JPMorgan High Yield 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 High Yield Municipal ETF
SCHEDULE OF PORTFOLIO INVESTMENTS
AS OF May 31, 2024 (Unaudited)INVESTMENTS | PRINCIPAL AMOUNT($) | VALUE($) |
Municipal Bonds — 92.9% (a) | ||
Alabama — 4.2% | ||
Black Belt Energy Gas District, Gas Project | ||
Series 2023D-1, Rev., 5.50%, 2/1/2029 (b) | 2,030,000 | 2,142,225 |
Series 2021A, Rev., 4.00%, 12/1/2031 (b) | 3,000,000 | 2,952,540 |
County of Jefferson | ||
Series 2024, Rev., 5.25%, 10/1/2049 | 1,000,000 | 1,060,808 |
Series 2024, Rev., 5.50%, 10/1/2053 | 1,000,000 | 1,076,681 |
Total Alabama | 7,232,254 | |
Arizona — 2.7% | ||
Arizona Industrial Development Authority, Great Lakes Senior Living Communities LLC Project | ||
Series 2019A, Rev., 5.00%, 1/1/2029 | 1,500,000 | 1,271,928 |
Series 2019A, Rev., 5.00%, 1/1/2037 | 1,000,000 | 697,530 |
Series 2019A, Rev., 5.00%, 1/1/2038 | 1,000,000 | 694,390 |
Series 2019A, Rev., 4.25%, 1/1/2039 | 1,000,000 | 626,973 |
Series 2019A, Rev., 4.50%, 1/1/2049 | 2,000,000 | 1,127,898 |
Maricopa County Industrial Development Authority, Ottawa University Rev., 5.13%, 10/1/2030 (c) | 210,000 | 208,702 |
Total Arizona | 4,627,421 | |
Arkansas — 0.6% | ||
Arkansas Development Finance Authority, Industrial Development , Hybar Steel Project Series 2023B, Rev., AMT, 7.38%, 7/1/2048 (c) | 1,000,000 | 1,088,691 |
California — 8.4% | ||
California Community Choice Financing Authority, Clean Energy Project Series 2023B-1, Rev., 5.00%, 8/1/2029 (b) | 1,280,000 | 1,338,184 |
California Health Facilities Financing Authority, Adventist Health System Series 2024A, Rev., 5.00%, 12/1/2036 | 1,250,000 | 1,365,918 |
California Infrastructure and Economic Development Bank, Brightline West Passenger Rail Project | ||
Series 2020A-3, Rev., AMT, 8.00%, 8/15/2024 (b) (c) | 2,000,000 | 2,065,943 |
Series 2020A, Rev., AMT, 3.95%, 1/30/2025 (b) (c) | 1,000,000 | 999,997 |
California Municipal Finance Authority, Linxs Apartments Project, Senior Lien Series 2018 A, Rev., AMT, 5.00%, 12/31/2047 | 1,000,000 | 994,527 |
California Public Finance Authority, Laverne Elementary Preparatory Academy Series 2019A, Rev., 5.00%, 6/15/2039 (c) | 785,000 | 752,235 |
California School Facilities Financing Authority, Capital Appreciation, Azusa Unified School District Series 2009A, Rev., AGM, Zero Coupon, 8/1/2030 | 200,000 | 159,621 |
California Statewide Communities Development Authority, Loma Linda University Medical Center Series 2016 A, Rev., 5.25%, 12/1/2056 (c) | 3,000,000 | 3,012,393 |
Golden State Tobacco Securitization Corp., Enhanced Tobacco Settlement Series 2021B-2, Rev., Zero Coupon, 6/1/2066 | 25,000,000 | 2,722,900 |
San Diego County Regional Airport Authority Series 2023B, Rev., AMT, 5.00%, 7/1/2048 | 1,000,000 | 1,037,410 |
Total California | 14,449,128 | |
Colorado — 4.3% | ||
Bradburn Metropolitan District No. 2, Limited Tax | ||
Series 2018A, GO, 5.00%, 12/1/2038 | 500,000 | 483,278 |
