Dear Shareholder,

Equity markets generated strong returns as the global economy’s rebound from 2020 gained momentum on the back of mass vaccinations, continued support from leading central banks and a rising tide of consumer demand throughout the twelve months ended October 31, 2021. While supply chain bottlenecks, rising inflationary pressures and the emergence and spread of COVID-19 variants fed intermittent volatility in financials markets — particularly in the second half of the reporting period — the overall trajectory of the global economy remained positive.

 

		“As 2022 approaches, the global economy appears poised to continue growing as the private sector rebuilds inventories and economic data show signs of building momentum.” – Brian S. Shlissel

During the twelve-month period, J.P. Morgan Exchange Traded Funds extended its array of investment solutions with the launch of the our ActiveBuilders suite of ETFs, including JPMorgan ActiveBuilders International Equity ETF (JIDA) and JPMorgan ActiveBuilders Emerging Markets Equity ETF (JEMA). Each ActiveBuilders ETF employs the expertise of the JPM Global Equities platform’s qualitative and quantitative insights. The ActiveBuilders core equity ETFs seek to improve investor returns and better manage risk across the U.S., international developed and emerging markets within a transparent ETF structure. Meanwhile, total net assets under management for all JPMorgan ETFs reached $68 billion at October 31, 2021.¹

1	JPMorgan Asset Management, December 8, 2021.

As 2022 approaches, the global economy appears poised to continue growing as the private sector rebuilds inventories and economic data show signs of building momentum. However, uneven vaccination rates and the emergence of the omicron variant of COVID-19 are providing a headwind for global growth, while supply chain shortages and inflation may hasten the transition of leading central banks away from accommodative monetary policies.

Regardless of the economic environment, our diversified platform of innovative investment solutions is designed to equip investors with the tools to build durable portfolios that can serve to 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

Globally, equity markets outperformed fixed income markets by a wide margin amid a global economic rebound from the initial economic shock of the pandemic. While the development and distribution of multiple vaccines unleashed a sharp increase in economic activity in the first half of the period, uneven success against the pandemic, supply chain constraints and inflationary pressure weighed on growth in the latter part of the period. Overall, U.S. equity outperformed both developed market and emerging market equities.

For the twelve months ended October 31, 2021, the S&P 500 returned 42.91%; the MSCI EAFE Index returned 34.18% and the MSCI Emerging Markets Index returned 16.96%. Within fixed income, the Bloomberg U.S. Aggregate Index returned -0.48%, the Bloomberg U.S. High Yield Index returned 10.53% and the Bloomberg Emerging Markets Index returned 3.01% for the period.

At the start of the period, global equity prices began to rebound amid development of the first vaccines against COVID-19 and its leading variants. The rally in equity prices was largely led by investor demand for U.S. large cap stocks, particularly in the technology sector. Notably, emerging markets equity surged ahead of developed markets in December as China, Taiwan and other emerging market nations appeared to have greater success in containing the pandemic.

While the global rally in equity markets appeared to take a pause in January 2021, equity prices surged higher from February through June 2021. In the U.S., the successful if uneven distribution of vaccines combined with a $1.9 trillion U.S. fiscal relief and recovery package — and the prospect of additional federal government spending — helped push leading equity indexes higher in the first half of 2021. Corporate earnings and cash flows reached record highs in the first quarter of

2021. Robust growth in consumer spending, business investments and manufacturing data added further fuel to the rally in U.S. equity markets.

In May, historically high valuations for U.S. equity fueled investor demand for higher returns elsewhere in both developed and emerging markets. However, the uneven distribution of vaccines, continued spread of COVID-19 and its variants, and disparities in the re-openings of national economies weighed on equity markets in June.

In the following months global economic growth was increasingly hindered by uneven progress against the pandemic, supply chain bottlenecks and rising prices for both commodities and finished goods. Energy prices rose sharply amid a rebound in demand, which helped petroleum exporting nations but weighed on the economies of net importers. Extended inflationary pressures led to modest divergence in central bank policies at the end of the period. Leading central banks maintained their ultra-low interest rate policies, while monetary authorities in select nations, including Brazil, Norway and New Zealand, raised rates to head off rising prices.

Global equity prices largely continued their upward trajectory in the final months of the period, with the exception of a modest retreat in September 2021. While developed markets equity and emerging markets equity generally provided positive returns, equity markets slumped in select nations facing political unrest and/or rapidly rising inflationary pressures. Notably, equity prices in China were weighed down by real estate company China Evergrande’s struggles to meet debt payments as investors worried about the potential impact on financial markets. Additionally, shares of large information technology companies in China were hurt by investor uncertainty over increased domestic regulatory scrutiny.

INVESTMENT OBJECTIVE***

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

INVESTMENT APPROACH

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

HOW DID THE FUND PERFORM?

For the period from inception on March 10, 2021 to October 31, 2021, the Fund had a negative absolute return and outperformed the Index.

Relative to the Index, the Fund’s security selections in the information technology and consumer discretionary sectors were leading contributors to performance, while the Fund’s underweight positions in the energy and utilities sectors were leading detractors from relative performance.

By country, the Fund’s security selections in China and Taiwan were leading contributors to performance relative to the Index. The Fund’s underweight position in Saudi Arabia and its overweight position in Hong Kong were leading detractors from relative performance.

Leading individual contributors to relative performance included the Fund’s overweight positions in Chailease Holding Co., its out-of-Index position in EPAM Systems Inc. and its

underweight position in Alibaba Group Holding Ltd. Shares of Chailease Holding, a Taiwan provider of financing and leasing, rose amid stable loan growth and improving asset quality during the period. Shares of EPAM Systems, a global provider of software development and digital platform services that largely operates from Belarus, rose amid several consecutive quarters of better-than-expected earnings during the period. Shares of Alibaba Group Holding, a Chinese electronic commerce conglomerate, fell amid tighter regulatory scrutiny of large technology companies in China as well as broader investor concerns about China Evergrande Group’s struggles to meet debt payments.

Leading individual detractors from relative performance included the Fund’s underweight positions in Infosys Ltd., Tata Consultancy Services Ltd. and BYD Co. Shares of Infosys, an Indian technology services and consulting company, rose after the company reported better-than-expected results for the first and second quarters of 2021. Shares of Tata Consultancy, an Indian technology services and consulting company, rose after the company reported strong earnings growth in the first and second quarters of 2021. Shares of BYD, a Chinese manufacturer of rechargeable batteries that was not held in the Fund, rose amid rising demand from electric vehicle manufacturers.

HOW WAS THE FUND POSITIONED?

During the reporting period, the Fund’s largest overweight allocations relative to the Benchmark were to the financials and consumer staples sectors and its largest underweight allocations were to the materials and energy sectors. By country, the Fund’s largest overweight allocations were to Hong Kong, Russia and Taiwan and its largest underweight positions were in China and South Korea.

TOP TEN EQUITY HOLDINGS OF THE PORTFOLIO AS OF OCTOBER 31, 2021						PERCENT OF TOTAL INVESTMENTS
	1.			Taiwan Semiconductor Manufacturing Co. Ltd. (Taiwan)			5.3	%
	2.			Tencent Holdings Ltd. (China)			3.7
	3.			Alibaba Group Holding Ltd. (China)			3.1
	4.			Samsung Electronics Co. Ltd. (South Korea)			3.0
	5.			Infosys Ltd. (India)			1.6
	6.			Meituan (China)			1.5
	7.			China Merchants Bank Co. Ltd., Class H (China)			1.5
	8.			Housing Development Finance Corp. Ltd. (India)			1.5
	9.			Sberbank of Russia PJSC, ADR (Russia)			1.4
	10.			NetEase, Inc. (China)			1.1

 

PORTFOLIO COMPOSITION BY COUNTRY AS OF OCTOBER 31, 2021		PERCENT OF TOTAL INVESTMENTS
China			33.4	%
Taiwan			16.5
South Korea			10.8
India			10.8
Russia			6.6
Brazil			3.0
Mexico			2.9
South Africa			2.7
Hong Kong			2.1
Indonesia			1.6
United States			1.4
Saudi Arabia			1.4
Thailand			1.2
Others (each less than 1.0%)			4.1
Short-Term Investments			1.5

*

The return shown is based on net asset value and may differ from the return shown in the financial highlights, which reflects adjustments made to the net asset value in accordance with accounting principles generally accepted in the United States of America. The net asset value was $47.92 as of October 31, 2021.

