J.P. Morgan Exchange-Traded Fund Trust

Annual Report

J.P. Morgan Exchange-Traded Funds

October 31, 2022

Fund	Ticker	Listing Exchange
JPMorgan ActiveBuilders Emerging Markets Equity ETF	JEMA	Cboe BZX Exchange, Inc.
JPMorgan ActiveBuilders International Equity ETF	JIDA	NYSE Arca
JPMorgan BetaBuilders Canada ETF	BBCA	Cboe BZX Exchange, Inc.
JPMorgan BetaBuilders Developed Asia Pacific ex-Japan ETF (formerly known as JPMorgan BetaBuilders Developed Asia 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 Climate Change Solutions ETF	TEMP	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 International Growth ETF	JIG	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


President's Letter	1
Market Overview	2
Fund Commentaries:
JPMorgan ActiveBuilders Emerging Markets Equity ETF	3
JPMorgan ActiveBuilders International Equity ETF	6
JPMorgan BetaBuilders Canada ETF	9
JPMorgan BetaBuilders Developed Asia Pacific ex-Japan ETF (formerly known as JPMorgan BetaBuilders Developed Asia ex-Japan ETF)	12
JPMorgan BetaBuilders Europe ETF	15
JPMorgan BetaBuilders International Equity ETF	18
JPMorgan BetaBuilders Japan ETF	21
JPMorgan BetaBuilders U.S. Equity ETF	24
JPMorgan BetaBuilders U.S. Mid Cap Equity ETF	27
JPMorgan BetaBuilders U.S. Small Cap Equity ETF	30
JPMorgan Carbon Transition U.S. Equity ETF	33
JPMorgan Climate Change Solutions ETF	36
JPMorgan Diversified Return Emerging Markets Equity ETF	39
JPMorgan Diversified Return International Equity ETF	42
JPMorgan Diversified Return U.S. Equity ETF	45
JPMorgan Diversified Return U.S. Mid Cap Equity ETF	48
JPMorgan Diversified Return U.S. Small Cap Equity ETF	51
JPMorgan International Growth ETF	54
JPMorgan U.S. Momentum Factor ETF	57
JPMorgan U.S. Quality Factor ETF	60
JPMorgan U.S. Value Factor ETF	63
Schedules of Portfolio Investments	66
Financial Statements	216
Financial Highlights	240
Notes to Financial Statements	250
Report of Independent Registered Public Accounting Firm	289
Trustees	291
Officers	295
Schedule of Shareholder Expenses	297
Board Approval of Management Agreements	299
Tax Letter	304

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 large creation/redemption units. Brokerage commissions will reduce returns.

President's Letter
December 15, 2022 (Unaudited)

Dear Shareholder,

Global financial markets reflected turmoil in the global economy in 2022, stirred by sharply higher inflation, rising interest rates, sporadic pandemic disruptions and the widening impact of the Russia-Ukraine conflict. Prices for both equities and bonds tumbled during the first half of the year and remained under pressure through the end of October.

“While investors seek to adapt to the

current market environment, we

believe a well-diversified portfolio

and a patient outlook remain crucial

components of a successful invest-

ment approach.”

— Brian S. Shlissel

Emerging market equities underperformed both the U.S. and other developed equity markets amid economic weakness in China and slowing global demand during the period. Across Europe, the war in Ukraine set off an energy crisis as a result of reduced imports of natural gas from Russia. U.S. equity markets also fell in 2022, but surprisingly strong corporate earnings and consumer spending helped leading U.S. indexes to rebound from their lowest levels. For the twelve month period ended October 31, 2022, the MSCI Emerging Markets Index returned -31.0%, the MSCI EAFE Index returned -23.0% and the S&P 500 Index returned -14.6%.

Notably, some recent U.S. inflationary data has indicated signs of easing price pressures and U.S. economic output as measured by gross domestic product turned positive in the third quarter of 2022, following two consecutive quarters of negative growth. Though the U.S. economy has lost momentum in 2022, it has not yet fallen into recession. Meanwhile, as the potential for a rapid resolution to the war in Ukraine appears to have faded, the European Union and its largest constituent

nations have moved to secure sufficient winter energy supplies while decreasing their dependence on imports of natural gas from Russia. In the U.K., a year-long political crisis was resolved with the accession of Rishi Sunak to prime minister in October 2022, which helped shore up the value of British pound and stabilize U.K. financial markets. China has eased some of the social restrictions under its “Zero Covid” policy and domestic equity indexes recently rose amid investor expectations that China’s economy may fully reopen in the coming months.

As 2022 comes to a close, financial markets are likely to remain volatile due to investor uncertainty regarding the outlook for inflation, interest rates and economic momentum. Increased geo-political tensions between Russia and Ukraine’s Western allies also remains a headwind for global financial markets.

Investors this year have confronted economic and financial market conditions not experienced in many years. While investors seek to adapt to the current market environment, we believe a well-diversified portfolio and a patient outlook remain crucial components of a successful investment approach. Our broad array of investment solutions seeks to provide investors with ability to build durable portfolios that can help them meet their financial goals.

Sincerely,

Brian S. Shlissel
President, J.P. Morgan Funds
J.P. Morgan Asset Management
1-844-457-6383 or www.jpmorganfunds.com for more information

October 31, 2022

J.P. Morgan Exchange-Traded Funds

MARKET OVERVIEW
TWELVE MONTHS ENDED October 31, 2022 (Unaudited)

While developed market equities largely ended 2021 with positive returns, global prices for equities and bonds plummeted in 2022 amid accelerating inflation, rising interest rates, pandemic disruptions in China and the outbreak of conflict in Ukraine. Returns for both equity and bond markets broadly declined during the first half of 2022 and remained in negative territory through the end of October. Notably, global energy prices rose sharply in the first half of 2022 before receding somewhat in the third quarter.

In the EU, the war in Ukraine remained the focus of investors’ attention as energy supplies from Russia were constrained and the potential for a rapid resolution to the conflict receded. Both the EU and its individual constituent nations moved to build up reserves of natural gas and petroleum ahead of the winter months. By the end of October 2022, several European governments had sought to confront soaring inflation with spending plans to help households manage rising food and energy costs. The European Central Bank responded to the highest inflation rates in 40 years by sharply raising its policy interest rates in September 2022 and again in October. During the twelve month period, equity markets in Europe largely outperformed emerging markets equities but underperformed U.S. equity markets.

Political turmoil in the U.K. added to a weakening economic outlook that rattled financial markets and pushed the British pound to a 37-year low against the U.S. dollar. By late October 2022, the accession of Rishi Sunak to prime minister provided some support for both the pound and U.K. financial markets. The Bank of England was among the earliest developed market central banks to move to curb inflationary pressures, with an initial interest rate increase in December 2021, and seven more increases during the period.

Developed markets in the Asia-Pacific region also slumped during the period amid rising inflation, particularly soaring energy prices, and broad weakness in the semiconductors sector. Despite inflationary pressures, the Bank of Japan maintained its ultra-low interest rate policy. Meanwhile, equities in Hong Kong and Singapore largely underperformed other developed markets.

