JPMorgan Sustainable Municipal Income 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. |
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J.P. Morgan Distribution Services, Inc., member FINRA. |
© J.P. Morgan Chase & Co., 2024. |
JPMorgan Sustainable Municipal Income ETF
SCHEDULE OF PORTFOLIO INVESTMENTS
AS OF May 31, 2024 (Unaudited)INVESTMENTS | PRINCIPAL AMOUNT($) | VALUE($) |
Municipal Bonds — 91.3% (a) | ||
Alabama — 1.0% | ||
County of Jefferson | ||
Series 2024, Rev., 5.00%, 10/1/2035 | 1,000,000 | 1,108,069 |
Series 2024, Rev., 5.25%, 10/1/2049 | 1,000,000 | 1,060,808 |
Total Alabama | 2,168,877 | |
Alaska — 0.1% | ||
Alaska Housing Finance Corp., General Mortgage Series 2016A, Rev., 3.50%, 6/1/2046 | 185,000 | 183,459 |
Arizona — 4.4% | ||
Arizona Board of Regents Series 2024, Rev., 5.00%, 8/1/2043 | 1,060,000 | 1,159,529 |
Arizona Industrial Development Authority, Aliante and Skye Canyon Campus Project Series 2021A, Rev., 4.00%, 12/15/2051 (b) | 250,000 | 195,783 |
Arizona Industrial Development Authority, Equitable School Revolving Fund LLC Series 2022A, Rev., 5.00%, 11/1/2037 | 900,000 | 967,184 |
Arizona Industrial Development Authority, KIPP Nashville Project | ||
Series 2022A, Rev., 5.00%, 7/1/2030 | 245,000 | 256,172 |
Series 2022A, Rev., 5.00%, 7/1/2031 | 260,000 | 271,716 |
Series 2022A, Rev., 5.00%, 7/1/2032 | 270,000 | 281,837 |
Industrial Development Authority of the County of Pima (The), La Posada at Pusch Ridge Project Series 2022B-3, Rev., 5.13%, 11/15/2029 (b) | 750,000 | 754,986 |
Maricopa County Industrial Development Authority, Arizona Autism Charter School Project Series 2021A, Rev., 4.00%, 7/1/2041 (b) | 1,100,000 | 951,064 |
Maricopa County Industrial Development Authority, Banner Health Series A, Rev., 4.00%, 1/1/2041 | 4,450,000 | 4,333,572 |
Total Arizona | 9,171,843 | |
California — 8.3% | ||
California Community Choice Financing Authority, Clean Energy Project | ||
Series 2023B-1, Rev., 5.00%, 8/1/2029 (c) | 1,090,000 | 1,139,548 |
Series 2024 A, Rev., 5.00%, 4/1/2032 (c) | 2,000,000 | 2,117,680 |
California Enterprise Development Authority, Riverside County, Rocketship Public Schools-Obligated Group No. 2 Series 2022A, Rev., 4.00%, 6/1/2027 (b) | 300,000 | 292,710 |
California Health Facilities Financing Authority, Adventist Health System Series 2024A, Rev., 5.00%, 12/1/2036 | 1,500,000 | 1,639,102 |
California Infrastructure and Economic Development Bank, Brightline West Passenger Rail Project Series 2020A, Rev., AMT, 3.95%, 1/30/2025 (b) (c) | 1,100,000 | 1,099,996 |
California Infrastructure and Economic Development Bank, California Academy of Science Series 2024A, Rev., 3.25%, 8/1/2029 | 2,000,000 | 1,949,673 |
California Pollution Control Financing Authority, Poseidon Resources Channelside LP Desalination Project | ||
Rev., AMT, 5.00%, 7/1/2036 (b) | 250,000 | 270,648 |
Rev., AMT, 5.00%, 7/1/2037 (b) | 1,100,000 | 1,183,012 |
Rev., AMT, 5.00%, 7/1/2038 (b) | 500,000 | 534,590 |
California School Finance Authority, Green Dot Public Schools Project Series 2022A, Rev., 5.00%, 8/1/2032 (b) | 350,000 | 359,205 |
California School Finance Authority, Kipp SoCal Public Schools Series 2019A, Rev., 5.00%, 7/1/2039 (b) | 500,000 | 511,357 |
California Statewide Communities Development Authority, Emanate Health, Tax-Exempt Series 2020A, Rev., 3.00%, 4/1/2050 | 2,645,000 | 1,947,787 |
