J.P. Morgan Exchange-Traded Fund Trust

CONTENTS


President's Letter	1
Market Overview	2
Fund Commentaries:
JPMorgan BetaBuilders 1-5 Year U.S. Aggregate Bond ETF	4
JPMorgan Core Plus Bond ETF	6
JPMorgan Corporate Bond Research Enhanced ETF	9
JPMorgan High Yield Research Enhanced ETF	11
JPMorgan Income ETF	14
JPMorgan International Bond Opportunities ETF	16
JPMorgan Municipal ETF	19
JPMorgan Short Duration Core Plus ETF	21
JPMorgan U.S. Aggregate Bond ETF	24
JPMorgan Ultra-Short Income ETF	26
JPMorgan Ultra-Short Municipal Income ETF	28
JPMorgan USD Emerging Markets Sovereign Bond ETF	30
Schedules of Portfolio Investments	33
Financial Statements	358
Financial Highlights	374
Notes to Financial Statements	380
Schedule of Shareholder Expenses	412
Board Approval of Investment Management Agreements	416

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 17, 2022 (Unaudited)

Dear Shareholder,

This year has proved to be challenging for financial markets as accelerating inflation, slower economic growth and the impact of the Russia-Ukraine conflict fueled a sell-off in both equities and bonds. While consumer spending and corporate profits were generally stronger than expected for the six months ended August 2022, leading financial market indexes generally ended lower.

“Given the current circumstances in

financial markets, we believe it is

important that investors consider a

long-term view and maintain a

diversified portfolio.”

— Brian S. Shlissel

In response to the highest levels of inflation in 40 years, the U.S. Federal Reserve (the “Fed”) in early March 2022 implemented its first increase in benchmark interest rates since 2018. The Fed followed up with additional rate increases in May, June, July and September of 2022. The Bank of England also raised interest rates sharply during the first half of 2022 and the European Central Bank followed in early September with an unprecedented interest rate increase of 0.75%.

Meanwhile, U.S. data indicated declines this year in spending on home and commercial construction, capital equipment and inventory, and in public sector spending at the federal, state and municipal levels in 2022. Purchasing Managers’ Index surveys in both the manufacturing and services sectors also showed broad weakness in 2022.

U.S. consumer spending rebounded modestly in August 2022 as corporate earnings and revenue were generally better than expected for the second quarter of 2022. The job market also remained a bright spot in the U.S. economy, with employment above pre-pandemic levels.

This year, investors have had to adapt to economic and financial market conditions unseen in more than a decade. After a multi-year rally in U.S. equity prices, including a sharp rebound from pandemic lows, leading equity market indexes tumbled in 2022.

Given the current circumstances in financial markets, we believe it is important that investors consider a long-term view and maintain a diversified portfolio. Our expansive suite of innovative investment solutions is designed to provide investors with tools to create durable portfolios that can help them 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, 2022

J.P. Morgan Exchange-Traded Funds

MARKET OVERVIEW
SIX MONTHS ENDED August 31, 2022 (Unaudited)

Already under pressure from accelerating inflation and investor expectations for rising interest rates, financial markets buckled following Russia’s invasion of Ukraine at the end of February 2022. The military conflict and the ensuing imposition of multilateral sanctions against Russia fueled volatility across equity, bond and commodities markets. Meanwhile, China’s strict anti-pandemic measures dented its economic growth and weighed on financial assets in emerging markets throughout the period.

In response to the highest rate of domestic inflation in decades, the U.S. Federal Reserve (the “Fed”) in late March 2022 raised interest rates for the first time since late 2018. The Fed followed with benchmark interest rate increases of increasing size in May, June and July 2022. The Bank of England, which had preceded the Fed’s response by initiating its policy tightening cycle in December 2021, raised its benchmark interest rate five more times by the end of August 2022. While the European Central Bank held off raising interest rates during the reporting period, it stated it would take necessary action to combat rising inflation. (The ECB followed through with an unprecedented 0.75% increase in key interest rates in September 2022.)

Within U.S. fixed income markets, investor demand largely turned to higher rated bonds of shorter duration. Generally, bonds of shorter duration will experience a smaller decrease in price relative to longer duration bonds when interest rates rise. Yields, which generally move in the opposite direction of bond prices, rose for U.S. Treasury bonds. U.S. agency mortgage-backed securities and municipal bonds underperformed other sectors of the bond market.

Fixed income markets in other developed markets also fell sharply during the period as the Ukraine conflict threatened economic stability and led to a spike in energy costs across the European Union and the U.K. Emerging markets debt underperformed developed markets amid investor concerns about slowing global economic growth and rising inflation. Notably, leading central banks among emerging markets largely began raising domestic interest rates in 2021 and may be positioned to be among the first to cut interest rates should the economic outlook improve.

For the six months ended August 31, 2022, the Bloomberg U.S. Aggregate Index returned -7.76%, the Bloomberg U.S. High Yield Index returned -7.78% and the Bloomberg Emerging Markets Debt Index returned -9.46%.

J.P. Morgan Exchange-Traded Funds

August 31, 2022

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

FUND COMMENTARY
SIX MONTHS ENDED August 31, 2022 (Unaudited)

REPORTING PERIOD RETURN:
Net Asset Value *	(3.63)%
Market Price **	(3.71)%
Bloomberg Short-Term U.S. Aggregate Bond Index	(3.54)%
Net Assets as of 8/31/2022	$38,192,695
Duration as of 8/31/2022	2.7 Years
Fund Ticker	BBSA

INVESTMENT OBJECTIVE***

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

INVESTMENT APPROACH

The Underlying Index, which includes U.S. dollar denominated investment grade taxable bonds with remaining effective maturities between one and five years, is a subset of the Bloomberg U.S. Aggregate Index. Using a “passive” investment approach, the Fund attempts to closely correspond to the performance of the Underlying Index and invests at least 80% of its assets in securities included in the Underlying Index.

HOW DID THE FUND PERFORM?

For the six months ended August 31, 2022, the Fund performed in line with the Underlying Index, before considering the effects of operating expenses, fees and tax management of the Fund’s portfolio.

The Fund’s and the Underlying Index’s allocations to investment grade bonds were the leading detractors from performance amid rising interest rates during the period.

HOW WAS THE FUND POSITIONED?

At the end of the reporting period, the Fund’s and the Underlying Index’s largest allocations were to the U.S. Treasury and corporate bond sectors and the smallest allocations were to the securitized debt and government-related bond sectors.

PORTFOLIO COMPOSITION AS OF August 31, 2022	PERCENT OF TOTAL INVESTMENTS
U.S. Treasury Obligations	56.0%
Corporate Bonds	24.1
Mortgage-Backed Securities	7.9
Supranational	2.6
Commercial Mortgage-Backed Securities	2.1
U.S. Government Agency Securities	2.0
Foreign Government Securities	1.6
Others (each less than 1.0%)	0.9
Short-Term Investments	2.8

The return shown is based on net asset value and may differ from the return shown in the financial highlights, which reflects adjustments made to the net asset value in accordance with accounting principles generally accepted in the United States of America. The net asset value was $47.74 as of August 31, 2022.

Market price return was calculated assuming an initial investment made at the market price at the beginning of the reporting period, reinvestment of all dividends and distributions at market price during the period, and sale at the market price on the last day of the period. The price used to calculate the market price return was the closing price on the Cboe BZX Exchange, Inc. As of August 31, 2022, the closing price was $47.72.

***

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

J.P. Morgan Exchange-Traded Funds

August 31, 2022

AVERAGE ANNUAL TOTAL RETURNS AS OF August 31, 2022

	INCEPTION DATE	SIX MONTHS*	1 YEAR	SINCE INCEPTION
JPMorgan BetaBuilders 1-5 Year U.S. Aggregate Bond ETF
Net Asset Value	March 12, 2019	(3.63)%	(6.13)%	0.58%
Market Price		(3.71)	(6.21)	0.57


*	Not annualized.

LIFE OF FUND PERFORMANCE (3/12/19 TO 8/31/22)

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

Fund commenced operations on March 12, 2019.

The graph illustrates comparative performance for $10,000 invested in shares of the JPMorgan BetaBuilders 1-5 Year U.S. Aggregate Bond ETF and the Bloomberg Short-Term U.S. Aggregate Bond Index from March 12, 2019 to August 31, 2022. The performance of the Fund reflects the deduction of Fund expenses and assumes reinvestment of all dividends and capital gain distributions, if any. The performance of the Bloomberg Short-Term U.S. Aggregate Bond Index does not reflect the deduction of expenses

associated with an exchange-traded fund and has been adjusted to reflect reinvestment of all dividends and capital gain distributions of the securities included in the Index, if applicable. The Bloomberg Short-Term U.S. Aggregate Bond Index is an unmanaged index that represents securities that are taxable and dollar denominated. The index covers the U.S. investment grade fixed rate bond market, with index components for government and corporate securities, mortgage pass-through securities, and asset-backed securities. Investors cannot invest directly in an index.

