Semi-Annual Report
J.P. Morgan Exchange-Traded Funds
August 31, 2023  (Unaudited)
Fund
Ticker
Listing Exchange
JPMorgan BetaBuilders 1-5 Year U.S. Aggregate Bond ETF
BBSA
Cboe BZX Exchange, Inc.
JPMorgan BetaBuilders U.S. Aggregate Bond ETF
BBAG
NYSE Arca
JPMorgan BetaBuilders U.S. TIPS 0-5 Year ETF
BBIP
Cboe BZX Exchange, Inc.
JPMorgan BetaBuilders U.S. Treasury Bond 1-3 Year ETF
BBSB
Cboe BZX Exchange, Inc.
JPMorgan BetaBuilders U.S. Treasury Bond 20+ Year ETF
BBLB
Cboe BZX Exchange, Inc.
JPMorgan BetaBuilders U.S. Treasury Bond 3-10 Year ETF
BBIB
Cboe BZX Exchange, Inc.
JPMorgan BetaBuilders USD High Yield Corporate Bond ETF
BBHY
Cboe BZX Exchange, Inc.
JPMorgan BetaBuilders USD Investment Grade Corporate Bond
ETF
BBCB
NYSE Arca
JPMorgan USD Emerging Markets Sovereign Bond ETF
JPMB
NYSE Arca


CONTENTS
 
 
1
2
3
5
7
9
11
13
15
18
20
23
133
144
148
163
165
166
170
Investments in a Fund are not deposits or obligations of, or guaranteed or endorsed by, any bank and are not insured or guaranteed by the FDIC, the Federal Reserve Board or any other government agency. You could lose money if you sell when a Fund’s share price is lower than when you invested.
Past performance is no guarantee of future performance. The general market views expressed in this report are opinions based on market and other conditions through the end of the reporting period and are subject to change without notice. These views are not intended to predict the future performance of a Fund or the securities markets.
Prospective investors should refer to the Funds’ prospectuses for a discussion of the Funds’ investment objectives, strategies and risks. Call J.P. Morgan Exchange-Traded Funds at (844) 457-6383 for a prospectus containing more complete information about a Fund, including management fees and other expenses. Please read it carefully before investing.
Shares are bought and sold throughout the day on an exchange at market price (not at net asset value) through a brokerage account, and are not individually subscribed and redeemed from a Fund. Shares may only be subscribed and redeemed directly from a Fund by Authorized Participants, in very large creation/redemption units. Brokerage commissions will reduce returns.


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

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

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


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


JPMorgan BetaBuilders 1-5 Year U.S. Aggregate Bond ETF
FUND COMMENTARY
SIX MONTHS ENDED August 31, 2023 (Unaudited)
REPORTING PERIOD RETURN:
 
Net Asset Value*
1.65%
Market Price**
1.58%
Bloomberg Short-Term U.S. Aggregate Bond Index
1.77%
Net Assets as of 8/31/2023
$15,294,006
Duration as of 8/31/2023
2.7 Years
Fund Ticker
BBSA
INVESTMENT OBJECTIVE***
The JPMorgan BetaBuilders 1-5 Year U.S. Aggregate Bond ETF (the “Fund”) seeks investment results that closely correspond, before fees and expenses, to the performance of the Bloomberg Short-Term U.S. Aggregate Bond Index (the “Underlying Index”).
INVESTMENT APPROACH
The Underlying Index, which includes U.S. dollar denominated investment grade taxable bonds with remaining effective maturities between one and five years, is a subset of the Bloomberg U.S. Aggregate Bond Index. Using a “passive” investment approach, the Fund attempts to closely correspond to the performance of the Underlying Index and invests at least 80% of its assets in securities included in the Underlying Index.
HOW DID THE FUND PERFORM?
For the six months ended August 31, 2023, the Fund generated a positive absolute performance and sightly underperformed the Underlying Index.
While the Fund’s allocations were largely consistent with the Underlying Index’s during the period, the Fund is prohibited from holding J.P. Morgan Chase & Co. bonds because it is an affiliate, which was a leading detractor from performance relative to the Underlying Index. The Fund’s and Underlying Index’s exposures to investment grade bonds contributed to absolute performance.
HOW WAS THE FUND POSITIONED?
At the end of the reporting period, the Fund’s and the Underlying Index’s largest allocations were to the U.S. Treasury
and corporate bond sectors and the smallest allocations were to the securitized debt and agency bond sectors.
PORTFOLIO COMPOSITION
AS OF August 31, 2023
PERCENT OF
TOTAL
INVESTMENTS
U.S. Treasury Obligations
57.8%
Corporate Bonds
25.6
Mortgage-Backed Securities
6.6
Supranational
2.7
Commercial Mortgage-Backed Securities
2.1
U.S. Government Agency Securities
1.9
Others (each less than 1.0%)
1.9
Short-Term Investments
1.4

*
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 $47.07 as of August 31, 2023.
**
Market price return was calculated assuming an initial investment made at the market price at the beginning of the reporting period, reinvestment of all dividends and distributions at market price during the period, and sale at the market price on the last day of the period. The price used to calculate the market price return was the closing price on the Cboe BZX Exchange, Inc. As of August 31, 2023, the closing price was $47.08.
***
The adviser seeks to achieve the Fund’s objective. There can be no guarantee it will be achieved.
August 31, 2023 
J.P. Morgan Exchange-Traded Funds
3


JPMorgan BetaBuilders 1-5 Year U.S. Aggregate Bond ETF
FUND COMMENTARY
SIX MONTHS ENDED August 31, 2023 (Unaudited) (continued) 
AVERAGE ANNUAL TOTAL RETURNS AS OF August 31, 2023 
 
INCEPTION DATE
SIX MONTHS*
1 YEAR
SINCE
INCEPTION
JPMorgan BetaBuilders 1-5 Year U.S. Aggregate Bond ETF
 
Net Asset Value
March 12, 2019
1.65
%
1.00
%
0.67
%
Market Price
 
1.58
1.06
0.68

 
*
Not annualized.
LIFE OF FUND PERFORMANCE (3/12/19 TO 8/31/23)
The performance quoted is past performance and is not a guarantee of future results. Exchange-traded funds are subject to certain market risks. Investment returns and principal value of an investment will fluctuate so that an investor’s shares, when sold or redeemed, may be worth more or less than their original cost. Current performance may be higher or lower than the performance data shown. Updated performance information is available by visiting www.jpmorganfunds.com or by calling 1-844-457-6383. 
Fund commenced operations on March 12, 2019.
The graph illustrates comparative performance for $10,000 invested in shares of the JPMorgan BetaBuilders 1-5 Year U.S. Aggregate Bond ETF and the Bloomberg Short-Term U.S. Aggregate Bond Index from March 12, 2019 to August 31, 2023. The performance of the Fund reflects the deduction of Fund expenses and assumes reinvestment of all dividends and capital gain distributions, if any. The performance of the Bloomberg Short-Term U.S. Aggregate Bond 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 Bloomberg Short-Term U.S. Aggregate Bond Index is an unmanaged index that represents securities that are taxable and dollar denominated. The index covers the U.S. investment grade fixed rate bond market, with index components for government and corporate securities, mortgage pass-through securities, and asset-backed securities. Investors cannot invest directly in an index.
Fund 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.
4
J.P. Morgan Exchange-Traded Funds
August 31, 2023 


JPMorgan BetaBuilders U.S. Aggregate Bond ETF
FUND COMMENTARY
SIX MONTHS ENDED August 31, 2023 (Unaudited)
REPORTING PERIOD RETURN:
 