California Statewide Communities Development Authority, Front Porch Communities Series 2021A, Rev., 4.00%, 4/1/2039 | 1,000,000 | 978,705 |
California Statewide Communities Development Authority, Kaiser Permanente Series 2009 C-2, Rev., 5.00%, 11/1/2029 (c) | 2,000,000 | 2,138,943 |
Los Angeles Unified School District Series 2024A, GO, 5.00%, 7/1/2034 | 1,000,000 | 1,156,562 |
Total California | 17,319,518 |
JPMorgan Sustainable Municipal Income ETF
SCHEDULE OF PORTFOLIO INVESTMENTS
AS OF May 31, 2024 (Unaudited) (continued)INVESTMENTS | PRINCIPAL AMOUNT($) | VALUE($) |
Municipal Bonds — continued | ||
Colorado — 2.8% | ||
Colorado Educational and Cultural Facilities Authority, Vega Collegiate Academy Project Series 2021A, Rev., 5.00%, 2/1/2034 (b) | 300,000 | 302,675 |
Colorado Housing and Finance Authority Series 2023L, Class III, Rev., GNMA COLL, 5.75%, 11/1/2053 | 2,465,000 | 2,589,367 |
Colorado Housing and Finance Authority, Single Family Mortgage | ||
Series 2019F, Rev., GNMA COLL, 4.25%, 11/1/2049 | 155,000 | 154,086 |
Series 2020H, Rev., GNMA COLL, 3.00%, 5/1/2050 | 620,000 | 600,156 |
Series 2020B, Rev., 3.75%, 5/1/2050 | 1,145,000 | 1,125,209 |
Dominion Water and Sanitation District | ||
Rev., 5.00%, 12/1/2027 | 590,000 | 586,210 |
Rev., 5.25%, 12/1/2032 | 500,000 | 499,328 |
Total Colorado | 5,857,031 | |
Connecticut — 0.8% | ||
Connecticut Housing Finance Authority, Housing Mortgage Finance Program | ||
Series A-1, Rev., 4.00%, 11/15/2045 | 15,000 | 14,936 |
Series A-1, Rev., 4.00%, 11/15/2047 | 85,000 | 84,228 |
Series D-1, Rev., GNMA/FNMA/FHLMC, 4.00%, 11/15/2047 | 280,000 | 277,453 |
Connecticut State Health and Educational Facilities Authority, Yale New Haven Health Series B, Rev., 1.80%, 7/1/2024 (c) | 225,000 | 224,432 |
Connecticut State Higher Education Supplemental Loan Authority, Chesla Loan Program Series 2019B, Rev., AMT, 5.00%, 11/15/2027 | 205,000 | 208,654 |
Stamford Housing Authority, The Dogwoods Project Rev., BAN, 11.00%, 12/1/2027 (b) | 1,000,000 | 966,278 |
Total Connecticut | 1,775,981 | |
Delaware — 1.1% | ||
Delaware State Health Facilities Authority, Beebe Medical Center Project Rev., 5.00%, 6/1/2034 | 2,200,000 | 2,230,245 |
District of Columbia — 1.3% | ||
District of Columbia, Two Rivers Public Charter School, Inc. Rev., 5.00%, 6/1/2050 | 1,500,000 | 1,310,873 |
District of Columbia, Water and Sewer Authority, Public Utility, Subordinate Lien Series A, Rev., 5.00%, 10/1/2045 | 1,500,000 | 1,513,543 |
Total District of Columbia | 2,824,416 | |
Florida — 6.5% | ||
Florida Development Finance Corp., Brightline Florida Passenger Rail Project | ||
Series 2024, Rev., AMT, 5.00%, 7/1/2037 | 1,000,000 | 1,036,984 |
Series 2024, Rev., AMT, 5.50%, 7/1/2053 | 1,000,000 | 1,039,310 |
Florida Development Finance Corp., Central Charter School Project | ||
Series 2022, Rev., 5.25%, 8/15/2037 (b) | 350,000 | 341,534 |
Series 2022, Rev., 5.63%, 8/15/2042 (b) | 1,515,000 | 1,479,280 |
Florida Development Finance Corp., Educational Facilities, River City Science Academy Projects Series 2022B, Rev., 5.00%, 7/1/2031 | 165,000 | 169,571 |
Florida Development Finance Corp., Idea Florida, Inc., Jacksonville IV Project Rev., 5.25%, 6/15/2029 (b) | 300,000 | 305,786 |
Lee County School Board (The) | ||
Series 2023A, COP, 5.00%, 8/1/2042 | 2,715,000 | 2,906,109 |
Series 2023A, COP, 4.00%, 8/1/2048 | 500,000 | 466,341 |
Lee Memorial Health System Series A-1, Rev., 5.00%, 4/1/2036 | 1,235,000 | 1,294,250 |