Series 2018B, GO, 7.25%, 12/15/2047 | 500,000 | 482,451 |
Canyon Pines Metropolitan District Special Improvement District No. 1 Series 2021A-2, 3.75%, 12/1/2040 | 1,042,378 | 799,594 |
Colorado Housing and Finance Authority Series 2023L, Class III, Rev., GNMA COLL, 5.75%, 11/1/2053 | 985,000 | 1,034,696 |
Dominion Water and Sanitation District Rev., 5.25%, 12/1/2032 | 515,000 | 514,308 |
Raindance Metropolitan District No. 1, Non-Potable Water System Rev., 5.00%, 12/1/2040 | 750,000 | 718,104 |
Reunion Metropolitan District Series 2021A, Rev., 3.63%, 12/1/2044 | 480,191 | 355,638 |
Rocky Mountain Rail Park Metropolitan District, Limited Tax Series 2021A, GO, 5.00%, 12/1/2041 (c) | 1,250,000 | 852,430 |
Third Creek Metropolitan District No. 1, Limited Tax | ||
Series 2022A-1, GO, 4.50%, 12/1/2037 | 825,000 | 706,929 |
JPMorgan High Yield Municipal ETF
SCHEDULE OF PORTFOLIO INVESTMENTS
AS OF May 31, 2024 (Unaudited) (continued)INVESTMENTS | PRINCIPAL AMOUNT($) | VALUE($) |
Municipal Bonds — continued | ||
Colorado — continued | ||
Series 2022A-1, GO, 4.75%, 12/1/2051 | 760,000 | 587,341 |
Verve Metropolitan District No. 1 GO, 5.00%, 12/1/2041 | 1,125,000 | 902,653 |
Total Colorado | 7,437,422 | |
Connecticut — 0.8% | ||
Stamford Housing Authority, The Dogwoods Project Rev., BAN, 11.00%, 12/1/2027 (c) | 1,500,000 | 1,449,416 |
Delaware — 0.6% | ||
Delaware State Economic Development Authority, Delmarva Power and Light Co. Project Series 2020A, Rev., 1.05%, 7/1/2025 (b) | 1,000,000 | 965,600 |
Florida — 4.3% | ||
Capital Trust Agency, Inc., Legends Academy Project Series 2021A, Rev., 5.00%, 12/1/2045 (c) | 1,625,000 | 1,267,500 |
Florida Development Finance Corp., Brightline Florida Passenger Rail Project Series 2024, Rev., AMT, 5.50%, 7/1/2053 | 2,000,000 | 2,078,619 |
Florida Development Finance Corp., Idea Florida, Inc., Jacksonville IV Project Rev., 5.25%, 6/15/2029 (c) | 650,000 | 662,537 |
Martin County Health Facilities Authority, Cleveland Clinic Health System Obligated Group Series 2019A, Rev., 4.00%, 1/1/2046 | 1,500,000 | 1,411,921 |
Miami-Dade County Industrial Development Authority, Solid Waste Disposal, Waste Management, Inc., Project Series 2011, Rev., AMT, 5.00%, 11/1/2024 (b) | 1,000,000 | 1,000,809 |
Palm Beach County Health Facilities Authority, Jupiter Medical Center Series 2022, Rev., 5.00%, 11/1/2052 | 1,000,000 | 983,753 |
Total Florida | 7,405,139 | |
Georgia — 3.2% | ||
Columbia County Hospital Authority, Wellstart Health System Inc., Project Series 2023A, Rev., AGM, 5.00%, 4/1/2048 | 1,000,000 | 1,038,018 |
Main Street Natural Gas, Inc., Gas Supply Series 2023A, Rev., 5.00%, 6/1/2030 (b) | 1,925,000 | 2,010,253 |
Municipal Electric Authority of Georgia, Plant Vogtle Units 3 and 4 Project Series 2019B, Rev., 5.00%, 1/1/2059 | 2,500,000 | 2,504,003 |
Total Georgia | 5,552,274 | |
Idaho — 0.1% | ||
Idaho Housing and Finance Association, Compass Public Charter School, Inc., Project Series 2018A, Rev., 4.63%, 7/1/2029 (c) | 150,000 | 149,751 |