Net Asset Value*
0.87%
Market Price**
1.00%
Bloomberg U.S. Aggregate Index
0.95%
Net Assets as of 8/31/2023
$2,000,114,114
Duration as of 8/31/2023
6.1 Years
Fund Ticker
BBAG
INVESTMENT OBJECTIVE***
The JPMorgan BetaBuilders U.S. Aggregate Bond ETF (the “Fund”) seeks investment results that closely correspond, before fees and expenses, to the performance of the Bloomberg U.S. Aggregate Index (the “Underlying Index”). Prior to February 1, 2023, the Fund sought to provide long-term total return.
INVESTMENT APPROACH
The Fund uses a “passive” investment approach and attempts to closely correspond to the performance of the Underlying Index, which covers the U.S. investment grade fixed rate bond market, with index components for government and corporate securities, mortgage pass-through securities and asset-backed securities. Prior to February 1, 2023, the Fund invested in a diversified portfolio of fixed income securities, including corporate bonds, U.S. Treasury obligations and other U.S. government and agency securities, and asset-backed, mortgage-related and mortgage-backed securities. With respect to corporate sub-sectors, the adviser applied a systematic multi-factor screening process that seeks exposure to those debt issuers with attractive value, quality and momentum characteristics.
HOW DID THE FUND PERFORM?
For the six months ended August 31, 2023, the Fund generated a positive performance 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 Underlying Index’s exposures to investment grade debt were leading contributors to absolute performance as yield spreads narrowed during the period. The Fund’s and the Underlying Index’s exposures to U.S. agency mortgage-backed securities and industrial sector bonds were leading detractors from absolute performance during the period.
HOW WAS THE FUND POSITIONED?
At the end of the period, the Fund’s and the Underlying Index’s largest allocations were to U.S. Treasury bonds, agency mortgage-backed securities and their smallest allocations were to the securitized debt and non-agency commercial mortgage-backed securities.
PORTFOLIO COMPOSITION
AS OF August 31, 2023
PERCENT OF
TOTAL
INVESTMENTS
U.S. Treasury Obligations
37.7%
Mortgage-Backed Securities
24.6
Corporate Bonds
22.8
Commercial Mortgage-Backed Securities
1.7
Foreign Government Securities
1.6
Supranational
1.2
U.S. Government Agency Securities
1.1
Others (each less than 1.0%)
0.7
Short-Term Investments
8.6

*
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 $45.54 as of August 31, 2023.
**
Market price return was calculated assuming an initial investment made at the market price at the beginning of the reporting period, reinvestment of all dividends and distributions at market price during the period, and sale at the market price on the last day of the period. The price used to calculate the market price return was the closing price on the NYSE Arca. As of August 31, 2023, the closing price was $45.60.
***
The adviser seeks to achieve the Fund’s objective. There can be no guarantee it will be achieved.
August 31, 2023 
J.P. Morgan Exchange-Traded Funds
5


JPMorgan BetaBuilders U.S. Aggregate Bond ETF
FUND COMMENTARY
SIX MONTHS ENDED August 31, 2023 (Unaudited) (continued) 
AVERAGE ANNUAL TOTAL RETURNS AS OF August 31, 2023 
 
INCEPTION DATE
SIX MONTHS*
1 YEAR
SINCE
INCEPTION
JPMorgan BetaBuilders U.S. Aggregate Bond ETF
 
Net Asset Value
December 12, 2018
0.87
%
(1.36
)%
0.29
%
Market Price
 
1.00
(1.32
)
0.32

 
*
Not annualized.
LIFE OF FUND PERFORMANCE (12/12/18 TO 8/31/23)
The performance quoted is past performance and is not a guarantee of future results. Exchange-traded funds are subject to certain market risks. Investment returns and principal value of an investment will fluctuate so that an investor’s shares, when sold or redeemed, may be worth more or less than their original cost. Current performance may be higher or lower than the performance data shown. Updated performance information is available by visiting www.jpmorganfunds.com or by calling 1-844-457-6383. 
Fund commenced operations on December 12, 2018.
The graph illustrates comparative performance for $10,000 invested in shares of the JPMorgan BetaBuilders U.S. Aggregate Bond ETF and the Bloomberg U.S. Aggregate Index from December 12, 2018 to August 31, 2023. The performance of the Fund reflects the deduction of Fund expenses and assumes reinvestment of all dividends and capital gain distributions, if any. The performance of the Bloomberg U.S. Aggregate 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 Bloomberg U.S. Aggregate Index is an unmanaged index that represents securities that are taxable and dollar denominated. The index covers the U.S. investment grade fixed rate bond market, with index components for
government and corporate securities, mortgage pass-through securities, and asset-backed securities. Investors cannot invest directly in an index.
Fund performance reflects waiver of a portion of the Fund’s fees and reimbursement of expenses for certain periods from the Fund’s inception date and prior to implementation of a unitary fee structure on November 19, 2019. 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.
Effective February 1, 2023, the Fund’s investment strategy and approach were changed to a passively managed portfolio from an actively managed portfolio. Although past performance is not necessarily an indication of how the Fund will perform in the future, in view of these changes, the Fund’s performance record prior to this date may be less relevant for investors considering whether to purchase shares of the Fund.
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.
6
J.P. Morgan Exchange-Traded Funds
August 31, 2023 


JPMorgan BetaBuilders U.S. TIPS 0-5 Year ETF
FUND COMMENTARY
FOR THE PERIOD May 10, 2023 (FUND INCEPTION) THROUGH August 31, 2023 (Unaudited)
REPORTING PERIOD RETURN:
 
Net Asset Value*
(0.42)%
Market Price**
(0.33)%
ICE 0-5 Year US Inflation-Linked Treasury Index Total Return in USD
(0.39)%
Net Assets as of 8/31/2023
$7,579,078
Duration as of 8/31/2023
2.6 Years
Fund Ticker
BBIP
INVESTMENT OBJECTIVE***
The JPMorgan BetaBuilders U.S. TIPS 0-5 Year (the “Fund”) seeks investment results that closely correspond, before fees and expenses, to the performance of the ICE 0-5 Year US Inflation-Linked Treasury Index (the “Underlying Index”).
INVESTMENT APPROACH
The Underlying Index tracks the performance of U.S. dollar-denominated sovereign debt publicly issued by the U.S. government in its domestic market with interest and principal payments tied to inflation (commonly known as TIPS), with a remaining term to final maturity of less than or equal to five years. The Fund invests at least 80% of its assets in securities included in the Underlying Index.
HOW DID THE FUND PERFORM?
For the period from May 10, 2023 to August 31, 2023, the Fund 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 allocations to U.S. Treasury Inflation Protected Securities detracted from absolute performance amid rising interest rates and a decline in U.S. inflation during the period.
HOW WAS THE FUND POSITIONED?
The Fund’s duration was 2.57 years at August 31, 2023. Duration is a measure of the price sensitivity of a portfolio of bonds
relative to changes in interest rates. Generally, bonds of shorter duration will experience a smaller decrease in price compared with longer duration bonds when interest rates rise.
PORTFOLIO COMPOSITION
AS OF August 31, 2023
PERCENT OF
TOTAL
INVESTMENTS
U.S. Treasury Obligations
99.8%
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 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 $97.79 as of August 31, 2023.
**
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 Cboe BZX Exchange, Inc. As of August 31, 2023, the closing price was $97.88.
***
The adviser seeks to achieve the Fund’s objective. There can be no guarantee it will be achieved.
August 31, 2023 
J.P. Morgan Exchange-Traded Funds
7


JPMorgan BetaBuilders U.S. TIPS 0-5 Year ETF
FUND COMMENTARY
FOR THE PERIOD May 10, 2023 (FUND INCEPTION) THROUGH August 31, 2023 (Unaudited) (continued) 
TOTAL RETURNS AS OF August 31, 2023 
 
INCEPTION DATE
CUMULATIVE SINCE
INCEPTION
JPMorgan BetaBuilders U.S. TIPS 0-5 Year ETF
 
Net Asset Value
May 10, 2023
(0.42
)%
Market Price
 
(0.33
)
LIFE OF FUND PERFORMANCE (5/10/23 TO 8/31/23)
The performance quoted is past performance and is not a guarantee of future results. Exchange-traded funds are subject to certain market risks. Investment returns and principal value of an investment will fluctuate so that an investor’s shares, when sold or redeemed, may be worth more or less than their original cost. Current performance may be higher or lower than the performance data shown. Updated performance information is available by visiting www.jpmorganfunds.com or by calling 1-844-457-6383. 
Fund commenced operations on May 10, 2023.
The graph illustrates comparative performance for $10,000 invested in shares of the JPMorgan BetaBuilders U.S. TIPS 0-5 Year ETF and the ICE 0-5 Year US Inflation-Linked Treasury Index Total Return in USD from May 10, 2023 to August 31, 2023. The performance of the Fund reflects the deduction of Fund expenses and assumes reinvestment of all dividends and capital gain distributions, if any. The ICE 0-5 Year US Inflation-Linked Treasury 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 ICE 0-5 Year US Inflation-Linked Treasury Index tracks the performance of short-maturity US dollar denominated inflation-linked sovereign debt publicly issued by the US government in its domestic market, with a minimum term to maturity of at least one month but less than or equal to five years. Investors cannot invest directly in an index.
Fund 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.
8
J.P. Morgan Exchange-Traded Funds
August 31, 2023 


JPMorgan BetaBuilders U.S. Treasury Bond 1-3 Year ETF
FUND COMMENTARY
FOR THE PERIOD April 19, 2023 (FUND INCEPTION) THROUGH August 31, 2023 (Unaudited)
REPORTING PERIOD RETURN:
 
