Semi-Annual Report
J.P. Morgan Exchange-Traded Funds
April 30, 2023  (Unaudited) 
Fund
Ticker
Listing Exchange
JPMorgan BetaBuilders Canada ETF
BBCA
Cboe BZX Exchange, Inc.
JPMorgan BetaBuilders Developed Asia Pacific ex-Japan ETF
BBAX
Cboe BZX Exchange, Inc.
JPMorgan BetaBuilders Europe ETF
BBEU
Cboe BZX Exchange, Inc.
JPMorgan BetaBuilders International Equity ETF
BBIN
Cboe BZX Exchange, Inc.
JPMorgan BetaBuilders Japan ETF
BBJP
Cboe BZX Exchange, Inc.
JPMorgan BetaBuilders U.S. Equity ETF
BBUS
Cboe BZX Exchange, Inc.
JPMorgan BetaBuilders U.S. Mid Cap Equity ETF
BBMC
NYSE Arca
JPMorgan BetaBuilders U.S. Small Cap Equity ETF
BBSC
NYSE Arca
JPMorgan Carbon Transition U.S. Equity ETF
JCTR
NYSE Arca
JPMorgan Diversified Return Emerging Markets Equity ETF
JPEM
NYSE Arca
JPMorgan Diversified Return International Equity ETF
JPIN
NYSE Arca
JPMorgan Diversified Return U.S. Equity ETF
JPUS
NYSE Arca
JPMorgan Diversified Return U.S. Mid Cap Equity ETF
JPME
NYSE Arca
JPMorgan Diversified Return U.S. Small Cap Equity ETF
JPSE
NYSE Arca
JPMorgan U.S. Momentum Factor ETF
JMOM
NYSE Arca
JPMorgan U.S. Quality Factor ETF
JQUA
NYSE Arca
JPMorgan U.S. Value Factor ETF
JVAL
NYSE Arca
 
 
CONTENTS  
 
 
1
2
3
6
9
12
15
18
21
24
27
30
33
36
39
42
45
48
51
54
186
206
216
243
245
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
June 15, 2023 (Unaudited)
Dear Shareholder,
Financial markets largely generated positive returns for the six months ended April 30, 2023, even as rising interest rates, weaker corporate earnings and geopolitical uncertainty weighed on global economic growth. Overall, global equity markets – led by European stocks – generally outperformed bond markets for the reporting period. 
 
“While the effects of rising interest
rates is likely to adversely impact
economic growth in the months
ahead, other factors may aid the
global economic outlook, as energy
prices have trended downward in
recent months and the re-opening of
China’s economy may provide
support for increased global trade.”
— Brian S. Shlissel
While economic growth has slowed in recent quarters, to date, the U.S. has avoided formal entry into a recession. Moreover, inflation has decelerated from last year’s historical highs as energy and electricity prices receded in 2023, allowing the U.S. Federal Reserve in June 2023 to refrain from further raising interest rates for the first time since January 2022, though the central bank stated it may find it necessary to raise rates in the future. The job market in the U.S. remained strong throughout the period as the reported monthly unemployment rate ranged between 3.6% and 3.4% for the six months ended April 30, 2023.
Across Europe, inflationary pressures remained high and both the European Central Bank and the Bank of England continued to raise interest rates during the period. Unemployment across the EU stood at 6%, while the U.K. jobless rate fell to 3.8% in
April 2023. Notably, European equity markets generally outperformed other developed markets during the period, potentially driven by more attractive valuations relative to U.S. companies.
The International Monetary Fund’s (IMF) April 2023 economic outlook warned that global output is likely to decline to 2.8% for 2023, amid weakness in parts of the financial sector, continued inflationary pressures and the ongoing war in Ukraine. Further, the IMF forecast developed market economies to decelerate at a faster pace than emerging market economies.
While the effects of rising interest rates is likely to adversely impact economic growth in the months ahead, other factors may aid the global economic outlook, as energy prices have trended downward in recent months and the re-opening of China’s economy may provide support for increased global trade.  Regardless of the economic backdrop, we believe investors who hold a well-diversified portfolio and a long-term outlook may be better positioned to benefit from opportunities presented by global financial markets. Our suite of investment solutions seeks to provide investors with ability to build durable portfolios that can 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
 
April 30, 2023
J.P. Morgan Exchange-Traded Funds
1
J.P. Morgan Exchange-Traded Funds
MARKET OVERVIEW
SIX MONTHS ENDED April 30, 2023 (Unaudited) 
Global financial markets largely generated positive returns for the period and completed a rebound from the sell-offs that marked the middle of 2022. Developed markets equity generally outperformed emerging markets equity, while European equity markets largely outperformed U.S. equities.
However, equity markets performance was mixed on a month-to-month basis, even if the overall trend was upward. For the six months ended April 30, 2023, the  MSCI EAFE Index returned 24.19%, the MSCI Emerging Markets Index returned 16.36% and the S&P 500 Index returned 8.63%.
Leading central banks continued to raise interest rates throughout the six-month period, though the size of increases narrowed in 2023 as the policy response to inflationary pressure grew less aggressive. Notably, the Bank of Japan maintained its negative interest rate policy amid weak consumption data and marginal economic growth.
While global inflation rates remained elevated during the period, they retreated from the 40-year highs reached in 2022, and price data in the U.S. and the Euro Area indicated a slowing trend. Though inflation in the U.K. declined in the final months of 2022, the U.K. consumer price index rose more than expected in 2023.
Lower energy prices were a leading contributor to declining global inflation in the second half of the period. Following Russia’s invasion of Ukraine in late February 2022, the European Union and the U.K. largely avoided an extended energy crisis by securing alternative sources to Russian natural gas and moved to build up reserves of both natural gas and petroleum ahead of the winter months.
Meanwhile, economic activity and aggregate demand in China accelerated after the country’s leadership lifted strict anti-pandemic policies in late 2022. The rebound in China helped to lift equity prices in China and its leading emerging market trading partners.
 
2
J.P. Morgan Exchange-Traded Funds
April 30, 2023
JPMorgan BetaBuilders Canada ETF
FUND COMMENTARY
SIX MONTHS ENDED April 30, 2023 (Unaudited)
 
REPORTING PERIOD RETURN:
 
Net Asset Value *
8.39%
Market Price **
8.40%
Morningstar® Canada Target Market Exposure IndexSM (net total return)
8.38%
Net Assets as of 4/30/2023
$6,180,919,077
Fund Ticker
BBCA
INVESTMENT OBJECTIVE***
The JPMorgan BetaBuilders Canada ETF (the “Fund”) seeks investment results that closely correspond, before fees and expenses, to the performance of the Morningstar® Canada Target Market Exposure IndexSM (the "Underlying Index").
INVESTMENT APPROACH
The Underlying Index is a free float adjusted, market capitalization weighted index, which consists of stocks traded primarily on the Toronto Stock Exchange. Using a "passive" investment approach, the Fund attempts to replicate the constituent securities of the Underlying Index as closely as possible, before considering fees and expenses, and invests in substantially all of the securities in the Underlying Index in approximately the same proportions as the Underlying Index.
HOW DID THE FUND PERFORM?
The Fund provided a positive absolute return for the six months ended April 30, 2023, and performed in line with the Underlying Index, before considering the effects of differences in the timing of foreign exchange rate calculations, operating expenses, fees and tax management of the Fund’s portfolio.
The Fund’s and the Underlying Index’s exposures to the information technology and materials sectors were leading contributors to absolute performance, while their exposures to the energy sector were the sole sector detractors from absolute performance. 
HOW WAS THE FUND POSITIONED?
During the reporting period, the Fund’s and the Underlying Index’s largest allocations were to the financials and energy sectors and their smallest allocations were to the health care
and real estate sectors. 
TOP TEN HOLDINGS OF THE
PORTFOLIO AS OF April 30, 2023
PERCENT OF
TOTAL
INVESTMENTS
1.
Royal Bank of Canada (Canada)
7.0
%
2.
Toronto-Dominion Bank (The) (Canada)
5.6
3.
Enbridge, Inc. (Canada)
4.1
4.
Canadian Pacific Kansas City Ltd. (Canada)
3.8
5.
Canadian National Railway Co. (Canada)
3.7
6.
Canadian Natural Resources Ltd. (Canada)
3.5
7.
Bank of Montreal (Canada)
3.3
8.
Bank of Nova Scotia (The) (Canada)
3.0
9.
Shopify, Inc., Class A (Canada)
3.0
10.
Brookfield Corp. (Canada)
2.4
 
PORTFOLIO COMPOSITION BY SECTOR
AS OF April 30, 2023
PERCENT OF
TOTAL
INVESTMENTS
Financials
32.2%
Energy
16.5
Industrials
13.3
Materials
10.8
Information Technology
6.6
Consumer Staples
4.3
Consumer Discretionary
3.4
Utilities
3.1
Communication Services
2.4
Others (each less than 1.0%)
0.6
Short-Term Investments
6.8
 
*
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 $61.32 as of April 30, 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
 
 
 
3
JPMorgan BetaBuilders Canada ETF
FUND COMMENTARY
SIX MONTHS ENDED April 30, 2023 (Unaudited)
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 April 30, 2023, the closing price was $61.38.
***
The adviser seeks to achieve the Fund’s objective. There can be no guarantee it will be achieved.
 
