CONTENTS


President's Letter	1
Market Overview	2
Fund Commentaries:
JPMorgan BetaBuilders 1-5 Year U.S. Aggregate Bond ETF	3
JPMorgan BetaBuilders U.S. Aggregate Bond ETF	5
JPMorgan BetaBuilders U.S. TIPS 0-5 Year ETF	7
JPMorgan BetaBuilders U.S. Treasury Bond 1-3 Year ETF	9
JPMorgan BetaBuilders U.S. Treasury Bond 20+ Year ETF	11
JPMorgan BetaBuilders U.S. Treasury Bond 3-10 Year ETF	13
JPMorgan BetaBuilders USD High Yield Corporate Bond ETF	15
JPMorgan BetaBuilders USD Investment Grade Corporate Bond ETF	18
JPMorgan USD Emerging Markets Sovereign Bond ETF	20
Schedules of Portfolio Investments	23
Financial Statements	133
Financial Highlights	144
Notes to Financial Statements	148
Schedule of Shareholder Expenses	163
Liquidity Risk Management Program	165
Board Approval of Management Agreements	166
Board Approval of Initial Management Agreements	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

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.

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

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.

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

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

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)

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.

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

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

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)

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.

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 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

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)

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.

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 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

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)

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.

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?

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 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

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)

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.

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

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

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)

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.

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.

August 31, 2023

J.P. Morgan Exchange-Traded Funds

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.

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

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.

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)

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.

August 31, 2023

J.P. Morgan Exchange-Traded Funds

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

J.P. Morgan Exchange-Traded Funds

August 31, 2023

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)

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.

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

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.

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

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.

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
Office REITs — 0.0% ^
Brandywine Operating Partnership LP 3.95%, 11/15/2027	7,000	5,764
Oil, Gas & Consumable Fuels — 1.3%
Chevron Corp. 2.00%, 5/11/2027	38,000	34,444
Energy Transfer LP
2.90%, 5/15/2025	36,000	34,221
4.75%, 1/15/2026	7,000	6,856
Enterprise Products Operating LLC 3.75%, 2/15/2025	25,000	24,326
Equinor ASA (Norway) 1.75%, 1/22/2026	6,000	5,563
Marathon Petroleum Corp. 4.70%, 5/1/2025	27,000	26,532
MPLX LP 4.00%, 3/15/2028	5,000	4,694
ONEOK, Inc. 2.20%, 9/15/2025	29,000	26,994
Ovintiv, Inc. 5.65%, 5/15/2025	15,000	14,974
Petroleos Mexicanos (Mexico) 6.84%, 1/23/2030 (c)	1	1
Pioneer Natural Resources Co. 1.13%, 1/15/2026	15,000	13,593
		192,198
Pharmaceuticals — 0.5%
GlaxoSmithKline Capital, Inc. (United Kingdom) 3.63%, 5/15/2025	2,000	1,950
Merck & Co., Inc. 1.70%, 6/10/2027	39,000	34,962
Novartis Capital Corp. (Switzerland) 1.75%, 2/14/2025	36,000	34,256
		71,168
Professional Services — 0.1%
Concentrix Corp. 6.60%, 8/2/2028	14,000	13,709
Residential REITs — 0.1%
AvalonBay Communities, Inc. 3.50%, 11/15/2025	2,000	1,913

INVESTMENTS	PRINCIPAL AMOUNT($)	VALUE($)

Residential REITs — continued
ERP Operating LP 2.85%, 11/1/2026	1,000	931
Mid-America Apartments LP 1.10%, 9/15/2026	10,000	8,835
		11,679
Retail REITs — 0.0% ^
Agree LP 2.00%, 6/15/2028	6,000	5,035
Semiconductors & Semiconductor Equipment — 0.2%
Broadcom, Inc. 3.63%, 10/15/2024	5,000	4,890
Intel Corp. 3.40%, 3/25/2025	2,000	1,942
NVIDIA Corp. 1.55%, 6/15/2028	7,000	6,079
QUALCOMM, Inc. 1.30%, 5/20/2028	18,000	15,321
		28,232
Software — 0.7%
Microsoft Corp.
3.13%, 11/3/2025	5,000	4,825
3.30%, 2/6/2027	28,000	26,902
Roper Technologies, Inc. 1.00%, 9/15/2025	37,000	33,881
Salesforce, Inc. 1.50%, 7/15/2028	39,000	33,544
		99,152
Specialized REITs — 0.5%
American Tower Corp.
1.45%, 9/15/2026	23,000	20,374
1.50%, 1/31/2028	11,000	9,234
Crown Castle, Inc.
5.00%, 1/11/2028	5,000	4,909
3.80%, 2/15/2028	6,000	5,583
Equinix, Inc.
1.25%, 7/15/2025	16,000	14,758
1.00%, 9/15/2025	5,000	4,561
2.00%, 5/15/2028	21,000	17,937
		77,356
Specialty Retail — 0.7%
Home Depot, Inc. (The)
3.35%, 9/15/2025	5,000	4,830
0.90%, 3/15/2028	14,000	11,811
Lowe's Cos., Inc.
3.13%, 9/15/2024	30,000	29,278
3.38%, 9/15/2025	6,000	5,760
O'Reilly Automotive, Inc. 3.60%, 9/1/2027	31,000	29,362
TJX Cos., Inc. (The) 1.15%, 5/15/2028	32,000	27,188
		108,229

SEE NOTES TO FINANCIAL STATEMENTS.

August 31, 2023

J.P. Morgan Exchange-Traded Funds

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
Technology Hardware, Storage & Peripherals — 0.5%
Apple, Inc.
2.75%, 1/13/2025	10,000	9,687
2.50%, 2/9/2025	7,000	6,748
0.55%, 8/20/2025	6,000	5,513
3.00%, 11/13/2027	20,000	18,768
1.40%, 8/5/2028	11,000	9,462
Dell International LLC 5.85%, 7/15/2025	14,000	14,024
Western Digital Corp. 4.75%, 2/15/2026	17,000	16,198
		80,400
Tobacco — 0.2%
BAT Capital Corp. (United Kingdom)
2.79%, 9/6/2024	15,000	14,553
2.26%, 3/25/2028	10,000	8,606
Philip Morris International, Inc. 1.50%, 5/1/2025	3,000	2,817
		25,976
Trading Companies & Distributors — 0.2%
Air Lease Corp. 4.25%, 9/15/2024	33,000	32,376
GATX Corp. 3.25%, 9/15/2026	5,000	4,643
		37,019
Water Utilities — 0.0% ^
American Water Capital Corp. 3.40%, 3/1/2025	1,000	969
Wireless Telecommunication Services — 0.2%
Rogers Communications, Inc. (Canada) 2.95%, 3/15/2025	24,000	22,875
Total Corporate Bonds (Cost $4,048,611)		3,934,877
Mortgage-Backed Securities — 6.7%
FHLMC Gold Pools, 15 Year
Pool # J14776, 3.00%, 3/1/2026	3,805	3,702
Pool # G18568, 2.50%, 9/1/2030	6,714	6,248
Pool # J33012, 3.00%, 10/1/2030	16,518	15,613
Pool # G18600, 2.50%, 5/1/2031	5,011	4,620
Pool # J35495, 2.50%, 10/1/2031	10,472	9,631
Pool # G18632, 3.00%, 2/1/2032	5,294	5,003
Pool # J37147, 3.00%, 6/1/2032	6,739	6,368
Pool # G18715, 3.00%, 12/1/2033	3,649	3,417
FHLMC UMBS, 15 Year
Pool # ZS8617, 2.50%, 8/1/2031	11,168	10,280
Pool # ZS7938, 2.50%, 1/1/2033	1,510	1,390
Pool # ZK9341, 3.00%, 3/1/2033	2,048	1,911
Pool # ZT0716, 3.00%, 10/1/2033	1,944	1,818
Pool # SB0194, 2.50%, 12/1/2033	4,246	3,909

INVESTMENTS	PRINCIPAL AMOUNT($)	VALUE($)

Pool # SB0109, 2.50%, 11/1/2034	7,297	6,634
Pool # SB0264, 2.50%, 2/1/2035	10,340	9,324
Pool # SB0401, 2.00%, 7/1/2035	16,257	14,333
Pool # SB0394, 2.50%, 7/1/2035	8,842	7,973
Pool # SB8501, 2.00%, 8/1/2035	12,361	10,898
Pool # SB0406, 2.50%, 8/1/2035	16,696	15,057
Pool # SB8058, 2.50%, 8/1/2035	11,898	10,730
Pool # RC1591, 1.50%, 10/1/2035	18,438	15,825
Pool # QN4278, 2.00%, 11/1/2035	6,388	5,626
Pool # QN4490, 1.50%, 12/1/2035	16,085	13,808
Pool # SB0450, 2.00%, 12/1/2035	31,092	27,488
Pool # SB8102, 1.50%, 5/1/2036	24,219	20,785
Pool # SB8118, 1.50%, 9/1/2036	52,296	44,880
Pool # SB8222, 4.50%, 4/1/2038	13,829	13,470
FNMA UMBS, 15 Year
Pool # AV4793, 3.50%, 5/1/2029	6,813	6,514
Pool # AS4489, 2.50%, 3/1/2030	1,494	1,389
Pool # AL6583, 3.00%, 3/1/2030	3,346	3,158
Pool # AL9852, 3.00%, 9/1/2030	9,304	8,783
Pool # AS7467, 2.50%, 7/1/2031	5,366	4,940
Pool # FM6169, 3.50%, 5/1/2032	16,143	15,637
Pool # BM3276, 3.50%, 12/1/2032	6,875	6,571
Pool # CA1089, 3.00%, 2/1/2033	5,894	5,563
Pool # FM4036, 2.50%, 12/1/2033	7,329	6,746
Pool # BN3975, 3.00%, 1/1/2034	736	688
Pool # MA3631, 3.00%, 4/1/2034	6,462	6,010
Pool # MA3709, 2.50%, 6/1/2034	4,103	3,731
Pool # BJ5549, 3.00%, 8/1/2034	1,758	1,634
Pool # FM2403, 3.50%, 9/1/2034	6,801	6,501
Pool # FM5400, 2.50%, 10/1/2034	9,378	8,634
Pool # MA3828, 3.00%, 11/1/2034	6,416	5,967
Pool # BP5762, 2.50%, 6/1/2035	20,812	18,765
Pool # FM3936, 2.50%, 8/1/2035	4,117	3,790
Pool # CA7497, 2.50%, 10/1/2035	8,414	7,588
Pool # FM4850, 2.00%, 11/1/2035	14,140	12,467
Pool # FM5396, 2.00%, 12/1/2035	31,464	27,786
Pool # FM6510, 2.00%, 3/1/2036	30,793	27,189
Pool # FM6512, 2.00%, 3/1/2036	33,148	29,223
Pool # MA4298, 2.50%, 3/1/2036	17,582	15,854
Pool # CB0302, 1.50%, 5/1/2036	48,340	41,488
Pool # FM7113, 2.00%, 5/1/2036	37,489	32,965
Pool # MA4329, 2.00%, 5/1/2036	58,700	51,494
Pool # BP3507, 2.00%, 6/1/2036	58,024	50,936
Pool # CB0747, 2.50%, 6/1/2036	9,431	8,479
Pool # MA4384, 2.50%, 7/1/2036	4,383	3,947

SEE NOTES TO FINANCIAL STATEMENTS.

J.P. Morgan Exchange-Traded Funds

August 31, 2023

INVESTMENTS	PRINCIPAL AMOUNT($)	VALUE($)
Mortgage-Backed Securities — continued
Pool # FM9020, 2.00%, 9/1/2036	7,634	6,737
Pool # FM9367, 1.50%, 11/1/2036	45,883	39,164
Pool # MA4470, 2.00%, 11/1/2036	32,563	28,585
Pool # MA4497, 2.00%, 12/1/2036	31,516	27,617
FNMA/FHLMC UMBS, Single Family, 15 Year
TBA, 1.50%, 9/25/2038 (d)	77,000	65,672
TBA, 2.00%, 9/25/2038 (d)	35,000	30,660
TBA, 2.50%, 9/25/2038 (d)	7,000	6,295
TBA, 3.00%, 9/25/2038 (d)	40,000	36,959
TBA, 3.50%, 9/25/2038 (d)	5,000	4,714
TBA, 4.00%, 9/25/2038 (d)	15,000	14,401
TBA, 5.00%, 9/25/2038 (d)	10,000	9,883
TBA, 5.50%, 9/25/2038 (d)	10,000	10,000
GNMA II, 15 Year
Pool # MA4559, 3.00%, 7/20/2032	4,686	4,381
Pool # MA7107, 2.50%, 1/20/2036	17,914	16,078
Total Mortgage-Backed Securities (Cost $1,145,120)		1,016,324
Supranational — 2.7%
African Development Bank (Supranational) 0.88%, 3/23/2026	30,000	27,230
Asian Development Bank (Supranational)
0.38%, 6/11/2024	16,000	15,387
2.00%, 1/22/2025	11,000	10,531
0.38%, 9/3/2025	33,000	30,188
Asian Infrastructure Investment Bank (The) (Supranational) 0.50%, 5/28/2025	30,000	27,686
European Bank for Reconstruction & Development (Supranational)
1.50%, 2/13/2025	5,000	4,745
0.50%, 11/25/2025	4,000	3,638
European Investment Bank (Supranational)
0.38%, 3/26/2026	48,000	43,080
3.88%, 3/15/2028	35,000	34,264
Inter-American Development Bank (Supranational)
0.50%, 9/23/2024	5,000	4,749
0.88%, 4/20/2026	63,000	57,099
1.13%, 7/20/2028	29,000	24,869
International Bank for Reconstruction & Development (Supranational)
2.50%, 11/25/2024	15,000	14,500
0.63%, 4/22/2025	89,000	82,809
1.38%, 4/20/2028	37,000	32,358

INVESTMENTS	PRINCIPAL AMOUNT($)	VALUE($)

International Finance Corp. (Supranational) 0.75%, 10/8/2026	6,000	5,341
Total Supranational (Cost $432,892)		418,474
Commercial Mortgage-Backed Securities — 2.1%
Benchmark Mortgage Trust Series 2019-B12, Class A2, 3.00%, 8/15/2052	6,182	5,957
CGMS Commercial Mortgage Trust Series 2017-B1, Class AAB, 3.24%, 8/15/2050	13,229	12,529
Citigroup Commercial Mortgage Trust
Series 2016-C1, Class AAB, 3.00%, 5/10/2049	6,117	5,892
Series 2020-GC46, Class A2, 2.71%, 2/15/2053	20,000	18,826
CSAIL Commercial Mortgage Trust Series 2015-C3, Class A4, 3.72%, 8/15/2048	20,000	19,069
FHLMC, Multi-Family Structured Pass-Through Certificates Series K092, Class A1, 3.13%, 10/25/2028	135,542	128,616
FNMA ACES Series 2017-M10, Class AV2, 2.62%, 7/25/2024 (e)	11,295	11,062
GS Mortgage Securities Trust Series 2014-GC18, Class AS, 4.38%, 1/10/2047	17,000	16,077
JPMBB Commercial Mortgage Securities Trust Series 2014-C19, Class C, 4.78%, 4/15/2047 (e)	10,000	9,439
JPMorgan Chase Commercial Mortgage Securities Trust Series 2015-JP1, Class D, 4.38%, 1/15/2049 (e)	10,000	7,281
Morgan Stanley Bank of America Merrill Lynch Trust
Series 2014-C19, Class A3, 3.25%, 12/15/2047	5,552	5,395
Series 2016-C31, Class A5, 3.10%, 11/15/2049	32,000	29,169
Wells Fargo Commercial Mortgage Trust Series 2015-C31, Class A4, 3.70%, 11/15/2048	24,000	22,852
WFRBS Commercial Mortgage Trust
Series 2012-C10, Class B, 3.74%, 12/15/2045	13,121	11,657
Series 2014-C20, Class A5, 4.00%, 5/15/2047	12,000	11,789
Total Commercial Mortgage-Backed Securities (Cost $336,020)		315,610
U.S. Government Agency Securities — 1.9%
FFCB Funding Corp.
0.32%, 12/23/2024	10,000	9,356
2.51%, 4/1/2025	4,000	3,838

SEE NOTES TO FINANCIAL STATEMENTS.

August 31, 2023

J.P. Morgan Exchange-Traded Funds

JPMorgan BetaBuilders 1-5 Year U.S. Aggregate Bond ETF

SCHEDULE OF PORTFOLIO INVESTMENTS
AS OF August 31, 2023 (Unaudited) (continued)

INVESTMENTS	PRINCIPAL AMOUNT($)	VALUE($)
U.S. Government Agency Securities — continued
3.32%, 2/25/2026	10,000	9,647
3.00%, 8/3/2026	7,000	6,671
1.00%, 10/7/2026	46,000	40,913
0.75%, 12/16/2026	18,000	15,727
FHLB
0.66%, 10/28/2024	10,000	9,463
0.38%, 9/4/2025	10,000	9,146
0.75%, 2/24/2026	20,000	18,087
1.25%, 12/21/2026	75,000	67,398
0.90%, 2/26/2027	15,000	13,160
FHLMC 5.20%, 1/10/2025	5,000	4,972
FNMA
0.50%, 12/16/2024	14,000	13,159
0.50%, 11/7/2025	49,000	44,645
Tennessee Valley Authority
0.75%, 5/15/2025	20,000	18,576
3.88%, 3/15/2028	10,000	9,751
Total U.S. Government Agency Securities (Cost $305,134)		294,509
Foreign Government Securities — 0.9%
Canada Government Bond 0.75%, 5/19/2026	45,000	40,587
Export Development Canada 2.63%, 2/21/2024	15,000	14,800
Province of Alberta 1.00%, 5/20/2025	13,000	12,106
Province of British Columbia 0.90%, 7/20/2026	10,000	8,985
Province of Ontario
0.63%, 1/21/2026	22,000	19,911
1.05%, 4/14/2026	8,000	7,267
Province of Quebec 3.63%, 4/13/2028	20,000	19,237
Republic of Panama 8.88%, 9/30/2027	8,000	8,982
Total Foreign Government Securities (Cost $140,745)		131,875
Asset-Backed Securities — 0.8%
AmeriCredit Automobile Receivables Trust Series 2020-3, Class B, 0.76%, 12/18/2025	29,054	28,582
Capital One Multi-Asset Execution Trust Series 2022-A2, Class A, 3.49%, 5/15/2027	30,000	29,072
CarMax Auto Owner Trust Series 2021-1, Class A3, 0.34%, 12/15/2025	10,412	10,125
Discover Card Execution Note Trust Series 2022-A1, Class A1, 1.96%, 2/15/2027	10,000	9,515
Exeter Automobile Receivables Trust Series 2021-3A, Class C, 0.96%, 10/15/2026	10,000	9,679
Ford Credit Floorplan Master Owner Trust A Series 2019-2, Class A, 3.06%, 4/15/2026	8,000	7,864

INVESTMENTS	PRINCIPAL AMOUNT($)	VALUE($)

GM Financial Consumer Automobile Receivables Trust Series 2020-2, Class A4, 1.74%, 8/18/2025	22,000	21,736
World Omni Auto Receivables Trust Series 2021-C, Class A3, 0.44%, 8/17/2026	7,545	7,266
Total Asset-Backed Securities (Cost $126,417)		123,839
Municipal Bonds — 0.2% (f)
California — 0.0% ^
University of California, Taxable Series 2020BG, Rev., 0.88%, 5/15/2025	5,000	4,647
Florida — 0.2%
State Board of Administration Finance Corp. Series 2020A, Rev., 1.71%, 7/1/2027	36,000	31,761
Total Municipal Bonds (Cost $38,750)		36,408
	SHARES
Short-Term Investments — 1.4%
Investment Companies — 1.4%
JPMorgan U.S. Government Money Market Fund Class IM Shares, 5.27% (g) (h) (Cost $214,237)	214,237	214,237
Total Investments — 100.4% (Cost $16,034,582)		15,351,606
Liabilities in Excess of Other Assets — (0.4)%		(57,600 )
NET ASSETS — 100.0%		15,294,006

Percentages indicated are based on net assets.

Abbreviations
ACES	Alternative Credit Enhancement Securities
CME	Chicago Mercantile Exchange
FFCB	Federal Farm Credit Bank
FHLB	Federal Home Loan Bank
FHLMC	Federal Home Loan Mortgage Corp.
FNMA	Federal National Mortgage Association
GNMA	Government National Mortgage Association
ICE	Intercontinental Exchange
LIBOR	London Interbank Offered Rate
REIT	Real Estate Investment Trust
Rev.	Revenue
SOFR	Secured Overnight Financing Rate
TBA	To Be Announced; Security is subject to delayed delivery.
UMBS	Uniform Mortgage-Backed Securities
USD	United States Dollar

Amount rounds to less than 0.1% of net assets.

SEE NOTES TO FINANCIAL STATEMENTS.

J.P. Morgan Exchange-Traded Funds

August 31, 2023

(a)	Variable or floating rate security, linked to the referenced benchmark. The interest rate shown is the current rate as of August 31, 2023.
(b)	Contingent Capital security (“CoCo”). CoCos are hybrid debt securities that may be convertible into equity or may be written down if a pre-specified trigger event occurs. The total value of aggregate CoCo holdings at August 31, 2023 is $6,533 or 0.04% of the Fund’s net assets as of August 31, 2023.
(c)	Security exempt from registration pursuant to Regulation S under the Securities Act of 1933, as amended. Regulation S applies to securities offerings that are made outside of the United States and do not involve direct selling efforts in the United States and as such may have restrictions on resale.
(d)	All or a portion of the security is a when-issued security, delayed delivery security, or forward commitment.

(e)	Variable or floating rate security, the interest rate of which adjusts periodically based on changes in current interest rates and prepayments on the underlying pool of assets. The interest rate shown is the current rate as of August 31, 2023.
(f)	The date shown represents the earliest of the prerefunded date, next put date or final maturity date.
(g)	Investment in an affiliated fund, which is registered under the Investment Company Act of 1940, as amended, and is advised by J.P. Morgan Investment Management Inc.
(h)	The rate shown is the current yield as of August 31, 2023.

SEE NOTES TO FINANCIAL STATEMENTS.

August 31, 2023

J.P. Morgan Exchange-Traded Funds

JPMorgan BetaBuilders U.S. Aggregate Bond ETF

SCHEDULE OF PORTFOLIO INVESTMENTS
AS OF August 31, 2023 (Unaudited)

INVESTMENTS	PRINCIPAL AMOUNT($)	VALUE($)
U.S. Treasury Obligations — 40.9%
U.S. Treasury Bonds
6.13%, 11/15/2027	2,134,000	2,275,544
5.25%, 11/15/2028	2,000,000	2,085,469
6.13%, 8/15/2029	2,100,000	2,301,633
5.38%, 2/15/2031	3,169,000	3,404,694
4.50%, 2/15/2036	3,877,000	4,050,859
4.75%, 2/15/2037	3,728,000	3,980,805
5.00%, 5/15/2037	3,978,000	4,348,451
4.38%, 2/15/2038	3,889,000	3,981,364
4.50%, 5/15/2038	4,189,000	4,338,233
3.50%, 2/15/2039	4,101,000	3,769,075
4.25%, 5/15/2039	4,314,000	4,324,785
4.50%, 8/15/2039	1,196,000	1,232,254
4.38%, 11/15/2039	1,148,000	1,163,785
4.63%, 2/15/2040	2,598,000	2,711,663
1.13%, 5/15/2040	397,000	245,644
4.38%, 5/15/2040	4,256,000	4,305,875
1.13%, 8/15/2040	6,351,000	3,896,934
3.88%, 8/15/2040	3,782,000	3,588,172
1.38%, 11/15/2040	6,944,400	4,431,395
1.88%, 2/15/2041	5,922,000	4,107,462
2.25%, 5/15/2041	5,423,000	3,994,378
1.75%, 8/15/2041	5,121,000	3,439,872
2.00%, 11/15/2041	5,327,000	3,727,235
3.13%, 11/15/2041	1,536,000	1,295,520
2.38%, 2/15/2042	5,398,000	4,014,762
3.13%, 2/15/2042	1,436,000	1,205,791
3.00%, 5/15/2042	1,559,000	1,278,624
2.75%, 8/15/2042	1,600,000	1,257,500
3.38%, 8/15/2042	3,664,000	3,179,092
4.00%, 11/15/2042	562,000	533,110
3.13%, 2/15/2043	466,000	386,853
3.88%, 2/15/2043	4,338,000	4,035,696
2.88%, 5/15/2043	3,272,000	2,604,308
3.63%, 8/15/2043	808,000	721,645
2.50%, 2/15/2045	4,600,000	3,375,250
3.00%, 5/15/2045	38,000	30,430
2.88%, 8/15/2045	4,081,000	3,190,194
2.50%, 5/15/2046	6,324,000	4,590,829
2.25%, 8/15/2046	5,873,000	4,044,111
3.00%, 2/15/2047	174,000	138,303
3.00%, 5/15/2047	4,835,000	3,842,314
2.75%, 11/15/2047	3,311,000	2,506,530
3.13%, 5/15/2048	5,020,000	4,076,397
3.38%, 11/15/2048	4,383,000	3,724,180

INVESTMENTS	PRINCIPAL AMOUNT($)	VALUE($)

2.88%, 5/15/2049	4,223,000	3,274,145
2.25%, 8/15/2049	3,980,000	2,707,022
2.38%, 11/15/2049	6,078,000	4,248,902
2.00%, 2/15/2050	5,760,000	3,687,300
1.25%, 5/15/2050	14,017,400	7,326,282
1.38%, 8/15/2050	4,995,000	2,698,861
1.63%, 11/15/2050	11,750,000	6,792,969
1.88%, 2/15/2051	6,689,000	4,125,232
2.38%, 5/15/2051	5,783,000	4,019,185
2.00%, 8/15/2051	6,025,000	3,823,992
1.88%, 11/15/2051	5,895,000	3,621,741
2.25%, 2/15/2052	5,336,000	3,600,132
2.88%, 5/15/2052	3,484,000	2,704,455
3.00%, 8/15/2052	5,152,000	4,106,305
4.00%, 11/15/2052	898,000	866,570
3.63%, 2/15/2053	2,503,000	2,255,047
3.63%, 5/15/2053	599,000	540,223
U.S. Treasury Notes
1.75%, 6/30/2024	2,257,000	2,190,524
2.00%, 6/30/2024	531,000	516,377
3.00%, 6/30/2024	1,349,000	1,322,652
0.38%, 7/15/2024	2,827,000	2,706,853
1.75%, 7/31/2024	41,000	39,666
3.00%, 7/31/2024	1,045,000	1,022,508
1.25%, 8/31/2024	3,929,000	3,771,687
1.88%, 8/31/2024	3,677,000	3,551,896
3.25%, 8/31/2024	35,000	34,275
0.38%, 9/15/2024	20,119,000	19,113,836
1.50%, 9/30/2024	122,000	117,130
0.63%, 10/15/2024	4,140,000	3,930,574
1.50%, 10/31/2024	1,533,000	1,468,027
0.75%, 11/15/2024	4,576,000	4,336,475
2.25%, 11/15/2024	2,244,000	2,164,671
1.50%, 11/30/2024	8,182,000	7,812,212
4.50%, 11/30/2024	2,937,000	2,909,925
1.00%, 12/15/2024	1,512,000	1,432,974
4.25%, 12/31/2024	2,865,000	2,829,523
1.38%, 1/31/2025	2,884,000	2,736,308
2.50%, 1/31/2025	479,000	461,655
4.13%, 1/31/2025	4,336,000	4,274,856
1.50%, 2/15/2025	4,508,000	4,279,254
2.00%, 2/15/2025	3,434,000	3,284,031
1.13%, 2/28/2025	4,568,000	4,307,660
2.75%, 2/28/2025	3,137,000	3,030,636
4.63%, 2/28/2025	4,429,000	4,398,032

SEE NOTES TO FINANCIAL STATEMENTS.

J.P. Morgan Exchange-Traded Funds

August 31, 2023

INVESTMENTS	PRINCIPAL AMOUNT($)	VALUE($)
U.S. Treasury Obligations — continued
1.75%, 3/15/2025	915,000	870,144
0.50%, 3/31/2025	4,691,000	4,368,677
2.63%, 3/31/2025	3,603,000	3,469,576
3.88%, 3/31/2025	4,484,000	4,402,727
2.63%, 4/15/2025	2,632,000	2,533,300
0.38%, 4/30/2025	4,692,000	4,347,431
2.88%, 4/30/2025	4,526,000	4,371,303
3.88%, 4/30/2025	4,467,000	4,385,512
2.13%, 5/15/2025	4,121,000	3,928,472
2.75%, 5/15/2025	4,480,000	4,316,200
0.25%, 5/31/2025	4,718,300	4,347,287
2.88%, 5/31/2025	6,189,000	5,970,693
4.25%, 5/31/2025	4,433,000	4,378,453
2.88%, 6/15/2025	4,483,000	4,324,169
0.25%, 6/30/2025	4,847,000	4,454,128
2.75%, 6/30/2025	2,525,000	2,428,833
4.63%, 6/30/2025	10,000	9,944
3.00%, 7/15/2025	949,000	916,452
0.25%, 7/31/2025	3,859,000	3,534,000
2.88%, 7/31/2025	3,649,000	3,514,301
2.00%, 8/15/2025	1,564,000	1,480,424
0.25%, 8/31/2025	3,157,000	2,881,749
0.25%, 9/30/2025	17,171,000	15,643,049
0.25%, 10/31/2025	16,549,000	15,022,096
3.00%, 10/31/2025	621,000	598,149
2.25%, 11/15/2025	2,117,000	2,005,361
4.00%, 12/15/2025	10,000	9,838
2.63%, 12/31/2025	1,539,000	1,468,062
0.38%, 1/31/2026	15,746,000	14,209,535
1.63%, 2/15/2026	584,000	542,846
4.00%, 2/15/2026	4,505,000	4,433,905
0.50%, 2/28/2026	27,692,000	25,002,847
2.50%, 2/28/2026	3,004,000	2,852,157
4.63%, 3/15/2026	706,000	705,504
0.75%, 3/31/2026	2,845,000	2,582,060
2.25%, 3/31/2026	2,971,000	2,801,096
3.75%, 4/15/2026	4,552,000	4,453,492
0.75%, 5/31/2026	400,000	360,750
1.50%, 8/15/2026	3,478,000	3,188,076
0.75%, 8/31/2026	134,000	119,982
1.38%, 8/31/2026	1,096,000	1,000,014
0.88%, 9/30/2026	4,763,000	4,273,676
1.63%, 9/30/2026	2,943,000	2,702,502
1.13%, 10/31/2026	12,866,000	11,598,498
1.63%, 10/31/2026	3,770,000	3,452,495

INVESTMENTS	PRINCIPAL AMOUNT($)	VALUE($)

2.00%, 11/15/2026	4,605,000	4,263,942
1.25%, 11/30/2026	4,735,000	4,276,297
1.63%, 11/30/2026	4,027,000	3,682,188
1.25%, 12/31/2026	4,713,000	4,250,537
1.75%, 12/31/2026	4,409,000	4,042,502
1.50%, 1/31/2027	4,682,000	4,247,086
2.25%, 2/15/2027	4,606,000	4,282,500
1.13%, 2/28/2027	4,766,000	4,261,102
1.88%, 2/28/2027	4,627,000	4,244,911
0.63%, 3/31/2027	5,036,000	4,407,680
2.50%, 3/31/2027	4,527,000	4,241,587
0.50%, 4/30/2027	4,351,800	3,780,286
2.75%, 4/30/2027	4,499,000	4,246,634
2.38%, 5/15/2027	2,420,000	2,252,302
0.50%, 5/31/2027	1,891,000	1,637,931
2.63%, 5/31/2027	4,534,000	4,255,938
0.50%, 6/30/2027	5,073,000	4,383,389
3.25%, 6/30/2027	4,366,000	4,191,701
2.75%, 7/31/2027	4,475,000	4,212,793
2.25%, 8/15/2027	4,577,000	4,225,501
0.50%, 8/31/2027	5,077,000	4,362,254
3.13%, 8/31/2027	2,278,000	2,173,888
0.38%, 9/30/2027	5,244,000	4,469,281
4.13%, 9/30/2027	1,323,000	1,310,804
0.50%, 10/31/2027	8,580,000	7,331,208
4.13%, 10/31/2027	750,000	743,086
2.25%, 11/15/2027	1,546,000	1,421,595
0.63%, 11/30/2027	12,953,000	11,101,126
3.88%, 11/30/2027	2,983,000	2,928,467
0.63%, 12/31/2027	3,141,000	2,685,064
3.88%, 12/31/2027	2,449,000	2,404,421
0.75%, 1/31/2028	6,795,000	5,827,243
3.50%, 1/31/2028	4,397,000	4,252,723
2.75%, 2/15/2028	983,000	920,795
1.13%, 2/29/2028	2,311,000	2,011,653
4.00%, 2/29/2028	3,482,000	3,439,291
1.25%, 3/31/2028	4,631,000	4,046,698
3.63%, 3/31/2028	4,396,000	4,273,393
1.25%, 4/30/2028	4,628,000	4,035,761
3.50%, 4/30/2028	4,370,000	4,225,244
2.88%, 5/15/2028	4,355,000	4,093,360
1.25%, 5/31/2028	4,666,000	4,061,607
3.63%, 5/31/2028	4,232,000	4,116,281
1.25%, 6/30/2028	5,142,000	4,467,112
2.88%, 8/15/2028	4,304,000	4,035,336

SEE NOTES TO FINANCIAL STATEMENTS.

August 31, 2023

J.P. Morgan Exchange-Traded Funds

JPMorgan BetaBuilders U.S. Aggregate Bond ETF

SCHEDULE OF PORTFOLIO INVESTMENTS
AS OF August 31, 2023 (Unaudited) (continued)

INVESTMENTS	PRINCIPAL AMOUNT($)	VALUE($)
U.S. Treasury Obligations — continued
1.13%, 8/31/2028	2,902,000	2,494,133
1.25%, 9/30/2028	222,000	191,579
1.38%, 10/31/2028	5,167,000	4,478,739
3.13%, 11/15/2028	2,140,000	2,026,145
1.50%, 11/30/2028	4,794,000	4,175,649
1.38%, 12/31/2028	5,721,000	4,942,855
1.75%, 1/31/2029	4,525,000	3,978,465
2.63%, 2/15/2029	3,824,000	3,520,470
1.88%, 2/28/2029	5,034,000	4,451,550
2.38%, 3/31/2029	945,000	856,849
2.88%, 4/30/2029	4,299,000	4,000,757
2.38%, 5/15/2029	4,689,000	4,247,208
2.75%, 5/31/2029	4,576,000	4,226,008
3.25%, 6/30/2029	3,118,000	2,956,497
2.63%, 7/31/2029	4,736,000	4,337,140
1.63%, 8/15/2029	5,982,000	5,180,038
3.13%, 8/31/2029	4,234,000	3,984,260
3.88%, 9/30/2029	1,415,000	1,386,368
4.00%, 10/31/2029	3,995,000	3,941,317
1.75%, 11/15/2029	4,847,000	4,214,618
3.88%, 11/30/2029	4,296,000	4,209,409
3.88%, 12/31/2029	3,517,000	3,445,836
3.50%, 1/31/2030	4,337,000	4,159,793
1.50%, 2/15/2030	6,212,000	5,269,038
4.00%, 2/28/2030	4,153,000	4,099,790
3.63%, 3/31/2030	4,245,000	4,100,405
3.50%, 4/30/2030	4,309,000	4,131,254
0.63%, 5/15/2030	20,326,000	16,121,059
3.75%, 5/31/2030	4,457,000	4,336,522
3.75%, 6/30/2030	2,777,000	2,701,934
4.00%, 7/31/2030	256,000	252,960
0.63%, 8/15/2030	5,275,000	4,156,535
0.88%, 11/15/2030	7,325,000	5,862,289
1.13%, 2/15/2031	5,102,000	4,144,578
1.63%, 5/15/2031	5,222,000	4,373,425
1.25%, 8/15/2031	5,468,000	4,415,410
1.38%, 11/15/2031	4,892,000	3,964,813
1.88%, 2/15/2032	5,228,000	4,393,971
2.88%, 5/15/2032	4,837,000	4,395,624
2.75%, 8/15/2032	4,433,000	3,979,310
4.13%, 11/15/2032	4,318,000	4,315,976
3.50%, 2/15/2033	4,575,000	4,356,973
3.38%, 5/15/2033	4,074,000	3,838,472
Total U.S. Treasury Obligations (Cost $878,813,398)		817,179,884

INVESTMENTS	PRINCIPAL AMOUNT($)	VALUE($)
Mortgage-Backed Securities — 26.7%
FHLMC Gold Pools, 15 Year
Pool # J10548, 4.00%, 8/1/2024	4,463	4,386
Pool # J15449, 4.00%, 5/1/2026	38,917	38,122
Pool # G14781, 3.50%, 3/1/2027	20,811	20,342
Pool # G15201, 4.00%, 5/1/2027	5,310	5,227
Pool # J20129, 2.50%, 8/1/2027	47,015	44,956
Pool # G15438, 4.00%, 9/1/2027	5,418	5,332
Pool # G15602, 2.50%, 11/1/2027	32,382	31,005
Pool # E09028, 2.00%, 3/1/2028	60,893	57,446
Pool # J23362, 2.00%, 4/1/2028	58,676	55,324
Pool # G18466, 2.00%, 5/1/2028	8,425	7,935
Pool # G18465, 2.50%, 5/1/2028	15,884	15,117
Pool # G15601, 2.50%, 1/1/2029	34,252	32,591
Pool # G14957, 3.50%, 1/1/2029	76,444	74,055
Pool # G16570, 4.00%, 7/1/2029	3,509	3,454
Pool # G18540, 2.50%, 2/1/2030	22,122	20,586
Pool # G18556, 2.50%, 6/1/2030	29,059	27,040
Pool # V60840, 3.00%, 6/1/2030	7,416	7,010
Pool # G16622, 3.00%, 11/1/2030	28,986	27,396
Pool # G16019, 3.50%, 12/1/2030	9,314	9,095
Pool # G16044, 2.50%, 1/1/2032	82,748	76,270
Pool # J36524, 3.00%, 3/1/2032	91,830	86,590
Pool # J36660, 3.00%, 3/1/2032	29,189	27,585
Pool # J38270, 2.50%, 1/1/2033	231,378	213,266
Pool # G16568, 2.50%, 4/1/2033	103,794	95,666
FHLMC Gold Pools, 30 Year
Pool # V81680, 4.50%, 12/1/2034	68,511	66,661
Pool # A30892, 5.00%, 1/1/2035	52,105	51,497
Pool # A39210, 5.50%, 10/1/2035	19,465	19,760
Pool # V83754, 5.50%, 1/1/2036	30,274	30,776
Pool # A82255, 5.50%, 9/1/2036	103,024	101,925
Pool # G03381, 5.50%, 9/1/2037	19,165	19,254
Pool # A89760, 4.50%, 12/1/2039	18,442	17,989
Pool # A92197, 5.00%, 5/1/2040	52,384	52,259
Pool # G06856, 6.00%, 5/1/2040	3,600	3,719
Pool # A93359, 4.00%, 8/1/2040	844	806
Pool # G06222, 4.00%, 1/1/2041	184,114	175,134
Pool # G07794, 5.50%, 6/1/2041	9,088	9,273
Pool # Q03516, 4.50%, 9/1/2041	20,445	19,889
Pool # Q04088, 3.50%, 10/1/2041	19,033	17,550
Pool # Q04688, 4.00%, 11/1/2041	2,846	2,697
Pool # G08477, 3.50%, 2/1/2042	6,850	6,317
Pool # Q06771, 3.00%, 3/1/2042	34,791	30,846
Pool # C03858, 3.50%, 4/1/2042	92,602	85,391
Pool # Q08646, 3.50%, 6/1/2042	21,043	19,404

SEE NOTES TO FINANCIAL STATEMENTS.

J.P. Morgan Exchange-Traded Funds

August 31, 2023

INVESTMENTS	PRINCIPAL AMOUNT($)	VALUE($)
Mortgage-Backed Securities — continued
Pool # G60737, 4.50%, 8/1/2042	87,143	85,002
Pool # Q11220, 3.50%, 9/1/2042	78,617	72,495
Pool # Q13477, 3.00%, 12/1/2042	109,134	96,714
Pool # Q14321, 3.00%, 12/1/2042	26,702	23,669
Pool # C04420, 3.00%, 1/1/2043	158,358	140,397
Pool # Q14694, 3.00%, 1/1/2043	1,184,152	1,049,680
Pool # G61723, 3.50%, 1/1/2043	62,362	57,528
Pool # C09031, 2.50%, 2/1/2043	84,253	71,180
Pool # V80026, 3.00%, 4/1/2043	47,714	42,289
Pool # Q17374, 4.00%, 4/1/2043	84,154	80,046
Pool # G62033, 4.00%, 11/1/2043	112,855	107,348
Pool # Z40090, 4.50%, 9/1/2044	25,326	24,546
Pool # G61769, 4.50%, 12/1/2044	62,284	60,752
Pool # G61617, 4.50%, 1/1/2045	20,573	20,068
Pool # G08651, 4.00%, 6/1/2045	88,480	83,968
Pool # G08653, 3.00%, 7/1/2045	43,073	38,130
Pool # Q35223, 4.00%, 8/1/2045	10,265	9,591
Pool # G60238, 3.50%, 10/1/2045	621,938	568,130
Pool # G60506, 3.50%, 4/1/2046	35,072	31,991
Pool # G08710, 3.00%, 6/1/2046	29,512	25,943
Pool # Q41024, 3.00%, 6/1/2046	509,509	449,154
Pool # G08724, 2.50%, 9/1/2046	10,990	9,280
Pool # G61070, 3.00%, 9/1/2046	427,854	379,096
Pool # G61730, 3.00%, 9/1/2046	116,743	103,468
Pool # G61235, 4.50%, 9/1/2046	20,660	20,024
Pool # G08736, 2.50%, 12/1/2046	11,526	9,723
Pool # Q45872, 3.00%, 1/1/2047	299,353	262,593
Pool # G08747, 3.00%, 2/1/2047	150,822	132,302
Pool # G61623, 3.00%, 4/1/2047	22,081	19,509
Pool # G60985, 3.00%, 5/1/2047	83,072	73,280
Pool # G60996, 3.50%, 5/1/2047	6,803	6,198
Pool # Q47884, 4.00%, 5/1/2047	20,197	19,021
Pool # V83233, 4.00%, 6/1/2047	83,730	78,836
Pool # G08775, 4.00%, 8/1/2047	28,573	26,687
Pool # Q50152, 4.00%, 8/1/2047	68,244	63,738
Pool # Q51268, 3.50%, 10/1/2047	43,655	39,725
Pool # G08787, 3.00%, 11/1/2047	270,150	236,672
Pool # G61681, 3.00%, 12/1/2047	6,187	5,421
Pool # Q52866, 3.00%, 12/1/2047	23,108	20,355
Pool # G08793, 4.00%, 12/1/2047	26,756	25,192
Pool # Q53751, 3.50%, 1/1/2048	78,570	71,495
Pool # G08812, 3.00%, 4/1/2048	9,518	8,334
Pool # G61866, 4.00%, 6/1/2048	21,522	20,472
Pool # G61607, 4.50%, 9/1/2048	101,124	97,746
Pool # G08842, 4.00%, 10/1/2048	11,010	10,329

INVESTMENTS	PRINCIPAL AMOUNT($)	VALUE($)

Pool # G61885, 4.50%, 11/1/2048	24,589	23,760
Pool # G08862, 4.00%, 2/1/2049	18,185	17,070
Pool # Q61487, 4.00%, 2/1/2049	30,820	28,980
Pool # G08876, 3.50%, 5/1/2049	34,840	31,702
FHLMC UMBS, 15 Year
Pool # ZS5890, 4.00%, 7/1/2024	23,019	22,994
Pool # ZK2080, 4.00%, 1/1/2025	11,753	11,554
Pool # ZA2587, 4.00%, 9/1/2025	3,793	3,728
Pool # ZK2723, 3.50%, 11/1/2025	7,689	7,522
Pool # ZK3540, 3.00%, 9/1/2026	39,212	37,973
Pool # ZS8460, 3.00%, 4/1/2027	11,936	11,512
Pool # SB0031, 3.50%, 10/1/2027	15,222	14,891
Pool # ZS6674, 2.50%, 4/1/2028	265,539	252,707
Pool # ZS7140, 2.00%, 1/1/2029	152,133	142,850
Pool # ZS7751, 3.00%, 1/1/2029	77,813	74,734
Pool # SB0071, 2.50%, 5/1/2030	19,854	18,938
Pool # ZS7331, 3.00%, 12/1/2030	21,427	20,225
Pool # ZS7888, 2.50%, 10/1/2032	255,140	234,835
Pool # ZK9070, 3.00%, 11/1/2032	572,880	540,601
Pool # ZS7938, 2.50%, 1/1/2033	58,594	53,937
Pool # SB0256, 4.00%, 11/1/2033	27,469	27,005
Pool # SB0077, 3.50%, 10/1/2034	40,325	38,544
Pool # QN1148, 2.50%, 12/1/2034	60,186	54,667
Pool # SB8031, 2.50%, 2/1/2035	127,668	116,083
Pool # SB0302, 3.00%, 4/1/2035	447,231	416,816
Pool # QN2407, 2.00%, 6/1/2035	120,032	105,752
Pool # SB8500, 2.50%, 7/1/2035	335,715	303,710
Pool # SB0424, 2.00%, 10/1/2035	792,596	701,262
Pool # RC1712, 1.50%, 12/1/2035	1,041,710	894,176
Pool # SB8090, 2.50%, 2/1/2036	893,107	805,317
Pool # QN6095, 2.00%, 5/1/2036	137,837	121,313
Pool # QN6718, 2.00%, 6/1/2036	286,986	251,871
Pool # QN7057, 2.00%, 7/1/2036	162,883	142,959
Pool # SB8111, 2.00%, 7/1/2036	152,402	133,790
Pool # QN8347, 1.50%, 10/1/2036	342,428	292,288
Pool # SB8127, 1.50%, 11/1/2036	332,463	283,778
Pool # SB0570, 2.00%, 11/1/2036	315,222	277,776
Pool # SB8131, 1.50%, 12/1/2036	674,414	575,650
Pool # SB8136, 1.50%, 1/1/2037	426,217	363,797
Pool # SB8140, 1.50%, 2/1/2037	517,461	441,673
Pool # SB8147, 1.50%, 4/1/2037	886,876	756,421
FHLMC UMBS, 20 Year
Pool # ZA2277, 3.00%, 9/1/2032	64,752	60,399
Pool # ZJ9491, 3.50%, 12/1/2032	14,949	14,210
Pool # ZS9164, 3.00%, 9/1/2033	400,346	373,427

SEE NOTES TO FINANCIAL STATEMENTS.

August 31, 2023

J.P. Morgan Exchange-Traded Funds

JPMorgan BetaBuilders U.S. Aggregate Bond ETF

SCHEDULE OF PORTFOLIO INVESTMENTS
AS OF August 31, 2023 (Unaudited) (continued)

INVESTMENTS	PRINCIPAL AMOUNT($)	VALUE($)
Mortgage-Backed Securities — continued
Pool # SC0107, 3.50%, 11/1/2034	891,897	847,804
Pool # ZA2463, 3.50%, 6/1/2037	27,950	26,010
Pool # RB5026, 2.50%, 11/1/2039	34,854	30,254
Pool # QK0157, 2.50%, 1/1/2040	15,638	13,562
Pool # RB5032, 2.50%, 2/1/2040	28,497	24,720
Pool # RB5037, 2.50%, 3/1/2040	89,875	77,956
Pool # RB5043, 2.50%, 4/1/2040	38,504	33,416
Pool # RB5048, 2.50%, 5/1/2040	82,696	71,719
Pool # QK0665, 2.00%, 2/1/2041	1,060,283	893,651
Pool # SC0131, 1.50%, 3/1/2041	200,915	161,139
Pool # SC0134, 1.50%, 3/1/2041	204,459	163,981
Pool # RB5142, 2.50%, 1/1/2042	431,643	368,652
Pool # RB5145, 2.00%, 2/1/2042	1,527,298	1,268,361
Pool # RB5154, 2.50%, 4/1/2042	910,149	777,497
Pool # RB5166, 3.00%, 7/1/2042	917,994	807,094
FHLMC UMBS, 30 Year
Pool # ZI3765, 5.50%, 11/1/2035	28,397	28,325
Pool # ZS2546, 5.00%, 2/1/2039	15,214	15,204
Pool # ZJ0449, 4.00%, 9/1/2040	19,016	18,066
Pool # ZL3548, 3.50%, 8/1/2042	63,393	58,384
Pool # ZA4209, 3.00%, 4/1/2043	732,956	648,817
Pool # ZS3712, 3.50%, 4/1/2043	146,365	134,837
Pool # ZS4077, 3.50%, 1/1/2044	20,053	18,467
Pool # ZS4592, 4.00%, 11/1/2044	131,450	124,757
Pool # ZS4609, 3.00%, 4/1/2045	35,751	31,607
Pool # ZS9618, 3.50%, 3/1/2046	428,142	390,347
Pool # SD0146, 3.00%, 11/1/2046	118,309	103,936
Pool # ZM2209, 3.50%, 12/1/2046	277,762	252,489
Pool # SD0388, 3.50%, 6/1/2047	432,925	395,452
Pool # ZS4729, 3.00%, 8/1/2047	280,609	246,709
Pool # ZM4635, 4.00%, 11/1/2047	385,713	362,715
Pool # SD0225, 3.00%, 12/1/2047	542,651	475,659
Pool # ZT0534, 3.50%, 12/1/2047	279,519	254,827
Pool # ZS4750, 3.00%, 1/1/2048	22,698	19,855
Pool # SD0343, 3.00%, 3/1/2048	741,694	655,720
Pool # SI2002, 4.00%, 3/1/2048	455,079	427,950
Pool # ZM6887, 3.00%, 5/1/2048	41,616	36,333
Pool # ZM7669, 3.50%, 8/1/2048	69,381	63,053
Pool # ZN4476, 3.50%, 12/1/2048	245,761	223,345
Pool # ZA6286, 4.00%, 2/1/2049	118,898	111,563
Pool # ZT1776, 3.50%, 3/1/2049	21,553	19,587
Pool # ZN5087, 4.00%, 4/1/2049	112,610	105,937
Pool # ZT1864, 4.00%, 4/1/2049	2,864	2,683
Pool # ZT1951, 3.50%, 5/1/2049	6,947	6,314
Pool # ZT1952, 4.00%, 5/1/2049	45,803	42,845

INVESTMENTS	PRINCIPAL AMOUNT($)	VALUE($)

Pool # QA4907, 3.00%, 6/1/2049	104,833	91,885
Pool # ZT2086, 3.50%, 6/1/2049	39,020	35,450
Pool # SD7502, 3.50%, 7/1/2049	115,617	105,770
Pool # SD8001, 3.50%, 7/1/2049	13,722	12,420
Pool # SD7501, 4.00%, 7/1/2049	71,550	67,311
Pool # QA1997, 3.00%, 8/1/2049	17,320	15,070
Pool # RA1202, 3.50%, 8/1/2049	379,502	344,492
Pool # SD8005, 3.50%, 8/1/2049	48,211	43,744
Pool # SD8006, 4.00%, 8/1/2049	28,582	26,724
Pool # SD8023, 2.50%, 11/1/2049	7,992	6,682
Pool # QA4509, 3.00%, 11/1/2049	381,242	331,632
Pool # SD8025, 3.50%, 11/1/2049	144,253	131,031
Pool # SD8029, 2.50%, 12/1/2049	151,161	126,372
Pool # RA1878, 3.50%, 12/1/2049	103,353	93,631
Pool # SD8037, 2.50%, 1/1/2050	401,691	335,819
Pool # QA7416, 3.00%, 2/1/2050	363,960	316,323
Pool # QA7554, 3.00%, 2/1/2050	935,354	820,329
Pool # RA2116, 3.00%, 2/1/2050	541,890	472,847
Pool # SD0303, 2.50%, 4/1/2050	680,540	571,233
Pool # QA9653, 3.50%, 5/1/2050	34,831	31,653
Pool # SD8080, 2.00%, 6/1/2050	60,630	48,605
Pool # QB1691, 2.00%, 7/1/2050	813,496	651,962
Pool # SD8089, 2.50%, 7/1/2050	1,614,934	1,351,467
Pool # SD8083, 2.50%, 8/1/2050	1,192,705	997,135
Pool # RA3727, 2.00%, 10/1/2050	1,902,845	1,522,789
Pool # SD8104, 1.50%, 11/1/2050	1,211,485	914,262
Pool # RA4197, 2.50%, 12/1/2050	514,528	429,619
Pool # RA4349, 2.50%, 1/1/2051	334,451	280,817
Pool # QB8583, 1.50%, 2/1/2051	1,215,534	919,301
Pool # RA4530, 2.50%, 2/1/2051	519,040	430,089
Pool # SD8129, 2.50%, 2/1/2051	652,367	542,986
Pool # SD8140, 2.00%, 4/1/2051	392,885	313,991
Pool # SD8142, 3.00%, 4/1/2051	1,026,615	886,480
Pool # SD8145, 1.50%, 5/1/2051	1,031,897	779,932
Pool # QC2565, 2.00%, 6/1/2051	1,751,454	1,399,456
Pool # QC3259, 2.00%, 6/1/2051	699,562	557,041
Pool # SD8158, 3.50%, 6/1/2051	287,319	257,403
Pool # SD8155, 2.00%, 7/1/2051	1,294,736	1,031,854
Pool # RA5559, 2.50%, 7/1/2051	490,833	407,016
Pool # SD8156, 2.50%, 7/1/2051	612,048	509,054
Pool # QC5125, 2.00%, 8/1/2051	265,262	211,909
Pool # QC6057, 2.50%, 8/1/2051	255,574	212,744
Pool # SD8163, 3.50%, 8/1/2051	119,715	107,306
Pool # RA5832, 2.50%, 9/1/2051	706,756	587,976
Pool # SD8168, 3.00%, 9/1/2051	234,718	202,787

SEE NOTES TO FINANCIAL STATEMENTS.

J.P. Morgan Exchange-Traded Funds

August 31, 2023

INVESTMENTS	PRINCIPAL AMOUNT($)	VALUE($)
Mortgage-Backed Securities — continued
Pool # SD8172, 2.00%, 10/1/2051	802,458	640,498
Pool # SD8173, 2.50%, 10/1/2051	1,108,293	920,267
Pool # RA6507, 2.00%, 12/1/2051	1,847,504	1,473,597
Pool # QD3500, 2.50%, 12/1/2051	1,827,189	1,528,705
Pool # RA6694, 2.00%, 1/1/2052	456,839	364,446
Pool # SD0963, 3.50%, 1/1/2052	1,034,399	926,554
Pool # RA6816, 2.00%, 2/1/2052	523,967	417,223
Pool # SD0897, 2.00%, 2/1/2052	945,696	757,069
Pool # SD8199, 2.00%, 3/1/2052	955,637	761,044
Pool # SD8204, 2.00%, 4/1/2052	1,872,334	1,490,887
Pool # QD9578, 2.50%, 4/1/2052	1,495,772	1,239,359
Pool # QD9765, 2.50%, 4/1/2052	1,482,669	1,229,191
Pool # SD8205, 2.50%, 4/1/2052	509,625	422,264
Pool # SD0945, 3.50%, 4/1/2052	1,052,254	941,412
Pool # SD1461, 3.00%, 5/1/2052	956,342	830,206
Pool # SD8214, 3.50%, 5/1/2052	1,112,725	994,587
Pool # SD1840, 3.00%, 6/1/2052	469,781	405,126
Pool # RA7502, 5.00%, 6/1/2052	1,043,437	1,011,767
Pool # SD1406, 2.00%, 8/1/2052	474,610	378,472
Pool # SD8234, 2.50%, 8/1/2052	480,203	397,885
Pool # RA8112, 4.50%, 10/1/2052	1,887,237	1,789,374
Pool # SD2580, 6.00%, 3/1/2053	984,127	986,654
Pool # RA8736, 6.50%, 3/1/2053	932,603	949,373
Pool # SD2688, 5.50%, 4/1/2053	972,140	962,469
Pool # SD2693, 6.50%, 4/1/2053	986,754	1,018,576
Pool # SD8322, 4.50%, 5/1/2053	1,469,996	1,393,724
Pool # SD8324, 5.50%, 5/1/2053	725,894	716,580
Pool # SD8341, 5.00%, 7/1/2053	1,961,668	1,902,090
FNMA / FHLMC UMBS, Single Family, 30 Year TBA, 6.00%, 9/25/2053 (a)	1,000	1,003
FNMA UMBS, 15 Year
Pool # AC8711, 4.00%, 12/1/2024	81,249	79,870
Pool # AC7007, 4.50%, 1/1/2025	6,007	5,894
Pool # AL9580, 4.00%, 3/1/2025	4,103	4,034
Pool # 932724, 4.00%, 4/1/2025	2,757	2,709
Pool # AE0971, 4.00%, 5/1/2025	7,162	7,043
Pool # AE0939, 3.50%, 2/1/2026	20,859	20,356
Pool # FM2968, 4.00%, 5/1/2026	5,579	5,469
Pool # AJ6632, 3.00%, 11/1/2026	29,642	28,644
Pool # AJ9357, 3.50%, 1/1/2027	58,318	56,732
Pool # AK4047, 3.00%, 2/1/2027	11,155	10,771
Pool # AL4586, 4.00%, 2/1/2027	20,715	20,306
Pool # AO0527, 3.00%, 5/1/2027	15,413	14,876
Pool # AO4400, 2.50%, 7/1/2027	37,207	35,521
Pool # AB5823, 3.50%, 8/1/2027	61,205	59,382
Pool # AL8138, 4.00%, 9/1/2027	11,561	11,333

INVESTMENTS	PRINCIPAL AMOUNT($)	VALUE($)

Pool # AB6811, 2.50%, 10/1/2027	9,764	9,308
Pool # AQ9442, 2.00%, 12/1/2027	21,096	19,904
Pool # AB8447, 2.50%, 2/1/2028	17,804	16,940
Pool # AR4180, 2.50%, 2/1/2028	8,150	7,749
Pool # AL3802, 3.00%, 2/1/2028	48,881	47,007
Pool # AB8787, 2.00%, 3/1/2028	56,956	53,674
Pool # AP6059, 2.00%, 6/1/2028	7,303	6,854
Pool # BM5381, 3.00%, 6/1/2028	54,103	52,037
Pool # BM1892, 2.50%, 9/1/2028	16,373	15,608
Pool # AS0761, 3.00%, 10/1/2028	21,526	20,613
Pool # AU6961, 3.00%, 10/1/2028	42,296	40,508
Pool # AL6132, 4.50%, 3/1/2029	3,433	3,363
Pool # FM1105, 2.50%, 6/1/2029	35,179	33,497
Pool # AS3345, 2.00%, 7/1/2029	11,571	10,488
Pool # MA2061, 3.00%, 10/1/2029	55,877	52,750
Pool # FM1465, 3.00%, 5/1/2030	88,721	85,059
Pool # 890666, 2.00%, 6/1/2030	23,032	21,445
Pool # MA2684, 3.00%, 7/1/2031	102,102	96,357
Pool # AL9418, 3.50%, 8/1/2031	33,701	32,267
Pool # BD5647, 2.00%, 11/1/2031	14,897	13,352
Pool # 890776, 3.50%, 11/1/2031	21,625	20,709
Pool # BM5490, 3.50%, 11/1/2031	13,941	13,352
Pool # AS8708, 2.50%, 2/1/2032	339,032	312,049
Pool # BM4993, 3.50%, 3/1/2032	28,502	27,655
Pool # BM4741, 3.00%, 4/1/2032	9,253	8,857
Pool # FM1645, 3.00%, 4/1/2032	114,665	109,509
Pool # MA3124, 2.50%, 9/1/2032	32,463	29,883
Pool # FM3099, 3.50%, 9/1/2032	30,305	29,570
Pool # CA0775, 2.50%, 11/1/2032	23,776	21,853
Pool # MA3188, 3.00%, 11/1/2032	17,535	16,548
Pool # BH7081, 2.50%, 12/1/2032	35,735	32,820
Pool # BH8720, 3.50%, 12/1/2032	31,592	30,192
Pool # FM1161, 2.50%, 1/1/2033	34,631	31,882
Pool # FM1691, 2.50%, 1/1/2033	13,518	12,581
Pool # FM2549, 2.50%, 1/1/2033	75,180	69,865
Pool # CA9078, 3.00%, 9/1/2033	420,745	397,154
Pool # FM1123, 4.00%, 9/1/2033	98,809	96,071
Pool # FM2153, 4.00%, 11/1/2033	63,586	62,503
Pool # BD9105, 4.00%, 1/1/2034	29,549	28,701
Pool # BM5306, 4.00%, 1/1/2034	4,267	4,128
Pool # FM1733, 3.50%, 5/1/2034	579,943	554,683
Pool # FM1842, 3.50%, 6/1/2034	115,464	109,987
Pool # FM6946, 3.00%, 7/1/2034	349,587	329,980
Pool # BO1822, 3.50%, 7/1/2034	60,354	57,502
Pool # MA3764, 2.50%, 9/1/2034	7,861	7,147

SEE NOTES TO FINANCIAL STATEMENTS.

August 31, 2023

J.P. Morgan Exchange-Traded Funds

JPMorgan BetaBuilders U.S. Aggregate Bond ETF

SCHEDULE OF PORTFOLIO INVESTMENTS
AS OF August 31, 2023 (Unaudited) (continued)

INVESTMENTS	PRINCIPAL AMOUNT($)	VALUE($)
Mortgage-Backed Securities — continued
Pool # MA3910, 2.00%, 1/1/2035	25,170	22,301
Pool # FM3569, 3.00%, 1/1/2035	107,258	101,243
Pool # FM7941, 2.50%, 2/1/2035	322,866	297,214
Pool # FM8550, 3.00%, 2/1/2035	233,003	219,911
Pool # FM2708, 3.00%, 3/1/2035	52,292	49,364
Pool # MA4075, 2.50%, 7/1/2035	373,584	336,882
Pool # FM4035, 2.50%, 8/1/2035	63,996	58,180
Pool # MA4099, 2.50%, 8/1/2035	946,668	853,645
Pool # CA7497, 2.50%, 10/1/2035	1,141,945	1,029,813
Pool # BP7572, 2.50%, 11/1/2035	696,423	626,691
Pool # FM5396, 2.00%, 12/1/2035	727,854	642,793
Pool # BR3349, 1.50%, 1/1/2036	1,300,940	1,116,929
Pool # BR1309, 2.00%, 1/1/2036	493,931	435,497
Pool # FM5537, 2.00%, 1/1/2036	554,755	487,005
Pool # FM5797, 2.00%, 1/1/2036	546,404	481,739
Pool # FM5367, 1.50%, 2/1/2036	415,327	356,453
Pool # MA4261, 2.00%, 2/1/2036	606,551	532,480
Pool # CB0305, 1.50%, 5/1/2036	846,419	726,429
Pool # FM7843, 1.50%, 6/1/2036	76,366	65,553
Pool # BP3507, 2.00%, 6/1/2036	152,694	134,041
Pool # FM8292, 2.00%, 7/1/2036	254,814	224,028
Pool # MA4430, 1.00%, 8/1/2036	161,888	134,127
Pool # BT0273, 1.50%, 9/1/2036	425,238	364,707
Pool # MA4417, 1.50%, 9/1/2036	325,853	278,039
Pool # MA4418, 2.00%, 9/1/2036	157,271	137,960
Pool # MA4441, 1.50%, 10/1/2036	455,884	391,238
Pool # BT9452, 1.50%, 11/1/2036	165,829	141,540
Pool # FM9247, 2.00%, 11/1/2036	333,250	291,904
Pool # MA4497, 2.00%, 12/1/2036	2,332,206	2,043,657
Pool # MA4516, 2.00%, 1/1/2037	499,587	437,793
Pool # BV7189, 2.00%, 3/1/2037	854,285	748,543
Pool # MA4581, 1.50%, 4/1/2037	884,208	753,954
Pool # MA4582, 2.00%, 4/1/2037	1,146,155	1,004,080
Pool # FS2037, 1.50%, 5/1/2037	891,678	760,520
Pool # MA4604, 3.00%, 5/1/2037	849,563	785,189
Pool # FS4059, 1.50%, 8/1/2037	2,376,660	2,028,583
Pool # FS4794, 2.00%, 8/1/2037	973,717	853,209
Pool # MA4724, 3.00%, 9/1/2037	908,929	840,056
Pool # MA4861, 3.50%, 1/1/2038	1,843,922	1,738,095
Pool # MA4944, 4.50%, 3/1/2038	450,048	438,374
FNMA UMBS, 20 Year
Pool # AE6799, 4.50%, 11/1/2030	1,937	1,894
Pool # MA0885, 3.50%, 10/1/2031	24,988	23,755
Pool # AB4853, 3.00%, 4/1/2032	25,091	23,405
Pool # MA1058, 3.00%, 5/1/2032	11,354	10,598

INVESTMENTS	PRINCIPAL AMOUNT($)	VALUE($)

Pool # MA1165, 3.00%, 9/1/2032	62,432	58,237
Pool # MA2079, 4.00%, 11/1/2034	12,490	11,964
Pool # AL7654, 3.00%, 9/1/2035	55,851	51,525
Pool # MA2472, 3.00%, 12/1/2035	11,213	10,333
Pool # FM1133, 4.00%, 6/1/2036	26,840	25,693
Pool # BM3089, 4.00%, 8/1/2037	465,773	441,522
Pool # MA3099, 4.00%, 8/1/2037	81,197	76,969
Pool # BM5330, 2.50%, 12/1/2037	35,962	32,222
Pool # FM3204, 4.00%, 10/1/2038	30,638	29,193
Pool # FS3933, 4.00%, 3/1/2040	95,320	88,476
Pool # MA4072, 2.50%, 7/1/2040	138,041	119,734
Pool # MA4128, 2.00%, 9/1/2040	1,287,406	1,086,734
Pool # MA4204, 2.00%, 12/1/2040	802,295	674,670
Pool # CA9019, 2.00%, 2/1/2041	346,271	292,235
Pool # MA4310, 1.50%, 4/1/2041	736,088	590,447
Pool # MA4333, 2.00%, 5/1/2041	485,122	406,911
Pool # MA4422, 2.00%, 9/1/2041	379,340	316,428
Pool # MA4446, 2.00%, 10/1/2041	380,734	317,177
Pool # FS0316, 1.50%, 11/1/2041	629,540	504,960
Pool # MA4474, 2.00%, 11/1/2041	483,048	399,978
Pool # MA4519, 1.50%, 1/1/2042	492,680	395,179
Pool # MA4521, 2.50%, 1/1/2042	519,750	445,779
Pool # BV7697, 2.50%, 4/1/2042	917,996	784,920
Pool # MA4587, 2.50%, 4/1/2042	426,768	364,905
Pool # MA4632, 3.00%, 6/1/2042	1,109,493	975,474
FNMA UMBS, 30 Year
Pool # 254447, 6.00%, 9/1/2032	19,575	20,017
Pool # 711215, 5.50%, 6/1/2033	16,522	16,337
Pool # AA1005, 5.00%, 12/1/2033	11,545	11,537
Pool # 725232, 5.00%, 3/1/2034	9,136	9,129
Pool # 725228, 6.00%, 3/1/2034	47,166	48,417
Pool # 790003, 6.00%, 8/1/2034	15,326	15,627
Pool # 735503, 6.00%, 4/1/2035	33,955	34,759
Pool # 190360, 5.00%, 8/1/2035	25,076	25,059
Pool # 904601, 6.00%, 11/1/2036	35,962	37,117
Pool # 888538, 5.50%, 1/1/2037	18,933	19,280
Pool # AB0284, 6.00%, 2/1/2037	34,439	35,544
Pool # AL2627, 5.00%, 7/1/2037	16,552	16,541
Pool # 956965, 6.50%, 12/1/2037	11,752	11,938
Pool # BH7907, 6.50%, 12/1/2037	17,816	18,866
Pool # 961793, 5.00%, 3/1/2038	65,088	65,044
Pool # 985661, 5.50%, 6/1/2038	12,799	12,834
Pool # AU7519, 3.50%, 9/1/2038	9,438	8,693
Pool # AA7402, 4.50%, 6/1/2039	100,511	97,917
Pool # AC2638, 5.00%, 10/1/2039	125,194	125,110

SEE NOTES TO FINANCIAL STATEMENTS.

J.P. Morgan Exchange-Traded Funds

August 31, 2023

INVESTMENTS	PRINCIPAL AMOUNT($)	VALUE($)
Mortgage-Backed Securities — continued
Pool # AL0100, 6.00%, 10/1/2039	48,510	50,067
Pool # AC4886, 5.00%, 11/1/2039	22,698	22,683
Pool # 190399, 5.50%, 11/1/2039	75,112	76,366
Pool # AB1143, 4.50%, 6/1/2040	77,633	75,629
Pool # AD6938, 4.50%, 6/1/2040	115,223	112,248
Pool # AD5479, 5.00%, 6/1/2040	23,075	23,060
Pool # AB1259, 5.00%, 7/1/2040	26,377	26,359
Pool # AB1292, 5.00%, 8/1/2040	13,669	13,579
Pool # AL5437, 5.00%, 8/1/2040	79,148	78,899
Pool # AB1421, 5.00%, 9/1/2040	37,971	37,945
Pool # AE4142, 5.00%, 9/1/2040	31,027	30,677
Pool # AE3857, 5.00%, 10/1/2040	542,378	542,012
Pool # AE8289, 4.00%, 12/1/2040	84,086	79,886
Pool # MA0622, 3.50%, 1/1/2041	29,052	26,756
Pool # AH2312, 5.00%, 1/1/2041	67,734	67,231
Pool # AE0828, 3.50%, 2/1/2041	16,404	14,836
Pool # AH3804, 4.00%, 2/1/2041	18,775	17,837
Pool # MA0639, 4.00%, 2/1/2041	29,212	27,752
Pool # AB2676, 3.50%, 4/1/2041	100,821	92,854
Pool # AL0241, 4.00%, 4/1/2041	58,438	55,518
Pool # AI1887, 4.50%, 5/1/2041	233,553	226,961
Pool # BM3118, 6.00%, 7/1/2041	74,773	77,156
Pool # AJ2293, 4.00%, 9/1/2041	19,194	18,183
Pool # AL0933, 5.00%, 10/1/2041	75,149	74,990
Pool # AW8154, 3.50%, 1/1/2042	19,507	17,966
Pool # AX5318, 4.50%, 1/1/2042	63,999	62,346
Pool # BD4480, 4.50%, 1/1/2042	345,994	337,064
Pool # AL1998, 4.00%, 3/1/2042	93,189	88,532
Pool # AO4134, 3.50%, 6/1/2042	11,832	10,897
Pool # AO8694, 4.50%, 7/1/2042	35,190	33,930
Pool # AP4258, 3.00%, 8/1/2042	80,818	71,550
Pool # AB6632, 3.50%, 10/1/2042	116,126	106,949
Pool # AB6633, 3.50%, 10/1/2042	21,573	19,769
Pool # AL3344, 4.50%, 10/1/2042	127,997	124,692
Pool # AB6828, 3.50%, 11/1/2042	105,638	97,291
Pool # AL3182, 3.50%, 12/1/2042	18,496	17,034
Pool # AQ9316, 2.50%, 1/1/2043	51,927	43,812
Pool # AB7580, 3.00%, 1/1/2043	116,826	103,588
Pool # AQ1104, 3.00%, 1/1/2043	28,079	24,836
Pool # AR0168, 3.00%, 2/1/2043	47,753	42,281
Pool # AB7964, 3.50%, 2/1/2043	64,222	59,164
Pool # AR2271, 3.50%, 2/1/2043	259,853	239,306
Pool # BM4751, 3.50%, 3/1/2043	30,243	27,956
Pool # AB8742, 4.00%, 3/1/2043	13,235	12,574
Pool # AR6770, 4.00%, 3/1/2043	15,748	14,960

INVESTMENTS	PRINCIPAL AMOUNT($)	VALUE($)

Pool # AT2015, 3.00%, 4/1/2043	31,963	28,290
Pool # AT2016, 3.00%, 4/1/2043	481,158	425,869
Pool # AB9194, 3.50%, 5/1/2043	110,245	101,527
Pool # FM4462, 3.50%, 5/1/2043	759,313	699,292
Pool # AU1629, 3.00%, 7/1/2043	74,811	66,207
Pool # BM3785, 3.50%, 7/1/2043	118,571	109,198
Pool # AS0241, 4.00%, 8/1/2043	765,721	722,479
Pool # BM3704, 3.00%, 9/1/2043	32,788	29,023
Pool # AT2612, 3.50%, 9/1/2043	74,411	68,737
Pool # AU4256, 3.50%, 9/1/2043	20,935	19,130
Pool # AU4283, 3.50%, 9/1/2043	17,904	16,489
Pool # AL4062, 4.00%, 9/1/2043	27,279	25,915
Pool # BM4635, 2.50%, 10/1/2043	149,067	125,775
Pool # AS1121, 4.00%, 11/1/2043	27,488	26,114
Pool # AV0022, 4.00%, 11/1/2043	428,929	407,482
Pool # AL7696, 3.00%, 12/1/2043	52,725	46,669
Pool # AV6103, 4.00%, 1/1/2044	158,537	150,745
Pool # BC1737, 4.00%, 1/1/2044	62,684	59,560
Pool # BM5365, 4.00%, 3/1/2044	64,126	60,923
Pool # FM1744, 3.50%, 5/1/2044	29,576	27,238
Pool # AS2700, 4.00%, 6/1/2044	37,182	35,323
Pool # AW6233, 4.50%, 6/1/2044	1,631,175	1,569,254
Pool # AS2947, 4.00%, 7/1/2044	37,112	35,256
Pool # AL9072, 5.00%, 7/1/2044	65,648	66,170
Pool # AL9569, 5.00%, 8/1/2044	97,408	97,563
Pool # AX0152, 4.50%, 9/1/2044	23,046	22,308
Pool # BM4620, 3.00%, 10/1/2044	81,956	72,608
Pool # AS3867, 4.00%, 11/1/2044	9,820	9,324
Pool # FM1746, 3.50%, 1/1/2045	90,460	83,310
Pool # FM0015, 4.00%, 2/1/2045	93,904	89,211
Pool # MA2193, 4.50%, 2/1/2045	11,026	10,673
Pool # FM3414, 4.00%, 3/1/2045	592,828	560,381
Pool # BM3398, 3.50%, 4/1/2045	13,428	12,367
Pool # CA2709, 4.00%, 9/1/2045	1,167,554	1,109,204
Pool # AS5851, 4.50%, 9/1/2045	10,607	10,268
Pool # AS6184, 3.50%, 11/1/2045	125,910	115,052
Pool # BA0315, 3.50%, 11/1/2045	419,495	381,835
Pool # FM1869, 4.00%, 11/1/2045	61,082	57,985
Pool # BM4833, 3.00%, 12/1/2045	532,353	470,737
Pool # FM1708, 3.00%, 12/1/2045	37,642	33,329
Pool # BC0066, 3.50%, 12/1/2045	28,109	25,575
Pool # FM3413, 4.00%, 1/1/2046	74,889	71,145
Pool # FM2323, 4.00%, 2/1/2046	37,763	35,877
Pool # AL9128, 4.50%, 2/1/2046	18,339	17,804
Pool # AS6811, 3.00%, 3/1/2046	27,413	24,168

SEE NOTES TO FINANCIAL STATEMENTS.

August 31, 2023

J.P. Morgan Exchange-Traded Funds

JPMorgan BetaBuilders U.S. Aggregate Bond ETF

SCHEDULE OF PORTFOLIO INVESTMENTS
AS OF August 31, 2023 (Unaudited) (continued)

INVESTMENTS	PRINCIPAL AMOUNT($)	VALUE($)
Mortgage-Backed Securities — continued
Pool # BM4834, 3.00%, 3/1/2046	27,700	24,520
Pool # FM1782, 4.00%, 3/1/2046	11,769	11,181
Pool # FM2195, 4.00%, 3/1/2046	27,948	26,552
Pool # AS7003, 3.00%, 4/1/2046	34,591	30,367
Pool # AS7198, 4.50%, 5/1/2046	94,454	91,430
Pool # BD0166, 2.50%, 6/1/2046	113,325	95,614
Pool # BM5168, 2.50%, 6/1/2046	23,991	20,242
Pool # BC6105, 3.50%, 6/1/2046	934,050	849,335
Pool # FM1780, 4.00%, 7/1/2046	654,025	621,049
Pool # AS7660, 2.50%, 8/1/2046	218,338	184,152
Pool # MA2730, 2.50%, 8/1/2046	30,574	25,742
Pool # FM3810, 3.00%, 10/1/2046	99,260	87,803
Pool # AL9385, 3.00%, 11/1/2046	48,029	42,091
Pool # MA2806, 3.00%, 11/1/2046	147,688	129,885
Pool # BM3288, 3.50%, 12/1/2046	20,775	18,913
Pool # BM4990, 2.50%, 1/1/2047	11,438	9,651
Pool # FM2807, 3.00%, 1/1/2047	77,346	68,385
Pool # 890856, 3.50%, 1/1/2047	122,063	110,858
Pool # FM3374, 3.50%, 1/1/2047	142,235	130,995
Pool # FM0041, 3.00%, 2/1/2047	581,561	509,781
Pool # BM5955, 4.00%, 2/1/2047	33,548	31,865
Pool # BM5270, 4.50%, 2/1/2047	15,514	15,113
Pool # BM4350, 3.00%, 3/1/2047	735,905	646,520
Pool # MA2920, 3.00%, 3/1/2047	7,343	6,433
Pool # FM3107, 3.50%, 3/1/2047	244,035	222,309
Pool # AS9313, 4.00%, 3/1/2047	15,494	14,576
Pool # FM4735, 3.00%, 4/1/2047	153,141	133,011
Pool # FM6073, 4.00%, 4/1/2047	1,117,212	1,051,431
Pool # AS9480, 4.50%, 4/1/2047	26,743	25,886
Pool # FM1772, 4.50%, 5/1/2047	14,485	14,111
Pool # BD0667, 4.50%, 6/1/2047	387,446	371,954
Pool # AS9937, 3.00%, 7/1/2047	562,793	493,060
Pool # AS9946, 3.50%, 7/1/2047	41,339	37,659
Pool # BM1568, 3.50%, 7/1/2047	63,960	58,921
Pool # BH7375, 3.50%, 8/1/2047	44,403	40,376
Pool # CA0148, 4.50%, 8/1/2047	10,203	9,826
Pool # CA0850, 3.00%, 9/1/2047	32,354	28,325
Pool # MA3147, 3.00%, 10/1/2047	37,951	33,217
Pool # BM2003, 4.00%, 10/1/2047	148,913	140,057
Pool # BH9392, 3.50%, 11/1/2047	12,538	11,395
Pool # CA0681, 3.50%, 11/1/2047	209,539	191,781
Pool # MA3182, 3.50%, 11/1/2047	958,197	870,853
Pool # FM0028, 3.00%, 12/1/2047	44,637	39,476
Pool # MA3209, 3.00%, 12/1/2047	261,994	229,261
Pool # FM1420, 3.50%, 12/1/2047	201,381	183,746

INVESTMENTS	PRINCIPAL AMOUNT($)	VALUE($)

Pool # CA4015, 3.00%, 1/1/2048	8,838	7,732
Pool # BJ6154, 3.50%, 1/1/2048	159,432	144,896
Pool # MA3238, 3.50%, 1/1/2048	46,153	42,002
Pool # BJ5910, 3.50%, 2/1/2048	193,096	178,404
Pool # MA3305, 3.50%, 3/1/2048	737,364	670,153
Pool # FM3494, 2.50%, 4/1/2048	10,721	9,046
Pool # CA2687, 3.00%, 5/1/2048	21,641	18,959
Pool # BM4054, 4.00%, 5/1/2048	90,298	85,117
Pool # MA3425, 3.00%, 6/1/2048	31,416	27,447
Pool # BM4757, 3.50%, 7/1/2048	36,244	33,097
Pool # FM3438, 3.00%, 8/1/2048	648,483	568,391
Pool # BM2007, 4.00%, 9/1/2048	4,046	3,803
Pool # CA2368, 4.00%, 9/1/2048	26,388	24,771
Pool # MA3472, 5.00%, 9/1/2048	8,402	8,293
Pool # CA4655, 3.50%, 10/1/2048	86,391	78,700
Pool # MA3495, 4.00%, 10/1/2048	26,593	24,954
Pool # CA2432, 4.50%, 10/1/2048	49,284	47,557
Pool # FM7895, 3.50%, 11/1/2048	257,019	234,112
Pool # FM1248, 4.50%, 11/1/2048	15,287	14,769
Pool # CA2797, 4.50%, 12/1/2048	580,962	560,612
Pool # FM0030, 3.00%, 2/1/2049	48,360	42,370
Pool # FM6237, 3.50%, 4/1/2049	532,130	484,535
Pool # MA3637, 3.50%, 4/1/2049	16,529	15,022
Pool # MA3638, 4.00%, 4/1/2049	15,556	14,552
Pool # BN5418, 4.50%, 4/1/2049	18,832	18,174
Pool # MA3663, 3.50%, 5/1/2049	947,294	858,081
Pool # MA3664, 4.00%, 5/1/2049	7,767	7,258
Pool # FM4074, 4.50%, 5/1/2049	270,047	260,568
Pool # CA4358, 3.50%, 7/1/2049	16,008	14,528
Pool # MA3692, 3.50%, 7/1/2049	946,778	857,408
Pool # FM1672, 4.50%, 7/1/2049	755,317	735,053
Pool # MA3745, 3.50%, 8/1/2049	76,910	70,257
Pool # MA3746, 4.00%, 8/1/2049	11,636	10,869
Pool # FM1385, 5.00%, 8/1/2049	341,606	339,218
Pool # BO4012, 3.00%, 9/1/2049	107,863	93,808
Pool # FM1449, 3.50%, 9/1/2049	133,306	120,980
Pool # FM4430, 3.50%, 9/1/2049	526,579	478,588
Pool # FM3572, 4.50%, 9/1/2049	73,451	70,896
Pool # MA3803, 3.50%, 10/1/2049	37,383	34,113
Pool # MA3833, 2.50%, 11/1/2049	878,906	736,611
Pool # BK0350, 3.00%, 11/1/2049	802,470	702,447
Pool # MA3834, 3.00%, 11/1/2049	491,420	427,399
Pool # MA3870, 2.50%, 12/1/2049	188,993	158,044
Pool # FM2363, 3.00%, 1/1/2050	1,524,164	1,336,725
Pool # MA3905, 3.00%, 1/1/2050	825,723	716,706

SEE NOTES TO FINANCIAL STATEMENTS.

