDO, LIQ : TD Bank NA, 2.15%, 6/1/2024 (c) | 2,100,000 | 2,100,000 |
New York City Municipal Water Finance Authority, Water and Sewer System, Second General Resolution, Fiscal Year 2020 Series 2022FF, Rev., 4.00%, 6/15/2041 | 1,760,000 | 1,761,754 |
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, 2.25%, 6/1/2024 (c) | 2,105,000 | 2,105,000 |
Series 2023, Subseries AA-3, Rev., 5.00%, 6/15/2047 | 725,000 | 772,905 |
Series 2023AA Subseries AA-1, Rev., 5.25%, 6/15/2052 | 3,000,000 | 3,240,455 |
New York City Municipal Water Finance Authority, Water and Sewer System, Second General Resolution, Fiscal Year 2024 Series 2024, Subseries AA-1, Rev., 5.25%, 6/15/2053 | 2,700,000 | 2,933,149 |
New York City Transitional Finance Authority Building Aid, Subordinate Series 2019 S-2A, Rev., 5.00%, 7/15/2025 (b) | 45,000 | 45,700 |
New York City Transitional Finance Authority Building Aid, Subordinate, Fiscal Year 2020 Series 2020S1, Subseries S-1B, Rev., 4.00%, 7/15/2042 | 1,500,000 | 1,441,517 |
New York City Transitional Finance Authority, Building Aid, Fiscal Year 2018 Series 2018S-4A, Rev., 5.00%, 7/15/2033 | 105,000 | 109,678 |
New York City Transitional Finance Authority, Future Tax Secured Series 2018 B-1, Rev., 4.00%, 8/1/2042 | 2,750,000 | 2,664,959 |
New York City Transitional Finance Authority, Future Tax Secured, Fiscal Year 2014 Series D-3, Rev., VRDO, LIQ : Mizuho Bank Ltd., 2.10%, 6/1/2024 (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 | 567,894 |
JPMorgan Municipal ETF
SCHEDULE OF PORTFOLIO INVESTMENTS
AS OF May 31, 2024 (Unaudited) (continued)INVESTMENTS | PRINCIPAL AMOUNT($) | VALUE($) |
Municipal Bonds — continued | ||
New York — continued | ||
New York City Transitional Finance Authority, Future Tax Secured, Fiscal Year 2020 Series 2020A, Subseries A-2, Rev., 5.00%, 5/1/2039 | 265,000 | 279,664 |
New York City Transitional Finance Authority, Future Tax Secured, Fiscal Year 2021 Series 2021C, Subseries C-1, Rev., 4.00%, 5/1/2035 | 750,000 | 769,595 |
New York City Transitional Finance Authority, Future Tax Secured, Fiscal Year 2022 Series 2022B, Subseries B-1, Rev., 4.00%, 8/1/2045 | 8,370,000 | 8,108,072 |
New York City Transitional Finance Authority, Future Tax Secured, Fiscal Year 2023 Series 2023F, Subseries F-1, Rev., 4.00%, 2/1/2051 | 1,250,000 | 1,179,062 |
New York City Transitional Finance Authority, Future Tax Secured, Fiscal Year 2024 | ||
Series 2024C, Rev., 5.25%, 5/1/2048 | 2,000,000 | 2,179,858 |
Series 2024C, Rev., 5.00%, 5/1/2053 | 2,500,000 | 2,653,249 |
Series 2024F, Subseries F-1, Rev., 4.25%, 2/1/2054 | 1,000,000 | 958,427 |
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 | 580,452 |
New York Power Authority, Green Transmission Project | ||
Series 2023 A, Rev., AGM, 5.00%, 11/15/2053 | 1,000,000 | 1,074,361 |
Series 2023 A, Rev., AGM, 5.13%, 11/15/2058 | 2,750,000 | 2,970,464 |
New York State Dormitory Authority | ||
Series 2024A, Rev., AGM, 5.00%, 10/1/2025 (e) | 2,500,000 | 2,546,926 |
Series 2024A, Rev., AGM, 5.00%, 10/1/2026 (e) | 3,225,000 | 3,329,690 |
Series 2024 D, Rev., 5.00%, 10/1/2035 (e) | 1,300,000 | 1,438,678 |
Series 2024A, Rev., AGM, 5.00%, 10/1/2037 (e) | 1,825,000 | 2,021,463 |
Series 2024A, Rev., 5.50%, 7/1/2054 | 9,250,000 | 10,382,542 |
New York State Dormitory Authority, Cornell University Series 2019D, Rev., 5.00%, 7/1/2033 | 135,000 | 155,993 |
New York State Dormitory Authority, Northwell Health Obligated Group Series 2019A, Rev., 5.00%, 5/1/2029 | 70,000 | 73,260 |
New York State Dormitory Authority, Personal Income Tax | ||
Series 2019D, Rev., 5.00%, 2/15/2034 | 2,000,000 | 2,168,826 |
Series 2015B, Rev., 5.00%, 2/15/2035 | 4,000,000 | 4,025,837 |
Series 2021A, Rev., 4.00%, 3/15/2037 | 990,000 | 993,814 |
Series 2021E, Rev., 4.00%, 3/15/2040 | 3,000,000 | 2,951,955 |
New York State Dormitory Authority, Sales Tax Series 2024A, Rev., AGM, 5.00%, 10/1/2027 (e) | 3,600,000 | 3,763,304 |
New York State Dormitory Authority, State Personal Income Tax, General Purpose Series 2021 E, Rev., 4.00%, 3/15/2042 | 1,000,000 | 975,232 |
New York State Dormitory Authority, State Supported Debt University Facilities Series 2019A, Rev., 5.00%, 7/1/2024 | 25,000 | 25,021 |
New York State Housing Finance Agency, 160 Madison Avenue LLC Series 2013A, Rev., VRDO, LOC : Landesbank Hessen-Thuringen Girozentrale, 2.10%, 6/1/2024 (c) | 5,000,000 | 5,000,000 |
New York State Urban Development Corp., State Personal Income Tax, General Purpose Series 2020A, Rev., 4.00%, 3/15/2045 | 500,000 | 479,711 |
New York State Urban Development Corp., State Sales Tax Series 2021A, Rev., 4.00%, 3/15/2046 | 2,500,000 | 2,395,190 |
New York Transportation Development Corp., Delta Air Lines, Inc., LaGuardia Airport Terminals C&D Redevelopment Project | ||
Series 2018, Rev., AMT, 5.00%, 1/1/2025 | 3,000,000 | 3,023,567 |
Series 2018, Rev., AMT, 5.00%, 1/1/2030 | 2,065,000 | 2,131,202 |
Series 2018, Rev., AMT, 5.00%, 1/1/2031 | 1,570,000 | 1,618,749 |
Rev., AMT, 5.00%, 1/1/2034 | 3,000,000 | 3,092,918 |
Series 2023, Rev., AMT, 6.00%, 4/1/2035 | 3,000,000 | 3,407,444 |
Series 2023, Rev., AMT, 5.63%, 4/1/2040 | 3,000,000 | 3,269,921 |
New York Transportation Development Corp., JFK International Airport New Terminal One Project Series 2023, Rev., AMT, AGM, 5.00%, 6/30/2049 | 500,000 | 513,255 |
JPMorgan Municipal ETF
SCHEDULE OF PORTFOLIO INVESTMENTS
