CONTENTS


President's Letter	1
Market Overview	2
Fund Commentaries:	3
JPMorgan High Yield Municipal ETF	3
JPMorgan Inflation Managed Bond ETF	6
JPMorgan Limited Duration Bond ETF	9
JPMorgan Realty Income ETF	12
JPMorgan Sustainable Municipal Income ETF	15
Schedules of Portfolio Investments	18
Financial Statements	68
Financial Highlights	86
Notes to Financial Statements	92
Schedule of Shareholder Expenses	112
Liquidity Risk Management Program	113
Board Approval of Investment Advisory Agreements	114
Board Approval of Initial Investment Advisory Agreements	118

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 High Yield Municipal ETF

FUND COMMENTARY
SIX MONTHS ENDED August 31, 2023 (Unaudited)

REPORTING PERIOD RETURN:
Net Asset Value *	0.17%
Market Price **	(0.34)%
Bloomberg U.S. Municipal Index	1.04%
Bloomberg High Yield Municipal Bond Index	2.33%
Net Assets as of 8/31/2023	$220,649,324
Duration as of 8/31/2023	8.1 Years
Fund Ticker	JMHI

INVESTMENT OBJECTIVE***

The JPMorgan High Yield Municipal ETF1 (the “Fund”) seeks a high level of current income exempt from federal income taxes.

INVESTMENT APPROACH

The Fund invests in U.S. municipal securities that are exempt from federal income taxes and seeks a competitive yield and higher after-tax returns by focusing on high yield municipal bonds. The Fund may invest up to 100% in securities rated below investment grade that offer a higher yield than investment grade securities but involve a greater degree of risk.

WHAT WERE THE MAIN DRIVERS OF THE FUND’S PERFORMANCE?

For the six months ended August 31, 2023, the Fund underperformed both the Bloomberg US Municipal Index (the “Benchmark”) and the Bloomberg High Yield Municipal Bond Index.

Relative to the Benchmark, the Fund’s longer duration in bonds rated AA and single-A was a leading detractor from performance. Generally, bonds of longer duration will experience a larger decrease in price compared with shorter duration bonds when interest rates rise. The Fund’s overweight

position in the education sector and its underweight positions in the transportation and leasing sectors also detracted from relative performance. The Fund’s underweight allocations to California and New York state bonds also detracted from relative performance.

The Fund’s overweight allocation to bonds rated BBB was a leading contributor to performance relative to the Benchmark. The Fund’s overweight allocation to bonds of 0-to-2 year maturities and its underweight allocation to Washington state bonds also contributed to relative performance.

HOW WAS THE FUND POSITIONED?

During the period, the Fund’s assets were invested in municipal bonds, with a small allocation to loan assignments. At the end of the reporting period, the Fund’s largest allocations were to unrated bonds and bonds rated BBB, while its smallest allocations were to bonds rated single-B and CCC and lower. The duration was 9.0 years compared with 6.2 years for the Benchmark.

1 On July 14, 2023, the Fund acquired the assets and liabilities, and assumed the performance, financial and other historical information, of the JPMorgan High Yield Municipal Fund (the “Predecessor Fund”), an open-end mutual fund that had operated since September 17, 2007. The Fund’s performance prior to July 14, 2023 is linked to the Predecessor Fund’s Class R6 Shares.

August 31, 2023

J.P. Morgan Exchange-Traded Funds

JPMorgan High Yield Municipal ETF

FUND COMMENTARY
SIX MONTHS ENDED August 31, 2023 (Unaudited) (continued)

The return shown is based on net asset value and may differ from the return shown in the financial highlights, which reflects adjustments made to the net asset value in accordance with accounting principles generally accepted in the United States of America. The net asset value was $49.03 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. Prior to the Fund's listing on July 17, 2023, the NAV performance of the Fund and the Class R6 Shares of the Predecessor Fund are used as proxy market price returns. 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 $48.78.

***

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

CREDIT QUALITY ALLOCATIONS AS OF AUGUST 31, 2023	PERCENT OF TOTAL INVESTMENTS
AAA	17.1%
AA	12.5
A	6.3
BBB	10.1
BB	10.9
CCC	1.9
NR	41.2

J.P. Morgan Exchange-Traded Funds

August 31, 2023

AVERAGE ANNUAL TOTAL RETURNS AS OF August 31, 2023

	INCEPTION DATE	SIX MONTHS*	1 YEAR	5 YEAR	10 YEAR
JPMorgan High Yield Municipal ETF
Net Asset Value	September 17, 2007**	0.17 %	(2.39 )%	0.66 %	2.14 %
Market Price		(0.34 )	(2.89 )	0.55	2.09


*	Not annualized.
**	Inception date for Class I Shares of the Predecessor Fund (as defined below).

TEN YEAR FUND PERFORMANCE (8/31/13 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.

JPMorgan High Yield Municipal ETF (the “Fund”) acquired the assets and liabilities of the JPMorgan High Yield Municipal Fund (“Predecessor Fund”) in a reorganization that occurred as of the close of business on July 14, 2023. Performance and financial history of the Predecessor Fund’s Class R6 Shares have been adopted by the Fund and will be used going forward. As a result, the performance for the Fund prior to July 14, 2023 is the performance of the Predecessor Fund’s Class R6 Shares. Inception date for the Predecessor Fund’s Class R6 Shares is November 1, 2018. Returns for the Predecessor Fund’s Class R6 Shares prior to their inception date are based on the performance of the Predecessors Fund’s Class I Shares. The actual returns of the Predecessor Fund’s Class R6 Shares would have been different than those shown because the Predecessor Fund’s Class R6 Shares had different expenses than the Predecessor Fund’s Class I Shares. Inception date for the Predecessor Fund’s Class I Shares is September 17, 2007.

Performance for the Fund’s shares has not been adjusted to reflect the Fund’s shares lower expenses than those of the Predecessor Fund’s Class R6 Shares and Class I Shares. Had the Predecessor Fund been structured as an exchange-traded fund (“ETF”), its performance may have differed. Performance for the Predecessor Fund is based on the net asset value ("NAV") per share of the Predecessor Fund Shares rather than on market-determined prices. Prior to the Fund’s listing on July 17, 2023, the NAV performance of the Fund and the Class R6 Shares of the Predecessor Fund are used as proxy market price returns.

The graph illustrates comparative performance for $10,000 invested in shares of the Fund and the Bloomberg U.S. Municipal Index and the Bloomberg High Yield Municipal Bond Index from August 31, 2013 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. Municipal Index and the Bloomberg High Yield Municipal Bond Index does not reflect the deduction of expenses associated with an ETF and approximates the minimum possible dividend reinvestment of the securities included in the Index, if applicable. The Bloomberg U.S. Municipal Index is a total return performance benchmark for the long-term, investment-grade tax-exempt bond market. The Bloomberg High Yield Municipal Bond Index is an unmanaged index made up of bonds that are non-investment grade, unrated, or rated below Ba1 by Moody’s Investors Service with a remaining maturity of at least one year. Investors cannot invest directly in an index.

Fund performance may reflect the waiver of the Fund’s fees and reimbursement of expenses for certain periods. 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 would pay on Fund distributions or on gains resulting from redemption or sale of Fund shares.

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

August 31, 2023

J.P. Morgan Exchange-Traded Funds

JPMorgan Inflation Managed Bond ETF

FUND COMMENTARY
SIX MONTHS ENDED August 31, 2023 (Unaudited)

REPORTING PERIOD RETURN:
Net Asset Value *	1.09%
Market Price **	0.19%
Bloomberg 1-10 Year U.S. TIPS Index	1.35%
Bloomberg U.S. Intermediate Aggregate Index	1.25%
Net Assets as of 8/31/2023	$486,535,910
Duration as of 8/31/2023	5.0 Years
Fund Ticker	JCPI

INVESTMENT OBJECTIVE***

The JPMorgan Inflation Managed Bond ETF (the “Fund”) seeks to maximize inflation protected total return.

INVESTMENT APPROACH

The Fund invests in a core portfolio of fixed income securities in combination with swaps that are based on the Non-Seasonally Adjusted Consumer Price Index for All Urban Consumers (CPI-U) and other investments including actual inflation-protected securities to protect the total return generated by its core fixed income holding from inflation risk.

WHAT WERE THE MAIN DRIVERS OF THE FUND’S PERFORMANCE?

For the six months ended August 31, 2023, the Fund underperformed both the Bloomberg 1-10 Year U.S. TIPS (Treasury Inflation Protected Securities) Index (the “Index”) and the Bloomberg U.S. Intermediate Aggregate Index.

Relative to the Index, The Fund’s longer duration posture and yield curve steepening exposure were the primary detractors from performance. Bonds of longer duration generally experience a larger decline in price compared with bonds of shorter duration when interest rates rise. The yield curve shows the relationship between yields and maturity dates for a set of similar bonds at a given point in time. The Fund’s allocation to agency mortgage-backed securities was a modest detractor from performance relative to the Index during the period.

The Fund’s allocations to investment grade credit, commercial mortgage-backed securities and asset-backed securities were leading contributors to relative performance.

Relative to the Bloomberg U.S. Intermediate Aggregate Index, the Fund’s underweight position in mortgage-backed securities was the leading contributor to performance.

HOW WAS THE FUND POSITIONED?

Among the Fund’s fixed income holdings, the Fund’s portfolio managers continued to focus on security selection and relative

value, which seeks to exploit pricing discrepancies between individual securities or market sectors. The Fund’s portfolio managers used bottom-up fundamental research to construct, in their view, a portfolio of undervalued fixed income securities.

The Fund’s portfolio managers sought to protect the portfolio from inflation risk across maturities. Therefore, the yield curve positioning of the underlying core bonds was used as the general basis for the Fund’s inflation swap positioning.

The Fund’s portfolio managers manage the duration of the inflation protection versus the duration of the underlying bonds to protect the portfolio from actual, realized inflation, as well as from the loss of value that results from an increase in inflation expectations. The inflation protection was actively managed using CPI-U swaps and TIPS. Generally, the swaps were structured so that a counterparty agrees to pay the cumulative percentage change in the CPI-U over the duration of the swap. In turn, the Fund pays a compounded fixed rate. TIPS adjust the principal of the underlying bond so that it increases with inflation as measured by the CPI-U and decreases with deflation. At maturity, a TIPS investor is paid either the adjusted or the original principal, whichever is greater.

PORTFOLIO COMPOSITION AS OF August 31, 2023	PERCENT OF TOTAL INVESTMENTS
Corporate Bonds	26.2%
U.S. Treasury Obligations	17.9
Mortgage-Backed Securities	17.8
Asset-Backed Securities	15.8
Collateralized Mortgage Obligations	9.7
Commercial Mortgage-Backed Securities	8.8
U.S. Government Agency Securities	2.2
Others (each less than 1.0%)	0.3
Short-Term Investments	1.3

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

J.P. Morgan Exchange-Traded Funds

August 31, 2023

JPMorgan Inflation Managed 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	10 YEAR
JPMorgan Inflation Managed Bond ETF
Net Asset Value	November 30, 2010**	1.09 %	(1.72 )%	1.94 %	1.67 %
Market Price		0.19	(2.22 )	1.78	1.60


*	Not annualized.
**	Inception date for Class R6 Shares of the Predecessor Fund (as defined below).

TEN YEAR FUND PERFORMANCE (8/31/13 TO 8/31/23)

JPMorgan Inflation Managed Bond ETF (the “Fund”) acquired the assets and liabilities of the JPMorgan Inflation Managed Bond Fund (“Predecessor Fund”) in a reorganization that occurred as of the close of business on April 8, 2022. Performance and financial history of the Predecessor Fund’s Class R6 Shares have been adopted by the Fund and will be used going forward. As a result, the performance for the Fund prior to April 8, 2022 is the performance of the Predecessor Fund’s Class R6 Shares. Inception date for the Predecessor Fund’s Class R6 Shares is November 30, 2010.

Performance for the Fund’s shares has not been adjusted to reflect the Fund’s shares lower expenses than those of the Predecessor Fund’s Class R6 Shares. Had the Predecessor Fund been structured as an exchange-traded fund (“ETF”), its performance may have differed. Performance for the Predecessor Fund is based on the net asset value ("NAV") per share of the Predecessor Fund Shares rather than on market-determined prices. Prior to the Fund’s listing on April 11, 2022, the NAV performance of the Fund and the Class R6 Shares of the Predecessor Fund are used as proxy market price returns.

The graph illustrates comparative performance for $10,000 invested in shares of the Fund and the Bloomberg 1-10 Year U.S. TIPS Index and the Bloomberg

U.S. Intermediate Aggregate Index from August 31, 2013 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 1-10 Year U.S. TIPS Index and the Bloomberg U.S. Intermediate Aggregate Index does not reflect the deduction of expenses associated with an ETF and approximates the minimum possible dividend reinvestment of the securities included in the Index, if applicable. The Bloomberg 1–10 Year U.S. TIPS Index represents the performance of intermediate (1–10 year) U.S. Treasury Inflation Protection Securities. The Bloomberg U.S. Intermediate Aggregate Index is an unmanaged index comprised of U.S. government, mortgage, corporate and asset-backed securities with maturities of one to 10 years. Investors cannot invest directly in an index.

J.P. Morgan Exchange-Traded Funds

August 31, 2023

JPMorgan Limited Duration Bond ETF

FUND COMMENTARY
SIX MONTHS ENDED August 31, 2023 (Unaudited)

REPORTING PERIOD RETURN:
Net Asset Value *	2.23%
Market Price **	2.03%
Bloomberg 1-3 Year U.S. Government/Credit Bond Index	1.86%
Net Assets as of 8/31/2023	$826,346,989
Duration as of 8/31/2023	1.5 Years
Fund Ticker	JPLD

INVESTMENT OBJECTIVE***

The JPMorgan Limited Duration Bond ETF1 (the “Fund”) seeks a high level of current income consistent with low volatility of principal.

INVESTMENT APPROACH

The Fund mainly invests in mortgage-backed securities, asset-backed securities, mortgage-related securities, adjustable-rate mortgages, money market instruments, and structured investments. The Fund seeks to maintain a duration of three years or less. Duration measures the price sensitivity of a debt security or a portfolio of debt securities to changes in interest rates. Under normal circumstances, the Fund will invest at least 80% of its assets in bonds.

HOW DID THE FUND PERFORM?

For the six months ended August 31, 2023, the Fund outperformed the Bloomberg 1–3 Year U.S. Government/Credit Bond Index (the “Benchmark”).

Relative to the Benchmark, the Fund’s shorter overall duration was a leading contributor to performance as interest rates rose during the period. Generally, bonds of shorter duration will experience a smaller decline in price relative to longer duration

bonds when interest rates rise. The Fund’s out-of-Benchmark allocation to securitized debt also contributed to relative performance.

The Fund’s out-of-Benchmark allocation to agency mortgage-backed securities and its exposure to portions of the yield curve beyond 1 to 3 years were leading detractors from performance relative to the Benchmark.

HOW WAS THE FUND POSITIONED?

During the period, the Fund’s portfolio managers continued to focus on security selection, using bottom-up fundamental research to construct, in their view, a portfolio of undervalued fixed income securities. The Fund’s portfolio managers aimed to keep the duration of the Fund at 1.5 years. During the reporting period, the Fund’s duration increased to 1.55 years at August 31, 2023 from 1.48 years at February 28, 2023.

1On July 28, 2023, the Fund acquired the assets and liabilities, and assumed the performance, financial and other historical information, of the JPMorgan Limited Duration Bond Fund (the “Predecessor Fund”), an open-end mutual fund that had operated since February 2, 1993. The Fund’s performance prior to July 28, 2023 is linked to the Predecessor Fund’s Class R6 Shares.

August 31, 2023

J.P. Morgan Exchange-Traded Funds

JPMorgan Limited Duration Bond ETF

FUND COMMENTARY
SIX MONTHS ENDED August 31, 2023 (Unaudited) (continued)

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. Prior to the Fund's listing on July 31, 2023, the NAV performance of the Fund and the Class R6 Shares of the Predecessor Fund are used as proxy market price returns. 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 $50.12.

***

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

PORTFOLIO COMPOSITION AS OF August 31, 2023	PERCENT OF TOTAL INVESTMENTS
Asset-Backed Securities	39.4%
Collateralized Mortgage Obligations	28.1
Mortgage-Backed Securities	9.2
Commercial Mortgage-Backed Securities	8.9
Corporate Bonds	6.8
Short-Term Investments	7.6

J.P. Morgan Exchange-Traded Funds

August 31, 2023

AVERAGE ANNUAL TOTAL RETURNS AS OF August 31, 2023

	INCEPTION DATE	SIX MONTHS*	1 YEAR	5 YEAR	10 YEAR
JPMorgan Limited Duration Bond ETF
Net Asset Value	February 22, 2005	2.23 %	3.33 %	1.65 %	1.69 %
Market Price		2.03	3.12	1.61	1.67


*	Not annualized.

TEN YEAR FUND PERFORMANCE (8/31/13 TO 8/31/23)

JPMorgan Limited Duration Bond ETF (the “Fund”) acquired the assets and liabilities of the JPMorgan Limited Duration Bond Fund (“Predecessor Fund”) in a reorganization that occurred as of the close of business on July 28, 2023. Performance and financial history of the Predecessor Fund’s Class R6 Shares have been adopted by the Fund and will be used going forward. As a result, the performance for the Fund prior to July 28, 2023 is the performance of the Predecessor Fund’s Class R6 Shares. Inception date for the Predecessor Fund’s Class R6 Shares is February 22, 2005.

Performance for the Fund’s shares has not been adjusted to reflect the Fund’s shares lower expenses than those of the Predecessor Fund’s Class R6 Shares. Had the Predecessor Fund been structured as an exchange-traded fund (“ETF”), its performance may have differed. Performance for the Predecessor Fund is based on the net asset value ("NAV") per share of the Predecessor Fund Shares rather than on market-determined prices. Prior to the Fund’s listing on July 31, 2023, the NAV performance of the Fund and the Class R6 Shares of the Predecessor Fund are used as proxy market price returns.

The graph illustrates comparative performance for $10,000 invested in shares of the Fund and the Bloomberg 1–3 Year U.S. Government/Credit Bond Index from August 31, 2013 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 1–3 Year U.S. Government/Credit Bond Index does not reflect the deduction of expenses associated with an ETF and approximates the minimum possible dividend reinvestment of the securities included in the Index, if applicable. The Bloomberg 1–3 Year U.S. Government/Credit Bond Index is an unmanaged index of investment grade government and corporate bonds with maturities of one to three years. Investors cannot invest directly in an index.

August 31, 2023

J.P. Morgan Exchange-Traded Funds

JPMorgan Realty Income ETF

FUND COMMENTARY
SIX MONTHS ENDED August 31, 2023 (Unaudited)

REPORTING PERIOD RETURN:
Net Asset Value *	(1.04)%
Market Price **	(1.18)%
MSCI US REIT Index	(0.14)%
FTSE NAREIT All Equity REITs Index	(1.94)%
Net Assets as of 8/31/2023	$335,759,488
Fund Ticker	JPRE

INVESTMENT OBJECTIVE ***

The JPMorgan Realty Income ETF1 (the “Fund”) seeks to provide high total investment return through a combination of capital appreciation and current income.

INVESTMENT APPROACH

The Fund invests primarily in equity securities of real estate investment trusts (“REITs”) across the market capitalization spectrum and uses an in-depth analysis of each REIT to evaluate whether each company’s current price fully reflects its long-term value.

WHAT WERE THE MAIN DRIVERS OF THE FUND’S PERFORMANCE?

For the six months ended August 31, 2023, the Fund outperformed the FTSE NAREIT All Equity Index (the “Benchmark”). Relative to the Benchmark, the Fund’s overweight allocation to the hotels sector and its underweight allocation to the “other” sector were leading contributors to performance, while the Fund’s security selection in the new leases sector and technology sector was a leading detractor from relative performance.

Leading individual contributors to the Fund’s relative performance included its overweight positions in Digital Realty Trust Inc. and American Homes 4 Rent, and its underweight position in Crown Castle Inc. Shares of Digital Realty Trust, a data center and work co-location REIT, rose after the company reported better-than-expected results for the second quarter of 2023. Shares of American Homes 4 Rent, a single-family homes REIT, rose after the company reported better-than-expected

results for the first and second quarters of 2023. Shares of Crown Castle, a telecommunications tower REIT not held in the Fund, fell after the company lowered its cash flow forecast and unveiled a restructuring charge of $120 million.

Leading individual detractors from the Fund’s relative performance included its overweight positions in Sun Communities Inc., W.P. Carey Inc. and Ventas Inc. Shares of Sun Communities, a real estate management company that operates manufactured housing, recreational vehicles and marinas, fell after the company completed a series of acquisitions outside the U.S. Shares of W.P. Carey, a commercial property REIT, fell as rising interest rates hurt the broader net lease sector. Shares of Ventas, a health care REIT, fell after the company reported 2023 second quarter revenue that was in line with equity analysts’ expectations.

HOW WAS THE FUND POSITIONED?

The Fund’s adviser used bottom-up fundamental research to construct, in its view, a portfolio of attractively valued real estate securities. The adviser projected long-term cash flow for each portfolio holding and valued the holdings using a proprietary dividend discount model. During the period, the Fund’s largest allocations were to the technology and industrials sectors and its smallest allocations were to the housing and office sectors.

1On April 1, 2023, the primary benchmark for the JPMorgan Realty Income ETF was changed to the FTSE NAREIT All Equity REITs Index from the MSCI US REIT Index to more closely align the Fund’s primary benchmark to the current real estate landscape.

J.P. Morgan Exchange-Traded Funds

August 31, 2023

Market price return was calculated assuming an initial investment made at the market price at the beginning of the reporting period, reinvestment of all dividends and distributions at market price during the period, and sale at the market price on the last day of the period. The price used to calculate the market price return was the closing price on the NYSE Arca. As of August 31, 2023, the closing price was $41.98.

***

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

TOP TEN HOLDINGS OF THE PORTFOLIO AS OF August 31, 2023		PERCENT OF TOTAL INVESTMENTS
1.	American Tower Corp.	9.3 %
2.	Digital Realty Trust, Inc.	8.1
3.	Equinix, Inc.	8.1
4.	Prologis, Inc.	7.0
5.	Realty Income Corp.	6.2
6.	Welltower, Inc.	5.5
7.	UDR, Inc.	4.4
8.	Ventas, Inc.	4.2
9.	WP Carey, Inc.	4.1
10.	Public Storage	4.1

PORTFOLIO COMPOSITION BY SECTOR AS OF August 31, 2023	PERCENT OF TOTAL INVESTMENTS
Diversified	31.8%
Apartments	17.4
Health Care	12.7
Industrial	12.0
Single Tenant	6.2
Shopping Centers	5.5
Storage	5.0
Office	3.1
Hotels	2.0
Short-Term Investments	4.3

August 31, 2023

J.P. Morgan Exchange-Traded Funds

JPMorgan Realty Income 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	10 YEAR
JPMorgan Realty Income ETF
Net Asset Value	May 15, 2006**	(1.04 )%	(4.50 )%	4.47 %	6.82 %
Market Price		(1.18 )	(4.48 )	4.47	6.82


*	Not annualized.
**	Inception date for Class R5 Shares of the Predecessor Fund (as defined below).

TEN YEAR FUND PERFORMANCE (8/31/13 TO 8/31/23)

JPMorgan Realty Income ETF (the “Fund”) acquired the assets and liabilities of the JPMorgan Realty Income Fund (“Predecessor Fund”) in a reorganization that occurred as of the close of business on May 20, 2022. Performance and financial history of the Predecessor Fund’s Class R6 Shares have been adopted by the Fund and will be used going forward. As a result, the performance for the Fund prior to May 20, 2022 is the performance of the Predecessor Fund’s Class R6 Shares. Inception date for the Predecessor Fund’s Class R6 Shares is November 2, 2015. Returns for the Predecessor Fund’s Class R6 Shares prior to their inception date are based on the performance of the Predecessors Fund’s Class R5 Shares. The actual returns of the Predecessor Fund’s Class R6 Shares would have been different than those shown because the Predecessor Fund’s Class R6 Shares had different expenses than the Predecessor Fund’s Class R5 Shares. Inception date for the Predecessor Fund’s Class R5 Shares is May 15, 2006.

Performance for the Fund’s shares has not been adjusted to reflect the Fund’s shares lower expenses than those of the Predecessor Fund’s Class R6 Shares and Class R5 Shares. Had the Predecessor Fund been structured as an exchange-traded fund (“ETF”), its performance may have differed. Performance for the Predecessor Fund is based on the net asset value ("NAV") per share of the Predecessor Fund Shares rather than on market-determined prices. Prior to the Fund’s listing on May 23, 2022, the NAV performance of the Fund and the Class R6 Shares of the Predecessor Fund are used as proxy market price returns.

The graph illustrates comparative performance for $10,000 invested in shares of the Fund and the MSCI US REIT Index and the FTSE NAREIT All Equity REITs Index from August 31, 2013 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 MSCI US REIT Index and the FTSE NAREIT All Equity REITs Index does not reflect the deduction of expenses associated with an ETF and approximates the minimum possible dividend reinvestment of the securities included in the Index, if applicable. The MSCI US REIT Index is a free float-adjusted market capitalization weighted index comprised of equity REITs that are included in the MSCI US Investable Market 2500 Index, except specialty equity REITs that do not generate a majority of their revenue and income from real estate rental and leasing operations. The FTSE NAREIT All Equity REITs Index is a free-float adjusted, market capitalization-weighted index of U.S. equity REITs. Constituents of the index include all tax-qualified REITs with more than 50 percent of total assets in qualifying real estate assets other than mortgages secured by real property. Investors cannot invest directly in an index.

Effective April 1, 2023, the Fund’s benchmark changed from the MSCI US REIT Index to the FTSE NAREIT All Equity REITs Index to better reflect how the Fund is managed for comparison purposes.

J.P. Morgan Exchange-Traded Funds

August 31, 2023

JPMorgan Sustainable Municipal Income ETF

FUND COMMENTARY
SIX MONTHS ENDED August 31, 2023 (Unaudited)

REPORTING PERIOD RETURN:
Net Asset Value *	1.24%
Market Price **	0.98%
Bloomberg U.S. 1-15 Year Blend (1-17) Municipal Bond Index	0.89%
Net Assets as of 8/31/2023	$235,658,686
Duration as of 8/31/2023	6.0 Years
Fund Ticker	JMSI

INVESTMENT OBJECTIVE***

The JPMorgan Sustainable Municipal Income ETF1 (the “Fund”) seeks current income exempt from federal income taxes.

INVESTMENT APPROACH

The Fund uses a value-oriented approach to invest in a core fixed income portfolio of municipal bonds, including securities whose proceeds aim to provide positive social or environmental benefits. The Fund uses extensive risk/reward analysis for factors such as income, interest rate risk, credit risk and the transaction legal/technical structure.

WHAT WERE THE MAIN DRIVERS OF THE FUND’S PERFORMANCE?

For the six months ended August 31, 2023, the Fund outperformed the Bloomberg U.S. 1-15 Year Blend (1-17) Municipal Bond Index (the “Benchmark”).

Relative to the Benchmark, the Fund’s overweight allocation to bonds of 9-plus year maturities was a leading contributor to

performance. The Fund’s overweight positions in the hospital and leasing sectors, and its overweight allocation to bonds rated BBB also contributed to relative performance.

The Fund’s underweight position in the pre-refunded and industrial development revenue/pollution control revenue sectors, and its overweight position in the water & sewer sector were leading detractors from performance relative to the Benchmark. The Fund’s underweight allocation to bonds rated single-A also detracted from relative performance.

HOW WAS THE FUND POSITIONED?

At the end of the period, the Fund’s duration was 6.0 years and the Benchmark’s duration was 4.6 years.

1 On July 14, 2023, the Fund acquired the assets and liabilities, and assumed the performance, financial and other historical information, of the JPMorgan Sustainable Municipal Income Fund (the “Predecessor Fund”), an open-end mutual fund that had operated since February 9, 1993. The Fund’s performance prior to July 14, 2023 is linked to the Predecessor Fund’s Class R6 Shares.

August 31, 2023

J.P. Morgan Exchange-Traded Funds

JPMorgan Sustainable Municipal Income ETF

FUND COMMENTARY
SIX MONTHS ENDED August 31, 2023 (Unaudited) (continued)

***

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

CREDIT QUALITY ALLOCATIONS AS OF AUGUST 31, 2023	PERCENT OF TOTAL INVESTMENTS
AAA	11.2%
AA	30.2
A	14.5
BBB	25.0
BB	7.2
NR	11.9

J.P. Morgan Exchange-Traded Funds

August 31, 2023

AVERAGE ANNUAL TOTAL RETURNS AS OF August 31, 2023

	INCEPTION DATE	SIX MONTHS*	1 YEAR	5 YEAR	10 YEAR
JPMorgan Sustainable Municipal Income ETF
Net Asset Value	February 9, 1993**	1.24 %	0.97 %	1.17 %	2.09 %
Market Price		0.98	0.71	1.12	2.06


*	Not annualized.
**	Inception date for Class I Shares of the Predecessor Fund (as defined below).

TEN YEAR FUND PERFORMANCE (8/31/13 TO 8/31/23)

JPMorgan Sustainable Municipal Income ETF (the “Fund”) acquired the assets and liabilities of the JPMorgan Sustainable Municipal Income Fund (“Predecessor Fund”) in a reorganization that occurred as of the close of business on July 14, 2023. Performance and financial history of the Predecessor Fund’s Class R6 Shares have been adopted by the Fund and will be used going forward. As a result, the performance for the Fund prior to July 14, 2023 is the performance of the Predecessor Fund’s Class R6 Shares. Inception date for the Predecessor Fund’s Class R6 Shares is November 6, 2017. Returns for the Predecessor Fund’s Class R6 Shares prior to their inception date are based on the performance of the Predecessors Fund’s Class I Shares. The actual returns of the Predecessor Fund’s Class R6 Shares would have been different than those shown because the Predecessor Fund’s Class R6 Shares had different expenses than the Predecessor Fund’s Class I Shares. Inception date for the Predecessor Fund’s Class I Shares is February 9, 1993.

the Predecessor Fund Shares rather than on market-determined prices. Prior to the Fund’s listing on July 17, 2023, the NAV performance of the Fund and the Class R6 Shares of the Predecessor Fund are used as proxy market price returns.

The graph illustrates comparative performance for $10,000 invested in shares of the Fund and the Bloomberg U.S. 1-15 Year Blend (1-17) Municipal Bond Index from August 31, 2013 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. 1-15 Year Blend (1-17) Municipal Bond Index does not reflect the deduction of expenses associated with an ETF and approximates the minimum possible dividend reinvestment of the securities included in the Index, if applicable. The Bloomberg U.S. 1-15 Year Blend (1-17) Municipal Bond Index represents the performance of municipal bonds with maturities from 1 to 17 years. Investors cannot invest directly in an index.

August 31, 2023

J.P. Morgan Exchange-Traded Funds

JPMorgan High Yield Municipal ETF

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

INVESTMENTS	PRINCIPAL AMOUNT($)	VALUE($)
Municipal Bonds — 86.2% (a)
Alabama — 1.6%
Black Belt Energy Gas District, Gas Project Series 2023A, Rev., 5.25%, 10/1/2030 (b)	2,000,000	2,077,607
Southeast Energy Authority A Cooperative District Project No.06 Series 2023B, Rev., LIQ : Royal Bank of Canada, 5.00%, 6/1/2030 (b)	1,385,000	1,436,079
Total Alabama		3,513,686
Arizona — 2.8%
Arizona Industrial Development Authority, Academies of Math and Science Projects Rev., 4.00%, 7/1/2029 (c)	400,000	382,910
Arizona Industrial Development Authority, Doral Academy of Northern Nevada Project Series 2021A, Rev., 4.00%, 7/15/2041 (c)	660,000	528,275
Arizona Industrial Development Authority, Great Lakes Senior Living Communities LLC Project
Series 2019A, Rev., 5.00%, 1/1/2029	1,500,000	1,241,687
Series 2019A, Rev., 5.00%, 1/1/2037	1,000,000	686,874
Series 2019A, Rev., 5.00%, 1/1/2038	1,000,000	684,638
Series 2019A, Rev., 4.25%, 1/1/2039	1,000,000	616,542
Series 2019A, Rev., 4.50%, 1/1/2049	2,000,000	1,117,955
Glendale Industrial Development Authority, Terraces of Phoenix Project
Series 2018A, Rev., 4.00%, 7/1/2028	450,000	413,117
Series 2018A, Rev., 5.00%, 7/1/2038	300,000	258,079
Maricopa County Industrial Development Authority, Ottawa University
Rev., 5.00%, 10/1/2026 (c)	125,000	124,504
Rev., 5.13%, 10/1/2030 (c)	210,000	209,192
Total Arizona		6,263,773
Arkansas — 0.5%
Arkansas Development Finance Authority, Industrial Development , Hybar Steel Project Series 2023B, Rev., 12.00%, 7/1/2048 (c)	1,000,000	1,052,933
California — 6.5%
California Community Choice Financing Authority, Clean Energy Project Series 2023E-1, Rev., 5.00%, 3/1/2031 (b)	1,280,000	1,340,651
California Community College Financing Authority, Orange Coast Properties LLC - Orange Coast College Project
Rev., 5.00%, 5/1/2037	750,000	762,085
Rev., 5.00%, 5/1/2038	400,000	404,607

INVESTMENTS	PRINCIPAL AMOUNT($)	VALUE($)

California — continued
California Community Housing Agency, Fountains at Emerald Park Series 2021A-2, Rev., 4.00%, 8/1/2046 (c)	495,000	394,719
California Community Housing Agency, Glendale Properties Series 2021A-2, Rev., 4.00%, 8/1/2047 (c)	1,500,000	1,165,049
California Infrastructure and Economic Development Bank, Academy of Motion Picture Series 2020A-3, Rev., AMT, 8.00%, 9/14/2023 (b) (c) (d)	2,000,000	2,000,145
California Municipal Finance Authority, Linxs Apartments Project, Senior Lien
Series 2018A, Rev., AMT, AGM, 3.25%, 12/31/2032	245,000	225,437
Series 2018A, Rev., AMT, AGM, 3.50%, 12/31/2035	240,000	216,921
California Public Finance Authority, Enso Village Project Series 2021A, Rev., 5.00%, 11/15/2056 (c)	500,000	427,699
California Public Finance Authority, Laverne Elementary Preparatory Academy
Series 2019A, Rev., 4.25%, 6/15/2029 (c)	675,000	637,823
Series 2019A, Rev., 5.00%, 6/15/2039 (c)	785,000	724,402
California School Facilities Financing Authority, Capital Appreciation, Azusa Unified School District Series 2009A, Rev., AGM, Zero Coupon, 8/1/2030	200,000	157,207
CMFA Special Finance Agency VIII Junior, Elan Hunting Beach Series 2021A-2, Rev., 4.00%, 8/1/2047 (c)	900,000	730,870
CSCDA Community Improvement Authority, Essential Housing, Mezzanine Lien Series 2021B, Rev., 4.00%, 2/1/2057 (c)	1,500,000	1,046,465
CSCDA Community Improvement Authority, Essential Housing, Oceanaire-Long Beach Series 2021A-2, Rev., 4.00%, 9/1/2056 (c)	2,115,000	1,522,023
CSCDA Community Improvement Authority, Essential Housing, Orange Portfolio Series 2021A-1, Rev., 2.80%, 3/1/2047 (c)	500,000	373,345
CSCDA Community Improvement Authority, Essential Housing, Parallel-Anaheim Series 2021A, Rev., 4.00%, 8/1/2056 (c)	1,400,000	1,028,425

INVESTMENTS	PRINCIPAL AMOUNT($)	VALUE($)
Municipal Bonds — continued
California — continued
CSCDA Community Improvement Authority, Essential Housing, Towne at Glendale Apartments Series 2022B, Rev., 5.00%, 9/1/2037 (c)	225,000	218,822
Golden State Tobacco Securitization Corp. Series 2021B-2, Rev., Zero Coupon, 6/1/2066	10,000,000	990,306
Total California		14,367,001
Colorado — 8.9%
Bradburn Metropolitan District No. 2, Limited Tax
Series 2018A, GO, 5.00%, 12/1/2038	500,000	479,430
Series 2018B, GO, 7.25%, 12/15/2047	500,000	475,334
Canyon Pines Metropolitan District Special Improvement District No. 1 Series 2021A-2, 3.75%, 12/1/2040	1,325,000	1,016,280
City and County of Denver Airport System Series 2022A, Rev., AMT, 5.00%, 11/15/2047	2,000,000	2,058,209
Colorado Educational and Cultural Facilities Authority, Aspen View Academy Project Rev., 4.00%, 5/1/2051	175,000	135,123
Colorado Educational and Cultural Facilities Authority, Global Village Academy Northglenn Project
Rev., 5.00%, 12/1/2040 (c)	555,000	496,382
Rev., 5.00%, 12/1/2050 (c)	735,000	614,589
Colorado Educational and Cultural Facilities Authority, Stargate Charter School Project Series 2018A, Rev., 4.00%, 12/1/2048	500,000	423,649
Colorado Educational and Cultural Facilities Authority, Vega Collegiate Academy Project Series 2021A, Rev., 5.00%, 2/1/2051 (c)	750,000	643,427
Colorado Housing and Finance Authority, Single Family Mortgage Series 2023L, Rev., GNMA COLL, 5.75%, 11/1/2053 (d)	1,000,000	1,061,667
DIATC Metropolitan District, Limited Tax and Improvement GO, 3.25%, 12/1/2029 (c)	590,000	539,885
Dominion Water and Sanitation District Rev., 5.25%, 12/1/2032	515,000	507,555
Jefferson Center Metropolitan District No. 1 Series 2020A-2, Rev., 4.13%, 12/1/2040	285,000	236,277
Peak Metropolitan District No. 1 Series 2021A, GO, 5.00%, 12/1/2051 (c)	600,000	510,892
Public Authority for Colorado Energy, Natural Gas Purchase Series 2008, Rev., 6.13%, 11/15/2023	25,000	25,094

INVESTMENTS	PRINCIPAL AMOUNT($)	VALUE($)

Colorado — continued
Raindance Metropolitan District No. 1, Non-Potable Water System Rev., 5.00%, 12/1/2040	750,000	687,388
Reunion Metropolitan District Series 2021A, Rev., 3.63%, 12/1/2044	490,602	354,794
Rocky Mountain Rail Park Metropolitan District, Limited Tax Series 2021A, GO, 5.00%, 12/1/2041 (c)	1,250,000	836,945
Sky Ranch Community Authority Board, Metropolitan District No. 3 Series 2022A, Rev., 5.75%, 12/1/2052	500,000	460,295
STC Metropolitan District No. 2, Limited Tax Improvement Series 2019A, GO, 3.00%, 12/1/2025	555,000	528,630
Sterling Ranch Community Authority Board, Limited Tax Supported District No. 2
Series 2020A, Rev., 3.38%, 12/1/2030	500,000	446,626
Series 2020A, Rev., 3.75%, 12/1/2040	500,000	417,587
Third Creek Metropolitan District No. 1, Limited Tax
Series 2022A-1, GO, 4.50%, 12/1/2037	825,000	698,920
Series 2022A-1, GO, 4.75%, 12/1/2051	760,000	573,673
Trails at Crowfoot Metropolitan District No. 3, Limited Tax
Series 2019A, GO, 4.38%, 12/1/2030	620,000	576,535
Series 2019A, GO, 5.00%, 12/1/2039	1,000,000	942,574
Transport Metropolitan District No. 3, Limited Tax Series 2021A-1, GO, 5.00%, 12/1/2041	1,000,000	881,854
Verve Metropolitan District No. 1 GO, 5.00%, 12/1/2041	1,125,000	894,111
Westerly Metropolitan District No. 4, Limited Tax Series 2021A, GO, 5.00%, 12/1/2040	700,000	632,345
Windler Public Improvement Authority, Limited Tax Series 2021A-1, Rev., 4.00%, 12/1/2036	1,865,000	1,397,563
Total Colorado		19,553,633
Connecticut — 0.7%
Stamford Housing Authority, The Dogwoods Project Rev., BAN, 11.00%, 12/1/2027 (c)	1,500,000	1,581,311

JPMorgan High Yield Municipal ETF

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

INVESTMENTS	PRINCIPAL AMOUNT($)	VALUE($)
Municipal Bonds — continued
Delaware — 0.5%
Delaware State Economic Development Authority, Aspria of Delaware Charter Series 2022A, Rev., 4.00%, 6/1/2042	250,000	194,645
Delaware State Economic Development Authority, Delmarva Power and Light Co. Project Series 2020A, Rev., 1.05%, 7/1/2025 (b)	1,000,000	943,252
Total Delaware		1,137,897
District of Columbia — 0.1%
District of Columbia, Kipp DC Project Rev., 4.00%, 7/1/2039	200,000	180,537
Florida — 3.6%
Capital Trust Agency, Inc., Franklin Academy Project
Rev., 4.00%, 12/15/2025 (c)	300,000	290,804
Rev., 5.00%, 12/15/2027 (c)	330,000	324,989
Rev., 5.00%, 12/15/2028 (c)	345,000	339,767
Rev., 5.00%, 12/15/2029 (c)	365,000	359,172
Rev., 5.00%, 12/15/2030 (c)	510,000	499,900
Capital Trust Agency, Inc., Legends Academy Project Series 2021A, Rev., 5.00%, 12/1/2045 (c)	1,625,000	1,295,840
Charlotte County Industrial Development Authority, Town and Country Utilities Project Series 2021A, Rev., AMT, 4.00%, 10/1/2041 (c)	400,000	335,536
County of Lake, Imagine South Lake Charter School Project Series 2019A, Rev., 5.00%, 1/15/2029 (c)	500,000	501,241
Florida Development Finance Corp., Educational Facilities, UCP Charter Schools Project Series 2020A, Rev., 5.00%, 6/1/2040	830,000	741,400
Florida Development Finance Corp., IDEA Florida, Inc., Jacksonville IV Project Rev., 5.25%, 6/15/2029 (c)	650,000	637,902
Florida Higher Educational Facilities Financial Authority, St. Leo University Project Rev., 5.00%, 3/1/2039	750,000	672,930
Middleton Community Development District A, City of Wildwood, Florida Special Assessment Series 2022, 6.10%, 5/1/2042	1,000,000	1,034,414
Palm Beach County Health Facilities Authority, Jupiter Medical Center Series 2022, Rev., 5.00%, 11/1/2052	1,000,000	943,259
Total Florida		7,977,154

INVESTMENTS	PRINCIPAL AMOUNT($)	VALUE($)

Georgia — 2.6%
City of Atlanta Airport Passenger Facility Charge, Subordinate Lien Series 2023E, Rev., AMT, 5.00%, 7/1/2024	1,000,000	1,007,819
City of Atlanta Department of Aviation Series 2023C, Rev., AMT, 5.00%, 7/1/2048	1,000,000	1,028,887
George L Smith II Congress Center Authority, Convention Center Hotel Second
Series 2021B, Rev., 5.00%, 1/1/2036 (c)	500,000	463,274
Series 2021B, Rev., 5.00%, 1/1/2054 (c)	855,000	695,544
Municipal Electric Authority of Georgia Series 2019B, Rev., 5.00%, 1/1/2059	2,500,000	2,495,544
Total Georgia		5,691,068
Idaho — 0.1%
Idaho Housing and Finance Association, Compass Public Charter School, Inc., Project Series 2018A, Rev., 4.63%, 7/1/2029 (c)	150,000	150,313
Illinois — 3.7%
Chicago O'Hare International Airport, General Airport, Senior Lien Series 2018B, Rev., 5.00%, 1/1/2053	2,500,000	2,565,515
Chicago Transit Authority Sales Tax Receipts Fund Series 2014, Rev., 5.25%, 12/1/2049	3,000,000	3,022,981
Illinois Finance Authority, Clark-Lindsey Village Series 2022A, Rev., 5.25%, 6/1/2037	175,000	163,751
Illinois Finance Authority, Plymouth Place, Inc. Series 2022B-1, Rev., 6.00%, 11/15/2027	200,000	200,087
State of Illinois
Series 2020C, GO, 4.25%, 10/1/2045	2,250,000	2,103,991
Series 2023B, GO, 4.50%, 5/1/2048	160,000	153,332
Total Illinois		8,209,657
Indiana — 3.0%
City of Goshen, Multi-Family, Green Oaks of Goshen Project Series 2021A, Rev., 5.00%, 8/1/2041 (c)	1,000,000	789,818
City of Valparaiso Rev., 5.38%, 12/1/2041 (c)	1,550,000	1,179,861
Indiana Finance Authority, Educational Facilities, Kipp Indianapolis, Inc., Project
Series 2020A, Rev., 4.00%, 7/1/2030	105,000	98,006
Series 2020A, Rev., 5.00%, 7/1/2040	170,000	160,025
Series 2020A, Rev., 5.00%, 7/1/2055	455,000	402,379
Indiana Finance Authority, Lease Appropriation Stadium Project Series 2022A, Rev., 4.00%, 2/1/2036	1,985,000	2,022,152

INVESTMENTS	PRINCIPAL AMOUNT($)	VALUE($)
Municipal Bonds — continued
Indiana — continued
Indiana Finance Authority, Marian University Project Series 2019A, Rev., 4.00%, 9/15/2044	1,090,000	896,833
Indiana Housing and Community Development Authority, Vita of Marion Project Series 2021A, Rev., 5.25%, 4/1/2041 (c)	1,250,000	974,683
Total Indiana		6,523,757
Iowa — 0.4%
Iowa Finance Authority, PHS Council Bluffs, Inc., Project
Series 2018, Rev., 4.45%, 8/1/2028	250,000	229,638
Series 2018, Rev., 5.00%, 8/1/2033	485,000	427,257
Series 2018, Rev., 5.00%, 8/1/2038	370,000	296,600
Total Iowa		953,495
Kansas — 0.4%
City of Wichita, Health Care Facilities, Presbyterian Manors, Inc.
Series 2018 I, Rev., 5.00%, 5/15/2033	500,000	431,365
Series 2018I, Rev., 5.00%, 5/15/2038	500,000	388,277
Total Kansas		819,642
Louisiana — 1.2%
Louisiana Public Facilities Authority, Lincoln Preparatory School Project Series 2021A, Rev., 5.25%, 6/1/2051 (c)	1,145,000	928,338
Louisiana Public Facilities Authority, Materra Campus Project Series 2021C, Rev., 4.00%, 6/1/2041 (c)	440,000	343,477
Louisiana Public Facilities Authority, Mentorship Steam Academy Project
Series 2021A, Rev., 5.00%, 6/1/2051 (c)	700,000	541,483
Series 2021A, Rev., 5.00%, 6/1/2056 (c)	740,000	556,743
Louisiana Public Facilities Authority, School Master Project Series 2021A, Rev., 4.00%, 6/1/2031 (c)	290,000	263,716
Total Louisiana		2,633,757
Maryland — 0.1%
Maryland Health and Higher Educational Facilities Authority, Frederick Health System Issue Rev., 3.25%, 7/1/2039	175,000	137,218
Michigan — 5.3%
City of Detroit, Unlimited Tax
GO, 5.00%, 4/1/2037	500,000	506,718
Series 2023C, GO, 6.00%, 5/1/2043	2,300,000	2,525,017