Illinois — 6.0% | ||
Chicago O'Hare International Airport, General Airport, Senior Lien Series 2018A, Rev., AMT, 5.00%, 1/1/2053 | 3,500,000 | 3,538,573 |
Illinois Finance Authority, University Of Chicago Series 2024 A, Rev., 5.00%, 4/1/2034 | 1,750,000 | 1,980,094 |
State of Illinois | ||
GO, 4.00%, 6/1/2032 | 2,400,000 | 2,383,384 |
Series 2019C, GO, 4.00%, 11/1/2042 | 1,500,000 | 1,411,318 |
Series 2020C, GO, 4.25%, 10/1/2045 | 1,000,000 | 970,318 |
Series 2023B, GO, 4.50%, 5/1/2048 | 160,000 | 158,826 |
Total Illinois | 10,442,513 | |
Indiana — 2.4% | ||
City of Goshen, Multi-Family, Green Oaks of Goshen Project Series 2021A, Rev., 5.00%, 8/1/2041 (c) | 1,000,000 | 813,980 |
City of Valparaiso Rev., 5.38%, 12/1/2041 (c) | 1,550,000 | 1,215,502 |
Indiana Housing and Community Development Authority, Vita of Marion Project Series 2021A, Rev., 5.25%, 4/1/2041 (c) | 1,250,000 | 1,004,913 |
Indianapolis Local Public Improvement Bond Bank Series 2023F-1, Rev., 5.25%, 3/1/2067 | 1,000,000 | 1,050,263 |
Total Indiana | 4,084,658 | |
Louisiana — 1.2% | ||
Louisiana Public Facilities Authority, Lincoln Preparatory School Project Series 2021A, Rev., 5.25%, 6/1/2051 (c) | 1,145,000 | 931,108 |
JPMorgan High Yield Municipal ETF
SCHEDULE OF PORTFOLIO INVESTMENTS
AS OF May 31, 2024 (Unaudited) (continued)INVESTMENTS | PRINCIPAL AMOUNT($) | VALUE($) |
Municipal Bonds — continued | ||
Louisiana — continued | ||
Louisiana Public Facilities Authority, Mentorship Steam Academy Project | ||
Series 2021A, Rev., 5.00%, 6/1/2051 (c) | 700,000 | 570,594 |
Series 2021A, Rev., 5.00%, 6/1/2056 (c) | 740,000 | 587,550 |
Total Louisiana | 2,089,252 | |
Maryland — 0.6% | ||
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 (b) | 1,000,000 | 1,000,000 |
Michigan — 2.9% | ||
City of Detroit, Unlimited Tax Series 2020, GO, 5.50%, 4/1/2050 | 2,460,000 | 2,545,195 |
State of Michigan Trunk Line Series 2020 B, Rev., 4.00%, 11/15/2045 | 2,550,000 | 2,483,751 |
Total Michigan | 5,028,946 | |
Minnesota — 0.6% | ||
City of Minneapolis, Health Care System, Fairview Health Services Series 2018A, Rev., 5.00%, 11/15/2049 | 1,000,000 | 1,006,951 |
Montana — 0.5% | ||
County of Gallatin, Bozeman Fiber Project Series 2021A, Rev., 4.00%, 10/15/2032 (c) | 1,000,000 | 893,277 |
Nebraska — 0.6% | ||
Central Plains Energy Project, Gas Project No. 4 Series 2023 A-1, Rev., 5.00%, 11/1/2029 (b) | 1,000,000 | 1,041,918 |
New Jersey — 3.6% | ||
Jersey City Municipal Utilities Authority Series 2024 B, Rev., GTD, 5.00%, 5/1/2025 | 1,000,000 | 1,008,234 |
New Jersey Economic Development Authority Series 2020, Rev., 5.00%, 1/1/2040 (c) (d) | 3,000,000 | 2,047,923 |
New Jersey Economic Development Authority, Black Horse EHT Urban Renewal LLC Project Series 2019A, Rev., 5.00%, 10/1/2039 (c) (d) | 2,000,000 | 1,273,739 |
New Jersey Economic Development Authority, Marion P. Thomas Charter School, Inc., Project Series 2018A, Rev., 5.00%, 10/1/2033 (c) | 1,000,000 | 971,616 |