Net Asset Value*
0.30%
Market Price**
0.35%
ICE US Treasury 1-3 Year Bond Index
0.32%
Net Assets as of 8/31/2023
$4,421,762
Duration as of 8/31/2023
1.9 Years
Fund Ticker
BBSB
INVESTMENT OBJECTIVE***
The JPMorgan BetaBuilders U.S. Treasury Bond 1-3 Year ETF (the “Fund”) seeks investment results that closely correspond, before fees and expenses, to the performance of the ICE US Treasury 1-3 Year Bond Index (the “Underlying Index”).
INVESTMENT APPROACH
The Underlying Index measures the performance of U.S. dollar-denominated, fixed rate securities with minimum term to maturity greater than one year and less than or equal to three years. The Fund will invest at least 80% of its assets in securities included in the Underlying Index.
HOW DID THE FUND PERFORM?
For the period from April 19, 2023 to August 31, 2023, the Fund generated a positive performance 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 Underlying Index’s allocations to U.S. Treasury bonds of 1-3 years to maturities contributed to performance as shorter dated bonds outperformed longer dated U.S. Treasury bonds amid rising interest rates during the period.  
HOW WAS THE FUND POSITIONED?
The Fund was invested in U.S. Treasury bonds rated AAA. At the end of the period, the Fund’s duration was 1.88 years.
PORTFOLIO COMPOSITION
AS OF August 31, 2023
PERCENT OF
TOTAL
INVESTMENTS
U.S. Treasury Obligations
99.7%
Short-Term Investments
0.3

*
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 $98.26 as of August 31, 2023.
**
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 Cboe BZX Exchange, Inc. As of August 31, 2023, the closing price was $98.31.
***
The adviser seeks to achieve the Fund’s objective. There can be no guarantee it will be achieved.
August 31, 2023 
J.P. Morgan Exchange-Traded Funds
9


JPMorgan BetaBuilders U.S. Treasury Bond 1-3 Year ETF
FUND COMMENTARY
FOR THE PERIOD April 19, 2023 (FUND INCEPTION) THROUGH August 31, 2023 (Unaudited) (continued) 
TOTAL RETURNS AS OF August 31, 2023 
 
INCEPTION DATE
CUMULATIVE SINCE
INCEPTION
JPMorgan BetaBuilders U.S. Treasury Bond 1-3 Year ETF
 
Net Asset Value
April 19, 2023
0.30
%
Market Price
 
0.35
LIFE OF FUND PERFORMANCE (4/19/23 TO 8/31/23)
The performance quoted is past performance and is not a guarantee of future results. Exchange-traded funds are subject to certain market risks. Investment returns and principal value of an investment will fluctuate so that an investor’s shares, when sold or redeemed, may be worth more or less than their original cost. Current performance may be higher or lower than the performance data shown. Updated performance information is available by visiting www.jpmorganfunds.com or by calling 1-844-457-6383. 
Fund commenced operations on April 19, 2023.
The graph illustrates comparative performance for $10,000 invested in shares of the JPMorgan BetaBuilders U.S. Treasury Bond 1-3 Year ETF and the ICE US Treasury 1-3 Year Bond Index from April 19, 2023 to August 31, 2023. The performance of the Fund reflects the deduction of Fund expenses and assumes reinvestment of all dividends and capital gain distributions, if any. The ICE US Treasury 1-3 Year Bond 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 ICE US Treasury 1-3 Year Bond Index tracks the performance of US dollar denominated sovereign debt publicly issued by the US government in its domestic market, with a minimum term to maturity greater than one year and less than or equal to three years. Investors cannot invest directly in an index.
Fund 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.
10
J.P. Morgan Exchange-Traded Funds
August 31, 2023 


JPMorgan BetaBuilders U.S. Treasury Bond 20+ Year ETF
FUND COMMENTARY
FOR THE PERIOD April 19, 2023 (FUND INCEPTION) THROUGH August 31, 2023 (Unaudited)
REPORTING PERIOD RETURN:
 
Net Asset Value*
(6.02)%
Market Price**
(5.95)%
ICE US Treasury 20+ Year Bond Index
(6.05)%
Net Assets as of 8/31/2023
$52,270,987
Duration as of 8/31/2023
17.2 Years
Fund Ticker
BBLB
INVESTMENT OBJECTIVE***
The JPMorgan BetaBuilders U.S. Treasury Bond 20+ Year ETF (the “Fund”) seeks investment results that closely correspond, before fees and expenses, to the performance of the ICE US Treasury 20+ Year Bond Index (the “Underlying Index”).
INVESTMENT APPROACH
The Underlying Index measures the performance of U.S. dollar-denominated, fixed rate securities with minimum term to maturity greater than 20 years.
The Fund will invest at least 80% of its assets in securities included in the Underlying Index.
HOW DID THE FUND PERFORM?
For the period from April 19, 2023 to August 31, 2023, the Fund 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 allocations to U.S. Treasury bonds with 20+ year maturities detracted from performance amid moderately rising interest rates during the period.
HOW WAS THE FUND POSITIONED?
The Fund was invested in U.S. Treasury bonds rated AAA. At the end of the period, the Fund’s duration was 17.15 years.
PORTFOLIO COMPOSITION
AS OF August 31, 2023
PERCENT OF
TOTAL
INVESTMENTS
U.S. Treasury Obligations
100.0%
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 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 $92.51 as of August 31, 2023.
**
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 Cboe BZX Exchange, Inc. As of August 31, 2023, the closing price was $92.58.
***
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%.
August 31, 2023 
J.P. Morgan Exchange-Traded Funds
11


JPMorgan BetaBuilders U.S. Treasury Bond 20+ Year ETF
FUND COMMENTARY
FOR THE PERIOD April 19, 2023 (FUND INCEPTION) THROUGH August 31, 2023 (Unaudited) (continued) 
TOTAL RETURNS AS OF August 31, 2023 
 
INCEPTION DATE
CUMULATIVE SINCE
INCEPTION
JPMorgan BetaBuilders U.S. Treasury Bond 20+ Year ETF
 
Net Asset Value
April 19, 2023
(6.02
)%
Market Price
 
(5.95
)
LIFE OF FUND PERFORMANCE (4/19/23 TO 8/31/23)
The performance quoted is past performance and is not a guarantee of future results. Exchange-traded funds are subject to certain market risks. Investment returns and principal value of an investment will fluctuate so that an investor’s shares, when sold or redeemed, may be worth more or less than their original cost. Current performance may be higher or lower than the performance data shown. Updated performance information is available by visiting www.jpmorganfunds.com or by calling 1-844-457-6383. 
Fund commenced operations on April 19, 2023.
The graph illustrates comparative performance for $10,000 invested in shares of the JPMorgan BetaBuilders U.S. Treasury Bond 20+ Year ETF and the ICE US Treasury 20+ Year Bond Index from April 19, 2023 to August 31, 2023. The performance of the Fund reflects the deduction of Fund expenses and assumes reinvestment of all dividends and capital gain distributions, if any. The ICE US Treasury 20+ Year Bond 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 ICE US Treasury 20+ Year Bond Index tracks the performance of US dollar denominated sovereign debt publicly issued by the US government in its domestic market, with a minimum term to maturity greater than or equal to twenty years. Investors cannot invest directly in an index.
Fund 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.
12
J.P. Morgan Exchange-Traded Funds
August 31, 2023 


JPMorgan BetaBuilders U.S. Treasury Bond 3-10 Year ETF
FUND COMMENTARY
FOR THE PERIOD April 19, 2023 (FUND INCEPTION) THROUGH August 31, 2023 (Unaudited)
REPORTING PERIOD RETURN:
 
Net Asset Value*
(1.39)%
Market Price**
(1.35)%
ICE U.S. Treasury 3-10 Year Bond Index Total Return in USD
(1.38)%
Net Assets as of 8/31/2023
$4,368,957
Duration as of 8/31/2023
5.1 Years
Fund Ticker
BBIB
INVESTMENT OBJECTIVE***
The JPMorgan BetaBuilders U.S. Treasury Bond 3-10 Year ETF (the “Fund”) seeks investment results that closely correspond, before fees and expenses, to the performance of the ICE U.S. Treasury 3-10 Year Bond Index (the “Underlying Index”).
INVESTMENT APPROACH
The Underlying Index measures the performance of U.S. dollar-denominated, fixed rate securities with minimum term to maturity greater than three years and less than or equal to ten years. The Fund will invest at least 80% of its assets in securities included in the Underlying Index.
HOW DID THE FUND PERFORM?
For the period from April 19, 2023 to August 31, 2023, the Fund 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 allocations to U.S. Treasury bonds with 3-10 year maturities detracted from performance amid moderately rising interest rates during the period. 
HOW WAS THE FUND POSITIONED?
The Fund was invested in U.S. Treasury bonds rated AAA. At the end of the period, the Fund’s duration was 5.09 years. 
 
