NPORT-EX 2 JPMBBUSTB310.htm EDGAR HTML
JPMorgan BetaBuilders U.S. Treasury Bond 3-10 Year ETF
Schedule of Portfolio Investments as of May 31, 2024
(Unaudited) 
THE “UNAUDITED EXCHANGE-TRADED FUNDS HOLDINGS”
LIST (“the List”) IS TO BE USED FOR REPORTING PURPOSES
ONLY. IT IS NOT TO BE REPRODUCED FOR USE AS
ADVERTISING OR SALES LITERATURE WITH THE GENERAL
PUBLIC. The list is submitted for the general information of the
shareholders of the Fund. It is not authorized for distribution to
prospective investors in the Fund unless preceded or accompanied by a
prospectus. The list has been created from the books and records of
the Fund. Holdings are available 60 days after the fund’s fiscal quarter,
using a trade date accounting convention, by contacting the appropriate
service center. The list is subject to change without notice. The list is
for informational purposes only and is not intended as an offer or
solicitation with respect to the purchase or sale of any security.
JPMorgan Asset Management is the marketing name for the asset
management business of J.P. Morgan Chase & Co.
J.P. Morgan Distribution Services, Inc., member FINRA.
© J.P. Morgan Chase & Co., 2024.
JPMorgan BetaBuilders U.S. Treasury Bond 3-10 Year ETF
SCHEDULE OF PORTFOLIO INVESTMENTS
AS OF May 31, 2024 (Unaudited)
 
INVESTMENTS
PRINCIPAL
AMOUNT($)
VALUE($)
U.S. Treasury Obligations — 99.0%
U.S. Treasury Notes
3.25%, 6/30/2027
35,000
33,608
2.75%, 7/31/2027
20,000
18,891
2.25%, 8/15/2027
60,000
55,760
0.50%, 8/31/2027
38,000
33,305
3.13%, 8/31/2027
21,000
20,047
0.38%, 9/30/2027
9,000
7,832
4.13%, 9/30/2027
74,000
72,852
4.13%, 10/31/2027
73,000
71,839
0.63%, 11/30/2027
78,000
68,058
3.88%, 11/30/2027
73,000
71,263
0.63%, 12/31/2027
62,000
53,935
3.88%, 12/31/2027
29,000
28,306
0.75%, 1/31/2028
4,000
3,486
3.50%, 1/31/2028
54,000
52,013
2.75%, 2/15/2028
18,000
16,872
1.13%, 2/29/2028
28,000
24,690
4.00%, 2/29/2028
73,000
71,520
3.63%, 3/31/2028
74,000
71,523
1.25%, 4/30/2028
93,000
82,018
3.50%, 4/30/2028
63,000
60,588
2.88%, 5/15/2028
43,000
40,390
1.25%, 5/31/2028
67,000
58,947
3.63%, 5/31/2028
72,000
69,542
1.25%, 6/30/2028
38,000
33,354
4.00%, 6/30/2028
1,000
979
1.00%, 7/31/2028
86,000
74,511
4.13%, 7/31/2028
2,000
1,967
2.88%, 8/15/2028
9,000
8,426
1.13%, 8/31/2028
91,000
79,070
4.38%, 8/31/2028
11,000
10,923
1.25%, 9/30/2028
86,000
74,964
4.63%, 9/30/2028
27,000
27,073
1.38%, 10/31/2028
2,000
1,749
4.88%, 10/31/2028
18,000
18,232
3.13%, 11/15/2028
26,000
24,527
1.50%, 11/30/2028
78,000
68,457
4.38%, 11/30/2028
27,000
26,828
1.38%, 12/31/2028
85,000
74,013
3.75%, 12/31/2028
79,000
76,463
1.75%, 1/31/2029
3,000
2,653
4.00%, 1/31/2029
87,000
85,093
2.63%, 2/15/2029
63,000
57,967
4.25%, 2/28/2029
10,000
9,889
2.38%, 3/31/2029
51,000
46,296
4.13%, 3/31/2029
14,000
13,763
2.88%, 4/30/2029
39,000
36,200
4.63%, 4/30/2029
14,000
14,068
2.38%, 5/15/2029
61,000
55,265
JPMorgan BetaBuilders U.S. Treasury Bond 3-10 Year ETF
SCHEDULE OF PORTFOLIO INVESTMENTS
AS OF May 31, 2024 (Unaudited) (continued)
INVESTMENTS
PRINCIPAL
AMOUNT($)
VALUE($)
U.S. Treasury Obligations — continued
2.75%, 5/31/2029
19,000
17,513
3.25%, 6/30/2029
41,000
38,659
2.63%, 7/31/2029
4,000
3,656
1.63%, 8/15/2029
81,000
70,343
3.13%, 8/31/2029
65,000
60,826
3.88%, 9/30/2029
51,000
49,456
4.00%, 10/31/2029
42,000
40,960
1.75%, 11/15/2029
38,000
33,075
3.88%, 11/30/2029
5,000
4,845
3.50%, 1/31/2030
9,000
8,545
1.50%, 2/15/2030
46,000
39,111
4.00%, 2/28/2030
29,000
28,248
3.63%, 3/31/2030
59,000
56,333
3.50%, 4/30/2030
67,000
63,506
0.63%, 5/15/2030
106,000
84,759
3.75%, 5/31/2030
25,000
24,007
3.75%, 6/30/2030
27,000
25,911
4.00%, 7/31/2030
4,000
3,891
0.63%, 8/15/2030
77,000
61,010
4.13%, 8/31/2030
24,000
23,492
4.63%, 9/30/2030
54,000
54,319
0.88%, 11/15/2030
97,000
77,551
3.75%, 12/31/2030
64,000
61,265
4.00%, 1/31/2031
72,000
69,919
1.13%, 2/15/2031
98,000
79,235
1.63%, 5/15/2031
71,000
58,969
1.25%, 8/15/2031
116,000
93,072
1.38%, 11/15/2031
84,000
67,541
1.88%, 2/15/2032
101,000
83,893
2.88%, 5/15/2032
75,000
66,896
2.75%, 8/15/2032
97,000
85,440
4.13%, 11/15/2032
60,000
58,430
3.50%, 2/15/2033
88,000
81,706
3.38%, 5/15/2033
68,000
62,411
3.88%, 8/15/2033
76,000
72,426
4.50%, 11/15/2033
122,000
122,019
4.00%, 2/15/2034
88,000
84,604
Total U.S. Treasury Obligations
(Cost $4,157,710)
4,027,857
 