AS OF May 31, 2024 (Unaudited) (continued)INVESTMENTS | PRINCIPAL AMOUNT($) | VALUE($) |
Municipal Bonds — continued | ||
New York — continued | ||
Port Authority of New York and New Jersey, Consolidated | ||
Series 214, Rev., AMT, 5.00%, 9/1/2036 | 1,975,000 | 2,059,125 |
Series 223, Rev., AMT, 4.00%, 7/15/2037 | 510,000 | 500,446 |
Series 244, Rev., 5.00%, 7/15/2037 | 2,000,000 | 2,291,475 |
Series 244, Rev., 5.00%, 7/15/2040 | 1,000,000 | 1,120,001 |
Series 244, Rev., 5.00%, 7/15/2041 | 1,250,000 | 1,388,350 |
Port Washington Union Free School District GO, 4.00%, 8/1/2036 | 1,370,000 | 1,415,571 |
Smithtown Central School District | ||
GO, 4.00%, 6/1/2035 | 2,465,000 | 2,567,202 |
GO, 4.00%, 6/1/2036 | 2,125,000 | 2,195,858 |
GO, 4.00%, 6/1/2037 | 2,000,000 | 2,052,040 |
Suffolk Regional Off-Track Betting Co. Series 2024, Rev., 5.75%, 12/1/2044 | 2,940,000 | 3,036,145 |
Susquehanna Valley Central School District Series 2017, GO, AGM, 4.00%, 6/15/2024 | 975,000 | 975,026 |
Syracuse Industrial Development Agency, Syracuse City School District Project Series 2020A, Rev., 4.00%, 5/1/2036 | 1,275,000 | 1,299,804 |
Town of Stony Point GO, 5.00%, 8/15/2027 | 75,000 | 78,462 |
Triborough Bridge and Tunnel Authority Series 2024B, Subseries B-1, Rev., 5.25%, 5/15/2054 | 3,000,000 | 3,271,646 |
Triborough Bridge and Tunnel Authority Sales Tax, TBTA Capital Lockbox Series 2023A, Rev., 4.13%, 5/15/2053 | 2,250,000 | 2,151,609 |
Triborough Bridge and Tunnel Authority, Payroll Mobility Tax Series 2022D-1A, Rev., 5.00%, 11/15/2037 | 1,000,000 | 1,110,240 |
Tully Central School District GO, BAN, 4.50%, 6/27/2024 | 5,000,000 | 5,000,239 |
Westchester County Local Development Corp., Kendal on Hudson Project Series 2022B, Rev., 5.00%, 1/1/2032 | 240,000 | 251,208 |
Westchester County Local Development Corp., Purchase Senior Learning Community, Inc. Project Series 2021C-EFRB, Rev., 3.20%, 7/1/2024 (d) | 150,000 | 146,447 |
Yonkers Industrial Development Agency, New Community School Project Rev., 5.00%, 5/1/2042 | 1,445,000 | 1,532,430 |
Total New York | 198,390,858 | |
North Carolina — 1.3% | ||
City of Charlotte Series 2023B, Rev., AMT, 5.00%, 7/1/2048 | 570,000 | 591,324 |
City of Charlotte, North Carolina Government Facilities | ||
Series 2023B, COP, 5.00%, 6/1/2026 | 400,000 | 412,604 |
Series 2023B, COP, 5.00%, 6/1/2027 | 460,000 | 481,497 |
City of Sanford | ||
Series 2023, Rev., 5.00%, 4/1/2034 | 250,000 | 279,729 |
Series 2023, Rev., 5.00%, 4/1/2036 | 140,000 | 156,269 |
City of Wilson | ||
Series 2024, Rev., 5.00%, 10/1/2035 | 1,000,000 | 1,125,077 |
Series 2024, Rev., 5.00%, 10/1/2036 | 1,320,000 | 1,482,918 |
County of Buncombe | ||
Series 2024B, Rev., 5.00%, 6/1/2037 (e) | 700,000 | 792,097 |
Series 2024B, Rev., 5.00%, 6/1/2038 (e) | 600,000 | 674,340 |
Series 2024B, Rev., 5.00%, 6/1/2039 (e) | 600,000 | 670,800 |
County of Davidson GO, 5.00%, 6/1/2027 | 35,000 | 36,697 |
County of Wayne, Limited Obligation Rev., 5.00%, 6/1/2024 | 25,000 | 25,000 |
Fayetteville State University, Student Housing Project Series 2021, Rev., AGM, 5.00%, 4/1/2037 | 4,270,000 | 4,513,957 |
North Carolina Housing Finance Agency, Homeownership Series 52-C, Rev., VRDO, GNMA/FNMA/FHLMC, LIQ : TD Bank NA, 2.15%, 6/1/2024 (c) | 3,400,000 | 3,400,000 |
University of North Carolina, Hospital at Chapel Hill Series A, Rev., VRDO, LIQ : TD Bank NA, 2.15%, 6/1/2024 (c) | 2,800,000 | 2,800,000 |
Water and Sewer Authority of Cabarrus County Series 2024, Rev., 4.00%, 6/1/2049 | 525,000 | 501,650 |
Total North Carolina | 17,943,959 |
JPMorgan Municipal ETF
SCHEDULE OF PORTFOLIO INVESTMENTS
AS OF May 31, 2024 (Unaudited) (continued)INVESTMENTS | PRINCIPAL AMOUNT($) | VALUE($) |
Municipal Bonds — continued | ||
North Dakota — 0.3% | ||
North Dakota Housing Finance Agency, Home Mortgage Finance Program | ||
Series 2017H, Rev., VRDO, LIQ : Royal Bank of Canada, 2.95%, 6/12/2024 (c) | 1,725,000 | 1,725,000 |
Series 2023A, Rev., 5.75%, 7/1/2053 | 2,235,000 | 2,336,371 |
Total North Dakota | 4,061,371 | |
Ohio — 4.9% | ||
Bowling Green State University, General Receipts Series 2016A, Rev., 5.00%, 6/1/2024 | 25,000 | 25,000 |
Buckeye Tobacco Settlement Financing Authority | ||
Series 2020A-2, Rev., 5.00%, 6/1/2030 | 5,000,000 | 5,313,261 |
Series 2020A-2, Rev., 5.00%, 6/1/2031 | 5,000,000 | 5,310,681 |
Series 2020B-2, Rev., 5.00%, 6/1/2055 | 8,250,000 | 7,381,380 |
City of Cleveland Series 2022A, GO, 5.00%, 12/1/2035 | 460,000 | 508,899 |
County of Franklin, Ohio Hospital Facilities Series 2009A, Rev., VRDO, LIQ : Barclays Bank plc, 2.90%, 6/12/2024 (c) | 5,000,000 | 5,000,000 |
County of Hamilton, Metropolitan Sewer district of Greater Cincinnati | ||
Series 2024 A, Rev., 5.00%, 12/1/2038 (e) | 450,000 | 506,041 |
Series 2024 A, Rev., 5.00%, 12/1/2039 (e) | 710,000 | 796,330 |
Series 2024 A, Rev., 5.00%, 12/1/2041 (e) | 1,000,000 | 1,103,647 |
Series 2024 A, Rev., 5.00%, 12/1/2043 (e) | 1,110,000 | 1,215,462 |
County of Summit, Various Purpose Improvement Series 2022, GO, 5.00%, 12/1/2031 | 100,000 | 111,738 |
Jefferson County Port Authority, JSW Steel USA Ohio, Inc., Project Series 2023, Rev., 5.00%, 12/1/2028 (c) (d) | 3,795,000 | 3,835,189 |
Northeast Ohio Medical University Series 2022, Rev., 5.00%, 12/1/2035 | 1,000,000 | 1,064,760 |
Ohio Air Quality Development Authority, Duke Energy Corp. | ||
Series 2022B, Rev., 4.00%, 6/1/2027 (c) | 2,000,000 | 1,983,472 |
