Semi-Annual Report
J.P. Morgan Exchange-Traded Funds
August 31, 2023  (Unaudited)
Fund
Ticker
Listing Exchange
JPMorgan High Yield Municipal ETF
JMHI
NYSE Arca
JPMorgan Inflation Managed Bond ETF
JCPI
Cboe BZX Exchange, Inc.
JPMorgan Limited Duration Bond ETF
JPLD
Cboe BZX Exchange, Inc.
JPMorgan Realty Income ETF
JPRE
NYSE Arca
JPMorgan Sustainable Municipal Income ETF
JMSI
NYSE Arca


CONTENTS
 
 
1
2
3
3
6
9
12
15
18
68
86
92
112
113
114
118
Investments in a Fund are not deposits or obligations of, or guaranteed or endorsed by, any bank and are not insured or guaranteed by the FDIC, the Federal Reserve Board or any other government agency. You could lose money if you sell when a Fund’s share price is lower than when you invested.
Past performance is no guarantee of future performance. The general market views expressed in this report are opinions based on market and other conditions through the end of the reporting period and are subject to change without notice. These views are not intended to predict the future performance of a Fund or the securities markets.
Prospective investors should refer to the Funds’ prospectuses for a discussion of the Funds’ investment objectives, strategies and risks. Call J.P. Morgan Exchange-Traded Funds at (844) 457-6383 for a prospectus containing more complete information about a Fund, including management fees and other expenses. Please read it carefully before investing.
Shares are bought and sold throughout the day on an exchange at market price (not at net asset value) through a brokerage account, and are not individually subscribed and redeemed from a Fund. Shares may only be subscribed and redeemed directly from a Fund by Authorized Participants, in very large creation/redemption units. Brokerage commissions will reduce returns.


President's Letter
October 19, 2023 (Unaudited)
Dear Shareholder,
The U.S. economy has continued to expand this year as financial markets have largely generated positive returns even as the U.S. Federal Reserve (the “Fed”) sought to further reduce inflation by raising interest rates. For the six months ended August 31, 2023, equities markets largely outperformed fixed income markets and the U.S. markets led developed market returns, which generally outperformed emerging markets.

“A properly diversified portfolio
together with a long-term approach
may help investors weather economic
and geopolitical uncertainties.”
— Brian S. Shlissel

While inflation in the U.S. had seemingly subsided since the beginning of 2023, pressures raised by geopolitical events have contributed to elevated global prices, particularly for energy  and food. The Fed responded to economic conditions this year by continuing to raise interest rates at its meetings in February, March and  May but then took a pause from an additional increase at its June 2023 meeting. The Fed then raised the benchmark fed funds discount rate by a quarter of a percentage point in July to 5.50%, then held steady in September.
Higher interest rates in the U.S. have been accompanied by slower economic growth, as gross domestic product edged downward to 2.1% in the second quarter of 2023 from 2.2% in the first quarter. However, estimates on certain key U.S. economic data this year have been revised upward and a surge in consumer spending and factory output during the summer
has brightened the outlook for third quarter growth. Corporate earnings have generally remained strong and the U.S. unemployment rate has remained historically low, although it rose to 3.8% in August from 3.4% in March 2023.
The outlook for the U.S. economy appears brighter than many economists had forecasted at the beginning of the year, as some have prognosticated that the Fed appears to be at, or near, the end of its monetary tightening cycle. Notably, the Fed, the European Central Bank and the Bank of England, as well as certain other developed market central banks, have generally articulated a “higher-for-longer” policy stance, indicating they may not raise interest rates much further but they also do not currently expect to lower rates anytime soon.
Meanwhile, geopolitical events have sharply raised investor uncertainty. Conflicts in the Middle East may have unforeseen impacts on the global economy, while the war in Ukraine has been ongoing for more than 600 days with no clear end in sight.
A properly diversified portfolio together with a long-term approach may help investors weather economic and geopolitical uncertainties. Our suite of investment solutions seeks to provide investors with ability to build durable portfolios that meet their financial goals.
Sincerely,
Brian S. Shlissel
President, J.P. Morgan Exchange-Traded Funds
J.P. Morgan Asset Management
1-844-4JPM-ETF or jpmorgan.com/etfs for more information
August 31, 2023
J.P. Morgan Exchange-Traded Funds
1


J.P. Morgan Exchange-Traded Funds
MARKET OVERVIEW
SIX MONTHS ENDED August 31, 2023 (Unaudited) 
While global bond markets largely generated positive returns for the six-month period, fixed-income investment generally underperformed equity amid rising interest rates and continued economic expansion. Within bond markets, difference between yields on U.S. Treasury bonds and other fixed income securities narrowed.
For the six months ended August 31, 2023, the Bloomberg U.S. Aggregate Index returned 0.95%, the Bloomberg U.S. High Yield Index returned 4.54% and the Bloomberg Emerging Markets Debt Index returned 2.34%.
Leading central banks continued to raise interest rates throughout the period as inflation remained elevated across most developed market economies. However, data showed inflation in the U.S. receding faster than most economists had expected in the first half of 2023, and spending by both consumers and businesses generally remained buoyant during the period. Aggregate corporate earnings were generally better than analysts expected.
Within fixed income markets, the positive economic data and expectation for further interest rate increases led to higher bond yields during the period, particularly for sovereign debt. By the end of August 2023, government bond yields in developed markets generally reached their highest levels since 2007. Broadly, high yield bonds (also known as junk bonds) outperformed investment grade bonds and lower-rated investment grade bonds generally outperformed higher quality bonds.
The period was bracketed by events that increased financial market volatility. In March 2023, the financials sector was roiled by the failures of Silicon Valley Bank and First Republic Bank in the U.S., and Credit Suisse Group AG in Switzerland. However, in each case government regulators moved to prevent further contagion within the banking industry. In early August 2023, Fitch Ratings Inc. downgraded U.S. sovereign debt, citing rising government spending and political uncertainty surrounding the ability of Congress to lift the U.S. debt ceiling.
2
J.P. Morgan Exchange-Traded Funds
August 31, 2023


JPMorgan High Yield Municipal ETF
FUND COMMENTARY
SIX MONTHS ENDED August 31, 2023 (Unaudited)
REPORTING PERIOD RETURN:
 
Net Asset Value*
0.17%
Market Price**
(0.34)%
Bloomberg U.S. Municipal Index
1.04%
Bloomberg High Yield Municipal Bond Index
2.33%
Net Assets as of 8/31/2023
$220,649,324
Duration as of 8/31/2023
8.1 Years
Fund Ticker
JMHI
INVESTMENT OBJECTIVE***
The JPMorgan High Yield Municipal ETF1 (the “Fund”) seeks a high level of current income exempt from federal income taxes.
INVESTMENT APPROACH
The Fund invests in U.S. municipal securities that are exempt from federal income taxes and seeks a competitive yield and higher after-tax returns by focusing on high yield municipal bonds. The Fund may invest up to 100% in securities rated below investment grade that offer a higher yield than investment grade securities but involve a greater degree of risk.
WHAT WERE THE MAIN DRIVERS OF THE FUND’S PERFORMANCE?
For the six months ended August 31, 2023, the Fund underperformed both the Bloomberg US Municipal Index (the “Benchmark”) and the Bloomberg High Yield Municipal Bond Index.
Relative to the Benchmark, the Fund’s longer duration in bonds rated AA and single-A was a leading detractor from performance. Generally, bonds of longer duration will experience a larger decrease in price compared with shorter duration bonds when interest rates rise. The Fund’s overweight
position in the education sector and its underweight positions in the transportation and leasing sectors also detracted from relative performance. The Fund’s underweight allocations to California and New York state bonds also detracted from relative performance. 
The Fund’s overweight allocation to bonds rated BBB was a leading contributor to performance relative to the Benchmark. The Fund’s overweight allocation to bonds of 0-to-2 year maturities and its underweight allocation to Washington state bonds also contributed to relative performance. 
HOW WAS THE FUND POSITIONED?
During the period, the Fund’s assets were invested in municipal bonds, with a small allocation to loan assignments. At the end of the reporting period, the Fund’s largest allocations were to unrated bonds and bonds rated BBB, while its smallest allocations were to bonds rated single-B and CCC and lower. The duration was 9.0 years compared with 6.2 years for the Benchmark.
1 On July 14, 2023, the Fund acquired the assets and liabilities, and assumed the performance, financial and other historical information, of the JPMorgan High Yield Municipal Fund (the “Predecessor Fund”), an open-end mutual fund that had operated since September 17, 2007. The Fund’s performance prior to July 14, 2023 is linked to the Predecessor Fund’s Class R6 Shares.
August 31, 2023
J.P. Morgan Exchange-Traded Funds
3


JPMorgan High Yield Municipal ETF
FUND COMMENTARY
SIX MONTHS ENDED August 31, 2023 (Unaudited) (continued)

*
The return shown is based on net asset value and may differ from the return shown in the financial highlights, which reflects adjustments made to the net asset value in accordance with accounting principles generally accepted in the United States of America. The net asset value was $49.03 as of August 31, 2023.
**
Market price return was calculated assuming an initial investment made at the market price at the beginning of the reporting period, reinvestment of all dividends and distributions at market price during the period, and sale at the market price on the last day of the period. Prior to the Fund's listing on July 17, 2023, the NAV performance of the Fund and the Class R6 Shares of the Predecessor Fund are used as proxy market price returns. The price used to calculate the market price return was the closing price on the NYSE Arca. As of August 31, 2023, the closing price was $48.78.
***
The adviser seeks to achieve the Fund’s objective. There can be no guarantee it will be achieved.
CREDIT QUALITY ALLOCATIONS
AS OF AUGUST 31, 2023
PERCENT OF
TOTAL
INVESTMENTS
AAA
17.1%
AA
12.5
A
6.3
BBB
10.1
BB
10.9
CCC
1.9
NR
41.2
4
J.P. Morgan Exchange-Traded Funds
August 31, 2023


AVERAGE ANNUAL TOTAL RETURNS AS OF August 31, 2023 
 
INCEPTION DATE
SIX MONTHS*
1 YEAR
5 YEAR
10 YEAR
JPMorgan High Yield Municipal ETF
 