PORTFOLIO COMPOSITION
AS OF August 31, 2023
PERCENT OF
TOTAL
INVESTMENTS
U.S. Treasury Obligations
99.5%
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 $97.09 as of August 31, 2023.
**
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 Cboe BZX Exchange, Inc. As of August 31, 2023, the closing price was $97.13.
***
The adviser seeks to achieve the Fund’s objective. There can be no guarantee it will be achieved.
August 31, 2023 
J.P. Morgan Exchange-Traded Funds
13


JPMorgan BetaBuilders U.S. Treasury Bond 3-10 Year ETF
FUND COMMENTARY
FOR THE PERIOD April 19, 2023 (FUND INCEPTION) THROUGH August 31, 2023 (Unaudited) (continued) 
TOTAL RETURNS AS OF August 31, 2023 
 
INCEPTION DATE
CUMULATIVE SINCE
INCEPTION
JPMorgan BetaBuilders U.S. Treasury Bond 3-10 Year ETF
 
Net Asset Value
April 19, 2023
(1.39
)%
Market Price
 
(1.35
)
LIFE OF FUND PERFORMANCE (4/19/23 TO 8/31/23)
The performance quoted is past performance and is not a guarantee of future results. Exchange-traded funds are subject to certain market risks. Investment returns and principal value of an investment will fluctuate so that an investor’s shares, when sold or redeemed, may be worth more or less than their original cost. Current performance may be higher or lower than the performance data shown. Updated performance information is available by visiting www.jpmorganfunds.com or by calling 1-844-457-6383. 
Fund commenced operations on April 19, 2023.
The graph illustrates comparative performance for $10,000 invested in shares of the JPMorgan BetaBuilders U.S. Treasury Bond 3-10 Year ETF and the ICE U.S. Treasury 3-10 Year Bond Index Total Return in USD from April 19, 2023 to August 31, 2023. The performance of the Fund reflects the deduction of Fund expenses and assumes reinvestment of all dividends and capital gain distributions, if any. The ICE U.S. Treasury 3-10 Year Bond Index Total Return in USD 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. ICE U.S. Treasury 3-10 Year Bond Index Total Return in USD tracks the performance of US dollar denominated sovereign debt publicly issued by the US government in its domestic market, with a minimum term to maturity greater than three years and less than or equal to ten years. Investors cannot invest directly in an index.
Fund 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.
14
J.P. Morgan Exchange-Traded Funds
August 31, 2023 


JPMorgan BetaBuilders USD High Yield Corporate Bond ETF
FUND COMMENTARY
SIX MONTHS ENDED August 31, 2023 (Unaudited)
REPORTING PERIOD RETURN:
 
Net Asset Value*
3.96%
Market Price**
4.27%
ICE BofA U.S. High Yield Total Return Index
4.58%
Net Assets as of 8/31/2023
$433,254,754
Duration as of 8/31/2023
3.7 Years
Fund Ticker
BBHY
INVESTMENT OBJECTIVE***
The JPMorgan BetaBuilders USD High Yield Corporate Bond ETF (the “Fund”) seeks investment results that closely correspond, before fees and expenses, to the performance of the ICE BofA U.S. High Yield Total Return Index (the “Underlying Index”).
INVESTMENT APPROACH
The Fund uses a "passive" investment approach and attempts to closely correspond to the performance of the Underlying Index, which is designed to measure the performance of U.S. dollar denominated below investment grade corporate debt publicly issued in the U.S.
HOW DID THE FUND PERFORM?
For the six months ended August 31, 2023, the Fund generated a positive absolute performance and underperformed the Underlying Index. The Fund’s performance was driven by tightening yield spreads among high yield bonds (also known as junk bonds), which were offset by higher U.S. Treasury bond yields during the period.
HOW WAS THE FUND POSITIONED?
At the end of the period, the Fund’s and Underlying Index’s largest allocations were to the consumer cyclical and communications sectors and the smallest allocations were to the financials and industrials sectors.
 
PORTFOLIO COMPOSITION BY INDUSTRY
AS OF August 31, 2023
PERCENT OF
TOTAL
INVESTMENTS
Oil, Gas & Consumable Fuels
9.7%
Hotels, Restaurants & Leisure
8.6
Media
6.6
Diversified Telecommunication Services
5.2
Consumer Finance
4.3
Health Care Providers & Services
4.0
Commercial Services & Supplies
3.5
Specialty Retail
3.3
Software
2.9
Chemicals
2.9
Containers & Packaging
2.9
Aerospace & Defense
2.2
Automobile Components
2.2
Financial Services
2.0
Metals & Mining
2.0
Passenger Airlines
1.8
Trading Companies & Distributors
1.7
Insurance
1.7
Energy Equipment & Services
1.6
Electric Utilities
1.6
Pharmaceuticals
1.6
Building Products
1.4
Household Durables
1.4
Machinery
1.4
Automobiles
1.3
Broadline Retail
1.3
Ground Transportation
1.2
Food Products
1.2
Consumer Staples Distribution & Retail
1.1
Wireless Telecommunication Services
1.1
Others (each less than 1.0%)
15.4
Short-Term Investments
0.9

*
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 $44.67 as of August 31, 2023.
**
Market price return was calculated assuming an initial investment made at the market price at the beginning of the reporting period, reinvestment of all dividends and distributions at market
August 31, 2023 
J.P. Morgan Exchange-Traded Funds
15


JPMorgan BetaBuilders USD High Yield Corporate Bond ETF
FUND COMMENTARY
SIX MONTHS ENDED August 31, 2023 (Unaudited) (continued) 

price during the period, and sale at the market price on the last day of the period. The price used to calculate the market price return was the closing price on the Cboe BZX Exchange, Inc. As of August 31, 2023, the closing price was $44.84.
***
The adviser seeks to achieve the Fund’s objective. There can be no guarantee it will be achieved.
16
J.P. Morgan Exchange-Traded Funds
August 31, 2023 


AVERAGE ANNUAL TOTAL RETURNS AS OF August 31, 2023 
 
INCEPTION DATE
SIX MONTHS*
1 YEAR
5 YEAR
SINCE
INCEPTION
JPMorgan BetaBuilders USD High Yield Corporate Bond ETF
 
Net Asset Value
September 14, 2016
3.96
%
6.86
%
2.93
%
3.42
%
Market Price
 
4.27
7.62
2.93
3.46

 
*
Not annualized.
LIFE OF FUND PERFORMANCE (9/14/16 TO 8/31/23)
The performance quoted is past performance and is not a guarantee of future results. Exchange-traded funds are subject to certain market risks. Investment returns and principal value of an investment will fluctuate so that an investor’s shares, when sold or redeemed, may be worth more or less than their original cost. Current performance may be higher or lower than the performance data shown. Updated performance information is available by visiting www.jpmorganfunds.com or by calling 1-844-457-6383. 
Fund commenced operations on September 14, 2016.
The graph illustrates comparative performance for $10,000 invested in shares of the JPMorgan BetaBuilders USD High Yield Corporate Bond ETF and the ICE BofA U.S. High Yield Total Return Index from September 14, 2016 to August 31, 2023. The performance of the Fund reflects the deduction of Fund expenses and assumes reinvestment of all dividends and capital gain distributions, if any. The performance of the ICE BofA U.S. High Yield Total Return 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 ICE BofA U.S. High Yield Total Return Index tracks the performance of US dollar denominated below investment grade corporate debt publicly issued in the US domestic market. Investors cannot invest directly in an index.
Fund performance reflects waiver of a portion of the Fund’s fees and reimbursement of expenses for certain periods from the Fund’s inception date and prior to implementation of a unitary fee structure on November 19, 2019. 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.
Effective February 1, 2023, the Fund’s investment strategy and approach were changed to a passively managed portfolio from an actively managed portfolio. Although past performance is not necessarily an indication of how the Fund will perform in the future, in view of these changes, the Fund’s performance record prior to this date may be less relevant for investors considering whether to purchase shares of the Fund. Also on February 1, 2023, the Fund changed its benchmark from the Bloomberg U.S. Corporate High Yield – 2% Issuer Capped Index to the ICE BofA U.S. High Yield Total Return Index.
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.
August 31, 2023 
J.P. Morgan Exchange-Traded Funds
17