Series 2022A, Rev., AMT, 4.25%, 6/1/2027 (c) | 1,500,000 | 1,493,873 |
Ohio Higher Educational Facility Commission, Cleveland Clinic Health System Series 2008-B4, Rev., VRDO, LIQ : Barclays Bank plc, 2.20%, 6/1/2024 (c) | 10,750,000 | 10,750,000 |
Ohio Higher Educational Facility Commission, Denison University 2017 Project Series 2017A, Rev., 5.00%, 11/1/2025 | 75,000 | 76,607 |
Ohio State University (The), General Receipts Series 2023A-2, Rev., VRDO, 2.90%, 6/12/2024 (c) | 10,000,000 | 10,000,000 |
Ohio Turnpike and Infrastructure Commission, Junior Lien Series 2018A, Rev., 5.00%, 2/15/2027 | 135,000 | 140,541 |
Ohio Water Development Authority | ||
Series 2016B, Rev., 5.00%, 6/1/2026 | 30,000 | 30,923 |
Series 2023A, Rev., 5.00%, 12/1/2036 | 1,335,000 | 1,512,230 |
Ohio Water Development Authority, Water Pollution Control Loan Fund | ||
Series 2017A, Rev., 5.00%, 12/1/2026 | 45,000 | 46,813 |
Series 2023B, Rev., 5.00%, 12/1/2038 | 1,500,000 | 1,670,981 |
Series 2020 A, Rev., 5.00%, 12/1/2050 | 1,000,000 | 1,049,738 |
Port of Greater Cincinnati Development Authority, Duke Energy Convention Center Project | ||
Series 2024B, Rev., 5.00%, 12/1/2037 | 1,000,000 | 1,088,134 |
Series 2024B, Rev., 5.00%, 12/1/2038 | 1,000,000 | 1,080,330 |
Series 2024B, Rev., 5.00%, 12/1/2039 | 565,000 | 608,766 |
Series 2024B, Rev., 5.00%, 12/1/2063 | 4,000,000 | 4,111,345 |
State of Ohio | ||
Series 2021B, GO, 5.00%, 9/15/2031 | 210,000 | 233,311 |
Series 2024 B, Rev., 5.00%, 8/15/2032 (c) (e) | 1,500,000 | 1,628,489 |
State of Ohio, Capital Facilities Lease Appropriation, Administrative Building Fund Projects, Tax Exempt Series 2018A, Rev., 5.00%, 10/1/2034 | 220,000 | 233,136 |
State of Ohio, Natural Resources Series 2017V, GO, 5.00%, 10/1/2027 | 35,000 | 36,854 |
Total Ohio | 69,947,931 |
JPMorgan Municipal ETF
SCHEDULE OF PORTFOLIO INVESTMENTS
AS OF May 31, 2024 (Unaudited) (continued)INVESTMENTS | PRINCIPAL AMOUNT($) | VALUE($) |
Municipal Bonds — continued | ||
Oklahoma — 1.3% | ||
Oklahoma Capitol Improvement Authority Series 2014A, Rev., 5.00%, 7/1/2024 | 1,000,000 | 1,000,749 |
Oklahoma Capitol Improvement Authority, State Highway, Capital Improvement Rev., 5.00%, 7/1/2024 | 100,000 | 100,067 |
Oklahoma Development Finance Authority Health System, OU Medicine Project Series 2018 B, Rev., 5.25%, 8/15/2048 | 5,550,000 | 5,629,461 |
Oklahoma Water Resources Board | ||
Series 2024B, Rev., 5.00%, 10/1/2037 | 1,200,000 | 1,307,166 |
Series 2024B, Rev., 5.00%, 10/1/2039 | 1,000,000 | 1,085,757 |
Series 2024B, Rev., 5.25%, 10/1/2044 | 2,100,000 | 2,278,847 |
Oklahoma Water Resources Board, State Loan Program | ||
Series 2024 A, Rev., 5.00%, 10/1/2037 | 1,000,000 | 1,100,924 |
Series 2023A, Rev., 4.00%, 10/1/2043 | 3,720,000 | 3,649,710 |
University of Oklahoma (The) | ||
Series 2024A, Rev., 5.00%, 7/1/2038 | 1,050,000 | 1,175,342 |
Series 2024A, Rev., 5.00%, 7/1/2041 | 1,045,000 | 1,148,623 |
Total Oklahoma | 18,476,646 | |
Oregon — 0.1% | ||
Salem Hospital Facility Authority, Multi Model, Salem Health Project Series 2019A, Rev., 5.00%, 5/15/2028 | 75,000 | 78,230 |
Tri-County Metropolitan Transportation District of Oregon, Senior Lien Payroll Tax | ||
Series 2018A, Rev., 5.00%, 9/1/2027 (b) | 45,000 | 47,324 |
Series 2021A, Rev., 5.00%, 9/1/2035 | 1,060,000 | 1,176,290 |
Union County Hospital Facility Authority, Grande Ronde Hospital, Inc. | ||
Series 2022, Rev., 5.00%, 7/1/2026 | 300,000 | 302,837 |
Series 2022, Rev., 5.00%, 7/1/2028 | 400,000 | 407,277 |
Total Oregon | 2,011,958 | |
Pennsylvania — 4.5% | ||
Allegheny County Airport Authority, Pittsburgh International Airport | ||
Series 2023A, Rev., AMT, AGM, 5.50%, 1/1/2048 | 1,500,000 | 1,615,321 |
Series 2023A, Rev., AMT, AGM, 5.50%, 1/1/2053 | 1,000,000 | 1,069,851 |
Allegheny County Higher Education Building Authority, Carnegie Mellon University Series 2008A, Rev., VRDO, LIQ : Bank of New York Mellon (The), 2.10%, 6/1/2024 (c) | 6,000,000 | 6,000,000 |
Allegheny County Higher Education Building Authority, University Refunding Duquesne University Series 2024, Rev., 5.00%, 3/1/2043 | 3,500,000 | 3,775,048 |
Bucks County Water and Sewer Authority | ||
Series 2022A, Rev., AGM, 5.00%, 12/1/2032 | 115,000 | 129,106 |
Series 2022A, Rev., AGM, 5.00%, 12/1/2033 | 105,000 | 118,031 |
Series 2022A, Rev., AGM, 5.00%, 12/1/2036 | 380,000 | 423,950 |
City of Philadelphia, Airport System Series 2017B, Rev., AMT, 5.00%, 7/1/2035 | 2,000,000 | 2,032,941 |
Commonwealth Financing Authority, Tobacco Master Settlement Payment Rev., 5.00%, 6/1/2035 | 225,000 | 234,824 |
County of Delaware | ||
Series 2024, GO, 5.00%, 8/1/2040 (e) | 650,000 | 708,115 |
Series 2024, GO, 5.00%, 8/1/2041 (e) | 1,460,000 | 1,578,382 |
County of Lehigh, Lehigh Valley Health Network Hospital Series 2016A, Rev., 4.00%, 7/1/2035 | 175,000 | 167,954 |
Delaware Valley Regional Finance Authority, Local Government Series 2022D, Rev., 4.00%, 3/1/2029 | 1,000,000 | 1,005,465 |
Geisinger Authority, Health System Series 2020B, Rev., 5.00%, 2/15/2027 (c) | 250,000 | 256,404 |
Montgomery County Higher Education and Health Authority, Thomas Jefferson University | ||
Rev., 5.00%, 9/1/2027 | 265,000 | 272,599 |
Series 2018A, Rev., 4.00%, 9/1/2038 | 135,000 | 130,093 |
JPMorgan Municipal ETF
SCHEDULE OF PORTFOLIO INVESTMENTS
AS OF May 31, 2024 (Unaudited) (continued)INVESTMENTS | PRINCIPAL AMOUNT($) | VALUE($) |
