Semi-Annual Report
J.P. Morgan Exchange-Traded Funds
August 31, 2022  (Unaudited) 
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
 
CONTENTS  
 
 
1
2
 
4
6
9
11
14
16
19
21
24
26
28
30
33
358
374
380
412
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
1
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%.
 
 
2
J.P. Morgan Exchange-Traded Funds
August 31, 2022
 
 
 
3
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.
 
4
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
5
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
 
6
J.P. Morgan Exchange-Traded Funds
August 31, 2022
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 $47.71 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 $47.82.
***
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
7
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)
 
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 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.
The returns shown are based on net asset values calculated for shareholder transactions and may differ from the returns shown in the financial highlights, which reflect adjustments made to the net asset values in accordance with accounting principles generally accepted in the United States of America.
 
8
J.P. Morgan Exchange-Traded Funds
August 31, 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
 
*
The return shown is based on net asset value and may differ from the return shown in the financial highlights, which reflects adjustments made to the net asset value in accordance with accounting principles generally accepted in the United States of America. The net asset value was $45.98 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 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
9
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)
 
The performance quoted is past performance and is not a guarantee of future results. Exchange-Traded funds  are subject to certain market risks. Investment returns and principal value of an investment will fluctuate so that an investor’s shares, when sold or redeemed, may be worth more or less than their original cost. Current performance may be higher or lower than the performance data shown. For up-to-date month-end performance information please call 1-844-457-6383. 
Fund commenced operations on December 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.
Fund performance reflects waiver of a portion of the Fund’s fees and reimbursement of expenses for certain periods from the Fund’s inception date and prior to implementation of a unitary fee structure on November 19, 2019. Without these waivers and reimbursements, performance would have been lower. Also, performance shown in this section does not reflect the deduction of taxes that a shareholder may pay on Fund distributions or on gains resulting from redemption or sale of Fund shares.
The returns shown are based on net asset values calculated for shareholder transactions and may differ from the returns shown in the financial highlights, which reflect adjustments made to the net asset values in accordance with accounting principles generally accepted in the United States of America.
 
10
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
11
JPMorgan High Yield Research Enhanced ETF
FUND COMMENTARY
SIX MONTHS ENDED August 31, 2022 (Unaudited) (continued)
adjustments made to the net asset value in accordance with accounting principles generally accepted in the United States of America. The net asset value was $44.46 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 $44.30.
***
The adviser seeks to achieve the Fund’s objective. There can be no guarantee it will be achieved.
 
12
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 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)
 
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 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.
Fund performance reflects waiver of a portion of the Fund’s fees and reimbursement of expenses for certain periods from the Fund’s inception date and prior to implementation of a unitary fee structure on November 19, 2019. Without these waivers and reimbursements, performance would have been lower. Also, performance shown in this section does not reflect the deduction of taxes that a shareholder may pay on Fund distributions or on gains resulting from redemption or sale of Fund shares.
The returns shown are based on net asset values calculated for shareholder transactions and may differ from the returns shown in the financial highlights, which reflect adjustments made to the net asset values in accordance with accounting principles generally accepted in the United States of America.
 
August 31, 2022
J.P. Morgan Exchange-Traded Funds
13
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
 
*
The return shown is based on net asset value and may differ from the return shown in the financial highlights, which reflects adjustments made to the net asset value in accordance with accounting principles generally accepted in the United States of America. The net asset value was $45.72 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 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.
 
14
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)
 
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 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.
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
15
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
 
 
16
J.P. Morgan Exchange-Traded Funds
August 31, 2022
*
The return shown is based on net asset value and may differ from the return shown in the financial highlights, which reflects adjustments made to the net asset value in accordance with accounting principles generally accepted in the United States of America. The net asset value was $45.65 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 $45.85.
***
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
17
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)
 
The performance quoted is past performance and is not a guarantee of future results. Exchange-Traded funds  are subject to certain market risks. Investment returns and principal value of an investment will fluctuate so that an investor’s shares, when sold or redeemed, may be worth more or less than their original cost. Current performance may be higher or lower than the performance data shown. For up-to-date month-end performance information please call 1-844-457-6383. 
Fund commenced operations on April 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.
Fund performance reflects waiver of a portion of the Fund’s fees and reimbursement of expenses for certain periods from the Fund’s inception date and prior to implementation of a unitary fee structure on November 19, 2019. Without these waivers and reimbursements, performance would have been lower. Also, performance shown in this section does not reflect the deduction of taxes that a shareholder may pay on Fund distributions or on gains resulting from redemption or sale of Fund shares.
The returns shown are based on net asset values calculated for shareholder transactions and may differ from the returns shown in the financial highlights, which reflect adjustments made to the net asset values in accordance with accounting principles generally accepted in the United States of America.
 
18
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 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 $49.99 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 $50.00.
***
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
19
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)
 
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 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.
Fund performance reflects waiver of a portion of the Fund’s fees and reimbursement of expenses for certain periods from the Fund’s inception date and prior to implementation of a unitary fee structure on November 19, 2019. Without these waivers and reimbursements, performance would have been lower. Also, performance shown in this section does not reflect the deduction of taxes that a shareholder may pay on Fund distributions or on gains resulting from redemption or sale of Fund shares.
The returns shown are based on net asset values calculated for shareholder transactions and may differ from the returns shown in the financial highlights, which reflect adjustments made to the net asset values in accordance with accounting principles generally accepted in the United States of America.
 
20
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
 
*
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 $46.37 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
 
August 31, 2022
J.P. Morgan Exchange-Traded Funds
21
JPMorgan Short Duration Core Plus ETF
FUND COMMENTARY
SIX MONTHS ENDED August 31, 2022 (Unaudited) (continued)
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 $46.40.
***
The adviser seeks to achieve the Fund’s objective. There can be no guarantee it will be achieved.
 
22
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 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)
 
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 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.
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
23
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
 
*
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 $47.57 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 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.
 
24
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)
 
The performance quoted is past performance and is not a guarantee of future results. Exchange-Traded funds  are subject to certain market risks. Investment returns and principal value of an investment will fluctuate so that an investor’s shares, when sold or redeemed, may be worth more or less than their original cost. Current performance may be higher or lower than the performance data shown. For up-to-date month-end performance information please call 1-844-457-6383. 
Fund commenced operations on December 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.
Fund performance reflects waiver of a portion of the Fund’s fees and reimbursement of expenses for certain periods from the Fund’s inception date and prior to implementation of a unitary fee structure on November 19, 2019. Without these waivers and reimbursements, performance would have been lower. Also, performance shown in this section does not reflect the deduction of taxes that a shareholder may pay on Fund distributions or on gains resulting from redemption or sale of Fund shares.
The returns shown are based on net asset values calculated for shareholder transactions and may differ from the returns shown in the financial highlights, which reflect adjustments made to the net asset values in accordance with accounting principles generally accepted in the United States of America.
 
August 31, 2022
J.P. Morgan Exchange-Traded Funds
25
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 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 $50.19 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 $50.21. Effective September 15, 2022, the Fund changed its listing exchange from Cboe BZX Exchange, Inc. to NYSE Arca.
***
The adviser seeks to achieve the Fund’s objective. There can be no guarantee it will be achieved.
 
26
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)
 
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 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.
Fund performance reflects waiver of a portion of the Fund’s fees and reimbursement of expenses for certain periods from the Fund’s inception date and prior to implementation of a unitary fee structure on November 19, 2019. Without these waivers and reimbursements, performance would have been lower. Also, performance shown in this section does not reflect the deduction of taxes that a shareholder may pay on Fund distributions or on gains resulting from redemption or sale of Fund shares.
The returns shown are based on net asset values calculated for shareholder transactions and may differ from the returns shown in the financial highlights, which reflect adjustments made to the net asset values in accordance with accounting principles generally accepted in the United States of America.
 
August 31, 2022
J.P. Morgan Exchange-Traded Funds
27
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 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 $50.57 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 $50.46.
***
The adviser seeks to achieve the Fund’s objective. There can be no guarantee it will be achieved.
 
28
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)
 
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 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.
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
29
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
 
 
30
J.P. Morgan Exchange-Traded Funds
August 31, 2022
*
The return shown is based on net asset value and may differ from the return shown in the financial highlights, which reflects adjustments made to the net asset value in accordance with accounting principles generally accepted in the United States of America. The net asset value was $38.81 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 NYSE Arca. As of August 31, 2022, the closing price was $38.79.
***
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
31
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)
 
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 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.
Fund performance reflects waiver of a portion of the Fund’s fees and reimbursement of expenses for certain periods from the Fund’s inception date and prior to implementation of a unitary fee structure on November 19, 2019. Without these waivers and reimbursements, performance would have been lower. Also, performance shown in this section does not reflect the deduction of taxes that a shareholder may pay on Fund distributions or on gains resulting from redemption or sale of Fund shares.
The returns shown are based on net asset values calculated for shareholder transactions and may differ from the returns shown in the financial highlights, which reflect adjustments made to the net asset values in accordance with accounting principles generally accepted in the United States of America.
 
32
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
33
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.
 
34
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
Series I, (SOFR + 0.75%), 0.86%,
10/21/2025 (a)
107,000
98,917
4.35%, 9/8/2026
4,000
3,954
(SOFR + 0.88%), 1.59%, 5/4/2027 (a)
24,000
21,405
(SOFR + 0.86%), 1.51%, 7/20/2027 (a)
15,000
13,291
S&P Global, Inc. 2.45%, 3/1/2027  (b)
14,000
13,063
Sixth Street Specialty Lending, Inc. 2.50%,
8/1/2026
31,000
27,087
State Street Corp.
 
 
3.70%, 11/20/2023
114,000
114,154
(ICE LIBOR USD 3 Month + 0.77%), 3.78%,
12/3/2024 (a)
10,000
9,976
3.55%, 8/18/2025
24,000
23,789
(SOFR + 0.94%), 2.35%, 11/1/2025 (a)
48,000
46,344
(SOFR + 0.56%), 1.68%, 11/18/2027 (a)
25,000
22,519
(SOFR + 0.73%), 2.20%, 2/7/2028 (a)
29,000
26,577
 
 
1,375,045
Chemicals — 0.3%
Air Products and Chemicals, Inc.
 
 
1.50%, 10/15/2025
21,000
19,558
1.85%, 5/15/2027
2,000
1,823
Celanese US Holdings LLC
 
 
3.50%, 5/8/2024
19,000
18,500
1.40%, 8/05/2026
34,000
28,587
DuPont de Nemours, Inc.
 
 
4.21%, 11/15/2023
10,000
10,025
4.49%, 11/15/2025
10,000
10,081
Linde, Inc. 3.20%, 1/30/2026
12,000
11,765
LYB International Finance II BV 3.50%,
3/2/2027
5,000
4,745
SEE NOTES TO FINANCIAL STATEMENTS.
 
August 31, 2022
J.P. Morgan Exchange-Traded Funds
35
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
Chemicals — continued
Mosaic Co. (The) 4.25%, 11/15/2023
    2,000
     2,002
Nutrien Ltd. (Canada) 3.00%, 4/1/2025
    6,000
     5,821
 
 
112,907
Commercial Services & Supplies — 0.1%
Waste Management, Inc. 0.75%,
11/15/2025
   23,000
    20,784
Communications Equipment — 0.0% ^
Cisco Systems, Inc. 2.20%, 9/20/2023
    4,000
     3,948
Consumer Finance — 1.9%
AerCap Ireland Capital DAC (Ireland) 3.15%,
2/15/2024
  150,000
   145,326
Ally Financial, Inc. 3.88%, 5/21/2024
   87,000
    86,174
American Express Co. 1.65%, 11/4/2026
   25,000
    22,595
American Honda Finance Corp.
 
 
3.63%, 10/10/2023
16,000
15,974
1.20%, 7/8/2025
15,000
13,897
Capital One Financial Corp.
 
 
3.30%, 10/30/2024
51,000
50,027
(SOFR + 1.29%), 2.64%, 3/3/2026 (a)
3,000
2,840
(SOFR + 0.86%), 1.88%, 11/2/2027 (a)
14,000
12,318
(SOFR + 2.06%), 4.93%, 5/10/2028 (a)
11,000
10,870
Caterpillar Financial Services Corp.
 
 
3.65%, 12/7/2023
6,000
6,005
3.30%, 6/9/2024
12,000
11,919
3.25%, 12/1/2024
6,000
5,939
0.80%, 11/13/2025
12,000
10,870
1.15%, 9/14/2026
1,000
896
General Motors Financial Co., Inc.
 
 
5.10%, 1/17/2024
45,000
45,400
4.00%, 10/6/2026
63,000
60,611
John Deere Capital Corp.
 
 
0.40%, 10/10/2023
53,000
51,187
2.65%, 6/24/2024
15,000
14,754
1.70%, 1/11/2027
44,000
40,247
PACCAR Financial Corp.
 
 
1.10%, 5/11/2026
1,000
905
2.00%, 2/4/2027
2,000
1,849
Synchrony Financial 3.70%, 8/4/2026
12,000
11,242
Toyota Motor Credit Corp.
 
 
2.25%, 10/18/2023
23,000
22,658
0.45%, 1/11/2024
57,000
54,576
0.80%, 10/16/2025
5,000
4,548
INVESTMENTS
PRINCIPAL
AMOUNT($)
VALUE($)
 
Consumer Finance — continued
3.05%, 3/22/2027
   17,000
    16,303
1.15%, 8/13/2027
   10,000
     8,709
 
 
728,639
Containers & Packaging — 0.0% ^
Berry Global, Inc. 1.57%, 1/15/2026
    2,000
     1,784
WRKCo, Inc. 4.65%, 3/15/2026
    3,000
     3,018
 
 
4,802
Diversified Consumer Services — 0.0% ^
Leland Stanford Junior University
(The) 1.29%, 6/1/2027
    2,000
     1,776
Yale University Series 2020, 0.87%,
4/15/2025
    9,000
     8,362
 
 
10,138
Diversified Financial Services — 0.1%
Berkshire Hathaway, Inc. 3.13%, 3/15/2026
19,000
18,599
National Rural Utilities Cooperative Finance
Corp. 1.00%, 6/15/2026
35,000
31,345
 
 
49,944
Diversified Telecommunication Services — 0.2%
AT&T, Inc. 2.95%, 7/15/2026
60,000
57,006
Verizon Communications, Inc.
 
 
0.75%, 3/22/2024
5,000
4,772
0.85%, 11/20/2025
13,000
11,723
3.00%, 3/22/2027
13,000
12,318
 
 
85,819
Electric Utilities — 0.8%
American Electric Power Co., Inc. Series N,
1.00%, 11/1/2025
2,000
1,794
Avangrid, Inc. 3.20%, 4/15/2025
5,000
4,841
Duke Energy Corp.
 
 
0.90%, 9/15/2025
22,000
19,968
(US Treasury Yield Curve Rate T
Note Constant Maturity 5 Year + 2.32%),
3.25%, 1/15/2082 (a)
6,000
4,851
Eversource Energy
 
 
Series Q, 0.80%, 8/15/2025
20,000
18,074
Series U, 1.40%, 8/15/2026
16,000
14,236
Florida Power & Light Co.
 
 
3.25%, 6/1/2024
9,000
8,933
3.13%, 12/1/2025
8,000
7,888
Iberdrola International BV (Spain) 5.81%,
3/15/2025
2,000
2,084
ITC Holdings Corp. 3.25%, 6/30/2026
10,000
9,530
SEE NOTES TO FINANCIAL STATEMENTS.
 
36
J.P. Morgan Exchange-Traded Funds
August 31, 2022
INVESTMENTS
PRINCIPAL
AMOUNT($)
VALUE($)
Corporate Bonds — continued
Electric Utilities — continued
Oncor Electric Delivery Co. LLC 0.55%,
10/1/2025
  101,000
    90,750
Pacific Gas and Electric Co.
 
 
3.15%, 1/1/2026
    4,000
     3,688
2.95%, 3/1/2026
    6,000
     5,450
Public Service Electric and Gas Co. 0.95%,
3/15/2026
   49,000
    44,137
Southern Co. (The)
 
 
Series B, (US Treasury Yield Curve Rate T
Note Constant Maturity 5 Year + 3.73%),
4.00%, 1/15/2051 (a)
   29,000
    26,955
Series 21-A, (US Treasury Yield Curve Rate
T Note Constant Maturity 5 Year +
2.92%), 3.75%, 9/15/2051 (a)
    6,000
     5,209
Union Electric Co. 2.95%, 6/15/2027
   24,000
    22,775
Xcel Energy, Inc. 1.75%, 3/15/2027
   13,000
    11,637
 
 
302,800
Electronic Equipment, Instruments & Components — 0.7%
CDW LLC 5.50%, 12/1/2024
14,000
14,321
TD SYNNEX Corp. 1.25%, 8/9/2024
201,000
186,485
Vontier Corp. 1.80%, 4/1/2026
67,000
58,610
 
 
259,416
Energy Equipment & Services — 0.1%
Schlumberger Investment SA 3.65%,
12/1/2023
35,000
34,984
Entertainment — 0.3%
TWDC Enterprises 18 Corp.
 
 
1.85%, 7/30/2026
74,000
68,148
2.95%, 6/15/2027
15,000
14,399
Walt Disney Co. (The)
 
 
1.75%, 1/13/2026
10,000
9,314
3.70%, 3/23/2027
35,000
34,551
 
 
126,412
Equity Real Estate Investment Trusts (REITs) — 0.7%
American Tower Corp.
 
 
2.95%, 1/15/2025
2,000
1,921
1.45%, 9/15/2026
32,000
28,123
AvalonBay Communities, Inc.
 
 
4.20%, 12/15/2023
6,000
6,027
3.50%, 11/15/2024
10,000
9,869
3.45%, 6/1/2025
5,000
4,917
3.50%, 11/15/2025
2,000
1,953
Boston Properties LP
 
 
3.13%, 9/1/2023
6,000
5,941
INVESTMENTS
PRINCIPAL
AMOUNT($)
VALUE($)
 
Equity Real Estate Investment Trusts (REITs) — continued
3.65%, 2/1/2026
   10,000
     9,718
Brixmor Operating Partnership LP 3.65%,
6/15/2024
    2,000
     1,954
Corporate Office Properties LP 2.25%,
3/15/2026
   32,000
    28,630
Crown Castle, Inc. 1.05%, 7/15/2026
   15,000
    13,150
ERP Operating LP 2.85%, 11/1/2026
    1,000
       949
Essex Portfolio LP 3.50%, 4/1/2025
    8,000
     7,839
Healthpeak Properties, Inc. 1.35%,
2/1/2027
   10,000
     8,777
Mid-America Apartments LP 1.10%,
9/15/2026
   16,000
    13,997
Office Properties Income Trust 4.50%,
2/1/2025
   46,000
    43,136
Prologis LP 2.13%, 4/15/2027
    4,000
     3,685
Realty Income Corp. 3.88%, 4/15/2025
   20,000
    19,830
Simon Property Group LP 3.50%, 9/1/2025
48,000
47,352
Ventas Realty LP 3.25%, 10/15/2026
9,000
8,496
Welltower, Inc.
 
 
4.00%, 6/1/2025
12,000
11,858
2.70%, 2/15/2027
2,000
1,856
 
 
279,978
Food & Staples Retailing — 0.1%
Costco Wholesale Corp. 1.38%, 6/20/2027
3,000
2,694
Kroger Co. (The)
 
 
3.50%, 2/1/2026
2,000
1,954
2.65%, 10/15/2026
5,000
4,722
Walmart, Inc. 1.05%, 9/17/2026
29,000
26,274
 
 
35,644
Food Products — 0.1%
Bunge Ltd. Finance Corp. 1.63%, 8/17/2025
17,000
15,781
Kellogg Co. 3.25%, 4/1/2026
8,000
7,763
McCormick & Co., Inc. 3.40%, 8/15/2027
10,000
9,605
Tyson Foods, Inc. 3.90%, 9/28/2023
9,000
8,996
 
 
42,145
Gas Utilities — 0.1%
Atmos Energy Corp. 3.00%, 6/15/2027
10,000
9,550
National Fuel Gas Co. 5.50%, 1/15/2026
17,000
17,168
Southern California Gas Co. Series TT, 2.60%,
6/15/2026
13,000
12,280
 
 
38,998
Health Care Equipment & Supplies — 0.0% ^
Baxter International, Inc. 1.92%, 2/1/2027
2,000
1,798
SEE NOTES TO FINANCIAL STATEMENTS.
 
August 31, 2022
J.P. Morgan Exchange-Traded Funds
37
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
Health Care Equipment & Supplies — continued
Stryker Corp. 0.60%, 12/1/2023
    4,000
     3,842
Zimmer Biomet Holdings, Inc. 3.05%,
1/15/2026
   11,000
    10,527
 
 
16,167
Health Care Providers & Services — 1.1%
AmerisourceBergen Corp. 0.74%, 3/15/2023
   62,000
    60,915
Cigna Corp.
 
 
0.61%, 3/15/2024
   97,000
    92,298
1.25%, 3/15/2026
   50,000
    45,013
CommonSpirit Health 2.76%, 10/1/2024
    5,000
     4,844
CVS Health Corp.
 
 
3.88%, 7/20/2025
   25,000
    24,822
1.30%, 8/21/2027
29,000
25,114
Elevance Health, Inc.
 
 
3.50%, 8/15/2024
13,000
12,857
3.35%, 12/1/2024
14,000
13,770
1.50%, 3/15/2026
13,000
11,861
HCA, Inc.
 
 
5.00%, 3/15/2024
50,000
50,275
5.25%, 4/15/2025
9,000
9,080
Humana, Inc. 1.35%, 2/3/2027
78,000
68,157
UnitedHealth Group, Inc.
 
 
1.25%, 1/15/2026
10,000
9,165
1.15%, 5/15/2026
2,000
1,816
3.38%, 4/15/2027
3,000
2,933
 
 
432,920
Hotels, Restaurants & Leisure — 0.5%
McDonald's Corp. 3.25%, 6/10/2024
5,000
4,958
Sands China Ltd. (Macau) 5.63%, 8/8/2025
 (c)
200,000
182,847
 
 
187,805
Household Durables — 0.0% ^
DR Horton, Inc. 2.50%, 10/15/2024
13,000
12,485
Household Products — 0.3%
Kimberly-Clark Corp. 3.05%, 8/15/2025
16,000
15,681
Procter & Gamble Co. (The)
 
 
1.00%, 4/23/2026
5,000
4,579
1.90%, 2/1/2027
26,000
24,331
2.80%, 3/25/2027
53,000
50,989
 
 
95,580
INVESTMENTS
PRINCIPAL
AMOUNT($)
VALUE($)
 
Industrial Conglomerates — 0.3%
Honeywell International, Inc.
 
 
2.30%, 8/15/2024
   15,000
    14,633
1.10%, 3/1/2027
  100,000
    89,227
 
 
103,860
Insurance — 0.3%
Aflac, Inc. 1.13%, 3/15/2026
   30,000
    27,130
Allied World Assurance Co. Holdings
Ltd. 4.35%, 10/29/2025
    9,000
     8,753
Kemper Corp. 4.35%, 2/15/2025
    6,000
     5,949
Manulife Financial Corp. (Canada) 2.48%,
5/19/2027
   10,000
     9,186
Old Republic International Corp. 3.88%,
8/26/2026
   39,000
    37,650
Prudential Financial, Inc.
 
 
1.50%, 3/10/2026
18,000
16,492
(ICE LIBOR USD 3 Month + 3.03%), 5.38%,
5/15/2045 (a)
2,000
1,966
 
 
107,126
Interactive Media & Services — 0.0% ^
Alphabet, Inc. 0.80%, 8/15/2027
15,000
13,108
Internet & Direct Marketing Retail — 0.2%
Amazon.com, Inc.
 
 
2.80%, 8/22/2024
7,000
6,913
0.80%, 6/03/2025
25,000
23,123
1.00%, 5/12/2026
37,000
33,515
eBay, Inc. 1.90%, 3/11/2025
2,000
1,888
 
 
65,439
IT Services — 0.4%
Kyndryl Holdings, Inc. 2.05%, 10/15/2026
 (b)
7,000
5,801
Mastercard, Inc. 3.38%, 4/1/2024
7,000
6,977
PayPal Holdings, Inc. 2.40%, 10/1/2024
16,000
15,574
Visa, Inc. 1.90%, 4/15/2027
35,000
32,306
Western Union Co. (The) 1.35%, 3/15/2026
100,000
88,551
 
 
149,209
Leisure Products — 0.0% ^
Hasbro, Inc.
 
 
3.00%, 11/19/2024
5,000
4,867
3.55%, 11/19/2026
3,000
2,857
 
 
7,724
SEE NOTES TO FINANCIAL STATEMENTS.
 
38
J.P. Morgan Exchange-Traded Funds
August 31, 2022
INVESTMENTS
PRINCIPAL
AMOUNT($)
VALUE($)
Corporate Bonds — continued
Machinery — 0.1%
CNH Industrial Capital LLC 1.45%,
7/15/2026
    3,000
     2,662
Cummins, Inc. 0.75%, 9/1/2025
   26,000
    23,834
 
 
26,496
Media — 0.5%
Charter Communications
Operating LLC 4.91%, 7/23/2025
   10,000
     9,977
Comcast Corp.
 
 
3.38%, 8/15/2025
   20,000
    19,670
3.95%, 10/15/2025
   67,000
    66,881
2.35%, 1/15/2027
    8,000
     7,448
Fox Corp. 3.05%, 4/7/2025
   14,000
    13,536
Omnicom Group, Inc. 3.65%, 11/1/2024
    9,000
     8,905
Paramount Global 4.00%, 1/15/2026
16,000
15,738
TCI Communications, Inc. 7.88%, 2/15/2026
1,000
1,117
WPP Finance 2010 (United Kingdom) 3.75%,
9/19/2024
41,000
40,361
 
 
183,633
Metals & Mining — 0.0% ^
ArcelorMittal SA (Luxembourg) 4.55%,
3/11/2026
2,000
1,963
BHP Billiton Finance USA Ltd. (Australia)
 
 
3.85%, 9/30/2023
3,000
3,002
6.42%, 3/1/2026
1,000
1,069
 
 
6,034
Multiline Retail — 0.0% ^
Target Corp. 2.25%, 4/15/2025
15,000
14,411
Multi-Utilities — 0.3%
Ameren Corp. 3.65%, 2/15/2026
52,000
50,604
Delmarva Power & Light Co. 3.50%,
11/15/2023
10,000
9,977
Dominion Energy, Inc.
 
 
3.07%, 8/15/2024 (c)
24,000
23,291
(ICE LIBOR USD 3 Month + 3.06%), 5.75%,
10/1/2054 (a)
12,000
11,484
DTE Energy Co. 2.85%, 10/1/2026
3,000
2,818
NiSource, Inc. 0.95%, 8/15/2025
10,000
9,098
Sempra Energy (US Treasury Yield Curve Rate
T Note Constant Maturity 5 Year + 2.87%),
4.12%, 4/1/2052  (a)
13,000
10,999
 
 
118,271
Oil, Gas & Consumable Fuels — 1.3%
BP Capital Markets America, Inc. 3.41%,
2/11/2026
11,000
10,796
INVESTMENTS
PRINCIPAL
AMOUNT($)
VALUE($)
 
Oil, Gas & Consumable Fuels — continued
Canadian Natural Resources Ltd. (Canada)
 
 
3.90%, 2/1/2025
   12,000
    11,819
2.05%, 7/15/2025
    3,000
     2,799
Cheniere Corpus Christi Holdings LLC 5.88%,
3/31/2025
   10,000
    10,202
Chevron Corp. 2.00%, 5/11/2027
   13,000
    12,140
Chevron USA, Inc.
 
 
0.69%, 8/12/2025
    3,000
     2,741
1.02%, 8/12/2027
   17,000
    14,825
ConocoPhillips Co. 3.35%, 11/15/2024
    2,000
     1,982
Energy Transfer LP
 
 
4.25%, 4/1/2024
    9,000
     8,938
2.90%, 5/15/2025
13,000
12,328
4.75%, 1/15/2026
7,000
6,948
Enterprise Products Operating LLC 3.75%,
2/15/2025
45,000
44,694
Exxon Mobil Corp.
 
 
3.18%, 3/15/2024
80,000
79,607
3.04%, 3/1/2026
9,000
8,765
2.28%, 8/16/2026
43,000
40,613
Kinder Morgan Energy Partners LP 4.15%,
2/1/2024
18,000
18,004
Kinder Morgan, Inc. 1.75%, 11/15/2026
6,000
5,364
Marathon Petroleum Corp. 4.70%, 5/1/2025
6,000
6,039
MPLX LP 4.88%, 12/1/2024
23,000
23,160
ONEOK, Inc. 2.20%, 9/15/2025
8,000
7,467
Ovintiv Exploration, Inc. 5.38%, 1/1/2026
5,000
5,077
Petroleos Mexicanos (Mexico) 6.84%,
1/23/2030  (d)
1
1
Pioneer Natural Resources Co. 1.13%,
1/15/2026
15,000
13,404
Sabine Pass Liquefaction LLC 5.63%,
3/1/2025
23,000
23,435
Spectra Energy Partners LP 4.75%,
3/15/2024
4,000
4,021
TC PipeLines LP 4.38%, 3/13/2025
20,000
19,947
TransCanada PipeLines Ltd. (Canada) 3.75%,
10/16/2023
46,000
45,844
Williams Cos., Inc. (The)
 
 
4.50%, 11/15/2023
34,000
34,102
3.90%, 1/15/2025
3,000
2,962
 
 
478,024
Paper & Forest Products — 0.1%
Fibria Overseas Finance Ltd. (Brazil)
 
 
4.00%, 1/14/2025
6,000
5,951
SEE NOTES TO FINANCIAL STATEMENTS.
 
August 31, 2022
J.P. Morgan Exchange-Traded Funds
39
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
Paper & Forest Products — continued
5.50%, 1/17/2027
    6,000
     6,062
Georgia-Pacific LLC 8.00%, 1/15/2024
   16,000
    16,831
 
 
28,844
Personal Products — 0.0% ^
Estee Lauder Cos., Inc. (The) 2.00%,
12/1/2024
   15,000
    14,552
Pharmaceuticals — 0.6%
Bristol-Myers Squibb Co.
 
 
3.25%, 11/1/2023
   15,000
    14,951
2.90%, 7/26/2024
    9,000
     8,871
Eli Lilly & Co. 2.75%, 6/1/2025
   15,000
    14,700
GlaxoSmithKline Capital, Inc. (United
Kingdom) 3.63%, 5/15/2025
    2,000
     1,990
Johnson & Johnson
 
 
3.38%, 12/5/2023
9,000
8,985
0.55%, 9/1/2025
85,000
77,851
Merck & Co., Inc.
 
 
2.75%, 2/10/2025
27,000
26,412
1.70%, 6/10/2027
41,000
37,245
Mylan, Inc. 4.20%, 11/29/2023
13,000
12,990
Novartis Capital Corp. (Switzerland) 1.75%,
2/14/2025
2,000
1,916
Pfizer, Inc.
 
 
3.20%, 9/15/2023
7,000
6,970
3.40%, 5/15/2024
15,000
14,945
2.75%, 6/3/2026
5,000
4,848
 
 
232,674
Road & Rail — 0.3%
Burlington Northern Santa Fe LLC
 
 
3.75%, 4/1/2024
14,000
13,990
3.00%, 4/1/2025
22,000
21,606
3.65%, 9/1/2025
8,000
7,956
3.25%, 6/15/2027
11,000
10,739
Canadian Pacific Railway Co. (Canada) 1.75%,
12/2/2026
3,000
2,720
JB Hunt Transport Services, Inc. 3.88%,
3/1/2026
5,000
4,909
Ryder System, Inc. 4.63%, 6/1/2025
8,000
7,991
Union Pacific Corp. 3.25%, 1/15/2025
24,000
23,696
 
 
93,607
Semiconductors & Semiconductor Equipment — 0.6%
Broadcom, Inc. 3.63%, 10/15/2024
10,000
9,889
Intel Corp. 3.40%, 3/25/2025
2,000
1,976
INVESTMENTS
PRINCIPAL
AMOUNT($)
VALUE($)
 
Semiconductors & Semiconductor Equipment — continued
Texas Instruments, Inc.
 
 
1.38%, 3/12/2025
    6,000
     5,657
1.13%, 9/15/2026
   12,000
    10,889
TSMC Arizona Corp. (Taiwan) 1.75%,
10/25/2026
  200,000
   180,699
 
 
209,110
Software — 0.3%
Adobe, Inc. 1.90%, 2/1/2025
    7,000
     6,710
Intuit, Inc. 1.35%, 7/15/2027
   10,000
     8,787
Microsoft Corp. 2.70%, 2/12/2025
   15,000
    14,748
Oracle Corp.
 
 
2.40%, 9/15/2023
   93,000
    91,367
1.65%, 3/25/2026
6,000
5,412
 
 
127,024
Specialty Retail — 0.1%
Home Depot, Inc. (The)
 
 
3.35%, 9/15/2025
5,000
4,949
2.50%, 4/15/2027
8,000
7,552
Lowe's Cos., Inc.
 
 
3.13%, 9/15/2024
30,000
29,528
3.38%, 9/15/2025
6,000
5,878
 
 
47,907
Technology Hardware, Storage & Peripherals — 0.4%
Apple, Inc.
 
 
3.00%, 2/9/2024
32,000
31,741
3.45%, 5/6/2024
10,000
9,986
2.75%, 1/13/2025
10,000
9,806
2.50%, 2/9/2025
2,000
1,948
0.70%, 2/8/2026
36,000
32,528
Dell International LLC
 
 
4.00%, 7/15/2024
15,000
14,944
5.85%, 7/15/2025
14,000
14,496
Hewlett Packard Enterprise Co. 1.45%,
4/1/2024
12,000
11,527
HP, Inc.
 
 
2.20%, 6/17/2025
38,000
35,848
1.45%, 6/17/2026
2,000
1,782
 
 
164,606
Textiles, Apparel & Luxury Goods — 0.1%
NIKE, Inc. 2.40%, 3/27/2025
20,000
19,364
SEE NOTES TO FINANCIAL STATEMENTS.
 
40
J.P. Morgan Exchange-Traded Funds
August 31, 2022
INVESTMENTS
PRINCIPAL
AMOUNT($)
VALUE($)
Corporate Bonds — continued
Tobacco — 0.1%
BAT Capital Corp. (United Kingdom)
 
 
3.22%, 8/15/2024
   18,000
    17,583
2.79%, 9/6/2024
    9,000
     8,717
Philip Morris International, Inc. 1.50%,
5/1/2025
    3,000
     2,813
Reynolds American, Inc. (United Kingdom)
4.45%, 6/12/2025
    5,000
     4,955
 
 
34,068
Water Utilities — 0.0% ^
American Water Capital Corp. 3.40%,
3/1/2025
    1,000
       985
Wireless Telecommunication Services — 0.0% ^
T-Mobile USA, Inc. 1.50%, 2/15/2026
    2,000
     1,803
Vodafone Group plc (United Kingdom) 4.13%,
5/30/2025
    4,000
     3,986
 
 
5,789
Total Corporate Bonds
(Cost $9,915,684)
 
9,381,416
Mortgage-Backed Securities — 8.0%
FHLMC Gold Pools, 15 Year
 
 
Pool # J14776, 3.00%, 3/1/2026
6,186
6,099
Pool # G18452, 2.50%, 12/1/2027
18,520
17,975
Pool # G18511, 2.50%, 5/1/2029
1,783
1,710
Pool # G18549, 2.50%, 4/1/2030
17,362
16,648
Pool # G15520, 3.00%, 7/1/2030
8,514
8,319
Pool # G18568, 2.50%, 9/1/2030
8,322
7,980
Pool # J33012, 3.00%, 10/1/2030
21,087
20,641
Pool # G18600, 2.50%, 5/1/2031
6,144
5,931
Pool # G16028, 3.00%, 8/1/2031
4,978
4,873
Pool # J35495, 2.50%, 10/1/2031
12,452
11,939
Pool # G18626, 2.50%, 1/1/2032
28,000
26,846
Pool # G18632, 3.00%, 2/1/2032
6,459
6,282
Pool # J37147, 3.00%, 6/1/2032
7,614
7,401
Pool # G16207, 3.50%, 7/1/2032
6,791
6,697
Pool # G18715, 3.00%, 12/1/2033
4,384
4,265
FHLMC UMBS, 15 Year
 
 
Pool # ZS8617, 2.50%, 8/1/2031
13,571
13,000
Pool # ZS7938, 2.50%, 1/1/2033
1,871
1,792
Pool # ZS7988, 3.50%, 2/1/2033
9,667
9,518
Pool # ZK9341, 3.00%, 3/1/2033
2,469
2,399
Pool # ZT0716, 3.00%, 10/1/2033
2,377
2,310
Pool # SB0194, 2.50%, 12/1/2033
5,108
4,893
Pool # SB0109, 2.50%, 11/1/2034
22,977
21,866
Pool # SB8021, 3.00%, 12/1/2034
4,274
4,151
INVESTMENTS
PRINCIPAL
AMOUNT($)
VALUE($)
 
Pool # SB0264, 2.50%, 2/1/2035
   11,210
    10,627
Pool # QN2057, 3.00%, 5/1/2035
   13,588
    13,195
Pool # SB0345, 2.00%, 6/1/2035
   71,085
    65,590
Pool # SB0401, 2.00%, 7/1/2035
   18,750
    17,300
Pool # SB0394, 2.50%, 7/1/2035
   10,219
     9,687
Pool # SB8501, 2.00%, 8/1/2035
   49,819
    45,968
Pool # SB0406, 2.50%, 8/1/2035
   19,302
    18,297
Pool # SB8058, 2.50%, 8/1/2035
   24,149
    22,892
Pool # RC1591, 1.50%, 10/1/2035
   59,879
    53,855
Pool # QN4391, 1.50%, 11/1/2035
   59,686
    53,699
Pool # QN4278, 2.00%, 11/1/2035
    6,947
     6,410
Pool # QN4490, 1.50%, 12/1/2035
   82,122
    73,864
Pool # SB0450, 2.00%, 12/1/2035
43,545
40,181
Pool # QN4861, 1.50%, 1/1/2036
64,808
58,310
Pool # SB8088, 1.50%, 2/1/2036
15,343
13,804
Pool # SB8102, 1.50%, 5/1/2036
27,023
24,312
Pool # RC2089, 2.00%, 7/1/2036
72,693
67,070
Pool # SB8118, 1.50%, 9/1/2036
58,028
52,206
Pool # SB8127, 1.50%, 11/1/2036
73,541
66,162
FNMA UMBS, 15 Year
 
 
Pool # AK3264, 3.00%, 2/1/2027
4,109
4,037
Pool # AV4793, 3.50%, 5/1/2029
7,859
7,727
Pool # AW3641, 3.00%, 6/1/2029
8,265
8,083
Pool # AS4489, 2.50%, 3/1/2030
1,953
1,871
Pool # AL6583, 3.00%, 3/1/2030
4,198
4,105
Pool # AS4860, 2.50%, 5/1/2030
14,604
13,991
Pool # AL9852, 3.00%, 9/1/2030
11,947
11,689
Pool # AS7467, 2.50%, 7/1/2031
6,606
6,328
Pool # AS7606, 2.50%, 7/1/2031
22,907
21,944
Pool # AS7620, 2.50%, 7/1/2031
33,735
32,316
Pool # AS7657, 2.50%, 8/1/2031
12,480
11,949
Pool # FM6169, 3.50%, 5/1/2032
56,723
55,862
Pool # 890822, 3.00%, 12/1/2032
38,412
37,328
Pool # BM3276, 3.50%, 12/1/2032
8,597
8,465
Pool # CA1089, 3.00%, 2/1/2033
7,340
7,133
Pool # FM3937, 3.00%, 4/1/2033
7,893
7,721
Pool # FM4036, 2.50%, 12/1/2033
8,889
8,516
Pool # BN3975, 3.00%, 1/1/2034
885
860
Pool # MA3631, 3.00%, 4/1/2034
7,822
7,596
Pool # MA3709, 2.50%, 6/1/2034
4,914
4,677
Pool # BJ5549, 3.00%, 8/1/2034
2,299
2,231
Pool # FM2403, 3.50%, 9/1/2034
8,136
8,012
Pool # FM5400, 2.50%, 10/1/2034
11,717
11,226
Pool # BO4944, 2.50%, 11/1/2034
28,655
27,268
Pool # MA3828, 3.00%, 11/1/2034
7,558
7,340
SEE NOTES TO FINANCIAL STATEMENTS.
 
August 31, 2022
J.P. Morgan Exchange-Traded Funds
41
JPMorgan BetaBuilders 1-5 Year U.S. Aggregate Bond ETF
SCHEDULE OF PORTFOLIO INVESTMENTS
AS OF August 31, 2022  (Unaudited) (continued)
INVESTMENTS
PRINCIPAL
AMOUNT($)
VALUE($)
Mortgage-Backed Securities — continued
Pool # FM4671, 3.50%, 1/1/2035
    2,460
     2,422
Pool # BP5762, 2.50%, 6/1/2035
   36,277
    34,389
Pool # FM3654, 3.00%, 6/1/2035
   22,918
    22,256
Pool # FM3936, 2.50%, 8/1/2035
    5,281
     5,059
Pool # MA4154, 1.50%, 10/1/2035
   39,134
    35,197
Pool # CA7497, 2.50%, 10/1/2035
    9,710
     9,204
Pool # FM4850, 2.00%, 11/1/2035
   34,267
    31,618
Pool # FM5396, 2.00%, 12/1/2035
   52,119
    48,105
Pool # CA8788, 2.00%, 1/1/2036
   68,810
    63,487
Pool # FM6510, 2.00%, 3/1/2036
   34,647
    31,978
Pool # FM6512, 2.00%, 3/1/2036
   37,145
    34,271
Pool # MA4298, 2.50%, 3/1/2036
   20,051
    19,057
Pool # CB0302, 1.50%, 5/1/2036
54,588
49,113
Pool # FM7113, 2.00%, 5/1/2036
42,256
38,988
Pool # MA4329, 2.00%, 5/1/2036
65,678
60,597
Pool # BP3507, 2.00%, 6/1/2036
64,774
59,764
Pool # CB0747, 2.50%, 6/1/2036
10,575
10,043
Pool # MA4361, 2.50%, 6/1/2036
14,340
13,576
Pool # MA4383, 2.00%, 7/1/2036
191,029
176,250
Pool # MA4384, 2.50%, 7/1/2036
14,805
14,018
Pool # FM9020, 2.00%, 9/1/2036
26,134
24,119
Pool # FM9367, 1.50%, 11/1/2036
50,531
45,445
Pool # MA4470, 2.00%, 11/1/2036
36,424
33,605
Pool # MA4497, 2.00%, 12/1/2036
35,033
32,321
FNMA/FHLMC UMBS, Single Family, 15 Year
 
 
TBA, 1.50%, 9/25/2037 (e)
226,000
203,073
TBA, 2.00%, 9/25/2037 (e)
330,000
304,219
TBA, 2.50%, 9/25/2037 (e)
180,000
170,269
TBA, 3.00%, 9/25/2037 (e)
175,000
169,497
TBA, 3.50%, 9/25/2037 (e)
50,000
49,100
GNMA II, 15 Year
 
 
Pool # MA4559, 3.00%, 7/20/2032
5,973
5,786
Pool # MA7107, 2.50%, 1/20/2036
21,065
19,865
Total Mortgage-Backed Securities
(Cost $3,310,107)
 
3,061,930
Supranational — 2.6%
African Development Bank (Supranational)
 
 
0.88%, 3/23/2026
30,000
27,266
0.88%, 7/22/2026
3,000
2,705
Asian Development Bank (Supranational)
 
 
0.38%, 6/11/2024
194,000
183,489
1.50%, 10/18/2024
12,000
11,503
2.00%, 1/22/2025
23,000
22,175
0.38%, 9/3/2025
120,000
109,073
1.00%, 4/14/2026
52,000
47,506
INVESTMENTS
PRINCIPAL
AMOUNT($)
VALUE($)
 
1.50%, 1/20/2027
   58,000
    53,347
Asian Infrastructure Investment Bank (The)
(Supranational)
 
 
2.25%, 5/16/2024
   84,000
    82,039
0.50%, 5/28/2025
   55,000
    50,357
European Bank for Reconstruction &
Development (Supranational)
 
 
1.50%, 2/13/2025
    5,000
     4,756
0.50%, 11/25/2025
    4,000
     3,624
0.50%, 1/28/2026
    8,000
     7,208
European Investment Bank (Supranational)
 
 
1.63%, 3/14/2025
   61,000
    58,150
0.38%, 12/15/2025
   11,000
     9,916
0.38%, 3/26/2026
   41,000
    36,681
1.38%, 3/15/2027
37,000
33,795
Inter-American Development Bank
(Supranational)
 
 
0.50%, 9/23/2024
43,000
40,418
0.50%, 9/23/2024
1,000
940
0.63%, 7/15/2025
27,000
24,816
0.88%, 4/20/2026
73,000
66,354
1.50%, 1/13/2027
1,000
921
International Bank for Reconstruction &
Development (Supranational)
 
 
2.50%, 11/25/2024
15,000
14,670
2.13%, 3/3/2025
5,000
4,829
0.63%, 4/22/2025
72,000
66,720
2.50%, 7/29/2025
34,000
32,967
International Finance Corp. (Supranational)
0.38%, 7/16/2025
15,000
13,698
Total Supranational
(Cost $1,067,920)
 
1,009,923
Commercial Mortgage-Backed Securities — 2.2%
Benchmark Mortgage Trust
 
 
Series 2018-B3, Class A3, 3.75%,
4/10/2051
25,000
24,420
Series 2019-B12, Class A2, 3.00%,
8/15/2052
6,536
6,329
CGMS Commercial Mortgage Trust Series
2017-B1, Class AAB, 3.24%, 8/15/2050
16,000
15,445
Citigroup Commercial Mortgage Trust
 
 
Series 2013-GC17, Class A4, 4.13%,
11/10/2046
20,000
19,889
Series 2016-C1, Class AAB, 3.00%,
5/10/2049
8,727
8,492
Series 2020-GC46, Class A2, 2.71%,
2/15/2053
20,000
19,036
SEE NOTES TO FINANCIAL STATEMENTS.
 
42
J.P. Morgan Exchange-Traded Funds
August 31, 2022
INVESTMENTS
PRINCIPAL
AMOUNT($)
VALUE($)
Commercial Mortgage-Backed Securities — continued
Commercial Mortgage Trust
 
 
Series 2014-CR16, Class A3, 3.78%,
4/10/2047
   24,015
    23,738
Series 2014-LC15, Class A4, 4.01%,
4/10/2047
   20,000
    19,828
Commercial Mortgage Trust, Series
2013-CR12, Class A4 Series 2013-CR12,
Class A4, 4.05%, 10/10/2046
   75,000
    74,431
CSAIL Commercial Mortgage Trust Series
2015-C3, Class A4, 3.72%, 8/15/2048
   20,000
    19,497
FHLMC, Multi-Family Structured Pass-Through
Certificates
 
 
Series K028, Class A2, 3.11%, 2/25/2023
   46,810
    46,634
Series K046, Class A2, 3.21%, 3/25/2025
   26,000
    25,577
Series K733, Class A2, 3.75%, 8/25/2025
   30,000
    29,824
Series K063, Class A2, 3.43%,
1/25/2027 (f)
  100,000
    98,417
FNMA ACES
 
 
Series 2017-M10, Class AV2, 2.64%,
7/25/2024 (f)
   12,004
    11,790
Series 2017-M1, Class A2, 2.50%,
10/25/2026 (f)
39,923
37,796
Series 2015-M10, Class A2, 3.09%,
4/25/2027 (f)
43,480
42,240
GS Mortgage Securities Trust
 
 
Series 2014-GC18, Class A4, 4.07%,
1/10/2047
30,000
29,720
Series 2014-GC18, Class AS, 4.38%,
1/10/2047
17,000
16,618
JPMBB Commercial Mortgage Securities Trust
 
 
Series 2013-C17, Class ASB, 3.71%,
1/15/2047
5,696
5,658
Series 2014-C19, Class C, 4.81%,
4/15/2047 ‡ (f)
10,000
9,741
Series 2014-C23, Class C, 4.63%,
9/15/2047 ‡ (f)
20,000
18,906
JPMorgan Chase Commercial Mortgage
Securities Trust
 
 
Series 2013-C10, Class AS, 3.37%,
12/15/2047 ‡
20,000
19,827
Series 2015-JP1, Class D, 4.38%,
1/15/2049 ‡ (f)
10,000
8,529
Morgan Stanley Bank of America Merrill Lynch
Trust
 
 
Series 2014-C19, Class A3, 3.25%,
12/15/2047
5,552
5,424
Series 2015-C25, Class ASB, 3.38%,
10/15/2048
21,377
20,945
INVESTMENTS
PRINCIPAL
AMOUNT($)
VALUE($)
 
Series 2016-C31, Class A5, 3.10%,
11/15/2049
   32,000
    30,243
UBS Commercial Mortgage Trust Series
2018-C13, Class A2, 4.21%, 10/15/2051
    5,670
     5,629
UBS-Barclays Commercial Mortgage Trust
Series 2013-C6, Class A4, 3.24%,
4/10/2046
   23,000
    22,843
Wells Fargo Commercial Mortgage Trust
 
 
Series 2013-LC12, Class A4, 4.22%,
7/15/2046 (f)
   12,000
    11,798
Series 2014-LC18, Class A5, 3.41%,
12/15/2047
   15,000
    14,601
Series 2015-C31, Class A4, 3.70%,
11/15/2048
   24,000
    23,369
Series 2019-C54, Class A2, 3.01%,
12/15/2052
   35,000
    33,715
WFRBS Commercial Mortgage Trust
 
 
Series 2012-C10, Class A3, 2.88%,
12/15/2045
    8,965
     8,934
Series 2012-C10, Class B, 3.74%,
12/15/2045 ‡
   15,000
    14,720
Series 2014-C20, Class A5, 4.00%,
5/15/2047
   12,000
    11,872
Total Commercial Mortgage-Backed Securities
(Cost $878,853)
 
836,475
U.S. Government Agency Securities — 2.0%
FFCB Funding Corp.
 
 
0.13%, 11/23/2022
18,000
17,878
0.13%, 5/10/2023
105,000
102,538
2.51%, 4/1/2025
4,000
3,888
1.00%, 10/7/2026
46,000
41,063
0.79%, 6/21/2027
2,000
1,739
FHLB
 
 
0.75%, 11/22/2023
85,000
81,964
2.75%, 12/13/2024
25,000
24,516
0.50%, 4/14/2025
85,000
78,588
0.75%, 2/24/2026
70,000
63,262
1.25%, 12/21/2026
60,000
54,789
0.90%, 2/26/2027
15,000
13,280
FHLMC
 
 
0.38%, 5/5/2023
129,000
126,309
0.25%, 8/24/2023
8,000
7,742
FNMA
 
 
0.25%, 11/27/2023
82,000
78,824
0.63%, 4/22/2025
5,000
4,631
0.88%, 12/18/2026
10,000
8,844
SEE NOTES TO FINANCIAL STATEMENTS.
 
August 31, 2022
J.P. Morgan Exchange-Traded Funds
43
JPMorgan BetaBuilders 1-5 Year U.S. Aggregate Bond ETF
SCHEDULE OF PORTFOLIO INVESTMENTS
AS OF August 31, 2022  (Unaudited) (continued)
INVESTMENTS
PRINCIPAL
AMOUNT($)
VALUE($)
U.S. Government Agency Securities — continued
Israel Government AID Bond (Israel)
 
 
5.50%, 9/18/2023
   45,000
    45,860
5.50%, 4/26/2024
   15,000
    15,416
Total U.S. Government Agency Securities
(Cost $797,274)
 
771,131
Foreign Government Securities — 1.6%
Canada Government Bond 0.75%,
5/19/2026
  130,000
117,437
Export Development Canada
 
 
2.63%, 2/21/2024
   40,000
39,449
3.00%, 5/25/2027
   15,000
14,664
Hungary Government Bond 5.75%,
11/22/2023
    1,000
1,015
Italian Republic Government Bond 6.88%,
9/27/2023
   39,000
39,812
Oriental Republic of Uruguay, 4.50%,
8/14/2024
   16,333
          16,541
Province of Alberta 1.00%, 5/20/2025
13,000
12,098
Province of British Columbia
 
 
2.25%, 6/2/2026
9,000
8,530
0.90%, 7/20/2026
44,000
39,613
Province of Manitoba, 2.13%, 6/22/2026
3,000
2,819
Province of Ontario
 
 
3.20%, 5/16/2024
10,000
9,921
0.63%, 1/21/2026
82,000
73,800
1.05%, 4/14/2026
8,000
7,266
Province of Quebec 1.50%, 2/11/2025
10,000
9,508
Republic of Peru 2.39%, 1/23/2026
15,000
14,037
Republic of Philippines, 10.63%, 3/16/2025
2,000
2,332
Republic of Poland 4.00%, 1/22/2024
12,000
11,990
Svensk Exportkredit AB 0.38%, 7/30/2024
200,000
187,980
Total Foreign Government Securities
(Cost $642,667)
 
608,812
Asset-Backed Securities — 0.8%
American Express Credit Account Master Trust
Series 2017-7, Class A, 2.35%,
5/15/2025
30,000
29,968
AmeriCredit Automobile Receivables Trust
Series 2020-3, Class B, 0.76%,
12/18/2025
30,000
28,948
Capital One Multi-Asset Execution Trust Series
2022-A2, Class A, 3.49%, 5/15/2027
30,000
29,694
CarMax Auto Owner Trust Series 2021-1,
Class A3, 0.34%, 12/15/2025
23,448
22,836
Citibank Credit Card Issuance Trust Series
2018-A3, Class A3, 3.29%, 5/23/2025
33,000
32,878
INVESTMENTS
PRINCIPAL
AMOUNT($)
VALUE($)
 
Drive Auto Receivables Trust Series 2021-2,
Class B, 0.58%, 12/15/2025
   40,000
    39,353
Exeter Automobile Receivables Trust Series
2021-3A, Class C, 0.96%, 10/15/2026
   40,000
    38,168
Ford Credit Floorplan Master Owner Trust A
 
 
Series 2018-2, Class A, 3.17%,
3/15/2025
   15,000
    14,944
Series 2019-2, Class A, 3.06%,
4/15/2026
    8,000
     7,859
GM Financial Consumer Automobile
Receivables Trust Series 2020-2, Class A4,
1.74%, 8/18/2025
   22,000
    21,421
Verizon Owner Trust Series 2020-A,
Class A1A, 1.85%, 7/22/2024
    8,071
     8,034
World Omni Auto Receivables Trust Series
2021-C, Class A3, 0.44%, 8/17/2026
   30,000
    28,770
Total Asset-Backed Securities
(Cost $308,609)
 
302,873
Municipal Bonds — 0.1% (g)
California — 0.0% ^
University of California, Taxable Series
2020BG, Rev., 0.88%, 5/15/2025
    5,000
     4,618
University of California, Taxable Fixed Rate
Notes Series 2017AX, Rev., 3.06%,
7/1/2025
5,000
4,911
Total California
 
9,529
Florida — 0.1%
State Board of Administration Finance Corp.
Series 2020A, Rev., 1.71%, 7/1/2027
50,000
44,717
New Jersey — 0.0% ^
New Jersey Economic Development Authority
Series 1997B, Rev., AGM, Zero Coupon,
2/15/2023
1,000
982
Total Municipal Bonds
(Cost $57,402)
 
55,228
SEE NOTES TO FINANCIAL STATEMENTS.
 
44
J.P. Morgan Exchange-Traded Funds
August 31, 2022
 INVESTMENTS
SHARES
VALUE($)
Short-Term Investments — 2.9%
Investment Companies — 2.9%
JPMorgan U.S. Government Money Market
Fund Class IM Shares, 2.00% (h) (i)
(Cost $1,095,512)
1,095,512
 1,095,512
Total Investments — 101.9%
(Cost $40,925,627)
 
38,931,190
Liabilities in Excess of Other Assets —
(1.9)%
 
(738,495)
NET ASSETS — 100.0%
 
38,192,695
 
Percentages indicated are based on net assets.
 
Abbreviations
 
ACES
Alternative Credit Enhancement Securities
AGM
Insured by Assured Guaranty Municipal Corp.
CME
Chicago Mercantile Exchange
FFCB
Federal Farm Credit Bank
FHLB
Federal Home Loan Bank
FHLMC
Federal Home Loan Mortgage Corp.
FNMA
Federal National Mortgage Association
GNMA
Government National Mortgage Association
ICE
Intercontinental Exchange
LIBOR
London Interbank Offered Rate
Rev.
Revenue
SOFR
Secured Overnight Financing Rate
TBA
To Be Announced; Security is subject to delayed delivery.
UMBS
Uniform Mortgage-Backed Securities
USD
United States Dollar
 
^
Amount rounds to less than 0.1% of net assets.
‡
Value determined using significant unobservable
inputs.
 
(a)
Variable or floating rate security, linked to the
referenced benchmark. The interest rate shown is the
current rate as of August 31, 2022.
 
(b)
Securities exempt from registration under Rule 144A
or section 4(a)(2), of the Securities Act of 1933, as
amended.
 
(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, 2022.
 
(d)
Security exempt from registration pursuant to
Regulation S under the Securities Act of 1933, as
amended. Regulation S applies to securities offerings
that are made outside of the United States and do not
involve direct selling efforts in the United States and
as such may have restrictions on resale.
 
(e)
All or a portion of the security is a when-issued
security, delayed delivery security, or forward
commitment.
 
(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, 2022.
 
(g)
The date shown represents the earliest of the
prerefunded date, next put date or final maturity date.
 
(h)
Investment in an affiliated fund, which is registered
under the Investment Company Act of 1940, as
amended, and is advised by J.P. Morgan Investment
Management Inc.
 
(i)
The rate shown is the current yield as of August 31,
2022.
 
SEE NOTES TO FINANCIAL STATEMENTS.
 
August 31, 2022
J.P. Morgan Exchange-Traded Funds
45
JPMorgan Core Plus Bond ETF
SCHEDULE OF PORTFOLIO INVESTMENTS
AS OF August 31, 2022  (Unaudited)
 
INVESTMENTS
PRINCIPAL
AMOUNT($)
VALUE($)
Corporate Bonds — 29.7%
Aerospace & Defense — 0.6%
Boeing Co. (The)
 
 
1.17%, 2/4/2023
    20,000
     19,790
1.95%, 2/1/2024
    18,000
     17,416
1.43%, 2/4/2024
    35,000
     33,553
2.75%, 2/1/2026
    14,000
     13,098
2.20%, 2/4/2026
    95,000
     86,932
3.10%, 5/1/2026
    35,000
     33,046
2.70%, 2/1/2027
    65,000
     58,905
5.93%, 5/1/2060
    40,000
     38,199
Bombardier, Inc. (Canada) 6.00%,
2/15/2028  (a)
    85,000
     75,145
BWX Technologies, Inc. 4.13%, 4/15/2029
 (a)
   130,000
    116,025
Howmet Aerospace, Inc.
 
 
5.13%, 10/1/2024
142,000
141,135
5.95%, 2/1/2037
14,000
13,576
Lockheed Martin Corp. 4.50%, 5/15/2036
125,000
124,090
Precision Castparts Corp. 4.38%,
6/15/2045
54,000
49,784
Raytheon Technologies Corp.
 
 
4.13%, 11/16/2028
735,000
719,756
2.38%, 3/15/2032
95,000
79,775
3.13%, 7/1/2050
125,000
93,061
3.03%, 3/15/2052
350,000
254,776
Spirit AeroSystems, Inc. 7.50%,
4/15/2025  (a)
105,000
102,681
TransDigm, Inc. 6.25%, 3/15/2026  (a)
190,000
186,675
Triumph Group, Inc.
 
 
6.25%, 9/15/2024 (a)
10,000
9,200
7.75%, 8/15/2025
16,000
13,475
Wesco Aircraft Holdings, Inc. 9.00%,
11/15/2026  (a)
20,000
12,000
 
 
2,292,093
Airlines — 0.2%
American Airlines, Inc.
 
 
5.50%, 4/20/2026 (a)
240,000
228,307
5.75%, 4/20/2029 (a)
215,000
194,089
Continental Airlines Pass-Through
Trust Series 2012-2, Class A Shares,
4.00%, 10/29/2024
29,390
27,964
Delta Air Lines, Inc. 7.38%, 1/15/2026
105,000
107,100
Mileage Plus Holdings LLC 6.50%,
6/20/2027  (a)
190,000
190,475
INVESTMENTS
PRINCIPAL
AMOUNT($)
VALUE($)
 
Airlines — continued
United Airlines Holdings, Inc.
 
 
5.00%, 2/1/2024
    20,000
     19,442
4.88%, 1/15/2025
    16,000
     15,130
 
 
782,507
Auto Components — 0.3%
Adient Global Holdings Ltd. 4.88%,
8/15/2026  (a)
   200,000
    185,088
Allison Transmission, Inc.
 
 
5.88%, 6/1/2029 (a)
    65,000
     61,105
3.75%, 1/30/2031 (a)
    75,000
     60,775
American Axle & Manufacturing, Inc.
 
 
6.88%, 7/1/2028
   120,000
    113,951
5.00%, 10/1/2029
75,000
63,156
Aptiv plc 5.40%, 3/15/2049
25,000
22,029
Clarios Global LP 6.25%, 5/15/2026  (a)
67,000
66,256
Cooper-Standard Automotive, Inc.
 
 
13.00%, 6/1/2024 (a)
5,000
5,227
5.63%, 11/15/2026 (a)
30,000
14,646
Dana, Inc.
 
 
5.38%, 11/15/2027
130,000
115,905
4.50%, 2/15/2032
40,000
31,934
Goodyear Tire & Rubber Co. (The)
 
 
5.00%, 5/31/2026
19,000
18,334
5.00%, 7/15/2029
130,000
116,538
5.25%, 7/15/2031
225,000
193,914
Icahn Enterprises LP
 
 
6.38%, 12/15/2025
22,000
21,468
5.25%, 5/15/2027
125,000
113,719
Lear Corp. 2.60%, 1/15/2032
10,000
7,710
 
 
1,211,755
Automobiles — 0.2%
Ford Motor Co. 9.63%, 4/22/2030
120,000
140,343
General Motors Co.
 
 
6.13%, 10/1/2025
50,000
51,463
5.15%, 4/1/2038
35,000
30,766
5.95%, 4/1/2049
25,000
23,213
Hyundai Capital America
 
 
0.80%, 1/8/2024 (a)
70,000
66,511
1.50%, 6/15/2026 (a)
40,000
35,003
3.00%, 2/10/2027 (a)
200,000
182,619
Nissan Motor Co. Ltd. (Japan) 4.35%,
9/17/2027  (a)
200,000
185,170
 
 
715,088
SEE NOTES TO FINANCIAL STATEMENTS.
 
46
J.P. Morgan Exchange-Traded Funds
August 31, 2022
INVESTMENTS
PRINCIPAL
AMOUNT($)
VALUE($)
Corporate Bonds — continued
Banks — 5.5%
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)
   200,000
    167,178
(US Treasury Yield Curve Rate T
Note Constant Maturity 5 Year +
1.90%), 3.32%, 3/13/2037 (a) (b)
   200,000
    155,502
AIB Group plc (Ireland) 4.75%,
10/12/2023  (a)
   200,000
    198,336
ASB Bank Ltd. (New Zealand) 2.38%,
10/22/2031  (a)
   200,000
    164,266
Banco Bilbao Vizcaya Argentaria SA (Spain)
0.88%, 9/18/2023
   200,000
    193,134
Banco Santander SA (Spain)
 
 
5.29%, 8/18/2027
   400,000
    391,478
(US Treasury Yield Curve Rate T
Note Constant Maturity 1 Year +
1.60%), 3.22%, 11/22/2032 (b)
   200,000
    152,885
Bank of America Corp.
 
 
(SOFR + 0.41%), 0.52%,
6/14/2024 (b)
   400,000
    387,589
3.88%, 8/1/2025
203,000
201,701
(SOFR + 1.01%), 1.20%,
10/24/2026 (b)
500,000
447,032
(ICE LIBOR USD 3 Month + 1.06%),
3.56%, 4/23/2027 (b)
40,000
38,184
(ICE LIBOR USD 3 Month + 1.58%),
3.82%, 1/20/2028 (b)
236,000
225,907
(ICE LIBOR USD 3 Month + 1.51%),
3.71%, 4/24/2028 (b)
475,000
451,207
(ICE LIBOR USD 3 Month + 1.37%),
3.59%, 7/21/2028 (b)
261,000
245,689
(SOFR + 2.04%), 4.95%,
7/22/2028 (b)
390,000
389,644
(ICE LIBOR USD 3 Month + 1.04%),
3.42%, 12/20/2028 (b)
454,000
420,522
(SOFR + 1.06%), 2.09%,
6/14/2029 (b)
135,000
114,773
(SOFR + 1.53%), 1.90%,
7/23/2031 (b)
510,000
401,680
(SOFR + 1.37%), 1.92%,
10/24/2031 (b)
50,000
39,555
Series N, (SOFR + 1.22%), 2.65%,
3/11/2032 (b)
480,000
397,960
(SOFR + 1.32%), 2.69%,
4/22/2032 (b)
340,000
281,859
(SOFR + 1.22%), 2.30%,
7/21/2032 (b)
550,000
439,038
INVESTMENTS
PRINCIPAL
AMOUNT($)
VALUE($)
 
Banks — continued
(SOFR + 1.21%), 2.57%,
10/20/2032 (b)
   655,000
    535,375
(SOFR + 2.16%), 5.02%,
7/22/2033 (b)
   225,000
    222,900
(ICE LIBOR USD 3 Month + 1.32%),
4.08%, 4/23/2040 (b)
   112,000
     97,712
(SOFR + 1.93%), 2.68%,
6/19/2041 (b)
   150,000
    107,405
Bank of Montreal (Canada) 1.50%,
1/10/2025
   220,000
    207,015
Bank of New Zealand (New Zealand)
3.50%, 2/20/2024  (a)
   250,000
    247,472
Bank of Nova Scotia (The) (Canada)
 
 
(ICE LIBOR USD 3 Month + 2.65%),
4.65%, 10/12/2022 (b) (c) (d)
    50,000
     44,250
2.20%, 2/3/2025
    12,000
     11,439
3.45%, 4/11/2025
   150,000
    146,650
Banque Federative du Credit Mutuel SA
(France)
 
 
3.75%, 7/20/2023 (a)
250,000
249,611
4.52%, 7/13/2025 (a)
320,000
318,466
Barclays plc (United Kingdom)
 
 
5.20%, 5/12/2026
200,000
198,471
(US Treasury Yield Curve Rate T
Note Constant Maturity 1 Year +
1.05%), 2.28%, 11/24/2027 (b)
200,000
175,649
BNP Paribas SA (France) (SOFR + 1.61%),
1.90%, 9/30/2028  (a) (b)
200,000
168,357
Canadian Imperial Bank of Commerce
(Canada)
 
 
3.10%, 4/2/2024
34,000
33,509
3.30%, 4/7/2025
105,000
102,285
Citigroup, Inc.
 
 
(SOFR + 1.37%), 4.14%,
5/24/2025 (b)
81,000
80,452
(SOFR + 0.69%), 2.01%,
1/25/2026 (b)
444,000
417,188
(ICE LIBOR USD 3 Month + 1.56%),
3.89%, 1/10/2028 (b)
350,000
335,102
Series VAR, (SOFR + 1.28%), 3.07%,
2/24/2028 (b)
285,000
263,512
(SOFR + 1.89%), 4.66%,
5/24/2028 (b)
60,000
59,157
(ICE LIBOR USD 3 Month + 1.39%),
3.67%, 7/24/2028 (b)
300,000
282,541
(ICE LIBOR USD 3 Month + 1.19%),
4.07%, 4/23/2029 (b)
345,000
328,152
SEE NOTES TO FINANCIAL STATEMENTS.
 
August 31, 2022
J.P. Morgan Exchange-Traded Funds
47
JPMorgan Core Plus Bond ETF
SCHEDULE OF PORTFOLIO INVESTMENTS
AS OF August 31, 2022  (Unaudited) (continued)
INVESTMENTS
PRINCIPAL
AMOUNT($)
VALUE($)
Corporate Bonds — continued
Banks — continued
(SOFR + 1.42%), 2.98%,
11/5/2030 (b)
    25,000
     21,787
(SOFR + 3.91%), 4.41%,
3/31/2031 (b)
   155,000
    147,909
(SOFR + 2.11%), 2.57%, 6/3/2031 (b)
   120,000
    100,263
(SOFR + 1.17%), 2.56%, 5/1/2032 (b)
   260,000
    212,652
(SOFR + 1.18%), 2.52%,
11/3/2032 (b)
   365,000
    294,997
(SOFR + 1.38%), 2.90%,
11/3/2042 (b)
    55,000
     40,200
Citizens Financial Group, Inc. 2.50%,
2/6/2030
    11,000
      9,253
Cooperatieve Rabobank UA (Netherlands)
(US Treasury Yield Curve Rate T
Note Constant Maturity 1 Year + 1.22%),
3.65%, 4/6/2028  (a) (b)
   360,000
    338,431
Credit Agricole SA (France)
 
 
(SOFR + 1.68%), 1.91%,
6/16/2026 (a) (b)
   250,000
    229,443
(SOFR + 0.89%), 1.25%,
1/26/2027 (a) (b)
   250,000
    219,671
(USD Swap Semi 5 Year + 1.64%),
4.00%, 1/10/2033 (a) (b)
250,000
225,515
Danske Bank A/S (Denmark) (US Treasury
Yield Curve Rate T Note Constant
Maturity 1 Year + 1.45%), 3.77%,
3/28/2025  (a) (b)
200,000
195,012
Fifth Third Bancorp 3.65%, 1/25/2024
70,000
69,551
HSBC Holdings plc (United Kingdom)
 
 
(SOFR + 1.43%), 3.00%,
3/10/2026 (b)
290,000
274,760
(SOFR + 1.29%), 1.59%,
5/24/2027 (b)
200,000
174,208
(SOFR + 2.61%), 5.21%,
8/11/2028 (b)
305,000
297,696
(SOFR + 1.73%), 2.01%,
9/22/2028 (b)
450,000
380,456
(SOFR + 1.29%), 2.21%,
8/17/2029 (b)
200,000
165,520
7.63%, 5/17/2032
143,000
162,779
(SOFR + 1.41%), 2.87%,
11/22/2032 (b)
250,000
198,662
(SOFR + 2.87%), 5.40%,
8/11/2033 (b)
200,000
190,295
6.10%, 1/14/2042
230,000
248,943
INVESTMENTS
PRINCIPAL
AMOUNT($)
VALUE($)
 
Banks — continued
ING Groep NV (Netherlands)
 
 
(US Treasury Yield Curve Rate T
Note Constant Maturity 1 Year +
1.10%), 1.40%, 7/1/2026 (a) (b)
   200,000
    180,796
(US Treasury Yield Curve Rate T
Note Constant Maturity 5 Year +
2.86%), 3.88%, 5/16/2027 (b) (c)
(d)
   200,000
    148,026
Intesa Sanpaolo SpA (Italy) (US Treasury
Yield Curve Rate T Note Constant
Maturity 1 Year + 2.75%), 4.95%,
6/1/2042  (a) (b)
   200,000
    130,483
KeyCorp 2.25%, 4/6/2027
    57,000
     51,226
Lloyds Banking Group plc (United Kingdom)
(US Treasury Yield Curve Rate T
Note Constant Maturity 1 Year + 1.60%),
3.51%, 3/18/2026  (b)
   200,000
    192,646
Mitsubishi UFJ Financial Group, Inc. (Japan)
 
 
3.76%, 7/26/2023
   100,000
     99,858
(US Treasury Yield Curve Rate T
Note Constant Maturity 1 Year +
0.68%), 0.85%, 9/15/2024 (b)
   200,000
    192,826
3.78%, 3/2/2025
   269,000
    266,023
Mizuho Financial Group, Inc. (Japan) (US
Treasury Yield Curve Rate T
Note Constant Maturity 1 Year + 0.87%),
2.17%, 5/22/2032  (b)
   225,000
    176,905
National Australia Bank Ltd. (Australia)
3.38%, 1/14/2026
250,000
242,944
NatWest Group plc (United Kingdom) (ICE
LIBOR USD 3 Month + 1.91%), 5.08%,
1/27/2030  (b)
200,000
194,327
NatWest Markets plc (United Kingdom)
0.80%, 8/12/2024  (a)
200,000
186,117
PNC Financial Services Group, Inc.
(The) 2.55%, 1/22/2030
99,000
86,818
Royal Bank of Canada (Canada)
 
 
4.65%, 1/27/2026
45,000
45,340
4.24%, 8/3/2027
425,000
419,420
Santander UK Group Holdings plc (United
Kingdom)
 
 
(SOFR + 0.99%), 1.67%,
6/14/2027 (b)
200,000
172,987
(ICE LIBOR USD 3 Month + 1.40%),
3.82%, 11/3/2028 (b)
200,000
182,343
Societe Generale SA (France)
 
 
4.25%, 4/14/2025 (a)
200,000
195,833
4.75%, 11/24/2025 (a)
200,000
195,397
SEE NOTES TO FINANCIAL STATEMENTS.
 
48
J.P. Morgan Exchange-Traded Funds
August 31, 2022
INVESTMENTS
PRINCIPAL
AMOUNT($)
VALUE($)
Corporate Bonds — continued
Banks — continued
(US Treasury Yield Curve Rate T
Note Constant Maturity 1 Year +
1.10%), 1.49%, 12/14/2026 (a) (b)
   200,000
    174,293
(US Treasury Yield Curve Rate T
Note Constant Maturity 1 Year +
1.00%), 1.79%, 6/9/2027 (a) (b)
   200,000
    173,105
(US Treasury Yield Curve Rate T
Note Constant Maturity 1 Year +
1.30%), 2.80%, 1/19/2028 (a) (b)
   200,000
    176,220
Standard Chartered plc (United Kingdom)
(US Treasury Yield Curve Rate T
Note Constant Maturity 1 Year + 0.78%),
0.99%, 1/12/2025  (a) (b)
   200,000
    189,020
Sumitomo Mitsui Financial Group,
Inc. (Japan) 3.75%, 7/19/2023
    53,000
     52,944
Sumitomo Mitsui Trust Bank Ltd. (Japan)
1.05%, 9/12/2025  (a)
    60,000
     54,117
Toronto-Dominion Bank (The) (Canada)
 
 
3.25%, 3/11/2024
    33,000
     32,606
2.65%, 6/12/2024
    81,000
     79,109
2.00%, 9/10/2031
   235,000
    190,145
Truist Bank 4.05%, 11/3/2025
    60,000
     59,953
UniCredit SpA (Italy) (US Treasury Yield
Curve Rate T Note Constant Maturity 1
Year + 1.20%), 1.98%, 6/3/2027  (a)
(b)
200,000
169,227
US Bancorp 3.00%, 7/30/2029
97,000
87,514
Wells Fargo & Co.
 
 
3.55%, 9/29/2025
77,000
75,672
(ICE LIBOR USD 3 Month + 0.75%),
2.16%, 2/11/2026 (b)
363,000
341,539
(SOFR + 1.32%), 3.91%,
4/25/2026 (b)
90,000
88,183
3.00%, 10/23/2026
360,000
340,139
(SOFR + 1.51%), 3.53%,
3/24/2028 (b)
325,000
307,020
(ICE LIBOR USD 3 Month + 1.31%),
3.58%, 5/22/2028 (b)
1,101,000
1,038,879
(SOFR + 1.98%), 4.81%,
7/25/2028 (b)
320,000
317,651
(SOFR + 1.26%), 2.57%,
2/11/2031 (b)
250,000
211,745
(SOFR + 2.10%), 4.90%,
7/25/2033 (b)
180,000
177,113
4.90%, 11/17/2045
25,000
23,097
Westpac Banking Corp. (Australia)
 
 
2.85%, 5/13/2026
25,000
23,930
INVESTMENTS
PRINCIPAL
AMOUNT($)
VALUE($)
 
Banks — continued
1.95%, 11/20/2028
    30,000
     26,103
(USD ICE Swap Rate 5 Year + 2.24%),
4.32%, 11/23/2031 (b)
   275,000
    261,740
 
 
22,767,171
Beverages — 0.3%
Anheuser-Busch Cos. LLC (Belgium)
 
 
4.70%, 2/1/2036
   540,000
    522,443
4.90%, 2/1/2046
    65,000
     61,708
Anheuser-Busch InBev Worldwide, Inc.
(Belgium)
 
 
4.38%, 4/15/2038
    95,000
     87,730
4.44%, 10/6/2048
    40,000
     35,557
4.60%, 6/1/2060
    90,000
     79,836
Coca-Cola Co. (The) 2.60%, 6/1/2050
50,000
36,396
Coca-Cola Femsa SAB de CV (Mexico)
2.75%, 1/22/2030
150,000
133,676
Constellation Brands, Inc. 4.65%,
11/15/2028
95,000
94,233
Diageo Capital plc (United Kingdom)
3.88%, 4/29/2043
30,000
26,496
Fomento Economico Mexicano SAB de
CV (Mexico) 3.50%, 1/16/2050
150,000
116,717
Keurig Dr Pepper, Inc. 3.40%,
11/15/2025
38,000
37,192
Keurig Dr. Pepper, Inc. 4.05%, 4/15/2032
135,000
125,944
 
 
1,357,928
Biotechnology — 0.5%
AbbVie, Inc.
 
 
2.95%, 11/21/2026
73,000
68,861
3.20%, 11/21/2029
271,000
247,522
4.05%, 11/21/2039
444,000
391,379
4.63%, 10/1/2042
75,000
68,853
Amgen, Inc.
 
 
1.65%, 8/15/2028
15,000
12,938
3.35%, 2/22/2032
610,000
551,529
3.15%, 2/21/2040
27,000
21,340
Biogen, Inc. 2.25%, 5/1/2030
65,000
53,097
Emergent BioSolutions, Inc. 3.88%,
8/15/2028  (a)
100,000
70,000
Gilead Sciences, Inc.
 
 
2.95%, 3/1/2027
195,000
184,709
1.65%, 10/1/2030
118,000
95,891
2.60%, 10/1/2040
220,000
159,823
SEE NOTES TO FINANCIAL STATEMENTS.
 
August 31, 2022
J.P. Morgan Exchange-Traded Funds
49
JPMorgan Core Plus Bond ETF
SCHEDULE OF PORTFOLIO INVESTMENTS
AS OF August 31, 2022  (Unaudited) (continued)
INVESTMENTS
PRINCIPAL
AMOUNT($)
VALUE($)
Corporate Bonds — continued
Biotechnology — continued
Grifols Escrow Issuer SA (Spain) 4.75%,
10/15/2028  (a)
   200,000
    166,711
Regeneron Pharmaceuticals, Inc. 1.75%,
9/15/2030
    80,000
     63,264
 
 
2,155,917
Building Products — 0.2%
Builders FirstSource, Inc. 4.25%,
2/1/2032  (a)
   210,000
    167,629
Griffon Corp. 5.75%, 3/1/2028
   140,000
    129,500
James Hardie International Finance
DAC 5.00%, 1/15/2028  (a)
   200,000
    183,997
Masco Corp. 1.50%, 2/15/2028
    25,000
     21,049
PGT Innovations, Inc. 4.38%, 10/1/2029
 (a)
    70,000
     59,209
Standard Industries, Inc.
 
 
5.00%, 2/15/2027 (a)
    20,000
     18,291
4.75%, 1/15/2028 (a)
260,000
227,276
Summit Materials LLC 5.25%, 1/15/2029
 (a)
65,000
58,467
 
 
865,418
Capital Markets — 2.3%
Ameriprise Financial, Inc. 4.00%,
10/15/2023
47,000
47,036
Bank of New York Mellon Corp. (The)
 
 
2.10%, 10/24/2024
30,000
29,060
3.25%, 5/16/2027
160,000
154,666
Charles Schwab Corp. (The)
 
 
0.90%, 3/11/2026
30,000
26,988
2.75%, 10/1/2029
46,000
41,395
Credit Suisse AG (Switzerland) 3.70%,
2/21/2025
310,000
299,806
Credit Suisse Group AG (Switzerland)
 
 
(SOFR + 0.98%), 1.31%, 2/2/2027 (a)
(b)
250,000
210,364
(SOFR + 1.73%), 3.09%,
5/14/2032 (a) (b)
250,000
188,951
Credit Suisse USA, Inc. (Switzerland)
7.13%, 7/15/2032
53,000
57,984
Deutsche Bank AG (Germany) (SOFR +
2.16%), 2.22%, 9/18/2024  (b)
150,000
144,665
Goldman Sachs Group, Inc. (The)
 
 
3.50%, 4/1/2025
280,000
273,779
(ICE LIBOR USD 3 Month + 1.20%),
3.27%, 9/29/2025 (b)
201,000
195,771
3.50%, 11/16/2026
371,000
356,388
3.85%, 1/26/2027
135,000
130,793
INVESTMENTS
PRINCIPAL
AMOUNT($)
VALUE($)
 
Capital Markets — continued
(SOFR + 0.80%), 1.43%, 3/9/2027 (b)
 1,085,000
    965,297
(SOFR + 1.51%), 4.39%,
6/15/2027 (b)
   117,000
    114,828
(SOFR + 1.11%), 2.64%,
2/24/2028 (b)
   150,000
    136,026
(SOFR + 1.28%), 2.62%,
4/22/2032 (b)
   785,000
    648,631
(SOFR + 1.25%), 2.38%,
7/21/2032 (b)
   170,000
    137,611
(SOFR + 1.26%), 2.65%,
10/21/2032 (b)
    25,000
     20,527
(SOFR + 1.41%), 3.10%,
2/24/2033 (b)
   190,000
    161,641
(SOFR + 1.51%), 3.21%,
4/22/2042 (b)
    60,000
     45,976
(SOFR + 1.63%), 3.44%,
2/24/2043 (b)
    18,000
     14,183
LPL Holdings, Inc. 4.00%, 3/15/2029  (a)
   120,000
    106,250
Morgan Stanley
 
 
(SOFR + 1.16%), 3.62%,
4/17/2025 (b)
90,000
88,675
3.88%, 1/27/2026
330,000
326,285
3.13%, 7/27/2026
130,000
123,853
3.63%, 1/20/2027
191,000
185,567
(SOFR + 0.88%), 1.59%, 5/4/2027 (b)
210,000
187,180
(SOFR + 1.00%), 2.48%,
1/21/2028 (b)
614,000
557,728
(SOFR + 1.61%), 4.21%,
4/20/2028 (b)
303,000
295,248
(ICE LIBOR USD 3 Month + 1.34%),
3.59%, 7/22/2028 (b)
330,000
311,525
(ICE LIBOR USD 3 Month + 1.63%),
4.43%, 1/23/2030 (b)
373,000
363,354
(SOFR + 1.14%), 2.70%,
1/22/2031 (b)
70,000
60,565
(SOFR + 1.18%), 2.24%,
7/21/2032 (b)
80,000
64,441
(SOFR + 1.20%), 2.51%,
10/20/2032 (b)
68,000
55,685
(SOFR + 1.29%), 2.94%,
1/21/2033 (b)
25,000
21,271
(SOFR + 1.49%), 3.22%,
4/22/2042 (b)
135,000
105,319
MSCI, Inc. 4.00%, 11/15/2029  (a)
115,000
102,363
Northern Trust Corp. 3.95%, 10/30/2025
60,000
59,771
Nuveen LLC 4.00%, 11/1/2028  (a)
60,000
57,893
SEE NOTES TO FINANCIAL STATEMENTS.
 
50
J.P. Morgan Exchange-Traded Funds
August 31, 2022

INVESTMENTS
PRINCIPAL
AMOUNT($)
VALUE($)
Corporate Bonds — continued
Capital Markets — continued
S&P Global, Inc.
 
 
2.70%, 3/1/2029 (a)
   106,000
     96,452
2.90%, 3/1/2032 (a)
   112,000
     99,333
3.25%, 12/1/2049
    73,000
     57,414
UBS Group AG (Switzerland)
 
 
(US Treasury Yield Curve Rate T
Note Constant Maturity 1 Year +
0.85%), 1.49%, 8/10/2027 (a) (b)
   585,000
    508,082
(US Treasury Yield Curve Rate T
Note Constant Maturity 1 Year +
1.75%), 4.75%, 5/12/2028 (a) (b)
   200,000
    196,152
(ICE LIBOR USD 3 Month + 1.47%),
3.13%, 8/13/2030 (a) (b)
   200,000
    174,751
(US Treasury Yield Curve Rate T
Note Constant Maturity 1 Year +
1.10%), 2.75%, 2/11/2033 (a) (b)
   720,000
    576,864
(US Treasury Yield Curve Rate T
Note Constant Maturity 1 Year +
2.40%), 4.99%, 8/5/2033 (a) (b)
   200,000
    192,762
(US Treasury Yield Curve Rate T
Note Constant Maturity 1 Year +
1.10%), 3.18%, 2/11/2043 (a) (b)
   200,000
    146,783
 
 
9,523,932
Chemicals — 0.5%
Avient Corp. 7.13%, 8/1/2030  (a)
110,000
108,616
Axalta Coating Systems LLC 4.75%,
6/15/2027  (a)
150,000
138,937
CF Industries, Inc.
 
 
5.15%, 3/15/2034
60,000
57,856
4.95%, 6/1/2043
70,000
62,221
Chemours Co. (The) 5.75%, 11/15/2028
 (a)
215,000
192,425
CVR Partners LP 6.13%, 6/15/2028  (a)
70,000
63,912
Ecolab, Inc.
 
 
3.25%, 12/1/2027
52,000
50,705
2.13%, 2/1/2032
75,000
63,219
Element Solutions, Inc. 3.88%, 9/1/2028
 (a)
105,000
91,219
INEOS Quattro Finance 2 plc (United
Kingdom) 3.38%, 1/15/2026  (a)
200,000
173,000
International Flavors & Fragrances, Inc.
 
 
1.83%, 10/15/2027 (a)
116,000
99,380
3.27%, 11/15/2040 (a)
25,000
19,032
3.47%, 12/1/2050 (a)
13,000
9,535
LYB International Finance III LLC 3.38%,
10/1/2040
40,000
30,494
INVESTMENTS
PRINCIPAL
AMOUNT($)
VALUE($)
 
Chemicals — continued
NOVA Chemicals Corp. (Canada) 5.25%,
6/1/2027  (a)
   140,000
    123,605
Nutrien Ltd. (Canada) 2.95%, 5/13/2030
    80,000
     70,874
Scotts Miracle-Gro Co. (The) 4.50%,
10/15/2029
   375,000
    300,435
Sherwin-Williams Co. (The) 4.50%,
6/1/2047
    15,000
     13,364
Trinseo Materials Operating SCA 5.38%,
9/1/2025  (a)
   145,000
    124,973
WR Grace Holdings LLC 5.63%, 10/1/2024
 (a)
    85,000
     83,937
 
 
1,877,739
Commercial Services & Supplies — 0.4%
ACCO Brands Corp. 4.25%, 3/15/2029  (a)
   165,000
    137,546
ADT Security Corp. (The)
 
 
4.13%, 6/15/2023
    26,000
     25,675
4.88%, 7/15/2032 (a)
20,000
16,731
Allied Universal Holdco LLC 4.63%,
6/1/2028  (a)
200,000
168,525
Aramark Services, Inc. 5.00%, 2/1/2028
 (a)
155,000
142,650
Garda World Security Corp. (Canada)
4.63%, 2/15/2027  (a)
140,000
123,046
GFL Environmental, Inc. (Canada)
 
 
3.75%, 8/1/2025 (a)
105,000
99,198
5.13%, 12/15/2026 (a)
55,000
53,153
4.00%, 8/1/2028 (a)
65,000
54,925
Madison IAQ LLC 4.13%, 6/30/2028  (a)
195,000
167,212
Nielsen Finance LLC 5.63%, 10/1/2028
 (a)
170,000
170,388
Prime Security Services Borrower LLC
 
 
5.75%, 4/15/2026 (a)
282,000
271,332
3.38%, 8/31/2027 (a)
120,000
103,275
Stericycle, Inc.
 
 
5.38%, 7/15/2024 (a)
85,000
83,177
3.88%, 1/15/2029 (a)
120,000
103,950
Waste Management, Inc. 1.50%,
3/15/2031
20,000
15,827
 
 
1,736,610
Communications Equipment — 0.1%
CommScope Technologies LLC 6.00%,
6/15/2025  (a)
105,000
95,419
CommScope, Inc. 6.00%, 3/1/2026  (a)
172,000
162,557
Plantronics, Inc. 4.75%, 3/1/2029  (a)
70,000
69,825
 
 
327,801
SEE NOTES TO FINANCIAL STATEMENTS.
 
August 31, 2022
J.P. Morgan Exchange-Traded Funds
51
JPMorgan Core Plus Bond ETF
SCHEDULE OF PORTFOLIO INVESTMENTS
AS OF August 31, 2022  (Unaudited) (continued)
INVESTMENTS
PRINCIPAL
AMOUNT($)
VALUE($)
Corporate Bonds — continued
Construction & Engineering — 0.1%
Dycom Industries, Inc. 4.50%, 4/15/2029
 (a)
   115,000
    102,652
Global Infrastructure Solutions, Inc. 5.63%,
6/1/2029  (a)
   130,000
    103,957
Weekley Homes LLC 4.88%, 9/15/2028
 (a)
    95,000
     78,751
 
 
285,360
Construction Materials — 0.0% ^
Martin Marietta Materials, Inc. 2.40%,
7/15/2031
    70,000
     57,655
Consumer Finance — 1.0%
AerCap Ireland Capital DAC (Ireland)
 
 
1.15%, 10/29/2023
   150,000
    143,480
2.45%, 10/29/2026
   150,000
    132,263
3.00%, 10/29/2028
   450,000
    382,554
American Express Co. 2.55%, 3/4/2027
340,000
315,730
Avolon Holdings Funding Ltd. (Ireland)
 
 
5.13%, 10/1/2023 (a)
170,000
168,075
5.25%, 5/15/2024 (a)
250,000
245,104
2.88%, 2/15/2025 (a)
28,000
25,675
5.50%, 1/15/2026 (a)
60,000
57,854
2.13%, 2/21/2026 (a)
275,000
237,028
4.25%, 4/15/2026 (a)
25,000
23,041
Capital One Financial Corp. (SOFR +
1.27%), 2.62%, 11/2/2032  (b)
100,000
79,699
Ford Motor Credit Co. LLC
 
 
4.39%, 1/8/2026
200,000
188,296
4.27%, 1/9/2027
200,000
182,681
4.13%, 8/17/2027
300,000
270,219
4.00%, 11/13/2030
250,000
208,845
3.63%, 6/17/2031
200,000
161,946
General Motors Financial Co., Inc.
 
 
3.80%, 4/7/2025
35,000
34,126
3.60%, 6/21/2030
60,000
51,920
2.70%, 6/10/2031
25,000
19,619
John Deere Capital Corp. 2.65%,
6/10/2026
119,000
114,177
Navient Corp.
 
 
6.13%, 3/25/2024
130,000
126,835
5.88%, 10/25/2024
20,000
19,204
OneMain Finance Corp.
 
 
7.13%, 3/15/2026
219,000
203,996
6.63%, 1/15/2028
95,000
86,855
INVESTMENTS
PRINCIPAL
AMOUNT($)
VALUE($)
 
Consumer Finance — continued
Park Aerospace Holdings Ltd. (Ireland)
 
 
4.50%, 3/15/2023 (a)
   305,000
    303,234
5.50%, 2/15/2024 (a)
   208,000
    205,392
 
 
3,987,848
Containers & Packaging — 0.3%
Ardagh Packaging Finance plc 5.25%,
4/30/2025  (a)
   200,000
    189,157
Ball Corp. 3.13%, 9/15/2031
    55,000
     44,546
Canpack SA (Poland) 3.88%, 11/15/2029
 (a)
   200,000
    163,187
Crown Americas LLC 4.25%, 9/30/2026
    13,000
     12,187
LABL, Inc. 6.75%, 7/15/2026  (a)
   155,000
    147,250
Mauser Packaging Solutions Holding
Co. 5.50%, 4/15/2024  (a)
   215,000
    208,137
Owens-Brockway Glass Container,
Inc. 6.63%, 5/13/2027  (a)
80,000
74,254
Packaging Corp. of America 3.05%,
10/1/2051
85,000
60,014
Pactiv Evergreen Group Issuer, Inc. 4.00%,
10/15/2027  (a)
215,000
187,663
Sealed Air Corp. 4.00%, 12/1/2027  (a)
115,000
104,650
TriMas Corp. 4.13%, 4/15/2029  (a)
90,000
78,975
WRKCo, Inc. 4.65%, 3/15/2026
30,000
30,113
 
 
1,300,133
Diversified Consumer Services — 0.0% ^
Service Corp. International 5.13%,
6/1/2029
105,000
99,478
University of Miami Series 2022, 4.06%,
4/1/2052
40,000
35,324
 
 
134,802
Diversified Financial Services — 0.2%
EDP Finance BV (Portugal) 1.71%,
1/24/2028  (a)
250,000
211,571
LSEGA Financing plc (United Kingdom)
2.00%, 4/6/2028  (a)
200,000
175,117
Shell International Finance BV
(Netherlands)
 
 
2.88%, 11/26/2041
200,000
154,827
3.63%, 8/21/2042
50,000
42,636
3.75%, 9/12/2046
41,000
35,139
3.13%, 11/7/2049
25,000
19,436
3.00%, 11/26/2051
200,000
150,197
 
 
788,923
SEE NOTES TO FINANCIAL STATEMENTS.
 
52
J.P. Morgan Exchange-Traded Funds
August 31, 2022
INVESTMENTS
PRINCIPAL
AMOUNT($)
VALUE($)
Corporate Bonds — continued
Diversified Telecommunication Services — 1.1%
Altice France Holding SA (Luxembourg)
10.50%, 5/15/2027  (a)
   200,000
    172,544
Altice France SA (France) 5.13%,
7/15/2029  (a)
   200,000
    151,932
AT&T, Inc.
 
 
1.65%, 2/1/2028
   150,000
    128,857
2.55%, 12/1/2033
   570,000
    454,157
3.50%, 6/1/2041
    60,000
     47,294
3.65%, 6/1/2051
    65,000
     49,737
CCO Holdings LLC
 
 
5.00%, 2/1/2028 (a)
   395,000
    360,959
5.38%, 6/1/2029 (a)
   100,000
     91,360
4.75%, 3/1/2030 (a)
   784,000
    673,875
4.50%, 8/15/2030 (a)
199,000
167,354
4.50%, 5/1/2032
70,000
56,804
4.50%, 6/1/2033 (a)
135,000
105,975
Embarq Corp. 8.00%, 6/1/2036
13,000
10,108
ESC Co., Intelsat Jackson Holdings,
Ltd. 8.50%, 10/15/2024  ‡ (a) (e)
28,000
3
Frontier Communications
Holdings LLC 5.88%, 10/15/2027  (a)
115,000
107,266
Intelsat Jackson Holdings SA (Luxembourg)
6.50%, 3/15/2030  (a)
74,000
67,080
Level 3 Financing, Inc.
 
 
5.38%, 5/1/2025
20,000
20,003
5.25%, 3/15/2026
54,000
54,918
Lumen Technologies, Inc.
 
 
5.13%, 12/15/2026 (a)
130,000
112,331
4.00%, 2/15/2027 (a)
575,000
499,810
Series G, 6.88%, 1/15/2028
3,000
2,701
Sprint Capital Corp. 8.75%, 3/15/2032
240,000
289,733
Telecom Italia Capital SA (Italy) 6.00%,
9/30/2034
134,000
105,801
Verizon Communications, Inc.
 
 
2.10%, 3/22/2028
25,000
22,094
4.33%, 9/21/2028
75,000
74,015
4.02%, 12/3/2029
184,000
176,537
2.55%, 3/21/2031
105,000
88,746
2.36%, 3/15/2032
13,000
10,665
2.65%, 11/20/2040
295,000
212,931
3.40%, 3/22/2041
30,000
24,167
3.85%, 11/1/2042
125,000
106,082
2.88%, 11/20/2050
75,000
51,647
INVESTMENTS
PRINCIPAL
AMOUNT($)
VALUE($)
 
Diversified Telecommunication Services — continued
3.70%, 3/22/2061
    30,000
     23,128
Zayo Group Holdings, Inc. 4.00%,
3/1/2027  (a)
    75,000
     63,938
 
 
4,584,552
Electric Utilities — 1.6%
AEP Transmission Co. LLC Series N, 2.75%,
8/15/2051
    50,000
     34,953
Alabama Power Co. 3.05%, 3/15/2032
   200,000
    181,967
American Electric Power Co., Inc. 2.03%,
3/15/2024
    40,000
     38,743
Baltimore Gas and Electric Co.
 
 
3.20%, 9/15/2049
    80,000
     61,837
2.90%, 6/15/2050
    50,000
     36,642
Connecticut Light and Power Co.
(The) 4.00%, 4/1/2048
    46,000
     41,638
DTE Electric Co. Series A, 4.00%,
4/1/2043
90,000
79,944
Duke Energy Carolinas LLC 3.20%,
8/15/2049
34,000
26,495
Duke Energy Indiana LLC
 
 
Series YYY, 3.25%, 10/1/2049
125,000
95,908
2.75%, 4/1/2050
165,000
115,139
Duke Energy Progress LLC 4.00%,
4/1/2052
40,000
35,372
Duquesne Light Holdings, Inc. 2.53%,
10/1/2030  (a)
48,000
39,164
Emera US Finance LP (Canada)
 
 
2.64%, 6/15/2031
660,000
544,920
4.75%, 6/15/2046
50,000
43,536
Enel Finance International NV (Italy)
2.25%, 7/12/2031  (a)
200,000
151,041
Entergy Arkansas LLC
 
 
4.00%, 6/1/2028
13,000
12,603
2.65%, 6/15/2051
14,000
9,552
Entergy Louisiana LLC
 
 
2.40%, 10/1/2026
69,000
63,922
1.60%, 12/15/2030
10,000
7,987
Entergy Mississippi LLC 3.50%, 6/1/2051
20,000
15,994
Entergy Texas Restoration Funding
II LLC Series A-2, 3.70%, 12/15/2035
215,000
200,707
Entergy Texas, Inc. 1.75%, 3/15/2031
535,000
429,102
Eversource Energy 4.60%, 7/1/2027
31,000
31,091
FirstEnergy Transmission LLC 4.55%,
4/1/2049  (a)
90,000
78,420
Florida Power & Light Co. 3.70%,
12/1/2047
60,000
52,419
SEE NOTES TO FINANCIAL STATEMENTS.
 
August 31, 2022
J.P. Morgan Exchange-Traded Funds
53
JPMorgan Core Plus Bond ETF
SCHEDULE OF PORTFOLIO INVESTMENTS
AS OF August 31, 2022  (Unaudited) (continued)
INVESTMENTS
PRINCIPAL
AMOUNT($)
VALUE($)
Corporate Bonds — continued
Electric Utilities — continued
Indiana Michigan Power Co. Series K,
4.55%, 3/15/2046
    50,000
     45,843
ITC Holdings Corp. 2.95%, 5/14/2030  (a)
   305,000
    266,482
Kentucky Utilities Co. 5.13%, 11/1/2040
    74,000
     73,936
MidAmerican Energy Co. 3.65%,
4/15/2029
    46,000
     44,580
Mid-Atlantic Interstate
Transmission LLC 4.10%, 5/15/2028
 (a)
   200,000
    193,051
Monongahela Power Co. 4.10%,
4/15/2024  (a)
   100,000
     99,131
NextEra Energy Capital Holdings,
Inc. 5.00%, 7/15/2032
    60,000
     61,081
Northern States Power Co.
 
 
2.60%, 6/1/2051
    70,000
     49,499
4.50%, 6/1/2052
    50,000
     48,546
NRG Energy, Inc.
 
 
6.63%, 1/15/2027
21,000
20,834
2.45%, 12/2/2027 (a)
60,000
51,371
5.75%, 1/15/2028
65,000
61,270
3.38%, 2/15/2029 (a)
70,000
57,504
5.25%, 6/15/2029 (a)
160,000
143,008
Ohio Power Co.
 
 
Series P, 2.60%, 4/1/2030
50,000
43,793
Series R, 2.90%, 10/1/2051
65,000
46,490
Oncor Electric Delivery Co. LLC 3.10%,
9/15/2049
50,000
38,667
Pacific Gas and Electric Co.
 
 
1.70%, 11/15/2023
30,000
28,979
3.25%, 2/16/2024
75,000
73,360
3.45%, 7/1/2025
17,000
16,205
2.95%, 3/1/2026
10,000
9,089
4.65%, 8/1/2028
100,000
91,289
4.50%, 7/1/2040
130,000
101,194
4.20%, 6/1/2041
30,000
22,302
4.25%, 3/15/2046
78,000
57,219
PacifiCorp
 
 
4.15%, 2/15/2050
118,000
105,711
3.30%, 3/15/2051
120,000
92,838
PG&E Corp.
 
 
5.00%, 7/1/2028
106,000
94,124
5.25%, 7/1/2030
70,000
60,515
PG&E Wildfire Recovery Funding LLC
 
 
Series A-2, 4.26%, 6/1/2036
25,000
24,208
Series A-4, 5.21%, 12/1/2047
40,000
41,629
Series A-5, 5.10%, 6/1/2052
70,000
72,256
INVESTMENTS
PRINCIPAL
AMOUNT($)
VALUE($)
 
Electric Utilities — continued
Public Service Co. of Colorado Series 36,
2.70%, 1/15/2051
    45,000
     31,896
Public Service Electric and Gas Co.
 
 
3.00%, 5/15/2027
    50,000
     47,963
2.05%, 8/1/2050
    68,000
     41,988
Southern California Edison Co.
 
 
Series G, 2.50%, 6/1/2031
   400,000
    334,058
Series C, 3.60%, 2/1/2045
    35,000
     26,613
Series C, 4.13%, 3/1/2048
    88,000
     73,175
Series 20A, 2.95%, 2/1/2051
    80,000
     53,951
Southwestern Electric Power Co.
 
 
Series N, 1.65%, 3/15/2026
    45,000
     40,798
3.25%, 11/1/2051
160,000
115,878
Southwestern Public Service Co.
 
 
3.30%, 6/15/2024
29,000
28,620
4.50%, 8/15/2041
74,000
69,544
Tucson Electric Power Co.
 
 
1.50%, 8/1/2030
448,000
356,563
4.85%, 12/1/2048
72,000
69,298
Union Electric Co. 3.90%, 4/1/2052
45,000
39,580
Vistra Operations Co. LLC
 
 
5.50%, 9/1/2026 (a)
65,000
62,761
4.38%, 5/1/2029 (a)
220,000
191,796
4.30%, 7/15/2029 (a)
90,000
80,880
Wisconsin Public Service Corp. 4.75%,
11/1/2044
69,000
65,571
 
 
6,396,033
Electrical Equipment — 0.0% ^
Eaton Corp. 4.00%, 11/2/2032
50,000
47,789
EnerSys 4.38%, 12/15/2027  (a)
65,000
59,150
Sensata Technologies BV 5.00%,
10/1/2025  (a)
40,000
39,161
 
 
146,100
Electronic Equipment, Instruments & Components — 0.1%
Arrow Electronics, Inc. 2.95%, 2/15/2032
20,000
16,241
Corning, Inc. 5.35%, 11/15/2048
75,000
74,182
II-VI, Inc. 5.00%, 12/15/2029  (a)
85,000
75,681
Sensata Technologies, Inc. 4.38%,
2/15/2030  (a)
145,000
129,193
 
 
295,297
Energy Equipment & Services — 0.1%
Baker Hughes Holdings LLC
 
 
2.06%, 12/15/2026
70,000
63,694
4.49%, 5/1/2030
86,000
83,770
SEE NOTES TO FINANCIAL STATEMENTS.
 
54
J.P. Morgan Exchange-Traded Funds
August 31, 2022
INVESTMENTS
PRINCIPAL
AMOUNT($)
VALUE($)
Corporate Bonds — continued
Energy Equipment & Services — continued
Halliburton Co. 3.80%, 11/15/2025
    12,000
     11,872
Oceaneering International, Inc. 4.65%,
11/15/2024
   120,000
    111,950
Schlumberger Holdings Corp. 3.75%,
5/1/2024  (a)
    70,000
     69,498
Transocean Pontus Ltd. 6.13%, 8/1/2025
 (a)
    12,320
     11,797
 
 
352,581
Entertainment — 0.6%
Activision Blizzard, Inc.
 
 
1.35%, 9/15/2030
   230,000
    181,677
2.50%, 9/15/2050
   259,000
    175,210
Cinemark USA, Inc.
 
 
5.88%, 3/15/2026 (a)
    75,000
     66,540
5.25%, 7/15/2028 (a)
40,000
32,403
Live Nation Entertainment, Inc.
 
 
5.63%, 3/15/2026 (a)
2,000
1,930
6.50%, 5/15/2027 (a)
80,000
79,870
4.75%, 10/15/2027 (a)
80,000
72,800
Magallanes, Inc.
 
 
4.28%, 3/15/2032 (a)
790,000
688,354
5.14%, 3/15/2052 (a)
80,000
64,032
Netflix, Inc.
 
 
4.88%, 4/15/2028
605,000
588,362
5.38%, 11/15/2029 (a)
88,000
86,680
Take-Two Interactive Software, Inc. 3.70%,
4/14/2027
15,000
14,435
Walt Disney Co. (The)
 
 
2.00%, 9/1/2029
50,000
43,192
3.80%, 3/22/2030
90,000
86,998
WMG Acquisition Corp. 3.88%, 7/15/2030
 (a)
100,000
86,000
 
 
2,268,483
Equity Real Estate Investment Trusts (REITs) — 0.5%
Alexandria Real Estate Equities,
Inc. 1.88%, 2/1/2033
53,000
39,890
American Tower Corp.
 
 
1.45%, 9/15/2026
85,000
74,664
2.95%, 1/15/2051
25,000
16,830
AvalonBay Communities, Inc. 3.35%,
5/15/2027
32,000
30,461
Camden Property Trust 3.15%, 7/1/2029
30,000
27,482
Corporate Office Properties LP 2.25%,
3/15/2026
94,000
84,253
Crown Castle, Inc. 2.90%, 3/15/2027
120,000
111,175
INVESTMENTS
PRINCIPAL
AMOUNT($)
VALUE($)
 
Equity Real Estate Investment Trusts (REITs) — continued
Duke Realty LP 1.75%, 7/1/2030
    49,000
     40,257
Equinix, Inc. 3.90%, 4/15/2032
    80,000
     72,618
ERP Operating LP 3.25%, 8/1/2027
    31,000
     29,191
Essex Portfolio LP 2.65%, 3/15/2032
    45,000
     36,896
Goodman US Finance Three LLC (Australia)
3.70%, 3/15/2028  (a)
    40,000
     37,835
Healthpeak Properties, Inc.
 
 
2.13%, 12/1/2028
    64,000
     55,020
3.00%, 1/15/2030
    37,000
     32,768
Iron Mountain, Inc. 4.88%, 9/15/2027
 (a)
   230,000
    211,106
Life Storage LP 2.20%, 10/15/2030
    88,000
     70,656
National Retail Properties, Inc. 3.60%,
12/15/2026
    39,000
     37,134
Office Properties Income Trust
 
 
4.50%, 2/1/2025
88,000
82,323
3.45%, 10/15/2031
35,000
23,331
Realty Income Corp.
 
 
4.13%, 10/15/2026
44,000
43,574
3.25%, 1/15/2031
9,000
8,068
Regency Centers LP 3.70%, 6/15/2030
85,000
77,206
RHP Hotel Properties LP 4.75%,
10/15/2027
140,000
127,306
Sabra Health Care LP 3.20%, 12/1/2031
70,000
55,660
SBA Communications Corp. 3.13%,
2/1/2029
175,000
144,187
Scentre Group Trust 1 (Australia) 3.50%,
2/12/2025  (a)
100,000
96,804
Simon Property Group LP 3.25%,
9/13/2049
31,000
22,483
UDR, Inc. 2.10%, 8/1/2032
45,000
34,671
VICI Properties LP
 
 
5.63%, 5/1/2024 (a)
67,000
67,101
3.50%, 2/15/2025 (a)
90,000
84,768
4.50%, 9/1/2026 (a)
95,000
89,517
4.25%, 12/1/2026 (a)
30,000
28,100
4.63%, 12/1/2029 (a)
20,000
18,475
WP Carey, Inc. 2.25%, 4/1/2033
95,000
72,239
 
 
2,084,049
Food & Staples Retailing — 0.2%
7-Eleven, Inc.
 
 
0.95%, 2/10/2026 (a)
65,000
57,703
1.30%, 2/10/2028 (a)
62,000
51,751
2.50%, 2/10/2041 (a)
14,000
9,535
2.80%, 2/10/2051 (a)
50,000
32,678
SEE NOTES TO FINANCIAL STATEMENTS.
 
August 31, 2022
J.P. Morgan Exchange-Traded Funds
55
JPMorgan Core Plus Bond ETF
SCHEDULE OF PORTFOLIO INVESTMENTS
AS OF August 31, 2022  (Unaudited) (continued)
INVESTMENTS
PRINCIPAL
AMOUNT($)
VALUE($)
Corporate Bonds — continued
Food & Staples Retailing — continued
Albertsons Cos., Inc.
 
 
4.63%, 1/15/2027 (a)
   460,000
    419,759
4.88%, 2/15/2030 (a)
    20,000
     17,515
Alimentation Couche-Tard, Inc. (Canada)
 
 
3.44%, 5/13/2041 (a)
     5,000
      3,714
3.63%, 5/13/2051 (a)
    10,000
      7,168
Performance Food Group, Inc. 5.50%,
10/15/2027  (a)
   111,000
    104,632
Rite Aid Corp. 8.00%, 11/15/2026  (a)
   125,000
    101,875
Sysco Corp. 2.40%, 2/15/2030
    50,000
     42,881
 
 
849,211
Food Products — 0.1%
Bunge Ltd. Finance Corp. 2.75%,
5/14/2031
30,000
25,179
Campbell Soup Co. 4.15%, 3/15/2028
20,000
19,639
Cargill, Inc. 4.38%, 4/22/2052  (a)
50,000
47,748
Darling Ingredients, Inc. 5.25%,
4/15/2027  (a)
50,000
49,041
Lamb Weston Holdings, Inc. 4.13%,
1/31/2030  (a)
155,000
139,694
Mead Johnson Nutrition Co. (United
Kingdom) 4.13%, 11/15/2025
64,000
64,191
Post Holdings, Inc.
 
 
5.75%, 3/1/2027 (a)
82,000
80,110
5.50%, 12/15/2029 (a)
85,000
77,894
 
 
503,496
Gas Utilities — 0.1%
AmeriGas Partners LP
 
 
5.50%, 5/20/2025
23,000
21,824
5.88%, 8/20/2026
10,000
9,518
5.75%, 5/20/2027
80,000
75,399
Atmos Energy Corp. 5.50%, 6/15/2041
52,000
54,464
Boston Gas Co. 3.00%, 8/1/2029  (a)
37,000
32,500
Southern California Gas Co. Series XX,
2.55%, 2/1/2030
33,000
29,432
 
 
223,137
Health Care Equipment & Supplies — 0.2%
Abbott Laboratories 1.15%, 1/30/2028
20,000
17,438
Avantor Funding, Inc. 4.63%, 7/15/2028
 (a)
176,000
160,139
Becton Dickinson and Co. 3.70%,
6/6/2027
45,000
43,705
DH Europe Finance II SARL 3.25%,
11/15/2039
40,000
33,030
INVESTMENTS
PRINCIPAL
AMOUNT($)
VALUE($)
 
Health Care Equipment & Supplies — continued
Hologic, Inc. 3.25%, 2/15/2029  (a)
   115,000
     98,032
Medline Borrower LP
 
 
3.88%, 4/1/2029 (a)
   160,000
    135,600
5.25%, 10/1/2029 (a)
    55,000
     46,223
Teleflex, Inc. 4.25%, 6/1/2028  (a)
    85,000
     77,226
Zimmer Biomet Holdings, Inc. 2.60%,
11/24/2031
    58,000
     48,403
 
 
659,796
Health Care Providers & Services — 1.2%
Acadia Healthcare Co., Inc. 5.50%,
7/1/2028  (a)
   136,000
    128,837
AdaptHealth LLC 4.63%, 8/1/2029  (a)
    85,000
     70,781
Aetna, Inc. 2.80%, 6/15/2023
    70,000
     69,362
Centene Corp. 4.63%, 12/15/2029
916,000
862,909
Cigna Corp. 2.38%, 3/15/2031
35,000
29,408
CommonSpirit Health
 
 
1.55%, 10/1/2025
13,000
11,838
2.78%, 10/1/2030
13,000
10,884
3.91%, 10/1/2050
15,000
11,808
Community Health Systems, Inc.
 
 
5.63%, 3/15/2027 (a)
230,000
195,039
4.75%, 2/15/2031 (a)
85,000
62,764
CVS Health Corp.
 
 
2.88%, 6/1/2026
10,000
9,544
4.30%, 3/25/2028
37,000
36,578
2.70%, 8/21/2040
50,000
36,134
DaVita, Inc. 4.63%, 6/1/2030  (a)
210,000
169,058
Encompass Health Corp.
 
 
4.50%, 2/1/2028
180,000
157,471
4.75%, 2/1/2030
65,000
55,590
Envision Healthcare Corp. 8.75%,
10/15/2026  (a)
20,000
6,604
Hackensack Meridian Health, Inc. Series
2020, 2.68%, 9/1/2041
50,000
37,083
HCA, Inc.
 
 
5.25%, 6/15/2026
120,000
120,593
5.38%, 9/1/2026
155,000
155,426
4.50%, 2/15/2027
210,000
205,012
5.63%, 9/1/2028
1,170,000
1,175,950
5.88%, 2/1/2029
25,000
25,483
3.50%, 9/1/2030
37,000
32,288
3.50%, 7/15/2051
35,000
24,025
4.63%, 3/15/2052 (a)
35,000
28,963
MidMichigan Health Series 2020, 3.41%,
6/1/2050
10,000
7,501
SEE NOTES TO FINANCIAL STATEMENTS.
 
56
J.P. Morgan Exchange-Traded Funds
August 31, 2022
INVESTMENTS
PRINCIPAL
AMOUNT($)
VALUE($)
Corporate Bonds — continued
Health Care Providers & Services — continued
MultiCare Health System 2.80%,
8/15/2050
    10,000
      6,897
New York and Presbyterian Hospital
(The) 2.61%, 8/1/2060
     5,000
      3,219
Northwell Healthcare, Inc. 4.26%,
11/1/2047
   110,000
     96,341
Owens & Minor, Inc. 4.50%, 3/31/2029
 (a)
   110,000
     93,751
Quest Diagnostics, Inc. 2.95%, 6/30/2030
    55,000
     48,589
Tenet Healthcare Corp.
 
 
4.88%, 1/1/2026 (a)
   260,000
    247,000
5.13%, 11/1/2027 (a)
   270,000
    250,155
4.25%, 6/1/2029 (a)
   215,000
    185,404
UnitedHealth Group, Inc.
 
 
3.38%, 4/15/2027
    91,000
     88,956
4.63%, 11/15/2041
132,000
128,867
3.25%, 5/15/2051
55,000
43,189
 
 
4,929,301
Health Care Technology — 0.0% ^
IQVIA, Inc. 5.00%, 5/15/2027  (a)
200,000
193,278
Hotels, Restaurants & Leisure — 0.7%
1011778 BC ULC (Canada)
 
 
5.75%, 4/15/2025 (a)
50,000
50,250
3.88%, 1/15/2028 (a)
92,000
81,780
Boyd Gaming Corp. 4.75%, 12/1/2027
122,000
113,883
Boyne USA, Inc. 4.75%, 5/15/2029  (a)
142,000
126,297
Caesars Entertainment, Inc. 6.25%,
7/1/2025  (a)
170,000
165,990
Carnival Corp.
 
 
9.88%, 8/1/2027 (a)
110,000
110,413
4.00%, 8/1/2028 (a)
120,000
100,049
Cedar Fair LP 5.38%, 4/15/2027
85,000
80,197
Hilton Domestic Operating Co., Inc.
 
 
5.38%, 5/1/2025 (a)
25,000
24,784
4.88%, 1/15/2030
290,000
265,002
International Game Technology plc 6.25%,
1/15/2027  (a)
200,000
195,862
Las Vegas Sands Corp. 2.90%, 6/25/2025
205,000
188,958
Marriott Ownership Resorts, Inc. 4.50%,
6/15/2029  (a)
70,000
59,017
MGM Resorts International 5.50%,
4/15/2027
226,000
208,237
Royal Caribbean Cruises Ltd.
 
 
9.13%, 6/15/2023 (a)
250,000
252,027
11.50%, 6/1/2025 (a)
10,000
10,613
INVESTMENTS
PRINCIPAL
AMOUNT($)
VALUE($)
 
Hotels, Restaurants & Leisure — continued
Six Flags Entertainment Corp. 4.88%,
7/31/2024  (a)
    85,000
     81,554
Six Flags Theme Parks, Inc. 7.00%,
7/1/2025  (a)
    63,000
     63,672
Starbucks Corp.
 
 
3.80%, 8/15/2025
    70,000
     69,702
3.35%, 3/12/2050
     5,000
      3,746
Station Casinos LLC 4.50%, 2/15/2028
 (a)
   105,000
     90,450
Travel + Leisure Co. 5.65%, 4/1/2024  (f)
    25,000
     24,764
Vail Resorts, Inc. 6.25%, 5/15/2025  (a)
    70,000
     70,066
Wynn Las Vegas LLC 5.50%, 3/1/2025  (a)
    75,000
     71,821
Wynn Resorts Finance LLC
 
 
7.75%, 4/15/2025 (a)
    70,000
     69,766
5.13%, 10/1/2029 (a)
100,000
83,898
Yum! Brands, Inc. 4.63%, 1/31/2032
240,000
212,033
 
 
2,874,831
Household Durables — 0.1%
CD&R Smokey Buyer, Inc. 6.75%,
7/15/2025  (a)
55,000
51,150
Lennar Corp. 4.50%, 4/30/2024
6,000
6,005
MDC Holdings, Inc.
 
 
3.85%, 1/15/2030
30,000
24,550
2.50%, 1/15/2031
125,000
89,238
Newell Brands, Inc. 5.63%, 4/1/2036  (f)
50,000
44,780
Tempur Sealy International, Inc. 4.00%,
4/15/2029  (a)
150,000
123,242
 
 
338,965
Household Products — 0.1%
Central Garden & Pet Co. 5.13%,
2/1/2028
145,000
133,742
Energizer Holdings, Inc. 4.38%,
3/31/2029  (a)
210,000
170,818
Kimberly-Clark Corp. 3.20%, 4/25/2029
39,000
36,886
Spectrum Brands, Inc.
 
 
5.75%, 7/15/2025
45,000
43,905
5.00%, 10/1/2029 (a)
95,000
82,713
5.50%, 7/15/2030 (a)
35,000
30,151
 
 
498,215
Independent Power and Renewable Electricity Producers — 0.1%
Calpine Corp.
 
 
5.25%, 6/1/2026 (a)
143,000
138,760
5.13%, 3/15/2028 (a)
55,000
48,846
SEE NOTES TO FINANCIAL STATEMENTS.
 
August 31, 2022
J.P. Morgan Exchange-Traded Funds
57
JPMorgan Core Plus Bond ETF
SCHEDULE OF PORTFOLIO INVESTMENTS
AS OF August 31, 2022  (Unaudited) (continued)
INVESTMENTS
PRINCIPAL
AMOUNT($)
VALUE($)
Corporate Bonds — continued
Independent Power and Renewable Electricity Producers — continued
Constellation Energy Generation LLC
 
 
3.25%, 6/1/2025
    37,000
     35,907
5.75%, 10/1/2041
    20,000
     19,871
5.60%, 6/15/2042
    95,000
     95,041
 
 
338,425
Industrial Conglomerates — 0.0% ^
GE Capital International Funding Co.
Unlimited Co. 4.42%, 11/15/2035
   200,000
    189,107
Insurance — 0.3%
Aflac, Inc. 3.25%, 3/17/2025
    21,000
     20,681
AIA Group Ltd. (Hong Kong) 3.20%,
3/11/2025  (a)
   200,000
    194,975
Athene Global Funding
 
 
1.45%, 1/8/2026 (a)
20,000
17,753
2.95%, 11/12/2026 (a)
44,000
39,951
Berkshire Hathaway Finance Corp.
 
 
2.85%, 10/15/2050
60,000
43,763
2.50%, 1/15/2051
240,000
164,521
3.85%, 3/15/2052
175,000
150,977
Equitable Financial Life Global
Funding 1.70%, 11/12/2026  (a)
25,000
22,249
F&G Global Funding 1.75%, 6/30/2026
 (a)
10,000
8,921
Great-West Lifeco Finance 2018
LP (Canada) 4.58%, 5/17/2048  (a)
20,000
18,265
Manulife Financial Corp. (Canada) 4.15%,
3/4/2026
42,000
41,597
MetLife, Inc. 4.13%, 8/13/2042
79,000
70,956
New York Life Global Funding 3.00%,
1/10/2028  (a)
51,000
48,160
Pacific Life Insurance Co. (ICE LIBOR USD 3
Month + 2.80%), 4.30%, 10/24/2067
 (a) (b)
27,000
23,221
Principal Financial Group, Inc. 3.70%,
5/15/2029
45,000
42,325
Progressive Corp. (The)
 
 
3.00%, 3/15/2032
200,000
180,623
4.35%, 4/25/2044
42,000
38,463
Prudential Financial, Inc.
 
 
3.88%, 3/27/2028
32,000
31,387
3.91%, 12/7/2047
70,000
61,131
Teachers Insurance & Annuity Association
of America 4.27%, 5/15/2047  (a)
40,000
36,024
INVESTMENTS
PRINCIPAL
AMOUNT($)
VALUE($)
 
Insurance — continued
Travelers Cos., Inc. (The) 5.35%,
11/1/2040
    16,000
     16,934
W R Berkley Corp. 3.55%, 3/30/2052
    45,000
     34,444
 
 
1,307,321
Interactive Media & Services — 0.1%
Alphabet, Inc. 2.05%, 8/15/2050
   100,000
     65,899
Meta Platforms, Inc. 3.85%, 8/15/2032
 (a)
   380,000
    357,364
 
 
423,263
Internet & Direct Marketing Retail — 0.2%
Amazon.com, Inc.
 
 
3.15%, 8/22/2027
   201,000
    194,083
3.60%, 4/13/2032
   200,000
    191,711
3.10%, 5/12/2051
40,000
31,166
3.95%, 4/13/2052
215,000
195,505
Go Daddy Operating Co. LLC 5.25%,
12/1/2027  (a)
110,000
103,400
Photo Holdings Merger Sub, Inc. 8.50%,
10/1/2026  (a)
13,000
9,708
 
 
725,573
IT Services — 0.2%
Arches Buyer, Inc. 4.25%, 6/1/2028  (a)
85,000
68,425
Black Knight InfoServ LLC 3.63%,
9/1/2028  (a)
90,000
78,570
Block, Inc. 3.50%, 6/1/2031
120,000
98,728
Fidelity National Information Services,
Inc. 2.25%, 3/1/2031
80,000
65,192
Fiserv, Inc. 3.20%, 7/1/2026
70,000
66,607
Gartner, Inc. 3.75%, 10/1/2030  (a)
130,000
111,475
Global Payments, Inc.
 
 
3.20%, 8/15/2029
60,000
52,399
2.90%, 5/15/2030
40,000
33,661
2.90%, 11/15/2031
75,000
60,759
Presidio Holdings, Inc. 4.88%, 2/1/2027
 (a)
75,000
70,171
Twilio, Inc. 3.63%, 3/15/2029
115,000
95,996
 
 
801,983
Leisure Products — 0.0% ^
Hasbro, Inc. 3.90%, 11/19/2029
15,000
13,739
Mattel, Inc.
 
 
3.38%, 4/1/2026 (a)
70,000
63,600
5.88%, 12/15/2027 (a)
65,000
64,723
 
 
142,062
SEE NOTES TO FINANCIAL STATEMENTS.
 
58
J.P. Morgan Exchange-Traded Funds
August 31, 2022
INVESTMENTS
PRINCIPAL
AMOUNT($)
VALUE($)
Corporate Bonds — continued
Life Sciences Tools & Services — 0.0% ^
Charles River Laboratories International,
Inc. 3.75%, 3/15/2029  (a)
   120,000
    103,424
Thermo Fisher Scientific, Inc.
 
 
1.75%, 10/15/2028
    20,000
     17,667
2.60%, 10/1/2029
    91,000
     83,005
 
 
204,096
Machinery — 0.1%
Amsted Industries, Inc. 5.63%, 7/1/2027
 (a)
    65,000
     63,030
Caterpillar, Inc. 4.30%, 5/15/2044
    78,000
     75,171
Illinois Tool Works, Inc. 3.90%, 9/1/2042
    15,000
     13,302
Otis Worldwide Corp. 2.06%, 4/5/2025
    90,000
     84,982
Parker-Hannifin Corp.
 
 
3.25%, 3/1/2027
92,000
88,225
4.25%, 9/15/2027
150,000
148,444
Stanley Black & Decker, Inc. 2.75%,
11/15/2050
10,000
6,787
Xylem, Inc. 1.95%, 1/30/2028
30,000
26,411
 
 
506,352
Media — 1.4%
Charter Communications Operating LLC
 
 
2.25%, 1/15/2029
265,000
217,646
3.50%, 6/1/2041
85,000
58,901
3.50%, 3/1/2042
90,000
62,168
3.70%, 4/1/2051
40,000
26,690
3.90%, 6/1/2052
95,000
64,367
Clear Channel Outdoor Holdings,
Inc. 5.13%, 8/15/2027  (a)
262,000
234,655
Comcast Corp.
 
 
4.15%, 10/15/2028
110,000
109,040
4.25%, 10/15/2030
194,000
190,749
1.95%, 1/15/2031
80,000
66,410
1.50%, 2/15/2031
430,000
345,342
3.90%, 3/1/2038
95,000
85,402
3.25%, 11/1/2039
313,000
254,917
4.00%, 3/1/2048
45,000
38,594
2.89%, 11/1/2051
10,000
7,041
2.45%, 8/15/2052
110,000
71,284
2.94%, 11/1/2056
578,000
391,604
CSC Holdings LLC
 
 
5.50%, 4/15/2027 (a)
200,000
189,556
6.50%, 2/1/2029 (a)
200,000
184,047
4.50%, 11/15/2031 (a)
200,000
160,446
INVESTMENTS
PRINCIPAL
AMOUNT($)
VALUE($)
 
Media — continued
Diamond Sports Group LLC 5.38%,
8/15/2026  (a)
    35,000
      6,650
Directv Financing LLC 5.88%, 8/15/2027
 (a)
   211,000
    193,065
Discovery Communications LLC 4.00%,
9/15/2055
    45,000
     29,813
DISH DBS Corp.
 
 
5.00%, 3/15/2023
   215,000
    210,406
5.88%, 11/15/2024
    81,000
     73,305
7.75%, 7/1/2026
   290,000
    228,642
5.25%, 12/1/2026 (a)
   175,000
    144,484
Gannett Holdings LLC 6.00%, 11/1/2026
 (a)
   110,000
     85,800
Gray Escrow II, Inc. 5.38%, 11/15/2031
 (a)
   135,000
    114,099
Gray Television, Inc. 4.75%, 10/15/2030
 (a)
   100,000
     82,400
iHeartCommunications, Inc.
 
 
6.38%, 5/1/2026
25,000
23,612
8.38%, 5/1/2027
25,000
22,019
5.25%, 8/15/2027 (a)
155,000
139,057
Lamar Media Corp.
 
 
3.75%, 2/15/2028
110,000
98,656
4.00%, 2/15/2030
35,000
30,472
News Corp. 3.88%, 5/15/2029  (a)
130,000
113,100
Nexstar Media, Inc.
 
 
5.63%, 7/15/2027 (a)
100,000
95,217
4.75%, 11/1/2028 (a)
95,000
85,975
Outfront Media Capital LLC
 
 
6.25%, 6/15/2025 (a)
25,000
24,788
5.00%, 8/15/2027 (a)
76,000
69,560
Paramount Global 4.95%, 1/15/2031
50,000
47,324
Scripps Escrow II, Inc. 3.88%, 1/15/2029
 (a)
110,000
93,265
Scripps Escrow, Inc. 5.88%, 7/15/2027
 (a)
45,000
40,724
Sinclair Television Group, Inc. 4.13%,
12/1/2030  (a)
65,000
52,909
Sirius XM Radio, Inc.
 
 
5.00%, 8/1/2027 (a)
110,000
103,552
4.00%, 7/15/2028 (a)
350,000
304,946
5.50%, 7/1/2029 (a)
160,000
149,613
Stagwell Global LLC 5.63%, 8/15/2029
 (a)
175,000
148,409
TEGNA, Inc. 5.00%, 9/15/2029
140,000
134,009
SEE NOTES TO FINANCIAL STATEMENTS.
 
August 31, 2022
J.P. Morgan Exchange-Traded Funds
59
JPMorgan Core Plus Bond ETF
SCHEDULE OF PORTFOLIO INVESTMENTS
AS OF August 31, 2022  (Unaudited) (continued)
INVESTMENTS
PRINCIPAL
AMOUNT($)
VALUE($)
Corporate Bonds — continued
Media — continued
Univision Communications, Inc. 4.50%,
5/1/2029  (a)
   115,000
    100,596
Videotron Ltd. (Canada)
 
 
5.38%, 6/15/2024 (a)
    37,000
     36,734
5.13%, 4/15/2027 (a)
   120,000
    112,500
 
 
5,954,560
Metals & Mining — 0.6%
Alcoa Nederland Holding BV 5.50%,
12/15/2027  (a)
   200,000
    191,704
Arconic Corp. 6.13%, 2/15/2028  (a)
   135,000
    126,722
ATI, Inc. 5.88%, 12/1/2027
   100,000
     95,035
Carpenter Technology Corp. 6.38%,
7/15/2028
   100,000
     95,613
Cleveland-Cliffs, Inc.
 
 
6.75%, 3/15/2026 (a)
125,000
126,384
5.88%, 6/1/2027
135,000
129,262
FMG Resources August 2006 Pty.
Ltd. (Australia) 4.50%, 9/15/2027  (a)
100,000
91,355
Freeport-McMoRan, Inc.
 
 
5.00%, 9/1/2027
45,000
44,388
4.25%, 3/1/2030
97,000
87,847
4.63%, 8/1/2030
60,000
55,544
5.40%, 11/14/2034
183,000
173,533
5.45%, 3/15/2043
86,000
77,419
Glencore Funding LLC (Australia)
 
 
4.63%, 4/29/2024 (a)
90,000
90,137
3.88%, 10/27/2027 (a)
40,000
37,767
2.50%, 9/1/2030 (a)
37,000
30,084
2.85%, 4/27/2031 (a)
435,000
358,850
2.63%, 9/23/2031 (a)
102,000
81,118
Kaiser Aluminum Corp. 4.63%, 3/1/2028
 (a)
120,000
103,360
Novelis Corp. 4.75%, 1/30/2030  (a)
105,000
91,350
Nucor Corp. 2.98%, 12/15/2055
50,000
33,415
Rio Tinto Finance USA Ltd. (Australia)
 
 
7.13%, 7/15/2028
59,000
66,540
5.20%, 11/2/2040
20,000
20,883
Rio Tinto Finance USA plc (Australia)
4.13%, 8/21/2042
40,000
36,679
Teck Resources Ltd. (Canada) 5.40%,
2/1/2043
20,000
17,745
INVESTMENTS
PRINCIPAL
AMOUNT($)
VALUE($)
 
Metals & Mining — continued
United States Steel Corp. 6.88%,
3/1/2029
   100,000
     97,750
Vale Overseas Ltd. (Brazil) 3.75%,
7/8/2030
    20,000
     17,435
 
 
2,377,919
Mortgage Real Estate Investment Trusts (REITs) — 0.2%
Great Ajax Operating Partnership LP Series
QIB, 8.88%, 9/1/2027  (a)
 1,000,000
    988,089
Multiline Retail — 0.0% ^
Macy's Retail Holdings LLC 5.88%,
4/1/2029  (a)
   110,000
     95,205
Multi-Utilities — 0.2%
Ameren Corp.
 
 
1.95%, 3/15/2027
    20,000
     17,887
3.50%, 1/15/2031
   291,000
    265,979
Berkshire Hathaway Energy Co.
 
 
1.65%, 5/15/2031
230,000
184,170
5.15%, 11/15/2043
94,000
95,272
2.85%, 5/15/2051
40,000
28,533
4.60%, 5/1/2053 (a)
20,000
19,050
Consolidated Edison Co. of New York, Inc.
 
 
Series E, 4.65%, 12/1/2048
60,000
56,640
Series A, 4.13%, 5/15/2049
41,000
35,738
PG&E Energy Recovery Funding LLC Series
A-3, 2.82%, 7/15/2046
70,000
51,887
Puget Sound Energy, Inc. 5.76%,
7/15/2040
90,000
93,874
San Diego Gas & Electric Co. 2.95%,
8/15/2051
170,000
125,693
Southern Co. Gas Capital Corp. Series 21A,
3.15%, 9/30/2051
50,000
34,815
 
 
1,009,538
Oil, Gas & Consumable Fuels — 2.9%
Antero Midstream Partners LP 7.88%,
5/15/2026  (a)
135,000
137,363
Antero Resources Corp.
 
 
7.63%, 2/1/2029 (a)
85,000
86,461
5.38%, 3/1/2030 (a)
50,000
47,063
Apache Corp. 4.38%, 10/15/2028
179,000
163,797
Baytex Energy Corp. (Canada) 8.75%,
4/1/2027  (a)
60,000
61,350
BP Capital Markets America, Inc.
 
 
3.02%, 1/16/2027
106,000
101,390
3.94%, 9/21/2028
20,000
19,522
SEE NOTES TO FINANCIAL STATEMENTS.
 
60
J.P. Morgan Exchange-Traded Funds
August 31, 2022
INVESTMENTS
PRINCIPAL
AMOUNT($)
VALUE($)
Corporate Bonds — continued
Oil, Gas & Consumable Fuels — continued
1.75%, 8/10/2030
   480,000
    396,539
2.72%, 1/12/2032
   557,000
    485,700
3.06%, 6/17/2041
   130,000
    102,028
3.00%, 2/24/2050
    74,000
     54,027
2.77%, 11/10/2050
    55,000
     38,579
2.94%, 6/4/2051
    67,000
     48,015
3.00%, 3/17/2052
   280,000
    203,367
BP Capital Markets plc (United Kingdom)
 
 
(US Treasury Yield Curve Rate T
Note Constant Maturity 5 Year +
4.04%), 4.38%, 6/22/2025 (b) (c)
(d)
    85,000
     81,366
(US Treasury Yield Curve Rate T
Note Constant Maturity 5 Year +
4.40%), 4.88%, 3/22/2030 (b) (c)
(d)
   155,000
    141,786
Buckeye Partners LP
 
 
3.95%, 12/1/2026
10,000
8,880
4.13%, 12/1/2027
175,000
154,701
Cameron LNG LLC 3.70%, 1/15/2039  (a)
20,000
16,875
Cheniere Corpus Christi Holdings LLC
 
 
5.88%, 3/31/2025
200,000
204,067
5.13%, 6/30/2027
135,000
134,734
3.70%, 11/15/2029
200,000
183,796
Cheniere Energy Partners LP
 
 
4.50%, 10/1/2029
264,000
243,098
4.00%, 3/1/2031
135,000
118,294
3.25%, 1/31/2032
25,000
20,013
Chesapeake Energy Corp. 6.75%,
4/15/2029  (a)
115,000
112,274
Chevron Corp. 2.00%, 5/11/2027
21,000
19,413
CNX Resources Corp. 7.25%, 3/14/2027
 (a)
125,000
124,094
Comstock Resources, Inc. 6.75%,
3/1/2029  (a)
155,000
147,944
ConocoPhillips Co. 4.03%, 3/15/2062  (a)
233,000
198,364
Coterra Energy, Inc. 3.90%, 5/15/2027
 (a)
30,000
28,629
Crestwood Midstream Partners LP
 
 
5.75%, 4/1/2025
100,000
96,378
8.00%, 4/1/2029 (a)
90,000
89,229
DT Midstream, Inc.
 
 
4.13%, 6/15/2029 (a)
110,000
96,578
4.30%, 4/15/2032 (a)
80,000
72,718
Energy Transfer LP
 
 
3.60%, 2/1/2023
140,000
139,820
INVESTMENTS
PRINCIPAL
AMOUNT($)
VALUE($)
 
Oil, Gas & Consumable Fuels — continued
4.25%, 3/15/2023
   120,000
    120,047
4.15%, 9/15/2029
   150,000
    138,077
5.80%, 6/15/2038
   100,000
     93,643
5.35%, 5/15/2045
    45,000
     39,657
EnLink Midstream Partners LP
 
 
4.85%, 7/15/2026
   175,000
    171,937
5.60%, 4/1/2044
     9,000
      7,053
Enterprise Products Operating LLC
 
 
2.80%, 1/31/2030
    37,000
     32,564
3.30%, 2/15/2053
    30,000
     22,253
EQM Midstream Partners LP
 
 
6.50%, 7/1/2027 (a)
160,000
154,440
4.75%, 1/15/2031 (a)
195,000
168,648
Exxon Mobil Corp.
 
 
2.99%, 3/19/2025
18,000
17,609
3.00%, 8/16/2039
65,000
53,221
4.23%, 3/19/2040
200,000
190,064
3.10%, 8/16/2049
200,000
156,681
Flex Intermediate Holdco LLC
 
 
3.36%, 6/30/2031 (a)
64,000
52,845
4.32%, 12/30/2039 (a)
20,000
15,649
Genesis Energy LP 6.25%, 5/15/2026
80,000
72,243
Gray Oak Pipeline LLC
 
 
2.00%, 9/15/2023 (a)
44,000
42,868
2.60%, 10/15/2025 (a)
112,000
103,053
Gulfport Energy Corp. 8.00%, 5/17/2026
 (a)
110,000
110,733
Hess Midstream Operations LP 5.63%,
2/15/2026  (a)
105,000
102,382
Hilcorp Energy I LP 5.75%, 2/1/2029  (a)
220,000
200,262
Holly Energy Partners LP 6.38%,
4/15/2027  (a)
105,000
102,182
Kinder Morgan, Inc. 3.25%, 8/1/2050
75,000
52,234
Kinetik Holdings LP 5.88%, 6/15/2030
 (a)
105,000
99,888
Laredo Petroleum, Inc. 9.50%, 1/15/2025
55,000
55,199
MEG Energy Corp. (Canada) 7.13%,
2/1/2027  (a)
150,000
151,575
MPLX LP 2.65%, 8/15/2030
70,000
58,352
NGL Energy Operating LLC 7.50%,
2/1/2026  (a)
95,000
86,925
NGPL PipeCo LLC 3.25%, 7/15/2031  (a)
10,000
8,350
NuStar Logistics LP
 
 
5.75%, 10/1/2025
60,000
57,252
5.63%, 4/28/2027
90,000
81,939
SEE NOTES TO FINANCIAL STATEMENTS.
 
August 31, 2022
J.P. Morgan Exchange-Traded Funds
61
JPMorgan Core Plus Bond ETF
SCHEDULE OF PORTFOLIO INVESTMENTS
AS OF August 31, 2022  (Unaudited) (continued)
INVESTMENTS
PRINCIPAL
AMOUNT($)
VALUE($)
Corporate Bonds — continued
Oil, Gas & Consumable Fuels — continued
Occidental Petroleum Corp.
 
 
8.00%, 7/15/2025
   105,000
    114,056
8.88%, 7/15/2030
   150,000
    175,230
6.63%, 9/1/2030
   385,000
    411,295
Pioneer Natural Resources Co. 1.13%,
1/15/2026
    50,000
     44,670
Range Resources Corp.
 
 
4.88%, 5/15/2025
    45,000
     43,650
8.25%, 1/15/2029
    90,000
     94,473
Sabine Pass Liquefaction LLC
 
 
5.63%, 3/1/2025
    40,000
     40,743
5.88%, 6/30/2026
   385,000
    395,701
4.50%, 5/15/2030
584,000
559,082
SM Energy Co. 6.63%, 1/15/2027
115,000
112,125
Southwestern Energy Co.
 
 
5.70%, 1/23/2025 (f)
2,000
2,000
7.75%, 10/1/2027
110,000
113,988
5.38%, 3/15/2030
215,000
201,515
Spectra Energy Partners LP 4.50%,
3/15/2045
15,000
13,084
Suncor Energy, Inc. (Canada) 6.80%,
5/15/2038
83,000
91,483
Sunoco LP 6.00%, 4/15/2027
80,000
77,370
Tallgrass Energy Partners LP
 
 
7.50%, 10/1/2025 (a)
45,000
45,056
5.50%, 1/15/2028 (a)
55,000
47,556
6.00%, 12/31/2030 (a)
115,000
100,655
6.00%, 9/1/2031 (a)
40,000
35,000
Targa Resources Corp. 5.20%, 7/1/2027
31,000
30,922
TotalEnergies Capital International SA
(France)
 
 
3.46%, 7/12/2049
84,000
68,895
3.13%, 5/29/2050
80,000
61,677
TransCanada PipeLines Ltd. (Canada)
5.10%, 3/15/2049
48,000
47,543
Valero Energy Corp. 2.15%, 9/15/2027
25,000
22,368
Venture Global Calcasieu Pass LLC 3.88%,
8/15/2029  (a)
90,000
78,525
Western Midstream Operating LP
 
 
4.50%, 3/1/2028
225,000
208,856
4.75%, 8/15/2028
30,000
28,241
Williams Cos., Inc. (The)
 
 
2.60%, 3/15/2031
1,525,000
1,273,966
5.40%, 3/4/2044
50,000
47,763
 
 
11,785,565
INVESTMENTS
PRINCIPAL
AMOUNT($)
VALUE($)
 
Personal Products — 0.1%
Edgewell Personal Care Co.
 
 
5.50%, 6/1/2028 (a)
   100,000
     92,351
4.13%, 4/1/2029 (a)
    70,000
     60,164
Estee Lauder Cos., Inc. (The) 2.60%,
4/15/2030
   158,000
    141,178
Prestige Brands, Inc. 5.13%, 1/15/2028
 (a)
    80,000
     73,792
 
 
367,485
Pharmaceuticals — 0.7%
Astrazeneca Finance LLC (United Kingdom)
2.25%, 5/28/2031
   120,000
    103,857
Bausch Health Americas, Inc.
 
 
9.25%, 4/1/2026 (a)
   263,000
    157,800
8.50%, 1/31/2027 (a)
    88,000
     42,240
Bausch Health Cos., Inc.
 
 
5.50%, 11/1/2025 (a)
55,000
45,375
5.75%, 8/15/2027 (a)
30,000
21,876
5.00%, 1/30/2028 (a)
30,000
11,250
4.88%, 6/1/2028 (a)
280,000
193,553
5.00%, 2/15/2029 (a)
175,000
68,250
Bayer US Finance II LLC (Germany) 3.38%,
7/15/2024  (a)
70,000
68,450
Bristol-Myers Squibb Co.
 
 
4.13%, 6/15/2039
164,000
153,620
2.35%, 11/13/2040
80,000
58,485
2.55%, 11/13/2050
70,000
48,187
3.70%, 3/15/2052
220,000
186,400
Eli Lilly & Co. 2.25%, 5/15/2050
70,000
48,405
Jazz Securities DAC 4.38%, 1/15/2029
 (a)
200,000
180,348
Merck & Co., Inc. 2.75%, 12/10/2051
340,000
245,906
Organon & Co. 4.13%, 4/30/2028  (a)
200,000
179,434
Par Pharmaceutical, Inc. 7.50%, 4/1/2027
 (a)
80,000
67,997
Pfizer, Inc. 2.63%, 4/1/2030
130,000
116,918
Roche Holdings, Inc. (Switzerland) 2.08%,
12/13/2031  (a)
600,000
505,344
Royalty Pharma plc 1.20%, 9/2/2025
16,000
14,545
Shire Acquisitions Investments Ireland
DAC 3.20%, 9/23/2026
145,000
138,597
Takeda Pharmaceutical Co. Ltd. (Japan)
3.03%, 7/9/2040
200,000
154,955
Zoetis, Inc. 2.00%, 5/15/2030
35,000
29,405
 
 
2,841,197
SEE NOTES TO FINANCIAL STATEMENTS.
 
62
J.P. Morgan Exchange-Traded Funds
August 31, 2022
INVESTMENTS
PRINCIPAL
AMOUNT($)
VALUE($)
Corporate Bonds — continued
Real Estate Management & Development — 0.0% ^
Kennedy-Wilson, Inc. 4.75%, 3/1/2029
    75,000
     62,579
Realogy Group LLC 5.75%, 1/15/2029  (a)
   105,000
     82,264
 
 
144,843
Road & Rail — 0.4%
Avis Budget Car Rental LLC
 
 
4.75%, 4/1/2028 (a)
    95,000
     82,927
5.38%, 3/1/2029 (a)
    55,000
     47,930
Burlington Northern Santa Fe LLC
 
 
3.55%, 2/15/2050
    78,000
     65,151
3.05%, 2/15/2051
   155,000
    119,582
Canadian Pacific Railway Co. (Canada)
3.10%, 12/2/2051
    90,000
     66,455
CSX Corp. 3.25%, 6/1/2027
20,000
19,264
Hertz Corp. (The) 4.63%, 12/1/2026  (a)
160,000
137,042
Kansas City Southern 2.88%, 11/15/2029
775,000
692,740
Norfolk Southern Corp. 3.95%, 10/1/2042
50,000
43,246
Penske Truck Leasing Co. LP 1.20%,
11/15/2025  (a)
46,000
40,773
Triton Container International
Ltd. (Bermuda) 1.15%, 6/7/2024  (a)
200,000
185,850
Uber Technologies, Inc. 7.50%,
5/15/2025  (a)
80,000
80,518
 
 
1,581,478
Semiconductors & Semiconductor Equipment — 0.5%
Amkor Technology, Inc. 6.63%,
9/15/2027  (a)
135,000
131,868
Analog Devices, Inc.
 
 
3.50%, 12/5/2026
25,000
24,575
2.95%, 10/1/2051
107,000
80,960
Entegris Escrow Corp. 5.95%, 6/15/2030
 (a)
150,000
142,325
KLA Corp.
 
 
4.65%, 7/15/2032
80,000
81,297
3.30%, 3/1/2050
30,000
23,445
Marvell Technology, Inc. 2.95%,
4/15/2031
85,000
69,689
Microchip Technology, Inc. 0.97%,
2/15/2024
25,000
23,800
NVIDIA Corp. 2.00%, 6/15/2031
80,000
67,479
NXP BV (China)
 
 
3.25%, 5/11/2041
70,000
50,632
3.13%, 2/15/2042
30,000
21,174
ON Semiconductor Corp. 3.88%,
9/1/2028  (a)
75,000
66,885
INVESTMENTS
PRINCIPAL
AMOUNT($)
VALUE($)
 
Semiconductors & Semiconductor Equipment — continued
QUALCOMM, Inc.
 
 
4.25%, 5/20/2032
    55,000
     55,427
4.50%, 5/20/2052
    35,000
     33,884
TSMC Arizona Corp. (Taiwan)
 
 
2.50%, 10/25/2031
   520,000
    439,748
4.25%, 4/22/2032
   240,000
    235,008
TSMC Global Ltd. (Taiwan) 1.00%,
9/28/2027  (a)
   380,000
    323,000
Xilinx, Inc. 2.38%, 6/1/2030
    39,000
     34,001
 
 
1,905,197
Software — 0.3%
Clarivate Science Holdings Corp. 3.88%,
7/1/2028  (a)
   145,000
    124,121
Microsoft Corp. 2.92%, 3/17/2052
90,000
70,797
NCR Corp.
 
 
5.75%, 9/1/2027 (a)
115,000
110,611
6.13%, 9/1/2029 (a)
161,000
153,520
Oracle Corp.
 
 
2.65%, 7/15/2026
233,000
214,851
2.30%, 3/25/2028
15,000
13,037
3.80%, 11/15/2037
150,000
116,474
3.65%, 3/25/2041
15,000
11,004
3.95%, 3/25/2051
15,000
10,774
4.38%, 5/15/2055
55,000
41,425
Roper Technologies, Inc. 1.75%,
2/15/2031
45,000
35,267
SS&C Technologies, Inc. 5.50%,
9/30/2027  (a)
150,000
142,133
VMware, Inc. 4.65%, 5/15/2027
105,000
103,989
Workday, Inc. 3.70%, 4/1/2029
172,000
161,215
 
 
1,309,218
Specialty Retail — 0.5%
Asbury Automotive Group, Inc. 4.50%,
3/1/2028
141,000
125,923
Bath & Body Works, Inc.
 
 
7.50%, 6/15/2029
135,000
129,843
6.88%, 11/1/2035
135,000
117,849
Gap, Inc. (The)
 
 
3.63%, 10/1/2029 (a)
130,000
90,544
3.88%, 10/1/2031 (a)
60,000
41,611
Group 1 Automotive, Inc. 4.00%,
8/15/2028  (a)
115,000
98,254
Home Depot, Inc. (The)
 
 
3.90%, 12/6/2028
112,000
111,023
SEE NOTES TO FINANCIAL STATEMENTS.
 
August 31, 2022
J.P. Morgan Exchange-Traded Funds
63
JPMorgan Core Plus Bond ETF
SCHEDULE OF PORTFOLIO INVESTMENTS
AS OF August 31, 2022  (Unaudited) (continued)
INVESTMENTS
PRINCIPAL
AMOUNT($)
VALUE($)
Corporate Bonds — continued
Specialty Retail — continued
4.25%, 4/1/2046
   201,000
    186,299
Lithia Motors, Inc. 3.88%, 6/1/2029  (a)
   100,000
     84,401
Lowe's Cos., Inc.
 
 
1.70%, 10/15/2030
   170,000
    136,259
3.75%, 4/1/2032
   155,000
    142,743
O'Reilly Automotive, Inc.
 
 
1.75%, 3/15/2031
    73,000
     57,934
4.70%, 6/15/2032
    90,000
     89,144
Penske Automotive Group, Inc. 3.75%,
6/15/2029
   115,000
     97,274
PetSmart, Inc. 4.75%, 2/15/2028  (a)
   250,000
    222,771
SRS Distribution, Inc. 4.63%, 7/1/2028
 (a)
    90,000
     79,664
Staples, Inc.
 
 
7.50%, 4/15/2026 (a)
75,000
63,379
10.75%, 4/15/2027 (a)
23,000
16,905
 
 
1,891,820
Technology Hardware, Storage & Peripherals — 0.3%
Apple, Inc.
 
 
2.20%, 9/11/2029
46,000
41,050
1.25%, 8/20/2030
100,000
81,555
3.35%, 8/8/2032
230,000
217,481
4.38%, 5/13/2045
129,000
126,355
2.65%, 2/8/2051
150,000
109,761
3.95%, 8/8/2052
120,000
110,737
2.85%, 8/5/2061
350,000
248,507
Dell International LLC
 
 
4.90%, 10/1/2026
30,000
30,116
5.30%, 10/1/2029
100,000
99,093
Seagate HDD Cayman 3.13%, 7/15/2029
220,000
174,738
 
 
1,239,393
Textiles, Apparel & Luxury Goods — 0.0% ^
Hanesbrands, Inc.
 
 
4.63%, 5/15/2024 (a)
13,000
12,522
4.88%, 5/15/2026 (a)
20,000
18,401
William Carter Co. (The) 5.63%,
3/15/2027  (a)
100,000
96,563
 
 
127,486
Thrifts & Mortgage Finance — 0.2%
BPCE SA (France)
 
 
3.50%, 10/23/2027 (a)
250,000
229,290
(SOFR + 1.73%), 3.12%,
10/19/2032 (a) (b)
250,000
195,658
INVESTMENTS
PRINCIPAL
AMOUNT($)
VALUE($)
 
Thrifts & Mortgage Finance — continued
Nationstar Mortgage Holdings, Inc. 6.00%,
1/15/2027  (a)
   115,000
    102,283
Rocket Mortgage LLC
 
 
2.88%, 10/15/2026 (a)
    60,000
     50,400
3.63%, 3/1/2029 (a)
   120,000
     96,600
 
 
674,231
Tobacco — 0.4%
Altria Group, Inc.
 
 
2.45%, 2/4/2032
    80,000
     60,464
3.40%, 2/4/2041
   145,000
     98,022
3.88%, 9/16/2046
    95,000
     65,882
BAT Capital Corp. (United Kingdom)
 
 
3.56%, 8/15/2027
141,000
129,530
4.39%, 8/15/2037
600,000
474,575
Imperial Brands Finance plc (United
Kingdom) 6.13%, 7/27/2027  (a)
285,000
289,306
Philip Morris International, Inc.
 
 
3.13%, 3/2/2028
49,000
44,984
4.38%, 11/15/2041
345,000
285,532
4.13%, 3/4/2043
100,000
78,648
 
 
1,526,943
Trading Companies & Distributors — 0.4%
Air Lease Corp.
 
 
3.38%, 7/1/2025
92,000
87,364
1.88%, 8/15/2026
50,000
43,738
Aviation Capital Group LLC
 
 
4.13%, 8/1/2025 (a)
110,000
103,217
1.95%, 1/30/2026 (a)
50,000
43,139
Herc Holdings, Inc. 5.50%, 7/15/2027  (a)
565,000
533,493
Imola Merger Corp. 4.75%, 5/15/2029
 (a)
170,000
144,324
United Rentals North America, Inc. 5.25%,
1/15/2030
240,000
227,040
WESCO Distribution, Inc.
 
 
7.13%, 6/15/2025 (a)
85,000
85,015
7.25%, 6/15/2028 (a)
210,000
211,735
 
 
1,479,065
Transportation Infrastructure — 0.0% ^
Transurban Finance Co. Pty. Ltd. (Australia)
2.45%, 3/16/2031  (a)
12,000
9,756
Wireless Telecommunication Services — 0.2%
Hughes Satellite Systems Corp. 6.63%,
8/1/2026
105,000
99,356
SEE NOTES TO FINANCIAL STATEMENTS.
 
64
J.P. Morgan Exchange-Traded Funds
August 31, 2022
INVESTMENTS
PRINCIPAL
AMOUNT($)
VALUE($)
Corporate Bonds — continued
Wireless Telecommunication Services — continued
Rogers Communications, Inc. (Canada)
4.55%, 3/15/2052  (a)
    40,000
     35,111
Sprint Corp.
 
 
7.88%, 9/15/2023
     8,000
      8,242
7.13%, 6/15/2024
    30,000
     30,974
7.63%, 3/1/2026
   225,000
    237,966
T-Mobile USA, Inc.
 
 
4.75%, 2/1/2028
   195,000
    190,729
2.55%, 2/15/2031
    95,000
     79,068
 
 
681,446
Total Corporate Bonds
(Cost $135,774,472)
 
121,994,621
Asset-Backed Securities — 17.0%
ACC Trust Series 2022-1, Class C, 3.24%,
10/20/2025 (a)
1,000,000
949,437
Affirm Asset Securitization Trust Series
2021-A, Class C, 1.66%, 8/15/2025 ‡
(a)
500,000
483,179
Air Canada Pass-Through Trust (Canada)
Series 2017-1, Class AA, 3.30%,
1/15/2030 (a)
397,600
354,427
American Airlines Pass-Through Trust Series
2015-2, Class A, 4.00%, 9/22/2027
193,263
165,501
American Credit Acceptance Receivables
Trust
 
 
Series 2020-2, Class C, 3.88%,
4/13/2026 (a)
217,047
216,524
Series 2022-2, Class E, 6.57%,
6/13/2028 (a)
300,000
290,666
Series 2022-3, Class D, 5.83%,
10/13/2028 (a)
506,000
501,836
American Homes 4 Rent Trust
 
 
Series 2014-SFR3, Class B, 4.20%,
12/17/2036 ‡ (a)
125,000
123,444
Series 2015-SFR1, Class E, 5.64%,
4/17/2052 (a)
150,000
150,654
Series 2015-SFR1, Class F, 5.89%,
4/17/2052 ‡ (a)
400,000
391,620
Series 2015-SFR2, Class A, 3.73%,
10/17/2052 ‡ (a)
90,648
88,539
AMSR Trust
 
 
Series 2020-SFR1, Class E, 3.22%,
4/17/2037 (a)
500,000
470,559
Series 2020-SFR2, Class E2, 4.28%,
7/17/2037 ‡ (a)
375,000
358,702
Series 2020-SFR3, Class E2, 2.76%,
9/17/2037 ‡ (a)
350,000
321,563
INVESTMENTS
PRINCIPAL
AMOUNT($)
VALUE($)
 
Series 2020-SFR4, Class A, 1.36%,
11/17/2037 (a)
 1,500,000
  1,378,920
Series 2020-SFR4, Class E2, 2.46%,
11/17/2037 ‡ (a)
   425,000
    384,098
Series 2022-SFR1, Class F, 6.02%,
3/17/2039 ‡ (a)
   750,000
    697,997
Series 2022-SFR3, Class E2, 4.00%,
10/17/2039 (a)
 1,000,000
    844,932
Aqua Finance Trust Series 2019-A, Class B,
3.47%, 7/16/2040 ‡ (a)
   246,000
    233,253
Avid Automobile Receivables Trust Series
2019-1, Class D, 4.03%, 7/15/2026 (a)
   300,000
    297,367
British Airways Pass-Through Trust (United
Kingdom) Series 2013-1, Class A,
4.63%, 6/20/2024 (a)
   131,096
    128,420
Business Jet Securities LLC
 
 
Series 2020-1A, Class A, 2.98%,
11/15/2035 (a)
   947,259
    885,905
Series 2021-1A, Class A, 2.16%,
4/15/2036 (a)
   251,500
    226,239
Series 2021-1A, Class B, 2.92%,
4/15/2036 ‡ (a)
   541,342
    480,699
Series 2021-1A, Class C, 5.07%,
4/15/2036 ‡ (a)
   266,688
    251,591
CarNow Auto Receivables Trust Series
2021-1A, Class C, 2.16%,
2/17/2026 (a)
200,000
194,515
Carvana Auto Receivables Trust
 
 
Series 2020-N1A, Class B, 2.01%,
3/17/2025 (a)
48,265
48,214
Series 2019-4A, Class D, 3.07%,
7/15/2025 (a)
110,000
108,715
Cascade MH Asset Trust Series 2019-MH1,
Class B, 5.00%, 11/25/2044 ‡ (a) (g)
401,843
361,237
CoreVest American Finance Trust
 
 
Series 2019-1, Class E, 5.49%,
3/15/2052 ‡ (a) (g)
551,000
508,347
Series 2019-2, Class E, 5.42%,
6/15/2052 ‡ (a) (g)
650,000
586,016
Series 2019-3, Class E, 4.92%,
10/15/2052 ‡ (a) (g)
570,000
492,018
CPS Auto Receivables Trust
 
 
Series 2020-B, Class C, 3.30%,
4/15/2026 (a)
85,149
85,104
Series 2022-C, Class C, 5.28%,
4/15/2030 (a)
1,000,000
993,648
Credit Acceptance Auto Loan Trust Series
2020-1A, Class C, 2.59%,
6/15/2029 (a)
750,000
733,286
SEE NOTES TO FINANCIAL STATEMENTS.
 
August 31, 2022
J.P. Morgan Exchange-Traded Funds
65
JPMorgan Core Plus Bond ETF
SCHEDULE OF PORTFOLIO INVESTMENTS
AS OF August 31, 2022  (Unaudited) (continued)
INVESTMENTS
PRINCIPAL
AMOUNT($)
VALUE($)
Asset-Backed Securities — continued
DataBank Issuer Series 2021-1A, Class A2,
2.06%, 2/27/2051 (a)
   250,000
    222,525
Delta Air Lines Pass-Through Trust Series
2019-1, Class AA, 3.20%, 4/25/2024
    15,000
     14,526
Diamond Resorts Owner Trust
 
 
Series 2021-1A, Class A, 1.51%,
11/21/2033 (a)
   280,534
    260,172
Series 2021-1A, Class D, 3.83%,
11/21/2033 ‡ (a)
   246,082
    230,955
Drive Auto Receivables Trust Series
2020-2, Class D, 3.05%, 5/15/2028
   750,000
    737,036
DT Auto Owner Trust Series 2020-2A,
Class D, 4.73%, 3/16/2026 (a)
   500,000
    497,142
Elara HGV Timeshare Issuer LLC
 
 
Series 2021-A, Class C, 2.09%,
8/27/2035 ‡ (a)
   569,535
    507,022
Series 2021-A, Class D, 3.32%,
8/27/2035 ‡ (a)
   203,405
    182,390
Exeter Automobile Receivables Trust
 
 
Series 2020-2A, Class C, 3.28%,
5/15/2025 (a)
   162,207
    161,861
Series 2020-2A, Class D, 4.73%,
4/15/2026 (a)
400,000
400,007
Series 2022-3A, Class D, 6.76%,
9/15/2028
1,000,000
1,012,794
Series 2022-4A, Class E, 8.23%,
3/15/2030 (a)
1,000,000
995,802
FHF Trust Series 2021-1A, Class A, 1.27%,
3/15/2027 (a)
263,728
253,054
FirstKey Homes Trust
 
 
Series 2020-SFR1, Class F1, 3.64%,
8/17/2037 ‡ (a)
1,201,000
1,105,256
Series 2020-SFR2, Class E, 2.67%,
10/19/2037 ‡ (a)
1,000,000
918,087
Series 2021-SFR1, Class E1, 2.39%,
8/17/2038 ‡ (a)
500,000
432,216
Series 2021-SFR1, Class F1, 3.24%,
8/17/2038 ‡ (a)
600,000
512,763
Series 2021-SFR2, Class E1, 2.26%,
9/17/2038 ‡ (a)
635,000
543,530
Series 2021-SFR2, Class E2, 2.36%,
9/17/2038 ‡ (a)
814,000
687,975
Series 2022-SFR2, Class E2, 4.50%,
7/17/2039 ‡ (a)
492,000
430,031
Flagship Credit Auto Trust
 
 
Series 2020-4, Class D, 2.18%,
2/16/2027 (a)
280,000
267,666
Series 2021-4, Class C, 1.96%,
12/15/2027 (a)
500,000
462,746
INVESTMENTS
PRINCIPAL
AMOUNT($)
VALUE($)
 
Series 2022-3, Class E, 7.95%,
10/15/2029 (a)
 1,000,000
    988,248
FMC GMSR Issuer Trust
 
 
Series 2021-GT1, Class B, 4.36%,
7/25/2026 ‡ (a) (g)
   400,000
    357,307
Series 2022-GT1, Class B, 7.17%,
4/25/2027 ‡ (a)
   600,000
    556,842
FNMA, Grantor Trust Series 2017-T1,
Class A, 2.90%, 6/25/2027
 1,093,640
  1,051,088
Foundation Finance Trust
 
 
Series 2020-1A, Class B, 4.62%,
7/16/2040 ‡ (a)
   300,000
    294,138
Series 2020-1A, Class C, 5.75%,
7/16/2040 ‡ (a)
   150,000
    148,253
Series 2021-1A, Class C, 2.99%,
5/15/2041 ‡ (a)
   536,000
    461,695
FREED ABS Trust
 
 
Series 2021-2, Class C, 1.94%,
6/19/2028 ‡ (a)
   200,000
    193,965
Series 2022-1FP, Class D, 3.35%,
3/19/2029 ‡ (a)
   700,000
    648,579
Series 2022-3FP, Class C, 7.05%,
8/20/2029 ‡ (a)
500,000
496,479
Genesis Sales Finance Master Trust Series
2020-AA, Class C, 2.99%,
9/22/2025 (a)
300,000
274,077
GLS Auto Receivables Issuer Trust Series
2022-1A, Class D, 3.97%,
1/18/2028 (a)
1,000,000
935,866
HGI CRE CLO Ltd. (Cayman Islands) Series
2022-FL3, Class E, 6.28%,
4/20/2037 ‡ (a) (g)
663,500
631,744
Hilton Grand Vacations Trust
 
 
Series 2022-1D, Class D, 6.79%,
6/20/2034 ‡ (a)
411,292
398,294
Series 2022-2A, Class D, 8.73%,
1/25/2037 (a)
600,000
591,310
Series 2020-AA, Class C, 6.42%,
2/25/2039 ‡ (a)
254,199
256,377
HIN Timeshare Trust
 
 
Series 2020-A, Class D, 5.50%,
10/9/2039 ‡ (a)
102,295
96,128
Series 2020-A, Class E, 6.50%,
10/9/2039 ‡ (a)
460,328
433,859
HINNT LLC Series 2022-A, Class D, 6.50%,
5/15/2041 ‡ (a)
899,013
834,801
Home Partners of America Trust Series
2022-1, Class D, 4.73%, 4/17/2039 ‡
(a)
976,337
926,142
SEE NOTES TO FINANCIAL STATEMENTS.
 