**

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 October 31, 2021, the closing price was $48.17.

***

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

The performance quoted is past performance and is not a guarantee of future results. Exchange-traded funds are subject to certain market risks. Investment returns and principal value of an investment will fluctuate so that an investor’s shares, when sold or redeemed, may be worth more or less than their original cost. Current performance may be higher or lower than the performance data shown. For up-to-date, month-end performance information please call 1-844-457-6383.

Fund commenced operations on March 10, 2021.

The graph illustrates comparative performance for $10,000 invested in shares of the JPMorgan ActiveBuilders Emerging Markets Equity ETF and MSCI Emerging Markets Index from March 10, 2021 to October 31, 2021. The performance of the Fund reflects the deduction of Fund expenses and assumes reinvestment of all dividends and capital gain distributions, if any. The performance of the MSCI Emerging Markets Index does not reflect the deduction of expenses associated with an exchange-traded fund and has been adjusted to reflect reinvestment of all dividends and capital gain distributions of the securities included in the Index, if

applicable. MSCI Emerging Markets Index is a free float adjusted market capitalization-weighted index measuring emerging market equity performance. Investors cannot invest directly in an index.

Performance shown in this section does not reflect the deduction of taxes that a shareholder may pay on Fund distributions or on gains resulting from redemption or sale of Fund shares.

International investing involves a greater degree of risk and increased volatility. Changes in currency exchange rates and differences in accounting and taxation policies outside the United States can raise or lower returns. Also, some over- seas markets may not be as politically and economically stable as the United States and other nations.

The returns shown are based on net asset values calculated for shareholder transactions and may differ from the returns shown in the financial highlights, which reflect adjustments made to the net asset values in accordance with accounting principles generally accepted in the United States of America.

INVESTMENT OBJECTIVE***

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

INVESTMENT APPROACH

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

HOW DID THE FUND PERFORM?

For the period from inception on July 7, 2021 to October 31, 2021, the Fund had a positive absolute return and outperformed the Index.

Relative to the Index, the Fund’s security selections in the health care and information technology sectors were leading contributors to performance, while the Fund’s security selections in the consumer discretionary and materials sectors were leading detractors from relative performance.

By country, the Fund’s security selections in Japan and France were leading contributors to performance relative to the Index. The Fund’s out-of-Index position in China and its security selection in Australia were leading detractors from relative performance.

Leading individual contributors to relative performance included the Fund’s overweight positions in Novo Nordisk A/S, Sea Ltd. and Capgemini SE. Shares of Novo Nordisk, a Danish

pharmaceuticals company, rose after the company reported earnings growth for the first quarter of 2021 and raised its 2021 forecast for earnings and revenue. Shares of Sea, a Singapore internet and mobile platform provider, rose as the company continued to increase its market share during the period. Shares of Capgemini, a French provider of technology consulting and outsourcing services, rose amid growth in revenue and earnings during the period.

Leading individual detractors from relative performance included the Fund’s out-of-Index positions in Samsung Electronics Co. and Alibaba Group Holding Ltd., and its overweight position in BHP Group Ltd. Shares of Samsung Electronics, a South Korean consumer electronics manufacturer, fell amid a global shortage of semiconductors. Shares of Alibaba Group Holding, a Chinese electronic commerce conglomerate, fell amid tighter regulatory scrutiny of large technology companies in China as well as broader investor concerns about China Evergrande Group’s struggles to meet debt payments. Shares of BHP Group, an Australian mining and metals company, fell amid quarterly declines in production and news that the company was negotiating to sell its petroleum extraction business to Woodside Petroleum Ltd.

HOW WAS THE FUND POSITIONED?

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

TOP TEN EQUITY HOLDINGS OF THE PORTFOLIO AS OF OCTOBER 31, 2021						PERCENT OF TOTAL INVESTMENTS
	1.			ASML Holding NV (Netherlands)			2.8	%
	2.			Nestle SA (Registered) (Switzerland)			2.7
	3.			Novo Nordisk A/S, Class B (Denmark)			2.1
	4.			LVMH Moet Hennessy Louis Vuitton SE (France)			2.0
	5.			Diageo plc (United Kingdom)			1.5
	6.			Keyence Corp. (Japan)			1.4
	7.			Sony Group Corp. (Japan)			1.4
	8.			L’Oreal SA (France)			1.3
	9.			Novartis AG (Registered) (Switzerland)			1.2
	10.			Allianz SE (Registered) (Germany)			1.2

 

PORTFOLIO COMPOSITION BY COUNTRY AS OF OCTOBER 31, 2021		PERCENT OF TOTAL INVESTMENTS
Japan			19.3	%
United Kingdom			12.1
France			11.6
Switzerland			9.3
Germany			8.7
Netherlands			6.4
Australia			4.2
Denmark			4.1
Sweden			3.3
United States			2.6
Hong Kong			2.3
Spain			2.1
China			1.4
Taiwan			1.2
Italy			1.2
South Korea			1.1
Finland			1.1
Singapore			1.1
Others (each less than 1.0%)			5.0
Short-Term Investments			1.9

*

The return shown is based on net asset value and may differ from the return shown in the financial highlights, which reflects adjustments made to the net asset value in accordance with accounting principles generally accepted in the United States of America. The net asset value was $49.03 as of October 31, 2021.

**

Market price return was calculated assuming an initial investment made at the inception date net asset value, reinvestment of all dividends and distributions at market price during the period, and sale at the market price on the last day of the period. The price used to calculate the market price return was the closing price on the NYSE Arca. As of October 31, 2021, the closing price was $49.21.

***

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

The performance quoted is past performance and is not a guarantee of future results. Exchange-traded funds are subject to certain market risks. Investment returns and principal value of an investment will fluctuate so that an investor’s shares, when sold or redeemed, may be worth more or less than their original cost. Current performance may be higher or lower than the performance data shown. For up-to-date, month-end performance information please call 1-844-457-6383.

Fund commenced operations on July 7, 2021.

The graph illustrates comparative performance for $10,000 invested in shares of the JPMorgan ActiveBuilders International Equity ETF and MSCI EAFE Index from July 7, 2021 to October 31, 2021. The performance of the Fund reflects the deduction of Fund expenses and assumes reinvestment of all dividends and capital gain distributions, if any. The performance of the MSCI EAFE Index does not reflect the deduction of expenses associated with an exchange-traded fund and has been adjusted to reflect reinvestment of all dividends and capital gain distributions of the securities included in the Index, if applicable. MSCI EAFE Index is

a free float-adjusted market capitalization weighted index measuring equity market performance of developed markets, excluding the U.S. and Canada. Investors cannot invest directly in an index.

Performance shown in this section does not reflect the deduction of taxes that a shareholder may pay on Fund distributions or on gains resulting from redemption or sale of Fund shares.

International investing involves a greater degree of risk and increased volatility. Changes in currency exchange rates and differences in accounting and taxation policies outside the United States can raise or lower returns. Also, some over- seas markets may not be as politically and economically stable as the United States and other nations.