INVESTMENTS	PRINCIPAL AMOUNT($)	VALUE($)

Michigan — continued
Detroit Downtown Development Authority, Tax Increment Catalyst Development Project Series 2018A, Rev., AGM, 5.00%, 7/1/2048	1,500,000	1,502,809
Kalamazoo Economic Development Corp., Heritage Community of Kalamazoo Project Rev., 5.00%, 5/15/2037	1,230,000	1,116,126
Michigan Finance Authority, Aqunias College Project Rev., 4.00%, 5/1/2031	540,000	476,269
Michigan Finance Authority, Universal Learning Academy Rev., 6.00%, 11/1/2032	750,000	764,887
Michigan Strategic Fund, United Methodist Retirement Communities Obligated Group, Porter Hills Presbyterian Village Project
Rev., 5.00%, 5/15/2037	670,000	630,632
Rev., 5.00%, 5/15/2044	1,000,000	880,129
State of Michigan Trunk Line, Rebuilding Michigan Program Series 2023, Rev., 5.25%, 11/15/2049 (d)	3,000,000	3,290,504
Total Michigan		11,693,091
Missouri — 0.7%
Industrial Development Authority of the City of St Louis Missouri (The), Innovation District Rev., 5.00%, 5/15/2041	575,000	561,108
Joplin Industrial Development Authority, 32nd Street Place Community Improvement District Project Series 2021, Rev., 4.25%, 11/1/2050	1,250,000	1,024,853
Total Missouri		1,585,961
Montana — 0.4%
County of Gallatin, Bozeman Fiber Project Series 2021A, Rev., 4.00%, 10/15/2032 (c)	1,000,000	902,080
Nevada — 0.6%
City of Las Vegas, Special Improvement District No. 611, Local Improvement
Series 2020, 3.50%, 6/1/2030	200,000	182,378
Series 2020, 3.50%, 6/1/2031	160,000	141,558
Series 2020, 3.75%, 6/1/2032	260,000	230,535
4.00%, 6/1/2033	180,000	166,080
4.00%, 6/1/2034	185,000	168,750
4.00%, 6/1/2035	185,000	166,875
4.00%, 6/1/2040	445,000	385,479
Total Nevada		1,441,655

JPMorgan High Yield Municipal ETF

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

INVESTMENTS	PRINCIPAL AMOUNT($)	VALUE($)
Municipal Bonds — continued
New Hampshire — 0.5%
New Hampshire Business Finance Authority, The Vista Project
Series 2019A, Rev., 5.25%, 7/1/2039 (c)	200,000	178,772
Series 2019A, Rev., 5.63%, 7/1/2046 (c)	1,000,000	890,035
Total New Hampshire		1,068,807
New Jersey — 2.5%
New Jersey Economic Development Authority, Black Horse EHT Urban Renewal LLC Project Series 2019A, Rev., 5.00%, 10/1/2039 (c)	2,000,000	1,408,813
New Jersey Economic Development Authority, Marion P. Thomas Charter School, Inc., Project Series 2018A, Rev., 5.00%, 10/1/2033 (c)	1,000,000	942,483
New Jersey Economic Development Authority, White Horse HMT Urban Renewal LLC Project Rev., 5.00%, 1/1/2040 (c)	3,000,000	2,100,280
Tobacco Settlement Financing Corp. Series 2018B, Rev., 5.00%, 6/1/2046	1,000,000	982,590
Total New Jersey		5,434,166
New York — 6.1%
Build NYC Resource Corp., New World Preparatory Charter School Project Series 2021A, Rev., 4.00%, 6/15/2051 (c)	395,000	283,371
Build NYC Resource Corp., Richmond Charter Schools Series 2021A, Rev., 5.00%, 6/1/2051 (c)	575,000	511,877
City of New York, Fiscal Year 2024 Series 2024A, GO, 4.13%, 8/1/2053	1,025,000	968,497
Jefferson County Civic Facility Development Corp., Samaritan Medical Center Project Series 2017A, Rev., 4.00%, 11/1/2042	1,000,000	710,541
Monroe County Industrial Development Corp.,Rochester Regional Health Project Series 2020A, Rev., 4.00%, 12/1/2036	2,800,000	2,620,554
New York City Transitional Finance Authority Future Tax Secured Series 2024B, Rev., 5.00%, 5/1/2038	1,000,000	1,100,718
New York City Transitional Finance Authority, Building Aid Fiscal 2021 Series 2020S1, Rev., 4.00%, 7/15/2046	1,800,000	1,706,846
New York Transportation Development Corp., Delta Air Lines, Inc., LaGuardia Airport Terminals C&D Redevelopment Project
Rev., AMT, 5.00%, 1/1/2028	500,000	513,979
Rev., AMT, 5.00%, 1/1/2034	375,000	385,180
Rev., AMT, 4.38%, 10/1/2045	2,000,000	1,878,381

INVESTMENTS	PRINCIPAL AMOUNT($)	VALUE($)

New York — continued
Suffolk County Economic Development Corp., St. Johnland Assisted Living Inc., Project Rev., 5.13%, 11/1/2041 (c)	750,000	611,291
Triborough Bridge and Tunnel Authority, MTA Bridges and Tunnels Series 2023B-1, Rev., 5.00%, 11/15/2044	1,500,000	1,609,819
Yonkers Economic Development Corp., Charter School of Educational Excellence Project
Series 2019A, Rev., 4.00%, 10/15/2029	200,000	187,763
Series 2019A, Rev., 5.00%, 10/15/2039	315,000	292,880
Total New York		13,381,697
Ohio — 2.5%
Buckeye Tobacco Settlement Financing Authority
Series 2020B-2, Rev., 5.00%, 6/1/2055	1,000,000	914,092
Series 2020B-3, Rev., Zero Coupon, 6/1/2057	10,000,000	1,151,586
County of Cuyahoga, Eliza Jennings Senior Care Network Series 2022A, Rev., 5.00%, 5/15/2032	460,000	438,428
County of Hardin, Economic Development Facilities Improvement, Ohio Northern University Rev., 5.00%, 5/1/2030	250,000	236,034
Northeast Ohio Medical University
Series 2021A, Rev., 3.00%, 12/1/2040	125,000	92,792
Series 2021A, Rev., 4.00%, 12/1/2045	120,000	99,678
Ohio Higher Educational Facility Commission, The Cleveland Institute of Art 2018 Project Rev., 5.00%, 12/1/2038	685,000	631,293
Ohio Higher Educational Facility Commission, University of Findlay 2019 Project Rev., 5.00%, 3/1/2034	2,000,000	2,008,467
Total Ohio		5,572,370
Oklahoma — 1.1%
Oklahoma Development Finance Authority Health System, OU Medicine Project
Series 2018B, Rev., 5.50%, 8/15/2052	1,600,000	1,529,205
Series 2018B, Rev., 5.50%, 8/15/2057	1,000,000	945,719
Total Oklahoma		2,474,924
Oregon — 0.0% ^
Linn County Community School District No. 9 Lebanon Series 2005, GO, NATL - RE, 5.50%, 6/15/2030	20,000	22,523

INVESTMENTS	PRINCIPAL AMOUNT($)	VALUE($)
Municipal Bonds — continued
Pennsylvania — 2.8%
Berks County Industrial Development Authority, The Highlands at Wyomissing Series 2017A, Rev., 5.00%, 5/15/2037	250,000	241,092
Bucks County Industrial Development Authority, Grand View Hospital Project Rev., 4.00%, 7/1/2046	890,000	665,483
Franklin County Industrial Development Authority, Menno-Haven, Inc., Project Rev., 5.00%, 12/1/2049	500,000	386,478
Pennsylvania Turnpike Commission Oil Franchise Tax Series 2021A, Rev., 4.00%, 12/1/2051	2,500,000	2,294,192
Philadelphia Authority for Industrial Development, Independence Charter School West Project Rev., 4.00%, 6/15/2029	355,000	335,477
Philadelphia Authority for Industrial Development, International Education and Community Initiatives Project Series 2018A, Rev., 4.50%, 6/1/2029 (c)	600,000	587,492
Philadelphia Authority for Industrial Development, Philadelphia Electrical and Technology Charter School Project Series 2021A, Rev., 4.00%, 6/1/2041	200,000	162,519
West Cornwall Township Municipal Authority, Pleasant View Retirement Community Project Rev., 5.00%, 12/15/2038	750,000	690,388
Wilkes-Barre Area School District GO, 3.75%, 4/15/2044	1,000,000	877,839
Total Pennsylvania		6,240,960
Puerto Rico — 3.0%
Commonwealth of Puerto Rico GO, Zero Coupon, 11/1/2043 (b)	237,064	122,088
Puerto Rico Highway and Transportation Authority,Puerto Rico Commonwealth Highway Transport Authorized Restructured Series 2022C, Rev., Zero Coupon, 7/1/2053	2,000,000	1,262,501
Puerto Rico Sales Tax Financing Corp. Sales Tax (Puerto Rico)
Series A-1, Rev., Zero Coupon, 7/1/2051	11,500,000	2,362,531
Series A-1, Rev., 5.00%, 7/1/2058	3,000,000	2,903,716
Total Puerto Rico		6,650,836
Rhode Island — 0.0% ^
Rhode Island Student Loan Authority Series 2017A, Rev., AMT, 5.00%, 12/1/2024	100,000	100,971

INVESTMENTS	PRINCIPAL AMOUNT($)	VALUE($)

Tennessee — 1.8%
Nashville Metropolitan Development and Housing Agency, Tax Increment, Fifth Broadway Development Project
Series 2018, Rev., 4.50%, 6/1/2028 (c)	300,000	300,152
Series 2018, Rev., 5.13%, 6/1/2036 (c)	425,000	427,540
Shelby County Health Educational and Housing Facilities Board Retirement Facility The Farm At Bailey Station Series 2019A, Rev., 5.50%, 10/1/2039	3,000,000	2,418,442
Shelby County Health Educational and Housing Facilities Board, The Farms at Bailey Station Project Series 2019A, Rev., 5.75%, 10/1/2049	1,000,000	755,937
Total Tennessee		3,902,071
Texas — 9.4%
Arlington Higher Education Finance Corp., Newman International Academy Series 2021A, Rev., 5.00%, 8/15/2051	850,000	701,716
Arlington Higher Education Finance Corp., TGP Public Schools, Gathering Place Series 2022A, Rev., 5.25%, 8/15/2032	410,000	385,155
Arlington Higher Education Finance Corp., Winfree Academy Charter Schools Series 2019A, Rev., 5.75%, 8/15/2043	1,000,000	964,354
Baytown Municipal Development District, Baytown Convention Center Hotel, First Lien Series 2021A, Rev., 4.00%, 10/1/2050	875,000	707,952
City of Houston Airport System Series 2023A, Rev., AMT, AGM, 5.25%, 7/1/2048	2,000,000	2,103,323
City of Houston, Combined Utility System, Junior Lien Series A, Rev., AGM, Zero Coupon, 12/1/2027 (e)	30,000	25,945
Conroe Local Government Corp., Conroe Convention Center Hotel Series 2021A, Rev., 4.00%, 10/1/2050	550,000	421,046
Dallas Fort Worth International Airport Series 2023B, Rev., 5.00%, 11/1/2047 (d)	1,000,000	1,055,524
Grand Parkway Transportation Corp. Series 2023, Rev., 5.00%, 4/1/2028 (b)	1,000,000	1,065,988
New Hope Cultural Education Facilities Finance Corp., Beta Academy
Series 2019A, Rev., 3.38%, 8/15/2029 (c)	250,000	224,661
Series 2019A, Rev., 5.00%, 8/15/2039 (c)	425,000	400,463
Series 2019A, Rev., 5.00%, 8/15/2049 (c)	670,000	591,190
New Hope Cultural Education Facilities Finance Corp., Legacy Midtown Park Project Series 2018A, Rev., 5.50%, 7/1/2054	1,000,000	756,966

JPMorgan High Yield Municipal ETF

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

INVESTMENTS	PRINCIPAL AMOUNT($)	VALUE($)
Municipal Bonds — continued
Texas — continued
New Hope Cultural Education Facilities Finance Corp., Morningside Ministries Project
Series 2020A, Rev., 5.00%, 1/1/2035	500,000	449,773
Rev., 4.00%, 1/1/2037	625,000	486,149
Series 2020A, Rev., 5.00%, 1/1/2040	790,000	679,637
Series 2020A, Rev., 5.00%, 1/1/2055	2,000,000	1,563,198
New Hope Cultural Education Facilities Finance Corp., Presbyterian Village North Project Rev., 5.00%, 10/1/2039	1,000,000	842,024
New Hope Cultural Education Facilities Finance Corp., Quality Senior Housing Foundation Series 2019A-1, Rev., 5.00%, 12/1/2039	1,420,000	1,325,477
New Hope Cultural Education Facilities Finance Corp., Wesleyan Homes, Inc., Project
Rev., 4.00%, 1/1/2029	300,000	262,131
Rev., 5.00%, 1/1/2039	205,000	161,281
San Antonio Education Facilities Corp., Hallmark University Project Series 2021A, Rev., 5.00%, 10/1/2051	500,000	383,804
San Antonio Education Facilities Corp., University of The Incarnate Word Series 2021A, Rev., 4.00%, 4/1/2051	1,000,000	792,457
State of Texas, College Student Loan Series 2023A, GO, AMT, 5.25%, 8/1/2029	2,000,000	2,188,131
Tarrant County Cultural Education Facilities Finance Corp., Retirement Facility, MRC Stevenson Oaks Project Series 2020A, Rev., 6.25%, 11/15/2031	500,000	478,648
Texas Private Activity Bond Surface Transportation Corp., North Tarrant Express Mobility Partners Segments 3 LLC Segment 3C Project Series 2019, Rev., AMT, 5.00%, 6/30/2058	1,625,000	1,625,697
Total Texas		20,642,690
Utah — 5.3%
City of Salt Lake City, Airport System Series 2023A, Rev., AMT, 5.25%, 7/1/2053	3,500,000	3,660,924
Mida Golf and Equestrian Center Public Infrastructure District, Limited Tax GO, 4.25%, 6/1/2041 (c)	1,100,000	831,785
Mida Mountain Village Public Infrastructure District, Mountain Village Assessment Area
Series 2020B, Rev., 6.25%, 8/1/2030 (c)	1,000,000	916,805
Series 2020A, Rev., 4.50%, 8/1/2040 (c)	1,000,000	833,987
Mida Mountain Village Public Infrastructure District, Mountain Village Assessment Area #2 Rev., 4.00%, 8/1/2050 (c)	1,750,000	1,291,829

INVESTMENTS	PRINCIPAL AMOUNT($)	VALUE($)

Utah — continued
Military Installation Development Authority, Tax Allocation and Hotel Tax Series 2021A-1, Rev., 4.00%, 6/1/2036	500,000	419,295
Utah Charter School Finance Authority, Mountain West Montessori Academy Project
Series 2020A, Rev., 3.13%, 6/15/2029 (c)	570,000	513,713
Series 2020A, Rev., 5.00%, 6/15/2049 (c)	825,000	730,172
Utah Charter School Finance Authority, Wallace Stegner Academy
Series 2022A, Rev., 5.25%, 6/15/2032 (c)	250,000	246,014
Series 2022A, Rev., 5.63%, 6/15/2042 (c)	400,000	382,980
Utah Infrastructure Agency, Tax-Exempt Telecommunications
Rev., 4.00%, 10/15/2033	500,000	468,451
Rev., 4.00%, 10/15/2036	500,000	443,203
Rev., 4.00%, 10/15/2039	700,000	588,711
Rev., 4.00%, 10/15/2042	475,000	381,234
Total Utah		11,709,103
Vermont — 0.1%
Vermont Student Assistance Corp., Education Loan
Series 2018A, Rev., AMT, 4.00%, 6/15/2032	70,000	69,359
Series 2018A, Rev., AMT, 4.00%, 6/15/2033	90,000	89,143
Series 2018A, Rev., AMT, 4.00%, 6/15/2034	70,000	69,338
Total Vermont		227,840
Virginia — 3.1%
Danville Industrial Development Authority, Averett University Series 2017A, Rev., 4.75%, 10/1/2032	760,000	674,185
Fredericksburg Economic Development Authority, Stadium Project
Series 2021A, Rev., 7.00%, 11/15/2026 (c)	580,000	580,180
Series 2019B, Rev., 6.13%, 9/1/2029 (c)	1,695,000	1,566,258
Series 2019B, Rev., 7.00%, 9/1/2044 (c)	1,000,000	822,926
Roanoke County Economic Development Authority, Residential Care Facility, Richfield Living
Series 2019A, Rev., 4.75%, 9/1/2029 (f)	1,000,000	600,000
Series 2020, Rev., 4.30%, 9/1/2030 (f)	770,000	462,000
Series 2019A, Rev., 5.00%, 9/1/2034 (f)	2,000,000	1,200,000
Series 2020, Rev., 5.00%, 9/1/2040 (f)	1,640,000	984,000
Total Virginia		6,889,549

INVESTMENTS	PRINCIPAL AMOUNT($)	VALUE($)
Municipal Bonds — continued
Washington — 0.3%
Washington State Housing Finance Commission, Judson Park Project
Rev., 4.00%, 7/1/2028 (c)	535,000	491,150
Rev., 5.00%, 7/1/2038 (c)	300,000	257,823
Total Washington		748,973
Wisconsin — 4.0%
Public Finance Authority Series 2022, Rev., 4.00%, 4/1/2042 (c)	500,000	405,348
Public Finance Authority, Cedars Obligated Group Series 2019, Rev., 4.25%, 5/1/2029 (c)	855,000	756,920
Public Finance Authority, Community School of Davidson Project Series 2018, Rev., 3.75%, 10/1/2023	80,000	79,943
Public Finance Authority, ENO River Academy Project
Series 2020A, Rev., 4.00%, 6/15/2030 (c)	235,000	222,913
Series 2020A, Rev., 5.00%, 6/15/2040 (c)	410,000	386,406
Public Finance Authority, First Mortgage Southminster, Inc. Series 2018, Rev., 4.25%, 10/1/2038 (c)	935,000	785,643
Public Finance Authority, Minnesota College of Osteopathic Medicine
Series 2019A-1, Rev., 5.50%, 12/1/2048 (c) (f)	17,498	5,424
Series 2019A-2, Rev., 7.25%, 12/1/2048 (c) (f)	45,647	14,150
Public Finance Authority, Presbyterian Villages of Michigan Obligated Group Series 2020A, Rev., 4.00%, 11/15/2042 (c)	3,955,000	2,754,306
Public Finance Authority, Ripple Ranch, LLC Obligate Series 2021A, Rev., 5.25%, 12/1/2051 (c)	800,000	538,457
Public Finance Authority, Senior Lien, Grand Hyatt Series 2022A, Rev., 3.75%, 2/1/2032	300,000	277,420
Public Finance Authority, The Franklin School of Innovation Rev., 5.00%, 1/1/2042 (c)	250,000	221,401
Public Finance Authority, Viticus Group Project
Series 2022B, Rev., 5.00%, 12/1/2024 (c)	215,000	210,831
Series 2022A, Rev., 4.00%, 12/1/2031 (c)	400,000	359,664
Public Finance Authority, Wilson Preparatory Academy
Series 2019A, Rev., 4.13%, 6/15/2029 (c)	400,000	376,273

INVESTMENTS	PRINCIPAL AMOUNT($)	VALUE($)

Wisconsin — continued
Series 2019A, Rev., 5.00%, 6/15/2039 (c)	500,000	469,796
Series 2019A, Rev., 5.00%, 6/15/2049 (c)	1,100,000	966,950
Total Wisconsin		8,831,845
Total Municipal Bonds (Cost $217,238,006)		190,268,944
	SHARES
Short-Term Investments — 15.9%
Investment Companies — 15.9%
JPMorgan Institutional Tax Free Money Market Fund Class Institutional Shares, 3.66% (g) (h) (Cost $35,111,891)	35,105,985	35,111,891
Total Investments — 102.1% (Cost $252,349,897)		225,380,835
Liabilities in Excess of Other Assets — (2.1)%		(4,731,511 )
NET ASSETS — 100.0%		220,649,324

Percentages indicated are based on net assets.

Abbreviations
AGM	Insured by Assured Guaranty Municipal Corp.
AMT	Alternative Minimum Tax
BAN	Bond Anticipation Note
COLL	Collateral
GNMA	Government National Mortgage Association
GO	General Obligation
LIQ	Liquidity Agreement
MTA	Metropolitan Transportation Authority
NATL	Insured by National Public Finance Guarantee Corp.
RE	Reinsured
Rev.	Revenue

^	Amount rounds to less than 0.1% of net assets.
(a)	The date shown represents the earliest of the prerefunded date, next put date or final maturity date.
(b)	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.
(c)	Securities exempt from registration under Rule 144A or section 4(a)(2), of the Securities Act of 1933, as amended.
(d)	All or a portion of the security is a when-issued security, delayed delivery security, or forward commitment.
(e)	Security is prerefunded or escrowed to maturity.
(f)	Defaulted security.

JPMorgan High Yield Municipal ETF

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

(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.

Centrally Cleared Credit default swap contracts outstanding - buy protection(*) as of August 31, 2023:

REFERENCE OBLIGATION/INDEX	FINANCING RATE PAID BY THE FUND (%)	PAYMENT FREQUENCY	MATURITY DATE	IMPLIED CREDIT SPREAD (%)(a)	NOTIONAL AMOUNT(b)	UPFRONT PAYMENTS (RECEIPTS) ($)(c)	UNREALIZED APPRECIATION (DEPRECIATION) ($)	VALUE ($)
CDX.NA.HY.40-V1	5.00	Quarterly	6/20/2028	4.26	USD6,520,000	(154,455 )	(95,858 )	(250,313 )

(*)	The Fund, as a buyer of credit protection, is generally obligated to make periodic payments and may also pay or receive an upfront premium to or from the protection seller, in exchange for the right to receive a contingent payment, upon occurrence of a credit event with respect to an underlying reference obligation, as defined under the terms of individual swap contracts.
(a)	Implied credit spreads are an indication of the seller's performance risk, related to the likelihood of a credit event occurring that would require a seller to make payment to a buyer. Implied credit spreads are used to determine the value of swap contracts and reflect the cost of buying/selling protection, which may include upfront payments made to enter into the contract. Therefore, higher spreads would indicate a greater likelihood that a seller will be obligated to perform (i.e. make payment) under the swap contract. Increasing values, in absolute terms and relative to notional amounts, are also indicative of greater performance risk. Implied credit spreads for credit default swaps on credit indices are linked to the weighted average spread across the underlying reference obligations included in a particular index.
(b)	The notional amount is the maximum amount that a seller of credit protection would be obligated to pay and a buyer of credit protection would receive, upon occurrence of a credit event.
(c)	Upfront payments and receipts generally represent premiums paid or received at the initiation of the agreement to compensate the differences between the stated terms of the swap agreement and current market conditions (credit spreads, interest rates and other relevant factors).

Abbreviations
CDX	Credit Default Swap Index
USD	United States Dollar

JPMorgan Inflation Managed Bond ETF

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

INVESTMENTS	PRINCIPAL AMOUNT($)	VALUE($)
Corporate Bonds — 26.1%
Aerospace & Defense — 0.6%
BAE Systems plc (United Kingdom) 3.40%, 4/15/2030 (a)	400,000	357,314
Boeing Co. (The)
2.75%, 2/1/2026	782,000	733,880
3.10%, 5/1/2026	931,000	876,923
L3Harris Technologies, Inc. 3.85%, 12/15/2026	425,000	406,161
Leidos, Inc. 2.30%, 2/15/2031	467,000	369,858
Northrop Grumman Corp. 2.93%, 1/15/2025	50,000	48,320
RTX Corp. 3.15%, 12/15/2024	216,000	209,383
		3,001,839
Automobile Components — 0.0% ^
Lear Corp. 2.60%, 1/15/2032	222,000	173,070
Automobiles — 0.7%
Honda Motor Co. Ltd. (Japan) 2.53%, 3/10/2027	50,000	45,970
Hyundai Capital America
0.80%, 1/8/2024 (a)	50,000	49,129
3.00%, 2/10/2027 (a)	903,000	825,590
2.38%, 10/15/2027 (a)	419,000	367,122
Mercedes-Benz Finance North America LLC (Germany) 2.13%, 3/10/2025 (a)	590,000	561,073
Nissan Motor Co. Ltd. (Japan)
4.35%, 9/17/2027 (a)	800,000	732,781
4.81%, 9/17/2030 (a)	800,000	706,042
Stellantis Finance US, Inc. 2.69%, 9/15/2031 (a)	378,000	296,238
		3,583,945
Banks — 6.9%
ABN AMRO Bank NV (Netherlands) (US Treasury Yield Curve Rate T Note Constant Maturity 1 Year + 1.10%), 2.47%, 12/13/2029 (a) (b)	600,000	505,970
Australia & New Zealand Banking Group Ltd. (Australia) 4.40%, 5/19/2026 (a) (c)	750,000	720,945
Banco Santander SA (Spain)
(US Treasury Yield Curve Rate T Note Constant Maturity 1 Year + 0.90%), 1.72%, 9/14/2027 (b)	200,000	175,793
2.75%, 12/3/2030	600,000	464,957
Bank of America Corp.
(SOFR + 1.15%), 1.32%, 6/19/2026 (b)	21,000	19,325
Series N, (SOFR + 0.91%), 1.66%, 3/11/2027 (b)	178,000	160,840

INVESTMENTS	PRINCIPAL AMOUNT($)	VALUE($)

Banks — continued
(3-MONTH CME TERM SOFR + 1.84%), 3.82%, 1/20/2028 (b)	937,000	883,359
(SOFR + 1.63%), 5.20%, 4/25/2029 (b)	547,000	538,730
(SOFR + 1.53%), 1.90%, 7/23/2031 (b)	1,977,000	1,560,629
Bank of Ireland Group plc (Ireland) (US Treasury Yield Curve Rate T Note Constant Maturity 1 Year + 1.10%), 2.03%, 9/30/2027 (a) (b)	925,000	813,834
Bank of Montreal (Canada)
2.65%, 3/8/2027	40,000	36,484
(USD Swap Semi 5 Year + 1.28%), 4.34%, 10/5/2028 (b) (c)	512,000	511,157
Bank of New Zealand (New Zealand) 3.50%, 2/20/2024 (a)	330,000	326,285
Banque Federative du Credit Mutuel SA (France) 5.90%, 7/13/2026 (a)	357,000	358,089
Barclays plc (United Kingdom) (ICE LIBOR USD 3 Month + 1.61%), 3.93%, 5/7/2025 (b)	855,000	842,501
BNP Paribas SA (France)
(3-MONTH CME TERM SOFR + 2.50%), 4.71%, 1/10/2025 (a) (b)	500,000	497,214
(SOFR + 2.07%), 2.22%, 6/9/2026 (a) (b)	500,000	467,119
BPCE SA (France)
(SOFR + 1.09%), 2.05%, 10/19/2027 (a) (b)	964,000	853,657
(SOFR + 1.31%), 2.28%, 1/20/2032 (a) (b)	694,000	536,320
Citigroup, Inc.
(SOFR + 0.77%), 1.12%, 1/28/2027 (b)	1,056,000	946,395
4.45%, 9/29/2027	472,000	451,167
(3-MONTH CME TERM SOFR + 1.82%), 3.89%, 1/10/2028 (b)	90,000	85,021
(3-MONTH CME TERM SOFR + 1.43%), 3.88%, 1/24/2039 (b)	456,000	374,490
Commonwealth Bank of Australia (Australia) 2.30%, 3/14/2025 (a)	40,000	38,301
Cooperatieve Rabobank UA (Netherlands)
2.63%, 7/22/2024 (a)	250,000	243,058
(US Treasury Yield Curve Rate T Note Constant Maturity 1 Year + 0.73%), 1.98%, 12/15/2027 (a) (b)	750,000	661,941
(US Treasury Yield Curve Rate T Note Constant Maturity 1 Year + 1.40%), 5.56%, 2/28/2029 (a) (b)	250,000	247,020
Credit Agricole SA (France) (SOFR + 1.68%), 1.91%, 6/16/2026 (a) (b)	1,500,000	1,396,316

SEE NOTES TO FINANCIAL STATEMENTS.

August 31, 2023

J.P. Morgan Exchange-Traded Funds

JPMorgan Inflation Managed Bond ETF

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

INVESTMENTS	PRINCIPAL AMOUNT($)	VALUE($)
Corporate Bonds — continued
Banks — continued
Danske Bank A/S (Denmark) (US Treasury Yield Curve Rate T Note Constant Maturity 1 Year + 2.10%), 6.47%, 1/9/2026 (a) (b)	407,000	407,186
Discover Bank
2.45%, 9/12/2024	650,000	623,230
3.45%, 7/27/2026	447,000	409,291
DNB Bank ASA (Norway) (US Treasury Yield Curve Rate T Note Constant Maturity 1 Year + 0.68%), 1.61%, 3/30/2028 (a) (b)	1,000,000	867,861
Fifth Third Bank NA 2.25%, 2/1/2027	250,000	221,545
HSBC Holdings plc (United Kingdom)
(3-MONTH CME TERM SOFR + 1.61%), 4.29%, 9/12/2026 (b)	1,250,000	1,205,703
(SOFR + 1.73%), 2.01%, 9/22/2028 (b)	300,000	257,825
(3-MONTH CME TERM SOFR + 1.87%), 3.97%, 5/22/2030 (b)	640,000	576,133
(SOFR + 2.39%), 2.85%, 6/4/2031 (b)	1,141,000	941,013
Huntington Bancshares, Inc. (SOFR + 2.05%), 5.02%, 5/17/2033 (b)	944,000	874,172
ING Groep NV (Netherlands) (SOFR + 1.01%), 1.73%, 4/1/2027 (b)	480,000	431,643
KeyBank NA 3.30%, 6/1/2025	250,000	234,214
KeyCorp (SOFRINDX + 1.25%), 3.88%, 5/23/2025 (b)	184,000	175,577
Lloyds Banking Group plc (United Kingdom)
(US Treasury Yield Curve Rate T Note Constant Maturity 1 Year + 1.00%), 2.44%, 2/5/2026 (b)	550,000	520,947
3.75%, 1/11/2027	469,000	440,932
Mitsubishi UFJ Financial Group, Inc. (Japan) (US Treasury Yield Curve Rate T Note Constant Maturity 1 Year + 0.83%), 2.34%, 1/19/2028 (b)	600,000	538,339
Mizuho Financial Group Cayman 3 Ltd. (Japan) 4.60%, 3/27/2024 (a) (c)	800,000	791,538
Morgan Stanley Bank NA 4.75%, 4/21/2026	520,000	513,266
National Australia Bank Ltd. (Australia) 2.33%, 8/21/2030 (a) (c)	250,000	194,823
NatWest Group plc (United Kingdom) (US Treasury Yield Curve Rate T Note Constant Maturity 1 Year + 0.90%), 1.64%, 6/14/2027 (b)	286,000	253,901
NatWest Markets plc (United Kingdom) 0.80%, 8/12/2024 (a)	777,000	741,393
PNC Financial Services Group, Inc. (The) (SOFR + 1.09%), 4.76%, 1/26/2027 (b)	573,000	562,510

INVESTMENTS	PRINCIPAL AMOUNT($)	VALUE($)

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)	200,000	181,536
(SOFR + 2.75%), 6.83%, 11/21/2026 (b)	200,000	202,512
(SOFR + 2.60%), 6.53%, 1/10/2029 (b)	750,000	755,907
Societe Generale SA (France)
2.63%, 1/22/2025 (a)	700,000	665,926
4.25%, 4/14/2025 (a)	400,000	385,528
(US Treasury Yield Curve Rate T Note Constant Maturity 1 Year + 1.00%), 1.79%, 6/9/2027 (a) (b)	937,000	831,174
Sumitomo Mitsui Financial Group, Inc. (Japan) 2.70%, 7/16/2024	1,112,000	1,082,235
Toronto-Dominion Bank (The) (Canada) 1.15%, 6/12/2025	40,000	37,095
Truist Bank 3.30%, 5/15/2026	200,000	185,826
UniCredit SpA (Italy)
(US Treasury Yield Curve Rate T Note Constant Maturity 1 Year + 1.20%), 1.98%, 6/3/2027 (a) (b)	835,000	741,722
(USD ICE Swap Rate 5 Year + 3.70%), 5.86%, 6/19/2032 (a) (b)	600,000	552,215
Wachovia Corp. 7.57%, 8/1/2026 (d)	366,000	382,784
Wells Fargo & Co. (3-MONTH CME TERM SOFR + 1.43%), 2.88%, 10/30/2030 (b)	637,000	545,111
Westpac Banking Corp. (Australia) (US Treasury Yield Curve Rate T Note Constant Maturity 5 Year + 1.35%), 2.89%, 2/4/2030 (b) (c)	540,000	509,971
		33,559,501
Beverages — 0.1%
Constellation Brands, Inc. 3.15%, 8/1/2029	370,000	330,582
Biotechnology — 0.3%
AbbVie, Inc. 2.95%, 11/21/2026	1,277,000	1,195,365
Gilead Sciences, Inc. 3.50%, 2/1/2025	35,000	34,069
Regeneron Pharmaceuticals, Inc. 1.75%, 9/15/2030	181,000	144,048
		1,373,482
Broadline Retail — 0.0% ^
eBay, Inc. 2.60%, 5/10/2031	50,000	41,352
Capital Markets — 2.0%
Brookfield Finance, Inc. (Canada) 4.25%, 6/2/2026	362,000	348,295

SEE NOTES TO FINANCIAL STATEMENTS.

J.P. Morgan Exchange-Traded Funds

August 31, 2023

INVESTMENTS	PRINCIPAL AMOUNT($)	VALUE($)
Corporate Bonds — continued
Capital Markets — continued
Credit Suisse AG (Switzerland)
3.63%, 9/9/2024	1,920,000	1,867,585
1.25%, 8/7/2026	250,000	219,013
Deutsche Bank AG (Germany)
(SOFR + 2.16%), 2.22%, 9/18/2024 (b)	360,000	359,436
(SOFR + 2.52%), 7.15%, 7/13/2027 (b)	190,000	192,842
(SOFR + 1.32%), 2.55%, 1/7/2028 (b)	700,000	618,812
(SOFR + 1.72%), 3.04%, 5/28/2032 (b)	626,000	497,971
Goldman Sachs Group, Inc. (The)
4.25%, 10/21/2025	237,000	229,979
3.50%, 11/16/2026	1,185,000	1,113,818
(SOFR + 1.09%), 1.99%, 1/27/2032 (b)	512,000	398,753
Invesco Finance plc 3.75%, 1/15/2026	386,000	371,456
Macquarie Group Ltd. (Australia) (ICE LIBOR USD 3 Month + 1.75%), 5.03%, 1/15/2030 (a) (b)	200,000	194,895
Morgan Stanley
(SOFR + 1.99%), 2.19%, 4/28/2026 (b)	40,000	37,698
4.35%, 9/8/2026	1,163,000	1,119,913
(SOFR + 1.02%), 1.93%, 4/28/2032 (b)	110,000	84,818
Nasdaq, Inc. 5.55%, 2/15/2034	138,000	137,760
Nomura Holdings, Inc. (Japan)
2.33%, 1/22/2027	800,000	708,707
2.68%, 7/16/2030	453,000	367,261
UBS Group AG (Switzerland)
(SOFR + 2.04%), 2.19%, 6/5/2026 (a) (b)	250,000	232,862
(SOFRINDX + 0.98%), 1.31%, 2/2/2027 (a) (b)	900,000	800,158
		9,902,032
Chemicals — 0.2%
Albemarle Corp. 5.05%, 6/1/2032	540,000	508,316
International Flavors & Fragrances, Inc. 1.83%, 10/15/2027 (a)	310,000	260,740
RPM International, Inc. 2.95%, 1/15/2032	238,000	191,052
		960,108
Commercial Services & Supplies — 0.0% ^
Republic Services, Inc. 5.00%, 4/1/2034	166,000	163,024
Construction & Engineering — 0.1%
Quanta Services, Inc. 2.35%, 1/15/2032	446,000	352,808
Construction Materials — 0.0% ^
Martin Marietta Materials, Inc. Series CB, 2.50%, 3/15/2030	40,000	33,610

INVESTMENTS	PRINCIPAL AMOUNT($)	VALUE($)

Consumer Finance — 1.9%
AerCap Ireland Capital DAC (Ireland)
2.45%, 10/29/2026	1,404,000	1,263,244
3.00%, 10/29/2028	1,235,000	1,070,204
Avolon Holdings Funding Ltd. (Ireland)
2.13%, 2/21/2026 (a)	692,000	621,773
4.25%, 4/15/2026 (a)	832,000	784,625
4.38%, 5/1/2026 (a)	1,063,000	1,002,086
2.53%, 11/18/2027 (a)	2,793,000	2,384,319
Capital One Financial Corp.
(SOFR + 1.37%), 4.17%, 5/9/2025 (b)	394,000	386,565
(SOFR + 1.27%), 2.62%, 11/2/2032 (b)	409,000	311,552
General Motors Financial Co., Inc.
1.20%, 10/15/2024	420,000	398,192
2.35%, 1/8/2031	890,000	691,278
Park Aerospace Holdings Ltd. (Ireland) 5.50%, 2/15/2024 (a)	392,000	389,384
		9,303,222
Consumer Staples Distribution & Retail — 0.0% ^
7-Eleven, Inc. 1.80%, 2/10/2031 (a)	205,000	160,782
Containers & Packaging — 0.2%
Graphic Packaging International LLC 1.51%, 4/15/2026 (a)	453,000	406,273
Packaging Corp. of America 3.00%, 12/15/2029	280,000	244,452
WRKCo, Inc. 4.90%, 3/15/2029	150,000	144,378
		795,103
Diversified REITs — 0.3%
Goodman US Finance Three LLC (Australia) 3.70%, 3/15/2028 (a)	163,000	147,939
Safehold GL Holdings LLC 2.80%, 6/15/2031	682,000	525,269
WP Carey, Inc. 2.25%, 4/1/2033	893,000	663,343
		1,336,551
Diversified Telecommunication Services — 0.5%
AT&T, Inc. 1.65%, 2/1/2028	781,000	667,765
NBN Co. Ltd. (Australia) 2.63%, 5/5/2031 (a)	800,000	661,382
Sprint Capital Corp. 6.88%, 11/15/2028	155,000	163,742
Verizon Communications, Inc.
2.63%, 8/15/2026	793,000	738,432
1.68%, 10/30/2030	70,000	54,721
		2,286,042
Electric Utilities — 1.8%
American Electric Power Co., Inc. 2.03%, 3/15/2024	179,000	175,131

SEE NOTES TO FINANCIAL STATEMENTS.

August 31, 2023

J.P. Morgan Exchange-Traded Funds

JPMorgan Inflation Managed Bond ETF

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

INVESTMENTS	PRINCIPAL AMOUNT($)	VALUE($)
Corporate Bonds — continued
Electric Utilities — continued
Arizona Public Service Co. 3.35%, 6/15/2024	322,000	314,633
Atlantic City Electric Co. 4.00%, 10/15/2028	20,000	18,973
CenterPoint Energy Houston Electric LLC Series AA, 3.00%, 2/1/2027	10,000	9,339
Cleveland Electric Illuminating Co. (The)
5.50%, 8/15/2024	10,000	9,961
3.50%, 4/1/2028 (a)	386,000	354,759
4.55%, 11/15/2030 (a)	290,000	271,976
Connecticut Light and Power Co. (The) Series A, 3.20%, 3/15/2027	20,000	18,801
Duke Energy Carolinas LLC 6.45%, 10/15/2032	50,000	53,499
Duke Energy Ohio, Inc. 5.25%, 4/1/2033	73,000	73,176
Duquesne Light Holdings, Inc.
2.53%, 10/1/2030 (a)	421,000	335,523
2.78%, 1/7/2032 (a)	254,000	195,984
Edison International 3.55%, 11/15/2024	714,000	693,462
Evergy, Inc. 2.90%, 9/15/2029	218,000	189,667
Fells Point Funding Trust 3.05%, 1/31/2027 (a)	864,000	790,082
Fortis, Inc. (Canada) 3.06%, 10/4/2026	421,000	390,488
Interstate Power and Light Co. 4.10%, 9/26/2028	30,000	28,560
ITC Holdings Corp. 2.95%, 5/14/2030 (a)	251,000	214,526
Kentucky Utilities Co. 3.30%, 10/1/2025	200,000	190,669
NextEra Energy Capital Holdings, Inc. 2.25%, 6/1/2030	200,000	164,403
Niagara Mohawk Power Corp. 3.51%, 10/1/2024 (a)	640,000	620,766
NRG Energy, Inc. 2.45%, 12/2/2027 (a)	405,000	343,801
Oncor Electric Delivery Co. LLC 5.75%, 3/15/2029	260,000	267,842
Pacific Gas and Electric Co.
2.95%, 3/1/2026	458,000	422,568
4.55%, 7/1/2030	778,999	700,525
Pennsylvania Electric Co. 3.25%, 3/15/2028 (a)	256,000	233,079
PG&E Wildfire Recovery Funding LLC Series A-2, 4.26%, 6/1/2036	848,000	788,428
SCE Recovery Funding LLC Series A-2, 1.94%, 5/15/2038	285,000	200,978
Southwestern Electric Power Co. Series M, 4.10%, 9/15/2028	10,000	9,474

INVESTMENTS	PRINCIPAL AMOUNT($)	VALUE($)

Electric Utilities — continued
Virginia Electric and Power Co. Series A, 3.50%, 3/15/2027	10,000	9,447
Vistra Operations Co. LLC 4.88%, 5/13/2024 (a)	680,000	669,317
		8,759,837
Electrical Equipment — 0.0% ^
Eaton Corp. 3.10%, 9/15/2027	50,000	46,876
Electronic Equipment, Instruments & Components — 0.1%
Arrow Electronics, Inc. 3.88%, 1/12/2028	458,000	423,937
Energy Equipment & Services — 0.0% ^
Halliburton Co. 2.92%, 3/1/2030	200,000	174,399
Schlumberger Holdings Corp. 3.90%, 5/17/2028 (a)	39,000	36,983
		211,382
Entertainment — 0.1%
Walt Disney Co. (The) 7.43%, 10/1/2026	268,000	284,902
Financial Services — 0.4%
Global Payments, Inc.
2.15%, 1/15/2027	501,000	446,504
3.20%, 8/15/2029	200,000	174,106
LSEGA Financing plc (United Kingdom) 2.00%, 4/6/2028 (a)	490,000	423,325
Mitsubishi HC Capital, Inc. (Japan) 3.96%, 9/19/2023 (a)	420,000	419,576
Nationwide Building Society (United Kingdom) 4.85%, 7/27/2027 (a)	300,000	292,815
		1,756,326
Food Products — 0.2%
Cargill, Inc. 2.13%, 4/23/2030 (a)	250,000	209,625
General Mills, Inc. 4.95%, 3/29/2033	151,000	147,296
Mead Johnson Nutrition Co. (United Kingdom) 4.13%, 11/15/2025	89,000	86,639
Smithfield Foods, Inc. 5.20%, 4/1/2029 (a)	376,000	348,978
		792,538
Gas Utilities — 0.0% ^
Eastern Energy Gas Holdings LLC Series A, 2.50%, 11/15/2024	50,000	48,101
ONE Gas, Inc. 2.00%, 5/15/2030	248,000	203,221
		251,322
Ground Transportation — 0.5%
ERAC USA Finance LLC 3.85%, 11/15/2024 (a)	416,000	406,762

SEE NOTES TO FINANCIAL STATEMENTS.

J.P. Morgan Exchange-Traded Funds

August 31, 2023

INVESTMENTS	PRINCIPAL AMOUNT($)	VALUE($)
Corporate Bonds — continued
Ground Transportation — continued
Penske Truck Leasing Co. LP
5.75%, 5/24/2026 (a)	219,000	217,483
5.55%, 5/1/2028 (a)	818,000	802,480
Triton Container International Ltd. (Bermuda)
2.05%, 4/15/2026 (a)	637,000	567,357
3.25%, 3/15/2032	508,000	393,639
		2,387,721
Health Care Equipment & Supplies — 0.0% ^
Abbott Laboratories 3.88%, 9/15/2025	40,000	39,041
Becton Dickinson & Co. 3.36%, 6/6/2024	46,000	45,127
		84,168
Health Care Providers & Services — 0.4%
CommonSpirit Health
3.35%, 10/1/2029	455,000	405,510
2.78%, 10/1/2030	171,000	143,627
CVS Health Corp. 1.88%, 2/28/2031	281,000	220,578
HCA, Inc.
5.25%, 6/15/2026	20,000	19,757
4.13%, 6/15/2029	764,000	705,712
Humana, Inc. 3.95%, 3/15/2027	292,000	280,352
Quest Diagnostics, Inc.
2.95%, 6/30/2030	93,000	80,761
2.80%, 6/30/2031	287,000	243,238
UnitedHealth Group, Inc. 3.38%, 4/15/2027	20,000	18,967
		2,118,502
Health Care REITs — 0.4%
Healthcare Realty Holdings LP
3.10%, 2/15/2030	269,000	229,144
2.00%, 3/15/2031	429,000	330,374
Healthpeak OP LLC 2.13%, 12/1/2028	270,000	230,695
Physicians Realty LP 2.63%, 11/1/2031	409,000	317,719
Sabra Health Care LP 3.20%, 12/1/2031	440,000	336,071
Ventas Realty LP
3.50%, 2/1/2025	110,000	105,802
4.13%, 1/15/2026	45,000	43,277
3.25%, 10/15/2026	229,000	211,771
Welltower OP LLC 2.75%, 1/15/2032	404,000	326,633
		2,131,486
Hotels, Restaurants & Leisure — 0.1%
Expedia Group, Inc. 3.25%, 2/15/2030	755,000	658,139
Industrial REITs — 0.1%
Prologis LP 4.75%, 6/15/2033	407,000	390,052

INVESTMENTS	PRINCIPAL AMOUNT($)	VALUE($)

Insurance — 0.9%
AIA Group Ltd. (Hong Kong) 3.60%, 4/9/2029 (a)	595,000	550,012
Assurant, Inc. 4.20%, 9/27/2023	23,000	22,957
Athene Global Funding 2.72%, 1/7/2029 (a)	711,000	592,929
Brighthouse Financial Global Funding 1.00%, 4/12/2024 (a)	258,000	250,150
CNA Financial Corp. 3.95%, 5/15/2024	439,000	433,238
CNO Global Funding
1.75%, 10/7/2026 (a)	531,000	471,374
2.65%, 1/6/2029 (a)	200,000	169,532
F&G Global Funding 2.30%, 4/11/2027 (a)	604,000	534,064
Guardian Life Global Funding 0.88%, 12/10/2025 (a)	512,000	459,450
Manulife Financial Corp. (Canada) 4.15%, 3/4/2026	389,000	377,875
Marsh & McLennan Cos., Inc. 3.88%, 3/15/2024	30,000	29,687
Principal Financial Group, Inc.
3.10%, 11/15/2026	20,000	18,604
3.70%, 5/15/2029	30,000	27,459
Prudential Insurance Co. of America (The) 8.30%, 7/1/2025 (a)	650,000	670,800
		4,608,131
Leisure Products — 0.1%
Hasbro, Inc. 3.90%, 11/19/2029	392,000	355,458
Media — 0.6%
Charter Communications Operating LLC 4.91%, 7/23/2025	814,000	799,398
Comcast Corp. 4.15%, 10/15/2028	544,000	524,567
Discovery Communications LLC 3.95%, 3/20/2028	652,000	606,391
Paramount Global 2.90%, 1/15/2027	469,000	422,706
Time Warner Cable Enterprises LLC 8.38%, 7/15/2033	346,000	385,529
		2,738,591
Metals & Mining — 0.2%
Glencore Funding LLC (Australia)
2.50%, 9/1/2030 (a)	260,000	211,471
2.85%, 4/27/2031 (a)	350,000	285,266
Steel Dynamics, Inc. 1.65%, 10/15/2027	324,000	277,875
		774,612
Multi-Utilities — 0.3%
CenterPoint Energy, Inc. 1.45%, 6/1/2026	288,000	258,827
CMS Energy Corp. 2.95%, 2/15/2027	170,000	155,643

SEE NOTES TO FINANCIAL STATEMENTS.