Municipal Bonds — continued | ||
Pennsylvania — continued | ||
Montgomery County Industrial Development Authority, Constellation Energy Generation Series 2023A, Rev., 4.10%, 4/3/2028 (c) | 14,250,000 | 14,408,879 |
Pennsylvania Economic Development Financing Authority, Junior Guaranteed, Capitol Region Parking System Series 2024 B, Rev., GTD, 4.25%, 1/1/2050 | 1,500,000 | 1,430,009 |
Pennsylvania Economic Development Financing Authority, Senior Insured, Capitol Region Parking System Series 2024 A, Rev., AGM, 4.00%, 1/1/2042 | 1,250,000 | 1,196,019 |
Pennsylvania Economic Development Financing Authority, The Penndot Major Bridges Rev., AMT, AGM, 5.00%, 12/31/2057 | 425,000 | 435,106 |
Pennsylvania Economic Development Financing Authority, Waste Management, Inc. Project Series 2021A-2, Rev., 4.60%, 10/1/2026 (c) | 5,000,000 | 5,059,240 |
Pennsylvania Housing Finance Agency, Single Family Mortgage Series 2023-141A, Rev., 5.75%, 10/1/2053 | 4,830,000 | 5,054,760 |
Pennsylvania Turnpike Commission | ||
Series A-1, Rev., 5.00%, 12/1/2029 | 105,000 | 110,071 |
Series A-1, Rev., 5.00%, 12/1/2031 | 60,000 | 62,659 |
Series 2016B, Rev., 4.00%, 6/1/2033 | 575,000 | 578,281 |
Series 2022A, Rev., 5.00%, 12/1/2033 | 1,000,000 | 1,109,255 |
Series 2022B, Rev., 5.25%, 12/1/2041 | 1,000,000 | 1,123,659 |
Pennsylvania Turnpike Commission, Subordinate Series 2023-1, Rev., 5.00%, 12/1/2036 | 750,000 | 834,658 |
Philadelphia Authority for Industrial Development, Holy Family University Project Rev., 5.00%, 9/1/2027 | 610,000 | 622,839 |
Philadelphia Energy Authority (The), Philadelphia Street Lighting Project | ||
Series 2023A, Rev., 5.00%, 11/1/2037 | 835,000 | 917,641 |
Series 2023A, Rev., 5.00%, 11/1/2038 | 850,000 | 925,566 |
Series 2023A, Rev., 5.00%, 11/1/2041 | 1,265,000 | 1,354,528 |
School District of Philadelphia (The) Series 2024A, Rev., TRAN, 5.00%, 6/28/2024 | 4,750,000 | 4,752,149 |
Sports and Exhibition Authority of Pittsburgh and Allegheny County Rev., AGM, 4.00%, 2/1/2025 | 540,000 | 540,885 |
Swarthmore Borough Authority Series 2023, Rev., 5.00%, 9/15/2053 | 1,500,000 | 1,603,835 |
Township of Hampton | ||
GO, 5.00%, 1/1/2035 | 150,000 | 163,726 |
GO, 4.00%, 1/1/2042 | 970,000 | 958,642 |
GO, 4.00%, 1/1/2047 | 700,000 | 667,369 |
Total Pennsylvania | 63,427,860 | |
Puerto Rico — 0.4% | ||
Puerto Rico Sales Tax Financing Corp. Sales Tax Series A-2, Rev., 4.78%, 7/1/2058 | 6,000,000 | 5,917,325 |
Rhode Island — 0.8% | ||
Rhode Island Health and Educational Building Corp., Bryant University Issue | ||
Series 2024, Rev., 5.00%, 6/1/2037 | 2,255,000 | 2,487,649 |
Series 2024, Rev., 5.00%, 6/1/2038 | 1,650,000 | 1,805,071 |
Series 2024, Rev., 5.00%, 6/1/2040 | 2,000,000 | 2,162,533 |
Rhode Island Health and Educational Building Corp., Lifespan Obligated Group | ||
Series 2024, Rev., 5.00%, 5/15/2036 | 960,000 | 1,037,029 |
Series 2024, Rev., 5.00%, 5/15/2038 | 1,150,000 | 1,226,989 |
Series 2024, Rev., 5.00%, 5/15/2042 | 1,000,000 | 1,046,045 |
Series 2024, Rev., 5.00%, 5/15/2043 | 1,000,000 | 1,041,543 |
State of Rhode Island and Providence Plantations Consolidated Capital Development Loan Series 2018A, GO, 5.00%, 4/1/2029 | 75,000 | 79,581 |
Total Rhode Island | 10,886,440 | |
South Carolina — 0.7% | ||
Charleston County Airport District Rev., 5.00%, 7/1/2035 | 250,000 | 265,978 |
JPMorgan Municipal ETF
SCHEDULE OF PORTFOLIO INVESTMENTS
AS OF May 31, 2024 (Unaudited) (continued)INVESTMENTS | PRINCIPAL AMOUNT($) | VALUE($) |
Municipal Bonds — continued | ||
South Carolina — continued | ||
County of Dorchester, Waterworks and Sewer System Series 2023, Rev., 4.25%, 10/1/2048 | 2,320,000 | 2,293,887 |
Horry County School District Series 2015A, GO, SCSDE, 4.00%, 3/1/2028 | 5,000,000 | 5,003,665 |
Patriots Energy Group Financing Agency Series 2023 Subseries B-1, Rev., 5.25%, 3/1/2031 (c) | 2,670,000 | 2,855,924 |
Total South Carolina | 10,419,454 | |
South Dakota — 0.1% | ||
South Dakota Housing Development Authority Series 2023J, Rev., GNMA/FNMA/FHLMC, 3.88%, 12/12/2024 (c) | 2,000,000 | 1,998,244 |
Tennessee — 2.5% | ||
Chattanooga Health Educational and Housing Facility Board, CommonSpirit Health Series 2019A-1, Rev., 4.00%, 8/1/2037 | 1,200,000 | 1,158,378 |
City of Clarksville Series 2021A, Rev., 4.00%, 2/1/2041 | 3,950,000 | 3,890,285 |
City of Knoxville, Wastewater System Series 2022B, Rev., 4.00%, 4/1/2045 | 2,765,000 | 2,682,255 |
City of Lenoir City, Electric System Series 2022, Rev., 5.00%, 6/1/2033 | 165,000 | 183,046 |
County of Coffee, Rural High School Series 2021A, GO, 5.00%, 6/1/2028 | 125,000 | 132,779 |
County of Sullivan GO, 5.00%, 5/1/2026 | 30,000 | 30,877 |
Johnson City Health and Educational Facilities Board, Ballad Health Series 2023A, Rev., 5.00%, 7/1/2024 | 625,000 | 625,240 |
Knox County Health Educational and Housing Facility Board, University of Tennessee Project | ||
Series 2024A-1, Rev., 5.00%, 7/1/2037 | 435,000 | 473,432 |
Series 2024A-1, Rev., 5.00%, 7/1/2038 | 430,000 | 465,469 |
Series 2024A-1, Rev., 5.00%, 7/1/2039 | 500,000 | 534,516 |
Series 2024A-1, Rev., 5.25%, 7/1/2049 | 1,250,000 | 1,315,377 |
Memphis-Shelby County Airport Authority Series 2021A, Rev., AMT, 5.00%, 7/1/2045 | 1,000,000 | 1,026,619 |
Metropolitan Government Nashville and Davidson County, Health and Educational Facilities Board, Belmont University | ||
Rev., 5.00%, 5/1/2026 | 450,000 | 460,327 |