66
J.P. Morgan Exchange-Traded Funds
August 31, 2022
INVESTMENTS
PRINCIPAL
AMOUNT($)
VALUE($)
Asset-Backed Securities — continued
Lendingpoint Asset Securitization Trust
Series 2022-A, Class D, 4.54%,
6/15/2029 (a)
 1,000,000
    836,039
Lendmark Funding Trust
 
 
Series 2019-2A, Class C, 3.72%,
4/20/2028 ‡ (a)
   100,000
     93,182
Series 2019-2A, Class D, 5.24%,
4/20/2028 ‡ (a)
   700,000
    650,978
Series 2021-1A, Class D, 5.05%,
11/20/2031 ‡ (a)
   870,000
    666,881
Series 2021-2A, Class B, 2.37%,
4/20/2032 ‡ (a)
 1,000,000
    790,469
LL ABS Trust Series 2020-1A, Class B,
3.79%, 1/17/2028 ‡ (a)
   193,735
    193,134
LP LMS Asset Securitization Trust, 6.17%,
10/15/2028
   550,000
    529,045
Mariner Finance Issuance Trust Series
2021-AA, Class D, 3.83%, 3/20/2036 ‡
(a)
   351,000
    299,961
Mercury Financial Credit Card Master Trust
 
 
Series 2021-1A, Class A, 1.54%,
3/20/2026 (a)
   600,000
    568,365
Series 2021-1A, Class B, 2.33%,
3/20/2026 (a)
   200,000
    188,905
MVW LLC
 
 
Series 2020-1A, Class C, 4.21%,
10/20/2037 ‡ (a)
152,508
143,383
Series 2019-2A, Class B, 2.44%,
10/20/2038 ‡ (a)
69,871
65,351
MVW Owner Trust Series 2019-1A, Class C,
3.33%, 11/20/2036 ‡ (a)
43,063
40,689
New Residential Mortgage Loan Trust
 
 
Series 2022-SFR1, Class D, 3.30%,
2/17/2039 ‡ (a)
340,000
307,407
Series 2022-SFR1, Class E1, 3.55%,
2/17/2039 ‡ (a)
420,000
376,985
NMEF Funding LLC Series 2021-A, Class C,
2.58%, 12/15/2027 ‡ (a)
600,000
555,214
NRZ Excess Spread-Collateralized Notes
 
 
Series 2020-PLS1, Class A, 3.84%,
12/25/2025 (a)
226,497
213,259
Series 2021-FNT1, Class A, 2.98%,
3/25/2026 (a)
802,181
725,385
Series 2021-FNT2, Class A, 3.23%,
5/25/2026 (a)
220,392
200,625
Series 2021-GNT1, Class A, 3.47%,
11/25/2026 (a)
328,712
302,605
NRZ FHT Excess LLC Series 2020-FHT1,
Class A, 4.21%, 11/25/2025 (a)
262,437
247,378
INVESTMENTS
PRINCIPAL
AMOUNT($)
VALUE($)
 
Octane Receivables Trust Series 2020-1A,
Class C, 2.89%, 3/20/2026 ‡ (a)
   350,000
    333,258
Oportun Funding XIV LLC
 
 
Series 2021-A, Class A, 1.21%,
3/8/2028 (a)
   100,000
     93,245
Series 2021-A, Class C, 3.44%,
3/8/2028 ‡ (a)
   380,000
    350,463
Oportun Issuance Trust
 
 
Series 2022-2, Class C, 9.36%,
10/9/2029 ‡ (a)
   750,000
    744,844
Series 2021-B, Class B, 1.96%,
5/8/2031 ‡ (a)
   400,000
    366,879
Series 2021-B, Class C, 3.65%,
5/8/2031 ‡ (a)
   100,000
     93,417
Series 2022-A, Class C, 7.40%,
6/9/2031 ‡ (a)
   755,000
    735,374
Pagaya AI Debt Selection Trust Series
2021-1, Class B, 2.13%, 11/15/2027 ‡
(a)
   499,794
    457,843
Prestige Auto Receivables Trust Series
2018-1A, Class D, 4.14%,
10/15/2024 (a)
   107,047
    106,910
PRET LLC
 
 
Series 2021-NPL6, Class A1, 2.49%,
7/25/2051 (a) (f)
701,787
660,400
Series 2021-RN3, Class A1, 1.84%,
9/25/2051 ‡ (a) (f)
855,746
797,494
Pretium Mortgage Credit Partners I LLC
Series 2021-NPL1, Class A1, 2.24%,
9/27/2060 (a) (f)
362,406
345,371
Progress Residential
 
 
Series 2021-SFR3, Class E1, 2.54%,
5/17/2026 ‡ (a)
450,000
392,941
Series 2021-SFR3, Class E2, 2.69%,
5/17/2026 ‡ (a)
645,000
561,547
Progress Residential Trust
 
 
Series 2022-SFR2, Class E2, 4.80%,
4/17/2027 ‡
651,000
589,995
Series 2020-SFR3, Class E, 2.30%,
10/17/2027 ‡ (a)
300,000
271,991
Series 2020-SFR3, Class G, 4.11%,
10/17/2027 ‡ (a)
500,000
463,381
Series 2020-SFR1, Class E, 3.03%,
4/17/2037 ‡ (a)
425,000
401,531
Series 2020-SFR1, Class F, 3.43%,
4/17/2037 ‡ (a)
450,000
421,134
Series 2020-SFR2, Class D, 3.87%,
6/17/2037 ‡ (a)
750,000
720,407
SEE NOTES TO FINANCIAL STATEMENTS.
 
August 31, 2022
J.P. Morgan Exchange-Traded Funds
67
JPMorgan Core Plus Bond ETF
SCHEDULE OF PORTFOLIO INVESTMENTS
AS OF August 31, 2022  (Unaudited) (continued)
INVESTMENTS
PRINCIPAL
AMOUNT($)
VALUE($)
Asset-Backed Securities — continued
Series 2021-SFR2, Class E2, 2.65%,
4/19/2038 ‡ (a)
   400,000
    347,499
Series 2021-SFR5, Class E1, 2.21%,
7/17/2038 ‡ (a)
   950,000
    817,579
Series 2021-SFR5, Class E2, 2.36%,
7/17/2038 (a)
   270,000
    230,908
Series 2022-SFR3, Class F, 6.60%,
4/17/2039 ‡ (a)
   665,000
    625,168
Series 2022-SFR5, Class E2, 6.86%,
6/17/2039 ‡ (a)
   388,000
    383,302
Series 2021-SFR7, Class E1, 2.59%,
8/17/2040 ‡ (a)
   793,000
    646,492
Series 2022-SFR1, Class E2, 3.99%,
2/17/2041 ‡ (a)
   750,000
    645,743
ReadyCap Lending Small Business Loan
Trust Series 2019-2, Class A, 5.00%,
12/27/2044 (a) (g)
    85,988
     81,804
Regional Management Issuance Trust
 
 
Series 2020-1, Class C, 3.80%,
10/15/2030 ‡ (a)
   300,000
    273,217
Series 2021-1, Class D, 5.07%,
3/17/2031 ‡ (a)
   500,000
    420,992
Santander Revolving Auto Loan Trust Series
2019-A, Class D, 3.45%, 1/26/2032 (a)
   150,000
    142,738
Sierra Timeshare Receivables Funding LLC
 
 
Series 2020-2A, Class D, 6.59%,
7/20/2037 ‡ (a)
729,303
708,544
Series 2021-1A, Class D, 3.17%,
11/20/2037 ‡ (a)
341,639
316,445
Series 2022-1A, Class D, 6.00%,
10/20/2038 ‡ (a)
695,969
662,682
Series 2022-2A, Class D, 9.22%,
6/20/2040 ‡ (a)
675,884
670,387
SpringCastle America Funding LLC Series
2020-AA, Class A, 1.97%,
9/25/2037 (a)
743,030
686,031
Theorem Funding Trust Series 2022-2A,
Class A, 6.06%, 12/15/2028 (a)
530,000
531,691
Tricon American Homes Series 2020-SFR1,
Class E, 3.54%, 7/17/2038 ‡ (a)
300,000
277,564
United Airlines Pass-Through Trust
 
 
Series 2014-1, Class A, 4.00%,
4/11/2026
123,108
114,054
Series 2016-2, Class A, 3.10%,
10/7/2028
7,621
6,177
Series 2018-1, Class A, 3.70%,
3/1/2030
12,508
10,519
United Auto Credit Securitization Trust
Series 2022-2, Class C, 5.81%,
5/10/2027 (a)
856,000
852,074
INVESTMENTS
PRINCIPAL
AMOUNT($)
VALUE($)
 
Upstart Securitization Trust Series 2022-4,
Class A, 5.98%, 8/20/2032 (a)
 1,093,000
  1,089,029
US Airways Pass-Through Trust Series
2011-1, Class A, 7.13%, 10/22/2023
    13,189
     13,168
US Auto Funding Trust Series 2022-1A,
Class D, 9.14%, 7/15/2027 (a)
 1,000,000
    957,535
USASF Receivables LLC
 
 
Series 2020-1A, Class B, 3.22%,
5/15/2024 (a)
   264,195
    262,919
Series 2020-1A, Class D, 9.35%,
3/15/2027 (a)
   750,000
    751,919
VCAT LLC
 
 
Series 2021-NPL1, Class A1, 2.29%,
12/26/2050 ‡ (a) (f)
   230,639
    221,665
Series 2021-NPL5, Class A1, 1.87%,
8/25/2051 ‡ (a) (f)
   641,450
    592,353
Veros Auto Receivables Trust Series
2021-1, Class B, 1.49%,
10/15/2026 (a)
   300,000
    286,521
VOLT XCII LLC Series 2021-NPL1, Class A1,
1.89%, 2/27/2051 (a) (f)
   157,936
    147,103
VOLT XCIII LLC Series 2021-NPL2, Class A1,
1.89%, 2/27/2051 (a) (f)
   702,169
    663,626
VOLT XCIV LLC Series 2021-NPL3, Class A1,
2.24%, 2/27/2051 (a) (f)
226,900
215,825
Westgate Resorts LLC
 
 
Series 2020-1A, Class C, 6.21%,
3/20/2034 ‡ (a)
124,242
123,794
Series 2022-1A, Class B, 2.29%,
8/20/2036 ‡ (a)
209,805
199,531
Series 2022-1A, Class D, 3.84%,
8/20/2036 ‡ (a)
839,220
785,977
Westlake Automobile Receivables Trust
Series 2022-2A, Class D, 5.48%,
9/15/2027 (a)
1,000,000
996,804
Total Asset-Backed Securities
(Cost $73,647,942)
 
69,860,964
U.S. Treasury Obligations — 15.9%
U.S. Treasury Bonds
 
 
4.50%, 8/15/2039
715,000
825,769
1.13%, 5/15/2040
994,000
676,541
4.38%, 5/15/2040
370,000
419,329
1.13%, 8/15/2040
2,755,000
1,858,118
1.38%, 11/15/2040
800,000
562,813
4.75%, 2/15/2041
2,113,000
2,500,686
2.25%, 5/15/2041
3,076,000
2,508,382
3.75%, 11/15/2043
2,226,000
2,279,215
3.38%, 11/15/2048
1,144,000
1,133,052
SEE NOTES TO FINANCIAL STATEMENTS.
 
68
J.P. Morgan Exchange-Traded Funds
August 31, 2022
INVESTMENTS
PRINCIPAL
AMOUNT($)
VALUE($)
U.S. Treasury Obligations — continued
2.38%, 11/15/2049
 3,939,000
  3,246,136
2.00%, 2/15/2050
   358,000
    270,793
1.88%, 2/15/2051
 1,207,000
    880,686
2.38%, 5/15/2051
 3,954,000
  3,255,254
2.25%, 2/15/2052
 6,776,000
  5,412,330
U.S. Treasury Notes
 
 
2.13%, 2/29/2024
   156,000
    152,947
1.13%, 2/28/2025
   565,000
    533,373
1.13%, 10/31/2026
10,471,000
  9,540,881
0.50%, 8/31/2027
 2,381,000
  2,071,191
0.63%, 11/30/2027
 2,224,000
  1,933,490
1.25%, 3/31/2028
   180,000
    160,664
1.25%, 4/30/2028
4,100,000
3,654,605
1.25%, 9/30/2028
8,045,000
7,115,740
0.88%, 11/15/2030
430,000
359,436
1.63%, 5/15/2031
443,000
391,346
1.38%, 11/15/2031
678,000
580,776
1.88%, 2/15/2032
5,701,000
5,097,050
U.S. Treasury STRIPS Bonds
 
 
2.52%, 5/15/2032 (h)
2,200,000
1,595,425
1.64%, 5/15/2033 (h)
3,205,000
2,244,516
2.28%, 2/15/2034 (h)
838,000
571,132
1.32%, 8/15/2039 (h)
511,000
295,107
2.37%, 11/15/2040 (h)
3,172,000
1,657,040
2.26%, 8/15/2041 (h)
207,000
103,339
2.22%, 11/15/2041 (h)
845,000
425,942
2.58%, 2/15/2042 (h)
1,065,000
517,463
1.38%, 2/15/2045 (h)
649,000
285,692
Total U.S. Treasury Obligations
(Cost $73,448,146)
 
65,116,259
Mortgage-Backed Securities — 15.6%
FHLMC Gold Pools, 30 Year Pool #
G60855, 4.50%, 12/1/2045
75,686
77,300
FHLMC Gold Pools, Other Pool # N31271,
4.50%, 1/1/2036
14,049
14,008
FHLMC UMBS, 30 Year Pool # QA5045,
4.00%, 11/1/2049
76,580
75,449
FNMA , 3.97%, 8/1/2032 (i)
908,000
913,108
FNMA UMBS, 20 Year Pool # MA3004,
4.00%, 5/1/2037
371,083
371,637
FNMA UMBS, 30 Year
 
 
Pool # AL2374, 4.00%, 12/1/2041
107,850
107,946
Pool # AL4244, 4.00%, 7/1/2042
125,047
125,429
Pool # BM1164, 3.50%, 12/1/2045
85,546
82,713
Pool # MA3073, 4.50%, 7/1/2047
20,190
20,396
Pool # BK4769, 5.00%, 8/1/2048
365,926
375,453
INVESTMENTS
PRINCIPAL
AMOUNT($)
VALUE($)
 
Pool # BN5013, 5.00%, 1/1/2049
   120,092
    123,190
Pool # BO1073, 4.50%, 6/1/2049
    41,204
     41,121
Pool # BO3039, 3.00%, 7/1/2049
   169,223
    157,173
Pool # BN6475, 4.00%, 7/1/2049
     7,868
      7,765
Pool # BO2562, 4.00%, 7/1/2049
   111,462
    110,788
Pool # BO4519, 4.00%, 8/1/2049
     3,551
      3,497
Pool # BO2203, 3.50%, 9/1/2049
   256,204
    246,211
Pool # FM9961, 3.00%, 12/1/2051
   493,501
    457,492
Pool # CB2637, 2.50%, 1/1/2052
   510,119
    456,817
Pool # BV0273, 3.00%, 1/1/2052
   315,289
    293,549
Pool # CB2670, 3.00%, 1/1/2052
   459,204
    427,591
Pool # BV3930, 3.00%, 2/1/2052
   593,659
    550,728
Pool # BV0295, 3.50%, 2/1/2052
670,348
649,614
Pool # BW6017, 3.50%, 5/1/2052
599,139
574,950
FNMA, Other
 
 
Pool # BS6339, 11.00%, 7/12/2024 (i)
1,100,000
1,091,409
Pool # AM8846, 2.68%, 5/1/2025
142,550
138,075
Pool # AM0414, 2.87%, 9/1/2027
400,000
383,440
Pool # AN7560, 2.90%, 12/1/2027
184,660
176,016
Pool # BL2367, 3.48%, 5/1/2029
540,538
529,173
Pool # BS1577, 1.82%, 2/1/2030
862,252
755,733
Pool # BS4878, 2.44%, 6/1/2030
597,043
544,574
Pool # 387898, 3.71%, 8/1/2030
750,000
746,235
Pool # BS5171, 2.51%, 10/1/2030
1,925,000
1,745,408
Pool # BS5985, 3.99%, 11/1/2030
425,000
428,011
Pool # BL9645, 1.50%, 1/1/2031
100,000
83,031
Pool # BL9627, 1.56%, 1/1/2031
500,000
417,313
Pool # BS1731, 1.82%, 1/1/2031
980,265
846,979
Pool # BS2422, 1.67%, 7/1/2031
1,200,000
1,003,210
Pool # BS2898, 1.56%, 9/1/2031
1,000,000
825,487
Pool # BS4563, 2.01%, 1/1/2032
1,100,000
945,355
Pool # BM7037, 1.76%, 3/1/2032 (g)
1,099,950
925,010
Pool # BL6367, 1.82%, 4/1/2032
330,000
280,418
Pool # BS5130, 2.55%, 4/1/2032
497,111
449,825
Pool # BS6301, 3.67%, 8/1/2032
945,000
929,898
Pool # BS6335, 3.75%, 9/1/2032 (i)
1,030,000
1,023,241
Pool # BL8708, 1.40%, 11/1/2032
200,000
159,210
Pool # AN6000, 3.21%, 7/1/2033
972,464
921,216
Pool # AN9725, 3.76%, 7/1/2033
103,043
102,153
Pool # BS4197, 2.14%, 12/1/2033
500,000
427,251
Pool # BS6427, IO, 3.75%,
9/1/2034 (i)
1,000,000
1,003,125
Pool # BS5018, 2.88%, 10/1/2035
750,000
639,737
Pool # AN7345, 3.21%, 11/1/2037
638,456
588,521
Pool # MA1072, 3.50%, 5/1/2042
11,128
10,833
Pool # BF0230, 5.50%, 1/1/2058
435,322
470,727
SEE NOTES TO FINANCIAL STATEMENTS.
 
August 31, 2022
J.P. Morgan Exchange-Traded Funds
69
JPMorgan Core Plus Bond ETF
SCHEDULE OF PORTFOLIO INVESTMENTS
AS OF August 31, 2022  (Unaudited) (continued)
INVESTMENTS
PRINCIPAL
AMOUNT($)
VALUE($)
Mortgage-Backed Securities — continued
Pool # BF0400, 4.00%, 8/1/2059
   769,915
    755,902
Pool # BF0497, 3.00%, 7/1/2060
    77,344
     71,658
Pool # BF0560, 2.50%, 9/1/2061
   983,118
    866,639
Pool # BF0562, 3.50%, 9/1/2061
   963,431
    910,140
FNMA/FHLMC UMBS, Single Family, 30 Year
TBA, 3.50%, 9/25/2052 (i)
11,405,000
 10,865,935
GNMA II
 
 
Pool # CJ7125, ARM, 4.49%,
10/20/2071 (g)
   458,825
    474,468
Pool # CJ7141, ARM, 4.41%,
11/20/2071 (g)
   440,291
    453,480
Pool # CE9384, ARM, 4.49%,
11/20/2071 (g)
   717,186
    740,737
Pool # CE5557, ARM, 4.58%,
11/20/2071 (g)
    98,781
    102,861
Pool # CK2792, ARM, 4.58%,
3/20/2072 (g)
   809,519
    844,181
Pool # CO0363, ARM, 4.75%,
7/20/2072 (g)
   779,000
    823,855
GNMA II, 30 Year
 
 
Pool # AJ9020, 4.50%, 10/20/2044
34,029
34,002
Pool # BB3525, 4.00%, 9/20/2047
24,278
24,266
Pool # BM2418, 4.00%, 8/20/2049
18,432
18,642
Pool # BN7049, 4.50%, 8/20/2049
161,388
165,370
Pool # BP7160, 4.50%, 9/20/2049
87,434
90,771
Pool # CC9803, 4.00%, 4/20/2051
410,819
406,267
Pool # MA7534, 2.50%, 8/20/2051
4,798,843
4,396,124
Pool # MA7705, 2.50%, 11/20/2051
6,589,323
6,021,287
Pool # CH7863, 3.50%, 12/20/2051
707,377
686,320
Pool # CI2080, 3.50%, 12/20/2051
854,333
824,547
Pool # CH0876, 3.00%, 1/20/2052
111,970
105,640
Pool # CH0877, 3.00%, 1/20/2052
276,457
260,742
Pool # CH0878, 3.00%, 1/20/2052
326,224
307,476
Pool # CJ3916, 3.00%, 1/20/2052
751,823
722,583
Pool # CK2608, 3.00%, 1/20/2052
476,427
448,479
Pool # CK4909, 3.00%, 1/20/2052
98,841
93,046
Pool # CK4916, 3.00%, 1/20/2052
232,239
218,206
Pool # CJ8184, 3.50%, 1/20/2052
633,033
611,023
Pool # CK4918, 3.50%, 1/20/2052
79,091
76,723
Pool # CK7137, 4.00%, 1/20/2052
486,929
480,344
Pool # CK2667, 3.00%, 2/20/2052
632,187
593,898
Pool # CK2672, 3.50%, 2/20/2052
594,538
575,249
Pool # CM2154, 3.00%, 3/20/2052
792,676
736,818
Pool # CM2278, 3.50%, 4/20/2052
865,249
839,319
Pool # CO4826, 5.00%, 6/20/2052
591,117
599,574
INVESTMENTS
PRINCIPAL
AMOUNT($)
VALUE($)
 
Pool # CO4847, 5.00%, 7/20/2052
   884,740
    897,501
Pool # MA8200, 4.00%, 8/20/2052
 1,975,000
  1,950,504
Total Mortgage-Backed Securities
(Cost $68,146,024)
 
63,949,116
Commercial Mortgage-Backed Securities — 6.0%
ACRE Commercial Mortgage Ltd. Series
2021-FL4, Class B, 3.78%,
12/18/2037 ‡ (a) (g)
   250,000
    241,029
BAMLL Re-REMIC Trust
 
 
Series 2014-FRR4, Class BK29, PO,
4/27/2023 (a)
   836,170
    796,273
Series 2014-FRR5, Class AK37, 2.40%,
1/27/2047 (a) (g)
   770,000
    733,129
BB-UBS Trust Series 2012-SHOW, Class E,
4.16%, 11/5/2036 ‡ (a) (g)
   225,000
    202,751
Cascade Funding Mortgage Trust
 
 
Series 2021-FRR1, Class DK45, 0.00%,
2/28/2025 ‡ (a)
   380,000
    306,209
Series 2021-FRR1, Class CK45, 1.41%,
2/28/2025 ‡ (a) (g)
   500,000
    429,883
Series 2021-FRR1, Class BK45, 2.11%,
2/28/2025 ‡ (a) (g)
600,000
539,487
Series 2021-FRR1, Class CK54, 0.00%,
2/28/2026 ‡ (a)
480,000
356,316
Series 2021-FRR1, Class DKW1, 0.00%,
2/28/2026 ‡ (a)
430,000
321,596
Series 2021-FRR1, Class BK98, 0.00%,
8/29/2029 ‡ (a)
1,150,000
677,076
Series 2021-FRR1, Class BK99, 0.00%,
9/29/2029 ‡ (a)
400,000
218,909
FHLMC, Multi-Family Structured Credit Risk
 
 
Series 2021-MN1, Class M1, 4.18%,
1/25/2051 (a) (g)
284,425
274,547
Series 2021-MN1, Class M2, 5.93%,
1/25/2051 (a) (g)
685,000
633,820
Series 2021-MN3, Class M1, 4.48%,
11/25/2051 (a) (g)
619,799
595,627
Series 2022-MN4, Class M1, 6.43%,
5/25/2052 (a) (g)
997,956
1,031,785
FHLMC, Multi-Family Structured
Pass-Through Certificates
 
 
Series KW06, Class A2, 3.80%,
6/25/2028 (g)
1,750,000
1,748,950
Series K088, Class A2, 3.69%,
1/25/2029
350,000
348,184
Series KLU3, Class X1, IO, 2.08%,
1/25/2031 (g)
642
74
Series K128, Class X3, IO, 2.88%,
4/25/2031 (g)
550,000
98,906
SEE NOTES TO FINANCIAL STATEMENTS.
 
70
J.P. Morgan Exchange-Traded Funds
August 31, 2022
INVESTMENTS
PRINCIPAL
AMOUNT($)
VALUE($)
Commercial Mortgage-Backed Securities — continued
Series K142, Class A2, 2.40%,
3/25/2032
 1,250,000
  1,109,286
Series K-1520, Class X1, IO, 0.58%,
2/25/2036 ‡ (g)
 4,492,532
    197,737
Series K-1520, Class X3, IO, 3.20%,
4/25/2039 (g)
   550,000
    151,272
Series 2022-MN4, Class M2, 8.68%,
5/25/2052 (a) (g)
   750,000
    757,017
Series K145, Class AM, 2.58%,
6/25/2055
 1,100,000
    983,330
Series Q014, Class X, IO, 2.80%,
10/25/2055 (g)
 1,924,629
    382,349
FNMA ACES
 
 
Series 2017-M3, Class A2, 2.55%,
12/25/2026 (g)
   269,311
    255,858
Series 2021-M11, Class A2, 1.51%,
3/25/2031 (g)
   300,000
    250,597
Series 2022-M1, Class A1, 1.73%,
10/25/2031 (g)
   485,544
    437,905
Series 2022-M3, Class A2, 1.76%,
11/25/2031 (g)
 1,400,000
  1,174,544
Series 2020-M53, Class A2, 1.74%,
11/25/2032 (g)
 1,250,000
  1,026,577
Series 2021-M3, Class 1A1, 1.00%,
11/25/2033
63,251
60,163
Series 2021-M3, Class X1, IO, 2.07%,
11/25/2033 (g)
542,795
60,361
FNMA, Multi-Family REMIC Trust Series
2022-M1G, Class A2, 1.58%,
9/25/2031 (g)
700,000
584,667
FREMF Mortgage Trust
 
 
Series 2018-KL3W, Class CW, 4.23%,
8/25/2025 (a) (g)
250,000
228,905
Series 2018-KBX1, Class B, 3.69%,
1/25/2026 (a) (g)
500,000
465,011
Series 2021-KHG3, Class BFX, 2.48%,
9/25/2028 (a) (g)
1,000,000
836,984
Series 2015-K44, Class B, 3.85%,
1/25/2048 (a) (g)
200,000
195,461
Series 2015-K45, Class B, 3.73%,
4/25/2048 (a) (g)
199,293
194,301
Series 2015-K48, Class B, 3.77%,
8/25/2048 (a) (g)
200,000
192,663
Series 2015-K50, Class B, 3.91%,
10/25/2048 (a) (g)
200,000
194,198
Series 2015-K51, Class B, 4.09%,
10/25/2048 (a) (g)
381,860
368,270
Series 2016-K52, Class B, 4.06%,
1/25/2049 (a) (g)
250,000
242,785
INVESTMENTS
PRINCIPAL
AMOUNT($)
VALUE($)
 
Series 2016-K53, Class C, 4.16%,
3/25/2049 (a) (g)
    70,000
     66,708
Series 2017-K729, Class B, 3.80%,
11/25/2049 (a) (g)
   300,000
    291,635
FRR Re-REMIC Trust Series 2018-C1,
Class CK43, PO, 2/27/2048 ‡ (a)
   612,660
    501,119
JPMCC Re-REMIC Trust Series 2015-FRR2,
Class AK39, 2.76%, 8/27/2047 (a) (g)
   944,000
    895,182
MHC Commercial Mortgage Trust Series
2021-MHC, Class F, 4.99%,
4/15/2038 ‡ (a) (g)
   600,000
    570,238
Multi-Family Connecticut Avenue Securities
Trust
 
 
Series 2019-01, Class M10, 5.69%,
10/25/2049 ‡ (a) (g)
   988,702
    944,672
Series 2020-01, Class M7, 4.39%,
3/25/2050 ‡ (a) (g)
   272,907
    267,659
Series 2020-01, Class M10, 6.19%,
3/25/2050 (a) (g)
 1,000,000
    950,519
PFP Ltd. (Cayman Islands)
 
 
Series 2021-7, Class C, 4.04%,
4/14/2038 ‡ (a) (g)
   164,992
    154,962
Series 2021-7, Class D, 4.79%,
4/14/2038 ‡ (a) (g)
   169,992
    163,465
Total Commercial Mortgage-Backed
Securities
(Cost $26,237,272)
 
24,710,951
Collateralized Mortgage Obligations — 3.1%
Ajax Mortgage Loan Trust Series 2021-B,
Class A, 2.24%, 6/25/2066 ‡ (a) (f)
281,334
261,187
Anchor Mortgage Trust Series 2021-1,
Class A2, 3.65%, 10/25/2026 (a) (f)
476,191
450,742
Bayview Financing Trust Series 2021-2F,
Class M2, 3.76%, 1/10/2032 ‡ (a) (g)
109,962
110,270
Cascade MH Asset Trust Series 2022-MH1,
Class M, 4.25%, 8/25/2054 ‡ (a) (f)
1,000,000
813,603
CSMC Trust
 
 
Series 2021-JR1, Class A1, 2.46%,
9/27/2066 (a) (g)
552,196
526,338
Series 2022-JR1, Class A1, 4.27%,
10/25/2066 (a) (f)
828,091
799,166
FHLMC, REMIC
 
 
Series 2708, Class ZD, 5.50%,
11/15/2033
91,793
96,054
Series 4302, Class PA, 4.00%,
12/15/2043
66,621
65,926
Series 4281, Class BC, 4.50%,
12/15/2043 (g)
95,192
96,796
SEE NOTES TO FINANCIAL STATEMENTS.
 
August 31, 2022
J.P. Morgan Exchange-Traded Funds
71
JPMorgan Core Plus Bond ETF
SCHEDULE OF PORTFOLIO INVESTMENTS
AS OF August 31, 2022  (Unaudited) (continued)
INVESTMENTS
PRINCIPAL
AMOUNT($)
VALUE($)
Collateralized Mortgage Obligations — continued
FMC GMSR Issuer Trust Series 2022-GT2,
Class B, 10.07%, 7/25/2027 (a)
 1,000,000
    979,844
FNMA, REMIC
 
 
Series 2003-7, Class FA, 3.19%,
2/25/2033 (g)
    91,403
     92,351
Series 2013-108, Class GU, 3.00%,
10/25/2033
   503,070
    487,030
Series 2005-110, Class TY, 5.50%,
12/25/2035
    57,238
     60,221
Series 2007-89, Class F, 3.02%,
9/25/2037 (g)
   102,738
    103,166
Series 2011-112, Class PB, 4.00%,
11/25/2041
   119,045
    117,601
GNMA
 
 
Series 2010-H24, Class FA, 2.15%,
10/20/2060 (g)
    66,202
     65,604
Series 2014-H03, Class FA, 2.40%,
1/20/2064 (g)
    48,957
     48,763
Series 2015-H05, Class FC, 2.28%,
2/20/2065 (g)
   259,330
    257,125
Home RE Ltd. (Bermuda)
 
 
Series 2021-2, Class M1A, 3.43%,
1/25/2034 ‡ (a) (g)
167,059
166,424
Series 2022-1, Class M1C, 7.68%,
10/25/2034 ‡ (a) (g)
750,000
758,906
LHOME Mortgage Trust Series 2021-RTL1,
Class A1, 2.09%, 9/25/2026 (a) (g)
255,000
245,926
PMT Credit Risk Transfer Trust Series
2021-1R, Class A, 5.34%,
2/27/2024 (a) (g)
241,527
236,047
PRPM LLC Series 2021-2, Class A1, 2.12%,
3/25/2026 (a) (g)
170,126
161,543
RCO VI Mortgage LLC Series 2022-1,
Class A1, 3.00%, 1/25/2027 (a) (f)
497,511
471,163
Seasoned Credit Risk Transfer Trust
 
 
Series 2018-1, Class M60C, 3.50%,
5/25/2057
160,562
155,885
Series 2018-3, Class MA, 3.50%,
8/25/2057 ‡ (g)
65,112
63,732
Series 2018-3, Class M55D, 4.00%,
8/25/2057 ‡ (g)
290,794
287,646
Series 2018-2, Class MT, 3.50%,
11/25/2057
633,090
605,714
Series 2018-2, Class M55D, 4.00%,
11/25/2057
322,992
318,038
Series 2019-1, Class MA, 3.50%,
7/25/2058
126,635
123,750
Series 2019-2, Class MA, 3.50%,
8/25/2058 ‡
148,522
145,024
INVESTMENTS
PRINCIPAL
AMOUNT($)
VALUE($)
 
Series 2020-3, Class M5TW, 3.00%,
5/25/2060 ‡
   522,825
    498,205
Series 2020-3, Class TTW, 3.00%,
5/25/2060 ‡
   528,566
    508,434
Series 2021-1, Class BXS, 11.45%,
9/25/2060 ‡ (a) (g)
   150,000
    122,733
Series 2022-1, Class MTU, 3.25%,
11/25/2061
   518,183
    487,052
Towd Point Mortgage Trust Series
2021-R1, Class A2C, 3.31%,
11/30/2060 (a)
   754,000
    715,061
VM Master Issuer LLC Series 2022-1,
Class B, 6.88%, 5/24/2025 ‡ (a) (g)
   800,000
    774,640
VOLT CV LLC Series 2021-CF2, Class A1,
2.49%, 11/27/2051 (a) (f)
   423,215
    399,311
Total Collateralized Mortgage Obligations
(Cost $13,195,856)
 
12,677,021
 
SHARES
 
Common Stocks — 0.0% ^
Oil, Gas & Consumable Fuels — 0.0% ^
Chesapeake Energy Corp.
        23
      2,311
Chord Energy Corp.
109
15,429
EP Energy Corp. *
275
2,338
 
 
20,078
Professional Services — 0.0% ^
NMG, Inc. *
1
180
Wireless Telecommunication Services — 0.0% ^
Intelsat SA (Luxembourg) ‡ *
270
7,425
Total Common Stocks
(Cost $12,779)
 
27,683
 
PRINCIPAL
AMOUNT($)
 
Municipal Bonds — 0.0% (j) ^
Ohio — 0.0% ^
Ohio University, General Receipts, Federally
Taxable Rev., 5.59%, 12/1/2114(Cost
$32,776)
25,000
24,387
 
NO. OF
WARRANTS
 
Warrants — 0.0% ^
Diversified Telecommunication Services — 0.0% ^
Windstream Holdings, Inc. expiring
12/31/2049, price 10.75 USD ‡ *
16
216
SEE NOTES TO FINANCIAL STATEMENTS.
 
72
J.P. Morgan Exchange-Traded Funds
August 31, 2022
 INVESTMENTS
NO. OF
WARRANTS
VALUE($)
Warrants — continued
Media — 0.0% ^
Nmg Research Ltd. expiring 9/24/2027,
price 1.00 USD (United Kingdom) ‡ *
        78
      3,965
Oil, Gas & Consumable Fuels — 0.0% ^
Chesapeake Energy Corp.
 
 
expiring 2/9/2026, price 25.10 USD*
71
      6,237
expiring 2/9/2026, price 29.18 USD*
79
      6,623
expiring 2/9/2026, price 32.86 USD*
44
      3,547
 
 
16,407
Total Warrants
(Cost $1)
 
20,588
 
SHARES
 
Preferred Stocks — 0.0% ^
Internet & Direct Marketing Retail — 0.0% ^
MYT Holding LLC Series A, 10.00%,
6/6/2029  ‡(Cost $2,753)
2,868
3,140
 
NO. OF RIGHTS
 
Rights — 0.0% ^
Diversified Telecommunication Services — 0.0% ^
Intelsat Jackson Holdings SA, expiring
12/5/2025 (Luxembourg) ‡ * (Cost $1 )
56
1
 
SHARES
 
Short-Term Investments — 15.7%
Investment Companies — 15.7%
JPMorgan U.S. Government Money Market
Fund Class IM Shares, 2.00% (k) (l)
(Cost $64,292,445)
64,292,445
64,292,445
Total Investments — 103.0%
(Cost $454,790,467)
 
422,677,176
Liabilities in Excess of Other Assets —
(3.0)%
 
(12,400,076)
NET ASSETS — 100.0%
 
410,277,100
 
Percentages indicated are based on net assets.
 
Abbreviations
 
ABS
Asset-Backed Securities
ACES
Alternative Credit Enhancement Securities
ARM
Adjustable Rate Mortgage. The interest rate shown is the rate in
effect as of August 31, 2022.
CSMC
Credit Suisse Mortgage Trust
FHLMC
Federal Home Loan Mortgage Corp.
FNMA
Federal National Mortgage Association
GNMA
Government National Mortgage Association
ICE
Intercontinental Exchange
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.
RE
Reinsured
REMIC
Real Estate Mortgage Investment Conduit
Re-REMIC
Combined Real Estate Mortgage Investment Conduit
Rev.
Revenue
SCA
Limited partnership with share capital
SOFR
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.
TBA
To Be Announced; Security is subject to delayed delivery.
UMBS
Uniform Mortgage-Backed Securities
USD
United States Dollar
 
^
Amount rounds to less than 0.1% of net assets.
‡
Value determined using significant unobservable
inputs.
 
*
Non-income producing security.
 
(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, 2022.
 
(c)
Security is an interest bearing note with preferred
security characteristics.
 
(d)
Security is perpetual and thus, does not have a
predetermined maturity date. The coupon rate for this
security is fixed for a period of time and may be
structured to adjust thereafter. The date shown, if
applicable, reflects the next call date. The coupon rate
shown is the rate in effect as of August 31, 2022.
 
(e)
Defaulted security.
 
(f)
Step bond. Interest rate is a fixed rate for an initial
period that either resets at a specific date or may
reset in the future contingent upon a predetermined
trigger. The interest rate shown is the current rate as
of August 31, 2022.
 
SEE NOTES TO FINANCIAL STATEMENTS.
 
August 31, 2022
J.P. Morgan Exchange-Traded Funds
73
JPMorgan Core Plus Bond ETF
SCHEDULE OF PORTFOLIO INVESTMENTS
AS OF August 31, 2022  (Unaudited) (continued)
(g)
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, 2022.
 
(h)
The rate shown is the effective yield as of August 31,
2022.
 
(i)
All or a portion of the security is a when-issued
security, delayed delivery security, or forward
commitment.
 
(j)
The date shown represents the earliest of the
prerefunded date, next put date or final maturity date.
 
(k)
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.
 
(l)
The rate shown is the current yield as of August 31,
2022.
 
Futures contracts outstanding as of August 31, 2022:
 
DESCRIPTION
NUMBER OF
CONTRACTS
EXPIRATION DATE
TRADING CURRENCY
NOTIONAL
AMOUNT ($)
VALUE AND
UNREALIZED
APPRECIATION
(DEPRECIATION) ($)
Long Contracts
 
 
 
 
 
U.S. Treasury 10 Year Note
77
12/20/2022
USD
8,980,125
(72,193)
U.S. Treasury Long Bond
38
12/20/2022
USD
5,147,813
(42,832)
U.S. Treasury Ultra Bond
54
12/20/2022
USD
8,039,250
(34,681)
U.S. Treasury 2 Year Note
133
12/30/2022
USD
27,697,250
(54,666)
U.S. Treasury 5 Year Note
95
12/30/2022
USD
10,513,828
(50,658)
 
 
 
 
 
(255,030)
Short Contracts
 
 
 
 
 
U.S. Treasury 10 Year Note
(2)
12/20/2022
USD
(233,250)
1,808
U.S. Treasury 10 Year Ultra Note
(35)
12/20/2022
USD
(4,370,078)
37,505
U.S. Treasury 5 Year Note
(1)
12/30/2022
USD
(110,672)
529
 
 
 
 
 
39,842
 
 
 
 
 
(215,188)
 
Abbreviations
 
USD
United States Dollar
Centrally Cleared Credit default swap contracts outstanding - buy protection(*) as of August 31, 2022:
 
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.38-V2
5.00
Quarterly
6/20/2027
5.31
USD 6,000,000
(128,710)
142,092
13,382
 
(*)
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.
SEE NOTES TO FINANCIAL STATEMENTS.
 
74
J.P. Morgan Exchange-Traded Funds
August 31, 2022
(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
Centrally Cleared Credit default swap contracts outstanding — sell protection(**) as of August 31, 2022:
 
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.38-V1
1.00
Quarterly
6/20/2027
0.92
USD 11,000,000
(5,524)
64,459
58,935
CDX.NA.HY.38-V2
5.00
Quarterly
6/20/2027
5.31
USD 3,700,000
(102,952)
94,700
(8,252)
 
 
 
 
 
 
(108,476)
159,159
50,683
 
(**)
The Fund, as a seller of credit protection, receives periodic payments and may also receive or pay an upfront premium from or to the protection buyer,
and is obligated to make 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.
 
August 31, 2022
J.P. Morgan Exchange-Traded Funds
75
JPMorgan Corporate Bond Research Enhanced ETF
SCHEDULE OF PORTFOLIO INVESTMENTS
AS OF August 31, 2022  (Unaudited)
 
INVESTMENTS
PRINCIPAL
AMOUNT($)
VALUE($)
Corporate Bonds — 98.4%
Aerospace & Defense — 4.3%
BAE Systems plc (United Kingdom) 3.40%,
4/15/2030  (a)
 35,000
    31,864
Boeing Co. (The)
 
 
4.51%, 5/1/2023
132,000
   132,241
4.88%, 5/1/2025
189,000
   189,528
5.04%, 5/1/2027
120,000
   119,639
3.60%, 5/1/2034
159,000
   129,364
5.71%, 5/1/2040
105,000
   100,149
3.75%, 2/1/2050
 30,000
    21,530
L3Harris Technologies, Inc. 4.40%, 6/15/2028
174,000
   171,038
Leidos, Inc.
 
 
4.38%, 5/15/2030
238,000
   219,718
2.30%, 2/15/2031
80,000
62,794
Northrop Grumman Corp.
 
 
3.25%, 1/15/2028
90,000
85,402
4.03%, 10/15/2047
41,000
36,031
Precision Castparts Corp. 3.25%, 6/15/2025
24,000
23,721
Raytheon Technologies Corp.
 
 
3.50%, 3/15/2027
63,000
61,012
3.13%, 5/4/2027
146,000
139,394
4.45%, 11/16/2038
107,000
100,368
3.75%, 11/1/2046
88,000
73,203
 
 
1,696,996
Air Freight & Logistics — 0.6%
FedEx Corp.
 
 
2.40%, 5/15/2031
60,000
50,500
3.25%, 5/15/2041
110,000
85,791
4.05%, 2/15/2048
90,000
76,003
 
 
212,294
Auto Components — 0.3%
Lear Corp. 3.80%, 9/15/2027
140,000
132,236
Automobiles — 0.7%
General Motors Co. 6.13%, 10/1/2025
273,000
280,990
Banks — 15.0%
Bank of America Corp.
 
 
(ICE LIBOR USD 3 Month + 0.79%), 3.00%,
12/20/2023 (b)
300,000
298,892
(ICE LIBOR USD 3 Month + 0.78%), 3.55%,
3/5/2024 (b)
146,000
145,409
(ICE LIBOR USD 3 Month + 0.87%), 2.46%,
10/22/2025 (b)
30,000
28,626
(SOFR + 1.15%), 1.32%, 6/19/2026 (b)
60,000
54,586
(ICE LIBOR USD 3 Month + 1.06%), 3.56%,
4/23/2027 (b)
154,000
147,009
INVESTMENTS
PRINCIPAL
AMOUNT($)
VALUE($)
 
Banks — continued
(ICE LIBOR USD 3 Month + 1.58%), 3.82%,
1/20/2028 (b)
146,000
   139,756
(ICE LIBOR USD 3 Month + 1.04%), 3.42%,
12/20/2028 (b)
210,000
   194,515
(ICE LIBOR USD 3 Month + 0.99%), 2.50%,
2/13/2031 (b)
237,000
   198,841
(SOFR + 1.32%), 2.69%, 4/22/2032 (b)
 60,000
    49,740
(US Treasury Yield Curve Rate T Note Constant
Maturity 5 Year + 1.20%), 2.48%,
9/21/2036 (b)
 53,000
    41,086
(ICE LIBOR USD 3 Month + 1.81%), 4.24%,
4/24/2038 (b)
 59,000
    53,079
(SOFR + 1.93%), 2.68%, 6/19/2041 (b)
 50,000
    35,802
(ICE LIBOR USD 3 Month + 1.19%), 3.95%,
1/23/2049 (b)
 50,000
    42,438
(ICE LIBOR USD 3 Month + 3.15%), 4.08%,
3/20/2051 (b)
 78,000
    66,875
Barclays plc (United Kingdom) (US Treasury Yield
Curve Rate T Note Constant Maturity 1 Year +
2.30%), 5.30%, 8/9/2026  (b)
330,000
   327,582
Citigroup, Inc.
 
 
(ICE LIBOR USD 3 Month + 0.90%), 3.35%,
4/24/2025 (b)
428,000
419,459
(SOFR + 2.84%), 3.11%, 4/8/2026 (b)
78,000
74,921
3.20%, 10/21/2026
188,000
179,577
(SOFR + 1.15%), 2.67%, 1/29/2031 (b)
107,000
90,212
(SOFR + 3.91%), 4.41%, 3/31/2031 (b)
156,000
148,863
(ICE LIBOR USD 3 Month + 1.17%), 3.88%,
1/24/2039 (b)
87,000
75,495
4.65%, 7/23/2048
78,000
73,527
Citizens Financial Group, Inc. 3.25%,
4/30/2030
150,000
132,298
HSBC Holdings plc (United Kingdom)
 
 
(ICE LIBOR USD 3 Month + 1.61%), 3.97%,
5/22/2030 (b)
200,000
180,568
6.10%, 1/14/2042
75,000
81,177
Mitsubishi UFJ Financial Group, Inc. (Japan)
 
 
3.76%, 7/26/2023
177,000
176,749
3.68%, 2/22/2027
31,000
29,777
3.96%, 3/2/2028
177,000
170,643
3.74%, 3/7/2029
289,000
273,535
NatWest Group plc (United Kingdom) (US
Treasury Yield Curve Rate T Note Constant
Maturity 1 Year + 0.90%), 1.64%,
6/14/2027  (b)
228,000
199,603
PNC Financial Services Group, Inc. (The) 2.60%,
7/23/2026
152,000
143,518
SEE NOTES TO FINANCIAL STATEMENTS.
 
76
J.P. Morgan Exchange-Traded Funds
August 31, 2022
INVESTMENTS
PRINCIPAL
AMOUNT($)
VALUE($)
Corporate Bonds — continued
Banks — continued
Sumitomo Mitsui Financial Group, Inc. (Japan)
2.93%, 9/17/2041
200,000
   144,974
Toronto-Dominion Bank (The) (Canada) 2.45%,
1/12/2032
200,000
   166,669
Truist Financial Corp. 1.13%, 8/3/2027
 90,000
    77,386
Wells Fargo & Co.
 
 
(SOFR + 2.00%), 2.19%, 4/30/2026 (b)
 53,000
    49,610
(ICE LIBOR USD 3 Month + 1.31%), 3.58%,
5/22/2028 (b)
349,000
   329,309
(SOFR + 1.43%), 2.88%, 10/30/2030 (b)
202,000
   177,182
5.38%, 11/2/2043
 96,000
    95,726
3.90%, 5/1/2045
117,000
    98,952
4.75%, 12/7/2046
 68,000
    62,089
Westpac Banking Corp. (Australia)
 
 
(US Treasury Yield Curve Rate T Note Constant
Maturity 5 Year + 1.35%), 2.89%,
2/4/2030 (b)
50,000
46,952
(USD ICE Swap Rate 5 Year + 2.24%), 4.32%,
11/23/2031 (b)
160,000
152,285
(US Treasury Yield Curve Rate T Note Constant
Maturity 5 Year + 2.00%), 4.11%,
7/24/2034 (b)
107,000
96,245
(US Treasury Yield Curve Rate T Note Constant
Maturity 5 Year + 1.53%), 3.02%,
11/18/2036 (b)
53,000
41,815
2.96%, 11/16/2040
71,000
50,568
 
 
5,863,920
Beverages — 2.9%
Anheuser-Busch Cos. LLC (Belgium)
 
 
3.65%, 2/1/2026
51,000
50,128
4.70%, 2/1/2036
77,000
74,497
4.90%, 2/1/2046
160,000
151,897
Anheuser-Busch InBev Worldwide, Inc. (Belgium)
 
 
4.00%, 4/13/2028
49,000
48,429
4.90%, 1/23/2031
34,000
34,930
4.60%, 4/15/2048
120,000
108,833
4.44%, 10/6/2048
39,000
34,668
Coca-Cola Co. (The)
 
 
1.75%, 9/6/2024
217,000
210,370
2.88%, 5/5/2041
78,000
63,460
2.60%, 6/1/2050
55,000
40,036
2.75%, 6/1/2060
59,000
42,037
Constellation Brands, Inc. 3.15%, 8/1/2029
66,000
59,336
Keurig Dr Pepper, Inc. 3.80%, 5/1/2050
20,000
15,552
Molson Coors Beverage Co. 4.20%, 7/15/2046
30,000
24,694
INVESTMENTS
PRINCIPAL
AMOUNT($)
VALUE($)
 
Beverages — continued
PepsiCo, Inc.
 
 
2.75%, 3/19/2030
 30,000
    27,427
3.50%, 3/19/2040
 66,000
    58,204
2.75%, 10/21/2051
100,000
    75,480
 
 
1,119,978
Biotechnology — 2.8%
AbbVie, Inc.
 
 
2.90%, 11/6/2022
105,000
   104,921
3.60%, 5/14/2025
 68,000
    66,753
2.95%, 11/21/2026
122,000
   115,083
4.25%, 11/14/2028
192,000
   188,593
4.05%, 11/21/2039
161,000
141,919
4.70%, 5/14/2045
68,000
63,333
Amgen, Inc.
 
 
2.20%, 2/21/2027
68,000
62,492
2.45%, 2/21/2030
63,000
55,127
3.15%, 2/21/2040
40,000
31,615
4.40%, 5/1/2045
20,000
17,993
3.38%, 2/21/2050
20,000
15,275
4.40%, 2/22/2062
138,000
119,595
Biogen, Inc. 3.15%, 5/1/2050
80,000
54,570
Gilead Sciences, Inc. 4.15%, 3/1/2047
47,000
40,858
Regeneron Pharmaceuticals, Inc. 1.75%,
9/15/2030
10,000
7,908
 
 
1,086,035
Building Products — 0.0% ^
Carrier Global Corp. 3.58%, 4/5/2050
20,000
15,267
Capital Markets — 6.8%
Charles Schwab Corp. (The) 1.95%, 12/1/2031
146,000
118,990
CME Group, Inc. 3.00%, 3/15/2025
109,000
106,942
Credit Suisse Group AG (Switzerland) (ICE LIBOR
USD 3 Month + 1.24%), 4.21%, 6/12/2024
 (a) (b)
250,000
246,078
Goldman Sachs Group, Inc. (The)
 
 
1.22%, 12/6/2023
58,000
55,998
4.00%, 3/3/2024
242,000
241,920
3.50%, 4/1/2025
130,000
127,112
3.85%, 1/26/2027
91,000
88,164
(ICE LIBOR USD 3 Month + 1.30%), 4.22%,
5/1/2029 (b)
249,000
238,085
3.80%, 3/15/2030
226,000
208,399
(SOFR + 1.25%), 2.38%, 7/21/2032 (b)
53,000
42,902
(ICE LIBOR USD 3 Month + 1.37%), 4.02%,
10/31/2038 (b)
161,000
140,338
SEE NOTES TO FINANCIAL STATEMENTS.
 
August 31, 2022
J.P. Morgan Exchange-Traded Funds
77
JPMorgan Corporate Bond Research Enhanced ETF
SCHEDULE OF PORTFOLIO INVESTMENTS
AS OF August 31, 2022  (Unaudited) (continued)
INVESTMENTS
PRINCIPAL
AMOUNT($)
VALUE($)
Corporate Bonds — continued
Capital Markets — continued
Intercontinental Exchange, Inc. 5.20%,
6/15/2062
159,000
   157,632
Morgan Stanley
 
 
(SOFR + 1.99%), 2.19%, 4/28/2026 (b)
128,000
   120,231
3.63%, 1/20/2027
188,000
   182,653
(ICE LIBOR USD 3 Month + 1.14%), 3.77%,
1/24/2029 (b)
205,000
   193,492
(SOFR + 1.14%), 2.70%, 1/22/2031 (b)
117,000
   101,229
(SOFR + 3.12%), 3.62%, 4/1/2031 (b)
 78,000
    71,471
(SOFR + 1.36%), 2.48%, 9/16/2036 (b)
 70,000
    53,885
(ICE LIBOR USD 3 Month + 1.46%), 3.97%,
7/22/2038 (b)
 96,000
    85,520
4.30%, 1/27/2045
 29,000
    25,914
(SOFR + 1.43%), 2.80%, 1/25/2052 (b)
 50,000
    34,044
 
 
2,640,999
Chemicals — 2.1%
Celanese US Holdings LLC
 
 
6.05%, 3/15/2025
136,000
136,346
6.38%, 7/15/2032
119,000
118,132
Ecolab, Inc. 2.70%, 12/15/2051
97,000
68,724
International Flavors & Fragrances, Inc. 5.00%,
9/26/2048
30,000
27,522
LYB International Finance III LLC
 
 
3.38%, 10/1/2040
110,000
83,860
3.63%, 4/1/2051
86,000
63,349
Sherwin-Williams Co. (The)
 
 
3.45%, 6/1/2027
76,000
72,702
2.95%, 8/15/2029
254,000
227,892
 
 
798,527
Commercial Services & Supplies — 0.2%
RELX Capital, Inc. (United Kingdom) 4.00%,
3/18/2029
66,000
63,760
Construction & Engineering — 0.4%
Quanta Services, Inc.
 
 
2.90%, 10/1/2030
50,000
42,706
2.35%, 1/15/2032
120,000
94,815
 
 
137,521
Construction Materials — 0.3%
Martin Marietta Materials, Inc. 3.20%,
7/15/2051
168,000
117,710
Consumer Finance — 3.1%
AerCap Ireland Capital DAC (Ireland)
 
 
6.50%, 7/15/2025
300,000
307,192
INVESTMENTS
PRINCIPAL
AMOUNT($)
VALUE($)
 
Consumer Finance — continued
3.85%, 10/29/2041
165,000
   121,480
American Express Co.
 
 
0.75%, 11/3/2023
240,000
   231,899
(SOFR + 2.26%), 4.99%, 5/26/2033 (b)
155,000
   154,079
Capital One Financial Corp. 3.30%, 10/30/2024
282,000
   276,533
John Deere Capital Corp. 2.80%, 7/18/2029
138,000
   127,546
 
 
1,218,729
Diversified Financial Services — 1.6%
Berkshire Hathaway, Inc. 3.13%, 3/15/2026
362,000
   353,824
Equitable Holdings, Inc. 4.35%, 4/20/2028
 70,000
    68,846
Shell International Finance BV (Netherlands)
 
 
4.13%, 5/11/2035
147,000
139,567
4.38%, 5/11/2045
43,000
40,163
4.00%, 5/10/2046
29,000
25,833
 
 
628,233
Diversified Telecommunication Services — 1.4%
AT&T, Inc.
 
 
3.50%, 9/15/2053
155,000
114,268
3.55%, 9/15/2055
193,000
141,313
3.65%, 9/15/2059
30,000
21,746
Verizon Communications, Inc.
 
 
3.40%, 3/22/2041
298,000
240,064
2.99%, 10/30/2056
50,000
33,610
 
 
551,001
Electric Utilities — 4.9%
Baltimore Gas and Electric Co.
 
 
3.20%, 9/15/2049
80,000
61,837
2.90%, 6/15/2050
76,000
55,695
Commonwealth Edison Co. 3.00%, 3/1/2050
76,000
57,269
Duke Energy Corp.
 
 
3.75%, 4/15/2024
70,000
69,667
2.65%, 9/1/2026
118,000
110,299
3.75%, 9/1/2046
106,000
82,861
Duke Energy Indiana LLC
 
 
Series YYY, 3.25%, 10/1/2049
20,000
15,345
2.75%, 4/1/2050
20,000
13,956
Emera US Finance LP (Canada) 4.75%,
6/15/2046
135,000
117,548
Entergy Louisiana LLC 4.00%, 3/15/2033
327,000
310,200
Evergy, Inc.
 
 
2.45%, 9/15/2024
127,000
122,418
2.90%, 9/15/2029
102,000
89,494
Exelon Corp. 4.45%, 4/15/2046
20,000
17,926
SEE NOTES TO FINANCIAL STATEMENTS.
 
78
J.P. Morgan Exchange-Traded Funds
August 31, 2022
INVESTMENTS
PRINCIPAL
AMOUNT($)
VALUE($)
Corporate Bonds — continued
Electric Utilities — continued
Florida Power & Light Co.
 
 
3.95%, 3/1/2048
 30,000
    27,286
3.15%, 10/1/2049
 88,000
    70,251
Fortis, Inc. (Canada) 3.06%, 10/4/2026
148,000
   138,499
Pacific Gas and Electric Co.
 
 
4.50%, 7/1/2040
116,000
    90,297
3.30%, 8/1/2040
 64,000
    44,951
4.95%, 7/1/2050
 30,000
    23,943
3.50%, 8/1/2050
102,000
    67,746
PPL Electric Utilities Corp. 3.00%, 10/1/2049
 20,000
    14,984
Southern California Edison Co.
 
 
2.25%, 6/1/2030
10,000
8,381
Series 13-A, 3.90%, 3/15/2043
6,000
4,869
Series C, 3.60%, 2/1/2045
111,000
84,400
4.00%, 4/1/2047
98,000
79,353
3.65%, 2/1/2050
14,000
10,714
Southern Co. (The) Series 21-A, (US Treasury
Yield Curve Rate T Note Constant Maturity 5
Year + 2.92%), 3.75%, 9/15/2051  (b)
50,000
43,250
Virginia Electric and Power Co.
 
 
Series A, 3.15%, 1/15/2026
17,000
16,501
Series A, 3.50%, 3/15/2027
43,000
41,866
4.60%, 12/1/2048
30,000
28,497
 
 
1,920,303
Electronic Equipment, Instruments & Components — 0.3%
Teledyne Technologies, Inc. 2.75%, 4/1/2031
130,000
108,288
Entertainment — 1.5%
Electronic Arts, Inc. 1.85%, 2/15/2031
241,000
197,546
Magallanes, Inc. 5.39%, 3/15/2062  (a)
79,000
63,414
Walt Disney Co. (The)
 
 
2.65%, 1/13/2031
121,000
106,665
3.50%, 5/13/2040
274,000
233,463
 
 
601,088
Equity Real Estate Investment Trusts (REITs) — 3.2%
Alexandria Real Estate Equities, Inc.
 
 
2.75%, 12/15/2029
102,000
88,890
2.00%, 5/18/2032
59,000
46,623
3.00%, 5/18/2051
102,000
69,263
Boston Properties LP
 
 
4.50%, 12/1/2028
39,000
37,956
3.25%, 1/30/2031
120,000
103,361
Brixmor Operating Partnership LP 4.05%,
7/1/2030
270,000
240,000
Camden Property Trust 2.80%, 5/15/2030
121,000
107,179
INVESTMENTS
PRINCIPAL
AMOUNT($)
VALUE($)
 
Equity Real Estate Investment Trusts (REITs) — continued
Equinix, Inc. 3.20%, 11/18/2029
140,000
   125,375
Healthpeak Properties, Inc. 2.88%, 1/15/2031
136,000
   117,339
Simon Property Group LP 2.45%, 9/13/2029
 78,000
    67,324
UDR, Inc. 3.00%, 8/15/2031
 20,000
    17,043
Ventas Realty LP 2.50%, 9/1/2031
 59,000
    48,142
Welltower, Inc. 3.63%, 3/15/2024
185,000
   183,481
 
 
1,251,976
Food & Staples Retailing — 0.8%
Sysco Corp. 3.30%, 7/15/2026
 40,000
    38,710
Walmart, Inc.
 
 
2.85%, 7/8/2024
 50,000
    49,339
1.80%, 9/22/2031
195,000
163,954
4.05%, 6/29/2048
47,000
45,072
 
 
297,075
Food Products — 0.4%
Bunge Ltd. Finance Corp. 2.75%, 5/14/2031
60,000
50,358
Kraft Heinz Foods Co. 5.50%, 6/1/2050
99,000
98,563
 
 
148,921
Health Care Equipment & Supplies — 1.0%
Abbott Laboratories 4.90%, 11/30/2046
150,000
157,509
Becton Dickinson and Co.
 
 
4.69%, 12/15/2044
73,000
69,198
4.67%, 6/6/2047
49,000
46,689
DH Europe Finance II Sarl 3.40%, 11/15/2049
62,000
50,123
Medtronic, Inc. 4.38%, 3/15/2035
68,000
67,490
 
 
391,009
Health Care Providers & Services — 3.7%
Aetna, Inc.
 
 
2.80%, 6/15/2023
149,000
147,642
3.88%, 8/15/2047
70,000
57,074
Cigna Corp.
 
 
4.80%, 8/15/2038
86,000
82,893
3.40%, 3/15/2051
60,000
45,669
CVS Health Corp.
 
 
2.70%, 8/21/2040
112,000
80,939
5.05%, 3/25/2048
66,000
63,546
HCA, Inc.
 
 
5.00%, 3/15/2024
401,000
403,619
4.13%, 6/15/2029
90,000
82,848
3.50%, 7/15/2051
119,000
81,686
UnitedHealth Group, Inc.
 
 
3.75%, 7/15/2025
86,000
85,736
SEE NOTES TO FINANCIAL STATEMENTS.
 
August 31, 2022
J.P. Morgan Exchange-Traded Funds
79
JPMorgan Corporate Bond Research Enhanced ETF
SCHEDULE OF PORTFOLIO INVESTMENTS
AS OF August 31, 2022  (Unaudited) (continued)
INVESTMENTS
PRINCIPAL
AMOUNT($)
VALUE($)
Corporate Bonds — continued
Health Care Providers & Services — continued
3.50%, 8/15/2039
122,000
   105,082
2.75%, 5/15/2040
211,000
   162,960
3.25%, 5/15/2051
 60,000
    47,115
 
 
1,446,809
Hotels, Restaurants & Leisure — 0.9%
Expedia Group, Inc. 3.25%, 2/15/2030
 70,000
    60,538
McDonald's Corp. 2.13%, 3/1/2030
185,000
   158,701
Starbucks Corp.
 
 
4.50%, 11/15/2048
 75,000
    68,003
3.50%, 11/15/2050
102,000
    78,500
 
 
365,742
Household Durables — 0.2%
Lennar Corp. 4.75%, 11/29/2027
75,000
72,988
Industrial Conglomerates — 0.5%
GE Capital Funding LLC 4.55%, 5/15/2032
50,000
48,201
General Electric Co. 6.75%, 3/15/2032
122,000
138,091
 
 
186,292
Insurance — 1.9%
Aflac, Inc. 3.60%, 4/1/2030
110,000
104,635
American International Group, Inc.
 
 
2.50%, 6/30/2025
58,000
55,290
3.90%, 4/1/2026
28,000
27,540
Arch Capital Group Ltd. 3.64%, 6/30/2050
120,000
93,618
Berkshire Hathaway Finance Corp.
 
 
2.30%, 3/15/2027
55,000
51,774
4.20%, 8/15/2048
95,000
88,349
4.25%, 1/15/2049
20,000
18,844
Corebridge Financial, Inc. 4.40%, 4/5/2052  (a)
150,000
125,130
Marsh & McLennan Cos., Inc. 2.90%,
12/15/2051
150,000
107,449
Northwestern Mutual Life Insurance Co.
(The) 3.85%, 9/30/2047  (a)
20,000
16,752
Progressive Corp. (The) 4.13%, 4/15/2047
60,000
55,205
 
 
744,586
Internet & Direct Marketing Retail — 0.7%
Amazon.com, Inc.
 
 
1.00%, 5/12/2026
53,000
47,988
3.88%, 8/22/2037
252,000
236,466
 
 
284,454
IT Services — 0.8%
Global Payments, Inc.
 
 
3.20%, 8/15/2029
146,000
127,505
INVESTMENTS
PRINCIPAL
AMOUNT($)
VALUE($)
 
IT Services — continued
4.15%, 8/15/2049
112,000
    85,287
VeriSign, Inc. 2.70%, 6/15/2031
114,000
    93,552
 
 
306,344
Leisure Products — 0.2%
Hasbro, Inc. 3.90%, 11/19/2029
 70,000
    64,114
Life Sciences Tools & Services — 0.5%
Danaher Corp. 2.60%, 10/1/2050
101,000
    69,693
Thermo Fisher Scientific, Inc.
 
 
2.80%, 10/15/2041
136,000
   105,438
4.10%, 8/15/2047
 23,000
    21,443
 
 
196,574
Machinery — 0.3%
Otis Worldwide Corp.
 
 
2.06%, 4/5/2025
40,000
37,770
2.57%, 2/15/2030
40,000
34,417
3.36%, 2/15/2050
80,000
59,576
 
 
131,763
Media — 4.8%
Charter Communications Operating LLC
 
 
4.91%, 7/23/2025
270,000
269,074
2.80%, 4/1/2031
102,000
82,634
3.50%, 3/1/2042
177,000
122,263
5.38%, 5/1/2047
30,000
25,569
4.80%, 3/1/2050
54,000
42,386
5.50%, 4/1/2063
50,000
41,838
Comcast Corp.
 
 
3.70%, 4/15/2024
199,000
198,332
3.95%, 10/15/2025
105,000
104,826
3.15%, 3/1/2026
88,000
85,643
4.15%, 10/15/2028
101,000
100,119
3.40%, 4/1/2030
40,000
37,343
3.90%, 3/1/2038
150,000
134,846
3.75%, 4/1/2040
50,000
43,393
4.00%, 11/1/2049
30,000
25,627
3.45%, 2/1/2050
20,000
15,769
Discovery Communications LLC
 
 
3.95%, 3/20/2028
176,000
161,671
5.00%, 9/20/2037
30,000
26,173
4.65%, 5/15/2050
91,000
69,132
4.00%, 9/15/2055
90,000
59,625
SEE NOTES TO FINANCIAL STATEMENTS.
 
80
J.P. Morgan Exchange-Traded Funds
August 31, 2022
INVESTMENTS
PRINCIPAL
AMOUNT($)
VALUE($)
Corporate Bonds — continued
Media — continued
Time Warner Cable LLC
 
 
6.55%, 5/1/2037
140,000
   137,515
4.50%, 9/15/2042
100,000
    75,585
 
 
1,859,363
Metals & Mining — 0.3%
Glencore Funding LLC (Australia) 4.13%,
5/30/2023  (a)
127,000
   126,689
Multiline Retail — 0.6%
Target Corp. 3.38%, 4/15/2029
242,000
   232,103
Multi-Utilities — 3.1%
Ameren Corp.
 
 
2.50%, 9/15/2024
141,000
   135,943
3.50%, 1/15/2031
60,000
54,841
Berkshire Hathaway Energy Co.
 
 
4.45%, 1/15/2049
31,000
28,849
2.85%, 5/15/2051
106,000
75,612
CenterPoint Energy, Inc. 2.65%, 6/1/2031
345,000
294,362
Consolidated Edison Co. of New York, Inc.
 
 
Series 20B, 3.95%, 4/1/2050
76,000
65,732
3.60%, 6/15/2061
50,000
39,259
Dominion Energy, Inc. 3.90%, 10/1/2025
17,000
16,774
San Diego Gas & Electric Co.
 
 
Series VVV, 1.70%, 10/1/2030
53,000
43,535
2.95%, 8/15/2051
186,000
137,523
Southern Co. Gas Capital Corp.
 
 
2.45%, 10/1/2023
205,000
201,626
Series 20-A, 1.75%, 1/15/2031
152,000
120,718
 
 
1,214,774
Oil, Gas & Consumable Fuels — 6.3%
BP Capital Markets America, Inc.
 
 
3.80%, 9/21/2025
72,000
71,704
4.23%, 11/6/2028
39,000
38,673
3.00%, 2/24/2050
146,000
106,594
BP Capital Markets plc (United Kingdom) 3.28%,
9/19/2027
187,000
179,062
Cameron LNG LLC
 
 
3.30%, 1/15/2035 (a)
25,000
21,221
3.70%, 1/15/2039 (a)
5,000
4,219
Canadian Natural Resources Ltd. (Canada)
4.95%, 6/1/2047
30,000
28,372
Chevron Corp. 2.95%, 5/16/2026
88,000
85,235
Columbia Pipeline Group, Inc. 4.50%, 6/1/2025
192,000
191,220
ConocoPhillips 5.90%, 10/15/2032
50,000
55,490
INVESTMENTS
PRINCIPAL
AMOUNT($)
VALUE($)
 
Oil, Gas & Consumable Fuels — continued
Diamondback Energy, Inc. 3.50%, 12/1/2029
 70,000
    63,502
Energy Transfer LP
 
 
4.95%, 5/15/2028
 80,000
    78,210
4.95%, 6/15/2028
 32,000
    31,451
5.40%, 10/1/2047
 96,000
    85,526
5.00%, 5/15/2050
144,000
   123,579
Enterprise Products Operating LLC 2.80%,
1/31/2030
 80,000
    70,408
EQT Corp. 7.00%, 2/1/2030  (c)
 60,000
    64,205
Exxon Mobil Corp.
 
 
2.99%, 3/19/2025
175,000
   171,202
2.61%, 10/15/2030
205,000
   183,055
3.00%, 8/16/2039
126,000
103,166
3.45%, 4/15/2051
30,000
24,756
Kinder Morgan, Inc.
 
 
4.30%, 6/1/2025
110,000
109,608
5.45%, 8/1/2052
204,000
198,216
Marathon Oil Corp. 4.40%, 7/15/2027
90,000
87,392
Marathon Petroleum Corp. 4.75%, 9/15/2044
17,000
14,955
Phillips 66 4.88%, 11/15/2044
30,000
28,707
Pioneer Natural Resources Co. 1.90%,
8/15/2030
66,000
53,773
Sabine Pass Liquefaction LLC 5.63%, 3/1/2025
140,000
142,600
TotalEnergies Capital International SA (France)
2.83%, 1/10/2030
63,000
56,849
 
 
2,472,950
Paper & Forest Products — 0.5%
Suzano Austria GmbH (Brazil)
 
 
3.75%, 1/15/2031
95,000
80,056
Series DM3N, 3.13%, 1/15/2032
130,000
102,781
 
 
182,837
Pharmaceuticals — 2.7%
Astrazeneca Finance LLC (United Kingdom)
0.70%, 5/28/2024
220,000
208,256
AstraZeneca plc (United Kingdom)
 
 
3.38%, 11/16/2025
60,000
58,899
4.38%, 11/16/2045
68,000
65,314
3.00%, 5/28/2051
60,000
46,964
Bristol-Myers Squibb Co.
 
 
3.40%, 7/26/2029
22,000
20,992
4.13%, 6/15/2039
70,000
65,570
4.35%, 11/15/2047
32,000
30,190
4.25%, 10/26/2049
88,000
81,505
2.55%, 11/13/2050
80,000
55,071
SEE NOTES TO FINANCIAL STATEMENTS.
 
August 31, 2022
J.P. Morgan Exchange-Traded Funds
81
JPMorgan Corporate Bond Research Enhanced ETF
SCHEDULE OF PORTFOLIO INVESTMENTS
AS OF August 31, 2022  (Unaudited) (continued)
INVESTMENTS
PRINCIPAL
AMOUNT($)
VALUE($)
Corporate Bonds — continued
Pharmaceuticals — continued
Royalty Pharma plc 3.30%, 9/2/2040
 63,000
    47,406
Shire Acquisitions Investments Ireland DAC
 
 
2.88%, 9/23/2023
 62,000
    61,171
3.20%, 9/23/2026
332,000
   317,340
 
 
1,058,678
Road & Rail — 1.9%
Canadian Pacific Railway Co. (Canada)
 
 
1.35%, 12/2/2024
 92,000
    86,410
1.75%, 12/2/2026
321,000
   291,144
2.45%, 12/2/2031
 82,000
    70,053
CSX Corp. 2.60%, 11/1/2026
 80,000
    75,749
Kansas City Southern 4.30%, 5/15/2043
30,000
26,367
Norfolk Southern Corp.
 
 
4.15%, 2/28/2048
106,000
94,602
3.16%, 5/15/2055
50,000
36,234
Union Pacific Corp.
 
 
2.89%, 4/6/2036
55,000
45,772
3.25%, 2/5/2050
34,000
26,765
 
 
753,096
Semiconductors & Semiconductor Equipment — 4.4%
Analog Devices, Inc. 3.50%, 12/5/2026
108,000
106,164
Broadcom, Inc. 3.50%, 2/15/2041  (a)
81,000
60,763
Intel Corp.
 
 
3.25%, 11/15/2049
73,000
54,349
3.20%, 8/12/2061
53,000
37,194
KLA Corp. 4.10%, 3/15/2029
387,000
384,523
Marvell Technology, Inc. 2.95%, 4/15/2031
80,000
65,589
NVIDIA Corp.
 
 
2.00%, 6/15/2031
59,000
49,765
3.50%, 4/1/2050
136,000
112,622
NXP BV (China)
 
 
4.30%, 6/18/2029
40,000
37,875
3.25%, 5/11/2041
190,000
137,429
QUALCOMM, Inc.
 
 
3.25%, 5/20/2027
233,000
227,357
1.30%, 5/20/2028
192,000
165,801
3.25%, 5/20/2050
20,000
16,141
Xilinx, Inc.
 
 
2.95%, 6/1/2024
229,000
226,673
2.38%, 6/1/2030
51,000
44,463
 
 
1,726,708
INVESTMENTS
PRINCIPAL
AMOUNT($)
VALUE($)
 
Software — 1.7%
Microsoft Corp.
 
 
3.45%, 8/8/2036
119,000
   111,981
4.10%, 2/6/2037
 88,000
    88,346
Oracle Corp.
 
 
2.50%, 4/1/2025
 50,000
    47,464
3.60%, 4/1/2050
206,000
   140,271
3.95%, 3/25/2051
 83,000
    59,615
Roper Technologies, Inc. 1.75%, 2/15/2031
136,000
   106,585
VMware, Inc. 2.20%, 8/15/2031
148,000
   115,384
 
 
669,646
Specialty Retail — 2.3%
AutoZone, Inc. 1.65%, 1/15/2031
174,000
137,067
Home Depot, Inc. (The)
 
 
2.50%, 4/15/2027
237,000
223,834
1.50%, 9/15/2028
133,000
115,448
2.70%, 4/15/2030
78,000
70,208
3.30%, 4/15/2040
56,000
46,861
4.20%, 4/1/2043
30,000
27,517
3.13%, 12/15/2049
63,000
48,333
Lowe's Cos., Inc.
 
 
3.10%, 5/3/2027
40,000
37,969
2.80%, 9/15/2041
122,000
86,875
3.70%, 4/15/2046
107,000
85,007
4.05%, 5/3/2047
40,000
33,358
 
 
912,477
Technology Hardware, Storage & Peripherals — 1.9%
Apple, Inc.
 
 
2.90%, 9/12/2027
189,000
180,864
2.38%, 2/8/2041
69,000
51,892
3.85%, 5/4/2043
20,000
18,381
3.45%, 2/9/2045
56,000
48,607
4.65%, 2/23/2046
153,000
156,422
2.65%, 5/11/2050
20,000
14,642
2.65%, 2/8/2051
80,000
58,539
Dell International LLC
 
 
6.02%, 6/15/2026
152,000
157,875
5.30%, 10/1/2029
40,000
39,637
 
 
726,859
Thrifts & Mortgage Finance — 0.6%
BPCE SA (France) 4.00%, 4/15/2024
250,000
248,769
Tobacco — 1.1%
Altria Group, Inc. 4.00%, 2/4/2061
55,000
36,768
SEE NOTES TO FINANCIAL STATEMENTS.
 
82
J.P. Morgan Exchange-Traded Funds
August 31, 2022
INVESTMENTS
PRINCIPAL
AMOUNT($)
VALUE($)
Corporate Bonds — continued
Tobacco — continued
BAT Capital Corp. (United Kingdom)
 
 
3.22%, 8/15/2024
119,000
   116,239
4.39%, 8/15/2037
274,000
   216,722
Reynolds American, Inc. (United Kingdom)
4.45%, 6/12/2025
 76,000
    75,282
 
 
445,011
Water Utilities — 0.3%
American Water Capital Corp.
 
 
3.75%, 9/1/2047
 50,000
    42,007
3.45%, 5/1/2050
100,000
    78,251
 
 
120,258
Wireless Telecommunication Services — 1.6%
T-Mobile USA, Inc.
 
 
3.50%, 4/15/2025
195,000
190,416
3.75%, 4/15/2027
117,000
112,191
3.88%, 4/15/2030
218,000
201,481
4.50%, 4/15/2050
141,000
123,038
 
 
627,126
Total Corporate Bonds
(Cost $43,879,546)
 
38,459,866
 
SHARES
 
Short-Term Investments — 1.6%
Investment Companies — 1.6%
JPMorgan U.S. Government Money Market Fund
Class IM Shares, 2.00% (d) (e)
(Cost $618,875)
618,875
618,875
Total Investments — 100.0%
(Cost $44,498,421)
 
39,078,741
Other Assets Less Liabilities — 0.0% ^
 
675
NET ASSETS — 100.0%
 
39,079,416
 
Percentages indicated are based on net assets.
 
Abbreviations
 
ICE
Intercontinental Exchange
LIBOR
London Interbank Offered Rate
SOFR
Secured Overnight Financing Rate
USD
United States Dollar
 
^
Amount rounds to less than 0.1% of net assets.
(a)
Securities exempt from registration under Rule 144A
or section 4(a)(2), of the Securities Act of 1933, as
amended.
 
(b)
Variable or floating rate security, linked to the
referenced benchmark. The interest rate shown is the
current rate as of August 31, 2022.
 
(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, 2022.
 
(d)
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.
 
(e)
The rate shown is the current yield as of August 31,
2022.
 
Futures contracts outstanding as of August 31, 2022:
 
DESCRIPTION
NUMBER OF
CONTRACTS
EXPIRATION DATE
TRADING CURRENCY
NOTIONAL
AMOUNT ($)
VALUE AND
UNREALIZED
APPRECIATION
(DEPRECIATION) ($)
Long Contracts
 
 
 
 
 
U.S. Treasury Long Bond
3
12/20/2022
USD
406,406
(3,381)
U.S. Treasury 5 Year Note
15
12/30/2022
USD
1,660,078
(7,999)
 
 
 
 
 
(11,380)
SEE NOTES TO FINANCIAL STATEMENTS.
 
August 31, 2022
J.P. Morgan Exchange-Traded Funds
83
JPMorgan Corporate Bond Research Enhanced ETF
SCHEDULE OF PORTFOLIO INVESTMENTS
AS OF August 31, 2022  (Unaudited) (continued)
DESCRIPTION
NUMBER OF
CONTRACTS
EXPIRATION DATE
TRADING CURRENCY
NOTIONAL
AMOUNT ($)
VALUE AND
UNREALIZED
APPRECIATION
(DEPRECIATION) ($)
Short Contracts
 
 
 
 
 
U.S. Treasury 10 Year Note
(11)
12/20/2022
USD
(1,282,875)
9,914
U.S. Treasury 10 Year Ultra Note
(1)
12/20/2022
USD
(124,859)
1,060
U.S. Treasury Ultra Bond
(1)
12/20/2022
USD
(148,875)
530
 
 
 
 
 
11,504
 
 
 
 
 
124
 
Abbreviations
 
USD
United States Dollar
SEE NOTES TO FINANCIAL STATEMENTS.
 
84
J.P. Morgan Exchange-Traded Funds
August 31, 2022
JPMorgan High Yield Research Enhanced ETF
SCHEDULE OF PORTFOLIO INVESTMENTS
AS OF August 31, 2022  (Unaudited)
 
INVESTMENTS
PRINCIPAL
AMOUNT
($000)
VALUE
($000)
Corporate Bonds — 97.6%
Aerospace & Defense — 3.1%
Bombardier, Inc. (Canada)
 
 
7.13%, 6/15/2026 (a)
  846,000
    806,136
7.88%, 4/15/2027 (a)
1,042,000
    997,767
BWX Technologies, Inc. 4.13%, 6/30/2028  (a)
  329,000
    302,680
Howmet Aerospace, Inc.
 
 
6.88%, 5/1/2025
  310,000
    318,345
5.90%, 2/1/2027
  495,000
    497,574
5.95%, 2/1/2037
  775,000
    751,518
Moog, Inc. 4.25%, 12/15/2027  (a)
  205,000
    187,647
Rolls-Royce plc (United Kingdom) 5.75%,
10/15/2027  (a)
  800,000
    723,072
Spirit AeroSystems, Inc.
 
 
7.50%, 4/15/2025 (a)
840,000
821,444
4.60%, 6/15/2028
233,000
185,235
TransDigm, Inc.
 
 
6.25%, 3/15/2026 (a)
2,874,000
2,823,705
5.50%, 11/15/2027
1,501,000
1,350,750
Triumph Group, Inc.
 
 
8.88%, 6/1/2024 (a)
329,000
333,113
6.25%, 9/15/2024 (a)
146,000
134,320
7.75%, 8/15/2025
328,000
276,235
Wesco Aircraft Holdings, Inc.
 
 
8.50%, 11/15/2024 (a)
1,588,000
857,520
9.00%, 11/15/2026 (a)
1,791,000
1,074,600
 
 
12,441,661
Airlines — 1.9%
Air Canada (Canada) 3.88%, 8/15/2026  (a)
491,000
438,131
Allegiant Travel Co. 7.25%, 8/15/2027  (a)
196,000
194,673
American Airlines, Inc.
 
 
5.50%, 4/20/2026 (a)
1,858,009
1,767,487
5.75%, 4/20/2029 (a)
1,808,009
1,632,162
Delta Air Lines, Inc.
 
 
7.38%, 1/15/2026
392,000
399,840
3.75%, 10/28/2029
332,000
271,410
Hawaiian Brand Intellectual Property
Ltd. 5.75%, 1/20/2026  (a)
432,111
394,424
Spirit Loyalty Cayman Ltd. 8.00%, 9/20/2025
 (a)
232,850
236,499
United Airlines, Inc.
 
 
4.38%, 4/15/2026 (a)
1,401,000
1,277,362
4.63%, 4/15/2029 (a)
1,032,000
905,580
 
 
7,517,568
INVESTMENTS
PRINCIPAL
AMOUNT
($000)
VALUE
($000)
 
Auto Components — 2.4%
Adient Global Holdings Ltd. 4.88%, 8/15/2026
 (a)
  350,000
    323,904
Allison Transmission, Inc. 5.88%, 6/1/2029  (a)
  570,000
    535,845
American Axle & Manufacturing, Inc. 6.50%,
4/1/2027
  720,000
    673,200
Clarios Global LP
 
 
6.25%, 5/15/2026 (a)
  506,000
    500,378
8.50%, 5/15/2027 (a)
  906,000
    890,236
Cooper-Standard Automotive, Inc.
 
 
13.00%, 6/1/2024 (a)
  184,000
    192,345
5.63%, 11/15/2026 (a)
  197,000
     96,175
Dana, Inc. 5.38%, 11/15/2027
  854,000
    761,409
Dornoch Debt Merger Sub, Inc. 6.63%,
10/15/2029  (a)
  310,000
    241,800
Goodyear Tire & Rubber Co. (The)
 
 
5.00%, 5/31/2026
256,000
247,022
4.88%, 3/15/2027
1,072,000
1,007,734
5.25%, 4/30/2031
569,000
496,177
Icahn Enterprises LP
 
 
6.25%, 5/15/2026
821,000
787,039
5.25%, 5/15/2027
794,000
722,341
IHO Verwaltungs GmbH (Germany) 6.38%
(Cash), 5/15/2029  (a) (b)
600,000
530,976
JB Poindexter & Co., Inc. 7.13%, 4/15/2026
 (a)
221,000
214,094
Real Hero Merger Sub 2, Inc. 6.25%, 2/1/2029
 (a)
232,000
188,580
Tenneco, Inc.
 
 
5.00%, 7/15/2026
394,000
376,255
7.88%, 1/15/2029 (a)
452,000
449,290
ZF North America Capital, Inc. (Germany)
4.75%, 4/29/2025  (a)
500,000
463,115
 
 
9,697,915
Automobiles — 0.1%
PM General Purchaser LLC 9.50%, 10/1/2028
 (a)
253,000
219,154
Banks — 0.6%
Intesa Sanpaolo SpA (Italy) 5.71%, 1/15/2026
 (a)
1,600,000
1,500,804
UniCredit SpA (Italy) (USD ICE Swap Rate 5 Year
+ 3.70%), 5.86%, 6/19/2032  (a) (c)
1,225,000
1,056,392
 
 
2,557,196
SEE NOTES TO FINANCIAL STATEMENTS.
 
August 31, 2022
J.P. Morgan Exchange-Traded Funds
85
JPMorgan High Yield Research Enhanced ETF
SCHEDULE OF PORTFOLIO INVESTMENTS
AS OF August 31, 2022  (Unaudited) (continued)
INVESTMENTS
PRINCIPAL
AMOUNT
($000)
VALUE
($000)
Corporate Bonds — continued
Beverages — 0.1%
Primo Water Holdings, Inc. (Canada) 4.38%,
4/30/2029  (a)
  293,000
    250,455
Triton Water Holdings, Inc. 6.25%, 4/1/2029
 (a)
  324,000
    265,745
 
 
516,200
Biotechnology — 0.0% ^
Emergent BioSolutions, Inc. 3.88%, 8/15/2028
 (a)
  186,000
    130,200
Building Products — 1.2%
Advanced Drainage Systems, Inc. 6.38%,
6/15/2030  (a)
  342,000
    330,892
Builders FirstSource, Inc. 5.00%, 3/1/2030  (a)
1,045,000
    926,131
Griffon Corp. 5.75%, 3/1/2028
  414,000
    382,950
James Hardie International Finance DAC 5.00%,
1/15/2028  (a)
  300,000
    275,996
JELD-WEN, Inc. 4.88%, 12/15/2027  (a)
  467,000
    361,925
Masonite International Corp. 5.38%, 2/1/2028
 (a)
401,000
372,930
MIWD Holdco II LLC 5.50%, 2/1/2030  (a)
251,000
206,141
PGT Innovations, Inc. 4.38%, 10/1/2029  (a)
228,000
192,851
Standard Industries, Inc. 4.75%, 1/15/2028
 (a)
1,742,000
1,522,749
Summit Materials LLC 5.25%, 1/15/2029  (a)
470,000
422,758
 
 
4,995,323
Capital Markets — 1.4%
Coinbase Global, Inc.
 
 
3.38%, 10/1/2028 (a)
807,000
521,528
3.63%, 10/1/2031 (a)
355,000
216,136
Deutsche Bank AG (Germany) (SOFR + 5.44%),
5.88%, 7/8/2031  (c)
1,700,000
1,480,051
Dresdner Funding Trust I 8.15%, 6/30/2031
 (a)
600,000
656,700
LPL Holdings, Inc. 4.63%, 11/15/2027  (a)
1,052,000
989,824
MSCI, Inc.
 
 
4.00%, 11/15/2029 (a)
1,560,000
1,388,572
3.88%, 2/15/2031 (a)
492,000
421,616
 
 
5,674,427
Chemicals — 2.8%
Ashland LLC 3.38%, 9/1/2031  (a)
251,000
205,927
Avient Corp.
 
 
5.75%, 5/15/2025 (a)
226,000
222,886
7.13%, 8/1/2030 (a)
832,000
821,533
INVESTMENTS
PRINCIPAL
AMOUNT
($000)
VALUE
($000)
 
Chemicals — continued
Axalta Coating Systems LLC 4.75%, 6/15/2027
 (a)
  825,000
    764,156
Chemours Co. (The) 5.75%, 11/15/2028  (a)
1,393,000
  1,246,735
Consolidated Energy Finance SA (Switzerland)
6.50%, 5/15/2026  (a)
  300,000
    273,990
CVR Partners LP 6.13%, 6/15/2028  (a)
  384,000
    350,601
Element Solutions, Inc. 3.88%, 9/1/2028  (a)
  596,000
    517,775
Gates Global LLC 6.25%, 1/15/2026  (a)
  221,000
    209,398
INEOS Quattro Finance 2 plc (United Kingdom)
3.38%, 1/15/2026  (a)
  300,000
    259,500
Ingevity Corp. 3.88%, 11/1/2028  (a)
  387,000
    334,755
Koppers, Inc. 6.00%, 2/15/2025  (a)
  163,000
    152,943
LSB Industries, Inc. 6.25%, 10/15/2028  (a)
  436,000
    403,540
Methanex Corp. (Canada) 5.25%, 12/15/2029
  599,000
    503,211
Nufarm Australia Ltd. (Australia) 5.00%,
1/27/2030  (a)
144,000
119,520
Olin Corp.
 
 
5.13%, 9/15/2027
221,000
209,763
5.63%, 8/1/2029
297,000
282,973
Olympus Water US Holding Corp. 4.25%,
10/1/2028  (a)
250,000
203,250
Rain CII Carbon LLC 7.25%, 4/1/2025  (a)
356,000
332,904
SCIH Salt Holdings, Inc.
 
 
4.88%, 5/1/2028 (a)
304,000
260,774
6.63%, 5/1/2029 (a)
184,000
151,487
Scotts Miracle-Gro Co. (The)
 
 
4.50%, 10/15/2029
260,000
208,302
4.38%, 2/1/2032
324,000
244,620
Trinseo Materials Operating SCA
 
 
5.38%, 9/1/2025 (a)
409,000
352,509
5.13%, 4/1/2029 (a)
282,000
200,135
Tronox, Inc. 4.63%, 3/15/2029  (a)
790,000
657,122
Valvoline, Inc. 4.25%, 2/15/2030  (a)
325,000
316,842
Venator Finance SARL
 
 
9.50%, 7/1/2025 (a)
144,000
141,840
5.75%, 7/15/2025 (a)
156,000
114,660
WR Grace Holdings LLC
 
 
4.88%, 6/15/2027 (a)
542,000
501,285
5.63%, 8/15/2029 (a)
904,000
714,160
 
 
11,279,096
Commercial Services & Supplies — 3.2%
ACCO Brands Corp. 4.25%, 3/15/2029  (a)
228,000
190,063
Allied Universal Holdco LLC
 
 
6.63%, 7/15/2026 (a)
1,411,000
1,321,105
SEE NOTES TO FINANCIAL STATEMENTS.
 
86
J.P. Morgan Exchange-Traded Funds
August 31, 2022
INVESTMENTS
PRINCIPAL
AMOUNT
($000)
VALUE
($000)
Corporate Bonds — continued
Commercial Services & Supplies — continued
9.75%, 7/15/2027 (a)
  394,000
    354,780
APi Group DE, Inc. 4.13%, 7/15/2029  (a)
  332,000
    269,750
Aramark Services, Inc.
 
 
6.38%, 5/1/2025 (a)
  453,000
    449,036
5.00%, 2/1/2028 (a)
  691,000
    635,941
Brink's Co. (The) 4.63%, 10/15/2027  (a)
  453,000
    407,700
Clean Harbors, Inc. 4.88%, 7/15/2027  (a)
  300,000
    278,122
CoreCivic, Inc. 8.25%, 4/15/2026
  436,000
    431,026
Covanta Holding Corp. 4.88%, 12/1/2029  (a)
  310,000
    261,563
Garda World Security Corp. (Canada)
 
 
4.63%, 2/15/2027 (a)
  238,000
    209,178
9.50%, 11/1/2027 (a)
560,000
510,398
GFL Environmental, Inc. (Canada)
 
 
5.13%, 12/15/2026 (a)
772,000
746,074
4.75%, 6/15/2029 (a)
822,000
713,085
Harsco Corp. 5.75%, 7/31/2027  (a)
188,000
133,324
Interface, Inc. 5.50%, 12/1/2028  (a)
186,000
162,462
KAR Auction Services, Inc. 5.13%, 6/1/2025
 (a)
60,000
58,917
Madison IAQ LLC
 
 
4.13%, 6/30/2028 (a)
182,000
156,065
5.88%, 6/30/2029 (a)
677,000
556,927
Nielsen Finance LLC
 
 
5.63%, 10/1/2028 (a)
1,528,000
1,531,484
5.88%, 10/1/2030 (a)
602,000
602,456
Prime Security Services Borrower LLC
 
 
5.75%, 4/15/2026 (a)
1,900,000
1,828,123
6.25%, 1/15/2028 (a)
567,000
499,205
Stericycle, Inc. 3.88%, 1/15/2029  (a)
382,000
330,907
Waste Pro USA, Inc. 5.50%, 2/15/2026  (a)
186,000
166,703
 
 
12,804,394
Communications Equipment — 1.0%
Ciena Corp. 4.00%, 1/31/2030  (a)
188,000
162,385
CommScope Technologies LLC
 
 
6.00%, 6/15/2025 (a)
501,000
455,284
5.00%, 3/15/2027 (a)
260,000
205,196
CommScope, Inc.
 
 
6.00%, 3/1/2026 (a)
1,061,000
1,002,751
8.25%, 3/1/2027 (a)
1,233,000
1,056,699
Nokia OYJ (Finland)
 
 
4.38%, 6/12/2027
188,000
179,215
6.63%, 5/15/2039
160,000
161,698
Plantronics, Inc. 4.75%, 3/1/2029  (a)
212,000
211,470
INVESTMENTS
PRINCIPAL
AMOUNT
($000)
VALUE
($000)
 
Communications Equipment — continued
Viasat, Inc.
 
 
5.63%, 4/15/2027 (a)
  233,000
    214,360
6.50%, 7/15/2028 (a)
  358,000
    274,550
Viavi Solutions, Inc. 3.75%, 10/1/2029  (a)
  146,000
    125,279
 
 
4,048,887
Construction & Engineering — 0.3%
AECOM 5.13%, 3/15/2027
  419,000
    406,430
Dycom Industries, Inc. 4.50%, 4/15/2029  (a)
  251,000
    224,050
Global Infrastructure Solutions, Inc. 5.63%,
6/1/2029  (a)
  332,000
    265,490
Pike Corp. 5.50%, 9/1/2028  (a)
  426,000
    352,179
Weekley Homes LLC 4.88%, 9/15/2028  (a)
  173,000
    143,409
 
 
1,391,558
Consumer Finance — 5.2%
Ally Financial, Inc. 5.75%, 11/20/2025
392,000
396,210
Credit Acceptance Corp. 6.63%, 3/15/2026
233,000
228,340
Curo Group Holdings Corp. 7.50%, 8/1/2028
 (a)
377,000
228,500
Enova International, Inc. 8.50%, 9/15/2025
 (a)
207,000
193,102
FirstCash, Inc. 5.63%, 1/1/2030  (a)
311,000
278,345
Ford Motor Credit Co. LLC
 
 
5.13%, 6/16/2025
4,300,000
4,200,412
4.13%, 8/17/2027
7,800,000
7,025,693
Global Aircraft Leasing Co. Ltd. (Cayman Islands)
6.50% (Cash), 9/15/2024  (a) (b)
1,209,706
978,676
Navient Corp.
 
 
7.25%, 9/25/2023
208,000
208,349
5.88%, 10/25/2024
1,045,000
1,003,404
5.00%, 3/15/2027
324,000
277,383
OneMain Finance Corp.
 
 
6.13%, 3/15/2024
1,724,000
1,683,305
7.13%, 3/15/2026
3,266,000
3,042,246
3.88%, 9/15/2028
544,000
424,320
SLM Corp. 4.20%, 10/29/2025
401,000
367,693
VistaJet Malta Finance plc (Switzerland) 6.38%,
2/1/2030  (a)
787,000
676,820
 
 
21,212,798
Containers & Packaging — 2.4%
Ardagh Metal Packaging Finance USA LLC
 
 
3.25%, 9/1/2028 (a)
550,000
474,375
4.00%, 9/1/2029 (a)
500,000
405,000
SEE NOTES TO FINANCIAL STATEMENTS.
 
August 31, 2022
J.P. Morgan Exchange-Traded Funds
87
JPMorgan High Yield Research Enhanced ETF
SCHEDULE OF PORTFOLIO INVESTMENTS
AS OF August 31, 2022  (Unaudited) (continued)
INVESTMENTS
PRINCIPAL
AMOUNT
($000)
VALUE
($000)
Corporate Bonds — continued
Containers & Packaging — continued
Ardagh Packaging Finance plc
 
 
4.13%, 8/15/2026 (a)
  800,000
    690,136
5.25%, 8/15/2027 (a)
  800,000
    578,292
Ball Corp.
 
 
4.88%, 3/15/2026
  460,000
    445,131
3.13%, 9/15/2031
  938,000
    759,711
Berry Global, Inc. 5.63%, 7/15/2027  (a)
  269,000
    262,679
Crown Americas LLC
 
 
4.75%, 2/1/2026
  273,000
    263,274
5.25%, 4/1/2030 (a)
  244,000
    234,240
Graphic Packaging International LLC
 
 
4.75%, 7/15/2027 (a)
390,000
372,426
3.50%, 3/15/2028 (a)
188,000
165,388
LABL, Inc.
 
 
6.75%, 7/15/2026 (a)
522,000
495,900
10.50%, 7/15/2027 (a)
400,000
378,000
Mauser Packaging Solutions Holding Co.
 
 
5.50%, 4/15/2024 (a)
826,000
799,632
7.25%, 4/15/2025 (a)
604,000
549,640
Owens-Brockway Glass Container, Inc. 6.63%,
5/13/2027  (a)
668,000
620,021
Pactiv Evergreen Group Issuer, Inc. 4.00%,
10/15/2027  (a)
737,000
643,290
Pactiv LLC 7.95%, 12/15/2025
141,000
131,246
Sealed Air Corp. 6.88%, 7/15/2033  (a)
424,000
432,764
Silgan Holdings, Inc. 4.13%, 2/1/2028
219,000
200,475
TriMas Corp. 4.13%, 4/15/2029  (a)
188,000
164,970
Trivium Packaging Finance BV (Netherlands)
5.50%, 8/15/2026  (a) (d)
600,000
575,472
 
 
9,642,062
Distributors — 0.1%
American Builders & Contractors Supply Co.,
Inc. 4.00%, 1/15/2028  (a)
483,000
436,883
Diversified Consumer Services — 0.2%
Metis Merger Sub LLC 6.50%, 5/15/2029  (a)
232,000
199,525
Service Corp. International
 
 
5.13%, 6/1/2029
143,000
135,480
3.38%, 8/15/2030
392,000
323,067
 
 
658,072
Diversified Financial Services — 0.4%
MPH Acquisition Holdings LLC
 
 
5.50%, 9/1/2028 (a)
370,000
315,425
5.75%, 11/1/2028 (a)
370,000
293,780
INVESTMENTS
PRINCIPAL
AMOUNT
($000)
VALUE
($000)
 
Diversified Financial Services — continued
Oxford Finance LLC 6.38%, 2/1/2027  (a)
  231,000
    221,760
Sabre GLBL, Inc. 9.25%, 4/15/2025  (a)
  453,000
    446,337
Verscend Escrow Corp. 9.75%, 8/15/2026  (a)
  304,000
    306,915
 
 
1,584,217
Diversified Telecommunication Services — 6.5%
Altice France Holding SA (Luxembourg)
10.50%, 5/15/2027  (a)
  750,000
    647,040
Altice France SA (France) 5.50%, 1/15/2028
 (a)
2,750,000
  2,278,540
CCO Holdings LLC
 
 
5.13%, 5/1/2027 (a)
  916,000
    869,463
5.38%, 6/1/2029 (a)
2,888,000
  2,638,491
4.75%, 3/1/2030 (a)
4,856,000
  4,173,902
Consolidated Communications, Inc. 6.50%,
10/1/2028  (a)
324,000
260,723
Embarq Corp. 8.00%, 6/1/2036
663,000
515,496
Frontier Communications Holdings LLC
 
 
5.88%, 10/15/2027 (a)
785,000
732,209
5.00%, 5/1/2028 (a)
505,000
442,612
6.75%, 5/1/2029 (a)
771,000
664,980
8.75%, 5/15/2030 (a)
324,000
333,519
Iliad Holding SASU (France) 6.50%,
10/15/2026  (a)
750,000
685,335
Intelsat Jackson Holdings SA (Luxembourg)
6.50%, 3/15/2030  (a)
1,284,000
1,163,920
Level 3 Financing, Inc.
 
 
4.63%, 9/15/2027 (a)
1,052,000
929,358
4.25%, 7/1/2028 (a)
602,000
500,413
Lumen Technologies, Inc.
 
 
Series Y, 7.50%, 4/1/2024
510,000
513,468
4.00%, 2/15/2027 (a)
1,264,000
1,098,713
5.38%, 6/15/2029 (a)
456,000
356,081
Qwest Corp. 7.25%, 9/15/2025
142,000
147,008
Sprint Capital Corp.
 
 
6.88%, 11/15/2028
1,939,000
2,047,477
8.75%, 3/15/2032
1,065,000
1,285,689
Telecom Italia Capital SA (Italy) 6.38%,
11/15/2033
596,000
503,620
Telecom Italia SpA (Italy) 5.30%, 5/30/2024
 (a)
926,000
891,386
Telesat Canada (Canada) 5.63%, 12/6/2026
 (a)
310,000
180,726
Virgin Media Secured Finance plc (United
Kingdom)
 
 
5.50%, 5/15/2029 (a)
1,400,000
1,245,398
SEE NOTES TO FINANCIAL STATEMENTS.
 
88
J.P. Morgan Exchange-Traded Funds
August 31, 2022
INVESTMENTS
PRINCIPAL
AMOUNT
($000)
VALUE
($000)
Corporate Bonds — continued
Diversified Telecommunication Services — continued
4.50%, 8/15/2030 (a)
  300,000
    249,810
Windstream Escrow LLC 7.75%, 8/15/2028  (a)
  424,000
    364,462
Zayo Group Holdings, Inc.
 
 
4.00%, 3/1/2027 (a)
  422,000
    359,755
6.13%, 3/1/2028 (a)
  322,000
    246,581
 
 
26,326,175
Electric Utilities — 1.9%
FirstEnergy Corp.
 
 
2.65%, 3/1/2030
1,192,000
  1,016,883
Series C, 5.35%, 7/15/2047 (d)
  211,000
    194,120
NextEra Energy Operating Partners LP 4.50%,
9/15/2027  (a)
  837,000
    774,225
NRG Energy, Inc.
 
 
5.75%, 1/15/2028
310,000
292,209
5.25%, 6/15/2029 (a)
1,434,000
1,281,709
3.63%, 2/15/2031 (a)
602,000
478,169
PG&E Corp. 5.25%, 7/1/2030
1,052,000
909,454
Terraform Global Operating LLC 6.13%,
3/1/2026  (a)
182,000
171,444
Vistra Operations Co. LLC
 
 
5.63%, 2/15/2027 (a)
2,297,000
2,210,863
4.38%, 5/1/2029 (a)
225,000
196,155
 
 
7,525,231
Electrical Equipment — 0.2%
Atkore, Inc. 4.25%, 6/1/2031  (a)
182,000
152,826
Sensata Technologies BV 5.00%, 10/1/2025
 (a)
475,000
465,034
Vertiv Group Corp. 4.13%, 11/15/2028  (a)
353,000
305,345
 
 
923,205
Electronic Equipment, Instruments & Components — 0.4%
II-VI, Inc. 5.00%, 12/15/2029  (a)
489,000
435,391
Sensata Technologies, Inc. 4.38%, 2/15/2030
 (a)
1,467,000
1,307,075
 
 
1,742,466
Energy Equipment & Services — 0.9%
Archrock Partners LP
 
 
6.88%, 4/1/2027 (a)
512,000
480,000
6.25%, 4/1/2028 (a)
143,000
130,130
Nabors Industries Ltd. 7.25%, 1/15/2026  (a)
239,000
217,306
Nabors Industries, Inc.
 
 
5.75%, 2/1/2025
595,000
548,489
7.38%, 5/15/2027 (a)
293,000
282,745
INVESTMENTS
PRINCIPAL
AMOUNT
($000)
VALUE
($000)
 
Energy Equipment & Services — continued
Oceaneering International, Inc. 4.65%,
11/15/2024
  223,000
    208,041
Patterson-UTI Energy, Inc. 3.95%, 2/1/2028
  282,000
    238,563
Precision Drilling Corp. (Canada)
 
 
7.13%, 1/15/2026 (a)
  242,000
    231,296
6.88%, 1/15/2029 (a)
  162,000
    148,844
Transocean Guardian Ltd. 5.88%, 1/15/2024
 (a)
  278,997
    264,349
Transocean Pontus Ltd. 6.13%, 8/1/2025  (a)
  237,440
    227,349
Transocean, Inc. 11.50%, 1/30/2027  (a)
  313,000
    301,702
USA Compression Partners LP 6.88%,
4/1/2026
  411,000
    385,456
Weatherford International Ltd. 6.50%,
9/15/2028  (a)
  159,000
    149,858
 
 
3,814,128
Entertainment — 1.5%
Banijay Entertainment SASU (France) 5.38%,
3/1/2025  (a)
250,000
235,624
Cinemark USA, Inc.
 
 
8.75%, 5/1/2025 (a)
240,000
246,154
5.25%, 7/15/2028 (a)
469,000
379,923
Lions Gate Capital Holdings LLC 5.50%,
4/15/2029  (a)
293,000
232,068
Live Nation Entertainment, Inc.
 
 
4.88%, 11/1/2024 (a)
621,000
600,817
6.50%, 5/15/2027 (a)
762,000
760,762
4.75%, 10/15/2027 (a)
232,000
211,120
Netflix, Inc. 5.88%, 11/15/2028
2,678,000
2,708,020
ROBLOX Corp. 3.88%, 5/1/2030  (a)
279,000
232,734
WMG Acquisition Corp.
 
 
3.88%, 7/15/2030 (a)
428,000
368,080
3.00%, 2/15/2031 (a)
229,000
181,769
 
 
6,157,071
Equity Real Estate Investment Trusts (REITs) — 2.4%
Brookfield Property REIT, Inc. 5.75%,
5/15/2026  (a)
509,000
474,640
Global Net Lease, Inc. 3.75%, 12/15/2027  (a)
144,000
123,929
HAT Holdings I LLC
 
 
3.38%, 6/15/2026 (a)
424,000
367,943
3.75%, 9/15/2030 (a)
235,000
188,994
Iron Mountain, Inc.
 
 
4.88%, 9/15/2027 (a)
802,000
736,116
5.00%, 7/15/2028 (a)
941,000
858,700
4.88%, 9/15/2029 (a)
1,289,000
1,117,853
SEE NOTES TO FINANCIAL STATEMENTS.
 
August 31, 2022
J.P. Morgan Exchange-Traded Funds
89
JPMorgan High Yield Research Enhanced ETF
SCHEDULE OF PORTFOLIO INVESTMENTS
AS OF August 31, 2022  (Unaudited) (continued)
INVESTMENTS
PRINCIPAL
AMOUNT
($000)
VALUE
($000)
Corporate Bonds — continued
Equity Real Estate Investment Trusts (REITs) — continued
iStar, Inc. 4.75%, 10/1/2024
  535,000
    535,209
MPT Operating Partnership LP 4.63%,
8/1/2029
1,307,000
  1,113,494
Park Intermediate Holdings LLC 5.88%,
10/1/2028  (a)
1,452,000
  1,333,807
RHP Hotel Properties LP 4.75%, 10/15/2027
  815,000
    741,104
SBA Communications Corp.
 
 
3.88%, 2/15/2027
  414,000
    376,855
3.13%, 2/1/2029
  518,000
    426,793
Uniti Group LP
 
 
7.88%, 2/15/2025 (a)
  895,000
    884,166
6.50%, 2/15/2029 (a)
  680,000
    518,078
 
 
9,797,681
Food & Staples Retailing — 1.1%
Albertsons Cos., Inc.
 
 
4.63%, 1/15/2027 (a)
776,000
708,115
5.88%, 2/15/2028 (a)
693,000
660,375
4.88%, 2/15/2030 (a)
533,000
466,775
Performance Food Group, Inc. 5.50%,
10/15/2027  (a)
961,000
905,868
Rite Aid Corp. 8.00%, 11/15/2026  (a)
705,000
574,575
US Foods, Inc.
 
 
6.25%, 4/15/2025 (a)
427,000
429,080
4.75%, 2/15/2029 (a)
592,000
527,599
 
 
4,272,387
Food Products — 1.0%
B&G Foods, Inc. 5.25%, 9/15/2027
436,000
363,338
Darling Ingredients, Inc.
 
 
5.25%, 4/15/2027 (a)
186,000
182,431
6.00%, 6/15/2030 (a)
334,000
334,421
Lamb Weston Holdings, Inc. 4.88%, 5/15/2028
 (a)
952,000
907,092
Post Holdings, Inc. 5.50%, 12/15/2029  (a)
2,363,000
2,165,465
 
 
3,952,747
Gas Utilities — 0.3%
AmeriGas Partners LP 5.88%, 8/20/2026
761,000
724,350
Suburban Propane Partners LP 5.00%,
6/1/2031  (a)
325,000
286,996
Superior Plus LP (Canada) 4.50%, 3/15/2029
 (a)
291,000
256,607
 
 
1,267,953
Health Care Equipment & Supplies — 0.9%
Avantor Funding, Inc. 4.63%, 7/15/2028  (a)
776,000
706,067
INVESTMENTS
PRINCIPAL
AMOUNT
($000)
VALUE
($000)
 
Health Care Equipment & Supplies — continued
Hologic, Inc. 3.25%, 2/15/2029  (a)
  506,000
    431,342
Medline Borrower LP
 
 
3.88%, 4/1/2029 (a)
1,579,000
  1,338,203
5.25%, 10/1/2029 (a)
  870,000
    731,165
Teleflex, Inc. 4.25%, 6/1/2028  (a)
  329,000
    298,910
 
 
3,505,687
Health Care Providers & Services — 5.3%
Acadia Healthcare Co., Inc. 5.50%, 7/1/2028
 (a)
  330,000
    312,619
Centene Corp.
 
 
4.25%, 12/15/2027
1,734,000
  1,646,710
4.63%, 12/15/2029
3,415,000
  3,217,067
3.38%, 2/15/2030
1,323,000
1,134,472
2.50%, 3/1/2031
1,805,000
1,440,246
Community Health Systems, Inc.
 
 
8.00%, 3/15/2026 (a)
687,000
642,345
5.63%, 3/15/2027 (a)
1,844,000
1,563,703
6.00%, 1/15/2029 (a)
415,000
340,615
6.88%, 4/15/2029 (a)
850,000
531,250
DaVita, Inc.
 
 
4.63%, 6/1/2030 (a)
1,142,000
919,356
3.75%, 2/15/2031 (a)
384,000
282,538
Encompass Health Corp.
 
 
4.50%, 2/1/2028
409,000
357,810
4.75%, 2/1/2030
415,000
354,919
Envision Healthcare Corp. 8.75%, 10/15/2026
 (a)
227,000
74,958
Global Medical Response, Inc. 6.50%,
10/1/2025  (a)
228,000
203,490
HealthEquity, Inc. 4.50%, 10/1/2029  (a)
167,000
146,883
Legacy LifePoint Health LLC 4.38%, 2/15/2027
 (a)
395,000
343,338
Molina Healthcare, Inc. 4.38%, 6/15/2028  (a)
688,000
634,680
Owens & Minor, Inc. 6.63%, 4/1/2030  (a)
414,000
382,397
Pediatrix Medical Group, Inc. 5.38%,
2/15/2030  (a)
130,000
110,821
Radiology Partners, Inc. 9.25%, 2/1/2028  (a)
226,000
168,413
RegionalCare Hospital Partners Holdings,
Inc. 9.75%, 12/1/2026  (a)
548,000
522,165
RP Escrow Issuer LLC 5.25%, 12/15/2025  (a)
272,000
242,803
Select Medical Corp. 6.25%, 8/15/2026  (a)
329,000
314,741
Surgery Center Holdings, Inc. 6.75%, 7/1/2025
 (a)
279,000
269,179
SEE NOTES TO FINANCIAL STATEMENTS.
 
90
J.P. Morgan Exchange-Traded Funds
August 31, 2022
INVESTMENTS
PRINCIPAL
AMOUNT
($000)
VALUE
($000)
Corporate Bonds — continued
Health Care Providers & Services — continued
Tenet Healthcare Corp.
 
 
6.25%, 2/1/2027 (a)
1,007,000
    971,045
5.13%, 11/1/2027 (a)
3,219,000
  2,982,403
4.63%, 6/15/2028 (a)
  648,000
    589,029
6.13%, 10/1/2028 (a)
  409,000
    375,257
6.88%, 11/15/2031
  401,000
    375,436
 
 
21,450,688
Health Care Technology — 0.2%
IQVIA, Inc. 5.00%, 10/15/2026  (a)
  800,000
    775,008
Hotels, Restaurants & Leisure — 9.6%
1011778 BC ULC (Canada)
 
 
3.88%, 1/15/2028 (a)
1,166,000
1,036,469
4.38%, 1/15/2028 (a)
990,000
885,023
Bloomin' Brands, Inc. 5.13%, 4/15/2029  (a)
188,000
163,252
Boyd Gaming Corp. 4.75%, 12/1/2027
768,000
716,905
Boyne USA, Inc. 4.75%, 5/15/2029  (a)
276,000
245,479
Caesars Entertainment, Inc.
 
 
6.25%, 7/1/2025 (a)
505,000
493,087
8.13%, 7/1/2027 (a)
1,393,000
1,368,581
4.63%, 10/15/2029 (a)
821,000
660,367
Caesars Resort Collection LLC 5.75%, 7/1/2025
 (a)
403,000
394,948
Carnival Corp.
 
 
7.63%, 3/1/2026 (a)
856,000
728,756
5.75%, 3/1/2027 (a)
1,163,000
904,232
9.88%, 8/1/2027 (a)
2,286,000
2,294,578
4.00%, 8/1/2028 (a)
505,000
421,039
CCM Merger, Inc. 6.38%, 5/1/2026  (a)
146,000
137,206
CDI Escrow Issuer, Inc. 5.75%, 4/1/2030  (a)
466,000
431,744
Cedar Fair LP
 
 
5.50%, 5/1/2025 (a)
604,000
592,467
5.25%, 7/15/2029
406,000
369,590
Churchill Downs, Inc. 5.50%, 4/1/2027  (a)
310,000
297,035
Everi Holdings, Inc. 5.00%, 7/15/2029  (a)
146,000
131,133
Fertitta Entertainment LLC 4.63%, 1/15/2029
 (a)
300,000
261,429
Hilton Domestic Operating Co., Inc. 4.88%,
1/15/2030
1,416,000
1,293,941
Hilton Grand Vacations Borrower
Escrow LLC 5.00%, 6/1/2029  (a)
414,000
366,313
Hilton Worldwide Finance LLC 4.88%, 4/1/2027
1,002,000
956,910
International Game Technology plc
 
 
6.50%, 2/15/2025 (a)
1,200,000
1,191,000
INVESTMENTS
PRINCIPAL
AMOUNT
($000)
VALUE
($000)
 
Hotels, Restaurants & Leisure — continued
5.25%, 1/15/2029 (a)
  250,000
    233,748
IRB Holding Corp. 7.00%, 6/15/2025  (a)
  405,000
    407,551
Jacobs Entertainment, Inc. 6.75%, 2/15/2029
 (a)
  200,000
    177,500
Las Vegas Sands Corp. 2.90%, 6/25/2025
1,001,000
    922,666
Life Time, Inc.
 
 
5.75%, 1/15/2026 (a)
  304,000
    273,782
8.00%, 4/15/2026 (a)
  188,000
    165,953
Marriott Ownership Resorts, Inc.
 
 
6.13%, 9/15/2025 (a)
  159,000
    158,472
4.75%, 1/15/2028
  239,000
    208,958
Melco Resorts Finance Ltd. (Hong Kong)
 
 
4.88%, 6/6/2025 (a)
500,000
380,094
5.75%, 7/21/2028 (a)
750,000
504,375
MGM China Holdings Ltd. (Macau) 5.88%,
5/15/2026  (a)
800,000
664,000
MGM Resorts International
 
 
5.75%, 6/15/2025
728,000
706,160
4.63%, 9/1/2026
728,000
662,313
Midwest Gaming Borrower LLC 4.88%,
5/1/2029  (a)
311,000
272,903
NCL Corp. Ltd.
 
 
3.63%, 12/15/2024 (a)
221,000
191,512
5.88%, 3/15/2026 (a)
324,000
262,001
5.88%, 2/15/2027 (a)
293,000
265,553
Papa John's International, Inc. 3.88%,
9/15/2029  (a)
232,000
198,360
Peninsula Pacific Entertainment LLC 8.50%,
11/15/2027  (a)
233,000
250,419
Penn Entertainment, Inc. 4.13%, 7/1/2029  (a)
372,000
300,479
Premier Entertainment Sub LLC 5.63%,
9/1/2029  (a)
424,000
313,175
Resorts World Las Vegas LLC 4.63%,
4/16/2029  (a)
500,000
397,375
Royal Caribbean Cruises Ltd.
 
 
11.50%, 6/1/2025 (a)
1,316,000
1,396,684
5.50%, 8/31/2026 (a)
1,274,000
1,018,359
11.63%, 8/15/2027 (a)
392,000
384,223
Sands China Ltd. (Macau)
 
 
5.63%, 8/8/2025 (d)
1,000,000
910,000
5.90%, 8/8/2028 (d)
1,000,000
847,500
Scientific Games International, Inc.
 
 
8.63%, 7/1/2025 (a)
414,000
426,151
7.25%, 11/15/2029 (a)
304,000
298,963
SEE NOTES TO FINANCIAL STATEMENTS.
 
August 31, 2022
J.P. Morgan Exchange-Traded Funds
91
JPMorgan High Yield Research Enhanced ETF
SCHEDULE OF PORTFOLIO INVESTMENTS
AS OF August 31, 2022  (Unaudited) (continued)
INVESTMENTS
PRINCIPAL
AMOUNT
($000)
VALUE
($000)
Corporate Bonds — continued
Hotels, Restaurants & Leisure — continued
Six Flags Entertainment Corp. 5.50%,
4/15/2027  (a)
  412,000
    377,802
Six Flags Theme Parks, Inc. 7.00%, 7/1/2025
 (a)
  401,000
    405,277
Station Casinos LLC 4.50%, 2/15/2028  (a)
  491,000
    422,961
Studio City Finance Ltd. (Macau) 5.00%,
1/15/2029  (a)
1,100,000
    572,000
Travel + Leisure Co.
 
 
6.63%, 7/31/2026 (a)
  304,000
    294,597
6.00%, 4/1/2027 (d)
  511,000
    485,207
Vail Resorts, Inc. 6.25%, 5/15/2025  (a)
  238,000
    238,226
Viking Cruises Ltd. 5.88%, 9/15/2027  (a)
  515,000
    415,358
VOC Escrow Ltd. 5.00%, 2/15/2028  (a)
  586,000
    495,170
Wyndham Hotels & Resorts, Inc. 4.38%,
8/15/2028  (a)
  212,000
    189,605
Wynn Las Vegas LLC 5.50%, 3/1/2025  (a)
1,108,000
1,061,032
Wynn Macau Ltd. (Macau) 5.63%, 8/26/2028
 (a)
1,600,000
1,120,000
Wynn Resorts Finance LLC 5.13%, 10/1/2029
 (a)
652,000
547,015
Yum! Brands, Inc.
 
 
4.75%, 1/15/2030 (a)
2,313,000
2,107,721
6.88%, 11/15/2037
409,000
429,751
 
 
38,702,435
Household Durables — 1.1%
Beazer Homes USA, Inc. 5.88%, 10/15/2027
279,000
229,477
Brookfield Residential Properties, Inc. (Canada)
6.25%, 9/15/2027  (a)
414,000
367,899
CD&R Smokey Buyer, Inc. 6.75%, 7/15/2025
 (a)
270,000
251,100
Century Communities, Inc. 3.88%, 8/15/2029
 (a)
324,000
260,417
KB Home 4.80%, 11/15/2029
398,000
343,078
M/I Homes, Inc. 4.95%, 2/1/2028
233,000
205,654
Mattamy Group Corp. (Canada) 5.25%,
12/15/2027  (a)
310,000
272,997
Meritage Homes Corp. 5.13%, 6/6/2027
328,000
307,242
Newell Brands, Inc.
 
 
4.45%, 4/1/2026 (d)
749,000
704,404
5.75%, 4/1/2046 (d)
332,000
272,240
Taylor Morrison Communities, Inc. 5.88%,
6/15/2027  (a)
548,000
529,431
INVESTMENTS
PRINCIPAL
AMOUNT
($000)
VALUE
($000)
 
Household Durables — continued
Tempur Sealy International, Inc. 4.00%,
4/15/2029  (a)
  597,000
    490,502
Tri Pointe Homes, Inc. 5.70%, 6/15/2028
  322,000
    291,730
 
 
4,526,171
Household Products — 0.3%
Central Garden & Pet Co.
 
 
5.13%, 2/1/2028
  233,000
    214,910
4.13%, 10/15/2030
  173,000
    144,006
Energizer Holdings, Inc. 4.75%, 6/15/2028  (a)
  590,000
    490,845
Spectrum Brands, Inc. 5.50%, 7/15/2030  (a)
  510,000
    439,347
 
 
1,289,108
Independent Power and Renewable Electricity Producers — 0.5%
Calpine Corp.
 
 
4.50%, 2/15/2028 (a)
1,218,000
1,114,141
5.13%, 3/15/2028 (a)
424,000
376,557
Clearway Energy Operating LLC
 
 
4.75%, 3/15/2028 (a)
242,000
226,573
3.75%, 2/15/2031 (a)
424,000
354,050
 
 
2,071,321
Insurance — 0.9%
Alliant Holdings Intermediate LLC
 
 
4.25%, 10/15/2027 (a)
322,000
290,048
6.75%, 10/15/2027 (a)
602,000
546,797
AmWINS Group, Inc. 4.88%, 6/30/2029  (a)
311,000
270,578
HUB International Ltd.
 
 
7.00%, 5/1/2026 (a)
602,000
589,812
5.63%, 12/1/2029 (a)
159,000
139,070
Liberty Mutual Group, Inc. 4.30%, 2/1/2061
 (a)
652,000
449,880
NFP Corp.
 
 
4.88%, 8/15/2028 (a)
233,000
206,757
6.88%, 8/15/2028 (a)
744,000
611,360
Ryan Specialty Group LLC 4.38%, 2/1/2030  (a)
162,000
146,002
USI, Inc. 6.88%, 5/1/2025  (a)
228,000
223,299
 
 
3,473,603
Interactive Media & Services — 0.1%
TripAdvisor, Inc. 7.00%, 7/15/2025  (a)
233,000
228,827
Twitter, Inc. 5.00%, 3/1/2030  (a)
376,000
354,322
 
 
583,149
Internet & Direct Marketing Retail — 0.6%
ANGI Group LLC 3.88%, 8/15/2028  (a)
242,000
183,315
SEE NOTES TO FINANCIAL STATEMENTS.
 
92
J.P. Morgan Exchange-Traded Funds
August 31, 2022

INVESTMENTS
PRINCIPAL
AMOUNT
($000)
VALUE
($000)
Corporate Bonds — continued
Internet & Direct Marketing Retail — continued
Go Daddy Operating Co. LLC
 
 
5.25%, 12/1/2027 (a)
  236,000
    221,840
3.50%, 3/1/2029 (a)
  334,000
    282,626
Match Group Holdings II LLC 4.63%, 6/1/2028
 (a)
  660,000
    587,400
Millennium Escrow Corp. 6.63%, 8/1/2026  (a)
  311,000
    252,381
Photo Holdings Merger Sub, Inc. 8.50%,
10/1/2026  (a)
  226,000
    168,769
QVC, Inc. 4.75%, 2/15/2027
  898,000
    741,685
 
 
2,438,016
IT Services — 0.9%
Ahead DB Holdings LLC 6.63%, 5/1/2028  (a)
  223,000
    200,141
Arches Buyer, Inc.
 
 
4.25%, 6/1/2028 (a)
370,000
297,850
6.13%, 12/1/2028 (a)
232,000
181,470
Black Knight InfoServ LLC 3.63%, 9/1/2028
 (a)
315,000
274,995
Block, Inc.
 
 
2.75%, 6/1/2026
324,000
287,929
3.50%, 6/1/2031
310,000
255,046
Booz Allen Hamilton, Inc. 3.88%, 9/1/2028  (a)
551,000
490,114
Cablevision Lightpath LLC 3.88%, 9/15/2027
 (a)
250,000
218,183
Cogent Communications Group, Inc. 3.50%,
5/1/2026  (a)
144,000
129,647
Conduent Business Services LLC 6.00%,
11/1/2029  (a)
242,000
208,406
Gartner, Inc. 4.50%, 7/1/2028  (a)
587,000
541,772
Northwest Fiber LLC
 
 
4.75%, 4/30/2027 (a)
129,000
112,506
10.75%, 6/1/2028 (a)
142,000
131,021
Presidio Holdings, Inc.
 
 
4.88%, 2/1/2027 (a)
249,000
232,967
8.25%, 2/1/2028 (a)
255,000
230,214
 
 
3,792,261
Leisure Products — 0.2%
Mattel, Inc.
 
 
5.88%, 12/15/2027 (a)
324,000
322,620
3.75%, 4/1/2029 (a)
188,000
167,508
5.45%, 11/1/2041
217,000
198,333
Vista Outdoor, Inc. 4.50%, 3/15/2029  (a)
186,000
138,462
 
 
826,923
INVESTMENTS
PRINCIPAL
AMOUNT
($000)
VALUE
($000)
 
Life Sciences Tools & Services — 0.1%
Charles River Laboratories International,
Inc. 3.75%, 3/15/2029  (a)
  406,000
    349,919
Syneos Health, Inc. 3.63%, 1/15/2029  (a)
  293,000
    247,658
 
 
597,577
Machinery — 0.6%
EnPro Industries, Inc. 5.75%, 10/15/2026
  188,000
    184,240
Hillenbrand, Inc. 3.75%, 3/1/2031
  512,000
    432,657
Mueller Water Products, Inc. 4.00%, 6/15/2029
 (a)
  242,000
    217,728
Roller Bearing Co. of America, Inc. 4.38%,
10/15/2029  (a)
  188,000
    168,730
Stevens Holding Co., Inc. 6.13%, 10/1/2026
 (a)
  188,000
    186,590
Terex Corp. 5.00%, 5/15/2029  (a)
  233,000
    208,465
TK Elevator US Newco, Inc. (Germany) 5.25%,
7/15/2027  (a)
  800,000
    728,000
Wabash National Corp. 4.50%, 10/15/2028  (a)
180,000
152,942
 
 
2,279,352
Media — 7.2%
Altice Financing SA (Luxembourg)
 
 
5.00%, 1/15/2028 (a)
1,050,000
847,235
5.75%, 8/15/2029 (a)
250,000
201,374
AMC Networks, Inc.
 
 
5.00%, 4/1/2024
157,000
153,075
4.75%, 8/1/2025
322,000
298,046
4.25%, 2/15/2029
141,000
115,025
Audacy Capital Corp. 6.50%, 5/1/2027  (a)
266,000
87,115
Block Communications, Inc. 4.88%, 3/1/2028
 (a)
143,000
130,130
Cable One, Inc. 4.00%, 11/15/2030  (a)
251,000
208,990
Clear Channel Outdoor Holdings, Inc.
 
 
5.13%, 8/15/2027 (a)
598,000
535,587
7.50%, 6/1/2029 (a)
924,000
742,873
CSC Holdings LLC
 
 
7.50%, 4/1/2028 (a)
1,100,000
977,779
6.50%, 2/1/2029 (a)
2,200,000
2,024,517
5.75%, 1/15/2030 (a)
1,350,000
1,045,494
Directv Financing LLC 5.88%, 8/15/2027  (a)
1,282,000
1,173,030
DISH DBS Corp.
 
 
5.88%, 11/15/2024
2,008,000
1,817,240
7.75%, 7/1/2026
683,000
538,491
5.25%, 12/1/2026 (a)
596,000
492,072
5.75%, 12/1/2028 (a)
414,000
317,897
Gannett Holdings LLC 6.00%, 11/1/2026  (a)
188,000
146,640
SEE NOTES TO FINANCIAL STATEMENTS.
 
August 31, 2022
J.P. Morgan Exchange-Traded Funds
93
JPMorgan High Yield Research Enhanced ETF
SCHEDULE OF PORTFOLIO INVESTMENTS
AS OF August 31, 2022  (Unaudited) (continued)
INVESTMENTS
PRINCIPAL
AMOUNT
($000)
VALUE
($000)
Corporate Bonds — continued
Media — continued
GCI LLC 4.75%, 10/15/2028  (a)
  184,000
    165,824
Gray Television, Inc.
 
 
7.00%, 5/15/2027 (a)
  674,000
    664,480
4.75%, 10/15/2030 (a)
  920,000
    758,080
iHeartCommunications, Inc.
 
 
6.38%, 5/1/2026
  908,417
    857,982
8.38%, 5/1/2027
  567,864
    500,163
Lamar Media Corp.
 
 
3.75%, 2/15/2028
  414,000
    371,304
4.00%, 2/15/2030
  229,000
    199,372
LCPR Senior Secured Financing DAC 6.75%,
10/15/2027  (a)
  838,000
    790,938
Liberty Interactive LLC 8.25%, 2/1/2030
304,000
232,560
McGraw-Hill Education, Inc.
 
 
5.75%, 8/1/2028 (a)
229,000
201,078
8.00%, 8/1/2029 (a)
233,000
202,139
National CineMedia LLC 5.88%, 4/15/2028  (a)
162,000
113,222
News Corp. 3.88%, 5/15/2029  (a)
651,000
566,370
Nexstar Media, Inc.
 
 
5.63%, 7/15/2027 (a)
861,000
819,823
4.75%, 11/1/2028 (a)
355,000
321,275
Outfront Media Capital LLC
 
 
5.00%, 8/15/2027 (a)
485,000
443,901
4.25%, 1/15/2029 (a)
150,000
125,218
Paramount Global (US Treasury Yield Curve Rate
T Note Constant Maturity 5 Year + 4.00%),
6.37%, 3/30/2062  (c)
414,000
380,831
Radiate Holdco LLC
 
 
4.50%, 9/15/2026 (a)
311,000
268,082
6.50%, 9/15/2028 (a)
310,000
230,869
Scripps Escrow II, Inc. 3.88%, 1/15/2029  (a)
171,000
144,984
Scripps Escrow, Inc. 5.88%, 7/15/2027  (a)
423,000
382,804
Sinclair Television Group, Inc.
 
 
5.50%, 3/1/2030 (a)
317,000
248,483
4.13%, 12/1/2030 (a)
232,000
188,843
Sirius XM Radio, Inc.
 
 
5.00%, 8/1/2027 (a)
868,000
817,118
5.50%, 7/1/2029 (a)
1,498,000
1,400,750
4.13%, 7/1/2030 (a)
758,000
642,231
Stagwell Global LLC 5.63%, 8/15/2029  (a)
422,000
357,877
Summer BC Bidco B LLC 5.50%, 10/31/2026
 (a)
350,000
304,276
TEGNA, Inc. 5.00%, 9/15/2029
1,120,000
1,072,075
INVESTMENTS
PRINCIPAL
AMOUNT
($000)
VALUE
($000)
 
Media — continued
Univision Communications, Inc.
 
 
5.13%, 2/15/2025 (a)
  718,000
    693,534
6.63%, 6/1/2027 (a)
  408,000
    393,728
4.50%, 5/1/2029 (a)
  378,000
    330,655
UPC Broadband Finco BV (Netherlands) 4.88%,
7/15/2031  (a)
  500,000
    432,485
Urban One, Inc. 7.38%, 2/1/2028  (a)
  228,000
    204,630
Virgin Media Vendor Financing Notes IV
DAC (United Kingdom) 5.00%, 7/15/2028
 (a)
  550,000
    469,725
Ziggo Bond Co. BV (Netherlands) 5.13%,
2/28/2030  (a)
1,000,000
    800,500
Ziggo BV (Netherlands) 4.88%, 1/15/2030  (a)
  250,000
    211,050
 
 
29,161,869
Metals & Mining — 2.0%
Arconic Corp.
 
 
6.00%, 5/15/2025 (a)
163,000
159,944
6.13%, 2/15/2028 (a)
864,000
811,018
ATI, Inc. 5.88%, 12/1/2027
787,000
747,924
Big River Steel LLC 6.63%, 1/31/2029  (a)
501,000
498,668
Carpenter Technology Corp. 6.38%, 7/15/2028
542,000
518,222
Cleveland-Cliffs, Inc.
 
 
5.88%, 6/1/2027
386,000
369,595
4.63%, 3/1/2029 (a)
92,000
81,671
4.88%, 3/1/2031 (a)
322,000
281,111
Commercial Metals Co. 4.13%, 1/15/2030
283,000
247,510
Constellium SE 5.63%, 6/15/2028  (a)
350,000
316,785
FMG Resources August 2006 Pty. Ltd. (Australia)
 
 
5.13%, 5/15/2024 (a)
221,000
218,684
4.50%, 9/15/2027 (a)
1,038,000
948,260
Kaiser Aluminum Corp.
 
 
4.63%, 3/1/2028 (a)
505,000
434,974
4.50%, 6/1/2031 (a)
323,000
254,308
Novelis Corp.
 
 
3.25%, 11/15/2026 (a)
182,000
161,980
4.75%, 1/30/2030 (a)
1,947,000
1,693,890
United States Steel Corp. 6.88%, 3/1/2029
316,000
308,890
 
 
8,053,434
Mortgage Real Estate Investment Trusts (REITs) — 0.1%
Starwood Property Trust, Inc. 3.63%,
7/15/2026  (a)
687,000
607,995
SEE NOTES TO FINANCIAL STATEMENTS.
 
94
J.P. Morgan Exchange-Traded Funds
August 31, 2022
INVESTMENTS
PRINCIPAL
AMOUNT
($000)
VALUE
($000)
Corporate Bonds — continued
Multiline Retail — 0.5%
Macy's Retail Holdings LLC 5.88%, 4/1/2029
 (a)
  666,000
    576,423
NMG Holding Co., Inc. 7.13%, 4/1/2026  (a)
  615,000
    575,375
Nordstrom, Inc.
 
 
4.38%, 4/1/2030
  612,000
    466,228
5.00%, 1/15/2044
  325,000
    219,147
 
 
1,837,173
Oil, Gas & Consumable Fuels — 11.1%
Aethon United BR LP 8.25%, 2/15/2026  (a)
  243,000
    242,898
Antero Midstream Partners LP
 
 
5.75%, 3/1/2027 (a)
  786,000
    744,735
5.75%, 1/15/2028 (a)
  873,000
    827,587
Antero Resources Corp. 8.38%, 7/15/2026  (a)
914,000
980,674
Apache Corp.
 
 
4.25%, 1/15/2030
728,000
657,471
5.10%, 9/1/2040
626,000
532,100
Ascent Resources Utica Holdings LLC 7.00%,
11/1/2026  (a)
495,000
481,388
Baytex Energy Corp. (Canada) 8.75%,
4/1/2027  (a)
168,000
171,780
Blue Racer Midstream LLC 7.63%, 12/15/2025
 (a)
459,000
456,705
Buckeye Partners LP 4.50%, 3/1/2028  (a)
968,000
857,028
California Resources Corp. 7.13%, 2/1/2026
 (a)
322,000
316,542
Centennial Resource Production LLC 6.88%,
4/1/2027  (a)
213,000
203,545
Cheniere Energy Partners LP 4.50%,
10/1/2029
1,894,000
1,744,043
Chesapeake Energy Corp.
 
 
5.50%, 2/1/2026 (a)
764,000
735,950
6.75%, 4/15/2029 (a)
515,000
502,794
Chord Energy Corp. 6.38%, 6/1/2026  (a)
182,000
176,540
CNX Resources Corp. 7.25%, 3/14/2027  (a)
322,000
319,666
Colgate Energy Partners III LLC 7.75%,
2/15/2026  (a)
273,000
272,762
Comstock Resources, Inc. 6.75%, 3/1/2029  (a)
1,123,000
1,071,875
CQP Holdco LP 5.50%, 6/15/2031  (a)
500,000
442,235
Crestwood Midstream Partners LP
 
 
5.63%, 5/1/2027 (a)
1,121,000
1,045,332
8.00%, 4/1/2029 (a)
324,000
321,225
CrownRock LP
 
 
5.63%, 10/15/2025 (a)
159,000
156,567
5.00%, 5/1/2029 (a)
322,000
295,740
INVESTMENTS
PRINCIPAL
AMOUNT
($000)
VALUE
($000)
 
Oil, Gas & Consumable Fuels — continued
DT Midstream, Inc. 4.13%, 6/15/2029  (a)
1,113,000
    977,192
Encino Acquisition Partners
Holdings LLC 8.50%, 5/1/2028  (a)
  421,000
    400,812
Endeavor Energy Resources LP 5.75%,
1/30/2028  (a)
  328,000
    323,539
EnLink Midstream Partners LP
 
 
4.15%, 6/1/2025
  164,000
    159,826
4.85%, 7/15/2026
  417,000
    409,703
5.45%, 6/1/2047
  403,000
    307,791
EQM Midstream Partners LP
 
 
4.00%, 8/1/2024
  456,000
    431,280
6.00%, 7/1/2025 (a)
  162,000
    156,236
5.50%, 7/15/2028
1,858,000
  1,698,695
4.50%, 1/15/2029 (a)
423,000
364,282
6.50%, 7/15/2048
491,000
416,599
Genesis Energy LP
 
 
6.50%, 10/1/2025
322,000
299,560
8.00%, 1/15/2027
607,000
575,133
Gulfport Energy Corp. 8.00%, 5/17/2026
286,999
288,910
Hess Infrastructure Partners LP 5.63%,
2/15/2026  (a)
25,000
24,377
Hess Midstream Operations LP
 
 
5.63%, 2/15/2026 (a)
171,000
166,737
5.13%, 6/15/2028 (a)
1,088,000
1,010,480
Hilcorp Energy I LP
 
 
6.25%, 11/1/2028 (a)
694,000
655,788
6.00%, 2/1/2031 (a)
747,000
675,382
Holly Energy Partners LP
 
 
6.38%, 4/15/2027 (a)
188,000
182,955
5.00%, 2/1/2028 (a)
262,000
243,967
ITT Holdings LLC 6.50%, 8/1/2029  (a)
355,000
299,829
Kinetik Holdings LP 5.88%, 6/15/2030  (a)
550,000
523,221
Laredo Petroleum, Inc. 10.13%, 1/15/2028
414,000
417,963
MEG Energy Corp. (Canada)
 
 
7.13%, 2/1/2027 (a)
607,000
613,374
5.88%, 2/1/2029 (a)
324,000
301,320
Murphy Oil Corp.
 
 
5.75%, 8/15/2025
194,000
192,154
5.88%, 12/1/2027
196,000
190,586
6.13%, 12/1/2042 (d)
239,000
187,003
New Fortress Energy, Inc. 6.75%, 9/15/2025
 (a)
867,000
838,692
NuStar Logistics LP
 
 
6.00%, 6/1/2026
284,000
268,077
SEE NOTES TO FINANCIAL STATEMENTS.
 
August 31, 2022
J.P. Morgan Exchange-Traded Funds
95
JPMorgan High Yield Research Enhanced ETF
SCHEDULE OF PORTFOLIO INVESTMENTS
AS OF August 31, 2022  (Unaudited) (continued)
INVESTMENTS
PRINCIPAL
AMOUNT
($000)
VALUE
($000)
Corporate Bonds — continued
Oil, Gas & Consumable Fuels — continued
5.63%, 4/28/2027
  889,000
    809,374
Occidental Petroleum Corp.
 
 
5.88%, 9/1/2025
1,171,000
  1,200,298
8.88%, 7/15/2030
  709,000
    828,254
6.45%, 9/15/2036
2,659,000
  2,841,647
PDC Energy, Inc.
 
 
6.13%, 9/15/2024
  142,000
    140,626
5.75%, 5/15/2026
  188,000
    180,027
Range Resources Corp. 8.25%, 1/15/2029
  871,000
    914,289
Rattler Midstream LP 5.63%, 7/15/2025  (a)
  144,000
    146,933
Rockcliff Energy II LLC 5.50%, 10/15/2029  (a)
  229,000
    211,621
Rockies Express Pipeline LLC
 
 
4.95%, 7/15/2029 (a)
405,000
365,298
4.80%, 5/15/2030 (a)
576,000
483,120
6.88%, 4/15/2040 (a)
160,000
133,170
SM Energy Co.
 
 
5.63%, 6/1/2025
414,000
402,615
6.75%, 9/15/2026
436,000
428,780
Southwestern Energy Co.
 
 
7.75%, 10/1/2027
148,000
153,365
8.38%, 9/15/2028
332,000
349,244
5.38%, 3/15/2030
1,686,000
1,580,254
Summit Midstream Holdings LLC 8.50%,
10/15/2026  (a)
387,000
374,821
Sunoco LP
 
 
6.00%, 4/15/2027
656,000
634,438
4.50%, 4/30/2030
718,000
612,454
Tallgrass Energy Partners LP 5.50%,
1/15/2028  (a)
2,005,000
1,733,616
TerraForm Power Operating LLC 5.00%,
1/31/2028  (a)
374,000
342,797
Venture Global Calcasieu Pass LLC 3.88%,
8/15/2029  (a)
1,149,000
1,002,502
Viper Energy Partners LP 5.38%, 11/1/2027
 (a)
188,000
180,010
Western Midstream Operating LP
 
 
4.75%, 8/15/2028
1,280,000
1,204,954
5.45%, 4/1/2044
687,000
601,751
 
 
45,014,903
Paper & Forest Products — 0.1%
Glatfelter Corp. 4.75%, 11/15/2029  (a)
188,000
116,560
Louisiana-Pacific Corp. 3.63%, 3/15/2029  (a)
188,000
152,618
 
 
269,178
INVESTMENTS
PRINCIPAL
AMOUNT
($000)
VALUE
($000)
 
Personal Products — 0.4%
BellRing Brands, Inc. 7.00%, 3/15/2030  (a)
  366,000
    349,526
Coty, Inc.
 
 
5.00%, 4/15/2026 (a)
  424,000
    401,740
6.50%, 4/15/2026 (a)
  140,000
    133,419
4.75%, 1/15/2029 (a)
  188,000
    166,350
Edgewell Personal Care Co. 5.50%, 6/1/2028
 (a)
  425,000
    392,492
Prestige Brands, Inc. 5.13%, 1/15/2028  (a)
  290,000
    267,496
 
 
1,711,023
Pharmaceuticals — 2.0%
Bausch Health Cos., Inc.
 
 
5.50%, 11/1/2025 (a)
1,228,000
  1,013,100
5.75%, 8/15/2027 (a)
1,228,000
895,470
5.00%, 1/30/2028 (a)
2,950,000
1,106,250
7.25%, 5/30/2029 (a)
2,462,000
947,870
Catalent Pharma Solutions, Inc.
 
 
5.00%, 7/15/2027 (a)
336,000
316,959
3.13%, 2/15/2029 (a)
220,000
182,389
Elanco Animal Health, Inc. 6.40%, 8/28/2028
 (d)
332,000
308,760
Herbalife Nutrition Ltd. 7.88%, 9/1/2025  (a)
310,000
298,504
Jazz Securities DAC 4.38%, 1/15/2029  (a)
650,000
586,131
Mallinckrodt International Finance SA 11.50%,
12/15/2028  (a)
440,000
396,550
Organon & Co.
 
 
4.13%, 4/30/2028 (a)
825,000
740,165
5.13%, 4/30/2031 (a)
625,000
546,875
Perrigo Finance Unlimited Co. 4.40%,
6/15/2030  (d)
750,000
649,170
 
 
7,988,193
Professional Services — 0.2%
AMN Healthcare, Inc. 4.63%, 10/1/2027  (a)
276,000
254,212
Dun & Bradstreet Corp. (The) 5.00%,
12/15/2029  (a)
212,000
188,150
Science Applications International Corp. 4.88%,
4/1/2028  (a)
224,000
207,197
 
 
649,559
Real Estate Management & Development — 0.3%
Forestar Group, Inc. 5.00%, 3/1/2028  (a)
200,000
166,050
Kennedy-Wilson, Inc. 4.75%, 3/1/2029
602,000
502,297
Realogy Group LLC 5.75%, 1/15/2029  (a)
580,000
454,412
 
 
1,122,759
SEE NOTES TO FINANCIAL STATEMENTS.
 
96
J.P. Morgan Exchange-Traded Funds
August 31, 2022
INVESTMENTS
PRINCIPAL
AMOUNT
($000)
VALUE
($000)
Corporate Bonds — continued
Road & Rail — 0.8%
AerCap Global Aviation Trust (Ireland) (ICE
LIBOR USD 3 Month + 4.30%), 6.50%,
6/15/2045  (a) (c)
  300,000
    285,474
Avis Budget Car Rental LLC
 
 
5.75%, 7/15/2027 (a)
  671,000
    635,772
5.38%, 3/1/2029 (a)
  242,000
    210,893
First Student Bidco, Inc. 4.00%, 7/31/2029  (a)
  511,000
    441,075
Hertz Corp. (The)
 
 
4.63%, 12/1/2026 (a)
  320,000
    274,083
5.00%, 12/1/2029 (a)
  423,000
    340,257
NESCO Holdings II, Inc. 5.50%, 4/15/2029  (a)
  509,000
    447,920
Williams Scotsman International, Inc. 4.63%,
8/15/2028  (a)
  322,000
    289,414
XPO Logistics, Inc. 6.25%, 5/1/2025  (a)
  241,000
    243,809
 
 
3,168,697
Semiconductors & Semiconductor Equipment — 0.4%
Amkor Technology, Inc. 6.63%, 9/15/2027  (a)
281,000
274,481
ams-OSRAM AG (Austria) 7.00%, 7/31/2025
 (a)
200,000
190,818
Entegris Escrow Corp. 5.95%, 6/15/2030  (a)
596,000
565,503
Entegris, Inc. 4.38%, 4/15/2028  (a)
232,000
204,785
ON Semiconductor Corp. 3.88%, 9/1/2028  (a)
341,000
304,104
Synaptics, Inc. 4.00%, 6/15/2029  (a)
188,000
161,565
 
 
1,701,256
Software — 1.7%
ACI Worldwide, Inc. 5.75%, 8/15/2026  (a)
212,000
209,880
Change Healthcare Holdings LLC 5.75%,
3/1/2025  (a)
326,000
322,130
Clarivate Science Holdings Corp.
 
 
3.88%, 7/1/2028 (a)
578,000
494,770
4.88%, 7/1/2029 (a)
487,000
402,554
Elastic NV 4.13%, 7/15/2029  (a)
293,000
247,945
Fair Isaac Corp.
 
 
5.25%, 5/15/2026 (a)
418,000
404,369
4.00%, 6/15/2028 (a)
236,000
208,476
GoTo Group, Inc. 5.50%, 9/1/2027  (a)
242,000
178,003
Minerva Merger Sub, Inc. 6.50%, 2/15/2030
 (a)
714,000
606,211
NCR Corp.
 
 
5.75%, 9/1/2027 (a)
332,000
319,330
6.13%, 9/1/2029 (a)
1,233,000
1,175,713
NortonLifeLock, Inc. 5.00%, 4/15/2025  (a)
311,000
306,957
Open Text Corp. (Canada) 3.88%, 2/15/2028
 (a)
221,000
188,403
INVESTMENTS
PRINCIPAL
AMOUNT
($000)
VALUE
($000)
 
Software — continued
Open Text Holdings, Inc. (Canada) 4.13%,
2/15/2030  (a)
  834,000
    671,257
PTC, Inc. 4.00%, 2/15/2028  (a)
  322,000
    294,450
SS&C Technologies, Inc. 5.50%, 9/30/2027  (a)
  661,000
    626,331
ZoomInfo Technologies LLC 3.88%, 2/1/2029
 (a)
  192,000
    166,317
 
 
6,823,096
Specialty Retail — 2.4%
Abercrombie & Fitch Management Co. 8.75%,
7/15/2025  (a)
  141,000
    137,671
Asbury Automotive Group, Inc.
 
 
4.50%, 3/1/2028
  424,000
    378,662
4.63%, 11/15/2029 (a)
  522,000
    447,615
Bath & Body Works, Inc.
 
 
7.50%, 6/15/2029
821,000
789,638
6.88%, 11/1/2035
1,253,000
1,093,813
Gap, Inc. (The) 3.63%, 10/1/2029  (a)
721,000
502,169
Group 1 Automotive, Inc. 4.00%, 8/15/2028
 (a)
232,000
198,216
Ken Garff Automotive LLC 4.88%, 9/15/2028
 (a)
141,000
118,254
LCM Investments Holdings II LLC 4.88%,
5/1/2029  (a)
331,000
276,320
Lithia Motors, Inc.
 
 
4.63%, 12/15/2027 (a)
218,000
201,857
3.88%, 6/1/2029 (a)
322,000
271,771
LSF9 Atlantis Holdings LLC 7.75%, 2/15/2026
 (a)
300,000
277,501
Michaels Cos., Inc. (The)
 
 
5.25%, 5/1/2028 (a)
304,000
233,077
7.88%, 5/1/2029 (a)
282,000
187,530
Murphy Oil USA, Inc. 5.63%, 5/1/2027
414,000
410,409
Park River Holdings, Inc. 5.63%, 2/1/2029  (a)
233,000
168,970
Penske Automotive Group, Inc. 3.75%,
6/15/2029
521,000
440,696
PetSmart, Inc.
 
 
4.75%, 2/15/2028 (a)
450,000
400,988
7.75%, 2/15/2029 (a)
650,000
612,618
Sonic Automotive, Inc. 4.63%, 11/15/2029  (a)
506,000
432,463
SRS Distribution, Inc.
 
 
4.63%, 7/1/2028 (a)
324,000
286,791
6.13%, 7/1/2029 (a)
496,000
411,477
Staples, Inc.
 
 
7.50%, 4/15/2026 (a)
1,052,000
889,003
SEE NOTES TO FINANCIAL STATEMENTS.
 
August 31, 2022
J.P. Morgan Exchange-Traded Funds
97
JPMorgan High Yield Research Enhanced ETF
SCHEDULE OF PORTFOLIO INVESTMENTS
AS OF August 31, 2022  (Unaudited) (continued)
INVESTMENTS
PRINCIPAL
AMOUNT
($000)
VALUE
($000)
Corporate Bonds — continued
Specialty Retail — continued
10.75%, 4/15/2027 (a)
  490,000
    360,150
White Cap Buyer LLC 6.88%, 10/15/2028  (a)
  292,000
    255,832
 
 
9,783,491
Technology Hardware, Storage & Peripherals — 0.4%
Seagate HDD Cayman
 
 
4.88%, 6/1/2027
  668,000
    630,151
4.13%, 1/15/2031
  596,000
    488,363
Xerox Corp. 6.75%, 12/15/2039
  301,000
    253,969
Xerox Holdings Corp.
 
 
5.00%, 8/15/2025 (a)
  276,000
    255,890
5.50%, 8/15/2028 (a)
  160,000
    139,952
 
 
1,768,325
Textiles, Apparel & Luxury Goods — 0.3%
G-III Apparel Group Ltd. 7.88%, 8/15/2025  (a)
188,000
185,505
Hanesbrands, Inc.
 
 
4.63%, 5/15/2024 (a)
312,000
300,531
4.88%, 5/15/2026 (a)
282,000
259,451
Kontoor Brands, Inc. 4.13%, 11/15/2029  (a)
141,000
120,252
Under Armour, Inc. 3.25%, 6/15/2026
188,000
166,075
William Carter Co. (The) 5.63%, 3/15/2027  (a)
218,000
210,507
Wolverine World Wide, Inc. 4.00%, 8/15/2029
 (a)
188,000
153,032
 
 
1,395,353
Thrifts & Mortgage Finance — 1.4%
Ladder Capital Finance Holdings LLLP 4.25%,
2/1/2027  (a)
1,142,000
998,974
MGIC Investment Corp. 5.25%, 8/15/2028
323,000
301,198
Nationstar Mortgage Holdings, Inc. 5.50%,
8/15/2028  (a)
1,744,000
1,457,935
NMI Holdings, Inc. 7.38%, 6/1/2025  (a)
162,000
163,659
PennyMac Financial Services, Inc. 5.75%,
9/15/2031  (a)
630,000
510,646
Rocket Mortgage LLC
 
 
2.88%, 10/15/2026 (a)
1,190,000
999,600
3.88%, 3/1/2031 (a)
875,000
682,712
4.00%, 10/15/2033 (a)
596,000
444,084
 
 
5,558,808
Tobacco — 0.1%
Vector Group Ltd. 5.75%, 2/1/2029  (a)
406,000
351,921
Trading Companies & Distributors — 1.5%
Beacon Roofing Supply, Inc. 4.50%,
11/15/2026  (a)
289,000
271,152
INVESTMENTS
PRINCIPAL
AMOUNT
($000)
VALUE
($000)
 
Trading Companies & Distributors — continued
Boise Cascade Co. 4.88%, 7/1/2030  (a)
  162,000
    144,639
Fortress Transportation and Infrastructure
Investors LLC
 
 
6.50%, 10/1/2025 (a)
  252,000
    234,778
5.50%, 5/1/2028 (a)
  460,000
    391,400
H&E Equipment Services, Inc. 3.88%,
12/15/2028  (a)
  652,000
    550,862
Herc Holdings, Inc. 5.50%, 7/15/2027  (a)
  587,000
    554,266
Imola Merger Corp. 4.75%, 5/15/2029  (a)
  594,000
    504,285
United Rentals North America, Inc.
 
 
4.88%, 1/15/2028
1,045,000
    976,667
5.25%, 1/15/2030
1,272,000
  1,203,312
WESCO Distribution, Inc.
 
 
7.13%, 6/15/2025 (a)
401,000
401,072
7.25%, 6/15/2028 (a)
687,000
692,675
 
 
5,925,108
Wireless Telecommunication Services — 0.8%
Connect Finco SARL (United Kingdom) 6.75%,
10/1/2026  (a)
700,000
641,886
Hughes Satellite Systems Corp.
 
 
5.25%, 8/1/2026
157,000
149,543
6.63%, 8/1/2026
425,000
402,156
Sprint Corp. 7.13%, 6/15/2024
678,000
700,008
United States Cellular Corp. 6.70%,
12/15/2033
130,000
126,575
Vodafone Group plc (United Kingdom)
 
 
(USD Swap Semi 5 Year + 4.87%), 7.00%,
4/4/2079 (c)
870,000
898,145
(US Treasury Yield Curve Rate T Note Constant
Maturity 5 Year + 3.07%), 5.12%,
6/4/2081 (c)
246,000
179,142
 
 
3,097,455
Total Corporate Bonds
(Cost $451,324,502)
 
394,887,550
SEE NOTES TO FINANCIAL STATEMENTS.
 
98
J.P. Morgan Exchange-Traded Funds
August 31, 2022
 INVESTMENTS
SHARES
($000)
VALUE
($000)
Short-Term Investments — 0.5%
Investment Companies — 0.5%
JPMorgan U.S. Government Money Market Fund
Class IM Shares, 2.00% (e) (f)
(Cost $1,852,115)
1,852,115
  1,852,115
Total Investments — 98.1%
(Cost $453,176,617)
 
396,739,665
Other Assets Less Liabilities — 1.9%
 
7,835,893
NET ASSETS — 100.0%
 
404,575,558
 
Percentages indicated are based on net assets.
 
Abbreviations
 
ICE
Intercontinental Exchange
LIBOR
London Interbank Offered Rate
OYJ
Public Limited Company
REIT
Real Estate Investment Trust
SCA
Limited partnership with share capital
SOFR
Secured Overnight Financing Rate
USD
United States Dollar
 
^
Amount rounds to less than 0.1% of net assets.
(a)
Securities exempt from registration under Rule 144A
or section 4(a)(2), of the Securities Act of 1933, as
amended.
 
(b)
Security has the ability to pay in kind (“PIK”) or pay
income in cash. When applicable, separate rates of
such payments are disclosed.
 
(c)
Variable or floating rate security, linked to the
referenced benchmark. The interest rate shown is the
current rate as of August 31, 2022.
 
(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, 2022.
 
(e)
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.
 
(f)
The rate shown is the current yield as of August 31,
2022.
 
SEE NOTES TO FINANCIAL STATEMENTS.
 
August 31, 2022
J.P. Morgan Exchange-Traded Funds
99
JPMorgan Income ETF
SCHEDULE OF PORTFOLIO INVESTMENTS
AS OF August 31, 2022  (Unaudited)
 
INVESTMENTS
PRINCIPAL
AMOUNT($)
VALUE($)
Corporate Bonds — 39.2%
Aerospace & Defense — 0.2%
Boeing Co. (The) 3.20%, 3/1/2029
   200,000
    176,703
Bombardier, Inc. (Canada) 7.50%,
3/15/2025  (a)
    25,000
     24,454
BWX Technologies, Inc. 4.13%, 6/30/2028
 (a)
   100,000
     92,000
TransDigm, Inc. 6.25%, 3/15/2026  (a)
    70,000
     68,775
 
 
361,932
Airlines — 0.2%
American Airlines, Inc.
 
 
5.50%, 4/20/2026 (a)
   260,000
    247,333
5.75%, 4/20/2029 (a)
    25,000
     22,568
Mileage Plus Holdings LLC 6.50%,
6/20/2027  (a)
    59,849
     59,999
 
 
329,900
Auto Components — 1.1%
Adient Global Holdings Ltd. 4.88%,
8/15/2026  (a)
200,000
185,088
Allison Transmission, Inc.
 
 
4.75%, 10/1/2027 (a)
20,000
18,600
5.88%, 6/1/2029 (a)
360,000
338,428
3.75%, 1/30/2031 (a)
25,000
20,258
American Axle & Manufacturing, Inc.
 
 
6.25%, 3/15/2026
20,000
19,283
6.50%, 4/1/2027
280,000
261,800
6.88%, 7/1/2028
20,000
18,992
5.00%, 10/1/2029
50,000
42,104
Clarios Global LP
 
 
6.75%, 5/15/2025 (a)
25,000
24,871
6.25%, 5/15/2026 (a)
225,000
222,500
8.50%, 5/15/2027 (a)
45,000
44,217
Dana, Inc.
 
 
5.38%, 11/15/2027
100,000
89,158
5.63%, 6/15/2028
25,000
22,432
4.25%, 9/1/2030
25,000
20,179
Dornoch Debt Merger Sub, Inc. 6.63%,
10/15/2029  (a)
80,000
62,400
Goodyear Tire & Rubber Co. (The)
 
 
5.00%, 5/31/2026
20,000
19,299
5.00%, 7/15/2029
301,000
269,832
5.25%, 4/30/2031
73,000
63,657
 
 
1,743,098
Automobiles — 0.1%
General Motors Co. 5.00%, 4/1/2035
85,000
76,042
INVESTMENTS
PRINCIPAL
AMOUNT($)
VALUE($)
 
Banks — 2.4%
Bank of America Corp.
 
 
Series DD, (ICE LIBOR USD 3 Month +
4.55%), 6.30%, 3/10/2026 (b) (c)
(d)
    85,000
     86,594
Series RR, (US Treasury Yield Curve Rate
T Note Constant Maturity 5 Year +
2.76%), 4.38%, 1/27/2027 (b) (c)
(d)
   250,000
    214,267
(ICE LIBOR USD 3 Month + 1.06%),
3.56%, 4/23/2027 (d)
   225,000
    214,785
Series TT, (US Treasury Yield Curve Rate
T Note Constant Maturity 5 Year +
3.23%), 6.13%, 4/27/2027 (b) (c)
(d)
   185,000
    182,096
(SOFR + 1.32%), 2.69%,
4/22/2032 (d)
   115,000
     95,335
Citigroup, Inc.
 
 
Series U, (SOFR + 3.81%), 5.00%,
9/12/2024 (b) (c) (d)
    95,000
     88,360
(SOFR + 1.37%), 4.14%,
5/24/2025 (d)
   340,000
    337,699
Series W, (US Treasury Yield Curve Rate T
Note Constant Maturity 5 Year +
3.60%), 4.00%, 12/10/2025 (b) (c)
(d)
   145,000
    127,238
(US Treasury Yield Curve Rate T
Note Constant Maturity 5 Year +
3.42%), 3.88%, 2/18/2026 (b) (c)
(d)
   100,000
     86,500
(SOFR + 0.77%), 1.46%, 6/9/2027 (d)
225,000
198,490
Credit Agricole SA (France) (USD Swap
Semi 5 Year + 6.19%), 8.12%,
12/23/2025  (a) (b) (c) (d)
250,000
255,937
HSBC Holdings plc (United Kingdom) (US
Treasury Yield Curve Rate T
Note Constant Maturity 5 Year + 3.65%),
4.60%, 12/17/2030  (b) (c) (d)
200,000
157,103
ING Groep NV (Netherlands) (USD ICE Swap
Rate 5 Year + 4.20%), 6.75%,
4/16/2024  (b) (c) (d) (e)
200,000
195,580
Intesa Sanpaolo SpA (Italy) (US Treasury
Yield Curve Rate T Note Constant
Maturity 1 Year + 2.60%), 4.20%,
6/1/2032  (a) (d)
200,000
145,525
Lloyds Banking Group plc (United Kingdom)
(USD Swap Semi 5 Year + 4.50%),
7.50%, 9/27/2025  (b) (c) (d)
200,000
193,888
SEE NOTES TO FINANCIAL STATEMENTS.
 
100
 
August 31, 2022
INVESTMENTS
PRINCIPAL
AMOUNT($)
VALUE($)
Corporate Bonds — continued
Banks — continued
National Australia Bank Ltd. (Australia) (US
Treasury Yield Curve Rate T
Note Constant Maturity 5 Year + 1.88%),
3.93%, 8/2/2034  (a) (d)
   250,000
    223,044
NatWest Group plc (United Kingdom) (US
Treasury Yield Curve Rate T
Note Constant Maturity 5 Year + 5.63%),
6.00%, 12/29/2025  (b) (c) (d)
   200,000
    187,959
Nordea Bank Abp (Finland) (US Treasury
Yield Curve Rate T Note Constant
Maturity 5 Year + 4.11%), 6.63%,
3/26/2026  (a) (b) (c) (d)
   200,000
    196,014
Societe Generale SA (France) (USD ICE
Swap Rate 5 Year + 5.87%), 8.00%,
9/29/2025  (a) (b) (c) (d)
   200,000
    201,962
Truist Financial Corp. Series Q, (US Treasury
Yield Curve Rate T Note Constant
Maturity 10 Year + 4.35%), 5.10%,
3/1/2030  (b) (c) (d)
    50,000
     47,375
UniCredit SpA (Italy) (US Treasury Yield
Curve Rate T Note Constant Maturity 1
Year + 1.20%), 1.98%, 6/3/2027  (a)
(d)
   200,000
    169,226
Wells Fargo & Co. Series BB, (US Treasury
Yield Curve Rate T Note Constant
Maturity 5 Year + 3.45%), 3.90%,
3/15/2026  (b) (c) (d)
   250,000
    220,312
 
 
3,825,289
Biotechnology — 0.2%
AbbVie, Inc. 4.50%, 5/14/2035
    80,000
     76,088
Grifols Escrow Issuer SA (Spain) 4.75%,
10/15/2028  (a)
   200,000
    166,710
 
 
242,798
Building Products — 0.4%
Builders FirstSource, Inc. 6.38%,
6/15/2032  (a)
75,000
69,562
Griffon Corp. 5.75%, 3/1/2028
25,000
23,125
JELD-WEN, Inc.
 
 
6.25%, 5/15/2025 (a)
45,000
43,875
4.88%, 12/15/2027 (a)
90,000
69,750
Masonite International Corp. 5.38%,
2/1/2028  (a)
100,000
93,000
MIWD Holdco II LLC 5.50%, 2/1/2030  (a)
50,000
41,064
Standard Industries, Inc.
 
 
4.75%, 1/15/2028 (a)
350,000
305,948
4.38%, 7/15/2030 (a)
20,000
15,881
 
 
662,205
INVESTMENTS
PRINCIPAL
AMOUNT($)
VALUE($)
 
Capital Markets — 0.7%
Charles Schwab Corp. (The) Series I, (US
Treasury Yield Curve Rate T
Note Constant Maturity 5 Year + 3.17%),
4.00%, 6/1/2026  (b) (c) (d)
   200,000
    172,000
Coinbase Global, Inc. 3.63%, 10/1/2031
 (a)
    20,000
     12,176
Credit Suisse Group AG (Switzerland) (USD
Swap Semi 5 Year + 3.46%), 6.25%,
12/18/2024  (a) (b) (c) (d)
   200,000
    179,500
Goldman Sachs Group, Inc. (The)
 
 
Series R, (US Treasury Yield Curve Rate T
Note Constant Maturity 5 Year +
3.22%), 4.95%, 2/10/2025 (b) (c)
(d)
    95,000
     89,326
Series U, (US Treasury Yield Curve Rate T
Note Constant Maturity 5 Year +
2.92%), 3.65%, 8/10/2026 (b) (c)
(d)
   100,000
     81,050
(SOFR + 0.91%), 1.95%,
10/21/2027 (d)
   225,000
    199,842
Morgan Stanley (SOFR + 0.86%), 1.51%,
7/20/2027  (d)
   225,000
    199,238
UBS Group AG (Switzerland) (USD Swap
Semi 5 Year + 4.59%), 6.87%,
8/7/2025  (b) (c) (d) (e)
   200,000
    198,120
 
 
1,131,252
Chemicals — 1.4%
Albemarle Corp. 4.65%, 6/1/2027
500,000
496,371
Axalta Coating Systems LLC 4.75%,
6/15/2027  (a)
200,000
185,250
Braskem Idesa SAPI (Mexico) 6.99%,
2/20/2032  (a)
200,000
155,000
Chemours Co. (The)
 
 
5.75%, 11/15/2028 (a)
250,000
223,750
4.63%, 11/15/2029 (a)
50,000
41,250
Element Solutions, Inc. 3.88%, 9/1/2028
 (a)
140,000
121,625
NOVA Chemicals Corp. (Canada)
 
 
5.25%, 6/1/2027 (a)
340,000
300,184
4.25%, 5/15/2029 (a)
20,000
16,450
Scotts Miracle-Gro Co. (The)
 
 
5.25%, 12/15/2026
20,000
19,050
4.50%, 10/15/2029
285,000
228,330
4.00%, 4/1/2031
40,000
30,045
Trinseo Materials Operating SCA
 
 
5.38%, 9/1/2025 (a)
45,000
38,785
5.13%, 4/1/2029 (a)
220,000
156,134
SEE NOTES TO FINANCIAL STATEMENTS.
 