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

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

August 31, 2022

J.P. Morgan Exchange-Traded Funds

JPMorgan Core Plus Bond ETF

FUND COMMENTARY
SIX MONTHS ENDED August 31, 2022 (Unaudited)

REPORTING PERIOD RETURN:
Net Asset Value *	(7.52)%
Market Price **	(7.56)%
Bloomberg U.S. Aggregate Index	(7.76)%
Net Assets as of 8/31/2022	$410,277,100
Duration as of 8/31/2022	6.1 Years
Fund Ticker	JCPB

INVESTMENT OBJECTIVE***

The JPMorgan Core Plus Bond ETF (the “Fund”) seeks a high level of current income by investing primarily in a diversified portfolio of high, medium and low-grade debt securities.

INVESTMENT APPROACH

The Fund invests primarily in investment grade bonds, with the flexibility to invest up to 30% in below investment grade securities (i.e., high yield or junk bonds) or the unrated equivalent, including below investment grade foreign securities. Up to 25% of the Fund’s assets may be invested in foreign securities. The adviser allocates the Fund’s assets among a range of sectors based on strategic positioning and other tactical considerations. In buying and selling investments for the Fund, the adviser looks for market sectors and securities that it believes will perform well over time. The adviser selects individual securities after performing a risk/reward analysis that includes an evaluation of interest rate risk, credit risk, currency risk, legal provisions and the structure of the transactions.

HOW DID THE FUND PERFORM?

For the six months ended August 31, 2022, the Fund outperformed the Bloomberg U.S. Aggregate Index (the “Index”).

Relative to the Index, the Fund’s shorter overall duration was the leading contributor to performance as interest rates rose during the period. Generally, bonds with shorter duration will experience a smaller decrease in price compared with longer duration bonds when interest rates rise. The Fund’s underweight position in agency mortgage-backed securities also contributed to performance as interest rate volatility during the period led to underperformance in the sector.

The Fund’s allocations to high yield corporate credit (also known as “junk bonds”), investment grade corporate credit, and emerging markets credit detracted from relative performance as leading central banks tightened monetary policies in

response to rising inflation. The Fund’s allocations to securitized credit, including asset-backed securities, commercial mortgage-backed securities and non-agency residential mortgage-backed securities, also detracted from relative performance.

HOW WAS THE FUND POSITIONED?

The Fund’s portfolio managers focused on security selection and relative value, which seeks to take advantage of pricing discrepancies among individual securities or market sectors. They employed macro-economic analysis to determine asset allocations and positioning on the yield curve. The portfolio managers used bottom-up research and top-down macro perspective to construct a diversified portfolio of fixed income securities. As a result of this process, the Fund’s largest sector allocations at the end of the reporting period were to corporate bonds and securitized debt, including agency and non-agency residential mortgage-backed securities, asset-backed securities and commercial mortgage-backed securities. The Fund’s smallest allocations were to emerging markets debt and U.S. government debt, including Treasury bonds and agency debentures.

PORTFOLIO COMPOSITION AS OF August 31, 2022	PERCENT OF TOTAL INVESTMENTS
Corporate Bonds	28.9%
Asset-Backed Securities	16.5
U.S. Treasury Obligations	15.4
Mortgage-Backed Securities	15.1
Commercial Mortgage-Backed Securities	5.9
Collateralized Mortgage Obligations	3.0
Others (each less than 1.0%)	0.0
Short-Term Investments	15.2

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, 2022

JPMorgan Core Plus Bond ETF

FUND COMMENTARY
SIX MONTHS ENDED August 31, 2022 (Unaudited) (continued)

AVERAGE ANNUAL TOTAL RETURNS AS OF August 31, 2022

	INCEPTION DATE	SIX MONTHS*	1 YEAR	SINCE INCEPTION
JPMorgan Core Plus Bond ETF
Net Asset Value	January 28, 2019	(7.52)%	(10.91)%	1.44%
Market Price		(7.56)	(10.99)	1.50


*	Not annualized.

LIFE OF FUND PERFORMANCE (1/28/19 TO 8/31/22)

Fund commenced operations on January 28, 2019.

The graph illustrates comparative performance for $10,000 invested in shares of the JPMorgan Core Plus Bond ETF and the Bloomberg U.S. Aggregate Index from January 28, 2019 to August 31, 2022. The performance of the Fund reflects the deduction of Fund expenses and assumes reinvestment of all dividends and capital gain distributions, if any. The performance of the Bloomberg U.S. Aggregate Index does not reflect the deduction of expenses associated with an exchange-traded fund and has been adjusted to reflect reinvestment of all dividends and capital gain distributions of the securities included in the Index, if applicable. The Bloomberg U.S. Aggregate Index is an unmanaged

index that represents securities that are SEC-registered, taxable, and dollar denominated. The index covers the U.S. investment grade fixed rate bond market, with index components for government and corporate securities, mortgage pass-through securities, and asset-backed securities. Investors cannot invest directly in an index.

Fund performance reflects waiver of a portion of the Fund’s fees and reimbursement of expenses for certain periods from the Fund’s inception date and prior to implementation of a unitary fee structure on November 19, 2019. Without these waivers and reimbursements, performance would have been lower. Also, performance shown in this section does not reflect the deduction of taxes that a shareholder may pay on Fund distributions or on gains resulting from redemption or sale of Fund shares.

J.P. Morgan Exchange-Traded Funds

August 31, 2022

JPMorgan Corporate Bond Research Enhanced ETF

FUND COMMENTARY
SIX MONTHS ENDED August 31, 2022 (Unaudited)

REPORTING PERIOD RETURN:
Net Asset Value *	(9.29)%
Market Price **	(9.63)%
Bloomberg U.S. Corporate Index	(9.41)%
Net Assets as of 8/31/2022	$39,079,416
Duration as of 8/31/2022	7.5 Years
Fund Ticker	JIGB

INVESTMENT OBJECTIVE***

The JPMorgan Corporate Bond Research Enhanced ETF (the “Fund”) seeks to provide total return.

INVESTMENT APPROACH

The Fund invests primarily in investment grade bonds and uses fundamental credit research for security selection and sector allocation. The Fund seeks to outperform the Bloomberg U.S. Corporate Bond Index (the “Index”) over time while maintaining similar risk characteristics.

HOW DID THE FUND PERFORM?

For the six months ended August 31, 2022, the Fund outperformed the Index. Relative to the Index, the Fund’s underweight positions in the insurance and consumer non-cyclical sectors were leading contributors to performance. The Fund’s overweight positions in the technology and communications sectors were leading detractors from performance.

HOW WAS THE FUND POSITIONED?

During the reporting period, the Fund’s portfolio managers sought to invest in companies that they believed were attractive from a fundamental and relative value analysis, while seeking to underweight companies that were unattractive based on

their analysis. From a sector perspective, the Fund remained largely in line with the sector weightings in the Index, with its largest underweight allocation to the insurance sector and its largest overweight allocations to the consumer non-cyclical and capital goods sectors.

PORTFOLIO COMPOSITION AS OF August 31, 2022	PERCENT OF TOTAL INVESTMENTS
Corporate Bonds	98.4%
Short-Term Investments	1.6

Market price return was calculated assuming an initial investment made at the market price at the beginning of the reporting period, reinvestment of all dividends and distributions at market price during the period, and sale at the market price on the last day of the period. The price used to calculate the market price return was the closing price on the NYSE Arca. As of August 31, 2022, the closing price was $45.88.

***

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

August 31, 2022

J.P. Morgan Exchange-Traded Funds

JPMorgan Corporate Bond Research Enhanced ETF

FUND COMMENTARY
SIX MONTHS ENDED August 31, 2022 (Unaudited) (continued)

AVERAGE ANNUAL TOTAL RETURNS AS OF August 31, 2022

	INCEPTION DATE	SIX MONTHS*	1 YEAR	SINCE INCEPTION
JPMorgan Corporate Bond Research Enhanced ETF
Net Asset Value	December 12, 2018	(9.29)%	(14.89)%	1.77%
Market Price		(9.63)	(15.54)	1.70


*	Not annualized.

LIFE OF FUND PERFORMANCE (12/12/18 TO 8/31/22)

Fund commenced operations on December 12, 2018.

The graph illustrates comparative performance for $10,000 invested in shares of the JPMorgan Corporate Bond Research Enhanced ETF and the Bloomberg U.S. Corporate Index from December 12, 2018 to August 31, 2022. The performance of the Fund reflects the deduction of Fund expenses and assumes reinvestment of all dividends and capital gain distributions, if any. The performance of the Bloomberg U.S. Corporate Index does not reflect the deduction of expenses associated with an exchange-traded fund and has been adjusted to reflect reinvestment of all dividends and capital gain distributions of the securities included in the Index, if applicable. The Bloomberg U.S. Corporate

Index broadly measures the investment grade, fixed-rate, taxable, corporate bond market. It includes USD denominated securities publicly issued by U.S. and non-U.S. industrial, utility, and financial issuers that meet specified maturity, liquidity, and quality requirements. Securities in the index roll up to the U.S. Credit and U.S. Aggregate Indices.

J.P. Morgan Exchange-Traded Funds

August 31, 2022

JPMorgan High Yield Research Enhanced ETF

FUND COMMENTARY
SIX MONTHS ENDED August 31, 2022 (Unaudited)

REPORTING PERIOD RETURN:
Net Asset Value *	(7.73)%
Market Price **	(8.15)%
Bloomberg US Corporate High Yield – 2% Issuer Capped Index	(7.78)%
Net Assets as of 8/31/2022	$404,575,558
Duration as of 8/31/2022	4.4 Years
Fund Ticker	JPHY

INVESTMENT OBJECTIVE***

The JPMorgan High Yield Research Enhanced ETF (the “Fund”) seeks to provide a high level of income. Capital appreciation is a secondary objective.