J.P. Morgan Exchange-Traded Funds

August 31, 2023

INVESTMENTS	PRINCIPAL AMOUNT($)	VALUE($)
Mortgage-Backed Securities — continued
Pool # CA5021, 3.50%, 1/1/2050	34,672	31,404
Pool # FM5922, 3.50%, 1/1/2050	349,761	318,316
Pool # MA3906, 3.50%, 1/1/2050	34,407	31,164
Pool # CA5135, 2.50%, 2/1/2050	140,166	117,949
Pool # MA3936, 2.50%, 2/1/2050	138,546	115,858
Pool # MA3937, 3.00%, 2/1/2050	963,630	837,793
Pool # FM2733, 2.50%, 3/1/2050	97,057	81,164
Pool # FM4883, 2.50%, 3/1/2050	1,963,606	1,642,059
Pool # FM4372, 3.50%, 3/1/2050	487,493	443,332
Pool # BP2403, 3.50%, 4/1/2050	253,735	227,810
Pool # BP5001, 2.50%, 5/1/2050	560,160	468,422
Pool # FM3257, 3.00%, 5/1/2050	224,951	198,131
Pool # BK2753, 2.50%, 7/1/2050	885,667	740,600
Pool # MA4078, 2.50%, 7/1/2050	339,634	284,323
Pool # FS2252, 3.00%, 7/1/2050	894,397	784,372
Pool # BP6626, 2.00%, 8/1/2050	2,284,211	1,829,623
Pool # MA4100, 2.00%, 8/1/2050	1,070,614	857,546
Pool # BP9500, 2.50%, 8/1/2050	87,969	73,563
Pool # BQ0723, 3.50%, 8/1/2050	1,273,159	1,148,340
Pool # FM5750, 4.00%, 8/1/2050	315,352	293,965
Pool # MA4119, 2.00%, 9/1/2050	144,457	115,672
Pool # BK3044, 2.50%, 9/1/2050	750,473	627,568
Pool # BP6702, 2.50%, 9/1/2050	566,988	474,025
Pool # FM8260, 4.00%, 9/1/2050	528,400	496,948
Pool # MA4158, 2.00%, 10/1/2050	1,686,833	1,352,430
Pool # MA4159, 2.50%, 10/1/2050	561,607	469,616
Pool # MA4182, 2.00%, 11/1/2050	1,768,500	1,416,550
Pool # CA7603, 2.50%, 11/1/2050	306,013	255,884
Pool # MA4183, 2.50%, 11/1/2050	2,515,245	2,104,330
Pool # CA8005, 1.50%, 12/1/2050	165,862	125,461
Pool # CA8222, 1.50%, 12/1/2050	1,426,968	1,079,363
Pool # MA4209, 1.50%, 12/1/2050	1,255,262	947,410
Pool # BQ5160, 2.00%, 12/1/2050	2,575,622	2,059,077
Pool # FM5849, 2.00%, 12/1/2050	880,639	701,551
Pool # MA4208, 2.00%, 12/1/2050	454,722	364,089
Pool # BR2807, 2.50%, 12/1/2050	1,270,979	1,062,706
Pool # MA4210, 2.50%, 12/1/2050	1,405,110	1,177,954
Pool # FM5597, 2.00%, 1/1/2051	217,684	174,058
Pool # FM6241, 2.00%, 1/1/2051	3,656,555	2,922,907
Pool # FM5854, 2.50%, 1/1/2051	173,159	144,783
Pool # MA4254, 1.50%, 2/1/2051	335,466	253,762
Pool # CA9190, 2.00%, 2/1/2051	828,207	661,933
Pool # FM6037, 2.00%, 2/1/2051	1,738,850	1,396,868
Pool # FM6126, 2.00%, 2/1/2051	211,790	169,394
Pool # MA4255, 2.00%, 2/1/2051	4,577,215	3,659,217

INVESTMENTS	PRINCIPAL AMOUNT($)	VALUE($)

Pool # BR3515, 2.50%, 2/1/2051	162,023	135,459
Pool # FM6244, 2.00%, 3/1/2051	803,498	642,922
Pool # MA4281, 2.00%, 3/1/2051	251,496	201,033
Pool # FM6523, 2.50%, 3/1/2051	288,539	240,689
Pool # FM6764, 2.50%, 3/1/2051	837,610	694,580
Pool # FM6537, 2.00%, 4/1/2051	2,813,612	2,277,334
Pool # MA4306, 2.50%, 4/1/2051	243,573	202,604
Pool # FM7099, 3.00%, 4/1/2051	771,897	676,106
Pool # MA4343, 1.50%, 5/1/2051	392,104	296,487
Pool # MA4325, 2.00%, 5/1/2051	2,268,029	1,806,614
Pool # FM7066, 2.50%, 5/1/2051	776,414	659,324
Pool # MA4326, 2.50%, 5/1/2051	1,645,341	1,371,462
Pool # MA4354, 1.50%, 6/1/2051	2,510,176	1,896,861
Pool # MA4355, 2.00%, 6/1/2051	426,717	341,062
Pool # CB0727, 2.50%, 6/1/2051	1,403,417	1,169,298
Pool # FM7418, 2.50%, 6/1/2051	868,773	725,551
Pool # MA4356, 2.50%, 6/1/2051	4,354,992	3,627,836
Pool # MA4377, 1.50%, 7/1/2051	1,465,079	1,106,007
Pool # FM8194, 2.00%, 7/1/2051	360,434	288,038
Pool # MA4378, 2.00%, 7/1/2051	2,070,424	1,653,242
Pool # CB1027, 2.50%, 7/1/2051	262,042	217,721
Pool # MA4379, 2.50%, 7/1/2051	3,978,216	3,311,782
Pool # CB1150, 3.00%, 7/1/2051	484,832	418,012
Pool # MA4380, 3.00%, 7/1/2051	213,968	184,786
Pool # FM8278, 3.50%, 7/1/2051	381,280	342,023
Pool # BT9030, 2.00%, 8/1/2051	181,907	145,310
Pool # MA4398, 2.00%, 8/1/2051	2,085,675	1,664,903
Pool # BR2236, 2.50%, 8/1/2051	259,209	215,376
Pool # BR2237, 2.50%, 8/1/2051	509,021	423,223
Pool # BR2258, 2.50%, 8/1/2051	166,656	138,735
Pool # CB1276, 2.50%, 8/1/2051	741,069	615,728
Pool # MA4399, 2.50%, 8/1/2051	2,374,155	1,974,443
Pool # MA4401, 3.50%, 8/1/2051	128,231	114,940
Pool # BT0240, 2.00%, 9/1/2051	177,101	141,229
Pool # FM8730, 2.00%, 9/1/2051	967,109	770,100
Pool # MA4413, 2.00%, 9/1/2051	752,739	601,428
Pool # MA4414, 2.50%, 9/1/2051	2,151,907	1,789,078
Pool # MA4436, 1.50%, 10/1/2051	977,859	738,325
Pool # MA4437, 2.00%, 10/1/2051	1,246,937	994,675
Pool # MA4438, 2.50%, 10/1/2051	513,919	426,735
Pool # CB1917, 3.00%, 10/1/2051	1,878,946	1,628,512
Pool # MA4464, 1.50%, 11/1/2051	550,714	415,640
Pool # MA4465, 2.00%, 11/1/2051	1,745,174	1,391,359
Pool # MA4492, 2.00%, 12/1/2051	3,156,721	2,516,287
Pool # FM9868, 2.50%, 12/1/2051	533,595	446,629

SEE NOTES TO FINANCIAL STATEMENTS.

August 31, 2023

J.P. Morgan Exchange-Traded Funds

JPMorgan BetaBuilders U.S. Aggregate Bond ETF

SCHEDULE OF PORTFOLIO INVESTMENTS
AS OF August 31, 2023 (Unaudited) (continued)

INVESTMENTS	PRINCIPAL AMOUNT($)	VALUE($)
Mortgage-Backed Securities — continued
Pool # FM9870, 2.50%, 12/1/2051	538,173	448,633
Pool # MA4493, 2.50%, 12/1/2051	885,358	734,604
Pool # MA4511, 2.00%, 1/1/2052	1,798,886	1,433,364
Pool # MA4512, 2.50%, 1/1/2052	943,559	782,696
Pool # MA4513, 3.00%, 1/1/2052	2,386,865	2,065,781
Pool # CB2850, 2.00%, 2/1/2052	235,268	187,337
Pool # FS2040, 2.00%, 2/1/2052	744,958	594,033
Pool # MA4547, 2.00%, 2/1/2052	4,166,625	3,321,168
Pool # FS3091, 2.50%, 2/1/2052	951,550	793,635
Pool # MA4548, 2.50%, 2/1/2052	953,627	790,192
Pool # BV4248, 2.00%, 3/1/2052	933,383	749,525
Pool # MA4562, 2.00%, 3/1/2052	3,409,915	2,716,791
Pool # FS2099, 1.50%, 4/1/2052	187,203	141,348
Pool # MA4577, 2.00%, 4/1/2052	1,508,234	1,201,725
Pool # MA4578, 2.50%, 4/1/2052	4,492,585	3,725,344
Pool # FS1538, 3.00%, 4/1/2052	480,235	414,142
Pool # MA4579, 3.00%, 4/1/2052	1,042,964	898,679
Pool # MA4598, 2.50%, 5/1/2052	1,596,125	1,322,744
Pool # MA4599, 3.00%, 5/1/2052	487,582	420,419
Pool # CB3608, 3.50%, 5/1/2052	188,343	168,470
Pool # MA4600, 3.50%, 5/1/2052	2,198,204	1,966,237
Pool # CB4209, 3.50%, 7/1/2052	947,276	846,710
Pool # MA4654, 3.50%, 7/1/2052	472,493	422,449
Pool # MA4743, 2.50%, 8/1/2052	1,693,385	1,403,432
Pool # MA4698, 3.00%, 8/1/2052	3,829,880	3,300,846
Pool # MA4699, 3.50%, 8/1/2052	1,957,608	1,750,301
Pool # MA4700, 4.00%, 8/1/2052	2,893,000	2,670,229
Pool # MA4701, 4.50%, 8/1/2052	968,660	918,507
Pool # FS2619, 5.00%, 8/1/2052	945,239	917,207
Pool # MA4732, 4.00%, 9/1/2052	484,803	447,571
Pool # MA4733, 4.50%, 9/1/2052	1,455,177	1,379,795
Pool # MA4761, 5.00%, 9/1/2052	964,247	935,427
Pool # MA4783, 4.00%, 10/1/2052	977,449	902,282
Pool # MA4784, 4.50%, 10/1/2052	1,942,524	1,841,847
Pool # MA4803, 3.50%, 11/1/2052	982,212	878,071
Pool # MA4805, 4.50%, 11/1/2052	5,924,062	5,616,885
Pool # MA4838, 3.50%, 12/1/2052	1,936,969	1,731,596
Pool # MA4839, 4.00%, 12/1/2052	3,404,971	3,142,974
Pool # MA4840, 4.50%, 12/1/2052	961,723	911,862
Pool # FS3455, 5.00%, 12/1/2052	954,499	931,239
Pool # MA4866, 4.00%, 1/1/2053	972,629	897,787
Pool # MA4868, 5.00%, 1/1/2053	773,419	750,143
Pool # MA4869, 5.50%, 1/1/2053	1,451,331	1,432,708
Pool # MA4894, 6.00%, 1/1/2053	931,424	933,868
Pool # MA4933, 3.50%, 2/1/2053	1,273,670	1,138,623

INVESTMENTS	PRINCIPAL AMOUNT($)	VALUE($)

Pool # MA4918, 5.00%, 2/1/2053	4,815,976	4,670,891
Pool # CB5600, 5.50%, 2/1/2053	971,667	962,385
Pool # MA4919, 5.50%, 2/1/2053	5,748,900	5,678,415
Pool # CB5704, 6.00%, 2/1/2053	2,388,052	2,414,959
Pool # MA4920, 6.00%, 2/1/2053	2,555,815	2,562,376
Pool # MA4962, 4.00%, 3/1/2053	1,959,148	1,808,390
Pool # MA4943, 6.50%, 3/1/2053	1,065,181	1,082,166
Pool # MA4964, 7.00%, 3/1/2053	441,021	453,133
Pool # MA4978, 5.00%, 4/1/2053	972,168	942,643
Pool # MA4979, 5.50%, 4/1/2053	961,489	949,151
Pool # MA5009, 5.00%, 5/1/2053	2,450,230	2,376,130
Pool # MA5038, 5.00%, 6/1/2053	1,962,988	1,903,370
Pool # FS4932, 6.00%, 6/1/2053	986,354	990,462
Pool # MA5070, 4.50%, 7/1/2053	989,475	938,193
Pool # MA5072, 5.50%, 7/1/2053	1,947,798	1,922,872
FNMA/FHLMC UMBS, Single Family, 15 Year
TBA, 1.50%, 9/25/2038 (a)	5,252,000	4,479,345
TBA, 2.00%, 9/25/2038 (a)	12,703,000	11,127,939
TBA, 2.50%, 9/25/2038 (a)	4,514,000	4,059,250
TBA, 3.00%, 9/25/2038 (a)	1,449,000	1,338,853
FNMA/FHLMC UMBS, Single Family, 30 Year
TBA, 1.50%, 9/25/2053 (a)	2,627,000	1,980,820
TBA, 2.00%, 9/25/2053 (a)	31,395,000	24,997,042
TBA, 2.50%, 9/25/2053 (a)	30,580,000	25,331,230
TBA, 3.00%, 9/25/2053 (a)	22,617,000	19,485,076
TBA, 3.50%, 9/25/2053 (a)	16,585,000	14,823,492
TBA, 4.00%, 9/25/2053 (a)	16,697,000	15,410,809
TBA, 4.50%, 9/25/2053 (a)	5,685,000	5,390,091
TBA, 5.00%, 9/25/2053 (a)	1,240,000	1,202,340
TBA, 5.50%, 9/25/2053 (a)	24,000	23,696
GNMA I, 30 Year
Pool # 704155, 5.50%, 1/15/2039	15,988	16,063
Pool # 726769, 5.00%, 9/15/2039	12,803	12,589
Pool # 721340, 5.00%, 12/15/2039	46,078	45,282
Pool # 754439, 3.50%, 12/15/2041	98,169	91,071
Pool # 711674, 3.00%, 9/15/2042	43,948	39,569
Pool # 783748, 3.50%, 4/15/2043	60,731	56,363
Pool # 784660, 4.00%, 4/15/2043	5,231	4,980
Pool # AC2224, 3.50%, 6/15/2043	41,206	38,214
Pool # 785088, 3.50%, 7/15/2043	51,901	47,882
Pool # AJ4151, 4.00%, 9/15/2044	187,629	178,158
Pool # AL9314, 3.00%, 3/15/2045	37,436	33,150
Pool # 784664, 4.00%, 4/15/2045	20,047	19,085
Pool # AO0544, 3.00%, 8/15/2045	21,603	19,129
Pool # 627030, 3.00%, 12/15/2045	21,602	19,128

SEE NOTES TO FINANCIAL STATEMENTS.

J.P. Morgan Exchange-Traded Funds

August 31, 2023

INVESTMENTS	PRINCIPAL AMOUNT($)	VALUE($)
Mortgage-Backed Securities — continued
Pool # 784429, 3.00%, 8/15/2046	74,560	67,045
Pool # 784652, 4.00%, 11/15/2047	418,041	398,046
Pool # 784766, 3.50%, 3/15/2048	479,562	440,603
GNMA II, 15 Year
Pool # MA0513, 2.50%, 11/20/2027	44,061	42,028
Pool # MA4625, 3.50%, 8/20/2032	19,499	18,460
Pool # MA6906, 2.50%, 10/20/2035	340,561	305,683
GNMA II, 30 Year
Pool # 711773, 3.50%, 6/20/2033	44,327	40,281
Pool # 3459, 5.50%, 10/20/2033	42,402	42,964
Pool # AQ5932, 3.50%, 1/20/2036	67,669	61,453
Pool # 4222, 6.00%, 8/20/2038	8,060	8,405
Pool # 709148, 4.50%, 2/20/2039	27,851	26,696
Pool # 4446, 4.50%, 5/20/2039	2,469	2,417
Pool # 4467, 4.00%, 6/20/2039	11,358	10,863
Pool # 4468, 4.50%, 6/20/2039	2,190	2,144
Pool # 4494, 4.00%, 7/20/2039	12,508	11,963
Pool # 4495, 4.50%, 7/20/2039	9,524	9,323
Pool # 4519, 4.50%, 8/20/2039	3,519	3,445
Pool # 4558, 4.50%, 10/20/2039	2,995	2,931
Pool # 4576, 4.00%, 11/20/2039	5,600	5,358
Pool # 4598, 4.50%, 12/20/2039	5,907	5,780
Pool # 4617, 4.50%, 1/20/2040	3,198	3,129
Pool # 4636, 4.50%, 2/20/2040	4,591	4,492
Pool # 4656, 4.00%, 3/20/2040	9,362	8,955
Pool # 4677, 4.00%, 4/20/2040	25,205	24,105
Pool # 4678, 4.50%, 4/20/2040	1,115	1,091
Pool # 4695, 4.00%, 5/20/2040	2,796	2,674
Pool # 4696, 4.50%, 5/20/2040	1,116	1,092
Pool # 4712, 4.00%, 6/20/2040	4,255	4,069
Pool # 4800, 4.00%, 9/20/2040	4,449	4,255
Pool # 737727, 4.00%, 12/20/2040	39,620	37,648
Pool # 4945, 4.00%, 2/20/2041	9,538	9,123
Pool # 759342, 4.50%, 2/20/2041	202,385	195,633
Pool # 4950, 5.50%, 2/20/2041	17,775	18,208
Pool # 4976, 3.50%, 3/20/2041	11,297	10,453
Pool # 4977, 4.00%, 3/20/2041	17,524	16,760
Pool # 5016, 4.00%, 4/20/2041	6,797	6,500
Pool # 5054, 4.00%, 5/20/2041	10,701	10,234
Pool # 5114, 4.00%, 7/20/2041	1,405	1,344
Pool # 779497, 3.50%, 10/20/2041	7,564	6,914
Pool # 5233, 4.00%, 11/20/2041	1,728	1,652
Pool # 5258, 3.50%, 12/20/2041	105,143	97,312
Pool # 5259, 4.00%, 12/20/2041	6,631	6,338
Pool # 5279, 3.50%, 1/20/2042	19,553	18,098

INVESTMENTS	PRINCIPAL AMOUNT($)	VALUE($)

Pool # 5330, 3.00%, 3/20/2042	13,035	11,694
Pool # 754406, 3.50%, 5/20/2042	50,650	46,200
Pool # MA0220, 3.50%, 7/20/2042	8,203	7,599
Pool # MA0318, 3.50%, 8/20/2042	114,674	106,236
Pool # MA0391, 3.00%, 9/20/2042	478,008	429,456
Pool # 796468, 4.00%, 9/20/2042	17,729	16,955
Pool # AA6040, 3.00%, 1/20/2043	88,782	78,278
Pool # AD1584, 3.00%, 1/20/2043	114,606	100,764
Pool # AD2125, 3.50%, 1/20/2043	78,844	73,418
Pool # AA6054, 3.00%, 2/20/2043	172,484	152,424
Pool # AD1744, 3.00%, 2/20/2043	14,619	13,211
Pool # 783755, 3.00%, 4/20/2043	115,448	103,901
Pool # 783976, 3.50%, 4/20/2043	19,055	17,454
Pool # MA1012, 3.50%, 5/20/2043	97,877	90,886
Pool # MA1157, 3.50%, 7/20/2043	19,386	17,976
Pool # MA1284, 3.00%, 9/20/2043	15,439	13,893
Pool # 785065, 3.50%, 10/20/2043	200,519	182,063
Pool # MA1376, 4.00%, 10/20/2043	90,862	86,490
Pool # AI7106, 4.00%, 6/20/2044	29,470	27,957
Pool # 784026, 3.50%, 12/20/2044	177,429	164,325
Pool # MA2678, 3.50%, 3/20/2045	119,793	110,484
Pool # MA2679, 4.00%, 3/20/2045	41,723	39,688
Pool # MA2753, 3.00%, 4/20/2045	61,455	55,135
Pool # 626942, 3.00%, 5/20/2045	140,943	122,169
Pool # MA2825, 3.00%, 5/20/2045	155,152	139,205
Pool # MA2829, 5.00%, 5/20/2045	22,217	22,315
Pool # 784800, 3.00%, 6/20/2045	30,602	26,953
Pool # AM9881, 3.00%, 6/20/2045	14,546	12,824
Pool # MA3247, 5.00%, 11/20/2045	20,532	20,575
Pool # AO9442, 3.50%, 12/20/2045	18,222	16,797
Pool # 784119, 3.00%, 2/20/2046	134,645	120,832
Pool # MA3458, 5.50%, 2/20/2046	28,723	29,424
Pool # MA3520, 3.00%, 3/20/2046	363,310	324,626
Pool # MA3735, 3.00%, 6/20/2046	248,787	222,591
Pool # AT7138, 3.50%, 6/20/2046	260,464	236,945
Pool # MA3935, 2.50%, 9/20/2046	66,350	57,431
Pool # 784768, 3.00%, 9/20/2046	71,440	63,844
Pool # AT8215, 3.00%, 9/20/2046	21,229	18,785
Pool # MA4002, 2.50%, 10/20/2046	360,647	311,333
Pool # AW0199, 3.00%, 10/20/2046	49,223	43,500
Pool # MA4068, 3.00%, 11/20/2046	10,542	9,416
Pool # MA4072, 5.00%, 11/20/2046	22,845	22,990
Pool # MA4125, 2.50%, 12/20/2046	333,243	287,239
Pool # MA4126, 3.00%, 12/20/2046	49,577	44,321
Pool # MA4260, 2.50%, 2/20/2047	57,808	49,941

SEE NOTES TO FINANCIAL STATEMENTS.

August 31, 2023

J.P. Morgan Exchange-Traded Funds

JPMorgan BetaBuilders U.S. Aggregate Bond ETF

SCHEDULE OF PORTFOLIO INVESTMENTS
AS OF August 31, 2023 (Unaudited) (continued)

INVESTMENTS	PRINCIPAL AMOUNT($)	VALUE($)
Mortgage-Backed Securities — continued
Pool # AZ3119, 3.50%, 3/20/2047	29,825	27,077
Pool # AZ7084, 3.50%, 4/20/2047	80,645	73,762
Pool # MA4511, 4.00%, 6/20/2047	152,902	144,853
Pool # BA5041, 5.00%, 6/20/2047	94,982	93,659
Pool # MA4584, 2.50%, 7/20/2047	81,485	70,530
Pool # MA4718, 3.00%, 9/20/2047	6,786	6,043
Pool # MA4721, 4.50%, 9/20/2047	28,642	27,777
Pool # MA4836, 3.00%, 11/20/2047	329,834	293,875
Pool # BC2742, 3.50%, 11/20/2047	633,210	572,517
Pool # BD6940, 3.50%, 12/20/2047	145	129
Pool # MA4900, 3.50%, 12/20/2047	80,275	74,006
Pool # MA5019, 3.50%, 2/20/2048	208,678	191,870
Pool # MA5077, 3.50%, 3/20/2048	31,009	28,484
Pool # MA5138, 4.50%, 4/20/2048	12,166	11,757
Pool # 785033, 3.50%, 5/20/2048	201,668	190,082
Pool # MA5194, 5.00%, 5/20/2048	74,779	73,872
Pool # MA5329, 3.50%, 7/20/2048	7,451	6,843
Pool # MA5468, 5.00%, 9/20/2048	5,783	5,701
Pool # MA5527, 3.50%, 10/20/2048	27,508	25,286
Pool # MA5595, 4.00%, 11/20/2048	34,187	32,257
Pool # BJ6759, 4.50%, 11/20/2048	257,268	246,615
Pool # MA5650, 3.50%, 12/20/2048	11,326	10,424
Pool # MA5651, 4.00%, 12/20/2048	163,301	153,958
Pool # MA5709, 3.50%, 1/20/2049	78,528	72,343
Pool # BI6473, 4.00%, 1/20/2049	702,256	670,347
Pool # BJ9901, 3.00%, 2/20/2049	55,202	48,630
Pool # MA5930, 3.50%, 5/20/2049	10,034	9,204
Pool # MA5983, 2.50%, 6/20/2049	114,367	98,994
Pool # MA5985, 3.50%, 6/20/2049	40,271	36,937
Pool # MA5987, 4.50%, 6/20/2049	35,492	34,119
Pool # MA5988, 5.00%, 6/20/2049	6,519	6,420
Pool # MA6039, 3.50%, 7/20/2049	67,595	61,997
Pool # BM5450, 4.50%, 7/20/2049	72,663	69,455
Pool # MA6220, 4.00%, 10/20/2049	175,409	164,194
Pool # BR4627, 3.00%, 11/20/2049	478,115	422,070
Pool # MA6283, 3.00%, 11/20/2049	486,433	431,916
Pool # 785067, 3.50%, 12/20/2049	387,123	343,785
Pool # MA6478, 5.00%, 2/20/2050	22,978	22,716
Pool # MA6542, 3.50%, 3/20/2050	223,367	206,355
Pool # MA6545, 5.00%, 3/20/2050	26,253	25,959
Pool # BV1348, 2.50%, 6/20/2050	47,909	39,285
Pool # MA6709, 2.50%, 6/20/2050	669,303	572,597
Pool # MA6818, 2.00%, 8/20/2050	1,257,579	1,041,936
Pool # BY8818, 2.00%, 10/20/2050	482,376	395,404
Pool # 785401, 2.50%, 10/20/2050	721,899	601,229

INVESTMENTS	PRINCIPAL AMOUNT($)	VALUE($)

Pool # MA6994, 2.00%, 11/20/2050	1,382,948	1,144,935
Pool # BY8832, 2.50%, 11/20/2050	439,199	364,945
Pool # MA7051, 2.00%, 12/20/2050	2,145,680	1,778,700
Pool # CA4485, 2.50%, 12/20/2050	538,539	446,099
Pool # MA7052, 2.50%, 12/20/2050	877,961	748,599
Pool # MA7055, 4.00%, 12/20/2050	225,136	212,048
Pool # MA7135, 2.00%, 1/20/2051	2,454,664	2,028,748
Pool # MA7254, 2.00%, 3/20/2051	1,063,653	880,572
Pool # MA7311, 2.00%, 4/20/2051	2,518,868	2,082,184
Pool # 785449, 3.00%, 4/20/2051	282,832	249,372
Pool # MA7367, 2.50%, 5/20/2051	1,445,155	1,231,103
Pool # MA7368, 3.00%, 5/20/2051	441,433	390,164
Pool # MA7417, 2.00%, 6/20/2051	2,921,347	2,415,835
Pool # MA7418, 2.50%, 6/20/2051	1,594,515	1,357,400
Pool # MA7420, 3.50%, 6/20/2051	399,752	364,322
Pool # MA7471, 2.00%, 7/20/2051	2,385,733	1,971,437
Pool # MA7472, 2.50%, 7/20/2051	769,275	654,978
Pool # MA7473, 3.00%, 7/20/2051	481,227	425,025
Pool # MA7533, 2.00%, 8/20/2051	994,623	821,551
Pool # MA7588, 2.00%, 9/20/2051	1,013,886	837,115
Pool # MA7589, 2.50%, 9/20/2051	418,881	356,612
Pool # MA7766, 2.00%, 12/20/2051	2,213,721	1,828,179
Pool # MA7826, 2.00%, 1/20/2052	1,416,359	1,169,529
Pool # 785881, 2.50%, 1/20/2052	1,985,115	1,644,552
Pool # 785945, 3.00%, 2/20/2052	904,593	797,614
Pool # 786017, 3.00%, 3/20/2052	923,746	814,942
Pool # MA7937, 3.00%, 3/20/2052	898,582	790,573
Pool # MA7986, 2.00%, 4/20/2052	1,100,075	907,469
Pool # MA7987, 2.50%, 4/20/2052	1,907,097	1,622,502
Pool # MA7988, 3.00%, 4/20/2052	916,663	806,840
Pool # MA8043, 3.00%, 5/20/2052	2,369,697	2,083,231
Pool # MA8098, 3.00%, 6/20/2052	484,662	426,049
Pool # MA8267, 4.00%, 9/20/2052	1,154,953	1,075,894
Pool # MA8269, 5.00%, 9/20/2052	617,551	601,491
Pool # MA8270, 5.50%, 9/20/2052	923,507	914,221
Pool # MA8492, 6.00%, 12/20/2052	1,446,771	1,452,243
Pool # MA8493, 6.50%, 12/20/2052	383,086	388,068
Pool # MA8573, 7.00%, 1/20/2053	972,189	993,091
Pool # MA8800, 5.00%, 4/20/2053	2,475,166	2,408,724
Pool # 786633, 6.00%, 4/20/2053	1,983,320	1,996,150
Pool # MA8946, 4.50%, 6/20/2053	498,113	474,639
Pool # MA8947, 5.00%, 6/20/2053	1,992,128	1,938,653
Pool # MA8948, 5.50%, 6/20/2053	2,488,405	2,463,257
Pool # MA9017, 5.50%, 7/20/2053	2,744,600	2,716,878
Pool # MA9018, 6.00%, 7/20/2053	748,625	751,457

SEE NOTES TO FINANCIAL STATEMENTS.

J.P. Morgan Exchange-Traded Funds

August 31, 2023

INVESTMENTS	PRINCIPAL AMOUNT($)	VALUE($)
Mortgage-Backed Securities — continued
Pool # MA9019, 6.50%, 7/20/2053	748,847	758,881
GNMA II, Single Family, 30 Year
TBA, 2.00%, 9/15/2053 (a)	7,926,000	6,537,092
TBA, 2.50%, 9/15/2053 (a)	8,844,000	7,523,618
TBA, 3.00%, 9/15/2053 (a)	6,700,000	5,890,504
TBA, 3.50%, 9/15/2053 (a)	5,000,000	4,540,039
TBA, 4.00%, 9/15/2053 (a)	3,059,000	2,850,128
TBA, 4.50%, 9/15/2053 (a)	2,200,000	2,096,531
TBA, 5.00%, 9/15/2053 (a)	1,250,000	1,216,333
Total Mortgage-Backed Securities (Cost $581,892,866)		533,947,584
Corporate Bonds — 24.7%
Aerospace & Defense — 0.5%
Boeing Co. (The)
3.25%, 3/1/2028	2,439,000	2,221,879
5.15%, 5/1/2030	782,000	769,156
3.60%, 5/1/2034	685,000	580,381
3.55%, 3/1/2038	50,000	38,336
3.90%, 5/1/2049	47,000	35,169
Huntington Ingalls Industries, Inc. 2.04%, 8/16/2028	70,000	59,371
L3Harris Technologies, Inc. 4.85%, 4/27/2035	166,000	156,488
Lockheed Martin Corp.
5.10%, 11/15/2027	403,000	407,353
1.85%, 6/15/2030	811,000	672,452
3.60%, 3/1/2035	3,233,000	2,844,657
4.50%, 5/15/2036	357,000	338,747
Northrop Grumman Corp.
4.40%, 5/1/2030	30,000	28,839
4.70%, 3/15/2033	150,000	145,220
5.25%, 5/1/2050	272,000	266,615
Precision Castparts Corp. 4.38%, 6/15/2045	82,000	71,029
RTX Corp.
5.00%, 2/27/2026	163,000	162,250
1.90%, 9/1/2031	1,100,000	861,117
2.38%, 3/15/2032	350,000	281,379
4.35%, 4/15/2047	237,000	199,300
3.03%, 3/15/2052	961,000	630,105
		10,769,843
Air Freight & Logistics — 0.1%
CH Robinson Worldwide, Inc. 4.20%, 4/15/2028	502,000	477,670

INVESTMENTS	PRINCIPAL AMOUNT($)	VALUE($)

Air Freight & Logistics — continued
FedEx Corp.
4.90%, 1/15/2034	30,000	28,995
3.90%, 2/1/2035	20,000	17,393
3.25%, 5/15/2041	30,000	21,815
3.88%, 8/1/2042	992,000	789,250
4.05%, 2/15/2048	286,000	222,758
United Parcel Service, Inc.
2.20%, 9/1/2024	17,000	16,467
4.88%, 3/3/2033	50,000	49,888
3.75%, 11/15/2047	300,000	242,177
3.40%, 9/1/2049	465,000	354,048
		2,220,461
Automobile Components — 0.0% ^
Aptiv plc
3.25%, 3/1/2032	149,000	126,217
3.10%, 12/1/2051	238,000	144,889
BorgWarner, Inc. 2.65%, 7/1/2027	50,000	45,308
Lear Corp. 5.25%, 5/15/2049	85,000	73,934
Magna International, Inc. (Canada) 4.15%, 10/1/2025	300,000	291,517
		681,865
Automobiles — 0.1%
General Motors Co.
5.40%, 10/15/2029	30,000	28,999
5.00%, 4/1/2035	707,000	631,461
5.15%, 4/1/2038	400,000	348,554
5.20%, 4/1/2045	110,000	90,335
Mercedes-Benz Finance North America LLC (Germany) 8.50%, 1/18/2031	152,000	185,388
Toyota Motor Corp. (Japan) 1.34%, 3/25/2026	72,000	65,576
		1,350,313
Banks — 4.0%
Australia & New Zealand Banking Group Ltd. (Australia) 5.38%, 7/3/2025	445,000	445,238
Bank of America Corp.
4.00%, 1/22/2025	163,000	158,938
(SOFR + 0.91%), 0.98%, 9/25/2025 (b)	379,000	358,744
(3-MONTH CME TERM SOFR + 1.13%), 2.46%, 10/22/2025 (b)	632,000	607,364
(3-MONTH CME TERM SOFR + 0.90%), 2.02%, 2/13/2026 (b)	67,000	63,196

SEE NOTES TO FINANCIAL STATEMENTS.

August 31, 2023

J.P. Morgan Exchange-Traded Funds

JPMorgan BetaBuilders 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
3.50%, 4/19/2026	1,846,000	1,756,520
(SOFR + 1.15%), 1.32%, 6/19/2026 (b)	430,000	395,600
(SOFR + 1.75%), 4.83%, 7/22/2026 (b)	30,000	29,439
4.25%, 10/22/2026	648,000	621,726
(SOFR + 1.01%), 1.20%, 10/24/2026 (b)	1,168,000	1,058,563
(SOFR + 1.29%), 5.08%, 1/20/2027 (b)	30,000	29,606
(SOFR + 0.96%), 1.73%, 7/22/2027 (b)	30,000	26,846
(SOFR + 1.05%), 2.55%, 2/4/2028 (b)	1,060,000	958,889
(3-MONTH CME TERM SOFR + 1.30%), 3.42%, 12/20/2028 (b)	26,000	23,829
(SOFR + 1.06%), 2.09%, 6/14/2029 (b)	1,939,000	1,653,142
(3-MONTH CME TERM SOFR + 1.47%), 3.97%, 2/7/2030 (b)	250,000	230,095
(3-MONTH CME TERM SOFR + 1.25%), 2.50%, 2/13/2031 (b)	275,000	228,544
(SOFR + 1.37%), 1.92%, 10/24/2031 (b)	198,000	155,105
Series N, (SOFR + 1.22%), 2.65%, 3/11/2032 (b)	2,500,000	2,049,459
(SOFR + 1.32%), 2.69%, 4/22/2032 (b)	50,000	40,866
(SOFR + 1.83%), 4.57%, 4/27/2033 (b)	50,000	46,301
(US Treasury Yield Curve Rate T Note Constant Maturity 5 Year + 1.20%), 2.48%, 9/21/2036 (b)	1,634,000	1,242,082
(SOFR + 1.58%), 3.31%, 4/22/2042 (b)	319,000	238,788
5.00%, 1/21/2044	2,305,000	2,191,847
(3-MONTH CME TERM SOFR + 2.25%), 4.44%, 1/20/2048 (b)	57,000	48,621
(3-MONTH CME TERM SOFR + 1.45%), 3.95%, 1/23/2049 (b)	1,536,000	1,207,094
(3-MONTH CME TERM SOFR + 3.41%), 4.08%, 3/20/2051 (b)	100,000	80,343
Bank of Montreal (Canada)
1.50%, 1/10/2025	1,108,000	1,048,335
1.85%, 5/1/2025	235,000	220,777
(SOFR + 0.60%), 0.95%, 1/22/2027 (b)	710,000	637,198
5.20%, 2/1/2028	150,000	148,788

INVESTMENTS	PRINCIPAL AMOUNT($)	VALUE($)

Banks — continued
(USD Swap Semi 5 Year + 1.43%), 3.80%, 12/15/2032 (b) (c)	138,000	121,874
Bank of Nova Scotia (The) (Canada)
1.45%, 1/10/2025	150,000	141,865
2.20%, 2/3/2025	30,000	28,583
5.45%, 6/12/2025	30,000	29,846
1.30%, 9/15/2026	250,000	221,393
1.95%, 2/2/2027	50,000	44,712
2.15%, 8/1/2031	234,000	186,070
Barclays plc (United Kingdom)
4.84%, 5/9/2028	2,001,000	1,852,878
(US Treasury Yield Curve Rate T Note Constant Maturity 1 Year + 1.30%), 2.89%, 11/24/2032 (b)	454,000	353,914
(US Treasury Yield Curve Rate T Note Constant Maturity 1 Year + 3.00%), 5.75%, 8/9/2033 (b)	754,000	722,737
Canadian Imperial Bank of Commerce (Canada)
5.14%, 4/28/2025	30,000	29,757
5.00%, 4/28/2028	30,000	29,384
Citigroup, Inc.
3.75%, 6/16/2024	315,000	310,355
4.40%, 6/10/2025	97,000	94,583
(SOFR + 2.84%), 3.11%, 4/8/2026 (b)	350,000	334,955
3.40%, 5/1/2026	25,000	23,658
4.30%, 11/20/2026	650,000	623,679
4.45%, 9/29/2027	25,000	23,898
Series VAR, (SOFR + 1.28%), 3.07%, 2/24/2028 (b)	25,000	22,957
4.13%, 7/25/2028	471,000	439,296
(SOFR + 1.42%), 2.98%, 11/5/2030 (b)	720,000	619,053
(SOFR + 3.91%), 4.41%, 3/31/2031 (b)	1,059,000	983,141
(SOFR + 2.11%), 2.57%, 6/3/2031 (b)	1,213,000	1,001,774
6.63%, 6/15/2032	77,000	80,237
(SOFR + 1.18%), 2.52%, 11/3/2032 (b)	2,951,000	2,337,228
(SOFR + 1.35%), 3.06%, 1/25/2033 (b)	50,000	41,185
(SOFR + 2.09%), 4.91%, 5/24/2033 (b)	250,000	237,792
6.00%, 10/31/2033	10,000	10,065
(SOFR + 2.34%), 6.27%, 11/17/2033 (b)	1,500,000	1,563,272
5.30%, 5/6/2044	95,000	86,656

SEE NOTES TO FINANCIAL STATEMENTS.

J.P. Morgan Exchange-Traded Funds

August 31, 2023

INVESTMENTS	PRINCIPAL AMOUNT($)	VALUE($)
Corporate Bonds — continued
Banks — continued
Cooperatieve Rabobank UA (Netherlands) 3.75%, 7/21/2026	267,000	250,715
Fifth Third Bancorp
2.38%, 1/28/2025	673,000	640,218
(SOFR + 2.34%), 6.34%, 7/27/2029 (b)	30,000	30,353
Fifth Third Bank NA 3.85%, 3/15/2026	200,000	186,550
First Citizens BancShares, Inc. (3-MONTH CME TERM SOFR + 2.47%), 3.38%, 3/15/2030 (b)	966,000	889,378
First-Citizens Bank & Trust Co. (3-MONTH CME TERM SOFR + 1.72%), 2.97%, 9/27/2025 (b)	454,000	433,933
Goldman Sachs Capital I 6.35%, 2/15/2034	247,000	248,354
HSBC Holdings plc (United Kingdom)
(SOFR + 1.54%), 1.64%, 4/18/2026 (b)	651,000	606,306
(SOFR + 1.93%), 2.10%, 6/4/2026 (b)	267,000	248,849
(SOFR + 1.97%), 6.16%, 3/9/2029 (b)	928,000	934,227
(3-MONTH CME TERM SOFR + 1.80%), 4.58%, 6/19/2029 (b)	1,026,000	968,497
(SOFR + 2.39%), 2.85%, 6/4/2031 (b)	3,103,000	2,558,751
(SOFR + 1.95%), 2.36%, 8/18/2031 (b)	1,183,000	938,069
6.50%, 5/2/2036	185,000	187,708
HSBC USA, Inc. 5.63%, 3/17/2025	2,178,000	2,172,281
Huntington National Bank (The) (SOFRINDX + 1.65%), 4.55%, 5/17/2028 (b)	469,000	443,821
ING Groep NV (Netherlands) 3.95%, 3/29/2027	500,000	474,328
KeyCorp (SOFRINDX + 2.06%), 4.79%, 6/1/2033 (b)	141,000	121,522
Korea Development Bank (The) (South Korea)
1.00%, 9/9/2026	646,000	568,631
1.38%, 4/25/2027	637,000	561,733
Kreditanstalt fuer Wiederaufbau (Germany)
1.38%, 8/5/2024	10,000	9,639
2.50%, 11/20/2024	54,000	52,211
2.00%, 5/2/2025	160,000	152,230
0.63%, 1/22/2026	80,000	72,616
1.00%, 10/1/2026 (d)	468,000	420,564
3.00%, 5/20/2027	55,000	52,215
1.75%, 9/14/2029	321,000	278,665
0.75%, 9/30/2030	747,000	588,203
Zero Coupon, 4/18/2036	1,088,000	627,509

INVESTMENTS	PRINCIPAL AMOUNT($)	VALUE($)

Banks — continued
Zero Coupon, 6/29/2037	1,405,000	767,313
Landwirtschaftliche Rentenbank (Germany)
2.00%, 1/13/2025	45,000	43,078
2.38%, 6/10/2025	70,000	66,795
0.88%, 3/30/2026	386,000	350,205
1.75%, 7/27/2026	399,000	367,658
Lloyds Banking Group plc (United Kingdom) 4.45%, 5/8/2025	1,000,000	975,739
M&T Bank Corp. (SOFR + 1.85%), 5.05%, 1/27/2034 (b)	1,003,000	912,516
Mitsubishi UFJ Financial Group, Inc. (Japan)
(US Treasury Yield Curve Rate T Note Constant Maturity 1 Year + 1.55%), 5.06%, 9/12/2025 (b)	200,000	198,112
(US Treasury Yield Curve Rate T Note Constant Maturity 1 Year + 0.45%), 0.96%, 10/11/2025 (b)	200,000	188,682
3.75%, 7/18/2039	1,542,000	1,272,334
Mizuho Financial Group, Inc. (Japan) 4.02%, 3/5/2028	508,000	478,933
National Australia Bank Ltd. (Australia) 2.50%, 7/12/2026	315,000	292,676
National Bank of Canada (Canada) Series FXD, 0.75%, 8/6/2024	250,000	238,441
NatWest Group plc (United Kingdom) (US Treasury Yield Curve Rate T Note Constant Maturity 1 Year + 2.55%), 3.07%, 5/22/2028 (b)	716,000	645,770
Oesterreichische Kontrollbank AG (Austria)
0.50%, 9/16/2024	16,000	15,200
1.50%, 2/12/2025	123,000	116,579
0.38%, 9/17/2025	84,000	76,660
4.63%, 11/3/2025	100,000	99,418
0.50%, 2/2/2026	630,000	568,438
PNC Bank NA 3.10%, 10/25/2027	629,000	573,979
PNC Financial Services Group, Inc. (The) (SOFR + 1.93%), 5.07%, 1/24/2034 (b)	50,000	47,398
Royal Bank of Canada (Canada)
0.65%, 7/29/2024	150,000	143,287
0.75%, 10/7/2024	150,000	142,175
3.38%, 4/14/2025	105,000	101,574
6.00%, 11/1/2027	452,000	462,544
5.00%, 2/1/2033	150,000	145,395

SEE NOTES TO FINANCIAL STATEMENTS.

August 31, 2023

J.P. Morgan Exchange-Traded Funds

JPMorgan BetaBuilders 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
Santander UK Group Holdings plc (United Kingdom) (US Treasury Yield Curve Rate T Note Constant Maturity 1 Year + 1.25%), 1.53%, 8/21/2026 (b)	1,177,000	1,067,246
Sumitomo Mitsui Financial Group, Inc. (Japan)
0.95%, 1/12/2026	2,244,000	2,015,537
3.78%, 3/9/2026	332,000	317,909
2.63%, 7/14/2026	150,000	138,402
3.01%, 10/19/2026	141,000	130,678
3.45%, 1/11/2027	644,000	602,783
Toronto-Dominion Bank (The) (Canada)
0.70%, 9/10/2024	100,000	95,096
Series FXD, 1.45%, 1/10/2025	50,000	47,380
0.75%, 9/11/2025	126,000	114,897
0.75%, 1/6/2026	2,426,000	2,178,454
5.10%, 1/9/2026	30,000	29,756
4.11%, 6/8/2027	30,000	28,638
3.20%, 3/10/2032	100,000	85,075
Truist Bank 2.15%, 12/6/2024	1,400,000	1,336,605
Truist Financial Corp.
(SOFR + 0.61%), 1.27%, 3/2/2027 (b)	1,109,000	989,269
1.13%, 8/3/2027	2,636,000	2,228,646
(SOFR + 0.86%), 1.89%, 6/7/2029 (b)	96,000	80,133
US Bancorp
(SOFR + 0.73%), 2.22%, 1/27/2028 (b)	10,000	8,922
(SOFR + 1.02%), 2.68%, 1/27/2033 (b)	626,000	497,562
(SOFR + 2.11%), 4.97%, 7/22/2033 (b)	50,000	45,560
Wells Fargo & Co.
3.55%, 9/29/2025	79,000	75,792
(3-MONTH CME TERM SOFR + 1.09%), 2.41%, 10/30/2025 (b)	483,000	463,364
(3-MONTH CME TERM SOFR + 1.01%), 2.16%, 2/11/2026 (b)	282,000	266,668
3.00%, 4/22/2026	1,019,000	954,441
(SOFR + 2.00%), 2.19%, 4/30/2026 (b)	488,000	458,987
4.10%, 6/3/2026	30,000	28,767
3.00%, 10/23/2026	30,000	27,780
4.30%, 7/22/2027	2,352,000	2,252,205
(3-MONTH CME TERM SOFR + 1.57%), 3.58%, 5/22/2028 (b)	110,000	102,102
(SOFR + 2.10%), 2.39%, 6/2/2028 (b)	2,351,000	2,090,877

INVESTMENTS	PRINCIPAL AMOUNT($)	VALUE($)

Banks — continued
(3-MONTH CME TERM SOFR + 1.43%), 2.88%, 10/30/2030 (b)	2,626,000	2,246,592
(SOFR + 1.99%), 5.56%, 7/25/2034 (b)	58,000	57,245
5.95%, 12/15/2036	7,000	6,837
(SOFR + 2.53%), 3.07%, 4/30/2041 (b)	285,000	204,033
3.90%, 5/1/2045	1,174,000	918,745
4.75%, 12/7/2046	616,000	511,086
Westpac Banking Corp. (Australia)
1.15%, 6/3/2026	357,000	320,858
(US Treasury Yield Curve Rate T Note Constant Maturity 5 Year + 1.35%), 2.89%, 2/4/2030 (b) (c)	545,000	514,754
4.42%, 7/24/2039 (c)	409,000	329,190
		79,476,526
Beverages — 0.4%
Anheuser-Busch Cos. LLC (Belgium) 4.70%, 2/1/2036	79,000	75,604
Anheuser-Busch InBev Finance, Inc. (Belgium) 4.70%, 2/1/2036	17,000	16,304
Anheuser-Busch InBev Worldwide, Inc. (Belgium)
4.00%, 4/13/2028	1,186,000	1,141,895
4.90%, 1/23/2031	330,000	331,077
4.95%, 1/15/2042	146,000	139,136
5.55%, 1/23/2049	50,000	51,198
4.50%, 6/1/2050	10,000	8,902
4.75%, 4/15/2058	1,421,000	1,271,301
Coca-Cola Co. (The)
1.75%, 9/6/2024	213,000	205,331
1.45%, 6/1/2027	340,000	303,576
1.50%, 3/5/2028 (d)	224,000	196,253
2.50%, 6/1/2040	713,000	514,072
2.88%, 5/5/2041	10,000	7,554
3.00%, 3/5/2051	641,000	462,263
2.75%, 6/1/2060	40,000	25,952
Coca-Cola Consolidated, Inc. 3.80%, 11/25/2025	50,000	48,365
Constellation Brands, Inc. 3.60%, 2/15/2028	884,000	824,443
Diageo Capital plc (United Kingdom)
1.38%, 9/29/2025	200,000	184,658
2.13%, 4/29/2032	700,000	562,706
Keurig Dr Pepper, Inc.
3.40%, 11/15/2025	250,000	239,125

SEE NOTES TO FINANCIAL STATEMENTS.

J.P. Morgan Exchange-Traded Funds

August 31, 2023

INVESTMENTS	PRINCIPAL AMOUNT($)	VALUE($)
Corporate Bonds — continued
Beverages — continued
3.20%, 5/1/2030	30,000	26,532
3.80%, 5/1/2050	10,000	7,573
Keurig Dr. Pepper, Inc.
3.95%, 4/15/2029	901,000	848,561
4.05%, 4/15/2032	50,000	45,790
PepsiCo, Inc.
2.25%, 3/19/2025	10,000	9,571
2.75%, 4/30/2025	250,000	240,421
4.45%, 2/15/2033	50,000	49,736
2.63%, 10/21/2041	55,000	39,897
2.75%, 10/21/2051	10,000	6,757
		7,884,553
Biotechnology — 0.4%
AbbVie, Inc.
3.85%, 6/15/2024	334,000	329,060
3.80%, 3/15/2025	150,000	146,054
3.60%, 5/14/2025	150,000	145,459
2.95%, 11/21/2026	150,000	140,347
4.50%, 5/14/2035	98,000	92,186
4.05%, 11/21/2039	479,000	410,697
4.45%, 5/14/2046	21,000	18,164
4.25%, 11/21/2049	1,219,000	1,026,368
Amgen, Inc.
3.20%, 11/2/2027	2,148,000	1,995,889
2.30%, 2/25/2031	750,000	618,745
2.00%, 1/15/2032	275,000	215,471
4.20%, 3/1/2033	50,000	45,960
4.56%, 6/15/2048	200,000	170,466
3.38%, 2/21/2050	187,000	130,922
4.66%, 6/15/2051	230,000	197,615
5.75%, 3/2/2063	295,000	290,990
Biogen, Inc. 2.25%, 5/1/2030	637,000	523,927
Gilead Sciences, Inc.
3.65%, 3/1/2026	100,000	96,174
2.95%, 3/1/2027	10,000	9,318
4.60%, 9/1/2035	420,000	398,883
4.00%, 9/1/2036	803,000	710,179
2.60%, 10/1/2040	1,000,000	696,115
4.75%, 3/1/2046	15,000	13,688
		8,422,677
Broadline Retail — 0.2%
Alibaba Group Holding Ltd. (China) 3.40%, 12/6/2027	437,000	405,956

INVESTMENTS	PRINCIPAL AMOUNT($)	VALUE($)

Broadline Retail — continued
Amazon.com, Inc.
3.15%, 8/22/2027	2,365,000	2,224,063
1.65%, 5/12/2028 (d)	311,000	271,659
4.05%, 8/22/2047	1,351,000	1,166,655
2.70%, 6/3/2060	275,000	169,222
eBay, Inc.
2.60%, 5/10/2031	110,000	90,951
4.00%, 7/15/2042	192,000	150,179
JD.com, Inc. (China) 3.38%, 1/14/2030	200,000	175,989
		4,654,674
Building Products — 0.1%
Carrier Global Corp.
2.49%, 2/15/2027	596,000	542,204
2.70%, 2/15/2031	30,000	25,156
3.58%, 4/5/2050	406,000	290,216
Fortune Brands Innovations, Inc. 4.00%, 3/25/2032	128,000	112,635
Johnson Controls International plc
1.75%, 9/15/2030	230,000	184,162
4.50%, 2/15/2047	162,000	136,675
Lennox International, Inc.
1.35%, 8/1/2025	117,000	107,837
1.70%, 8/1/2027	257,000	224,700
Owens Corning
3.88%, 6/1/2030	30,000	27,295
4.30%, 7/15/2047	108,000	86,771
		1,737,651
Capital Markets — 2.1%
Affiliated Managers Group, Inc. 3.50%, 8/1/2025	591,000	563,933
Ameriprise Financial, Inc.
3.00%, 4/2/2025	133,000	127,872
5.15%, 5/15/2033	100,000	97,777
Ares Capital Corp.
3.25%, 7/15/2025	175,000	164,067
3.88%, 1/15/2026	179,000	167,484
2.88%, 6/15/2028	625,000	528,052
Bank of New York Mellon Corp. (The)
(SOFR + 0.57%), 3.43%, 6/13/2025 (b)	150,000	147,308
0.75%, 1/28/2026	62,000	55,934
(SOFRINDX + 1.80%), 5.80%, 10/25/2028 (b)	10,000	10,114
(SOFR + 1.51%), 4.71%, 2/1/2034 (b)	150,000	141,183

SEE NOTES TO FINANCIAL STATEMENTS.

August 31, 2023

J.P. Morgan Exchange-Traded Funds

JPMorgan BetaBuilders U.S. Aggregate Bond ETF

SCHEDULE OF PORTFOLIO INVESTMENTS
AS OF August 31, 2023 (Unaudited) (continued)

INVESTMENTS	PRINCIPAL AMOUNT($)	VALUE($)
Corporate Bonds — continued
Capital Markets — continued
Series J, (SOFR + 1.61%), 4.97%, 4/26/2034 (b)	3,557,000	3,414,945
Blackstone Private Credit Fund 3.25%, 3/15/2027	1,121,000	976,648
Blackstone Secured Lending Fund 2.85%, 9/30/2028	572,000	472,390
Blue Owl Capital Corp. 2.88%, 6/11/2028	402,000	333,370
Charles Schwab Corp. (The)
1.15%, 5/13/2026	150,000	133,525
3.20%, 3/2/2027	938,000	868,323
3.20%, 1/25/2028	50,000	45,575
2.00%, 3/20/2028	987,000	850,245
3.25%, 5/22/2029	243,000	216,074
CME Group, Inc.
3.00%, 3/15/2025	562,000	543,023
2.65%, 3/15/2032 (d)	50,000	41,918
4.15%, 6/15/2048	144,000	126,599
Credit Suisse AG (Switzerland) 1.25%, 8/7/2026	1,390,000	1,220,126
Deutsche Bank AG (Germany)
(SOFR + 1.87%), 2.13%, 11/24/2026 (b)	2,283,000	2,070,665
(SOFR + 1.22%), 2.31%, 11/16/2027 (b)	560,000	490,872
(SOFR + 3.04%), 3.55%, 9/18/2031 (b)	150,000	125,590
(SOFR + 3.65%), 7.08%, 2/10/2034 (b)	994,000	945,214
FactSet Research Systems, Inc. 2.90%, 3/1/2027	189,000	174,280
FS KKR Capital Corp.
3.40%, 1/15/2026	213,000	195,357
2.63%, 1/15/2027 (d)	1,025,000	884,814
Goldman Sachs Group, Inc. (The)
3.85%, 7/8/2024	1,235,000	1,213,918
5.70%, 11/1/2024	10,000	9,982
3.50%, 1/23/2025	362,000	350,744
(3-MONTH CME TERM SOFR + 1.46%), 3.27%, 9/29/2025 (b)	43,000	41,725
Series VAR, (SOFR + 0.79%), 1.09%, 12/9/2026 (b)	254,000	227,966
(SOFR + 1.11%), 2.64%, 2/24/2028 (b)	2,482,000	2,245,497
(3-MONTH CME TERM SOFR + 1.42%), 3.81%, 4/23/2029 (b)	24,000	22,200
(3-MONTH CME TERM SOFR + 1.56%), 4.22%, 5/1/2029 (b)	78,000	73,419

INVESTMENTS	PRINCIPAL AMOUNT($)	VALUE($)

Capital Markets — continued
2.60%, 2/7/2030	258,000	217,780
(SOFR + 1.09%), 1.99%, 1/27/2032 (b)	98,000	76,328
(SOFR + 1.28%), 2.62%, 4/22/2032 (b)	548,000	443,606
(SOFR + 1.25%), 2.38%, 7/21/2032 (b)	2,225,000	1,756,162
(SOFR + 1.26%), 2.65%, 10/21/2032 (b)	71,000	56,971
6.13%, 2/15/2033	708,000	751,277
(SOFR + 1.41%), 3.10%, 2/24/2033 (b)	380,000	316,205
6.75%, 10/1/2037	136,000	144,204
(3-MONTH CME TERM SOFR + 1.69%), 4.41%, 4/23/2039 (b)	463,000	399,761
(SOFR + 1.63%), 3.44%, 2/24/2043 (b)	1,069,000	787,884
4.75%, 10/21/2045	63,000	56,561
Intercontinental Exchange, Inc.
4.00%, 9/15/2027	10,000	9,581
3.00%, 6/15/2050	187,000	124,729
Janus Henderson US Holdings, Inc. 4.88%, 8/1/2025	31,000	30,366
Lazard Group LLC 3.75%, 2/13/2025	537,000	519,101
Moody's Corp.
4.25%, 2/1/2029	30,000	28,891
3.10%, 11/29/2061	424,000	268,343
Morgan Stanley
Series F, 3.88%, 4/29/2024	1,801,000	1,778,114
(SOFR + 1.15%), 2.72%, 7/22/2025 (b)	125,000	121,306
Series I, (SOFR + 0.75%), 0.86%, 10/21/2025 (b)	100,000	94,099
(SOFR + 1.99%), 2.19%, 4/28/2026 (b)	100,000	94,284
(SOFR + 1.77%), 6.14%, 10/16/2026 (b)	25,000	25,170
(SOFR + 0.72%), 0.98%, 12/10/2026 (b)	2,452,000	2,198,593
3.63%, 1/20/2027	25,000	23,616
3.95%, 4/23/2027	337,000	317,649
(SOFR + 0.88%), 1.59%, 5/4/2027 (b)	10,000	8,965
(SOFR + 1.00%), 2.48%, 1/21/2028 (b)	250,000	225,511
3.59%, 7/22/2028 (e)	1,051,000	971,925
(3-MONTH CME TERM SOFR + 1.40%), 3.77%, 1/24/2029 (b)	308,000	285,562

SEE NOTES TO FINANCIAL STATEMENTS.

J.P. Morgan Exchange-Traded Funds

August 31, 2023

INVESTMENTS	PRINCIPAL AMOUNT($)	VALUE($)
Corporate Bonds — continued
Capital Markets — continued
(SOFR + 1.14%), 2.70%, 1/22/2031 (b)	748,000	629,959
(SOFR + 1.03%), 1.79%, 2/13/2032 (b)	1,534,000	1,179,221
(SOFR + 1.02%), 1.93%, 4/28/2032 (b)	1,769,000	1,363,713
(SOFR + 1.18%), 2.24%, 7/21/2032 (b)	10,000	7,846
(SOFR + 1.88%), 5.42%, 7/21/2034 (b)	10,000	9,828
(SOFR + 1.36%), 2.48%, 9/16/2036 (b)	405,000	305,129
3.97%, 7/22/2038 (e)	83,000	69,181
(SOFR + 1.49%), 3.22%, 4/22/2042 (b)	946,000	696,624
4.30%, 1/27/2045	664,000	564,439
(SOFR + 4.84%), 5.60%, 3/24/2051 (b)	128,000	128,660
Nasdaq, Inc. 3.85%, 6/30/2026	519,000	499,439
Nomura Holdings, Inc. (Japan)
5.71%, 1/9/2026	200,000	198,559
2.61%, 7/14/2031	294,000	231,051
Raymond James Financial, Inc. 4.95%, 7/15/2046	40,000	34,905
S&P Global, Inc. 3.25%, 12/1/2049	308,000	219,951
State Street Corp.
3.55%, 8/18/2025	50,000	48,262
(SOFR + 0.94%), 2.35%, 11/1/2025 (b)	500,000	480,042
(SOFR + 1.72%), 5.82%, 11/4/2028 (b) (d)	30,000	30,456
2.20%, 3/3/2031	215,000	171,215
(SOFR + 1.57%), 4.82%, 1/26/2034 (b)	1,936,000	1,836,653
UBS Group AG (Switzerland) 3.75%, 3/26/2025	520,000	502,150
		41,658,555
Chemicals — 0.2%
Air Products and Chemicals, Inc. 4.80%, 3/3/2033	50,000	49,663
Albemarle Corp.
5.05%, 6/1/2032	10,000	9,416
5.45%, 12/1/2044	83,000	76,260
Cabot Corp. 4.00%, 7/1/2029	104,000	95,848
CF Industries, Inc.
4.95%, 6/1/2043	300,000	253,052

INVESTMENTS	PRINCIPAL AMOUNT($)	VALUE($)

Chemicals — continued
5.38%, 3/15/2044	113,000	100,240
Dow Chemical Co. (The)
2.10%, 11/15/2030 (d)	525,000	428,132
6.30%, 3/15/2033 (d)	50,000	52,979
5.25%, 11/15/2041	480,000	448,048
DuPont de Nemours, Inc. 4.73%, 11/15/2028	10,000	9,866
Eastman Chemical Co. 5.75%, 3/8/2033	50,000	49,208
EIDP, Inc.
1.70%, 7/15/2025	613,000	571,641
4.80%, 5/15/2033	30,000	28,846
FMC Corp. 3.45%, 10/1/2029	174,000	151,655
Huntsman International LLC 4.50%, 5/1/2029	112,000	103,708
LYB International Finance III LLC
2.25%, 10/1/2030 (d)	232,000	188,417
4.20%, 10/15/2049	359,000	267,079
NewMarket Corp. 2.70%, 3/18/2031	69,000	55,982
Sherwin-Williams Co. (The)
3.13%, 6/1/2024	10,000	9,798
4.25%, 8/8/2025	150,000	146,773
2.95%, 8/15/2029	30,000	26,438
2.20%, 3/15/2032	100,000	79,342
4.00%, 12/15/2042	233,000	183,471
4.50%, 6/1/2047	492,000	419,215
3.30%, 5/15/2050	26,000	17,659
Westlake Corp.
0.88%, 8/15/2024	200,000	190,584
5.00%, 8/15/2046	490,000	412,709
4.38%, 11/15/2047	367,000	283,192
		4,709,221
Commercial Services & Supplies — 0.1%
RELX Capital, Inc. (United Kingdom) 4.75%, 5/20/2032	97,000	93,458
Republic Services, Inc.
2.50%, 8/15/2024	242,000	234,606
2.38%, 3/15/2033 (d)	1,437,000	1,140,796
Waste Connections, Inc.
3.50%, 5/1/2029	30,000	27,666
2.20%, 1/15/2032	40,000	31,904
4.20%, 1/15/2033	293,000	270,551
2.95%, 1/15/2052	649,000	424,788

SEE NOTES TO FINANCIAL STATEMENTS.

August 31, 2023

J.P. Morgan Exchange-Traded Funds

JPMorgan BetaBuilders U.S. Aggregate Bond ETF

SCHEDULE OF PORTFOLIO INVESTMENTS
AS OF August 31, 2023 (Unaudited) (continued)

INVESTMENTS	PRINCIPAL AMOUNT($)	VALUE($)
Corporate Bonds — continued
Commercial Services & Supplies — continued
Waste Management, Inc.
4.63%, 2/15/2033	30,000	28,840
2.95%, 6/1/2041	636,000	458,469
		2,711,078
Communications Equipment — 0.1%
Cisco Systems, Inc.
2.95%, 2/28/2026	1,941,000	1,862,006
2.50%, 9/20/2026	113,000	105,767
5.90%, 2/15/2039	12,000	13,001
Juniper Networks, Inc. 2.00%, 12/10/2030	144,000	111,240
Motorola Solutions, Inc.
2.30%, 11/15/2030	80,000	63,646
5.60%, 6/1/2032	30,000	29,548
Nokia OYJ (Finland) 4.38%, 6/12/2027	37,000	34,895
		2,220,103
Construction & Engineering — 0.0% ^
Quanta Services, Inc. 2.35%, 1/15/2032	244,000	192,852
Valmont Industries, Inc. 5.25%, 10/1/2054	48,000	41,040
		233,892
Construction Materials — 0.0% ^
Eagle Materials, Inc. 2.50%, 7/1/2031	30,000	24,241
Martin Marietta Materials, Inc. Series CB, 2.50%, 3/15/2030	10,000	8,399
Vulcan Materials Co. 4.70%, 3/1/2048	96,000	83,885
		116,525
Consumer Finance — 0.8%
AerCap Ireland Capital DAC (Ireland)
3.50%, 1/15/2025	250,000	241,317
6.50%, 7/15/2025	250,000	251,157
4.45%, 10/1/2025	150,000	145,256
3.65%, 7/21/2027	150,000	138,107
3.88%, 1/23/2028	150,000	138,043
3.30%, 1/30/2032	1,001,000	813,686
3.40%, 10/29/2033	250,000	198,351
Ally Financial, Inc.
4.75%, 6/9/2027	37,000	34,636
7.10%, 11/15/2027	104,000	105,383
2.20%, 11/2/2028	1,419,000	1,147,361
American Express Co.
2.25%, 3/4/2025	10,000	9,508
4.20%, 11/6/2025	534,000	520,025

INVESTMENTS	PRINCIPAL AMOUNT($)	VALUE($)

Consumer Finance — continued
4.90%, 2/13/2026	30,000	29,619
(SOFR + 1.00%), 4.99%, 5/1/2026 (b)	30,000	29,575
3.13%, 5/20/2026	68,000	64,279
1.65%, 11/4/2026	1,373,000	1,224,568
(SOFR + 0.97%), 5.39%, 7/28/2027 (b)	30,000	29,830
American Honda Finance Corp.
2.00%, 3/24/2028	328,000	286,976
4.60%, 4/17/2030	30,000	29,176
1.80%, 1/13/2031	287,000	229,923
Capital One Financial Corp.
4.20%, 10/29/2025	23,000	22,108
3.75%, 7/28/2026	2,204,000	2,061,103
3.80%, 1/31/2028	237,000	217,488
(SOFR + 2.08%), 5.47%, 2/1/2029 (b)	150,000	145,342
Caterpillar Financial Services Corp. 0.80%, 11/13/2025	1,364,000	1,242,405
Discover Financial Services
3.95%, 11/6/2024	1,013,000	986,171
4.50%, 1/30/2026	11,000	10,565
6.70%, 11/29/2032	50,000	49,739
General Motors Financial Co., Inc.
1.20%, 10/15/2024	150,000	142,311
3.50%, 11/7/2024	283,000	274,872
2.90%, 2/26/2025	150,000	143,287
5.25%, 3/1/2026	150,000	147,782
1.50%, 6/10/2026	50,000	44,384
2.40%, 4/10/2028	150,000	129,499
2.35%, 1/8/2031	46,000	35,730
2.70%, 6/10/2031	19,000	14,990
3.10%, 1/12/2032	145,000	115,879
John Deere Capital Corp.
4.95%, 6/6/2025	593,000	590,366
0.70%, 1/15/2026	209,000	189,139
4.75%, 1/20/2028	1,000,000	996,028
1.45%, 1/15/2031	88,000	69,725
2.00%, 6/17/2031	202,000	164,845
PACCAR Financial Corp. 3.55%, 8/11/2025	881,000	856,110
Synchrony Financial 3.95%, 12/1/2027	10,000	8,925
Toyota Motor Credit Corp.
0.50%, 6/18/2024	200,000	192,091
0.63%, 9/13/2024	50,000	47,588
3.00%, 4/1/2025	150,000	144,775
3.05%, 3/22/2027	150,000	140,770
3.05%, 1/11/2028	500,000	464,152

SEE NOTES TO FINANCIAL STATEMENTS.

J.P. Morgan Exchange-Traded Funds

August 31, 2023

INVESTMENTS	PRINCIPAL AMOUNT($)	VALUE($)
Corporate Bonds — continued
Consumer Finance — continued
4.55%, 5/17/2030	30,000	29,220
1.65%, 1/10/2031	616,000	491,068
1.90%, 9/12/2031	99,000	79,150
		15,914,383
Consumer Staples Distribution & Retail — 0.4%
Costco Wholesale Corp.
2.75%, 5/18/2024	91,000	89,184
3.00%, 5/18/2027	200,000	188,925
1.38%, 6/20/2027	132,000	116,693
1.75%, 4/20/2032	224,000	177,721
Dollar General Corp.
4.15%, 11/1/2025	10,000	9,725
3.88%, 4/15/2027	52,000	49,628
4.13%, 5/1/2028	200,000	190,139
5.00%, 11/1/2032	50,000	47,538
4.13%, 4/3/2050	26,000	19,219
Dollar Tree, Inc. 2.65%, 12/1/2031	167,000	134,674
Kroger Co. (The) 5.40%, 7/15/2040	294,000	276,158
Sysco Corp.
2.40%, 2/15/2030	19,000	16,047
2.45%, 12/14/2031	10,000	8,082
3.15%, 12/14/2051	351,000	232,754
Target Corp. 2.95%, 1/15/2052	2,452,000	1,633,097
Walmart, Inc.
1.05%, 9/17/2026	3,224,000	2,888,337
3.70%, 6/26/2028	859,000	827,862
2.95%, 9/24/2049	611,000	433,070
4.50%, 9/9/2052	122,000	113,397
		7,452,250
Containers & Packaging — 0.1%
Avery Dennison Corp.
4.88%, 12/6/2028	201,000	196,476
5.75%, 3/15/2033	50,000	50,457
Berry Global, Inc. 1.57%, 1/15/2026	1,151,000	1,046,312
International Paper Co.
4.80%, 6/15/2044	200,000	172,069
5.15%, 5/15/2046	195,000	175,153
Packaging Corp. of America 3.00%, 12/15/2029	220,000	192,056
WestRock MWV LLC 7.95%, 2/15/2031	166,000	186,589
		2,019,112
Distributors — 0.0% ^
Genuine Parts Co. 1.88%, 11/1/2030	30,000	23,504

INVESTMENTS	PRINCIPAL AMOUNT($)	VALUE($)

Diversified Consumer Services — 0.1%
American University (The) Series 2019, 3.67%, 4/1/2049	63,000	48,628
California Institute of Technology 4.70%, 11/1/2111	58,000	48,248
Case Western Reserve University Series 22-C, 5.41%, 6/1/2122	29,000	27,316
George Washington University (The) Series 2018, 4.13%, 9/15/2048	104,000	88,127
Georgetown University (The) Series B, 4.32%, 4/1/2049	10,000	8,546
Johns Hopkins University Series 2013, 4.08%, 7/1/2053	76,000	64,812
Northwestern University 4.64%, 12/1/2044	55,000	51,839
Trustees of Boston College 3.13%, 7/1/2052	53,000	37,468
Trustees of Princeton University (The) Series 2020, 2.52%, 7/1/2050	894,000	586,290
Trustees of the University of Pennsylvania (The) 3.61%, 2/15/2119	816,000	566,467
University of Miami Series 2022, 4.06%, 4/1/2052	921,000	756,486
University of Southern California
Series 2017, 3.84%, 10/1/2047	20,000	16,589
5.25%, 10/1/2111	227,000	216,822
Washington University (The) Series 2022, 3.52%, 4/15/2054	128,000	99,107
William Marsh Rice University 3.77%, 5/15/2055	70,000	56,455
Yale University Series 2020, 1.48%, 4/15/2030	284,000	232,582
		2,905,782
Diversified REITs — 0.2%
Digital Realty Trust LP 3.70%, 8/15/2027	20,000	18,649
Rayonier LP 2.75%, 5/17/2031	171,000	136,643
Simon Property Group LP
3.38%, 10/1/2024	500,000	487,698
3.38%, 12/1/2027	338,000	312,803
2.20%, 2/1/2031	650,000	517,701
2.25%, 1/15/2032	254,000	196,550
VICI Properties LP
4.75%, 2/15/2028	1,396,000	1,328,802
5.13%, 5/15/2032	823,000	762,993
Vornado Realty LP 2.15%, 6/1/2026	407,000	350,823
WP Carey, Inc. 3.85%, 7/15/2029	200,000	180,163
		4,292,825

SEE NOTES TO FINANCIAL STATEMENTS.

August 31, 2023

J.P. Morgan Exchange-Traded Funds

JPMorgan BetaBuilders U.S. Aggregate Bond ETF

SCHEDULE OF PORTFOLIO INVESTMENTS
AS OF August 31, 2023 (Unaudited) (continued)

INVESTMENTS	PRINCIPAL AMOUNT($)	VALUE($)
Corporate Bonds — continued
Diversified Telecommunication Services — 0.8%
AT&T, Inc.
3.88%, 1/15/2026	30,000	28,903
1.70%, 3/25/2026	129,000	117,594
2.30%, 6/1/2027	30,000	26,858
1.65%, 2/1/2028	30,000	25,643
2.75%, 6/1/2031	50,000	41,243
4.50%, 5/15/2035	747,000	663,105
5.35%, 9/1/2040	720,000	670,383
3.10%, 2/1/2043	300,000	209,171
4.65%, 6/1/2044	400,000	330,419
4.35%, 6/15/2045	400,000	315,199
5.15%, 11/15/2046	59,000	51,769
4.50%, 3/9/2048	10,000	7,980
4.55%, 3/9/2049	400,000	321,166
3.65%, 6/1/2051	490,000	335,151
3.30%, 2/1/2052	55,000	35,833
3.80%, 12/1/2057	10,000	6,733
3.85%, 6/1/2060	2,059,000	1,399,762
Bell Canada (The) (Canada) Series US-5, 2.15%, 2/15/2032	681,000	535,724
Bell Telephone Co. of Canada or Bell Canada (The) (Canada) 5.10%, 5/11/2033	10,000	9,645
Deutsche Telekom International Finance BV (Germany) 9.25%, 6/1/2032	136,000	171,028
Orange SA (France) 5.38%, 1/13/2042	189,000	181,061
Telefonica Emisiones SA (Spain)
4.10%, 3/8/2027	1,243,000	1,183,161
7.05%, 6/20/2036	29,000	30,948
4.67%, 3/6/2038	1,264,000	1,045,564
TELUS Corp. (Canada) 3.40%, 5/13/2032	1,264,000	1,062,933
Verizon Communications, Inc.
1.45%, 3/20/2026	2,030,000	1,841,048
4.13%, 3/16/2027	14,000	13,483
4.33%, 9/21/2028	231,000	221,175
1.75%, 1/20/2031	2,814,000	2,188,624
2.55%, 3/21/2031	176,000	144,838
2.36%, 3/15/2032	150,000	118,627
4.86%, 8/21/2046	150,000	131,796
2.88%, 11/20/2050	451,000	276,486
3.55%, 3/22/2051	238,000	166,401
5.01%, 8/21/2054	390,000	346,372
2.99%, 10/30/2056	248,000	148,118
3.00%, 11/20/2060	2,757,000	1,618,634
		16,022,578

INVESTMENTS	PRINCIPAL AMOUNT($)	VALUE($)

Electric Utilities — 1.5%
AEP Texas, Inc. Series I, 2.10%, 7/1/2030	314,000	254,504
Alabama Power Co.
Series 20-A, 1.45%, 9/15/2030	180,000	141,276
3.05%, 3/15/2032	975,000	836,650
3.75%, 3/1/2045	424,000	323,570
Series B, 3.70%, 12/1/2047	87,000	65,383
American Electric Power Co., Inc. 5.63%, 3/1/2033	62,000	62,121
Appalachian Power Co.
Series AA, 2.70%, 4/1/2031	24,000	19,917
Series BB, 4.50%, 8/1/2032	150,000	139,364
Arizona Public Service Co. 6.35%, 12/15/2032	30,000	31,594
Avangrid, Inc. 3.80%, 6/1/2029	30,000	27,209
CenterPoint Energy Houston Electric LLC
Series ai., 4.45%, 10/1/2032	50,000	47,370
Series AD, 2.90%, 7/1/2050	10,000	6,491
Cleveland Electric Illuminating Co. (The) 5.95%, 12/15/2036	100,000	98,696
Commonwealth Edison Co.
2.55%, 6/15/2026	18,000	16,817
3.65%, 6/15/2046	100,000	75,195
Series 130, 3.13%, 3/15/2051	174,000	117,114
Connecticut Light and Power Co. (The)
Series A, 2.05%, 7/1/2031	69,000	55,577
5.25%, 1/15/2053	304,000	296,927
Dayton Power & Light Co. (The) 3.95%, 6/15/2049	96,000	72,612
Dominion Energy South Carolina, Inc. 5.10%, 6/1/2065	1,000,000	930,790
DTE Electric Co.
Series A, 1.90%, 4/1/2028	227,000	199,126
Series C, 2.63%, 3/1/2031	30,000	25,528
3.70%, 6/1/2046	300,000	227,783
3.75%, 8/15/2047	1,137,000	867,686
3.95%, 3/1/2049	240,000	190,254
Duke Energy Carolinas LLC
2.45%, 2/1/2030	90,000	77,233
6.45%, 10/15/2032	30,000	32,077
3.75%, 6/1/2045	269,000	204,835
3.70%, 12/1/2047	1,076,000	812,895
3.95%, 3/15/2048	158,000	124,404
Duke Energy Corp.
0.90%, 9/15/2025	90,000	82,160
3.75%, 9/1/2046	200,000	146,710

SEE NOTES TO FINANCIAL STATEMENTS.