4
 
 
AVERAGE ANNUAL TOTAL RETURNS AS OF April 30, 2023 
 
 
INCEPTION DATE
SIX MONTHS*
1 YEAR
SINCE
INCEPTION
JPMorgan BetaBuilders Canada ETF
 
Net Asset Value
August 7, 2018
8.39
%
(2.57
)%
7.33
%
Market Price
 
8.40
(2.55
)
7.35
 
 
*
Not annualized.
LIFE OF FUND PERFORMANCE (8/7/18 TO 4/30/23)
 
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. For up-to-date month-end performance information, please call 1-844-457-6383. 
Fund commenced operations on August 7, 2018.
The graph illustrates comparative performance for $10,000 invested in shares of the JPMorgan BetaBuilders Canada ETF and Morningstar® Canada Target Market Exposure IndexSM (net total return) from August 7, 2018 to April 30, 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 Morningstar® Canada Target Market Exposure IndexSM (net total return) does not reflect the deduction of expenses associated with an exchange-traded fund and has been adjusted to reflect reinvestment of all dividends and capital gain distributions of the securities included in the Index, if applicable. The Morningstar® Canada Target Market Exposure IndexSM (net total return) is a rules-based, float-adjusted market capitalization-weighted index designed to cover 85% of the equity float-adjusted market capitalization of the
Canada equity markets. Net total return figures assume the reinvestment of dividends after deduction of withholding tax, applying the maximum rate to nonresident individual investors who do not benefit from double taxation treaties. Investors cannot invest directly in an index.
For periods presented prior to November 1, 2019, the date on which a unitary fee structure was adopted, Fund performance reflects the waiver of the Fund’s fees and reimbursement of expenses for certain periods since the inception date. 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 may pay on Fund distributions or on gains resulting from redemption or sale of Fund shares.
International investing involves a greater degree of risk and increased volatility. Changes in currency exchange rates and differences in accounting and taxation policies outside the United States can raise or lower returns.
The returns shown are based on net asset values calculated for shareholder transactions and may differ from the returns shown in the financial highlights, which reflect adjustments made to the net asset values in accordance with accounting principles generally accepted in the United States of America.
 
 
 
5
JPMorgan BetaBuilders Developed Asia Pacific ex-Japan ETF
FUND COMMENTARY
SIX MONTHS ENDED April 30, 2023 (Unaudited)
 
REPORTING PERIOD RETURN:
 
Net Asset Value *
17.63%
Market Price **
17.84%
Morningstar® Developed Asia Pacific ex-Japan Target Market Exposure IndexSM (net total return)
17.02%
Net Assets as of 4/30/2023
$4,442,195,795
Fund Ticker
BBAX
INVESTMENT OBJECTIVE***
The JPMorgan BetaBuilders Developed Asia Pacific ex-Japan ETF (the “Fund”) seeks investment results that closely correspond, before fees and expenses, to the performance of the Morningstar® Developed Asia Pacific ex-Japan Target Market Exposure IndexSM (the "Underlying Index").
INVESTMENT APPROACH
The Underlying Index is a free float adjusted, market capitalization weighted index that consists of equity securities from developed Asia-Pacific countries or regions other than Japan, including: Australia, Hong Kong, New Zealand and Singapore. Using a "passive" investment approach, the Fund attempts to replicate the constituent securities of the Underlying Index as closely as possible, before considering fees and expenses, and invests in substantially all of the securities in the Underlying Index in approximately the same proportions as the Underlying Index.
HOW DID THE FUND PERFORM?
The Fund provided a positive absolute return for the six months ended April 30, 2023, and performed in line with the Underlying Index, before considering the effects of differences in the Fund’s net asset value calculations versus the Underlying Index’s valuation calculations and in the timing of foreign exchange rate calculations, as well as operating expenses, fees and tax management of the Fund’s portfolio.
The Fund’s and the Underlying Index’s exposures to the materials and financials sectors were leading contributors to absolute performance, while their exposures to the information technology and energy sectors were the smallest contributors and no sectors detracted from absolute performance.
By country or region, the Fund’s and the Underlying Index’s exposures to Australia and Hong Kong were leading contributors to absolute performance, while their exposures to Singapore and New Zealand were the smallest contributors and no country or regional exposures detracted from absolute performance.
HOW WAS THE FUND POSITIONED?
During the reporting period, the Fund’s and the Underlying Index’s largest allocations were to the financials and materials
sectors and their smallest allocations were to the information technology and communication services sectors. The Fund and the Underlying Index’s largest allocations by country or region were to Australia and Hong Kong and the smallest allocations were to New Zealand and Singapore.
 
TOP TEN HOLDINGS OF THE
PORTFOLIO AS OF April 30, 2023
PERCENT OF
TOTAL
INVESTMENTS
1.
BHP Group Ltd. (Australia)
8.2
%
2.
AIA Group Ltd. (Hong Kong)
6.9
3.
Commonwealth Bank of Australia
(Australia)
6.1
4.
CSL Ltd.
5.2
5.
National Australia Bank Ltd. (Australia)
3.3
6.
Westpac Banking Corp. (Australia)
2.9
7.
Hong Kong Exchanges & Clearing Ltd.
(Hong Kong)
2.7
8.
ANZ Group Holdings Ltd. (Australia)
2.6
9.
DBS Group Holdings Ltd. (Singapore)
2.5
10.
Macquarie Group Ltd. (Australia)
2.4
 
PORTFOLIO COMPOSITION BY COUNTRY
AS OF April 30, 2023
PERCENT OF
TOTAL
INVESTMENTS
Australia
58.2%
Hong Kong
19.2
Singapore
10.6
United States
5.7
China
2.3
New Zealand
1.8
Macau
1.2
United Kingdom
1.0
Short-Term Investments
0.0****
 
*
The return shown is based on net asset value and may differ from the return shown in the financial highlights, which reflects
 
6
 
 
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 $49.63 as of April 30, 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 April 30, 2023, the closing price was $49.75.
***
The adviser seeks to achieve the Fund’s objective. There can be no guarantee it will be achieved.
 
****
Amount rounds to less than 0.1%.
 
 
 
7
JPMorgan BetaBuilders Developed Asia Pacific ex-Japan ETF
FUND COMMENTARY
SIX MONTHS ENDED April 30, 2023 (Unaudited)
AVERAGE ANNUAL TOTAL RETURNS AS OF April 30, 2023 
 
 
INCEPTION DATE
SIX MONTHS*
1 YEAR
SINCE
INCEPTION
JPMorgan BetaBuilders Developed Asia Pacific ex-Japan ETF
 
Net Asset Value
August 7, 2018
17.63
%
0.14
%
3.84
%
Market Price
 
17.84
0.52
3.89
 
 
*
Not annualized.
LIFE OF FUND PERFORMANCE (8/7/18 TO 4/30/23)
 
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. For up-to-date month-end performance information, please call 1-844-457-6383. 
Fund commenced operations on August 7, 2018.
The graph illustrates comparative performance for $10,000 invested in shares of the JPMorgan BetaBuilders Developed Asia Pacific ex-Japan ETF and Morningstar® Developed Asia Pacific ex-Japan Target Market Exposure IndexSM (net total return) from August 7, 2018 to April 30, 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 Morningstar® Developed Asia Pacific ex-Japan Target Market Exposure IndexSM (net total return) does not reflect the deduction of expenses associated with an exchange-traded fund and has been adjusted to reflect reinvestment of all dividends and capital gain distributions of the securities included in the Index, if applicable. The Morningstar® Developed Asia Pacific ex-Japan Target Market Exposure IndexSM (net total return) is a rules-based, float-adjusted market capitalization-weighted index designed to cover 85% of the equity float-adjusted market capitalization of the Developed Asia Pacific ex-Japan
equity markets. Net total return figures assume the reinvestment of dividends after deduction of withholding tax, applying the maximum rate to nonresident individual investors who do not benefit from double taxation treaties. Investors cannot invest directly in an index.
For periods presented prior to November 1, 2019, the date on which a unitary fee structure was adopted, Fund performance reflects the waiver of the Fund’s fees and reimbursement of expenses for certain periods since the inception date. 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 may pay on Fund distributions or on gains resulting from redemption or sale of Fund shares.
International investing involves a greater degree of risk and increased volatility. Changes in currency exchange rates and differences in accounting and taxation policies outside the United States can raise or lower returns. Also, some overseas markets may not be as politically and economically stable as the United States and other nations.
The returns shown are based on net asset values calculated for shareholder transactions and may differ from the returns shown in the financial highlights, which reflect adjustments made to the net asset values in accordance with accounting principles generally accepted in the United States of America.
 
8
 
 
JPMorgan BetaBuilders Europe ETF
FUND COMMENTARY
SIX MONTHS ENDED April 30, 2023 (Unaudited)
 
REPORTING PERIOD RETURN:
 