INVESTMENT APPROACH

The Fund invests primarily in high-yield, high-risk debt securities (also known as “junk bonds”). Issuers may be domestic or foreign, but the Fund only invests in U.S. dollar-denominated investments.

HOW DID THE FUND PERFORM?

For the six months ended August 31, 2022, the Fund posted a negative absolute performance and outperformed the Bloomberg U.S. Corporate High Yield – 2% Issuer Capped Index (the “Benchmark”).

Relative to the Benchmark, the Fund’s security selections in the cable satellite, retailers and leisure sectors were leading contributors to relative performance. The Fund’s security selections in the pharmaceuticals, independent energy and refining sectors were leading detractors from relative performance.

HOW WAS THE FUND POSITIONED?

During the period, the Fund’s positioning was approximately neutral to the Benchmark in terms of industry sectors and duration. Duration measures the price sensitivity of a portfolio of bonds relative to changes in interest rates. The Fund was underweight in securities rated single-B, CCC and lower, and was overweight in securities rated BB.

PORTFOLIO COMPOSITION BY INDUSTRY AS OF August 31, 2022	PERCENT OF TOTAL INVESTMENTS
Oil, Gas & Consumable Fuels	11.3%
Hotels, Restaurants & Leisure	9.8
Media	7.4
Diversified Telecommunication Services	6.6
Health Care Providers & Services	5.4
Consumer Finance	5.3
Commercial Services & Supplies	3.2
Aerospace & Defense	3.1
Chemicals	2.8
Equity Real Estate Investment Trusts (REITs)	2.5
Specialty Retail	2.5
Auto Components	2.4
Containers & Packaging	2.4
Metals & Mining	2.0
Pharmaceuticals	2.0
Electric Utilities	1.9
Airlines	1.9
Software	1.7
Entertainment	1.6
Trading Companies & Distributors	1.5
Capital Markets	1.4
Thrifts & Mortgage Finance	1.4
Building Products	1.3
Household Durables	1.1
Food & Staples Retailing	1.1
Communications Equipment	1.0
Food Products	1.0
Energy Equipment & Services	1.0
IT Services	1.0
Others (each less than 1.0%)	11.9
Short-Term Investments	0.5

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

August 31, 2022

J.P. Morgan Exchange-Traded Funds

AVERAGE ANNUAL TOTAL RETURNS AS OF August 31, 2022

	INCEPTION DATE	SIX MONTHS*	1 YEAR	5 YEAR	SINCE INCEPTION
JPMorgan High Yield Research Enhanced ETF
Net Asset Value	September 14, 2016	(7.73)%	(10.56)%	1.91%	2.85%
Market Price		(8.15)	(11.09)	1.68	2.77


*	Not annualized.

LIFE OF FUND PERFORMANCE (9/14/16 TO 8/31/22)

Fund commenced operations on September 14, 2016.

The graph illustrates comparative performance for $10,000 invested in shares of the JPMorgan High Yield Research Enhanced ETF, the Bloomberg U.S. Corporate High Yield — 2% Issuer Capped Index from September 14, 2016 to August 31, 2022. The performance of the Fund reflects the deduction of Fund expenses and assumes reinvestment of all dividends and capital gain distributions, if any. The performance of the Bloomberg U.S. Corporate High Yield — 2% Issuer Capped Index does not reflect the deduction of expenses associated with an exchange-traded fund and has been adjusted to reflect reinvestment of all dividends and capital gain distributions of the securities included in the Index, if applicable.

The Bloomberg U.S. Corporate High Yield — 2% Issuer Capped Index is an unmanaged index comprised of fixed rate, non-investment grade debt securities that are dollar denominated and non-convertible. The index limits the maximum exposure to any one issuer to 2%. Investors cannot invest directly in an index.

August 31, 2022

J.P. Morgan Exchange-Traded Funds

JPMorgan Income ETF

FUND COMMENTARY
SIX MONTHS ENDED August 31, 2022 (Unaudited)

REPORTING PERIOD RETURN:
Net Asset Value *	(4.66)%
Market Price **	(4.32)%
Bloomberg U.S. Aggregate Index	(7.76)%
Net Assets as of 8/31/2022	$156,350,508
Duration as of 8/31/2022	3.4 Years
Fund Ticker	JPIE

INVESTMENT OBJECTIVE***

The JPMorgan Income ETF (the “Fund”) seeks to provide income with a secondary objective of capital appreciation.

INVESTMENT APPROACH

The Fund invests opportunistically in a wide variety of debt securities that have high potential to produce income and have low correlations to each other in order to manage risk. The Fund utilizes a flexible approach, shifting its allocations based on changing market conditions and seeks to manage distributions to reduce fluctuations in monthly dividends.

HOW DID THE FUND PERFORM?

For the six months ended August 31, 2022, the Fund outperformed the Bloomberg U.S. Aggregate Index (the “Index”).

Relative to the Index, the Fund’s shorter overall duration was a leading contributor to relative performance as interest rates rose during the period. Generally, bonds with shorter duration will experience a smaller price decline when interest rates rise relative to longer duration bonds. The Fund’s out-of-Index allocation to non-agency mortgage-backed securities and its underweight position in investment grade corporate bonds also contributed to relative performance.

The Fund’s out-of-Index allocation to emerging markets debt was the leading detractor from relative performance.

HOW WAS THE FUND POSITIONED?

During the period, the Fund invested opportunistically among multiple debt markets and sectors that the adviser believed had a high potential to produce income. The Fund’s adviser sought to manage risk through exposure to debt markets that it believed to have low correlations to each other. During the

period, the Fund’s adviser increased its allocations to commercial mortgage-backed securities, asset-backed securities and investment grade corporate bonds. The adviser decreased the Fund’s exposure to emerging markets debt, high yield bonds (also known as “junk bonds”), and agency mortgage-backed securities. The Fund's duration increased to 3.43 years at August 31, 2022 from 2.31 years at February 28, 2022.

PORTFOLIO COMPOSITION AS OF August 31, 2022	PERCENT OF TOTAL INVESTMENTS
Corporate Bonds	36.8%
Asset-Backed Securities	26.5
Commercial Mortgage-Backed Securities	16.4
Mortgage-Backed Securities	8.7
Collateralized Mortgage Obligations	7.2
Foreign Government Securities	2.7
Exchange-Traded Funds	1.6
Short-Term Investments	0.1

Market price return was calculated assuming an initial investment made at the market price at the beginning of the reporting period, reinvestment of all dividends and distributions at market price during the period, and sale at the market price on the last day of the period. The price used to calculate the market price return was the closing price on the NYSE Arca. As of August 31, 2022, the closing price was $46.09.

***

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

J.P. Morgan Exchange-Traded Funds

August 31, 2022

TOTAL RETURNS AS OF August 31, 2022

	INCEPTION DATE	SIX MONTHS*	CUMULATIVE SINCE INCEPTION
JPMorgan Income ETF
Net Asset Value	October 28, 2021	(4.66)%	(5.96)%
Market Price		(4.32)	(5.21)


*	Not annualized.

LIFE OF FUND PERFORMANCE (10/28/21 TO 8/31/22)

Fund commenced operations on October 28, 2021.

The graph illustrates comparative performance for $10,000 invested in shares of the JPMorgan Income ETF and the Bloomberg U.S. Aggregate Index from October 28, 2021 to August 31, 2022. The performance of the Fund reflects the deduction of Fund expenses and assumes reinvestment of all dividends and capital gain distributions, if any. The performance of the Bloomberg U.S. Aggregate Index does not reflect the deduction of expenses associated with an exchange-traded fund and has been adjusted to reflect reinvestment of

all dividends and capital gain distributions of the securities included in the Index, if applicable. The Bloomberg U.S. Aggregate Index is an unmanaged index that represents securities that are taxable and dollar denominated. The index covers the U.S. investment grade fixed rate bond market, with index components for government and corporate securities, mortgage pass-through securities, and asset-backed securities. Investors cannot invest directly in an index.

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

August 31, 2022

J.P. Morgan Exchange-Traded Funds

JPMorgan International Bond Opportunities ETF

FUND COMMENTARY
SIX MONTHS ENDED August 31, 2022 (Unaudited)

REPORTING PERIOD RETURN:
Net Asset Value *	(4.99)%
Market Price **	(4.63)%
Bloomberg Multiverse ex-USA (USD Hedged) Index	(12.61)%
Net Assets as of 8/31/2022	$296,747,942
Duration as of 8/31/2022	3.3 Years
Fund Ticker	JPIB

INVESTMENT OBJECTIVE***

The JPMorgan International Bond Opportunities ETF (the “Fund”) seeks to provide total return.

INVESTMENT APPROACH

The Fund invests across sectors in developed and emerging markets without benchmark constraints. The Fund is flexible and opportunistic and the Fund’s adviser has broad discretion to shift the Fund’s exposure to strategies, sectors, countries or currencies based on changing market conditions and its view of the best mix of investment opportunities.

HOW DID THE FUND PERFORM?