August 31, 2023

J.P. Morgan Exchange-Traded Funds

JPMorgan Inflation Managed Bond ETF

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

INVESTMENTS	PRINCIPAL AMOUNT($)	VALUE($)
Corporate Bonds — continued
Multi-Utilities — continued
Consolidated Edison Co. of New York, Inc. 3.80%, 5/15/2028	10,000	9,461
NiSource, Inc. 5.25%, 3/30/2028	166,000	165,304
PG&E Energy Recovery Funding LLC Series A-2, 2.28%, 1/15/2036	225,000	170,018
Public Service Enterprise Group, Inc. 1.60%, 8/15/2030	369,000	290,578
Puget Energy, Inc. 2.38%, 6/15/2028	234,000	201,925
		1,251,756
Office REITs — 0.2%
Alexandria Real Estate Equities, Inc. 3.38%, 8/15/2031	483,000	417,029
Corporate Office Properties LP 2.00%, 1/15/2029	257,000	202,374
Kilroy Realty LP 2.65%, 11/15/2033	592,000	411,034
		1,030,437
Oil, Gas & Consumable Fuels — 1.9%
Aker BP ASA (Norway) 2.00%, 7/15/2026 (a)	222,000	199,277
APA Infrastructure Ltd. (Australia) 4.25%, 7/15/2027 (a)	424,000	404,184
Cameron LNG LLC 2.90%, 7/15/2031 (a)	146,000	124,861
Cheniere Corpus Christi Holdings LLC 5.88%, 3/31/2025	272,000	271,075
Coterra Energy, Inc. 3.90%, 5/15/2027	424,000	403,120
Ecopetrol SA (Colombia)
4.13%, 1/16/2025	313,000	302,352
5.38%, 6/26/2026	295,000	284,749
Enbridge, Inc. (Canada) 5.70%, 3/8/2033	399,000	399,184
Energy Transfer LP
5.95%, 12/1/2025	446,000	446,510
5.50%, 6/1/2027	244,000	242,580
Eni SpA (Italy) Series X-R, 4.00%, 9/12/2023 (a)	695,000	694,720
Enterprise Products Operating LLC 3.95%, 2/15/2027	392,000	376,913
Flex Intermediate Holdco LLC 3.36%, 6/30/2031 (a)	1,116,000	883,462
Gray Oak Pipeline LLC
2.60%, 10/15/2025 (a)	312,000	288,516
3.45%, 10/15/2027 (a)	637,000	569,774
HF Sinclair Corp.
2.63%, 10/1/2023	95,000	94,695
5.88%, 4/1/2026	300,000	301,465
MPLX LP
4.13%, 3/1/2027	458,000	438,510

INVESTMENTS	PRINCIPAL AMOUNT($)	VALUE($)

Oil, Gas & Consumable Fuels — continued
4.25%, 12/1/2027	118,000	112,284
5.00%, 3/1/2033	350,000	330,375
NGPL PipeCo LLC 3.25%, 7/15/2031 (a)	271,000	222,311
Ovintiv, Inc. 5.38%, 1/1/2026	420,000	416,830
Phillips 66 2.15%, 12/15/2030	206,000	166,808
Pioneer Natural Resources Co. 1.13%, 1/15/2026	448,000	406,116
Plains All American Pipeline LP 4.65%, 10/15/2025	357,000	348,162
Sabine Pass Liquefaction LLC 4.50%, 5/15/2030	250,000	235,263
Suncor Energy, Inc. (Canada) 5.95%, 12/1/2034	216,000	213,754
Targa Resources Partners LP 4.00%, 1/15/2032	153,000	131,996
		9,309,846
Passenger Airlines — 0.0% ^
Continental Airlines Pass-Through Trust Series 2012-2, Class A Shares, 4.00%, 10/29/2024	106,999	104,367
Personal Care Products — 0.1%
Kenvue, Inc. 5.00%, 3/22/2030 (a)	428,000	428,332
Pharmaceuticals — 0.3%
Bristol-Myers Squibb Co. 3.40%, 7/26/2029	30,000	27,788
Merck & Co., Inc. 4.50%, 5/17/2033	200,000	194,924
Mylan, Inc. 4.55%, 4/15/2028	20,000	18,830
Takeda Pharmaceutical Co. Ltd. (Japan) 2.05%, 3/31/2030	1,300,000	1,069,582
		1,311,124
Real Estate Management & Development — 0.1%
Mitsui Fudosan Co. Ltd. (Japan) 3.65%, 7/20/2027 (a)	219,000	206,908
Ontario Teachers' Cadillac Fairview Properties Trust (Canada) 3.88%, 3/20/2027 (a)	325,000	300,816
		507,724
Residential REITs — 0.2%
Essex Portfolio LP 1.65%, 1/15/2031	279,000	210,646
Mid-America Apartments LP 1.70%, 2/15/2031	187,000	147,429
UDR, Inc.
3.20%, 1/15/2030	260,000	228,960
2.10%, 8/1/2032	266,000	199,524
2.10%, 6/15/2033	350,000	257,045
		1,043,604

SEE NOTES TO FINANCIAL STATEMENTS.

J.P. Morgan Exchange-Traded Funds

August 31, 2023

INVESTMENTS	PRINCIPAL AMOUNT($)	VALUE($)
Corporate Bonds — continued
Retail REITs — 0.4%
Brixmor Operating Partnership LP
3.85%, 2/1/2025	375,000	361,730
2.25%, 4/1/2028	186,000	158,055
2.50%, 8/16/2031	140,000	110,114
NNN REIT, Inc.
3.60%, 12/15/2026	247,000	230,429
4.30%, 10/15/2028	370,000	347,148
Regency Centers LP 3.70%, 6/15/2030	350,000	313,729
Scentre Group Trust 1 (Australia) 3.50%, 2/12/2025 (a)	350,000	337,963
SITE Centers Corp. 3.63%, 2/1/2025	100,000	95,143
		1,954,311
Semiconductors & Semiconductor Equipment — 0.4%
Broadcom, Inc. 4.11%, 9/15/2028	792,000	745,174
Marvell Technology, Inc. 2.95%, 4/15/2031	422,000	352,120
Microchip Technology, Inc. 0.97%, 2/15/2024	546,000	533,434
NXP BV (China) 2.50%, 5/11/2031	658,000	529,585
		2,160,313
Software — 0.3%
Oracle Corp.
2.65%, 7/15/2026	60,000	55,726
4.50%, 5/6/2028	295,000	286,191
2.88%, 3/25/2031	502,000	424,127
6.50%, 4/15/2038	50,000	52,742
Roper Technologies, Inc. 3.80%, 12/15/2026	427,000	407,558
		1,226,344
Specialized REITs — 0.7%
American Tower Corp. 1.45%, 9/15/2026	1,378,000	1,221,013
Crown Castle, Inc. 4.45%, 2/15/2026	578,000	562,928
Equinix, Inc. 2.90%, 11/18/2026	605,000	559,112
Extra Space Storage LP
2.20%, 10/15/2030	510,000	406,902
2.35%, 3/15/2032	467,000	363,279
Public Storage Operating Co. 2.25%, 11/9/2031	255,000	206,280
		3,319,514
Specialty Retail — 0.2%
Advance Auto Parts, Inc. 3.50%, 3/15/2032	460,000	371,615
AutoZone, Inc. 1.65%, 1/15/2031	265,000	205,805
Home Depot, Inc. (The) 2.95%, 6/15/2029	50,000	45,410
Lowe's Cos., Inc.
3.75%, 4/1/2032	20,000	17,919

INVESTMENTS	PRINCIPAL AMOUNT($)	VALUE($)

Specialty Retail — continued
5.15%, 7/1/2033	200,000	197,583
O'Reilly Automotive, Inc. 3.60%, 9/1/2027	203,000	192,284
		1,030,616
Technology Hardware, Storage & Peripherals — 0.1%
Dell International LLC
4.90%, 10/1/2026	434,000	426,234
5.30%, 10/1/2029	232,000	229,059
		655,293
Tobacco — 0.3%
Altria Group, Inc. 2.45%, 2/4/2032	532,000	415,224
BAT Capital Corp. (United Kingdom)
3.22%, 8/15/2024	116,000	113,123
2.26%, 3/25/2028	816,000	701,602
		1,229,949
Trading Companies & Distributors — 0.6%
Air Lease Corp.
3.00%, 9/15/2023	1,063,000	1,062,116
1.88%, 8/15/2026	504,000	450,980
3.63%, 4/1/2027	757,000	695,543
Aviation Capital Group LLC 5.50%, 12/15/2024 (a)	422,000	415,562
BOC Aviation Ltd. (China) 3.50%, 10/10/2024 (a)	200,000	194,436
		2,818,637
Water Utilities — 0.0% ^
American Water Capital Corp. 3.85%, 3/1/2024	20,000	19,794
Wireless Telecommunication Services — 0.3%
Rogers Communications, Inc. (Canada) 3.80%, 3/15/2032	474,000	405,400
T-Mobile USA, Inc.
4.95%, 3/15/2028	440,000	433,874
3.88%, 4/15/2030	684,000	624,304
		1,463,578
Total Corporate Bonds (Cost $141,053,941)		126,996,572
U.S. Treasury Obligations — 17.8%
U.S. Treasury Inflation Indexed Notes
0.25%, 1/15/2025 (e)	30,382,778	29,199,116
0.63%, 1/15/2026	2,498,800	2,382,767
0.13%, 4/15/2027	27,961,907	25,856,572

SEE NOTES TO FINANCIAL STATEMENTS.

August 31, 2023

J.P. Morgan Exchange-Traded Funds

JPMorgan Inflation Managed Bond ETF

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

INVESTMENTS	PRINCIPAL AMOUNT($)	VALUE($)
U.S. Treasury Obligations — continued
0.38%, 7/15/2027	17,071,658	15,966,835
0.63%, 7/15/2032	14,737,244	13,226,820
Total U.S. Treasury Obligations (Cost $90,854,835)		86,632,110
Mortgage-Backed Securities — 17.8%
FHLMC Gold Pools, 15 Year Pool # G13603, 5.50%, 2/1/2024	6	6
FHLMC Gold Pools, 20 Year
Pool # C91030, 5.50%, 5/1/2027	19,388	19,398
Pool # C91802, 3.50%, 1/1/2035	2,014,023	1,916,675
FHLMC Gold Pools, 30 Year
Pool # A15232, 5.00%, 10/1/2033	96,623	95,679
Pool # A57681, 6.00%, 12/1/2036	588	608
Pool # G06493, 4.50%, 5/1/2041	398,203	388,403
FHLMC Gold Pools, Other
Pool # WN1157, 1.80%, 11/1/2028	1,000,000	861,256
Pool # U90690, 3.50%, 6/1/2042	415,581	380,189
FHLMC UMBS, 30 Year
Pool # ZM6956, 4.50%, 6/1/2048	828,276	799,605
Pool # RA5276, 2.50%, 5/1/2051	4,011,545	3,343,466
Pool # QC3244, 3.00%, 6/1/2051	2,510,666	2,169,611
Pool # QC7410, 2.50%, 9/1/2051	1,562,854	1,308,153
Pool # RA5906, 2.50%, 9/1/2051	1,422,671	1,190,810
Pool # RA6702, 3.00%, 2/1/2052	3,600,431	3,119,658
Pool # RA7937, 5.00%, 9/1/2052	3,726,729	3,615,343
FNMA UMBS, 15 Year Pool # 995381, 6.00%, 1/1/2024	14	14
FNMA UMBS, 20 Year
Pool # MA1138, 3.50%, 8/1/2032	334,680	317,626
Pool # AP9584, 3.00%, 10/1/2032	1,593,308	1,486,738
FNMA UMBS, 30 Year
Pool # AL0045, 6.00%, 12/1/2032	147,337	150,600
Pool # 735503, 6.00%, 4/1/2035	38,224	39,128
Pool # 888460, 6.50%, 10/1/2036	245,537	257,077
Pool # 888890, 6.50%, 10/1/2037	5,394	5,662
Pool # 949320, 7.00%, 10/1/2037	19,958	20,016
Pool # 995149, 6.50%, 10/1/2038	12,410	12,844
Pool # 994410, 7.00%, 11/1/2038	127,660	130,869
Pool # AD9151, 5.00%, 8/1/2040	204,624	204,507
Pool # AE0681, 4.50%, 12/1/2040	466,687	454,637
Pool # BM3500, 4.00%, 9/1/2047	812,512	778,210
Pool # BM3499, 4.00%, 12/1/2047	1,005,765	945,800
Pool # BE8354, 4.00%, 3/1/2048	420,493	394,351
Pool # CB1878, 3.00%, 10/1/2051	2,825,853	2,445,757
Pool # CB2637, 2.50%, 1/1/2052	2,389,460	1,986,263

INVESTMENTS	PRINCIPAL AMOUNT($)	VALUE($)

Pool # CB2670, 3.00%, 1/1/2052	2,233,060	1,924,407
Pool # FS0882, 2.50%, 3/1/2052	904,022	757,712
Pool # CB3629, 4.00%, 5/1/2052	4,701,344	4,345,545
FNMA, Other
Pool # AM4716, 3.38%, 12/1/2023	1,351,492	1,337,861
Pool # AM8674, 2.81%, 4/1/2025	2,200,000	2,111,248
Pool # AM8846, 2.68%, 5/1/2025	1,767,386	1,688,997
Pool # AN1413, 2.49%, 5/1/2026	785,015	735,022
Pool # AN1497, 2.61%, 6/1/2026	860,000	805,363
Pool # AN1243, 2.64%, 6/1/2026	1,600,000	1,499,876
Pool # AN1247, 2.64%, 6/1/2026	1,576,000	1,477,378
Pool # AN6732, 2.83%, 5/1/2027	1,179,054	1,094,462
Pool # AN7338, 3.06%, 11/1/2027	953,865	889,878
Pool # AN7943, 3.10%, 1/1/2028	2,389,408	2,225,625
Pool # AN1161, 3.05%, 4/1/2028	940,991	871,978
Pool # BS8224, 4.10%, 5/1/2028	3,775,000	3,650,073
Pool # AN9486, 3.57%, 6/1/2028	3,707,066	3,500,608
Pool # AN2069, 2.35%, 8/1/2028	1,386,806	1,239,592
Pool # BL0907, 3.88%, 12/1/2028	700,000	669,161
Pool # BM4162, 3.12%, 10/1/2029 (f)	127,917	117,978
Pool # BL4333, 2.52%, 11/1/2029	1,141,262	1,002,089
Pool # BS8252, 4.36%, 4/1/2030	3,495,000	3,396,383
Pool # BM7037, 1.75%, 3/1/2032 (f)	999,385	789,137
Pool # BS5117, 2.58%, 3/1/2032	2,393,690	2,004,451
Pool # BS8503, 4.62%, 5/1/2033	1,000,000	981,449
Pool # BS2933, 1.82%, 9/1/2033	3,400,000	2,583,349
Pool # MA1125, 4.00%, 7/1/2042	541,752	511,002
Pool # MA1437, 3.50%, 5/1/2043	754,946	689,810
Pool # MA1463, 3.50%, 6/1/2043	717,159	655,390
Pool # BF0669, 4.00%, 6/1/2052	2,308,838	2,171,237
Pool # BF0230, 5.50%, 1/1/2058	3,229,056	3,289,033
Pool # BM6734, 4.00%, 8/1/2059	3,792,459	3,519,583
Pool # BF0497, 3.00%, 7/1/2060	1,821,501	1,519,938
Pool # BF0546, 2.50%, 7/1/2061	874,450	702,777
Pool # BF0617, 2.50%, 3/1/2062	2,135,471	1,712,249
GNMA II, 30 Year
Pool # 4245, 6.00%, 9/20/2038	62,765	65,917
Pool # BA7567, 4.50%, 5/20/2048	687,402	653,372
Pool # BI0416, 4.50%, 11/20/2048	74,167	71,227
Pool # BM9692, 4.50%, 7/20/2049	305,063	291,699
Total Mortgage-Backed Securities (Cost $92,969,221)		86,391,815
Asset-Backed Securities — 15.7%
ACM Auto Trust Series 2023-1A, Class A, 6.61%, 1/22/2030 (a)	166,731	166,480

SEE NOTES TO FINANCIAL STATEMENTS.

J.P. Morgan Exchange-Traded Funds

August 31, 2023

INVESTMENTS	PRINCIPAL AMOUNT($)	VALUE($)
Asset-Backed Securities — continued
Air Canada Pass-Through Trust (Canada)
Series 2013-1, Class A, 4.13%, 5/15/2025 (a)	275,093	262,517
Series 2017-1, Class AA, 3.30%, 1/15/2030 (a)	367,536	323,842
Aligned Data Centers Issuer LLC Series 2021-1A, Class A2, 1.94%, 8/15/2046 (a)	1,966,000	1,725,122
American Airlines Pass-Through Trust
Series 2016-3, Class AA, 3.00%, 10/15/2028	76,702	68,380
Series 2021-1, Class B, 3.95%, 7/11/2030	1,012,830	883,371
American Credit Acceptance Receivables Trust
Series 2023-2, Class A, 5.89%, 10/13/2026 (a)	341,136	340,106
Series 2023-1, Class C, 5.59%, 4/12/2029 (a)	799,000	784,617
AmeriCredit Automobile Receivables Trust
Series 2021-1, Class A3, 0.37%, 8/18/2025	127,121	126,502
Series 2020-3, Class B, 0.76%, 12/18/2025	716,674	704,575
Series 2021-2, Class B, 0.69%, 1/19/2027	704,000	666,564
AMSR Trust
Series 2020-SFR4, Class A, 1.36%, 11/17/2037 (a)	2,019,000	1,837,432
Series 2020-SFR5, Class A, 1.38%, 11/17/2037 (a)	526,971	479,778
Amur Equipment Finance Receivables X LLC Series 2022-1A, Class A2, 1.64%, 10/20/2027 (a)	950,716	914,974
Avis Budget Rental Car Funding AESOP LLC Series 2020-1A, Class A, 2.33%, 8/20/2026 (a)	710,000	665,407
Business Jet Securities LLC
Series 2020-1A, Class A, 2.98%, 11/15/2035 ‡ (a)	116,536	109,968
Series 2022-1A, Class A, 4.46%, 6/15/2037 ‡ (a)	978,656	917,979
CarMax Auto Owner Trust
Series 2020-1, Class A3, 1.89%, 12/16/2024	31,396	31,317
Series 2020-3, Class A3, 0.62%, 3/17/2025	52,845	52,587
Series 2021-1, Class A3, 0.34%, 12/15/2025	1,049,495	1,022,956
Carvana Auto Receivables Trust
Series 2021-P3, Class A3, 0.70%, 11/10/2026	1,067,983	1,023,047

INVESTMENTS	PRINCIPAL AMOUNT($)	VALUE($)

Series 2023-N1, Class A, 6.36%, 4/12/2027 (a)	789,609	790,995
Series 2022-P3, Class A3, 4.61%, 11/10/2027	245,000	239,727
Series 2021-P4, Class A4, 1.64%, 12/10/2027	2,700,000	2,440,461
CIG Auto Receivables Trust Series 2021-1A, Class A, 0.69%, 4/14/2025 (a)	22,023	21,981
CoreVest American Finance Trust
Series 2019-3, Class A, 2.71%, 10/15/2052 (a)	153,731	146,179
Series 2022-1, Class A, 4.74%, 6/17/2055 (a) (f)	532,113	519,474
CPS Auto Receivables Trust
Series 2023-A, Class C, 5.54%, 4/16/2029 (a)	651,000	638,530
Series 2022-C, Class B, 4.88%, 4/15/2030 (a)	2,200,000	2,169,369
Credit Acceptance Auto Loan Trust
Series 2020-3A, Class A, 1.24%, 10/15/2029 (a)	265,038	264,144
Series 2021-2A, Class A, 0.96%, 2/15/2030 (a)	606,690	597,762
Series 2021-3A, Class A, 1.00%, 5/15/2030 (a)	517,462	506,516
Series 2023-1A, Class B, 7.02%, 5/16/2033 (a)	2,100,000	2,108,827
Drive Auto Receivables Trust Series 2021-3, Class B, 1.11%, 5/15/2026	197,977	196,384
DT Auto Owner Trust
Series 2022-2A, Class A, 2.88%, 6/15/2026 (a)	393,301	389,699
Series 2021-3A, Class C, 0.87%, 5/17/2027 (a)	1,292,000	1,242,515
Series 2021-4A, Class D, 1.99%, 9/15/2027 (a)	760,000	694,869
Series 2023-1A, Class C, 5.55%, 10/16/2028 (a)	1,798,000	1,770,385
Series 2023-2A, Class B, 5.41%, 2/15/2029 (a)	756,000	746,704
Exeter Automobile Receivables Trust
Series 2022-3A, Class A3, 4.21%, 1/15/2026	225,282	224,595
Series 2022-5A, Class B, 5.97%, 3/15/2027	1,392,000	1,385,036
Series 2022-4A, Class C, 4.92%, 12/15/2028	1,076,000	1,055,054
Series 2023-1A, Class D, 6.69%, 6/15/2029	243,000	243,046

SEE NOTES TO FINANCIAL STATEMENTS.

August 31, 2023

J.P. Morgan Exchange-Traded Funds

JPMorgan Inflation Managed Bond ETF

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

INVESTMENTS	PRINCIPAL AMOUNT($)	VALUE($)
Asset-Backed Securities — continued
FHF Trust Series 2023-1A, Class A2, 6.57%, 6/15/2028 (a)	629,000	623,249
FirstKey Homes Trust
Series 2020-SFR2, Class A, 1.27%, 10/19/2037 (a)	1,062,854	965,740
Series 2021-SFR1, Class E1, 2.39%, 8/17/2038 (a)	600,000	516,445
Series 2021-SFR2, Class D, 2.06%, 9/17/2038 (a)	2,900,000	2,514,943
Flagship Credit Auto Trust
Series 2019-4, Class C, 2.77%, 12/15/2025 (a)	74,895	74,599
Series 2021-4, Class A, 0.81%, 7/17/2026 (a)	408,706	399,657
Series 2022-1, Class A, 1.79%, 10/15/2026 (a)	914,010	893,337
Series 2023-1, Class A2, 5.38%, 12/15/2026 (a)	165,771	164,941
Series 2023-2, Class A2, 5.76%, 4/15/2027 (a)	1,300,000	1,294,238
Series 2023-1, Class C, 5.43%, 5/15/2029 (a)	1,800,000	1,765,303
FRTKL Series 2021-SFR1, Class A, 1.57%, 9/17/2038 (a)	2,118,000	1,859,146
GLS Auto Receivables Issuer Trust
Series 2021-4A, Class A, 0.84%, 7/15/2025 (a)	57,345	57,269
Series 2021-3A, Class C, 1.11%, 9/15/2026 (a)	815,000	783,285
GM Financial Consumer Automobile Receivables Trust Series 2021-1, Class A3, 0.35%, 10/16/2025	164,145	160,240
HERO Funding (Cayman Islands) Series 2017-3A, Class A2, 3.95%, 9/20/2048 ‡ (a)	124,874	109,351
Hertz Vehicle Financing LLC Series 2022-1A, Class A, 1.99%, 6/25/2026 (a)	922,000	863,446
Home Partners of America Trust Series 2022-1, Class D, 4.73%, 4/17/2039 (a)	1,159,072	1,063,913
Kubota Credit Owner Trust Series 2023-1A, Class A3, 5.02%, 6/15/2027 (a)	1,063,000	1,053,004
Lendmark Funding Trust Series 2022-1A, Class A, 5.12%, 7/20/2032 (a)	177,000	172,556
LP LMS Asset Securitization Trust Series 2023-1A, Class A, 8.18%, 10/17/2033 ‡ (a)	723,682	719,286
MVW LLC
Series 2021-2A, Class A, 1.43%, 5/20/2039 (a)	711,881	647,482

INVESTMENTS	PRINCIPAL AMOUNT($)	VALUE($)

Series 2021-1WA, Class A, 1.14%, 1/22/2041 (a)	137,552	125,074
Octane Receivables Trust Series 2020-1A, Class A, 1.71%, 2/20/2025 (a)	1,603	1,601
OneMain Direct Auto Receivables Trust Series 2023-1A, Class A, 5.41%, 11/14/2029 (a)	1,534,000	1,520,893
PRET LLC Series 2021-NPL6, Class A1, 2.49%, 7/25/2051 (a) (d)	642,385	613,764
Progress Residential Trust
Series 2020-SFR3, Class B, 1.50%, 10/17/2027 (a)	785,000	715,139
Series 2021-SFR2, Class E1, 2.55%, 4/19/2038 (a)	350,000	308,796
Series 2021-SFR8, Class E1, 2.38%, 10/17/2038 (a)	1,144,000	988,804
Series 2021-SFR11, Class A, 2.28%, 1/17/2039 (a)	1,995,577	1,687,109
Series 2023-SFR1, Class A, 4.30%, 3/17/2040 (a)	1,255,000	1,184,439
Series 2021-SFR9, Class E1, 2.81%, 11/17/2040 (a)	1,048,000	846,234
PRPM LLC Series 2021-10, Class A1, 2.49%, 10/25/2026 (a) (d)	615,300	576,897
Santander Consumer Auto Receivables Trust Series 2021-AA, Class A3, 0.33%, 10/15/2025 (a)	83,131	82,533
Santander Drive Auto Receivables Trust
Series 2021-2, Class C, 0.90%, 6/15/2026	418,243	413,849
Series 2022-5, Class B, 4.43%, 3/15/2027	562,000	550,893
Series 2023-1, Class B, 4.98%, 2/15/2028	440,000	432,227
Santander Retail Auto Lease Trust Series 2022-A, Class A3, 1.34%, 7/21/2025 (a)	611,000	592,656
SCF Equipment Leasing LLC Series 2022-2A, Class A3, 6.50%, 10/21/2030 (a)	1,780,000	1,794,574
Sierra Timeshare Receivables Funding LLC Series 2022-2A, Class A, 4.73%, 6/20/2040 (a)	89,023	86,586
Spirit Airlines Pass-Through Trust Series 2017-1, Class AA, 3.38%, 2/15/2030	106,636	93,939
SpringCastle America Funding LLC Series 2020-AA, Class A, 1.97%, 9/25/2037 (a)	199,142	180,845
Theorem Funding Trust Series 2021-1A, Class A, 1.21%, 12/15/2027 (a)	21,363	21,315
Toyota Auto Receivables Owner Trust
Series 2021-A, Class A3, 0.26%, 5/15/2025	528,440	518,358
Series 2020-C, Class A4, 0.57%, 10/15/2025	532,000	518,912

SEE NOTES TO FINANCIAL STATEMENTS.

J.P. Morgan Exchange-Traded Funds

August 31, 2023

INVESTMENTS	PRINCIPAL AMOUNT($)	VALUE($)
Asset-Backed Securities — continued
United Airlines Pass-Through Trust
Series 2016-1, Class AA, 3.10%, 7/7/2028	726,459	662,952
Series 2016-2, Class AA, 2.88%, 10/7/2028	753,943	672,662
Series 2018-1, Class AA, 3.50%, 3/1/2030	480,035	430,640
Series 2018-1, Class A, 3.70%, 3/1/2030	802,843	695,782
US Auto Funding Trust Series 2022-1A, Class A, 3.98%, 4/15/2025 (a)	351,620	342,301
VOLT C LLC Series 2021-NPL9, Class A1, 1.99%, 5/25/2051 (a) (d)	376,152	345,510
VOLT CI LLC Series 2021-NP10, Class A1, 1.99%, 5/25/2051 (a) (d)	788,879	722,913
VOLT CV LLC Series 2021-CF2, Class A1, 2.49%, 11/27/2051 (a) (d)	739,440	680,706
VOLT XCIII LLC Series 2021-NPL2, Class A1, 1.89%, 2/27/2051 (a) (d)	706,221	656,570
VOLT XCIV LLC Series 2021-NPL3, Class A1, 2.24%, 2/27/2051 (a) (d)	955,477	901,920
VOLT XCIX LLC Series 2021-NPL8, Class A1, 2.12%, 4/25/2051 (a) (d)	546,215	509,033
VOLT XCVI LLC Series 2021-NPL5, Class A1, 2.12%, 3/27/2051 (a) (d)	914,813	865,608
VOLT XCVII LLC Series 2021-NPL6, Class A1, 2.24%, 4/25/2051 (a) (d)	1,171,848	1,094,064
Westgate Resorts LLC Series 2022-1A, Class A, 1.79%, 8/20/2036 (a)	789,806	746,262
Westlake Automobile Receivables Trust
Series 2021-3A, Class A3, 0.95%, 6/16/2025 (a)	270,462	268,656
Series 2022-3A, Class A3, 5.49%, 7/15/2026 (a)	2,196,000	2,185,537
Series 2021-3A, Class D, 2.12%, 1/15/2027 (a)	806,000	750,462
Series 2023-1A, Class A3, 5.21%, 1/18/2028 (a)	450,000	446,419
Series 2023-1A, Class C, 5.74%, 8/15/2028 (a)	180,000	177,645
World Omni Auto Receivables Trust
Series 2021-A, Class A3, 0.30%, 1/15/2026	665,100	648,197
Series 2021-C, Class A3, 0.44%, 8/17/2026	563,616	542,670
Total Asset-Backed Securities (Cost $80,551,869)		76,403,149
Collateralized Mortgage Obligations — 9.7%
CHL Mortgage Pass-Through Trust Series 2004-8, Class 2A1, 4.50%, 6/25/2019 ‡	414	244

INVESTMENTS	PRINCIPAL AMOUNT($)	VALUE($)

Citigroup Mortgage Loan Trust Series 2004-HYB4, Class WA, 4.25%, 12/25/2034 (f)	9,286	8,873
Citigroup Mortgage Loan Trust, Inc. Series 2003-1, Class 3A4, 5.25%, 9/25/2033	3,883	3,598
CSFB Mortgage-Backed Pass-Through Certificates Series 2003-27, Class 5A4, 5.25%, 11/25/2033	729	708
CSMC Trust Series 2022-JR1, Class A1, 4.27%, 10/25/2066 (a) (d)	822,340	798,631
FHLMC, REMIC
Series 1578, Class K, 6.90%, 9/15/2023	14	14
Series 2685, Class DT, 5.00%, 10/15/2023	590	589
Series 2687, Class JH, 5.00%, 10/15/2023	452	450
Series 2701, Class AC, 5.00%, 11/15/2023	7,140	7,113
Series 3521, Class B, 4.00%, 4/15/2024	22,192	21,994
Series 3544, Class BC, 4.00%, 6/15/2024	1,984	1,967
Series 3546, Class NB, 4.00%, 6/15/2024	105,106	104,200
Series 3562, Class JC, 4.00%, 8/15/2024	69,172	68,445
Series 3563, Class BD, 4.00%, 8/15/2024	39,327	38,984
Series 3571, Class MY, 4.00%, 9/15/2024	18,033	17,845
Series 3575, Class EB, 4.00%, 9/15/2024	33,495	33,149
Series 3577, Class B, 4.00%, 9/15/2024	77,873	77,012
Series 3578, Class KB, 4.00%, 9/15/2024	10,107	9,994
Series 2989, Class TG, 5.00%, 6/15/2025	64,487	63,915
Series 2988, Class TY, 5.50%, 6/15/2025	3,610	3,571
Series 3816, Class HA, 3.50%, 11/15/2025	421,786	411,279
Series 3087, Class KX, 5.50%, 12/15/2025	10,782	10,639
Series 3787, Class AY, 3.50%, 1/15/2026	151,842	148,092
Series 3794, Class LB, 3.50%, 1/15/2026	117,698	114,791
Series 3102, Class CE, 5.50%, 1/15/2026	86,119	85,153
Series 3123, Class HT, 5.00%, 3/15/2026	15,796	15,551
Series 3121, Class JD, 5.50%, 3/15/2026	5,482	5,407
Series 3150, Class EQ, 5.00%, 5/15/2026	42,294	41,792
Series 3898, Class KH, 3.50%, 6/15/2026	194,494	189,232
Series 3885, Class AC, 4.00%, 6/15/2026	55,124	54,452
Series 3911, Class B, 3.50%, 8/15/2026	193,661	188,255
Series 3959, Class PB, 3.00%, 11/15/2026	1,228,463	1,188,643
Series 3337, Class MD, 5.50%, 6/15/2027	15,169	15,061
Series 2110, Class PG, 6.00%, 1/15/2029	40,712	40,744
Series 3563, Class LB, 4.00%, 8/15/2029	6,548	6,358
Series 3653, Class B, 4.50%, 4/15/2030	59,025	57,749
Series 3824, Class EY, 3.50%, 3/15/2031	154,021	146,877
Series 2525, Class AM, 4.50%, 4/15/2032	317,773	308,702
Series 2441, Class GF, 6.50%, 4/15/2032	10,733	10,956
Series 2436, Class MC, 7.00%, 4/15/2032	5,657	5,753

SEE NOTES TO FINANCIAL STATEMENTS.

August 31, 2023

J.P. Morgan Exchange-Traded Funds

JPMorgan Inflation Managed Bond ETF

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

INVESTMENTS	PRINCIPAL AMOUNT($)	VALUE($)
Collateralized Mortgage Obligations — continued
Series 2760, Class KT, 4.50%, 9/15/2032	41,400	39,880
Series 2505, Class D, 5.50%, 9/15/2032	43,701	43,627
Series 2544, Class KE, 5.50%, 12/15/2032	30,739	30,741
Series 2557, Class HL, 5.30%, 1/15/2033	75,447	74,846
Series 2575, Class PE, 5.50%, 2/15/2033	22,911	22,929
Series 2586, Class WG, 4.00%, 3/15/2033	94,716	91,149
Series 2596, Class QD, 4.00%, 3/15/2033	81,394	77,652
Series 2621, Class QH, 5.00%, 5/15/2033	96,636	95,581
Series 2624, Class QH, 5.00%, 6/15/2033	113,154	111,925
Series 2648, Class BK, 5.00%, 7/15/2033	10,237	10,140
Series 4238, Class UY, 3.00%, 8/15/2033	2,313,970	2,158,530
Series 2673, Class PE, 5.50%, 9/15/2033	182,865	183,119
Series 2696, Class DG, 5.50%, 10/15/2033	164,233	164,469
Series 2725, Class TA, 4.50%, 12/15/2033	284,000	275,245
Series 2733, Class ME, 5.00%, 1/15/2034	160,274	158,597
Series 2768, Class PK, 5.00%, 3/15/2034	153,772	148,592
Series 2934, Class KG, 5.00%, 2/15/2035	119,150	118,055
Series 3077, Class TO, PO, 4/15/2035	3,172	3,066
Series 2960, Class JH, 5.50%, 4/15/2035	343,813	344,014
Series 3082, Class PW, 5.50%, 12/15/2035	24,544	24,638
Series 3084, Class BH, 5.50%, 12/15/2035	504,373	507,255
Series 3098, Class KG, 5.50%, 1/15/2036	535,554	538,991
Series 3136, Class CO, PO, 4/15/2036	10,204	8,722
Series 3145, Class AJ, 5.50%, 4/15/2036	19,691	19,839
Series 3819, Class ZQ, 6.00%, 4/15/2036	356,303	363,298
Series 3200, PO, 8/15/2036	40,499	32,781
Series 3270, Class AT, 5.50%, 1/15/2037	13,501	13,552
Series 3272, Class PA, 6.00%, 2/15/2037	3,699	3,813
Series 3348, Class HT, 6.00%, 7/15/2037	34,871	36,017
Series 3501, Class A, 4.50%, 1/15/2039	90,016	84,648
Series 3508, Class PK, 4.00%, 2/15/2039	2,294	2,130
Series 3513, Class A, 4.50%, 2/15/2039	8,142	7,719
Series 3653, Class HJ, 5.00%, 4/15/2040	387,670	384,697
Series 3677, Class KB, 4.50%, 5/15/2040	695,459	675,781
Series 3677, Class PB, 4.50%, 5/15/2040	334,012	321,307
Series 3715, Class PC, 4.50%, 8/15/2040	114,508	110,039
Series 3955, Class HB, 3.00%, 12/15/2040	66,366	63,481
Series 3828, Class PU, 4.50%, 3/15/2041	39,907	38,796
Series 3852, Class TP, IF, 5.50%, 5/15/2041 (f)	129,402	129,145
Series 3956, Class EB, 3.25%, 11/15/2041	719,428	653,282
Series 3963, Class JB, 4.50%, 11/15/2041	1,105,272	1,070,354
Series 4026, Class MQ, 4.00%, 4/15/2042	40,719	38,587
Series 4616, Class HP, 3.00%, 9/15/2046	998,808	890,604
Series 3688, Class GT, 7.54%, 11/15/2046 (f)	19,513	20,704

INVESTMENTS	PRINCIPAL AMOUNT($)	VALUE($)

FHLMC, STRIPS Series 262, Class 35, 3.50%, 7/15/2042	438,950	405,120
FNMA, REMIC
Series 2004-44, Class KT, 6.00%, 6/25/2024	138	138
Series 2004-53, Class NC, 5.50%, 7/25/2024	526	522
Series 2004-70, Class EB, 5.00%, 10/25/2024	237	236
Series 2010-49, Class KB, 4.00%, 5/25/2025	62,031	61,187
Series 2010-41, Class DC, 4.50%, 5/25/2025	2,586	2,549
Series 1997-57, Class PN, 5.00%, 9/18/2027	39,236	38,437
Series 2009-39, Class LB, 4.50%, 6/25/2029	44,093	42,644
Series 2009-96, Class DB, 4.00%, 11/25/2029	50,270	48,758
Series 2010-28, Class DE, 5.00%, 4/25/2030	147,436	144,192
Series 2001-63, Class TC, 6.00%, 12/25/2031	31,327	31,687
Series 2001-81, Class HE, 6.50%, 1/25/2032	76,333	77,543
Series 2002-75, Class GB, 5.50%, 11/25/2032	35,837	35,056
Series 2011-39, Class ZA, 6.00%, 11/25/2032	320,413	322,699
Series 2002-85, Class PE, 5.50%, 12/25/2032	25,882	25,843
Series 2003-21, Class OU, 5.50%, 3/25/2033	20,657	20,646
Series 2003-26, Class EB, 3.50%, 4/25/2033	509,218	472,576
Series 2003-23, Class CH, 5.00%, 4/25/2033	19,757	19,412
Series 2003-63, Class YB, 5.00%, 7/25/2033	69,031	67,830
Series 2003-69, Class N, 5.00%, 7/25/2033	130,102	127,871
Series 2003-80, Class QG, 5.00%, 8/25/2033	175,323	172,263
Series 2003-85, Class QD, 5.50%, 9/25/2033	72,214	72,186
Series 2003-94, Class CE, 5.00%, 10/25/2033	9,891	9,699
Series 2005-5, Class CK, 5.00%, 1/25/2035	108,005	105,277

SEE NOTES TO FINANCIAL STATEMENTS.

J.P. Morgan Exchange-Traded Funds

August 31, 2023

INVESTMENTS	PRINCIPAL AMOUNT($)	VALUE($)
Collateralized Mortgage Obligations — continued
Series 2005-29, Class WC, 4.75%, 4/25/2035	183,642	178,415
Series 2005-48, Class TD, 5.50%, 6/25/2035	178,369	178,803
Series 2005-53, Class MJ, 5.50%, 6/25/2035	173,218	173,517
Series 2005-58, Class EP, 5.50%, 7/25/2035	11,433	11,457
Series 2005-68, Class BE, 5.25%, 8/25/2035	188,918	185,364
Series 2005-68, Class PG, 5.50%, 8/25/2035	66,671	66,297
Series 2005-102, Class PG, 5.00%, 11/25/2035	228,902	226,355
Series 2005-110, Class GL, 5.50%, 12/25/2035	291,092	291,888
Series 2006-49, Class PA, 6.00%, 6/25/2036	31,715	32,359
Series 2009-19, Class PW, 4.50%, 10/25/2036	183,485	176,178
Series 2006-114, Class HE, 5.50%, 12/25/2036	215,553	216,005
Series 2007-33, Class HE, 5.50%, 4/25/2037	15,869	15,978
Series 2007-65, Class KI, IF, IO, 1.22%, 7/25/2037 (f)	3,958	326
Series 2007-71, Class KP, 5.50%, 7/25/2037	13,948	13,518
Series 2007-71, Class GB, 6.00%, 7/25/2037	124,761	128,379
Series 2009-86, Class OT, PO, 10/25/2037	23,465	18,900
Series 2008-72, Class BX, 5.50%, 8/25/2038	11,051	11,072
Series 2008-74, Class B, 5.50%, 9/25/2038	4,834	4,849
Series 2009-37, Class KI, IF, IO, 0.60%, 6/25/2039 (f)	2,790	123
Series 2009-86, Class IP, IO, 5.50%, 10/25/2039	7,245	1,336
Series 2009-92, Class AD, 6.00%, 11/25/2039	306,256	303,381
Series 2009-112, Class ST, IF, IO, 0.85%, 1/25/2040 (f)	53,241	3,994
Series 2010-22, Class PE, 5.00%, 3/25/2040	1,143,589	1,133,511
Series 2010-35, Class SB, IF, IO, 1.02%, 4/25/2040 (f)	19,798	1,231
Series 2010-37, Class CY, 5.00%, 4/25/2040	676,999	668,709

INVESTMENTS	PRINCIPAL AMOUNT($)	VALUE($)

Series 2010-54, Class EA, 4.50%, 6/25/2040	20,724	20,055
Series 2010-64, Class DM, 5.00%, 6/25/2040	2,966	2,930
Series 2010-71, Class HJ, 5.50%, 7/25/2040	75,367	76,205
Series 2010-123, Class BP, 4.50%, 11/25/2040	1,671,828	1,612,483
Series 2011-41, Class KL, 4.00%, 5/25/2041	874,674	808,040
Series 2011-50, Class LP, 4.00%, 6/25/2041	380,538	356,155
Series 2012-137, Class CF, 5.70%, 8/25/2041 (f)	87,289	86,457
Series 2012-103, Class DA, 3.50%, 10/25/2041	9,484	9,233
Series 2012-14, Class DE, 3.50%, 3/25/2042	583,896	540,122
Series 2012-139, Class JA, 3.50%, 12/25/2042	287,224	264,328
Series 2013-104, Class CY, 5.00%, 10/25/2043	2,250,000	2,158,916
Series 2019-65, Class PA, 2.50%, 5/25/2048	215,738	191,036
Series 2009-96, Class CB, 4.00%, 11/25/2049	13,629	12,532
Series 2019-7, Class CA, 3.50%, 11/25/2057	2,496,778	2,325,652
FNMA, STRIPS
Series 293, Class 1, PO, 12/25/2024	570	565
Series 314, Class 1, PO, 7/25/2031	23,351	20,636
GNMA
Series 2003-29, Class PD, 5.50%, 4/16/2033	142,916	142,139
Series 2003-65, Class AP, 5.50%, 8/20/2033	48,652	48,552
Series 2003-77, Class TK, 5.00%, 9/16/2033	197,119	195,691
Series 2004-16, Class GC, 5.50%, 2/20/2034	515,102	514,239
Series 2004-54, Class BG, 5.50%, 7/20/2034	10,850	10,779
Series 2004-93, Class PD, 5.00%, 11/16/2034	301,334	295,560
Series 2004-101, Class BE, 5.00%, 11/20/2034	260,104	256,310
Series 2005-11, Class PL, 5.00%, 2/20/2035	122,027	120,748

SEE NOTES TO FINANCIAL STATEMENTS.