In the U.S., investors largely kept their focus on inflation data as indicators of short-term policy of the U.S. Federal Reserve. In mid-March 2022, the central bank initiated its first interest rate increase since late 2018, and then followed with four more rate raises by the end of September 2022. U.S. gross domestic product fell by 1.6% in the first quarter of 2022 and dropped 0.6% in the second quarter before rebounding to a 2.6% increase in the third quarter. Consumer spending declined but remained somewhat better than investors expected. By the end of June 2022, U.S. equity prices had tumbled more than 20% from the start of the year, which is generally considered a bear market. However, prices rebounded somewhat by the end of October 2022.

Meanwhile, emerging markets equities and bonds slumped throughout the twelve months ended in October 2022. China was among the worst performers as the government’s “zero covid” policy led to strict lockdowns in several large cities, which weighed on the services sector in particular and on economic growth in general. China’s technology sector remained under pressure amid increased scrutiny of large technology companies by government regulators. Across emerging markets rising interest rates weighed on government spending and higher energy prices hurt markets of regions dependent on petroleum imports.

For the twelve months ended October 31, 2022, the S&P 500 Index returned -14.6%, the MSCI EAFE Index returned -23.0% and the MSCI Emerging Markets Index returned -31.0%.

J.P. Morgan Exchange-Traded Funds

October 31, 2022

JPMorgan ActiveBuilders Emerging Markets Equity ETF

FUND COMMENTARY
TWELVE MONTHS ENDED October 31, 2022 (Unaudited)

REPORTING PERIOD RETURN:
Net Asset Value *	(34.15)%
Market Price **	(34.32)%
MSCI Emerging Markets Index (net total return)	(31.03)%
Net Assets as of 10/31/2022	$907,154,126
Fund Ticker	JEMA

INVESTMENT OBJECTIVE***

The JPMorgan ActiveBuilders Emerging Markets Equity ETF (the “Fund”) seeks to provide long term capital appreciation.

INVESTMENT APPROACH

The Fund invests primarily in equity securities and equity-related instruments that are tied economically to emerging markets and seeks to construct a portfolio of holdings that will outperform the MSCI Emerging Markets Index (the “Benchmark”) over time while maintaining similar risk characteristics. The Fund allocates investments to the adviser’s actively managed emerging market equity strategies across countries, regions and style strategies and may invest across all market capitalizations.

HOW DID THE FUND PERFORM?

For the twelve months ended October 31, 2022, the Fund had a negative absolute return and underperformed the Benchmark.

Relative to the Benchmark, the Fund’s security selection in the financials and materials sectors was a leading detractor from performance, while the Fund’s security selection in the consumer discretionary sector and its underweight position in the communication services sector were leading contributors to relative performance.

By country, the Fund’s security selections in India and Taiwan were leading detractors from performance relative to the Benchmark, while the Fund’s overweight positions in Mexico and Indonesia were leading contributors to relative performance.

Leading individual detractors from relative performance included the Fund’s overweight positions in Sberbank and China

Merchants Bank Co., and its out-of-Benchmark position in Sea Ltd. Shares of Sberbank, a Russian financial services provider no longer held by the Fund, fell after the imposition of multilateral economic sanctions in response to Russia’s invasion of Ukraine in late February 2022. At the end of the period, the Fund’s exposure to Russia was less than 0.01% of the portfolio. Shares of China Merchants Bank, a financial services provider based in Shenzhen, China, fell amid overall weakness in investor demand for Chinese equities. Shares of Sea, a Singapore-based internet and mobile platform provider, fell after Tencent Holdings Ltd. reduced its stake in the company.

Leading individual contributors to relative performance included the Fund’s overweight position in Wal-Mart de Mexico SAB and its underweight positions in Alibaba Group Holding Ltd. and Tencent Holdings Ltd. Shares of Wal-Mart de Mexico, a discount retailer, rose amid robust consumer demand supported by higher remittances from expatriates abroad. Shares of Alibaba, a China-based online retail market platform operator, fell amid tighter regulations on Chinese technology companies and slower growth in China’s economy.

HOW WAS THE FUND POSITIONED?

During the reporting period, the Fund’s largest overweight allocations relative to the Benchmark were to the information technology and consumer staples sectors and its largest underweight allocations were to the materials and communication services sectors. By country, the Fund’s largest overweight allocations were to Mexico and Taiwan and its

largest underweight positions were in Saudi Arabia and India.

October 31, 2022

J.P. Morgan Exchange-Traded Funds

JPMorgan ActiveBuilders Emerging Markets Equity ETF

FUND COMMENTARY
TWELVE MONTHS ENDED October 31, 2022 (Unaudited) (continued)

The return shown is based on net asset value and may differ from the return shown in the financial highlights, which reflects adjustments made to the net asset value in accordance with accounting principles generally accepted in the United States of America. The net asset value was $31.07 as of October 31, 2022.

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 October 31, 2022, the closing price was $31.15.

***

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 October 31, 2022		PERCENT OF TOTAL INVESTMENTS
1.	Taiwan Semiconductor Manufacturing Co. Ltd. (Taiwan)	4.6%
2.	Samsung Electronics Co. Ltd. (South Korea)	3.5
3.	Tencent Holdings Ltd. (China)	2.1
4.	Infosys Ltd. (India)	2.0
5.	Housing Development Finance Corp. Ltd. (India)	1.8
6.	Wal-Mart de Mexico SAB de CV (Mexico)	1.6
7.	Alibaba Group Holding Ltd. (China)	1.4
8.	HDFC Bank Ltd., ADR (India)	1.3
9.	Grupo Financiero Banorte SAB de CV, Class O (Mexico)	1.2
10.	SK Hynix, Inc. (South Korea)	1.0

PORTFOLIO COMPOSITION BY COUNTRY AS OF October 31, 2022	PERCENT OF TOTAL INVESTMENTS
China	25.8%
Taiwan	14.7
India	14.3
South Korea	11.9
Brazil	7.5
Mexico	5.1
South Africa	4.1
Saudi Arabia	3.1
Indonesia	2.8
Thailand	1.8
Hong Kong	1.5
United States	1.4
United Arab Emirates	1.1
Others (each less than 1.0%)	4.5
Short-Term Investments	0.4

J.P. Morgan Exchange-Traded Funds

October 31, 2022

AVERAGE ANNUAL TOTAL RETURNS AS OF October 31, 2022 (Unaudited)

	INCEPTION DATE	1 YEAR	SINCE INCEPTION
JPMorgan ActiveBuilders Emerging Markets Equity ETF
Net Asset Value	March 10, 2021	(34.15)%	(22.52)%
Market Price		(34.32)	(22.40)

LIFE OF FUND PERFORMANCE (3/10/21 TO 10/31/22)

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 10, 2021.