Net Asset Value
September 17, 2007**
0.17
%
(2.39
)%
0.66
%
2.14
%
Market Price
 
(0.34
)
(2.89
)
0.55
2.09

 
*
Not annualized.
**
Inception date for Class I Shares of the Predecessor Fund (as defined below).
TEN YEAR FUND PERFORMANCE  (8/31/13 TO 8/31/23)
The performance quoted is past performance and is not a guarantee of future results. Exchange-traded funds are subject to certain market risks. Investment returns and principal value of an investment will fluctuate so that an investor’s shares, when sold or redeemed, may be worth more or less than their original cost. Current performance may be higher or lower than the performance data shown. Updated performance information is available by visiting www.jpmorganfunds.com or by calling 1-844-457-6383. 
JPMorgan High Yield Municipal ETF (the “Fund”) acquired the assets and liabilities of the JPMorgan High Yield Municipal Fund (“Predecessor Fund”) in a reorganization that occurred as of the close of business on July 14, 2023. Performance and financial history of the Predecessor Fund’s Class R6 Shares have been adopted by the Fund and will be used going forward. As a result, the performance for the Fund prior to July 14, 2023 is the performance of the Predecessor Fund’s Class R6 Shares. Inception date for the Predecessor Fund’s Class R6 Shares is November 1, 2018. Returns for the Predecessor Fund’s Class R6 Shares prior to their inception date are based on the performance of the Predecessors Fund’s Class I Shares. The actual returns of the Predecessor Fund’s Class R6 Shares would have been different than those shown because the Predecessor Fund’s Class R6 Shares had different expenses than the Predecessor Fund’s Class I Shares. Inception date for the Predecessor Fund’s Class I Shares is September 17, 2007.
Performance for the Fund’s shares has not been adjusted to reflect the Fund’s shares lower expenses than those of the Predecessor Fund’s Class R6 Shares and Class I Shares. Had the Predecessor Fund been structured as an exchange-traded fund (“ETF”), its performance may have differed. Performance for the Predecessor Fund is based on the net asset value ("NAV") per share of the Predecessor Fund Shares rather than on market-determined prices. Prior to the Fund’s listing on July 17, 2023, the NAV performance of the Fund and the Class R6 Shares of the Predecessor Fund are used as proxy market price returns.
The graph illustrates comparative performance for $10,000 invested in shares of the Fund and the Bloomberg U.S. Municipal Index and the Bloomberg High Yield Municipal Bond Index from August 31, 2013 to August 31, 2023. The performance of the Fund reflects the deduction of Fund expenses and assumes reinvestment of all dividends and capital gain distributions, if any. The performance of the Bloomberg U.S. Municipal Index and the Bloomberg High Yield Municipal Bond Index does not reflect the deduction of expenses associated with an ETF and approximates the minimum possible dividend reinvestment of the securities included in the Index, if applicable. The Bloomberg U.S. Municipal Index is a total return performance benchmark for the long-term, investment-grade tax-exempt bond market. The Bloomberg High Yield Municipal Bond Index is an unmanaged index made up of bonds that are non-investment grade, unrated, or rated below Ba1 by Moody’s Investors Service with a remaining maturity of at least one year. Investors cannot invest directly in an index.
Fund performance may reflect the waiver of the Fund’s fees and reimbursement of expenses for certain periods. Without these waivers and reimbursements, performance would have been lower. Also, performance shown in this section does not reflect the deduction of taxes that a shareholder would pay on Fund distributions or on gains resulting from redemption or sale of Fund shares.
The returns shown are based on NAVs calculated for shareholder transactions and may differ from the returns shown in the financial highlights, which reflect adjustments made to the NAVs in accordance with accounting principles generally accepted in the United States of America.
August 31, 2023
J.P. Morgan Exchange-Traded Funds
5


JPMorgan Inflation Managed Bond ETF
FUND COMMENTARY
SIX MONTHS ENDED August 31, 2023 (Unaudited)
REPORTING PERIOD RETURN:
 
Net Asset Value*
1.09%
Market Price**
0.19%
Bloomberg 1-10 Year U.S. TIPS Index
1.35%
Bloomberg U.S. Intermediate Aggregate Index
1.25%
Net Assets as of 8/31/2023
$486,535,910
Duration as of 8/31/2023
5.0 Years
Fund Ticker
JCPI
INVESTMENT OBJECTIVE***
The JPMorgan Inflation Managed Bond ETF (the “Fund”) seeks to maximize inflation protected total return.
INVESTMENT APPROACH
The Fund invests in a core portfolio of fixed income securities in combination with swaps that are based on the Non-Seasonally Adjusted Consumer Price Index for All Urban Consumers (CPI-U) and other investments including actual inflation-protected securities to protect the total return generated by its core fixed income holding from inflation risk.
WHAT WERE THE MAIN DRIVERS OF THE FUND’S PERFORMANCE?
For the six months ended August 31, 2023, the Fund underperformed both the Bloomberg 1-10 Year U.S. TIPS (Treasury Inflation Protected Securities) Index (the “Index”) and the Bloomberg U.S. Intermediate Aggregate Index.
Relative to the Index, The Fund’s longer duration posture and yield curve steepening exposure were the primary detractors from performance. Bonds of longer duration generally experience a larger decline in price compared with bonds of shorter duration when interest rates rise. The yield curve shows the relationship between yields and maturity dates for a set of similar bonds at a given point in time. The Fund’s allocation to agency mortgage-backed securities was a modest detractor from performance relative to the Index during the period.
The Fund’s allocations to investment grade credit, commercial mortgage-backed securities and asset-backed securities were leading contributors to relative performance.
Relative to the Bloomberg U.S. Intermediate Aggregate Index, the Fund’s underweight position in mortgage-backed securities was the leading contributor to performance.
HOW WAS THE FUND POSITIONED?
Among the Fund’s fixed income holdings, the Fund’s portfolio managers continued to focus on security selection and relative
value, which seeks to exploit pricing discrepancies between individual securities or market sectors. The Fund’s portfolio managers used bottom-up fundamental research to construct, in their view, a portfolio of undervalued fixed income securities.
The Fund’s portfolio managers sought to protect the portfolio from inflation risk across maturities. Therefore, the yield curve positioning of the underlying core bonds was used as the general basis for the Fund’s inflation swap positioning.
The Fund’s portfolio managers manage the duration of the inflation protection versus the duration of the underlying bonds to protect the portfolio from actual, realized inflation, as well as from the loss of value that results from an increase in inflation expectations. The inflation protection was actively managed using CPI-U swaps and TIPS. Generally, the swaps were structured so that a counterparty agrees to pay the cumulative percentage change in the CPI-U over the duration of the swap. In turn, the Fund pays a compounded fixed rate. TIPS adjust the principal of the underlying bond so that it increases with inflation as measured by the CPI-U and decreases with deflation. At maturity, a TIPS investor is paid either the adjusted or the original principal, whichever is greater. 
PORTFOLIO COMPOSITION
AS OF August 31, 2023
PERCENT OF
TOTAL
INVESTMENTS
Corporate Bonds
26.2%
U.S. Treasury Obligations
17.9
Mortgage-Backed Securities
17.8
Asset-Backed Securities
15.8
Collateralized Mortgage Obligations
9.7
Commercial Mortgage-Backed Securities
8.8
U.S. Government Agency Securities
2.2
Others (each less than 1.0%)
0.3
Short-Term Investments
1.3

*
The return shown is based on net asset value and may differ from the return shown in the financial highlights, which reflects
6
J.P. Morgan Exchange-Traded Funds
August 31, 2023



adjustments made to the net asset value in accordance with accounting principles generally accepted in the United States of America. The net asset value was $45.93 as of August 31, 2023.
**
Market price return was calculated assuming an initial investment made at the market price at the beginning of the reporting period, reinvestment of all dividends and distributions at market price during the period, and sale at the market price on the last day of the period.  The price used to calculate the market price return was the closing price on the Cboe BZX Exchange, Inc. As of August 31, 2023, the closing price was $45.59.
***
The adviser seeks to achieve the Fund’s objective. There can be no guarantee it will be achieved.
August 31, 2023
J.P. Morgan Exchange-Traded Funds
7


JPMorgan Inflation Managed Bond ETF
FUND COMMENTARY
SIX MONTHS ENDED August 31, 2023 (Unaudited) (continued)
AVERAGE ANNUAL TOTAL RETURNS AS OF August 31, 2023 
 
INCEPTION DATE
SIX MONTHS*
1 YEAR
5 YEAR
10 YEAR
JPMorgan Inflation Managed Bond ETF
 
Net Asset Value
November 30, 2010**
1.09
%
(1.72
)%
1.94
%
1.67
%
Market Price
 
0.19
(2.22
)
1.78
1.60

 
*
Not annualized.
**
Inception date for Class R6 Shares of the Predecessor Fund (as defined below).
TEN YEAR FUND PERFORMANCE  (8/31/13 TO 8/31/23)
The performance quoted is past performance and is not a guarantee of future results. Exchange-traded funds are subject to certain market risks. Investment returns and principal value of an investment will fluctuate so that an investor’s shares, when sold or redeemed, may be worth more or less than their original cost. Current performance may be higher or lower than the performance data shown. Updated performance information is available by visiting www.jpmorganfunds.com or by calling 1-844-457-6383. 
JPMorgan Inflation Managed Bond ETF (the “Fund”) acquired the assets and liabilities of the JPMorgan Inflation Managed Bond Fund (“Predecessor Fund”) in a reorganization that occurred as of the close of business on April 8, 2022. Performance and financial history of the Predecessor Fund’s Class R6 Shares have been adopted by the Fund and will be used going forward. As a result, the performance for the Fund prior to April 8, 2022 is the performance of the Predecessor Fund’s Class R6 Shares. Inception date for the Predecessor Fund’s Class R6 Shares is November 30, 2010.
Performance for the Fund’s shares has not been adjusted to reflect the Fund’s shares lower expenses than those of the Predecessor Fund’s Class R6 Shares. Had the Predecessor Fund been structured as an exchange-traded fund (“ETF”), its performance may have differed. Performance for the Predecessor Fund is based on the net asset value ("NAV") per share of the Predecessor Fund Shares rather than on market-determined prices. Prior to the Fund’s listing on April 11, 2022, the NAV performance of the Fund and the Class R6 Shares of the Predecessor Fund are used as proxy market price returns.
The graph illustrates comparative performance for $10,000 invested in shares of the Fund and the Bloomberg 1-10 Year U.S. TIPS Index and the Bloomberg
U.S. Intermediate Aggregate Index from August 31, 2013 to August 31, 2023. The performance of the Fund reflects the deduction of Fund expenses and assumes reinvestment of all dividends and capital gain distributions, if any. The performance of the Bloomberg 1-10 Year U.S. TIPS Index and the Bloomberg U.S. Intermediate Aggregate Index does not reflect the deduction of expenses associated with an ETF and approximates the minimum possible dividend reinvestment of the securities included in the Index, if applicable. The Bloomberg 1–10 Year U.S. TIPS Index represents the performance of intermediate (1–10 year) U.S. Treasury Inflation Protection Securities. The Bloomberg U.S. Intermediate Aggregate Index is an unmanaged index comprised of U.S. government, mortgage, corporate and asset-backed securities with maturities of one to 10 years. Investors cannot invest directly in an index.
Fund performance may reflect the waiver of the Fund’s fees and reimbursement of expenses for certain periods. Without these waivers and reimbursements, performance would have been lower. Also, performance shown in this section does not reflect the deduction of taxes that a shareholder would pay on Fund distributions or on gains resulting from redemption or sale of Fund shares.
The returns shown are based on NAVs calculated for shareholder transactions and may differ from the returns shown in the financial highlights, which reflect adjustments made to the NAVs in accordance with accounting principles generally accepted in the United States of America.
8
J.P. Morgan Exchange-Traded Funds
August 31, 2023