Series 2023, Rev., 5.00%, 5/1/2038 | 400,000 | 430,011 |
Metropolitan Government of Nashville and Davidson County | ||
GO, 5.00%, 7/1/2031 | 2,000,000 | 2,126,848 |
Series 2024 A, Rev., 5.00%, 5/15/2038 | 1,000,000 | 1,129,395 |
Series 2024 A, Rev., 5.00%, 5/15/2039 | 1,500,000 | 1,682,039 |
Series 2024 A, Rev., 5.25%, 5/15/2049 | 1,000,000 | 1,098,151 |
Metropolitan Nashville Airport Authority (The) | ||
Series 2022B, Rev., AMT, 5.25%, 7/1/2047 | 630,000 | 664,753 |
Series 2022B, Rev., AMT, 5.00%, 7/1/2052 | 500,000 | 512,999 |
Shelby County Health Educational and Housing Facilities Board, Methodist Le Bonheur Healthcare Series 2017A, Rev., 5.00%, 5/1/2027 | 200,000 | 206,080 |
Shelby County Health Educational and Housing Facilities Board, The Farms at Bailey Station Project | ||
Series 2019A, Rev., 5.00%, 10/1/2029 | 150,000 | 135,348 |
Series 2019A, Rev., 5.50%, 10/1/2034 | 150,000 | 128,779 |
State of Tennessee | ||
Series A, GO, 5.00%, 9/1/2024 (b) | 25,000 | 25,077 |
Series 2023A, GO, 5.00%, 5/1/2038 | 10,000,000 | 11,251,442 |
Tennessee Energy Acquisition Corp., Commodity Project Series 2021A, Rev., 5.00%, 11/1/2031 (c) | 1,520,000 | 1,593,079 |
Tennessee Energy Acquisition Corp., Gas Project Series 2023A-1, Rev., 5.00%, 5/1/2028 (c) | 1,250,000 | 1,291,288 |
Total Tennessee | 35,253,889 | |
Texas — 9.6% | ||
Aledo Independent School District, Unlimited Tax | ||
GO, PSF-GTD, 5.00%, 2/15/2042 | 500,000 | 538,614 |
GO, PSF-GTD, 5.00%, 2/15/2048 | 5,615,000 | 5,947,638 |
JPMorgan Municipal ETF
SCHEDULE OF PORTFOLIO INVESTMENTS
AS OF May 31, 2024 (Unaudited) (continued)INVESTMENTS | PRINCIPAL AMOUNT($) | VALUE($) |
Municipal Bonds — continued | ||
Texas — continued | ||
Arlington Higher Education Finance Corp., Trinity Basin Preparatory, Inc. | ||
Rev., PSF-GTD, 5.00%, 8/15/2026 | 160,000 | 164,500 |
Rev., PSF-GTD, 5.00%, 8/15/2027 | 145,000 | 151,137 |
Rev., PSF-GTD, 5.00%, 8/15/2028 | 150,000 | 158,423 |
Rev., PSF-GTD, 5.00%, 8/15/2029 | 130,000 | 138,975 |
Rev., PSF-GTD, 5.00%, 8/15/2030 | 100,000 | 107,718 |
Bell County Water Control and Improvement District No. 1 | ||
Series 2024, Rev., 5.00%, 7/10/2038 | 1,000,000 | 1,100,300 |
Series 2024, Rev., 5.00%, 7/10/2039 | 1,000,000 | 1,095,537 |
Board of Regents of the University of Texas System Series 2008B, Rev., VRDO, LIQ : University of Texas Investment Management Co. (The), 2.85%, 6/12/2024 (c) | 5,225,000 | 5,225,000 |
Board of Regents of the University of Texas System, Financing System Series 2016D, Rev., 5.00%, 8/15/2024 | 50,000 | 50,120 |
Brushy Creek Regional Utility Authority, Inc., Brushy Creek Regional Water Treatment and Distribution Project Rev., 5.00%, 8/1/2026 | 85,000 | 87,255 |
City of Austin, Airport System | ||
Rev., AMT, 5.00%, 11/15/2035 | 1,000,000 | 1,075,210 |
Series 2017B, Rev., AMT, 5.00%, 11/15/2046 | 1,000,000 | 1,003,410 |
City of Corpus Christi, Utility System Series 2022B, Rev., 5.00%, 7/15/2032 | 325,000 | 360,077 |
City of Dallas Housing Finance Corp., Rosemont at Ash Creek Apartments Series 2023, Rev., FHA, 5.00%, 12/1/2025 (c) | 1,375,000 | 1,389,901 |
City of Fort Worth Water and Sewer System Series 2024, Rev., 4.25%, 2/15/2054 (e) | 5,940,000 | 5,729,981 |
City of Georgetown Series 2022, GO, 4.00%, 8/15/2041 | 2,410,000 | 2,373,919 |
City of Georgetown, Utilities System | ||
Series 2023, Rev., 5.00%, 8/15/2025 | 520,000 | 528,741 |
Series 2023, Rev., 5.00%, 8/15/2038 | 1,375,000 | 1,501,512 |
City of Grand Prairie Series 2023, GO, 4.00%, 2/15/2037 | 600,000 | 606,460 |
City of Houston Combined Utility System, First Lien Series 2024 A, Rev., 5.25%, 11/15/2049 | 1,250,000 | 1,369,566 |
City of Houston, Combined Utility System, First Lien Series 2018D, Rev., 5.00%, 11/15/2030 | 45,000 | 47,842 |
City of Round Rock, Limited Tax GO, 5.00%, 8/15/2026 | 1,180,000 | 1,216,132 |
City of San Antonio, Electric and Gas Systems Series 2023B, Rev., 5.25%, 2/1/2041 | 1,560,000 | 1,724,001 |
City of San Marcos, Combination Tax GO, 5.00%, 8/15/2031 | 170,000 | 177,397 |
Clifton Higher Education Finance Corp., Idea Public Schools | ||
Series 2024, Rev., PSF-GTD, 5.00%, 8/15/2026 | 600,000 | 617,645 |
Series 2024, Rev., PSF-GTD, 5.00%, 8/15/2027 | 1,000,000 | 1,043,246 |
Clifton Higher Education Finance Corp., Yes Prep Public School, Inc. | ||
Series 2023, Rev., PSF-GTD, 5.00%, 4/1/2025 | 195,000 | 197,011 |
Series 2023, Rev., PSF-GTD, 5.00%, 4/1/2026 | 250,000 | 256,095 |
Series 2023, Rev., PSF-GTD, 5.00%, 4/1/2038 | 265,000 | 284,573 |
Series 2023, Rev., PSF-GTD, 4.25%, 4/1/2048 | 1,000,000 | 969,313 |
County of Fort Bend Toll Road, Senior Lien | ||
Series 2024, Rev., AGM, 5.00%, 3/1/2035 | 1,000,000 | 1,124,847 |
Series 2024, Rev., AGM, 5.00%, 3/1/2036 | 1,000,000 | 1,122,344 |
Series 2024, Rev., AGM, 5.00%, 3/1/2042 | 1,000,000 | 1,080,655 |
County of Hays, Limited Tax GO, 5.00%, 2/15/2026 | 20,000 | 20,468 |
County of Williamson, Limited Tax GO, 5.00%, 2/15/2026 | 40,000 | 41,069 |
Crandall Independent School District, Unlimited Tax | ||
Series 2023, GO, PSF-GTD, 5.00%, 2/1/2039 | 2,800,000 | 3,069,166 |
Series 2023, GO, PSF-GTD, 5.00%, 2/1/2041 | 5,100,000 | 5,537,118 |
JPMorgan Municipal ETF
SCHEDULE OF PORTFOLIO INVESTMENTS
AS OF May 31, 2024 (Unaudited) (continued)INVESTMENTS | PRINCIPAL AMOUNT($) | VALUE($) |
Municipal Bonds — continued | ||
Texas — continued | ||