Middleton Community Development District A, City of Wildwood, Florida Special Assessment 5.85%, 5/1/2037 | 500,000 | 523,701 |
Palm Beach County Health Facilities Authority, Jupiter Medical Center Series 2022, Rev., 5.00%, 11/1/2047 | 500,000 | 498,061 |
Palm Beach County School District Series 2023A, COP, 5.00%, 8/1/2040 | 2,865,000 | 3,149,638 |
Village Community Development District No. 15 4.25%, 5/1/2028 (b) | 350,000 | 350,185 |
Total Florida | 13,560,750 |
JPMorgan Sustainable Municipal Income ETF
SCHEDULE OF PORTFOLIO INVESTMENTS
AS OF May 31, 2024 (Unaudited) (continued)INVESTMENTS | PRINCIPAL AMOUNT($) | VALUE($) |
Municipal Bonds — continued | ||
Georgia — 2.3% | ||
Cherokee County Water and Sewer Authority Series 2023, Rev., 5.00%, 8/1/2039 | 375,000 | 417,442 |
Georgia Housing and Finance Authority, Single Family Mortgage Series 2017A, Rev., 4.00%, 12/1/2047 | 170,000 | 168,946 |
Main Street Natural Gas, Inc., Gas Supply | ||
Series 2022B, Rev., 5.00%, 6/1/2029 (c) | 2,050,000 | 2,130,054 |
Series 2024B, Rev., 5.00%, 3/1/2032 (c) | 1,000,000 | 1,060,405 |
Metropolitan Atlanta Rapid Transit Authority, Sales Tax Series 2024 B, Rev., 5.00%, 7/1/2041 | 1,000,000 | 1,104,350 |
Total Georgia | 4,881,197 | |
Illinois — 5.0% | ||
City of Aurora, Single Family Mortgage | ||
Series 2007B, Rev., GNMA/FNMA/FHLMC, 5.45%, 12/1/2039 | 39,386 | 39,504 |
Series 2007-A, Rev., AMT, GNMA/FNMA/FHLMC, 5.50%, 12/1/2039 | 44,906 | 45,072 |
City of Chicago, Waterworks, Second Lien | ||
Series 2023B, Rev., AGM, 5.00%, 11/1/2035 | 500,000 | 551,534 |
Series 2023B, Rev., AGM, 5.00%, 11/1/2039 | 1,500,000 | 1,624,908 |
Illinois Finance Authority, Lake Forest College | ||
Series 2022A, Rev., 5.00%, 10/1/2032 | 215,000 | 220,803 |
Series 2022A, Rev., 5.50%, 10/1/2039 | 380,000 | 393,468 |
Illinois Finance Authority, University of Chicago Series 2024 A, Rev., 5.00%, 4/1/2032 | 2,430,000 | 2,704,100 |
Illinois Housing Development Authority Series 2024 A, Rev., GNMA/FNMA/FHLMC, 6.00%, 10/1/2054 | 1,000,000 | 1,071,503 |
State of Illinois Series 2023B, GO, 4.50%, 5/1/2048 | 160,000 | 158,827 |
University of Illinois, Auxiliary Facilities System Series 2024A, Rev., 5.25%, 4/1/2043 (d) | 1,000,000 | 1,106,256 |
Will County Forest Preservation District, Limited Tax GO, 5.00%, 12/15/2036 | 1,460,000 | 1,568,278 |
Will County School District No. 86 Joliet Series 2024, GO, 5.00%, 3/1/2042 | 1,000,000 | 1,050,146 |
Total Illinois | 10,534,399 | |
Indiana — 1.7% | ||
City of Goshen, Multi-Family, Green Oaks of Goshen Project Series 2021A, Rev., 5.00%, 8/1/2041 (b) | 500,000 | 406,990 |
City of Jeffersonville, Vivera Senior Living of Jeffersonville Project Series 2020A, Rev., 4.75%, 11/1/2030 (b) | 570,000 | 506,243 |
County of St. Joseph, Economic Development, St. Mary's College Project Series 2017A, Rev., 5.00%, 4/1/2026 | 1,880,000 | 1,907,782 |
Indiana Finance Authority, CHF- Tippecanoe LLC- Student Housing Project Series 2023A, Rev., 5.00%, 6/1/2053 | 150,000 | 150,888 |
Indiana Housing and Community Development Authority, Single Family Mortgage Series 2020A, Rev., 3.75%, 1/1/2049 | 590,000 | 579,962 |
Total Indiana | 3,551,865 | |
Iowa — 0.9% | ||
Iowa Finance Authority, Senior Living Facility, Sunrise Retirement Community Project | ||
Rev., 5.00%, 9/1/2028 | 195,000 | 186,085 |
Rev., 5.00%, 9/1/2030 | 110,000 | 102,485 |
Rev., 5.00%, 9/1/2031 | 105,000 | 96,630 |
Rev., 5.00%, 9/1/2036 | 445,000 | 388,163 |