JPMorgan Limited Duration Bond ETF
FUND COMMENTARY
SIX MONTHS ENDED August 31, 2023 (Unaudited)
REPORTING PERIOD RETURN:
 
Net Asset Value*
2.23%
Market Price**
2.03%
Bloomberg 1-3 Year U.S. Government/Credit Bond Index
1.86%
Net Assets as of 8/31/2023
$826,346,989
Duration as of 8/31/2023
1.5 Years
Fund Ticker
JPLD
INVESTMENT OBJECTIVE***
The JPMorgan Limited Duration Bond ETF1 (the “Fund”) seeks a high level of current income consistent with low volatility of principal.
INVESTMENT APPROACH
The Fund mainly invests in mortgage-backed securities, asset-backed securities, mortgage-related securities, adjustable-rate mortgages, money market instruments, and structured investments. The Fund seeks to maintain a duration of three years or less. Duration measures the price sensitivity of a debt security or a portfolio of debt securities to changes in interest rates. Under normal circumstances, the Fund will invest at least 80% of its assets in bonds.
HOW DID THE FUND PERFORM?
For the six months ended August 31, 2023, the Fund outperformed the Bloomberg 1–3 Year U.S. Government/Credit Bond Index (the “Benchmark”).
Relative to the Benchmark, the Fund’s shorter overall duration was a leading contributor to performance as interest rates rose during the period. Generally, bonds of shorter duration will experience a smaller decline in price relative to longer duration
bonds when interest rates rise. The Fund’s out-of-Benchmark allocation to securitized debt also contributed to relative performance. 
The Fund’s out-of-Benchmark allocation to agency mortgage-backed securities and its exposure to portions of the yield curve beyond 1 to 3 years were leading detractors from performance relative to the Benchmark.
HOW WAS THE FUND POSITIONED?
During the period, the Fund’s portfolio managers continued to focus on security selection, using bottom-up fundamental research to construct, in their view, a portfolio of undervalued fixed income securities. The Fund’s portfolio managers aimed to keep the duration of the Fund at 1.5 years. During the reporting period, the Fund’s duration increased to 1.55 years at August 31, 2023 from 1.48 years at February 28, 2023. 
1On July 28, 2023, the Fund acquired the assets and liabilities, and assumed the performance, financial and other historical information, of the JPMorgan Limited Duration Bond Fund (the “Predecessor Fund”), an open-end mutual fund that had operated since February 2, 1993. The Fund’s performance prior to July 28, 2023 is linked to the Predecessor Fund’s Class R6 Shares.
August 31, 2023
J.P. Morgan Exchange-Traded Funds
9


JPMorgan Limited Duration Bond ETF
FUND COMMENTARY
SIX MONTHS ENDED August 31, 2023 (Unaudited) (continued)

*
The return shown is based on net asset value and may differ from the return shown in the financial highlights, which reflects adjustments made to the net asset value in accordance with accounting principles generally accepted in the United States of America. The net asset value was $50.22 as of August 31, 2023.
**
Market price return was calculated assuming an initial investment made at the market price at the beginning of the reporting period, reinvestment of all dividends and distributions at market price during the period, and sale at the market price on the last day of the period. Prior to the Fund's listing on July 31, 2023, the NAV performance of the Fund and the Class R6 Shares of the Predecessor Fund are used as proxy market price returns.  The price used to calculate the market price return was the closing price on the Cboe BZX Exchange, Inc. As of August 31, 2023, the closing price was $50.12.
***
The adviser seeks to achieve the Fund’s objective. There can be no guarantee it will be achieved.
PORTFOLIO COMPOSITION
AS OF August 31, 2023
PERCENT OF
TOTAL
INVESTMENTS
Asset-Backed Securities
39.4%
Collateralized Mortgage Obligations
28.1
Mortgage-Backed Securities
9.2
Commercial Mortgage-Backed Securities
8.9
Corporate Bonds
6.8
Short-Term Investments
7.6
10
J.P. Morgan Exchange-Traded Funds
August 31, 2023


AVERAGE ANNUAL TOTAL RETURNS AS OF August 31, 2023 
 
INCEPTION DATE
SIX MONTHS*
1 YEAR
5 YEAR
10 YEAR
JPMorgan Limited Duration Bond ETF
 
Net Asset Value
February 22, 2005
2.23
%
3.33
%
1.65
%
1.69
%
Market Price
 
2.03
3.12
1.61
1.67

 
*
Not annualized.
TEN YEAR FUND PERFORMANCE  (8/31/13 TO 8/31/23)
The performance quoted is past performance and is not a guarantee of future results. Exchange-traded funds are subject to certain market risks. Investment returns and principal value of an investment will fluctuate so that an investor’s shares, when sold or redeemed, may be worth more or less than their original cost. Current performance may be higher or lower than the performance data shown. Updated performance information is available by visiting www.jpmorganfunds.com or by calling 1-844-457-6383. 
JPMorgan Limited Duration Bond ETF (the “Fund”) acquired the assets and liabilities of the JPMorgan Limited Duration Bond Fund (“Predecessor Fund”) in a reorganization that occurred as of the close of business on July 28, 2023. Performance and financial history of the Predecessor Fund’s Class R6 Shares have been adopted by the Fund and will be used going forward. As a result, the performance for the Fund prior to July 28, 2023 is the performance of the Predecessor Fund’s Class R6 Shares. Inception date for the Predecessor Fund’s Class R6 Shares is February 22, 2005.
Performance for the Fund’s shares has not been adjusted to reflect the Fund’s shares lower expenses than those of the Predecessor Fund’s Class R6 Shares. Had the Predecessor Fund been structured as an exchange-traded fund (“ETF”), its performance may have differed. Performance for the Predecessor Fund is based on the net asset value ("NAV") per share of the Predecessor Fund Shares rather than on market-determined prices. Prior to the Fund’s listing on July 31, 2023, the NAV performance of the Fund and the Class R6 Shares of the Predecessor Fund are used as proxy market price returns.
The graph illustrates comparative performance for $10,000 invested in shares of the Fund and the Bloomberg 1–3 Year U.S. Government/Credit Bond Index from August 31, 2013 to August 31, 2023. The performance of the Fund reflects the deduction of Fund expenses and assumes reinvestment of all dividends and capital gain distributions, if any. The performance of the Bloomberg 1–3 Year U.S. Government/Credit Bond Index does not reflect the deduction of expenses associated with an ETF and approximates the minimum possible dividend reinvestment of the securities included in the Index, if applicable. The Bloomberg 1–3 Year U.S. Government/Credit Bond Index is an unmanaged index of investment grade government and corporate bonds with maturities of one to three years. Investors cannot invest directly in an index.
Fund performance may reflect the waiver of the Fund’s fees and reimbursement of expenses for certain periods. Without these waivers and reimbursements, performance would have been lower. Also, performance shown in this section does not reflect the deduction of taxes that a shareholder would pay on Fund distributions or on gains resulting from redemption or sale of Fund shares.
The returns shown are based on NAVs calculated for shareholder transactions and may differ from the returns shown in the financial highlights, which reflect adjustments made to the NAVs in accordance with accounting principles generally accepted in the United States of America. 
August 31, 2023
J.P. Morgan Exchange-Traded Funds
11


JPMorgan Realty Income ETF
FUND COMMENTARY
SIX MONTHS ENDED August 31, 2023 (Unaudited)
REPORTING PERIOD RETURN:
 
Net Asset Value*
(1.04)%
Market Price**
(1.18)%
MSCI US REIT Index
(0.14)%
FTSE NAREIT All Equity REITs Index
(1.94)%
Net Assets as of 8/31/2023
$335,759,488
Fund Ticker
JPRE
INVESTMENT OBJECTIVE ***
The JPMorgan Realty Income ETF1 (the “Fund”) seeks to provide high total investment return through a combination of capital appreciation and current income.
INVESTMENT APPROACH
The Fund invests primarily in equity securities of real estate investment trusts (“REITs”) across the market capitalization spectrum and uses an in-depth analysis of each REIT to evaluate whether each company’s current price fully reflects its long-term value.
WHAT WERE THE MAIN DRIVERS OF THE FUND’S PERFORMANCE?
For the six months ended August 31, 2023, the Fund outperformed the FTSE NAREIT All  Equity Index (the “Benchmark”). Relative to the Benchmark, the Fund’s overweight allocation to the hotels sector and its underweight allocation to the “other” sector were leading contributors to performance, while the Fund’s security selection in the new leases sector and technology sector was a leading detractor from relative performance.
Leading individual contributors to the Fund’s relative performance included its overweight positions in Digital Realty Trust Inc. and American Homes 4 Rent, and its underweight position in Crown Castle Inc. Shares of Digital Realty Trust, a data center and work co-location REIT, rose after the company reported better-than-expected results for the second quarter of 2023. Shares of American Homes 4 Rent, a single-family homes REIT, rose after the company reported better-than-expected
results for the first and second quarters of 2023. Shares of Crown Castle, a telecommunications tower REIT not held in the Fund, fell after the company lowered its cash flow forecast and unveiled a restructuring charge of $120 million. 
Leading individual detractors from the Fund’s relative performance included its overweight positions in Sun Communities Inc., W.P. Carey Inc. and Ventas Inc. Shares of Sun Communities, a real estate management company that operates manufactured housing, recreational vehicles and marinas, fell after the company completed a series of acquisitions outside the U.S. Shares of W.P. Carey, a commercial property REIT, fell as rising interest rates hurt the broader net lease sector. Shares of Ventas, a health care REIT, fell after the company reported 2023 second quarter revenue that was in line with equity analysts’ expectations. 
HOW WAS THE FUND POSITIONED?
The Fund’s adviser used bottom-up fundamental research to construct, in its view, a portfolio of attractively valued real estate securities. The adviser projected long-term cash flow for each portfolio holding and valued the holdings using a proprietary dividend discount model. During the period, the Fund’s largest allocations were to the technology and industrials sectors and its smallest allocations were to the housing and office sectors.
1On April 1, 2023, the primary benchmark for the JPMorgan Realty Income ETF was changed to the FTSE NAREIT All Equity REITs Index from the MSCI US REIT Index to more closely align the Fund’s primary benchmark to the current real estate landscape.
12
J.P. Morgan Exchange-Traded Funds
August 31, 2023