J.P. Morgan Exchange-Traded Funds

August 31, 2023

INVESTMENTS	PRINCIPAL AMOUNT($)	VALUE($)
Corporate Bonds — continued
Electric Utilities — continued
(US Treasury Yield Curve Rate T Note Constant Maturity 5 Year + 2.32%), 3.25%, 1/15/2082 (b)	425,000	314,216
Duke Energy Florida LLC
3.20%, 1/15/2027	31,000	29,310
6.40%, 6/15/2038	1,885,000	2,026,569
3.85%, 11/15/2042	20,000	15,732
Duke Energy Ohio, Inc.
2.13%, 6/1/2030	200,000	164,598
5.25%, 4/1/2033	30,000	30,017
Duke Energy Progress LLC
2.00%, 8/15/2031	10,000	7,947
5.25%, 3/15/2033	50,000	50,025
4.10%, 5/15/2042	275,000	226,439
Enel Americas SA (Chile) 4.00%, 10/25/2026	236,000	223,321
Entergy Arkansas LLC 2.65%, 6/15/2051	125,000	74,342
Entergy Corp.
2.80%, 6/15/2030	20,000	16,879
2.40%, 6/15/2031	80,000	63,863
Entergy Louisiana LLC
0.95%, 10/1/2024	99,000	93,982
1.60%, 12/15/2030	420,000	324,989
2.35%, 6/15/2032	75,000	59,598
Entergy Mississippi LLC
3.85%, 6/1/2049	249,000	186,105
3.50%, 6/1/2051	503,000	351,872
Evergy Metro, Inc. Series 2020, 2.25%, 6/1/2030	300,000	248,257
Evergy, Inc. 2.45%, 9/15/2024	192,000	185,210
Eversource Energy
Series L, 2.90%, 10/1/2024	155,000	150,358
4.60%, 7/1/2027	100,000	97,306
Exelon Corp.
3.40%, 4/15/2026	500,000	475,393
4.70%, 4/15/2050	846,000	717,740
Florida Power & Light Co.
4.80%, 5/15/2033	30,000	29,299
3.70%, 12/1/2047	1,376,000	1,068,549
Georgia Power Co. 4.95%, 5/17/2033	30,000	29,029
Hydro-Quebec (Canada) 8.50%, 12/1/2029	50,000	59,091
Iberdrola International BV (Spain) 5.81%, 3/15/2025	721,000	722,441
Interstate Power and Light Co. 3.50%, 9/30/2049	152,000	106,911

INVESTMENTS	PRINCIPAL AMOUNT($)	VALUE($)

Electric Utilities — continued
ITC Holdings Corp.
3.65%, 6/15/2024	200,000	196,507
3.35%, 11/15/2027	10,000	9,288
MidAmerican Energy Co. 2.70%, 8/1/2052	25,000	15,168
National Grid USA 5.80%, 4/1/2035	41,000	40,380
Nevada Power Co. Series EE, 3.13%, 8/1/2050	1,115,000	707,693
NextEra Energy Capital Holdings, Inc.
6.05%, 3/1/2025	1,338,000	1,343,539
1.88%, 1/15/2027	794,000	709,875
3.55%, 5/1/2027	100,000	94,250
4.90%, 2/28/2028	150,000	147,539
2.75%, 11/1/2029	287,000	248,233
5.00%, 2/28/2030	30,000	29,436
2.44%, 1/15/2032	130,000	104,145
5.00%, 7/15/2032	50,000	48,331
5.05%, 2/28/2033	150,000	145,112
3.00%, 1/15/2052	97,000	61,624
Northern States Power Co. 4.50%, 6/1/2052	500,000	432,761
NSTAR Electric Co.
3.25%, 5/15/2029	172,000	157,574
3.95%, 4/1/2030	15,000	13,967
Oklahoma Gas and Electric Co.
5.40%, 1/15/2033	30,000	29,984
4.15%, 4/1/2047	2,052,000	1,630,445
Oncor Electric Delivery Co. LLC
4.55%, 9/15/2032	50,000	47,596
7.25%, 1/15/2033	459,000	523,247
Pacific Gas and Electric Co.
3.30%, 12/1/2027	223,000	198,830
3.00%, 6/15/2028	285,000	247,651
3.25%, 6/1/2031	30,000	24,326
5.90%, 6/15/2032	50,000	47,871
4.45%, 4/15/2042	95,000	70,351
3.75%, 8/15/2042 (f)	776,000	522,107
4.95%, 7/1/2050	948,000	733,610
3.50%, 8/1/2050	870,000	547,897
PacifiCorp
3.30%, 3/15/2051	184,000	117,544
5.35%, 12/1/2053	100,000	86,307
PECO Energy Co. 3.05%, 3/15/2051	30,000	19,921
PG&E Wildfire Recovery Funding LLC Series A-4, 4.45%, 12/1/2047	250,000	218,025

SEE NOTES TO FINANCIAL STATEMENTS.

August 31, 2023

J.P. Morgan Exchange-Traded Funds

JPMorgan BetaBuilders U.S. Aggregate Bond ETF

SCHEDULE OF PORTFOLIO INVESTMENTS
AS OF August 31, 2023 (Unaudited) (continued)

INVESTMENTS	PRINCIPAL AMOUNT($)	VALUE($)
Corporate Bonds — continued
Electric Utilities — continued
Potomac Electric Power Co. 4.15%, 3/15/2043	834,000	694,359
PPL Electric Utilities Corp. 4.15%, 10/1/2045	271,000	224,329
Public Service Co. of Colorado Series 36, 2.70%, 1/15/2051	408,000	245,430
Public Service Electric and Gas Co.
3.00%, 5/15/2027	10,000	9,370
1.90%, 8/15/2031	764,000	610,691
SCE Recovery Funding LLC Series A-2, 2.94%, 11/15/2042	266,000	209,455
Southern California Edison Co. Series 20C, 1.20%, 2/1/2026	50,000	45,425
Southern Co. (The)
4.48%, 8/1/2024 (f)	150,000	148,121
Series A, 3.70%, 4/30/2030	397,000	359,566
5.70%, 10/15/2032	30,000	30,446
Series B, (US Treasury Yield Curve Rate T Note Constant Maturity 5 Year + 3.73%), 4.00%, 1/15/2051 (b)	869,000	807,391
Southwestern Electric Power Co.
Series J, 3.90%, 4/1/2045	802,000	590,925
3.25%, 11/1/2051	321,000	207,528
Tampa Electric Co.
2.40%, 3/15/2031	50,000	40,756
4.35%, 5/15/2044	170,000	138,554
Union Electric Co. 3.90%, 9/15/2042	238,000	187,145
Virginia Electric & Power Co. 4.00%, 1/15/2043	15,000	12,175
Virginia Electric and Power Co.
Series B, 2.95%, 11/15/2026	10,000	9,325
Series A, 3.80%, 4/1/2028	258,000	244,312
Series B, 3.80%, 9/15/2047	1,042,000	782,198
2.45%, 12/15/2050	87,000	50,242
Wisconsin Electric Power Co.
2.05%, 12/15/2024	100,000	95,573
4.30%, 10/15/2048	179,000	149,782
Wisconsin Public Service Corp. 3.30%, 9/1/2049	10,000	6,926
Xcel Energy, Inc.
3.40%, 6/1/2030	30,000	26,603
4.60%, 6/1/2032	30,000	28,020
		30,285,037
Electrical Equipment — 0.0% ^
Eaton Corp. 4.15%, 3/15/2033	321,000	302,195

INVESTMENTS	PRINCIPAL AMOUNT($)	VALUE($)

Electrical Equipment — continued
Emerson Electric Co. 2.00%, 12/21/2028	45,000	39,100
Hubbell, Inc. 2.30%, 3/15/2031	30,000	24,521
Legrand France SA (France) 8.50%, 2/15/2025	300,000	312,466
Regal Rexnord Corp. 6.05%, 2/15/2026 (g)	123,000	122,279
		800,561
Electronic Equipment, Instruments & Components — 0.1%
Allegion US Holding Co., Inc. 5.41%, 7/1/2032	30,000	29,211
Amphenol Corp.
2.05%, 3/1/2025	280,000	266,213
2.80%, 2/15/2030	165,000	143,719
2.20%, 9/15/2031	50,000	40,435
Arrow Electronics, Inc. 2.95%, 2/15/2032	116,000	93,067
Avnet, Inc. 5.50%, 6/1/2032	16,000	15,153
CDW LLC
5.50%, 12/1/2024	50,000	49,688
2.67%, 12/1/2026	59,000	53,639
Corning, Inc. 4.38%, 11/15/2057	233,000	188,280
Keysight Technologies, Inc. 3.00%, 10/30/2029	30,000	26,272
TD SYNNEX Corp. 2.65%, 8/9/2031	162,000	124,756
Teledyne Technologies, Inc. 2.75%, 4/1/2031	299,000	249,275
Trimble, Inc. 6.10%, 3/15/2033	1,112,000	1,123,731
Vontier Corp. 1.80%, 4/1/2026	149,000	133,945
		2,537,384
Energy Equipment & Services — 0.0% ^
Halliburton Co.
3.80%, 11/15/2025	30,000	29,238
4.85%, 11/15/2035	438,000	410,348
NOV, Inc. 3.60%, 12/1/2029	220,000	197,124
		636,710
Entertainment — 0.3%
Activision Blizzard, Inc.
3.40%, 9/15/2026	30,000	28,665
3.40%, 6/15/2027	41,000	38,751
1.35%, 9/15/2030	198,000	158,105
2.50%, 9/15/2050	1,590,000	1,011,113
Electronic Arts, Inc.
4.80%, 3/1/2026 (d)	397,000	392,596
1.85%, 2/15/2031	185,000	147,942

SEE NOTES TO FINANCIAL STATEMENTS.

J.P. Morgan Exchange-Traded Funds

August 31, 2023

INVESTMENTS	PRINCIPAL AMOUNT($)	VALUE($)
Corporate Bonds — continued
Entertainment — continued
Netflix, Inc.
4.38%, 11/15/2026	30,000	29,170
4.88%, 4/15/2028	30,000	29,569
5.88%, 11/15/2028	30,000	30,849
Take-Two Interactive Software, Inc. 3.70%, 4/14/2027	242,000	229,304
TWDC Enterprises 18 Corp.
2.95%, 6/15/2027	10,000	9,378
3.00%, 7/30/2046	2,593,000	1,775,491
Walt Disney Co. (The)
1.75%, 8/30/2024	69,000	66,494
1.75%, 1/13/2026	30,000	27,758
2.65%, 1/13/2031	210,000	179,810
2.75%, 9/1/2049	452,000	290,030
3.60%, 1/13/2051	1,114,000	835,728
Warnermedia Holdings, Inc.
3.64%, 3/15/2025	30,000	29,027
3.76%, 3/15/2027	10,000	9,374
		5,319,154
Financial Services — 0.6%
Berkshire Hathaway, Inc. 4.50%, 2/11/2043	35,000	32,791
Citigroup Global Markets Holdings, Inc. 0.75%, 6/7/2024	728,000	700,145
Corebridge Financial, Inc.
3.50%, 4/4/2025	50,000	48,094
3.65%, 4/5/2027	100,000	94,014
Equitable Holdings, Inc.
7.00%, 4/1/2028	100,000	105,428
4.35%, 4/20/2028	513,000	485,513
Fidelity National Information Services, Inc.
2.25%, 3/1/2031	30,000	24,179
3.10%, 3/1/2041	30,000	20,843
4.50%, 8/15/2046	165,000	131,182
Fiserv, Inc.
3.85%, 6/1/2025	350,000	339,661
2.65%, 6/1/2030	30,000	25,246
5.60%, 3/2/2033	50,000	50,219
Global Payments, Inc.
2.15%, 1/15/2027	10,000	8,918
2.90%, 5/15/2030	504,000	425,536
2.90%, 11/15/2031	12,000	9,817
Mastercard, Inc.
3.30%, 3/26/2027	10,000	9,512

INVESTMENTS	PRINCIPAL AMOUNT($)	VALUE($)

Financial Services — continued
4.85%, 3/9/2033	50,000	50,234
National Rural Utilities Cooperative Finance Corp.
Series D, 1.00%, 10/18/2024	723,000	686,349
4.80%, 3/15/2028	20,000	19,779
1.35%, 3/15/2031	30,000	22,671
PayPal Holdings, Inc.
2.40%, 10/1/2024	267,000	258,212
1.65%, 6/1/2025	202,000	189,241
2.85%, 10/1/2029	30,000	26,485
5.25%, 6/1/2062	108,000	102,781
Private Export Funding Corp.
Series OO, 1.75%, 11/15/2024	100,000	95,645
Series PP, 1.40%, 7/15/2028	543,000	468,195
Shell International Finance BV (Netherlands)
2.00%, 11/7/2024	568,000	546,169
2.88%, 5/10/2026	180,000	170,696
2.50%, 9/12/2026	160,000	148,794
3.88%, 11/13/2028	30,000	28,770
2.38%, 11/7/2029	177,000	153,799
4.13%, 5/11/2035	42,000	38,311
6.38%, 12/15/2038	782,000	860,092
3.13%, 11/7/2049	403,000	280,327
3.00%, 11/26/2051	2,098,000	1,405,131
Visa, Inc.
0.75%, 8/15/2027	1,478,000	1,277,892
2.75%, 9/15/2027	30,000	27,819
2.70%, 4/15/2040	100,000	74,577
2.00%, 8/15/2050	1,972,000	1,166,344
Voya Financial, Inc.
3.65%, 6/15/2026	170,000	160,557
5.70%, 7/15/2043	77,000	71,123
Western Union Co. (The) 2.85%, 1/10/2025	150,000	143,730
		10,984,821
Food Products — 0.4%
Archer-Daniels-Midland Co. 4.54%, 3/26/2042	205,000	184,185
Bunge Ltd. Finance Corp.
3.75%, 9/25/2027	163,000	153,433
2.75%, 5/14/2031	50,000	41,830
Campbell Soup Co. 4.80%, 3/15/2048	81,000	70,016
Conagra Brands, Inc.
1.38%, 11/1/2027	499,000	423,820

SEE NOTES TO FINANCIAL STATEMENTS.

August 31, 2023

J.P. Morgan Exchange-Traded Funds

JPMorgan BetaBuilders U.S. Aggregate Bond ETF

SCHEDULE OF PORTFOLIO INVESTMENTS
AS OF August 31, 2023 (Unaudited) (continued)

INVESTMENTS	PRINCIPAL AMOUNT($)	VALUE($)
Corporate Bonds — continued
Food Products — continued
5.30%, 11/1/2038	302,000	278,770
Flowers Foods, Inc. 2.40%, 3/15/2031	94,000	76,096
Hormel Foods Corp. 1.70%, 6/3/2028	524,000	453,395
Ingredion, Inc. 2.90%, 6/1/2030	30,000	25,698
J M Smucker Co. (The) 3.38%, 12/15/2027	1,953,000	1,824,432
JBS USA LUX SA
5.13%, 2/1/2028	150,000	145,799
3.00%, 2/2/2029	266,000	228,437
5.50%, 1/15/2030	1,030,000	995,573
3.75%, 12/1/2031	150,000	124,592
Kellogg Co.
4.30%, 5/15/2028	510,000	490,315
5.25%, 3/1/2033	50,000	49,360
Kraft Heinz Foods Co. 6.50%, 2/9/2040	488,000	515,908
McCormick & Co., Inc.
0.90%, 2/15/2026	11,000	9,900
4.95%, 4/15/2033	30,000	29,010
Mondelez International, Inc.
1.50%, 2/4/2031	210,000	162,806
3.00%, 3/17/2032	30,000	25,624
Pilgrim's Pride Corp. 4.25%, 4/15/2031	10,000	8,657
Tyson Foods, Inc.
3.55%, 6/2/2027	194,000	182,284
5.15%, 8/15/2044	211,000	187,861
Unilever Capital Corp. (United Kingdom) 2.90%, 5/5/2027	2,189,000	2,043,131
		8,730,932
Gas Utilities — 0.1%
Atmos Energy Corp. 1.50%, 1/15/2031	477,000	372,075
CenterPoint Energy Resources Corp.
5.40%, 3/1/2033	30,000	30,006
5.85%, 1/15/2041	65,000	64,911
National Fuel Gas Co. 5.20%, 7/15/2025	488,000	479,764
Piedmont Natural Gas Co., Inc. 5.40%, 6/15/2033	21,000	20,689
Southern California Gas Co. Series VV, 4.30%, 1/15/2049	458,000	372,581
Washington Gas Light Co. 3.65%, 9/15/2049	129,000	92,170
		1,432,196
Ground Transportation — 0.4%
Burlington Northern Santa Fe LLC
3.40%, 9/1/2024	447,000	437,653

INVESTMENTS	PRINCIPAL AMOUNT($)	VALUE($)

Ground Transportation — continued
3.55%, 2/15/2050	10,000	7,632
Canadian National Railway Co. (Canada) 2.75%, 3/1/2026	255,000	241,020
Canadian Pacific Railway Co. (Canada)
1.35%, 12/2/2024	185,000	175,318
3.00%, 12/2/2041	315,000	261,232
4.30%, 5/15/2043	170,000	143,752
6.13%, 9/15/2115	123,000	127,497
CSX Corp.
3.40%, 8/1/2024	210,000	205,747
4.10%, 11/15/2032	30,000	28,163
4.75%, 5/30/2042	686,000	620,721
4.30%, 3/1/2048	24,000	20,223
3.35%, 9/15/2049	37,000	26,242
2.50%, 5/15/2051	1,000,000	604,995
Norfolk Southern Corp.
4.45%, 3/1/2033	50,000	47,393
4.45%, 6/15/2045	27,000	22,842
3.40%, 11/1/2049	228,000	161,353
2.90%, 8/25/2051	972,000	618,004
3.70%, 3/15/2053	514,000	382,058
3.16%, 5/15/2055	10,000	6,573
Ryder System, Inc. 1.75%, 9/1/2026	220,000	198,099
Union Pacific Corp.
3.70%, 3/1/2029	10,000	9,473
2.80%, 2/14/2032	78,000	66,600
3.38%, 2/1/2035	1,184,000	999,812
3.38%, 2/14/2042	1,237,000	965,466
2.95%, 3/10/2052	705,000	470,092
4.10%, 9/15/2067	727,000	576,080
		7,424,040
Health Care Equipment & Supplies — 0.3%
Abbott Laboratories
2.95%, 3/15/2025	122,000	118,099
6.15%, 11/30/2037	375,000	415,787
Baxter International, Inc.
1.92%, 2/1/2027	99,000	88,064
2.27%, 12/1/2028	680,000	582,121
1.73%, 4/1/2031	485,000	373,677
2.54%, 2/1/2032	547,000	438,803
3.13%, 12/1/2051	1,646,000	1,046,797
Becton Dickinson & Co.
2.82%, 5/20/2030	30,000	25,920
1.96%, 2/11/2031	645,000	518,650

SEE NOTES TO FINANCIAL STATEMENTS.

J.P. Morgan Exchange-Traded Funds

August 31, 2023

INVESTMENTS	PRINCIPAL AMOUNT($)	VALUE($)
Corporate Bonds — continued
Health Care Equipment & Supplies — continued
4.30%, 8/22/2032	50,000	46,694
DENTSPLY SIRONA, Inc. 3.25%, 6/1/2030	1,459,000	1,251,449
Koninklijke Philips NV (Netherlands) 6.88%, 3/11/2038	79,000	85,440
Medtronic, Inc. 4.00%, 4/1/2043	77,000	65,387
Smith & Nephew plc (United Kingdom) 2.03%, 10/14/2030	30,000	23,734
Zimmer Biomet Holdings, Inc.
2.60%, 11/24/2031	80,000	65,181
5.75%, 11/30/2039	82,000	78,936
		5,224,739
Health Care Providers & Services — 1.1%
Advocate Health & Hospitals Corp. Series 2020, 2.21%, 6/15/2030	52,000	43,105
Baptist Healthcare System Obligated Group Series 20B, 3.54%, 8/15/2050	54,000	38,565
Bon Secours Mercy Health, Inc. Series 20-2, 3.21%, 6/1/2050	118,000	79,667
Cardinal Health, Inc.
3.75%, 9/15/2025	150,000	144,839
4.60%, 3/15/2043	51,000	41,446
4.50%, 11/15/2044	119,000	95,224
4.37%, 6/15/2047	250,000	199,910
Cencora, Inc.
3.25%, 3/1/2025	55,000	53,219
2.70%, 3/15/2031	233,000	195,848
Centene Corp.
4.63%, 12/15/2029	10,000	9,195
3.38%, 2/15/2030	698,000	596,947
Cigna Group (The)
3.25%, 4/15/2025	10,000	9,632
3.40%, 3/1/2027	10,000	9,396
5.40%, 3/15/2033	50,000	50,188
3.40%, 3/15/2051	720,000	502,271
Cleveland Clinic Foundation (The) 4.86%, 1/1/2114	34,000	29,774
Cottage Health Obligated Group Series 2020, 3.30%, 11/1/2049	61,000	43,237
CVS Health Corp.
3.88%, 7/20/2025	1,335,000	1,294,913
5.00%, 2/20/2026	150,000	148,875
3.00%, 8/15/2026	180,000	168,532
3.63%, 4/1/2027	50,000	47,321
4.30%, 3/25/2028	1,000,000	961,083
3.25%, 8/15/2029	30,000	26,792

INVESTMENTS	PRINCIPAL AMOUNT($)	VALUE($)

Health Care Providers & Services — continued
1.75%, 8/21/2030	238,000	188,700
2.13%, 9/15/2031	214,000	168,730
4.78%, 3/25/2038	30,000	26,887
6.13%, 9/15/2039	500,000	505,384
4.13%, 4/1/2040	690,000	561,231
2.70%, 8/21/2040	500,000	334,490
5.05%, 3/25/2048	993,000	871,950
Elevance Health, Inc.
1.50%, 3/15/2026	181,000	164,331
2.25%, 5/15/2030	190,000	158,638
5.50%, 10/15/2032	1,036,000	1,055,345
4.75%, 2/15/2033	150,000	145,172
4.63%, 5/15/2042	10,000	8,879
4.38%, 12/1/2047	100,000	84,350
3.70%, 9/15/2049	761,000	567,161
Fred Hutchinson Cancer Center Series 2022, 4.97%, 1/1/2052	42,000	39,071
HCA, Inc. 3.13%, 3/15/2027	2,590,000	2,380,067
Humana, Inc.
3.85%, 10/1/2024	10,000	9,793
2.15%, 2/3/2032	37,000	28,997
5.88%, 3/1/2033	50,000	51,717
4.80%, 3/15/2047	190,000	167,881
Iowa Health System Series 2020, 3.67%, 2/15/2050	194,000	141,155
Laboratory Corp. of America Holdings
2.30%, 12/1/2024	25,000	23,905
3.60%, 2/1/2025	48,000	46,554
4.70%, 2/1/2045	202,000	172,936
Mass General Brigham, Inc. Series 2020, 3.34%, 7/1/2060	227,000	155,577
McKesson Corp. 5.10%, 7/15/2033	478,000	474,188
McLaren Health Care Corp. Series A, 4.39%, 5/15/2048	51,000	42,597
Memorial Sloan-Kettering Cancer Center 5.00%, 7/1/2042	147,000	140,691
Mount Nittany Medical Center Obligated Group Series 2022, 3.80%, 11/15/2052	43,000	32,229
MyMichigan Health Series 2020, 3.41%, 6/1/2050	273,000	188,161
New York and Presbyterian Hospital (The) Series 2019, 3.95%, 8/1/2119	268,000	188,761
Northwell Healthcare, Inc. 4.26%, 11/1/2047	91,000	72,007

SEE NOTES TO FINANCIAL STATEMENTS.

August 31, 2023

J.P. Morgan Exchange-Traded Funds

JPMorgan BetaBuilders U.S. Aggregate Bond ETF

SCHEDULE OF PORTFOLIO INVESTMENTS
AS OF August 31, 2023 (Unaudited) (continued)

INVESTMENTS	PRINCIPAL AMOUNT($)	VALUE($)
Corporate Bonds — continued
Health Care Providers & Services — continued
OhioHealth Corp. Series 2020, 3.04%, 11/15/2050	79,000	55,306
Quest Diagnostics, Inc. 2.95%, 6/30/2030	30,000	25,995
Summa Health 3.51%, 11/15/2051	318,000	216,379
Toledo Hospital (The) 5.75%, 11/15/2038	81,000	78,345
Trinity Health Corp. 4.13%, 12/1/2045	1,582,000	1,311,123
UMass Memorial Health Care Obligated Group 5.36%, 7/1/2052	811,000	758,697
UnitedHealth Group, Inc.
2.38%, 8/15/2024 (d)	590,000	573,607
3.45%, 1/15/2027	30,000	28,619
3.38%, 4/15/2027	20,000	18,955
4.25%, 1/15/2029	30,000	29,076
2.00%, 5/15/2030	90,000	75,083
4.50%, 4/15/2033	18,000	17,334
5.80%, 3/15/2036	147,000	155,614
2.90%, 5/15/2050	520,000	345,585
3.25%, 5/15/2051	1,923,000	1,363,710
3.13%, 5/15/2060	1,845,000	1,213,648
UPMC Series D-1, 3.60%, 4/3/2025	2,335,000	2,251,254
		22,505,844
Health Care REITs — 0.1%
Healthpeak OP LLC
3.25%, 7/15/2026	150,000	141,867
2.88%, 1/15/2031 (d)	514,000	430,352
6.75%, 2/1/2041	82,000	85,666
Omega Healthcare Investors, Inc. 4.50%, 1/15/2025	400,000	390,022
Physicians Realty LP 4.30%, 3/15/2027	202,000	193,296
Ventas Realty LP
4.00%, 3/1/2028	317,000	294,614
5.70%, 9/30/2043	156,000	143,195
Welltower OP LLC
4.00%, 6/1/2025	250,000	242,427
2.75%, 1/15/2031	50,000	41,256
4.95%, 9/1/2048	160,000	139,245
		2,101,940
Hotels, Restaurants & Leisure — 0.2%
Booking Holdings, Inc.
3.55%, 3/15/2028	307,000	289,679
4.63%, 4/13/2030	650,000	635,432
Darden Restaurants, Inc. 3.85%, 5/1/2027 (d)	22,000	20,870

INVESTMENTS	PRINCIPAL AMOUNT($)	VALUE($)

Hotels, Restaurants & Leisure — continued
Expedia Group, Inc.
5.00%, 2/15/2026	517,000	510,652
3.25%, 2/15/2030	601,000	523,267
2.95%, 3/15/2031	30,000	25,089
Hyatt Hotels Corp. 5.75%, 4/23/2030 (f)	100,000	100,100
Marriott International, Inc. Series GG, 3.50%, 10/15/2032	30,000	25,481
McDonald's Corp.
1.45%, 9/1/2025	15,000	13,931
4.60%, 9/9/2032	30,000	29,291
4.70%, 12/9/2035	101,000	96,458
4.60%, 5/26/2045	656,000	580,257
Starbucks Corp.
2.00%, 3/12/2027	274,000	247,225
3.00%, 2/14/2032	793,000	680,194
4.80%, 2/15/2033	50,000	48,802
		3,826,728
Household Durables — 0.1%
DR Horton, Inc. 2.50%, 10/15/2024	200,000	192,848
Leggett & Platt, Inc. 4.40%, 3/15/2029	179,000	169,164
Lennar Corp. 4.75%, 11/29/2027	150,000	145,368
NVR, Inc. 3.00%, 5/15/2030	115,000	98,458
PulteGroup, Inc.
7.88%, 6/15/2032	85,000	97,191
6.00%, 2/15/2035	30,000	30,153
Toll Brothers Finance Corp. 4.88%, 11/15/2025	50,000	48,926
Whirlpool Corp.
4.70%, 5/14/2032	100,000	94,556
5.50%, 3/1/2033	30,000	29,752
		906,416
Household Products — 0.1%
Church & Dwight Co., Inc.
5.60%, 11/15/2032	250,000	258,576
3.95%, 8/1/2047	104,000	84,356
Clorox Co. (The) 4.40%, 5/1/2029	219,000	211,922
Colgate-Palmolive Co.
3.25%, 8/15/2032	229,000	206,865
4.60%, 3/1/2033	80,000	80,026
Kimberly-Clark Corp.
3.10%, 3/26/2030	40,000	36,086
6.63%, 8/1/2037	1,000,000	1,149,195
5.30%, 3/1/2041	181,000	183,257

SEE NOTES TO FINANCIAL STATEMENTS.

J.P. Morgan Exchange-Traded Funds

August 31, 2023

INVESTMENTS	PRINCIPAL AMOUNT($)	VALUE($)
Corporate Bonds — continued
Household Products — continued
Procter & Gamble Co. (The)
4.10%, 1/26/2026	150,000	147,950
3.00%, 3/25/2030	30,000	27,402
4.05%, 1/26/2033	533,000	517,986
		2,903,621
Independent Power and Renewable Electricity Producers — 0.0% ^
AES Corp. (The)
1.38%, 1/15/2026	120,000	107,858
2.45%, 1/15/2031	30,000	23,828
Constellation Energy Generation LLC
6.25%, 10/1/2039	10,000	10,127
5.75%, 10/1/2041	90,000	86,055
5.60%, 6/15/2042	106,000	100,139
Oglethorpe Power Corp. 3.75%, 8/1/2050	163,000	115,906
		443,913
Industrial Conglomerates — 0.1%
3M Co.
2.88%, 10/15/2027 (d)	150,000	138,132
3.63%, 9/14/2028	29,000	27,128
3.63%, 10/15/2047	306,000	228,587
3.25%, 8/26/2049 (d)	495,000	342,582
GE Capital Funding LLC 4.55%, 5/15/2032 (d)	278,000	265,104
Honeywell International, Inc.
2.70%, 8/15/2029	176,000	156,645
5.00%, 2/15/2033	426,000	429,303
4.50%, 1/15/2034	544,000	525,524
Pentair Finance SARL 4.50%, 7/1/2029	30,000	28,042
		2,141,047
Industrial REITs — 0.0% ^
LXP Industrial Trust 2.70%, 9/15/2030	10,000	7,912
Prologis LP
4.88%, 6/15/2028	50,000	49,487
3.88%, 9/15/2028	130,000	122,857
1.75%, 7/1/2030	150,000	119,863
1.75%, 2/1/2031	542,000	427,626
5.13%, 1/15/2034	50,000	49,167
Rexford Industrial Realty LP 2.13%, 12/1/2030	26,000	20,295
		797,207
Insurance — 0.7%
Allstate Corp. (The)
3.28%, 12/15/2026	637,000	602,017

INVESTMENTS	PRINCIPAL AMOUNT($)	VALUE($)

Insurance — continued
1.45%, 12/15/2030	329,000	252,062
4.50%, 6/15/2043	242,000	203,199
American International Group, Inc.
3.88%, 1/15/2035	430,000	371,501
4.75%, 4/1/2048	149,000	131,084
Aon Corp.
2.60%, 12/2/2031	50,000	41,024
3.90%, 2/28/2052	175,000	133,937
Aon Global Ltd.
3.88%, 12/15/2025	62,000	59,999
4.75%, 5/15/2045	251,000	218,775
Arch Capital Finance LLC 4.01%, 12/15/2026	30,000	28,622
Arch Capital Group Ltd. 3.64%, 6/30/2050	167,000	120,404
Arthur J Gallagher & Co. 2.40%, 11/9/2031	130,000	103,092
Berkshire Hathaway Finance Corp. 2.50%, 1/15/2051	273,000	170,170
Brighthouse Financial, Inc. 3.70%, 6/22/2027	25,000	23,108
Brown & Brown, Inc. 4.50%, 3/15/2029	253,000	238,040
Chubb INA Holdings, Inc.
3.35%, 5/3/2026	10,000	9,580
3.05%, 12/15/2061	269,000	174,288
CNA Financial Corp.
3.90%, 5/1/2029	10,000	9,305
5.50%, 6/15/2033	126,000	123,085
Hanover Insurance Group, Inc. (The) 4.50%, 4/15/2026	432,000	419,379
Hartford Financial Services Group, Inc. (The) 2.80%, 8/19/2029	668,000	584,312
Lincoln National Corp.
3.80%, 3/1/2028 (d)	269,000	246,671
3.05%, 1/15/2030 (d)	1,413,000	1,188,355
3.40%, 1/15/2031 (d)	674,000	568,451
7.00%, 6/15/2040	152,000	159,577
Loews Corp. 3.75%, 4/1/2026	414,000	398,695
Manulife Financial Corp. (Canada)
(USD ICE Swap Rate 5 Year + 1.65%), 4.06%, 2/24/2032 (b)	98,000	91,751
3.70%, 3/16/2032	233,000	208,984
Markel Group, Inc.
3.35%, 9/17/2029	73,000	65,368
4.30%, 11/1/2047	157,000	121,161
Marsh & McLennan Cos., Inc.
3.75%, 3/14/2026	72,000	69,564

SEE NOTES TO FINANCIAL STATEMENTS.

August 31, 2023

J.P. Morgan Exchange-Traded Funds

JPMorgan BetaBuilders U.S. Aggregate Bond ETF

SCHEDULE OF PORTFOLIO INVESTMENTS
AS OF August 31, 2023 (Unaudited) (continued)

INVESTMENTS	PRINCIPAL AMOUNT($)	VALUE($)
Corporate Bonds — continued
Insurance — continued
2.25%, 11/15/2030	1,794,000	1,480,948
MetLife, Inc.
6.38%, 6/15/2034	750,000	805,502
5.70%, 6/15/2035	831,000	850,593
4.13%, 8/13/2042	60,000	49,723
4.88%, 11/13/2043	586,000	534,323
4.05%, 3/1/2045	222,000	181,479
Nationwide Financial Services, Inc. 6.75%, 5/15/2037	260,000	249,524
Principal Financial Group, Inc. 5.38%, 3/15/2033	50,000	49,501
Progressive Corp. (The) 4.00%, 3/1/2029	44,000	42,301
Prudential Financial, Inc.
(ICE LIBOR USD 3 Month + 3.03%), 5.38%, 5/15/2045 (b)	677,000	662,126
3.94%, 12/7/2049	731,000	561,450
3.70%, 3/13/2051	93,000	69,312
Reinsurance Group of America, Inc. 3.90%, 5/15/2029	28,000	25,649
Selective Insurance Group, Inc. 5.38%, 3/1/2049	34,000	30,554
Travelers Cos., Inc. (The)
4.60%, 8/1/2043	127,000	114,141
3.05%, 6/8/2051	23,000	15,860
Willis North America, Inc. 3.60%, 5/15/2024	100,000	98,207
		12,956,753
Interactive Media & Services — 0.2%
Alphabet, Inc.
0.45%, 8/15/2025	1,754,000	1,609,615
2.05%, 8/15/2050	742,000	443,971
Baidu, Inc. (China)
1.72%, 4/9/2026	946,000	857,060
2.38%, 10/9/2030	200,000	162,262
Meta Platforms, Inc. 4.45%, 8/15/2052	307,000	260,232
		3,333,140
IT Services — 0.2%
Amdocs Ltd. 2.54%, 6/15/2030	203,000	166,721
Genpact Luxembourg SARL 1.75%, 4/10/2026	380,000	343,476
International Business Machines Corp.
4.50%, 2/6/2026	450,000	442,685
3.45%, 2/19/2026	150,000	143,790
4.40%, 7/27/2032	100,000	95,218
5.88%, 11/29/2032	1,233,000	1,307,978

INVESTMENTS	PRINCIPAL AMOUNT($)	VALUE($)

IT Services — continued
4.75%, 2/6/2033 (d)	150,000	146,316
4.00%, 6/20/2042	97,000	79,695
Kyndryl Holdings, Inc. 2.05%, 10/15/2026	286,000	251,438
VeriSign, Inc. 2.70%, 6/15/2031	164,000	134,334
		3,111,651
Leisure Products — 0.0% ^
Brunswick Corp. 4.40%, 9/15/2032	30,000	25,752
Hasbro, Inc. 3.90%, 11/19/2029	227,000	206,163
		231,915
Life Sciences Tools & Services — 0.1%
Revvity, Inc. 2.55%, 3/15/2031	15,000	12,264
Thermo Fisher Scientific, Inc.
1.75%, 10/15/2028	2,962,000	2,549,937
2.00%, 10/15/2031	225,000	181,232
		2,743,433
Machinery — 0.2%
CNH Industrial Capital LLC 5.45%, 10/14/2025	150,000	149,510
Cummins, Inc.
1.50%, 9/1/2030	76,000	61,084
2.60%, 9/1/2050 (d)	1,155,000	714,705
Dover Corp. 3.15%, 11/15/2025	645,000	613,933
Flowserve Corp. 2.80%, 1/15/2032	50,000	39,672
IDEX Corp. 3.00%, 5/1/2030	30,000	26,061
Illinois Tool Works, Inc. 4.88%, 9/15/2041	128,000	124,118
Otis Worldwide Corp. 2.29%, 4/5/2027	10,000	9,086
Parker-Hannifin Corp. 4.25%, 9/15/2027	150,000	145,632
Snap-on, Inc. 3.10%, 5/1/2050	256,000	180,748
Stanley Black & Decker, Inc. 2.30%, 2/24/2025	1,434,000	1,364,910
Xylem, Inc. 4.38%, 11/1/2046	66,000	53,497
		3,482,956
Media — 0.5%
Charter Communications Operating LLC
2.25%, 1/15/2029	330,000	273,782
6.83%, 10/23/2055	878,000	818,697
3.95%, 6/30/2062	1,095,000	659,190
Comcast Corp.
3.38%, 8/15/2025	372,000	359,586
3.95%, 10/15/2025	30,000	29,217
3.15%, 3/1/2026	489,000	466,987
3.30%, 2/1/2027	306,000	289,298
3.30%, 4/1/2027	30,000	28,301

SEE NOTES TO FINANCIAL STATEMENTS.

J.P. Morgan Exchange-Traded Funds

August 31, 2023

INVESTMENTS	PRINCIPAL AMOUNT($)	VALUE($)
Corporate Bonds — continued
Media — continued
4.40%, 8/15/2035	38,000	35,133
3.20%, 7/15/2036	445,000	359,597
3.25%, 11/1/2039	2,735,000	2,106,027
4.00%, 11/1/2049	491,000	391,019
2.80%, 1/15/2051	69,000	43,585
2.89%, 11/1/2051	250,000	159,750
Discovery Communications LLC 4.90%, 3/11/2026	150,000	147,364
Fox Corp. 4.71%, 1/25/2029	1,112,000	1,071,889
Interpublic Group of Cos., Inc. (The) 2.40%, 3/1/2031	40,000	32,301
Omnicom Group, Inc.
2.45%, 4/30/2030	30,000	24,866
2.60%, 8/1/2031	435,000	355,879
Paramount Global
3.70%, 6/1/2028	30,000	26,858
4.20%, 5/19/2032 (d)	2,074,000	1,725,320
4.38%, 3/15/2043	541,000	372,663
Time Warner Cable LLC
6.55%, 5/1/2037	22,000	20,877
5.50%, 9/1/2041	92,000	75,441
		9,873,627
Metals & Mining — 0.3%
ArcelorMittal SA (Luxembourg)
6.55%, 11/29/2027	150,000	153,627
4.25%, 7/16/2029	20,000	18,941
Barrick Gold Corp. (Canada) 6.45%, 10/15/2035	63,000	65,941
BHP Billiton Finance USA Ltd. (Australia) 4.75%, 2/28/2028	150,000	148,601
Freeport-McMoRan, Inc.
4.38%, 8/1/2028	763,000	708,758
5.45%, 3/15/2043	798,000	715,120
Newmont Corp.
2.25%, 10/1/2030	252,000	204,736
4.88%, 3/15/2042	2,000,000	1,797,820
5.45%, 6/9/2044	176,000	167,395
Rio Tinto Finance USA plc (Australia)
5.00%, 3/9/2033	50,000	49,670
4.75%, 3/22/2042	274,000	253,842
Southern Copper Corp. (Mexico)
7.50%, 7/27/2035	423,000	479,856
6.75%, 4/16/2040	229,000	248,582
Steel Dynamics, Inc. 3.25%, 10/15/2050	39,000	25,196

INVESTMENTS	PRINCIPAL AMOUNT($)	VALUE($)

Metals & Mining — continued
Teck Resources Ltd. (Canada) 5.40%, 2/1/2043	10,000	8,767
Vale Overseas Ltd. (Brazil)
3.75%, 7/8/2030	100,000	87,631
6.88%, 11/21/2036	10,000	10,394
Yamana Gold, Inc. (Canada) 2.63%, 8/15/2031	1,899,000	1,497,318
		6,642,195
Multi-Utilities — 0.5%
Ameren Corp. 1.75%, 3/15/2028	3,719,000	3,194,632
Avista Corp. 4.00%, 4/1/2052	172,000	131,338
Berkshire Hathaway Energy Co.
1.65%, 5/15/2031 (d)	348,000	269,073
2.85%, 5/15/2051	517,000	320,316
Black Hills Corp.
3.95%, 1/15/2026	100,000	95,824
5.95%, 3/15/2028	996,000	1,010,599
2.50%, 6/15/2030	30,000	24,596
CenterPoint Energy, Inc. 2.95%, 3/1/2030	30,000	25,813
Consolidated Edison Co. of New York, Inc.
2.40%, 6/15/2031	65,000	53,903
Series 12-A, 4.20%, 3/15/2042	23,000	19,153
3.70%, 11/15/2059	1,861,000	1,314,977
Consumers Energy Co.
3.95%, 5/15/2043	406,000	330,357
3.25%, 8/15/2046	160,000	114,922
3.10%, 8/15/2050	10,000	6,855
Dominion Energy, Inc.
Series D, 2.85%, 8/15/2026	150,000	139,488
Series C, 3.38%, 4/1/2030	30,000	26,469
Series A, 4.35%, 8/15/2032	150,000	138,623
Series C, 4.05%, 9/15/2042	40,000	30,917
4.70%, 12/1/2044	249,000	209,163
DTE Energy Co. 2.95%, 3/1/2030	538,000	462,496
NiSource, Inc.
0.95%, 8/15/2025	10,000	9,164
3.49%, 5/15/2027	10,000	9,384
2.95%, 9/1/2029	30,000	26,399
5.40%, 6/30/2033	30,000	29,720
5.25%, 2/15/2043	283,000	262,872
NorthWestern Corp. 4.18%, 11/15/2044	54,000	43,121
PG&E Energy Recovery Funding LLC Series A-1, 1.46%, 7/15/2031	414,449	358,795
Public Service Enterprise Group, Inc. 1.60%, 8/15/2030	84,000	66,059

SEE NOTES TO FINANCIAL STATEMENTS.

August 31, 2023

J.P. Morgan Exchange-Traded Funds

JPMorgan BetaBuilders U.S. Aggregate Bond ETF

SCHEDULE OF PORTFOLIO INVESTMENTS
AS OF August 31, 2023 (Unaudited) (continued)

INVESTMENTS	PRINCIPAL AMOUNT($)	VALUE($)
Corporate Bonds — continued
Multi-Utilities — continued
Puget Sound Energy, Inc.
5.80%, 3/15/2040	80,000	79,220
3.25%, 9/15/2049	232,000	158,348
San Diego Gas & Electric Co. Series XXX, 3.00%, 3/15/2032	50,000	42,519
Sempra
5.50%, 8/1/2033	30,000	29,753
(US Treasury Yield Curve Rate T Note Constant Maturity 5 Year + 2.87%), 4.13%, 4/1/2052 (b)	9,000	7,287
Southern Co. Gas Capital Corp.
5.15%, 9/15/2032	850,000	829,719
4.40%, 5/30/2047	100,000	80,580
		9,952,454
Office REITs — 0.2%
Alexandria Real Estate Equities, Inc.
3.95%, 1/15/2028	50,000	46,928
2.00%, 5/18/2032	229,000	173,464
3.55%, 3/15/2052	11,000	7,508
Boston Properties LP
3.20%, 1/15/2025	10,000	9,592
3.65%, 2/1/2026	150,000	141,332
2.75%, 10/1/2026	65,000	58,639
3.25%, 1/30/2031	660,000	537,368
2.55%, 4/1/2032	708,000	530,330
2.45%, 10/1/2033	532,000	376,837
Highwoods Realty LP 4.13%, 3/15/2028	158,000	142,059
Hudson Pacific Properties LP
5.95%, 2/15/2028	91,000	76,895
3.25%, 1/15/2030	814,000	552,746
Kilroy Realty LP
4.75%, 12/15/2028	50,000	45,028
2.65%, 11/15/2033	1,723,000	1,196,468
		3,895,194
Oil, Gas & Consumable Fuels — 1.7%
Boardwalk Pipelines LP 4.80%, 5/3/2029	183,000	174,138
BP Capital Markets America, Inc.
3.80%, 9/21/2025	30,000	29,205
1.75%, 8/10/2030	150,000	121,652
2.72%, 1/12/2032	230,000	192,518
3.06%, 6/17/2041	25,000	18,301
3.00%, 2/24/2050	923,000	614,535
2.94%, 6/4/2051	198,000	129,430
3.00%, 3/17/2052	185,000	121,458

INVESTMENTS	PRINCIPAL AMOUNT($)	VALUE($)

Oil, Gas & Consumable Fuels — continued
BP Capital Markets plc (United Kingdom) 3.28%, 9/19/2027	30,000	28,249
Canadian Natural Resources Ltd. (Canada)
2.05%, 7/15/2025	2,136,000	2,001,278
3.85%, 6/1/2027	30,000	28,389
2.95%, 7/15/2030	30,000	25,602
Cenovus Energy, Inc. (Canada)
2.65%, 1/15/2032	25,000	20,108
5.40%, 6/15/2047	183,000	164,442
Cheniere Energy, Inc. 4.63%, 10/15/2028	391,000	368,199
Chevron Corp.
1.55%, 5/11/2025	74,000	69,620
2.00%, 5/11/2027	10,000	9,064
Chevron USA, Inc. 0.69%, 8/12/2025	1,996,000	1,836,041
CNOOC Finance 2014 ULC (China) 4.25%, 4/30/2024	250,000	247,464
CNOOC Finance 2015 USA LLC (China) 3.50%, 5/5/2025 (d)	401,000	388,098
CNOOC Petroleum North America ULC (China) 5.88%, 3/10/2035	275,000	283,942
Continental Resources, Inc. 4.38%, 1/15/2028	229,000	215,503
Devon Energy Corp.
4.50%, 1/15/2030	1,048,000	979,881
7.95%, 4/15/2032	30,000	34,041
Diamondback Energy, Inc.
3.13%, 3/24/2031	50,000	42,965
4.40%, 3/24/2051	53,000	41,166
6.25%, 3/15/2053	10,000	9,967
Enbridge, Inc. (Canada)
2.50%, 2/14/2025	50,000	47,767
2.50%, 8/1/2033	1,389,000	1,077,234
3.40%, 8/1/2051	10,000	6,717
Energy Transfer LP
4.75%, 1/15/2026	30,000	29,382
5.50%, 6/1/2027	150,000	149,146
4.95%, 6/15/2028	30,000	29,050
5.25%, 4/15/2029	1,000,000	976,561
5.75%, 2/15/2033	30,000	29,794
5.35%, 5/15/2045	851,000	727,162
6.25%, 4/15/2049	321,000	306,830
5.00%, 5/15/2050	299,000	246,046
Enterprise Products Operating LLC
4.45%, 2/15/2043	1,238,000	1,051,975

SEE NOTES TO FINANCIAL STATEMENTS.

J.P. Morgan Exchange-Traded Funds

August 31, 2023

INVESTMENTS	PRINCIPAL AMOUNT($)	VALUE($)
Corporate Bonds — continued
Oil, Gas & Consumable Fuels — continued
(3-MONTH CME TERM SOFR + 2.83%), 5.38%, 2/15/2078 (b)	398,000	330,765
EOG Resources, Inc.
3.15%, 4/1/2025	1,115,000	1,078,465
4.15%, 1/15/2026	1,268,000	1,241,405
3.90%, 4/1/2035	30,000	26,508
Equinor ASA (Norway) 2.88%, 4/6/2025	897,000	865,330
Exxon Mobil Corp.
2.99%, 3/19/2025	297,000	287,562
3.29%, 3/19/2027	30,000	28,609
3.48%, 3/19/2030	1,000,000	925,141
4.11%, 3/1/2046	483,000	410,098
3.45%, 4/15/2051	230,000	171,065
Hess Corp. 7.30%, 8/15/2031	287,000	312,927
Kinder Morgan Energy Partners LP
6.50%, 2/1/2037	105,000	104,904
6.95%, 1/15/2038	98,000	104,867
6.38%, 3/1/2041	250,000	247,268
Kinder Morgan, Inc.
2.00%, 2/15/2031	326,000	256,215
4.80%, 2/1/2033	2,001,000	1,865,056
5.55%, 6/1/2045	217,000	196,303
5.20%, 3/1/2048	842,000	725,342
Marathon Oil Corp.
4.40%, 7/15/2027	195,000	185,923
6.80%, 3/15/2032	98,000	102,158
Marathon Petroleum Corp.
5.13%, 12/15/2026	83,000	82,614
6.50%, 3/1/2041	170,000	173,613
MPLX LP
4.88%, 12/1/2024	185,000	182,639
5.20%, 3/1/2047	490,000	422,272
4.70%, 4/15/2048	165,000	132,486
Occidental Petroleum Corp.
5.50%, 12/1/2025	30,000	29,721
5.55%, 3/15/2026	30,000	29,739
8.50%, 7/15/2027	559,000	604,286
ONEOK, Inc.
4.55%, 7/15/2028	560,000	533,981
3.10%, 3/15/2030	27,000	23,177
4.45%, 9/1/2049	100,000	74,990
Ovintiv, Inc.
5.65%, 5/15/2028	497,000	493,924
6.25%, 7/15/2033	28,000	27,940
Phillips 66 2.15%, 12/15/2030	250,000	202,530

INVESTMENTS	PRINCIPAL AMOUNT($)	VALUE($)

Oil, Gas & Consumable Fuels — continued
Phillips 66 Co. 3.75%, 3/1/2028	1,141,000	1,074,001
Pioneer Natural Resources Co. 1.13%, 1/15/2026	814,000	737,630
Plains All American Pipeline LP
3.55%, 12/15/2029	30,000	26,407
6.65%, 1/15/2037	36,000	36,536
Sabine Pass Liquefaction LLC
5.88%, 6/30/2026	150,000	150,688
4.20%, 3/15/2028	150,000	142,142
Targa Resources Partners LP
6.50%, 7/15/2027	450,000	452,456
4.00%, 1/15/2032	50,000	43,328
TC PipeLines LP
4.38%, 3/13/2025	400,000	389,953
3.90%, 5/25/2027	79,000	74,593
Tosco Corp. 8.13%, 2/15/2030	343,000	395,678
TotalEnergies Capital International SA (France)
2.43%, 1/10/2025	27,000	25,970
3.39%, 6/29/2060	180,000	124,468
TransCanada PipeLines Ltd. (Canada)
2.50%, 10/12/2031	225,000	179,264
4.75%, 5/15/2038	726,000	635,040
5.00%, 10/16/2043	20,000	17,322
Transcontinental Gas Pipe Line Co. LLC 4.45%, 8/1/2042	272,000	226,413
Valero Energy Corp.
3.40%, 9/15/2026	648,000	612,685
2.80%, 12/1/2031	220,000	180,519
3.65%, 12/1/2051	504,000	343,782
Western Midstream Operating LP
4.75%, 8/15/2028	30,000	28,410
5.30%, 3/1/2048	624,000	510,723
Williams Cos., Inc. (The)
3.75%, 6/15/2027	1,037,000	976,392
8.75%, 3/15/2032 (f)	30,000	35,122
5.65%, 3/15/2033	75,000	75,277
5.40%, 3/4/2044	10,000	9,017
4.90%, 1/15/2045	143,000	121,819
3.50%, 10/15/2051	281,000	188,579
		33,166,957

SEE NOTES TO FINANCIAL STATEMENTS.

August 31, 2023

J.P. Morgan Exchange-Traded Funds

JPMorgan BetaBuilders U.S. Aggregate Bond ETF

SCHEDULE OF PORTFOLIO INVESTMENTS
AS OF August 31, 2023 (Unaudited) (continued)

INVESTMENTS	PRINCIPAL AMOUNT($)	VALUE($)
Corporate Bonds — continued
Paper & Forest Products — 0.0% ^
Fibria Overseas Finance Ltd. (Brazil) 5.50%, 1/17/2027	200,000	199,777
Suzano Austria GmbH (Brazil) 6.00%, 1/15/2029	364,000	361,434
		561,211
Passenger Airlines — 0.0% ^
Southwest Airlines Co.
5.13%, 6/15/2027	150,000	148,122
2.63%, 2/10/2030	30,000	25,324
		173,446
Personal Care Products — 0.1%
Estee Lauder Cos., Inc. (The)
4.38%, 5/15/2028	300,000	292,748
2.38%, 12/1/2029	30,000	25,693
4.38%, 6/15/2045	64,000	54,898
Kenvue, Inc.
5.35%, 3/22/2026 (g)	300,000	301,492
5.05%, 3/22/2028 (g)	300,000	300,751
5.00%, 3/22/2030 (g)	330,000	330,124
4.90%, 3/22/2033 (g)	330,000	328,068
		1,633,774
Pharmaceuticals — 0.8%
Astrazeneca Finance LLC (United Kingdom)
1.75%, 5/28/2028	3,642,000	3,158,182
4.90%, 3/3/2030	30,000	29,835
AstraZeneca plc (United Kingdom) 3.38%, 11/16/2025	199,000	191,184
Bristol-Myers Squibb Co.
1.13%, 11/13/2027	168,000	145,814
3.40%, 7/26/2029	30,000	27,769
1.45%, 11/13/2030	35,000	27,756
2.35%, 11/13/2040	100,000	67,441
3.25%, 8/1/2042	10,000	7,461
4.63%, 5/15/2044	27,000	24,452
4.25%, 10/26/2049	820,000	692,086
3.90%, 3/15/2062	300,000	227,345
Eli Lilly & Co.
4.70%, 2/27/2033	150,000	149,650
2.25%, 5/15/2050	2,409,000	1,483,736
2.50%, 9/15/2060	336,000	199,892
Johnson & Johnson
0.55%, 9/1/2025	2,426,000	2,222,193
2.95%, 3/3/2027	92,000	87,091

INVESTMENTS	PRINCIPAL AMOUNT($)	VALUE($)

Pharmaceuticals — continued
0.95%, 9/1/2027	149,000	129,878
3.40%, 1/15/2038	267,000	226,524
2.10%, 9/1/2040	160,000	109,404
3.70%, 3/1/2046	302,000	250,773
Merck & Co., Inc.
1.70%, 6/10/2027	613,000	549,535
3.40%, 3/7/2029	785,000	730,721
3.60%, 9/15/2042	10,000	8,165
Pfizer Investment Enterprises Pte. Ltd. 4.75%, 5/19/2033	30,000	29,519
Pfizer, Inc.
3.00%, 12/15/2026	10,000	9,469
3.60%, 9/15/2028 (d)	835,000	795,040
3.45%, 3/15/2029	220,000	206,245
1.75%, 8/18/2031	325,000	261,419
4.00%, 12/15/2036	318,000	288,411
Royalty Pharma plc
1.75%, 9/2/2027	989,000	853,289
3.30%, 9/2/2040	80,000	55,017
3.55%, 9/2/2050	47,000	30,650
Takeda Pharmaceutical Co. Ltd. (Japan)
2.05%, 3/31/2030	894,000	735,116
3.03%, 7/9/2040	500,000	362,583
Utah Acquisition Sub, Inc. 5.25%, 6/15/2046	120,000	94,938
Viatris, Inc.
2.30%, 6/22/2027	450,000	393,535
3.85%, 6/22/2040	1,108,000	774,987
4.00%, 6/22/2050	795,000	526,141
Wyeth LLC 5.95%, 4/1/2037	557,000	596,066
Zoetis, Inc. 2.00%, 5/15/2030	30,000	24,704
		16,784,016
Professional Services — 0.1%
Automatic Data Processing, Inc. 1.25%, 9/1/2030	15,000	11,951
Broadridge Financial Solutions, Inc. 2.90%, 12/1/2029	30,000	25,861
Equifax, Inc. 2.35%, 9/15/2031	390,000	305,928
Thomson Reuters Corp. (Canada) 3.35%, 5/15/2026	606,000	575,669
Verisk Analytics, Inc. 5.75%, 4/1/2033	30,000	30,591
		950,000
Real Estate Management & Development — 0.0% ^
CBRE Services, Inc. 2.50%, 4/1/2031	22,000	17,647

SEE NOTES TO FINANCIAL STATEMENTS.

J.P. Morgan Exchange-Traded Funds

August 31, 2023

INVESTMENTS	PRINCIPAL AMOUNT($)	VALUE($)
Corporate Bonds — continued
Residential REITs — 0.1%
American Homes 4 Rent LP 4.90%, 2/15/2029	224,000	215,375
AvalonBay Communities, Inc.
3.50%, 11/15/2024	178,000	173,938
2.30%, 3/1/2030	516,000	431,190
2.45%, 1/15/2031	32,000	26,597
Camden Property Trust 4.10%, 10/15/2028	245,000	233,206
ERP Operating LP 4.15%, 12/1/2028	427,000	406,611
Essex Portfolio LP
1.70%, 3/1/2028	16,000	13,574
4.50%, 3/15/2048	109,000	85,293
Spirit Realty LP 3.20%, 1/15/2027	276,000	251,342
Sun Communities Operating LP
2.70%, 7/15/2031	90,000	71,464
4.20%, 4/15/2032	130,000	114,283
UDR, Inc. 3.00%, 8/15/2031	222,000	186,254
		2,209,127
Retail REITs — 0.0% ^
Kimco Realty OP LLC 4.60%, 2/1/2033	288,000	264,345
Realty Income Corp. 0.75%, 3/15/2026	11,000	9,771
		274,116
Semiconductors & Semiconductor Equipment — 0.5%
Analog Devices, Inc.
2.10%, 10/1/2031	150,000	122,511
2.80%, 10/1/2041	95,000	67,396
2.95%, 10/1/2051	189,000	126,728
Applied Materials, Inc. 2.75%, 6/1/2050	243,000	165,398
Broadcom, Inc.
4.11%, 9/15/2028	46,000	43,270
4.30%, 11/15/2032	47,000	42,471
3.14%, 11/15/2035 (g)	200,000	152,465
3.19%, 11/15/2036 (g)	10,000	7,516
4.93%, 5/15/2037 (g)	1,104,000	993,067
3.50%, 2/15/2041 (g)	350,000	256,171
Intel Corp.
3.15%, 5/11/2027	30,000	28,087
2.45%, 11/15/2029	30,000	26,035
4.15%, 8/5/2032	150,000	141,091
2.80%, 8/12/2041	1,570,000	1,088,219
4.25%, 12/15/2042	2,000,000	1,687,629
3.73%, 12/8/2047	20,000	15,127
5.70%, 2/10/2053	255,000	252,395
KLA Corp. 3.30%, 3/1/2050	289,000	207,516

INVESTMENTS	PRINCIPAL AMOUNT($)	VALUE($)

Semiconductors & Semiconductor Equipment — continued
Lam Research Corp.
3.75%, 3/15/2026	30,000	29,084
2.88%, 6/15/2050	20,000	13,362
Marvell Technology, Inc. 2.45%, 4/15/2028	150,000	131,768
Micron Technology, Inc.
4.98%, 2/6/2026	507,000	499,512
3.48%, 11/1/2051	100,000	64,720
NXP BV (China)
4.30%, 6/18/2029	30,000	28,105
2.65%, 2/15/2032	125,000	100,054
3.25%, 5/11/2041	1,261,000	896,873
QUALCOMM, Inc.
5.40%, 5/20/2033 (d)	30,000	31,043
4.50%, 5/20/2052	10,000	8,712
Skyworks Solutions, Inc. 1.80%, 6/1/2026	13,000	11,655
Texas Instruments, Inc.
2.90%, 11/3/2027	1,758,000	1,634,989
2.70%, 9/15/2051	30,000	19,795
TSMC Arizona Corp. (Taiwan) 1.75%, 10/25/2026	1,030,000	926,659
		9,819,423
Software — 0.5%
Adobe, Inc. 2.15%, 2/1/2027	30,000	27,541
Microsoft Corp.
3.30%, 2/6/2027	150,000	144,120
3.50%, 2/12/2035	146,000	132,681
4.20%, 11/3/2035	182,000	175,739
2.53%, 6/1/2050	520,000	343,692
4.00%, 2/12/2055	1,111,000	970,918
Oracle Corp.
2.50%, 4/1/2025	700,000	666,648
2.95%, 5/15/2025	951,000	910,460
2.80%, 4/1/2027	30,000	27,550
3.25%, 11/15/2027	688,000	637,422
3.65%, 3/25/2041	30,000	22,625
4.00%, 7/15/2046	200,000	149,963
3.60%, 4/1/2050	1,222,000	841,291
3.95%, 3/25/2051	2,119,000	1,545,269
5.55%, 2/6/2053	10,000	9,294
3.85%, 4/1/2060	10,000	6,777
4.10%, 3/25/2061	298,000	211,671
Roper Technologies, Inc.
1.00%, 9/15/2025	200,000	183,138

SEE NOTES TO FINANCIAL STATEMENTS.

August 31, 2023

J.P. Morgan Exchange-Traded Funds

JPMorgan BetaBuilders U.S. Aggregate Bond ETF

SCHEDULE OF PORTFOLIO INVESTMENTS
AS OF August 31, 2023 (Unaudited) (continued)

INVESTMENTS	PRINCIPAL AMOUNT($)	VALUE($)
Corporate Bonds — continued
Software — continued
1.40%, 9/15/2027	30,000	25,982
2.95%, 9/15/2029	30,000	26,505
1.75%, 2/15/2031	79,000	61,958
Salesforce, Inc.
1.50%, 7/15/2028	30,000	25,803
1.95%, 7/15/2031	3,211,000	2,611,690
VMware, Inc.
3.90%, 8/21/2027	190,000	178,818
1.80%, 8/15/2028	100,000	83,808
2.20%, 8/15/2031	156,000	121,398
Workday, Inc. 3.70%, 4/1/2029	250,000	230,931
		10,373,692
Specialized REITs — 0.2%
American Tower Corp.
3.38%, 10/15/2026	30,000	28,117
2.75%, 1/15/2027	130,000	118,794
3.65%, 3/15/2027	30,000	28,157
3.55%, 7/15/2027	18,000	16,687
3.60%, 1/15/2028	30,000	27,673
5.50%, 3/15/2028	30,000	29,862
5.25%, 7/15/2028	30,000	29,534
Crown Castle, Inc.
3.65%, 9/1/2027	150,000	139,758
3.80%, 2/15/2028	20,000	18,609
4.80%, 9/1/2028	30,000	29,126
4.30%, 2/15/2029	56,000	52,628
3.10%, 11/15/2029	920,000	800,501
2.25%, 1/15/2031	185,000	148,405
2.10%, 4/1/2031	350,000	275,713
2.90%, 4/1/2041	430,000	289,645
3.25%, 1/15/2051	1,000,000	650,103
Equinix, Inc.
2.63%, 11/18/2024	392,000	377,836
2.50%, 5/15/2031	566,000	459,049
3.90%, 4/15/2032	125,000	111,224
3.00%, 7/15/2050	42,000	26,368
Extra Space Storage LP
2.20%, 10/15/2030	139,000	110,885
2.35%, 3/15/2032	10,000	7,771
Public Storage Operating Co. 1.50%, 11/9/2026	200,000	179,976
		3,956,421

INVESTMENTS	PRINCIPAL AMOUNT($)	VALUE($)

Specialty Retail — 0.3%
AutoNation, Inc.
1.95%, 8/1/2028	225,000	186,368
4.75%, 6/1/2030	30,000	27,914
3.85%, 3/1/2032	150,000	126,866
AutoZone, Inc.
4.00%, 4/15/2030	275,000	254,556
5.20%, 8/1/2033	30,000	29,307
Best Buy Co., Inc. 1.95%, 10/1/2030	30,000	24,038
Dick's Sporting Goods, Inc. 4.10%, 1/15/2052	403,000	261,477
Home Depot, Inc. (The)
2.13%, 9/15/2026	500,000	461,105
2.80%, 9/14/2027	1,000,000	928,589
1.88%, 9/15/2031	50,000	40,206
3.50%, 9/15/2056	1,023,000	749,184
Lowe's Cos., Inc.
5.15%, 7/1/2033	30,000	29,645
4.38%, 9/15/2045	557,000	457,175
4.05%, 5/3/2047	191,000	149,036
O'Reilly Automotive, Inc. 3.90%, 6/1/2029	428,000	401,778
Ross Stores, Inc. 0.88%, 4/15/2026	150,000	133,848
TJX Cos., Inc. (The)
1.15%, 5/15/2028 (d)	859,000	729,826
3.88%, 4/15/2030	238,000	224,545
Tractor Supply Co. 5.25%, 5/15/2033	10,000	9,780
		5,225,243
Technology Hardware, Storage & Peripherals — 0.4%
Apple, Inc.
1.13%, 5/11/2025	350,000	327,436
3.20%, 5/13/2025	29,000	28,133
0.70%, 2/8/2026	1,780,000	1,609,656
3.00%, 11/13/2027	30,000	28,153
1.20%, 2/8/2028	30,000	25,912
3.25%, 8/8/2029	30,000	27,901
2.20%, 9/11/2029	30,000	26,223
2.38%, 2/8/2041	1,168,000	834,228
3.45%, 2/9/2045	2,180,000	1,762,485
4.38%, 5/13/2045	2,104,000	1,934,822
2.95%, 9/11/2049	10,000	7,135
2.65%, 5/11/2050	176,000	117,195
2.65%, 2/8/2051	243,000	161,064
2.55%, 8/20/2060	163,000	102,453
2.85%, 8/5/2061	10,000	6,470

SEE NOTES TO FINANCIAL STATEMENTS.

J.P. Morgan Exchange-Traded Funds

August 31, 2023

INVESTMENTS	PRINCIPAL AMOUNT($)	VALUE($)
Corporate Bonds — continued
Technology Hardware, Storage & Peripherals — continued
Dell International LLC
5.85%, 7/15/2025	200,000	200,349
4.90%, 10/1/2026	250,000	245,380
5.25%, 2/1/2028	150,000	149,651
3.38%, 12/15/2041 (g)	458,000	321,892
Hewlett Packard Enterprise Co.
4.90%, 10/15/2025 (f)	150,000	147,982
1.75%, 4/1/2026	27,000	24,630
HP, Inc.
3.00%, 6/17/2027	23,000	21,141
2.65%, 6/17/2031	303,000	244,509
5.50%, 1/15/2033	150,000	145,605
NetApp, Inc. 2.70%, 6/22/2030	30,000	25,009
Western Digital Corp. 2.85%, 2/1/2029	408,000	328,671
		8,854,085
Textiles, Apparel & Luxury Goods — 0.1%
NIKE, Inc.
2.38%, 11/1/2026	10,000	9,263
3.38%, 11/1/2046	22,000	17,011
PVH Corp. 4.63%, 7/10/2025	351,000	339,501
Ralph Lauren Corp. 3.75%, 9/15/2025	543,000	525,963
Tapestry, Inc. 4.13%, 7/15/2027	188,000	175,543
VF Corp. 2.95%, 4/23/2030 (d)	205,000	170,142
		1,237,423
Tobacco — 0.3%
Altria Group, Inc.
2.45%, 2/4/2032	12,000	9,364
3.40%, 2/4/2041	56,000	38,103
5.38%, 1/31/2044	658,000	611,936
3.88%, 9/16/2046	50,000	34,397
BAT Capital Corp. (United Kingdom)
2.26%, 3/25/2028	248,000	213,421
3.46%, 9/6/2029	250,000	218,010
4.39%, 8/15/2037	1,662,000	1,313,798
4.76%, 9/6/2049	216,000	160,027
3.98%, 9/25/2050	30,000	19,821
Philip Morris International, Inc.
3.25%, 11/10/2024	1,737,000	1,691,437
3.38%, 8/15/2029	40,000	35,956
4.88%, 11/15/2043	449,000	394,534

INVESTMENTS	PRINCIPAL AMOUNT($)	VALUE($)

Tobacco — continued
4.25%, 11/10/2044	239,000	193,350
Reynolds American, Inc. (United Kingdom) 5.70%, 8/15/2035	30,000	27,693
		4,961,847
Trading Companies & Distributors — 0.0% ^
Air Lease Corp. 4.25%, 9/15/2024	306,000	300,209
WW Grainger, Inc. 1.85%, 2/15/2025	121,000	114,989
		415,198
Water Utilities — 0.1%
American Water Capital Corp.
3.45%, 6/1/2029	870,000	797,730
6.59%, 10/15/2037	275,000	305,803
Essential Utilities, Inc. 4.28%, 5/1/2049	127,000	98,871
		1,202,404
Wireless Telecommunication Services — 0.5%
America Movil SAB de CV (Mexico) 3.63%, 4/22/2029	934,000	855,064
Rogers Communications, Inc. (Canada)
2.95%, 3/15/2025	315,000	300,231
2.90%, 11/15/2026	392,000	360,932
3.20%, 3/15/2027	82,000	75,745
3.80%, 3/15/2032	93,000	79,492
5.00%, 3/15/2044	339,000	287,814
T-Mobile USA, Inc.
2.63%, 4/15/2026	150,000	139,384
4.75%, 2/1/2028	203,000	197,320
2.55%, 2/15/2031	377,000	310,537
2.88%, 2/15/2031	215,000	180,938
2.25%, 11/15/2031	2,007,000	1,591,877
4.38%, 4/15/2040	1,503,000	1,289,850
3.00%, 2/15/2041	3,674,000	2,589,865
Vodafone Group plc (United Kingdom) 4.38%, 5/30/2028	1,776,000	1,742,722
		10,001,771
Total Corporate Bonds (Cost $509,419,698)		494,521,780
Commercial Mortgage-Backed Securities — 1.9%
BANK
Series 2017-BNK4, Class ASB, 3.42%, 5/15/2050	20,917	20,042
Series 2019-BN16, Class A4, 4.01%, 2/15/2052	60,000	55,608

SEE NOTES TO FINANCIAL STATEMENTS.

August 31, 2023

J.P. Morgan Exchange-Traded Funds

JPMorgan BetaBuilders U.S. Aggregate Bond ETF

SCHEDULE OF PORTFOLIO INVESTMENTS
AS OF August 31, 2023 (Unaudited) (continued)

INVESTMENTS	PRINCIPAL AMOUNT($)	VALUE($)
Commercial Mortgage-Backed Securities — continued
Series 2019-BN21, Class A5, 2.85%, 10/17/2052	60,000	51,393
Series 2019-BN23, Class A3, 2.92%, 12/15/2052	142,000	122,305
Series 2018-BN10, Class A5, 3.69%, 2/15/2061	20,000	18,527
Series 2018-BN10, Class AS, 3.90%, 2/15/2061 (e)	180,000	161,527
Series 2019-BN19, Class A3, 3.18%, 8/15/2061	100,000	86,070
Series 2018-BN13, Class C, 4.68%, 8/15/2061 (e)	500,000	357,943
Series 2019-BN22, Class A4, 2.98%, 11/15/2062	260,000	224,954
Series 2020-BN26, Class A4, 2.40%, 3/15/2063	500,000	414,790
Series 2021-BN36, Class A5, 2.47%, 9/15/2064	500,000	403,072
Bank of America Merrill Lynch Commercial Mortgage Trust Series 2017-BNK3, Class A4, 3.57%, 2/15/2050	20,000	18,670
BBCMS Mortgage Trust Series 2018-C2, Class A5, 4.31%, 12/15/2051	40,000	37,657
Benchmark Mortgage Trust
Series 2018-B1, Class A5, 3.67%, 1/15/2051 (e)	50,000	45,732
Series 2018-B2, Class B, 4.43%, 2/15/2051 (e)	20,000	16,755
Series 2018-B5, Class A4, 4.21%, 7/15/2051	110,000	103,037
Series 2018-B6, Class A2, 4.20%, 10/10/2051	33,065	32,746
Series 2018-B8, Class A5, 4.23%, 1/15/2052	40,000	36,819
Series 2019-B11, Class A2, 3.41%, 5/15/2052	207,429	201,934
Series 2020-B16, Class AM, 2.94%, 2/15/2053 (e)	180,000	147,951
Series 2021-B31, Class A5, 2.67%, 12/15/2054	600,000	486,769
Series 2019-B13, Class A3, 2.70%, 8/15/2057	450,000	383,643
Cantor Commercial Real Estate Lending Series 2019-CF2, Class AS, 3.12%, 11/15/2052	75,000	62,136
CD Mortgage Trust
Series 2017-CD6, Class ASB, 3.33%, 11/13/2050	17,008	16,190
Series 2017-CD6, Class AM, 3.71%, 11/13/2050 (e)	30,000	26,313

INVESTMENTS	PRINCIPAL AMOUNT($)	VALUE($)

Series 2018-CD7, Class A3, 4.01%, 8/15/2051	397,874	363,852
CFCRE Commercial Mortgage Trust
Series 2017-C8, Class A4, 3.57%, 6/15/2050	30,000	27,639
Series 2016-C7, Class ASB, 3.64%, 12/10/2054	12,140	11,690
Citigroup Commercial Mortgage Trust
Series 2014-GC21, Class AAB, 3.48%, 5/10/2047	2,312	2,299
Series 2014-GC23, Class B, 4.17%, 7/10/2047 (e)	30,000	28,707
Series 2015-GC29, Class C, 4.28%, 4/10/2048 (e)	40,000	37,201
Series 2016-C1, Class AAB, 3.00%, 5/10/2049	50,975	49,102
Series 2019-GC43, Class A4, 3.04%, 11/10/2052	1,000,000	860,835
Commercial Mortgage Trust
Series 2013-CR13, Class B, 5.03%, 11/10/2046 (e)	364,000	359,457
Series 2014-UBS5, Class AM, 4.19%, 9/10/2047 (e)	40,000	38,644
Series 2014-CR20, Class A3, 3.33%, 11/10/2047	36,746	35,941
Series 2014-UBS6, Class A4, 3.38%, 12/10/2047	113,898	110,786
Series 2015-LC19, Class A4, 3.18%, 2/10/2048	250,000	239,804
Series 2015-LC21, Class AM, 4.04%, 7/10/2048 (e)	30,000	28,366
Series 2015-CR25, Class A4, 3.76%, 8/10/2048	30,000	28,675
Series 2015-PC1, Class A5, 3.90%, 7/10/2050	300,000	288,799
CSAIL Commercial Mortgage Trust
Series 2015-C3, Class A4, 3.72%, 8/15/2048	30,000	28,604
Series 2016-C5, Class A5, 3.76%, 11/15/2048	27,000	25,795
Series 2019-C15, Class A4, 4.05%, 3/15/2052	210,000	192,270
DBGS Mortgage Trust Series 2018-C1, Class A4, 4.47%, 10/15/2051	20,000	18,568
DBJPM Mortgage Trust Series 2017-C6, Class A5, 3.33%, 6/10/2050	20,000	18,189

SEE NOTES TO FINANCIAL STATEMENTS.

J.P. Morgan Exchange-Traded Funds

August 31, 2023

INVESTMENTS	PRINCIPAL AMOUNT($)	VALUE($)
Commercial Mortgage-Backed Securities — continued
FHLMC, Multi-Family Structured Pass-Through Certificates
Series K725, Class AM, 3.10%, 2/25/2024 (e)	50,000	49,297
Series K728, Class A2, 3.06%, 8/25/2024 (e)	48,161	47,084
Series K040, Class A2, 3.24%, 9/25/2024	70,000	68,344
Series K731, Class A2, 3.60%, 2/25/2025 (e)	45,357	44,197
Series K733, Class A2, 3.75%, 8/25/2025	497,761	483,209
Series K051, Class A2, 3.31%, 9/25/2025	40,000	38,562
Series K054, Class A2, 2.75%, 1/25/2026	1,000,000	947,167
Series K734, Class A2, 3.21%, 2/25/2026	370,000	354,065
Series K056, Class A2, 2.53%, 5/25/2026	1,000,000	936,993
Series K735, Class A2, 2.86%, 5/25/2026	49,230	46,543
Series K057, Class A2, 2.57%, 7/25/2026	63,000	58,998
Series K063, Class A1, 3.05%, 8/25/2026	26,977	25,951
Series K059, Class A2, 3.12%, 9/25/2026 (e)	2,000,000	1,894,157
Series K062, Class A2, 3.41%, 12/25/2026	1,000,000	951,673
Series K064, Class A2, 3.22%, 3/25/2027	1,000,000	944,111
Series K072, Class A2, 3.44%, 12/25/2027	400,000	377,883
Series K092, Class A1, 3.13%, 10/25/2028	1,807,228	1,714,886
Series K084, Class A2, 3.78%, 10/25/2028 (e)	500,000	476,530
Series K087, Class A2, 3.77%, 12/25/2028	2,000,000	1,905,224
Series K091, Class A2, 3.51%, 3/25/2029	1,000,000	937,868
Series K097, Class A2, 2.51%, 7/25/2029	2,000,000	1,765,065
Series K096, Class A2, 2.52%, 7/25/2029	295,000	260,883
Series K099, Class A2, 2.60%, 9/25/2029	400,000	353,980
Series K100, Class A2, 2.67%, 9/25/2029	400,000	355,023

INVESTMENTS	PRINCIPAL AMOUNT($)	VALUE($)

Series K102, Class A2, 2.54%, 10/25/2029	400,000	352,012
Series K113, Class A2, 1.34%, 6/25/2030	700,000	561,576
Series K158, Class A1, 3.90%, 7/25/2030	1,124,830	1,081,892
Series K117, Class A2, 1.41%, 8/25/2030	1,265,000	1,011,698
Series K159, Class A2, 3.95%, 11/25/2030 (e)	400,000	377,987
Series K123, Class A2, 1.62%, 12/25/2030	500,000	402,530
Series K125, Class A2, 1.85%, 1/25/2031	300,000	244,720
Series K127, Class A2, 2.11%, 1/25/2031	600,000	498,701
Series K-1512, Class A2, 2.99%, 5/25/2031	75,000	66,280
Series K155, Class A3, 3.75%, 4/25/2033	545,000	499,919
Series K157, Class A2, 3.99%, 5/25/2033 (e)	250,000	237,176
Series K156, Class A3, 3.70%, 6/25/2033 (e)	91,000	83,092
Series K-1512, Class A3, 3.06%, 4/25/2034	150,000	127,087
Series K-1513, Class A3, 2.80%, 8/25/2034	325,000	266,888
Series K-1514, Class A2, 2.86%, 10/25/2034	400,000	328,293
Series K-1518, Class A2, 1.86%, 10/25/2035	1,100,000	794,537
FNMA ACES
Series 2014-M2, Class A2, 3.51%, 12/25/2023 (e)	11,296	11,214
Series 2014-M3, Class A2, 3.50%, 1/25/2024 (e)	3,001	2,969
Series 2017-M10, Class AV2, 2.62%, 7/25/2024 (e)	40,337	39,506
Series 2017-M1, Class A2, 2.50%, 10/25/2026 (e)	150,769	140,013
Series 2017-M2, Class A2, 2.90%, 2/25/2027 (e)	289,977	271,575
Series 2017-M7, Class A2, 2.96%, 2/25/2027 (e)	279,052	261,798
Series 2017-M12, Class A2, 3.16%, 6/25/2027 (e)	133,227	124,977
Series 2017-M14, Class A2, 2.96%, 11/25/2027 (e)	1,000,744	925,743

SEE NOTES TO FINANCIAL STATEMENTS.