August 31, 2023

J.P. Morgan Exchange-Traded Funds

JPMorgan Inflation Managed Bond ETF

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

INVESTMENTS	PRINCIPAL AMOUNT($)	VALUE($)
Collateralized Mortgage Obligations — continued
Series 2005-26, Class XY, 5.50%, 3/20/2035	473,662	473,487
Series 2005-33, Class AY, 5.50%, 4/16/2035	119,050	118,550
Series 2005-49, Class B, 5.50%, 6/20/2035	40,378	40,366
Series 2005-51, Class DC, 5.00%, 7/20/2035	97,506	97,872
Series 2005-56, Class BD, 5.00%, 7/20/2035	15,146	14,880
Series 2006-7, Class ND, 5.50%, 8/20/2035	15,218	15,104
Series 2007-37, Class LB, 5.50%, 6/16/2037	124,785	124,144
Series 2007-79, Class BL, 5.75%, 8/20/2037	86,309	86,067
Series 2009-106, Class ST, IF, IO, 0.57%, 2/20/2038 (f)	81,858	2,985
Series 2008-7, Class PQ, 5.00%, 2/20/2038	254,797	249,400
Series 2008-9, Class PW, 5.25%, 2/20/2038	269,835	267,033
Series 2008-23, Class YA, 5.25%, 3/20/2038	62,947	61,782
Series 2008-35, Class NF, 5.00%, 4/20/2038	64,961	63,966
Series 2008-34, Class PG, 5.25%, 4/20/2038	74,952	74,515
Series 2008-33, Class PB, 5.50%, 4/20/2038	217,997	218,374
Series 2008-38, Class BG, 5.00%, 5/16/2038	361,692	357,859
Series 2008-43, Class NB, 5.50%, 5/20/2038	109,910	109,449
Series 2008-56, Class PX, 5.50%, 6/20/2038	211,753	209,885
Series 2008-58, Class PE, 5.50%, 7/16/2038	568,963	567,113
Series 2008-62, Class SA, IF, IO, 0.72%, 7/20/2038 (f)	1,627	19
Series 2008-76, Class US, IF, IO, 0.47%, 9/20/2038 (f)	46,894	1,148
Series 2011-97, Class WA, 6.11%, 11/20/2038 (f)	448,131	457,484
Series 2008-95, Class DS, IF, IO, 1.87%, 12/20/2038 (f)	43,973	1,465
Series 2009-14, Class AG, 4.50%, 3/20/2039	75,786	73,766
Series 2009-72, Class SM, IF, IO, 0.82%, 8/16/2039 (f)	103,004	5,300

INVESTMENTS	PRINCIPAL AMOUNT($)	VALUE($)

Series 2009-61, Class AP, 4.00%, 8/20/2039	7,886	7,593
Series 2010-130, Class BD, 4.00%, 12/20/2039	231,804	224,259
Series 2010-157, Class OP, PO, 12/20/2040	73,478	60,395
Series 2014-H11, Class VA, 5.72%, 6/20/2064 (f)	957,421	950,593
Series 2015-H20, Class FA, 5.69%, 8/20/2065 (f)	1,385,662	1,376,101
Series 2015-H26, Class FG, 5.74%, 10/20/2065 (f)	972,886	967,212
GSR Mortgage Loan Trust Series 2004-6F, Class 2A4, 5.50%, 5/25/2034	43,260	41,681
JPMorgan Mortgage Trust
Series 2006-A2, Class 5A3, 4.59%, 11/25/2033 (f)	71,592	68,841
Series 2007-A1, Class 5A5, 4.09%, 7/25/2035 (f)	20,099	19,695
MASTR Adjustable Rate Mortgages Trust Series 2004-13, Class 2A1, 4.71%, 4/21/2034 (f)	30,969	29,348
Merrill Lynch Mortgage Investors Trust
Series 2003-F, Class A1, 6.07%, 10/25/2028 (f)	31,775	29,645
Series 2004-B, Class A1, 5.93%, 5/25/2029 (f)	40,911	39,185
Morgan Stanley Mortgage Loan Trust Series 2004-3, Class 4A, 5.65%, 4/25/2034 (f)	17,844	17,321
PHH Mortgage Trust Series 2008-CIM2, Class 5A1, 6.00%, 7/25/2038	7,082	6,674
Seasoned Credit Risk Transfer Trust
Series 2018-1, Class M60C, 3.50%, 5/25/2057	1,408,749	1,302,479
Series 2017-4, Class M60C, 3.50%, 6/25/2057	1,396,820	1,289,445
Series 2017-4, Class MT, 3.50%, 6/25/2057	348,421	305,005
Series 2018-2, Class M55D, 4.00%, 11/25/2057	1,456,053	1,361,908
Series 2019-3, Class M55D, 4.00%, 10/25/2058	329,946	308,598
Series 2020-1, Class M55G, 3.00%, 8/25/2059	3,344,140	3,012,758
Seasoned Loans Structured Transaction Series 2018-2, Class A1, 3.50%, 11/25/2028	391,990	369,135
Sequoia Mortgage Trust Series 2004-11, Class A1, 6.03%, 12/20/2034 (f)	123,677	110,343

SEE NOTES TO FINANCIAL STATEMENTS.

J.P. Morgan Exchange-Traded Funds

August 31, 2023

INVESTMENTS	PRINCIPAL AMOUNT($)	VALUE($)
Collateralized Mortgage Obligations — continued
Structured Asset Mortgage Investments II Trust Series 2003-AR4, Class A1, 6.13%, 1/19/2034 (f)	73,767	69,356
Thornburg Mortgage Securities Trust Series 2004-4, Class 3A, 3.75%, 12/25/2044 (f)	96,148	89,332
Vendee Mortgage Trust Series 2003-2, Class Z, 5.00%, 5/15/2033	268,473	265,251
WaMu Mortgage Pass-Through Certificates Trust Series 2003-AR11, Class A6, 4.25%, 10/25/2033 (f)	58,657	54,378
Total Collateralized Mortgage Obligations (Cost $50,979,219)		46,983,342
Commercial Mortgage-Backed Securities — 8.8%
20 Times Square Trust Series 2018-20TS, Class A, 3.20%, 5/15/2035 (a) (f)	1,162,000	989,034
BB-UBS Trust Series 2012-SHOW, Class A, 3.43%, 11/5/2036 (a)	1,400,000	1,275,783
BXP Trust Series 2017-GM, Class A, 3.38%, 6/13/2039 (a)	1,500,000	1,356,162
FHLMC, Multi-Family Structured Pass-Through Certificates
Series J22F, Class A2, 4.09%, 9/25/2024	55,506	54,598
Series KL3L, Class ALNZ, 3.46%, 4/25/2025 (f)	2,000,000	1,920,248
Series KLU2, Class A7, 2.23%, 9/25/2025 (f)	334,333	312,448
Series K737, Class AM, 2.10%, 10/25/2026	3,110,000	2,844,121
Series K072, Class A2, 3.44%, 12/25/2027	473,000	446,721
Series K083, Class A2, 4.05%, 9/25/2028 (f)	594,000	574,774
Series K145, Class AM, 2.58%, 6/25/2055	880,000	735,353
FNMA ACES
Series 2014-M2, Class A2, 3.51%, 12/25/2023 (f)	1,741,471	1,727,489
Series 2014-M3, Class A2, 3.50%, 1/25/2024 (f)	186,041	184,004
Series 2014-M8, Class A2, 3.06%, 6/25/2024 (f)	2,262,170	2,210,537
Series 2014-M13, Class A2, 3.02%, 8/25/2024 (f)	922,537	899,478
Series 2016-M6, Class A2, 2.49%, 5/25/2026	652,127	610,711
Series 2015-M10, Class A2, 3.09%, 4/25/2027 (f)	931,321	879,351
Series 2017-M8, Class A2, 3.06%, 5/25/2027 (f)	1,202,220	1,128,103
Series 2017-M12, Class A2, 3.16%, 6/25/2027 (f)	2,723,592	2,558,127

INVESTMENTS	PRINCIPAL AMOUNT($)	VALUE($)

Series 2017-M13, Class A2, 3.03%, 9/25/2027 (f)	358,418	333,670
Series 2018-M2, Class A2, 3.00%, 1/25/2028 (f)	3,213,322	2,972,256
Series 2018-M4, Class A2, 3.17%, 3/25/2028 (f)	1,841,880	1,718,112
Series 2018-M9, Class APT2, 3.21%, 4/25/2028 (f)	2,963,789	2,766,279
Series 2018-M14, Class A2, 3.70%, 8/25/2028 (f)	381,830	362,693
Series 2017-M5, Class A2, 3.17%, 4/25/2029 (f)	2,466,215	2,284,317
Series 2018-M3, Class A2, 3.17%, 2/25/2030 (f)	1,207,896	1,101,519
Series 2020-M50, Class A2, 1.20%, 10/25/2030	411,101	363,271
Series 2020-M50, Class X1, IO, 1.93%, 10/25/2030 (f)	5,690,262	349,600
Series 2021-M11, Class A2, 1.51%, 3/25/2031 (f)	1,517,000	1,187,663
Series 2022-M1G, Class A2, 1.58%, 9/25/2031 (f)	5,000,000	3,952,424
Series 2021-M3, Class 1A1, 1.00%, 11/25/2033	27,596	25,954
Series 2021-M3, Class X1, IO, 2.05%, 11/25/2033 (f)	341,213	28,804
FREMF Mortgage Trust Series 2015-K44, Class B, 3.85%, 1/25/2048 (a) (f)	1,500,000	1,447,577
Morgan Stanley Capital I Trust Series 2021-PLZA, Class A, 2.57%, 11/9/2043 ‡ (a)	1,958,000	1,494,791
MRCD MARK Mortgage Trust Series 2019-PARK, Class A, 2.72%, 12/15/2036 (a)	300,000	270,786
SLG Office Trust Series 2021-OVA, Class A, 2.59%, 7/15/2041 (a)	1,770,000	1,419,192
UBS-BAMLL Trust Series 2012-WRM, Class A, 3.66%, 6/10/2030 (a)	27,444	25,467
Total Commercial Mortgage-Backed Securities (Cost $46,495,258)		42,811,417
U.S. Government Agency Securities — 2.2%
FNMA 0.50%, 6/17/2025 (Cost $11,576,755)	11,566,000	10,686,878
Foreign Government Securities — 0.3%
Republic of Colombia 7.38%, 9/18/2037	300,000	290,337
Republic of Panama 3.16%, 1/23/2030	200,000	174,064

SEE NOTES TO FINANCIAL STATEMENTS.

August 31, 2023

J.P. Morgan Exchange-Traded Funds

JPMorgan Inflation Managed Bond ETF

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

INVESTMENTS	PRINCIPAL AMOUNT($)	VALUE($)
Foreign Government Securities — continued
United Mexican States
4.13%, 1/21/2026	332,000	326,582
2.66%, 5/24/2031	1,000,000	827,960
Total Foreign Government Securities (Cost $1,859,616)		1,618,943
	SHARES
Short-Term Investments — 1.2%
Investment Companies — 1.2%
JPMorgan Prime Money Market Fund Class IM Shares, 5.46% (g) (h) (Cost $6,084,997)	6,083,821	6,085,646
Total Investments — 99.6% (Cost $522,425,711)		484,609,872
Other Assets Less Liabilities — 0.4%		1,926,038
NET ASSETS — 100.0%		486,535,910

Percentages indicated are based on net assets.

Abbreviations
ACES	Alternative Credit Enhancement Securities
CME	Chicago Mercantile Exchange
CSMC	Credit Suisse Mortgage Trust
FHLMC	Federal Home Loan Mortgage Corp.
FNMA	Federal National Mortgage Association
GNMA	Government National Mortgage Association
ICE	Intercontinental Exchange
IF	Inverse Floaters represent securities that pay interest at a rate that increases (decreases) with a decline (incline) in a specified index or have an interest rate that adjusts periodically based on changes in current interest rates and prepayments on the underlying pool of assets. The interest rate shown is the rate in effect as of August 31, 2023. The rate may be subject to a cap and floor.
IO	Interest Only represents the right to receive the monthly interest payments on an underlying pool of mortgage loans. The principal amount shown represents the par value on the underlying pool. The yields on these securities are subject to accelerated principal paydowns as a result of prepayment or refinancing of the underlying pool of mortgage instruments. As a result, interest income may be reduced considerably.
LIBOR	London Interbank Offered Rate
PO	Principal Only represents the right to receive the principal portion only on an underlying pool of mortgage loans. The market value of these securities is extremely volatile in response to changes in market interest rates. As prepayments on the underlying mortgages of these securities increase, the yield on these securities increases.

REIT	Real Estate Investment Trust
REMIC	Real Estate Mortgage Investment Conduit
SOFR	Secured Overnight Financing Rate
SOFRINDX	Compounding index of the Secured Overnight Financing Rate
STRIPS	Separate Trading of Registered Interest and Principal of Securities. The STRIPS Program lets investors hold and trade individual interest and principal components of eligible notes and bonds as separate securities.
UMBS	Uniform Mortgage-Backed Securities
USD	United States Dollar

^	Amount rounds to less than 0.1% of net assets.
‡	Value determined using significant unobservable inputs.
(a)	Securities exempt from registration under Rule 144A or section 4(a)(2), of the Securities Act of 1933, as amended.
(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 $2,728,434 or 0.56% of the Fund’s net assets 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)	All or a portion of this security is deposited with the broker as initial margin for futures contracts or centrally cleared swaps.
(f)	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.
(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.

J.P. Morgan Exchange-Traded Funds

August 31, 2023

Futures contracts outstanding as of August 31, 2023:

DESCRIPTION	NUMBER OF CONTRACTS	EXPIRATION DATE	TRADING CURRENCY	NOTIONAL AMOUNT ($)	VALUE AND UNREALIZED APPRECIATION (DEPRECIATION) ($)
Long Contracts
U.S. Treasury 10 Year Note	438	12/19/2023	USD	48,624,844	325,288
U.S. Treasury 10 Year Ultra Note	424	12/19/2023	USD	49,217,125	406,547
U.S. Treasury 2 Year Note	37	12/29/2023	USD	7,542,508	23,929
U.S. Treasury 5 Year Note	435	12/29/2023	USD	46,524,609	252,896
					1,008,660
Short Contracts
U.S. Treasury Long Bond	(86 )	12/19/2023	USD	(10,454,375 )	(111,685 )
U.S. Treasury Ultra Bond	(3 )	12/19/2023	USD	(388,313 )	(4,702 )
					(116,387 )
					892,273

Abbreviations
USD	United States Dollar

Centrally Cleared Inflation-linked swap contracts outstanding as of August 31, 2023 :

FLOATING RATE INDEX(a)	FIXED RATE	PAY/ RECEIVE FLOATING RATE	MATURITY DATE	NOTIONAL AMOUNT	UPFRONT PAYMENTS (RECEIPTS) $	UNREALIZED APPRECIATION (DEPRECIATION) ($)	VALUE ($)
CPI-U at termination	2.47% at termination	Receive	8/4/2025	USD10,649,000	(2,584 )	2,394	(190 )
CPI-U at termination	2.48% at termination	Receive	7/21/2030	USD7,912,000	5,481	26,312	31,793
CPI-U at termination	2.48% at termination	Receive	5/3/2033	USD7,809,000	—	50,095	50,095
CPI-U at termination	2.48% at termination	Receive	6/6/2033	USD3,581,000	—	25,859	25,859
CPI-U at termination	2.49% at termination	Receive	9/5/2028	USD32,781,000	31,846	17	31,863
CPI-U at termination	2.52% at termination	Receive	6/20/2033	USD5,049,000	2,787	14,351	17,138
CPI-U at termination	2.53% at termination	Receive	6/7/2033	USD1,907,000	—	5,278	5,278
					37,530	124,306	161,836
CPI-U at termination	2.48% at termination	Receive	8/4/2026	USD90,903,000	8,216	(53,445 )	(45,229 )
CPI-U at termination	2.55% at termination	Receive	5/26/2033	USD56,513,000	103,125	(43,128 )	59,997
CPI-U at termination	2.58% at termination	Receive	8/4/2028	USD56,384,000	9,208	(169,265 )	(160,057 )
CPI-U at termination	2.59% at termination	Receive	8/15/2028	USD8,076,000	—	(31,943 )	(31,943 )
CPI-U at termination	2.59% at termination	Receive	7/11/2033	USD25,736,000	24,152	(116,690 )	(92,538 )
CPI-U at termination	2.62% at termination	Receive	8/4/2033	USD37,399,000	15,729	(228,737 )	(213,008 )
CPI-U at termination	2.63% at termination	Receive	8/2/2033	USD5,569,000	12,602	(48,707 )	(36,105 )
CPI-U at termination	2.63% at termination	Receive	8/4/2033	USD1,000,000	—	(6,347 )	(6,347 )
CPI-U at termination	2.64% at termination	Receive	7/31/2033	USD1,096,000	—	(7,460 )	(7,460 )
CPI-U at termination	2.64% at termination	Receive	8/2/2033	USD12,317,000	—	(88,961 )	(88,961 )
					173,032	(794,683 )	(621,651 )
					210,562	(670,377 )	(459,815 )

SEE NOTES TO FINANCIAL STATEMENTS.

August 31, 2023

J.P. Morgan Exchange-Traded Funds

JPMorgan Inflation Managed Bond ETF

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

Abbreviations
CPI-U	Consumer Price Index for All Urban Consumers
USD	United States Dollar

(a) Value of floating rate index at August 31, 2023 was as follows:

FLOATING RATE INDEX	VALUE
CPI-U	3.07%

Centrally Cleared Credit default swap contracts outstanding - buy protection(*) as of August 31, 2023:

REFERENCE OBLIGATION/INDEX	FINANCING RATE PAID BY THE FUND (%)	PAYMENT FREQUENCY	MATURITY DATE	IMPLIED CREDIT SPREAD (%)(a)	NOTIONAL AMOUNT(b)	UPFRONT PAYMENTS (RECEIPTS) ($)(c)	UNREALIZED APPRECIATION (DEPRECIATION) ($)	VALUE ($)
CDX.NA.IG.40-V1	1.00	Quarterly	6/20/2028	0.64	USD23,560,000	(126,432 )	(286,317 )	(412,749 )
CDX.NA.IG.40-V1	1.00	Quarterly	6/20/2028	0.64	USD39,607,000	(369,144 )	(324,732 )	(693,876 )
						(495,576 )	(611,049 )	(1,106,625 )

(*)	The Fund, as a buyer of credit protection, is generally obligated to make periodic payments and may also pay or receive an upfront premium to or from the protection seller, in exchange for the right to receive a contingent payment, upon occurrence of a credit event with respect to an underlying reference obligation, as defined under the terms of individual swap contracts.
(a)	Implied credit spreads are an indication of the seller's performance risk, related to the likelihood of a credit event occurring that would require a seller to make payment to a buyer. Implied credit spreads are used to determine the value of swap contracts and reflect the cost of buying/selling protection, which may include upfront payments made to enter into the contract. Therefore, higher spreads would indicate a greater likelihood that a seller will be obligated to perform (i.e. make payment) under the swap contract. Increasing values, in absolute terms and relative to notional amounts, are also indicative of greater performance risk. Implied credit spreads for credit default swaps on credit indices are linked to the weighted average spread across the underlying reference obligations included in a particular index.
(b)	The notional amount is the maximum amount that a seller of credit protection would be obligated to pay and a buyer of credit protection would receive, upon occurrence of a credit event.
(c)	Upfront payments and receipts generally represent premiums paid or received at the initiation of the agreement to compensate the differences between the stated terms of the swap agreement and current market conditions (credit spreads, interest rates and other relevant factors).

Abbreviations
CDX	Credit Default Swap Index
USD	United States Dollar

SEE NOTES TO FINANCIAL STATEMENTS.

J.P. Morgan Exchange-Traded Funds

August 31, 2023

JPMorgan Limited Duration Bond ETF

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

INVESTMENTS	PRINCIPAL AMOUNT($)	VALUE($)
Asset-Backed Securities — 39.7%
ACHV ABS TRUST Series 2023-1PL, Class A, 6.42%, 3/18/2030 (a)	171,434	171,469
ACRE Commercial Mortgage Ltd. Series 2021-FL4, Class A, 6.26%, 12/18/2037 (a) (b)	999,916	985,700
American Credit Acceptance Receivables Trust Series 2023-1, Class A, 5.45%, 9/14/2026 (a)	1,903,788	1,895,964
Ameriquest Mortgage Securities, Inc. Asset-Backed Pass-Through Certificates Series 2003-7, Class M1, 4.96%, 8/25/2033 (b)	10,977	11,067
Amortizing Residential Collateral Trust Series 2002-BC9, Class M1, 7.08%, 12/25/2032 (b)	1,224,845	1,128,948
AMSR Trust
Series 2020-SFR3, Class A, 1.36%, 9/17/2037 (a)	7,104,240	6,496,179
Series 2021-SFR2, Class A, 1.53%, 8/17/2038 (a)	4,000,000	3,537,346
Apidos CLO (Cayman Islands) Series 2019-31A, Class A1R, 6.67%, 4/15/2031 (a) (b)	4,350,000	4,328,250
Arivo Acceptance Auto Loan Receivables Trust Series 2021-1A, Class A, 1.19%, 1/15/2027 (a)	158,509	155,178
Ballyrock CLO Ltd. (Cayman Islands)
Series 2020-2A, Class A1R, 6.60%, 10/20/2031 (a) (b)	3,244,000	3,224,698
Series 2019-1A, Class A1R, 6.60%, 7/15/2032 (a) (b)	6,415,000	6,346,449
Bear Stearns Asset-Backed Securities I Trust Series 2005-HE1, Class M2, 5.32%, 1/25/2035 (b)	375,528	374,853
Bear Stearns Asset-Backed Securities Trust Series 2003-SD1, Class A, 6.33%, 12/25/2033 (b)	398,284	377,051
BRE Grand Islander Timeshare Issuer LLC Series 2019-A, Class A, 3.28%, 9/26/2033 (a)	1,276,367	1,201,299
BSPRT Issuer Ltd. (Cayman Islands) Series 2022-FL8, Class A, 6.69%, 2/15/2037 (a) (b)	5,000,000	4,919,250
Business Jet Securities LLC
Series 2020-1A, Class A, 2.98%, 11/15/2035 ‡ (a)	832,230	785,325
Series 2021-1A, Class A, 2.16%, 4/15/2036 ‡ (a)	1,542,065	1,395,584
Series 2022-1A, Class A, 4.46%, 6/15/2037 ‡ (a)	8,155,468	7,649,829

INVESTMENTS	PRINCIPAL AMOUNT($)	VALUE($)

BXG Receivables Note Trust Series 2018-A, Class A, 3.77%, 2/2/2034 (a)	899,214	865,449
BXMT Ltd. (Cayman Islands) Series 2020-FL3, Class A, 6.83%, 11/15/2037 (a) (b)	7,417,714	7,203,157
CarMax Auto Owner Trust
Series 2020-3, Class A3, 0.62%, 3/17/2025	245,946	244,748
Series 2020-4, Class A3, 0.50%, 8/15/2025	879,724	862,998
Series 2022-2, Class A3, 3.49%, 2/16/2027	4,720,000	4,602,238
Carvana Auto Receivables Trust
Series 2020-P1, Class A3, 0.44%, 6/9/2025	43,562	43,527
Series 2020-P1, Class A4, 0.61%, 10/8/2026	2,220,000	2,132,869
Centex Home Equity Loan Trust Series 2002-A, Class MV1, 6.28%, 1/25/2032 (b)	68,034	67,722
CF Hippolyta Issuer LLC Series 2020-1, Class A1, 1.69%, 7/15/2060 (a)	2,307,094	2,086,026
CoreVest American Finance Trust
Series 2019-1, Class A, 3.32%, 3/15/2052 (a)	237,661	236,090
Series 2020-2, Class A, 3.38%, 5/15/2052 (a)	685,716	656,252
Series 2020-4, Class A, 1.17%, 12/15/2052 (a)	4,072,200	3,698,606
Countrywide Asset-Backed Certificates
Series 2003-BC2, Class 2A1, 6.03%, 6/25/2033 (b)	258,043	234,556
Series 2004-S1, Class M2, 5.58%, 2/25/2035 (c)	14,789	14,553
CPS Auto Receivables Trust
Series 2023-A, Class A, 5.54%, 3/16/2026 (a)	2,034,736	2,029,093
Series 2022-C, Class A, 4.18%, 4/15/2030 (a)	3,441,885	3,419,391
Credit Acceptance Auto Loan Trust
Series 2020-3A, Class A, 1.24%, 10/15/2029 (a)	1,445,122	1,440,242
Series 2021-2A, Class A, 0.96%, 2/15/2030 (a)	2,425,020	2,389,337
Series 2023-3A, Class A, 6.39%, 8/15/2033 (a)	2,375,000	2,379,405
Diamond Resorts Owner Trust
Series 2019-1A, Class A, 2.89%, 2/20/2032 (a)	1,265,443	1,200,113
Series 2021-1A, Class A, 1.51%, 11/21/2033 (a)	525,065	479,963

JPMorgan Limited Duration Bond ETF

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

INVESTMENTS	PRINCIPAL AMOUNT($)	VALUE($)
Asset-Backed Securities — continued
DLLST LLC Series 2022-1A, Class A3, 3.40%, 1/21/2025 (a)	4,510,000	4,465,070
DT Auto Owner Trust
Series 2022-2A, Class A, 2.88%, 6/15/2026 (a)	1,179,153	1,168,354
Series 2021-1A, Class C, 0.84%, 10/15/2026 (a)	961,618	942,378
Series 2023-1A, Class A, 5.48%, 4/15/2027 (a)	3,375,412	3,364,069
Elmwood CLO Ltd. (Cayman Islands) Series 2020-2A, Class AR, 6.74%, 10/20/2034 (a) (b)	7,500,000	7,433,947
Enterprise Fleet Financing LLC Series 2022-1, Class A2, 3.03%, 1/20/2028 (a)	2,672,109	2,610,112
Exeter Automobile Receivables Trust
Series 2022-3A, Class A3, 4.21%, 1/15/2026	3,379,228	3,368,925
Series 2023-4A, Class C, 6.51%, 8/15/2028	2,500,000	2,509,804
First Franklin Mortgage Loan Trust
Series 2002-FF1, Class M1, 6.48%, 4/25/2032 (b)	60,264	59,692
Series 2002-FF4, Class M1, 7.00%, 2/25/2033 (b)	578,174	475,629
Series 2003-FFH1, Class M2, 8.05%, 9/25/2033 (b)	226,723	198,647
Series 2004-FF8, Class M4, 7.04%, 10/25/2034 (b)	205,363	189,027
FirstKey Homes Trust Series 2021-SFR1, Class A, 1.54%, 8/17/2038 (a)	6,924,023	6,103,327
Fremont Home Loan Trust Series 2005-C, Class M2, 6.16%, 7/25/2035 (b)	21,820	21,748
FS Rialto (Cayman Islands) Series 2021-FL3, Class A, 6.68%, 11/16/2036 (a) (b)	5,290,000	5,195,674
Galaxy CLO Ltd. (Cayman Islands) Series 2013-15A, Class ARR, 6.54%, 10/15/2030 (a) (b)	1,863,686	1,857,282
Goodgreen (Cayman Islands)
Series 2018-1A, Class A, 3.93%, 10/15/2053 ‡ (a) (b)	2,095,660	1,870,607
Series 2019-1A, Class A, 3.86%, 10/15/2054 ‡ (a)	1,525,526	1,338,042
Goodgreen Trust Series 2017-2A, Class A, 3.26%, 10/15/2053 ‡ (a)	1,308,759	1,155,169
GreenPoint Mortgage Funding Trust Series 2005-HE3, Class A, 5.60%, 9/15/2030 (b)	8,501	8,198
HERO Funding (Cayman Islands) Series 2017-3A, Class A2, 3.95%, 9/20/2048 ‡ (a)	858,442	751,729

INVESTMENTS	PRINCIPAL AMOUNT($)	VALUE($)

Hilton Grand Vacations Trust
Series 2018-AA, Class A, 3.54%, 2/25/2032 (a)	387,751	375,327
Series 2022-2A, Class A, 4.30%, 1/25/2037 (a)	2,090,714	1,998,010
Series 2020-AA, Class A, 2.74%, 2/25/2039 (a)	843,935	792,208
Hyundai Auto Lease Securitization Trust Series 2021-B, Class B, 0.62%, 3/16/2026 (a)	4,635,000	4,560,694
LCM Ltd. (Cayman Islands) Series 29A, Class AR, 6.64%, 4/15/2031 (a) (b)	5,000,000	4,955,260
Lendingpoint Asset Securitization Trust
Series 2022-B, Class A, 4.77%, 10/15/2029 (a)	2,182,530	2,154,122
Series 2022-C, Class A, 6.56%, 2/15/2030 (a)	2,333,079	2,331,797
LendingPoint Asset Securitization Trust Series 2020-REV1, Class A, 2.73%, 10/15/2028 (a)	255,717	255,201
Lendmark Funding Trust Series 2022-1A, Class A, 5.12%, 7/20/2032 (a)	3,000,000	2,924,681
LP LMS Asset Securitization Trust
Series 2021-2A, Class A, 1.75%, 1/15/2029 (a)	752,907	741,685
Series 2023-1A, Class A, 8.18%, 10/17/2033 ‡ (a)	2,894,729	2,877,143
Mariner Finance Issuance Trust
Series 2020-AA, Class A, 2.19%, 8/21/2034 (a)	2,571,727	2,493,869
Series 2021-AA, Class A, 1.86%, 3/20/2036 (a)	3,000,000	2,664,483
Marlin Receivables LLC Series 2022-1A, Class A2, 4.53%, 9/20/2025 (a)	3,064,534	3,040,491
MF1 Ltd. (Cayman Islands)
Series 2021-FL7, Class A, 6.51%, 10/16/2036 (a) (b)	3,500,000	3,455,869
Series 2022-FL8, Class A, 6.66%, 2/19/2037 (a) (b)	5,000,000	4,923,670
Neuberger Berman Loan Advisers CLO Ltd. (Cayman Islands) Series 2020-37A, Class AR, 6.56%, 7/20/2031 (a) (b)	4,425,000	4,394,224
New Century Home Equity Loan Trust Series 2003-5, Class AII, 3.98%, 11/25/2033 (b)	173,053	149,532
OCP CLO Ltd. (Cayman Islands) Series 2015-9A, Class A1R2, 6.56%, 1/15/2033 (a) (b)	5,000,000	4,947,145
OneMain Financial Issuance Trust
Series 2020-1A, Class A, 3.84%, 5/14/2032 (a)	431,693	430,570

INVESTMENTS	PRINCIPAL AMOUNT($)	VALUE($)
Asset-Backed Securities — continued
Series 2021-1A, Class A1, 1.55%, 6/16/2036 (a)	5,000,000	4,367,813
Oportun Issuance Trust Series 2022-A, Class A, 5.05%, 6/9/2031 (a)	5,000,000	4,866,590
Pagaya AI Debt Selection Trust Series 2021-3, Class A, 1.15%, 5/15/2029 (a)	331,582	329,878
Palmer Square Loan Funding Ltd. (Cayman Islands)
Series 2021-3A, Class A1, 6.39%, 7/20/2029 (a) (b)	2,126,705	2,115,652
Series 2021-4A, Class A1, 6.37%, 10/15/2029 (a) (b)	3,599,015	3,580,466
Series 2022-2A, Class A1, 6.58%, 10/15/2030 (a) (b)	4,318,414	4,287,080
PRET LLC Series 2021-NPL6, Class A1, 2.49%, 7/25/2051 (a) (c)	2,067,445	1,975,333
Progress Residential
Series 2021-SFR1, Class A, 1.05%, 4/17/2038 (a)	3,013,624	2,665,645
Series 2021-SFR4, Class A, 1.56%, 5/17/2038 (a)	4,988,847	4,448,430
Progress Residential Trust
Series 2020-SFR3, Class A, 1.29%, 10/17/2027 (a)	8,935,185	8,133,351
Series 2019-SFR4, Class A, 2.69%, 10/17/2036 (a)	8,461,765	8,147,392
Series 2020-SFR2, Class A, 2.08%, 6/17/2037 (a)	5,048,763	4,723,728
Series 2021-SFR8, Class A, 1.51%, 10/17/2038 (a)	4,466,301	3,915,845
Series 2023-SFR1, Class A, 4.30%, 3/17/2040 (a)	3,400,000	3,208,838
PRPM LLC Series 2021-10, Class A1, 2.49%, 10/25/2026 (a) (c)	1,244,576	1,166,898
RASC Trust Series 2003-KS4, Class MI2, 5.01%, 6/25/2033 (c)	522,587	397,720
Santander Consumer Auto Receivables Trust Series 2021-AA, Class B, 0.71%, 8/17/2026 (a)	2,750,000	2,584,978
Santander Drive Auto Receivables Trust
Series 2022-5, Class A2, 3.98%, 1/15/2025	53,083	53,050
Series 2022-6, Class A2, 4.37%, 5/15/2025	785,053	784,281
Series 2022-4, Class A3, 4.14%, 2/16/2027	7,340,000	7,268,936
SCF Equipment Leasing LLC Series 2022-2A, Class A3, 6.50%, 10/21/2030 (a)	5,900,000	5,948,307

INVESTMENTS	PRINCIPAL AMOUNT($)	VALUE($)

Sierra Timeshare Receivables Funding LLC
Series 2019-2A, Class A, 2.59%, 5/20/2036 (a)	400,524	387,632
Series 2020-2A, Class A, 1.33%, 7/20/2037 (a)	566,253	526,186
SoFi Professional Loan Program Trust
Series 2021-B, Class AFX, 1.14%, 2/15/2047 (a)	3,089,680	2,576,765
Series 2018-B, Class A2FX, 3.34%, 8/25/2047 (a)	830,971	804,396
Structured Asset Investment Loan Trust Series 2003-BC2, Class A3, 6.13%, 4/25/2033 (b)	12,784	12,682
Symphony CLO Ltd. (Cayman Islands) Series 2016-18A, Class A1RR, 6.71%, 7/23/2033 (a) (b)	5,000,000	4,969,355
Tesla Auto Lease Trust
Series 2021-A, Class A3, 0.56%, 3/20/2025 (a)	402,396	401,336
Series 2021-B, Class A4, 0.63%, 9/22/2025 (a)	2,680,000	2,579,813
Toyota Auto Receivables Owner Trust Series 2020-C, Class A4, 0.57%, 10/15/2025	5,300,000	5,169,610
Tricon American Homes Series 2020-SFR1, Class A, 1.50%, 7/17/2038 (a)	5,977,900	5,331,513
Tricon American Homes Trust Series 2019-SFR1, Class A, 2.75%, 3/17/2038 (a)	3,261,059	3,040,755
Upstart Securitization Trust
Series 2021-4, Class A, 0.84%, 9/20/2031 (a)	651,827	643,763
Series 2022-4, Class A, 5.98%, 8/20/2032 (a)	2,654,882	2,636,208
Series 2023-1, Class A, 6.59%, 2/20/2033 (a)	3,450,213	3,443,514
US Auto Funding Trust Series 2022-1A, Class A, 3.98%, 4/15/2025 (a)	2,197,623	2,139,380
VCAT LLC Series 2021-NPL1, Class A1, 2.29%, 12/26/2050 (a) (c)	660,235	638,893
Verdant Receivables LLC Series 2023-1A, Class A2, 6.24%, 1/13/2031 (a)	2,810,000	2,805,277
VOLT C LLC Series 2021-NPL9, Class A1, 1.99%, 5/25/2051 (a) (c)	1,504,213	1,381,677
VOLT XCII LLC Series 2021-NPL1, Class A1, 1.89%, 2/27/2051 (a) (c)	1,222,308	1,150,443
VOLT XCIII LLC Series 2021-NPL2, Class A1, 1.89%, 2/27/2051 (a) (c)	4,242,910	3,944,607
VOLT XCIV LLC Series 2021-NPL3, Class A1, 2.24%, 2/27/2051 (a) (c)	3,520,179	3,322,862

JPMorgan Limited Duration Bond ETF

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

INVESTMENTS	PRINCIPAL AMOUNT($)	VALUE($)
Asset-Backed Securities — continued
VOLT XCIX LLC Series 2021-NPL8, Class A1, 2.12%, 4/25/2051 (a) (c)	1,164,064	1,084,825
VOLT XCV LLC Series 2021-NPL4, Class A1, 2.24%, 3/27/2051 (a) (c)	1,820,423	1,746,406
VOLT XCVI LLC Series 2021-NPL5, Class A1, 2.12%, 3/27/2051 (a) (c)	2,409,438	2,279,841
VOLT XCVII LLC Series 2021-NPL6, Class A1, 2.24%, 4/25/2051 (a) (c)	3,348,137	3,125,897
Westgate Resorts LLC Series 2020-1A, Class A, 2.71%, 3/20/2034 (a)	713,924	699,600
Westlake Automobile Receivables Trust
Series 2022-3A, Class A2, 5.24%, 7/15/2025 (a)	6,946,457	6,932,758
Series 2022-2A, Class A3, 3.75%, 4/15/2026 (a)	5,350,000	5,269,152
Series 2023-3A, Class A3, 5.82%, 5/17/2027 (a)	4,000,000	3,994,830
World Omni Select Auto Trust Series 2020-A, Class B, 0.84%, 6/15/2026	3,363,456	3,320,682
Total Asset-Backed Securities (Cost $341,703,790)		328,155,054
Collateralized Mortgage Obligations — 28.2%
Alternative Loan Trust
Series 2004-J4, Class 1A6, 5.33%, 6/25/2034 (c)	296	286
Series 2004-33, Class 3A3, 3.72%, 12/25/2034 (b)	105,343	97,729
Banc of America Funding Trust Series 2006-1, Class 2A1, 5.50%, 1/25/2036	91,822	77,639
Banc of America Mortgage Trust Series 2004-D, Class 2A2, 4.66%, 5/25/2034 (b)	92,721	86,723
Bear Stearns Asset-Backed Securities I Trust Series 2004-AC6, Class M1, 6.43%, 11/25/2034 (b)	117,969	24,851
Connecticut Avenue Securities Trust
Series 2021-R01, Class 1M1, 6.04%, 10/25/2041 (a) (b)	628,005	626,045
Series 2021-R03, Class 1M1, 6.14%, 12/25/2041 (a) (b)	4,083,894	4,063,009
Series 2022-R01, Class 1M1, 6.29%, 12/25/2041 (a) (b)	2,298,633	2,283,554
Series 2022-R06, Class 1M1, 8.04%, 5/25/2042 (a) (b)	3,012,714	3,081,497
Series 2022-R07, Class 1M1, 8.25%, 6/25/2042 (a) (b)	4,460,122	4,565,814
Series 2022-R08, Class 1M1, 7.84%, 7/25/2042 (a) (b)	1,682,514	1,714,438

INVESTMENTS	PRINCIPAL AMOUNT($)	VALUE($)

Credit Suisse First Boston Mortgage Securities Corp. (Switzerland)
Series 2005-5, Class 1A1, 5.00%, 3/25/2029	2,833	2,710
Series 2004-5, Class 4A1, 6.00%, 9/25/2034	241,529	230,524
CSFB Mortgage-Backed Pass-Through Certificates Series 2003-AR24, Class 2A4, 5.45%, 10/25/2033 (b)	153,352	146,805
Deutsche Alt-A Securities, Inc. Mortgage Loan Trust Series 2005-1, Class 2A1, 3.73%, 2/25/2020 (b)	24,777	24,235
FHLMC STACR REMIC Trust Series 2021-DNA3, Class M1, 6.04%, 10/25/2033 (a) (b)	1,829,683	1,821,102
FHLMC, REMIC
Series 1974, Class ZA, 7.00%, 7/15/2027	13,231	13,229
Series 3737, Class DG, 5.00%, 10/15/2030	102,305	100,939
Series 4120, Class KI, IO, 3.00%, 10/15/2032	788,609	47,759
Series 5000, Class CB, 1.25%, 1/25/2035	4,580,187	3,931,764
Series 3300, Class FA, 5.60%, 8/15/2035 (b)	107,936	106,502
Series 3085, Class VS, IF, 7.51%, 12/15/2035 (b)	103,354	106,967
Series 4867, Class WF, 4.57%, 4/15/2037 (b)	7,650,745	7,392,692
Series 4350, Class AF, 4.45%, 12/15/2037 (b)	1,992,598	1,918,824
Series 4350, Class FK, 4.35%, 6/15/2038 (b)	2,384,401	2,294,393
Series 4515, Class FA, 4.31%, 8/15/2038 (b)	1,240,049	1,212,613
Series 4350, Class KF, 4.55%, 1/15/2039 (b)	402,248	386,493
Series 4448, Class TF, 4.67%, 5/15/2040 (b)	2,395,949	2,308,136
Series 4480, Class FM, 4.38%, 6/15/2040 (b)	2,922,634	2,804,494
Series 4457, Class KF, 4.52%, 10/15/2040 (b)	3,784,299	3,638,050
Series 4363, Class FA, 4.84%, 9/15/2041 (b)	1,844,259	1,767,334
Series 4413, Class WF, 4.52%, 10/15/2041 (b)	1,682,366	1,619,236
Series 4559, Class AF, 4.50%, 3/15/2042 (b)	1,227,373	1,199,001
Series 4074, Class FE, 5.70%, 7/15/2042 (b)	1,327,341	1,296,838

INVESTMENTS	PRINCIPAL AMOUNT($)	VALUE($)
Collateralized Mortgage Obligations — continued
Series 4150, Class F, 5.67%, 1/15/2043 (b)	3,577,689	3,438,990
Series 4161, Class YF, 5.67%, 2/15/2043 (b)	2,674,250	2,572,299
Series 4281, Class FB, 5.85%, 12/15/2043 (b)	1,892,346	1,835,567
Series 4606, Class FL, 5.80%, 12/15/2044 (b)	3,792,836	3,665,646
Series 4594, Class GN, 2.50%, 2/15/2045	1,829,327	1,639,146
Series 5072, Class QC, 1.00%, 10/25/2050	5,410,284	4,101,452
FHLMC, STRIPS
Series 343, Class F4, 5.56%, 10/15/2037 (b)	2,020,611	1,980,564
Series 328, Class S4, IF, IO, 1.82%, 2/15/2038 (b)	3,673,644	174,320
FHLMC, Structured Pass-Through Certificates, Whole Loan
Series T-51, Class 1A, PO, 9/25/2042	38,178	28,308
Series T-54, Class 4A, 4.08%, 2/25/2043 (b)	781,702	698,719
First Horizon Mortgage Pass-Through Trust Series 2004-AR6, Class 2A1, 4.15%, 12/25/2034 (b)	74,837	70,342
Flagstar Mortgage Trust Series 2019-2, Class A2, 3.50%, 12/25/2049 (a) (b)	1,460,261	1,289,656
FNMA Trust, Whole Loan Series 2004-W2, Class 4A, 3.85%, 2/25/2044 (b)	116,548	111,223
FNMA, Grantor Trust, Whole Loan
Series 2002-T6, Class A4, 4.83%, 3/25/2041 (b)	385,580	360,991
Series 2001-T8, Class A1, 7.50%, 7/25/2041	130,401	128,913
FNMA, REMIC
Series G94-9, Class PJ, 6.50%, 8/17/2024	4,566	4,551
Series 2013-43, Class YH, 2.50%, 5/25/2033	757,775	708,440
Series 2004-17, Class BF, 5.75%, 1/25/2034 (b)	104,148	103,806
Series 2006-3, Class SB, IF, IO, 1.30%, 7/25/2035 (b)	106,691	1,220
Series 2006-16, Class HZ, 5.50%, 3/25/2036	110,264	108,371
Series 2006-124, Class FC, 5.75%, 1/25/2037 (b)	568,785	552,956
Series 2014-23, Class FA, 4.69%, 10/25/2039 (b)	8,504,483	8,198,361
Series 2012-38, Class PA, 2.00%, 9/25/2041	886,938	800,821

INVESTMENTS	PRINCIPAL AMOUNT($)	VALUE($)

Series 2013-54, Class HF, 5.60%, 10/25/2041 (b)	49,730	49,689
Series 2012-93, Class ME, 2.50%, 1/25/2042	1,066,758	970,363
Series 2012-13, Class FA, 5.98%, 2/25/2042 (b)	5,059,094	4,922,772
Series 2012-31, Class FB, 5.95%, 4/25/2042 (b)	4,054,565	3,941,587
Series 2013-23, Class KJ, 2.25%, 5/25/2042	1,689,260	1,509,430
Series 2012-119, Class FB, 5.75%, 11/25/2042 (b)	2,637,812	2,531,197
Series 2012-139, Class JA, 3.50%, 12/25/2042	1,991,423	1,832,677
Series 2013-6, Class FL, 5.80%, 2/25/2043 (b)	656,410	632,727
Series 2014-49, Class AF, 4.77%, 8/25/2044 (b)	115,182	111,306
Series 2015-42, Class BF, 5.04%, 6/25/2045 (b)	2,708,940	2,622,522
Series 2016-25, Class LA, 3.00%, 7/25/2045	7,207,790	6,523,366
Series 2016-33, Class JA, 3.00%, 7/25/2045	2,523,568	2,298,608
Series 2015-91, Class AF, 4.63%, 12/25/2045 (b)	2,642,063	2,560,583
Series 2016-58, Class SA, IO, 1.33%, 8/25/2046 (b)	6,819,421	242,209
Series 2017-108, Class PA, 3.00%, 6/25/2047	1,553,822	1,403,426
Series 2017-104, Class LA, 3.00%, 11/25/2047	1,075,620	964,653
Series 2019-38, Class PC, 3.00%, 2/25/2048	2,452,338	2,225,770
Series 2019-77, Class FP, 5.95%, 1/25/2050 (b)	9,443,585	9,078,037
Series 2014-66, Class WF, 4.63%, 10/25/2054 (b)	1,118,105	1,105,007
Series 2019-74, Class BF, 5.95%, 12/25/2059 (b)	4,767,138	4,545,032
FNMA, REMIC Trust, Whole Loan
Series 2003-W4, Class 5A, 3.96%, 10/25/2042 (b)	365,444	320,192
Series 2003-W15, Class 3A, 4.38%, 12/25/2042 (b)	406,799	371,267
Series 2003-W1, Class 2A, 5.21%, 12/25/2042 (b)	114,347	108,900
Series 2009-W1, Class A, 6.00%, 12/25/2049	135,246	134,968

JPMorgan Limited Duration Bond ETF

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

INVESTMENTS	PRINCIPAL AMOUNT($)	VALUE($)
Collateralized Mortgage Obligations — continued
GNMA
Series 2011-158, Class EB, 4.00%, 12/20/2026	2,168,064	2,105,759
Series 2010-166, Class GP, 3.00%, 4/20/2039	284,661	278,506
Series 2012-61, Class FM, 5.83%, 5/16/2042 (b)	3,532,370	3,472,132
Series 2012-H21, Class FA, 5.76%, 7/20/2062 (b)	1,183,670	1,177,341
Series 2012-H29, Class FA, 5.77%, 10/20/2062 (b)	914,325	909,890
Series 2013-H16, Class FA, 5.80%, 7/20/2063 (b)	2,741,990	2,729,496
Series 2014-H07, Class FC, 5.82%, 5/20/2064 (b)	8,947,608	8,900,197
Series 2014-H11, Class JA, 5.72%, 6/20/2064 (b)	2,393,699	2,377,891
Series 2014-H17, Class FM, 5.64%, 8/20/2064 (b)	6,839,834	6,791,850
Series 2015-H03, Class FD, 4.40%, 1/20/2065 (b)	3,683,147	3,650,732
Series 2015-H04, Class FL, 5.63%, 2/20/2065 (b)	5,967,699	5,928,554
Series 2015-H12, Class FJ, 5.65%, 5/20/2065 (b)	3,891,914	3,869,194
Series 2015-H14, Class FB, 5.65%, 5/20/2065 (b)	4,452,434	4,428,941
Series 2015-H12, Class FA, 5.70%, 5/20/2065 (b)	4,436,098	4,409,777
Series 2015-H15, Class FB, 5.82%, 6/20/2065 (b)	6,429,787	6,403,807
Series 2015-H19, Class FN, 5.66%, 7/20/2065 (b)	6,821,650	6,772,108
Series 2015-H23, Class TA, 5.69%, 9/20/2065 (b)	9,146,578	9,082,240
GSAA Trust Series 2004-CW1, Class 1A1, 5.50%, 4/1/2034	364,765	336,227
GSR Mortgage Loan Trust Series 2004-10F, Class 7A1, 5.50%, 9/25/2034	79,166	77,089
Impac CMB Trust
Series 2004-6, Class 1A2, 6.21%, 10/25/2034 (b)	35,060	34,119
Series 2005-5, Class A1, 6.07%, 8/25/2035 (b)	302,543	277,618
IndyMac INDA Mortgage Loan Trust Series 2007-AR1, Class 1A1, 3.55%, 3/25/2037 (b)	205,935	173,528
JPMorgan Mortgage Trust Series 2003-A1, Class 1A1, 3.90%, 10/25/2033 (b)	18,845	17,207