The returns shown are based on net asset values calculated for shareholder transactions and may differ from the returns shown in the financial highlights, which reflect adjustments made to the net asset values in accordance with accounting principles generally accepted in the United States of America.

INVESTMENT OBJECTIVE***

The JPMorgan BetaBuilders Canada ETF (the “Fund”) seeks investment results that closely correspond, before fees and expenses, to the performance of the Morningstar^® Canada Target Market Exposure Index^SM (the “Underlying Index”).

INVESTMENT APPROACH

The Underlying Index is a free-float adjusted market-capitalization weighted index consisting of stocks traded primarily on the Toronto Stock Exchange. Using a “passive” investment approach, the Fund attempts to replicate the Underlying Index as closely as possible, before considering fees and expenses, and invests in substantially all of the securities in the Underlying Index in approximately the same proportions as the Underlying Index.

HOW DID THE FUND PERFORM?

For the twelve months ended October 31, 2021, the Fund performed in line with the Underlying Index, before considering the effects of differences in the timing of foreign exchange rate calculations, operating expenses, fees and tax management of the Fund’s portfolio.

The Fund’s and the Underlying Index’s exposures to the financials and energy sectors were leading contributors to absolute performance, while their exposures to the real estate and health care sectors were the smallest contributors and no sector detracted from absolute performance.

HOW WAS THE FUND POSITIONED?

During the reporting period, the Fund’s and the Underlying Index’s largest allocations were to the financials and energy sectors and their smallest allocations were to the real estate and health care sectors.

TOP TEN EQUITY HOLDINGS OF THE PORTFOLIO AS OF OCTOBER 31, 2021						PERCENT OF TOTAL INVESTMENTS
	1.			Shopify, Inc., Class A			7.5	%
	2.			Royal Bank of Canada			6.8
	3.			Toronto-Dominion Bank (The)			6.1
	4.			Brookfield Asset Management, Inc., Class A			4.0
	5.			Enbridge, Inc.			3.9
	6.			Canadian National Railway Co.			3.7
	7.			Bank of Nova Scotia (The)			3.6
	8.			Bank of Montreal			3.2
	9.			Canadian Imperial Bank of Commerce			2.5
	10.			TC Energy Corp.			2.4

 

PORTFOLIO COMPOSITION BY SECTOR AS OF OCTOBER 31, 2021		PERCENT OF TOTAL INVESTMENTS
Financials			34.8	%
Energy			13.5
Information Technology			10.9
Industrials			10.8
Materials			8.7
Consumer Staples			3.4
Consumer Discretionary			3.2
Utilities			3.0
Communication Services			2.7
Others (each less than 1.0%)			0.9
Short-Term Investments			8.1

*

The return shown is based on net asset value and may differ from the return shown in the financial highlights, which reflects adjustments made to the net asset value in accordance with accounting principles generally accepted in the United States of America. The net asset value was $67.80 as of October 31, 2021.

**

Market price return was calculated assuming an initial investment made at the market price at the beginning of the reporting period, reinvestment of all dividends and distributions at market price during the period, and sale at the market price on the last day of the period. The price used to calculate the market price return was the closing price on the Cboe BZX Exchange, Inc. As of October 31, 2021, the closing price was $67.98.

***

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

The performance quoted is past performance and is not a guarantee of future results. Exchange-traded funds are subject to certain market risks. Investment returns and principal value of an investment will fluctuate so that an investor’s shares, when sold or redeemed, may be worth more or less than their original cost. Current performance may be higher or lower than the performance data shown. For up-to-date, month-end performance information please call 1-844-457-6383.

Fund commenced operations on August 7, 2018.

The graph illustrates comparative performance for $10,000 invested in shares of the JPMorgan BetaBuilders Canada ETF and Morningstar^® Canada Target Market Exposure Index^SM from August 7, 2018 to October 31, 2021. The performance of the Fund reflects the deduction of Fund expenses and assumes reinvestment of all dividends and capital gain distributions, if any. The performance of the Morningstar^® Canada Target Market Exposure Index^SM does not reflect the deduction of expenses associated with an exchange-traded fund and has been adjusted to reflect reinvestment of all dividends and capital gain distributions of the securities included in the Index, if applicable. The Morningstar^® Canada Target Market Exposure Index^SM is a free float adjusted market

capitalization weighted index which consists of stocks traded primarily on the Toronto Stock Exchange. Investors cannot invest directly in an index.

For periods presented prior to November 1, 2019, the date on which a unitary fee structure was adopted, Fund performance reflects the waiver of the Fund’s fees and reimbursement of expenses for certain periods since the inception date. Without these waivers and reimbursements, performance would have been lower. Also, performance shown in this section does not reflect the deduction of taxes that a shareholder may pay on Fund distributions or on gains resulting from redemption or sale of Fund shares.

International investing involves a greater degree of risk and increased volatility. Changes in currency exchange rates and differences in accounting and taxation policies outside the United States can raise or lower returns.

The returns shown are based on net asset values calculated for shareholder transactions and may differ from the returns shown in the financial highlights, which reflect adjustments made to the net asset values in accordance with accounting principles generally accepted in the United States of America.

INVESTMENT OBJECTIVE***

The JPMorgan BetaBuilders Developed Asia ex-Japan ETF (the “Fund”) seeks investment results that closely correspond, before fees and expenses, to the performance of the Morningstar^® Developed Asia Pacific ex-Japan Target Market Exposure Index^SM (the “Underlying Index”).

INVESTMENT APPROACH

The Underlying Index is a free-float adjusted market-capitalization weighted index consisting of equity securities from developed Asia Pacific countries other than Japan, including: Australia, Hong Kong, New Zealand and Singapore. Using a “passive” investment approach, the Fund attempts to replicate the Underlying Index as closely as possible, before considering fees and expenses, and invests in substantially all of the securities in the Underlying Index in approximately the same proportions as the Underlying Index.

HOW DID THE FUND PERFORM?

For the twelve months ended October 31, 2021, the Fund performed in line with the Underlying Index, before considering the effects of differences in the Fund’s net asset value calculations versus the Underlying Index’s valuation calculations, differences in the timing of foreign exchange rate calculations, as well as operating expenses, fees and tax management of the Fund’s portfolio.

The Fund’s and the Underlying Index’s exposures to the financials and real estate sectors were leading contributors to absolute performance, while their exposures to the utilities and consumer staples sectors were the smallest contributors and no sectors detracted from absolute performance. By country, the Fund’s and the Underlying Index’s exposures to Australia and Hong Kong were leading contributors to absolute performance, while their exposures to Singapore and New Zealand were the smallest contributors to absolute performance.

HOW WAS THE FUND POSITIONED?

During the reporting period, the Fund’s and the Underlying Index’s largest allocations were to the financials and materials sectors and their smallest allocations were to the information technology and energy sectors. The Fund and the Underlying Index were mainly invested in four equity markets during the

reporting period; the largest allocations were to Australia and Hong Kong, followed by Singapore and New Zealand.