*
The return shown is based on net asset value and may differ from the return shown in the financial highlights, which reflects adjustments made to the net asset value in accordance with accounting principles generally accepted in the United States of America. The net asset value was $41.98 as of August 31, 2023.
**
Market price return was calculated assuming an initial investment made at the market price at the beginning of the reporting period, reinvestment of all dividends and distributions at market price during the period, and sale at the market price on the last day of the period. The price used to calculate the market price return was the closing price on the NYSE Arca. As of August 31, 2023, the closing price was $41.98.
***
The adviser seeks to achieve the Fund’s objective. There can be no guarantee it will be achieved.
TOP TEN HOLDINGS OF THE
PORTFOLIO AS OF August 31, 2023
PERCENT OF
TOTAL
INVESTMENTS
1.
American Tower Corp.
9.3
%
2.
Digital Realty Trust, Inc.
8.1
3.
Equinix, Inc.
8.1
4.
Prologis, Inc.
7.0
5.
Realty Income Corp.
6.2
6.
Welltower, Inc.
5.5
7.
UDR, Inc.
4.4
8.
Ventas, Inc.
4.2
9.
WP Carey, Inc.
4.1
10.
Public Storage
4.1
PORTFOLIO COMPOSITION BY SECTOR
AS OF August 31, 2023
PERCENT OF
TOTAL
INVESTMENTS
Diversified
31.8%
Apartments
17.4
Health Care
12.7
Industrial
12.0
Single Tenant
6.2
Shopping Centers
5.5
Storage
5.0
Office
3.1
Hotels
2.0
Short-Term Investments
4.3
August 31, 2023
J.P. Morgan Exchange-Traded Funds
13


JPMorgan Realty Income ETF
FUND COMMENTARY
SIX MONTHS ENDED August 31, 2023 (Unaudited) (continued)
AVERAGE ANNUAL TOTAL RETURNS AS OF August 31, 2023 
 
INCEPTION DATE
SIX MONTHS*
1 YEAR
5 YEAR
10 YEAR
JPMorgan Realty Income ETF
 
Net Asset Value
May 15, 2006**
(1.04
)%
(4.50
)%
4.47
%
6.82
%
Market Price
 
(1.18
)
(4.48
)
4.47
6.82

 
*
Not annualized.
**
Inception date for Class R5 Shares of the Predecessor Fund (as defined below).
TEN YEAR FUND PERFORMANCE  (8/31/13 TO 8/31/23)
The performance quoted is past performance and is not a guarantee of future results. Exchange-traded funds are subject to certain market risks. Investment returns and principal value of an investment will fluctuate so that an investor’s shares, when sold or redeemed, may be worth more or less than their original cost. Current performance may be higher or lower than the performance data shown. Updated performance information is available by visiting www.jpmorganfunds.com or by calling 1-844-457-6383. 
JPMorgan Realty Income ETF (the “Fund”) acquired the assets and liabilities of the JPMorgan Realty Income Fund (“Predecessor Fund”) in a reorganization that occurred as of the close of business on May 20, 2022. Performance and financial history of the Predecessor Fund’s Class R6 Shares have been adopted by the Fund and will be used going forward. As a result, the performance for the Fund prior to May 20, 2022 is the performance of the Predecessor Fund’s Class R6 Shares. Inception date for the Predecessor Fund’s Class R6 Shares is November 2, 2015. Returns for the Predecessor Fund’s Class R6 Shares prior to their inception date are based on the performance of the Predecessors Fund’s Class R5 Shares. The actual returns of the Predecessor Fund’s Class R6 Shares would have been different than those shown because the Predecessor Fund’s Class R6 Shares had different expenses than the Predecessor Fund’s Class R5 Shares. Inception date for the Predecessor Fund’s Class R5 Shares is May 15, 2006.
Performance for the Fund’s shares has not been adjusted to reflect the Fund’s shares lower expenses than those of the Predecessor Fund’s Class R6 Shares and Class R5 Shares. Had the Predecessor Fund been structured as an exchange-traded fund (“ETF”), its performance may have differed. Performance for the Predecessor Fund is based on the net asset value ("NAV") per share of the Predecessor Fund Shares rather than on market-determined prices. Prior to the Fund’s listing on May 23, 2022, the NAV performance of the Fund and the Class R6 Shares of the Predecessor Fund are used as proxy market price returns.
The graph illustrates comparative performance for $10,000 invested in shares of the Fund and the MSCI US REIT Index and the FTSE NAREIT All Equity REITs Index from August 31, 2013 to August 31, 2023. The performance of the Fund reflects the deduction of Fund expenses and assumes reinvestment of all dividends and capital gain distributions, if any. The performance of the MSCI US REIT Index and the FTSE NAREIT All Equity REITs Index does not reflect the deduction of expenses associated with an ETF and approximates the minimum possible dividend reinvestment of the securities included in the Index, if applicable. The MSCI US REIT Index is a free float-adjusted market capitalization weighted index comprised of equity REITs that are included in the MSCI US Investable Market 2500 Index, except specialty equity REITs that do not generate a majority of their revenue and income from real estate rental and leasing  operations. The FTSE NAREIT All Equity REITs Index is a free-float adjusted, market capitalization-weighted index of U.S. equity REITs. Constituents of the index include all tax-qualified REITs with more than 50 percent of total assets in qualifying real estate assets other than mortgages secured by real property. Investors cannot invest directly in an index.
Fund performance may reflect the waiver of the Fund’s fees and reimbursement of expenses for certain periods. Without these waivers and reimbursements, performance would have been lower. Also, performance shown in this section does not reflect the deduction of taxes that a shareholder would pay on Fund distributions or on gains resulting from redemption or sale of Fund shares.
Effective April 1, 2023, the Fund’s benchmark changed from the MSCI US REIT Index to the FTSE NAREIT All Equity REITs Index to better reflect how the Fund is managed for comparison purposes.
The returns shown are based on NAVs calculated for shareholder transactions and may differ from the returns shown in the financial highlights, which reflect adjustments made to the NAVs in accordance with accounting principles generally accepted in the United States of America.
14
J.P. Morgan Exchange-Traded Funds
August 31, 2023


JPMorgan Sustainable Municipal Income ETF
FUND COMMENTARY
SIX MONTHS ENDED August 31, 2023 (Unaudited)
REPORTING PERIOD RETURN:
 
Net Asset Value*
1.24%
Market Price**
0.98%
Bloomberg U.S. 1-15 Year Blend (1-17) Municipal Bond Index
0.89%
Net Assets as of 8/31/2023
$235,658,686
Duration as of 8/31/2023
6.0 Years
Fund Ticker
JMSI
INVESTMENT OBJECTIVE***
The JPMorgan Sustainable Municipal Income ETF1 (the “Fund”) seeks current income exempt from federal income taxes.
INVESTMENT APPROACH
The Fund uses a value-oriented approach to invest in a core fixed income portfolio of municipal bonds, including securities whose proceeds aim to provide positive social or environmental benefits. The Fund uses extensive risk/reward analysis for factors such as income, interest rate risk, credit risk and the transaction legal/technical structure.
WHAT WERE THE MAIN DRIVERS OF THE FUND’S PERFORMANCE?
For the six months ended August 31, 2023, the Fund outperformed the Bloomberg U.S. 1-15 Year Blend (1-17) Municipal Bond Index (the “Benchmark”).
Relative to the Benchmark, the Fund’s overweight allocation to bonds of 9-plus year maturities was a leading contributor to
performance. The Fund’s overweight positions in the hospital and leasing sectors, and its overweight allocation to bonds rated BBB also contributed to relative performance. 
The Fund’s underweight position in the pre-refunded and industrial development revenue/pollution control revenue sectors, and its overweight position in the water & sewer sector were leading detractors from performance relative to the Benchmark. The Fund’s underweight allocation to bonds rated single-A also detracted from relative performance.
HOW WAS THE FUND POSITIONED?
At the end of the period, the Fund’s duration was 6.0 years and the Benchmark’s duration was 4.6 years.
1 On July 14, 2023, the Fund acquired the assets and liabilities, and assumed the performance, financial and other historical information, of the JPMorgan Sustainable Municipal Income Fund (the “Predecessor Fund”), an open-end mutual fund that had operated since February 9, 1993. The Fund’s performance prior to July 14, 2023 is linked to the Predecessor Fund’s Class R6 Shares.
August 31, 2023
J.P. Morgan Exchange-Traded Funds
15


JPMorgan Sustainable Municipal Income ETF
FUND COMMENTARY
SIX MONTHS ENDED August 31, 2023 (Unaudited) (continued)