The graph illustrates comparative performance for $10,000 invested in shares of the JPMorgan ActiveBuilders Emerging Markets Equity ETF and MSCI Emerging Markets Index (net total return) from March 10, 2021 to October 31, 2022. The performance of the Fund reflects the deduction of Fund expenses and assumes reinvestment of all dividends and capital gain distributions, if any. The performance of the MSCI Emerging Markets 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. MSCI Emerging Markets Index (net total return) is a free float-adjusted market

capitalization-weighted index that is designed to measure the performance of large- and mid-cap stocks in 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.

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.

October 31, 2022

J.P. Morgan Exchange-Traded Funds

JPMorgan ActiveBuilders International Equity ETF

FUND COMMENTARY
TWELVE MONTHS ENDED October 31, 2022 (Unaudited)

REPORTING PERIOD RETURN:
Net Asset Value *	(22.91)%
Market Price **	(23.23)%
MSCI EAFE Index (net total return)	(23.00)%
Net Assets as of 10/31/2022	$22,426,876
Fund Ticker	JIDA

INVESTMENT OBJECTIVE***

The JPMorgan ActiveBuilders International Equity ETF (the “Fund”) seeks to provide long term capital appreciation.

INVESTMENT APPROACH

The Fund invests primarily in equity securities and equity-related instruments of foreign companies across various market capitalizations and seeks to outperform the MSCI EAFE Index (the “Benchmark”) over time while maintaining similar risk characteristics. The Fund allocates investments in the adviser’s actively managed international equity strategies, including country, region and styles strategies.

HOW DID THE FUND PERFORM?

For the twelve months ended October 31, 2022, the Fund had a negative absolute return and outperformed the Benchmark.

Relative to the Benchmark, the Fund’s overweight positions in the energy and financials sectors were leading contributors to performance, while the Fund’s security selection in the consumer discretionary and communication services sectors was a leading detractor from relative performance.

By country, the Fund’s security selection in Sweden and Denmark was a leading contributor to performance relative to the Benchmark. The Fund’s security selection in the U.K. and its out-of-Benchmark position in China were leading detractors from relative performance.

Leading individual contributors to relative performance included the Fund’s overweight positions in TotalEnergies SE, DBS Group Holdings Ltd. and Novo Nordisk A/S. Shares of

TotalEnergies, a French integrated petroleum and natural gas company, rose amid higher global energy prices during the period. Shares of DBS Group Holdings, a Singapore financial services provider, rose after the company reported earnings and revenue growth during the period. Shares of Novo Nordisk, a Danish pharmaceuticals and health care products company, rose after legislative efforts to cap insulin prices failed in the U.S. Congress.

Leading individual detractors from relative performance included the Fund’s overweight positions in Adidas, Sea Ltd. and Adyen NV. Shares of Adidas, a German maker of footwear and sports apparel, fell amid supply-chain constraints and consumer backlash to the company’s former partnership with Kanye West. Shares of Sea, a Singapore-based internet and mobile platform provider, fell after Tencent Holdings Ltd. reduced its stake in the company. Shares of Adyen, a Dutch payments and e-commerce company, fell amid a broad sell-off in the information technology sector in the first quarter of 2022 and after the company reported lower-than-expected results for the first half of 2022.

HOW WAS THE FUND POSITIONED?

At the end of the reporting period, the Fund’s largest overweight allocations relative to the Benchmark were to the financials and energy sectors and its largest underweight allocations were to the real estate and industrials sectors. By country, the Fund’s largest overweight allocations were to Denmark and France and its largest underweight positions were in Australia and Japan.

J.P. Morgan Exchange-Traded Funds

October 31, 2022

TOP TEN HOLDINGS OF THE PORTFOLIO AS OF October 31, 2022		PERCENT OF TOTAL INVESTMENTS
1.	Nestle SA (Registered)	3.2%
2.	Roche Holding AG	2.8
3.	Novo Nordisk A/S, Class B (Denmark)	2.3
4.	Shell plc (Netherlands)	2.2
5.	LVMH Moet Hennessy Louis Vuitton SE (France)	2.1
6.	TotalEnergies SE (France)	2.1
7.	ASML Holding NV (Netherlands)	2.0
8.	BHP Group Ltd. (Australia)	1.7
9.	Diageo plc (United Kingdom)	1.6
10.	Novartis AG (Registered) (Switzerland)	1.6

PORTFOLIO COMPOSITION BY COUNTRY AS OF October 31, 2022	PERCENT OF TOTAL INVESTMENTS
Japan	19.1 %
United Kingdom	12.5
France	12.1
United States	8.6
Germany	8.2
Netherlands	7.3
Australia	6.2
Switzerland	5.2
Denmark	4.4
Sweden	2.2
Spain	1.9
Hong Kong	1.6
Singapore	1.5
Italy	1.1

PORTFOLIO COMPOSITION BY COUNTRY AS OF October 31, 2022	PERCENT OF TOTAL INVESTMENTS
Finland	1.1%
Others (each less than 1.0%)	5.6
Short-Term Investments	1.4

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 October 31, 2022, the closing price was $37.36.

***

The adviser seeks to achieve the Fund’s objective. There can be no guarantee it will be achieved.

October 31, 2022

J.P. Morgan Exchange-Traded Funds

JPMorgan ActiveBuilders International Equity ETF

FUND COMMENTARY
TWELVE MONTHS ENDED October 31, 2022 (Unaudited) (continued)

AVERAGE ANNUAL TOTAL RETURNS AS OF October 31, 2022 (Unaudited)

	INCEPTION DATE	1 YEAR	SINCE INCEPTION
JPMorgan ActiveBuilders International Equity ETF
Net Asset Value	July 7, 2021	(22.91)%	(16.59)%
Market Price		(23.23)	(16.62)

LIFE OF FUND PERFORMANCE (7/7/21 TO 10/31/22)

Fund commenced operations on July 7, 2021.

The graph illustrates comparative performance for $10,000 invested in shares of the JPMorgan ActiveBuilders International Equity ETF and MSCI EAFE Index (net total return) from July 7, 2021 to October 31, 2022. The performance of the Fund reflects the deduction of Fund expenses and assumes reinvestment of all dividends and capital gain distributions, if any. The performance of the MSCI EAFE 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. MSCI EAFE Index (net total return) is a free float-adjusted market capitalization-weighted index that is designed to measure

the performance of large- and mid-cap stocks in developed markets, excluding the U.S. and Canada. 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.

J.P. Morgan Exchange-Traded Funds

October 31, 2022

JPMorgan BetaBuilders Canada ETF

FUND COMMENTARY
TWELVE MONTHS ENDED October 31, 2022 (Unaudited)

REPORTING PERIOD RETURN:
Net Asset Value *	(13.34)%
Market Price **	(13.49)%
Morningstar® Canada Target Market Exposure IndexSM (net total return)	(13.40)%
Net Assets as of 10/31/2022	$5,644,273,295
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?

For the twelve months ended October 31, 2022, the Fund had a negative absolute return 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 financials sectors were leading detractors from absolute performance, while their exposures to the energy and consumer staples 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 energy sectors and their smallest allocations were to the health care and real estate sectors.