 

TOP TEN EQUITY HOLDINGS OF THE PORTFOLIO AS OF OCTOBER 31, 2021						PERCENT OF TOTAL INVESTMENTS
	1.			AIA Group Ltd. (Hong Kong)			6.6	%
	2.			Commonwealth Bank of Australia (Australia)			6.6
	3.			CSL Ltd. (Australia)			5.1
	4.			BHP Group Ltd. (Australia)			4.0
	5.			Hong Kong Exchanges & Clearing Ltd. (Hong Kong)			3.5
	6.			National Australia Bank Ltd. (Australia)			3.5
	7.			Westpac Banking Corp. (Australia)			3.5
	8.			Australia & New Zealand Banking Group Ltd. (Australia)			3.0
	9.			Macquarie Group Ltd. (Australia)			2.5
	10.			Wesfarmers Ltd. (Australia)			2.4

 

PORTFOLIO COMPOSITION BY COUNTRY AS OF OCTOBER 31, 2021		PERCENT OF TOTAL INVESTMENTS
Australia			59.2	%
Hong Kong			21.2
Singapore			9.6
New Zealand			2.4
China			1.2
Macau			1.0
Others (each less than 1.0%)			1.8
Short-Term Investments			3.6

*

The return shown is based on net asset value and may differ from the return shown in the financial highlights, which reflects adjustments made to the net asset value in accordance with accounting principles generally accepted in the United States of America. The net asset value was $56.89 as of October 31, 2021.

**

Market price return was calculated assuming an initial investment made at the market price at the beginning of the reporting period, reinvestment of all dividends and distributions at market price during the period, and sale at the market price on the last day of the period. The price used to calculate the market price return was the closing price on the Cboe BZX Exchange, Inc. As of October 31, 2021, the closing price was $57.12.

***

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

The performance quoted is past performance and is not a guarantee of future results. Exchange-traded funds are subject to certain market risks. Investment returns and principal value of an investment will fluctuate so that an investor’s shares, when sold or redeemed, may be worth more or less than their original cost. Current performance may be higher or lower than the performance data shown. For up-to-date, month-end performance information please call 1-844-457-6383.

Fund commenced operations on August 7, 2018.

The graph illustrates comparative performance for $10,000 invested in shares of the JPMorgan BetaBuilders Developed Asia ex-Japan ETF and Morningstar^® Developed Asia Pacific ex-Japan Target Market Exposure Index^SM from August 7, 2018 to October 31, 2021. The performance of the Fund reflects the deduction of Fund expenses and assumes reinvestment of all dividends and capital gain distributions, if any. The performance of the Morningstar^® Developed Asia Pacific ex-Japan Target Market Exposure Index^SM does not reflect the deduction of expenses associated with an exchange-traded fund and has been adjusted to reflect reinvestment of all dividends and capital gain distributions of the securities included in the Index, if applicable. The Morningstar^® Developed Asia Pacific ex-Japan Target Market Exposure Index^SM is a free float adjusted market capitalization-weighted index that consists of equity securities from

developed Asia-Pacific countries or regions other than Japan, including Australia, Hong Kong, New Zealand, and Singapore. Investors cannot invest directly in an index.

For periods presented prior to November 1, 2019, the date on which a unitary fee structure was adopted, Fund performance reflects the waiver of the Fund’s fees and reimbursement of expenses for certain periods since the inception date. Without these waivers and reimbursements, performance would have been lower. Also, performance shown in this section does not reflect the deduction of taxes that a shareholder may pay on Fund distributions or on gains resulting from redemption or sale of Fund shares.

International investing involves a greater degree of risk and increased volatility. Changes in currency exchange rates and differences in accounting and taxation policies outside the United States can raise or lower returns. Also, some over- seas markets may not be as politically and economically stable as the United States and other nations.

The returns shown are based on net asset values calculated for shareholder transactions and may differ from the returns shown in the financial highlights, which reflect adjustments made to the net asset values in accordance with accounting principles generally accepted in the United States of America.

INVESTMENT OBJECTIVE***

The JPMorgan BetaBuilders Europe ETF (the “Fund”) seeks investment results that closely correspond, before fees and expenses, to the performance of the Morningstar^® Developed Europe Target Market Exposure Index^SM (the “Underlying Index”).

INVESTMENT APPROACH

The Underlying Index is a free-float adjusted market-capitalization weighted index consisting of equity securities from developed European countries or regions, including Austria, Belgium, Denmark, Finland, France, Germany, Ireland, Italy, the Netherlands, Norway, Portugal, Spain, Sweden, Switzerland and the U.K. Using a “passive” investment approach, the Fund attempts to replicate the Underlying Index as closely as possible, before considering fees and expenses, and invests in substantially all of the securities in the Underlying Index in approximately the same proportions as the Underlying Index.

HOW DID THE FUND PERFORM?

For the twelve months ended October 31, 2021, the Fund performed in line with the Underlying Index, before considering the effects of differences in the Fund’s net asset value calculations versus the Underlying Index’s valuation calculations, differences in the timing of foreign exchange rate calculations, as well as operating expenses, fees and tax management of the Fund’s portfolio.

The Fund’s and the Underlying Index’s exposures to the financials and industrials sectors were leading contributors to absolute performance, while their exposures to the real estate and communication services sectors were the smallest contributors and no sector detracted from absolute performance.

By country, the Fund’s and the Underlying Index’s exposures to the U.K. and France were leading contributors to absolute performance, while their exposures to Poland and Portugal were the smallest contributors and no country detracted from absolute performance.

HOW WAS THE FUND POSITIONED?

During the reporting period, the Fund’s and the Underlying Index’s largest allocations were to the financials and industrials sectors and their smallest allocations were to the real estate and communications services sectors. The Fund’s and the Underlying Index’s largest country allocations were to the U.K. and France and the smallest allocations were to Poland and Portugal.

TOP TEN EQUITY HOLDINGS OF THE PORTFOLIO AS OF OCTOBER 31, 2021						PERCENT OF TOTAL INVESTMENTS
	1.			Nestle SA (Registered) (Switzerland)		3.2%
	2.			ASML Holding NV (Netherlands)		2.9
	3.			Roche Holding AG (Switzerland)		2.4
	4.			LVMH Moet Hennessy Louis Vuitton SE (France)		1.8
	5.			Novartis AG (Registered) (Switzerland)		1.7
	6.			AstraZeneca plc (United Kingdom)		1.7
	7.			Novo Nordisk A/S, Class B (Denmark)		1.5
	8.			SAP SE (Germany)		1.4
	9.			Unilever plc (United Kingdom)		1.2
	10.			Siemens AG (Registered) (Germany)		1.1

 

PORTFOLIO COMPOSITION BY COUNTRY AS OF OCTOBER 31, 2021		PERCENT OF TOTAL INVESTMENTS
United Kingdom			18.6	%
France			15.2
Switzerland			14.3
Germany			12.5
Netherlands			8.2
Sweden			6.0
Denmark			4.1
Spain			3.7
Italy			3.3
Finland			2.1
United States			1.9
Australia			1.5
Belgium			1.4
Norway			1.1
Ireland			1.0
Others (each less than 1.0%)			3.4
Short-Term Investments			1.7

*

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 $59.74 as of October 31, 2021.

**

Market price return was calculated assuming an initial investment made at the market price at the beginning of the reporting period, reinvestment of all dividends and distributions at market price during the period, and sale at the market price on the last day of the period. The price used to calculate the market price return was the closing price on the Cboe BZX Exchange, Inc. As of October 31, 2021, the closing price was $59.92.

***

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

The performance quoted is past performance and is not a guarantee of future results. Exchange-traded funds are subject to certain market risks. Investment returns and principal value of an investment will fluctuate so that an investor’s shares, when sold or redeemed, may be worth more or less than their original cost. Current performance may be higher or lower than the performance data shown. For up-to-date, month-end performance information please call 1-844-457-6383.

Fund commenced operations on June 15, 2018.