Tobacco Settlement Financing Corp. Series 2018B, Rev., 5.00%, 6/1/2046 | 1,000,000 | 1,006,456 |
Total New Jersey | 6,307,968 | |
New Mexico — 0.6% | ||
City of Farmington, San Juan Project Series 2010 E, Rev., 3.88%, 6/1/2029 (b) (e) | 1,000,000 | 993,410 |
New York — 11.6% | ||
Buffalo & Fort Erie Public Bridge Authority Series 2017, Rev., 5.00%, 1/1/2047 | 1,000,000 | 1,014,489 |
City of New York, Fiscal Year 2023 Series 2023A, Subseries A-3, GO, VRDO, LIQ : Bank of Montreal, 2.15%, 6/1/2024 (b) | 3,800,000 | 3,800,000 |
Monroe County Industrial Development Corp.,Rochester Regional Health Project Series 2020A, Rev., 4.00%, 12/1/2036 | 1,000,000 | 960,747 |
New York City Transitional Finance Authority, Future Tax Secured, Fiscal Year 2019 Series 2019C-4, Rev., VRDO, LIQ : Barclays Bank plc, 2.25%, 6/1/2024 (b) | 5,000,000 | 5,000,000 |
New York Counties Tobacco Trust Series 2016 A-2B, Rev., 5.00%, 6/1/2051 | 1,500,000 | 1,344,056 |
New York Transportation Development Corp., Delta Air Lines, Inc., LaGuardia Airport Terminals C&D Redevelopment Project | ||
Rev., AMT, 5.00%, 1/1/2028 | 500,000 | 519,222 |
Rev., AMT, 5.00%, 1/1/2034 | 375,000 | 386,615 |
Series 2023, Rev., AMT, 6.00%, 4/1/2035 | 1,000,000 | 1,135,815 |
Rev., AMT, 4.38%, 10/1/2045 | 3,000,000 | 2,911,619 |
Series 2016 A, Rev., AMT, 5.00%, 7/1/2046 | 2,000,000 | 1,987,662 |
Suffolk Regional Off-Track Betting Co. Series 2024, Rev., 5.75%, 12/1/2044 | 1,000,000 | 1,032,702 |
Total New York | 20,092,927 | |
JPMorgan High Yield Municipal ETF
SCHEDULE OF PORTFOLIO INVESTMENTS
AS OF May 31, 2024 (Unaudited) (continued)INVESTMENTS | PRINCIPAL AMOUNT($) | VALUE($) |
Municipal Bonds — continued | ||
North Carolina — 0.3% | ||
Water and Sewer Authority of Cabarrus County Series 2024, Rev., 4.00%, 6/1/2049 | 525,000 | 501,650 |
Ohio — 5.0% | ||
Buckeye Tobacco Settlement Financing Authority | ||
Series 2020A-2, Rev., 4.00%, 6/1/2039 | 1,155,000 | 1,110,827 |
Series 2020B-2, Rev., 5.00%, 6/1/2055 | 2,000,000 | 1,789,425 |
Series 2020B-3, Rev., Zero Coupon, 6/1/2057 | 25,000,000 | 2,230,632 |
Jefferson County Port Authority, JSW Steel USA Ohio, Inc., Project Series 2023, Rev., 5.00%, 12/1/2028 (b) (c) | 1,515,000 | 1,531,044 |
Ohio Air Quality Development Authority, Duke Energy Corp. Series 2022A, Rev., AMT, 4.25%, 6/1/2027 (b) | 1,000,000 | 995,916 |
Port of Greater Cincinnati Development Authority, Duke Energy Convention Center Project Series 2024B, Rev., 5.00%, 12/1/2063 | 1,000,000 | 1,027,836 |
Total Ohio | 8,685,680 | |
Oklahoma — 1.5% | ||
Oklahoma Development Finance Authority, Health System, OU Medicine Project Series 2018B, Rev., 5.50%, 8/15/2057 | 2,600,000 | 2,649,587 |
Pennsylvania — 1.4% | ||
Montgomery County Industrial Development Authority, Constellation Energy Generation Series 2023A, Rev., 4.10%, 4/3/2028 (b) | 1,250,000 | 1,263,937 |
Pennsylvania Economic Development Financing Authority, Senior Insured, Capitol Region Parking System Series 2024 A, Rev., AGM, 4.00%, 1/1/2041 | 1,200,000 | 1,165,353 |