Net Asset Value *
28.48%
Market Price **
28.47%
Morningstar® Developed Europe Target Market Exposure IndexSM (net total return)
28.21%
Net Assets as of 4/30/2023
$9,629,163,149
Fund Ticker
BBEU
INVESTMENT OBJECTIVE***
The JPMorgan BetaBuilders Europe ETF (the “Fund”) seeks investment results that closely correspond, before fees and expenses, to the performance of the Morningstar® Developed Europe Target Market Exposure IndexSM (the "Underlying Index").
INVESTMENT APPROACH
The Underlying Index is a free float adjusted, market capitalization weighted index consisting of equity securities from developed European countries or regions, including Austria, Belgium, Denmark, Finland, France, Germany, Ireland, Italy, the Netherlands, Norway, Poland, Portugal, Spain, Sweden, Switzerland and the U.K. Using a "passive" investment approach, the Fund attempts to replicate the constituent securities of the Underlying Index as closely as possible, before considering fees and expenses, and invests in substantially all of the securities in the Underlying Index in approximately the same proportions as the Underlying Index.
HOW DID THE FUND PERFORM?
The Fund provided a positive absolute performance for the six months ended April 30, 2023, and performed in line with the Underlying Index, before considering the effects of differences in the Fund’s net asset value calculations versus the Underlying Index’s valuation calculations and in the timing of foreign exchange rate calculations, as well as operating expenses, fees and tax management of the Fund’s portfolio.
The Fund’s and the Underlying Index’s exposure to the financials and consumer discretionary sectors were leading contributors to absolute performance, while their exposures to the energy and real estate sectors were the smallest contributors and no sectors detracted from absolute performance.
By country, the Fund’s and the Underlying Index’s exposures to France and the U.K. were leading contributors to absolute performance, while their exposures to Norway were the sole country detractors from absolute performance.
HOW WAS THE FUND POSITIONED?
During the reporting period, the Fund’s and the Underlying Index’s largest allocations were to the financials and health
care sectors and their smallest allocations were to the real estate and communication services sectors. The Fund’s and the Underlying Index’s largest country allocations were to the U.K. and France and their smallest allocations were to Portugal and
Poland. 
TOP TEN HOLDINGS OF THE
PORTFOLIO AS OF April 30, 2023
PERCENT OF
TOTAL
INVESTMENTS
1.
Nestle SA (Registered)
3.2
%
2.
Novo Nordisk A/S, Class B (Denmark)
2.5
3.
ASML Holding NV (Netherlands)
2.3
4.
LVMH Moet Hennessy Louis Vuitton SE
(France)
2.3
5.
Novartis AG (Registered) (Switzerland)
2.2
6.
AstraZeneca plc (United Kingdom)
2.1
7.
Roche Holding AG
2.0
8.
Shell plc (Netherlands)
2.0
9.
TotalEnergies SE (France)
1.4
10.
SAP SE (Germany)
1.3
 
PORTFOLIO COMPOSITION BY COUNTRY
AS OF April 30, 2023
PERCENT OF
TOTAL
INVESTMENTS
United Kingdom
17.5%
France
15.2
Germany
11.7
United States
9.8
Switzerland
8.7
Netherlands
7.4
Sweden
4.9
Denmark
4.4
Spain
3.7
Italy
3.4
Finland
1.8
Australia
1.5
Belgium
1.4
Norway
1.0
Others (each less than 1.0%)
4.2
Short-Term Investments
3.4
 
 
 
 
9
JPMorgan BetaBuilders Europe ETF
FUND COMMENTARY
SIX MONTHS ENDED April 30, 2023 (Unaudited)
*
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 $55.66 as of April 30, 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 April 30, 2023, the closing price was $55.67.
***
The adviser seeks to achieve the Fund’s objective. There can be no guarantee it will be achieved.
 
10
 
 
AVERAGE ANNUAL TOTAL RETURNS AS OF April 30, 2023 
 
 
INCEPTION DATE
SIX MONTHS*
1 YEAR
SINCE
INCEPTION
JPMorgan BetaBuilders Europe ETF
 
Net Asset Value
June 15, 2018
28.48
%
13.28
%
5.47
%
Market Price
 
28.47
13.75
5.48
 
 
*
Not annualized.
LIFE OF FUND PERFORMANCE (6/15/18 TO 4/30/23)
 
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. For up-to-date month-end performance information, please call 1-844-457-6383. 
Fund commenced operations on June 15, 2018.
The graph illustrates comparative performance for $10,000 invested in shares of the JPMorgan BetaBuilders Europe ETF and Morningstar® Developed Europe Target Market Exposure IndexSM (net total return) from June 15, 2018 to April 30, 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 Morningstar® Developed Europe Target Market Exposure IndexSM (net total return) does not reflect the deduction of expenses associated with an exchange-traded fund and has been adjusted to reflect reinvestment of all dividends and capital gain distributions of the securities included in the Index, if applicable. Morningstar® Developed Europe Target Market Exposure IndexSM (net total return) is a rules-based, float-adjusted market capitalization-weighted index designed to cover 85% of the equity float-adjusted market capitalization of the Developed Europe equity markets.
Net total return figures assume the reinvestment of dividends after deduction of withholding tax, applying the maximum rate to nonresident individual investors who do not benefit from double taxation treaties. Investors cannot invest directly in an index.
For periods presented prior to November 1, 2019, the date on which a unitary fee structure was adopted, Fund performance reflects the waiver of the Fund’s fees and reimbursement of expenses for certain periods since the inception date. 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 may pay on Fund distributions or on gains resulting from redemption or sale of Fund shares.
International investing involves a greater degree of risk and increased volatility. Changes in currency exchange rates and differences in accounting and taxation policies outside the United States can raise or lower returns. Also, some overseas markets may not be as politically and economically stable as the United States and other nations.
The returns shown are based on net asset values calculated for shareholder transactions and may differ from the returns shown in the financial highlights, which reflect adjustments made to the net asset values in accordance with accounting principles generally accepted in the United States of America.
 
 
 
11
JPMorgan BetaBuilders International Equity ETF
FUND COMMENTARY
SIX MONTHS ENDED April 30, 2023 (Unaudited)
 
REPORTING PERIOD RETURN:
 
Net Asset Value *
24.43%
Market Price **
24.46%
Morningstar® Developed Markets ex-North America Target Market Exposure IndexSM (net total return)
23.95%
Net Assets as of 4/30/2023
$3,540,096,128
Fund Ticker
BBIN
INVESTMENT OBJECTIVE***
The JPMorgan BetaBuilders International Equity ETF (the “Fund”) seeks investment results that closely correspond, before fees and expenses, to the performance of the Morningstar® Developed Markets ex-North America Target Market Exposure IndexSM (the "Underlying Index").
INVESTMENT APPROACH
The Underlying Index is a free float adjusted, market capitalization weighted index, which consists of equity securities from developed countries or regions outside the U.S. and Canada. Using a "passive" investment approach, the Fund attempts to replicate the constituent securities of the Underlying Index as closely as possible, before considering fees and expenses, and invests in substantially all of the securities in the Underlying Index in approximately the same proportions as the Underlying Index.
HOW DID THE FUND PERFORM?
The Fund provided a positive absolute return for the six months ended April 30, 2023, and performed in line with the Underlying Index, before considering the effects of differences in the Fund’s net asset value calculations versus the Underlying Index’s valuation calculations and in the timing of foreign exchange rate calculations, as well as operating expenses, fees and tax management of the Fund’s portfolio.
The Fund’s and the Underlying Index’s exposures to the consumer discretionary and industrials sectors were leading contributors to absolute performance, while their exposures to the real estate sector were the smallest contributors and no sectors detracted from absolute performance.
By country, the Fund’s and the Underlying Index’s exposures to France and Germany were leading contributors to absolute performance, while their exposures to Israel and Norway detracted from absolute performance. 
HOW WAS THE FUND POSITIONED?
During the reporting period, the Fund’s and the Underlying Index’s largest sector allocations were to the financials and industrials sectors, while their smallest allocations were to the real estate and utilities sectors. The Fund’s and the Underlying Index’s largest country allocations were to Japan and the U.K. and their smallest allocations were to New Zealand and
Portugal. 
TOP TEN HOLDINGS OF THE
PORTFOLIO AS OF April 30, 2023
PERCENT OF
TOTAL
INVESTMENTS
1.
Nestle SA (Registered)
2.1
%
2.
Novo Nordisk A/S, Class B (Denmark)
1.6
3.
ASML Holding NV (Netherlands)
1.5
4.
LVMH Moet Hennessy Louis Vuitton SE
(France)
1.5
5.
Novartis AG (Registered) (Switzerland)
1.5
6.
AstraZeneca plc (United Kingdom)
1.4
7.
Roche Holding AG
1.3
8.
Shell plc (Netherlands)
1.3
9.
Toyota Motor Corp. (Japan)
1.0
10.
BHP Group Ltd. (Australia)
0.9
 
PORTFOLIO COMPOSITION BY COUNTRY
AS OF April 30, 2023
PERCENT OF
TOTAL
INVESTMENTS
Japan
22.3%
United Kingdom
11.7
France
10.0
Germany
7.7
Australia
7.4
United States
7.1
Switzerland
5.7
Netherlands
4.9
Sweden
3.2
Denmark
2.9
Spain
2.5
Hong Kong
2.4
Italy
2.2
Singapore
1.3
Finland
1.2
Belgium
1.0
Others (each less than 1.0%)
3.9
Short-Term Investments
2.6
 
*
The return shown is based on net asset value and may differ from the return shown in the financial highlights, which reflects
 
12
 
 
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 $55.31 as of April 30, 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 April 30, 2023, the closing price was $55.36.
***
The adviser seeks to achieve the Fund’s objective. There can be no guarantee it will be achieved.
 
 
 
13
JPMorgan BetaBuilders International Equity ETF
FUND COMMENTARY
SIX MONTHS ENDED April 30, 2023 (Unaudited)
AVERAGE ANNUAL TOTAL RETURNS AS OF April 30, 2023 
 
 
INCEPTION DATE
SIX MONTHS*
1 YEAR
SINCE
INCEPTION
JPMorgan BetaBuilders International Equity ETF
 
Net Asset Value
December 3, 2019
24.43
%
9.64
%
5.58
%
Market Price
 
24.46
10.06
5.60
 
 
*
Not annualized.
LIFE OF FUND PERFORMANCE (12/3/19 TO 4/30/23)
 
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. For up-to-date month-end performance information, please call 1-844-457-6383. 
Fund commenced operations on December 3, 2019.
The graph illustrates comparative performance for $10,000 invested in shares of the JPMorgan BetaBuilders International Equity ETF and Morningstar® Developed Markets ex-North America Target Market Exposure IndexSM (net total return) from December 3, 2019 to April 30, 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 Morningstar® Developed Markets ex-North America Target Market Exposure IndexSM (net total return) does not reflect the deduction of expenses associated with an exchange-traded fund and has been adjusted to reflect reinvestment of all dividends and capital gain distributions of the securities included in the Index, if applicable. The Morningstar® Developed Markets ex-North America Target Market Exposure IndexSM (net total return) is a rules-based,
float-adjusted market capitalization-weighted index designed to cover 85% of the equity float-adjusted market capitalization of the Developed Markets ex-North America equity markets. Net total return figures assume the reinvestment of dividends after deduction of withholding tax, applying the maximum rate to nonresident individual investors who do not benefit from double taxation treaties. Investors cannot invest directly in an index.
Performance shown in this section does not reflect the deduction of taxes that a shareholder may pay on Fund distributions or on gains resulting from redemption or sale of Fund shares.
International investing involves a greater degree of risk and increased volatility. Changes in currency exchange rates and differences in accounting and taxation policies outside the United States can raise or lower returns. Also, some foreign markets may not be as politically and economically stable as the United States and other nations.
The returns shown are based on net asset values calculated for shareholder transactions and may differ from the returns shown in the financial highlights, which reflect adjustments made to the net asset values in accordance with accounting principles generally accepted in the United States of America.
 