The graph illustrates comparative performance for $10,000 invested in shares of the JPMorgan BetaBuilders Europe ETF and Morningstar^® Developed Europe Target Market Exposure Index^SM from June 15, 2018 to October 31, 2021. The performance of the Fund reflects the deduction of Fund expenses and assumes reinvestment of all dividends and capital gain distributions, if any. The performance of the Morningstar^® Developed Europe Target Market Exposure Index^SM does not reflect the deduction of expenses associated with an exchange-traded fund and has been adjusted to reflect reinvestment of all dividends and capital gain distributions of the securities included in the Index, if applicable. Morningstar^® Developed Europe Target Market Exposure Index^SM is a free float adjusted market capitalization-weighted index which consists of

equity securities from developed European countries or regions. Investors cannot invest directly in an index.

For periods presented prior to November 1, 2019, the date on which a unitary fee structure was adopted, Fund performance reflects the waiver of the Fund’s fees and reimbursement of expenses for certain periods since the inception date. Without these waivers and reimbursements, performance would have been lower. Also, performance shown in this section does not reflect the deduction of taxes that a shareholder may pay on Fund distributions or on gains resulting from redemption or sale of Fund shares.

International investing involves a greater degree of risk and increased volatility. Changes in currency exchange rates and differences in accounting and taxation policies outside the United States can raise or lower returns. Also, some over- seas markets may not be as politically and economically stable as the United States and other nations.

The returns shown are based on net asset values calculated for shareholder transactions and may differ from the returns shown in the financial highlights, which reflect adjustments made to the net asset values in accordance with accounting principles generally accepted in the United States of America.

INVESTMENT OBJECTIVE***

The JPMorgan BetaBuilders International Equity ETF (the “Fund”) seeks investment results that closely correspond, before fees and expenses, to the performance of the Morningstar^® Developed Markets ex-North America Target Market Exposure Index^SM (the “Underlying Index”).

INVESTMENT APPROACH

The Underlying Index is a free-float adjusted market-capitalization weighted index consisting of equity securities from developed countries outside the U.S. and Canada. Using a “passive” investment approach, the Fund attempts to replicate the Underlying Index as closely as possible, before considering fees and expenses, and invests in substantially all of the securities in the Underlying Index in approximately the same proportions as the Underlying Index.

HOW DID THE FUND PERFORM?

For the twelve months ended October 31, 2021, the Fund performed in line with the Underlying Index, before considering the effects of differences in the Fund’s net asset value calculations versus the Underlying Index’s valuation calculations, differences in the timing of foreign exchange rate calculations, as well as operating expenses, fees and tax management of the Fund’s portfolio.

The Fund’s and the Underlying Index’s exposures to the financials and industrials sectors were leading contributors to absolute performance, while their exposures to the utilities and communication services sectors were the smallest contributors and no sector detracted from absolute performance. The Fund’s and the Underlying Index’s exposures to the U.K. and Japan were leading contributors to absolute performance, while their exposures to Portugal and Poland were the smallest contributors and no country detracted from absolute performance.

HOW WAS THE FUND POSITIONED?

During the reporting period, the Fund’s and the Underlying Index’s largest sector allocations were to the financials and industrials sectors, while their smallest allocations were to the real estate and energy sectors. The Fund’s and the Underlying Index’s largest country allocations were to Japan and the U.K., while their smallest allocations were to Poland and Portugal.

TOP TEN EQUITY HOLDINGS OF THE PORTFOLIO AS OF OCTOBER 31, 2021						PERCENT OF TOTAL INVESTMENTS
	1.			Nestle SA (Registered) (Switzerland)			2.0	%
	2.			ASML Holding NV (Netherlands)			1.9
	3.			Roche Holding AG (Switzerland)			1.6
	4.			Toyota Motor Corp. (Japan)			1.2
	5.			LVMH Moet Hennessy Louis Vuitton SE (France)			1.2
	6.			Novartis AG (Registered) (Switzerland)			1.1
	7.			AstraZeneca plc (United Kingdom)			1.1
	8.			Novo Nordisk A/S, Class B (Denmark)			1.0
	9.			SAP SE (Germany)			0.9
	10.			Sony Group Corp. (Japan)			0.8

 

PORTFOLIO COMPOSITION BY COUNTRY AS OF OCTOBER 31, 2021		PERCENT OF TOTAL INVESTMENTS
Japan			24.7	%
United Kingdom			12.0
France			9.7
Switzerland			9.2
Germany			8.0
Australia			7.5
Netherlands			5.2
Sweden			3.8
Denmark			2.6
Spain			2.4
Hong Kong			2.4
Italy			2.1
Finland			1.3
United States			1.3
Singapore			1.1
Others (each less than 1.0%)			5.2
Short-Term Investments			1.5

*

The return shown is based on net asset value and may differ from the return shown in the financial highlights, which reflects adjustments made to the net asset value in accordance with accounting principles generally accepted in the United States of America. The net asset value was $60.53 as of October 31, 2021.

**

Market price return was calculated assuming an initial investment made at the market price at the beginning of the reporting period, reinvestment of all dividends and distributions at market price during the period, and sale at the market price on the last day of the period. The price used to calculate the market price return was the closing price on the Cboe BZX Exchange, Inc. As of October 31, 2021, the closing price was $60.64.

***

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

The performance quoted is past performance and is not a guarantee of future results. Exchange-traded funds are subject to certain market risks. Investment returns and principal value of an investment will fluctuate so that an investor’s shares, when sold or redeemed, may be worth more or less than their original cost. Current performance may be higher or lower than the performance data shown. For up-to-date, month-end performance information please call 1-844-457-6383.

Fund commenced operations on December 3, 2019.

The graph illustrates comparative performance for $10,000 invested in shares of the JPMorgan BetaBuilders International Equity ETF and Morningstar^® Developed Markets ex-North America Target Market Exposure Index^SM from December 3, 2019 to October 31, 2021. The performance of the Fund reflects the deduction of Fund expenses and assumes reinvestment of all dividends and capital gain distributions, if any. The performance of the Morningstar^® Developed Markets ex-North America Target Market Exposure Index^SM does not reflect the deduction of expenses associated with an exchange-traded fund and has been adjusted to reflect reinvestment of all dividends and capital gain distributions of the securities included in the Index, if applicable. The Morningstar^®

Developed Markets ex-North America Target Market Exposure Index^SM is a free float adjusted market capitalization weighted index which consists of stocks traded primarily on equity markets in developed markets outside North America. Investors cannot invest directly in an index.

Performance shown in this section does not reflect the deduction of taxes that a shareholder may pay on Fund distributions or on gains resulting from redemption or sale of Fund shares.

International investing involves a greater degree of risk and increased volatility. Changes in currency exchange rates and differences in accounting and taxation policies outside the United States can raise or lower returns. Also, some foreign markets may not be as politically and economically stable as the United States and other nations.

The returns shown are based on net asset values calculated for shareholder transactions and may differ from the returns shown in the financial highlights, which reflect adjustments made to the net asset values in accordance with accounting principles generally accepted in the United States of America.

INVESTMENT OBJECTIVE***

The JPMorgan BetaBuilders Japan ETF (the “Fund”) seeks investment results that closely correspond, before fees and expenses, to the performance of the Morningstar^® Japan Target Market Exposure Index^SM (the “Underlying Index”).

INVESTMENT APPROACH

The Underlying Index is a free-float adjusted market-capitalization weighted index consisting of stocks traded primarily on the Tokyo Stock Exchange or the Nagoya Stock Exchange. Using a “passive” investment approach, the Fund attempts to replicate the Underlying Index as closely as possible, before considering fees and expenses, and invests in substantially all of the securities in the Underlying Index in approximately the same proportions as the Underlying Index.

HOW DID THE FUND PERFORM?

For the twelve months ended October 31, 2021, the Fund performed in line with the Underlying Index, before considering the effects of differences in the Fund’s net asset value calculations versus the Underlying Index’s valuation calculations, differences in the timing of foreign exchange rate calculations, as well as operating expenses, fees and tax management of the Fund’s portfolio.