August 31, 2023

J.P. Morgan Exchange-Traded Funds

JPMorgan BetaBuilders U.S. Aggregate Bond ETF

SCHEDULE OF PORTFOLIO INVESTMENTS
AS OF August 31, 2023 (Unaudited) (continued)

INVESTMENTS	PRINCIPAL AMOUNT($)	VALUE($)
Commercial Mortgage-Backed Securities — continued
Series 2018-M10, Class A2, 3.47%, 7/25/2028 (e)	40,000	37,635
Series 2018-M14, Class A2, 3.70%, 8/25/2028 (e)	429,559	407,415
Series 2019-M1, Class A2, 3.67%, 9/25/2028 (e)	74,744	70,810
Series 2019-M22, Class A2, 2.52%, 8/25/2029	581,159	513,697
Series 2021-M2S, Class A2, 1.87%, 10/25/2031 (e)	700,000	562,346
GS Mortgage Securities Trust
Series 2014-GC24, Class AAB, 3.65%, 9/10/2047	4,308	4,258
Series 2014-GC24, Class AS, 4.16%, 9/10/2047 (e)	170,000	159,007
Series 2015-GC28, Class A4, 3.14%, 2/10/2048	36,839	35,903
Series 2015-GC30, Class A4, 3.38%, 5/10/2050	25,000	23,815
Series 2018-GS9, Class A4, 3.99%, 3/10/2051 (e)	200,000	186,114
Series 2019-GSA1, Class A4, 3.05%, 11/10/2052	260,000	225,173
JPMBB Commercial Mortgage Securities Trust
Series 2013-C12, Class C, 4.10%, 7/15/2045 (e)	23,955	21,534
Series 2015-C29, Class B, 4.12%, 5/15/2048 (e)	40,000	36,726
Series 2015-C31, Class A3, 3.80%, 8/15/2048	552,527	528,125
JPMCC Commercial Mortgage Securities Trust Series 2017-JP5, Class A5, 3.72%, 3/15/2050	600,000	557,773
JPMDB Commercial Mortgage Securities Trust
Series 2016-C2, Class B, 3.99%, 6/15/2049 (e)	20,000	16,023
Series 2017-C5, Class B, 4.01%, 3/15/2050 (e)	20,000	15,363
Morgan Stanley Bank of America Merrill Lynch Trust
Series 2015-C22, Class AS, 3.56%, 4/15/2048	40,000	37,658
Series 2015-C25, Class ASB, 3.38%, 10/15/2048	17,612	17,091
Series 2015-C25, Class A5, 3.64%, 10/15/2048	40,000	38,008
Series 2016-C31, Class A5, 3.10%, 11/15/2049	450,000	410,187

INVESTMENTS	PRINCIPAL AMOUNT($)	VALUE($)

Series 2016-C32, Class A4, 3.72%, 12/15/2049	295,000	275,483
Morgan Stanley Capital I Trust
Series 2016-UB12, Class A3, 3.34%, 12/15/2049	540,925	504,964
Series 2017-H1, Class C, 4.28%, 6/15/2050 (e)	25,000	21,513
Series 2019-L2, Class A4, 4.07%, 3/15/2052	50,000	46,339
Series 2019-L3, Class A4, 3.13%, 11/15/2052	100,000	86,748
UBS Commercial Mortgage Trust
Series 2017-C2, Class A4, 3.49%, 8/15/2050	700,000	643,140
Series 2017-C4, Class ASB, 3.37%, 10/15/2050	32,414	30,945
Series 2017-C5, Class AS, 3.78%, 11/15/2050 (e)	70,000	61,951
Series 2017-C7, Class AS, 4.06%, 12/15/2050 (e)	50,000	44,738
Wells Fargo Commercial Mortgage Trust
Series 2015-C27, Class A4, 3.19%, 2/15/2048	28,047	26,888
Series 2015-C28, Class A4, 3.54%, 5/15/2048	20,000	19,120
Series 2015-C29, Class A4, 3.64%, 6/15/2048	120,000	114,699
Series 2017-C38, Class A5, 3.45%, 7/15/2050	500,000	459,519
Series 2018-C45, Class A3, 3.92%, 6/15/2051	38,984	36,068
Series 2019-C51, Class A3, 3.06%, 6/15/2052	500,000	436,478
Series 2019-C52, Class A5, 2.89%, 8/15/2052	500,000	429,960
Series 2019-C53, Class A4, 3.04%, 10/15/2052	125,000	108,066
Series 2020-C55, Class A5, 2.73%, 2/15/2053	240,000	202,883
WFRBS Commercial Mortgage Trust
Series 2014-C22, Class A4, 3.49%, 9/15/2057	31,287	30,473
Series 2014-C22, Class A5, 3.75%, 9/15/2057	25,000	24,170
Total Commercial Mortgage-Backed Securities (Cost $41,136,300)		37,586,488

SEE NOTES TO FINANCIAL STATEMENTS.

J.P. Morgan Exchange-Traded Funds

August 31, 2023

INVESTMENTS	PRINCIPAL AMOUNT($)	VALUE($)
Foreign Government Securities — 1.7%
Canada Government Bond 1.63%, 1/22/2025	20,000	19,069
Export Development Canada 3.00%, 5/25/2027	105,000	99,622
Export-Import Bank of Korea
2.38%, 6/25/2024	490,000	477,711
0.75%, 9/21/2025	215,000	195,895
1.13%, 12/29/2026	200,000	174,621
1.25%, 9/21/2030	215,000	168,390
Hungary Government Bond 7.63%, 3/29/2041	298,000	328,942
Italian Republic Government Bond
2.88%, 10/17/2029	452,000	394,589
5.38%, 6/15/2033	387,000	380,055
3.88%, 5/6/2051	80,000	56,240
Japan Bank for International Cooperation
0.50%, 4/15/2024 (d)	200,000	193,767
3.00%, 5/29/2024	201,000	196,992
1.75%, 10/17/2024	55,000	52,717
2.13%, 2/10/2025	5,000	4,772
2.50%, 5/28/2025	220,000	209,662
2.75%, 1/21/2026	1,001,000	949,976
2.38%, 4/20/2026	250,000	233,866
2.25%, 11/4/2026	1,380,000	1,270,850
2.88%, 6/1/2027	202,000	188,539
2.88%, 7/21/2027	218,000	203,325
2.75%, 11/16/2027	60,000	55,466
3.50%, 10/31/2028	450,000	424,614
1.25%, 1/21/2031	208,000	163,640
1.88%, 4/15/2031	65,000	53,276
Japan International Cooperation Agency
2.13%, 10/20/2026	1,098,000	1,006,090
2.75%, 4/27/2027	65,000	60,317
3.38%, 6/12/2028	876,000	822,921
1.00%, 7/22/2030	710,000	553,645
Oriental Republic of Uruguay
4.38%, 10/27/2027	166,000	165,362
4.38%, 1/23/2031 (d)	202,000	198,832
5.75%, 10/28/2034 (d)	76,000	81,709
4.13%, 11/20/2045	805,000	710,429
Province of Alberta
1.00%, 5/20/2025	663,000	617,422
3.30%, 3/15/2028	100,000	94,752
Province of British Columbia
1.75%, 9/27/2024	1,056,000	1,015,181
2.25%, 6/2/2026	354,000	331,246

INVESTMENTS	PRINCIPAL AMOUNT($)	VALUE($)

0.90%, 7/20/2026	705,000	633,403
Province of Ontario
2.50%, 4/27/2026	311,000	293,251
2.30%, 6/15/2026 (d)	490,000	458,488
1.05%, 5/21/2027	10,000	8,778
2.00%, 10/2/2029	175,000	152,325
2.13%, 1/21/2032 (d)	212,000	177,286
Province of Quebec
2.88%, 10/16/2024	141,000	137,007
1.50%, 2/11/2025	789,000	747,839
0.60%, 7/23/2025	1,464,000	1,348,726
2.50%, 4/20/2026	99,000	93,431
Republic of Chile
3.13%, 1/21/2026	190,000	181,643
2.45%, 1/31/2031	1,543,000	1,311,573
2.55%, 1/27/2032	70,000	58,771
2.55%, 7/27/2033	541,000	435,279
3.10%, 5/7/2041	1,384,000	1,009,905
4.34%, 3/7/2042 (d)	370,000	318,542
Republic of Indonesia
4.15%, 9/20/2027	247,000	238,460
3.85%, 10/15/2030	249,000	230,375
4.35%, 1/11/2048	785,000	671,527
5.65%, 1/11/2053	55,000	56,179
Republic of Panama
8.88%, 9/30/2027	654,000	734,312
3.88%, 3/17/2028	256,000	240,739
2.25%, 9/29/2032	1,500,000	1,138,962
6.70%, 1/26/2036	78,000	81,870
6.85%, 3/28/2054	615,000	629,267
Republic of Peru
2.39%, 1/23/2026 (d)	305,000	285,700
4.13%, 8/25/2027	70,000	67,793
8.75%, 11/21/2033	10,000	12,439
3.23%, 7/28/2121	335,000	193,628
Republic of Philippines
7.50%, 9/25/2024	717,333	724,612
10.63%, 3/16/2025	190,000	205,244
5.17%, 10/13/2027	90,000	90,749
9.50%, 2/2/2030	304,000	376,175
5.00%, 7/17/2033	80,000	80,001
2.95%, 5/5/2045	1,282,000	887,251
3.20%, 7/6/2046	201,000	142,930
4.20%, 3/29/2047	70,000	58,630

SEE NOTES TO FINANCIAL STATEMENTS.

August 31, 2023

J.P. Morgan Exchange-Traded Funds

JPMorgan BetaBuilders U.S. Aggregate Bond ETF

SCHEDULE OF PORTFOLIO INVESTMENTS
AS OF August 31, 2023 (Unaudited) (continued)

INVESTMENTS	PRINCIPAL AMOUNT($)	VALUE($)
Foreign Government Securities — continued
Republic of Poland
3.25%, 4/6/2026	100,000	95,719
5.50%, 11/16/2027	50,000	50,862
5.75%, 11/16/2032	18,000	18,721
5.50%, 4/4/2053	309,000	300,503
State of Israel Government Bond 2.75%, 7/3/2030	305,000	266,282
Svensk Exportkredit AB
0.38%, 7/30/2024	375,000	357,874
0.63%, 10/7/2024	100,000	94,833
United Mexican States
4.50%, 4/22/2029	457,000	441,166
3.25%, 4/16/2030	505,000	447,135
2.66%, 5/24/2031	500,000	414,109
4.75%, 4/27/2032	750,000	711,088
3.50%, 2/12/2034	250,000	207,597
6.75%, 9/27/2034	335,000	359,235
6.35%, 2/9/2035	500,000	518,717
4.28%, 8/14/2041	565,000	456,328
4.75%, 3/8/2044	34,000	28,521
5.00%, 4/27/2051 (d)	300,000	254,323
4.40%, 2/12/2052	670,000	515,858
6.34%, 5/4/2053	60,000	60,064
3.77%, 5/24/2061	1,810,000	1,190,230
Total Foreign Government Securities (Cost $34,809,280)		33,456,757
Supranational — 1.3%
African Development Bank (Supranational)
3.38%, 7/7/2025	354,000	344,192
0.88%, 3/23/2026	127,000	115,274
0.88%, 7/22/2026	440,000	395,150
4.38%, 11/3/2027	65,000	64,823
Asian Development Bank (Supranational)
0.63%, 10/8/2024	1,153,000	1,096,066
1.50%, 10/18/2024	450,000	431,432
0.38%, 9/3/2025	1,927,000	1,762,769
0.50%, 2/4/2026	885,000	799,859
1.00%, 4/14/2026	998,000	908,346
1.25%, 6/9/2028	1,870,000	1,618,662
5.82%, 6/16/2028	80,000	84,439
Asian Infrastructure Investment Bank (The) (Supranational)
0.50%, 10/30/2024	120,000	113,354
0.50%, 5/28/2025	50,000	46,143

INVESTMENTS	PRINCIPAL AMOUNT($)	VALUE($)

Corp. Andina de Fomento (Supranational)
1.63%, 9/23/2025 (d)	1,232,000	1,139,148
2.25%, 2/8/2027 (d)	123,000	110,791
Council of Europe Development Bank (Supranational) 1.38%, 2/27/2025 (d)	281,000	265,868
European Bank for Reconstruction & Development (Supranational) 0.50%, 5/19/2025	201,000	186,060
European Investment Bank (Supranational)
1.88%, 2/10/2025	479,000	457,360
1.63%, 3/14/2025	815,000	773,490
0.38%, 12/15/2025	2,320,000	2,101,195
0.38%, 3/26/2026	3,057,000	2,743,683
2.13%, 4/13/2026	375,000	351,702
1.63%, 10/9/2029	130,000	111,864
0.88%, 5/17/2030	455,000	365,659
3.63%, 7/15/2030	35,000	33,567
0.75%, 9/23/2030	171,000	134,912
Inter-American Development Bank (Supranational)
3.25%, 7/1/2024	30,000	29,462
1.75%, 3/14/2025	55,000	52,279
0.88%, 4/3/2025	10,000	9,362
7.00%, 6/15/2025	91,000	93,626
0.88%, 4/20/2026	115,000	104,228
2.00%, 6/2/2026	536,000	499,069
4.00%, 1/12/2028	350,000	344,134
1.13%, 7/20/2028	79,000	67,747
3.50%, 9/14/2029	15,000	14,356
3.20%, 8/7/2042	1,145,000	934,827
International Bank for Reconstruction & Development (Supranational)
2.50%, 11/25/2024	470,000	454,327
1.63%, 1/15/2025	30,000	28,594
2.13%, 3/3/2025	90,000	86,111
0.75%, 3/11/2025	98,000	91,781
0.63%, 4/22/2025	550,000	511,739
0.38%, 7/28/2025	1,239,000	1,137,335
2.50%, 7/29/2025	1,296,000	1,239,308
0.50%, 10/28/2025	70,000	63,865
3.13%, 11/20/2025	85,000	81,958
0.88%, 7/15/2026	130,000	117,057
2.50%, 11/22/2027	44,000	40,782
0.75%, 11/24/2027	31,000	26,657
1.38%, 4/20/2028	85,000	74,336

SEE NOTES TO FINANCIAL STATEMENTS.

J.P. Morgan Exchange-Traded Funds

August 31, 2023

INVESTMENTS	PRINCIPAL AMOUNT($)	VALUE($)
Supranational — continued
3.50%, 7/12/2028	575,000	553,131
1.13%, 9/13/2028	2,600,000	2,221,850
3.88%, 2/14/2030 (d)	1,000,000	973,439
2.50%, 3/29/2032	30,000	26,325
4.75%, 2/15/2035	162,000	165,706
International Finance Corp. (Supranational)
2.13%, 4/7/2026	5,000	4,690
0.75%, 10/8/2026	56,000	49,854
0.75%, 8/27/2030	65,000	51,100
Nordic Investment Bank (Supranational) 2.63%, 4/4/2025	55,000	52,916
Total Supranational (Cost $27,842,896)		26,757,759
U.S. Government Agency Securities — 1.2%
FFCB Funding Corp.
0.39%, 6/17/2024	662,000	635,041
0.57%, 7/2/2024	45,000	43,137
0.88%, 11/18/2024	32,000	30,319
0.69%, 7/22/2025	225,000	206,706
0.57%, 8/12/2025	150,000	137,305
0.61%, 8/25/2025	50,000	45,715
0.53%, 9/29/2025	50,000	45,311
0.60%, 11/24/2025	283,000	256,389
0.75%, 12/16/2026	100,000	87,373
0.69%, 2/2/2027	245,000	213,482
1.30%, 3/30/2027	820,000	724,246
0.79%, 6/21/2027	110,000	94,966
0.84%, 2/2/2028	50,000	42,328
1.12%, 9/1/2028	35,000	29,448
1.10%, 8/10/2029	39,000	31,700
1.23%, 9/10/2029	35,000	28,616
1.68%, 4/29/2030	55,000	45,305
1.23%, 7/29/2030	194,000	153,751
1.15%, 8/12/2030	93,000	73,278
1.24%, 9/3/2030	129,000	101,868
1.32%, 9/9/2030	373,000	296,249
1.24%, 12/23/2030	120,000	93,724
1.38%, 1/14/2031	135,000	106,374
1.30%, 2/3/2031	125,000	97,253
2.23%, 3/12/2035	12,000	9,020
1.69%, 8/20/2035	11,000	7,682
FHLB
2.50%, 2/13/2024	565,000	557,382
2.75%, 6/28/2024	75,000	73,356
1.50%, 8/15/2024	2,235,000	2,154,214

INVESTMENTS	PRINCIPAL AMOUNT($)	VALUE($)

2.88%, 9/13/2024	430,000	418,881
2.75%, 12/13/2024	325,000	314,691
2.38%, 3/14/2025	325,000	311,729
0.50%, 4/14/2025	1,895,000	1,761,775
0.38%, 9/4/2025	100,000	91,458
0.58%, 2/11/2026	65,000	58,438
0.92%, 2/26/2027	150,000	131,654
3.25%, 6/9/2028	1,000,000	950,706
3.25%, 11/16/2028	770,000	732,247
2.13%, 9/14/2029	125,000	109,392
5.50%, 7/15/2036	35,000	38,556
FHLMC
0.38%, 7/21/2025	300,000	275,656
0.38%, 9/23/2025	514,000	468,989
0.60%, 9/30/2025	59,000	53,904
0.63%, 10/27/2025	300,000	274,410
0.70%, 12/23/2025	56,000	50,920
0.80%, 10/27/2026	151,000	133,772
0.90%, 10/13/2027	65,000	56,008
3.84%, 12/14/2029 (h)	2,086,000	1,578,399
6.75%, 3/15/2031	458,000	527,296
6.25%, 7/15/2032	726,000	828,178
4.56%, 11/15/2038 (h)	641,000	313,425
3.46%, 11/15/2038 (h)	918,000	448,797
FNMA
1.75%, 7/2/2024	75,000	72,732
2.63%, 9/6/2024	1,088,000	1,059,661
0.65%, 8/14/2025	290,000	266,567
0.38%, 8/25/2025	300,000	274,665
0.50%, 11/7/2025	46,000	41,912
0.56%, 11/17/2025	290,000	262,494
2.13%, 4/24/2026	25,000	23,431
1.88%, 9/24/2026	1,231,000	1,137,446
0.75%, 10/8/2027	450,000	389,208
6.25%, 5/15/2029	310,000	339,525
7.13%, 1/15/2030	31,000	35,692
7.25%, 5/15/2030	14,000	16,339
0.88%, 8/5/2030	961,000	762,583
6.63%, 11/15/2030	55,000	62,617
Israel Government AID Bond (Israel) 5.50%, 9/18/2023	473,000	472,931
Tennessee Valley Authority
2.88%, 9/15/2024	37,000	36,052
7.13%, 5/1/2030	166,000	189,776
4.70%, 7/15/2033	1,907,000	1,917,894
6.15%, 1/15/2038	35,000	39,480

SEE NOTES TO FINANCIAL STATEMENTS.

August 31, 2023

J.P. Morgan Exchange-Traded Funds

JPMorgan BetaBuilders U.S. Aggregate Bond ETF

SCHEDULE OF PORTFOLIO INVESTMENTS
AS OF August 31, 2023 (Unaudited) (continued)

INVESTMENTS	PRINCIPAL AMOUNT($)	VALUE($)
U.S. Government Agency Securities — continued
5.25%, 9/15/2039	80,000	82,324
4.25%, 9/15/2065	572,000	495,968
Total U.S. Government Agency Securities (Cost $25,339,912)		24,330,116
Asset-Backed Securities — 0.4%
American Airlines Pass-Through Trust Series 2016-2, Class AA, 3.20%, 6/15/2028	117,096	105,989
American Express Credit Account Master Trust
Series 2022-2, Class A, 3.39%, 5/15/2027	800,000	774,096
Series 2022-3, Class A, 3.75%, 8/15/2027	200,000	194,341
Capital One Multi-Asset Execution Trust
Series 2022-A2, Class A, 3.49%, 5/15/2027	750,000	726,809
Series 2019-A3, Class A3, 2.06%, 8/15/2028	400,000	366,913
CarMax Auto Owner Trust Series 2022-1, Class A4, 1.70%, 8/16/2027	365,000	335,249
Citibank Credit Card Issuance Trust Series 2018-A7, Class A7, 3.96%, 10/13/2030	100,000	95,396
Delta Air Lines Pass-Through Trust Series 2020-1, Class AA, 2.00%, 6/10/2028	868,214	765,701
Discover Card Execution Note Trust Series 2022-A3, Class A3, 3.56%, 7/15/2027	750,000	726,187
Evergy Metro, Inc., 4.20%, 3/15/2048	199,000	161,936
Ford Credit Floorplan Master Owner Trust
Series 2020-2, Class A, 1.06%, 9/15/2027	600,000	547,681
Series 2018-4, Class A, 4.06%, 11/15/2030	600,000	566,932
GM Financial Consumer Automobile Receivables Trust Series 2020-3, Class A4, 0.58%, 1/16/2026	500,000	482,082
Toyota Auto Receivables Owner Trust Series 2022-B, Class A3, 2.93%, 9/15/2026	600,000	582,065
United Airlines Pass-Through Trust
Series 2014-1, Class A, 4.00%, 4/11/2026	851,141	808,714
Series 2023-1, Class A, 5.80%, 1/15/2036	100,000	99,698
Verizon Master Trust Series 2022-4, Class A, 3.40%, 11/20/2028	1,000,000	965,803

INVESTMENTS	PRINCIPAL AMOUNT($)	VALUE($)

World Omni Select Auto Trust Series 2019-A, Class D, 2.59%, 12/15/2025	182,000	181,241
Total Asset-Backed Securities (Cost $8,611,781)		8,486,833
Municipal Bonds — 0.3% (i)
Arizona — 0.0% ^
City of Tucson, Taxable Series 2021A, COP, AGM, 2.86%, 7/1/2047	865,000	613,259
California — 0.1%
Bay Area Toll Authority, Toll Bridge
Series 2010S-1, Rev., 6.92%, 4/1/2040	40,000	45,693
Series 2009F-2, Rev., 6.26%, 4/1/2049	100,000	113,611
California State University, Systemwide Series 2021B, Rev., 2.72%, 11/1/2052	1,070,000	704,023
East Bay Municipal Utility District, Water System Series 2010B, Rev., 5.87%, 6/1/2040	155,000	166,868
Golden State Tobacco Securitization Corp., Enhanced Tobacco Settlement Series 2021B, Rev., 3.29%, 6/1/2042	455,000	331,788
Los Angeles Unified School District, Build America Bonds
Series 2009 KRY, GO, 5.75%, 7/1/2034 (d)	20,000	20,701
Series 2010RY, GO, 6.76%, 7/1/2034	105,000	116,014
Regents of the University of California Medical Center Pooled
Series 2010H, Rev., 6.55%, 5/15/2048	40,000	46,000
Series 2020N, Rev., 3.71%, 5/15/2120	140,000	90,437
State of California, Various Purpose
GO, 7.50%, 4/1/2034	235,000	280,612
GO, 7.55%, 4/1/2039	400,000	491,953
Total California		2,407,700
Connecticut — 0.0% ^
State of Connecticut Series A, GO, 5.85%, 3/15/2032	75,000	78,728
Florida — 0.0% ^
State Board of Administration Finance Corp. Series 2020A, Rev., 2.15%, 7/1/2030	147,000	120,538
Georgia — 0.0% ^
Municipal Electric Authority of Georgia Series 2010A, Rev., 7.06%, 4/1/2057	48,000	49,980
Illinois — 0.0% ^
Chicago O'Hare International Airport, General Airport, Senior Lien Series 2018C, Rev., 4.47%, 1/1/2049	25,000	22,811

SEE NOTES TO FINANCIAL STATEMENTS.

J.P. Morgan Exchange-Traded Funds

August 31, 2023

INVESTMENTS	PRINCIPAL AMOUNT($)	VALUE($)
Municipal Bonds — continued
Illinois — continued
Metropolitan Water Reclamation District of Greater Chicago GO, 5.72%, 12/1/2038	55,000	57,933
Sales Tax Securitization Corp. Series 2019A, Rev., 4.64%, 1/1/2040	55,000	52,205
State of Illinois GO, 5.10%, 6/1/2033	410,000	397,612
Total Illinois		530,561
Nebraska — 0.0% ^
University of Nebraska Facilities Corp., Taxable Series 2019A, Rev., 3.04%, 10/1/2049	50,000	36,228
New Jersey — 0.0% ^
New Jersey Economic Development Authority, Pension Funding Series 1997A, Rev., NATL - RE, 7.43%, 2/15/2029	35,000	37,483
New Jersey Turnpike Authority Series 2009F, Rev., 7.41%, 1/1/2040	250,000	306,196
Total New Jersey		343,679
New York — 0.0% ^
Port Authority of New York and New Jersey, Consolidated Series 192, Rev., 4.81%, 10/15/2065	120,000	113,704
Ohio — 0.0% ^
American Municipal Power, Inc., Combined Hydroelectric Projects Series 2010A, Rev., 7.83%, 2/15/2041	25,000	30,720
Texas — 0.1%
Dallas Area Rapid Transit, Senior Lien, Sales Tax Series 2021A, Rev., 2.61%, 12/1/2048	100,000	67,077
Grand Parkway Transportation Corp., System Toll Series 2020B, Rev., 3.24%, 10/1/2052	100,000	70,452
Permanent University Fund - Texas A&M University System Series 2017B, Rev., 3.66%, 7/1/2047	325,000	265,115
State of Texas, Transportation Commission Highway Improvement Series 2010A, GO, 4.68%, 4/1/2040	45,000	43,602

INVESTMENTS	PRINCIPAL AMOUNT($)	VALUE($)

Texas — continued
State of Texas, Transportation Commission Mobility Fund Series 2009A, GO, 5.52%, 4/1/2039	120,000	125,297
Texas Private Activity Bond Surface Transportation Corp., North Tarrant Express Managed Lanes Project, Mobility Partners LLC Series 2019B, Rev., 3.92%, 12/31/2049	300,000	240,857
Total Texas		812,400
Virginia — 0.1%
University of Virginia Series 2020, Rev., 2.26%, 9/1/2050	1,120,000	665,402
Total Municipal Bonds (Cost $7,205,942)		5,802,899
	SHARES
Short-Term Investments — 9.3%
Investment Companies — 8.6%
JPMorgan U.S. Government Money Market Fund Class IM Shares, 5.27% (j) (k) (Cost $172,100,666)	172,100,666	172,100,666
Investment of Cash Collateral from Securities Loaned — 0.7%
JPMorgan Securities Lending Money Market Fund Agency SL Class Shares, 5.50% (j) (k)	10,990,747	10,992,945
JPMorgan U.S. Government Money Market Fund Class IM Shares, 5.27% (j) (k)	3,521,611	3,521,611
Total Investment of Cash Collateral from Securities Loaned (Cost $14,514,556)		14,514,556
Total Short-Term Investments (Cost $186,615,222)		186,615,222
Total Investments — 108.4% (Cost $2,301,687,295)		2,168,685,322
Liabilities in Excess of Other Assets — (8.4)%		(168,571,208 )
NET ASSETS — 100.0%		2,000,114,114

Percentages indicated are based on net assets.

Abbreviations
ACES	Alternative Credit Enhancement Securities
AGM	Insured by Assured Guaranty Municipal Corp.
CME	Chicago Mercantile Exchange
COP	Certificate of Participation
FFCB	Federal Farm Credit Bank

SEE NOTES TO FINANCIAL STATEMENTS.

August 31, 2023

J.P. Morgan Exchange-Traded Funds

JPMorgan BetaBuilders U.S. Aggregate Bond ETF

SCHEDULE OF PORTFOLIO INVESTMENTS
AS OF August 31, 2023 (Unaudited) (continued)

FHLB	Federal Home Loan Bank
FHLMC	Federal Home Loan Mortgage Corp.
FNMA	Federal National Mortgage Association
GNMA	Government National Mortgage Association
GO	General Obligation
ICE	Intercontinental Exchange
LIBOR	London Interbank Offered Rate
NATL	Insured by National Public Finance Guarantee Corp.
OYJ	Public Limited Company
RE	Reinsured
REIT	Real Estate Investment Trust
Rev.	Revenue
SOFR	Secured Overnight Financing Rate
SOFRINDX	Compounding index of the Secured Overnight Financing Rate
TBA	To Be Announced; Security is subject to delayed delivery.
UMBS	Uniform Mortgage-Backed Securities
USD	United States Dollar

^	Amount rounds to less than 0.1% of net assets.
(a)	All or a portion of the security is a when-issued security, delayed delivery security, or forward commitment.
(b)	Variable or floating rate security, linked to the referenced benchmark. The interest rate shown is the current rate as of August 31, 2023.
(c)	Contingent Capital security (“CoCo”). CoCos are hybrid debt securities that may be convertible into equity or may be written down if a pre-specified trigger event occurs. The total value of aggregate CoCo holdings at August 31, 2023 is $965,818 or 0.05% of the Fund’s net assets as of August 31, 2023.

(d)	The security or a portion of this security is on loan at August 31, 2023. The total value of securities on loan at August 31, 2023 is $13,939,821.
(e)	Variable or floating rate security, the interest rate of which adjusts periodically based on changes in current interest rates and prepayments on the underlying pool of assets. The interest rate shown is the current rate as of August 31, 2023.
(f)	Step bond. Interest rate is a fixed rate for an initial period that either resets at a specific date or may reset in the future contingent upon a predetermined trigger. The interest rate shown is the current rate as of August 31, 2023.
(g)	Securities exempt from registration under Rule 144A or section 4(a)(2), of the Securities Act of 1933, as amended.
(h)	The rate shown is the effective yield as of August 31, 2023.
(i)	The date shown represents the earliest of the prerefunded date, next put date or final maturity date.
(j)	Investment in an affiliated fund, which is registered under the Investment Company Act of 1940, as amended, and is advised by J.P. Morgan Investment Management Inc.
(k)	The rate shown is the current yield as of August 31, 2023.

SEE NOTES TO FINANCIAL STATEMENTS.

J.P. Morgan Exchange-Traded Funds

August 31, 2023

JPMorgan BetaBuilders U.S. TIPS 0-5 Year ETF

SCHEDULE OF PORTFOLIO INVESTMENTS
AS OF August 31, 2023 (Unaudited)

INVESTMENTS	PRINCIPAL AMOUNT($)	VALUE($)
U.S. Treasury Obligations — 99.2%
U.S. Treasury Inflation Indexed Bonds
1.75%, 1/15/2028	145,639	143,134
3.63%, 4/15/2028	150,914	160,749
U.S. Treasury Inflation Indexed Notes
0.63%, 1/15/2024	453,748	447,692
0.25%, 1/15/2025	376,146	361,492
0.63%, 1/15/2026	346,699	330,600
0.38%, 1/15/2027	334,716	313,362
0.13%, 4/15/2027	398,749	368,726
0.38%, 7/15/2027	354,230	331,306
0.75%, 7/15/2028	314,812	296,808
U.S. Treasury Inflation Linked Bonds
2.38%, 1/15/2025	257,364	254,411
2.00%, 1/15/2026	169,097	166,412
2.38%, 1/15/2027	163,398	163,446
U.S. Treasury Inflation Linked Notes
0.50%, 4/15/2024	263,725	258,063
0.13%, 7/15/2024	424,037	412,663
0.13%, 10/15/2024	366,277	354,094
0.13%, 4/15/2025	298,849	285,024
0.38%, 7/15/2025	425,864	408,164
0.13%, 10/15/2025	364,526	346,068
0.13%, 4/15/2026	293,184	274,969
0.13%, 7/15/2026	344,948	323,924

INVESTMENTS	PRINCIPAL AMOUNT($)	VALUE($)

0.13%, 10/15/2026	390,796	365,444
1.63%, 10/15/2027	413,022	405,161
0.50%, 1/15/2028	374,790	349,228
1.25%, 4/15/2028	407,897	392,649
Total U.S. Treasury Obligations (Cost $7,638,688)		7,513,589
	SHARES
Short-Term Investments — 0.2%
Investment Companies — 0.2%
JPMorgan Prime Money Market Fund Class IM Shares, 5.46% (a) (b) (Cost $17,008)	17,005	17,010
Total Investments — 99.4% (Cost $7,655,696)		7,530,599
Other Assets Less Liabilities — 0.6%		48,479
NET ASSETS — 100.0%		7,579,078

Percentages indicated are based on net assets.

(a)	Investment in an affiliated fund, which is registered under the Investment Company Act of 1940, as amended, and is advised by J.P. Morgan Investment Management Inc.
(b)	The rate shown is the current yield as of August 31, 2023.

SEE NOTES TO FINANCIAL STATEMENTS.

August 31, 2023

J.P. Morgan Exchange-Traded Funds

JPMorgan BetaBuilders U.S. Treasury Bond 1-3 Year ETF

SCHEDULE OF PORTFOLIO INVESTMENTS
AS OF August 31, 2023 (Unaudited)

INVESTMENTS	PRINCIPAL AMOUNT($)	VALUE($)
U.S. Treasury Obligations — 99.2%
U.S. Treasury Bonds 6.75%, 8/15/2026	29,000	30,748
U.S. Treasury Notes
0.38%, 9/15/2024	32,000	30,404
1.50%, 9/30/2024	18,000	17,283
2.13%, 9/30/2024	2,000	1,933
4.25%, 9/30/2024	97,000	95,913
0.63%, 10/15/2024	27,000	25,638
4.38%, 10/31/2024	96,000	95,006
0.75%, 11/15/2024	27,000	25,594
2.25%, 11/15/2024	119,000	114,830
1.50%, 11/30/2024	85,000	81,192
2.13%, 11/30/2024	2,000	1,925
4.50%, 11/30/2024	87,000	86,218
1.00%, 12/15/2024	76,000	72,049
1.75%, 12/31/2024	85,000	81,261
4.25%, 12/31/2024	95,000	93,839
1.13%, 1/15/2025	19,000	17,991
2.50%, 1/31/2025	77,000	74,230
4.13%, 1/31/2025	96,000	94,661
1.50%, 2/15/2025	108,000	102,541
2.00%, 2/15/2025	21,000	20,088
1.13%, 2/28/2025	1,000	943
4.63%, 2/28/2025	96,000	95,336
1.75%, 3/15/2025	14,000	13,315
0.50%, 3/31/2025	3,000	2,794
2.63%, 3/31/2025	64,000	61,640
3.88%, 3/31/2025	96,000	94,264
2.63%, 4/15/2025	102,000	98,183
0.38%, 4/30/2025	39,000	36,141
2.88%, 4/30/2025	28,000	27,045
3.88%, 4/30/2025	96,000	94,256
2.13%, 5/15/2025	18,000	17,160
2.75%, 5/15/2025	11,000	10,599
0.25%, 5/31/2025	45,000	41,467
2.88%, 5/31/2025	73,000	70,434
4.25%, 5/31/2025	79,000	78,034
2.88%, 6/15/2025	100,000	96,457
0.25%, 6/30/2025	102,000	93,736
2.75%, 6/30/2025	67,000	64,456
4.63%, 6/30/2025	9,000	8,950
3.00%, 7/15/2025	25,000	24,147
0.25%, 7/31/2025	51,000	46,719
2.88%, 7/31/2025	26,000	25,042
4.75%, 7/31/2025	9,000	8,976
2.00%, 8/15/2025	115,000	108,864

INVESTMENTS	PRINCIPAL AMOUNT($)	VALUE($)

3.13%, 8/15/2025	7,000	6,772
0.25%, 8/31/2025	105,000	95,870
5.00%, 8/31/2025	13,000	13,037
3.50%, 9/15/2025	7,000	6,818
0.25%, 9/30/2025	109,000	99,309
3.00%, 9/30/2025	64,000	61,690
4.25%, 10/15/2025	6,000	5,933
0.25%, 10/31/2025	49,000	44,485
3.00%, 10/31/2025	1,000	963
2.25%, 11/15/2025	27,000	25,579
4.50%, 11/15/2025	7,000	6,957
0.38%, 11/30/2025	111,000	100,750
2.88%, 11/30/2025	52,000	49,932
4.00%, 12/15/2025	6,000	5,903
0.38%, 12/31/2025	104,000	94,234
2.63%, 12/31/2025	1,000	954
3.88%, 1/15/2026	6,000	5,887
0.38%, 1/31/2026	123,000	111,012
2.63%, 1/31/2026	8,000	7,623
1.63%, 2/15/2026	108,000	100,389
4.00%, 2/15/2026	20,000	19,684
0.50%, 2/28/2026	124,000	111,958
2.50%, 2/28/2026	79,000	75,004
4.63%, 3/15/2026	84,000	83,938
0.75%, 3/31/2026	118,000	107,094
2.25%, 3/31/2026	48,000	45,257
3.75%, 4/15/2026	6,000	5,870
0.75%, 4/30/2026	118,000	106,716
2.38%, 4/30/2026	70,000	66,112
1.63%, 5/15/2026	65,000	60,110
3.63%, 5/15/2026	94,000	91,679
0.75%, 5/31/2026	122,000	110,029
4.13%, 6/15/2026	6,000	5,931
0.88%, 6/30/2026	17,000	15,367
1.88%, 6/30/2026	1,000	930
4.50%, 7/15/2026	6,000	5,989
0.63%, 7/31/2026	100,000	89,426
1.50%, 8/15/2026	20,000	18,332
4.38%, 8/15/2026	44,000	43,801
0.75%, 8/31/2026	46,000	41,183
1.38%, 8/31/2026	59,000	53,828
Total U.S. Treasury Obligations (Cost $4,417,018)		4,384,637

SEE NOTES TO FINANCIAL STATEMENTS.

J.P. Morgan Exchange-Traded Funds

August 31, 2023

JPMorgan BetaBuilders U.S. Treasury Bond 20+ Year ETF

SCHEDULE OF PORTFOLIO INVESTMENTS
AS OF August 31, 2023 (Unaudited)

INVESTMENTS	PRINCIPAL AMOUNT($)	VALUE($)
U.S. Treasury Obligations — 99.0%
U.S. Treasury Bonds
3.75%, 11/15/2043	812,000	738,635
3.63%, 2/15/2044	1,009,000	900,060
3.38%, 5/15/2044	935,000	801,763
3.13%, 8/15/2044	1,181,000	971,742
3.00%, 11/15/2044	1,066,000	857,505
2.50%, 2/15/2045	1,307,000	959,777
3.00%, 5/15/2045	619,000	496,022
2.88%, 8/15/2045	777,000	607,972
3.00%, 11/15/2045	547,000	437,002
2.50%, 2/15/2046	1,151,000	836,813
2.50%, 5/15/2046	1,160,000	842,314
2.25%, 8/15/2046	1,419,000	977,447
2.88%, 11/15/2046	636,000	494,714
3.00%, 2/15/2047	1,262,000	1,003,241
3.00%, 5/15/2047	1,048,000	832,873
2.75%, 8/15/2047	1,290,000	977,729
2.75%, 11/15/2047	1,395,000	1,056,277
3.00%, 2/15/2048	1,600,000	1,270,063
3.13%, 5/15/2048	1,718,000	1,395,338
3.00%, 8/15/2048	1,702,000	1,350,630
3.38%, 11/15/2048	1,932,000	1,641,898
3.00%, 2/15/2049	2,034,000	1,614,567
2.88%, 5/15/2049	1,988,000	1,540,933
2.25%, 8/15/2049	1,668,000	1,134,696
2.38%, 11/15/2049	1,852,000	1,295,170
2.00%, 2/15/2050	2,222,000	1,422,861
1.25%, 5/15/2050	2,582,000	1,349,599
1.38%, 8/15/2050	2,714,000	1,466,938
1.63%, 11/15/2050	2,877,000	1,664,165
1.88%, 2/15/2051	2,937,000	1,811,877
2.38%, 5/15/2051	3,231,000	2,245,671
2.00%, 8/15/2051	3,096,000	1,965,597
1.88%, 11/15/2051	2,978,000	1,829,841
2.25%, 2/15/2052	2,622,000	1,768,826
2.88%, 5/15/2052	2,577,000	2,000,497
3.00%, 8/15/2052	2,252,000	1,794,650
4.00%, 11/15/2052	2,387,000	2,303,175
3.63%, 2/15/2053	2,449,000	2,206,396
3.63%, 5/15/2053	2,268,000	2,045,452
4.13%, 8/15/2053	856,000	844,498
Total U.S. Treasury Obligations (Cost $54,276,789)		51,755,224

INVESTMENTS	SHARES	VALUE($)
Short-Term Investments — 0.1%
Investment Companies — 0.1%
JPMorgan Prime Money Market Fund Class IM Shares, 5.46% (a) (b) (Cost $23,665)	23,660	23,667
Total Investments — 99.1% (Cost $54,300,454)		51,778,891
Other Assets Less Liabilities — 0.9%		492,096
NET ASSETS — 100.0%		52,270,987

Percentages indicated are based on net assets.

(a)	Investment in an affiliated fund, which is registered under the Investment Company Act of 1940, as amended, and is advised by J.P. Morgan Investment Management Inc.
(b)	The rate shown is the current yield as of August 31, 2023.

SEE NOTES TO FINANCIAL STATEMENTS.

J.P. Morgan Exchange-Traded Funds

August 31, 2023

JPMorgan BetaBuilders U.S. Treasury Bond 3-10 Year ETF

SCHEDULE OF PORTFOLIO INVESTMENTS
AS OF August 31, 2023 (Unaudited)

INVESTMENTS	PRINCIPAL AMOUNT($)	VALUE($)
U.S. Treasury Obligations — 99.1%
U.S. Treasury Notes
0.88%, 9/30/2026	3,000	2,692
1.63%, 9/30/2026	50,000	45,920
1.13%, 10/31/2026	24,000	21,636
1.63%, 10/31/2026	58,000	53,115
1.25%, 11/30/2026	6,000	5,419
1.25%, 12/31/2026	99,000	89,286
1.75%, 12/31/2026	68,000	62,332
1.50%, 1/31/2027	111,000	100,685
2.25%, 2/15/2027	76,000	70,671
1.13%, 2/28/2027	10,000	8,941
1.88%, 2/28/2027	1,000	917
0.63%, 3/31/2027	36,000	31,508
0.50%, 4/30/2027	54,000	46,912
2.75%, 4/30/2027	88,000	83,060
2.38%, 5/15/2027	4,000	3,722
0.50%, 5/31/2027	10,000	8,662
2.63%, 5/31/2027	47,000	44,118
0.50%, 6/30/2027	56,000	48,390
3.25%, 6/30/2027	32,000	30,720
2.75%, 7/31/2027	27,000	25,417
2.25%, 8/15/2027	86,000	79,406
0.50%, 8/31/2027	84,000	72,174
3.13%, 8/31/2027	37,000	35,306
0.38%, 9/30/2027	44,000	37,507
4.13%, 9/30/2027	82,000	81,241
4.13%, 10/31/2027	64,000	63,402
0.63%, 11/30/2027	95,000	81,411
3.88%, 11/30/2027	82,000	80,495
0.63%, 12/31/2027	69,000	58,987
3.88%, 12/31/2027	42,000	41,231
0.75%, 1/31/2028	11,000	9,435
3.50%, 1/31/2028	49,000	47,383
2.75%, 2/15/2028	9,000	8,432
1.13%, 2/29/2028	42,000	36,565
4.00%, 2/29/2028	80,000	79,016
1.25%, 3/31/2028	2,000	1,748
3.63%, 3/31/2028	79,000	76,797
1.25%, 4/30/2028	88,000	76,746
3.50%, 4/30/2028	26,000	25,137
2.88%, 5/15/2028	47,000	44,171
1.25%, 5/31/2028	81,000	70,511
1.25%, 6/30/2028	58,000	50,392
1.00%, 7/31/2028	105,000	89,857
2.88%, 8/15/2028	12,000	11,251

INVESTMENTS	PRINCIPAL AMOUNT($)	VALUE($)

1.13%, 8/31/2028	105,000	90,247
1.25%, 9/30/2028	104,000	89,753
1.38%, 10/31/2028	2,000	1,734
3.13%, 11/15/2028	9,000	8,522
1.50%, 11/30/2028	97,000	84,492
1.38%, 12/31/2028	100,000	86,379
1.75%, 1/31/2029	10,000	8,793
2.63%, 2/15/2029	85,000	78,253
2.38%, 3/31/2029	60,000	54,415
2.88%, 4/30/2029	37,000	34,437
2.38%, 5/15/2029	64,000	57,970
2.75%, 5/31/2029	27,000	24,941
3.25%, 6/30/2029	47,000	44,573
2.63%, 7/31/2029	12,000	10,990
1.63%, 8/15/2029	91,000	78,807
3.13%, 8/31/2029	79,000	74,356
3.88%, 9/30/2029	54,000	52,918
4.00%, 10/31/2029	35,000	34,531
1.75%, 11/15/2029	33,000	28,697
3.50%, 1/31/2030	17,000	16,307
1.50%, 2/15/2030	2,000	1,697
4.00%, 2/28/2030	74,000	73,058
3.63%, 3/31/2030	73,000	70,513
3.50%, 4/30/2030	29,000	27,804
0.63%, 5/15/2030	69,000	54,739
3.75%, 5/31/2030	37,000	36,001
4.00%, 7/31/2030	12,000	11,857
0.63%, 8/15/2030	53,000	41,760
0.88%, 11/15/2030	152,000	121,671
1.13%, 2/15/2031	125,000	101,558
1.63%, 5/15/2031	95,000	79,574
1.25%, 8/15/2031	137,000	110,627
1.38%, 11/15/2031	47,000	38,090
1.88%, 2/15/2032	119,000	100,020
2.88%, 5/15/2032	102,000	92,696
2.75%, 8/15/2032	135,000	121,178
4.13%, 11/15/2032	59,000	58,972
3.50%, 2/15/2033	117,000	111,424
3.38%, 5/15/2033	48,000	45,217
3.88%, 8/15/2033	29,000	28,483
Total U.S. Treasury Obligations (Cost $4,444,955)		4,330,778

SEE NOTES TO FINANCIAL STATEMENTS.

August 31, 2023

J.P. Morgan Exchange-Traded Funds

JPMorgan BetaBuilders USD High Yield Corporate Bond ETF

SCHEDULE OF PORTFOLIO INVESTMENTS
AS OF August 31, 2023 (Unaudited)

INVESTMENTS	PRINCIPAL AMOUNT($)	VALUE($)
Corporate Bonds — 97.8%
Aerospace & Defense — 2.2%
Bombardier, Inc. (Canada)
7.50%, 3/15/2025 (a)	35,000	35,021
7.13%, 6/15/2026 (a)	853,000	838,827
7.88%, 4/15/2027 (a)	1,011,000	1,008,387
6.00%, 2/15/2028 (a)	76,000	71,032
7.50%, 2/1/2029 (a)	156,000	152,862
BWX Technologies, Inc. 4.13%, 4/15/2029 (a)	130,000	115,680
Moog, Inc. 4.25%, 12/15/2027 (a)	336,000	305,761
Rolls-Royce plc (United Kingdom) 5.75%, 10/15/2027 (a)	600,000	582,489
Spirit AeroSystems, Inc.
7.50%, 4/15/2025 (a)	523,000	516,518
3.85%, 6/15/2026	165,000	153,951
4.60%, 6/15/2028	128,000	103,687
9.38%, 11/30/2029 (a)	460,000	479,373
TransDigm, Inc.
6.25%, 3/15/2026 (a)	1,698,000	1,681,817
6.38%, 6/15/2026	660,000	659,926
5.50%, 11/15/2027	1,379,000	1,308,700
6.75%, 8/15/2028 (a)	229,000	229,803
4.88%, 5/1/2029	735,000	661,343
Triumph Group, Inc.
7.75%, 8/15/2025	612,000	577,422
9.00%, 3/15/2028 (a)	5,000	5,034
		9,487,633
Air Freight & Logistics — 0.0% ^
Rand Parent LLC 8.50%, 2/15/2030 (a)	81,000	77,113
Automobile Components — 2.1%
Adient Global Holdings Ltd.
4.88%, 8/15/2026 (a)	350,000	337,067
7.00%, 4/15/2028 (a)	191,000	192,966
8.25%, 4/15/2031 (a)	280,000	287,056
Allison Transmission, Inc. 5.88%, 6/1/2029 (a)	359,000	346,731
American Axle & Manufacturing, Inc.
6.50%, 4/1/2027	489,000	463,445
5.00%, 10/1/2029	263,000	216,516
Clarios Global LP
6.75%, 5/15/2025 (a)	127,000	126,951
6.25%, 5/15/2026 (a)	207,000	205,007
8.50%, 5/15/2027 (a)	756,000	763,611
Cooper-Standard Automotive, Inc.
13.50% (Blend (Cash 9.00% + PIK 4.50%)), 3/31/2027 (a) (b)	253,346	257,335

INVESTMENTS	PRINCIPAL AMOUNT($)	VALUE($)

Automobile Components — continued
10.63% (PIK), 5/15/2027 (a) (b)	115,520	72,549
Dana, Inc.
5.38%, 11/15/2027	411,000	388,816
5.63%, 6/15/2028	101,000	95,077
4.50%, 2/15/2032	253,000	204,270
Dealer Tire LLC 8.00%, 2/1/2028 (a)	262,000	244,549
Dornoch Debt Merger Sub, Inc. 6.63%, 10/15/2029 (a)	231,000	199,144
Goodyear Tire & Rubber Co. (The)
5.00%, 5/31/2026	407,000	392,741
4.88%, 3/15/2027	679,000	638,737
5.00%, 7/15/2029	332,000	294,649
5.25%, 4/30/2031	485,000	425,437
5.63%, 4/30/2033	172,000	147,262
Icahn Enterprises LP
6.38%, 12/15/2025	161,000	153,494
6.25%, 5/15/2026	889,000	823,623
5.25%, 5/15/2027	602,000	528,255
4.38%, 2/1/2029	142,000	112,145
IHO Verwaltungs GmbH (Germany) 6.37% (Cash), 5/15/2029 (a) (b)	393,000	363,652
Patrick Industries, Inc.
7.50%, 10/15/2027 (a)	111,000	108,225
4.75%, 5/1/2029 (a)	164,000	140,220
Real Hero Merger Sub 2, Inc. 6.25%, 2/1/2029 (a)	387,000	315,146
ZF North America Capital, Inc. (Germany)
4.75%, 4/29/2025 (a)	150,000	145,740
6.88%, 4/14/2028 (a)	300,000	299,033
		9,289,449
Automobiles — 1.3%
Aston Martin Capital Holdings Ltd. (Jersey) 10.50%, 11/30/2025 (a)	200,000	203,130
Ford Motor Co.
4.35%, 12/8/2026	12,000	11,583
6.63%, 10/1/2028	297,000	299,400
3.25%, 2/12/2032	1,406,000	1,097,536
6.10%, 8/19/2032	1,049,000	1,002,351
4.75%, 1/15/2043	379,000	283,342
5.29%, 12/8/2046	911,000	715,375
Jaguar Land Rover Automotive plc (United Kingdom)
7.75%, 10/15/2025 (a)	419,000	420,481
4.50%, 10/1/2027 (a)	211,000	184,099
5.50%, 7/15/2029 (a)	295,000	256,320

SEE NOTES TO FINANCIAL STATEMENTS.

August 31, 2023

J.P. Morgan Exchange-Traded Funds

JPMorgan BetaBuilders USD High Yield Corporate Bond ETF

SCHEDULE OF PORTFOLIO INVESTMENTS
AS OF August 31, 2023 (Unaudited) (continued)

INVESTMENTS	PRINCIPAL AMOUNT($)	VALUE($)
Corporate Bonds — continued
Automobiles — continued
Mclaren Finance plc (United Kingdom) 7.50%, 8/1/2026 (a)	454,000	399,520
PM General Purchaser LLC 9.50%, 10/1/2028 (a)	304,000	292,658
Thor Industries, Inc. 4.00%, 10/15/2029 (a)	261,000	219,263
Winnebago Industries, Inc. 6.25%, 7/15/2028 (a)	291,000	283,294
		5,668,352
Banks — 0.7%
Intesa Sanpaolo SpA (Italy)
5.02%, 6/26/2024 (a)	200,000	195,555
5.71%, 1/15/2026 (a)	715,000	687,266
(US Treasury Yield Curve Rate T Note Constant Maturity 1 Year + 2.60%), 4.20%, 6/1/2032 (a) (c)	338,000	257,592
(US Treasury Yield Curve Rate T Note Constant Maturity 1 Year + 2.75%), 4.95%, 6/1/2042 (a) (c)	219,000	145,945
Pacific Western Bank (3-MONTH CME TERM SOFR + 2.52%), 3.25%, 5/1/2031 (c)	157,000	130,310
Popular, Inc. (Puerto Rico) 7.25%, 3/13/2028	190,000	191,187
UniCredit SpA (Italy)
(USD ICE Swap Rate 5 Year + 3.70%), 5.86%, 6/19/2032 (a) (c)	946,000	870,659
(US Treasury Yield Curve Rate T Note Constant Maturity 5 Year + 4.75%), 5.46%, 6/30/2035 (a) (c)	423,000	367,308
Western Alliance Bancorp (3-MONTH CME TERM SOFR + 2.25%), 3.00%, 6/15/2031 (c)	133,000	105,186
		2,951,008
Beverages — 0.1%
Primo Water Holdings, Inc. (Canada) 4.38%, 4/30/2029 (a)	145,000	127,237
Triton Water Holdings, Inc. 6.25%, 4/1/2029 (a)	276,000	234,615
		361,852
Biotechnology — 0.1%
Emergent BioSolutions, Inc. 3.88%, 8/15/2028 (a)	297,000	142,560
Grifols SA (Spain) 4.75%, 10/15/2028 (a)	340,000	298,292
		440,852
Broadline Retail — 1.3%
ANGI Group LLC 3.88%, 8/15/2028 (a)	376,000	301,745
Go Daddy Operating Co. LLC 3.50%, 3/1/2029 (a)	727,000	624,888

INVESTMENTS	PRINCIPAL AMOUNT($)	VALUE($)

Broadline Retail — continued
Kohl's Corp. 4.62%, 5/1/2031 (d)	425,000	312,906
Macy's Retail Holdings LLC
5.88%, 4/1/2029 (a)	617,000	557,756
5.88%, 3/15/2030 (a)	5,000	4,375
4.50%, 12/15/2034	316,000	225,308
Match Group Holdings II LLC
5.00%, 12/15/2027 (a)	295,000	276,811
4.63%, 6/1/2028 (a)	110,000	101,488
5.63%, 2/15/2029 (a)	149,000	140,451
4.13%, 8/1/2030 (a)	392,000	336,187
3.63%, 10/1/2031 (a)	100,000	81,521
Millennium Escrow Corp. 6.63%, 8/1/2026 (a)	392,000	322,983
NMG Holding Co., Inc. 7.13%, 4/1/2026 (a)	488,000	463,803
Nordstrom, Inc.
4.00%, 3/15/2027	5,000	4,362
6.95%, 3/15/2028	33,000	32,065
4.38%, 4/1/2030	505,000	403,482
4.25%, 8/1/2031	91,000	68,458
5.00%, 1/15/2044	241,000	153,035
Photo Holdings Merger Sub, Inc. 8.50%, 10/1/2026 (a)	259,000	124,644
QVC, Inc.
4.45%, 2/15/2025	136,000	122,269
4.75%, 2/15/2027	764,000	504,313
5.95%, 3/15/2043	99,000	45,630
Rakuten Group, Inc. (Japan) (US Treasury Yield Curve Rate T Note Constant Maturity 5 Year + 4.96%), 6.25%, 4/22/2031 (a) (c) (e) (f)	528,000	269,229
		5,477,709
Building Products — 1.4%
Advanced Drainage Systems, Inc.
5.00%, 9/30/2027 (a)	78,000	74,490
6.38%, 6/15/2030 (a)	408,000	401,896
Builders FirstSource, Inc.
5.00%, 3/1/2030 (a)	862,000	791,814
4.25%, 2/1/2032 (a)	139,000	118,174
Camelot Return Merger Sub, Inc. 8.75%, 8/1/2028 (a)	421,000	419,947
CP Atlas Buyer, Inc. 7.00%, 12/1/2028 (a)	235,000	197,321
Eco Material Technologies, Inc. 7.88%, 1/31/2027 (a)	51,000	49,724
Emerald Debt Merger Sub LLC 6.63%, 12/15/2030 (a)	455,000	447,911
Griffon Corp. 5.75%, 3/1/2028	584,000	544,290

SEE NOTES TO FINANCIAL STATEMENTS.

J.P. Morgan Exchange-Traded Funds

August 31, 2023

INVESTMENTS	PRINCIPAL AMOUNT($)	VALUE($)
Corporate Bonds — continued
Building Products — continued
James Hardie International Finance DAC 5.00%, 1/15/2028 (a)	300,000	282,981
JELD-WEN, Inc. 4.88%, 12/15/2027 (a)	96,000	85,438
Masonite International Corp.
5.38%, 2/1/2028 (a)	113,000	107,068
3.50%, 2/15/2030 (a)	373,000	312,328
MIWD Holdco II LLC 5.50%, 2/1/2030 (a)	39,000	33,057
New Enterprise Stone & Lime Co., Inc. 5.25%, 7/15/2028 (a)	32,000	29,526
Oscar AcquisitionCo LLC 9.50%, 4/15/2030 (a)	325,000	304,202
PGT Innovations, Inc. 4.38%, 10/1/2029 (a)	380,000	352,617
Standard Industries, Inc.
5.00%, 2/15/2027 (a)	22,000	20,856
4.75%, 1/15/2028 (a)	863,000	794,822
3.38%, 1/15/2031 (a)	294,000	234,431
Summit Materials LLC 6.50%, 3/15/2027 (a)	399,000	395,688
Victors Merger Corp. 6.38%, 5/15/2029 (a)	265,000	190,792
		6,189,373
Capital Markets — 0.6%
AG TTMT Escrow Issuer LLC 8.63%, 9/30/2027 (a)	510,000	525,610
Aretec Escrow Issuer, Inc. 7.50%, 4/1/2029 (a)	105,000	94,327
Brightsphere Investment Group, Inc. 4.80%, 7/27/2026	170,000	162,245
Coinbase Global, Inc. 3.38%, 10/1/2028 (a)	252,000	185,375
Compass Group Diversified Holdings LLC
5.25%, 4/15/2029 (a)	509,000	467,445
5.00%, 1/15/2032 (a)	35,000	29,362
Dresdner Funding Trust I 8.15%, 6/30/2031 (a)	382,000	406,830
Jane Street Group 4.50%, 11/15/2029 (a)	453,000	397,514
StoneX Group, Inc. 8.63%, 6/15/2025 (a)	320,000	324,029
		2,592,737
Chemicals — 2.9%
Ashland, Inc.
3.38%, 9/1/2031 (a)	261,000	208,670
6.88%, 5/15/2043	96,000	93,837
ASP Unifrax Holdings, Inc. 7.50%, 9/30/2029 (a)	249,000	129,616
Avient Corp.
5.75%, 5/15/2025 (a)	237,000	233,846
7.13%, 8/1/2030 (a)	412,000	411,606

INVESTMENTS	PRINCIPAL AMOUNT($)	VALUE($)

Chemicals — continued
Axalta Coating Systems LLC 4.75%, 6/15/2027 (a)	525,000	494,032
Cerdia Finanz GmbH (Germany) 10.50%, 2/15/2027 (a)	248,000	243,985
Chemours Co. (The)
5.38%, 5/15/2027	38,000	35,772
5.75%, 11/15/2028 (a)	767,000	689,011
4.63%, 11/15/2029 (a)	5,000	4,157
Cornerstone Chemical Co. 8.11% (Blend (Cash 8.25% + PIK 2.00%)), 9/1/2027 (a) (b)	16,000	13,611
CVR Partners LP 6.13%, 6/15/2028 (a)	301,000	269,476
Element Solutions, Inc. 3.88%, 9/1/2028 (a)	247,000	217,143
FXI Holdings, Inc. 12.25%, 11/15/2026 (a)	448,000	402,080
GPD Cos., Inc. 10.13%, 4/1/2026 (a)	330,000	309,516
INEOS Finance plc (Luxembourg) 6.75%, 5/15/2028 (a)	234,000	224,032
INEOS Quattro Finance 2 plc (United Kingdom) 3.38%, 1/15/2026 (a)	300,000	274,422
Ingevity Corp. 3.88%, 11/1/2028 (a)	56,000	47,583
LSB Industries, Inc. 6.25%, 10/15/2028 (a)	433,000	396,001
LSF11 A5 HoldCo LLC 6.63%, 10/15/2029 (a)	55,000	45,833
Mativ Holdings, Inc. 6.88%, 10/1/2026 (a)	321,000	290,685
Methanex Corp. (Canada)
5.13%, 10/15/2027	120,000	112,556
5.25%, 12/15/2029	685,000	623,992
5.65%, 12/1/2044	91,000	74,430
NOVA Chemicals Corp. (Canada)
4.88%, 6/1/2024 (a)	17,000	16,721
5.25%, 6/1/2027 (a)	78,000	69,346
4.25%, 5/15/2029 (a)	460,000	373,636
Nufarm Australia Ltd. (Australia) 5.00%, 1/27/2030 (a)	340,000	302,428
Olin Corp.
5.13%, 9/15/2027	337,000	322,637
5.63%, 8/1/2029	378,000	362,692
5.00%, 2/1/2030	51,000	46,699
Olympus Water US Holding Corp.
4.25%, 10/1/2028 (a)	680,000	558,266
9.75%, 11/15/2028 (a)	200,000	201,465
6.25%, 10/1/2029 (a)	75,000	60,380
Rain CII Carbon LLC 7.25%, 4/1/2025 (a)	8,000	7,859
Rayonier AM Products, Inc. 7.63%, 1/15/2026 (a)	460,000	374,396
SCIH Salt Holdings, Inc.
4.88%, 5/1/2028 (a)	388,000	349,132
6.63%, 5/1/2029 (a)	376,000	331,795

SEE NOTES TO FINANCIAL STATEMENTS.

August 31, 2023

J.P. Morgan Exchange-Traded Funds

JPMorgan BetaBuilders USD High Yield Corporate Bond ETF

SCHEDULE OF PORTFOLIO INVESTMENTS
AS OF August 31, 2023 (Unaudited) (continued)

INVESTMENTS	PRINCIPAL AMOUNT($)	VALUE($)
Corporate Bonds — continued
Chemicals — continued
SCIL IV LLC 5.38%, 11/1/2026 (a)	381,000	356,646
Scotts Miracle-Gro Co. (The)
4.50%, 10/15/2029	237,000	198,208
4.00%, 4/1/2031	255,000	200,425
4.38%, 2/1/2032	249,000	197,158
SK Invictus Intermediate II SARL 5.00%, 10/30/2029 (a)	419,000	344,238
SNF Group SACA (France) 3.13%, 3/15/2027 (a)	330,000	292,830
Trinseo Materials Operating SCA
5.38%, 9/1/2025 (a)	5,000	4,658
5.13%, 4/1/2029 (a)	281,000	151,815
Tronox, Inc. 4.63%, 3/15/2029 (a)	587,000	483,709
Vibrantz Technologies, Inc. 9.00%, 2/15/2030 (a)	386,000	318,375
WR Grace Holdings LLC 5.63%, 8/15/2029 (a)	684,000	578,459
		12,349,865
Commercial Services & Supplies — 3.5%
ACCO Brands Corp. 4.25%, 3/15/2029 (a)	405,000	346,000
ADT Security Corp. (The)
4.13%, 8/1/2029 (a)	250,000	218,205
4.88%, 7/15/2032 (a)	686,000	591,744
Allied Universal Holdco LLC
6.63%, 7/15/2026 (a)	1,123,000	1,068,135
9.75%, 7/15/2027 (a)	619,000	568,517
6.00%, 6/1/2029 (a)	209,000	159,839
APi Group DE, Inc. 4.13%, 7/15/2029 (a)	5,000	4,300
Aptim Corp. 7.75%, 6/15/2025 (a)	13,000	12,034
APX Group, Inc. 5.75%, 7/15/2029 (a)	687,000	591,846
Aramark Services, Inc.
6.38%, 5/1/2025 (a)	307,000	307,517
5.00%, 2/1/2028 (a)	436,000	406,751
Brink's Co. (The) 4.63%, 10/15/2027 (a)	512,000	476,094
Clean Harbors, Inc.
4.88%, 7/15/2027 (a)	25,000	23,888
6.38%, 2/1/2031 (a)	414,000	411,695
CoreCivic, Inc.
8.25%, 4/15/2026	568,000	570,254
4.75%, 10/15/2027	31,000	27,642
Covanta Holding Corp.
4.88%, 12/1/2029 (a)	459,000	394,740
5.00%, 9/1/2030	102,000	86,404
Deluxe Corp. 8.00%, 6/1/2029 (a)	329,000	277,634
Enviri Corp. 5.75%, 7/31/2027 (a)	307,000	266,230

INVESTMENTS	PRINCIPAL AMOUNT($)	VALUE($)

Commercial Services & Supplies — continued
Garda World Security Corp. (Canada)
4.63%, 2/15/2027 (a)	99,000	91,586
9.50%, 11/1/2027 (a)	395,000	382,042
7.75%, 2/15/2028 (a)	275,000	272,954
6.00%, 6/1/2029 (a)	205,000	167,024
GEO Group, Inc. (The) 10.50%, 6/30/2028	301,000	301,089
GFL Environmental, Inc. (Canada)
4.25%, 6/1/2025 (a)	272,000	263,084
5.13%, 12/15/2026 (a)	555,000	537,026
4.75%, 6/15/2029 (a)	486,000	440,275
Interface, Inc. 5.50%, 12/1/2028 (a)	142,000	121,275
Madison IAQ LLC
4.13%, 6/30/2028 (a)	359,000	317,619
5.88%, 6/30/2029 (a)	458,000	385,635
Neptune Bidco US, Inc. 9.29%, 4/15/2029 (a)	1,179,000	1,100,970
Pitney Bowes, Inc.
6.88%, 3/15/2027 (a)	339,000	255,962
7.25%, 3/15/2029 (a)	75,000	54,397
Prime Security Services Borrower LLC
5.75%, 4/15/2026 (a)	820,000	804,703
6.25%, 1/15/2028 (a)	651,000	620,013
Steelcase, Inc. 5.13%, 1/18/2029	351,000	310,397
Stericycle, Inc. 3.88%, 1/15/2029 (a)	421,000	366,557
Vericast Corp. 11.00%, 9/15/2026 (a)	728,000	758,991
Waste Pro USA, Inc. 5.50%, 2/15/2026 (a)	305,000	287,458
West Technology Group LLC 8.50%, 10/15/2025 (a)	315,000	283,500
		14,932,026
Communications Equipment — 0.6%
CommScope Technologies LLC 5.00%, 3/15/2027 (a)	389,000	216,276
CommScope, Inc.
6.00%, 3/1/2026 (a)	953,000	866,053
8.25%, 3/1/2027 (a)	791,000	524,045
7.13%, 7/1/2028 (a)	15,000	8,357
4.75%, 9/1/2029 (a)	152,000	112,957
Viasat, Inc.
5.63%, 4/15/2027 (a)	361,000	322,509
6.50%, 7/15/2028 (a)	289,000	225,984
Viavi Solutions, Inc. 3.75%, 10/1/2029 (a)	106,000	88,236
		2,364,417
Construction & Engineering — 0.8%
AECOM 5.13%, 3/15/2027	490,000	470,123
Arcosa, Inc. 4.38%, 4/15/2029 (a)	140,000	125,926

SEE NOTES TO FINANCIAL STATEMENTS.

J.P. Morgan Exchange-Traded Funds

August 31, 2023

INVESTMENTS	PRINCIPAL AMOUNT($)	VALUE($)
Corporate Bonds — continued
Construction & Engineering — continued
Artera Services LLC 9.03%, 12/4/2025 (a)	503,000	467,975
ATP Tower Holdings LLC (Chile) 4.05%, 4/27/2026 (a)	277,000	240,990
Brundage-Bone Concrete Pumping Holdings, Inc. 6.00%, 2/1/2026 (a)	431,000	413,760
Dycom Industries, Inc. 4.50%, 4/15/2029 (a)	161,000	143,754
Fluor Corp. 4.25%, 9/15/2028	163,000	151,988
Global Infrastructure Solutions, Inc. 5.63%, 6/1/2029 (a)	144,000	120,932
INNOVATE Corp. 8.50%, 2/1/2026 (a)	49,000	37,485
Pike Corp. 5.50%, 9/1/2028 (a)	374,000	336,565
Tutor Perini Corp. 6.88%, 5/1/2025 (a)	345,000	312,006
VM Consolidated, Inc. 5.50%, 4/15/2029 (a)	215,000	195,962
Weekley Homes LLC 4.88%, 9/15/2028 (a)	364,000	321,230
		3,338,696
Consumer Finance — 4.3%
Ally Financial, Inc.
5.75%, 11/20/2025	560,000	543,183
6.70%, 2/14/2033	188,000	170,194
Cobra AcquisitionCo LLC 6.38%, 11/1/2029 (a)	101,000	69,942
Credit Acceptance Corp. 6.63%, 3/15/2026	493,000	479,857
Curo Group Holdings Corp. 7.50%, 8/1/2028 (a)	337,000	80,257
Enova International, Inc. 8.50%, 9/15/2025 (a)	220,000	216,458
Finance of America Funding LLC 7.88%, 11/15/2025 (a)	66,000	54,693
FirstCash, Inc.
4.63%, 9/1/2028 (a)	80,000	71,153
5.63%, 1/1/2030 (a)	298,000	270,534
Ford Motor Credit Co. LLC
5.58%, 3/18/2024	368,000	366,103
3.66%, 9/8/2024	1,178,000	1,142,671
4.06%, 11/1/2024	1,062,000	1,028,963
2.30%, 2/10/2025	1,331,000	1,250,445
5.13%, 6/16/2025	1,432,000	1,394,069
4.13%, 8/4/2025	900,000	857,183
4.13%, 8/17/2027	1,048,000	950,923
5.11%, 5/3/2029	792,000	728,491
7.35%, 3/6/2030	917,000	933,316
4.00%, 11/13/2030	200,000	169,230
3.63%, 6/17/2031	1,113,000	901,799
Global Aircraft Leasing Co. Ltd. (Cayman Islands) 6.50% (Cash), 9/15/2024 (a) (b)	770,557	723,707

INVESTMENTS	PRINCIPAL AMOUNT($)	VALUE($)

Consumer Finance — continued
goeasy Ltd. (Canada)
5.38%, 12/1/2024 (a)	365,000	359,964
4.38%, 5/1/2026 (a)	148,000	135,877
LFS Topco LLC 5.88%, 10/15/2026 (a)	189,000	163,487
Macquarie Airfinance Holdings Ltd. (United Kingdom) 8.38%, 5/1/2028 (a)	31,000	31,652
Navient Corp.
5.88%, 10/25/2024	824,000	811,643
6.75%, 6/25/2025	6,000	5,958
5.00%, 3/15/2027	488,000	443,875
9.38%, 7/25/2030	23,000	23,103
5.63%, 8/1/2033	437,000	331,185
OneMain Finance Corp.
6.13%, 3/15/2024	412,000	411,729
7.13%, 3/15/2026	1,165,000	1,146,061
3.50%, 1/15/2027	270,000	234,967
3.88%, 9/15/2028	564,000	462,480
9.00%, 1/15/2029	30,000	30,412
5.38%, 11/15/2029	116,000	100,201
4.00%, 9/15/2030	124,000	96,551
PRA Group, Inc.
7.38%, 9/1/2025 (a)	137,000	133,957
8.38%, 2/1/2028 (a)	172,000	157,039
5.00%, 10/1/2029 (a)	272,000	205,121
PROG Holdings, Inc. 6.00%, 11/15/2029 (a)	405,000	363,487
Synchrony Financial 7.25%, 2/2/2033	375,000	344,799
World Acceptance Corp. 7.00%, 11/1/2026 (a)	195,000	168,935
		18,565,654
Consumer Staples Distribution & Retail — 1.1%
Albertsons Cos., Inc.
3.25%, 3/15/2026 (a)	50,000	46,474
4.63%, 1/15/2027 (a)	644,000	608,210
5.88%, 2/15/2028 (a)	639,000	620,176
3.50%, 3/15/2029 (a)	407,000	352,063
4.88%, 2/15/2030 (a)	741,000	679,874
C&S Group Enterprises LLC 5.00%, 12/15/2028 (a)	88,000	67,905
Ingles Markets, Inc. 4.00%, 6/15/2031 (a)	70,000	58,521
Performance Food Group, Inc.
6.88%, 5/1/2025 (a)	89,000	89,132
5.50%, 10/15/2027 (a)	650,000	625,890
4.25%, 8/1/2029 (a)	183,000	161,051
Rite Aid Corp. 8.00%, 11/15/2026 (a)	357,000	226,695

SEE NOTES TO FINANCIAL STATEMENTS.

August 31, 2023

J.P. Morgan Exchange-Traded Funds

JPMorgan BetaBuilders USD High Yield Corporate Bond ETF

SCHEDULE OF PORTFOLIO INVESTMENTS
AS OF August 31, 2023 (Unaudited) (continued)

INVESTMENTS	PRINCIPAL AMOUNT($)	VALUE($)
Corporate Bonds — continued
Consumer Staples Distribution & Retail — continued
Safeway, Inc. 7.25%, 2/1/2031	261,000	273,165
US Foods, Inc.
6.25%, 4/15/2025 (a)	240,000	240,628
4.75%, 2/15/2029 (a)	413,000	376,954
4.63%, 6/1/2030 (a)	253,000	224,872
		4,651,610
Containers & Packaging — 2.8%
ARD Finance SA (Luxembourg) 6.50% (Cash), 6/30/2027 (a) (b)	250,000	200,931
Ardagh Metal Packaging Finance USA LLC
3.25%, 9/1/2028 (a)	599,000	509,399
4.00%, 9/1/2029 (a)	350,000	284,480
Ardagh Packaging Finance plc
5.25%, 4/30/2025 (a)	209,000	204,188
4.13%, 8/15/2026 (a)	800,000	748,251
5.25%, 8/15/2027 (a)	532,000	455,807
Ball Corp.
5.25%, 7/1/2025	176,000	173,546
4.88%, 3/15/2026	809,000	785,903
2.88%, 8/15/2030	515,000	421,276
3.13%, 9/15/2031	766,000	620,167
Berry Global, Inc. 5.63%, 7/15/2027 (a)	185,000	181,346
Cascades, Inc. (Canada) 5.38%, 1/15/2028 (a)	312,000	293,670
Clydesdale Acquisition Holdings, Inc. 8.75%, 4/15/2030 (a)	516,000	466,638
Crown Americas LLC
4.75%, 2/1/2026	631,000	608,452
5.25%, 4/1/2030	280,000	263,852
Graphic Packaging International LLC
4.75%, 7/15/2027 (a)	274,000	260,271
3.50%, 3/15/2028 (a)	91,000	81,066
3.50%, 3/1/2029 (a)	129,000	110,583
3.75%, 2/1/2030 (a)	372,000	317,076
Iris Holding, Inc. 10.00%, 12/15/2028 (a)	120,000	95,400
LABL, Inc.
6.75%, 7/15/2026 (a)	363,000	354,808
10.50%, 7/15/2027 (a)	288,000	275,649
9.50%, 11/1/2028 (a)	38,000	39,112
8.25%, 11/1/2029 (a)	156,000	130,527
Mauser Packaging Solutions Holding Co.
7.88%, 8/15/2026 (a)	338,000	332,844
9.25%, 4/15/2027 (a)	664,000	601,645

INVESTMENTS	PRINCIPAL AMOUNT($)	VALUE($)

Containers & Packaging — continued
Owens-Brockway Glass Container, Inc.
6.38%, 8/15/2025 (a)	30,000	29,929
6.63%, 5/13/2027 (a)	619,000	611,869
7.25%, 5/15/2031 (a)	206,000	207,844
Pactiv Evergreen Group Issuer LLC 4.38%, 10/15/2028 (a)	318,000	282,226
Pactiv Evergreen Group Issuer, Inc. 4.00%, 10/15/2027 (a)	88,000	79,149
Sealed Air Corp.
5.50%, 9/15/2025 (a)	127,000	125,609
6.13%, 2/1/2028 (a)	338,000	332,111
5.00%, 4/15/2029 (a)	165,000	153,103
6.88%, 7/15/2033 (a)	410,000	412,337
Silgan Holdings, Inc. 4.13%, 2/1/2028	414,000	379,303
TriMas Corp. 4.13%, 4/15/2029 (a)	286,000	249,535
Trivium Packaging Finance BV (Netherlands) 5.50%, 8/15/2026 (a) (d)	600,000	565,896
		12,245,798
Distributors — 0.2%
American Builders & Contractors Supply Co., Inc.
4.00%, 1/15/2028 (a)	469,000	424,615
3.88%, 11/15/2029 (a)	35,000	30,172
BCPE Empire Holdings, Inc. 7.63%, 5/1/2027 (a)	292,000	277,123
Ritchie Bros Holdings, Inc. (Canada) 6.75%, 3/15/2028 (a)	225,000	227,756
		959,666
Diversified Consumer Services — 0.5%
Adtalem Global Education, Inc. 5.50%, 3/1/2028 (a)	165,000	153,780
Carriage Services, Inc. 4.25%, 5/15/2029 (a)	219,000	190,048
Grand Canyon University 4.13%, 10/1/2024	135,000	127,717
Metis Merger Sub LLC 6.50%, 5/15/2029 (a)	340,000	295,276
Service Corp. International
5.13%, 6/1/2029	644,000	606,165
3.38%, 8/15/2030	262,000	216,280
Signal Parent, Inc. 6.13%, 4/1/2029 (a)	241,000	156,650
StoneMor, Inc. 8.50%, 5/15/2029 (a)	60,000	50,071
WW International, Inc. 4.50%, 4/15/2029 (a)	383,000	265,227
		2,061,214
Diversified REITs — 0.6%
HAT Holdings I LLC
6.00%, 4/15/2025 (a)	21,000	20,613

SEE NOTES TO FINANCIAL STATEMENTS.