Iowa Student Loan Liquidity Corp., Student Loan Series 2015A, Rev., AMT, 5.00%, 12/1/2025 | 1,000,000 | 1,007,990 |
Total Iowa | 1,781,353 | |
Kansas — 0.1% | ||
City of Topeka, Kansas Health Care Facilities Series 2022B, Rev., 5.13%, 12/1/2026 | 150,000 | 149,670 |
Kentucky — 1.0% | ||
County of Knott, Solid Waste Water Project Series 2024, Rev., AMT, 4.00%, 4/1/2025 (b) (c) | 1,000,000 | 997,240 |
Kentucky Public Energy Authority Series 2024A, Rev., 5.00%, 7/1/2030 (c) | 1,000,000 | 1,044,838 |
Total Kentucky | 2,042,078 |
JPMorgan Sustainable Municipal Income ETF
SCHEDULE OF PORTFOLIO INVESTMENTS
AS OF May 31, 2024 (Unaudited) (continued)INVESTMENTS | PRINCIPAL AMOUNT($) | VALUE($) |
Municipal Bonds — continued | ||
Louisiana — 1.3% | ||
Louisiana Public Facilities Authority, Mentorship Steam Academy Project | ||
Series 2021A, Rev., 5.00%, 6/1/2036 (b) | 385,000 | 347,524 |
Series 2021A, Rev., 5.00%, 6/1/2042 (b) | 440,000 | 377,834 |
Louisiana Public Facilities Authority, Tulane University of Louisiana Project Series 2020 A, Rev., 5.00%, 4/1/2045 | 2,000,000 | 2,080,379 |
Total Louisiana | 2,805,737 | |
Maryland — 0.2% | ||
Montgomery County Housing Opportunities Commission, Single Family Mortgage Series A, Rev., 4.00%, 7/1/2048 | 470,000 | 466,209 |
Massachusetts — 2.6% | ||
Massachusetts Clean Water Trust (The), Poll Program Rev., 5.25%, 8/1/2024 | 1,500,000 | 1,503,512 |
Massachusetts Development Finance Agency, Boston Medical Center Issue | ||
Series 2023G, Rev., 5.25%, 7/1/2048 | 1,000,000 | 1,055,681 |
Series 2023G, Rev., 4.38%, 7/1/2052 | 700,000 | 658,605 |
Massachusetts Development Finance Agency, Salem Community Corp. | ||
Rev., 5.00%, 1/1/2028 | 265,000 | 262,853 |
Rev., 5.00%, 1/1/2029 | 500,000 | 496,152 |
Rev., 5.00%, 1/1/2031 | 240,000 | 238,003 |
Rev., 5.13%, 1/1/2040 | 510,000 | 488,081 |
Massachusetts Housing Finance Agency, Single Family Housing Series 214, Rev., GNMA/FNMA/FHLMC, 3.75%, 12/1/2049 | 745,000 | 733,423 |
Total Massachusetts | 5,436,310 | |
Michigan — 3.6% | ||
City of Detroit, Unlimited Tax | ||
Series 2021A, GO, 5.00%, 4/1/2033 | 770,000 | 799,890 |
Series 2023A, GO, 6.00%, 5/1/2039 | 3,225,000 | 3,613,492 |
Michigan Finance Authority, Trinity Health Credit Group | ||
Series 2022B, Rev., 5.00%, 12/1/2028 (c) | 2,000,000 | 2,093,588 |
Series 2013MI-4, Rev., 4.00%, 12/1/2038 | 1,000,000 | 981,534 |
Total Michigan | 7,488,504 | |
Minnesota — 3.0% | ||
City of Ramsey, PACT Charter School Project Series 2022A, Rev., 5.00%, 6/1/2032 | 535,000 | 537,806 |
City of Rochester, Mayo Clinic Series 2022, Rev., 4.00%, 11/15/2039 | 1,425,000 | 1,452,021 |
Minneapolis-St. Paul Housing Finance Board, Single Family Mortgage, City Living Home Programs Series 2007A-2, Rev., GNMA/FNMA/FHLMC, 5.52%, 3/1/2041 | 90,000 | 88,740 |
Minnesota Housing Finance Agency Series 2022M, Rev., GNMA/FNMA/FHLMC COLL, 6.00%, 1/1/2053 | 1,235,000 | 1,301,060 |
Minnesota Housing Finance Agency, Non Profit Housing, State Appropriation | ||
Rev., 5.25%, 8/1/2024 | 1,015,000 | 1,016,501 |
Rev., 5.25%, 8/1/2025 | 1,070,000 | 1,071,397 |
Rev., 5.25%, 8/1/2026 | 825,000 | 825,940 |
Total Minnesota | 6,293,465 | |
Mississippi — 0.3% | ||
Mississippi Home Corp., Single Family Mortgage Series 2019A, Rev., GNMA/FNMA/FHLMC, 4.00%, 12/1/2048 | 730,000 | 723,361 |
Missouri — 2.0% | ||
Health and Educational Facilities Authority of the State of Missouri, Mercy Health Series 2018A, Rev., 5.00%, 6/1/2031 | 1,000,000 | 1,051,169 |