The Fund’s and the Underlying Index’s exposures to the industrials and consumer discretionary sectors were leading contributors to absolute performance, while their exposures to the utilities sector was the sole sector detractor from absolute performance.

HOW WAS THE FUND POSITIONED?

During the reporting period, the Fund’s and the Underlying Index’s largest allocations were to the industrials and consumer discretionary sectors and their smallest allocations were to the energy and utilities sectors.

TOP TEN EQUITY HOLDINGS OF THE PORTFOLIO AS OF OCTOBER 31, 2021						PERCENT OF TOTAL INVESTMENTS
	1.			Toyota Motor Corp.			5.0	%
	2.			Sony Group Corp.			3.2
	3.			Keyence Corp.			2.5
	4.			Recruit Holdings Co. Ltd.			2.5
	5.			Tokyo Electron Ltd.			1.6
	6.			Shin-Etsu Chemical Co. Ltd.			1.6
	7.			Mitsubishi UFJ Financial Group, Inc.			1.6
	8.			SoftBank Group Corp.			1.5
	9.			Daikin Industries Ltd.			1.4
	10.			Nidec Corp.			1.3

 

PORTFOLIO COMPOSITION BY SECTOR AS OF OCTOBER 31, 2021		PERCENT OF TOTAL INVESTMENTS
Industrials			23.3	%
Consumer Discretionary			20.1
Information Technology			13.2
Health Care			9.4
Financials			8.6
Communication Services			7.0
Consumer Staples			6.9
Materials			5.7
Real Estate			3.9
Utilities			1.0
Energy			0.7
Short-Term Investments			0.2

*

The return shown is based on net asset value and may differ from the return shown in the financial highlights, which reflects adjustments made to the net asset value in accordance with accounting principles generally accepted in the United States of America. The net asset value was $57.16 as of October 31, 2021.

**

Market price return was calculated assuming an initial investment made at the market price at the beginning of the reporting period, reinvestment of all dividends and distributions at market price during the period, and sale at the market price on the last day of the period. The price used to calculate the market price return was the closing price on the Cboe BZX Exchange, Inc. As of October 31, 2021, the closing price was $57.21.

***

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

The performance quoted is past performance and is not a guarantee of future results. Exchange-traded funds are subject to certain market risks. Investment returns and principal value of an investment will fluctuate so that an investor’s shares, when sold or redeemed, may be worth more or less than their original cost. Current performance may be higher or lower than the performance data shown. For up-to-date, month-end performance information please call 1-844-457-6383.

Fund commenced operations on June 15, 2018.

The graph illustrates comparative performance for $10,000 invested in shares of the JPMorgan BetaBuilders Japan ETF and Morningstar^® Japan Target Market Exposure Index^SM from June 15, 2018 to October 31, 2021. The performance of the Fund reflects the deduction of Fund expenses and assumes reinvestment of all dividends and capital gain distributions, if any. The performance of the Morningstar^® Japan Target Market Exposure Index^SM does not reflect the deduction of expenses associated with an exchange-traded fund and has been adjusted to reflect reinvestment of all dividends and capital gain distributions of the securities included in the Index, if applicable. Morningstar^® Japan Target Market Exposure Index^SM is a free float adjusted market capitalization weighted index which consists of stocks traded primarily on the Tokyo Stock Exchange or the Nagoya Stock Exchange. Investors cannot invest directly in an index.

For periods presented prior to November 1, 2019, the date on which a unitary fee structure was adopted, Fund performance reflects the waiver of the Fund’s fees and reimbursement of expenses for certain periods since the inception date. Without these waivers and reimbursements, performance would have been lower. Also, performance shown in this section does not reflect the deduction of taxes that a shareholder may pay on Fund distributions or on gains resulting from redemption or sale of Fund shares.

International investing involves a greater degree of risk and increased volatility. Changes in currency exchange rates and differences in accounting and taxation policies outside the United States can raise or lower returns. Also, some over- seas markets may not be as politically and economically stable as the United States and other nations.

The returns shown are based on net asset values calculated for shareholder transactions and may differ from the returns shown in the financial highlights, which reflect adjustments made to the net asset values in accordance with accounting principles generally accepted in the United States of America.

INVESTMENT OBJECTIVE***

The JPMorgan BetaBuilders U.S. Equity ETF (the “Fund”) seeks investment results that closely correspond, before fees and expenses, to the performance of the Morningstar^® US Target Market Exposure Index^SM (the “Underlying Index”).

INVESTMENT APPROACH

The Underlying Index is a free-float adjusted market-capitalization weighted index consisting of equity securities traded primarily in the U.S. It targets the top 85% of those stocks by market capitalization, and primarily includes large and mid-capitalization companies. Using a “passive” investment approach, the Fund attempts to replicate the Underlying Index as closely as possible, before considering fees and expenses, and invests in substantially all of the securities in the Underlying Index in approximately the same proportions as the Underlying Index.

HOW DID THE FUND PERFORM?

For the twelve months ended October 31, 2021, 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 exposures to the information technology and financials sectors were leading contributors to absolute performance, while their exposures to the utilities and materials sectors were the smallest contributors and no sector detracted from absolute performance.

HOW WAS THE FUND POSITIONED?

During the reporting period, the Fund’s and the Underlying Index’s largest allocations were to the information technology and health care sectors and their smallest allocations were to the energy and utilities sectors.

TOP TEN EQUITY HOLDINGS OF THE PORTFOLIO AS OF OCTOBER 31, 2021						PERCENT OF TOTAL INVESTMENTS
	1.			Microsoft Corp.			6.0	%
	2.			Apple, Inc.			5.7
	3.			Amazon.com, Inc.			3.5
	4.			Tesla, Inc.			2.2
	5.			Alphabet, Inc., Class A			2.2
	6.			Alphabet, Inc., Class C			2.0
	7.			Meta Platforms, Inc., Class A			1.9
	8.			NVIDIA Corp.			1.5
	9.			Berkshire Hathaway, Inc., Class B			1.3
	10.			JPMorgan Chase & Co.			1.2

 

PORTFOLIO COMPOSITION BY SECTOR AS OF OCTOBER 31, 2021		PERCENT OF TOTAL INVESTMENTS
Information Technology			28.5	%
Health Care			12.7
Consumer Discretionary			12.7
Financials			11.4
Communication Services			10.7
Industrials			7.9
Consumer Staples			5.4
Real Estate			2.8
Energy			2.6
Materials			2.4
Utilities			2.4
Short-Term Investments			0.5

*

The return shown is based on net asset value and may differ from the return shown in the financial highlights, which reflects adjustments made to the net asset value in accordance with accounting principles generally accepted in the United States of America. The net asset value was $84.15 as of October 31, 2021.

**

Market price return was calculated assuming an initial investment made at the market price at the beginning of the reporting period, reinvestment of all dividends and distributions at market price during the period, and sale at the market price on the last day of the period. The price used to calculate the market price return was the closing price on the Cboe BZX Exchange, Inc. As of October 31, 2021, the closing price was $84.11.

***

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

The performance quoted is past performance and is not a guarantee of future results. Exchange-traded funds are subject to certain market risks. Investment returns and principal value of an investment will fluctuate so that an investor’s shares, when sold or redeemed, may be worth more or less than their original cost. Current performance may be higher or lower than the performance data shown. For up-to-date, month-end performance information please call 1-844-457-6383.

Fund commenced operations on March 12, 2019.