Total Pennsylvania | 2,429,290 | |
Puerto Rico — 4.2% | ||
Commonwealth of Puerto Rico GO, 0.00%, 11/1/2043 (b) | 2,441,282 | 1,513,594 |
Puerto Rico Sales Tax Financing Corp. Sales Tax (Puerto Rico) | ||
Series A-1, Rev., Zero Coupon, 7/1/2046 | 8,230,000 | 2,621,429 |
Series A-2, Rev., 4.78%, 7/1/2058 | 3,100,000 | 3,057,285 |
Total Puerto Rico | 7,192,308 | |
South Carolina — 0.6% | ||
South Carolina Jobs-Economic Development Authority, Novant Health Obligated Group Series 2024 A, Rev., 5.50%, 11/1/2054 | 1,000,000 | 1,085,822 |
Tennessee — 2.0% | ||
Nashville Metropolitan Development and Housing Agency, Tax Increment, Fifth Broadway Development Project Series 2018, Rev., 5.13%, 6/1/2036 (c) | 425,000 | 426,943 |
Shelby County Health Educational and Housing Facilities Board Retirement Facility The Farm At Bailey Station Series 2019A, Rev., 5.50%, 10/1/2039 | 3,000,000 | 2,350,517 |
Shelby County Health Educational and Housing Facilities Board, The Farms at Bailey Station Project Series 2019A, Rev., 5.75%, 10/1/2059 | 1,000,000 | 691,805 |
Total Tennessee | 3,469,265 | |
Texas — 3.3% | ||
Arlington Higher Education Finance Corp., Winfree Academy Charter Schools Series 2019A, Rev., 5.75%, 8/15/2043 | 1,000,000 | 1,002,743 |
City of Houston Combined Utility System, First Lien Series 2024 A, Rev., 5.25%, 11/15/2049 | 1,250,000 | 1,369,566 |
New Hope Cultural Education Facilities Finance Corp., Legacy Midtown Park Project Series 2018A, Rev., 5.50%, 7/1/2054 | 1,000,000 | 721,295 |
New Hope Cultural Education Facilities Finance Corp., Morningside Ministries Project Rev., 4.00%, 1/1/2037 | 625,000 | 506,567 |
Tarrant County Cultural Education Facilities Finance Corp., Retirement Facility, MRC Stevenson Oaks Project Series 2020A, Rev., 6.25%, 11/15/2031 | 500,000 | 484,109 |
Texas Private Activity Bond Surface Transportation Corp., NTE Mobility Partners Segments 3 LLC Project Series 2019, Rev., AMT, 5.00%, 6/30/2058 | 1,625,000 | 1,643,084 |
Total Texas | 5,727,364 | |
JPMorgan High Yield Municipal ETF
SCHEDULE OF PORTFOLIO INVESTMENTS
AS OF May 31, 2024 (Unaudited) (continued)INVESTMENTS | PRINCIPAL AMOUNT($) | VALUE($) |
Municipal Bonds — continued | ||
Utah — 1.3% | ||
Mida Golf and Equestrian Center Public Infrastructure District, Limited Tax GO, 4.25%, 6/1/2041 (c) | 1,100,000 | 841,569 |
Mida Mountain Village Public Infrastructure District, Mountain Village Assessment Area Series 2020B, 6.25%, 8/1/2030 (c) | 1,000,000 | 946,669 |
Utah Charter School Finance Authority, Wallace Stegner Academy Series 2022A, Rev., 5.63%, 6/15/2042 (c) | 400,000 | 403,219 |
Total Utah | 2,191,457 | |
Virginia — 3.9% | ||
Fredericksburg Economic Development Authority, Stadium Project | ||
Series 2021A, Rev., 7.00%, 11/15/2026 (c) | 475,000 | 475,661 |
Series 2019B, Rev., 6.13%, 9/1/2029 (c) | 1,480,000 | 1,238,479 |
Series 2019B, Rev., 7.00%, 9/1/2044 (c) | 1,000,000 | 673,379 |