14
 
 
JPMorgan BetaBuilders Japan ETF
FUND COMMENTARY
SIX MONTHS ENDED April 30, 2023 (Unaudited)
 
REPORTING PERIOD RETURN:
 
Net Asset Value *
17.68%
Market Price **
18.21%
Morningstar® Japan Target Market Exposure IndexSM (net total return)
17.08%
Net Assets as of 4/30/2023
$7,449,793,313
Fund Ticker
BBJP
INVESTMENT OBJECTIVE***
The JPMorgan BetaBuilders Japan ETF (the “Fund”) seeks investment results that closely correspond, before fees and expenses, to the performance of the Morningstar® Japan Target Market Exposure IndexSM (the "Underlying Index").
INVESTMENT APPROACH
The Underlying Index is a free float adjusted, market capitalization weighted index, which consists stocks traded primarily on the Tokyo Stock Exchange or the Nagoya Stock Exchange. Using a "passive" investment approach, the Fund attempts to replicate the constituent securities of the Underlying Index as closely as possible, before considering fees and expenses, and invests in substantially all of the securities in the Underlying Index in approximately the same proportions as the Underlying Index.
HOW DID THE FUND PERFORM?
The Fund provided a positive absolute return for the six months ended April 30, 2023, and performed in line with the Underlying Index, before considering the effects of differences in the Fund’s net asset value calculations versus the Underlying Index’s valuation calculations and in the timing of foreign exchange rate calculations, as well as operating expenses, fees and tax management of the Fund’s portfolio.
The Fund’s and the Underlying Index’s exposures to the industrials and consumer discretionary sectors were leading contributors to absolute performance, while their exposures to the energy and real estate sectors were the smallest contributors and no sectors detracted from absolute performance.
HOW WAS THE FUND POSITIONED?
During the reporting period, the Fund’s and the Underlying Index’s largest allocations were to the industrials and consumer discretionary sectors and their smallest allocations were to the energy and utilities sectors.
 
TOP TEN HOLDINGS OF THE
PORTFOLIO AS OF April 30, 2023
PERCENT OF
TOTAL
INVESTMENTS
1.
Toyota Motor Corp. (Japan)
4.6
%
2.
Sony Group Corp. (Japan)
3.1
3.
Keyence Corp. (Japan)
2.4
4.
Mitsubishi UFJ Financial Group, Inc.
(Japan)
2.0
5.
Daiichi Sankyo Co. Ltd. (Japan)
1.8
6.
Shin-Etsu Chemical Co. Ltd. (Japan)
1.5
7.
Sumitomo Mitsui Financial Group, Inc.
(Japan)
1.5
8.
Mitsubishi Corp. (Japan)
1.5
9.
Tokyo Electron Ltd. (Japan)
1.4
10.
Daikin Industries Ltd. (Japan)
1.4
 
PORTFOLIO COMPOSITION BY SECTOR
AS OF April 30, 2023
PERCENT OF
TOTAL
INVESTMENTS
Industrials
23.4%
Consumer Discretionary
18.6
Information Technology
12.7
Financials
11.0
Health Care
9.4
Communication Services
7.1
Consumer Staples
7.1
Materials
5.0
Real Estate
3.6
Others (each less than 1.0%)
1.6
Short-Term Investments
0.5
 
*
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 $48.34 as of April 30, 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
 
 
 
15
JPMorgan BetaBuilders Japan ETF
FUND COMMENTARY
SIX MONTHS ENDED April 30, 2023 (Unaudited)
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 April 30, 2023, the closing price was $48.60.
***
The adviser seeks to achieve the Fund’s objective. There can be no guarantee it will be achieved.
 
16
 
 
AVERAGE ANNUAL TOTAL RETURNS AS OF April 30, 2023 
 
 
INCEPTION DATE
SIX MONTHS*
1 YEAR
SINCE
INCEPTION
JPMorgan BetaBuilders Japan ETF
 
Net Asset Value
June 15, 2018
17.68
%
5.28
%
1.22
%
Market Price
 
18.21
5.74
1.33
 
 
*
Not annualized.
LIFE OF FUND PERFORMANCE (6/15/18 TO 4/30/23)
 
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. For up-to-date month-end performance information, please call 1-844-457-6383. 
Fund commenced operations on June 15, 2018.
The graph illustrates comparative performance for $10,000 invested in shares of the JPMorgan BetaBuilders Japan ETF and Morningstar® Japan Target Market Exposure IndexSM (net total return) from June 15, 2018 to April 30, 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 Morningstar® Japan Target Market Exposure IndexSM (net total return) does not reflect the deduction of expenses associated with an exchange-traded fund and has been adjusted to reflect reinvestment of all dividends and capital gain distributions of the securities included in the Index, if applicable. Morningstar® Japan Target Market Exposure IndexSM (net total return) is a rule based, float-adjusted market capitalization-weighted index designed to cover 85% of the equity float-adjusted market capitalization of the Japan equity markets.  Net total return figures assume the reinvestment of
dividends after deduction of withholding tax, applying the maximum rate to nonresident individual investors who do not benefit from double taxation treaties. Investors cannot invest directly in an index.
For periods presented prior to November 1, 2019, the date on which a unitary fee structure was adopted, Fund performance reflects the waiver of the Fund’s fees and reimbursement of expenses for certain periods since the inception date. 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 may pay on Fund distributions or on gains resulting from redemption or sale of Fund shares.
International investing involves a greater degree of risk and increased volatility. Changes in currency exchange rates and differences in accounting and taxation policies outside the United States can raise or lower returns. Also, some overseas markets may not be as politically and economically stable as the United States and other nations.
The returns shown are based on net asset values calculated for shareholder transactions and may differ from the returns shown in the financial highlights, which reflect adjustments made to the net asset values in accordance with accounting principles generally accepted in the United States of America.
 
 
 
17
JPMorgan BetaBuilders U.S. Equity ETF
FUND COMMENTARY
SIX MONTHS ENDED April 30, 2023 (Unaudited)
 
REPORTING PERIOD RETURN:
 
Net Asset Value *
8.36%
Market Price **
8.22%
Morningstar® US Target Market Exposure IndexSM
8.37%
Net Assets as of 4/30/2023
$1,528,239,230
Fund Ticker
BBUS
INVESTMENT OBJECTIVE***
The JPMorgan BetaBuilders U.S. Equity ETF (the “Fund”) seeks investment results that closely correspond, before fees and expenses, to the performance of the Morningstar® US Target Market Exposure IndexSM (the "Underlying Index").
INVESTMENT APPROACH
The Underlying Index is a free float adjusted, market capitalization weighted index consisting of equity securities traded primarily in the U.S. It targets 85% of those stocks by market capitalization and primarily includes large- and mid-cap companies. Using a "passive" investment approach, the Fund attempts to closely correspond to the performance of the Underlying Index and invests in substantially all of the securities in the Underlying Index in approximately the same proportions as the Underlying Index.
HOW DID THE FUND PERFORM?
For the six months ended April 30, 2023, the Fund had a positive absolute return and performed in line with the Underlying Index, before considering the effects of operating expenses, fees and tax management of the Fund’s portfolio.
The Fund’s and the Underlying Index’s exposures to the information technology and communication services sectors were leading contributors to absolute performance, while their exposures to the energy and financials sectors detracted from absolute performance.
HOW WAS THE FUND POSITIONED?
During the reporting period, the Fund’s and the Underlying Index’s largest allocations were to the information technology and health care sectors, while their smallest allocations were to
the materials and real estate sectors. 
TOP TEN HOLDINGS OF THE
PORTFOLIO AS OF April 30, 2023
PERCENT OF
TOTAL
INVESTMENTS
1.
Apple, Inc.
6.9
%
2.
Microsoft Corp.
6.3
3.
Amazon.com, Inc.
2.6
4.
NVIDIA Corp.
1.9
5.
Alphabet, Inc., Class A
1.8
6.
Berkshire Hathaway, Inc., Class B
1.6
7.
Alphabet, Inc., Class C
1.5
8.
Meta Platforms, Inc., Class A
1.5
9.
Exxon Mobil Corp.
1.3
10.
UnitedHealth Group, Inc.
1.3
 
PORTFOLIO COMPOSITION BY SECTOR
AS OF April 30, 2023
PERCENT OF
TOTAL
INVESTMENTS
Information Technology
25.9%
Health Care
14.2
Financials
13.1
Consumer Discretionary
9.9
Industrials
8.6
Communication Services
8.1
Consumer Staples
7.1
Energy
4.7
Utilities
2.9
Real Estate
2.5
Materials
2.5
Short-Term Investments
0.5
 
*
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 $74.55 as of April 30, 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
 
18
 
 
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 April 30, 2023, the closing price was $74.50.
***
The adviser seeks to achieve the Fund’s objective. There can be no guarantee it will be achieved.
 