The graph illustrates comparative performance for $10,000 invested in shares of the JPMorgan BetaBuilders U.S. Equity ETF and the Morningstar^® US Target Market Exposure Index^SM from March 12, 2019 to October 31, 2021. The performance of the Fund reflects the deduction of Fund expenses and assumes reinvestment of all dividends and capital gain distributions, if any. The performance of the Morningstar^® US Target Market Exposure Index^SM does not

reflect the deduction of expenses associated with an exchange-traded fund and has been adjusted to reflect reinvestment of all dividends and capital gain distributions of the securities included in the Index, if applicable. Morningstar^® US Target Market Exposure Index^SM is a free float adjusted market capitalization weighted index which consists of stocks traded primarily on the US Stock Exchange. Investors cannot invest directly in an index.

Performance shown in this section does not reflect the deduction of taxes that a shareholder may pay on Fund distributions or on gains resulting from redemption or sale of Fund shares.

The returns shown are based on net asset values calculated for shareholder transactions and may differ from the returns shown in the financial highlights, which reflect adjustments made to the net asset values in accordance with accounting principles generally accepted in the United States of America.

INVESTMENT OBJECTIVE***

The JPMorgan BetaBuilders U.S. Mid Cap Equity ETF (the “Fund”) seeks investment results that closely correspond, before fees and expenses, to the performance of the Morningstar^® US Mid Cap Target Market Exposure Extended Index^SM (the “Underlying Index”).

INVESTMENT APPROACH

The Underlying Index is a free-float adjusted market-capitalization weighted index consisting of mid capitalization equity securities traded primarily in the U.S. It targets those securities that fall between the 85^th and 95^th percentiles in market capitalization of the investible universe. Using a “passive” investment approach, the Fund attempts to replicate the Underlying Index as closely as possible, before considering fees and expenses, and invests in substantially all of the securities in the Underlying Index in approximately the same proportions as the Underlying Index.

HOW DID THE FUND PERFORM?

For the twelve months ended October 31, 2021, the Fund had a positive absolute return and performed in line with the Underlying Index, before considering the effects of operating expenses, fees and tax management of the Fund’s portfolio.

The Fund’s and the Underlying Index’s exposures to the information technology and financials sectors were leading contributors to absolute performance, while their exposures to the communication services and utilities sectors were the smallest contributors and no sector detracted from absolute performance.

HOW WAS THE FUND POSITIONED?

During the reporting period, the Fund’s and the Underlying Index’s largest allocations were to the information technology and industrials sectors and their smallest allocations were to the utilities and energy sectors.

TOP TEN EQUITY HOLDINGS OF THE PORTFOLIO AS OF OCTOBER 31, 2021						PERCENT OF TOTAL INVESTMENTS
	1.			Datadog, Inc., Class A			1.0	%
	2.			MongoDB, Inc.			0.9
	3.			Generac Holdings, Inc.			0.8
	4.			Enphase Energy, Inc.			0.8
	5.			Bill.com Holdings, Inc.			0.7
	6.			Devon Energy Corp.			0.6
	7.			Catalent, Inc.			0.6
	8.			Caesars Entertainment, Inc.			0.6
	9.			Monolithic Power Systems, Inc.			0.6
	10.			Charles River Laboratories International, Inc.			0.6

 

PORTFOLIO COMPOSITION BY SECTOR AS OF OCTOBER 31, 2021		PERCENT OF TOTAL INVESTMENTS
Information Technology			19.4	%
Industrials			15.2
Financials			13.2
Health Care			13.1
Consumer Discretionary			13.1
Real Estate			7.7
Materials			4.3
Energy			2.8
Consumer Staples			2.7
Communication Services			2.5
Utilities			1.8
Short-Term Investments			4.2

*

The return shown is based on net asset value and may differ from the return shown in the financial highlights, which reflects adjustments made to the net asset value in accordance with accounting principles generally accepted in the United States of America. The net asset value was $93.59 as of October 31, 2021.

**

Market price return was calculated assuming an initial investment made at the inception date net asset value, reinvestment of all dividends and distributions at market price during the period, and sale at the market price on the last day of the period. The price used to calculate the market price return was the closing price on the NYSE Arca. As of October 31, 2021, the closing price was $93.68.

***

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

The performance quoted is past performance and is not a guarantee of future results. Exchange-traded funds are subject to certain market risks. Investment returns and principal value of an investment will fluctuate so that an investor’s shares, when sold or redeemed, may be worth more or less than their original cost. Current performance may be higher or lower than the performance data shown. For up-to-date, month-end performance information please call 1-844-457-6383.

Fund commenced operations on April 14, 2020.

The graph illustrates comparative performance for $10,000 invested in shares of the JPMorgan BetaBuilders U.S. Mid Cap Equity ETF and Morningstar^® US Mid Cap Target Market Exposure Extended Index^SM from April 14, 2020 to October 31, 2021. The performance of the Fund reflects the deduction of Fund expenses and assumes reinvestment of all dividends and capital gain distributions, if any. The performance of the Morningstar^® US Mid Cap Target

Market Exposure Extended Index^SM does not reflect the deduction of expenses associated with an exchange-traded fund and has been adjusted to reflect reinvestment of all dividends and capital gain distributions of the securities included in the Index, if applicable. The Morningstar^® US Mid Cap Target Market Exposure Extended Index^SM is a free float adjusted market capitalization-weighted index that consists of mid cap U.S. equity securities. Investors cannot invest directly in an index.

Performance shown in this section does not reflect the deduction of taxes that a shareholder may pay on Fund distributions or on gains resulting from redemption or sale of Fund shares.

The returns shown are based on net asset values calculated for shareholder transactions and may differ from the returns shown in the financial highlights, which reflect adjustments made to the net asset values in accordance with accounting principles generally accepted in the United States of America.

INVESTMENT OBJECTIVE***

The JPMorgan BetaBuilders U.S. Small Cap Equity ETF (the “Fund”) seeks investment results that closely correspond, before fees and expenses, to the performance of the Morningstar^® US Small Cap Target Market Exposure Extended IndexSM (the “Underlying Index”).

INVESTMENT APPROACH

The Underlying Index is a free float adjusted market-capitalization weighted index consisting of small capitalization equity securities traded primarily in the U.S. It targets those securities that fall between the 95th and 99th percentiles in market capitalization of the investible universe. Using a “passive” investment approach, the Fund attempts to replicate the Underlying Index as closely as possible, before considering fees and expenses, and invests in substantially all of the securities in the Underlying Index in approximately the same proportions as the Underlying Index.

HOW DID THE FUND PERFORM?

For the period from inception on November 16, 2020 to October 31, 2021, the Fund had a positive absolute return and performed in line with the Underlying Index, before considering the effects of operating expenses, fees and tax management of the Fund’s portfolio.

The Fund’s and the Underlying Index’s exposures to the information technology and consumer discretionary were leading contributors to absolute performance, while their exposures to the utilities and consumer staples sectors were the smallest contributors and no sector detracted from absolute performance.

HOW WAS THE FUND POSITIONED?

During the reporting period, the Fund’s and the Underlying Index’s largest allocations were to the health care and information technology sectors and their smallest allocations were to the utilities and consumer staples sectors.