Halifax County Industrial Development Authority, Virginia Electric and Power Series 2010A, Rev., 3.80%, 5/28/2027 (b) | 1,000,000 | 992,817 |
Roanoke County Economic Development Authority, Residential Care Facility, Richfield Living | ||
Series 2019A, Rev., 4.75%, 9/1/2029 (d) | 805,000 | 748,399 |
Series 2019A, Rev., 5.00%, 9/1/2034 (d) | 1,660,000 | 1,543,282 |
Virginia Small Business Financing Authority, Environmental Facilities Series 2022, Rev., 5.00%, 11/15/2024 (b) | 1,000,000 | 999,985 |
Total Virginia | 6,672,002 | |
Washington — 1.8% | ||
Washington State Housing Finance Commission | ||
Series 2024, Rev., 5.50%, 7/1/2049 | 1,000,000 | 1,053,571 |
Series 2024, Rev., 5.00%, 7/1/2054 | 1,000,000 | 1,007,444 |
Washington State Housing Finance Commission, Seattle Academy of Arts and Science Project Series 2023, Rev., 6.38%, 7/1/2063 (c) | 1,000,000 | 1,089,572 |
Total Washington | 3,150,587 | |
Wisconsin — 7.8% | ||
Public Finance Authority, Astro Texas Land Projects Series 2024, Rev., 5.50%, 12/15/2028 (c) | 1,000,000 | 1,000,164 |
Public Finance Authority, Cedars Obligated Group Series 2019, Rev., 4.25%, 5/1/2029 (c) | 725,000 | 660,725 |
Public Finance Authority, Presbyterian Villages of Michigan Obligated Group Series 2020A, Rev., 4.00%, 11/15/2042 (c) | 3,955,000 | 2,863,672 |
Public Finance Authority, Ripple Ranch, LLC Obligate Series 2021A, Rev., 5.25%, 12/1/2051 (c) | 800,000 | 519,697 |
Public Finance Authority, The Franklin School of Innovation Rev., 5.00%, 1/1/2042 (c) | 250,000 | 222,658 |
Public Finance Authority, Viticus Group Project Series 2022A, Rev., 4.00%, 12/1/2031 (c) | 400,000 | 367,726 |
Public Finance Authority, Wilson Preparatory Academy | ||
Series 2019A, Rev., 5.00%, 6/15/2039 (c) | 500,000 | 488,680 |
Series 2019A, Rev., 5.00%, 6/15/2049 (c) | 1,100,000 | 1,019,328 |
University of Wisconsin Hospitals and Clinics Series 2018 C, Rev., VRDO, LIQ : BMO Harris Bank NA, 2.20%, 6/1/2024 (b) | 3,300,000 | 3,300,000 |
Wisconsin Health and Educational Facilities Authority, Ascension Senior Credit Group Series 2016 A, Rev., 5.00%, 11/15/2035 | 1,000,000 | 1,019,532 |
Wisconsin Health and Educational Facilities Authority, Forensic science and Protective Medicine Collaboration, Inc. Project Series 2024, Rev., 5.00%, 8/1/2027 (c) | 1,000,000 | 1,012,380 |
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 |
Total Wisconsin | 13,545,720 | |
Total Municipal Bonds (Cost $168,128,834) | 160,639,648 | |
JPMorgan High Yield Municipal ETF
SCHEDULE OF PORTFOLIO INVESTMENTS
AS OF May 31, 2024 (Unaudited) (continued) INVESTMENTS | SHARES | VALUE($) |
Short-Term Investments — 6.1% | ||
Investment Companies — 6.1% | ||
JPMorgan Institutional Tax Free Money Market Fund Class IM Shares, 3.51% (f) (g) (Cost $10,483,792) | 10,483,778 | 10,484,827 |
Total Investments — 99.0% (Cost $178,612,626) | 171,124,475 | |
Other Assets Less Liabilities — 1.0% | 1,775,899 | |
NET ASSETS — 100.0% | 172,900,374 | |