JPMorgan BetaBuilders USD Investment Grade Corporate Bond ETF
FUND COMMENTARY
SIX MONTHS ENDED August 31, 2023 (Unaudited)
REPORTING PERIOD RETURN:
 
Net Asset Value*
1.86%
Market Price**
1.88%
Bloomberg U.S. Corporate Index
2.05%
Net Assets as of 8/31/2023
$51,253,356
Duration as of 8/31/2023
7.0 Years
Fund Ticker
BBCB
INVESTMENT OBJECTIVE***
The JPMorgan USD Investment Grade Corporate Bond ETF (the “Fund”) seeks investment results that closely correspond, before fees and expenses, to the performance of the Bloomberg U.S. Corporate Bond Index (the “Underlying Index”). Prior to February 1, 2023, the Fund sought to provide total return. 
INVESTMENT APPROACH
The Fund seeks investment results that closely correspond, before fees and expenses, to the performance of the Underlying Index, which measures the investment grade, fixed-rate, taxable corporate bond market and includes U.S. dollar denominated securities publicly issued by U.S. and non-U.S. industrial, utility and financial issuers.
HOW DID THE FUND PERFORM?
For the six months ended August 31, 2023, the Fund had a positive return and underperformed the Underlying Index.
While the Fund’s allocations were largely consistent with the Underlying Index’s during the period, the Fund is prohibited from holding J.P. Morgan Chase & Co. bonds because it is an affiliate, which was a leading detractor from performance relative to the Underlying Index. The Fund’s and Underlying Index’s exposures to investment grade bonds contributed to absolute performance.
HOW WAS THE FUND POSITIONED?
At August 31, 2023, the Fund’s and the Underlying Index’s largest allocations were to the financial institutions and
consume non-cyclical sectors and their smallest allocations were to the other industrial and transportation sectors.
PORTFOLIO COMPOSITION
AS OF August 31, 2023
PERCENT OF
TOTAL
INVESTMENTS
Corporate Bonds
99.0%
Others (each less than 1.0%)
0.2
Short-Term Investments
0.8

*
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 $44.57 as of August 31, 2023.
**
Market price return was calculated assuming an initial investment made at the market price at the beginning of the reporting period, reinvestment of all dividends and distributions at market price during the period, and sale at the market price on the last day of the period. The price used to calculate the market price return was the closing price on the NYSE Arca. As of August 31, 2023, the closing price was $44.60.
***
The adviser seeks to achieve the Fund’s objective. There can be no guarantee it will be achieved.
18
J.P. Morgan Exchange-Traded Funds
August 31, 2023 


AVERAGE ANNUAL TOTAL RETURNS AS OF August 31, 2023 
 
INCEPTION DATE
SIX MONTHS*
1 YEAR
SINCE
INCEPTION
JPMorgan BetaBuilders USD Investment Grade Corporate Bond ETF
 
Net Asset Value
December 12, 2018
1.86
%
0.83
%
1.57
%
Market Price
 
1.88
1.11
1.57

 
*
Not annualized.
LIFE OF FUND PERFORMANCE (12/12/18 TO 8/31/23)
The performance quoted is past performance and is not a guarantee of future results. Exchange-traded funds are subject to certain market risks. Investment returns and principal value of an investment will fluctuate so that an investor’s shares, when sold or redeemed, may be worth more or less than their original cost. Current performance may be higher or lower than the performance data shown. Updated performance information is available by visiting www.jpmorganfunds.com or by calling 1-844-457-6383. 
Fund commenced operations on December 12, 2018.
The graph illustrates comparative performance for $10,000 invested in shares of the JPMorgan Corporate Bond Research Enhanced ETF and the Bloomberg U.S. Corporate Index from December 12, 2018 to August 31, 2023. The performance of the Fund reflects the deduction of Fund expenses and assumes reinvestment of all dividends and capital gain distributions, if any. The performance of the Bloomberg U.S. Corporate 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 Bloomberg U.S. Corporate Index broadly measures the investment grade, fixed-rate, taxable, corporate bond market. It includes USD denominated securities publicly issued by U.S. and non-U.S. industrial, utility, and financial
issuers that meet specified maturity, liquidity, and quality requirements. Securities in the index roll up to the U.S. Credit and U.S. Aggregate Indices. Investors cannot invest directly in an index.
Fund performance reflects waiver of a portion of the Fund’s fees and reimbursement of expenses for certain periods from the Fund’s inception date and prior to implementation of a unitary fee structure on November 19, 2019. 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.
Effective February 1, 2023, the Fund’s investment strategy and approach were changed to a passively managed portfolio from an actively managed portfolio. Although past performance is not necessarily an indication of how the Fund will perform in the future, in view of these changes, the Fund’s performance record prior to this date may be less relevant for investors considering whether to purchase shares of the Fund.
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.
August 31, 2023 
J.P. Morgan Exchange-Traded Funds
19


JPMorgan USD Emerging Markets Sovereign Bond ETF
FUND COMMENTARY
SIX MONTHS ENDED August 31, 2023 (Unaudited)
REPORTING PERIOD RETURN:
 
Net Asset Value*
2.75%
Market Price**
2.52%
JPMorgan Emerging Markets Risk-Aware Bond Index
3.07%
Net Assets as of 8/31/2023
$634,543,691
Duration as of 8/31/2023
6.8 Years
Fund Ticker
JPMB
INVESTMENT OBJECTIVE***
The JPMorgan USD Emerging Markets Sovereign Bond ETF (the “Fund”) seeks investment results that closely correspond, before fees and expenses, to the performance of the JPMorgan Emerging Markets Risk-Aware Bond Index (the “Underlying Index”).
INVESTMENT APPROACH
The Fund is passively managed to the Underlying Index, which is comprised of liquid, U.S. dollar-denominated sovereign and quasi-sovereign fixed and floating rate debt securities from emerging markets. The Underlying Index utilizes a rules-based, proprietary methodology that filters for liquidity and country risk and allocates risk based on credit rating. The Underlying Index methodology includes monthly rebalancing within each country and semi-annually across countries. The Fund also employs stratified sampling and optimization techniques that seek to minimize tracking error to the Underlying Index.
HOW DID THE FUND PERFORM?
For the six months ended August 31, 2023, the Fund generated a positive absolute performance and performed in line with the Underlying Index. The majority of the Fund’s deviation from the Underlying Index was due to operating expenses, fees and tax management of the Fund’s portfolio.
The performance of the Fund and the Underlying Index was helped by a sustained rally in commodity prices, notably in energy, that lifted the economic growth prospects for select emerging market nations during the period. The Fund and the Underlying Index also benefitted from investor demand for lower-rated bonds, including emerging markets debt from distressed issuers. The Fund’s and the Underlying Index’s exposures to China also contributed to performance despite increased investor concerns about China’s real estate sector and the broader outlook for China’s economy toward the end of the period.  
The Fund’s and the Underlying Index’s exposures to Egypt detracted from performance as rising grain prices clouded the country’s fiscal outlook. 
HOW WAS THE FUND POSITIONED?
The Fund invested at least 80% of its assets in securities included in the Underlying Index. Among the largest positions in the Fund and the Underlying Index were Turkey, Oman and
Brazil, while their smallest positions were in Bolivia, Ethiopia and Trinidad & Tobago.
PORTFOLIO COMPOSITION BY COUNTRY
AS OF August 31, 2023
PERCENT OF
TOTAL
INVESTMENTS
Turkey
8.1%
Oman
7.8
Brazil
7.5
Dominican Republic
7.1
Colombia
6.7
South Africa
6.6
Bahrain
4.6
Mexico
3.6
Saudi Arabia
3.5
Indonesia
3.3
United Arab Emirates
3.0
Qatar
2.5
China
2.5
Philippines
2.2
Chile
2.0
Kenya
2.0
Jamaica
1.9
Peru
1.9
Panama
1.9
Angola
1.7
Uruguay
1.5
Jordan
1.5
Hungary
1.5
Malaysia
1.5
Romania
1.4
Morocco
1.4
Costa Rica
1.2
Azerbaijan
1.0
Paraguay
1.0
Others (each less than 1.0%)
5.5
Short-Term Investments
2.1

*
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 $38.46 as of August 31, 2023.
**
Market price return was calculated assuming an initial investment made at the market price at the beginning of the reporting period, reinvestment of all dividends and distributions at market price during the period, and sale at the market price on the last
20
J.P. Morgan Exchange-Traded Funds
August 31, 2023 



day of the period. The price used to calculate the market price return was the closing price on the NYSE Arca. As of August 31, 2023, the closing price was $38.63.
***
The adviser seeks to achieve the Fund’s objective. There can be no guarantee it will be achieved.
August 31, 2023 
J.P. Morgan Exchange-Traded Funds
21