TOP TEN EQUITY HOLDINGS OF THE PORTFOLIO AS OF OCTOBER 31, 2021						PERCENT OF TOTAL INVESTMENTS
	1.			ZoomInfo Technologies, Inc., Class A			0.6	%
	2.			SoFi Technologies, Inc.			0.6
	3.			Asana, Inc., Class A			0.5
	4.			Ovintiv, Inc.			0.5
	5.			Intellia Therapeutics, Inc.			0.5
	6.			Apartment Income REIT Corp.			0.4
	7.			Macy’s, Inc.			0.4
	8.			Biohaven Pharmaceutical Holding Co. Ltd.			0.4
	9.			Saia, Inc.			0.4
	10.			Dick’s Sporting Goods, Inc.			0.4

 

PORTFOLIO COMPOSITION BY SECTOR AS OF OCTOBER 31, 2021		PERCENT OF TOTAL INVESTMENTS
Health Care			16.8	%
Information Technology			15.3
Industrials			14.7
Financials			14.4
Consumer Discretionary			11.5
Real Estate			6.5
Energy			5.6
Materials			3.8
Communication Services			3.6
Consumer Staples			2.4
Utilities			1.5
Short-Term Investments			3.9

*

The return shown is based on net asset value and may differ from the return shown in the financial highlights, which reflects adjustments made to the net asset value in accordance with accounting principles generally accepted in the United States of America. The net asset value was $67.49 as of October 31, 2021.

**

Market price return was calculated assuming an initial investment made at the inception date net asset value, reinvestment of all dividends and distributions at market price during the period, and sale at the market price on the last day of the period. The price used to calculate the market price return was the closing price on the NYSE Arca. As of October 31, 2021, the closing price was $67.56.

***

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

The performance quoted is past performance and is not a guarantee of future results. Exchange-traded funds are subject to certain market risks. Investment returns and principal value of an investment will fluctuate so that an investor’s shares, when sold or redeemed, may be worth more or less than their original cost. Current performance may be higher or lower than the performance data shown. For up-to-date, month-end performance information please call 1-844-457-6383.

Fund commenced operations on November 16, 2020.

The graph illustrates comparative performance for $10,000 invested in shares of the JPMorgan BetaBuilders U.S. Small Cap Equity ETF and Morningstar^® US Small Cap Target Market Exposure Extended Index^SM from November 16, 2020 to October 31, 2021. The performance of the Fund reflects the deduction of Fund expenses and assumes reinvestment of all dividends and capital gain distributions, if any. The performance of the Morningstar^® US Small Cap Target

Market Exposure Extended Index^SM does not reflect the deduction of expenses

associated with an exchange-traded fund and has been adjusted to reflect reinvestment of all dividends and capital gain distributions of the securities included in the Index, if applicable. The Morningstar^® US Small Cap Target Market Exposure Extended Index^SM is a free float adjusted market capitalization weighted index that consists of small cap U.S. equity securities. Investors cannot invest directly in an index.

Performance shown in this section does not reflect the deduction of taxes that a shareholder may pay on Fund distributions or on gains resulting from redemption or sale of Fund shares.

The returns shown are based on net asset values calculated for shareholder transactions and may differ from the returns shown in the financial highlights, which reflect adjustments made to the net asset values in accordance with accounting principles generally accepted in the United States of America.

INVESTMENT OBJECTIVE***

The JPMorgan Carbon Transition U.S. Equity ETF (the “Fund”) seeks investment results that closely correspond, before fees and expenses, to the performance of the JPMorgan Asset Management Carbon Transition U.S. Equity Index (the “Underlying Index”).

INVESTMENT APPROACH

The Fund is passively managed to the Underlying Index, which primarily tracks U.S. large- and mid-cap equity securities of companies located in the U.S. and employs a rules-based process designed to capture the performance of companies that have been identified as better positioned to benefit from a transition to a lower carbon economy while also providing broader U.S. market exposure. Companies are evaluated on how they effectively manage emissions, resources and carbon-related risks.

HOW DID THE FUND PERFORM?

For the period from inception on December 9, 2020 to October 31, 2021, the Fund provided a positive absolute return and performed in line with the Underlying Index, before considering operating expenses, fees and tax management of the Fund’s portfolio. Both the Fund and the Underlying Index outperformed the Russell 1000 Index, which is a more traditional market capitalization weighted index.

The Fund’s and the Underlying Index’s exposures to the information technology and financial sectors were leading contributors to absolute performance, while their exposures to the utilities and materials sectors were the smallest contributors and no sector detracted from absolute performance.

Relative to the Russell 1000 Index, the Fund’s and the Underlying Index’s exposures to the information technology and communication services sectors were leading contributors to performance, while their exposures to the health care and materials sectors were leading detractors from relative performance.

HOW WAS THE FUND POSITIONED?

During the reporting period, the Fund’s largest allocations were to the information technology and health care sectors and the smallest allocations were to the utilities and energy sectors.

TOP TEN EQUITY HOLDINGS OF THE PORTFOLIO AS OF OCTOBER 31, 2021						PERCENT OF TOTAL INVESTMENTS
	1.			Microsoft Corp.			6.0	%
	2.			Apple, Inc.			5.6
	3.			Alphabet, Inc., Class A			4.2
	4.			Amazon.com, Inc.			3.6
	5.			Tesla, Inc.			1.7
	6.			NVIDIA Corp.			1.7
	7.			Meta Platforms, Inc., Class A			1.6
	8.			UnitedHealth Group, Inc.			1.3
	9.			Johnson & Johnson			1.2
	10.			Home Depot, Inc. (The)			1.2

 

PORTFOLIO COMPOSITION BY SECTOR AS OF OCTOBER 31, 2021		PERCENT OF TOTAL INVESTMENTS
Information Technology			29.2	%
Health Care			13.3
Consumer Discretionary			13.3
Financials			11.8
Communication Services			9.1
Industrials			7.5
Consumer Staples			5.2
Real Estate			3.3
Energy			2.8
Materials			2.4
Utilities			2.1
Short-Term Investments			0.0	(a)

*

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 $62.33 as of October 31, 2021.

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Market price return was calculated assuming an initial investment made at the inception date net asset value, reinvestment of all dividends and distributions at market price during the period, and sale at the market price on the last day of the period. The price used to calculate the market price return was the closing price on the NYSE Arca. As of October 31, 2021, the closing price was $62.34.

***

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

(a)

Amounts rounds to less than 0.1%.

The performance quoted is past performance and is not a guarantee of future results. Exchange-traded funds are subject to certain market risks. Investment returns and principal value of an investment will fluctuate so that an investor’s shares, when sold or redeemed, may be worth more or less than their original cost. Current performance may be higher or lower than the performance data shown. For up-to-date, month-end performance information please call 1-844-457-6383.

Fund commenced operations on December 9, 2020.

The graph illustrates comparative performance for $10,000 invested in shares of the JPMorgan Carbon Transition U.S. Equity ETF, the JPMorgan Asset Management Carbon Transition U.S. Equity Index and the Russell 1000 Index from December 9, 2020 to October 31, 2021. The performance of the Fund reflects the deduction of Fund expenses and assumes reinvestment of all dividends and capital gain distributions, if any. The performance of the JPMorgan Asset Management Carbon Transition U.S. Equity Index and Russell 1000 Index does not reflect the deduction of expenses associated with an exchange-traded fund and has been adjusted to reflect reinvestment of all dividends and

capital gain distributions of the securities included in the Index, if applicable. The JPMorgan Asset Management Carbon Transition U.S. Equity Index is a rules based, proprietary index built to achieve a meaningful reduction in carbon intensity without relying on exclusions or sector deviations. It is a proprietary index designed to reflect the performance of a subset of the U.S. large and mid-cap companies in developed markets that, based on the index rules, are determined to be best positioned to benefit from a transition to a low-carbon economy. The Russell 1000 Index is a market capitalization weighted index, which measures the performance of the 1,000 largest companies in the Russell 3000 Index. Investors cannot invest directly in an index.

Performance shown in this section does not reflect the deduction of taxes that a shareholder may pay on Fund distributions or on gains resulting from redemption or sale of Fund shares.

The returns shown are based on net asset values calculated for shareholder transactions and may differ from the returns shown in the financial highlights, which reflect adjustments made to the net asset values in accordance with accounting principles generally accepted in the United States of America.