Cypress-Fairbanks Independent School District, Unlimited Tax Series 2015A, GO, PSF-GTD, 5.00%, 2/15/2025 | 20,000 | 20,189 |
Dallas Area Rapid Transit, Sales Tax, Senior Lien Series 2014A, Rev., 5.00%, 12/1/2024 (b) | 275,000 | 276,926 |
Garland Independent School District Series 2020, GO, PSF-GTD, 5.00%, 2/15/2025 | 1,200,000 | 1,211,485 |
Garland Independent School District, Unlimited Tax, School Building Series 2023A, GO, PSF-GTD, 5.00%, 2/15/2040 | 1,000,000 | 1,091,918 |
Glen Rose Independent School District, Unlimited Tax | ||
Series 2023, GO, PSF-GTD, 5.00%, 8/15/2035 | 1,000,000 | 1,087,778 |
Series 2023, GO, PSF-GTD, 5.00%, 8/15/2036 | 1,000,000 | 1,081,108 |
Katy Independent School District Series 2017, GO, PSF-GTD, 5.00%, 2/15/2025 | 560,000 | 565,670 |
Laredo Independent School District Series 2024, GO, PSF-GTD, 5.00%, 8/1/2025 (e) | 1,750,000 | 1,782,010 |
Laredo Independent School District, Unlimited Tax GO, PSF-GTD, 5.00%, 8/1/2024 | 25,000 | 25,048 |
Lower Colorado River Authority, LCRA Transmission Services Corp. Project | ||
Rev., 5.00%, 5/15/2035 | 155,000 | 162,470 |
Series 2024, Rev., AGM, 5.00%, 5/15/2045 | 3,855,000 | 4,119,782 |
Melissa Independent School District, Unlimited Tax Series 2023, GO, PSF-GTD, 5.00%, 2/1/2041 | 1,000,000 | 1,086,006 |
Midland Independent School District, Unlimited Tax Series 2024, GO, PSF-GTD, 4.00%, 2/15/2054 | 4,000,000 | 3,676,360 |
North Texas Tollway Authority, First Tier Series 2023 A, Rev., 5.00%, 1/1/2026 | 3,740,000 | 3,827,314 |
Northside Independent School District, Unlimited Tax GO, PSF-GTD, 5.00%, 8/15/2024 | 65,000 | 65,153 |
Northwest Independent School District, Unlimited Tax Series 2023, GO, PSF-GTD, 5.00%, 2/15/2039 | 2,500,000 | 2,732,562 |
Permanent University Fund - University of Texas System | ||
Series 2016A, Rev., 5.00%, 7/1/2024 | 85,000 | 85,074 |
Series 2016 B, Rev., 4.00%, 7/1/2038 | 7,985,000 | 7,736,559 |
San Antonio Education Facilities Corp., Trinity University Project Series 2024 A, Rev., 5.00%, 6/1/2034 | 1,250,000 | 1,407,676 |
State of Texas Series 2015-A, GO, 5.00%, 10/1/2024 | 50,000 | 50,214 |
Tarrant County Cultural Education Facilities Finance Corp., Baylor Scott & White Health Project Series 2022F, Rev., 5.00%, 11/15/2030 (c) | 2,000,000 | 2,141,833 |
Tarrant County Cultural Education Facilities Finance Corp., Christus Health | ||
Series 2024B, Rev., 5.00%, 7/1/2025 | 935,000 | 946,680 |
Series 2024B, Rev., 5.00%, 7/1/2026 | 1,110,000 | 1,137,513 |
Series 2024B, Rev., 5.00%, 7/1/2027 | 2,360,000 | 2,446,092 |
Series 2024B, Rev., 5.00%, 7/1/2028 | 3,000,000 | 3,150,055 |
Series 2024B, Rev., 5.00%, 7/1/2029 | 2,485,000 | 2,638,011 |
Tarrant County Cultural Education Facilities Finance Corp., Texas Health Resources System Series 2008A, Rev., VRDO, 2.95%, 6/12/2024 (c) | 5,000,000 | 5,000,000 |
Tarrant Regional Water District Water Supply System Series 2022, Rev., 5.00%, 3/1/2048 | 4,930,000 | 5,207,976 |
Texas A&M University Series 2024A, Rev., 5.00%, 5/15/2040 | 6,000,000 | 6,640,590 |
Texas A&M University, Financing System Series 2017E, Rev., 5.00%, 5/15/2030 | 155,000 | 161,276 |
Texas Municipal Gas Acquisition & Supply Corp. IV Series 2023B, Rev., 5.50%, 1/1/2034 (c) | 5,000,000 | 5,513,439 |
Texas Private Activity Bond Surface Transportation Corp., NTE Mobility Partners Segments 3 LLC Project Series 2023, Rev., AMT, 5.25%, 12/31/2036 | 2,700,000 | 2,906,203 |
Texas Public Finance Authority, Texas Southern University | ||
Series 2023, Rev., 5.00%, 5/1/2026 | 500,000 | 508,792 |
Series 2023, Rev., 5.00%, 5/1/2027 | 625,000 | 642,331 |
Texas State Affordable Housing Corp., Juniper Creek Apartments Project Series 2023, Rev., 3.75%, 7/1/2026 (c) | 3,000,000 | 2,958,692 |
Texas Water Development Board | ||
Series 2023 A, Rev., 5.00%, 10/15/2024 | 1,025,000 | 1,030,279 |
Series 2023 A, Rev., 5.00%, 10/15/2037 | 1,700,000 | 1,909,111 |
Series 2023 A, Rev., 5.00%, 10/15/2058 | 1,725,000 | 1,816,398 |
JPMorgan Municipal ETF
SCHEDULE OF PORTFOLIO INVESTMENTS
AS OF May 31, 2024 (Unaudited) (continued)INVESTMENTS | PRINCIPAL AMOUNT($) | VALUE($) |
Municipal Bonds — continued | ||
Texas — continued | ||
Trinity River Authority of Texas, Livingston Regional Water Supply System Project | ||
Series 2023, Rev., 5.00%, 8/1/2036 | 1,120,000 | 1,251,772 |
Series 2023, Rev., 5.00%, 8/1/2037 | 1,175,000 | 1,305,868 |
Trinity River Authority, Tarrant County Water Project | ||
Series 2023, Rev., 5.00%, 2/1/2041 | 700,000 | 756,068 |
Series 2023, Rev., 5.00%, 2/1/2042 | 675,000 | 726,875 |
Trinity River Authority, Water Project Rev., 5.00%, 2/1/2026 | 60,000 | 61,487 |
Waxahachie Independent School District Series 2024, GO, PSF-GTD, 5.00%, 2/15/2038 (e) | 1,000,000 | 1,117,176 |
Weslaco Independent School District, Unlimited Tax | ||
Series 2024, GO, PSF-GTD, 5.00%, 2/15/2037 | 800,000 | 899,472 |
Series 2024, GO, PSF-GTD, 5.00%, 2/15/2038 | 1,000,000 | 1,118,046 |
Series 2024, GO, PSF-GTD, 5.00%, 2/15/2041 | 1,000,000 | 1,099,523 |
Total Texas | 136,415,776 | |
Utah — 0.6% | ||
City of Salt Lake City, Airport System | ||
Series 2021A, Rev., AMT, 5.00%, 7/1/2029 | 2,350,000 | 2,472,796 |
Series 2023A, Rev., AMT, 5.25%, 7/1/2040 | 1,060,000 | 1,149,898 |
Series 2023A, Rev., AMT, 5.25%, 7/1/2048 | 1,750,000 | 1,851,798 |
City of Salt Lake City, Sales and Excise Tax Series 2022A, Rev., 4.00%, 10/1/2030 | 155,000 | 160,496 |