August 31, 2022
 
101
JPMorgan Income ETF
SCHEDULE OF PORTFOLIO INVESTMENTS
AS OF August 31, 2022  (Unaudited) (continued)
INVESTMENTS
PRINCIPAL
AMOUNT($)
VALUE($)
Corporate Bonds — continued
Chemicals — continued
WR Grace Holdings LLC
 
 
4.88%, 6/15/2027 (a)
   140,000
    129,483
5.63%, 8/15/2029 (a)
   140,000
    110,600
 
 
2,252,307
Commercial Services & Supplies — 1.1%
ACCO Brands Corp. 4.25%, 3/15/2029  (a)
   280,000
    233,411
ADT Security Corp. (The)
 
 
4.13%, 8/1/2029 (a)
    70,000
     60,111
4.88%, 7/15/2032 (a)
   180,000
    150,578
Allied Universal Holdco LLC 6.63%,
7/15/2026  (a)
   185,000
    173,214
Aramark Services, Inc. 5.00%, 2/1/2028
 (a)
   135,000
    124,243
Atento Luxco 1 SA (Brazil) 8.00%,
2/10/2026  (e)
100,000
47,500
Clean Harbors, Inc. 5.13%, 7/15/2029
 (a)
100,000
93,621
Garda World Security Corp. (Canada)
4.63%, 2/15/2027  (a)
25,000
21,973
GFL Environmental, Inc. (Canada)
 
 
3.75%, 8/1/2025 (a)
160,000
151,158
5.13%, 12/15/2026 (a)
20,000
19,328
4.38%, 8/15/2029 (a)
45,000
38,138
Madison IAQ LLC 4.13%, 6/30/2028  (a)
280,000
240,100
Nielsen Finance LLC 5.63%, 10/1/2028
 (a)
160,000
160,365
Prime Security Services Borrower LLC
 
 
5.75%, 4/15/2026 (a)
45,000
43,298
3.38%, 8/31/2027 (a)
175,000
150,609
Stericycle, Inc. 3.88%, 1/15/2029  (a)
80,000
69,300
 
 
1,776,947
Communications Equipment — 0.3%
CommScope, Inc.
 
 
6.00%, 3/1/2026 (a)
330,000
311,883
8.25%, 3/1/2027 (a)
135,000
115,697
4.75%, 9/1/2029 (a)
50,000
42,547
 
 
470,127
Construction & Engineering — 0.2%
Dycom Industries, Inc. 4.50%,
4/15/2029 (a)
90,000
80,337
International Airport Finance SA (Ecuador)
12.00%, 3/15/2033  (e)
200,000
191,244
MasTec, Inc. 4.50%, 8/15/2028  (a)
75,000
68,831
 
 
340,412
INVESTMENTS
PRINCIPAL
AMOUNT($)
VALUE($)
 
Consumer Finance — 1.4%
AerCap Ireland Capital DAC (Ireland)
 
 
3.00%, 10/29/2028
   420,000
    357,050
3.85%, 10/29/2041
   150,000
    110,436
Ford Motor Credit Co. LLC
 
 
3.66%, 9/8/2024
   200,000
    191,578
4.27%, 1/9/2027
   275,000
    251,186
4.13%, 8/17/2027
   665,000
    598,985
3.82%, 11/2/2027
   400,000
    352,080
OneMain Finance Corp. 3.88%, 9/15/2028
   200,000
    156,000
Park Aerospace Holdings Ltd. (Ireland)
4.50%, 3/15/2023  (a)
   100,000
     99,421
 
 
2,116,736
Containers & Packaging — 1.0%
Ardagh Packaging Finance plc 5.25%,
8/15/2027 (a)
400,000
289,146
LABL, Inc. 6.75%, 7/15/2026  (a)
210,000
199,500
Mauser Packaging Solutions Holding
Co. 5.50%, 4/15/2024  (a)
280,000
271,062
Owens-Brockway Glass Container,
Inc. 6.63%, 5/13/2027  (a)
25,000
23,204
Pactiv Evergreen Group Issuer, Inc. 4.00%,
10/15/2027  (a)
340,000
296,769
TriMas Corp. 4.13%, 4/15/2029  (a)
65,000
57,038
Trivium Packaging Finance BV
(Netherlands)
 
 
5.50%, 8/15/2026 (a) (f)
200,000
191,824
8.50%, 8/15/2027 (a) (f)
250,000
237,666
 
 
1,566,209
Diversified Consumer Services — 0.1%
Service Corp. International 5.13%,
6/1/2029
175,000
165,797
Diversified Telecommunication Services — 3.0%
Altice France Holding SA (Luxembourg)
10.50%, 5/15/2027  (a)
200,000
172,544
Altice France SA (France)
 
 
8.13%, 2/1/2027 (a)
200,000
190,334
5.13%, 7/15/2029 (a)
250,000
189,915
AT&T, Inc.
 
 
4.30%, 2/15/2030
125,000
119,899
3.50%, 9/15/2053
50,000
36,861
CCO Holdings LLC
 
 
5.00%, 2/1/2028 (a)
575,000
525,446
5.38%, 6/1/2029 (a)
387,000
353,565
4.75%, 3/1/2030 (a)
705,000
605,972
SEE NOTES TO FINANCIAL STATEMENTS.
 
102
 
August 31, 2022
INVESTMENTS
PRINCIPAL
AMOUNT($)
VALUE($)
Corporate Bonds — continued
Diversified Telecommunication Services — continued
4.50%, 8/15/2030 (a)
   142,000
    119,418
4.25%, 2/1/2031 (a)
   438,000
    357,384
4.75%, 2/1/2032 (a)
    20,000
     16,544
Frontier Communications Holdings LLC
 
 
5.88%, 10/15/2027 (a)
   265,000
    247,179
5.00%, 5/1/2028 (a)
    20,000
     17,529
Intelsat Jackson Holdings SA (Luxembourg)
6.50%, 3/15/2030  (a)
   255,000
    231,152
Level 3 Financing, Inc.
 
 
5.38%, 5/1/2025
    14,000
     14,002
5.25%, 3/15/2026
     6,000
      6,102
4.63%, 9/15/2027 (a)
   380,000
    335,700
Lumen Technologies, Inc. 4.00%,
2/15/2027  (a)
440,000
382,463
Sprint Capital Corp.
 
 
6.88%, 11/15/2028
125,000
131,993
8.75%, 3/15/2032
285,000
344,058
Switch Ltd.
 
 
3.75%, 9/15/2028 (a)
20,000
19,818
4.13%, 6/15/2029 (a)
50,000
49,875
Telecom Italia Capital SA (Italy) 6.38%,
11/15/2033
60,000
50,700
Zayo Group Holdings, Inc. 4.00%,
3/1/2027  (a)
135,000
115,088
 
 
4,633,541
Electric Utilities — 1.7%
Duquesne Light Holdings, Inc. 2.78%,
1/7/2032  (a)
115,000
93,773
Electricidad Firme de Mexico Holdings SA
de CV (Mexico) 4.90%, 11/20/2026
 (a)
200,000
169,413
Energuate Trust (Guatemala) 5.88%,
5/3/2027  (e)
200,000
187,500
Eskom Holdings SOC Ltd. (South Africa)
7.13%, 2/11/2025  (e)
200,000
187,600
Instituto Costarricense de
Electricidad (Costa Rica) 6.75%,
10/7/2031  (a)
200,000
193,412
NRG Energy, Inc.
 
 
6.63%, 1/15/2027
20,000
19,842
5.75%, 1/15/2028
350,000
329,913
3.38%, 2/15/2029 (a)
265,000
217,693
5.25%, 6/15/2029 (a)
25,000
22,345
Trinidad Generation UnLtd (Trinidad and
Tobago) 5.25%, 11/4/2027  (e)
200,000
193,850
INVESTMENTS
PRINCIPAL
AMOUNT($)
VALUE($)
 
Electric Utilities — continued
Vistra Operations Co. LLC
 
 
5.13%, 5/13/2025 (a)
   740,000
    736,039
5.63%, 2/15/2027 (a)
    12,000
     11,550
5.00%, 7/31/2027 (a)
   278,000
    258,729
 
 
2,621,659
Electronic Equipment, Instruments & Components — 0.3%
CDW LLC 3.25%, 2/15/2029
   100,000
     86,771
II-VI, Inc. 5.00%, 12/15/2029  (a)
   130,000
    115,748
Sensata Technologies, Inc. 3.75%,
2/15/2031  (a)
   350,000
    289,125
 
 
491,644
Energy Equipment & Services — 0.1%
Guara Norte SARL (Brazil) 5.20%,
6/15/2034  (e)
187,230
156,079
Nabors Industries, Inc. 5.75%, 2/1/2025
25,000
23,046
Transocean Guardian Ltd. 5.88%,
1/15/2024  (a)
37,995
36,001
 
 
215,126
Entertainment — 0.7%
Live Nation Entertainment, Inc.
 
 
5.63%, 3/15/2026 (a)
25,000
24,125
6.50%, 5/15/2027 (a)
210,000
209,659
4.75%, 10/15/2027 (a)
365,000
332,150
Netflix, Inc.
 
 
5.88%, 11/15/2028
205,000
207,298
6.38%, 5/15/2029
125,000
129,412
WMG Acquisition Corp.
 
 
3.75%, 12/1/2029 (a)
23,000
19,659
3.88%, 7/15/2030 (a)
217,000
186,620
 
 
1,108,923
Equity Real Estate Investment Trusts (REITs) — 0.7%
American Tower Corp. 3.80%, 8/15/2029
100,000
92,575
Iron Mountain, Inc.
 
 
4.88%, 9/15/2027 (a)
45,000
41,303
5.25%, 3/15/2028 (a)
45,000
41,288
5.00%, 7/15/2028 (a)
25,000
22,814
5.25%, 7/15/2030 (a)
125,000
110,625
RHP Hotel Properties LP
 
 
4.75%, 10/15/2027
310,000
281,892
4.50%, 2/15/2029 (a)
45,000
38,861
VICI Properties LP
 
 
4.25%, 12/1/2026 (a)
345,000
323,151
3.75%, 2/15/2027 (a)
145,000
131,110
SEE NOTES TO FINANCIAL STATEMENTS.
 
August 31, 2022
 
103
JPMorgan Income ETF
SCHEDULE OF PORTFOLIO INVESTMENTS
AS OF August 31, 2022  (Unaudited) (continued)
INVESTMENTS
PRINCIPAL
AMOUNT($)
VALUE($)
Corporate Bonds — continued
Equity Real Estate Investment Trusts (REITs) — continued
3.88%, 2/15/2029 (a)
    25,000
     22,234
4.63%, 12/1/2029 (a)
    37,000
     34,179
 
 
1,140,032
Food & Staples Retailing — 0.8%
Albertsons Cos., Inc.
 
 
4.63%, 1/15/2027 (a)
   310,000
    282,881
5.88%, 2/15/2028 (a)
   195,000
    185,820
3.50%, 3/15/2029 (a)
    70,000
     57,526
Performance Food Group, Inc.
 
 
5.50%, 10/15/2027 (a)
   195,000
    183,813
4.25%, 8/1/2029 (a)
    95,000
     81,347
Rite Aid Corp.
 
 
7.50%, 7/01/2025 (a)
173,000
147,282
8.00%, 11/15/2026 (a)
120,000
97,800
US Foods, Inc.
 
 
4.75%, 2/15/2029 (a)
114,000
101,598
4.63%, 6/1/2030 (a)
41,000
35,362
 
 
1,173,429
Food Products — 0.5%
Lamb Weston Holdings, Inc. 4.13%,
1/31/2030  (a)
320,000
288,400
Post Holdings, Inc.
 
 
5.63%, 1/15/2028 (a)
20,000
19,000
5.50%, 12/15/2029 (a)
345,000
316,160
4.63%, 4/15/2030 (a)
40,000
34,739
Sigma Holdco BV (Netherlands) 7.88%,
5/15/2026  (a)
200,000
142,737
 
 
801,036
Health Care Equipment & Supplies — 0.6%
Avantor Funding, Inc. 4.63%, 7/15/2028
 (a)
295,000
268,415
Hologic, Inc. 3.25%, 2/15/2029  (a)
250,000
213,114
Medline Borrower LP
 
 
3.88%, 4/1/2029 (a)
400,000
339,000
5.25%, 10/1/2029 (a)
70,000
58,829
Teleflex, Inc. 4.25%, 6/1/2028  (a)
25,000
22,713
 
 
902,071
Health Care Providers & Services — 2.5%
Acadia Healthcare Co., Inc.
 
 
5.50%, 7/1/2028 (a)
90,000
85,260
5.00%, 4/15/2029 (a)
35,000
32,405
Centene Corp.
 
 
4.25%, 12/15/2027
20,000
18,993
INVESTMENTS
PRINCIPAL
AMOUNT($)
VALUE($)
 
Health Care Providers & Services — continued
4.63%, 12/15/2029
   495,000
    466,310
Community Health Systems, Inc.
 
 
8.00%, 3/15/2026 (a)
   306,000
    286,110
5.63%, 3/15/2027 (a)
     9,000
      7,632
6.00%, 1/15/2029 (a)
    70,000
     57,453
5.25%, 5/15/2030 (a)
    64,000
     48,482
4.75%, 2/15/2031 (a)
    20,000
     14,768
DaVita, Inc.
 
 
4.63%, 6/1/2030 (a)
    25,000
     20,126
3.75%, 2/15/2031 (a)
   375,000
    275,916
Encompass Health Corp.
 
 
4.50%, 2/1/2028
250,000
218,710
4.75%, 2/1/2030
70,000
59,866
HCA, Inc.
 
 
5.88%, 2/15/2026
405,000
413,545
5.63%, 9/1/2028
250,000
251,271
5.88%, 2/1/2029
295,000
300,699
4.13%, 6/15/2029
140,000
128,875
Owens & Minor, Inc. 4.50%, 3/31/2029
 (a)
135,000
115,058
Tenet Healthcare Corp.
 
 
4.88%, 1/1/2026 (a)
20,000
19,000
6.25%, 2/1/2027 (a)
20,000
19,286
5.13%, 11/1/2027 (a)
560,000
518,840
4.63%, 6/15/2028 (a)
485,000
440,863
4.38%, 1/15/2030 (a)
25,000
21,875
6.13%, 6/15/2030 (a)
68,000
65,287
 
 
3,886,630
Health Care Technology — 0.1%
IQVIA, Inc. 5.00%, 5/15/2027  (a)
200,000
193,278
Hotels, Restaurants & Leisure — 1.7%
1011778 BC ULC (Canada)
 
 
3.88%, 1/15/2028 (a)
200,000
177,782
4.38%, 1/15/2028 (a)
45,000
40,228
3.50%, 2/15/2029 (a)
50,000
42,935
4.00%, 10/15/2030 (a)
25,000
20,289
Boyne USA, Inc. 4.75%, 5/15/2029  (a)
75,000
66,706
Caesars Entertainment, Inc.
 
 
6.25%, 7/1/2025 (a)
155,000
151,344
8.13%, 7/1/2027 (a)
85,000
83,510
4.63%, 10/15/2029 (a)
25,000
20,109
Carnival Corp.
 
 
5.75%, 3/1/2027 (a)
55,000
42,763
9.88%, 8/1/2027 (a)
110,000
110,413
SEE NOTES TO FINANCIAL STATEMENTS.
 
104
 
August 31, 2022
INVESTMENTS
PRINCIPAL
AMOUNT($)
VALUE($)
Corporate Bonds — continued
Hotels, Restaurants & Leisure — continued
Cedar Fair LP
 
 
5.50%, 5/1/2025 (a)
    20,000
     19,618
5.38%, 4/15/2027
    60,000
     56,610
5.25%, 7/15/2029
    75,000
     68,274
Hilton Domestic Operating Co., Inc. 3.75%,
5/1/2029  (a)
    90,000
     77,649
Hilton Worldwide Finance LLC 4.88%,
4/1/2027
   260,000
    248,300
MGM Resorts International
 
 
6.75%, 5/1/2025
    70,000
     69,921
5.75%, 6/15/2025
    50,000
     48,500
4.63%, 9/1/2026
   155,000
    141,014
Royal Caribbean Cruises Ltd.
 
 
11.50%, 6/1/2025 (a)
25,000
26,533
11.63%, 8/15/2027 (a)
109,000
106,837
Six Flags Entertainment Corp.
 
 
4.88%, 7/31/2024 (a)
270,000
259,054
5.50%, 4/15/2027 (a)
135,000
123,794
Six Flags Theme Parks, Inc. 7.00%,
7/1/2025  (a)
10,000
10,107
Station Casinos LLC 4.50%, 2/15/2028
 (a)
80,000
68,914
Vail Resorts, Inc. 6.25%, 5/15/2025  (a)
25,000
25,024
Wynn Las Vegas LLC 5.50%, 3/1/2025  (a)
25,000
23,940
Wynn Resorts Finance LLC
 
 
7.75%, 4/15/2025 (a)
70,000
69,767
5.13%, 10/1/2029 (a)
325,000
272,668
Yum! Brands, Inc. 4.75%, 1/15/2030  (a)
180,000
164,025
 
 
2,636,628
Household Durables — 0.3%
CD&R Smokey Buyer, Inc. 6.75%,
7/15/2025  (a)
85,000
79,050
Newell Brands, Inc. 4.45%, 4/1/2026  (f)
160,000
150,474
Tempur Sealy International, Inc. 4.00%,
4/15/2029  (a)
225,000
184,862
 
 
414,386
Household Products — 0.6%
Central Garden & Pet Co.
 
 
5.13%, 2/01/2028
225,000
207,531
4.13%, 10/15/2030
45,000
37,458
Energizer Holdings, Inc.
 
 
4.75%, 6/15/2028 (a)
97,000
80,698
4.38%, 3/31/2029 (a)
307,000
249,720
INVESTMENTS
PRINCIPAL
AMOUNT($)
VALUE($)
 
Household Products — continued
Spectrum Brands, Inc.
 
 
5.00%, 10/1/2029 (a)
   270,000
    235,078
5.50%, 7/15/2030 (a)
    45,000
     38,766
3.88%, 3/15/2031 (a)
    50,000
     38,786
 
 
888,037
Independent Power and Renewable Electricity Producers — 0.3%
Alexander Funding Trust 1.84%,
11/15/2023  (a)
   310,000
    294,549
Calpine Corp. 4.63%, 2/1/2029  (a)
    95,000
     80,690
Termocandelaria Power Ltd. (Colombia)
7.88%, 1/30/2029  (e)
   170,000
    158,238
 
 
533,477
Internet & Direct Marketing Retail — 0.1%
Photo Holdings Merger Sub, Inc. 8.50%,
10/1/2026  (a)
145,000
108,281
IT Services — 0.2%
Block, Inc. 3.50%, 6/1/2031
165,000
135,750
Gartner, Inc. 4.50%, 7/1/2028  (a)
260,000
239,967
 
 
375,717
Leisure Products — 0.2%
Mattel, Inc. 5.88%, 12/15/2027  (a)
175,000
174,254
Vista Outdoor, Inc. 4.50%, 3/15/2029  (a)
185,000
137,718
 
 
311,972
Machinery — 0.2%
Terex Corp. 5.00%, 5/15/2029  (a)
80,000
71,576
TK Elevator US Newco, Inc. (Germany)
5.25%, 7/15/2027  (a)
200,000
182,000
 
 
253,576
Media — 3.6%
Charter Communications
Operating LLC 5.38%, 4/1/2038
100,000
87,688
Clear Channel Outdoor Holdings, Inc.
 
 
5.13%, 8/15/2027 (a)
505,000
452,293
7.75%, 4/15/2028 (a)
72,000
58,558
CSC Holdings LLC
 
 
7.50%, 4/1/2028 (a)
200,000
177,778
6.50%, 2/1/2029 (a)
260,000
239,261
Directv Financing LLC 5.88%, 8/15/2027
 (a)
280,000
256,200
Discovery Communications LLC 4.95%,
5/15/2042
60,000
48,722
DISH DBS Corp.
 
 
5.00%, 3/15/2023
150,000
146,795
SEE NOTES TO FINANCIAL STATEMENTS.
 
August 31, 2022
 
105
JPMorgan Income ETF
SCHEDULE OF PORTFOLIO INVESTMENTS
AS OF August 31, 2022  (Unaudited) (continued)
INVESTMENTS
PRINCIPAL
AMOUNT($)
VALUE($)
Corporate Bonds — continued
Media — continued
5.88%, 11/15/2024
   986,000
    892,330
7.75%, 7/1/2026
   125,000
     98,553
5.25%, 12/1/2026 (a)
   164,000
    135,403
GCI LLC 4.75%, 10/15/2028  (a)
    85,000
     76,604
Gray Escrow II, Inc. 5.38%, 11/15/2031
 (a)
    17,000
     14,368
Gray Television, Inc.
 
 
7.00%, 5/15/2027 (a)
    40,000
     39,435
4.75%, 10/15/2030 (a)
   251,000
    206,824
iHeartCommunications, Inc.
 
 
6.38%, 5/1/2026
    20,000
     18,890
5.25%, 8/15/2027 (a)
   370,000
    331,943
4.75%, 1/15/2028 (a)
75,000
64,364
Lamar Media Corp. 4.88%, 1/15/2029
100,000
92,847
Midcontinent Communications 5.38%,
8/15/2027  (a)
40,000
37,400
News Corp. 3.88%, 5/15/2029  (a)
170,000
147,900
Nexstar Media, Inc.
 
 
5.63%, 7/15/2027 (a)
45,000
42,848
4.75%, 11/1/2028 (a)
495,000
447,975
Paramount Global
 
 
(ICE LIBOR USD 3 Month + 3.90%),
6.25%, 2/28/2057 (d)
100,000
92,363
(US Treasury Yield Curve Rate T
Note Constant Maturity 5 Year +
4.00%), 6.37%, 3/30/2062 (d)
205,000
188,576
Sirius XM Radio, Inc.
 
 
5.00%, 8/1/2027 (a)
175,000
164,741
4.00%, 7/15/2028 (a)
385,000
335,441
5.50%, 7/1/2029 (a)
155,000
144,937
4.13%, 7/1/2030 (a)
60,000
50,836
Stagwell Global LLC 5.63%, 8/15/2029
 (a)
100,000
84,805
Univision Communications, Inc.
 
 
6.63%, 6/1/2027 (a)
70,000
67,551
4.50%, 5/1/2029 (a)
155,000
135,586
Videotron Ltd. (Canada) 5.13%,
4/15/2027  (a)
185,000
173,437
 
 
5,553,252
Metals & Mining — 0.9%
Alcoa Nederland Holding BV 6.13%,
5/15/2028  (a)
200,000
194,376
Arconic Corp.
 
 
6.00%, 5/15/2025 (a)
20,000
19,625
6.13%, 2/15/2028 (a)
210,000
197,122
INVESTMENTS
PRINCIPAL
AMOUNT($)
VALUE($)
 
Metals & Mining — continued
ATI, Inc.
 
 
5.88%, 12/1/2027
    25,000
     23,759
4.88%, 10/1/2029
    25,000
     22,365
Big River Steel LLC 6.63%, 1/31/2029 (a)
    55,000
     54,744
Cleveland-Cliffs, Inc. 4.63%, 3/1/2029
 (a)
   270,000
    239,686
CSN Inova Ventures (Brazil) 6.75%,
1/28/2028  (e)
   200,000
    188,870
Freeport-McMoRan, Inc. 4.38%, 8/1/2028
   160,000
    150,606
Glencore Funding LLC (Australia) 2.50%,
9/1/2030  (a)
   100,000
     81,309
Kaiser Aluminum Corp. 4.63%, 3/1/2028
 (a)
    80,000
     68,907
Novelis Corp.
 
 
4.75%, 1/30/2030 (a)
   179,000
    155,730
3.88%, 8/15/2031 (a)
66,000
53,272
 
 
1,450,371
Multiline Retail — 0.1%
NMG Holding Co., Inc. 7.13%, 4/1/2026
 (a)
150,000
140,335
Oil, Gas & Consumable Fuels — 3.7%
Antero Midstream Partners LP
 
 
7.88%, 5/15/2026 (a)
20,000
20,350
5.75%, 3/1/2027 (a)
25,000
23,688
5.75%, 1/15/2028 (a)
220,000
208,556
5.38%, 6/15/2029 (a)
70,000
64,184
Antero Resources Corp.
 
 
8.38%, 7/15/2026 (a)
20,000
21,459
7.63%, 2/1/2029 (a)
75,000
76,289
5.38%, 3/1/2030 (a)
20,000
18,825
BP Capital Markets plc (United Kingdom)
 
 
(US Treasury Yield Curve Rate T
Note Constant Maturity 5 Year +
4.04%), 4.38%, 6/22/2025 (b) (c)
(d)
140,000
134,015
(US Treasury Yield Curve Rate T
Note Constant Maturity 5 Year +
4.40%), 4.88%, 3/22/2030 (b) (c)
(d)
75,000
68,606
Buckeye Partners LP
 
 
3.95%, 12/1/2026
170,000
150,954
4.13%, 12/1/2027
20,000
17,680
4.50%, 3/1/2028 (a)
45,000
39,841
Cheniere Energy Partners LP
 
 
4.50%, 10/1/2029
150,000
138,124
SEE NOTES TO FINANCIAL STATEMENTS.
 
106
 
August 31, 2022
INVESTMENTS
PRINCIPAL
AMOUNT($)
VALUE($)
Corporate Bonds — continued
Oil, Gas & Consumable Fuels — continued
4.00%, 3/1/2031
    20,000
     17,525
Cheniere Energy, Inc. 4.63%, 10/15/2028
    80,000
     77,085
Chesapeake Energy Corp.
 
 
5.50%, 2/1/2026 (a)
    20,000
     19,266
6.75%, 4/15/2029 (a)
   205,000
    200,141
Chord Energy Corp. 6.38%, 6/1/2026  (a)
   100,000
     97,000
Comstock Resources, Inc.
 
 
6.75%, 3/1/2029 (a)
   180,000
    171,805
5.88%, 1/15/2030 (a)
    25,000
     22,873
Crestwood Midstream Partners LP
 
 
5.75%, 4/01/2025
    90,000
     86,740
5.63%, 5/1/2027 (a)
70,000
65,275
8.00%, 4/1/2029 (a)
115,000
114,015
DT Midstream, Inc. 4.13%, 6/15/2029  (a)
190,000
166,816
Encino Acquisition Partners
Holdings LLC 8.50%, 5/1/2028  (a)
25,000
23,801
Energean Israel Finance Ltd. (Israel)
5.38%, 3/30/2028  (e)
50,000
44,875
Energy Transfer LP 5.35%, 5/15/2045
60,000
52,876
EnLink Midstream Partners LP 4.85%,
7/15/2026
20,000
19,650
EQM Midstream Partners LP
 
 
6.00%, 7/1/2025 (a)
68,000
65,581
4.50%, 1/15/2029 (a)
95,000
81,813
Gulfport Energy Corp. 8.00%, 5/17/2026
 (a)
130,000
130,866
Hess Midstream Operations LP
 
 
5.63%, 2/15/2026 (a)
190,000
185,263
5.13%, 6/15/2028 (a)
20,000
18,575
4.25%, 2/15/2030 (a)
20,000
17,170
Kinetik Holdings LP 5.88%, 6/15/2030
 (a)
57,000
54,225
Leviathan Bond Ltd. (Israel) 6.75%,
6/30/2030  (e)
50,000
47,687
Medco Bell Pte. Ltd. (Indonesia) 6.38%,
1/30/2027  (e)
200,000
175,750
MEG Energy Corp. (Canada) 7.13%,
2/1/2027  (a)
85,000
85,892
MPLX LP 4.50%, 4/15/2038
90,000
79,555
NuStar Logistics LP
 
 
5.63%, 4/28/2027
210,000
191,191
6.38%, 10/1/2030
25,000
22,750
Occidental Petroleum Corp.
 
 
8.50%, 7/15/2027
75,000
83,996
6.38%, 9/1/2028
60,000
62,666
8.88%, 7/15/2030
195,000
227,799
INVESTMENTS
PRINCIPAL
AMOUNT($)
VALUE($)
 
Oil, Gas & Consumable Fuels — continued
Peru LNG Srl (Peru) 5.38%, 3/22/2030
 (e)
   200,000
    169,000
Petroleos Mexicanos (Mexico)
 
 
6.88%, 8/4/2026
    50,000
     46,672
5.35%, 2/12/2028
   300,000
    243,780
5.95%, 1/28/2031
   330,000
    246,922
Range Resources Corp.
 
 
8.25%, 1/15/2029
   103,000
    108,120
4.75%, 2/15/2030 (a)
     8,000
      7,412
SM Energy Co. 6.75%, 9/15/2026
   120,000
    118,013
Southwestern Energy Co.
 
 
8.38%, 9/15/2028
   160,000
    168,310
5.38%, 2/1/2029
20,000
18,905
5.38%, 3/15/2030
25,000
23,432
Sunoco LP
 
 
4.50%, 5/15/2029
60,000
50,975
4.50%, 4/30/2030
25,000
21,325
Tallgrass Energy Partners LP
 
 
7.50%, 10/1/2025 (a)
170,000
170,212
6.00%, 3/1/2027 (a)
45,000
41,062
5.50%, 1/15/2028 (a)
50,000
43,232
6.00%, 12/31/2030 (a)
20,000
17,505
Targa Resources Partners LP
 
 
6.50%, 7/15/2027
285,000
293,194
5.50%, 3/1/2030
25,000
24,419
4.88%, 2/1/2031
70,000
64,889
4.00%, 1/15/2032
205,000
179,522
Transcanada Trust (Canada) (SOFR +
4.42%), 5.50%, 9/15/2079  (d)
100,000
91,983
 
 
5,841,977
Personal Products — 0.3%
Coty, Inc.
 
 
5.00%, 4/15/2026 (a)
80,000
75,800
4.75%, 1/15/2029 (a)
45,000
39,818
Edgewell Personal Care Co. 5.50%,
6/1/2028  (a)
255,000
235,495
Prestige Brands, Inc. 5.13%, 1/15/2028
 (a)
170,000
156,808
 
 
507,921
Pharmaceuticals — 1.1%
Bausch Health Americas, Inc. 9.25%,
4/1/2026  (a)
415,000
249,000
Bausch Health Cos., Inc.
 
 
5.50%, 11/1/2025 (a)
120,000
99,000
SEE NOTES TO FINANCIAL STATEMENTS.
 
August 31, 2022
 
107
JPMorgan Income ETF
SCHEDULE OF PORTFOLIO INVESTMENTS
AS OF August 31, 2022  (Unaudited) (continued)
INVESTMENTS
PRINCIPAL
AMOUNT($)
VALUE($)
Corporate Bonds — continued
Pharmaceuticals — continued
9.00%, 12/15/2025 (a)
   135,000
     83,785
5.75%, 8/15/2027 (a)
   225,000
    164,072
5.00%, 1/30/2028 (a)
   230,000
     86,250
4.88%, 6/1/2028 (a)
   275,000
    190,097
5.00%, 2/15/2029 (a)
    20,000
      7,800
7.25%, 5/30/2029 (a)
   130,000
     50,050
Cheplapharm Arzneimittel
GmbH (Germany) 5.50%, 1/15/2028
 (a)
   250,000
    214,277
Elanco Animal Health, Inc. 6.40%,
8/28/2028  (f)
   145,000
    134,850
Jazz Securities DAC 4.38%, 1/15/2029
 (a)
   200,000
    180,348
Organon & Co. 4.13%, 4/30/2028  (a)
   205,000
    183,920
Teva Pharmaceutical Finance Netherlands
III BV (Israel) 3.15%, 10/1/2026
    50,000
     41,525
 
 
1,684,974
Real Estate Management & Development — 0.0% ^
Realogy Group LLC 5.75%, 1/15/2029  (a)
25,000
19,587
Road & Rail — 0.6%
Avis Budget Car Rental LLC
 
 
4.75%, 4/1/2028 (a)
90,000
78,563
5.38%, 3/01/2029 (a)
300,000
261,439
First Student Bidco, Inc. 4.00%,
7/31/2029  (a)
30,000
25,895
Hertz Corp. (The)
 
 
4.63%, 12/1/2026 (a)
45,000
38,543
5.00%, 12/1/2029 (a)
165,000
132,724
NESCO Holdings II, Inc. 5.50%, 4/15/2029
 (a)
105,000
92,400
Uber Technologies, Inc.
 
 
7.50%, 9/15/2027 (a)
190,000
190,242
4.50%, 8/15/2029 (a)
140,000
121,537
 
 
941,343
Semiconductors & Semiconductor Equipment — 0.4%
Amkor Technology, Inc. 6.63%,
9/15/2027  (a)
115,000
112,332
Broadcom Corp. 3.50%, 1/15/2028
100,000
92,827
Entegris Escrow Corp. 4.75%, 4/15/2029
 (a)
95,000
87,366
Entegris, Inc. 4.38%, 4/15/2028  (a)
105,000
92,683
ON Semiconductor Corp. 3.88%,
9/1/2028  (a)
190,000
169,442
 
 
554,650
INVESTMENTS
PRINCIPAL
AMOUNT($)
VALUE($)
 
Software — 0.5%
ACI Worldwide, Inc. 5.75%, 8/15/2026
 (a)
    25,000
     24,750
Clarivate Science Holdings Corp. 3.88%,
7/1/2028  (a)
   215,000
    184,041
Minerva Merger Sub, Inc. 6.50%,
2/15/2030  (a)
    50,000
     42,452
NCR Corp.
 
 
5.75%, 9/1/2027 (a)
    40,000
     38,473
5.13%, 4/15/2029 (a)
   305,000
    284,800
6.13%, 9/1/2029 (a)
    20,000
     19,071
SS&C Technologies, Inc. 5.50%,
9/30/2027  (a)
   240,000
    227,412
 
 
820,999
Specialty Retail — 0.8%
Asbury Automotive Group, Inc.
 
 
4.50%, 3/1/2028
45,000
40,188
4.63%, 11/15/2029 (a)
155,000
132,912
4.75%, 3/1/2030
35,000
29,750
Bath & Body Works, Inc.
 
 
7.50%, 6/15/2029
20,000
19,236
6.75%, 7/1/2036
115,000
99,238
Gap, Inc. (The) 3.63%, 10/1/2029  (a)
55,000
38,307
Group 1 Automotive, Inc. 4.00%,
8/15/2028  (a)
30,000
25,631
Lithia Motors, Inc. 4.63%, 12/15/2027
 (a)
90,000
83,336
Penske Automotive Group, Inc. 3.75%,
6/15/2029
100,000
84,587
PetSmart, Inc. 4.75%, 2/15/2028  (a)
270,000
240,593
SRS Distribution, Inc.
 
 
4.63%, 7/1/2028 (a)
191,000
169,065
6.13%, 7/1/2029 (a)
70,000
58,071
6.00%, 12/1/2029 (a)
9,000
7,328
Staples, Inc. 7.50%, 4/15/2026  (a)
225,000
190,138
 
 
1,218,380
Thrifts & Mortgage Finance — 0.1%
Rocket Mortgage LLC 3.63%, 3/1/2029
 (a)
178,000
143,290
Tobacco — 0.2%
BAT Capital Corp. (United Kingdom)
4.39%, 8/15/2037
80,000
63,276
BAT International Finance plc (United
Kingdom) 4.45%, 3/16/2028
310,000
293,660
 
 
356,936
SEE NOTES TO FINANCIAL STATEMENTS.
 
108
 
August 31, 2022

INVESTMENTS
PRINCIPAL
AMOUNT($)
VALUE($)
Corporate Bonds — continued
Trading Companies & Distributors — 0.9%
Air Lease Corp. 2.20%, 1/15/2027
   380,000
    333,718
Imola Merger Corp. 4.75%, 5/15/2029
 (a)
   385,000
    326,851
United Rentals North America, Inc.
 
 
4.88%, 1/15/2028
   400,000
    373,844
5.25%, 1/15/2030
    20,000
     18,920
WESCO Distribution, Inc.
 
 
7.13%, 6/15/2025 (a)
   230,000
    230,042
7.25%, 6/15/2028 (a)
    65,000
     65,537
 
 
1,348,912
Wireless Telecommunication Services — 0.6%
America Movil SAB de CV (Mexico) 5.38%,
4/4/2032  (a)
   200,000
    183,690
Sprint Corp. 7.63%, 3/1/2026
310,000
327,864
T-Mobile USA, Inc. 4.75%, 2/1/2028
320,000
312,992
Vodafone Group plc (United Kingdom)
 
 
(US Treasury Yield Curve Rate T
Note Constant Maturity 5 Year +
2.45%), 3.25%, 6/4/2081 (d)
100,000
86,430
(US Treasury Yield Curve Rate T
Note Constant Maturity 5 Year +
2.77%), 4.12%, 6/4/2081 (d)
100,000
78,450
 
 
989,426
Total Corporate Bonds
(Cost $68,233,201)
 
61,322,847
Asset-Backed Securities — 28.2%
ACC Trust Series 2019-2, Class C, 5.24%,
10/21/2024 (a)
500,000
497,676
Affirm Asset Securitization Trust Series
2022-Z1, Class A, 4.55%,
6/15/2027 (a)
385,902
380,246
Air Canada Pass-Through Trust (Canada)
Series 2020-2, Class B, 9.00%,
10/1/2025 (a)
7,341
7,426
American Airlines Pass-Through Trust Series
2021-1, Class B, 3.95%, 7/11/2030
50,000
41,610
American Credit Acceptance Receivables
Trust
 
 
Series 2022-3, Class B, 4.55%,
10/13/2026 (a)
500,000
497,715
Series 2020-4, Class E, 3.65%,
12/14/2026 (a)
600,000
580,480
Series 2021-2, Class E, 2.54%,
7/13/2027 (a)
800,000
746,214
Series 2021-3, Class E, 2.56%,
11/15/2027 (a)
800,000
742,359
INVESTMENTS
PRINCIPAL
AMOUNT($)
VALUE($)
 
Series 2022-2, Class D, 4.85%,
6/13/2028 (a)
   230,000
    224,053
Series 2022-2, Class E, 6.57%,
6/13/2028 (a)
   190,000
    184,088
Series 2022-3, Class C, 4.86%,
10/13/2028 (a)
   290,000
    288,600
Series 2022-3, Class D, 5.83%,
10/13/2028 (a)
   267,000
    264,803
AMSR Trust Series 2020-SFR1, Class H,
5.30%, 4/17/2037 ‡ (a)
   100,000
     95,614
Applebee's Funding LLC
 
 
Series 2019-1A, Class A2I, 4.19%,
6/5/2049 (a)
 1,633,500
  1,568,678
Series 2019-1A, Class A2II, 4.72%,
6/5/2049 (a)
   495,000
    462,139
Avis Budget Rental Car Funding AESOP LLC
 
 
Series 2020-1A, Class C, 3.02%,
8/20/2026 (a)
   461,000
    415,290
Series 2022-3A, Class A, 4.62%,
2/20/2027 (a)
   943,000
    937,947
British Airways Pass-Through Trust (United
Kingdom) Series 2020-1, Class B,
8.38%, 11/15/2028 (a)
     9,726
     10,107
BSPRT Issuer Ltd. (Cayman Islands)
 
 
Series 2021-FL7, Class A, 3.71%,
12/15/2038 (a) (g)
428,500
415,645
Series 2021-FL7, Class D, 5.14%,
12/15/2038 ‡ (a) (g)
275,000
258,022
Series 2021-FL7, Class E, 5.79%,
12/15/2038 ‡ (a) (g)
265,000
245,344
Business Jet Securities LLC Series 2020-1A,
Class A, 2.98%, 11/15/2035 (a)
126,488
118,296
Conn's Receivables Funding LLC
 
 
Series 2022-A, Class A, 5.87%,
12/15/2026 (a)
638,952
637,991
Series 2022-A, Class B, 9.52%,
12/15/2026 ‡ (a)
800,000
786,487
CoreVest American Finance Trust
 
 
Series 2019-1, Class E, 5.49%,
3/15/2052 ‡ (a) (g)
300,000
276,777
Series 2019-2, Class E, 5.42%,
6/15/2052 ‡ (a) (g)
350,000
315,547
Series 2019-3, Class E, 4.92%,
10/15/2052 ‡ (a) (g)
350,000
302,116
CPS Auto Receivables Trust Series 2022-C,
Class D, 6.45%, 4/15/2030 (a)
240,000
239,807
DB Master Finance LLC Series 2021-1A,
Class A23, 2.79%, 11/20/2051 (a)
297,750
241,480
SEE NOTES TO FINANCIAL STATEMENTS.
 
August 31, 2022
 
109
JPMorgan Income ETF
SCHEDULE OF PORTFOLIO INVESTMENTS
AS OF August 31, 2022  (Unaudited) (continued)
INVESTMENTS
PRINCIPAL
AMOUNT($)
VALUE($)
Asset-Backed Securities — continued
Diamond Resorts Owner Trust Series
2018-1, Class C, 4.53%, 1/21/2031 ‡
(a)
    81,236
     80,871
Driven Brands Funding LLC Series
2021-1A, Class A2, 2.79%,
10/20/2051 (a)
 1,985,000
  1,629,699
DT Auto Owner Trust
 
 
Series 2019-2A, Class E, 4.46%,
5/15/2026 (a)
   750,000
    741,420
Series 2021-3A, Class D, 1.31%,
5/17/2027 (a)
   800,000
    725,870
Series 2021-4A, Class D, 1.99%,
9/15/2027 (a)
 1,929,000
  1,733,090
Series 2021-2A, Class E, 2.97%,
7/17/2028 (a)
 1,080,000
    991,135
Series 2021-4A, Class E, 3.34%,
7/17/2028 (a)
 1,600,000
  1,433,157
Exeter Automobile Receivables Trust
 
 
Series 2022-3A, Class D, 6.76%,
9/15/2028
   400,000
    405,117
Series 2022-4A, Class D, 5.98%,
12/15/2028
   168,000
    166,088
FirstKey Homes Trust Series 2020-SFR1,
Class F1, 3.64%, 8/17/2037 ‡ (a)
   500,000
    460,140
FMC GMSR Issuer Trust Series 2022-GT1,
Class B, 7.17%, 4/25/2027 ‡ (a)
300,000
278,421
FREED ABS Trust
 
 
Series 2020-FP1, Class C, 4.37%,
3/18/2027 ‡ (a)
711,495
710,243
Series 2022-1FP, Class D, 3.35%,
3/19/2029 ‡ (a)
200,000
185,308
Series 2022-3FP, Class A, 4.50%,
8/20/2029 (a)
373,647
372,302
Series 2022-3FP, Class C, 7.05%,
8/20/2029 ‡ (a)
100,000
99,296
GLS Auto Receivables Issuer Trust
 
 
Series 2021-4A, Class D, 2.48%,
10/15/2027 (a)
250,000
229,288
Series 2021-1A, Class E, 3.14%,
1/18/2028 (a)
650,000
605,097
Series 2022-1A, Class D, 3.97%,
1/18/2028 (a)
250,000
233,967
Series 2022-2A, Class D, 6.15%,
4/17/2028 (a)
420,000
415,936
Series 2021-3A, Class E, 3.20%,
10/16/2028 (a)
1,000,000
875,909
Goldman Home Improvement Trust Issuer
Trust Series 2022-GRN1, Class A,
4.50%, 6/25/2052 (a)
505,861
497,494
INVESTMENTS
PRINCIPAL
AMOUNT($)
VALUE($)
 
Hertz Vehicle Financing III LLC Series
2022-3A, Class B, 3.86%,
3/25/2025 (a)
   500,000
    490,561
Hertz Vehicle Financing LLC Series
2022-4A, Class D, 6.56%,
9/25/2026 (a)
   300,000
    280,322
HGI CRE CLO Ltd. (Cayman Islands) Series
2022-FL3, Class E, 6.28%,
4/20/2037 ‡ (a) (g)
   195,500
    186,143
Hilton Grand Vacations Trust Series
2022-1D, Class D, 6.79%, 6/20/2034 ‡
(a)
   411,292
    398,294
HINNT LLC Series 2022-A, Class D, 6.50%,
5/15/2041 ‡ (a)
   766,460
    711,716
LendingClub Loan Certificate Issuer Trust
 
 
Series 2022-NP1, Class CERT, 0.00%,
3/16/2037 ‡ (a)
    50,000
  1,066,685
Series 2022-P1, Class CERT, 0.00%,
3/16/2037 ‡ (a)
    50,000
    981,670
Series 2022-P2, Class CERT, 0.00%,
4/15/2037 ‡ (a)
    50,000
  1,027,210
Lendingpoint Asset Securitization Trust
 
 
Series 2022-A, Class D, 4.54%,
6/15/2029 (a)
 1,000,000
    836,039
Series 2022-B, Class A, 4.77%,
10/15/2029 (a)
   255,815
    252,150
Lendmark Funding Trust Series 2021-1A,
Class D, 5.05%, 11/20/2031 ‡ (a)
500,000
383,265
ME Funding LLC Series 2019-1, Class A2,
6.45%, 7/30/2049 (a)
583,500
577,674
New Residential Mortgage Loan Trust Series
2022-SFR1, Class E1, 3.55%,
2/17/2039 ‡ (a)
168,000
150,794
NRZ Excess Spread-Collateralized Notes
 
 
Series 2021-FNT1, Class A, 2.98%,
3/25/2026 (a)
447,129
404,323
Series 2021-FNT2, Class A, 3.23%,
5/25/2026 (a)
225,382
205,167
Series 2021-GNT1, Class A, 3.47%,
11/25/2026 (a)
206,967
190,529
OneMain Direct Auto Receivables Trust
Series 2022-1A, Class A1, 4.65%,
3/14/2029 (a)
294,000
293,021
OneMain Financial Issuance Trust Series
2018-2A, Class A, 3.57%,
3/14/2033 (a)
290,000
284,103
Oportun Issuance Trust
 
 
Series 2022-2, Class A, 5.94%,
10/9/2029 (a)
170,000
169,579
SEE NOTES TO FINANCIAL STATEMENTS.
 
110
 
August 31, 2022
INVESTMENTS
PRINCIPAL
AMOUNT($)
VALUE($)
Asset-Backed Securities — continued
Series 2022-2, Class D, 11.34%,
10/9/2029 ‡
   863,000
    847,955
Pagaya AI Debt Selection Trust Series
2021-3, Class C, 3.27%, 5/15/2029 (a)
 1,499,918
  1,276,865
Planet Fitness Master Issuer LLC Series
2022-1A, Class A2I, 3.25%,
12/5/2051 (a)
    64,837
     58,239
PNMAC GMSR ISSUER TRUST Series
2022-GT1, Class A, 6.43%,
5/25/2027 (a) (g)
   343,000
    342,295
Republic Finance Issuance Trust Series
2021-A, Class D, 5.23%, 12/22/2031 ‡
(a)
   800,000
    650,707
Santander Drive Auto Receivables Trust
 
 
Series 2022-2, Class B, 3.44%,
9/15/2027
   210,000
    205,589
Series 2022-2, Class C, 3.76%,
7/16/2029
   400,000
    387,907
Service Experts Issuer LLC Series 2021-1A,
Class A, 2.67%, 2/2/2032 (a)
   328,099
    301,723
Theorem Funding Trust Series 2022-2A,
Class B, 9.27%, 12/15/2028 (a)
   400,000
    416,608
Tricon Residential Trust Series 2022-SFR1,
Class E2, 5.74%, 4/17/2039 ‡ (a)
   101,000
     95,898
United Airlines Pass-Through Trust
 
 
Series 2016-2, Class B, 3.65%,
10/7/2025
36,875
33,472
Series 2016-1, Class B, 3.65%,
1/7/2026
30,729
27,435
Upstart Pass-Through Trust
 
 
Series 2021-ST10, Class A, 2.25%,
1/20/2030 (a)
820,207
784,305
Series 2022-PT2, Class A, 16.81%,
2/20/2030 (a) (g)
860,399
872,263
Series 2022-PT3, Class A, 18.66%,
4/20/2030 (a) (g)
523,779
548,398
Upstart Securitization Trust
 
 
Series 2020-3, Class C, 6.25%,
11/20/2030 ‡ (a)
1,000,000
988,040
Series 2021-2, Class C, 3.61%,
6/20/2031 ‡ (a)
1,500,000
1,373,290
Series 2022-2, Class B, 6.10%,
5/20/2032 ‡ (a)
500,000
481,439
INVESTMENTS
PRINCIPAL
AMOUNT($)
VALUE($)
 
Westlake Automobile Receivables Trust
 
 
Series 2022-2A, Class C, 4.85%,
9/15/2027 (a)
   504,000
    500,220
Series 2022-2A, Class D, 5.48%,
9/15/2027 (a)
   432,000
    430,619
Total Asset-Backed Securities
(Cost $46,341,873)
 
44,164,917
Commercial Mortgage-Backed Securities — 17.5%
BANK
 
 
Series 2019-BN20, Class D, 2.50%,
9/15/2062 ‡ (a)
   700,000
    495,292
Series 2020-BN26, Class E, 2.50%,
3/15/2063 ‡ (a)
   320,000
    205,140
BX Commercial Mortgage Trust
 
 
Series 2021-21M, Class A, 3.12%,
10/15/2036 (a) (g)
   500,000
    480,599
Series 2020-VIVA, Class D, 3.67%,
3/11/2044 ‡ (a) (g)
   750,000
    594,457
BX Trust
 
 
Series 2022-LBA6, Class A, 3.31%,
1/15/2039 (a) (g)
155,000
150,510
Series 2022-PSB, Class A, 4.76%,
8/15/2039 (a) (g)
700,000
698,459
Series 2022-PSB, Class E, 8.64%,
8/15/2039 (a) (g)
600,000
602,695
Citigroup Commercial Mortgage Trust
 
 
Series 2013-GC17, Class B, 5.10%,
11/10/2046 ‡ (g)
100,000
98,697
Series 2014-GC23, Class C, 4.58%,
7/10/2047 ‡ (g)
100,000
96,112
Series 2018-C5, Class XA, IO, 0.69%,
6/10/2051 (g)
1,506,011
49,073
Series 2018-C6, Class XA, IO, 0.94%,
11/10/2051 (g)
2,157,014
80,679
Series 2015-GC33, Class B, 4.73%,
9/10/2058 ‡ (g)
65,000
62,448
Commercial Mortgage Trust Series
2015-PC1, Class B, 4.43%,
7/10/2050 ‡ (g)
65,000
61,667
FHLMC, Multi-Family Structured
Pass-Through Certificates
 
 
Series K741, Class X1, IO, 0.66%,
12/25/2027 (g)
1,447,608
36,643
Series K742, Class X1, IO, 0.87%,
3/25/2028 (g)
2,772,771
85,308
Series K742, Class X3, IO, 2.69%,
4/25/2028 (g)
5,000,000
586,300
Series K743, Class X1, IO, 1.03%,
5/25/2028 (g)
1,655,759
73,696
SEE NOTES TO FINANCIAL STATEMENTS.
 
August 31, 2022
 
111
JPMorgan Income ETF
SCHEDULE OF PORTFOLIO INVESTMENTS
AS OF August 31, 2022  (Unaudited) (continued)
INVESTMENTS
PRINCIPAL
AMOUNT($)
VALUE($)
Commercial Mortgage-Backed Securities — continued
Series K744, Class X1, IO, 0.96%,
7/25/2028 (g)
 2,154,248
     90,196
Series K084, Class X3, IO, 2.31%,
11/25/2028 (g)
   751,485
     84,102
Series K104, Class X1, IO, 1.25%,
1/25/2030 (g)
 9,368,036
    609,439
Series K110, Class X1, IO, 1.81%,
4/25/2030 (g)
 8,871,447
    882,437
Series K132, Class X1, IO, 0.61%,
8/25/2031 (g)
16,897,547
    618,443
Series K-1514, Class X1, IO, 0.70%,
10/25/2034 (g)
 1,189,503
     60,326
Series K-1517, Class X1, IO, 1.44%,
7/25/2035 (g)
   392,589
     47,186
Series K-1520, Class X1, IO, 0.58%,
2/25/2036 ‡ (g)
   413,353
     18,194
Series K067, Class X3, IO, 2.19%,
9/25/2044 (g)
 1,575,428
    136,570
Series K065, Class X3, IO, 2.26%,
7/25/2045 (g)
 1,304,230
    110,739
Series K085, Class X3, IO, 2.39%,
12/25/2045 (g)
 1,100,000
    124,703
Series K097, Class X3, IO, 2.09%,
9/25/2046 (g)
 3,000,000
    333,508
Series K083, Class X3, IO, 2.37%,
11/25/2046 (g)
621,062
70,011
Series K737, Class X3, IO, 1.83%,
1/25/2048 (g)
900,000
56,377
Series K124, Class X3, IO, 2.71%,
2/25/2049 (g)
5,000,000
833,467
Series K741, Class X3, IO, 2.53%,
3/25/2049 (g)
13,766,615
1,459,113
Series K743, Class X3, IO, 3.06%,
6/25/2049 (g)
13,000,000
1,783,656
FNMA ACES
 
 
Series 2020-M3, Class X1, IO, 0.45%,
2/25/2030 (g)
3,847,076
85,078
Series 2022-M2, Class X2, IO, 0.30%,
1/25/2032 (g)
2,833,544
45,448
Series 2020-M31, Class AB, 0.50%,
10/25/2032
85,970
69,991
FREMF Mortgage Trust
 
 
Series 2019-KW09, Class X2A, IO,
0.10%, 5/25/2029 (a)
19,929,717
88,635
Series 2019-KW09, Class C, PO,
6/25/2029 (a)
790,000
468,108
Series 2019-KW09, Class X2B, IO,
0.10%, 6/25/2029 (a)
10,000,000
50,085
INVESTMENTS
PRINCIPAL
AMOUNT($)
VALUE($)
 
Series 2017-K724, Class D, PO,
12/25/2049 (a)
   500,000
    444,032
Series 2017-K65, Class B, 4.22%,
7/25/2050 (a) (g)
   265,000
    255,226
GNMA
 
 
Series 2014-135, IO, 0.42%,
1/16/2056 (g)
 6,837,939
    134,533
Series 2017-53, IO, 0.53%,
11/16/2056 (g)
 4,549,882
    166,319
Series 2015-114, IO, 0.37%,
3/15/2057 (g)
 5,686,203
    101,763
Series 2017-158, IO, 0.47%,
9/16/2057 (g)
 3,784,133
    123,648
Series 2020-184, IO, 0.91%,
11/16/2060 (g)
 6,749,012
    466,602
Series 2021-218, IO, 0.96%,
10/16/2061 (g)
   345,546
     27,426
Series 2020-120, IO, 0.76%,
5/16/2062 (g)
 6,095,928
    389,579
Series 2020-100, IO, 0.78%,
5/16/2062 (g)
 5,873,137
    378,753
Series 2020-161, IO, 1.05%,
8/16/2062 (g)
 5,159,526
    392,004
Series 2020-190, IO, 1.03%,
11/16/2062 (g)
877,756
68,935
Series 2021-35, Class IX, IO, 1.16%,
12/16/2062
1,968,907
174,486
Series 2021-120, IO, 1.00%,
2/16/2063 (g)
6,824,536
545,203
Series 2021-170, IO, 0.99%,
5/16/2063 (g)
2,430,829
190,274
Series 2021-61, IO, 1.01%,
8/16/2063 (g)
1,483,057
111,133
Series 2021-195, Class IX, IO, 1.20%,
8/16/2063 (g)
1,978,743
180,126
Series 2021-110, IO, 0.87%,
11/16/2063 (g)
5,883,288
432,346
Series 2021-200, IO, 0.87%,
11/16/2063 (g)
2,072,641
156,718
Series 2021-180, IO, 0.90%,
11/16/2063 (g)
4,720,828
362,913
Series 2021-150, IO, 1.03%,
11/16/2063 (g)
4,888,606
399,834
Series 2021-185, IO, 1.10%,
11/16/2063 (g)
1,522,940
130,240
Series 2022-7, Class SA, IF, IO, 1.74%,
2/16/2064 (g)
1,390,273
116,315
Series 2021-224, IO, 0.78%,
4/16/2064 (g)
1,974,522
143,394
SEE NOTES TO FINANCIAL STATEMENTS.
 
112
 
August 31, 2022
INVESTMENTS
PRINCIPAL
AMOUNT($)
VALUE($)
Commercial Mortgage-Backed Securities — continued
Series 2022-134, IO, 0.51%,
6/16/2064 (g)
 2,997,179
    158,982
Series 2022-80, IO, 0.59%,
6/16/2064 (g)
 1,194,882
     67,802
Series 2022-62, IO, 0.62%,
6/16/2064 (g)
 1,987,587
    120,049
GS Mortgage Securities Trust
 
 
Series 2016-GS2, Class D, 2.75%,
5/10/2049 ‡ (a)
   750,000
    603,269
Series 2019-GC40, Class E, 3.00%,
7/10/2052 ‡ (a)
   800,000
    555,632
JPMBB Commercial Mortgage Securities
Trust Series 2014-C26, Class D, 4.02%,
1/15/2048 ‡ (a) (g)
   250,000
    221,461
JPMorgan Chase Commercial Mortgage
Securities Trust Series 2013-C16,
Class D, 5.17%, 12/15/2046 ‡ (a) (g)
 1,500,000
  1,432,131
Morgan Stanley Bank of America Merrill
Lynch Trust
 
 
Series 2014-C15, Class D, 5.05%,
4/15/2047 ‡ (a) (g)
 1,337,000
  1,262,826
Series 2014-C18, Class B, 4.61%,
10/15/2047 ‡ (g)
   100,000
     96,702
Series 2016-C31, Class C, 4.41%,
11/15/2049 ‡ (g)
   100,000
     86,482
MRCD MARK Mortgage Trust Series
2019-PARK, Class E, 2.72%,
12/15/2036 ‡ (a)
400,000
356,627
MSC Trust Series 2021-ILP, Class A, 3.17%,
11/15/2023 (a) (g)
239,209
230,167
Multi-Family Connecticut Avenue Securities
Trust
 
 
Series 2019-01, Class M10, 5.69%,
10/25/2049 ‡ (a) (g)
395,481
377,869
Series 2020-01, Class M10, 6.19%,
3/25/2050 (a) (g)
1,000,000
950,519
UBS-Barclays Commercial Mortgage Trust
Series 2012-C4, Class C, 4.53%,
12/10/2045 ‡ (a) (g)
1,000,000
987,351
Velocity Commercial Capital Loan Trust
 
 
Series 2022-3, Class A, 5.22%,
6/25/2052 (a) (g)
291,368
287,073
Series 2022-4, Class A, 5.63%,
8/25/2052 (a) (g)
600,000
594,672
Wells Fargo Commercial Mortgage Trust
 
 
Series 2018-C44, Class D, 3.00%,
5/15/2051 ‡ (a)
250,000
182,883
Series 2022-C62, Class C, 4.50%,
4/15/2055 ‡ (g)
150,000
128,741
INVESTMENTS
PRINCIPAL
AMOUNT($)
VALUE($)
 
WFRBS Commercial Mortgage Trust
 
 
Series 2013-C13, Class C, 3.91%,
5/15/2045 ‡ (g)
    65,000
     63,272
Series 2014-C22, Class C, 3.91%,
9/15/2057 (g)
   100,000
     94,478
Series 2014-C22, Class B, 4.37%,
9/15/2057 ‡ (g)
   100,000
     97,342
Total Commercial Mortgage-Backed
Securities
(Cost $29,858,683)
 
27,431,719
Mortgage-Backed Securities — 9.3%
FNMA/FHLMC UMBS, Single Family, 30 Year
TBA, 5.00%, 8/25/2052 (h)
 2,202,000
  2,223,541
GNMA II, 30 Year
 
 
Pool # MA8151, 4.50%, 7/20/2052
     7,307
      7,316
Pool # MA8152, 5.00%, 7/20/2052
   235,483
    238,894
Pool # MA8203, 5.50%, 8/20/2052
 1,520,000
  1,561,893
GNMA II, Single Family, 30 Year
 
 
TBA, 4.50%, 9/15/2052 (h)
2,523,576
2,523,970
TBA, 5.00%, 9/15/2052 (h)
7,847,000
7,950,604
Total Mortgage-Backed Securities
(Cost $14,775,024)
 
14,506,218
Collateralized Mortgage Obligations — 7.7%
CHL Mortgage Pass-Through Trust Series
2006-OA5, Class 2A1, 2.84%,
4/25/2046 (g)
162,130
138,357
Connecticut Avenue Securities Trust Series
2019-R01, Class 2B1, 6.79%,
7/25/2031 (a) (g)
1,500,000
1,532,581
Deephaven Residential Mortgage Trust
Series 2022-2, Class A1, 4.30%,
3/25/2067 (a) (g)
130,263
127,030
FHLMC STACR REMIC Trust Series
2021-HQA1, Class M2, 4.43%,
8/25/2033 (a) (g)
2,000,000
1,924,661
FHLMC Structured Agency Credit Risk Debt
Notes Series 2017-DNA2, Class B1,
7.59%, 10/25/2029 (g)
250,000
266,673
FNMA, Connecticut Avenue Securities
 
 
Series 2017-C01, Class 1B1, 8.19%,
7/25/2029 (g)
1,000,000
1,093,958
Series 2017-C02, Class 2B1, 7.94%,
9/25/2029 (g)
1,000,000
1,099,816
Series 2017-C04, Class 2B1, 7.49%,
11/25/2029 (g)
1,650,000
1,751,065
Series 2017-C05, Class 1B1, 6.04%,
1/25/2030 (g)
150,000
151,463
SEE NOTES TO FINANCIAL STATEMENTS.
 
August 31, 2022
 
113
JPMorgan Income ETF
SCHEDULE OF PORTFOLIO INVESTMENTS
AS OF August 31, 2022  (Unaudited) (continued)
INVESTMENTS
PRINCIPAL
AMOUNT($)
VALUE($)
Collateralized Mortgage Obligations — continued
Series 2017-C06, Class 1B1, 6.59%,
2/25/2030 (g)
   150,000
    154,500
Series 2021-R02, Class 2B1, 5.48%,
11/25/2041 (a) (g)
    64,000
     60,453
Series 2021-R02, Class 2B2, 8.38%,
11/25/2041 (a) (g)
    26,000
     23,497
GNMA
 
 
Series 2014-181, Class SL, IF, IO,
3.23%, 12/20/2044 (g)
   576,128
     66,864
Series 2017-134, Class SD, IF, IO,
3.83%, 9/20/2047 (g)
   575,133
     69,602
Series 2019-52, Class SA, IF, IO, 3.73%,
4/20/2049 (g)
   847,333
     92,293
Series 2021-78, Class IB, IO, 3.00%,
5/20/2051
 1,095,130
    159,604
Series 2021-107, Class XI, IO, 3.00%,
6/20/2051
 1,611,170
    232,975
Series 2021-117, Class ES, IF, IO,
3.93%, 7/20/2051 (g)
 1,859,240
    256,125
Series 2021-142, Class XI, IO, 3.00%,
8/20/2051
   164,710
     24,542
Series 2021-154, Class SD, IF, IO,
3.93%, 9/20/2051 (g)
   572,185
     85,196
Series 2021-188, Class IJ, IO, 3.00%,
10/20/2051
3,327,854
496,375
MFA Trust Series 2022-RTL1, Class A1,
5.07%, 4/26/2027 (a) (f)
270,000
262,292
PRPM LLC Series 2021-11, Class A2,
4.58%, 11/25/2026 (a) (f)
1,000,000
919,981
RCO VI Mortgage LLC Series 2022-1,
Class A1, 3.00%, 1/25/2027 (a) (f)
207,296
196,318
STACR Trust Series 2018-HRP2, Class M3,
4.84%, 2/25/2047 ‡ (a) (g)
293,785
293,785
VM Master Issuer LLC Series 2022-1,
Class B, 6.88%, 5/24/2025 ‡ (a) (g)
500,000
484,150
Total Collateralized Mortgage Obligations
(Cost $12,294,727)
 
11,964,156
Foreign Government Securities — 2.9%
Dominican Republic Government Bond
 
 
6.00%, 2/22/2033 (a)
150,000
130,669
6.00%, 2/22/2033 (e)
150,000
130,669
5.88%, 1/30/2060 (e)
150,000
105,966
Federal Republic of Nigeria
 
 
6.50%, 11/28/2027 (e)
200,000
152,500
7.38%, 9/28/2033 (e)
400,000
267,000
8.25%, 9/28/2051 (a)
200,000
126,750
Federative Republic of Brazil 3.75%,
9/12/2031
200,000
170,300
INVESTMENTS
PRINCIPAL
AMOUNT($)
VALUE($)
 
Gabonese Republic 7.00%,
11/24/2031 (e)
   200,000
150,500
Hashemite Kingdom of Jordan 5.85%,
7/7/2030 (e)
   200,000
174,162
Islamic Republic of Pakistan 6.00%,
4/8/2026 (e)
   200,000
124,022
Kingdom of Bahrain 5.45%,
9/16/2032 (e)
   200,000
170,600
Republic of Angola 8.00%,
11/26/2029 (e)
   200,000
165,500
Republic of Colombia 3.00%, 1/30/2030
   200,000
154,912
Republic of Costa Rica 6.13%,
2/19/2031 (e)
   200,000
186,475
Republic of Cote d'Ivoire
 
 
5.75%, 12/31/2032 (e) (f)
   125,389
111,463
6.13%, 6/15/2033 (e)
   200,000
168,162
Republic of Ecuador
 
 
5.50%, 7/31/2030 (e) (f)
    90,000
47,183
2.50%, 7/31/2035 (e) (f)
30,000
11,490
Republic of El Salvador
 
 
6.38%, 1/18/2027 (e)
50,000
18,806
7.12%, 1/20/2050 (e)
150,000
49,903
Republic of Ghana
 
 
6.38%, 2/11/2027 (e)
200,000
86,500
8.75%, 3/11/2061 (e)
200,000
70,913
Republic of Iraq
 
 
6.75%, 3/9/2023 (e)
200,000
192,412
5.80%, 1/15/2028 (e)
171,875
142,903
Republic of Kenya 8.00%, 5/22/2032 (e)
200,000
148,000
Republic of Paraguay 5.40%,
3/30/2050 (a)
200,000
166,975
Republic of Rwanda 5.50%, 8/9/2031 (a)
200,000
151,538
Republic of Senegal
 
 
6.25%, 5/23/2033 (e)
200,000
161,037
6.75%, 3/13/2048 (e)
200,000
139,038
Republic of South Africa 6.25%, 3/8/2041
100,000
81,519
State of Mongolia 4.45%, 7/7/2031 (e)
200,000
154,022
Sultanate of Oman Government Bond
 
 
6.25%, 1/25/2031 (e)
200,000
201,500
6.50%, 3/8/2047 (e)
200,000
174,500
Ukraine Government Bond 6.88%,
5/21/2031 (e)
200,000
38,000
Total Foreign Government Securities
(Cost $5,959,908)
 
4,525,889
SEE NOTES TO FINANCIAL STATEMENTS.
 
114
 
August 31, 2022
 INVESTMENTS
SHARES
VALUE($)
Exchange-Traded Funds — 1.7%
U.S. Equity — 1.7%
iShares iBoxx High Yield Corporate Bond
ETF
    36,150
  2,694,260
Short-Term Investments — 0.1%
Investment Companies — 0.1%
JPMorgan Prime Money Market Fund
Class IM Shares, 2.30% (i) (j)
(Cost $101,234)
   101,194
    101,234
Total Investments — 106.6%
(Cost $180,434,960)
 
166,711,240
Liabilities in Excess of Other Assets —
(6.6)%
 
(10,360,732)
NET ASSETS — 100.0%
 
156,350,508
 
Percentages indicated are based on net assets.
 
Abbreviations
 
ABS
Asset-Backed Securities
ACES
Alternative Credit Enhancement Securities
ETF
Exchange Traded Fund
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, 2022. 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.
REMIC
Real Estate Mortgage Investment Conduit
SCA
Limited partnership with share capital
SOFR
Secured Overnight Financing Rate
TBA
To Be Announced; Security is subject to delayed delivery.
UMBS
Uniform Mortgage-Backed Securities
USD
United States Dollar
 
^
Amount rounds to less than 0.1% of net assets.
‡
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)
Security is an interest bearing note with preferred
security characteristics.
 
(c)
Security is perpetual and thus, does not have a
predetermined maturity date. The coupon rate for this
security is fixed for a period of time and may be
structured to adjust thereafter. The date shown, if
applicable, reflects the next call date. The coupon rate
shown is the rate in effect as of August 31, 2022.
 
(d)
Variable or floating rate security, linked to the
referenced benchmark. The interest rate shown is the
current rate as of August 31, 2022.
 
(e)
Security exempt from registration pursuant to
Regulation S under the Securities Act of 1933, as
amended. Regulation S applies to securities offerings
that are made outside of the United States and do not
involve direct selling efforts in the United States and
as such may have restrictions on resale.
 
(f)
Step bond. Interest rate is a fixed rate for an initial
period that either resets at a specific date or may
reset in the future contingent upon a predetermined
trigger. The interest rate shown is the current rate as
of August 31, 2022.
 
(g)
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, 2022.
 
(h)
All or a portion of the security is a when-issued
security, delayed delivery security, or forward
commitment.
 
(i)
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.
 
(j)
The rate shown is the current yield as of August 31,
2022.
 
TBA Short Commitment
 
SECURITY DESCRIPTION
PRINCIPAL
AMOUNT($)
VALUE($)
FNMA / FHLMC UMBS, Single Family,
30 Year
 
 
TBA, 5.00%, 8/25/2052(a)
(2,202,000)
(2,224,229)
TBA, 5.00%, 9/25/2052(a)
(8,300,000)
(8,381,055)
(Proceeds received of $10,694,218)
 
(10,605,284)
 
SEE NOTES TO FINANCIAL STATEMENTS.
 
August 31, 2022
 
115
JPMorgan Income ETF
SCHEDULE OF PORTFOLIO INVESTMENTS
AS OF August 31, 2022  (Unaudited) (continued)
Abbreviations
 
FHLMC
Federal Home Loan Mortgage Corp.
FNMA
Federal National Mortgage Association
TBA
To Be Announced; Security is subject to delayed delivery.
UMBS
Uniform Mortgage-Backed Securities
 
(a)
All or a portion of the security is a when-issued security, delayed
delivery security, or forward commitment.
Futures contracts outstanding as of August 31, 2022:
 
DESCRIPTION
NUMBER OF
CONTRACTS
EXPIRATION DATE
TRADING CURRENCY
NOTIONAL
AMOUNT ($)
VALUE AND
UNREALIZED
APPRECIATION
(DEPRECIATION) ($)
Long Contracts
 
 
 
 
 
U.S. Treasury 10 Year Ultra Note
55
12/20/2022
USD
6,867,266
(71,701)
U.S. Treasury Long Bond
4
12/20/2022
USD
541,875
(4,509)
U.S. Treasury Ultra Bond
2
12/20/2022
USD
297,750
(1,286)
U.S. Treasury 2 Year Note
46
12/30/2022
USD
9,579,500
(18,902)
U.S. Treasury 5 Year Note
154
12/30/2022
USD
17,043,469
(82,121)
 
 
 
 
 
(178,519)
Short Contracts
 
 
 
 
 
U.S. Treasury 10 Year Note
(150)
12/20/2022
USD
(17,493,750)
123,340
U.S. Treasury 10 Year Ultra Note
(16)
12/20/2022
USD
(1,997,750)
17,146
U.S. Treasury Ultra Bond
(1)
12/20/2022
USD
(148,875)
529
U.S. Treasury 2 Year Note
(39)
12/30/2022
USD
(8,121,750)
15,158
 
 
 
 
 
156,173
 
 
 
 
 
(22,346)
 
Abbreviations
 
USD
United States Dollar
Centrally Cleared Credit default swap contracts outstanding - buy protection(*) as of August 31, 2022:
 
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.38-V2
5.00
Quarterly
6/20/2027
5.31
USD 2,700,000
(16,098)
22,120
6,022
 
(*)
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.
SEE NOTES TO FINANCIAL STATEMENTS.
 
116
 
August 31, 2022
(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.
 
August 31, 2022
 
117
JPMorgan International Bond Opportunities ETF
SCHEDULE OF PORTFOLIO INVESTMENTS
AS OF August 31, 2022  (Unaudited)
 
INVESTMENTS
PRINCIPAL
AMOUNT($)
VALUE($)
Corporate Bonds — 57.4%
Australia — 0.7%
APA Infrastructure Ltd. 2.00%,
7/15/2030 (a)
EUR    150,000
    128,400
Commonwealth Bank of Australia
 
 
2.69%, 3/11/2031 (b)
       650,000
    520,989
3.78%, 3/14/2032 (b)
       200,000
    171,861
Glencore Funding LLC
 
 
2.50%, 9/1/2030 (b)
       462,000
    375,649
2.85%, 4/27/2031 (b)
       450,000
    371,224
2.63%, 9/23/2031 (b)
       608,000
    483,524
Westpac Banking Corp. (US Treasury
Yield Curve Rate T Note Constant
Maturity 5 Year + 2.00%), 4.11%,
7/24/2034 (c)
        75,000
     67,462
 
 
2,119,109
Austria — 0.2%
ams-OSRAM AG 6.00%,
7/31/2025 (a)
EUR    700,000
654,222
Belgium — 1.1%
Anheuser-Busch Cos. LLC 4.70%,
2/1/2036
170,000
164,473
Anheuser-Busch InBev SA/NV 3.70%,
4/2/2040 (a)
EUR    200,000
196,047
Anheuser-Busch InBev Worldwide, Inc.
4.75%, 1/23/2029
500,000
510,257
KBC Group NV (EUR Swap Annual 5
Year + 1.25%), 1.62%,
9/18/2029 (a) (c)
EUR    300,000
283,486
Ontex Group NV 3.50%,
7/15/2026 (a)
EUR    400,000
338,438
Sarens Finance Co. NV 5.75%,
2/21/2027 (a)
EUR    500,000
337,558
Solvay Finance SACA (EUR Swap
Annual 5 Year + 3.70%), 5.42%,
11/12/2023 (a) (c) (d) (e)
EUR    100,000
99,582
Solvay SA (EUR Swap Annual 5 Year +
3.92%), 4.25%, 12/4/2023 (a)
(c) (d) (e)
EUR    800,000
783,414
Telenet Finance Luxembourg Notes
SARL 3.50%, 3/1/2028 (a)
EUR    500,000
442,178
 
 
3,155,433
Brazil — 0.3%
Guara Norte SARL 5.20%,
6/15/2034 (b)
304,249
253,630
Klabin Austria GmbH 7.00%,
4/3/2049 (a)
200,000
189,100
INVESTMENTS
PRINCIPAL
AMOUNT($)
VALUE($)
 
Brazil — continued
Suzano Austria GmbH
 
 
3.75%, 1/15/2031
         48,000
     40,449
7.00%, 3/16/2047 (a)
       200,000
    200,500
Vale Overseas Ltd. 3.75%, 7/8/2030
       259,000
    225,783
 
 
909,462
Canada — 0.8%
Bank of Nova Scotia (The)
 
 
2.45%, 2/2/2032
       420,000
    348,222
(US Treasury Yield Curve Rate T
Note Constant Maturity 5 Year +
2.05%), 4.59%, 5/4/2037 (c)
       570,000
    515,244
Emera US Finance LP 2.64%,
6/15/2031
       272,000
    224,573
Emera, Inc. Series 16-A, (ICE LIBOR
USD 3 Month + 5.44%), 6.75%,
6/15/2076 (c)
       236,000
    238,344
Toronto-Dominion Bank (The) 4.11%,
6/8/2027
955,000
944,764
Transcanada Trust Series 16-A, (ICE
LIBOR USD 3 Month + 4.64%),
5.87%, 8/15/2076 (c)
57,000
55,931
 
 
2,327,078
Cayman Islands — 0.0% ^
Avolon Holdings Funding Ltd. 4.38%,
5/1/2026 (b)
60,000
55,465
Chile — 0.2%
Alfa Desarrollo SpA 4.55%,
9/27/2051 (b)
339,083
243,292
Empresa de Transporte de Pasajeros
Metro SA 4.70%, 5/7/2050 (b)
200,000
169,400
Kenbourne Invest SA 6.88%,
11/26/2024 (b)
200,000
192,913
 
 
605,605
China — 0.8%
Alibaba Group Holding Ltd. 3.40%,
12/6/2027
200,000
188,846
Country Garden Holdings Co. Ltd.
3.13%, 10/22/2025 (a)
530,000
259,700
Huarong Finance 2017 Co. Ltd.
4.25%, 11/7/2027 (a)
200,000
159,350
Huarong Finance 2019 Co. Ltd.
 
 
(ICE LIBOR USD 3 Month + 1.13%),
4.10%, 2/24/2023 (a) (c)
200,000
195,000
2.13%, 9/30/2023 (a)
200,000
185,225
SEE NOTES TO FINANCIAL STATEMENTS.
 
118
J.P. Morgan Exchange-Traded Funds
August 31, 2022
INVESTMENTS
PRINCIPAL
AMOUNT($)
VALUE($)
Corporate Bonds — continued
China — continued
Longfor Group Holdings Ltd. 4.50%,
1/16/2028 (a)
       300,000
    240,000
NXP BV
 
 
5.55%, 12/1/2028
     1,070,000
  1,092,403
3.25%, 5/11/2041
       300,000
    216,994
 
 
2,537,518
Colombia — 0.1%
AI Candelaria Spain SA 5.75%,
6/15/2033 (b)
       250,000
    195,313
Denmark — 0.1%
DKT Finance ApS 7.00%,
6/17/2023 (a)
EUR    200,000
    194,960
Finland — 0.2%
Nokia OYJ
 
 
2.00%, 3/15/2024 (a)
EUR    300,000
298,949
2.00%, 3/11/2026 (a)
EUR    200,000
191,053
Nordea Bank Abp (EUR Swap Annual 5
Year + 1.30%), 1.00%,
6/27/2029 (a) (c)
EUR    100,000
94,914
 
 
584,916
France — 8.0%
Accor SA 3.00%, 2/4/2026 (a) (f)
EUR    600,000
580,215
Airbus SE
 
 
1.63%, 6/9/2030 (a)
EUR  1,100,000
1,004,297
1.38%, 5/13/2031 (a)
EUR    300,000
261,158
Altice France SA 3.38%,
1/15/2028 (a)
EUR    800,000
641,158
Autoroutes du Sud de la France SA
1.13%, 4/20/2026 (a)
EUR    800,000
765,169
AXA SA (EURIBOR 3 Month + 3.75%),
3.38%, 7/6/2047 (a) (c)
EUR    600,000
579,068
Banijay Entertainment SASU 3.50%,
3/1/2025 (a)
EUR    725,000
675,766
Banijay Group SAS 6.50%,
3/1/2026 (a)
EUR    200,000
180,891
Banque Federative du Credit Mutuel
SA 3.75%, 7/20/2023 (b)
715,000
713,889
BPCE SA
 
 
5.15%, 7/21/2024 (b)
600,000
596,748
4.88%, 4/1/2026 (b)
450,000
438,490
(EURIBOR 3 Month + 1.00%),
0.50%, 9/15/2027 (a) (c)
EUR    400,000
355,386
(EUR Swap Annual 5 Year +
2.37%), 2.75%,
11/30/2027 (a) (c)
EUR    400,000
402,170
INVESTMENTS
PRINCIPAL
AMOUNT($)
VALUE($)
 
France — continued
(SOFR + 1.31%), 2.28%,
1/20/2032 (b) (c)
       480,000
    371,726
(SOFR + 1.73%), 3.12%,
10/19/2032 (b) (c)
       250,000
    195,658
Burger King France SAS (EURIBOR 3
Month + 4.75%), 5.02%,
11/1/2026 (a) (c)
EUR    250,000
    239,932
Casino Guichard Perrachon SA 4.50%,
3/7/2024 (a) (f)
EUR    400,000
    285,182
CGG SA 7.75%, 4/1/2027 (a)
EUR    434,000
    385,214
Chrome Bidco SASU 3.50%,
5/31/2028 (a)
EUR    439,000
    382,920
Chrome Holdco SASU 5.00%,
5/31/2029 (a)
EUR    358,000
    284,583
Credit Agricole SA
 
 
(USD Swap Semi 5 Year + 6.19%),
8.12%, 12/23/2025 (b) (c) (d)
(e)
       475,000
    486,281
(SOFR + 0.89%), 1.25%,
1/26/2027 (b) (c)
     1,000,000
    878,686
2.00%, 3/25/2029 (a)
EUR    200,000
    175,803
(EUR Swap Annual 5 Year +
1.90%), 1.62%, 6/5/2030 (a)
(c)
EUR    500,000
467,196
Credit Mutuel Arkea SA (EURIBOR ICE
Swap Rate 5 Year + 1.45%),
1.88%, 10/25/2029 (a) (c)
EUR    300,000
286,803
Electricite de France SA
 
 
(EUR Swap Annual 6 Year +
3.44%), 4.00%, 7/4/2024 (a)
(c) (d) (e)
EUR  1,000,000
926,717
(EUR Swap Annual 5 Year +
3.97%), 3.38%, 6/15/2030 (a)
(c) (d) (e)
EUR    600,000
446,198
Elis SA 1.63%, 4/3/2028 (a)
EUR    900,000
759,742
Faurecia SE
 
 
2.38%, 6/15/2027 (a)
EUR    600,000
476,648
3.75%, 6/15/2028 (a)
EUR    800,000
653,581
Iliad Holding SASU
 
 
5.13%, 10/15/2026 (a)
EUR    111,000
105,505
5.63%, 10/15/2028 (a)
EUR    584,000
541,296
La Financiere Atalian SASU
 
 
4.00%, 5/15/2024 (a)
EUR    350,000
334,415
5.13%, 5/15/2025 (a)
EUR    100,000
95,721
Loxam SAS
 
 
2.88%, 4/15/2026 (a)
EUR    600,000
531,593
4.50%, 2/15/2027 (b)
EUR    288,000
261,890
SEE NOTES TO FINANCIAL STATEMENTS.
 
August 31, 2022
J.P. Morgan Exchange-Traded Funds
119
JPMorgan International Bond Opportunities ETF
SCHEDULE OF PORTFOLIO INVESTMENTS
AS OF August 31, 2022  (Unaudited) (continued)
INVESTMENTS
PRINCIPAL
AMOUNT($)
VALUE($)
Corporate Bonds — continued
France — continued
Lune Holdings SARL 5.63%,
11/15/2028 (b)
EUR    375,000
    320,033
Orange SA
 
 
(EUR Swap Annual 5 Year +
2.36%), 2.38%, 1/15/2025 (a)
(c) (d) (e)
EUR    200,000
    190,470
(EUR Swap Annual 5 Year +
3.99%), 5.00%, 10/1/2026 (a)
(c) (d) (e)
EUR    400,000
    413,834
(EURIBOR ICE Swap Rate 5 Year +
2.18%), 1.75%,
12/19/2026 (a) (c) (d) (e)
EUR    200,000
    177,537
Paprec Holding SA
 
 
4.00%, 3/31/2025 (a)
EUR    100,000
     93,460
3.50%, 7/1/2028 (a)
EUR    373,000
    305,313
Parts Europe SA 6.50%,
7/16/2025 (a)
EUR    400,000
    405,222
Quatrim SASU 5.88%, 1/15/2024 (a)
EUR    500,000
    456,674
Renault SA
 
 
1.25%, 6/24/2025 (a)
EUR    400,000
358,301
2.00%, 9/28/2026 (a)
EUR    600,000
508,690
1.13%, 10/4/2027 (a)
EUR    100,000
78,027
Rexel SA 2.13%, 6/15/2028 (a)
EUR    600,000
509,114
Societe Generale SA
 
 
(US Treasury Yield Curve Rate T
Note Constant Maturity 5 Year +
4.51%), 5.38%,
11/18/2030 (b) (c) (d) (e)
525,000
425,250
(EUR Swap Annual 5 Year +
1.55%), 1.00%,
11/24/2030 (c)
EUR  1,100,000
970,209
SPIE SA 2.63%, 6/18/2026 (a)
EUR    500,000
472,367
TotalEnergies Capital International SA
3.13%, 5/29/2050
50,000
38,548
TotalEnergies SE (EUR Swap Annual 5
Year + 1.77%), 1.75%,
4/4/2024 (a) (c) (d) (e)
EUR    850,000
805,044
Vallourec SA 8.50%, 6/30/2026 (a)
EUR    500,000
474,296
 
 
23,770,084
Germany — 5.5%
Adler Pelzer Holding GmbH 4.13%,
4/1/2024 (a)
EUR    100,000
83,351
Bertelsmann SE & Co. KGaA (EUR
Swap Annual 5 Year + 2.64%),
3.00%, 4/23/2075 (a) (c)
EUR    200,000
197,221
BK LC Lux Finco1 SARL 5.25%,
4/30/2029 (a)
EUR    700,000
601,638
INVESTMENTS
PRINCIPAL
AMOUNT($)
VALUE($)
 
Germany — continued
Cheplapharm Arzneimittel GmbH
4.38%, 1/15/2028 (a)
EUR    750,000
    680,226
Commerzbank AG (EUR Swap Annual 5
Year + 4.35%), 4.00%,
12/5/2030 (a) (c)
EUR    500,000
    473,583
CT Investment GmbH 5.50%,
4/15/2026 (a)
EUR    456,000
    394,880
Deutsche Bank AG
 
 
(SOFR + 2.16%), 2.22%,
9/18/2024 (c)
     1,075,000
  1,036,768
(SOFR + 2.26%), 3.74%,
1/7/2033 (c)
       450,000
    319,724
Deutsche Lufthansa AG
 
 
2.00%, 7/14/2024 (a)
EUR    400,000
    382,206
2.88%, 2/11/2025 (a)
EUR  1,400,000
  1,280,306
3.00%, 5/29/2026 (a)
EUR    400,000
    347,199
Deutsche Telekom International
Finance BV 2.49%, 9/19/2023 (b)
       250,000
    245,748
Douglas GmbH 6.00%, 4/8/2026 (a)
EUR    700,000
575,856
Hapag-Lloyd AG 2.50%,
4/15/2028 (a)
EUR    500,000
459,358
IHO Verwaltungs GmbH
 
 
3.75% (Cash), 9/15/2026 (a) (g)
EUR    125,000
109,916
3.88% (Cash), 5/15/2027 (a) (g)
(h)
EUR    500,000
414,702
Kirk Beauty SUN GmbH 8.25% (PIK),
10/1/2026 (a) (g)
EUR    273,462
167,508
Nidda BondCo GmbH 5.00%,
9/30/2025 (a)
EUR    500,000
439,428
Nidda Healthcare Holding GmbH
3.50%, 9/30/2024 (a)
EUR    625,000
577,897
Renk AG 5.75%, 7/15/2025 (a)
EUR    400,000
375,015
Schaeffler AG
 
 
2.75%, 10/12/2025 (a)
EUR    200,000
187,154
2.88%, 3/26/2027 (a)
EUR    450,000
408,337
3.38%, 10/12/2028 (a)
EUR    500,000
436,332
Techem Verwaltungsgesellschaft 674
mbH 6.00%, 7/30/2026 (a)
EUR    219,799
205,602
Techem Verwaltungsgesellschaft 675
mbH 2.00%, 7/15/2025 (a)
EUR  1,100,000
1,008,719
thyssenkrupp AG
 
 
2.88%, 2/22/2024 (a)
EUR    600,000
583,629
2.50%, 2/25/2025 (a)
EUR    200,000
188,888
TK Elevator Holdco GmbH 6.63%,
7/15/2028 (a)
EUR    270,000
231,173
TK Elevator Midco GmbH 4.38%,
7/15/2027 (a)
EUR    300,000
264,553
SEE NOTES TO FINANCIAL STATEMENTS.
 
120
J.P. Morgan Exchange-Traded Funds
August 31, 2022
INVESTMENTS
PRINCIPAL
AMOUNT($)
VALUE($)
Corporate Bonds — continued
Germany — continued
TUI Cruises GmbH 6.50%,
5/15/2026 (a)
EUR    350,000
    286,486
Volkswagen International Finance NV
3.25%, 11/18/2030 (a)
EUR    600,000
    568,870
Vonovia Finance BV 2.25%,
4/7/2030 (a)
EUR  1,100,000
    973,645
WEPA Hygieneprodukte GmbH 2.88%,
12/15/2027 (a)
EUR    100,000
     77,884
ZF Europe Finance BV
 
 
2.00%, 2/23/2026 (a)
EUR  1,000,000
    849,183
2.50%, 10/23/2027 (a)
EUR    300,000
    238,482
ZF Finance GmbH
 
 
2.25%, 5/3/2028 (a)
EUR    200,000
    151,093
3.75%, 9/21/2028 (a)
EUR    600,000
    487,200
 
 
16,309,760
Greece — 0.3%
Alpha Bank SA 2.50%, 2/5/2023 (a)
EUR    780,000
786,559
India — 0.2%
Greenko Dutch BV 3.85%,
3/29/2026 (b)
194,000
163,406
Greenko Power II Ltd. 4.30%,
12/13/2028 (b)
415,438
331,831
NTPC Ltd. 3.75%, 4/3/2024 (a)
200,000
196,912
 
 
692,149
Indonesia — 0.3%
Indonesia Asahan Aluminium Persero
PT 5.45%, 5/15/2030 (b)
200,000
195,420
Pertamina Persero PT 3.65%,
7/30/2029 (b)
400,000
378,450
Perusahaan Perseroan Persero PT
Perusahaan Listrik Negara 4.13%,
5/15/2027 (a)
200,000
193,163
 
 
767,033
Ireland — 1.1%
AerCap Ireland Capital DAC
 
 
4.13%, 7/3/2023
420,000
418,966
3.00%, 10/29/2028
465,000
395,305
AIB Group plc (EUR Swap Annual 5
Year + 2.15%), 1.88%,
11/19/2029 (a) (c)
EUR    750,000
695,225
Avolon Holdings Funding Ltd.
 
 
3.95%, 7/1/2024 (b)
126,000
120,311
2.13%, 2/21/2026 (b)
440,000
379,245
4.25%, 4/15/2026 (b)
140,000
129,031
INVESTMENTS
PRINCIPAL
AMOUNT($)
VALUE($)
 
Ireland — continued
Bank of Ireland Group plc (EUR Swap
Annual 5 Year + 7.92%), 7.50%,
5/19/2025 (a) (c) (d) (e)
EUR    300,000
    297,294
eircom Finance DAC 3.50%,
5/15/2026 (a)
EUR  1,000,000
    922,544
 
 
3,357,921
Israel — 0.2%
Energean Israel Finance Ltd.
 
 
4.88%, 3/30/2026 (a)
       156,000
    143,910
5.38%, 3/30/2028 (a)
       150,475
    135,051
Leviathan Bond Ltd.
 
 
6.13%, 6/30/2025 (a)
       200,000
    196,288
6.50%, 6/30/2027 (a)
       165,554
    161,084
 
 
636,333
Italy — 5.0%
Assicurazioni Generali SpA
 
 
2.43%, 7/14/2031 (a)
EUR    200,000
162,646
(EURIBOR 3 Month + 5.35%),
5.50%, 10/27/2047 (a) (c)
EUR    200,000
203,324
Atlantia SpA
 
 
1.63%, 2/3/2025 (a)
EUR    300,000
280,670
1.88%, 7/13/2027 (a)
EUR    350,000
292,753
1.88%, 2/12/2028 (a)
EUR    400,000
323,594
Autostrade per l'Italia SpA
 
 
1.75%, 2/1/2027 (a)
EUR  1,500,000
1,334,071
2.00%, 12/4/2028 (a)
EUR    900,000
752,080
1.88%, 9/26/2029 (a)
EUR    100,000
81,014
Enel Finance International NV
 
 
1.38%, 7/12/2026 (b)
1,460,000
1,271,915
3.50%, 4/6/2028 (b)
200,000
181,607
1.88%, 7/12/2028 (b)
425,000
348,780
5.00%, 6/15/2032 (b)
200,000
185,108
Enel SpA Series 63.5, (EUR Swap
Annual 5 Year + 2.58%), 3.38%,
8/24/2026 (a) (c) (d) (e)
EUR    800,000
716,529
Eni SpA 4.25%, 5/9/2029 (b)
250,000
237,322
Gamma Bidco SpA 5.13%,
7/15/2025 (a)
EUR    582,000
549,788
Guala Closures SpA 3.25%,
6/15/2028 (a)
EUR    384,000
325,121
Infrastrutture Wireless Italiane SpA
1.88%, 7/8/2026 (a)
EUR    500,000
457,956
Intesa Sanpaolo SpA
 
 
3.93%, 9/15/2026 (a)
EUR    150,000
147,781
SEE NOTES TO FINANCIAL STATEMENTS.
 
August 31, 2022
J.P. Morgan Exchange-Traded Funds
121
JPMorgan International Bond Opportunities ETF
SCHEDULE OF PORTFOLIO INVESTMENTS
AS OF August 31, 2022  (Unaudited) (continued)
INVESTMENTS
PRINCIPAL
AMOUNT($)
VALUE($)
Corporate Bonds — continued
Italy — continued
(EUR Swap Annual 5 Year +
7.19%), 7.75%, 1/11/2027 (a)
(c) (d) (e)
EUR    676,000
    656,418
(US Treasury Yield Curve Rate T
Note Constant Maturity 1 Year +
2.75%), 4.95%, 6/1/2042 (b)
(c)
       200,000
    130,483
Kedrion SpA 3.38%, 5/15/2026 (a)
EUR    475,000
    480,931
Leonardo SpA 4.88%, 3/24/2025
EUR    600,000
    613,177
Nexi SpA 1.63%, 4/30/2026 (a)
EUR    550,000
    484,450
Pro-Gest SpA 3.25%,
12/15/2024 (a)
EUR    577,000
    429,008
Rossini SARL 6.75%, 10/30/2025 (a)
EUR    400,000
    400,983
Saipem Finance International BV
 
 
3.75%, 9/8/2023 (a)
EUR    200,000
    198,341
2.63%, 1/7/2025 (a)
EUR    300,000
    269,778
Shiba Bidco SpA 4.50%,
10/31/2028 (a)
EUR    650,000
    549,552
TeamSystem SpA 3.50%,
2/15/2028 (a)
EUR    300,000
261,642
Telecom Italia SpA
 
 
2.88%, 1/28/2026 (a)
EUR    200,000
185,466
3.63%, 5/25/2026 (a)
EUR    400,000
383,730
2.38%, 10/12/2027 (a)
EUR  1,350,000
1,141,931
UniCredit SpA
 
 
(EURIBOR ICE Swap Rate 5 Year +
7.33%), 7.50%, 6/3/2026 (a)
(c) (d) (e)
EUR    300,000
289,056
(US Treasury Yield Curve Rate T
Note Constant Maturity 1 Year +
1.20%), 1.98%, 6/3/2027 (b)
(c)
200,000
169,226
(EURIBOR ICE Swap Rate 5 Year +
4.74%), 4.87%, 2/20/2029 (a)
(c)
EUR    200,000
198,759
(US Treasury Yield Curve Rate T
Note Constant Maturity 1 Year +
1.55%), 3.13%, 6/3/2032 (b)
(c)
200,000
150,446
Verde Bidco SpA 4.63%,
10/1/2026 (a)
EUR    100,000
84,416
 
 
14,929,852
Japan — 1.4%
Mitsubishi UFJ Financial Group, Inc.
 
 
2.53%, 9/13/2023
580,000
571,345
INVESTMENTS
PRINCIPAL
AMOUNT($)
VALUE($)
 
Japan — continued
(US Treasury Yield Curve Rate T
Note Constant Maturity 1 Year +
0.83%), 2.34%, 1/19/2028 (c)
     1,575,000
  1,413,306
Sumitomo Mitsui Financial Group, Inc.
3.75%, 7/19/2023
       157,000
    156,835
Takeda Pharmaceutical Co. Ltd.
 
 
5.00%, 11/26/2028
     1,110,000
  1,124,949
1.00%, 7/9/2029
EUR    363,000
    314,935
2.05%, 3/31/2030
       500,000
    418,011
3.03%, 7/9/2040
       270,000
    209,189
 
 
4,208,570
Kazakhstan — 0.1%
KazMunayGas National Co. JSC 5.75%,
4/19/2047 (a)
       380,000
    311,410
Kuwait — 0.1%
MEGlobal Canada ULC 5.00%,
5/18/2025 (b)
200,000
201,000
Luxembourg — 2.0%
Altice Finco SA 4.75%,
1/15/2028 (a)
EUR    500,000
396,843
Altice France Holding SA
 
 
8.00%, 5/15/2027 (a)
EUR    350,000
286,662
8.00%, 5/15/2027 (b)
EUR    123,000
100,741
ARD Finance SA 5.00% (Cash),
6/30/2027 (a) (g) (h)
EUR    200,000
148,733
Herens Midco SARL 5.25%,
5/15/2029 (a)
EUR    603,000
442,369
INEOS Finance plc 3.38%,
3/31/2026 (a)
EUR    547,000
506,446
Matterhorn Telecom SA 3.13%,
9/15/2026 (a)
EUR    875,000
771,791
Monitchem HoldCo 3 SA 5.25%,
3/15/2025 (a)
EUR    400,000
377,861
PLT VII Finance SARL 4.63%,
1/5/2026 (a)
EUR    650,000
600,143
SELP Finance SARL, REIT 0.88%,
5/27/2029 (a)
EUR    900,000
711,038
SES SA
 
 
(EUR Swap Annual 5 Year +
3.19%), 2.87%, 5/27/2026 (a)
(c) (d) (e)
EUR    500,000
411,857
0.88%, 11/4/2027 (a)
EUR    450,000
384,239
SEE NOTES TO FINANCIAL STATEMENTS.
 
122
J.P. Morgan Exchange-Traded Funds
August 31, 2022
INVESTMENTS
PRINCIPAL
AMOUNT($)
VALUE($)
Corporate Bonds — continued
Luxembourg — continued
Summer BC Holdco A SARL 9.25%,
10/31/2027 (a)
EUR    360,421
    311,859
Summer BC Holdco B SARL 5.75%,
10/31/2026 (a)
EUR    500,000
    463,533
 
 
5,914,115
Malaysia — 0.1%
Petronas Capital Ltd. 3.40%,
4/28/2061 (b)
       436,000
    334,490
Mexico — 0.7%
BBVA Bancomer SA (US Treasury Yield
Curve Rate T Note Constant
Maturity 5 Year + 2.65%), 5.12%,
1/18/2033 (b) (c)
       200,000
    178,300
Cemex SAB de CV
 
 
(US Treasury Yield Curve Rate T
Note Constant Maturity 5 Year +
4.53%), 5.12%, 6/8/2026 (b)
(c) (d) (e)
       488,000
    404,430
3.88%, 7/11/2031 (b)
       377,000
    315,690
Fomento Economico Mexicano SAB de
CV 3.50%, 1/16/2050
       150,000
    116,717
Petroleos Mexicanos 5.95%,
1/28/2031
1,428,000
1,068,501
 
 
2,083,638
Morocco — 0.1%
OCP SA 6.88%, 4/25/2044 (a)
200,000
175,413
Netherlands — 2.1%
ABN AMRO Bank NV
 
 
4.75%, 7/28/2025 (b)
200,000
197,251
(EUR Swap Annual 5 Year +
4.67%), 4.37%, 9/22/2025 (a)
(c) (d) (e)
EUR    200,000
181,661
4.80%, 4/18/2026 (b)
200,000
196,203
(US Treasury Yield Curve Rate T
Note Constant Maturity 5 Year +
1.90%), 3.32%, 3/13/2037 (b)
(c)
400,000
311,004
Cooperatieve Rabobank UA
 
 
3.88%, 9/26/2023 (b)
250,000
249,436
(US Treasury Yield Curve Rate T
Note Constant Maturity 1 Year +
0.73%), 1.00%, 9/24/2026 (b)
(c)
365,000
324,364
(EUR Swap Annual 5 Year +
4.68%), 4.37%, 6/29/2027 (a)
(c) (d) (e)
EUR    400,000
360,275
INVESTMENTS
PRINCIPAL
AMOUNT($)
VALUE($)
 
Netherlands — continued
ING Groep NV
 
 
(SOFR + 1.83%), 4.02%,
3/28/2028 (c)
       710,000
    673,116
(EUR Swap Annual 5 Year +
2.85%), 3.00%, 4/11/2028 (c)
EUR    400,000
    400,995
(EUR Swap Annual 5 Year +
1.20%), 1.00%,
11/13/2030 (a) (c)
EUR    300,000
    266,875
Nobel Bidco BV 3.13%,
6/15/2028 (a)
EUR    336,000
    238,255
Q-Park Holding I BV
 
 
1.50%, 3/1/2025 (a)
EUR    100,000
     91,103
2.00%, 3/1/2027 (a)
EUR    500,000
    415,231
Sigma Holdco BV 5.75%,
5/15/2026 (a)
EUR    400,000
    289,526
Titan Holdings II BV 5.13%,
7/15/2029 (a)
EUR    468,000
    399,769
Trivium Packaging Finance BV 3.75%,
8/15/2026 (a) (f)
EUR    500,000
    474,839
UPC Holding BV 3.88%,
6/15/2029 (a)
EUR    500,000
428,131
Ziggo Bond Co. BV 3.38%,
2/28/2030 (a)
EUR    800,000
603,346
 
 
6,101,380
New Zealand — 0.1%
ANZ New Zealand Int'l Ltd. 2.55%,
2/13/2030 (b)
490,000
421,387
Norway — 0.4%
DNB Bank ASA (GUKG1 + 1.35%),
2.62%, 6/10/2026 (a) (c)
GBP  1,000,000
1,099,665
Peru — 0.0% ^
Southern Copper Corp. 5.88%,
4/23/2045
140,000
145,364
Portugal — 0.8%
EDP - Energias de Portugal SA (EUR
Swap Annual 5 Year + 1.84%),
1.70%, 7/20/2080 (a) (c)
EUR  1,000,000
900,686
EDP Finance BV
 
 
3.63%, 7/15/2024 (b)
675,000
665,094
1.50%, 11/22/2027 (a)
EUR    750,000
697,157
 
 
2,262,937
SEE NOTES TO FINANCIAL STATEMENTS.
 
August 31, 2022
J.P. Morgan Exchange-Traded Funds
123
JPMorgan International Bond Opportunities ETF
SCHEDULE OF PORTFOLIO INVESTMENTS
AS OF August 31, 2022  (Unaudited) (continued)
INVESTMENTS
PRINCIPAL
AMOUNT($)
VALUE($)
Corporate Bonds — continued
Spain — 5.3%
Abertis Infraestructuras Finance BV
 
 
(EUR Swap Annual 5 Year +
3.69%), 3.25%,
11/24/2025 (a) (c) (d) (e)
EUR    600,000
    515,730
(EUR Swap Annual 5 Year +
3.27%), 2.62%, 1/26/2027 (a)
(c) (d) (e)
EUR    100,000
     79,819
Banco Bilbao Vizcaya Argentaria SA
(EUR Swap Annual 5 Year +
6.46%), 6.00%, 1/15/2026 (a)
(c) (d) (e)
EUR    400,000
    376,864
Banco de Sabadell SA (EUR Swap
Annual 1 Year + 0.97%), 0.63%,
11/7/2025 (a) (c)
EUR    300,000
    281,525
Banco Santander SA
 
 
(US Treasury Yield Curve Rate T
Note Constant Maturity 1 Year +
0.45%), 0.70%, 6/30/2024 (c)
       600,000
    580,726
5.15%, 8/18/2025
       400,000
    398,076
(US Treasury Yield Curve Rate T
Note Constant Maturity 1 Year +
0.90%), 1.72%, 9/14/2027 (c)
       800,000
    688,666
2.13%, 2/8/2028 (a)
EUR    200,000
    181,976
CaixaBank SA
 
 
(EUR Swap Annual 5 Year +
6.22%), 6.37%, 9/19/2023 (a)
(c) (d) (e)
EUR    400,000
398,348
(EUR Swap Annual 5 Year +
6.50%), 6.75%, 6/13/2024 (a)
(c) (d) (e)
EUR    400,000
387,151
1.13%, 3/27/2026 (a)
EUR  1,000,000
927,318
(EUR Swap Annual 5 Year +
3.62%), 3.75%, 2/15/2029 (a)
(c)
EUR    800,000
794,132
Cellnex Telecom SA
 
 
1.00%, 4/20/2027 (a)
EUR    500,000
426,707
1.88%, 6/26/2029
EUR    400,000
323,594
Cirsa Finance International SARL
4.75%, 5/22/2025 (a)
EUR    950,000
880,112
ContourGlobal Power Holdings SA
4.13%, 8/1/2025 (a)
EUR    500,000
483,130
eDreams ODIGEO SA
 
 
5.50%, 7/15/2027 (b)
EUR    307,000
264,512
5.50%, 7/15/2027 (a)
EUR    300,000
258,481
Grifols Escrow Issuer SA 3.88%,
10/15/2028 (a)
EUR    300,000
241,188
Grifols SA
 
 
INVESTMENTS
PRINCIPAL
AMOUNT($)
VALUE($)
 
Spain — continued
1.63%, 2/15/2025 (a)
EUR    550,000
    507,123
2.25%, 11/15/2027 (a)
EUR  1,000,000
    844,158
Grupo Antolin-Irausa SA
 
 
3.38%, 4/30/2026 (a)
EUR    100,000
     81,493
3.50%, 4/30/2028 (a)
EUR    225,000
    163,243
Iberdrola International BV (EUR Swap
Annual 5 Year + 2.06%), 2.62%,
12/26/2023 (a) (c) (d) (e)
EUR    800,000
    782,052
Kaixo Bondco Telecom SA 5.13%,
9/30/2029 (a)
EUR    392,000
    318,343
Lorca Telecom Bondco SA 4.00%,
9/18/2027 (a)
EUR  1,066,000
    952,333
Naturgy Finance BV (EUR Swap Annual
9 Year + 3.08%), 3.38%,
4/24/2024 (a) (c) (d) (e)
EUR    200,000
    187,565
Repsol International Finance BV (EUR
Swap Annual 10 Year + 4.20%),
4.50%, 3/25/2075 (a) (c)
EUR  1,400,000
  1,382,281
Telefonica Emisiones SA 5.21%,
3/8/2047
       150,000
    129,761
Telefonica Europe BV
 
 
(EUR Swap Annual 5 Year +
2.33%), 2.62%, 3/7/2023 (a)
(c) (d) (e)
EUR    100,000
98,242
Series NC5, (EUR Swap Annual 5
Year + 2.45%), 3.00%,
9/4/2023 (a) (c) (d) (e)
EUR    900,000
868,883
(EUR Swap Annual 8 Year +
2.97%), 3.88%, 6/22/2026 (a)
(c) (d) (e)
EUR    900,000
814,281
 
 
15,617,813
Sweden — 0.8%
Dometic Group AB 3.00%,
5/8/2026 (a)
EUR    650,000
576,791
Svenska Handelsbanken AB (US
Treasury Yield Curve Rate T
Note Constant Maturity 5 Year +
4.05%), 4.75%, 3/1/2031 (a) (c)
(d) (e)
200,000
164,183
Verisure Holding AB
 
 
3.88%, 7/15/2026 (a)
EUR    275,000
246,230
3.25%, 2/15/2027 (a)
EUR    900,000
775,570
Verisure Midholding AB 5.25%,
2/15/2029 (a)
EUR    319,000
257,689
SEE NOTES TO FINANCIAL STATEMENTS.
 
124
J.P. Morgan Exchange-Traded Funds
August 31, 2022
INVESTMENTS
PRINCIPAL
AMOUNT($)
VALUE($)
Corporate Bonds — continued
Sweden — continued
Volvo Car AB
 
 
2.00%, 1/24/2025 (a)
EUR    200,000
    190,900
2.50%, 10/7/2027 (a)
EUR    300,000
    268,162
 
 
2,479,525
Switzerland — 1.5%
Argentum Netherlands for Zurich
Insurance Co. Ltd. (EURIBOR 3
Month + 3.95%), 3.50%,
10/1/2046 (a) (c)
EUR    700,000
    685,834
Credit Suisse Group AG
 
 
4.28%, 1/9/2028 (b)
       550,000
    493,738
(SOFR + 3.73%), 4.19%,
4/1/2031 (b) (c)
       274,000
    230,221
(SOFR + 1.73%), 3.09%,
5/14/2032 (b) (c)
       561,000
    424,006
Dufry One BV 2.50%,
10/15/2024 (a)
EUR    700,000
    663,629
Holcim Sterling Finance Netherlands
BV 2.25%, 4/4/2034 (a)
GBP    300,000
254,699
Kongsberg Actuation Systems BV
5.00%, 7/15/2025 (a)
EUR    218,182
185,039
Swiss Re Finance Luxembourg SA (US
Treasury Yield Curve Rate T
Note Constant Maturity 5 Year +
3.58%), 5.00%, 4/2/2049 (b) (c)
200,000
190,000
UBS Group AG
 
 
(US Treasury Yield Curve Rate T
Note Constant Maturity 1 Year +
2.05%), 4.70%, 8/5/2027 (b)
(c)
322,000
316,058
(EUR Swap Annual 1 Year +
0.77%), 0.25%, 11/5/2028 (a)
(c)
EUR    300,000
252,817
(US Treasury Yield Curve Rate T
Note Constant Maturity 1 Year +
1.00%), 2.09%, 2/11/2032 (b)
(c)
280,000
218,948
(US Treasury Yield Curve Rate T
Note Constant Maturity 1 Year +
1.10%), 2.75%, 2/11/2033 (b)
(c)
430,000
344,516
(US Treasury Yield Curve Rate T
Note Constant Maturity 1 Year +
2.40%), 4.99%, 8/5/2033 (b)
(c)
200,000
192,762
 
 
4,452,267
INVESTMENTS
PRINCIPAL
AMOUNT($)
VALUE($)
 
Taiwan — 0.4%
Competition Team Technologies Ltd.
3.75%, 3/12/2024 (a)
       200,000
    197,850
TSMC Arizona Corp. 4.25%,
4/22/2032
       380,000
    372,096
TSMC Global Ltd. 2.25%,
4/23/2031 (b)
       700,000
    584,969
 
 
1,154,915
United Kingdom — 8.6%
888 Acquisitions Ltd. 7.56%,
7/15/2027 (b)
EUR    230,000
    198,779
AstraZeneca plc
 
 
0.38%, 6/3/2029 (a)
EUR    700,000
    601,530
4.00%, 9/18/2042
       490,000
    448,729
Barclays plc
 
 
(U.K. Government Bonds 5 Year
Note Generic Bid Yield + 6.02%),
6.37%, 12/15/2025 (a) (c) (d)
(e)
GBP    200,000
    211,720
(US Treasury Yield Curve Rate T
Note Constant Maturity 1 Year +
2.30%), 5.30%, 8/9/2026 (c)
398,000
395,084
BP Capital Markets plc
 
 
(US Treasury Yield Curve Rate T
Note Constant Maturity 5 Year +
4.04%), 4.38%, 6/22/2025 (c)
(d) (e)
204,000
195,279
(EUR Swap Annual 5 Year +
3.88%), 3.25%, 3/22/2026 (a)
(c) (d) (e)
EUR    600,000
551,199
(US Treasury Yield Curve Rate T
Note Constant Maturity 5 Year +
4.40%), 4.88%, 3/22/2030 (c)
(d) (e)
94,000
85,987
British Telecommunications plc
(EURIBOR ICE Swap Rate 5 Year +
2.13%), 1.87%, 8/18/2080 (a)
(c)
EUR    100,000
86,426
Centrica plc 4.38%, 3/13/2029 (a)
GBP    200,000
224,717
Constellation Automotive Financing plc
4.88%, 7/15/2027 (a)
GBP    269,000
244,060
CPUK Finance Ltd. 4.50%,
8/28/2027 (a)
GBP    500,000
516,399
EC Finance plc 3.00%,
10/15/2026 (a)
EUR    799,000
739,955
eG Global Finance plc 4.38%,
2/7/2025 (a)
EUR    600,000
558,670
Eversholt Funding plc 2.74%,
6/30/2040 (a)
GBP    738,464
727,373
SEE NOTES TO FINANCIAL STATEMENTS.
 
August 31, 2022
J.P. Morgan Exchange-Traded Funds
125
JPMorgan International Bond Opportunities ETF
SCHEDULE OF PORTFOLIO INVESTMENTS
AS OF August 31, 2022  (Unaudited) (continued)
INVESTMENTS
PRINCIPAL
AMOUNT($)
VALUE($)
Corporate Bonds — continued
United Kingdom — continued
Gatwick Funding Ltd. 2.50%,
4/15/2030 (a)
GBP    700,000
    676,711
Heathrow Funding Ltd.
 
 
1.50%, 10/12/2025 (a)
EUR    800,000
    764,588
6.75%, 12/3/2026 (a)
GBP    300,000
    370,130
1.50%, 2/11/2030 (a)
EUR    300,000
    260,113
1.88%, 3/14/2034 (a)
EUR    250,000
    195,922
5.88%, 5/13/2041 (a)
GBP    100,000
    119,815
HSBC Holdings plc
 
 
(SOFR + 1.54%), 1.64%,
4/18/2026 (c)
       490,000
    446,185
5.75%, 12/20/2027 (a)
GBP    200,000
    230,924
(SOFR + 2.61%), 5.21%,
8/11/2028 (c)
       380,000
    370,900
(SOFR + 1.73%), 2.01%,
9/22/2028 (c)
1,270,000
1,073,732
(ICE LIBOR USD 3 Month + 1.61%),
3.97%, 5/22/2030 (c)
374,000
337,662
(SOFR + 1.41%), 2.87%,
11/22/2032 (c)
440,000
349,646
(SOFR + 2.87%), 5.40%,
8/11/2033 (c)
207,000
196,955
Iceland Bondco plc 4.63%,
3/15/2025 (a)
GBP    400,000
336,661
INEOS Quattro Finance 1 plc 3.75%,
7/15/2026 (a)
EUR    500,000
428,532
INEOS Quattro Finance 2 plc 2.50%,
1/15/2026 (a)
EUR    200,000
178,305
INEOS Styrolution Group GmbH
2.25%, 1/16/2027 (a)
EUR    300,000
248,725
International Consolidated Airlines
Group SA 1.50%, 7/4/2027 (a)
EUR    700,000
496,280
Jaguar Land Rover Automotive plc
 
 
2.20%, 1/15/2024 (a)
EUR    300,000
272,458
4.50%, 1/15/2026 (a)
EUR    400,000
334,946
Lloyds Banking Group plc
 
 
4.05%, 8/16/2023
415,000
414,365
(EURIBOR ICE Swap Rate 5 Year +
5.29%), 4.95%, 6/27/2025 (a)
(c) (d) (e)
EUR    300,000
287,164
4.58%, 12/10/2025
200,000
194,953
National Grid plc 0.25%,
9/1/2028 (a)
EUR    800,000
667,401
NatWest Group plc
 
 
(ICE LIBOR USD 3 Month + 1.76%),
4.27%, 3/22/2025 (c)
780,000
771,050
INVESTMENTS
PRINCIPAL
AMOUNT($)
VALUE($)
 
United Kingdom — continued
(U.K. Government Bonds 5 Year
Note Generic Bid Yield + 4.99%),
5.13%, 5/12/2027 (c) (d) (e)
GBP    884,000
    872,901
(US Treasury Yield Curve Rate T
Note Constant Maturity 1 Year +
2.27%), 5.52%, 9/30/2028 (c)
       400,000
    400,210
(EURIBOR 3 Month + 0.89%),
0.67%, 9/14/2029 (a) (c)
EUR  1,200,000
    973,893
NGG Finance plc (EUR Swap Annual 5
Year + 2.53%), 2.13%,
9/5/2082 (a) (c)
EUR    730,000
    597,854
Pinnacle Bidco plc 5.50%,
2/15/2025 (a)
EUR    500,000
    463,508
Punch Finance plc 6.13%,
6/30/2026 (a)
GBP    438,000
    442,301
RAC Bond Co. plc 5.25%,
11/4/2027 (a)
GBP    654,000
    612,540
Rolls-Royce plc 0.88%, 5/9/2024 (a)
EUR    700,000
    656,742
Santander UK Group Holdings plc
(SOFR + 0.99%), 1.67%,
6/14/2027 (c)
       900,000
    778,441
SIG plc 5.25%, 11/30/2026 (a)
EUR    317,000
    265,209
Standard Chartered plc
 
 
(US Treasury Yield Curve Rate T
Note Constant Maturity 1 Year +
1.65%), 3.97%, 3/30/2026 (b)
(c)
395,000
381,735
(US Treasury Yield Curve Rate T
Note Constant Maturity 1 Year +
3.85%), 4.64%, 4/1/2031 (b)
(c)
306,000
288,366
Synthomer plc 3.88%, 7/1/2025 (a)
EUR    500,000
465,041
Virgin Media Finance plc 3.75%,
7/15/2030 (a)
EUR    500,000
391,930
Vodafone Group plc
 
 
5.25%, 5/30/2048
180,000
166,149
4.88%, 6/19/2049
121,000
107,666
(EUR Swap Annual 5 Year +
3.43%), 4.20%, 10/3/2078 (a)
(c)
EUR    700,000
640,761
(EUR Swap Annual 5 Year +
2.67%), 3.10%, 1/3/2079 (a)
(c)
EUR    300,000
291,913
SEE NOTES TO FINANCIAL STATEMENTS.
 
126
J.P. Morgan Exchange-Traded Funds
August 31, 2022
INVESTMENTS
PRINCIPAL
AMOUNT($)
VALUE($)
Corporate Bonds — continued
United Kingdom — continued
(USD Swap Semi 5 Year + 4.87%),
7.00%, 4/4/2079 (c)
       429,000
    442,878
Series NC10, (EUR Swap Annual 5
Year + 3.23%), 3.00%,
8/27/2080 (a) (c)
EUR    625,000
    502,098
 
 
25,552,166
United States — 7.8%
AES Corp. (The)
 
 
3.30%, 7/15/2025 (b)
        31,000
     29,404
3.95%, 7/15/2030 (b)
        42,000
     38,367
Aetna, Inc. 2.80%, 6/15/2023
       595,000
    589,576
Alexander Funding Trust 1.84%,
11/15/2023 (b)
        70,000
     66,511
American Airlines Pass-Through Trust
Series 2021-1, 2.88%, 7/11/2034
       100,000
     83,646
American Express Co. (US Treasury
Yield Curve Rate T Note Constant
Maturity 5 Year + 2.85%), 3.55%,
9/15/2026 (c) (d) (e)
       104,000
     89,310
American Medical Systems Europe BV
1.63%, 3/8/2031
EUR    100,000
87,714
Amgen, Inc. 2.45%, 2/21/2030
120,000
105,003
Anheuser-Busch Cos. LLC 4.90%,
2/1/2046
85,000
80,695
Anheuser-Busch InBev Worldwide, Inc.
4.44%, 10/6/2048
344,000
305,786
Ardagh Metal Packaging Finance
USA LLC 3.00%, 9/1/2029 (a)
EUR    379,000
298,921
AT&T, Inc.
 
 
3.50%, 9/15/2053
380,000
280,142
3.55%, 9/15/2055
99,000
72,487
Bank of America Corp.
 
 
Series N, (SOFR + 1.22%), 2.65%,
3/11/2032 (c)
560,000
464,286
(SOFR + 1.32%), 2.69%,
4/22/2032 (c)
290,000
240,409
(SOFR + 1.22%), 2.30%,
7/21/2032 (c)
470,000
375,178
Berkshire Hathaway Energy Co.
4.60%, 5/1/2053 (b)
47,000
44,767
BP Capital Markets America, Inc.
2.72%, 1/12/2032
430,000
374,957
Bristol-Myers Squibb Co. 2.95%,
3/15/2032
125,000
113,267
INVESTMENTS
PRINCIPAL
AMOUNT($)
VALUE($)
 
United States — continued
Capital One Financial Corp. Series M,
(US Treasury Yield Curve Rate T
Note Constant Maturity 5 Year +
3.16%), 3.95%, 9/1/2026 (c) (d)
(e)
       442,000
    375,373
CCO Holdings LLC 5.13%,
5/1/2027 (b)
       140,000
    132,887
CenterPoint Energy, Inc. 2.95%,
3/1/2030
       280,000
    249,138
CF Industries, Inc. 4.95%, 6/1/2043
       224,000
    199,107
Charles Schwab Corp. (The)
 
 
Series I, (US Treasury Yield Curve
Rate T Note Constant Maturity 5
Year + 3.17%), 4.00%,
6/1/2026 (c) (d) (e)
       312,000
    268,320
Series H, (US Treasury Yield Curve
Rate T Note Constant Maturity 10
Year + 3.08%), 4.00%,
12/1/2030 (c) (d) (e)
       320,000
    260,400
Citigroup, Inc.
 
 
Series M, (ICE LIBOR USD 3 Month +
3.42%), 6.30%, 5/15/2024 (c)
(d) (e)
         29,000
     27,985
Series W, (US Treasury Yield Curve
Rate T Note Constant Maturity 5
Year + 3.60%), 4.00%,
12/10/2025 (c) (d) (e)
       160,000
    140,400
(US Treasury Yield Curve Rate T
Note Constant Maturity 5 Year +
3.42%), 3.88%, 2/18/2026 (c)
(d) (e)
       720,000
    622,800
Series T, (ICE LIBOR USD 3 Month +
4.52%), 6.25%, 8/15/2026 (c)
(e)
200,000
198,490
Series Y, (US Treasury Yield Curve
Rate T Note Constant Maturity 5
Year + 3.00%), 4.15%,
11/15/2026 (c) (e)
620,000
525,326
(SOFR + 1.17%), 2.56%,
5/1/2032 (c)
320,000
261,726
(SOFR + 1.18%), 2.52%,
11/3/2032 (c)
140,000
113,150
Comcast Corp. 2.94%, 11/1/2056
290,000
196,479
Conagra Brands, Inc. 0.50%,
8/11/2023
430,000
416,003
Constellation Energy Generation LLC
5.60%, 6/15/2042
210,000
210,090
CVS Health Corp.
 
 
1.88%, 2/28/2031
215,000
172,952
SEE NOTES TO FINANCIAL STATEMENTS.
 
August 31, 2022
J.P. Morgan Exchange-Traded Funds
127
JPMorgan International Bond Opportunities ETF
SCHEDULE OF PORTFOLIO INVESTMENTS
AS OF August 31, 2022  (Unaudited) (continued)
INVESTMENTS
PRINCIPAL
AMOUNT($)
VALUE($)
Corporate Bonds — continued
United States — continued
2.13%, 9/15/2031
       130,000
    105,891
Danaher Corp. 2.80%, 12/10/2051
        85,000
     60,324
Diamondback Energy, Inc. 3.13%,
3/24/2031
       277,000
    238,837
Discover Bank 4.20%, 8/8/2023
       655,000
    655,458
Discovery Communications LLC
3.63%, 5/15/2030
        50,000
     43,806
Duquesne Light Holdings, Inc. 2.78%,
1/7/2032 (b)
       140,000
    114,159
Entergy Texas, Inc. 1.75%,
3/15/2031
       115,000
     92,237
Exxon Mobil Corp. 0.52%, 6/26/2028
EUR    400,000
    354,578
Fells Point Funding Trust 3.05%,
1/31/2027 (b)
       274,000
    252,661
Fidelity National Information Services,
Inc. 2.00%, 5/21/2030
EUR    200,000
    176,513
Fiserv, Inc. 1.63%, 7/1/2030
EUR    100,000
     86,029
Ford Motor Credit Co. LLC
 
 
4.27%, 1/9/2027
400,000
365,362
3.63%, 6/17/2031
467,000
378,144
Freeport-McMoRan, Inc.
 
 
4.25%, 3/1/2030
103,000
93,281
5.40%, 11/14/2034
523,000
495,945
5.45%, 3/15/2043
48,000
43,211
General Electric Co. 4.13%,
9/19/2035 (a)
EUR    100,000
102,548
General Motors Co. 6.13%,
10/1/2025
21,000
21,615
General Motors Financial Co., Inc.
2.75%, 6/20/2025
39,000
36,894
Georgia Power Co. Series A, 2.10%,
7/30/2023
785,000
771,056
Global Payments, Inc. 2.90%,
11/15/2031
265,000
214,682
Goldman Sachs Group, Inc. (The)
 
 
Series T, (US Treasury Yield Curve
Rate T Note Constant Maturity 5
Year + 2.97%), 3.80%,
5/10/2026 (c) (d) (e)
10,000
8,275
(SOFR + 0.91%), 1.95%,
10/21/2027 (c)
355,000
315,306
(SOFR + 1.28%), 2.62%,
4/22/2032 (c)
290,000
239,622
(SOFR + 1.25%), 2.38%,
7/21/2032 (c)
190,000
153,801
(SOFR + 1.26%), 2.65%,
10/21/2032 (c)
300,000
246,328
INVESTMENTS
PRINCIPAL
AMOUNT($)
VALUE($)
 
United States — continued
Gray Oak Pipeline LLC 2.60%,
10/15/2025 (b)
        50,000
     46,006
HCA, Inc.
 
 
5.88%, 2/15/2026
       185,000
    188,904
3.50%, 9/1/2030
       635,000
    554,128
2.38%, 7/15/2031
       370,000
    293,537
5.25%, 6/15/2049
       120,000
    107,371
3.50%, 7/15/2051
       150,000
    102,966
Hyundai Capital America
 
 
3.50%, 11/2/2026 (b)
       555,000
    520,852
3.50%, 11/2/2026 (a)
       150,000
    140,771
International Game Technology plc
2.38%, 4/15/2028 (a)
EUR    350,000
    293,989
Kansas City Southern 3.50%,
5/1/2050
90,000
70,703
Keurig Dr. Pepper, Inc.
 
 
3.95%, 4/15/2029
345,000
328,335
4.05%, 4/15/2032
310,000
289,205
Lear Corp. 3.55%, 1/15/2052
84,000
54,689
Lowe's Cos., Inc. 3.75%, 4/1/2032
260,000
239,440
Magallanes, Inc.
 
 
4.28%, 3/15/2032 (b)
822,000
716,236
5.05%, 3/15/2042 (b)
155,000
126,714
Metropolitan Life Global Funding I
3.30%, 3/21/2029 (b)
185,000
170,403
Morgan Stanley
 
 
(SOFR + 0.88%), 1.59%,
5/4/2027 (c)
690,000
615,019
(SOFR + 1.61%), 4.21%,
4/20/2028 (c)
315,000
306,941
(SOFR + 1.18%), 2.24%,
7/21/2032 (c)
220,000
177,212
(SOFR + 1.20%), 2.51%,
10/20/2032 (c)
173,000
141,668
Netflix, Inc. 5.38%, 11/15/2029 (b)
357,000
351,645
Pacific Gas and Electric Co.
 
 
4.25%, 8/1/2023
390,000
388,187
3.30%, 3/15/2027
366,000
326,584
Par Pharmaceutical, Inc. 7.50%,
4/1/2027 (b)
9,000
7,650
PNC Financial Services Group, Inc.
(The) Series T, (US Treasury Yield
Curve Rate T Note Constant
Maturity 5 Year + 2.60%), 3.40%,
9/15/2026 (c) (d) (e)
410,000
331,280
Regency Centers LP, REIT 2.95%,
9/15/2029
95,000
82,938
SEE NOTES TO FINANCIAL STATEMENTS.
 
128
J.P. Morgan Exchange-Traded Funds
August 31, 2022
INVESTMENTS
PRINCIPAL
AMOUNT($)
VALUE($)
Corporate Bonds — continued
United States — continued
Roper Technologies, Inc. 2.95%,
9/15/2029
       446,000
    392,880
Southern California Edison Co. Series
J, 0.70%, 8/1/2023
       460,000
    445,751
Take-Two Interactive Software, Inc.
 
 
3.55%, 4/14/2025
        60,000
     58,604
3.70%, 4/14/2027
       210,000
    202,086
4.00%, 4/14/2032
        70,000
     64,556
Thermo Fisher Scientific, Inc. 0.88%,
10/1/2031
EUR    100,000
     82,930
T-Mobile USA, Inc. 2.55%,
2/15/2031
       115,000
     95,713
Transocean, Inc. 11.50%,
1/30/2027 (b)
        25,000
     24,098
Union Electric Co. 3.90%, 4/1/2052
        80,000
     70,364
Verizon Communications, Inc.
 
 
2.55%, 3/21/2031
330,000
278,917
2.36%, 3/15/2032
60,000
49,224
2.65%, 11/20/2040
60,000
43,308
VMware, Inc. 2.20%, 8/15/2031
290,000
226,090
Wells Fargo & Co. Series BB, (US
Treasury Yield Curve Rate T
Note Constant Maturity 5 Year +
3.45%), 3.90%, 3/15/2026 (c)
(d) (e)
340,000
299,625
 
 
23,085,134
Total Corporate Bonds
(Cost $210,361,035)
 
170,189,961
Foreign Government Securities — 30.6%
Angola — 0.3%
Republic of Angola
 
 
8.00%, 11/26/2029 (a)
210,000
173,775
8.75%, 4/14/2032 (b)
483,000
393,645
9.13%, 11/26/2049 (a)
480,000
357,990
 
 
925,410
Australia — 9.4%
Commonwealth of Australia
 
 
5.50%, 4/21/2023 (a)
AUD17,808,000
12,393,293
1.25%, 5/21/2032
AUD25,668,000
14,198,196
3.00%, 3/21/2047 (a)
AUD 2,140,000
1,262,376
 
 
27,853,865
Bahrain — 0.1%
Kingdom of Bahrain 6.00%,
9/19/2044 (a)
335,000
250,057
INVESTMENTS
PRINCIPAL
AMOUNT($)
VALUE($)
 
Brazil — 3.1%
Notas do Tesouro Nacional
 
 
10.00%, 1/1/2025
BRL40,000,000
  7,379,284
6.00%, 5/15/2035
BRL 2,540,000
  1,943,952
 
 
9,323,236
Canada — 6.1%
Canada Government Bond
 
 
0.25%, 5/1/2023
CAD12,060,000
  8,978,219
0.25%, 8/1/2023
CAD12,516,000
  9,231,545
 
 
18,209,764
China — 1.1%
People's Republic of China 2.75%,
2/17/2032
CNY22,790,000
  3,306,572
Colombia — 0.2%
Republic of Colombia
 
 
3.13%, 4/15/2031
460,000
346,811
5.20%, 5/15/2049
520,000
353,373
 
 
700,184
Costa Rica — 0.1%
Republic of Costa Rica 6.13%,
2/19/2031 (a)
300,000
279,713
Cote D'Ivoire — 0.2%
Republic of Cote d'Ivoire 6.88%,
10/17/2040 (b)
EUR   730,000
526,505
Dominican Republic — 0.2%
Dominican Republic Government Bond
 
 
6.88%, 1/29/2026 (b)
280,000
286,265
5.30%, 1/21/2041 (b)
375,000
277,336
 
 
563,601
Ecuador — 0.1%
Republic of Ecuador 2.50%,
7/31/2035 (a) (f)
537,000
205,671
Ethiopia — 0.0% ^
Federal Democratic Republic of
Ethiopia 6.63%, 12/11/2024 (a)
200,000
109,788
Hungary — 0.2%
Hungary Government Bond
 
 
2.13%, 9/22/2031 (b)
200,000
145,662
7.63%, 3/29/2041
150,000
172,200
3.13%, 9/21/2051 (b)
466,000
288,862
 
 
606,724
SEE NOTES TO FINANCIAL STATEMENTS.
 
August 31, 2022
J.P. Morgan Exchange-Traded Funds
129
JPMorgan International Bond Opportunities ETF
SCHEDULE OF PORTFOLIO INVESTMENTS
AS OF August 31, 2022  (Unaudited) (continued)
INVESTMENTS
PRINCIPAL
AMOUNT($)
VALUE($)
Foreign Government Securities — continued
Israel — 0.2%
State of Israel Government Bond
3.38%, 1/15/2050
       570,000
    472,316
Italy — 1.7%
Italian Republic Government Bond
 
 
0.88%, 5/6/2024
       962,000
    900,932
2.38%, 10/17/2024
     3,295,000
  3,128,735
2.88%, 10/17/2029
     1,135,000
    966,650
 
 
4,996,317
Ivory Coast — 0.2%
Republic of Cote d'Ivoire
 
 
6.38%, 3/3/2028 (a)
       270,000
    250,644
6.13%, 6/15/2033 (a)
       370,000
    311,101
 
 
561,745
Jamaica — 0.2%
Jamaica Government Bond
 
 
8.00%, 3/15/2039
240,000
279,795
7.88%, 7/28/2045
400,000
460,825
 
 
740,620
Kazakhstan — 0.1%
Republic of Kazakhstan 1.50%,
9/30/2034 (b)
EUR   370,000
280,570
Kenya — 0.2%
Republic of Kenya 6.30%,
1/23/2034 (b)
783,000
532,440
Lebanon — 0.0% ^
Lebanese Republic
 
 
6.65%, 4/22/2024 (a) (i)
227,000
16,074
6.65%, 11/3/2028 (a) (i)
226,000
15,580
 
 
31,654
Mexico — 1.6%
Mex Bonos Desarr Fix Rt
 
 
7.75%, 5/29/2031
MXN37,280,000
1,704,718
8.50%, 11/18/2038
MXN42,000,000
1,985,705
United Mexican States
 
 
3.77%, 5/24/2061
392,000
261,733
3.75%, 4/19/2071
1,433,000
938,884
 
 
4,891,040
INVESTMENTS
PRINCIPAL
AMOUNT($)
VALUE($)
 
New Zealand — 0.8%
New Zealand Government Bond
 
 
4.50%, 4/15/2027 (a)
NZD   952,000
    597,859
2.75%, 4/15/2037 (a)
NZD 3,201,000
  1,643,110
 
 
2,240,969
Nigeria — 0.3%
Federal Republic of Nigeria
 
 
7.63%, 11/21/2025 (a)
       300,000
    264,750
7.38%, 9/28/2033 (b)
       527,000
    351,772
7.63%, 11/28/2047 (a)
       400,000
    246,000
 
 
862,522
Oman — 0.2%
Sultanate of Oman Government Bond
 
 
5.63%, 1/17/2028 (a)
300,000
294,375
6.75%, 1/17/2048 (a)
320,000
284,400
 
 
578,775
Paraguay — 0.3%
Republic of Paraguay
 
 
5.00%, 4/15/2026 (a)
302,000
301,396
4.95%, 4/28/2031 (b)
550,000
528,791
 
 
830,187
Philippines — 0.1%
Republic of Philippines 2.95%,
5/5/2045
330,000
245,061
Portugal — 1.5%
Portuguese Republic 5.13%,
10/15/2024 (a)
4,260,000
4,355,833
Qatar — 0.2%
State of Qatar
 
 
5.10%, 4/23/2048 (a)
245,000
261,844
4.40%, 4/16/2050 (b)
200,000
194,250
 
 
456,094
Romania — 0.1%
Romania Government Bond 4.63%,
4/3/2049 (b)
EUR   276,000
204,870
Senegal — 0.2%
Republic of Senegal
 
 
6.25%, 5/23/2033 (a)
660,000
531,423
6.75%, 3/13/2048 (a)
260,000
180,749
 
 
712,172
SEE NOTES TO FINANCIAL STATEMENTS.
 
130
J.P. Morgan Exchange-Traded Funds
August 31, 2022
INVESTMENTS
PRINCIPAL
AMOUNT($)
VALUE($)
Foreign Government Securities — continued
Serbia — 0.1%
Republic of Serbia 1.50%,
6/26/2029 (b)
EUR   410,000
    295,451
South Africa — 1.2%
Republic of South Africa
 
 
4.30%, 10/12/2028
       490,000
    433,436
7.00%, 2/28/2031
ZAR37,742,512
  1,747,544
8.88%, 2/28/2035
ZAR17,942,132
    888,136
5.75%, 9/30/2049
       710,000
    503,212
 
 
3,572,328
United Arab Emirates — 0.3%
United Arab Emirates Government
Bond
 
 
4.05%, 7/7/2032 (b)
       441,000
    446,733
4.00%, 7/28/2050 (b)
400,000
252,200
4.95%, 7/7/2052 (b)
305,000
320,250
 
 
1,019,183
Uruguay — 0.0% ^
Oriental Republic of Uruguay 5.10%,
6/18/2050
88,906
90,256
Total Foreign Government Securities
(Cost $101,540,249)
 
90,831,493
Commercial Mortgage-Backed Securities — 1.7%
United States — 1.7%
BAMLL Re-REMIC Trust Series
2014-FRR4, Class BK29, PO,
4/27/2023 (b)
400,000
380,914
BANK
 
 
Series 2019-BN16, Class C, 4.79%,
2/15/2052 ‡ (h)
23,000
20,945
Series 2018-BN10, Class C, 4.16%,
2/15/2061 ‡ (h)
70,000
62,458
Series 2018-BN13, Class C, 4.72%,
8/15/2061 ‡ (h)
118,000
105,863
Series 2019-BN20, Class C, 3.78%,
9/15/2062 ‡ (h)
176,000
148,595
Benchmark Mortgage Trust Series
2019-B11, Class C, 3.75%,
5/15/2052 ‡ (h)
315,000
265,992
Cascade Funding Mortgage Trust
Series 2021-FRR1, Class BK45,
2.11%, 2/28/2025 ‡ (b) (h)
1,000,000
899,144
CCUBS Commercial Mortgage Trust
Series 2017-C1, Class C, 4.58%,
11/15/2050 (h)
28,000
24,949
INVESTMENTS
PRINCIPAL
AMOUNT($)
VALUE($)
 
United States — continued
CD Mortgage Trust Series 2016-CD2,
Class C, 4.11%, 11/10/2049 ‡ (h)
         21,000
     17,974
Citigroup Commercial Mortgage Trust
Series 2014-GC23, Class C, 4.58%,
7/10/2047 ‡ (h)
        21,000
     20,184
FHLMC, Multi-Family Structured
Pass-Through Certificates
 
 
Series K033, Class X1, IO, 0.40%,
7/25/2023 (h)
     3,684,077
      7,265
Series K739, Class X1, IO, 1.32%,
9/25/2027 (h)
     2,127,037
    100,305
Series K153, Class X3, IO, 3.91%,
4/25/2035 (h)
       340,000
     87,582
Series K036, Class X3, IO, 2.18%,
12/25/2041 (h)
     2,640,000
     62,084
Series K720, Class X3, IO, 2.13%,
8/25/2042 (h)
       447,795
          4
Series K041, Class X3, IO, 1.70%,
11/25/2042 (h)
     3,470,000
    104,193
Series K054, Class X3, IO, 1.65%,
4/25/2043 (h)
     1,365,000
     63,604
Series K050, Class X3, IO, 1.61%,
10/25/2043 (h)
     1,010,000
     40,228
Series K051, Class X3, IO, 1.67%,
10/25/2043 (h)
1,395,000
59,752
Series K052, Class X3, IO, 1.67%,
1/25/2044 (h)
750,000
33,820
Series K726, Class X3, IO, 2.22%,
7/25/2044 (h)
2,890,000
97,177
Series K067, Class X3, IO, 2.19%,
9/25/2044 (h)
1,385,000
120,062
Series K072, Class X3, IO, 2.21%,
12/25/2045 (h)
400,000
37,487
Series K089, Class X3, IO, 2.38%,
1/25/2046 (h)
850,000
102,103
Series K078, Class X3, IO, 2.29%,
6/25/2046 (h)
1,820,000
191,556
Series K088, Class X3, IO, 2.43%,
2/25/2047 (h)
980,000
121,094
FREMF Series 2018-KF46, Class B,
4.31%, 3/25/2028 (b) (h)
241,539
235,185
FREMF Mortgage Trust
 
 
Series 2017-KF31, Class B, 5.26%,
4/25/2024 (b) (h)
38,243
37,965
Series 2017-KF36, Class B, 5.01%,
8/25/2024 (b) (h)
32,805
32,712
Series 2017-KF38, Class B, 4.86%,
9/25/2024 (b) (h)
19,725
19,667
SEE NOTES TO FINANCIAL STATEMENTS.
 
August 31, 2022
J.P. Morgan Exchange-Traded Funds
131
JPMorgan International Bond Opportunities ETF
SCHEDULE OF PORTFOLIO INVESTMENTS
AS OF August 31, 2022  (Unaudited) (continued)
INVESTMENTS
PRINCIPAL
AMOUNT($)
VALUE($)
Commercial Mortgage-Backed Securities — continued
United States — continued
Series 2018-KF47, Class B, 4.36%,
5/25/2025 (b) (h)
          9,422
      9,293
Series 2018-KF49, Class B, 4.26%,
6/25/2025 (b) (h)
       147,239
    142,650
Series 2017-K728, Class B, 3.77%,
11/25/2050 (b) (h)
       190,000
    186,221
Series 2017-K728, Class C, 3.77%,
11/25/2050 (b) (h)
       105,000
    102,017
GNMA Series 2017-23, IO, 0.62%,
5/16/2059 (h)
       283,408
     10,827
GS Mortgage Securities Trust
 
 
Series 2012-GCJ9, Class D, 4.78%,
11/10/2045 ‡ (b) (h)
       320,000
    312,424
Series 2015-GC30, Class C, 4.20%,
5/10/2050 ‡ (h)
        36,000
     33,724
JPMBB Commercial Mortgage
Securities Trust
 
 
Series 2015-C30, Class C, 4.37%,
7/15/2048 ‡ (h)
        62,000
     55,932
Series 2015-C31, Class C, 4.77%,
8/15/2048 ‡ (h)
         23,000
     21,537
JPMDB Commercial Mortgage
Securities Trust Series 2017-C7,
Class C, 4.30%, 10/15/2050 (h)
19,509
17,587
JPMorgan Chase Commercial
Mortgage Securities Trust Series
2016-JP4, Class C, 3.52%,
12/15/2049 ‡ (h)
28,000
24,526
LB-UBS Commercial Mortgage Trust
Series 2006-C6, Class AJ, 5.45%,
9/15/2039 ‡ (h)
134,898
59,558
Morgan Stanley Bank of America
Merrill Lynch Trust
 
 
Series 2014-C14, Class C, 5.21%,
2/15/2047 ‡ (h)
21,000
20,724
Series 2015-C24, Class C, 4.48%,
5/15/2048 ‡ (h)
36,000
33,828
Morgan Stanley Capital I Trust
 
 
Series 2005-HQ7, Class E, 5.49%,
11/14/2042 ‡ (h)
35,173
34,473
Series 2015-MS1, Class B, 4.16%,
5/15/2048 ‡ (h)
28,000
26,642
UBS Commercial Mortgage Trust
Series 2017-C7, Class B, 4.29%,
12/15/2050 ‡ (h)
106,000
98,708
Velocity Commercial Capital Loan Trust
 
 
Series 2018-2, Class A, 4.05%,
10/26/2048 (b) (h)
91,104
88,954
INVESTMENTS
PRINCIPAL
AMOUNT($)
VALUE($)
 
United States — continued
Series 2019-1, Class M1, 3.94%,
3/25/2049 ‡ (b) (h)
       106,056
    100,740
Wells Fargo Commercial Mortgage
Trust
 
 
Series 2016-C35, Class C, 4.18%,
7/15/2048 ‡ (h)
        23,000
     20,253
Series 2019-C49, Class C, 4.87%,
3/15/2052 ‡ (h)
        59,000
     53,937
Total Commercial Mortgage-Backed
Securities
(Cost $5,394,572)
 
4,955,418
Asset-Backed Securities — 1.4%
United States — 1.4%
Accelerated Assets LLC Series 2018-1,
Class C, 6.65%, 12/2/2033 ‡ (b)
       107,911
    105,794
Chase Funding Trust Series 2003-6,
Class 1A7, 5.28%, 11/25/2034 ‡
(f)
        66,342
     63,930
Credit-Based Asset Servicing and
Securitization LLC Series 2004-CB5,
Class M1, 3.36%, 1/25/2034 ‡ (h)
         77,595
     72,775
Drive Auto Receivables Trust Series
2018-3, Class D, 4.30%,
9/16/2024
        25,229
     25,235
DT Auto Owner Trust
 
 
Series 2019-1A, Class D, 3.87%,
11/15/2024 (b)
31,446
31,447
Series 2019-1A, Class E, 4.94%,
2/17/2026 (b)
100,000
100,246
Exeter Automobile Receivables Trust
Series 2018-3A, Class D, 4.35%,
6/17/2024 (b)
58,832
58,879
Flagship Credit Auto Trust Series
2017-4, Class D, 3.58%,
1/15/2024 (b)
119,548
119,533
FREED ABS Trust Series 2022-3FP,
Class B, 5.79%, 8/20/2029 ‡ (b)
670,000
665,402
JetBlue Pass-Through Trust
 
 
Series 2019-1, Class B, 8.00%,
11/15/2027
147,697
147,502
Series 2019-1, Class A, 2.95%,
5/15/2028
44,513
37,927
Series 2020-1, Class B, 7.75%,
11/15/2028
39,644
39,020
Lendmark Funding Trust Series
2019-2A, Class C, 3.72%,
4/20/2028 ‡ (b)
580,000
540,453
SEE NOTES TO FINANCIAL STATEMENTS.
 
132
J.P. Morgan Exchange-Traded Funds
August 31, 2022
INVESTMENTS
PRINCIPAL
AMOUNT($)
VALUE($)
Asset-Backed Securities — continued
United States — continued
Onemain Financial Issuance Trust
Series 2018-1A, Class D, 4.08%,
3/14/2029 ‡ (b)
       100,000
     99,570
Progress Residential Series
2021-SFR1, Class E, 2.11%,
4/17/2038 ‡ (b)
       250,000
    216,802
Santander Revolving Auto Loan Trust
 
 
Series 2019-A, Class C, 3.00%,
1/26/2032 (b)
       150,000
    142,102
Series 2019-A, Class D, 3.45%,
1/26/2032 (b)
       650,000
    618,532
Structured Asset Investment Loan
Trust
 
 
Series 2004-8, Class M3, 3.42%,
9/25/2034 ‡ (h)
         7,386
      7,377
Series 2005-HE3, Class M1,
3.16%, 9/25/2035 ‡ (h)
         28,929
     28,620
US Auto Funding Series 2021-1A,
Class C, 2.20%, 5/15/2026 (b)
     1,125,000
  1,061,996
Total Asset-Backed Securities
(Cost $4,379,075)
 
4,183,142
Collateralized Mortgage Obligations — 1.0%
United Kingdom — 0.0% ^
Brass NO 8 plc Series 8A, Class A1,
3.62%, 11/16/2066 (b) (h)
46,002
45,997
United States — 1.0%
Alternative Loan Trust
 
 
Series 2004-25CB, Class A1,
6.00%, 12/25/2034
91,156
82,454
Series 2005-6CB, Class 1A6,
5.50%, 4/25/2035
58,877
52,622
Series 2005-80CB, Class 5A1,
6.00%, 2/25/2036
69,571
66,832
Series 2007-2CB, Class 1A6,
5.75%, 3/25/2037
118,728
73,697
Chase Mortgage Finance Trust Series
2007-A1, Class 1A5, 2.69%,
2/25/2037 (h)
14,347
14,020
CHL Mortgage Pass-Through Trust
Series 2007-16, Class A1, 6.50%,
10/25/2037
42,727
22,749
FHLMC, REMIC
 
 
Series 2916, Class S, IF, IO, 4.86%,
1/15/2035 (h)
1,224,553
122,249
Series 4305, Class SK, IF, IO,
4.21%, 2/15/2044 (h)
421,456
59,122
INVESTMENTS
PRINCIPAL
AMOUNT($)
VALUE($)
 
United States — continued
Series 4689, Class SD, IF, IO,
3.76%, 6/15/2047 (h)
       285,811
     42,099
Series 4714, Class SA, IF, IO,
3.76%, 8/15/2047 (h)
       231,025
     32,052
Series 5022, IO, 3.00%,
9/25/2050
       424,934
     60,617
Series 5023, Class MI, IO, 3.00%,
10/25/2050
       764,948
    137,088
Series 4839, Class WS, IF, IO,
3.71%, 8/15/2056 (h)
     1,858,039
    277,561
FNMA, Connecticut Avenue Securities
Series 2018-C06, Class 2M2,
4.54%, 3/25/2031 (h)
         18,498
     18,534
FNMA, REMIC
 
 
Series 2010-57, Class ID, IO,
4.00%, 6/25/2025
         24,057
        137
Series 2012-146, Class AI, IO,
3.00%, 1/25/2028
       690,018
     33,215
Series 2016-68, Class BI, IO,
3.00%, 10/25/2031
       547,845
     44,280
Series 2012-93, Class SE, IF, IO,
3.66%, 9/25/2042 (h)
        87,061
     10,760
Series 2012-124, Class UI, IO,
4.00%, 11/25/2042
89,407
13,740
Series 2012-133, Class NS, IF, IO,
3.71%, 12/25/2042 (h)
150,080
18,350
Series 2015-40, Class LS, IF, IO,
3.73%, 6/25/2045 (h)
215,909
26,362
Series 2016-75, Class SC, IF, IO,
3.66%, 10/25/2046 (h)
530,507
48,890
Series 2017-31, Class SG, IF, IO,
3.66%, 5/25/2047 (h)
729,251
96,169
Series 2017-39, Class ST, IF, IO,
3.66%, 5/25/2047 (h)
209,544
29,863
Series 2017-69, Class SH, IF, IO,
3.76%, 9/25/2047 (h)
327,579
47,205
Series 2019-42, Class SK, IF, IO,
3.61%, 8/25/2049 (h)
551,183
70,985
FNMA, STRIPS Series 409, Class 27,
IO, 4.00%, 4/25/2027 (h)
85,914
3,874
GNMA
 
 
Series 2017-107, Class KS, IF, IO,
3.83%, 7/20/2047 (h)
191,354
22,369
Series 2019-42, Class SJ, IF, IO,
3.68%, 4/20/2049 (h)
432,220
53,812
Series 2015-H13, Class GI, IO,
1.48%, 4/20/2065 (h)
130,846
3,013
SEE NOTES TO FINANCIAL STATEMENTS.
 
August 31, 2022
J.P. Morgan Exchange-Traded Funds
133
JPMorgan International Bond Opportunities ETF
SCHEDULE OF PORTFOLIO INVESTMENTS
AS OF August 31, 2022  (Unaudited) (continued)
INVESTMENTS
PRINCIPAL
AMOUNT($)
VALUE($)
Collateralized Mortgage Obligations — continued
United States — continued
Merrill Lynch Mortgage Investors Trust
Series 2004-C, Class A1, 3.00%,
7/25/2029 (h)
        42,650
     40,592
PNMAC FMSR ISSUER TRUST Series
2018-GT2, Class A, 5.09%,
8/25/2025 (b) (h)
       210,000
    204,876
Structured Adjustable Rate Mortgage
Loan Trust Series 2004-8, Class 3A,
3.72%, 7/25/2034 (h)
        12,873
     12,517
VM Master Issuer LLC Series 2022-1,
Class A1, 5.16%, 5/24/2025 (b)
(h)
     1,200,000
  1,195,440
 
 
3,038,145
Total Collateralized Mortgage
Obligations
(Cost $3,646,952)
 
3,084,142
Supranational — 0.3%
African Export-Import Bank (The),
5.25%, 10/11/2023 (a)
       200,000
    198,500
European Union, 0.10%,
10/4/2040 (a)
EUR 1,070,000
    700,246
Total Supranational
(Cost $1,416,442)
 
898,746
 
SHARES
 
Common Stocks — 0.1%
United States — 0.1%
Chord Energy Corp.(Cost $41,321)
1,711
242,192
 
NO. OF WARRANTS
 
Warrants — 0.0% ^
United States — 0.0% ^
Windstream Holdings, Inc. expiring
12/31/2049, price 10.75 USD ‡
*(Cost $—)
16
216
 
SHARES
 
Short-Term Investments — 3.5%
Investment Companies — 3.5%
JPMorgan U.S. Government Money
Market Fund Class IM Shares,
2.00% (j) (k)(Cost $10,471,032)
10,471,032
10,471,032
Total Investments — 96.0%
(Cost $337,250,678)
 
284,856,342
Other Assets Less Liabilities — 4.0%
 
11,891,600
NET ASSETS — 100.0%
 
296,747,942
 
Percentages indicated are based on net assets.
 
Abbreviations
 
ABS
Asset-Backed Securities
AUD
Australian Dollar
BRL
Brazilian Real
CAD
Canadian Dollar
CNY
China Yuan
EUR
Euro
EURIBOR
Euro Interbank Offered Rate
FHLMC
Federal Home Loan Mortgage Corp.
FNMA
Federal National Mortgage Association
GBP
British Pound
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, 2022. 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.
JSC
Joint Stock Company
LIBOR
London Interbank Offered Rate
MXN
Mexican Peso
NZD
New Zealand Dollar
OYJ
Public Limited Company
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.
PT
Limited liability company
REIT
Real Estate Investment Trust
REMIC
Real Estate Mortgage Investment Conduit
Re-REMIC
Combined Real Estate Mortgage Investment Conduit
SOFR
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.
USD
United States Dollar
ZAR
South African Rand
 
^
Amount rounds to less than 0.1% of net assets.
‡
Value determined using significant unobservable
inputs.
 
*
Non-income producing security.
 
SEE NOTES TO FINANCIAL STATEMENTS.
 
134
J.P. Morgan Exchange-Traded Funds
August 31, 2022
(a)
Security exempt from registration pursuant to
Regulation S under the Securities Act of 1933, as
amended. Regulation S applies to securities offerings
that are made outside of the United States and do not
involve direct selling efforts in the United States and
as such may have restrictions on resale.
 
(b)
Securities exempt from registration under Rule 144A
or section 4(a)(2), of the Securities Act of 1933, as
amended.
 
(c)
Variable or floating rate security, linked to the
referenced benchmark. The interest rate shown is the
current rate as of August 31, 2022.
 
(d)
Security is an interest bearing note with preferred
security characteristics.
 
(e)
Security is perpetual and thus, does not have a
predetermined maturity date. The coupon rate for this
security is fixed for a period of time and may be
structured to adjust thereafter. The date shown, if
applicable, reflects the next call date. The coupon rate
shown is the rate in effect as of August 31, 2022.
 
(f)
Step bond. Interest rate is a fixed rate for an initial
period that either resets at a specific date or may
reset in the future contingent upon a predetermined
trigger. The interest rate shown is the current rate as
of August 31, 2022.
 
(g)
Security has the ability to pay in kind (“PIK”) or pay
income in cash. When applicable, separate rates of
such payments are disclosed.
 
(h)
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, 2022.
 
(i)
Defaulted security.
 
(j)
Investment in an affiliated fund, which is registered
under the Investment Company Act of 1940, as
amended, and is advised by J.P. Morgan Investment
Management Inc.
 
(k)
The rate shown is the current yield as of August 31,
2022.
 
Futures contracts outstanding as of August 31, 2022:
 
DESCRIPTION
NUMBER OF
CONTRACTS
EXPIRATION DATE
TRADING CURRENCY
NOTIONAL
AMOUNT ($)
VALUE AND
UNREALIZED
APPRECIATION
(DEPRECIATION) ($)
Long Contracts
 
 
 
 
 
Australia 10 Year Bond
28
09/15/2022
AUD
2,298,299
6,164
U.S. Treasury Ultra Bond
22
12/20/2022
USD
3,275,250
(5,779)
 
 
 
 
 
385
Short Contracts
 
 
 
 
 
Euro-Bobl
(84)
09/08/2022
EUR
(10,381,455)
90,689
Euro-Bund
(29)
09/08/2022
EUR
(4,304,502)
84,336
U.S. Treasury 10 Year Ultra Note
(25)
12/20/2022
USD
(3,121,485)
26,791
U.S. Treasury Long Bond
(4)
12/20/2022
USD
(541,875)
4,460
U.S. Treasury 2 Year Note
(205)
12/30/2022
USD
(42,691,250)
18,374
U.S. Treasury 5 Year Note
(246)
12/30/2022
USD
(27,225,281)
77,492
 
 
 
 
 
302,142
 
 
 
 
 
302,527
 
Abbreviations
 
AUD
Australian Dollar
EUR
Euro
USD
United States Dollar
SEE NOTES TO FINANCIAL STATEMENTS.
 
August 31, 2022
J.P. Morgan Exchange-Traded Funds
135
JPMorgan International Bond Opportunities ETF
SCHEDULE OF PORTFOLIO INVESTMENTS
AS OF August 31, 2022  (Unaudited) (continued)
Forward foreign currency exchange contracts outstanding as of August 31, 2022:
 
CURRENCY
PURCHASED
CURRENCY
SOLD
COUNTERPARTY
SETTLEMENT
DATE
UNREALIZED
APPRECIATION
(DEPRECIATION) ($)
EUR
466,750
USD
467,571
BNP Paribas
9/6/2022
1,612
EUR
586,683
USD
582,617
HSBC Bank, NA
9/6/2022
7,124
EUR
463,104
USD
463,627
Royal Bank of Canada
9/6/2022
1,890
USD
98,336,070
EUR
95,943,353
BNP Paribas
9/6/2022
1,892,633
USD
3,196,435
EUR
3,125,715
HSBC Bank, NA
9/6/2022
54,426
USD
531,020
EUR
518,543
Merrill Lynch International
9/6/2022
9,774
USD
9,120,535
GBP
7,548,129
HSBC Bank, NA
9/6/2022
351,235
CNY
10,308,487
USD
1,489,429
Goldman Sachs International**
9/22/2022
6,707
CZK
17,967,572
EUR
727,226
BNP Paribas
9/22/2022
3,059
EUR
729,359
CHF
701,782
Goldman Sachs International
9/22/2022
14,859
EUR
708,818
HUF
282,676,663
Goldman Sachs International
9/22/2022
7,561
EUR
732,204
ILS
2,429,234
Barclays Bank plc
9/22/2022
6,800
EUR
725,480
ILS
2,418,170
BNP Paribas
9/22/2022
3,358
EUR
725,479
PLN
3,415,481
Barclays Bank plc
9/22/2022
5,743
EUR
412,634
USD
415,040
Royal Bank of Canada
9/22/2022
196
INR
117,721,885
USD
1,475,830
BNP Paribas**
9/22/2022
2,132
INR
118,505,144
USD
1,485,864
Citibank, NA**
9/22/2022
1,931
MXN
16,607,434
USD
816,642
Goldman Sachs International
9/22/2022
4,501
USD
328,351
AUD
470,949
Barclays Bank plc
9/22/2022
6,000
USD
1,798,274
AUD
2,589,975
HSBC Bank, NA
9/22/2022
25,508
USD
1,465,314
AUD
2,134,654
Royal Bank of Canada
9/22/2022
4,203
USD
26,485,193
AUD
37,224,477
State Street Corp.
9/22/2022
1,006,076
USD
8,476,085
BRL
43,860,786
Barclays Bank plc**
9/22/2022
86,857
USD
734,586
BRL
3,833,070
BNP Paribas**
9/22/2022
1,437
USD
15,504,080
CAD
19,779,175
BNP Paribas
9/22/2022
446,228
USD
1,462,367
CAD
1,902,295
Royal Bank of Canada
9/22/2022
14,153
USD
1,889,455
CAD
2,446,686
State Street Corp.
9/22/2022
26,797
USD
1,486,878
CNY
10,073,106
BNP Paribas**
9/22/2022
24,904
USD
3,566,396
CNY
24,029,619
HSBC Bank, NA**
9/22/2022
78,825
USD
2,256,755
COP
9,555,067,682
Goldman Sachs International**
9/22/2022
106,033
USD
10,929,812
EUR
10,587,883
BNP Paribas
9/22/2022
275,167
USD
1,439,799
IDR
21,129,772,745
BNP Paribas**
9/22/2022
18,484
USD
748,152
KRW
1,000,346,526
Citibank, NA**
9/22/2022
2,735
USD
3,335,723
KRW
4,369,849,791
Goldman Sachs International**
9/22/2022
79,490
USD
740,736
MXN
14,839,174
Citibank, NA
9/22/2022
7,024
USD
7,084,308
MXN
142,190,329
Goldman Sachs International
9/22/2022
53,807
USD
2,373,481
NZD
3,688,875
Citibank, NA
9/22/2022
116,552
USD
2,196,502
PHP
122,317,927
BNP Paribas**
9/22/2022
23,395
USD
82,031
PLN
383,436
HSBC Bank, NA
9/22/2022
717
USD
741,659
SGD
1,020,291
BNP Paribas
9/22/2022
11,491
USD
191,858
SGD
265,141
HSBC Bank, NA
9/22/2022
2,111
USD
733,545
ZAR
12,361,333
Citibank, NA
9/22/2022
13,205
USD
3,636,992
ZAR
59,215,468
HSBC Bank, NA
9/22/2022
186,291
EUR
506,729
USD
508,163
Goldman Sachs International
10/5/2022
2,217
USD
7,677,632
GBP
6,600,820
BNP Paribas
10/5/2022
4,489
Total unrealized appreciation
4,999,737
EUR
445,128
USD
453,388
BNP Paribas
9/6/2022
(5,940)
EUR
519,587
USD
531,104
Merrill Lynch International
9/6/2022
(8,809)
EUR
674,500
USD
687,886
Royal Bank of Canada
9/6/2022
(9,870)
GBP
209,116
USD
253,427
Barclays Bank plc
9/6/2022
(10,479)
GBP
738,192
USD
894,512
Royal Bank of Canada
9/6/2022
(36,891)
SEE NOTES TO FINANCIAL STATEMENTS.
 
136
J.P. Morgan Exchange-Traded Funds
August 31, 2022
CURRENCY
PURCHASED
CURRENCY
SOLD
COUNTERPARTY
SETTLEMENT
DATE
UNREALIZED
APPRECIATION
(DEPRECIATION) ($)
AUD
537,620
USD
369,766
Citibank, NA
9/22/2022
(1,780)
AUD
537,620
USD
370,976
Goldman Sachs International
9/22/2022
(2,990)
AUD
625,151
USD
430,799
HSBC Bank, NA
9/22/2022
(2,900)
AUD
515,574
USD
362,918
Merrill Lynch International
9/22/2022
(10,022)
BRL
3,750,194
USD
722,134
Citibank, NA**
9/22/2022
(4,837)
CHF
698,333
EUR
719,188
Barclays Bank plc
9/22/2022
(8,158)
CHF
722,840
EUR
738,107
BNP Paribas
9/22/2022
(2,086)
CHF
3,449
USD
3,624
Goldman Sachs International
9/22/2022
(90)
COP
3,196,263,686
USD
719,717
BNP Paribas**
9/22/2022
(280)
COP
6,448,829,041
USD
1,456,543
Goldman Sachs International**
9/22/2022
(4,995)
EUR
743,118
CZK
18,288,996
BNP Paribas
9/22/2022
(213)
EUR
752,160
HUF
305,452,031
BNP Paribas
9/22/2022
(5,685)
HUF
285,893,012
EUR
709,641
Goldman Sachs International
9/22/2022
(359)
IDR
11,075,694,026
USD
748,813
Barclays Bank plc**
9/22/2022
(3,795)
IDR
11,119,195,070
USD
749,171
BNP Paribas**
9/22/2022
(1,227)
IDR
11,058,789,412
USD
746,459
Goldman Sachs International**
9/22/2022
(2,578)
ILS
2,431,610
EUR
745,984
BNP Paribas
9/22/2022
(19,953)
ILS
2,476,953
EUR
739,722
Goldman Sachs International
9/22/2022
(25)
KRW
971,647,298
USD
750,214
Citibank, NA**
9/22/2022
(26,182)
MXN
14,967,972
USD
747,222
Citibank, NA
9/22/2022
(7,141)
MXN
31,549,684
USD
1,565,164
Goldman Sachs International
9/22/2022
(5,212)
MXN
29,808,251
USD
1,479,367
HSBC Bank, NA
9/22/2022
(5,519)
PLN
3,798,917
USD
829,980
HSBC Bank, NA
9/22/2022
(24,355)
SGD
1,285,431
USD
937,455
HSBC Bank, NA
9/22/2022
(17,540)
USD
734,063
CLP
701,047,977
Goldman Sachs International**
9/22/2022
(48,139)
USD
8,013
HUF
3,216,349
Merrill Lynch International
9/22/2022
(16)
USD
747,547
INR
59,564,513
BNP Paribas**
9/22/2022
(267)
USD
1,545,462
INR
123,531,757
Citibank, NA**
9/22/2022
(5,441)
USD
745,722
INR
59,564,510
Goldman Sachs International**
9/22/2022
(2,092)
USD
705,082
TRY
13,085,349
Goldman Sachs International
9/22/2022
(3,500)
USD
96,515,899
EUR
96,431,859
HSBC Bank, NA
10/5/2022
(610,732)
USD
2,223,576
EUR
2,233,689
State Street Corp.
10/5/2022
(26,207)
Total unrealized depreciation
(926,305)
Net unrealized appreciation
4,073,432
 
Abbreviations
 
AUD
Australian Dollar
BRL
Brazilian Real
CAD
Canadian Dollar
CHF
Swiss Franc
CLP
Chile Peso
CNY
China Yuan
COP
Columbian Peso
CZK
Czech Republic Koruna
EUR
Euro
GBP
British Pound
HUF
Hungarian Forint
IDR
Indonesian Rupiah
ILS
Israeli Shekel
INR
Indian Rupee
KRW
Korean Republic Won
MXN
Mexican Peso
NZD
New Zealand Dollar
SEE NOTES TO FINANCIAL STATEMENTS.
 
August 31, 2022
J.P. Morgan Exchange-Traded Funds
137
JPMorgan International Bond Opportunities ETF
SCHEDULE OF PORTFOLIO INVESTMENTS
AS OF August 31, 2022  (Unaudited) (continued)
PHP
Philippines Peso
PLN
Polish Zloty
SGD
Singapore Dollar
TRY
Turkish Lira
USD
United States Dollar
ZAR
South African Rand
 
**
Non-deliverable forward.
Centrally Cleared Credit default swap contracts outstanding - buy protection(*) as of August 31, 2022:
 
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
($)
iTraxx.Europe.Crossover.37-V1
5.00
Quarterly
6/20/2027
5.58
EUR 870,000
(2,548)
23,216
20,668
 
(*)
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).
Centrally Cleared interest rate swap contracts outstanding as of August 31, 2022:
 
FLOATING RATE INDEX (a)
FIXED RATE
PAY/RECIEVE
FLOATING RATE
MATURITY
DATE
NOTIONAL
AMOUNT
UPFRONT
PAYMENTS
(RECEIPTS)($)
VALUE AND
UNREALIZED
APPRECIATION
(DEPRECIATION)($)
6 month EURIBOR semi-annually
(0.08) annually
Pay
12/21/2024
EUR 7,000,000
—
329,588
6 month EURIBOR semi-annually
1.83 annually
Pay
9/21/2027
EUR 20,000,000
—
422,710
 
 
 
 
 
—
752,298
1 day TONAR annually
0.41 annually
Pay
3/31/2032
JPY 1,050,000,000
—
(26,107)
6 month EURIBOR semi-annually
(0.33) annually
Pay
4/13/2052
EUR 1,900,000
—
(332,915)
6 month EURIBOR semi-annually
1.90 annually
Pay
9/21/2052
EUR 4,250,000
—
(146,844)
 
 
 
 
 
—
(505,866)
 
 
 
 
 
 
246,432
 
 
(a)
Value of floating rate index at August 31, 2022 was as follows:
 
FLOATING RATE INDEX
VALUE
1 day TONAR
(0.03)%
6 Month EURIBOR
1.20
 
SEE NOTES TO FINANCIAL STATEMENTS.
 