*
The return shown is based on net asset value and may differ from the return shown in the financial highlights, which reflects adjustments made to the net asset value in accordance with accounting principles generally accepted in the United States of America. The net asset value was $49.54 as of August 31, 2023.
**
Market price return was calculated assuming an initial investment made at the market price at the beginning of the reporting period, reinvestment of all dividends and distributions at market price during the period, and sale at the market price on the last day of the period. Prior to the Fund's listing on July 17, 2023, the NAV performance of the Fund and the Class R6 Shares of the Predecessor Fund are used as proxy market price returns. The price used to calculate the market price return was the closing price on the NYSE Arca. As of August 31, 2023, the closing price was $49.41.
***
The adviser seeks to achieve the Fund’s objective. There can be no guarantee it will be achieved.
CREDIT QUALITY ALLOCATIONS
AS OF AUGUST 31, 2023
PERCENT OF
TOTAL
INVESTMENTS
AAA
11.2%
AA
30.2
A
14.5
BBB
25.0
BB
7.2
NR
11.9
16
J.P. Morgan Exchange-Traded Funds
August 31, 2023


AVERAGE ANNUAL TOTAL RETURNS AS OF August 31, 2023 
 
INCEPTION DATE
SIX MONTHS*
1 YEAR
5 YEAR
10 YEAR
JPMorgan Sustainable Municipal Income ETF
 
Net Asset Value
February 9, 1993**
1.24
%
0.97
%
1.17
%
2.09
%
Market Price
 
0.98
0.71
1.12
2.06

 
*
Not annualized.
**
Inception date for Class I Shares of the Predecessor Fund (as defined below).
TEN YEAR FUND PERFORMANCE  (8/31/13 TO 8/31/23)
The performance quoted is past performance and is not a guarantee of future results. Exchange-traded funds are subject to certain market risks. Investment returns and principal value of an investment will fluctuate so that an investor’s shares, when sold or redeemed, may be worth more or less than their original cost. Current performance may be higher or lower than the performance data shown. Updated performance information is available by visiting www.jpmorganfunds.com or by calling 1-844-457-6383. 
JPMorgan Sustainable Municipal Income ETF (the “Fund”) acquired the assets and liabilities of the JPMorgan Sustainable Municipal Income Fund (“Predecessor Fund”) in a reorganization that occurred as of the close of business on July 14, 2023. Performance and financial history of the Predecessor Fund’s Class R6 Shares have been adopted by the Fund and will be used going forward. As a result, the performance for the Fund prior to July 14, 2023 is the performance of the Predecessor Fund’s Class R6 Shares. Inception date for the Predecessor Fund’s Class R6 Shares is November 6, 2017. Returns for the Predecessor Fund’s Class R6 Shares prior to their inception date are based on the performance of the Predecessors Fund’s Class I Shares. The actual returns of the Predecessor Fund’s Class R6 Shares would have been different than those shown because the Predecessor Fund’s Class R6 Shares had different expenses than the Predecessor Fund’s Class I Shares. Inception date for the Predecessor Fund’s Class I Shares is February 9, 1993.
Performance for the Fund’s shares has not been adjusted to reflect the Fund’s shares lower expenses than those of the Predecessor Fund’s Class R6 Shares and Class I Shares. Had the Predecessor Fund been structured as an exchange-traded fund (“ETF”), its performance may have differed. Performance for the Predecessor Fund is based on the net asset value ("NAV") per share of
the Predecessor Fund Shares rather than on market-determined prices. Prior to the Fund’s listing on July 17, 2023, the NAV performance of the Fund and the Class R6 Shares of the Predecessor Fund are used as proxy market price returns.
The graph illustrates comparative performance for $10,000 invested in shares of the Fund and the Bloomberg U.S. 1-15 Year Blend (1-17) Municipal Bond Index from August 31, 2013 to August 31, 2023. The performance of the Fund reflects the deduction of Fund expenses and assumes reinvestment of all dividends and capital gain distributions, if any. The performance of the Bloomberg U.S. 1-15 Year Blend (1-17) Municipal Bond Index does not reflect the deduction of expenses associated with an ETF and approximates the minimum possible dividend reinvestment of the securities included in the Index, if applicable. The Bloomberg U.S. 1-15 Year Blend (1-17) Municipal Bond Index represents the performance of municipal bonds with maturities from 1 to 17 years. Investors cannot invest directly in an index.
Fund performance may reflect the waiver of the Fund’s fees and reimbursement of expenses for certain periods. Without these waivers and reimbursements, performance would have been lower. Also, performance shown in this section does not reflect the deduction of taxes that a shareholder would pay on Fund distributions or on gains resulting from redemption or sale of Fund shares.
The returns shown are based on NAVs calculated for shareholder transactions and may differ from the returns shown in the financial highlights, which reflect adjustments made to the NAVs in accordance with accounting principles generally accepted in the United States of America.
August 31, 2023
J.P. Morgan Exchange-Traded Funds
17


JPMorgan High Yield Municipal ETF
SCHEDULE OF PORTFOLIO INVESTMENTS
AS OF August 31, 2023  (Unaudited)
INVESTMENTS
PRINCIPAL
AMOUNT($)
VALUE($)
Municipal Bonds — 86.2% (a)
Alabama — 1.6%
Black Belt Energy Gas District, Gas Project
Series 2023A, Rev., 5.25%, 10/1/2030(b)
2,000,000
2,077,607
Southeast Energy Authority A Cooperative
District Project No.06 Series 2023B, Rev.,
LIQ : Royal Bank of Canada, 5.00%,
6/1/2030(b)
1,385,000
1,436,079
Total Alabama
3,513,686
Arizona — 2.8%
Arizona Industrial Development Authority,
Academies of Math and Science Projects
Rev., 4.00%, 7/1/2029(c)
400,000
382,910
Arizona Industrial Development Authority,
Doral Academy of Northern Nevada Project
Series 2021A, Rev., 4.00%, 7/15/2041(c)
660,000
528,275
Arizona Industrial Development Authority,
Great Lakes Senior Living Communities LLC
Project
Series 2019A, Rev., 5.00%, 1/1/2029
1,500,000
1,241,687
Series 2019A, Rev., 5.00%, 1/1/2037
1,000,000
686,874
Series 2019A, Rev., 5.00%, 1/1/2038
1,000,000
684,638
Series 2019A, Rev., 4.25%, 1/1/2039
1,000,000
616,542
Series 2019A, Rev., 4.50%, 1/1/2049
2,000,000
1,117,955
Glendale Industrial Development Authority,
Terraces of Phoenix Project
Series 2018A, Rev., 4.00%, 7/1/2028
450,000
413,117
Series 2018A, Rev., 5.00%, 7/1/2038
300,000
258,079
Maricopa County Industrial Development
Authority, Ottawa University
Rev., 5.00%, 10/1/2026(c)
125,000
124,504
Rev., 5.13%, 10/1/2030(c)
210,000
209,192
Total Arizona
6,263,773
Arkansas — 0.5%
Arkansas Development Finance Authority,
Industrial Development , Hybar Steel Project
Series 2023B, Rev., 12.00%, 7/1/2048(c)
1,000,000
1,052,933
California — 6.5%
California Community Choice Financing
Authority, Clean Energy Project Series
2023E-1, Rev., 5.00%, 3/1/2031(b)
1,280,000
1,340,651
California Community College Financing
Authority, Orange Coast Properties LLC -
Orange Coast College Project
Rev., 5.00%, 5/1/2037
750,000
762,085
Rev., 5.00%, 5/1/2038
400,000
404,607
INVESTMENTS
PRINCIPAL
AMOUNT($)
VALUE($)
 
California — continued
California Community Housing Agency,
Fountains at Emerald Park Series 2021A-2,
Rev., 4.00%, 8/1/2046(c)
495,000
394,719
California Community Housing Agency,
Glendale Properties Series 2021A-2, Rev.,
4.00%, 8/1/2047(c)
1,500,000
1,165,049
California Infrastructure and Economic
Development Bank, Academy of Motion
Picture Series 2020A-3, Rev., AMT, 8.00%,
9/14/2023(b) (c) (d)
2,000,000
2,000,145
California Municipal Finance Authority, Linxs
Apartments Project, Senior Lien
Series 2018A, Rev., AMT, AGM, 3.25%,
12/31/2032
245,000
225,437
Series 2018A, Rev., AMT, AGM, 3.50%,
12/31/2035
240,000
216,921
California Public Finance Authority, Enso Village
Project Series 2021A, Rev., 5.00%,
11/15/2056(c)
500,000
427,699
California Public Finance Authority, Laverne
Elementary Preparatory Academy
Series 2019A, Rev., 4.25%, 6/15/2029(c)
675,000
637,823
Series 2019A, Rev., 5.00%, 6/15/2039(c)
785,000
724,402
California School Facilities Financing Authority,
Capital Appreciation, Azusa Unified School
District Series 2009A, Rev., AGM, Zero
Coupon, 8/1/2030
200,000
157,207
CMFA Special Finance Agency VIII Junior, Elan
Hunting Beach Series 2021A-2, Rev.,
4.00%, 8/1/2047(c)
900,000
730,870
CSCDA Community Improvement Authority,
Essential Housing, Mezzanine Lien Series
2021B, Rev., 4.00%, 2/1/2057(c)
1,500,000
1,046,465
CSCDA Community Improvement Authority,
Essential Housing, Oceanaire-Long Beach
Series 2021A-2, Rev., 4.00%, 9/1/2056(c)
2,115,000
1,522,023
CSCDA Community Improvement Authority,
Essential Housing, Orange Portfolio Series
2021A-1, Rev., 2.80%, 3/1/2047(c)
500,000
373,345
CSCDA Community Improvement Authority,
Essential Housing, Parallel-Anaheim Series
2021A, Rev., 4.00%, 8/1/2056(c)
1,400,000
1,028,425
18
 
 