JPMorgan Sustainable Municipal Income ETF
SCHEDULE OF PORTFOLIO INVESTMENTS
AS OF May 31, 2024 (Unaudited) (continued)INVESTMENTS | PRINCIPAL AMOUNT($) | VALUE($) |
Municipal Bonds — continued | ||
Missouri — continued | ||
Missouri Housing Development Commission, Single Family, First Place Homeownership Loan Program Series 2024 A, Rev., GNMA/FNMA/FHLMC, 5.75%, 5/1/2055 | 1,000,000 | 1,066,784 |
Missouri State Environmental Improvement and Energy Resources Authority, Water Pollution Control and Drinking Water Series 2015 B, Rev., 5.00%, 7/1/2026 | 2,000,000 | 2,031,046 |
Total Missouri | 4,148,999 | |
Nebraska — 0.5% | ||
Madison County Hospital Authority No. 1, Faith Regional Health Services Project Rev., 5.00%, 7/1/2030 | 1,020,000 | 1,025,677 |
New Hampshire — 0.5% | ||
City of Manchester, School Facilities Rev., NATL - RE, 5.50%, 6/1/2027 | 900,000 | 950,309 |
New Jersey — 0.5% | ||
Camden County Improvement Authority (The), Camden Prep High School Project Rev., 5.00%, 7/15/2042 (b) | 590,000 | 590,403 |
New Jersey Housing and Mortgage Finance Agency, Single Family Housing Series 2018A, Rev., 4.50%, 10/1/2048 | 450,000 | 449,767 |
Total New Jersey | 1,040,170 | |
New Mexico — 0.3% | ||
New Mexico Mortgage Finance Authority, Single Family Mortgage Program Series 2019C, Class I, Rev., GNMA/FNMA/FHLMC, 4.00%, 1/1/2050 | 650,000 | 643,507 |
New York — 9.5% | ||
Build NYC Resource Corp., Grand Concourse Academy Charter School | ||
Series 2022A, Rev., 3.40%, 7/1/2027 | 245,000 | 238,265 |
Series 2022A, Rev., 5.00%, 7/1/2042 | 300,000 | 302,870 |
Build NYC Resource Corp., Kipp NYC Public School Facilities - Canal West Project Rev., 5.00%, 7/1/2029 | 460,000 | 478,585 |
Monroe County Industrial Development Corp., Academy of Health Sciences Charter School Project Series 2022A, Rev., 5.00%, 7/1/2032 (b) | 250,000 | 252,300 |
New York City Municipal Water Finance Authority Series 2024, Subseries BB-1, Rev., 5.25%, 6/15/2047 | 1,500,000 | 1,645,487 |
New York City Municipal Water Finance Authority, Water and Sewer System, Second General Resolution, Fiscal Year 2023 Series 2023, Subseries B-1, Rev., VRDO, LIQ : Mizuho Bank Ltd., 2.25%, 6/1/2024 (c) | 6,500,000 | 6,500,000 |
New York City Transitional Finance Authority, Future Tax Secured, Fiscal Year 2024 Series 2024F, Subseries F-1, Rev., 5.25%, 2/1/2053 | 1,000,000 | 1,086,423 |
New York State Dormitory Authority | ||
Series 2024, Rev., 5.25%, 7/1/2049 | 2,400,000 | 2,539,351 |
Series 2024A, Rev., 5.50%, 7/1/2054 | 1,000,000 | 1,122,437 |
New York State Dormitory Authority, Brooklyn Law School Series 2019 A, Rev., 5.00%, 7/1/2033 | 1,000,000 | 1,037,295 |
New York Transportation Development Corp., JFK International Airport New Terminal One Project Series 2023, Rev., AMT, AGM, 5.00%, 6/30/2049 | 2,000,000 | 2,053,020 |
Saratoga County Capital Resource Corp., Skidmore College Project Series 2020 A, Rev., 5.00%, 7/1/2045 | 2,145,000 | 2,243,661 |
Yonkers Economic Development Corp., Charter School of Educational Excellence Project Series 2020A, Rev., 4.00%, 10/15/2030 | 355,000 | 348,513 |
Total New York | 19,848,207 | |
North Carolina — 0.3% | ||
City of Charlotte Series 2023B, Rev., AMT, 5.00%, 7/1/2048 | 570,000 | 591,324 |
North Dakota — 0.1% | ||
North Dakota Housing Finance Agency, Home Mortgage Finance Program Series 2015D, Rev., 4.00%, 7/1/2046 | 180,000 | 179,437 |
Ohio — 4.8% | ||