SHARES
Short-Term Investments — 0.5%
Investment Companies — 0.5%
JPMorgan Prime Money Market Fund Class IM Shares, 5.40% (a) (b)
(Cost $20,574)
20,570
20,574
Total Investments — 99.5%
(Cost $4,178,284)
4,048,431
Other Assets Less Liabilities — 0.5%
20,953
NET ASSETS — 100.0%
4,069,384
 
JPMorgan BetaBuilders U.S. Treasury Bond 3-10 Year ETF
SCHEDULE OF PORTFOLIO INVESTMENTS
AS OF May 31, 2024 (Unaudited) (continued)
Percentages indicated are based on net assets.
 
(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.
JPMorgan BetaBuilders U.S. Treasury Bond 3-10 Year ETF
SCHEDULE OF PORTFOLIO INVESTMENTS
AS OF May 31, 2024 (Unaudited) (continued)
A. Valuation of Investments— Investments are valued in accordance with U.S. generally accepted accounting principles (“GAAP”) and the Fund's valuation policies set forth by, and under the supervision and responsibility of, the Board of Trustees of the Trust (the “Board”), which established the following approach to valuation, as described more fully below: (i) investments for which market quotations are readily available shall be valued at their market value and (ii) all other investments for which market quotations are not readily available shall be valued at their fair value as determined in good faith by the Board.
Under Section 2(a)(41) of the Investment Company Act of 1940, the Board is required to determine fair value for securities that do not have readily available market quotations. Under SEC Rule 2a-5 (Good Faith Determinations of Fair Value), the Board may designate the performance of these fair valuation determinations to a valuation designee. The Board has designated the Adviser as the “Valuation Designee” to perform fair valuation determinations for the Fund on behalf of the Board subject to appropriate oversight by the Board. The Adviser, as Valuation Designee, leverages the J.P. Morgan Asset Management Americas Valuation Committee (“AVC”) to help oversee and carry out the policies for the valuation of investments held in the Fund. The Adviser, as Valuation Designee, remains responsible for the valuation determinations.
This oversight by the AVC includes monitoring the appropriateness of fair values based on results of ongoing valuation oversight including, but not limited to, consideration of macro or security specific events, market events, and pricing vendor and broker due diligence. The Administrator is responsible for discussing and assessing the potential impacts to the fair values on an ongoing basis, and, at least on a quarterly basis, with the AVC and the Board.
Fixed income instruments are valued based on prices received from approved affiliated and unaffiliated pricing vendors or third party broker-dealers (collectively referred to as “Pricing Services”). The Pricing Services use multiple valuation techniques to determine the valuation of fixed income instruments. In instances where sufficient market activity exists, the Pricing Services may utilize a market-based approach through which trades or quotes from market makers are used to determine the valuation of these instruments. In instances where sufficient market activity may not exist, the Pricing Services also utilize proprietary valuation models which may consider market transactions in comparable securities and the various relationships between securities in determining fair value and/or market characteristics in order to estimate the relevant cash flows, which are then discounted to calculate the fair values.
Investments in open-end investment companies (“Underlying Funds”) are valued at each Underlying Fund’s net asset value per share as of the report date.
Valuations reflected in this report are as of the report date. As a result, changes in valuation due to market events and/or issuer-related events after the report date and prior to issuance of the report are not reflected herein.
The various inputs that are used in determining the valuation of the Fund's investments are summarized into the three broad levels listed below.
•
Level 1 — Unadjusted inputs using quoted prices in active markets for identical investments.
•
Level 2 — Other significant observable inputs including, but not limited to, quoted prices for similar investments, inputs other than quoted prices that are observable for investments (such as interest rates, prepayment speeds, credit risk, etc.) or other market corroborated inputs.
•
Level 3 — Significant inputs based on the best information available in the circumstances, to the extent observable inputs are not available (including the Fund's assumptions in determining the fair value of investments).
A financial instrument’s level within the fair value hierarchy is based on the lowest level of any input, both individually and in the aggregate, that is significant to the fair value measurement. The inputs or methodology used for valuing instruments are not necessarily an indication of the risk associated with investing in those instruments.
The following table represents each valuation input as presented on the Schedule of Portfolio Investments: 
 
 
 
 
 
 
Level 1
Quoted prices
Level 2
Other significant
observable inputs
Level 3
Significant
unobservable inputs
Total
Investments in Securities
U.S. Treasury Obligations
$—
$4,027,857
$—
$4,027,857
Short-Term Investments
Investment Companies
20,574
—
—
20,574
Total Investments in Securities
$20,574
$4,027,857
$—
$4,048,431
JPMorgan BetaBuilders U.S. Treasury Bond 3-10 Year ETF
SCHEDULE OF PORTFOLIO INVESTMENTS
AS OF May 31, 2024 (Unaudited) (continued)
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 Prime Money Market Fund Class IM
Shares, 5.40%  (a) (b)
$15,759
$97,875
$93,058
$(1
)
$(1
)
$20,574
20,570
$134
$—
 
 
(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.