138
J.P. Morgan Exchange-Traded Funds
August 31, 2022
Abbreviations
 
EUR
Euro
EURIBOR
Euro Interbank Offered Rate
JPY
Japanese Yen
TONAR
Tokyo Overnight Average Rate
SEE NOTES TO FINANCIAL STATEMENTS.
 
August 31, 2022
J.P. Morgan Exchange-Traded Funds
139
JPMorgan Municipal ETF
SCHEDULE OF PORTFOLIO INVESTMENTS
AS OF August 31, 2022  (Unaudited)
 
INVESTMENTS
PRINCIPAL
AMOUNT($)
VALUE($)
Municipal Bonds — 86.0% (a)
Alabama — 2.2%
Black Belt Energy Gas District, Gas Project
Series E, 5.00%, 5/1/2053 (b)
 1,750,000
  1,858,967
Black Belt Energy Gas District, Gas Project No.
7 Series 2021C-1, Rev., 4.00%,
10/1/2052 (b)
   100,000
    100,177
Black Belt Energy Gas District, Gas Project No.
8 Series 2022A, Rev., 4.00%,
12/1/2052 (b)
   150,000
    149,123
Black Belt Energy Gas District, Gas Supply
Series 2022, Subseries 2022D-1, LIQ : Royal
Bank of Canada, 4.00%, 7/1/2052 (b)
 1,250,000
  1,268,680
City of Pell City, Warrants Series 2015A, GO,
5.00%, 2/1/2025
   100,000
    105,720
Selma Industrial Development Board,
International Paper Co. Project Series
2020A, Rev., 1.38%, 6/16/2025 (b)
   100,000
     94,577
Southeast Alabama Gas Supply District (The),
Project No. 1 Series 2018A, Rev., 4.00%,
4/1/2024 (b)
    25,000
     25,293
Southeast Energy Authority A Cooperative
District Series 2022B-1, Rev., 5.00%,
8/1/2028 (b)
 1,250,000
  1,308,647
Southeast Energy Authority A Cooperative
District, Project No. 2 Series 2021B, Rev.,
4.00%, 12/1/2031 (b)
   300,000
    295,134
University of Alabama (The), Huntsville General
Fee Series B-2, Rev., 5.00%, 9/1/2031
    95,000
    106,420
Total Alabama
 
5,312,738
Alaska — 0.2%
Alaska Industrial Development and Export
Authority, Tanana Chiefs Conference Project
Series 2019A, 5.00%, 10/1/2024
200,000
207,769
Alaska Municipal Bond Bank Authority
 
 
Series 3, 5.00%, 10/1/2025
20,000
20,925
Series 3, 5.00%, 12/1/2028
225,000
243,667
Total Alaska
 
472,361
Arizona — 1.5%
Arizona Board of Regents
 
 
Series 2020A, 5.00%, 7/1/2030
105,000
121,804
Series A, 5.00%, 7/1/2033
430,000
488,321
Arizona Industrial Development Authority,
Academies of Math & Science Projects
5.00%, 7/1/2032 (c)
120,000
123,403
Arizona Industrial Development Authority,
Cadence Campus Project
 
 
Series 2020A, 4.00%, 7/15/2030 (c)
120,000
115,570
Series 2020A, 4.00%, 7/15/2040 (c)
125,000
109,772
INVESTMENTS
PRINCIPAL
AMOUNT($)
VALUE($)
 
Arizona — continued
Arizona Industrial Development Authority,
Equitable School Revolving Fund LLC
 
 
Series A, 5.00%, 11/1/2033
   440,000
    492,496
Series A, 5.00%, 11/1/2044
   250,000
    261,168
Arizona Industrial Development Authority,
Great Lakes Senior Living Communities LLC
Project Series 2019A, 5.00%, 1/1/2036
   250,000
    192,933
Arizona Industrial Development Authority, KIPP
Nashville Project
 
 
Series A, 5.00%, 7/1/2028
   225,000
    238,556
Series A, 5.00%, 7/1/2029
   235,000
    249,855
Arizona Industrial Development Authority,
Macombs Facility Project Series 2021A,
4.00%, 7/1/2051
   125,000
    104,626
Arizona Industrial Development Authority,
National Charter School Revolving Loan Fund
Series 2020A, 4.00%, 11/1/2038
   200,000
    192,711
Arizona Industrial Development Authority,
Phoenix Children's Hospital Series 2020A,
5.00%, 2/1/2031
   150,000
    168,677
Arizona Industrial Development Authority,
Pinecrest Academy of Northern Nevada
Project Series 2022A, Rev., 4.50%,
7/15/2029 (c)
   250,000
    246,648
City of Glendora, Waterworks Series 2022A,
Rev., 5.00%, 7/1/2033
120,000
140,075
City of Mesa, Excise Tax Rev., 5.00%,
7/1/2031
75,000
86,394
City of Phoenix Civic Improvement Corp., Junior
Lien, Airport System Series 2017D, Rev.,
5.00%, 7/1/2026
160,000
173,579
Maricopa County School District No. 3, Tempe
Elementary, School Improvement, Project of
2016 Series 2017A, GO, 5.00%, 7/1/2027
30,000
33,256
Salt Verde Financial Corp. Rev., 5.25%,
12/1/2026
100,000
106,568
Total Arizona
 
3,646,412
Arkansas — 0.0% ^
City of Fort Smith, Water and Sewer
Construction Rev., 5.00%, 10/1/2024
75,000
78,175
California — 9.8%
Azusa Unified School District, Election of 2014
 
 
Series 2022D, 5.00%, 8/1/2029
125,000
143,957
Series 2022D, 5.00%, 8/1/2032
175,000
203,673
Brentwood Infrastructure Financing Authority,
Civic Center Project 5.00%, 10/1/2025
45,000
48,166
SEE NOTES TO FINANCIAL STATEMENTS.
 
140
J.P. Morgan Exchange-Traded Funds
August 31, 2022
INVESTMENTS
PRINCIPAL
AMOUNT($)
VALUE($)
Municipal Bonds — continued
California — continued
California Community Choice Financing
Authority, Green Bond Series 2022-A-1,
4.00%, 5/1/2053 (b)
 1,780,000
  1,810,806
California Enterprise Development Authority,
Riverside County, Rocketship Public
Schools-Obligated Group No. 2 4.00%,
6/1/2027 (c)
   260,000
    256,779
California Health Facilities Financing Authority,
Kaiser Permanente Series 2006C, 5.00%,
6/1/2041 (b)
   300,000
    347,044
California Health Facilities Financing Authority,
On Lok Senior Health Service
 
 
3.00%, 8/1/2023
   100,000
     99,757
5.00%, 8/1/2040
   100,000
    105,124
California Municipal Finance Authority,
Community Health System Series 2021A,
5.00%, 2/1/2033
   800,000
    882,812
California Municipal Finance Authority, San
Antonio Gardens Project 5.00%,
11/15/2039
   150,000
    154,840
California Public Finance Authority, Enso Village
Project Series 2021B-1, Rev., 3.13%,
5/15/2029 (c)
   200,000
    181,843
California School Finance Authority, Kipp SoCal
Public Schools Series A, 5.00%,
7/1/2039 (c)
   500,000
    514,951
California Statewide Communities Development
Authority, Emanate Health, Tax-Exempt
Series 2020A, 5.00%, 4/1/2030
   150,000
    168,169
California Statewide Communities Development
Authority, San Francisco Campus for Jewish
Living Project
 
 
4.00%, 11/1/2027
60,000
63,556
4.00%, 11/1/2029
145,000
155,749
Chula Vista Municipal Financing Authority
4.00%, 5/1/2026
180,000
189,135
City of Aliso Viejo 4.00%, 11/1/2028
175,000
187,791
City of Los Angeles Department of Airports,
International Airport Senior Series A, Rev.,
AMT, 5.00%, 5/15/2033
100,000
104,066
City of Los Angeles Department of Airports,
International Airport Subordinate Series
2019E, Rev., AMT, 5.00%, 5/15/2026
10,000
10,922
City of Roseville, 316 Vernon Street Project
COP, 5.00%, 8/1/2025
70,000
74,895
City of Santa Rosa, Courthouse Square Project
and Lease COP, 4.00%, 10/1/2024
90,000
92,643
INVESTMENTS
PRINCIPAL
AMOUNT($)
VALUE($)
 
California — continued
County of San Joaquin, County Administration
Building Project COP, AGM, 5.00%,
11/15/2027
   150,000
    168,525
CSCDA Community Improvement Authority,
Essential Housing, Pasadena Portfolio Series
2021A-1, Rev., 2.65%, 12/1/2046 (c)
   255,000
    197,855
CSCDA Community Improvement Authority,
Essential Housing, Towne at Glendale
Apartments 5.00%, 9/1/2037 (c)
   100,000
     95,036
El Monte City School District, Election of 2014
Series A, GO, 5.00%, 8/1/2025
    55,000
     58,766
Golden State Tobacco Securitization Corp.,
Enhanced Tobacco Settlement Series
2018A-1, Rev., 5.00%, 6/1/2028 (d)
   250,000
    283,658
Hermosa Beach City School District, Election of
2016 Series 2016A, GO, 4.00%, 8/1/2023
    15,000
     15,228
Indian Wells Financing Authority, Solar and
Infrastructure Project
 
 
Rev., 5.00%, 4/1/2029
   150,000
    170,384
Rev., 5.00%, 4/1/2031
   160,000
    186,003
Indio Finance Authority
 
 
Series A, Rev., 5.00%, 11/1/2027
   275,000
    303,694
Series A, Rev., 5.00%, 11/1/2028
275,000
307,140
Series A, Rev., 5.00%, 11/1/2029
325,000
367,117
Series A, Rev., 5.00%, 11/1/2030
400,000
455,231
Series A, Rev., 5.00%, 11/1/2034
200,000
225,004
Los Angeles Department of Water and Power,
Power System Series 2022A, Rev., 5.00%,
7/1/2030
235,000
275,138
Los Angeles Department of Water and Power,
Water System Series A, Subseries A-2, Rev.,
VRDO, LIQ : Barclays Bank plc, 0.85%,
9/1/2022 (b)
3,000,000
3,000,000
Los Angeles Unified School District Series
2021A, GO, 5.00%, 7/1/2030
350,000
410,322
Ontario Public Financing Authority, Civic Center
Improvements Series 2022A, Rev., AGM,
5.00%, 11/1/2033
140,000
159,965
Orange County Community Facilities District No.
2021-1, Rienda Series A, Rev., 5.00%,
8/15/2037 (e)
500,000
531,847
Petaluma Public Financing Authority, Road
Improvement Projects Rev., 5.00%,
5/1/2026
150,000
163,031
Redding Joint Powers Financing Authority
Series 2019A, Rev., 5.00%, 4/1/2026
150,000
162,807
SEE NOTES TO FINANCIAL STATEMENTS.
 
August 31, 2022
J.P. Morgan Exchange-Traded Funds
141
JPMorgan Municipal ETF
SCHEDULE OF PORTFOLIO INVESTMENTS
AS OF August 31, 2022  (Unaudited) (continued)
INVESTMENTS
PRINCIPAL
AMOUNT($)
VALUE($)
Municipal Bonds — continued
California — continued
River Islands Public Financing Authority,
Facilities District No. 2003
 
 
Series 2022A-1, Rev., AGM, 5.00%,
9/1/2029
   210,000
    235,559
Series 2022A-1, Rev., AGM, 5.00%,
9/1/2030
   330,000
    373,129
Salinas Union High School District Series A, GO,
4.00%, 8/1/2047
 1,000,000
    947,888
San Diego Redevelopment Agency Successor
Agency Series A, Rev., 5.00%, 9/1/2023
   130,000
    133,363
San Dieguito Union High School District,
Election of 2012 Series A-2, GO, 5.00%,
8/1/2024
   150,000
    153,800
San Francisco Bay Area Rapid Transit District
Series C-1, GO, 4.00%, 8/1/2035
   135,000
    141,619
San Francisco City and County Airport
Commission, San Francisco International
Airport Series 2016A, Rev., 5.00%,
5/1/2026
    95,000
    103,671
San Francisco City and County Public Utilities
Commission Wastewater System Series B,
Rev., 5.00%, 10/1/2034
 2,000,000
  2,362,473
San Jose Evergreen Community College District
Series A, GO, 5.00%, 9/1/2022
   100,000
    100,000
San Ramon Valley Fire Protection District,
Public Safety Complex and Fire Training
Facility Projects COP, 4.00%, 8/1/2032
   125,000
    134,222
Sanger Unified School District
 
 
COP, AGM, 5.00%, 6/1/2034
400,000
451,551
COP, AGM, 5.00%, 6/1/2035
425,000
477,349
Santa Cruz County Capital Financing Authority
Series 2020A, Rev., 4.00%, 6/1/2025
100,000
104,106
Sierra View Local Health Care District Rev.,
4.00%, 7/1/2023
165,000
166,487
Solano Irrigation District, Water COP, 4.00%,
8/1/2031
285,000
298,791
South San Francisco Public Facilities Financing
Authority, Community Civic Campus and
Multiple Series 2021A, Rev., 4.00%,
6/1/2029
220,000
236,968
South San Francisco Public Facilities Financing
Authority, Multiple Capital Project Series
2022A, Rev., 5.00%, 6/1/2029
270,000
310,582
State of California, Various Purpose 5.00%,
11/1/2032
335,000
388,734
Tobacco Securitization Authority of Northern
California Series 2021A, Class 1, Rev.,
5.00%, 6/1/2032
110,000
120,975
INVESTMENTS
PRINCIPAL
AMOUNT($)
VALUE($)
 
California — continued
Tracy Public Financing Authority, Legacy Fields
Series 2022A, Rev., 5.00%, 11/1/2036
 1,035,000
  1,161,595
University of California Series 2018AZ, Rev.,
4.00%, 5/15/2029
   130,000
    140,501
Vallecito Union School District Series A, GO,
5.00%, 8/1/2031
   595,000
    685,924
West Hills Community College District GO, AGM,
5.00%, 8/1/2026
   120,000
    130,067
Yucaipa Valley Water District Financing
Authority, Water & Sewer Revenue Series A,
Rev., 5.00%, 9/1/2034
   500,000
    574,225
Total California
 
23,267,008
Colorado — 3.6%
Board of Water Commissioners City & County of
Denver (The) Series B, Rev., 4.00%,
9/15/2034
 2,015,000
  2,121,031
City and County of Denver Series 2020B, GO,
5.00%, 8/1/2029
   220,000
    254,721
City and County of Denver, Airport System
 
 
Series A, Rev., AMT, 5.00%, 12/1/2035
   505,000
    531,659
Series A, Rev., AMT, 5.50%, 11/15/2042
1,500,000
1,644,401
Colorado Educational and Cultural Facilities
Authority, Aspen View Academy Project Rev.,
4.00%, 5/1/2036
85,000
77,143
Colorado Educational and Cultural Facilities
Authority, Vega Collegiate Academy Project
5.00%, 2/1/2051 (c)
150,000
133,760
Colorado Health Facilities Authority, Tax
Exempt, Aberdeen Ridge Series 2021B-3,
2.13%, 5/15/2028
295,000
277,109
Colorado Higher Education, Capital
Construction, Lease Purchase Financing
Program
 
 
Series 2014A, 5.00%, 11/1/2025
10,000
10,788
4.00%, 9/1/2034
335,000
349,883
County of Adams
 
 
5.00%, 12/1/2023
60,000
61,902
5.00%, 12/1/2024
150,000
158,176
Dominion Water and Sanitation District Rev.,
5.00%, 12/1/2027 (e)
500,000
499,960
Regional Transportation District, Denver Transit
Partners
 
 
Rev., 5.00%, 7/15/2029
130,000
140,187
Rev., 5.00%, 1/15/2030
170,000
183,534
Rev., 5.00%, 7/15/2030
115,000
124,388
Rev., 5.00%, 1/15/2031
250,000
270,719
Rev., 4.00%, 7/15/2036
185,000
179,915
SEE NOTES TO FINANCIAL STATEMENTS.
 
142
J.P. Morgan Exchange-Traded Funds
August 31, 2022
INVESTMENTS
PRINCIPAL
AMOUNT($)
VALUE($)
Municipal Bonds — continued
Colorado — continued
Southlands Metropolitan District No. 1 Series
A-1, GO, 5.00%, 12/1/2037
   250,000
    250,682
State of Colorado Series S, 4.00%, 3/15/2037
 1,000,000
  1,011,304
STC Metropolitan District No. 2, Limited Tax
Improvement Series 2019A, GO, 5.00%,
12/1/2038
   300,000
    293,477
University of Colorado, Enterprise System
Series A-2, Rev., 5.00%, 6/1/2026
    40,000
     43,654
Total Colorado
 
8,618,393
Connecticut — 0.2%
Metropolitan District (The) Series 2021A, GO,
5.00%, 9/1/2030
   200,000
    233,683
State of Connecticut Series A, 5.00%,
4/15/2033
   135,000
    146,780
State of Connecticut, Special Tax Transportation
Infrastructure Purposes Series B, 5.00%,
8/1/2023
    75,000
     76,771
Total Connecticut
 
457,234
Delaware — 0.5%
Delaware State Economic Development
Authority, Newark Charter School, Inc.,
Project
 
 
Rev., 4.00%, 9/1/2025
100,000
101,107
Rev., 4.00%, 9/1/2026
140,000
141,622
Delaware State Economic Development
Authority, St. Andrews School Project Rev.,
4.00%, 7/1/2041
1,000,000
979,910
Total Delaware
 
1,222,639
District of Columbia — 2.7%
District of Columbia Series D, GO, 5.00%,
2/1/2033
2,300,000
2,649,346
District of Columbia, Income Tax Series 2019A,
Rev., 5.00%, 3/1/2029
100,000
114,660
District of Columbia, International School
 
 
Rev., 5.00%, 7/1/2028
115,000
119,913
Rev., 5.00%, 7/1/2039
125,000
126,101
District of Columbia, Kipp DC Project Rev.,
4.00%, 7/1/2039
100,000
93,960
District of Columbia, Water and Sewer
Authority, Public Utility, Senior Lien Series B,
Rev., 5.00%, 10/1/2025
65,000
70,033
Metropolitan Washington Airports Authority
Aviation
 
 
Series A, Rev., AMT, 5.00%, 10/1/2028
2,000,000
2,189,454
Series A, Rev., AMT, 5.00%, 10/1/2031
1,000,000
1,108,101
Total District of Columbia
 
6,471,568
INVESTMENTS
PRINCIPAL
AMOUNT($)
VALUE($)
 
Florida — 3.3%
Charlotte County Industrial Development
Authority, Town and Country Utilities Project
Series 2021A, 4.00%, 10/1/2041 (c)
   100,000
     80,935
City of Cape Coral, Florida Special Obligation
5.00%, 10/1/2024
   110,000
    115,408
City of Cape Coral, Water & Sewer 5.00%,
10/1/2022
    25,000
     25,053
City of Jacksonville
 
 
Series 2022A, Rev., 5.00%, 10/1/2031
   250,000
    290,910
Series 2022A, Rev., 5.00%, 10/1/2032
   200,000
    233,951
City of Kissimmee Rev., 4.00%, 10/1/2025
   170,000
    177,147
City of Lakeland, Lakeland Regional Health
Systems Rev., 5.00%, 11/15/2023
    40,000
     41,056
City of Miami Beach, Water & Sewer Rev.,
5.00%, 9/1/2033
    25,000
     27,508
City of Orlando, Capital Improvement
 
 
Series D, Rev., 5.00%, 10/1/2022
    75,000
     75,168
Series B, Rev., 5.00%, 10/1/2024
60,000
63,162
City of Pompano Beach, John Knox Village
Project Rev., 3.50%, 9/1/2030
200,000
187,460
City of Tampa, H. Lee Moffitt Cancer Center
Project Series 2016B, Rev., 5.00%,
7/1/2024
35,000
36,269
County of Broward, Port Facilities Series
2019A, 5.00%, 9/1/2030
50,000
56,104
County of Hillsborough, Communications
Services Tax Rev., 5.00%, 10/1/2024
40,000
42,125
County of Lee, Airport Series 2021A, Rev.,
AMT, 5.00%, 10/1/2031
400,000
441,609
County of Miami-Dade, Jackson Health System
Series 2015A, Rev., 5.00%, 6/1/2025
140,000
149,253
County of Okaloosa, Sales Tax Rev., 5.00%,
10/1/2024
30,000
31,562
County of Osceola, Sales Tax Series 2016A,
Rev., 4.00%, 10/1/2023
10,000
10,156
County of Palm Beach, Palm Beach Atlantic
University
 
 
Rev., 5.00%, 4/1/2029 (c)
100,000
100,218
Rev., 5.00%, 4/1/2039 (c)
100,000
96,286
County of Seminole, Special Obligation Rev.,
4.00%, 10/1/2024
90,000
92,921
East Central Regional Wastewater Treatment
Facilities Operation Board, Biosolids Project
Rev., 5.00%, 10/1/2024
30,000
31,562
Florida Atlantic University Finance Corp.,
Student Housing Project Series 2019B, Rev.,
5.00%, 7/1/2032
250,000
277,811
SEE NOTES TO FINANCIAL STATEMENTS.
 
August 31, 2022
J.P. Morgan Exchange-Traded Funds
143
JPMorgan Municipal ETF
SCHEDULE OF PORTFOLIO INVESTMENTS
AS OF August 31, 2022  (Unaudited) (continued)
INVESTMENTS
PRINCIPAL
AMOUNT($)
VALUE($)
Municipal Bonds — continued
Florida — continued
Florida Department of Children and Families,
Evaluation Treatment Center Financing Corp.
Project Series 2021B, COP, 5.00%,
10/1/2028
   210,000
    238,059
Florida Development Finance Corp.,
Educational Facilities, River City Science
Academy Projects
 
 
Series 2022A-1, Rev., 4.00%, 7/1/2031
   175,000
    170,123
Rev., 4.00%, 7/1/2035
   325,000
    298,230
Series 2022A-1, Rev., 5.00%, 7/1/2042
   215,000
    215,444
Florida Development Finance Corp., IDEA
Florida, Inc. Series 2022, Rev., 5.25%,
6/15/2029 (c)
   150,000
    149,227
Florida Development Finance Corp., The
Glenridge on Palmer Ranch Project Rev.,
3.00%, 6/1/2023
   115,000
    113,584
Florida Municipal Loan Council, Village of
Palmetto Bay Series 2021A, Rev., 4.00%,
10/1/2028
    75,000
     79,744
Florida Municipal Power Agency,
All-Requirements Power Supply Project
Series 2016A, Rev., 5.00%, 10/1/2024
   130,000
    136,499
Florida State Board of Governors, University of
Florida Mandatory Student Fee Series
2021A, Rev., AGM, 5.00%, 11/1/2028
   100,000
    112,167
Monroe County School District Series 2018A,
COP, 4.00%, 6/1/2025
    45,000
     46,852
Orange County School Board Series 2015D,
COP, 5.00%, 8/1/2025
25,000
26,726
Palm Beach County Health Facilities Authority,
Acts Retirement Life Communities, Inc.,
Obligated Group Rev., 5.00%, 11/15/2032
240,000
250,887
Palm Beach County Health Facilities Authority,
Jupiter Medical Center Series A, Rev.,
5.00%, 11/1/2030
100,000
107,883
Pinellas County Industrial Development
Authority, Drs. Kiran & Pallavi Patel 2017
Foundation for Global Understanding, Inc.,
Project Rev., 5.00%, 7/1/2029
125,000
129,228
Reedy Creek Improvement District, Ad Valorem
Tax Series 2016-A, GO, 5.00%, 6/1/2026
50,000
54,362
School District of Broward County Series A,
5.00%, 7/1/2028
2,000,000
2,250,464
Seminole County Industrial Development
Authority, Galileo Schools for Gifted Learning
Series 2021A, Rev., 4.00%, 6/15/2036 (c)
155,000
139,110
State of Florida Board of Education, Public
Education Capital Outlay
 
 
Series B, GO, 5.00%, 6/1/2024
30,000
31,370
INVESTMENTS
PRINCIPAL
AMOUNT($)
VALUE($)
 
Florida — continued
Series B, GO, 5.00%, 6/1/2026
    20,000
     21,857
Series B, GO, 5.00%, 6/1/2031
    75,000
     82,579
State of Florida Department of Transportation,
Indirect Garvee Series 2021A, Rev., 5.00%,
7/1/2023
   155,000
    158,225
State of Florida, State Board of Education,
Lottery Series 2016A, Rev., 5.00%,
7/1/2026
    75,000
     81,909
Tampa Bay Water, Regional Water Supply
Authority, Utility System Series C, Rev.,
5.00%, 10/1/2025
    55,000
     58,903
Tampa-Hillsborough County Expressway
Authority Series B, Rev., 5.00%, 7/1/2031
    40,000
     44,877
Tohopekaliga Water Authority, Utility System
Rev., 5.00%, 10/1/2025
    10,000
     10,777
University of Florida Department of Housing &
Residence Education Hsg Sys Rev Series
2021A, Rev., 5.00%, 7/1/2026
   125,000
    135,989
Total Florida
 
7,828,709
Georgia — 2.4%
City of Atlanta Airport Passenger Facility
Charge, Sub Lien Series 2019D, 4.00%,
7/1/2037
 2,350,000
  2,271,008
Clayton County Development Authority, Clayton
State University 5.00%, 7/1/2034
225,000
253,754
County of DeKalb, Water and Sewerage Series
2006B, Rev., 5.25%, 10/1/2026
25,000
27,736
Georgia Ports Authority Series 2022, Rev.,
4.00%, 7/1/2052
300,000
284,783
Glynn-Brunswick Memorial Hospital Authority,
Southeast Georgia Health System Project
Rev., 4.00%, 8/1/2037
255,000
238,123
Lee County School District Series 2022, GO,
5.00%, 2/1/2028
315,000
354,875
Main Street Natural Gas, Inc., Gas Supply
 
 
Series 2021A, Rev., 4.00%, 9/1/2027 (b)
580,000
589,111
Series B, Rev., 5.00%, 6/1/2029 (b)
1,500,000
1,574,882
Metropolitan Atlanta Rapid Transit Authority,
Sales Tax Series 2017D, Rev., 4.00%,
7/1/2028
35,000
37,282
Total Georgia
 
5,631,554
Hawaii — 0.1%
City and County of Honolulu Series D, GO,
5.00%, 9/1/2032
45,000
49,595
State of Hawaii
 
 
Series EE, GO, 5.00%, 11/1/2022 (d)
15,000
15,068
Series EP, GO, 5.00%, 8/1/2023
40,000
40,948
SEE NOTES TO FINANCIAL STATEMENTS.
 
144
J.P. Morgan Exchange-Traded Funds
August 31, 2022
INVESTMENTS
PRINCIPAL
AMOUNT($)
VALUE($)
Municipal Bonds — continued
Hawaii — continued
Series FK, GO, 5.00%, 5/1/2033
    30,000
     32,657
State of Hawaii, Highway Fund Series B, Rev.,
5.00%, 1/1/2027
    25,000
     27,284
Total Hawaii
 
165,552
Idaho — 0.3%
Idaho Health Facilities Authority, St. Luke's
Health System Series 2021A, Rev., 5.00%,
3/1/2029
    35,000
     39,051
Idaho Housing and Finance Association,
Transportation Expansion and Congestion
Mitigation Fund Series 2022A, Rev., 5.00%,
8/15/2035
   500,000
    575,961
Total Idaho
 
615,012
Illinois — 6.3%
Champaign County Community Unit School
District No. 4 Champaign, School Building
5.00%, 1/1/2027
    45,000
     48,662
Chicago O'Hare International Airport, General
Airport, Senior Lien
 
 
Series 2020B, 5.00%, 1/1/2024
   210,000
    216,889
Series 2017B, 5.00%, 1/1/2034
40,000
42,780
Chicago O'Hare International Airport, Senior
Lien Series 2020A, 5.00%, 1/1/2034
200,000
222,316
City of Decatur GO, 5.00%, 3/1/2027
130,000
140,586
City of Hilliard GO, 4.00%, 12/30/2028
35,000
37,600
Cook County School District No., 87 Berkeley
AGM, 4.00%, 12/1/2030
35,000
37,364
County of Lake, Sales Tax GO, 4.00%,
11/30/2027
100,000
105,772
Illinois Finance Authority, Clark-Lindsey Village
Series A, Rev., 5.13%, 6/1/2032
185,000
183,516
Illinois Finance Authority, Clean Water Initiative
Revolving Fund Rev., 5.00%, 7/1/2032
35,000
38,081
Illinois Finance Authority, Lake Forest College
 
 
Series A, Rev., 5.00%, 10/1/2029
320,000
331,539
Series A, Rev., 5.00%, 10/1/2030
205,000
211,358
Series A, Rev., 5.00%, 10/1/2031
235,000
240,262
Illinois Finance Authority, Smith Crossing Rev.,
4.00%, 10/15/2028
350,000
338,714
Illinois Finance Authority, Social Bonds-Learn
Chapter School Project Rev., 4.00%,
11/1/2024
135,000
135,583
Illinois Finance Authority, Unitypoint Health
Series 2016D, Rev., 5.00%, 2/15/2024
115,000
119,140
Illinois State Toll Highway Authority
 
 
Series D, Rev., 5.00%, 1/1/2024
25,000
25,827
INVESTMENTS
PRINCIPAL
AMOUNT($)
VALUE($)
 
Illinois — continued
Series 2019A, Rev., 5.00%, 1/1/2036
   250,000
    274,874
Kane McHenry Cook and De Kalb Counties Unit
School District No. 300 GO, 5.00%,
1/1/2024
    35,000
     36,153
Kendall and Kane Counties Community Unit
School District No. 115 Series 2017B, GO,
5.00%, 1/1/2027
    25,000
     27,485
Lake County Community Consolidated School
District No. 3 Beach Park GO, AGM, 4.00%,
2/1/2032
   175,000
    184,971
Lake County Forest Preserve District GO,
5.00%, 12/15/2028
   165,000
    186,246
McLean and Woodford Counties Community
Unit School District No. 5 Normal Series
2017A, GO, 4.00%, 12/1/2023
    80,000
     81,203
Metropolitan Water Reclamation District of
Greater Chicago, Limited Tax Series 2021C,
5.00%, 12/1/2023
    20,000
     20,572
Northern Illinois University, Auxiliary Facilities
System Series 2020B, Rev., 5.00%,
4/1/2034
   200,000
    218,823
Northern Illinois University, Board of Trustees,
Auxiliary Facilities System
 
 
Rev., 5.00%, 10/1/2029
   300,000
    333,339
Rev., 5.00%, 10/1/2030
   325,000
    363,736
Peoria Tazewell Etc Counties Community
College District No. 514 GO, 4.00%,
12/1/2023
35,000
35,713
Southern Illinois University
 
 
Series A, Rev., 5.00%, 4/1/2029
675,000
737,373
Series A, Rev., 5.00%, 4/1/2030
800,000
876,022
Series A, Rev., 5.00%, 4/1/2031
575,000
630,346
Series A, Rev., 5.00%, 4/1/2032
510,000
556,698
Southwestern Illinois Development Authority,
Flood Prevention District Council Project
Rev., 5.00%, 4/15/2030
625,000
714,068
State of Illinois
 
 
GO, 5.00%, 4/1/2024
30,000
30,817
Series 2018A, GO, 5.00%, 10/1/2024
30,000
31,018
Series 2017D, GO, 5.00%, 11/1/2025
2,550,000
2,672,074
Series 2022A, GO, 5.00%, 3/1/2029
500,000
539,931
Series B, GO, 5.00%, 10/1/2029
2,000,000
2,144,858
GO, 4.00%, 6/1/2032
1,000,000
994,364
University of Illinois Series 2021A, Rev.,
5.00%, 4/1/2029
450,000
506,247
Village of Bolingbrook Series 2018A, AGM,
5.00%, 1/1/2033
125,000
138,449
Village of Elk Grove GO, 5.00%, 1/1/2029
25,000
27,448
SEE NOTES TO FINANCIAL STATEMENTS.
 
August 31, 2022
J.P. Morgan Exchange-Traded Funds
145
JPMorgan Municipal ETF
SCHEDULE OF PORTFOLIO INVESTMENTS
AS OF August 31, 2022  (Unaudited) (continued)
INVESTMENTS
PRINCIPAL
AMOUNT($)
VALUE($)
Municipal Bonds — continued
Illinois — continued
Village of Wilmette Series 2020B, GO, 5.00%,
12/1/2026
   140,000
    154,322
Will & Kendall Counties Community
Consolidated School District 202 Plainfield
GO, 4.00%, 1/1/2023
    10,000
     10,057
Total Illinois
 
15,003,196
Indiana — 1.3%
Adams Central Elementary School Building
Corp., Ad Valorem Property Tax First
Mortgage 5.00%, 1/15/2027
    20,000
     21,866
Ball State University, Student Fee Series R,
5.00%, 7/1/2024
    35,000
     36,562
City of Goshen, Multi-Family, Green Oaks of
Goshen Project Series 2021A, Rev., 5.00%,
8/1/2041 (c)
   250,000
    196,020
City of Valparaiso Rev., 5.38%, 12/1/2041 (c)
   200,000
    158,416
Decatur County, Jail Building Corp. Rev.,
5.00%, 7/15/2028
   250,000
    277,789
Indiana Finance Authority Series C, Rev.,
5.00%, 12/1/2025
    35,000
     37,747
Indiana Finance Authority, DePauw University
Project Series A, Rev., 5.00%, 7/1/2031
   730,000
    803,014
Indiana Finance Authority, Educational
Facilities, Valparaiso University Project Rev.,
4.00%, 10/1/2035
215,000
208,610
Indiana Finance Authority, Franciscan Alliance,
Inc., Obligated Group Series 2017C, Rev.,
4.00%, 11/1/2034
115,000
114,938
Indiana Finance Authority, Parkview Health
System, Inc. Series 2017A, Rev., 5.00%,
11/1/2023
50,000
51,425
Indiana Finance Authority, Rose-Hulman
Institute of Technology Project Rev., 5.00%,
6/1/2030
200,000
223,637
Indiana State University, Housing and Dining
System
 
 
Rev., 5.00%, 4/1/2028
120,000
133,917
Rev., 5.00%, 4/1/2031
75,000
81,705
Indiana State University, Student Fee Series R,
Rev., 5.00%, 10/1/2022
10,000
10,018
Indiana University, Student Fee Series Y, Rev.,
5.00%, 8/1/2028
25,000
27,799
IPS Multi-School Building Corp., Indiana
Unlimited Ad Valorem Property Tax, First
Mortgage Rev., 5.00%, 7/15/2029
50,000
56,240
Monroe County Community School Corp. GO,
5.00%, 7/15/2027
250,000
276,141
INVESTMENTS
PRINCIPAL
AMOUNT($)
VALUE($)
 
Indiana — continued
Perry Township Multi School Building Corp., Ad
Valorem Property Tax First Mortgage Rev.,
5.00%, 7/15/2025
    35,000
     37,321
Wheeler-Union Township School Building Corp.
Rev., 4.00%, 7/15/2034
   400,000
    413,901
Total Indiana
 
3,167,066
Iowa — 0.1%
City of West Des Moines, Urban Renewal Series
2016B, GO, 5.00%, 6/1/2024
    35,000
     36,587
Des Moines Independent Community School
District, Sales Services and Use Tax Rev.,
5.00%, 6/1/2028
   175,000
    197,062
Iowa Finance Authority, State Revolving Fund
Rev., 5.00%, 8/1/2027
    30,000
     33,557
Total Iowa
 
267,206
Kansas — 0.2%
City of Manhattan, Meadowlark Hills Series
2022B-2, Rev., 2.38%, 6/1/2027
   200,000
    183,377
Johnson County Community College
Foundation, Inc. COP, 5.00%, 10/1/2024
   105,000
    110,555
Johnson County Water District No. 1 Series
2017A, Rev., 5.00%, 1/1/2025
50,000
52,904
Kansas Development Finance Authority,
AdventHealth Obligated Project Series
2021B, Rev., 5.00%, 11/15/2031 (b)
200,000
226,239
Total Kansas
 
573,075
Kentucky — 1.2%
City of Hermiston
 
 
Series 2022B, Rev., AMT, 3.70%,
1/1/2032 (c)
130,000
127,678
Series 2022A, Rev., AMT, 4.45%,
1/1/2042 (c)
165,000
163,093
County of Boone, Duke Energy Kentucky, Inc.
Series 2008A, 3.70%, 8/1/2027
500,000
501,183
Kentucky Economic Development Finance
Authority, Baptist Healthcare System
Obligated Group Series B, Rev., 5.00%,
8/15/2029
165,000
177,387
Kentucky Public Energy Authority, Gas Supply
Series 2022A-1, Rev., 4.00%, 8/1/2030 (b)
1,815,000
1,799,978
Louisville and Jefferson County Metropolitan
Government, Norton Healthcare, Inc. Series
2016-A, Rev., 4.00%, 10/1/2036
65,000
63,212
SEE NOTES TO FINANCIAL STATEMENTS.
 
146
J.P. Morgan Exchange-Traded Funds
August 31, 2022
INVESTMENTS
PRINCIPAL
AMOUNT($)
VALUE($)
Municipal Bonds — continued
Kentucky — continued
Louisville and Jefferson County Metropolitan
Sewer District, Sewer and Drainage System
 
 
Series B, Rev., 5.00%, 5/15/2024
    25,000
     26,110
Series A, Rev., 5.00%, 5/15/2027
    40,000
     43,935
Total Kentucky
 
2,902,576
Louisiana — 0.4%
City of Shreveport, Water and Sewer, Junior
Lien Series 2019B, Rev., AGM, 5.00%,
12/1/2032
   200,000
    222,078
Louisiana Local Government Environmental
Facilities and Community Development
Authority, Calcasieu Parish Projects Rev.,
5.00%, 12/1/2030
   250,000
    281,136
Louisiana Public Facilities Authority, Materra
Campus Project Series 2021C, Rev., 4.00%,
6/1/2031 (c)
   245,000
    230,951
Louisiana Public Facilities Authority, Tulane
University Project Series 2020A, Rev.,
5.00%, 4/1/2029
   220,000
    243,332
State of Louisiana Series 2016-B, GO, 4.00%,
8/1/2026
    30,000
     31,601
Total Louisiana
 
1,009,098
Maine — 0.1%
Maine Health and Higher Educational Facilities
Authority
 
 
Series 2020A, Rev., 5.00%, 7/1/2023 (d)
70,690
72,184
Series 2020A, Rev., 5.00%, 7/1/2023
54,310
55,341
Maine Municipal Bond Bank Series C, Rev.,
5.00%, 11/1/2024
75,000
79,104
Total Maine
 
206,629
Maryland — 2.3%
County of Howard, Consolidated Public
Improvement Series 2022B, GO, 5.00%,
8/15/2030
160,000
187,852
County of Montgomery, Consolidated Public
Improvement Series A, GO, 5.00%,
8/1/2031
2,000,000
2,372,540
County of St. Mary's, Public Improvement GO,
4.00%, 7/15/2027
70,000
74,901
Maryland Economic Development Corp., Bowie
State University Project Rev., 4.00%,
7/1/2040
200,000
184,122
Maryland Health and Higher Educational
Facilities Authority, Stevenson University
Project
 
 
Rev., 5.00%, 6/1/2033
200,000
210,797
Rev., 4.00%, 6/1/2046
250,000
217,633
INVESTMENTS
PRINCIPAL
AMOUNT($)
VALUE($)
 
Maryland — continued
State of Maryland, Department of
Transportation Rev., 5.00%, 9/1/2026
    75,000
     82,373
State of Maryland, State and Local Facilities
Loan of 2017 Series 2017A, GO, 5.00%,
8/1/2025
    45,000
     48,344
State of Maryland, State and Local Facilities
Loan of 2020 Series 2020A, GO, 5.00%,
8/1/2035
   300,000
    342,585
State of Maryland, State and Local Facilities
Loan of 2021 Series A, GO, 5.00%,
3/1/2031
   400,000
    472,644
State of Maryland, State and Local Facilities
Loan of 2022 Series A, GO, 5.00%,
6/1/2033
 1,000,000
  1,186,155
Total Maryland
 
5,379,946
Massachusetts — 0.4%
City of Boston Series 2017A, 5.00%,
4/1/2025
    10,000
     10,664
Commonwealth of Massachusetts Series C, GO,
5.00%, 10/1/2026
    25,000
     27,495
Massachusetts Development Finance Agency,
Milford Regional Medical Center Series G,
Rev., 5.00%, 7/15/2037 (c)
   245,000
    247,228
Massachusetts Development Finance Agency,
Salem Community Corp. Rev., 5.00%,
1/1/2030
   235,000
    234,984
Massachusetts Development Finance Agency,
Southcoast Health System Obligated Group
Issue Series 2021G, Rev., 5.00%, 7/1/2035
200,000
216,910
Massachusetts Development Finance Agency,
Wellforce Issue Series 2020C, Rev., AGM,
5.00%, 10/1/2030
175,000
195,201
Massachusetts State College Building Authority
Series D, Rev., 5.00%, 5/1/2027
45,000
49,687
Town of Hopkinton, Municipal Purpose Loan GO,
5.00%, 11/15/2024
30,000
31,710
Total Massachusetts
 
1,013,879
Michigan — 0.3%
Berrien Springs Public Schools, School Building
& Site, Unlimited Tax Q-SBLF, 5.00%,
5/1/2030
250,000
286,412
Grand Traverse County Hospital Finance
Authority, Munson Healthcare Obligated
Group Rev., 5.00%, 7/1/2026
175,000
189,321
Michigan Finance Authority, Lawrence
Technological University Series 2022, Rev.,
4.00%, 2/1/2032
95,000
90,496
SEE NOTES TO FINANCIAL STATEMENTS.
 
August 31, 2022
J.P. Morgan Exchange-Traded Funds
147

JPMorgan Municipal ETF
SCHEDULE OF PORTFOLIO INVESTMENTS
AS OF August 31, 2022  (Unaudited) (continued)
INVESTMENTS
PRINCIPAL
AMOUNT($)
VALUE($)
Municipal Bonds — continued
Michigan — continued
Michigan State Hospital Finance Authority,
Trinity Health Credit Group Series C, Rev.,
5.00%, 12/1/2025
    25,000
     26,946
Western Michigan University, Tax Exempt Series
2021A, Rev., AGM, 5.00%, 11/15/2031
    25,000
     28,491
Total Michigan
 
621,666
Minnesota — 1.5%
City of Mankato
 
 
Series B, GO, 5.00%, 2/1/2027
   750,000
    827,553
Series B, GO, 5.00%, 2/1/2029
   755,000
    859,514
City of Minneapolis, Health Care System,
Fairview Health Services Series 2018A, Rev.,
5.00%, 11/15/2033
   180,000
    193,924
City of Woodbury, Charter School Lease,
Woodbury Leadership Academy Project
Series 2021A, Rev., 4.00%, 7/1/2031
   175,000
    164,049
Duluth Economic Development Authority,
Benedictine Health System Series 2021A,
Rev., 3.00%, 7/1/2024
   100,000
     98,734
Minnesota Municipal Gas Agency Series 2022A,
Rev., LIQ : Royal Bank of Canada, 4.00%,
6/1/2027
 1,000,000
  1,021,063
State of Minnesota, Various Purpose Series A,
GO, 5.00%, 8/1/2030
350,000
407,196
University of Minnesota Series B, Rev., 5.00%,
12/1/2025
15,000
16,201
Total Minnesota
 
3,588,234
Mississippi — 2.3%
County of Jackson, Pollution Control, Chevron
USA, Inc. Project Series 1993, Rev., VRDO,
0.95%, 9/1/2022 (b)
5,000,000
5,000,000
Mississippi Development Bank, Ranking County
Project Rev., 5.00%, 3/1/2026
205,000
222,409
Mississippi State University Educational
Building Corp., New Facilities and
Refinancing Project Rev., 5.00%, 8/1/2025
35,000
37,315
State of Mississippi
 
 
Series 2015F, GO, 5.00%, 11/1/2025 (d)
35,000
37,768
Series B, GO, 5.00%, 12/1/2025
20,000
21,615
Series 2018A, GO, 5.00%, 11/1/2026 (d)
60,000
66,126
University of Mississippi Educational Building
Corp., Facilities Refinancing Project Series
2016A, Rev., 5.00%, 10/1/2030
40,000
43,360
Total Mississippi
 
5,428,593
INVESTMENTS
PRINCIPAL
AMOUNT($)
VALUE($)
 
Missouri — 0.8%
Bi-State Development Agency of the
Missouri-Illinois Metropolitan District,
Combined Lien 5.00%, 10/1/2023
   280,000
    287,308
Bi-State Development Agency of the
Missouri-Illinois Metropolitan District, St.
Clair County Metrolink Project AGM, 5.25%,
7/1/2024
    40,000
     41,904
City of Excelsior Springs Series 2020B, COP,
4.00%, 3/1/2030
   115,000
    123,126
City of Kansas City, Sanitary Sewer System
Series B, Rev., 5.00%, 1/1/2033
    25,000
     27,482
Health and Educational Facilities Authority of
the State of Missouri, City Art Institute Rev.,
5.00%, 9/1/2030
   200,000
    218,485
Health and Educational Facilities Authority of
the State of Missouri, Mercy Health Series
2018A, Rev., 5.00%, 6/1/2028
   180,000
    199,549
Health and Educational Facilities Authority of
the State of Missouri, St. Luke's
Episcopal-Presbyterian Hospitals Series
2015B, Rev., 5.00%, 12/1/2026
   165,000
    173,284
Health and Educational Facilities Authority of
the State of Missouri, St. Luke's Health
System, Inc. Rev., 5.00%, 11/15/2029
   300,000
    321,188
Health and Educational Facilities Authority of
the State of Missouri, Wright Memorial
Hospital Rev., 5.00%, 9/1/2026
   200,000
    209,006
Industrial Development Authority of the City of
St. Louis Missouri, Innovation District Series
2022, Rev., 5.00%, 5/15/2041
   285,000
    288,214
Metropolitan St. Louis Sewer District,
Wastewater System Improvement Series
2017A, Rev., 5.00%, 5/1/2027
    45,000
     50,021
Missouri Development Finance Board, Fulton
State Hospital Project Rev., 5.00%,
10/1/2025
25,000
26,323
Total Missouri
 
1,965,890
Montana — 0.0% ^
County of Missoula GO, 4.00%, 7/1/2025
50,000
52,112
Nebraska — 0.5%
Central Plains Energy Project, Gas Project No. 3
Series 2017A, 5.00%, 9/1/2030
320,000
344,912
City of Lincoln, Electric System
 
 
Rev., 5.00%, 9/1/2026
85,000
92,983
Rev., 5.00%, 9/1/2028
50,000
55,389
City of Omaha, Sanitary Sewerage System Rev.,
5.00%, 4/1/2027
50,000
54,323
SEE NOTES TO FINANCIAL STATEMENTS.
 
148
J.P. Morgan Exchange-Traded Funds
August 31, 2022
INVESTMENTS
PRINCIPAL
AMOUNT($)
VALUE($)
Municipal Bonds — continued
Nebraska — continued
Nebraska Educational Health Cultural and
Social Services Finance Authority, Immanuel
Retirement Communities Obligated Group
Series 2019A, Rev., 4.00%, 1/1/2033
   250,000
    251,356
Omaha Public Power District, Electric System
 
 
Series B, Rev., 5.00%, 2/1/2025
    20,000
     20,977
Series 2016A, Rev., 5.00%, 2/1/2026
    40,000
     43,401
Series 2016A, Rev., 5.00%, 2/1/2027
    30,000
     32,541
Public Power Generation Agency, Whelan
Energy Center Unit 2 Series 2015A, Rev.,
5.00%, 1/1/2024
   155,000
    159,858
University of Nebraska Facilities Corp., UNMC
Global Center Project Rev., 5.00%,
12/15/2025
    35,000
     37,801
Total Nebraska
 
1,093,541
Nevada — 0.3%
City of Sparks, Senior Sales Tax Series 2019A,
Rev., 2.50%, 6/15/2024 (c)
    40,000
     38,860
Clark County School District, Limited Tax
 
 
Series 2018A, 5.00%, 6/15/2032
95,000
104,426
Series 2018A, 4.00%, 6/15/2035
90,000
92,436
County of Clark, Indexed Fuel Tax and
Subordinate Motor Vehicle Fuel Tax 5.00%,
7/1/2028
25,000
27,629
County of Clark, Limited Tax Series 2018B,
5.00%, 12/1/2027
120,000
134,487
County of Clark, Passenger Facility Charge, Las
Vegas-McCarran International Airport
Passenger Facility Series 2019E, 5.00%,
7/1/2033
155,000
171,790
Truckee Meadows Water Authority Rev.,
5.00%, 7/1/2029
50,000
55,259
Total Nevada
 
624,887
New Hampshire — 0.1%
New Hampshire Business Finance Authority,
Springpoint Senior Living Project Rev.,
4.00%, 1/1/2025
290,000
290,948
New Jersey — 1.5%
Bergen County Improvement Authority (The),
New Bridge Medical Center Series 2022,
GTD, 5.00%, 8/1/2037
1,000,000
1,142,845
City of New Brunswick GO, 4.00%, 3/15/2024
10,000
10,247
New Jersey Economic Development Authority,
Biomedical Research Facilities Series 2016A,
Rev., 5.00%, 7/15/2028
260,000
277,166
New Jersey Transportation Trust Fund Authority
Series 2020AA, Rev., 4.00%, 6/15/2035
130,000
127,243
INVESTMENTS
PRINCIPAL
AMOUNT($)
VALUE($)
 
New Jersey — continued
New Jersey Transportation Trust Fund
Authority, Transportation System Series
2018A, Rev., 4.00%, 12/15/2031
   250,000
    254,321
New Jersey Turnpike Authority Series D, Rev.,
5.00%, 1/1/2028
   200,000
    216,901
Passaic County Improvement Authority (The),
City of Paterson Project Rev., 5.00%,
6/15/2025
    10,000
     10,670
State of New Jersey, COVID-19 Emergency
Bonds GO, 5.00%, 6/1/2028
 1,000,000
  1,118,142
Tobacco Settlement Financing Corp. Series
2018A, Rev., 5.00%, 6/1/2027
   265,000
    286,997
Total New Jersey
 
3,444,532
New Mexico — 0.3%
City of Albuquerque Series 2016A, 5.00%,
7/1/2023
    75,000
     76,673
City of Albuquerque, Gross Receipts Tax Series
2015A, 5.00%, 7/1/2026
   240,000
    256,526
New Mexico Finance Authority, Senior Lien
Public Project Revolving Fund Series 2016E,
Rev., 5.00%, 6/1/2024
    25,000
     26,120
New Mexico Finance Authority, State
Transportation, Subordinate Lien Series
2108A, Rev., 5.00%, 6/15/2027
   100,000
    111,380
New Mexico Hospital Equipment Loan Council,
Presbyterian Healthcare Services Series
2015A, Rev., 5.00%, 8/1/2025
25,000
26,748
State of New Mexico, Capital Projects GO,
5.00%, 3/1/2024
305,000
316,899
Total New Mexico
 
814,346
New York — 10.6%
Broome County Local Development Corp., Good
Shepherd Village at Endwell, Inc. 3.50%,
7/1/2026
210,000
203,683
Build NYC Resource Corp., Grand Concourse
Academy Charter School Series 2022A,
5.00%, 7/1/2032
100,000
105,458
Build NYC Resource Corp., New World
Preparatory Charter School Project
 
 
Series 2021A, 4.00%, 6/15/2041
100,000
87,570
Series 2021A, 4.00%, 6/15/2051
150,000
123,080
City of New York, Fiscal Year 2013
 
 
Series 2013J, GO, 5.00%, 8/1/2023
40,000
40,963
Series I, GO, 5.00%, 8/1/2023
25,000
25,602
City of New York, Fiscal Year 2014 Series
2014E, GO, 5.00%, 8/1/2027
35,000
35,788
SEE NOTES TO FINANCIAL STATEMENTS.
 
August 31, 2022
J.P. Morgan Exchange-Traded Funds
149
JPMorgan Municipal ETF
SCHEDULE OF PORTFOLIO INVESTMENTS
AS OF August 31, 2022  (Unaudited) (continued)
INVESTMENTS
PRINCIPAL
AMOUNT($)
VALUE($)
Municipal Bonds — continued
New York — continued
City of New York, Fiscal Year 2018 Series
2018F-1, GO, 5.00%, 4/1/2033
   105,000
    115,766
City of New York, Fiscal Year 2019 Series
2019E, GO, 5.00%, 8/1/2033
   100,000
    110,261
City of New York, Fiscal Year 2020 Series
2020C-1, GO, 5.00%, 8/1/2033
   160,000
    179,440
City of New York, Fiscal Year 2021
 
 
Series 2021A-1, GO, 5.00%, 8/1/2031
   185,000
    211,158
Series 2021-1, GO, 5.00%, 4/1/2033
   235,000
    265,558
Series F, Subseries F-1, GO, 5.00%,
3/1/2037
 1,000,000
  1,095,676
City of New York, Fiscal Year 2022 Series
2022B-1, GO, 5.00%, 8/1/2033
 1,650,000
  1,881,547
County of Erie, Public Improvement Series
2019A, GO, 5.00%, 9/15/2025
    25,000
     26,932
County of Onondaga GO, 5.00%, 3/15/2026
    20,000
     20,796
Dutchess County Local Development Corp., The
Culinary Institute of America Project Rev.,
5.00%, 7/1/2025
   100,000
    104,539
Erie County Water Authority Rev., 5.00%,
12/1/2027
30,000
33,146
Falconer Central School District GO, 4.00%,
12/15/2034
1,270,000
1,307,953
Longwood Central School District, Suffolk
County GO, 5.00%, 6/15/2025
175,000
187,455
Metropolitan Transportation Authority,
Dedicated Tax Fund Series 2016A, Rev.,
5.00%, 11/15/2023
315,000
325,028
Monroe County Industrial Development Corp.,
Rochester Schools Modernization Project
Rev., 5.00%, 5/1/2030
80,000
84,752
New York City Municipal Water Finance
Authority, Water And Sewer System
Subseries 2012A-2, Rev., VRDO, LIQ :
Mizuho Bank Ltd., 1.03%, 9/1/2022 (b)
3,000,000
3,000,000
New York City Transitional Finance Authority
Building Aid Series S-1, Subseries S-1A, Rev.,
5.00%, 7/15/2035
800,000
904,248
New York City Transitional Finance Authority
Building Aid, Subordinate
 
 
Rev., 5.00%, 7/15/2025 (d)
45,000
48,140
Rev., 5.00%, 7/15/2025
5,000
5,323
New York City Transitional Finance Authority,
Building Aid, Fiscal Year 2018 Series
2018S-4A, Rev., 5.00%, 7/15/2033
105,000
116,442
New York City Transitional Finance Authority,
Future Tax Secured Subseries A-2, Rev.,
5.00%, 5/1/2039
265,000
286,211
INVESTMENTS
PRINCIPAL
AMOUNT($)
VALUE($)
 
New York — continued
New York City Transitional Finance Authority,
Future Tax Secured, Fiscal Year 2015 Series
C, Rev., 5.00%, 11/1/2022
    25,000
     25,116
New York City Transitional Finance Authority,
Future Tax Secured, Fiscal Year 2017
 
 
Series E, Subseries E-1, Rev., 5.00%,
2/1/2030
   150,000
    163,310
Series 2017F-1, Rev., 5.00%, 5/1/2030
   550,000
    601,419
New York City Transitional Finance Authority,
Future Tax Secured, Fiscal Year 2018 Series
1, Rev., 5.00%, 11/1/2026
    25,000
     27,428
New York City Transitional Finance Authority,
Future Tax Secured, Tax-Exempt, Fiscal Year
2013 Series 2013G, Rev., 5.00%,
11/1/2026
    30,000
     30,496
New York City Transitional Finance Authority,
Future Tax Secured, Tax-Exempt, Fiscal Year
2022 Series 2022F, Rev., 5.00%, 2/1/2036
   525,000
    587,247
New York State Dormitory Authority, Columbia
University Series B, Rev., 5.00%,
10/1/2038
    25,000
     27,522
New York State Dormitory Authority, Cornell
University Series 2019D, Rev., 5.00%,
7/1/2033
   135,000
    161,184
New York State Dormitory Authority,
Montefiore Obligated Group Series 2020A,
Rev., 4.00%, 9/1/2050
   100,000
     81,981
New York State Dormitory Authority, New York
University Series 2017A, Rev., 5.00%,
7/1/2023
   180,000
    184,015
New York State Dormitory Authority, Northwell
Health Obligated Group Series 2019A, Rev.,
5.00%, 5/1/2029
70,000
78,018
New York State Dormitory Authority, Personal
Income Tax
 
 
Series D, Rev., 5.00%, 2/15/2034
2,000,000
2,221,133
Series A, Rev., 4.00%, 3/15/2037
990,000
980,441
New York State Dormitory Authority, State
Personal Income Tax Series 2021E, Rev.,
5.00%, 3/15/2033
1,610,000
1,842,615
New York State Dormitory Authority, State
Personal Income Tax, General Purpose Series
2018A, Rev., 5.00%, 3/15/2031
25,000
27,994
New York State Dormitory Authority, State
Supported Debt University Facilities Series
2019A, Rev., 5.00%, 7/1/2024
25,000
26,088
SEE NOTES TO FINANCIAL STATEMENTS.
 
150
J.P. Morgan Exchange-Traded Funds
August 31, 2022
INVESTMENTS
PRINCIPAL
AMOUNT($)
VALUE($)
Municipal Bonds — continued
New York — continued
New York State Environmental Facilities Corp.,
State Clean Water and Drinking Water
Revolving Funds, Municipal Water Finance
Authority Projects - Second Resolution Series
2019B, Rev., 5.00%, 6/15/2031
   100,000
    114,506
New York State Urban Development Corp.,
State Personal Income Tax, General Purpose
 
 
Series 2017A, Rev., 5.00%, 3/15/2026
   125,000
    135,372
Series 2016A, Rev., 5.00%, 3/15/2027
    30,000
     32,426
Series 2013A-1, Rev., 5.00%, 3/15/2028
    25,000
     25,322
Series 2016A, Rev., 5.00%, 3/15/2028
    75,000
     80,907
Series 2017-A, Rev., 5.00%, 3/15/2028
   150,000
    165,431
Series 2020A, Rev., 4.00%, 3/15/2045
   500,000
    473,037
New York State Urban Development Corp.,
State Sales Tax Series 2021A, Rev., 5.00%,
3/15/2036
   580,000
    647,670
Onondaga Civic Development Corp., Le Moyne
College Series 2020B, Rev., 5.00%,
7/1/2032
   250,000
    267,957
Onondaga Civic Development Corp., Le Moyne
College Project
 
 
Rev., 5.00%, 7/1/2027
100,000
107,278
Rev., 5.00%, 7/1/2031
360,000
392,320
Orange County Funding Corp., Mount Saint
Mary College Project Series 2012B, Rev.,
4.00%, 7/1/2023
200,000
199,813
Port Authority of New York and New Jersey,
Consolidated
 
 
Series 205, Rev., 5.00%, 11/15/2028
30,000
33,363
Rev., AMT, 5.00%, 9/1/2036
1,975,000
2,086,085
Port Washington Union Free School District GO,
4.00%, 8/1/2036
1,370,000
1,403,496
Suffolk County Economic Development Corp.,
St. Johnland Assisted Living Inc., Project
Rev., 5.13%, 11/1/2041 (c)
340,000
295,874
Town of Stony Point GO, 5.00%, 8/15/2027
75,000
83,072
Westchester County Local Development Corp.,
Kendal on Hudson Project Series 2022B,
Rev., 5.00%, 1/1/2032 (e)
240,000
253,478
Westchester County Local Development Corp.,
Purchase Senior Learning Community, Inc.
Project
 
 
Series 2021D, Rev., 2.88%, 7/1/2026 (c)
250,000
234,173
Series 2021C, Rev., 3.20%, 7/1/2028 (c)
250,000
227,121
Total New York
 
25,257,223
North Carolina — 2.2%
County of Davidson GO, 5.00%, 6/1/2027
35,000
39,037
INVESTMENTS
PRINCIPAL
AMOUNT($)
VALUE($)
 
North Carolina — continued
County of Duplin Rev., 5.00%, 6/1/2028
    65,000
     72,241
County of New Hanover, Limited Obligation
Series 2022, Rev., 5.00%, 6/1/2027
   480,000
    535,356
County of Wayne, Limited Obligation Rev.,
5.00%, 6/1/2024
    25,000
     26,098
North Carolina Turnpike Authority, Triangle
Expressway System Rev., BAN, 5.00%,
2/1/2024
   400,000
    411,828
State of North Carolina Series 2020B, Rev.,
5.00%, 5/1/2029
   100,000
    114,894
State of North Carolina, Build NC Programs,
Limited Obligation Series C, Rev., 5.00%,
5/1/2024
    25,000
     26,086
University of North Carolina at Chapel Hill
Series A, Rev., VRDO, LIQ : TD Bank NA,
0.92%, 9/1/2022 (b)
 3,000,000
  3,000,000
Winston-Salem State University
Foundation LLC, The Board of Governors of
The University of North Carolina Rev.,
5.00%, 4/1/2031
   945,000
  1,061,836
Total North Carolina
 
5,287,376
North Dakota — 0.1%
North Dakota Building Authority, Facilities
Improvement Series 2020A, Rev., 5.00%,
12/1/2023
   115,000
    118,646
Ohio — 4.6%
Akron Bath Copley Joint Township Hospital
District, Summa Health Obligated Group
5.00%, 11/15/2029
330,000
363,235
American Municipal Power, Inc., Greenup
Hydroelectric Projects Series 2016A,
5.00%, 2/15/2030
25,000
26,686
Bowling Green State University, General
Receipts Series 2016A, 5.00%, 6/1/2024
25,000
26,028
Buckeye Tobacco Settlement Financing
Authority Series 2020A-2, Class 1, 4.00%,
6/1/2048
250,000
223,735
City of Cleveland Series A, 5.00%, 12/1/2035
460,000
523,448
City of Reynoldsburg, Limited Tax, Capital
Facilities GO, 5.00%, 12/1/2026
15,000
16,496
County of Cuyahoga, Eliza Jennings Senior Care
Network Series 2022-A, Rev., 5.00%,
5/15/2032
370,000
374,123
County of Summit, Various Purpose
Improvement Series 2022, GO, 5.00%,
12/1/2031
100,000
117,320
SEE NOTES TO FINANCIAL STATEMENTS.
 
August 31, 2022
J.P. Morgan Exchange-Traded Funds
151
JPMorgan Municipal ETF
SCHEDULE OF PORTFOLIO INVESTMENTS
AS OF August 31, 2022  (Unaudited) (continued)
INVESTMENTS
PRINCIPAL
AMOUNT($)
VALUE($)
Municipal Bonds — continued
Ohio — continued
County of Warren, Healthcare Facilities,
Otterbein Homes Obligated Group Series
2019A, Rev., 4.00%, 7/1/2033
   205,000
    208,550
Northeast Ohio Medical University Series 2022,
Rev., 5.00%, 12/1/2035 (e)
 1,000,000
  1,086,357
Ohio Air Quality Development Authority, Duke
Energy Corp.
 
 
Series 2022B, Rev., 4.00%, 6/1/2027 (b)
 2,000,000
  2,035,112
Series 2022A, Rev., AMT, 4.25%,
6/1/2027 (b)
 1,500,000
  1,529,424
Ohio Higher Educational Facility Commission,
Denison University Project Series 2017A,
Rev., 5.00%, 11/1/2025
    75,000
     80,246
Ohio Higher Educational Facility Commission,
Tiffin University 2019 Project Rev., 5.00%,
11/1/2034
   125,000
    121,931
Ohio Higher Educational Facility Commission,
University of Findlay 2019 Project
 
 
Rev., 5.00%, 3/1/2027
    55,000
     56,830
Rev., 5.00%, 3/1/2034
   160,000
    161,716
Ohio Turnpike and Infrastructure Commission,
Junior Lien
 
 
Series A, Rev., 5.00%, 2/15/2027
135,000
149,014
Series 2022A, Rev., 5.00%, 2/15/2033 (e)
500,000
581,312
Ohio Water Development Authority, Fresh
Water Series 2016B, Rev., 5.00%,
6/1/2026
30,000
32,774
Ohio Water Development Authority, Water
Pollution Control Loan Fund Series 2017A,
Rev., 5.00%, 12/1/2026
45,000
49,680
State of Ohio Series 2021B, GO, 5.00%,
9/15/2031
210,000
247,374
State of Ohio, Capital Facilities Lease
Appropriation Mental Health Facilities
Improvement Fund Projects Series 2018A,
Rev., 5.00%, 6/1/2025
25,000
26,687
State of Ohio, Capital Facilities Lease
Appropriation, Cultural and Sports Facilities
Building Fund Projects Series 2021A, Rev.,
5.00%, 4/1/2032
2,000,000
2,353,142
State of Ohio, Cleveland Clinic Health System
Obligated Group Series 2017A, Rev., 5.00%,
1/1/2028
25,000
27,952
State of Ohio, Infrastructure Improvement
Series 2018A, GO, 5.00%, 9/1/2028
25,000
28,485
INVESTMENTS
PRINCIPAL
AMOUNT($)
VALUE($)
 
Ohio — continued
State of Ohio, Natural Resources Series V, GO,
5.00%, 10/1/2027
    35,000
     39,274
Youngstown State University, General Receipts
Rev., AGM, 4.00%, 12/15/2030
   490,000
    530,413
Total Ohio
 
11,017,344
Oklahoma — 0.1%
Cleveland County Educational Facilities
Authority, Norman Public Schools Project
5.00%, 6/1/2025
   150,000
    159,955
Oklahoma Capitol Improvement Authority,
Capitol Repair Project
 
 
Series C, Rev., 5.00%, 1/1/2030
    10,000
     11,035
Series 2018C, Rev., 5.00%, 1/1/2036
    45,000
     48,812
Oklahoma Capitol Improvement Authority, State
Highway, Capital Improvement Rev., 5.00%,
7/1/2024
   100,000
    104,390
Total Oklahoma
 
324,192
Oregon — 1.2%
Hillsboro School District No. 1J GO, 5.00%,
6/15/2028
25,000
27,690
Salem Hospital Facility Authority, Capital Manor
Project Rev., 4.00%, 5/15/2040
375,000
333,292
Salem Hospital Facility Authority, Multi Model,
Salem Health Project Series 2019A, Rev.,
5.00%, 5/15/2028
75,000
83,013
Tri-County Metropolitan Transportation District
of Oregon, Senior Lien Series 2021A, Rev.,
5.00%, 9/1/2035
1,060,000
1,204,902
Tri-County Metropolitan Transportation District
of Oregon, Senior Lien Payroll Tax Series
2018A, Rev., 5.00%, 9/1/2027 (d)
45,000
50,443
Union County Hospital Facility Authority,
Grande Ronde Hospital, Inc.
 
 
Series 2022, Rev., 5.00%, 7/1/2026
300,000
316,271
Series 2022, Rev., 5.00%, 7/1/2028
400,000
428,198
Yamhill County Hospital Authority, Friendsview,
Tax Exempt Series 2021B-1, Rev., 2.50%,
11/15/2028
350,000
317,614
Total Oregon
 
2,761,423
Pennsylvania — 3.4%
Aliquippa School District, Limited Tax 3.88%,
12/1/2037
200,000
199,996
Allegheny County Higher Education Building
Authority, Chatham University
 
 
5.00%, 9/1/2024
130,000
132,831
5.00%, 9/1/2025
225,000
231,700
SEE NOTES TO FINANCIAL STATEMENTS.
 
152
J.P. Morgan Exchange-Traded Funds
August 31, 2022
INVESTMENTS
PRINCIPAL
AMOUNT($)
VALUE($)
Municipal Bonds — continued
Pennsylvania — continued
5.00%, 9/1/2026
   135,000
    140,317
5.00%, 9/1/2027
   250,000
    260,692
Berks County Industrial Development Authority,
The Highlands at Wyomissing Series 2017A,
5.00%, 5/15/2037
   250,000
    255,973
Bucks County Community College Authority
Series 2019A, GTD, 5.00%, 6/15/2033
    35,000
     38,835
Commonwealth Financing Authority, Tobacco
Master Settlement Payment 5.00%,
6/1/2035
   225,000
    242,456
County of Chester 5.00%, 11/15/2027
    30,000
     33,752
County of Lehigh, Lehigh Valley Health Network
Hospital Series 2016A, Rev., 4.00%,
7/1/2035
   175,000
    170,864
Delaware Valley Regional Finance Authority,
Local Government
 
 
Series D, Rev., 4.00%, 3/1/2029
 1,000,000
  1,060,269
Series 2021A, Rev., 2.00%, 10/1/2029
    25,000
     22,629
Geisinger Authority, Health System Series
2020B, Rev., 5.00%, 2/15/2027 (b)
   250,000
    269,807
Lancaster County Hospital Authority, St. Anne's
Retirement Community, Inc., Project Rev.,
5.00%, 3/1/2040
250,000
234,465
Montgomery County Higher Education and
Health Authority, Arcadia University Rev.,
5.00%, 4/1/2034
250,000
261,517
Montgomery County Higher Education and
Health Authority, Thomas Jefferson
University
 
 
Rev., 5.00%, 9/1/2027
265,000
289,090
Series 2018A, Rev., 4.00%, 9/1/2038
135,000
132,315
Northampton County General Purpose
Authority, Moravian College Project Rev.,
5.00%, 10/1/2027
185,000
194,097
Pennsylvania Higher Educational Facilities
Authority, State System of Higher Education
Series 2017AU-1, Rev., 5.00%, 6/15/2026
70,000
75,876
Pennsylvania Turnpike Commission
 
 
Series A-1, Rev., 5.00%, 12/1/2029
105,000
116,610
Series A-1, Rev., 5.00%, 12/1/2031
60,000
65,982
Series B, Rev., 4.00%, 6/1/2033
575,000
586,161
Series 2020B, Rev., 5.00%, 12/1/2033
280,000
312,839
Philadelphia Authority for Industrial
Development, Holy Family University Rev.,
5.00%, 9/1/2027 (e)
610,000
637,205
State Public School Building Authority,
Delaware County Community College Project
Rev., 5.00%, 10/1/2027
25,000
26,986
INVESTMENTS
PRINCIPAL
AMOUNT($)
VALUE($)
 
Pennsylvania — continued
Township of Hampton
 
 
GO, 5.00%, 1/1/2035 (e)
   150,000
    166,346
GO, 5.00%, 1/1/2037 (e)
   175,000
    191,789
GO, 4.00%, 1/1/2042 (e)
   970,000
    927,363
GO, 4.00%, 1/1/2047 (e)
   700,000
    638,622
Township of Palmer Series 2020C, GO, 4.00%,
11/15/2031
   175,000
    185,985
Township of Upper St. Clair Series 2016A, GO,
4.00%, 6/1/2025
    20,000
     20,799
Total Pennsylvania
 
8,124,168
Rhode Island — 0.0% ^
State of Rhode Island and Providence
Plantations Consolidated Capital
Development Loan Series 2018A, GO,
5.00%, 4/1/2029
    75,000
     84,378
South Carolina — 0.5%
Charleston County Airport District 5.00%,
7/1/2035
250,000
272,909
South Carolina Jobs-Economic Development
Authority, Episcopal Home at Still Hopes
Series 2018A, Rev., 5.00%, 4/1/2033
125,000
122,681
South Carolina Jobs-Economic Development
Authority, Wofford College Project Rev.,
5.00%, 4/1/2029
10,000
11,017
University of South Carolina, Athletic Facilities
Series 2022A, Rev., 5.00%, 5/1/2034
585,000
666,333
Total South Carolina
 
1,072,940
South Dakota — 0.1%
City of Rapid City, Sales Tax Rev., 5.00%,
12/1/2023
25,000
25,792
South Dakota Board of Regents Housing and
Auxiliary Facilities System Rev., 5.00%,
4/1/2027
35,000
38,123
South Dakota Conservancy District, State
Revolving Fund Program Rev., 5.00%,
8/1/2025
35,000
37,580
South Dakota Health and Educational Facilities
Authority, Sanford Obligated Group Rev.,
5.00%, 11/1/2023
145,000
149,301
Total South Dakota
 
250,796
Tennessee — 3.6%
City of Johnson City Series 2016A, GO, 5.00%,
6/1/2023
15,000
15,291
City of Lenoir City, Electric System Series 2022,
Rev., 5.00%, 6/1/2033
165,000
189,640
City of Murfreesboro GO, 4.00%, 4/1/2025
25,000
25,627
SEE NOTES TO FINANCIAL STATEMENTS.
 
August 31, 2022
J.P. Morgan Exchange-Traded Funds
153
JPMorgan Municipal ETF
SCHEDULE OF PORTFOLIO INVESTMENTS
AS OF August 31, 2022  (Unaudited) (continued)
INVESTMENTS
PRINCIPAL
AMOUNT($)
VALUE($)
Municipal Bonds — continued
Tennessee — continued
County of Coffee, Rural High School Series
2021A, GO, 5.00%, 6/1/2028
   125,000
    140,901
County of Maury GO, 5.00%, 4/1/2027
    40,000
     44,372
County of Montgomery, Public Improvement
GO, 5.00%, 4/1/2027
    25,000
     27,778
County of Robertson GO, 5.00%, 6/1/2025
    25,000
     26,714
County of Shelby, Public Improvement Series
2019A, GO, 5.00%, 4/1/2027
   105,000
    116,717
County of Sullivan GO, 5.00%, 5/1/2026
    30,000
     32,705
County of Washington Series 2016A, GO,
4.00%, 6/1/2027
    50,000
     52,733
County of Williamson GO, 5.00%, 4/1/2024
    20,000
     20,821
Knox County Health Educational and Housing
Facility Board, East Tennessee Children's
Hospital Rev., 5.00%, 11/15/2023
    50,000
     51,350
Metropolitan Government Nashville and
Davidson County Health and Educational
Facilities Board, Belmon University Rev.,
5.00%, 5/1/2026
   450,000
    480,300
Metropolitan Government Nashville and
Davidson County Health and Educational
Facilities Board, Trevecca Nazarene
University Project Series 2021B, Rev.,
4.00%, 10/1/2041
   355,000
    307,143
Metropolitan Government of Nashville and
Davidson County
 
 
Series 2015A, GO, 5.00%, 7/1/2025
10,000
10,709
GO, 5.00%, 7/1/2031
2,000,000
2,245,020
Series B, GO, 4.00%, 1/1/2032
1,500,000
1,624,951
Metropolitan Government of Nashville and
Davidson County, Electric System Series
2017A, Rev., 5.00%, 5/15/2024
10,000
10,427
Metropolitan Government of Nashville and
Davidson County, Water and Sewer Series A,
Rev., 4.00%, 7/1/2035
1,805,000
1,874,333
Shelby County Health Educational and Housing
Facilities Board, Methodist Le Bonheur
Healthcare
 
 
Series 2017A, Rev., 5.00%, 5/1/2024
155,000
160,934
Series 2017A, Rev., 5.00%, 5/1/2027
200,000
218,807
Shelby County Health Educational and Housing
Facilities Board, The Farms at Bailey Station
Project
 
 
Series 2019A, Rev., 5.00%, 10/1/2029
150,000
149,199
Series 2019A, Rev., 5.50%, 10/1/2034
150,000
148,818
INVESTMENTS
PRINCIPAL
AMOUNT($)
VALUE($)
 
Tennessee — continued
State of Tennessee Series A, GO, 5.00%,
9/1/2024 (d)
    25,000
     26,272
Tennessee Energy Acquisition Corp.,
Commodity Project Series 2021A, Rev.,
5.00%, 11/1/2031 (b)
   400,000
    418,125
Total Tennessee
 
8,419,687
Texas — 4.4%
Alamo Community College District, Limited Tax
5.00%, 2/15/2024
    75,000
     77,732
Board of Regents of the University of Texas
System, Financing System Series 2016D,
Rev., 5.00%, 8/15/2024
    50,000
     52,500
Brushy Creek Regional Utility Authority, Inc.,
Brushy Creek Regional Water Treatment and
Distribution Project 5.00%, 8/1/2026
    85,000
     92,131
City of Austin, Airport System
 
 
Series 2019B, 5.00%, 11/15/2029
   240,000
    263,367
5.00%, 11/15/2035
 1,000,000
  1,085,390
City of Corpus Christi, Certificates of Obligation
Series 2016A, 4.00%, 3/1/2026
   100,000
    104,772
City of Corpus Christi, Utility System Series B,
5.00%, 7/15/2032
325,000
371,276
City of Dallas, Waterworks & Sewer System
Series C, Rev., 5.00%, 10/1/2029
1,000,000
1,150,710
City of Houston, Airport System, Subordinate
Lien Series 2021A, Rev., AMT, 5.00%,
7/1/2033
250,000
272,511
City of Houston, Combined Utility System, First
Lien Series 2018D, Rev., 5.00%,
11/15/2030
45,000
50,769
City of Hutto, Waterworks and Sewer System
GO, 5.00%, 8/1/2026
80,000
87,177
City of League City, Combination Tax GO,
5.00%, 2/15/2027
20,000
21,657
City of Pflugerville, Limited Tax GO, 5.00%,
8/1/2026
25,000
27,311
City of San Angelo GO, 5.00%, 2/15/2027
20,000
21,926
City of San Marcos, Combination Tax,
Certificates of Obligation GO, 5.00%,
8/15/2031
170,000
186,734
City of Temple, Utility System Series 2021,
Rev., 5.00%, 8/1/2029
245,000
281,320
Clifton Higher Education Finance Corp., Idea
Public Schools Series 2022A, 5.00%,
8/15/2031
250,000
275,086
Clifton Higher Education Finance Corp., Yes
Prep Public Schools, Inc.
 
 
PSF-GTD, 5.00%, 4/1/2029
100,000
112,372
SEE NOTES TO FINANCIAL STATEMENTS.
 
154
J.P. Morgan Exchange-Traded Funds
August 31, 2022
INVESTMENTS
PRINCIPAL
AMOUNT($)
VALUE($)
Municipal Bonds — continued
Texas — continued
PSF-GTD, 5.00%, 4/1/2030
   185,000
    210,209
PSF-GTD, 4.00%, 4/1/2031
   175,000
    185,257
Clint Independent School District, Unlimited Tax
Series 2015A, PSF-GTD, 5.00%, 2/15/2024
    25,000
     25,925
County of Harris, Unlimited Tax Series 2017A,
GO, 5.00%, 10/1/2026
    25,000
     27,413
County of Hays, Limited Tax GO, 5.00%,
2/15/2026
    20,000
     21,629
County of Montgomery, Unlimited Tax GO,
5.00%, 3/1/2025
    25,000
     26,509
County of Williamson, Limited Tax GO, 5.00%,
2/15/2026
    40,000
     43,397
Cypress-Fairbanks Independent School District,
Unlimited Tax Series 2015A, GO, PSF-GTD,
5.00%, 2/15/2025
    20,000
     21,240
Fort Worth Independent School District,
Unlimited Tax Series A, GO, PSF-GTD, 5.00%,
2/15/2029
   285,000
    324,988
Harris County Cultural Education Facilities
Finance Corp., Baylor College of Medicine
Project Rev., 5.00%, 11/15/2023
    25,000
     25,687
Laredo Independent School District, Unlimited
Tax GO, PSF-GTD, 5.00%, 8/1/2024
    25,000
     26,241
Lower Colorado River Authority, LCRA
Transmission Services Corp. Project Rev.,
5.00%, 5/15/2035
155,000
167,621
Metropolitan Transit Authority of Harris County,
Sales and Use Tax
 
 
Series 2017A, Rev., 5.00%, 11/1/2023
150,000
154,501
Series 2017A, Rev., 5.00%, 11/1/2025
45,000
48,403
Metropolitan Transit Authority of Harris County,
Sales and Use Tax, Contractual Obligations
Series B, Rev., 5.00%, 11/1/2029
25,000
27,923
New Hope Cultural Education Facilities Finance
Corp, Outlook at Windhaven Forefront Living
Series 2022B-3, Rev., 4.25%, 10/1/2026
800,000
801,067
North East Independent School District,
Unlimited Tax GO, PSF-GTD, 5.00%,
8/1/2025
20,000
21,469
North Texas Municipal Water District,
Wastewater System Rev., 5.00%, 6/1/2027
20,000
22,146
Northside Independent School District,
Unlimited Tax GO, PSF-GTD, 5.00%,
8/15/2024
65,000
68,288
Old Spanish Trail-Alemda Corridors
Redevelopment Authority Rev., 5.00%,
9/1/2028
125,000
139,035
INVESTMENTS
PRINCIPAL
AMOUNT($)
VALUE($)
 
Texas — continued
Pearland Independent School District,
Unlimited Tax Series 2016A, GO, PSF-GTD,
5.00%, 2/15/2023
    25,000
     25,311
Permanent University Fund - University of
Texas System Series 2016A, Rev., 5.00%,
7/1/2024
    85,000
     88,918
Prosper Independent School District, Unlimited
Tax School Building GO, PSF-GTD, 5.00%,
2/15/2037
    25,000
     27,381
San Antonio Education Facilities Corp.,
Hallmark University Project Series 2021A,
Rev., 5.00%, 10/1/2041
   100,000
     92,354
San Antonio Water System, Junior Lien Series
2017A, Rev., 5.00%, 5/15/2025
    25,000
     26,674
Sherman Independent School District,
Unlimited Tax Series 2018A, GO, PSF-GTD,
5.00%, 2/15/2030
    25,000
     28,033
State of Texas, Transportation Commission
Mobility Fund Series 2015-A, GO, 5.00%,
10/1/2024
    50,000
     52,656
Stephen F Austin State University, Financing
System Series 2019A, Rev., 5.00%,
10/15/2026
    60,000
     65,059
Tarrant County College District Series 2022,
GO, 5.00%, 8/15/2034
 2,000,000
  2,323,976
Tarrant Regional, Water Control and
Improvement District, Water System Rev.,
5.00%, 3/1/2025
    25,000
     26,553
Texas A&M University, Financing System Series
E, Rev., 5.00%, 5/15/2030
   155,000
    170,586
Texas Tech University System Series 2017A,
Rev., 5.00%, 2/15/2024
35,000
36,285
Trinity River Authority, Water Project Rev.,
5.00%, 2/1/2026
60,000
64,713
Uptown Development Authority, Tax Increment
Contract Rev., 4.00%, 9/1/2032
400,000
390,770
Total Texas
 
10,342,958
Utah — 1.0%
City of Salt Lake, International Airport Series
2022A, Rev., 4.00%, 10/1/2030
155,000
168,287
City of South Jordan, Sales Tax Rev., 5.00%,
8/15/2029
45,000
51,914
County of Summit, Sales Tax Rev., 5.00%,
12/15/2023
70,000
72,376
Metropolitan Water District of Salt Lake &
Sandy Series A, Rev., 4.00%, 7/1/2030
365,000
398,633
Military Installation Development Authority, Tax
Allocation and Hotel Tax Series 2021A-1,
Rev., 4.00%, 6/1/2041
125,000
103,485
SEE NOTES TO FINANCIAL STATEMENTS.
 
August 31, 2022
J.P. Morgan Exchange-Traded Funds
155
JPMorgan Municipal ETF
SCHEDULE OF PORTFOLIO INVESTMENTS
AS OF August 31, 2022  (Unaudited) (continued)
INVESTMENTS
PRINCIPAL
AMOUNT($)
VALUE($)
Municipal Bonds — continued
Utah — continued
Snyderville Basin Special Recreation District
GO, 4.00%, 12/15/2025
   100,000
    104,993
University of Utah (The) Series B, Rev., 5.00%,
8/1/2023 (d)
    25,000
     25,591
Utah Charter School Finance Authority, Summit
Academy Incorporated Series A, Rev.,
5.00%, 4/15/2030
   110,000
    121,922
Utah Charter School Finance Authority, The
Freedom Academy Foundation, St. George
Campus Project Series 2021A, Rev., 5.00%,
6/15/2041 (c)
   150,000
    147,123
Utah Infrastructure Agency
 
 
Series 2022, Rev., 5.00%, 10/15/2027
   130,000
    134,910
Series 2022, Rev., 5.00%, 10/15/2032
   310,000
    318,538
Utah Transit Authority, Sales Tax Series A, Rev.,
BHAC - CR, 5.00%, 6/15/2035
   295,000
    339,720
Wasatch County Municipal Building Authority
Rev., 4.00%, 12/1/2027
   270,000
    287,355
Total Utah
 
2,274,847
Virgin Islands — 0.1%
Matching Fund Special Purpose Securitization
Corp. Series 2022A, Rev., 5.00%,
10/1/2025
150,000
155,828
Virginia — 0.6%
City of Richmond, Public Improvement Series B,
GO, 5.00%, 7/15/2027
175,000
195,919
Commonwealth of Virginia Series 2018A, GO,
5.00%, 6/1/2030
25,000
28,339
County of Fairfax, Public Improvement Series
2022A, GO, 4.00%, 10/1/2031
100,000
111,396
County of Spotsylvania, Public Improvement
GO, 5.00%, 7/15/2029
85,000
96,744
Virginia Public Building Authority Series
2021A-1, Rev., 5.00%, 8/1/2030
145,000
169,371
Virginia Public Building Authority, Public
Facilities Series 2022A, Rev., 5.00%,
8/1/2030
345,000
402,985
Virginia Resources Authority, Infrastructure
Pooled Financing Program Series 2013-C,
Rev., 5.00%, 11/1/2023
35,000
36,079
Virginia Small Business Financing Authority,
Senior Lien Rev., AMT, 4.00%, 7/1/2032
250,000
249,288
Total Virginia
 
1,290,121
Washington — 2.9%
Auburn School District No. 408 of King and
Pierce Counties, Unlimited Tax GO, 4.00%,
12/1/2036
1,000,000
1,026,753
INVESTMENTS
PRINCIPAL
AMOUNT($)
VALUE($)
 
Washington — continued
Central Puget Sound Regional Transit Authority,
Sales and Use Tax Series 2015S-1, 5.00%,
11/1/2024
    30,000
     31,668
City of Bonney Lake, Water & Sewer System
4.00%, 12/1/2030
    10,000
     10,456
City of Richland, Waterworks Utility Rev.,
4.00%, 11/1/2022
    10,000
     10,029
City of Seattle, Drainage and Wastewater
System Improvement Rev., 4.00%,
4/1/2026
    20,000
     21,090
City of Seattle, Water System Rev., 5.00%,
8/1/2024
    35,000
     36,737
City of Tacoma, Solid Waste Utility Rev., 5.00%,
12/1/2031
   700,000
    815,051
City of University Place, Limited Tax GO,
5.00%, 12/1/2026
    85,000
     92,765
Clark County School District No. 101 La Center,
Unlimited Tax 5.00%, 12/1/2029
    50,000
     56,242
County of King, Limited Tax
 
 
Series A, GO, 5.00%, 7/1/2025
    50,000
     52,992
Series B, GO, 5.00%, 12/1/2025
    20,000
     20,669
Series 2022A, GO, 5.00%, 7/1/2033
1,000,000
1,179,409
County of Snohomish, Limited Tax GO, 5.00%,
12/1/2025
10,000
10,678
Energy Northwest, Bonneville Power
Administrator Series 2016-A, Rev., 5.00%,
7/1/2028
25,000
27,255
Energy Northwest, Project 1 Series 2017A,
Rev., 5.00%, 7/1/2028
55,000
61,180
Franklin County School District No. 1 Pasco,
Unlimited Tax GO, 5.00%, 12/1/2030
35,000
38,826
King County Public Hospital District No. 2,
Evergreen Healthcare, Limited Tax GO,
5.00%, 12/1/2024 (d)
105,000
110,865
King County School District No. 403 Renton,
Unlimited Tax GO, 4.00%, 12/1/2023
160,000
163,218
King County School District No. 405 Bellevue,
Unlimited Tax GO, 5.00%, 12/1/2026
20,000
22,080
King County School District No. 411 Issaquah,
Unlimited Tax GO, 5.00%, 12/1/2024
35,000
37,026
Mason County School District No. 309 Shelton,
Unlimited Tax GO, 5.00%, 12/1/2029
45,000
49,891
Pend Oreille County, Public Utility District No. 1,
Box Canyon Production System Rev., 5.00%,
1/1/2027
65,000
69,047
Pierce County School District No. 10 Tacoma,
Unlimited Tax Series 2020B, GO, 4.00%,
12/1/2032
1,085,000
1,157,552
SEE NOTES TO FINANCIAL STATEMENTS.
 
156
J.P. Morgan Exchange-Traded Funds
August 31, 2022
INVESTMENTS
PRINCIPAL
AMOUNT($)
VALUE($)
Municipal Bonds — continued
Washington — continued
Pierce County School District No. 403 Bethel,
Unlimited Tax GO, 4.00%, 12/1/2023
    20,000
     20,402
Pierce County School District No. 416 White
River, Unlimited Tax GO, 5.00%, 12/1/2025
    50,000
     54,037
Port of Seattle, Intermediate Lien Series
2022B, Rev., AMT, 4.00%, 8/1/2047
   400,000
    369,496
Snohomish County School District No. 15
Edmonds, Unlimited Tax GO, 5.00%,
12/1/2025
    25,000
     27,019
Snohomish County School District No.
4 Lake Stevens, Unlimited Tax GO, 5.00%,
12/1/2024
    25,000
     26,419
Snohomish County School District No. 6
Mukilteo, Unlimited Tax GO, 5.00%,
12/1/2023
   105,000
    108,460
Spokane County School District No. 354 Mead,
Unlimited Tax GO, 5.00%, 12/1/2024
    20,000
     21,113
State of Washington Series 2021B, GO, 5.00%,
6/1/2033
 1,000,000
  1,139,999
State of Washington, State and Local Agency
Real and Personal Property Series 2015-C,
COP, 5.00%, 1/1/2029
    55,000
     59,020
Washington Health Care Facilities Authority,
Providence St. Joseph Health Series 2018B,
Rev., 5.00%, 10/1/2028
    30,000
     33,472
Total Washington
 
6,960,916
Wisconsin — 3.9%
City of Oshkosh, Sewer
 
 
Series E, Rev., 5.00%, 5/1/2027
550,000
606,270
Series E, Rev., 5.00%, 5/1/2029
605,000
684,415
City of Oshkosh, Water
 
 
Series D, Rev., 5.00%, 1/1/2027
265,000
289,980
Series D, Rev., 5.00%, 1/1/2028
180,000
199,645
Hamilton School District, School Building and
Improvement GO, 5.00%, 4/1/2025
60,000
63,922
Public Finance Authority, Acts Retirement Life
Communities, Inc., Obligated Group Series
2020A, Rev., 4.00%, 11/15/2037
300,000
287,427
Public Finance Authority, Entrance Fee
Principal Redemption, Searstone CCRC
Project Series 2021B2, Rev., 2.25%,
6/1/2027 (c)
250,000
227,189
Public Finance Authority, Lenoir-Rhyne
University
 
 
Series 2022, Rev., 5.00%, 4/1/2029
1,155,000
1,210,348
Series 2022, Rev., 5.00%, 4/1/2030
1,215,000
1,270,420
Series 2022, Rev., 5.00%, 4/1/2031
1,275,000
1,328,107
Series 2022, Rev., 5.00%, 4/1/2032
665,000
686,553
INVESTMENTS
PRINCIPAL
AMOUNT($)
VALUE($)
 
Wisconsin — continued
Public Finance Authority, Piedmont Community
Charter School Rev., 5.00%, 6/15/2039
   200,000
    203,254
Public Finance Authority, Roseman University
of Health Rev., 4.00%, 4/1/2032 (c)
   225,000
    214,964
Public Finance Authority, Scotland Healthcare
System Series 2021A, Rev., 5.00%,
10/1/2027
   500,000
    540,903
Public Finance Authority, Ultimate Medical
Academy Project Series 2019A, Rev.,
5.00%, 10/1/2029 (c)
   150,000
    153,950
State of Wisconsin
 
 
Series B, GO, 4.00%, 5/1/2023
    40,000
     40,450
Series 1, GO, 5.00%, 11/1/2024
    40,000
     42,206
Series 2, GO, 5.00%, 11/1/2026
    50,000
     54,454
State of Wisconsin, Clean Water Fund
Leveraged Loan Portfolio
 
 
Series 1, Rev., 5.00%, 6/1/2023 (d)
    25,000
     25,487
Rev., 5.00%, 6/1/2024 (d)
    65,000
     67,685
State of Wisconsin, Environmental
Improvement Fund
 
 
Series 2018A, Rev., 5.00%, 6/1/2025
35,000
37,419
Series 2018A, Rev., 5.00%, 6/1/2026
20,000
21,857
Village of Pleasant Prairie GO, 4.00%,
8/1/2024
10,000
10,246
Wisconsin Department of Transportation
 
 
Series 2, Rev., 5.00%, 7/1/2031
180,000
199,370
Series 2, Rev., 5.00%, 7/1/2032
50,000
55,210
Wisconsin Health and Educational Facilities
Authority, Oakwood Lutheran Senior
Ministries
 
 
Rev., 4.00%, 1/1/2026
175,000
174,722
Rev., 4.00%, 1/1/2027
175,000
173,619
Wisconsin Health and Educational Facilities
Authority, St. Camillus Health System Series
2019A, Rev., 5.00%, 11/1/2029
150,000
149,722
WPPI Energy Series 2016A, Rev., 5.00%,
7/1/2024
170,000
177,028
Total Wisconsin
 
9,196,822
Total Municipal Bonds
(Cost $209,082,599)
 
204,174,440
SEE NOTES TO FINANCIAL STATEMENTS.
 
August 31, 2022
J.P. Morgan Exchange-Traded Funds
157
JPMorgan Municipal ETF
SCHEDULE OF PORTFOLIO INVESTMENTS
AS OF August 31, 2022  (Unaudited) (continued)
 INVESTMENTS
SHARES
VALUE($)
Short-Term Investments — 14.5%
Investment Companies — 14.5%
JPMorgan Institutional Tax Free Money Market
Fund Class IM Shares, 1.36% (f) (g)
(Cost $34,481,860)
34,469,496
 34,479,837
Total Investments — 100.5%
(Cost $243,564,459)
 
238,654,277
Liabilities in Excess of Other Assets — (0.5)%
 
(1,217,182)
NET ASSETS — 100.0%
 
237,437,095
 
Percentages indicated are based on net assets.
 
Abbreviations
 
AGM
Insured by Assured Guaranty Municipal Corp.
AMT
Alternative Minimum Tax
BAN
Bond Anticipation Note
BHAC
Insured by Berkshire Hathaway Assurance Corp.
CCRC
Congregate Care Retirement Center
COP
Certificate of Participation
CR
Custodial Receipts
GO
General Obligation
GTD
Guaranteed
LIQ
Liquidity Agreement
PSF-GTD
Permanent School Fund Guaranteed
Q-SBLF
Qualified School Bond Loan Fund
Rev.
Revenue
VRDO
Variable Rate Demand Obligation
 
^
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, 2022.
 
(c)
Securities exempt from registration under Rule 144A
or section 4(a)(2), of the Securities Act of 1933, as
amended.
 
(d)
Security is prerefunded or escrowed to maturity.
 
(e)
All or a portion of the security is a when-issued
security, delayed delivery security, or forward
commitment.
 
(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,
2022.
 
Futures contracts outstanding as of August 31, 2022:
 
DESCRIPTION
NUMBER OF
CONTRACTS
EXPIRATION DATE
TRADING CURRENCY
NOTIONAL
AMOUNT ($)
VALUE AND
UNREALIZED
APPRECIATION
(DEPRECIATION) ($)
Short Contracts
 
 
 
 
 
U.S. Treasury 10 Year Ultra Note
(7)
12/20/2022
USD
(874,016)
7,501
 
Abbreviations
 
USD
United States Dollar
SEE NOTES TO FINANCIAL STATEMENTS.
 
158
J.P. Morgan Exchange-Traded Funds
August 31, 2022
JPMorgan Short Duration Core Plus ETF
SCHEDULE OF PORTFOLIO INVESTMENTS
AS OF August 31, 2022  (Unaudited)
 
INVESTMENTS
PRINCIPAL
AMOUNT($)
VALUE($)
Corporate Bonds — 39.7%
Aerospace & Defense — 0.5%
Boeing Co. (The)
 
 
4.88%, 5/1/2025
   570,000
    571,592
2.20%, 2/4/2026
   125,000
    114,385
Bombardier, Inc. (Canada) 6.00%,
2/15/2028  (a)
    55,000
     48,623
BWX Technologies, Inc.
 
 
4.13%, 6/30/2028 (a)
    45,000
     41,400
4.13%, 4/15/2029 (a)
    60,000
     53,550
Howmet Aerospace, Inc. 5.90%, 2/1/2027
    50,000
     50,260
Moog, Inc. 4.25%, 12/15/2027  (a)
    25,000
     22,884
Spirit AeroSystems, Inc. 7.50%,
4/15/2025  (a)
    70,000
     68,454
TransDigm, Inc. 6.25%, 3/15/2026  (a)
    60,000
     58,950
Triumph Group, Inc. 8.88%, 6/1/2024  (a)
50,000
50,625
 
 
1,080,723
Airlines — 0.1%
American Airlines, Inc.
 
 
5.50%, 4/20/2026 (a)
12,000
11,415
5.75%, 4/20/2029 (a)
54,750
49,425
United Airlines, Inc. 4.38%, 4/15/2026
 (a)
53,000
48,323
 
 
109,163
Auto Components — 0.3%
Adient Global Holdings Ltd. 4.88%,
8/15/2026  (a)
200,000
185,088
Allison Transmission, Inc. 5.88%,
6/1/2029  (a)
40,000
37,603
American Axle & Manufacturing, Inc.
 
 
6.50%, 4/1/2027
50,000
46,750
5.00%, 10/1/2029 (b)
30,000
25,263
Clarios Global LP
 
 
6.75%, 5/15/2025 (a)
60,000
59,690
6.25%, 5/15/2026 (a)
36,000
35,600
Dana, Inc.
 
 
5.38%, 11/15/2027
50,000
44,579
4.50%, 2/15/2032
25,000
19,959
Goodyear Tire & Rubber Co. (The) 5.25%,
4/30/2031  (b)
124,000
108,130
Icahn Enterprises LP 5.25%, 5/15/2027
90,000
81,877
 
 
644,539
Automobiles — 0.8%
BMW US Capital LLC (Germany) 3.90%,
4/9/2025  (a)
150,000
148,854
Ford Motor Co. 9.63%, 4/22/2030
70,000
81,867
INVESTMENTS
PRINCIPAL
AMOUNT($)
VALUE($)
 
Automobiles — continued
Hyundai Capital America
 
 
4.13%, 6/8/2023 (a)
   150,000
    150,195
2.65%, 2/10/2025 (a)
   250,000
    237,011
1.80%, 10/15/2025 (a)
   200,000
    181,462
Nissan Motor Acceptance Co. LLC 1.85%,
9/16/2026  (a)
   255,000
    216,194
Stellantis Finance US, Inc. 1.71%,
1/29/2027  (a)
   210,000
    181,656
Volkswagen Group of America Finance LLC
(Germany)
 
 
3.35%, 5/13/2025 (a)
   200,000
    193,738
4.35%, 6/8/2027 (a)
   385,000
    374,782
 
 
1,765,759
Banks — 13.3%
ABN AMRO Bank NV (Netherlands) 4.75%,
7/28/2025  (a)
400,000
394,502
AIB Group plc (Ireland) (ICE LIBOR USD 3
Month + 1.87%), 4.26%, 4/10/2025
 (a) (c)
645,000
628,086
Australia & New Zealand Banking Group
Ltd. (Australia)
 
 
4.40%, 5/19/2026 (a)
750,000
737,435
(US Treasury Yield Curve Rate T
Note Constant Maturity 5 Year +
1.29%), 2.95%, 7/22/2030 (a) (c)
200,000
186,106
Banco Continental SAECA (Paraguay)
2.75%, 12/10/2025  (a)
150,000
132,750
Banco Santander SA (Spain)
 
 
2.75%, 5/28/2025
600,000
564,213
5.15%, 8/18/2025
400,000
398,076
5.18%, 11/19/2025
200,000
198,080
(US Treasury Yield Curve Rate T
Note Constant Maturity 1 Year +
0.90%), 1.72%, 9/14/2027 (c)
200,000
172,167
(US Treasury Yield Curve Rate T
Note Constant Maturity 1 Year +
2.00%), 4.17%, 3/24/2028 (c)
200,000
187,677
Bank of America Corp.
 
 
(ICE LIBOR USD 3 Month + 0.94%),
3.86%, 7/23/2024 (c)
200,000
198,926
(ICE LIBOR USD 3 Month + 0.64%),
2.01%, 2/13/2026 (c)
585,000
548,555
(SOFR + 1.33%), 3.38%, 4/2/2026 (c)
380,000
366,688
(SOFR + 0.96%), 1.73%,
7/22/2027 (c)
230,000
204,091
(SOFR + 1.05%), 2.55%, 2/4/2028 (c)
345,000
312,777
SEE NOTES TO FINANCIAL STATEMENTS.
 
August 31, 2022
J.P. Morgan Exchange-Traded Funds
159
JPMorgan Short Duration Core Plus ETF
SCHEDULE OF PORTFOLIO INVESTMENTS
AS OF August 31, 2022  (Unaudited) (continued)
INVESTMENTS
PRINCIPAL
AMOUNT($)
VALUE($)
Corporate Bonds — continued
Banks — continued
(SOFR + 2.04%), 4.95%,
7/22/2028 (c)
   475,000
    474,566
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) (c)
   245,000
    210,674
Banque Federative du Credit Mutuel
SA (France) 4.75%, 7/13/2027  (a)
   530,000
    526,021
Barclays plc (United Kingdom)
 
 
(ICE LIBOR USD 3 Month + 1.61%),
3.93%, 5/7/2025 (c)
   600,000
    586,524
(US Treasury Yield Curve Rate T
Note Constant Maturity 1 Year +
1.05%), 2.28%, 11/24/2027 (c)
   320,000
    281,039
BNP Paribas SA (France) (ICE LIBOR USD 3
Month + 2.24%), 4.70%, 1/10/2025
 (a) (c)
 1,695,000
  1,690,759
Citigroup, Inc.
 
 
(SOFR + 0.67%), 0.98%, 5/1/2025 (c)
    85,000
     80,003
(SOFR + 0.69%), 2.01%,
1/25/2026 (c)
   455,000
    427,523
(SOFR + 2.84%), 3.11%, 4/8/2026 (c)
   200,000
    192,105
(SOFR + 0.77%), 1.12%,
1/28/2027 (c)
85,000
75,027
(SOFR + 1.89%), 4.66%,
5/24/2028 (c)
870,000
857,769
Citizens Bank NA
 
 
2.25%, 4/28/2025
250,000
236,877
(SOFR + 1.40%), 4.12%,
5/23/2025 (c)
560,000
555,068
Credit Agricole SA (France)
 
 
4.38%, 3/17/2025 (a)
1,100,000
1,078,458
(SOFR + 1.68%), 1.91%,
6/16/2026 (a) (c)
565,000
518,541
Danske Bank A/S (Denmark)
 
 
(US Treasury Yield Curve Rate T
Note Constant Maturity 1 Year +
1.03%), 1.17%, 12/8/2023 (a) (c)
200,000
197,889
(US Treasury Yield Curve Rate T
Note Constant Maturity 1 Year +
0.55%), 0.98%, 9/10/2025 (a) (c)
305,000
280,062
Federation des Caisses Desjardins du
Quebec (Canada) 2.05%, 2/10/2025
 (a)
200,000
187,701
First-Citizens Bank & Trust Co. 6.13%,
3/9/2028
35,000
36,098
INVESTMENTS
PRINCIPAL
AMOUNT($)
VALUE($)
 
Banks — continued
HSBC Holdings plc (United Kingdom)
 
 
(ICE LIBOR USD 3 Month + 0.99%),
3.95%, 5/18/2024 (c)
   200,000
    198,896
(SOFR + 0.53%), 0.73%,
8/17/2024 (c)
   270,000
    259,014
(ICE LIBOR USD 3 Month + 1.21%),
3.80%, 3/11/2025 (c)
   250,000
    245,220
(SOFR + 0.71%), 0.98%,
5/24/2025 (c)
   350,000
    326,251
(SOFR + 1.54%), 1.64%,
4/18/2026 (c)
   200,000
    182,116
(SOFR + 1.10%), 2.25%,
11/22/2027 (c)
   385,000
    339,415
(SOFR + 2.11%), 4.75%, 6/9/2028 (c)
   480,000
    462,908
(SOFR + 2.61%), 5.21%,
8/11/2028 (c)
   420,000
    409,942
ING Groep NV (Netherlands)
 
 
(SOFR + 1.01%), 1.73%, 4/1/2027 (c)
   200,000
    177,097
(SOFR + 1.83%), 4.02%,
3/28/2028 (c)
235,000
222,792
Lloyds Banking Group plc (United Kingdom)
 
 
(US Treasury Yield Curve Rate T
Note Constant Maturity 1 Year +
1.00%), 2.44%, 2/5/2026 (c)
200,000
187,931
4.65%, 3/24/2026
700,000
682,988
(US Treasury Yield Curve Rate T
Note Constant Maturity 1 Year +
1.75%), 4.72%, 8/11/2026 (c)
415,000
409,434
Mitsubishi UFJ Financial Group, Inc. (Japan)
 
 
(US Treasury Yield Curve Rate T
Note Constant Maturity 1 Year +
1.13%), 3.84%, 4/17/2026 (c)
570,000
556,887
(US Treasury Yield Curve Rate T
Note Constant Maturity 1 Year +
0.75%), 1.54%, 7/20/2027 (c)
200,000
176,194
(US Treasury Yield Curve Rate T
Note Constant Maturity 1 Year +
0.83%), 2.34%, 1/19/2028 (c)
400,000
358,935
Mizuho Financial Group Cayman 3
Ltd. (Japan) 4.60%, 3/27/2024  (a)
690,000
687,087
Mizuho Financial Group, Inc. (Japan)
 
 
(SOFR + 1.25%), 1.24%,
7/10/2024 (c)
200,000
194,256
(SOFR + 1.24%), 2.84%,
7/16/2025 (c)
200,000
192,530
(US Treasury Yield Curve Rate T
Note Constant Maturity 1 Year +
0.90%), 2.65%, 5/22/2026 (c)
470,000
441,077
SEE NOTES TO FINANCIAL STATEMENTS.
 
160
J.P. Morgan Exchange-Traded Funds
August 31, 2022
INVESTMENTS
PRINCIPAL
AMOUNT($)
VALUE($)
Corporate Bonds — continued
Banks — continued
NatWest Group plc (United Kingdom)
 
 
(ICE LIBOR USD 3 Month + 1.55%),
4.52%, 6/25/2024 (c)
   200,000
    198,885
4.80%, 4/5/2026
   500,000
    497,212
(US Treasury Yield Curve Rate T
Note Constant Maturity 1 Year +
0.90%), 1.64%, 6/14/2027 (c)
   210,000
    183,845
Santander UK Group Holdings plc (United
Kingdom)
 
 
(ICE LIBOR USD 3 Month + 1.08%),
3.37%, 1/5/2024 (c)
   200,000
    198,906
(SOFR + 0.79%), 1.09%,
3/15/2025 (c)
   645,000
    603,434
(US Treasury Yield Curve Rate T
Note Constant Maturity 1 Year +
1.25%), 1.53%, 8/21/2026 (c)
   955,000
    853,936
Societe Generale SA (France)
 
 
3.88%, 3/28/2024 (a)
   200,000
    197,031
4.25%, 4/14/2025 (a)
   770,000
    753,957
(US Treasury Yield Curve Rate T
Note Constant Maturity 1 Year +
1.05%), 2.23%, 1/21/2026 (a) (c)
365,000
337,595
(US Treasury Yield Curve Rate T
Note Constant Maturity 1 Year +
1.10%), 1.49%, 12/14/2026 (a) (c)
200,000
174,293
4.68%, 6/15/2027 (a)
285,000
282,257
Standard Chartered plc (United Kingdom)
 
 
5.20%, 1/26/2024 (a)
350,000
350,667
(ICE LIBOR USD 3 Month + 1.08%),
3.89%, 3/15/2024 (a) (c)
200,000
198,954
(US Treasury Yield Curve Rate T
Note Constant Maturity 1 Year +
0.78%), 0.99%, 1/12/2025 (a) (c)
250,000
236,275
(ICE LIBOR USD 3 Month + 1.21%),
2.82%, 1/30/2026 (a) (c)
200,000
188,039
(US Treasury Yield Curve Rate T
Note Constant Maturity 1 Year +
1.65%), 3.97%, 3/30/2026 (a) (c)
310,000
299,590
Sumitomo Mitsui Financial Group, Inc.
(Japan)
 
 
4.44%, 4/2/2024 (a)
400,000
397,846
2.35%, 1/15/2025
200,000
190,522
Sumitomo Mitsui Trust Bank Ltd. (Japan)
0.85%, 3/25/2024  (a)
200,000
189,367
UniCredit SpA (Italy) (US Treasury Yield
Curve Rate T Note Constant Maturity 1
Year + 1.20%), 1.98%, 6/3/2027  (a)
(c)
200,000
169,227
INVESTMENTS
PRINCIPAL
AMOUNT($)
VALUE($)
 
Banks — continued
Wells Fargo & Co.
 
 
(ICE LIBOR USD 3 Month + 0.75%),
2.16%, 2/11/2026 (c)
   150,000
    141,132
(SOFR + 1.56%), 4.54%,
8/15/2026 (c)
   535,000
    531,371
(SOFR + 1.51%), 3.53%,
3/24/2028 (c)
   285,000
    269,232
(SOFR + 1.98%), 4.81%,
7/25/2028 (c)
   445,000
    441,733
Westpac Banking Corp. (Australia) (US
Treasury Yield Curve Rate T
Note Constant Maturity 5 Year + 1.35%),
2.89%, 2/4/2030  (c)
   150,000
    140,856
 
 
28,459,965
Beverages — 0.1%
Central American Bottling
Corp. (Guatemala) 5.25%, 4/27/2029
 (a)
   140,000
    128,975
Keurig Dr Pepper, Inc. 0.75%, 3/15/2024
    85,000
     80,781
 
 
209,756
Biotechnology — 0.1%
Emergent BioSolutions, Inc. 3.88%,
8/15/2028  (a)
80,000
56,000
Grifols Escrow Issuer SA (Spain) 4.75%,
10/15/2028  (a)
200,000
166,710
 
 
222,710
Building Products — 0.2%
Builders FirstSource, Inc. 4.25%,
2/1/2032  (a)
35,000
27,938
Griffon Corp. 5.75%, 3/1/2028
75,000
69,375
PGT Innovations, Inc. 4.38%, 10/1/2029
 (a)
55,000
46,521
Standard Industries, Inc. 4.75%,
1/15/2028  (a)
200,000
174,828
Summit Materials LLC 5.25%, 1/15/2029
 (a)
35,000
31,482
 
 
350,144
Capital Markets — 4.3%
Coinbase Global, Inc.
 
 
3.38%, 10/1/2028 (a)
8,000
5,170
3.63%, 10/1/2031 (a)
8,000
4,871
Credit Suisse Group AG (Switzerland)
 
 
3.80%, 6/9/2023
380,000
378,128
(SOFR + 1.56%), 2.59%,
9/11/2025 (a) (c)
250,000
231,307
SEE NOTES TO FINANCIAL STATEMENTS.
 
August 31, 2022
J.P. Morgan Exchange-Traded Funds
161
JPMorgan Short Duration Core Plus ETF
SCHEDULE OF PORTFOLIO INVESTMENTS
AS OF August 31, 2022  (Unaudited) (continued)
INVESTMENTS
PRINCIPAL
AMOUNT($)
VALUE($)
Corporate Bonds — continued
Capital Markets — continued
(SOFR + 2.04%), 2.19%, 6/5/2026 (a)
(c)
   250,000
    223,365
(SOFR + 3.34%), 6.37%,
7/15/2026 (a) (c)
   405,000
    403,100
Deutsche Bank AG (Germany)
 
 
(SOFR + 2.16%), 2.22%,
9/18/2024 (c)
   150,000
    144,665
(SOFR + 1.22%), 2.31%,
11/16/2027 (c)
   320,000
    271,850
Goldman Sachs Group, Inc. (The)
 
 
Series VAR, (SOFR + 0.54%), 0.63%,
11/17/2023 (c)
   500,000
    495,928
(SOFR + 0.57%), 0.67%, 3/8/2024 (c)
   200,000
    196,068
(SOFR + 0.73%), 1.76%,
1/24/2025 (c)
   500,000
    480,481
(SOFR + 1.51%), 4.39%,
6/15/2027 (c)
   475,000
    466,181
(SOFR + 0.91%), 1.95%,
10/21/2027 (c)
   423,000
    375,703
(SOFR + 1.11%), 2.64%,
2/24/2028 (c)
390,000
353,667
(SOFR + 1.85%), 3.62%,
3/15/2028 (c)
220,000
208,197
Macquarie Bank Ltd. (Australia) 2.30%,
1/22/2025  (a)
150,000
142,938
Macquarie Group Ltd. (Australia)
 
 
(ICE LIBOR USD 3 Month + 1.02%),
3.19%, 11/28/2023 (a) (c)
500,000
498,537
(SOFR + 0.91%), 1.63%,
9/23/2027 (a) (c)
140,000
120,418
(SOFR + 2.13%), 4.10%,
6/21/2028 (a) (c)
380,000
361,529
Morgan Stanley
 
 
(SOFR + 0.62%), 0.73%, 4/5/2024 (c)
160,000
156,510
(ICE LIBOR USD 3 Month + 0.85%),
3.74%, 4/24/2024 (c)
200,000
199,121
(SOFR + 1.99%), 2.19%,
4/28/2026 (c)
150,000
140,896
(SOFR + 1.67%), 4.68%,
7/17/2026 (c)
520,000
520,560
(SOFR + 0.86%), 1.51%,
7/20/2027 (c)
335,000
296,643
(SOFR + 1.00%), 2.48%,
1/21/2028 (c)
400,000
363,341
(SOFR + 1.61%), 4.21%,
4/20/2028 (c)
220,000
214,371
MSCI, Inc. 4.00%, 11/15/2029  (a)
35,000
31,154
INVESTMENTS
PRINCIPAL
AMOUNT($)
VALUE($)
 
Capital Markets — continued
Nomura Holdings, Inc. (Japan)
 
 
5.10%, 7/3/2025
   530,000
    533,766
1.85%, 7/16/2025
   200,000
    183,998
1.65%, 7/14/2026
   200,000
    175,987
UBS Group AG (Switzerland)
 
 
(US Treasury Yield Curve Rate T
Note Constant Maturity 1 Year +
0.83%), 1.01%, 7/30/2024 (a) (c)
   400,000
    387,659
(US Treasury Yield Curve Rate T
Note Constant Maturity 1 Year +
2.05%), 4.70%, 8/5/2027 (a) (c)
   410,000
    402,434
(US Treasury Yield Curve Rate T
Note Constant Maturity 1 Year +
0.85%), 1.49%, 8/10/2027 (a) (c)
   270,000
    234,499
 
 
9,203,042
Chemicals — 0.9%
Albemarle Corp. 4.65%, 6/1/2027
   450,000
    446,734
Axalta Coating Systems LLC 4.75%,
6/15/2027  (a)
150,000
138,937
Braskem Netherlands Finance BV (Brazil)
4.50%, 1/31/2030  (d)
200,000
175,750
Celanese US Holdings LLC
 
 
5.90%, 7/5/2024
560,000
564,243
1.40%, 8/5/2026
75,000
62,943
Chemours Co. (The)
 
 
5.38%, 5/15/2027
30,000
27,671
5.75%, 11/15/2028 (a)
40,000
35,800
Element Solutions, Inc. 3.88%, 9/1/2028
 (a)
70,000
60,813
INEOS Quattro Finance 2 plc (United
Kingdom) 3.38%, 1/15/2026  (a)
200,000
173,000
NOVA Chemicals Corp. (Canada)
 
 
5.00%, 5/1/2025 (a)
35,000
32,917
4.25%, 5/15/2029 (a)
75,000
61,687
Olin Corp. 5.63%, 8/1/2029
30,000
28,583
Rain CII Carbon LLC 7.25%, 4/1/2025  (a)
75,000
70,134
Scotts Miracle-Gro Co. (The) 4.50%,
10/15/2029
85,000
68,099
 
 
1,947,311
Commercial Services & Supplies — 0.4%
ACCO Brands Corp. 4.25%, 3/15/2029  (a)
75,000
62,521
Allied Universal Holdco LLC 6.63%,
7/15/2026  (a)
35,000
32,770
Aramark Services, Inc. 5.00%, 2/1/2028
 (a)
65,000
59,821
Brink's Co. (The) 4.63%, 10/15/2027  (a)
35,000
31,500
SEE NOTES TO FINANCIAL STATEMENTS.
 
162
J.P. Morgan Exchange-Traded Funds
August 31, 2022
INVESTMENTS
PRINCIPAL
AMOUNT($)
VALUE($)
Corporate Bonds — continued
Commercial Services & Supplies — continued
Garda World Security Corp. (Canada)
4.63%, 2/15/2027  (a)
    60,000
     52,734
GFL Environmental, Inc. (Canada)
 
 
3.75%, 8/1/2025 (a)
    55,000
     51,961
4.00%, 8/1/2028 (a)
    45,000
     38,025
3.50%, 9/1/2028 (a)
    25,000
     21,715
Madison IAQ LLC 4.13%, 6/30/2028  (a)
   140,000
    120,050
Nielsen Finance LLC 5.63%, 10/1/2028
 (a)
    95,000
     95,217
Prime Security Services Borrower LLC
 
 
5.75%, 4/15/2026 (a)
   135,000
    129,893
3.38%, 8/31/2027 (a)
    45,000
     38,728
Stericycle, Inc. 3.88%, 1/15/2029  (a)
    60,000
     51,975
 
 
786,910
Communications Equipment — 0.1%
CommScope, Inc.
 
 
6.00%, 3/1/2026 (a)
65,000
61,431
4.75%, 9/1/2029 (a)
105,000
89,350
Plantronics, Inc. 4.75%, 3/1/2029  (a)
35,000
34,913
 
 
185,694
Construction & Engineering — 0.1%
Dycom Industries, Inc. 4.50%, 4/15/2029
 (a)
50,000
44,631
Global Infrastructure Solutions, Inc. 5.63%,
6/1/2029  (a)
60,000
47,980
MasTec, Inc. 4.50%, 8/15/2028  (a)
85,000
78,009
Weekley Homes LLC 4.88%, 9/15/2028
 (a)
65,000
53,882
 
 
224,502
Consumer Finance — 2.6%
AerCap Ireland Capital DAC (Ireland)
 
 
4.88%, 1/16/2024
450,000
447,840
2.88%, 8/14/2024
200,000
191,049
2.45%, 10/29/2026
490,000
432,059
American Express Co. 2.55%, 3/4/2027
335,000
311,087
Avolon Holdings Funding Ltd. (Ireland)
 
 
5.25%, 5/15/2024 (a)
450,000
441,187
5.50%, 1/15/2026 (a)
125,000
120,529
Capital One Financial Corp.
 
 
(SOFR + 0.69%), 1.34%,
12/6/2024 (c)
270,000
258,945
3.20%, 2/5/2025
150,000
146,136
(SOFR + 1.29%), 2.64%, 3/3/2026 (c)
360,000
341,176
INVESTMENTS
PRINCIPAL
AMOUNT($)
VALUE($)
 
Consumer Finance — continued
(SOFR + 0.86%), 1.88%,
11/2/2027 (c)
   330,000
    290,757
Ford Motor Credit Co. LLC
 
 
4.27%, 1/9/2027
   425,000
    388,197
5.11%, 5/3/2029
   200,000
    184,835
General Motors Financial Co., Inc.
 
 
4.00%, 1/15/2025
   150,000
    148,119
3.80%, 4/7/2025
   475,000
    463,132
4.30%, 7/13/2025
   370,000
    365,408
5.00%, 4/9/2027
   380,000
    374,868
Navient Corp. 7.25%, 9/25/2023
    21,000
     21,035
OneMain Finance Corp.
 
 
7.13%, 3/15/2026
75,000
69,862
6.63%, 1/15/2028
25,000
22,857
5.38%, 11/15/2029
25,000
20,705
Park Aerospace Holdings Ltd. (Ireland)
 
 
4.50%, 3/15/2023 (a)
350,000
347,973
5.50%, 2/15/2024 (a)
150,000
148,119
 
 
5,535,875
Containers & Packaging — 0.3%
Ardagh Packaging Finance plc 4.13%,
8/15/2026  (a)
200,000
172,534
Ball Corp. 4.88%, 3/15/2026
35,000
33,869
Graphic Packaging
International LLC 1.51%, 4/15/2026
 (a)
70,000
62,573
LABL, Inc. 6.75%, 7/15/2026  (a)
110,000
104,500
Mauser Packaging Solutions Holding
Co. 5.50%, 4/15/2024  (a)
110,000
106,488
Owens-Brockway Glass Container,
Inc. 6.63%, 5/13/2027  (a)
70,000
64,972
Pactiv Evergreen Group Issuer, Inc. 4.00%,
10/15/2027  (a)
55,000
48,007
Sealed Air Corp. 4.00%, 12/1/2027  (a)
30,000
27,300
 
 
620,243
Diversified Consumer Services — 0.0% ^
Service Corp. International 5.13%,
6/1/2029
45,000
42,633
Diversified Financial Services — 0.3%
Element Fleet Management Corp. (Canada)
 
 
1.60%, 4/6/2024 (a)
145,000
137,480
SEE NOTES TO FINANCIAL STATEMENTS.
 
August 31, 2022
J.P. Morgan Exchange-Traded Funds
163
JPMorgan Short Duration Core Plus ETF
SCHEDULE OF PORTFOLIO INVESTMENTS
AS OF August 31, 2022  (Unaudited) (continued)
INVESTMENTS
PRINCIPAL
AMOUNT($)
VALUE($)
Corporate Bonds — continued
Diversified Financial Services — continued
3.85%, 6/15/2025 (a)
   200,000
    192,843
Fondo MIVIVIENDA SA (Peru) 4.63%,
4/12/2027  (a)
   200,000
    191,000
 
 
521,323
Diversified Telecommunication Services — 0.8%
Altice France Holding SA (Luxembourg)
6.00%, 2/15/2028  (a)
   200,000
    135,619
Altice France SA (France) 5.13%,
7/15/2029  (a)
   200,000
    151,932
CCO Holdings LLC
 
 
5.00%, 2/1/2028 (a)
   245,000
    223,886
4.75%, 3/1/2030 (a)
   285,000
    244,968
4.75%, 2/1/2032 (a)
    15,000
     12,408
4.50%, 5/1/2032
   240,000
    194,755
Frontier Communications
Holdings LLC 5.88%, 10/15/2027  (a)
85,000
79,284
Level 3 Financing, Inc. 4.63%, 9/15/2027
 (a)
70,000
61,839
Lumen Technologies, Inc.
 
 
5.13%, 12/15/2026 (a)
85,000
73,447
4.00%, 2/15/2027 (a)
185,000
160,808
NBN Co. Ltd. (Australia) 1.45%, 5/5/2026
 (a)
200,000
179,181
Sprint Capital Corp. 8.75%, 3/15/2032
75,000
90,542
Telecom Italia Capital SA (Italy) 6.38%,
11/15/2033
35,000
29,575
Zayo Group Holdings, Inc. 4.00%,
3/1/2027  (a)
45,000
38,363
 
 
1,676,607
Electric Utilities — 1.8%
Enel Finance International NV (Italy)
 
 
1.38%, 7/12/2026 (a)
200,000
174,235
4.63%, 6/15/2027 (a)
445,000
433,622
Eskom Holdings SOC Ltd. (South Africa)
6.75%, 8/6/2023  (d)
200,000
193,912
Eversource Energy 4.60%, 7/1/2027
415,000
416,212
Exelon Corp. 2.75%, 3/15/2027  (a)
335,000
312,971
Fells Point Funding Trust 3.05%,
1/31/2027  (a)
535,000
493,334
ITC Holdings Corp. 3.65%, 6/15/2024
745,000
734,530
NextEra Energy Capital Holdings,
Inc. 0.65%, 3/1/2023
115,000
112,947
NRG Energy, Inc.
 
 
3.75%, 6/15/2024 (a)
200,000
194,187
6.63%, 1/15/2027
34,000
33,730
INVESTMENTS
PRINCIPAL
AMOUNT($)
VALUE($)
 
Electric Utilities — continued
3.38%, 2/15/2029 (a)
    50,000
     41,074
5.25%, 6/15/2029 (a)
    75,000
     67,035
PG&E Corp. 5.00%, 7/1/2028
    93,000
     82,581
Southern California Edison Co. 1.10%,
4/1/2024
   150,000
    142,725
Vistra Operations Co. LLC
 
 
3.55%, 7/15/2024 (a)
   350,000
    337,454
5.00%, 7/31/2027 (a)
    70,000
     65,148
4.38%, 5/1/2029 (a)
    29,000
     25,282
 
 
3,860,979
Electrical Equipment — 0.0% ^
EnerSys 4.38%, 12/15/2027  (a)
    25,000
     22,750
Electronic Equipment, Instruments & Components — 0.0% ^
CDW LLC 4.25%, 4/1/2028
35,000
32,399
Sensata Technologies, Inc. 4.38%,
2/15/2030  (a)
40,000
35,640
 
 
68,039
Energy Equipment & Services — 0.1%
Guara Norte SARL (Brazil) 5.20%,
6/15/2034  (a)
187,230
156,080
Oceaneering International, Inc. 4.65%,
11/15/2024
70,000
65,304
 
 
221,384
Entertainment — 0.4%
Cinemark USA, Inc.
 
 
5.88%, 3/15/2026 (a)
35,000
31,052
5.25%, 7/15/2028 (a)
30,000
24,302
Live Nation Entertainment, Inc. 4.75%,
10/15/2027  (a)
95,000
86,450
Magallanes, Inc. 3.76%, 3/15/2027  (a)
475,000
443,689
Netflix, Inc. 4.88%, 6/15/2030  (a)
195,000
186,250
WMG Acquisition Corp. 3.88%, 7/15/2030
 (a)
60,000
51,600
 
 
823,343
Equity Real Estate Investment Trusts (REITs) — 0.3%
American Tower Corp. 2.40%, 3/15/2025
150,000
142,132
Corporate Office Properties LP 2.00%,
1/15/2029
140,000
110,584
Iron Mountain, Inc. 4.88%, 9/15/2027
 (a)
110,000
100,964
Office Properties Income Trust 2.65%,
6/15/2026
93,000
74,876
RHP Hotel Properties LP 4.75%,
10/15/2027
75,000
68,200
SEE NOTES TO FINANCIAL STATEMENTS.
 
164
J.P. Morgan Exchange-Traded Funds
August 31, 2022
INVESTMENTS
PRINCIPAL
AMOUNT($)
VALUE($)
Corporate Bonds — continued
Equity Real Estate Investment Trusts (REITs) — continued
SBA Communications Corp. 3.13%,
2/1/2029
    95,000
     78,273
VICI Properties LP
 
 
5.63%, 5/1/2024 (a)
    50,000
     50,075
3.50%, 2/15/2025 (a)
    65,000
     61,221
 
 
686,325
Food & Staples Retailing — 0.2%
Albertsons Cos., Inc.
 
 
4.63%, 1/15/2027 (a)
   240,000
    219,005
3.50%, 3/15/2029 (a)
    65,000
     53,417
Performance Food Group, Inc. 5.50%,
10/15/2027  (a)
    50,000
     47,131
Rite Aid Corp. 8.00%, 11/15/2026  (a)
    95,000
     77,425
 
 
396,978
Food Products — 0.4%
Lamb Weston Holdings, Inc. 4.88%,
5/15/2028  (a)
65,000
61,934
Post Holdings, Inc.
 
 
5.63%, 1/15/2028 (a)
115,000
109,250
4.63%, 4/15/2030 (a)
35,000
30,396
Viterra Finance BV (Netherlands)
 
 
2.00%, 4/21/2026 (a)
200,000
174,860
4.90%, 4/21/2027 (a)
570,000
547,176
 
 
923,616
Gas Utilities — 0.1%
AmeriGas Partners LP 5.88%, 8/20/2026
55,000
52,351
CenterPoint Energy Resources
Corp. 0.70%, 3/2/2023
250,000
246,298
 
 
298,649
Health Care Equipment & Supplies — 0.3%
Avantor Funding, Inc. 4.63%, 7/15/2028
 (a)
60,000
54,593
Hologic, Inc. 3.25%, 2/15/2029  (a)
85,000
72,459
Medline Borrower LP
 
 
3.88%, 4/1/2029 (a)
65,000
55,087
5.25%, 10/1/2029 (a)
30,000
25,213
Teleflex, Inc. 4.25%, 6/1/2028  (a)
60,000
54,513
Zimmer Biomet Holdings, Inc. 1.45%,
11/22/2024
385,000
361,853
 
 
623,718
Health Care Providers & Services — 0.8%
Acadia Healthcare Co., Inc. 5.50%,
7/1/2028  (a)
65,000
61,576
INVESTMENTS
PRINCIPAL
AMOUNT($)
VALUE($)
 
Health Care Providers & Services — continued
AdaptHealth LLC 4.63%, 8/1/2029  (a)
    60,000
     49,963
Centene Corp. 4.63%, 12/15/2029
   220,000
    207,249
Community Health Systems, Inc.
 
 
5.63%, 3/15/2027 (a)
    25,000
     21,200
6.00%, 1/15/2029 (a)
    75,000
     61,557
4.75%, 2/15/2031 (a)
    85,000
     62,764
CVS Health Corp. 4.10%, 3/25/2025
   150,000
    150,309
DaVita, Inc. 4.63%, 6/1/2030  (a)
   115,000
     92,580
Encompass Health Corp. 4.75%, 2/1/2030
   135,000
    115,456
HCA, Inc.
 
 
5.38%, 9/1/2026
   175,000
    175,480
5.63%, 9/1/2028
255,000
256,297
Highmark, Inc. 1.45%, 5/10/2026  (a)
130,000
117,162
Tenet Healthcare Corp.
 
 
5.13%, 11/1/2027 (a)
155,000
143,608
4.25%, 6/1/2029 (a)
175,000
150,910
 
 
1,666,111
Hotels, Restaurants & Leisure — 0.7%
1011778 BC ULC (Canada) 3.88%,
1/15/2028  (a)
70,000
62,224
Boyne USA, Inc. 4.75%, 5/15/2029  (a)
40,000
35,577
Caesars Entertainment, Inc. 6.25%,
7/1/2025  (a)
105,000
102,523
Carnival Corp. 9.88%, 8/1/2027  (a)
100,000
100,375
Cedar Fair LP 5.50%, 5/1/2025  (a)
30,000
29,427
Gohl Capital Ltd. (Malaysia) 4.25%,
1/24/2027  (d)
200,000
180,600
Hilton Domestic Operating Co., Inc. 4.88%,
1/15/2030
80,000
73,104
Hilton Worldwide Finance LLC 4.88%,
4/1/2027
50,000
47,750
International Game Technology plc 6.25%,
1/15/2027  (a)
200,000
195,862
Marriott Ownership Resorts, Inc. 4.50%,
6/15/2029  (a)
55,000
46,370
MGM Resorts International 5.50%,
4/15/2027
110,000
101,355
Royal Caribbean Cruises Ltd. 9.13%,
6/15/2023  (a)
120,000
120,973
Six Flags Entertainment Corp.
 
 
4.88%, 7/31/2024 (a)
55,000
52,770
5.50%, 4/15/2027 (a)
30,000
27,510
Six Flags Theme Parks, Inc. 7.00%,
7/1/2025  (a)
24,000
24,256
Station Casinos LLC 4.50%, 2/15/2028
 (a)
55,000
47,379
SEE NOTES TO FINANCIAL STATEMENTS.
 
August 31, 2022
J.P. Morgan Exchange-Traded Funds
165
JPMorgan Short Duration Core Plus ETF
SCHEDULE OF PORTFOLIO INVESTMENTS
AS OF August 31, 2022  (Unaudited) (continued)
INVESTMENTS
PRINCIPAL
AMOUNT($)
VALUE($)
Corporate Bonds — continued
Hotels, Restaurants & Leisure — continued
Vail Resorts, Inc. 6.25%, 5/15/2025  (a)
    35,000
     35,033
Wynn Resorts Finance LLC 7.75%,
4/15/2025  (a)
    90,000
     89,700
Yum! Brands, Inc.
 
 
4.75%, 1/15/2030 (a)
    30,000
     27,337
4.63%, 1/31/2032
     8,000
      7,068
 
 
1,407,193
Household Durables — 0.2%
CD&R Smokey Buyer, Inc. 6.75%,
7/15/2025  (a)
    60,000
     55,800
Lennar Corp. 4.75%, 5/30/2025
   150,000
    151,077
PulteGroup, Inc. 5.50%, 3/1/2026
   150,000
    151,910
Tempur Sealy International, Inc. 4.00%,
4/15/2029  (a)
    60,000
     49,297
 
 
408,084
Household Products — 0.1%
Central Garden & Pet Co.
 
 
4.13%, 10/15/2030
35,000
29,134
4.13%, 4/30/2031 (a)
35,000
28,653
Energizer Holdings, Inc.
 
 
4.75%, 6/15/2028 (a)
45,000
37,437
4.38%, 3/31/2029 (a)
50,000
40,671
Spectrum Brands, Inc. 5.00%, 10/1/2029
 (a)
100,000
87,066
 
 
222,961
Independent Power and Renewable Electricity Producers — 0.1%
Calpine Corp. 4.50%, 2/15/2028  (a)
95,000
86,899
Termocandelaria Power Ltd. (Colombia)
7.88%, 1/30/2029  (d)
170,000
158,238
 
 
245,137
Insurance — 0.6%
Athene Global Funding
 
 
0.95%, 1/8/2024 (a)
259,000
246,441
0.91%, 8/19/2024 (a)
295,000
272,273
2.50%, 1/14/2025 (a)
308,000
289,326
Equitable Financial Life Global
Funding 0.80%, 8/12/2024  (a)
230,000
214,280
Jackson National Life Global
Funding 3.88%, 6/11/2025  (a)
150,000
146,885
 
 
1,169,205
Internet & Direct Marketing Retail — 0.1%
B2W Digital Lux SARL (Brazil) 4.38%,
12/20/2030  (d)
200,000
153,412
INVESTMENTS
PRINCIPAL
AMOUNT($)
VALUE($)
 
IT Services — 0.7%
Arches Buyer, Inc. 4.25%, 6/1/2028  (a)
    55,000
     44,275
Black Knight InfoServ LLC 3.63%,
9/1/2028  (a)
    65,000
     56,745
Block, Inc.
 
 
2.75%, 6/1/2026
    17,000
     15,107
3.50%, 6/1/2031
    42,000
     34,555
Booz Allen Hamilton, Inc. 3.88%,
9/1/2028  (a)
    35,000
     31,132
Fidelity National Information Services,
Inc. 4.70%, 7/15/2027
   530,000
    528,748
Gartner, Inc.
 
 
3.63%, 6/15/2029 (a)
    85,000
     73,100
3.75%, 10/1/2030 (a)
    30,000
     25,725
Global Payments, Inc.
 
 
1.20%, 3/1/2026
415,000
366,215
4.95%, 8/15/2027
335,000
331,816
Presidio Holdings, Inc. 4.88%, 2/1/2027
 (a)
50,000
46,780
 
 
1,554,198
Leisure Products — 0.1%
Mattel, Inc.
 
 
3.38%, 4/1/2026 (a)
64,000
58,149
3.75%, 4/1/2029 (a)
30,000
26,730
Vista Outdoor, Inc. 4.50%, 3/15/2029  (a)
65,000
48,387
 
 
133,266
Life Sciences Tools & Services — 0.0% ^
Charles River Laboratories International,
Inc. 3.75%, 3/15/2029  (a)
40,000
34,475
Media — 0.8%
Clear Channel Outdoor Holdings, Inc.
 
 
5.13%, 8/15/2027 (a)
65,000
58,216
7.75%, 4/15/2028 (a)
30,000
24,399
CSC Holdings LLC 6.50%, 2/1/2029  (a)
200,000
184,047
Directv Financing LLC 5.88%, 8/15/2027
 (a)
55,000
50,325
DISH DBS Corp.
 
 
5.88%, 11/15/2024
50,000
45,250
7.75%, 7/1/2026
310,000
244,410
5.25%, 12/1/2026 (a)
110,000
90,819
Gray Escrow II, Inc. 5.38%, 11/15/2031
 (a)
100,000
84,518
iHeartCommunications, Inc.
 
 
8.38%, 5/1/2027
25,000
22,020
5.25%, 8/15/2027 (a)
110,000
98,686
SEE NOTES TO FINANCIAL STATEMENTS.
 
166
J.P. Morgan Exchange-Traded Funds
August 31, 2022
INVESTMENTS
PRINCIPAL
AMOUNT($)
VALUE($)
Corporate Bonds — continued
Media — continued
Lamar Media Corp. 4.00%, 2/15/2030
    60,000
     52,237
News Corp. 3.88%, 5/15/2029  (a)
    74,000
     64,380
Nexstar Media, Inc. 5.63%, 7/15/2027
 (a)
   110,000
    104,739
Outfront Media Capital LLC
 
 
6.25%, 6/15/2025 (a)
    22,000
     21,813
5.00%, 8/15/2027 (a)
    55,000
     50,339
Scripps Escrow II, Inc. 3.88%, 1/15/2029
 (a)
    40,000
     33,914
Scripps Escrow, Inc. 5.88%, 7/15/2027
 (a)
    20,000
     18,100
Sinclair Television Group, Inc. 4.13%,
12/1/2030  (a)
    65,000
     52,909
Sirius XM Radio, Inc.
 
 
5.00%, 8/1/2027 (a)
    55,000
     51,776
5.50%, 7/1/2029 (a)
210,000
196,367
Stagwell Global LLC 5.63%, 8/15/2029
 (a)
75,000
63,604
TEGNA, Inc. 5.00%, 9/15/2029
90,000
86,149
Univision Communications, Inc. 4.50%,
5/1/2029  (a)
59,000
51,610
Videotron Ltd. (Canada) 5.13%,
4/15/2027  (a)
45,000
42,187
 
 
1,792,814
Metals & Mining — 0.4%
Alcoa Nederland Holding BV 6.13%,
5/15/2028  (a)
200,000
194,376
Arconic Corp. 6.13%, 2/15/2028  (a)
85,000
79,788
ATI, Inc. 5.88%, 12/1/2027
75,000
71,276
Carpenter Technology Corp. 6.38%,
7/15/2028
75,000
71,710
Cleveland-Cliffs, Inc.
 
 
6.75%, 3/15/2026 (a)
70,000
70,775
4.63%, 3/1/2029 (a)
20,000
17,754
CSN Inova Ventures (Brazil) 6.75%,
1/28/2028  (d)
200,000
188,870
FMG Resources August 2006 Pty.
Ltd. (Australia) 4.50%, 9/15/2027  (a)
70,000
63,948
Glencore Funding LLC (Australia) 1.63%,
9/1/2025  (a)
90,000
82,057
Kaiser Aluminum Corp. 4.63%, 3/1/2028
 (a)
30,000
25,840
Novelis Corp. 4.75%, 1/30/2030  (a)
85,000
73,950
 
 
940,344
Multiline Retail — 0.0% ^
Nordstrom, Inc. 2.30%, 4/8/2024
20,000
18,784
INVESTMENTS
PRINCIPAL
AMOUNT($)
VALUE($)
 
Multi-Utilities — 0.0% ^
Puget Energy, Inc. 2.38%, 6/15/2028
    50,000
     43,500
Oil, Gas & Consumable Fuels — 2.1%
Aker BP ASA (Norway) 2.00%, 7/15/2026
 (a)
   200,000
    178,407
Antero Midstream Partners LP
 
 
7.88%, 5/15/2026 (a)
    20,000
     20,350
5.38%, 6/15/2029 (a)
    30,000
     27,507
Antero Resources Corp.
 
 
7.63%, 2/1/2029 (a)
    29,000
     29,498
5.38%, 3/1/2030 (a)
    65,000
     61,182
APA Infrastructure Ltd. (Australia) 4.20%,
3/23/2025  (a)
   350,000
    343,356
Buckeye Partners LP 4.13%, 12/1/2027
    90,000
     79,561
Cheniere Energy Partners LP
 
 
4.50%, 10/1/2029
100,000
92,083
3.25%, 1/31/2032
53,000
42,427
Chesapeake Energy Corp. 6.75%,
4/15/2029  (a)
80,000
78,104
CNX Resources Corp.
 
 
7.25%, 3/14/2027 (a)
40,000
39,710
6.00%, 1/15/2029 (a)
60,000
56,412
Comstock Resources, Inc. 6.75%,
3/1/2029  (a)
75,000
71,586
Crestwood Midstream Partners LP
 
 
5.63%, 5/1/2027 (a)
55,000
51,288
8.00%, 4/1/2029 (a)
40,000
39,657
DT Midstream, Inc. 4.13%, 6/15/2029  (a)
95,000
83,408
Ecopetrol SA (Colombia) 5.38%,
6/26/2026
150,000
140,569
Energean Israel Finance Ltd. (Israel)
 
 
4.50%, 3/30/2024 (d)
12,000
11,543
4.88%, 3/30/2026 (d)
80,000
73,800
Energy Transfer LP 4.05%, 3/15/2025
105,000
103,068
EnLink Midstream Partners LP 4.15%,
6/1/2025
38,000
37,033
EQM Midstream Partners LP
 
 
4.00%, 8/1/2024
12,000
11,349
6.00%, 7/1/2025 (a)
15,000
14,466
6.50%, 7/1/2027 (a)
50,000
48,262
Genesis Energy LP 6.25%, 5/15/2026
70,000
63,213
Gray Oak Pipeline LLC 2.60%,
10/15/2025  (a)
475,000
437,055
Greenko Dutch BV (India) 3.85%,
3/29/2026  (a)
194,000
163,406
Gulfport Energy Corp. 8.00%, 5/17/2026
 (a)
55,000
55,366
SEE NOTES TO FINANCIAL STATEMENTS.
 
August 31, 2022
J.P. Morgan Exchange-Traded Funds
167
JPMorgan Short Duration Core Plus ETF
SCHEDULE OF PORTFOLIO INVESTMENTS
AS OF August 31, 2022  (Unaudited) (continued)
INVESTMENTS
PRINCIPAL
AMOUNT($)
VALUE($)
Corporate Bonds — continued
Oil, Gas & Consumable Fuels — continued
Hess Midstream Operations LP 5.63%,
2/15/2026  (a)
    70,000
     68,255
Hilcorp Energy I LP 5.75%, 2/1/2029  (a)
    75,000
     68,271
Holly Energy Partners LP 6.38%,
4/15/2027  (a)
    60,000
     58,390
Leviathan Bond Ltd. (Israel) 6.13%,
6/30/2025  (d)
    50,000
     49,072
MEG Energy Corp. (Canada) 7.13%,
2/1/2027  (a)
    50,000
     50,525
MPLX LP 4.88%, 12/1/2024
   150,000
    151,355
NGL Energy Operating LLC 7.50%,
2/1/2026  (a)
    30,000
     27,450
NuStar Logistics LP 5.63%, 4/28/2027
    60,000
     54,626
Occidental Petroleum Corp.
 
 
8.00%, 7/15/2025
   110,000
    119,487
6.13%, 1/1/2031
   180,000
    187,067
Oil and Gas Holding Co. BSCC
(The) (Bahrain) 7.63%, 11/7/2024  (d)
200,000
202,787
Petroleos Mexicanos (Mexico)
 
 
4.25%, 1/15/2025
100,000
94,300
4.50%, 1/23/2026
100,000
89,650
6.88%, 8/4/2026
30,000
28,004
6.49%, 1/23/2027
270,000
239,220
Range Resources Corp. 4.75%, 2/15/2030
 (a)
50,000
46,326
Sabine Pass Liquefaction LLC 5.88%,
6/30/2026
80,000
82,224
Southwestern Energy Co.
 
 
5.38%, 2/1/2029
45,000
42,537
5.38%, 3/15/2030
105,000
98,414
Sunoco LP 5.88%, 3/15/2028
45,000
41,842
Tallgrass Energy Partners LP
 
 
7.50%, 10/1/2025 (a)
25,000
25,031
6.00%, 12/31/2030 (a)
85,000
74,397
Targa Resources Partners LP 6.88%,
1/15/2029
60,000
61,315
Western Midstream Operating LP 4.75%,
8/15/2028
55,000
51,775
 
 
4,465,986
Personal Products — 0.1%
Edgewell Personal Care Co. 5.50%,
6/1/2028  (a)
120,000
110,821
Prestige Brands, Inc. 5.13%, 1/15/2028
 (a)
60,000
55,344
 
 
166,165
INVESTMENTS
PRINCIPAL
AMOUNT($)
VALUE($)
 
Pharmaceuticals — 0.3%
Bausch Health Americas, Inc.
 
 
9.25%, 4/1/2026 (a)
   310,000
    186,000
8.50%, 1/31/2027 (a)
   120,000
     57,600
Bausch Health Cos., Inc. 4.88%, 6/1/2028
 (a)
   285,000
    197,009
Organon & Co. 5.13%, 4/30/2031  (a)
   200,000
    175,000
Par Pharmaceutical, Inc. 7.50%, 4/1/2027
 (a)
    50,000
     42,498
 
 
658,107
Real Estate Management & Development — 0.1%
Kennedy-Wilson, Inc. 4.75%, 3/1/2029
    75,000
     62,578
Realogy Group LLC 5.75%, 1/15/2029  (a)
    55,000
     43,091
 
 
105,669
Road & Rail — 0.3%
Avis Budget Car Rental LLC
 
 
5.75%, 7/15/2027 (a)
45,000
42,638
4.75%, 4/1/2028 (a)
35,000
30,552
Hertz Corp. (The) 4.63%, 12/1/2026  (a)
75,000
64,238
Triton Container International Ltd.
(Bermuda)
 
 
1.15%, 6/7/2024 (a)
200,000
185,850
2.05%, 4/15/2026 (a)
359,000
315,992
Uber Technologies, Inc. 7.50%,
5/15/2025  (a)
60,000
60,388
 
 
699,658
Semiconductors & Semiconductor Equipment — 0.3%
Broadcom Corp. 3.88%, 1/15/2027
150,000
144,182
Entegris Escrow Corp. 5.95%, 6/15/2030
 (a)
35,000
33,209
Marvell Technology, Inc. 1.65%,
4/15/2026
125,000
112,442
Microchip Technology, Inc. 4.25%,
9/1/2025
380,000
375,953
ON Semiconductor Corp. 3.88%,
9/1/2028  (a)
75,000
66,885
 
 
732,671
Software — 0.1%
Clarivate Science Holdings Corp. 3.88%,
7/1/2028  (a)
70,000
59,920
NCR Corp.
 
 
5.13%, 4/15/2029 (a)
9,000
8,404
SEE NOTES TO FINANCIAL STATEMENTS.
 
168
J.P. Morgan Exchange-Traded Funds
August 31, 2022
INVESTMENTS
PRINCIPAL
AMOUNT($)
VALUE($)
Corporate Bonds — continued
Software — continued
6.13%, 9/1/2029 (a)
   115,000
    109,657
SS&C Technologies, Inc. 5.50%,
9/30/2027  (a)
    70,000
     66,329
 
 
244,310
Specialty Retail — 0.3%
Asbury Automotive Group, Inc. 4.50%,
3/1/2028
    65,000
     58,050
Bath & Body Works, Inc.
 
 
5.25%, 2/1/2028
    45,000
     40,326
7.50%, 6/15/2029
    20,000
     19,236
6.75%, 7/1/2036
    25,000
     21,573
Gap, Inc. (The) 3.63%, 10/1/2029  (a)
    95,000
     66,166
Group 1 Automotive, Inc. 4.00%,
8/15/2028  (a)
    55,000
     46,991
Lithia Motors, Inc.
 
 
4.63%, 12/15/2027 (a)
35,000
32,408
4.38%, 1/15/2031 (a)
35,000
30,800
Penske Automotive Group, Inc.
 
 
3.50%, 9/1/2025
30,000
28,166
3.75%, 6/15/2029
25,000
21,147
PetSmart, Inc. 4.75%, 2/15/2028  (a)
250,000
222,771
SRS Distribution, Inc. 4.63%, 7/1/2028
 (a)
55,000
48,684
Staples, Inc. 7.50%, 4/15/2026  (a)
60,000
50,704
 
 
687,022
Technology Hardware, Storage & Peripherals — 0.0% ^
Seagate HDD Cayman 4.88%, 6/1/2027
50,000
47,167
Textiles, Apparel & Luxury Goods — 0.0% ^
William Carter Co. (The) 5.63%,
3/15/2027  (a)
35,000
33,797
Thrifts & Mortgage Finance — 1.3%
BPCE SA (France)
 
 
5.70%, 10/22/2023 (a)
400,000
402,407
5.15%, 7/21/2024 (a)
285,000
283,455
2.38%, 1/14/2025 (a)
500,000
470,715
4.50%, 3/15/2025 (a)
200,000
194,010
4.75%, 7/19/2027 (a)
535,000
529,596
Ladder Capital Finance
Holdings LLLP 5.25%, 10/1/2025  (a)
85,000
82,685
Nationstar Mortgage Holdings, Inc. 6.00%,
1/15/2027  (a)
80,000
71,153
INVESTMENTS
PRINCIPAL
AMOUNT($)
VALUE($)
 
Thrifts & Mortgage Finance — continued
Nationwide Building Society (United
Kingdom)
 
 
(ICE LIBOR USD 3 Month + 1.06%),
3.77%, 3/8/2024 (a) (c)
   200,000
    199,036
(ICE LIBOR USD 3 Month + 1.39%),
4.36%, 8/1/2024 (a) (c)
   200,000
    198,499
4.00%, 9/14/2026 (a)
   350,000
    330,793
Rocket Mortgage LLC
 
 
2.88%, 10/15/2026 (a)
    19,000
     15,960
3.63%, 3/1/2029 (a)
    50,000
     40,250
4.00%, 10/15/2033 (a)
     5,000
      3,726
 
 
2,822,285
Tobacco — 0.4%
BAT Capital Corp. (United Kingdom)
3.22%, 9/6/2026
   150,000
    140,127
BAT International Finance plc (United
Kingdom) 4.45%, 3/16/2028
475,000
449,962
Imperial Brands Finance plc (United
Kingdom) 3.13%, 7/26/2024  (a)
200,000
192,438
 
 
782,527
Trading Companies & Distributors — 0.7%
Air Lease Corp.
 
 
4.25%, 2/1/2024
150,000
149,608
2.30%, 2/1/2025
480,000
449,525
Aviation Capital Group LLC
 
 
4.38%, 1/30/2024 (a)
200,000
194,761
5.50%, 12/15/2024 (a)
150,000
146,851
1.95%, 1/30/2026 (a)
250,000
215,693
Herc Holdings, Inc. 5.50%, 7/15/2027  (a)
60,000
56,654
Imola Merger Corp. 4.75%, 5/15/2029
 (a)
82,000
69,615
United Rentals North America, Inc. 4.88%,
1/15/2028
155,000
144,865
WESCO Distribution, Inc. 7.25%,
6/15/2028  (a)
70,000
70,578
 
 
1,498,150
Wireless Telecommunication Services — 0.3%
Hughes Satellite Systems Corp. 6.63%,
8/1/2026
75,000
70,969
Kenbourne Invest SA (Chile) 4.70%,
1/22/2028  (d)
200,000
160,662
Sprint Corp. 7.63%, 3/1/2026
115,000
121,627
SEE NOTES TO FINANCIAL STATEMENTS.
 
August 31, 2022
J.P. Morgan Exchange-Traded Funds
169
JPMorgan Short Duration Core Plus ETF
SCHEDULE OF PORTFOLIO INVESTMENTS
AS OF August 31, 2022  (Unaudited) (continued)
INVESTMENTS
PRINCIPAL
AMOUNT($)
VALUE($)
Corporate Bonds — continued
Wireless Telecommunication Services — continued
T-Mobile USA, Inc.
 
 
3.50%, 4/15/2025
   150,000
    146,473
4.75%, 2/1/2028
    75,000
     73,358
 
 
573,089
Total Corporate Bonds
(Cost $92,110,948)
 
84,818,767
Asset-Backed Securities — 18.4%
ACC Auto Trust Series 2021-A, Class A,
1.08%, 4/15/2027 (a)
   147,094
    144,709
Accelerated LLC Series 2021-1H, Class B,
1.90%, 10/20/2040 ‡ (a)
   233,215
    212,219
ACM Auto Trust Series 2022-1A, Class B,
4.47%, 4/20/2029 (a)
   438,000
    435,131
AIMCO CLO Ltd. (Cayman Islands) Series
2019-10A, Class AR, 3.82%,
7/22/2032 (a) (e)
   350,000
    342,620
Aligned Data Centers Issuer LLC Series
2021-1A, Class A2, 1.94%,
8/15/2046 (a)
   263,000
    231,571
American Credit Acceptance Receivables
Trust
 
 
Series 2019-4, Class D, 2.97%,
12/12/2025 (a)
426,362
422,508
Series 2020-1, Class E, 3.32%,
3/13/2026 (a)
450,000
441,060
Series 2022-1, Class C, 2.12%,
3/13/2028 (a)
1,000,000
941,608
Series 2022-3, Class D, 5.83%,
10/13/2028 (a)
284,000
281,663
AMSR Trust
 
 
Series 2021-SFR3, Class E1, 2.33%,
10/17/2038 ‡ (a)
300,000
260,568
Series 2021-SFR4, Class E1, 2.97%,
12/17/2038 ‡ (a)
400,000
346,162
Aqua Finance Trust Series 2021-A, Class B,
2.40%, 7/17/2046 ‡ (a)
313,000
267,844
Ares CLO Ltd. (Cayman Islands) Series
2016-40A, Class A1RR, 3.38%,
1/15/2029 (a) (e)
676,443
666,104
Atlas Senior Loan Fund (Cayman Islands)
Series 2019-13A, Class A1NR, 3.84%,
4/22/2031 (a) (e)
200,000
196,956
Bain Capital Credit CLO Ltd. (Cayman
Islands) Series 2017-1A, Class A1R,
3.68%, 7/20/2030 (a) (e)
337,000
332,381
Ballyrock CLO Ltd. (Cayman Islands) Series
2019-1A, Class A1R, 3.54%,
7/15/2032 (a) (e)
250,000
244,334
INVESTMENTS
PRINCIPAL
AMOUNT($)
VALUE($)
 
BSPRT Issuer Ltd. (Cayman Islands) Series
2021-FL7, Class B, 4.44%,
12/15/2038 ‡ (a) (e)
   475,000
    453,476
Business Jet Securities LLC
 
 
Series 2020-1A, Class A, 2.98%,
11/15/2035 (a)
   505,954
    473,184
Series 2021-1A, Class A, 2.16%,
4/15/2036 (a)
   290,307
    261,148
CarNow Auto Receivables Trust
 
 
Series 2020-1A, Class C, 3.84%,
9/16/2024 (a)
   368,945
    367,746
Series 2021-1A, Class C, 2.16%,
2/17/2026 (a)
   196,000
    190,624
Series 2021-2A, Class C, 1.69%,
3/15/2027 (a)
   500,000
    477,430
Series 2022-1A, Class D, 5.79%,
9/15/2027 (a)
   397,000
    395,152
CIFC Funding Ltd. (Cayman Islands)
 
 
Series 2012-2RA, Class A1, 3.51%,
1/20/2028 (a) (e)
   154,055
    152,115
Series 2019-1A, Class AR, 3.81%,
4/20/2032 (a) (e)
   250,000
    245,612
Consumer Loan Underlying Bond Certificate
Issuer Trust I Series 2019-HP1, Class B,
3.48%, 12/15/2026 ‡ (a)
42,604
42,590
Continental Finance Credit Card ABS Master
Trust Series 2021-A, Class A, 2.55%,
12/17/2029 (a)
400,000
374,186
CPS Auto Receivables Trust
 
 
Series 2019-B, Class E, 5.00%,
3/17/2025 (a)
500,000
500,497
Series 2019-A, Class E, 5.81%,
3/16/2026 (a)
500,000
502,233
Series 2021-C, Class C, 1.21%,
6/15/2027 (a)
244,000
234,332
Series 2021-D, Class D, 2.31%,
12/15/2027 (a)
200,000
186,255
Series 2022-C, Class D, 6.45%,
4/15/2030 (a)
240,000
239,807
Credit Acceptance Auto Loan Trust
 
 
Series 2021-3A, Class C, 1.63%,
9/16/2030 (a)
250,000
228,853
Series 2022-1A, Class C, 5.70%,
10/15/2032 (a)
467,000
463,260
Crossroads Asset Trust Series 2021-A,
Class C, 1.44%, 1/20/2026 ‡ (a)
125,000
119,356
Dext ABS LLC Series 2021-1, Class A,
1.12%, 2/15/2028 (a)
218,635
210,181
SEE NOTES TO FINANCIAL STATEMENTS.
 
170
J.P. Morgan Exchange-Traded Funds
August 31, 2022
INVESTMENTS
PRINCIPAL
AMOUNT($)
VALUE($)
Asset-Backed Securities — continued
Dryden Senior Loan Fund (Cayman Islands)
Series 2017-49A, Class AR, 3.69%,
7/18/2030 (a) (e)
   500,000
    493,509
DT Auto Owner Trust
 
 
Series 2020-1A, Class D, 2.55%,
11/17/2025 (a)
   190,000
    185,771
Series 2018-3A, Class E, 5.33%,
11/17/2025 (a)
 1,000,000
    998,718
Series 2021-1A, Class D, 1.16%,
11/16/2026 (a)
   250,000
    233,062
Series 2021-3A, Class D, 1.31%,
5/17/2027 (a)
   250,000
    226,834
Exeter Automobile Receivables Trust
 
 
Series 2019-3A, Class D, 3.11%,
8/15/2025 (a)
   176,087
    174,623
Series 2020-1A, Class E, 3.74%,
1/15/2027 (a)
   635,000
    618,828
Series 2021-2A, Class D, 1.40%,
4/15/2027
   210,000
    195,599
Series 2021-4A, Class D, 1.96%,
1/17/2028
   480,000
    443,613
Series 2022-2A, Class D, 4.56%,
7/17/2028
   800,000
    762,213
FCI Funding LLC Series 2021-1A, Class A,
1.13%, 4/15/2033 (a)
78,083
76,187
FHF Trust
 
 
Series 2021-2A, Class A, 0.83%,
12/15/2026 (a)
281,868
268,931
Series 2021-1A, Class A, 1.27%,
3/15/2027 (a)
93,503
89,719
FirstKey Homes Trust
 
 
Series 2021-SFR3, Class E1, 2.99%,
12/17/2038 ‡ (a)
500,000
442,956
Series 2022-SFR2, Class D, 4.50%,
7/17/2039 ‡ (a)
615,000
575,128
Flagship Credit Auto Trust
 
 
Series 2019-1, Class D, 4.08%,
2/18/2025 (a)
550,000
544,956
Series 2020-1, Class C, 2.24%,
1/15/2026 (a)
500,000
489,972
Series 2021-1, Class D, 1.27%,
3/15/2027 (a)
225,000
209,361
Series 2021-3, Class C, 1.46%,
9/15/2027 (a)
143,000
131,939
Series 2022-1, Class D, 3.64%,
3/15/2028 (a)
536,000
500,118
Foundation Finance Trust Series 2021-1A,
Class A, 1.27%, 5/15/2041 (a)
114,355
104,287
INVESTMENTS
PRINCIPAL
AMOUNT($)
VALUE($)
 
FREED ABS Trust
 
 
Series 2021-1CP, Class B, 1.41%,
3/20/2028 ‡ (a)
   128,275
    126,844
Series 2022-3FP, Class A, 4.50%,
8/20/2029 (a)
   747,294
    744,603
FRTKL Series 2021-SFR1, Class D, 2.17%,
9/17/2038 ‡ (a)
   238,000
    207,151
Galaxy CLO Ltd. (Cayman Islands)
 
 
Series 2015-19A, Class A1RR, 3.73%,
7/24/2030 (a) (e)
   250,000
    246,853
Series 2015-21A, Class AR, 3.73%,
4/20/2031 (a) (e)
   250,000
    245,375
GLS Auto Receivables Issuer Trust
 
 
Series 2019-4A, Class C, 3.06%,
8/15/2025 (a)
   175,000
    172,991
Series 2019-1A, Class D, 4.94%,
12/15/2025 (a)
   550,000
    549,231
Series 2021-3A, Class D, 1.48%,
7/15/2027 (a)
   200,000
    179,685
Goldman Home Improvement Trust Issuer
Trust Series 2021-GRN2, Class A,
1.15%, 6/25/2051 (a)
   137,547
    128,705
Home Partners of America Trust Series
2021-3, Class E1, 3.20%, 1/17/2041 ‡
(a)
472,594
414,082
LCM LP (Cayman Islands) Series 14A,
Class AR, 3.75%, 7/20/2031 (a) (e)
400,000
393,324
LCM Ltd. (Cayman Islands) Series 26A,
Class A1, 3.78%, 1/20/2031 (a) (e)
250,000
246,849
Lendbuzz Securitization Trust Series
2021-1A, Class A, 1.46%,
6/15/2026 (a)
155,608
150,791
Lendingpoint Asset Securitization Trust
 
 
Series 2021-A, Class B, 1.46%,
12/15/2028 ‡ (a)
203,000
197,110
Series 2022-A, Class C, 2.82%,
6/15/2029 ‡ (a)
300,000
278,818
LendingPoint Asset Securitization Trust
Series 2020-REV1, Class B, 4.49%,
10/15/2028 ‡ (a)
300,000
294,053
LendingPoint Pass-Through Trust Series
2022-ST1, Class A, 2.50%,
3/15/2028 (a)
171,994
163,927
Lendmark Funding Trust Series 2019-2A,
Class A, 2.78%, 4/20/2028 (a)
225,000
219,547
LL ABS Trust Series 2021-1A, Class A,
1.07%, 5/15/2029 (a)
140,668
135,297
LMREC LLC Series 2021-CRE4, Class A,
3.48%, 4/22/2037 (a) (e)
154,813
150,945
SEE NOTES TO FINANCIAL STATEMENTS.
 
August 31, 2022
J.P. Morgan Exchange-Traded Funds
171
JPMorgan Short Duration Core Plus ETF
SCHEDULE OF PORTFOLIO INVESTMENTS
AS OF August 31, 2022  (Unaudited) (continued)
INVESTMENTS
PRINCIPAL
AMOUNT($)
VALUE($)
Asset-Backed Securities — continued
Longfellow Place CLO Ltd. (Cayman Islands)
Series 2013-1A, Class AR3, 3.51%,
4/15/2029 (a) (e)
    86,062
     85,365
Mariner Finance Issuance Trust Series
2021-AA, Class A, 1.86%,
3/20/2036 (a)
   192,000
    165,751
Mercury Financial Credit Card Master Trust
Series 2021-1A, Class A, 1.54%,
3/20/2026 (a)
   284,000
    269,026
Mission Lane Credit Card Master Trust
Series 2021-A, Class A, 1.59%,
9/15/2026 (a)
   355,000
    342,709
MVW LLC
 
 
Series 2021-1WA, Class A, 1.14%,
1/22/2041 (a)
   153,115
    141,110
Series 2021-1WA, Class B, 1.44%,
1/22/2041 ‡ (a)
    65,715
     60,939
Neuberger Berman CLO (Cayman Islands)
Series 2013-15A, Class A1R2, 3.43%,
10/15/2029 (a) (e)
   608,000
    599,160
Neuberger Berman Loan Advisers CLO Ltd.
(Cayman Islands) Series 2020-37A,
Class AR, 3.68%, 7/20/2031 (a) (e)
   354,000
    347,577
New Residential Mortgage Loan Trust Series
2022-SFR1, Class E1, 3.55%,
2/17/2039 ‡ (a)
   520,000
    466,743
NMEF Funding LLC Series 2021-A, Class B,
1.85%, 12/15/2027 ‡ (a)
   178,000
    167,940
NRZ Excess Spread-Collateralized Notes
Series 2021-FNT1, Class A, 2.98%,
3/25/2026 (a)
   124,164
    112,277
Oportun Funding XIV LLC Series 2021-A,
Class A, 1.21%, 3/8/2028 (a)
172,000
160,382
Pagaya AI Debt Selection Trust
 
 
Series 2021-1, Class A, 1.18%,
11/15/2027 (a)
67,274
65,784
Series 2021-HG1, Class A, 1.22%,
1/16/2029 (a)
226,590
214,543
Series 2021-3, Class A, 1.15%,
5/15/2029 (a)
128,312
124,583
Palmer Square Loan Funding Ltd. (Cayman
Islands)
 
 
Series 2020-1A, Class A1, 3.78%,
2/20/2028 (a) (e)
78,211
77,473
Series 2021-2A, Class A1, 3.78%,
5/20/2029 (a) (e)
143,486
141,595
PRET LLC
 
 
Series 2021-NPL3, Class A1, 1.87%,
7/25/2051 (a) (f)
213,333
191,639
INVESTMENTS
PRINCIPAL
AMOUNT($)
VALUE($)
 
Series 2021-NPL6, Class A1, 2.49%,
7/25/2051 (a) (f)
   290,852
    273,699
Series 2021-RN4, Class A1, 2.49%,
10/25/2051 (a) (e)
   445,285
    418,113
Pretium Mortgage Credit Partners I LLC
 
 
Series 2021-NPL2, Class A1, 1.99%,
6/27/2060 (a) (f)
   211,678
    198,364
Series 2021-NPL1, Class A1, 2.24%,
9/27/2060 (a) (f)
   161,165
    153,590
Progress Residential Series 2021-SFR3,
Class E1, 2.54%, 5/17/2026 ‡ (a)
   200,000
    174,640
Progress Residential Trust
 
 
Series 2021-SFR8, Class E1, 2.38%,
10/17/2038 ‡ (a)
   350,000
    301,459
Series 2022-SFR3, Class D, 4.45%,
4/17/2039 ‡ (a)
   562,000
    525,139
Santander Drive Auto Receivables Trust
 
 
Series 2021-1, Class D, 1.13%,
11/16/2026
   190,000
    182,169
Series 2021-3, Class D, 1.33%,
9/15/2027
   300,000
    283,902
Skopos Auto Receivables Trust
 
 
Series 2019-1A, Class C, 3.63%,
9/16/2024 (a)
50,823
50,669
Series 2019-1A, Class D, 5.24%,
4/15/2025 (a)
320,000
314,064
SoFi Consumer Loan Program Trust Series
2018-4, Class D, 4.76%, 11/26/2027 ‡
(a)
142,274
142,168
Sound Point CLO Ltd. (Cayman Islands)
Series 2019-1A, Class AR, 3.79%,
1/20/2032 (a) (e)
400,000
392,833
Stratus CLO Ltd. (Cayman Islands) Series
2021-1A, Class A, 3.51%,
12/29/2029 (a) (e)
462,551
454,382
Symphony CLO Ltd. (Cayman Islands) Series
2016-18A, Class A1RR, 3.88%,
7/23/2033 (a) (e)
250,000
245,380
Tricon Residential Trust Series 2021-SFR1,
Class E1, 2.79%, 7/17/2038 ‡ (a)
240,000
210,558
Upstart Pass-Through Trust
 
 
Series 2021-ST4, Class A, 2.00%,
7/20/2027 (a)
126,183
118,584
Series 2021-ST5, Class A, 2.00%,
7/20/2027 (a)
147,675
139,133
Series 2021-ST8, Class A, 1.75%,
10/20/2029 (a)
212,440
199,586
Series 2021-ST9, Class A, 1.70%,
11/20/2029 (a)
178,211
164,042
SEE NOTES TO FINANCIAL STATEMENTS.
 