American Municipal Power, Inc., Solar Electricity Prepayment Project Series 2019A, Rev., 5.00%, 2/15/2035 | 825,000 | 874,305 |
Jefferson County Port Authority, JSW Steel USA Ohio, Inc., Project Series 2023, Rev., 5.00%, 12/1/2028 (b) (c) | 1,000,000 | 1,010,590 |
Lakota Local School District Series 2005, GO, NATL - RE, 5.25%, 12/1/2025 | 1,500,000 | 1,538,564 |
JPMorgan Sustainable Municipal Income ETF
SCHEDULE OF PORTFOLIO INVESTMENTS
AS OF May 31, 2024 (Unaudited) (continued)INVESTMENTS | PRINCIPAL AMOUNT($) | VALUE($) |
Municipal Bonds — continued | ||
Ohio — continued | ||
Northeast Ohio Medical University | ||
Series 2022, Rev., 5.00%, 12/1/2034 | 950,000 | 1,016,425 |
Series 2022, Rev., 5.00%, 12/1/2037 | 1,100,000 | 1,160,317 |
Ohio Water Development Authority Water Pollution Control Loan Fund Series 2024A, Rev., 5.00%, 12/1/2043 | 1,000,000 | 1,098,151 |
State of Ohio Series 2024 B, Rev., 5.00%, 8/15/2032 (c) (d) | 1,000,000 | 1,085,659 |
University of Cincinnati Series 2024A, Rev., 5.25%, 6/1/2049 (d) | 2,000,000 | 2,163,127 |
Total Ohio | 9,947,138 | |
Oklahoma — 2.0% | ||
Oklahoma Water Resources Board Series 2024B, Rev., 5.25%, 10/1/2044 | 2,000,000 | 2,170,331 |
Oklahoma Water Resources Board, State Loan Program Series 2021D, Rev., 4.00%, 10/1/2046 | 2,035,000 | 1,968,958 |
Total Oklahoma | 4,139,289 | |
Oregon — 0.7% | ||
Union County Hospital Facility Authority, Grande Ronde Hospital, Inc. Series 2022, Rev., 5.00%, 7/1/2035 | 1,360,000 | 1,395,252 |
Other — 0.4% | ||
Multi-Family Housing, Bond Pass-Through Certificates, Grand Reserve Apartments Series 8, Rev., 5.95%, 11/1/2035 (c) | 795,000 | 795,299 |
Pennsylvania — 1.0% | ||
Bucks County Water and Sewer Authority Series 2022A, Rev., AGM, 5.00%, 12/1/2038 | 525,000 | 574,955 |
Pennsylvania Economic Development Financing Authority, Presbyterian Senior Living Homes Series 2021, Rev., 4.00%, 7/1/2046 | 750,000 | 654,027 |
Pennsylvania Housing Finance Agency, Single Family Mortgage Series 2017-122, Rev., AMT, 4.00%, 10/1/2046 | 130,000 | 129,118 |
Philadelphia Energy Authority (The), Philadelphia Street Lighting Project Series 2023A, Rev., 5.00%, 11/1/2043 | 750,000 | 796,488 |
Total Pennsylvania | 2,154,588 | |
Rhode Island — 0.5% | ||
Rhode Island Health and Educational Building Corp., Bryant University Issue Series 2024, Rev., 5.00%, 6/1/2041 | 1,000,000 | 1,076,670 |
South Carolina — 1.3% | ||
South Carolina Jobs-Economic Development Authority, Novant Health Obligated Group Series 2024 A, Rev., 5.50%, 11/1/2054 | 2,500,000 | 2,714,555 |
South Carolina State Housing Finance and Development Authority Series 2017A, Rev., 4.00%, 1/1/2047 | 65,000 | 64,659 |
Total South Carolina | 2,779,214 | |
South Dakota — 0.5% | ||
South Dakota Housing Development Authority, Homeownership Mortgage | ||
Series 2015D, Rev., 4.00%, 11/1/2045 | 195,000 | 193,989 |
Series 2019A, Rev., 4.00%, 5/1/2049 | 875,000 | 866,150 |
Total South Dakota | 1,060,139 | |
Tennessee — 0.9% | ||
Metropolitan Government Nashville and Davidson County Health and Educational Facilities Board, Blakeford at Green Hills Series 2020A, Rev., 4.00%, 11/1/2038 | 1,305,000 | 1,104,919 |
Shelby County Health Educational and Housing Facilities Board, The Farms at Bailey Station Project Series 2019A, Rev., 5.75%, 10/1/2049 | 1,000,000 | 726,077 |
Total Tennessee | 1,830,996 | |
Texas — 5.1% | ||
Clifton Higher Education Finance Corp., Yes Prep Public School, Inc. Series 2023, Rev., PSF-GTD, 4.25%, 4/1/2048 | 1,000,000 | 969,313 |