Utah Charter School Finance Authority, The Freedom Academy Foundation, St. George Campus Project Series 2021A, Rev., 5.00%, 6/15/2041 (d) | 150,000 | 135,910 |
Utah Telecommunication Open Infrastructure Agency, Sales Tax and Telecommunications | ||
Rev., 5.25%, 6/1/2033 | 250,000 | 277,455 |
Rev., 5.25%, 6/1/2034 | 325,000 | 360,863 |
Rev., 5.25%, 6/1/2035 | 580,000 | 646,464 |
Utah Transit Authority, Sales Tax | ||
Series 2007A, Rev., BHAC - CR, MBIA, 5.00%, 6/15/2035 | 295,000 | 332,000 |
Series 2023, Rev., 5.00%, 12/15/2041 | 1,235,000 | 1,355,165 |
Total Utah | 8,742,845 | |
Vermont — 0.1% | ||
Vermont Municipal Bond Bank Series 2024 1, Rev., 5.00%, 12/1/2036 | 1,000,000 | 1,114,877 |
Virginia — 3.0% | ||
City of Richmond, Public Improvement Series 2017B, GO, 5.00%, 7/15/2027 | 175,000 | 183,724 |
County of Fairfax | ||
Series 2023A, GO, 4.00%, 10/1/2038 | 2,000,000 | 2,045,043 |
Series 2023A, GO, 4.00%, 10/1/2039 | 2,000,000 | 2,038,056 |
County of Spotsylvania, Public Improvement GO, 5.00%, 7/15/2029 | 85,000 | 91,094 |
Fairfax County Economic Development Authority, Smithsonian Institution Series 2003, Series A, Rev., VRDO, LIQ : Northern Trust Co. (The), 2.60%, 6/12/2024 (c) | 10,000,000 | 10,000,000 |
Halifax County Industrial Development Authority, Virginia Electric and Power Series 2010A, Rev., 3.80%, 5/28/2027 (c) | 2,465,000 | 2,447,293 |
Loudoun County Economic Development Authority, Howard Hughes Medical Institute Series E, Rev., VRDO, 2.90%, 6/12/2024 (c) | 4,000,000 | 4,000,000 |
Northern Virginia Transportation Commission, Transforming Rail in Virginia Program Rev., 5.00%, 6/1/2040 | 640,000 | 699,288 |
Virginia College Building Authority Series 2023A, Rev., 4.00%, 9/1/2040 | 1,485,000 | 1,459,123 |
Virginia Public Building Authority Series 2015A, Rev., 4.00%, 8/1/2031 | 5,000,000 | 4,922,493 |
JPMorgan Municipal ETF
SCHEDULE OF PORTFOLIO INVESTMENTS
AS OF May 31, 2024 (Unaudited) (continued)INVESTMENTS | PRINCIPAL AMOUNT($) | VALUE($) |
Municipal Bonds — continued | ||
Virginia — continued | ||
Virginia Resources Authority, Virginia Pooled Financing Program | ||
Series 2024 A, Rev., 5.00%, 11/1/2036 | 4,245,000 | 4,885,087 |
Series 2024 A, Rev., 5.00%, 11/1/2037 | 2,555,000 | 2,921,193 |
Series 2024 A, Rev., 5.00%, 11/1/2040 | 2,100,000 | 2,358,553 |
Virginia Small Business Financing Authority, Environmental Facilities Series 2022, Rev., 5.00%, 11/15/2024 (c) | 1,500,000 | 1,499,977 |
Virginia Small Business Financing Authority, Senior Lien Rev., AMT, 4.00%, 7/1/2032 | 250,000 | 248,717 |
Virginia Small Business Financing Authority, Senior Lien, Elizabeth River Crossing Opco, LLC Project Rev., AMT, 4.00%, 1/1/2036 | 2,000,000 | 1,981,130 |
Total Virginia | 41,780,771 | |
Washington — 3.2% | ||
Auburn School District No. 408 of King and Pierce Counties, Unlimited Tax GO, 4.00%, 12/1/2036 | 1,000,000 | 1,014,656 |
Central Puget Sound Regional Transit Authority, Sales and Use Tax | ||
Series 2015S-1, Rev., 5.00%, 11/1/2024 | 30,000 | 30,172 |
Series 2021S-1, Rev., 4.00%, 11/1/2040 | 2,000,000 | 2,012,963 |
Chelan County Public Utility District No.1 Series 2008B, Rev., VRDO, LIQ : Barclays Bank plc, 2.90%, 6/12/2024 (c) | 7,285,000 | 7,285,000 |
City of Seattle, Municipal Light and Power Series 2021 A, Rev., 4.00%, 7/1/2047 | 5,000,000 | 4,723,359 |
City of Seattle, Water System Rev., 5.00%, 8/1/2024 | 35,000 | 35,067 |
Clark County School District No. 101 La Center, Unlimited Tax GO, 5.00%, 12/1/2029 | 50,000 | 52,913 |
County of King Series 2016A, Rev., 4.00%, 7/1/2038 | 5,000,000 | 4,936,915 |
County of King, Limited Tax Series 2023 B, GO, 5.00%, 12/1/2053 | 6,055,000 | 6,445,994 |
County of Spokane, Limited Tax Series 2022A, GO, 5.00%, 12/1/2042 | 900,000 | 975,417 |
Energy Northwest Series 2024A, Rev., 5.00%, 7/1/2040 | 1,750,000 | 1,944,367 |
Energy Northwest, Columbia Generating Station Series 2021A, Rev., 4.00%, 7/1/2042 | 3,760,000 | 3,680,828 |
Energy Northwest, Project 1 Series 2017A, Rev., 5.00%, 7/1/2028 | 55,000 | 57,573 |
Franklin County School District No. 1 Pasco, Unlimited Tax GO, 5.00%, 12/1/2030 | 35,000 | 36,693 |
King County Public Hospital District No. 2, Evergreen Healthcare, Limited Tax GO, 5.00%, 12/1/2024 (b) | 105,000 | 105,658 |
King County School District No. 411 Issaquah, Unlimited Tax GO, 5.00%, 12/1/2024 | 35,000 | 35,230 |
Mason County School District No. 309 Shelton, Unlimited Tax GO, 5.00%, 12/1/2029 | 45,000 | 46,894 |
Pierce County School District No. 416 White River, Unlimited Tax GO, 5.00%, 12/1/2025 | 50,000 | 51,133 |
Snohomish County School District No. 4 Lake Stevens, Unlimited Tax GO, 5.00%, 12/1/2024 | 25,000 | 25,167 |
Spokane County School District No. 354 Mead, Unlimited Tax GO, 5.00%, 12/1/2024 | 20,000 | 20,126 |
State of Washington, State and Local Agency Real and Personal Property Series 2015-C, COP, 5.00%, 1/1/2029 | 55,000 | 56,106 |
State of Washington, Various Purpose | ||
Series 2020C, GO, 5.00%, 2/1/2043 | 700,000 | 741,336 |
Series 2023B, GO, 5.00%, 2/1/2043 | 2,000,000 | 2,171,689 |
Series 2022A, GO, 5.00%, 8/1/2043 | 1,170,000 | 1,255,426 |
Three Rivers Regional Wastewater Authority Series 2024, Rev., 5.00%, 9/1/2037 | 1,275,000 | 1,415,891 |
Washington State Housing Finance Commission | ||
Series 2024, Rev., 5.50%, 7/1/2049 | 2,000,000 | 2,107,142 |
Series 2024, Rev., 5.00%, 7/1/2054 | 2,500,000 | 2,518,611 |