INVESTMENTS	PRINCIPAL AMOUNT($)	VALUE($)

MASTR Adjustable Rate Mortgages Trust
Series 2004-13, Class 2A1, 4.71%, 4/21/2034 (b)	55,537	52,631
Series 2004-13, Class 3A7B, 7.37%, 11/21/2034 (b)	181,327	169,489
MASTR Seasoned Securitization Trust Series 2003-1, Class 3A2, 5.83%, 2/25/2033 (b)	34,844	32,610
Mellon Residential Funding Corp. Mortgage Pass-Through Certificates
Series 2002-TBC1, Class B1, 6.42%, 9/15/2030 (b)	17,576	16,460
Series 2002-TBC1, Class B2, 6.82%, 9/15/2030 (b)	7,392	5,829
Series 2001-TBC1, Class B1, 6.30%, 11/15/2031 (b)	70,108	64,554
Merrill Lynch Mortgage Investors Trust
Series 2004-D, Class A1, 6.09%, 9/25/2029 (b)	86,659	77,316
Series 2004-1, Class 2A3, 4.39%, 12/25/2034 (b)	71,986	66,001
Metlife Securitization Trust
Series 2017-1A, Class A, 3.00%, 4/25/2055 (a) (b)	606,700	556,022
Series 2018-1A, Class A, 3.75%, 3/25/2057 (a) (b)	1,805,046	1,680,202
Morgan Stanley Dean Witter Capital I, Inc. Trust
Series 2003-HYB1, Class A4, 5.71%, 3/25/2033 (b)	43,870	38,428
Series 2003-HYB1, Class B1, 5.71%, 3/25/2033 (b)	47,202	27,313
Morgan Stanley Mortgage Loan Trust
Series 2004-3, Class 4A, 5.65%, 4/25/2034 (b)	594,796	577,350
Series 2004-5AR, Class 3A3, 4.86%, 7/25/2034 (b)	78,145	69,558
Series 2004-5AR, Class 3A5, 4.86%, 7/25/2034 (b)	440,382	412,022
Series 2004-11AR, Class 1A2A, 5.74%, 1/25/2035 (b)	178,822	160,795
MRFC Mortgage Pass-Through Trust Series 2002-TBC2, Class B1, 6.27%, 8/15/2032 (b)	32,451	29,495
NAAC Reperforming Loan REMIC Trust Certificates Series 2004-R3, Class AF, 5.88%, 2/25/2035 (a) (b)	535,398	451,597
New Residential Mortgage Loan Trust Series 2018-4A, Class A1S, 6.18%, 1/25/2048 (a) (b)	1,206,196	1,171,071

INVESTMENTS	PRINCIPAL AMOUNT($)	VALUE($)
Collateralized Mortgage Obligations — continued
Nomura Asset Acceptance Corp. Alternative Loan Trust Series 2003-A3, Class A1, 5.50%, 8/25/2033 (c)	141,009	137,474
Prime Mortgage Trust Series 2005-2, Class 2A1, 5.90%, 10/25/2032 (b)	183,313	178,220
PRPM LLC Series 2020-6, Class A1, 2.36%, 11/25/2025 (a) (c)	1,944,795	1,896,420
RFMSI Trust
Series 2005-SA2, Class 2A2, 4.99%, 6/25/2035 (b)	314,669	297,005
Series 2006-SA4, Class 2A1, 5.25%, 11/25/2036 (b)	147,687	124,892
Seasoned Credit Risk Transfer Trust Series 2020-1, Class M55G, 3.00%, 8/25/2059	7,245,635	6,527,641
Sequoia Mortgage Trust
Series 11, Class A, 6.33%, 12/20/2032 (b)	7,760	6,921
Series 2003-3, Class A2, 6.37%, 7/20/2033 (b)	62,734	55,731
Series 2004-11, Class A2, 6.07%, 12/20/2034 (b)	331,947	288,819
Structured Asset Mortgage Investments II Trust Series 2004-AR1, Class 1A1, 6.13%, 3/19/2034 (b)	26,852	24,811
Structured Asset Mortgage Investments Trust Series 2002-AR2, Class A3, 6.18%, 7/19/2032 (b)	127,271	72,589
Structured Asset Securities Corp. Mortgage Pass-Through Certificates
Series 2003-24A, Class 2A, 6.60%, 7/25/2033 (b)	246,738	236,422
Series 2003-40A, Class 4A, 7.16%, 1/25/2034 (b)	122,802	113,842
Thornburg Mortgage Securities Trust Series 2004-4, Class 5A, 2.57%, 12/25/2044 (b)	1,246,971	1,086,006
Towd Point Mortgage Trust Series 2018-4, Class A1, 3.00%, 6/25/2058 (a) (b)	2,953,839	2,694,137
Two Harbors Msr Frn, 7.25%, 4/15/2024 ‡ (a)	5,000,000	5,000,000
WaMu Mortgage Pass-Through Certificates Trust
Series 2004-AR3, Class A1, 4.52%, 6/25/2034 (b)	245,137	222,365
Series 2004-AR11, Class A, 5.27%, 10/25/2034 (b)	122,335	110,965
Total Collateralized Mortgage Obligations (Cost $243,784,521)		233,510,381
Mortgage-Backed Securities — 9.3%
FHLMC Gold Pools, Other Pool # U49009, 3.00%, 8/1/2028	918,808	875,038
FHLMC UMBS, 30 Year
Pool # RA2459, 4.00%, 4/1/2050	5,050,009	4,718,623

INVESTMENTS	PRINCIPAL AMOUNT($)	VALUE($)

Pool # RA2904, 3.00%, 6/1/2050	4,875,189	4,234,060
Pool # RA2970, 2.50%, 7/1/2050	5,559,047	4,644,185
Pool # SD1787, 5.00%, 10/1/2052	3,741,216	3,704,485
Pool # SD8277, 5.50%, 12/1/2052 (d)	4,699,301	4,642,754
FNMA UMBS, 15 Year Pool # AD1969, 4.00%, 2/1/2025	133,817	131,539
FNMA UMBS, 20 Year
Pool # 254911, 5.00%, 10/1/2023	1,867	1,862
Pool # MA1338, 3.00%, 2/1/2033	876,263	817,344
Pool # MA1401, 3.00%, 4/1/2033	340,955	318,025
Pool # MA1490, 3.00%, 7/1/2033	1,127,427	1,051,583
FNMA UMBS, 30 Year
Pool # 995724, 6.00%, 4/1/2039	153,462	158,315
Pool # AD0588, 5.00%, 12/1/2039	742,753	742,252
Pool # AD9721, 5.50%, 8/1/2040	172,346	170,222
Pool # BM3048, 4.00%, 10/1/2042	3,129,673	2,973,246
Pool # AS4592, 4.00%, 2/1/2045	5,167,662	4,898,965
Pool # BM5560, 4.00%, 1/1/2046	3,706,560	3,521,308
Pool # CA0411, 4.00%, 9/1/2047	3,539,570	3,354,834
Pool # CA2489, 4.50%, 10/1/2048	628,076	600,095
Pool # BP7345, 3.00%, 6/1/2050	6,233,543	5,409,846
Pool # BQ7436, 3.00%, 9/1/2051	4,340,755	3,746,966
Pool # BQ7454, 3.00%, 12/1/2051	5,855,242	5,055,380
Pool # FS2898, 4.50%, 9/1/2052	5,589,094	5,302,308
Pool # FS3051, 5.00%, 10/1/2052	3,645,674	3,609,881
Pool # CB4839, 5.50%, 10/1/2052 (d)	3,806,822	3,765,766
FNMA, Other Pool # BK7908, 4.00%, 11/1/2048	355,562	327,940
GNMA I, 15 Year Pool # 723171, 4.50%, 10/15/2024	54,226	52,909
GNMA II, 30 Year
Pool # 1429, 7.50%, 10/20/2023	32	32
Pool # CG5224, 3.50%, 8/20/2051	9,077,445	8,061,095
Total Mortgage-Backed Securities (Cost $86,642,482)		76,890,858
Commercial Mortgage-Backed Securities — 9.0%
20 Times Square Trust Series 2018-20TS, Class A, 3.20%, 5/15/2035 (a) (b)	3,291,000	2,801,128
BAMLL Commercial Mortgage Securities Trust Series 2015-200P, Class A, 3.22%, 4/14/2033 (a)	3,500,000	3,263,642
BANK Series 2021-BN35, Class A2, 1.87%, 6/15/2064	2,650,000	2,368,574
Bayview Commercial Asset Trust
Series 2005-2A, Class A2, 5.95%, 8/25/2035 (a) (b)	394,125	358,656

JPMorgan Limited Duration Bond ETF

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

INVESTMENTS	PRINCIPAL AMOUNT($)	VALUE($)
Commercial Mortgage-Backed Securities — continued
Series 2005-2A, Class M1, 6.07%, 8/25/2035 (a) (b)	78,715	72,712
Series 2007-3, Class A2, 5.86%, 7/25/2037 (a) (b)	379,636	334,107
BBCMS Mortgage Trust Series 2020-C7, Class A2, 2.02%, 4/15/2053	1,000,000	921,056
BBCMS Trust Series 2015-VFM, Class A1, 2.47%, 3/10/2036 (a)	842,791	781,944
BHMS Series 2018-ATLS, Class A, 6.86%, 7/15/2035 (a) (b)	6,000,000	5,893,552
BPR Trust Series 2021-KEN, Class A, 6.67%, 2/15/2029 (a) (b)	2,115,000	2,086,087
BX Series 2021-MFM1, Class A, 6.12%, 1/15/2034 (a) (b)	3,616,981	3,560,163
BX Trust
Series 2021-BXMF, Class A, 6.06%, 10/15/2026 (a) (b)	8,000,000	7,816,782
Series 2021-LBA, Class AJV, 6.23%, 2/15/2036 (a) (b)	6,500,000	6,371,557
Commercial Mortgage Trust Series 2020-CBM, Class A1, 2.31%, 2/10/2037 (a) (b)	6,000,000	5,605,289
FHLMC, Multi-Family Structured Credit Risk Series 2021-MN1, Class M1, 7.29%, 1/25/2051 (a) (b)	170,983	166,098
FHLMC, Multi-Family Structured Pass-Through Certificates
Series Q007, Class APT2, 3.37%, 10/25/2047 (b)	1,034,989	1,003,984
Series Q013, Class APT1, 1.76%, 5/25/2050 (b)	2,925,783	2,790,992
ILPT Commercial Mortgage Trust Series 2022-LPF2, Class A, 7.56%, 10/15/2039 (a) (b)	3,000,000	2,989,655
OAKST Commercial Mortgage Trust Series 2023-NLP, Class A, 6.30%, 3/15/2040 (a) (b)	2,000,000	1,979,637
One Bryant Park Trust Series 2019-OBP, Class A, 2.52%, 9/15/2054 (a)	5,000,000	4,061,088
ONE Mortgage Trust Series 2021-PARK, Class A, 6.12%, 3/15/2036 (a) (b)	7,000,000	6,648,539
SMR Mortgage Trust Series 2022-IND, Class A, 6.96%, 2/15/2039 (a) (b)	7,421,798	7,087,055
STWD Mortgage Trust (Cayman Islands) Series 2021-LIH, Class B, 7.01%, 11/15/2036 (a) (b)	2,300,000	2,222,884
UBS-BAMLL Trust Series 2012-WRM, Class A, 3.66%, 6/10/2030 (a)	36,602	33,965

INVESTMENTS	PRINCIPAL AMOUNT($)	VALUE($)

Wells Fargo Commercial Mortgage Trust
Series 2021-SAVE, Class A, 6.58%, 2/15/2040 (a) (b)	3,095,349	2,951,552
Series 2020-C58, Class A1, 0.55%, 7/15/2053	26,190	26,121
Total Commercial Mortgage-Backed Securities (Cost $78,261,669)		74,196,819
Corporate Bonds — 6.8%
Banks — 2.7%
BNP Paribas SA (France) (SOFR + 1.00%), 1.32%, 1/13/2027 (a) (e)	6,470,000	5,817,912
Cooperatieve Rabobank UA (Netherlands) (SOFRINDX + 0.30%), 5.64%, 1/12/2024 (e)	10,000,000	9,998,360
Sumitomo Mitsui Financial Group, Inc. (Japan) 0.95%, 1/12/2026	2,900,000	2,605,880
Truist Financial Corp. 1.20%, 8/5/2025	4,000,000	3,670,024
		22,092,176
Capital Markets — 0.5%
Credit Suisse AG (Switzerland) 7.95%, 1/9/2025	4,000,000	4,078,203
Consumer Finance — 1.2%
American Honda Finance Corp. (3-MONTH CME TERM SOFR + 0.54%), 5.84%, 1/12/2024 (e)	10,000,000	10,005,201
Diversified Telecommunication Services — 0.4%
AT&T, Inc. 1.65%, 2/1/2028	4,335,000	3,706,482
Independent Power and Renewable Electricity Producers — 0.2%
Southern Power Co. 0.90%, 1/15/2026	1,780,000	1,606,208
Insurance — 1.8%
Metropolitan Life Global Funding I (SOFR + 0.32%), 5.66%, 1/7/2024 (a) (e)	10,000,000	10,000,229
Protective Life Global Funding 1.17%, 7/15/2025 (a)	5,190,000	4,759,072
		14,759,301
Total Corporate Bonds (Cost $58,662,452)		56,247,571

INVESTMENTS	SHARES	VALUE($)
Short-Term Investments — 7.7%
Investment Companies — 7.7%
JPMorgan Prime Money Market Fund Class IM Shares, 5.46% (f) (g) (Cost $63,431,941)	63,417,617	63,436,642
Total Investments — 100.7% (Cost $872,486,855)		832,437,325
Liabilities in Excess of Other Assets — (0.7)%		(6,090,336 )
NET ASSETS — 100.0%		826,346,989

Percentages indicated are based on net assets.

Abbreviations
ABS	Asset-Backed Securities
CLO	Collateralized Loan Obligations
CME	Chicago Mercantile Exchange
FHLMC	Federal Home Loan Mortgage Corp.
FNMA	Federal National Mortgage Association
FRN	Floating Rate Note
GNMA	Government National Mortgage Association
IF	Inverse Floaters represent securities that pay interest at a rate that increases (decreases) with a decline (incline) in a specified index or have an interest rate that adjusts periodically based on changes in current interest rates and prepayments on the underlying pool of assets. The interest rate shown is the rate in effect as of August 31, 2023. The rate may be subject to a cap and floor.
IO	Interest Only represents the right to receive the monthly interest payments on an underlying pool of mortgage loans. The principal amount shown represents the par value on the underlying pool. The yields on these securities are subject to accelerated principal paydowns as a result of prepayment or refinancing of the underlying pool of mortgage instruments. As a result, interest income may be reduced considerably.
PO	Principal Only represents the right to receive the principal portion only on an underlying pool of mortgage loans. The market value of these securities is extremely volatile in response to changes in market interest rates. As prepayments on the underlying mortgages of these securities increase, the yield on these securities increases.
REMIC	Real Estate Mortgage Investment Conduit
SOFR	Secured Overnight Financing Rate
SOFRINDX	Compounding index of the Secured Overnight Financing Rate
STRIPS	Separate Trading of Registered Interest and Principal of Securities. The STRIPS Program lets investors hold and trade individual interest and principal components of eligible notes and bonds as separate securities.
UMBS	Uniform Mortgage-Backed Securities

‡	Value determined using significant unobservable inputs.
(a)	Securities exempt from registration under Rule 144A or section 4(a)(2), of the Securities Act of 1933, as amended.

(b)	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.
(c)	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.
(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, linked to the referenced benchmark. The interest rate shown is the current rate as of August 31, 2023.
(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.

JPMorgan Realty Income ETF

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

INVESTMENTS	SHARES	VALUE($)
Common Stocks — 96.5%
Apartments — 17.5%
American Homes 4 Rent, Class A, REIT	354,503	12,776,288
Apartment Income REIT Corp., REIT	184,868	6,296,604
Equity LifeStyle Properties, Inc., REIT (a)	31,469	2,107,164
Equity Residential, REIT	154,915	10,043,139
Sun Communities, Inc., REIT	102,144	12,504,469
UDR, Inc., REIT	377,959	15,080,564
		58,808,228
Diversified — 32.1%
American Tower Corp., REIT	173,139	31,393,563
Digital Realty Trust, Inc., REIT	207,767	27,367,069
Equinix, Inc., REIT	34,958	27,315,482
SBA Communications Corp., REIT	26,084	5,856,641
Weyerhaeuser Co., REIT	50,713	1,660,851
WP Carey, Inc., REIT	215,965	14,048,523
		107,642,129
Health Care — 12.8%
CareTrust REIT, Inc., REIT	208,349	4,198,232
Sabra Health Care REIT, Inc., REIT	476,190	5,966,661
Ventas, Inc., REIT	322,500	14,086,800
Welltower, Inc., REIT (a)	224,618	18,616,340
		42,868,033
Hotels — 2.0%
DiamondRock Hospitality Co., REIT	415,720	3,350,703
Host Hotels & Resorts, Inc., REIT	218,998	3,457,979
		6,808,682
Industrial — 12.1%
First Industrial Realty Trust, Inc., REIT	125,540	6,520,548
Prologis, Inc., REIT	190,010	23,599,242
Rexford Industrial Realty, Inc., REIT	198,897	10,635,022
		40,754,812
Office — 3.1%
Alexandria Real Estate Equities, Inc., REIT	42,403	4,933,165
Boston Properties, Inc., REIT	83,847	5,598,464
		10,531,629
Shopping Centers — 5.6%
Federal Realty Investment Trust, REIT	59,703	5,847,312
Kimco Realty Corp., REIT	678,068	12,842,608
		18,689,920

INVESTMENTS	SHARES	VALUE($)

Single Tenant — 6.2%
Realty Income Corp., REIT	374,476	20,985,635
Storage — 5.1%
Extra Space Storage, Inc., REIT	24,761	3,186,246
Public Storage, REIT	50,069	13,838,070
		17,024,316
Total Common Stocks (Cost $318,584,912)		324,113,384
Short-Term Investments — 4.3%
Investment Companies — 2.5%
JPMorgan Prime Money Market Fund Class IM Shares, 5.46% (b) (c) (Cost $8,370,575)	8,369,108	8,371,618
Investment of Cash Collateral from Securities Loaned — 1.8%
JPMorgan Securities Lending Money Market Fund Agency SL Class Shares, 5.50% (b) (c)	4,002,799	4,003,600
JPMorgan U.S. Government Money Market Fund Class IM Shares, 5.27% (b) (c)	2,035,207	2,035,207
Total Investment of Cash Collateral from Securities Loaned (Cost $6,038,807)		6,038,807
Total Short-Term Investments (Cost $14,409,382)		14,410,425
Total Investments — 100.8% (Cost $332,994,294)		338,523,809
Liabilities in Excess of Other Assets — (0.8)%		(2,764,321 )
NET ASSETS — 100.0%		335,759,488

Percentages indicated are based on net assets.

Abbreviations
REIT	Real Estate Investment Trust

(a)	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 $5,897,227.
(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.

SEE NOTES TO FINANCIAL STATEMENTS.

Realty Income ETF

August 31, 2023

JPMorgan Sustainable Municipal Income ETF

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

INVESTMENTS	PRINCIPAL AMOUNT($)	VALUE($)
Municipal Bonds — 98.3% (a)
Alabama — 0.3%
Black Belt Energy Gas District, Gas Project No. 8 Series 2022A, Rev., 4.00%, 12/1/2029 (b)	645,000	619,187
Alaska — 0.1%
Alaska Housing Finance Corp., General Mortgage Series 2016A, Rev., 3.50%, 6/1/2046	240,000	237,237
Arizona — 5.3%
Arizona Industrial Development Authority, Academies of Math and Science Projects Rev., 5.00%, 7/1/2032 (c)	280,000	282,636
Arizona Industrial Development Authority, Aliante and Skye Canyon Campus Project
Series 2021A, Rev., 3.00%, 12/15/2031 (c)	260,000	222,539
Series 2021A, Rev., 4.00%, 12/15/2051 (c)	250,000	180,179
Arizona Industrial Development Authority, Equitable School Revolving Fund LLC
Series 2022A, Rev., 5.00%, 11/1/2033	1,000,000	1,080,268
Series 2022A, Rev., 5.00%, 11/1/2037	900,000	938,909
Arizona Industrial Development Authority, KIPP Nashville Project
Series 2022A, Rev., 5.00%, 7/1/2030	245,000	252,541
Series 2022A, Rev., 5.00%, 7/1/2031	260,000	267,625
Series 2022A, Rev., 5.00%, 7/1/2032	270,000	277,063
Arizona Industrial Development Authority, Macombs Facility Project
Series 2021A, Rev., 5.00%, 7/1/2033	310,000	325,580
Series 2021A, Rev., 4.00%, 7/1/2035	370,000	353,416
Series 2021A, Rev., 4.00%, 7/1/2036	155,000	145,701
Series 2021A, Rev., 4.00%, 7/1/2041	400,000	352,367
Arizona Industrial Development Authority, Pebble Campus Project Series 2020A, Rev., 4.00%, 7/15/2030 (c)	250,000	238,275
Arizona Industrial Development Authority, Pinecrest Academy of Northern Nevada Project Series 2022A, Rev., 4.50%, 7/15/2029 (c)	750,000	721,891
Industrial Development Authority of the County of Pima (The), La Posada at Pusch Ridge Project Series 2022B-3, Rev., 5.13%, 11/15/2029 (c)	750,000	736,883
La Paz County Industrial Development Authority, Harmony Public School Project
Series 2021A, Rev., 4.00%, 2/15/2041	420,000	350,804
Series 2021A, Rev., 4.00%, 2/15/2046	335,000	263,987

INVESTMENTS	PRINCIPAL AMOUNT($)	VALUE($)

Arizona — continued
Maricopa County Industrial Development Authority, Arizona Autism Charter School Project Series 2021A, Rev., 4.00%, 7/1/2041 (c)	935,000	763,044
Maricopa County Industrial Development Authority, Arizona Autism Charter Schools Project Series 2021A, Rev., 4.00%, 7/1/2031 (c)	250,000	235,822
Maricopa County Industrial Development Authority, Banner Health Series A, Rev., 4.00%, 1/1/2041	4,450,000	4,290,729
Maricopa County Industrial Development Authority, HonorHealth Series 2019A, Rev., 5.00%, 9/1/2032	200,000	213,323
Total Arizona		12,493,582
California — 6.1%
California Community Choice Financing Authority, Clean Energy Project Series 2023E-1, Rev., 5.00%, 3/1/2031 (b)	1,090,000	1,141,648
California Community Housing Agency, Fountains at Emerald Park Series 2021A-2, Rev., 4.00%, 8/1/2046 (c)	300,000	239,224
California Community Housing Agency, Glendale Properties Series 2021A-2, Rev., 4.00%, 8/1/2047 (c)	500,000	388,350
California Enterprise Development Authority, Riverside County, Rocketship Public Schools-Obligated Group No. 2 Series 2022A, Rev., 4.00%, 6/1/2027 (c)	300,000	286,126
California Health Facilities Financing Authority, On Lok Senior Health Service Rev., 3.00%, 8/1/2025	50,000	48,933
California Infrastructure and Economic Development Bank, Equitable School Revolving Fund LLC Series 2022B, Rev., 5.00%, 11/1/2034	210,000	227,512
California Municipal Finance Authority, Community Health Centers of The Central Coast, Inc.
Series 2021A, Rev., 4.00%, 12/1/2026 (c)	100,000	97,258
Series 2021A, Rev., 5.00%, 12/1/2027 (c)	50,000	50,767
Series 2021A, Rev., 5.00%, 12/1/2028 (c)	60,000	61,272
Series 2021A, Rev., 5.00%, 12/1/2029 (c)	100,000	102,526
Series 2021A, Rev., 5.00%, 12/1/2031 (c)	65,000	66,834
California Municipal Finance Authority, Eisenhower Medical Center Series 2017B, Rev., 5.00%, 7/1/2026	410,000	420,412

JPMorgan Sustainable Municipal Income ETF

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

INVESTMENTS	PRINCIPAL AMOUNT($)	VALUE($)
Municipal Bonds — continued
California — continued
California Municipal Finance Authority, San Antonio Gardens Project Series 2022B2, Rev., 2.13%, 11/15/2026	410,000	386,797
California Pollution Control Financing Authority, Poseidon Resources Channelside LP Desalination Project
Rev., AMT, 5.00%, 7/1/2036 (c)	250,000	259,016
Rev., AMT, 5.00%, 7/1/2037 (c)	1,100,000	1,136,146
Rev., AMT, 5.00%, 7/1/2038 (c)	500,000	513,641
California Public Finance Authority, Enso Village Project
Series 2021B-3, Rev., 2.13%, 11/15/2027 (c)	500,000	484,790
Series 2021B-1, Rev., 3.13%, 5/15/2029 (c)	300,000	283,659
Series 2021A, Rev., 5.00%, 11/15/2036 (c)	300,000	289,854
California School Finance Authority, Classical Academies Oceanside Project
Series 2022A, Rev., 4.00%, 10/1/2027 (c)	500,000	492,462
Series 2022A, Rev., 5.00%, 10/1/2032 (c)	700,000	727,624
California School Finance Authority, Green Dot Public Schools Project Series 2022A, Rev., 5.00%, 8/1/2032 (c)	350,000	360,099
California School Finance Authority, John Adams Academies Series 2022A, Rev., 4.50%, 7/1/2032 (c)	835,000	805,456
California School Finance Authority, Kipp SoCal Public Schools Series 2019A, Rev., 5.00%, 7/1/2039 (c)	500,000	509,315
California School Finance Authority, Kipp Social Projects
Series 2020A, Rev., 5.00%, 7/1/2027 (c)	80,000	82,657
Series 2020A, Rev., 5.00%, 7/1/2028 (c)	110,000	114,710
Series 2020A, Rev., 5.00%, 7/1/2029 (c)	140,000	147,018
Series 2020A, Rev., 5.00%, 7/1/2030 (c)	100,000	105,605
Series 2020A, Rev., 4.00%, 7/1/2040 (c)	295,000	268,349
California Statewide Communities Development Authority, Emanate Health, Tax-Exempt Series 2020A, Rev., 3.00%, 4/1/2050	2,645,000	1,851,886
California Statewide Communities Development Authority, Front Porch Communities Series 2021A, Rev., 4.00%, 4/1/2039	1,000,000	940,153
CSCDA Community Improvement Authority, Essential Housing, Parallel-Anaheim Series 2021A, Rev., 4.00%, 8/1/2056 (c)	500,000	367,295

INVESTMENTS	PRINCIPAL AMOUNT($)	VALUE($)

California — continued
CSCDA Community Improvement Authority, Essential Housing, Towne at Glendale Apartments Series 2022B, Rev., 5.00%, 9/1/2037 (c)	175,000	170,195
Orange County Community Facilities District No. 2021-1, Rienda Rev., 5.00%, 8/15/2042	400,000	402,572
River Islands Public Financing Authority, Facilities District No. 2003 Series 2022A-1, Rev., AGM, 5.00%, 9/1/2028	230,000	250,262
State of California, Department of Veterans Affairs, Farm and Home Purchase Program Series 2016B, Rev., 3.50%, 12/1/2045	185,000	183,184
Total California		14,263,607
Colorado — 3.7%
Aspen Fire Protection District
COP, 4.00%, 12/1/2034	200,000	204,156
COP, 4.00%, 12/1/2035	225,000	227,883
COP, 4.00%, 12/1/2036	350,000	350,639
Colorado Educational and Cultural Facilities Authority, Aspen View Academy Project
Rev., 4.00%, 5/1/2029	35,000	34,021
Rev., 4.00%, 5/1/2030	30,000	28,972
Rev., 4.00%, 5/1/2031	30,000	28,815
Rev., 4.00%, 5/1/2041	90,000	76,150
Colorado Educational and Cultural Facilities Authority, Global Village Academy Northglenn Project Rev., 4.00%, 12/1/2030 (c)	595,000	544,253
Colorado Educational and Cultural Facilities Authority, Golden View Classical Academy Projects
Rev., 4.00%, 1/1/2026	200,000	195,782
Rev., 4.00%, 1/1/2032	475,000	452,325
Colorado Educational and Cultural Facilities Authority, Vega Collegiate Academy Project Series 2021A, Rev., 5.00%, 2/1/2034 (c)	300,000	296,395
Colorado Health Facilities Authority, Tax Exempt Series 2021B-3, Rev., 2.13%, 5/15/2028	300,000	270,852
Colorado Housing and Finance Authority, Single Family Mortgage
Series 2019F, Rev., GNMA COLL, 4.25%, 11/1/2049	185,000	183,675
Series 2020H, Rev., GNMA COLL, 3.00%, 5/1/2050	755,000	728,815
Series 2020B, Rev., 3.75%, 5/1/2050	1,390,000	1,364,571
Series 2023L, Rev., GNMA COLL, 5.75%, 11/1/2053 (d)	2,500,000	2,654,169

INVESTMENTS	PRINCIPAL AMOUNT($)	VALUE($)
Municipal Bonds — continued
Colorado — continued
Dominion Water and Sanitation District
Rev., 5.00%, 12/1/2027	590,000	583,971
Rev., 5.25%, 12/1/2032	500,000	492,772
Total Colorado		8,718,216
Connecticut — 0.9%
Connecticut Housing Finance Authority, Housing Mortgage Finance Program
Series A-1, Rev., 4.00%, 11/15/2045	70,000	69,745
Series A-1, Rev., 4.00%, 11/15/2047	135,000	133,797
Series D-1, Rev., GNMA / FNMA / FHLMC, 4.00%, 11/15/2047	425,000	421,194
Connecticut State Health and Educational Facilities Authority, Yale New Haven Health Series B, Rev., 1.80%, 7/1/2024 (b)	225,000	220,168
Connecticut State Higher Education Supplemental Loan Authority, CHESLA Loan Program Series 2019B, Rev., AMT, 5.00%, 11/15/2027	250,000	261,926
Stamford Housing Authority, The Dogwoods Project Rev., BAN, 11.00%, 12/1/2027 (c)	1,000,000	1,054,207
Total Connecticut		2,161,037
Delaware — 1.1%
Delaware State Economic Development Authority, Aspria of Delaware Charter Series 2022A, Rev., 4.00%, 6/1/2042	250,000	194,645
Delaware State Economic Development Authority, Newark Charter School, Inc. Project Rev., 4.00%, 9/1/2028	225,000	222,581
Delaware State Health Facilities Authority, Beebe Medical Center Project Rev., 5.00%, 6/1/2034	2,200,000	2,292,148
Total Delaware		2,709,374
District of Columbia — 1.8%
District of Columbia, Gallaudet University Project Series 2021A, Rev., 4.00%, 4/1/2036	200,000	194,274
District of Columbia, Rocketship Obligated Group Series 2021A, Rev., 5.00%, 6/1/2031 (c)	400,000	396,681
District of Columbia, Two Rivers Public Charter School, Inc.
Rev., 3.00%, 6/1/2030	1,000,000	884,517

INVESTMENTS	PRINCIPAL AMOUNT($)	VALUE($)

District of Columbia — continued
Rev., 5.00%, 6/1/2050	1,500,000	1,313,639
District of Columbia, Water and Sewer Authority, Public Utility, Subordinate Lien Series A, Rev., 5.00%, 10/1/2045	1,500,000	1,521,462
Total District of Columbia		4,310,573
Florida — 10.5%
Capital Trust Agency, Inc., Sustainability Bonds -The Marie Rev., 4.00%, 6/15/2031 (c)	150,000	135,641
City of Pompano Beach, John Knox Village Project
Series 2020, Rev., 3.50%, 9/1/2035	1,375,000	1,153,087
Series 2021A, Rev., 4.00%, 9/1/2041	1,000,000	815,148
City of Port St. Lucie, Utility System Rev., NATL - RE, 5.25%, 9/1/2024	5,000,000	5,093,086
Collier County Educational Facilities Authority
Series 2023, Rev., 5.00%, 6/1/2028	775,000	792,338
Series 2023, Rev., 5.00%, 6/1/2029	565,000	579,824
Florida Development Finance Corp., Central Charter School Project
Series 2022, Rev., 5.00%, 8/15/2032 (c)	225,000	220,390
Series 2022, Rev., 5.25%, 8/15/2037 (c)	350,000	329,201
Series 2022, Rev., 5.63%, 8/15/2042 (c)	1,515,000	1,421,830
Florida Development Finance Corp., Cornerstone Charter Academy Project Series 2022, Rev., 5.00%, 10/1/2032 (c)	460,000	467,686
Florida Development Finance Corp., Educational Facilities, River City Science Academy Projects
Series 2021A, Rev., 4.00%, 7/1/2027	290,000	284,130
Series 2021A, Rev., 4.00%, 7/1/2028	150,000	146,562
Series 2021A, Rev., 4.00%, 7/1/2029	155,000	150,717
Series 2021A, Rev., 4.00%, 7/1/2030	215,000	207,992
Series 2022B, Rev., 5.00%, 7/1/2031	165,000	169,227
Series 2022B, Rev., 5.00%, 7/1/2042	230,000	222,096
Florida Development Finance Corp., IDEA Florida, Inc., Jacksonville IV Project Rev., 5.25%, 6/15/2029 (c)	300,000	294,416
Florida Development Finance Corp., Mater Academy Project
Series 2022A, Rev., 5.00%, 6/15/2032	270,000	276,813
Series 2022A, Rev., 5.00%, 6/15/2033	380,000	389,196
Series 2022A, Rev., 5.00%, 6/15/2034	400,000	408,888
Series 2022A, Rev., 5.00%, 6/15/2036	1,325,000	1,341,767
Series 2020A, Rev., 5.00%, 6/15/2040	500,000	500,003

JPMorgan Sustainable Municipal Income ETF

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

INVESTMENTS	PRINCIPAL AMOUNT($)	VALUE($)
Municipal Bonds — continued
Florida — continued
Florida Development Finance Corp., The Glenridge on Palmer Ranch Project Rev., 4.00%, 6/1/2026 (c)	110,000	106,174
Lee County Industrial Development Authority, Cypress Cove at Healthpeak Florida, Inc. Project Series 2022B2, Rev., 3.25%, 10/1/2026	500,000	476,173
Lee County School Board (The)
COP, 5.00%, 8/1/2042	2,715,000	2,887,181
Series 2023A, COP, 4.00%, 8/1/2046	2,000,000	1,876,749
Series 2023A, COP, 4.00%, 8/1/2048	500,000	465,747
Lee Memorial Health System Series A-1, Rev., 5.00%, 4/1/2036	1,000,000	1,053,724
Middleton Community Development District A, City of Wildwood, Florida Special Assessment
5.20%, 5/1/2027	225,000	227,423
5.85%, 5/1/2037	500,000	517,966
Palm Beach County Health Facilities Authority, Jupiter Medical Center
Series 2022, Rev., 5.00%, 11/1/2031	100,000	105,289
Series 2022, Rev., 5.00%, 11/1/2032	100,000	105,689
Series 2022, Rev., 5.00%, 11/1/2047	500,000	481,825
Seminole County Industrial Development Authority, Galileo Schools for Gifted Learning Series 2021A, Rev., 4.00%, 6/15/2041 (c)	210,000	168,798
Village Community Development District No. 15
4.25%, 5/1/2028 (c)	350,000	349,981
4.38%, 5/1/2033 (c)	500,000	500,781
Total Florida		24,723,538
Georgia — 1.3%
Cherokee County Water and Sewer Authority
Series 2023, Rev., 5.00%, 8/1/2035	135,000	155,682
Series 2023, Rev., 5.00%, 8/1/2036	165,000	188,131
Series 2023, Rev., 5.00%, 8/1/2037	135,000	151,998
Series 2023, Rev., 5.00%, 8/1/2039	375,000	416,755
Columbus Medical Center Hospital Authority, Piedmont Healthcare Inc., Project Series 2019B, Rev., 5.00%, 7/1/2029 (b)	500,000	532,891
Gainesville and Hall County Hospital Authority, Northeast Georgia Health System, Inc., Project Series A, Rev., 5.00%, 2/15/2026	860,000	884,029
Georgia Housing and Finance Authority, Single Family Mortgage
Series 2017A, Rev., 4.00%, 12/1/2047	220,000	218,419
Series 2017B, Rev., 4.00%, 12/1/2047	440,000	436,188
Total Georgia		2,984,093

INVESTMENTS	PRINCIPAL AMOUNT($)	VALUE($)

Illinois — 5.0%
City of Aurora, Single Family Mortgage
Series 2007B, Rev., GNMA / FNMA / FHLMC, 5.45%, 12/1/2039	44,802	44,753
Series 2007-A, Rev., AMT, GNMA / FNMA / FHLMC, 5.50%, 12/1/2039	48,693	48,668
City of Chicago, Waterworks, Second Lien
Series 2023B, Rev., AGM, 5.00%, 11/1/2035	500,000	550,017
Series 2023B, Rev., AGM, 5.00%, 11/1/2039	1,500,000	1,607,458
Series 2023B, Rev., AGM, 4.00%, 11/1/2040	665,000	647,539
Illinois Finance Authority, Clark-Lindsey Village Series 2022A, Rev., 4.60%, 6/1/2027	165,000	160,463
Illinois Finance Authority, Lake Forest College
Series 2022A, Rev., 5.00%, 10/1/2032	215,000	220,154
Series 2022A, Rev., 5.00%, 10/1/2035	475,000	477,808
Series 2022A, Rev., 5.50%, 10/1/2039	380,000	384,583
Illinois Finance Authority, Plymouth Place, Inc.
Series 2022B-3, Rev., 4.75%, 11/15/2027	100,000	99,207
Series 2022B-2, Rev., 5.25%, 11/15/2027	100,000	99,398
Series 2022B-1, Rev., 6.00%, 11/15/2027	100,000	100,043
Series 2021A, Rev., 5.00%, 5/15/2032	135,000	126,293
Series 2021A, Rev., 5.00%, 5/15/2033	145,000	134,647
Illinois Finance Authority, Social Bonds-Learn Chapter School Project
Rev., 4.00%, 11/1/2030	130,000	127,180
Rev., 4.00%, 11/1/2031	135,000	131,546
Rev., 4.00%, 11/1/2041	375,000	325,378
Illinois Finance Authority, Southern Illinois Healthcare Enterprises, Inc. Series 2017C, Rev., 5.00%, 3/1/2033	365,000	376,411
Illinois Housing Development Authority, Homeowner Mortgage Series C, Rev., 3.50%, 8/1/2046	340,000	333,768
Peoria City School District No. 150 Series 2020A, GO, AGM, 4.00%, 12/1/2027	505,000	517,577
Southern Illinois University, Housing and Auxiliary Facilities System Series 2021A, Rev., 5.00%, 4/1/2033	300,000	320,890
Southwestern Illinois Development Authority, Flood Prevention District Council Project
Rev., 5.00%, 4/15/2026	250,000	260,176
Rev., 5.00%, 4/15/2028	390,000	420,756
Rev., 5.00%, 4/15/2029	290,000	317,446
State of Illinois Series 2023B, GO, 4.50%, 5/1/2048	160,000	153,332

INVESTMENTS	PRINCIPAL AMOUNT($)	VALUE($)
Municipal Bonds — continued
Illinois — continued
Will County Forest Preservation District, Limited Tax
GO, 5.00%, 12/15/2035	1,170,000	1,301,495
GO, 5.00%, 12/15/2036	1,460,000	1,611,046
GO, 4.00%, 12/15/2037	1,000,000	982,585
Total Illinois		11,880,617
Indiana — 2.8%
City of Goshen, Multi-Family, Green Oaks of Goshen Project Series 2021A, Rev., 5.00%, 8/1/2041 (c)	500,000	394,909
City of Jeffersonville, Vivera Senior Living of Jeffersonville Project Series 2020A, Rev., 4.75%, 11/1/2030 (c)	570,000	493,777
County of St. Joseph, Economic Development, St. Mary's College Project Series 2017A, Rev., 5.00%, 4/1/2026	1,880,000	1,931,323
Indiana Finance Authority Series 2023A, Rev., 5.00%, 6/1/2053	150,000	150,145
Indiana Finance Authority, DePauw University Series 2022A, Rev., 5.00%, 7/1/2032	350,000	368,899
Indiana Finance Authority, Educational Facilities, Valparaiso University Project Rev., 4.00%, 10/1/2035	220,000	204,430
Indiana Finance Authority, Rose-Hulman Institute of Technology Project Series 2021, Rev., 5.00%, 6/1/2031	100,000	108,375
Indiana Health Facility Financing Authority, Ascension Health Credit Group Series 2001A-1, Rev., 5.00%, 11/15/2034	1,670,000	1,716,858
Indiana Housing and Community Development Authority Series 2020A, Rev., 3.75%, 1/1/2049	670,000	657,157
Indiana Housing and Community Development Authority, Vita of Marion Project Series 2021B, Rev., 4.00%, 4/1/2024	500,000	492,087
Total Indiana		6,517,960
Iowa — 0.8%
Iowa Finance Authority, Senior Living Facility, Sunrise Retirement Community Project
Rev., 5.00%, 9/1/2028	195,000	183,020
Rev., 5.00%, 9/1/2030	110,000	100,501
Rev., 5.00%, 9/1/2031	105,000	94,636
Rev., 5.00%, 9/1/2036	445,000	378,335
Iowa Student Loan Liquidity Corp., Student Loan Series 2015A, Rev., AMT, 5.00%, 12/1/2025	1,000,000	1,019,165
Total Iowa		1,775,657

INVESTMENTS	PRINCIPAL AMOUNT($)	VALUE($)

Kansas — 0.3%
City of Manhattan, Meadowlark Hills
Series 2022B-2, Rev., 2.38%, 6/1/2027	225,000	210,921
Series 2021A, Rev., 4.00%, 6/1/2036	300,000	248,955
City of Topeka, Kansas Health Care Facilities Series 2022B, Rev., 5.13%, 12/1/2026	250,000	246,684
Total Kansas		706,560
Louisiana — 1.0%
Louisiana Local Government Environmental Facilities and Community Development Authority, LCTCS Act 391 Project Rev., 5.00%, 10/1/2028	670,000	723,410
Louisiana Public Facilities Authority, Lincoln Preparatory School Project
Series 2021A, Rev., 5.00%, 6/1/2031 (c)	450,000	427,229
Series 2021A, Rev., 5.00%, 6/1/2041 (c)	525,000	438,862
Louisiana Public Facilities Authority, Mentorship Steam Academy Project
Series 2021A, Rev., 5.00%, 6/1/2036 (c)	385,000	334,844
Series 2021A, Rev., 5.00%, 6/1/2042 (c)	440,000	360,784
Total Louisiana		2,285,129
Maine — 0.2%
City of Portland, General Airport Rev., 5.00%, 1/1/2031	370,000	406,880
Maine State Housing Authority, Mortgage Purchase Series 2016A, Rev., 4.00%, 11/15/2045	150,000	149,513
Total Maine		556,393
Maryland — 0.8%
County of Baltimore, Riderwood Village, Inc., Project
Rev., 4.00%, 1/1/2032	475,000	467,089
Rev., 4.00%, 1/1/2033	600,000	588,794
Maryland Health and Higher Educational Facilities Authority, Stevenson University Project
Series 2021A, Rev., 5.00%, 6/1/2029	150,000	159,312
Series 2021A, Rev., 5.00%, 6/1/2031	175,000	188,636
Montgomery County Housing Opportunities Commission, Single Family Mortgage Series A, Rev., 4.00%, 7/1/2048	470,000	465,528
Total Maryland		1,869,359
Massachusetts — 4.8%
Massachusetts Clean Water Trust (The), Poll Program Rev., 5.25%, 8/1/2024	3,000,000	3,052,908

JPMorgan Sustainable Municipal Income ETF

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

INVESTMENTS	PRINCIPAL AMOUNT($)	VALUE($)
Municipal Bonds — continued
Massachusetts — continued
Massachusetts Development Finance Agency, Boston Medical Center Issue
Series 2023G, Rev., 5.25%, 7/1/2048	1,000,000	1,030,906
Series 2023G, Rev., 4.38%, 7/1/2052	700,000	638,752
Massachusetts Development Finance Agency, Salem Community Corp.
Rev., 5.00%, 1/1/2026	285,000	281,606
Rev., 5.00%, 1/1/2027	305,000	299,136
Rev., 5.00%, 1/1/2028	265,000	258,059
Rev., 5.00%, 1/1/2029	500,000	484,085
Rev., 5.00%, 1/1/2031	240,000	229,899
Rev., 5.13%, 1/1/2040	510,000	460,475
Massachusetts Development Finance Agency, Southcoast Health System Obligated Group Issue
Series 2021G, Rev., 5.00%, 7/1/2029	150,000	160,654
Series 2021G, Rev., 5.00%, 7/1/2030	150,000	162,402
Massachusetts Health and Educational Facilities Authority, Massachusetts Institute of Technology Series L, Rev., 5.25%, 7/1/2033	820,000	997,931
Massachusetts Housing Finance Agency, Single Family Housing
Series 183, Rev., 3.50%, 12/1/2046	65,000	64,129
Series 214, Rev., GNMA / FNMA / FHLMC, 3.75%, 12/1/2049	850,000	834,460
Massachusetts Water Resources Authority Series B, Rev., AGM, 5.25%, 8/1/2029	2,000,000	2,271,505
Total Massachusetts		11,226,907
Michigan — 3.2%
City of Detroit, Unlimited Tax
Series 2021A, GO, 5.00%, 4/1/2030	475,000	494,280
Series 2021A, GO, 5.00%, 4/1/2031	215,000	224,225
Series 2021A, GO, 5.00%, 4/1/2033	770,000	798,160
Series 2023A, GO, 6.00%, 5/1/2039	3,225,000	3,557,727
Eastern Michigan University Series 2017A, Rev., 5.00%, 3/1/2030	575,000	602,889
Michigan Finance Authority, Trinity Health Credit Group Series 2013MI-4, Rev., 4.00%, 12/1/2038	1,000,000	978,270
Michigan State Building Authority, Facilities Program Series 2023-II, Rev., 4.00%, 10/15/2047	650,000	613,417
Michigan State Housing Development Authority, Single Family Mortgage Series B, Rev., AMT, 3.50%, 6/1/2047	325,000	320,072
Total Michigan		7,589,040

INVESTMENTS	PRINCIPAL AMOUNT($)	VALUE($)