Percentages indicated are based on net assets. |
Abbreviations | |
AGM | Insured by Assured Guaranty Municipal Corp. |
AMT | Alternative Minimum Tax |
BAN | Bond Anticipation Note |
COLL | Collateral |
FHLMC | Federal Home Loan Mortgage Corp. |
FNMA | Federal National Mortgage Association |
GNMA | Government National Mortgage Association |
GO | General Obligation |
GTD | Guaranteed |
LIQ | Liquidity Agreement |
LOC | Letter of Credit |
Rev. | Revenue |
VRDO | Variable Rate Demand Obligation |
(a) | The date shown represents the earliest of the prerefunded date, next put date or final maturity date. |
(b) | Variable or floating rate security, the interest rate of which adjusts periodically based on changes in current interest rates and prepayments on the underlying pool of assets. The interest rate shown is the current rate as of May 31, 2024. |
(c) | Securities exempt from registration under Rule 144A or section 4(a)(2), of the Securities Act of 1933, as amended. |
(d) | Defaulted security. |
(e) | All or a portion of the security is a when-issued security, delayed delivery security, or forward commitment. |
(f) | Investment in an affiliated fund, which is registered under the Investment Company Act of 1940, as amended, and is advised by J.P. Morgan Investment Management Inc. |
(g) | The rate shown is the current yield as of May 31, 2024. |
DESCRIPTION | NUMBER OF CONTRACTS | EXPIRATION DATE | TRADING CURRENCY | NOTIONAL AMOUNT ($) | VALUE AND UNREALIZED APPRECIATION (DEPRECIATION) ($) |
Long Contracts | |||||
U.S. Treasury 2 Year Note | 160 | 09/30/2024 | USD | 32,610,000 | 26,219 |
U.S. Treasury 5 Year Note | 52 | 09/30/2024 | USD | 5,509,563 | 7,209 |
33,428 | |||||
Short Contracts | |||||
U.S. Treasury 10 Year Ultra Note | (49 ) | 09/19/2024 | USD | (5,502,547 ) | 631 |
34,059 |
Abbreviations | |
USD | United States Dollar |
JPMorgan High Yield 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 values 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.
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Level 1 — Unadjusted inputs using quoted prices in active markets for identical investments.
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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.
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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 | $— | $160,639,648 | $— | $160,639,648 |
Short-Term Investments | ||||
Investment Companies | 10,484,827 | — | — | 10,484,827 |
Total Investments in Securities | $10,484,827 | $160,639,648 | $— | $171,124,475 |
JPMorgan High Yield 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 | |
Appreciation in Other Financial Instruments | ||||
Futures Contracts | $34,059 | $— | $— | $34,059 |
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) | $15,938,250 | $19,391,464 | $24,844,885 | $(176 ) | $174 | $10,484,827 | 10,483,778 | $140,528 | $— |
(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. |