J.P. Morgan Exchange-Traded Funds

August 31, 2023

INVESTMENTS	PRINCIPAL AMOUNT($)	VALUE($)
Corporate Bonds — continued
Diversified REITs — continued
3.38%, 6/15/2026 (a)	503,000	451,710
3.75%, 9/15/2030 (a)	360,000	285,031
Iron Mountain Information Management Services, Inc. 5.00%, 7/15/2032 (a)	495,000	427,414
Uniti Group LP
10.50%, 2/15/2028 (a)	637,000	635,493
4.75%, 4/15/2028 (a)	439,000	370,052
6.50%, 2/15/2029 (a)	670,000	457,275
6.00%, 1/15/2030 (a)	12,000	7,927
		2,655,515
Diversified Telecommunication Services — 5.1%
Altice France Holding SA (Luxembourg) 10.50%, 5/15/2027 (a)	800,000	434,080
Altice France SA (France)
8.13%, 2/1/2027 (a)	344,000	290,728
5.50%, 1/15/2028 (a)	241,000	180,604
5.13%, 7/15/2029 (a)	400,000	282,771
5.50%, 10/15/2029 (a)	1,341,000	968,632
British Telecommunications plc (United Kingdom) (US Treasury Yield Curve Rate T Note Constant Maturity 5 Year + 3.49%), 4.88%, 11/23/2081 (a) (c)	433,000	355,198
CCO Holdings LLC
5.50%, 5/1/2026 (a)	776,000	757,892
5.13%, 5/1/2027 (a)	1,595,000	1,499,443
5.38%, 6/1/2029 (a)	928,000	844,618
4.75%, 3/1/2030 (a)	1,635,000	1,405,761
4.50%, 8/15/2030 (a)	415,000	349,097
4.25%, 2/1/2031 (a)	529,000	433,930
4.75%, 2/1/2032 (a)	1,244,000	1,029,410
4.50%, 5/1/2032	15,000	12,160
4.50%, 6/1/2033 (a)	1,566,000	1,236,154
4.25%, 1/15/2034 (a)	680,000	520,742
Consolidated Communications, Inc. 6.50%, 10/1/2028 (a)	257,000	196,895
Embarq Corp. 8.00%, 6/1/2036	508,000	309,453
Frontier Communications Holdings LLC
5.88%, 10/15/2027 (a)	699,000	636,651
5.00%, 5/1/2028 (a)	553,000	473,840
6.75%, 5/1/2029 (a)	735,000	570,408
5.88%, 11/1/2029	180,000	133,305
6.00%, 1/15/2030 (a)	149,000	110,081
8.75%, 5/15/2030 (a)	406,000	394,605
8.63%, 3/15/2031 (a)	215,000	207,056

INVESTMENTS	PRINCIPAL AMOUNT($)	VALUE($)

Diversified Telecommunication Services — continued
Frontier Florida LLC Series E, 6.86%, 2/1/2028	15,000	14,049
Iliad Holding SASU (France) 6.50%, 10/15/2026 (a)	750,000	715,639
Intelsat Jackson Holdings SA (Luxembourg) 6.50%, 3/15/2030 (a)	979,000	897,657
Level 3 Financing, Inc.
3.40%, 3/1/2027 (a)	198,000	182,743
4.63%, 9/15/2027 (a)	847,000	636,974
4.25%, 7/1/2028 (a)	388,000	254,395
3.88%, 11/15/2029 (a)	517,000	456,560
10.50%, 5/15/2030 (a)	521,000	529,227
Lumen Technologies, Inc.
4.00%, 2/15/2027 (a)	581,000	366,158
4.50%, 1/15/2029 (a)	182,000	60,060
Series P, 7.60%, 9/15/2039	209,000	62,062
Series U, 7.65%, 3/15/2042	160,000	47,512
Qwest Corp. 7.25%, 9/15/2025	81,000	77,004
Sable International Finance Ltd. (Chile) 5.75%, 9/7/2027 (a)	200,000	185,098
Telecom Italia Capital SA (Italy)
6.38%, 11/15/2033	817,000	717,959
6.00%, 9/30/2034	361,000	302,474
7.20%, 7/18/2036	35,000	31,633
7.72%, 6/4/2038	311,000	287,574
Telesat Canada (Canada)
5.63%, 12/6/2026 (a)	228,000	160,900
4.88%, 6/1/2027 (a)	145,000	97,594
6.50%, 10/15/2027 (a)	147,000	72,765
Virgin Media Finance plc (United Kingdom) 5.00%, 7/15/2030 (a)	753,000	608,996
Virgin Media Secured Finance plc (United Kingdom) 5.50%, 5/15/2029 (a)	729,000	666,378
Windstream Escrow LLC 7.75%, 8/15/2028 (a)	595,000	482,374
Zayo Group Holdings, Inc.
4.00%, 3/1/2027 (a)	208,000	155,883
6.13%, 3/1/2028 (a)	512,000	332,800
		22,035,982
Electric Utilities — 1.6%
DPL, Inc. 4.35%, 4/15/2029	107,000	92,154
Drax Finco plc (United Kingdom) 6.63%, 11/1/2025 (a)	201,000	197,129
Edison International (US Treasury Yield Curve Rate T Note Constant Maturity 5 Year + 3.86%), 8.13%, 6/15/2053 (c)	175,000	177,998

SEE NOTES TO FINANCIAL STATEMENTS.

August 31, 2023

J.P. Morgan Exchange-Traded Funds

JPMorgan BetaBuilders USD High Yield Corporate Bond ETF

SCHEDULE OF PORTFOLIO INVESTMENTS
AS OF August 31, 2023 (Unaudited) (continued)

INVESTMENTS	PRINCIPAL AMOUNT($)	VALUE($)
Corporate Bonds — continued
Electric Utilities — continued
Emera, Inc. (Canada) Series 16-A, (ICE LIBOR USD 3 Month + 5.44%), 6.75%, 6/15/2076 (c)	336,000	322,560
FirstEnergy Corp.
2.65%, 3/1/2030	615,000	515,368
Series B, 2.25%, 9/1/2030	80,000	64,209
Series C, 7.38%, 11/15/2031	352,000	391,583
Series C, 5.10%, 7/15/2047 (d)	203,000	176,658
Series C, 3.40%, 3/1/2050	453,000	299,830
Leeward Renewable Energy Operations LLC 4.25%, 7/1/2029 (a)	110,000	95,627
NextEra Energy Operating Partners LP
4.25%, 7/15/2024 (a)	126,000	123,627
4.50%, 9/15/2027 (a)	368,000	341,584
NRG Energy, Inc.
5.75%, 1/15/2028	213,000	201,514
5.25%, 6/15/2029 (a)	524,000	471,653
3.63%, 2/15/2031 (a)	419,000	327,000
3.88%, 2/15/2032 (a)	311,000	240,628
Pattern Energy Operations LP 4.50%, 8/15/2028 (a)	125,000	113,801
PG&E Corp.
5.00%, 7/1/2028	346,000	318,288
5.25%, 7/1/2030	816,000	724,952
Terraform Global Operating LP 6.13%, 3/1/2026 (a)	8,000	7,690
Vistra Operations Co. LLC
5.50%, 9/1/2026 (a)	400,000	385,827
5.63%, 2/15/2027 (a)	895,000	861,625
5.00%, 7/31/2027 (a)	25,000	23,513
4.38%, 5/1/2029 (a)	282,000	248,639
		6,723,457
Electrical Equipment — 0.2%
EnerSys 4.38%, 12/15/2027 (a)	104,000	95,160
Sensata Technologies BV
5.63%, 11/1/2024 (a)	248,000	245,781
5.00%, 10/1/2025 (a)	40,000	38,984
Vertiv Group Corp. 4.13%, 11/15/2028 (a)	548,000	491,973
		871,898
Electronic Equipment, Instruments & Components — 0.2%
Coherent Corp. 5.00%, 12/15/2029 (a)	394,000	349,951
Likewize Corp. 9.75%, 10/15/2025 (a)	12,000	11,760

INVESTMENTS	PRINCIPAL AMOUNT($)	VALUE($)

Electronic Equipment, Instruments & Components — continued
Sensata Technologies, Inc.
4.38%, 2/15/2030 (a)	726,000	642,767
3.75%, 2/15/2031 (a)	40,000	33,517
		1,037,995
Energy Equipment & Services — 1.6%
Archrock Partners LP 6.88%, 4/1/2027 (a)	372,000	365,732
Bristow Group, Inc. 6.88%, 3/1/2028 (a)	10,000	9,354
CGG SA (France) 8.75%, 4/1/2027 (a)	250,000	215,148
Enerflex Ltd. (Canada) 9.00%, 10/15/2027 (a)	322,000	320,334
Nabors Industries Ltd. 7.25%, 1/15/2026 (a)	189,000	181,812
Nabors Industries, Inc.
5.75%, 2/1/2025	55,000	53,978
7.38%, 5/15/2027 (a)	209,000	203,963
Noble Finance II LLC 8.00%, 4/15/2030 (a)	325,000	336,053
Oceaneering International, Inc. 6.00%, 2/1/2028	239,000	224,677
Patterson-UTI Energy, Inc.
3.95%, 2/1/2028	266,000	244,047
5.15%, 11/15/2029	258,000	237,744
Petrofac Ltd. (United Kingdom) 9.75%, 11/15/2026 (a)	239,000	183,432
Precision Drilling Corp. (Canada)
7.13%, 1/15/2026 (a)	125,000	123,906
6.88%, 1/15/2029 (a)	336,000	319,416
Transocean, Inc.
7.25%, 11/1/2025 (a)	216,000	213,068
7.50%, 1/15/2026 (a)	47,000	46,516
11.50%, 1/30/2027 (a)	433,000	457,047
8.00%, 2/1/2027 (a)	80,000	78,042
8.75%, 2/15/2030 (a)	865,450	885,368
7.50%, 4/15/2031	16,000	13,946
6.80%, 3/15/2038	337,000	262,472
USA Compression Partners LP
6.88%, 4/1/2026	429,000	424,182
6.88%, 9/1/2027	127,000	123,803
Valaris Ltd. 8.38%, 4/30/2030 (a)	410,000	417,605
Weatherford International Ltd.
6.50%, 9/15/2028 (a)	445,000	446,073
8.63%, 4/30/2030 (a)	131,000	134,171
Welltec International ApS (Denmark) 8.25%, 10/15/2026 (a)	329,000	333,935
		6,855,824

SEE NOTES TO FINANCIAL STATEMENTS.

J.P. Morgan Exchange-Traded Funds

August 31, 2023

INVESTMENTS	PRINCIPAL AMOUNT($)	VALUE($)
Corporate Bonds — continued
Entertainment — 0.9%
Allen Media LLC 10.50%, 2/15/2028 (a)	282,000	161,445
AMC Entertainment Holdings, Inc.
10.00% (Cash), 6/15/2026 (a) (b)	430,000	298,426
7.50%, 2/15/2029 (a)	681,000	464,824
Banijay Entertainment SASU (France) 5.38%, 3/1/2025 (a)	250,000	243,600
Cinemark USA, Inc.
8.75%, 5/1/2025 (a)	120,000	121,212
5.25%, 7/15/2028 (a)	349,000	309,996
Lions Gate Capital Holdings LLC 5.50%, 4/15/2029 (a)	407,000	248,046
Live Nation Entertainment, Inc.
4.88%, 11/1/2024 (a)	276,000	271,116
5.63%, 3/15/2026 (a)	94,000	91,174
6.50%, 5/15/2027 (a)	828,000	828,642
3.75%, 1/15/2028 (a)	117,000	104,184
ROBLOX Corp. 3.88%, 5/1/2030 (a)	97,000	80,025
WMG Acquisition Corp. 3.88%, 7/15/2030 (a)	545,000	472,953
		3,695,643
Financial Services — 2.0%
Armor Holdco, Inc. 8.50%, 11/15/2029 (a)	20,000	17,517
Block, Inc. 3.50%, 6/1/2031	817,000	669,912
CPI CG, Inc. 8.63%, 3/15/2026 (a)	357,000	346,290
Freedom Mortgage Corp.
8.13%, 11/15/2024 (a)	234,000	232,693
8.25%, 4/15/2025 (a)	73,000	71,935
7.63%, 5/1/2026 (a)	246,000	226,264
6.63%, 1/15/2027 (a)	230,000	201,415
Home Point Capital, Inc. 5.00%, 2/1/2026 (a)	32,000	30,047
Jefferson Capital Holdings LLC 6.00%, 8/15/2026 (a)	57,000	49,959
LD Holdings Group LLC 6.50%, 11/1/2025 (a)	517,000	435,496
MGIC Investment Corp. 5.25%, 8/15/2028	487,000	464,774
Midcap Financial Issuer Trust 5.63%, 1/15/2030 (a)	436,000	350,980
MPH Acquisition Holdings LLC
5.50%, 9/1/2028 (a)	464,000	394,045
5.75%, 11/1/2028 (a)	354,000	265,171
Nationstar Mortgage Holdings, Inc. 5.50%, 8/15/2028 (a)	886,000	802,878
NMI Holdings, Inc. 7.38%, 6/1/2025 (a)	381,000	383,579
Paysafe Finance plc 4.00%, 6/15/2029 (a)	372,000	315,285
PennyMac Financial Services, Inc.
5.38%, 10/15/2025 (a)	5,000	4,839
4.25%, 2/15/2029 (a)	171,000	141,548

INVESTMENTS	PRINCIPAL AMOUNT($)	VALUE($)

Financial Services — continued
5.75%, 9/15/2031 (a)	494,000	415,206
PHH Mortgage Corp. 7.88%, 3/15/2026 (a)	409,000	365,871
Rocket Mortgage LLC
3.88%, 3/1/2031 (a)	582,000	473,728
4.00%, 10/15/2033 (a)	557,000	440,395
Sabre GLBL, Inc.
9.25%, 4/15/2025 (a)	243,000	239,385
7.38%, 9/1/2025 (a)	120,000	117,936
11.25%, 12/15/2027 (a)	336,000	320,321
Shift4 Payments LLC 4.63%, 11/1/2026 (a)	214,000	200,090
United Wholesale Mortgage LLC
5.75%, 6/15/2027 (a)	40,000	36,853
5.50%, 4/15/2029 (a)	416,000	360,880
Verscend Escrow Corp. 9.75%, 8/15/2026 (a)	372,000	370,083
		8,745,375
Food Products — 1.2%
B&G Foods, Inc.
5.25%, 4/1/2025	260,000	254,300
5.25%, 9/15/2027	476,000	421,744
Chobani LLC 7.50%, 4/15/2025 (a)	166,000	165,585
Darling Ingredients, Inc. 5.25%, 4/15/2027 (a)	413,000	401,570
H-Food Holdings LLC 8.50%, 6/1/2026 (a)	152,000	59,660
Lamb Weston Holdings, Inc.
4.88%, 5/15/2028 (a)	303,000	286,162
4.13%, 1/31/2030 (a)	366,000	321,874
4.38%, 1/31/2032 (a)	260,000	225,661
Pilgrim's Pride Corp.
5.88%, 9/30/2027 (a)	400,000	395,666
4.25%, 4/15/2031	74,000	64,021
3.50%, 3/1/2032	903,000	727,195
6.25%, 7/1/2033	78,000	77,403
Post Holdings, Inc.
5.75%, 3/1/2027 (a)	55,000	53,752
5.63%, 1/15/2028 (a)	20,000	19,178
5.50%, 12/15/2029 (a)	1,089,000	1,007,384
4.50%, 9/15/2031 (a)	619,000	533,260
Simmons Foods, Inc. 4.63%, 3/1/2029 (a)	51,000	42,444
		5,056,859
Gas Utilities — 0.4%
AmeriGas Partners LP
5.50%, 5/20/2025	268,000	263,018
5.88%, 8/20/2026	684,000	648,910

SEE NOTES TO FINANCIAL STATEMENTS.

August 31, 2023

J.P. Morgan Exchange-Traded Funds

JPMorgan BetaBuilders USD High Yield Corporate Bond ETF

SCHEDULE OF PORTFOLIO INVESTMENTS
AS OF August 31, 2023 (Unaudited) (continued)

INVESTMENTS	PRINCIPAL AMOUNT($)	VALUE($)
Corporate Bonds — continued
Gas Utilities — continued
Ferrellgas LP
5.38%, 4/1/2026 (a)	81,000	76,142
5.88%, 4/1/2029 (a)	528,000	465,856
Suburban Propane Partners LP 5.00%, 6/1/2031 (a)	441,000	379,075
		1,833,001
Ground Transportation — 1.2%
AerCap Global Aviation Trust (Ireland) (3-MONTH CME TERM SOFR + 4.56%), 6.50%, 6/15/2045 (a) (c)	500,000	493,018
Albion Financing 1 SARL (Luxembourg) 6.13%, 10/15/2026 (a)	520,000	492,050
Avis Budget Car Rental LLC
5.75%, 7/15/2027 (a)	20,000	19,096
5.38%, 3/1/2029 (a)	387,000	355,736
Carriage Purchaser, Inc. 7.88%, 10/15/2029 (a)	15,000	11,250
EquipmentShare.com, Inc. 9.00%, 5/15/2028 (a)	161,000	159,793
First Student Bidco, Inc. 4.00%, 7/31/2029 (a)	260,000	221,002
Hertz Corp. (The)
4.63%, 12/1/2026 (a)	248,000	224,537
5.00%, 12/1/2029 (a)	580,000	476,872
NESCO Holdings II, Inc. 5.50%, 4/15/2029 (a)	414,000	375,437
PECF USS Intermediate Holding III Corp. 8.00%, 11/15/2029 (a)	309,000	197,069
Uber Technologies, Inc.
7.50%, 5/15/2025 (a)	117,000	118,129
7.50%, 9/15/2027 (a)	533,000	544,221
4.50%, 8/15/2029 (a)	957,000	876,241
Watco Cos. LLC 6.50%, 6/15/2027 (a)	29,000	27,985
Williams Scotsman International, Inc. 4.63%, 8/15/2028 (a)	349,000	318,463
XPO CNW, Inc. 6.70%, 5/1/2034	245,000	243,322
XPO Escrow Sub LLC 7.50%, 11/15/2027 (a)	120,000	122,011
		5,276,232
Health Care Equipment & Supplies — 0.9%
Avantor Funding, Inc. 4.63%, 7/15/2028 (a)	905,000	840,097
Embecta Corp. 5.00%, 2/15/2030 (a)	352,000	286,000
Garden Spinco Corp. 8.63%, 7/20/2030 (a)	147,000	156,940
Hologic, Inc. 3.25%, 2/15/2029 (a)	448,000	389,126

INVESTMENTS	PRINCIPAL AMOUNT($)	VALUE($)

Health Care Equipment & Supplies — continued
Medline Borrower LP
3.88%, 4/1/2029 (a)	1,720,000	1,501,518
5.25%, 10/1/2029 (a)	898,000	797,447
		3,971,128
Health Care Providers & Services — 3.9%
Acadia Healthcare Co., Inc. 5.50%, 7/1/2028 (a)	355,000	336,309
AdaptHealth LLC
6.13%, 8/1/2028 (a)	555,000	501,002
4.63%, 8/1/2029 (a)	68,000	55,563
5.13%, 3/1/2030 (a)	89,000	73,005
AHP Health Partners, Inc. 5.75%, 7/15/2029 (a)	330,000	282,925
Air Methods Corp. 8.00%, 5/15/2025 (a)	250,000	1,250
Akumin Escrow, Inc. 7.50%, 8/1/2028 (a)	376,000	249,100
Cano Health LLC 6.25%, 10/1/2028 (a)	67,000	22,780
Community Health Systems, Inc.
8.00%, 3/15/2026 (a)	745,000	727,237
5.63%, 3/15/2027 (a)	1,023,000	900,183
8.00%, 12/15/2027 (a)	144,000	138,403
6.88%, 4/1/2028 (a)	38,000	22,809
6.00%, 1/15/2029 (a)	301,000	252,087
6.88%, 4/15/2029 (a)	896,000	549,535
6.13%, 4/1/2030 (a)	236,000	135,806
5.25%, 5/15/2030 (a)	179,000	141,164
4.75%, 2/15/2031 (a)	799,000	595,255
DaVita, Inc.
4.63%, 6/1/2030 (a)	1,375,000	1,179,411
3.75%, 2/15/2031 (a)	357,000	284,294
Encompass Health Corp. 4.75%, 2/1/2030	560,000	510,072
Global Medical Response, Inc. 6.50%, 10/1/2025 (a)	108,000	74,614
HealthEquity, Inc. 4.50%, 10/1/2029 (a)	48,000	42,565
Heartland Dental LLC 10.50%, 4/30/2028 (a)	411,000	415,110
Legacy LifePoint Health LLC 4.38%, 2/15/2027 (a)	573,000	495,989
LifePoint Health, Inc. 5.38%, 1/15/2029 (a)	148,000	102,317
ModivCare Escrow Issuer, Inc. 5.00%, 10/1/2029 (a)	435,000	320,812
ModivCare, Inc. 5.88%, 11/15/2025 (a)	189,000	179,314
Molina Healthcare, Inc.
4.38%, 6/15/2028 (a)	540,000	495,509
3.88%, 5/15/2032 (a)	562,000	466,303
Owens & Minor, Inc.
4.50%, 3/31/2029 (a)	152,000	128,820

SEE NOTES TO FINANCIAL STATEMENTS.

J.P. Morgan Exchange-Traded Funds

August 31, 2023

INVESTMENTS	PRINCIPAL AMOUNT($)	VALUE($)
Corporate Bonds — continued
Health Care Providers & Services — continued
6.63%, 4/1/2030 (a)	333,000	302,934
Pediatrix Medical Group, Inc. 5.38%, 2/15/2030 (a)	321,000	292,736
Prime Healthcare Services, Inc. 7.25%, 11/1/2025 (a)	409,000	383,166
Radiology Partners, Inc. 9.25%, 2/1/2028 (a)	294,000	115,395
RegionalCare Hospital Partners Holdings, Inc. 9.75%, 12/1/2026 (a)	341,000	318,789
RP Escrow Issuer LLC 5.25%, 12/15/2025 (a)	57,000	43,903
Select Medical Corp. 6.25%, 8/15/2026 (a)	372,000	368,474
Team Health Holdings, Inc. 6.38%, 2/1/2025 (a)	45,000	34,650
Tenet Healthcare Corp.
4.88%, 1/1/2026	768,000	744,486
6.25%, 2/1/2027	934,000	919,697
5.13%, 11/1/2027	1,086,000	1,032,607
4.63%, 6/15/2028	741,000	682,326
6.13%, 10/1/2028	1,317,000	1,268,442
6.88%, 11/15/2031	410,000	409,916
Toledo Hospital (The) 6.02%, 11/15/2048	150,000	102,525
US Acute Care Solutions LLC 6.38%, 3/1/2026 (a)	337,000	293,166
		16,992,755
Health Care REITs — 0.3%
Diversified Healthcare Trust
4.75%, 5/1/2024	121,000	114,846
9.75%, 6/15/2025	82,000	80,632
4.75%, 2/15/2028	11,000	8,400
4.38%, 3/1/2031	150,000	113,177
MPT Operating Partnership LP
5.00%, 10/15/2027	540,000	426,570
4.63%, 8/1/2029	761,000	549,563
3.50%, 3/15/2031	236,000	152,951
		1,446,139
Health Care Technology — 0.2%
IQVIA, Inc. 5.00%, 10/15/2026 (a)	800,000	772,741
Hotel & Resort REITs — 0.8%
Park Intermediate Holdings LLC
7.50%, 6/1/2025 (a)	70,000	70,080
5.88%, 10/1/2028 (a)	547,000	505,963
RHP Hotel Properties LP 4.75%, 10/15/2027	602,000	559,701
RLJ Lodging Trust LP 4.00%, 9/15/2029 (a)	409,000	342,041
Service Properties Trust
4.35%, 10/1/2024	163,000	156,823

INVESTMENTS	PRINCIPAL AMOUNT($)	VALUE($)

Hotel & Resort REITs — continued
4.50%, 3/15/2025	288,000	272,088
7.50%, 9/15/2025	678,000	669,893
5.50%, 12/15/2027	135,000	119,487
4.38%, 2/15/2030	633,000	480,565
XHR LP
6.38%, 8/15/2025 (a)	182,000	179,815
4.88%, 6/1/2029 (a)	5,000	4,326
		3,360,782
Hotels, Restaurants & Leisure — 8.5%
1011778 BC ULC (Canada)
3.88%, 1/15/2028 (a)	939,000	854,062
4.38%, 1/15/2028 (a)	634,000	581,919
3.50%, 2/15/2029 (a)	89,000	77,921
4.00%, 10/15/2030 (a)	839,000	710,760
Affinity Interactive 6.88%, 12/15/2027 (a)	7,000	6,198
Bloomin' Brands, Inc. 5.13%, 4/15/2029 (a)	327,000	296,625
Boyd Gaming Corp. 4.75%, 12/1/2027	707,000	661,894
Boyne USA, Inc. 4.75%, 5/15/2029 (a)	335,000	302,340
Caesars Entertainment, Inc.
6.25%, 7/1/2025 (a)	1,048,000	1,039,865
8.13%, 7/1/2027 (a)	963,000	977,765
4.63%, 10/15/2029 (a)	835,000	730,903
Caesars Resort Collection LLC 5.75%, 7/1/2025 (a)	285,000	285,204
Carnival Corp.
7.63%, 3/1/2026 (a)	912,000	909,231
5.75%, 3/1/2027 (a)	1,438,000	1,353,320
9.88%, 8/1/2027 (a)	571,000	603,557
4.00%, 8/1/2028 (a)	818,000	731,952
10.50%, 6/1/2030 (a)	710,000	756,242
Carnival Holdings Bermuda Ltd. 10.38%, 5/1/2028 (a)	5,000	5,438
Carrols Restaurant Group, Inc. 5.88%, 7/1/2029 (a)	126,000	108,436
CCM Merger, Inc. 6.38%, 5/1/2026 (a)	60,000	58,307
CDI Escrow Issuer, Inc. 5.75%, 4/1/2030 (a)	347,000	322,712
CEC Entertainment LLC 6.75%, 5/1/2026 (a)	5,000	4,781
Cedar Fair LP
5.50%, 5/1/2025 (a)	377,000	374,028
5.38%, 4/15/2027	314,000	296,849
Churchill Downs, Inc. 5.50%, 4/1/2027 (a)	446,000	429,693
Constellation Merger Sub, Inc. 8.50%, 9/15/2025 (a)	220,000	183,700
Dave & Buster's, Inc. 7.63%, 11/1/2025 (a)	62,000	62,616
Empire Resorts, Inc. 7.75%, 11/1/2026 (a)	227,000	178,558

SEE NOTES TO FINANCIAL STATEMENTS.

August 31, 2023

J.P. Morgan Exchange-Traded Funds

JPMorgan BetaBuilders USD High Yield Corporate Bond ETF

SCHEDULE OF PORTFOLIO INVESTMENTS
AS OF August 31, 2023 (Unaudited) (continued)

INVESTMENTS	PRINCIPAL AMOUNT($)	VALUE($)
Corporate Bonds — continued
Hotels, Restaurants & Leisure — continued
Everi Holdings, Inc. 5.00%, 7/15/2029 (a)	311,000	277,521
Fertitta Entertainment LLC
4.63%, 1/15/2029 (a)	504,000	435,995
6.75%, 1/15/2030 (a)	482,000	398,024
Full House Resorts, Inc. 8.25%, 2/15/2028 (a)	297,000	264,253
GPS Hospitality Holding Co. LLC 7.00%, 8/15/2028 (a)	60,000	40,539
Hilton Domestic Operating Co., Inc.
5.75%, 5/1/2028 (a)	146,000	143,248
4.88%, 1/15/2030	996,000	929,179
4.00%, 5/1/2031 (a)	146,000	126,904
3.63%, 2/15/2032 (a)	173,000	144,679
Hilton Grand Vacations Borrower Escrow LLC
5.00%, 6/1/2029 (a)	476,000	422,002
4.88%, 7/1/2031 (a)	137,000	115,502
Hilton Worldwide Finance LLC 4.88%, 4/1/2027	705,000	679,455
International Game Technology plc
6.50%, 2/15/2025 (a)	231,000	231,205
4.13%, 4/15/2026 (a)	553,000	524,931
IRB Holding Corp. 7.00%, 6/15/2025 (a)	377,000	377,000
Jacobs Entertainment, Inc. 6.75%, 2/15/2029 (a)	79,000	71,594
KFC Holding Co. 4.75%, 6/1/2027 (a)	882,000	848,925
Las Vegas Sands Corp.
2.90%, 6/25/2025	375,000	354,138
3.50%, 8/18/2026	234,000	216,984
3.90%, 8/8/2029	644,000	566,956
Life Time, Inc.
5.75%, 1/15/2026 (a)	435,000	424,406
8.00%, 4/15/2026 (a)	258,000	256,065
Light & Wonder International, Inc.
7.00%, 5/15/2028 (a)	400,000	398,509
7.25%, 11/15/2029 (a)	343,000	344,447
MajorDrive Holdings IV LLC 6.38%, 6/1/2029 (a)	338,000	278,532
Marriott Ownership Resorts, Inc.
4.75%, 1/15/2028	398,000	355,215
4.50%, 6/15/2029 (a)	108,000	91,262
Merlin Entertainments Ltd. (United Kingdom) 5.75%, 6/15/2026 (a)	401,000	388,926
MGM Resorts International
5.75%, 6/15/2025	280,000	276,116
4.63%, 9/1/2026	533,000	502,014
5.50%, 4/15/2027	5,000	4,777

INVESTMENTS	PRINCIPAL AMOUNT($)	VALUE($)

Hotels, Restaurants & Leisure — continued
4.75%, 10/15/2028	200,000	181,504
Mohegan Tribal Gaming Authority 8.00%, 2/1/2026 (a)	676,000	629,525
NCL Corp. Ltd.
3.63%, 12/15/2024 (a)	129,000	123,460
5.88%, 3/15/2026 (a)	916,000	863,677
5.88%, 2/15/2027 (a)	414,000	401,186
8.38%, 2/1/2028 (a)	5,000	5,154
7.75%, 2/15/2029 (a)	249,000	236,880
Penn Entertainment, Inc. 4.13%, 7/1/2029 (a)	491,000	401,554
Premier Entertainment Sub LLC
5.63%, 9/1/2029 (a)	314,000	250,635
5.88%, 9/1/2031 (a)	174,000	134,537
Resorts World Las Vegas LLC 4.63%, 4/16/2029 (a)	300,000	244,290
Royal Caribbean Cruises Ltd.
11.50%, 6/1/2025 (a)	280,000	295,707
5.50%, 8/31/2026 (a)	707,000	677,459
11.63%, 8/15/2027 (a)	664,000	723,511
7.50%, 10/15/2027	583,000	587,876
3.70%, 3/15/2028	275,000	239,547
8.25%, 1/15/2029 (a)	486,000	506,179
9.25%, 1/15/2029 (a)	207,000	220,630
Scientific Games Holdings LP 6.63%, 3/1/2030 (a)	397,000	349,959
Six Flags Entertainment Corp.
5.50%, 4/15/2027 (a)	103,000	96,949
7.25%, 5/15/2031 (a)	399,000	382,607
Six Flags Theme Parks, Inc. 7.00%, 7/1/2025 (a)	277,000	276,930
Sizzling Platter LLC 8.50%, 11/28/2025 (a)	251,000	248,579
Station Casinos LLC
4.50%, 2/15/2028 (a)	329,000	294,455
4.63%, 12/1/2031 (a)	237,000	195,376
Sugarhouse HSP Gaming Prop Mezz LP 5.88%, 5/15/2025 (a)	45,000	43,539
TKC Holdings, Inc. 10.50%, 5/15/2029 (a)	176,000	146,080
Travel + Leisure Co.
6.60%, 10/1/2025 (d)	50,000	49,809
6.63%, 7/31/2026 (a)	164,000	162,763
6.00%, 4/1/2027 (d)	553,000	537,709
4.63%, 3/1/2030 (a)	101,000	86,900
Vail Resorts, Inc. 6.25%, 5/15/2025 (a)	323,000	321,867

SEE NOTES TO FINANCIAL STATEMENTS.

J.P. Morgan Exchange-Traded Funds

August 31, 2023

INVESTMENTS	PRINCIPAL AMOUNT($)	VALUE($)
Corporate Bonds — continued
Hotels, Restaurants & Leisure — continued
Viking Cruises Ltd.
6.25%, 5/15/2025 (a)	141,000	138,885
5.88%, 9/15/2027 (a)	447,000	417,945
Viking Ocean Cruises Ship VII Ltd. 5.63%, 2/15/2029 (a)	337,000	313,303
VOC Escrow Ltd. 5.00%, 2/15/2028 (a)	530,000	491,942
Wyndham Hotels & Resorts, Inc. 4.38%, 8/15/2028 (a)	138,000	125,856
Wynn Las Vegas LLC
5.50%, 3/1/2025 (a)	261,000	257,837
5.25%, 5/15/2027 (a)	132,000	124,941
Wynn Resorts Finance LLC 5.13%, 10/1/2029 (a)	697,000	623,958
Yum! Brands, Inc.
4.75%, 1/15/2030 (a)	743,000	684,204
6.88%, 11/15/2037	221,000	232,798
5.35%, 11/1/2043	41,000	36,072
		36,758,753
Household Durables — 1.4%
Ashton Woods USA LLC
4.63%, 8/1/2029 (a)	45,000	38,988
4.63%, 4/1/2030 (a)	195,000	167,945
Beazer Homes USA, Inc.
5.88%, 10/15/2027	286,000	269,526
7.25%, 10/15/2029	121,000	117,236
Brookfield Residential Properties, Inc. (Canada)
6.25%, 9/15/2027 (a)	261,000	239,535
5.00%, 6/15/2029 (a)	114,000	94,956
4.88%, 2/15/2030 (a)	271,000	223,817
CD&R Smokey Buyer, Inc. 6.75%, 7/15/2025 (a)	16,000	15,484
Century Communities, Inc.
6.75%, 6/1/2027	31,000	30,904
3.88%, 8/15/2029 (a)	288,000	248,133
Empire Communities Corp. (Canada) 7.00%, 12/15/2025 (a)	144,000	138,974
KB Home
4.80%, 11/15/2029	437,000	394,174
4.00%, 6/15/2031	240,000	202,171
M/I Homes, Inc.
4.95%, 2/1/2028	80,000	74,228
3.95%, 2/15/2030	115,000	98,037
Mattamy Group Corp. (Canada) 5.25%, 12/15/2027 (a)	107,000	100,918
Meritage Homes Corp. 5.13%, 6/6/2027	61,000	58,451

INVESTMENTS	PRINCIPAL AMOUNT($)	VALUE($)

Household Durables — continued
Newell Brands, Inc.
4.88%, 6/1/2025	73,000	70,844
4.70%, 4/1/2026 (d)	1,030,000	986,849
6.38%, 9/15/2027	315,000	308,585
6.63%, 9/15/2029	123,000	121,729
5.87%, 4/1/2036 (d)	47,000	41,775
6.00%, 4/1/2046 (d)	146,000	118,482
Shea Homes LP 4.75%, 2/15/2028	315,000	289,872
SWF Escrow Issuer Corp. 6.50%, 10/1/2029 (a)	273,000	177,368
Taylor Morrison Communities, Inc. 5.88%, 6/15/2027 (a)	506,000	497,160
Tempur Sealy International, Inc. 4.00%, 4/15/2029 (a)	616,000	529,133
TopBuild Corp.
3.63%, 3/15/2029 (a)	178,000	153,169
4.13%, 2/15/2032 (a)	53,000	44,123
Tri Pointe Homes, Inc. 5.70%, 6/15/2028	201,000	190,556
		6,043,122
Household Products — 0.5%
Central Garden & Pet Co.
5.13%, 2/1/2028	222,000	207,772
4.13%, 10/15/2030	436,000	375,258
Energizer Holdings, Inc.
4.75%, 6/15/2028 (a)	418,000	369,072
4.38%, 3/31/2029 (a)	240,000	205,557
Kronos Acquisition Holdings, Inc. (Canada)
5.00%, 12/31/2026 (a)	113,000	105,372
7.00%, 12/31/2027 (a)	320,000	281,600
Spectrum Brands, Inc.
5.00%, 10/1/2029 (a)	184,000	168,746
5.50%, 7/15/2030 (a)	400,000	372,085
		2,085,462
Independent Power and Renewable Electricity Producers — 0.6%
Calpine Corp.
5.25%, 6/1/2026 (a)	60,000	58,871
4.50%, 2/15/2028 (a)	857,000	793,347
5.13%, 3/15/2028 (a)	468,000	426,386
5.00%, 2/1/2031 (a)	393,000	332,507
3.75%, 3/1/2031 (a)	159,000	132,562
Clearway Energy Operating LLC
4.75%, 3/15/2028 (a)	206,000	190,477
3.75%, 2/15/2031 (a)	655,000	538,526

SEE NOTES TO FINANCIAL STATEMENTS.

August 31, 2023

J.P. Morgan Exchange-Traded Funds

JPMorgan BetaBuilders USD High Yield Corporate Bond ETF

SCHEDULE OF PORTFOLIO INVESTMENTS
AS OF August 31, 2023 (Unaudited) (continued)

INVESTMENTS	PRINCIPAL AMOUNT($)	VALUE($)
Corporate Bonds — continued
Independent Power and Renewable Electricity Producers — continued
Talen Energy Supply LLC 8.63%, 6/1/2030 (a)	20,000	20,824
TransAlta Corp. (Canada) 6.50%, 3/15/2040	219,000	209,333
		2,702,833
Insurance — 1.6%
Acrisure LLC
10.13%, 8/1/2026 (a)	97,000	100,000
4.25%, 2/15/2029 (a)	35,000	30,267
6.00%, 8/1/2029 (a)	532,000	462,146
Alliant Holdings Intermediate LLC
4.25%, 10/15/2027 (a)	298,000	270,563
6.75%, 10/15/2027 (a)	583,000	551,063
6.75%, 4/15/2028 (a)	334,000	329,062
5.88%, 11/1/2029 (a)	15,000	13,135
AmWINS Group, Inc. 4.88%, 6/30/2029 (a)	255,000	228,798
Assurant, Inc. (ICE LIBOR USD 3 Month + 4.14%), 7.00%, 3/27/2048 (c)	72,000	69,748
AssuredPartners, Inc.
7.00%, 8/15/2025 (a)	457,000	452,348
5.63%, 1/15/2029 (a)	310,000	269,305
BroadStreet Partners, Inc. 5.88%, 4/15/2029 (a)	147,000	129,364
Genworth Holdings, Inc. 6.50%, 6/15/2034	6,000	5,133
Global Atlantic Fin Co. (US Treasury Yield Curve Rate T Note Constant Maturity 5 Year + 3.80%), 4.70%, 10/15/2051 (a) (c)	421,000	303,932
HUB International Ltd.
7.00%, 5/1/2026 (a)	775,000	773,548
5.63%, 12/1/2029 (a)	196,000	173,325
7.25%, 6/15/2030 (a)	300,000	305,367
Jones Deslauriers Insurance Management, Inc. (Canada)
8.50%, 3/15/2030 (a)	416,000	424,570
10.50%, 12/15/2030 (a)	138,000	140,238
Liberty Mutual Group, Inc.
7.80%, 3/15/2037 (a)	165,000	169,743
(US Treasury Yield Curve Rate T Note Constant Maturity 5 Year + 3.32%), 4.13%, 12/15/2051 (a) (c)	44,000	35,530
4.30%, 2/1/2061 (a)	81,000	49,573
NFP Corp.
4.88%, 8/15/2028 (a)	193,000	172,076
6.88%, 8/15/2028 (a)	911,000	802,203
7.50%, 10/1/2030 (a)	180,000	174,709

INVESTMENTS	PRINCIPAL AMOUNT($)	VALUE($)

Insurance — continued
Ryan Specialty LLC 4.38%, 2/1/2030 (a)	462,000	412,931
USI, Inc. 6.88%, 5/1/2025 (a)	214,000	213,653
		7,062,330
Interactive Media & Services — 0.3%
Cars.com, Inc. 6.38%, 11/1/2028 (a)	225,000	208,031
Rackspace Technology Global, Inc. 3.50%, 2/15/2028 (a)	277,000	131,479
TripAdvisor, Inc. 7.00%, 7/15/2025 (a)	355,000	354,154
Ziff Davis, Inc. 4.63%, 10/15/2030 (a)	528,000	454,150
ZipRecruiter, Inc. 5.00%, 1/15/2030 (a)	55,000	46,140
		1,193,954
IT Services — 0.9%
Ahead DB Holdings LLC 6.63%, 5/1/2028 (a)	223,000	193,459
Arches Buyer, Inc. 6.13%, 12/1/2028 (a)	234,000	200,702
Cablevision Lightpath LLC 5.63%, 9/15/2028 (a)	320,000	245,800
Conduent Business Services LLC 6.00%, 11/1/2029 (a)	432,000	356,499
Gartner, Inc.
4.50%, 7/1/2028 (a)	529,000	493,312
3.63%, 6/15/2029 (a)	255,000	223,979
3.75%, 10/1/2030 (a)	219,000	189,119
Newfold Digital Holdings Group, Inc. 6.00%, 2/15/2029 (a)	61,000	46,255
Northwest Fiber LLC
4.75%, 4/30/2027 (a)	378,000	332,556
10.75%, 6/1/2028 (a)	136,000	126,043
Presidio Holdings, Inc.
4.88%, 2/1/2027 (a)	294,000	274,876
8.25%, 2/1/2028 (a)	195,000	188,911
Tempo Acquisition LLC 5.75%, 6/1/2025 (a)	56,000	55,037
Twilio, Inc. 3.88%, 3/15/2031	496,000	415,458
Unisys Corp. 6.88%, 11/1/2027 (a)	418,000	329,764
		3,671,770
Leisure Products — 0.1%
Universal Entertainment Corp. (Japan) 8.75%, 12/11/2024 (a) (d)	392,000	396,199
Life Sciences Tools & Services — 0.2%
Charles River Laboratories International, Inc. 3.75%, 3/15/2029 (a)	507,000	447,493

SEE NOTES TO FINANCIAL STATEMENTS.

J.P. Morgan Exchange-Traded Funds

August 31, 2023

INVESTMENTS	PRINCIPAL AMOUNT($)	VALUE($)
Corporate Bonds — continued
Life Sciences Tools & Services — continued
Fortrea Holdings, Inc. 7.50%, 7/1/2030 (a)	200,000	195,750
PRA Health Sciences, Inc. 2.88%, 7/15/2026 (a)	375,000	342,130
		985,373
Machinery — 1.4%
Amsted Industries, Inc. 4.63%, 5/15/2030 (a)	498,000	437,409
ATS Corp. (Canada) 4.13%, 12/15/2028 (a)	5,000	4,439
Calderys Financing LLC (France) 11.25%, 6/1/2028 (a)	341,000	349,512
Chart Industries, Inc. 7.50%, 1/1/2030 (a)	688,000	704,955
EnPro Industries, Inc. 5.75%, 10/15/2026	315,000	306,041
GrafTech Finance, Inc. 4.63%, 12/15/2028 (a)	324,000	254,340
GrafTech Global Enterprises, Inc. 9.88%, 12/15/2028 (a)	316,000	308,100
Hillenbrand, Inc.
5.75%, 6/15/2025	228,000	226,575
3.75%, 3/1/2031	387,000	324,982
Husky III Holding Ltd. (Canada) 13.00% (Cash), 2/15/2025 (a) (b)	428,000	426,930
Manitowoc Co., Inc. (The) 9.00%, 4/1/2026 (a)	47,000	47,232
Maxim Crane Works Holdings Capital LLC 10.13%, 8/1/2024 (a)	269,000	269,238
Mueller Water Products, Inc. 4.00%, 6/15/2029 (a)	391,000	346,297
Park-Ohio Industries, Inc. 6.63%, 4/15/2027	363,000	314,903
Roller Bearing Co. of America, Inc. 4.38%, 10/15/2029 (a)	211,000	188,775
SPX FLOW, Inc. 8.75%, 4/1/2030 (a)	199,000	189,233
Terex Corp. 5.00%, 5/15/2029 (a)	405,000	371,851
Titan International, Inc. 7.00%, 4/30/2028	301,000	286,780
TK Elevator US Newco, Inc. (Germany) 5.25%, 7/15/2027 (a)	498,000	466,825
Werner FinCo. LP 8.75% (Blend (Cash 8.75% + PIK 5.75%)), 10/15/2028 (a) (b)	7,000	6,086
		5,830,503
Marine Transportation — 0.0% ^
Danaos Corp. (Greece) 8.50%, 3/1/2028 (a)	188,000	190,830
Media — 6.5%
Advantage Sales & Marketing, Inc. 6.50%, 11/15/2028 (a)	379,000	330,397
Altice Financing SA (Luxembourg)
5.00%, 1/15/2028 (a)	529,000	430,135
5.75%, 8/15/2029 (a)	561,000	444,402

INVESTMENTS	PRINCIPAL AMOUNT($)	VALUE($)

Media — continued
AMC Networks, Inc.
4.75%, 8/1/2025	473,000	443,370
4.25%, 2/15/2029	200,000	127,486
Beasley Mezzanine Holdings LLC 8.63%, 2/1/2026 (a)	60,000	39,637
Cable One, Inc. 4.00%, 11/15/2030 (a)	83,000	64,737
Clear Channel International BV (United Kingdom) 6.63%, 8/1/2025 (a)	205,000	203,134
Clear Channel Outdoor Holdings, Inc.
5.13%, 8/15/2027 (a)	220,000	197,041
7.50%, 6/1/2029 (a)	800,000	596,233
CMG Media Corp. 8.88%, 12/15/2027 (a)	342,000	268,620
CSC Holdings LLC
7.50%, 4/1/2028 (a)	611,000	388,373
11.25%, 5/15/2028 (a)	428,000	422,147
6.50%, 2/1/2029 (a)	1,226,000	1,013,483
5.75%, 1/15/2030 (a)	950,000	525,331
4.13%, 12/1/2030 (a)	529,000	377,216
4.63%, 12/1/2030 (a)	400,000	209,272
3.38%, 2/15/2031 (a)	200,000	137,354
4.50%, 11/15/2031 (a)	738,000	524,767
Cumulus Media New Holdings, Inc. 6.75%, 7/1/2026 (a)	359,000	263,160
Directv Financing LLC 5.88%, 8/15/2027 (a)	1,450,000	1,285,016
DISH DBS Corp.
5.88%, 11/15/2024	1,167,000	1,085,448
7.75%, 7/1/2026	380,000	284,202
5.25%, 12/1/2026 (a)	1,205,000	1,015,749
7.38%, 7/1/2028	310,000	194,184
5.75%, 12/1/2028 (a)	1,390,000	1,079,015
5.13%, 6/1/2029	415,000	224,391
DISH Network Corp. 11.75%, 11/15/2027 (a)	770,000	781,274
Gannett Holdings LLC 6.00%, 11/1/2026 (a)	67,000	57,473
GCI LLC 4.75%, 10/15/2028 (a)	40,000	34,700
Gray Television, Inc.
7.00%, 5/15/2027 (a)	519,000	465,833
4.75%, 10/15/2030 (a)	618,000	431,506
iHeartCommunications, Inc.
6.38%, 5/1/2026	555,417	484,607
8.38%, 5/1/2027	484,864	335,734
5.25%, 8/15/2027 (a)	292,000	230,892
4.75%, 1/15/2028 (a)	45,000	34,681
Lamar Media Corp.
4.00%, 2/15/2030	397,000	347,375
3.63%, 1/15/2031	70,000	58,450

SEE NOTES TO FINANCIAL STATEMENTS.

August 31, 2023

J.P. Morgan Exchange-Traded Funds

JPMorgan BetaBuilders USD High Yield Corporate Bond ETF

SCHEDULE OF PORTFOLIO INVESTMENTS
AS OF August 31, 2023 (Unaudited) (continued)

INVESTMENTS	PRINCIPAL AMOUNT($)	VALUE($)
Corporate Bonds — continued
Media — continued
LCPR Senior Secured Financing DAC 6.75%, 10/15/2027 (a)	638,000	600,517
Liberty Interactive LLC 8.25%, 2/1/2030	13,000	5,048
McGraw-Hill Education, Inc.
5.75%, 8/1/2028 (a)	235,000	208,563
8.00%, 8/1/2029 (a)	417,000	371,268
News Corp.
3.88%, 5/15/2029 (a)	643,000	564,676
5.13%, 2/15/2032 (a)	140,000	126,700
Nexstar Media, Inc.
5.63%, 7/15/2027 (a)	756,000	710,597
4.75%, 11/1/2028 (a)	162,000	142,108
Outfront Media Capital LLC
5.00%, 8/15/2027 (a)	447,000	404,535
4.25%, 1/15/2029 (a)	367,000	301,004
Paramount Global
(ICE LIBOR USD 3 Month + 3.90%), 6.25%, 2/28/2057 (c)	13,000	10,179
(US Treasury Yield Curve Rate T Note Constant Maturity 5 Year + 4.00%), 6.38%, 3/30/2062 (c)	458,000	377,850
Radiate Holdco LLC
4.50%, 9/15/2026 (a)	59,000	45,984
6.50%, 9/15/2028 (a)	612,000	330,503
Scripps Escrow II, Inc.
3.88%, 1/15/2029 (a)	196,000	157,357
5.38%, 1/15/2031 (a)	69,000	49,287
Scripps Escrow, Inc. 5.88%, 7/15/2027 (a)	424,000	342,584
Sinclair Television Group, Inc.
5.50%, 3/1/2030 (a)	473,000	252,013
4.13%, 12/1/2030 (a)	168,000	108,266
Sirius XM Radio, Inc.
5.00%, 8/1/2027 (a)	687,000	635,186
4.00%, 7/15/2028 (a)	12,000	10,391
5.50%, 7/1/2029 (a)	1,006,000	905,657
4.13%, 7/1/2030 (a)	789,000	643,216
3.88%, 9/1/2031 (a)	40,000	31,132
Spanish Broadcasting System, Inc. 9.75%, 3/1/2026 (a)	48,000	33,256
Stagwell Global LLC 5.63%, 8/15/2029 (a)	244,000	203,774
TEGNA, Inc.
4.75%, 3/15/2026 (a)	180,000	171,510
5.00%, 9/15/2029	892,000	784,960
Telenet Finance Luxembourg Notes SARL (Belgium) 5.50%, 3/1/2028 (a)	400,000	365,200

INVESTMENTS	PRINCIPAL AMOUNT($)	VALUE($)

Media — continued
Townsquare Media, Inc. 6.88%, 2/1/2026 (a)	292,000	281,050
Univision Communications, Inc.
5.13%, 2/15/2025 (a)	197,000	194,291
4.50%, 5/1/2029 (a)	634,000	545,707
7.38%, 6/30/2030 (a)	446,000	431,652
UPC Broadband Finco BV (Netherlands) 4.88%, 7/15/2031 (a)	510,000	420,928
UPC Holding BV (Netherlands) 5.50%, 1/15/2028 (a)	363,000	323,070
Urban One, Inc. 7.38%, 2/1/2028 (a)	211,000	183,476
Videotron Ltd. (Canada) 5.13%, 4/15/2027 (a)	309,000	295,868
Virgin Media Vendor Financing Notes IV DAC (United Kingdom) 5.00%, 7/15/2028 (a)	223,000	197,605
VZ Secured Financing BV (Netherlands) 5.00%, 1/15/2032 (a)	322,000	262,512
Ziggo Bond Co. BV (Netherlands) 5.13%, 2/28/2030 (a)	966,000	749,736
		28,216,041
Metals & Mining — 1.9%
Baffinland Iron Mines Corp. (Canada) 8.75%, 7/15/2026 (a)	293,000	285,580
Big River Steel LLC 6.63%, 1/31/2029 (a)	505,000	502,055
Carpenter Technology Corp. 6.38%, 7/15/2028	454,000	443,560
Cleveland-Cliffs, Inc.
6.75%, 3/15/2026 (a)	30,000	30,009
5.88%, 6/1/2027	618,000	595,144
6.75%, 4/15/2030 (a)	51,000	48,620
4.88%, 3/1/2031 (a)	522,000	455,449
Coeur Mining, Inc. 5.13%, 2/15/2029 (a)	191,000	167,427
Commercial Metals Co.
4.13%, 1/15/2030	279,000	246,801
4.38%, 3/15/2032	40,000	34,327
Constellium SE 5.63%, 6/15/2028 (a)	350,000	330,787
FMG Resources August 2006 Pty. Ltd. (Australia)
4.50%, 9/15/2027 (a)	1,228,000	1,132,941
5.88%, 4/15/2030 (a)	107,000	99,290
6.13%, 4/15/2032 (a)	290,000	269,923
Hudbay Minerals, Inc. (Canada)
4.50%, 4/1/2026 (a)	159,000	150,075
6.13%, 4/1/2029 (a)	457,000	429,655
IAMGOLD Corp. (Burkina Faso) 5.75%, 10/15/2028 (a)	240,000	184,122

SEE NOTES TO FINANCIAL STATEMENTS.

100

J.P. Morgan Exchange-Traded Funds

August 31, 2023

INVESTMENTS	PRINCIPAL AMOUNT($)	VALUE($)
Corporate Bonds — continued
Metals & Mining — continued
Infrabuild Australia Pty. Ltd. (Australia) 12.00%, 10/1/2024 (a)	27,000	26,212
Kaiser Aluminum Corp.
4.63%, 3/1/2028 (a)	351,000	310,399
4.50%, 6/1/2031 (a)	269,000	217,357
Mineral Resources Ltd. (Australia)
8.13%, 5/1/2027 (a)	270,000	269,330
8.00%, 11/1/2027 (a)	165,000	164,423
8.50%, 5/1/2030 (a)	235,000	235,840
New Gold, Inc. (Canada) 7.50%, 7/15/2027 (a)	209,000	199,528
Novelis Corp.
3.25%, 11/15/2026 (a)	20,000	18,120
4.75%, 1/30/2030 (a)	1,073,000	960,272
3.88%, 8/15/2031 (a)	126,000	104,323
SunCoke Energy, Inc. 4.88%, 6/30/2029 (a)	130,000	110,625
United States Steel Corp.
6.88%, 3/1/2029	130,000	129,500
6.65%, 6/1/2037	219,000	215,091
		8,366,785
Mortgage Real Estate Investment Trusts (REITs) — 0.4%
Apollo Commercial Real Estate Finance, Inc. 4.63%, 6/15/2029 (a)	489,000	383,484
Ladder Capital Finance Holdings LLLP
4.25%, 2/1/2027 (a)	354,000	320,139
4.75%, 6/15/2029 (a)	405,000	340,488
Starwood Property Trust, Inc.
3.75%, 12/31/2024 (a)	432,000	415,260
3.63%, 7/15/2026 (a)	373,000	333,771
		1,793,142
Multi-Utilities — 0.1%
Algonquin Power & Utilities Corp. (Canada) (US Treasury Yield Curve Rate T Note Constant Maturity 5 Year + 3.25%), 4.75%, 1/18/2082 (c)	418,000	341,906
Office REITs — 0.1%
Office Properties Income Trust
4.50%, 2/1/2025	130,000	116,230
2.65%, 6/15/2026	85,000	63,585
2.40%, 2/1/2027	131,000	88,610
3.45%, 10/15/2031	370,000	188,205
		456,630
Oil, Gas & Consumable Fuels — 9.6%
Aethon United BR LP 8.25%, 2/15/2026 (a)	237,000	238,185

INVESTMENTS	PRINCIPAL AMOUNT($)	VALUE($)

Oil, Gas & Consumable Fuels — continued
Alliance Resource Operating Partners LP 7.50%, 5/1/2025 (a)	242,000	241,093
Antero Midstream Partners LP
7.88%, 5/15/2026 (a)	27,000	27,469
5.75%, 3/1/2027 (a)	496,000	480,730
5.75%, 1/15/2028 (a)	521,000	498,899
Ascent Resources Utica Holdings LLC
7.00%, 11/1/2026 (a)	583,000	579,576
5.88%, 6/30/2029 (a)	157,000	142,997
Baytex Energy Corp. (Canada) 8.75%, 4/1/2027 (a)	354,000	362,284
Berry Petroleum Co. LLC 7.00%, 2/15/2026 (a)	18,000	17,307
Blue Racer Midstream LLC
7.63%, 12/15/2025 (a)	392,000	393,139
6.63%, 7/15/2026 (a)	70,000	68,797
Buckeye Partners LP
4.13%, 3/1/2025 (a)	200,000	192,606
4.13%, 12/1/2027	200,000	181,858
4.50%, 3/1/2028 (a)	693,000	628,897
5.85%, 11/15/2043	166,000	128,853
5.60%, 10/15/2044	42,000	31,326
California Resources Corp. 7.13%, 2/1/2026 (a)	339,000	339,871
Callon Petroleum Co.
6.38%, 7/1/2026	244,000	240,560
8.00%, 8/1/2028 (a)	307,000	311,322
7.50%, 6/15/2030 (a)	154,000	152,215
Calumet Specialty Products Partners LP
11.00%, 4/15/2025 (a)	64,000	65,470
8.13%, 1/15/2027 (a)	241,000	230,336
Chesapeake Energy Corp. 5.50%, 2/1/2026 (a)	423,000	412,992
Chord Energy Corp. 6.38%, 6/1/2026 (a)	15,000	14,784
Civitas Resources, Inc.
5.00%, 10/15/2026 (a)	506,000	480,214
8.75%, 7/1/2031 (a)	250,000	258,750
CNX Midstream Partners LP 4.75%, 4/15/2030 (a)	268,000	231,268
CNX Resources Corp.
7.25%, 3/14/2027 (a)	316,000	315,677
7.38%, 1/15/2031 (a)	275,000	274,489
Comstock Resources, Inc. 6.75%, 3/1/2029 (a)	916,000	857,080
CQP Holdco LP 5.50%, 6/15/2031 (a)	500,000	456,240

SEE NOTES TO FINANCIAL STATEMENTS.

August 31, 2023

J.P. Morgan Exchange-Traded Funds

101

JPMorgan BetaBuilders USD High Yield Corporate Bond ETF

SCHEDULE OF PORTFOLIO INVESTMENTS
AS OF August 31, 2023 (Unaudited) (continued)

INVESTMENTS	PRINCIPAL AMOUNT($)	VALUE($)
Corporate Bonds — continued
Oil, Gas & Consumable Fuels — continued
Crestwood Midstream Partners LP
5.63%, 5/1/2027 (a)	663,000	643,110
8.00%, 4/1/2029 (a)	184,000	190,130
7.38%, 2/1/2031 (a)	200,000	206,032
CrownRock LP
5.63%, 10/15/2025 (a)	122,000	120,074
5.00%, 5/1/2029 (a)	495,000	459,711
CVR Energy, Inc. 5.25%, 2/15/2025 (a)	55,000	53,353
Delek Logistics Partners LP 7.13%, 6/1/2028 (a)	299,000	277,944
DT Midstream, Inc.
4.13%, 6/15/2029 (a)	820,000	726,454
4.38%, 6/15/2031 (a)	157,000	135,917
Earthstone Energy Holdings LLC 8.00%, 4/15/2027 (a)	299,000	305,186
Encino Acquisition Partners Holdings LLC 8.50%, 5/1/2028 (a)	163,000	154,557
Endeavor Energy Resources LP 5.75%, 1/30/2028 (a)	567,000	554,639
EnLink Midstream LLC
5.38%, 6/1/2029	540,000	514,839
6.50%, 9/1/2030 (a)	211,000	211,539
EnLink Midstream Partners LP
4.85%, 7/15/2026	370,000	355,200
5.60%, 4/1/2044	107,000	91,239
5.05%, 4/1/2045	189,000	150,736
5.45%, 6/1/2047	318,000	263,940
Enviva Partners LP 6.50%, 1/15/2026 (a)	145,000	123,613
EQM Midstream Partners LP
4.00%, 8/1/2024	401,000	391,244
5.50%, 7/15/2028	892,000	852,201
4.75%, 1/15/2031 (a)	583,000	515,185
6.50%, 7/15/2048	275,000	249,631
Genesis Energy LP
6.50%, 10/1/2025	11,000	10,854
8.00%, 1/15/2027	1,004,000	989,773
Global Partners LP 6.88%, 1/15/2029	52,000	49,140
Gran Tierra Energy International Holdings Ltd. (Colombia) 6.25%, 2/15/2025 (a)	219,000	191,485
Gulfport Energy Corp. 8.00%, 5/17/2026	271,999	276,223
Hess Infrastructure Partners LP 5.63%, 2/15/2026 (a)	25,000	24,463
Hess Midstream Operations LP
5.63%, 2/15/2026 (a)	14,000	13,699
5.13%, 6/15/2028 (a)	755,000	708,206

INVESTMENTS	PRINCIPAL AMOUNT($)	VALUE($)

Oil, Gas & Consumable Fuels — continued
Hilcorp Energy I LP
6.25%, 11/1/2028 (a)	53,000	51,128
5.75%, 2/1/2029 (a)	111,000	102,953
6.00%, 2/1/2031 (a)	234,000	214,352
6.25%, 4/15/2032 (a)	609,000	558,858
Holly Energy Partners LP 6.38%, 4/15/2027 (a)	270,000	268,587
Ithaca Energy North Sea plc (United Kingdom) 9.00%, 7/15/2026 (a)	342,000	327,548
ITT Holdings LLC 6.50%, 8/1/2029 (a)	208,000	187,720
Kinetik Holdings LP 5.88%, 6/15/2030 (a)	499,000	483,286
Martin Midstream Partners LP 11.50%, 2/15/2028 (a)	175,000	177,058
Matador Resources Co. 6.88%, 4/15/2028 (a)	585,000	584,075
MEG Energy Corp. (Canada)
7.13%, 2/1/2027 (a)	185,000	187,334
5.88%, 2/1/2029 (a)	333,000	318,125
Moss Creek Resources Holdings, Inc.
7.50%, 1/15/2026 (a)	409,000	391,502
10.50%, 5/15/2027 (a)	152,000	150,816
Murphy Oil Corp.
6.38%, 7/15/2028	200,000	199,896
7.05%, 5/1/2029	63,000	63,663
5.87%, 12/1/2042 (d)	280,000	234,550
Neptune Energy Bondco plc (United Kingdom) 6.63%, 5/15/2025 (a)	438,000	435,810
New Fortress Energy, Inc.
6.75%, 9/15/2025 (a)	588,000	568,290
6.50%, 9/30/2026 (a)	284,000	263,984
NGL Energy Operating LLC 7.50%, 2/1/2026 (a)	392,000	390,266
NGL Energy Partners LP
6.13%, 3/1/2025	108,000	106,107
7.50%, 4/15/2026	311,000	298,994
Northern Oil and Gas, Inc. 8.13%, 3/1/2028 (a)	5,000	5,012
Northriver Midstream Finance LP (Canada) 5.63%, 2/15/2026 (a)	143,000	137,459
NuStar Logistics LP
6.00%, 6/1/2026	164,000	160,733
5.63%, 4/28/2027	546,000	529,757
Parkland Corp. (Canada)
5.88%, 7/15/2027 (a)	25,000	24,162
4.50%, 10/1/2029 (a)	377,000	332,182
4.63%, 5/1/2030 (a)	476,000	419,627

SEE NOTES TO FINANCIAL STATEMENTS.

102

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August 31, 2023

INVESTMENTS	PRINCIPAL AMOUNT($)	VALUE($)
Corporate Bonds — continued
Oil, Gas & Consumable Fuels — continued
PBF Holding Co. LLC
7.25%, 6/15/2025	473,000	473,032
6.00%, 2/15/2028	121,000	114,455
PDC Energy, Inc. 5.75%, 5/15/2026	264,000	263,340
Permian Resources Operating LLC
7.75%, 2/15/2026 (a)	21,000	21,173
6.88%, 4/1/2027 (a)	9,000	8,941
5.88%, 7/1/2029 (a)	644,000	621,103
Range Resources Corp.
8.25%, 1/15/2029	442,000	458,862
4.75%, 2/15/2030 (a)	194,000	175,176
Rockcliff Energy II LLC 5.50%, 10/15/2029 (a)	473,000	436,023
Rockies Express Pipeline LLC
4.95%, 7/15/2029 (a)	588,000	538,186
4.80%, 5/15/2030 (a)	342,000	298,769
6.88%, 4/15/2040 (a)	44,000	39,580
SM Energy Co.
5.63%, 6/1/2025	180,000	177,277
6.75%, 9/15/2026	459,000	457,072
6.63%, 1/15/2027	85,000	83,938
Southwestern Energy Co.
5.70%, 1/23/2025 (d)	276,000	273,312
8.38%, 9/15/2028	159,000	165,495
5.38%, 3/15/2030	657,000	615,074
4.75%, 2/1/2032	440,000	389,777
Strathcona Resources Ltd. (Canada) 6.88%, 8/1/2026 (a)	292,000	273,513
Summit Midstream Holdings LLC
5.75%, 4/15/2025	244,000	224,480
9.00%, 10/15/2026 (a) (d)	451,000	435,215
Sunnova Energy Corp. 5.88%, 9/1/2026 (a)	403,000	354,622
Sunoco LP
6.00%, 4/15/2027	426,000	421,545
5.88%, 3/15/2028	35,000	33,996
4.50%, 4/30/2030	599,000	534,063
Tallgrass Energy Partners LP
6.00%, 3/1/2027 (a)	64,000	61,327
5.50%, 1/15/2028 (a)	631,000	586,048
6.00%, 12/31/2030 (a)	100,000	89,459
6.00%, 9/1/2031 (a)	357,000	317,059
Talos Production, Inc. 12.00%, 1/15/2026	418,000	435,765
Teine Energy Ltd. (Canada) 6.88%, 4/15/2029 (a)	301,000	279,178

INVESTMENTS	PRINCIPAL AMOUNT($)	VALUE($)

Oil, Gas & Consumable Fuels — continued
TerraForm Power Operating LLC
5.00%, 1/31/2028 (a)	603,000	547,615
4.75%, 1/15/2030 (a)	90,000	77,131
Topaz Solar Farms LLC 5.75%, 9/30/2039 (a)	227,000	214,644
TransMontaigne Partners LP 6.13%, 2/15/2026	207,000	177,761
Venture Global Calcasieu Pass LLC
3.88%, 8/15/2029 (a)	1,117,000	966,231
4.13%, 8/15/2031 (a)	354,000	300,283
3.88%, 11/1/2033 (a)	210,000	170,623
Venture Global LNG, Inc.
8.13%, 6/1/2028 (a)	877,000	884,668
8.38%, 6/1/2031 (a)	674,000	679,860
Vermilion Energy, Inc. (Canada) 6.88%, 5/1/2030 (a)	369,000	349,358
Viper Energy Partners LP 5.38%, 11/1/2027 (a)	26,000	25,053
Vital Energy, Inc.
9.50%, 1/15/2025	94,000	94,470
10.13%, 1/15/2028	254,000	257,810
7.75%, 7/31/2029 (a)	176,000	158,400
W&T Offshore, Inc. 11.75%, 2/1/2026 (a)	220,000	222,747
		41,622,944
Paper & Forest Products — 0.3%
Ahlstrom Holding 3 Oy (Finland) 4.88%, 2/4/2028 (a)	227,000	188,503
Domtar Corp. 6.75%, 10/1/2028 (a)	531,000	459,345
Glatfelter Corp. 4.75%, 11/15/2029 (a)	74,000	51,696
Louisiana-Pacific Corp. 3.63%, 3/15/2029 (a)	362,000	311,499
Mercer International, Inc. (Germany)
5.50%, 1/15/2026	83,000	79,207
5.13%, 2/1/2029	432,000	353,401
		1,443,651
Passenger Airlines — 1.8%
Air Canada (Canada) 3.88%, 8/15/2026 (a)	535,000	494,030
Allegiant Travel Co. 7.25%, 8/15/2027 (a)	481,000	470,779
American Airlines Group, Inc. 3.75%, 3/1/2025 (a)	335,000	320,595
American Airlines, Inc.
11.75%, 7/15/2025 (a)	60,000	65,673
5.50%, 4/20/2026 (a)	922,174	904,915
7.25%, 2/15/2028 (a)	195,000	191,552
5.75%, 4/20/2029 (a)	1,601,009	1,531,174

SEE NOTES TO FINANCIAL STATEMENTS.

August 31, 2023

J.P. Morgan Exchange-Traded Funds

103

JPMorgan BetaBuilders USD High Yield Corporate Bond ETF

SCHEDULE OF PORTFOLIO INVESTMENTS
AS OF August 31, 2023 (Unaudited) (continued)

INVESTMENTS	PRINCIPAL AMOUNT($)	VALUE($)
Corporate Bonds — continued
Passenger Airlines — continued
Delta Air Lines, Inc.
7.38%, 1/15/2026	425,000	437,260
4.38%, 4/19/2028	331,000	312,629
3.75%, 10/28/2029	315,000	280,193
Hawaiian Brand Intellectual Property Ltd. 5.75%, 1/20/2026 (a)	441,111	408,188
Spirit Loyalty Cayman Ltd. 8.00%, 9/20/2025 (a)	292,000	292,320
United Airlines Holdings, Inc. 4.88%, 1/15/2025	45,000	43,899
United Airlines, Inc.
4.38%, 4/15/2026 (a)	279,000	262,938
4.63%, 4/15/2029 (a)	1,179,000	1,048,309
VistaJet Malta Finance plc (Switzerland)
7.88%, 5/1/2027 (a)	567,000	513,135
9.50%, 6/1/2028 (a)	161,000	148,571
6.38%, 2/1/2030 (a)	161,000	132,017
		7,858,177
Personal Care Products — 0.5%
BellRing Brands, Inc. 7.00%, 3/15/2030 (a)	604,000	604,252
Coty, Inc.
5.00%, 4/15/2026 (a)	448,000	430,653
6.50%, 4/15/2026 (a)	163,000	162,563
Edgewell Personal Care Co. 4.13%, 4/1/2029 (a)	100,000	86,664
Herbalife Nutrition Ltd. 7.88%, 9/1/2025 (a)	604,000	581,205
Prestige Brands, Inc.
5.13%, 1/15/2028 (a)	26,000	24,572
3.75%, 4/1/2031 (a)	507,000	419,542
		2,309,451
Pharmaceuticals — 1.5%
Bausch Health Americas, Inc.
9.25%, 4/1/2026 (a)	108,000	97,824
8.50%, 1/31/2027 (a)	65,000	36,156
Bausch Health Cos., Inc.
5.50%, 11/1/2025 (a)	1,037,000	933,881
9.00%, 12/15/2025 (a)	261,000	238,824
6.13%, 2/1/2027 (a)	242,000	159,115
5.75%, 8/15/2027 (a)	1,112,000	696,177
5.00%, 1/30/2028 (a)	669,000	290,691
11.00%, 9/30/2028 (a)	524,000	374,103
5.00%, 2/15/2029 (a)	202,000	83,830
6.25%, 2/15/2029 (a)	10,000	4,375
5.25%, 1/30/2030 (a)	5,000	2,111

INVESTMENTS	PRINCIPAL AMOUNT($)	VALUE($)

Pharmaceuticals — continued
5.25%, 2/15/2031 (a)	190,000	80,598
Catalent Pharma Solutions, Inc.
5.00%, 7/15/2027 (a)	513,000	479,014
3.13%, 2/15/2029 (a)	225,000	189,356
Cheplapharm Arzneimittel GmbH (Germany) 5.50%, 1/15/2028 (a)	287,000	259,820
Elanco Animal Health, Inc. 6.65%, 8/28/2028 (d)	268,000	264,315
Jazz Securities DAC 4.38%, 1/15/2029 (a)	450,000	403,172
Mallinckrodt International Finance SA
Series 144#, 10.00%, 4/15/2025 (a)	50,000	4,750
11.50%, 12/15/2028 (a) (g)	461,000	415,161
Organon & Co. 5.13%, 4/30/2031 (a)	825,000	702,903
P&L Development LLC 7.75%, 11/15/2025 (a)	129,000	111,501
Perrigo Finance Unlimited Co.
4.38%, 3/15/2026	325,000	309,134
4.65%, 6/15/2030 (d)	550,000	487,465
		6,624,276
Professional Services — 0.2%
AMN Healthcare, Inc.
4.63%, 10/1/2027 (a)	130,000	119,243
4.00%, 4/15/2029 (a)	90,000	76,976
CoreLogic, Inc. 4.50%, 5/1/2028 (a)	470,000	384,225
Dun & Bradstreet Corp. (The) 5.00%, 12/15/2029 (a)	401,000	359,890
KBR, Inc. 4.75%, 9/30/2028 (a)	28,000	25,166
Science Applications International Corp. 4.88%, 4/1/2028 (a)	51,000	47,474
		1,012,974
Real Estate Management & Development — 0.6%
Cushman & Wakefield US Borrower LLC 6.75%, 5/15/2028 (a)	300,000	285,595
Five Point Operating Co. LP 7.88%, 11/15/2025 (a)	321,000	299,337
Forestar Group, Inc.
3.85%, 5/15/2026 (a)	55,000	50,924
5.00%, 3/1/2028 (a)	65,000	60,068
Howard Hughes Corp. (The)
5.38%, 8/1/2028 (a)	165,000	148,557
4.13%, 2/1/2029 (a)	225,000	185,625
4.38%, 2/1/2031 (a)	466,000	371,379
Hunt Cos., Inc. 5.25%, 4/15/2029 (a)	279,000	213,111
Kennedy-Wilson, Inc. 4.75%, 3/1/2029	593,000	476,487

SEE NOTES TO FINANCIAL STATEMENTS.

104

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August 31, 2023

INVESTMENTS	PRINCIPAL AMOUNT($)	VALUE($)
Corporate Bonds — continued
Real Estate Management & Development — continued
Realogy Group LLC
5.75%, 1/15/2029 (a)	613,000	439,025
5.25%, 4/15/2030 (a)	142,000	98,571
WeWork Cos. LLC 5.00%, 7/10/2025 (a)	217,000	21,965
		2,650,644
Retail REITs — 0.2%
Brookfield Property REIT, Inc.
5.75%, 5/15/2026 (a)	522,000	478,849
4.50%, 4/1/2027 (a)	280,000	233,800
		712,649
Semiconductors & Semiconductor Equipment — 0.4%
Amkor Technology, Inc. 6.63%, 9/15/2027 (a)	489,000	488,697
ams-OSRAM AG (Austria) 7.00%, 7/31/2025 (a)	442,000	405,226
Entegris Escrow Corp.
4.75%, 4/15/2029 (a)	51,000	47,448
5.95%, 6/15/2030 (a)	619,000	592,764
ON Semiconductor Corp. 3.88%, 9/1/2028 (a)	53,000	47,179
Synaptics, Inc. 4.00%, 6/15/2029 (a)	224,000	190,552
		1,771,866
Software — 2.9%
ACI Worldwide, Inc. 5.75%, 8/15/2026 (a)	293,000	286,621
AthenaHealth Group, Inc. 6.50%, 2/15/2030 (a)	739,000	641,800
Boxer Parent Co., Inc. 9.13%, 3/1/2026 (a)	108,000	107,731
Camelot Finance SA 4.50%, 11/1/2026 (a)	287,000	268,437
Capstone Borrower, Inc. 8.00%, 6/15/2030 (a)	82,000	80,647
Clarivate Science Holdings Corp. 3.88%, 7/1/2028 (a)	544,000	479,346
Cloud Software Group, Inc.
6.50%, 3/31/2029 (a)	1,382,000	1,236,136
9.00%, 9/30/2029 (a)	1,318,000	1,178,131
Consensus Cloud Solutions, Inc. 6.50%, 10/15/2028 (a)	495,000	447,386
Crowdstrike Holdings, Inc. 3.00%, 2/15/2029	475,000	408,405
CWT Travel Group, Inc. 8.50%, 11/19/2026 (a)	124,000	64,588
Elastic NV 4.13%, 7/15/2029 (a)	119,000	102,296
Fair Isaac Corp.
5.25%, 5/15/2026 (a)	368,000	356,960
4.00%, 6/15/2028 (a)	230,000	210,323
Gen Digital, Inc.
5.00%, 4/15/2025 (a)	453,000	444,071

INVESTMENTS	PRINCIPAL AMOUNT($)	VALUE($)

Software — continued
6.75%, 9/30/2027 (a)	192,000	192,484
7.13%, 9/30/2030 (a)	386,000	388,596
GoTo Group, Inc. 5.50%, 9/1/2027 (a)	250,000	146,297
McAfee Corp. 7.38%, 2/15/2030 (a)	830,000	726,174
MicroStrategy, Inc. 6.13%, 6/15/2028 (a)	349,000	312,433
NCR Corp.
5.75%, 9/1/2027 (a)	205,000	206,982
5.00%, 10/1/2028 (a)	35,000	32,123
5.13%, 4/15/2029 (a)	94,000	85,487
6.13%, 9/1/2029 (a)	734,000	755,972
5.25%, 10/1/2030 (a)	269,000	241,416
Open Text Corp. (Canada)
3.88%, 2/15/2028 (a)	5,000	4,450
3.88%, 12/1/2029 (a)	590,000	500,333
Open Text Holdings, Inc. (Canada)
4.13%, 2/15/2030 (a)	507,000	436,900
4.13%, 12/1/2031 (a)	325,000	269,775
PTC, Inc. 4.00%, 2/15/2028 (a)	183,000	168,131
Rocket Software, Inc. 6.50%, 2/15/2029 (a)	305,000	253,150
SS&C Technologies, Inc. 5.50%, 9/30/2027 (a)	827,000	796,153
Veritas US, Inc. 7.50%, 9/1/2025 (a)	727,000	595,609
		12,425,343
Specialized REITs — 0.6%
Iron Mountain, Inc.
4.88%, 9/15/2027 (a)	785,000	739,022
5.00%, 7/15/2028 (a)	126,000	116,684
4.88%, 9/15/2029 (a)	915,000	826,857
5.25%, 7/15/2030 (a)	60,000	54,140
SBA Communications Corp.
3.88%, 2/15/2027	821,000	759,072
3.13%, 2/1/2029	340,000	291,104
		2,786,879
Specialty Retail — 3.2%
99 Escrow Issuer, Inc. 7.50%, 1/15/2026 (a)	137,000	54,007
Abercrombie & Fitch Management Co. 8.75%, 7/15/2025 (a)	258,000	262,515
Arko Corp. 5.13%, 11/15/2029 (a)	185,000	151,939
Asbury Automotive Group, Inc.
4.50%, 3/1/2028	454,000	414,150
4.63%, 11/15/2029 (a)	489,000	431,388
5.00%, 2/15/2032 (a)	77,000	66,057
At Home Group, Inc. 4.88%, 7/15/2028 (a)	229,000	110,126

SEE NOTES TO FINANCIAL STATEMENTS.