172
J.P. Morgan Exchange-Traded Funds
August 31, 2022
INVESTMENTS
PRINCIPAL
AMOUNT($)
VALUE($)
Asset-Backed Securities — continued
Series 2021-ST10, Class A, 2.25%,
1/20/2030 (a)
   341,943
    326,976
Series 2022-ST1, Class A, 2.60%,
3/20/2030 (a)
   488,198
    461,615
Upstart Securitization Trust
 
 
Series 2020-1, Class B, 3.09%,
4/22/2030 ‡ (a)
    70,799
     70,512
Series 2021-2, Class B, 1.75%,
6/20/2031 ‡ (a)
   275,000
    257,541
Series 2021-3, Class A, 0.83%,
7/20/2031 (a)
   107,766
    104,547
Series 2021-4, Class B, 1.84%,
9/20/2031 ‡ (a)
   231,000
    204,782
Series 2021-5, Class B, 2.49%,
11/20/2031 ‡ (a)
   225,000
    202,935
Series 2022-4, Class A, 5.98%,
8/20/2032 (a)
   584,000
    581,878
US Auto Funding
 
 
Series 2021-1A, Class A, 0.79%,
7/15/2024 (a)
    25,339
     25,194
Series 2021-1A, Class B, 1.49%,
3/17/2025 (a)
   142,000
    137,986
US Auto Funding Trust Series 2022-1A,
Class B, 5.13%, 12/15/2025 (a)
574,000
554,936
VCAT LLC
 
 
Series 2021-NPL2, Class A1, 2.12%,
3/27/2051 (a) (f)
152,392
144,776
Series 2021-NPL3, Class A1, 1.74%,
5/25/2051 (a) (f)
162,596
151,860
Series 2021-NPL4, Class A1, 1.87%,
8/25/2051 ‡ (a) (f)
237,568
222,164
Venture CLO Ltd. (Cayman Islands) Series
2018-32A, Class A2A, 3.81%,
7/18/2031 (a) (e)
150,000
147,639
Veros Auto Receivables Trust
 
 
Series 2022-1, Class A, 3.47%,
12/15/2025 (a)
375,477
367,891
Series 2021-1, Class A, 0.92%,
10/15/2026 (a)
61,276
60,200
VOLT CIII LLC Series 2021-CF1, Class A1,
1.99%, 8/25/2051 ‡ (a) (f)
291,195
274,686
VOLT XCIX LLC Series 2021-NPL8, Class A1,
2.12%, 4/25/2051 ‡ (a) (f)
147,684
140,110
VOLT XCVI LLC Series 2021-NPL5, Class A1,
2.12%, 3/27/2051 ‡ (a) (f)
121,033
113,551
VOLT XCVII LLC Series 2021-NPL6,
Class A1, 2.24%, 4/25/2051 (a) (f)
150,621
142,773
INVESTMENTS
PRINCIPAL
AMOUNT($)
VALUE($)
 
Westlake Automobile Receivables Trust
 
 
Series 2019-3A, Class E, 3.59%,
3/17/2025 (a)
   100,000
     98,757
Series 2020-1A, Class D, 2.80%,
6/16/2025 (a)
   175,000
    172,258
Series 2021-1A, Class C, 0.95%,
3/16/2026 (a)
   260,000
    250,237
Series 2021-1A, Class D, 1.23%,
4/15/2026 (a)
   250,000
    235,705
Series 2021-3A, Class D, 2.12%,
1/15/2027 (a)
   450,000
    417,437
Total Asset-Backed Securities
(Cost $41,203,833)
 
39,443,996
U.S. Treasury Obligations — 16.5%
U.S. Treasury Notes
 
 
2.50%, 5/31/2024
 2,025,000
  1,991,540
1.75%, 3/15/2025
 4,010,000
  3,842,394
2.63%, 4/15/2025
   650,000
    635,883
2.75%, 5/15/2025
5,370,000
5,266,586
2.88%, 6/15/2025
13,810,000
13,581,272
3.00%, 7/15/2025
7,147,800
7,052,310
3.13%, 8/15/2025
195,000
193,035
0.50%, 2/28/2026
15,000
13,534
0.75%, 5/31/2026
80,000
72,416
0.75%, 8/31/2026
80,000
72,006
0.88%, 9/30/2026
420,000
379,427
1.25%, 12/31/2026
150,000
137,068
1.50%, 1/31/2027
150,000
138,410
2.63%, 5/31/2027
65,000
62,954
2.75%, 7/31/2027
95,000
92,454
1.25%, 9/30/2028
840,000
742,973
2.38%, 3/31/2029
1,140,000
1,074,940
Total U.S. Treasury Obligations
(Cost $35,942,780)
 
35,349,202
Mortgage-Backed Securities — 9.7%
FHLMC Gold Pools, 30 Year Pool #
G08878, 4.50%, 5/1/2049
282,708
284,802
FHLMC UMBS, 10 Year Pool # RD5034,
2.00%, 9/1/2030
523,307
493,351
FHLMC UMBS, 15 Year
 
 
Pool # ZS6689, 2.50%, 4/1/2028
208,986
202,477
Pool # SB0661, 2.50%, 4/1/2037
521,116
493,317
FHLMC, 30 Year
 
 
Pool # SD8231, 4.50%, 7/1/2052
890,538
885,886
Pool # SD8233, 5.00%, 7/1/2052
246,247
249,000
SEE NOTES TO FINANCIAL STATEMENTS.
 
August 31, 2022
J.P. Morgan Exchange-Traded Funds
173

JPMorgan Short Duration Core Plus ETF
SCHEDULE OF PORTFOLIO INVESTMENTS
AS OF August 31, 2022  (Unaudited) (continued)
INVESTMENTS
PRINCIPAL
AMOUNT($)
VALUE($)
Mortgage-Backed Securities — continued
FNMA UMBS, 15 Year
 
 
Pool # FS1563, 2.50%, 7/1/2036
   569,416
    539,053
Pool # FS1329, 2.00%, 2/1/2037
 1,033,501
    953,563
FNMA UMBS, 20 Year Pool # CA8310,
2.50%, 12/1/2040
   271,165
    247,763
FNMA UMBS, 30 Year
 
 
Pool # FM2972, 4.00%, 12/1/2044
   970,846
    968,709
Pool # FS2237, 4.00%, 10/1/2046
 2,238,403
  2,240,365
Pool # BM1285, 4.50%, 5/1/2047
   157,058
    160,009
Pool # FS1847, 4.00%, 1/1/2049
   283,843
    281,653
Pool # FS1891, 4.00%, 1/1/2050
   957,586
    947,848
Pool # FS0085, 4.00%, 11/1/2050
 1,032,468
  1,026,244
FNMA/FHLMC UMBS, Single Family, 15 Year
TBA, 4.00%, 9/25/2037 (g)
 5,150,000
  5,132,026
FNMA/FHLMC UMBS, Single Family, 30 Year
TBA, 5.50%, 9/25/2052 (g)
1,750,000
1,789,375
Freddie Mac Pool, 15 Year Pool # SB0725,
4.00%, 8/1/2037
1,050,000
1,050,380
Freddie Mac Pool, 30 Year Pool # ZT1703,
4.00%, 1/1/2049
942,149
934,838
GNMA II, 30 Year Pool # MA8201, 4.50%,
8/20/2052
470,000
470,703
GNMA II, Single Family, 30 Year
 
 
TBA, 4.50%, 9/15/2052 (g)
280,000
280,044
TBA, 5.50%, 9/15/2052 (g)
1,000,000
1,025,312
Total Mortgage-Backed Securities
(Cost $21,034,080)
 
20,656,718
Commercial Mortgage-Backed Securities — 7.2%
AREIT Trust (Cayman Islands)
 
 
Series 2022-CRE6, Class C, 4.16%,
1/16/2037 ‡ (a) (e)
450,000
426,909
Series 2021-CRE5, Class C, 4.63%,
11/17/2038 ‡ (a) (e)
336,000
318,353
Beast Mortgage Trust Series 2021-1818,
Class B, 3.84%, 3/15/2036 ‡ (a) (e)
179,000
171,538
BX Commercial Mortgage Trust
 
 
Series 2021-VOLT, Class A, 3.09%,
9/15/2036 (a) (e)
410,000
396,065
Series 2021-VOLT, Class D, 4.04%,
9/15/2036 ‡ (a) (e)
275,000
262,767
Series 2021-XL2, Class E, 4.24%,
10/15/2038 ‡ (a) (e)
359,165
341,374
BX Mortgage Trust Series 2022-MVRK,
Class A, 3.76%, 3/15/2039 (a) (e)
500,000
490,422
BX Trust
 
 
Series 2021-LBA, Class AJV, 3.19%,
2/15/2036 (a) (e)
377,000
361,806
INVESTMENTS
PRINCIPAL
AMOUNT($)
VALUE($)
 
Series 2021-RISE, Class D, 4.14%,
11/15/2036 ‡ (a) (e)
   360,000
    340,992
Series 2022-LBA6, Class D, 4.31%,
1/15/2039 ‡ (a) (e)
   525,000
    499,152
Citigroup Commercial Mortgage Trust
 
 
Series 2021-PRM2, Class F, 6.14%,
10/15/2036 ‡ (a) (e)
   275,000
    261,843
Series 2013-GC11, Class AS, 3.42%,
4/10/2046
   500,000
    495,398
Series 2014-GC19, Class D, 5.26%,
3/10/2047 ‡ (a) (e)
   250,000
    243,984
Series 2014-GC23, Class C, 4.58%,
7/10/2047 ‡ (e)
   200,000
    192,225
Series 2015-GC27, Class B, 3.77%,
2/10/2048 ‡
   200,000
    189,974
Series 2015-GC27, Class C, 4.57%,
2/10/2048 ‡ (e)
   440,000
    418,791
Series 2015-GC29, Class C, 4.28%,
4/10/2048 (e)
   400,000
    378,046
Series 2015-GC31, Class C, 4.17%,
6/10/2048 ‡ (e)
   250,000
    227,765
Commercial Mortgage Trust
 
 
Series 2019-WCM, Class G, 5.09%,
10/15/2034 ‡ (a) (e)
385,000
364,082
Series 2013-CR10, Class AM, 4.52%,
8/10/2046 (a) (e)
200,000
198,333
Series 2014-UBS5, Class C, 4.77%,
9/10/2047 ‡ (e)
500,000
461,058
Series 2014-CR20, Class C, 4.64%,
11/10/2047 ‡ (e)
100,000
94,984
Series 2015-CR26, Class B, 4.62%,
10/10/2048 ‡ (e)
200,000
192,669
Series 2015-PC1, Class B, 4.43%,
7/10/2050 ‡ (e)
200,000
189,744
CSAIL Commercial Mortgage Trust Series
2015-C4, Class E, 3.71%,
11/15/2048 ‡ (e)
325,000
277,744
FHLMC, Multi-Family Structured
Pass-Through Certificates
 
 
Series K068, Class X1, IO, 0.56%,
8/25/2027 (e)
3,614,124
65,814
Series K028, Class X3, IO, 1.72%,
6/25/2041 (e)
4,629,000
44,886
Series K111, Class X3, IO, 3.29%,
4/25/2048 (e)
405,000
77,493
Series K110, Class X3, IO, 3.52%,
6/25/2048 (e)
380,000
76,524
Series K119, Class X3, IO, 2.82%,
9/25/2048 (e)
460,000
77,678
SEE NOTES TO FINANCIAL STATEMENTS.
 
174
J.P. Morgan Exchange-Traded Funds
August 31, 2022
INVESTMENTS
PRINCIPAL
AMOUNT($)
VALUE($)
Commercial Mortgage-Backed Securities — continued
Series K115, Class X3, IO, 3.06%,
9/25/2048 (e)
   430,000
     76,883
Series K125, Class X3, IO, 2.75%,
2/25/2049 (e)
   460,000
     77,874
FREMF Mortgage Trust
 
 
Series 2018-K732, Class C, 4.19%,
5/25/2025 (a) (e)
   200,000
    192,572
Series 2013-K31, Class C, 3.75%,
7/25/2046 (a) (e)
   275,000
    271,929
Series 2014-K41, Class C, 3.96%,
11/25/2047 (a) (e)
   100,000
     97,275
Series 2016-K57, Class C, 4.05%,
8/25/2049 (a) (e)
   185,000
    175,292
Series 2016-K58, Class C, 3.87%,
9/25/2049 (a) (e)
   110,000
    102,647
Series 2017-K62, Class C, 4.01%,
1/25/2050 (a) (e)
   200,000
    186,487
GS Mortgage Securities Trust
 
 
Series 2016-GS2, Class B, 3.76%,
5/10/2049 ‡ (e)
   100,000
     92,970
Series 2016-GS3, Class C, 4.12%,
10/10/2049 ‡ (e)
   165,000
    149,770
Series 2017-GS5, Class D, 3.51%,
3/10/2050 ‡ (a) (e)
250,000
200,202
Independence Plaza Trust
 
 
Series 2018-INDP, Class A, 3.76%,
7/10/2035 (a)
175,000
168,064
Series 2018-INDP, Class C, 4.16%,
7/10/2035 ‡ (a)
150,000
142,357
JPMBB Commercial Mortgage Securities
Trust
 
 
Series 2015-C31, Class C, 4.77%,
8/15/2048 ‡ (e)
150,000
140,461
Series 2016-C1, Class D1, 4.39%,
3/17/2049 ‡ (a) (e)
400,000
355,043
JPMCC Commercial Mortgage Securities
Trust Series 2017-JP5, Class D, 4.69%,
3/15/2050 ‡ (a) (e)
275,000
226,515
JPMorgan Chase Commercial Mortgage
Securities Trust Series 2013-C16,
Class D, 5.17%, 12/15/2046 ‡ (a) (e)
200,000
190,951
KKR Industrial Portfolio Trust Series
2021-KDIP, Class D, 3.64%,
12/15/2037 ‡ (a) (e)
131,250
125,344
Life Mortgage Trust Series 2021-BMR,
Class C, 3.49%, 3/15/2038 ‡ (a) (e)
191,679
184,491
MHC Commercial Mortgage Trust Series
2021-MHC, Class D, 3.99%,
4/15/2038 ‡ (a) (e)
250,000
238,125
INVESTMENTS
PRINCIPAL
AMOUNT($)
VALUE($)
 
Morgan Stanley Bank of America Merrill
Lynch Trust
 
 
Series 2014-C14, Class D, 5.21%,
2/15/2047 ‡ (a) (e)
   175,023
    168,970
Series 2015-C24, Class D, 3.26%,
5/15/2048 ‡ (a)
   220,000
    188,467
Series 2015-C25, Class B, 4.68%,
10/15/2048 ‡ (e)
   500,000
    484,150
PFP Ltd. (Cayman Islands) Series 2021-7,
Class C, 4.04%, 4/14/2038 ‡ (a) (e)
   166,492
    156,370
SG Commercial Mortgage Securities Trust
Series 2016-C5, Class B, 3.93%,
10/10/2048 ‡
   225,000
    205,361
SMRT Series 2022-MINI, Class E, 5.01%,
1/15/2039 ‡ (a) (e)
   350,000
    324,626
STWD Mortgage Trust (Cayman Islands)
Series 2021-LIH, Class B, 4.05%,
11/15/2036 ‡ (a) (e)
   400,000
    383,359
Velocity Commercial Capital Loan Trust
Series 2021-2, Class A, 1.52%,
8/25/2051 (a) (e)
   314,806
    277,161
Wells Fargo Commercial Mortgage Trust
 
 
Series 2015-NXS4, Class B, 4.22%,
12/15/2048 ‡ (e)
   500,000
    476,814
Series 2015-LC22, Class D, 4.71%,
9/15/2058 ‡ (e)
   205,000
    183,211
WFRBS Commercial Mortgage Trust
 
 
Series 2013-C11, Class C, 4.31%,
3/15/2045 ‡ (e)
117,000
115,770
Series 2014-C25, Class B, 4.24%,
11/15/2047 ‡ (e)
160,000
154,268
Series 2014-C22, Class C, 3.91%,
9/15/2057 (e)
725,000
684,965
Total Commercial Mortgage-Backed
Securities
(Cost $16,398,893)
 
15,337,157
Collateralized Mortgage Obligations — 4.2%
Connecticut Avenue Securities Trust
 
 
Series 2022-R01, Class 1M2, 4.08%,
12/25/2041 ‡ (a) (e)
521,000
486,027
Series 2022-R02, Class 2M2, 5.18%,
1/25/2042 ‡ (a) (e)
225,000
215,989
Series 2022-R07, Class 1M1, 5.16%,
6/25/2042 (a) (e)
440,121
446,751
FHLMC STACR REMIC Trust
 
 
Series 2020-DNA1, Class M2, 4.14%,
1/25/2050 (a) (e)
83,002
82,379
Series 2020-HQA3, Class B1, 8.19%,
7/25/2050 (a) (e)
200,000
205,887
SEE NOTES TO FINANCIAL STATEMENTS.
 
August 31, 2022
J.P. Morgan Exchange-Traded Funds
175
JPMorgan Short Duration Core Plus ETF
SCHEDULE OF PORTFOLIO INVESTMENTS
AS OF August 31, 2022  (Unaudited) (continued)
INVESTMENTS
PRINCIPAL
AMOUNT($)
VALUE($)
Collateralized Mortgage Obligations — continued
FHLMC Structured Agency Credit Risk Debt
Notes Series 2021-DNA2, Class M2,
4.48%, 8/25/2033 (a) (e)
   100,000
     98,502
FHLMC, REMIC
 
 
Series 2673, Class PE, 5.50%,
9/15/2033
   108,311
    113,028
Series 3878, Class PL, 4.50%,
11/15/2040
   463,712
    474,937
Series 4718, Class DA, 3.00%,
2/15/2047
   290,210
    279,120
Series 5021, Class MI, IO, 3.00%,
10/25/2050
   488,403
     79,417
FNMA, Connecticut Avenue Securities
Series 2017-C07, Class 2M2, 4.94%,
5/25/2030 (e)
   104,884
    106,646
FNMA, REMIC
 
 
Series 2012-136, Class DL, 3.50%,
12/25/2042
   263,378
    255,819
Series 2022-42, Class EA, 3.75%,
6/25/2052
 2,709,978
  2,666,178
GNMA Series 2021-9, Class MI, IO, 2.50%,
1/20/2051
   254,519
     32,802
Legacy Mortgage Asset Trust Series
2021-GS3, Class A1, 1.75%,
7/25/2061 (a) (f)
   123,987
    113,928
LHOME Mortgage Trust Series 2021-RTL1,
Class A1, 2.09%, 9/25/2026 (a) (e)
188,000
181,310
NYMT Loan Trust Series 2021-SP1,
Class A1, 1.67%, 8/25/2061 (a) (f)
286,131
260,873
PRPM LLC
 
 
Series 2020-4, Class A1, 2.95%,
10/25/2025 ‡ (a) (f)
715,505
690,389
Series 2021-2, Class A1, 2.12%,
3/25/2026 (a) (e)
125,893
119,542
Series 2021-5, Class A1, 1.79%,
6/25/2026 (a) (f)
840,974
784,736
Series 2021-6, Class A1, 1.79%,
7/25/2026 (a) (f)
280,861
261,017
Series 2021-7, Class A1, 1.87%,
8/25/2026 (a) (f)
247,048
228,857
Series 2021-11, Class A1, 2.49%,
11/25/2026 (a) (f)
251,467
234,859
Verus Securitization Trust Series 2021-2,
Class M1, 2.19%, 2/25/2066 ‡ (a) (e)
144,000
113,286
VOLT CV LLC Series 2021-CF2, Class A1,
2.49%, 11/27/2051 (a) (f)
423,215
399,312
Total Collateralized Mortgage Obligations
(Cost $9,264,632)
 
8,931,591
INVESTMENTS
PRINCIPAL
AMOUNT($)
VALUE($)
Foreign Government Securities — 0.7%
Dominican Republic Government Bond,
6.00%, 7/19/2028 (d)
   300,000
           286,276
Federal Republic of Nigeria
 
 
6.50%, 11/28/2027 (d)
   200,000
152,500
8.38%, 3/24/2029 (a)
   200,000
158,000
Hashemite Kingdom of Jordan 4.95%,
7/7/2025 (a)
   200,000
188,850
Islamic Republic of Pakistan 6.00%,
4/8/2026 (a)
   200,000
124,022
Republic of Angola 8.25%, 5/9/2028 (d)
   200,000
173,500
Republic of Cote d'Ivoire
 
 
6.38%, 3/3/2028 (d)
   200,000
185,662
5.75%, 12/31/2032 (d) (f)
    62,695
55,731
Republic of Ecuador
 
 
5.50%, 7/31/2030 (a) (f)
    75,000
           39,319
2.50%, 7/31/2035 (d) (f)
110,000
42,130
Republic of Iraq 6.75%, 3/9/2023 (d)
200,000
192,412
Total Foreign Government Securities
(Cost $1,946,866)
 
1,598,402
Municipal Bonds — 0.1% (e) (h)
California — 0.1%
California Housing Finance Agency Series
2021-1, Class X, 0.80%,
11/20/2035(Cost $128,393)
2,157,486
124,434
 
SHARES
 
Short-Term Investments — 6.8%
Investment Companies — 6.4%
JPMorgan Prime Money Market Fund
Class IM Shares, 2.30% (i) (j)
(Cost $13,778,329)
13,776,790
13,782,301
Investment of Cash Collateral from Securities Loaned — 0.1%
JPMorgan U.S. Government Money Market
Fund Class IM Shares, 2.00% (i) (j)
(Cost $135,300)
135,300
135,300
SEE NOTES TO FINANCIAL STATEMENTS.
 
176
J.P. Morgan Exchange-Traded Funds
August 31, 2022
 INVESTMENTS
PRINCIPAL
AMOUNT($)
VALUE($)
U.S. Treasury Obligations — 0.3%
U.S. Treasury Bills, 0.79%, 9/8/2022 (k)
(l)(Cost $636,903)
   637,000
    636,747
Total Short-Term Investments
(Cost $14,550,532)
 
14,554,348
Total Investments — 103.3%
(Cost $232,580,957)
 
220,814,615
Liabilities in Excess of Other Assets —
(3.3)%
 
(7,070,073)
NET ASSETS — 100.0%
 
213,744,542
 
Percentages indicated are based on net assets.
 
Abbreviations
 
ABS
Asset-Backed Securities
CIFC
Commercial Industrial Finance Corp.
CLO
Collateralized Loan Obligations
FHLMC
Federal Home Loan Mortgage Corp.
FNMA
Federal National Mortgage Association
GNMA
Government National Mortgage Association
ICE
Intercontinental Exchange
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
REMIC
Real Estate Mortgage Investment Conduit
SOFR
Secured Overnight Financing Rate
TBA
To Be Announced; Security is subject to delayed delivery.
UMBS
Uniform Mortgage-Backed Securities
USD
United States Dollar
 
^
Amount rounds to less than 0.1% of net assets.
‡
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)
The security or a portion of this security is on loan at
August 31, 2022. The total value of securities on loan
at August 31, 2022 is $129,062.
 
(c)
Variable or floating rate security, linked to the
referenced benchmark. The interest rate shown is the
current rate as of August 31, 2022.
 
(d)
Security exempt from registration pursuant to
Regulation S under the Securities Act of 1933, as
amended. Regulation S applies to securities offerings
that are made outside of the United States and do not
involve direct selling efforts in the United States and
as such may have restrictions on resale.
 
(e)
Variable or floating rate security, the interest rate of
which adjusts periodically based on changes in current
interest rates and prepayments on the underlying
pool of assets. The interest rate shown is the current
rate as of August 31, 2022.
 
(f)
Step bond. Interest rate is a fixed rate for an initial
period that either resets at a specific date or may
reset in the future contingent upon a predetermined
trigger. The interest rate shown is the current rate as
of August 31, 2022.
 
(g)
All or a portion of the security is a when-issued
security, delayed delivery security, or forward
commitment.
 
(h)
The date shown represents the earliest of the
prerefunded date, next put date or final maturity date.
 
(i)
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.
 
(j)
The rate shown is the current yield as of August 31,
2022.
 
(k)
The rate shown is the effective yield as of August 31,
2022.
 
(l)
All or a portion of this security is deposited with the
broker as initial margin for futures contracts or
centrally cleared swaps.
 
Futures contracts outstanding as of August 31, 2022:
 
DESCRIPTION
NUMBER OF
CONTRACTS
EXPIRATION DATE
TRADING CURRENCY
NOTIONAL
AMOUNT ($)
VALUE AND
UNREALIZED
APPRECIATION
(DEPRECIATION) ($)
Long Contracts
 
 
 
 
 
U.S. Treasury 2 Year Note
156
12/30/2022
USD
32,487,000
(64,117)
U.S. Treasury 5 Year Note
9
12/30/2022
USD
996,047
(18)
 
 
 
 
 
(64,135)
SEE NOTES TO FINANCIAL STATEMENTS.
 
August 31, 2022
J.P. Morgan Exchange-Traded Funds
177
JPMorgan Short Duration Core Plus ETF
SCHEDULE OF PORTFOLIO INVESTMENTS
AS OF August 31, 2022  (Unaudited) (continued)
DESCRIPTION
NUMBER OF
CONTRACTS
EXPIRATION DATE
TRADING CURRENCY
NOTIONAL
AMOUNT ($)
VALUE AND
UNREALIZED
APPRECIATION
(DEPRECIATION) ($)
Short Contracts
 
 
 
 
 
U.S. Treasury 10 Year Note
(109)
12/20/2022
USD
(12,712,125)
98,240
U.S. Treasury 10 Year Ultra Note
(32)
12/20/2022
USD
(3,995,500)
34,292
 
 
 
 
 
132,532
 
 
 
 
 
68,397
 
Abbreviations
 
USD
United States Dollar
Centrally Cleared Credit default swap contracts outstanding - buy protection(*) as of August 31, 2022:
 
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.38-V2
5.00
Quarterly
6/20/2027
5.31
USD 2,150,000
(61,020)
65,815
4,795
 
(*)
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.
 
178
J.P. Morgan Exchange-Traded Funds
August 31, 2022
JPMorgan U.S. Aggregate Bond ETF
SCHEDULE OF PORTFOLIO INVESTMENTS
AS OF August 31, 2022  (Unaudited)
 
INVESTMENTS
PRINCIPAL
AMOUNT($)
VALUE($)
U.S. Treasury Obligations — 40.2%
U.S. Treasury Bonds
 
 
6.88%, 8/15/2025
   638,000
      696,217
6.63%, 2/15/2027
   591,000
      667,461
6.38%, 8/15/2027
 4,000,000
    4,533,438
6.13%, 11/15/2027
 2,819,000
    3,179,744
5.25%, 11/15/2028
 2,000,000
    2,207,969
6.13%, 8/15/2029
 2,100,000
    2,465,859
5.38%, 2/15/2031
 3,169,000
    3,665,642
4.50%, 2/15/2036
 2,903,000
    3,345,254
4.75%, 2/15/2037
   206,000
      243,885
5.00%, 5/15/2037
 3,774,000
    4,576,565
4.50%, 5/15/2038
   542,000
      626,518
3.50%, 2/15/2039
4,178,000
4,281,144
4.25%, 5/15/2039
10,000
11,222
4.50%, 8/15/2039
996,000
1,150,224
4.38%, 11/15/2039
356,000
404,616
4.63%, 2/15/2040
2,621,000
3,069,027
1.13%, 5/15/2040
13,700,000
9,330,984
4.38%, 5/15/2040
679,000
769,392
1.13%, 8/15/2040
2,701,000
1,822,753
1.38%, 11/15/2040
4,209,400
2,963,023
1.88%, 2/15/2041
7,837,000
6,006,326
2.25%, 5/15/2041
955,000
778,922
1.75%, 8/15/2041
240,000
178,387
2.00%, 11/15/2041
314,000
243,939
2.38%, 2/15/2042
5,811,000
4,819,498
3.13%, 2/15/2042
1,963,000
1,844,300
2.50%, 2/15/2045
3,384,000
2,797,616
3.00%, 5/15/2045
38,000
34,348
2.50%, 5/15/2046
10,713,000
8,826,508
2.25%, 8/15/2046
1,749,000
1,369,412
3.00%, 2/15/2047
164,000
148,779
2.25%, 8/15/2049
994,000
796,598
2.00%, 2/15/2050
2,457,000
1,858,874
1.25%, 5/15/2050
21,151,400
13,080,819
1.38%, 8/15/2050
6,409,000
4,098,756
1.63%, 11/15/2050
8,150,000
5,577,656
2.00%, 8/15/2051
598,000
449,434
1.88%, 11/15/2051
2,009,000
1,464,059
2.25%, 2/15/2052
5,288,000
4,227,921
2.88%, 5/15/2052
256,000
236,080
U.S. Treasury Notes
 
 
1.50%, 9/15/2022
804,000
803,686
0.13%, 9/30/2022
173,000
172,662
0.13%, 7/15/2023
3,984,000
3,869,304
INVESTMENTS
PRINCIPAL
AMOUNT($)
VALUE($)
 
0.13%, 8/15/2023
   331,000
      320,579
0.13%, 8/31/2023
   517,000
      499,794
1.38%, 8/31/2023
   360,000
      352,519
1.38%, 9/30/2023
13,060,000
   12,770,231
0.13%, 10/15/2023
   719,000
      692,683
0.25%, 11/15/2023
25,361,000
   24,407,981
2.88%, 11/30/2023
   837,000
      830,853
2.25%, 1/31/2024
    10,000
        9,830
2.50%, 1/31/2024
 2,434,000
    2,400,723
0.13%, 2/15/2024
11,119,000
   10,593,454
1.50%, 2/29/2024
   338,000
      328,296
2.13%, 2/29/2024
    10,000
        9,804
2.38%, 2/29/2024
3,723,000
3,663,228
0.25%, 3/15/2024
9,776,000
9,303,621
0.25%, 5/15/2024
2,274,000
2,153,016
2.50%, 5/15/2024
100,000
98,387
1.75%, 6/30/2024
1,967,000
1,907,145
0.38%, 7/15/2024
2,101,000
1,984,296
1.75%, 7/31/2024
10,000
9,684
3.00%, 7/31/2024
859,000
851,551
0.38%, 8/15/2024
3,126,000
2,944,423
2.38%, 8/15/2024
2,800,000
2,742,359
1.25%, 8/31/2024
3,403,000
3,258,638
1.88%, 8/31/2024
259,000
251,139
0.38%, 9/15/2024
22,818,000
21,431,093
1.50%, 9/30/2024
100,000
96,070
1.50%, 10/31/2024
993,000
952,737
1.50%, 11/30/2024
8,182,000
7,834,265
1.38%, 1/31/2025
723,000
687,867
2.50%, 1/31/2025
450,000
439,699
1.13%, 2/28/2025
1,153,000
1,088,414
0.50%, 3/31/2025
6,602,000
6,118,713
0.25%, 5/31/2025
103,300
94,560
2.88%, 5/31/2025
6,189,000
6,087,462
0.25%, 6/30/2025
2,174,000
1,986,323
3.00%, 7/15/2025
849,000
837,724
0.25%, 7/31/2025
1,665,000
1,516,321
0.25%, 8/31/2025
3,416,000
3,102,155
0.25%, 9/30/2025
10,929,000
9,903,552
0.25%, 10/31/2025
16,549,000
14,950,987
0.38%, 11/30/2025
11,313,000
10,235,614
0.38%, 12/31/2025
1,308,000
1,180,572
2.63%, 12/31/2025
3,319,000
3,231,358
0.38%, 1/31/2026
11,644,000
10,482,329
1.63%, 2/15/2026
516,000
484,758
SEE NOTES TO FINANCIAL STATEMENTS.
 
August 31, 2022
J.P. Morgan Exchange-Traded Funds
179
JPMorgan U.S. Aggregate Bond ETF
SCHEDULE OF PORTFOLIO INVESTMENTS
AS OF August 31, 2022  (Unaudited) (continued)
INVESTMENTS
PRINCIPAL
AMOUNT($)
VALUE($)
U.S. Treasury Obligations — continued
0.50%, 2/28/2026
23,440,000
   21,149,106
2.50%, 2/28/2026
   136,000
      131,676
0.75%, 4/30/2026
 1,811,000
    1,642,917
0.75%, 5/31/2026
 1,692,000
    1,531,657
2.13%, 5/31/2026
   200,000
      190,750
0.63%, 7/31/2026
 3,673,000
    3,295,657
1.50%, 8/15/2026
   507,000
      470,678
1.38%, 8/31/2026
   398,000
      367,746
1.63%, 10/31/2026
 3,033,000
    2,823,060
1.63%, 11/30/2026
   133,000
      123,763
1.75%, 12/31/2026
 2,528,000
    2,362,495
2.25%, 2/15/2027
 1,300,000
    1,237,945
1.13%, 2/28/2027
3,235,000
2,934,246
0.50%, 4/30/2027
800
702
0.50%, 5/31/2027
6,170,000
5,398,750
0.50%, 6/30/2027
1,890,000
1,650,502
0.38%, 7/31/2027
6,133,000
5,317,503
2.25%, 8/15/2027
2,000,000
1,899,375
0.50%, 8/31/2027
3,414,000
2,969,913
0.38%, 9/30/2027
1,763,000
1,519,623
0.50%, 10/31/2027
6,573,000
5,690,267
2.25%, 11/15/2027
400,000
378,937
0.63%, 11/30/2027
16,659,000
14,482,918
0.63%, 12/31/2027
1,227,000
1,064,039
0.75%, 1/31/2028
8,768,000
7,641,860
1.13%, 2/29/2028
2,001,000
1,778,076
1.25%, 4/30/2028
1,000,000
891,484
2.88%, 5/15/2028
400,000
389,687
1.25%, 5/31/2028
2,852,000
2,539,840
1.00%, 7/31/2028
4,293,000
3,752,686
2.88%, 8/15/2028
800,000
778,812
1.13%, 8/31/2028
479,000
421,333
1.38%, 10/31/2028
2,338,000
2,081,733
1.50%, 11/30/2028
1,749,000
1,567,268
1.38%, 12/31/2028
5,673,000
5,045,868
2.38%, 3/31/2029
15,000
14,147
2.63%, 7/31/2029
1,014,000
972,172
1.63%, 8/15/2029
5,982,000
5,381,931
1.75%, 11/15/2029
3,031,000
2,751,580
1.50%, 2/15/2030
8,746,000
7,757,975
0.63%, 5/15/2030
20,227,000
16,674,633
0.63%, 8/15/2030
8,185,000
6,715,537
1.38%, 11/15/2031
6,811,000
5,836,176
1.88%, 2/15/2032
1,422,000
1,271,801
INVESTMENTS
PRINCIPAL
AMOUNT($)
VALUE($)
 
2.88%, 5/15/2032
 1,147,000
    1,118,325
2.75%, 8/15/2032
   302,000
      291,430
Total U.S. Treasury Obligations
(Cost $502,176,834)
 
453,130,207
Mortgage-Backed Securities — 27.7%
FHLMC Gold Pools, 15 Year
 
 
Pool # J10548, 4.00%, 8/1/2024
    12,276
       12,256
Pool # J15449, 4.00%, 5/1/2026
    66,611
       66,597
Pool # G14781, 3.50%, 3/1/2027
    38,437
       37,942
Pool # G15201, 4.00%, 5/1/2027
    11,884
       11,865
Pool # J20129, 2.50%, 8/1/2027
    66,367
       64,527
Pool # G15438, 4.00%, 9/1/2027
    10,531
       10,514
Pool # G15602, 2.50%, 11/1/2027
    48,963
       47,647
Pool # E09028, 2.00%, 3/1/2028
81,399
78,002
Pool # J23362, 2.00%, 4/1/2028
78,110
74,814
Pool # G18466, 2.00%, 5/1/2028
11,229
10,750
Pool # G18465, 2.50%, 5/1/2028
21,258
20,589
Pool # G15601, 2.50%, 1/1/2029
48,275
46,755
Pool # G14957, 3.50%, 1/1/2029
101,277
100,254
Pool # G16570, 4.00%, 7/1/2029
8,561
8,548
Pool # G18540, 2.50%, 2/1/2030
28,096
26,942
Pool # G18556, 2.50%, 6/1/2030
36,177
34,689
Pool # V60840, 3.00%, 6/1/2030
9,654
9,450
Pool # G16622, 3.00%, 11/1/2030
35,375
34,627
Pool # G16019, 3.50%, 12/1/2030
15,317
15,125
Pool # G16044, 2.50%, 1/1/2032
99,275
95,185
Pool # J36524, 3.00%, 3/1/2032
112,345
109,272
Pool # J36660, 3.00%, 3/1/2032
36,993
35,906
Pool # J38270, 2.50%, 1/1/2033
280,608
269,025
Pool # G16568, 2.50%, 4/1/2033
123,554
118,454
FHLMC Gold Pools, 30 Year
 
 
Pool # V81680, 4.50%, 12/1/2034
77,565
79,036
Pool # A30892, 5.00%, 1/1/2035
57,402
58,901
Pool # A39210, 5.50%, 10/1/2035
22,787
24,073
Pool # V83754, 5.50%, 1/1/2036
38,386
40,433
Pool # A82255, 5.50%, 9/1/2036
110,640
113,353
Pool # G03381, 5.50%, 9/1/2037
21,117
22,171
Pool # A89760, 4.50%, 12/1/2039
21,125
21,579
Pool # A92197, 5.00%, 5/1/2040
62,391
64,974
Pool # G06856, 6.00%, 5/1/2040
4,137
4,461
Pool # A93359, 4.00%, 8/1/2040
3,664
3,613
Pool # G06222, 4.00%, 1/1/2041
208,099
208,476
Pool # G07794, 5.50%, 6/1/2041
10,431
11,069
Pool # Q03516, 4.50%, 9/1/2041
23,601
24,048
Pool # Q04088, 3.50%, 10/1/2041
21,088
20,498
SEE NOTES TO FINANCIAL STATEMENTS.
 
180
J.P. Morgan Exchange-Traded Funds
August 31, 2022
INVESTMENTS
PRINCIPAL
AMOUNT($)
VALUE($)
Mortgage-Backed Securities — continued
Pool # Q04688, 4.00%, 11/1/2041
     3,108
        3,109
Pool # G08477, 3.50%, 2/1/2042
     7,698
        7,500
Pool # Q06771, 3.00%, 3/1/2042
    37,844
       35,984
Pool # C03858, 3.50%, 4/1/2042
   103,448
      100,784
Pool # Q08646, 3.50%, 6/1/2042
    24,724
       24,087
Pool # G60737, 4.50%, 8/1/2042
   102,378
      104,670
Pool # Q11220, 3.50%, 9/1/2042
    85,667
       83,257
Pool # Q13477, 3.00%, 12/1/2042
   116,240
      110,531
Pool # Q14321, 3.00%, 12/1/2042
    29,124
       27,724
Pool # C04420, 3.00%, 1/1/2043
   180,795
      172,244
Pool # Q14694, 3.00%, 1/1/2043
 1,359,301
    1,293,943
Pool # G61723, 3.50%, 1/1/2043
    71,678
       70,642
Pool # C09031, 2.50%, 2/1/2043
93,289
84,388
Pool # V80026, 3.00%, 4/1/2043
52,395
49,835
Pool # Q17374, 4.00%, 4/1/2043
94,205
94,835
Pool # G62033, 4.00%, 11/1/2043
128,873
128,197
Pool # Z40090, 4.50%, 9/1/2044
28,878
29,416
Pool # G61769, 4.50%, 12/1/2044
70,532
72,041
Pool # G61617, 4.50%, 1/1/2045
23,542
24,114
Pool # G08651, 4.00%, 6/1/2045
98,866
98,719
Pool # G08653, 3.00%, 7/1/2045
47,272
44,746
Pool # Q35223, 4.00%, 8/1/2045
10,855
10,670
Pool # G60238, 3.50%, 10/1/2045
696,748
676,641
Pool # G60506, 3.50%, 4/1/2046
38,877
37,693
Pool # G08710, 3.00%, 6/1/2046
32,607
30,882
Pool # Q41024, 3.00%, 6/1/2046
555,782
526,040
Pool # G08724, 2.50%, 9/1/2046
11,886
10,707
Pool # G61070, 3.00%, 9/1/2046
462,654
439,691
Pool # G61730, 3.00%, 9/1/2046
129,952
123,573
Pool # G61235, 4.50%, 9/1/2046
24,224
24,740
Pool # G08736, 2.50%, 12/1/2046
12,667
11,411
Pool # Q45872, 3.00%, 1/1/2047
329,655
310,928
Pool # G08747, 3.00%, 2/1/2047
166,015
156,578
Pool # G61623, 3.00%, 4/1/2047
24,204
22,914
Pool # G60985, 3.00%, 5/1/2047
92,999
88,135
Pool # G60996, 3.50%, 5/1/2047
7,597
7,365
Pool # Q47884, 4.00%, 5/1/2047
23,162
23,003
Pool # V83233, 4.00%, 6/1/2047
96,146
95,487
Pool # G08775, 4.00%, 8/1/2047
32,264
31,898
Pool # Q50152, 4.00%, 8/1/2047
76,983
76,198
Pool # Q51268, 3.50%, 10/1/2047
50,330
48,608
Pool # G08787, 3.00%, 11/1/2047
294,927
276,500
Pool # G61681, 3.00%, 12/1/2047
6,769
6,362
Pool # Q52866, 3.00%, 12/1/2047
23,793
22,411
Pool # G08793, 4.00%, 12/1/2047
30,067
29,862
INVESTMENTS
PRINCIPAL
AMOUNT($)
VALUE($)
 
Pool # Q53751, 3.50%, 1/1/2048
    86,961
       84,048
Pool # G08812, 3.00%, 4/1/2048
    10,570
        9,922
Pool # G61866, 4.00%, 6/1/2048
    24,132
       24,093
Pool # G61607, 4.50%, 9/1/2048
   114,964
      116,943
Pool # G08842, 4.00%, 10/1/2048
    12,512
       12,410
Pool # G61885, 4.50%, 11/1/2048
    27,449
       27,700
Pool # G08862, 4.00%, 2/1/2049
    20,265
       20,126
Pool # Q61487, 4.00%, 2/1/2049
    35,533
       35,290
Pool # G08876, 3.50%, 5/1/2049
    39,484
       38,027
FHLMC UMBS, 15 Year
 
 
Pool # ZS5890, 4.00%, 7/1/2024
    77,704
       77,574
Pool # ZK2080, 4.00%, 1/1/2025
    26,664
       26,593
Pool # ZA2587, 4.00%, 9/1/2025
7,945
7,926
Pool # ZK2723, 3.50%, 11/1/2025
14,526
14,305
Pool # ZK3540, 3.00%, 9/1/2026
65,260
64,217
Pool # ZS8460, 3.00%, 4/1/2027
17,622
17,303
Pool # SB0031, 3.50%, 10/1/2027
27,457
27,040
Pool # ZS6674, 2.50%, 4/1/2028
365,043
353,680
Pool # ZS7140, 2.00%, 1/1/2029
201,328
192,228
Pool # ZS7751, 3.00%, 1/1/2029
111,034
108,729
Pool # SB0071, 2.50%, 5/1/2030
27,938
27,115
Pool # ZS7331, 3.00%, 12/1/2030
26,681
26,094
Pool # ZS7888, 2.50%, 10/1/2032
306,296
293,396
Pool # ZK9070, 3.00%, 11/1/2032
675,678
656,611
Pool # ZS7938, 2.50%, 1/1/2033
72,605
69,548
Pool # SB0256, 4.00%, 11/1/2033
70,566
70,385
Pool # SB0077, 3.50%, 10/1/2034
50,746
49,978
Pool # QN1148, 2.50%, 12/1/2034
71,539
68,080
Pool # SB8031, 2.50%, 2/1/2035
148,630
140,894
Pool # SB0302, 3.00%, 4/1/2035
541,122
525,499
Pool # QN2407, 2.00%, 6/1/2035
134,235
123,854
Pool # SB8500, 2.50%, 7/1/2035
390,851
370,506
Pool # SB0424, 2.00%, 10/1/2035
909,152
845,591
Pool # RC1712, 1.50%, 12/1/2035
1,198,327
1,079,991
Pool # SB8090, 2.50%, 2/1/2036
1,038,426
984,346
Pool # QN6095, 2.00%, 5/1/2036
159,868
147,498
Pool # QN6718, 2.00%, 6/1/2036
315,927
291,477
Pool # QN7057, 2.00%, 7/1/2036
180,336
166,380
Pool # SB8111, 2.00%, 7/1/2036
170,867
157,647
Pool # QN8347, 1.50%, 10/1/2036
373,207
335,761
Pool # SB8127, 1.50%, 11/1/2036
367,708
330,810
Pool # SB0570, 2.00%, 11/1/2036
362,614
334,574
Pool # SB8131, 1.50%, 12/1/2036
745,386
670,587
Pool # SB8136, 1.50%, 1/1/2037
469,882
422,583
Pool # SB8140, 1.50%, 2/1/2037
569,321
512,010
SEE NOTES TO FINANCIAL STATEMENTS.
 
August 31, 2022
J.P. Morgan Exchange-Traded Funds
181
JPMorgan U.S. Aggregate Bond ETF
SCHEDULE OF PORTFOLIO INVESTMENTS
AS OF August 31, 2022  (Unaudited) (continued)
INVESTMENTS
PRINCIPAL
AMOUNT($)
VALUE($)
Mortgage-Backed Securities — continued
Pool # SB8147, 1.50%, 4/1/2037
   966,501
      869,148
FHLMC UMBS, 20 Year
 
 
Pool # ZA2277, 3.00%, 9/1/2032
    76,358
       73,493
Pool # ZJ9491, 3.50%, 12/1/2032
    18,502
       18,330
Pool # ZS9164, 3.00%, 9/1/2033
   468,129
      450,565
Pool # SC0107, 3.50%, 11/1/2034
 1,078,294
    1,068,266
Pool # ZA2463, 3.50%, 6/1/2037
    32,007
       31,551
Pool # RB5026, 2.50%, 11/1/2039
    38,296
       34,989
Pool # QK0157, 2.50%, 1/1/2040
    16,351
       14,940
Pool # RB5032, 2.50%, 2/1/2040
    31,441
       28,728
Pool # RB5037, 2.50%, 3/1/2040
   100,964
       92,252
Pool # RB5043, 2.50%, 4/1/2040
    42,762
       39,082
Pool # RB5048, 2.50%, 5/1/2040
91,228
83,356
Pool # SC0131, 1.50%, 3/1/2041
218,270
184,681
Pool # SC0134, 1.50%, 3/1/2041
223,014
188,695
Pool # RB5142, 2.50%, 1/1/2042
472,777
430,183
Pool # RB5145, 2.00%, 2/1/2042
1,645,069
1,449,608
FHLMC UMBS, 30 Year
 
 
Pool # ZI3765, 5.50%, 11/1/2035
39,646
41,584
Pool # ZS2546, 5.00%, 2/1/2039
19,182
20,017
Pool # ZJ0449, 4.00%, 9/1/2040
20,965
20,984
Pool # ZL3548, 3.50%, 8/1/2042
75,428
73,343
Pool # ZA4209, 3.00%, 4/1/2043
802,641
759,544
Pool # ZS3712, 3.50%, 4/1/2043
163,519
161,004
Pool # ZS4077, 3.50%, 1/1/2044
22,498
21,995
Pool # ZS4592, 4.00%, 11/1/2044
147,489
147,164
Pool # ZS4609, 3.00%, 4/1/2045
39,380
37,257
Pool # ZS9618, 3.50%, 3/1/2046
481,334
467,008
Pool # SD0146, 3.00%, 11/1/2046
130,840
123,742
Pool # ZM2209, 3.50%, 12/1/2046
325,463
315,169
Pool # SD0388, 3.50%, 6/1/2047
484,369
471,656
Pool # ZS4729, 3.00%, 8/1/2047
310,740
293,395
Pool # ZM4635, 4.00%, 11/1/2047
435,544
432,160
Pool # SD0225, 3.00%, 12/1/2047
603,206
569,926
Pool # ZT0534, 3.50%, 12/1/2047
313,810
304,466
Pool # ZS4750, 3.00%, 1/1/2048
24,705
23,185
Pool # SD0343, 3.00%, 3/1/2048
837,913
792,711
Pool # SI2002, 4.00%, 3/1/2048
518,573
515,518
Pool # ZM6887, 3.00%, 5/1/2048
47,062
43,948
Pool # ZM7669, 3.50%, 8/1/2048
76,436
73,846
Pool # ZN4476, 3.50%, 12/1/2048
279,888
270,405
Pool # ZA6286, 4.00%, 2/1/2049
130,378
129,366
Pool # ZT1776, 3.50%, 3/1/2049
24,259
23,351
Pool # ZN5087, 4.00%, 4/1/2049
118,192
117,348
Pool # ZT1864, 4.00%, 4/1/2049
3,265
3,240
INVESTMENTS
PRINCIPAL
AMOUNT($)
VALUE($)
 
Pool # ZT1951, 3.50%, 5/1/2049
     7,873
        7,576
Pool # ZT1952, 4.00%, 5/1/2049
    51,763
       51,303
Pool # QA4907, 3.00%, 6/1/2049
   137,026
      129,118
Pool # ZT2086, 3.50%, 6/1/2049
    44,319
       42,642
Pool # SD7502, 3.50%, 7/1/2049
   130,787
      126,580
Pool # SD8001, 3.50%, 7/1/2049
    15,369
       14,786
Pool # SD7501, 4.00%, 7/1/2049
    81,061
       80,482
Pool # QA1997, 3.00%, 8/1/2049
    18,898
       17,586
Pool # RA1202, 3.50%, 8/1/2049
   426,025
      409,809
Pool # SD8005, 3.50%, 8/1/2049
    54,247
       52,184
Pool # SD8006, 4.00%, 8/1/2049
    32,975
       32,607
Pool # SD8023, 2.50%, 11/1/2049
     8,684
        7,790
Pool # QA4509, 3.00%, 11/1/2049
422,446
393,045
Pool # SD8025, 3.50%, 11/1/2049
161,417
155,510
Pool # SD8029, 2.50%, 12/1/2049
163,990
147,068
Pool # RA1878, 3.50%, 12/1/2049
121,602
116,831
Pool # SD8037, 2.50%, 1/1/2050
436,094
391,002
Pool # QA7416, 3.00%, 2/1/2050
383,117
356,110
Pool # QA7554, 3.00%, 2/1/2050
1,724,426
1,612,301
Pool # RA2116, 3.00%, 2/1/2050
606,745
565,507
Pool # SD0303, 2.50%, 4/1/2050
754,512
678,285
Pool # QA9653, 3.50%, 5/1/2050
41,601
40,025
Pool # SD8080, 2.00%, 6/1/2050
64,851
56,022
Pool # QB1691, 2.00%, 7/1/2050
882,357
761,960
Pool # SD8089, 2.50%, 7/1/2050
1,746,422
1,564,957
Pool # SD8083, 2.50%, 8/1/2050
1,290,595
1,156,459
Pool # RA3727, 2.00%, 10/1/2050
2,109,835
1,820,645
Pool # SD8104, 1.50%, 11/1/2050
1,287,033
1,053,645
Pool # RA4197, 2.50%, 12/1/2050
561,218
502,535
Pool # RA4349, 2.50%, 1/1/2051
363,278
326,909
Pool # QB8583, 1.50%, 2/1/2051
1,274,204
1,043,052
Pool # RA4530, 2.50%, 2/1/2051
550,311
492,998
Pool # SD8129, 2.50%, 2/1/2051
704,776
631,345
Pool # SD8140, 2.00%, 4/1/2051
418,674
361,026
Pool # SD8142, 3.00%, 4/1/2051
1,127,096
1,045,938
Pool # SD8145, 1.50%, 5/1/2051
1,092,525
894,326
Pool # QC2565, 2.00%, 6/1/2051
1,829,298
1,577,263
Pool # QC3259, 2.00%, 6/1/2051
1,666,728
1,444,936
Pool # SD8158, 3.50%, 6/1/2051
336,562
321,536
Pool # SD8155, 2.00%, 7/1/2051
1,371,924
1,182,870
Pool # SD8156, 2.50%, 7/1/2051
656,437
587,247
Pool # QC5125, 2.00%, 8/1/2051
279,202
240,712
Pool # QC6057, 2.50%, 8/1/2051
271,363
242,760
Pool # SD8163, 3.50%, 8/1/2051
137,684
131,596
Pool # RA5832, 2.50%, 9/1/2051
765,382
684,353
SEE NOTES TO FINANCIAL STATEMENTS.
 
182
J.P. Morgan Exchange-Traded Funds
August 31, 2022
INVESTMENTS
PRINCIPAL
AMOUNT($)
VALUE($)
Mortgage-Backed Securities — continued
Pool # SD8168, 3.00%, 9/1/2051
   255,736
      237,318
Pool # SD8172, 2.00%, 10/1/2051
   848,149
      730,174
Pool # SD8173, 2.50%, 10/1/2051
   460,077
      411,298
Pool # RA6507, 2.00%, 12/1/2051
 1,957,797
    1,685,035
Pool # QD3500, 2.50%, 12/1/2051
 2,070,626
    1,858,863
Pool # RA6694, 2.00%, 1/1/2052
   479,291
      412,758
Pool # SD0963, 3.50%, 1/1/2052
 1,115,160
    1,064,303
Pool # SD0897, 2.00%, 2/1/2052
 1,966,985
    1,696,364
Pool # SD8204, 2.00%, 4/1/2052
 1,962,841
    1,689,478
Pool # QD9578, 2.50%, 4/1/2052
 1,568,964
    1,402,204
Pool # QD9765, 2.50%, 4/1/2052
 1,571,177
    1,404,178
Pool # SD0945, 3.50%, 4/1/2052
 1,139,480
    1,087,171
Pool # SD8214, 3.50%, 5/1/2052
1,176,680
1,122,228
FNMA UMBS, 15 Year
 
 
Pool # AC8711, 4.00%, 12/1/2024
171,504
171,100
Pool # AC7007, 4.50%, 1/1/2025
12,948
13,097
Pool # AL9580, 4.00%, 3/1/2025
10,355
10,329
Pool # 932724, 4.00%, 4/1/2025
5,693
5,679
Pool # AE0971, 4.00%, 5/1/2025
20,125
20,073
Pool # AE0939, 3.50%, 2/1/2026
35,602
35,093
Pool # FM2968, 4.00%, 5/1/2026
10,169
10,156
Pool # AJ6632, 3.00%, 11/1/2026
44,634
43,872
Pool # AJ9357, 3.50%, 1/1/2027
92,281
91,048
Pool # AK4047, 3.00%, 2/1/2027
17,182
16,880
Pool # AL4586, 4.00%, 2/1/2027
35,902
35,859
Pool # AO0527, 3.00%, 5/1/2027
23,084
22,666
Pool # AO4400, 2.50%, 7/1/2027
57,654
56,039
Pool # AB5823, 3.50%, 8/1/2027
88,422
87,426
Pool # AL8138, 4.00%, 9/1/2027
20,777
20,737
Pool # AB6811, 2.50%, 10/1/2027
13,355
12,951
Pool # AQ9442, 2.00%, 12/1/2027
28,449
27,274
Pool # AB8447, 2.50%, 2/1/2028
23,919
23,175
Pool # AR4180, 2.50%, 2/1/2028
11,219
10,870
Pool # AL3802, 3.00%, 2/1/2028
70,185
68,661
Pool # AB8787, 2.00%, 3/1/2028
78,057
74,790
Pool # AP6059, 2.00%, 6/1/2028
9,262
8,849
Pool # BM5381, 3.00%, 6/1/2028
76,116
74,619
Pool # BM1892, 2.50%, 9/1/2028
23,286
22,590
Pool # AS0761, 3.00%, 10/1/2028
28,875
28,215
Pool # AU6961, 3.00%, 10/1/2028
56,194
54,939
Pool # AL6132, 4.50%, 3/1/2029
7,166
7,249
Pool # FM1105, 2.50%, 6/1/2029
48,585
47,093
Pool # AS3345, 2.00%, 7/1/2029
13,861
13,110
Pool # MA2061, 3.00%, 10/1/2029
72,908
71,305
Pool # FM1465, 3.00%, 5/1/2030
124,171
121,451
INVESTMENTS
PRINCIPAL
AMOUNT($)
VALUE($)
 
Pool # 890666, 2.00%, 6/1/2030
    29,266
       27,683
Pool # MA2684, 3.00%, 7/1/2031
   123,710
      120,980
Pool # AL9418, 3.50%, 8/1/2031
    43,289
       42,815
Pool # BD5647, 2.00%, 11/1/2031
    18,673
       17,474
Pool # 890776, 3.50%, 11/1/2031
    28,531
       28,159
Pool # BM5490, 3.50%, 11/1/2031
    19,710
       19,500
Pool # AS8708, 2.50%, 2/1/2032
   406,889
      389,743
Pool # BM4993, 3.50%, 3/1/2032
    43,904
       43,431
Pool # BM4741, 3.00%, 4/1/2032
    12,308
       12,031
Pool # FM1645, 3.00%, 4/1/2032
   152,784
      149,579
Pool # MA3124, 2.50%, 9/1/2032
    39,316
       37,660
Pool # FM3099, 3.50%, 9/1/2032
    50,362
       49,684
Pool # CA0775, 2.50%, 11/1/2032
28,585
27,345
Pool # MA3188, 3.00%, 11/1/2032
20,959
20,368
Pool # BH7081, 2.50%, 12/1/2032
43,765
41,921
Pool # BH8720, 3.50%, 12/1/2032
40,287
39,642
Pool # FM1161, 2.50%, 1/1/2033
43,440
41,621
Pool # FM1691, 2.50%, 1/1/2033
17,358
16,632
Pool # FM2549, 2.50%, 1/1/2033
94,235
90,279
Pool # CA9078, 3.00%, 9/1/2033
573,797
560,660
Pool # FM1123, 4.00%, 9/1/2033
123,093
123,965
Pool # FM2153, 4.00%, 11/1/2033
150,209
149,917
Pool # BD9105, 4.00%, 1/1/2034
39,493
39,448
Pool # BM5306, 4.00%, 1/1/2034
5,084
5,095
Pool # FM1733, 3.50%, 5/1/2034
731,960
721,068
Pool # FM1842, 3.50%, 6/1/2034
156,410
154,261
Pool # FM6946, 3.00%, 7/1/2034
439,667
430,153
Pool # BO1822, 3.50%, 7/1/2034
73,285
72,112
Pool # MA3764, 2.50%, 9/1/2034
9,198
8,753
Pool # MA3910, 2.00%, 1/1/2035
29,086
26,837
Pool # FM3569, 3.00%, 1/1/2035
137,946
134,950
Pool # FM7941, 2.50%, 2/1/2035
392,557
376,077
Pool # FM8550, 3.00%, 2/1/2035
293,925
285,773
Pool # FM2708, 3.00%, 3/1/2035
72,112
70,562
Pool # MA4075, 2.50%, 7/1/2035
425,646
403,487
Pool # FM4035, 2.50%, 8/1/2035
71,599
67,870
Pool # CA7497, 2.50%, 10/1/2035
1,317,804
1,249,131
Pool # FM5396, 2.00%, 12/1/2035
834,709
770,415
Pool # BR3349, 1.50%, 1/1/2036
1,479,894
1,331,565
Pool # BR1309, 2.00%, 1/1/2036
564,973
521,288
Pool # FM5537, 2.00%, 1/1/2036
633,365
584,368
Pool # FM5797, 2.00%, 1/1/2036
619,042
571,178
Pool # FM5367, 1.50%, 2/1/2036
462,959
416,525
Pool # MA4261, 2.00%, 2/1/2036
681,773
629,040
Pool # CB0305, 1.50%, 5/1/2036
946,501
851,555
SEE NOTES TO FINANCIAL STATEMENTS.
 
August 31, 2022
J.P. Morgan Exchange-Traded Funds
183
JPMorgan U.S. Aggregate Bond ETF
SCHEDULE OF PORTFOLIO INVESTMENTS
AS OF August 31, 2022  (Unaudited) (continued)
INVESTMENTS
PRINCIPAL
AMOUNT($)
VALUE($)
Mortgage-Backed Securities — continued
Pool # FM7843, 1.50%, 6/1/2036
    87,945
       79,122
Pool # BP3507, 2.00%, 6/1/2036
   170,459
      157,274
Pool # FM8292, 2.00%, 7/1/2036
   290,264
      267,812
Pool # MA4430, 1.00%, 8/1/2036
   182,047
      158,987
Pool # BT0273, 1.50%, 9/1/2036
   457,347
      411,454
Pool # MA4417, 1.50%, 9/1/2036
   360,106
      323,863
Pool # MA4418, 2.00%, 9/1/2036
   175,573
      161,988
Pool # MA4441, 1.50%, 10/1/2036
   502,186
      451,643
Pool # BT9452, 1.50%, 11/1/2036
   184,524
      165,950
Pool # FM9247, 2.00%, 11/1/2036
   355,190
      327,695
Pool # MA4497, 2.00%, 12/1/2036
 2,592,413
    2,391,774
Pool # MA4516, 2.00%, 1/1/2037
   560,528
      517,143
Pool # BV7189, 2.00%, 3/1/2037
928,911
857,027
Pool # MA4581, 1.50%, 4/1/2037
966,060
868,803
FNMA UMBS, 20 Year
 
 
Pool # AE6799, 4.50%, 11/1/2030
2,485
2,521
Pool # MA0885, 3.50%, 10/1/2031
31,152
30,862
Pool # AB4853, 3.00%, 4/1/2032
28,527
27,459
Pool # MA1058, 3.00%, 5/1/2032
13,476
12,971
Pool # MA1165, 3.00%, 9/1/2032
74,484
71,692
Pool # MA2079, 4.00%, 11/1/2034
14,917
14,939
Pool # AL7654, 3.00%, 9/1/2035
63,857
61,485
Pool # MA2472, 3.00%, 12/1/2035
12,782
12,303
Pool # FM1133, 4.00%, 6/1/2036
31,174
31,221
Pool # MA3099, 4.00%, 8/1/2037
91,672
91,809
Pool # BM5330, 2.50%, 12/1/2037
41,599
37,860
Pool # FM3204, 4.00%, 10/1/2038
35,715
36,119
Pool # MA4072, 2.50%, 7/1/2040
152,321
139,195
Pool # MA4128, 2.00%, 9/1/2040
1,410,292
1,252,055
Pool # MA4204, 2.00%, 12/1/2040
875,755
777,287
Pool # CA9019, 2.00%, 2/1/2041
394,034
349,664
Pool # MA4310, 1.50%, 4/1/2041
791,627
670,329
Pool # MA4422, 2.00%, 9/1/2041
412,442
364,454
Pool # MA4446, 2.00%, 10/1/2041
416,378
367,931
Pool # FS0316, 1.50%, 11/1/2041
679,041
575,016
Pool # MA4521, 2.50%, 1/1/2042
567,575
516,439
Pool # BV7697, 2.50%, 4/1/2042
976,138
888,223
Pool # MA4587, 2.50%, 4/1/2042
976,522
888,579
FNMA UMBS, 30 Year
 
 
Pool # 254447, 6.00%, 9/1/2032
23,308
25,106
Pool # 711215, 5.50%, 6/1/2033
17,816
18,271
Pool # AA1005, 5.00%, 12/1/2033
13,539
14,055
Pool # 725232, 5.00%, 3/1/2034
10,906
11,340
Pool # 725228, 6.00%, 3/1/2034
56,535
60,405
Pool # 790003, 6.00%, 8/1/2034
16,448
17,420
INVESTMENTS
PRINCIPAL
AMOUNT($)
VALUE($)
 
Pool # 735503, 6.00%, 4/1/2035
    39,977
       42,322
Pool # 190360, 5.00%, 8/1/2035
    29,272
       30,543
Pool # 904601, 6.00%, 11/1/2036
    39,717
       42,792
Pool # 888538, 5.50%, 1/1/2037
    21,619
       22,919
Pool # AB0284, 6.00%, 2/1/2037
    39,336
       42,379
Pool # AL2627, 5.00%, 7/1/2037
    19,703
       20,479
Pool # 956965, 6.50%, 12/1/2037
    12,278
       12,829
Pool # BH7907, 6.50%, 12/1/2037
    18,934
       20,423
Pool # 961793, 5.00%, 3/1/2038
    75,526
       78,823
Pool # 985661, 5.50%, 6/1/2038
    13,413
       14,009
Pool # AU7519, 3.50%, 9/1/2038
    32,235
       31,420
Pool # AA7402, 4.50%, 6/1/2039
   118,452
      120,976
Pool # AC2638, 5.00%, 10/1/2039
159,446
166,441
Pool # AL0100, 6.00%, 10/1/2039
55,302
58,788
Pool # AC4886, 5.00%, 11/1/2039
29,066
30,298
Pool # 190399, 5.50%, 11/1/2039
85,688
90,845
Pool # AB1143, 4.50%, 6/1/2040
92,304
94,818
Pool # AD6938, 4.50%, 6/1/2040
127,196
129,818
Pool # AD5479, 5.00%, 6/1/2040
25,077
26,170
Pool # AB1259, 5.00%, 7/1/2040
30,283
31,606
Pool # AB1292, 5.00%, 8/1/2040
14,206
14,535
Pool # AL5437, 5.00%, 8/1/2040
99,454
103,557
Pool # AB1421, 5.00%, 9/1/2040
45,475
47,471
Pool # AE4142, 5.00%, 9/1/2040
32,234
33,324
Pool # AE3857, 5.00%, 10/1/2040
668,791
697,125
Pool # AE8289, 4.00%, 12/1/2040
96,223
96,308
Pool # MA0622, 3.50%, 1/1/2041
32,757
31,919
Pool # AH2312, 5.00%, 1/1/2041
70,823
73,200
Pool # AE0828, 3.50%, 2/1/2041
18,433
17,966
Pool # AH3804, 4.00%, 2/1/2041
20,932
20,951
Pool # MA0639, 4.00%, 2/1/2041
32,975
33,004
Pool # AB2676, 3.50%, 4/1/2041
110,102
107,270
Pool # AL0241, 4.00%, 4/1/2041
66,222
66,281
Pool # AI1887, 4.50%, 5/1/2041
243,283
247,875
Pool # BM3118, 6.00%, 7/1/2041
84,832
91,401
Pool # AJ2293, 4.00%, 9/1/2041
20,114
19,984
Pool # AL0933, 5.00%, 10/1/2041
83,813
87,478
Pool # AW8154, 3.50%, 1/1/2042
21,572
21,010
Pool # AX5318, 4.50%, 1/1/2042
72,739
74,236
Pool # BD4480, 4.50%, 1/1/2042
362,374
369,823
Pool # AL1998, 4.00%, 3/1/2042
102,135
102,226
Pool # AO4134, 3.50%, 6/1/2042
13,537
13,144
Pool # AO8694, 4.50%, 7/1/2042
36,296
36,338
Pool # AP4258, 3.00%, 8/1/2042
86,668
82,458
Pool # AB6632, 3.50%, 10/1/2042
128,823
125,388
SEE NOTES TO FINANCIAL STATEMENTS.
 
184
J.P. Morgan Exchange-Traded Funds
August 31, 2022
INVESTMENTS
PRINCIPAL
AMOUNT($)
VALUE($)
Mortgage-Backed Securities — continued
Pool # AB6633, 3.50%, 10/1/2042
    23,817
       23,182
Pool # AL3344, 4.50%, 10/1/2042
   146,759
      150,260
Pool # AB6828, 3.50%, 11/1/2042
   120,094
      116,892
Pool # AL3182, 3.50%, 12/1/2042
    20,549
       20,233
Pool # AQ9316, 2.50%, 1/1/2043
    56,761
       51,296
Pool # AB7580, 3.00%, 1/1/2043
   133,867
      127,635
Pool # AQ1104, 3.00%, 1/1/2043
    29,080
       27,567
Pool # AR0168, 3.00%, 2/1/2043
    51,641
       49,141
Pool # AB7964, 3.50%, 2/1/2043
    74,442
       73,297
Pool # AR2271, 3.50%, 2/1/2043
   284,575
      276,527
Pool # BM4751, 3.50%, 3/1/2043
    33,934
       33,082
Pool # AB8742, 4.00%, 3/1/2043
    15,999
       16,085
Pool # AR6770, 4.00%, 3/1/2043
17,310
17,294
Pool # AT2015, 3.00%, 4/1/2043
35,304
33,548
Pool # AT2016, 3.00%, 4/1/2043
532,352
505,735
Pool # AB9194, 3.50%, 5/1/2043
123,203
119,916
Pool # FM4462, 3.50%, 5/1/2043
910,671
886,413
Pool # AU1629, 3.00%, 7/1/2043
82,618
78,446
Pool # BM3785, 3.50%, 7/1/2043
131,779
128,266
Pool # AS0241, 4.00%, 8/1/2043
798,287
792,410
Pool # BM3704, 3.00%, 9/1/2043
36,182
34,378
Pool # AT2612, 3.50%, 9/1/2043
77,807
75,954
Pool # AU4256, 3.50%, 9/1/2043
26,867
26,040
Pool # AU4283, 3.50%, 9/1/2043
20,263
19,675
Pool # AL4062, 4.00%, 9/1/2043
31,473
31,520
Pool # BM4635, 2.50%, 10/1/2043
162,560
146,952
Pool # AS1121, 4.00%, 11/1/2043
31,586
31,517
Pool # AV0022, 4.00%, 11/1/2043
480,009
478,953
Pool # AL7696, 3.00%, 12/1/2043
58,770
55,872
Pool # AV6103, 4.00%, 1/1/2044
173,963
173,581
Pool # BC1737, 4.00%, 1/1/2044
75,116
74,695
Pool # BM5365, 4.00%, 3/1/2044
72,523
72,587
Pool # FM1744, 3.50%, 5/1/2044
33,772
33,254
Pool # AS2700, 4.00%, 6/1/2044
41,413
41,322
Pool # AW6233, 4.50%, 6/1/2044
1,681,969
1,708,935
Pool # AS2947, 4.00%, 7/1/2044
42,040
41,948
Pool # AL9072, 5.00%, 7/1/2044
76,419
80,105
Pool # AL9569, 5.00%, 8/1/2044
113,170
118,596
Pool # AX0152, 4.50%, 9/1/2044
27,450
28,254
Pool # BM4620, 3.00%, 10/1/2044
92,203
87,780
Pool # AS3867, 4.00%, 11/1/2044
11,195
11,170
Pool # FM1746, 3.50%, 1/1/2045
103,593
101,538
Pool # FM0015, 4.00%, 2/1/2045
103,848
104,004
Pool # MA2193, 4.50%, 2/1/2045
19,189
19,583
Pool # FM3414, 4.00%, 3/1/2045
673,614
667,504
INVESTMENTS
PRINCIPAL
AMOUNT($)
VALUE($)
 
Pool # BM3398, 3.50%, 4/1/2045
    14,914
       14,516
Pool # CA2709, 4.00%, 9/1/2045
 1,313,100
    1,313,585
Pool # AS5851, 4.50%, 9/1/2045
    11,627
       11,792
Pool # AS6184, 3.50%, 11/1/2045
   140,790
      137,995
Pool # BA0315, 3.50%, 11/1/2045
   434,073
      420,131
Pool # FM1869, 4.00%, 11/1/2045
    67,703
       66,497
Pool # BM4833, 3.00%, 12/1/2045
   583,764
      552,705
Pool # FM1708, 3.00%, 12/1/2045
    42,033
       39,999
Pool # BC0066, 3.50%, 12/1/2045
    30,809
       29,783
Pool # FM3413, 4.00%, 1/1/2046
    84,638
       84,515
Pool # FM2323, 4.00%, 2/1/2046
    41,915
       41,952
Pool # AL9128, 4.50%, 2/1/2046
    20,804
       21,161
Pool # AS6811, 3.00%, 3/1/2046
31,207
29,514
Pool # BM4834, 3.00%, 3/1/2046
30,702
29,184
Pool # FM1782, 4.00%, 3/1/2046
13,157
13,167
Pool # FM2195, 4.00%, 3/1/2046
31,168
31,196
Pool # AS7003, 3.00%, 4/1/2046
39,148
36,999
Pool # AS7198, 4.50%, 5/1/2046
113,975
115,850
Pool # BD0166, 2.50%, 6/1/2046
120,198
108,234
Pool # BM5168, 2.50%, 6/1/2046
26,139
23,629
Pool # BC6105, 3.50%, 6/1/2046
1,079,667
1,045,735
Pool # FM1780, 4.00%, 7/1/2046
715,739
713,852
Pool # AS7660, 2.50%, 8/1/2046
239,516
215,663
Pool # MA2730, 2.50%, 8/1/2046
33,930
30,426
Pool # FM3810, 3.00%, 10/1/2046
111,546
105,786
Pool # AL9385, 3.00%, 11/1/2046
52,433
49,480
Pool # MA2806, 3.00%, 11/1/2046
162,119
153,071
Pool # BM3288, 3.50%, 12/1/2046
23,191
22,464
Pool # BM4990, 2.50%, 1/1/2047
12,319
11,137
Pool # FM2807, 3.00%, 1/1/2047
86,065
81,445
Pool # 890856, 3.50%, 1/1/2047
132,997
128,813
Pool # FM3374, 3.50%, 1/1/2047
161,265
157,158
Pool # FM0041, 3.00%, 2/1/2047
626,739
591,537
Pool # BM5955, 4.00%, 2/1/2047
38,441
38,357
Pool # BM5270, 4.50%, 2/1/2047
17,292
17,647
Pool # BM4350, 3.00%, 3/1/2047
816,199
771,918
Pool # MA2920, 3.00%, 3/1/2047
8,046
7,587
Pool # FM3107, 3.50%, 3/1/2047
269,340
260,908
Pool # AS9313, 4.00%, 3/1/2047
17,368
17,247
Pool # FM4735, 3.00%, 4/1/2047
164,608
155,575
Pool # FM6073, 4.00%, 4/1/2047
1,262,675
1,248,368
Pool # AS9480, 4.50%, 4/1/2047
31,016
31,520
Pool # FM1772, 4.50%, 5/1/2047
16,628
16,968
Pool # BD0667, 4.50%, 6/1/2047
404,238
406,284
Pool # AS9937, 3.00%, 7/1/2047
592,457
558,408
SEE NOTES TO FINANCIAL STATEMENTS.
 
August 31, 2022
J.P. Morgan Exchange-Traded Funds
185
JPMorgan U.S. Aggregate Bond ETF
SCHEDULE OF PORTFOLIO INVESTMENTS
AS OF August 31, 2022  (Unaudited) (continued)
INVESTMENTS
PRINCIPAL
AMOUNT($)
VALUE($)
Mortgage-Backed Securities — continued
Pool # AS9946, 3.50%, 7/1/2047
    44,634
       43,234
Pool # BM1568, 3.50%, 7/1/2047
    72,692
       71,576
Pool # BH7375, 3.50%, 8/1/2047
    48,508
       46,984
Pool # CA0148, 4.50%, 8/1/2047
    12,440
       12,466
Pool # CA0850, 3.00%, 9/1/2047
    36,064
       33,897
Pool # MA3147, 3.00%, 10/1/2047
    41,572
       39,057
Pool # BM2003, 4.00%, 10/1/2047
   166,435
      164,973
Pool # BH9392, 3.50%, 11/1/2047
    14,071
       13,579
Pool # CA0681, 3.50%, 11/1/2047
   235,615
      230,547
Pool # FM0028, 3.00%, 12/1/2047
    49,974
       47,353
Pool # MA3209, 3.00%, 12/1/2047
   288,172
      270,339
Pool # FM1420, 3.50%, 12/1/2047
   223,663
      217,045
Pool # CA4015, 3.00%, 1/1/2048
9,943
9,339
Pool # BJ6154, 3.50%, 1/1/2048
182,449
176,519
Pool # MA3238, 3.50%, 1/1/2048
51,158
49,448
Pool # BJ5910, 3.50%, 2/1/2048
200,221
196,751
Pool # MA3305, 3.50%, 3/1/2048
216,936
209,666
Pool # FM3494, 2.50%, 4/1/2048
11,677
10,519
Pool # CA2687, 3.00%, 5/1/2048
23,423
22,104
Pool # BM4054, 4.00%, 5/1/2048
100,088
99,313
Pool # MA3425, 3.00%, 6/1/2048
34,612
32,411
Pool # BM4757, 3.50%, 7/1/2048
41,074
39,908
Pool # FM3438, 3.00%, 8/1/2048
710,194
670,338
Pool # BM2007, 4.00%, 9/1/2048
4,587
4,546
Pool # CA2368, 4.00%, 9/1/2048
30,273
30,039
Pool # MA3472, 5.00%, 9/1/2048
10,282
10,542
Pool # CA4655, 3.50%, 10/1/2048
94,228
91,270
Pool # MA3495, 4.00%, 10/1/2048
30,201
29,968
Pool # CA2432, 4.50%, 10/1/2048
55,307
55,965
Pool # FM7895, 3.50%, 11/1/2048
286,479
277,519
Pool # FM1248, 4.50%, 11/1/2048
17,489
17,563
Pool # CA2797, 4.50%, 12/1/2048
672,665
683,589
Pool # FM0030, 3.00%, 2/1/2049
53,027
50,071
Pool # FM6237, 3.50%, 4/1/2049
588,007
572,031
Pool # MA3637, 3.50%, 4/1/2049
18,832
18,124
Pool # MA3638, 4.00%, 4/1/2049
17,588
17,442
Pool # BN5418, 4.50%, 4/1/2049
21,683
21,903
Pool # MA3664, 4.00%, 5/1/2049
8,943
8,836
Pool # FM4074, 4.50%, 5/1/2049
302,220
305,800
Pool # CA4358, 3.50%, 7/1/2049
17,392
16,733
Pool # FM1672, 4.50%, 7/1/2049
795,375
811,683
Pool # MA3745, 3.50%, 8/1/2049
86,625
83,522
Pool # MA3746, 4.00%, 8/1/2049
13,329
13,170
Pool # FM1385, 5.00%, 8/1/2049
401,208
418,502
Pool # BO4012, 3.00%, 9/1/2049
110,659
102,933
INVESTMENTS
PRINCIPAL
AMOUNT($)
VALUE($)
 
Pool # FM1449, 3.50%, 9/1/2049
   146,646
      141,082
Pool # FM4430, 3.50%, 9/1/2049
   574,679
      553,870
Pool # FM3572, 4.50%, 9/1/2049
    83,942
       84,934
Pool # MA3803, 3.50%, 10/1/2049
    41,740
       40,241
Pool # MA3833, 2.50%, 11/1/2049
   131,806
      118,928
Pool # BK0350, 3.00%, 11/1/2049
 1,103,271
    1,028,411
Pool # MA3870, 2.50%, 12/1/2049
   204,298
      183,328
Pool # FM2363, 3.00%, 1/1/2050
 2,020,534
    1,892,279
Pool # MA3905, 3.00%, 1/1/2050
   906,904
      841,980
Pool # CA5021, 3.50%, 1/1/2050
    38,909
       37,370
Pool # FM5922, 3.50%, 1/1/2050
   381,905
      368,543
Pool # MA3906, 3.50%, 1/1/2050
    39,364
       37,851
Pool # CA5135, 2.50%, 2/1/2050
150,298
135,703
Pool # MA3936, 2.50%, 2/1/2050
149,683
134,236
Pool # FM2733, 2.50%, 3/1/2050
105,168
94,335
Pool # FM4883, 2.50%, 3/1/2050
2,027,427
1,817,923
Pool # FM4372, 3.50%, 3/1/2050
578,213
556,205
Pool # BP2403, 3.50%, 4/1/2050
281,516
269,116
Pool # BP5001, 2.50%, 5/1/2050
610,402
547,195
Pool # FM3257, 3.00%, 5/1/2050
252,133
236,584
Pool # BK2753, 2.50%, 7/1/2050
950,103
851,671
Pool # MA4078, 2.50%, 7/1/2050
367,979
329,618
Pool # BP6626, 2.00%, 8/1/2050
2,433,368
2,101,920
Pool # MA4100, 2.00%, 8/1/2050
1,145,641
993,211
Pool # BP9500, 2.50%, 8/1/2050
94,388
84,606
Pool # BQ0723, 3.50%, 8/1/2050
1,300,332
1,248,228
Pool # FM5750, 4.00%, 8/1/2050
358,456
352,446
Pool # MA4119, 2.00%, 9/1/2050
154,580
133,619
Pool # BK3044, 2.50%, 9/1/2050
807,228
723,510
Pool # BP6702, 2.50%, 9/1/2050
618,402
555,078
Pool # FM8260, 4.00%, 9/1/2050
590,507
586,316
Pool # MA4158, 2.00%, 10/1/2050
1,803,513
1,561,090
Pool # MA4159, 2.50%, 10/1/2050
607,875
544,818
Pool # MA4182, 2.00%, 11/1/2050
1,888,189
1,630,811
Pool # CA7603, 2.50%, 11/1/2050
333,142
298,426
Pool # MA4183, 2.50%, 11/1/2050
2,723,034
2,440,516
Pool # CA8222, 1.50%, 12/1/2050
1,541,328
1,262,432
Pool # MA4209, 1.50%, 12/1/2050
1,329,949
1,089,952
Pool # BQ5160, 2.00%, 12/1/2050
2,769,141
2,390,828
Pool # FM5849, 2.00%, 12/1/2050
928,091
800,691
Pool # MA4208, 2.00%, 12/1/2050
486,200
419,990
Pool # BR2807, 2.50%, 12/1/2050
1,343,412
1,204,434
Pool # MA4210, 2.50%, 12/1/2050
1,519,940
1,362,177
Pool # FM5597, 2.00%, 1/1/2051
226,396
195,248
Pool # FM6241, 2.00%, 1/1/2051
3,923,142
3,383,937
SEE NOTES TO FINANCIAL STATEMENTS.
 
186
J.P. Morgan Exchange-Traded Funds
August 31, 2022
INVESTMENTS
PRINCIPAL
AMOUNT($)
VALUE($)
Mortgage-Backed Securities — continued
Pool # FM5854, 2.50%, 1/1/2051
   195,311
      175,072
Pool # MA4254, 1.50%, 2/1/2051
   355,603
      291,365
Pool # CA9190, 2.00%, 2/1/2051
   876,742
      756,343
Pool # FM6037, 2.00%, 2/1/2051
 1,871,724
    1,621,541
Pool # FM6126, 2.00%, 2/1/2051
   221,617
      191,126
Pool # MA4255, 2.00%, 2/1/2051
 4,884,762
    4,225,954
Pool # BR3515, 2.50%, 2/1/2051
   167,173
      149,781
Pool # FM6244, 2.00%, 3/1/2051
   891,255
      769,216
Pool # MA4281, 2.00%, 3/1/2051
   268,373
      231,549
Pool # FM6523, 2.50%, 3/1/2051
   318,217
      284,860
Pool # FM6764, 2.50%, 3/1/2051
   895,229
      802,014
Pool # FM6537, 2.00%, 4/1/2051
 3,889,131
    3,375,752
Pool # MA4306, 2.50%, 4/1/2051
261,964
234,568
Pool # FM7099, 3.00%, 4/1/2051
1,260,803
1,181,205
Pool # MA4325, 2.00%, 5/1/2051
2,411,951
2,077,860
Pool # FM7066, 2.50%, 5/1/2051
877,096
795,462
Pool # MA4355, 2.00%, 6/1/2051
452,717
390,516
Pool # CB0727, 2.50%, 6/1/2051
1,515,399
1,357,706
Pool # FM7418, 2.50%, 6/1/2051
935,580
837,961
Pool # FM8194, 2.00%, 7/1/2051
378,056
325,991
Pool # MA4378, 2.00%, 7/1/2051
2,194,151
1,892,522
Pool # CB1027, 2.50%, 7/1/2051
279,047
249,548
Pool # MA4379, 2.50%, 7/1/2051
654,264
585,379
Pool # MA4380, 3.00%, 7/1/2051
236,251
219,261
Pool # FM8278, 3.50%, 7/1/2051
440,343
420,990
Pool # BT9030, 2.00%, 8/1/2051
190,303
164,063
Pool # MA4398, 2.00%, 8/1/2051
2,212,671
1,905,329
Pool # BR2236, 2.50%, 8/1/2051
275,888
246,646
Pool # BR2237, 2.50%, 8/1/2051
542,647
485,330
Pool # BR2258, 2.50%, 8/1/2051
182,279
163,050
Pool # CB1276, 2.50%, 8/1/2051
782,758
699,888
Pool # MA4399, 2.50%, 8/1/2051
1,505,375
1,346,593
Pool # MA4401, 3.50%, 8/1/2051
142,330
135,988
Pool # BT0240, 2.00%, 9/1/2051
188,182
162,239
Pool # MA4413, 2.00%, 9/1/2051
797,189
686,423
Pool # MA4414, 2.50%, 9/1/2051
542,269
484,967
Pool # MA4437, 2.00%, 10/1/2051
801,638
690,415
Pool # MA4438, 2.50%, 10/1/2051
551,669
493,273
Pool # CB1917, 3.00%, 10/1/2051
2,054,041
1,908,487
Pool # MA4464, 1.50%, 11/1/2051
576,480
472,222
Pool # MA4465, 2.00%, 11/1/2051
1,332,914
1,148,163
Pool # MA4492, 2.00%, 12/1/2051
3,097,304
2,665,786
Pool # FM9868, 2.50%, 12/1/2051
572,769
514,194
Pool # FM9870, 2.50%, 12/1/2051
580,185
520,378
Pool # MA4493, 2.50%, 12/1/2051
946,937
846,489
INVESTMENTS
PRINCIPAL
AMOUNT($)
VALUE($)
 
Pool # MA4511, 2.00%, 1/1/2052
   867,566
      746,696
Pool # MA4512, 2.50%, 1/1/2052
   478,438
      427,673
Pool # MA4547, 2.00%, 2/1/2052
 2,440,949
    2,100,874
Pool # MA4548, 2.50%, 2/1/2052
   481,700
      430,499
Pool # MA4578, 2.50%, 4/1/2052
 1,662,846
    1,486,092
Pool # MA4598, 2.50%, 5/1/2052
 1,674,278
    1,496,316
Pool # MA4600, 3.50%, 5/1/2052
   980,784
      935,397
FNMA/FHLMC UMBS, Single Family, 15
Year
 
 
TBA, 1.50%, 9/25/2037 (a)
   500,000
      449,277
TBA, 2.00%, 9/25/2037 (a)
   200,000
      184,375
TBA, 2.50%, 9/25/2037 (a)
   600,000
      567,562
TBA, 3.00%, 9/25/2037 (a)
   500,000
      484,277
TBA, 3.50%, 9/25/2037 (a)
500,000
490,997
FNMA/FHLMC UMBS, Single Family, 30
Year
 
 
TBA, 2.00%, 9/25/2052 (a)
7,000,000
6,021,504
TBA, 2.50%, 9/25/2052 (a)
10,600,000
9,463,812
TBA, 3.00%, 9/25/2052 (a)
9,300,000
8,607,586
TBA, 3.50%, 9/25/2052 (a)
6,000,000
5,716,406
TBA, 4.00%, 9/25/2052 (a)
6,751,000
6,589,081
TBA, 4.50%, 9/25/2052 (a)
2,866,000
2,848,535
TBA, 5.00%, 9/25/2052 (a)
1,100,000
1,110,055
GNMA I, 30 Year
 
 
Pool # 704155, 5.50%, 1/15/2039
17,771
19,058
Pool # 726769, 5.00%, 9/15/2039
13,674
14,005
Pool # 721340, 5.00%, 12/15/2039
47,887
49,017
Pool # 754439, 3.50%, 12/15/2041
110,712
109,288
Pool # 711674, 3.00%, 9/15/2042
46,806
44,342
Pool # 783748, 3.50%, 4/15/2043
66,290
65,549
Pool # 784660, 4.00%, 4/15/2043
6,000
6,074
Pool # AC2224, 3.50%, 6/15/2043
46,313
45,791
Pool # 785088, 3.50%, 7/15/2043
59,938
59,654
Pool # AJ4151, 4.00%, 9/15/2044
213,736
216,473
Pool # AL9314, 3.00%, 3/15/2045
42,017
39,601
Pool # 784664, 4.00%, 4/15/2045
22,863
23,365
Pool # AO0544, 3.00%, 8/15/2045
24,041
22,656
Pool # 627030, 3.00%, 12/15/2045
22,350
21,062
Pool # 784429, 3.00%, 8/15/2046
82,534
78,213
Pool # 784652, 4.00%, 11/15/2047
468,795
480,925
Pool # 784766, 3.50%, 3/15/2048
540,694
530,004
GNMA II, 15 Year
 
 
Pool # MA0513, 2.50%, 11/20/2027
62,514
60,680
Pool # MA4625, 3.50%, 8/20/2032
23,932
23,623
Pool # MA6906, 2.50%, 10/20/2035
403,666
380,664
SEE NOTES TO FINANCIAL STATEMENTS.
 
August 31, 2022
J.P. Morgan Exchange-Traded Funds
187
JPMorgan U.S. Aggregate Bond ETF
SCHEDULE OF PORTFOLIO INVESTMENTS
AS OF August 31, 2022  (Unaudited) (continued)
INVESTMENTS
PRINCIPAL
AMOUNT($)
VALUE($)
Mortgage-Backed Securities — continued
GNMA II, 30 Year
 
 
Pool # 711773, 3.50%, 6/20/2033
    56,782
       54,809
Pool # 3459, 5.50%, 10/20/2033
    50,263
       53,436
Pool # AQ5932, 3.50%, 1/20/2036
    81,494
       78,667
Pool # 4222, 6.00%, 8/20/2038
     9,269
       10,114
Pool # 709148, 4.50%, 2/20/2039
    29,054
       29,198
Pool # 4446, 4.50%, 5/20/2039
     2,815
        2,902
Pool # 4467, 4.00%, 6/20/2039
    13,043
       13,123
Pool # 4468, 4.50%, 6/20/2039
     2,507
        2,584
Pool # 4494, 4.00%, 7/20/2039
    13,979
       14,064
Pool # 4495, 4.50%, 7/20/2039
    10,839
       11,172
Pool # 4519, 4.50%, 8/20/2039
     4,008
        4,131
Pool # 4558, 4.50%, 10/20/2039
3,402
3,507
Pool # 4576, 4.00%, 11/20/2039
6,418
6,457
Pool # 4598, 4.50%, 12/20/2039
6,622
6,728
Pool # 4617, 4.50%, 1/20/2040
3,605
3,716
Pool # 4636, 4.50%, 2/20/2040
5,188
5,347
Pool # 4656, 4.00%, 3/20/2040
10,451
10,515
Pool # 4677, 4.00%, 4/20/2040
27,949
28,120
Pool # 4678, 4.50%, 4/20/2040
1,258
1,297
Pool # 4695, 4.00%, 5/20/2040
3,096
3,115
Pool # 4696, 4.50%, 5/20/2040
1,262
1,300
Pool # 4712, 4.00%, 6/20/2040
4,820
4,849
Pool # 4800, 4.00%, 9/20/2040
4,977
5,007
Pool # 737727, 4.00%, 12/20/2040
43,704
43,838
Pool # 4945, 4.00%, 2/20/2041
10,813
10,879
Pool # 759342, 4.50%, 2/20/2041
227,306
230,983
Pool # 4950, 5.50%, 2/20/2041
19,430
20,796
Pool # 4976, 3.50%, 3/20/2041
12,334
12,149
Pool # 4977, 4.00%, 3/20/2041
19,833
19,954
Pool # 5016, 4.00%, 4/20/2041
7,727
7,774
Pool # 5054, 4.00%, 5/20/2041
12,101
12,175
Pool # 5114, 4.00%, 7/20/2041
1,583
1,593
Pool # 779497, 3.50%, 10/20/2041
7,890
7,642
Pool # 5233, 4.00%, 11/20/2041
1,941
1,953
Pool # 5258, 3.50%, 12/20/2041
117,883
116,066
Pool # 5259, 4.00%, 12/20/2041
7,413
7,458
Pool # 5279, 3.50%, 1/20/2042
21,901
21,558
Pool # 5330, 3.00%, 3/20/2042
14,111
13,472
Pool # 754406, 3.50%, 5/20/2042
54,114
52,464
Pool # MA0220, 3.50%, 7/20/2042
9,208
9,049
Pool # MA0318, 3.50%, 8/20/2042
128,029
125,393
Pool # 796468, 4.00%, 9/20/2042
19,301
19,466
Pool # AA6040, 3.00%, 1/20/2043
112,283
105,918
Pool # AD1584, 3.00%, 1/20/2043
124,684
117,144
INVESTMENTS
PRINCIPAL
AMOUNT($)
VALUE($)
 
Pool # AD2125, 3.50%, 1/20/2043
    87,064
       85,922
Pool # AA6054, 3.00%, 2/20/2043
   196,895
      186,299
Pool # AD1744, 3.00%, 2/20/2043
    16,584
       16,022
Pool # 783755, 3.00%, 4/20/2043
   128,976
      123,099
Pool # 783976, 3.50%, 4/20/2043
    21,375
       20,730
Pool # MA1012, 3.50%, 5/20/2043
   109,342
      107,303
Pool # MA1157, 3.50%, 7/20/2043
    21,665
       21,251
Pool # MA1284, 3.00%, 9/20/2043
    17,342
       16,559
Pool # 785065, 3.50%, 10/20/2043
   224,001
      216,218
Pool # MA1376, 4.00%, 10/20/2043
   102,427
      102,172
Pool # AI7106, 4.00%, 6/20/2044
    30,328
       30,067
Pool # 784026, 3.50%, 12/20/2044
   190,733
      186,191
Pool # MA2678, 3.50%, 3/20/2045
135,791
133,087
Pool # MA2679, 4.00%, 3/20/2045
46,781
46,665
Pool # MA2753, 3.00%, 4/20/2045
69,429
66,284
Pool # 626942, 3.00%, 5/20/2045
158,224
148,658
Pool # MA2825, 3.00%, 5/20/2045
176,060
168,083
Pool # MA2829, 5.00%, 5/20/2045
25,907
27,040
Pool # 784800, 3.00%, 6/20/2045
35,696
33,607
Pool # AM9881, 3.00%, 6/20/2045
21,679
20,442
Pool # MA3247, 5.00%, 11/20/2045
22,513
23,494
Pool # AO9442, 3.50%, 12/20/2045
22,140
21,472
Pool # 784119, 3.00%, 2/20/2046
152,184
145,246
Pool # MA3458, 5.50%, 2/20/2046
31,453
33,557
Pool # MA3520, 3.00%, 3/20/2046
413,293
394,587
Pool # MA3735, 3.00%, 6/20/2046
281,067
268,245
Pool # AT7138, 3.50%, 6/20/2046
284,045
274,263
Pool # MA3935, 2.50%, 9/20/2046
73,966
67,525
Pool # 784768, 3.00%, 9/20/2046
81,819
77,979
Pool # AT8215, 3.00%, 9/20/2046
23,463
22,157
Pool # MA4002, 2.50%, 10/20/2046
407,279
371,785
Pool # AW0199, 3.00%, 10/20/2046
50,620
47,748
Pool # MA4068, 3.00%, 11/20/2046
11,894
11,341
Pool # MA4072, 5.00%, 11/20/2046
25,590
26,747
Pool # MA4125, 2.50%, 12/20/2046
373,419
340,889
Pool # MA4126, 3.00%, 12/20/2046
55,876
53,342
Pool # MA4260, 2.50%, 2/20/2047
65,062
59,396
Pool # AZ3119, 3.50%, 3/20/2047
30,606
29,552
Pool # AZ7084, 3.50%, 4/20/2047
100,610
97,534
Pool # MA4511, 4.00%, 6/20/2047
175,011
174,353
Pool # BA5041, 5.00%, 6/20/2047
96,909
99,394
Pool # MA4584, 2.50%, 7/20/2047
88,903
81,166
Pool # MA4718, 3.00%, 9/20/2047
7,704
7,326
Pool # MA4721, 4.50%, 9/20/2047
33,412
34,154
Pool # MA4836, 3.00%, 11/20/2047
373,385
355,333
SEE NOTES TO FINANCIAL STATEMENTS.
 
188
J.P. Morgan Exchange-Traded Funds
August 31, 2022
INVESTMENTS
PRINCIPAL
AMOUNT($)
VALUE($)
Mortgage-Backed Securities — continued
Pool # BC2742, 3.50%, 11/20/2047
   648,575
      636,128
Pool # BD6940, 3.50%, 12/20/2047
       169
          163
Pool # MA4900, 3.50%, 12/20/2047
    91,413
       89,159
Pool # MA5019, 3.50%, 2/20/2048
   237,725
      231,688
Pool # MA5077, 3.50%, 3/20/2048
    35,449
       34,528
Pool # MA5138, 4.50%, 4/20/2048
    14,077
       14,215
Pool # 785033, 3.50%, 5/20/2048
   215,293
      213,652
Pool # MA5194, 5.00%, 5/20/2048
    87,302
       89,343
Pool # MA5329, 3.50%, 7/20/2048
     8,495
        8,281
Pool # MA5468, 5.00%, 9/20/2048
     6,787
        6,920
Pool # MA5527, 3.50%, 10/20/2048
    31,180
       30,380
Pool # MA5595, 4.00%, 11/20/2048
    38,837
       38,625
Pool # BJ6759, 4.50%, 11/20/2048
361,935
365,807
Pool # MA5650, 3.50%, 12/20/2048
12,851
12,521
Pool # MA5651, 4.00%, 12/20/2048
186,409
184,044
Pool # MA5709, 3.50%, 1/20/2049
90,050
87,969
Pool # BI6473, 4.00%, 1/20/2049
717,319
723,475
Pool # BJ9901, 3.00%, 2/20/2049
56,701
53,373
Pool # MA5930, 3.50%, 5/20/2049
11,578
11,235
Pool # MA5983, 2.50%, 6/20/2049
133,143
121,528
Pool # MA5985, 3.50%, 6/20/2049
46,290
44,693
Pool # MA5987, 4.50%, 6/20/2049
41,178
41,402
Pool # MA5988, 5.00%, 6/20/2049
7,880
8,089
Pool # MA6039, 3.50%, 7/20/2049
77,832
75,526
Pool # BM5450, 4.50%, 7/20/2049
74,008
74,910
Pool # MA6220, 4.00%, 10/20/2049
203,860
201,658
Pool # BR4627, 3.00%, 11/20/2049
502,249
473,812
Pool # 785067, 3.50%, 12/20/2049
427,272
413,941
Pool # MA6478, 5.00%, 2/20/2050
27,519
28,269
Pool # MA6542, 3.50%, 3/20/2050
259,222
252,118
Pool # MA6545, 5.00%, 3/20/2050
30,577
31,466
Pool # BV1348, 2.50%, 6/20/2050
50,699
45,277
Pool # MA6709, 2.50%, 6/20/2050
751,447
689,987
Pool # MA6818, 2.00%, 8/20/2050
1,393,200
1,239,042
Pool # BY8818, 2.00%, 10/20/2050
560,824
493,093
Pool # 785401, 2.50%, 10/20/2050
801,452
724,541
Pool # MA6994, 2.00%, 11/20/2050
1,528,190
1,359,014
Pool # BY8832, 2.50%, 11/20/2050
508,932
461,643
Pool # MA7051, 2.00%, 12/20/2050
2,365,020
2,103,020
Pool # CA4485, 2.50%, 12/20/2050
586,168
527,825
Pool # MA7052, 2.50%, 12/20/2050
975,458
893,313
Pool # MA7055, 4.00%, 12/20/2050
259,546
256,936
Pool # MA7135, 2.00%, 1/20/2051
2,704,560
2,404,849
Pool # MA7254, 2.00%, 3/20/2051
1,170,805
1,040,773
Pool # MA7311, 2.00%, 4/20/2051
2,770,395
2,462,067
INVESTMENTS
PRINCIPAL
AMOUNT($)
VALUE($)
 
Pool # 785449, 3.00%, 4/20/2051
   315,002
      296,741
Pool # MA7367, 2.50%, 5/20/2051
 1,594,125
    1,459,202
Pool # MA7368, 3.00%, 5/20/2051
   490,622
      461,979
Pool # MA7417, 2.00%, 6/20/2051
 3,206,742
    2,847,869
Pool # MA7418, 2.50%, 6/20/2051
 1,755,520
    1,606,014
Pool # MA7420, 3.50%, 6/20/2051
   445,076
      429,726
Pool # MA7471, 2.00%, 7/20/2051
 2,612,318
    2,318,804
Pool # MA7472, 2.50%, 7/20/2051
   844,634
      772,397
Pool # MA7473, 3.00%, 7/20/2051
   534,070
      502,659
Pool # MA7533, 2.00%, 8/20/2051
 1,088,170
      970,325
Pool # MA7588, 2.00%, 9/20/2051
 1,106,507
      981,434
Pool # MA7589, 2.50%, 9/20/2051
   458,473
      419,098
Pool # MA7766, 2.00%, 12/20/2051
2,405,537
2,131,996
Pool # MA7826, 2.00%, 1/20/2052
484,768
429,467
Pool # 785881, 2.50%, 1/20/2052
2,105,504
1,896,511
Pool # 785945, 3.00%, 2/20/2052
978,732
921,885
Pool # 786017, 3.00%, 3/20/2052
983,301
926,798
Pool # MA7937, 3.00%, 3/20/2052
976,448
917,641
Pool # MA7988, 3.00%, 4/20/2052
983,625
924,341
GNMA II, Single Family, 30 Year
 
 
TBA, 2.00%, 9/15/2052 (a)
1,600,000
1,412,844
TBA, 2.50%, 9/15/2052 (a)
6,300,000
5,740,137
TBA, 3.00%, 9/15/2052 (a)
4,200,000
3,941,930
TBA, 3.50%, 9/15/2052 (a)
600,000
578,508
TBA, 4.00%, 9/15/2052 (a)
1,600,000
1,576,625
TBA, 4.50%, 9/15/2052 (a)
1,400,000
1,400,219
TBA, 5.00%, 9/15/2052 (a)
600,000
607,922
Total Mortgage-Backed Securities
(Cost $345,540,099)
 
312,078,533
Corporate Bonds — 24.5%
Aerospace & Defense — 0.4%
Lockheed Martin Corp.
 
 
3.55%, 1/15/2026
133,000
131,967
1.85%, 6/15/2030
833,000
717,029
3.60%, 3/1/2035
117,000
108,178
3.80%, 3/1/2045
213,000
187,948
4.09%, 9/15/2052
187,000
173,863
4.30%, 6/15/2062
3,229,000
2,996,904
 
 
4,315,889
Banks — 2.7%
Bank of Nova Scotia (The) (Canada)
 
 
3.40%, 2/11/2024
409,000
405,773
1.95%, 2/2/2027
1,708,000
1,537,538
2.45%, 2/2/2032
614,000
510,570
SEE NOTES TO FINANCIAL STATEMENTS.
 
August 31, 2022
J.P. Morgan Exchange-Traded Funds
189
JPMorgan 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
Canadian Imperial Bank of Commerce
(Canada)
 
 
0.50%, 12/14/2023
   723,000
      692,866
3.10%, 4/2/2024
 4,496,000
    4,433,311
0.95%, 10/23/2025
   231,000
      210,061
Discover Bank
 
 
4.25%, 3/13/2026
   636,000
      621,291
3.45%, 7/27/2026
    90,000
       85,275
4.65%, 9/13/2028
   960,000
      923,204
2.70%, 2/6/2030
   699,000
      582,508
First Horizon Corp. 4.00%, 5/26/2025
   402,000
      393,323
First-Citizens Bank & Trust Co. (TSFR3M +
1.72%), 2.97%, 9/27/2025  (b)
 1,025,000
      978,622
Korea Development Bank (The) (South
Korea)
 
 
1.38%, 4/25/2027
882,000
785,714
2.00%, 10/25/2031
424,000
357,558
Kreditanstalt fuer Wiederaufbau
(Germany)
 
 
2.63%, 2/28/2024
36,000
35,516
0.25%, 3/8/2024
371,000
353,004
0.50%, 9/20/2024
500,000
470,112
2.50%, 11/20/2024
75,000
73,327
0.38%, 7/18/2025
198,000
180,703
0.63%, 1/22/2026
72,000
65,303
1.00%, 10/1/2026 (c)
403,000
364,511
3.00%, 5/20/2027
66,000
64,664
1.75%, 9/14/2029
70,000
62,925
Zero Coupon, 6/29/2037
832,000
494,217
Landwirtschaftliche Rentenbank
(Germany)
 
 
2.00%, 1/13/2025
498,000
480,466
2.38%, 6/10/2025
75,000
72,547
0.88%, 3/30/2026
170,000
154,604
0.88%, 9/3/2030
779,000
641,853
NatWest Group plc (United Kingdom)
 
 
(US Treasury Yield Curve Rate T
Note Constant Maturity 1 Year +
2.15%), 2.36%, 5/22/2024 (b)
1,179,000
1,158,314
(US Treasury Yield Curve Rate T
Note Constant Maturity 1 Year +
0.90%), 1.64%, 6/14/2027 (b)
398,000
347,878
(US Treasury Yield Curve Rate T
Note Constant Maturity 1 Year +
2.55%), 3.07%, 5/22/2028 (b)
1,381,000
1,248,398
INVESTMENTS
PRINCIPAL
AMOUNT($)
VALUE($)
 
Banks — continued
Oesterreichische Kontrollbank AG
(Austria)
 
 
1.50%, 2/12/2025
   160,000
      152,121
0.50%, 2/2/2026
   130,000
      117,010
Regions Financial Corp.
 
 
2.25%, 5/18/2025
    63,000
       60,002
1.80%, 8/12/2028
 1,999,000
    1,721,074
Royal Bank of Canada (Canada)
 
 
0.43%, 1/19/2024
    18,000
       17,184
2.55%, 7/16/2024
 1,620,000
    1,576,207
2.25%, 11/1/2024
 2,242,000
    2,156,821
1.15%, 6/10/2025
    49,000
       45,170
0.88%, 1/20/2026
603,000
540,302
1.40%, 11/2/2026
283,000
251,786
Series FXD, 2.05%, 1/21/2027
698,000
636,814
3.88%, 5/4/2032
1,967,000
1,858,397
SVB Financial Group
 
 
1.80%, 10/28/2026
2,278,000
2,021,315
2.10%, 5/15/2028
234,000
198,310
3.13%, 6/5/2030
63,000
53,927
1.80%, 2/2/2031
251,000
189,273
 
 
30,381,669
Beverages — 0.0% ^
Brown-Forman Corp.
 
 
3.50%, 4/15/2025
186,000
183,952
4.00%, 4/15/2038
113,000
102,302
4.50%, 7/15/2045
269,000
251,259
 
 
537,513
Biotechnology — 0.1%
Regeneron Pharmaceuticals, Inc.
 
 
1.75%, 9/15/2030
276,000
219,464
2.80%, 9/15/2050
1,950,000
1,311,389
 
 
1,530,853
Building Products — 0.0% ^
Allegion plc 3.50%, 10/1/2029
344,000
303,558
Capital Markets — 3.3%
Affiliated Managers Group, Inc. 4.25%,
2/15/2024
370,000
369,992
Ameriprise Financial, Inc.
 
 
3.70%, 10/15/2024
631,000
626,083
3.00%, 4/2/2025
101,000
98,364
2.88%, 9/15/2026
828,000
787,798
BGC Partners, Inc. 3.75%, 10/1/2024
175,000
169,517
SEE NOTES TO FINANCIAL STATEMENTS.
 
190
J.P. Morgan Exchange-Traded Funds
August 31, 2022
INVESTMENTS
PRINCIPAL
AMOUNT($)
VALUE($)
Corporate Bonds — continued
Capital Markets — continued
BlackRock, Inc.
 
 
3.50%, 3/18/2024
   269,000
      268,170
3.20%, 3/15/2027
 1,652,000
    1,620,892
3.25%, 4/30/2029
   300,000
      285,283
2.40%, 4/30/2030
   343,000
      301,380
2.10%, 2/25/2032
 2,117,000
    1,757,407
Cboe Global Markets, Inc. 1.63%,
12/15/2030
 1,377,000
    1,109,695
Charles Schwab Corp. (The)
 
 
0.75%, 3/18/2024
   260,000
      248,824
3.75%, 4/1/2024
   227,000
      226,633
4.20%, 3/24/2025
    85,000
       85,384
3.63%, 4/1/2025
10,000
9,869
2.45%, 3/3/2027
534,000
498,319
3.30%, 4/1/2027
1,197,000
1,160,904
2.00%, 3/20/2028
909,000
817,244
4.00%, 2/1/2029
451,000
443,591
3.25%, 5/22/2029
1,057,000
990,769
4.63%, 3/22/2030
513,000
519,883
1.95%, 12/1/2031
12,000
9,793
CI Financial Corp. (Canada)
 
 
3.20%, 12/17/2030
163,000
123,661
4.10%, 6/15/2051
22,000
14,396
CME Group, Inc.
 
 
3.00%, 3/15/2025
363,000
356,002
3.75%, 6/15/2028
294,000
288,841
2.65%, 3/15/2032
935,000
823,122
4.15%, 6/15/2048
1,990,000
1,894,279
Deutsche Bank AG (Germany)
 
 
0.90%, 5/28/2024
2,382,000
2,239,082
(SOFR + 2.58%), 3.96%,
11/26/2025 (b)
605,000
579,603
4.10%, 1/13/2026
1,608,000
1,568,002
(SOFR + 3.19%), 6.12%,
7/14/2026 (b)
481,000
481,219
(SOFR + 1.87%), 2.13%,
11/24/2026 (b)
1,889,000
1,664,100
Franklin Resources, Inc. 2.95%,
8/12/2051
112,000
77,593
Intercontinental Exchange, Inc.
 
 
3.75%, 12/1/2025
57,000
56,454
1.85%, 9/15/2032
356,000
280,893
2.65%, 9/15/2040
1,860,000
1,378,839
3.00%, 6/15/2050
445,000
324,518
4.95%, 6/15/2052
103,000
101,278
INVESTMENTS
PRINCIPAL
AMOUNT($)
VALUE($)
 
Capital Markets — continued
3.00%, 9/15/2060
 4,339,000
    2,943,035
5.20%, 6/15/2062
    57,000
       56,081
Janus Henderson US Holdings,
Inc. 4.88%, 8/1/2025
   520,000
      521,491
Lazard Group LLC
 
 
3.75%, 2/13/2025
 2,269,000
    2,232,846
3.63%, 3/1/2027
   276,000
      260,806
4.38%, 3/11/2029
   404,000
      387,775
Morgan Stanley (SOFR + 0.46%),
0.53%, 1/25/2024  (b)
   877,000
      863,505
Nasdaq, Inc.
 
 
3.85%, 6/30/2026
   519,000
      511,094
1.65%, 1/15/2031
   128,000
      101,912
2.50%, 12/21/2040
62,000
43,131
3.25%, 4/28/2050
1,789,000
1,330,425
3.95%, 3/7/2052
289,000
241,595
Raymond James Financial, Inc.
 
 
4.65%, 4/1/2030
233,000
228,813
3.75%, 4/1/2051
247,000
199,519
S&P Global, Inc.
 
 
2.95%, 1/22/2027
327,000
313,811
2.50%, 12/1/2029
425,000
376,055
3.25%, 12/1/2049
189,000
148,175
2.30%, 8/15/2060
1,140,000
690,785
Stifel Financial Corp.
 
 
4.25%, 7/18/2024
780,000
777,131
4.00%, 5/15/2030
686,000
621,776
 
 
37,507,437
Chemicals — 0.2%
CF Industries, Inc. 5.38%, 3/15/2044
371,000
347,542
EI du Pont de Nemours and Co.
 
 
1.70%, 7/15/2025
20,000
18,799
2.30%, 7/15/2030
1,668,000
1,442,127
Huntsman International LLC
 
 
4.50%, 5/1/2029
497,000
457,677
2.95%, 6/15/2031
541,000
432,282
 
 
2,698,427
Communications Equipment — 0.6%
Cisco Systems, Inc.
 
 
3.63%, 3/4/2024
2,374,000
2,375,750
3.50%, 6/15/2025
1,802,000
1,798,817
2.50%, 9/20/2026 (c)
669,000
642,269
5.90%, 2/15/2039
200,000
227,091
SEE NOTES TO FINANCIAL STATEMENTS.
 
August 31, 2022
J.P. Morgan Exchange-Traded Funds
191
JPMorgan U.S. Aggregate Bond ETF
SCHEDULE OF PORTFOLIO INVESTMENTS
AS OF August 31, 2022  (Unaudited) (continued)
INVESTMENTS
PRINCIPAL
AMOUNT($)
VALUE($)
Corporate Bonds — continued
Communications Equipment — continued
Juniper Networks, Inc.
 
 
3.75%, 8/15/2029
   157,000
      142,665
2.00%, 12/10/2030
 1,733,000
    1,349,653
 
 
6,536,245
Construction & Engineering — 0.1%
Valmont Industries, Inc. 5.25%,
10/1/2054
 1,399,000
    1,321,952
Construction Materials — 0.0% ^
Eagle Materials, Inc. 2.50%, 7/1/2031
   723,000
      565,578
Consumer Finance — 1.7%
Ally Financial, Inc.
 
 
1.45%, 10/2/2023
   712,600
      690,346
3.88%, 5/21/2024
1,242,000
1,230,210
5.13%, 9/30/2024
403,000
408,753
4.63%, 3/30/2025
130,000
129,669
2.20%, 11/2/2028
1,411,000
1,164,897
8.00%, 11/01/2031
740,000
820,262
American Express Co.
 
 
3.70%, 8/3/2023
976,000
974,671
3.40%, 2/22/2024
598,000
593,209
2.50%, 7/30/2024
100,000
97,290
3.00%, 10/30/2024
164,000
160,732
4.20%, 11/6/2025
777,000
778,279
3.13%, 5/20/2026
190,000
183,390
3.30%, 5/3/2027
726,000
694,731
4.05%, 12/3/2042
2,737,000
2,486,753
Discover Financial Services
 
 
3.95%, 11/6/2024
1,916,000
1,895,969
4.10%, 2/9/2027
856,000
824,272
Synchrony Financial
 
 
4.38%, 3/19/2024
178,000
177,321
4.50%, 7/23/2025
142,000
138,834
3.70%, 8/4/2026
1,260,000
1,180,398
3.95%, 12/1/2027
811,000
737,652
5.15%, 3/19/2029
3,871,000
3,684,158
 
 
19,051,796
Containers & Packaging — 0.1%
Avery Dennison Corp.
 
 
4.88%, 12/6/2028
108,000
109,065
2.65%, 4/30/2030
935,000
788,065
2.25%, 2/15/2032
10,000
7,843
 
 
904,973
INVESTMENTS
PRINCIPAL
AMOUNT($)
VALUE($)
 
Diversified Financial Services — 0.2%
Block Financial LLC
 
 
2.50%, 7/15/2028
   120,000
      104,202
3.88%, 8/15/2030
   857,000
      777,926
National Rural Utilities Cooperative
Finance Corp. Series D, 1.00%,
10/18/2024
 1,019,000
      958,053
 
 
1,840,181
Diversified Telecommunication Services — 0.1%
Bell Telephone Co. of Canada or Bell
Canada (The) (Canada)
 
 
Series US-3, 0.75%, 3/17/2024
    13,000
       12,355
Series US-5, 2.15%, 2/15/2032
   593,000
      483,328
Series US-6, 3.20%, 2/15/2052
   237,000
      172,993
Koninklijke KPN NV (Netherlands)
8.38%, 10/1/2030
   355,000
      411,848
 
 
1,080,524
Electric Utilities — 1.3%
Alabama Power Co.
 
 
Series 20-A, 1.45%, 9/15/2030
767,000
624,141
3.45%, 10/1/2049
170,000
133,824
Emera US Finance LP (Canada) 2.64%,
6/15/2031
1,034,000
853,884
Enel Americas SA (Chile) 4.00%,
10/25/2026
168,000
164,947
Georgia Power Co.
 
 
Series A, 2.20%, 9/15/2024
1,542,000
1,490,602
5.13%, 5/15/2052
47,000
47,318
Hydro-Quebec (Canada) 8.50%,
12/1/2029
50,000
64,056
Iberdrola International BV (Spain)
 
 
5.81%, 3/15/2025
345,000
359,518
6.75%, 7/15/2036
267,000
298,167
Interstate Power and Light Co.
 
 
3.70%, 9/15/2046
2,496,000
2,022,953
3.50%, 9/30/2049
1,195,000
946,094
Ohio Edison Co. 6.88%, 7/15/2036
400,000
459,524
Oklahoma Gas and Electric Co.
 
 
3.80%, 8/15/2028
400,000
385,705
3.30%, 3/15/2030
81,000
74,246
4.15%, 4/1/2047
200,000
176,632
Southern Co. (The)
 
 
Series A, 3.70%, 4/30/2030
3,184,000
2,972,032
4.40%, 7/1/2046
561,000
494,657
Tampa Electric Co.
 
 
2.40%, 3/15/2031
676,000
581,246
SEE NOTES TO FINANCIAL STATEMENTS.
 
192
J.P. Morgan Exchange-Traded Funds
August 31, 2022
INVESTMENTS
PRINCIPAL
AMOUNT($)
VALUE($)
Corporate Bonds — continued
Electric Utilities — continued
4.10%, 6/15/2042
   122,000
      107,021
Tucson Electric Power Co.
 
 
1.50%, 8/1/2030
    78,000
       62,094
3.25%, 5/1/2051
   264,000
      193,654
Union Electric Co.
 
 
8.45%, 3/15/2039
    60,000
       79,269
3.90%, 9/15/2042
 2,448,000
    2,132,451
Wisconsin Power & Light Co. 3.05%,
10/15/2027
    43,000
       40,895
Wisconsin Power and Light Co.
 
 
1.95%, 9/16/2031
    12,000
        9,803
3.65%, 4/1/2050
    28,000
       22,506
 
 
14,797,239
Electronic Equipment, Instruments & Components — 0.4%
Amphenol Corp.
 
 
2.05%, 3/1/2025
280,000
266,294
4.35%, 6/1/2029
51,000
50,372
2.80%, 2/15/2030
540,000
472,257
2.20%, 9/15/2031
561,000
462,610
CDW LLC 3.57%, 12/1/2031
2,164,000
1,821,342
Tyco Electronics Group SA (Switzerland)
 
 
3.45%, 8/1/2024
38,000
37,676
2.50%, 2/4/2032
979,000
850,005
 
 
3,960,556
Entertainment — 0.4%
Activision Blizzard, Inc.
 
 
3.40%, 9/15/2026
36,000
35,123
1.35%, 9/15/2030
2,598,000
2,050,866
4.50%, 6/15/2047
1,249,000
1,185,967
Electronic Arts, Inc.
 
 
4.80%, 3/1/2026 (c)
473,000
481,088
1.85%, 2/15/2031
523,000
427,906
 
 
4,180,950
Food & Staples Retailing — 0.2%
Ahold Finance USA LLC (Netherlands)
6.88%, 5/1/2029
716,000
783,135
Costco Wholesale Corp.
 
 
2.75%, 5/18/2024 (c)
200,000
197,718
1.75%, 4/20/2032
1,467,000
1,207,443
 
 
2,188,296
INVESTMENTS
PRINCIPAL
AMOUNT($)
VALUE($)
 
Food Products — 0.1%
Flowers Foods, Inc.
 
 
3.50%, 10/1/2026
   487,000
      463,243
2.40%, 3/15/2031
   159,000
      131,976
 
 
595,219
Gas Utilities — 0.2%
National Fuel Gas Co.
 
 
5.20%, 7/15/2025
 1,539,000
    1,543,881
4.75%, 9/1/2028
   640,000
      616,398
 
 
2,160,279
Health Care Equipment & Supplies — 0.3%
Edwards Lifesciences Corp. 4.30%,
6/15/2028
 1,013,000
    1,007,314
STERIS Irish FinCo. UnLtd Co. 3.75%,
3/15/2051
2,773,000
2,129,932
 
 
3,137,246
Health Care Providers & Services — 0.2%
AmerisourceBergen Corp.
 
 
0.74%, 3/15/2023
70,000
68,775
3.25%, 3/1/2025
255,000
248,919
3.45%, 12/15/2027
413,000
394,356
2.80%, 5/15/2030
49,000
42,615
4.25%, 3/1/2045
350,000
303,161
4.30%, 12/15/2047
962,000
867,001
 
 
1,924,827
Hotels, Restaurants & Leisure — 0.1%
Choice Hotels International, Inc. 3.70%,
1/15/2031
830,000
723,916
Household Durables — 0.2%
NVR, Inc. 3.00%, 5/15/2030
896,000
765,792
PulteGroup, Inc.
 
 
7.88%, 6/15/2032
30,000
33,459
6.00%, 2/15/2035
1,615,000
1,571,363
 
 
2,370,614
Household Products — 0.2%
Church & Dwight Co., Inc.
 
 
3.15%, 8/1/2027 (c)
342,000
324,557
2.30%, 12/15/2031
110,000
92,598
3.95%, 8/1/2047
1,693,000
1,477,347
 
 
1,894,502
Independent Power and Renewable Electricity Producers — 0.2%
Constellation Energy Generation LLC
 
 
3.25%, 6/1/2025
247,000
239,669
SEE NOTES TO FINANCIAL STATEMENTS.
 
August 31, 2022
J.P. Morgan Exchange-Traded Funds
193
JPMorgan U.S. Aggregate Bond ETF
SCHEDULE OF PORTFOLIO INVESTMENTS
AS OF August 31, 2022  (Unaudited) (continued)
INVESTMENTS
PRINCIPAL
AMOUNT($)
VALUE($)
Corporate Bonds — continued
Independent Power and Renewable Electricity Producers — continued
6.25%, 10/1/2039
 1,323,000
    1,389,291
5.75%, 10/1/2041
   427,000
      423,186
5.60%, 6/15/2042
   510,000
      505,006
 
 
2,557,152
Industrial Conglomerates — 0.0% ^
Pentair Finance SARL 4.50%, 7/1/2029
   305,000
      285,105
Interactive Media & Services — 0.6%
Alphabet, Inc.
 
 
3.38%, 2/25/2024
   494,000
      492,746
0.45%, 8/15/2025
 3,208,000
    2,930,841
2.00%, 8/15/2026
 2,307,000
    2,174,672
1.90%, 8/15/2040
217,000
153,398
2.05%, 8/15/2050
748,000
492,850
 
 
6,244,507
Internet & Direct Marketing Retail — 0.0% ^
Alibaba Group Holding Ltd. (China)
2.80%, 6/6/2023
213,000
210,910
IT Services — 0.2%
Amdocs Ltd. 2.54%, 6/15/2030
517,000
430,069
CGI, Inc. (Canada) 1.45%, 9/14/2026
1,717,000
1,512,757
 
 
1,942,826
Life Sciences Tools & Services — 0.0% ^
Agilent Technologies, Inc. 2.30%,
3/12/2031
702,000
577,658
Machinery — 0.3%
Dover Corp.
 
 
3.15%, 11/15/2025
463,000
447,981
2.95%, 11/4/2029
220,000
199,253
5.38%, 10/15/2035 (c)
283,000
284,993
IDEX Corp. 3.00%, 5/1/2030
1,139,000
1,001,087
nVent Finance Sarl (United Kingdom)
2.75%, 11/15/2031
633,000
497,693
Oshkosh Corp. 3.10%, 3/1/2030
801,000
678,574
 
 
3,109,581
Media — 0.1%
Interpublic Group of Cos., Inc. (The)
 
 
4.75%, 3/30/2030
139,000
133,534
3.38%, 3/1/2041
900,000
644,072
5.40%, 10/1/2048
30,000
28,886
 
 
806,492
INVESTMENTS
PRINCIPAL
AMOUNT($)
VALUE($)
 
Metals & Mining — 2.2%
ArcelorMittal SA (Luxembourg) 4.55%,
3/11/2026  (c)
   964,000
      945,925
Barrick Gold Corp. (Canada)
 
 
6.45%, 10/15/2035
 1,504,000
    1,652,815
5.25%, 4/1/2042
   428,000
      417,111
Barrick North America
Finance LLC (Canada) 5.75%,
5/1/2043
   300,000
      308,103
Barrick PD Australia Finance Pty.
Ltd. (Canada) 5.95%, 10/15/2039
   700,000
      737,507
Freeport-McMoRan, Inc.
 
 
5.00%, 9/1/2027
   206,000
      208,125
4.38%, 8/1/2028
 1,692,000
    1,595,171
5.45%, 3/15/2043
 2,085,000
    1,872,002
Newmont Corp.
 
 
2.80%, 10/1/2029
1,603,000
1,399,371
2.25%, 10/1/2030
665,000
546,499
5.88%, 4/1/2035
100,000
103,815
6.25%, 10/1/2039
384,000
413,254
4.88%, 3/15/2042
1,699,000
1,614,548
5.45%, 6/9/2044
843,000
835,660
Rio Tinto Alcan, Inc. (Canada)
 
 
7.25%, 3/15/2031
897,000
1,062,263
6.13%, 12/15/2033
701,000
796,442
5.75%, 6/1/2035
106,000
114,730
Rio Tinto Finance USA plc (Australia)
 
 
4.75%, 3/22/2042
900,000
894,329
4.13%, 8/21/2042
669,000
614,290
Southern Copper Corp. (Peru)
 
 
3.88%, 4/23/2025
2,255,000
2,208,512
6.75%, 4/16/2040
100,000
112,516
5.25%, 11/8/2042
653,000
631,400
5.88%, 4/23/2045
1,863,000
1,940,692
Vale Overseas Ltd. (Brazil)
 
 
6.25%, 8/10/2026
1,055,000
1,106,136
3.75%, 7/8/2030
3,176,000
2,756,448
Vale SA (Brazil) 5.63%, 9/11/2042
194,000
181,032
 
 
25,068,696
Multiline Retail — 0.3%
Dollar General Corp.
 
 
3.25%, 4/15/2023
381,000
379,313
4.15%, 11/1/2025
100,000
99,592
SEE NOTES TO FINANCIAL STATEMENTS.
 
194
J.P. Morgan Exchange-Traded Funds
August 31, 2022
INVESTMENTS
PRINCIPAL
AMOUNT($)
VALUE($)
Corporate Bonds — continued
Multiline Retail — continued
3.50%, 4/3/2030
   686,000
      632,769
4.13%, 4/3/2050
 2,605,000
    2,194,027
 
 
3,305,701
Multi-Utilities — 0.2%
Ameren Corp.
 
 
3.65%, 2/15/2026
 1,003,000
      976,068
3.50%, 1/15/2031
   182,000
      165,965
Consolidated Edison Co. of New York, Inc.
 
 
2.40%, 6/15/2031
   185,000
      158,094
3.70%, 11/15/2059
   151,000
      118,332
Southern Co. Gas Capital Corp.
 
 
Series 20-A, 1.75%, 1/15/2031
621,000
492,102
4.40%, 6/1/2043
20,000
17,303
3.95%, 10/1/2046
15,000
12,038
4.40%, 5/30/2047
17,000
14,714
Series 21A, 3.15%, 9/30/2051
281,000
196,619
 
 
2,151,235
Oil, Gas & Consumable Fuels — 2.9%
Burlington Resources LLC 7.20%,
8/15/2031
479,000
562,015
Canadian Natural Resources Ltd.
(Canada)
 
 
2.95%, 1/15/2023
100,000
99,512
2.05%, 7/15/2025
3,502,000
3,267,068
2.95%, 7/15/2030
1,559,000
1,359,436
5.85%, 2/1/2035
1,100,000
1,088,527
CNOOC Finance 2014 ULC (China)
4.25%, 4/30/2024
250,000
250,918
CNOOC Finance 2015 USA LLC (China)
3.50%, 5/5/2025
401,000
395,249
CNOOC Petroleum North America
ULC (China) 5.88%, 3/10/2035
575,000
591,799
ConocoPhillips 5.90%, 10/15/2032
323,000
357,230
ConocoPhillips Co.
 
 
2.40%, 3/7/2025
90,000
86,998
3.76%, 3/15/2042 (d)
771,000
677,569
4.03%, 3/15/2062 (d)
3,307,000
2,819,266
Continental Resources, Inc.
 
 
3.80%, 6/1/2024
1,037,000
1,022,141
4.90%, 6/1/2044
2,038,000
1,592,835
Devon Energy Corp.
 
 
4.50%, 1/15/2030
2,847,000
2,720,165
7.95%, 4/15/2032
218,000
253,174
5.60%, 7/15/2041
1,610,000
1,592,546
INVESTMENTS
PRINCIPAL
AMOUNT($)
VALUE($)
 
Oil, Gas & Consumable Fuels — continued
Eni USA, Inc. (Italy) 7.30%, 11/15/2027
    44,000
       48,666
EOG Resources, Inc.
 
 
3.15%, 4/1/2025
   244,000
      239,819
4.38%, 4/15/2030
   511,000
      512,401
3.90%, 4/1/2035
   666,000
      613,564
4.95%, 4/15/2050
   730,000
      754,042
Equinor ASA (Norway)
 
 
7.75%, 6/15/2023
   288,000
      296,623
3.70%, 3/1/2024
   100,000
       99,981
3.63%, 9/10/2028
   159,000
      155,107
Hess Corp.
 
 
3.50%, 7/15/2024
260,000
255,819
4.30%, 4/1/2027
260,000
253,816
7.30%, 8/15/2031
967,000
1,079,784
7.13%, 3/15/2033
121,000
134,418
6.00%, 1/15/2040
228,000
232,585
5.60%, 2/15/2041
2,388,000
2,299,532
Magellan Midstream Partners LP
 
 
3.25%, 6/1/2030
425,000
377,106
5.15%, 10/15/2043
407,000
373,785
4.25%, 9/15/2046
691,000
569,730
4.20%, 10/3/2047
372,000
303,005
4.85%, 2/1/2049
400,000
354,983
3.95%, 3/1/2050
1,155,000
907,059
Marathon Oil Corp.
 
 
4.40%, 7/15/2027
195,000
189,652
6.80%, 3/15/2032
300,000
320,703
6.60%, 10/1/2037
300,000
314,691
5.20%, 6/1/2045
553,000
505,722
Pioneer Natural Resources Co.
 
 
0.55%, 5/15/2023
1,549,000
1,511,854
1.13%, 1/15/2026
280,000
250,204
1.90%, 8/15/2030
430,000
350,758
2.15%, 1/15/2031
700,000
576,235
Tosco Corp. 8.13%, 2/15/2030
65,000
78,380
 
 
32,696,472
Pharmaceuticals — 1.5%
Johnson & Johnson
 
 
2.05%, 3/1/2023 (c)
188,000
186,986
0.55%, 9/1/2025
2,850,000
2,610,288
2.95%, 3/3/2027
92,000
89,456
3.55%, 3/1/2036
87,000
81,035
3.63%, 3/3/2037
79,000
73,366
3.40%, 1/15/2038
408,000
365,640
SEE NOTES TO FINANCIAL STATEMENTS.
 
August 31, 2022
J.P. Morgan Exchange-Traded Funds
195
JPMorgan U.S. Aggregate Bond ETF
SCHEDULE OF PORTFOLIO INVESTMENTS
AS OF August 31, 2022  (Unaudited) (continued)
INVESTMENTS
PRINCIPAL
AMOUNT($)
VALUE($)
Corporate Bonds — continued
Pharmaceuticals — continued
2.10%, 9/1/2040
   198,000
      144,057
4.50%, 9/1/2040
    73,000
       72,854
4.85%, 5/15/2041
    46,000
       47,680
4.50%, 12/5/2043
    76,000
       76,304
3.70%, 3/1/2046
 1,979,000
    1,767,740
3.75%, 3/3/2047
   518,000
      466,050
3.50%, 1/15/2048
   399,000
      350,192
2.25%, 9/1/2050
 1,175,000
      811,331
2.45%, 9/1/2060
   469,000
      312,664
Merck & Co., Inc.
 
 
0.75%, 2/24/2026
 1,569,000
    1,419,274
2.35%, 6/24/2040
896,000
660,977
2.45%, 6/24/2050
134,000
92,780
Pfizer, Inc.
 
 
3.60%, 9/15/2028
923,000
915,484
1.75%, 8/18/2031
736,000
611,044
4.30%, 6/15/2043
739,000
707,668
Wyeth LLC 5.95%, 4/1/2037
1,000,000
1,135,090
Zoetis, Inc.
 
 
3.00%, 9/12/2027
1,435,000
1,358,037
3.90%, 8/20/2028
550,000
535,872
2.00%, 5/15/2030
1,045,000
877,766
4.70%, 2/1/2043
255,000
242,785
3.95%, 9/12/2047
447,000
387,230
4.45%, 8/20/2048
305,000
284,583
 
 
16,684,233
Professional Services — 0.2%
Thomson Reuters Corp. (Canada)
 
 
3.35%, 5/15/2026
1,242,000
1,202,984
5.85%, 4/15/2040
25,000
25,817
5.65%, 11/23/2043
1,186,000
1,192,348
 
 
2,421,149
Semiconductors & Semiconductor Equipment — 1.3%
Micron Technology, Inc.
 
 
4.98%, 2/6/2026
658,000
658,939
3.37%, 11/1/2041
536,000
378,414
3.48%, 11/1/2051
3,821,000
2,542,950
NVIDIA Corp.
 
 
0.31%, 6/15/2023
1,443,000
1,405,334
1.55%, 6/15/2028
451,000
393,042
2.85%, 4/1/2030
885,000
799,619
3.50%, 4/1/2050
487,000
405,519
3.70%, 4/1/2060
933,000
762,123
INVESTMENTS
PRINCIPAL
AMOUNT($)
VALUE($)
 
Semiconductors & Semiconductor Equipment — continued
Texas Instruments, Inc.
 
 
2.90%, 11/3/2027
   212,000
      202,108
2.25%, 9/4/2029
   716,000
      638,185
1.75%, 5/4/2030
 1,082,000
      920,967
3.88%, 3/15/2039
   487,000
      455,385
4.15%, 5/15/2048
 1,384,000
    1,322,192
TSMC Arizona Corp. (Taiwan)
 
 
1.75%, 10/25/2026
 4,380,000
    3,957,311
3.25%, 10/25/2051
   201,000
      160,247
Xilinx, Inc. 2.38%, 6/1/2030
   232,000
      202,669
 
 
15,205,004
Software — 0.1%
Cadence Design Systems, Inc. 4.38%,
10/15/2024
715,000
719,570
Specialty Retail — 0.3%
Advance Auto Parts, Inc. 3.90%,
4/15/2030
1,580,000
1,428,499
Best Buy Co., Inc.
 
 
4.45%, 10/1/2028
337,000
330,744
1.95%, 10/1/2030
64,000
51,214
O'Reilly Automotive, Inc.
 
 
3.90%, 6/1/2029
382,000
361,756
1.75%, 3/15/2031
1,223,000
972,018
Tractor Supply Co. 1.75%, 11/1/2030
728,000
575,440
 
 
3,719,671
Technology Hardware, Storage & Peripherals — 0.3%
HP, Inc.
 
 
2.20%, 6/17/2025
784,000
739,605
1.45%, 6/17/2026
1,802,000
1,605,869
3.00%, 6/17/2027
1,343,000
1,243,489
3.40%, 6/17/2030
400,000
346,017
 
 
3,934,980
Textiles, Apparel & Luxury Goods — 0.0% ^
Tapestry, Inc.
 
 
4.13%, 7/15/2027
15,000
14,341
3.05%, 3/15/2032
546,000
435,350
 
 
449,691
Tobacco — 0.2%
Altria Group, Inc.
 
 
2.35%, 5/6/2025
63,000
59,901
3.40%, 5/6/2030
250,000
216,370
5.38%, 1/31/2044
658,000
581,409
SEE NOTES TO FINANCIAL STATEMENTS.
 
196
J.P. Morgan Exchange-Traded Funds
August 31, 2022
INVESTMENTS
PRINCIPAL
AMOUNT($)
VALUE($)
Corporate Bonds — continued
Tobacco — continued
4.45%, 5/6/2050
   174,000
      127,620
4.00%, 2/4/2061
 1,155,000
      784,175
 
 
1,769,475
Trading Companies & Distributors — 0.1%
WW Grainger, Inc.
 
 
1.85%, 2/15/2025
   121,000
      114,985
4.60%, 6/15/2045
   757,000
      731,880
4.20%, 5/15/2047
   378,000
      344,204
 
 
1,191,069
Wireless Telecommunication Services — 0.4%
America Movil SAB de CV (Mexico)
 
 
3.63%, 4/22/2029
3,529,000
3,337,338
6.38%, 3/1/2035
172,000
194,186
6.13%, 3/30/2040
202,000
221,403
4.38%, 4/22/2049
1,013,000
927,979
 
 
4,680,906
Total Corporate Bonds
(Cost $307,592,146)
 
276,242,322
Commercial Mortgage-Backed Securities — 1.9%
BANK
 
 
Series 2017-BNK4, Class ASB, 3.42%,
5/15/2050
27,018
26,299
Series 2019-BN16, Class A4, 4.01%,
2/15/2052
60,000
58,408
Series 2019-BN21, Class A5, 2.85%,
10/17/2052
60,000
54,154
Series 2019-BN23, Class A3, 2.92%,
12/15/2052
142,000
128,428
Series 2018-BN10, Class A5, 3.69%,
2/15/2061
20,000
19,254
Series 2018-BN10, Class AS, 3.90%,
2/15/2061 (e)
180,000
169,304
Series 2019-BN19, Class A3, 3.18%,
8/15/2061
100,000
92,334
Series 2018-BN13, Class C, 4.72%,
8/15/2061 ‡ (e)
500,000
442,299
Series 2019-BN22, Class A4, 2.98%,
11/15/2062
260,000
236,248
Bank of America Merrill Lynch
Commercial Mortgage Trust Series
2017-BNK3, Class A4, 3.57%,
2/15/2050
20,000
19,258
BBCMS Mortgage Trust Series 2018-C2,
Class A5, 4.31%, 12/15/2051
40,000
39,534
INVESTMENTS
PRINCIPAL
AMOUNT($)
VALUE($)
 
Benchmark Mortgage Trust
 
 
Series 2018-B1, Class A5, 3.67%,
1/15/2051 (e)
    50,000
       48,070
Series 2018-B2, Class B, 4.38%,
2/15/2051 ‡ (e)
    20,000
       18,927
Series 2018-B5, Class A4, 4.21%,
7/15/2051
   110,000
      108,232
Series 2018-B6, Class A2, 4.20%,
10/10/2051
    36,941
       36,674
Series 2018-B8, Class A5, 4.23%,
1/15/2052
    40,000
       39,381
Series 2019-B11, Class A2, 3.41%,
5/15/2052
   286,730
      280,367
Series 2020-B16, Class AM, 2.94%,
2/15/2053 ‡ (e)
   180,000
      156,305
Series 2021-B31, Class A5, 2.67%,
12/15/2054
   600,000
      520,437
Series 2019-B13, Class A3, 2.70%,
8/15/2057
   450,000
      401,063
Cantor Commercial Real Estate Lending
Series 2019-CF2, Class AS, 3.12%,
11/15/2052
    75,000
       65,959
CD Mortgage Trust
 
 
Series 2017-CD6, Class ASB, 3.33%,
11/13/2050
20,000
19,298
Series 2017-CD6, Class AM, 3.71%,
11/13/2050 (e)
30,000
28,151
Series 2018-CD7, Class A3, 4.01%,
8/15/2051
400,000
390,411
CFCRE Commercial Mortgage Trust
 
 
Series 2017-C8, Class A4, 3.57%,
6/15/2050
30,000
28,496
Series 2016-C7, Class ASB, 3.64%,
12/10/2054
16,351
16,002
Citigroup Commercial Mortgage Trust
 
 
Series 2014-GC21, Class AAB, 3.48%,
5/10/2047
6,200
6,131
Series 2014-GC23, Class B, 4.17%,
7/10/2047 ‡ (e)
30,000
29,146
Series 2015-GC29, Class C, 4.28%,
4/10/2048 (e)
40,000
37,714
Series 2016-C1, Class AAB, 3.00%,
5/10/2049
72,725
70,768
Series 2019-GC43, Class A4, 3.04%,
11/10/2052
1,000,000
909,175
Commercial Mortgage Trust
 
 
Series 2013-CR9, Class A4, 4.41%,
7/10/2045 (e)
1,213
1,206
SEE NOTES TO FINANCIAL STATEMENTS.
 
August 31, 2022
J.P. Morgan Exchange-Traded Funds
197
JPMorgan U.S. Aggregate Bond ETF
SCHEDULE OF PORTFOLIO INVESTMENTS
AS OF August 31, 2022  (Unaudited) (continued)
INVESTMENTS
PRINCIPAL
AMOUNT($)
VALUE($)
Commercial Mortgage-Backed Securities — continued
Series 2013-CR6, Class A4, 3.10%,
3/10/2046
    20,000
       19,924
Series 2013-CR7, Class A4, 3.21%,
3/10/2046
    10,995
       10,916
Series 2013-CR13, Class B, 5.04%,
11/10/2046 ‡ (e)
   364,000
      354,402
Series 2014-UBS5, Class AM, 4.19%,
9/10/2047 (e)
    40,000
       38,940
Series 2014-CR20, Class A3, 3.33%,
11/10/2047
    37,183
       36,262
Series 2014-UBS6, Class A4, 3.38%,
12/10/2047
   131,998
      128,958
Series 2015-LC19, Class A4, 3.18%,
2/10/2048
   250,000
      242,243
Series 2015-LC21, Class AM, 4.04%,
7/10/2048 (e)
    30,000
       28,922
Series 2015-CR25, Class A4, 3.76%,
8/10/2048
    30,000
       29,291
Series 2015-PC1, Class A5, 3.90%,
7/10/2050
   300,000
      294,809
CSAIL Commercial Mortgage Trust
 
 
Series 2015-C3, Class A4, 3.72%,
8/15/2048
    30,000
       29,245
Series 2016-C5, Class A5, 3.76%,
11/15/2048
27,000
26,312
Series 2019-C15, Class A4, 4.05%,
3/15/2052
210,000
204,126
DBGS Mortgage Trust Series 2018-C1,
Class A4, 4.47%, 10/15/2051
20,000
19,897
DBJPM Mortgage Trust Series 2017-C6,
Class A5, 3.33%, 6/10/2050
20,000
19,012
FHLMC, Multi-Family Structured
Pass-Through Certificates
 
 
Series K036, Class A2, 3.53%,
10/25/2023 (e)
162,000
161,065
Series K725, Class AM, 3.10%,
2/25/2024 (e)
50,000
49,313
Series K728, Class A2, 3.06%,
8/25/2024 (e)
49,007
48,372
Series K040, Class A2, 3.24%,
9/25/2024
70,000
69,040
Series K731, Class A2, 3.60%,
2/25/2025 (e)
49,688
49,336
Series K733, Class A2, 3.75%,
8/25/2025
500,000
497,066
Series K051, Class A2, 3.31%,
9/25/2025
40,000
39,331
Series K734, Class A2, 3.21%,
2/25/2026
370,000
361,901
INVESTMENTS
PRINCIPAL
AMOUNT($)
VALUE($)
 
Series K735, Class A2, 2.86%,
5/25/2026
    49,941
       48,226
Series K057, Class A2, 2.57%,
7/25/2026
    63,000
       60,262
Series K063, Class A1, 3.05%,
8/25/2026
    35,283
       34,740
Series K072, Class A2, 3.44%,
12/25/2027
   400,000
      393,690
Series K084, Class A2, 3.78%,
10/25/2028 (e)
   500,000
      496,914
Series K096, Class A2, 2.52%,
7/25/2029
   295,000
      272,095
Series K099, Class A2, 2.60%,
9/25/2029
   400,000
      370,266
Series K100, Class A2, 2.67%,
9/25/2029
   400,000
      371,960
Series K102, Class A2, 2.54%,
10/25/2029
   400,000
      368,379
Series K113, Class A2, 1.34%,
6/25/2030
   700,000
      584,216
Series K159, Class A2, 3.95%,
11/25/2030 (e)
   400,000
      402,321
Series K123, Class A2, 1.62%,
12/25/2030
   500,000
      422,087
Series K125, Class A2, 1.85%,
1/25/2031
300,000
257,488
Series K127, Class A2, 2.11%,
1/25/2031
600,000
525,913
Series K-1512, Class A2, 2.99%,
5/25/2031
75,000
70,449
Series K156, Class A3, 3.70%,
6/25/2033 (e)
91,000
88,869
Series K-1512, Class A3, 3.06%,
4/25/2034
150,000
136,577
Series K-1513, Class A3, 2.80%,
8/25/2034
325,000
286,120
Series K-1514, Class A2, 2.86%,
10/25/2034
400,000
352,520
Series K-1518, Class A2, 1.86%,
10/25/2035
300,000
231,488
FNMA ACES
 
 
Series 2014-M2, Class A2, 3.51%,
12/25/2023 (e)
17,204
17,109
Series 2014-M3, Class A2, 3.50%,
1/25/2024 (e)
11,626
11,544
Series 2017-M10, Class AV2, 2.64%,
7/25/2024 (e)
42,872
42,107
Series 2016-M11, Class A1, 2.08%,
7/25/2026
33,570
32,433
SEE NOTES TO FINANCIAL STATEMENTS.
 
198
J.P. Morgan Exchange-Traded Funds
August 31, 2022
INVESTMENTS
PRINCIPAL
AMOUNT($)
VALUE($)
Commercial Mortgage-Backed Securities — continued
Series 2017-M1, Class A2, 2.50%,
10/25/2026 (e)
   159,690
      151,183
Series 2017-M2, Class A2, 2.85%,
2/25/2027 (e)
   338,253
      324,808
Series 2017-M7, Class A2, 2.96%,
2/25/2027 (e)
   310,936
      299,253
Series 2017-M12, Class A2, 3.17%,
6/25/2027 (e)
   140,656
      136,502
Series 2018-M10, Class A2, 3.48%,
7/25/2028 (e)
    40,000
       39,087
Series 2018-M14, Class A2, 3.70%,
8/25/2028 (e)
   442,535
      436,762
Series 2019-M1, Class A2, 3.67%,
9/25/2028 (e)
    77,996
       76,885
Series 2019-M22, Class A2, 2.52%,
8/25/2029
   627,699
      578,801
Series 2021-M2S, Class A2, 1.87%,
10/25/2031 (e)
   700,000
      592,906
GS Mortgage Securities Trust
 
 
Series 2012-GCJ9, Class A3, 2.77%,
11/10/2045
    21,454
       21,420
Series 2014-GC24, Class AAB, 3.65%,
9/10/2047
     9,870
        9,773
Series 2014-GC24, Class AS, 4.16%,
9/10/2047 (e)
170,000
165,234
Series 2015-GC28, Class A4, 3.14%,
2/10/2048
36,839
35,853
Series 2015-GC30, Class A4, 3.38%,
5/10/2050
25,000
24,238
Series 2018-GS9, Class A4, 3.99%,
3/10/2051 (e)
200,000
194,752
Series 2019-GSA1, Class A4, 3.05%,
11/10/2052
260,000
236,481
JPMBB Commercial Mortgage Securities
Trust
 
 
Series 2013-C12, Class C, 4.23%,
7/15/2045 ‡ (e)
26,000
25,497
Series 2015-C29, Class B, 4.12%,
5/15/2048 ‡ (e)
40,000
37,388
Series 2015-C31, Class A3, 3.80%,
8/15/2048
555,603
544,174
JPMCC Commercial Mortgage Securities
Trust Series 2017-JP5, Class A5,
3.72%, 3/15/2050
600,000
581,112
JPMDB Commercial Mortgage Securities
Trust
 
 
Series 2016-C2, Class B, 3.99%,
6/15/2049 (e)
20,000
17,968
Series 2017-C5, Class B, 4.01%,
3/15/2050 ‡ (e)
20,000
17,539
INVESTMENTS
PRINCIPAL
AMOUNT($)
VALUE($)
 
JPMorgan Chase Commercial Mortgage
Securities Trust Series 2012-LC9,
Class A5, 2.84%, 12/15/2047
     3,909
        3,901
Morgan Stanley Bank of America Merrill
Lynch Trust
 
 
Series 2013-C9, Class A4, 3.10%,
5/15/2046
    30,000
       29,639
Series 2015-C22, Class AS, 3.56%,
4/15/2048 ‡
    40,000
       38,409
Series 2015-C25, Class ASB, 3.38%,
10/15/2048
    26,721
       26,182
Series 2015-C25, Class A5, 3.64%,
10/15/2048
    40,000
       38,834
Series 2016-C31, Class A5, 3.10%,
11/15/2049
   450,000
      425,297
Series 2016-C32, Class A4, 3.72%,
12/15/2049
   295,000
      285,109
Morgan Stanley Capital I Trust
 
 
Series 2016-UB12, Class A3, 3.34%,
12/15/2049
   540,925
      516,234
Series 2017-H1, Class C, 4.28%,
6/15/2050 ‡ (e)
    25,000
       23,257
Series 2019-L2, Class A4, 4.07%,
3/15/2052
    50,000
       48,618
Series 2019-L3, Class A4, 3.13%,
11/15/2052
100,000
91,243
UBS Commercial Mortgage Trust
 
 
Series 2017-C2, Class A4, 3.49%,
8/15/2050
700,000
668,654
Series 2017-C4, Class ASB, 3.37%,
10/15/2050
40,000
38,795
Series 2017-C5, Class AS, 3.78%,
11/15/2050 (e)
70,000
64,879
Series 2017-C7, Class AS, 4.06%,
12/15/2050 (e)
50,000
47,495
UBS-Barclays Commercial Mortgage Trust
 
 
Series 2013-C5, Class A4, 3.18%,
3/10/2046
37,971
37,812
Series 2012-C2, Class A4, 3.53%,
5/10/2063
808
808
Wells Fargo Commercial Mortgage Trust
 
 
Series 2013-LC12, Class A4, 4.22%,
7/15/2046 (e)
300,000
294,956
Series 2015-C27, Class A4, 3.19%,
2/15/2048
29,332
28,477
Series 2015-C28, Class A4, 3.54%,
5/15/2048
20,000
19,498
Series 2015-C29, Class A4, 3.64%,
6/15/2048
120,000
117,147
SEE NOTES TO FINANCIAL STATEMENTS.
 
August 31, 2022
J.P. Morgan Exchange-Traded Funds
199
JPMorgan U.S. Aggregate Bond ETF
SCHEDULE OF PORTFOLIO INVESTMENTS
AS OF August 31, 2022  (Unaudited) (continued)
INVESTMENTS
PRINCIPAL
AMOUNT($)
VALUE($)
Commercial Mortgage-Backed Securities — continued
Series 2018-C45, Class A3, 3.92%,
6/15/2051
    41,916
       40,665
Series 2019-C51, Class A3, 3.06%,
6/15/2052
   500,000
      457,872
Series 2019-C53, Class A4, 3.04%,
10/15/2052
   125,000
      113,536
Series 2020-C55, Class A5, 2.73%,
2/15/2053
   240,000
      212,525
WFRBS Commercial Mortgage Trust
 
 
Series 2012-C9, Class AS, 3.39%,
11/15/2045
    28,254
       28,202
Series 2014-C22, Class A4, 3.49%,
9/15/2057
    37,281
       36,474
Series 2014-C22, Class A5, 3.75%,
9/15/2057
    25,000
       24,614
Total Commercial Mortgage-Backed
Securities
(Cost $23,941,952)
 
21,440,637
Foreign Government Securities — 1.6%
Export Development Canada
 
 
2.63%, 2/21/2024
    65,000
64,104
3.00%, 5/25/2027
105,000
102,645
Export-Import Bank of Korea 0.75%,
9/21/2025
215,000
194,708
Hungary Government Bond 7.63%,
3/29/2041
262,000
299,918
Italian Republic Government Bond
 
 
1.25%, 2/17/2026
216,000
188,955
2.88%, 10/17/2029
659,000
565,585
5.38%, 6/15/2033
651,000
654,076
Japan Bank for International Cooperation
 
 
3.38%, 10/31/2023
200,000
199,100
0.50%, 4/15/2024
200,000
189,888
3.00%, 5/29/2024
201,000
198,257
2.50%, 5/28/2025
220,000
212,309
2.88%, 6/1/2027
202,000
193,673
2.88%, 7/21/2027
218,000
208,739
3.50%, 10/31/2028
650,000
636,848
Oriental Republic of Uruguay
 
 
4.50%, 8/14/2024
200,000
202,545
7.63%, 3/21/2036
380,000
488,931
Province of Alberta
 
 
3.35%, 11/1/2023
100,000
99,699
2.95%, 1/23/2024
50,000
49,501
1.00%, 5/20/2025
750,000
697,952
1.30%, 7/22/2030
137,000
114,592
INVESTMENTS
PRINCIPAL
AMOUNT($)
VALUE($)
 
Province of British Columbia
 
 
1.75%, 9/27/2024
   942,000
907,137
2.25%, 6/2/2026
   299,000
283,401
0.90%, 7/20/2026
   705,000
634,701
Province of Ontario
 
 
3.40%, 10/17/2023
   257,000
256,375
3.05%, 1/29/2024
   155,000
153,684
2.50%, 4/27/2026
    10,000
9,560
2.30%, 6/15/2026 (c)
   500,000
473,634
2.13%, 1/21/2032
   398,000
346,626
Province of Quebec
 
 
1.50%, 2/11/2025
   970,000
922,291
2.50%, 4/20/2026
122,000
116,759
Republic of Chile 4.34%, 3/7/2042
370,000
316,978
Republic of Indonesia
 
 
3.40%, 9/18/2029
200,000
190,624
4.35%, 1/11/2048
500,000
449,447
3.35%, 3/12/2071
402,000
288,713
Republic of Korea 3.88%, 9/20/2048
500,000
487,459
Republic of Panama
 
 
8.88%, 9/30/2027
733,000
869,674
9.38%, 4/1/2029
126,000
154,036
6.70%, 1/26/2036
178,000
191,788
Republic of Peru
 
 
2.39%, 1/23/2026
623,000
582,982
8.75%, 11/21/2033
364,000
468,931
3.23%, 7/28/2121
1,020,000
636,082
Republic of Philippines
 
 
9.50%, 2/2/2030
547,000
721,264
2.95%, 5/5/2045
210,000
156,657
Republic of Poland 4.00%, 1/22/2024
12,000
11,990
State of Israel Government Bond 2.75%,
7/3/2030
225,000
212,862
Svensk Exportkredit AB 1.75%,
12/12/2023
200,000
195,289
United Mexican States
 
 
4.50%, 4/22/2029
280,000
274,502
6.75%, 9/27/2034
265,000
292,316
4.75%, 3/8/2044
500,000
424,040
5.55%, 1/21/2045
184,000
172,265
4.60%, 1/23/2046
400,000
326,647
5.00%, 4/27/2051
300,000
254,598
5.75%, 10/12/2110
940,000
806,455
Total Foreign Government Securities
(Cost $19,945,141)
 
18,151,792
SEE NOTES TO FINANCIAL STATEMENTS.
 
200
J.P. Morgan Exchange-Traded Funds
August 31, 2022
INVESTMENTS
PRINCIPAL
AMOUNT($)
VALUE($)
Supranational — 1.3%
African Development Bank
(Supranational)
 
 
0.75%, 4/3/2023
   540,000
      531,623
3.00%, 9/20/2023
    51,000
       50,676
0.88%, 3/23/2026
   182,000
      165,417
0.88%, 7/22/2026
   100,000
       90,174
Asian Development Bank (Supranational)
 
 
2.75%, 3/17/2023
    64,000
       63,790
1.50%, 10/18/2024
   130,000
      124,611
0.63%, 4/29/2025
    79,000
       73,127
0.38%, 9/3/2025
 1,944,000
    1,766,981
0.50%, 2/4/2026
   835,000
      752,861
1.88%, 1/24/2030
    40,000
       35,961
Asian Infrastructure Investment Bank
(The) (Supranational)
 
 
0.50%, 10/30/2024
145,000
135,678
0.50%, 5/28/2025
159,000
145,576
0.50%, 1/27/2026
350,000
313,174
Corp. Andina de Fomento (Supranational)
2.25%, 2/8/2027 (c)
444,000
408,223
Council of Europe Development Bank
(Supranational)
1.38%, 2/27/2025 (c)
281,000
266,227
European Investment Bank
(Supranational)
 
 
0.25%, 9/15/2023
623,000
602,097
1.88%, 2/10/2025
479,000
460,132
0.38%, 12/15/2025
1,199,000
1,080,793
0.38%, 3/26/2026
3,099,000
2,772,567
0.88%, 5/17/2030
10,000
8,321
Inter-American Development Bank
(Supranational)
 
 
0.50%, 5/24/2023
500,000
489,302
0.88%, 4/3/2025
150,000
139,967
7.00%, 6/15/2025
91,000
98,724
2.00%, 6/2/2026
481,000
454,742
3.13%, 9/18/2028
27,000
26,435
4.38%, 1/24/2044
69,000
74,237
International Bank for Reconstruction &
Development (Supranational)
 
 
2.50%, 11/25/2024
500,000
489,005
1.63%, 1/15/2025
150,000
143,434
0.75%, 3/11/2025
43,000
40,083
0.63%, 4/22/2025
308,000
285,414
0.38%, 7/28/2025
1,344,000
1,225,746
2.50%, 7/29/2025
870,000
843,569
3.13%, 11/20/2025
70,000
68,989
INVESTMENTS
PRINCIPAL
AMOUNT($)
VALUE($)
 
0.75%, 11/24/2027
   228,000
      198,258
1.38%, 4/20/2028
   190,000
      169,512
4.75%, 2/15/2035
   223,000
      247,163
Total Supranational
(Cost $15,803,798)
 
14,842,589
U.S. Government Agency Securities — 1.2%
FFCB
 
 
0.75%, 12/16/2026
   100,000
       88,181
1.38%, 1/14/2031
   135,000
      110,730
FFCB Funding Corp.
 
 
0.57%, 7/2/2024
    45,000
       42,402
1.30%, 3/30/2027
   820,000
      733,603
0.84%, 2/2/2028
    50,000
       42,771
1.23%, 7/29/2030
26,000
21,332
1.24%, 9/3/2030
129,000
105,464
1.32%, 9/9/2030
23,000
18,825
1.24%, 12/23/2030
120,000
96,411
1.30%, 2/3/2031
125,000
101,679
1.69%, 8/20/2035
296,000
221,193
FHLB
 
 
1.38%, 2/17/2023
700,000
693,692
2.13%, 3/10/2023
75,000
74,496
0.13%, 3/17/2023
100,000
98,236
3.38%, 12/8/2023
100,000
99,672
2.50%, 2/13/2024
620,000
611,109
1.50%, 8/15/2024
1,425,000
1,371,851
2.88%, 9/13/2024
130,000
128,127
2.75%, 12/13/2024
400,000
392,260
3.25%, 11/16/2028
1,325,000
1,318,134
2.13%, 9/14/2029
100,000
91,168
1.50%, 3/14/2031
30,000
25,301
5.63%, 3/14/2036
50,000
59,811
5.50%, 7/15/2036
35,000
41,541
FHLMC
 
 
0.38%, 4/20/2023
428,000
419,589
2.75%, 6/19/2023
282,000
280,239
0.25%, 6/26/2023
184,000
179,068
0.25%, 8/24/2023
357,000
345,498
1.50%, 2/12/2025
379,000
361,414
0.38%, 9/23/2025
585,000
532,369
0.65%, 10/27/2025
23,000
20,941
0.90%, 10/13/2027
65,000
56,506
2.68%, 12/14/2029 (f)
80,000
62,248
FNMA
 
 
0.30%, 8/3/2023
1,022,000
992,078
SEE NOTES TO FINANCIAL STATEMENTS.
 
August 31, 2022
J.P. Morgan Exchange-Traded Funds
201
JPMorgan U.S. Aggregate Bond ETF
SCHEDULE OF PORTFOLIO INVESTMENTS
AS OF August 31, 2022  (Unaudited) (continued)
INVESTMENTS
PRINCIPAL
AMOUNT($)
VALUE($)
U.S. Government Agency Securities — continued
2.88%, 9/12/2023
   256,000
      254,358
2.50%, 2/5/2024
   161,000
      158,788
1.63%, 10/15/2024
    10,000
        9,613
0.38%, 8/25/2025
   300,000
      273,567
1.88%, 9/24/2026
   103,000
       96,894
0.88%, 12/18/2026
    60,000
       53,065
0.75%, 10/8/2027
    17,000
       14,926
6.25%, 5/15/2029
   310,000
      362,376
7.13%, 1/15/2030
    31,000
       38,373
0.88%, 8/5/2030
 1,366,000
    1,122,816
6.63%, 11/15/2030
    98,000
      119,937
Israel Government AID Bond (Israel)
5.50%, 9/18/2023
   473,000
      482,033
Tennessee Valley Authority
 
 
0.75%, 5/15/2025
59,000
54,682
7.13%, 5/1/2030
166,000
204,852
4.70%, 7/15/2033
601,000
639,771
6.15%, 1/15/2038
35,000
43,007
Total U.S. Government Agency Securities
(Cost $14,574,860)
 
13,766,997
Municipal Bonds — 0.5% (g)
Arizona — 0.1%
City of Tucson, Taxable Series 2021A,
COP, AGM, 2.86%, 7/1/2047
865,000
635,753
California — 0.3%
Bay Area Toll Authority, Toll Bridge
 
 
Series 2010S-1, 6.92%, 4/1/2040
40,000
48,961
Series 2009F-2, 6.26%, 4/1/2049
100,000
123,732
California State University, Taxable Series
2021B, 2.72%, 11/1/2052
1,080,000
800,910
East Bay Municipal Utility District, Water
System Series 2010B, Rev., 5.87%,
6/1/2040
155,000
177,561
Golden State Tobacco Securitization
Corp., Enhanced Tobacco Settlement
Series 2021B, Rev., 3.29%, 6/1/2042
455,000
366,886
Los Angeles Unified School District, Build
America Bonds
 
 
GO, 5.75%, 7/1/2034
20,000
22,037
Series 2010RY, GO, 6.76%, 7/1/2034
105,000
123,995
Regents of the University of California
Medical Center Pooled
 
 
Series H, Rev., 6.55%, 5/15/2048
40,000
48,748
Series 2020N, Rev., 3.71%,
5/15/2120
140,000
97,854
INVESTMENTS
PRINCIPAL
AMOUNT($)
VALUE($)
 
California — continued
Santa Clara Valley Transportation
Authority, Measure A Sales Tax Series
2010A, Rev., 5.88%, 4/1/2032
   190,000
      204,932
State of California, Build America Bonds
7.50%, 4/1/2034
   235,000
      298,215
State of California, Various Purpose
7.55%, 4/1/2039
   400,000
      530,598
Total California
 
2,844,429
Connecticut — 0.0% ^
State of Connecticut Series A, 5.85%,
3/15/2032
    75,000
       83,017
Illinois — 0.1%
Chicago O'Hare International Airport,
General Airport, Senior Lien Series
2018C, 4.47%, 1/1/2049
    25,000
       24,100
Metropolitan Water Reclamation District
of Greater Chicago 5.72%,
12/1/2038
    55,000
       61,383
Sales Tax Securitization Corp. Series
2019A, Rev., 4.64%, 1/1/2040
    55,000
       54,382
State of Illinois GO, 5.10%, 6/1/2033
   410,000
      405,928
Total Illinois
 
545,793
Missouri — 0.0% ^
Health and Educational Facilities
Authority of the State of Missouri, The
Washington University Series 2017A,
Rev., 3.65%, 8/15/2057
45,000
38,231
Nebraska — 0.0% ^
University of Nebraska Facilities Corp.,
Taxable Series 2019A, Rev., 3.04%,
10/1/2049
50,000
36,517
New Jersey — 0.0% ^
New Jersey Economic Development
Authority, Pension Funding Series
1997A, Rev., NATL-RE, 7.43%,
2/15/2029
35,000
38,768
New Jersey Turnpike Authority Series F,
Rev., 7.41%, 1/1/2040
250,000
325,025
Total New Jersey
 
363,793
New York — 0.0% ^
Port Authority of New York and New
Jersey, Consolidated Series 192, Rev.,
4.81%, 10/15/2065
120,000
122,255
SEE NOTES TO FINANCIAL STATEMENTS.
 