 
 
19
JPMorgan BetaBuilders U.S. Equity ETF
FUND COMMENTARY
SIX MONTHS ENDED April 30, 2023 (Unaudited)
AVERAGE ANNUAL TOTAL RETURNS AS OF April 30, 2023 
 
 
INCEPTION DATE
SIX MONTHS*
1 YEAR
SINCE
INCEPTION
JPMorgan BetaBuilders U.S. Equity ETF
 
Net Asset Value
March 12, 2019
8.36
%
1.90
%
11.73
%
Market Price
 
8.22
1.83
11.71
 
 
*
Not annualized.
LIFE OF FUND PERFORMANCE (3/12/19 TO 4/30/23)
 
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. For up-to-date month-end performance information, please call 1-844-457-6383. 
Fund commenced operations on March 12, 2019.
The graph illustrates comparative performance for $10,000 invested in shares of the JPMorgan BetaBuilders U.S. Equity ETF and the Morningstar® US Target Market Exposure IndexSM from March 12, 2019 to April 30, 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 Morningstar® US Target Market Exposure IndexSM does not
reflect the deduction of expenses associated with an exchange-traded fund and has been adjusted to reflect reinvestment of all dividends and capital gain distributions of the securities included in the Index, if applicable. Morningstar® US Target Market Exposure IndexSM is a free float-adjusted market capitalization-weighted index which consists of stocks traded primarily on the U.S. stock exchanges. Investors cannot invest directly in an index.
Performance shown in this section does not reflect the deduction of taxes that a shareholder may pay on Fund distributions or on gains resulting from redemption or sale of Fund shares.
The returns shown are based on net asset values calculated for shareholder transactions and may differ from the returns shown in the financial highlights, which reflect adjustments made to the net asset values in accordance with accounting principles generally accepted in the United States of America.
 
20
 
 
JPMorgan BetaBuilders U.S. Mid Cap Equity ETF
FUND COMMENTARY
SIX MONTHS ENDED April 30, 2023 (Unaudited)
 
REPORTING PERIOD RETURN:
 
Net Asset Value *
1.61%
Market Price **
1.78%
Morningstar® US Mid Cap Target Market Exposure Extended IndexSM
1.56%
Net Assets as of 4/30/2023
$1,587,844,608
Fund Ticker
BBMC
INVESTMENT OBJECTIVE***
The JPMorgan BetaBuilders U.S. Mid Cap Equity ETF (the “Fund”) seeks investment results that closely correspond, before fees and expenses, to the performance of the Morningstar® US Mid Cap Target Market Exposure Extended IndexSM (the "Underlying Index").
INVESTMENT APPROACH
The Underlying Index consists of mid-cap equity securities traded in the U.S. It targets those securities that fall between the 85th and 95th percentiles in market capitalization of the free float adjusted investable universe. Using a "passive" investment approach, the Fund attempts to closely correspond to the performance of the Underlying Index, and invests in substantially all of the securities in the Underlying Index in approximately the same proportions as the Underlying Index.
HOW DID THE FUND PERFORM?
The Fund had a positive absolute return for the six months ended April 30, 2023 and performed in line with the Underlying Index, before considering the effects of operating expenses, fees and tax management of the Fund’s portfolio.
The Fund’s and the Underlying Index’s exposures to the industrials and consumer discretionary sectors were leading contributors to absolute performance, while their exposures to the financials and energy sectors were leading detractors from absolute performance.
HOW WAS THE FUND POSITIONED?
During the reporting period, the Fund’s and the Underlying Index’s largest allocations were to the industrials and financials sectors, while their smallest allocations were to the utilities and
communication services sectors. 
TOP TEN HOLDINGS OF THE
PORTFOLIO AS OF April 30, 2023
PERCENT OF
TOTAL
INVESTMENTS
1.
Fair Isaac Corp.
0.6
%
2.
Liberty Media Corp.-Liberty Formula One,
Class C
0.5
3.
Reliance Steel & Aluminum Co.
0.5
4.
Axon Enterprise, Inc.
0.5
5.
Builders FirstSource, Inc.
0.4
6.
Ares Management Corp.
0.4
7.
Gaming and Leisure Properties, Inc.
0.4
8.
Graco, Inc.
0.4
9.
Deckers Outdoor Corp.
0.4
10.
First Citizens BancShares, Inc., Class A
0.4
 
PORTFOLIO COMPOSITION BY SECTOR
AS OF April 30, 2023
PERCENT OF
TOTAL
INVESTMENTS
Industrials
18.6%
Consumer Discretionary
12.9
Financials
12.9
Health Care
10.9
Information Technology
10.3
Real Estate
7.3
Materials
5.4
Energy
3.8
Consumer Staples
3.4
Communication Services
2.7
Utilities
2.5
Short-Term Investments
9.3
 
*
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 $74.63 as of April 30, 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
 
 
 
21
JPMorgan BetaBuilders U.S. Mid Cap Equity ETF
FUND COMMENTARY
SIX MONTHS ENDED April 30, 2023 (Unaudited)
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 April 30, 2023, the closing price was $74.62.
***
The adviser seeks to achieve the Fund’s objective. There can be no guarantee it will be achieved.
 
22
 
 
AVERAGE ANNUAL TOTAL RETURNS AS OF April 30, 2023 
 
 
INCEPTION DATE
SIX MONTHS*
1 YEAR
SINCE
INCEPTION
JPMorgan BetaBuilders U.S. Mid Cap Equity ETF
 
Net Asset Value
April 14, 2020
1.61
%
(2.89
)%
14.76
%
Market Price
 
1.78
(2.82
)
14.75
 
 
*
Not annualized.
LIFE OF FUND PERFORMANCE (4/14/20 TO 4/30/23)
 
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. For up-to-date month-end performance information, please call 1-844-457-6383. 
Fund commenced operations on April 14, 2020.
The graph illustrates comparative performance for $10,000 invested in shares of the JPMorgan BetaBuilders U.S. Mid Cap Equity ETF and Morningstar® US Mid Cap Target Market Exposure Extended IndexSM from April 14, 2020 to April 30, 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 Morningstar® US Mid Cap Target Market Exposure
Extended IndexSM does not reflect the deduction of expenses associated with an exchange-traded fund and has been adjusted to reflect reinvestment of all dividends and capital gain distributions of the securities included in the Index, if applicable. The Morningstar® US Mid Cap Target Market Exposure Extended IndexSM is a free float adjusted market capitalization weighted index that consists of mid cap U.S. equity securities. Investors cannot invest directly in an index.
Performance shown in this section does not reflect the deduction of taxes that a shareholder may pay on Fund distributions or on gains resulting from redemption or sale of Fund shares.
The returns shown are based on net asset values calculated for shareholder transactions and may differ from the returns shown in the financial highlights, which reflect adjustments made to the net asset values in accordance with accounting principles generally accepted in the United States of America.
 
 
 
23
JPMorgan BetaBuilders U.S. Small Cap Equity ETF
FUND COMMENTARY
SIX MONTHS ENDED April 30, 2023 (Unaudited)
 
REPORTING PERIOD RETURN:
 
Net Asset Value *
(2.29)%
Market Price **
(1.84)%
Morningstar® US Small Cap Target Market Exposure Extended IndexSM
(2.28)%
Net Assets as of 4/30/2023
$695,988,969
Fund Ticker
BBSC
INVESTMENT OBJECTIVE***
The JPMorgan BetaBuilders U.S. Small Cap Equity ETF (the “Fund”) seeks investment results that closely correspond, before fees and expenses, to the performance of the Morningstar® US Small Cap Target Market Exposure Extended IndexSM (the "Underlying Index").
INVESTMENT APPROACH
The Underlying Index primarily consists of small-cap equity securities traded in the U.S. It targets those securities that fall between the 95th and 99th percentiles in market capitalization of the free float adjusted investable universe. Using a "passive" investment approach, the Fund attempts to closely correspond to the performance of the Underlying Index and invests in substantially all of the securities in the Underlying Index in approximately the same proportions as the Underlying Index.
HOW DID THE FUND PERFORM?
The Fund had a negative absolute return for the six months ended April 30, 2023, and performed in line with the Underlying Index, before considering the effects of operating expenses, fees and tax management of the Fund’s portfolio.
The Fund’s and the Underlying Index’s exposures to the financials and energy sectors were leading detractors from absolute performance, while their exposures to the consumer discretionary and industrials sectors were leading contributors to absolute performance.
HOW WAS THE FUND POSITIONED?
During the reporting period, the Fund’s and the Underlying Index’s largest allocations were to the financials and industrials sectors and their smallest allocations were to the utilities and
communication services sectors. 
TOP TEN HOLDINGS OF THE
PORTFOLIO AS OF April 30, 2023
PERCENT OF
TOTAL
INVESTMENTS
1.
Prometheus Biosciences, Inc.
0.5
%
2.
ATI, Inc.
0.4
3.
Academy Sports & Outdoors, Inc.
0.4
4.
Super Micro Computer, Inc.
0.4
5.
Triton International Ltd. (Bermuda)
0.4
6.
Rambus, Inc.
0.3
7.
elf Beauty, Inc.
0.3
8.
Meritage Homes Corp.
0.3
9.
Taylor Morrison Home Corp.
0.3
10.
World Wrestling Entertainment, Inc.,
Class A
0.3
 
PORTFOLIO COMPOSITION BY SECTOR
AS OF April 30, 2023
PERCENT OF
TOTAL
INVESTMENTS
Financials
15.7%
Industrials
15.1
Health Care
14.6
Information Technology
11.4
Consumer Discretionary
11.0
Real Estate
4.9
Energy
4.8
Materials
4.2
Consumer Staples
4.1
Communication Services
2.5
Utilities
1.6
Short-Term Investments
10.1
 
*
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 $53.03 as of April 30, 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
 
24
 
 
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 April 30, 2023, the closing price was $52.99.
***
The adviser seeks to achieve the Fund’s objective. There can be no guarantee it will be achieved.
 