JPMorgan USD Emerging Markets Sovereign Bond ETF
FUND COMMENTARY
SIX MONTHS ENDED August 31, 2023 (Unaudited) (continued) 
AVERAGE ANNUAL TOTAL RETURNS AS OF August 31, 2023 
 
INCEPTION DATE
SIX MONTHS*
1 YEAR
5 YEAR
SINCE
INCEPTION
JPMorgan USD Emerging Markets Sovereign Bond ETF
 
Net Asset Value
January 29, 2018
2.75
%
4.84
%
1.24
%
0.02
%
Market Price
 
2.52
5.34
1.16
0.08

 
*
Not annualized.
LIFE OF FUND PERFORMANCE (1/29/18 TO 8/31/23)
The performance quoted is past performance and is not a guarantee of future results. Exchange-traded funds are subject to certain market risks. Investment returns and principal value of an investment will fluctuate so that an investor’s shares, when sold or redeemed, may be worth more or less than their original cost. Current performance may be higher or lower than the performance data shown. Updated performance information is available by visiting www.jpmorganfunds.com or by calling 1-844-457-6383. 
Fund commenced operations on January 29, 2018.
The graph illustrates comparative performance for $10,000 invested in shares of the JPMorgan USD Emerging Markets Sovereign Bond ETF and the JPMorgan Emerging Markets Risk-Aware Bond Index from January 29, 2018 to August 31, 2023. The performance of the Fund reflects the deduction of Fund expenses and assumes reinvestment of all dividends and capital gain distributions, if any. The performance of the JPMorgan Emerging Markets Risk-Aware Bond 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 Emerging Markets Risk-Aware Bond Index (the “Index”) is comprised of liquid, U.S. dollar-denominated sovereign and quasi-sovereign fixed and floating rate debt securities from emerging markets selected using a rules-based methodology and is owned by J.P. Morgan Investment Inc., the Fund’s adviser (the “Adviser”). The Index is maintained and calculated by J.P. Morgan Securities LLC (“JPMS” or the “Index Provider”), which selects securities in accordance with the methodology from among the components of the J.P. Morgan Emerging Market Bond Index Global Diversified, which was developed and is maintained by the Index Provider. The Index Provider and the Adviser are both wholly-owned subsidiaries of JPMorgan Chase & Co., a publicly-held financial services holding company. The Index starts with the J.P. Morgan
Emerging Market Bond Index Global Diversified and applies a proprietary methodology that filters for liquidity and for country risk and allocates risk based on credit rating. Historically, the J.P. Morgan Emerging Markets Bond Index Global Diversified has included bonds issued by the countries of Angola, Argentina, Armenia, Azerbaijan, Belize, Bolivia, Brazil, Cameroon, Chile, China, Colombia, Costa Rica, Cote D’Ivoire, Croatia, Dominican Republic, Ecuador, Egypt, El Salvador, Ethiopia, Gabon, Georgia, Ghana, Guatemala, Honduras, Hungary, India, Indonesia, Iraq, Jamaica, Jordan, Kazakhstan, Kenya, Latvia, Lebanon, Lithuania, Malaysia, Mexico, Mongolia, Morocco, Mozambique, Namibia, Nigeria, Oman, Pakistan, Panama, Paraguay, Peru, Philippines, Poland, Romania, Russian Federation, Senegal, Serbia, Slovakia, South Africa, Sri Lanka, Suriname, Trinidad and Tobago, Tunisia, Turkey, Ukraine, Uruguay, Venezuela, Vietnam, Zambia; however, this universe of countries may change in accordance with the Index Provider’s determination of eligible emerging market countries and there is no assurance that a particular country will be represented in the Underlying Index at any given time. Investors cannot invest directly in an index.
Fund performance reflects waiver of a portion of the Fund’s fees and reimbursement of expenses for certain periods from the Fund’s inception date and prior to implementation of a unitary fee structure on November 19, 2019. 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.
22
J.P. Morgan Exchange-Traded Funds
August 31, 2023 


JPMorgan BetaBuilders 1-5 Year U.S. Aggregate Bond ETF
SCHEDULE OF PORTFOLIO INVESTMENTS
AS OF August 31, 2023  (Unaudited)
INVESTMENTS
PRINCIPAL
AMOUNT($)
VALUE($)
U.S. Treasury Obligations — 58.0%
U.S. Treasury Bonds
7.63%, 2/15/2025
118,000
121,932
6.00%, 2/15/2026
268,000
275,161
6.50%, 11/15/2026
72,000
76,067
6.38%, 8/15/2027
323,000
345,232
U.S. Treasury Notes
1.75%, 7/31/2024
111,000
107,388
2.38%, 8/15/2024
193,000
187,557
0.38%, 9/15/2024
8,000
7,600
1.50%, 9/30/2024
287,000
275,542
0.63%, 10/15/2024
9,000
8,545
1.50%, 10/31/2024
258,000
247,065
0.75%, 11/15/2024
86,000
81,498
2.25%, 11/15/2024
12,000
11,576
1.00%, 12/15/2024
141,000
133,631
1.75%, 12/31/2024
153,000
146,235
2.25%, 12/31/2024
159,000
152,982
1.13%, 1/15/2025
88,000
83,311
1.50%, 2/15/2025
100,000
94,926
2.00%, 2/15/2025
5,000
4,782
0.50%, 3/31/2025
7,000
6,519
0.38%, 4/30/2025
153,000
141,764
0.25%, 5/31/2025
1,066,000
982,177
2.88%, 5/31/2025
118,000
113,838
0.25%, 7/31/2025
21,000
19,231
2.00%, 8/15/2025
5,000
4,733
0.25%, 8/31/2025
87,000
79,415
2.25%, 11/15/2025
9,000
8,525
0.38%, 11/30/2025
1,460,000
1,325,064
0.38%, 1/31/2026
7,000
6,317
0.50%, 2/28/2026
8,000
7,223
0.75%, 3/31/2026
5,000
4,538
0.75%, 4/30/2026
5,000
4,522
0.75%, 5/31/2026
6,000
5,411
1.50%, 8/15/2026
5,000
4,583
0.75%, 8/31/2026
731,000
654,531
0.88%, 9/30/2026
5,000
4,486
1.13%, 10/31/2026
259,000
233,484
1.25%, 11/30/2026
339,000
306,159
1.25%, 12/31/2026
5,000
4,509
1.50%, 1/31/2027
34,000
30,842
2.38%, 5/15/2027
5,000
4,654
0.50%, 5/31/2027
157,000
135,989
0.50%, 6/30/2027
391,000
337,848
0.38%, 7/31/2027
177,000
151,708
INVESTMENTS
PRINCIPAL
AMOUNT($)
VALUE($)
 
2.75%, 7/31/2027
150,000
141,211
2.25%, 8/15/2027
100,000
92,320
0.50%, 8/31/2027
300,000
257,766
4.13%, 10/31/2027
100,000
99,078
3.88%, 12/31/2027
20,000
19,636
0.75%, 1/31/2028
75,000
64,318
3.50%, 1/31/2028
350,000
338,516
2.75%, 2/15/2028
200,000
187,344
1.13%, 2/29/2028
75,000
65,285
3.63%, 3/31/2028
50,000
48,606
1.25%, 4/30/2028
160,000
139,525
2.88%, 5/15/2028
91,000
85,533
1.25%, 5/31/2028
100,000
87,047
1.25%, 6/30/2028
104,000
90,350
1.00%, 7/31/2028
178,000
152,343
4.13%, 7/31/2028
5,000
4,971
2.88%, 8/15/2028
56,000
52,504
Total U.S. Treasury Obligations
(Cost $9,246,656)
8,865,453
Corporate Bonds — 25.7%
Aerospace & Defense — 0.3%
Boeing Co. (The)
4.88%, 5/1/2025
5,000
4,930
2.75%, 2/1/2026
15,000
14,071
2.70%, 2/1/2027
2,000
1,829
General Dynamics Corp. 2.38%, 11/15/2024
7,000
6,745
HEICO Corp. 5.25%, 8/1/2028
8,000
7,934
Leidos, Inc. 3.63%, 5/15/2025
4,000
3,854
Lockheed Martin Corp. 3.55%, 1/15/2026
2,000
1,935
 