INVESTMENTS
PRINCIPAL
AMOUNT($)
VALUE($)
Municipal Bonds — continued
California — continued
CSCDA Community Improvement Authority,
Essential Housing, Towne at Glendale
Apartments Series 2022B, Rev., 5.00%,
9/1/2037(c)
225,000
218,822
Golden State Tobacco Securitization Corp.
Series 2021B-2, Rev., Zero Coupon,
6/1/2066
10,000,000
990,306
Total California
14,367,001
Colorado — 8.9%
Bradburn Metropolitan District No. 2, Limited
Tax
Series 2018A, GO, 5.00%, 12/1/2038
500,000
479,430
Series 2018B, GO, 7.25%, 12/15/2047
500,000
475,334
Canyon Pines Metropolitan District Special
Improvement District No. 1 Series 2021A-2,
3.75%, 12/1/2040
1,325,000
1,016,280
City and County of Denver Airport System
Series 2022A, Rev., AMT, 5.00%,
11/15/2047
2,000,000
2,058,209
Colorado Educational and Cultural Facilities
Authority, Aspen View Academy Project Rev.,
4.00%, 5/1/2051
175,000
135,123
Colorado Educational and Cultural Facilities
Authority, Global Village Academy
Northglenn Project
Rev., 5.00%, 12/1/2040(c)
555,000
496,382
Rev., 5.00%, 12/1/2050(c)
735,000
614,589
Colorado Educational and Cultural Facilities
Authority, Stargate Charter School Project
Series 2018A, Rev., 4.00%, 12/1/2048
500,000
423,649
Colorado Educational and Cultural Facilities
Authority, Vega Collegiate Academy Project
Series 2021A, Rev., 5.00%, 2/1/2051(c)
750,000
643,427
Colorado Housing and Finance Authority, Single
Family Mortgage Series 2023L, Rev., GNMA
COLL, 5.75%, 11/1/2053(d)
1,000,000
1,061,667
DIATC Metropolitan District, Limited Tax and
Improvement GO, 3.25%, 12/1/2029(c)
590,000
539,885
Dominion Water and Sanitation District Rev.,
5.25%, 12/1/2032
515,000
507,555
Jefferson Center Metropolitan District No. 1
Series 2020A-2, Rev., 4.13%, 12/1/2040
285,000
236,277
Peak Metropolitan District No. 1 Series 2021A,
GO, 5.00%, 12/1/2051(c)
600,000
510,892
Public Authority for Colorado Energy, Natural
Gas Purchase Series 2008, Rev., 6.13%,
11/15/2023
25,000
25,094
INVESTMENTS
PRINCIPAL
AMOUNT($)
VALUE($)
 
Colorado — continued
Raindance Metropolitan District No. 1,
Non-Potable Water System Rev., 5.00%,
12/1/2040
750,000
687,388
Reunion Metropolitan District Series 2021A,
Rev., 3.63%, 12/1/2044
490,602
354,794
Rocky Mountain Rail Park Metropolitan District,
Limited Tax Series 2021A, GO, 5.00%,
12/1/2041(c)
1,250,000
836,945
Sky Ranch Community Authority Board,
Metropolitan District No. 3 Series 2022A,
Rev., 5.75%, 12/1/2052
500,000
460,295
STC Metropolitan District No. 2, Limited Tax
Improvement Series 2019A, GO, 3.00%,
12/1/2025
555,000
528,630
Sterling Ranch Community Authority Board,
Limited Tax Supported District No. 2
Series 2020A, Rev., 3.38%, 12/1/2030
500,000
446,626
Series 2020A, Rev., 3.75%, 12/1/2040
500,000
417,587
Third Creek Metropolitan District No. 1, Limited
Tax
Series 2022A-1, GO, 4.50%, 12/1/2037
825,000
698,920
Series 2022A-1, GO, 4.75%, 12/1/2051
760,000
573,673
Trails at Crowfoot Metropolitan District No. 3,
Limited Tax
Series 2019A, GO, 4.38%, 12/1/2030
620,000
576,535
Series 2019A, GO, 5.00%, 12/1/2039
1,000,000
942,574
Transport Metropolitan District No. 3, Limited
Tax Series 2021A-1, GO, 5.00%,
12/1/2041
1,000,000
881,854
Verve Metropolitan District No. 1 GO, 5.00%,
12/1/2041
1,125,000
894,111
Westerly Metropolitan District No. 4, Limited
Tax Series 2021A, GO, 5.00%, 12/1/2040
700,000
632,345
Windler Public Improvement Authority, Limited
Tax Series 2021A-1, Rev., 4.00%,
12/1/2036
1,865,000
1,397,563
Total Colorado
19,553,633
Connecticut — 0.7%
Stamford Housing Authority, The Dogwoods
Project Rev., BAN, 11.00%, 12/1/2027(c)
1,500,000
1,581,311
 
 
19


JPMorgan High Yield Municipal ETF
SCHEDULE OF PORTFOLIO INVESTMENTS
AS OF August 31, 2023  (Unaudited) (continued)
INVESTMENTS
PRINCIPAL
AMOUNT($)
VALUE($)
Municipal Bonds — continued
Delaware — 0.5%
Delaware State Economic Development
Authority, Aspria of Delaware Charter Series
2022A, Rev., 4.00%, 6/1/2042
250,000
194,645
Delaware State Economic Development
Authority, Delmarva Power and Light Co.
Project Series 2020A, Rev., 1.05%,
7/1/2025(b)
1,000,000
943,252
Total Delaware
1,137,897
District of Columbia — 0.1%
District of Columbia, Kipp DC Project Rev.,
4.00%, 7/1/2039
200,000
180,537
Florida — 3.6%
Capital Trust Agency, Inc., Franklin Academy
Project
Rev., 4.00%, 12/15/2025(c)
300,000
290,804
Rev., 5.00%, 12/15/2027(c)
330,000
324,989
Rev., 5.00%, 12/15/2028(c)
345,000
339,767
Rev., 5.00%, 12/15/2029(c)
365,000
359,172
Rev., 5.00%, 12/15/2030(c)
510,000
499,900
Capital Trust Agency, Inc., Legends Academy
Project Series 2021A, Rev., 5.00%,
12/1/2045(c)
1,625,000
1,295,840
Charlotte County Industrial Development
Authority, Town and Country Utilities Project
Series 2021A, Rev., AMT, 4.00%,
10/1/2041(c)
400,000
335,536
County of Lake, Imagine South Lake Charter
School Project Series 2019A, Rev., 5.00%,
1/15/2029(c)
500,000
501,241
Florida Development Finance Corp.,
Educational Facilities, UCP Charter Schools
Project Series 2020A, Rev., 5.00%,
6/1/2040
830,000
741,400
Florida Development Finance Corp., IDEA
Florida, Inc., Jacksonville IV Project Rev.,
5.25%, 6/15/2029(c)
650,000
637,902
Florida Higher Educational Facilities Financial
Authority, St. Leo University Project Rev.,
5.00%, 3/1/2039
750,000
672,930
Middleton Community Development District A,
City of Wildwood, Florida Special Assessment
Series 2022, 6.10%, 5/1/2042
1,000,000
1,034,414
Palm Beach County Health Facilities Authority,
Jupiter Medical Center Series 2022, Rev.,
5.00%, 11/1/2052
1,000,000
943,259
Total Florida
7,977,154
INVESTMENTS
PRINCIPAL
AMOUNT($)
VALUE($)
 
Georgia — 2.6%
City of Atlanta Airport Passenger Facility
Charge, Subordinate Lien Series 2023E,
Rev., AMT, 5.00%, 7/1/2024
1,000,000
1,007,819
City of Atlanta Department of Aviation Series
2023C, Rev., AMT, 5.00%, 7/1/2048
1,000,000
1,028,887
George L Smith II Congress Center Authority,
Convention Center Hotel Second
Series 2021B, Rev., 5.00%, 1/1/2036(c)
500,000
463,274
Series 2021B, Rev., 5.00%, 1/1/2054(c)
855,000
695,544
Municipal Electric Authority of Georgia Series
2019B, Rev., 5.00%, 1/1/2059
2,500,000
2,495,544
Total Georgia
5,691,068
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
150,313
Illinois — 3.7%
Chicago O'Hare International Airport, General
Airport, Senior Lien Series 2018B, Rev.,
5.00%, 1/1/2053
2,500,000
2,565,515
Chicago Transit Authority Sales Tax Receipts
Fund Series 2014, Rev., 5.25%, 12/1/2049
3,000,000
3,022,981
Illinois Finance Authority, Clark-Lindsey Village
Series 2022A, Rev., 5.25%, 6/1/2037
175,000
163,751
Illinois Finance Authority, Plymouth Place, Inc.
Series 2022B-1, Rev., 6.00%, 11/15/2027
200,000
200,087
State of Illinois
Series 2020C, GO, 4.25%, 10/1/2045
2,250,000
2,103,991
Series 2023B, GO, 4.50%, 5/1/2048
160,000
153,332
Total Illinois
8,209,657
Indiana — 3.0%
City of Goshen, Multi-Family, Green Oaks of
Goshen Project Series 2021A, Rev., 5.00%,
8/1/2041(c)
1,000,000
789,818
City of Valparaiso Rev., 5.38%, 12/1/2041(c)
1,550,000
1,179,861
Indiana Finance Authority, Educational
Facilities, Kipp Indianapolis, Inc., Project
Series 2020A, Rev., 4.00%, 7/1/2030
105,000
98,006
Series 2020A, Rev., 5.00%, 7/1/2040
170,000
160,025
Series 2020A, Rev., 5.00%, 7/1/2055
455,000
402,379
Indiana Finance Authority, Lease Appropriation
Stadium Project Series 2022A, Rev., 4.00%,
2/1/2036
1,985,000
2,022,152
20
 
 


INVESTMENTS
PRINCIPAL
AMOUNT($)
VALUE($)
Municipal Bonds — continued
Indiana — continued
Indiana Finance Authority, Marian University
Project Series 2019A, Rev., 4.00%,
9/15/2044
1,090,000
896,833
Indiana Housing and Community Development
Authority, Vita of Marion Project Series
2021A, Rev., 5.25%, 4/1/2041(c)
1,250,000
974,683
Total Indiana
6,523,757
Iowa — 0.4%
Iowa Finance Authority, PHS Council Bluffs, Inc.,
Project
Series 2018, Rev., 4.45%, 8/1/2028
250,000
229,638
Series 2018, Rev., 5.00%, 8/1/2033
485,000
427,257
Series 2018, Rev., 5.00%, 8/1/2038
370,000
296,600
Total Iowa
953,495
Kansas — 0.4%
City of Wichita, Health Care Facilities,
Presbyterian Manors, Inc.
Series 2018 I, Rev., 5.00%, 5/15/2033
500,000
431,365
Series 2018I, Rev., 5.00%, 5/15/2038
500,000
388,277
Total Kansas
819,642
Louisiana — 1.2%
Louisiana Public Facilities Authority, Lincoln
Preparatory School Project Series 2021A,
Rev., 5.25%, 6/1/2051(c)
1,145,000
928,338
Louisiana Public Facilities Authority, Materra
Campus Project Series 2021C, Rev., 4.00%,
6/1/2041(c)
440,000
343,477
Louisiana Public Facilities Authority, Mentorship
Steam Academy Project
Series 2021A, Rev., 5.00%, 6/1/2051(c)
700,000
541,483
Series 2021A, Rev., 5.00%, 6/1/2056(c)
740,000
556,743
Louisiana Public Facilities Authority, School
Master Project Series 2021A, Rev., 4.00%,
6/1/2031(c)
290,000
263,716
Total Louisiana
2,633,757
Maryland — 0.1%
Maryland Health and Higher Educational
Facilities Authority, Frederick Health System
Issue Rev., 3.25%, 7/1/2039
175,000
137,218
Michigan — 5.3%
City of Detroit, Unlimited Tax
GO, 5.00%, 4/1/2037
500,000
506,718
Series 2023C, GO, 6.00%, 5/1/2043
2,300,000
2,525,017
INVESTMENTS
PRINCIPAL
AMOUNT($)
VALUE($)
 