TOP TEN HOLDINGS OF THE PORTFOLIO AS OF October 31, 2022		PERCENT OF TOTAL INVESTMENTS
1.	Royal Bank of Canada (Canada)	6.9%
2.	Toronto-Dominion Bank (The) (Canada)	6.2
3.	Enbridge, Inc. (Canada)	4.2
4.	Canadian National Railway Co. (Canada)	3.9
5.	Canadian Pacific Railway Ltd. (Canada)	3.7
6.	Canadian Natural Resources Ltd. (Canada)	3.6
7.	Bank of Montreal (Canada)	3.3
8.	Bank of Nova Scotia (The) (Canada)	3.1
9.	Brookfield Asset Management, Inc., Class A (Canada)	3.0
10.	Suncor Energy, Inc. (Canada)	2.5

PORTFOLIO COMPOSITION BY SECTOR AS OF October 31, 2022	PERCENT OF TOTAL INVESTMENTS
Financials	32.9%
Energy	18.0
Industrials	13.1
Materials	9.5
Information Technology	5.1
Consumer Staples	4.1
Consumer Discretionary	3.3
Utilities	3.1
Communication Services	2.8
Others (each less than 1.0%)	0.7
Short-Term Investments	7.4

October 31, 2022

J.P. Morgan Exchange-Traded Funds

AVERAGE ANNUAL TOTAL RETURNS AS OF October 31, 2022 (Unaudited)

	INCEPTION DATE	1 YEAR	SINCE INCEPTION
JPMorgan BetaBuilders Canada ETF
Net Asset Value	August 7, 2018	(13.34)%	6.18%
Market Price		(13.49)	6.20

LIFE OF FUND PERFORMANCE (8/7/18 TO 10/31/22)

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 October 31, 2022. 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.

October 31, 2022

J.P. Morgan Exchange-Traded Funds

JPMorgan BetaBuilders Developed Asia Pacific ex-Japan ETF
(formerly known as JPMorgan BetaBuilders Developed Asia ex-Japan ETF)

FUND COMMENTARY
TWELVE MONTHS ENDED October 31, 2022 (Unaudited)

REPORTING PERIOD RETURN:
Net Asset Value *	(19.60)%
Market Price **	(19.87)%
Morningstar® Developed Asia Pacific ex-Japan Target Market Exposure IndexSM (net total return)	(19.32)%
Net Assets as of 10/31/2022	$3,412,010,904
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?

For the twelve months ended October 31, 2022, the Fund had a negative absolute return 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, differences 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 financials and health care sectors were leading detractors from absolute performance, while their exposures to the energy sector was the sole sector contributor to absolute performance.

By country or region, the Fund’s and the Underlying Index’s exposures to Australia and Hong Kong were leading detractors from absolute performance, while their exposures to Singapore and New Zealand were the smallest detractors from absolute performance and no country exposure made a positive contribution 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 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 October 31, 2022		PERCENT OF TOTAL INVESTMENTS
1.	BHP Group Ltd. (Australia)	7.6%
2.	Commonwealth Bank of Australia (Australia)	7.2
3.	AIA Group Ltd. (Hong Kong)	5.7
4.	CSL Ltd.	5.4
5.	National Australia Bank Ltd. (Australia)	4.1
6.	Westpac Banking Corp. (Australia)	3.4
7.	Australia & New Zealand Banking Group Ltd. (Australia)	3.1
8.	DBS Group Holdings Ltd. (Singapore)	2.8
9.	Woodside Energy Group Ltd. (Australia)	2.8
10.	Macquarie Group Ltd. (Australia)	2.5

PORTFOLIO COMPOSITION BY COUNTRY AS OF October 31, 2022	PERCENT OF TOTAL INVESTMENTS
Australia	59.3 %
Hong Kong	17.0
Singapore	11.3
United States	6.6
China	2.3
New Zealand	1.9
Others (each less than 1.0%)	1.6
Short-Term Investments	0.0****

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

J.P. Morgan Exchange-Traded Funds

October 31, 2022

JPMorgan BetaBuilders Developed Asia Pacific ex-Japan ETF
(formerly known as JPMorgan BetaBuilders Developed Asia ex-Japan ETF)

FUND COMMENTARY
TWELVE MONTHS ENDED October 31, 2022 (Unaudited) (continued)

AVERAGE ANNUAL TOTAL RETURNS AS OF October 31, 2022 (Unaudited)

	INCEPTION DATE	1 YEAR	SINCE INCEPTION
JPMorgan BetaBuilders Developed Asia Pacific ex-Japan ETF (formerly known as JPMorgan BetaBuilders Developed Asia ex-Japan ETF)
Net Asset Value	August 7, 2018	(19.60)%	0.38%
Market Price		(19.87)	0.39

LIFE OF FUND PERFORMANCE (8/7/18 TO 10/31/22)

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 October 31, 2022. 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.

J.P. Morgan Exchange-Traded Funds

October 31, 2022

JPMorgan BetaBuilders Europe ETF

FUND COMMENTARY
TWELVE MONTHS ENDED October 31, 2022 (Unaudited)

REPORTING PERIOD RETURN:
Net Asset Value *	(23.01)%
Market Price **	(23.22)%
Morningstar® Developed Europe Target Market Exposure IndexSM (net total return)	(23.13)%
Net Assets as of 10/31/2022	$3,527,687,759
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?

For the twelve months ended October 31, 2022, the Fund had a negative absolute performance 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, differences 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 financials and consumer discretionary sectors were leading detractors from absolute performance, while their exposure to the energy sector was the sole sector contributor to absolute performance.

By country, the Fund’s and the Underlying Index’s exposures to Germany and the U.K. were leading detractors from absolute performance, while their exposures to Portugal and Austria were the smallest detractors. No countries contributed 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 health

care sectors and their smallest allocations were to the communication services and real estate 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 Austria.

TOP TEN HOLDINGS OF THE PORTFOLIO AS OF October 31, 2022		PERCENT OF TOTAL INVESTMENTS
1.	Nestle SA (Registered)	3.5%
2.	Roche Holding AG	2.7
3.	Shell plc (Netherlands)	2.5
4.	Novartis AG (Registered) (Switzerland)	2.3
5.	ASML Holding NV (Netherlands)	2.2
6.	AstraZeneca plc (United Kingdom)	2.1
7.	Novo Nordisk A/S, Class B (Denmark)	2.1
8.	LVMH Moet Hennessy Louis Vuitton SE (France)	1.9
9.	TotalEnergies SE (France)	1.6
10.	Unilever plc (United Kingdom)	1.4

PORTFOLIO COMPOSITION BY COUNTRY AS OF October 31, 2022	PERCENT OF TOTAL INVESTMENTS
United Kingdom	18.8 %
France	15.9
Germany	11.3
United States	9.0
Switzerland	8.8
Netherlands	8.2
Sweden	5.2
Denmark	4.1
Spain	3.8
Italy	3.3
Finland	2.1
Australia	1.7
Belgium	1.5
Norway	1.3
Others (each less than 1.0%)	3.9
Short-Term Investments	1.1

October 31, 2022

J.P. Morgan Exchange-Traded Funds

JPMorgan BetaBuilders Europe ETF

FUND COMMENTARY
TWELVE MONTHS ENDED October 31, 2022 (Unaudited) (continued)

***

The adviser seeks to achieve the Fund’s objective. There can be no guarantee it will be achieved.