 
 
25
JPMorgan BetaBuilders U.S. Small Cap Equity ETF
FUND COMMENTARY
SIX MONTHS ENDED April 30, 2023 (Unaudited)
AVERAGE ANNUAL TOTAL RETURNS AS OF April 30, 2023 
 
 
INCEPTION DATE
SIX MONTHS*
1 YEAR
SINCE
INCEPTION
JPMorgan BetaBuilders U.S. Small Cap Equity ETF
 
Net Asset Value
November 16, 2020
(2.29
)%
(2.56
)%
2.55
%
Market Price
 
(1.84
)
(2.53
)
2.52
 
 
*
Not annualized.
LIFE OF FUND PERFORMANCE (11/16/20 TO 4/30/23)
 
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. For up-to-date month-end performance information, please call 1-844-457-6383. 
Fund commenced operations on November 16, 2020.
The graph illustrates comparative performance for $10,000 invested in shares of the JPMorgan BetaBuilders U.S. Small Cap Equity ETF and Morningstar® US Small Cap Target Market Exposure Extended IndexSM from November 16, 2020 to April 30, 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 Morningstar® US Small Cap Target
Market Exposure Extended IndexSM does not reflect the deduction of expenses associated with an exchange-traded fund and has been adjusted to reflect reinvestment of all dividends and capital gain distributions of the securities included in the Index, if applicable. The Morningstar® US Small Cap Target Market Exposure Extended IndexSM is a free float-adjusted market capitalization-weighted index that consists of small cap U.S. equity securities. Investors cannot invest directly in an index.
Performance shown in this section does not reflect the deduction of taxes that a shareholder may pay on Fund distributions or on gains resulting from redemption or sale of Fund shares.
The returns shown are based on net asset values calculated for shareholder transactions and may differ from the returns shown in the financial highlights, which reflect adjustments made to the net asset values in accordance with accounting principles generally accepted in the United States of America.
 
26
 
 
JPMorgan Carbon Transition U.S. Equity ETF
FUND COMMENTARY
SIX MONTHS ENDED April 30, 2023 (Unaudited)
 
REPORTING PERIOD RETURN:
 
Net Asset Value *
8.01%
Market Price **
7.94%
JPMorgan Asset Management Carbon Transition U.S. Equity Index
8.09%
Russell 1000 Index
8.01%
Net Assets as of 4/30/2023
$22,458,558
Fund Ticker
JCTR
INVESTMENT OBJECTIVE***
The JPMorgan Carbon Transition U.S. Equity ETF (the “Fund”) seeks investment results that closely correspond, before fees and expenses, to the performance of the JPMorgan Asset Management Carbon Transition U.S. Equity Index (the “Underlying Index”).
INVESTMENT APPROACH
The Fund is passively managed to the Underlying Index, which primarily tracks large- and mid-cap equity securities of companies located in the U.S. and is designed to capture the performance of companies that have been identified through the Underlying Index’s rules-based process as better positioned to benefit from a transition to a lower carbon economy while also providing broader U.S. market exposure. Companies are then evaluated based on the rules-based process to determine how they effectively manage emissions, resources and carbon-related risks and are ranked within each sector.
HOW DID THE FUND PERFORM?
The Fund provided a positive absolute return for the six months ended April 30, 2023, and performed in line with the Underlying Index, before considering operating expenses, fees and tax management of the Fund’s portfolio. Both the Fund and the Underlying Index performed in line with the Russell 1000 Index, which is a more traditional market capitalization-weighted index.
The Fund’s and the Underlying Index’s exposures to the technology and consumer discretionary sectors were leading contributors to absolute performance, while their exposures to the energy and financials sectors were leading detractors from absolute performance.
Relative to the Russell 1000 Index, the Fund’s and the Underlying Index’s exposures within the information technology and consumer discretionary sectors were leading contributors to performance, while their exposures within the health care and industrials sectors were leading detractors from relative performance.
HOW WAS THE FUND POSITIONED?
During the reporting period, the Fund’s and the Underlying Index’s largest allocations were to the information technology and financials sectors, while their smallest allocations were to
the materials and utilities sectors. 
TOP TEN HOLDINGS OF THE
PORTFOLIO AS OF April 30, 2023
PERCENT OF
TOTAL
INVESTMENTS
1.
Apple, Inc.
7.0
%
2.
Microsoft Corp.
5.8
3.
Alphabet, Inc., Class A
2.9
4.
Amazon.com, Inc.
2.2
5.
NVIDIA Corp.
2.1
6.
Exxon Mobil Corp.
1.6
7.
UnitedHealth Group, Inc.
1.5
8.
Johnson & Johnson
1.4
9.
Tesla, Inc.
1.4
10.
Procter & Gamble Co. (The)
1.3
 
PORTFOLIO COMPOSITION BY SECTOR
AS OF April 30, 2023
PERCENT OF
TOTAL
INVESTMENTS
Information Technology
26.6%
Financials
14.7
Health Care
14.6
Consumer Discretionary
10.4
Communication Services
7.9
Industrials
7.6
Consumer Staples
6.0
Energy
4.4
Real Estate
2.9
Utilities
2.5
Materials
2.3
Short-Term Investments
0.1
 
*
The return shown is based on net asset value and may differ from the return shown in the financial highlights, which reflects
 
 
 
27
JPMorgan Carbon Transition U.S. Equity ETF
FUND COMMENTARY
SIX MONTHS ENDED April 30, 2023 (Unaudited)
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 $56.15 as of April 30, 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 April 30, 2023, the closing price was $56.12.
***
The adviser seeks to achieve the Fund’s objective. There can be no guarantee it will be achieved.
 
28
 
 
AVERAGE ANNUAL TOTAL RETURNS AS OF April 30, 2023 
 
 
INCEPTION DATE
SIX MONTHS*
1 YEAR
SINCE
INCEPTION
JPMorgan Carbon Transition U.S. Equity ETF
 
Net Asset Value
December 9, 2020
8.01
%
2.62
%
6.99
%
Market Price
 
7.94
2.66
6.97
 
 
*
Not annualized.
LIFE OF FUND PERFORMANCE (12/9/20 TO 4/30/23)
 
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. For up-to-date month-end performance information, please call 1-844-457-6383. 
Fund commenced operations on December 9, 2020.
The graph illustrates comparative performance for $10,000 invested in shares of the JPMorgan Carbon Transition U.S. Equity ETF, the JPMorgan Asset Management Carbon Transition U.S. Equity Index and the Russell 1000 Index from December 9, 2020 to April 30, 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 JPMorgan Asset Management Carbon Transition U.S. Equity Index and Russell 1000 Index does not reflect the deduction of expenses associated with an exchange-traded fund and has been adjusted to reflect reinvestment of all dividends and capital gain
distributions of the securities included in the Index, if applicable. The JPMorgan Asset Management Carbon Transition U.S. Equity Index is a rules-based, proprietary index built to achieve a meaningful reduction in carbon intensity without relying on exclusions or sector deviations. It is a proprietary index designed to reflect the performance of a subset of the U.S. large and midcap companies in developed markets that, based on the index rules, are determined to be best positioned to benefit from a transition to a low-carbon economy. The Russell 1000 Index is a market capitalization-weighted index, which measures the performance of the 1,000 largest companies in the Russell 3000 Index. Investors cannot invest directly in an index.
Performance shown in this section does not reflect the deduction of taxes that a shareholder may pay on Fund distributions or on gains resulting from redemption or sale of Fund shares.
The returns shown are based on net asset values calculated for shareholder transactions and may differ from the returns shown in the financial highlights, which reflect adjustments made to the net asset values in accordance with accounting principles generally accepted in the United States of America.
 
 
 
29
JPMorgan Diversified Return Emerging Markets Equity ETF
FUND COMMENTARY
SIX MONTHS ENDED April 30, 2023 (Unaudited)
 
REPORTING PERIOD RETURN:
 
Net Asset Value *
13.36%
Market Price **
13.35%
JP Morgan Diversified Factor Emerging Markets Equity Index (net total return)
13.51%
FTSE Emerging Index (net total return)
15.23%
Net Assets as of 4/30/2023
$281,698,753
Fund Ticker
JPEM
INVESTMENT OBJECTIVE***
The JPMorgan Diversified Return Emerging Markets Equity ETF (the “Fund”) seeks investment results that closely correspond, before fees and expenses, to the performance of the JP Morgan Diversified Factor Emerging Markets Equity Index (the “Underlying Index”).
INVESTMENT APPROACH
The Fund is passively managed to the Underlying Index, which tracks large- and mid-cap equity securities from emerging markets, diversified across regions, super-sectors and individual securities. The Underlying Index uses a proprietary multi-factor selection process that utilizes the following characteristics: value, momentum and quality. The Underlying Index’s methodology includes quarterly rebalancing.
HOW DID THE FUND PERFORM?
The Fund provided a positive absolute return for the six months ended April 30, 2023, and performed in line with the Underlying Index, before considering differences in the net asset value calculations and foreign exchange pricing between the Underlying Index and the Fund and fees and operating expenses incurred by the Fund. The Fund and the Underlying Index underperformed the FTSE Emerging Index, which is a more traditional market capitalization-weighted index.
From a super-sector perspective, the Fund’s and the Underlying Index’s positions in the industrials and consumer super-sectors were leading contributors to absolute performance, while their
positions in the commodities and financials super-sectors were the smallest contributors to absolute performance and no super-sector detracted from absolute performance.
From a regional perspective, the Fund’s and the Underlying Index’s positions in China and in Asia-Pacific, excluding China, were leading contributors to absolute performance, while their positions in Latin America and Europe, Middle East and Africa were the smallest regional contributors to absolute performance and no region detracted from absolute performance.
Relative to the FTSE Emerging Index, the Fund’s and the Underlying Index’s underweight positions in China and their multi-factor security selections within China were leading detractors from performance, while their multi-factor security selections in Latin America and their underweight positions in Asia-Pacific, excluding China, were leading contributors to performance.
HOW WAS THE FUND POSITIONED?
During the reporting period, the Fund’s and the Underlying Index’s largest allocations were to the defensives and the industrials super-sector, while their smallest allocations were to the commodities and consumer super-sectors. The Fund’s and the Underlying Index’s largest regional allocations were to Asia-Pacific, excluding China, and to Europe, Middle East and Africa. Their smallest allocations were to China and Latin America.
 