August 31, 2023

J.P. Morgan Exchange-Traded Funds

105

JPMorgan BetaBuilders USD High Yield Corporate Bond ETF

SCHEDULE OF PORTFOLIO INVESTMENTS
AS OF August 31, 2023 (Unaudited) (continued)

INVESTMENTS	PRINCIPAL AMOUNT($)	VALUE($)
Corporate Bonds — continued
Specialty Retail — continued
Bath & Body Works, Inc.
9.38%, 7/1/2025 (a)	539,000	563,907
5.25%, 2/1/2028	5,000	4,797
7.50%, 6/15/2029	176,000	177,446
6.88%, 11/1/2035	857,000	801,329
6.75%, 7/1/2036	46,000	42,463
BCPE Ulysses Intermediate, Inc. 7.75% (Cash), 4/1/2027 (a) (b)	30,000	27,460
Carvana Co.
5.63%, 10/1/2025 (a)	271,000	235,636
5.50%, 4/15/2027 (a)	50,000	36,500
10.25%, 5/1/2030 (a)	1,447,000	1,121,722
eG Global Finance plc (United Kingdom) 8.50%, 10/30/2025 (a)	357,000	353,432
Evergreen Acqco 1 LP 9.75%, 4/26/2028 (a)	36,000	37,541
Foot Locker, Inc. 4.00%, 10/1/2029 (a)	172,000	129,459
Gap, Inc. (The)
3.63%, 10/1/2029 (a)	454,000	345,623
3.88%, 10/1/2031 (a)	125,000	90,582
Group 1 Automotive, Inc. 4.00%, 8/15/2028 (a)	502,000	445,726
LBM Acquisition LLC 6.25%, 1/15/2029 (a)	538,000	469,449
LCM Investments Holdings II LLC 4.88%, 5/1/2029 (a)	308,000	267,341
Lithia Motors, Inc.
3.88%, 6/1/2029 (a)	742,000	637,048
4.38%, 1/15/2031 (a)	123,000	104,653
LSF9 Atlantis Holdings LLC 7.75%, 2/15/2026 (a)	508,000	462,919
Michaels Cos., Inc. (The)
5.25%, 5/1/2028 (a)	379,000	315,991
7.88%, 5/1/2029 (a)	482,000	334,122
Murphy Oil USA, Inc.
5.63%, 5/1/2027	501,000	487,814
3.75%, 2/15/2031 (a)	5,000	4,206
Park River Holdings, Inc.
5.63%, 2/1/2029 (a)	54,000	42,255
6.75%, 8/1/2029 (a)	86,000	68,824
Penske Automotive Group, Inc. 3.75%, 6/15/2029	639,000	548,309
PetSmart, Inc.
4.75%, 2/15/2028 (a)	450,000	403,663
7.75%, 2/15/2029 (a)	400,000	382,005
Sonic Automotive, Inc.
4.63%, 11/15/2029 (a)	161,000	137,638

INVESTMENTS	PRINCIPAL AMOUNT($)	VALUE($)

Specialty Retail — continued
4.88%, 11/15/2031 (a)	300,000	249,524
Specialty Building Products Holdings LLC 6.38%, 9/30/2026 (a)	439,000	420,316
SRS Distribution, Inc.
4.63%, 7/1/2028 (a)	343,000	305,278
6.13%, 7/1/2029 (a)	565,000	491,259
Staples, Inc.
7.50%, 4/15/2026 (a)	1,140,000	943,233
10.75%, 4/15/2027 (a)	233,000	127,080
TPro Acquisition Corp. 11.00%, 10/15/2024 (a)	137,000	136,830
Victoria's Secret & Co. 4.63%, 7/15/2029 (a)	373,000	270,063
White Cap Buyer LLC 6.88%, 10/15/2028 (a)	246,000	225,712
White Cap Parent LLC 8.25% (Cash), 3/15/2026 (a) (b)	176,000	173,712
		13,913,049
Technology Hardware, Storage & Peripherals — 0.6%
Seagate HDD Cayman
4.88%, 6/1/2027	621,000	594,719
4.09%, 6/1/2029	420,000	370,059
4.13%, 1/15/2031	202,000	164,984
8.50%, 7/15/2031 (a)	40,000	41,908
9.63%, 12/1/2032 (a)	162,000	179,448
Western Digital Corp.
4.75%, 2/15/2026	248,000	236,449
3.10%, 2/1/2032	446,000	333,123
Xerox Corp.
4.80%, 3/1/2035	75,000	50,590
6.75%, 12/15/2039	254,000	197,900
Xerox Holdings Corp.
5.00%, 8/15/2025 (a)	331,000	315,672
5.50%, 8/15/2028 (a)	353,000	307,096
		2,791,948
Textiles, Apparel & Luxury Goods — 0.4%
Crocs, Inc.
4.25%, 3/15/2029 (a)	27,000	22,767
4.13%, 8/15/2031 (a)	80,000	63,400
G-III Apparel Group Ltd. 7.88%, 8/15/2025 (a)	282,000	276,360
Hanesbrands, Inc.
4.88%, 5/15/2026 (a)	321,000	300,070
9.00%, 2/15/2031 (a)	98,000	98,383
Levi Strauss & Co. 3.50%, 3/1/2031 (a)	418,000	339,637
Under Armour, Inc. 3.25%, 6/15/2026	230,000	210,805

SEE NOTES TO FINANCIAL STATEMENTS.

106

J.P. Morgan Exchange-Traded Funds

August 31, 2023

INVESTMENTS	PRINCIPAL AMOUNT($)	VALUE($)
Corporate Bonds — continued
Textiles, Apparel & Luxury Goods — continued
William Carter Co. (The) 5.63%, 3/15/2027 (a)	204,000	197,766
Wolverine World Wide, Inc. 4.00%, 8/15/2029 (a)	372,000	278,632
		1,787,820
Tobacco — 0.1%
Turning Point Brands, Inc. 5.63%, 2/15/2026 (a)	15,000	14,001
Vector Group Ltd.
10.50%, 11/1/2026 (a)	126,000	126,400
5.75%, 2/1/2029 (a)	535,000	465,740
		606,141
Trading Companies & Distributors — 1.7%
Alta Equipment Group, Inc. 5.63%, 4/15/2026 (a)	70,000	64,786
Beacon Roofing Supply, Inc.
4.50%, 11/15/2026 (a)	275,000	258,723
4.13%, 5/15/2029 (a)	24,000	20,640
BlueLinx Holdings, Inc. 6.00%, 11/15/2029 (a)	80,000	71,416
Boise Cascade Co. 4.88%, 7/1/2030 (a)	283,000	254,972
Fly Leasing Ltd. (India) 7.00%, 10/15/2024 (a)	267,000	236,375
Fortress Transportation and Infrastructure Investors LLC
6.50%, 10/1/2025 (a)	278,000	274,506
5.50%, 5/1/2028 (a)	683,000	634,449
Foundation Building Materials, Inc. 6.00%, 3/1/2029 (a)	225,000	190,406
H&E Equipment Services, Inc. 3.88%, 12/15/2028 (a)	774,000	675,819
Herc Holdings, Inc. 5.50%, 7/15/2027 (a)	644,000	619,255
Imola Merger Corp. 4.75%, 5/15/2029 (a)	935,000	831,081
United Rentals North America, Inc.
5.50%, 5/15/2027	693,000	679,223
3.88%, 11/15/2027	155,000	143,556
4.88%, 1/15/2028	483,000	459,551
5.25%, 1/15/2030	736,000	699,435
3.75%, 1/15/2032	301,000	253,127
WESCO Distribution, Inc. 7.25%, 6/15/2028 (a)	913,000	929,192
		7,296,512
Wireless Telecommunication Services — 1.1%
C&W Senior Financing DAC (Panama) 6.88%, 9/15/2027 (a)	465,000	427,800

INVESTMENTS	PRINCIPAL AMOUNT($)	VALUE($)

Wireless Telecommunication Services — continued
Connect Finco SARL (United Kingdom) 6.75%, 10/1/2026 (a)	700,000	664,060
Hughes Satellite Systems Corp.
5.25%, 8/1/2026	165,000	151,671
6.63%, 8/1/2026	549,000	476,257
Millicom International Cellular SA (Guatemala)
5.13%, 1/15/2028 (a)	180,000	161,325
4.50%, 4/27/2031 (a)	559,000	439,005
Rogers Communications, Inc. (Canada) (US Treasury Yield Curve Rate T Note Constant Maturity 5 Year + 3.59%), 5.25%, 3/15/2082 (a) (c)	44,000	39,885
United States Cellular Corp. 6.70%, 12/15/2033	268,000	261,139
Vmed O2 UK Financing I plc (United Kingdom)
4.25%, 1/31/2031 (a)	329,000	269,097
4.75%, 7/15/2031 (a)	300,000	250,772
Vodafone Group plc (United Kingdom)
(USD Swap Semi 5 Year + 4.87%), 7.00%, 4/4/2079 (c)	694,000	699,007
(US Treasury Yield Curve Rate T Note Constant Maturity 5 Year + 2.45%), 3.25%, 6/4/2081 (c)	131,000	115,752
(US Treasury Yield Curve Rate T Note Constant Maturity 5 Year + 2.77%), 4.13%, 6/4/2081 (c)	177,000	138,207
(US Treasury Yield Curve Rate T Note Constant Maturity 5 Year + 3.07%), 5.13%, 6/4/2081 (c)	621,000	432,934
		4,526,911
Total Corporate Bonds (Cost $443,138,912)		423,573,218
	SHARES
Short-Term Investments — 0.9%
Investment Companies — 0.9%
JPMorgan U.S. Government Money Market Fund Class IM Shares, 5.27% (h) (i) (Cost $3,924,056)	3,924,056	3,924,056
Total Investments — 98.7% (Cost $447,062,968)		427,497,274
Other Assets Less Liabilities — 1.3%		5,757,480
NET ASSETS — 100.0%		433,254,754

Percentages indicated are based on net assets.

SEE NOTES TO FINANCIAL STATEMENTS.

August 31, 2023

J.P. Morgan Exchange-Traded Funds

107

JPMorgan BetaBuilders USD High Yield Corporate Bond ETF

SCHEDULE OF PORTFOLIO INVESTMENTS
AS OF August 31, 2023 (Unaudited) (continued)

Abbreviations
CME	Chicago Mercantile Exchange
ICE	Intercontinental Exchange
LIBOR	London Interbank Offered Rate
PIK	Payment In Kind
REIT	Real Estate Investment Trust
SCA	Limited partnership with share capital
SOFR	Secured Overnight Financing Rate
USD	United States Dollar

^	Amount rounds to less than 0.1% of net assets.
(a)	Securities exempt from registration under Rule 144A or section 4(a)(2), of the Securities Act of 1933, as amended.
(b)	Security has the ability to pay in kind (“PIK”) or pay income in cash. When applicable, separate rates of such payments are disclosed.
(c)	Variable or floating rate security, linked to the referenced benchmark. The interest rate shown is the current rate as of August 31, 2023.

(d)	Step bond. Interest rate is a fixed rate for an initial period that either resets at a specific date or may reset in the future contingent upon a predetermined trigger. The interest rate shown is the current rate as of August 31, 2023.
(e)	Security is an interest bearing note with preferred security characteristics.
(f)	Security is perpetual and thus, does not have a predetermined maturity date. The coupon rate for this security is fixed for a period of time and may be structured to adjust thereafter. The date shown, if applicable, reflects the next call date. The coupon rate shown is the rate in effect as of August 31, 2023.
(g)	Defaulted security.
(h)	Investment in an affiliated fund, which is registered under the Investment Company Act of 1940, as amended, and is advised by J.P. Morgan Investment Management Inc.
(i)	The rate shown is the current yield as of August 31, 2023.

SEE NOTES TO FINANCIAL STATEMENTS.

108

J.P. Morgan Exchange-Traded Funds

August 31, 2023

JPMorgan BetaBuilders USD Investment Grade Corporate Bond ETF

SCHEDULE OF PORTFOLIO INVESTMENTS
AS OF August 31, 2023 (Unaudited)

INVESTMENTS	PRINCIPAL AMOUNT($)	VALUE($)
Corporate Bonds — 98.2%
Aerospace & Defense — 2.2%
Boeing Co. (The)
4.88%, 5/1/2025	108,000	106,487
3.60%, 5/1/2034	251,000	212,665
5.71%, 5/1/2040	75,000	72,857
3.75%, 2/1/2050	10,000	7,291
3.83%, 3/1/2059	5,000	3,443
General Dynamics Corp. 4.25%, 4/1/2050	12,000	10,550
Hexcel Corp. 4.20%, 2/15/2027 (a)	10,000	9,397
L3Harris Technologies, Inc.
4.40%, 6/15/2028	159,000	152,871
2.90%, 12/15/2029	18,000	15,660
Lockheed Martin Corp.
3.55%, 1/15/2026	54,000	52,256
2.80%, 6/15/2050	10,000	6,729
5.90%, 11/15/2063	32,000	35,105
Northrop Grumman Corp.
3.25%, 1/15/2028	90,000	83,811
4.03%, 10/15/2047	41,000	33,718
Precision Castparts Corp. 3.90%, 1/15/2043	95,000	78,225
RTX Corp.
3.13%, 5/4/2027	121,000	112,767
4.45%, 11/16/2038	107,000	94,777
3.75%, 11/1/2046	23,000	17,449
		1,106,058
Air Freight & Logistics — 0.3%
FedEx Corp.
2.40%, 5/15/2031	60,000	49,538
3.25%, 5/15/2041	21,000	15,271
4.05%, 2/15/2048	10,000	7,789
United Parcel Service, Inc.
4.25%, 3/15/2049	98,000	84,466
5.30%, 4/1/2050	18,000	18,204
		175,268
Automobile Components — 0.3%
Aptiv plc 3.10%, 12/1/2051	8,000	4,870
Lear Corp. 3.80%, 9/15/2027	140,000	131,116
		135,986
Automobiles — 0.5%
General Motors Co.
6.13%, 10/1/2025	158,000	158,756
5.00%, 4/1/2035	5,000	4,466
5.40%, 4/1/2048	10,000	8,335

INVESTMENTS	PRINCIPAL AMOUNT($)	VALUE($)

Automobiles — continued
5.95%, 4/1/2049	64,000	57,329
Honda Motor Co. Ltd. (Japan) 2.97%, 3/10/2032	10,000	8,729
		237,615
Banks — 16.4%
Banco Santander SA (Spain) (US Treasury Yield Curve Rate T Note Constant Maturity 1 Year + 2.00%), 4.18%, 3/24/2028 (b)	200,000	187,359
Bank of America Corp.
(SOFR + 1.75%), 4.83%, 7/22/2026 (b)	16,000	15,701
4.25%, 10/22/2026	311,000	298,390
(SOFR + 1.01%), 1.20%, 10/24/2026 (b)	52,000	47,128
(SOFR + 1.29%), 5.08%, 1/20/2027 (b)	100,000	98,686
(3-MONTH CME TERM SOFR + 1.32%), 3.56%, 4/23/2027 (b)	135,000	127,903
(3-MONTH CME TERM SOFR + 1.84%), 3.82%, 1/20/2028 (b)	146,000	137,610
(SOFR + 2.04%), 4.95%, 7/22/2028 (b)	5,000	4,894
(3-MONTH CME TERM SOFR + 1.30%), 3.42%, 12/20/2028 (b)	112,000	102,646
(3-MONTH CME TERM SOFR + 1.47%), 3.97%, 2/7/2030 (b)	26,000	23,930
(3-MONTH CME TERM SOFR + 1.25%), 2.50%, 2/13/2031 (b)	237,000	196,963
(SOFR + 1.32%), 2.69%, 4/22/2032 (b)	237,000	193,707
(US Treasury Yield Curve Rate T Note Constant Maturity 5 Year + 1.20%), 2.48%, 9/21/2036 (b)	5,000	3,801
(3-MONTH CME TERM SOFR + 2.08%), 4.24%, 4/24/2038 (b)	59,000	51,292
(SOFR + 1.93%), 2.68%, 6/19/2041 (b)	23,000	15,838
(3-MONTH CME TERM SOFR + 1.45%), 3.95%, 1/23/2049 (b)	225,000	176,820
(3-MONTH CME TERM SOFR + 3.41%), 4.08%, 3/20/2051 (b)	78,000	62,668
Bank of Nova Scotia (The) (Canada)
3.45%, 4/11/2025	180,000	173,861
(US Treasury Yield Curve Rate T Note Constant Maturity 5 Year + 2.05%), 4.59%, 5/4/2037 (b) (c)	26,000	22,411
Barclays plc (United Kingdom) (ICE LIBOR USD 3 Month + 1.90%), 4.97%, 5/16/2029 (b)	288,000	273,554
Canadian Imperial Bank of Commerce (Canada) 3.60%, 4/7/2032	66,000	58,754
Citigroup, Inc.
(SOFR + 2.84%), 3.11%, 4/8/2026 (b)	9,000	8,613
(SOFR + 1.55%), 5.61%, 9/29/2026 (b)	36,000	35,835

SEE NOTES TO FINANCIAL STATEMENTS.

August 31, 2023

J.P. Morgan Exchange-Traded Funds

109

JPMorgan BetaBuilders USD Investment Grade Corporate Bond ETF

SCHEDULE OF PORTFOLIO INVESTMENTS
AS OF August 31, 2023 (Unaudited) (continued)

INVESTMENTS	PRINCIPAL AMOUNT($)	VALUE($)
Corporate Bonds — continued
Banks — continued
3.20%, 10/21/2026	188,000	175,321
(SOFR + 1.89%), 4.66%, 5/24/2028 (b)	100,000	97,365
(SOFR + 1.15%), 2.67%, 1/29/2031 (b)	107,000	89,577
(SOFR + 3.91%), 4.41%, 3/31/2031 (b)	179,000	166,178
6.63%, 6/15/2032	83,000	86,489
6.00%, 10/31/2033	39,000	39,253
(3-MONTH CME TERM SOFR + 1.43%), 3.88%, 1/24/2039 (b)	87,000	71,364
(SOFR + 4.55%), 5.32%, 3/26/2041 (b)	95,000	90,179
4.75%, 5/18/2046	47,000	39,308
4.65%, 7/23/2048	39,000	33,820
Comerica, Inc. 4.00%, 2/1/2029	74,000	63,685
Cooperatieve Rabobank UA (Netherlands) 5.25%, 5/24/2041	100,000	101,786
Fifth Third Bancorp
(SOFRINDX + 2.19%), 6.36%, 10/27/2028 (b)	121,000	121,948
8.25%, 3/1/2038	40,000	45,164
FNB Corp. 5.15%, 8/25/2025	147,000	142,432
HSBC Holdings plc (United Kingdom)
(SOFR + 1.51%), 4.18%, 12/9/2025 (b)	253,000	246,508
(3-MONTH CME TERM SOFR + 1.61%), 4.29%, 9/12/2026 (b)	227,000	218,903
(SOFR + 2.87%), 5.40%, 8/11/2033 (b)	271,000	258,452
6.10%, 1/14/2042	80,000	83,767
KeyCorp (SOFRINDX + 2.06%), 4.79%, 6/1/2033 (b)	100,000	86,186
Lloyds Banking Group plc (United Kingdom) 4.55%, 8/16/2028	200,000	189,635
M&T Bank Corp. (SOFR + 1.85%), 5.05%, 1/27/2034 (b)	48,000	43,670
Mitsubishi UFJ Financial Group, Inc. (Japan)
3.96%, 3/2/2028	50,000	47,597
4.05%, 9/11/2028	5,000	4,746
3.74%, 3/7/2029	325,000	300,733
Mizuho Financial Group, Inc. (Japan) 4.02%, 3/5/2028	200,000	188,556
NatWest Group plc (United Kingdom) (US Treasury Yield Curve Rate T Note Constant Maturity 1 Year + 0.90%), 1.64%, 6/14/2027 (b)	228,000	202,511
PNC Financial Services Group, Inc. (The)
2.60%, 7/23/2026	24,000	22,297
(SOFRINDX + 1.85%), 4.63%, 6/6/2033 (b)	24,000	21,711
Regions Financial Corp.
2.25%, 5/18/2025	32,000	29,908

INVESTMENTS	PRINCIPAL AMOUNT($)	VALUE($)

Banks — continued
7.38%, 12/10/2037	25,000	26,484
Royal Bank of Canada (Canada)
2.25%, 11/1/2024	155,000	149,022
3.38%, 4/14/2025	114,000	110,280
2.30%, 11/3/2031	98,000	78,725
Santander Holdings USA, Inc.
3.24%, 10/5/2026	10,000	9,158
4.40%, 7/13/2027	38,000	35,980
Santander UK Group Holdings plc (United Kingdom) (SOFR + 1.22%), 2.47%, 1/11/2028 (b)	208,000	182,998
Sumitomo Mitsui Financial Group, Inc. (Japan) 2.70%, 7/16/2024	200,000	194,656
Toronto-Dominion Bank (The) (Canada)
3.77%, 6/6/2025	181,000	175,699
1.15%, 6/12/2025	18,000	16,693
2.45%, 1/12/2032	66,000	53,354
Truist Financial Corp.
3.70%, 6/5/2025	10,000	9,637
1.20%, 8/5/2025	185,000	169,711
3.88%, 3/19/2029	107,000	95,659
US Bancorp
(SOFR + 2.11%), 4.97%, 7/22/2033 (b)	101,000	92,031
(SOFR + 1.60%), 4.84%, 2/1/2034 (b)	21,000	19,477
Wells Fargo & Co.
(SOFR + 1.56%), 4.54%, 8/15/2026 (b)	13,000	12,693
(3-MONTH CME TERM SOFR + 1.57%), 3.58%, 5/22/2028 (b)	317,000	294,239
(SOFR + 1.98%), 4.81%, 7/25/2028 (b)	100,000	97,024
(3-MONTH CME TERM SOFR + 1.43%), 2.88%, 10/30/2030 (b)	323,000	276,333
(SOFR + 2.02%), 5.39%, 4/24/2034 (b)	31,000	30,200
5.95%, 12/15/2036	100,000	97,671
(SOFR + 2.53%), 3.07%, 4/30/2041 (b)	28,000	20,045
5.38%, 11/2/2043	55,000	50,613
5.61%, 1/15/2044	110,000	103,582
4.75%, 12/7/2046	55,000	45,633
Westpac Banking Corp. (Australia)
3.74%, 8/26/2025	81,000	78,568
(US Treasury Yield Curve Rate T Note Constant Maturity 5 Year + 1.35%), 2.89%, 2/4/2030 (b) (c)	50,000	47,225
(USD SOFR Spread-Adjusted ICE Swap Rate 5 Year + 2.24%), 4.32%, 11/23/2031 (b) (c)	160,000	149,356

SEE NOTES TO FINANCIAL STATEMENTS.

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INVESTMENTS	PRINCIPAL AMOUNT($)	VALUE($)
Corporate Bonds — continued
Banks — continued
(US Treasury Yield Curve Rate T Note Constant Maturity 5 Year + 2.00%), 4.11%, 7/24/2034 (b) (c)	27,000	23,676
3.13%, 11/18/2041 (c)	14,000	9,123
		8,382,958
Beverages — 2.0%
Anheuser-Busch Cos. LLC (Belgium)
3.65%, 2/1/2026	101,000	97,601
4.70%, 2/1/2036	54,000	51,679
4.90%, 2/1/2046	149,000	138,491
Anheuser-Busch InBev Finance, Inc. (Belgium) 4.70%, 2/1/2036	36,000	34,526
Anheuser-Busch InBev Worldwide, Inc. (Belgium)
4.90%, 1/23/2031	16,000	16,052
4.60%, 4/15/2048	19,000	17,099
4.75%, 4/15/2058	53,000	47,417
5.80%, 1/23/2059	55,000	57,662
Coca-Cola Co. (The)
1.75%, 9/6/2024	159,000	153,275
1.45%, 6/1/2027	10,000	8,929
2.25%, 1/5/2032	5,000	4,193
2.88%, 5/5/2041	78,000	58,920
2.60%, 6/1/2050	55,000	36,456
2.75%, 6/1/2060	16,000	10,381
Constellation Brands, Inc. 3.15%, 8/1/2029	66,000	58,972
Keurig Dr Pepper, Inc. 3.80%, 5/1/2050	20,000	15,146
Molson Coors Beverage Co. 4.20%, 7/15/2046	46,000	36,422
PepsiCo, Inc.
3.60%, 3/1/2024	53,000	52,495
2.75%, 3/19/2030	18,000	16,013
2.63%, 10/21/2041	64,000	46,426
2.75%, 10/21/2051	77,000	52,030
		1,010,185
Biotechnology — 1.9%
AbbVie, Inc.
3.60%, 5/14/2025	47,000	45,577
2.95%, 11/21/2026	141,000	131,927
4.05%, 11/21/2039	147,000	126,039
4.70%, 5/14/2045	68,000	61,044
Amgen, Inc.
2.20%, 2/21/2027	68,000	61,785
2.45%, 2/21/2030	113,000	96,089
2.30%, 2/25/2031	70,000	57,750
5.25%, 3/2/2033	98,000	97,443

INVESTMENTS	PRINCIPAL AMOUNT($)	VALUE($)

Biotechnology — continued
3.15%, 2/21/2040	29,000	21,628
2.80%, 8/15/2041	84,000	57,914
5.65%, 6/15/2042	41,000	40,272
5.60%, 3/2/2043	10,000	9,815
4.40%, 5/1/2045	20,000	16,788
3.38%, 2/21/2050	20,000	14,002
4.40%, 2/22/2062	74,000	58,582
Biogen, Inc. 3.15%, 5/1/2050	48,000	31,328
Gilead Sciences, Inc. 4.15%, 3/1/2047	64,000	53,467
		981,450
Broadline Retail — 1.4%
Alibaba Group Holding Ltd. (China) 2.13%, 2/9/2031	200,000	160,292
Amazon.com, Inc.
2.80%, 8/22/2024	10,000	9,752
0.80%, 6/3/2025	122,000	113,275
1.00%, 5/12/2026	214,000	193,347
3.60%, 4/13/2032	8,000	7,354
3.88%, 8/22/2037	249,000	224,542
2.88%, 5/12/2041	12,000	8,986
4.10%, 4/13/2062	23,000	19,062
eBay, Inc. 3.65%, 5/10/2051	10,000	7,131
		743,741
Building Products — 0.2%
Carlisle Cos., Inc. 2.75%, 3/1/2030	10,000	8,466
Carrier Global Corp. 3.58%, 4/5/2050	15,000	10,722
Masco Corp. 2.00%, 10/1/2030	125,000	98,878
		118,066
Capital Markets — 7.7%
Ares Capital Corp. 2.88%, 6/15/2028	25,000	21,122
Bank of New York Mellon Corp. (The)
1.60%, 4/24/2025	241,000	226,354
3.30%, 8/23/2029	81,000	72,322
(SOFR + 1.51%), 4.71%, 2/1/2034 (b)	16,000	15,060
BlackRock, Inc. 1.90%, 1/28/2031	178,000	144,304
Blue Owl Capital Corp. 2.63%, 1/15/2027	46,000	39,826
Blue Owl Technology Finance Corp. 2.50%, 1/15/2027	17,000	14,307
Brookfield Finance, Inc. (Canada) 3.63%, 2/15/2052	42,000	27,973
Charles Schwab Corp. (The)
2.00%, 3/20/2028	34,000	29,289
2.75%, 10/1/2029	48,000	41,323

SEE NOTES TO FINANCIAL STATEMENTS.

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SCHEDULE OF PORTFOLIO INVESTMENTS
AS OF August 31, 2023 (Unaudited) (continued)

INVESTMENTS	PRINCIPAL AMOUNT($)	VALUE($)
Corporate Bonds — continued
Capital Markets — continued
2.90%, 3/3/2032	9,000	7,426
(SOFR + 2.50%), 5.85%, 5/19/2034 (b)	45,000	45,067
CI Financial Corp. (Canada) 4.10%, 6/15/2051	26,000	15,732
CME Group, Inc.
3.00%, 3/15/2025	10,000	9,662
4.15%, 6/15/2048	44,000	38,683
Credit Suisse USA, Inc. (Switzerland) 7.13%, 7/15/2032	50,000	55,577
Deutsche Bank AG (Germany)
(SOFR + 1.87%), 2.13%, 11/24/2026 (b)	151,000	136,956
(SOFR + 1.32%), 2.55%, 1/7/2028 (b)	150,000	132,435
Franklin Resources, Inc. 1.60%, 10/30/2030	54,000	42,318
FS KKR Capital Corp. 3.25%, 7/15/2027	60,000	52,058
Goldman Sachs Group, Inc. (The)
3.85%, 7/8/2024	95,000	93,378
3.50%, 4/1/2025	76,000	73,356
(SOFR + 1.51%), 4.39%, 6/15/2027 (b)	49,000	47,529
(SOFR + 1.85%), 3.62%, 3/15/2028 (b)	80,000	74,830
(3-MONTH CME TERM SOFR + 1.56%), 4.22%, 5/1/2029 (b)	393,000	369,920
3.80%, 3/15/2030	193,000	175,631
(SOFR + 1.25%), 2.38%, 7/21/2032 (b)	42,000	33,150
6.13%, 2/15/2033	19,000	20,161
(3-MONTH CME TERM SOFR + 1.63%), 4.02%, 10/31/2038 (b)	83,000	68,877
(3-MONTH CME TERM SOFR + 1.69%), 4.41%, 4/23/2039 (b)	34,000	29,356
Hercules Capital, Inc. 3.38%, 1/20/2027	47,000	41,574
Intercontinental Exchange, Inc.
3.75%, 12/1/2025	43,000	41,504
5.20%, 6/15/2062	63,000	59,869
Lazard Group LLC 3.63%, 3/1/2027	9,000	8,341
Morgan Stanley
(SOFR + 1.99%), 2.19%, 4/28/2026 (b)	129,000	121,626
4.35%, 9/8/2026	6,000	5,778
(SOFR + 1.77%), 6.14%, 10/16/2026 (b)	100,000	100,682
3.63%, 1/20/2027	128,000	120,915
3.95%, 4/23/2027	111,000	104,626
(3-MONTH CME TERM SOFR + 1.40%), 3.77%, 1/24/2029 (b)	254,000	235,496
(SOFR + 3.12%), 3.62%, 4/1/2031 (b)	183,000	162,658
7.25%, 4/1/2032	23,000	26,153
(US Treasury Yield Curve Rate T Note Constant Maturity 5 Year + 2.43%), 5.95%, 1/19/2038 (b)	46,000	44,764
3.97%, 7/22/2038 (d)	252,000	210,043

INVESTMENTS	PRINCIPAL AMOUNT($)	VALUE($)

Capital Markets — continued
Nomura Holdings, Inc. (Japan) 2.33%, 1/22/2027	200,000	177,247
Northern Trust Corp.
(ICE LIBOR USD 3 Month + 1.13%), 3.38%, 5/8/2032 (b)	46,000	41,037
6.13%, 11/2/2032	57,000	58,192
Prospect Capital Corp. 3.44%, 10/15/2028	9,000	7,089
S&P Global, Inc. 3.70%, 3/1/2052	66,000	51,350
State Street Corp.
2.20%, 3/3/2031	24,000	19,112
(SOFR + 1.00%), 2.62%, 2/7/2033 (b)	150,000	123,022
(SOFR + 1.49%), 3.03%, 11/1/2034 (b)	46,000	39,568
		3,954,628
Chemicals — 1.5%
Albemarle Corp.
4.65%, 6/1/2027	100,000	96,710
5.05%, 6/1/2032	19,000	17,891
Celanese US Holdings LLC
6.05%, 3/15/2025	37,000	37,028
6.33%, 7/15/2029	33,000	32,795
Dow Chemical Co. (The) 6.90%, 5/15/2053	27,000	30,046
DuPont de Nemours, Inc. 5.42%, 11/15/2048	49,000	47,401
EIDP, Inc. 1.70%, 7/15/2025	13,000	12,123
International Flavors & Fragrances, Inc. 4.45%, 9/26/2028	90,000	84,108
LYB International Finance III LLC
1.25%, 10/1/2025	73,000	66,613
3.38%, 10/1/2040	122,000	87,662
Mosaic Co. (The) 4.88%, 11/15/2041	47,000	39,341
Nutrien Ltd. (Canada)
4.13%, 3/15/2035	32,000	27,776
5.88%, 12/1/2036	51,000	50,627
Sherwin-Williams Co. (The)
3.45%, 6/1/2027	7,000	6,598
2.95%, 8/15/2029	124,000	109,278
		745,997
Commercial Services & Supplies — 0.4%
Cintas Corp. No. 2 4.00%, 5/1/2032	5,000	4,669
Nature Conservancy (The) Series A, 3.96%, 3/1/2052	28,000	22,866
RELX Capital, Inc. (United Kingdom) 4.00%, 3/18/2029	90,000	85,482
Republic Services, Inc.
3.20%, 3/15/2025	5,000	4,832

SEE NOTES TO FINANCIAL STATEMENTS.

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INVESTMENTS	PRINCIPAL AMOUNT($)	VALUE($)
Corporate Bonds — continued
Commercial Services & Supplies — continued
3.05%, 3/1/2050	14,000	9,541
Waste Connections, Inc. 2.95%, 1/15/2052	45,000	29,454
Waste Management, Inc. 3.13%, 3/1/2025	52,000	50,385
		207,229
Communications Equipment — 0.5%
Cisco Systems, Inc.
2.50%, 9/20/2026	82,000	76,751
5.90%, 2/15/2039	91,000	98,590
Nokia OYJ (Finland)
4.38%, 6/12/2027	56,000	52,814
6.63%, 5/15/2039	15,000	14,272
		242,427
Construction & Engineering — 0.1%
Quanta Services, Inc.
2.90%, 10/1/2030	50,000	42,101
2.35%, 1/15/2032	12,000	9,484
		51,585
Construction Materials — 0.1%
Eagle Materials, Inc. 2.50%, 7/1/2031	40,000	32,321
Martin Marietta Materials, Inc. 3.20%, 7/15/2051	36,000	24,099
		56,420
Consumer Finance — 2.5%
AerCap Ireland Capital DAC (Ireland)
6.50%, 7/15/2025	150,000	150,694
1.75%, 1/30/2026	150,000	135,839
American Express Co. 2.50%, 7/30/2024	83,000	80,628
American Honda Finance Corp. 1.00%, 9/10/2025	63,000	57,748
Capital One Financial Corp. 3.30%, 10/30/2024	161,000	156,407
Caterpillar Financial Services Corp. 1.10%, 9/14/2027	5,000	4,326
Discover Financial Services 3.75%, 3/4/2025	17,000	16,297
General Motors Financial Co., Inc. 3.60%, 6/21/2030	180,000	154,586
John Deere Capital Corp. 1.30%, 10/13/2026	249,000	222,952
Synchrony Financial
4.88%, 6/13/2025	19,000	18,305
4.50%, 7/23/2025	20,000	19,078
5.15%, 3/19/2029	14,000	12,840
Toyota Motor Credit Corp.
3.40%, 4/14/2025	13,000	12,624

INVESTMENTS	PRINCIPAL AMOUNT($)	VALUE($)

Consumer Finance — continued
3.65%, 8/18/2025	214,000	207,691
2.40%, 1/13/2032	11,000	9,094
		1,259,109
Consumer Staples Distribution & Retail — 1.3%
Costco Wholesale Corp.
1.38%, 6/20/2027	134,000	118,462
1.75%, 4/20/2032	32,000	25,389
Dollar General Corp. 5.50%, 11/1/2052	30,000	27,145
Dollar Tree, Inc. 3.38%, 12/1/2051	27,000	17,465
Kroger Co. (The) 5.40%, 1/15/2049	44,000	41,937
Sysco Corp. 6.60%, 4/1/2050	38,000	41,740
Target Corp. 3.38%, 4/15/2029	250,000	233,691
Walgreens Boots Alliance, Inc. 4.10%, 4/15/2050	36,000	24,558
Walmart, Inc.
7.55%, 2/15/2030	11,000	12,734
1.80%, 9/22/2031	96,000	78,546
4.05%, 6/29/2048	47,000	41,249
		662,916
Containers & Packaging — 0.1%
Sonoco Products Co. 5.75%, 11/1/2040	29,000	28,186
WRKCo, Inc.
4.90%, 3/15/2029	10,000	9,628
3.00%, 6/15/2033	10,000	8,097
		45,911
Diversified Consumer Services — 0.3%
Duke University Series 2020, 2.83%, 10/1/2055	6,000	3,962
Georgetown University (The) Series A, 5.22%, 10/1/2118	6,000	5,359
Johns Hopkins University Series 2013, 4.08%, 7/1/2053	11,000	9,381
Massachusetts Institute of Technology 3.89%, 7/1/2116	6,000	4,478
Northwestern University Series 2020, 2.64%, 12/1/2050	23,000	15,061
University of Southern California 3.03%, 10/1/2039	48,000	38,330
Yale University Series 2020, 2.40%, 4/15/2050	98,000	61,865
		138,436
Diversified REITs — 0.6%
American Assets Trust LP 3.38%, 2/1/2031	31,000	23,970
GLP Capital LP 5.75%, 6/1/2028	27,000	26,229

SEE NOTES TO FINANCIAL STATEMENTS.

August 31, 2023

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SCHEDULE OF PORTFOLIO INVESTMENTS
AS OF August 31, 2023 (Unaudited) (continued)

INVESTMENTS	PRINCIPAL AMOUNT($)	VALUE($)
Corporate Bonds — continued
Diversified REITs — continued
Simon Property Group LP
2.45%, 9/13/2029	78,000	66,031
4.75%, 3/15/2042	40,000	34,062
STORE Capital Corp.
4.50%, 3/15/2028	39,000	34,896
2.75%, 11/18/2030	10,000	7,346
VICI Properties LP
4.95%, 2/15/2030	50,000	47,018
5.63%, 5/15/2052	14,000	12,334
Vornado Realty LP 2.15%, 6/1/2026	47,000	40,513
		292,399
Diversified Telecommunication Services — 2.6%
AT&T, Inc.
3.80%, 2/15/2027	244,000	232,101
1.65%, 2/1/2028	11,000	9,402
2.55%, 12/1/2033	106,000	80,864
6.38%, 3/1/2041	12,000	12,348
3.50%, 9/15/2053	259,000	170,450
3.55%, 9/15/2055	193,000	125,944
3.65%, 9/15/2059	30,000	19,414
Bell Canada (The) (Canada) Series US-5, 2.15%, 2/15/2032	52,000	40,907
Deutsche Telekom International Finance BV (Germany) 9.25%, 6/1/2032	10,000	12,576
Orange SA (France) 5.38%, 1/13/2042	5,000	4,790
Telefonica Emisiones SA (Spain) 7.05%, 6/20/2036	84,000	89,643
Verizon Communications, Inc.
3.38%, 2/15/2025	153,000	148,393
4.02%, 12/3/2029	10,000	9,287
3.40%, 3/22/2041	493,000	366,103
3.85%, 11/1/2042	10,000	7,759
3.00%, 11/20/2060	40,000	23,484
		1,353,465
Electric Utilities — 5.9%
AEP Transmission Co. LLC Series M, 3.65%, 4/1/2050	128,000	96,605
Alabama Power Co.
3.94%, 9/1/2032	38,000	34,584
4.30%, 1/2/2046	10,000	8,232
Series A, 4.30%, 7/15/2048	133,000	109,376
Arizona Public Service Co.
4.25%, 3/1/2049	20,000	15,265
3.50%, 12/1/2049	23,000	15,589

INVESTMENTS	PRINCIPAL AMOUNT($)	VALUE($)

Electric Utilities — continued
Baltimore Gas and Electric Co.
3.20%, 9/15/2049	57,000	38,899
2.90%, 6/15/2050	76,000	48,866
Commonwealth Edison Co.
4.00%, 3/1/2049	5,000	3,987
3.00%, 3/1/2050	62,000	40,978
Connecticut Light and Power Co. (The) Series A, 4.15%, 6/1/2045	83,000	68,952
Dominion Energy South Carolina, Inc. Series A, 2.30%, 12/1/2031	43,000	34,526
DTE Electric Co. 2.95%, 3/1/2050	130,000	86,213
Duke Energy Corp.
2.65%, 9/1/2026	168,000	155,432
3.75%, 9/1/2046	106,000	77,756
(US Treasury Yield Curve Rate T Note Constant Maturity 5 Year + 2.32%), 3.25%, 1/15/2082 (b)	29,000	21,441
Duke Energy Indiana LLC
Series YYY, 3.25%, 10/1/2049	20,000	13,625
2.75%, 4/1/2050	48,000	29,310
Duke Energy Ohio, Inc. 4.30%, 2/1/2049	18,000	14,685
Emera US Finance LP (Canada) 4.75%, 6/15/2046	10,000	7,830
Entergy Louisiana LLC 4.00%, 3/15/2033	141,000	126,566
Evergy, Inc.
2.45%, 9/15/2024	114,000	109,968
2.90%, 9/15/2029	88,000	76,500
Exelon Corp. 3.95%, 6/15/2025	10,000	9,704
Florida Power & Light Co.
2.85%, 4/1/2025	76,000	73,100
5.69%, 3/1/2040	64,000	65,586
3.80%, 12/15/2042	14,000	11,415
3.95%, 3/1/2048	40,000	32,426
3.15%, 10/1/2049	25,000	17,446
Fortis, Inc. (Canada) 3.06%, 10/4/2026	173,000	160,584
Gulf Power Co. Series A, 3.30%, 5/30/2027	10,000	9,386
Idaho Power Co. 5.50%, 3/15/2053	47,000	46,195
MidAmerican Energy Co. 4.25%, 5/1/2046	126,000	103,328
NextEra Energy Capital Holdings, Inc. 1.90%, 6/15/2028	106,000	91,093
Northern States Power Co. 3.60%, 5/15/2046	101,000	76,340
Oklahoma Gas and Electric Co. 4.15%, 4/1/2047	73,000	58,003
Oncor Electric Delivery Co. LLC 4.10%, 11/15/2048	26,000	21,128

SEE NOTES TO FINANCIAL STATEMENTS.

114

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INVESTMENTS	PRINCIPAL AMOUNT($)	VALUE($)
Corporate Bonds — continued
Electric Utilities — continued
Pacific Gas and Electric Co.
3.00%, 6/15/2028	75,000	65,171
2.50%, 2/1/2031	10,000	7,799
3.25%, 6/1/2031	127,000	102,980
4.50%, 7/1/2040	47,000	36,259
3.30%, 8/1/2040	54,000	36,284
6.75%, 1/15/2053	5,000	4,865
PECO Energy Co. 3.00%, 9/15/2049	5,000	3,332
Pinnacle West Capital Corp. 1.30%, 6/15/2025	150,000	138,652
PPL Electric Utilities Corp. 5.00%, 5/15/2033	48,000	47,490
Public Service Co. of Colorado
Series 17, 6.25%, 9/1/2037	16,000	16,686
3.60%, 9/15/2042	63,000	47,779
4.05%, 9/15/2049	19,000	14,784
Southern California Edison Co.
Series E, 3.70%, 8/1/2025	44,000	42,526
Series D, 4.70%, 6/1/2027	27,000	26,545
Series 13-A, 3.90%, 3/15/2043	6,000	4,595
Series C, 3.60%, 2/1/2045	32,000	23,110
4.00%, 4/1/2047	98,000	75,857
System Energy Resources, Inc. 6.00%, 4/15/2028	100,000	98,215
Tampa Electric Co. 4.10%, 6/15/2042	92,000	75,076
Virginia Electric and Power Co.
Series A, 3.15%, 1/15/2026	17,000	16,185
Series A, 3.50%, 3/15/2027	43,000	40,634
4.60%, 12/1/2048	112,000	96,020
		3,031,763
Electrical Equipment — 0.2%
Emerson Electric Co. 2.20%, 12/21/2031	100,000	82,212
Rockwell Automation, Inc. 2.80%, 8/15/2061	35,000	21,601
		103,813
Electronic Equipment, Instruments & Components — 0.6%
Amphenol Corp. 2.20%, 9/15/2031	71,000	57,418
CDW LLC 3.28%, 12/1/2028	45,000	39,451
Corning, Inc.
4.75%, 3/15/2042	76,000	68,023
5.45%, 11/15/2079	18,000	16,133
Keysight Technologies, Inc. 4.60%, 4/6/2027	9,000	8,800
Teledyne Technologies, Inc. 2.75%, 4/1/2031	61,000	50,855
Vontier Corp. 2.95%, 4/1/2031	55,000	43,577
		284,257

INVESTMENTS	PRINCIPAL AMOUNT($)	VALUE($)

Energy Equipment & Services — 0.1%
Halliburton Co.
4.85%, 11/15/2035	10,000	9,369
4.50%, 11/15/2041	40,000	33,676
		43,045
Entertainment — 0.9%
Activision Blizzard, Inc. 2.50%, 9/15/2050	111,000	70,587
Electronic Arts, Inc. 1.85%, 2/15/2031	37,000	29,588
Walt Disney Co. (The)
2.20%, 1/13/2028	57,000	51,315
2.65%, 1/13/2031	175,000	149,841
3.50%, 5/13/2040	141,000	112,948
Warnermedia Holdings, Inc. 5.39%, 3/15/2062	39,000	30,907
		445,186
Financial Services — 2.2%
Berkshire Hathaway, Inc. 3.13%, 3/15/2026	148,000	141,846
Citigroup Global Markets Holdings, Inc. 0.75%, 6/7/2024	32,000	30,776
Corebridge Financial, Inc.
4.40%, 4/5/2052	5,000	3,862
(US Treasury Yield Curve Rate T Note Constant Maturity 5 Year + 3.85%), 6.88%, 12/15/2052 (b)	15,000	14,498
Equitable Holdings, Inc. 4.35%, 4/20/2028	75,000	70,981
Fidelity National Information Services, Inc. 5.10%, 7/15/2032	10,000	9,798
Fiserv, Inc. 4.40%, 7/1/2049	10,000	8,150
Global Payments, Inc. 2.65%, 2/15/2025	222,000	211,941
Mastercard, Inc.
4.85%, 3/9/2033	30,000	30,141
3.85%, 3/26/2050	75,000	62,203
National Rural Utilities Cooperative Finance Corp.
1.35%, 3/15/2031	65,000	49,120
2.75%, 4/15/2032	25,000	20,481
4.02%, 11/1/2032	10,000	9,067
(ICE LIBOR USD 3 Month + 3.63%), 5.25%, 4/20/2046 (b)	30,000	28,501
PayPal Holdings, Inc.
1.65%, 6/1/2025	13,000	12,179
5.25%, 6/1/2062	10,000	9,517
Shell International Finance BV (Netherlands)
3.25%, 5/11/2025	73,000	70,694
4.38%, 5/11/2045	60,000	52,017
4.00%, 5/10/2046	29,000	23,802
3.75%, 9/12/2046	61,000	47,870

SEE NOTES TO FINANCIAL STATEMENTS.

August 31, 2023

J.P. Morgan Exchange-Traded Funds

115

JPMorgan BetaBuilders USD Investment Grade Corporate Bond ETF

SCHEDULE OF PORTFOLIO INVESTMENTS
AS OF August 31, 2023 (Unaudited) (continued)

INVESTMENTS	PRINCIPAL AMOUNT($)	VALUE($)
Corporate Bonds — continued
Financial Services — continued
3.00%, 11/26/2051	5,000	3,349
Visa, Inc.
0.75%, 8/15/2027	48,000	41,501
2.05%, 4/15/2030	82,000	69,542
2.00%, 8/15/2050	80,000	47,316
Voya Financial, Inc. (ICE LIBOR USD 3 Month + 2.08%), 4.70%, 1/23/2048 (b)	43,000	34,719
Western Union Co. (The) 2.75%, 3/15/2031	10,000	7,857
		1,111,728
Food Products — 1.6%
Bunge Ltd. Finance Corp. 2.75%, 5/14/2031	60,000	50,196
Conagra Brands, Inc. 5.40%, 11/1/2048	28,000	25,388
Hershey Co. (The) 0.90%, 6/1/2025	154,000	142,974
Hormel Foods Corp. 1.70%, 6/3/2028	149,000	128,923
J M Smucker Co. (The) 3.55%, 3/15/2050	34,000	23,826
JBS USA LUX SA
5.13%, 2/1/2028	64,000	62,207
4.38%, 2/2/2052	64,000	45,127
Kraft Heinz Foods Co.
3.00%, 6/1/2026	241,000	227,178
5.50%, 6/1/2050	18,000	17,368
Mondelez International, Inc. 1.88%, 10/15/2032	39,000	30,100
Pilgrim's Pride Corp.
4.25%, 4/15/2031	39,000	33,762
3.50%, 3/1/2032	52,000	41,835
Tyson Foods, Inc. 5.10%, 9/28/2048	10,000	8,666
		837,550
Gas Utilities — 0.3%
Atmos Energy Corp.
1.50%, 1/15/2031	19,000	14,820
5.75%, 10/15/2052	10,000	10,405
National Fuel Gas Co. 2.95%, 3/1/2031	12,000	9,664
Piedmont Natural Gas Co., Inc. 5.05%, 5/15/2052	69,000	60,804
Southern California Gas Co.
3.75%, 9/15/2042	30,000	22,722
Series VV, 4.30%, 1/15/2049	55,000	44,742
Southwest Gas Corp. 3.18%, 8/15/2051	6,000	3,701
Spire Missouri, Inc. 4.80%, 2/15/2033	6,000	5,833
		172,691
Ground Transportation — 1.5%
Burlington Northern Santa Fe LLC 4.45%, 1/15/2053	78,000	69,314

INVESTMENTS	PRINCIPAL AMOUNT($)	VALUE($)

Ground Transportation — continued
Canadian National Railway Co. (Canada) 4.40%, 8/5/2052	10,000	8,842
Canadian Pacific Railway Co. (Canada)
1.75%, 12/2/2026	171,000	153,560
2.45%, 12/2/2031	24,000	21,287
6.13%, 9/15/2115	10,000	10,366
CSX Corp.
2.60%, 11/1/2026	36,000	33,350
4.65%, 3/1/2068	44,000	37,833
Norfolk Southern Corp.
4.15%, 2/28/2048	96,000	78,739
3.16%, 5/15/2055	15,000	9,860
5.10%, 8/1/2118	20,000	16,795
4.10%, 5/15/2121	16,000	11,227
Ryder System, Inc. 2.85%, 3/1/2027	35,000	32,177
Triton Container International Ltd. (Bermuda) 3.25%, 3/15/2032	17,000	13,188
Union Pacific Corp.
3.25%, 1/15/2025	102,000	99,157
2.89%, 4/6/2036	55,000	43,393
4.05%, 11/15/2045	134,000	108,383
3.25%, 2/5/2050	34,000	24,490
3.75%, 2/5/2070	27,000	19,665
		791,626
Health Care Equipment & Supplies — 1.3%
Abbott Laboratories
1.15%, 1/30/2028	34,000	29,325
4.75%, 4/15/2043	11,000	10,534
4.90%, 11/30/2046	80,000	77,923
Baxter International, Inc.
1.73%, 4/1/2031	66,000	50,851
3.13%, 12/1/2051	56,000	35,614
Becton Dickinson & Co.
2.82%, 5/20/2030	35,000	30,240
4.69%, 12/15/2044	61,000	54,059
Boston Scientific Corp. 4.70%, 3/1/2049	33,000	29,559
DENTSPLY SIRONA, Inc. 3.25%, 6/1/2030	37,000	31,737
DH Europe Finance II SARL
2.60%, 11/15/2029	132,000	116,226
3.40%, 11/15/2049	10,000	7,461
Medtronic, Inc.
4.38%, 3/15/2035	58,000	54,856
4.63%, 3/15/2045	10,000	9,372

SEE NOTES TO FINANCIAL STATEMENTS.

116

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INVESTMENTS	PRINCIPAL AMOUNT($)	VALUE($)
Corporate Bonds — continued
Health Care Equipment & Supplies — continued
Stryker Corp.
1.15%, 6/15/2025	5,000	4,644
4.38%, 5/15/2044	91,000	78,063
2.90%, 6/15/2050	7,000	4,656
Zimmer Biomet Holdings, Inc. 2.60%, 11/24/2031	69,000	56,218
		681,338
Health Care Providers & Services — 4.0%
Aetna, Inc. 3.88%, 8/15/2047	46,000	34,436
Ascension Health 3.95%, 11/15/2046	53,000	43,185
Cardinal Health, Inc. 4.37%, 6/15/2047	35,000	27,987
Centene Corp.
2.45%, 7/15/2028	126,000	107,782
3.38%, 2/15/2030	17,000	14,539
2.63%, 8/1/2031	120,000	95,392
Cigna Group (The)
4.80%, 8/15/2038	76,000	69,821
3.40%, 3/15/2051	5,000	3,488
CommonSpirit Health 6.07%, 11/1/2027	181,000	185,014
CVS Health Corp.
2.63%, 8/15/2024	147,000	142,626
3.75%, 4/1/2030	117,000	106,406
2.13%, 9/15/2031	56,000	44,154
6.13%, 9/15/2039	11,000	11,118
2.70%, 8/21/2040	112,000	74,926
5.05%, 3/25/2048	104,000	91,322
5.63%, 2/21/2053	40,000	37,866
6.00%, 6/1/2063	5,000	4,895
Elevance Health, Inc.
4.55%, 5/15/2052	62,000	53,392
6.10%, 10/15/2052	10,000	10,598
HCA, Inc.
5.00%, 3/15/2024	64,000	63,601
4.13%, 6/15/2029	11,000	10,156
3.50%, 7/15/2051	97,000	64,609
4.63%, 3/15/2052	15,000	12,031
Humana, Inc.
4.50%, 4/1/2025	140,000	137,937
4.80%, 3/15/2047	31,000	27,391
Kaiser Foundation Hospitals Series 2021, 3.00%, 6/1/2051	20,000	13,555
Laboratory Corp. of America Holdings
2.95%, 12/1/2029	37,000	32,481
4.70%, 2/1/2045	26,000	22,259

INVESTMENTS	PRINCIPAL AMOUNT($)	VALUE($)

Health Care Providers & Services — continued
Mass General Brigham, Inc. Series 2020, 3.34%, 7/1/2060	10,000	6,854
New York and Presbyterian Hospital (The) Series 2019, 3.95%, 8/1/2119	10,000	7,043
Novant Health, Inc. 3.32%, 11/1/2061	10,000	6,681
PeaceHealth Obligated Group Series 2020, 3.22%, 11/15/2050	14,000	9,011
Quest Diagnostics, Inc. 2.80%, 6/30/2031	75,000	63,640
UnitedHealth Group, Inc.
3.75%, 7/15/2025	98,000	95,492
3.70%, 5/15/2027	18,000	17,280
3.50%, 8/15/2039	146,000	119,296
2.75%, 5/15/2040	79,000	56,850
4.63%, 11/15/2041	65,000	59,559
3.25%, 5/15/2051	60,000	42,549
3.13%, 5/15/2060	67,000	44,073
		2,071,295
Health Care REITs — 0.5%
Healthpeak OP LLC
3.40%, 2/1/2025	123,000	118,897
2.88%, 1/15/2031	68,000	56,934
Ventas Realty LP 2.50%, 9/1/2031	59,000	46,494
Welltower OP LLC 4.95%, 9/1/2048	26,000	22,627
		244,952
Hotels, Restaurants & Leisure — 0.6%
Expedia Group, Inc. 3.25%, 2/15/2030	60,000	52,240
Marriott International, Inc. Series II, 2.75%, 10/15/2033	49,000	38,274
McDonald's Corp.
3.30%, 7/1/2025	88,000	85,060
2.13%, 3/1/2030	50,000	42,167
4.60%, 9/9/2032	18,000	17,574
5.15%, 9/9/2052	35,000	33,499
Starbucks Corp.
4.50%, 11/15/2048	60,000	51,418
3.50%, 11/15/2050	10,000	7,237
		327,469
Household Durables — 0.3%
Leggett & Platt, Inc. 3.50%, 11/15/2051	22,000	15,133
Lennar Corp. 4.75%, 11/29/2027	125,000	121,140
Toll Brothers Finance Corp. 4.88%, 11/15/2025	14,000	13,699
		149,972

SEE NOTES TO FINANCIAL STATEMENTS.

August 31, 2023

J.P. Morgan Exchange-Traded Funds

117

JPMorgan BetaBuilders USD Investment Grade Corporate Bond ETF

SCHEDULE OF PORTFOLIO INVESTMENTS
AS OF August 31, 2023 (Unaudited) (continued)

INVESTMENTS	PRINCIPAL AMOUNT($)	VALUE($)
Corporate Bonds — continued
Household Products — 0.5%
Colgate-Palmolive Co.
4.80%, 3/2/2026	50,000	50,051
4.00%, 8/15/2045	25,000	22,067
Kimberly-Clark Corp.
6.63%, 8/1/2037	100,000	114,920
2.88%, 2/7/2050	13,000	8,994
Procter & Gamble Co. (The) 3.50%, 10/25/2047	88,000	71,038
		267,070
Industrial Conglomerates — 0.5%
3M Co. 5.70%, 3/15/2037	66,000	69,998
GE Capital Funding LLC 4.55%, 5/15/2032	50,000	47,680
Honeywell International, Inc.
5.70%, 3/15/2036	79,000	82,787
2.80%, 6/1/2050	81,000	57,701
		258,166
Insurance — 2.2%
ACE Capital Trust II 9.70%, 4/1/2030	10,000	11,889
Aflac, Inc. 3.60%, 4/1/2030	100,000	91,043
Alleghany Corp. 3.25%, 8/15/2051	11,000	7,674
Allstate Corp. (The)
5.25%, 3/30/2033	99,000	96,961
(ICE LIBOR USD 3 Month + 2.12%), 6.50%, 5/15/2057 (b)	10,000	9,562
American Equity Investment Life Holding Co. 5.00%, 6/15/2027	15,000	14,386
American International Group, Inc.
3.90%, 4/1/2026	14,000	13,505
3.88%, 1/15/2035	6,000	5,184
Aon Corp. 6.25%, 9/30/2040	10,000	10,411
Arch Capital Group Ltd. 3.64%, 6/30/2050	64,000	46,143
Athene Holding Ltd. 3.50%, 1/15/2031	131,000	109,613
AXIS Specialty Finance LLC (US Treasury Yield Curve Rate T Note Constant Maturity 5 Year + 3.19%), 4.90%, 1/15/2040 (b) (c)	9,000	7,195
Berkshire Hathaway Finance Corp.
4.20%, 8/15/2048	85,000	73,968
4.25%, 1/15/2049	10,000	8,801
2.85%, 10/15/2050	31,000	20,797
Chubb INA Holdings, Inc. 6.70%, 5/15/2036	11,000	12,314
Cincinnati Financial Corp. 6.13%, 11/1/2034	30,000	30,869
Enstar Finance LLC (US Treasury Yield Curve Rate T Note Constant Maturity 5 Year + 5.47%), 5.75%, 9/1/2040 (b)	11,000	9,612
Enstar Group Ltd. 4.95%, 6/1/2029	68,000	63,643

INVESTMENTS	PRINCIPAL AMOUNT($)	VALUE($)

Insurance — continued
F&G Annuities & Life, Inc. 7.40%, 1/13/2028 (e)	33,000	33,602
Lincoln National Corp.
3.80%, 3/1/2028	59,000	54,103
4.35%, 3/1/2048	5,000	3,623
Loews Corp. 6.00%, 2/1/2035	36,000	37,180
Manulife Financial Corp. (Canada) (USD ICE Swap Rate 5 Year + 1.65%), 4.06%, 2/24/2032 (b)	50,000	46,812
Marsh & McLennan Cos., Inc. 6.25%, 11/1/2052	10,000	10,927
MetLife, Inc.
10.75%, 8/1/2039	11,000	14,111
5.25%, 1/15/2054	26,000	24,617
Principal Financial Group, Inc.
4.63%, 9/15/2042	14,000	11,719
5.50%, 3/15/2053	5,000	4,662
Progressive Corp. (The) 4.13%, 4/15/2047	56,000	46,524
Prudential Financial, Inc. (ICE LIBOR USD 3 Month + 2.38%), 4.50%, 9/15/2047 (b)	18,000	16,172
Selective Insurance Group, Inc. 5.38%, 3/1/2049	18,000	16,176
Transatlantic Holdings, Inc. 8.00%, 11/30/2039	22,000	26,871
Travelers Cos., Inc. (The) 4.10%, 3/4/2049	15,000	12,412
Travelers Property Casualty Corp. 6.38%, 3/15/2033	111,000	121,834
Willis North America, Inc. 3.88%, 9/15/2049	33,000	23,298
WR Berkley Corp. 4.75%, 8/1/2044	7,000	5,966
		1,154,179
Interactive Media & Services — 0.3%
Alphabet, Inc.
1.90%, 8/15/2040	57,000	38,224
2.25%, 8/15/2060	93,000	54,238
Meta Platforms, Inc.
3.50%, 8/15/2027	21,000	20,006
4.65%, 8/15/2062	40,000	33,985
		146,453
IT Services — 0.7%
International Business Machines Corp.
4.00%, 7/27/2025	280,000	273,580
5.88%, 11/29/2032	22,000	23,338
7.13%, 12/1/2096	37,000	45,314
VeriSign, Inc. 2.70%, 6/15/2031	46,000	37,679
		379,911

SEE NOTES TO FINANCIAL STATEMENTS.

118

J.P. Morgan Exchange-Traded Funds

August 31, 2023

INVESTMENTS	PRINCIPAL AMOUNT($)	VALUE($)
Corporate Bonds — continued
Leisure Products — 0.3%
Hasbro, Inc.
3.00%, 11/19/2024	100,000	96,681
3.90%, 11/19/2029	64,000	58,125
		154,806
Life Sciences Tools & Services — 0.7%
Agilent Technologies, Inc. 2.30%, 3/12/2031	107,000	87,547
Illumina, Inc. 5.75%, 12/13/2027	84,000	83,853
Revvity, Inc. 3.63%, 3/15/2051	40,000	27,594
Thermo Fisher Scientific, Inc.
1.22%, 10/18/2024	59,000	56,236
1.75%, 10/15/2028	57,000	49,070
2.80%, 10/15/2041	78,000	56,150
		360,450
Machinery — 0.9%
Caterpillar, Inc.
6.05%, 8/15/2036	18,000	19,733
4.75%, 5/15/2064	16,000	14,783
CNH Industrial Capital LLC 1.45%, 7/15/2026	182,000	162,810
Deere & Co. 2.88%, 9/7/2049	41,000	29,645
Illinois Tool Works, Inc. 2.65%, 11/15/2026	152,000	142,357
Otis Worldwide Corp.
2.57%, 2/15/2030	40,000	34,196
3.36%, 2/15/2050	5,000	3,598
Snap-on, Inc. 4.10%, 3/1/2048	40,000	33,626
Stanley Black & Decker, Inc. 2.30%, 2/24/2025	42,000	39,976
		480,724
Media — 2.4%
Charter Communications Operating LLC
4.91%, 7/23/2025	98,000	96,247
3.75%, 2/15/2028	39,000	35,652
2.80%, 4/1/2031	23,000	18,517
4.40%, 4/1/2033	24,000	21,124
5.38%, 5/1/2047	30,000	23,931
4.80%, 3/1/2050	108,000	79,705
5.50%, 4/1/2063	50,000	39,310
Comcast Corp.
3.90%, 3/1/2038	204,000	173,614
4.00%, 11/1/2049	298,000	237,319
2.45%, 8/15/2052	18,000	10,540
2.94%, 11/1/2056	38,000	23,611
2.99%, 11/1/2063	7,000	4,222
Discovery Communications LLC
3.95%, 3/20/2028	181,000	168,277

INVESTMENTS	PRINCIPAL AMOUNT($)	VALUE($)

Media — continued
3.63%, 5/15/2030	12,000	10,532
4.65%, 5/15/2050	75,000	56,020
4.00%, 9/15/2055	21,000	13,682
Fox Corp. 5.58%, 1/25/2049	10,000	8,908
Omnicom Group, Inc. 2.60%, 8/1/2031	27,000	22,089
Paramount Global
2.90%, 1/15/2027	48,000	43,253
3.70%, 6/1/2028	9,000	8,057
4.95%, 1/15/2031	5,000	4,466
5.90%, 10/15/2040	56,000	46,834
5.25%, 4/1/2044	29,000	21,718
4.90%, 8/15/2044	17,000	12,117
Time Warner Cable LLC 6.55%, 5/1/2037	72,000	68,325
		1,248,070
Metals & Mining — 0.9%
ArcelorMittal SA (Luxembourg) 6.75%, 3/1/2041 (a)	31,000	30,851
Barrick Gold Corp. (Canada) 6.45%, 10/15/2035	45,000	47,100
Kinross Gold Corp. (Canada) 4.50%, 7/15/2027	85,000	81,907
Newmont Corp. 2.25%, 10/1/2030	20,000	16,249
Nucor Corp.
4.30%, 5/23/2027	10,000	9,698
2.98%, 12/15/2055	5,000	3,045
Rio Tinto Alcan, Inc. (Canada) 6.13%, 12/15/2033	51,000	53,910
Rio Tinto Finance USA Ltd. (Australia) 2.75%, 11/2/2051	47,000	30,315
Rio Tinto Finance USA plc (Australia) 5.13%, 3/9/2053	16,000	15,457
Southern Copper Corp. (Mexico)
5.25%, 11/8/2042	35,000	32,229
5.88%, 4/23/2045	53,000	51,993
Teck Resources Ltd. (Canada) 5.40%, 2/1/2043	25,000	21,917
Vale Overseas Ltd. (Brazil) 6.88%, 11/10/2039	42,000	43,764
		438,435
Multi-Utilities — 1.8%
Ameren Corp.
2.50%, 9/15/2024	129,000	124,444
3.50%, 1/15/2031	112,000	98,818
Avista Corp. 4.00%, 4/1/2052	61,000	46,579
Berkshire Hathaway Energy Co. 2.85%, 5/15/2051	50,000	30,978
Black Hills Corp. 3.88%, 10/15/2049	39,000	27,665

SEE NOTES TO FINANCIAL STATEMENTS.

August 31, 2023

J.P. Morgan Exchange-Traded Funds

119

JPMorgan BetaBuilders USD Investment Grade Corporate Bond ETF

SCHEDULE OF PORTFOLIO INVESTMENTS
AS OF August 31, 2023 (Unaudited) (continued)

INVESTMENTS	PRINCIPAL AMOUNT($)	VALUE($)
Corporate Bonds — continued
Multi-Utilities — continued
CenterPoint Energy, Inc. 2.65%, 6/1/2031	143,000	117,383
Consolidated Edison Co. of New York, Inc.
Series 20B, 3.95%, 4/1/2050	76,000	60,119
3.20%, 12/1/2051	64,000	42,881
3.70%, 11/15/2059	18,000	12,719
Series C, 3.00%, 12/1/2060	7,000	4,269
3.60%, 6/15/2061	40,000	27,638
Consumers Energy Co.
3.95%, 7/15/2047	85,000	68,285
2.50%, 5/1/2060	16,000	8,829
Dominion Energy, Inc. 3.90%, 10/1/2025	8,000	7,732
NiSource, Inc.
0.95%, 8/15/2025	17,000	15,579
3.49%, 5/15/2027	22,000	20,646
3.60%, 5/1/2030	11,000	9,852
1.70%, 2/15/2031	15,000	11,590
5.00%, 6/15/2052	13,000	11,504
Puget Energy, Inc. 2.38%, 6/15/2028	6,000	5,179
San Diego Gas & Electric Co.
Series VVV, 1.70%, 10/1/2030	36,000	28,628
2.95%, 8/15/2051	57,000	37,121
Southern Co. Gas Capital Corp. Series 20-A, 1.75%, 1/15/2031	142,000	110,500
		928,938
Office REITs — 0.7%
Alexandria Real Estate Equities, Inc.
2.75%, 12/15/2029	50,000	42,372
2.00%, 5/18/2032	58,000	43,934
Boston Properties LP
2.75%, 10/1/2026	223,000	201,177
4.50%, 12/1/2028	8,000	7,384
Hudson Pacific Properties LP 4.65%, 4/1/2029	10,000	7,625
Kilroy Realty LP 2.50%, 11/15/2032	77,000	54,279
Piedmont Operating Partnership LP
9.25%, 7/20/2028	12,000	12,271
3.15%, 8/15/2030	19,000	13,719
		382,761
Oil, Gas & Consumable Fuels — 6.5%
Apache Corp.
4.25%, 1/15/2030	42,000	38,319
5.35%, 7/1/2049	42,000	33,759
Boardwalk Pipelines LP 3.60%, 9/1/2032	45,000	37,865
BP Capital Markets America, Inc.
4.23%, 11/6/2028	144,000	138,984

INVESTMENTS	PRINCIPAL AMOUNT($)	VALUE($)

Oil, Gas & Consumable Fuels — continued
3.00%, 2/24/2050	89,000	59,256
3.38%, 2/8/2061	67,000	45,026
BP Capital Markets plc (United Kingdom) 3.28%, 9/19/2027	13,000	12,241
Canadian Natural Resources Ltd. (Canada) 4.95%, 6/1/2047	30,000	26,045
Cenovus Energy, Inc. (Canada) 3.75%, 2/15/2052	21,000	14,728
Cheniere Energy Partners LP
4.00%, 3/1/2031	60,000	52,905
3.25%, 1/31/2032	69,000	56,922
Cheniere Energy, Inc. 4.63%, 10/15/2028	100,000	94,169
Chevron Corp. 2.95%, 5/16/2026	88,000	83,858
Columbia Pipeline Group, Inc. 4.50%, 6/1/2025	79,000	77,104
ConocoPhillips 5.90%, 10/15/2032	50,000	53,460
ConocoPhillips Co. 4.03%, 3/15/2062	48,000	36,740
DCP Midstream Operating LP 5.60%, 4/1/2044	28,000	25,994
Devon Energy Corp.
5.60%, 7/15/2041	62,000	57,519
5.00%, 6/15/2045	10,000	8,563
Diamondback Energy, Inc. 3.50%, 12/1/2029	70,000	63,323
Enbridge Energy Partners LP Series B, 7.50%, 4/15/2038	23,000	25,368
Enbridge, Inc. (Canada) 2.50%, 8/1/2033	67,000	51,962
Energy Transfer LP
4.95%, 5/15/2028	80,000	77,737
4.95%, 6/15/2028	32,000	30,986
3.75%, 5/15/2030	12,000	10,725
5.40%, 10/1/2047	96,000	82,674
5.00%, 5/15/2050	17,000	13,989
Enterprise Products Operating LLC
3.70%, 2/15/2026	10,000	9,647
3.95%, 2/15/2027	23,000	22,113
2.80%, 1/31/2030	130,000	112,717
4.85%, 8/15/2042	126,000	113,081
3.95%, 1/31/2060	35,000	25,881
(3-MONTH CME TERM SOFR + 2.83%), 5.38%, 2/15/2078 (b)	17,000	14,128
EQT Corp. 7.00%, 2/1/2030 (a)	48,000	50,350
Exxon Mobil Corp.
2.99%, 3/19/2025	105,000	101,663
3.00%, 8/16/2039	126,000	96,995
3.45%, 4/15/2051	17,000	12,644
Hess Corp.
7.88%, 10/1/2029	10,000	11,044

SEE NOTES TO FINANCIAL STATEMENTS.

120

J.P. Morgan Exchange-Traded Funds

August 31, 2023

INVESTMENTS	PRINCIPAL AMOUNT($)	VALUE($)
Corporate Bonds — continued
Oil, Gas & Consumable Fuels — continued
5.80%, 4/1/2047	10,000	9,573
Kinder Morgan, Inc.
4.30%, 6/1/2025	110,000	107,537
4.80%, 2/1/2033	203,000	189,209
Magellan Midstream Partners LP 4.20%, 10/3/2047	43,000	31,682
Marathon Oil Corp.
4.40%, 7/15/2027	90,000	85,811
6.60%, 10/1/2037	12,000	12,078
Marathon Petroleum Corp.
4.75%, 9/15/2044	17,000	14,153
5.00%, 9/15/2054	28,000	22,870
MPLX LP
4.50%, 4/15/2038	36,000	30,498
4.95%, 3/14/2052	84,000	69,191
4.90%, 4/15/2058	10,000	7,956
Occidental Petroleum Corp. 5.55%, 3/15/2026	24,000	23,791
ONEOK, Inc. 5.20%, 7/15/2048	70,000	59,866
Ovintiv, Inc.
6.50%, 8/15/2034	14,000	14,189
6.50%, 2/1/2038	33,000	32,464
Phillips 66 4.88%, 11/15/2044	10,000	9,024
Plains All American Pipeline LP 6.65%, 1/15/2037	10,000	10,149
Sabine Pass Liquefaction LLC 5.63%, 3/1/2025	140,000	139,603
Suncor Energy, Inc. (Canada) 3.75%, 3/4/2051	11,000	7,787
Targa Resources Corp. 6.50%, 2/15/2053	15,000	14,999
Targa Resources Partners LP
5.50%, 3/1/2030	13,000	12,487
4.88%, 2/1/2031	25,000	22,992
TC PipeLines LP
4.38%, 3/13/2025	43,000	41,920
3.90%, 5/25/2027	97,000	91,589
TotalEnergies Capital International SA (France) 2.83%, 1/10/2030	218,000	193,538
TransCanada PipeLines Ltd. (Canada)
6.10%, 6/1/2040	48,000	48,319
4.88%, 5/15/2048	10,000	8,498
Transcontinental Gas Pipe Line Co. LLC 4.60%, 3/15/2048	48,000	40,050
Valero Energy Corp. 3.65%, 12/1/2051	40,000	27,284
Western Midstream Operating LP
4.50%, 3/1/2028	24,000	22,609

INVESTMENTS	PRINCIPAL AMOUNT($)	VALUE($)

Oil, Gas & Consumable Fuels — continued
5.25%, 2/1/2050 (a)	17,000	13,737
Williams Cos., Inc. (The) 5.40%, 3/4/2044	17,000	15,329
		3,311,266
Paper & Forest Products — 0.1%
Suzano Austria GmbH (Brazil) 3.75%, 1/15/2031	67,000	56,783
Passenger Airlines — 0.1%
American Airlines Pass-Through Trust Series 2021-1, Class A Shares, 2.88%, 7/11/2034	75,710	62,496
Personal Care Products — 0.5%
Conopco, Inc. Series E, 7.25%, 12/15/2026	28,000	29,848
Estee Lauder Cos., Inc. (The)
3.15%, 3/15/2027	168,000	158,897
6.00%, 5/15/2037	19,000	20,192
Kenvue, Inc.
5.00%, 3/22/2030 (e)	24,000	24,009
4.90%, 3/22/2033 (e)	6,000	5,965
		238,911
Pharmaceuticals — 3.0%
Astrazeneca Finance LLC (United Kingdom) 0.70%, 5/28/2024	27,000	26,051
AstraZeneca plc (United Kingdom)
3.38%, 11/16/2025	52,000	49,958
4.00%, 1/17/2029	6,000	5,754
4.38%, 11/16/2045	68,000	60,427
3.00%, 5/28/2051	26,000	18,341
Bristol-Myers Squibb Co.
2.90%, 7/26/2024	65,000	63,528
3.90%, 2/20/2028	50,000	47,980
3.40%, 7/26/2029	22,000	20,364
4.13%, 6/15/2039	70,000	61,790
4.35%, 11/15/2047	32,000	27,578
2.55%, 11/13/2050	70,000	42,803
3.90%, 3/15/2062	10,000	7,578
Eli Lilly & Co.
2.25%, 5/15/2050	97,000	59,744
4.15%, 3/15/2059	33,000	28,026
2.50%, 9/15/2060	35,000	20,822
GlaxoSmithKline Capital, Inc. (United Kingdom)
6.38%, 5/15/2038	7,000	7,968
4.20%, 3/18/2043	21,000	18,472
Johnson & Johnson
4.38%, 12/5/2033	27,000	26,649

SEE NOTES TO FINANCIAL STATEMENTS.

August 31, 2023

J.P. Morgan Exchange-Traded Funds

121

JPMorgan BetaBuilders USD Investment Grade Corporate Bond ETF

SCHEDULE OF PORTFOLIO INVESTMENTS
AS OF August 31, 2023 (Unaudited) (continued)

INVESTMENTS	PRINCIPAL AMOUNT($)	VALUE($)
Corporate Bonds — continued
Pharmaceuticals — continued
5.95%, 8/15/2037	99,000	109,561
3.40%, 1/15/2038	50,000	42,420
4.50%, 9/1/2040	10,000	9,545
2.45%, 9/1/2060	39,000	23,938
Merck & Co., Inc.
0.75%, 2/24/2026	50,000	45,262
2.90%, 12/10/2061	63,000	39,519
Pfizer, Inc.
0.80%, 5/28/2025	5,000	4,638
3.00%, 12/15/2026	89,000	84,274
4.00%, 12/15/2036	5,000	4,535
Royalty Pharma plc 3.30%, 9/2/2040	53,000	36,449
Shire Acquisitions Investments Ireland DAC 3.20%, 9/23/2026	236,000	221,495
Viatris, Inc.
1.65%, 6/22/2025	36,000	33,335
2.70%, 6/22/2030	35,000	28,407
4.00%, 6/22/2050	35,000	23,163
Wyeth LLC 6.50%, 2/1/2034	215,000	239,712
		1,540,086
Professional Services — 0.1%
Automatic Data Processing, Inc. 1.25%, 9/1/2030	14,000	11,154
Jacobs Engineering Group, Inc. 5.90%, 3/1/2033	41,000	40,540
Thomson Reuters Corp. (Canada) 5.65%, 11/23/2043	5,000	4,549
		56,243
Real Estate Management & Development — 0.2%
CBRE Services, Inc. 2.50%, 4/1/2031	103,000	82,618
Residential REITs — 0.4%
American Homes 4 Rent LP 3.38%, 7/15/2051	10,000	6,417
Camden Property Trust 2.80%, 5/15/2030	84,000	72,911
Essex Portfolio LP 2.65%, 9/1/2050	13,000	7,278
Spirit Realty LP 3.20%, 2/15/2031	42,000	34,621
UDR, Inc.
3.00%, 8/15/2031	20,000	16,780
2.10%, 6/15/2033	93,000	68,290
		206,297
Retail REITs — 0.3%
Brixmor Operating Partnership LP 4.05%, 7/1/2030	60,000	54,258
Federal Realty OP LP 3.25%, 7/15/2027	10,000	9,193

INVESTMENTS	PRINCIPAL AMOUNT($)	VALUE($)

Retail REITs — continued
Kimco Realty OP LLC 2.25%, 12/1/2031	10,000	7,755
NNN REIT, Inc. 3.10%, 4/15/2050	39,000	23,950
Realty Income Corp.
5.05%, 1/13/2026	54,000	53,683
4.65%, 3/15/2047	10,000	8,690
		157,529
Semiconductors & Semiconductor Equipment — 2.8%
Analog Devices, Inc. 3.50%, 12/5/2026	5,000	4,788
Broadcom Corp. 3.13%, 1/15/2025	72,000	69,478
Broadcom, Inc.
3.47%, 4/15/2034 (e)	6,000	4,901
4.93%, 5/15/2037 (e)	110,000	98,947
Intel Corp.
2.88%, 5/11/2024	6,000	5,883
3.40%, 3/25/2025	98,000	95,140
3.90%, 3/25/2030	10,000	9,353
4.15%, 8/5/2032	11,000	10,347
4.25%, 12/15/2042	129,000	108,852
5.63%, 2/10/2043	10,000	9,969
4.90%, 7/29/2045	39,000	37,763
3.25%, 11/15/2049	195,000	132,468
3.20%, 8/12/2061	47,000	29,346
KLA Corp. 4.10%, 3/15/2029	185,000	177,814
Micron Technology, Inc.
5.88%, 9/15/2033	48,000	47,024
3.48%, 11/1/2051	10,000	6,472
NVIDIA Corp.
0.58%, 6/14/2024	80,000	77,032
2.00%, 6/15/2031	123,000	101,750
NXP BV (China)
2.70%, 5/1/2025	14,000	13,331
4.30%, 6/18/2029	5,000	4,684
3.25%, 5/11/2041	42,000	29,872
3.25%, 11/30/2051	22,000	14,181
QUALCOMM, Inc.
3.25%, 5/20/2027	161,000	152,016
1.30%, 5/20/2028	104,000	88,525
Skyworks Solutions, Inc. 3.00%, 6/1/2031	50,000	40,751
Texas Instruments, Inc.
4.10%, 8/16/2052	55,000	46,486
5.00%, 3/14/2053	5,000	4,857
		1,422,030

SEE NOTES TO FINANCIAL STATEMENTS.