J.P. Morgan Exchange-Traded Funds

October 31, 2022

AVERAGE ANNUAL TOTAL RETURNS AS OF October 31, 2022 (Unaudited)

	INCEPTION DATE	1 YEAR	SINCE INCEPTION
JPMorgan BetaBuilders Europe ETF
Net Asset Value	June 15, 2018	(23.01)%	0.21%
Market Price		(23.22)	0.22

LIFE OF FUND PERFORMANCE (6/15/18 TO 10/31/22)

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 October 31, 2022. 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.

October 31, 2022

J.P. Morgan Exchange-Traded Funds

JPMorgan BetaBuilders International Equity ETF

FUND COMMENTARY
TWELVE MONTHS ENDED October 31, 2022 (Unaudited)

REPORTING PERIOD RETURN:
Net Asset Value *	(23.02)%
Market Price **	(23.11)%
Morningstar® Developed Markets ex-North America Target Market Exposure IndexSM (net total return)	(22.95)%
Net Assets as of 10/31/2022	$2,710,097,518
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?

For the twelve months ended October 31, 2022, the Fund had a negative absolute return 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, differences 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 detractors from absolute performance, while their exposures to the energy sector was the sole sector contributor to absolute performance.

By country or region, the Fund’s and the Underlying Index’s exposures to Japan and Germany were leading detractors from absolute performance, while their exposures to Singapore and Israel were leading contributors to 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 or region 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 October 31, 2022		PERCENT OF TOTAL INVESTMENTS
1.	Nestle SA (Registered)	2.2%
2.	Roche Holding AG	1.7
3.	Shell plc (Netherlands)	1.6
4.	Novartis AG (Registered) (Switzerland)	1.4
5.	ASML Holding NV (Netherlands)	1.4
6.	AstraZeneca plc (United Kingdom)	1.3
7.	Novo Nordisk A/S, Class B (Denmark)	1.3
8.	Toyota Motor Corp. (Japan)	1.3
9.	LVMH Moet Hennessy Louis Vuitton SE (France)	1.2
10.	TotalEnergies SE (France)	1.0

PORTFOLIO COMPOSITION BY COUNTRY AS OF October 31, 2022	PERCENT OF TOTAL INVESTMENTS
Japan	23.7 %
United Kingdom	12.1
France	10.1
Australia	8.0
Germany	7.2
United States	6.5
Switzerland	5.6
Netherlands	5.2
Sweden	3.3
Denmark	2.6
Spain	2.4
Hong Kong	2.2
Italy	2.1
Singapore	1.5
Finland	1.3
Others (each less than 1.0%)	5.1
Short-Term Investments	1.1

The return shown is based on net asset value and may differ from the return shown in the financial highlights, which reflects

J.P. Morgan Exchange-Traded Funds

October 31, 2022

JPMorgan BetaBuilders International Equity ETF

FUND COMMENTARY
TWELVE MONTHS ENDED October 31, 2022 (Unaudited) (continued)

AVERAGE ANNUAL TOTAL RETURNS AS OF October 31, 2022 (Unaudited)

	INCEPTION DATE	1 YEAR	SINCE INCEPTION
JPMorgan BetaBuilders International Equity ETF
Net Asset Value	December 3, 2019	(23.02)%	(1.15)%
Market Price		(23.11)	(1.13)

LIFE OF FUND PERFORMANCE (12/3/19 TO 10/31/22)

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 October 31, 2022. 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.

J.P. Morgan Exchange-Traded Funds

October 31, 2022

JPMorgan BetaBuilders Japan ETF

FUND COMMENTARY
TWELVE MONTHS ENDED October 31, 2022 (Unaudited)

REPORTING PERIOD RETURN:
Net Asset Value *	(24.96)%
Market Price **	(24.95)%
Morningstar® Japan Target Market Exposure IndexSM (net total return)	(24.66)%
Net Assets as of 10/31/2022	$6,211,237,563
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?

For the twelve months ended October 31, 2022, the Fund had a negative absolute return 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, differences 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 detractors from absolute performance, while their exposures to the energy and utilities sectors were the smallest detractors from absolute performance and no sector contributed 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 industrials and consumer discretionary sectors and their smallest allocations were to the energy and utilities sectors.

TOP TEN HOLDINGS OF THE PORTFOLIO AS OF October 31, 2022		PERCENT OF TOTAL INVESTMENTS
1.	Toyota Motor Corp. (Japan)	5.4%
2.	Sony Group Corp. (Japan)	2.6
3.	Keyence Corp. (Japan)	2.3
4.	Daiichi Sankyo Co. Ltd. (Japan)	1.9
5.	Mitsubishi UFJ Financial Group, Inc. (Japan)	1.9
6.	Recruit Holdings Co. Ltd. (Japan)	1.6
7.	SoftBank Group Corp. (Japan)	1.6
8.	Nintendo Co. Ltd. (Japan)	1.5
9.	KDDI Corp. (Japan)	1.4
10.	Hitachi Ltd. (Japan)	1.4

PORTFOLIO COMPOSITION BY SECTOR AS OF October 31, 2022	PERCENT OF TOTAL INVESTMENTS
Industrials	22.8%
Consumer Discretionary	18.9
Information Technology	12.5
Health Care	10.4
Financials	10.0
Communication Services	7.9
Consumer Staples	6.8
Materials	4.7
Real Estate	4.0
Others (each less than 1.0%)	1.7
Short-Term Investments	0.3

October 31, 2022

J.P. Morgan Exchange-Traded Funds

AVERAGE ANNUAL TOTAL RETURNS AS OF October 31, 2022 (Unaudited)

	INCEPTION DATE	1 YEAR	SINCE INCEPTION
JPMorgan BetaBuilders Japan ETF
Net Asset Value	June 15, 2018	(24.96)%	(2.35)%
Market Price		(24.95)	(2.33)

LIFE OF FUND PERFORMANCE (6/15/18 TO 10/31/22)

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 October 31, 2022. 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.

October 31, 2022

J.P. Morgan Exchange-Traded Funds

JPMorgan BetaBuilders U.S. Equity ETF

FUND COMMENTARY
TWELVE MONTHS ENDED October 31, 2022 (Unaudited)

REPORTING PERIOD RETURN:
Net Asset Value *	(16.42)%
Market Price **	(16.33)%
Morningstar® US Target Market Exposure IndexSM	(16.42)%
Net Assets as of 10/31/2022	$1,276,523,608
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 twelve months ended October 31, 2022, the Fund had a negative 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 detractors from absolute performance, while their exposures to the energy and consumer staples 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 information technology and health care sectors, while their smallest allocations were to

the materials and utilities sectors.