 
30
 
 
*
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 $51.22 as of April 30, 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 April 30, 2023, the closing price was $51.52.
***
The adviser seeks to achieve the Fund’s objective. There can be no guarantee it will be achieved.
 
****
Amount rounds to less than 0.1%.
TOP TEN HOLDINGS OF THE
PORTFOLIO AS OF April 30, 2023
PERCENT OF
TOTAL
INVESTMENTS
1.
Infosys Ltd. (India)
1.4
%
2.
Vale SA (Brazil)
1.3
3.
Taiwan Semiconductor Manufacturing Co.
Ltd. (Taiwan)
1.2
4.
Hindustan Unilever Ltd. (India)
1.0
5.
Grupo Financiero Banorte SAB de CV,
Class O (Mexico)
0.9
6.
Bank of China Ltd., Class H (China)
0.9
7.
America Movil SAB de CV (Mexico)
0.9
8.
Tata Consultancy Services Ltd. (India)
0.8
9.
Petroleo Brasileiro SA (Preference)
(Brazil)
0.8
10.
Wal-Mart de Mexico SAB de CV (Mexico)
0.8
 
PORTFOLIO COMPOSITION BY COUNTRY
AS OF April 30, 2023
PERCENT OF
TOTAL
INVESTMENTS
China
25.5%
Taiwan
11.9
India
10.2
Brazil
8.9
Turkey
8.0
Mexico
7.2
Saudi Arabia
4.7
South Africa
4.0
Indonesia
3.7
Thailand
3.2
United Arab Emirates
2.3
Malaysia
2.0
Kuwait
1.9
Qatar
1.7
Chile
1.4
Greece
1.2
Others (each less than 1.0%)
2.2
Short-Term Investments
0.0****
 
 
 
 
31
JPMorgan Diversified Return Emerging Markets Equity ETF
FUND COMMENTARY
SIX MONTHS ENDED April 30, 2023 (Unaudited)
AVERAGE ANNUAL TOTAL RETURNS AS OF April 30, 2023 
 
 
INCEPTION DATE
SIX MONTHS*
1 YEAR
5 YEAR
SINCE
INCEPTION
JPMorgan Diversified Return Emerging Markets Equity ETF
 
Net Asset Value
January 7, 2015
13.36
%
0.52
%
1.00
%
3.39
%
Market Price
 
13.35
1.54
1.09
3.46
 
 
*
Not annualized.
LIFE OF FUND PERFORMANCE (1/7/15 TO 4/30/23)
 
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. For up-to-date month-end performance information, please call 1-844-457-6383. 
Fund commenced operations on January 7, 2015.
The graph illustrates comparative performance for $10,000 invested in shares of the JPMorgan Diversified Return Emerging Markets Equity ETF, the JP Morgan Diversified Factor Emerging Markets Equity Index (net total return) and the FTSE Emerging Index (net total return) from January 7, 2015 to April 30, 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 JP Morgan Diversified Factor Emerging Markets Equity Index (net total return) and the FTSE Emerging Index (net total return) does not reflect the deduction of expenses associated with an exchange-traded fund and has been adjusted to reflect reinvestment of all dividends and capital gain distributions of the securities included in the Index, if applicable. The Fund’s adviser is a sponsor of the JP Morgan Diversified Factor Emerging Markets Equity Index (net total return) and developed the proprietary factors on which the index is based. FTSE Russell, the benchmark administrator, administers, calculates and governs the JP Morgan Diversified Factor Emerging Markets Equity Index (net total return). JP Morgan Diversified Factor Emerging Markets Equity Index (net total return) is comprised of large- and mid-cap equity securities selected from the FTSE Emerging Index (net total return). The index is
designed to reflect the performance of emerging market securities representing the following diversified set of factors: value, momentum and quality. The FTSE Emerging Index (net total return) provides investors with a comprehensive means of measuring the performance of the most liquid companies in the emerging markets. Net total return figures assume the reinvestment of dividends after deduction of withholding tax, applying the maximum rate to nonresident individual investors who do not benefit from double taxation treaties. Investors cannot invest directly in an index.
For periods presented prior to November 1, 2019, the date on which a unitary fee structure was adopted, Fund performance reflects the waiver of the Fund’s fees and reimbursement of expenses for certain periods since the inception date. 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 may pay on Fund distributions or on gains resulting from redemption or sale of Fund shares.
International investing involves a greater degree of risk and increased volatility. Changes in currency exchange rates and differences in accounting and taxation policies outside the United States can raise or lower returns. Also, some overseas markets may not be as politically and economically stable as the United States and other nations.
The returns shown are based on net asset values calculated for shareholder transactions and may differ from the returns shown in the financial highlights, which reflect adjustments made to the net asset values in accordance with accounting principles generally accepted in the United States of America.
 
32
 
 
JPMorgan Diversified Return International Equity ETF
FUND COMMENTARY
SIX MONTHS ENDED April 30, 2023 (Unaudited)
 
REPORTING PERIOD RETURN:
 
Net Asset Value *
21.62%
Market Price **
21.62%
JP Morgan Diversified Factor International Equity Index (net total return)
21.34%
FTSE Developed ex North America Index (net total return)
23.47%
Net Assets as of 4/30/2023
$814,971,993
Fund Ticker
JPIN
INVESTMENT OBJECTIVE***
The JPMorgan Diversified Return International Equity ETF (the “Fund”) seeks investment results that closely correspond, before fees and expenses, to the performance of the JP Morgan Diversified Factor International Equity Index (the “Underlying Index”).
INVESTMENT APPROACH
The Fund is passively managed to the Underlying Index, which tracks large- and mid-cap equity securities in developed markets outside of North America, diversified across regions, sectors and individual securities. The Underlying Index uses a proprietary multi-factor selection process that utilizes the following characteristics: value, momentum and quality. The Underlying Index’s methodology includes quarterly rebalancing.
HOW DID THE FUND PERFORM?
The Fund provided a positive absolute performance for the six months ended April 30, 2023, and performed in line with the Underlying Index, before considering the effects of differences in the Fund’s net asset value calculations versus the Underlying Index’s valuation calculations, as well as differences due to specific trading limits, the Fund’s small cash allocation and fees and operating expenses incurred by the Fund. The Fund and the Underlying Index underperformed the FTSE Developed ex North America Index, which is a more traditional market capitalization-weighted index.
From a sector perspective, the Fund’s and the Underlying Index’s positions in the consumer staples and industrials sectors were leading contributors to absolute performance, while their positions in the energy and real estate sectors were the smallest contributors to absolute performance and no sectors detracted from absolute performance.
From a regional perspective, the Fund’s and Underlying Index’s positions in Japan and Europe, excluding the U.K., were leading contributors to absolute performance. Their positions in Asia-Pacific, excluding Japan, and the U.K. were the smallest contributors to absolute performance and no regions detracted from absolute performance. 
Relative to the FTSE Developed ex North America Index, the Fund’s and the Underlying Index’s underweight positions in the real estate sector and their multi-factor security selections in the consumer discretionary sector were leading detractors from performance, while their overweight positions in the utilities sector and their multi-factor security selections in the telecommunications sector were leading contributors to  relative performance.
The Fund’s and the Underlying Index’s underweight position and multi-factor security selections in Europe, excluding the U.K., and their overweight positions in Asia Pacific, excluding Japan, were leading detractors from relative performance, while their multi-factor security selections in the U.K. and Japan were leading contributors to relative performance.
HOW WAS THE FUND POSITIONED?
During the reporting period, the Fund’s and the Underlying Index’s largest allocations were to the consumer staples and industrials sectors, while their smallest allocations were to the energy and telecommunications sectors. By region, the Fund’s and the Underlying Index’s largest allocations were to Japan and Asia-Pacific, excluding Japan, and their smallest allocations
were to Europe and the U.K. 
 