For the six months ended August 31, 2022, the Fund posted a negative return of -4.99%. The Fund is managed with an unconstrained orientation and is not managed relative to a benchmark index. The Fund’s return is compared with the Bloomberg Multiverse ex-USA (USD Hedged) Index, which returned -5.77% for the period.

Relative to the Bloomberg Multiverse ex-USA (USD Hedged) Index, the Fund’s shorter overall duration was the leading contributor to performance as interest rates rose during the period. Generally, bonds with shorter duration will experience smaller price decrease when interest rates rise, compared with bonds of longer duration.

In terms of absolute performance, the Fund’s allocations to corporate credit, emerging markets debt and securitized debt were leading detractors from absolute performance as bond yields rose and U.S. Treasury bonds became more attractive to investors. The Fund’s allocation to government interest rates, obtained through U.S. Treasury bonds and other sovereign debt, contributed to absolute performance.

HOW WAS THE FUND POSITIONED?

During the period, the Fund’s portfolio managers decreased the Fund’s net exposure to high yield corporate bonds (also known as “junk bonds”) to 23% from 30% and decreased net exposure to emerging markets debt to 14% from 22%. The portfolio managers increased the Fund’s exposure to investment grade credit to 32% from 18% and made no changes to its exposure to securitized credit.

The portfolio managers increased the Fund’s overall duration, mainly by reducing short positions in government interest rates, to 3.25 years of August 31, 2022 from 2.63 years at February 28, 2022.

PORTFOLIO COMPOSITION AS OF August 31, 2022	PERCENT OF TOTAL INVESTMENTS
Corporate Bonds	59.7%
Foreign Government Securities	31.9
Commercial Mortgage-Backed Securities	1.7
Asset-Backed Securities	1.5
Collateralized Mortgage Obligations	1.1
Others (each less than 1.0%)	0.4
Short-Term Investments	3.7

PORTFOLIO COMPOSTION BY COUNTRY AS OF August 31, 2022	PERCENT OF TOTAL INVESTMENTS
United States	12.5 %
Australia	10.5
United Kingdom	9.0
France	8.3
Canada	7.2
Italy	7.0
Germany	5.7
Spain	5.5
Brazil	3.6
Mexico	2.4
Portugal	2.3
Netherlands	2.1
Luxembourg	2.1
China	2.0
Switzerland	1.6
Japan	1.5
Belgium	1.3
South Africa	1.3
Ireland	1.2
Others (each less than 1.0%)	9.2
Short-Term Investments	3.7

J.P. Morgan Exchange-Traded Funds

August 31, 2022

JPMorgan International Bond Opportunities ETF

FUND COMMENTARY
SIX MONTHS ENDED August 31, 2022 (Unaudited) (continued)

AVERAGE ANNUAL TOTAL RETURNS AS OF August 31, 2022

	INCEPTION DATE	SIX MONTHS*	1 YEAR	5 YEAR	SINCE INCEPTION
JPMorgan International Bond Opportunities ETF
Net Asset Value	April 5, 2017	(4.99)%	(8.37)%	1.75%	2.07%
Market Price		(4.63)	(8.24)	1.74	2.15


*	Not annualized.

LIFE OF FUND PERFORMANCE (4/5/17 TO 8/31/22)

Fund commenced operations on April 5, 2017.

The graph illustrates comparative performance for $10,000 invested in shares of the JPMorgan International Bond Opportunities ETF and the Bloomberg Multiverse ex-USA (USD Hedged) Index from April 5, 2017 to August 31, 2022. The performance of the Fund reflects the deduction of Fund expenses and assumes reinvestment of all dividends and capital gain distributions, if any. The performance of the Bloomberg Multiverse ex-USA (USD Hedged) Index does not reflect the deduction of expenses associated with an exchange-traded fund and has been adjusted to reflect reinvestment of all dividends and capital gain distributions of the securities included in the respective Index, if applicable.

The Bloomberg Multiverse Index ex-USA (USD Hedged) Index is a measure of the global fixed income bond market that combines the Barclays Global Aggregate Index, which measures investment-grade debt from 24 different local currency markets, and the Barclays Global High Yield Index, which measures the global high yield fixed income markets. It excludes U.S. securities and is hedged to the U.S. dollar. Investors cannot invest directly in an index.

J.P. Morgan Exchange-Traded Funds

August 31, 2022

JPMorgan Municipal ETF

FUND COMMENTARY
SIX MONTHS ENDED August 31, 2022 (Unaudited)

REPORTING PERIOD RETURN:
Net Asset Value *	(4.79)%
Market Price **	(4.84)%
Bloomberg U.S. 1-15 Year Blend (1-17) Municipal Bond Index	(3.73)%
Net Assets as of 8/31/2022	$237,437,095
Duration as of 8/31/2022	5.3 Years
Fund Ticker	JMUB

INVESTMENT OBJECTIVE***

The JPMorgan Municipal ETF (the “Fund”) seeks to provide monthly dividends, which are excluded from gross income, and to protect the value of your investment by investing primarily in municipal obligations. For purposes of the Fund’s investment objective, “gross income” means gross income for federal income tax purposes.

INVESTMENT APPROACH

The Fund invests primarily in a portfolio of municipal securities, the income from which is exempt from federal income tax. The Fund seeks to maintain an average dollar weighted maturity between three and twelve years.

HOW DID THE FUND PERFORM?

For the six months ended August 31, 2022, the Fund underperformed the Bloomberg U.S. 1-15 Year Blend (1-17) Municipal Bond Index (the “Index”).

Relative to the Index, the Fund’s longer overall duration was a leading detractor from performance as interest rates rose during the period. Generally, bonds with longer duration will experience a greater decrease in price compared with shorter duration bonds when interest rates rise. The Fund’s overweight position in the industrial development revenue/pollution control revenue bonds, its underweight positions in state general obligation bonds and bonds rated AA and higher also detracted from relative performance.

The Fund’s security selection in the electric, local general obligation and leasing sectors were leading contributors to

performance relative to the Index. The Fund’s out-of-Index allocation to variable rate demand notes and its underweight position in New Jersey and Texas bonds also contributed to relative performance.

HOW WAS THE FUND POSITIONED?

At the end of the period, the Fund was overweight in bonds rated single-A and BBB. The Fund’s duration was 5.3 years compared with 4.7 years for the Index.

PORTFOLIO COMPOSITION AS OF August 31, 2022	PERCENT OF TOTAL INVESTMENTS
Municipal Bonds	85.6%
Short-Term Investments	14.4

***

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

August 31, 2022

J.P. Morgan Exchange-Traded Funds

JPMorgan Municipal ETF

FUND COMMENTARY
SIX MONTHS ENDED August 31, 2022 (Unaudited) (continued)

AVERAGE ANNUAL TOTAL RETURNS AS OF August 31, 2022

	INCEPTION DATE	SIX MONTHS*	1 YEAR	SINCE INCEPTION
JPMorgan Municipal ETF
Net Asset Value	October 29, 2018	(4.79)%	(7.97)%	2.43%
Market Price		(4.84)	(7.95)	2.43


*	Not annualized.

LIFE OF FUND PERFORMANCE (10/29/18 TO 8/31/22)

Fund commenced operations on October 29, 2018.

The graph illustrates comparative performance for $10,000 invested in shares of the JPMorgan Municipal ETF and the Bloomberg U.S. 1-15 Year Blend (1-17) Municipal Bond Index from October 29, 2018 to August 31, 2022. The performance of the Fund reflects the deduction of Fund expenses and assumes reinvestment of all dividends and capital gain distributions, if any. The performance of the Bloomberg U.S. 1-15 Year Blend (1-17) Municipal Bond Index does not reflect the deduction of expenses associated with an exchange-traded

fund and has been adjusted to reflect reinvestment of all dividends and capital gain distributions of the securities included in the Index, if applicable. The Bloomberg U.S. 1-15 Year Blend (1-17) Municipal Bond Index represents the performance of municipal bonds with maturities from 1 to 17 years.

J.P. Morgan Exchange-Traded Funds

August 31, 2022

JPMorgan Short Duration Core Plus ETF

FUND COMMENTARY
SIX MONTHS ENDED August 31, 2022 (Unaudited)

REPORTING PERIOD RETURN:
Net Asset Value *	(3.59)%
Market Price **	(3.55)%
Bloomberg 1-5 Year Government/Credit Index	(3.39)%
Net Assets as of 8/31/2022	$213,744,542
Duration as of 8/31/2022	2.4 Years
Fund Ticker	JSCP

INVESTMENT OBJECTIVE***

The JPMorgan Short Duration Core Plus Bond ETF (the “Fund”) seeks total return, consistent with preservation of capital.

INVESTMENT APPROACH

The Fund invests primarily in traditional fixed income sectors, with the flexibility to invest up to 30% of its net assets in below investment grade securities (also known as high yield debt or “junk bonds”) and up to 25% of its net assets in foreign securities. The Fund’s adviser seeks to maintain a duration of three years or less. Duration is a measure of the price sensitivity of a debt security or a portfolio of debt securities relative to changes in interest rates. The adviser uses both a top down and bottom up research process as well as a combination of fundamental and quantitative inputs to allocate the Fund’s assets among a range of sectors. In buying and selling investments for the Fund, the adviser looks for market sectors and individual securities that it believes will perform well over time. The adviser selects individual securities after performing a risk/reward analysis to address the Fund’s dual objective of seeking total return and preservation of capital. Such analysis includes an evaluation of interest rate risk, credit risk, duration, liquidity, currency risk, legal provisions and the structure of the transaction.