TOP TEN HOLDINGS OF THE PORTFOLIO AS OF October 31, 2022		PERCENT OF TOTAL INVESTMENTS
1.	Apple, Inc.	6.8%
2.	Microsoft Corp.	5.0
3.	Amazon.com, Inc.	2.6
4.	Tesla, Inc.	1.8
5.	Alphabet, Inc., Class A	1.7
6.	Berkshire Hathaway, Inc., Class B	1.6
7.	UnitedHealth Group, Inc.	1.5
8.	Alphabet, Inc., Class C	1.5
9.	Exxon Mobil Corp.	1.4
10.	Johnson & Johnson	1.3

PORTFOLIO COMPOSITION BY SECTOR AS OF October 31, 2022	PERCENT OF TOTAL INVESTMENTS
Information Technology	26.4%
Health Care	15.1
Financials	11.5
Consumer Discretionary	10.8
Industrials	8.0
Communication Services	7.3
Consumer Staples	6.6
Energy	5.2
Utilities	2.9
Real Estate	2.7
Materials	2.5
Short-Term Investments	1.0

J.P. Morgan Exchange-Traded Funds

October 31, 2022

JPMorgan BetaBuilders U.S. Equity ETF

FUND COMMENTARY
TWELVE MONTHS ENDED October 31, 2022 (Unaudited) (continued)

AVERAGE ANNUAL TOTAL RETURNS AS OF October 31, 2022 (Unaudited)

	INCEPTION DATE	1 YEAR	SINCE INCEPTION
JPMorgan BetaBuilders U.S. Equity ETF
Net Asset Value	March 12, 2019	(16.42)%	10.96%
Market Price		(16.33)	10.98

LIFE OF FUND PERFORMANCE (3/12/19 TO 10/31/22)

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 October 31, 2022. 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.

J.P. Morgan Exchange-Traded Funds

October 31, 2022

JPMorgan BetaBuilders U.S. Mid Cap Equity ETF

FUND COMMENTARY
TWELVE MONTHS ENDED October 31, 2022 (Unaudited)

REPORTING PERIOD RETURN:
Net Asset Value *	(19.87)%
Market Price **	(20.10)%
Morningstar® US Mid Cap Target Market Exposure Extended IndexSM	(19.90)%
Net Assets as of 10/31/2022	$1,390,564,346
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’s and the Underlying Index’s exposures to the information technology and health care sectors were leading detractors from absolute performance, while their exposures to the energy and utilities 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 industrials and information technology sectors, while their smallest allocations

were to the utilities and communication services sectors.

TOP TEN HOLDINGS OF THE PORTFOLIO AS OF October 31, 2022		PERCENT OF TOTAL INVESTMENTS
1.	LPL Financial Holdings, Inc.	0.7%
2.	EQT Corp.	0.5
3.	APA Corp.	0.5
4.	First Solar, Inc.	0.5
5.	Booz Allen Hamilton Holding Corp.	0.5
6.	First Horizon Corp.	0.5
7.	Ovintiv, Inc.	0.4
8.	Gaming and Leisure Properties, Inc.	0.4
9.	Darling Ingredients, Inc.	0.4
10.	Carlisle Cos., Inc.	0.4

PORTFOLIO COMPOSITION BY SECTOR AS OF October 31, 2022	PERCENT OF TOTAL INVESTMENTS
Industrials	18.1%
Financials	14.6
Information Technology	12.5
Consumer Discretionary	12.5
Health Care	11.1
Real Estate	8.6
Materials	5.5
Energy	5.5
Consumer Staples	3.5
Utilities	2.6
Communication Services	2.3
Short-Term Investments	3.2

October 31, 2022

J.P. Morgan Exchange-Traded Funds

AVERAGE ANNUAL TOTAL RETURNS AS OF October 31, 2022 (Unaudited)

	INCEPTION DATE	1 YEAR	SINCE INCEPTION
JPMorgan BetaBuilders U.S. Mid Cap Equity ETF
Net Asset Value	April 14, 2020	(19.87)%	17.14%
Market Price		(20.10)	17.05

LIFE OF FUND PERFORMANCE (4/14/20 TO 10/31/22)

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 October 31, 2022. 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.

October 31, 2022

J.P. Morgan Exchange-Traded Funds

JPMorgan BetaBuilders U.S. Small Cap Equity ETF

FUND COMMENTARY
TWELVE MONTHS ENDED October 31, 2022 (Unaudited)

REPORTING PERIOD RETURN:
Net Asset Value *	(17.87)%
Market Price **	(18.39)%
Morningstar® US Small Cap Target Market Exposure Extended IndexSM	(17.94)%
Net Assets as of 10/31/2022	$494,762,260
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 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’s and the Underlying Index’s exposures to the health care and information technology sectors were leading detractors from absolute performance, while their exposures to the energy and consumer staples 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 October 31, 2022		PERCENT OF TOTAL INVESTMENTS
1.	Toast, Inc., Class A	0.5%
2.	Chord Energy Corp.	0.5
3.	Karuna Therapeutics, Inc.	0.4
4.	Livent Corp.	0.4
5.	Applied Industrial Technologies, Inc.	0.4
6.	PBF Energy, Inc., Class A	0.4
7.	Denbury, Inc.	0.3
8.	Comfort Systems USA, Inc.	0.3
9.	Magnolia Oil & Gas Corp., Class A	0.3
10.	Fluor Corp.	0.3

PORTFOLIO COMPOSITION BY SECTOR AS OF October 31, 2022	PERCENT OF TOTAL INVESTMENTS
Financials	17.5%
Industrials	16.3
Health Care	14.1
Information Technology	13.0
Consumer Discretionary	10.1
Energy	6.9
Real Estate	5.1
Materials	4.5
Consumer Staples	3.9
Communication Services	2.5
Utilities	2.2
Short-Term Investments	3.9

J.P. Morgan Exchange-Traded Funds

October 31, 2022

JPMorgan BetaBuilders U.S. Small Cap Equity ETF

FUND COMMENTARY
TWELVE MONTHS ENDED October 31, 2022 (Unaudited) (continued)

AVERAGE ANNUAL TOTAL RETURNS AS OF October 31, 2022 (Unaudited)

	INCEPTION DATE	1 YEAR	SINCE INCEPTION
JPMorgan BetaBuilders U.S. Small Cap Equity ETF
Net Asset Value	November 16, 2020	(17.87)%	4.44%
Market Price		(18.39)	4.16

LIFE OF FUND PERFORMANCE (11/16/20 TO 10/31/22)

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 October 31, 2022. 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.

J.P. Morgan Exchange-Traded Funds

October 31, 2022

JPMorgan Carbon Transition U.S. Equity ETF

FUND COMMENTARY
TWELVE MONTHS ENDED October 31, 2022 (Unaudited)

REPORTING PERIOD RETURN:
Net Asset Value *	(14.79)%
Market Price **	(14.79)%
JPMorgan Asset Management Carbon Transition U.S. Equity Index	(14.67)%
Russell 1000 Index	(16.38)%
Net Assets as of 10/31/2022	$20,947,681
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?

For the twelve months ended October 31, 2022, the Fund provided a negative absolute return 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 outperformed the Russell 1000 Index, which is a more traditional market capitalization-weighted index.