Minnesota — 3.0%
City of Ramsey, PACT Charter School Project Series 2022A, Rev., 5.00%, 6/1/2032	535,000	531,595
City of Rochester, Mayo Clinic Series 2022, Rev., 4.00%, 11/15/2039	1,425,000	1,417,493
City of Woodbury, Charter School Lease, Woodbury Leadership Academy Project
Series 2021A, Rev., 4.00%, 7/1/2031	175,000	158,795
Series 2021A, Rev., 4.00%, 7/1/2041	445,000	347,946
Minneapolis-St. Paul Housing Finance Board, Single Family Mortgage, City Living Home Programs Series 2007A-2, Rev., GNMA / FNMA / FHLMC, 5.52%, 3/1/2041	105,000	104,888
Minnesota Housing Finance Agency Series 2022M, Rev., GNMA / FNMA / FHLMC COLL, 6.00%, 1/1/2053	1,250,000	1,332,086
Minnesota Housing Finance Agency, Non Profit Housing, State Appropriation
Rev., 5.25%, 8/1/2024	1,015,000	1,016,766
Rev., 5.25%, 8/1/2025	1,070,000	1,071,481
Rev., 5.25%, 8/1/2026	825,000	826,196
Minnesota Housing Finance Agency, Residential Housing Finance Series 2017B, Rev., AMT, GNMA / FNMA / FHLMC COLL, 4.00%, 7/1/2047	245,000	242,733
Total Minnesota		7,049,979
Mississippi — 0.4%
Mississippi Home Corp., Single Family Mortgage Series 2019A, Rev., GNMA / FNMA / FHLMC, 4.00%, 12/1/2048	840,000	830,572
Missouri — 0.6%
Health and Educational Facilities Authority of the State of Missouri, Mercy Health Series 2018A, Rev., 5.00%, 6/1/2031	1,000,000	1,066,303
Industrial Development Authority of the City of St Louis Missouri (The), Innovation District Rev., 5.00%, 5/15/2041	425,000	414,732
Total Missouri		1,481,035
Nebraska — 0.7%
Madison County Hospital Authority No. 1, Faith Regional Health Services Project
Rev., 5.00%, 7/1/2030	1,020,000	1,036,611
Rev., 5.00%, 7/1/2031	720,000	731,922
Total Nebraska		1,768,533

INVESTMENTS	PRINCIPAL AMOUNT($)	VALUE($)
Municipal Bonds — continued
Nevada — 0.5%
Carson City Nevada Hospital
Rev., 5.00%, 9/1/2026	555,000	570,292
Rev., 5.00%, 9/1/2029	620,000	644,427
Total Nevada		1,214,719
New Hampshire — 2.5%
City of Manchester, School Facilities
Rev., NATL - RE, 5.50%, 6/1/2024	3,545,000	3,598,181
Rev., NATL - RE, 5.50%, 6/1/2027	900,000	969,689
New Hampshire Business Finance Authority, Springpoint Senior Living Project
Rev., 4.00%, 1/1/2027	250,000	243,090
Rev., 4.00%, 1/1/2029	300,000	285,980
Rev., 4.00%, 1/1/2031	290,000	270,525
Rev., 4.00%, 1/1/2041	750,000	613,638
Total New Hampshire		5,981,103
New Jersey — 1.5%
Atlantic County Improvement Authority (The), Atlantic City Campus Phase II Project
Series 2021A, Rev., AGM, 5.00%, 7/1/2034	60,000	65,912
Series 2021A, Rev., AGM, 5.00%, 7/1/2035	75,000	81,829
Series 2021A, Rev., AGM, 4.00%, 7/1/2037	75,000	74,349
Camden County Improvement Authority (The), Camden Prep High School Project
Rev., 4.00%, 7/15/2027 (c)	215,000	209,603
Rev., 5.00%, 7/15/2032 (c)	285,000	293,327
Rev., 5.00%, 7/15/2042 (c)	590,000	573,132
Essex County Improvement Authority, North Star Academy Charter School of Newark, Inc., 2020 Project
Rev., 4.00%, 7/15/2027 (c)	400,000	395,092
Rev., 4.00%, 7/15/2029 (c)	430,000	422,178
Rev., 4.00%, 7/15/2030 (c)	200,000	195,647
New Jersey Housing and Mortgage Finance Agency, Single Family Housing Series 2018A, Rev., 4.50%, 10/1/2048	585,000	584,124
Passaic County Improvement Authority (The), Paterson arts and Science Charter School Projects Rev., 5.25%, 7/1/2043	670,000	660,582
Total New Jersey		3,555,775
New Mexico — 0.3%
New Mexico Mortgage Finance Authority, Single Family Mortgage Program Series 2019C, Class I, Rev., GNMA / FNMA / FHLMC, 4.00%, 1/1/2050	715,000	705,743

INVESTMENTS	PRINCIPAL AMOUNT($)	VALUE($)

New York — 4.3%
Broome County Local Development Corp., Good Shepherd Village at Endwell, Inc.
Rev., 3.50%, 7/1/2026	500,000	478,180
Rev., 4.00%, 7/1/2031	780,000	714,299
Build NYC Resource Corp., Global Community Charter School
Series 2022A, Rev., 4.00%, 6/15/2032	135,000	127,515
Series 2022A, Rev., 5.00%, 6/15/2042	360,000	341,886
Series 2022A, Rev., 5.00%, 6/15/2052	640,000	580,290
Build NYC Resource Corp., Grand Concourse Academy Charter School
Series 2022A, Rev., 3.40%, 7/1/2027	245,000	237,447
Series 2022A, Rev., 5.00%, 7/1/2032	100,000	103,864
Series 2022A, Rev., 5.00%, 7/1/2042	300,000	296,379
Build NYC Resource Corp., Kipp NYC Public School Facilities - Canal West Project
Rev., 5.00%, 7/1/2029	460,000	483,791
Rev., 5.00%, 7/1/2031	535,000	568,939
Rev., 5.00%, 7/1/2032	550,000	586,365
Rev., 5.00%, 7/1/2035	530,000	555,291
Build NYC Resource Corp., New World Preparatory Charter School Project
Series 2021A, Rev., 4.00%, 6/15/2031 (c)	150,000	139,232
Series 2021A, Rev., 4.00%, 6/15/2041 (c)	135,000	107,615
Monroe County Industrial Development Corp., Academy of Health Sciences Charter School Project Series 2022A, Rev., 5.00%, 7/1/2032 (c)	250,000	240,997
New York City Water and Sewer System, Second General Resolution, Fiscal Year 2015 Series 2015FF, Rev., 5.00%, 6/15/2031	1,000,000	1,028,647
New York Transportation Development Corp., Delta Air Lines, Inc., LaGuardia Airport Terminals C&D Redevelopment Project Series 2018, Rev., AMT, 5.00%, 1/1/2025	1,750,000	1,764,815
State of New York Mortgage Agency, Homeowner Mortgage
Series 197, Rev., 3.50%, 10/1/2044	390,000	384,818
Series 195, Rev., 4.00%, 10/1/2046	350,000	348,133
Westchester County Local Development Corp., Kendal on Hudson Project
Series 2022B, Rev., 5.00%, 1/1/2027	140,000	142,172
Series 2022B, Rev., 5.00%, 1/1/2037	265,000	262,441

JPMorgan Sustainable Municipal Income ETF

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

INVESTMENTS	PRINCIPAL AMOUNT($)	VALUE($)
Municipal Bonds — continued
New York — continued
Series 2022B, Rev., 5.00%, 1/1/2041	250,000	241,824
Yonkers Economic Development Corp., Charter School of Educational Excellence Project Series 2020A, Rev., 4.00%, 10/15/2030	355,000	330,730
Total New York		10,065,670
North Carolina — 0.5%
North Carolina Housing Finance Agency, Homeownership Series 43, Rev., GNMA / FNMA / FHLMC, 4.00%, 7/1/2050	445,000	439,143
North Carolina Medical Care Commission, Lutheran Services for The Aging Series 2021A, Rev., 4.00%, 3/1/2031	290,000	263,756
North Carolina Medical Care Commission, The Forest at Duke Project
Rev., 4.00%, 9/1/2033	180,000	170,184
Rev., 4.00%, 9/1/2041	415,000	347,817
Total North Carolina		1,220,900
North Dakota — 0.4%
North Dakota Housing Finance Agency, Home Mortgage Finance Program
Series 2016D, Rev., 3.50%, 7/1/2046	175,000	171,870
Series 2015D, Rev., 4.00%, 7/1/2046	370,000	368,275
Series D, Rev., FHA, 4.00%, 1/1/2048	520,000	514,966
Total North Dakota		1,055,111
Ohio — 4.5%
American Municipal Power, Inc., Solar Electricity Prepayment Project Series 2019A, Rev., 5.00%, 2/15/2035	825,000	883,797
Butler County Port Authority, Community First Solutions
Series 2021A, Rev., 4.00%, 5/15/2037	210,000	200,657
Series 2021A, Rev., 4.00%, 5/15/2038	110,000	103,281
Series 2021A, Rev., 4.00%, 5/15/2039	115,000	106,732
Series 2021A, Rev., 4.00%, 5/15/2040	115,000	106,033
Series 2021A, Rev., 4.00%, 5/15/2041	125,000	114,302
County of Cuyahoga, Eliza Jennings Senior Care Network Series 2022A, Rev., 5.00%, 5/15/2032	460,000	438,428
County of Hardin, Economic Development Facilities Improvement, Ohio Northern University
Rev., 4.00%, 5/1/2026	165,000	157,348
Rev., 5.00%, 5/1/2030	250,000	236,034
Lakota Local School District Series 2005, GO, NATL - RE, 5.25%, 12/1/2025	1,500,000	1,565,109

INVESTMENTS	PRINCIPAL AMOUNT($)	VALUE($)

Ohio — continued
Northeast Ohio Medical University
Series 2021A, Rev., 5.00%, 12/1/2028	125,000	129,596
Series 2021A, Rev., 5.00%, 12/1/2030	65,000	67,948
Series 2022, Rev., 5.00%, 12/1/2034	950,000	1,036,597
Series 2021A, Rev., 4.00%, 12/1/2035	150,000	140,947
Series 2022, Rev., 5.00%, 12/1/2037	1,100,000	1,160,149
Ohio Higher Educational Facility Commission, Capital University 2022 Project
Rev., 5.00%, 9/1/2027	325,000	329,405
Rev., 5.00%, 9/1/2028	340,000	346,283
Rev., 5.00%, 9/1/2029	355,000	362,300
Rev., 5.00%, 9/1/2030	275,000	281,213
Rev., 5.75%, 9/1/2037	500,000	516,328
Ohio Higher Educational Facility Commission, Cleveland Institute of Music 2
Rev., 5.00%, 12/1/2027	275,000	278,274
Rev., 5.00%, 12/1/2032	100,000	103,102
Ohio Higher Educational Facility Commission, Kenyon College Rev., 4.00%, 7/1/2044	1,340,000	1,218,426
Ohio Housing Finance Agency, Mortgage-Backed Securities Program Series 2016D, Rev., GNMA / FNMA / FHLMC, 4.00%, 3/1/2047	310,000	307,496
Ohio Water Development Authority Water Pollution Control Loan Fund Series 2020A, Rev., 5.00%, 12/1/2036	150,000	165,256
Port of Greater Cincinnati Development Authority, FC Cincinnati Public Improvements Project Rev., 3.75%, 12/1/2031 (c)	245,000	224,045
Total Ohio		10,579,086
Oklahoma — 0.8%
Oklahoma Water Resources Board, State Loan Program Series 2021D, Rev., 4.00%, 10/1/2046	2,035,000	1,973,701
Oregon — 1.0%
Salem Hospital Facility Authority, Capital Manor Project
Rev., 5.00%, 5/15/2028	155,000	155,955
Rev., 4.00%, 5/15/2029	130,000	124,130
Rev., 4.00%, 5/15/2047	400,000	303,219

INVESTMENTS	PRINCIPAL AMOUNT($)	VALUE($)
Municipal Bonds — continued
Oregon — continued
Union County Hospital Facility Authority, Grande Ronde Hospital, Inc. Series 2022, Rev., 5.00%, 7/1/2035	1,360,000	1,410,758
Yamhill County Hospital Authority, Friendsview, Tax Exempt Series 2021A, Rev., 5.00%, 11/15/2046	500,000	391,777
Total Oregon		2,385,839
Other — 0.4%
Multi-Family Housing, Bond Pass-Through Certificates, Grand Reserve Apartments Series 8, Rev., 5.95%, 11/1/2023 (b)	845,000	844,661
Pennsylvania — 5.9%
Allegheny County Higher Education Building Authority, Chatham University Rev., 5.00%, 9/1/2031	465,000	467,660
Allegheny County Hospital Development Authority, Pittsburgh Medical Center Series 2019A, Rev., 5.00%, 7/15/2033	600,000	648,479
Bucks County Industrial Development Authority, Grand View Hospital Project Rev., 5.00%, 7/1/2032	500,000	494,053
Bucks County Water and Sewer Authority
Series 2022A, Rev., AGM, 5.00%, 12/1/2037	360,000	397,019
Series 2022A, Rev., AGM, 5.00%, 12/1/2038	525,000	574,785
Series 2022A, Rev., AGM, 5.00%, 12/1/2039	425,000	462,772
Cambria County General Financing Authority, Mount Aloysius Project Series 2021TT-4, Rev., 4.00%, 11/1/2036	535,000	483,284
Chester County Industrial Development Authority, Longwood Gardens Project
Rev., 5.00%, 12/1/2035	175,000	192,696
Rev., 5.00%, 12/1/2036	185,000	202,290
Rev., 5.00%, 12/1/2037	200,000	217,454
City of Erie, Higher Education Building Authority, Gannon University Project - AICUP Financing Program Series 2021TT-1, Rev., 4.00%, 5/1/2036	100,000	89,733
Delaware County Authority, Neumann University Rev., 5.00%, 10/1/2023	240,000	240,023
Lancaster Industrial Development Authority, Landis Homes Retirement Community Project
Rev., 4.00%, 7/1/2031	390,000	358,559
Rev., 4.00%, 7/1/2037	170,000	143,472

INVESTMENTS	PRINCIPAL AMOUNT($)	VALUE($)

Pennsylvania — continued
Lehigh County Industrial Development Authority, Seven Generation Charter School
Series 2021A, Rev., 4.00%, 5/1/2031	340,000	315,704
Series 2021A, Rev., 4.00%, 5/1/2041	885,000	703,696
Pennsylvania Economic Development Financing Authority, Presbyterian Senior Living Homes Series 2021, Rev., 4.00%, 7/1/2046	750,000	618,284
Pennsylvania Higher Educational Facilities Authority, University of Pennsylvania Health System Rev., 4.00%, 8/15/2034	175,000	178,991
Pennsylvania Housing Finance Agency, Single Family Mortgage
Series 2016-121, Rev., 3.50%, 10/1/2046	420,000	416,131
Series 2017-122, Rev., AMT, 4.00%, 10/1/2046	155,000	153,973
Philadelphia Authority for Industrial Development, City Service Agreement, Affordable Housing Preservation Programs Project
Rev., AGM, 5.00%, 12/1/2026	1,550,000	1,634,864
Rev., AGM, 5.00%, 12/1/2027	680,000	722,760
Philadelphia Authority for Industrial Development, Electrical and Charter School Project Series 2021A, Rev., 4.00%, 6/1/2031	330,000	308,411
Philadelphia Authority for Industrial Development, Holy Family University Project Rev., 5.00%, 9/1/2026	775,000	794,817
Philadelphia Authority for Industrial Development, Philadelphia Electrical and Technology Charter School Project Series 2021A, Rev., 4.00%, 6/1/2041	175,000	142,204
Philadelphia Authority for Industrial Development, Russell Byers Charter School Project Series 2020A, Rev., 5.00%, 5/1/2030	1,015,000	1,019,878
Philadelphia Energy Authority (The), Philadelphia Street Lighting Project Series 2023A, Rev., 5.00%, 11/1/2043	750,000	793,314
West Cornwall Township Municipal Authority, Lebanon Valley Brethren Home Project
Series 2021A, Rev., 4.00%, 11/15/2029	135,000	126,642
Series 2021A, Rev., 4.00%, 11/15/2030	190,000	176,125
Series 2021A, Rev., 4.00%, 11/15/2031	195,000	178,923
Series 2021A, Rev., 4.00%, 11/15/2036	365,000	311,316
Series 2021A, Rev., 4.00%, 11/15/2041	370,000	295,011
Total Pennsylvania		13,863,323

JPMorgan Sustainable Municipal Income ETF

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

INVESTMENTS	PRINCIPAL AMOUNT($)	VALUE($)
Municipal Bonds — continued
South Carolina — 0.2%
South Carolina State Housing Finance and Development Authority
Series 2017A, Rev., 4.00%, 1/1/2047	105,000	104,333
Series 2017B, Rev., FHA, GNMA / FNMA / FHLMC, 4.00%, 7/1/2047	285,000	282,521
Total South Carolina		386,854
South Dakota — 0.7%
South Dakota Housing Development Authority, Homeownership Mortgage
Series 2015D, Rev., 4.00%, 11/1/2045	440,000	437,474
Series 2019A, Rev., 4.00%, 5/1/2049	1,170,000	1,156,893
Total South Dakota		1,594,367
Tennessee — 1.2%
Metropolitan Government Nashville and Davidson County Health and Educational Facilities Board, Blakeford at Green Hills Series 2020A, Rev., 4.00%, 11/1/2038	1,305,000	1,099,438
Metropolitan Government Nashville and Davidson County Health and Educational Facilities Board, Trevecca Nazarene University Project
Series 2021B, Rev., 4.00%, 10/1/2030	105,000	101,497
Series 2021B, Rev., 4.00%, 10/1/2031	220,000	211,549
Metropolitan Government Nashville and Davidson County, Health and Educational Facilities Board, Trevecca Nazarene University Project Series 2021B, Rev., 4.00%, 10/1/2041	850,000	720,001
Shelby County Health Educational and Housing Facilities Board, The Farms at Bailey Station Project Series 2019A, Rev., 5.75%, 10/1/2049	1,000,000	755,937
Tennessee Housing Development Agency, Residential Finance Program Series 2B, Rev., AMT, 4.00%, 7/1/2043	5,000	4,990
Total Tennessee		2,893,412
Texas — 6.4%
Arlington Higher Education Finance Corp.
Series 2021A, Rev., 5.00%, 8/15/2027	100,000	99,926
Series 2021A, Rev., 5.00%, 8/15/2028	40,000	39,999
Series 2021A, Rev., 4.00%, 8/15/2029	40,000	37,747
Series 2021A, Rev., 4.00%, 8/15/2030	40,000	37,408
Series 2021A, Rev., 4.00%, 8/15/2031	45,000	41,660
Arlington Higher Education Finance Corp., Newman International Academy
Series 2021A, Rev., 4.00%, 8/15/2031	200,000	179,699

INVESTMENTS	PRINCIPAL AMOUNT($)	VALUE($)

Texas — continued
Series 2021A, Rev., 5.00%, 8/15/2041	300,000	263,106
Baytown Municipal Development District, Baytown Convention Center Hotel, First Lien Series 2021A, Rev., 2.50%, 10/1/2031	275,000	236,688
Clifton Higher Education Finance Corp., Yes Prep Public Schools, Inc. Series 2023, Rev., PSF-GTD, 4.25%, 4/1/2048	1,000,000	945,889
Conroe Local Government Corp., Conroe Convention Center Hotel Series 2021A, Rev., 2.50%, 10/1/2031	225,000	186,493
Denton Independent School District
Series 2023, GO, PSF-GTD, 5.00%, 8/15/2041	1,055,000	1,159,168
Series 2023, GO, PSF-GTD, 5.00%, 8/15/2043	1,250,000	1,363,989
Houston Higher Education Finance Corp., Houston Baptist University Rev., 3.38%, 10/1/2037	250,000	206,544
Irving Hospital Authority, Baylor Scott and White Medical Center
Series 2017A, Rev., 5.00%, 10/15/2026	250,000	257,033
Series 2017A, Rev., 5.00%, 10/15/2027	500,000	515,199
Midtown Redevelopment Authority, Tax Increment Contract
Rev., 4.00%, 1/1/2031	365,000	375,265
Rev., 4.00%, 1/1/2032	500,000	511,225
New Hope Cultural Education Facilities Finance Corp, Outlook at Windhaven Forefront Living Series 2022B-3, Rev., 4.25%, 10/1/2026	1,750,000	1,715,425
New Hope Cultural Education Facilities Finance Corp., Morningside Ministries Project Rev., 4.00%, 1/1/2032	420,000	356,436
New Hope Cultural Education Facilities Finance Corp., Westminster Project Rev., 4.00%, 11/1/2055	550,000	410,907
Newark Higher Education Finance Corp., The Hughen Center, Inc.
Series 2021A, Rev., PSF-GTD, 5.00%, 8/15/2030	180,000	200,283
Series 2021A, Rev., PSF-GTD, 5.00%, 8/15/2031	200,000	225,626
Series 2022A, Rev., PSF-GTD, 5.00%, 8/15/2037	250,000	274,932
Series 2022A, Rev., PSF-GTD, 5.00%, 8/15/2042	345,000	370,790
San Antonio Education Facilities Corp., University of The Incarnate Word Series 2021A, Rev., 4.00%, 4/1/2051	500,000	396,229

INVESTMENTS	PRINCIPAL AMOUNT($)	VALUE($)
Municipal Bonds — continued
Texas — continued
State of Texas, Water Financial Assistance Series 2015D, GO, 5.00%, 5/15/2033	450,000	461,158
Tarrant County Cultural Education Facilities Finance Corp., CHRISTUS Health Series 2022A, Rev., 4.00%, 7/1/2053	750,000	668,602
Texas State Affordable Housing Corp., Single Family Mortgage, Heroes Home Loan Program Series 2019A, Rev., GNMA COLL, 4.25%, 3/1/2049	390,000	387,574
Texas Water Development Board, Water Implementation, Master Trust Rev., 4.00%, 10/15/2045	3,000,000	2,843,423
Uptown Development Authority, Tax Increment Contract Rev., 4.00%, 9/1/2033	400,000	383,775
Total Texas		15,152,198
Utah — 2.2%
Military Installation Development Authority, Tax Allocation and Hotel Tax Series 2021A-1, Rev., 4.00%, 6/1/2036	250,000	209,647
Utah Associated Municipal Power System, Horse Butte Wind Project Series 2017B, Rev., 5.00%, 9/1/2033	1,700,000	1,805,880
Utah Charter School Finance Authority, The Freedom Academy Foundation, St. George Campus Project Series 2021A, Rev., 3.25%, 6/15/2031 (c)	535,000	469,242
Utah Charter School Finance Authority, Wallace Stegner Academy
Series 2022A, Rev., 5.25%, 6/15/2032 (c)	250,000	246,014
Series 2022A, Rev., 5.63%, 6/15/2042 (c)	400,000	382,980
Utah Housing Corp., Single Family Mortgage Series D-2, Class III, Rev., FHA, 4.00%, 1/1/2045	520,000	515,113
Utah Infrastructure Agency, Tax-Exempt Telecommunications
Rev., 5.00%, 10/15/2027	130,000	131,655
Rev., 5.00%, 10/15/2032	310,000	318,035
Utah Transit Authority, Sales Tax Series 2006C, Rev., AGM, 5.25%, 6/15/2029	970,000	1,071,273
Total Utah		5,149,839
Vermont — 1.6%
Vermont Housing Finance Agency, Multiple Purpose Series B, Rev., AMT, 3.75%, 11/1/2045	200,000	198,819

INVESTMENTS	PRINCIPAL AMOUNT($)	VALUE($)

Vermont — continued
Vermont Student Assistance Corp., Education Loan
Series 2016A, Rev., AMT, 5.00%, 6/15/2024	1,400,000	1,410,450
Series 2016A, Rev., AMT, 5.00%, 6/15/2025	2,150,000	2,179,247
Total Vermont		3,788,516
Virginia — 0.5%
Henrico County Economic Development Authority, Westminster Canterbury Richmond
Rev., 3.00%, 10/1/2029	500,000	462,996
Rev., 3.00%, 10/1/2030	500,000	458,509
Virginia College Building Authority, Education Facilities, Regent University Project Rev., 5.00%, 6/1/2031	160,000	167,873
Total Virginia		1,089,378
Washington — 4.0%
FYI Properties, State of Washington District Project Rev., 5.00%, 6/1/2039	5,000,000	5,259,027
King County Housing Authority, Highland Village Project
Rev., 5.00%, 1/1/2027	125,000	130,842
Rev., 5.00%, 1/1/2028	125,000	131,279
Rev., 5.00%, 1/1/2029	125,000	132,416
Rev., 4.00%, 1/1/2031	330,000	331,275
Rev., 4.00%, 1/1/2034	500,000	497,039
North Thurston Public Schools, Unlimited Tax GO, 4.00%, 12/1/2036	1,000,000	1,020,798
Washington Health Care Facilities Authority, Multi-care Health System Series 2017B, Rev., 5.00%, 8/15/2035	1,850,000	1,889,144
Washington State Housing Finance Commission, Single Family Program Series 2016 2A-R, Rev., AMT, 3.50%, 12/1/2046	65,000	64,312
Total Washington		9,456,132
West Virginia — 0.2%
West Virginia Hospital Finance Authority, West Virginia University Health System Obligation Series 2023A, Rev., 5.00%, 6/1/2039	500,000	526,198
Wisconsin — 3.9%
Public Finance Authority Series 2022, Rev., 4.00%, 4/1/2032 (c)	225,000	211,709
Public Finance Authority, Carson Valley Medical Center Series 2021A, Rev., 4.00%, 12/1/2041	250,000	206,686

JPMorgan Sustainable Municipal Income ETF

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

INVESTMENTS	PRINCIPAL AMOUNT($)	VALUE($)
Municipal Bonds — continued
Wisconsin — continued
Public Finance Authority, College Achieve Central Charter School Project
Series 2021A, Rev., 5.00%, 6/15/2027 (c)	260,000	259,273
Series 2021A, Rev., 5.00%, 6/15/2029 (c)	285,000	280,769
Series 2021A, Rev., 5.00%, 6/15/2031 (c)	315,000	306,279
Public Finance Authority, Coral Academy of Science Series 2021A, Rev., 4.00%, 7/1/2041	500,000	414,544
Public Finance Authority, Ripple Ranch, LLC Obligate Series 2021A, Rev., 5.25%, 12/1/2051 (c)	200,000	134,614
Public Finance Authority, Senior Lien, Grand Hyatt Series 2022A, Rev., 3.75%, 2/1/2032	200,000	184,947
Public Finance Authority, The Carmelite System, Inc., Obligated Group Rev., 3.25%, 1/1/2026	1,545,000	1,495,859
Public Finance Authority, The Franklin School of Innovation Rev., 5.00%, 1/1/2042 (c)	145,000	128,413
Public Finance Authority, Viticus Group Project Series 2022A, Rev., 4.00%, 12/1/2031 (c)	240,000	215,799
Wisconsin Health and Educational Facilities Authority, Agnesian Healthcare, Inc.
Rev., 5.00%, 7/1/2024	250,000	252,683
Rev., 5.00%, 7/1/2025	250,000	255,259
Wisconsin Health and Educational Facilities Authority, Franciscan Sisters of Christian Charity Sponsored Ministries, Inc.
Series 2017A, Rev., 5.00%, 9/1/2024 (e)	580,000	588,380
Series 2017A, Rev., 5.00%, 9/1/2025 (e)	235,000	241,946
Series 2017A, Rev., 5.00%, 9/1/2026 (e)	385,000	403,344
Series 2017A, Rev., 5.00%, 9/1/2027 (e)	785,000	837,402
Wisconsin Health and Educational Facilities Authority, Marshfield Clinic Health System, Inc.
Series 2017C, Rev., 5.00%, 2/15/2027	400,000	412,584
Series 2017C, Rev., 5.00%, 2/15/2029	375,000	385,396
Wisconsin Health and Educational Facilities Authority, Milwaukee Regional Medical Center Thermal Service Rev., 5.00%, 4/1/2035	1,165,000	1,240,944
Wisconsin Health and Educational Facilities Authority, Three Pillars Senior Living Communities Series 2021A, Rev., 4.00%, 8/15/2041	825,000	674,317
Total Wisconsin		9,131,147

INVESTMENTS	PRINCIPAL AMOUNT($)	VALUE($)

Wyoming — 0.1%
Wyoming Community Development Authority Series 2017-5, Rev., 4.00%, 12/1/2046	360,000	356,756
Total Municipal Bonds (Cost $245,901,693)		231,728,613
	SHARES
Short-Term Investments — 1.2%
Investment Companies — 1.2%
JPMorgan Institutional Tax Free Money Market Fund Class IM Shares, 3.71% (f) (g) (Cost $2,684,493)	2,684,485	2,684,754
Total Investments — 99.5% (Cost $248,586,186)		234,413,367
Other Assets Less Liabilities — 0.5%		1,245,319
NET ASSETS — 100.0%		235,658,686

Percentages indicated are based on net assets.

Abbreviations
AGM	Insured by Assured Guaranty Municipal Corp.
AMT	Alternative Minimum Tax
BAN	Bond Anticipation Note
CHESLA	Connecticut Higher Education Supplemental Loan Authority
COLL	Collateral
COP	Certificate of Participation
FHA	Federal Housing Administration
FHLMC	Federal Home Loan Mortgage Corp.
FNMA	Federal National Mortgage Association
GNMA	Government National Mortgage Association
GO	General Obligation
NATL	Insured by National Public Finance Guarantee Corp.
PSF-GTD	Permanent School Fund Guaranteed
RE	Reinsured
Rev.	Revenue

(a)	The date shown represents the earliest of the prerefunded date, next put date or final maturity date.
(b)	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.
(c)	Securities exempt from registration under Rule 144A or section 4(a)(2), of the Securities Act of 1933, as amended.
(d)	All or a portion of the security is a when-issued security, delayed delivery security, or forward commitment.
(e)	Security is prerefunded or escrowed to maturity.
(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.

Centrally Cleared Credit default swap contracts outstanding - buy protection(*) as of August 31, 2023:

REFERENCE OBLIGATION/INDEX	FINANCING RATE PAID BY THE FUND (%)	PAYMENT FREQUENCY	MATURITY DATE	IMPLIED CREDIT SPREAD (%)(a)	NOTIONAL AMOUNT(b)	UPFRONT PAYMENTS (RECEIPTS) ($)(c)	UNREALIZED APPRECIATION (DEPRECIATION) ($)	VALUE ($)
CDX.NA.HY.40-V1	5.00	Quarterly	6/20/2028	4.26	USD10,550,000	(249,923 )	(155,108 )	(405,031 )

(*)	The Fund, as a buyer of credit protection, is generally obligated to make periodic payments and may also pay or receive an upfront premium to or from the protection seller, in exchange for the right to receive a contingent payment, upon occurrence of a credit event with respect to an underlying reference obligation, as defined under the terms of individual swap contracts.
(a)	Implied credit spreads are an indication of the seller's performance risk, related to the likelihood of a credit event occurring that would require a seller to make payment to a buyer. Implied credit spreads are used to determine the value of swap contracts and reflect the cost of buying/selling protection, which may include upfront payments made to enter into the contract. Therefore, higher spreads would indicate a greater likelihood that a seller will be obligated to perform (i.e. make payment) under the swap contract. Increasing values, in absolute terms and relative to notional amounts, are also indicative of greater performance risk. Implied credit spreads for credit default swaps on credit indices are linked to the weighted average spread across the underlying reference obligations included in a particular index.
(b)	The notional amount is the maximum amount that a seller of credit protection would be obligated to pay and a buyer of credit protection would receive, upon occurrence of a credit event.
(c)	Upfront payments and receipts generally represent premiums paid or received at the initiation of the agreement to compensate the differences between the stated terms of the swap agreement and current market conditions (credit spreads, interest rates and other relevant factors).

Abbreviations
CDX	Credit Default Swap Index
USD	United States Dollar

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

	JPMorgan High Yield Municipal ETF	JPMorgan Inflation Managed Bond ETF	JPMorgan Limited Duration Bond ETF
ASSETS:
Investments in non-affiliates, at value	$190,268,944	$478,524,226	$769,000,683
Investments in affiliates, at value	35,111,891	6,085,646	63,436,642
Cash	50,778	43,367	186,401
Deposits at broker for centrally cleared swaps	425,000	40,000	—
Receivables:
Investment securities sold	—	41,858	—
Fund shares sold	586	—	—
Interest from non-affiliates	2,152,300	2,079,367	1,856,716
Dividends from affiliates	97,383	911	405,617
Variation margin on futures contracts	—	207,885	—
Variation margin on centrally cleared swaps	3,219	—	—
Due from adviser	—	2,895	—
Total Assets	228,110,101	487,026,155	834,886,059
LIABILITIES:
Payables:
Investment securities purchased — delayed delivery securities	7,356,380	—	8,346,465
Variation margin on centrally cleared swaps	—	181,060	—
Accrued liabilities:
Investment advisory fees	29,403	61,250	89,993
Administration fees	14,141	31,090	52,629
Printing and mailing costs	—	85,593	1,697
Custodian and accounting fees	23,589	64,638	13,466
Other	37,264	66,614	34,820
Total Liabilities	7,460,777	490,245	8,539,070
Net Assets	$220,649,324	$486,535,910	$826,346,989

SEE NOTES TO FINANCIAL STATEMENTS.

J.P. Morgan Exchange-Traded Funds

August 31, 2023

	JPMorgan High Yield Municipal ETF	JPMorgan Inflation Managed Bond ETF	JPMorgan Limited Duration Bond ETF
NET ASSETS:
Paid-in-Capital	$285,720,679	$580,203,852	$883,907,082
Total distributable earnings (loss)	(65,071,355 )	(93,667,942 )	(57,560,093 )
Total Net Assets	$220,649,324	$486,535,910	$826,346,989
Outstanding number of shares (unlimited number of shares authorized - par value $0.0001) (a) (b)	4,500,360	10,593,210	16,453,170
Net asset value, per share	$49.03	$45.93	$50.22
Cost of investments in non-affiliates	$217,238,006	$516,340,714	$809,054,914
Cost of investments in affiliates	35,111,891	6,084,997	63,431,941
Net upfront receipts on centrally cleared swaps	(154,455 )	(285,014 )	—

(a)

JPMorgan High Yield Municipal ETF acquired all of the assets and liabilities of the JPMorgan High Yield Municipal Fund ("Predecessor Fund") in a reorganization that occurred as of the close of business on July 14, 2023. Performance and financial history of the Predecessor Fund’s Class R6 Shares have been adopted by JPMorgan High Yield Municipal ETF and will be used going forward. As a result, the information prior to close of business on July 14, 2023, reflects that of the Predecessor Fund's Class R6 Shares. The Predecessor Fund ceased operations as of the date of the reorganization. See Note 1.

(b)

JPMorgan Limited Duration Bond ETF acquired all of the assets and liabilities of the JPMorgan Limited Duration Bond Fund ("Predecessor Fund") in a reorganization that occurred as of the close of business on July 28, 2023. Performance and financial history of the Predecessor Fund’s Class R6 Shares have been adopted by JPMorgan Limited Duration Bond ETF and will be used going forward. As a result, the information prior to close of business on July 28, 2023, reflects that of the Predecessor Fund's Class R6 Shares. The Predecessor Fund ceased operations as of the date of the reorganization. See Note 1.

SEE NOTES TO FINANCIAL STATEMENTS.

August 31, 2023

J.P. Morgan Exchange-Traded Funds

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

	JPMorgan Realty Income ETF	JPMorgan Sustainable Municipal Income ETF
ASSETS:
Investments in non-affiliates, at value	$324,113,384	$231,728,613
Investments in affiliates, at value	8,371,618	2,684,754
Investments of cash collateral received from securities loaned, at value (See Note 2.D.)	6,038,807	—
Cash	43,717	45,264
Deposits at broker for centrally cleared swaps	—	584,000
Receivables:
Investment securities sold	3,290,103	638,950
Interest from non-affiliates	—	2,686,818
Dividends from non-affiliates	246,692	—
Dividends from affiliates	1,253	12,162
Securities lending income (See Note 2.D.)	864	—
Variation margin on centrally cleared swaps	—	5,210
Total Assets	342,106,438	238,385,771
LIABILITIES:
Payables:
Investment securities purchased — delayed delivery securities	—	2,669,275
Collateral received on securities loaned (See Note 2.D.)	6,038,807	—
Accrued liabilities:
Investment advisory fees	106,497	1,196
Administration fees	21,329	15,014
Printing and mailing costs	81,944	587
Custodian and accounting fees	27,262	15,674
Other	71,111	25,339
Total Liabilities	6,346,950	2,727,085
Net Assets	$335,759,488	$235,658,686
NET ASSETS:
Paid-in-Capital	$334,367,082	$258,925,663
Total distributable earnings (loss)	1,392,406	(23,266,977 )
Total Net Assets	$335,759,488	$235,658,686
Outstanding number of shares (unlimited number of shares authorized - par value $0.0001) (a)	7,997,859	4,756,783
Net asset value, per share	$41.98	$49.54
Cost of investments in non-affiliates	$318,584,912	$245,901,693
Cost of investments in affiliates	8,370,575	2,684,493
Investment securities on loan, at value (See Note 2.D.)	5,897,227	—
Cost of investment of cash collateral (See Note 2.D.)	6,038,807	—
Net upfront receipts on centrally cleared swaps	—	(249,923 )

(a)

JPMorgan Sustainable Municipal Income ETF acquired all of the assets and liabilities of the JPMorgan Sustainable Municipal Income Fund ("Predecessor Fund") in a reorganization that occurred as of the close of business on July 14, 2023. Performance and financial history of the Predecessor Fund’s Class R6 Shares have been adopted by JPMorgan Sustainable Municipal Income ETF and will be used going forward. As a result, the information prior to close of business on July 14, 2023, reflects that of the Predecessor Fund's Class R6 Shares. The Predecessor Fund ceased operations as of the date of the reorganization. See Note 1.

SEE NOTES TO FINANCIAL STATEMENTS.

J.P. Morgan Exchange-Traded Funds

August 31, 2023

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

	JPMorgan High Yield Municipal ETF (a)	JPMorgan Inflation Managed Bond ETF	JPMorgan Limited Duration Bond ETF (b)
INVESTMENT INCOME:
Interest income from non-affiliates	$5,892,451	$13,507,392	$19,689,987
Interest income from affiliates	94	687	791
Dividend income from affiliates	156,244	378,956	1,932,771
Total investment income	6,048,789	13,887,035	21,623,549
EXPENSES:
Investment advisory fees	468,598	890,528	1,021,783
Administration fees	100,414	238,536	383,166
Distribution fees (See Note 3.C.)	162,173	—	187,512
Service fees (See Note 3.D.)	248,391	—	382,999
Custodian and accounting fees	56,536	46,824	39,799
Interest expense to non-affiliates	—	908	—
Interest expense to affiliates	602	4,848	27
Professional fees	46,130	44,714	43,272
Trustees’ and Chief Compliance Officer’s fees	13,342	12,555	14,710
Printing and mailing costs	35,611	5,999	67,474
Registration and filing fees	13,924	14,771	35,755
Transfer agency fees (See Note 2.H.)	2,656	—	10,329
Other	6,566	11,788	6,516
Total expenses	1,154,943	1,271,471	2,193,342
Less fees waived	(477,910 )	(11,735 )	(632,324 )
Less expense reimbursements	(86,029 )	(476,468 )	(55,849 )
Net expenses	591,004	783,268	1,505,169
Net investment income (loss)	5,457,785	13,103,767	20,118,380

(a)

(b)

SEE NOTES TO FINANCIAL STATEMENTS.

August 31, 2023

J.P. Morgan Exchange-Traded Funds

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

	JPMorgan High Yield Municipal ETF (a)	JPMorgan Inflation Managed Bond ETF	JPMorgan Limited Duration Bond ETF (b)
REALIZED/UNREALIZED GAINS (LOSSES):
Net realized gain (loss) on transactions from:
Investments in non-affiliates	$(20,703,817 )	$(14,595,761 )	$(7,709,493 )
Investments in affiliates	(3,707 )	330	13,438
In-kind redemptions of investments in non-affiliates (See Note 4)	—	(1,802,263 )	—
Futures contracts	—	(1,787,288 )	—
Swaps	(1,005,251 )	1,247,736	—
Net realized gain (loss)	(21,712,775 )	(16,937,246 )	(7,696,055 )
Change in net unrealized appreciation/depreciation on:
Investments in non-affiliates	16,966,303	20,888,082	9,534,808
Investments in affiliates	—	(1,783 )	(32,128 )
Futures contracts	—	750,710	—
Swaps	690,660	(3,533,686 )	—
Change in net unrealized appreciation/depreciation	17,656,963	18,103,323	9,502,680
Net realized/unrealized gains (losses)	(4,055,812 )	1,166,077	1,806,625
Change in net assets resulting from operations	$1,401,973	$14,269,844	$21,925,005

(a)

(b)

SEE NOTES TO FINANCIAL STATEMENTS.

J.P. Morgan Exchange-Traded Funds

August 31, 2023

	JPMorgan Realty Income ETF	JPMorgan Sustainable Municipal Income ETF (a)
INVESTMENT INCOME:
Interest income from non-affiliates	$—	$4,461,223
Interest income from affiliates	101	426
Dividend income from non-affiliates	6,852,161	—
Dividend income from affiliates	318,549	112,072
Income from securities lending (net) (See Note 2.D.)	8,068	—
Total investment income	7,178,879	4,573,721
EXPENSES:
Investment advisory fees	1,250,710	388,342
Administration fees	156,339	97,085
Distribution fees (See Note 3.C.)	—	83,166
Service fees (See Note 3.D.)	—	187,631
Custodian and accounting fees	5,000	48,271
Interest expense to non-affiliates	817	292
Professional fees	30,750	35,137
Trustees’ and Chief Compliance Officer’s fees	11,992	12,902
Printing and mailing costs	35,395	24,360
Registration and filing fees	8,785	45,305
Transfer agency fees (See Note 2.H.)	—	1,702
Other	13,157	4,402
Total expenses	1,512,945	928,595
Less fees waived	(9,367 )	(364,916 )
Less expense reimbursements	(475,877 )	(92,370 )
Net expenses	1,027,701	471,309
Net investment income (loss)	6,151,178	4,102,412

(a)

SEE NOTES TO FINANCIAL STATEMENTS.

August 31, 2023

J.P. Morgan Exchange-Traded Funds

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

	JPMorgan Realty Income ETF	JPMorgan Sustainable Municipal Income ETF (a)
REALIZED/UNREALIZED GAINS (LOSSES):
Net realized gain (loss) on transactions from:
Investments in non-affiliates	$(15,882,824 )	$(1,810,156 )
Investments in affiliates	(2,072 )	1,753
In-kind redemptions of investments in non-affiliates (See Note 4)	34,288,569	—
Futures contracts	—	(41,110 )
Swaps	—	(810,110 )
Net realized gain (loss)	18,403,673	(2,659,623 )
Change in net unrealized appreciation/depreciation on:
Investments in non-affiliates	(29,699,718 )	1,148,644
Investments in affiliates	1,282	85
Futures contracts	—	(537 )
Swaps	—	508,033
Change in net unrealized appreciation/depreciation	(29,698,436 )	1,656,225
Net realized/unrealized gains (losses)	(11,294,763 )	(1,003,398 )
Change in net assets resulting from operations	$(5,143,585 )	$3,099,014

(a)

SEE NOTES TO FINANCIAL STATEMENTS.

J.P. Morgan Exchange-Traded Funds

August 31, 2023

STATEMENTS OF CHANGES IN NET ASSETS
FOR THE PERIODS INDICATED

	JPMorgan High Yield Municipal ETF		JPMorgan Inflation Managed Bond ETF
	Six Months Ended August 31, 2023 (Unaudited)(a)	Year Ended February 28, 2023 (a)	Six Months Ended August 31, 2023 (Unaudited)	Year Ended February 28, 2023 (b)
CHANGE IN NET ASSETS RESULTING FROM OPERATIONS:
Net investment income (loss)	$5,457,785	$13,708,808	$13,103,767	$33,443,609
Net realized gain (loss)	(21,712,775 )	(16,687,330 )	(16,937,246 )	(37,445,587 )
Distributions of capital gains received from investment company affiliates	—	28	—	—
Change in net unrealized appreciation/depreciation	17,656,963	(49,939,278 )	18,103,323	(71,525,471 )
Change in net assets resulting from operations	1,401,973	(52,917,772 )	14,269,844	(75,527,449 )
DISTRIBUTIONS TO SHAREHOLDERS:
Total distributions to shareholders	(4,420,793 )	(13,587,353 )	(12,352,100 )	(35,607,004 )
CAPITAL TRANSACTIONS:
Change in net assets resulting from capital transactions	(81,713,964 )	(120,748,861 )	(419,988,691 )	(151,417,047 )
NET ASSETS:
Change in net assets	(84,732,784 )	(187,253,986 )	(418,070,947 )	(262,551,500 )
Beginning of period	305,382,108	492,636,094	904,606,857	1,167,158,357
End of period	$220,649,324	$305,382,108	$486,535,910	$904,606,857

(a)

(b)

JPMorgan Inflation Managed Bond ETF acquired all of the assets and liabilities of the JPMorgan Inflation Managed Bond Fund ("Predecessor Fund") in a reorganization that occurred as of the close of business on April 8, 2022. Performance and financial history of the Predecessor Fund’s Class R6 Shares have been adopted by JPMorgan Inflation Managed Bond ETF and will be used going forward. As a result, the information prior to close of business on April 8, 2022, reflects that of the Predecessor Fund's Class R6 Shares. The Predecessor Fund ceased operations as of the date of the reorganization. See Note 1.

SEE NOTES TO FINANCIAL STATEMENTS.

August 31, 2023

J.P. Morgan Exchange-Traded Funds

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

	JPMorgan Limited Duration Bond ETF		JPMorgan Realty Income ETF
	Six Months Ended August 31, 2023 (Unaudited)(a)	Year Ended February 28, 2023 (a)	Six Months Ended August 31, 2023 (Unaudited)	Year Ended February 28, 2023 (b)
CHANGE IN NET ASSETS RESULTING FROM OPERATIONS:
Net investment income (loss)	$20,118,380	$27,564,224	$6,151,178	$18,195,067
Net realized gain (loss)	(7,696,055 )	(923,264 )	18,403,673	318,623,424
Change in net unrealized appreciation/depreciation	9,502,680	(38,858,941 )	(29,698,436 )	(488,183,699 )
Change in net assets resulting from operations	21,925,005	(12,217,981 )	(5,143,585 )	(151,365,208 )
DISTRIBUTIONS TO SHAREHOLDERS:
Total distributions to shareholders	(17,648,971 )	(27,004,700 )	(7,857,983 )	(209,509,368 )
CAPITAL TRANSACTIONS:
Change in net assets resulting from capital transactions	(301,617,136 )	(107,791,299 )	(160,793,179 )	(671,849,490 )
NET ASSETS:
Change in net assets	(297,341,102 )	(147,013,980 )	(173,794,747 )	(1,032,724,066 )
Beginning of period	1,123,688,091	1,270,702,071	509,554,235	1,542,278,301
End of period	$826,346,989	$1,123,688,091	$335,759,488	$509,554,235

(a)

(b)

JPMorgan Realty Income ETF acquired all of the assets and liabilities of the JPMorgan Realty Income Fund ("Predecessor Fund") in a reorganization that occurred as of the close of business on May 20, 2022. Performance and financial history of the Predecessor Fund’s Class R6 Shares have been adopted by JPMorgan Realty Income ETF and will be used going forward. As a result, the information prior to close of business on May 20, 2022, reflects that of the Predecessor Fund's Class R6 Shares. The Predecessor Fund ceased operations as of the date of the reorganization. See Note 1.