HOW DID THE FUND PERFORM?

For the six months ended August 31, 2022, the Fund underperformed the Bloomberg 1-5 Year Government/Credit Index (the “Index”).

Relative to the Index, the Fund’s out-of-benchmark allocations to high yield bonds (also known as “junk bonds”) and emerging markets debt were leading detractors from performance. The Fund’s shorter overall duration was the leading contributor to performance. Generally, bonds with shorter duration will experience a smaller decrease in price compared with longer duration bonds when interest rates rise.

HOW WAS THE FUND POSITIONED?

The Fund’s adviser focused on security selection and relative value, which seeks to take advantage of pricing discrepancies

among individual securities or market sectors. The adviser used bottom-up research to construct, in its view, a portfolio of undervalued fixed income securities. The adviser employs a macro-economic analysis to determine asset allocation and positioning on the yield curve. The yield curve shows the relationship between yields and maturity dates for a set of similar bonds at a given point in time.

Relative to the Index during the period, the Fund had an underweight position in U.S. Treasury bonds and out-of-Index allocations to mortgage-backed securities, asset-backed securities, high yield bonds and emerging markets debt. The Fund’s portfolio managers increased the Fund’s duration to 2.37 years at August 31, 2022 from 2.28 years at February 28, 2022.

PORTFOLIO COMPOSITION AS OF August 31, 2022	PERCENT OF TOTAL INVESTMENTS
Corporate Bonds	38.4%
Asset-Backed Securities	17.9
U.S. Treasury Obligations	16.0
Mortgage-Backed Securities	9.4
Commercial Mortgage-Backed Securities	6.9
Collateralized Mortgage Obligations	4.0
Others (each less than 1.0%)	0.8
Short-Term Investments	6.6

August 31, 2022

J.P. Morgan Exchange-Traded Funds

AVERAGE ANNUAL TOTAL RETURNS AS OF August 31, 2022

	INCEPTION DATE	SIX MONTHS*	1 YEAR	SINCE INCEPTION
JPMorgan Short Duration Core Plus ETF
Net Asset Value	March 1, 2021	(3.59)%	(6.09)%	(3.47)%
Market Price		(3.55)	(6.18)	(3.43)


*	Not annualized.

LIFE OF FUND PERFORMANCE (3/1/21 TO 8/31/22)

Fund commenced operations on March 1, 2021.

The graph illustrates comparative performance for $10,000 invested in shares of the JPMorgan Short Duration Core Plus ETF and the Bloomberg 1-5 Year Government/Credit Index from March 1, 2021 to August 31, 2022. The performance of the Fund reflects the deduction of Fund expenses and assumes reinvestment of all dividends and capital gain distributions, if any. The performance of the Bloomberg 1-5 Year Government/Credit Index does not reflect the deduction of expenses associated with an exchange-traded fund and

has been adjusted to reflect reinvestment of all dividends and capital gain distributions of the securities included in the Index, if applicable. The Bloomberg 1-5 Year Government/Credit Index includes the Government and Credit portions of the Barclays Aggregate for securities of 1-5 year maturities. The Government portion includes treasuries and agencies. The Credit portion includes publicly issued U.S. corporate and foreign debentures and secured notes that meet specified maturity, liquidity, and quality requirements. Investors cannot invest directly in an index.

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

August 31, 2022

J.P. Morgan Exchange-Traded Funds

JPMorgan U.S. Aggregate Bond ETF

FUND COMMENTARY
SIX MONTHS ENDED August 31, 2022 (Unaudited)

REPORTING PERIOD RETURN:
Net Asset Value *	(7.87)%
Market Price **	(7.81)%
Bloomberg U.S. Aggregate Index	(7.76)%
Net Assets as of 8/31/2022	$1,127,230,543
Duration as of 8/31/2022	6.4 Years
Fund Ticker	JAGG

INVESTMENT OBJECTIVE***

The JPMorgan U.S. Aggregate Bond ETF (the “Fund”) seeks to provide long-term total return.

INVESTMENT APPROACH

The Fund invests in a diversified portfolio of fixed income securities, including corporate bonds, U.S. Treasury obligations and other U.S. government and agency securities, and asset-backed, mortgage-related and mortgage-backed securities. With respect to corporate sub-sectors, the adviser applies a systematic multi-factor screening process that seeks exposure to those debt issuers with attractive value, quality and momentum characteristics.

HOW DID THE FUND PERFORM?

For the six months ended August 31, 2022, the Fund underperformed the Bloomberg U.S. Aggregate Index (the “Index”).

Relative to the Index, the Fund’s allocations to the quality and momentum factors within corporate bonds were leading detractors from performance, while the Fund’s value factor within corporate bonds contributed to performance.

HOW WAS THE FUND POSITIONED?

During the period, the Fund applied a systematic multi-factor screening process to the corporate sub-sectors of the Index that sought exposure to corporate debt issuers that the Fund’s adviser believed had attractive value, quality and momentum characteristics. Among the Fund’s largest allocations at the end of the period were government bonds, corporate credit and

agency mortgage-backed securities while its smallest allocations were to asset-backed securities and commercial mortgage-backed securities.

PORTFOLIO COMPOSITION AS OF August 31, 2022	PERCENT OF TOTAL INVESTMENTS
U.S. Treasury Obligations	38.4%
Mortgage-Backed Securities	26.5
Corporate Bonds	23.4
Commercial Mortgage-Backed Securities	1.8
Foreign Government Securities	1.5
Supranational	1.3
U.S. Government Agency Securities	1.2
Others (each less than 1.0%)	0.7
Short-Term Investments	5.2

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, 2022, the closing price was $47.61.

***

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

J.P. Morgan Exchange-Traded Funds

August 31, 2022

AVERAGE ANNUAL TOTAL RETURNS AS OF August 31, 2022

	INCEPTION DATE	SIX MONTHS*	1 YEAR	SINCE INCEPTION
JPMorgan U.S. Aggregate Bond ETF
Net Asset Value	December 12, 2018	(7.87)%	(11.72)%	0.74%
Market Price		(7.81)	(11.69)	0.76


*	Not annualized.

LIFE OF FUND PERFORMANCE (12/12/18 TO 8/31/22)

Fund commenced operations on December 12, 2018.

The graph illustrates comparative performance for $10,000 invested in shares of the JPMorgan U.S. Aggregate Bond ETF and the Bloomberg U.S, Aggregate Index from December 12, 2018 to August 31, 2022. The performance of the Fund reflects the deduction of Fund expenses and assumes reinvestment of all dividends and capital gain distributions, if any. The performance of the Bloomberg U.S. Aggregate Index does not reflect the deduction of expenses associated with an exchange-traded fund and has been adjusted to reflect reinvestment of all dividends and capital gain distributions of the securities included in the Index, if applicable.

The Bloomberg U.S. Aggregate Index is an unmanaged index that represents securities that are taxable and dollar denominated. The index covers the U.S. investment grade fixed rate bond market, with index components for government and corporate securities, mortgage pass-through securities, and asset-backed securities. Investors cannot invest directly in an index.

August 31, 2022

J.P. Morgan Exchange-Traded Funds

JPMorgan Ultra-Short Income ETF

FUND COMMENTARY
SIX MONTHS ENDED August 31, 2022 (Unaudited)

REPORTING PERIOD RETURN:
Net Asset Value *	0.16%
Market Price **	0.16%
ICE BofAML 3-Month US Treasury Bill Index	0.35%
Net Assets as of 8/31/2022	$21,608,362,786
Duration as of 8/31/2022	0.3 Years
Fund Ticker	JPST

INVESTMENT OBJECTIVE***

The JPMorgan Ultra-Short Income ETF (the “Fund”) seeks to provide current income while seeking to maintain a low volatility of principal.

INVESTMENT APPROACH

The Fund primarily invests in investment grade, U.S. dollar-denominated short-term fixed, variable and floating-rate debt. The Fund seeks to maintain a duration of one year or less, although under certain market conditions, the Fund’s duration may be longer than one year. Duration measures the price sensitivity of a portfolio of bonds to relative changes in interest rates. Generally, bonds with longer duration will experience a larger decrease or increase in price as interest rates rise or fall, respectively, versus bonds with shorter duration. The Fund’s adviser has broad discretion to shift the Fund’s exposure to strategies and sectors based on changing market conditions and its view of the best mix of investment opportunities.

HOW DID THE FUND PERFORM?

For the six months ended August 31, 2022, the Fund underperformed the ICE BofAML 3-Month US Treasury Bill Index (the “Benchmark”).

Relative to the Benchmark, the Fund’s allocation to investment grade corporate bonds, which are not held in the Index, was a leading detractor from performance as interest rates rose during the period and corporate bonds generally underperformed U.S. Treasury securities. The Fund’s out-of-Index short duration positions in two-year U.S. Treasury futures and its allocations to money market securities, including corporate debt, certificates of deposit and J.P. Morgan Money Market Funds, were leading contributors to relative performance.

HOW WAS THE FUND POSITIONED?