The Fund’s and the Underlying Index’s exposures to the information technology and consumer discretionary sectors were leading detractors from absolute performance, while their exposures to the energy and health care sectors were leading contributors to absolute performance.

Relative to the Russell 1000 Index, the Fund’s and the Underlying Index’s exposures within the health care and information technology sectors were leading contributors to performance, while their exposures within the financials and materials 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 health care sectors, while their smallest allocations were to

the materials and utilities sectors.

TOP TEN HOLDINGS OF THE PORTFOLIO AS OF October 31, 2022		PERCENT OF TOTAL INVESTMENTS
1.	Apple, Inc.	6.7%
2.	Microsoft Corp.	5.0
3.	Alphabet, Inc., Class A	3.2
4.	Amazon.com, Inc.	2.5
5.	Tesla, Inc.	1.9
6.	UnitedHealth Group, Inc.	1.8
7.	Exxon Mobil Corp.	1.6
8.	Johnson & Johnson	1.6
9.	Visa, Inc., Class A	1.3
10.	Chevron Corp.	1.3

PORTFOLIO COMPOSITION BY SECTOR AS OF October 31, 2022	PERCENT OF TOTAL INVESTMENTS
Information Technology	28.4%
Health Care	15.7
Financials	11.7
Consumer Discretionary	10.4
Communication Services	7.1
Industrials	6.9
Consumer Staples	6.1
Energy	5.3
Real Estate	3.1
Utilities	2.6
Materials	2.5
Short-Term Investments	0.2

The return shown is based on net asset value and may differ from the return shown in the financial highlights, which reflects

October 31, 2022

J.P. Morgan Exchange-Traded Funds

JPMorgan Carbon Transition U.S. Equity ETF

FUND COMMENTARY
TWELVE MONTHS ENDED October 31, 2022 (Unaudited) (continued)

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 $52.37 as of October 31, 2022.

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 October 31, 2022, the closing price was $52.38.

***

The adviser seeks to achieve the Fund’s objective. There can be no guarantee it will be achieved.

J.P. Morgan Exchange-Traded Funds

October 31, 2022

AVERAGE ANNUAL TOTAL RETURNS AS OF October 31, 2022 (Unaudited)

	INCEPTION DATE	1 YEAR	SINCE INCEPTION
JPMorgan Carbon Transition U.S. Equity ETF
Net Asset Value	December 9, 2020	(14.79)%	4.55%
Market Price		(14.79)	4.57

LIFE OF FUND PERFORMANCE (12/9/20 TO 10/31/22)

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 October 31, 2022. 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.

October 31, 2022

J.P. Morgan Exchange-Traded Funds

JPMorgan Climate Change Solutions ETF

FUND COMMENTARY
FOR THE PERIOD December 13, 2021 (FUND INCEPTION) THROUGH October 31, 2022 (Unaudited)

REPORTING PERIOD RETURN:
Net Asset Value *	(25.87)%
Market Price **	(25.56)%
MSCI ACWI Index (net total return)	(21.14)%
Net Assets as of 10/31/2022	$19,560,686
Fund Ticker	TEMP

INVESTMENT OBJECTIVE***

The JPMorgan Climate Change Solutions ETF (the “Fund”) seeks to achieve long-term capital appreciation by investing in companies that the adviser believes are developing solutions to address climate change.

INVESTMENT APPROACH

The Fund invests primarily in common stocks and depositary receipts that the adviser believes are currently, or in the process of, providing solutions to address climate change, or implementing business practices in response to climate change. The Fund uses a "thematic" investment approach that seeks to identify and invest in companies that are relevant to the theme of climate change solutions and selects companies within key sub-themes, including sustainable transportation, sustainable construction, sustainable food and water, renewable energy and electrification, recycling and re-use.

HOW DID THE FUND PERFORM?

For the period from inception on December 13, 2021 to October, 2022, the Fund had a negative absolute return and underperformed the MSCI All Cap World Index (the “Index”).

The Fund’s security selections in the industrials and materials sectors were leading detractors from absolute performance, while the Fund’s security selections in the energy and consumer staples sectors were the smallest detractors and no sectors contributed to performance.

Leading detractors from Fund performance included Contemporary Amperex Technology Co., Infineon Technologies AG and Koninklijke DSM NV. Shares of Contemporary Amperex Technology, a Chinese manufacturer of lithium-ion batteries,

fell amid general weakness in China’s equities market during the period. Shares of Infineon Technologies, a German semiconductor manufacturer, fell amid broad weakness in the semiconductor sector during the period. Shares of Koninklijke DSM, a Dutch specialty chemicals manufacturer, fell after the company reported lower-than-expected revenue for the first half of 2022.

Leading individual contributors to Fund performance included Enphase Energy Inc., Deere & Co. and it out-of-Index position in AGCO Corp. Shares of Enphase Energy, a U.S. solar energy products manufacturer, rose after the company reported consecutive quarters of better-than-expected earnings and revenue. Shares of Deere and AGCO, both U.S. agricultural and farm machinery manufacturers, rose amid better-than-expected earnings and revenue for the second quarter of 2022.

Relative to the Index, the Fund’s security selection in the industrials and its underweight position in the energy sector were leading detractors from relative performance. The Fund’s security selection and underweight position information technology sector and its underweight position in the communication services sector, where the Fund had no holdings, were leading contributors to performance.

HOW WAS THE FUND POSITIONED?

As a result of the adviser’s thematic investment approach, the Fund’s largest allocations were to the industrials and information technology sectors and the smallest allocations were to the energy and consumer staples sectors. The Fund had no holdings in the communication services, health care and financials sectors.

J.P. Morgan Exchange-Traded Funds

October 31, 2022

TOP TEN HOLDINGS OF THE PORTFOLIO AS OF October 31, 2022		PERCENT OF TOTAL INVESTMENTS
1.	Deere & Co.	4.7%
2.	Trane Technologies plc	3.9
3.	Xylem, Inc.	3.9
4.	NextEra Energy, Inc.	3.8
5.	Autodesk, Inc.	3.5
6.	Schneider Electric SE	3.5
7.	AGCO Corp.	3.3
8.	Carrier Global Corp.	3.3
9.	Keyence Corp. (Japan)	3.1
10.	Enphase Energy, Inc.	3.0

PORTFOLIO COMPOSITION BY COUNTRY AS OF October 31, 2022	PERCENT OF TOTAL INVESTMENTS
United States	44.2 %
United Kingdom	7.2
France	6.8
Germany	6.4
Japan	6.1
Switzerland	5.6
Spain	5.3
Finland	2.9
South Korea	2.9
Netherlands	2.6
Italy	2.0
Canada	1.9
China	1.9
Sweden	1.6

PORTFOLIO COMPOSITION BY COUNTRY AS OF October 31, 2022	PERCENT OF TOTAL INVESTMENTS
Ireland	1.2%
Others (each less than 1.0%)	1.4

Market price return was calculated assuming an initial investment made at the inception date net asset value, 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 October 31, 2022, the closing price was $35.71.