122

J.P. Morgan Exchange-Traded Funds

August 31, 2023

INVESTMENTS	PRINCIPAL AMOUNT($)	VALUE($)
Corporate Bonds — continued
Software — 2.0%
Microsoft Corp.
2.70%, 2/12/2025	10,000	9,670
3.13%, 11/3/2025	13,000	12,546
3.50%, 2/12/2035	11,000	9,996
4.10%, 2/6/2037	288,000	273,486
3.95%, 8/8/2056	12,000	10,278
2.68%, 6/1/2060	6,000	3,855
Oracle Corp.
3.40%, 7/8/2024	203,000	199,191
2.95%, 11/15/2024	19,000	18,404
2.50%, 4/1/2025	40,000	38,094
4.30%, 7/8/2034	5,000	4,481
6.50%, 4/15/2038	15,000	15,806
3.60%, 4/1/2050	206,000	141,821
3.95%, 3/25/2051	73,000	53,235
3.85%, 4/1/2060	10,000	6,777
4.10%, 3/25/2061	69,000	49,011
Roper Technologies, Inc. 1.75%, 2/15/2031	79,000	61,958
Salesforce, Inc.
0.63%, 7/15/2024	9,000	8,629
1.50%, 7/15/2028	67,000	57,627
3.05%, 7/15/2061	10,000	6,451
VMware, Inc. 2.20%, 8/15/2031	62,000	48,248
		1,029,564
Specialized REITs — 1.5%
American Tower Corp.
3.38%, 10/15/2026	159,000	149,020
2.10%, 6/15/2030	170,000	135,817
Crown Castle, Inc.
1.35%, 7/15/2025	75,000	69,253
3.10%, 11/15/2029	39,000	33,934
5.20%, 2/15/2049	32,000	28,349
3.25%, 1/15/2051	61,000	39,656
EPR Properties 4.50%, 6/1/2027	16,000	14,435
Equinix, Inc.
2.00%, 5/15/2028	10,000	8,542
3.20%, 11/18/2029	130,000	113,975
Public Storage Operating Co.
1.85%, 5/1/2028	109,000	94,714
2.25%, 11/9/2031	45,000	36,429
Weyerhaeuser Co. 4.00%, 3/9/2052	36,000	27,875
		751,999

INVESTMENTS	PRINCIPAL AMOUNT($)	VALUE($)

Specialty Retail — 1.2%
AutoZone, Inc. 1.65%, 1/15/2031	80,000	62,162
Home Depot, Inc. (The)
2.70%, 4/15/2030	186,000	163,444
5.88%, 12/16/2036	20,000	21,458
3.30%, 4/15/2040	68,000	53,680
4.20%, 4/1/2043	21,000	18,349
3.13%, 12/15/2049	53,000	37,132
2.38%, 3/15/2051	30,000	17,805
3.50%, 9/15/2056	11,000	8,056
Lowe's Cos., Inc.
3.10%, 5/3/2027	40,000	37,240
2.80%, 9/15/2041	122,000	83,694
3.70%, 4/15/2046	32,000	23,926
4.05%, 5/3/2047	40,000	31,212
4.45%, 4/1/2062	8,000	6,241
5.85%, 4/1/2063	20,000	19,504
O'Reilly Automotive, Inc. 4.35%, 6/1/2028	44,000	42,734
		626,637
Technology Hardware, Storage & Peripherals — 1.6%
Apple, Inc.
1.80%, 9/11/2024	43,000	41,496
2.75%, 1/13/2025	50,000	48,435
0.55%, 8/20/2025	14,000	12,864
0.70%, 2/8/2026	29,000	26,225
2.90%, 9/12/2027	27,000	25,260
1.40%, 8/5/2028	74,000	63,651
4.50%, 2/23/2036	50,000	49,949
3.45%, 2/9/2045	29,000	23,446
4.65%, 2/23/2046	153,000	146,240
2.65%, 5/11/2050	83,000	55,268
2.65%, 2/8/2051	52,000	34,466
2.55%, 8/20/2060	47,000	29,542
Dell International LLC
6.02%, 6/15/2026	80,000	80,812
5.30%, 10/1/2029	40,000	39,491
3.45%, 12/15/2051 (e)	43,000	28,078
HP, Inc. 6.00%, 9/15/2041	13,000	12,800
Western Digital Corp.
4.75%, 2/15/2026	22,000	20,962
2.85%, 2/1/2029	98,000	78,945
		817,930

SEE NOTES TO FINANCIAL STATEMENTS.

August 31, 2023

J.P. Morgan Exchange-Traded Funds

123

JPMorgan BetaBuilders USD Investment Grade Corporate Bond ETF

SCHEDULE OF PORTFOLIO INVESTMENTS
AS OF August 31, 2023 (Unaudited) (continued)

INVESTMENTS	PRINCIPAL AMOUNT($)	VALUE($)
Corporate Bonds — continued
Textiles, Apparel & Luxury Goods — 0.1%
NIKE, Inc.
2.40%, 3/27/2025	29,000	27,768
3.88%, 11/1/2045	20,000	17,081
		44,849
Tobacco — 0.8%
Altria Group, Inc.
4.25%, 8/9/2042	16,000	12,103
4.50%, 5/2/2043	10,000	7,802
5.95%, 2/14/2049	46,000	42,778
4.00%, 2/4/2061	70,000	47,394
BAT Capital Corp. (United Kingdom)
3.22%, 8/15/2024	19,000	18,535
4.39%, 8/15/2037	118,000	93,278
5.28%, 4/2/2050	46,000	36,849
3.98%, 9/25/2050	15,000	9,910
5.65%, 3/16/2052	10,000	8,357
Philip Morris International, Inc.
3.25%, 11/10/2024	16,000	15,580
4.38%, 11/15/2041	91,000	75,282
Reynolds American, Inc. (United Kingdom) 4.45%, 6/12/2025	48,000	46,957
		414,825
Trading Companies & Distributors — 0.3%
Air Lease Corp.
3.38%, 7/1/2025	8,000	7,626
3.13%, 12/1/2030	11,000	9,185
2.88%, 1/15/2032	101,000	80,514
GATX Corp. 3.50%, 6/1/2032	38,000	31,938
WW Grainger, Inc. 3.75%, 5/15/2046	17,000	13,500
		142,763
Water Utilities — 0.3%
American Water Capital Corp.
2.80%, 5/1/2030	90,000	78,020
3.75%, 9/1/2047	19,000	14,745
4.20%, 9/1/2048	11,000	9,069
3.45%, 5/1/2050	22,000	15,957
Essential Utilities, Inc.
3.57%, 5/1/2029	6,000	5,496
5.30%, 5/1/2052	15,000	13,591
		136,878
Wireless Telecommunication Services — 1.6%
America Movil SAB de CV (Mexico) 3.63%, 4/22/2029	200,000	183,097

INVESTMENTS	PRINCIPAL AMOUNT($)	VALUE($)

Wireless Telecommunication Services — continued
Rogers Communications, Inc. (Canada)
4.50%, 3/15/2042	92,000	73,963
3.70%, 11/15/2049	27,000	18,302
T-Mobile USA, Inc.
3.50%, 4/15/2025	44,000	42,538
3.75%, 4/15/2027	31,000	29,357
2.40%, 3/15/2029	150,000	129,014
3.88%, 4/15/2030	218,000	198,544
3.00%, 2/15/2041	14,000	9,869
3.60%, 11/15/2060	18,000	12,042
Vodafone Group plc (United Kingdom)
4.38%, 5/30/2028	54,000	52,988
5.00%, 5/30/2038	30,000	27,886
5.13%, 6/19/2059	71,000	60,579
		838,179
Total Corporate Bonds (Cost $54,315,694)		50,336,380
Asset-Backed Securities — 0.2%
Delta Air Lines Pass-Through Trust Series 2020-1, Class AA, 2.00%, 6/10/2028	45,134	39,805
United Airlines Pass-Through Trust Series 2020-1, Class B, 4.88%, 1/15/2026	62,064	60,260
Total Asset-Backed Securities (Cost $99,203)		100,065
	SHARES
Short-Term Investments — 0.8%
Investment Companies — 0.8%
JPMorgan U.S. Government Money Market Fund Class IM Shares, 5.27% (f) (g) (Cost $383,195)	383,195	383,195
Total Investments — 99.2% (Cost $54,798,092)		50,819,640
Other Assets Less Liabilities — 0.8%		433,716
NET ASSETS — 100.0%		51,253,356

Percentages indicated are based on net assets.

Abbreviations
CME	Chicago Mercantile Exchange
ICE	Intercontinental Exchange
LIBOR	London Interbank Offered Rate
OYJ	Public Limited Company
REIT	Real Estate Investment Trust
SOFR	Secured Overnight Financing Rate

SEE NOTES TO FINANCIAL STATEMENTS.

124

J.P. Morgan Exchange-Traded Funds

August 31, 2023

SOFRINDX	Compounding index of the Secured Overnight Financing Rate
USD	United States Dollar

(a)	Step bond. Interest rate is a fixed rate for an initial period that either resets at a specific date or may reset in the future contingent upon a predetermined trigger. The interest rate shown is the current rate as of August 31, 2023.
(b)	Variable or floating rate security, linked to the referenced benchmark. The interest rate shown is the current rate as of August 31, 2023.
(c)	Contingent Capital security (“CoCo”). CoCos are hybrid debt securities that may be convertible into equity or may be written down if a pre-specified trigger event occurs. The total value of aggregate CoCo holdings at August 31, 2023 is $258,986 or 0.51% of the Fund’s net assets as of August 31, 2023.

(d)	Variable or floating rate security, the interest rate of which adjusts periodically based on changes in current interest rates and prepayments on the underlying pool of assets. The interest rate shown is the current rate as of August 31, 2023.
(e)	Securities exempt from registration under Rule 144A or section 4(a)(2), of the Securities Act of 1933, as amended.
(f)	Investment in an affiliated fund, which is registered under the Investment Company Act of 1940, as amended, and is advised by J.P. Morgan Investment Management Inc.
(g)	The rate shown is the current yield as of August 31, 2023.

SEE NOTES TO FINANCIAL STATEMENTS.

August 31, 2023

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125

JPMorgan USD Emerging Markets Sovereign Bond ETF

SCHEDULE OF PORTFOLIO INVESTMENTS
AS OF August 31, 2023 (Unaudited)

INVESTMENTS	PRINCIPAL AMOUNT($)	VALUE($)
Foreign Government Securities — 88.1%
Angola — 1.7%
Republic of Angola
8.25%, 5/9/2028 (a)	5,804,000	5,065,151
8.75%, 4/14/2032 (a)	1,717,000	1,407,991
9.13%, 11/26/2049 (a)	5,933,000	4,388,403
		10,861,545
Azerbaijan — 0.4%
Republic of Azerbaijan
3.50%, 9/1/2032 (a)	2,742,000	2,291,160
3.50%, 9/1/2032 (b)	1,000	836
		2,291,996
Bahrain — 4.3%
CBB International Sukuk Co. 5 SPC 5.62%, 2/12/2024 (a)	1,263,000	1,256,773
CBB International Sukuk Co. 7 SPC 6.88%, 10/5/2025 (a)	659,000	670,974
CBB International Sukuk Programme Co. SPC
6.25%, 11/14/2024 (a)	486,000	484,756
3.95%, 9/16/2027 (a)	1,815,000	1,687,424
CBB International Sukuk Programme Co. WLL 3.88%, 5/18/2029 (a)	206,000	182,784
Kingdom of Bahrain
7.00%, 1/26/2026 (a)	3,391,000	3,436,473
7.00%, 10/12/2028 (a)	2,727,000	2,797,493
7.00%, 10/12/2028 (b)	402,000	412,392
6.75%, 9/20/2029 (a)	3,603,000	3,591,758
5.63%, 9/30/2031 (a)	2,792,000	2,564,033
5.45%, 9/16/2032 (a)	3,576,000	3,199,805
5.25%, 1/25/2033 (a)	3,582,000	3,138,441
5.63%, 5/18/2034 (a)	3,942,000	3,458,435
6.00%, 9/19/2044 (a)	576,000	462,298
		27,343,839
Bolivia, Plurinational State of — 0.2%
Plurinational State of Bolivia 4.50%, 3/20/2028 (a)	2,268,000	1,416,797
Brazil — 7.6%
Federative Republic of Brazil
8.88%, 4/15/2024	220,000	223,278
4.25%, 1/7/2025	1,759,000	1,725,544
2.88%, 6/6/2025 (c)	3,823,000	3,639,190
6.00%, 4/7/2026	3,208,000	3,276,619
4.63%, 1/13/2028	2,332,000	2,259,032
4.50%, 5/30/2029	5,692,000	5,376,094
3.88%, 6/12/2030	5,911,000	5,231,472

INVESTMENTS	PRINCIPAL AMOUNT($)	VALUE($)

Brazil—continued
3.75%, 9/12/2031	5,105,000	4,388,666
6.00%, 10/20/2033	6,155,000	5,988,815
8.25%, 1/20/2034	3,991,000	4,489,356
5.00%, 1/27/2045	2,951,000	2,293,901
5.63%, 2/21/2047	1,583,000	1,321,599
4.75%, 1/14/2050	10,583,000	7,764,112
		47,977,678
Chile — 1.4%
Republic of Chile
2.45%, 1/31/2031	1,223,000	1,038,217
2.55%, 7/27/2033 (c)	3,886,000	3,117,777
3.10%, 5/7/2041	4,183,000	3,044,638
3.50%, 4/15/2053	272,000	195,661
3.25%, 9/21/2071 (c)	2,351,000	1,473,019
		8,869,312
China — 1.1%
People's Republic of China
1.95%, 12/3/2024 (a)	3,027,000	2,908,977
1.25%, 10/26/2026 (a)	804,000	719,427
1.25%, 10/26/2026 (a) (c)	1,221,000	1,092,563
2.63%, 11/2/2027 (a)	1,448,000	1,350,984
3.50%, 10/19/2028 (a)	776,000	747,335
1.75%, 10/26/2031 (a)	426,000	355,919
		7,175,205
Colombia — 6.7%
Republic of Colombia
4.00%, 2/26/2024	358,000	353,214
3.88%, 4/25/2027	4,407,000	4,056,864
4.50%, 3/15/2029	3,986,000	3,551,247
3.00%, 1/30/2030	3,089,000	2,450,967
3.13%, 4/15/2031	2,701,000	2,079,770
3.25%, 4/22/2032	4,462,000	3,346,188
8.00%, 4/20/2033 (c)	2,725,000	2,817,160
7.50%, 2/2/2034	1,483,000	1,470,958
7.38%, 9/18/2037	5,194,000	5,026,701
6.13%, 1/18/2041	3,527,000	2,912,420
4.13%, 2/22/2042	5,821,000	3,761,705
5.63%, 2/26/2044	3,007,000	2,282,373
5.00%, 6/15/2045	3,987,000	2,802,223
5.20%, 5/15/2049	5,202,000	3,657,474
4.13%, 5/15/2051	1,460,000	876,730
3.88%, 2/15/2061 (c)	2,396,000	1,345,737
		42,791,731

SEE NOTES TO FINANCIAL STATEMENTS.

126

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INVESTMENTS	PRINCIPAL AMOUNT($)	VALUE($)
Foreign Government Securities — continued
Costa Rica — 1.2%
Republic of Costa Rica
6.13%, 2/19/2031 (a)	2,659,000	2,647,965
7.00%, 4/4/2044 (a) (c)	2,389,000	2,360,595
7.00%, 4/4/2044 (a)	256,000	252,956
7.16%, 3/12/2045 (a)	2,260,000	2,265,402
		7,526,918
Dominican Republic — 7.1%
Dominican Republic Government Bond
5.50%, 1/27/2025 (a)	2,120,000	2,094,369
6.88%, 1/29/2026 (a)	2,416,000	2,425,712
5.95%, 1/25/2027 (a)	3,169,000	3,096,208
5.95%, 1/25/2027 (b)	198,000	193,452
6.00%, 7/19/2028 (a)	4,988,000	4,813,271
6.00%, 7/19/2028 (b)	208,000	200,714
4.50%, 1/30/2030 (a)	6,967,000	6,058,434
4.88%, 9/23/2032 (a)	5,037,000	4,259,841
6.00%, 2/22/2033 (a)	4,333,000	3,994,679
6.00%, 2/22/2033 (a) (c)	1,339,000	1,234,451
5.30%, 1/21/2041 (a)	3,711,000	2,899,812
7.45%, 4/30/2044 (b)	302,000	290,089
6.85%, 1/27/2045 (a)	3,093,000	2,764,338
6.85%, 1/27/2045 (b)	357,000	319,065
6.50%, 2/15/2048 (a)	925,000	790,126
6.50%, 2/15/2048 (a) (c)	343,000	292,987
6.40%, 6/5/2049 (b)	2,968,000	2,479,348
6.40%, 6/5/2049 (a)	3,176,000	2,653,104
5.88%, 1/30/2060 (a)	5,184,000	3,974,625
		44,834,625
Ethiopia — 0.3%
Federal Democratic Republic of Ethiopia 6.63%, 12/11/2024 (a)	2,502,000	1,627,551
Guatemala — 0.4%
Republic of Guatemala
6.60%, 6/13/2036 (a) (c)	212,000	212,530
6.60%, 6/13/2036 (a)	200,000	200,500
6.13%, 6/1/2050 (a)	2,694,000	2,454,045
		2,867,075
Hungary — 1.3%
Hungary Government Bond
5.38%, 3/25/2024	110,000	109,573
6.13%, 5/22/2028 (a)	1,394,000	1,411,439
5.25%, 6/16/2029 (a)	3,098,000	3,026,994
2.13%, 9/22/2031 (a)	616,000	473,494

INVESTMENTS	PRINCIPAL AMOUNT($)	VALUE($)

Hungary—continued
7.63%, 3/29/2041	912,000	1,006,839
3.13%, 9/21/2051 (a)	759,000	457,457
6.75%, 9/25/2052 (a)	1,564,000	1,585,677
		8,071,473
India — 0.5%
Export-Import Bank of India
3.25%, 1/15/2030 (a)	974,000	845,490
2.25%, 1/13/2031 (a)	2,738,000	2,173,370
		3,018,860
Indonesia — 2.6%
Perusahaan Penerbit SBSN Indonesia III
4.35%, 9/10/2024 (a)	1,112,000	1,098,623
4.33%, 5/28/2025 (a)	367,000	360,926
2.80%, 6/23/2030 (a)	781,000	676,697
2.55%, 6/9/2031 (a)	600,000	502,950
Republic of Indonesia
3.85%, 7/18/2027 (a)	2,032,000	1,940,682
3.50%, 1/11/2028	3,780,000	3,524,170
4.55%, 1/11/2028	200,000	195,320
4.10%, 4/24/2028	2,225,000	2,124,675
8.50%, 10/12/2035 (a)	769,000	976,645
6.63%, 2/17/2037 (a)	1,007,000	1,119,673
6.63%, 2/17/2037 (b)	145,000	161,224
7.75%, 1/17/2038 (a)	100,000	122,508
4.20%, 10/15/2050 (c)	3,444,000	2,859,691
3.05%, 3/12/2051	1,484,000	1,053,863
		16,717,647
Iraq — 0.5%
Republic of Iraq 5.80%, 1/15/2028 (a)	3,521,250	3,235,606
Ivory Coast — 0.4%
Republic of Cote d'Ivoire
6.13%, 6/15/2033 (a)	2,831,000	2,411,785
6.13%, 6/15/2033 (b)	415,000	353,547
		2,765,332
Jamaica — 1.9%
Jamaica Government Bond
6.75%, 4/28/2028	5,224,000	5,390,123
8.00%, 3/15/2039	204,000	239,773
7.88%, 7/28/2045	5,890,000	6,687,094
		12,316,990

SEE NOTES TO FINANCIAL STATEMENTS.

August 31, 2023

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127

JPMorgan USD Emerging Markets Sovereign Bond ETF

SCHEDULE OF PORTFOLIO INVESTMENTS
AS OF August 31, 2023 (Unaudited) (continued)

INVESTMENTS	PRINCIPAL AMOUNT($)	VALUE($)
Foreign Government Securities — continued
Jordan — 1.5%
Hashemite Kingdom of Jordan
6.13%, 1/29/2026 (b)	346,000	343,962
5.75%, 1/31/2027 (a)	4,160,000	4,042,522
5.85%, 7/7/2030 (a)	3,620,000	3,331,015
7.38%, 10/10/2047 (a)	1,771,000	1,544,684
		9,262,183
Kazakhstan — 0.8%
Republic of Kazakhstan
3.88%, 10/14/2024 (b)	350,000	346,339
3.88%, 10/14/2024 (a)	2,395,000	2,369,949
5.13%, 7/21/2025 (a)	307,000	313,057
4.88%, 10/14/2044 (a)	300,000	266,886
6.50%, 7/21/2045 (a)	1,451,000	1,516,643
		4,812,874
Kenya — 2.0%
Republic of Kenya
6.88%, 6/24/2024 (a)	839,000	793,182
7.25%, 2/28/2028 (b)	355,000	300,461
7.25%, 2/28/2028 (a)	4,076,000	3,449,804
8.00%, 5/22/2032 (a)	1,592,000	1,314,499
6.30%, 1/23/2034 (a)	3,631,000	2,618,968
8.25%, 2/28/2048 (a)	5,617,000	4,175,958
		12,652,872
Kuwait — 0.4%
State of Kuwait 3.50%, 3/20/2027 (a)	2,440,000	2,331,591
Malaysia — 0.1%
Malaysia Sovereign Sukuk Bhd. 3.04%, 4/22/2025 (a)	341,000	329,965
Mexico — 2.0%
United Mexican States
4.13%, 1/21/2026	261,000	256,740
3.75%, 1/11/2028	1,594,000	1,508,020
4.50%, 4/22/2029	200,000	192,982
2.66%, 5/24/2031 (c)	3,574,000	2,959,129
2.66%, 5/24/2031	235,000	194,571
6.05%, 1/11/2040	370,000	369,097
4.75%, 3/8/2044	2,268,000	1,902,217
4.60%, 1/23/2046	3,869,000	3,121,122
4.40%, 2/12/2052 (c)	2,721,000	2,084,150
3.75%, 4/19/2071	298,000	190,422
5.75%, 10/12/2110	122,000	106,699
		12,885,149

INVESTMENTS	PRINCIPAL AMOUNT($)	VALUE($)

Morocco — 1.4%
Kingdom of Morocco
5.95%, 3/8/2028 (a)	785,000	783,100
3.00%, 12/15/2032 (a)	6,193,000	4,825,338
6.50%, 9/8/2033 (a)	1,877,000	1,881,336
4.00%, 12/15/2050 (a)	2,378,000	1,544,535
		9,034,309
Oman — 7.8%
Oman Sovereign Sukuk SAOC
4.40%, 6/1/2024 (a)	877,000	861,197
5.93%, 10/31/2025 (a)	1,371,000	1,374,538
4.88%, 6/15/2030 (a)	3,810,000	3,759,137
Sultanate of Oman Government Bond
4.88%, 2/1/2025 (a)	3,251,000	3,194,628
4.75%, 6/15/2026 (a)	4,694,000	4,569,186
5.38%, 3/8/2027 (a)	3,516,000	3,454,681
6.75%, 10/28/2027 (a)	4,066,000	4,186,557
5.63%, 1/17/2028 (a)	4,587,000	4,528,561
6.00%, 8/1/2029 (a)	3,997,000	4,018,184
6.00%, 8/1/2029 (b)	221,000	222,171
6.25%, 1/25/2031 (a)	5,205,000	5,261,370
7.38%, 10/28/2032 (a)	3,035,000	3,304,022
6.50%, 3/8/2047 (a)	3,115,000	2,918,444
6.50%, 3/8/2047 (b)	1,016,000	951,890
6.75%, 1/17/2048 (a)	3,263,000	3,149,643
7.00%, 1/25/2051 (a)	3,893,000	3,856,250
		49,610,459
Panama — 1.7%
Republic of Panama
3.16%, 1/23/2030	2,062,000	1,794,600
2.25%, 9/29/2032	4,038,000	3,062,459
6.70%, 1/26/2036	717,000	752,334
4.30%, 4/29/2053	1,102,000	792,680
3.87%, 7/23/2060	3,672,000	2,348,244
4.50%, 1/19/2063 (c)	2,742,000	1,959,159
		10,709,476
Paraguay — 1.0%
Republic of Paraguay
4.95%, 4/28/2031 (a)	853,000	805,138
6.10%, 8/11/2044 (a)	3,650,000	3,376,067
5.40%, 3/30/2050 (a)	2,317,000	1,933,375
		6,114,580

SEE NOTES TO FINANCIAL STATEMENTS.

128

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August 31, 2023

INVESTMENTS	PRINCIPAL AMOUNT($)	VALUE($)
Foreign Government Securities — continued
Peru — 1.7%
Republic of Peru
4.13%, 8/25/2027	545,000	526,759
1.86%, 12/1/2032	2,363,000	1,782,269
8.75%, 11/21/2033	1,166,000	1,452,241
3.00%, 1/15/2034	2,014,000	1,634,905
6.55%, 3/14/2037	769,000	836,802
3.30%, 3/11/2041	2,868,000	2,128,659
2.78%, 12/1/2060	1,039,000	608,449
3.23%, 7/28/2121	3,217,000	1,861,163
		10,831,247
Philippines — 2.2%
Republic of Philippines
10.63%, 3/16/2025	1,501,000	1,619,624
5.50%, 3/30/2026	2,114,000	2,135,943
3.75%, 1/14/2029	229,000	215,533
9.50%, 2/2/2030	613,000	755,584
2.46%, 5/5/2030	1,509,000	1,285,185
5.00%, 1/13/2037 (c)	1,406,000	1,369,036
3.70%, 3/1/2041	2,190,000	1,755,942
3.70%, 2/2/2042	2,092,000	1,667,931
2.65%, 12/10/2045	4,781,000	3,095,124
		13,899,902
Poland — 0.5%
Republic of Poland
3.25%, 4/6/2026	1,960,000	1,872,721
5.75%, 11/16/2032	426,000	442,541
5.50%, 4/4/2053	790,000	767,438
		3,082,700
Qatar — 2.1%
State of Qatar
3.40%, 4/16/2025 (a)	4,025,000	3,902,881
4.50%, 4/23/2028 (a)	732,000	723,297
4.00%, 3/14/2029 (a)	773,000	745,195
9.75%, 6/15/2030 (a)	311,000	399,769
6.40%, 1/20/2040 (a)	922,000	1,045,447
4.63%, 6/2/2046 (b)	276,000	252,874
5.10%, 4/23/2048 (a)	413,000	395,922
4.82%, 3/14/2049 (a)	1,687,000	1,571,440
4.40%, 4/16/2050 (a)	5,196,000	4,568,739
		13,605,564

INVESTMENTS	PRINCIPAL AMOUNT($)	VALUE($)

Romania — 1.4%
Romania Government Bond
3.00%, 2/27/2027 (a)	3,170,000	2,900,994
5.25%, 11/25/2027 (a)	440,000	430,909
3.63%, 3/27/2032 (a)	476,000	398,460
6.00%, 5/25/2034 (a)	434,000	422,364
6.13%, 1/22/2044 (a)	4,078,000	3,844,290
4.00%, 2/14/2051 (a)	688,000	469,285
7.63%, 1/17/2053 (a)	632,000	678,515
		9,144,817
Saudi Arabia — 3.3%
Kingdom of Saudi Arabia
4.00%, 4/17/2025 (a)	3,159,000	3,078,098
2.50%, 2/3/2027 (a)	3,594,000	3,300,945
3.63%, 3/4/2028 (a)	3,838,000	3,621,575
4.50%, 4/17/2030 (b)	282,000	274,502
2.25%, 2/2/2033 (a)	3,610,000	2,857,098
4.50%, 10/26/2046 (a)	4,410,000	3,714,058
4.63%, 10/4/2047 (a)	2,167,000	1,836,186
4.63%, 10/4/2047 (b)	247,000	209,293
5.25%, 1/16/2050 (a)	1,358,000	1,253,869
KSA Sukuk Ltd. 2.25%, 5/17/2031 (a)	861,000	716,068
		20,861,692
Serbia — 0.7%
Republic of Serbia
2.13%, 12/1/2030 (a)	2,122,000	1,609,643
6.50%, 9/26/2033 (a)	2,929,000	2,885,270
		4,494,913
South Africa — 5.6%
Republic of South Africa
5.88%, 9/16/2025	3,752,000	3,712,942
4.88%, 4/14/2026	3,260,000	3,130,513
4.85%, 9/27/2027	3,601,000	3,363,946
4.30%, 10/12/2028	2,946,000	2,598,136
4.85%, 9/30/2029	7,669,000	6,748,643
5.88%, 6/22/2030	3,637,000	3,305,196
5.38%, 7/24/2044	1,935,000	1,374,876
5.00%, 10/12/2046	2,721,000	1,794,064
5.65%, 9/27/2047	6,622,000	4,696,190
5.75%, 9/30/2049	1,751,000	1,237,379
7.30%, 4/20/2052	4,562,000	3,844,352
		35,806,237

SEE NOTES TO FINANCIAL STATEMENTS.

August 31, 2023

J.P. Morgan Exchange-Traded Funds

129

JPMorgan USD Emerging Markets Sovereign Bond ETF

SCHEDULE OF PORTFOLIO INVESTMENTS
AS OF August 31, 2023 (Unaudited) (continued)

INVESTMENTS	PRINCIPAL AMOUNT($)	VALUE($)
Foreign Government Securities — continued
Trinidad and Tobago — 0.3%
Republic of Trinidad and Tobago 4.50%, 8/4/2026 (a)	1,906,000	1,833,763
Turkey — 8.1%
Hazine Mustesarligi Varlik Kiralama A/S
4.49%, 11/25/2024 (b)	1,000	971
5.13%, 6/22/2026 (a)	2,390,000	2,246,218
7.25%, 2/24/2027 (a)	2,764,000	2,723,867
Republic of Turkey
6.35%, 8/10/2024	1,600,000	1,597,696
7.38%, 2/5/2025 (c)	3,732,000	3,747,786
6.38%, 10/14/2025	252,000	246,005
4.75%, 1/26/2026	4,696,000	4,404,331
4.25%, 4/14/2026	2,412,000	2,219,618
4.88%, 10/9/2026	3,967,000	3,655,035
6.00%, 3/25/2027	3,042,000	2,859,085
5.13%, 2/17/2028	2,737,000	2,460,289
6.13%, 10/24/2028	1,791,000	1,649,153
9.38%, 3/14/2029	322,000	333,608
7.63%, 4/26/2029	1,452,000	1,409,093
11.88%, 1/15/2030	245,000	288,211
9.13%, 7/13/2030	200,000	203,638
5.95%, 1/15/2031	5,289,000	4,571,706
5.88%, 6/26/2031	4,151,000	3,556,037
9.38%, 1/19/2033	1,806,000	1,880,245
6.50%, 9/20/2033	3,252,000	2,867,061
8.00%, 2/14/2034	113,000	111,252
6.88%, 3/17/2036	504,000	441,630
6.75%, 5/30/2040	1,639,000	1,362,124
6.00%, 1/14/2041	1,794,000	1,378,330
4.88%, 4/16/2043	1,466,000	971,386
5.75%, 5/11/2047	5,654,000	4,009,817
		51,194,192
United Arab Emirates — 2.0%
Sharjah Sukuk Program Ltd. 4.23%, 3/14/2028 (a)	200,000	189,184
United Arab Emirates Government Bond
2.50%, 4/16/2025 (a)	3,098,000	2,956,452
3.13%, 10/11/2027 (a)	2,028,000	1,907,070
1.63%, 6/2/2028 (a)	2,942,000	2,559,540
1.88%, 9/15/2031 (a)	234,000	191,424
2.88%, 10/19/2041 (a)	319,000	232,286
5.25%, 1/30/2043 (a)	200,000	181,656
3.13%, 9/30/2049 (a)	1,604,000	1,118,726
3.13%, 9/30/2049 (b)	265,000	184,827

INVESTMENTS	PRINCIPAL AMOUNT($)	VALUE($)

United Arab Emirates—continued
3.88%, 4/16/2050 (a)	200,000	160,514
4.00%, 7/28/2050 (a)	547,000	335,978
3.90%, 9/9/2050 (a)	630,000	446,311
3.00%, 9/15/2051 (a)	211,000	142,980
4.95%, 7/7/2052 (a)	831,000	785,403
3.25%, 10/19/2061 (a)	500,000	340,590
2.70%, 9/2/2070 (a)	1,775,000	1,040,452
		12,773,393
Uruguay — 1.5%
Oriental Republic of Uruguay
4.38%, 10/27/2027 (c)	2,079,000	2,071,474
4.38%, 1/23/2031 (c)	2,620,000	2,577,923
7.63%, 3/21/2036	100,000	120,981
5.10%, 6/18/2050 (c)	2,895,000	2,791,967
4.98%, 4/20/2055	1,983,000	1,872,507
		9,434,852
Vietnam — 0.4%
Socialist Republic of Vietnam 4.80%, 11/19/2024 (a)	2,642,000	2,582,872
Total Foreign Government Securities (Cost $570,179,280)		558,999,782
Corporate Bonds — 9.9%
Azerbaijan — 0.6%
Southern Gas Corridor CJSC
6.88%, 3/24/2026 (a)	3,475,000	3,505,545
6.88%, 3/24/2026 (b)	393,000	396,455
		3,902,000
Bahrain — 0.3%
Oil and Gas Holding Co. BSCC (The)
7.50%, 10/25/2027 (b)	203,000	205,964
7.50%, 10/25/2027 (a)	1,910,000	1,937,886
		2,143,850
Chile — 0.6%
Corp. Nacional del Cobre de Chile
3.00%, 9/30/2029 (a)	2,598,000	2,248,907
4.38%, 2/5/2049 (a)	401,000	317,664
3.70%, 1/30/2050 (a)	1,558,000	1,093,404
Empresa de Transporte de Pasajeros Metro SA 4.70%, 5/7/2050 (a)	416,000	337,551
		3,997,526

SEE NOTES TO FINANCIAL STATEMENTS.

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INVESTMENTS	PRINCIPAL AMOUNT($)	VALUE($)
Corporate Bonds — continued
China — 1.4%
CNAC HK Finbridge Co. Ltd. 4.13%, 7/19/2027 (a)	200,000	188,366
Minmetals Bounteous Finance BVI Ltd. (US Treasury Yield Curve Rate T Note Constant Maturity 5 Year + 5.21%), 3.38%, 9/3/2024 (a) (d) (e) (f)	762,000	739,872
Sinopec Group Overseas Development 2012 Ltd. 4.88%, 5/17/2042 (a)	714,000	669,611
Sinopec Group Overseas Development 2017 Ltd. 3.63%, 4/12/2027 (b)	200,000	191,464
Sinopec Group Overseas Development 2018 Ltd.
2.15%, 5/13/2025 (a)	2,214,000	2,088,732
2.95%, 11/12/2029 (a)	805,000	719,903
2.70%, 5/13/2030 (a)	791,000	697,559
2.30%, 1/8/2031 (a)	748,000	634,274
SPIC MTN Co. Ltd. 1.63%, 7/27/2025 (a)	1,921,000	1,780,921
State Grid Overseas Investment BVI Ltd.
3.50%, 5/4/2027 (b)	2,000	1,903
3.50%, 5/4/2027 (a)	954,000	907,893
		8,620,498
Hungary — 0.2%
MFB Magyar Fejlesztesi Bank Zrt. 6.50%, 6/29/2028 (a)	1,082,000	1,082,909
Indonesia — 0.7%
Pelabuhan Indonesia Persero PT 4.25%, 5/5/2025 (a)	1,686,000	1,643,412
Pertamina Persero PT
5.63%, 5/20/2043 (a)	200,000	185,916
4.18%, 1/21/2050 (a)	1,842,000	1,394,670
Perusahaan Perseroan Persero PT Perusahaan Listrik Negara
6.15%, 5/21/2048 (a)	476,000	449,115
4.00%, 6/30/2050 (a)	700,000	486,591
		4,159,704
Malaysia — 1.4%
Petronas Capital Ltd.
3.50%, 3/18/2025 (a)	1,338,000	1,295,612
3.50%, 4/21/2030 (a)	1,586,000	1,440,802
2.48%, 1/28/2032 (a)	4,593,000	3,768,006
4.55%, 4/21/2050 (a)	320,000	278,166
3.40%, 4/28/2061 (a) (c)	2,940,000	1,976,238
		8,758,824

INVESTMENTS	PRINCIPAL AMOUNT($)	VALUE($)

Mexico — 1.6%
Banco Nacional de Comercio Exterior SNC 4.38%, 10/14/2025 (a)	1,004,000	977,776
Mexico City Airport Trust 5.50%, 7/31/2047 (a)	409,000	338,448
Petroleos Mexicanos
4.50%, 1/23/2026 (c)	2,057,000	1,807,074
6.88%, 8/4/2026 (c)	853,000	775,249
6.70%, 2/16/2032	2,141,000	1,610,567
6.63%, 6/15/2035	1,556,000	1,062,942
6.50%, 6/2/2041	3,451,000	2,135,134
6.75%, 9/21/2047	2,777,000	1,704,773
		10,411,963
Panama — 0.2%
Aeropuerto Internacional de Tocumen SA 5.13%, 8/11/2061 (a)	579,000	433,775
Banco Nacional de Panama 2.50%, 8/11/2030 (a)	801,000	637,476
		1,071,251
Peru — 0.2%
Petroleos del Peru SA
4.75%, 6/19/2032 (a)	913,000	675,419
5.63%, 6/19/2047 (a)	1,191,000	761,978
		1,437,397
Poland — 0.1%
Bank Gospodarstwa Krajowego 5.38%, 5/22/2033 (a)	774,000	756,585
Qatar — 0.4%
QatarEnergy Trading LLC 3.13%, 7/12/2041 (a)	3,829,000	2,804,628
Saudi Arabia — 0.2%
Gaci First Investment Co.
4.88%, 2/14/2035 (a)	1,017,000	955,604
5.13%, 2/14/2053 (a)	502,000	433,878
		1,389,482
South Africa — 1.0%
Eskom Holdings SOC Ltd.
7.13%, 2/11/2025 (b)	327,000	322,200
7.13%, 2/11/2025 (a)	1,403,000	1,382,404
6.35%, 8/10/2028 (b)	240,000	224,431
6.35%, 8/10/2028 (a)	2,311,000	2,161,085
Transnet SOC Ltd. 8.25%, 2/6/2028 (a)	2,230,000	2,164,862
		6,254,982

SEE NOTES TO FINANCIAL STATEMENTS.

August 31, 2023

J.P. Morgan Exchange-Traded Funds

131

JPMorgan USD Emerging Markets Sovereign Bond ETF

SCHEDULE OF PORTFOLIO INVESTMENTS
AS OF August 31, 2023 (Unaudited) (continued)

INVESTMENTS	PRINCIPAL AMOUNT($)	VALUE($)
Corporate Bonds — continued
United Arab Emirates — 1.0%
Abu Dhabi Crude Oil Pipeline LLC 4.60%, 11/2/2047 (a)	805,000	713,987
DP World Ltd.
6.85%, 7/2/2037 (a)	630,000	673,381
5.63%, 9/25/2048 (a)	253,000	233,446
DP World Salaam (US Treasury Yield Curve Rate T Note Constant Maturity 5 Year + 5.75%), 6.00%, 10/1/2025 (a) (d) (e) (f)	618,000	612,963
MDGH GMTN RSC Ltd.
2.88%, 11/7/2029 (a)	1,500,000	1,333,800
2.88%, 5/21/2030 (a)	402,000	352,956
3.38%, 3/28/2032 (a)	2,414,000	2,149,305
3.40%, 6/7/2051 (a)	200,000	142,086
		6,211,924
Total Corporate Bonds (Cost $64,817,142)		63,003,523
	SHARES
Short-Term Investments — 2.1%
Investment Companies — 0.2%
JPMorgan U.S. Government Money Market Fund Class IM Shares, 5.27% (g) (h)(Cost $1,266,971)	1,266,971	1,266,971
Investment of Cash Collateral from Securities Loaned — 1.9%
JPMorgan U.S. Government Money Market Fund Class IM Shares, 5.27% (g) (h)(Cost $12,190,150)	12,190,150	12,190,150
Total Short-Term Investments (Cost $13,457,121)		13,457,121
Total Investments — 100.1% (Cost $648,453,543)		635,460,426
Liabilities in Excess of Other Assets — (0.1)%		(916,735 )
NET ASSETS — 100.0%		634,543,691

Percentages indicated are based on net assets.

Abbreviations
CJSC	Closed Joint Stock Company
GMTN	Global Medium Term Note
MTN	Medium Term Note
PT	Limited liability company
SPC	Special purpose company

(a)	Security exempt from registration pursuant to Regulation S under the Securities Act of 1933, as amended. Regulation S applies to securities offerings that are made outside of the United States and do not involve direct selling efforts in the United States and as such may have restrictions on resale.
(b)	Securities exempt from registration under Rule 144A or section 4(a)(2), of the Securities Act of 1933, as amended.
(c)	The security or a portion of this security is on loan at August 31, 2023. The total value of securities on loan at August 31, 2023 is $11,783,585.
(d)	Security is an interest bearing note with preferred security characteristics.
(e)	Security is perpetual and thus, does not have a predetermined maturity date. The coupon rate for this security is fixed for a period of time and may be structured to adjust thereafter. The date shown, if applicable, reflects the next call date. The coupon rate shown is the rate in effect as of August 31, 2023.
(f)	Variable or floating rate security, linked to the referenced benchmark. The interest rate shown is the current rate as of August 31, 2023.
(g)	Investment in an affiliated fund, which is registered under the Investment Company Act of 1940, as amended, and is advised by J.P. Morgan Investment Management Inc.
(h)	The rate shown is the current yield as of August 31, 2023.

SEE NOTES TO FINANCIAL STATEMENTS.

132

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August 31, 2023

STATEMENTS OF ASSETS AND LIABILITIES
AS OF August 31, 2023 (Unaudited)

	JPMorgan BetaBuilders 1-5 Year U.S. Aggregate Bond ETF	JPMorgan BetaBuilders U.S. Aggregate Bond ETF	JPMorgan BetaBuilders U.S. TIPS 0-5 Year ETF
ASSETS:
Investments in non-affiliates, at value	$15,137,369	$1,982,070,100	$7,513,589
Investments in affiliates, at value	214,237	172,100,666	17,010
Investments of cash collateral received from securities loaned, at value (See Note 2.D.)	—	14,514,556	—
Cash	—	930,211	93
Foreign currency, at value	22	165	—
Segregated cash balance with Authorized Participant for deposit securities	23,440	16,482,200	—
Receivables:
Investment securities sold	501,414	14,084,102	36,610
Investment securities sold — delayed delivery securities	—	21,063,324	—
Interest from non-affiliates	65,497	10,741,519	12,314
Dividends from affiliates	31	24,869	3
Securities lending income (See Note 2.D.)	233	14,210	—
Total Assets	15,942,243	2,232,025,922	7,579,619
LIABILITIES:
Payables:
Due to custodian	2,743	—	—
Investment securities purchased	443,086	18,281,080	93
Investment securities purchased — delayed delivery securities	178,327	182,607,440	—
Collateral received on securities loaned (See Note 2.D.)	—	14,514,556	—
Collateral upon return of deposit securities	23,440	16,482,200	—
Accrued liabilities:
Management fees (See Note 3.A.)	641	26,532	448
Total Liabilities	648,237	231,911,808	541
Net Assets	$15,294,006	$2,000,114,114	$7,579,078
NET ASSETS:
Paid-in-Capital	$17,816,023	$2,199,229,778	$7,679,062
Total distributable earnings (loss)	(2,522,017 )	(199,115,664 )	(99,984 )
Total Net Assets	$15,294,006	$2,000,114,114	$7,579,078
Outstanding number of shares (unlimited number of shares authorized - par value $0.0001)	324,946	43,923,203	77,500
Net asset value, per share	$47.07	$45.54	$97.79
Cost of investments in non-affiliates	$15,820,345	$2,115,072,073	$7,638,688
Cost of investments in affiliates	214,237	172,100,666	17,008
Cost of foreign currency	20	162	—
Investment securities on loan, at value (See Note 2.D.)	—	13,939,821	—
Cost of investment of cash collateral (See Note 2.D.)	—	14,514,556	—

SEE NOTES TO FINANCIAL STATEMENTS.

August 31, 2023

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133

STATEMENTS OF ASSETS AND LIABILITIES
AS OF August 31, 2023 (Unaudited) (continued)

	JPMorgan BetaBuilders U.S. Treasury Bond 1-3 Year ETF	JPMorgan BetaBuilders U.S. Treasury Bond 20+ Year ETF	JPMorgan BetaBuilders U.S. Treasury Bond 3-10 Year ETF
ASSETS:
Investments in non-affiliates, at value	$4,384,637	$51,755,224	$4,330,778
Investments in affiliates, at value	13,853	23,667	19,814
Cash	45	274	47
Receivables:
Investment securities sold	401,392	1,530,515	200,737
Interest from non-affiliates	22,142	322,616	19,671
Dividends from affiliates	2	3	3
Total Assets	4,822,071	53,632,299	4,571,050
LIABILITIES:
Payables:
Investment securities purchased	400,049	1,358,260	201,835
Accrued liabilities:
Management fees (See Note 3.A.)	260	3,052	258
Total Liabilities	400,309	1,361,312	202,093
Net Assets	$4,421,762	$52,270,987	$4,368,957
NET ASSETS:
Paid-in-Capital	$4,483,871	$54,716,187	$4,477,639
Total distributable earnings (loss)	(62,109 )	(2,445,200 )	(108,682 )
Total Net Assets	$4,421,762	$52,270,987	$4,368,957
Outstanding number of shares (unlimited number of shares authorized - par value $0.0001)	45,000	565,000	45,000
Net asset value, per share	$98.26	$92.52	$97.09
Cost of investments in non-affiliates	$4,417,018	$54,276,789	$4,444,955
Cost of investments in affiliates	13,853	23,665	19,814

SEE NOTES TO FINANCIAL STATEMENTS.

134

J.P. Morgan Exchange-Traded Funds

August 31, 2023

	JPMorgan BetaBuilders USD High Yield Corporate Bond ETF	JPMorgan BetaBuilders USD Investment Grade Corporate Bond ETF	JPMorgan USD Emerging Markets Sovereign Bond ETF
ASSETS:
Investments in non-affiliates, at value	$423,573,218	$50,436,445	$622,003,305
Investments in affiliates, at value	3,924,056	383,195	1,266,971
Investments of cash collateral received from securities loaned, at value (See Note 2.D.)	—	—	12,190,150
Cash	18,276	—	223,811
Foreign currency, at value	—	—	1,964
Segregated cash balance with Authorized Participant for deposit securities	5,157,489	—	3,071,276
Receivables:
Investment securities sold	5,000,082	490,679	9,788,897
Interest from non-affiliates	7,304,511	570,481	8,911,567
Dividends from affiliates	567	55	183
Securities lending income (See Note 2.D.)	—	—	8,732
Total Assets	444,978,199	51,880,855	657,466,856
LIABILITIES:
Payables:
Due to custodian	—	483	—
Investment securities purchased	6,385,563	623,308	7,460,356
Collateral received on securities loaned (See Note 2.D.)	—	—	12,190,150
Fund shares redeemed	135,289	—	—
Collateral upon return of deposit securities	5,157,489	—	3,071,276
Accrued liabilities:
Management fees (See Note 3.A.)	45,104	3,708	201,383
Total Liabilities	11,723,445	627,499	22,923,165
Net Assets	$433,254,754	$51,253,356	$634,543,691
NET ASSETS:
Paid-in-Capital	$514,881,769	$58,728,798	$660,149,466
Total distributable earnings (loss)	(81,627,015 )	(7,475,442 )	(25,605,775 )
Total Net Assets	$433,254,754	$51,253,356	$634,543,691
Outstanding number of shares (unlimited number of shares authorized - par value $0.0001)	9,700,000	1,150,000	16,500,000
Net asset value, per share	$44.67	$44.57	$38.46
Cost of investments in non-affiliates	$443,138,912	$54,414,897	$634,996,422
Cost of investments in affiliates	3,924,056	383,195	1,266,971
Cost of foreign currency	—	—	1,949
Investment securities on loan, at value (See Note 2.D.)	—	—	11,783,585
Cost of investment of cash collateral (See Note 2.D.)	—	—	12,190,150

SEE NOTES TO FINANCIAL STATEMENTS.

August 31, 2023

J.P. Morgan Exchange-Traded Funds

135

STATEMENTS OF OPERATIONS
FOR THE SIX MONTHS ENDED August 31, 2023 (Unaudited)

	JPMorgan BetaBuilders 1-5 Year U.S. Aggregate Bond ETF	JPMorgan BetaBuilders U.S. Aggregate Bond ETF	JPMorgan BetaBuilders U.S. TIPS 0-5 Year ETF (a)
INVESTMENT INCOME:
Interest income from non-affiliates	$221,082	$30,215,315	$136,583
Interest income from affiliates	—	12	—
Dividend income from affiliates	4,617	4,129,704	2,715
Income from securities lending (net) (See Note 2.D.)	733	56,785	—
Total investment income	226,432	34,401,816	139,298
EXPENSES:
Management fees (See Note 3.A.)	4,009	182,213	1,542
Interest expense to affiliates	—	59	—
Total expenses	4,009	182,272	1,542
Net investment income (loss)	222,423	34,219,544	137,756
REALIZED/UNREALIZED GAINS (LOSSES):
Net realized gain (loss) on transactions from:
Investments in non-affiliates	(377,410 )	(12,611,620 )	(13,110 )
Investments in affiliates	—	—	2
In-kind redemptions of investments in non-affiliates (See Note 4)	(1,085,141 )	(11,891,268 )	—
Foreign currency transactions	—	(1 )	—
Net realized gain (loss)	(1,462,551 )	(24,502,889 )	(13,108 )
Change in net unrealized appreciation/depreciation on:
Investments in non-affiliates	1,484,328	(8,155,385 )	(125,099 )
Investments in affiliates	—	—	2
Foreign currency translations	—	4	—
Change in net unrealized appreciation/depreciation	1,484,328	(8,155,381 )	(125,097 )
Net realized/unrealized gains (losses)	21,777	(32,658,270 )	(138,205 )
Change in net assets resulting from operations	$244,200	$1,561,274	$(449 )

(a)

Commencement of operations was May 10, 2023.

SEE NOTES TO FINANCIAL STATEMENTS.

136

J.P. Morgan Exchange-Traded Funds

August 31, 2023

	JPMorgan BetaBuilders U.S. Treasury Bond 1-3 Year ETF (a)	JPMorgan BetaBuilders U.S. Treasury Bond 20+ Year ETF (a)	JPMorgan BetaBuilders U.S. Treasury Bond 3-10 Year ETF (a)
INVESTMENT INCOME:
Interest income from non-affiliates	$94,526	$549,440	$61,678
Dividend income from affiliates	169	578	144
Total investment income	94,695	550,018	61,822
EXPENSES:
Management fees (See Note 3.A.)	1,477	9,137	1,123
Total expenses	1,477	9,137	1,123
Net investment income (loss)	93,218	540,881	60,699
REALIZED/UNREALIZED GAINS (LOSSES):
Net realized gain (loss) on transactions from:
Investments in non-affiliates	(39,773 )	(113,900 )	(8,505 )
Investments in affiliates	3	20	1
Net realized gain (loss)	(39,770 )	(113,880 )	(8,504 )
Change in net unrealized appreciation/ depreciation on:
Investments in non-affiliates	(32,381 )	(2,521,565 )	(114,177 )
Investments in affiliates	—	2	—
Change in net unrealized appreciation/ depreciation	(32,381 )	(2,521,563 )	(114,177 )
Net realized/unrealized gains (losses)	(72,151 )	(2,635,443 )	(122,681 )
Change in net assets resulting from operations	$21,067	$(2,094,562 )	$(61,982 )

(a)

Commencement of operations was April 19, 2023.

SEE NOTES TO FINANCIAL STATEMENTS.

August 31, 2023

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137

STATEMENTS OF OPERATIONS
FOR THE SIX MONTHS ENDED August 31, 2023 (Unaudited) (continued)

	JPMorgan BetaBuilders USD High Yield Corporate Bond ETF	JPMorgan BetaBuilders USD Investment Grade Corporate Bond ETF	JPMorgan USD Emerging Markets Sovereign Bond ETF
INVESTMENT INCOME:
Interest income from non-affiliates	$11,437,108	$1,114,566	$9,954,014
Interest income from affiliates	10	—	5
Dividend income from affiliates	43,464	5,659	26,689
Income from securities lending (net) (See Note 2.D.)	—	—	58,223
Total investment income	11,480,582	1,120,225	10,038,931
EXPENSES:
Management fees (See Note 3.A.)	249,908	21,853	583,513
Interest expense to affiliates	53	—	—
Excise tax expense	—	—	6,205
Total expenses	249,961	21,853	589,718
Net investment income (loss)	11,230,621	1,098,372	9,449,213
REALIZED/UNREALIZED GAINS (LOSSES):
Net realized gain (loss) on transactions from:
Investments in non-affiliates	(4,792,861 )	(234,956 )	(2,328,984 )
In-kind redemptions of investments in non-affiliates (See Note 4)	(5,227,736 )	(450,982 )	(989,274 )
Net realized gain (loss)	(10,020,597 )	(685,938 )	(3,318,258 )
Change in net unrealized appreciation/depreciation on:
Investments in non-affiliates	11,812,520	379,332	(3,296,167 )
Investments in affiliates	—	—	200
Foreign currency translations	—	—	16
Change in net unrealized appreciation/depreciation	11,812,520	379,332	(3,295,951 )
Net realized/unrealized gains (losses)	1,791,923	(306,606 )	(6,614,209 )
Change in net assets resulting from operations	$13,022,544	$791,766	$2,835,004

SEE NOTES TO FINANCIAL STATEMENTS.

138

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August 31, 2023

STATEMENTS OF CHANGES IN NET ASSETS
FOR THE PERIODS INDICATED

	JPMorgan BetaBuilders 1-5 Year U.S. Aggregate Bond ETF		JPMorgan BetaBuilders U.S. Aggregate Bond ETF
	Six Months Ended August 31, 2023 (Unaudited)	Year Ended February 28, 2023	Six Months Ended August 31, 2023 (Unaudited)	Year Ended February 28, 2023
CHANGE IN NET ASSETS RESULTING FROM OPERATIONS:
Net investment income (loss)	$222,423	$618,439	$34,219,544	$27,085,611
Net realized gain (loss)	(1,462,551 )	(671,516 )	(24,502,889 )	(60,818,934 )
Change in net unrealized appreciation/depreciation	1,484,328	(1,509,960 )	(8,155,381 )	(86,597,705 )
Change in net assets resulting from operations	244,200	(1,563,037 )	1,561,274	(120,331,028 )
DISTRIBUTIONS TO SHAREHOLDERS:
Total distributions to shareholders	(252,831 )	(595,951 )	(30,726,236 )	(25,156,927 )
CAPITAL TRANSACTIONS:
Change in net assets resulting from capital transactions	(19,916,154 )	2,484,884	717,178,099	433,321,856
NET ASSETS:
Change in net assets	(19,924,785 )	325,896	688,013,137	287,833,901
Beginning of period	35,218,791	34,892,895	1,312,100,977	1,024,267,076
End of period	$15,294,006	$35,218,791	$2,000,114,114	$1,312,100,977
CAPITAL TRANSACTIONS:
Proceeds from shares issued	$2,347,957	$9,656,173	$1,132,070,692	$874,225,342
Cost of shares redeemed	(22,264,111 )	(7,171,289 )	(414,892,593 )	(440,903,486 )
Total change in net assets resulting from capital transactions	$(19,916,154 )	$2,484,884	$717,178,099	$433,321,856
SHARE TRANSACTIONS:
Issued	50,000	200,000	24,375,000	18,200,000
Redeemed	(475,000 )	(150,000 )	(9,025,000 )	(9,275,000 )
Net increase (decrease) in shares from share transactions	(425,000 )	50,000	15,350,000	8,925,000

SEE NOTES TO FINANCIAL STATEMENTS.

August 31, 2023

J.P. Morgan Exchange-Traded Funds

139

STATEMENTS OF CHANGES IN NET ASSETS
FOR THE PERIODS INDICATED (continued)

	JPMorgan BetaBuilders U.S. TIPS 0-5 Year ETF	JPMorgan BetaBuilders U.S. Treasury Bond 1-3 Year ETF
	Period Ended August 31, 2023 (Unaudited)(a)	Period Ended August 31, 2023 (Unaudited)(b)
CHANGE IN NET ASSETS RESULTING FROM OPERATIONS:
Net investment income (loss)	$137,756	$93,218
Net realized gain (loss)	(13,108 )	(39,770 )
Change in net unrealized appreciation/depreciation	(125,097 )	(32,381 )
Change in net assets resulting from operations	(449 )	21,067
DISTRIBUTIONS TO SHAREHOLDERS:
Total distributions to shareholders	(99,535 )	(83,176 )
CAPITAL TRANSACTIONS:
Change in net assets resulting from capital transactions	7,679,062	4,483,871
NET ASSETS:
Change in net assets	7,579,078	4,421,762
Beginning of period	—	—
End of period	$7,579,078	$4,421,762
CAPITAL TRANSACTIONS:
Proceeds from shares issued	$7,679,062	$9,421,491
Cost of shares redeemed	—	(4,937,620 )
Total change in net assets resulting from capital transactions	$7,679,062	$4,483,871
SHARE TRANSACTIONS:
Issued	77,500	95,000
Redeemed	—	(50,000 )
Net increase (decrease) in shares from share transactions	77,500	45,000

(a)

Commencement of operations was May 10, 2023.

(b)

Commencement of operations was April 19, 2023.

SEE NOTES TO FINANCIAL STATEMENTS.

140

J.P. Morgan Exchange-Traded Funds

August 31, 2023

STATEMENTS OF CHANGES IN NET ASSETS
FOR THE PERIODS INDICATED (continued)

	JPMorgan BetaBuilders USD High Yield Corporate Bond ETF		JPMorgan BetaBuilders USD Investment Grade Corporate Bond ETF
	Six Months Ended August 31, 2023 (Unaudited)	Year Ended February 28, 2023	Six Months Ended August 31, 2023 (Unaudited)	Year Ended February 28, 2023
CHANGE IN NET ASSETS RESULTING FROM OPERATIONS:
Net investment income (loss)	$11,230,621	$27,163,062	$1,098,372	$1,436,779
Net realized gain (loss)	(10,020,597 )	(110,265,808 )	(685,938 )	(4,223,398 )
Change in net unrealized appreciation/depreciation	11,812,520	25,674,401	379,332	(2,465,567 )
Change in net assets resulting from operations	13,022,544	(57,428,345 )	791,766	(5,252,186 )
DISTRIBUTIONS TO SHAREHOLDERS:
Total distributions to shareholders	(11,063,018 )	(32,446,703 )	(1,071,674 )	(1,407,883 )
CAPITAL TRANSACTIONS:
Change in net assets resulting from capital transactions	93,815,922	(1,026,204,410 )	6,830,508	(115,868 )
NET ASSETS:
Change in net assets	95,775,448	(1,116,079,458 )	6,550,600	(6,775,937 )
Beginning of period	337,479,306	1,453,558,764	44,702,756	51,478,693
End of period	$433,254,754	$337,479,306	$51,253,356	$44,702,756
CAPITAL TRANSACTIONS:
Proceeds from shares issued	$173,270,904	$175,355,945	$13,600,452	$25,305,039
Cost of shares redeemed	(79,454,982 )	(1,201,560,355 )	(6,769,944 )	(25,420,907 )
Total change in net assets resulting from capital transactions	$93,815,922	$(1,026,204,410 )	$6,830,508	$(115,868 )
SHARE TRANSACTIONS:
Issued	3,900,000	3,900,000	300,000	550,000
Redeemed	(1,800,000 )	(25,600,000 )	(150,000 )	(550,000 )
Net increase (decrease) in shares from share transactions	2,100,000	(21,700,000 )	150,000	—

SEE NOTES TO FINANCIAL STATEMENTS.

142

J.P. Morgan Exchange-Traded Funds

August 31, 2023

	JPMorgan USD Emerging Markets Sovereign Bond ETF
	Six Months Ended August 31, 2023 (Unaudited)	Year Ended February 28, 2023
CHANGE IN NET ASSETS RESULTING FROM OPERATIONS:
Net investment income (loss)	$9,449,213	$5,523,518
Net realized gain (loss)	(3,318,258 )	(8,459,957 )
Change in net unrealized appreciation/depreciation	(3,295,951 )	(1,837,558 )
Change in net assets resulting from operations	2,835,004	(4,773,997 )
DISTRIBUTIONS TO SHAREHOLDERS:
Total distributions to shareholders	(7,314,412 )	(4,644,990 )
CAPITAL TRANSACTIONS:
Change in net assets resulting from capital transactions	411,438,734	167,527,357
NET ASSETS:
Change in net assets	406,959,326	158,108,370
Beginning of period	227,584,365	69,475,995
End of period	$634,543,691	$227,584,365
CAPITAL TRANSACTIONS:
Proceeds from shares issued	$488,286,118	$167,527,357
Cost of shares redeemed	(76,847,384 )	—
Total change in net assets resulting from capital transactions	$411,438,734	$167,527,357
SHARE TRANSACTIONS:
Issued	12,600,000	4,300,000
Redeemed	(2,000,000 )	—
Net increase (decrease) in shares from share transactions	10,600,000	4,300,000

SEE NOTES TO FINANCIAL STATEMENTS.

August 31, 2023

J.P. Morgan Exchange-Traded Funds

143

FINANCIAL HIGHLIGHTS
FOR THE PERIODS INDICATED

	Per share operating performance
		Investment operations			Distributions
	Net asset value, beginning of period	Net investment income (loss) (b)	Net realized and unrealized gains (losses) on investments	Total from investment operations	Net investment income	Net realized gain	Total distributions
JPMorgan BetaBuilders 1-5 Year U.S. Aggregate Bond ETF
Six Months Ended August 31, 2023 (Unaudited)	$46.96	$0.63	$0.14	$0.77	$(0.66 )	$—	$(0.66 )
Year Ended February 28, 2023	49.85	0.81	(2.92 )	(2.11 )	(0.78 )	—	(0.78 )
Year Ended February 28, 2022 (f)	51.87	0.53	(1.72 )	(1.19 )	(0.57 )	(0.26 )	(0.83 )
Year Ended February 28, 2021 (f)	51.72	0.85	0.34	1.19	(0.83 )	(0.21 )	(1.04 )
March 12, 2019 (g) through February 29, 2020 (f)	50.00	1.17	1.76	2.93	(1.21 )	—	(1.21 )
JPMorgan BetaBuilders U.S. Aggregate Bond ETF
Six Months Ended August 31, 2023 (Unaudited)	45.92	0.87	(0.47 )	0.40	(0.78 )	—	(0.78 )
Year Ended February 28, 2023	52.13	1.13	(6.27 )	(5.14 )	(1.07 )	—	(1.07 )
Year Ended February 28, 2022 (f)	54.39	0.71	(2.19 )	(1.48 )	(0.72 )	(0.06 )	(0.78 )
Year Ended February 28, 2021 (f)	54.86	0.89	(0.32 )	0.57	(0.85 )	(0.19 )	(1.04 )
Year Ended February 29, 2020 (f)	50.63	1.39	4.35	5.74	(1.44 )	(0.07 )	(1.51 )
December 12, 2018 (g) through February 28, 2019 (f)	50.00	0.36	0.58	0.94	(0.31 )	—	(0.31 )
JPMorgan BetaBuilders U.S. TIPS 0-5 Year ETF
May 10, 2023 (g) through August 31, 2023 (Unaudited)	99.50	1.88	(2.31 )	(0.43 )	(1.28 )	—	(1.28 )
JPMorgan BetaBuilders U.S. Treasury Bond 1-3 Year ETF
April 19, 2023 (g) through August 31, 2023 (Unaudited)	99.50	1.59	(1.30 )	0.29	(1.53 )	—	(1.53 )
JPMorgan BetaBuilders U.S. Treasury Bond 20+ Year ETF
April 19, 2023 (g) through August 31, 2023 (Unaudited)	99.50	1.44	(7.38 )	(5.94 )	(1.04 )	—	(1.04 )
JPMorgan BetaBuilders U.S. Treasury Bond 3-10 Year ETF
April 19, 2023 (g) through August 31, 2023 (Unaudited)	99.50	1.35	(2.72 )	(1.37 )	(1.04 )	—	(1.04 )


(a)	Annualized for periods less than one year, unless otherwise noted.
(b)	Calculated based upon average shares outstanding.
(c)	Not annualized for periods less than one year.
(d)	Includes adjustments in accordance with accounting principles generally accepted in the United States of America and as such, the net asset values for financial reporting purposes and the returns based upon those net asset values may differ from the net asset values and returns for shareholder transactions.
(e)	Prior to December 9, 2019, 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 midpoint of the bid/ask spread at the close of business on the listing exchange of the Fund. Effective December 9, 2019, the closing price was used to calculate the market price return; however, any prices used in the calculation for market price return prior to December 9, 2019, would have used the midpoint of the bid/ask spread at the close of business on the exchange.
(f)	Per share amounts reflects a 1:2 reverse stock split that occurred on April 12, 2021. See Note 1.
(g)	Commencement of operations.
(h)	Since the shares of the Fund did not trade in the secondary market until the day after the Fund’s inception, for the period from the inception to the first day of secondary market trading, the net asset value is used as a proxy for the secondary market trading price to calculate the market returns.
(i)	Prior to November 1, 2019, the Fund may have waived fees if expenses exceeded the expense cap. On November 1, 2019, the Fund adopted a unitary fee structure where a management fee is accrued by the Fund based on prior day net assets and other expenses are paid by the Advisor.
(j)	Certain non-recurring expenses incurred by the Portfolio were not annualized for the period indicated.

SEE NOTES TO FINANCIAL STATEMENTS.

144

J.P. Morgan Exchange-Traded Funds

August 31, 2023

		Ratios/Supplemental data
					Ratios to average net assets (a)
Net asset value, end of period	Market price, end of period	Total return (c)(d)	Market price total return (c)(e)	Net assets, end of period	Net expenses	Net investment income (loss)	Expenses without waivers and reimbursements	Portfolio turnover rate (c)

$47.07	$47.08	1.65 %	1.58 %	$15,294,006	0.05 %	2.66 %	0.05 %	25 %
46.96	47.00	(4.24 )	(4.20 )	35,218,791	0.10	1.70	0.10	60
49.85	49.87	(2.31 )	(2.44 )	34,892,895	0.05	1.02	0.05	45
51.87	51.96	2.32	2.55	59,654,406	0.05	1.62	0.05	40
51.72	51.68	5.93	5.85 (h)	37,495,084	0.05	2.38	0.05	56

45.54	45.60	0.87	1.00	2,000,114,114	0.02	3.75	0.02	70
45.92	45.92	(9.91 )	(9.93 )	1,312,100,977	0.06	2.39	0.06	107
52.13	52.14	(2.76 )	(2.69 )	1,024,267,076	0.07	1.32	0.07	78
54.39	54.36	1.04	0.85	826,789,330	0.07	1.60	0.07	64
54.86	54.92	11.46	11.49	543,070,946	0.07	2.61	0.20 (i)	57
50.63	50.68	1.90	1.98 (h)	98,730,082	0.07 (j)	3.26	1.14 (i)(j)	53

97.79	97.88	(0.42 )	(0.33 )	7,579,078	0.07	6.22	0.07	9

98.26	98.31	0.30	0.35	4,421,762	0.07	4.37	0.07	121

92.52	92.58	(6.01 )	(5.95 )	52,270,987	0.07	4.15	0.07	15

97.09	97.13	(1.39 )	(1.35 )	4,368,957	0.07	3.75	0.07	17

SEE NOTES TO FINANCIAL STATEMENTS.

August 31, 2023

J.P. Morgan Exchange-Traded Funds

145

FINANCIAL HIGHLIGHTS
FOR THE PERIODS INDICATED (continued)

	Per share operating performance
		Investment operations			Distributions
	Net asset value, beginning of period	Net investment income (loss) (b)	Net realized and unrealized gains (losses) on investments	Total from investment operations	Net investment income	Net realized gain	Total distributions
JPMorgan BetaBuilders USD High Yield Corporate Bond ETF
Six Months Ended August 31, 2023 (Unaudited)	$44.41	$1.49	$0.23	$1.72	$(1.46 )	$—	$(1.46 )
Year Ended February 28, 2023	49.61	2.26	(4.84 )	(2.58 )	(2.62 )	—	(2.62 )
Year Ended February 28, 2022	51.64	1.97	(1.79 )	0.18	(2.21 )	—	(2.21 )
Year Ended February 28, 2021	50.31	2.12	1.31 (f)	3.43	(2.07 )	(0.03 )	(2.10 )
Year Ended February 29, 2020	49.86	2.50	0.53	3.03	(2.58 )	—	(2.58 )
Year Ended February 28, 2019	50.09	2.47	(0.23 )	2.24	(2.47 )	—	(2.47 )
JPMorgan BetaBuilders USD Investment Grade Corporate Bond ETF
Six Months Ended August 31, 2023 (Unaudited)	44.70	1.01	(0.16 )	0.85	(0.98 )	—	(0.98 )
Year Ended February 28, 2023	51.48	1.55	(6.80 )	(5.25 )	(1.53 )	—	(1.53 )
Year Ended February 28, 2022	55.33	1.38	(3.34 )	(1.96 )	(1.40 )	(0.49 )	(1.89 )
Year Ended February 28, 2021	56.27	1.58	(0.31 )	1.27	(1.46 )	(0.75 )	(2.21 )
Year Ended February 29, 2020	51.19	1.95	5.96	7.91	(1.93 )	(0.90 )	(2.83 )
December 12, 2018 (h) through February 28, 2019	50.00	0.44	1.19	1.63	(0.44 )	—	(0.44 )
JPMorgan USD Emerging Markets Sovereign Bond ETF
Six Months Ended August 31, 2023 (Unaudited)	38.57	1.20	(0.14 )	1.06	(1.17 )	—	(1.17 )
Year Ended February 28, 2023	43.42	2.20	(5.07 )	(2.87 )	(1.98 )	—	(1.98 )
Year Ended February 28, 2022	49.27	2.03	(5.81 )	(3.78 )	(2.07 )	—	(2.07 )
Year Ended February 28, 2021	50.95	2.17	(1.83 )	0.34	(2.02 )	—	(2.02 )
Year Ended February 29, 2020	47.52	2.32	3.40	5.72	(2.29 )	—	(2.29 )
Year Ended February 28, 2019	48.83	2.31	(1.30 )	1.01	(2.32 )	—	(2.32 )


(a)	Annualized for periods less than one year, unless otherwise noted.
(b)	Calculated based upon average shares outstanding.
(c)	Not annualized for periods less than one year.
(d)	Includes adjustments in accordance with accounting principles generally accepted in the United States of America and as such, the net asset values for financial reporting purposes and the returns based upon those net asset values may differ from the net asset values and returns for shareholder transactions.
(e)	Prior to December 9, 2019, 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 midpoint of the bid/ask spread at the close of business on the listing exchange of the Fund. Effective December 9, 2019, the closing price was used to calculate the market price return; however, any prices used in the calculation for market price return prior to December 9, 2019, would have used the midpoint of the bid/ask spread at the close of business on the exchange.
(f)	Calculation of the net realized and unrealized gains (losses) per share does not correlate with the Fund’s net realized and unrealized gains (losses) presented in the Statement of Operations due to the timing of capital transactions in relation to the fluctuating market values of the Fund’s investments.
(g)	Prior to November 1, 2019, the Fund may have waived fees if expenses exceeded the expense cap. On November 1, 2019, the Fund adopted a unitary fee structure where a management fee is accrued by the Fund based on prior day net assets and other expenses are paid by the Advisor.
(h)	Commencement of operations.
(i)	Since the shares of the Fund did not trade in the secondary market until the day after the Fund’s inception, for the period from the inception to the first day of secondary market trading, the net asset value is used as a proxy for the secondary market trading price to calculate the market returns.
(j)	Certain non-recurring expenses incurred by the Portfolio were not annualized for the period indicated.

SEE NOTES TO FINANCIAL STATEMENTS.

146

J.P. Morgan Exchange-Traded Funds

August 31, 2023

		Ratios/Supplemental data
					Ratios to average net assets (a)
Net asset value, end of period	Market price, end of period	Total return (c)(d)	Market price total return (c)(e)	Net assets, end of period	Net expenses	Net investment income (loss)	Expenses without waivers and reimbursements	Portfolio turnover rate (c)

$44.67	$44.84	3.96 %	4.27 %	$433,254,754	0.15 %	6.71 %	0.15 %	9 %
44.41	44.44	(5.16 )	(5.20 )	337,479,306	0.23	4.93	0.23	39
49.61	49.65	0.26	0.40	1,453,558,764	0.24	3.83	0.24	46
51.64	51.61	7.16	6.43	1,559,634,055	0.23	4.18	0.23	50
50.31	50.62	6.15	6.88	171,037,324	0.32	4.90	0.44 (g)	128
49.86	49.82	4.66	4.00	154,570,385	0.40	5.01	0.57 (g)	23

44.57	44.60	1.91	1.88	51,253,356	0.09	4.49	0.09	7
44.70	44.74	(10.25 )	(10.32 )	44,702,756	0.14	3.36	0.14	35
51.48	51.56	(3.70 )	(3.83 )	51,478,693	0.14	2.51	0.14	36
55.33	55.48	2.24	2.09	55,332,638	0.14	2.81	0.14	41
56.27	56.50	15.74	15.95	35,170,394	0.14	3.58	0.65 (g)	67
51.19	51.30	3.26	3.48 (i)	25,595,493	0.14 (j)	3.98	2.13 (g)(j)	12

38.46	38.63	1.91	2.52	634,543,691	0.39	6.20	0.39	11
38.57	38.83	(6.59 )	(7.36 )	227,584,365	0.39	5.63	0.39	34
43.42	44.06	(8.06 )	(6.78 )	69,475,995	0.39	4.17	0.39	38
49.27	49.30	0.85	0.50	83,750,663	0.39	4.50	0.39	59
50.95	51.15	12.25	12.44	91,713,454	0.39	4.64	0.58 (g)	53
47.52	47.62	2.29	2.23	61,776,747	0.39	4.96	0.87 (g)	28

SEE NOTES TO FINANCIAL STATEMENTS.

August 31, 2023

J.P. Morgan Exchange-Traded Funds

147

NOTES TO FINANCIAL STATEMENTS
AS OF August 31, 2023 (Unaudited)

1. Organization

J.P. Morgan Exchange-Traded Fund Trust (the “Trust”) was formed on February 25, 2010, and is governed by a Declaration of Trust as amended and restated February 19, 2014, and is registered under the Investment Company Act of 1940, as amended (the “1940 Act”), as an open-end management investment company.

The following are 9 separate funds of the Trust (each, a "Fund" and collectively, the "Funds") covered by this report:

	Diversification Classification
JPMorgan BetaBuilders 1-5 Year U.S. Aggregate Bond ETF	Diversified
JPMorgan BetaBuilders U.S. Aggregate Bond ETF	Diversified
JPMorgan BetaBuilders U.S. TIPS 0-5 Year ETF(1)	Diversified
JPMorgan BetaBuilders U.S. Treasury Bond 1-3 Year ETF(2)	Diversified
JPMorgan BetaBuilders U.S. Treasury Bond 20+ Year ETF(2)	Diversified
JPMorgan BetaBuilders U.S. Treasury Bond 3-10 Year ETF(2)	Diversified
JPMorgan BetaBuilders USD High Yield Corporate Bond ETF	Diversified
JPMorgan BetaBuilders USD Investment Grade Corporate Bond ETF	Diversified
JPMorgan USD Emerging Markets Sovereign Bond ETF	Diversified


(1)	Commencement of operations was May 10, 2023.
(2)	Commencement of operations was April 19, 2023.

The investment objective of JPMorgan BetaBuilders 1-5 Year U.S. Aggregate Bond ETF (“BetaBuilders 1-5 Year U.S. Aggregate Bond ETF”) is to seek investment results that closely correspond, before fees and expenses, to the performance of the Bloomberg Short-Term U.S. Aggregate Bond Index.

The investment objective of JPMorgan BetaBuilders U.S. Aggregate Bond ETF (“BetaBuilders U.S. Aggregate Bond ETF”) is to seek investment results that closely correspond, before fees and expenses, to the performance of the Bloomberg U.S. Aggregate Bond Index.

The investment objective of JPMorgan BetaBuilders U.S. TIPS 0-5 Year ETF (“BetaBuilders U.S. TIPS 0-5 Year ETF”) is to seek investment results that closely correspond, before fees and expenses, to the performance of the ICE 0-5 Year US Inflation-Linked Treasury Index.

The investment objective of JPMorgan BetaBuilders U.S. Treasury Bond 1-3 Year ETF (“BetaBuilders U.S. Treasury Bond 1-3 Year ETF”) is to seek investment results that closely correspond, before fees and expenses, to the performance of the ICE US Treasury 1-3 Year Bond Index.

The investment objective of JPMorgan BetaBuilders U.S. Treasury Bond 20+ Year ETF (“BetaBuilders U.S. Treasury Bond 20+ Year ETF”) is to seek investment results that closely correspond, before fees and expenses, to the performance of the ICE US Treasury 20+ Year Bond Index.

The investment objective of JPMorgan BetaBuilders U.S. Treasury Bond 3-10 Year ETF (“BetaBuilders U.S. Treasury Bond 3-10 Year ETF”) is to seek investment results that closely correspond, before fees and expenses, to the performance of ICE US Treasury 3-10 Year Bond Index.

The investment objective of JPMorgan BetaBuilders USD High Yield Corporate Bond ETF (“BetaBuilders USD High Yield Corporate Bond ETF”) is to seek investment results that closely correspond, before fees and expenses, to the performance of the ICE BofA US High Yield Total Return Index.

The investment objective of JPMorgan BetaBuilders USD Investment Grade Corporate Bond ETF (“BetaBuilders USD Investment Grade Corporate Bond ETF”) is to seek investment results that closely correspond, before fees and expenses, to the performance of the Bloomberg US Corporate Bond Index.

The investment objective of JPMorgan USD Emerging Markets Sovereign Bond ETF (“USD Emerging Markets Sovereign Bond ETF”) is to seek investment results that closely correspond, before fees and expenses, to the performance of the JPMorgan Emerging Markets Risk-Aware Bond Index.

J.P. Morgan Investment Management Inc. (“JPMIM”), an indirect, wholly-owned subsidiary of JPMorgan Chase & Co. (“JPMorgan”), acts as adviser (the “Adviser”) and administrator (the “Administrator”) to the Funds.

148

J.P. Morgan Exchange-Traded Funds

August 31, 2023

Shares of each Fund are listed and traded at market price on an exchange as follows:

	Listing Exchange
BetaBuilders 1-5 Year U.S. Aggregate Bond ETF	Cboe BZX Exchange, Inc.
BetaBuilders U.S. Aggregate Bond ETF	NYSE Arca
BetaBuilders U.S. TIPS 0-5 Year ETF	Cboe BZX Exchange, Inc.
BetaBuilders U.S. Treasury Bond 1-3 Year ETF	Cboe BZX Exchange, Inc.
BetaBuilders U.S. Treasury Bond 20+ Year ETF	Cboe BZX Exchange, Inc.
BetaBuilders U.S. Treasury Bond 3-10 Year ETF	Cboe BZX Exchange, Inc.
BetaBuilders USD High Yield Corporate Bond ETF	Cboe BZX Exchange, Inc.
BetaBuilders USD Investment Grade Corporate Bond ETF	NYSE Arca
USD Emerging Markets Sovereign Bond ETF	NYSE Arca

Market prices for the Funds’ shares may be different from their net asset value (“NAV”).

The Funds issue and redeem their shares on a continuous basis, through JPMorgan Distribution Services, Inc. (the “Distributor” or “JPMDS”), an indirect, wholly-owned subsidiary of JPMorgan, at NAV in large blocks of shares, referred to as “Creation Units”. Creation Units are issued and redeemed in exchange for a basket of securities and/or cash. Shares are generally traded in the secondary market in amounts less than a Creation Unit at market prices that change throughout the day. Only individuals or institutions that have entered into an authorized participant agreement with the Distributor may do business directly with the Funds (each, an “Authorized Participant”).