During the period, the Fund’s adviser maintained the duration of the portfolio at about 0.25 years amid rising interest rates. In

descending order, the Fund’s largest allocations at the end of the period were to corporate bonds, money market securities that included J.P. Morgan Money Market Funds, collateralized loan obligations, mortgage-backed securities, asset-backed securities and non-corporate credit.

PORTFOLIO COMPOSTION BY SECTOR AS OF August 31, 2022	PERCENT OF TOTAL INVESTMENTS
Financials	30.1%
Asset-Backed Securities	8.8
Utilities	3.1
Health Care	2.8
Consumer Discretionary	1.9
Commercial Mortgage-Backed Securities	1.8
Industrials	1.5
Consumer Staples	1.2
Energy	1.2
Information Technology	1.0
Others (each less than 1.0%)	1.4
Short-Term Investments	45.2

***

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

J.P. Morgan Exchange-Traded Funds

August 31, 2022

AVERAGE ANNUAL TOTAL RETURNS AS OF August 31, 2022

	INCEPTION DATE	SIX MONTHS*	1 YEAR	5 YEAR	SINCE INCEPTION
JPMorgan Ultra-Short Income ETF
Net Asset Value	May 17, 2017	0.16%	(0.20)%	1.67%	1.67%
Market Price		0.16	(0.22)	1.66	1.68


*	Not annualized.

LIFE OF FUND PERFORMANCE (5/17/17 TO 8/31/22)

Fund commenced operations on May 17, 2017.

The graph illustrates comparative performance for $10,000 invested in shares of the JPMorgan Ultra-Short Income ETF and the ICE BofAML 3-Month US Treasury Bill Index from May 17, 2017 to August 31, 2022. The performance of the Fund reflects the deduction of Fund expenses and assumes reinvestment of all dividends and capital gain distributions, if any. The performance of the ICE BofAML 3-Month US Treasury Bill Index does not reflect the deduction of expenses associated with an exchange-traded fund and has been adjusted to reflect reinvestment of all dividends and capital gain distributions of the securities included in the Index, if applicable. The ICE BofAML 3-Month US

Treasury Bill Index is comprised of a single issue purchased at the beginning of the month and held for a full month. The index is rebalanced monthly and the issue selected is the outstanding Treasury Bill that matures closest to, but not beyond 3 months from the rebalancing date. Investors cannot invest directly in an index.

August 31, 2022

J.P. Morgan Exchange-Traded Funds

JPMorgan Ultra-Short Municipal Income ETF

FUND COMMENTARY
SIX MONTHS ENDED August 31, 2022 (Unaudited)

REPORTING PERIOD RETURN:
Net Asset Value *	(0.05)%
Market Price **	(0.24)%
Bloomberg 1 Year Municipal Bond Index	(0.71)%
Net Assets as of 8/31/2022	$3,117,744,864
Duration as of 8/31/2022	0.6 Years
Fund Ticker	JMST

INVESTMENT OBJECTIVE***

The JPMorgan Ultra-Short Municipal Income ETF (the “Fund”) seeks as high a level of current income exempt from federal income tax as is consistent with relative stability of principal.

INVESTMENT APPROACH

The Fund primarily invests in investment grade fixed, variable and floating rate municipal securities or the unrated equivalent, the income from which is exempt from federal income tax. The Fund invests in a portfolio of municipal securities with an average weighted maturity of two years or less.

HOW DID THE FUND PERFORM?

For the six months ended August 31, 2022, the Fund outperformed the Bloomberg 1 Year Municipal Bond Index (the “Index”).

Relative to the Index, 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 underweight allocations to bonds rated AA and BBB, and its out-of-Index allocation to variable rate demand notes also contributed to relative performance.

The Fund’s underweight positions in state general obligation bonds and California bonds were leading detractors from relative performance.

HOW WAS THE FUND POSITIONED?

At the end of the period, the Fund’s duration was 0.6 years compared with 1.4 years for the Index.

PORTFOLIO COMPOSITION AS OF August 31, 2022	PERCENT OF TOTAL INVESTMENTS
Municipal Bonds	87.1%
Short-Term Investments	12.9

***

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

J.P. Morgan Exchange-Traded Funds

August 31, 2022

AVERAGE ANNUAL TOTAL RETURNS AS OF August 31, 2022

	INCEPTION DATE	SIX MONTHS*	1 YEAR	SINCE INCEPTION
JPMorgan Ultra-Short Municipal Income ETF
Net Asset Value	October 16, 2018	(0.05)%	(0.51)%	1.19%
Market Price		(0.24)	(0.80)	1.14


*	Not annualized.

LIFE OF FUND PERFORMANCE (10/16/18 TO 8/31/22)

Fund commenced operations on October 16, 2018.

The graph illustrates comparative performance for $10,000 invested in shares of the JPMorgan Ultra-Short Municipal Income ETF and the Bloomberg 1-Year Municipal Bond Index from October 16, 2018 to August 31, 2022. The performance of the Fund reflects the deduction of Fund expenses and assumes reinvestment of all dividends and capital gain distributions, if any. The performance of the Bloomberg 1-Year Municipal Bond Index does not reflect the deduction of expenses associated with an exchange-traded fund and has been adjusted to reflect reinvestment of all dividends and capital gain distributions of the securities included in the Index, if applicable. The Bloomberg 1 Year Municipal Bond Index is an unmanaged index that includes bonds with a

minimum credit rating of BAA3, are issued as part of a deal of at least $50 million, have an amount outstanding of at least $5 million, and have maturities of 1 to 2 years. The performance of the index does not reflect the deduction of expenses associated with a mutual fund, such as investment management fees. By contrast, the performance of the Fund reflects the deduction of the mutual fund expenses, including sales charges if applicable. An individual cannot invest directly in an index.

Fund performance reflects waiver of a portion of the Fund’s fees and reimbursement of expenses for certain periods from the Fund’s inception date and prior to implementation of a unitary fee structure on November 19, 2019. Without these waivers and reimbursements, performance would have been lower. Also, performance shown in this section does not reflect the deduction of taxes that a shareholder may pay on Fund distributions or redemption on gains resulting from or sale of Fund shares.

August 31, 2022

J.P. Morgan Exchange-Traded Funds

JPMorgan USD Emerging Markets Sovereign Bond ETF

FUND COMMENTARY
SIX MONTHS ENDED August 31, 2022 (Unaudited)

REPORTING PERIOD RETURN:
Net Asset Value *	(8.45)%
Market Price **	(9.84)%
JPMorgan Emerging Markets Risk-Aware Bond Index	(8.31)%
Net Assets as of 8/31/2022	$69,866,551
Duration as of 8/31/2022	7.0 Years
Fund Ticker	JPMB

INVESTMENT OBJECTIVE***

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

INVESTMENT APPROACH

The Fund is passively managed to the Underlying Index, which is comprised of liquid, U.S. dollar-denominated sovereign and quasi-sovereign fixed and floating rate debt securities from emerging markets. The Underlying Index utilizes a rules-based, proprietary methodology that filters for liquidity and for country risk and allocates risk based on credit rating. The Underlying Index methodology includes monthly rebalancing within countries and semi-annual rebalancing across countries. The Fund also employs stratified sampling and optimization techniques that seek to minimize tracking error to the Underlying Index.

HOW DID THE FUND PERFORM?

For the six months ended August 31, 2022, the Fund performed in line with the Underlying Index. The majority of the Fund’s deviation against the Underlying Index was due to operating expenses, fees and tax management of the Fund’s portfolio.

During the period, the performance of the Fund and the Underlying Index was hurt by elevated market volatility. Russia’s invasion of Ukraine in late February 2022, combined with the impact of China’s “zero covid” policy reduced investor demand for emerging markets debt. Both the Fund and the Underlying Index benefitted from more defensive characteristics. This effect was especially visible in June, when emerging markets debt prices fell sharply. Conversely, the portfolio saw smaller, more mixed contributions from its liquidity and credit stabilization components.

HOW WAS THE FUND POSITIONED?

The Fund invested at least 80% of its assets in securities included in the Underlying Index. Among the largest positions

in the Fund and the Underlying Index were Turkey, Brazil and Oman, while their smallest positions were in Tunisia, Egypt and Senegal.

PORTFOLIO COMPOSTION BY COUNTRY AS OF August 31, 2022	PERCENT OF TOTAL INVESTMENTS
Turkey	7.8 %
Brazil	6.6
Dominican Republic	5.7
Oman	5.7
Colombia	5.5
South Africa	5.1
Bahrain	4.8
Mexico	3.8
Indonesia	3.6
Nigeria	3.5
Saudi Arabia	3.4
United Arab Emirates	3.2
Qatar	3.0
China	2.9
Philippines	2.7
Peru	2.2
Angola	2.1
Chile	2.1
Panama	2.1
Jamaica	1.7
Malaysia	1.7
Kenya	1.6
Uruguay	1.6
Pakistan	1.4
Kazakhstan	1.4
Azerbaijan	1.4
Jordan	1.1
Others (each less than 1.0%)	9.0
Short-Term Investments	3.3

J.P. Morgan Exchange-Traded Funds

August 31, 2022

JPMorgan USD Emerging Markets Sovereign Bond ETF

FUND COMMENTARY
SIX MONTHS ENDED August 31, 2022 (Unaudited) (continued)

AVERAGE ANNUAL TOTAL RETURNS AS OF August 31, 2022

	INCEPTION DATE	SIX MONTHS*	1 YEAR	SINCE INCEPTION
JPMorgan USD Emerging Markets Sovereign Bond ETF
Net Asset Value	January 29, 2018	(8.45)%	(18.91)%	(1.00)%
Market Price		(9.84)	(19.31)	(1.03)


*	Not annualized.