41,298
Air Freight & Logistics — 0.2%
GXO Logistics, Inc. 1.65%, 7/15/2026
32,000
28,328
Automobiles — 0.2%
Toyota Motor Corp. (Japan) 1.34%, 3/25/2026
28,000
25,502
Banks — 7.3%
Bangko Sentral ng Pilipinas International
Bond (Philippines) 8.60%, 6/15/2027
13,000
14,606
Bank of America Corp.
Series L, 3.95%, 4/21/2025
33,000
31,965
(3-MONTH CME TERM SOFR + 0.90%),
2.02%, 2/13/2026(a)
30,000
28,297
(SOFR + 1.15%), 1.32%, 6/19/2026(a)
78,000
71,760
(SOFR + 1.01%), 1.20%, 10/24/2026(a)
31,000
28,095
(SOFR + 0.96%), 1.73%, 7/22/2027(a)
5,000
4,474
SEE NOTES TO FINANCIAL STATEMENTS.
August 31, 2023
J.P. Morgan Exchange-Traded Funds
23


JPMorgan BetaBuilders 1-5 Year U.S. Aggregate Bond ETF
SCHEDULE OF PORTFOLIO INVESTMENTS
AS OF August 31, 2023  (Unaudited) (continued)
INVESTMENTS
PRINCIPAL
AMOUNT($)
VALUE($)
Corporate Bonds — continued
Banks — continued
(SOFR + 1.58%), 4.38%, 4/27/2028(a)
6,000
5,754
Bank of Montreal (Canada)
(SOFR + 0.60%), 0.95%, 1/22/2027(a)
11,000
9,872
2.65%, 3/8/2027
48,000
43,809
BankUnited, Inc. 4.88%, 11/17/2025
32,000
30,197
Barclays plc (United Kingdom) 3.65%,
3/16/2025
40,000
38,595
Citigroup, Inc. (3-MONTH CME TERM SOFR +
1.45%), 4.08%, 4/23/2029(a)
117,000
109,703
HSBC Holdings plc (United Kingdom)
(3-MONTH CME TERM SOFR + 1.40%),
2.63%, 11/7/2025(a)
30,000
28,766
(SOFR + 1.29%), 1.59%, 5/24/2027(a)
25,000
22,226
KeyCorp 2.25%, 4/6/2027
1,000
859
Kreditanstalt fuer Wiederaufbau (Germany)
2.63%, 2/28/2024
33,000
32,558
0.38%, 7/18/2025
17,000
15,621
1.00%, 10/1/2026
75,000
67,398
Landwirtschaftliche Rentenbank (Germany)
Series 40, 0.50%, 5/27/2025
5,000
4,621
0.88%, 3/30/2026
39,000
35,383
Mitsubishi UFJ Financial Group, Inc. (Japan)
3.68%, 2/22/2027
45,000
42,829
3.96%, 3/2/2028
21,000
19,991
Oesterreichische Kontrollbank AG (Austria)
0.50%, 2/2/2026
5,000
4,511
PNC Financial Services Group, Inc. (The) (SOFR +
1.84%), 5.58%, 6/12/2029(a)
6,000
5,950
Regions Financial Corp. 2.25%, 5/18/2025
33,000
30,843
Royal Bank of Canada (Canada) 1.40%,
11/2/2026
70,000
62,001
Santander Holdings USA, Inc.
(SOFR + 2.33%), 5.81%, 9/9/2026(a)
6,000
5,933
(SOFR + 1.25%), 2.49%, 1/6/2028(a)
39,000
34,180
Sumitomo Mitsui Financial Group, Inc. (Japan)
3.01%, 10/19/2026
61,000
56,535
3.94%, 7/19/2028
8,000
7,477
Toronto-Dominion Bank (The) (Canada)
0.75%, 9/11/2025
5,000
4,559
2.80%, 3/10/2027
6,000
5,502
(USD Swap Semi 5 Year + 2.21%), 3.62%,
9/15/2031(a) (b)
7,000
6,533
Truist Financial Corp.
3.70%, 6/5/2025
6,000
5,782
1.20%, 8/5/2025
6,000
5,504
(SOFR + 1.37%), 4.12%, 6/6/2028(a)
17,000
16,034
INVESTMENTS
PRINCIPAL
AMOUNT($)
VALUE($)
 
Banks — continued
(SOFR + 0.86%), 1.89%, 6/7/2029(a)
15,000
12,521
US Bancorp (SOFR + 0.73%), 2.22%,
1/27/2028(a)
35,000
31,226
Wells Fargo & Co.
3.00%, 4/22/2026
8,000
7,493
(SOFR + 1.32%), 3.91%, 4/25/2026(a)
10,000
9,672
(SOFR + 2.00%), 2.19%, 4/30/2026(a)
63,000
59,254
(3-MONTH CME TERM SOFR + 1.43%),
3.20%, 6/17/2027(a)
18,000
16,826
Westpac Banking Corp. (Australia)
5.46%, 11/18/2027
9,000
9,132
3.40%, 1/25/2028
35,000
32,919
 
1,117,766
Beverages — 0.4%
Anheuser-Busch Cos. LLC (Belgium) 3.65%,
2/1/2026
16,000
15,462
Coca-Cola Co. (The) 1.45%, 6/1/2027
40,000
35,715
Keurig Dr Pepper, Inc. 3.40%, 11/15/2025
2,000
1,913
PepsiCo, Inc. 2.85%, 2/24/2026
10,000
9,522
 
62,612
Biotechnology — 0.5%
AbbVie, Inc.
2.60%, 11/21/2024
9,000
8,687
3.80%, 3/15/2025
42,000
40,895
Amgen, Inc. 1.65%, 8/15/2028
23,000
19,619
Baxalta, Inc. 4.00%, 6/23/2025
4,000
3,890
 
73,091
Broadline Retail — 0.1%
eBay, Inc.
1.90%, 3/11/2025
2,000
1,894
1.40%, 5/10/2026
14,000
12,620
 
14,514
Building Products — 0.0% ^
Lennox International, Inc. 1.35%, 8/1/2025
2,000
1,843
Capital Markets — 2.7%
Ameriprise Financial, Inc.
3.70%, 10/15/2024
2,000
1,957
2.88%, 9/15/2026
2,000
1,871
Ares Capital Corp.
3.25%, 7/15/2025
16,000
15,000
2.88%, 6/15/2028
21,000
17,743
Bank of New York Mellon Corp. (The)
1.60%, 4/24/2025
10,000
9,392
SEE NOTES TO FINANCIAL STATEMENTS.
24
J.P. Morgan Exchange-Traded Funds
August 31, 2023


INVESTMENTS
PRINCIPAL
AMOUNT($)
VALUE($)
Corporate Bonds — continued
Capital Markets — continued
1.05%, 10/15/2026
39,000
34,311
1.65%, 7/14/2028
17,000
14,517
Blue Owl Capital Corp. 2.88%, 6/11/2028
25,000
20,732
CME Group, Inc. 3.00%, 3/15/2025
24,000
23,190
Franklin Resources, Inc. 2.85%, 3/30/2025
2,000
1,918
Goldman Sachs Group, Inc. (The)
3.50%, 4/1/2025
29,000
27,991
4.25%, 10/21/2025
6,000
5,817
(SOFR + 0.91%), 1.95%, 10/21/2027(a)
52,000
46,271
(SOFR + 1.11%), 2.64%, 2/24/2028(a)
19,000
17,190
(3-MONTH CME TERM SOFR + 1.42%),
3.81%, 4/23/2029(a)
15,000
13,875
(3-MONTH CME TERM SOFR + 1.56%),
4.22%, 5/1/2029(a)
7,000
6,589
Intercontinental Exchange, Inc. 3.75%,
12/1/2025
7,000
6,757
Janus Henderson US Holdings, Inc. 4.88%,
8/1/2025
28,000
27,427
Morgan Stanley
3.70%, 10/23/2024
21,000
20,549
Series I, (SOFR + 0.75%), 0.86%,
10/21/2025(a)
65,000
61,164
5.00%, 11/24/2025
14,000
13,782
State Street Corp. (SOFR + 0.73%), 2.20%,
2/7/2028(a)
29,000
26,323
 
414,366
Chemicals — 0.1%
Air Products and Chemicals, Inc. 1.85%,
5/15/2027
9,000
8,100
DuPont de Nemours, Inc. 4.49%, 11/15/2025
10,000
9,795
 
17,895
Consumer Finance — 1.3%
American Express Co. 1.65%, 11/4/2026
25,000
22,297
American Honda Finance Corp.
1.20%, 7/8/2025
15,000
13,904
1.00%, 9/10/2025
17,000
15,583
Capital One Financial Corp.
3.30%, 10/30/2024
48,000
46,631
(SOFR + 2.06%), 4.93%, 5/10/2028(a)
11,000
10,574
Caterpillar Financial Services Corp. 1.10%,
9/14/2027
6,000
5,191
John Deere Capital Corp. 1.70%, 1/11/2027
44,000
39,669
PACCAR Financial Corp. 2.00%, 2/4/2027
2,000
1,813
Synchrony Financial 3.95%, 12/1/2027
24,000
21,421
INVESTMENTS
PRINCIPAL
AMOUNT($)
VALUE($)
 