Denton Independent School District | ||
Series 2023, GO, PSF-GTD, 5.00%, 8/15/2041 | 1,055,000 | 1,153,743 |
Series 2023, GO, PSF-GTD, 5.00%, 8/15/2043 | 1,250,000 | 1,356,673 |
JPMorgan Sustainable Municipal Income ETF
SCHEDULE OF PORTFOLIO INVESTMENTS
AS OF May 31, 2024 (Unaudited) (continued)INVESTMENTS | PRINCIPAL AMOUNT($) | VALUE($) |
Municipal Bonds — continued | ||
Texas — continued | ||
Midland Independent School District, Unlimited Tax Series 2024, GO, PSF-GTD, 4.00%, 2/15/2054 | 1,000,000 | 919,090 |
Tarrant Regional Water District Water Supply System Series 2024, Rev., 5.00%, 3/1/2041 (d) | 1,000,000 | 1,098,972 |
Texas A&M University Series 2024A, Rev., 5.00%, 5/15/2040 | 2,000,000 | 2,213,530 |
Texas Water Development Board, State Water Implementation Fund Series 2019A, Rev., 4.00%, 10/15/2044 | 3,000,000 | 2,902,785 |
Total Texas | 10,614,106 | |
Utah — 1.8% | ||
Utah Associated Municipal Power Systems, Horse Butte Wind Project Series 2017B, Rev., 5.00%, 9/1/2033 | 1,700,000 | 1,769,260 |
Utah Charter School Finance Authority, Wallace Stegner Academy Series 2022A, Rev., 5.63%, 6/15/2042 (b) | 400,000 | 403,219 |
Utah Housing Corp., Single Family Mortgage Series D-2, Class III, Rev., FHA, 4.00%, 1/1/2045 | 510,000 | 506,940 |
Utah Transit Authority, Sales Tax Series 2006C, Rev., AGM, 5.25%, 6/15/2029 | 970,000 | 1,042,520 |
Total Utah | 3,721,939 | |
Vermont — 1.7% | ||
Vermont Housing Finance Agency, Multiple Purpose Series B, Rev., AMT, 3.75%, 11/1/2045 | 20,000 | 19,876 |
Vermont Student Assistance Corp., Education Loan | ||
Series 2016A, Rev., AMT, 5.00%, 6/15/2024 | 1,400,000 | 1,400,161 |
Series 2016A, Rev., AMT, 5.00%, 6/15/2025 | 2,150,000 | 2,162,328 |
Total Vermont | 3,582,365 | |
Virginia — 0.7% | ||
Hampton Roads Sanitation District Series 2024 A, Rev., 5.00%, 11/1/2037 | 1,275,000 | 1,454,128 |
Washington — 5.4% | ||
County of King | ||
Series 2016A, Rev., 4.00%, 7/1/2039 | 1,000,000 | 985,807 |
Series 2016A, Rev., 4.00%, 7/1/2041 | 1,000,000 | 978,467 |
FYI Properties, State of Washington District Project Rev., 5.00%, 6/1/2039 | 5,000,000 | 5,199,504 |
Washington Health Care Facilities Authority, Multicare Health System Series 2017B, Rev., 5.00%, 8/15/2035 | 1,850,000 | 1,905,672 |
Washington State Housing Finance Commission Series 2024, Rev., 5.50%, 7/1/2049 | 1,000,000 | 1,053,571 |
Washington State Housing Finance Commission, Seattle Academy Of Arts and Science Project | ||
Series 2023, Rev., 5.00%, 7/1/2028 (b) | 360,000 | 367,536 |
Series 2023, Rev., 5.13%, 7/1/2033 (b) | 740,000 | 783,725 |
Total Washington | 11,274,282 | |
West Virginia — 0.4% | ||
West Virginia Hospital Finance Authority, University Health System Series 2023 A, Rev., 5.00%, 6/1/2040 | 505,000 | 535,575 |
West Virginia Hospital Finance Authority, Vandalia Health Group Series 2023B, Rev., AGM, 5.00%, 9/1/2040 | 300,000 | 318,874 |
Total West Virginia | 854,449 | |
Wisconsin — 2.1% | ||
Public Finance Authority, College Achieve Central Charter School Project | ||
Series 2021A, Rev., 5.00%, 6/15/2029 (b) | 285,000 | 285,600 |
Series 2021A, Rev., 5.00%, 6/15/2031 (b) | 315,000 | 313,693 |
Public Finance Authority, Ripple Ranch, LLC Obligate Series 2021A, Rev., 5.25%, 12/1/2051 (b) | 200,000 | 129,924 |
Public Finance Authority, The Franklin School of Innovation Rev., 5.00%, 1/1/2042 (b) | 145,000 | 129,142 |
Public Finance Authority, Viticus Group Project Series 2022A, Rev., 4.00%, 12/1/2031 (b) | 240,000 | 220,636 |