LIFE OF FUND PERFORMANCE (1/29/18 TO 8/31/22)

Fund commenced operations on January 29, 2018.

The graph illustrates comparative performance for $10,000 invested in shares of the JPMorgan USD Emerging Markets Sovereign Bond ETF and the JPMorgan Emerging Markets Risk-Aware Bond Index from January 29, 2018 to August 31, 2022. The performance of the Fund reflects the deduction of Fund expenses and assumes reinvestment of all dividends and capital gain distributions, if any. The performance of the JPMorgan Emerging Markets Risk-Aware Bond Index does not reflect the deduction of expenses associated with an exchange-traded fund and has been adjusted to reflect reinvestment of all dividends and capital gain distributions of the securities included in the Index, if applicable. The JPMorgan Emerging Markets Risk-Aware Bond Index (the “index”) is comprised of liquid, U.S. dollar-denominated sovereign and quasi-sovereign fixed and floating rate debt securities from emerging markets selected using a rules-based methodology and is owned by J.P. Morgan Investment Inc., the Fund’s adviser (the “Adviser”). The Index is maintained and calculated by J.P. Morgan Securities LLC (“JPMS” or the “Index Provider”), which selects securities in accordance with the methodology from among the components of the J.P. Morgan Emerging Market Bond Index Global Diversified, which was developed and is maintained by the Index Provider. The Index Provider and the Adviser are both wholly-owned subsidiaries of JPMorgan Chase & Co., a publicly-held financial services holding company. The Index starts with the J.P. Morgan

Emerging Market Bond Index Global Diversified and applies a proprietary methodology that filters for liquidity and for country risk and allocates risk based on credit rating. Historically, the J.P. Morgan Emerging Markets Bond Index Global Diversified has included bonds issued by the countries of Angola, Argentina, Armenia,Azerbaijan, Belize,Bolivia,Brazil, Cameroon, Chile, China, Colombia, Costa Rica, Cote D’Ivoire, Croatia, Domi-nican Republic, Ecuador, Egypt, El Salvador, Ethiopia, Gabon, Georgia, Ghana, Guatemala, Honduras, Hungary, India, Indonesia, Iraq, Jamaica, Jordan, Kazakhstan, Kenya, Latvia, Lebanon, Lithuania, Malaysia, Mexico, Mongolia, Morocco, Mozambique, Namibia, Nigeria, Oman, Pakistan, Panama, Paraguay, Peru, Philippines, Poland, Romania, Russian Federation, Senegal, Serbia, Slovakia, South Africa, Sri Lanka, Suriname, Trinidad and Tobago, Tunisia, Turkey,Ukraine,Uruguay,Venezuela,Vietnam,Zambia; however, this universe of countries may change in accordance with the Index Provider’s determination of eligible emerging market countries and there is no assurance that a particular country will be represented in the Underlying Index at any given time. Investors cannot invest directly in an index.

J.P. Morgan Exchange-Traded Funds

August 31, 2022

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

SCHEDULE OF PORTFOLIO INVESTMENTS
AS OF August 31, 2022 (Unaudited)

INVESTMENTS	PRINCIPAL AMOUNT($)	VALUE($)
U.S. Treasury Obligations — 57.1%
U.S. Treasury Bonds 7.50%, 11/15/2024	996,000	1,079,648
U.S. Treasury Notes
0.25%, 6/15/2023	887,000	865,241
0.13%, 6/30/2023	256,000	249,090
0.13%, 8/15/2023	566,000	548,180
2.75%, 8/31/2023	507,000	503,198
0.25%, 11/15/2023	923,000	888,315
2.38%, 2/29/2024	2,066,000	2,032,831
2.00%, 4/30/2024	480,000	468,713
2.25%, 4/30/2024	15,000	14,704
2.00%, 5/31/2024	334,000	325,689
1.75%, 6/30/2024	282,000	273,419
1.75%, 7/31/2024	717,000	694,370
0.38%, 9/15/2024	354,000	332,483
1.50%, 9/30/2024	1,083,000	1,040,442
1.50%, 10/31/2024	258,000	247,539
0.50%, 3/31/2025	1,303,000	1,207,616
0.38%, 4/30/2025	46,000	42,370
0.25%, 5/31/2025	1,066,000	975,806
0.25%, 6/30/2025	340,000	310,648
0.25%, 7/31/2025	244,000	222,212
0.25%, 9/30/2025	93,000	84,274
0.25%, 10/31/2025	48,000	43,365
0.38%, 11/30/2025	2,440,000	2,207,628
0.38%, 12/31/2025	26,000	23,467
2.63%, 12/31/2025	5,000	4,868
0.38%, 1/31/2026	22,000	19,805
0.75%, 4/30/2026	1,865,000	1,691,905
0.75%, 5/31/2026	713,000	645,432
0.88%, 6/30/2026	109,000	98,960
1.88%, 6/30/2026	868,000	820,057
0.63%, 7/31/2026	823,000	738,450
0.75%, 8/31/2026	772,000	694,860
0.88%, 9/30/2026	140,000	126,459
1.63%, 9/30/2026	51,000	47,562
1.13%, 10/31/2026	247,000	225,059
1.63%, 10/31/2026	125,000	116,348
1.25%, 11/30/2026	139,000	127,185
1.25%, 12/31/2026	303,000	276,866
1.50%, 1/31/2027	488,000	450,294
1.13%, 2/28/2027	197,000	178,685
0.63%, 3/31/2027	123,000	108,749
2.50%, 3/31/2027	6,000	5,777
0.50%, 4/30/2027	138,000	121,020
0.50%, 5/31/2027	164,000	143,500

INVESTMENTS	PRINCIPAL AMOUNT($)	VALUE($)

0.50%, 6/30/2027	437,000	381,624
0.38%, 7/31/2027	119,000	103,177
Total U.S. Treasury Obligations (Cost $22,851,599)		21,807,890
Corporate Bonds — 24.6%
Aerospace & Defense — 0.3%
Boeing Co. (The)
1.95%, 2/1/2024	4,000	3,870
4.88%, 5/1/2025	5,000	5,017
2.75%, 2/1/2026	15,000	14,056
2.70%, 2/1/2027	2,000	1,814
General Dynamics Corp.
2.38%, 11/15/2024	7,000	6,794
1.15%, 6/1/2026	51,000	45,980
Leidos, Inc. 3.63%, 5/15/2025	4,000	3,908
Lockheed Martin Corp. 3.55%, 1/15/2026	2,000	1,984
Precision Castparts Corp. 3.25%, 6/15/2025	16,000	15,793
Raytheon Technologies Corp. 3.20%, 3/15/2024	16,000	15,852
		115,068
Air Freight & Logistics — 0.1%
FedEx Corp. 3.25%, 4/1/2026	13,000	12,660
GXO Logistics, Inc. 1.65%, 7/15/2026	4,000	3,383
United Parcel Service, Inc. 2.20%, 9/1/2024	10,000	9,697
		25,740
Airlines — 0.0% ^
Southwest Airlines Co. 5.25%, 5/4/2025	2,000	2,052
Banks — 6.5%
Banco Bilbao Vizcaya Argentaria SA (Spain) 0.88%, 9/18/2023	200,000	193,129
Banco Santander SA (Spain) (US Treasury Yield Curve Rate T Note Constant Maturity 1 Year + 0.90%), 1.72%, 9/14/2027 (a)	200,000	172,578
Bangko Sentral ng Pilipinas International Bond (Philippines) 8.60%, 6/15/2027	13,000	14,817
Bank of America Corp.
(ICE LIBOR USD 3 Month + 0.64%), 2.01%, 2/13/2026 (a)	35,000	32,734
3.50%, 4/19/2026	39,000	38,016
(SOFR + 1.15%), 1.32%, 6/19/2026 (a)	154,000	139,917
(SOFR + 0.96%), 1.73%, 7/22/2027 (a)	51,000	45,263
(SOFR + 1.58%), 4.38%, 4/27/2028 (a)	6,000	5,855
Bank of Montreal (Canada)
(SOFR + 0.60%), 0.95%, 1/22/2027 (a)	9,000	8,021
2.65%, 3/8/2027	39,000	36,283

SEE NOTES TO FINANCIAL STATEMENTS.