SEE NOTES TO FINANCIAL STATEMENTS.

J.P. Morgan Exchange-Traded Funds

August 31, 2023

	JPMorgan Sustainable Municipal Income ETF
	Six Months Ended August 31, 2023 (Unaudited)(a)	Year Ended February 28, 2023 (a)
CHANGE IN NET ASSETS RESULTING FROM OPERATIONS:
Net investment income (loss)	$4,102,412	$7,078,485
Net realized gain (loss)	(2,659,623 )	(6,883,359 )
Distributions of capital gains received from investment company affiliates	—	1,336
Change in net unrealized appreciation/depreciation	1,656,225	(18,415,859 )
Change in net assets resulting from operations	3,099,014	(18,219,397 )
DISTRIBUTIONS TO SHAREHOLDERS:
Total distributions to shareholders	(3,241,183 )	(7,029,156 )
CAPITAL TRANSACTIONS:
Change in net assets resulting from capital transactions	(25,852,699 )	(26,017,228 )
NET ASSETS:
Change in net assets	(25,994,868 )	(51,265,781 )
Beginning of period	261,653,554	312,919,335
End of period	$235,658,686	$261,653,554

(a)

SEE NOTES TO FINANCIAL STATEMENTS.

August 31, 2023

J.P. Morgan Exchange-Traded Funds

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

	JPMorgan High Yield Municipal ETF		JPMorgan Inflation Managed Bond ETF
	Six Months Ended August 31, 2023 (Unaudited)(a)	Year Ended February 28, 2023(a)	Six Months Ended August 31, 2023 (Unaudited)	Year Ended February 28, 2023(b)
CAPITAL TRANSACTIONS: (c) (d)
Proceeds from shares issued	$3,264,542	$3,722,949	$4,866,875	$143,694,884
Distributions reinvested	182,983	582,535	—	2,379,990
Cost of shares redeemed	(8,853,160 )	(8,295,343 )	(424,855,566 )	(280,551,196 )
Change in net assets resulting from capital transactions	(5,405,635 )	(3,989,859 )	(419,988,691 )	(134,476,322 )
Class A
Proceeds from shares issued	799,749	44,304,291	—	327,168
Distributions reinvested	1,789,218	5,573,975	—	112,969
Cost of shares redeemed	(23,938,145 )	(80,866,511 )	—	(4,796,467 )
Change in net assets resulting from Class A capital transactions	(21,349,178 )	(30,988,245 )	—	(4,356,330 )
Class C
Proceeds from shares issued	287,941	6,148,812	—	368,640
Distributions reinvested	202,030	610,915	—	12,667
Cost of shares redeemed	(6,182,391 )	(15,721,448 )	—	(394,486 )
Change in net assets resulting from Class C capital transactions	(5,692,420 )	(8,961,721 )	—	(13,179 )
Class I
Proceeds from shares issued	19,683,850	149,484,047	—	8,724,880
Distributions reinvested	1,622,857	6,717,825	—	477,895
Cost of shares redeemed	(70,573,438 )	(233,010,908 )	—	(18,917,128 )
Change in net assets resulting from Class I capital transactions	(49,266,731 )	(76,809,036 )	—	(9,714,353 )
Class R5
Proceeds from shares issued	—	—	—	218,011
Distributions reinvested	—	—	—	6,602
Cost of shares redeemed	—	—	—	(3,081,476 )
Change in net assets resulting from Class R5 capital transactions	—	—	—	(2,856,863 )
Total change in net assets resulting from capital transactions	$(81,713,964 )	$(120,748,861 )	$(419,988,691 )	$(151,417,047 )

(a)

(b)

(c)

Reflects reorganization from JPMorgan High Yield Municipal Fund on July 14, 2023. See Note 1.

(d)

Reflects reorganization from JPMorgan Inflation Managed Bond Fund on April 8, 2022. See Note 1.

SEE NOTES TO FINANCIAL STATEMENTS.

J.P. Morgan Exchange-Traded Funds

August 31, 2023

	JPMorgan High Yield Municipal ETF		JPMorgan Inflation Managed Bond ETF
	Six Months Ended August 31, 2023 (Unaudited)(a)	Year Ended February 28, 2023(a)	Six Months Ended August 31, 2023 (Unaudited)	Year Ended February 28, 2023(b)
SHARES TRANSACTIONS: (c) (d)
Issued	64,935	370,970	100,000	2,978,252
Reinvested	3,670	58,472	—	47,051
Redeemed	(177,902 )	(826,488 )	(9,050,000 )	(5,844,105 )
Change in Shares	(109,297 )	(397,046 )	(8,950,000 )	(2,818,802 )
Class A
Issued	15,954	4,428,926	—	6,350
Reinvested	35,889	560,662	—	2,233
Redeemed	(478,669 )	(8,023,241 )	—	(94,521 )
Change in Class A Shares	(426,826 )	(3,033,653 )	—	(85,938 )
Class C
Issued	5,740	627,847	—	7,128
Reinvested	4,052	61,373	—	250
Redeemed	(124,088 )	(1,571,853 )	—	(7,815 )
Change in Class C Shares	(114,296 )	(882,633 )	—	(437 )
Class I
Issued	391,412	15,019,403	—	170,457
Reinvested	32,524	673,901	—	9,449
Redeemed	(1,411,135 )	(23,155,741 )	—	(372,698 )
Change in Class I Shares	(987,199 )	(7,462,437 )	—	(192,792 )
Class R5
Issued	—	—	—	4,219
Reinvested	—	—	—	131
Redeemed	—	—	—	(61,097 )
Change in Class R5 Shares	—	—	—	(56,747 )

(a)

(b)

(c)

Reflects reorganization from JPMorgan High Yield Municipal Fund on July 14, 2023. See Note 1.

(d)

Reflects reorganization from JPMorgan Inflation Managed Bond Fund on April 8, 2022. See Note 1.

SEE NOTES TO FINANCIAL STATEMENTS.

August 31, 2023

J.P. Morgan Exchange-Traded Funds

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

	JPMorgan Limited Duration Bond ETF		JPMorgan Realty Income ETF
	Six Months Ended August 31, 2023 (Unaudited)(a)	Year Ended February 28, 2023(a)	Six Months Ended August 31, 2023 (Unaudited)	Year Ended February 28, 2023(b)
CAPITAL TRANSACTIONS: (c) (d)
Proceeds from shares issued	$12,884,430	$60,324,732	$12,573,132	$85,385,444
Distributions reinvested	11,437,344	17,722,105	—	116,182,036
Cost of shares redeemed	(232,827,184 )	(157,664,853 )	(173,366,311 )	(771,368,525 )
Redemptions in-kind (See Note 9)	—	—	—	(231,616,311 )
Change in net assets resulting from capital transactions	(208,505,410 )	(79,618,016 )	(160,793,179 )	(801,417,356 )
Class A
Proceeds from shares issued	3,342,075	67,818,108	—	556,975
Distributions reinvested	2,367,196	3,417,443	—	2,660,213
Cost of shares redeemed	(47,922,575 )	(92,530,834 )	—	(3,873,369 )
Change in net assets resulting from Class A capital transactions	(42,213,304 )	(21,295,283 )	—	(656,181 )
Class C
Proceeds from shares issued	301,486	4,733,358	—	112,851
Distributions reinvested	143,219	166,895	—	425,744
Cost of shares redeemed	(3,598,701 )	(7,663,998 )	—	(405,113 )
Change in net assets resulting from Class C capital transactions	(3,153,996 )	(2,763,745 )	—	133,482
Class I
Proceeds from shares issued	26,567,546	142,752,290	—	129,926,978
Distributions reinvested	2,914,658	4,604,734	—	13,727,046
Cost of shares redeemed	(77,226,630 )	(151,471,279 )	—	(3,968,685 )
Change in net assets resulting from Class I capital transactions	(47,744,426 )	(4,114,255 )	—	139,685,339
Class L
Proceeds from shares issued	—	—	—	454,227
Distributions reinvested	—	—	—	3,503,082
Cost of shares redeemed	—	—	—	(8,909,073 )
Change in net assets resulting from Class L capital transactions	—	—	—	(4,951,764 )

(a)

(b)

(c)

Reflects reorganization from JPMorgan Limited Duration Bond Fund on July 28, 2023. See Note 1.

(d)

Reflects reorganization from JPMorgan Realty Income Fund on May 20, 2022. See Note 1.

SEE NOTES TO FINANCIAL STATEMENTS.

J.P. Morgan Exchange-Traded Funds

August 31, 2023

	JPMorgan Limited Duration Bond ETF		JPMorgan Realty Income ETF
	Six Months Ended August 31, 2023 (Unaudited)(a)	Year Ended February 28, 2023(a)	Six Months Ended August 31, 2023 (Unaudited)	Year Ended February 28, 2023(b)
CAPITAL TRANSACTIONS: (c) (d) (continued)
Class R5
Proceeds from shares issued	$—	$—	$—	$290,370
Distributions reinvested	—	—	—	1,343,475
Cost of shares redeemed	—	—	—	(6,276,855 )
Change in net assets resulting from Class R5 capital transactions	—	—	—	(4,643,010 )
Total change in net assets resulting from capital transactions	$(301,617,136 )	$(107,791,299 )	$(160,793,179 )	$(671,849,490 )

(a)

(b)

(c)

Reflects reorganization from JPMorgan Limited Duration Bond Fund on July 28, 2023. See Note 1.

(d)

Reflects reorganization from JPMorgan Realty Income Fund on May 20, 2022. See Note 1.

SEE NOTES TO FINANCIAL STATEMENTS.

August 31, 2023

J.P. Morgan Exchange-Traded Funds

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

	JPMorgan Limited Duration Bond ETF		JPMorgan Realty Income ETF
	Six Months Ended August 31, 2023 (Unaudited)(a)	Year Ended February 28, 2023(a)	Six Months Ended August 31, 2023 (Unaudited)	Year Ended February 28, 2023(b)
SHARES TRANSACTIONS: (c) (d)
Issued	256,744	6,202,110	300,000	1,646,419
Reinvested	228,552	1,829,077	—	2,310,713
Redeemed	(4,641,909 )	(16,288,548 )	(4,100,000 )	(15,158,501 )
Redemptions in-kind (See Note 9)	—	—	—	(3,574,267 )
Change in Shares	(4,156,613 )	(8,257,361 )	(3,800,000 )	(14,775,636 )
Class A
Issued	66,595	6,977,379	—	8,864
Reinvested	47,292	353,475	—	53,046
Redeemed	(956,310 )	(9,526,980 )	—	(73,337 )
Change in Class A Shares	(842,423 )	(2,196,126 )	—	(11,427 )
Class C
Issued	6,005	493,981	—	1,671
Reinvested	2,862	17,482	—	8,495
Redeemed	(71,843 )	(799,173 )	—	(7,226 )
Change in Class C Shares	(62,976 )	(287,710 )	—	2,940
Class I
Issued	529,419	14,707,094	—	1,964,395
Reinvested	58,259	476,284	—	274,216
Redeemed	(1,539,450 )	(15,640,007 )	—	(69,363 )
Change in Class I Shares	(951,772 )	(456,629 )	—	2,169,248
Class L
Issued	—	—	—	6,979
Reinvested	—	—	—	69,818
Redeemed	—	—	—	(170,346 )
Change in Class L Shares	—	—	—	(93,549 )

(a)

(b)

(c)

Reflects reorganization from JPMorgan Limited Duration Bond Fund on July 28, 2023. See Note 1.

(d)

Reflects reorganization from JPMorgan Realty Income Fund on May 20, 2022. See Note 1.

SEE NOTES TO FINANCIAL STATEMENTS.

J.P. Morgan Exchange-Traded Funds

August 31, 2023

	JPMorgan Limited Duration Bond ETF		JPMorgan Realty Income ETF
	Six Months Ended August 31, 2023 (Unaudited)(a)	Year Ended February 28, 2023(a)	Six Months Ended August 31, 2023 (Unaudited)	Year Ended February 28, 2023(b)
SHARES TRANSACTIONS: (c) (d) (continued)
Class R5
Issued	—	—	—	4,497
Reinvested	—	—	—	26,820
Redeemed	—	—	—	(120,979 )
Change in Class R5 Shares	—	—	—	(89,662 )

(a)

(b)

(c)

Reflects reorganization from JPMorgan Limited Duration Bond Fund on July 28, 2023. See Note 1.

(d)

Reflects reorganization from JPMorgan Realty Income Fund on May 20, 2022. See Note 1.

SEE NOTES TO FINANCIAL STATEMENTS.

August 31, 2023

J.P. Morgan Exchange-Traded Funds

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

	JPMorgan Sustainable Municipal Income ETF
	Six Months Ended August 31, 2023 (Unaudited)(a)	Year Ended February 28, 2023(a)
CAPITAL TRANSACTIONS: (b)
Proceeds from shares issued	$3,493,853	$67,591,023
Distributions reinvested	672,386	1,868,499
Cost of shares redeemed	(17,577,030 )	(78,283,703 )
Change in net assets resulting from capital transactions	(13,410,791 )	(8,824,181 )
Class A
Proceeds from shares issued	412,669	15,363,046
Distributions reinvested	763,534	2,071,500
Cost of shares redeemed	(10,107,211 )	(38,051,879 )
Change in net assets resulting from Class A capital transactions	(8,931,008 )	(20,617,333 )
Class C
Proceeds from shares issued	11,317	314,322
Distributions reinvested	44,105	94,302
Cost of shares redeemed	(315,902 )	(2,583,600 )
Change in net assets resulting from Class C capital transactions	(260,480 )	(2,174,976 )
Class I
Proceeds from shares issued	28,984,690	151,500,951
Distributions reinvested	1,249,534	2,928,191
Cost of shares redeemed	(33,484,644 )	(148,829,880 )
Change in net assets resulting from Class I capital transactions	(3,250,420 )	5,599,262
Total change in net assets resulting from capital transactions	$(25,852,699 )	$(26,017,228 )

(a)

(b)

Reflects reorganization from JPMorgan Sustainable Municipal Income Fund on July 14, 2023. See Note 1.

SEE NOTES TO FINANCIAL STATEMENTS.

J.P. Morgan Exchange-Traded Funds

August 31, 2023

	JPMorgan Sustainable Municipal Income ETF
	Six Months Ended August 31, 2023 (Unaudited)(a)	Year Ended February 28, 2023(a)
SHARES TRANSACTIONS: (b)
Issued	70,384	7,508,375
Reinvested	13,475	208,900
Redeemed	(353,151 )	(8,786,046 )
Change in Shares	(269,292 )	(1,068,771 )
Class A
Issued	8,221	1,703,245
Reinvested	15,299	230,157
Redeemed	(202,526 )	(4,198,555 )
Change in Class A Shares	(179,006 )	(2,265,153 )
Class C
Issued	226	35,148
Reinvested	884	10,586
Redeemed	(6,312 )	(288,123 )
Change in Class C Shares	(5,202 )	(242,389 )
Class I
Issued	578,020	16,822,311
Reinvested	25,029	327,918
Redeemed	(671,881 )	(16,576,175 )
Change in Class I Shares	(68,832 )	574,054

(a)

(b)

Reflects reorganization from JPMorgan Sustainable Municipal Income Fund on July 14, 2023. See Note 1.

SEE NOTES TO FINANCIAL STATEMENTS.

August 31, 2023

J.P. Morgan Exchange-Traded Funds

FINANCIAL HIGHLIGHTS
FOR THE PERIODS INDICATED

	Per share operating performance (a)
		Investment operations			Distributions
	Net asset value beginning of period	Net investment income (loss)(c)	Net realized and unrealized gains (losses) on investments	Total from investment operations	Net investment income	Net realized gain
JPMorgan High Yield Municipal ETF (h)
Six Months Ended August 31, 2023 (Unaudited)	$49.76	$1.08	$(0.99 )	$0.09	$(0.82 )	$—
Year Ended February 28, 2023	58.54	2.02	(8.78 )	(6.77 )	(2.02 )	—
Year Ended February 28, 2022	59.42	1.86	(0.88 )	0.98	(1.86 )	—
Year Ended February 28, 2021	61.64	1.86	(2.22 )	(0.36 )	(1.81 )	(0.05 )
Year Ended February 29, 2020	56.17	1.81	5.48	7.29	(1.76 )	(0.05 )
November 1, 2018 through February 28, 2019	54.41	0.72	1.71	2.43	(0.67 )	—
Year Ended February 28, 2019	55.71	1.91	0.41	2.33	(1.86 )	—
JPMorgan Inflation Managed Bond ETF (i)
Six Months Ended August 31, 2023 (Unaudited)	46.29	0.97	(0.46 )	0.51	(0.87 )	—
Year Ended February 28, 2023	51.43	1.63	(5.05 )	(3.42 )	(1.58 )	(0.14 )
Year Ended February 28, 2022	50.58	1.27	0.85	2.12	(1.27 )	—
Year Ended February 28, 2021	49.26	0.94	1.32	2.26	(0.94 )	—
Year Ended February 29, 2020	47.33	1.27	1.93	3.20	(1.27 )	—
Year Ended February 28, 2019	47.85	1.18	(0.52 )	0.66	(1.18 )	—


(a)	Per share amounts reflect the conversion of the JPMorgan High Yield Municipal Fund into the JPMorgan High Yield Municipal ETF as of the close of business on July 14, 2023 and the conversion of the JPMorgan Inflation Managed Bond Fund into the JPMorgan Inflation Managed Bond ETF as of the close of business on April 8, 2022. See Note 1.
(b)	Annualized for periods less than one year, unless otherwise noted.
(c)	Calculated based upon average shares outstanding.
(d)	Not annualized for periods less than one year.
(e)	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.
(f)	JPMorgan High Yield Municipal ETF acquired all of the assets and liabilities of the JPMorgan High Yield Municipal Fund (“Predecessor Fund”) in a reorganization that occurred as of the close of business on July 14, 2023. Market price returns are calculated using the official closing price of the JPMorgan High Yield Municipal ETF on the listing exchange as of the time that the JPMorgan High Yield Municipal ETF's NAV is calculated. Prior to the JPMorgan High Yield Municipal ETF's listing on July 17, 2023, the NAV performance of the Class I and Class R6 Shares of the Predecessor Fund are used as proxy market price returns.
(g)	JPMorgan Inflation Managed Bond ETF acquired all of the assets and liabilities of the JPMorgan Inflation Managed Bond Fund (“Predecessor Fund”) in a reorganization that occurred as of the close of business on April 8, 2022. Market price returns are calculated using the official closing price of the JPMorgan Inflation Managed Bond ETF on the listing exchange as of the time that the JPMorgan Inflation Managed Bond ETF's NAV is calculated. Prior to the JPMorgan Inflation Managed Bond ETF's listing on April, 11, 2022, the NAV performance of the Class R6 Shares of the Predecessor Fund are used as proxy market price returns.
(h)	JPMorgan High Yield Municipal ETF (the “Fund”) acquired all of the assets and liabilities of the JPMorgan High Yield Municipal Fund (“Predecessor Fund”) in a reorganization that occurred as of the close of business on July 14, 2023. Performance and financial history of the Predecessor Fund’s Class R6 Shares have been adopted by the Fund and will be used going forward. As a result, the financial highlight information reflects that of the Predecessor Fund’s Class R6 Shares for the period November 1, 2018 ("Predecessor Fund's Class R6 Shares inception date") up through the reorganization and the Predecessor Fund's Class I Shares for the period March 1, 2018 through February 28, 2019.
(i)	JPMorgan Inflation Managed Bond ETF (the “Fund”) acquired all of the assets and liabilities of the JPMorgan Inflation Managed Bond Fund (“Predecessor Fund”) in a reorganization that occurred as of the close of business on April 8, 2022. Performance and financial history of the Predecessor Fund’s Class R6 Shares have been adopted by the Fund and will be used going forward. As a result, the financial highlight information reflects that of the Predecessor Fund’s Class R6 Shares for the period March 1, 2018 up through the reorganization.

SEE NOTES TO FINANCIAL STATEMENTS.

J.P. Morgan Exchange-Traded Funds

August 31, 2023

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

$(0.82 )	$49.03	$48.78	0.17 %	(0.34 )%	$220,649,324	0.37 %	4.36 %	0.55 %	35 %
(2.02 )	49.76	49.76	(11.62 )	(11.62 )	13,436,450	0.45	3.82	0.52	21
(1.86 )	58.54	58.54	1.60	1.60	20,315,531	0.45	3.07	0.51	24
(1.86 )	59.42	59.42	(0.41 )	(0.41 )	21,168,811	0.45	3.16	0.51	39
(1.81 )	61.64	61.64	13.12	13.12	6,060,120	0.44	3.01	0.56	18
(0.67 )	56.17	56.17	4.46	4.46	1,337,989	0.39	4.09	1.23	130
(1.86 )	56.17	56.17	4.29	4.29	95,662,383	0.54	3.45	0.97	130

(0.87 )	45.93	45.59	1.09	0.19	486,535,910	0.25	4.15	0.40	7
(1.72 )	46.29	46.36	(6.73 )	(6.59 )	904,606,857	0.26	3.38	0.41	107
(1.27 )	51.43	51.43	4.23	4.23	897,545,065	0.34	2.49	0.39	159
(0.94 )	50.58	50.58	4.70	4.70	1,172,320,983	0.34	1.93	0.38	89
(1.27 )	49.26	49.26	6.84	6.84	1,169,195,274	0.42	2.62	0.44	146
(1.18 )	47.33	47.33	1.41	1.41	859,081,298	0.47	2.46	0.47	74

SEE NOTES TO FINANCIAL STATEMENTS.

August 31, 2023

J.P. Morgan Exchange-Traded Funds

FINANCIAL HIGHLIGHTS
FOR THE PERIODS INDICATED (continued)

	Per share operating performance (a)
		Investment operations			Distributions
	Net asset value beginning of period	Net investment income (loss)(c)	Net realized and unrealized gains (losses) on investments	Total from investment operations	Net investment income	Net realized gain
JPMorgan Limited Duration Bond ETF (h)
Six Months Ended August 31, 2023 (Unaudited)	$50.00	$1.00	$0.10	$1.10	$(0.88 )	$—
Year Ended February 28, 2023	51.60	1.19	(1.60 )	(0.41 )	(1.19 )	—
Year Ended February 28, 2022	52.68	0.57	(1.08 )	(0.52 )	(0.57 )	—
Year Ended February 28, 2021	52.63	0.83	0.05	0.88	(0.83 )	—
Year Ended February 29, 2020	51.70	1.39	0.93	2.32	(1.39 )	—
Year Ended February 28, 2019	51.60	1.34	0.10	1.45	(1.34 )	—
JPMorgan Realty Income ETF (j)
Six Months Ended August 31, 2023 (Unaudited)	43.19	0.62	(1.09 )	(0.47 )	(0.74 )	—
Year Ended February 28, 2023	62.71	0.98 (k)	(9.14 )	(8.16 )	(0.76 )	(10.60 )
Year Ended February 28, 2022	54.76	0.64	13.05	13.69	(0.80 )	(4.94 )
Year Ended February 28, 2021	54.40	0.84	1.89	2.73	(0.72 )	(1.65 )
Year Ended February 29, 2020	54.92	1.12	3.53	4.65	(1.20 )	(3.97 )
September 1, 2018 through (l) February 28, 2019	54.44	0.52	0.60	1.12	(0.64 )	—
Year Ended August 31, 2018	53.24	1.20	1.24	2.44	(1.24 )	—


(a)	Per share amounts reflect the conversion of the JPMorgan Limited Duration Bond Fund into the JPMorgan Limited Duration Bond ETF as of the close of business on July 28, 2023 and the conversion of the JPMorgan Realty Income Fund into the JPMorgan Realty Income ETF as of the close of business on May 20, 2022. See Note 1.
(b)	Annualized for periods less than one year, unless otherwise noted.
(c)	Calculated based upon average shares outstanding.
(d)	Not annualized for periods less than one year.
(e)	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.
(f)	JPMorgan Limited Duration Bond ETF acquired all of the assets and liabilities of the JPMorgan Limited Duration Bond Fund (“Predecessor Fund”) in a reorganization that occurred as of the close of business on July 28, 2023. Market price returns are calculated using the official closing price of the JPMorgan Limited Duration Bond ETF on the listing exchange as of the time that the JPMorgan Limited Duration Bond ETF's NAV is calculated. Prior to the JPMorgan Limited Duration Bond ETF's listing on July 31, 2023, the NAV performance of the Class R6 Shares of the Predecessor Fund are used as proxy market price returns.
(g)	JPMorgan Realty Income ETF acquired all of the assets and liabilities of the JPMorgan Realty Income Fund (“Predecessor Fund”) in a reorganization that occurred as of the close of business on May 20, 2022. Market price returns are calculated using the official closing price of the JPMorgan Realty Income ETF on the listing exchange as of the time that the JPMorgan Realty Income ETF's NAV is calculated. Prior to the JPMorgan Realty Income ETF's listing on May 23, 2022, the NAV performance of the Class R6 Shares of the Predecessor Fund are used as proxy market price returns.
(h)	JPMorgan Limited Duration Bond ETF (the “Fund”) acquired all of the assets and liabilities of the JPMorgan Limited Duration Bond Fund (“Predecessor Fund”) in a reorganization that occurred as of the close of business on July 28, 2023. Performance and financial history of the Predecessor Fund’s Class R6 Shares have been adopted by the Fund and will be used going forward. As a result, the financial highlight information reflects that of the Predecessor Fund’s Class R6 Shares for the period March 1, 2018 up through the reorganization.
(i)	Includes interest expense, if applicable, which is less than 0.005% unless otherwise noted.
(j)	JPMorgan Realty Income ETF (the “Fund”) acquired all of the assets and liabilities of the JPMorgan Realty Income Fund (“Predecessor Fund”) in a reorganization that occurred as of the close of business on May 20, 2022. Performance and financial history of the Predecessor Fund’s Class R6 Shares have been adopted by the Fund and will be used going forward. As a result, the financial highlight information reflects that of the Predecessor Fund’s Class R6 Shares for the period September 1, 2018 up through the reorganization.
(k)	Reflects special dividends paid out during the period by several of the Fund’s holdings. Had the Fund not received the special dividends, the net investment income (loss) per share would have been $0.81 and the net investment income (loss) ratio would have been 1.59%,
(l)	The Fund changed its fiscal year end from August 31st to the last day of February.

SEE NOTES TO FINANCIAL STATEMENTS.

J.P. Morgan Exchange-Traded Funds

August 31, 2023

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

$(0.88 )	$50.22	$50.12	2.23 %	2.03 %	$826,346,989	0.23 %(i)	3.98 %	0.32 %	3 %
(1.19 )	50.00	50.00	(0.74 )	(0.74 )	716,175,584	0.23 (i)	2.41	0.31	26
(0.57 )	51.60	51.60	(0.95 )	(0.95 )	821,093,668	0.24 (i)	1.10	0.30	24
(0.83 )	52.68	52.68	1.70	1.70	859,503,428	0.23 (i)	1.55	0.30	35
(1.39 )	52.63	52.63	4.53	4.53	743,296,676	0.24 (i)	2.63	0.35	27
(1.34 )	51.70	51.70	2.79	2.79	652,842,882	0.23 (i)	2.58	0.37	28

(0.74 )	41.98	41.98	(1.04 )	(1.18 )	335,759,488	0.50	2.97	0.73	53
(11.36 )	43.19	43.25	(13.43 )	(13.31 )	509,554,235	0.55	1.93 (k)	0.72	84
(5.74 )	62.71	62.71	24.69	24.69	1,450,453,154	0.68	0.98	0.70	59
(2.37 )	54.76	54.76	5.38	5.38	1,663,701,422	0.68	1.67	0.70	90
(5.17 )	54.40	54.40	8.23	8.23	1,289,280,883	0.68	1.92	0.76	71
(0.64 )	54.92	54.92	2.13	2.13	2,238,096,452	0.67	1.99	0.85	50
(1.24 )	54.44	54.44	4.79	4.79	2,325,640,388	0.68	2.34	0.85	107

SEE NOTES TO FINANCIAL STATEMENTS.

August 31, 2023

J.P. Morgan Exchange-Traded Funds

FINANCIAL HIGHLIGHTS
FOR THE PERIODS INDICATED (continued)

	Per share operating performance (a)
		Investment operations			Distributions
	Net asset value beginning of period	Net investment income (loss)(c)	Net realized and unrealized gains (losses) on investments	Total from investment operations	Net investment income	Net realized gain
JPMorgan Sustainable Municipal Income ETF (g)
Six Months Ended August 31, 2023 (Unaudited)	$49.56	$0.84	$(0.23 )	$0.61	$(0.63 )	$—
Year Ended February 28, 2023	53.82	1.35	(4.21 )	(2.86 )	(1.40 )	—
Year Ended February 28, 2022	55.45	1.18	(1.63 )	(0.45 )	(1.18 )	—
Year Ended February 28, 2021	55.79	1.12	(0.34 )	0.79	(1.12 )	—
Year Ended February 29, 2020	53.20	1.29	2.58	3.87	(1.29 )	—
Year Ended February 28, 2019	53.04	1.40	0.45	1.85	(1.40 )	(0.28 )


(a)	Per share amounts reflect the conversion of the JPMorgan Sustainable Municipal Income Fund into the JPMorgan Sustainable Municipal Income ETF as of the close of business on July 14, 2023. See Note 1.
(b)	Annualized for periods less than one year, unless otherwise noted.
(c)	Calculated based upon average shares outstanding.
(d)	Not annualized for periods less than one year.
(e)	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.
(f)	JPMorgan Sustainable Municipal Income ETF acquired all of the assets and liabilities of the JPMorgan Sustainable Municipal Income Fund (“Predecessor Fund”) in a reorganization that occurred as of the close of business on July 14, 2023. Market price returns are calculated using the official closing price of the JPMorgan Sustainable Municipal Income ETF on the listing exchange as of the time that the JPMorgan Sustainable Municipal Income ETF's NAV is calculated. Prior to the JPMorgan Sustainable Municipal Income ETF's listing on July 17, 2023, the NAV performance of the Class R6 Shares of the Predecessor Fund are used as proxy market price returns.
(g)	JPMorgan Sustainable Municipal Income ETF (the “Fund”) acquired all of the assets and liabilities of the JPMorgan Sustainable Municipal Income Fund (“Predecessor Fund”) in a reorganization that occurred as of the close of business on July 14, 2023. Performance and financial history of the Predecessor Fund’s Class R6 Shares have been adopted by the Fund and will be used going forward. As a result, the financial highlight information reflects that of the Predecessor Fund’s Class R6 Shares for the period March 1, 2018 up through the reorganization.

SEE NOTES TO FINANCIAL STATEMENTS.

J.P. Morgan Exchange-Traded Funds

August 31, 2023

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

	Diversification Classification
JPMorgan High Yield Municipal ETF	Diversified
JPMorgan Inflation Managed Bond ETF	Diversified
JPMorgan Limited Duration Bond ETF	Diversified
JPMorgan Realty Income ETF	Non-Diversified
JPMorgan Sustainable Municipal Income ETF	Diversified

Pursuant to an Agreement and Plan of Reorganization and Liquidation previously approved by the Board of Trustees of the applicable mutual fund trust, the following mutual funds (each, an “Acquired Fund” and collectively the “Acquired Funds”) were each reorganized into a newly created exchange-traded fund (each, a “Reorganization”) as of the close of business on the dates noted below (each, a “Closing Date”):

Acquired Fund	Fund	Closing Date
JPMorgan High Yield Municipal Fund	JPMorgan High Yield Municipal ETF	July 14, 2023
JPMorgan Inflation Managed Bond Fund	JPMorgan Inflation Managed Bond ETF	April 8, 2022
JPMorgan Limited Duration Bond Fund	JPMorgan Limited Duration Bond ETF	July 28, 2023
JPMorgan Realty Income Fund	JPMorgan Realty Income ETF	May 20, 2022
JPMorgan Sustainable Municipal Income Fund	JPMorgan Sustainable Municipal Income ETF	July 14, 2023

Following its Reorganization, each Acquired Fund’s performance (Class R6 Shares) and financial history were adopted by the new Fund. In connection with each Reorganization, each shareholder of an Acquired Fund (except as noted below) received shares of the surviving Fund equal in value to the number of shares of the Acquired Fund they owned on the Closing Date, including a cash payment in lieu of fractional shares of the Fund, which cash payment might have been taxable. Shareholders of an Acquired Fund who did not hold their shares through a brokerage account that could accept shares of the Fund on the Closing Date had their Acquired Funds shares liquidated, and such shareholders received cash equal in value to their Acquired Funds shares, which cash payment might have been taxable. Shareholders of an Acquired Fund who held their shares through a fund direct individual retirement account and did not take action prior to the applicable Reorganization had their Acquired Fund shares exchanged for Morgan Shares of the JPMorgan U.S. Government Money Market Fund equal in value to their Acquired Fund shares. Each Fund has the same investment adviser, investment objective and fundamental investment policies and substantially similar investment strategies as its Acquired Fund. Effective as of the close of business on its Closing Date, each Acquired Fund ceased operations in connection with the consummation of its Reorganization.

Costs incurred by the Funds and the Acquired Funds associated with each Reorganization (including the legal costs associated with each Reorganization) were borne by the Adviser by waiving fees or reimbursing expenses to offset the costs incurred by each Fund or Acquired Fund associated with each Reorganization, including any brokerage fees and expenses incurred by the Fund or Acquired Fund related to the disposition and acquisition of assets as part of each Reorganization. Brokerage fees and expenses related to the disposition and acquisition of assets (including any disposition to raise cash to pay redemption proceeds) that were incurred in the ordinary course of business were borne by the Funds and the Acquired Funds. The management fee of each Fund is the same as the management fee of the corresponding Acquired Fund. The total annual fund operating expenses of each Fund is expected to be lower than the net expenses of each share class of the Acquired Fund after taking into consideration the expense limitation agreement the Adviser has entered into with JPMorgan Inflation Managed Bond ETF and JPMorgan Realty Income ETF for a term ending on June 30, 2025 and with JPMorgan High Yield Municipal ETF, JPMorgan Limited Duration Bond ETF and JPMorgan Sustainable Municipal Income ETF for a term ending July 31, 2026. Each Reorganization did not result in the material change to either Acquired Fund’s portfolio holdings. There are no material differences in accounting policies of the Acquired Funds as compared to those of the Funds. Each Fund did not purchase or sell securities following its Reorganization for purposes of realigning its investment portfolio. Accordingly, each Reorganization of an Acquired Fund did not affect the corresponding Fund’s portfolio turnover ratios for the year ended February 28, 2023 for JPMorgan Inflation Managed Bond ETF and JPMorgan Realty Income ETF and for the six months ended August 31, 2023 for JPMorgan High Yield Municipal ETF, JPMorgan Limited Duration Bond ETF and JPMorgan Sustainable Municipal Income ETF.

The investment objective of JPMorgan High Yield Municipal ETF ("High Yield Municipal ETF") is to seek a high level of current income exempt from federal income taxes.

The investment objective of JPMorgan Inflation Managed Bond ETF ("Inflation Managed Bond ETF") is to seek to maximize inflation protected total return.

The investment objective of JPMorgan Limited Duration Bond ETF ("Limited Duration Bond ETF") is to seek a high level of current income consistent with low volatility of principal.

J.P. Morgan Exchange-Traded Funds

August 31, 2023

The investment objective of JPMorgan Realty Income ETF ("Realty Income ETF") is to seek to provide high total investment return through a combination of capital appreciation and current income.

The investment objective of JPMorgan Sustainable Municipal Income ETF ("Sustainable Municipal Income ETF") is to seek a current income exempt from federal income taxes.

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.

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

	Listing Exchange
High Yield Municipal ETF	NYSE Arca
Inflation Managed Bond ETF	Cboe BZX Exchange, Inc.
Limited Duration Bond ETF	Cboe BZX Exchange, Inc.
Realty Income ETF	NYSE Arca
Sustainable Municipal Income 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.

A market-based approach is primarily used to value the Funds' investments. Investments for which market quotations are not readily available are fair valued using prices supplied by approved affiliated and/or unaffiliated pricing vendors or third party broker-dealers (collectively referred to as “Pricing Services”) or may be internally fair valued using methods set forth by the valuation policies approved by the Boards. This may include the use of related or comparable assets or liabilities, recent transactions, market multiples, book values and other relevant information for the investment. An income-based valuation approach may be used in which the anticipated future cash flows of the investment are discounted to calculate the fair value. Discounts may also be applied due to the nature or duration of any restrictions on the disposition of the investments. Valuations may be based upon current market prices of securities that are comparable in coupon, rating, maturity and industry. It is possible that the estimated values may differ significantly from the values that would have been used had a ready market for the investments existed, and such differences could be material.

August 31, 2023

J.P. Morgan Exchange-Traded Funds

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

Fixed income instruments are valued based on prices received from 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.

Equities and other exchange-traded instruments are valued at the last sale price or official market closing price on the primary exchange on which the instrument is traded before the NAVs of the Funds are calculated on a valuation date.

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

Futures contracts are generally valued on the basis of available market quotations. Swaps are valued utilizing market quotations from approved Pricing Services.

See the table on “Quantitative Information about Level 3 Fair Value Measurements” for information on the valuation techniques and inputs used to value level 3 securities held by Inflation Managed Bond ETF and Limited Duration Bond ETF at August 31, 2023.

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.

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"):

High Yield Municipal ETF
	Level 1 Quoted prices	Level 2 Other significant observable inputs	Level 3 Significant unobservable inputs	Total
Investments in Securities
Municipal Bonds	$—	$190,268,944	$—	$190,268,944
Short-Term Investments
Investment Companies	35,111,891	—	—	35,111,891
Total Investments in Securities	$35,111,891	$190,268,944	$—	$225,380,835
Depreciation in Other Financial Instruments
Swaps	$—	$(95,858 )	$—	$(95,858 )

Inflation Managed Bond ETF
	Level 1 Quoted prices	Level 2 Other significant observable inputs	Level 3 Significant unobservable inputs	Total
Investments in Securities
Asset-Backed Securities	$—	$74,546,565	$1,856,584	$76,403,149
Collateralized Mortgage Obligations	—	46,983,098	244	46,983,342
Commercial Mortgage-Backed Securities	—	41,316,626	1,494,791	42,811,417
Corporate Bonds	—	126,996,572	—	126,996,572
Foreign Government Securities	—	1,618,943	—	1,618,943
Mortgage-Backed Securities	—	86,391,815	—	86,391,815
U.S. Government Agency Securities	—	10,686,878	—	10,686,878

J.P. Morgan Exchange-Traded Funds

August 31, 2023

Inflation Managed Bond ETF (continued)
	Level 1 Quoted prices	Level 2 Other significant observable inputs	Level 3 Significant unobservable inputs	Total
U.S. Treasury Obligations	$—	$86,632,110	$—	$86,632,110
Short-Term Investments
Investment Companies	6,085,646	—	—	6,085,646
Total Investments in Securities	$6,085,646	$475,172,607	$3,351,619	$484,609,872
Appreciation in Other Financial Instruments
Futures Contracts	$1,008,660	$—	$—	$1,008,660
Swaps	—	124,306	—	124,306
Depreciation in Other Financial Instruments
Futures Contracts	(116,387 )	—	—	(116,387 )
Swaps	—	(1,405,732 )	—	(1,405,732 )
Total Net Appreciation/ Depreciation in Other Financial Instruments	$892,273	$(1,281,426 )	$—	$(389,153 )

Limited Duration Bond ETF
	Level 1 Quoted prices	Level 2 Other significant observable inputs	Level 3 Significant unobservable inputs	Total
Investments in Securities
Asset-Backed Securities	$—	$310,331,626	$17,823,428	$328,155,054
Collateralized Mortgage Obligations	—	228,510,381	5,000,000	233,510,381
Commercial Mortgage-Backed Securities	—	74,196,819	—	74,196,819
Corporate Bonds	—	56,247,571	—	56,247,571
Mortgage-Backed Securities	—	76,890,858	—	76,890,858
Short-Term Investments
Investment Companies	63,436,642	—	—	63,436,642
Total Investments in Securities	$63,436,642	$746,177,255	$22,823,428	$832,437,325

Realty Income ETF
	Level 1 Quoted prices	Level 2 Other significant observable inputs	Level 3 Significant unobservable inputs	Total
Total Investments in Securities (a)	$338,523,809	$—	$—	$338,523,809


(a)	Please refer to the SOI for specifics of portfolio holdings.

Sustainable Municipal Income ETF
	Level 1 Quoted prices	Level 2 Other significant observable inputs	Level 3 Significant unobservable inputs	Total
Investments in Securities
Municipal Bonds	$—	$231,728,613	$—	$231,728,613
Short-Term Investments
Investment Companies	2,684,754	—	—	2,684,754
Total Investments in Securities	$2,684,754	$231,728,613	$—	$234,413,367
Depreciation in Other Financial Instruments
Swaps	$—	$(155,108 )	$—	$(155,108 )

August 31, 2023

J.P. Morgan Exchange-Traded Funds

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

The following is a summary of investments for which significant unobservable inputs (level 3) were used in determining fair value:

Inflation Managed Bond ETF	Balance as of February 28, 2023	Realized gain (loss)	Change in net unrealized appreciation (depreciation)	Net accretion (amortization)	Purchases1	Sales2	Transfers into Level 3	Transfers out of Level 3	Balance as of August 31, 2023
Investments in Securities:
Asset-Backed Securities	$1,279,429	$—	$(3,903 )	$702	$999,995	$(419,639 )	$—	$—	$1,856,584
Collateralized Mortgage Obligations	935,153	—	—	—	—	—	—	(934,909 )	244
Commercial Mortgage-Backed Securities	1,508,498	—	(12,656 )	(1,051 )	—	—	—	—	1,494,791
Total	$3,723,080	$—	$(16,559 )	$(349 )	$999,995	$(419,639 )	$—	$(934,909 )	$3,351,619


1	Purchases include all purchases of securities and securities received in corporate actions.
2	Sales include all sales of securities, maturities, paydowns and securities tendered in corporate actions.

The changes in net unrealized appreciation (depreciation) attributable to securities owned at August 31, 2023, which were valued using significant unobservable inputs (level 3), amounted to $(16,559). This amount is included in Change in net unrealized appreciation/depreciation on investments in non-affiliates on the Statements of Operations.

There were no significant transfers into or out of level 3 for the six months ended August 31, 2023.

Limited Duration Bond ETF1	Balance as of February 28, 2023	Realized gain (loss)	Change in net unrealized appreciation (depreciation)	Net accretion (amortization)	Purchases2	Sales3	Transfers into Level 3	Transfers out of Level 3	Balance as of August 31, 2023
Investments in Securities:
Asset-Backed Securities	$18,725,809	$—	$(22,081 )	$5,902	$3,999,978	$(4,886,180 )	$—	$18,725,809	$17,823,428
Collateralized Mortgage Obligations	—	—	—	—	5,000,000	—	—	—	5,000,000
Total	$18,725,809	$—	$(22,081 )	$5,902	$8,999,978	$(4,886,180 )	$—	$18,725,809	$22,823,428


1	As of the close of business on July 28, 2023, JPMorgan Limited Duration Bond Fund (the “Acquired Fund”), a series of Trust II Funds, reorganized (the “Reorganization”) into a newly created exchange-traded fund, JPMorgan Limited Duration Bond ETF (the “Fund”). Following the Reorganization, the Acquired Fund’s performance and financial history were adopted by the Fund. The table includes transactions from the Acquired Fund for the period March 1, 2023 through July 28, 2023.
2	Purchases include all purchases of securities and securities received in corporate actions.
3	Sales include all sales of securities, maturities, paydowns and securities tendered in corporate actions.

J.P. Morgan Exchange-Traded Funds

August 31, 2023

The changes in net unrealized appreciation (depreciation) attributable to securities owned at August 31, 2023, which were valued using significant unobservable inputs (level 3), amounted to $(53,581). This amount is included in Change in net unrealized appreciation/depreciation on investments in non-affiliates on the Statements of Operations.

Inflation
Managed
Bond ETF

Quantitative Information about Level 3 Fair Value Measurements #

	Fair Value at August 31, 2023	Valuation Technique(s)	Unobservable Input	Range (Weighted Average) (a)
	$1,137,299	Discounted Cash Flow	Constant Prepayment Rate	0.00% - 10.00% (0.96%)
			Yield (Discount Rate of Cash Flows)	6.49% - 7.68% (6.70%)

Asset-Backed Securities	1,137,299
Total	$1,137,299

#	The table above does not include certain level 3 investments that are valued by brokers and Pricing Services. At August 31, 2023, the value ofthese investments was $2,214,320. The inputs for these investments are not readily available or cannot be reasonably estimated and are generallythose inputs described in Note 2.A.
(a)	Unobservable inputs were weighted by the relative fair value of the instruments.

Limited
Duration Bond ETF

Quantitative Information about Level 3 Fair Value Measurements #

	Fair Value at August 31, 2023	Valuation Technique(s)	Unobservable Input	Range (Weighted Average) (a)
	$14,946,285	Discounted Cash Flow	Constant Prepayment Rate	0.00% - 12.00% (4.01%)
			Yield (Discount Rate of Cash Flows)	6.49% - 8.20% (7.14%)

Asset-Backed Securities	14,946,285
Total	$14,946,285

#	The table above does not include certain level 3 investments that are valued by brokers and Pricing Services. At August 31, 2023, the value ofthese investments was $7,877,143. The inputs for these investments are not readily available or cannot be reasonably estimated and are generallythose inputs described in Note 2.A.
(a)	Unobservable inputs were weighted by the relative fair value of the instruments.

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.

August 31, 2023

J.P. Morgan Exchange-Traded Funds

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

C. When-Issued Securities, Delayed Delivery Securities and Forward Commitments — High Yield Municipal ETF, Limited Duration Bond ETF and Sustainable Municipal Income 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.

High Yield Municipal ETF, Limited Duration Bond ETF and Sustainable Municipal Income 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.

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)
Realty Income ETF	$5,897,227	$(5,897,227 )	$—


*	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.

J.P. Morgan Exchange-Traded Funds

August 31, 2023

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:

Realty Income ETF

$689

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).

High Yield Municipal ETF, Inflation Managed Bond ETF, Limited Duration Bond ETF and Sustainable Municipal Income ETF did not lend out any securities during the six months ended August 31, 2023.

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.

High Yield Municipal 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 Institutional Tax Free Money Market Fund Class IM Shares, 3.71% (a) (b)	$—	$38,161,125	$38,160,409	$(716 )	$—	$—	—	$15,746	$—
JPMorgan Institutional Tax Free Money Market Fund Class Institutional Shares, 3.66% (a) (b)	—	91,073,730	55,958,848	(2,991 )	—	35,111,891	35,105,985	140,498	—
Total	$—	$129,234,855	$94,119,257	$(3,707 )	$—	$35,111,891		$156,244	$—


(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.
*	As of the close of business on July 14, 2023, JPMorgan High Yield Municipal Fund (the "Acquired Fund"), a series of Trust I Funds, reorganized ("the Reorganization") into a newly created exchange-traded fund, JPMorgan High Yield Municipal ETF (the "Fund"). Following the Reorganization, the Acquired Fund's performance and financial history were adopted by the Fund. The table includes transactions from the Acquired Fund for the period March 1, 2023 through July 14, 2023.