Michigan — continued
Detroit Downtown Development Authority, Tax
Increment Catalyst Development Project
Series 2018A, Rev., AGM, 5.00%, 7/1/2048
1,500,000
1,502,809
Kalamazoo Economic Development Corp.,
Heritage Community of Kalamazoo Project
Rev., 5.00%, 5/15/2037
1,230,000
1,116,126
Michigan Finance Authority, Aqunias College
Project Rev., 4.00%, 5/1/2031
540,000
476,269
Michigan Finance Authority, Universal Learning
Academy Rev., 6.00%, 11/1/2032
750,000
764,887
Michigan Strategic Fund, United Methodist
Retirement Communities Obligated Group,
Porter Hills Presbyterian Village Project
Rev., 5.00%, 5/15/2037
670,000
630,632
Rev., 5.00%, 5/15/2044
1,000,000
880,129
State of Michigan Trunk Line, Rebuilding
Michigan Program Series 2023, Rev.,
5.25%, 11/15/2049(d)
3,000,000
3,290,504
Total Michigan
11,693,091
Missouri — 0.7%
Industrial Development Authority of the City of
St Louis Missouri (The), Innovation District
Rev., 5.00%, 5/15/2041
575,000
561,108
Joplin Industrial Development Authority, 32nd
Street Place Community Improvement
District Project Series 2021, Rev., 4.25%,
11/1/2050
1,250,000
1,024,853
Total Missouri
1,585,961
Montana — 0.4%
County of Gallatin, Bozeman Fiber Project
Series 2021A, Rev., 4.00%,
10/15/2032(c)
1,000,000
902,080
Nevada — 0.6%
City of Las Vegas, Special Improvement District
No. 611, Local Improvement
Series 2020, 3.50%, 6/1/2030
200,000
182,378
Series 2020, 3.50%, 6/1/2031
160,000
141,558
Series 2020, 3.75%, 6/1/2032
260,000
230,535
4.00%, 6/1/2033
180,000
166,080
4.00%, 6/1/2034
185,000
168,750
4.00%, 6/1/2035
185,000
166,875
4.00%, 6/1/2040
445,000
385,479
Total Nevada
1,441,655
 
 
21


JPMorgan High Yield Municipal ETF
SCHEDULE OF PORTFOLIO INVESTMENTS
AS OF August 31, 2023  (Unaudited) (continued)
INVESTMENTS
PRINCIPAL
AMOUNT($)
VALUE($)
Municipal Bonds — continued
New Hampshire — 0.5%
New Hampshire Business Finance Authority,
The Vista Project
Series 2019A, Rev., 5.25%, 7/1/2039(c)
200,000
178,772
Series 2019A, Rev., 5.63%, 7/1/2046(c)
1,000,000
890,035
Total New Hampshire
1,068,807
New Jersey — 2.5%
New Jersey Economic Development Authority,
Black Horse EHT Urban Renewal LLC Project
Series 2019A, Rev., 5.00%, 10/1/2039(c)
2,000,000
1,408,813
New Jersey Economic Development Authority,
Marion P. Thomas Charter School, Inc.,
Project Series 2018A, Rev., 5.00%,
10/1/2033(c)
1,000,000
942,483
New Jersey Economic Development Authority,
White Horse HMT Urban Renewal LLC Project
Rev., 5.00%, 1/1/2040(c)
3,000,000
2,100,280
Tobacco Settlement Financing Corp. Series
2018B, Rev., 5.00%, 6/1/2046
1,000,000
982,590
Total New Jersey
5,434,166
New York — 6.1%
Build NYC Resource Corp., New World
Preparatory Charter School Project Series
2021A, Rev., 4.00%, 6/15/2051(c)
395,000
283,371
Build NYC Resource Corp., Richmond Charter
Schools Series 2021A, Rev., 5.00%,
6/1/2051(c)
575,000
511,877
City of New York, Fiscal Year 2024 Series
2024A, GO, 4.13%, 8/1/2053
1,025,000
968,497
Jefferson County Civic Facility Development
Corp., Samaritan Medical Center Project
Series 2017A, Rev., 4.00%, 11/1/2042
1,000,000
710,541
Monroe County Industrial Development
Corp.,Rochester Regional Health Project
Series 2020A, Rev., 4.00%, 12/1/2036
2,800,000
2,620,554
New York City Transitional Finance Authority
Future Tax Secured Series 2024B, Rev.,
5.00%, 5/1/2038
1,000,000
1,100,718
New York City Transitional Finance Authority,
Building Aid Fiscal 2021 Series 2020S1,
Rev., 4.00%, 7/15/2046
1,800,000
1,706,846
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
513,979
Rev., AMT, 5.00%, 1/1/2034
375,000
385,180
Rev., AMT, 4.38%, 10/1/2045
2,000,000
1,878,381
INVESTMENTS
PRINCIPAL
AMOUNT($)
VALUE($)
 
New York — continued
Suffolk County Economic Development Corp.,
St. Johnland Assisted Living Inc., Project
Rev., 5.13%, 11/1/2041(c)
750,000
611,291
Triborough Bridge and Tunnel Authority, MTA
Bridges and Tunnels Series 2023B-1, Rev.,
5.00%, 11/15/2044
1,500,000
1,609,819
Yonkers Economic Development Corp., Charter
School of Educational Excellence Project
Series 2019A, Rev., 4.00%, 10/15/2029
200,000
187,763
Series 2019A, Rev., 5.00%, 10/15/2039
315,000
292,880
Total New York
13,381,697
Ohio — 2.5%
Buckeye Tobacco Settlement Financing
Authority
Series 2020B-2, Rev., 5.00%, 6/1/2055
1,000,000
914,092
Series 2020B-3, Rev., Zero Coupon,
6/1/2057
10,000,000
1,151,586
County of Cuyahoga, Eliza Jennings Senior Care
Network Series 2022A, Rev., 5.00%,
5/15/2032
460,000
438,428
County of Hardin, Economic Development
Facilities Improvement, Ohio Northern
University Rev., 5.00%, 5/1/2030
250,000
236,034
Northeast Ohio Medical University
Series 2021A, Rev., 3.00%, 12/1/2040
125,000
92,792
Series 2021A, Rev., 4.00%, 12/1/2045
120,000
99,678
Ohio Higher Educational Facility Commission,
The Cleveland Institute of Art 2018 Project
Rev., 5.00%, 12/1/2038
685,000
631,293
Ohio Higher Educational Facility Commission,
University of Findlay 2019 Project Rev.,
5.00%, 3/1/2034
2,000,000
2,008,467
Total Ohio
5,572,370
Oklahoma — 1.1%
Oklahoma Development Finance Authority
Health System, OU Medicine Project
Series 2018B, Rev., 5.50%, 8/15/2052
1,600,000
1,529,205
Series 2018B, Rev., 5.50%, 8/15/2057
1,000,000
945,719
Total Oklahoma
2,474,924
Oregon — 0.0% ^
Linn County Community School District No. 9
Lebanon Series 2005, GO, NATL - RE,
5.50%, 6/15/2030
20,000
22,523
22
 
 


INVESTMENTS
PRINCIPAL
AMOUNT($)
VALUE($)
Municipal Bonds — continued
Pennsylvania — 2.8%
Berks County Industrial Development Authority,
The Highlands at Wyomissing Series 2017A,
Rev., 5.00%, 5/15/2037
250,000
241,092
Bucks County Industrial Development Authority,
Grand View Hospital Project Rev., 4.00%,
7/1/2046
890,000
665,483
Franklin County Industrial Development
Authority, Menno-Haven, Inc., Project Rev.,
5.00%, 12/1/2049
500,000
386,478
Pennsylvania Turnpike Commission Oil
Franchise Tax Series 2021A, Rev., 4.00%,
12/1/2051
2,500,000
2,294,192
Philadelphia Authority for Industrial
Development, Independence Charter School
West Project Rev., 4.00%, 6/15/2029
355,000
335,477
Philadelphia Authority for Industrial
Development, International Education and
Community Initiatives Project Series 2018A,
Rev., 4.50%, 6/1/2029(c)
600,000
587,492
Philadelphia Authority for Industrial
Development, Philadelphia Electrical and
Technology Charter School Project Series
2021A, Rev., 4.00%, 6/1/2041
200,000
162,519
West Cornwall Township Municipal Authority,
Pleasant View Retirement Community Project
Rev., 5.00%, 12/15/2038
750,000
690,388
Wilkes-Barre Area School District GO, 3.75%,
4/15/2044
1,000,000
877,839
Total Pennsylvania
6,240,960
Puerto Rico — 3.0%
Commonwealth of Puerto Rico GO, Zero
Coupon, 11/1/2043(b)
237,064
122,088
Puerto Rico Highway and Transportation
Authority,Puerto Rico Commonwealth
Highway Transport Authorized Restructured
Series 2022C, Rev., Zero Coupon, 7/1/2053
2,000,000
1,262,501
Puerto Rico Sales Tax Financing Corp. Sales Tax
(Puerto Rico)
Series A-1, Rev., Zero Coupon, 7/1/2051
11,500,000
2,362,531
Series A-1, Rev., 5.00%, 7/1/2058
3,000,000
2,903,716
Total Puerto Rico
6,650,836
Rhode Island — 0.0% ^
Rhode Island Student Loan Authority Series
2017A, Rev., AMT, 5.00%, 12/1/2024
100,000
100,971
INVESTMENTS
PRINCIPAL
AMOUNT($)
VALUE($)
 