August 31, 2022

J.P. Morgan Exchange-Traded Funds

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

SCHEDULE OF PORTFOLIO INVESTMENTS
AS OF August 31, 2022 (Unaudited) (continued)

INVESTMENTS	PRINCIPAL AMOUNT($)	VALUE($)
Corporate Bonds — continued
Banks — continued
Barclays plc (United Kingdom) 3.65%, 3/16/2025	40,000	38,860
Citigroup, Inc.
3.70%, 1/12/2026	4,000	3,907
(SOFR + 0.77%), 1.12%, 1/28/2027 (a)	63,000	55,561
(SOFR + 0.77%), 1.46%, 6/9/2027 (a)	139,000	122,599
Comerica, Inc. 3.70%, 7/31/2023	15,000	14,951
Fifth Third Bancorp
4.30%, 1/16/2024	12,000	12,013
3.65%, 1/25/2024	12,000	11,926
(SOFR + 0.69%), 1.71%, 11/1/2027 (a)	12,000	10,757
First Citizens BancShares, Inc. (3-MONTH CME TERM SOFR + 2.47%), 3.38%, 3/15/2030 (a)	20,000	18,930
HSBC Holdings plc (United Kingdom) (SOFR + 1.40%), 2.63%, 11/7/2025 (a)	30,000	28,472
Huntington Bancshares, Inc.
2.63%, 8/6/2024	17,000	16,513
4.00%, 5/15/2025	8,000	7,926
Korea Development Bank (The) (South Korea) 0.40%, 6/19/2024	200,000	188,051
Kreditanstalt fuer Wiederaufbau (Germany)
2.63%, 2/28/2024	56,000	55,247
0.25%, 3/8/2024	22,000	20,933
1.38%, 8/5/2024	10,000	9,597
2.50%, 11/20/2024	13,000	12,710
0.38%, 7/18/2025	27,000	24,641
0.63%, 1/22/2026	22,000	19,954
1.00%, 10/1/2026	44,000	39,798
Landwirtschaftliche Rentenbank (Germany)
3.13%, 11/14/2023	36,000	35,809
Series 40, 0.50%, 5/27/2025	13,000	11,957
0.88%, 3/30/2026	86,000	78,211
1.75%, 7/27/2026	1,000	935
Mitsubishi UFJ Financial Group, Inc. (Japan) 3.41%, 3/7/2024	8,000	7,921
Oesterreichische Kontrollbank AG (Austria)
3.13%, 11/7/2023	4,000	3,979
0.50%, 2/2/2026	20,000	18,001
PNC Financial Services Group, Inc. (The)
3.50%, 1/23/2024	76,000	75,752
1.15%, 8/13/2026	215,000	192,734
Royal Bank of Canada (Canada)
0.50%, 10/26/2023	22,000	21,215
1.40%, 11/2/2026	35,000	31,140

INVESTMENTS	PRINCIPAL AMOUNT($)	VALUE($)

Banks — continued
Santander UK plc (United Kingdom) 4.00%, 3/13/2024	27,000	26,973
Sumitomo Mitsui Financial Group, Inc. (Japan)
3.94%, 10/16/2023	27,000	26,990
3.01%, 10/19/2026	93,000	87,537
Toronto-Dominion Bank (The) (Canada)
0.75%, 9/11/2025	5,000	4,516
1.25%, 9/10/2026	32,000	28,419
2.80%, 3/10/2027	16,000	15,005
Truist Financial Corp.
3.70%, 6/5/2025	6,000	5,935
1.13%, 8/3/2027	53,000	45,502
(SOFR + 1.37%), 4.12%, 6/6/2028 (a)	22,000	21,601
US Bancorp
Series V, 2.38%, 7/22/2026	91,000	85,764
(SOFR + 0.73%), 2.22%, 1/27/2028 (a)	20,000	18,280
Valley National Bancorp (3-MONTH CME TERM SOFR + 2.36%), 3.00%, 6/15/2031 (a)	36,000	32,181
Wells Fargo & Co.
3.30%, 9/9/2024	16,000	15,811
(SOFR + 0.51%), 0.80%, 5/19/2025 (a)	10,000	9,382
3.55%, 9/29/2025	13,000	12,768
(ICE LIBOR USD 3 Month + 0.75%), 2.16%, 2/11/2026 (a)	50,000	46,986
3.00%, 4/22/2026	8,000	7,609
(SOFR + 2.00%), 2.19%, 4/30/2026 (a)	25,000	23,397
3.00%, 10/23/2026	2,000	1,887
(ICE LIBOR USD 3 Month + 1.17%), 3.20%, 6/17/2027 (a)	5,000	4,709
(SOFR + 1.51%), 3.53%, 3/24/2028 (a)	58,000	54,772
Westpac Banking Corp. (Australia)
3.35%, 3/8/2027	2,000	1,930
(US Treasury Yield Curve Rate T Note Constant Maturity 5 Year + 1.35%), 2.89%, 2/4/2030 (a)	10,000	9,403
		2,464,970
Beverages — 0.4%
Coca-Cola Co. (The)
1.75%, 9/6/2024	81,000	78,545
1.45%, 6/1/2027	16,000	14,478
Keurig Dr Pepper, Inc.
3.13%, 12/15/2023	14,000	13,865
3.40%, 11/15/2025	2,000	1,954
PepsiCo, Inc.
3.60%, 3/1/2024	20,000	20,011

SEE NOTES TO FINANCIAL STATEMENTS.

J.P. Morgan Exchange-Traded Funds

August 31, 2022

INVESTMENTS	PRINCIPAL AMOUNT($)	VALUE($)
Corporate Bonds — continued
Beverages — continued
2.85%, 2/24/2026	10,000	9,739
2.38%, 10/6/2026	2,000	1,898
		140,490
Biotechnology — 0.3%
AbbVie, Inc.
3.85%, 6/15/2024	17,000	16,917
2.60%, 11/21/2024	10,000	9,665
3.80%, 3/15/2025	42,000	41,440
3.60%, 5/14/2025	15,000	14,739
Amgen, Inc.
3.63%, 5/22/2024	15,000	14,938
1.90%, 2/21/2025	8,000	7,619
Baxalta, Inc. 4.00%, 6/23/2025	4,000	3,970
Gilead Sciences, Inc. 3.65%, 3/1/2026	13,000	12,767
		122,055
Building Products — 0.0% ^
Lennox International, Inc. 1.35%, 8/1/2025	2,000	1,816
Capital Markets — 3.6%
Ameriprise Financial, Inc.
3.70%, 10/15/2024	5,000	4,961
2.88%, 9/15/2026	2,000	1,903
Bain Capital Specialty Finance, Inc. 2.55%, 10/13/2026	24,000	20,335
Bank of New York Mellon Corp. (The)
2.20%, 8/16/2023	16,000	15,775
1.60%, 4/24/2025	10,000	9,416
1.05%, 10/15/2026	171,000	152,084
(SOFR + 1.15%), 3.99%, 6/13/2028 (a)	18,000	17,629
BlackRock, Inc. 3.50%, 3/18/2024	10,000	9,969
Blackstone Secured Lending Fund 2.75%, 9/16/2026	5,000	4,423
Charles Schwab Corp. (The)
0.90%, 3/11/2026	74,000	66,588
2.45%, 3/3/2027	18,000	16,797
CME Group, Inc. 3.00%, 3/15/2025	2,000	1,962
Deutsche Bank AG (Germany) 4.10%, 1/13/2026	373,000	362,996
Franklin Resources, Inc. 2.85%, 3/30/2025	2,000	1,936
Goldman Sachs Group, Inc. (The)
3.63%, 2/20/2024	9,000	8,941
3.85%, 7/8/2024	15,000	14,944
3.50%, 4/1/2025	50,000	48,894
3.75%, 5/22/2025	15,000	14,739

INVESTMENTS	PRINCIPAL AMOUNT($)	VALUE($)

Capital Markets — continued
(ICE LIBOR USD 3 Month + 1.20%), 3.27%, 9/29/2025 (a)	14,000	13,638
3.75%, 2/25/2026	5,000	4,897
(SOFR + 0.82%), 1.54%, 9/10/2027 (a)	15,000	13,164
(SOFR + 0.91%), 1.95%, 10/21/2027 (a)	62,000	55,006
(SOFR + 1.11%), 2.64%, 2/24/2028 (a)	13,000	11,793
Golub Capital BDC, Inc. 2.05%, 2/15/2027	27,000	22,475
Intercontinental Exchange, Inc. 3.75%, 12/1/2025	15,000	14,856
Janus Henderson US Holdings, Inc. 4.88%, 8/1/2025	5,000	5,014
Jefferies Group LLC 4.85%, 1/15/2027	5,000	4,962
Moody's Corp. 4.88%, 2/15/2024	5,000	5,053
Morgan Stanley
3.70%, 10/23/2024	29,000	28,819

Fund	Ticker	Listing Exchange
JPMorgan BetaBuilders 1-5 Year U.S. Aggregate Bond ETF	BBSA	Cboe BZX Exchange, Inc.
JPMorgan Core Plus Bond ETF	JCPB	Cboe BZX Exchange, Inc.
JPMorgan Corporate Bond Research Enhanced ETF	JIGB	NYSE Arca
JPMorgan High Yield Research Enhanced ETF	JPHY	Cboe BZX Exchange, Inc.
JPMorgan Income ETF	JPIE	NYSE Arca
JPMorgan International Bond Opportunities ETF	JPIB	Cboe BZX Exchange, Inc.
JPMorgan Municipal ETF	JMUB	Cboe BZX Exchange, Inc.
JPMorgan Short Duration Core Plus ETF	JSCP	NYSE Arca
JPMorgan U.S. Aggregate Bond ETF	JAGG	NYSE Arca
JPMorgan Ultra-Short Income ETF	JPST	NYSE Arca
JPMorgan Ultra-Short Municipal Income ETF	JMST	Cboe BZX Exchange, Inc.
JPMorgan USD Emerging Markets Sovereign Bond ETF	JPMB	NYSE Arca