202
J.P. Morgan Exchange-Traded Funds
August 31, 2022
INVESTMENTS
PRINCIPAL
AMOUNT($)
VALUE($)
Municipal Bonds — continued
Ohio — 0.0% ^
American Municipal Power, Inc.,
Combined Hydroelectric Projects Series
2010B, 7.83%, 2/15/2041
    25,000
       32,566
Texas — 0.0% ^
Grand Parkway Transportation Corp.,
System Toll Series 2020B, Rev.,
3.24%, 10/1/2052
   100,000
       75,876
Permanent University Fund - Texas A&M
University System Series B, Rev.,
3.66%, 7/1/2047
    20,000
       17,769
State of Texas, Transportation
Commission Highway Improvement
Series 2010A, GO, 4.68%, 4/1/2040
    45,000
       46,329
State of Texas, Transportation
Commission Mobility Fund Series
2009A, GO, 5.52%, 4/1/2039
   120,000
      131,684
Total Texas
 
271,658
Total Municipal Bonds
(Cost $6,064,433)
 
4,974,012
Asset-Backed Securities — 0.3%
American Express Credit Account Master
Trust Series 2022-2, Class A, 3.39%,
5/17/2027
   800,000
      789,964
Capital One Multi-Asset Execution Trust
 
 
Series 2017-A6, Class A6, 2.29%,
7/15/2025
10,000
9,997
Series 2019-A3, Class A3, 2.06%,
8/15/2028
400,000
372,041
CarMax Auto Owner Trust Series 2022-1,
Class A4, 1.70%, 8/16/2027
365,000
345,964
Citibank Credit Card Issuance Trust
 
 
Series 2018-A6, Class A6, 3.21%,
12/7/2024
50,000
50,005
Series 2018-A7, Class A7, 3.96%,
10/13/2030
100,000
99,643
Discover Card Execution Note Trust Series
2018-A1, Class A1, 3.03%,
8/15/2025
18,000
17,956
Ford Credit Auto Owner Trust Series
2020-A, Class A4, 1.35%, 7/15/2025
700,000
680,888
Honda Auto Receivables Owner Trust
Series 2019-4, Class A4, 1.87%,
1/20/2026
620,000
612,691
Synchrony Credit Card Master Note Trust
Series 2018-2, Class A, 3.47%,
5/15/2026
50,000
49,893
INVESTMENTS
PRINCIPAL
AMOUNT($)
VALUE($)
 
World Omni Select Auto Trust Series
2019-A, Class D, 2.59%, 12/15/2025
   182,000
      176,935
Total Asset-Backed Securities
(Cost $3,285,264)
 
3,205,977
 
SHARES
 
Short-Term Investments — 5.4%
Investment Companies — 5.3%
JPMorgan U.S. Government Money
Market Fund Class IM Shares,
2.00% (h) (i)
(Cost $59,478,775)
59,478,775
   59,478,775
Investment of Cash Collateral from Securities Loaned — 0.1%
JPMorgan Securities Lending Money
Market Fund Agency SL Class Shares,
2.22% (h) (i)
   492,047
      491,998
JPMorgan U.S. Government Money
Market Fund Class IM Shares,
2.00% (h) (i)
   980,265
      980,265
Total Investment of Cash Collateral from
Securities Loaned
(Cost $1,471,869)
 
1,472,263
Total Short-Term Investments
(Cost $60,950,644)
 
60,951,038
Total Investments — 104.6%
(Cost $1,299,875,171)
 
1,178,784,104
Liabilities in Excess of Other Assets —
(4.6)%
 
(51,553,561)
NET ASSETS — 100.0%
 
1,127,230,543
 
Percentages indicated are based on net assets.
 
Abbreviations
 
ACES
Alternative Credit Enhancement Securities
AGM
Insured by Assured Guaranty Municipal Corp.
COP
Certificate of Participation
FFCB
Federal Farm Credit Bank
FHLB
Federal Home Loan Bank
FHLMC
Federal Home Loan Mortgage Corp.
FNMA
Federal National Mortgage Association
GNMA
Government National Mortgage Association
GO
General Obligation
RE
Reinsured
Rev.
Revenue
SOFR
Secured Overnight Financing Rate
TBA
To Be Announced; Security is subject to delayed delivery.
UMBS
Uniform Mortgage-Backed Securities
 
^
Amount rounds to less than 0.1% of net assets.
SEE NOTES TO FINANCIAL STATEMENTS.
 
August 31, 2022
J.P. Morgan Exchange-Traded Funds
203
JPMorgan U.S. Aggregate Bond ETF
SCHEDULE OF PORTFOLIO INVESTMENTS
AS OF August 31, 2022  (Unaudited) (continued)
‡
Value determined using significant unobservable
inputs.
 
(a)
All or a portion of the security is a when-issued
security, delayed delivery security, or forward
commitment.
 
(b)
Variable or floating rate security, linked to the
referenced benchmark. The interest rate shown is the
current rate as of August 31, 2022.
 
(c)
The security or a portion of this security is on loan at
August 31, 2022. The total value of securities on loan
at August 31, 2022 is $1,434,712.
 
(d)
Securities exempt from registration under Rule 144A
or section 4(a)(2), of the Securities Act of 1933, as
amended.
 
(e)
Variable or floating rate security, the interest rate of
which adjusts periodically based on changes in current
interest rates and prepayments on the underlying
pool of assets. The interest rate shown is the current
rate as of August 31, 2022.
 
(f)
The rate shown is the effective yield as of August 31,
2022.
 
(g)
The date shown represents the earliest of the
prerefunded date, next put date or final maturity date.
 
(h)
Investment in an affiliated fund, which is registered
under the Investment Company Act of 1940, as
amended, and is advised by J.P. Morgan Investment
Management Inc.
 
(i)
The rate shown is the current yield as of August 31,
2022.
 
SEE NOTES TO FINANCIAL STATEMENTS.
 
204
J.P. Morgan Exchange-Traded Funds
August 31, 2022
JPMorgan Ultra-Short Income ETF
SCHEDULE OF PORTFOLIO INVESTMENTS
AS OF August 31, 2022  (Unaudited)
 
INVESTMENTS
PRINCIPAL
AMOUNT($)
VALUE($)
Corporate Bonds — 42.7%
Aerospace & Defense — 0.5%
Boeing Co. (The) 4.51%, 5/1/2023
   31,519,000
    31,576,582
Leidos, Inc. 2.95%, 5/15/2023
   46,063,000
    45,636,033
Northrop Grumman Corp. 3.25%,
8/1/2023
   37,294,000
    37,069,514
 
 
114,282,129
Automobiles — 1.8%
BMW US Capital LLC (Germany)
 
 
3.80%, 4/6/2023 (a)
   72,574,000
    72,652,600
2.25%, 9/15/2023 (a)
   18,130,000
    17,833,964
(SOFRINDX + 0.53%), 2.82%,
4/1/2024 (a) (b)
   22,838,000
    22,769,883
Hyundai Capital America
 
 
2.85%, 11/1/2022 (a)
   10,000,000
     9,983,943
1.15%, 11/10/2022 (a)
27,058,000
26,924,017
2.38%, 2/10/2023 (a)
1,745,000
1,731,357
0.80%, 4/3/2023 (a)
42,540,000
41,663,426
5.75%, 4/6/2023 (a)
13,857,000
13,968,133
4.13%, 6/8/2023 (a)
837,000
838,089
1.25%, 9/18/2023 (a)
1,272,000
1,233,938
4.30%, 2/1/2024 (a)
876,000
870,409
0.88%, 6/14/2024 (a)
30,000,000
28,071,856
Kia Corp. (South Korea)
 
 
3.00%, 4/25/2023 (a)
8,970,000
8,898,419
1.00%, 4/16/2024 (a)
12,580,000
11,897,535
Mercedes-Benz Finance North
America LLC (Germany)
 
 
3.35%, 2/22/2023 (a) (c)
250,000
249,576
0.75%, 3/1/2024 (a)
1,065,000
1,012,438
Volkswagen Group of America
Finance LLC (Germany)
 
 
2.70%, 9/26/2022 (a)
16,266,000
16,261,940
0.75%, 11/23/2022 (a)
35,711,000
35,488,561
3.13%, 5/12/2023 (a)
55,217,000
54,925,347
4.25%, 11/13/2023 (a)
10,686,000
10,675,101
0.88%, 11/22/2023 (a)
14,938,000
14,339,533
 
 
392,290,065
Banks — 16.7%
ANZ New Zealand Int'l Ltd. (New
Zealand) 1.90%, 2/13/2023  (a)
(c)
9,790,000
9,708,813
ASB Bank Ltd. (New Zealand)
 
 
(ICE LIBOR USD 3 Month +
0.97%), 2.71%,
6/14/2023 (a) (b)
8,887,000
8,901,324
3.75%, 6/14/2023 (a)
13,938,000
13,938,105
INVESTMENTS
PRINCIPAL
AMOUNT($)
VALUE($)
 
Banks — continued
Australia & New Zealand Banking
Group Ltd. (Australia)
 
 
2.63%, 11/9/2022
   16,021,000
    16,006,812
(ICE LIBOR USD 3 Month +
0.58%), 3.45%,
11/9/2022 (a) (b)
   15,400,000
    15,405,200
2.05%, 11/21/2022
   12,527,000
    12,493,848
Banco Bilbao Vizcaya Argentaria
SA (Spain) 0.88%, 9/18/2023
      200,000
       193,133
Banco Santander SA (Spain)
 
 
3.13%, 2/23/2023
   70,914,000
    70,691,493
(ICE LIBOR USD 3 Month +
1.09%), 4.05%,
2/23/2023 (b)
    6,000,000
     6,006,228
(ICE LIBOR USD 3 Month +
1.12%), 3.54%,
4/12/2023 (b)
    4,000,000
     3,999,630
3.85%, 4/12/2023
   65,583,000
    65,463,325
(US Treasury Yield Curve Rate T
Note Constant Maturity 1 Year
+ 0.45%), 0.70%,
6/30/2024 (b)
   37,000,000
    35,811,435
Bank of America Corp.
 
 
3.30%, 1/11/2023
1,907,000
1,905,500
4.10%, 7/24/2023
1,101,000
1,102,864
(ICE LIBOR USD 3 Month +
0.79%), 3.00%,
12/20/2023 (b)
41,219,000
41,066,727
(SOFR + 1.46%), 1.49%,
5/19/2024 (b)
6,834,000
6,691,879
(SOFR + 0.41%), 0.52%,
6/14/2024 (b)
75,060,000
72,730,998
(ICE LIBOR USD 3 Month +
0.97%), 3.46%,
3/15/2025 (b)
2,392,000
2,352,719
(SOFR + 0.69%), 0.98%,
4/22/2025 (b)
42,672,000
40,233,238
(SOFR + 1.11%), 3.84%,
4/25/2025 (b)
75,312,000
74,413,276
Bank of Montreal (Canada)
 
 
2.35%, 9/11/2022 (c)
5,511,000
5,510,378
2.05%, 11/1/2022 (c)
5,930,000
5,918,603
(SOFRINDX + 0.68%), 2.97%,
3/10/2023 (b)
44,757,000
44,759,274
(SOFRINDX + 0.27%), 2.56%,
4/14/2023 (b)
90,125,000
89,908,324
(SOFRINDX + 0.35%), 2.64%,
12/8/2023 (b)
14,990,000
14,879,107
SEE NOTES TO FINANCIAL STATEMENTS.
 
August 31, 2022
J.P. Morgan Exchange-Traded Funds
205
JPMorgan Ultra-Short Income ETF
SCHEDULE OF PORTFOLIO INVESTMENTS
AS OF August 31, 2022  (Unaudited) (continued)
INVESTMENTS
PRINCIPAL
AMOUNT($)
VALUE($)
Corporate Bonds — continued
Banks — continued
Bank of Nova Scotia (The) (Canada)
 
 
2.45%, 9/19/2022
    5,887,000
     5,886,709
1.95%, 2/1/2023
   16,309,000
    16,205,021
1.63%, 5/1/2023 (c)
   12,270,000
    12,101,287
0.80%, 6/15/2023
    5,025,000
     4,909,937
0.55%, 9/15/2023
      166,000
       160,280
Banque Federative du Credit Mutuel
SA (France)
 
 
2.13%, 11/21/2022 (a)
   10,991,000
    10,965,957
3.75%, 7/20/2023 (a)
   14,865,000
    14,841,894
0.65%, 2/27/2024 (a)
    5,485,000
     5,205,853
Barclays plc (United Kingdom) (US
Treasury Yield Curve Rate T
Note Constant Maturity 1 Year +
0.80%), 1.01%, 12/10/2024
 (b)
   29,647,000
    28,096,763
BNP Paribas SA (France)
 
 
3.50%, 3/1/2023 (a)
182,660,000
182,213,513
3.80%, 1/10/2024 (a)
33,080,000
32,845,631
3.38%, 1/9/2025 (a)
17,041,000
16,528,795
BNZ International Funding Ltd. (New
Zealand)
 
 
2.65%, 11/3/2022 (a)
4,855,000
4,851,206
3.38%, 3/1/2023 (a)
13,260,000
13,241,995
Canadian Imperial Bank of
Commerce (Canada)
 
 
(SOFR + 0.80%), 3.10%,
3/17/2023 (b)
46,199,000
46,221,830
(SOFRINDX + 0.40%), 2.69%,
12/14/2023 (b)
50,032,000
49,723,453
(SOFR + 0.94%), 3.23%,
4/7/2025 (b)
100,000,000
98,847,755
Citigroup, Inc.
 
 
3.38%, 3/1/2023
1,007,000
1,006,632
(SOFR + 1.67%), 1.68%,
5/15/2024 (b)
500,000
491,019
(ICE LIBOR USD 3 Month +
1.02%), 4.04%,
6/1/2024 (b)
1,937,000
1,933,545
Citizens Bank NA
 
 
(ICE LIBOR USD 3 Month +
0.95%), 3.18%,
3/29/2023 (b)
16,770,000
16,760,662
3.70%, 3/29/2023
49,508,000
49,395,628
Commonwealth Bank of Australia
(Australia)
 
 
2.50%, 9/18/2022 (a)
13,980,000
13,977,401
INVESTMENTS
PRINCIPAL
AMOUNT($)
VALUE($)
 
Banks — continued
1.63%, 10/17/2022 (a)
   25,290,000
    25,251,597
Cooperatieve Rabobank UA
(Netherlands)
 
 
0.38%, 1/12/2024
      650,000
       619,209
(SOFRINDX + 0.30%), 2.59%,
1/12/2024 (b)
   60,834,000
    60,447,275
Credit Agricole SA (France)
 
 
3.75%, 4/24/2023 (a)
  117,965,000
   117,752,731
(ICE LIBOR USD 3 Month +
1.02%), 3.80%,
4/24/2023 (a) (b)
    1,916,000
     1,920,658
Credit Suisse Group Funding
Guernsey Ltd. (Switzerland)
3.80%, 9/15/2022
   64,064,000
    64,065,297
DNB Bank ASA (Norway) 2.15%,
12/2/2022  (a)
   35,121,000
    35,030,955
Federation des Caisses Desjardins
du Quebec (Canada)
 
 
1.95%, 9/26/2022 (a)
   25,000,000
    24,991,739
0.70%, 5/21/2024 (a) (c)
26,044,000
24,466,768
(SOFR + 0.43%), 2.71%,
5/21/2024 (a) (b)
41,345,000
40,808,966
Fifth Third Bancorp
 
 
1.63%, 5/5/2023
18,545,000
18,292,089
3.65%, 1/25/2024
2,742,000
2,724,418
First Republic Bank (SOFR +
0.62%), 1.91%, 2/12/2024  (b)
592,000
585,343
HSBC Holdings plc (United Kingdom)
 
 
3.60%, 5/25/2023
5,436,000
5,429,170
(SOFR + 0.53%), 0.73%,
8/17/2024 (b)
63,688,000
61,096,591
(SOFR + 0.71%), 0.98%,
5/24/2025 (b)
59,681,000
55,631,307
ING Groep NV (Netherlands) 4.10%,
10/2/2023
14,532,000
14,521,991
KeyBank NA
 
 
2.30%, 9/14/2022
5,119,000
5,117,773
1.25%, 3/10/2023
3,444,000
3,396,748
(SOFR + 0.32%), 0.43%,
6/14/2024 (b)
68,003,000
66,011,574
Lloyds Banking Group plc (United
Kingdom)
 
 
4.05%, 8/16/2023
27,349,000
27,307,131
(ICE LIBOR USD 3 Month +
0.81%), 2.91%,
11/7/2023 (b)
3,334,000
3,324,091
SEE NOTES TO FINANCIAL STATEMENTS.
 
206
J.P. Morgan Exchange-Traded Funds
August 31, 2022
INVESTMENTS
PRINCIPAL
AMOUNT($)
VALUE($)
Corporate Bonds — continued
Banks — continued
(US Treasury Yield Curve Rate T
Note Constant Maturity 1 Year
+ 0.55%), 0.70%,
5/11/2024 (b)
   45,000,000
    43,721,688
M&T Bank Corp. (ICE LIBOR USD 3
Month + 0.68%), 3.45%,
7/26/2023  (b)
    7,000,000
     7,007,026
Mitsubishi UFJ Financial Group, Inc.
(Japan)
 
 
3.46%, 3/2/2023
   64,340,000
    64,307,804
(ICE LIBOR USD 3 Month +
0.86%), 3.63%,
7/26/2023 (b)
    1,594,000
     1,594,010
3.76%, 7/26/2023
   19,164,000
    19,136,788
2.53%, 9/13/2023
    1,247,000
     1,228,392
(US Treasury Yield Curve Rate T
Note Constant Maturity 1 Year
+ 0.45%), 0.96%,
10/11/2025 (b)
   33,780,000
    31,242,589
Mizuho Financial Group, Inc. (Japan)
 
 
2.60%, 9/11/2022
   17,086,000
    17,084,142
(ICE LIBOR USD 3 Month +
0.79%), 2.40%,
3/5/2023 (b)
   13,182,000
    13,204,229
3.55%, 3/5/2023
16,442,000
16,436,020
(ICE LIBOR USD 3 Month +
0.85%), 2.57%,
9/13/2023 (b)
107,214,000
107,217,721
(ICE LIBOR USD 3 Month +
0.63%), 3.63%,
5/25/2024 (b)
10,000,000
9,957,806
(SOFR + 1.25%), 1.24%,
7/10/2024 (b)
19,000,000
18,454,334
(SOFR + 0.87%), 0.85%,
9/8/2024 (b)
49,400,000
47,521,629
(ICE LIBOR USD 3 Month +
1.00%), 3.92%,
9/11/2024 (b)
13,066,000
12,968,628
MUFG Bank Ltd. (Japan) 4.10%,
9/9/2023  (a)
200,000
199,960
MUFG Union Bank NA (SOFR +
0.71%), 3.01%, 12/9/2022  (b)
24,750,000
24,736,565
National Australia Bank Ltd.
(Australia)
 
 
(ICE LIBOR USD 3 Month +
0.41%), 2.13%,
12/13/2022 (a) (b)
3,563,000
3,564,334
3.00%, 1/20/2023
5,600,000
5,593,816
2.88%, 4/12/2023
3,345,000
3,329,212
INVESTMENTS
PRINCIPAL
AMOUNT($)
VALUE($)
 
Banks — continued
National Bank of Canada (Canada)
 
 
2.15%, 10/7/2022 (a) (c)
   30,876,000
    30,851,245
2.10%, 2/1/2023
   68,667,000
    68,096,191
(SOFR + 1.01%), 3.75%,
6/9/2025 (b)
   45,529,000
    44,900,947
NatWest Group plc (United
Kingdom)
 
 
3.88%, 9/12/2023
   73,172,000
    72,754,941
(US Treasury Yield Curve Rate T
Note Constant Maturity 1 Year
+ 2.15%), 2.36%,
5/22/2024 (b)
      133,000
       130,650
(ICE LIBOR USD 3 Month +
1.76%), 4.27%,
3/22/2025 (b)
   10,045,000
     9,929,739
NatWest Markets plc (United
Kingdom)
 
 
3.63%, 9/29/2022 (a)
   25,670,000
    25,679,511
(SOFR + 1.66%), 3.95%,
9/29/2022 (a) (b)
    1,500,000
     1,500,726
2.38%, 5/21/2023 (a)
12,650,000
12,481,576
(SOFR + 0.53%), 2.81%,
8/12/2024 (a) (b)
19,015,000
18,789,886
Nordea Bank Abp (Finland)
 
 
1.00%, 6/9/2023 (a)
17,512,000
17,133,230
3.75%, 8/30/2023 (a) (c)
20,954,000
20,876,570
PNC Bank NA 3.50%, 6/8/2023
3,000,000
2,997,818
PNC Financial Services Group, Inc.
(The)
 
 
2.85%, 11/9/2022 (d)
1,465,000
1,464,489
3.50%, 1/23/2024
9,103,000
9,074,467
Royal Bank of Canada (Canada)
 
 
1.95%, 1/17/2023
479,000
476,682
1.60%, 4/17/2023
26,338,000
26,010,974
(SOFRINDX + 0.45%), 2.73%,
10/26/2023 (b)
33,530,000
33,346,270
Santander UK plc (United Kingdom)
2.10%, 1/13/2023
21,152,000
21,022,152
Skandinaviska Enskilda Banken AB
(Sweden)
 
 
2.20%, 12/12/2022 (a)
10,957,000
10,922,950
0.55%, 9/1/2023 (a)
1,060,000
1,024,501
Societe Generale SA (France)
 
 
4.25%, 9/14/2023 (a)
17,560,000
17,502,893
3.88%, 3/28/2024 (a)
15,819,000
15,584,154
2.63%, 10/16/2024 (a)
20,595,000
19,715,795
2.63%, 1/22/2025 (a)
5,000,000
4,711,296
SEE NOTES TO FINANCIAL STATEMENTS.
 
August 31, 2022
J.P. Morgan Exchange-Traded Funds
207
JPMorgan Ultra-Short Income ETF
SCHEDULE OF PORTFOLIO INVESTMENTS
AS OF August 31, 2022  (Unaudited) (continued)
INVESTMENTS
PRINCIPAL
AMOUNT($)
VALUE($)
Corporate Bonds — continued
Banks — continued
Standard Chartered plc (United
Kingdom)
 
 
(US Treasury Yield Curve Rate T
Note Constant Maturity 1 Year
+ 1.17%), 1.32%,
10/14/2023 (a) (b)
   16,742,000
    16,670,436
(SOFR + 1.25%), 3.54%,
10/14/2023 (a) (b)
   21,479,000
    21,480,252
(US Treasury Yield Curve Rate T
Note Constant Maturity 1 Year
+ 0.78%), 0.99%,
1/12/2025 (a) (b)
   10,000,000
     9,450,994
(US Treasury Yield Curve Rate T
Note Constant Maturity 1 Year
+ 0.88%), 1.21%,
3/23/2025 (a) (b)
   12,000,000
    11,293,118
(SOFR + 1.74%), 4.03%,
3/30/2026 (a) (b)
   58,195,000
    57,862,825
Sumitomo Mitsui Financial Group,
Inc. (Japan)
 
 
2.78%, 10/18/2022
    8,447,000
     8,443,543
3.10%, 1/17/2023
    4,919,000
     4,911,966
3.94%, 10/16/2023
   10,000,000
     9,987,926
Sumitomo Mitsui Trust Bank Ltd.
(Japan)
 
 
0.80%, 9/12/2023 (a)
20,499,000
19,816,008
(SOFR + 0.44%), 2.73%,
9/16/2024 (a) (b)
33,827,000
33,399,500
Toronto-Dominion Bank (The)
(Canada)
 
 
1.90%, 12/1/2022 (c)
3,189,000
3,179,921
0.25%, 1/6/2023 (c)
53,078,000
52,547,073
(SOFR + 0.24%), 2.53%,
1/6/2023 (b)
73,141,000
73,049,218
(SOFR + 0.48%), 2.77%,
1/27/2023 (b)
29,380,000
29,368,700
0.30%, 6/2/2023
3,714,000
3,619,935
(SOFR + 0.22%), 2.51%,
6/2/2023 (b)
84,848,000
84,505,189
0.75%, 6/12/2023
48,222,000
47,116,148
0.45%, 9/11/2023
548,000
529,179
Truist Bank (SOFR + 0.20%),
2.49%, 1/17/2024  (b)
99,246,000
98,366,283
Truist Financial Corp. 2.20%,
3/16/2023
2,946,000
2,923,021
Wells Fargo & Co.
 
 
3.75%, 1/24/2024
294,000
293,117
INVESTMENTS
PRINCIPAL
AMOUNT($)
VALUE($)
 
Banks — continued
(SOFR + 1.60%), 1.65%,
6/2/2024 (b)
   51,914,000
    50,862,900
(SOFR + 0.51%), 0.80%,
5/19/2025 (b)
   19,800,000
    18,573,491
(SOFR + 1.32%), 3.91%,
4/25/2026 (b)
   49,500,000
    48,500,770
Westpac Banking Corp. (Australia)
 
 
2.75%, 1/11/2023 (c)
   11,857,000
    11,826,382
2.00%, 1/13/2023
    1,140,000
     1,134,472
 
 
3,600,497,133
Beverages — 0.4%
Coca-Cola Europacific Partners
plc (United Kingdom) 0.50%,
5/5/2023  (a)
   54,995,000
    53,630,024
Constellation Brands, Inc. 3.60%,
5/9/2024
   14,562,000
    14,431,724
Heineken NV (Netherlands) 2.75%,
4/1/2023  (a)
   15,352,000
    15,239,303
Keurig Dr Pepper, Inc. 3.13%,
12/15/2023
7,035,000
6,974,776
 
 
90,275,827
Biotechnology — 0.6%
AbbVie, Inc.
 
 
2.90%, 11/6/2022
35,000,000
34,973,763
2.30%, 11/21/2022
96,662,000
96,466,940
Gilead Sciences, Inc. 0.75%,
9/29/2023
9,125,000
8,818,393
 
 
140,259,096
Building Products — 0.0% ^
Carlisle Cos., Inc. 0.55%, 9/1/2023
2,027,000
1,960,973
Capital Markets — 3.9%
Bank of New York Mellon Corp.
(The)
 
 
1.85%, 1/27/2023
1,210,000
1,203,372
2.95%, 1/29/2023
396,000
394,815
3.50%, 4/28/2023
1,018,000
1,018,507
Charles Schwab Corp. (The)
 
 
3.23%, 9/1/2022
300,000
300,000
2.65%, 1/25/2023
3,499,000
3,489,564
(SOFRINDX + 0.50%), 2.79%,
3/18/2024 (b)
1,642,000
1,634,255
Credit Suisse AG (Switzerland)
 
 
1.00%, 5/5/2023
8,715,000
8,528,209
Series FXD, 0.52%, 8/9/2023
50,000,000
48,185,106
SEE NOTES TO FINANCIAL STATEMENTS.
 
208
J.P. Morgan Exchange-Traded Funds
August 31, 2022
INVESTMENTS
PRINCIPAL
AMOUNT($)
VALUE($)
Corporate Bonds — continued
Capital Markets — continued
(SOFRINDX + 0.39%), 2.67%,
2/2/2024 (b)
   40,999,000
    40,251,019
Goldman Sachs Group, Inc. (The)
 
 
0.52%, 3/8/2023
   32,717,000
    32,189,750
Series VAR, (SOFR + 0.54%),
0.63%, 11/17/2023 (b)
   33,389,000
    33,117,111
(SOFR + 0.57%), 0.67%,
3/8/2024 (b)
   77,500,000
    75,976,499
Macquarie Bank Ltd. (Australia)
 
 
2.10%, 10/17/2022 (a)
    4,920,000
     4,912,757
(SOFR + 0.30%), 2.59%,
4/6/2023 (a) (b)
  140,000,000
   139,399,953
Morgan Stanley
 
 
3.75%, 2/25/2023
    5,500,000
     5,505,264
(SOFR + 0.47%), 0.56%,
11/10/2023 (b)
   21,754,000
    21,592,759
(SOFR + 0.46%), 0.53%,
1/25/2024 (b)
8,363,000
8,234,045
(SOFR + 0.62%), 0.73%,
4/5/2024 (b)
38,073,000
37,242,413
(SOFR + 1.16%), 3.62%,
4/17/2025 (b)
95,300,000
93,897,048
(SOFR + 0.53%), 0.79%,
5/30/2025 (b)
25,000,000
23,368,854
State Street Corp. 3.70%,
11/20/2023
6,479,000
6,484,597
UBS AG (Switzerland)
 
 
0.38%, 6/1/2023 (a) (c)
61,462,000
59,930,415
(SOFR + 0.36%), 2.64%,
2/9/2024 (a) (b)
23,894,000
23,771,902
(SOFR + 0.45%), 2.73%,
8/9/2024 (a) (b)
30,423,000
30,220,257
UBS Group AG (Switzerland)
 
 
(US Treasury Yield Curve Rate T
Note Constant Maturity 1 Year
+ 0.83%), 1.01%,
7/30/2024 (a) (b) (c)
36,500,000
35,373,893
(US Treasury Yield Curve Rate T
Note Constant Maturity 1 Year
+ 1.60%), 4.49%,
8/5/2025 (a) (b)
71,499,000
71,257,159
(US Treasury Yield Curve Rate T
Note Constant Maturity 1 Year
+ 1.55%), 4.49%,
5/12/2026 (a) (b)
33,653,000
33,302,320
 
 
840,781,843
INVESTMENTS
PRINCIPAL
AMOUNT($)
VALUE($)
 
Chemicals — 0.4%
Air Liquide Finance SA (France)
2.25%, 9/27/2023  (a)
   32,489,000
    31,960,565
Chevron Phillips Chemical Co.
LLC 3.30%, 5/1/2023  (a)
    4,703,000
     4,687,847
DuPont de Nemours, Inc. 4.21%,
11/15/2023
      617,000
       618,500
International Flavors & Fragrances,
Inc. 0.70%, 9/15/2022  (a)
   15,000,000
    14,984,446
Nutrien Ltd. (Canada) 1.90%,
5/13/2023
   22,880,000
    22,511,314
Sherwin-Williams Co. (The) 4.05%,
8/8/2024
   10,400,000
    10,387,422
Westlake Corp. 0.88%, 8/15/2024
    4,583,000
     4,329,554
 
 
89,479,648
Construction Materials — 0.1%
Martin Marietta Materials,
Inc. 0.65%, 7/15/2023
   16,655,000
    16,159,044
Consumer Finance — 3.5%
AerCap Ireland Capital DAC (Ireland)
 
 
4.13%, 7/3/2023
20,510,000
20,459,520
1.15%, 10/29/2023
57,979,000
55,458,943
American Express Co.
 
 
2.65%, 12/2/2022
5,685,000
5,677,506
3.40%, 2/27/2023
5,495,000
5,490,696
(ICE LIBOR USD 3 Month +
0.65%), 3.69%,
2/27/2023 (b)
834,000
834,200
3.70%, 8/3/2023
3,130,000
3,125,740
0.75%, 11/3/2023
514,000
496,651
3.38%, 5/3/2024
13,210,000
13,059,276
American Honda Finance Corp.
 
 
(ICE LIBOR USD 3 Month +
0.15%), 3.13%,
2/22/2023 (b)
99,001,000
98,819,945
0.35%, 4/20/2023
7,431,000
7,270,705
1.95%, 5/10/2023
14,987,000
14,774,766
0.88%, 7/7/2023
9,506,000
9,285,024
Capital One Financial Corp.
 
 
(ICE LIBOR USD 3 Month +
0.72%), 3.53%,
1/30/2023 (b)
891,000
889,236
2.60%, 5/11/2023
95,472,000
94,771,425
Caterpillar Financial Services Corp.
 
 
1.95%, 11/18/2022
7,500,000
7,484,478
2.55%, 11/29/2022
9,656,000
9,643,162
3.45%, 5/15/2023
590,000
590,324
SEE NOTES TO FINANCIAL STATEMENTS.
 
August 31, 2022
J.P. Morgan Exchange-Traded Funds
209
JPMorgan Ultra-Short Income ETF
SCHEDULE OF PORTFOLIO INVESTMENTS
AS OF August 31, 2022  (Unaudited) (continued)
INVESTMENTS
PRINCIPAL
AMOUNT($)
VALUE($)
Corporate Bonds — continued
Consumer Finance — continued
0.65%, 7/7/2023
   16,000,000
    15,609,980
3.75%, 11/24/2023
      971,000
       972,867
General Motors Financial Co., Inc.
 
 
(SOFR + 1.20%), 3.48%,
11/17/2023 (b)
   23,000,000
    22,916,397
1.05%, 3/8/2024
   18,436,000
    17,495,275
Hyundai Capital Services,
Inc. (South Korea) 0.75%,
9/15/2023  (a)
   13,658,000
    13,147,191
John Deere Capital Corp.
 
 
2.80%, 1/27/2023
      573,000
       571,189
(SOFR + 0.12%), 2.41%,
7/10/2023 (b)
   57,027,000
    56,878,946
Toyota Motor Credit Corp.
 
 
0.35%, 10/14/2022
   30,417,000
    30,326,603
(SOFR + 0.20%), 2.48%,
2/13/2023 (b)
74,615,000
74,530,981
0.40%, 4/6/2023 (c)
68,327,000
67,178,230
(SOFR + 0.75%), 3.03%,
7/25/2023 (b)
64,017,000
64,120,363
0.45%, 1/11/2024
881,000
843,602
(SOFRINDX + 0.33%), 2.62%,
1/11/2024 (b)
41,950,000
41,708,274
 
 
754,431,495
Diversified Financial Services — 1.4%
AIG Global Funding
 
 
0.80%, 7/7/2023 (a)
8,310,000
8,107,568
0.40%, 9/13/2023 (a)
39,623,000
38,205,507
(SOFR + 0.38%), 2.67%,
12/15/2023 (a) (b)
48,943,000
48,561,389
Citigroup Global Markets Holdings,
Inc. 0.75%, 6/7/2024
29,285,000
27,582,026
Element Fleet Management
Corp. (Canada) 1.60%,
4/6/2024  (a)
15,298,000
14,504,602
National Rural Utilities Cooperative
Finance Corp.
 
 
2.30%, 9/15/2022
2,070,000
2,069,350
Series D, (ICE LIBOR USD 3 Month
+ 0.07%), 2.99%,
2/16/2023 (b)
65,911,000
65,853,684
(SOFR + 0.40%), 2.68%,
8/7/2023 (b) (c)
11,905,000
11,895,275
NTT Finance Corp. (Japan)
 
 
0.37%, 3/3/2023 (a) (c)
42,004,000
41,335,264
0.58%, 3/1/2024 (a)
320,000
303,970
INVESTMENTS
PRINCIPAL
AMOUNT($)
VALUE($)
 
Diversified Financial Services — continued
Siemens Financieringsmaatschappij
NV (Germany)
 
 
0.40%, 3/11/2023 (a)
   14,889,000
    14,660,123
(SOFR + 0.43%), 2.72%,
3/11/2024 (a) (b)
   23,914,000
    23,905,910
 
 
296,984,668
Diversified Telecommunication Services — 0.2%
AT&T, Inc. (SOFRINDX + 0.64%),
2.93%, 3/25/2024  (b)
   24,755,000
    24,599,143
Deutsche Telekom International
Finance BV (Germany) 2.49%,
9/19/2023  (a)
   15,070,000
    14,813,702
 
 
39,412,845
Electric Utilities — 1.0%
American Electric Power Co.,
Inc. Series M, 0.75%,
11/1/2023
    9,684,000
     9,315,106
Emera US Finance LP (Canada)
0.83%, 6/15/2024
   11,121,000
    10,416,158
Entergy Louisiana LLC 0.62%,
11/17/2023
9,363,000
9,056,907
Eversource Energy
 
 
2.80%, 5/1/2023
14,173,000
14,063,726
Series T, (SOFRINDX + 0.25%),
2.53%, 8/15/2023 (b)
22,322,000
22,177,211
Series N, 3.80%, 12/1/2023
174,000
173,237
Florida Power & Light
Co. (SOFRINDX + 0.38%),
2.67%, 1/12/2024  (b)
49,271,000
48,830,807
ITC Holdings Corp. 2.70%,
11/15/2022
18,617,000
18,585,764
NextEra Energy Capital Holdings,
Inc.
 
 
(ICE LIBOR USD 3 Month +
0.27%), 3.25%,
2/22/2023 (b)
31,052,000
30,981,698
0.65%, 3/1/2023
30,294,000
29,753,156
(SOFRINDX + 0.54%), 2.83%,
3/1/2023 (b)
2,905,000
2,901,329
(SOFRINDX + 0.40%), 2.68%,
11/3/2023 (b)
5,000,000
4,957,150
4.26%, 9/1/2024
13,097,000
13,105,011
Virginia Electric and Power
Co. Series C, 2.75%, 3/15/2023
11,008,000
10,956,151
 
 
225,273,411
SEE NOTES TO FINANCIAL STATEMENTS.
 
210
J.P. Morgan Exchange-Traded Funds
August 31, 2022

INVESTMENTS
PRINCIPAL
AMOUNT($)
VALUE($)
Corporate Bonds — continued
Electrical Equipment — 0.0% ^
Eaton Corp. 2.75%, 11/2/2022
    4,062,000
     4,058,872
Electronic Equipment, Instruments & Components — 0.3%
TD SYNNEX Corp. 1.25%, 8/9/2024
   24,822,000
    23,055,461
Teledyne Technologies, Inc. 0.65%,
4/1/2023
   39,910,000
    39,170,957
 
 
62,226,418
Energy Equipment & Services — 0.0% ^
Schlumberger Finance Canada
Ltd. 2.65%, 11/20/2022  (a)
    3,623,000
     3,618,246
Entertainment — 0.2%
Take-Two Interactive Software,
Inc. 3.30%, 3/28/2024
   20,386,000
    20,099,077
TWDC Enterprises 18 Corp. 2.35%,
12/1/2022
    5,400,000
     5,385,152
Walt Disney Co. (The)
 
 
1.65%, 9/1/2022
19,999,000
19,999,000
3.00%, 9/15/2022
5,500,000
5,500,824
 
 
50,984,053
Food & Staples Retailing — 0.3%
7-Eleven, Inc. 0.63%, 2/10/2023
 (a)
67,817,000
66,802,163
Kroger Co. (The) 3.85%, 8/1/2023
4,554,000
4,552,818
 
 
71,354,981
Food Products — 0.3%
Bunge Ltd. Finance Corp. 3.00%,
9/25/2022
10,841,000
10,840,696
Conagra Brands, Inc. 0.50%,
8/11/2023
23,177,000
22,422,587
Kellogg Co. 2.65%, 12/1/2023
3,269,000
3,230,072
Mondelez International Holdings
Netherlands BV 2.13%,
9/19/2022  (a)
20,385,000
20,374,611
 
 
56,867,966
Gas Utilities — 1.5%
Atmos Energy Corp.
 
 
0.63%, 3/9/2023
55,468,000
54,497,525
(ICE LIBOR USD 3 Month +
0.38%), 2.07%,
3/9/2023 (b)
92,141,000
92,105,884
CenterPoint Energy Resources Corp.
 
 
0.70%, 3/2/2023
25,649,000
25,269,176
(ICE LIBOR USD 3 Month +
0.50%), 2.11%,
3/2/2023 (b)
16,053,000
16,026,940
INVESTMENTS
PRINCIPAL
AMOUNT($)
VALUE($)
 
Gas Utilities — continued
ONE Gas, Inc.
 
 
0.85%, 3/11/2023
   98,719,000
    97,215,037
(ICE LIBOR USD 3 Month +
0.61%), 2.33%,
3/11/2023 (b)
   30,397,000
    30,397,681
Southern Natural Gas Co.
LLC 0.63%, 4/28/2023  (a)
    4,600,000
     4,482,983
 
 
319,995,226
Health Care Equipment & Supplies — 0.0% ^
DH Europe Finance II SARL 2.05%,
11/15/2022
    1,000,000
       997,048
Health Care Providers & Services — 0.6%
Aetna, Inc. 2.80%, 6/15/2023
    9,649,000
     9,561,043
AmerisourceBergen Corp. 0.74%,
3/15/2023
   30,080,000
    29,626,933
Cigna Corp. (ICE LIBOR USD 3 Month
+ 0.89%), 3.40%, 7/15/2023
 (b)
   14,963,000
    14,990,335
CVS Health Corp. 2.75%,
12/1/2022
14,896,000
14,896,000
Elevance Health, Inc.
 
 
2.95%, 12/1/2022
6,928,000
6,915,632
3.30%, 1/15/2023
6,166,000
6,157,410
Humana, Inc.
 
 
3.15%, 12/1/2022
15,124,000
15,117,006
2.90%, 12/15/2022
21,770,000
21,739,894
0.65%, 8/3/2023
16,792,000
16,298,619
Laboratory Corp. of America
Holdings 4.00%, 11/1/2023
1,900,000
1,897,334
 
 
137,200,206
Hotels, Restaurants & Leisure — 0.0% ^
Booking Holdings, Inc. 2.75%,
3/15/2023
985,000
983,149
Industrial Conglomerates — 0.0% ^
3M Co.
 
 
1.75%, 2/14/2023
205,000
203,342
2.25%, 3/15/2023
5,202,000
5,160,475
 
 
5,363,817
Insurance — 3.4%
Allstate Corp. (The) 3.15%,
6/15/2023
1,230,000
1,225,415
Athene Global Funding
 
 
1.20%, 10/13/2023 (a)
32,955,000
31,682,234
0.95%, 1/8/2024 (a)
9,598,000
9,132,570
SEE NOTES TO FINANCIAL STATEMENTS.
 
August 31, 2022
J.P. Morgan Exchange-Traded Funds
211
JPMorgan Ultra-Short Income ETF
SCHEDULE OF PORTFOLIO INVESTMENTS
AS OF August 31, 2022  (Unaudited) (continued)
INVESTMENTS
PRINCIPAL
AMOUNT($)
VALUE($)
Corporate Bonds — continued
Insurance — continued
1.00%, 4/16/2024 (a)
   21,061,000
    19,810,181
(SOFRINDX + 0.70%), 2.98%,
5/24/2024 (a) (b)
   43,521,000
    42,648,306
Brighthouse Financial Global
Funding
 
 
0.60%, 6/28/2023 (a)
   11,451,000
    11,103,029
1.20%, 12/15/2023 (a)
   43,419,000
    41,697,147
1.00%, 4/12/2024 (a)
    7,007,000
     6,609,680
Equitable Financial Life Global
Funding
 
 
0.50%, 4/6/2023 (a)
      247,000
       241,385
(SOFR + 0.39%), 2.69%,
4/6/2023 (a) (b)
   63,649,000
    63,557,992
Guardian Life Global
Funding 3.40%, 4/25/2023  (a)
      500,000
       498,518
Jackson National Life Global Funding
 
 
2.38%, 9/15/2022 (a)
900,000
899,857
(SOFR + 0.60%), 2.89%,
1/6/2023 (a) (b)
22,504,000
22,520,680
3.25%, 1/30/2024 (a)
21,256,000
20,896,970
Marsh & McLennan Cos.,
Inc. 3.30%, 3/14/2023
9,648,000
9,617,311
MassMutual Global Funding
II 0.85%, 6/9/2023  (a)
39,446,000
38,570,309
Metropolitan Life Global Funding I
 
 
3.00%, 1/10/2023 (a)
243,000
242,714
0.90%, 6/8/2023 (a)
12,598,000
12,298,852
New York Life Global Funding
 
 
1.10%, 5/5/2023 (a) (c)
8,899,000
8,751,795
3.86%, 8/26/2024 (a)
180,500,000
179,780,076
Principal Financial Group,
Inc. 3.13%, 5/15/2023
5,375,000
5,353,643
Principal Life Global Funding II
 
 
1.25%, 5/11/2023 (a) (c)
75,151,000
74,436,495
0.50%, 1/8/2024 (a)
1,046,000
996,681
Protective Life Global Funding
 
 
0.33%, 12/9/2022 (a)
62,913,000
62,379,077
1.08%, 6/9/2023 (a)
8,062,000
7,884,878
Reliance Standard Life Global
Funding II
 
 
2.15%, 1/21/2023 (a)
9,976,000
9,899,960
3.85%, 9/19/2023 (a)
4,360,000
4,352,229
INVESTMENTS
PRINCIPAL
AMOUNT($)
VALUE($)
 
Insurance — continued
2.50%, 10/30/2024 (a)
    2,780,000
     2,659,986
Swiss Re Treasury
U.S. Corp. (Switzerland) 2.88%,
12/6/2022  (a)
   35,796,000
    35,720,969
 
 
725,468,939
IT Services — 0.0% ^
Fidelity National Information
Services, Inc. 0.60%, 3/1/2024
      316,000
       299,861
International Business Machines
Corp. 2.88%, 11/9/2022
    2,215,000
     2,214,107
 
 
2,513,968
Life Sciences Tools & Services — 0.7%
Thermo Fisher Scientific,
Inc. (SOFRINDX + 0.35%),
2.64%, 4/18/2023  (b)
  143,174,000
   143,092,137
Machinery — 0.3%
Daimler Trucks Finance North
America LLC (Germany) (SOFR +
1.00%), 3.29%, 4/5/2024  (a)
(b)
   58,479,000
    58,249,640
Media — 0.0% ^
Fox Corp. 4.03%, 1/25/2024
2,511,000
2,504,503
Metals & Mining — 0.3%
Glencore Finance Canada
Ltd. (Australia) 4.25%,
10/25/2022  (a) (d)
33,060,000
33,048,429
Glencore Funding LLC (Australia)
 
 
3.00%, 10/27/2022 (a)
1,490,000
1,486,592
4.13%, 5/30/2023 (a)
28,801,000
28,730,438
 
 
63,265,459
Multi-Utilities — 0.5%
Berkshire Hathaway Energy
Co. 3.75%, 11/15/2023
2,000,000
1,999,612
CenterPoint Energy, Inc. (SOFRINDX
+ 0.65%), 2.93%, 5/13/2024
 (b)
35,739,000
35,349,916
Consolidated Edison, Inc. Series A,
0.65%, 12/1/2023
329,000
316,217
Dominion Energy, Inc. Series D, (ICE
LIBOR USD 3 Month + 0.53%),
2.36%, 9/15/2023  (b)
31,071,000
30,958,032
DTE Energy Co.
 
 
Series H, 0.55%, 11/1/2022
20,525,000
20,430,736
2.25%, 11/1/2022
1,600,000
1,597,466
SEE NOTES TO FINANCIAL STATEMENTS.
 
212
J.P. Morgan Exchange-Traded Funds
August 31, 2022
INVESTMENTS
PRINCIPAL
AMOUNT($)
VALUE($)
Corporate Bonds — continued
Multi-Utilities — continued
Engie SA (France) 2.88%,
10/10/2022  (a)
    3,700,000
     3,694,564
WEC Energy Group, Inc. 0.55%,
9/15/2023
   15,845,000
    15,297,247
 
 
109,643,790
Oil, Gas & Consumable Fuels — 1.2%
APA Infrastructure Ltd. (Australia)
4.20%, 3/23/2025  (a)
   12,446,000
    12,209,751
BP Capital Markets plc (United
Kingdom) 2.50%, 11/6/2022
    9,228,000
     9,215,361
Canadian Natural Resources
Ltd. (Canada) 2.95%,
1/15/2023
   19,006,000
    18,905,473
Enbridge, Inc. (Canada) (SOFR +
0.40%), 2.68%, 2/17/2023  (b)
   22,769,000
    22,695,889
Enterprise Products
Operating LLC 3.35%,
3/15/2023
   85,829,000
    85,673,674
EOG Resources, Inc. 2.63%,
3/15/2023  (c)
   18,698,000
    18,612,654
Equinor ASA (Norway) 2.45%,
1/17/2023
    1,130,000
     1,126,429
Exxon Mobil Corp. 1.57%,
4/15/2023  (c)
48,100,000
47,561,289
Phillips 66 3.70%, 4/6/2023
5,000,000
4,999,228
Saudi Arabian Oil Co. (Saudi Arabia)
1.25%, 11/24/2023  (a)
8,000,000
7,720,000
TransCanada PipeLines
Ltd. (Canada) 3.75%,
10/16/2023
25,013,000
24,932,587
 
 
253,652,335
Pharmaceuticals — 0.7%
AstraZeneca plc (United Kingdom)
0.30%, 5/26/2023
105,787,000
103,261,430
Bristol-Myers Squibb Co. 3.25%,
2/20/2023
410,000
409,562
Shire Acquisitions Investments
Ireland DAC 2.88%, 9/23/2023
130,000
128,261
Takeda Pharmaceutical Co.
Ltd. (Japan) 4.40%,
11/26/2023
1,125,000
1,126,786
Zoetis, Inc. 3.25%, 2/1/2023
48,982,000
48,931,228
 
 
153,857,267
Road & Rail — 0.5%
Burlington Northern Santa
Fe LLC 3.00%, 3/15/2023
3,856,000
3,842,266
INVESTMENTS
PRINCIPAL
AMOUNT($)
VALUE($)
 
Road & Rail — continued
ERAC USA Finance LLC 3.30%,
10/15/2022  (a)
   32,027,000
    32,009,882
Penske Truck Leasing Co. LP
 
 
4.25%, 1/17/2023 (a)
      927,000
       927,471
2.70%, 3/14/2023 (a)
   37,371,000
    37,090,904
4.13%, 8/1/2023 (a)
    4,071,000
     4,055,454
Triton Container International
Ltd. (Bermuda) 0.80%,
8/1/2023  (a) (c)
   22,739,000
    21,834,670
Union Pacific Corp.
 
 
2.75%, 4/15/2023
    6,395,000
     6,358,179
3.50%, 6/8/2023
    1,540,000
     1,536,579
 
 
107,655,405
Semiconductors & Semiconductor Equipment — 0.2%
NVIDIA Corp. 0.31%, 6/15/2023
39,037,000
38,003,330
Software — 0.4%
Oracle Corp.
 
 
2.50%, 10/15/2022
23,711,000
23,680,723
2.63%, 2/15/2023
39,961,000
39,772,735
2.40%, 9/15/2023
3,827,000
3,759,645
VMware, Inc. 0.60%, 8/15/2023
25,574,000
24,727,363
 
 
91,940,466
Specialty Retail — 0.0% ^
AutoZone, Inc. 2.88%, 1/15/2023
5,100,000
5,093,180
Technology Hardware, Storage & Peripherals — 0.1%
Apple, Inc. 1.70%, 9/11/2022
21,091,000
21,085,746
Thrifts & Mortgage Finance — 0.4%
BPCE SA (France)
 
 
2.75%, 1/11/2023 (a)
5,000,000
4,984,407
4.00%, 9/12/2023 (a)
19,526,000
19,412,164
Nationwide Building Society (United
Kingdom) 2.00%, 1/27/2023
 (a)
56,360,000
55,934,268
 
 
80,330,839
Tobacco — 0.2%
Altria Group, Inc. 2.95%, 5/2/2023
195,000
193,579
Philip Morris International,
Inc. 2.50%, 11/2/2022
2,620,000
2,616,565
Reynolds American, Inc. (United
Kingdom) 4.85%, 9/15/2023
45,368,000
45,624,449
 
 
48,434,593
SEE NOTES TO FINANCIAL STATEMENTS.
 
August 31, 2022
J.P. Morgan Exchange-Traded Funds
213
JPMorgan Ultra-Short Income ETF
SCHEDULE OF PORTFOLIO INVESTMENTS
AS OF August 31, 2022  (Unaudited) (continued)
INVESTMENTS
PRINCIPAL
AMOUNT($)
VALUE($)
Corporate Bonds — continued
Trading Companies & Distributors — 0.1%
Air Lease Corp. (ICE LIBOR USD 3
Month + 0.35%), 2.18%,
12/15/2022  (b)
   13,922,000
    13,909,911
Transportation Infrastructure — 0.0% ^
Sydney Airport Finance Co. Pty.
Ltd. (Australia) 3.90%,
3/22/2023  (a)
      650,000
       648,297
Wireless Telecommunication Services — 0.0% ^
Vodafone Group plc (United
Kingdom) 2.50%, 9/26/2022
      150,000
       149,890
Total Corporate Bonds
(Cost $9,372,383,173)
 
9,235,237,854
Asset-Backed Securities — 8.6%
522 Funding CLO Ltd. (Cayman
Islands) Series 2019-4A,
Class AR, 3.79%, 4/20/2030 (a)
(e)
   48,357,790
    47,774,933
Aimco CLO Ltd. (Cayman Islands)
 
 
Series 2020-12A, Class XR,
3.33%, 1/17/2032 ‡ (a) (e)
    3,800,000
     3,796,926
Series 2020-12A, Class AR,
3.65%, 1/17/2032 (a) (e)
   23,689,000
    23,147,209
AIMCO CLO Ltd. (Cayman Islands)
Series 2019-10A, Class AR,
3.82%, 7/22/2032 (a) (e)
5,000,000
4,894,565
Anchorage Capital CLO Ltd. (Cayman
Islands)
 
 
Series 2016-9A, Class XR,
3.46%, 7/15/2032 ‡ (a) (e)
1,000,000
999,540
Series 2016-9A, Class AR2,
3.65%, 7/15/2032 (a) (e)
12,000,000
11,776,560
Apidos CLO (Cayman Islands)
 
 
Series 2016-24A, Class A1AL,
3.66%, 10/20/2030 (a) (e)
35,000,000
34,318,725
Series 2019-31A, Class A1R,
3.61%, 4/15/2031 (a) (e)
28,565,000
28,117,586
Ares CLO Ltd. (Cayman Islands)
Series 2013-2A, Class XR2,
3.74%, 10/28/2034 (a) (e)
4,250,000
4,247,101
Atlas Senior Loan Fund (Cayman
Islands) Series 2019-13A,
Class A1NR, 3.84%,
4/22/2031 (a) (e)
14,675,000
14,451,617
Atlas Senior Loan Fund Ltd.
(Cayman Islands) Series
2021-18A, Class X, 3.59%,
1/18/2035 ‡ (a) (e)
1,866,667
1,864,970
INVESTMENTS
PRINCIPAL
AMOUNT($)
VALUE($)
 
Bain Capital Credit CLO (Cayman
Islands) Series 2019-1A, Class X,
3.57%, 4/19/2034 (a) (e)
    4,500,000
     4,497,259
Ballyrock CLO Ltd. (Cayman Islands)
 
 
Series 2020-2A, Class A1R,
3.72%, 10/20/2031 (a) (e)
   20,955,000
    20,546,650
Series 2019-1A, Class A1R,
3.54%, 7/15/2032 (a) (e)
   42,764,000
    41,794,711
Barings CLO Ltd. (Cayman Islands)
Series 2013-IA, Class AR, 3.51%,
1/20/2028 (a) (e)
   29,025,315
    28,646,041
Benefit Street Partners CLO Ltd.
(Cayman Islands)
 
 
Series 2013-IIA, Class A1R2,
3.38%, 7/15/2029 (a) (e)
   24,787,803
    24,487,524
Series 2013-IIIA, Class A1R2,
3.71%, 7/20/2029 (a) (e)
   33,537,187
    33,175,589
Series 2016-10A, Class X,
3.31%, 4/20/2034 (a) (e)
      462,500
       462,337
Series 2015-6BR, Class X,
3.41%, 7/20/2034 (a) (e)
    1,800,000
     1,799,338
BMW Vehicle Lease Trust Series
2021-2, Class A2, 0.19%,
11/27/2023
   23,162,875
    23,044,641
Buckhorn Park CLO Ltd. (Cayman
Islands) Series 2019-1A,
Class XR, 3.39%, 7/18/2034 (a)
(e)
    3,333,332
     3,330,815
Capital One Prime Auto Receivables
Trust Series 2020-1, Class A3,
1.60%, 11/15/2024
6,752,696
6,694,375
Carlyle Global Market Strategies CLO
Ltd. (Cayman Islands)
 
 
Series 2015-1A, Class AR3,
3.69%, 7/20/2031 (a) (e)
7,900,000
7,783,230
Series 2015-5A, Class A1RR,
3.79%, 1/20/2032 (a) (e)
7,485,000
7,333,795
CarMax Auto Owner Trust
 
 
Series 2018-3, Class A4, 3.27%,
3/15/2024
4,416,763
4,416,638
Series 2021-2, Class A2A,
0.27%, 6/17/2024
5,816,654
5,798,153
Series 2021-4, Class A2A,
0.24%, 11/15/2024
24,020,230
23,794,060
Series 2022-2, Class A2A,
2.81%, 5/15/2025
20,534,000
20,381,024
Carvana Auto Receivables Trust
 
 
Series 2021-P3, Class A2,
0.38%, 1/10/2025
28,547,206
28,211,534
SEE NOTES TO FINANCIAL STATEMENTS.
 
214
J.P. Morgan Exchange-Traded Funds
August 31, 2022
INVESTMENTS
PRINCIPAL
AMOUNT($)
VALUE($)
Asset-Backed Securities — continued
Series 2021-P4, Class A2,
0.82%, 4/10/2025
   15,540,116
    15,369,479
Series 2022-P1, Class A2,
2.57%, 5/12/2025
   72,437,300
    71,820,482
CBAM Ltd. (Cayman Islands) Series
2017-2A, Class XR, 3.44%,
7/17/2034 (a) (e)
    2,500,000
     2,499,952
CIFC Funding Ltd. (Cayman Islands)
 
 
Series 2017-1A, Class AR,
3.74%, 4/23/2029 (a) (e)
    1,896,219
     1,871,578
Series 2017-5A, Class A1,
3.92%, 11/16/2030 (a) (e)
   26,090,000
    25,788,608
Cloud Pass-Through Trust Series
2019-1A, Class CLOU, 3.55%,
12/5/2022 (a) (e)
       79,887
        79,758
Dell Equipment Finance Trust Series
2021-2, Class A2, 0.33%,
12/22/2026 (a)
   23,905,344
    23,569,154
Dryden Senior Loan Fund (Cayman
Islands)
 
 
Series 2017-47A, Class A1R,
3.49%, 4/15/2028 (a) (e)
   29,230,298
    28,903,591
Series 2014-36A, Class AR3,
3.53%, 4/15/2029 (a) (e)
   42,900,919
    42,403,740
Elmwood CLO Ltd. (Cayman Islands)
Series 2021-3A, Class A, 3.75%,
10/20/2034 (a) (e)
   30,000,000
    29,244,000
Exeter Automobile Receivables Trust
Series 2021-3A, Class A3,
0.35%, 2/18/2025
12,187,196
12,140,311
Galaxy CLO Ltd. (Cayman Islands)
 
 
Series 2013-15A, Class ARR,
3.48%, 10/15/2030 (a) (e)
28,160,000
27,722,591
Series 2016-22A, Class XRR,
3.64%, 4/16/2034 (a) (e)
3,157,895
3,155,981
GM Financial Automobile Leasing
Trust Series 2022-2, Class A2,
2.93%, 10/21/2024
72,390,000
71,786,941
GM Financial Consumer Automobile
Receivables Trust Series 2022-1,
Class A2, 0.76%, 2/18/2025
23,157,994
22,866,132
Goldentree Loan Management US
CLO Ltd. (Cayman Islands)
 
 
Series 2022-12A, Class X,
2.04%, 4/20/2034 ‡ (a) (e)
4,800,000
4,794,955
Series 2020-7A, Class XR,
3.21%, 4/20/2034 (a) (e)
1,875,000
1,874,968
Series 2022-14A, Class X,
3.70%, 7/20/2035 (a) (e)
3,690,000
3,690,000
INVESTMENTS
PRINCIPAL
AMOUNT($)
VALUE($)
 
Harriman Park CLO Ltd. (Cayman
Islands) Series 2020-1A,
Class XR, 3.31%, 4/20/2034 (a)
(e)
    2,916,665
     2,914,693
ICG US CLO Ltd. (Cayman Islands)
Series 2016-1A, Class XRR,
3.71%, 4/29/2034 (a) (e)
    2,947,370
     2,945,658
KKR CLO Ltd. (Cayman Islands)
 
 
Series 13, Class A1R, 3.54%,
1/16/2028 (a) (e)
    3,391,105
     3,365,160
Series 28A, Class A, 2.97%,
3/15/2031 (a) (e)
   13,479,544
    13,272,727
Series 32A, Class A1, 3.83%,
1/15/2032 (a) (e)
   18,000,000
    17,797,122
Series 24, Class A1R, 3.79%,
4/20/2032 (a) (e)
   20,000,000
    19,561,140
Series 16, Class X, 3.46%,
10/20/2034 (a) (e)
    4,375,000
     4,373,329
LCM LP (Cayman Islands)
 
 
Series 20A, Class AR, 3.75%,
10/20/2027 (a) (e)
    8,658,791
     8,591,607
Series 14A, Class AR, 3.75%,
7/20/2031 (a) (e)
   20,980,000
    20,629,823
LCM Ltd. (Cayman Islands)
 
 
Series 24A, Class AR, 3.69%,
3/20/2030 (a) (e)
43,099,000
42,406,140
Series 25A, Class AR, 3.58%,
7/20/2030 (a) (e)
30,000,000
29,563,710
Series 29A, Class AR, 3.58%,
4/15/2031 (a) (e)
20,000,000
19,657,100
LMREC LLC Series 2021-CRE4,
Class A, 3.48%, 4/22/2037 (a)
(e)
24,752,413
24,133,984
Longfellow Place CLO Ltd. (Cayman
Islands) Series 2013-1A,
Class AR3, 3.51%,
4/15/2029 (a) (e)
8,606,218
8,536,516
Madison Park Funding Ltd. (Cayman
Islands) Series 2019-36A,
Class X, 3.38%, 4/15/2035 ‡ (a)
(e)
1,750,000
1,746,941
Magnetite Ltd. (Cayman Islands)
 
 
Series 2012-7A, Class A1R2,
3.31%, 1/15/2028 (a) (e)
27,720,353
27,328,082
Series 2015-16A, Class AR,
3.54%, 1/18/2028 (a) (e)
8,171,808
8,076,272
Series 2016-18A, Class AR2,
3.79%, 11/15/2028 (a) (e)
11,472,919
11,285,520
Series 2014-8A, Class AR2,
3.49%, 4/15/2031 (a) (e)
1,982,221
1,957,778
SEE NOTES TO FINANCIAL STATEMENTS.
 
August 31, 2022
J.P. Morgan Exchange-Traded Funds
215
JPMorgan Ultra-Short Income ETF
SCHEDULE OF PORTFOLIO INVESTMENTS
AS OF August 31, 2022  (Unaudited) (continued)
INVESTMENTS
PRINCIPAL
AMOUNT($)
VALUE($)
Asset-Backed Securities — continued
Series 2016-17A, Class AR,
3.81%, 7/20/2031 (a) (e)
    4,000,000
     3,930,324
Series 2020-25A, Class A,
3.98%, 1/25/2032 (a) (e)
   20,250,000
    19,929,483
Series 2017-19A, Class X,
3.44%, 4/17/2034 (a) (e)
    3,750,000
     3,749,929
Marathon CLO Ltd. (Cayman Islands)
Series 2019-1A, Class AANR,
3.83%, 4/15/2032 (a) (e)
   35,000,000
    34,523,685
Marlette Funding Trust
 
 
Series 2021-2A, Class A, 0.51%,
9/15/2031 (a)
    2,251,152
     2,231,955
Series 2022-1A, Class A, 1.36%,
4/15/2032 (a)
    3,177,076
     3,112,393
Neuberger Berman CLO (Cayman
Islands) Series 2013-15A,
Class A1R2, 3.43%,
10/15/2029 (a) (e)
   24,276,666
    23,923,708
Neuberger Berman CLO Ltd.
(Cayman Islands)
 
 
Series 2013-14A, Class AR2,
3.82%, 1/28/2030 (a) (e)
   15,659,622
    15,474,087
Series 2017-16SA, Class XR,
3.31%, 4/15/2034 (a) (e)
    5,000,000
     4,999,905
Neuberger Berman Loan Advisers
CLO Ltd. (Cayman Islands)
 
 
Series 2017-26A, Class AR,
3.66%, 10/18/2030 (a) (e)
38,286,000
37,730,087
Series 2020-37A, Class AR,
3.68%, 7/20/2031 (a) (e)
26,036,000
25,563,577
Newark BSL CLO 2 Ltd. (Cayman
Islands) Series 2017-1A,
Class A1R, 3.75%,
7/25/2030 (a) (e)
30,619,000
30,185,251
Newark BSL CLO Ltd. (Cayman
Islands) Series 2016-1A,
Class A1R, 3.87%,
12/21/2029 (a) (e)
31,930,258
31,575,672
OCP CLO Ltd. (Cayman Islands)
 
 
Series 2020-8RA, Class A1,
3.96%, 1/17/2032 (a) (e)
35,000,000
34,431,600
Series 2019-17A, Class A1R,
3.75%, 7/20/2032 (a) (e)
25,500,000
24,865,840
Series 2015-9A, Class X, 1.60%,
1/15/2033 ‡ (a) (e)
4,000,000
3,993,104
Series 2020-19A, Class XR,
3.41%, 10/20/2034 (a) (e)
625,000
624,799
INVESTMENTS
PRINCIPAL
AMOUNT($)
VALUE($)
 
Octagon Investment Partners 30
Ltd. (Cayman Islands) Series
2017-1A, Class A1R, 3.71%,
3/17/2030 (a) (e)
   35,000,000
    34,537,965
OHA Credit Funding 7 Ltd. (Cayman
Islands) Series 2020-7A,
Class XR, 3.25%, 2/24/2037 ‡
(a) (e)
      937,500
       935,649
OHA Credit Partners Ltd. (Cayman
Islands) Series 2016-13A,
Class XR, 3.58%,
10/25/2034 (a) (e)
    1,625,000
     1,624,967
Palmer Square Loan Funding Ltd.
(Cayman Islands)
 
 
Series 2019-4A, Class A1,
3.68%, 10/24/2027 (a) (e)
    8,090,515
     8,066,511
Series 2020-1A, Class A1,
3.78%, 2/20/2028 (a) (e)
    6,198,107
     6,139,541
Series 2020-4A, Class A1,
4.00%, 11/25/2028 (a) (e)
   31,570,715
    31,281,211
Series 2021-1A, Class A1,
3.61%, 4/20/2029 (a) (e)
   30,424,335
    30,066,819
Series 2021-2A, Class A1,
3.78%, 5/20/2029 (a) (e)
   28,697,117
    28,318,918
Series 2021-3A, Class A1,
3.51%, 7/20/2029 (a) (e)
   22,462,646
    22,113,262
Series 2021-4A, Class A1,
3.31%, 10/15/2029 (a) (e)
   39,605,702
    38,901,829
Series 2022-1A, Class A1,
3.38%, 4/15/2030 (a) (e)
   28,535,309
    28,123,516
Santander Drive Auto Receivables
Trust Series 2021-2, Class A3,
0.34%, 2/18/2025
2,197,632
2,195,307
Sculptor CLO Ltd. (Cayman Islands)
Series 27A, Class X, 3.76%,
7/20/2034 (a) (e)
4,000,000
3,999,908
Sound Point CLO II Ltd. (Cayman
Islands) Series 2013-1A,
Class A1R, 3.84%,
1/26/2031 (a) (e)
2,430,000
2,395,956
Sound Point CLO Ltd. (Cayman
Islands) Series 2019-1A,
Class AR, 3.79%, 1/20/2032 (a)
(e)
14,268,000
14,012,346
Southwick Park CLO LLC (Cayman
Islands) Series 2019-4A,
Class A1R, 3.77%,
7/20/2032 (a) (e)
15,000,000
14,698,305
SEE NOTES TO FINANCIAL STATEMENTS.
 
216
J.P. Morgan Exchange-Traded Funds
August 31, 2022
INVESTMENTS
PRINCIPAL
AMOUNT($)
VALUE($)
Asset-Backed Securities — continued
Symphony CLO Ltd. (Cayman
Islands)
 
 
Series 2014-14A, Class AR,
3.43%, 7/14/2026 (a) (e)
    3,035,098
     3,022,178
Series 2018-20A, Class X,
3.74%, 1/16/2032 (a) (e)
      750,000
       749,962
Series 2020-24A, Class A,
3.98%, 1/23/2032 (a) (e)
   28,550,000
    28,163,119
Symphony Static CLO Ltd. (Cayman
Islands) Series 2021-1A, Class A,
3.61%, 10/25/2029 (a) (e)
   28,929,853
    28,423,176
TCI-Symphony CLO Ltd. (Cayman
Islands) Series 2017-1A,
Class AR, 3.44%, 7/15/2030 (a)
(e)
   20,000,000
    19,694,840
Tesla Auto Lease Trust Series
2020-A, Class A3, 0.68%,
12/20/2023 (a)
    3,353,833
     3,318,535
Venture CLO Ltd. (Cayman Islands)
 
 
Series 2016-25A, Class ARR,
3.73%, 4/20/2029 (a) (e)
    1,329,492
     1,306,838
Series 2018-33A, Class A1LR,
3.57%, 7/15/2031 (a) (e)
   21,836,000
    21,367,378
Series 2019-36A, Class XR,
3.41%, 4/20/2032 (a) (e)
    3,208,333
     3,191,117
Series 2021-43A, Class X,
3.56%, 4/15/2034 (a) (e)
    5,000,000
     4,996,450
Voya CLO Ltd. (Cayman Islands)
Series 2015-1A, Class A1R,
3.64%, 1/18/2029 ‡ (a) (e)
12,241,986
12,090,896
Westlake Automobile Receivables
Trust
 
 
Series 2021-3A, Class A2,
0.57%, 9/16/2024 (a)
3,757,477
3,720,197
Series 2021-3A, Class A3,
0.95%, 6/16/2025 (a)
20,541,000
19,936,495
World Omni Select Auto Trust Series
2021-A, Class A2, 0.29%,
2/18/2025
9,811,458
9,750,201
Total Asset-Backed Securities
(Cost $1,870,958,257)
 
1,847,301,760
Commercial Mortgage-Backed Securities — 1.7%
ACRE Commercial Mortgage Ltd.
Series 2021-FL4, Class A,
3.21%, 12/18/2037 (a) (e)
6,680,582
6,613,963
Benchmark Mortgage Trust
 
 
Series 2018-B3, Class A2,
3.85%, 4/10/2051
2,412,961
2,400,765
INVESTMENTS
PRINCIPAL
AMOUNT($)
VALUE($)
 
Series 2018-B5, Class A2,
4.08%, 7/15/2051
    5,000,000
     4,948,455
BX Commercial Mortgage Trust
 
 
Series 2021-VOLT, Class A,
3.09%, 9/15/2036 (a) (e)
   13,404,255
    12,948,685
Series 2020-VKNG, Class A,
3.32%, 10/15/2037 (a) (e)
   32,588,449
    31,783,547
Series 2021-SOAR, Class A,
3.06%, 6/15/2038 (a) (e)
   23,508,225
    22,706,028
Series 2022-LP2, Class A,
3.31%, 2/15/2039 (a) (e)
   23,345,626
    22,569,566
BX Trust
 
 
Series 2021-LBA, Class AJV,
3.19%, 2/15/2036 (a) (e)
   39,712,098
    38,111,653
Series 2022-IND, Class A, 3.79%,
4/15/2037 (a) (e)
   22,000,000
    21,620,130
BXMT Ltd. (Cayman Islands) Series
2020-FL3, Class A, 3.50%,
11/15/2037 (a) (e)
   45,000,000
    44,453,655
Citigroup Commercial Mortgage
Trust
 
 
Series 2013-GC11, Class AS,
3.42%, 4/10/2046
   12,950,249
    12,831,049
Series 2014-GC25, Class B,
4.34%, 10/10/2047 ‡ (e)
8,626,000
8,359,517
Series 2018-B2, Class A2,
3.79%, 3/10/2051
6,000,000
5,956,003
Credit Suisse Mortgage Capital
Certificates Series 2019-ICE4,
Class A, 3.37%, 5/15/2036 (a)
(e)
28,000,000
27,681,226
DBGS Mortgage Trust Series
2018-BIOD, Class A, 3.17%,
5/15/2035 (a) (e)
26,339,210
26,009,998
GS Mortgage Securities Corp. Trust
Series 2021-RENT, Class A,
3.07%, 11/21/2035 (a) (e)
4,948,778
4,842,848
Independence Plaza Trust Series
2018-INDP, Class A, 3.76%,
7/10/2035 (a)
10,000,000
9,603,632
KNDL Mortgage Trust Series
2019-KNSQ, Class A, 3.19%,
5/15/2036 (a) (e)
5,600,000
5,536,204
Morgan Stanley Capital I Trust Series
2018-H3, Class A2, 4.00%,
7/15/2051
3,227,020
3,206,491
SREIT Trust Series 2021-MFP,
Class A, 3.12%, 11/15/2038 (a)
(e)
6,000,000
5,781,992
SEE NOTES TO FINANCIAL STATEMENTS.
 
August 31, 2022
J.P. Morgan Exchange-Traded Funds
217
JPMorgan Ultra-Short Income ETF
SCHEDULE OF PORTFOLIO INVESTMENTS
AS OF August 31, 2022  (Unaudited) (continued)
INVESTMENTS
PRINCIPAL
AMOUNT($)
VALUE($)
Commercial Mortgage-Backed Securities — continued
UBS Commercial Mortgage Trust
Series 2018-C11, Class A2,
3.99%, 6/15/2051
    1,751,104
     1,736,056
Wells Fargo Commercial Mortgage
Trust
 
 
Series 2021-SAVE, Class A,
3.54%, 2/15/2040 (a) (e)
   31,490,985
    30,236,447
Series 2018-C46, Class A2,
4.06%, 8/15/2051
   10,863,024
    10,789,222
WFRBS Commercial Mortgage Trust
 
 
Series 2013-UBS1, Class AS,
4.31%, 3/15/2046 (e)
    6,584,641
     6,499,500
Series 2014-C22, Class AS,
4.07%, 9/15/2057 (e)
    6,901,000
     6,744,112
Total Commercial Mortgage-Backed
Securities
(Cost $386,050,022)
 
373,970,744
Foreign Government Securities — 0.1%
Svensk Exportkredit AB (SOFRINDX
+ 1.00%), 3.27%,
5/25/2023 (b)(Cost
$28,573,678)
   28,420,000
28,583,037
Short-Term Investments — 43.9%
Certificates of Deposits — 15.9%
Bank of Montreal (Canada)
 
 
0.40%, 11/18/2022
55,800,000
55,505,864
3.87%, 7/21/2023
54,100,000
53,982,459
Bank of Nova Scotia (The) (Canada)
 
 
(SOFR + 0.53%), 2.82%,
2/6/2023 (b)
91,172,000
91,204,612
(SOFR + 0.58%), 2.87%,
3/24/2023 (b)
153,980,000
154,061,058
Barclays Bank plc (United Kingdom)
, 2.37%, 3/30/2023
191,925,000
190,295,002
Canadian Imperial Bank of
Commerce (Canada) , 3.72%,
3/13/2023
18,950,000
18,950,000
Citibank NA
 
 
3.77%, 5/2/2023
77,750,000
77,657,844
3.85%, 7/28/2023
72,600,000
72,380,675
Cooperatieve Rabobank UA
(Netherlands)
 
 
(SOFR + 0.44%), 2.73%,
1/27/2023 (b)
40,547,000
40,552,310
2.80%, 5/17/2023
40,743,000
40,418,249
3.74%, 5/31/2023
69,508,000
69,385,697
INVESTMENTS
PRINCIPAL
AMOUNT($)
VALUE($)
 
Certificates of Deposits — continued
Credit Suisse AG (Switzerland) ,
1.10%, 2/3/2023
  100,098,000
    98,983,085
First Abu Dhabi Bank PJSC , 1.46%,
9/26/2022 (a)
   74,940,000
    74,887,642
HSBC Bank USA NA
 
 
(SOFR + 0.50%), 2.79%,
4/20/2023 (b)
  119,515,000
   119,447,370
4.01%, 8/10/2023
   53,686,000
    53,614,599
Lloyds Bank Corporate Markets plc
(United Kingdom) (SOFR + 0.67),
2.96%, 3/22/2023 (b)
   70,740,000
    70,823,740
Lloyds Bank plc (United Kingdom)
 
 
3.68%, 3/17/2023
   19,669,000
    19,666,955
3.89%, 6/16/2023
   17,860,000
    17,846,242
Mitsubishi UFJ Trust & Banking Corp.
(Japan) (SOFR + 0.49), 2.78%,
3/3/2023 (b)
   40,700,000
    40,703,915
Natixis SA (France) (SOFR + 0.60),
2.89%, 3/24/2023 (b)
   94,460,000
    94,546,285
Nordea Bank Abp (Finland)
 
 
(SOFR + 0.53%), 2.81%,
12/23/2022 (b)
183,097,000
183,202,673
3.43%, 2/10/2023
126,407,000
126,436,234
2.97%, 6/8/2023
57,500,000
57,101,886
Norinchukin Bank (Japan) , 3.95%,
8/15/2023
198,472,000
198,274,520
Oversea-Chinese Banking Corp., Ltd.
(Singapore) (SOFR + 0.47),
2.75%, 1/24/2023 (b)
137,489,000
137,495,715
Royal Bank of Canada (Canada) ,
4.08%, 8/4/2023
73,300,000
73,265,054
Skandinaviska Enskilda Banken AB
(Sweden) , 2.85%, 6/1/2023
155,975,000
154,671,798
Standard Chartered Bank (United
Kingdom)
 
 
2.22%, 11/29/2022
2,700,000
2,695,737
2.82%, 5/26/2023
7,111,000
7,049,906
4.02%, 8/11/2023
54,640,000
54,569,089
Sumitomo Mitsui Banking Corp.
(Japan)
 
 
(SOFR + 0.40%), 2.69%,
9/29/2022 (b)
34,914,000
34,919,912
(SOFR + 0.51%), 2.80%,
12/27/2022 (b)
12,722,000
12,731,575
2.70%, 4/25/2023
39,988,000
39,705,130
2.70%, 4/28/2023
46,823,000
46,485,288
3.05%, 6/7/2023
2,999,000
2,979,529
SEE NOTES TO FINANCIAL STATEMENTS.
 
218
J.P. Morgan Exchange-Traded Funds
August 31, 2022
INVESTMENTS
PRINCIPAL
AMOUNT($)
VALUE($)
Short-Term Investments — continued
Certificates of Deposits — continued
Svenska Handelsbanken AB
(Sweden)
 
 
(SOFR + 0.43%), 2.71%,
12/22/2022 (b)
  202,015,000
   202,050,747
2.01%, 3/22/2023
  171,141,000
   169,498,618
3.46%, 6/13/2023
  111,881,000
   111,405,537
Toronto-Dominion Bank (The)
(Canada)
 
 
0.73%, 1/13/2023
   75,150,000
    74,476,062
2.90%, 6/1/2023
    5,344,000
     5,297,492
4.07%, 7/18/2023
  143,784,000
   143,657,089
UBS AG (Switzerland) , 0.46%,
12/2/2022
   40,092,000
    39,879,747
Woorib Float 08/18/23 (South
Korea) (SOFR + 0.80), 3.09%,
8/18/2023 (b)
  101,808,000
   101,836,510
Total Certificates of Deposit
(Cost $3,444,099,395)
 
3,434,599,451
Commercial Paper — 17.9%
ASB Bank Ltd. (New Zealand)
 
 
4.10%, 8/18/2023 (a) (f)
67,001,000
64,320,900
Banco Santander SA (Spain)
 
 
1.56%, 10/3/2022 (a) (f)
25,588,000
25,529,713
Bank of Montreal (Canada)
 
 
0.67%, 1/5/2023 (f)
31,950,000
31,590,818
Canadian Imperial Bank of
Commerce (Canada)
 
 
3.67%, 5/2/2023 (a) (f)
98,836,000
96,228,794
3.81%, 7/26/2023 (a) (f)
84,793,000
81,601,130
Citigroup Global Markets, Inc.
 
 
2.81%, 5/17/2023 (a) (f)
63,509,000
61,760,855
4.12%, 8/9/2023 (a) (f)
8,640,000
8,300,759
Cooperatieve Rabobank UA
(Netherlands)
 
 
1.01%, 9/2/2022 (f)
73,195,000
73,185,728
Credit Agricole Corporate and
Investment Bank (France)
 
 
3.83%, 5/22/2023 (f)
189,761,000
184,479,951
Credit Industriel et Commercial
(France)
 
 
3.69%, 2/9/2023 (a) (f)
20,180,000
19,875,968
DNB Bank ASA (Norway)
 
 
1.36%, 9/21/2022 (a) (f)
161,920,000
161,699,640
3.89%, 5/24/2023 (a) (f)
52,540,000
51,020,149
3.96%, 5/31/2023 (a) (f)
72,042,000
69,891,690
3.96%, 8/16/2023 (a) (f)
196,307,000
188,485,801
INVESTMENTS
PRINCIPAL
AMOUNT($)
VALUE($)
 
Commercial Paper — continued
E.ON SE (Germany)
 
 
3.28%, 11/21/2022 (a) (f)
    4,926,000
     4,889,972
E.On Se Corporate Commercial
Paper Discount Dtd (Germany)
 
 
3.28%, 11/22/2022 (a) (f)
   14,000,000
    13,896,098
3.28%, 11/25/2022 (a) (f)
   30,000,000
    29,767,728
3.28%, 11/28/2022 (a) (f)
   25,000,000
    24,798,329
Enbridge US Inc
 
 
3.77%, 2/6/2023 (a) (f)
   55,800,000
    54,845,006
3.77%, 2/7/2023 (a) (f)
   51,800,000
    50,906,968
Enbridge US, Inc.
 
 
1.96%, 9/14/2022 (a) (f)
   23,962,000
    23,936,215
Enel Finance America LLC
 
 
0.40%, 9/29/2022 (a) (f)
16,093,000
16,057,700
0.40%, 10/3/2022 (a) (f)
16,338,000
16,296,635
3.58%, 10/18/2022 (a) (f)
27,510,000
27,402,307
3.58%, 10/24/2022 (a) (f)
17,690,000
17,609,652
1.01%, 1/20/2023 (a) (f)
6,543,000
6,439,637
1.01%, 1/24/2023 (a) (f)
96,810,000
95,228,926
Evergy Missouri West, Inc.
 
 
2.92%, 10/25/2022 (a) (f)
28,180,000
28,050,971
HSBC USA Inc.
 
 
4.18%, 8/1/2023 (a) (f)
7,400,000
7,107,822
HSBC USA, Inc.
 
 
0.84%, 1/6/2023 (a) (f)
14,000,000
13,832,796
ING US Funding LLC (Netherlands)
 
 
1.38%, 9/21/2022 (f)
177,850,000
177,602,047
KEB Hana Bank
 
 
3.77%, 1/17/2023 (a) (f)
56,008,000
55,292,418
Korea Development Bk Corporate
Commercial Paper (South Korea)
 
 
0.00%, 5/26/2023 (f)
100,000,000
97,086,244
Macquarie Bank Ltd. (Australia)
 
 
3.60%, 2/28/2023 (a) (f)
103,200,000
101,277,599
4.06%, 8/18/2023 (a) (f)
9,745,000
9,347,378
Mizuho Bank Singapore Corporate
Commercial Paper (Japan)
 
 
3.45%, 1/10/2023 (a) (f)
11,634,000
11,491,693
National Australia Bank Ltd.
(Australia)
 
 
1.01%, 9/6/2022 (a) (f)
81,618,000
81,586,863
(SOFR + 0.48%), 2.77%,
1/3/2023 (a) (b)
193,244,000
193,310,623
Natixis SA (France)
 
 
3.59%, 3/28/2023 (f)
120,852,000
118,227,266
SEE NOTES TO FINANCIAL STATEMENTS.
 
August 31, 2022
J.P. Morgan Exchange-Traded Funds
219
JPMorgan Ultra-Short Income ETF
SCHEDULE OF PORTFOLIO INVESTMENTS
AS OF August 31, 2022  (Unaudited) (continued)
INVESTMENTS
PRINCIPAL
AMOUNT($)
VALUE($)
Short-Term Investments — continued
Commercial Paper — continued
Nutrien Ltd. (Canada)
 
 
2.76%, 10/13/2022 (a) (f)
    5,100,000
     5,082,279
Raytheon Technologies Corp.
 
 
3.53%, 11/7/2022 (a) (f)
   75,000,000
    74,545,392
4.45%, 5/8/2023 (a) (f)
   12,000,000
    11,643,000
Royal Bank of Canada (Canada)
 
 
0.25%, 10/11/2022 (a) (f)
  184,382,000
   183,855,763
0.40%, 11/15/2022 (a) (f)
   52,500,000
    52,175,037
0.83%, 1/20/2023 (a) (f)
   44,300,000
    43,720,042
Skandinaviska Enskilda Banken AB
(Sweden)
 
 
1.41%, 9/21/2022 (a) (f)
   48,985,000
    48,917,564
1.41%, 9/26/2022 (a) (f)
71,683,000
71,560,251
Societe Generale SA (France)
 
 
0.63%, 1/4/2023 (a) (f)
100,500,000
99,391,284
Standard Chartered Bank (United
Kingdom)
 
 
0.27%, 10/14/2022 (a) (f)
67,223,000
67,021,869
3.00%, 6/6/2023 (a) (f)
38,300,000
37,107,654
Sumitomo Mitsui Banking Corp.
(Japan)
 
 
1.26%, 9/8/2022 (a) (f)
88,758,000
88,712,043
Svenska Handelsbanken AB
(Sweden)
 
 
0.81%, 1/18/2023 (a) (f)
86,648,000
85,629,357
Telus Corp Corporate Commercial
Paper Discount Dtd (Canada)
 
 
3.67%, 2/21/2023 (a) (f)
65,000,000
63,773,179
TELUS Corp. (Canada)
 
 
1.71%, 9/13/2022 (a) (f)
31,219,000
31,189,644
TransCanada PipeLines Ltd.
(Canada)
 
 
2.92%, 10/17/2022 (a) (f)
10,680,000
10,639,411
3.11%, 10/20/2022 (a) (f)
5,460,000
5,437,682
3.23%, 11/7/2022 (a) (f)
36,470,000
36,255,828
Volvo Group Treasury US, Inc.
 
 
1.36%, 9/1/2022 (a) (f)
109,390,000
109,382,249
Walt Disney Co. (The)
 
 
3.04%, 11/15/2022 (a) (f)
13,900,000
13,816,280
3.04%, 11/18/2022 (a) (f)
18,300,000
18,185,027
Westpac Banking Corp. (Australia)
 
 
3.37%, 1/18/2023 (a) (f)
69,000,000
68,151,261
Westpac Securities NZ Ltd. (New
Zealand)
 
 
0.25%, 10/7/2022 (a) (f)
82,043,000
81,841,049
0.52%, 11/25/2022 (a) (f)
79,320,000
78,786,026
INVESTMENTS
PRINCIPAL
AMOUNT($)
VALUE($)
 
Commercial Paper — continued
3.37%, 1/18/2023 (a) (f)
   21,550,000
    21,284,923
3.49%, 2/2/2023 (a) (f)
   54,500,000
    53,724,473
Total Commercial Paper
(Cost $3,864,384,137)
 
3,856,089,356
 
SHARES
 
Investment Companies — 9.5%
JPMorgan U.S. Government Money
Market Fund Class IM Shares,
2.00% (g) (h)
(Cost $2,061,647,797)
2,061,647,797
 2,061,647,797
Investment of Cash Collateral from Securities Loaned — 0.1%
JPMorgan Securities Lending Money
Market Fund Agency SL
Class Shares, 2.22% (g) (h)
   18,711,668
    18,709,796
JPMorgan U.S. Government Money
Market Fund Class IM Shares,
2.00% (g) (h)
    4,688,335
     4,688,335
Total Investment of Cash Collateral
from Securities Loaned
(Cost $23,392,476)
 
23,398,131
 
PRINCIPAL
AMOUNT($)
 
Repurchase Agreements — 0.5%
Wells Fargo Securities LLC, 2.47%,
dated 8/31/2022, due
9/16/2022, repurchase price
$100,109,778, collateralized by
Asset-Backed Securities, 0.00% -
10.21%, due 4/16/2025 -
8/25/2060, with the value of
$110,656,609.
(Cost $100,000,000)
100,000,000
100,000,000
Total Short-Term Investments
(Cost $9,493,523,805)
 
9,475,734,735
Total Investments — 97.0%
(Cost $21,151,488,935)
 
20,960,828,130
Other Assets Less Liabilities —
3.0%
 
647,534,656
NET ASSETS — 100.0%
 
21,608,362,786
 
Percentages indicated are based on net assets.
 
Abbreviations
 
CIFC
Commercial Industrial Finance Corp.
CLO
Collateralized Loan Obligations
SEE NOTES TO FINANCIAL STATEMENTS.
 
220
J.P. Morgan Exchange-Traded Funds
August 31, 2022
ICE
Intercontinental Exchange
LIBOR
London Interbank Offered Rate
PJSC
Public Joint Stock Company
SOFR
Secured Overnight Financing Rate
SOFRINDX
Compounding index of the Secured Overnight Financing Rate
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, 2022.
 
(c)
The security or a portion of this security is on loan at
August 31, 2022. The total value of securities on loan
at August 31, 2022 is $22,844,603.
 
(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, 2022.
 
(e)
Variable or floating rate security, the interest rate of
which adjusts periodically based on changes in current
interest rates and prepayments on the underlying
pool of assets. The interest rate shown is the current
rate as of August 31, 2022.
 
(f)
The rate shown is the effective yield as of August 31,
2022.
 
(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,
2022.
 
Futures contracts outstanding as of August 31, 2022:
 
DESCRIPTION
NUMBER OF
CONTRACTS
EXPIRATION DATE
TRADING CURRENCY
NOTIONAL
AMOUNT ($)
VALUE AND
UNREALIZED
APPRECIATION
(DEPRECIATION) ($)
Short Contracts
 
 
 
 
 
U.S. Treasury 2 Year Note
(6,462)
12/30/2022
USD
(1,345,711,500)
2,511,625
 
Abbreviations
 
USD
United States Dollar
SEE NOTES TO FINANCIAL STATEMENTS.
 
August 31, 2022
J.P. Morgan Exchange-Traded Funds
221
JPMorgan Ultra-Short Municipal Income ETF
SCHEDULE OF PORTFOLIO INVESTMENTS
AS OF August 31, 2022  (Unaudited)
 
INVESTMENTS
PRINCIPAL
AMOUNT($)
VALUE($)
Municipal Bonds — 88.9% (a)
Alabama — 3.7%
Alabama Drinking Water Finance Authority,
Revolving Fund Loan Series 2013-A,
3.00%, 8/15/2023
     50,000
       50,288
Alabama Federal Aid Highway Finance
Authority
 
 
Series 2012A, 5.00%, 9/1/2022 (b)
    160,000
      160,000
Series A, 5.00%, 9/1/2022 (b)
    160,000
      160,000
Series A, 5.00%, 9/1/2023 (b)
     90,000
       92,355
Series B, Rev., 5.00%, 9/1/2023 (b)
     25,000
       25,654
Series 2012A, 5.00%, 9/1/2026 (b)
     40,000
       40,000
Alabama Incentives Financing Authority,
Special Obligation
 
 
Series 2012-A, 3.75%, 9/1/2037 (b)
     80,000
       80,000
Series 2012-A, 5.00%, 9/1/2042 (b)
    100,000
      100,000
Alabama Public Health Care Authority
(The), Publica Health Facilities 5.00%,
9/1/2022
     35,000
       35,000
Alabama Public School and College
Authority, Capital Improvement
 
 
Series C, 5.00%, 9/1/2022
360,000
360,000
Series 2020A, 5.00%, 11/1/2022
215,000
215,968
Series 2014-A, 5.00%, 2/1/2023
30,000
30,336
Series 2012B, 3.00%, 3/1/2023
40,000
40,024
Series 2013A, 3.25%, 6/1/2024
40,000
40,269
Series 2014-B, 5.00%, 1/1/2025
75,000
78,414
Alabama Special Care Facilities Financing
Authority-Birmingham, Ascension Senior
Credit Group Series 2006C-1, 1.85%,
11/15/2046 (c)
1,025,000
1,023,593
Auburn University, General Fee Series
2020A, 5.00%, 6/1/2023
10,000
10,195
Auburn Water Works Board Series 2020A,
3.00%, 9/1/2022
345,000
345,000
Autauga County Board of Education 5.00%,
4/1/2024
30,000
31,170
Birmingham-Jefferson Civic Center
Authority, Capital Appreciation NATL-RE,
Zero Coupon, 9/1/2022 (b)
90,000
90,000
Black Belt Energy Gas District, Gas Prepay
Series 2018A, Rev., 4.00%,
12/1/2048 (c)
245,000
247,480
Black Belt Energy Gas District, Gas Prepay
Project No. 4 Series 2019A-1, 4.00%,
12/1/2049 (c)
40,000,000
40,407,820
Black Belt Energy Gas District, Gas Project
Series E, Rev., 5.00%, 5/1/2053 (c)
34,795,000
36,961,577
INVESTMENTS
PRINCIPAL
AMOUNT($)
VALUE($)
 
Alabama — continued
Black Belt Energy Gas District, Gas Project
No. 6 Series 2021B, 4.00%,
10/1/2052 (c)
     60,000
       60,106
Black Belt Energy Gas District, Gas Supply
Subseries 2022D-2, Rev., LIQ : Royal
Bank of Canada, (SOFR + 1.40%),
2.93%, 7/1/2052 (d)
 25,575,000
   24,801,576
Board of Water and Sewer Commissioners
of the City of Mobile Rev., 5.00%,
1/1/2027
    160,000
      161,343
City of Auburn 5.00%, 11/1/2022
     35,000
       35,154
City of Auburn, Warrant Series 2014A,
5.00%, 12/1/2022
     95,000
       95,629
City of Birmingham
 
 
Series 2013A, 5.00%, 3/1/2027 (b)
     20,000
       20,249
Series 2013A, 5.00%, 3/1/2032 (b)
    130,000
      131,715
Series 2013A, 5.00%, 3/1/2037 (b)
     50,000
       50,660
City of Graysville Rev., AGM, 5.38%,
6/1/2023 (b)
     25,000
       25,537
City of Guntersville, Warrants GO, 5.00%,
12/1/2022
     20,000
       20,043
City of Homewood, Warrants
 
 
GO, 5.00%, 9/1/2022
30,000
30,000
GO, 2.00%, 3/1/2025
30,000
29,581
City of Huntsville, Warrants
 
 
Series 2020A, GO, 5.00%, 9/1/2022
75,000
75,000
Series 2020B, GO, 5.00%, 9/1/2022
125,000
125,000
Series 2020B, GO, 5.00%, 9/1/2023
30,000
30,797
Series 2013-C, GO, 5.00%,
11/1/2023 (b)
25,000
25,759
City of Irondale, Warrants GO, 4.00%,
10/1/2022
25,000
25,033
City of Madison, Warrants GO, 4.00%,
4/1/2023 (b)
20,000
20,194
City of Montgomery, Warrants
 
 
Series 2021B, GO, 3.00%, 12/1/2022
395,000
395,772
GO, 3.00%, 2/1/2023
15,000
15,048
City of Oxford Series 2012C, GO, 3.50%,
10/1/2022 (b)
25,000
25,025
City of Oxford, Warrants
 
 
Series 2015A, GO, 5.00%, 9/1/2022
110,000
110,000
GO, 3.25%, 10/1/2022 (b)
35,000
35,028
Series 2013-A, GO, 3.25%,
10/1/2022 (b)
25,000
25,020
Series 2012C, GO, 5.00%,
10/1/2022 (b)
35,000
35,078
SEE NOTES TO FINANCIAL STATEMENTS.
 
222
J.P. Morgan Exchange-Traded Funds
August 31, 2022
INVESTMENTS
PRINCIPAL
AMOUNT($)
VALUE($)
Municipal Bonds — continued
Alabama — continued
City of Trussville, Warrants
 
 
Series 2014A, GO, 5.00%, 10/1/2022
    190,000
      190,419
Series 2014A, GO, 5.00%,
10/1/2023 (b)
     25,000
       25,707
City of Tuscaloosa, Warrants Series 2020A,
GO, 3.00%, 10/1/2022
     75,000
       75,033
County of Jefferson, Warrants
 
 
Rev., 3.00%, 9/15/2022
    125,000
      125,032
Rev., 5.00%, 9/15/2022
     35,000
       35,034
County of Madison, Warrants Series 2019C,
GO, 5.00%, 9/1/2022
     25,000
       25,000
County of Mobile, Warrants
 
 
Series 2020B, GO, 4.00%, 8/1/2023
     25,000
       25,373
GO, 5.00%, 8/1/2025 (b)
     25,000
       26,792
County of Montgomery, Warrants GO,
5.00%, 3/1/2023
45,000
45,598
Escambia County Board of Education, Tax
Anticipation Warrants Rev., 5.00%,
12/1/2022 (b)
50,000
50,332
Homewood Educational Building Authority,
Educational Facilities, Samford University
 
 
Series 2013A, Rev., AGM, 4.75%,
12/1/2022 (b)
540,000
543,109
Series 2013A, Rev., AGM, 5.00%,
12/1/2022 (b)
150,000
150,978
Series 2013A, Rev., 5.00%,
12/1/2022 (b)
300,000
301,956
Industrial Development Board of The City of
Mobile, Alabama Power Control, Barry
Plant Project Series 2007A, Rev., 1.00%,
6/26/2025 (c)
100,000
94,778
Jacksonville Water Works Gas and Sewer
Board Rev., 2.00%, 9/1/2022
25,000
25,000
Limestone County Water and Sewer
Authority
 
 
Rev., 5.00%, 12/1/2022
425,000
427,685
Series 2014B, Rev., 4.00%,
12/1/2023 (b)
30,000
30,596
Lower Alabama Gas District (The), Gas
Project
 
 
Rev., 4.00%, 12/1/2022
135,000
135,224
Rev., 4.00%, 12/1/2025 (c)
150,000
151,434
Madison County Board of Education, Tax
Anticipation Warrants
 
 
Rev., 5.00%, 9/1/2022
25,000
25,000
Rev., 5.00%, 9/1/2023
20,000
20,495
INVESTMENTS
PRINCIPAL
AMOUNT($)
VALUE($)
 
Alabama — continued
Madison Water and Wastewater Board
 
 
Rev., 3.00%, 12/1/2022
     60,000
       60,114
Rev., 5.00%, 12/1/2022
    145,000
      145,985
Montgomery County Public Education
Cooperative District, Public Schools
Project Rev., 5.00%, 4/1/2023
    200,000
      202,888
Muscle Shoals Utilities Board Rev., 5.00%,
12/1/2022
     45,000
       45,290
Oxford Public Building Authority, Oxford
Project Series 2015A, Rev., 5.00%,
10/1/2022
     25,000
       25,055
Ozark Utilities Board Rev., AGM, 3.38%,
9/1/2022 (b)
     25,000
       25,000
Southeast Alabama Gas Supply District
(The), Project No. 1 Series 2018A, Rev.,
4.00%, 4/1/2024 (c)
    145,000
      146,698
Southeast Alabama Gas Supply District
(The), Project No. 2 Series 2018A, Rev.,
4.00%, 6/1/2024 (c)
  1,120,000
    1,128,935
Southeast Energy Authority A Cooperative
District
 
 
Series B-1, Rev., 5.00%, 8/1/2023
    500,000
      505,907
Series B-1, Rev., 5.00%, 8/1/2024
1,160,000
1,186,009
St. Clair County Public Building Authority
Series 2012A, Rev., 2.25%, 9/1/2022
25,000
25,000
State of Alabama Series 2016A, 5.00%,
11/1/2022
120,000
120,547
University of Alabama (The)
 
 
Series 2019B, Rev., 4.00%, 7/1/2023
35,000
35,477
Series 2012-A, Rev., 5.00%, 7/1/2023
150,000
150,333
Series 2014B, Rev., 5.00%, 7/1/2023
25,000
25,545
Series 2012-A, Rev., 5.00%, 7/1/2024
310,000
310,628
Series 2014B, Rev., 5.00%,
7/1/2024 (b)
50,000
52,341
Series 2017A, Rev., 5.00%, 7/1/2024
20,000
20,889
University of Alabama at Birmingham
 
 
Series 2019A, Rev., 4.00%, 10/1/2022
310,000
310,427
Series 2015A, Rev., 5.00%, 10/1/2022
615,000
616,337
Water Works Board of the City of
Birmingham (The)
 
 
Series 2016A, 5.00%, 1/1/2023
20,000
20,179
Series 2016B, 5.00%, 1/1/2023 (b)
25,000
25,225
Total Alabama
 
114,744,874
Alaska — 0.1%
Alaska Housing Finance Corp., General
Mortgage
 
 
Series 2016A, 1.55%, 12/1/2022
70,000
69,846
SEE NOTES TO FINANCIAL STATEMENTS.
 
August 31, 2022
J.P. Morgan Exchange-Traded Funds
223
JPMorgan Ultra-Short Municipal Income ETF
SCHEDULE OF PORTFOLIO INVESTMENTS
AS OF August 31, 2022  (Unaudited) (continued)
INVESTMENTS
PRINCIPAL
AMOUNT($)
VALUE($)
Municipal Bonds — continued
Alaska — continued
Series 2019A, 1.50%, 6/1/2024
    305,000
      298,663
Alaska Housing Finance Corp., State Capital
Project
 
 
Series 2014D, 5.00%, 12/1/2022
    100,000
      100,659
Series 2015A, 5.00%, 12/1/2022
     25,000
       25,147
Series 2017A, 5.00%, 12/1/2022
     20,000
       20,118
Series 2018B, 5.00%, 12/1/2022
     25,000
       25,165
Alaska Industrial Development and Export
Authority, Tanana Chiefs Conference
Project Series 2019A, 5.00%,
10/1/2022
    250,000
      250,459
Alaska Municipal Bond Bank Authority
 
 
5.00%, 10/1/2022
    225,000
      225,478
Series 2014-3, 5.00%, 10/1/2022
    335,000
      335,712
Series ONE, 5.00%, 10/1/2022
     65,000
       65,138
Series 1, Rev., 5.00%, 12/1/2022
85,000
85,550
Series 2017-3, 5.00%, 12/1/2022
40,000
40,264
Series 3, 5.00%, 12/1/2022
85,000
85,550
Series 2013-1, 4.00%, 2/1/2023
95,000
95,633
Series TWO, 5.00%, 9/1/2024
135,000
135,242
Alaska Municipal Bond Bank Authority,
Master Resolution Series 2017A, 4.00%,
10/1/2022
165,000
165,212
Borough of Fairbanks North Star Series
2011-Q, GO, 5.00%, 9/1/2022
50,000
50,000
Borough of Matanuska-Susitna
 
 
Series 2014B, GO, 5.00%, 11/1/2022
85,000
85,380
Series C, GO, 5.00%, 3/1/2023
40,000
40,522
Borough of Matanuska-Susitna, Goose Creek
Correctional Center Project
 
 
Rev., 5.00%, 9/1/2022
225,000
225,000
Series 2016, Rev., 5.00%, 9/1/2024
490,000
511,900
Rev., 5.00%, 9/1/2025
40,000
42,576
Rev., 5.25%, 9/1/2026
95,000
101,712
Borough of Matanuska-Susitna, Public
Safety Building Lease COP, 3.00%,
10/1/2022
25,000
25,012
Borough of North Slope
 
 
Series B, GO, 5.00%, 10/30/2023
20,000
20,601
Series 2020A, GO, 5.00%, 6/30/2025
35,000
37,447
Borough of North Slope, General Purpose
Series 2019A, GO, 5.00%, 6/30/2023
40,000
40,869
Municipality of Anchorage
 
 
Series D, 4.00%, 9/1/2022
445,000
445,000
Series D, 5.00%, 9/1/2022
130,000
130,000
Series D, 5.00%, 9/1/2023
25,000
25,644
INVESTMENTS
PRINCIPAL
AMOUNT($)
VALUE($)
 
Alaska — continued
Municipality of Anchorage, General Purpose
 
 
Series 2018A, 5.00%, 9/1/2022
    180,000
      180,000
Series 2108B, 5.00%, 9/1/2022
    130,000
      130,000
State of Alaska
 
 
Series 2013B, 5.00%, 8/1/2023
     60,000
       60,664
Series 2013B, 5.00%, 8/1/2024
    145,000
      146,730
Series 2013B, 5.00%, 8/1/2025
     20,000
       20,215
State of Alaska, Native Tribal Health
Consortium Housing Facility Project
5.00%, 6/1/2023
     25,000
       25,485
University of Alaska Series 2015T, Rev.,
5.00%, 10/1/2022
    200,000
      200,369
Total Alaska
 
4,568,962
Arizona — 0.7%
Arizona Health Facilities Authority, Banner
Health Series 2015B, (SIFMA Municipal
Swap Index Yield + 0.25%), 1.92%,
1/1/2046 (d)
3,400,000
3,363,614
Arizona Health Facilities Authority,
Scottsdale Lincoln Hospitals Series
2014A, 5.00%, 12/1/2025
140,000
147,097
Arizona Industrial Development Authority,
Equitable School Revolving Fund LLC
 
 
Series 2019A, 5.00%, 11/1/2022
450,000
451,779
Series 2019A, 5.00%, 11/1/2024
95,000
99,808
Arizona School Facilities Board Series
2015A, 5.00%, 9/1/2023 (b)
20,000
20,523
Arizona State University Series 2016A,
5.00%, 7/1/2023
25,000
25,549
Arizona State University, Excise Tax,
Maricopa County Regional Area Road
Fund 5.00%, 7/1/2025
40,000
42,777
Arizona Transportation Board, Excise Tax,
Maricopa County Regional Area Road
Fund 5.00%, 7/1/2023
175,000
178,830
Arizona Water Infrastructure Finance
Authority
 
 
Series 2012A, 4.00%, 10/1/2022
20,000
20,029
Series 2012A, 5.00%, 10/1/2022
30,000
30,067
Series 2012A, 5.00%, 10/1/2025 (b)
30,000
30,067
City of Buckeye, Excise Tax 5.00%,
7/1/2023
25,000
25,537
City of Casa Grande Series 2016B, 4.00%,
8/1/2023 (b)
20,000
20,302
City of Flagstaff, Road Repair, Street
Improvement Project Rev., 4.00%,
7/1/2023
20,000
20,274
SEE NOTES TO FINANCIAL STATEMENTS.
 
224
J.P. Morgan Exchange-Traded Funds
August 31, 2022
INVESTMENTS
PRINCIPAL
AMOUNT($)
VALUE($)
Municipal Bonds — continued
Arizona — continued
City of Goodyear GO, 5.00%, 7/1/2023
     35,000
       35,751
City of Mesa, Utility System Rev., 3.00%,
7/1/2023
     20,000
       20,113
City of Phoenix
 
 
GO, 4.00%, 7/1/2023 (b)
      5,000
        5,061
GO, 4.00%, 7/1/2023
      5,000
        5,070
City of Phoenix Civic Improvement Corp.,
Junior Lien
 
 
Rev., 5.00%, 7/1/2023
     85,000
       85,183
Rev., 5.00%, 7/1/2024
    230,000
      230,476
City of Phoenix Civic Improvement Corp.,
Junior Lien, Airport System Series
2017D, Rev., 5.00%, 7/1/2024
    515,000
      536,196
City of Scottsdale, Preserve Acquisition GO,
3.00%, 7/1/2023
     35,000
       35,180
County of Maricopa Series 2018A, COP,
5.00%, 7/1/2024
     25,000
       26,143
County of Navajo Rev., 4.00%, 7/1/2025
20,000
20,761
County of Pima
 
 
Series 2019A, COP, 5.00%, 12/1/2022
50,000
50,336
Series 2020A, COP, 5.00%, 12/1/2022
20,000
20,134
Series A, COP, 5.00%, 12/1/2022
45,000
45,302
County of Pima, Sewer System
 
 
Series 2020A, Rev., 5.00%, 7/1/2023
30,000
30,664
Series 2012A, Rev., 5.00%, 7/1/2025
195,000
196,195
County of Pinal Rev., 5.00%, 8/1/2023
35,000
35,839
Gila County Unified School District No.
10-Payson GO, 5.00%, 7/1/2023
20,000
20,413
Glendale Industrial Development Authority,
Midwestern University Rev., 5.00%,
5/15/2023
65,000
66,181
Glendale Union High School District No.
205, Project of 2020 Series 2021A, GO,
AGM, 5.00%, 7/1/2023
25,000
25,553
Kyrene Elementary School District No. 28
GO, 4.00%, 7/1/2023
20,000
20,274
Madison Elementary School District No. 38,
School Improvement, Project of 2014
Series 2019C, GO, 5.00%, 7/1/2023
25,000
25,556
Maricopa County Elementary School District
No. 79, Litchfield Elementary, School
Improvement GO, 3.00%, 7/1/2023
25,000
25,118
Maricopa County Industrial Development
Authority, Banner Health
 
 
Series 2016A, Rev., 5.00%, 1/1/2023
475,000
479,221
Series C, Rev., 5.00%, 10/18/2024 (c)
375,000
392,168
INVESTMENTS
PRINCIPAL
AMOUNT($)
VALUE($)
 
Arizona — continued
Maricopa County Industrial Development
Authority, HonorHealth Series 2019A,
Rev., 5.00%, 9/1/2022
    235,000
      235,000
Maricopa County School District No. 3,
Tempe Elementary, School Improvement
GO, 4.00%, 7/1/2023
     70,000
       70,937
Maricopa County Special Health Care
District, Integrated Health Services Series
2018C, GO, 5.00%, 7/1/2023
     45,000
       45,929
Maricopa County Unified School District No.
69 Paradise Valley, School Improvement,
Project of 2015 Series C, GO, 5.00%,
7/1/2023
     20,000
       20,446
Maricopa County Unified School District No.
97-Deer Valley, School Improvement
Series C, GO, 3.00%, 7/1/2023
     75,000
       75,177
Maricopa County Union High School District
No. 210 Phoenix, School Improvement,
Project of 2011 and 2017 GO, 5.00%,
7/1/2023
     30,000
       30,667
Maricopa County Union High School District
No. 216 Agua Fria, School Improvement
Series 2014B, GO, 3.00%, 7/1/2023
     30,000
       30,166
McAllister Academic Village LLC, Arizona
State University Rev., 5.00%, 7/1/2023
     20,000
       20,421
Northern Arizona University, Stimulus Plan
for Economic and Educational
Development Series 2020B, Rev., AGM,
5.00%, 8/1/2025
    100,000
      106,557
Pima County Regional Transportation
Authority, Excise Tax
 
 
Rev., 5.00%, 6/1/2024
     60,000
       62,678
Series 2014, Rev., 5.00%, 6/1/2025
30,000
30,571
Pima County Unified School District No. 20
Vail, School Improvement GO, AGM,
3.00%, 7/1/2023
20,000
20,094
Pinal County Community College District GO,
5.00%, 7/1/2023
30,000
30,637
Pinal County School District No. 1 Florence
GO, 5.00%, 7/1/2023
20,000
20,413
RBC Municipal Products, Inc. Trust, Floater
Certificates Series E-147, Rev., VRDO,
LOC : Royal Bank of Canada, 1.53%,
9/12/2022 (c) (e)
11,000,000
11,000,000
Salt River Project Agricultural Improvement
and Power District, Arizona Salt River
Project Series 2015A, Rev., 5.00%,
12/1/2022
25,000
25,165
State of Arizona
 
 
Series 2015, 5.00%, 9/1/2022 (b)
570,000
570,000
SEE NOTES TO FINANCIAL STATEMENTS.
 
August 31, 2022
J.P. Morgan Exchange-Traded Funds
225
JPMorgan Ultra-Short Municipal Income ETF
SCHEDULE OF PORTFOLIO INVESTMENTS
AS OF August 31, 2022  (Unaudited) (continued)
INVESTMENTS
PRINCIPAL
AMOUNT($)
VALUE($)
Municipal Bonds — continued
Arizona — continued
Series 2015, 5.00%, 9/1/2022
    170,000
      170,000
Series 2016, 4.00%, 10/1/2022 (b)
     25,000
       25,036
5.00%, 10/1/2022 (b)
     30,000
       30,067
Series 2019A, 5.00%, 10/1/2022 (b)
    245,000
      245,545
Series B, 5.00%, 10/1/2022
     90,000
       90,194
Tempe Industrial Development Authority,
Friendship Village of Tempe Project
Series 2021C-2, Rev., 1.13%,
12/1/2026
  1,880,000
    1,645,810
Town of Marana, Excise Tax Series 2017B,
Rev., 5.00%, 7/1/2023
     35,000
       35,737
Town of Queen Creek, Excise Tax Series
2018A, Rev., 5.00%, 8/1/2023
     40,000
       40,963
University Medical Center Corp., Hospital
Rev., 5.63%, 7/1/2023 (b)
     30,000
       30,800
Total Arizona
 
21,618,151
Arkansas — 0.3%
Arkansas Development Finance Authority,
Cancer Research Project AMBAC, Zero
Coupon, 7/1/2023
75,000
73,198
Arkansas State Community Water System
Public Water Authority Series A, 4.00%,
10/1/2042 (b)
25,000
25,033
City of Bella Vista, Sales and Use Tax
4.00%, 10/1/2022
25,000
25,033
City of Bentonville, Sales and Use Tax
4.00%, 11/1/2022
50,000
50,140
City of Cabot, Sales Tax Series 2021B,
5.00%, 12/1/2022
25,000
25,154
City of Fayetteville, Sales & Use Tax Series
2019A, Rev., 5.00%, 11/1/2022
180,000
180,751
City of Rogers Rev., 4.00%, 11/1/2022
50,000
50,140
City of Van Buren, Water and Sewer Rev.,
AGM, 4.00%, 12/1/2022
25,000
25,091
County of Cross, Sales Tax Rev., 5.00%,
10/1/2022
25,000
25,052
Lake Hamilton School District No. 5 of
Garland County
 
 
GO, 3.25%, 10/1/2022 (b)
80,000
80,061
GO, 3.50%, 10/1/2022 (b)
50,000
50,048
Pulaski County Public Facilities Board,
Baptist Health Rev., 5.00%, 12/1/2022
240,000
241,342
State of Arkansas, Federal Highway
 
 
3.00%, 10/1/2022
225,000
225,147
5.00%, 10/1/2022
20,000
20,045
5.00%, 4/1/2023
20,000
20,317
5.00%, 10/1/2023
45,000
46,291
INVESTMENTS
PRINCIPAL
AMOUNT($)
VALUE($)
 
Arkansas — continued
State of Arkansas, Waste Disposal and
Pollution Abatement Facilities 5.00%,
7/1/2023
     30,000
       30,669
Tender Option Bond Trust Receipts Series
2020-XF0954, GO, VRDO, LOC : TD Bank
NA, 1.55%, 9/12/2022 (c) (e)
  8,000,000
    8,000,000
University of Arkansas Student Fee, UALR
Campus Rev., 5.00%, 10/1/2022
     45,000
       45,101
University of Arkansas, Auxiliary
Enterprises, UALR Campus Rev., 5.00%,
10/1/2022
     50,000
       50,112
University of Arkansas, Fayetteville Campus
 
 
Series 2015A, Rev., 5.00%, 9/15/2022
     25,000
       25,025
Series 2014A, Rev., 4.00%,
11/1/2022 (b)
     25,000
       25,070
Series 2015A, Rev., 5.00%,
11/1/2022 (b)
     30,000
       30,135
University of Arkansas, Student Fee, Capital
Improvement, UALR Energy Conservation
Project Series 2013C, Rev., 5.00%,
10/1/2022
    115,000
      115,259
University of Arkansas, Various Facility
Fayetteville Campus
 
 
Series 2013A, Rev., 5.00%, 9/15/2022
     80,000
       80,081
Rev., 5.00%, 11/1/2022
50,000
50,228
Series 2012A, Rev., 5.00%,
11/1/2022 (b)
25,000
25,111
Series 2019A, Rev., 5.00%, 11/1/2022
30,000
30,137
Series 2019A, Rev., 5.00%, 9/15/2023
35,000
35,961
University of Arkansas, Various Facility Pine
Bluff Campus Rev., 4.00%, 12/1/2022
35,000
35,154
University of Arkansas, Various Facility
UAMS Campus Rev., 5.00%, 11/1/2022
90,000
90,410
Total Arkansas
 
9,831,296
California — 4.6%
Alameda Corridor Transportation Authority,
Senior Lien Series 2013A, 5.00%,
10/1/2022 (b)
250,000
250,550
Alameda County Joint Powers Authority,
Multiple Capital Projects Series 2013A,
5.00%, 12/1/2022
165,000
166,109
Anaheim Housing and Public Improvements
Authority Series 2017B, 5.00%,
10/1/2022
50,000
50,107
Anaheim Housing and Public Improvements
Authority, Water System Project Series
2020A, 5.00%, 10/1/2022
60,000
60,133
SEE NOTES TO FINANCIAL STATEMENTS.
 
226
J.P. Morgan Exchange-Traded Funds
August 31, 2022
INVESTMENTS
PRINCIPAL
AMOUNT($)
VALUE($)
Municipal Bonds — continued
California — continued
Anaheim Public Financing Authority, Public
Improvement Project Series 2019A,
5.00%, 9/1/2022
     25,000
       25,000
Antelope Valley Community College District
5.00%, 8/1/2028 (b)
     70,000
       74,480
Antelope Valley-East Kern Water Agency
5.00%, 6/1/2023
     30,000
       30,593
Bay Area Toll Authority, Toll Bridge
 
 
Series 2017S-7, 5.00%, 4/1/2023
    140,000
      142,176
Series 2013S-4, 5.13%, 4/1/2048 (b)
     25,000
       25,411
Bay Area Water Supply and Conservation
Agency
 
 
Series 2013A, 5.00%, 10/1/2022
     45,000
       45,101
Series 2013A, 3.00%, 10/1/2024
    100,000
      100,333
Beaumont Public Improvement Authority,
Local Agency Series 2019A, 4.00%,
9/1/2022
     30,000
       30,000
Beaumont Unified School District NATL-RE,
Zero Coupon, 9/1/2022
     35,000
       35,000
Brea Redevelopment Agency, Tax Allocation
3.00%, 9/1/2022
90,000
90,000
Brentwood Infrastructure Financing
Authority
 
 
Series 2012A, AGM, 3.25%, 9/2/2022
50,000
50,000
Series 2012A, AGM, 3.50%, 9/2/2023
50,000
50,029
Brentwood Infrastructure Financing
Authority, Civic Center Project
 
 
4.00%, 10/1/2022
25,000
25,035
5.00%, 10/1/2024
40,000
41,950
Burbank Redevelopment Agency Successor
Agency 5.00%, 12/1/2022
75,000
75,500
Burlingame School District, Election of
2012 Series 2013A, 4.00%,
8/1/2030 (b)
20,000
20,309
California Communities Local Measurer,
Sales Tax Series 2013A, AGM, 5.13%,
6/1/2039 (b)
20,000
20,419
California County Tobacco Securitization
Agency, Gold Country Settlement Funding
Corp. Series 2020A, 5.00%, 6/1/2026
1,090,000
1,165,379
California County Tobacco Securitization
Agency, Los Angeles County
Securitization Corp. Series 2020A,
4.00%, 6/1/2023
700,000
709,524
California Educational Facilities Authority,
Loyola Marymount University Series
2018B, 5.00%, 10/1/2022
75,000
75,165
INVESTMENTS
PRINCIPAL
AMOUNT($)
VALUE($)
 
California — continued
California Educational Facilities Authority,
Pepperdine University
 
 
Series 2017B, 4.00%, 9/1/2022
     25,000
       25,000
5.00%, 9/1/2023 (b)
     20,000
       20,000
California Educational Facilities Authority,
Stanford University 5.00%, 10/1/2022
     25,000
       25,056
California Educational Facilities Authority,
University of Southern California Series
2012A, 5.00%, 10/1/2023 (b)
     35,000
       35,997
California Health Facilities Financing
Authority 5.00%, 10/1/2039 (c)
    420,000
      444,560
California Health Facilities Financing
Authority, Adventist Health System
 
 
Series 2013A, 5.00%, 3/1/2024
     90,000
       91,278
Series 2011A, Rev., 3.00%,
3/1/2041 (c)
    495,000
      492,109
California Health Facilities Financing
Authority, Cedars-Sinai Medical Center
 
 
5.00%, 11/15/2022
    180,000
      180,957
5.00%, 11/15/2024
250,000
263,808
California Health Facilities Financing
Authority, Children's Hospital Series
2019A, 5.00%, 11/1/2022
25,000
25,114
California Health Facilities Financing
Authority, Kaiser Permanente
 
 
Series 2017B, 5.00%, 11/1/2029 (c)
650,000
652,993
Series C, 5.00%, 8/1/2031 (c)
3,665,000
3,681,875
Series D, 5.00%, 11/1/2032 (c)
505,000
507,325
California Health Facilities Financing
Authority, Memorial Health Services
 
 
Series A, 5.00%, 10/1/2022
45,000
45,100
Series 2012A, 5.00%, 10/1/2023
350,000
350,742
Series 2012A, Rev., 5.00%, 10/1/2026
300,000
300,595
California Health Facilities Financing
Authority, Providence Health and
Services Series 2014A, 5.00%,
10/1/2022
110,000
110,220
California Health Facilities Financing
Authority, Providence St. Joseph Health
Series 2016B-2, 4.00%, 10/1/2036 (c)
160,000
163,990
California Health Facilities Financing
Authority, St. Joseph Health System
 
 
Series 2013A, 5.00%, 7/1/2026 (b)
25,000
25,533
Series 2013A, 5.00%, 7/1/2026
60,000
61,124
Series 2009D, 1.70%, 7/1/2033 (c)
1,035,000
1,033,648
Series 2009C, 5.00%, 7/1/2034 (c)
355,000
356,013
SEE NOTES TO FINANCIAL STATEMENTS.
 
August 31, 2022
J.P. Morgan Exchange-Traded Funds
227
JPMorgan Ultra-Short Municipal Income ETF
SCHEDULE OF PORTFOLIO INVESTMENTS
AS OF August 31, 2022  (Unaudited) (continued)
INVESTMENTS
PRINCIPAL
AMOUNT($)
VALUE($)
Municipal Bonds — continued
California — continued
California Health Facilities Financing
Authority, Sutter Health Series 2018A,
5.00%, 11/15/2022
    175,000
      175,876
California Infrastructure & Economic
Development Bank, Colburn School (The)
(SIFMA Municipal Swap Index Yield +
0.90%), 2.57%, 8/1/2072 (d)
 28,500,000
   28,252,158
California Infrastructure and Economic
Development Bank Series 2018C, Rev.,
(SIFMA Municipal Swap Index Yield +
0.35%), 2.02%, 8/1/2047 (d)
  5,250,000
    5,180,714
California Infrastructure and Economic
Development Bank, Academy of Motion
Picture Arts and Sciences Obligated
Group Series 2015A, 5.00%,
11/1/2022
    125,000
      125,565
California Infrastructure and Economic
Development Bank, Clean Water State
Revolving Fund
 
 
4.00%, 10/1/2022
     95,000
       95,138
5.00%, 10/1/2022
    150,000
      150,337
California Infrastructure and Economic
Development Bank, Infrastructure State
Revolving Fund Series 2014A, 5.00%,
10/1/2029 (b)
     25,000
       25,726
California Infrastructure and Economic
Development Bank, National Charter
School Revolving Loan Fund Series
2019B, 5.00%, 11/1/2022
     25,000
       25,099
California Municipal Finance Authority,
Anaheim Water System Project Series
2015-A, 5.00%, 10/1/2022
     25,000
       25,056
California Municipal Finance Authority, City
of Anaheim Electric Utility Distribution
System Series 2015-B, 5.00%,
10/1/2022
     20,000
       20,045
California Municipal Finance Authority,
Santa Rosa Community Health Centre
5.00%, 2/1/2023
25,000
25,271
California Municipal Finance Authority, St.
John's Well Child and Family Center
4.00%, 12/1/2022
110,000
110,456
California Municipal Finance Authority,
Tuolumne Project Series 2018A, 4.00%,
12/1/2022
50,000
50,220
California Pollution Control Financing
Authority, American Water Capital Corp.
Project Rev., 0.60%, 8/1/2040 (c)
145,000
141,495
INVESTMENTS
PRINCIPAL
AMOUNT($)
VALUE($)
 
California — continued
California Public Finance Authority, Henry
Mayo Newhall Hospital
 
 
4.00%, 10/15/2022
    240,000
      240,340
4.00%, 10/15/2023
    290,000
      293,462
4.00%, 10/15/2024
    380,000
      385,641
California State Public Works Board
 
 
Series 2014B, 5.00%, 10/1/2022
     75,000
       75,165
Series 2017B, 5.00%, 10/1/2022
    315,000
      315,695
Series 2021A, 5.00%, 2/1/2023
  5,000,000
    5,055,862
Series 2019B, 5.00%, 5/1/2023
     35,000
       35,619
Series E, 4.00%, 9/1/2037 (b)
     25,000
       25,000
California State Public Works Board,
Department of Corrections and
Rehabilitation
 
 
5.00%, 9/1/2022
45,000
45,000
Series 2013G, 5.00%, 9/1/2022
85,000
85,000
Series 2014A, 5.00%, 9/1/2022
220,000
220,000
Series D, 5.00%, 9/1/2022
40,000
40,000
Series 2014C, 4.00%, 10/1/2022
35,000
35,049
California State Public Works Board, Judicial
Council of California
 
 
Series A, 5.00%, 3/1/2025
50,000
50,660
Series A, 5.00%, 3/1/2026
30,000
30,394
California State Public Works Board, Judicial
Council Project Series A, 5.00%,
3/1/2024
275,000
278,563
California State Public Works Board, Various
Capital Projects
 
 
Series 2013-I, 5.00%, 11/1/2022
50,000
50,224
Series 2016C, 5.00%, 11/1/2022
50,000
50,224
Series 2019C, 5.00%, 11/1/2022
50,000
50,224
Series H, 5.00%, 12/1/2022
40,000
40,269
Series B, 5.00%, 10/1/2023
45,000
46,267
Series 2012G, 5.00%, 11/1/2023
450,000
452,080
Series 2013-I, 5.00%, 11/1/2025
660,000
679,883
Series 2012G, 5.00%, 11/1/2026
5,000,000
5,023,105
Series 2013-I, 5.00%, 11/1/2026
40,000
41,200
Series 2012G, 5.00%, 11/1/2027
9,240,000
9,282,699
Series 2012G, 5.00%, 11/1/2037
11,295,000
11,347,195
California State Public Works Board, Various
Correctional Facilities Series 2018C,
5.00%, 11/1/2022
20,000
20,089
California State University, Systemwide
 
 
Series 2016A, 3.00%, 11/1/2022
55,000
55,072
Series 2015A, 5.00%, 11/1/2022
70,000
70,319
Series 2017C, 5.00%, 11/1/2022
25,000
25,114
SEE NOTES TO FINANCIAL STATEMENTS.
 
228
J.P. Morgan Exchange-Traded Funds
August 31, 2022
INVESTMENTS
PRINCIPAL
AMOUNT($)
VALUE($)
Municipal Bonds — continued
California — continued
Series 2019A, 5.00%, 11/1/2022
     25,000
       25,114
Series 2012A, 5.00%, 11/1/2023 (b)
     75,000
       75,347
Series 2016A, 5.00%, 11/1/2023
     20,000
       20,617
Series 2012A, 4.00%, 11/1/2024 (b)
     45,000
       45,131
Series 2012A, 5.00%, 11/1/2024 (b)
     50,000
       50,231
Series 2012A, 5.00%, 11/1/2025 (b)
    175,000
      175,809
Series 2012A, 4.00%, 11/1/2028 (b)
     25,000
       25,073
Series 2012A, 4.00%, 11/1/2030 (b)
     70,000
       70,203
Series 2012A, 5.00%, 11/1/2030 (b)
     20,000
       20,092
Series 2012A, Rev., 4.00%,
11/1/2031 (b)
    155,000
      155,450
Series 2012A, 3.25%, 11/1/2032 (b)
     45,000
       45,078
Series 2012A, 5.00%, 11/1/2037 (b)
160,000
160,739
Series 2012A, 3.75%, 11/1/2042 (b)
75,000
75,191
Series 2012A, 5.00%, 11/1/2042 (b)
50,000
50,231
California Statewide Communities
Development Authority, City of Glendora
Series A, AGM, 4.00%, 10/1/2022
25,000
25,036
California Statewide Communities
Development Authority, Henry Mayo
Newhall Memorial Hospital Series
2014A, AGM, 5.25%, 10/1/2043 (b)
400,000
423,014
California Statewide Communities
Development Authority, North Coast
County Water District Series C, AGM,
4.00%, 10/1/2022
20,000
20,029
California Statewide Communities
Development Authority, Rady Children's
Hospital Series 2016B, 5.00%,
8/15/2025
125,000
133,853
California Statewide Communities
Development Authority, Redlands
Community Hospital 5.00%, 10/1/2022
40,000
40,080
California Statewide Communities
Development Authority, Southern
California Edison Co. Series D, 2.63%,
11/1/2033 (c)
290,000
286,671
Camarillo Community Development
Commission Successor Agency, Camarillo
Corridor Project AGM, 5.00%, 9/1/2023
25,000
25,619
Campbell Union High School District
5.00%, 8/1/2034 (b)
25,000
25,618
Capistrano Unified School District
Community Facilities District No. 90-2,
Special Tax AGM, 3.75%, 9/1/2022
80,000
80,000
Capistrano Unified School District
Community Facilities District, Special Tax
5.00%, 9/1/2022
65,000
65,000
INVESTMENTS
PRINCIPAL
AMOUNT($)
VALUE($)
 
California — continued
Carlsbad Unified School District, School
Financing Project 5.00%, 10/1/2022
     50,000
       50,106
Castaic Lake Water Agency, Capital
Appreciation, Water System Improvement
Project Series 1999A, AMBAC, Zero
Coupon, 8/1/2023
     45,000
       43,918
Central Contra Costa Sanitary District Series
2018A, 5.00%, 9/1/2022
     25,000
       25,000
Chabot-Las Positas Community College
District 5.00%, 8/1/2025 (b)
     20,000
       20,494
Chaffey Joint Union High School District,
Election of 2008 Series A, 5.00%,
8/1/2025 (b)
     30,000
       30,742
Chino Basin Regional Financing Authority,
Inland Utilities Series 2017A, 5.00%,
11/1/2022
     95,000
       95,430
Chula Vista Elementary School District
 
 
AGM, 4.00%, 9/1/2022
     50,000
       50,000
AGM, 5.00%, 9/1/2022
     35,000
       35,000
Rev., BAN, Zero Coupon, 8/1/2023
     20,000
       19,519
AGM, 5.00%, 9/1/2023
     30,000
       30,755
Chula Vista Municipal Financing Authority
 
 
Series 2015B, 5.00%, 9/1/2023
45,000
46,038
5.00%, 5/1/2024
10,000
10,426
Chula Vista Redevelopment Agency
Successor Agency 4.00%, 10/1/2022
30,000
30,033
City & County of San Francisco, Moscon
Center Series 2011A, COP, 5.00%,
9/1/2022
115,000
115,000
City & County of San Francisco, Multi-Family,
Eastern Park Apartments Series 2019K,
Rev., 1.30%, 1/1/2023 (c)
520,000
517,532
City and County of San Francisco Series
2015A-1, COP, 5.00%, 4/1/2023
30,000
30,440
City and County of San Francisco, City Office
Buildings - Multiple Properties Project
Series 2015-R1, COP, 5.00%, 9/1/2022
25,000
25,000
City and County of San Francisco, Moscone
Convention Centre Series 2017B, COP,
5.00%, 4/1/2025
75,000
79,574
City of Bakersfield, Wastewater Series
2015A, 5.00%, 9/15/2022
60,000
60,060
City of Berkeley 5.00%, 9/1/2022
20,000
20,000
City of Calabasas 5.00%, 12/1/2022
60,000
60,378
City of Glendora, Waterworks Series 2016A,
Rev., 5.00%, 10/1/2022
25,000
25,056
SEE NOTES TO FINANCIAL STATEMENTS.
 
August 31, 2022
J.P. Morgan Exchange-Traded Funds
229
JPMorgan Ultra-Short Municipal Income ETF
SCHEDULE OF PORTFOLIO INVESTMENTS
AS OF August 31, 2022  (Unaudited) (continued)
INVESTMENTS
PRINCIPAL
AMOUNT($)
VALUE($)
Municipal Bonds — continued
California — continued
City of Lincoln, Community Facilities District
No. 2003-1, Lincoln Crossing Project,
Special Tax Rev., 4.00%, 9/1/2022
     70,000
       70,000
City of Livermore
 
 
Series 2020B, COP, 4.00%, 10/1/2022
    150,000
      150,209
Series 2020B, COP, 4.00%, 10/1/2023
     40,000
       40,702
City of Long Beach Harbor Series 2014B,
Rev., 5.00%, 5/15/2023
     70,000
       71,326
City of Long Beach Harbor, Private Activity
 
 
Series 2020A, Rev., 4.00%, 5/15/2024
     20,000
       20,546
Rev., 4.00%, 5/15/2025
    155,000
      161,367
City of Los Alamitos COP, 5.00%,
10/1/2022
     30,000
       30,066
City of Los Angeles
 
 
Series 2021B, GO, 5.00%, 9/1/2022
     25,000
       25,000
Series 2013A, Rev., 5.00%, 6/1/2027
75,000
76,540
City of Los Angeles Department of Airports,
International Airport Subordinate Series
2018E, Rev., 5.00%, 5/15/2024
15,000
15,633
City of Los Angeles, Solid Waste Resources
 
 
Series 2013A, Rev., 2.00%, 2/1/2023
45,000
44,905
Series 2015A, Rev., 5.00%, 2/1/2023
25,000
25,270
City of Los Angeles, Tax Exempt Series
2017B, GO, 5.00%, 9/1/2022
45,000
45,000
City of Los Angeles, Wastewater System
 
 
Series 2013-A, Rev., 5.00%, 6/1/2025
75,000
76,551
Series 2013A, Rev., 5.00%, 6/1/2026
50,000
51,030
City of Manhattan Beach, Police and Fire
Facility COP, 3.00%, 1/1/2023
25,000
25,058
City of Newark COP, 5.00%, 6/1/2023
45,000
45,833
City of Oakland, Sewer Series 2014A, Rev.,
5.00%, 6/15/2023
35,000
35,741
City of Pico Rivera, Sales Tax Series 2018A,
COP, AGM, 5.00%, 6/1/2023
35,000
35,705
City of Richmond, Wastewater, Capital
Appreciation Rev., FGIC, Zero Coupon,
8/1/2023 (b)
200,000
195,492
City of Riverside Series 2019A, Rev.,
5.00%, 10/1/2022
115,000
115,258
City of Sacramento Rev., 5.00%, 9/1/2022
60,000
60,000
City of San Francisco, Public Utilities
Commission
 
 
Rev., 5.00%, 11/1/2022
75,000
75,342
Series 2015A, Rev., 5.00%, 11/1/2022
50,000
50,228
Series 2016A, Rev., 5.00%, 11/1/2022
125,000
125,569
Series 2017A, Rev., 5.00%,
11/1/2024 (b)
30,000
31,668
INVESTMENTS
PRINCIPAL
AMOUNT($)
VALUE($)
 
California — continued
City of Santa Cruz Rev., 5.00%, 3/1/2023
     45,000
       45,614
City of Santa Rosa, Wastewater
 
 
Series 2012A, Rev., 5.00%,
9/1/2022 (b)
    145,000
      145,000
Series 2014A, Rev., 5.00%, 9/1/2022
     20,000
       20,000
Series 2016A, Rev., 5.00%, 9/1/2022
     50,000
       50,000
City of Sausalito, 2016 Financing Project
COP, 4.00%, 5/1/2023
     50,000
       50,566
City of South Lake Tahoe, Road
Improvement Projects COP, 4.00%,
9/1/2022
     50,000
       50,000
City of Susanville, Natural Gas Enterprise
Rev., AGM, 3.00%, 6/1/2023
     20,000
       20,086
City of Tulare, Sewer System
 
 
Rev., AGM, 3.75%, 11/15/2022 (b)
     40,000
       40,118
Rev., AGM, 5.00%, 11/15/2022
     30,000
       30,158
Clovis Unified School District, Election of
2012 Series B, 5.00%, 8/1/2038 (b)
20,000
20,494
Coachella Redevelopment Agency Successor
Agency, Merged Project Areas
 
 
AGM, 5.00%, 9/1/2022
150,000
150,000
Series A, AGM, 5.00%, 9/1/2022
25,000
25,000
Coast Community College District, Election
of 2012 Series 2013A, 4.00%,
8/1/2038 (b)
20,000
20,309
Colton Joint Unified School District, Election
of 2008 Series 2010B, AGM, 5.80%,
8/1/2035 (b)
25,000
28,225
Contra Costa Community College District,
Election of 2006 5.00%, 8/1/2038 (b)
20,000
20,494
Contra Costa Community College District,
Election of 2014 Series C, 4.00%,
8/1/2023
25,000
25,375
Contra Costa Transportation Authority, Sales
Tax Series 2012B, 5.00%, 3/1/2027 (b)
105,000
106,448
Contra Costa Water District
 
 
Series T, 4.00%, 10/1/2022
25,000
25,036
Series 2012Q, 5.00%, 10/1/2022
70,000
70,157
Series R, 5.00%, 10/1/2022
50,000
50,112
Series T, 5.00%, 10/1/2022
45,000
45,101
Series U, 5.00%, 10/1/2022
110,000
110,246
Corona Utility Authority, Water Projects
Rev., 5.00%, 9/1/2022
30,000
30,000
Corona-Norco Unified School District Public
Financing Authority, Senior Lien Series A,
5.00%, 9/1/2023 (b)
20,000
20,537
County of Calaveras 3.00%, 11/1/2022
110,000
110,117
SEE NOTES TO FINANCIAL STATEMENTS.
 
230
J.P. Morgan Exchange-Traded Funds
August 31, 2022
INVESTMENTS
PRINCIPAL
AMOUNT($)
VALUE($)
Municipal Bonds — continued
California — continued
County of Los Angeles, Disney Concert Hall
Parking Garage COP, 5.00%, 9/1/2022
    140,000
      140,000
County of Marin, 2015 Financing Project
COP, 5.00%, 11/1/2022
     50,000
       50,223
County of Mono, Mono County Civic Center
Series 2018A, COP, 5.00%, 10/1/2022
    260,000
      260,477
County of Monterey, Public Facilities
Refinancing COP, 5.00%, 10/1/2022
     25,000
       25,055
County of Sacramento COP, 5.00%,
10/1/2022
     30,000
       30,063
County of San Bernardino, Arrowhead
Project Series 2019A, COP, 5.00%,
10/1/2022
     25,000
       25,053
County of San Diego, Sanford Burnham
Prebys Medical Discovery Institute Series
2015A, Rev., 5.00%, 11/1/2022
     25,000
       25,110
County of San Joaquin, County
Administration Building Project COP,
AGM, 5.00%, 11/15/2022
    125,000
      125,662
County of Solano COP, 5.00%, 11/1/2022
     80,000
       80,363
County of Sonoma, Measure F Sales Tax,
Limited Tax, Agricultural Preservation
and Open Space Rev., 5.00%, 9/1/2022
     80,000
       80,000
Cucamonga Valley Water District Financing
Authority
 
 
Rev., 4.00%, 9/1/2022 (b)
60,000
60,000
Rev., 5.00%, 9/1/2022
20,000
20,000
Series 2021B, Rev., 5.00%, 9/1/2022
20,000
20,000
Culver Redevelopment Agency Successor
Agency Series 2017A, Rev., 5.00%,
11/1/2022
45,000
45,196
Cupertino Union School District, 2013
Crossover Series 2013A, GO, 5.00%,
8/1/2023 (b)
25,000
25,618
Desert Hot Springs Redevelopment Agency
Successor Agency, Subordinate Tax Rev.,
5.00%, 9/1/2022
30,000
30,000
Desert Sands Unified School District GO,
5.00%, 8/1/2023
10,000
10,244
Downey Public Finance Authority Rev.,
5.00%, 12/1/2022
40,000
40,271
East Bay Regional Park District Series B-1,
GO, 5.00%, 9/1/2022
20,000
20,000
East Bay Regional Park District, Election of
2008 Series 2013A, GO, 4.00%,
9/1/2022
50,000
50,000
East Side Union High School District
 
 
GO, AGM, 5.25%, 9/1/2022
100,000
100,000
INVESTMENTS
PRINCIPAL
AMOUNT($)
VALUE($)
 
California — continued
Series B, GO, NATL-RE, 5.25%,
2/1/2023
  1,050,000
    1,062,805
El Dorado Irrigation District Series 2016B,
COP, 5.00%, 3/1/2023
     55,000
       55,750
El Dorado Union High School District, 2021
Energy Efficiency Projects COP, AGM,
2.00%, 12/1/2022
    160,000
      159,731
El Monte City School District, Election of
2004 Series 2008C, GO, AGC, Zero
Coupon, 8/1/2023
    600,000
      583,682
Emeryville Redevelopment Agency,
Successor Agency Tax Allocation Series A,
Rev., AGM, 5.00%, 9/1/2022
    170,000
      170,000
Etiwanda School District Public Financing
Authority Series 2018A, Rev., 5.00%,
9/1/2022
     35,000
       35,000
Evergreen School District GO, 5.00%,
9/1/2022
     70,000
       70,000
Fairfield Community Facilities District, North
Cordella General Improvements, Special
Tax Rev., 4.00%, 9/1/2022
     65,000
       65,000
Folsom Cordova Unified School District
School Facilities Improvement Dist No. 2,
Capital Appreciation Series 2002A, GO,
NATL-RE, Zero Coupon, 10/1/2022
     20,000
       19,959
Folsom Cordova Unified School District
School Facilities Improvement Dist No. 3,
Capital Appreciation, Election of 2007
Series 2007A, GO, NATL-RE, Zero
Coupon, 10/1/2022
     20,000
       19,959
Folsom Cordova Unified School District
School Facilities Improvement Dist No. 4,
Election of 2012 Series A, GO, 5.00%,
10/1/2023 (b)
     20,000
       20,580
Folsom Public Financing Authority Rev.,
4.00%, 12/1/2022
35,000
35,154
Fontana Redevelopment Agency, Successor
Agency, Tax Allocation Series 2017A,
Rev., 5.00%, 10/1/2023
30,000
30,812
Fremont Public Financing Authority
 
 
Rev., 5.00%, 10/1/2022
75,000
75,169
Series 2017B, Rev., 5.00%, 10/1/2023
25,000
25,688
Fresno County Financing Authority Rev.,
5.00%, 4/1/2023
550,000
558,709
Fullerton Joint Union High School District
COP, 5.00%, 9/1/2022
35,000
35,000
SEE NOTES TO FINANCIAL STATEMENTS.
 
August 31, 2022
J.P. Morgan Exchange-Traded Funds
231
JPMorgan Ultra-Short Municipal Income ETF
SCHEDULE OF PORTFOLIO INVESTMENTS
AS OF August 31, 2022  (Unaudited) (continued)
INVESTMENTS
PRINCIPAL
AMOUNT($)
VALUE($)
Municipal Bonds — continued
California — continued
Garden Grove Agency Community
Development Successor Agency, Tax
Allocation
 
 
Rev., 5.00%, 10/1/2022
     25,000
       25,051
Rev., 5.00%, 10/1/2023
     20,000
       20,535
Garden Grove Unified School District,
Election of 2010 Series C, GO, 5.00%,
8/1/2023
     10,000
       10,244
Gateway Unified School District, Election of
2008 GO, AGM, 5.00%, 8/1/2023 (b)
     20,000
       20,494
Glendale Unified School District
 
 
Series E, GO, 3.00%, 9/1/2022
     30,000
       30,000
GO, 4.25%, 9/1/2022 (b)
     30,000
       30,000
Series 2015A, GO, 5.00%, 9/1/2022
     60,000
       60,000
Golden Valley Unified School District, 2021
School Financing Project COP, 3.00%,
9/1/2022
    275,000
      275,000
Grossmont Healthcare District Series C, GO,
5.00%, 7/15/2024
     25,000
       25,980
Grossmont Union High School District,
Election of 2008 Series E, GO, 5.00%,
8/1/2023 (b)
20,000
20,494
Grossmont-Cuyamaca Community College
District GO, 5.00%, 8/1/2023
30,000
30,725
Helendale School District COP, AGM, 2.50%,
12/1/2022
20,000
20,004
Hemet Unified School District COP, AGM,
4.00%, 10/1/2022
250,000
250,314
Hermosa Beach Public Financing Authority
Rev., 4.00%, 11/1/2024
25,000
25,817
Hesperia Unified School District Series
2013B, COP, 5.53%, 2/1/2023 (b)
25,000
25,207
Hollister School District, Election of 2016
Series 2019B, GO, 4.00%, 9/1/2022
20,000
20,000
Huntington Beach Union High School
District
 
 
COP, 5.00%, 9/1/2022
40,000
40,000
GO, 5.00%, 8/1/2023 (b)
50,000
51,236
Imperial Public Financing Authority, Water
Facility Rev., 3.50%, 10/15/2022
25,000
25,030
Inglewood Unified School District, Election
of 2012 Series 2013A, GO, AGM, 5.13%,
8/1/2023 (b)
20,000
20,508
Irvine Unified School District, School
Facilities Improvement District No. 1
Series 2016A, GO, 5.00%, 9/1/2022
25,000
25,000
Jefferson Elementary School District GO,
5.00%, 9/1/2022
25,000
25,000
INVESTMENTS
PRINCIPAL
AMOUNT($)
VALUE($)
 
California — continued
Jefferson Elementary School District,
Election of 2018 Series 2020B, GO,
3.00%, 9/1/2022
     50,000
       50,000
La Mirada Public Financing Authority Rev.,
5.00%, 5/1/2023
     25,000
       25,447
Lancaster School District, Election of 2012
Series A, GO, AGM, 4.00%,
8/1/2023 (b)
     20,000
       20,300
Lincoln Public Financing Authority Series A,
Rev., 4.00%, 10/1/2022
     25,000
       25,026
Lodi Public Financing Authority Rev., AGM,
5.00%, 9/1/2022
     25,000
       25,000
Lodi Unified School District, Election of
2006 GO, 3.00%, 8/1/2023
     40,000
       40,212
Long Beach Bond Finance Authority, Natural
Gas Series 2007A, Rev., 5.25%,
11/15/2022
     25,000
       25,113
Long Beach Community College District
Series 2017G, GO, 5.00%, 8/1/2023
     35,000
       35,856
Los Angeles Community College District
 
 
Series 2015A, GO, 5.00%, 8/1/2023
     25,000
       25,611
Series 2015C, GO, 5.00%, 8/1/2023
     20,000
       20,489
Los Angeles County Metropolitan
Transportation Authority, Measure J
Junior Subordinate Sales Tax Series
2020A, Rev., 5.00%, 6/1/2023
30,000
30,578
Los Angeles County Metropolitan
Transportation Authority, Measure R
Senior Sales Tax Series 2016A, Rev.,
5.00%, 6/1/2023
25,000
25,504
Los Angeles County Public Works Financing
Authority Series 2019E1, Rev., 4.00%,
12/1/2023
85,000
86,826
Los Angeles County Public Works Financing
Authority, MLK Hospital Project Series
2016D, Rev., 5.00%, 12/1/2022
75,000
75,528
Los Angeles County Public Works Financing
Authority, Multiple Capital Projects II
Series 2015A, Rev., 5.00%, 12/1/2022
25,000
25,176
Los Angeles County Redevelopment
Refunding Authority Redevelopment
Agency Successor Agency, CRA/LA
Bunker Hill Project Rev., 5.00%,
12/1/2022
50,000
50,317
Los Angeles County Sanitation Districts
Financing Authority Series 2016A, Rev.,
5.00%, 10/1/2022
25,000
25,053
SEE NOTES TO FINANCIAL STATEMENTS.
 
232
J.P. Morgan Exchange-Traded Funds
August 31, 2022
INVESTMENTS
PRINCIPAL
AMOUNT($)
VALUE($)
Municipal Bonds — continued
California — continued
Los Angeles Department of Water and
Power, Power System
 
 
Series 2018B, Rev., 5.00%, 1/1/2023
    140,000
      140,971
Series 2013A, Rev., 5.00%, 7/1/2023
    345,000
      348,126
Series 2013A, Rev., 5.00%, 7/1/2025
    125,000
      126,107
Series 2013A, Rev., 5.00%, 7/1/2026
     25,000
       25,221
Los Angeles Department of Water and
Power, Water System
 
 
Series 2013A, Rev., 5.00%, 7/1/2024
  1,050,000
    1,059,307
Series 2013B, Rev., 5.00%, 7/1/2024
    180,000
      184,001
Series 2013B, Rev., 5.00%, 7/1/2025
     40,000
       40,899
Series 2013B, Rev., 5.00%, 7/1/2026
     35,000
       35,786
Los Angeles Unified School District
 
 
Series 2015A, GO, 5.00%, 7/1/2023
70,000
71,579
Series D, GO, 5.00%, 7/1/2023
20,000
20,451
Los Angeles Unified School District,
Headquarters Building Projects Series
2012A, COP, 5.00%, 10/1/2022 (b)
745,000
746,521
Madera County Board of Education COP,
4.00%, 10/1/2023
20,000
20,308
Manteca Redevelopment Agency Successor
Agency Series 2020A, Rev., 4.00%,
10/1/2022
130,000
130,163
McFarland Unified School District, Election
of 2020 Series A, GO, 4.00%,
11/1/2022
25,000
25,066
Merced Union High School District GO, AGM,
Zero Coupon, 2/18/2025 (b)
350,000
105,975
Metropolitan Water District of Southern
California, Waterworks Series 2017B,
Rev., 5.00%, 8/1/2023
70,000
71,672
Middletown Unified School District, Election
of 2018 Series 2019A, GO, 4.00%,
8/1/2023
25,000
25,370
Midpeninsula Regional Open Space District
Series A, GO, 5.00%, 9/1/2022
155,000
155,000
Midpeninsula Regional Open Space District,
Promissory Notes, 1999 Project Lease
Rev., 5.00%, 9/1/2022 (b)
105,000
105,000
Milpitas Redevelopment Agency Successor
Agency, Redevelopment Project Area
No.1 Rev., 5.00%, 9/1/2022
100,000
100,000
Modesto Irrigation District, Electric System
 
 
Rev., 5.00%, 10/1/2022
145,000
145,325
Series 2015B, Rev., 5.00%, 10/1/2022
25,000
25,055
Mojave Water Agency Public Facilities Corp.,
Morongo Basin Pipeline Project, Election
of 1990 GO, 4.00%, 9/1/2022
25,000
25,000
INVESTMENTS
PRINCIPAL
AMOUNT($)
VALUE($)
 
California — continued
Moreno Valley Public Financing Authority
Rev., 5.00%, 11/1/2022
     45,000
       45,200
Morgan Hill Financing Authority Rev.,
5.00%, 10/1/2022
     50,000
       50,112
Morgan Hill Redevelopment Agency
Successor Agency Series 2013A, Rev.,
5.00%, 9/1/2022 (b)
     50,000
       50,000
Mount Diablo Unified School District COP,
5.00%, 9/1/2022
    135,000
      135,000
Mount San Antonio Community College
District, Election of 2008
 
 
Series 2013A, GO, 5.00%, 9/1/2022
    140,000
      140,000
Series A, GO, Zero Coupon, 8/1/2023
     35,000
       19,972
Municipal Improvement Corp. of Los
Angeles Series 2016A, Rev., 5.00%,
11/1/2022
     60,000
       60,271
Municipal Improvement Corp., of Los
Angeles, Real Property
 
 
Series 2016B, Rev., 4.00%, 11/1/2022
     55,000
       55,160
Series 2016B, Rev., 5.00%, 11/1/2022
     80,000
       80,362
Series 2018B, Rev., 5.00%, 11/1/2022
50,000
50,226
Series 2019B, Rev., 5.00%,
11/1/2022 (b)
30,000
30,136
Series 2020-B, Rev., 5.00%, 11/1/2022
75,000
75,339
Series 2016B, Rev., 5.00%, 11/1/2023
25,000
25,765
Murrieta Valley Unified School District,
Election of 2002 GO, AGM, 3.00%,
9/1/2022 (b)
25,000
25,000
Natomas Unified School District, Election of
2002 Series 2004-B, GO, NATL-RE, Zero
Coupon, 9/1/2022 (b)
30,000
30,000
Norco Community Redevelopment Agency
Successor Agency, Redevelopment
Project Area #1 Series 2017A, Rev.,
4.00%, 3/1/2023
20,000
20,154
Norco Financing Authority Enterprise Series
2019A, Rev., 4.00%, 10/1/2022
50,000
50,073
Norris School District, Election of 2012
Series 2012A, GO, 4.00%,
11/1/2022 (b)
20,000
20,058
North City West School Facilities Financing
Authority, Special Tax Series 2005B,
Rev., AMBAC, 5.25%, 9/1/2022
95,000
95,000
Northern California Energy Authority Series
2018A, Rev., 4.00%, 7/1/2024 (c)
445,000
451,958
Oakland Joint Powers Financing Authority
Rev., 5.00%, 11/1/2022
80,000
80,352
SEE NOTES TO FINANCIAL STATEMENTS.
 
August 31, 2022
J.P. Morgan Exchange-Traded Funds
233
JPMorgan Ultra-Short Municipal Income ETF
SCHEDULE OF PORTFOLIO INVESTMENTS
AS OF August 31, 2022  (Unaudited) (continued)
INVESTMENTS
PRINCIPAL
AMOUNT($)
VALUE($)
Municipal Bonds — continued
California — continued
Oakland State Building Authority, Elihu M.
Harris State Office Building Series A, Rev.,
5.00%, 12/1/2022
     25,000
       25,171
Orange County Sanitation District,
Wastewater Series 2014A, Rev., 5.00%,
2/1/2023
     85,000
       85,967
Orange County Water District
 
 
Series 2019A, COP, 2.00%, 8/15/2023
    200,000
      199,197
Series 2003B, COP, NATL-RE, 4.75%,
8/15/2023 (b)
     25,000
       25,578
Series 2013A, Rev., 5.00%,
8/15/2023 (b)
     25,000
       25,644
Series 2021A, COP, 4.00%, 2/15/2025
    175,000
      181,690
Orchard School District GO, 5.00%,
8/1/2023
     45,000
       46,100
Otay Water District Rev., 4.00%, 9/1/2022
     35,000
       35,000
Otay Water District Financing Authority
Series 2018A, Rev., 5.00%, 9/1/2023
     30,000
       30,797
Padre Dam Municipal Water District
 
 
Series 2017A, COP, 5.00%, 10/1/2022
20,000
20,043
Series 2017A, COP, 5.00%, 10/1/2024
50,000
52,583
Palm Springs Financing Authority Rev.,
5.00%, 11/1/2022
30,000
30,137
Palm Springs Financing Authority,
Convention Center Project
 
 
Series 2012A, Rev., 3.13%,
11/1/2022 (b)
25,000
25,037
Series 2012A, Rev., 3.25%,
11/1/2022 (b)
65,000
65,107
Palmdale Community Redevelopment
Agency Successor Agency
 
 
Series 2016B, Rev., 5.00%, 9/1/2022
35,000
35,000
Series 2016A, Rev., 5.00%, 9/1/2023
45,000
46,115
Palmdale Financing Authority Rev., AGM,
5.00%, 11/1/2022
25,000
25,114
Palomar Community College District GO,
5.00%, 5/1/2024
50,000
52,080
Palos Verdes Peninsula Unified School
District GO, 5.00%, 11/1/2022
20,000
20,091
Paramount Unified School District, Election
of 2006
 
 
GO, Zero Coupon, 8/1/2023 (b)
355,000
47,616
GO, 4.50%, 8/1/2023 (b)
40,000
40,798
Perris Union High School District GO,
5.00%, 9/1/2023
10,000
10,263
Perris Union High School District, Election
of 2018 Series 2019A, GO, AGM, 5.00%,
9/1/2022
70,000
70,000
INVESTMENTS
PRINCIPAL
AMOUNT($)
VALUE($)
 
California — continued
Pico Rivera Public Financing Authority Rev.,
4.00%, 9/1/2022
     30,000
       30,000
Pismo Beach Public Financing Agency,
Beach Municipal Pier Project Rev.,
5.00%, 12/1/2023
     30,000
       30,989
Pittsburg Successor Agency Redevelopment
Agency, Subordinate Tax Allocation
Series A, Rev., AGM, 5.00%, 9/1/2022
     50,000
       50,000
Placentia-Yorba Linda Unified School District
Series 2016A, COP, AGM, 5.00%,
10/1/2022
     70,000
       70,143
Plumas Unified School District, Election of
2016 Series B, GO, 5.00%, 8/1/2023
     30,000
       30,706
Poway Unified School District Public
Financing Authority, Special Tax
Community Facilities District No. 2 Series
2015C, Rev., AGM, 5.00%, 9/1/2023
     40,000
       41,035
Puente Basin Water Agency, Walnut Valley
Water District Project Series 2013A, Rev.,
5.00%, 6/1/2023 (b)
     25,000
       25,510
Rancho Cucamonga Redevelopment Agency
Successor Agency Rev., AGM, 5.00%,
9/1/2022
    305,000
      305,000
Rancho Santiago Community College
District
 
 
Series B, GO, AGM, Zero Coupon,
9/1/2022
     20,000
       20,000
GO, 4.00%, 9/1/2022
     25,000
       25,000
GO, 5.00%, 9/1/2022
135,000
135,000
GO, AGM, 5.25%, 9/1/2022
50,000
50,000
Regents of the University of California
Medical Center Pooled Series 2016L,
Rev., 4.00%, 5/15/2025
20,000
20,873
Rescue Union School District, Election of
1998 Series 2005, GO, NATL-RE, 5.00%,
9/1/2022
20,000
20,000
Rialto Redevelopment Agency, Merged
Project Area Series 2014A, Rev., 5.00%,
9/1/2022
50,000
50,000
Richmond Joint Powers Financing Authority,
Civics Center Project Series 2019A, Rev.,
AGM, 5.00%, 11/1/2022
20,000
20,089
Riverside County Asset Leasing Corp.,
Defender/Probation Building Series
2013A, Rev., 5.00%, 11/1/2022 (b)
40,000
40,185
Riverside County Infrastructure Financing
Authority Series 2021A, Rev., 5.00%,
11/1/2022
50,000
50,224
SEE NOTES TO FINANCIAL STATEMENTS.
 
234
J.P. Morgan Exchange-Traded Funds
August 31, 2022
INVESTMENTS
PRINCIPAL
AMOUNT($)
VALUE($)
Municipal Bonds — continued
California — continued
Riverside County Public Financing Authority,
Tax Allocation, Project Area No. 1 Series
2015A, Rev., 5.00%, 10/1/2022
     75,000
       75,137
Riverside County Redevelopment Successor
Agency, Jurupa Valley Redevelopment
project Area Series 2016B, Rev., 5.00%,
10/1/2022
    110,000
      110,225
Riverside County Transportation
Commission, Limited Tax Series 2013A,
Rev., 5.25%, 6/1/2023 (b)
     25,000
       25,546
Riverside County Transportation
Commission, Sales Tax Series 2017A,
Rev., 5.00%, 6/1/2023
     25,000
       25,504
Riverside Redevelopment Agency Successor
Agency Series 2018A, Rev., 5.00%,
9/1/2022
     40,000
       40,000
Riverside Unified School District Financing
Authority, Superior Lien Series A, Rev.,
5.00%, 9/1/2022 (b)
     75,000
       75,000
Rocklin Public Financing Authority Rev.,
5.00%, 11/1/2022
     25,000
       25,114
Rocklin Unified School District Community
Facilities District, Capital Appreciation
Rev., AMBAC, Zero Coupon, 9/1/2022
    170,000
      170,000
Sacramento City Financing Authority,
Master Lease Program Facilities Series E,
Rev., AMBAC, 5.25%, 12/1/2022
     55,000
       55,382
Sacramento County Sanitation Districts
Financing Authority
 
 
Series 2014A, Rev., 5.00%, 12/1/2022
     20,000
       20,137
Series 2014A, Rev., 5.00%, 12/1/2023
35,000
36,153
Sacramento Municipal Utility District,
Electric
 
 
Series 2019A, Rev., 5.00%,
10/17/2023 (c)
1,175,000
1,192,907
Series 2019B, Rev., 5.00%,
10/15/2025 (c)
215,000
225,652
Sacramento Transportation Authority,
Measure A Sales Tax Rev., 5.00%,
10/1/2023
210,000
210,435
San Bernardino City Unified School District
 
 
GO, AGM, 5.00%, 8/1/2023
10,000
10,234
Series 2013A, GO, AGM, 5.00%,
8/1/2023 (b)
25,000
25,606
San Bernardino City Unified School District,
Election of 2012 Series A, GO, AGM,
4.00%, 8/1/2023 (b)
20,000
20,300
INVESTMENTS
PRINCIPAL
AMOUNT($)
VALUE($)
 
California — continued
San Bernardino County Transportation
Authority, Sales Tax Series 2014A, Rev.,
5.00%, 3/1/2023
     20,000
       20,273
San Carlos School District GO, 5.00%,
10/1/2022
     20,000
       20,045
San Diego Community College District,
CABS, Election of 2006 GO, Zero Coupon,
8/1/2023
     90,000
       55,417
San Diego Community College District,
Election of 2002 GO, 5.00%,
8/1/2023 (b)
     40,000
       40,988
San Diego County Regional Transportation
Commission, Sales Tax Series 2021A,
Rev., 5.00%, 10/1/2022
    180,000
      180,405
San Diego County Water Authority
 
 
Rev., 5.00%, 11/1/2022 (b)
     25,000
       25,116
Series 2013A, Rev., 5.00%,
11/1/2022 (b)
     90,000
       90,416
Series 2013A, Rev., 5.00%, 5/1/2023
     20,000
       20,092
San Diego Public Facilities Financing
Authority
 
 
Rev., 5.00%, 10/15/2022
    180,000
      180,588
Rev., 5.00%, 5/15/2023
45,000
45,840
Series 2016B, Rev., 5.00%, 8/1/2023
20,000
20,487
San Diego Redevelopment Agency
Successor Agency
 
 
Series 2017A, Rev., 5.00%, 9/1/2022
110,000
110,000
Series A, Rev., 5.00%, 9/1/2022
100,000
100,000
Series 2017A, Rev., 5.00%, 9/1/2023
10,000
10,259
San Diego Regional Building Authority,
County Operations Center Series 2016A,
Rev., 5.00%, 10/15/2022
50,000
50,166
San Diego Unified Port District Series
2013A, Rev., 5.00%, 9/1/2022
25,000
25,000
San Diego Unified School District, Election
of 1998 Series D-1, GO, NATL-RE,
5.50%, 7/1/2023
25,000
25,660
San Francisco Bay Area Rapid Transit
District, Election of 2004 Series 2013C,
GO, 5.00%, 8/1/2023
10,000
10,244
San Francisco Bay Area Rapid Transit
District, Sales Tax Series 2016A, Rev.,
5.00%, 7/1/2023
55,000
56,208
San Francisco City and County Airport
Commission, San Francisco International
Airport
 
 
Series 2019D, Rev., 5.00%, 5/1/2024
45,000
46,850
Series 2016A, Rev., 4.00%, 5/1/2025
25,000
25,997
SEE NOTES TO FINANCIAL STATEMENTS.
 
August 31, 2022
J.P. Morgan Exchange-Traded Funds
235
JPMorgan Ultra-Short Municipal Income ETF
SCHEDULE OF PORTFOLIO INVESTMENTS
AS OF August 31, 2022  (Unaudited) (continued)
INVESTMENTS
PRINCIPAL
AMOUNT($)
VALUE($)
Municipal Bonds — continued
California — continued
San Francisco City and County Public
Utilities Commission Wastewater
 
 
Series 2013A, Rev., 5.00%, 10/1/2022
     20,000
       20,045
Series 2018A, Rev., 5.00%, 10/1/2022
    130,000
      130,292
Series 2018B, Rev., 5.00%, 10/1/2022
     60,000
       60,135
Series 2016B, Rev., 5.00%, 10/1/2023
     35,000
       36,004
San Joaquin County Transportation
Authority, Measure K Sales Tax Rev.,
5.00%, 3/1/2023
     20,000
       20,270
San Joaquin County Transportation
Authority, Sales Tax Rev., 3.00%,
3/1/2023
     20,000
       20,073
San Joaquin Delta Community College
District Series A, GO, 5.00%, 8/1/2023
     25,000
       25,611
San Joaquin Hills Transportation Corridor
Agency, Toll Road, Senior Lien Rev., Zero
Coupon, 1/1/2025 (b)
    120,000
      113,249
San Jose Evergreen Community College
District
 
 
GO, 5.00%, 9/1/2022
     90,000
       90,000
Series A, GO, 5.00%, 9/1/2022
55,000
55,000
San Jose Evergreen Community College
District, Election of 2016
 
 
Series A, GO, 4.00%, 9/1/2022
20,000
20,000
Series B, GO, 4.00%, 9/1/2022
25,000
25,000
San Jose Financing Authority, Civic Center
Project Series 2013A, Rev., 5.00%,
6/1/2023 (b)
80,000
81,600
San Jose Unified School District Series
2013-GO, GO, 5.00%, 8/1/2023 (b)
25,000
25,618
San Juan Unified School District, Election of
2002
 
 
GO, 3.00%, 8/1/2023
75,000
75,485
GO, 5.00%, 8/1/2023 (b)
40,000
40,989
San Juan Water District Rev., 5.00%,
2/1/2025
45,000
47,628
San Luis Obispo County Financing Authority
Series 2012A, Rev., 5.00%,
10/15/2022
25,000
25,083
San Luis Obispo County Financing Authority,
Nacimiento Water Project Series 2015A,
Rev., 5.00%, 9/1/2022
70,000
70,000
San Marcos Public Financing Authority
Series 1994A, Rev., 6.25%,
9/2/2022 (b)
90,000
90,000
San Marcos Unified School, District No. 4,
Community Facilities, Special Tax Rev.,
4.00%, 9/1/2023
25,000
25,412
INVESTMENTS
PRINCIPAL
AMOUNT($)
VALUE($)
 
California — continued
San Mateo County Community College
District
 
 
GO, 4.25%, 9/1/2022 (b)
     25,000
       25,000
GO, 5.00%, 9/1/2022 (b)
    145,000
      145,000
San Mateo Foster City Public Financing
Authority, Street and Flood Control
Project Series 2020A, Rev., 5.00%,
5/1/2023
     20,000
       20,357
San Mateo Union High School District Series
2016C, GO, 5.00%, 9/1/2022
     65,000
       65,000
San Mateo Union High School District,
Election of 2006 Series 2013A, GO,
5.00%, 9/1/2022
    155,000
      155,000
San Mateo Union High School District,
Election of 2020 Series A, GO, 4.00%,
9/1/2022
     35,000
       35,000
Santa Clara County Financing Authority
 
 
Series 2018A, Rev., 5.00%,
11/15/2022
    135,000
      135,759
Series 2021A, Rev., 5.00%, 5/1/2023
    140,000
      142,521
Santa Clara County Financing Authority, Fire
District Facilities Series 2020A, Rev.,
5.00%, 5/1/2023
     45,000
       45,810
Santa Clara Valley Transportation Authority,
Measure A Sales Tax Series 2015A, Rev.,
5.00%, 4/1/2023
15,000
15,238
Santa Clara Valley Transportation Authority,
Sales Tax Series 2017B, Rev., 5.00%,
6/1/2023
25,000
25,504
Santa Margarita Water District, Community
Facilities District No. 99-1, Special Tax
Series 2017A, Rev., 3.00%, 9/1/2022
50,000
50,000
Santa Monica-Malibu Unified School District
Series 2001C, COP, NATL-RE, Zero
Coupon, 11/1/2022
50,000
49,790
Santa Monica-Malibu Unified School District,
Election of 2006 Series D, GO, 4.00%,
7/1/2023 (b)
30,000
30,424
Sequoia Union High School District GO,
5.00%, 7/1/2024 (b)
40,000
41,932
Shafter Wasco Irrigation District Series
2020A, Rev., 5.00%, 11/1/2022
120,000
120,491
Sierra Joint Community College District No.
1, School Facilities Improvement Series
A, GO, 5.00%, 8/1/2023 (b)
45,000
46,112
Signal Hill Redevelopment Agency
Successor Agency, Tax Allocation Series
A, Rev., 5.00%, 10/1/2022
25,000
25,051
SEE NOTES TO FINANCIAL STATEMENTS.
 