 
 
33
JPMorgan Diversified Return International Equity ETF
FUND COMMENTARY
SIX MONTHS ENDED April 30, 2023 (Unaudited)
*
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 $53.62 as of April 30, 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 April 30, 2023, the closing price was $53.73.
***
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 April 30, 2023
PERCENT OF
TOTAL
INVESTMENTS
1.
BAE Systems plc (United Kingdom)
0.4
%
2.
Sembcorp Industries Ltd. (Singapore)
0.4
3.
Novo Nordisk A/S, Class B (Denmark)
0.4
4.
Centrica plc (United Kingdom)
0.4
5.
Iberdrola SA (Spain)
0.4
6.
AstraZeneca plc (United Kingdom)
0.4
7.
3i Group plc (United Kingdom)
0.4
8.
Wolters Kluwer NV (Netherlands)
0.4
9.
Kansai Electric Power Co., Inc. (The)
(Japan)
0.4
10.
United Utilities Group plc (United
Kingdom)
0.4
 
PORTFOLIO COMPOSITION BY COUNTRY
AS OF April 30, 2023
PERCENT OF
TOTAL
INVESTMENTS
Japan
29.9%
United Kingdom
15.7
Australia
10.4
South Korea
6.4
France
4.9
Singapore
3.3
Netherlands
3.1
Hong Kong
3.1
Spain
2.4
Germany
2.4
United States
2.4
Sweden
2.3
Italy
2.2
China
1.5
Switzerland
1.5
Finland
1.2
Norway
1.0
Others (each less than 1.0%)
4.5
Short-Term Investments
1.8
 
 
34
 
 
AVERAGE ANNUAL TOTAL RETURNS AS OF April 30, 2023 
 
 
INCEPTION DATE
SIX MONTHS*
1 YEAR
5 YEAR
SINCE
INCEPTION
JPMorgan Diversified Return International Equity ETF
 
Net Asset Value
November 5, 2014
21.62
%
3.06
%
1.04
%
3.62
%
Market Price
 
21.62
3.50
1.04
3.64
 
 
*
Not annualized.
LIFE OF FUND PERFORMANCE (11/5/14 TO 4/30/23)
 
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. For up-to-date month-end performance information, please call 1-844-457-6383. 
Fund commenced operations on November 5, 2014.
The graph illustrates comparative performance for $10,000 invested in shares of the JPMorgan Diversified Return International Equity ETF, the JP Morgan Diversified Factor International Equity Index (net total return) and the FTSE Developed ex North America Index (net total return) from November 5, 2014 to April 30, 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 JP Morgan Diversified Factor International Equity Index (net total return) and the FTSE Developed ex North America Index (net total return) does not reflect the deduction of expenses associated with an exchange-traded fund and has been adjusted to reflect reinvestment of all dividends and capital gain distributions of the securities included in the Index, if applicable. The Fund’s adviser is a sponsor of the JP Morgan Diversified Factor International Equity Index (net total return) and developed the proprietary factors on which the index is based. FTSE Russell, the benchmark administrator, administers, calculates and governs the JP Morgan Diversified Factor International Equity Index (net total return). JP Morgan Diversified Factor International Equity Index (net total return) is comprised of large- and mid-cap equity securities selected from the FTSE Developed ex North America Index (net total return). The index is designed to reflect the performance of stocks representing the following diversified set of
factors: value, momentum and quality. The FTSE Developed ex North America Index (net total return) is part of a range of indices designed to help investors benchmark their international investments. The index comprises large- and mid-cap stocks providing coverage of developed markets, excluding the US and Canada. The index is derived from the FTSE Global Equity Index Series (GEIS), which covers 98% of the world's investable market capitalization. Net total return figures assume the reinvestment of dividends after deduction of withholding tax, applying the maximum rate to nonresident individual investors who do not benefit from double taxation treaties. Investors cannot invest directly in an index.
For periods presented prior to November 1, 2019, the date on which a unitary fee structure was adopted, Fund performance reflects the waiver of the Fund’s fees and reimbursement of expenses for certain periods since the inception date. 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 may pay on Fund distributions or on gains resulting from redemption or sale of Fund shares.
International investing involves a greater degree of risk and increased volatility. Changes in currency exchange rates and differences in accounting and taxation policies outside the United States can raise or lower returns. Also, some overseas markets may not be as politically and economically stable as the United States and other nations.
The returns shown are based on net asset values calculated for shareholder transactions and may differ from the returns shown in the financial highlights, which reflect adjustments made to the net asset values in accordance with accounting principles generally accepted in the United States of America.
 
 
 
35
JPMorgan Diversified Return U.S. Equity ETF
FUND COMMENTARY
SIX MONTHS ENDED April 30, 2023 (Unaudited)
 
REPORTING PERIOD RETURN:
 
Net Asset Value *
3.63%
Market Price **
3.47%
JP Morgan Diversified Factor US Equity Index
3.73%
Russell 1000 Index
8.01%
Net Assets as of 4/30/2023
$499,885,428
Fund Ticker
JPUS
INVESTMENT OBJECTIVE***
The JPMorgan Diversified Return U.S. Equity ETF (the “Fund”) seeks investment results that closely correspond, before fees and expenses, to the performance of the JP Morgan Diversified Factor US Equity Index (the “Underlying Index”).
INVESTMENT APPROACH
The Fund is passively managed to the Underlying Index, which tracks large- and mid-cap equity securities of U.S. companies, diversified across sectors and individual securities. The Underlying Index uses a rules-based proprietary multi-factor selection process that utilizes the following characteristics: value, momentum and quality. The Underlying Index’s methodology includes quarterly rebalancing.
HOW DID THE FUND PERFORM?
The Fund provided a positive absolute performance for the six months ended April 30, 2023, and performed in line with the Underlying Index, before considering operating expenses, fees and tax management of the Fund’s portfolio. Both the Fund and the Underlying Index underperformed the Russell 1000 Index, which is a more traditional market capitalization-weighted index.
The Fund’s and the Underlying Index’s positions in the technology and basic materials sectors were leading contributors to absolute performance, while their positions in the financials and energy sectors were leading detractors from absolute performance. 
Relative to the Russell 1000 Index, the Fund’s and the Underlying Index’s underweight positions in the technology sector and their multi-factor security selections in the telecommunication sector were leading detractors from performance, while their multi-factor security selections in the consumer discretionary sector and their underweight positions in the financials sector were leading contributors to relative performance.  
HOW WAS THE FUND POSITIONED?
During the reporting period, the Fund’s and the Underlying Index’s largest allocations were to the consumer staples and health care sectors, while their smallest allocations were to the
energy and telecommunications sectors. 
TOP TEN HOLDINGS OF THE
PORTFOLIO AS OF April 30, 2023
PERCENT OF
TOTAL
INVESTMENTS
1.
Microsoft Corp.
0.5
%
2.
Mondelez International, Inc., Class A
0.5
3.
Apple, Inc.
0.5
4.
Hershey Co. (The)
0.5
5.
Kimberly-Clark Corp.
0.5
6.
Arista Networks, Inc.
0.5
7.
Southern Co. (The)
0.5
8.
NVIDIA Corp.
0.5
9.
HCA Healthcare, Inc.
0.5
10.
Republic Services, Inc.
0.5
 
PORTFOLIO COMPOSITION BY SECTOR
AS OF April 30, 2023
PERCENT OF
TOTAL
INVESTMENTS
Consumer Staples
15.0%
Utilities
12.4
Health Care
12.2
Industrials
9.2
Technology
8.9
Real Estate
8.0
Consumer Discretionary
7.6
Financials
7.5
Basic Materials
6.9
Telecommunications
5.1
Energy
4.8
Short-Term Investments
2.4
 
*
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 $96.13 as of April 30, 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
 
36
 
 
day of the period. The price used to calculate the market price return was the closing price on the NYSE Arca. As of April 30, 2023, the closing price was $96.09.
***
The adviser seeks to achieve the Fund’s objective. There can be no guarantee it will be achieved.
 
 
 
37
JPMorgan Diversified Return U.S. Equity ETF
FUND COMMENTARY
SIX MONTHS ENDED April 30, 2023 (Unaudited)
AVERAGE ANNUAL TOTAL RETURNS AS OF April 30, 2023 
 
 
INCEPTION DATE
SIX MONTHS*
1 YEAR
5 YEAR
SINCE
INCEPTION
JPMorgan Diversified Return U.S. Equity ETF
 
Net Asset Value
September 29, 2015
3.63
%
(0.78
)%
8.97
%
10.97
%
Market Price
 
3.47
(0.74
)
8.95
10.96
 
 
*
Not annualized.
LIFE OF FUND PERFORMANCE (9/29/15 TO 4/30/23)
 
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. For up-to-date month-end performance information, please call 1-844-457-6383. 
Fund commenced operations on September 29, 2015.
The graph illustrates comparative performance for $10,000 invested in shares of the JPMorgan Diversified Return U.S. Equity ETF, the JP Morgan Diversified Factor US Equity Index, and the Russell 1000 Index from September 29, 2015 to April 30, 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 JP Morgan Diversified Factor US Equity Index and Russell 1000 Index  does not reflect the deduction of expenses associated with an exchange-traded fund and has been adjusted to reflect reinvestment of all dividends and capital gain distributions of the securities included in the Index, if applicable. The Fund’s adviser is a sponsor of the JP Morgan Diversified Factor US Equity Index and developed the proprietary factors on which the index is based. FTSE Russell, the benchmark administrator,
administers, calculates and governs the JP Morgan Diversified Factor US Equity Index. JP Morgan Diversified Factor US Equity Index is comprised of U.S. large and mid-cap equity securities selected from the constituents of the Russell 1000 Index. The index is designed to reflect the performance of stocks representing the following diversified set of factors: value, momentum and quality. The Russell 1000 Index is a market capitalization-weighted index, which measures the performance of the 1,000 largest companies in the Russell 3000 Index. Investors cannot invest directly in an index.
For periods presented prior to November 1, 2019, the date on which a unitary fee structure was adopted, Fund performance reflects the waiver of the Fund’s fees and reimbursement of expenses for certain periods since the inception date. 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 may pay on Fund distributions or on gains resulting from redemption or sale of Fund shares.
The returns shown are based on net asset values calculated for shareholder transactions and may differ from the returns shown in the financial highlights, which reflect adjustments made to the net asset values in accordance with accounting principles generally accepted in the United States of America.
 
38
 
 
JPMorgan Diversified Return U.S. Mid Cap Equity ETF
FUND COMMENTARY
SIX MONTHS ENDED April 30, 2023 (Unaudited)
 
REPORTING PERIOD RETURN:
 
Net Asset Value *
3.83%
Market Price **
3.89%
JP Morgan Diversified Factor US Mid Cap Equity Index
3.95%
Russell Midcap Index
3.80%
Net Assets as of 4/30/2023
$343,670,280