Tennessee — 1.8%
Nashville Metropolitan Development and
Housing Agency, Tax Increment, Fifth
Broadway Development Project
Series 2018, Rev., 4.50%, 6/1/2028(c)
300,000
300,152
Series 2018, Rev., 5.13%, 6/1/2036(c)
425,000
427,540
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
2,418,442
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
755,937
Total Tennessee
3,902,071
Texas — 9.4%
Arlington Higher Education Finance Corp.,
Newman International Academy Series
2021A, Rev., 5.00%, 8/15/2051
850,000
701,716
Arlington Higher Education Finance Corp., TGP
Public Schools, Gathering Place Series
2022A, Rev., 5.25%, 8/15/2032
410,000
385,155
Arlington Higher Education Finance Corp.,
Winfree Academy Charter Schools Series
2019A, Rev., 5.75%, 8/15/2043
1,000,000
964,354
Baytown Municipal Development District,
Baytown Convention Center Hotel, First Lien
Series 2021A, Rev., 4.00%, 10/1/2050
875,000
707,952
City of Houston Airport System Series 2023A,
Rev., AMT, AGM, 5.25%, 7/1/2048
2,000,000
2,103,323
City of Houston, Combined Utility System,
Junior Lien Series A, Rev., AGM, Zero
Coupon, 12/1/2027(e)
30,000
25,945
Conroe Local Government Corp., Conroe
Convention Center Hotel Series 2021A, Rev.,
4.00%, 10/1/2050
550,000
421,046
Dallas Fort Worth International Airport Series
2023B, Rev., 5.00%, 11/1/2047(d)
1,000,000
1,055,524
Grand Parkway Transportation Corp. Series
2023, Rev., 5.00%, 4/1/2028(b)
1,000,000
1,065,988
New Hope Cultural Education Facilities Finance
Corp., Beta Academy
Series 2019A, Rev., 3.38%, 8/15/2029(c)
250,000
224,661
Series 2019A, Rev., 5.00%, 8/15/2039(c)
425,000
400,463
Series 2019A, Rev., 5.00%, 8/15/2049(c)
670,000
591,190
New Hope Cultural Education Facilities Finance
Corp., Legacy Midtown Park Project Series
2018A, Rev., 5.50%, 7/1/2054
1,000,000
756,966
 
 
23


JPMorgan High Yield Municipal ETF
SCHEDULE OF PORTFOLIO INVESTMENTS
AS OF August 31, 2023  (Unaudited) (continued)
INVESTMENTS
PRINCIPAL
AMOUNT($)
VALUE($)
Municipal Bonds — continued
Texas — continued
New Hope Cultural Education Facilities Finance
Corp., Morningside Ministries Project
Series 2020A, Rev., 5.00%, 1/1/2035
500,000
449,773
Rev., 4.00%, 1/1/2037
625,000
486,149
Series 2020A, Rev., 5.00%, 1/1/2040
790,000
679,637
Series 2020A, Rev., 5.00%, 1/1/2055
2,000,000
1,563,198
New Hope Cultural Education Facilities Finance
Corp., Presbyterian Village North Project
Rev., 5.00%, 10/1/2039
1,000,000
842,024
New Hope Cultural Education Facilities Finance
Corp., Quality Senior Housing Foundation
Series 2019A-1, Rev., 5.00%, 12/1/2039
1,420,000
1,325,477
New Hope Cultural Education Facilities Finance
Corp., Wesleyan Homes, Inc., Project
Rev., 4.00%, 1/1/2029
300,000
262,131
Rev., 5.00%, 1/1/2039
205,000
161,281
San Antonio Education Facilities Corp.,
Hallmark University Project Series 2021A,
Rev., 5.00%, 10/1/2051
500,000
383,804
San Antonio Education Facilities Corp.,
University of The Incarnate Word Series
2021A, Rev., 4.00%, 4/1/2051
1,000,000
792,457
State of Texas, College Student Loan Series
2023A, GO, AMT, 5.25%, 8/1/2029
2,000,000
2,188,131
Tarrant County Cultural Education Facilities
Finance Corp., Retirement Facility, MRC
Stevenson Oaks Project Series 2020A, Rev.,
6.25%, 11/15/2031
500,000
478,648
Texas Private Activity Bond Surface
Transportation Corp., North Tarrant Express
Mobility Partners Segments 3 LLC Segment
3C Project Series 2019, Rev., AMT, 5.00%,
6/30/2058
1,625,000
1,625,697
Total Texas
20,642,690
Utah — 5.3%
City of Salt Lake City, Airport System Series
2023A, Rev., AMT, 5.25%, 7/1/2053
3,500,000
3,660,924
Mida Golf and Equestrian Center Public
Infrastructure District, Limited Tax GO,
4.25%, 6/1/2041(c)
1,100,000
831,785
Mida Mountain Village Public Infrastructure
District, Mountain Village Assessment Area
Series 2020B, Rev., 6.25%, 8/1/2030(c)
1,000,000
916,805
Series 2020A, Rev., 4.50%, 8/1/2040(c)
1,000,000
833,987
Mida Mountain Village Public Infrastructure
District, Mountain Village Assessment Area
#2 Rev., 4.00%, 8/1/2050(c)
1,750,000
1,291,829
INVESTMENTS
PRINCIPAL
AMOUNT($)
VALUE($)
 
Utah — continued
Military Installation Development Authority, Tax
Allocation and Hotel Tax Series 2021A-1,
Rev., 4.00%, 6/1/2036
500,000
419,295
Utah Charter School Finance Authority,
Mountain West Montessori Academy Project
Series 2020A, Rev., 3.13%, 6/15/2029(c)
570,000
513,713
Series 2020A, Rev., 5.00%, 6/15/2049(c)
825,000
730,172
Utah Charter School Finance Authority, Wallace
Stegner Academy
Series 2022A, Rev., 5.25%, 6/15/2032(c)
250,000
246,014
Series 2022A, Rev., 5.63%, 6/15/2042(c)
400,000
382,980
Utah Infrastructure Agency, Tax-Exempt
Telecommunications
Rev., 4.00%, 10/15/2033
500,000
468,451
Rev., 4.00%, 10/15/2036
500,000
443,203
Rev., 4.00%, 10/15/2039
700,000
588,711
Rev., 4.00%, 10/15/2042
475,000
381,234
Total Utah
11,709,103
Vermont — 0.1%
Vermont Student Assistance Corp., Education
Loan
Series 2018A, Rev., AMT, 4.00%,
6/15/2032
70,000
69,359
Series 2018A, Rev., AMT, 4.00%,
6/15/2033
90,000
89,143
Series 2018A, Rev., AMT, 4.00%,
6/15/2034
70,000
69,338
Total Vermont
227,840
Virginia — 3.1%
Danville Industrial Development Authority,
Averett University Series 2017A, Rev.,
4.75%, 10/1/2032
760,000
674,185
Fredericksburg Economic Development
Authority, Stadium Project
Series 2021A, Rev., 7.00%,
11/15/2026(c)
580,000
580,180
Series 2019B, Rev., 6.13%, 9/1/2029(c)
1,695,000
1,566,258
Series 2019B, Rev., 7.00%, 9/1/2044(c)
1,000,000
822,926
Roanoke County Economic Development
Authority, Residential Care Facility, Richfield
Living
Series 2019A, Rev., 4.75%, 9/1/2029(f)
1,000,000
600,000
Series 2020, Rev., 4.30%, 9/1/2030(f)
770,000
462,000
Series 2019A, Rev., 5.00%, 9/1/2034(f)
2,000,000
1,200,000
Series 2020, Rev., 5.00%, 9/1/2040(f)
1,640,000
984,000
Total Virginia
6,889,549
24
 
 


INVESTMENTS
PRINCIPAL
AMOUNT($)
VALUE($)
Municipal Bonds — continued
Washington — 0.3%
Washington State Housing Finance Commission,
Judson Park Project
Rev., 4.00%, 7/1/2028(c)
535,000
491,150
Rev., 5.00%, 7/1/2038(c)
300,000
257,823
Total Washington
748,973
Wisconsin — 4.0%
Public Finance Authority Series 2022, Rev.,
4.00%, 4/1/2042(c)
500,000
405,348
Public Finance Authority, Cedars Obligated
Group Series 2019, Rev., 4.25%,
5/1/2029(c)
855,000
756,920
Public Finance Authority, Community School of
Davidson Project Series 2018, Rev., 3.75%,
10/1/2023
80,000
79,943
Public Finance Authority, ENO River Academy
Project
Series 2020A, Rev., 4.00%, 6/15/2030(c)
235,000
222,913
Series 2020A, Rev., 5.00%, 6/15/2040(c)
410,000
386,406
Public Finance Authority, First Mortgage
Southminster, Inc. Series 2018, Rev.,
4.25%, 10/1/2038(c)
935,000
785,643
Public Finance Authority, Minnesota College of
Osteopathic Medicine
Series 2019A-1, Rev., 5.50%,
12/1/2048(c) (f)
17,498
5,424
Series 2019A-2, Rev., 7.25%,
12/1/2048(c) (f)
45,647
14,150
Public Finance Authority, Presbyterian Villages
of Michigan Obligated Group Series 2020A,
Rev., 4.00%, 11/15/2042(c)
3,955,000
2,754,306
Public Finance Authority, Ripple Ranch, LLC
Obligate Series 2021A, Rev., 5.25%,
12/1/2051(c)
800,000
538,457
Public Finance Authority, Senior Lien, Grand
Hyatt Series 2022A, Rev., 3.75%, 2/1/2032
300,000
277,420
Public Finance Authority, The Franklin School of
Innovation Rev., 5.00%, 1/1/2042(c)
250,000
221,401
Public Finance Authority, Viticus Group Project
Series 2022B, Rev., 5.00%, 12/1/2024(c)
215,000
210,831
Series 2022A, Rev., 4.00%, 12/1/2031(c)
400,000
359,664
Public Finance Authority, Wilson Preparatory
Academy
Series 2019A, Rev., 4.13%, 6/15/2029(c)
400,000
376,273
INVESTMENTS
PRINCIPAL
AMOUNT($)
VALU