236
J.P. Morgan Exchange-Traded Funds
August 31, 2022
INVESTMENTS
PRINCIPAL
AMOUNT($)
VALUE($)
Municipal Bonds — continued
California — continued
Silicon Valley Clean Water, Wastewater
Series 2019A, Rev., 3.00%, 3/1/2024
    625,000
      628,591
Simi Valley Public Financing Authority,
Public Facilities Series 2014A, Rev.,
5.00%, 10/1/2022
    110,000
      110,238
Solano County Community College District
Series 2014A, GO, 5.00%, 8/1/2023
     40,000
       40,978
Sonoma County Community Redevelopment
Agency Successor Agency Rev., 4.00%,
8/1/2023
     20,000
       20,276
Sonoma County Junior College District
Series 2013A, GO, 5.00%, 8/1/2023 (b)
     65,000
       66,606
Sonoma County Transportation Authority,
Limited Tax Rev., 5.00%, 12/1/2022
     85,000
       85,582
South Placer Wastewater Authority Rev.,
5.00%, 11/1/2022
    100,000
      100,455
South San Francisco Public Facilities
Financing Authority, Police Station
Project Series 2020A, Rev., 5.00%,
6/1/2023
     40,000
       40,806
South San Francisco Unified School District,
Measure J, Dedicated Unlimited Ad
Valorem Property Tax Rev., NATL-RE,
5.25%, 9/15/2022
     60,000
       60,066
Southern California Public Power Authority,
Project No. 1 Series 2007A, Rev.,
5.25%, 11/1/2022
    825,000
      827,909
Southern California Public Power Authority,
Transmission Project Series 2017A, Rev.,
5.00%, 7/1/2023
    160,000
      163,635
Southern California Public Power Authority,
Windy Point/Windy Flats Project Rev.,
5.00%, 4/1/2024
75,000
77,719
State of California Department of Water
Resources, Central Valley Project, Water
System
 
 
Series AR, Rev., 5.00%, 12/1/2022
45,000
45,319
Series AS, 5.00%, 12/1/2022
70,000
70,497
Series AW, 5.00%, 12/1/2022
165,000
166,171
Series AX, Rev., 5.00%, 12/1/2022
50,000
50,355
Series BB, 5.00%, 12/1/2022
25,000
25,177
Series AM, 5.00%, 12/1/2023 (b)
25,000
25,510
Series AW, 5.00%, 12/1/2023
45,000
46,539
Series AQ, 4.00%, 12/1/2024 (b)
20,000
20,256
Series AN, 5.00%, 12/1/2028 (b)
35,000
35,243
Series AN, 5.00%, 12/1/2030 (b)
20,000
20,139
Series AP, 4.00%, 12/1/2033 (b)
30,000
30,384
Series AN, 5.00%, 12/1/2035 (b)
105,000
105,729
INVESTMENTS
PRINCIPAL
AMOUNT($)
VALUE($)
 
California — continued
State of California, Various Purpose
 
 
3.00%, 9/1/2022
     50,000
       50,000
4.00%, 9/1/2022
    160,000
      160,000
5.00%, 9/1/2022
    700,000
      700,000
5.25%, 9/1/2022
    260,000
      260,000
4.00%, 10/1/2022
     75,000
       75,108
5.00%, 10/1/2022
    540,000
      541,237
5.00%, 10/1/2022
     85,000
       85,200
5.25%, 10/1/2022
    220,000
      220,547
2.88%, 11/1/2022
     35,000
       35,038
4.00%, 11/1/2022
     50,000
       50,145
5.00%, 11/1/2022
25,000
25,116
5.00%, 11/1/2022
295,000
296,368
3.00%, 12/1/2022
25,000
25,048
4.00%, 12/1/2022
170,000
170,744
5.00%, 2/1/2023
90,000
91,043
4.00%, 3/1/2023
20,000
20,172
4.00%, 5/1/2023
20,000
20,227
5.00%, 9/1/2023
110,000
110,240
5.00%, 12/1/2023
25,000
25,818
5.00%, 2/1/2024
110,000
111,232
5.00%, 9/1/2024
20,000
20,043
5.00%, 9/1/2024
50,000
51,330
5.00%, 11/1/2024
60,000
61,934
5.00%, 2/1/2025
65,000
65,756
5.00%, 9/1/2025
75,000
75,177
5.00%, 9/1/2025
135,000
138,735
5.00%, 11/1/2025
40,000
41,289
5.00%, 12/1/2025
50,000
51,729
5.00%, 10/1/2026
50,000
50,815
State of California, Various Purpose, Tax
Exempt 5.00%, 8/1/2023
65,000
66,619
Suisun City Redevelopment Agency,
Redevelopment Project Series B, Rev.,
5.00%, 10/1/2023
40,000
41,070
Sulphur Springs Union School District,
Community Facilities District No. 2002-1,
Special Tax Series 2014A, Rev., 3.00%,
9/1/2023 (b)
25,000
25,181
Summerville Union High School District,
Capital Appreciation GO, AGM, Zero
Coupon, 9/1/2022
20,000
20,000
Sunnyvale School District
 
 
GO, 4.00%, 9/1/2022
125,000
125,000
GO, 5.00%, 9/1/2022
25,000
25,000
SEE NOTES TO FINANCIAL STATEMENTS.
 
August 31, 2022
J.P. Morgan Exchange-Traded Funds
237
JPMorgan Ultra-Short Municipal Income ETF
SCHEDULE OF PORTFOLIO INVESTMENTS
AS OF August 31, 2022  (Unaudited) (continued)
INVESTMENTS
PRINCIPAL
AMOUNT($)
VALUE($)
Municipal Bonds — continued
California — continued
Sunnyvale School District, Election of 2013
Series 2019C, GO, 4.00%, 9/1/2022
     25,000
       25,000
Tahoe-Truckee Sanitation Agency,
Wastewater Rev., 5.00%, 7/1/2024
     30,000
       31,366
Tahoe-Truckee Unified School District,
Election of 2014, School Facilities
Improvement District No. 1 Series C, GO,
3.00%, 8/1/2023
     20,000
       20,126
Temecula Valley Unified School District
Financing Authority, Special Tax Rev.,
5.00%, 9/1/2022
    125,000
      125,000
Tender Option Bond Trust Receipts/
Certificates Series 2017-XX1045, Rev.,
VRDO, LIQ : Barclays Bank plc, 1.70%,
9/8/2022 (c) (e)
 17,000,000
   17,000,000
Tobacco Securitization Authority of
Northern California Class 1, Rev., 5.00%,
6/1/2025
    105,000
      111,837
Tobacco Securitization Authority of
Southern California Series 2019A, Class
1, Rev., 5.00%, 6/1/2025
     55,000
       57,787
Torrance Unified School District, Election of
2008 GO, 5.00%, 8/1/2023 (b)
     25,000
       25,618
Tulare City School District Series 2016A,
COP, 2.00%, 11/1/2022
     25,000
       24,974
Tuolumne Wind Project Authority, Tuolumne
Wind Project Series 2016A, Rev., 5.00%,
1/1/2023
    180,000
      181,455
Turlock Public Financing Authority, Sewer
Rev., 4.00%, 9/15/2022 (b)
     55,000
       55,036
Tustin Community Facilities District No. 6-1,
Special Tax Rev., 5.00%, 9/1/2022
80,000
80,000
Tustin Unified School District, Community
Facilities District No. 88-10F Rev.,
5.00%, 9/1/2022
75,000
75,000
Tustin Unified School District, School
Facilities Improvement Districts No.
2002-1 and 2008-1 GO, 5.00%,
8/1/2025
30,000
32,229
Twin Rivers Unified School District Series
2014A, GO, Zero Coupon, 2/1/2024 (b)
350,000
165,470
Union Elementary School District Series B,
GO, 4.00%, 9/1/2022
60,000
60,000
University of California
 
 
Series 2013AF, Rev., 5.00%,
5/15/2023 (b)
20,000
20,371
Series 2015AO, Rev., 5.00%,
5/15/2023
20,000
20,390
Series 2017AV, Rev., 5.00%, 5/15/2023
20,000
20,390
INVESTMENTS
PRINCIPAL
AMOUNT($)
VALUE($)
 
California — continued
Series S, Rev., 5.00%, 5/15/2023
  3,000,000
    3,058,512
Series S, Rev., 5.00%, 5/15/2025
  4,000,000
    4,276,536
Series S, Rev., 5.00%, 5/15/2026
  1,520,000
    1,661,817
Ventura County Public Financing Authority
 
 
Series 2013A, Rev., 5.00%,
11/1/2022 (b)
     55,000
       55,254
Series 2013B, Rev., 5.00%, 11/1/2022
     25,000
       25,114
Series 2013B, Rev., 5.00%, 11/1/2023
     20,000
       20,617
Series 2016A, Rev., 5.00%, 11/1/2024
     25,000
       26,368
West Hollywood Public Financing Authority,
Hollywood Park Phase II Rev., 5.00%,
4/1/2024
     75,000
       77,985
Western Municipal Water District Facilities
Authority Series 2020A, Rev., 5.00%,
10/1/2022
     25,000
       25,056
Western Riverside Water and Wastewater
Financing Authority, Eastern Municipal
Water District, Local Agency Series A-1,
Rev., 5.00%, 9/1/2022
     30,000
       30,000
Westlands Water District Series 2016A,
Rev., AGM, 5.00%, 9/1/2022
70,000
70,000
Westminster School District, Refinancing of
2015 Energy Conservation Projects COP,
4.00%, 5/1/2023
35,000
35,343
William S Hart Union High School District
 
 
GO, 3.50%, 9/1/2022 (b)
90,000
90,000
GO, 4.00%, 9/1/2022
50,000
50,000
GO, 4.00%, 9/1/2022 (b)
105,000
105,000
GO, 5.00%, 9/1/2022 (b)
195,000
195,000
William S Hart Union High School District,
Election of 2008
 
 
Series 2013C, GO, 4.00%, 8/1/2023 (b)
75,000
76,159
Series 2013C, GO, 5.00%, 8/1/2023 (b)
20,000
20,494
Yucaipa Valley Water District Series 2015A,
Rev., 3.00%, 9/1/2022 (b)
40,000
40,000
Total California
 
141,800,111
Colorado — 2.5%
Adams & Arapahoe Joint School District 28J
Aurora
 
 
Zero Coupon, 12/1/2022
25,000
24,856
5.00%, 12/1/2024
60,000
60,343
Adams 12 Five Star Schools, The City &
County of Broomfield
 
 
Series A, 5.00%, 12/15/2022
25,000
25,198
5.50%, 12/15/2022
125,000
126,165
4.00%, 12/15/2023
75,000
75,357
SEE NOTES TO FINANCIAL STATEMENTS.
 
238
J.P. Morgan Exchange-Traded Funds
August 31, 2022
INVESTMENTS
PRINCIPAL
AMOUNT($)
VALUE($)
Municipal Bonds — continued
Colorado — continued
5.00%, 12/15/2024
     30,000
       30,215
Adams and Weld Counties School District
No. 27J Brighton Series A, 1.75%,
12/1/2022
     25,000
       24,958
Adams County School District No. 1,
Mapleton Public Schools 4.00%,
12/1/2022
     25,000
       25,110
Apex Park and Recreation District 3.00%,
12/1/2024
     50,000
       50,614
Arapahoe County School District No. 5
Cherry Creek 5.00%, 12/15/2022
     15,000
       15,119
Arapahoe County School District No. 6
Littleton
 
 
5.00%, 12/1/2022
     50,000
       50,323
Series 2019A, GO, 5.00%, 12/1/2022
    145,000
      145,938
Arapahoe County Water and Wastewater
Authority 4.00%, 12/1/2022
     25,000
       25,110
Arapahoe County Water and Wastewater
Public Improvement District 3.00%,
12/1/2022
     25,000
       25,047
Board of Governors of Colorado State
University System
 
 
Series A, 3.00%, 3/1/2023 (b)
105,000
105,379
Series 2019A, 4.00%, 3/1/2023 (b)
20,000
20,170
Series 2015A, 5.00%, 3/1/2045 (b)
45,000
47,728
Boulder Larimer and Weld Counties St.
Vrain Valley School District Re1J
 
 
4.00%, 12/15/2022
50,000
50,072
5.00%, 12/15/2022
45,000
45,356
Series 2011-B, 5.00%, 12/15/2022
140,000
141,107
Series 2016B, 5.00%, 12/15/2022
110,000
110,870
Series 2016C, 5.00%, 12/15/2022
55,000
55,435
Series 2014A, 5.00%, 12/15/2023
40,000
41,358
Boulder Valley School District No. Re-2
Boulder
 
 
Series 2017B, 3.00%, 12/1/2022
75,000
75,147
Series 2019A, 6.00%, 12/1/2022
30,000
30,279
Brush School District No. RE-2J GO, 3.00%,
12/1/2022
25,000
25,048
City & County of Broomfield, Sales and Use
Tax
 
 
3.00%, 12/1/2022
25,000
25,045
Series A, 4.50%, 12/1/2022
420,000
422,298
Series A, 5.00%, 12/1/2024
180,000
181,142
City and County of Denver Series 2018A,
COP, 5.00%, 6/1/2023
20,000
20,388
INVESTMENTS
PRINCIPAL
AMOUNT($)
VALUE($)
 
Colorado — continued
City and County of Denver, Airport System
 
 
Series 2020A-2, Rev., 5.00%,
11/15/2022
    205,000
      206,132
Series B, Rev., 5.00%, 11/15/2022
    130,000
      130,718
Series B, Rev., 5.00%, 11/15/2024
    125,000
      131,766
Series B, Rev., 5.00%, 11/15/2025
  1,045,000
    1,050,841
Series B, Rev., 5.25%, 11/15/2026
     25,000
       25,791
City and County of Denver, Buell Theatre
Property Series 2013A, COP, 5.00%,
12/1/2022
    100,000
      100,659
City and County of Denver, Fire Station and
Library Series 20015A, COP, 5.00%,
12/1/2022
     20,000
       20,132
City of Aspen 5.00%, 12/1/2022
     40,000
       40,266
City of Aurora 5.00%, 12/1/2022
    180,000
      181,210
City of Brighton 4.00%, 12/1/2022
     20,000
       20,081
City of Colorado Springs, Utilities System
Improvement
 
 
Series 2012B, 5.00%, 11/15/2022
30,000
30,169
Series 2015A, 5.00%, 11/15/2022
25,000
25,141
Series 2020B, 5.00%, 11/15/2022
40,000
40,225
Series 2020C, 5.00%, 11/15/2022
115,000
115,647
Series A-1, 5.00%, 11/15/2022
25,000
25,141
Series A-3, 5.00%, 11/15/2022
225,000
226,265
Series B-2, 5.00%, 11/15/2022
30,000
30,169
Series 2015A, 5.00%, 11/15/2023
40,000
41,273
Series 2018A-1, 5.00%, 11/15/2023
35,000
36,114
Series A-1, 5.00%, 11/15/2023
25,000
25,795
Series A-2, 5.00%, 11/15/2023
25,000
25,795
City of Englewood GO, 5.00%, 12/1/2022
50,000
50,342
City of Fort Collins, Wastewater Utility Series
2016A, Rev., 4.00%, 12/1/2022
20,000
20,088
City of Glendale COP, AGM, 5.00%,
12/1/2022
70,000
70,465
City of Grand Junction COP, 3.00%,
12/1/2022
25,000
25,023
City of Greeley COP, 4.00%, 12/1/2022
50,000
50,176
City of Lone Tree, Sales Tax, Recreational
Projects Series 2017A, Rev., 5.00%,
12/1/2022
25,000
25,167
City of Longmont Series A, COP, 5.00%,
12/1/2022 (b)
25,000
25,160
City of Longmont, Electric and Broadband
Utility Rev., AGM, 3.00%, 12/1/2022
75,000
75,119
City of Longmont, Storm Drainage Rev.,
5.00%, 12/1/2022
20,000
20,136
SEE NOTES TO FINANCIAL STATEMENTS.
 
August 31, 2022
J.P. Morgan Exchange-Traded Funds
239
JPMorgan Ultra-Short Municipal Income ETF
SCHEDULE OF PORTFOLIO INVESTMENTS
AS OF August 31, 2022  (Unaudited) (continued)
INVESTMENTS
PRINCIPAL
AMOUNT($)
VALUE($)
Municipal Bonds — continued
Colorado — continued
City of Longmont, Wastewater Rev., 5.00%,
11/1/2023
     25,000
       25,765
City of Northglenn COP, 5.00%, 12/1/2022
    155,000
      156,026
City of Northglenn, Wastewater System Rev.,
4.00%, 12/1/2022
     20,000
       20,083
City of Thornton
 
 
COP, AMBAC, 4.00%, 12/1/2022
     55,000
       55,231
COP, 5.00%, 12/1/2022
     45,000
       45,293
Rev., 5.00%, 12/1/2022
     25,000
       25,171
City of Westminster, Sales and Use Tax
 
 
Rev., 5.00%, 12/1/2022
     95,000
       95,650
Series 2017A, Rev., 5.00%, 12/1/2022
     65,000
       65,440
Colorado Educational and Cultural Facilities
Authority, Johnson and Wales University
Project Series B, 5.00%, 4/1/2027 (b)
     35,000
       35,515
Colorado Educational and Cultural Facilities
Authority, Stargate Charter School
Project 7.25%, 6/1/2045 (b)
260,000
273,775
Colorado Health Facilities Authority
 
 
Series 2019A, 5.00%, 11/1/2022
275,000
276,248
Series 2019A, 5.00%, 11/1/2023
25,000
25,709
Colorado Health Facilities Authority,
Adventist Health System/Sunbelt
Obligated Group
 
 
5.00%, 11/15/2022
475,000
477,554
Series 2014E, 5.00%, 11/15/2024
100,000
104,158
Series 2016C, 5.00%, 11/15/2036 (c)
500,000
514,101
5.00%, 11/15/2048 (c)
120,000
128,793
Colorado Health Facilities Authority,
Catholic Health Initiatives
 
 
Series 2009B-1, 5.00%, 7/1/2026 (b)
125,000
125,604
Series 2009B-1, 5.00%, 7/1/2027 (b)
5,000
5,024
Series 2009B-1, 4.00%, 7/1/2033 (b)
110,000
110,317
Series 2009B-1, 4.00%, 7/1/2039 (b)
340,000
340,980
Series 2013A, 5.25%, 1/1/2045 (b)
1,970,000
1,987,010
Colorado Health Facilities Authority,
Children's Hospital Colorado Project
 
 
Series 2013A, 5.00%, 12/1/2022
75,000
75,438
Series C, 5.00%, 12/1/2024
20,000
21,005
Colorado Health Facilities Authority,
CommonSpirit Health
 
 
Series 2019A-2, 5.00%, 8/1/2027
5,000,000
5,353,204
Series B-2, 5.00%, 8/1/2049 (c)
440,000
462,925
Series 2019B, 5.00%, 11/15/2049 (c)
1,410,000
1,540,181
Colorado Health Facilities Authority, Craig
Hospital Project 5.00%, 12/1/2022
60,000
60,321
INVESTMENTS
PRINCIPAL
AMOUNT($)
VALUE($)
 
Colorado — continued
Colorado Health Facilities Authority, NCMC,
Inc., Project 4.00%, 5/15/2029 (b)
     20,000
       20,994
Colorado Health Facilities Authority,
Parkview Medical Center, Inc., Project
 
 
Series 2015A, 4.00%, 9/1/2022
     80,000
       80,000
5.00%, 9/1/2022
    170,000
      170,000
5.00%, 9/1/2023
    270,000
      275,560
Colorado Health Facilities Authority, School
Health System Series 2019A, 5.00%,
1/1/2025
  1,210,000
    1,278,311
Colorado Health Facilities Authority, Valley
View Hospital Association Project Rev.,
2.80%, 5/15/2042 (c)
  3,090,000
    3,092,781
Colorado Higher Education, Capital
Construction, Lease Purchase Financing
Program
 
 
5.00%, 9/1/2022
    115,000
      115,000
Series 2009A, 5.00%, 11/1/2022
     60,000
       60,273
Series 2014A, 5.00%, 11/1/2022
    490,000
      492,232
Colorado Housing and Finance Authority,
Multi-Family Project Series 2020A-2,
Class I, 1.55%, 4/1/2023
100,000
99,434
Colorado Housing and Finance Authority,
Single Family Mortgage Series 2021B,
Class I, GNMA, 0.20%, 11/1/2022
25,000
24,915
Colorado Mesa University Series 2009A,
5.00%, 5/15/2023
45,000
45,798
Colorado Springs School District No. 11
Facilities Corp. GO, 4.00%, 12/1/2022
50,000
50,220
Colorado State Board for Community
Colleges and Occupational Educational
System, Arapahoe Community College -
Castle Rock Collaboration Campus Series
2017A, 3.00%, 11/1/2023
20,000
20,126
Colorado State Board for Community
Colleges and Occupational Educational
System, Front Range Community College
- Larimer & Westminster Campus Projects
5.00%, 11/1/2022
20,000
20,089
Colorado State Education Loan Program
Series 2022A, Rev., TRAN, 5.00%,
6/29/2023
565,000
576,971
Colorado Water Resources and Power
Development Authority, Clean Water
 
 
Series 2013A, 4.00%, 9/1/2022
55,000
55,000
Series 2016B, 5.00%, 9/1/2022
50,000
50,000
Series 2018A, 5.00%, 9/1/2022
30,000
30,000
SEE NOTES TO FINANCIAL STATEMENTS.
 
240
J.P. Morgan Exchange-Traded Funds
August 31, 2022
INVESTMENTS
PRINCIPAL
AMOUNT($)
VALUE($)
Municipal Bonds — continued
Colorado — continued
Colorado Water Resources and Power
Development Authority, Drinking Water
Series 2019A, 5.00%, 9/1/2022
     25,000
       25,000
Colorado Water Resources and Power
Development Authority, State Revolving
Fund Series 2019A, 5.00%, 9/1/2022
     35,000
       35,000
Conservatory Metropolitan District, Limited
Tax 4.00%, 12/1/2022
     20,000
       20,082
Copperleaf Metropolitan District No. 2,
Limited Tax 4.00%, 12/1/2022
     45,000
       45,189
County of Adams
 
 
5.00%, 12/1/2022
     85,000
       85,565
5.00%, 12/1/2023
    860,000
      887,263
County of Boulder, Flood Reconstruction
Project Series 2021A, 5.00%,
12/1/2022
     20,000
       20,137
County of Eagle COP, 5.00%, 12/1/2022
     85,000
       85,565
County of El Paso, Pikes Peak Regional
Development Center Project COP, 5.00%,
12/1/2022
     25,000
       25,166
County of El Paso, Terry R. Harris Judicial
Complex Project COP, AGM, 5.00%,
12/1/2022
    180,000
      181,196
County of Gunnison Series 2020B, COP,
5.00%, 12/1/2022
25,000
25,165
County of Jefferson COP, 5.00%,
12/1/2023
20,000
20,649
County of Pueblo, Building Acquisition
Project Series 2021B, COP, 4.00%,
9/15/2022
100,000
100,058
Dawson Ridge Metropolitan District No. 1,
Limited Tax
 
 
Series 1992-A, GO, Zero Coupon,
10/1/2022 (b)
280,000
279,489
Series 1992-B, GO, Zero Coupon,
10/1/2022 (b)
1,165,000
1,162,874
Denver City and County School District No. 1
 
 
Series 2017A, COP, 2.00%, 12/1/2022
50,000
49,948
GO, 4.00%, 12/1/2022
45,000
45,198
Series 2010C, GO, 4.00%, 12/1/2022
125,000
125,550
Series 2012B, GO, 4.00%, 12/1/2022
210,000
210,924
GO, 5.00%, 12/1/2022
60,000
60,411
Series 2010C, GO, 5.00%, 12/1/2022
55,000
55,376
Series 2012B, GO, 5.00%,
12/1/2022 (b)
340,000
342,301
Series 2014A, GO, 5.00%, 12/1/2022
25,000
25,171
Series 2017B, COP, 5.00%, 12/1/2022
35,000
35,233
Series 2020A, COP, 5.00%, 12/1/2022
200,000
201,329
INVESTMENTS
PRINCIPAL
AMOUNT($)
VALUE($)
 
Colorado — continued
Series 2005A, GO, NATL-RE, 5.50%,
12/1/2022
     50,000
       50,403
Series 2013C, COP, 5.00%, 12/15/2022
    225,000
      226,734
Denver Urban Renewal Authority, Stapleton
Senior Tax Series 2013A-1, Rev., 5.00%,
12/1/2022
     50,000
       50,305
Denver Wastewater Management Division
Department of Public Works Rev., 4.00%,
11/1/2022
     25,000
       25,073
Douglas County School District No. Re-1
Douglas and Elbert Counties
 
 
GO, 3.50%, 12/15/2022
     50,000
       50,168
GO, 5.00%, 12/15/2022
    130,000
      131,028
GO, 5.25%, 12/15/2022
     20,000
       20,172
E-470 Public Highway Authority, Capital
Appreciation
 
 
Series 2000B, Rev., NATL-RE, Zero
Coupon, 9/1/2022
  1,825,000
    1,825,000
Series B, Rev., NATL-RE, Zero Coupon,
9/1/2022
    230,000
      230,000
Eagle County School District No. Re50J GO,
3.00%, 12/1/2023 (b)
20,000
20,146
East Cherry Creek Valley Water and
Sanitation District
 
 
Rev., 3.00%, 11/15/2022
25,000
25,039
Series 2019A, Rev., 5.00%,
11/15/2022
35,000
35,195
El Paso County School District No. 2
Harrison GO, 5.00%, 12/1/2022
25,000
25,171
El Paso County School District No. 20
Academy
 
 
GO, 5.00%, 12/15/2022
25,000
25,198
Series 2017, GO, 5.00%, 12/15/2022
20,000
20,158
Series 2017, GO, 5.00%, 12/15/2023
20,000
20,679
El Paso County School District No. 3
Widefield
 
 
GO, 5.00%, 12/1/2022 (b)
65,000
65,440
GO, 5.00%, 12/1/2022
25,000
25,169
El Paso County School District No. 49 Falcon
 
 
Series 2017A, COP, 3.00%,
12/15/2022
25,000
25,046
Series 2017B, COP, 5.00%, 12/15/2022
100,000
100,750
Series 2017B, COP, 5.00%, 12/15/2023
10,000
10,317
Foothills Park and Recreation District COP,
4.00%, 12/1/2022
75,000
75,302
Garfield County School District No. RE-2
Garfield GO, 5.00%, 12/1/2022
200,000
201,359
SEE NOTES TO FINANCIAL STATEMENTS.
 
August 31, 2022
J.P. Morgan Exchange-Traded Funds
241
JPMorgan Ultra-Short Municipal Income ETF
SCHEDULE OF PORTFOLIO INVESTMENTS
AS OF August 31, 2022  (Unaudited) (continued)
INVESTMENTS
PRINCIPAL
AMOUNT($)
VALUE($)
Municipal Bonds — continued
Colorado — continued
Harmony Technology Park Metropolitan
District GO, 4.50%, 12/1/2022 (b)
    945,000
      978,170
Interlocken Metropolitan District Series
2018A-1, GO, AGM, 5.00%, 12/1/2022
     20,000
       20,130
Jefferson County School District R-1
 
 
GO, 4.00%, 12/15/2022 (b)
     30,000
       30,145
GO, 5.00%, 12/15/2022
    140,000
      141,107
GO, 5.00%, 12/15/2022 (b)
     90,000
       90,706
GO, 5.00%, 12/15/2023
     20,000
       20,679
Larimer County School District No. R-1
Poudre
 
 
GO, 4.00%, 12/15/2022
    320,000
      321,588
GO, 5.00%, 12/15/2022
    230,000
      231,792
Larimer Weld & Boulder County School
District, R-2J Thompson
 
 
GO, 3.25%, 12/15/2022
55,000
55,163
GO, 4.00%, 12/15/2023
35,000
35,166
Mesa County Valley School District No. 51
Grand Junction
 
 
GO, 5.00%, 12/1/2022
135,000
135,924
COP, 5.00%, 12/1/2022
100,000
100,639
GO, 5.00%, 12/1/2023
35,000
36,140
Moffat County School District No.1 GO,
3.00%, 12/1/2022
25,000
25,046
Pueblo County School District No. 70
 
 
GO, 4.00%, 12/1/2022
50,000
50,220
GO, 4.00%, 12/1/2022 (b)
50,000
50,202
Regional Transportation District Series
2014A, COP, 5.00%, 6/1/2023 (b)
195,000
198,652
Regional Transportation District Sales Tax,
Fastracks Project Series 2012A, Rev.,
5.00%, 11/1/2022 (b)
1,175,000
1,180,293
Rio Blanco County School District No. Re-1
Meeker GO, 4.00%, 12/1/2022
25,000
25,110
Routt County School District Re-2
Steamboat Springs GO, 5.00%,
12/1/2022
150,000
151,027
State of Colorado
 
 
Series 2010A, 5.00%, 9/1/2022
25,000
25,000
Series 2018A, 5.00%, 12/15/2022
180,000
181,392
State of Colorado, Tax-Exempt
 
 
Series 2020A, 5.00%, 12/15/2022
505,000
508,905
Series 2018N, 5.00%, 3/15/2023
30,000
30,405
Series 2020A, 5.00%, 9/1/2023
35,000
35,905
State of Colorado, UCDHSC Fitzsimons
Academic Series 2013A, 5.00%,
11/1/2026 (b)
25,000
25,730
INVESTMENTS
PRINCIPAL
AMOUNT($)
VALUE($)
 
Colorado — continued
Thornton Development Authority, Tax
Increment, North Washington Street
Corridor Project Series N, Rev., 5.00%,
12/1/2022
     50,000
       50,311
Town of Breckenridge Series 2020B,
4.00%, 12/1/2022
     50,000
       50,204
Town of Castle Rock, Sales and Use Tax
5.00%, 6/1/2025
     25,000
       26,645
Town of Castle Rock, Water and Sewer
Enterprise
 
 
3.00%, 12/1/2022
     25,000
       25,041
5.00%, 12/1/2022
    150,000
      150,982
Town of Parker COP, 5.00%, 11/1/2022
     25,000
       25,111
Town of Winter Park COP, 4.00%,
12/1/2022
     25,000
       25,104
University of Colorado
 
 
Series B-1, Rev., 4.00%, 6/1/2024 (b)
     25,000
       25,682
Series A, Rev., 5.00%, 6/1/2024 (b)
     60,000
       62,688
University of Colorado Hospital Authority
Series 2012A, Rev., 5.00%,
11/15/2022
145,000
145,816
University of Colorado Hospital Authority,
Health System Series 2019C, Rev.,
5.00%, 11/15/2024 (c)
520,000
539,021
University of Colorado Hospital Authority,
University of Colorado Health Series
2017B-2, Rev., VRDO, 1.50%,
9/12/2022 (c)
35,000,000
35,000,000
University of Colorado, Enterprise System
 
 
Series A, Rev., 5.00%, 6/1/2023
70,000
71,385
Series A, Rev., 5.00%, 6/1/2023 (b)
20,000
20,397
Series 2021C-3B, Rev., 2.00%,
10/15/2026 (c)
6,250,000
5,998,390
Weld County School District No. Re-1 GO,
AGM, 5.00%, 12/15/2022
25,000
25,198
Weld County School District No. RE-2 Eaton
GO, 4.00%, 12/1/2022
25,000
25,110
Westminster Public Schools, District No. 50
 
 
COP, 5.00%, 12/1/2022 (b)
45,000
45,299
5.00%, 12/1/2022
25,000
25,169
4.00%, 12/1/2023 (b)
30,000
30,125
4.00%, 12/1/2024 (b)
30,000
30,125
Total Colorado
 
78,473,136
Connecticut — 0.5%
City of Danbury Series 2019B, GO, 5.00%,
11/1/2022
130,000
130,592
SEE NOTES TO FINANCIAL STATEMENTS.
 
242
J.P. Morgan Exchange-Traded Funds
August 31, 2022
INVESTMENTS
PRINCIPAL
AMOUNT($)
VALUE($)
Municipal Bonds — continued
Connecticut — continued
City of Hastings Series 2016A, GO, 5.00%,
12/1/2022
    100,000
      100,684
City of Meriden Series 2016B, GO, 5.00%,
5/15/2023
     25,000
       25,458
City of New Britain Series 2016A, GO,
5.00%, 3/1/2023 (b)
     15,000
       15,198
City of New Haven
 
 
Series 2012A, GO, AGM, 4.00%,
11/1/2022 (b)
     25,000
       25,070
Series 2013B, GO, AGM, 3.75%,
9/1/2023 (b)
     25,000
       25,308
City of Norwalk Series 2020B, GO, 5.00%,
9/1/2022
     25,000
       25,000
City of Stamford GO, 5.00%, 6/1/2023
     60,000
       61,209
City of Stamford, Water Pollution Control
System and Facility Rev., 5.00%,
9/15/2022
     25,000
       25,025
City of Waterbury GO, 5.00%, 8/1/2023
     50,000
       51,140
Connecticut Housing Finance Authority,
Housing Mortgage Finance Program
 
 
Series E, Subseries E-1, 1.50%,
11/15/2022
50,000
49,905
Subseries A-4, 2.10%, 11/15/2022
30,000
29,984
Series C, Subseries C-1, 2.50%,
11/15/2022
5,000
5,001
Connecticut State Health and Educational
Facilities Authority, Connecticut State
University System Series L, 4.00%,
11/1/2023
100,000
100,253
Connecticut State Health and Educational
Facilities Authority, Middlesex Hospital
Series O, 5.00%, 7/1/2023
25,000
25,454
Connecticut State Health and Educational
Facilities Authority, Quinnipiac University
Series L, 5.00%, 7/1/2023
20,000
20,413
Connecticut State Health and Educational
Facilities Authority, Trinity Health Credit
Group 3.00%, 12/1/2023
100,000
100,667
Connecticut State Health and Educational
Facilities Authority, University System
Issue Series L, 3.00%, 11/1/2026
120,000
120,080
Connecticut State Health and Educational
Facilities Authority, Yale New Haven
Health Issue Series 2010A3, 0.25%,
7/1/2049 (c)
950,000
911,086
Connecticut State Health and Educational
Facilities Authority, Yale University
 
 
Series X-2, 0.25%, 7/1/2037 (c)
635,000
607,273
Series 2014A, 1.10%, 7/1/2048 (c)
1,465,000
1,452,239
INVESTMENTS
PRINCIPAL
AMOUNT($)
VALUE($)
 
Connecticut — continued
Hartford County Metropolitan District, Clean
Water Project Series 2014A, Rev.,
5.00%, 11/1/2022 (b)
     20,000
       20,090
Metropolitan District (The) Series 2015B,
GO, 5.00%, 11/1/2022
     40,000
       40,182
State of Connecticut
 
 
Series 2014E, 5.00%, 9/1/2022
     50,000
       50,000
Series 2012E, 5.00%, 9/15/2022
     25,000
       25,024
Series 2018F, 5.00%, 9/15/2022
    230,000
      230,223
Series E, 5.00%, 10/15/2022
    250,000
      250,798
Series F, 5.00%, 11/15/2022
    150,000
      150,810
Series 2014C, 5.00%, 12/15/2022
    135,000
      136,025
Series 2022A, 3.00%, 1/15/2023
     45,000
       45,107
Series 2015A, 5.00%, 3/15/2023
     25,000
       25,349
Series 2016B, 5.00%, 5/15/2023
35,000
35,646
Series 2018C, 5.00%, 6/15/2023
10,000
10,201
Series 2014E, 5.00%, 9/1/2023
375,000
384,475
Series 2012E, 5.00%, 9/15/2023
265,000
265,259
Series 2012G, 5.00%, 10/15/2023
25,000
25,077
Series 2013A, 5.00%, 10/15/2023
340,000
349,599
Series 2017A, 5.00%, 4/15/2024
35,000
36,385
Series 2018D, 5.00%, 4/15/2024
105,000
109,156
Series 2012G, 5.00%, 10/15/2024
25,000
25,073
Series 2013A, (SIFMA Municipal Swap
Index Yield + 0.99%), 2.66%,
3/1/2025 (d)
175,000
177,453
Series 2017A, 5.00%, 4/15/2025
1,325,000
1,407,301
Series 2016B, 5.00%, 5/15/2025
200,000
212,798
Series 2013C, 5.00%, 7/15/2025
125,000
127,650
Series 2012E, 5.00%, 9/15/2025
175,000
175,171
Series 2012E, 5.00%, 9/15/2026
50,000
50,049
Series 2013A, 5.00%, 10/15/2026
50,000
51,344
State of Connecticut Clean Water Fund,
State Revolving Fund
 
 
Series 2015A, 5.00%, 3/1/2023
25,000
25,326
Series 2013A, 5.00%, 3/1/2024
45,000
45,565
State of Connecticut Special Tax Series
2021D, 5.00%, 11/1/2022
120,000
120,537
State of Connecticut, GAAP Conversion
 
 
Series 2013A, 5.00%, 10/15/2022
245,000
245,782
Series 2013A, 5.00%, 10/15/2024
25,000
25,691
State of Connecticut, Special Tax
Transportation Infrastructure Purposes
 
 
Series A, 5.00%, 9/1/2022
220,000
220,000
Series B, 5.00%, 9/1/2022
510,000
510,000
Series A, 5.00%, 10/1/2022
325,000
325,717
SEE NOTES TO FINANCIAL STATEMENTS.
 
August 31, 2022
J.P. Morgan Exchange-Traded Funds
243
JPMorgan Ultra-Short Municipal Income ETF
SCHEDULE OF PORTFOLIO INVESTMENTS
AS OF August 31, 2022  (Unaudited) (continued)
INVESTMENTS
PRINCIPAL
AMOUNT($)
VALUE($)
Municipal Bonds — continued
Connecticut — continued
Series A, 4.00%, 1/1/2023
     20,000
       20,111
Series 2018A, 5.00%, 1/1/2023
     90,000
       90,794
Series 2020A, 5.00%, 5/1/2023
     65,000
       66,131
Series B, 5.00%, 8/1/2023
     25,000
       25,590
5.00%, 9/1/2023
     25,000
       25,642
5.00%, 1/1/2024
    375,000
      378,178
Series 2018A, 5.00%, 1/1/2024
     20,000
       20,672
Series A, 5.00%, 1/1/2024
     35,000
       35,297
Series A, 5.00%, 10/1/2024
     55,000
       56,523
Series A, 5.00%, 1/1/2025
    955,000
      963,366
Series B, 5.00%, 1/1/2025
     20,000
       20,175
Series A, 5.00%, 10/1/2025
50,000
51,422
State of Connecticut, Tax-Exempt Series
2018E, 5.00%, 9/15/2022
230,000
230,223
Town of Avon 3.00%, 10/15/2022
95,000
95,092
Town of Berlin
 
 
Series 2016B, 5.00%, 9/1/2022
80,000
80,000
5.00%, 12/1/2022
50,000
50,342
Town of Bethel 5.00%, 11/15/2022
165,000
165,928
Town of Branford 3.13%, 8/1/2034 (b)
30,000
30,201
Town of Brookfield Series 2018A, 5.00%,
11/15/2022
45,000
45,249
Town of East Haddam Series 2020A, GO,
4.00%, 12/1/2022
40,000
40,169
Town of East Hampton Series 2020A, GO,
4.00%, 9/1/2022
40,000
40,000
Town of East Hartford GO, 4.00%,
10/15/2022
20,000
20,043
Town of East Lyme GO, 5.00%, 8/15/2023
35,000
35,857
Town of East Windsor GO, 3.00%,
10/15/2022
75,000
75,068
Town of Griswold GO, 5.00%, 9/15/2022
25,000
25,025
Town of Groton Series 2020A, GO, 5.00%,
10/15/2022
25,000
25,082
Town of North Haven GO, 4.00%,
11/1/2022
20,000
20,059
Town of Plainville GO, 4.00%, 9/1/2022
50,000
50,000
Town of South Windsor
 
 
GO, 5.00%, 2/1/2023
25,000
25,285
Series 2017B, GO, 3.00%, 8/15/2023
30,000
30,181
Town of Southington Series 2015B, GO,
5.00%, 9/1/2022
25,000
25,000
Town of Stonington Series 2012A, GO,
4.00%, 9/1/2022
70,000
70,000
Town of Stratford GO, 5.00%,
12/15/2022 (b)
225,000
226,731
INVESTMENTS
PRINCIPAL
AMOUNT($)
VALUE($)
 
Connecticut — continued
Town of Trumbull
 
 
GO, 4.00%, 9/1/2022
     25,000
       25,000
Series 2020A, GO, 4.00%, 9/1/2022
     75,000
       75,000
Series 2017B, GO, 5.00%, 9/1/2022
     35,000
       35,000
Series 2021B, GO, 4.00%, 9/15/2022
     20,000
       20,013
Town of Wilton Series 2021B, GO, 5.00%,
9/15/2022
     20,000
       20,020
Town of Wolcott Series 2017A, GO, 5.00%,
10/15/2022
     20,000
       20,066
University of Connecticut
 
 
Series 2019A, Rev., 5.00%, 11/1/2022
  1,280,000
    1,285,808
Series A, Rev., 4.00%, 2/15/2023
     25,000
       25,198
Series 2015A, Rev., 5.00%, 2/15/2023
    135,000
      136,672
Series 2020A, Rev., 5.00%, 2/15/2023
975,000
987,079
Series A, Rev., 5.00%, 3/15/2023
145,000
147,111
Series 2013A, Rev., 5.00%, 2/15/2024
120,000
121,497
Series 2015A, Rev., 5.00%, 2/15/2026
25,000
26,483
University of Connecticut, Special Obligation
Student Fee Series 2012A, Rev., 5.00%,
11/15/2023
400,000
402,317
Total Connecticut
 
16,328,602
Delaware — 0.1%
City of Newark GO, 3.00%, 9/15/2022
80,000
80,023
City of Wilmington GO, 5.00%, 12/1/2022
50,000
50,334
County of New Castle GO, 5.00%,
4/1/2024
25,000
26,042
County of Sussex Series 2012A, GO,
4.00%, 9/15/2022 (b)
90,000
90,058
Delaware River and Bay Authority
 
 
Series B, Rev., 5.00%, 1/1/2023
170,000
171,448
Series 2012B, Rev., 5.00%, 1/1/2024
25,000
25,175
Series C, Rev., 5.00%, 1/1/2027
85,000
87,676
Delaware State Economic Development
Authority, Delmarva Power and Light Co.
Project Series 2020A, Rev., 1.05%,
7/1/2025 (c)
715,000
676,025
Delaware Transportation Authority Rev.,
5.00%, 9/1/2025
100,000
107,245
Delaware Transportation Authority,
Transportation System Rev., 5.00%,
7/1/2023
120,000
120,280
State of Delaware Series 2016C, GO,
5.00%, 3/1/2023
30,000
30,409
University of Delaware
 
 
Rev., 5.00%, 11/1/2022
25,000
25,114
SEE NOTES TO FINANCIAL STATEMENTS.
 
244
J.P. Morgan Exchange-Traded Funds
August 31, 2022
INVESTMENTS
PRINCIPAL
AMOUNT($)
VALUE($)
Municipal Bonds — continued
Delaware — continued
Series 2013A, Rev., 5.00%,
11/1/2022 (b)
     70,000
       70,315
Series 2019A, Rev., 5.00%, 11/1/2022
     60,000
       60,273
Series 2013A, Rev., 5.00%,
5/1/2023 (b)
     25,000
       25,443
Total Delaware
 
1,645,860
District of Columbia — 0.9%
District of Columbia
 
 
Series 2019A, GO, 5.00%, 10/15/2022
    150,000
      150,492
Series D, GO, 5.00%, 6/1/2023
     25,000
       25,495
Series 2013A, GO, 5.00%, 6/1/2024
    225,000
      229,425
Series 2013A, GO, 5.00%, 6/1/2026
     35,000
       35,682
District of Columbia Housing Finance
Agency, Multi-Family Development
Program
 
 
Series 2019B-2, Rev., FHA, 1.70%,
3/1/2023
165,000
164,290
Series 2019B-1, Rev., FHA, 1.75%,
9/1/2023 (c)
545,000
537,882
District of Columbia Housing Finance
Agency, Paxton Project Series 2022,
Rev., 4.00%, 9/1/2025 (c)
3,750,000
3,821,725
District of Columbia, Deed Tax Series
2012A, Rev., 5.00%, 6/1/2023
20,000
20,041
District of Columbia, Federal Highway
 
 
Rev., 5.00%, 12/1/2022
75,000
75,495
Rev., 5.00%, 12/1/2022
20,000
20,132
Rev., 5.00%, 12/1/2024
320,000
321,990
Rev., 5.00%, 12/1/2024
175,000
184,578
District of Columbia, Gallery Place Project
Rev., 5.00%, 6/1/2024
100,000
100,211
District of Columbia, Income Tax
 
 
Series 2019C, Rev., 5.00%, 10/1/2022
55,000
55,126
Series 2020B, Rev., 5.00%, 10/1/2022
105,000
105,241
Series 2012C, Rev., 3.25%, 12/1/2022
25,000
25,068
Series 2012A, Rev., 4.00%, 12/1/2022
125,000
125,572
Series 2012C, Rev., 4.00%, 12/1/2022
185,000
185,846
Series 2012A, Rev., 5.00%, 12/1/2022
405,000
407,691
Series 2012A, Rev., 5.00%, 12/1/2022
115,000
115,807
Series 2012B, Rev., 5.00%, 12/1/2022
120,000
120,797
Series 2012C, Rev., 5.00%, 12/1/2022
205,000
206,362
Series 2012C, Rev., 5.00%, 12/1/2022
180,000
181,264
Series 2012D, Rev., 5.00%, 12/1/2022
25,000
25,175
Series 2014A, Rev., 5.00%, 12/1/2022
245,000
246,720
Series 2019A, Rev., 5.00%, 3/1/2023
60,000
60,839
INVESTMENTS
PRINCIPAL
AMOUNT($)
VALUE($)
 
District of Columbia — continued
District of Columbia, The Catholic University
of America Issue Rev., 5.00%,
10/1/2022
    230,000
      230,460
District of Columbia, Water and Sewer
Authority, Public Utility, Senior Lien
 
 
Series 2017B, Rev., 5.00%, 10/1/2022
     75,000
       75,162
Rev., AGM, 5.50%, 10/1/2023
    150,000
      152,820
District of Columbia, Water and Sewer
Authority, Public Utility, Subordinate Lien
 
 
Series A, Rev., 4.00%, 10/1/2022
     25,000
       25,036
Series 2014C, Rev., 5.00%, 10/1/2022
    100,000
      100,224
Series A, Rev., 5.00%, 10/1/2022
    290,000
      290,650
Series C, Rev., 5.00%, 10/1/2022
    475,000
      476,036
Series 2014C, Rev., 5.00%, 10/1/2024
     25,000
       26,318
Metropolitan Washington Airports Authority
Aviation
 
 
Subseries C-2, Rev., VRDO, LOC : TD Bank
NA, 1.48%, 9/12/2022 (c)
20,000,000
20,000,000
Series 2013C, Rev., 5.00%, 10/1/2022
20,000
20,042
Series B, Rev., 5.00%, 10/1/2022
200,000
200,425
Metropolitan Washington Airports Authority
Dulles Toll Road, Capital Appreciation
Series 2009B, Rev., AGC, Zero Coupon,
10/1/2022
80,000
79,825
Washington Metropolitan Area Transit
Authority Series 2017B, Rev., 5.00%,
7/1/2024
20,000
20,889
Total District of Columbia
 
29,246,833
Florida — 4.2%
Alachua County Health Facilities Authority,
Shands Teaching Hospital and Clinic
Series 2019B-1, 5.00%, 12/1/2022
205,000
206,146
Brevard County School District Series
2013A, 5.00%, 7/1/2023
195,000
199,089
Broward County, Water and Sewer Utility
 
 
Series B, 5.00%, 10/1/2022
115,000
115,258
Series A, 5.00%, 10/1/2037 (b)
225,000
225,500
Capital Trust Agency, Inc., Mission Spring
Apartments Project Series 2017A,
4.38%, 12/1/2052 (b)
125,000
131,802
Capital Trust Agency, Inc., Multi-Family
Housing, Mission Springs Apartments
Project Series A, 4.25%, 12/1/2042 (b)
620,000
653,550
Capital Trust Agency, Inc., Multi-Family, GMF
Jacksonville Pool Project Series 2012A,
3.75%, 12/1/2026 (b)
155,000
155,506
SEE NOTES TO FINANCIAL STATEMENTS.
 
August 31, 2022
J.P. Morgan Exchange-Traded Funds
245
JPMorgan Ultra-Short Municipal Income ETF
SCHEDULE OF PORTFOLIO INVESTMENTS
AS OF August 31, 2022  (Unaudited) (continued)
INVESTMENTS
PRINCIPAL
AMOUNT($)
VALUE($)
Municipal Bonds — continued
Florida — continued
Capital Trust Agency, Inc., Multi-Family, GMF
Windsor Cove Apartments Series 2012A,
4.63%, 11/1/2035 (b)
    125,000
      125,443
Capital Trust Agency, Inc., Sustainability
Bonds -The Marie
 
 
4.00%, 6/15/2023
    575,000
      572,378
4.00%, 6/15/2024
  1,000,000
      987,411
4.00%, 6/15/2025
    240,000
      234,851
Central Florida Expressway Authority,
Senior Lien
 
 
5.00%, 7/1/2023
     10,000
       10,205
Series 2016B, 5.00%, 7/1/2025
     25,000
       26,686
City of Apopka, Utility System 5.00%,
10/1/2023
     30,000
       30,065
City of Bradenton, Special Obligation
4.00%, 9/1/2022
     25,000
       25,000
City of Cape Coral, Water & Sewer 5.00%,
10/1/2022
     25,000
       25,053
City of Clearwater, Stormwater System
4.75%, 11/1/2022
85,000
85,337
City of Clearwater, Water and Sewer
 
 
5.00%, 12/1/2022
50,000
50,328
5.00%, 12/1/2023
50,000
51,579
City of Cocoa 4.00%, 10/1/2022
25,000
25,034
City of Delray Beach Rev., 5.00%,
6/1/2023
40,000
40,773
City of Deltona, Utility System Rev., 5.00%,
10/1/2023 (b)
25,000
25,680
City of Fort Lauderdale Water and Sewer
Rev., 5.00%, 9/1/2022
25,000
25,000
City of Fort Myers
 
 
Series 2014A, Rev., 3.00%, 12/1/2022
50,000
50,079
Series 2018A, Rev., 5.00%, 12/1/2022
35,000
35,226
City of Gainesville, Utilities System
 
 
Series 2012A, Rev., 2.50%, 10/1/2022
370,000
370,052
Series 2012A, Rev., 5.00%, 10/1/2022
850,000
851,854
City of Hallandale Beach Rev., 5.00%,
10/1/2023
25,000
25,661
City of Jacksonville
 
 
Series 2012A, Rev., 4.25%,
10/1/2022 (b)
60,000
60,095
Rev., 5.00%, 10/1/2022
60,000
60,131
Series 2012A, Rev., 5.00%,
10/1/2022 (b)
740,000
741,644
Series 2012B, Rev., 5.00%, 10/1/2022
665,000
666,467
Series 2012C, Rev., 5.00%, 10/1/2022
350,000
350,749
Series 2020A, Rev., 5.00%, 10/1/2022
250,000
250,547
INVESTMENTS
PRINCIPAL
AMOUNT($)
VALUE($)
 
Florida — continued
Series C, Rev., 5.00%, 10/1/2022
    140,000
      140,307
Series C, Rev., 5.00%, 10/1/2022
    235,000
      235,503
Rev., 5.00%, 10/1/2023
     10,000
       10,280
City of Jacksonville, Better Jacksonville
Sales Tax
 
 
Rev., 5.00%, 10/1/2022
    145,000
      145,316
Rev., 5.00%, 10/1/2022
    700,000
      701,544
City of Jacksonville, Florida Power and Light
Co., Project Series 1995, Rev., VRDO,
1.17%, 9/1/2022 (c)
  3,150,000
    3,150,000
City of Jacksonville, Sales Tax
 
 
Rev., 5.00%, 10/1/2022
  4,705,000
    4,715,265
Rev., 5.00%, 10/1/2022
     65,000
       65,143
City of Lakeland, Department of Electric
Utilities
 
 
Rev., 5.00%, 10/1/2022
65,000
65,146
Rev., 5.00%, 10/1/2023
25,000
25,717
Rev., 5.00%, 10/1/2026
20,000
21,679
City of Lakeland, Lakeland Regional Health
Systems Rev., 5.00%, 11/15/2022
50,000
50,235
City of Miami Rev., 5.00%, 3/1/2023 (b)
(e)
5,000,000
5,049,827
City of Miami Beach, Stormwater Rev.,
5.00%, 9/1/2022
220,000
220,000
City of Miramar, Utility System Rev., 5.00%,
10/1/2022
150,000
150,337
City of Oakland Park, Water and Sewer Rev.,
5.00%, 9/1/2022
30,000
30,000
City of Ocoee, Capital Improvement Rev.,
5.00%, 10/1/2022
120,000
120,256
City of Ocoee, Water and Sewer System
Rev., 5.00%, 10/1/2022
20,000
20,043
City of Orlando, Capital Improvement
 
 
Series 2016B, Rev., 5.00%, 10/1/2022
25,000
25,056
Series B, Rev., 5.00%, 10/1/2022
240,000
240,537
Series C, Rev., 5.00%, 10/1/2022
25,000
25,056
Series 2016B, Rev., 5.00%, 10/1/2024
25,000
26,318
City of Orlando, Florida Contract Tourist
Development Tax Payments
 
 
Series 2014A, Rev., 5.00%,
11/1/2022 (b)
50,000
50,221
Series 2014A, Rev., 5.00%,
5/1/2024 (b)
20,000
20,839
City of Palm Coast, Utility System Rev.,
5.00%, 10/1/2022
55,000
55,119
City of Pembroke Pines GO, 5.00%,
9/1/2022
30,000
30,000
SEE NOTES TO FINANCIAL STATEMENTS.
 
246
J.P. Morgan Exchange-Traded Funds
August 31, 2022
INVESTMENTS
PRINCIPAL
AMOUNT($)
VALUE($)
Municipal Bonds — continued
Florida — continued
City of Pompano Beach, John Knox Village
Project
 
 
Rev., 3.25%, 9/1/2022
    145,000
      145,000
Series 2021B-2, Rev., 1.45%, 1/1/2027
    760,000
      677,456
City of Port St. Lucie, Utility System
 
 
Rev., 5.00%, 9/1/2022 (b)
    295,000
      295,000
Rev., 5.00%, 9/1/2022
     30,000
       30,000
Rev., NATL-RE, 5.25%, 9/1/2022
    120,000
      120,000
City of Sarasota, St. Armands Paid Parking
Area Improvements
 
 
Series 2017B, Rev., 3.00%, 10/1/2022
     25,000
       25,016
Series 2017A, Rev., 4.00%, 10/1/2023
     25,000
       25,412
City of St. Petersburg, Public Service Tax
Series 2016A, Rev., 4.00%, 10/1/2022
    215,000
      215,303
City of St. Petersburg, Public Utility
 
 
Rev., 3.00%, 10/1/2022
25,000
25,015
Series 2013A, Rev., 3.00%, 10/1/2022
30,000
30,018
Series 2013A, Rev., 3.75%,
10/1/2022 (b)
25,000
25,030
Series 2013A, Rev., 4.00%,
10/1/2022 (b)
65,000
65,089
Series 2013B, Rev., 4.00%,
10/1/2022 (b)
50,000
50,069
Series 2013C, Rev., 5.00%, 10/1/2022
25,000
25,055
Series 2014B, Rev., 5.00%, 10/1/2022
20,000
20,044
Series 2016C, Rev., 5.00%, 10/1/2022
55,000
55,121
Series 2014B, Rev., 5.00%, 10/1/2023
30,000
30,835
City of Tallahassee
 
 
Rev., 5.00%, 10/1/2022
120,000
120,265
Rev., 5.00%, 10/1/2023
150,000
150,340
Rev., 5.00%, 10/1/2024
200,000
200,402
City of Tallahassee, Energy System Rev.,
5.00%, 10/1/2022
80,000
80,176
City of Tallahassee, Utility System Rev.,
5.00%, 10/1/2023
30,000
30,845
City of Tampa, Capital Improvement
Cigarette Tax Allocation, H. Lee Moffitt
Cancer Center Project Series 2012A,
Rev., 5.00%, 9/1/2022
100,000
100,000
City of Tampa, Sales Tax Rev., 5.00%,
10/1/2022
225,000
225,500
City of Tampa, Utilities Tax Series 2012A,
Rev., 5.00%, 10/1/2022
50,000
50,111
City of Venice, Utility System
 
 
Rev., 3.13%, 12/1/2022 (b)
25,000
25,053
Rev., 3.50%, 12/1/2022 (b)
25,000
25,076
Rev., 3.63%, 12/1/2022 (b)
20,000
20,067
INVESTMENTS
PRINCIPAL
AMOUNT($)
VALUE($)
 
Florida — continued
Rev., 5.00%, 12/1/2022 (b)
     50,000
       50,338
City of West Palm Beach, Utility System
 
 
Series 2017C, Rev., 5.00%, 10/1/2022
     25,000
       25,056
Series 2012A, Rev., 5.00%, 10/1/2023
    100,000
      100,216
City of Winter Haven Series 2015A, Rev.,
4.00%, 10/1/2022
     20,000
       20,028
City of Winter Park Rev., 5.00%,
10/1/2022
     25,000
       25,054
County of Bay, Water and Sewer System
Series 2015A, 2.25%, 9/1/2022
     25,000
       25,000
County of Bay, Wholesale Water System
5.00%, 9/1/2022
     30,000
       30,000
County of Brevard, Water and Wastewater
Utility
 
 
5.00%, 9/1/2022
     80,000
       80,000
5.00%, 9/1/2023
     40,000
       40,979
County of Broward, Airport System
 
 
Series 2013C, 5.00%, 10/1/2022
195,000
195,416
Series P-2, 5.00%, 10/1/2022
270,000
270,576
Series Q-1, 5.00%, 10/1/2022
155,000
155,331
Series P-2, 5.00%, 10/1/2023
415,000
415,839
Series Q-1, 5.00%, 10/1/2023
540,000
541,092
Series Q-1, 5.00%, 10/1/2024
280,000
280,623
Series Q-1, 5.00%, 10/1/2025
195,000
195,432
Series Q-1, 5.00%, 10/1/2026 (b)
25,000
25,056
Series 2013C, 5.25%, 10/1/2026
400,000
412,269
Series Q-1, 5.00%, 10/1/2037 (b)
170,000
170,378
County of Broward, Half-Cent Sales Tax
5.00%, 10/1/2023
30,000
30,828
County of Broward, Port Facilities Series
2019C, 5.00%, 9/1/2022
150,000
150,000
County of Citrus, Capital Improvement
5.00%, 10/1/2022
70,000
70,140
County of Citrus, Water and Wastewater
System 5.00%, 10/1/2022
45,000
45,099
County of Clay, Sales Surtax 5.00%,
10/1/2022
25,000
25,054
County of Escambia Rev., 5.00%,
10/1/2022
120,000
120,265
County of Escambia, Sales Tax Rev., 5.00%,
10/1/2022
25,000
25,055
County of Hernando, Water and Sewer
Series 2013A, Rev., 5.00%,
6/1/2023 (b)
40,000
40,704
County of Hillsborough, Communications
Services Tax Rev., 5.00%, 10/1/2024
35,000
36,859
SEE NOTES TO FINANCIAL STATEMENTS.
 
August 31, 2022
J.P. Morgan Exchange-Traded Funds
247
JPMorgan Ultra-Short Municipal Income ETF
SCHEDULE OF PORTFOLIO INVESTMENTS
AS OF August 31, 2022  (Unaudited) (continued)
INVESTMENTS
PRINCIPAL
AMOUNT($)
VALUE($)
Municipal Bonds — continued
Florida — continued
County of Hillsborough, Community
Investment Tax
 
 
Rev., 5.00%, 11/1/2022
    150,000
      150,666
Series 2012B, Rev., 5.00%, 11/1/2022
    155,000
      155,688
Rev., 5.00%, 11/1/2025
     25,000
       26,827
County of Lee Rev., 5.00%, 10/1/2022
    125,000
      125,280
County of Lee, Tourist Development Tax
Series 2019A, Rev., 5.00%, 10/1/2024
     25,000
       26,245
County of Lee, Transportation Facilities Rev.,
AGM, 5.00%, 10/1/2022
    490,000
      491,049
County of Lee, Water and Sewer
 
 
Series 2012A, Rev., 5.00%,
10/1/2022 (b)
     20,000
       20,044
Series 2012B, Rev., 5.00%,
10/1/2022 (b)
     50,000
       50,111
Series 2013B, Rev., 5.00%, 10/1/2022
    155,000
      155,347
Series A, Rev., 5.00%, 10/1/2022
20,000
20,045
Series A, Rev., 4.25%, 10/1/2023 (b)
25,000
25,500
Series A, Rev., 5.00%, 10/1/2023 (b)
40,000
41,131
Series B, Rev., 5.00%, 10/1/2023
55,000
56,531
County of Manatee, Public Utilities Rev.,
5.00%, 10/1/2022
200,000
200,450
County of Manatee, Transportation Projects
Rev., 5.00%, 10/1/2022
25,000
25,056
County of Miami-Dade, Aviation System
 
 
Series A, Rev., 5.00%, 10/1/2022
1,090,000
1,092,181
Series B, Rev., 5.00%, 10/1/2022
145,000
145,290
Series B, Rev., 4.00%, 10/1/2023
225,000
225,230
Series 2012B, Rev., 5.00%, 10/1/2024
400,000
400,890
County of Miami-Dade, Building Better
Communities Program
 
 
Series 2015-D, GO, 5.00%, 7/1/2023
25,000
25,551
Series 2016A, GO, 5.00%, 7/1/2023
25,000
25,551
Series 2016A, GO, 5.00%, 7/1/2024
30,000
31,372
County of Miami-Dade, Parks Program
 
 
Series 2011B, GO, 3.50%, 11/1/2022
30,000
30,031
Series 2015A, GO, 5.00%, 11/1/2022
110,000
110,501
County of Miami-Dade, Solid Waste System
Rev., 5.00%, 10/1/2022
70,000
70,152
County of Miami-Dade, Special Obligation
 
 
Series B, Rev., AGM, 4.00%,
10/1/2022 (b)
50,000
50,069
Series 2012A, Rev., 5.00%,
10/1/2022 (b)
175,000
175,389
Series A, Rev., 5.00%, 10/1/2022 (b)
90,000
90,200
Series B, Rev., 5.00%, 10/1/2022 (b)
175,000
175,389
INVESTMENTS
PRINCIPAL
AMOUNT($)
VALUE($)
 
Florida — continued
Series B, Rev., AGM, 5.00%,
10/1/2022 (b)
     50,000
       50,111
County of Miami-Dade, Subordinate Special
Obligation Series A, Rev., 5.00%,
10/1/2022 (b)
     35,000
       35,078
County of Miami-Dade, Water and Sewer
System
 
 
Rev., 5.00%, 10/1/2022
    180,000
      180,393
Series 2013A, Rev., 5.00%,
10/1/2022 (b)
     45,000
       45,100
Series A, Rev., 5.00%, 10/1/2022 (b)
     80,000
       80,178
Series 2008B, Rev., AGM, 5.25%,
10/1/2022
    120,000
      120,294
Series B, Rev., 5.00%, 10/1/2023 (b)
     20,000
       20,565
Series B, Rev., 5.25%, 10/1/2023 (b)
     20,000
       20,618
County of Okaloosa, Sales Tax
 
 
Rev., 5.00%, 10/1/2022
    130,000
      130,292
Rev., 5.00%, 10/1/2023
25,000
25,696
County of Orange, Water Utility System Rev.,
5.00%, 10/1/2022
20,000
20,045
County of Osceola, Sales Tax Series 2016A,
Rev., 4.00%, 10/1/2022
280,000
280,374
County of Palm Beach
 
 
Rev., 5.00%, 11/1/2022
25,000
25,114
Rev., 5.00%, 11/1/2023
30,000
30,911
County of Palm Beach, Public Improvement
Series 2014A, Rev., 5.00%, 11/1/2022
30,000
30,137
County of Palm Beach, Water and Sewer,
FPL Reclaimed Water Project Rev.,
5.00%, 10/1/2022
35,000
35,079
County of Pasco, Fire-Rescue Projects Series
2019B, GO, 5.00%, 10/1/2023
35,000
35,986
County of Pasco, Half-Cent Sales Tax and
Improvement Series 2013A, Rev.,
5.00%, 12/1/2022
295,000
296,982
County of Pasco, Water and Sewer Series
2014A, Rev., 5.00%, 10/1/2022
70,000
70,154
County of Pinellas, Sewer System Rev.,
5.00%, 10/1/2022 (b)
165,000
165,360
County of Polk, Public Facilities Rev.,
4.00%, 12/1/2022
25,000
25,107
County of Polk, Utility System
 
 
Rev., 5.00%, 10/1/2022
285,000
285,641
Rev., 5.00%, 10/1/2023 (b)
10,000,000
10,228,670
County of Sarasota
 
 
Rev., 5.00%, 10/1/2022
190,000
190,404
Rev., 5.00%, 10/1/2023
25,000
25,677
SEE NOTES TO FINANCIAL STATEMENTS.
 
248
J.P. Morgan Exchange-Traded Funds
August 31, 2022
INVESTMENTS
PRINCIPAL
AMOUNT($)
VALUE($)
Municipal Bonds — continued
Florida — continued
County of Sarasota, Infrastructure Sales
Surtax Rev., 5.00%, 10/1/2022
    190,000
      190,404
County of Sarasota, Utility System
 
 
Rev., 5.00%, 10/1/2022
    100,000
      100,225
Rev., 5.00%, 10/1/2023 (b)
     25,000
       25,707
County of Seminole, Water and Sewer
System
 
 
Series 2015A, Rev., 5.00%, 10/1/2022
     20,000
       20,045
Series 2015B, Rev., 5.00%, 10/1/2022
     75,000
       75,169
County of St. Johns, Sales Tax Rev., AGM,
5.00%, 10/1/2023
     35,000
       35,985
County of St. Johns, Transportation
Improvement Rev., AGM, 5.00%,
10/1/2022
     45,000
       45,099
County of St. Johns, Water and Sewer
System Series A, Rev., 5.00%,
12/1/2022 (b)
     75,000
       75,508
County of St. Lucie, Power and Light Co.
Project Rev., VRDO, 1.16%,
9/1/2022 (c)
 45,750,000
   45,750,000
Escambia County Housing Finance
Authority, Multi-County Program Series
2019B, Rev., GNMA COLL, 1.65%,
4/1/2023
75,000
74,555
Escambia County School Board, Sales Tax
Rev., 5.00%, 9/1/2022
140,000
140,000
Florida Department of Children and
Families, Evaluation Treatment Center
Financing Corp. Project Series 2021A,
COP, 5.00%, 10/1/2022
30,000
30,062
Florida Department of Management
Services
 
 
Series 2018A, COP, 5.00%, 11/1/2022
135,000
135,592
Series 2021A, COP, 5.00%, 11/1/2022
495,000
497,172
Series 2015A, COP, 5.00%, 8/1/2024
115,000
120,552
Series 2018A, COP, 5.00%, 11/1/2024
25,000
26,357
Series 2018A, COP, 5.00%, 11/1/2026
20,000
21,967
Florida Development Finance Corp., Nova
Southeastern University Project Series
2020A, Rev., 5.00%, 4/1/2025
190,000
198,773
Florida Governmental Utility Authority,
North Fort Myers Utility System Rev.,
AGM, 5.00%, 10/1/2022
70,000
70,150
Florida Gulf Coast University Financing
Corp., Housing Project
 
 
Series A, Rev., VRDO, LOC : TD Bank NA,
1.50%, 9/12/2022 (c)
10,300,000
10,300,000
Series 2020A, Rev., 5.00%, 2/1/2023
120,000
121,096
INVESTMENTS
PRINCIPAL
AMOUNT($)
VALUE($)
 
Florida — continued
Series 2020A, Rev., 5.00%, 2/1/2025
    115,000
      120,531
Florida Higher Educational Facilities
Financial Authority, Nova Southeast
University Rev., 5.00%, 4/1/2025
    135,000
      141,233
Florida Higher Educational Facilities
Financial Authority, Rollins College
Project
 
 
Series 2012A, Rev., 2.63%,
12/1/2022 (b)
     50,000
       50,042
Series 2012B, Rev., 3.00%, 12/1/2022
     50,000
       50,073
Series 2012A, Rev., 3.50%,
12/1/2022 (b)
     55,000
       55,160
Series 2012A, Rev., 5.00%,
12/1/2022 (b)
    100,000
      100,665
Florida Municipal Power Agency,
All-Requirements Power Supply Project
 
 
Series 2015B, Rev., 5.00%, 10/1/2022
     30,000
       30,065
Series 2016A, Rev., 5.00%, 10/1/2022
    135,000
      135,293
Florida Municipal Power Agency, Stanton II
Project
 
 
Series 2012A, Rev., 5.00%,
10/1/2022 (b)
270,000
270,589
Series 2012A, Rev., 5.00%, 10/1/2022
415,000
415,905
FSU Financial Assistance, Inc.
 
 
Series 2012C, Rev., 4.00%, 10/1/2022
25,000
25,033
Series C, Rev., 5.00%, 10/1/2022
25,000
25,053
Series 2012C, Rev., 3.00%, 10/1/2025
100,000
100,014
Greater Orlando Aviation Authority, Airport
Facilities Series 2016B, Rev., 5.00%,
10/1/2022
95,000
95,202
Hillsborough County School Board
 
 
Series 2015B, Rev., AGM, 5.00%,
10/1/2022
85,000
85,178
Series 2017A, COP, 5.00%, 7/1/2023
25,000
25,506
Hollywood Community Redevelopment
Agency Rev., 5.00%, 3/1/2023
40,000
40,470
Inland Protection Financing Corp. Series
2019A, Rev., 5.00%, 7/1/2023
30,000
30,624
Jacksonville Transportation Authority,
Senior Lien Gas Tax Rev., 5.00%,
8/1/2024
25,000
26,173
JEA Electric System
 
 
Series 2013A, Rev., 5.00%, 10/1/2022
630,000
631,364
Series 2013A, Rev., 5.00%,
10/1/2022 (b)
100,000
100,214
Series 2013A, Rev., 5.00%,
10/1/2022 (b)
60,000
60,131
SEE NOTES TO FINANCIAL STATEMENTS.
 
August 31, 2022
J.P. Morgan Exchange-Traded Funds
249
JPMorgan Ultra-Short Municipal Income ETF
SCHEDULE OF PORTFOLIO INVESTMENTS
AS OF August 31, 2022  (Unaudited) (continued)
INVESTMENTS
PRINCIPAL
AMOUNT($)
VALUE($)
Municipal Bonds — continued
Florida — continued
Series 2015A, Rev., 5.00%,
10/1/2022 (b)
     20,000
       20,044
Series A, Rev., 5.00%, 10/1/2022
    175,000
      175,379
Series B, Rev., 5.00%, 10/1/2022
    100,000
      100,217
JEA Water and Sewer System
 
 
Series 2008A-1, Rev., VRDO, LIQ :
U.S. Bank NA, 1.05%, 9/1/2022 (c)
 14,100,000
   14,100,000
Series 2013A, Rev., 5.00%,
10/1/2022 (b)
    185,000
      185,404
Series 2013A, Rev., 5.00%,
10/1/2022 (b)
     30,000
       30,064
Key West Utility Board, Electric System
 
 
Rev., 5.00%, 10/1/2022
     20,000
       20,044
Rev., 5.00%, 10/1/2023
     25,000
       25,704
Lee County School Board (The) Series
2012B, COP, 5.00%, 8/1/2023
     30,000
       30,064
Lee Memorial Health System
 
 
Series 2019A-1, Rev., 5.00%, 4/1/2023
20,000
20,259
Series A-1, Rev., 5.00%, 4/1/2025
160,000
168,037
Leon County School District, Sales Tax Rev.,
5.00%, 9/1/2022
65,000
65,000
Manatee County School District, Sales Tax
Rev., AGM, 5.00%, 10/1/2022
50,000
50,106
Marion County School Board Series 2015B,
COP, 5.00%, 6/1/2023
20,000
20,384
Martin County Health Facilities Authority,
Martin Memorial Medical Center Rev.,
5.00%, 11/15/2022 (b)
45,000
45,232
Martin County School District, Florida
Master Lease Program COP, 5.00%,
10/1/2022
160,000
160,343
Miami-Dade County Expressway Authority,
Toll System
 
 
Series 2014B, Rev., 5.00%, 7/1/2023
30,000
30,532
Series 2014B, Rev., 5.00%, 7/1/2025
220,000
229,295
Miami-Dade County Health Facilities
Authority, Miami Children's Hospital Rev.,
5.00%, 8/1/2023 (b)
25,000
25,590
Miami-Dade County Health Facilities
Authority, Niklaus Children's Hospital
Rev., 5.00%, 8/1/2023
25,000
25,497
Miami-Dade County Housing Finance
Authority, Multi-family Rev., 0.25%,
8/1/2023 (c)
100,000
97,478
Monroe County School District, Sales Tax
Rev., AGM, 5.00%, 10/1/2022
250,000
250,529
New Smyrna Beach Utilities Commission
Rev., 5.00%, 10/1/2022
65,000
65,146
INVESTMENTS
PRINCIPAL
AMOUNT($)
VALUE($)
 
Florida — continued
Orange County Convention Center Rev.,
5.00%, 10/1/2022
     25,000
       25,056
Orange County Convention Center, Tourist
Development Tax Rev., 5.00%,
10/1/2022
    450,000
      451,012
Orange County Health Facilities Authority,
Orlando Health Obligated Group Series
2016A, Rev., 5.00%, 10/1/2023
    115,000
      117,679
Orange County Housing Finance Authority,
Jernigan Gardens Project Series 2020B,
Rev., 0.35%, 10/1/2022 (c)
     75,000
       74,788
Orlando Utilities Commission, Utility System
 
 
Series 2011C, Rev., 4.00%, 10/1/2022
    115,000
      115,162
Series 2011C, Rev., 5.00%, 10/1/2022
    475,000
      476,048
Series 2010C, Rev., 5.25%, 10/1/2022
    150,000
      150,361
Series 2012A, Rev., 5.00%, 10/1/2023
     20,000
       20,563
Series 2016A, Rev., 5.00%, 10/1/2023
     25,000
       25,704
Series 2018A, Rev., 5.00%, 10/1/2023
     25,000
       25,704
Series 2013A, Rev., 5.00%, 10/1/2024
45,000
47,372
Orlando-Orange County Expressway
Authority Series 2013B, Rev., 5.00%,
7/1/2023
20,000
20,403
Palm Beach County Health Facilities
Authority, Baptist Health South Florida
Obligated Group Rev., 5.00%,
8/15/2024
560,000
582,978
Palm Beach County School District
 
 
Series 2017B, COP, 5.00%, 8/1/2023
50,000
51,195
Series 2018B, COP, 5.00%, 8/1/2023
20,000
20,478
Series 2017B, COP, 5.00%, 8/1/2025
40,000
42,716
Pasco County School Board Series 2015A,
COP, 5.00%, 8/1/2023
40,000
40,978
Pasco County School Board, Sales Tax Rev.,
5.00%, 10/1/2023
35,000
36,004
Peace River Manasota Regional Water
Supply Authority, Utility System Rev.,
4.00%, 10/1/2022
55,000
55,078
Polk County School District, Sales Tax
 
 
Rev., 5.00%, 10/1/2022
280,000
280,611
Rev., 5.00%, 10/1/2023
25,000
25,688
Rev., 5.00%, 10/1/2024
30,000
31,594
Reedy Creek Improvement District Utility
Series 2013-1, Rev., 5.00%, 10/1/2022
225,000
225,483
Reedy Creek Improvement District, Ad
Valorem Tax Series A, GO, 5.00%,
6/1/2023 (b)
25,000
25,487
Riviera Beach Utility Special District Rev.,
5.00%, 10/1/2022
25,000
25,054
SEE NOTES TO FINANCIAL STATEMENTS.
 
250
J.P. Morgan Exchange-Traded Funds
August 31, 2022
INVESTMENTS
PRINCIPAL
AMOUNT($)
VALUE($)
Municipal Bonds — continued
Florida — continued
Santa Rosa County School Board COP,
5.00%, 2/1/2023
     75,000
       75,813
Sarasota County Public Hospital District,
Sarasota Memorial Hospital Series
1998B, Rev., NATL-RE, 5.25%,
7/1/2024
    690,000
      712,966
School Board of Miami-Dade County (The)
 
 
GO, 5.00%, 3/15/2023 (b)
     30,000
       30,441
GO, 5.00%, 3/15/2023
     45,000
       45,626
Series 2015D, COP, 5.00%, 2/1/2024
    445,000
      460,606
Series 2014D, COP, 5.00%, 11/1/2024
     20,000
       21,038
Series 2015D, COP, 5.00%, 2/1/2025
     25,000
       26,430
Series 2014D, COP, 5.00%, 11/1/2025
     25,000
       26,228
Series 2015B, COP, 5.00%, 5/1/2026
    340,000
      358,670
Series 2014D, COP, 5.00%, 11/1/2026
     25,000
       26,179
Series 2015A, COP, AGM, 5.00%,
5/1/2027
85,000
90,252
School District of Broward County
 
 
Series A, 5.00%, 7/1/2023
315,000
321,239
Series 2015A, 5.00%, 7/1/2024
25,000
26,052
Series 2015B, 5.00%, 7/1/2024
215,000
224,595
Series 2015A, 5.00%, 7/1/2026
135,000
144,105
Seacoast Utility Authority, Water and Sewer
Utility System Series B, Rev., 5.00%,
3/1/2023
20,000
20,269
South Broward Hospital District, Memorial
Healthcare System Rev., 4.00%,
5/1/2026
25,000
26,302
St. Johns County Industrial Development
Authority, Vicar's Landing Project
 
 
Series 2021A, Rev., 4.00%,
12/15/2022
110,000
109,927
Series 2021A, Rev., 4.00%,
12/15/2023
120,000
119,474
Series 2021A, Rev., 4.00%,
12/15/2024
145,000
143,279
St. Johns County School Board
 
 
COP, 5.00%, 7/1/2023
100,000
102,147
Series 2020A, COP, 5.00%, 7/1/2023
20,000
20,429
St. Johns County School Board, Sales Tax
 
 
Rev., 5.00%, 10/1/2022
20,000
20,042
Rev., 5.00%, 10/1/2024
35,000
36,735
St. Johns River Power Park Series SEVEN,
Rev., 2.50%, 10/1/2022
75,000
75,016
St. Lucie County School Board Series
2013A, COP, 5.00%, 7/1/2023
45,000
45,955
INVESTMENTS
PRINCIPAL
AMOUNT($)
VALUE($)
 
Florida — continued
St. Lucie County School Board, Sales Tax
Rev., AGM, 5.00%, 10/1/2022
    225,000
      225,472
St. Lucie County, Water and Sewer District
Utility System Rev., 5.00%, 10/1/2022
    310,000
      310,671
State of Florida Board of Education, Public
Education Capital Outlay
 
 
Series 2014A, GO, 5.00%, 6/1/2023
     45,000
       45,900
Series 2019A, GO, 5.00%, 6/1/2023
     45,000
       45,900
Series 2013C, GO, 5.00%, 6/1/2026
     20,000
       20,345
Series 2015A, GO, 5.00%, 6/1/2026
     35,000
       36,489
State of Florida Department of
Transportation Rev., 5.00%, 7/1/2024
     35,000
       36,665
State of Florida Department of
Transportation Turnpike System
 
 
Series 2013A, Rev., 5.00%, 7/1/2023
     35,000
       35,760
Series 2016A, Rev., 5.00%, 7/1/2023
     40,000
       40,869
Series 2016C, Rev., 5.00%, 7/1/2023
45,000
45,977
Series 2013C, Rev., 5.00%, 7/1/2024
50,000
51,062
Series 2013A, Rev., 5.00%, 7/1/2025
55,000
56,057
Series 2016B, Rev., 2.50%, 7/1/2026
20,000
19,703
State of Florida, State Board of Education,
Lottery Series 2014A, Rev., 3.00%,
7/1/2025
70,000
70,234
Sunshine State Governmental Financing
Commission
 
 
Series 2010A-1, Rev., 5.00%,
9/1/2022 (b)
25,000
25,000
Series 2010B-1, Rev., 5.00%,
9/1/2022 (b)
60,000
60,000
Series 2011B-1, Rev., 5.00%,
9/1/2022 (b)
150,000
150,000
Series 2010A-1, Rev., 5.00%,
9/1/2023 (b)
25,000
25,654
Sunshine State Governmental Financing
Commission, Coral Gables Program Series
2018B, Rev., 5.00%, 10/1/2022
35,000
35,079
Sunshine State Governmental Financing
Commission, Miami Dade County
Program
 
 
Series 2011C-1, Rev., 5.00%,
9/1/2022 (b)
95,000
95,000
Series 2011B-1, Rev., 3.75%,
9/1/2023 (b)
50,000
50,666
Series 2010A-1, Rev., 4.00%,
9/1/2023 (b)
50,000
50,803
Series 2011B-1, Rev., 4.00%,
9/1/2023 (b)
30,000
30,482
SEE NOTES TO FINANCIAL STATEMENTS.
 
August 31, 2022
J.P. Morgan Exchange-Traded Funds
251
JPMorgan Ultra-Short Municipal Income ETF
SCHEDULE OF PORTFOLIO INVESTMENTS
AS OF August 31, 2022  (Unaudited) (continued)
INVESTMENTS
PRINCIPAL
AMOUNT($)
VALUE($)
Municipal Bonds — continued
Florida — continued
Series 2010A-1, Rev., 4.13%,
9/1/2023 (b)
     25,000
       25,432
Series 2011B-1, Rev., 5.00%,
9/1/2023 (b)
     20,000
       20,523
Series 2011B-1, Rev., 5.50%,
9/1/2023 (b)
     30,000
       30,932
Series 2011C-1, Rev., 5.50%,
9/1/2023 (b)
     45,000
       46,398
Tampa Bay Water, Regional Water Supply
Authority, Utility System Rev., NATL-RE,
5.50%, 10/1/2022
     50,000
       50,132
Tampa Bay Water, Water Supply Rev.,
NATL-RE, 5.50%, 10/1/2023
     40,000
       41,356
Tohopekaliga Water Authority, Utility
System Rev., 4.00%, 10/1/2022
     50,000
       50,073
Town of Palm Beach, Public Improvement
Series 2016A, Rev., 5.00%, 1/1/2023
     25,000
       25,227
University of Central Florida Housing Facility
Series 2018A, Rev., 5.00%, 10/1/2022
     20,000
       20,044
USF Financing Corp., Master Lease Program
Series 2012A, COP, 5.00%, 7/1/2023
     50,000
       51,053
Volusia County Educational Facility
Authority, Embry Riddle Aeronautical
University, Inc., Project Series 2020A,
Rev., 4.00%, 10/15/2022
     75,000
       75,134
Volusia County School Board, Master Lease
Program Series 2014B, COP, 5.00%,
8/1/2025
100,000
104,617
Volusia County School Board, Sales Tax Rev.,
5.00%, 10/1/2022
55,000
55,119
Waterset North Community Development
District, Senior Lien Series A-1, 3.00%,
5/1/2023
25,000
25,064
Total Florida
 
131,138,827
Georgia — 0.8%
Athens-Clarke County Unified Government,
Sales Tax 5.00%, 12/1/2022
415,000
417,840
Atlanta and Fulton County Recreation
Authority, Park Improvement
 
 
Series 2014A, 5.00%, 12/1/2022
20,000
20,134
Series A, 5.00%, 12/1/2023
25,000
25,808
Atlanta Development Authority (The),
Piedmont/Ellis LLC University of
Commons Project 5.00%, 9/1/2022 (b)
100,000
100,000
Atlanta Public Safety and Judicial Facilities
Authority, Public Safety Facilities Project
2.00%, 12/1/2022
25,000
24,988
INVESTMENTS
PRINCIPAL
AMOUNT($)
VALUE($)
 
Georgia — continued
Atlanta Urban Residential Finance Authority,
Multi-Family 0.44%, 9/1/2023 (c)
  1,740,000
    1,716,278
Bartow County School District
 
 
3.00%, 10/1/2022
     25,000
       25,013
5.00%, 10/1/2022
    110,000
      110,234
Braselton Urban Redevelopment Agency,
Municipal Facilities Project GTD, 4.00%,
7/1/2024
     30,000
       30,773
Bulloch County Board of Education, Sales
Tax 3.25%, 5/1/2023
     20,000
       20,126
Carroll City-County Hospital Authority,
Tanner Medical Center Project GTD,
5.00%, 7/1/2023
     20,000
       20,421
Carrollton Independent School System
5.00%, 4/1/2023
     20,000
       20,314
Cherokee County Board of Education,
School System Series B, 5.00%,
8/1/2023
     20,000
       20,483
City of Atlanta Series 2019B, 4.00%,
12/1/2022
     55,000
       55,239
City of Atlanta Airport Passenger Facility
Charge, Sub Lien
 
 
Series 2014A, 5.00%, 1/1/2024
25,000
25,850
Series 2014A, 5.00%, 1/1/2025
20,000
20,660
Series 2014A, 5.00%, 1/1/2026
30,000
30,975
City of Atlanta, Department of Aviation
Series 2014B, 5.00%, 1/1/2023
25,000
25,221
City of Atlanta, Public Improvement
 
 
5.00%, 12/1/2022
25,000
25,170
4.75%, 12/1/2034 (b)
30,000
31,540
City of Atlanta, Water and Wastewater
 
 
5.00%, 11/1/2022
275,000
276,230
5.00%, 11/1/2026
25,000
26,682
Series 2013B, 5.25%, 11/1/2029 (b)
35,000
36,162
City of Columbus, Water and Sewerage
 
 
Series 2012A, 3.00%, 5/1/2023
50,000
50,013
5.00%, 5/1/2023
40,000
40,704
Series 2013A, 5.00%, 5/1/2026 (b)
20,000
20,355
Clayton County Development Authority,
Clayton State University Rev., 5.00%,
7/1/2026
50,000
54,149
Cobb County Kennestone Hospital Authority
5.00%, 4/1/2024
80,000
81,276
Cobb-Marietta Coliseum and Exhibit Hall
Authority, Performing Arts Center Project
GTD, 4.00%, 1/1/2024
85,000
85,479
SEE NOTES TO FINANCIAL STATEMENTS.
 
252
J.P. Morgan Exchange-Traded Funds
August 31, 2022
INVESTMENTS
PRINCIPAL
AMOUNT($)
VALUE($)
Municipal Bonds — continued
Georgia — continued
Coffee County Hospital Authority, Coffee
Regional Medical Center Inc., Project
Series 2016A, GTD, 5.00%, 12/1/2022
     25,000
       25,162
Columbia County School District 5.00%,
10/1/2022
     40,000
       40,090
Columbus Medical Center Hospital
Authority, Piedmont Healthcare Inc.,
Project Series 2019A, 5.00%,
7/1/2054 (c)
    235,000
      250,244
County of Clayton, Water Authority 5.00%,
5/1/2023
    160,000
      160,344
County of Cobb 5.00%, 1/1/2023
     45,000
       45,410
County of DeKalb, Special Transportation,
Parks and Greenspace and Libraries Tax
 
 
GO, 5.00%, 12/1/2022
     75,000
       75,491
GO, 5.00%, 12/1/2025
     40,000
       43,217
County of DeKalb, Water and Sewerage
Series B, Rev., 5.25%, 10/1/2022
     30,000
       30,070
County of DeKalb, Water and Sewerage,
Second Resolution Rev., 5.00%,
10/1/2022
    170,000
      170,365
County of Fayette
 
 
Series 2012A, Rev., 5.00%,
10/1/2022 (b)
75,000
75,167
Series 2012B, Rev., 5.00%,
10/1/2022 (b)
25,000
25,056
County of Henry, Sales Tax GO, 5.00%,
5/1/2023
20,000
20,356
DeKalb Newton and Gwinnett Counties Joint
Development Authority, GPC Real Estate
Student Support I, LLC Project Rev.,
5.00%, 6/1/2023
35,000
35,692
Development Authority for Fulton County,
Georgia Tech Facilities
 
 
Rev., 5.00%, 3/1/2023
25,000
25,335
Series 2014A, Rev., 5.00%, 5/1/2023
25,000
25,442
Development Authority for Fulton County,
Tech Athletic Association Project Series
A, Rev., 5.00%, 10/1/2022 (b)
40,000
40,087
Development Authority of Greene County,
Catholic Health East Rev., 4.25%,
11/15/2022 (b)
75,000
75,289
Fayette County School District, Sales Tax GO,
5.25%, 9/1/2022
75,000
75,000
Forsyth County School District GO, 5.00%,
2/1/2023
45,000
45,512
Gainesville and Hall County Development
Authority, Hall County Facilities Project
Rev., 5.00%, 5/1/2024
20,000
20,852
INVESTMENTS
PRINCIPAL
AMOUNT($)
VALUE($)
 
Georgia — continued
Georgia State Road and Tollway Authority
Series 2011B, Rev., 5.00%, 10/1/2022
     55,000
       55,124
Gilmer County Schools, Sales Tax GO,
4.00%, 12/1/2022
    175,000
      175,761
Gwinnett County School District GO, 5.00%,
2/1/2023
     25,000
       25,279
Hall County School District GO, 5.00%,
11/1/2022
     80,000
       80,364
Houston County School District, Sales Tax
GO, 5.00%, 9/1/2022
     95,000
       95,000
Lowndes County Public Facilies Authority,
Lowndes County School District Projects
Rev., 3.00%, 2/1/2023
     20,000
       20,063
Lumpkin County School District GO, 3.00%,
12/1/2022
     25,000
       25,047
Macon Water Authority Series 2018A, Rev.,
5.00%, 10/1/2022
     25,000
       25,054
Main Street Natural Gas, Inc., Gas Supply
 
 
Rev., LIQ : Royal Bank of Canada, (SIFMA
Municipal Swap Index Yield + 0.57%),
2.07%, 9/8/2022 (d)
 11,590,000
   11,537,264
Series 2018B, Rev., (ICE LIBOR USD 1
Month + 0.75%), 2.47%,
10/3/2022 (d)
    370,000
      367,610
Series 2019B, Rev., 4.00%, 12/1/2022
345,000
346,303
Series 2019B, Rev., 4.00%, 6/1/2023
240,000
242,553
Series 2018A, Rev., LIQ : Royal Bank of
Canada, 4.00%, 9/1/2023 (c)
1,525,000
1,546,594
Series 2018C, Rev., LIQ : Royal Bank of
Canada, 4.00%, 12/1/2023 (c)
680,000
691,316
Subseries C, Rev., LIQ : Royal Bank of
Canada, 4.00%, 12/1/2023
100,000
101,777
Series 2019B, Rev., 4.00%,
12/2/2024 (c)
485,000
496,268
Metropolitan Atlanta Rapid Transit
Authority, Sales Tax Series 2007A, Rev.,
NATL-RE, 5.25%, 7/1/2023
40,000
40,937
Municipal Gas Authority of Georgia Series S,
Rev., 5.00%, 10/1/2027
500,000
501,029
Municipal Gas Authority of Georgia, Gas
Portfolio IV Project Series A, Rev.,
5.00%, 10/1/2022
125,000
125,230
Paulding County School District GO, 5.00%,
2/1/2025 (b)
50,000
53,053
Pike County School District GO, 3.00%,
10/1/2022
100,000
100,065
Private Colleges and Universities Authority,
Emory University
 
 
Series 2019A, Rev., 5.00%, 9/1/2022
20,000
20,000
SEE NOTES TO FINANCIAL STATEMENTS.
 
August 31, 2022
J.P. Morgan Exchange-Traded Funds
253
JPMorgan Ultra-Short Municipal Income ETF
SCHEDULE OF PORTFOLIO INVESTMENTS
AS OF August 31, 2022  (Unaudited) (continued)
INVESTMENTS
PRINCIPAL
AMOUNT($)
VALUE($)
Municipal Bonds — continued
Georgia — continued
Series B, Rev., 5.00%, 10/1/2022
     35,000
       35,078
Series 2020B, Rev., 5.00%, 9/1/2025
    980,000
    1,052,764
Putnam County School District GO, 3.00%,
10/1/2022
     25,000
       25,013
Rabun County School District GO, 3.00%,
10/1/2022
     30,000
       30,019
Richmond County Board of Education, Sales
Tax GO, 5.00%, 10/1/2022
     75,000
       75,169
Richmond County Hospital Authority,
University Health Services, Inc., Project
Rev., 5.00%, 1/1/2023
    295,000
      297,198
South Regional Joint Development
Authority, Valdosta State University
Parking and Student Service Center
Project Rev., 5.00%, 8/1/2025
  1,095,000
    1,166,802
South Regional Joint Development
Authority, Valdosta State University
Student Union Project Rev., 5.00%,
8/1/2025
    215,000
      229,098
State of Georgia
 
 
Series 2012C, GO, 4.00%, 9/1/2022
    215,000
      215,000
Series C, GO, 5.00%, 9/1/2022
     20,000
       20,000
Series 2013C, GO, 4.00%, 10/1/2022
145,000
145,194
Series 2011-I, GO, 4.00%, 11/1/2022
25,000
25,036
Series 2011J-2, GO, 4.50%, 11/1/2022
305,000
305,565
Series 2016C, GO, 5.00%, 1/1/2023
25,000
25,226
Series 2016A, GO, 5.00%, 2/1/2023
25,000
25,281
Series 2018A, GO, 5.00%, 7/1/2023
15,000
15,331
Series 2013A, GO, 5.00%, 1/1/2025
50,000
50,435
Tift County Hospital Authority
 
 
Rev., 5.00%, 12/1/2022
60,000
60,406
Rev., 5.00%, 12/1/2022 (b)
135,000
135,913
Valdosta and Lowndes County Hospital
Authority Series 2019A, Rev., 5.00%,
10/1/2022
150,000
150,332
Whitfield County School District GO, 5.00%,
4/1/2023
25,000
25,392
Total Georgia
 
25,524,241
Hawaii — 0.5%
City and County Honolulu
 
 
Series 2018A, GO, 4.00%, 9/1/2022
115,000
115,000
Series 2017B, GO, 5.00%, 9/1/2022
85,000
85,000
Series 2018B, GO, 5.00%, 9/1/2022
60,000
60,000
Series A, GO, 5.00%, 9/1/2022
100,000
100,000
Series 2016B, GO, 5.00%, 10/1/2022
50,000
50,110
Series 2016C, GO, 5.00%, 10/1/2022
45,000
45,099
INVESTMENTS
PRINCIPAL
AMOUNT($)
VALUE($)
 
Hawaii — continued
Series A, GO, 5.00%, 10/1/2022
    165,000
      165,364
Series B, GO, 5.00%, 10/1/2022
     60,000
       60,132
Series 2012A, GO, 4.00%,
11/1/2022 (b)
     20,000
       20,054
Series 2012A, GO, 5.00%,
11/1/2022 (b)
    145,000
      145,642
Series 2012B, GO, 5.00%, 11/1/2022
     20,000
       20,090
Series 2012B, GO, 5.00%, 11/1/2022
    350,000
      351,547
Series C, GO, 4.00%, 10/1/2023
     20,000
       20,351
Series C, GO, 5.00%, 10/1/2023
     40,000
       41,126
Series 2022A, GO, 5.00%, 11/1/2023
  2,375,000
    2,446,826
Series C, GO, 5.00%, 10/1/2024
     25,000
       26,333
Series 2022A, GO, 5.00%, 11/1/2024
  2,875,000
    3,034,213
Series 2012C, GO, 3.00%, 11/1/2025
175,000
175,179
Series 2022A, GO, 5.00%, 11/1/2025
3,000,000
3,236,337
Series 2022A, GO, 5.00%, 11/1/2026
3,500,000
3,854,443
City and County Honolulu, Wastewater
System
 
 
Series B, Rev., 5.00%, 7/1/2023
30,000
30,659
Series B, Rev., 5.00%, 7/1/2024
25,000
26,166
County of Hawaii
 
 
Series 2013B, GO, 5.00%, 9/1/2022
95,000
95,000
Series A, GO, 5.00%, 9/1/2022
165,000
165,000
Series B, GO, 5.00%, 9/1/2022
25,000
25,000
Series C, GO, 5.00%, 9/1/2022
85,000
85,000
Series D, GO, 5.00%, 9/1/2022
20,000
20,000
Series 2013B, GO, 3.00%, 9/1/2023
45,000
45,025
State of Hawaii
 
 
Series ET, GO, 4.00%, 10/1/2022
40,000
40,055
Series FE, GO, 5.00%, 10/1/2022
75,000
75,164
Series FG, GO, 5.00%, 10/1/2022
30,000
30,066
Series FH, GO, 5.00%, 10/1/2022
115,000
115,251
Series FN, GO, 5.00%, 10/1/2022
45,000
45,098
Series 2012EE, GO, 4.00%,
11/1/2022 (b)
50,000
50,144
Series EE, GO, 5.00%, 11/1/2022 (b)
75,000
75,338
Series EE-2017, GO, 5.00%,
11/1/2022 (b)
120,000
120,541
Series EF, GO, 5.00%, 11/1/2022
105,000
105,471
Series EF, GO, 5.00%, 11/1/2022 (b)
125,000
125,563
Series FK, GO, 4.00%, 5/1/2023
20,000
20,219
Series FK, GO, 5.00%, 5/1/2023
30,000
30,524
Series EL, GO, 3.00%, 8/1/2023
50,000
50,287
Series FG, GO, 4.00%, 10/1/2023
20,000
20,349
Series FG, GO, 5.00%, 10/1/2024
25,000
26,302
SEE NOTES TO FINANCIAL STATEMENTS.
 
254
J.P. Morgan Exchange-Traded Funds
August 31, 2022
INVESTMENTS
PRINCIPAL
AMOUNT($)
VALUE($)
Municipal Bonds — continued
Hawaii — continued
Series FH, GO, 5.00%, 10/1/2024
     35,000
       36,823
State of Hawaii State Highway Fund Series
B, Rev., 5.00%, 1/1/2023
     25,000
       25,221
State of Hawaii, Department of Hawaiian
Home Lands, Kapolei Office Facility
Series 2017A, COP, 4.00%, 11/1/2022
     25,000
       25,071
University of Hawaii Series 2020D, Rev.,
5.00%, 10/1/2022
     20,000
       20,045
Total Hawaii
 
15,582,228
Idaho — 0.2%
Ada and Canyon Counties Joint School
District No. 2 Meridian, Sales Tax
Guaranty Program Series 2018A,
5.00%, 9/15/2022
     20,000
       20,020
Boise State University Series 2015A,
5.00%, 4/1/2023
     35,000
       35,485
Canyon County School District No. 134
Middleton
 
 
5.00%, 9/15/2022
     20,000
       20,020
5.00%, 9/15/2023
     10,000
       10,274
Idaho Bond Bank Authority
 
 
Series 2012D, Rev., 3.00%,
9/15/2022 (b)
10,000
10,002
Series 2012D, Rev., 3.00%, 9/15/2022
125,000
125,036
Series 2014C, Rev., 5.00%, 9/15/2022
50,000
50,050
Series A, Rev., 5.00%, 9/15/2022
45,000
45,045
Idaho Health Facilities Authority, Trinity
Health Credit Group Series 2015D, Rev.,
5.00%, 12/1/2022
210,000
211,358
Idaho Housing and Finance Association,
Federal Highway Trust
 
 
Series A, Rev., 5.00%, 7/15/2025
30,000
32,016
Series A, Rev., 5.00%, 7/15/2026
20,000
21,760
Idaho Housing and Finance Association,
Idaho Arts Charter School Series 2012A,
Rev., 6.00%, 12/1/2022 (b)
100,000
100,881
Idaho Housing and Finance Association,
Single Family Mortgage Series 2009A,
Class I, Rev., VRDO, 1.68%,
9/12/2022 (c)
4,360,000
4,360,000
Idaho State Building Authority
 
 
Series 2012B, Rev., 4.00%,
9/1/2022 (b)
70,000
70,000
Rev., 5.00%, 9/1/2022 (b)
60,000
60,000
Idaho State Building Authority, Eastern
Idaho Technical College Project Rev.,
4.00%, 9/1/2022 (b)
400,000
400,000
INVESTMENTS
PRINCIPAL
AMOUNT($)
VALUE($)
 
Idaho — continued
Idaho State Building Authority, Prison
Facilities Project Series 2018C, Rev.,
5.00%, 9/1/2022 (b)
     20,000
       20,000
Twin Falls County School District No. 411
Twin Falls Series C, GO, 5.00%,
9/15/2022
     20,000
       20,020
Total Idaho
 
5,611,967
Illinois — 5.1%
Boone Mchenry and Dekalb Counties
Community Unit School District 100
Series 2005B, AGM - CR, NATL-RE, Zero
Coupon, 12/1/2022
     25,000
       24,837
Bureau County Township High School
District No. 502 Series 2017A, 3.00%,
12/1/2022
     50,000
       50,060
Champaign Coles Et Al Counties Community
College District No. 505 Series 2018B,
4.00%, 12/1/2022
    100,000
      100,388
Champaign County Community Unit School
District No. 7 Tolono Series 2014B,
3.45%, 12/1/2022
     25,000
       25,070
Chicago Board of Education, Capital
Appreciation School Reform
 
 
Series 1998B-1, NATL-RE, Zero Coupon,
12/1/2022
  3,110,000
    3,084,388
Series 1999A, NATL-RE, Zero Coupon,
12/1/2023
  3,420,000
    3,275,085
Chicago Board of Education, Unlimited Tax
Series 2019B, 5.00%, 12/1/2022
1,575,000
1,584,052
Chicago Midway International Airport,
Second Lien
 
 
Series 2013B, 5.00%, 1/1/2025
720,000
725,419
Series 2013B, 5.00%, 1/1/2026
360,000
362,566
Chicago O'Hare International Airport,
General Airport, Senior Lien
 
 
Series B, 5.00%, 1/1/2023
1,040,000
1,048,894
Series C, 5.00%, 1/1/2023
1,015,000
1,023,680
Series B, 5.00%, 1/1/2024
160,000
165,249
Series 2013B, 5.00%, 1/1/2025
930,000
938,054
Series 2020B, 5.00%, 1/1/2026
40,000
43,136
Series B, 5.00%, 1/1/2026
440,000
443,576
Series B, 5.00%, 1/1/2026
430,000
453,877
Series 2013B, 5.00%, 1/1/2027
265,000
267,101
Chicago O'Hare International Airport, Senior
Lien
 
 
4.13%, 1/1/2023
25,000
25,123
Series D, 5.00%, 1/1/2023
155,000
156,326
SEE NOTES TO FINANCIAL STATEMENTS.
 
August 31, 2022
J.P. Morgan Exchange-Traded Funds
255

JPMorgan Ultra-Short Municipal Income ETF
SCHEDULE OF PORTFOLIO INVESTMENTS
AS OF August 31, 2022  (Unaudited) (continued)
INVESTMENTS
PRINCIPAL
AMOUNT($)
VALUE($)
Municipal Bonds — continued
Illinois — continued
Series 2013B, 5.00%, 1/1/2024
     25,000
       25,219
Series E, 5.00%, 1/1/2026
     30,000
       32,352
Chicago Park District Series 2015A, 5.00%,
1/1/2035 (b)
     35,000
       36,186
City of Aurora Series 2015-C, GO, 3.00%,
12/30/2022
     50,000
       50,103
City of Canton 4.00%, 12/15/2022
     25,000
       25,090
City of Chicago, Second Lien Waterworks
Project Series 2012, 4.00%, 11/1/2023
    500,000
      500,859
City of Chicago, Wastewater Transmission,
Second Lien
 
 
5.00%, 11/1/2022
  3,315,000
    3,326,728
5.00%, 1/1/2023
     25,000
       25,177
City of Chicago, Waterworks, Second Lien
 
 
5.00%, 11/1/2022
    100,000
      100,354
Series 2017-2, 5.00%, 11/1/2022
50,000
50,177
Series 2008C, 5.00%, 1/1/2023
625,000
629,429
5.00%, 11/1/2024
1,450,000
1,460,061
City of Decatur
 
 
GO, 4.00%, 3/1/2023
120,000
120,614
GO, 4.00%, 3/1/2024
120,000
121,756
GO, 4.00%, 3/1/2025
195,000
201,065
GO, 4.00%, 3/1/2026
170,000
177,129
GO, 4.00%, 3/1/2027
200,000
210,328
City of Elgin GO, 3.00%, 12/15/2022
25,000
25,017
City of Evanston
 
 
Series 2017B, GO, 2.00%, 12/1/2022
100,000
99,896
Series 2017A, GO, 4.00%, 12/1/2022
25,000
25,105
GO, 5.00%, 12/1/2022
20,000
20,133
GO, 5.00%, 12/1/2022
110,000
110,731
City of Naperville GO, 4.00%, 12/1/2022
25,000
25,100
City of Rochelle GO, AGM, 3.00%,
5/1/2023
100,000
100,189
City of Rockford, Sales Tax Alternative
Revenue Source Series 2016A, GO,
5.00%, 12/15/2022
25,000
25,183
City of Waukegan, First Lien, Water and
Sewer System Rev., AGM, 4.00%,
12/30/2022
105,000
105,492
Cook & Du Page Counties High School
District No. 210 Lemont Series 2015A,
3.00%, 1/1/2023
25,000
25,060
Cook & Will Counties Community College
District No. 515, Limited Community
College 5.00%, 12/1/2022
110,000
110,698
Cook & Will Counties School District No. 194
Series B, 5.00%, 12/1/2022
100,000
100,634
INVESTMENTS
PRINCIPAL
AMOUNT($)
VALUE($)
 
Illinois — continued
Cook County Community College District No.
527 Morton 5.00%, 12/15/2022
     25,000
       25,180
Cook County Community Consolidated
School District No. 146 Tinley Park
4.00%, 12/1/2022
     20,000
       20,085
Cook County Community Consolidated
School District No. 15 Palatine 5.00%,
12/1/2022
     65,000
       65,404
Cook County Community Consolidated
School District No. 34, Glenview 5.00%,
12/1/2022
     40,000
       40,273
Cook County Community Consolidated
School District No. 65, Evanston, Limited
Tax 5.00%, 12/1/2022
     85,000
       85,548
Cook County Community High School
District No. 234, Ridgewood 4.00%,
12/1/2022
    115,000
      115,492
Cook County Community School District No.
97, Oak Park GO, 4.00%, 1/1/2023
     90,000
       90,512
Cook County Community Unit School District
No. 401, Elmwood Park 3.00%,
12/1/2022
    520,000
      520,887
Cook County Forest Preserve District,
Limited Tax Series 2012B, 5.00%,
12/15/2022
     85,000
       85,070
Cook County Forest Preserve District,
Unlimited Tax Series 2021A, 5.00%,
11/15/2022
    390,000
      392,009
Cook County High School District No. 203
New Trier Township
 
 
Series 2016B, 3.50%, 12/15/2022
25,000
25,084
Series 2016A, 5.00%, 12/15/2022
25,000
25,190
Cook County High School District No. 205,
Thornton Township, Limited Tax
 
 
Series 2017C, 5.00%, 12/1/2022
125,000
125,793
Series 2017C, 5.00%, 12/1/2023
30,000
30,876
Cook County School District No. 109, Indian
Springs, Limited Tax 3.00%, 12/1/2022
100,000
100,171
Cook County School District No. 111,
Burbank AGM, 4.00%, 12/1/2022
90,000
90,351
Cook County School District No. 122
Ridgeland Series 2012D, 4.00%,
12/1/2022
35,000
35,145
Cook County School District No. 123 Oak
Lawn, Capital Appreciation
 
 
NATL-RE, Zero Coupon, 12/1/2022
100,000
99,249
FGIC, Zero Coupon, 12/1/2022 (b)
20,000
19,882
SEE NOTES TO FINANCIAL STATEMENTS.
 
256
J.P. Morgan Exchange-Traded Funds
August 31, 2022
INVESTMENTS
PRINCIPAL
AMOUNT($)
VALUE($)
Municipal Bonds — continued
Illinois — continued
Cook County School District No. 123 Oak
Lawn, Limited Tax Series A, 4.00%,
12/1/2022
     30,000
       30,117
Cook County School District No. 130 Blue
Island, Limited Tax Series 2018C, AGM,
5.00%, 12/1/2022
     30,000
       30,190
Cook County School District No. 144 Prairie
Hills Series 2011C, AGM, Zero Coupon,
12/1/2022
     45,000
       44,670
Cook County School District No. 159,
Matteson-Richton Park, Capital
Appreciation
 
 
AGM, Zero Coupon, 12/1/2022 (b)
     90,000
       89,458
AGM, Zero Coupon, 12/1/2022
    150,000
      148,907
Cook County School District No. 23,
Prospect Heights 4.00%, 12/15/2022
     25,000
       25,123
Cook County School District No.
95-Brookfield 4.00%, 12/1/2022
    100,000
      100,427
Cook County School District No. 99 Cicero,
Limited Tax Series 2019B, GO, 5.00%,
12/1/2022
     25,000
       25,143
Cook County School District No., 73.5
Skokie, East Prairie 4.00%, 12/1/2022
     25,000
       25,098
Cook County School District No., 74
Lincolnwood 4.00%, 12/1/2022
     45,000
       45,197
Cook County School District No., 78
Rosemont AGM, 5.00%, 12/1/2022
200,000
201,269
Cook County School District No., 81 Schiller
Park 4.00%, 12/1/2022
105,000
105,417
Cook County School District No., 87
Berkeley Series 2012B, 3.00%,
12/1/2022
50,000
50,089
Cook County School District No., 88
Bellwood Series 2021A, 4.00%,
12/1/2022
375,000
376,407
Cook County Township High School District
No. 220 Reavis 3.00%, 12/1/2022
100,000
100,121
Cook County Township High School District
No. 225, Glenbrook Series 2016A,
5.00%, 12/1/2022
80,000
80,546
County of Cook
 
 
Series 2021B, 4.00%, 11/15/2022
755,000
757,345
Series 2016A, 5.00%, 11/15/2022
20,000
20,099
Series 2021A, 5.00%, 11/15/2022
325,000
326,634
Series C, GO, 5.00%, 11/15/2022
60,000
60,307
Series 2012C, 5.00%, 11/15/2023
435,000
437,381
Series 2012C, 5.00%, 11/15/2024
3,860,000
3,881,130
Series 2012C, 5.00%, 11/15/2025
125,000
125,684
INVESTMENTS
PRINCIPAL
AMOUNT($)
VALUE($)
 
Illinois — continued
County of Cook, Sales Tax 2.50%,
11/15/2022
     40,000
       40,006
County of Kendall GO, 5.00%, 12/15/2022
     55,000
       55,403
County of Lake, Sales Tax GO, 5.00%,
11/30/2022
    145,000
      145,952
County of Rock Island GO, 3.00%,
12/1/2022
    100,000
      100,146
County of Will
 
 
GO, 5.00%, 11/15/2022
     75,000
       75,420
GO, 5.00%, 11/15/2022 (b)
    315,000
      316,725
County of Winnebago, Public Safety Sales
Tax
 
 
Series 2013A, GO, 4.00%, 12/30/2022
     60,000
       60,318
Series 2013A, GO, 5.00%, 12/30/2023
    375,000
      378,139
Series 2013A, GO, 5.00%, 12/30/2024
     20,000
       20,180
Douglas and Champaign Counties
Community Unit School District No. 302
Villa Grove, Alternative Revenue Source
Series 2019A, GO, AGM, 3.00%,
12/1/2022
50,000
50,073
Du Page County High School District No. 88,
Villa Park GO, 4.00%, 1/15/2023
45,000
45,288
DuPage and Cook Counties Township High
School District No. 86 Hinsdale, School
Building GO, 5.00%, 1/15/2023
140,000
141,279
DuPage County Forest Preserve District GO,
5.00%, 1/1/2023
260,000
262,345
DuPage County Forest Preserve District,
Limited Tax GO, 4.50%, 11/1/2023
300,000
301,072
DuPage County School District No. 2
Bensenville GO, 5.00%, 5/1/2025
75,000
79,654
Ford Etc. Counties Community Unit School
District No. 10 Paxton-Buckley-Loda,
School Building Series 2017A, GO, AGM,
4.00%, 12/1/2022
25,000
25,098
Fox Valley Park District
 
 
Series 2015B, GO, 4.00%, 12/15/2022
50,000
50,239
GO, 5.00%, 12/15/2022
45,000
45,343
Fulton Mason Knox Schuyler Etc Counties
Community College District No. 534 GO,
4.00%, 12/1/2022 (b)
55,000
55,223
Godfrey Fire Protection District GO, 3.00%,
12/1/2022
20,000
20,031
Greater Peoria Sanitary and Sewerage
Disposal District Series A, GO, 4.00%,
8/15/2023
100,000
101,303
SEE NOTES TO FINANCIAL STATEMENTS.
 
August 31, 2022
J.P. Morgan Exchange-Traded Funds
257
JPMorgan Ultra-Short Municipal Income ETF
SCHEDULE OF PORTFOLIO INVESTMENTS
AS OF August 31, 2022  (Unaudited) (continued)
INVESTMENTS
PRINCIPAL
AMOUNT($)
VALUE($)
Municipal Bonds — continued
Illinois — continued
Greene and Scott Counties Community Unit
School District No. 3 Series 2017B, GO,
3.00%, 12/1/2022
     50,000
       50,060
Greene Jersey and Macoupin Counties
Community Unit School District No. 9
Southwestern GO, 2.70%, 12/1/2022
     50,000
       50,036
Grundy Kendall and Will Counties
Community Consolidated School District
No. 111 Minooka GO, 5.00%,
12/1/2022
    215,000
      216,299
Grundy Kendall and Will Counties
Community Consolidated School District
No. 201 Minooka GO, 5.00%,
10/15/2022
     60,000
       60,192
Grundy Kendall and Will Counties
Community Consolidated School District
No. 201 Minooka, Capital Appreciation
Series 2010B, GO, Zero Coupon,
10/15/2022
    135,000
      134,536
Highland Park District, Limited Tax
 
 
GO, 4.00%, 12/15/2022
     25,000
       25,126
Rev., 5.00%, 12/15/2022
     95,000
       95,746
Illinois Finance Authority, Ann and Robert H
Lurie Children's Hospital Obligated Group
Rev., 5.00%, 8/15/2025
    255,000
      272,685
Illinois Finance Authority, Centegra Health
System Series 2014A, Rev., 5.00%,
9/1/2022 (b)
    115,000
      115,000
Illinois Finance Authority, DePaul University
 
 
Rev., 5.00%, 10/1/2022
25,000
25,050
Series 2016A, Rev., 5.00%, 10/1/2022
115,000
115,230
Illinois Finance Authority, Downers Grove
Community High School
 
 
Rev., 4.00%, 12/15/2022
35,000
35,176
Series 2020A, Rev., 4.00%,
12/15/2022
160,000
160,803
Illinois Finance Authority, Mercy Health
System Rev., 5.00%, 12/1/2022
40,000
40,224
Illinois Finance Authority, Northwestern
Memorial Healthcare
 
 
Series 2021C, Rev., VRDO, LIQ : Barclays
Bank plc, 0.98%, 9/1/2022 (c)
11,000,000
11,000,000
Series 2017B, Rev., 5.00%,
12/15/2022 (c)
90,000
90,626
Illinois Finance Authority, OSF Healthcare
System
 
 
Series 2015A, Rev., 5.00%,
11/15/2022
165,000
165,758
INVESTMENTS
PRINCIPAL
AMOUNT($)
VALUE($)
 
Illinois — continued
Series 2015A, Rev., 5.00%,
11/15/2024
    140,000
      146,106
Illinois Finance Authority, Presbyterian
Homes Obligated Group
 
 
Series 2021B, Rev., (SIFMA Municipal
Swap Index Yield + 0.70%), 2.20%,
9/8/2022 (d)
  5,790,000
    5,607,354
Series 2016A, Rev., 5.00%, 11/1/2022
     60,000
       60,188
Illinois Finance Authority, Presence Health
Network Series 2016C, Rev., 5.00%,
2/15/2023
    265,000
      268,054
Illinois Finance Authority, Regency Park at
Lincolnwood Series 1991A, Rev., Zero
Coupon, 7/15/2023 (b)
     60,000
       58,708
Illinois Finance Authority, Riverside Health
System
 
 
Rev., 5.00%, 11/15/2022
    165,000
      165,758
Rev., 5.00%, 11/15/2023
    215,000
      215,936
Illinois Finance Authority, Rush University
Medical Center Obligated Group Series
2015A, Rev., 5.00%, 11/15/2025
     25,000
       26,489
Illinois Finance Authority, Social
Bonds-Learn Chapter School Project
 
 
Rev., 4.00%, 11/1/2022
125,000
125,129
Rev., 4.00%, 11/1/2023
135,000
135,838
Illinois Finance Authority, State Clean Water
Initiative
 
 
Rev., 4.00%, 1/1/2023
155,000
155,814
Rev., 5.00%, 1/1/2023
25,000
25,213
Illinois Finance Authority, Swedish American
Hospital
 
 
Rev., 4.25%, 11/15/2022 (b)
45,000
45,159
Rev., 5.00%, 11/15/2022 (b)
25,000
25,129
Illinois Finance Authority, Swedish Covenant
Hospital Series 2016A, Rev., 5.00%,
8/15/2026 (b)
155,000
169,161
Illinois Finance Authority, The University of
Chicago Medical Center
 
 
Series 2014A, Rev., 5.00%, 10/1/2022
315,000
315,643
Series 2013A, Rev., 4.00%,
4/1/2023 (b)
15,220,000
15,349,970
Series 2016B, Rev., 5.00%, 8/15/2023
740,000
756,351
Series A, Rev., 5.00%, 8/15/2023
200,000
204,419
Series 2016A, Rev., 5.00%, 8/15/2024
235,000
244,916
Illinois Finance Authority, Unitypoint Health
 
 
Series 2016D, Rev., 5.00%, 2/15/2023
1,520,000
1,537,863
Series 2016D, Rev., 5.00%, 2/15/2024
230,000
238,279
SEE NOTES TO FINANCIAL STATEMENTS.
 
258
J.P. Morgan Exchange-Traded Funds
August 31, 2022
INVESTMENTS
PRINCIPAL
AMOUNT($)
VALUE($)
Municipal Bonds — continued
Illinois — continued
Illinois Health Facilities Authority, Advocate
Health and Hospital Corp. Obligated
Group Series 2003C, Rev., 1.60%,
11/15/2022
    130,000
      129,723
Illinois Municipal Electric Agency, Power
Supply System Series 2015A, Rev.,
5.00%, 2/1/2024
    310,000
      320,433
Illinois State Toll Highway Authority
 
 
Series 2014D, Rev., 5.00%, 1/1/2023
    780,000
      786,723
Series 2018A, Rev., 5.00%, 1/1/2023
    120,000
      121,034
Series 2013A, Rev., 5.00%, 1/1/2027
     35,000
       35,295
Kane and DeKalb Counties Community Unit
School District No. 302 Kaneland GO,
NATL-RE, Zero Coupon, 2/1/2023
     20,000
       19,762
Kane County Community Unit School District
No. 101 Batavia GO, 5.00%, 1/1/2023
     40,000
       40,358
Kane County Forest Preserve District
 
 
GO, 5.00%, 12/15/2022
     60,000
       60,474
Series 2016C, GO, 5.00%, 12/15/2022
    260,000
      262,056
Kane County School District No. 131 Aurora
East Side Series 2020C, GO, 5.00%,
12/1/2022
160,000
161,015
Kane McHenry Cook and De Kalb Counties
Unit School District No. 300
 
 
Series 2021A, GO, 4.00%, 1/1/2023
75,000
75,404
GO, 5.00%, 1/1/2024
480,000
495,811
Kankakee and Will Counties Community Unit
School District No. 5, Capital
Appreciation GO, AGM, Zero Coupon,
5/1/2023
25,000
24,575
Kankakee and Will Counties Community Unit
School District No. 5, Limited Tax GO,
4.00%, 12/1/2022
275,000
276,093
Kankakee County Community High School
District No. 307 Bradley-Bourbonnais,
Alternative Revenue Source GO, 4.00%,
12/1/2022
130,000
130,488
Kankakee County School District No. 61
Bradley Series 2012B, GO, 4.00%,
10/1/2022
25,000
25,030
Kendall County Community Unit School
District No. 88 Plano GO, AMBAC, Zero
Coupon, 12/1/2022 (b)
20,000
19,885
Kendall Kane and Will Counties Community
Unit School District No. 308 Series B, GO,
5.00%, 10/1/2022
200,000
200,408
Lake County Community Consolidated
School District No. 3 Beach Park GO,
AGM, 4.00%, 2/1/2023
300,000
301,938
INVESTMENTS
PRINCIPAL
AMOUNT($)
VALUE($)
 
Illinois — continued
Lake County Community Consolidated
School District No. 46 Grayslake GO,
5.00%, 11/1/2022
     80,000
       80,330
Lake County Community High School
District No. 115 Lake Forest GO, 4.00%,
11/1/2022
     45,000
       45,132
Lake County Consolidated High School
District No. 120 Mundelein, Limited Tax
GO, 5.00%, 12/1/2022
    135,000
      135,890
Lake County School District No.
76-Diamond Lake, School Building GO,
5.00%, 1/1/2023
     35,000
       35,307
Lake County Township High School District
No. 121 Warren Series 2016A, GO,
3.00%, 1/1/2024 (b)
    370,000
      373,146
Madison and Jersey Counties Unit School
District No. 11-Alton, Capital
Appreciation GO, AGM, Zero Coupon,
12/1/2022
     50,000
       49,660
Madison-Macoupin Etc. Counties Community
College District No. 536, Lewis and Clark
Community GO, 5.00%, 11/1/2022
     35,000
       35,132
McHenry County Conservation District GO,
5.00%, 2/1/2024
     20,000
       20,684
McLean and Woodford Counties Community
Unit School District No. 5 Normal
 
 
Series 2017A, GO, 4.00%, 12/1/2022
    460,000
      461,714
Series 2017A, GO, 4.00%, 12/1/2023
     30,000
       30,451
McLean County Community Unit School
District No. 3, Tri-Valley GO, 3.00%,
12/1/2022
25,000
25,046
McLean County Public Building Commission
Rev., 5.00%, 12/1/2022
180,000
181,132
Metropolitan Water Reclamation District of
Greater Chicago Series 2014D, 5.00%,
12/1/2022
60,000
60,358
Mundelein Park and Recreation District,
Limited Tax GO, 3.00%, 12/15/2022
25,000
25,021
Peoria Metropolitan Airport Authority
Series 2017D, GO, 5.00%, 12/1/2022
45,000
45,297
Peoria Tazewell Etc Counties Community
College District No. 514 Series 2014A,
GO, 5.00%, 12/1/2022
200,000
201,369
Piatt and Dewitt Counties Community Unit
School District No. 57 Deland-Weldon GO,
3.13%, 12/1/2022
20,000
20,035
Pleasant Dale Park District Series A, GO,
4.00%, 12/15/2022
255,000
256,089
SEE NOTES TO FINANCIAL STATEMENTS.
 
August 31, 2022
J.P. Morgan Exchange-Traded Funds
259
JPMorgan Ultra-Short Municipal Income ETF
SCHEDULE OF PORTFOLIO INVESTMENTS
AS OF August 31, 2022  (Unaudited) (continued)
INVESTMENTS
PRINCIPAL
AMOUNT($)
VALUE($)
Municipal Bonds — continued
Illinois — continued
Railsplitter Tobacco Settlement Authority
 
 
Rev., 5.00%, 6/1/2023
    685,000
      696,960
Rev., 5.00%, 6/1/2024
  2,905,000
    3,016,391
Regional Transportation Authority
 
 
Series 2003B, Rev., NATL-RE, 5.50%,
6/1/2023
    570,000
      582,858
Series 2003A, Rev., NATL-RE, 5.50%,
7/1/2023
     50,000
       51,249
Series 2017A, Rev., 5.00%, 7/1/2024
     25,000
       26,093
Rock Island County Community Unit School
District No. 40 Moline Series 2019A, GO,
5.00%, 2/1/2023
    175,000
      176,955
Rock Island County Community Unit School
District No. 40 Moline, Alternative
Revenue Source GO, 3.00%, 2/1/2024
     20,000
       20,060
Sangamon County School District No. 186
Springfield Series 2014B, GO, 5.00%,
2/1/2023 (b)
     95,000
       96,026
Skokie Park District, Capital Appreciation
GO, AMBAC, Zero Coupon, 12/1/2022
     40,000
       39,711
South Suburban College Community School
District No. 510 AGC, Zero Coupon,
12/1/2023
25,000
24,094
Southwestern Illinois Development
Authority, Flood Prevention District
Council Project Rev., 4.00%, 4/15/2023
125,000
126,103
St. Charles Park District, Master Lease
Program Series 2017B, GO, 5.00%,
12/15/2022
25,000
25,183
St. Clair County Township High School
District No. 203 O'Fallon
 
 
GO, 3.00%, 12/1/2022
35,000
35,051
GO, 4.00%, 12/1/2022
50,000
50,214
State of Illinois
 
 
Series B, GO, 5.00%, 10/1/2022
35,000
35,061
Series 2017D, GO, 5.00%, 11/1/2022
9,530,000
9,563,215
Series 2019A, GO, 5.00%, 11/1/2022
345,000
346,202
GO, 5.00%, 2/1/2023
90,000
90,775
Series 2022B, GO, 5.00%, 3/1/2023
3,000,000
3,030,805
Series 2013A, GO, 5.00%, 4/1/2023
40,000
40,471
GO, 5.00%, 8/1/2023
1,830,000
1,861,695
Series D, GO, 5.00%, 11/1/2023
200,000
204,219
GO, 5.00%, 2/1/2024
265,000
271,590
Series 2021C, GO, 4.00%, 3/1/2024
825,000
834,533
Series 2021A, GO, 5.00%, 3/1/2024
1,035,000
1,061,973
Series 2022A, GO, 5.00%, 3/1/2024
4,865,000
4,991,784
Series 2022B, GO, 5.00%, 3/1/2024
5,500,000
5,643,332
INVESTMENTS
PRINCIPAL
AMOUNT($)
VALUE($)
 
Illinois — continued
GO, 5.50%, 7/1/2024
     75,000
       76,723
Series D, GO, 5.00%, 11/1/2024
     75,000
       77,625
Series 2021A, GO, 5.00%, 3/1/2025
     20,000
       20,792
Series 2022B, GO, 5.00%, 3/1/2025
  1,200,000
    1,247,493
GO, 5.50%, 7/1/2025
  3,405,000
    3,485,198
GO, 4.00%, 8/1/2025
     75,000
       75,079
Series 2020B, GO, 5.00%, 10/1/2025
     20,000
       20,937
Series 2017D, GO, 5.00%, 11/1/2025
 20,650,000
   21,638,557
GO, 5.00%, 2/1/2026
     25,000
       26,274
GO, 5.00%, 6/1/2026
    250,000
      263,769
Series B, GO, 5.00%, 10/1/2026
     25,000
       26,472
Series 2017D, GO, 5.00%, 11/1/2026
675,000
715,361
GO, 5.00%, 2/1/2027
100,000
102,732
Series A, GO, 5.00%, 3/1/2027
50,000
53,171
State of Illinois, Sales Tax Series 2016D,
Rev., 5.00%, 6/15/2023
120,000
121,928
Tender Option Bond Trust Receipts/
Certificates Series 2017-XF2500, Rev.,
VRDO, LIQ : Citibank NA, 1.55%,
9/12/2022 (c) (e)
10,220,000
10,220,000
Town of Normal Series 2017A, GO, 4.00%,
6/1/2023
35,000
35,390
Township of Campton 5.00%, 12/15/2022
40,000
40,304
University of Illinois Series C, COP, 5.00%,
3/15/2023
45,000
45,563
University of Illinois, Auxiliary Facilities
System Series 2013A, Rev., 5.00%,
4/1/2024
40,000
40,568
Vermilion and Edgar Counties Community
Unit School District No. 4 Series 2016B,
GO, AGM, 3.50%, 12/1/2022
200,000
200,511
Village of Antioch 4.00%, 12/1/2026
210,000
221,239
Village of Arlington Heights 3.00%,
12/1/2022
45,000
45,079
Village of Bolingbrook Series 1999A,
NATL-RE, 5.25%, 1/1/2034 (b)
30,000
30,292
Village of Channahon 4.00%,
12/1/2027 (b)
25,000
25,104
Village of Elk Grove Village GO, 5.00%,
1/1/2023
20,000
20,175
Village of Elmwood Park GO, 4.75%,
12/1/2022 (b)
50,000
50,300
Village of Glendale Heights GO, 5.00%,
12/15/2022
155,000
156,230
Village of Glenview Series 2012B, GO,
4.00%, 12/1/2022
25,000
25,105
SEE NOTES TO FINANCIAL STATEMENTS.
 
260
J.P. Morgan Exchange-Traded Funds
August 31, 2022
INVESTMENTS
PRINCIPAL
AMOUNT($)
VALUE($)
Municipal Bonds — continued
Illinois — continued
Village of Hoffman Estates GO, 5.00%,
12/1/2022
     40,000
       40,266
Village of La Grange GO, 3.00%,
12/1/2022
     20,000
       20,035
Village of Lyons Series 2014B, GO, AGM,
4.00%, 12/1/2022
     35,000
       35,130
Village of Midlothian
 
 
GO, AGM, 4.00%, 1/1/2023
     15,000
       15,065
GO, AGM, 4.00%, 1/1/2024
     70,000
       71,266
GO, AGM, 4.00%, 1/1/2025
     40,000
       41,221
Village of Morton Grove GO, 5.00%,
12/15/2022
     75,000
       75,556
Village of Northbrook Series 2014A, GO,
5.00%, 12/1/2022
    215,000
      216,439
Village of Rantoul GO, 4.00%, 1/1/2025
    350,000
      360,680
Village of Schaumburg Series 2012A, GO,
4.00%, 12/1/2022
     25,000
       25,092
Village of South Holland Series 2015B, GO,
4.00%, 12/15/2022
195,000
195,659
Village of Streamwood GO, 5.00%,
12/1/2023
20,000
20,577
Village of Villa Park, Sales Tax Series
2018A, GO, 4.00%, 12/15/2022
135,000
135,569
Village of Western Springs GO, 3.00%,
12/1/2022
50,000
50,060
Village of Wheeling GO, 5.00%, 12/1/2022
40,000
40,266
Will County Community Consolidated School
District No. 33-C Homer Glen Rev.,
5.00%, 12/1/2022
25,000
25,168
Will County Community Unit School District
No. 201-U Crete-Monee GO, AGM, Zero
Coupon, 11/1/2023
300,000
290,554
Will County Community Unit School District
No. 365-U Valley View GO, AGM, Zero
Coupon, 11/1/2022
210,000
209,189
Will County Forest Preserve District GO,
5.00%, 12/15/2022
215,000
216,638
Will County Forest Preserve District, Limited
Tax Series 2016A, GO, 2.00%,
12/15/2022
100,000
99,869
Will County School District No. 122, Capital
Appreciation GO, AGM, Zero Coupon,
11/1/2022
60,000
59,726
Will County School District No. 86 Joliet
Series 2015C, GO, AGM - CR, 5.00%,
3/1/2024
6,005,000
6,205,130
Will County Township High School District
No. 204 Joliet, Limited Tax Series
2013A, GO, 2.75%, 1/1/2023
35,000
35,026
INVESTMENTS
PRINCIPAL
AMOUNT($)
VALUE($)
 
Illinois — continued
Will Grundy Counties Community College
District No. 525 Series 2012A, GO,
4.00%, 12/1/2022 (b)
     25,000
       25,104
Will Grundy Etc Counties Community College
District No. 525
 
 
Series 2013A, GO, 5.00%, 6/1/2023
    535,000
      545,382
Series 2013B, GO, 5.25%,
12/1/2023 (b)
     25,000
       25,888
Total Illinois
 
158,340,394
Indiana — 0.5%
Allen County War Memorial Coliseum
Additions Building Corp.
 
 
Series 2016A, 4.00%, 11/1/2022
     50,000
       50,132
Series 2016A, 4.00%, 11/1/2024
    110,000
      113,208
Allen County War Memorial Coliseum
Expansion Building Corp., Lease Rental
First Mortgage Bonds 5.00%,
11/1/2022
    100,000
      100,432
Anderson Redevelopment District Series
2018A, 5.00%, 2/1/2023
    175,000
      176,737
Anderson School Building Corp., First
Mortgage
 
 
5.00%, 1/20/2023
45,000
45,457
5.00%, 7/20/2023
20,000
20,455
Avon Community School Building Corp., Ad
Valorem Property Tax First Mortgage
 
 
2.00%, 1/15/2023
2,275,000
2,269,504
5.00%, 1/15/2023
40,000
40,397
5.00%, 7/15/2023
20,000
20,449
4.00%, 7/15/2024
25,000
25,680
Ball State University, Housing & Dining
System 5.00%, 7/1/2024
25,000
25,535
Brownsburg 1999 School Building Corp., Ad
Valorem Property Tax First Mortgage
Series 2015B, 5.00%, 7/15/2024
30,000
31,349
Carmel Local Public Improvement Bond
Bank Series 2021A, 4.00%, 7/15/2025
65,000
67,527
Carmel Local Public Improvement Bond
Bank, Waterworks 5.00%, 6/1/2023
225,000
229,215
Carmel Redevelopment Authority, Option
Income Tax Lease Rental
 
 
Series 2014B, 5.00%, 1/1/2024
35,000
36,106
Series 2014B, 5.00%, 7/1/2024
70,000
73,047
City of Fishers, Local Income Tax Rev.,
3.00%, 1/15/2023
65,000
65,174
SEE NOTES TO FINANCIAL STATEMENTS.
 
August 31, 2022
J.P. Morgan Exchange-Traded Funds
261
JPMorgan Ultra-Short Municipal Income ETF
SCHEDULE OF PORTFOLIO INVESTMENTS
AS OF August 31, 2022  (Unaudited) (continued)
INVESTMENTS
PRINCIPAL
AMOUNT($)
VALUE($)
Municipal Bonds — continued
Indiana — continued
City of Indianapolis, Energy System, First
Lien Series 2016A, Rev., 5.00%,
10/1/2022
    360,000
      360,750
City of Knox, Sewage Works Rev., 4.00%,
12/1/2022
     65,000
       65,200
City of La Porte, Sewage Works Rev.,
3.00%, 3/1/2023
     40,000
       40,117
City of Rockport, AEP Generating Co. Project
Series A, Rev., VRDO, 1.35%,
9/1/2022 (c)
     50,000
       50,000
Clark Pleasant Middle School Corp., Ad
Valorem Property Tax First Mortgage
4.00%, 1/15/2025
     35,000
       35,988
Clarksville Redevelopment Authority
4.00%, 8/1/2023
    125,000
      126,534
Clay Multi School Building Corp. 5.00%,
1/15/2023
    210,000
      212,012
Concord Community Schools Building Corp.,
First Mortgage 5.00%, 7/15/2023
     25,000
       25,565
County of Johnson, Local Income Tax Series
2020A, Rev., 4.00%, 7/15/2023
     25,000
       25,345
Decatur Township Multi-School Building
Corp., Ad Valorem Property Tax First
Mortgage Rev., 4.00%, 1/15/2023
     20,000
       20,116
East Allen Multi School Building Corp.,
Indiana Ad Valorem Property Tax, First
Mortgage
 
 
Rev., 4.00%, 7/15/2023
10,000
10,130
Rev., 4.00%, 1/15/2024
40,000
40,754
East Porter County School Corp. GO,
2.00%, 1/15/2023
30,000
29,954
Fishers Industrial Redevelopment District,
Income Tax
 
 
Rev., 4.00%, 1/15/2024
25,000
25,448
Rev., 4.00%, 7/15/2024
35,000
35,829
Fort Wayne Redevelopment Authority Lease
Rental Series 2014A, Rev., 3.00%,
8/1/2024
50,000
50,064
Franklin Township-Marion County Multiple
School Building Corp., Ad Valorem
Property Tax First Mortgage Rev.,
4.00%, 1/15/2023
40,000
40,249
GCS School Building Corp. One, Unlimited
Ad Valorem Property Tax First Mortgage
 
 
Rev., 4.00%, 1/15/2023
75,000
75,447
Rev., 5.00%, 1/15/2026
45,000
48,688
Greenfield Middle School Building Corp., Ad
Valorem Property Tax First Mortgage
Rev., 5.00%, 7/15/2023
30,000
30,678
INVESTMENTS
PRINCIPAL
AMOUNT($)
VALUE($)
 
Indiana — continued
Hamilton County Public Building Corp., First
Mortgage Rev., 5.00%, 2/1/2023
     75,000
       75,181
Hamilton Southeastern Consolidated School
Building Corp., Ad Valorem Property Tax
First Mortgage Rev., 4.00%, 1/15/2024
     25,000
       25,522
Hammond Multi-School Building Corp., Ad
Valorem Property Tax First Mortgage
 
 
Rev., 5.00%, 7/15/2024
    100,000
      103,245
Rev., 5.00%, 1/15/2025
    100,000
      105,358
Indiana Bond Bank, Special Program,
Columbus Learning Center Project Series
2012C, Rev., 5.00%, 8/1/2023
    200,000
      200,420
Indiana Finance Authority
 
 
Series 2010A, Rev., 5.00%, 12/1/2022
    130,000
      130,877
Series 2016C, Rev., 5.00%, 12/1/2022
     75,000
       75,506
Indiana Finance Authority, Beacon Health
System Obligation Group Series 2013A,
Rev., 5.00%, 8/15/2023
    250,000
      255,810
Indiana Finance Authority, Butler University
Project Series 2014A, Rev., 5.00%,
2/1/2023
    100,000
      101,034
Indiana Finance Authority, Community
Foundation of Northwest Indiana
Obligated Group
 
 
Rev., 5.00%, 9/1/2022
100,000
100,000
Rev., 5.00%, 3/1/2023
25,000
25,335
Indiana Finance Authority, Deaconess
Health System Obligated Project
 
 
Series 2013A, Rev., 5.00%, 3/1/2023
25,000
25,304
Series 2013A, Rev., 5.00%,
3/1/2023 (b)
25,000
25,317
Indiana Finance Authority, First Lien, CWA
Authority Project
 
 
Series 2012A, Rev., 5.00%,
10/1/2022 (b)
535,000
536,167
Series 2014A, Rev., 5.00%, 10/1/2022
205,000
205,437
Series 2016A, Rev., 5.00%, 10/1/2022
50,000
50,107
Series 2021-1, Rev., 5.00%, 10/1/2022
125,000
125,267
Series 2021-1, Rev., 5.00%, 10/1/2023
10,000
10,265
Indiana Finance Authority, Franciscan
Alliance, Inc., Obligated Group
 
 
Rev., 5.00%, 11/1/2022
170,000
170,746
Series 2017C, Rev., 5.00%, 11/1/2022
50,000
50,219
Series 2016B, Rev., 5.00%, 11/1/2024
345,000
363,133
Indiana Finance Authority, Goshen Health
Series B, Rev., 2.10%, 11/1/2026 (c)
60,000
58,043
SEE NOTES TO FINANCIAL STATEMENTS.
 
262
J.P. Morgan Exchange-Traded Funds
August 31, 2022
INVESTMENTS
PRINCIPAL
AMOUNT($)
VALUE($)
Municipal Bonds — continued
Indiana — continued
Indiana Finance Authority, Indiana
University Health Obligated Group
 
 
Rev., 5.00%, 12/1/2022
    600,000
      603,851
Series 2014A, Rev., 5.00%, 12/1/2022
    220,000
      221,412
Series 2016A, Rev., 5.00%, 12/1/2022
    575,000
      578,691
Rev., 5.00%, 12/1/2024
     75,000
       79,088
Series B, Rev., 2.25%, 7/1/2025 (c)
    150,000
      148,642
Indiana Finance Authority, Lease
Appropriation, Convention Center
Expansion Project Series 2019B, Rev.,
5.00%, 2/1/2025
     90,000
       95,257
Indiana Finance Authority, Parkview Health
System, Inc. Series 2017A, Rev., 5.00%,
11/1/2022
    420,000
      421,773
Indiana Finance Authority, State Revolving
Fund Program
 
 
Rev., 5.00%, 2/1/2023
     50,000
       50,569
Series 2012C, Rev., 5.00%, 2/1/2023
     70,000
       70,797
Series 2015B, Rev., 5.00%, 2/1/2023
45,000
45,512
Series 2017C, Rev., 5.00%, 2/1/2023
25,000
25,284
Series 2012C, Rev., 5.00%, 2/1/2025
25,000
25,267
Indiana Health Facility Financing Authority,
Ascension Health Credit Group Rev.,
4.00%, 10/1/2025
30,000
31,192
Indiana State University, Student Fee Series
R, Rev., 5.00%, 10/1/2022
280,000
280,514
Indiana University Series 2015A, Rev.,
5.00%, 6/1/2023
70,000
71,411
Indiana University, Student Fee Series W-2,
Rev., 5.00%, 8/1/2023
10,000
10,244
Indianapolis Local Public Improvement
Bond Bank Series 2019E, Rev., 5.00%,
1/1/2023
30,000
30,274
Indianapolis Local Public Improvement
Bond Bank, Capital Appreciation Series
1999E, Rev., AMBAC, Zero Coupon,
2/1/2023
25,000
24,735
Indianapolis Local Public Improvement
Bond Bank, Indianapolis Airport
Authority Series 2019I-2, Rev., 5.00%,
1/1/2023
25,000
25,216
Indianapolis Local Public Improvement
Bond Bank, Pilot Infrastructure Project
Series 2017C, Rev., 5.00%, 1/1/2023
35,000
35,314
Indianapolis Local Public Improvement
Bond Bank, Stormwater Project
 
 
Series 2013D, Rev., 5.00%, 1/1/2023
20,000
20,182
Series 2013D, Rev., 3.25%, 1/1/2025
100,000
100,169
INVESTMENTS
PRINCIPAL
AMOUNT($)
VALUE($)
 
Indiana — continued
Indianapolis-Marion County Public Library
GO, 5.00%, 1/1/2023
     60,000
       60,127
Ivy Tech Community College of Indiana,
Student Fee
 
 
Series R-1, Rev., 5.00%, 7/1/2023
     35,000
       35,775
Series W, Rev., 5.00%, 7/1/2025
     25,000
       26,524
Jackson County Building Corp.
 
 
Rev., 2.00%, 1/15/2023
    120,000
      119,623
Rev., 2.00%, 7/15/2023
    125,000
      123,990
Rev., 2.00%, 1/15/2025
    125,000
      122,627
Jasper Hospital Authority, Memorial Health
and Health Center Project Rev., 5.00%,
11/1/2022
    125,000
      125,465
Jennings County School Building Corp., First
Mortgage Series 2019A, Rev., 2.00%,
1/15/2023
     60,000
       59,862
LaPorte Multi School Building Corp., Ad
Valorem Property Tax, First Mortgage
Series 2017A, Rev., 2.00%, 1/15/2023
     25,000
       24,951
Lawrence Township School Building Corp.,
Unlimited Tax Rev., 4.00%, 1/15/2023
25,000
25,163
Merrillville Community School Corp.
 
 
GO, 2.00%, 7/15/2023
1,025,000
1,016,720
GO, 2.00%, 1/15/2024
1,040,000
1,025,436
Merrillville Multi School Building Corp., Ad
Valorem Property Tax, First Mortgage
Rev., 5.00%, 7/15/2023
40,000
40,887
Michigan City School Building Corp., Ad
Valorem Property Tax First Mortgage
Series 2016B, Rev., 4.00%, 7/15/2023
30,000
30,390
Mooresville Redevelopment District, Tax
Increment Rev., 4.00%, 1/15/2023 (b)
25,000
25,148
Munster School Building Corp., Valorem Tax
First Mortgage Rev., 4.00%, 7/15/2023
85,000
86,121
New Palestine Multi-School Building Corp.,
First Mortgage, Ad Valorem Property Tax
Rev., 4.00%, 1/15/2023
45,000
45,283
New Prairie United School District Building
Corp., First Mortgage Rev., 4.00%,
1/15/2025
35,000
36,118
North Adams Community Schools
Renovation Building Corp., First
Mortgage, Ad Valorem Property Tax
 
 
Rev., 5.00%, 1/15/2023
20,000
20,189
Rev., 5.00%, 7/15/2023
35,000
35,761
North West Hendricks Multi-Building Corp.,
First Mortgage Series 2016A, Rev.,
4.00%, 1/15/2023
25,000
25,156
SEE NOTES TO FINANCIAL STATEMENTS.
 
August 31, 2022
J.P. Morgan Exchange-Traded Funds
263
JPMorgan Ultra-Short Municipal Income ETF
SCHEDULE OF PORTFOLIO INVESTMENTS
AS OF August 31, 2022  (Unaudited) (continued)
INVESTMENTS
PRINCIPAL
AMOUNT($)
VALUE($)
Municipal Bonds — continued
Indiana — continued
Pike Township Multi-School Building Corp.,
First Mortgage
 
 
Rev., 5.00%, 1/15/2024
    320,000
      330,969
Rev., 5.00%, 7/15/2024
    350,000
      365,999
Rev., 5.00%, 1/15/2025
    335,000
      354,217
Plainfield High School Building Corp., Ad
Valorem Property Tax, First Mortgage
Series 2019A, Rev., 5.00%, 7/15/2023
     35,000
       35,800
Purdue University
 
 
Series 2016CC, Rev., 5.00%, 7/1/2023
     40,000
       40,862
Series EE, Rev., 5.00%, 7/1/2023
     20,000
       20,431
South Bend Community School Building
Corp., First Mortgage Rev., 4.00%,
1/15/2023
     30,000
       30,191
South Bend Redevelopment Authority, Eddy
Street Commons Project Rev., 5.00%,
2/15/2023
    100,000
      101,130
South Gibson School Building Corp., First
Mortgage Rev., 4.00%, 1/10/2025
     40,000
       41,326
Southmont School Building Corp., Ad
Valorem Property Tax, First Mortgage
Rev., 5.00%, 1/15/2025
20,000
21,133
Tell City-Troy Township Elementary School
Building Corp., First Mortgage Refunding
and Improvement Rev., 5.00%,
1/15/2023
50,000
50,472
Twin Lakes Regional Sewer District Rev.,
AGM, 3.00%, 7/1/2023 (b)
25,000
25,118
Twin Lakes School Building Corp., First
Mortgage Rev., 4.00%, 7/15/2024
35,000
35,868
University of Southern Indiana Foundation
Series N, Rev., 4.00%, 10/1/2022
145,000
145,188
Wa-Nee Community Schools GO, 3.00%,
1/15/2023
125,000
125,299
Warsaw Multi-School Building Corp., First
Mortgage Rev., 5.00%, 1/15/2023
85,000
85,802
West Clark 2000 School Building Corp., First
Mortgage Rev., 5.00%, 1/15/2023
25,000
25,243
West Lafayette School Building Corp., Ad
Valorem Property Tax, First Mortgage
Rev., 5.00%, 7/15/2023
85,000
86,921
Whitestown Redevelopment Authority Rev.,
3.00%, 1/15/2024
25,000
25,117
Winfield Building Corp., Indiana Lease
Rental, Sewage Works Treatment Plant
Project
 
 
Rev., 4.00%, 1/15/2023
130,000
130,728
INVESTMENTS
PRINCIPAL
AMOUNT($)
VALUE($)
 
Indiana — continued
Rev., 4.00%, 7/15/2023
     85,000
       86,069
Rev., 4.00%, 1/15/2024
     35,000
       35,674
Rev., 4.00%, 7/15/2024
     35,000
       35,900
Rev., 4.00%, 1/15/2025
    145,000
      149,664
Rev., 4.00%, 7/15/2025
    145,000
      150,593
Rev., 4.00%, 1/15/2026
    150,000
      156,728
Zionsville Community Schools Building
Corp., First Mortgage, Capital
Appreciation Series 2003Z, Rev.,
NATL-RE, Zero Coupon, 1/15/2025
     25,000
       23,346
Total Indiana
 
16,380,063
Iowa — 0.6%
Ames Community School District 5.00%,
6/1/2023
     25,000
       25,491
Ankeny Community School District Series
2015A, 5.00%, 6/1/2023
     20,000
       20,397
City of Bettendorf Series 2013A, 4.00%,
6/1/2023
50,000
50,603
City of Cedar Rapids Series 2018D, 5.00%,
6/1/2023
30,000
30,560
City of Des Moines Series 2016B, GO,
4.00%, 6/1/2023
25,000
25,305
County of Polk Series 2017C, GO, 5.00%,
6/1/2023
45,000
45,873
County of Scott, Solid Waste Disposal Series
2015A, GO, 4.00%, 6/1/2023
25,000
25,301
GMG Community School District GO, 4.00%,
6/1/2023
40,000
40,411
Iowa Finance Authority, Health System Rev.,
(SIFMA Municipal Swap Index Yield +
0.58%), 2.08%, 9/8/2022 (d) (e)
14,990,000
14,943,618
Iowa Finance Authority, Single Family
Mortgage-Backed Securities Program
Series 2017C, Rev.,
GNMA/FNMA/FHLMC, 1.70%, 1/1/2023
165,000
164,584
Iowa Finance Authority, Unitypoint Health
Series 2018B, Rev., 5.00%, 2/15/2025
340,000
356,853
Janesville Consolidated School District GO,
3.00%, 6/1/2023
25,000
25,117
Linn-Mar Community School District GO,
5.00%, 5/1/2023
80,000
81,424
North Polk Community School District
Series 2017A, GO, 3.00%, 6/1/2023
30,000
30,141
State of Iowa Board of Regents, University
of Iowa, Hospitals and Clinics
 
 
Rev., 4.00%, 9/1/2022 (b)
100,000
100,000
Series 2021A, Rev., 5.00%, 9/1/2022
1,305,000
1,305,000
SEE NOTES TO FINANCIAL STATEMENTS.
 
264
J.P. Morgan Exchange-Traded Funds
August 31, 2022
INVESTMENTS
PRINCIPAL
AMOUNT($)
VALUE($)
Municipal Bonds — continued
Iowa — continued
Series SUI, Rev., 5.00%, 9/1/2022
     50,000
       50,000
Series 2019SUI, Rev., 5.00%, 9/1/2025
     25,000
       26,796
State of Iowa, Special Obligation Rev.,
5.00%, 6/15/2023
     25,000
       25,495
University of Iowa (The), Recreational
Facilities Series 2017B, Rev., 4.00%,
7/1/2023
     20,000
       20,279
University of Iowa, Utility System Series SUI,
Rev., 5.00%, 11/1/2022 (b)
     65,000
       65,282
Total Iowa
 
17,458,530
Kansas — 0.3%
Blue Valley Recreation Commission
 
 
Series A, AGM, 5.00%, 10/1/2022
     75,000
       75,163
Series B, AGM, 5.00%, 10/1/2023
     30,000
       30,835
Bourbon County Unified School District No
234-Fort Scott 5.00%, 9/1/2022
     25,000
       25,000
Butler County Unified School District No.
206 Remington AGM, 5.00%, 9/1/2022
40,000
40,000
Butler County Unified School District No.
375 Circle Series 2013-1, AGM, 3.38%,
9/1/2030 (b)
20,000
20,183
Cherokee County Unified School District No.
499 Galena Series 2013A, AGM, 5.00%,
9/1/2033 (b)
40,000
40,000
City of Derby
 
 
Series 2015C, GO, 3.00%, 12/1/2022
20,000
20,037
Series 2019B, GO, 4.00%, 12/1/2022
105,000
105,449
Series 2019-A, GO, 5.00%, 12/1/2022
30,000
30,202
City of Goddard
 
 
Series 2021-1, GO, 4.00%, 10/1/2022
40,000
40,053
Series 2019-1, GO, 3.00%, 12/1/2022
125,000
125,064
City of Hutchinson Series 2016A, GO,
4.00%, 10/1/2022
30,000
30,041
City of Lawrence
 
 
Series 2015-A, GO, 3.00%, 9/1/2022
30,000
30,000
Series 2017D, GO, 5.00%, 9/1/2022
180,000
180,000
City of Lawrence, Water and Sewer System
Rev., 5.00%, 11/1/2022
25,000
25,114
City of Manhattan Series A, GO, 5.00%,
11/1/2022
30,000
30,134
City of Manhattan, Temporary Notes Series
2020-03, GO, 0.75%, 6/15/2024
185,000
176,218
City of Olathe
 
 
Series 233, GO, 3.00%, 10/1/2022
160,000
160,098
Series 234, GO, 4.25%, 10/1/2022
25,000
25,040
Series 230, GO, 5.00%, 10/1/2022
185,000
185,408
INVESTMENTS
PRINCIPAL
AMOUNT($)
VALUE($)
 
Kansas — continued
Series 231, GO, 5.00%, 10/1/2022
     75,000
       75,165
City of Oswego Series 2012A, GO, 4.13%,
12/1/2022 (b)
    100,000
      100,436
City of Overland Park, Unlimited Tax Series
2013C, GO, 4.00%, 9/1/2022
     65,000
       65,000
City of Wichita
 
 
Series 2012A, GO, 4.00%, 9/1/2022
     25,000
       25,000
GO, 4.00%, 10/15/2022
  1,510,000
    1,513,183
Series 823, GO, 4.00%, 12/1/2022
     20,000
       20,088
GO, 5.00%, 12/1/2022
    115,000
      115,787
City of Wichita, Water & Sewer Utility Series
2015D, Rev., 5.00%, 10/1/2022
     25,000
       25,056
County of Anderson Series 2013A, AGM,
4.75%, 8/1/2043 (b)
     50,000
       51,055
County of Johnson, Internal Improvement
 
 
Series 2012A, GO, 3.00%, 9/1/2022 (b)
25,000
25,000
Series 2015A, GO, 5.00%, 9/1/2022
20,000
20,000
Series 2018A, GO, 5.00%, 9/1/2022
20,000
20,000
County of Saline, Sales Tax Series 2021B,
GO, 4.00%, 9/1/2022
245,000
245,000
County of Shawnee COP, 3.00%, 9/1/2024
35,000
35,244
County of Shawnee, Public Building
Commission, Kansas Expocentre Project
Rev., 4.00%, 9/1/2022
25,000
25,000
Douglas County Unified School District No.
497 Lawrence Series 2016-A, GO,
5.00%, 9/1/2022
110,000
110,000
Finney County Unified School District No.
457 Garden City Series B, GO, 5.00%,
9/1/2022
50,000
50,000
Franklin County Unified School District No.
290 Ottawa GO, 3.00%, 9/1/2022 (b)
100,000
100,000
Johnson County Community College
Foundation, Inc. COP, 5.00%,
10/1/2022
150,000
150,320
Johnson County Community College
Foundation, Inc., Student Common and
Parking System Rev., 4.00%,
11/15/2022
100,000
100,339
Johnson County Park and Recreation District
Series 2013A, COP, 5.00%, 9/1/2022
225,000
225,000
Johnson County Public Building Commission
Series 2012A, Rev., 3.00%, 9/1/2022
25,000
25,000
Johnson County Public Building
Commission, Courthouse and Medical
Examiners Facilities Series 2018A, Rev.,
5.00%, 9/1/2022
75,000
75,000
SEE NOTES TO FINANCIAL STATEMENTS.
 
August 31, 2022
J.P. Morgan Exchange-Traded Funds
265
JPMorgan Ultra-Short Municipal Income ETF
SCHEDULE OF PORTFOLIO INVESTMENTS
AS OF August 31, 2022  (Unaudited) (continued)
INVESTMENTS
PRINCIPAL
AMOUNT($)
VALUE($)
Municipal Bonds — continued
Kansas — continued
Johnson County Unified School District No.
229 Blue Valley Series 2015B, GO,
5.00%, 10/1/2022
     20,000
       20,041
Johnson County Unified School District No.
233 Olathe
 
 
Series 2017B, GO, 3.00%, 9/1/2022
     30,000
       30,000
Series 2016A, GO, 4.00%, 9/1/2022
     35,000
       35,000
Series 2017A, GO, 4.00%, 9/1/2022
    175,000
      175,000
Series 2016B, GO, 5.00%, 9/1/2022
    150,000
      150,000
Series 2016C, GO, 5.00%, 9/1/2022
     85,000
       85,000
Series 2016C, GO, 5.00%, 9/1/2023
     50,000
       51,313
Kansas Development Finance Authority
Series 2015A, Rev., 5.00%,
5/1/2023 (b)
    775,000
      788,489
Kansas Development Finance Authority,
Kansas Department of Commerce Impact
Program Series 2020T, Rev., 5.00%,
12/1/2022
    410,000
      412,652
Kansas Development Finance Authority,
National Bio and Agro-Defense Facility
Series 2015G, Rev., 5.00%,
4/1/2023 (b)
    175,000
      177,628
Kansas Development Finance Authority,
State of Kansas Project Series 2019F,
Rev., 5.00%, 11/1/2022
240,000
241,037
Kansas Development Finance Authority,
University Project Series 2014C, Rev.,
5.00%, 5/1/2023
195,000
195,304
Kansas Turnpike Authority Series 2020A,
Rev., 3.00%, 9/1/2022
90,000
90,000
Leavenworth County Unified School District
No. 464 Series B, GO, 4.00%, 9/1/2022
125,000
125,000
Neosho County Unified School District No.
413 GO, AGM, 4.00%, 9/1/2023 (b)
25,000
25,389
Reno County Unified School District No. 310
GO, 3.00%, 9/1/2022
125,000
125,000
Reno County Unified School District No. 313
Buhler Series A, GO, 4.00%,
9/1/2022 (b)
265,000
265,000
Sedgwick County Unified School District No.
259 Wichita Series 2017-A, GO, 3.00%,
10/1/2022
420,000
420,264
Sedgwick County Unified School District No.
261 Haysville GO, 4.00%, 11/1/2022
50,000
50,136
Sedgwick County Unified School District No.
265 Goddard Series 2016B, GO, 4.00%,
10/1/2022
125,000
125,173
INVESTMENTS
PRINCIPAL
AMOUNT($)
VALUE($)
 
Kansas — continued
Sedgwick County Unified School District No.
266 Maize
 
 
Series 2015A, GO, 4.00%, 9/1/2022
    100,000
      100,000
Series 2015A, GO, 4.00%, 9/1/2023 (b)
     25,000
       25,402
Seward County Unified School District No.
480 Liberal
 
 
GO, 5.00%, 9/1/2022 (b)
    335,000
      335,000
Series 2017-B, GO, 5.00%, 9/1/2023
     10,000
       10,252
State of Kansas Department of
Transportation
 
 
Series 2012B, Rev., 5.00%, 9/1/2022
    125,000
      125,000
Series 2012C, Rev., 5.00%, 9/1/2022
    105,000
      105,000
Series 2015A, Rev., 5.00%, 9/1/2023
     45,000
       46,196
Washington County Public Building
Commission, Law Enforcement Center
and Hospital Project Rev., AGM, 5.00%,
9/1/2022 (b)
    100,000
      100,000
Wyandotte County Unified School District
No. 202 Turner GO, 5.00%, 9/1/2022
20,000
20,000
Wyandotte County Unified School District
No. 203 Piper Series 2016A, GO, 4.00%,
9/1/2022
100,000
100,000
Wyandotte County, Unified Government
Utility System Improvement
 
 
Series 2020-A, Rev., 3.00%, 9/1/2022
25,000
25,000
Series 2012A, Rev., 5.00%,
9/1/2022 (b)
360,000
360,000
Series 2012A, Rev., 5.00%, 9/1/2022
125,000
125,000
Series 2012B, Rev., 5.00%, 9/1/2022
85,000
85,000
Series 2012B, Rev., 5.00%,
9/1/2022 (b)
45,000
45,000
Series B, Rev., 5.00%, 9/1/2022
40,000
40,000
Wyandotte County-Kansas City Unified
Government Utility System Series 2012A,
Rev., 3.50%, 9/1/2022 (b)
25,000
25,000
Wyandotte County-Kansas City Unified
Government Utility System, Public
Utilities Series 2012A, Rev., 3.25%,
9/1/2022 (b)
25,000
25,000
Total Kansas
 
9,874,988
Kentucky — 0.6%
Augusta Independent School District
Finance Corp. 2.00%, 2/1/2023
45,000
44,877
Boone County School District Finance Corp.
Series 2016B, 2.00%, 11/1/2022
125,000
124,841
City of Russell, Bon Secours Health System,
Inc. Rev., 5.00%, 11/1/2022 (b)
70,000
70,315
SEE NOTES TO FINANCIAL STATEMENTS.
 
266
J.P. Morgan Exchange-Traded Funds
August 31, 2022
INVESTMENTS
PRINCIPAL
AMOUNT($)
VALUE($)
Municipal Bonds — continued
Kentucky — continued
County of Campbell 2.00%, 12/1/2022
     45,000
       44,966
County of Daviess Series 2012A, GO,
2.00%, 9/1/2023
     50,000
       49,713
Crittenden County School District Finance
Corp. Rev., 2.50%, 10/1/2022
     25,000
       25,005
Eastern Kentucky University, General
Receipts
 
 
Series 2018A, Rev., 5.00%, 10/1/2022
     30,000
       30,058
Series 2012A, Rev., 5.00%, 4/1/2023
     35,000
       35,477
Fayette County School District Finance Corp.
 
 
Series 2020B, Rev., 4.00%, 12/1/2022
     20,000
       20,082
Series 2013A, Rev., 5.00%,
10/1/2023 (b)
     25,000
       25,707
Glasgow Electric Plant Board, Electric
System Series 2014B, Rev., 2.75%,
12/1/2022
     25,000
       25,024
Henderson County School District Finance
Corp. Rev., 2.00%, 10/1/2022
     25,000
       24,991
Kenton County Public Properties Corp.,
Court Facilities Project Rev., 3.00%,
3/1/2024
500,000
502,454
Kentucky Asset Liability Commission,
Federal Highway Trust Fund
 
 
Series 2015A, Rev., 5.00%, 9/1/2022
590,000
590,000
Series 2020A, Rev., 5.00%, 9/1/2022
30,000
30,000
Series 2013A, Rev., 5.25%, 9/1/2022
610,000
610,000
Series 2013A, Rev., 5.25%, 9/1/2024
260,000
266,800
Series 2013A, Rev., 5.25%, 9/1/2025
310,000
317,911
Series A, Rev., 5.00%, 9/1/2026
145,000
151,394
Kentucky Bond Development Corp. Rev.,
5.00%, 9/1/2022 (b)
400,000
400,000
Kentucky Economic Development Finance
Authority, Catholic Health Initiatives
Series 2013A, Rev., 5.25%,
1/1/2023 (b)
100,000
100,947
Kentucky Infrastructure Authority,
Wastewater and Drinking Water Revolving
Fund
 
 
Series 2016A, Rev., 5.00%, 2/1/2023
20,000
20,217
Series 2018A, Rev., 3.00%, 2/1/2024
25,000
25,193
Kentucky Public Energy Authority, Gas
Supply
 
 
Series A-1, Rev., 4.00%, 2/1/2023
955,000
958,174
Series A-1, Rev., 4.00%, 8/1/2023
1,050,000
1,056,257
Series A-1, Rev., 4.00%, 2/1/2024
2,500,000
2,520,149
Series 2018A, Rev., 4.00%,
4/1/2024 (c)
155,000
156,171
INVESTMENTS
PRINCIPAL
AMOUNT($)
VALUE($)
 
Kentucky — continued
Series 2018B, Rev., 4.00%,
1/1/2025 (c)
  1,810,000
    1,825,465
Series 2018C-1, Rev., 4.00%,
6/1/2025 (c)
    395,000
      398,435
Series 2020A, Rev., 4.00%,
6/1/2026 (c)
     90,000
       90,640
Kentucky State Property and Building
Commission, Project No. 104 Rev.,
5.00%, 11/1/2022
    310,000
      311,360
Kentucky State Property and Building
Commission, Project No. 106
 
 
Series 2013A, Rev., 5.00%, 10/1/2022
    110,000
      110,249
Series 2013A, Rev., 5.00%,
10/1/2023 (b)
     55,000
       56,567
Kentucky State Property and Building
Commission, Project No. 108
 
 
Series B, Rev., 5.00%, 8/1/2023
    870,000
      889,751
Series B, Rev., 5.00%, 8/1/2026
    125,000
      135,197
Kentucky State Property and Building
Commission, Project No. 112 Series B,
Rev., 5.00%, 11/1/2022
    510,000
      512,297
Kentucky State Property and Building
Commission, Project No. 115 Rev.,
5.00%, 4/1/2023
120,000
121,767
Kentucky State Property and Building
Commission, Project No. 116 Rev., AGM,
3.00%, 10/1/2022
105,000
105,064
Kentucky State Property and Building
Commission, Project No. 119 Rev.,
5.00%, 5/1/2023
25,000
25,419
Kentucky State Property and Building
Commission, Project No. 125 Series A,
Rev., 5.00%, 9/1/2022
40,000
40,000
Kentucky Turnpike Authority, Revitalization
Projects
 
 
Series 2016A, Rev., 5.00%, 7/1/2023
875,000
893,058
Series B, Rev., 5.00%, 7/1/2023
70,000
71,445
Series 2014A, Rev., 5.00%, 7/1/2024
35,000
36,536
Series B, Rev., 5.00%, 7/1/2025
95,000
100,925
Lexington-Fayette Urban County
Government
 
 
Series 2014A, GO, 5.00%, 9/1/2022
20,000
20,000
Series 2013A, GO, 5.00%, 10/1/2022
95,000
95,207
Lexington-Fayette Urban County
Government Sewer System Series
2014A, Rev., 5.00%, 9/1/2022
100,000
100,000
SEE NOTES TO FINANCIAL STATEMENTS.
 