2. Significant Accounting Policies

The following is a summary of significant accounting policies followed by the Funds in the preparation of their financial statements. The Funds are investment companies and, accordingly, follow the investment company accounting and reporting guidance of the Financial Accounting Standards Board (“FASB”) Accounting Standards Codification Topic 946 — Investment Companies, which is part of U.S. generally accepted accounting principles (“GAAP”). The preparation of financial statements in conformity with GAAP requires management to make estimates and assumptions that affect (i) the reported amounts of assets and liabilities, (ii) disclosure of contingent assets and liabilities at the date of the financial statements, and (iii) the reported amounts of increases and decreases in net assets from operations during the reporting period. Actual results could differ from those estimates.

A. Valuation of Investments — Investments are valued in accordance with GAAP and the Funds' valuation policies set forth by, and under the supervision and responsibility of, the Board of Trustees of the Trust (the "Board"), which established the following approach to valuation, as described more fully below: (i) investments for which market quotations are readily available shall be valued at their market value and (ii) all other investments for which market quotations are not readily available shall be valued at their fair value as determined in good faith by the Board.

Under Section 2(a)(41) of the 1940 Act, the Board is required to determine fair value for securities that do not have readily available market quotations. Under SEC Rule 2a-5 (Good Faith Determinations of Fair Value), the Board may designate the performance of these fair valuation determinations to a valuation designee. The Board has designated the Adviser as the “Valuation Designee” to perform fair valuation determinations for the Funds on behalf of the Board subject to appropriate oversight by the Board. The Adviser, as Valuation Designee, leverages the J.P. Morgan Asset Management Americas Valuation Committee (“AVC”) to help oversee and carry out the policies for the valuation of investments held in the Funds. The Adviser, as Valuation Designee, remains responsible for the valuation determinations.

This oversight by the AVC includes monitoring the appropriateness of fair values based on results of ongoing valuation oversight including, but not limited to, consideration of macro or security specific events, market events, and pricing vendor and broker due diligence. The Administrator is responsible for discussing and assessing the potential impacts to the fair values on an ongoing basis, and, at least on a quarterly basis, with the AVC and the Board.

Fixed income instruments are valued based on prices received from approved affiliated and unaffiliated pricing vendors or third party broker-dealers (collectively referred to as “Pricing Services”). The Pricing Services use multiple valuation techniques to determine the valuation of fixed income instruments. In instances where sufficient market activity exists, the Pricing Services may utilize a market-based approach through which trades or quotes from market makers are used to determine the valuation of these instruments. In instances where sufficient market activity may not exist, the Pricing Services also utilize proprietary valuation models which may consider market transactions in comparable securities and the various relationships between securities in determining fair value and/or market characteristics in order to estimate the relevant cash flows, which are then discounted to calculate the fair values.

Investments in open-end investment companies (“Underlying Funds”) are valued at each Underlying Fund’s NAV per share as of the report date.

Valuations reflected in this report are as of the report date. As a result, changes in valuation due to market events and/or issuer-related events after the report date and prior to issuance of the report are not reflected herein.

August 31, 2023

J.P. Morgan Exchange-Traded Funds

149

NOTES TO FINANCIAL STATEMENTS
AS OF August 31, 2023 (Unaudited) (continued)

The various inputs that are used in determining the valuation of the Funds' investments are summarized into the three broad levels listed below.

•

Level 1 — Unadjusted inputs using quoted prices in active markets for identical investments.

•

Level 2 — Other significant observable inputs including, but not limited to, quoted prices for similar investments, inputs other than quoted prices that are observable for investments (such as interest rates, prepayment speeds, credit risk, etc.) or other market corroborated inputs.

•

Level 3 — Significant inputs based on the best information available in the circumstances, to the extent observable inputs are not available (including the Funds' assumptions in determining the fair value of investments).

A financial instrument’s level within the fair value hierarchy is based on the lowest level of any input, both individually and in the aggregate, that is significant to the fair value measurement. The inputs or methodology used for valuing instruments are not necessarily an indication of the risk associated with investing in those instruments.

The following tables represent each valuation input as presented on the Schedules of Portfolio Investments ("SOIs"):

BetaBuilders 1-5 Year U.S. Aggregate Bond ETF
	Level 1 Quoted prices	Level 2 Other significant observable inputs	Level 3 Significant unobservable inputs	Total
Investments in Securities
Asset-Backed Securities	$—	$123,839	$—	$123,839
Commercial Mortgage-Backed Securities	—	315,610	—	315,610
Corporate Bonds	—	3,934,877	—	3,934,877
Foreign Government Securities	—	131,875	—	131,875
Mortgage-Backed Securities	—	1,016,324	—	1,016,324
Municipal Bonds	—	36,408	—	36,408
Supranational	—	418,474	—	418,474
U.S. Government Agency Securities	—	294,509	—	294,509
U.S. Treasury Obligations	—	8,865,453	—	8,865,453
Short-Term Investments
Investment Companies	214,237	—	—	214,237
Total Investments in Securities	$214,237	$15,137,369	$—	$15,351,606

BetaBuilders U.S. Aggregate Bond ETF
	Level 1 Quoted prices	Level 2 Other significant observable inputs	Level 3 Significant unobservable inputs	Total
Investments in Securities
Asset-Backed Securities	$—	$8,486,833	$—	$8,486,833
Commercial Mortgage-Backed Securities	—	37,586,488	—	37,586,488
Corporate Bonds	—	494,521,780	—	494,521,780
Foreign Government Securities	—	33,456,757	—	33,456,757
Mortgage-Backed Securities	—	533,947,584	—	533,947,584
Municipal Bonds	—	5,802,899	—	5,802,899
Supranational	—	26,757,759	—	26,757,759
U.S. Government Agency Securities	—	24,330,116	—	24,330,116
U.S. Treasury Obligations	—	817,179,884	—	817,179,884
Short-Term Investments
Investment Companies	172,100,666	—	—	172,100,666
Investment of Cash Collateral from Securities Loaned	14,514,556	—	—	14,514,556
Total Short-Term Investments	186,615,222	—	—	186,615,222
Total Investments in Securities	$186,615,222	$1,982,070,100	$—	$2,168,685,322

150

J.P. Morgan Exchange-Traded Funds

August 31, 2023

BetaBuilders U.S. TIPS 0-5 Year ETF
	Level 1 Quoted prices	Level 2 Other significant observable inputs	Level 3 Significant unobservable inputs	Total
Investments in Securities
U.S. Treasury Obligations	$—	$7,513,589	$—	$7,513,589
Short-Term Investments
Investment Companies	17,010	—	—	17,010
Total Investments in Securities	$17,010	$7,513,589	$—	$7,530,599

BetaBuilders U.S. Treasury Bond 1-3 Year ETF
	Level 1 Quoted prices	Level 2 Other significant observable inputs	Level 3 Significant unobservable inputs	Total
Investments in Securities
U.S. Treasury Obligations	$—	$4,384,637	$—	$4,384,637
Short-Term Investments
Investment Companies	13,853	—	—	13,853
Total Investments in Securities	$13,853	$4,384,637	$—	$4,398,490

BetaBuilders U.S. Treasury Bond 20+ Year ETF
	Level 1 Quoted prices	Level 2 Other significant observable inputs	Level 3 Significant unobservable inputs	Total
Investments in Securities
U.S. Treasury Obligations	$—	$51,755,224	$—	$51,755,224
Short-Term Investments
Investment Companies	23,667	—	—	23,667
Total Investments in Securities	$23,667	$51,755,224	$—	$51,778,891

BetaBuilders U.S. Treasury Bond 3-10 Year ETF
	Level 1 Quoted prices	Level 2 Other significant observable inputs	Level 3 Significant unobservable inputs	Total
Investments in Securities
U.S. Treasury Obligations	$—	$4,330,778	$—	$4,330,778
Short-Term Investments
Investment Companies	19,814	—	—	19,814
Total Investments in Securities	$19,814	$4,330,778	$—	$4,350,592

BetaBuilders USD High Yield Corporate Bond ETF
	Level 1 Quoted prices	Level 2 Other significant observable inputs	Level 3 Significant unobservable inputs	Total
Investments in Securities
Corporate Bonds	$—	$423,573,218	$—	$423,573,218
Short-Term Investments
Investment Companies	3,924,056	—	—	3,924,056
Total Investments in Securities	$3,924,056	$423,573,218	$—	$427,497,274

August 31, 2023

J.P. Morgan Exchange-Traded Funds

151

NOTES TO FINANCIAL STATEMENTS
AS OF August 31, 2023 (Unaudited) (continued)

BetaBuilders USD Investment Grade Corporate Bond ETF
	Level 1 Quoted prices	Level 2 Other significant observable inputs	Level 3 Significant unobservable inputs	Total
Investments in Securities
Asset-Backed Securities	$—	$100,065	$—	$100,065
Corporate Bonds	—	50,336,380	—	50,336,380
Short-Term Investments
Investment Companies	383,195	—	—	383,195
Total Investments in Securities	$383,195	$50,436,445	$—	$50,819,640

USD Emerging Markets Sovereign Bond ETF
	Level 1 Quoted prices	Level 2 Other significant observable inputs	Level 3 Significant unobservable inputs	Total
Investments in Securities
Corporate Bonds	$—	$63,003,523	$—	$63,003,523
Foreign Government Securities	—	558,999,782	—	558,999,782
Short-Term Investments
Investment Companies	1,266,971	—	—	1,266,971
Investment of Cash Collateral from Securities Loaned	12,190,150	—	—	12,190,150
Total Short-Term Investments	13,457,121	—	—	13,457,121
Total Investments in Securities	$13,457,121	$622,003,305	$—	$635,460,426

B. Restricted Securities — Certain securities held by the Funds may be subject to legal or contractual restrictions on resale. Restricted securities generally are resold in transactions exempt from registration under the Securities Act of 1933, as amended (the “Securities Act”). Disposal of these securities may involve time-consuming negotiations and expense. Prompt sale at the current valuation may be difficult and could adversely affect the NAVs of the Funds.

As of August 31, 2023, the Funds had no investments in restricted securities other than securities sold to the Funds under Rule 144A and/or Regulation S under the Securities Act.

C. When-Issued Securities, Delayed Delivery Securities and Forward Commitments — BetaBuilders 1-5 Year U.S. Aggregate Bond ETF and BetaBuilders U.S. Aggregate Bond ETF purchased when-issued securities, including To Be Announced (“TBA”) securities, and entered into contracts to purchase or sell securities for a fixed price that may be settled a month or more after the trade date, or purchased delayed delivery securities which generally settle seven days after the trade date. When-issued securities are securities that have been authorized, but not issued in the market. A forward commitment involves entering into a contract to purchase or sell securities for a fixed price at a future date that may be settled a month or more after the trade date. A delayed delivery security is agreed upon in advance between the buyer and the seller of the security and is generally delivered beyond seven days of the agreed upon date. The purchase of securities on a when-issued, delayed delivery or forward commitment basis involves the risk that the value of the security to be purchased declines before the settlement date. The sale of securities on a forward commitment basis involves the risk that the value of the securities sold may increase before the settlement date. The Funds may be exposed to credit risk if the counterparty fails to perform under the terms of the transaction. Interest income for securities purchased on a when-issued, delayed delivery or forward commitment basis is not accrued until the settlement date.

BetaBuilders 1-5 Year U.S. Aggregate Bond ETF and BetaBuilders U.S. Aggregate Bond ETF had when-issued securities, delayed delivery securities or forward commitments outstanding as of August 31, 2023, which are shown as a Receivable for Investment securities sold — delayed delivery securities and a Payable for Investment securities purchased — delayed delivery securities, respectively, on the Statements of Assets and Liabilities. The values of these securities held at August 31, 2023 are detailed on the SOIs, if any.

152

J.P. Morgan Exchange-Traded Funds

August 31, 2023

D. Securities Lending — The Funds are authorized to engage in securities lending in order to generate additional income. The Funds are able to lend to approved borrowers. Citibank N.A. (“Citibank”) serves as lending agent for the Funds, pursuant to a Securities Lending Agency Agreement (the “Securities Lending Agency Agreement”). Securities loaned are collateralized by cash equal to at least 100% of the market value plus accrued interest on the securities lent, which is invested in the Class IM Shares of the JPMorgan U.S. Government Money Market Fund and the Agency SL Class Shares of the JPMorgan Securities Lending Money Market Fund. The Funds retain the interest earned on cash collateral investments but are required to pay the borrower a rebate for the use of the cash collateral. In cases where the lent security is of high value to borrowers, there may be a negative rebate (i.e., a net payment from the borrower to the Funds). Upon termination of a loan, the Funds are required to return to the borrower an amount equal to the cash collateral, plus any rebate owed to the borrowers. The remaining maturities of the securities lending transactions are considered overnight and continuous. Loans are subject to termination by the Funds or the borrower at any time.

The net income earned on the securities lending (after payment of rebates and Citibank’s fee) is included on the Statements of Operations as Income from securities lending (net). The Funds also receive payments from the borrower during the period of the loan, equivalent to dividends and interest earned on the securities loaned, which are recorded as Dividend or Interest income, respectively, on the Statements of Operations.

Under the Securities Lending Agency Agreement, Citibank marks to market the loaned securities on a daily basis. In the event the cash received from the borrower is less than 102% of the value of the loaned securities (105% for loans of non-U.S. securities), Citibank requests additional cash from the borrower so as to maintain a collateralization level of at least 102% of the value of the loaned securities plus accrued interest (105% for loans of non-U.S. securities), subject to certain de minimis amounts.

The value of securities out on loan is recorded as an asset on the Statements of Assets and Liabilities. The value of the cash collateral received is recorded as a liability on the Statements of Assets and Liabilities and details of collateral investments are disclosed on the SOIs.

The Funds bear the risk of loss associated with the collateral investments and are not entitled to additional collateral from the borrower to cover any such losses. To the extent that the value of the collateral investments declines below the amount owed to a borrower, the Funds may incur losses that exceed the amount they earned on lending the security. Upon termination of a loan, the Funds may use leverage (borrow money) to repay the borrower for cash collateral posted if the Adviser does not believe that it is prudent to sell the collateral investments to fund the payment of this liability. Securities lending activity is subject to master netting arrangements.

The following table presents for each lending Fund, the value of the securities on loan with Citibank, net of amounts available for offset under the master netting arrangements and any related collateral received or posted by the Funds as of August 31, 2023.

	Investment Securities on Loan, at value, Presented on the Statements of Assets and Liabilities	Cash Collateral Posted by Borrower*	Net Amount Due to Counterparty (not less than zero)
BetaBuilders U.S. Aggregate Bond ETF	$13,939,821	$(13,939,821 )	$—
USD Emerging Markets Sovereign Bond ETF	11,783,585	(11,783,585 )	—


*	Collateral posted reflects the value of securities on loan and does not include any additional amounts received from the borrower.

Securities lending also involves counterparty risks, including the risk that the loaned securities may not be returned in a timely manner or at all. Subject to certain conditions, Citibank has agreed to indemnify the Funds from losses resulting from a borrower’s failure to return a loaned security.

JPMIM voluntarily waived management fees charged to the Funds to reduce the impact of the cash collateral investment in the JPMorgan U.S. Government Money Market Fund from 0.13% to 0.06%. For the six months ended August 31, 2023, JPMIM waived fees associated with the Funds' investment in the JPMorgan U.S. Government Money Market Fund as follows:

BetaBuilders 1-5 Year U.S. Aggregate Bond ETF	$733
BetaBuilders U.S. Aggregate Bond ETF	740
USD Emerging Markets Sovereign Bond ETF	808

The above waiver is included in the determination of earnings on cash collateral investment and in the calculation of Citibank’s compensation and is included on the Statements of Operations as Income from securities lending (net).

BetaBuilders 1-5 Year U.S. Aggregate Bond ETF did not have any securities out on loan at August 31, 2023.

BetaBuilders U.S. TIPS 0-5 Year ETF, BetaBuilders U.S. Treasury Bond 1-3 Year ETF, BetaBuilders U.S. Treasury Bond 20+ Year ETF, BetaBuilders U.S. Treasury Bond 3-10 Year ETF, BetaBuilders USD High Yield Corporate Bond ETF and BetaBuilders USD Investment Grade Corporate Bond ETF did not lend out any securities during the six months ended August 31, 2023.

August 31, 2023

J.P. Morgan Exchange-Traded Funds

153

NOTES TO FINANCIAL STATEMENTS
AS OF August 31, 2023 (Unaudited) (continued)

E. Investment Transactions with Affiliates — The Funds invested in Underlying Funds advised by the Adviser. An issuer which is under common control with a Fund may be considered an affiliate. For the purposes of the financial statements, the Funds assume the issuers listed in the tables below to be affiliated issuers. The Underlying Funds’ distributions may be reinvested into such Underlying Funds Reinvestment amounts are included in the purchases at cost amounts in the tables below.

BetaBuilders 1-5 Year U.S. Aggregate Bond ETF
For the six months ended August 31, 2023
Security Description	Value at February 28, 2023	Purchases at Cost	Proceeds from Sales	Net Realized Gain (Loss)	Change in Unrealized Appreciation/ (Depreciation)	Value at August 31, 2023	Shares at August 31, 2023	Dividend Income	Capital Gain Distributions
JPMorgan U.S. Government Money Market Fund Class IM Shares, 5.27% (a) (b)	$758,888	$1,125,307	$1,669,958	$—	$—	$214,237	214,237	$4,617	$—


(a)	Investment in an affiliated fund, which is registered under the Investment Company Act of 1940, as amended, and is advised by J.P. Morgan Investment Management Inc.
(b)	The rate shown is the current yield as of August 31, 2023.

BetaBuilders U.S. Aggregate Bond ETF
For the six months ended August 31, 2023
Security Description	Value at February 28, 2023	Purchases at Cost	Proceeds from Sales	Net Realized Gain (Loss)	Change in Unrealized Appreciation/ (Depreciation)	Value at August 31, 2023	Shares at August 31, 2023	Dividend Income	Capital Gain Distributions
JPMorgan Securities Lending Money Market Fund Agency SL Class Shares, 5.50% (a) (b)	$12,994,643	$27,000,001	$29,000,000	$(1,699 )*	$—	$10,992,945	10,990,747	$250,323 *	$—
JPMorgan U.S. Government Money Market Fund Class IM Shares, 5.27% (a) (b)	2,787,225	37,758,623	37,024,237	—	—	3,521,611	3,521,611	46,031 *	—
JPMorgan U.S. Government Money Market Fund Class IM Shares, 5.27% (a) (b)	91,260,954	291,812,688	210,972,976	—	—	172,100,666	172,100,666	4,129,704	—
Total	$107,042,822	$356,571,312	$276,997,213	$(1,699 )	$—	$186,615,222		$4,426,058	$—


(a)	Investment in an affiliated fund, which is registered under the Investment Company Act of 1940, as amended, and is advised by J.P. Morgan Investment Management Inc.
(b)	The rate shown is the current yield as of August 31, 2023.
*	Amount is included on the Statements of Operations as Income from securities lending (net) (after payments of rebates and Citibank’s fee).

BetaBuilders U.S. TIPS 0-5 Year ETF
For the period ended August 31, 2023
Security Description	Value at May 10, 2023(a)	Purchases at Cost	Proceeds from Sales	Net Realized Gain (Loss)	Change in Unrealized Appreciation/ (Depreciation)	Value at August 31, 2023	Shares at August 31, 2023	Dividend Income	Capital Gain Distributions
JPMorgan Prime Money Market Fund Class IM Shares, 5.46% (b) (c)	$—	$3,791,615	$3,774,609	$2	$2	$17,010	17,005	$2,715	$—


(a)	Commencement of operations was May 10, 2023.
(b)	Investment in an affiliated fund, which is registered under the Investment Company Act of 1940, as amended, and is advised by J.P. Morgan Investment Management Inc.

154

J.P. Morgan Exchange-Traded Funds

August 31, 2023

(c)	The rate shown is the current yield as of August 31, 2023.

BetaBuilders U.S. Treasury Bond 1-3 Year ETF
For the period ended August 31, 2023
Security Description	Value at April 19, 2023(a)	Purchases at Cost	Proceeds from Sales	Net Realized Gain (Loss)	Change in Unrealized Appreciation/ (Depreciation)	Value at August 31, 2023	Shares at August 31, 2023	Dividend Income	Capital Gain Distributions
JPMorgan Prime Money Market Fund Class IM Shares, 5.46% (b) (c)	$—	$119,670	$105,820	$3	$—	$13,853	13,849	$169	$—


(a)	Commencement of operations was April 19, 2023.
(b)	Investment in an affiliated fund, which is registered under the Investment Company Act of 1940, as amended, and is advised by J.P. Morgan Investment Management Inc.
(c)	The rate shown is the current yield as of August 31, 2023.

BetaBuilders U.S. Treasury Bond 20+ Year ETF
For the period ended August 31, 2023
Security Description	Value at April 19, 2023(a)	Purchases at Cost	Proceeds from Sales	Net Realized Gain (Loss)	Change in Unrealized Appreciation/ (Depreciation)	Value at August 31, 2023	Shares at August 31, 2023	Dividend Income	Capital Gain Distributions
JPMorgan Prime Money Market Fund Class IM Shares, 5.46% (b) (c)	$—	$867,611	$843,966	$20	$2	$23,667	23,660	$578	$—


(a)	Commencement of operations was April 19, 2023.
(b)	Investment in an affiliated fund, which is registered under the Investment Company Act of 1940, as amended, and is advised by J.P. Morgan Investment Management Inc.
(c)	The rate shown is the current yield as of August 31, 2023.

BetaBuilders U.S. Treasury Bond 3-10 Year ETF
For the period ended August 31, 2023
Security Description	Value at April 19, 2023(a)	Purchases at Cost	Proceeds from Sales	Net Realized Gain (Loss)	Change in Unrealized Appreciation/ (Depreciation)	Value at August 31, 2023	Shares at August 31, 2023	Dividend Income	Capital Gain Distributions
JPMorgan Prime Money Market Fund Class IM Shares, 5.46% (b) (c)	$—	$86,394	$66,581	$1	$—	$19,814	19,808	$144	$—


(a)	Commencement of operations was April 19, 2023.
(b)	Investment in an affiliated fund, which is registered under the Investment Company Act of 1940, as amended, and is advised by J.P. Morgan Investment Management Inc.
(c)	The rate shown is the current yield as of August 31, 2023.

BetaBuilders USD High Yield Corporate Bond ETF
For the six months ended August 31, 2023
Security Description	Value at February 28, 2023	Purchases at Cost	Proceeds from Sales	Net Realized Gain (Loss)	Change in Unrealized Appreciation/ (Depreciation)	Value at August 31, 2023	Shares at August 31, 2023	Dividend Income	Capital Gain Distributions
JPMorgan U.S. Government Money Market Fund Class IM Shares, 5.27% (a) (b)	$3,094,499	$29,524,860	$28,695,303	$—	$—	$3,924,056	3,924,056	$43,464	$—


(a)	Investment in an affiliated fund, which is registered under the Investment Company Act of 1940, as amended, and is advised by J.P. Morgan Investment Management Inc.

August 31, 2023

J.P. Morgan Exchange-Traded Funds

155

NOTES TO FINANCIAL STATEMENTS
AS OF August 31, 2023 (Unaudited) (continued)

(b)	The rate shown is the current yield as of August 31, 2023.

BetaBuilders USD Investment Grade Corporate Bond ETF
For the six months ended August 31, 2023
Security Description	Value at February 28, 2023	Purchases at Cost	Proceeds from Sales	Net Realized Gain (Loss)	Change in Unrealized Appreciation/ (Depreciation)	Value at August 31, 2023	Shares at August 31, 2023	Dividend Income	Capital Gain Distributions
JPMorgan U.S. Government Money Market Fund Class IM Shares, 5.27% (a) (b)	$265,119	$2,035,390	$1,917,314	$—	$—	$383,195	383,195	$5,659	$—


(a)	Investment in an affiliated fund, which is registered under the Investment Company Act of 1940, as amended, and is advised by J.P. Morgan Investment Management Inc.
(b)	The rate shown is the current yield as of August 31, 2023.

USD Emerging Markets Sovereign Bond ETF
For the six months ended August 31, 2023
Security Description	Value at February 28, 2023	Purchases at Cost	Proceeds from Sales	Net Realized Gain (Loss)	Change in Unrealized Appreciation/ (Depreciation)	Value at August 31, 2023	Shares at August 31, 2023	Dividend Income	Capital Gain Distributions
JPMorgan Securities Lending Money Market Fund Agency SL Class Shares, 5.50% (a) (b)	$8,802,300	$35,000,000	$43,799,341	$(3,159 )*	$200	$—	—	$173,959 *	$—
JPMorgan U.S. Government Money Market Fund Class IM Shares, 5.27% (a) (b)	1,809,720	59,843,253	49,462,823	—	—	12,190,150	12,190,150	48,522 *	—
JPMorgan U.S. Government Money Market Fund Class IM Shares, 5.27% (a) (b)	1,134,608	67,396,576	67,264,213	—	—	1,266,971	1,266,971	26,689	—
Total	$11,746,628	$162,239,829	$160,526,377	$(3,159 )	$200	$13,457,121		$249,170	$—


(a)	Investment in an affiliated fund, which is registered under the Investment Company Act of 1940, as amended, and is advised by J.P. Morgan Investment Management Inc.
(b)	The rate shown is the current yield as of August 31, 2023.
*	Amount is included on the Statements of Operations as Income from securities lending (net) (after payments of rebates and Citibank’s fee).

F. Foreign Currency Translation — The books and records of the Funds are maintained in U.S. dollars. Foreign currency amounts are translated into U.S. dollars at the prevailing exchange rates of such currencies against the U.S. dollar. The market value of investment securities and other assets and liabilities are translated at the exchange rate as of the valuation date. Purchases and sales of investment securities, income and expenses are translated at the exchange rate prevailing on the respective dates of such transactions.

The Funds do not isolate the effect of changes in foreign exchange rates from changes in market prices on securities held. Accordingly, such changes are included within Change in net unrealized appreciation/depreciation on investments in non-affiliates on the Statements of Operations.

Reported realized foreign currency gains and losses arise from the disposition of foreign currency, currency gains or losses realized between the trade and settlement dates on securities transactions, and the difference between the amounts of dividends, interest and foreign withholding taxes recorded on each Fund's books on the transaction date and the U.S. dollar equivalent of the amounts actually received or paid. These reported realized foreign currency gains and losses are included in Net realized gain (loss) on foreign currency transactions on the Statements of Operations. Unrealized foreign currency gains and losses arise from changes (due to changes in exchange rates) in the value of foreign currency and other assets and liabilities denominated in foreign currencies, which are held at period end and are included in Change in net unrealized appreciation/depreciation on foreign currency translations on the Statements of Operations.

G. Security Transactions and Investment Income — Investment transactions are accounted for on the trade date (the date the order to buy or sell is executed). Securities gains and losses are calculated on a specifically identified cost basis.

Interest income is determined on the basis of coupon interest accrued using the effective interest method, which adjusts for amortization of premiums and accretion of discounts.

156

J.P. Morgan Exchange-Traded Funds

August 31, 2023

Dividend income, net of foreign taxes withheld, if any, and distributions of net investment income and realized capital gains from the Underlying Funds, if any, are recorded on the ex-dividend date or when a Fund first learns of the dividend.

To the extent such information is publicly available, the Funds record distributions received in excess of income earned from underlying investments as a reduction of cost of investments and/or realized gain. Such amounts are based on estimates if actual amounts are not available and actual amounts of income, realized gain and return of capital may differ from the estimated amounts. The Funds adjust the estimated amounts of the components of distributions (and consequently their net investment income) as necessary, once the issuers provide information about the actual composition of the distributions.

H. Federal Income Taxes — Each Fund is treated as a separate taxable entity for Federal income tax purposes. Each Fund's policy is to comply with the provisions of the Internal Revenue Code (the “Code”) applicable to regulated investment companies and to distribute to shareholders all of its distributable net investment income and net realized capital gains on investments. Accordingly, no provision for Federal income tax is necessary. Management has reviewed the Funds' tax positions for all open tax years and has determined that as of August 31, 2023, no liability for Federal income tax is required in the Funds' financial statements for net unrecognized tax benefits. However, management’s conclusions may be subject to future review based on changes in, or the interpretation of, the accounting standards or tax laws and regulations. Each Fund's Federal tax returns for the prior three fiscal years remain subject to examination by the Internal Revenue Service.

I. Foreign Taxes —The Funds may be subject to foreign taxes on income, gains on investments or currency purchases/repatriation, a portion of which may be recoverable. The Funds will accrue such taxes and recoveries as applicable, based upon their current interpretation of tax rules and regulations that exist in the markets in which they invest. When a capital gains tax is determined to apply, the Funds record an estimated deferred tax liability in an amount that would be payable if the securities were disposed of on the valuation date.

J. Distributions to Shareholders — Distributions from net investment income, if any, are generally declared and paid at least monthly. Net realized capital gains, if any, are distributed by each Fund at least annually. The amount of distributions from net investment income and net realized capital gains is determined in accordance with Federal income tax regulations, which may differ from GAAP. To the extent these “book/tax” differences are permanent in nature (i.e., that they result from other than timing of recognition — “temporary differences”), such amounts are reclassified within the capital accounts based on their Federal tax basis treatment.

3. Fees and Other Transactions with Affiliates

A. Management Fee— JPMIM manages the investments of each Fund pursuant to a Management Agreement. For such services, JPMIM is paid a fee which is accrued daily and paid no more frequently than monthly based on each Fund's respective average daily net assets at the following rate:


BetaBuilders 1-5 Year U.S. Aggregate Bond ETF	0.05 %
BetaBuilders U.S. Aggregate Bond ETF	0.03
BetaBuilders U.S. TIPS 0-5 Year ETF	0.07
BetaBuilders U.S. Treasury Bond 1-3 Year ETF	0.07
BetaBuilders U.S. Treasury Bond 20+ Year ETF	0.07
BetaBuilders U.S. Treasury Bond 3-10 Year ETF	0.07
BetaBuilders USD High Yield Corporate Bond ETF	0.15
BetaBuilders USD Investment Grade Corporate Bond ETF	0.09
USD Emerging Markets Sovereign Bond ETF	0.39

Under each Management Agreement, JPMIM is responsible for substantially all expenses of each Fund, (including expenses of the Trust relating to each Fund), except for the management fees, payments under the Funds' 12b-1 plan (if any), interest expenses, dividend and interest expenses related to short sales, taxes, acquired fund fees and expenses (other than fees for funds advised by the Adviser and/or its affiliates), costs of holding shareholder meetings, and litigation and potential litigation and other extraordinary expenses not incurred in the ordinary course of each Fund’s business. Additionally, each Fund is responsible for its non-operating expenses, including brokerage commissions and fees and expenses associated with each Fund’s securities lending program, if applicable. For the avoidance of doubt, the Adviser’s payment of such expenses may be accomplished through a Fund’s payment of such expenses and a corresponding reduction in the fee payable to the Adviser, provided, however, that if the amount of expenses paid by a Fund exceeds the fee payable to the Adviser, the Adviser will reimburse that Fund for such amount.

B. Administration Fee — JPMIM provides administration services to the Funds. Pursuant to each Management Agreement, JPMIM is compensated as described in Note 3.A.

JPMorgan Chase Bank, N.A. (“JPMCB”), a wholly-owned subsidiary of JPMorgan, serves as the Funds' sub-administrator (the “Sub-administrator”). For its services as Sub-administrator, JPMCB receives a portion of the management fees payable to JPMIM.

August 31, 2023

J.P. Morgan Exchange-Traded Funds

157

NOTES TO FINANCIAL STATEMENTS
AS OF August 31, 2023 (Unaudited) (continued)

C. Custodian, Accounting and Transfer Agent Fees— JPMCB provides custody, accounting and transfer agency services to the Funds. For performing these services, JPMIM pays JPMCB transaction and asset-based fees that vary according to the number of transactions and positions, plus out-of-pocket expenses.

Additionally, Authorized Participants generally pay transaction fees associated with the creation and redemption of Fund shares. These fees are paid to JPMIM to offset certain custodian charges that are covered by each Management Agreement.

Interest income earned on cash balances at the custodian, if any, is included in Interest income from affiliates on the Statements of Operations.

Interest expense paid to the custodian related to cash overdrafts, if any, is included in Interest expense to affiliates on the Statements of Operations.

D. Distribution Services — The Distributor or its agent distributes Creation Units for each Fund on an agency basis. The Distributor does not maintain a secondary market in shares of each Fund. JPMDS receives no fees for their distribution services under the distribution agreement with the Trust (the “Distribution Agreement”). Although the Trust does not pay any fees under the Distribution Agreement, JPMIM pays JPMDS for certain distribution related services.

E. Waivers and Reimbursements — The Funds may invest in one or more money market funds advised by the Adviser (affiliated money market funds). The fees for the affiliated money market funds, except for investments of securities lending cash collateral, are covered under each Management Agreement as described in Note 3.A.

F. Other — Certain officers of the Trust are affiliated with the Adviser, the Administrator and JPMDS. Such officers receive no compensation from the Funds for serving in their respective roles.

The Board designated and appointed a Chief Compliance Officer to the Funds pursuant to Rule 38a-1 under the 1940 Act. The fees associated with the office of the Chief Compliance Officer are paid for by JPMIM as described in Note 3.A.

The Securities and Exchange Commission (“SEC”) has granted an exemptive order permitting the Funds to engage in principal transactions with J.P. Morgan Securities LLC, an affiliated broker, involving taxable money market instruments, subject to certain conditions.

4. Investment Transactions

During the six months ended August 31, 2023, purchases and sales of investments (excluding short-term investments) were as follows:

	Purchases (excluding U.S. Government)	Sales (excluding U.S. Government)	Purchases of U.S. Government	Sales of U.S. Government
BetaBuilders 1-5 Year U.S. Aggregate Bond ETF	$2,572,041	$5,110,308	$1,972,630	$1,667,728
BetaBuilders U.S. Aggregate Bond ETF	1,406,640,699	1,202,739,554	83,035,777	66,299,698
BetaBuilders U.S. TIPS 0-5 Year ETF	—	—	7,371,391	559,264
BetaBuilders U.S. Treasury Bond 1-3 Year ETF	—	—	10,730,595	6,321,889
BetaBuilders U.S. Treasury Bond 20+ Year ETF	—	—	8,745,417	4,344,029
BetaBuilders U.S. Treasury Bond 3-10 Year ETF	—	—	5,195,686	767,711
BetaBuilders USD High Yield Corporate Bond ETF	35,262,036	30,409,887	—	—
BetaBuilders USD Investment Grade Corporate Bond ETF	3,236,340	3,568,381	—	—
USD Emerging Markets Sovereign Bond ETF	31,636,418	33,043,511	—	—

For the six months ended August 31, 2023, in-kind transactions associated with creations and redemptions were as follows:

	In-Kind Purchases	In-Kind Sales
BetaBuilders 1-5 Year U.S. Aggregate Bond ETF	$19,977,555	$2,284,770
BetaBuilders U.S. Aggregate Bond ETF	330,646,383	819,892,522
BetaBuilders U.S. Treasury Bond 20+ Year ETF	—	49,881,149
BetaBuilders USD High Yield Corporate Bond ETF	77,637,643	163,305,915
BetaBuilders USD Investment Grade Corporate Bond ETF	6,631,169	13,690,474
USD Emerging Markets Sovereign Bond ETF	74,520,257	481,249,695

During the six months ended August 31, 2023, the Funds delivered portfolio securities for the redemption of Fund shares (in-kind redemptions). Cash and portfolio securities were transferred for redemptions at fair value. For financial reporting purposes, the Funds recorded net realized gains and losses in connection with each in-kind redemption transaction.

158

J.P. Morgan Exchange-Traded Funds

August 31, 2023

5. Federal Income Tax Matters

For Federal income tax purposes, the estimated cost and unrealized appreciation (depreciation) in value of investments held at August 31, 2023 were as follows:

	Aggregate Cost	Gross Unrealized Appreciation	Gross Unrealized Depreciation	Net Unrealized Appreciation (Depreciation)
BetaBuilders 1-5 Year U.S. Aggregate Bond ETF	$16,034,582	$3,018	$685,994	$(682,976 )
BetaBuilders U.S. Aggregate Bond ETF	2,301,687,295	730,514	133,732,487	(133,001,973 )
BetaBuilders U.S. TIPS 0-5 Year ETF	7,655,696	2	125,099	(125,097 )
BetaBuilders U.S. Treasury Bond 1-3 Year ETF	4,430,871	21	32,402	(32,381 )
BetaBuilders U.S. Treasury Bond 20+ Year ETF	54,300,454	2	2,521,565	(2,521,563 )
BetaBuilders U.S. Treasury Bond 3-10 Year ETF	4,464,769	8	114,185	(114,177 )
BetaBuilders USD High Yield Corporate Bond ETF	447,062,968	2,896,513	22,462,207	(19,565,694 )
BetaBuilders USD Investment Grade Corporate Bond ETF	54,798,092	53,082	4,031,534	(3,978,452 )
USD Emerging Markets Sovereign Bond ETF	648,453,543	765,228	13,758,345	(12,993,117 )

At February 28, 2023, the following Funds had net capital loss carryforwards which are available to offset future realized gains as follows:

	Capital Loss Carryforward Character
	Short-Term	Long-Term
BetaBuilders 1-5 Year U.S. Aggregate Bond ETF	$151,051	$48,464
BetaBuilders U.S. Aggregate Bond ETF	21,534,095	7,132,326
BetaBuilders USD High Yield Corporate Bond ETF	16,746,886	23,888,630
BetaBuilders USD Investment Grade Corporate Bond ETF	347,685	857,232
USD Emerging Markets Sovereign Bond ETF	6,234,645 *	5,462,321 *


*	Amount includes capital loss carryforwards which are limited in future years under Internal Revenue Code sections 381-384.

Net capital losses (gains) and specified ordinary losses incurred after October 31, and within the taxable year are deemed to arise on the first business day of the Funds' next taxable year. For the year ended February 28, 2023, the Funds deferred to March 1, 2023 the following net capital losses (gains) and specified ordinary losses of:

	Net Capital Losses (Gains)		Specified Ordinary Losses
	Short-Term	Long-Term	Specified Ordinary Losses
BetaBuilders 1-5 Year U.S. Aggregate Bond ETF	$9,602	$181,944	$—
BetaBuilders U.S. Aggregate Bond ETF	5,308,587	14,088,928	—
BetaBuilders USD High Yield Corporate Bond ETF	(66,904 )	11,593,685	—
BetaBuilders USD Investment Grade Corporate Bond ETF	233,427	1,534,655	—
USD Emerging Markets Sovereign Bond ETF	9,870	689,791	1

For the six months ended August 31, 2023, JPM USD Emerging Markets Sovereign Bond ETF incurred an excise tax liability of $6,205 on undistributed net investment of income pertaining to calendar year 2022.

6. Capital Share Transactions

The Trust issues and redeems shares of the Funds only in Creation Units through the Distributor at NAV. Capital shares transactions detail can be found in the Statements of Changes in Net Assets.

Shares of the Funds may only be purchased or redeemed by Authorized Participants. Such Authorized Participants may from time to time hold, of record or beneficially, a substantial percentage of the Funds' shares outstanding and act as executing or clearing broker for investment transactions on behalf of the Funds. An Authorized Participant is either (1) a “Participating Party” or other participant in the clearing process through the Continuous Net Settlement System of the National Securities Clearing Corporation (“NSCC”); or (2) a DTC Participant; which, in either case, must have executed an agreement with the Distributor.

August 31, 2023

J.P. Morgan Exchange-Traded Funds

159

NOTES TO FINANCIAL STATEMENTS
AS OF August 31, 2023 (Unaudited) (continued)

Creation Units of a Fund may be created in advance of receipt by the Trust of all or a portion of the applicable basket of fixed income securities and other instruments (“Deposit Instruments”) and cash as described in the Funds’ registration statement. In these instances, the initial Deposit Instruments and cash must be deposited in an amount equal to the sum of the cash amount, plus at least 105%, for the Funds, of the market value of undelivered Deposit Instruments. A transaction fee may be imposed to offset transfer and other transaction costs associated with the purchase or redemption of Creation Units.

Authorized Participants transacting in Creation Units for cash may also pay a variable fee to compensate the relevant fund for market impact expenses relating to investing in portfolio securities. Such variable fees, if any, are included in “Proceeds from shares issued” in the Statements of Changes in Net Assets.

7. Borrowings

Effective November 1, 2022, the Funds rely upon an exemptive order granted by the SEC (the “Order”) permitting the establishment and operation of an Interfund Lending Facility (the “Facility”). The Facility allows the Funds to directly lend and borrow money to or from any other fund relying upon the Order at rates beneficial to both the borrowing and lending funds. Advances under the Facility are taken primarily for temporary or emergency purposes, including the meeting of redemption requests that otherwise might require the untimely disposition of securities, and are subject to each Fund's borrowing restrictions. The interfund loan rate is determined, as specified in the Order, by averaging the current repurchase agreement rate and the current bank loan rate. The Order was granted to JPMorgan Trust II and may be relied upon by the Funds because the Funds and the series of JPMorgan Trust II are all investment companies in the same “group of investment companies” (as defined in Section 12(d)(1)(G) of the 1940 Act).

The Funds had no borrowings outstanding from another fund, or loans outstanding to another fund, during the six months ended August 31, 2023.

The Trust and JPMCB have entered into a financing arrangement. Under this arrangement, JPMCB provides an unsecured, uncommitted credit facility in the aggregate amount of $100 million to certain of the J.P. Morgan Funds, including the Funds. Advances under the arrangement are taken primarily for temporary or emergency purposes, including the meeting of redemption requests that otherwise might require the untimely disposition of securities, and are subject to each Fund's borrowing restrictions. Interest on borrowings is payable at a rate determined by JPMCB at the time of borrowing. This agreement has been extended until October 30, 2023.

The Funds had no borrowings outstanding from the unsecured, uncommitted credit facillity during the six months ended August 31, 2023.

Effective August 8, 2023, the Trust, along with certain other trusts for J.P. Morgan Funds (“Borrowers”), has entered into an existing joint syndicated senior unsecured revolving credit facility totaling $1.5 billion (“Credit Facility”) with various lenders and The Bank of New York Mellon, as administrative agent for the lenders. Although the Trust is effectively part of the Credit Facility as of August 8, 2023, it is not eligible to draw on the Credit Facility, and will not incur costs associated with being a part of the Credit Facility, until on or about May 28, 2024.

This Credit Facility provides a source of funds to the Borrowers for temporary and emergency purposes, including the meeting of redemption requests that otherwise might require the untimely disposition of securities. Under the terms of the Credit Facility, a borrowing fund must have a minimum of $25 million in adjusted net asset value and not exceed certain adjusted net asset coverage ratios prior to and during the time in which any borrowings are outstanding. If a fund does not comply with the aforementioned requirements, the fund must remediate within three business days with respect to the $25 million minimum adjusted net asset value or within one business day with respect to certain asset coverage ratios or the administrative agent at the request of, or with the consent of, the lenders may terminate the Credit Facility and declare any outstanding borrowings to be due and payable immediately.

Interest associated with any borrowing under the Credit Facility is charged to the borrowing fund at a rate of interest equal to 1.00% (the "Applicable Margin"), plus the greater of the federal funds effective rate or the one-month Adjusted Secured Overnight Financing Rate (SOFR). Effective August 8, 2023, the Credit Facility has been amended and restated for a term of 364 days, unless extended.

The Funds did not utilize the Credit Facility during the six months ended August 31, 2023.

8. Risks, Concentrations and Indemnifications

In the normal course of business, the Funds enter into contracts that contain a variety of representations which provide general indemnifications. Each Fund's maximum exposure under these arrangements is unknown. The amount of exposure would depend on future claims that may be brought against each Fund. However, based on experience, the Funds expect the risk of loss to be remote.

As of August 31, 2023, JPMorgan SmartRetirement Funds and JPMorgan SmartRetirement Blend Funds, which are affiliated funds of funds, each owned in the aggregate, shares representing more than 10% of the net assets of the Funds as follows:

	JPMorgan SmartRetirement Funds	JPMorgan SmartRetirement Blend Funds
BetaBuilders U.S. Aggregate Bond ETF	— %	36.4 %
BetaBuilders USD High Yield Corporate Bond ETF	18.5	10.6

160

J.P. Morgan Exchange-Traded Funds

August 31, 2023

Significant shareholder transactions by these shareholders may impact the Funds' performance and liquidity.

As of August 31, 2023, the Adviser owned shares representing more than 10% of net assets of the following Funds:

	% of Ownership
BetaBuilders USD Investment Grade Corporate Bond ETF	43 %

Significant shareholder transactions by the Adviser may impact the Funds' performance.

USD Emerging Markets Sovereign Bond ETF’s investments in sovereign and corporate debt obligations within emerging market countries may be subject to potentially higher risks than investments in more developed markets and the prices of such investments may be volatile. The yields of emerging market debt obligations reflect, among other things, perceived credit risk. The consequences of political, social or economic instability in these markets may have disruptive effects on the market prices of the Fund’s investments and the income they generate, as well as the Fund’s ability to repatriate such amounts.

BetaBuilders USD High Yield Corporate Bond ETF and USD Emerging Markets Sovereign Bond ETF invest in high yield securities that are not rated or rated below investment grade (commonly known as “junk bonds”). These securities are considered to be high risk investments. Investments in lower-rated securities or unrated securities of comparable quality tend to be more sensitive to economic conditions than higher rated securities. Junk bonds involve a greater risk of default by the issuer because such securities are generally unsecured and are often subordinated to other creditors’ claims. The market price of these securities can change suddenly and unexpectedly. As a result, the Funds are intended for investors who are able and willing to assume a high degree of risk.

USD Emerging Markets Sovereign Bond ETF may have elements of risk not typically associated with investments in the United States of America due to concentrated investments in a limited number of foreign countries or regions, which may vary throughout the period. Such concentrations may subject this Fund to additional risks resulting from political or economic conditions in such countries or regions and the possible imposition of adverse governmental laws or currency exchange restrictions could cause the securities and their markets to be less liquid and their prices to be more volatile than those of comparable U.S. securities.

Derivatives may be riskier than other types of investments because they may be more sensitive to changes in economic and market conditions and could result in losses that significantly exceed the Funds’ original investment. Many derivatives create leverage thereby causing the Funds to be more volatile than they would have been if they had not used derivatives. Derivatives also expose the Funds to counterparty risk (the risk that the derivative counterparty will not fulfill its contractual obligations), including credit risk of the derivative counterparty. The possible lack of a liquid secondary market for derivatives and the resulting inability of the Funds to sell or otherwise close a derivatives position could expose the Funds to losses.

The Funds are also subject to counterparty credit risk, which is the risk that a counterparty fails to perform on agreements with the Funds.

Disruptions to creations and redemptions, the existence of significant market volatility or potential lack of an active trading market for the shares (including through a trading halt), as well as other factors, may result in shares trading significantly above (at a premium) or below (at a discount) to the NAV or to the intraday value of the Funds’ holdings. During such periods, investors may incur significant losses if shares are sold.

The Funds may not track the return of their underlying index for a number of reasons and therefore may not achieve their investment objective. For example, the Funds incur a number of operating expenses not applicable to their underlying index, and incur costs in buying and selling securities, especially when rebalancing the Funds’ securities holdings to reflect changes in the composition of the underlying index. In addition, each Fund’s return may differ from the return of its underlying index as a result of, among other things, pricing differences and the inability to purchase certain securities included in the underlying index due to regulatory or other restrictions. To the extent of the previously outlined items, each Fund’s return may differ from the return of the underlying index.

The Funds invest in foreign issuers and foreign securities (including depositary receipts) that are subject to additional risks, including political and economic risks, civil conflicts and war, greater volatility, expropriation and nationalization risks, sanctions or other measures by the United States or other governments, currency fluctuations, higher transaction costs, delayed settlement, possible foreign controls on investment, liquidity risks and less stringent investor protection and disclosure standards of foreign markets. In certain markets where securities and other instruments are not traded “delivery versus payment,” a Fund may not receive timely payment for securities or other instruments it has delivered or receive delivery of securities paid for and may be subject to increased risk that the counterparty will fail to make payments or delivery when due or default completely.

Events and evolving conditions in certain economies or markets may alter the risks associated with investments tied to countries or regions that historically were perceived as comparatively stable becoming riskier and more volatile.

The Funds may have elements of risk not typically associated with investments in the United States of America due to concentrated investments in a limited number of foreign countries or regions, which may vary throughout the period. Such concentrations may subject each of these Funds to additional risks resulting from political or economic conditions in such countries or regions, and the possible imposition of adverse governmental laws or currency exchange restrictions could cause the securities and their markets to be less liquid and their prices to be more volatile than those of comparable U.S. securities.

August 31, 2023

J.P. Morgan Exchange-Traded Funds

161

NOTES TO FINANCIAL STATEMENTS
AS OF August 31, 2023 (Unaudited) (continued)

London Interbank Offered Rate ("LIBOR") was a leading floating rate benchmark used in loans, notes, derivatives and other instruments or investments. As a result of benchmark reforms, publication of most LIBOR settings has ceased. Some LIBOR settings continue to be published but only on a temporary, synthetic and non-representative basis. Regulated entities have generally ceased entering into new LIBOR contracts in connection with regulatory guidance or prohibitions. Public and private sector actors have worked to establish alternative reference rates to be used in place of LIBOR. There is no assurance that any such alternative reference rate will be similar to or produce the same value or economic equivalence as LIBOR or that it will have the same volume or liquidity as did LIBOR which may affect the value, volatility, liquidity or return on certain of the Funds' loans, notes, derivatives and other instruments or investments comprising some or all of the Funds' investments and result in costs incurred in connection with changing reference rates used for positions, closing out positions and entering into new trades. Certain of the Funds' investments may have transitioned from LIBOR or will transition from LIBOR in the future. The transition from LIBOR to alternative reference rates may result in operational issues for the Funds or their investments. No assurances can be given as to the impact of the LIBOR transition (and the timing of any such impact) on the Funds and their investments.

The Funds are subject to infectious disease epidemics/pandemics risk. For example, the outbreak of COVID-19 negatively affected economies, markets and individual companies throughout the world, including those in which the Funds invest. The effects of this, or any future, pandemic to public health and business and market conditions may have a significant negative impact on the performance of a Fund's investments, increase a Fund's volatility, negatively impact a Fund’s arbitrage and pricing mechanisms, exacerbate other pre-existing political, social and economic risks to the Funds and negatively impact broad segments of businesses and populations. In addition, governments, their regulatory agencies, or self-regulatory organizations have taken or may take actions in response to a pandemic that affect the instruments in which the Funds invest, or the issuers of such instruments, in ways that could have a significant negative impact on a Fund’s investment performance. The ultimate impact of any pandemic and the extent to which the associated conditions and governmental responses impact a Fund will also depend on future developments, which are highly uncertain, difficult to accurately predict and subject to frequent changes.

9. Subsequent Event

Subsequent to August 31, 2023, JPMorgan BetaBuilders USD Investment Grade Corporate Bond ETF had net redemptions of $12,089,869 which represented 24% of the Fund's net assets as of August 31, 2023.

162

J.P. Morgan Exchange-Traded Funds

August 31, 2023

SCHEDULE OF SHAREHOLDER EXPENSES
(Unaudited)
Hypothetical $1,000 Investment

As a shareholder of the Funds, you incur two types of costs: (1) transaction costs, including brokerage commissions on your purchase and sales of Fund shares and (2) ongoing costs, primarily management fees. The examples below are intended to help you understand your ongoing costs (in dollars) of investing in the Funds and to compare these ongoing costs with the ongoing costs of investing in other funds. The examples assume that you had a $1,000 investment at the beginning of the reporting period, March 1, 2023, and continued to hold your shares at the end of the reporting period, August 31, 2023.

Actual Expenses

For each Fund in the table below, the first line provides information about actual account values and actual expenses. You may use the information in this line, together with the amount you invested, to estimate the expenses that you paid over the period. Simply divide your account value by $1,000 (for example, an $8,600 account value divided by $1,000 = 8.6), then multiply the result by the number in the first line of each Fund under the heading titled “Expenses Paid During the

Period” to estimate the expenses you paid on your account during this period.

Hypothetical Example for Comparison Purposes

The second line of each Fund in the table below provides information about hypothetical account values and hypothetical expenses based on the actual expense ratio and an assumed rate of return of 5% per year before expenses, which is not the Fund's actual return. The hypothetical account values and expenses may not be used to estimate the actual ending account balance or expenses you paid for the period. You may use this information to compare the ongoing costs of investing in the Fund and other funds. To do so, compare this 5% hypothetical example with the 5% hypothetical examples that appear in the shareholder reports of the other funds. The examples also assume all dividends and distributions have been reinvested. The examples do not take into account brokerage commissions that you pay when purchasing or selling shares of a Fund.

	Beginning Account Value March 1, 2023	Ending Account Value August 31, 2023	Expenses Paid During the Period	Annualized Expense Ratio
JPMorgan BetaBuilders 1-5 Year U.S. Aggregate Bond ETF
Actual *	$1,000.00	$1,016.50	$0.25	0.05 %
Hypothetical *	1,000.00	1,024.89	0.25	0.05
JPMorgan BetaBuilders U.S. Aggregate Bond ETF
Actual *	1,000.00	1,008.70	0.10	0.02
Hypothetical *	1,000.00	1,025.04	0.10	0.02
JPMorgan BetaBuilders U.S. TIPS 0-5 Year ETF
Actual **	1,000.00	995.80	0.22	0.07
Hypothetical *	1,000.00	1,024.79	0.36	0.07
JPMorgan BetaBuilders U.S. Treasury Bond 1-3 Year ETF
Actual ***	1,000.00	1,003.00	0.26	0.07
Hypothetical *	1,000.00	1,024.79	0.36	0.07
JPMorgan BetaBuilders U.S. Treasury Bond 20+ Year ETF
Actual ***	1,000.00	939.90	0.25	0.07
Hypothetical *	1,000.00	1,024.79	0.36	0.07
JPMorgan BetaBuilders U.S. Treasury Bond 3-10 Year ETF
Actual ***	1,000.00	986.10	0.26	0.07
Hypothetical *	1,000.00	1,024.79	0.36	0.07
JPMorgan BetaBuilders USD High Yield Corporate Bond ETF
Actual *	1,000.00	1,039.60	0.77	0.15
Hypothetical *	1,000.00	1,024.38	0.76	0.15
JPMorgan BetaBuilders USD Investment Grade Corporate Bond ETF
Actual *	1,000.00	1,019.10	0.46	0.09
Hypothetical *	1,000.00	1,024.68	0.46	0.09

163

LIQUIDITY RISK MANAGEMENT PROGRAM
(Unaudited)

Each of the Funds covered in this report has adopted the J.P. Morgan Funds and J.P. Morgan Exchange-Traded Funds Amended and Restated Liquidity Risk Management Program (the “Program”) under Rule 22e-4 under the Investment Company Act of 1940, as amended (the “Liquidity Rule”). The Program seeks to assess, manage and review each Fund’s Liquidity Risk. “Liquidity Risk” is defined as the risk that a fund could not meet requests to redeem shares issued by the fund without significant dilution of remaining investors’ interests in the fund. Pursuant to an exemptive order (the “Exemptive Order”) from the Securities and Exchange Commission, the Program permits the Funds to use liquidity definitions and classification methodologies that differ from the requirements under the Liquidity Rule in some respects. Among other things, the Liquidity Rule requires that a written report be provided to the Board of Trustees (the “Board”) on an annual basis that addresses the operation of the Program and assesses the adequacy and effectiveness of its implementation, including the operation of any Highly Liquid Investment Minimum (“HLIM”), where applicable, and any material changes to the Program.

The Board has appointed J.P. Morgan Asset Management’s Liquidity Risk Forum to be the program administrator for the Program (the “Program Administrator”). In addition to regular reporting at each of its quarterly meetings, on February 7, 2023, the Board reviewed the Program Administrator’s annual written report (the “Report”) concerning the operation of the Program for the period from January 1, 2022 through December 31, 2022 (the “Program Reporting Period”). The Report addressed the operation of the Program and assessed its adequacy and effectiveness of implementation, including, where applicable, the operation of a Fund’s HLIM. There were no material changes to the Program during the Program Reporting Period.

The Report summarized the operation of the Program and the information and factors considered by the Program Administrator in assessing whether the Program has been adequately and effectively implemented with respect to each Fund. Such information and factors included, among other things: (1) the effectiveness of the Program with respect to the identification of each Fund that qualifies as an “In-Kind ETF” (as defined in the Liquidity Rule); (2) the liquidity risk framework used to assess, manage, and periodically review each Fund’s Liquidity Risk and the results of this assessment; (3) the methodology and inputs for classifying the investments of a Fund (other than an In-Kind ETF) into one of the required liquidity categories that reflect an estimate of the liquidity of those investments under current market conditions (and, for In-Kind ETFs, the methodology and inputs for determining whether any investments should be classified as “Illiquid Investments” (as defined or modified under the Program)); (4) whether a Fund (other than an In-Kind ETF) invested primarily in “Highly Liquid Investments” (as defined or modified under the Program), as well as whether an HLIM should be established for a Fund (other than an In-Kind ETF) and the procedures for monitoring any HLIM; (5) whether a Fund invested more than 15% of its assets in “Illiquid Investments” and the procedures for monitoring for this limit; and (6) specific liquidity events arising during the Program Reporting Period. The Report further summarized the conditions of the Exemptive Order and whether all applicable Funds were in compliance with the terms of the Exemptive Order.

Based on this review, the Report concluded that: (1) the Program continues to be reasonably designed to effectively assess and manage each Fund’s Liquidity Risk; and (2) the Program has been adequately and effectively implemented with respect to each Fund during the Program Reporting Period.

August 31, 2023

J.P. Morgan Exchange-Traded Funds

165

BOARD APPROVAL OF MANAGEMENT AGREEMENTS
(Unaudited)

JPMorgan BetaBuilders 1-5 Year U.S. Aggregate Bond ETF, JPMorgan BetaBuilders U.S. Aggregate Bond ETF, JPMorgan BetaBuilders USD High Yield Corporate Bond ETF, JPMorgan BetaBuilders USD Investment Grade Corporate Bond ETF and JPMorgan USD Emerging Markets Sovereign Bond ETF

The Board of Trustees (the “Board” or the “Trustees”) has established various standing committees composed of Trustees with diverse backgrounds, to which the Board has assigned specific subject matter responsibilities to further enhance the effectiveness of the Board’s oversight and decision making. The Board and its investment committees (Money Market and Alternative Products Committee, Equity Committee, and Fixed Income Committee) met regularly throughout the year and, at each meeting, considered factors that are relevant to their annual consideration of the continuation of the management agreements. The Board also met for the specific purpose of considering management agreement annual renewals. The Board held meetings June 20-21, 2023 and August 8-9, 2023, at which the Trustees considered the continuation of the management agreements for JPMorgan BetaBuilders 1-5 Year U.S. Aggregate Bond ETF, JPMorgan BetaBuilders U.S. Aggregate Bond ETF, JPMorgan BetaBuilders USD High Yield Corporate Bond ETF, JPMorgan BetaBuilders USD Investment Grade Corporate Bond ETF and JPMorgan USD Emerging Markets Sovereign Bond ETF (each a “Fund,” and collectively, the “Funds”) whose semi-annual report is contained herein (each a “Management Agreement” and collectively, the “Management Agreements”). At the June meeting, the Board’s investment committees met to review and consider performance, expense and related information for the J.P. Morgan Funds. Each investment committee reported to the full Board, which then considered each investment committee’s preliminary findings. At the August meeting, the Trustees continued their review and consideration. The Trustees, including a majority of the Trustees who are not parties to a Management Agreement or “interested persons” (as defined in the Investment Company Act of 1940) of any party to a Management Agreement or any of their affiliates, approved the continuation of each Management Agreement on August 10, 2023.

As part of their review of the Management Agreements, the Trustees considered and reviewed performance and other information about the Funds received from J.P. Morgan Investment Management Inc. (the “Adviser”). This information includes the Funds’ performance as compared to the performance of their peers and benchmarks, and analyses by the Adviser of the Funds’ performance. In addition, at each of their regular meetings throughout the year, the Trustees considered reports on the performance of certain J.P. Morgan Funds provided by an independent investment consulting firm (the “independent consultant”). In addition, in preparation for the June and August meetings, the Trustees requested, received and evaluated extensive materials from the Adviser, including performance and expense information compiled by Broadridge,

using data from Lipper Inc. and/or Morningstar Inc., independent providers of investment company data (together, “Broadridge”). The Trustees’ independent consultant also provided additional quantitative and statistical analyses of certain Funds, including risk and performance return assessments as compared to the Funds’ objectives, benchmarks, and peers. Before voting on the Management Agreements, the Trustees reviewed the Management Agreements with representatives of the Adviser, counsel to the Funds, and independent legal counsel to the Trustees, and received a memorandum from independent legal counsel to the Trustees discussing the legal standards for their consideration of the Management Agreements. The Trustees also discussed the Management Agreements with independent legal counsel in executive sessions at which no representatives of the Adviser were present.

A summary of the material factors evaluated by the Trustees in determining whether to approve each Management Agreement is provided below. The Trustees considered information provided with respect to the Funds over the course of the year, as well as the materials furnished specifically in connection with this annual renewal process. Each Trustee attributed different weights to the various factors and no factor alone was considered determinative. The Trustees considered information provided with respect to the Funds throughout the year, as well as materials furnished specifically in connection with the annual review process. From year to year, the Trustees consider and place emphasis on relevant information in light of changing circumstances in market and economic conditions. The Trustees determined that the compensation received by the Adviser from each Fund under the Management Agreement was fair and reasonable and that the continuance of the Management Agreement was in the best interests of each Fund and its shareholders.

The factors summarized below were considered and discussed by the Trustees in reaching their conclusions:

Nature, Extent and Quality of Services Provided by the Adviser

The Trustees received and considered information regarding the nature, extent and quality of the services provided to each Fund under its respective Management Agreement. The Trustees took into account information furnished throughout the year at Trustee meetings, as well as the materials furnished specifically in connection with this annual review process. Among other things, the Trustees considered:

• The background and experience of the Adviser’s senior management and investment personnel, including personnel changes, if any;

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• The qualifications, backgrounds and responsibilities of the portfolio management team primarily responsible for the day-to-day management of each Fund, including personnel changes, if any;

• The investment strategy for each Fund, and the infrastructure supporting the portfolio management teams;

• Information about the structure and distribution strategy for each Fund and how it fits with the Adviser’s other fund offerings within the J.P. Morgan Funds complex ;

• The administration services provided by the Adviser in its role as Administrator;

• Their knowledge of the nature and quality of the services provided by the Adviser and its affiliates gained from their experience as Trustees of the Funds and in the financial industry generally;

• The overall reputation and capabilities of the Adviser and its affiliates;

• The commitment of the Adviser to provide high quality service to the Funds;

• Their overall confidence in the Adviser’s integrity; and

• The Adviser’s responsiveness to requests for additional information, questions or concerns raised by them, including the Adviser’s willingness to consider and implement organizational and operational changes designed to improve investment results and the services provided to each Fund.

Based upon these considerations and other factors, the Trustees concluded that they were satisfied with the nature, extent and quality of services to be provided to the Funds by the Adviser.

Costs of Services Provided and Profitability to the Adviser and its Affiliates

The Trustees received, reviewed, considered and discussed information regarding the profitability to the Adviser and its affiliates from providing services to the Funds. The Trustees recognized that this information is not audited and represents the Adviser’s determination of its and its affiliates’ revenues from the contractual services provided to the Funds, less expenses of providing such services. Expenses include direct and indirect costs and are calculated using allocation methodologies developed by the Adviser and reviewed with the Board. The Trustees also recognized that it is difficult to make direct comparisons of profitability from fund management contracts because comparative information is not generally publicly available and is affected by numerous factors, including the structure of the particular adviser, the types of funds it manages, its business mix, numerous assumptions regarding

allocations and the fact that publicly-traded fund managers’ operating profits and net income are net of distribution and marketing expenses. Based upon their review, the Trustees concluded that the profitability to the Adviser under each Management Agreement was not unreasonable in light of the services and benefits provided to each Fund.

The Trustees also considered the fees earned by JPMorgan Chase Bank, N.A. (“JPMCB”), an affiliate of the Adviser, for custody, fund accounting and other related services for each Fund, and the profitability of these arrangements to JPMCB.

Fall-Out Benefits

The Trustees reviewed information regarding potential “fall-out” or ancillary benefits received by the Adviser and its affiliates as a result of their relationship with the Funds. The Trustees considered that certain J.P. Morgan Funds' operating accounts are held at JPMCB, which, as a result, will receive float benefits for certain J.P. Morgan Funds, as applicable. The Trustees also noted that the Adviser supports a diverse set of products and services, which benefits the Adviser by allowing it to leverage its infrastructure to serve additional clients, including benefits that may be received by the Adviser and its affiliates in connection with the Fund’s potential investments in other funds advised by the Adviser. The Trustees also reviewed the Adviser’s allocation of fund brokerage for the J.P. Morgan Funds complex, including allocations to brokers who provide research to the Adviser, as well as the Adviser’s use of affiliates to provide other services and the benefits to such affiliates of doing so. The Trustees also considered the benefit to the Adviser and its affiliates from allocating client assets to the Funds.

Economies of Scale

The Trustees considered the extent to which each Fund will benefit from potential economies of scale. The Trustees noted that each Fund has a “unitary” management fee which does not contain breakpoints. The Trustees considered that shareholders would benefit because expenses would be limited even when a Fund is new and not achieving economies of scale. The Trustees considered the fact that increases in assets would not lead to management fee decreases even if economies of scale are achieved, but also that the Trustees would have the opportunity to further review the appropriateness of the fee payable to the Adviser under the Management Agreement in the future. The Trustees also concluded that all Funds benefited from the Adviser’s reinvestment in its operations to serve the Funds and their shareholders. The Trustees noted that the Adviser’s reinvestment ensures sufficient resources in terms of personnel and infrastructure to support the Funds. After considering the factors identified above, the Trustees concluded that the Fund’s shareholders will receive the benefits of potential economies of scale.

August 31, 2023

J.P. Morgan Exchange-Traded Funds

167

BOARD APPROVAL OF MANAGEMENT AGREEMENTS
(Unaudited) (continued)

Fees Relative to Adviser’s Other Clients

The Trustees received and considered information about the nature and extent of management services and fee rates offered to other clients of the Adviser, including, to the extent applicable, institutional separate accounts, collective investment trusts, other registered investment companies and/or private funds sub-advised by the Adviser, for investment management styles substantially similar to that of each Fund. The Trustees considered the complexity of investment management for registered investment companies relative to the Adviser’s other clients and noted differences, as applicable, in the fee structure and the regulatory, legal and other risks and responsibilities of providing services to the different clients. The Trustees considered that serving as an adviser to a registered investment company involves greater responsibilities and risks than acting as a sub-adviser and observed that sub-advisory fees may be lower than those charged by the Adviser to each Fund, as applicable. The Trustees also noted that the adviser, not the applicable registered investment company, typically bears the sub-advisory fee and that many responsibilities related to the advisory function are typically retained by the primary adviser. The Trustees concluded that the fee rates charged to each Fund in comparison to those charged to the Adviser’s other clients were reasonable.

Investment Performance

The Trustees considered each Fund is a “passive” ETFs whose objective is to closely correspond, before fees and expenses, to the performance of its benchmark index. The Trustees considered each Fund’s investment strategy and processes, portfolio management teams and competitive positioning against peer funds, as identified by management. As part of this review, the Trustees also reviewed each Fund’s performance against its benchmark and considered each Fund’s performance information provided at regular Board meetings by the Adviser. After consideration, the Trustees determined that each Fund’s performance was consistent with its investment objective and supported renewal of each Fund’s Management Agreement.

Management Fees and Expense Ratios

The Trustees considered the contractual management fee rate paid by each Fund to the Adviser and compared the rate to the information prepared by Broadridge concerning management fee rates paid by other funds in the same Morningstar category as each Fund. This review included ranking of each Fund within an expense universe comprised of funds with the same Morningstar investment classification and objective (the “Universe”), as well as a subset of funds within the Universe (the “Peer Group”). The Trustees reviewed a description of Broadridge’s methodology for selecting funds in the Universe and Peer Group, as applicable, and noted that the Universe and Peer Group quintile rankings were not calculated if the number of funds in the Universe and/or Peer Group did not meet a

predetermined minimum. The Trustees also reviewed information about other expenses and the total expense ratio for each Fund. The Trustees compared the management fee for each Fund to fees charged to mutual funds and/or institutional accounts with similar investment objectives or in similar asset classes managed by the Adviser. The Trustees recognized that it can be difficult to make comparisons of management fees because there are variations in the services that are included in the fees paid by other accounts. The Trustees considered how the Funds are positioned against peer funds, as identified by management and/or Broadridge and noted that each Fund’s management fee was appropriate as compared to identified peer funds. The Trustees’ determinations as a result of the review of each Fund’s management fees and expense ratios are summarized below:

The Trustees noted that the JPMorgan BetaBuilders 1-5 Year U.S. Aggregate Bond ETF’s net management fee and actual total expenses were both in the second and first quintiles of the Peer Group and Universe, respectively. After considering the factors identified above, in light of this information, the Trustees concluded that the management fee was fair and reasonable in light of the services provided to the Fund.

The Trustees noted that the JPMorgan BetaBuilders U.S. Aggregate Bond ETF’s net management fee and actual total expenses were both in the second and first quintiles of the Peer Group and Universe, respectively. After considering the factors identified above, in light of this information, the Trustees concluded that the management fee was fair and reasonable in light of the services provided to the Fund.

The Trustees noted that the JPMorgan BetaBuilders USD Investment Grade Corporate Bond ETF’s net management fee was in the third and second quintiles of the Peer Group and Universe, respectively, and that the actual total expenses were in the second quintile of both the Peer Group and Universe, respectively. After considering the factors identified above, in light of this information, the Trustees concluded that the management fee was s fair and reasonable in light of the services provided to the Fund.

The Trustees noted that the JPMorgan BetaBuilders USD High Yield Corporate Bond ETF’s net management fee was in the first quintile of both the Peer Group and Universe, and that the actual total expenses were in the second and first quintiles of the Peer Group and Universe, respectively. After considering the factors identified above, in light of this information, the Trustees concluded that the management fee was fair and reasonable in light of the services provided to the Fund.

The Trustees noted that the JPMorgan USD Emerging Markets Sovereign Bond ETF’s net management fee was in the third and second quintiles of the Peer Group and Universe, respectively, and that the actual total expenses were in the fourth and third quintiles of the Peer Group and Universe, respectively. After

168

J.P. Morgan Exchange-Traded Funds

August 31, 2023

BOARD APPROVAL OF INITIAL MANAGEMENT AGREEMENTS
(Unaudited)

JPMorgan BetaBuilders U.S. TIPS 0-5 Year ETF, JPMorgan BetaBuilders U.S. Treasury Bond 1-3 Year ETF, JPMorgan BetaBuilders U.S. Treasury Bond 20+ Year ETF and JPMorgan BetaBuilders U.S. Treasury Bond 3-10 Year ETF

On November 15-17, 2022, the Board of Trustees (the “Board” or the “Trustees”) held meetings and approved the initial management agreements (each a “Management Agreement” and collectively, the “Management Agreements”) for the JPMorgan BetaBuilders U.S. TIPS 0-5 Year ETF, JPMorgan BetaBuilders U.S. Treasury Bond 1-3 Year ETF, JPMorgan BetaBuilders U.S. Treasury Bond 20+ Year ETF and JPMorgan BetaBuilders U.S. Treasury Bond 3-10 Year ETF (each a “Fund,” and collectively, the “Funds”). The meetings were held by videoconference in reliance upon the Division of Investment Management Staff Statement on Fund Board Meetings and Unforeseen or Emergency Circumstances Related to Coronavirus Disease 2019. The Management Agreements were approved by a majority of the Trustees who are not “Interested Persons” (as defined in the Investment Company Act of 1940) of any party to each Management Agreement or any of their affiliates. In connection with the approval of each Management Agreement, the Trustees reviewed written materials prepared by J.P. Morgan Investment Management Inc. (the “Adviser”) and received oral presentations from Adviser personnel. Before voting on the proposed Management Agreements, the Trustees reviewed each Management Agreement with representatives of the Adviser and with counsel to the Funds and independent legal counsel to the Trustees and received a memorandum from independent legal counsel discussing the legal standards for their consideration of the proposed Management Agreements. They also considered information they received from the Adviser over the course of the year in connection with their oversight of other funds managed by the Adviser. The Trustees also discussed each proposed Management Agreement with independent legal counsel in executive session at which no representatives of the Adviser were present.

A summary of the material factors evaluated by the Trustees in determining whether to approve each Management Agreement is provided below. The Trustees considered information provided with respect to the Funds and the approval of the Management Agreements. Each Trustee attributed his or her own evaluation of the significance of the various factors, and no factor alone was considered determinative. The Trustees determined that the proposed compensation to be received by the Adviser from each Fund under its Management Agreement was fair and reasonable and that initial approval of the Management Agreements was in the best interests of each Fund and its potential shareholders.

Summarized below are the material factors considered and discussed by the Trustees in reaching their conclusions:

Nature, Extent and Quality of Services Provided by the Adviser

In connection with the approval of each Fund’s initial Management Agreement, the Trustees considered the materials furnished specifically in connection with the approval of the applicable Management Agreement, as well as other relevant information furnished for the Trustees, regarding the nature, extent, and quality of services provided by the adviser. Among other things, the Trustees considered:

• The background and experience of the Adviser’s senior management and investment personnel;

• The qualifications, backgrounds and responsibilities of the portfolio management team to be primarily responsible for the day-to-day management of each Fund;

• The investment strategy for each Fund, and the infrastructure supporting the portfolio management teams;

• Information about the structure and distribution strategy of each Fund and how it fits within the Adviser’s other fund offerings within the J.P. Morgan Funds complex ;

• The administration services to be provided by the Adviser under the Management Agreement;

• Their knowledge of the nature and quality of the services provided by the Adviser and its affiliates gained from their experience as Trustees of the Funds and in the financial industry generally;

• The overall reputation and capabilities of the Adviser and its affiliates;

• The commitment of the Adviser to provide high quality service to the Funds;

• Their overall confidence in the Adviser’s integrity; and

• The Adviser’s responsiveness to requests for additional information, questions or concerns raised by them.

Based upon these considerations and other factors, the Trustees concluded that they were satisfied with the nature, extent and quality of services to be provided to the Funds by the Adviser.

Fall-Out Benefits

The Trustees reviewed information regarding potential “fall-out” or ancillary benefits expected to be received by the Adviser and its affiliates as a result of their relationship with the Funds. Additionally, the Trustees considered that any fall-out or ancillary benefits would be comparable to those

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related to the other funds in the complex. The Trustees also considered the benefit to the Adviser and its affiliates from allocating client assets to the Funds.

The Trustees also considered the benefits the Adviser is expected to receive as the result of the roles JPMorgan Chase Bank, N.A. (“JPMCB”), an affiliate of the Adviser, plays as custodian, fund accountant and transfer agent for the Funds, including the profitability of those arrangements to JPMCB.

Economies of Scale

The Trustees considered the extent to which the Funds may benefit from potential economies of scale. The Trustees noted that the proposed “unitary” management fee for each Fund does not contain breakpoints. The Trustees considered that shareholders would benefit because expenses would be limited even when a Fund is new and not achieving economies of scale. The Trustees considered the fact that increases in assets would not lead to management fee decreases even if economies of scale are achieved, but also that the Trustees would have the opportunity to further review the appropriateness of the fee payable to the Adviser under its Management Agreement in the future. After considering the factors identified above, the Trustees concluded that each Fund’s shareholders will receive the benefits of potential economies of scale.

Fees Relative to Adviser’s Other Clients

The Trustees considered the Adviser’s view that it does not manage other accounts with a substantially similar investment strategy as that of each Fund. Notwithstanding the Adviser’s belief that it does not manage other accounts with a substantially similar investment strategy as that of each Fund, in the case of the JPMorgan BetaBuilders U.S. TIPS 0-5 Year ETF and the JPMorgan BetaBuilders U.S. Treasury Bond 3-10 Year ETF, the Trustees received and considered information on fees charged by the Adviser for other accounts that share characteristics with these Funds.

Investment Performance

The Trustees considered each Fund is a “passive” ETF whose objective is to closely correspond, before fees and expenses, to the performance of its benchmark index. The Trustees considered each Fund’s investment strategy and processes, the portfolio management team and competitive positioning against identified peer funds and concluded that the prospects for competitive future performance were acceptable.

Management Fees and Expense Ratios

The Trustees considered that under the Management Agreement, the Adviser will provide advisory and administrative services and will be responsible for substantially all expenses of each Fund (“unitary fee structure”). The Trustees considered the contractual management fee rate that will be paid by each Fund to the Adviser and compared that rate to information prepared by Broadridge Investor Communications Solutions Inc. (“Broadridge”), an independent provider of investment company data, providing management fee rates paid by other funds in the same Morningstar category as each Fund. The Trustees also considered the fees paid to JPMCB, for custody, transfer agency and other related services for each Fund and the profitability of these arrangements to JPMCB.

The Trustees considered how each Fund will be positioned against peer funds, as identified by management and/or Broadridge and noted that each Fund’s proposed management fee compared favorably with identified peer funds. The Trustees also noted that because the Funds were not yet operational, no profitability information was available. After considering the factors identified above and other factors, in light of the information, the Trustees concluded that each Fund’s proposed management fee was fair and reasonable.

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J.P. Morgan Exchange-Traded Funds

171

J.P. Morgan Exchange-Traded Funds are distributed by JPMorgan Distribution Services, Inc., an indirect, wholly-owned subsidiary of JPMorgan Chase & Co. Affiliates of JPMorgan Chase & Co. receive fees for providing various services to the Funds.

Contact J.P. Morgan Exchange-Traded Funds at 1-844-457-6383 (844-4JPM ETF) for a fund prospectus. You can also visit us at www.jpmorganfunds.com. Investors should carefully consider the investment objectives and risks as well as charges and expenses of the fund before investing. The prospectus contains this and other information about the fund. Read the prospectus carefully before investing.

Investors may obtain information about the Securities Investor Protection Corporation (SIPC), including the SIPC brochure, by visiting www.sipc.org or by calling SIPC at 202-371-8300.

Each Fund files a complete schedule of its fund holdings for the first and third quarters of its fiscal year with the SEC as an exhibit to its report on Form N-PORT. The Funds' Form N-PORT reports are available on the SEC’s website at http://www.sec.gov. Each Fund's quarterly holdings can be found by visiting the J.P. Morgan Funds’ website at www.jpmorganfunds.com.

A description of each Fund's policies and procedures with respect to the disclosure of each Fund's holdings is available in the prospectus and Statement of Additional Information.

A copy of proxy policies and procedures is available without charge upon request by calling 1-844-457-6383 and on the Funds' website at www.jpmorganfunds.com. A description of such policies and procedures is on the SEC’s website at www.sec.gov. The Trustees have delegated the authority to vote proxies for securities owned by the Funds to the Adviser. A copy of the Funds' voting record for the most recent 12-month period ended June 30 is available on the SEC’s website at www.sec.gov or at the Funds' website at www.jpmorganfunds.com no later than August 31 of each year. The Funds' proxy voting record will include, among other things, a brief description of the matter voted on for each fund security, and will state how each vote was cast, for example, for or against the proposal.

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


*	Expenses are equal to each Fund's annualized net expense ratio, multiplied by the average account value over the period, multiplied by 184/366 (to reflect the one-half year period).
**	Expenses are equal to the Fund’s annualized net expense ratio, multiplied by the average account value over the period, multiplied by 114/366 (to reflect the actual period). The Fund commenced operations on May 10, 2023.
***	Expenses are equal to each Fund’s annualized net expense ratio, multiplied by the average account value over the period, multiplied by 135/366 (to reflect the actual period). Each Fund commenced operations on April 19, 2023.