Inflation Managed 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 Prime Money Market Fund Class IM Shares, 5.46% (a) (b)	$16,176,982	$228,563,703	$238,653,586	$330	$(1,783 )	$6,085,646	6,083,821	$378,956	$—


(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.

August 31, 2023

J.P. Morgan Exchange-Traded Funds

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

Limited Duration 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 Prime Money Market Fund Class IM Shares, 5.46% (a) (b)	$—	$77,765,640	$14,333,699	$—	$4,701	$63,436,642	63,417,617	$272,159	$—
JPMorgan Prime Money Market Fund Class Institutional Shares, 5.38% (a) (b)	98,193,083	216,149,340	314,319,032	13,438	(36,829 )	—	—	1,660,612	—
Total	$98,193,083	$293,914,980	$328,652,731	$13,438	$(32,128 )	$63,436,642		$1,932,771	$—


(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.
*	As of the close of business on July 28, 2023, JPMorgan Limited Duration Bond Fund (the "Acquired Fund"), a series of Trust II Funds, reorganized ("the Reorganization") into a newly created exchange-traded fund, JPMorgan Limited Duration Bond ETF (the "Fund"). Following the Reorganization, the Acquired Fund's performance and financial history were adopted by the Fund. The table includes transactions from the Acquired Fund for the period March 1, 2023 through July 28, 2023.

Realty Income 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 Prime Money Market Fund Class IM Shares, 5.46% (a) (b)	$21,218,437	$72,025,472	$84,871,501	$(2,072 )	$1,282	$8,371,618	8,369,108	$318,549	$—
JPMorgan Securities Lending Money Market Fund Agency SL Class Shares, 5.50% (a) (b)	—	63,000,000	59,000,000	3,600 *	—	4,003,600	4,002,799	154,798 *	—
JPMorgan U.S. Government Money Market Fund Class IM Shares, 5.27% (a) (b)	—	32,849,682	30,814,475	—	—	2,035,207	2,035,207	25,571 *	—
Total	$21,218,437	$167,875,154	$174,685,976	$1,528	$1,282	$14,410,425		$498,918	$—


(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).

Sustainable Municipal Income 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 Institutional Tax Free Money Market Fund Class IM Shares, 3.71% (a) (b)	$10,265,129	$52,880,774	$60,462,987	$1,753	$85	$2,684,754	2,684,485	$112,072	$—


(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.

100

J.P. Morgan Exchange-Traded Funds

August 31, 2023

(b)

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

As of the close of business on July 14, 2023, JPMorgan Sustainable Municipal Income Fund (the "Acquired Fund"), a series of Trust II Funds,

reorganized ("the Reorganization") into a newly created exchange-traded fund, JPMorgan Sustainable Municipal Income ETF (the "Fund").

Following the Reorganization, the Acquired Fund's performance and financial history were adopted by the Fund. The table includes transactions

from the Acquired Fund for the period March 1, 2023 through July 14, 2023.

F. Derivatives — High Yield Municipal ETF, Inflation Managed Bond ETF and Sustainable Municipal Income ETF used derivative instruments including futures contracts and swaps, in connection with its investment strategy. Derivative instruments may be used as substitutes for securities in which the Funds can invest, to hedge portfolio investments or to generate income or gain to the Funds. Derivatives may also be used to manage duration, sector and yield curve exposures and credit and spread volatility.

The Funds may be subject to various risks from the use of derivatives, including the risk that changes in the value of a derivative may not correlate perfectly with the underlying asset, rate or index; counterparty credit risk related to derivatives counterparties’ failure to perform under contract terms; liquidity risk related to the potential lack of a liquid market for these contracts allowing the Funds to close out its position(s); and documentation risk relating to disagreement over contract terms. Investing in certain derivatives also results in a form of leverage and as such, the Funds' risk of loss associated with these instruments may exceed their value, as recorded on the Statement of Assets and Liabilities.

The Funds are party to various derivative contracts governed by International Swaps and Derivatives Association master agreements (“ISDA agreements”). The Funds' ISDA agreements, which are separately negotiated with each dealer counterparty, may contain provisions allowing, absent other considerations, a counterparty to exercise rights, to the extent not otherwise waived, against the Funds in the event the Funds' net assets decline over time by a pre-determined percentage or fall below a pre-determined floor. The ISDA agreements may also contain provisions allowing, absent other conditions, the Funds to exercise rights, to the extent not otherwise waived, against a counterparty (e.g., decline in a counterparty’s credit rating below a specified level). Such rights for both a counterparty and the Funds often include the ability to terminate (i.e., close out) open contracts at prices which may favor a counterparty, which could have an adverse effect on the Funds. The ISDA agreements give the Fund and a counterparty the right, upon an event of default, to close out all transactions traded under such agreements and to net amounts owed or due across all transactions and offset such net payable or receivable against collateral posted to a segregated account by one party for the benefit of the other.

Counterparty credit risk may be mitigated to the extent a counterparty posts additional collateral for mark to market gains to the Funds.

Notes F(1) - F(2) below describe the various derivatives used by the Funds.

(1) Futures Contracts— Inflation Managed Bond ETF used treasury futures contracts to manage and hedge interest rate risk associated with portfolio investments. The Fund also purchased futures contracts to invest incoming cash in the market or sold futures in response to cash outflows, thereby simulating an invested position in the underlying index while maintaining a cash balance for liquidity.

Futures contracts provide for the delayed delivery of the underlying instrument at a fixed price or are settled for a cash amount based on the change in the value of the underlying instrument at a specific date in the future. Upon entering into a futures contract, the Fund is required to deposit with the broker, cash or securities in an amount equal to a certain percentage of the contract amount, which is referred to as the initial margin deposit. Subsequent payments, referred to as variation margin, are made or received by the Fund periodically and are based on changes in the market value of open futures contracts. Changes in the market value of open futures contracts are recorded as Change in net unrealized appreciation/depreciation on futures contracts on the Statements of Operations. Realized gains or losses, representing the difference between the value of the contract at the time it was opened and the value at the time it was closed, are reported on the Statements of Operations at the closing or expiration of the futures contract. Securities deposited as initial margin are designated on the SOI, while cash deposited, which is considered restricted, is recorded on the Statements of Assets and Liabilities. A receivable from and/or a payable to brokers for the daily variation margin is also recorded on the Statements of Assets and Liabilities.

The use of futures contracts exposes the Fund to interest rate risk. The Fund may be subject to the risk that the change in the value of the futures contract may not correlate perfectly with the underlying instrument. Use of long futures contracts subjects the Fund to risk of loss in excess of the amounts shown on the Statements of Assets and Liabilities, up to the notional amount of the futures contracts. Use of short futures contracts subjects the Fund to unlimited risk of loss. The Fund may enter into futures contracts only on exchanges or boards of trade. The exchange or board of trade acts as the counterparty to each futures transaction; therefore, the Fund's credit risk is limited to failure of the exchange or board of trade. Under some circumstances, futures exchanges may establish daily limits on the amount that the price of a futures contract can vary from the previous day’s settlement price, which could effectively prevent liquidation of positions.

August 31, 2023

J.P. Morgan Exchange-Traded Funds

101

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

The Fund's futures contracts are not subject to master netting arrangements (the right to close out all transactions traded with a counterparty and net amounts owed or due across transactions).

(2) Swaps — High Yield Municipal ETF, Inflation Managed Bond ETF and Sustainable Municipal Income ETF engaged in various swap transactions, including total return basket swaps, to manage total return risks within its portfolio. The Funds also used swaps as alternatives to direct investments. Swap transactions are contracts negotiated over-the-counter (“OTC swaps”) between a fund and a counterparty or are centrally cleared (“centrally cleared swaps”) through a central clearinghouse managed by a Futures Commission Merchant (“FCM”) that exchange investment cash flows, assets, foreign currencies or market-linked returns at specified, future intervals.

Upfront payments made and/or received by the Fund are recorded as assets or liabilities, respectively, on the Statements of Assets and Liabilities and amortized over the term of the swap. The value of an OTC swap agreement is recorded as either an asset or a liability on the Statements of Assets and Liabilities at the beginning of the measurement period. Upon entering into a centrally cleared swap, the Fund is required to deposit with the FCM cash or securities, which is referred to as initial margin deposit. Securities deposited as initial margin are designated on the Schedule of Portfolio Investments, while cash deposited, which is considered restricted, is recorded on the Statements of Assets and Liabilities. Daily changes in valuation of centrally cleared swaps, if any, are recorded as a variation margin receivable or payable on the Statements of Assets and Liabilities. The change in the value of swaps, including accruals of periodic amounts of interest to be paid or received on swaps, is reported as Change in net unrealized appreciation/depreciation on swaps on the Statements of Operations. A realized gain or loss is recorded upon payment or receipt of a periodic payment or payment made upon termination of a swap agreement.

The central clearinghouse acts as the counterparty to each centrally cleared swap transaction; therefore credit risk is limited to the failure of the clearinghouse.

Credit Default Swaps

High Yield Municipal ETF, Inflation Managed Bond ETF and Sustainable Municipal Income ETF entered into credit default swaps to simulate long and/or short bond positions or to take an active long and/or short position with respect to the likelihood of a default or credit event by the issuer of the underlying reference obligation.

The underlying reference obligation may be a single issuer of corporate or sovereign debt, a basket of issuers or a credit index. A credit index is a list of credit instruments or exposures that reference a fixed number of obligors with shared characteristics that represents some part of the credit market as a whole. Index credit default swaps have standardized terms including a fixed spread and standard maturity dates. The composition of the obligations within a particular index changes periodically.

Credit default swaps involve one party, the protection buyer, making a stream of payments to another party, the protection seller, in exchange for the right to receive a contingent payment if there is a credit event related to the underlying reference obligation. In the event that the reference obligation matures prior to the termination date of the contract, a similar security will be substituted for the duration of the contract term. Credit events are defined under individual swap agreements and generally include bankruptcy, failure to pay, restructuring, repudiation/moratorium, obligation acceleration and obligation default.

If a credit event occurs, the Funds, as protection sellers, would be obligated to make a payment, which may be either: (i) a net cash settlement equal to the notional amount of the swap less the auction value of the reference obligation or (ii) the notional amount of the swap in exchange for the delivery of the reference obligation. Selling protection effectively adds leverage to a Fund’s portfolio up to the notional amount of swap agreements. The notional amount represents the maximum potential liability under a contract and is not reflected on the Statements of Assets and Liabilities. Potential liabilities under these contracts may be reduced by: the auction rates of the underlying reference obligations; upfront payments received at the inception of a swap; and net amounts received from credit default swaps purchased with the identical reference obligation.

Inflation-Linked Swaps

102

J.P. Morgan Exchange-Traded Funds

August 31, 2023

Inflation Managed Bond ETF used inflation-linked swaps to provide inflation protection within its portfolio. These are agreements between counterparties to exchange interest payments based on interest rates over the life of the swap. One cash flow stream will typically be a floating rate payment based upon the Consumer Price Index upon while the other is a pre-determined fixed interest rate. The use of swaps exposes the Fund to interest rate risk.

(3) Summary of Derivatives Information —The following table presents the value of derivatives held as of August 31, 2023, by their primary underlying risk exposure and respective location on the Statements of Assets and Liabilities:

	High Yield Municipal ETF	Inflation Managed Bond ETF	Sustainable Municipal Income ETF
Interest Rate Risk Exposure:
Unrealized Appreciation on Futures Contracts *	$—	$1,008,660	$—
Swaps at Value (Assets) **	—	222,023	—
Unrealized Depreciation on Futures Contracts *	—	(116,387 )	—
Swaps at Value (Liabilities) **	—	(681,838 )	—
Credit Risk Exposure:
Swaps at Value (Liabilities) **	(250,313 )	(1,106,625 )	(405,031 )
Net Fair Value of Derivative Contracts:
Unrealized Appreciation (Depreciation) on Futures Contracts	—	892,273	—
Swaps at Value	(250,313 )	(1,566,440 )	(405,031 )


*	Includes cumulative appreciation/(depreciation) on futures contracts, if any, as reported on the SOIs. Only current day’s variation margin is reported within the Statements of Assets and Liabilities.
**	Includes the fair value of centrally cleared swap contracts as reported on the SOIs. Only current day’s variation margin is reported within the Statements of Assets and Liabilities.

The following tables present the effect of derivatives on the Statements of Operations for the six months ended August 31, 2023, by primary underlying risk exposure:

	High Yield Municipal ETF	Inflation Managed Bond ETF	Sustainable Municipal Income ETF
Realized Gain (Loss) on Derivatives Recognized as a Result From Operations:
Interest Rate Risk Exposure:
Futures Contracts	$—	$(1,787,288 )	$—
Swap Contracts	—	1,592,211	—
Credit Exposure Risk:
Swap Contracts	(1,005,251 )	(344,475 )	(810,109 )
Net Change in Unrealized Appreciation (Depreciation) on Derivatives Recognized as a Result of Operations:
Interest Rate Risk Exposure:
Futures Contracts	—	750,710	(537 )
Swap Contracts	—	(3,100,194 )	—
Credit Exposure Risk:
Swap Contracts	690,660	(433,492 )	508,033

August 31, 2023

J.P. Morgan Exchange-Traded Funds

103

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

Derivatives Volume

The table below discloses the volume of the Funds' futures contracts and swaps activity during the six months ended August 31, 2023. Please refer to the tables in the Summary of Derivatives Information for derivative-related gains and losses associated with volume activity:

	High Yield Municipal ETF	Inflation Managed Bond ETF	Sustainable Municipal Income ETF
Futures Contracts:
Average Notional Balance Long	$—	$218,632,284	$—
Average Notional Balance Short	—	(37,094,566 )	(408,991 )
Ending Notional Balance Long	—	151,909,086	—
Ending Notional Balance Short	—	(10,842,688 )	—
Interest Rate-Related Swaps (Inflation-Linked Swaps):
Average Notional Balance - Pays Fixed Rate	—	473,296,857	—
Ending Notional Balance - Pays Fixed Rate	—	364,681,000	—
Credit Default Swaps:
Average Notional Balance - Buy Protection	12,117,143	73,737,857	10,550,000
Ending Notional Balance - Buy Protection	6,520,000	63,167,000	10,550,000

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. Dividend income 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.

Inflation Managed Bond ETF invests in treasury inflation protected securities (TIPS). The principal amount of TIPS is adjusted periodically and is increased for inflation or decreased for deflation based on a monthly published index. These adjustments are recorded as increases or decreases to interest income on the Statements of Operations. Coupon payments are based on the adjusted principal at the time the interest is paid.

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. Allocation of Income and Expenses — Expenses directly attributable to the Funds are charged directly to the Funds, while the expenses attributable to more than one fund of the Trust are allocated among the applicable funds.

Transfer agency fees charged to the Acquired Funds were class-specific expenses. The amount of the transfer agency fees charged to each share class of the Acquired Funds for the period March 1, 2023 through Closing Date for JPMorgan High Yield Municipal ETF, JPMorgan Limited Duration Bond ETF and JPMorgan Sustainable Municipal Income ETF were as follows:

	Class A	Class C	Class I	ETF Shares	Total
High Yield Municipal ETF
Transfer agency fees	$1,739	$163	$703	$51	$2,656
Limited Duration Bond ETF
Transfer agency fees	5,050	175	1,170	3,934	10,329
Sustainable Municipal Income ETF
Transfer agency fees	810	75	607	210	1,702

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I. 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.

J. Distributions to Shareholders — Distributions from net investment income, if any, are generally declared and paid at least monthly for High Yield Municipal ETF, Inflation Managed Bond ETF, Limited Duration Bond ETF and Sustainable Municipal Income ETF, and at least quarterly for Realty Income ETF. 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. Investment Advisory Fee — Pursuant to an Investment Advisory Agreement, the Adviser manages the investments of each Fund and for such services is paid a fee. The investment advisory fee is accrued daily and paid monthly at an annual rate based on each Fund’s respective average daily net assets. The annual rate for each Fund is as follows:


High Yield Municipal ETF	0.35 %
Inflation Managed Bond ETF	0.28
Limited Duration Bond ETF	0.20
Realty Income ETF	0.60
Sustainable Municipal Income ETF	0.30

The Adviser waived investment advisory fees and/or reimbursed expenses as outlined in Note 3.G.

B. Administration Fee — Pursuant to an Administration Agreement, the Administrator provides certain administration services to each Fund. In consideration of these services, the Administrator receives a fee accrued daily and paid monthly at an annual rate of 0.075% of the first $10 billion of each Fund's respective average daily net assets, plus 0.050% of each Fund's respective average daily net assets between $10 billion and $20 billion, plus 0.025% of each Fund's respective average daily net assets between $20 billion and $25 billion, plus 0.010% of each Fund's respective average daily net assets in excess of $25 billion. For the six months ended August 31, 2023, the effective annualized rate was 0.075% of each Fund's average daily net assets, notwithstanding any fee waivers and/or expense reimbursements.

The Administrator waived administration fees as outlined in Note 3.G.

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.

C. Distribution Fees — Up through the Closing Date, pursuant to a Distribution Agreement, JPMorgan Distribution Services, Inc. (“JPMDS”), an indirect, wholly-owned subsidiary of JPMorgan, served as each Acquired Fund's principal underwriter and promoted and arranged for the sale of each Acquired Fund's shares.

Up through the Closing Date, each Acquired Fund's Board of Trustees had adopted a Distribution Plan the “Distribution Plan”) for Class A and Class C Shares of the Acquired Funds, as applicable, pursuant to Rule 12b-1 under the 1940 Act. Class I, Class L, Class R4, Class R5 and Class R6 Shares of the Acquired Funds did not charge a distribution fee. The Distribution Plan provided that the Acquired Funds shall pay, with respect to the applicable share classes, distribution fees, including payments to JPMDS, at annual rates of the average daily net assets as shown in the table below:

	Class A	Class C
High Yield Municipal ETF	0.25 %	0.75 %
Inflation Managed Bond ETF	0.25	0.75
Limited Duration Bond ETF	0.25	0.75
Realty Income ETF	0.25	0.75
Sustainable Municipal Income ETF	0.25	0.75

For the period March 1, 2023 through the Closing Date, JPMDS waived its distribution fee for JPMorgan High Yield Municipal Fund, JPMorgan Limited Duration Bond Fund and JPMorgan Sustainable Municipal Income Fund.

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

In addition, up through the Closing Date, JPMDS was entitled to receive the front-end sales charges from purchases of Class A Shares and the contingent deferred sales charge ("CDSC") from redemptions of Class C Shares (except for Class C Shares of JPMorgan Limited Duration Fund purchased prior to September 3, 2013) and certain Class A Shares of the Acquired Funds for which front-end sales charges have been waived. For the period March 1, 2023 through the Closing Date for JPMorgan High Yield Municipal Fund, JPMorgan Limited Duration Bond Fund and JPMorgan Sustainable Municipal Income Fund, JPMDS did not retain any front-end sales charges or CDSCs.

D. Service Fees —Up through the Closing Date, JPMorgan Trust I, JPMorgan Trust II and Undiscovered Managers Funds, on behalf of JPMorgan High Yield Municipal Fund, JPMorgan Inflation Managed Bond Fund, Limited Duration Bond ETF, JPMorgan Realty Income Fund and JPMorgan Sustainable Municipal Income ETF, respectively, had entered into a Shareholder Servicing Agreement with JPMDS under which JPMDS provided certain support services to fund shareholders. For performing these services, JPMDS received a fee with respect to all share classes of the Acquired Funds, except Class R6 Shares which did not charge a service fee, that was accrued daily and paid monthly equal to a percentage of the average daily net assets as shown in the table below:

	Class A	Class C	Class I	Class L	Class R5
High Yield Municipal ETF	0.25 %	0.25 %	0.25 %	n/a	n/a
Inflation Managed Bond ETF	0.25	0.25	0.25	n/a	0.10 %
Limited Duration Bond ETF	0.25	0.25	0.25	n/a	n/a
Realty Income ETF	0.25	0.25	0.25	0.10 %	0.10
Sustainable Municipal Income ETF	0.25	0.25	0.25	n/a	n/a

Prior to the Closing Date, JPMDS had entered into shareholder services contracts with affiliated and unaffiliated financial intermediaries who provide shareholder services and other related services to their clients or customers who invested in the Acquired Funds. Pursuant to such contracts, JPMDS paid all or a portion of such fees earned to financial intermediaries for performing such services.

JPMDS waived service fees as outlined in Note 3.G.

E. Custodian, Accounting and Transfer Agent Fees — JPMCB provides portfolio custody, accounting and transfer agency services (effective as of the Closing Date) to the Funds. For performing these services, the Funds pays JPMCB transaction and asset-based fees that vary according to the number of transactions and positions, plus out-of-pocket expenses. The amounts paid directly to JPMCB by the Funds for custody and accounting services are included in Custodian and accounting fees on the Statements of Operations. The amounts paid directly to JPMCB by the Funds for transfer agency services are included in Transfer agency fees on the Statements of Operations.

Additionally, Authorized Participants generally pay transaction fees associated with the creation and redemption of Fund shares. These fees are used to offset certain custodian charges incurred by the Fund for these transactions.

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.

F. 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.

G. Waivers and Reimbursements—The Adviser, Administrator and/or JPMDS had contractually agreed to waive fees and/or reimburse the Funds to the extent that total annual operating expenses (excluding acquired fund fees and expenses other than certain money market fund fees as described below, dividend and interest expenses related to short sales, interest, taxes, expenses related to litigation and potential litigation, expenses related to trustee elections and extraordinary expenses) exceed 0.25% of Inflation Managed Bond ETF's average daily net assets, 0.35% of High Yield Municipal ETF's average net assets, 0.24% of Limited Duration ETF's average net assets, 0.50% of Realty Income ETF's average daily net assets and 0.18% of Sustainable Municipal Income ETF's average net assets.

Prior to the Closing Date, the Adviser, Administrator and/or JPMDS had contractually agreed to waive fees and/or reimburse the Funds to the extent that total annual operating expenses (excluding acquired fund fees and expenses other than certain money market fund fees as described below,

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dividend and interest expenses related to short sales, interest, taxes, expenses related to litigation and potential litigation, expenses related to trustee elections and extraordinary expenses) exceed the percentages of the Funds’ respective average daily net assets as shown in the table below:

	Class A	Class C	Class I	Class L	Class R5	Class R6
High Yield Municipal ETF	0.65 %	1.15 %	0.55 %	n/a	n/a	0.45 %
Inflation Managed Bond ETF	0.75	1.40	0.55	n/a	0.45 %	n/a
Limited Duration Bond ETF	0.70	1.20	0.45	n/a	n/a	0.25
Realty Income ETF	1.18	1.68	0.93	0.78 %	0.78	n/a
Sustainable Municipal Income ETF	0.70	1.25	0.45	n/a	n/a	0.35

For the six months ended August 31, 2023, the Funds' service providers waived fees and/or reimbursed expenses for the Funds as follows. None of these parties expect the Funds to repay any such waived fees and/or reimbursed expenses in future years.

	Contractual Waivers					Voluntary Waivers
	Investment Advisory Fees	Administration Fees	Service Fees	Total	Contractual Reimbursements	12b-1
High Yield Municipal ETF	$68,653	$42,963	$203,249	$314,865	$85,225	$162,173
Inflation Managed Bond ETF	—	—	—	—	475,630	—
Limited Duration Bond ETF	178,259	115,414	80,850	374,523	55,124	187,512
Realty Income ETF	—	—	—	—	475,060	—
Sustainable Municipal Income ETF	100,824	63,527	112,568	276,919	91,701	83,166

Additionally, the Funds may invest in one or more money market funds advised by the Adviser (affiliated money market funds). The Adviser, Administrator and/or JPMDS, as shareholder servicing agent, have contractually agreed to waive fees and/or reimburse expenses in an amount sufficient to offset the respective net fees each collects from the affiliated money market fund on the applicable Fund’s investment in such affiliated money market fund, except for investments of securities lending cash collateral. None of these parties expect the Funds to repay any such waived fees and/ or reimbursed expenses in future years.

The amounts of these waivers resulting from investments in these money market funds for the six months ended August 31, 2023 were as follows:


High Yield Municipal ETF	$872
Inflation Managed Bond ETF	11,735
Limited Duration Bond ETF	70,289
Realty Income ETF	9,367
Sustainable Municipal Income ETF	4,831

JPMIM voluntarily agreed to reimburse the Funds for the Trustee Fees paid to one of the interested Trustees. For the six months ended August 31, 2023 the amount of these reimbursements were as follows:


High Yield Municipal ETF	$804
Inflation Managed Bond ETF	838
Limited Duration Bond ETF	725
Realty Income ETF	817
Sustainable Municipal Income ETF	669

H. Other — Certain officers of the Trust are affiliated with the Adviser, the Administrator and JPMDS. Such officers, with the exception of the Chief Compliance Officer, 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 Funds, along with certain other affiliated funds, makes reimbursement payments, on a pro-rata basis, to the Administrator for a portion of the fees associated with the office of the Chief Compliance Officer. Such fees are included in Trustees’ and Chief Compliance Officer’s fees on the Statements of Operations.

The Trust adopted a Trustee Deferred Compensation Plan (the “Plan”) which allows the independent Trustees to defer the receipt of all or a portion of compensation related to performance of their duties as Trustees. The deferred fees are invested in various J.P. Morgan Funds until distribution in accordance with the Plan.

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

During the six months ended August 31, 2023, High Yield Municipal ETF, Inflation Managed Bond ETF, Limited Duration Bond ETF and Sustainable Municipal Income ETF purchased securities from an underwriting syndicate in which the principal underwriter or members of the syndicate were affiliated with the Adviser.

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)	Sales of U.S. Government
High Yield Municipal ETF	$76,419,378	$105,024,316	$—
Inflation Managed Bond ETF	42,565,689	203,216,489	168,653,108
Limited Duration Bond ETF	28,993,575	299,766,301	—
Realty Income ETF	221,097,671	215,966,788	—
Sustainable Municipal Income ETF	35,875,732	57,175,097	—

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
Inflation Managed Bond ETF	$—	$94,022,696
Realty Income ETF	12,231,978	168,686,387

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.

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)
High Yield Municipal ETF	$252,195,442	$335,983	$27,400,903	$(27,064,920 )
Inflation Managed Bond ETF	522,140,697	1,235,846	39,440,838	(38,204,992 )
Limited Duration Bond ETF	872,486,855	531,896	40,581,426	(40,049,530 )
Realty Income ETF	332,994,294	30,690,565	25,161,050	5,529,515
Sustainable Municipal Income ETF	248,336,263	527,559	14,855,486	(14,327,927 )

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

	Capital Loss Carryforward Character
	Short-Term	Long-Term
High Yield Municipal ETF	$2,497,743	$12,279,785
Inflation Managed Bond ETF	—	30,326,602
Limited Duration Bond ETF	2,771	12,324,638
Sustainable Municipal Income ETF	1,266,465	5,076,325

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Net capital losses (gains) 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):

	Net Capital Losses (Gains)
	Short-Term	Long-Term
High Yield Municipal ETF	$217,836	$2,607,336
Inflation Managed Bond ETF	6,615,022	2,031,487
Realty Income ETF	18,675,027	(11,007,839 )
Sustainable Municipal Income ETF	226,717	585,757

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.

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 equity 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 facility 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

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

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, J.P. Morgan Investor Funds, J.P. Morgan SmartRetirement Funds and J.P. Morgan SmartRetirement Blend Funds, which are affiliated fund of funds, each owned in the aggregate, shares representing more than 10% of the net assets of the Funds as follows:

	J.P. Morgan Investor Funds	JPMorgan SmartRetirement Funds	JPMorgan SmartRetirement Blend Funds
Inflation Managed Bond ETF	— %	38.4 %	21.7 %
Limited Duration Bond ETF	52.6	—	—
Realty Income ETF	—	77.4	—

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

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.

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 and could make derivatives more difficult for the Fund to value accurately.

Inflation Managed Bond ETF invests in Inflation-linked debt securities which are subject to the effects of changes in market interest rates caused by factors other than inflation (real interest rates). In general, the price of an inflation-linked security tends to decline when real interest rates increase. Unlike conventional bonds, the principal and interest payments of inflation protected securities such as TIPS are adjusted periodically to a specified rate of inflation (e.g., CPI-U). There can be no assurance that the inflation index used will accurately measure the actual rate of inflation. These securities may lose value in the event that the actual rate of inflation is different than the rate of the inflation index.

High Yield Municipal ETF, Inflation Managed Bond ETF, Limited Duration Bond ETF and Sustainable Municipal Income ETF are subject to interest rate risk. Investments in bonds and other debt securities will change in value based on changes in interest rates. If rates increase, the value of these investments generally declines. Securities with greater interest rate sensitivity and longer maturities generally are subject to greater fluctuations in value. The Funds may face a heightened level of interest rate risk due to certain changes in monetary policy. It is difficult to predict the pace at which central banks or monetary authorities may increase interest rates or the timing, frequency, or magnitude of such increases. Any such changes could be sudden and could expose debt markets to significant volatility and reduced liquidity for Fund investments.

High Yield Municipal ETF, Inflation Managed Bond ETF and Sustainable Municipal Income ETF are subject to credit risk. The Funds' investments are subject to the risk that an issuer and/or a counterparty will fail to make payments when due or default completely. Prices of the Funds' investments may be adversely affected if any of the issuers or counterparties it is invested in are subject to an actual or perceived deterioration in their credit quality. Credit spreads may increase, which may reduce the market values of the Funds' securities. Credit spread risk is the risk that economic and market conditions or any actual or perceived credit deterioration may lead to an increase in the credit spreads (i.e. the difference in yield between two securities of similar maturity but different credit quality) and a decline in price of the issuer’s securities.

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

High Yield Municipal ETF invests 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

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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.

Sustainable Municipal Income ETF’s investment in securities whose use of proceeds, in the Adviser’s opinion, provide positive social or environmental benefits could cause it to perform differently compared to funds that do not have such a policy. Investing in securities whose use of proceeds, in the Adviser’s opinion, provide positive social or environmental benefits may result in the Fund forgoing opportunities to buy certain securities when it might otherwise be advantageous to do so, or selling securities when it might be otherwise disadvantageous for it to do so. In addition, there is a risk that the municipal bonds identified by the Adviser’s use of proceeds determination do not operate as expected when addressing positive social or environmental benefits. The Adviser’s assessment of the positive social or environmental impact of a municipal bond’s proceeds is made at the time of purchase and the actual use of proceeds by the issuer could vary over time, which could cause the Fund to be invested in bonds that do not comply with the Fund’s approach towards considering social or environmental characteristics. The factors that the Adviser considers in evaluating whether a security has positive social or environmental benefits may change over time. There are significant differences in interpretations of what it means to promote positive social or environmental benefits. While the Adviser believes its definitions are reasonable, the portfolio decisions it makes may differ with other’s views.

Because Realty Income ETF invests in Real Estate Investment Trusts (“REITs”), the Fund may be subject to certain risks similar to those associated with direct investments in real estate. REITs may be affected by changes in the value of their underlying properties and by defaults by tenants. REITs depend generally on their ability to generate cash flow to make distributions to shareholders, and certain REITs have self-liquidation provisions by which mortgages held may be paid in full and distributions of capital returns may be made at any time.

Realty Income ETF invests in companies with relatively small market capitalizations. Investments in companies with relatively small market capitalizations may involve greater risk than is usually associated with stocks of larger companies. These securities may have limited marketability and may be subject to more abrupt or erratic movements in price than securities of companies with larger capitalizations.

Since Realty Income ETF is non-diversified, it may invest a greater percentage of its assets in a particular issuer or group of issuers than a diversified fund would. This increased investment in fewer issuers may result in the Fund’s shares being more sensitive to economic results of those issuing the securities.

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 affects 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. Transfer in-Kind

During the period ended August 31, 2023, certain shareholders sold shares of Realty Income ETF for the below given class. The portfolio securities were delivered primarily by means of redemption in-kind in exchange for shares of the Fund. Cash and portfolio securities were transferred as detailed below.

Fund	Class	Date	Value	Gain/Loss	Type
Realty Income ETF	R6	March 21, 2022	$231,616,311 (a)	$46,870,934	Redemption-in-kind


(a)	This amount includes cash of approximately $4,856,743 associated with the redemption in-kind.

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J.P. Morgan Exchange-Traded Funds

111

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 High Yield Municipal ETF
Actual	$1,000.00	$1,001.70	$1.86	0.37 %
Hypothetical	1,000.00	1,023.28	1.88	0.37
JPMorgan Inflation Managed Bond ETF
Actual	1,000.00	1,010.90	1.26	0.25
Hypothetical	1,000.00	1,023.88	1.27	0.25
JPMorgan Limited Duration Bond ETF
Actual	1,000.00	1,022.30	1.17	0.23
Hypothetical	1,000.00	1,023.98	1.17	0.23
JPMorgan Realty Income ETF
Actual	1,000.00	989.60	2.50	0.50
Hypothetical	1,000.00	1,022.62	2.54	0.50
JPMorgan Sustainable Municipal Income ETF
Actual	1,000.00	1,012.40	1.26	0.25
Hypothetical	1,000.00	1,023.88	1.27	0.25


*	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).

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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

113

BOARD APPROVAL OF INVESTMENT ADVISORY AGREEMENTS
(Unaudited)

JPMorgan Inflation Managed Bond ETF and JPMorgan Realty Income 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 investment advisory agreements. The Board also met for the specific purpose of considering investment advisory agreement annual renewals. The Board held meetings June 20-21, 2023 and August 8-10, 2023, at which the Trustees considered the continuation of the investment advisory agreements for each Fund whose semi-annual report is contained herein (each an “Advisory Agreement” and collectively, the “Advisory 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 an Advisory Agreement or “interested persons” (as defined in the Investment Company Act of 1940) of any party to the Advisory Agreements or any of their affiliates, approved the continuation of each Advisory Agreement on August 10, 2023.

As part of their review of the Advisory 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 Advisory Agreements, the Trustees reviewed the Advisory 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 Advisory Agreements. The Trustees also discussed the Advisory 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 Advisory Agreement is provided below. 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.

After considering and weighing the factors and information they had received, the Trustees found that the compensation to be received by the Adviser from each Fund under the applicable Advisory Agreement was fair and reasonable under the circumstances, and determined that the continuance of each Advisory Agreement was in the best interests of each Fund and its shareholders.

Nature, Extent and Quality of Services Provided by the Adviser

The Trustees received and considered information regarding the nature, extent and quality of services provided to each Fund under the applicable Advisory 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;

• 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;

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• 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 the services provided to the Funds by the Adviser.

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

The Trustees received and considered information regarding the profitability to the Adviser and its affiliates from providing services to each Fund. The Trustees reviewed and discussed this information. 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 an allocation methodology developed by the Adviser and reviewed with the Board. The Trustees also recognized that it is difficult to make comparisons of profitability from fund investment advisory 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, and taking into consideration the factors noted above, the Trustees concluded that the profitability to the Adviser under each Advisory Agreement was not unreasonable in light of the services and benefits provided to each Fund.

The Trustees also considered that JPMorgan Distribution Services, Inc. (“JPMDS”), an affiliate of the Adviser, and the Adviser earn fees from the Funds for providing shareholder and administration services, respectively. These fees were shown separately in the profitability analysis presented to the Trustees. 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 the 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 the 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 the Funds may benefit from potential economies of scale. The Trustees considered that there may not be a direct relationship between economies of scale realized by the Funds and those realized by the Adviser as assets increase. The Trustees considered the extent to which the Funds were priced to scale and whether it would be appropriate to add advisory fee breakpoints. The Trustees noted certain Funds with contractual expense limitations and fee waivers (“Fee Caps”) which allow a Fund’s shareholders to share potential economies of scale from a Fund’s inception, prior to reaching scale. The Trustees also noted that certain other Funds that had achieved scale as asset levels had increased, no longer had a Fee Cap in place for all or some of their share classes, but shared economies of scale through lower average expenses. The Trustees noted that the fees remain fair and reasonable relative to peer funds. The Trustees considered the benefits to the Funds of the use of an affiliated distributor and custodian, including the ability to rely on existing infrastructure supporting distribution, custodial and transfer agent services and the ability to negotiate competitive fees for the Funds. The Trustees further considered the Adviser's and JPMDS's ongoing investments in their business in support of the Funds, including the Adviser's and/or JPMDS's investments in trading systems, technology (including improvements to the J.P. Morgan Funds’ website, and cybersecurity improvements), retention of key talent, and regulatory support enhancements. The Trustees concluded that the current fee

August 31, 2023

J.P. Morgan Exchange-Traded Funds

115

BOARD APPROVAL OF INVESTMENT ADVISORY AGREEMENTS
(Unaudited) (continued)

structure for each Fund, including any Fee Caps the Advisor has in place that serve to limit the overall net expense ratios of each Fund at competitive levels, was reasonable. The Trustees concluded that, for Funds with Fee Caps in place for some or all of their share classes, the relevant Fund’s shareholders received the benefits of potential economies of scale through the Fee Caps and, for Funds that achieved scale and no longer had Fee Caps in place for some or all of their share classes, the relevant Fund’s shareholders benefited from lower average expenses resulting from increased assets. 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.

Fees Relative to Adviser’s Other Clients

The Trustees received and considered information about the nature and extent of investment advisory 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. 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 receive and consider information about the Funds’ performance throughout the year. In addition, the Trustees received and considered absolute and/or relative performance information for the Funds in a report prepared by Broadridge. The Trustees considered the total return performance information, which included the ranking of the Funds within a performance universe comprised of funds with the same Broadridge investment classification and objective (the “Universe”), by total return for applicable one-, three- and five-year periods. The Trustees reviewed a description of Broadridge’s methodology for selecting mutual funds in each Fund’s Universe, and noted that Universe quintile rankings were

not calculated if the number of funds in the Universe did not meet a predetermined minimum. The Broadridge materials provided to the Trustees highlighted information with respect to certain representative classes to assist the Trustees in their review. As part of this review, the Trustees also reviewed each Fund’s performance against its benchmark and considered the performance information provided for the Funds at regular Board meetings by the Adviser and the Trustees’ independent consultant and also considered the special analysis prepared for certain Funds by the Trustees’ independent consultant. The Trustees also engaged with the Adviser to consider what steps might be taken to improve performance, as applicable. The Broadridge performance data noted by the Trustees as part of their review and the determinations made by the Trustees with respect to each Fund’s performance for certain representative classes are summarized below:

The Trustees noted that the JPMorgan Inflation Managed Bond ETF’s performance was in the third, fourth and fifth quintiles of the Universe for the one-, three- and five-year periods ended December 31, 2022, respectively. The Trustees discussed the performance and investment strategy of the Fund with the Adviser and reviewed the performance analysis and evaluation prepared by the independent consultant. Based upon these discussions and various other factors, the Trustees concluded that the Fund’s performance was satisfactory under the circumstances.

The Trustees noted that the JPMorgan Realty Income ETF’s performance was in the second, first and second quintiles of the Universe for the one-, three- and five-year periods ended December 31, 2022, respectively. The Trustees discussed the performance and investment strategy of the Fund with the Adviser and reviewed the performance analysis and evaluation prepared by the independent consultant. Based upon these discussions and various other factors, the Trustees concluded that the Fund’s performance was satisfactory.

Advisory Fees and Expense Ratios

The Trustees considered the contractual advisory fee rate and administration fee rate paid by each Fund to the Adviser and compared the combined rate to the information prepared by Broadridge concerning management fee rates paid by other funds in the Universe, as well as a subset of funds within the Universe (the “Peer Group”). The Trustees recognized that Broadridge reported each Fund’s management fee rate as the combined contractual advisory fee and administration fee rates. The Trustees also reviewed information about other expenses and the expense ratios for each Fund, and noted that 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. For each Fund that had a Fee Cap in place, the Trustees considered the net advisory fee rate and net expense ratio for each class, as applicable, taking into account any waivers and/or reimbursements. The Trustees

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also considered any proposed changes to a Fee Cap, and, where deemed appropriate by the Trustees, additional waivers and/or reimbursements. The Trustees recognized that it can be difficult to make comparisons of advisory fees because there are variations in the services that are included in the fees paid by other funds. The Trustees’ determinations as a result of the review of each Fund’s advisory fees and expense ratios for certain representative classes are summarized below:

The Trustees noted that while Broadridge provide data for funds in the Peer Group and Universe for the JPMorgan Inflation Managed Bond ETF, Broadridge did not calculate

quintile rankings due to the limited number of funds in both the Peer Group and Universe. After considering the fees relative to the funds in the Peer Group, the Trustees concluded that the advisory fee was fair and reasonable.in light of the services provided to the Fund.

The Trustees noted that the JPMorgan Realty Income ETF’s net advisory fee and actual total expenses were in the second quintile of both the Peer Group and Universe. After considering the factors identified above, in light of this information, the Trustees concluded that the advisory fee was fair and reasonable in light of the services provided to the Fund.

August 31, 2023

J.P. Morgan Exchange-Traded Funds

117

BOARD APPROVAL OF INITIAL INVESTMENT ADVISORY AGREEMENTS
(Unaudited)

JPMorgan High Yield Municipal ETF, JPMorgan Limited Duration Bond ETF and JPMorgan Sustainable Municipal Income ETF

On December 12, 2022, the Board of Trustees (the “Board” or the “Trustees”) held meetings and approved the initial advisory agreements (each an Advisory Agreement and collectively, the “Advisory Agreements”) for the JPMorgan High Yield Municipal ETF, JPMorgan Limited Duration Bond ETF and JPMorgan Sustainable Municipal Income ETF (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 Advisory 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 Advisory Agreement or any of their affiliates. In connection with the approval of each Advisory Agreement, the Trustees reviewed written materials prepared by J.P. Morgan Investment Management Inc. (the “Adviser”) and received oral presentations from Adviser personnel. The Trustees noted that each Fund was anticipated to commence operations by acquiring the assets of a mutual fund for which the Adviser serves as investment adviser (the “Acquired Fund”). Before voting on the proposed Advisory Agreements, the Trustees reviewed each Advisory 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 Advisory 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 Advisory 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 Advisory Agreement is provided below. The Trustees considered information provided with respect to the Funds and the approval of the Advisory 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 Advisory Agreement was fair and reasonable and that initial approval of the Advisory 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 Advisory Agreement, the Trustees considered the materials furnished specifically in connection with the approval of the applicable Advisory 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;

• 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 related to the other funds in the complex. The Trustees also

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considered the benefits to the Adviser and its affiliates from the conversion of a mutual fund to an ETF, for example, through the expansion of the Adviser’s ETF offerings.

The Trustees also considered the benefits the Adviser is expected to receive as the result of JPMorgan Chase Bank, N.A.’s (“JPMCB”), an affiliate of the Adviser, roles 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 considered that there may not be a direct relationship between economies of scale realized by the Funds and those realized by the Adviser as assets increase. The Trustees considered the extent to which the Funds were priced to scale and whether it would be appropriate to add advisory fee breakpoints, but noted that the Funds have implemented a contractual expense limitation and fee waiver (“Fee Cap”) which allows each Fund’s shareholders to share potential economies of scale, and that the proposed fees are satisfactory relative to peer funds. The Trustees considered the benefits to the Funds of the use of an affiliated distributor and custodian, including the ability to rely on existing infrastructure supporting distribution, custodial and transfer agent services and the ability to negotiate competitive fees for the Funds. The Trustees further considered the Adviser’s ongoing investments in its business in support of the Funds, including the Adviser’s investments in trading systems, technology (including improvements to the J.P. Morgan Funds’ website, and cybersecurity improvements), retention of key talent, and regulatory support enhancements. The Trustees concluded that the current fee structure for each Fund, including the Fee Cap that the Adviser has in place that serves to limit the overall net expense ratio of each Fund at a competitive level, was reasonable. The Trustees concluded that each Fund’s shareholders will receive the benefits of potential economies of scale through the Fee Cap and the Adviser’s reinvestment in its operations to serve each Fund and its shareholders. The Trustees noted that the Adviser’s reinvestment ensures sufficient resources in terms of personnel and infrastructure to support the Funds.

Fees Relative to Adviser’s Other Clients

For the JPMorgan High Yield Municipal ETF, the Trustees considered the Adviser’s view that it manages one account (including the Acquired Fund) with a substantially similar investment strategy as that of this ETF. For the JPMorgan Limited Duration Bond ETF, the Trustees considered the Adviser’s view that it manages five accounts (including the Acquired Fund) with a substantially similar investment strategy as that of this ETF. For the JPMorgan Sustainable Municipal Income ETF, the Trustees considered the Adviser’s view that it manages one account (including the Acquired Fund) with a

substantially similar investment strategy as that of this ETF. The Trustees concluded that the fees charged to each Fund in comparison to those charged to such other clients were reasonable. The Trustees also considered the benefits to each relevant Acquired Fund shareholders from the fact that the total expense ratio of the Funds, after application of the Fee Cap, would be lower than those of the Acquired Funds.
Investment Performance

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. In addition, because each Fund was anticipated to commence operations by acquiring the assets of the relevant Acquired Fund, and each Fund was to be the accounting survivor to the relevant Acquired Fund, the Trustees were provided with performance information for the relevant Acquired Fund.

Advisory Fees and Expense Ratios

The Trustees considered the contractual advisory 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 reviewed information about other projected expenses and the expense ratios for each Fund. The Trustees considered the projected Fee Cap proposed for each Fund, and the net advisory fee rate and net expense ratio for each Fund, after taking into account any projected waivers and/or reimbursements. The Trustees recognized that it is difficult to make comparisons of advisory fees because there are variations in the services that are included in the fees paid by other funds. The Trustees noted that each Fund’s estimated net advisory fees and total expenses were in line with identified peer funds. The Trustees also considered the fees paid to JPMCB, for custody, transfer agency and other related services for the Funds and the profitability of these arrangements to JPMCB.

The Trustees considered how the Funds will be positioned against peer funds, as identified by management and/or Broadridge and noted that each Fund’s proposed advisory fee compared favorably with identified peer funds. The Trustees also noted that because the Funds were not yet operational, no profitability information was available; however, the Trustees considered the profitability information for the Acquired Funds that they had received in connection with the most recent annual approval of the Acquired Funds’ investment advisory agreements. After considering the factors identified above and other factors, in light of the information, the Trustees concluded that each Fund’s proposed advisory fee was fair and reasonable.

August 31, 2023

J.P. Morgan Exchange-Traded Funds

119

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 prospectuses and Statements 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 High Yield Municipal ETF	JMHI	NYSE Arca
JPMorgan Inflation Managed Bond ETF	JCPI	Cboe BZX Exchange, Inc.
JPMorgan Limited Duration Bond ETF	JPLD	Cboe BZX Exchange, Inc.
JPMorgan Realty Income ETF	JPRE	NYSE Arca
JPMorgan Sustainable Municipal Income ETF	JMSI	NYSE Arca