Washington State Housing Finance Commission, Seattle Academy Of Arts and Science Project Series 2023, Rev., 5.63%, 7/1/2038 (d) | 1,215,000 | 1,319,973 |
Total Washington | 45,102,299 | |
West Virginia — 0.2% | ||
State of West Virginia Series 2019 A, GO, 5.00%, 12/1/2035 | 1,055,000 | 1,134,493 |
JPMorgan Municipal ETF
SCHEDULE OF PORTFOLIO INVESTMENTS
AS OF May 31, 2024 (Unaudited) (continued)INVESTMENTS | PRINCIPAL AMOUNT($) | VALUE($) |
Municipal Bonds — continued | ||
West Virginia — continued | ||
West Virginia Hospital Finance Authority, University Health System Series 2023 A, Rev., 5.00%, 6/1/2040 | 1,800,000 | 1,908,979 |
West Virginia Hospital Finance Authority, Vandalia Health Group Series 2023B, Rev., AGM, 5.00%, 9/1/2040 | 300,000 | 318,874 |
Total West Virginia | 3,362,346 | |
Wisconsin — 0.9% | ||
City of Oshkosh, Sewer Series 2022E, Rev., 5.00%, 5/1/2027 | 550,000 | 573,462 |
City of Oshkosh, Water | ||
Series 2022D, Rev., 5.00%, 1/1/2027 | 165,000 | 171,147 |
Series 2022D, Rev., 5.00%, 1/1/2028 | 180,000 | 189,050 |
Public Finance Authority, AFCO Airport Real Estate Group | ||
Series 2023, Rev., AMT, 5.00%, 7/1/2025 | 265,000 | 266,181 |
Series 2023, Rev., AMT, 5.00%, 7/1/2026 | 450,000 | 454,454 |
Series 2023, Rev., AMT, 5.00%, 7/1/2027 | 790,000 | 803,261 |
Public Finance Authority, Astro Texas Land Projects Series 2024, Rev., 5.50%, 12/15/2028 (d) | 3,000,000 | 3,000,492 |
Public Finance Authority, Eastern Michigan University Student Housing Project Series 2022A-1, Rev., 5.00%, 7/1/2032 | 500,000 | 544,138 |
Public Finance Authority, Triad Educational Services, Inc. Rev., 5.00%, 6/15/2032 | 365,000 | 370,380 |
Public Finance Authority, Ultimate Medical Academy Project Series 2019A, Rev., 5.00%, 10/1/2029 (d) | 150,000 | 154,438 |
State of Wisconsin | ||
Series 2016-1, GO, 5.00%, 11/1/2024 | 40,000 | 40,212 |
Series 2016-2, GO, 5.00%, 11/1/2026 | 50,000 | 51,274 |
Series 2015-1, GO, 5.00%, 5/1/2027 | 2,330,000 | 2,358,339 |
Series 2023B, GO, 5.00%, 5/1/2035 | 1,280,000 | 1,439,685 |
State of Wisconsin, Environmental Improvement Fund Series 2018A, Rev., 5.00%, 6/1/2025 | 35,000 | 35,528 |
Village of Pleasant Prairie GO, 4.00%, 8/1/2024 | 10,000 | 9,998 |
Wisconsin Health and Educational Facilities Authority, Forensic science and Protective Medicine Collaboration, Inc. Project Series 2024, Rev., 5.00%, 8/1/2027 (d) | 1,000,000 | 1,012,380 |
Wisconsin Health and Educational Facilities Authority, St. Camillus Health System Series 2019A, Rev., 5.00%, 11/1/2029 | 150,000 | 147,141 |
Wisconsin Housing and Economic Development Authority Home Ownership Series 2024 A, Rev., GNMA / FNMA / FHLMC, 6.00%, 9/1/2054 | 1,000,000 | 1,071,158 |
WPPI Energy Series 2016A, Rev., 5.00%, 7/1/2024 | 170,000 | 170,136 |
Total Wisconsin | 12,862,854 | |
Total Municipal Bonds (Cost $1,323,475,660) | 1,320,889,921 | |
U.S. Treasury Obligations — 0.3% | ||
U.S. Treasury Notes 3.88%, 4/30/2025 (Cost $3,992,457) | 4,000,000 | 3,952,227 |
JPMorgan Municipal ETF
SCHEDULE OF PORTFOLIO INVESTMENTS
AS OF May 31, 2024 (Unaudited) (continued) INVESTMENTS | SHARES | VALUE($) |
Short-Term Investments — 7.3% | ||
Investment Companies — 7.3% | ||
JPMorgan Institutional Tax Free Money Market Fund Class IM Shares, 3.51% (f) (g) (Cost $102,798,454) | 102,795,830 | 102,806,109 |
Total Investments — 100.9% (Cost $1,430,266,571) | 1,427,648,257 | |
Liabilities in Excess of Other Assets — (0.9)% | (12,233,558 ) | |
NET ASSETS — 100.0% | 1,415,414,699 |
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 |
Rev. | Revenue |
SCSDE | South Carolina School District Enhancement |
TRAN | Tax & Revenue Anticipation Note |
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. | |
(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) | 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 May 31, 2024. |
JPMorgan Municipal ETF
SCHEDULE OF PORTFOLIO INVESTMENTS
AS OF May 31, 2024 (Unaudited) (continued)Futures contracts outstanding as of May 31, 2024:
DESCRIPTION | NUMBER OF CONTRACTS | EXPIRATION DATE | TRADING CURRENCY | NOTIONAL AMOUNT ($) | VALUE AND UNREALIZED APPRECIATION (DEPRECIATION) ($) |
Long Contracts | |||||
U.S. Treasury 2 Year Note | 658 | 09/30/2024 | USD | 134,108,625 | 107,818 |
U.S. Treasury 5 Year Note | 248 | 09/30/2024 | USD | 26,276,375 | 34,379 |
142,197 | |||||
Short Contracts | |||||
U.S. Treasury 10 Year Ultra Note | (195 ) | 09/19/2024 | USD | (21,897,891 ) | 2,497 |
144,694 |
Abbreviations | |
USD | United States Dollar |
JPMorgan Municipal 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.
Futures contracts are generally valued on the basis of available market quotations.
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 | $— | $1,320,889,921 | $— | $1,320,889,921 |
U.S. Treasury Obligations | — | 3,952,227 | — | 3,952,227 |
JPMorgan Municipal 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 | |
Short-Term Investments | ||||
Investment Companies | $102,806,109 | $— | $— | $102,806,109 |
Total Investments in Securities | $102,806,109 | $1,324,842,148 | $— | $1,427,648,257 |
Appreciation in Other Financial Instruments | ||||
Futures Contracts | $144,694 | $— | $— | $144,694 |
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 Institutional Tax Free Money Market Fund Class IM Shares, 3.51% (a) (b) | $178,363,148 | $218,091,771 | $293,652,168 | $266 | $3,092 | $102,806,109 | 102,795,830 | $1,241,763 | $— |
(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. |