***

The adviser seeks to achieve the Fund’s objective. There can be no guarantee it will be achieved.

October 31, 2022

J.P. Morgan Exchange-Traded Funds

JPMorgan Climate Change Solutions ETF

FUND COMMENTARY
FOR THE PERIOD December 13, 2021 (FUND INCEPTION) THROUGH October 31, 2022 (Unaudited) (continued)

TOTAL RETURNS AS OF October 31, 2022 (Unaudited)

	INCEPTION DATE	CUMULATIVE SINCE INCEPTION
JPMorgan Climate Change Solutions ETF
Net Asset Value	December 13, 2021	(25.87)%
Market Price		(25.56)

LIFE OF FUND PERFORMANCE (12/13/21 TO 10/31/22)

Fund commenced operations on December 13, 2021.

The graph illustrates comparative performance for $10,000 invested in shares of the JPMorgan Climate Change Solutions ETF and the MSCI All Country World Index (net total return) from December 13, 2021 to October 31, 2022. The performance of the Fund reflects the deduction of Fund expenses and assumes reinvestment of all dividends and capital gain distributions, if any. The performance of the MSCI All Country World 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 MSCI All Country World Index (net total return) is a free float-adjusted market capitalization-weighted index that is designed to measure the performance of

large- and mid-cap stocks in developed and 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.

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.

J.P. Morgan Exchange-Traded Funds

October 31, 2022

JPMorgan Diversified Return Emerging Markets Equity ETF

FUND COMMENTARY
TWELVE MONTHS ENDED October 31, 2022 (Unaudited)

REPORTING PERIOD RETURN:
Net Asset Value *	(15.61)%
Market Price **	(15.20)%
JP Morgan Diversified Factor Emerging Markets Equity Index (net total return)	(15.62)%
FTSE Emerging Index (net total return)	(28.39)%
Net Assets as of 10/31/2022	$163,926,226
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 posted a negative absolute return for the twelve months ended October 31, 2022, 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 outperformed 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 consumer and financials super-sectors

were leading detractors from absolute performance, while their positions in the defensives and commodities super-sectors were the smallest detractors from absolute performance and no super-sectors contributed to 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 detractors from absolute performance, while their positions in Latin America were the sole regional contributors to absolute performance.

Relative to the FTSE Emerging Index, the Fund’s and the Underlying Index’s underweight positions in China and their overweight positions in Latin America were leading contributors to performance, while their multi-factor security selections in the banks and defensives super-sectors and in the EMEA region were leading detractors from 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 consumer super-sectors, while their smallest allocations were to the commodities and industrials super-sectors. The Fund’s and the Underlying Index’s largest regional allocations were to Asia Pacific, excluding China, and to EMEA. Their smallest allocations

were to China and Latin America.

October 31, 2022

J.P. Morgan Exchange-Traded Funds

JPMorgan Diversified Return Emerging Markets Equity ETF

FUND COMMENTARY
TWELVE MONTHS ENDED October 31, 2022 (Unaudited) (continued)

TOP TEN HOLDINGS OF THE PORTFOLIO AS OF October 31, 2022		PERCENT OF TOTAL INVESTMENTS
1.	Infosys Ltd. (India)	1.9%
2.	Vale SA (Brazil)	1.4
3.	Reliance Industries Ltd. (India)	1.1
4.	Hindustan Unilever Ltd. (India)	1.1
5.	Taiwan Semiconductor Manufacturing Co. Ltd. (Taiwan)	1.1
6.	Petroleo Brasileiro SA (Preference) (Brazil)	1.1
7.	Grupo Financiero Banorte SAB de CV, Class O (Mexico)	1.0
8.	Tata Consultancy Services Ltd. (India)	0.9
9.	Emirates Telecommunications Group Co. PJSC (United Arab Emirates)	0.9
10.	National Bank of Kuwait SAKP (Kuwait)	0.9

PORTFOLIO COMPOSITION BY COUNTRY AS OF October 31, 2022	PERCENT OF TOTAL INVESTMENTS
China	22.1 %
India	11.8
Brazil	10.0
Taiwan	10.0
Mexico	7.2
Turkey	6.7
Saudi Arabia	6.4
South Africa	5.5
Indonesia	3.7
United Arab Emirates	3.1
Thailand	2.3
Kuwait	2.3
Qatar	2.3
Malaysia	2.1

PORTFOLIO COMPOSITION BY COUNTRY AS OF October 31, 2022	PERCENT OF TOTAL INVESTMENTS
Chile	1.2%
Greece	1.0
Others (each less than 1.0%)	2.2
Short-Term Investments	0.1

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 October 31, 2022, the closing price was $45.81.

***

The adviser seeks to achieve the Fund’s objective. There can be no guarantee it will be achieved.

J.P. Morgan Exchange-Traded Funds

October 31, 2022

AVERAGE ANNUAL TOTAL RETURNS AS OF October 31, 2022 (Unaudited)

	INCEPTION DATE	1 YEAR	5 YEAR	SINCE INCEPTION
JPMorgan Diversified Return Emerging Markets Equity ETF
Net Asset Value	January 7, 2015	(15.61)%	(0.53)%	1.96%
Market Price		(15.20)	(0.48)	2.04

LIFE OF FUND PERFORMANCE (1/7/15 TO 10/31/22)

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 October 31, 2022. 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.

October 31, 2022

J.P. Morgan Exchange-Traded Funds

JPMorgan Diversified Return International Equity ETF

FUND COMMENTARY
TWELVE MONTHS ENDED October 31, 2022 (Unaudited)

REPORTING PERIOD RETURN:
Net Asset Value *	(23.21)%
Market Price **	(23.15)%
JP Morgan Diversified Factor International Equity Index (net total return)	(22.92)%
FTSE Developed ex North America Index (net total return)	(23.81)%
Net Assets as of 10/31/2022	$671,062,140
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 posted a negative absolute performance for the twelve months ended October 31, 2022, 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 outperformed 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 real estate and technology sectors were leading detractors from absolute performance, while their positions in the energy sector were the sole sector contributors to absolute performance.

From a regional perspective, the Fund’s and Underlying Index’s positions in Japan and Europe, excluding the U.K., were leading detractors from absolute performance. Their positions in Asia-Pacific, excluding Japan, and the U.K. were the smallest detractors from absolute performance.

Relative to the FTSE Developed ex North America Index, the Fund’s and the Underlying Index’s multi-factor security selections in Japan and Asia-Pacific, excluding Japan, were leading contributors to performance, while the Fund’s and the Underlying Index’s multi-factor security selections in the U.K. were the sole detractors from performance.

The Fund’s and the Underlying Index’s multi-factor security selections and their underweight positions in the consumer discretionary sector were leading contributors to relative performance, while their multi-factor security selections in the health care sector and their overweight positions in the real estate 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 consumer staples and utilities 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, excluding the U.K., and the U.K.

TOP TEN HOLDINGS OF THE PORTFOLIO AS OF October 31, 2022		PERCENT OF TOTAL INVESTMENTS
1.	Shell plc (Netherlands)	0.5%