Wisconsin Health and Educational Facilities Authority, Agnesian Healthcare, Inc. Rev., 5.00%, 7/1/2024 | 250,000 | 250,138 |
Wisconsin Health and Educational Facilities Authority, Franciscan Sisters of Christian Charity Sponsored Ministries, Inc. Series 2017A, Rev., 5.00%, 9/1/2027 (e) | 785,000 | 818,161 |
JPMorgan Sustainable Municipal Income ETF
SCHEDULE OF PORTFOLIO INVESTMENTS
AS OF May 31, 2024 (Unaudited) (continued)INVESTMENTS | PRINCIPAL AMOUNT($) | VALUE($) |
Municipal Bonds — continued | ||
Wisconsin — continued | ||
Wisconsin Health and Educational Facilities Authority, Milwaukee Regional Medical Center Thermal Service Rev., 5.00%, 4/1/2035 | 1,165,000 | 1,213,125 |
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 | 4,431,577 | |
Total Municipal Bonds (Cost $194,653,033) | 190,785,329 | |
SHARES | ||
Short-Term Investments — 11.1% | ||
Investment Companies — 11.1% | ||
JPMorgan Institutional Tax Free Money Market Fund Class IM Shares, 3.51% (f) (g) (Cost $23,155,923) | 23,155,562 | 23,157,878 |
Total Investments — 102.4% (Cost $217,808,956) | 213,943,207 | |
Liabilities in Excess of Other Assets — (2.4)% | (4,982,173 ) | |
NET ASSETS — 100.0% | 208,961,034 |
Percentages indicated are based on net assets. |
Abbreviations | |
AGM | Insured by Assured Guaranty Municipal Corp. |
AMT | Alternative Minimum Tax |
BAN | Bond Anticipation Note |
CHESLA | Connecticut Higher Education Supplemental Loan Authority |
COLL | Collateral |
COP | Certificate of Participation |
FHA | Federal Housing Administration |
FHLMC | Federal Home Loan Mortgage Corp. |
FNMA | Federal National Mortgage Association |
GNMA | Government National Mortgage Association |
GO | General Obligation |
LIQ | Liquidity Agreement |
NATL | Insured by National Public Finance Guarantee Corp. |
PSF-GTD | Permanent School Fund Guaranteed |
RE | Reinsured |
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) | Securities exempt from registration under Rule 144A or section 4(a)(2), of the Securities Act of 1933, as amended. |
(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) | All or a portion of the security is a when-issued security, delayed delivery security, or forward commitment. |
(e) | Security is prerefunded or escrowed to maturity. |
(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 Sustainable Municipal Income 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 | 97 | 09/30/2024 | USD | 19,769,813 | 15,897 |
U.S. Treasury 5 Year Note | 28 | 09/30/2024 | USD | 2,966,688 | 3,881 |
19,778 | |||||
Short Contracts | |||||
U.S. Treasury 10 Year Ultra Note | (30 ) | 09/19/2024 | USD | (3,368,906 ) | 390 |
20,168 |
Abbreviations | |
USD | United States Dollar |
JPMorgan Sustainable Municipal Income 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 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 | $— | $190,785,329 | $— | $190,785,329 |
Short-Term Investments | ||||
Investment Companies | 23,157,878 | — | — | 23,157,878 |
Total Investments in Securities | $23,157,878 | $190,785,329 | $— | $213,943,207 |
JPMorgan Sustainable Municipal Income 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 | $20,168 | $— | $— | $20,168 |
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) | $33,472,938 | $28,256,468 | $38,572,129 | $(1,288 ) | $1,889 | $23,157,878 | 23,155,562 | $196,501 | $— |
(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. |