Consumer Finance — continued
Toyota Motor Credit Corp.
0.80%, 10/16/2025
3,000
2,736
3.05%, 3/22/2027
17,000
15,954
 
195,773
Consumer Staples Distribution & Retail — 0.2%
Costco Wholesale Corp. 1.38%, 6/20/2027
3,000
2,652
Dollar General Corp. 3.88%, 4/15/2027
12,000
11,453
Kroger Co. (The) 3.50%, 2/1/2026
2,000
1,910
Walgreens Boots Alliance, Inc. 3.45%, 6/1/2026
9,000
8,500
Walmart, Inc. 3.90%, 9/9/2025
7,000
6,850
 
31,365
Containers & Packaging — 0.2%
Berry Global, Inc. 1.57%, 1/15/2026
34,000
30,908
WRKCo, Inc. 4.65%, 3/15/2026
3,000
2,918
 
33,826
Diversified REITs — 0.2%
Simon Property Group LP 3.50%, 9/1/2025
38,000
36,613
Diversified Telecommunication Services — 0.3%
Verizon Communications, Inc.
0.85%, 11/20/2025
31,000
28,110
3.00%, 3/22/2027
13,000
12,085
2.10%, 3/22/2028
12,000
10,487
 
50,682
Electric Utilities — 1.2%
American Electric Power Co., Inc. Series N,
1.00%, 11/1/2025
2,000
1,817
Duke Energy Corp. 0.90%, 9/15/2025
37,000
33,777
Entergy Corp. 0.90%, 9/15/2025
10,000
9,083
Eversource Energy Series Q, 0.80%, 8/15/2025
44,000
40,148
ITC Holdings Corp. 3.25%, 6/30/2026
10,000
9,443
NextEra Energy Capital Holdings, Inc. (ICE LIBOR
USD 3 Month + 2.41%), 4.80%,
12/1/2077(a)
7,000
6,201
Pacific Gas and Electric Co.
3.15%, 1/1/2026
4,000
3,724
2.95%, 3/1/2026
6,000
5,535
3.00%, 6/15/2028
5,000
4,345
Union Electric Co. 2.95%, 6/15/2027
34,000
31,614
Xcel Energy, Inc. 1.75%, 3/15/2027
35,000
31,030
 
176,717
Electrical Equipment — 0.1%
Emerson Electric Co. 0.88%, 10/15/2026
25,000
22,130
SEE NOTES TO FINANCIAL STATEMENTS.
August 31, 2023
J.P. Morgan Exchange-Traded Funds
25


JPMorgan BetaBuilders 1-5 Year U.S. Aggregate Bond ETF
SCHEDULE OF PORTFOLIO INVESTMENTS
AS OF August 31, 2023  (Unaudited) (continued)
INVESTMENTS
PRINCIPAL
AMOUNT($)
VALUE($)
Corporate Bonds — continued
Electronic Equipment, Instruments & Components — 0.0% ^
Jabil, Inc. 3.95%, 1/12/2028
5,000
4,682
Energy Equipment & Services — 0.2%
Schlumberger Investment SA 4.50%,
5/15/2028
29,000
28,471
Entertainment — 0.0% ^
TWDC Enterprises 18 Corp. 2.95%, 6/15/2027
5,000
4,689
Financial Services — 0.6%
Berkshire Hathaway, Inc. 3.13%, 3/15/2026
6,000
5,750
Block Financial LLC 2.50%, 7/15/2028
37,000
31,705
Global Payments, Inc. 4.95%, 8/15/2027
10,000
9,745
PayPal Holdings, Inc. 2.40%, 10/1/2024
8,000
7,737
Private Export Funding Corp. Series PP, 1.40%,
7/15/2028
37,000
31,903
Visa, Inc. 0.75%, 8/15/2027
8,000
6,917
 
93,757
Food Products — 0.4%
Bunge Ltd. Finance Corp. 1.63%, 8/17/2025
14,000
12,965
Hormel Foods Corp. 1.70%, 6/3/2028
5,000
4,326
JBS USA LUX SA 2.50%, 1/15/2027
33,000
29,668
Kellogg Co. 3.25%, 4/1/2026
8,000
7,613
 
54,572
Gas Utilities — 0.1%
Southern California Gas Co. Series TT, 2.60%,
6/15/2026
11,000
10,267
Ground Transportation — 0.2%
BNSF Funding Trust I (ICE LIBOR USD 3 Month +
2.35%), 6.61%, 12/15/2055(a)
3,000
2,930
JB Hunt Transport Services, Inc. 3.88%,
3/1/2026
5,000
4,840
Ryder System, Inc. 4.63%, 6/1/2025
17,000
16,665
Union Pacific Corp. 2.15%, 2/5/2027
12,000
10,958
 
35,393
Health Care Equipment & Supplies — 0.2%
Baxter International, Inc. 1.92%, 2/1/2027
36,000
32,023
Health Care Providers & Services — 0.9%
CVS Health Corp. 1.30%, 8/21/2027
60,000
51,640
Elevance Health, Inc.
3.35%, 12/1/2024
6,000
5,837
1.50%, 3/15/2026
30,000
27,237
Humana, Inc. 1.35%, 2/3/2027
29,000
25,515
Sutter Health Series 20A, 1.32%, 8/15/2025
31,000
28,385
 
138,614
INVESTMENTS
PRINCIPAL
AMOUNT($)
VALUE($)
 
Health Care REITs — 0.2%
Healthpeak OP LLC 1.35%, 2/1/2027
10,000
8,774
Welltower OP LLC 4.00%, 6/1/2025
25,000
24,243
 
33,017
Hotels, Restaurants & Leisure — 0.2%
Hyatt Hotels Corp. 4.85%, 3/15/2026
31,000
30,374
Starbucks Corp. 2.00%, 3/12/2027
5,000
4,511
 
34,885
Household Durables — 0.1%
DR Horton, Inc. 1.40%, 10/15/2027
2,000
1,717
Lennar Corp. 5.00%, 6/15/2027
10,000
9,844
 
11,561
Household Products — 0.2%
Procter & Gamble Co. (The) 2.80%, 3/25/2027
27,000
25,323
Industrial Conglomerates — 0.2%
Honeywell International, Inc. 1.10%, 3/1/2027
42,000
37,166
Industrial REITs — 0.0% ^
Prologis LP 2.13%, 4/15/2027
4,000
3,605
Insurance — 0.3%
Aflac, Inc. 1.13%, 3/15/2026
30,000
27,040
Assurant, Inc. 4.90%, 3/27/2028
9,000
8,698
Enstar Finance LLC (US Treasury Yield Curve Rate
T Note Constant Maturity 5 Year + 5.47%),
5.75%, 9/1/2040(a)
7,000
6,117
Prudential Financial, Inc. 1.50%, 3/10/2026
10,000
9,149
 
51,004
Interactive Media & Services — 0.1%
Alphabet, Inc. 0.80%, 8/15/2027
25,000
21,677
IT Services — 0.2%
Kyndryl Holdings, Inc. 2.05%, 10/15/2026
33,000
29,012
Machinery — 0.1%
Otis Worldwide Corp. 5.25%, 8/16/2028
7,000
7,048
Media — 0.5%
Comcast Corp.
3.38%, 8/15/2025
12,000
11,599
3.95%, 10/15/2025
35,000
34,086
WPP Finance 2010 (United Kingdom) 3.75%,
9/19/2024
28,000
27,224
 
72,909
Metals & Mining — 0.2%
BHP Billiton Finance USA Ltd. (Australia)
6.42%, 3/1/2026
1,000
1,027
SEE NOTES TO FINANCIAL STATEMENTS.
26
J.P. Morgan Exchange-Traded Funds
August 31, 2023


INVESTMENTS
PRINCIPAL
AMOUNT($)
VALUE($)
Corporate Bonds — continued
Metals & Mining — continued
4.75%, 2/28/2028
5,000
4,953
Nucor Corp. 2.00%, 6/1/2025
28,000
26,340
Reliance Steel & Aluminum Co. 1.30%,
8/15/2025
5,000
4,596
 
36,916
Multi-Utilities — 0.3%
DTE Energy Co. Series F, 1.05%, 6/1/2025
38,000
35,040
NiSource, Inc. 0.95%, 8/15/2025
10,000
9,164
 
44,204