August 31, 2022
J.P. Morgan Exchange-Traded Funds
267
JPMorgan Ultra-Short Municipal Income ETF
SCHEDULE OF PORTFOLIO INVESTMENTS
AS OF August 31, 2022  (Unaudited) (continued)
INVESTMENTS
PRINCIPAL
AMOUNT($)
VALUE($)
Municipal Bonds — continued
Kentucky — continued
Lexington-Fayette Urban County
Government, Various Purpose
 
 
Series 2017A, GO, 5.00%, 9/1/2022
    280,000
      280,000
Series 2018A, GO, 5.00%, 10/1/2022
     30,000
       30,066
Series 2012B, GO, 3.00%, 7/1/2024
    100,000
      100,023
Louisville and Jefferson County Metropolitan
Government Series 2016A, GO, 5.00%,
12/1/2022
     55,000
       55,381
Louisville and Jefferson County Metropolitan
Government, Norton Healthcare, Inc.
 
 
Series 2020B, Rev., 5.00%,
10/1/2023 (c)
    420,000
      429,604
Series 2016A, Rev., 5.00%, 10/1/2024
    660,000
      686,992
Louisville and Jefferson County Metropolitan
Sewer District, Sewer and Drainage
System
 
 
Rev., BAN, 3.00%, 10/14/2022
  1,160,000
    1,160,650
Series 2013C, Rev., 3.25%,
5/15/2023 (b)
     25,000
       25,156
Series 2016C, Rev., 5.00%, 5/15/2023
25,000
25,475
Louisville Water Co., Metro Government
Waterworks Board
 
 
Series 2014A, Rev., 4.00%,
11/15/2022
30,000
30,106
Rev., 5.00%, 11/15/2023
25,000
25,783
McCracken County School District Finance
Corp. Rev., 3.00%, 12/1/2022
25,000
25,043
Meade County School District Finance Corp.
Rev., 5.00%, 9/1/2022
75,000
75,000
Nelson County School District Finance Corp.,
School Building Rev., 2.00%, 12/1/2022
60,000
59,915
Oldham County School District Finance
Corp. Rev., 2.00%, 9/1/2022
25,000
25,000
Pendleton County Public Properties Corp.,
First Mortgage, Court Facilities Project
Rev., 4.00%, 12/1/2022
25,000
25,074
Scott County School District Finance Corp.
 
 
Rev., 4.00%, 1/1/2023
25,000
25,113
Rev., 5.00%, 6/1/2025
20,000
21,278
University of Kentucky, General Receipts
 
 
Series 2014D, Rev., 5.00%, 10/1/2022
75,000
75,166
Series 2015B, Rev., 5.00%, 10/1/2022
110,000
110,243
Series 2017A, Rev., 5.00%, 10/1/2022
150,000
150,331
Series 2015A, Rev., 5.00%, 4/1/2023
25,000
25,387
Series 2015B, Rev., 5.00%, 10/1/2024
20,000
21,004
University of Louisville, General Receipts
 
 
Series 2016C, Rev., 4.00%, 9/1/2022
120,000
120,000
INVESTMENTS
PRINCIPAL
AMOUNT($)
VALUE($)
 
Kentucky — continued
Series 2021B, Rev., 5.00%, 9/1/2025
    895,000
      947,078
Versailles Public Properties, Inc., KCTCS
Project Rev., 5.00%, 12/1/2022
    100,000
      100,634
Total Kentucky
 
18,821,607
Louisiana — 0.7%
Calcasieu Parish School District No. 23,
Public School Improvement 5.00%,
9/1/2022
     50,000
       50,000
City of Hammond, Sales and Use Tax Rev.,
4.00%, 12/1/2022
     80,000
       80,352
City of Lafayette, Utilities
 
 
Rev., 5.00%, 11/1/2022
     50,000
       50,215
Rev., 5.00%, 11/1/2022 (b)
     90,000
       90,399
City of New Orleans GO, 5.00%,
12/1/2024
     25,000
       25,154
City of New Orleans, Sewerage Service Rev.,
5.00%, 6/1/2023
     15,000
       15,274
City of Shreveport, Water and Sewer
 
 
GO, 5.00%, 9/1/2022
200,000
200,000
Series 2014A, Rev., 5.00%, 12/1/2022
80,000
80,459
City of West Monroe, Sales & Use Tax Rev.,
2.00%, 12/1/2022
20,000
19,975
East Baton Rouge Sewerage Commission
Series 2021A, Rev., 5.00%, 2/1/2023
75,000
75,854
Jefferson Sales Tax District Series 2019A,
Rev., AGM, 5.00%, 12/1/2022
325,000
327,021
Lafayette Consolidated Government Rev.,
AGM, 5.00%, 11/1/2022
150,000
150,628
Lafayette Public Power Authority
 
 
Rev., 5.00%, 11/1/2022
50,000
50,219
Rev., 5.00%, 11/1/2022 (b)
75,000
75,338
Lafayette Public Trust Financing Authority,
Ragin Cajun Facilities, Inc. Project Rev.,
AGM, 3.00%, 10/1/2022
25,000
25,012
Louisiana Energy & Power Authority, Power
Project Series 2013A, Rev., AGM, 4.50%,
6/1/2023 (b)
40,000
40,608
Louisiana Housing Corp., Valencia Park
Project Rev., 0.35%, 11/1/2022 (c)
2,000,000
1,991,362
Louisiana Local Government Environmental
Facilities and Community Development
Authority, Calcasieu Parish Project Rev.,
5.00%, 12/1/2022
25,000
25,169
Louisiana Local Government Environmental
Facilities and Community Development
Authority, City of Lake Charles Public
Improvement Project Rev., 5.00%,
5/1/2023
100,000
101,701
SEE NOTES TO FINANCIAL STATEMENTS.
 
268
J.P. Morgan Exchange-Traded Funds
August 31, 2022
INVESTMENTS
PRINCIPAL
AMOUNT($)
VALUE($)
Municipal Bonds — continued
Louisiana — continued
Louisiana Local Government Environmental
Facilities and Community Development
Authority, Jefferson Parish Projects Rev.,
5.00%, 4/1/2023
    100,000
      101,496
Louisiana Local Government Environmental
Facilities and Community Development
Authority, Jefferson Parking Garage
Project Rev., 2.38%, 9/1/2022
     30,000
       30,000
Louisiana Local Government Environmental
Facilities and Community Development
Authority, Woman's Hospital Foundation
Project Series 2017A, Rev., 3.00%,
10/1/2022
     75,000
       75,018
Louisiana Office Facilities Corp., State
Capitol Complex Program Rev., 5.00%,
11/1/2022
    385,000
      386,625
Louisiana Public Facilities Authority
 
 
Series 2016A, Rev., 5.00%,
12/15/2022 (b)
     25,000
       25,189
Series 2016A, Rev., 5.00%,
12/15/2022
     35,000
       35,261
Louisiana Public Facilities Authority,
Hurricane Recovery Program Rev.,
5.00%, 6/1/2024 (b)
    170,000
      177,319
Louisiana Public Facilities Authority,
Ochsner Clinic Foundation Project
 
 
Rev., 5.00%, 5/15/2023
    285,000
      289,514
Rev., 5.00%, 5/15/2025 (c)
    315,000
      330,606
Louisiana Public Facilities Authority, Tulane
University Project Series 2016A, Rev.,
5.00%, 12/15/2026
130,000
140,114
Parish of Plaquemines Rev., 5.00%,
3/1/2025
100,000
105,217
Parish of St. John the Baptist, Marathon Oil
Corp., Project Series 2017A-1, Rev.,
2.00%, 4/1/2023 (c)
3,665,000
3,648,197
State of Louisiana
 
 
Rev., 5.00%, 9/1/2022
590,000
590,000
Series 2016A, GO, 5.00%, 9/1/2022
75,000
75,000
Series 2019A, Rev., 5.00%, 9/1/2022
140,000
140,000
Series D-1, GO, 5.00%, 12/1/2022
25,000
25,171
Series 2014-C, GO, 5.00%, 8/1/2023
10,000
10,240
Rev., 5.00%, 9/1/2023
15,000
15,376
State of Louisiana Gasoline and Fuels Tax,
Second Lien
 
 
Series 2022A, Rev., (SOFR + 0.50%),
2.10%, 9/2/2022 (d)
7,940,000
7,646,797
Series 2017A, Rev., 0.60%,
5/1/2023 (c)
2,880,000
2,809,363
INVESTMENTS
PRINCIPAL
AMOUNT($)
VALUE($)
 
Louisiana — continued
Series 2017D, Rev., 0.60%,
5/1/2023 (c)
    115,000
      112,179
West Ouachita Parish School District Rev.,
4.00%, 9/1/2022
     25,000
       25,000
Total Louisiana
 
20,268,422
Maine — 0.1%
City of Biddeford 2.50%, 10/1/2022
    400,000
      400,089
City of Lewiston, Public Improvement GO,
4.00%, 4/15/2023
     25,000
       25,268
County of Cumberland
 
 
GO, 3.00%, 12/1/2022 (b)
     25,000
       25,045
GO, 2.00%, 4/1/2023
     30,000
       29,925
Maine Governmental Facilities Authority,
Lease Rental
 
 
Series 2015B, Rev., 5.00%, 10/1/2022
    180,000
      180,375
Series 2017A, Rev., 5.00%, 10/1/2022
140,000
140,292
Series 2020A, Rev., 5.00%, 10/1/2022
45,000
45,094
Series 2015B, Rev., 2.00%, 10/1/2023
10,000
9,962
Maine Health and Higher Educational
Facilities Authority
 
 
Series 2014A, Rev., 5.00%, 7/1/2023
85,000
86,825
Series 2017B, Rev., 5.00%, 7/1/2023
25,000
25,528
Series 2019A, Rev., 5.00%, 7/1/2023
50,000
50,907
Series 2020A, Rev., 5.00%,
7/1/2023 (b)
39,310
40,141
Series 2020A, Rev., 5.00%, 7/1/2023
60,690
61,842
Maine Municipal Bond Bank
 
 
Series 2016A, Rev., 3.00%, 9/1/2022
110,000
110,000
Series 2014A, Rev., 5.00%, 9/1/2022
195,000
195,000
Series 2016A, Rev., 3.00%, 11/1/2022
40,000
40,049
Series 2014C, Rev., 4.00%, 11/1/2022
25,000
25,071
Series 2016C, Rev., 4.00%, 11/1/2022
25,000
25,071
Series B, Rev., 4.00%, 11/1/2022
95,000
95,269
Series 2010C, Rev., 5.00%, 11/1/2022
215,000
215,958
Series 2012B, Rev., 5.00%, 11/1/2022
60,000
60,267
Series 2014C, Rev., 5.00%, 11/1/2022
20,000
20,089
Series 2015A, Rev., 5.00%, 11/1/2022
75,000
75,334
Series 2018A, Rev., 5.00%, 11/1/2022
95,000
95,423
Series 2018B, Rev., 5.00%, 11/1/2022
20,000
20,089
Series 2019A, Rev., 5.00%, 11/1/2022
50,000
50,223
Series 2020A, Rev., 5.00%, 11/1/2022
20,000
20,089
Series C, Rev., 5.00%, 11/1/2022
200,000
200,891
Series D, Rev., 5.00%, 11/1/2022
160,000
160,713
Series 2016C, Rev., 4.00%, 11/1/2023
25,000
25,468
Series 2018B, Rev., 5.00%, 11/1/2023
20,000
20,603
SEE NOTES TO FINANCIAL STATEMENTS.
 
August 31, 2022
J.P. Morgan Exchange-Traded Funds
269
JPMorgan Ultra-Short Municipal Income ETF
SCHEDULE OF PORTFOLIO INVESTMENTS
AS OF August 31, 2022  (Unaudited) (continued)
INVESTMENTS
PRINCIPAL
AMOUNT($)
VALUE($)
Municipal Bonds — continued
Maine — continued
Series 2014C, Rev., 5.00%, 11/1/2024
     25,000
       26,368
Maine Municipal Bond Bank, Transcap
Program Series 2015A, Rev., 5.00%,
9/1/2022
    595,000
      595,000
Maine School Administrative District No. 51
 
 
GO, 2.50%, 10/15/2022
    100,000
      100,031
GO, 4.00%, 8/1/2025
     50,000
       52,200
Maine Turnpike Authority Rev., 5.00%,
7/1/2023
     10,000
       10,213
Regional School Unit No. 1 Lower Kennebec
Region School Unit GO, 5.00%,
11/1/2022
     75,000
       75,335
Regional School Unit No. 21 GO, 5.00%,
11/1/2022
     25,000
       25,112
State of Maine Series 2017B, GO, 5.00%,
6/1/2023
     10,000
       10,202
Town of Cumberland GO, 5.00%, 5/1/2023
     35,000
       35,625
Town of Gorham Series 2020A, GO, 2.00%,
10/1/2022
     50,000
       49,988
Town of Scarborough
 
 
GO, 4.00%, 11/1/2022 (b)
70,000
70,196
GO, 5.00%, 11/1/2022
25,000
25,103
University of Maine System
 
 
Rev., 5.00%, 3/1/2023
70,000
70,917
Rev., 5.00%, 3/1/2025
55,000
58,389
Total Maine
 
3,781,579
Maryland — 0.2%
City of Baltimore Series D, 5.00%,
7/1/2023
25,000
25,537
City of Baltimore, Consolidated Public
Improvement
 
 
Series 2021A, 4.00%, 10/15/2022
20,000
20,042
Series 2013A, 5.00%, 10/15/2022
55,000
55,180
Series 2013B, 5.00%, 10/15/2022
55,000
55,180
Series 2014A, 5.00%, 10/15/2022
55,000
55,180
Series 2017A, 5.00%, 10/15/2022
25,000
25,082
Series 2013A, 4.00%, 10/15/2023 (b)
35,000
35,072
Series 2013A, 4.00%, 10/15/2024 (b)
25,000
25,051
City of Baltimore, Wastewater Projects
Series 2013C, 5.00%, 7/1/2023
30,000
30,644
City of Frederick, Public Improvement GO,
5.00%, 9/1/2022
50,000
50,000
County of Anne Arundel 5.00%,
10/1/2022
130,000
130,291
County of Anne Arundel, Arundel Mills
Project GTD, 5.00%, 7/1/2023
50,000
51,115
INVESTMENTS
PRINCIPAL
AMOUNT($)
VALUE($)
 
Maryland — continued
County of Anne Arundel, Consolidated
General Improvements 5.00%,
4/1/2023
     60,000
       60,950
County of Anne Arundel, Consolidated
Water and Sewer 5.00%, 10/1/2022
     65,000
       65,146
County of Baltimore, Consolidated Public
Improvement
 
 
5.00%, 3/1/2023
     70,000
       70,948
5.00%, 2/1/2025
     25,000
       26,551
County of Baltimore, Equipment Acquisition
Program 5.00%, 10/1/2022
    250,000
      250,502
County of Baltimore, Metropolitan District
76th Issue 5.00%, 2/1/2023
     25,000
       25,282
County of Baltimore, Metropolitan District,
Public Improvement
 
 
Series 2014C, 4.00%, 9/1/2022
     25,000
       25,000
Series 2014B, 4.50%, 9/1/2022
     50,000
       50,000
County of Carroll, Consolidated Public
Improvement
 
 
Series 2019A, 4.00%, 11/1/2022
40,000
40,117
5.00%, 11/1/2022
95,000
95,433
County of Cecil 4.00%, 12/1/2022
130,000
130,556
County of Cecil, County Commissioners,
Consolidated Public Improvement
3.38%, 11/1/2030 (b)
25,000
25,045
County of Charles, Consolidated Public
Improvement
 
 
5.00%, 10/1/2022
70,000
70,157
5.00%, 11/1/2022
25,000
25,114
5.00%, 7/15/2023
45,000
46,049
County of Harford, Consolidated Public
Improvement GO, 5.00%, 9/15/2022
225,000
225,226
County of Harford, Public Improvement GO,
5.00%, 10/1/2022
25,000
25,056
County of Howard, Consolidated Public
Improvement GO, 5.00%,
2/15/2023 (b)
20,000
20,246
County of Howard, Metropolitan District
Project Series 2015A, GO, 3.38%,
2/15/2023 (b)
20,000
20,095
County of Montgomery, Consolidated Public
Improvement
 
 
Series 2017C, GO, 5.00%, 10/1/2022
25,000
25,058
Series 2017A, GO, 5.00%, 11/1/2022
80,000
80,371
Series 2015B, GO, 5.00%, 12/1/2022
40,000
40,280
Series 2016A, GO, 5.00%, 12/1/2022
25,000
25,175
Series 2015B, GO, 5.00%, 12/1/2023
115,000
118,818
SEE NOTES TO FINANCIAL STATEMENTS.
 
270
J.P. Morgan Exchange-Traded Funds
August 31, 2022
INVESTMENTS
PRINCIPAL
AMOUNT($)
VALUE($)
Municipal Bonds — continued
Maryland — continued
County of Montgomery, Montgomery
College Series 2016A, COP, 5.00%,
11/1/2022
     70,000
       70,304
County of Prince George's COP, 5.00%,
10/15/2022
     35,000
       35,106
County of Prince George's, Consolidated
Public Improvement
 
 
Series 2014A, GO, 5.00%, 9/1/2022
     70,000
       70,000
Series 2013A, GO, 3.00%, 3/1/2023
     25,000
       25,086
Series 2013B, GO, 3.00%, 3/1/2023
     45,000
       45,156
Series 2013A, GO, 3.00%, 3/1/2024
     30,000
       30,101
County of Prince George's, Suitland Public
Infrastructure COP, 4.00%, 10/1/2022
     25,000
       25,036
County of Queen Anne's, Public Facilities
GO, 5.00%, 1/15/2023
     50,000
       50,509
County of Washington GO, 5.00%,
1/1/2023
     35,000
       35,307
County of Washington, Consolidated Public
Improvement GO, 4.00%, 7/1/2023
     30,000
       30,399
County of Wicomico, Public Improvement
 
 
GO, 5.00%, 10/1/2022
25,000
25,056
GO, 5.00%, 11/1/2022
50,000
50,228
Maryland Community Development
Administration, Housing and Community
Development
 
 
Series 2020D, Rev., 0.30%, 9/1/2022
330,000
330,000
Series 2018A, Rev., 2.60%, 9/1/2022
25,000
25,000
Series 2019A, Rev., 2.10%, 3/1/2024
20,000
19,807
Maryland Health and Higher Educational
Facilities Authority, Lifebridge Health
Issue Rev., 5.00%, 7/1/2025
45,000
47,580
Maryland Health and Higher Educational
Facilities Authority, Loyola University
Issue Series 2012A, Rev., 3.00%,
10/1/2022
50,000
50,029
Maryland Industrial Development Financing
Authority, McDonogh School Facility Rev.,
5.00%, 9/1/2022
55,000
55,000
Maryland National Capital Park and
Planning Commission, Park Acquisition
and Development Project Series
MC-2021A, GO, 5.00%, 12/1/2022 (b)
50,000
50,338
St. Mary's College of Maryland
 
 
Series 2012A, Rev., 4.00%, 9/1/2022
50,000
50,000
Series 2018A, Rev., 4.00%, 9/1/2022
40,000
40,000
State of Maryland Department of
Transportation Series 2016, Rev.,
4.00%, 9/1/2022
55,000
55,000
INVESTMENTS
PRINCIPAL
AMOUNT($)
VALUE($)
 
Maryland — continued
State of Maryland Department of
Transportation, Second Issue
 
 
Rev., 5.00%, 10/1/2022
    205,000
      205,461
Rev., 5.00%, 6/1/2025
     65,000
       66,225
State of Maryland Department of
Transportation, Third Issue Rev., 5.00%,
12/15/2022
    150,000
      151,186
State of Maryland, Department of
Transportation
 
 
Rev., 5.00%, 9/1/2022
     70,000
       70,000
Rev., 5.00%, 10/1/2022
    210,000
      210,472
Rev., 5.00%, 12/1/2022
     35,000
       35,243
Rev., 5.00%, 2/15/2023
    255,000
      258,171
Rev., 5.00%, 5/1/2023
     20,000
       20,337
Rev., 5.00%, 11/1/2023
     40,000
       41,158
State of Maryland, State and Local Facilities
Loan of 2015 Series 2015A, GO, 4.00%,
3/1/2023 (b)
20,000
20,167
Town of Ocean City, Mayor and City Council,
Municipal Purpose GO, 4.00%,
10/1/2022 (b)
50,000
50,069
Town of Ocean City, Municipal Purpose Loan
GO, 4.00%, 10/1/2022
35,000
35,047
University System of Maryland, Auxiliary
Facility and Tuition
 
 
Series 2012D, Rev., 5.00%, 10/1/2022
45,000
45,101
Series 2017B, Rev., 5.00%, 4/1/2023
25,000
25,396
Washington Suburban Sanitary Commission,
Consolidated Public Improvement Rev.,
5.00%, 6/1/2023 (b)
35,000
35,695
Total Maryland
 
4,630,319
Massachusetts — 2.5%
Berkshire Hills Regional School District
5.00%, 10/15/2022
55,000
55,182
Boston Water and Sewer Commission
 
 
Series 2012A, 4.25%, 11/1/2022
130,000
130,434
Series A, 5.00%, 11/1/2022
195,000
195,888
Series 2012A, 5.00%, 11/1/2024 (b)
140,000
140,633
Series 2012A, 4.00%, 11/1/2025 (b)
25,000
25,070
Series 2012A, 5.00%, 11/1/2026 (b)
20,000
20,090
Series B, 5.00%, 11/1/2033 (b)
25,000
25,762
Series 2012A, 3.50%, 11/1/2034 (b)
20,000
20,041
Bristol-Plymouth Regional Vocational
Technical School District 3.25%,
2/28/2023
6,000,000
6,007,084
Brockton Area Transit Authority 3.75%,
7/28/2023
6,100,000
6,131,574
SEE NOTES TO FINANCIAL STATEMENTS.
 
August 31, 2022
J.P. Morgan Exchange-Traded Funds
271
JPMorgan Ultra-Short Municipal Income ETF
SCHEDULE OF PORTFOLIO INVESTMENTS
AS OF August 31, 2022  (Unaudited) (continued)
INVESTMENTS
PRINCIPAL
AMOUNT($)
VALUE($)
Municipal Bonds — continued
Massachusetts — continued
City of Amesbury 4.00%, 9/1/2022
     25,000
       25,000
City of Beverly, Municipal Purpose Loan
3.00%, 9/1/2022
     40,000
       40,000
City of Boston
 
 
Series 2016A, 5.00%, 3/1/2023
     20,000
       20,273
Series 2010B, 3.00%, 4/1/2023
     40,000
       40,175
Series 2013B, 4.00%, 1/1/2024
     20,000
       20,120
Series 2013A, 4.00%, 3/1/2028 (b)
     30,000
       30,253
Series 2013D, 3.00%, 10/1/2031 (b)
     20,000
       20,012
City of Cambridge
 
 
Series 2015A, 4.00%, 2/15/2023
     20,000
       20,159
5.00%, 2/15/2023
     25,000
       25,311
City of Fall River GO, 4.00%, 12/1/2022
180,000
180,724
City of Framingham, Municipal Purpose
Loan
 
 
GO, 5.00%, 11/1/2022
115,000
115,514
GO, 5.00%, 12/1/2022
105,000
105,706
GO, 5.00%, 12/15/2022
45,000
45,349
City of Franklin, Otterbeit Homes GO,
5.00%, 12/15/2022
45,000
45,349
City of Holyoke GO, 3.25%, 9/1/2022 (b)
20,000
20,000
City of Lowell GO, 4.00%, 9/1/2022
40,000
40,000
City of Lowell, Municipal Purpose Loan GO,
5.00%, 9/1/2022
110,000
110,000
City of Malden, Municipal Purpose Loan
 
 
GO, 5.00%, 11/15/2022
25,000
25,137
Series 2012A, GO, 5.00%, 12/15/2022
50,000
50,385
City of Melrose Series 2012A, GO, 2.00%,
11/1/2022
40,000
39,988
City of Newton Series B, GO, 3.00%,
11/1/2022
50,000
50,065
City of Northampton GO, 5.00%, 9/1/2022
35,000
35,000
City of Northampton, Municipal Purpose
Loan GO, 4.00%, 6/1/2023
25,000
25,311
City of Peabody, Municipal Purpose Loan
 
 
GO, 4.00%, 10/1/2022
35,000
35,049
Series 2015A, GO, 5.00%, 11/15/2022
30,000
30,166
City of Quincy GO, BAN, 1.50%, 9/16/2022
110,000
109,968
City of Revere GO, 5.00%, 9/1/2022
80,000
80,000
City of Salem, Municipal Purpose Loan GO,
5.00%, 9/15/2022
25,000
25,024
City of Salem, State Qualified Municipal
Loan GO, 4.00%, 9/1/2022
75,000
75,000
City of Somerville, Municipal Purpose Loan
of 2013 GO, 5.00%, 10/1/2022
70,000
70,154
INVESTMENTS
PRINCIPAL
AMOUNT($)
VALUE($)
 
Massachusetts — continued
City of Somerville, Municipal Purpose Loan
of 2015 GO, 4.00%, 10/15/2022
     45,000
       45,093
City of Springfield GO, 4.00%, 9/1/2022
     80,000
       80,000
City of Taunton, Muni Purpose Loan GO,
5.00%, 9/15/2022
    265,000
      265,265
City of Waltham GO, 5.00%, 10/15/2022
     55,000
       55,183
City of Waltham, Municipal Purpose Loan
GO, 4.10%, 2/1/2023
     35,000
       35,052
City of Woburn, Municipal Purpose Loan
 
 
GO, 5.00%, 9/15/2022
    130,000
      130,131
GO, 4.00%, 11/15/2022
    140,000
      140,507
GO, 2.63%, 11/15/2025
    100,000
      100,021
City of Worcester
 
 
Series 2014A, GO, 4.00%,
11/1/2022 (b)
     25,000
       25,070
Series 2014A, GO, 5.00%,
11/1/2022 (b)
55,000
55,249
City of Worcester, Municipal Purpose Loan
 
 
Series 2014A, GO, 3.00%,
11/1/2022 (b)
45,000
45,055
Series 2014A, GO, 4.00%, 11/1/2022
70,000
70,199
Commonwealth of Massachusetts
 
 
Series 2018C, GO, 5.00%, 9/1/2022
50,000
50,000
Series 2018E, GO, 5.00%, 9/1/2022
20,000
20,000
Series E, GO, 5.00%, 9/1/2022
145,000
145,000
Series E, GO, 5.00%, 9/1/2022 (b)
120,000
120,000
Series B, GO, AGM, 5.25%, 9/1/2022
330,000
330,000
Series C, GO, 5.00%, 10/1/2022
215,000
215,503
Series 2017E, GO, 5.00%, 11/1/2022
45,000
45,213
Series 2021B, GO, 5.00%, 11/1/2022
20,000
20,095
Series F, GO, 5.00%, 11/1/2022 (b)
555,000
557,509
Series C, GO, AMBAC, 5.50%,
12/1/2022
390,000
393,254
Series 2016C, GO, 5.00%, 4/1/2023
20,000
20,319
Series 2019C, GO, 5.00%, 5/1/2023
30,000
30,542
Series C, GO, 5.00%, 10/1/2023
25,000
25,717
Series 2015A, GO, 5.00%, 5/1/2024
80,000
81,455
Commonwealth of Massachusetts Federal
Highway, Accelerated Bridge Program
 
 
Series 2014A, Rev., GAN, 5.00%,
6/15/2024
25,000
26,162
Series 2016A, Rev., GAN, 5.00%,
6/15/2024
25,000
25,517
Series 2017A, Rev., GAN, 5.00%,
6/15/2024
20,000
20,413
SEE NOTES TO FINANCIAL STATEMENTS.
 
272
J.P. Morgan Exchange-Traded Funds
August 31, 2022
INVESTMENTS
PRINCIPAL
AMOUNT($)
VALUE($)
Municipal Bonds — continued
Massachusetts — continued
Commonwealth of Massachusetts
Transportation Fund Series 2016A, Rev.,
5.00%, 6/1/2023
     20,000
       20,388
Commonwealth of Massachusetts,
Consolidated Loan of 2014
 
 
Series E, GO, 2.00%, 9/1/2022
    100,000
      100,000
Series E, GO, 5.00%, 9/1/2022 (b)
    655,000
      655,000
Series C, GO, 5.00%, 7/1/2023
     50,000
       50,109
Commonwealth of Massachusetts,
Consolidated Loan of 2016 Series
2016H, GO, 5.00%, 12/1/2022
     40,000
       40,285
Commonwealth of Massachusetts,
Consolidated Loan of 2017 Series
2017C, GO, 5.00%, 2/1/2023
     40,000
       40,459
Commonwealth of Massachusetts,
Consolidated Loan of 2020 Series
2020E, GO, 5.00%, 11/1/2022
     20,000
       20,095
Lynn Water and Sewer Commission Series
2013A, Rev., 5.00%, 12/1/2022
     50,000
       50,332
Manchester Essex Regional School District
GO, 4.00%, 1/15/2023
     25,000
       25,158
Manchester Essex Regional School District,
Unlimited Tax GO, 5.00%, 2/1/2023
     35,000
       35,391
Massachusetts Bay Transportation
Authority, Sales Tax
 
 
Series 2014A, Rev., 5.00%, 7/1/2023
10,000
10,223
Series 2003C, Rev., 5.25%, 7/1/2023
30,000
30,730
Massachusetts Clean Water Trust (The),
Revolving Fund, Abatement Trust
Subseries 17A, Rev., 5.00%, 2/1/2027
35,000
35,369
Massachusetts Department of
Transportation, Capital Appreciation
Series 1997C, Rev., NATL-RE, Zero
Coupon, 1/1/2023
130,000
128,883
Massachusetts Development Finance
Agency, Babson College Issue Series
2015A, Rev., 5.00%, 10/1/2022
80,000
80,163
Massachusetts Development Finance
Agency, Berklee College Music Rev.,
5.00%, 10/1/2022
25,000
25,051
Massachusetts Development Finance
Agency, Boston University Issue Series
2019DD-1, Rev., 5.00%, 4/1/2024 (c)
5,110,000
5,239,512
Massachusetts Development Finance
Agency, Caregroup Issue
 
 
Series 2015H-1, Rev., 5.00%, 7/1/2023
50,000
50,949
Series 2015H-1, Rev., 5.00%, 7/1/2025
35,000
37,153
INVESTMENTS
PRINCIPAL
AMOUNT($)
VALUE($)
 
Massachusetts — continued
Massachusetts Development Finance
Agency, College of the Holy Cross Series
2016A, Rev., 5.00%, 9/1/2022
     65,000
       65,000
Massachusetts Development Finance
Agency, North Hill Community Issue
Series 2013A, Rev., 6.50%,
11/15/2023 (b) (e)
    675,000
      707,192
Massachusetts Development Finance
Agency, Northeastern University Issue
Series 2020A, Rev., 5.00%, 10/1/2022
    405,000
      405,890
Massachusetts Development Finance
Agency, Partners Healthcare System
Issue
 
 
Series 2017S, Rev., (SIFMA Municipal
Swap Index Yield + 0.50%), 2.00%,
9/8/2022 (d)
    250,000
      249,246
Series 2019T-1, Rev., (SIFMA Municipal
Swap Index Yield + 0.60%), 2.10%,
9/8/2022 (d) (e)
  1,075,000
    1,067,692
Series 2017S-4, Rev., 5.00%,
1/25/2024 (c)
    200,000
      205,625
Series 2016S-2, Rev., 5.00%,
1/30/2025 (c)
    165,000
      174,071
Massachusetts Development Finance
Agency, Salem Community Corp.
 
 
Rev., 5.00%, 1/1/2023
    450,000
      451,062
Rev., 5.00%, 1/1/2024
    345,000
      347,360
Rev., 5.00%, 1/1/2025
365,000
368,731
Massachusetts Development Finance
Agency, Suffolk University Issue Rev.,
5.00%, 7/1/2023
115,000
116,849
Massachusetts Development Finance
Agency, Trustees of Boston University
Series DD-2, Rev., 5.00%, 4/1/2024 (c)
40,000
41,014
Massachusetts Development Finance
Agency, Wellforce Issue Series 2020C,
Rev., AGM, 5.00%, 10/1/2022
50,000
50,096
Massachusetts Development Finance
Agency, Williams College Series 2013P,
Rev., 5.00%, 7/1/2024
45,000
45,929
Massachusetts Housing Finance Agency
 
 
Series C2, Rev., FHA, 0.40%, 12/1/2022
1,135,000
1,129,307
Series 2015D, Rev., 2.60%, 12/1/2022
50,000
50,008
Series 2020C-2, Rev., FHA, 0.50%,
6/1/2023
765,000
753,131
Series 2020A-3, Rev., FHA, 0.88%,
12/1/2023
300,000
294,006
SEE NOTES TO FINANCIAL STATEMENTS.
 
August 31, 2022
J.P. Morgan Exchange-Traded Funds
273
JPMorgan Ultra-Short Municipal Income ETF
SCHEDULE OF PORTFOLIO INVESTMENTS
AS OF August 31, 2022  (Unaudited) (continued)
INVESTMENTS
PRINCIPAL
AMOUNT($)
VALUE($)
Municipal Bonds — continued
Massachusetts — continued
Massachusetts Housing Finance Agency,
Single Family Housing Series 220, Rev.,
GNMA/FNMA/FHLMC, 5.00%, 6/1/2023
    295,000
      300,173
Massachusetts School Building Authority,
Dedicated Sales Tax
 
 
Series 2013A, Rev., 3.00%,
5/15/2023 (b)
     20,000
       20,100
Series 2013A, Rev., 5.00%,
5/15/2023 (b)
     20,000
       20,377
Series 2018A, Rev., 5.00%,
2/15/2024 (b)
     20,000
       20,755
Massachusetts State College Building
Authority
 
 
Series A, Rev., 4.00%, 5/1/2023 (b)
      5,000
        5,053
Series A, Rev., 4.00%, 5/1/2023
     15,000
       15,168
Series 2011A, Rev., 5.00%, 5/1/2023
     35,000
       35,621
Series 2014A, Rev., 5.00%,
5/1/2023 (b)
     20,000
       20,356
Series 2014A, Rev., 5.00%,
5/1/2023 (b)
     55,000
       55,979
Massachusetts Transportation Trust Fund
Metropolitan Highway System, Senior
Series 2019A, Rev., 5.00%, 1/1/2023
200,000
201,590
Massachusetts Water Resources Authority
 
 
Series F, Rev., 5.00%, 8/1/2024 (b)
15,000
15,736
Series F, Rev., 5.00%, 8/1/2024
20,000
20,985
Minuteman Regional Vocational Technical
School District GO, 5.00%, 10/15/2022
25,000
25,081
Monomoy Regional School District GO,
5.00%, 9/15/2022
45,000
45,045
Onset Fire District GO, 5.00%, 10/15/2022
55,000
55,176
Pentucket Regional School District,
Unlimited Tax GO, 5.00%, 6/1/2023
25,000
25,498
Pioneer Valley Transit Authority Rev., RAN,
4.00%, 7/14/2023
9,500,000
9,580,621
Town of Abington, Unlimited Tax 5.00%,
11/15/2022
150,000
150,837
Town of Andover, Municipal Purpose Loan
5.00%, 11/15/2022
45,000
45,253
Town of Arlington, Municipal Purpose Loan
 
 
5.00%, 9/1/2022
20,000
20,000
Series 2015A, 5.00%, 11/1/2022
20,000
20,088
Town of Auburn, Municipal Purpose Loan
5.00%, 9/1/2022
50,000
50,000
Town of Avon, Municipal Purpose Loan
4.00%, 12/1/2022
25,000
25,109
Town of Bedford 4.00%, 9/15/2022
60,000
60,037
INVESTMENTS
PRINCIPAL
AMOUNT($)
VALUE($)
 
Massachusetts — continued
Town of Bedford, Municipal Purpose Loan
 
 
5.00%, 10/15/2022
     50,000
       50,161
5.00%, 11/15/2022
     75,000
       75,408
Town of Berlin, Highway Barn Loan 5.00%,
10/15/2022
     40,000
       40,133
Town of Billerica, Municipal Purpose Loan
5.00%, 10/15/2022
    265,000
      265,852
Town of Billerica, School Project Loan
5.00%, 2/1/2023
     35,000
       35,390
Town of Bourne, Municipal Purpose Loan
5.00%, 12/1/2022
    155,000
      156,061
Town of Braintree 2.25%, 9/15/2022
  2,019,000
    2,018,635
Town of Braintree, Municipal Purpose Loan
4.00%, 10/15/2022
     45,000
       45,096
Town of Brewster, Municipal Purpose Loan
5.00%, 5/1/2023
     20,000
       20,360
Town of Brookline, Municipal Purpose Loan
 
 
4.00%, 3/15/2023
20,000
20,187
5.00%, 3/15/2023
20,000
20,293
Town of Duxbury, Municipal Purpose Loan
GO, 4.00%, 9/1/2022
25,000
25,000
Town of Falmouth, Municipal Purpose Loan
GO, 4.00%, 11/1/2022
40,000
40,117
Town of Hamilton GO, BAN, 3.50%,
8/17/2023
2,257,767
2,255,943
Town of Hanover GO, 4.00%, 5/15/2023
45,000
45,544
Town of Hanover, Municipal Purpose Loan
GO, 5.00%, 9/1/2022
125,000
125,000
Town of Hingham GO, 5.00%, 9/15/2022
75,000
75,075
Town of Mansfield, Municipal Purpose Loan
GO, 4.00%, 10/15/2022
50,000
50,103
Town of Marblehead GO, 4.00%,
8/15/2023
50,000
50,066
Town of Marshfield, Municipal Purpose Loan
 
 
GO, 5.00%, 11/1/2022
160,000
160,721
GO, 5.00%, 11/1/2024
25,000
25,105
Town of Medfield, Municipal Purpose Loan
GO, 2.13%, 9/15/2023
100,000
99,799
Town of Mendon, Municipal Purpose Loan
GO, 4.00%, 9/15/2022
30,000
30,019
Town of Middleborough, Municipal Purpose
Loan GO, 5.00%, 10/1/2022
85,000
85,191
Town of Middleton, Municipal Purpose Loan
GO, 2.50%, 8/15/2025
40,000
40,002
Town of Millis GO, BAN, 3.50%, 5/24/2023
4,120,000
4,137,692
Town of Millis, Municipal Purpose Loan GO,
5.00%, 11/1/2022
25,000
25,113
SEE NOTES TO FINANCIAL STATEMENTS.
 
274
J.P. Morgan Exchange-Traded Funds
August 31, 2022
INVESTMENTS
PRINCIPAL
AMOUNT($)
VALUE($)
Municipal Bonds — continued
Massachusetts — continued
Town of Nantucket GO, 4.00%,
12/15/2022
     70,000
       70,355
Town of Needham, Municipal Purpose Loan
 
 
GO, 4.00%, 11/1/2022
     25,000
       25,068
GO, 4.00%, 11/15/2022
     90,000
       90,303
Town of Norwood GO, 5.00%, 6/15/2023
     45,000
       45,952
Town of Plainville GO, BAN, 3.50%,
6/28/2023
  2,500,000
    2,504,260
Town of Reading, Municipal Purpose Loan
GO, 4.00%, 11/1/2022
     45,000
       45,132
Town of Scituate Series B, GO, BAN, 2.00%,
1/26/2023
  7,490,248
    7,474,223
Town of Scituate, Municipal Purpose Loan
 
 
GO, 5.00%, 9/15/2022
    195,000
      195,194
GO, 2.00%, 11/15/2022
     75,000
       74,949
Town of Stoughton, Municipal Purpose Loan
GO, 5.00%, 10/15/2022
35,000
35,107
Town of Tewksbury, Municipal Purpose Loan
GO, 4.00%, 1/15/2025
25,000
25,892
Town of Topsfield, Municipal Purpose Loan
Series 2019B, GO, 5.00%, 11/15/2022
25,000
25,136
Town of Walpole, Municipal Purpose Loan
GO, 4.00%, 9/1/2022
20,000
20,000
Town of Wayland, Municipal Purpose Loan
 
 
GO, 5.00%, 11/1/2022
75,000
75,342
GO, 5.00%, 12/15/2022
25,000
25,198
Town of Wellesley, Municipal Purpose Loan
GO, 4.00%, 12/1/2022
20,000
20,084
Town of West Newbury GO, BAN, 3.50%,
7/13/2023
1,060,000
1,062,583
Town of West Springfield, Municipal Purpose
Loan GO, 4.00%, 9/15/2022
75,000
75,048
Town of Weston GO, 4.00%, 12/1/2022
120,000
120,516
Town of Wilmington, Municipal Purpose
Loan GO, 5.00%, 11/15/2022
25,000
25,141
Town of Winthrop, Municipal Purpose Loan
GO, 4.00%, 11/15/2022
50,000
50,181
University of Massachusetts Building
Authority
 
 
Series 2013-1, Rev., 4.00%,
11/1/2022 (b)
155,000
155,434
Series 1, Rev., 5.00%, 11/1/2022
25,000
25,114
Series 2013-1, Rev., 5.00%, 11/1/2022
45,000
45,205
Series 2013-1, Rev., 5.00%,
11/1/2022 (b)
585,000
587,645
Series 2015-2, Rev., 5.00%, 11/1/2022
755,000
758,439
Series 2017-3, Rev., 5.00%, 11/1/2022
20,000
20,091
INVESTMENTS
PRINCIPAL
AMOUNT($)
VALUE($)
 
Massachusetts — continued
Series 2021-1, Rev., 5.00%, 11/1/2022
    130,000
      130,592
Wachusett Regional School District, State
Qualified School GO, 4.00%, 12/1/2022
     20,000
       20,085
Worcester Regional Transit Authority Rev.,
RAN, 3.25%, 6/23/2023
 11,300,000
   11,325,553
Total Massachusetts
 
76,684,459
Michigan — 1.4%
Adrian City School District, Unlimited Tax
Q-SBLF, 4.00%, 5/1/2023
    200,000
      202,013
Allen Independent School District, Unlimited
Tax Series 2017I, AGM, 4.00%,
11/1/2022
     30,000
       30,081
Ann Arbor School District, Unlimited Tax
Q-SBLF, 5.00%, 5/1/2023
     40,000
       40,694
Bay City School District Q-SBLF, 5.00%,
11/1/2022
     25,000
       25,107
Bloomfield Hills School District, Unlimited
Tax 5.00%, 5/1/2023
     20,000
       20,360
Caledonia Community Schools, Unlimited
Tax Series 2020I, Q-SBLF, 4.00%,
5/1/2023
     10,000
       10,111
Charter Township of Canton, Limited Tax
 
 
5.00%, 10/1/2022
110,000
110,237
5.00%, 4/1/2023
20,000
20,304
Charter Township of Lyon Series 2006-A,
GO, XLCA, 4.13%, 11/1/2023
45,000
45,132
Charter Township of Meridian, Unlimited Tax
GO, 5.00%, 10/1/2022
25,000
25,056
Chippewa Valley Schools
 
 
Q-SBLF, 5.25%, 5/1/2025 (b)
30,000
30,581
Q-SBLF, 5.00%, 5/1/2026 (b)
20,000
20,355
Q-SBLF, 3.50%, 5/1/2033 (b)
30,000
30,226
Q-SBLF, 3.63%, 5/1/2034 (b)
45,000
45,375
Chippewa Valley Schools, Unlimited Tax
 
 
Q-SBLF, 4.00%, 5/1/2023
45,000
45,397
Series 2016B, Q-SBLF, 5.00%,
5/1/2023
20,000
20,320
City of Ann Arbor, Limited Tax 3.00%,
10/1/2023
25,000
25,166
City of Auburn Hills, Limited tax 3.00%,
6/1/2023
35,000
35,151
City of Battle Creek, Limited Tax 5.00%,
5/1/2023
25,000
25,432
City of Detroit, Sewage Disposal System
Senior Lien Series 2012A, Rev., 5.00%,
7/1/2023
85,000
85,455
SEE NOTES TO FINANCIAL STATEMENTS.
 
August 31, 2022
J.P. Morgan Exchange-Traded Funds
275

JPMorgan Ultra-Short Municipal Income ETF
SCHEDULE OF PORTFOLIO INVESTMENTS
AS OF August 31, 2022  (Unaudited) (continued)
INVESTMENTS
PRINCIPAL
AMOUNT($)
VALUE($)
Municipal Bonds — continued
Michigan — continued
City of Farmington Hills GO, 5.00%,
10/1/2022
     30,000
       30,066
City of Grand Rapids, Capital Improvement,
Limited Tax GO, 5.00%, 4/1/2024
     50,000
       51,958
City of Grand Rapids, Limited Tax GO,
5.00%, 10/1/2022
     50,000
       50,107
City of Grand Rapids, Sanitary Sewer System
Rev., 4.00%, 1/1/2023 (b)
     40,000
       40,198
City of Grand Rapids, Water Supply System
Rev., 5.00%, 1/1/2023
     30,000
       30,260
City Of Huntington Woods, Street
Improvement Bonds, Unlimited Tax GO,
2.20%, 10/1/2022
     25,000
       24,998
City of Kalamazoo, Waterwaste System Rev.,
AGM, 5.00%, 10/1/2022
    150,000
      150,272
City of Lathrup Village, Limited Tax GO,
5.00%, 10/1/2025
     45,000
       48,221
City of Marquette, Capital Improvement
 
 
GO, 4.00%, 5/1/2023
    200,000
      201,868
GO, 4.00%, 5/1/2025
    290,000
      300,767
City of Marquette, Transportation Fund,
Limited Tax
 
 
GO, 4.00%, 5/1/2023
170,000
171,588
GO, 4.00%, 5/1/2025
105,000
108,898
City of Romulus, Limited Tax, Capital
Improvement Series 2017A, GO, 4.00%,
11/1/2022
25,000
25,069
City of Royal Oak, Limited Tax, Capital
Improvement GO, 3.00%, 10/1/2022
25,000
25,014
City of South Haven, Limited Tax GO,
4.00%, 10/1/2023
70,000
71,003
City of Southfield, Water and Sewer Capital
Improvement, Limited Tax GO, 3.00%,
5/1/2023
85,000
85,417
City of Sterling Heights, Capital
Improvement GO, 5.00%, 4/1/2025
40,000
42,388
City of Warren, Capital Improvement Series
2012A, GO, 2.25%, 11/1/2022
25,000
25,001
City of Wyandotte, Electric System Series A,
Rev., 5.00%, 10/1/2022
290,000
290,556
Clarkston Community Schools, Unlimited
Tax Series 2016A, Q-SBLF, 5.00%,
5/1/2023
40,000
40,694
Constantine Public Schools Q-SBLF, 5.00%,
5/1/2023
35,000
35,607
County of Jackson, Transportation GO,
2.00%, 5/1/2024
250,000
247,204
INVESTMENTS
PRINCIPAL
AMOUNT($)
VALUE($)
 
Michigan — continued
County of Macomb, Limited Tax GO, 4.00%,
5/1/2023
     35,000
       35,401
County of Muskegon, Water Supply System
GO, 3.50%, 11/1/2022
     50,000
       50,096
Dansville Schools, Unlimited Tax GO,
Q-SBLF, 5.00%, 5/1/2023
     25,000
       25,435
Dearborn School District, School Building
and Site Series 2014A, GO, Q-SBLF,
4.00%, 11/1/2023 (b)
     35,000
       35,631
East Lansing School District, Unlimited Tax
Series 2020-II, GO, Q-SBLF, 4.00%,
5/1/2023
    180,000
      182,003
Farmington Public School District, School
Building Site, Unlimited Tax GO, 4.00%,
5/1/2023
     20,000
       20,227
Forest Hills Public Schools, 2021 School
Building and Site, Unlimited Tax GO,
4.00%, 5/1/2023
     20,000
       20,225
Forest Hills Public Schools, Unlimited Tax
GO, 5.00%, 5/1/2023
     20,000
       20,356
Fraser Public School District, School
Building and Site, Unlimited Tax GO,
Q-SBLF, 5.00%, 5/1/2023
     35,000
       35,609
Genesee Intermediate School District GO,
3.00%, 5/1/2023
     30,000
       30,126
Gerald R Ford International Airport
Authority, Limited Tax Rev., 5.00%,
1/1/2023
     20,000
       20,182
Grand River Floodwalls and Embankments
Drainage District GO, 4.00%, 11/1/2022
50,000
50,147
Grand Valley State University
 
 
Rev., 5.00%, 12/1/2022
20,000
20,132
Series 2014B, Rev., 5.00%, 12/1/2022
160,000
161,055
Series 2015A, Rev., 5.00%, 12/1/2022
45,000
45,258
Series 2016A, Rev., 5.00%, 12/1/2022
20,000
20,132
Series 2014B, Rev., 5.00%, 12/1/2023
310,000
319,440
Series 2016A, Rev., 5.00%, 12/1/2024
670,000
701,273
Great Lakes Water Authority, Water Supply
System, Second Lien Series 2018A, Rev.,
5.00%, 7/1/2023
85,000
86,684
Hanover Horton School District, Unlimited
tax GO, AGM, 4.00%, 5/1/2023
20,000
20,192
Healthsource Saginaw, Inc., Unlimited Tax
GO, 4.00%, 5/1/2023
50,000
50,066
Hudsonville Public Schools, Unlimited Tax
GO, Q-SBLF, 5.00%, 5/1/2023
25,000
25,438
Ingham County Building Authority, Ingham
County Justice Complex, Limited Tax Rev.,
2.00%, 5/1/2023
35,000
34,827
SEE NOTES TO FINANCIAL STATEMENTS.
 
276
J.P. Morgan Exchange-Traded Funds
August 31, 2022
INVESTMENTS
PRINCIPAL
AMOUNT($)
VALUE($)
Municipal Bonds — continued
Michigan — continued
Kalamazoo Hospital Finance Authority,
Bronson Healthcare Group, Inc.
 
 
Rev., 5.00%, 5/15/2023
    210,000
      213,253
Rev., 5.00%, 5/15/2024 (b)
      5,000
        5,210
Kenowa Hills Public Schools, School Building
and Site Series 2018-II, GO, Q-SBLF,
4.00%, 11/1/2022
     65,000
       65,183
Kent Hospital Finance Authority, Mary Free
Bed Rehabilitation Hospital
 
 
Series 2021A, Rev., 5.00%, 4/1/2024
    540,000
      555,210
Series 2021A, Rev., 5.00%, 4/1/2025
    565,000
      589,946
Series 2021A, Rev., 5.00%, 4/1/2026
    520,000
      551,016
Lake Michigan College District, Building and
Site, Limited Tax
 
 
GO, 4.00%, 9/1/2023 (b)
     25,000
       25,402
GO, 4.25%, 9/1/2023 (b)
     20,000
       20,370
Lake Orion Community School District GO,
Q-SBLF, 5.00%, 5/1/2023
25,000
25,440
L'Anse Creuse Public Schools, Unlimited Tax
GO, Q-SBLF, 5.00%, 5/1/2023
50,000
50,800
Lansing School District, Unlimited Tax GO,
Q-SBLF, 4.00%, 5/1/2023
65,000
65,667
Linden Community School District, School
Building and Site, Unlimited Tax Series
2021-I, GO, Q-SBLF, 4.00%, 5/1/2025
30,000
31,122
Livonia Municipal Building Authority,
Limited Tax Rev., 4.00%, 5/1/2024
40,000
40,983
Macomb Interceptor Drain Drainage District,
Limited Tax Series 2017A, 5.00%,
5/1/2023
80,000
81,414
Madison District Public Schools, School
Building and Site
 
 
GO, Q-SBLF, 4.00%, 5/1/2023 (b)
20,000
20,207
GO, Q-SBLF, 4.25%, 5/1/2023 (b)
30,000
30,359
Marquette Board of Light and Power Series
2016A, Rev., 5.00%, 7/1/2023
45,000
45,869
Michigan Finance Authority, Ascension
Senior Credit Group Series 2016E-1,
Rev., 4.00%, 8/15/2024 (c)
60,000
61,364
Michigan Finance Authority, Beaumont
Health Credit Group
 
 
Rev., 5.00%, 11/1/2022 (b)
6,175,000
6,201,785
Series 2015A, Rev., 5.00%,
8/1/2024 (b)
40,000
41,916
Michigan Finance Authority, Bronson
Healthcare Group, Inc. Series B, Rev.,
3.50%, 11/15/2022 (c)
3,175,000
3,179,478
INVESTMENTS
PRINCIPAL
AMOUNT($)
VALUE($)
 
Michigan — continued
Michigan Finance Authority, Charter County
of Wayne Criminal Justice Center Project
Rev., 5.00%, 11/1/2022
    135,000
      135,552
Michigan Finance Authority, Clean Water
Revolving Fund
 
 
Rev., 4.00%, 10/1/2022
    130,000
      130,173
Rev., 5.00%, 10/1/2022 (b)
    445,000
      445,989
Rev., 5.00%, 10/1/2022
     25,000
       25,053
Series 2016B, Rev., 5.00%, 10/1/2022
     75,000
       75,159
Series 2018B, Rev., 5.00%, 10/1/2022
    100,000
      100,212
Series 2016B, Rev., 5.00%, 10/1/2023
     25,000
       25,677
Series 2016B, Rev., 5.00%, 10/1/2024
    150,000
      157,499
Michigan Finance Authority, Drinking Water
Revolving Fund Rev., 5.00%,
10/1/2022 (b)
    185,000
      185,411
Michigan Finance Authority, Henry Ford
Health System
 
 
Rev., 5.00%, 11/15/2023
20,000
20,511
Rev., 5.00%, 11/15/2024
440,000
459,765
Michigan Finance Authority, Local
Government Loan Program, Detroit
Regional Convention Facility Authority
Local Project Series 2014H-1, Rev.,
5.00%, 10/1/2022
90,000
90,210
Michigan Finance Authority, Sparrow
Obligated Group
 
 
Rev., 4.00%, 11/15/2022 (b)
270,000
270,937
Rev., 5.00%, 11/15/2022
245,000
246,341
Michigan Finance Authority, Trinity Health
Credit Group
 
 
Rev., 5.00%, 12/1/2022 (b)
485,000
488,283
Rev., 5.00%, 12/1/2022
460,000
462,976
Series 2017A-MI, Rev., 5.00%,
12/1/2022
695,000
699,496
Series 2019MI-1, Rev., 5.00%,
12/1/2022
135,000
135,873
Series 2019MI-1, Rev., 5.00%,
12/1/2023
125,000
128,884
Series 2017A, Rev., 5.00%, 12/1/2024
240,000
253,135
Series 2019MI-2, Rev., 5.00%,
2/1/2025 (c)
5,835,000
6,144,925
Michigan State Building Authority, Facilities
Program Series 2013 1-A, Rev., 5.00%,
10/15/2022
210,000
210,670
Michigan State Building Authority, Multi
Modal Program Rev., VRDO, 1.56%,
9/12/2022 (c)
8,635,000
8,635,000
SEE NOTES TO FINANCIAL STATEMENTS.
 
August 31, 2022
J.P. Morgan Exchange-Traded Funds
277
JPMorgan Ultra-Short Municipal Income ETF
SCHEDULE OF PORTFOLIO INVESTMENTS
AS OF August 31, 2022  (Unaudited) (continued)
INVESTMENTS
PRINCIPAL
AMOUNT($)
VALUE($)
Municipal Bonds — continued
Michigan — continued
Michigan State Hospital Finance Authority,
Ascension Health Credit Group
 
 
Series 2005A-3, Rev., 4.00%,
11/1/2022
    240,000
      240,608
Series 2005A-4, Rev., 5.00%,
11/1/2022
    385,000
      386,599
Series F-5, Rev., 2.40%, 3/15/2023 (c)
  1,230,000
    1,227,907
Michigan State Hospital Finance Authority,
Trinity Health Credit Group
 
 
Series 2008C, Rev., 5.00%, 12/1/2022
    155,000
      156,003
Series 2008C, Rev., 5.00%, 12/1/2024
    255,000
      268,956
Series C, Rev., 5.00%, 12/1/2025
    200,000
      215,564
Michigan State Housing Development
Authority, Rental Housing
 
 
Series 2019A-1, Rev., 1.50%,
10/1/2022
  2,195,000
    2,193,190
Series A, Rev., 2.65%, 10/1/2022
     75,000
       75,013
Michigan State Housing Development
Authority, Single Family Mortgage Series
2020A, Rev., 0.80%, 6/1/2023
150,000
148,003
Michigan State University Series 2013A,
Rev., 5.00%, 8/15/2023
10,000
10,254
Mount Clemens Community School District,
Unlimited Tax Series 2017A, GO, Q-SBLF,
5.00%, 5/1/2023
25,000
25,432
Muskegon Local Development Finance
Authority Rev., AGM, 3.00%, 11/1/2022
50,000
50,028
North Kent Sewer Authority, State of
Michigan, Sanitary Sewer System,
Limited Tax of Constituent Municipalities
Rev., 4.00%, 11/1/2022
170,000
170,499
Northern Michigan University Series
2018A, Rev., 5.00%, 12/1/2022
20,000
20,133
Northville Public Schools, School Building
and Site, Unlimited Tax Series 2020-III,
GO, 4.00%, 5/1/2025
30,000
31,075
Oakland County Building Authority Series
2012A, Rev., 3.00%, 11/1/2022
30,000
30,039
Oakland County Building Authority, Limited
Tax Series 2020A, Rev., 5.00%,
11/1/2022
120,000
120,547
Oakland University Rev., 5.00%, 3/1/2023
115,000
116,346
Plymouth-Canton Community School District
GO, Q-SBLF, 5.00%, 5/1/2023
45,000
45,807
Plymouth-Canton Community School
District, School Building and Site Series
2013A, GO, 4.00%, 5/1/2023 (b)
20,000
20,220
INVESTMENTS
PRINCIPAL
AMOUNT($)
VALUE($)
 
Michigan — continued
Port Huron Area School District, School
Building and Site, Unlimited Tax GO, AGM,
4.00%, 5/1/2023
     25,000
       25,265
Rochester Community School District,
School Building and Site, Unlimited Tax
Series II, GO, 3.00%, 5/1/2023
     40,000
       40,141
Royal Oak Hospital Finance Authority,
William Beaumont Hospital Obligated
Group
 
 
Rev., 3.00%, 9/1/2022 (b)
     40,000
       40,000
Rev., 5.00%, 9/1/2022 (b)
    110,000
      110,000
Saginaw City School District, Unlimited Tax
GO, Q-SBLF, 5.00%, 5/1/2024
     35,000
       36,317
Saline Area Schools, Unlimited Tax GO,
Q-SBLF, 5.00%, 5/1/2023
     90,000
       91,572
Schoolcraft Community College District,
Limited Tax GO, 3.00%, 5/1/2024
    115,000
      115,871
Shepherd Public Schools, Unlimited Tax
Series 2017A, GO, Q-SBLF, 3.00%,
5/1/2023
     45,000
       45,182
South Lake Schools, School Building and
Site GO, Q-SBLF, 4.00%, 11/1/2024
     25,000
       25,585
Southfield Library Building Authority,
Limited Tax Rev., 5.00%, 5/1/2023
     40,000
       40,691
State of Michigan Series 2016B, GO,
5.00%, 11/1/2022
20,000
20,091
State of Michigan, Environmental Program
 
 
Series 2015A, GO, 5.00%, 12/1/2022
110,000
110,753
Series 2016A, GO, 5.00%, 12/1/2022
300,000
302,053
State of Michigan, Trunk Line Fund
 
 
Series 2020A, Rev., 5.00%,
11/15/2022
65,000
65,362
Series 2021A, Rev., 5.00%,
11/15/2022
180,000
181,001
Series B, Rev., 5.00%, 11/15/2022
30,000
30,167
Troy School District, School Building and
Site GO, Q-SBLF, 5.00%, 5/1/2023
25,000
25,442
Troy School District, Unlimited Tax, School
Building and Site GO, Q-SBLF, 5.00%,
11/1/2023 (b)
20,000
20,607
Utica Community Schools, School Building
and Site, Unlimited Tax GO, Q-SBLF,
4.00%, 5/1/2023
45,000
45,441
Vicksburg Community Schools, Unlimited
Tax Series 2020-I, GO, Q-SBLF, 4.50%,
5/1/2023
40,000
40,539
Walled Lake Consolidated School District,
School Building and Site GO, Q-SBLF,
5.00%, 11/1/2023 (b)
30,000
30,893
SEE NOTES TO FINANCIAL STATEMENTS.
 
278
J.P. Morgan Exchange-Traded Funds
August 31, 2022
INVESTMENTS
PRINCIPAL
AMOUNT($)
VALUE($)
Municipal Bonds — continued
Michigan — continued
Warren Woods Public Schools, Unlimited Tax
GO, Q-SBLF, 5.00%, 5/1/2023
     20,000
       20,333
Waterford School District, Unlimited Tax GO,
Q-SBLF, 5.00%, 5/1/2023
     60,000
       60,960
Wayne County Airport Authority
 
 
Series C, Rev., 5.00%, 12/1/2022
     10,000
       10,065
Series G, Rev., 5.00%, 12/1/2022
     45,000
       45,292
Wayne State University
 
 
Series 2018A, Rev., 5.00%,
11/15/2022
     85,000
       85,469
Series 2013A, Rev., 5.00%,
11/15/2024
    100,000
      102,844
Series 2019A, Rev., 5.00%,
11/15/2024
    210,000
      220,536
Wayne-Westland Community Schools,
Building and Site Unlimited Tax GO,
Q-SBLF, 5.00%, 11/1/2022
     40,000
       40,171
West Ottawa Public Schools GO, Q-SBLF,
4.00%, 11/1/2022
     50,000
       50,145
West Ottawa Public Schools, School Building
and Site, Unlimited Tax GO, 4.00%,
5/1/2023
20,000
20,227
Western Michigan University
 
 
Rev., 5.00%, 11/15/2022
50,000
50,276
Series 2015A, Rev., 5.00%,
11/15/2022
25,000
25,138
Western Michigan University, Tax Exempt
Series 2019A, Rev., 5.00%,
11/15/2022
250,000
251,380
White Cloud Public Schools, Unlimited Tax
GO, Q-SBLF, 4.00%, 5/1/2023
25,000
25,237
Ypsilanti Community Utilities Authority,
Water Supply System No. 7, Charter
Township Ypsilanti, Limited Tax Rev.,
4.00%, 4/1/2023
175,000
176,424
Ypsilanti School District, Unlimited Tax
Series 2016A, GO, Q-SBLF, 5.00%,
5/1/2023
40,000
40,694
Total Michigan
 
44,649,754
Minnesota — 1.7%
Alexandria Lake Area Sanitation District,
Sanitary Sewer Board Series 2015A,
5.00%, 2/1/2023
25,000
25,279
Bloomington Independent School District
No. 271, Enhancement Program Series
2015A, 5.00%, 2/1/2023
90,000
91,009
INVESTMENTS
PRINCIPAL
AMOUNT($)
VALUE($)
 
Minnesota — continued
Cass Lake-Bena Independent School District
No. 115 Series 2019A, 5.00%,
2/1/2023
     10,000
       10,106
City of Alexandria Series 2020A, 4.00%,
2/1/2023
     50,000
       50,333
City of Burnsville 4.00%, 12/20/2022
     30,000
       30,158
City of Chaska Series 2020C, 5.00%,
2/1/2023
     20,000
       20,215
City of Columbia Heights Series 2017B,
3.00%, 2/1/2023
     35,000
       35,102
City of Fife Series 2017A, GO, 4.00%,
12/1/2022
     25,000
       25,103
City of Minneapolis GO, 4.00%, 12/1/2022
     85,000
       85,365
City of Minneapolis & St. Paul Housing and
Redevelopment Authority, Health Care,
Allina Health System
 
 
Rev., 5.00%, 11/15/2022
    100,000
      100,517
Series 2017A, Rev., 5.00%,
11/15/2022
    125,000
      125,646
City of Minneapolis, Health Care System,
Fairview Health Services Series 2015A,
Rev., 5.00%, 11/15/2022
     25,000
       25,115
City of Minneapolis, Improvement and
Various Purpose
 
 
GO, 4.00%, 12/1/2022
25,000
25,107
GO, 4.00%, 12/1/2023
45,000
45,955
City of Minneapolis, University Gateway
Project Rev., 4.00%, 12/1/2022
75,000
75,330
City of New Hope, Hennepin County Series
2018A, GO, 4.00%, 2/1/2024
50,000
51,084
City of New ULM Series 2017B, GO, 2.00%,
12/1/2022
45,000
44,950
City of Red Wing Series 2017A, GO, 3.00%,
2/1/2023
35,000
35,090
City of Redwood Falls Series 2018A, GO,
3.00%, 2/1/2023
20,000
20,047
City of Rochester Series 2015B, GO,
5.00%, 12/1/2023
20,000
20,654
City of Rochester, Electric Utility Series
2015E, Rev., 5.00%, 12/1/2022
20,000
20,135
City of Sauk Centre GO, 2.00%, 9/1/2022
45,000
45,000
City of St. Cloud, Infrastructure
Management Fund Series 2013A, GO,
3.00%, 2/1/2025
45,000
45,021
City of St. Paul Series 2012D, GO, 2.00%,
10/1/2022
25,000
24,995
City of St. Paul, Capital Improvement Series
2016A, GO, 5.00%, 9/1/2022
25,000
25,000
SEE NOTES TO FINANCIAL STATEMENTS.
 
August 31, 2022
J.P. Morgan Exchange-Traded Funds
279
JPMorgan Ultra-Short Municipal Income ETF
SCHEDULE OF PORTFOLIO INVESTMENTS
AS OF August 31, 2022  (Unaudited) (continued)
INVESTMENTS
PRINCIPAL
AMOUNT($)
VALUE($)
Municipal Bonds — continued
Minnesota — continued
City of St. Paul, Sales Tax Series 2019C,
Rev., 3.00%, 11/1/2023
     25,000
       25,163
City of St. Paul, Sewer Series 2020D, Rev.,
4.00%, 12/1/2022
     50,000
       50,220
City of St. Paul, Street Improvement, Special
Assessment Series 2018B, GO, 5.00%,
5/1/2023
     20,000
       20,360
City of Wayzata Series 2017A, GO, 3.00%,
12/1/2022
     30,000
       30,056
City of West St. Paul Series 2017A, GO,
4.00%, 2/1/2025
     30,000
       31,018
County of Anoka, Capital Improvement
 
 
Series 2017A, 5.00%, 2/1/2023
     20,000
       20,219
Series 2020A, 5.00%, 2/1/2024
     40,000
       41,431
County of Blue Earth Series 2015A, 2.00%,
12/1/2022
     30,000
       29,965
County of Blue Earth, Capital Improvement
Series 2018A, 5.00%, 12/1/2022
     20,000
       20,127
County of Clay Series 2017A, 5.00%,
2/1/2025
     50,000
       52,993
County of Hennepin
 
 
Series 2014A, GO, 5.00%, 12/1/2022
85,000
85,575
Series 2014B, GO, 5.00%, 12/1/2022
125,000
125,846
Series 2016A, GO, 5.00%, 12/1/2022
30,000
30,203
Series 2017C, GO, 5.00%, 12/1/2022
140,000
140,948
County of Hennepin, Sales Tax Series
2020C, GO, 5.00%, 12/15/2022
20,000
20,156
County of Martin Series 2021A, GO, 3.00%,
12/15/2023
40,000
40,325
County of Mille Lacs, Drainage Series
2019B, GO, 3.00%, 2/1/2024
45,000
45,279
County of Scott, Capital Improvement Series
2014B, GO, 5.00%, 12/1/2022
65,000
65,440
County of Sherburne, Capital Improvement
Series 2017A, GO, 3.00%, 2/1/2023
25,000
25,062
County of St. Louis, Capital Improvement
 
 
Series 2015C, GO, 3.00%, 12/1/2022
25,000
25,049
Series 2015B, GO, 3.00%, 12/1/2023
75,000
75,602
Series 2016B, GO, 5.00%, 12/1/2023
35,000
36,136
County of Wright Series 2019A, COP,
5.00%, 12/1/2022
65,000
65,432
County of Wright, Jail Series 2017A, GO,
4.00%, 12/1/2022
240,000
240,996
Duluth Economic Development Authority,
Benedictine Health System Series 2021A,
Rev., 3.00%, 7/1/2023
205,000
204,046
INVESTMENTS
PRINCIPAL
AMOUNT($)
VALUE($)
 
Minnesota — continued
Duluth Independent School District No. 709
 
 
Series 2016A, COP, 5.00%, 2/1/2023
    100,000
      101,034
Series 2016A, COP, 5.00%, 2/1/2025
    400,000
      422,207
Housing and Redevelopment Authority of
The City of St. Paul Minnesota, Fairview
Health Services Series 2017A, Rev.,
5.00%, 11/15/2022
    285,000
      286,310
Hutchinson Utilities Commission Series
2017B, Rev., 4.00%, 12/1/2022
     25,000
       25,104
Jackson County Central Independent School
District No. 2895 Series 2020A, GO,
4.00%, 2/1/2023
     80,000
       80,540
Lake Superior Independent School District
No. 381 Series 2016A, GO, 5.00%,
10/1/2022
     35,000
       35,077
Lakeville Independent School District No.
194 Series 2016A, GO, 5.00%,
2/1/2023
     25,000
       25,270
Metropolitan Council, Minneapolis St. Paul
Metropolitan Area Series 2017B, GO,
5.00%, 3/1/2023
     35,000
       35,474
Metropolitan Council, Minneapolis St. Paul
Metropolitan Area, Wastewater
 
 
Series 2012B, GO, 5.00%, 9/1/2022
    170,000
      170,000
Series 2016C, GO, 5.00%, 3/1/2023
30,000
30,406
Minneapolis Special School District No. 1
 
 
Series 2015A, GO, 4.00%, 2/1/2023
20,000
20,137
Series 2014D, COP, 5.00%, 2/1/2025
30,000
30,328
Minneapolis-St. Paul Metropolitan Airports
Commission
 
 
Series B, Rev., 4.00%, 1/1/2023
40,000
40,221
Series 2014A, Rev., 5.00%, 1/1/2026
20,000
20,647
Minnesota Higher Education Facilities
Authority, Carleton College Rev., 5.00%,
3/1/2023
220,000
222,837
Minnesota Higher Education Facilities
Authority, St. Olaf College Series 8-G,
Rev., 5.00%, 12/1/2022
15,000
15,096
Minnesota Higher Education Facilities
Authority, University of St. Thomas Series
2017A, Rev., 3.00%, 10/1/2022
135,000
135,061
Minnesota Municipal Gas Agency Series
2022B, Rev., LIQ : Royal Bank of Canada,
(SOFR + 1.00%), 2.53%, 9/2/2022 (d)
48,000,000
45,865,498
Minnesota Municipal Power Agency
 
 
Rev., 4.00%, 10/1/2022
275,000
275,363
Rev., 5.00%, 10/1/2022
200,000
200,425
Series 2014A, Rev., 5.00%, 10/1/2022
25,000
25,053
SEE NOTES TO FINANCIAL STATEMENTS.
 
280
J.P. Morgan Exchange-Traded Funds
August 31, 2022
INVESTMENTS
PRINCIPAL
AMOUNT($)
VALUE($)
Municipal Bonds — continued
Minnesota — continued
Minnesota Public Facilities Authority Series
2010A, Rev., 5.00%, 3/1/2023
     50,000
       50,682
Minnesota State Colleges and Universities
Foundation
 
 
Rev., 4.00%, 10/1/2022
    125,000
      125,174
Series 2013A, Rev., 4.00%, 10/1/2022
     65,000
       65,091
Series 2019A, Rev., 5.00%, 10/1/2023
     25,000
       25,699
Minnetonka Independent School District No.
276
 
 
Series E, COP, 3.00%, 10/1/2022
     85,000
       85,045
Series 2016F, COP, 5.00%,
2/1/2023 (b)
     25,000
       25,280
Series E, COP, 4.00%, 10/1/2023
    115,000
      116,895
Monticello Independent School District No.
882, School Building Series 2016A, GO,
2.00%, 2/1/2023
     25,000
       24,935
Northern Municipal Power Agency Series
2013A, Rev., 5.00%, 1/1/2024
     50,000
       50,414
Owatonna Independent School District No.
761 Series 2020A, GO, 4.00%,
2/1/2023
80,000
80,560
Prior Lake-Savage Independent School
District No. 719 Series 2013C, GO,
4.00%, 2/1/2023
200,000
201,424
Rochester Independent School District No.
535 Series 2014A, COP, 3.00%,
2/1/2024
25,000
25,068
Rosemount-Apple Valley-Eagan
Independent School District No. 196
Series 2016A, GO, 5.00%, 2/1/2025
35,000
37,112
South Washington County Independent
School District No. 833, School Building
 
 
Series 2016B, GO, 5.00%, 2/1/2023
145,000
146,644
Series 2018B, GO, 5.00%, 2/1/2023
35,000
35,397
Southern Minnesota Municipal Power
Agency Series 1994A, Rev., NATL-RE,
Zero Coupon, 1/1/2024
50,000
48,225
St. Cloud Independent School District No.
742 Series 2021A, COP, 3.00%,
2/1/2025
125,000
126,070
St. Francis Independent School District No.
15 Series 2018A, GO, 5.00%, 2/1/2023
35,000
35,382
St. Paul Port Authority, State of Minnesota
Freeman Office Building Series 2013-2,
Rev., 5.00%, 12/1/2022
250,000
251,711
Staples United Hospital District GO, 3.00%,
12/1/2022
40,000
40,053
INVESTMENTS
PRINCIPAL
AMOUNT($)
VALUE($)
 
Minnesota — continued
State of Minnesota
 
 
Series 2014A, Rev., 5.00%, 6/1/2023
     45,000
       45,856
Series 2012B, GO, 2.00%, 8/1/2023
     25,000
       24,912
Series 2012B, Rev., 5.00%, 3/1/2024
     50,000
       50,597
Series 2012B, Rev., 5.00%, 3/1/2025
     50,000
       50,594
Series 2012B, Rev., 4.00%, 3/1/2026
     90,000
       90,193
State of Minnesota, Tax-Exempt
 
 
Series 2012B, Rev., 5.00%, 3/1/2023
    100,000
      100,599
Series A, Rev., 5.00%, 6/1/2026
     70,000
       71,353
State of Minnesota, Trunk Highway
 
 
Series 2021B, GO, 5.00%, 9/1/2022
    110,000
      110,000
Series 2018B, GO, 5.00%, 8/1/2023
25,000
25,616
State of Minnesota, Various Purpose
 
 
Series 2021A, GO, 5.00%, 9/1/2022
25,000
25,000
Series 2012A, GO, 5.00%, 9/12/2022
25,000
25,019
Series 2013D, GO, 5.00%, 10/1/2022
110,000
110,247
Series 2013F, GO, 5.00%, 10/1/2022
90,000
90,202
Series 2017D, GO, 5.00%, 10/1/2022
285,000
285,638
Series 2014A, GO, 5.00%, 8/1/2023
10,000
10,246
Three Rivers Park District Series 2015B,
GO, 3.00%, 2/1/2023
20,000
20,052
West St. Paul-Mendota Heights-Eagan
Independent School District No. 197
Series 2021A, GO, 5.00%, 2/1/2023
55,000
55,585
White Bear Lake Independent School
District No. 624 Series 2020A, GO,
4.00%, 2/1/2023
80,000
80,583
Total Minnesota
 
53,581,204
Mississippi — 0.3%
Alcorn State University Educational Building
Corp. (The), Refinancing Project 3.00%,
9/1/2022
130,000
130,000
City of Ridgeland GO, 4.00%, 8/1/2024
25,000
25,728
City of Starkville, Water and Sewer System
Rev., 4.00%, 5/1/2023
55,000
55,561
County of DeSoto GO, 5.00%, 7/1/2023
40,000
40,796
County of Madison GO, 2.50%, 5/1/2023
30,000
30,029
Jackson State University Educational
Building Corp. Series 2015A, Rev.,
5.00%, 3/1/2023
150,000
151,852
Madison County School District GO, 5.00%,
3/1/2024
25,000
25,934
Mississippi Business Finance Corp., Waste
Management, Inc. Project Rev., 0.70%,
9/1/2026 (c)
1,250,000
1,099,009
SEE NOTES TO FINANCIAL STATEMENTS.
 
August 31, 2022
J.P. Morgan Exchange-Traded Funds
281
JPMorgan Ultra-Short Municipal Income ETF
SCHEDULE OF PORTFOLIO INVESTMENTS
AS OF August 31, 2022  (Unaudited) (continued)
INVESTMENTS
PRINCIPAL
AMOUNT($)
VALUE($)
Municipal Bonds — continued
Mississippi — continued
Mississippi Development Bank, Biloxi
Project Rev., 5.00%, 11/1/2022
     70,000
       70,286
Mississippi Development Bank, Department
of Corrections Walnut Grove Correctional
Facility Refunding Bonds Project
 
 
Rev., 5.00%, 8/1/2025
    295,000
      313,661
Rev., 5.00%, 8/1/2026
     35,000
       37,788
Mississippi Development Bank, Desoto
Highway Construction Rev., 5.00%,
1/1/2023
     30,000
       30,249
Mississippi Development Bank, Harrison
County Series 2013A, Rev., 5.00%,
1/1/2026
  2,190,000
    2,356,585
Mississippi Development Bank, Hinds
Project
 
 
Rev., 5.00%, 11/1/2022
     70,000
       70,255
Rev., 5.00%, 11/1/2023
     95,000
       97,211
Mississippi Development Bank, Industrial
Development Authority Series B, Rev.,
5.00%, 1/1/2023
     20,000
       20,166
Mississippi Development Bank, Jackson
Public School District, Limited Tax
Refunding Note Project
 
 
Rev., 5.00%, 4/1/2023
25,000
25,345
Series 2012B, Rev., 5.00%, 10/1/2023
1,465,000
1,482,413
Series 2015A, Rev., 5.00%, 4/1/2025
90,000
95,095
Mississippi Development Bank, Madison
County, Mississippi Highway Refunding
Project Series 2013C, Rev., 5.00%,
1/1/2024
20,000
20,635
Mississippi Development Bank, Rankin
County School District Project
 
 
Rev., 5.00%, 6/1/2024
30,000
31,182
Rev., 5.00%, 6/1/2025
35,000
37,217
Mississippi Development Bank, Special
Obligation, Tupelo Project Rev., 5.00%,
11/1/2022
30,000
30,134
Mississippi Home Corp., Single Family
Mortgage Series A, Rev.,
GNMA/FNMA/FHLMC COLL, 1.80%,
12/1/2022
30,000
29,956
Mississippi Hospital Equipment and
Facilities Authority, Health Services
 
 
Series 2020-I, Rev., 5.00%, 10/1/2022
400,000
400,800
Series 2020-I, Rev., 5.00%, 10/1/2025
140,000
148,314
Mississippi State University Educational
Building Corp., Campus Improvement
Project Rev., 5.00%, 11/1/2022
310,000
311,376
INVESTMENTS
PRINCIPAL
AMOUNT($)
VALUE($)
 
Mississippi — continued
Rankin County School District, Limited Tax
 
 
GO, 3.00%, 8/1/2023
    175,000
      175,076
GO, 5.00%, 8/1/2025
     25,000
       26,785
State of Mississippi
 
 
Series 2015C, GO, 5.00%, 10/1/2022
     90,000
       90,202
Series 2009F, GO, 5.25%, 10/1/2022
     50,000
       50,122
Series 2012F, GO, 4.00%, 11/1/2022
    250,000
      250,733
Series 2012F, GO, 5.00%,
11/1/2022 (b)
     50,000
       50,225
Series 2012H, GO, 5.00%, 12/1/2022
    110,000
      110,753
Series 2020B, GO, 5.00%, 9/1/2024
    150,000
      157,751
State of Mississippi, Gaming Tax Series
2019A, Rev., 5.00%, 10/15/2022
    125,000
      125,370
State of Mississippi, Nissan North
America Inc., Project Series 2012B, GO,
5.00%, 11/1/2022
50,000
50,228
State of Mississippi, Tax-Exempt
 
 
Series 2012H, GO, 3.00%,
12/1/2022 (b)
55,000
55,099
Series 2012H, GO, 3.13%,
12/1/2022 (b)
50,000
50,106
Series 2012H, GO, 4.00%,
12/1/2022 (b)
30,000
30,125
Series 2012H, GO, 4.00%, 12/1/2023
25,000
25,103
Series 2017A, GO, 5.00%, 10/1/2024
25,000
26,344
University of Mississippi Educational
Building Corp., Campus Improvement
Project
 
 
Series 2015C, Rev., 3.00%, 11/1/2022
25,000
25,032
Series 2015C, Rev., 5.00%, 11/1/2023
35,000
36,038
University of Mississippi Educational
Building Corp., Facilities Refinancing
Project
 
 
Rev., 3.00%, 10/1/2022
195,000
195,124
Series 2016A, Rev., 5.00%, 10/1/2022
80,000
80,178
Rev., 5.00%, 10/1/2024
195,000
204,465
University of Southern Mississippi (The),
Educational Building Corp. Series 2015A,
Rev., 5.00%, 3/1/2023
35,000
35,432
West Rankin Utility Authority Rev., AGM,
3.00%, 1/1/2023
25,000
25,056
Total Mississippi
 
9,042,924
Missouri — 2.4%
Bi-State Development Agency of the
Missouri-Illinois Metropolitan District,
Combine Lien, Mass Transit Sales Tax
Series 2013A, 5.00%, 10/1/2022
395,000
395,810
SEE NOTES TO FINANCIAL STATEMENTS.
 
282
J.P. Morgan Exchange-Traded Funds
August 31, 2022
INVESTMENTS
PRINCIPAL
AMOUNT($)
VALUE($)
Municipal Bonds — continued
Missouri — continued
Bi-State Development Agency of the
Missouri-Illinois Metropolitan District,
Combined Lien
 
 
Series 2013A, 5.00%, 10/1/2023 (b)
    140,000
      140,311
Series 2013A, 5.00%, 10/1/2024 (b)
     25,000
       25,056
Series 2013A, 5.00%, 10/1/2025 (b)
    100,000
      100,222
Series 2013A, 4.38%, 10/1/2033 (b)
     25,000
       25,042
Series 2013A, 5.00%, 10/1/2044 (b)
     40,000
       40,089
Cape Girardeau School District No. 63
4.00%, 3/1/2025
     25,000
       25,938
City of Brentwood 3.00%, 10/1/2022
    135,000
      135,065
City of Chesterfield 5.00%, 12/1/2023
     75,000
       77,396
City of Clayton 5.00%, 12/1/2022
    115,000
      115,773
City of Columbia, Water and Electric System
 
 
5.00%, 10/1/2022
50,000
50,107
Series 2019B, 5.00%, 10/1/2022
25,000
25,054
City of Excelsior Springs
 
 
Series 2020A, COP, 4.00%, 9/1/2022
125,000
125,000
Series 2020B, COP, 4.00%, 3/1/2023
25,000
25,203
City of Kansas City
 
 
Series 2019A, Rev., 3.00%, 12/1/2022
30,000
30,051
Series 2014A, Rev., 4.00%, 12/1/2022
35,000
35,145
Series 2019A, Rev., 5.00%, 12/1/2022
40,000
40,264
Series 2020A, Rev., 5.00%, 12/1/2022
40,000
40,264
Series 2021A, Rev., 5.00%, 12/1/2022
25,000
25,165
Series 2019A, Rev., 5.00%, 12/1/2023
35,000
36,110
City of Kansas City, Special Obligation
 
 
Series B, Rev., 5.00%, 9/1/2022
135,000
135,000
Series 2009E, Rev., Zero Coupon,
2/1/2023
45,000
44,447
Series E, Rev., Zero Coupon, 2/1/2024
275,000
263,004
City of Kirkwood COP, 3.00%, 9/1/2022
25,000
25,000
City of Sedalia COP, 3.00%, 9/15/2022
65,000
65,015
City of Springfield Series 2014A, Rev.,
4.00%, 9/1/2022
25,000
25,000
City of Springfield, Public Utility, Lease
Purchase Agreement Rev., 5.00%,
9/1/2022
100,000
100,000
County of Clay Series 2018A, 4.00%,
5/1/2024 (b)
30,000
30,797
County of Dunklin Rev., 3.00%, 12/1/2026
400,000
402,752
County of Franklin COP, 4.00%, 11/1/2022
20,000
20,059
County of Greene, Capital Projects COP,
4.00%, 9/1/2022
80,000
80,000
INVESTMENTS
PRINCIPAL
AMOUNT($)
VALUE($)
 
Missouri — continued
County of Jackson, Harry S. Truman Sports
Complex Project Rev., 5.00%,
12/1/2022
    135,000
      135,802
County of Jackson, Special Obligation Rev.,
4.00%, 12/1/2023
     35,000
       35,682
County of St. Louis, Special Obligation
Series 2021F, Rev., 5.00%, 12/1/2022
    100,000
      100,659
Curators of the University of Missouri (The),
System Facilities Bonds
 
 
Series 2014A, Rev., 5.00%,
11/1/2022 (b)
    165,000
      165,743
Series A, Rev., 5.00%, 11/1/2022
     25,000
       25,113
Hazelwood School District GO, 5.00%,
3/1/2023
     20,000
       20,264
Health and Educational Facilities Authority
of the State of Missouri, BJC Health
System
 
 
Series C, Rev., VRDO, LIQ : BJC Health
System, 1.63%, 9/8/2022 (c)
 13,110,000
   13,110,000
Series 2021B, Rev., 4.00%,
5/1/2026 (c)
  5,375,000
    5,574,631
Health and Educational Facilities Authority
of the State of Missouri, Coxhealth and
Obligated Group Series 2013A, Rev.,
5.00%, 11/15/2022
    270,000
      271,241
Health and Educational Facilities Authority
of the State of Missouri, Mercy Health
Rev., 3.00%, 11/15/2022
50,000
50,055
Health and Educational Facilities Authority
of the State of Missouri, SSM Health Care
 
 
Series F, Rev., VRDO, 0.98%,
9/1/2022 (c)
40,000,000
40,000,000
Series 2014A, Rev., 5.00%,
6/1/2024 (b)
25,000
26,076
Hickman Mills C-1 School District Series
2020C-1, GO, 4.00%, 3/1/2023
50,000
50,399
Jackson County Reorganized School District
No. 7, Lee's Summit R-7
 
 
GO, 4.00%, 3/1/2023
20,000
20,159
GO, 5.00%, 3/1/2023
20,000
20,257
Joplin Schools, Missouri Direct Deposit
Program GO, 4.00%, 3/1/2025
100,000
100,622
Ladue School District GO, 4.00%,
3/1/2023
20,000
20,172
Metropolitan St. Louis Sewer District,
Wastewater System Series 2013B, Rev.,
5.00%, 5/1/2023 (b)
65,000
66,153
SEE NOTES TO FINANCIAL STATEMENTS.
 
August 31, 2022
J.P. Morgan Exchange-Traded Funds
283
JPMorgan Ultra-Short Municipal Income ETF
SCHEDULE OF PORTFOLIO INVESTMENTS
AS OF August 31, 2022  (Unaudited) (continued)
INVESTMENTS
PRINCIPAL
AMOUNT($)
VALUE($)
Municipal Bonds — continued
Missouri — continued
Missouri Development Finance Board,
Fulton State Hospital Project Rev.,
5.00%, 10/1/2022
     95,000
       95,200
Missouri Development Finance Board, Office
Building Project Series 2013A, Rev.,
3.00%, 10/1/2023
     50,000
       50,026
Missouri Housing Development Commission,
Single Family Mortgage, First Place
Homeownership Loan Program Series
2021C, Rev., GNMA/FNMA/FHLMC,
0.35%, 11/1/2023
    480,000
      467,439
Missouri Joint Municipal Electric Utility
Commission, Prairie State Project Series
2015A, Rev., 5.00%, 12/1/2022
    105,000
      105,650
Missouri State Board of Public Buildings
 
 
Series 2014A, Rev., 5.00%, 10/1/2022
    135,000
      135,303
Series 2015B, Rev., 5.00%, 4/1/2023
     25,000
       25,393
Series 2014A, Rev., 4.00%, 10/1/2023
     95,000
       95,135
Series 2020B, Rev., 5.00%, 10/1/2023
     30,000
       30,855
Missouri State Environmental Improvement
and Energy Resources Authority, State
Revolving Funds Program Series 2015B,
Rev., 5.00%, 7/1/2023
     25,000
       25,551
Missouri State Environmental Improvement
and Energy Resources Authority, Water
Pollution Control and Drinking Water
 
 
Series 2020A, Rev., 5.00%, 1/1/2023
290,000
292,616
Series 2013A, Rev., 5.00%, 7/1/2024
60,000
61,489
Park Hill School District of Platte County,
Missouri Direct Deposit Program GO,
5.00%, 3/1/2023
40,000
40,546
Plaza at Noah's Ark Community
Improvement District Rev., 3.00%,
5/1/2023
150,000
149,012
Springfield School District No. R-12,
Missouri Direct Deposit Program Series
2014B, GO, 5.00%, 3/1/2023
20,000
20,273
St. Charles Community College GO, 4.00%,
2/15/2023
35,000
35,248
St. Charles County Public Water Supply
District No. 2
 
 
COP, 5.00%, 12/1/2022
80,000
80,508
Series 2016B, COP, 5.00%, 12/1/2022
30,000
30,190
COP, 3.00%, 12/1/2023
45,000
45,273
Series 2016B, COP, 5.00%, 12/1/2023
50,000
50,303
St. Joseph Industrial Development
Authority, Sewer System Improvements
Project Series 2015B, Rev., 5.00%,
4/1/2023
20,000
20,300
INVESTMENTS
PRINCIPAL
AMOUNT($)
VALUE($)
 
Missouri — continued
St. Louis County Industrial Development
Authority, Friendship Village Chesterfield
Rev., 5.00%, 9/1/2022 (b)
     50,000
       50,000
Tender Option Bond Trust Receipts/
Certificates Series 2018-XG0176, Rev.,
VRDO, LIQ : Royal Bank of Canada,
1.62%, 9/12/2022 (c) (e)
  9,500,000
    9,500,000
Total Missouri
 
73,903,477
Montana — 0.0% ^
City of Billings Series 2012A, 3.00%,
7/1/2023
     35,000
       35,020
Montana Facility Finance Authority, School
Health System Series 2019A, Rev.,
5.00%, 1/1/2023
     70,000
       70,596
Montana State Board of Regents, Montana
State University Series 2017D, Rev.,
5.00%, 11/15/2022
     50,000
       50,281
Total Montana
 
155,897
Nebraska — 0.7%
Central Plains Energy Project, Gas Project
No. 4 Series 2018A, Rev., 5.00%,
3/1/2050 (c)
    970,000
      992,397
City of Lincoln, Electric System
 
 
Rev., 3.00%, 9/1/2022 (b)
25,000
25,000
Rev., 5.00%, 9/1/2022 (b)
100,000
100,000
Rev., 5.00%, 9/1/2022
910,000
910,000
Rev., 2.70%, 9/1/2023
10,000
10,040
City of Lincoln, Stormwater Drainage and
Flood Management System GO, 3.00%,
12/15/2023
40,000
40,350
City of Omaha
 
 
Series 2014B, GO, 5.00%, 11/15/2022
100,000
100,562
Series A, GO, 5.00%, 11/15/2022
40,000
40,225
City of Omaha, Sanitary Sewerage System
 
 
Rev., 3.25%, 11/15/2022 (b)
45,000
45,090
Rev., 4.00%, 11/15/2022 (b)
75,000
75,259
Rev., 5.00%, 11/15/2022 (b)
100,000
100,557
Rev., 5.00%, 11/15/2022
50,000
50,281
Series 2020A, Rev., 4.00%, 4/1/2025
35,000
36,316
City of Omaha, Various Purpose
 
 
Series 2012A, GO, 3.00%, 11/15/2022
50,000
50,081
Series 2012A, GO, 3.25%,
11/15/2022 (b)
75,000
75,151
SEE NOTES TO FINANCIAL STATEMENTS.
 
284
J.P. Morgan Exchange-Traded Funds
August 31, 2022
INVESTMENTS
PRINCIPAL
AMOUNT($)
VALUE($)
Municipal Bonds — continued
Nebraska — continued
County of Douglas, Creighton University
Projects Rev., (SIFMA Municipal Swap
Index Yield + 0.53%), 2.03%,
9/8/2022 (d)
 16,100,000
   16,081,256
Douglas County School District No. 010,
Elkhorn Public Schools Series 2019, GO,
5.00%, 12/15/2022
     25,000
       25,198
Loup River Public Power District Rev.,
5.00%, 12/1/2022
     25,000
       25,163
Metropolitan Utilities District of Omaha
Water System Rev., 5.00%, 12/1/2022
    175,000
      176,185
Municipal Energy Agency of Nebraska,
Power Supply System
 
 
Series 2016A, Rev., 5.00%, 4/1/2023
     40,000
       40,619
Series 2022A, Rev., 5.00%, 4/1/2023
    105,000
      106,620
Nebraska Cooperative Republican Platte
Enhancement Project Series 2020A, Rev.,
2.00%, 12/15/2022
    445,000
      444,028
Nebraska Investment Finance Authority,
Single Family Housing
 
 
Series 2020A, Rev.,
GNMA/FNMA/FHLMC, 0.80%,
9/1/2022
     85,000
       85,000
Series 2018C, Rev., 2.13%, 9/1/2022
      5,000
        5,000
Nebraska Public Power District
 
 
Series A, Rev., 4.00%, 1/1/2023
10,000
10,055
Series B, Rev., 5.00%, 1/1/2023
40,000
40,349
Series 2020A, Rev., 0.60%,
7/1/2023 (c)
690,000
677,287
Series 2012B, Rev., 5.00%, 1/1/2025
165,000
166,323
Series 2021A, Rev., 5.00%, 1/1/2025
525,000
553,783
Series A-1, Rev., 5.00%, 1/1/2025
35,000
36,919
Omaha Public Facilities Corp., Omaha
Baseball Stadium Project Series 2016A,
Rev., 5.00%, 6/1/2023
25,000
25,483
Omaha Public Power District Nebraska City
Station Unit 2 Series 2016A, Rev.,
5.00%, 2/1/2023
20,000
20,219
Omaha Public Power District, Electric
System
 
 
Series 2016A, Rev., 5.00%, 2/1/2023
80,000
80,877
Series B, Rev., 5.00%, 2/1/2025
125,000
131,107
Papillion-La Vista School District No. 27
 
 
Series 2016A, GO, 4.00%, 12/1/2022
25,000
25,104
Series 2020B, GO, 4.00%, 12/1/2022
250,000
251,038
Series 2020B, GO, 4.00%, 12/1/2023
35,000
35,678
INVESTMENTS
PRINCIPAL
AMOUNT($)
VALUE($)
 
Nebraska — continued
Public Power Generation Agency, Whelan
Energy Center Unit 2 Series 2015A, Rev.,
5.00%, 1/1/2026
    800,000
      843,488
State of Nebraska Series 2020A, COP,
3.00%, 9/1/2023
     45,000
       45,300
University of Nebraska Facilities Corp.,
University System Facilities, Tax Exempt
Series 2019B, Rev., 4.00%, 10/1/2022
     35,000
       35,049
University of Nebraska Facilities Corp.,
UNMC Cancer Center Series 2014A, Rev.,
5.00%, 2/15/2023
     20,000
       20,242
University of Nebraska, OMAHA Student
Housing Project Rev., 3.25%,
5/15/2024 (b)
     60,000
       60,823
Total Nebraska
 
22,699,502
Nevada — 0.2%
Carson City School District, Limited Tax
Series 2019A, 5.00%, 6/1/2023
     75,000
       76,467
City of Henderson
 
 
Series 2012A, GO, 4.00%,
12/1/2022 (b)
     50,000
       50,209
Series 2012A, GO, 5.00%,
12/1/2022 (b)
     30,000
       30,203
Series 2012A, GO, 5.00%, 6/1/2023
25,000
25,163
City of Las Vegas Series 2015C, GO, 5.00%,
9/1/2022
50,000
50,000
City of Las Vegas, City Hall Series 2015C,
GO, 5.00%, 9/1/2024
125,000
131,209
Clark County School District, Limited Tax
 
 
Series 2016B, 5.00%, 6/15/2023
225,000
229,494
Series 2016D, 5.00%, 6/15/2023
75,000
76,498
Clark County School District, Limited Tax,
Various Purpose Series 2016F, 3.00%,
6/15/2026
100,000
100,052
County of Clark, Department of Aviation,
Nevada Airport System, Subordinate Lien
 
 
Series 2019D, 5.00%, 7/1/2023
1,120,000
1,143,114
Series 2019D, 5.00%, 7/1/2024
400,000
417,559
Series 2019D, 5.00%, 7/1/2025
40,000
42,754
Series A-2, 5.00%, 7/1/2025
125,000
130,633
County of Clark, Department of Aviation,
Nevada Airport System, Subordinate
Lien, McCarran International Airport
Series 2019A, 5.00%, 7/1/2023
190,000
193,890
County of Clark, Flood Control, Limited Tax
 
 
5.00%, 11/1/2022
60,000
60,263
Series 2020B, 5.00%, 11/1/2022
30,000
30,132
SEE NOTES TO FINANCIAL STATEMENTS.
 
August 31, 2022
J.P. Morgan Exchange-Traded Funds
285
JPMorgan Ultra-Short Municipal Income ETF
SCHEDULE OF PORTFOLIO INVESTMENTS
AS OF August 31, 2022  (Unaudited) (continued)
INVESTMENTS
PRINCIPAL
AMOUNT($)
VALUE($)
Municipal Bonds — continued
Nevada — continued
County of Clark, Indexed Fuel Tax and
Subordinate Motor Vehicle Fuel Tax
5.00%, 7/1/2025
    710,000
      757,484
County of Clark, Las Vegas Convention and
Visitors Authority, Limited Tax 5.00%,
7/1/2023
     20,000
       20,429
County of Clark, Limited Tax
 
 
Series 2016A, 5.00%, 11/1/2022
    125,000
      125,548
Series 2019A, 5.00%, 12/1/2022
    170,000
      171,121
5.00%, 6/1/2023
     35,000
       35,679
Series 2016B, 5.00%, 11/1/2023
     25,000
       25,741
Series 2016B, 5.00%, 11/1/2024
     45,000
       47,414
County of Clark, Nevada Power Co. 1.65%,
1/1/2036 (c)
  1,600,000
    1,588,408
County of Clark, Park Improvement, Limited
Tax 5.00%, 12/1/2024
     25,000
       26,391
County of Clark, Passenger Facility Charge,
Las Vegas-McCarran International Airport
Passenger Facility Series 2019E, 5.00%,
7/1/2023
     25,000
       25,516
County of Clark, Sales and Excise Tax
5.00%, 7/1/2023
25,000
25,537
County of Clark, Transportation
Improvement, Limited Tax
 
 
Series 2018B, 5.00%, 12/1/2023
20,000
20,634
Series 2018B, 5.00%, 12/1/2025
35,000
37,769
Series 2019B, 5.00%, 6/1/2026
300,000
326,843
County of Washoe, Fuel Tax Rev., 5.00%,
2/1/2023
35,000
35,391
County of Washoe, Sales Tax Series 2016A,
Rev., 5.00%, 12/1/2022
140,000
140,944
Las Vegas Valley Water District, Limited Tax
Series 2016B, GO, 5.00%, 6/1/2023
20,000
20,391
Las Vegas Valley Water District, Water
Improvement, Limited Tax Series 2016A,
GO, 5.00%, 6/1/2023
65,000
66,271
Nevada Housing Division, Whittell Pointe
Apartments Rev., 0.30%, 10/1/2022 (c)
175,000
174,576
Nevada System of Higher Education Rev.,
5.00%, 7/1/2023
25,000
25,510
State of Nevada Series 2012-A, GO, 4.00%,
11/1/2024
55,000
55,026
State of Nevada Highway Improvement,
Motor Vehicle Fuel Tax
 
 
Rev., 4.00%, 12/1/2022
295,000
296,298
Rev., 5.00%, 12/1/2022
110,000
110,753
Series 2020A, Rev., 5.00%, 12/1/2022
245,000
246,677
Rev., 5.00%, 12/1/2023
40,000
41,318
INVESTMENTS
PRINCIPAL
AMOUNT($)
VALUE($)
 
Nevada — continued
State of Nevada, Capital Improvement and
Cultural Affairs
 
 
Series 2015B, GO, 5.00%, 11/1/2022
     85,000
       85,387
Series 2015B, GO, 5.00%, 11/1/2024
     25,000
       26,395
Series 2015B, GO, 5.00%, 11/1/2025
     20,000
       21,316
State of Nevada, Limited Tax
 
 
Series 2015C, GO, 5.00%, 11/1/2022
     25,000
       25,114
Series 2015E, GO, 5.00%, 2/1/2023
     20,000
       20,228
Washoe County School District, Limited Tax
 
 
GO, 5.00%, 10/1/2022
     45,000
       45,099
Series A, GO, PSF-GTD, 5.00%,
6/1/2023
     25,000
       25,495
Total Nevada
 
7,484,343
New Hampshire — 0.0% ^
City of Dover
 
 
Series 2017B, GO, 5.00%, 12/15/2022
50,000
50,395
GO, 5.00%, 6/15/2023
35,000
35,740
City of Keene
 
 
GO, 4.00%, 11/1/2022
30,000
30,087
GO, NATL-RE, 5.00%, 3/1/2023
20,000
20,271
City of Nashua GO, 5.00%, 9/15/2022
25,000
25,025
County of Rockingham, Municipal Purpose
Loan GO, 3.00%, 5/15/2023
30,000
30,153
New Hampshire Health and Education
Facilities Authority Act, Concord Hospital
Series 2013A, Rev., 4.00%,
10/1/2022 (b)
660,000
660,855
New Hampshire Health and Education
Facilities Authority Act, Southern New
Hampshire University Rev., 5.00%,
1/1/2023 (b)
40,000
40,353
New Hampshire State Turnpike System
Series 2015A, Rev., 5.00%, 10/1/2022
110,000
110,247
State of New Hampshire Series 2020C, GO,
5.00%, 12/1/2022
35,000
35,240
State of New Hampshire, Capital
Improvement Series 2018A, GO, 5.00%,
12/1/2022
145,000
145,992
Windham School District Series 2014A, GO,
5.00%, 7/15/2024
60,000
62,664
Total New Hampshire
 
1,247,022
New Jersey — 9.3%
Atlantic County Improvement Authority
(The), Atlantic City Campus Phase II
Project
 
 
Series 2016B, AGM, 5.00%, 9/1/2022
45,000
45,000
SEE NOTES TO FINANCIAL STATEMENTS.
 
286
J.P. Morgan Exchange-Traded Funds
August 31, 2022

INVESTMENTS
PRINCIPAL
AMOUNT($)
VALUE($)
Municipal Bonds — continued
New Jersey — continued
Series 2016A, AGM, 5.00%, 7/1/2023
     30,000
       30,569
Atlantic County Improvement Authority
(The), The Egg Harbor Township Golf
Corp., Project AGM, 5.00%, 11/1/2022
     30,000
       30,125
Barrington Board of Education 4.00%,
4/1/2023
     35,000
       35,313
Bergen County Improvement Authority
(The), Guaranteed Fort Lee Board of
Education
 
 
GTD, 5.00%, 12/1/2022
     75,000
       75,504
GTD, 4.00%, 12/1/2027 (b)
     45,000
       45,188
Bergen County Improvement Authority
(The), Guaranteed Governmental Loan
GTD, 5.00%, 10/15/2022
     30,000
       30,098
Bergen County Improvement Authority
(The), Saddle Brook Project GTD, 5.00%,
9/1/2022
     35,000
       35,000
Borough of Alpine 2.00%, 11/16/2022
  2,325,311
    2,322,427
Borough of Bloomingdale 2.00%,
2/22/2023
  8,676,000
    8,650,133
Borough of Cliffside Park 1.25%,
9/30/2022
  5,510,000
    5,504,551
Borough of Englewood Cliffs GO, BAN,
2.00%, 2/17/2023
5,945,049
5,926,788
Borough of Fair Haven GO, 4.00%,
10/1/2022
25,000
25,034
Borough of Flemington GO, BAN, 1.50%,
10/27/2022
5,984,000
5,974,565
Borough of Frenchtown GO, BAN, 1.50%,
10/21/2022
1,285,183
1,283,609
Borough of Glen Ridge GO, BAN, 4.00%,
7/13/2023
4,434,625
4,469,901
Borough of Haddonfield GO, BAN, 2.00%,
2/17/2023
11,038,750
11,005,846
Borough of Haledon GO, 2.00%,
10/15/2022
45,000
44,957
Borough of Haworth GO, BAN, 1.50%,
11/10/2022
2,436,000
2,430,942
Borough of Hawthorne GO, BAN, 1.50%,
9/9/2022
2,696,500
2,695,856
Borough of High Bridge GO, BAN, 3.25%,
6/15/2023
2,408,350
2,414,285
Borough of Hopatcong GO, BAN, 3.75%,
7/21/2023
3,467,585
3,483,543
Borough of Kinnelon GO, BAN, 1.50%,
9/30/2022
1,304,000
1,302,917
Borough of Lakehurst GO, 2.50%,
12/1/2022
40,000
39,975
INVESTMENTS
PRINCIPAL
AMOUNT($)
VALUE($)
 
New Jersey — continued
Borough of Metuchen GO, 2.25%,
9/1/2022
    145,000
      145,000
Borough of Morris Plains GO, BAN, 1.50%,
12/9/2022
  1,415,880
    1,411,605
Borough of Oakland, General Improvement
GO, 3.00%, 12/1/2022
     50,000
       50,091
Borough of Ogdensburg GO, BAN, 1.50%,
10/28/2022
  1,239,000
    1,236,972
Borough of Paramus GO, BAN, 1.50%,
10/14/2022
 14,409,000
   14,391,405
Borough of Pitman Series A, GO, BAN,
1.50%, 12/13/2022
  4,287,927
    4,274,895
Borough of Ramsey GO, BAN, 3.50%,
6/2/2023
 10,514,000
   10,556,317
Borough of Riverdale GO, BAN, 3.75%,
9/7/2023 (f)
  8,496,000
    8,549,887
Borough of Rutherford GO, 3.00%,
11/1/2022
     65,000
       65,080
Borough of Seaside Heights GO, AGM,
2.75%, 12/1/2022
     25,000
       25,022
Borough of South River, General
Improvement
 
 
GO, 3.00%, 12/1/2022
55,000
55,094
GO, 4.00%, 12/1/2022
65,000
65,270
Borough of Spotswood, Water and Sewer
Utilities GO, 2.25%, 12/1/2022
25,000
25,003
Borough of Waldwick GO, 2.00%,
11/1/2022
50,000
49,952
Brick Township Board of Education 4.00%,
1/1/2025
35,000
36,148
Brick Township Municipal Utilities Authority
(The) Series 2016A, GTD, 5.00%,
12/1/2022
40,000
40,264
Burlington County Bridge Commission,
Governmental Leasing Program
 
 
5.00%, 10/1/2022
95,000
95,210
Series 2014A, GTD, 5.00%, 12/1/2022
20,000
20,135
4.00%, 4/1/2023
20,000
20,197
5.00%, 4/15/2023
25,000
25,415
Burlington County Bridge Commission,
Governmental Loan Program
 
 
GTD, 5.00%, 12/1/2022
240,000
241,619
Series 2013A, GTD, 5.00%, 12/1/2023
80,000
80,533
Burlington County Bridge Commission,
Guaranteed Bridge System GTD, 5.00%,
10/1/2022
135,000
135,299
SEE NOTES TO FINANCIAL STATEMENTS.
 
August 31, 2022
J.P. Morgan Exchange-Traded Funds
287
JPMorgan Ultra-Short Municipal Income ETF
SCHEDULE OF PORTFOLIO INVESTMENTS
AS OF August 31, 2022  (Unaudited) (continued)
INVESTMENTS
PRINCIPAL
AMOUNT($)
VALUE($)
Municipal Bonds — continued
New Jersey — continued
Camden County Improvement Authority
(The)
 
 
Series 2015A, GTD, 5.00%, 9/1/2022
     25,000
       25,000
Series A, GTD, 5.00%, 1/15/2023
     40,000
       40,389
Series 2012A, GTD, 2.25%, 6/1/2023
     75,000
       74,905
Series 2017B, GTD, 4.00%, 1/15/2024
     25,000
       25,526
Series 2015A, GTD, 5.00%, 9/1/2024
     25,000
       26,222
Camden County Improvement Authority
(The), City Hall Project
 
 
GTD, 5.00%, 12/1/2022
     75,000
       75,491
GTD, 5.00%, 12/1/2025
     30,000
       32,325
Camden County Improvement Authority
(The), Open Space Preservation Trust
Fund GTD, 5.00%, 6/1/2023
     50,000
       50,104
City of Brigantine 4.00%, 10/15/2022
     75,000
       75,156
City of Clifton
 
 
4.00%, 10/15/2022
70,000
70,147
3.00%, 10/15/2023
20,000
20,015
City of Elizabeth
 
 
GO, AGM, 2.50%, 4/1/2023
25,000
25,012
GO, 3.00%, 4/1/2023
25,000
25,083
City of Englewood GO, 3.00%, 2/1/2023
115,000
115,325
City of Hoboken, Packaging Utility GO,
5.00%, 1/1/2023
25,000
25,203
City of Jersey City Series 2017A, GO,
4.00%, 11/1/2022
100,000
100,277
City of Long Branch
 
 
Series 2020A, GO, 5.00%, 9/15/2022
50,000
50,050
Series 2020A, GO, 5.00%, 9/15/2025
30,000
32,118
City of New Brunswick GO, 4.00%,
3/15/2023
40,000
40,375
City of New Brunswick, Redevelopment
Area, Cultural Center Project GO, AGM,
4.00%, 9/15/2022
34,000
34,022
City of Newark Series 2020A, GO, AGM,
5.00%, 10/1/2023
1,000,000
1,024,266
City of Ocean City, General Improvement
 
 
Series 2020A&B, GO, 3.00%,
10/15/2022
25,000
25,024
GO, 4.00%, 12/15/2022
50,000
50,254
GO, 4.00%, 9/15/2023
120,000
122,024
GO, 4.00%, 9/15/2025
40,000
41,768
City of Orange Township GO, 4.00%,
12/1/2022
25,000
25,096
City of Plainfield GO, 4.00%, 9/15/2022
25,000
25,016
INVESTMENTS
PRINCIPAL
AMOUNT($)
VALUE($)
 
New Jersey — continued
City of Rahway
 
 
GO, 4.00%, 4/15/2023
    100,000
      101,049
GO, 4.00%, 8/1/2023
     25,000
       25,377
GO, 4.00%, 10/1/2023
     25,000
       25,441
City of Sea Isle City
 
 
GO, 3.00%, 9/1/2022
     20,000
       20,000
GO, 3.00%, 9/1/2023
     45,000
       45,260
City of Summit GO, 5.00%, 11/1/2022
     20,000
       20,090
County of Atlantic 0.50%, 6/1/2024
  1,805,000
    1,715,002
County of Bergen
 
 
5.00%, 10/15/2022
     65,000
       65,217
3.00%, 11/1/2022
50,000
50,066
County of Burlington, General Improvement
Series 2016A-1, 4.00%, 9/1/2022
155,000
155,000
County of Essex
 
 
Series A, GO, 2.00%, 9/1/2022
25,000
25,000
Series A, GO, 4.00%, 9/1/2022
20,000
20,000
GO, 5.00%, 9/1/2022
35,000
35,000
Series AC, GO, 5.00%, 3/1/2023
25,000
25,336
GO, 3.00%, 8/1/2023
25,000
25,153
Series A, GO, 4.00%, 9/1/2023
20,000
20,327
County of Essex, Vocational School Bonds
Series 2017B, GO, 5.00%, 9/1/2022
125,000
125,000
County of Gloucester
 
 
Series 2019A, GO, 5.00%, 9/15/2022
65,000
65,063
Series 2017B, GO, 4.00%, 10/15/2022
125,000
125,253
County of Hudson
 
 
GO, 5.00%, 12/1/2022
215,000
216,353
GO, 5.00%, 12/1/2023
25,000
25,755
Series B, GO, 4.00%, 7/1/2025
40,000
41,503
County of Mercer, County College GO,
3.00%, 6/1/2023
20,000
20,076
County of Middlesex
 
 
Series 2019A, GO, 4.00%, 11/15/2022
20,000
20,071
GO, 3.00%, 1/15/2023
15,000
15,041
GO, 4.00%, 1/15/2023
20,000
20,128
County of Middlesex, Civic Square II
Redevelopment Associates LLC COP,
4.00%, 6/15/2023
25,000
25,302
County of Middlesex, Civic Square III
Redevelopment Associates LLC COP,
4.00%, 6/15/2023
100,000
101,208
County of Middlesex, Civic Square IV
Redevelopment Associates LLC COP,
5.00%, 10/15/2022
50,000
50,156
SEE NOTES TO FINANCIAL STATEMENTS.
 
288
J.P. Morgan Exchange-Traded Funds
August 31, 2022
INVESTMENTS
PRINCIPAL
AMOUNT($)
VALUE($)
Municipal Bonds — continued
New Jersey — continued
County of Monmouth GO, 5.00%,
7/15/2023
     25,000
       25,576
County of Morris
 
 
GO, 4.00%, 10/15/2022
     25,000
       25,051
GO, 4.00%, 2/1/2023
     25,000
       25,172
County of Ocean, General Improvement
 
 
GO, 4.00%, 9/1/2022
     45,000
       45,000
GO, 5.00%, 10/1/2022
     45,000
       45,101
County of Passaic
 
 
Series 2015A, GO, 4.00%, 12/1/2022
     20,000
       20,085
Series 2016A, GO, 4.00%, 12/1/2022
    125,000
      125,534
County of Passaic, Consisting of General
Improvement and College GO, 5.00%,
4/1/2023
     25,000
       25,389
County of Passaic, Vocational School Series
2018B, GO, 4.00%, 12/1/2024
165,000
170,385
County of Somerset GO, BAN, 1.00%,
9/7/2022
75,000
74,987
County of Somerset, General Improvement
Series 2013A/B, GO, 2.50%, 10/1/2022
100,000
100,015
County of Sussex GO, 4.00%, 9/1/2022
25,000
25,000
County of Union Series B, GO, 3.00%,
3/1/2023
40,000
40,024
County of Union, Vocational Technical
School GO, 5.00%, 3/1/2023
45,000
45,603
Cumberland County Improvement Authority
(The), County Correctional Facility Project
Rev., 5.00%, 10/1/2022
20,000
20,044
East Brunswick Township Board of
Education GO, 5.00%, 11/1/2022
45,000
45,204
Egg Harbor Township School District GO,
5.00%, 9/15/2022
65,000
65,063
Essex County Improvement Authority Series
2006, Rev., AMBAC, 5.25%,
12/15/2022
205,000
206,677
Essex County Improvement Authority,
County Guaranteed Project Rev., 5.00%,
10/1/2022
50,000
50,106
Fair Lawn Board of Education GO, 3.13%,
9/1/2022
20,000
20,000
Franklin Township Board of Education GO,
3.00%, 2/1/2023 (b)
40,000
40,111
Freehold Township Board of Education
 
 
GO, 5.00%, 2/15/2023
85,000
86,018
GO, 5.00%, 7/15/2023
25,000
25,052
INVESTMENTS
PRINCIPAL
AMOUNT($)
VALUE($)
 
New Jersey — continued
Garden State Preservation Trust, Open
Space and Farmland Preservation
 
 
Series 2003B, Rev., AGM, Zero Coupon,
11/1/2022
    105,000
      104,574
Series 2012A, Rev., 5.00%, 11/1/2022
    245,000
      245,924
Gloucester County Improvement Authority
(The)
 
 
Series 2011A, Rev., 5.00%, 7/15/2023
     20,000
       20,449
Series 2013A, Rev., 5.00%, 9/1/2023
     40,000
       40,513
Series 2013A, Rev., 5.00%, 9/1/2024
     15,000
       15,187
Gloucester County Improvement Authority
(The), GCSSSD/GCVTSD Project Rev.,
4.00%, 5/15/2023
     35,000
       35,413
Hainesport Township School District GO,
5.00%, 1/15/2024
     35,000
       36,190
Holmdel Township School District GO,
4.00%, 3/15/2023
     25,000
       25,214
Hopewell Valley Regional School District GO,
3.25%, 1/15/2025
     25,000
       25,324
Hudson County Improvement Authority,
Capital Appreciation Series 2006A-1,
Rev., NATL-RE, Zero Coupon,
12/15/2022
150,000
148,877
Hudson County Improvement Authority,
Courthouse Project Rev., 4.00%,
10/1/2025
40,000
41,766
Hudson County Improvement Authority,
Vocational-Technical Schools Project Rev.,
5.00%, 5/1/2023
270,000
274,645
Jefferson Township School District GO,
4.00%, 9/15/2022 (b)
50,000
50,031
Lenape Regional High School District GO,
5.00%, 3/15/2023
20,000
20,266
Mainland Regional High School District GO,
4.00%, 10/15/2022
175,000
175,343
Mercer County Improvement Authority
(The) Series A, Rev., 5.00%, 11/1/2022
70,000
70,313
Middlesex County Improvement Authority,
Capital Equipment and Improvement
Rev., 2.00%, 9/15/2022
125,000
124,988
Middlesex County Improvement Authority,
Open Space Trust Fund
 
 
Rev., 4.00%, 12/15/2022
65,000
65,330
Series 2011, Rev., 3.00%, 9/15/2023
30,000
30,016
Middlesex County Improvement Authority,
Perth Amboy Franchise Acquisit Series
1999B, Rev., AMBAC, Zero Coupon,
9/1/2022
180,000
180,000
SEE NOTES TO FINANCIAL STATEMENTS.
 
August 31, 2022
J.P. Morgan Exchange-Traded Funds
289
JPMorgan Ultra-Short Municipal Income ETF
SCHEDULE OF PORTFOLIO INVESTMENTS
AS OF August 31, 2022  (Unaudited) (continued)
INVESTMENTS
PRINCIPAL
AMOUNT($)
VALUE($)
Municipal Bonds — continued
New Jersey — continued
Middletown Township Board of Education
GO, 2.25%, 8/1/2024
    720,000
      715,546
Monmouth County Improvement Authority
(The), Governmental Pooled Loan Project
 
 
Rev., 5.00%, 12/1/2022
    395,000
      397,704
Series 2019B, Rev., 5.00%, 12/1/2022
     50,000
       50,342
Morris County Improvement Authority,
Morris Hills Regional District Project Rev.,
5.00%, 10/1/2022 (b)
    100,000
      100,222
Mount Olive Township Board of Education
GO, 4.00%, 7/15/2023
     20,000
       20,278
New Brunswick Parking Authority,
Tax-Exempt Series 2020B, Rev., 5.00%,
9/1/2022
    475,000
      475,000
New Jersey Economic Development
Authority, Department of the Treasury
Series 2005N1, Rev., AMBAC, 5.50%,
9/1/2024
  1,375,000
    1,447,814
New Jersey Economic Development
Authority, Motor Vehicle Surcharges
Series 2017A, Rev., 5.00%, 7/1/2023
     50,000
       51,053
New Jersey Economic Development
Authority, School Facilities Construction
 
 
Series KK, Rev., 5.00%, 9/1/2022 (b)
     60,000
       60,000
Series 2013NN, Rev., 5.00%,
3/1/2023 (b)
30,000
30,388
Series 2021QQQ, Rev., 5.00%,
6/15/2023
165,000
167,932
Series XX, Rev., 5.00%, 6/15/2023
2,710,000
2,758,159
Series 2012-II, Rev., 3.00%, 3/1/2024
350,000
350,035
Series NN, Rev., 5.00%, 3/1/2024
325,000
328,484
Series XX, Rev., 5.00%, 6/15/2024
800,000
830,890
Series 2012-II, Rev., 5.00%, 3/1/2025
220,000
220,307
Series NN, Rev., 5.00%, 3/1/2025
495,000
500,313
Series 2014PP, Rev., AGM - CR, 5.00%,
6/15/2025
3,500,000
3,638,160
Series 2005N1, Rev., AGM, 5.50%,
9/1/2025
75,000
80,755
Series NN, Rev., 5.00%, 3/1/2026
525,000
530,618
Series 2013NN, Rev., 4.00%, 3/1/2027
25,000
25,108
New Jersey Economic Development
Authority, Transit Corporation Projects
Series B, Rev., 5.00%, 11/1/2022
1,090,000
1,094,746
New Jersey Educational Facilities Authority,
Princeton University
 
 
Series 2021C, Rev., 5.00%, 3/1/2023
20,000
20,278
Series 2017B, Rev., 5.00%, 7/1/2023
25,000
25,568
INVESTMENTS
PRINCIPAL
AMOUNT($)
VALUE($)
 
New Jersey — continued
New Jersey Educational Facilities Authority,
Ramapo College
 
 
Series 2015B, Rev., AGM, 4.00%,
7/1/2023 (b)
     10,000
       10,134
Series 2017A, Rev., AGM, 5.00%,
7/1/2023 (b)
    100,000
      102,155
New Jersey Educational Facilities Authority,
Seton Hall University Series 2013D, Rev.,
3.50%, 7/1/2023
     25,000
       25,066
New Jersey Health Care Facilities Financing
Authority, AHS Hospital Corp. Rev.,
5.00%, 7/1/2025
    125,000
      133,501
New Jersey Health Care Facilities Financing
Authority, Barnabas Health Obligated
Group
 
 
Series 2019B-1, Rev., 5.00%,
7/1/2024 (c)
    875,000
      910,375
Series 2019B-2, Rev., 5.00%,
7/1/2025 (c)
    220,000
      231,937
New Jersey Health Care Facilities Financing
Authority, Hackensack Meridian Health
Obligated Group
 
 
Rev., 5.00%, 7/1/2023
     20,000
       20,380
Series 2017A, Rev., 5.00%, 7/1/2025
    190,000
      202,653
New Jersey Health Care Facilities Financing
Authority, Valley Health System Obligated
Rev., 5.00%, 7/1/2026
50,000
53,452
New Jersey Health Care Facilities Financing
Authority, Virtual Health, Inc.
 
 
Rev., 5.00%, 1/1/2024 (b)
30,000
30,975
Rev., 5.00%, 7/1/2024
95,000
97,872
Rev., 5.00%, 7/1/2025
135,000
139,053
Rev., 5.00%, 7/1/2026
145,000
149,336
New Jersey Higher Education Student
Assistance Authority, Senior Student Loan
 
 
Series 2019A, Rev., 5.00%, 12/1/2022
40,000
40,267
Series 2019A, Rev., 5.00%, 12/1/2024
40,000
42,279
New Jersey Housing and Mortgage Finance
Agency, Multi-Family Series 2019B, Rev.,
1.50%, 5/1/2023
90,000
89,353
New Jersey Housing and Mortgage Finance
Agency, NBA-New Brunswick LLC Series
C2, Rev., 3.13%, 8/1/2024 (c)
5,100,000
5,068,531
New Jersey Housing and Mortgage Finance
Agency, Riverside Senior Apartments
Project Series 2019D, Rev., 2.03%,
12/1/2022
2,035,000
2,033,395
SEE NOTES TO FINANCIAL STATEMENTS.
 
290
J.P. Morgan Exchange-Traded Funds
August 31, 2022
INVESTMENTS
PRINCIPAL
AMOUNT($)
VALUE($)
Municipal Bonds — continued
New Jersey — continued
New Jersey Housing and Mortgage Finance
Agency, Riverside Village Family
Apartment Series 2019F, Rev., 1.35%,
12/1/2022
    130,000
      129,650
New Jersey Infrastructure Bank,
Environmental Infrastructure
 
 
Series 2020A-R1, Rev., 3.00%,
9/1/2022
    150,000
      150,000
Series 2012A-R, Rev., 4.00%, 9/1/2022
    470,000
      470,000
Series 2007A, Rev., 5.00%, 9/1/2022
    140,000
      140,000
Series 2007-C, Rev., 5.00%, 9/1/2022
     50,000
       50,000
Series 2014A, Rev., 5.00%, 9/1/2022
     25,000
       25,000
Series 2015A-1, Rev., 5.00%, 9/1/2022
     25,000
       25,000
Series 2016A-1, Rev., 5.00%, 9/1/2022
     80,000
       80,000
Series 2016A2, Rev., 5.00%, 9/1/2022
     65,000
       65,000
Series 2016A-R1, Rev., 5.00%,
9/1/2022
     70,000
       70,000
Series 2016A-R2, Rev., 5.00%,
9/1/2022
75,000
75,000
Series 2020A-1, Rev., 5.00%, 9/1/2022
40,000
40,000
Series 2002A, Rev., 5.25%, 9/1/2022
50,000
50,000
Series 2020A-R1, Rev., 3.00%,
9/1/2023
40,000
40,267
Series 2012A-R, Rev., 4.00%, 9/1/2023
165,000
167,766
Series 2007A, Rev., 5.00%, 9/1/2023
10,000
10,266
Rev., 5.00%, 9/1/2024
35,000
36,788
New Jersey Sports and Exposition Authority
 
 
Series 2018A, Rev., 5.00%, 9/1/2022
70,000
70,000
Series 2018A, Rev., 5.00%, 9/1/2024
190,000
197,701
New Jersey Transportation Trust Fund
Authority, Federal Highway
Reimbursement
 
 
Series 2016A-1, Rev., 5.00%,
6/15/2023
1,000,000
1,017,849
Series 2018A, Rev., 5.00%, 6/15/2023
35,000
35,625
New Jersey Transportation Trust Fund
Authority, Transportation System
 
 
Series 2006A, Rev., NATL-RE, 4.25%,
12/15/2022
50,000
50,196
Series 2006A, Rev., 5.25%,
12/15/2022
250,000
252,067
Series 2006A, Rev., AMBAC, 5.25%,
12/15/2022
190,000
191,279
Series 2006A, Rev., AGM - CR, 5.25%,
12/15/2022
75,000
75,609
Series B, Rev., AMBAC, 5.25%,
12/15/2022
155,000
156,044
INVESTMENTS
PRINCIPAL
AMOUNT($)
VALUE($)
 
New Jersey — continued
Series 2006A, Rev., 5.50%,
12/15/2022
     90,000
       90,808
Series 2006A, Rev., AGM - CR, 5.50%,
12/15/2022
    215,000
      216,898
Series 2004A, Rev., NATL-RE, 5.75%,
6/15/2023
     50,000
       51,095
Series 2008A, Rev., Zero Coupon,
12/15/2023
    140,000
      134,495
Series 2010D, Rev., 5.00%,
12/15/2023
     20,000
       20,550
Series 2006A, Rev., 5.50%,
12/15/2023
     45,000
       46,520
Series 2006C, Rev., AMBAC, Zero
Coupon, 12/15/2024
  2,400,000
    2,235,525
Series 2013AA, Rev., 5.00%,
6/15/2027
  1,500,000
    1,525,100
New Jersey Turnpike Authority
 
 
Series 2012B, Rev., 5.00%,
1/1/2023 (b)
    125,000
      126,124
Series 2013F, Rev., 5.00%,
1/1/2023 (b)
     20,000
       20,180
Series 2014A, Rev., 5.00%, 1/1/2027
1,050,000
1,095,129
Newark Housing Authority Scholarship
Foundation A New Jersey Non (The),
South Ward Police Facility Rev., AGM,
5.00%, 12/1/2022
40,000
40,253
North Bergen Township Board of Education
COP, 4.00%, 12/15/2022
75,000
75,338
Old Bridge Township Municipal Utilities
Authority Series 2014C, Rev., 5.00%,
11/1/2022
20,000
20,088
Passaic County Improvement Authority
(The), City of Paterson Project Rev.,
5.00%, 6/15/2023
25,000
25,509
Passaic County Improvement Authority
(The), Preakness Healthcare Center
Expansion Project Rev., 2.63%,
5/1/2023
100,000
100,015
Passaic County Utilities Authority, Solid
Waste Disposal Rev., 4.50%, 3/1/2024
75,000
77,288
Passaic Valley Sewerage Commission, Sewer
System Series G, Rev., 5.75%,
12/1/2022
200,000
201,585
Pequannock Township Board of Education
GO, 4.00%, 1/15/2025
50,000
51,725
Pleasantville School District GO, AGM,
2.38%, 2/15/2023
25,000
24,995
Ramsey School District GO, 3.13%,
1/15/2023
25,000
25,082
SEE NOTES TO FINANCIAL STATEMENTS.
 
August 31, 2022
J.P. Morgan Exchange-Traded Funds
291
JPMorgan Ultra-Short Municipal Income ETF
SCHEDULE OF PORTFOLIO INVESTMENTS
AS OF August 31, 2022  (Unaudited) (continued)
INVESTMENTS
PRINCIPAL
AMOUNT($)
VALUE($)
Municipal Bonds — continued
New Jersey — continued
Rancocas Valley Regional High School
District GO, 5.00%, 2/1/2023
     60,000
       60,645
Readington Township Board of Education
GO, 5.00%, 7/15/2023
     25,000
       25,550
Rutgers The State University of New Jersey
Series 2016M, Rev., 5.00%, 5/1/2024
     25,000
       26,003
Somerdale School District GO, 3.38%,
9/1/2022
     40,000
       40,000
Somerset County Improvement Authority,
Bridgewater, Hillsborough and Bernards
Property Acquisition Project Rev.,
4.00%, 10/1/2022
     25,000
       25,036
Somerset County Improvement Authority,
County Guaranteed Lease, Township of
Montgomery Project Rev., 5.00%,
9/1/2022
     35,000
       35,000
South Brunswick Township Board of
Education GO, 5.00%, 8/1/2024
     45,000
       46,570
South Harrison Township School District GO,
4.00%, 1/15/2023
     25,000
       25,149
South Jersey Transportation Authority,
Transportation System Series 2012A,
Rev., 5.00%, 11/1/2022 (b)
    100,000
      100,434
South Orange and Maplewood School
District
 
 
GO, 2.00%, 11/1/2022
    125,000
      124,923
GO, 4.00%, 1/15/2023
25,000
25,157
GO, 5.00%, 1/15/2023
25,000
25,249
Southampton School District GO, 2.13%,
9/1/2022
50,000
50,000
State of New Jersey
 
 
Series 2016T, GO, 5.00%, 6/1/2023
35,000
35,622
GO, 5.00%, 6/1/2024
20,000
20,798
State of New Jersey, Various Purpose
 
 
GO, 5.00%, 6/1/2023
360,000
366,393
GO, 4.00%, 6/1/2026
40,000
40,373
GO, 5.00%, 6/1/2026
65,000
69,102
Tobacco Settlement Financing Corp.
 
 
Series 2018A, Rev., 5.00%, 6/1/2023
1,865,000
1,901,481
Series 2018A, Rev., 5.00%, 6/1/2025
805,000
855,397
Town of Hammonton
 
 
GO, BAN, 1.00%, 11/3/2022
1,705,250
1,700,667
GO, 4.00%, 3/1/2023
30,000
30,041
Town of Morristown GO, 5.00%, 3/1/2023
25,000
25,330
Town of Westfield, General Improvement
GO, 2.00%, 9/15/2022
65,000
64,994
INVESTMENTS
PRINCIPAL
AMOUNT($)
VALUE($)
 
New Jersey — continued
Township of Aberdeen 1.50%,
10/14/2022
 10,362,135
   10,349,357
Township of Allamuchy, General
Improvement 2.50%, 12/1/2022
     30,000
       30,011
Township of Alloway 4.00%, 12/1/2022
     35,000
       35,134
Township of Berlin 5.00%, 1/1/2023
     20,000
       20,172
Township of Bloomfield Series 2022A,
2.50%, 3/23/2023
  8,900,000
    8,906,135
Township of Bloomfield, General
Improvement 3.00%, 1/15/2023
     40,000
       40,096
Township of Bloomfield, General
Improvement and Water Utility 5.00%,
2/1/2024
     40,000
       41,403
Township of Bloomfield, Water Improvement
Utility 5.00%, 2/1/2023
     25,000
       25,271
Township of Brick 4.00%, 11/1/2022
     25,000
       25,068
Township of Bridgewater 4.00%, 9/1/2023
     25,000
       25,419
Township of Colts Neck 4.00%,
11/15/2025
     40,000
       41,899
Township of Delran Series A, GO, BAN,
1.50%, 12/7/2022
4,102,947
4,090,830
Township of Dennis GO, BAN, 3.25%,
6/16/2023
2,578,444
2,581,196
Township of East Amwell GO, 4.00%,
2/15/2023
25,000
25,176
Township of East Brunswick GO, 3.00%,
3/15/2023
25,000
25,102
Township of Evesham, General Improvement
and Golf Utility GO, 4.00%, 5/1/2023
25,000
25,270
Township of Ewing, General Improvement
GO, 2.00%, 3/1/2023
100,000
99,683
Township of Florence GO, 4.00%,
11/1/2022
25,000
25,064
Township of Hardyston GO, 4.00%,
2/1/2023
40,000
40,283
Township of Harrison GO, 4.00%,
8/1/2025
50,000
51,957
Township of Howell Series 2022A, GO, BAN,
2.50%, 3/23/2023
13,850,000
13,846,495
Township of Lakewood, General
Improvement GO, 3.00%, 11/1/2022
30,000
30,036
Township of Little Egg Harbor
 
 
GO, 3.00%, 11/15/2022
25,000
25,038
Series B, GO, BAN, 4.00%, 1/26/2023
9,063,000
9,091,684
Township of Little Falls, General
Improvement
 
 
GO, 4.00%, 8/15/2023
25,000
25,378
GO, 4.00%, 8/15/2025
30,000
31,146
SEE NOTES TO FINANCIAL STATEMENTS.
 
292
J.P. Morgan Exchange-Traded Funds
August 31, 2022
INVESTMENTS
PRINCIPAL
AMOUNT($)
VALUE($)
Municipal Bonds — continued
New Jersey — continued
Township of Livingston, Water and Sewer
Utility GO, 4.00%, 11/1/2022
     75,000
       75,215
Township of Lopatcong GO, 4.00%,
9/1/2023
     30,000
       30,473
Township of Mahwah GO, 4.00%,
12/1/2022
     70,000
       70,308
Township of Montclair, School Series
2016B, GO, 4.00%, 10/1/2022
     85,000
       85,123
Township of Montville
 
 
GO, 3.00%, 10/1/2022
     35,000
       35,022
GO, 5.00%, 11/1/2022
    130,000
      130,586
GO, BAN, 1.50%, 11/10/2022
  5,750,000
    5,738,281
Township of Moorestown, General
Improvement and Water Sewer Utility GO,
5.00%, 2/1/2023
     25,000
       25,281
Township of Moorestown, Water and Sewer
Utility GO, 5.00%, 2/1/2023
     25,000
       25,281
Township of Nutley GO, 2.25%, 4/15/2023
     45,000
       44,949
Township of Parsippany-Troy Hills GO,
5.00%, 7/15/2023
40,000
40,086
Township of Parsippany-Troy Hills, Golf
Recreation Utility GO, 3.00%, 6/1/2023
35,000
35,159
Township of Pequannock GO, BAN, 4.00%,
7/12/2023
3,752,000
3,778,906
Township of Piscataway GO, 5.00%,
12/1/2022
45,000
45,302
Township of Plainsboro GO, BAN, 1.50%,
11/10/2022
8,000,000
7,983,390
Township of Randolph, Various Purpose GO,
3.00%, 10/15/2022
45,000
45,041
Township of Readington, General
Improvement GO, 5.00%, 1/15/2025
25,000
26,434
Township of River Vale
 
 
GO, 4.00%, 6/15/2023
35,000
35,442
GO, BAN, 4.00%, 7/14/2023
3,158,000
3,184,529
Township of South Brunswick
 
 
GO, 5.00%, 9/1/2022
30,000
30,000
GO, 4.00%, 10/1/2022
30,000
30,041
Township of South Hackensack GO, BAN,
2.00%, 2/16/2023
1,332,500
1,328,674
Township of South Orange Village GO, BAN,
4.00%, 7/5/2023
20,868,000
21,113,182
Township of Stafford
 
 
Series 2022A, GO, BAN, 3.00%,
10/25/2022
3,220,000
3,222,065
Series 2014B, GO, 5.00%, 2/1/2023
30,000
30,330
INVESTMENTS
PRINCIPAL
AMOUNT($)
VALUE($)
 
New Jersey — continued
Township of Toms River GO, 4.00%,
12/1/2022
    125,000
      125,500
Township of Toms River, General
Improvement
 
 
GO, 4.00%, 10/15/2022
    100,000
      100,195
Series 2016A, GO, 5.00%, 11/15/2022
     40,000
       40,212
Township of Toms River, General
Improvement, Golf Utility Improvement
Series 2011A, GO, 3.00%, 12/15/2023
     45,000
       45,303
Township of Union, General Improvement
GO, 4.00%, 2/1/2023
     25,000
       25,174
Township of Upper Freehold GO, BAN,
2.50%, 3/23/2023
  9,900,000
    9,898,591
Township of Voorhees GO, 1.75%,
9/15/2022
     25,000
       24,992
Township of Washington GO, 4.00%,
3/1/2025
     30,000
       30,993
Township of Wayne GO, 4.00%, 11/1/2022
     50,000
       50,146
Township of West Deptford GO, 3.00%,
9/1/2026
    100,000
      100,850
Township of West Milford GO, BAN, 1.00%,
9/16/2022
245,000
244,730
Township of West Orange Series 2021A, GO,
2.00%, 11/11/2022
1,325,000
1,324,303
Union County Improvement Authority,
College Cranford Facility Rev., 3.00%,
12/1/2022
70,000
70,123
Village of Ridgewood GO, BAN, 1.50%,
1/25/2023
34,432,500
34,290,063
Washington Township Fire District No.1,
Gloucester GO, 1.00%, 5/1/2023
250,000
246,517
Washington Township Municipal Utilities
Authority Series 2021A, Rev., 4.00%,
2/1/2023
25,000
25,163
West Essex Regional School District GO,
5.00%, 11/1/2022
40,000
40,182
West Windsor-Plainsboro Regional School
District GO, 4.00%, 9/15/2022
75,000
75,048
Woodland Park School District GO, 5.00%,
4/15/2023
100,000
101,591
Wyckoff Township School District GO,
3.00%, 4/1/2023 (b)
25,000
25,095
Total New Jersey
 
290,604,430
New Mexico — 0.0% ^
Bloomfield School District No. 6 2.00%,
10/1/2022
25,000
24,990
City of Albuquerque Series 2014A, 4.00%,
7/1/2037 (b)
25,000
25,339
SEE NOTES TO FINANCIAL STATEMENTS.
 
August 31, 2022
J.P. Morgan Exchange-Traded Funds
293
JPMorgan Ultra-Short Municipal Income ETF
SCHEDULE OF PORTFOLIO INVESTMENTS
AS OF August 31, 2022  (Unaudited) (continued)
INVESTMENTS
PRINCIPAL
AMOUNT($)
VALUE($)
Municipal Bonds — continued
New Mexico — continued
City of Albuquerque, Lodgers Tax and
Improvement Series 2014A, 3.50%,
7/1/2032 (b)
     20,000
       20,184
City of Roswell, Joint Water and Sewer
Improvement Series B, Rev., 5.00%,
6/1/2023
     25,000
       25,485
County of Los Alamos, Gross Receipts Tax
Rev., 5.00%, 6/1/2023
     25,000
       25,474
Hobbs School District No. 16 Series 2014B,
GO, 5.00%, 9/15/2022
    150,000
      150,151
New Mexico Finance Authority, Senior Lien
Public Project Revolving Fund
 
 
Series 2016A, Rev., 5.00%, 6/1/2023
     25,000
       25,497
Series 2019B, Rev., 5.00%, 6/1/2023
     35,000
       35,695
Series 2020B, Rev., 5.00%, 6/1/2023
     25,000
       25,496
Series 2016C, Rev., 5.00%, 6/1/2024
     25,000
       26,120
New Mexico Finance Authority, Subordinate
Lien Public Project Revolving Fund,
Tax-Exempt
 
 
Series 2017D, Rev., 5.00%, 6/15/2023
    120,000
      122,501
Series 2019C-1, Rev., 5.00%,
6/15/2023
40,000
40,834
Series 2017B, Rev., 3.50%, 6/15/2024
50,000
50,984
Series 2018C-1, Rev., 4.00%,
6/15/2024
30,000
30,851
New Mexico Municipal Energy Acquisition
Authority Series 2019A, Rev., LIQ : Royal
Bank of Canada, 4.00%, 11/1/2022
50,000
50,121
State of New Mexico, Capital Projects GO,
5.00%, 3/1/2025
55,000
58,457
State of New Mexico, Severance Tax
Permanent Fund
 
 
Series 2015B, Rev., 5.00%, 7/1/2023
170,000
173,551
Series 2016D, Rev., 5.00%, 7/1/2023
25,000
25,522
Series 2017A, Rev., 5.00%, 7/1/2023
110,000
112,298
University of New Mexico (The),
Subordinate Lien System
 
 
Series 2016A, Rev., 5.00%, 6/1/2023
40,000
40,746
Series 2014C, Rev., 5.00%, 6/1/2024
25,000
26,050
Village of Los Lunas Rev., 3.00%,
4/1/2023
20,000
20,047
Total New Mexico
 
1,136,393
New York — 20.7%
Albany City School District Series 2022A,
2.50%, 3/24/2023
85,135,156
85,099,109
Amherst Central School District 5.00%,
2/1/2023
70,000
70,794
INVESTMENTS
PRINCIPAL
AMOUNT($)
VALUE($)
 
New York — continued
Arlington Central School District
 
 
Series 2012B, 4.00%, 12/15/2022
     25,000
       25,120
5.00%, 5/15/2023
     10,000
       10,183
Baldwinsville Central School District 5.00%,
9/15/2022
     50,000
       50,050
Battery Park City Authority
 
 
Series 2013A, 4.00%, 11/1/2022
     60,000
       60,176
Series 2013A, 5.00%, 11/1/2022
     75,000
       75,342
Battery Park City Authority, Tax Exempt
Series 2013A, 5.00%, 11/1/2026
     70,000
       72,150
Bay Shore Union Free School District
5.00%, 1/15/2023
     15,000
       15,150
Bedford Central School District, Boces
Project 3.00%, 11/15/2023
     25,000
       25,034
Berlin Central School District 4.00%,
6/28/2023
  8,635,000
    8,642,614
Bethlehem Central School District 5.00%,
6/15/2023
20,000
20,423
Brentwood Union Free School District
4.50%, 11/15/2022
25,000
25,116
Broome County Local Development Corp.,
Good Shepherd Village at Endwell, Inc.
 
 
3.00%, 7/1/2023
255,000
252,990
3.00%, 7/1/2024
610,000
598,051
3.50%, 7/1/2025
455,000
445,733
Brunswick Central School District 4.00%,
6/29/2023
7,500,000
7,547,418
Buffalo Municipal Water Finance Authority
Series 2021A, AGM, 4.00%, 7/1/2023
125,000
126,611
Central Square Central School District
4.00%, 6/15/2023
25,000
25,330
City of Beacon, Public Improvement Series
2018A, 3.00%, 5/15/2023
30,000
30,130
City of Buffalo Series 2012D, AGM, 2.25%,
12/1/2022
25,000
25,003
City of Buffalo, General Improvement
5.00%, 4/1/2023
50,000
50,754
City of Ithaca GO, BAN, 2.00%, 2/17/2023
7,745,493
7,733,334
City of Ithaca, Public Improvement GO,
4.00%, 1/15/2023
25,000
25,158
City of New Rochelle GO, 5.00%,
2/15/2023
35,000
35,435
City of New York
 
 
Subseries A-1, GO, 5.00%,
10/1/2022 (b)
275,000
275,616
Series B, GO, 5.00%, 8/1/2023
50,000
50,106
Series C, GO, 5.00%, 8/1/2023
25,000
25,053
SEE NOTES TO FINANCIAL STATEMENTS.
 
294
J.P. Morgan Exchange-Traded Funds
August 31, 2022
INVESTMENTS
PRINCIPAL
AMOUNT($)
VALUE($)
Municipal Bonds — continued
New York — continued
Series D, GO, 5.00%, 8/1/2023
    435,000
      439,780
Series E, GO, 5.00%, 8/1/2023
     65,000
       65,714
Series 2013-I, GO, 5.00%, 8/1/2024
     30,000
       30,710
Series 2013J, GO, 5.00%, 8/1/2024
    345,000
      353,171
Series B, GO, 5.00%, 8/1/2024
    230,000
      230,479
Series D, GO, 5.00%, 8/1/2024
     30,000
       30,323
Series E, GO, 5.00%, 8/1/2024
    160,000
      161,723
Series G, GO, 5.00%, 8/1/2024
     35,000
       36,275
Series I, GO, 5.00%, 8/1/2024
    280,000
      280,583
Subseries F-1, GO, 5.00%, 3/1/2025
    110,000
      111,413
Series 2004A-6, GO, 5.00%, 8/1/2025
     40,000
       40,429
Series 2013J, GO, 5.00%, 8/1/2025
130,000
132,987
Series B, GO, 5.00%, 8/1/2025
190,000
190,440
Series C, GO, 5.00%, 8/1/2025
105,000
105,244
Series E, GO, 5.00%, 8/1/2025
85,000
85,911
Series J, GO, 5.00%, 8/1/2025
30,000
31,402
Series F, Subseries F-1, GO, 5.00%,
3/1/2026
155,000
156,983
Series D, GO, 5.00%, 8/1/2026
40,000
40,427
City of New York, Fiscal Year 2006 Series I,
Subseries I-4, GO, VRDO, LOC : TD Bank
NA, 1.03%, 9/1/2022 (c)
30,000,000
30,000,000
City of New York, Fiscal Year 2012 Series
2012-I, GO, 5.00%, 8/1/2023
615,000
616,306
City of New York, Fiscal Year 2012,
Tax-Exempt Series I, GO, 5.00%,
8/1/2025
185,000
185,429
City of New York, Fiscal Year 2013 Series
2013E, GO, 4.50%, 8/1/2023
55,000
55,492
City of New York, Fiscal Year 2013,
Tax-Exempt
 
 
Series F, Subseries F-1, GO, 5.00%,
3/1/2024
170,000
172,219
Series H, GO, 5.00%, 8/1/2025
50,000
51,149
City of New York, Fiscal Year 2014
 
 
Series I, Subseries 2014I-1, GO, 5.00%,
3/1/2023 (b)
5,000
5,066
Series 2014I-1, GO, 5.00%, 3/1/2024
75,000
77,903
Series 2014E, GO, 5.00%, 8/1/2024
35,000
35,829
Series D, Subseries D-1, GO, 5.00%,
8/1/2025
225,000
230,170
City of New York, Fiscal Year 2015
 
 
Series 1, GO, 5.00%, 8/1/2023
240,000
245,778
Series 2012I, GO, 5.00%, 8/1/2025
85,000
86,953
Series 2015A, GO, 5.00%, 8/1/2025
110,000
115,142
Series 2015A, GO, 5.00%, 8/1/2026
30,000
31,397
INVESTMENTS
PRINCIPAL
AMOUNT($)
VALUE($)
 
New York — continued
City of New York, Fiscal Year 2016 Series E,
GO, 5.00%, 8/1/2024
     90,000
       94,414
City of New York, Fiscal Year 2017
 
 
Series 2017B-1, GO, 5.00%, 12/1/2022
    145,000
      145,978
Series C, GO, 5.00%, 8/1/2025
     40,000
       42,832
City of New York, Fiscal Year 2018
 
 
Series 2018D, GO, 5.00%, 8/1/2023
    800,000
      819,261
Series 2018F-1, GO, 4.00%, 4/1/2025
     30,000
       31,143
City of New York, Fiscal Year 2019 Series D,
Subseries D-4, GO, VRDO, LIQ : Barclays
Bank plc, 1.08%, 9/1/2022 (c)
  5,000,000
    5,000,000
City of New York, Tax-Exempt
 
 
Subseries A-1, GO, 4.00%,
10/1/2022 (b)
     60,000
       60,081
Series A-1, GO, 5.00%, 10/1/2022 (b)
    200,000
      200,448
Subseries A-1, GO, 5.00%,
10/1/2022 (b)
50,000
50,112
Subseries A-1, GO, 5.00%, 8/1/2024
25,000
25,592
Subseries A-1, GO, 5.00%, 10/1/2024
70,000
70,163
Series 2015C, GO, 5.00%, 8/1/2025
30,000
31,767
Series A, Subseries A-6, GO, 5.00%,
8/1/2025
60,000
62,104
Series A, Subseries A-1, GO, 5.25%,
8/1/2025
60,000
61,513
City of Rochester Series 2018-1, GO,
4.00%, 2/15/2023
215,000
216,584
City of Syracuse, Public Improvement
 
 
Series 2015B, GO, 4.00%, 11/1/2022
45,000
45,128
Series 2019A, GO, 4.00%, 5/15/2023
20,000
20,233
City of White Plains, Public Improvement
Series 2020B, GO, 5.00%, 9/15/2022
45,000
45,043
City of Yonkers
 
 
Series 2017A, GO, 5.00%, 9/1/2022
25,000
25,000
Series 2017C, GO, 5.00%, 10/1/2022
65,000
65,141
Series 2014D, GO, AGM, 3.00%,
10/15/2022
150,000
150,120
Clarkstown Central School District 2.00%,
11/15/2022
40,000
39,976
Commack Union Free School District
4.00%, 11/15/2022
175,000
175,597
Cooperstown Central School District 4.00%,
6/28/2023
5,204,000
5,241,470
Corning City School District Series A,
4.00%, 6/26/2023
5,119,500
5,173,178
County of Albany
 
 
5.00%, 9/15/2022
250,000
250,246
Series 2020A, 5.00%, 9/15/2022
50,000
50,049
SEE NOTES TO FINANCIAL STATEMENTS.
 
August 31, 2022
J.P. Morgan Exchange-Traded Funds
295
JPMorgan Ultra-Short Municipal Income ETF
SCHEDULE OF PORTFOLIO INVESTMENTS
AS OF August 31, 2022  (Unaudited) (continued)
INVESTMENTS
PRINCIPAL
AMOUNT($)
VALUE($)
Municipal Bonds — continued
New York — continued
County of Albany, Various Purpose Series
2019A, 5.00%, 9/15/2022
     20,000
       20,020
County of Chemung, Public Improvement
3.00%, 12/15/2022
     40,000
       40,072
County of Erie, Public Improvement Series
A, GO, 5.00%, 9/15/2022
     75,000
       75,075
County of Livingston, Public Improvement
GO, 4.00%, 2/1/2024
     35,000
       35,803
County of Nassau, General Improvement
 
 
Series 2016B, GO, 5.00%, 10/1/2022
    215,000
      215,450
Series C, GO, 5.00%, 10/1/2022
  1,065,000
    1,067,227
Series 2016A, GO, 5.00%, 1/1/2025
     50,000
       52,730
County of Onondaga
 
 
GO, 5.00%, 2/1/2023
     25,000
       25,285
GO, 5.00%, 3/15/2023
     25,000
       25,367
County of Orange, Various Purpose Series
2015A, GO, AGM, 5.00%, 3/1/2023
70,000
70,951
County of Putnam, Public Improvement GO,
4.00%, 1/15/2023
20,000
20,124
County of Rensselaer, Public Improvement
GO, 5.00%, 9/1/2022
50,000
50,000
County of Rockland, Various Purpose GO,
AGM, 2.75%, 12/1/2022
25,000
25,033
County of Schoharie, Public Improvement
GO, 3.00%, 11/1/2022
20,000
20,025
County of Suffolk
 
 
Series 2015B, GO, AGM, 5.00%,
10/1/2022
20,000
20,041
Series 2017D, GO, 4.00%, 10/15/2022
100,000
100,184
Series B, GO, AGM, 4.00%, 10/15/2022
625,000
626,151
County of Ulster, Public Improvement GO,
4.50%, 11/15/2022
50,000
50,231
County of Westchester
 
 
Series 2012A, GO, 4.00%, 10/15/2022
25,000
25,054
Series 2020A, GO, 5.00%, 10/15/2022
25,000
25,083
Series 2018A, GO, 5.00%, 12/1/2022
90,000
90,616
Series 2012B, GO, 2.00%, 7/1/2023
35,000
34,937
Dunkirk City School District GO, BAN,
4.00%, 6/28/2023
7,200,000
7,251,842
Dutchess County Local Development Corp.,
Nuvance Health Issue Series 2019B, Rev.,
5.00%, 7/1/2023
525,000
532,791
East Aurora Union Free School District GO,
AGM, 5.00%, 6/15/2023
45,000
45,920
East Greenbush Central School District
Series 2019A, GO, 5.00%, 12/15/2022
30,000
30,237
INVESTMENTS
PRINCIPAL
AMOUNT($)
VALUE($)
 
New York — continued
Erie County Fiscal Stability Authority, Sales
Tax and State Aid Secured
 
 
Rev., 5.00%, 9/1/2022
     75,000
       75,000
Series 2017D, Rev., 5.00%, 9/1/2022
     85,000
       85,000
Erie County Industrial Development Agency
(The), City School District of the City of
Buffalo Project
 
 
Rev., 5.00%, 5/1/2023
     25,000
       25,432
Series 2013A, Rev., 5.00%, 5/1/2026
    195,000
      198,251
Series 2013A, Rev., 5.00%, 5/1/2027
     75,000
       76,250
Erie County Water Authority Rev., 5.00%,
12/1/2022
    245,000
      246,677
Fairport Central School District GO, 4.00%,
6/15/2023
     20,000
       20,265
Freeport Union Free School District GO,
5.00%, 12/1/2022
     50,000
       50,342
Goshen Central School District GO, 2.00%,
12/1/2022
     35,000
       34,974
Grand Island Central School District GO,
5.00%, 12/1/2022
135,000
135,914
Greece Central School District Series B, GO,
5.00%, 12/15/2022
25,000
25,193
Greene Central School District Series B, GO,
BAN, 4.00%, 6/29/2023
11,678,000
11,798,658
Greenport Union Free School District GO,
BAN, 3.50%, 6/23/2023
2,880,000
2,888,095
Haverstraw-Stony Point Central School
District GO, 5.00%, 10/15/2022
300,000
300,983
Hempstead Town Local Development Corp.,
Adelphi University Project Rev., 5.00%,
10/1/2022
40,000
40,080
Hewlett-Woodmere Union Free School
District GO, 5.00%, 11/1/2022
30,000
30,137
Hudson Yards Infrastructure Corp., Second
Indenture
 
 
Series 2017A, Rev., 4.00%, 2/15/2023
45,000
45,338
Series 2017A, Rev., 5.00%, 2/15/2023
565,000
571,768
Series 2017A, Rev., 5.00%, 2/15/2025
20,000
21,186
Iroquois Central School District GO, 5.00%,
6/15/2025
25,000
26,564
Island Trees Union Free School District GO,
4.00%, 8/1/2023
25,000
25,034
Lakeland Central School District GO, 5.00%,
11/15/2022
60,000
60,337
Long Island Power Authority, Electric
System
 
 
Rev., 5.00%, 9/1/2022 (b)
150,000
150,000
SEE NOTES TO FINANCIAL STATEMENTS.
 
296
J.P. Morgan Exchange-Traded Funds
August 31, 2022
INVESTMENTS
PRINCIPAL
AMOUNT($)
VALUE($)
Municipal Bonds — continued
New York — continued
Series 2015B, Rev., 5.00%,
9/1/2022 (b)
     85,000
       85,000
Series 2016B, Rev., 5.00%,
9/1/2022 (b)
     30,000
       30,000
Series 2016B, Rev., 5.00%, 9/1/2022
     70,000
       70,000
Series B, Rev., 5.00%, 9/1/2022
    905,000
      905,000
Series 2016B, Rev., 5.00%, 9/1/2023
    220,000
      225,845
Series 2020B, Rev., 0.85%,
9/1/2025 (c)
    125,000
      113,595
Rev., 1.00%, 9/1/2025
    315,000
      293,362
Series B, Rev., 5.00%, 9/1/2026
    245,000
      245,555
Longwood Central School District Suffolk
County GO, 5.00%, 6/1/2023
     20,000
       20,403
Massapequa Union Free School District GO,
5.00%, 10/1/2022
     20,000
       20,045
Metropolitan Transportation Authority
 
 
Series 2019D-1, Rev., BAN, 5.00%,
9/1/2022
2,605,000
2,605,000
Series 2002D-1, Rev., AGM, 4.00%,
11/1/2022
40,000
40,115
Series 2002D-1, Rev., 5.00%,
11/1/2022
330,000
331,448
Series 2012B, Rev., 4.00%,
11/15/2022 (b)
95,000
95,331
Series 2012F, Rev., 4.00%, 11/15/2022
100,000
100,347
Series 2008B-2, Rev., 5.00%,
11/15/2022
440,000
442,387
Series 2008B-4, Rev., 5.00%,
11/15/2022
30,000
30,166
Series 2012B, Rev., 5.00%,
11/15/2022
25,000
25,136
Series 2012B, Rev., 5.00%,
11/15/2022 (b)
40,000
40,225
Series 2012B, Rev., AGM - CR, 5.00%,
11/15/2022 (b)
50,000
50,281
Series 2012C, Rev., 5.00%,
11/15/2022 (b)
330,000
331,793
Series 2012C, Rev., 5.00%,
11/15/2022
120,000
120,651
Series 2012E, Rev., 5.00%,
11/15/2022
130,000
130,705
Series 2012E, Rev., 5.00%,
11/15/2022 (b)
855,000
859,715
Series 2012F, Rev., 5.00%, 11/15/2022
7,935,000
7,979,429
Series 2013A, Rev., 5.00%,
11/15/2022
250,000
251,356
Series 2013B, Rev., 5.00%,
11/15/2022
65,000
65,353
INVESTMENTS
PRINCIPAL
AMOUNT($)
VALUE($)
 
New York — continued
Series 2013C, Rev., 5.00%,
11/15/2022
     55,000
       55,298
Series 2015A, Subseries 2015A-1, Rev.,
5.00%, 11/15/2022
    500,000
      502,712
Series 2015F, Rev., 5.00%, 11/15/2022
    120,000
      120,651
Series 2016B, Rev., 5.00%,
11/15/2022
     35,000
       35,190
Series 2016D, Rev., 5.00%,
11/15/2022
     60,000
       60,325
Series 2017B, Rev., 5.00%,
11/15/2022
    250,000
      251,356
Series 2019F, Rev., BAN, 5.00%,
11/15/2022
  1,000,000
    1,003,972
Series A2, Rev., 5.00%, 11/15/2022
     65,000
       65,353
Series A-2, Rev., 5.00%, 11/15/2022
    220,000
      221,193
Subseries B-1, Rev., 5.00%,
11/15/2022
    120,000
      120,663
Subseries B-2, Rev., 5.00%,
11/15/2022 (b)
     20,000
       20,112
Series 2020A-1, Rev., BAN, 5.00%,
2/1/2023
1,365,000
1,375,787
Series 2013A, Rev., 5.00%,
5/15/2023 (b)
60,000
61,071
Series 2013A, Rev., AGM - CR, 5.00%,
5/15/2023 (b)
30,000
30,536
Series 2002D-1, Rev., 5.00%,
11/1/2023
125,000
125,528
Series 2012F, Rev., 5.00%, 11/15/2023
235,000
236,226
Series 2014C, Rev., 5.00%,
11/15/2023
240,000
247,098
Series 2017B, Rev., 5.00%,
11/15/2023
175,000
180,186
Series A-1, Rev., 5.00%, 11/15/2023
35,000
36,035
Series 2012F, Rev., 5.00%, 11/15/2024
295,000
296,394
Series 2017B, Rev., 5.00%,
11/15/2024
250,000
261,168
Series 2012D, Rev., 5.00%,
11/15/2025
140,000
140,657
Metropolitan Transportation Authority,
Dedicated Tax Fund
 
 
Series 2002B-1, Rev., 3.00%,
11/1/2022
40,000
40,054
Series 2012A, Rev., 4.00%,
11/15/2022
65,000
65,230
Series B-1, Rev., 4.00%, 11/15/2022
305,000
306,081
Series 2012A, Rev., 5.00%,
11/15/2022
150,000
150,829
SEE NOTES TO FINANCIAL STATEMENTS.
 
August 31, 2022
J.P. Morgan Exchange-Traded Funds
297
JPMorgan Ultra-Short Municipal Income ETF
SCHEDULE OF PORTFOLIO INVESTMENTS
AS OF August 31, 2022  (Unaudited) (continued)
INVESTMENTS
PRINCIPAL
AMOUNT($)
VALUE($)
Municipal Bonds — continued
New York — continued
Series 2017A, Rev., 5.00%,
11/15/2022
    105,000
      105,580
Series B-2, Rev., 5.00%, 11/15/2022
    180,000
      180,995
Subseries B-1, Rev., 5.00%,
11/15/2022
    130,000
      130,719
Series 2012A, Rev., 5.00%,
11/15/2023
  1,065,000
    1,070,558
Series 2016A, Rev., 5.00%,
11/15/2023
    100,000
      103,183
Series 2017A, Rev., 5.00%,
11/15/2023
     10,000
       10,318
Series 2012A, Rev., 5.00%,
11/15/2024
    675,000
      678,426
Series 2013B-1, Rev., 5.00%,
11/15/2024
    125,000
      128,479
Series 2012A, Rev., 5.00%,
11/15/2025
  1,640,000
    1,648,526
Series 2012A, Rev., 5.00%,
11/15/2026
    380,000
      381,975
Series 2012A, Rev., 5.00%,
11/15/2027
     25,000
       25,130
Middletown City School District GO, 5.00%,
9/15/2022
25,000
25,025
Monroe County Industrial Development
Corp., Rochester General Hospital Series
2013B, Rev., 4.00%, 12/1/2022
30,000
30,104
Monroe County Industrial Development
Corp., University of Rochester Project
Series 2013A, Rev., 5.00%,
7/1/2023 (b)
20,000
20,443
Moravia Central School District GO, AGM,
2.50%, 6/15/2023
200,000
200,081
Moriah Central School District GO, BAN,
3.75%, 7/13/2023
14,750,000
14,854,964
Mount Vernon City School District
 
 
GO, 4.00%, 9/15/2022
25,000
25,016
GO, 5.00%, 12/1/2022
55,000
55,345
GO, 5.00%, 9/15/2023
25,000
25,663
Nassau County Interim Finance Authority,
Sales Tax
 
 
Series 2012A, Rev., 4.00%,
11/15/2022 (b)
185,000
185,638
Series 2012A, Rev., 5.00%,
11/15/2022 (b)
145,000
145,815
New Rochelle City School District GO,
5.00%, 9/1/2022
200,000
200,000
INVESTMENTS
PRINCIPAL
AMOUNT($)
VALUE($)
 
New York — continued
New York City Health and Hospitals Corp.,
Health System
 
 
Series 2008C, Rev., VRDO, LOC : TD Bank
NA, 1.49%, 9/12/2022 (c)
 25,000,000
   25,000,000
Series 2013A, Rev., 5.00%, 2/15/2023
    465,000
      470,169
New York City Industrial Development
Agency, Queens Baseball Stadium Project
Series 2021A, Rev., AGM, 5.00%,
1/1/2028
  1,250,000
    1,363,760
New York City Municipal Water Finance
Authority Series 2009BB-1, Rev., VRDO,
LIQ : UBS AG, 1.08%, 9/1/2022 (c)
  4,485,000
    4,485,000
New York City Municipal Water Finance
Authority, Water And Sewer System
Series BB-1B, Rev., VRDO, LIQ : State
Street Bank & Trust, 1.01%,
9/1/2022 (c)
 12,000,000
   12,000,000
New York City Transitional Finance Authority
Future Tax Secured Series B, Subseries
B-1, Rev., 5.00%, 8/1/2024
     25,000
       26,250
New York City Transitional Finance
Authority, Building Aid, Fiscal Year 2016
Series 2016S-1, Rev., 5.00%,
7/15/2023 (b)
     45,000
       46,043
New York City Transitional Finance
Authority, Future Tax Secured
 
 
Series B, Rev., 5.00%, 11/1/2022
     30,000
       30,134
Series 2013 I, Rev., 5.00%, 5/1/2023
     45,000
       45,822
Subseries F-1, Rev., 5.00%, 2/1/2024
20,000
20,224
New York City Transitional Finance
Authority, Future Tax Secured, Fiscal Year
2003
 
 
Series 21-B, Rev., 4.00%, 11/1/2022
25,000
25,075
Subseries 13, Rev., 5.00%, 11/1/2022
115,000
115,533
New York City Transitional Finance
Authority, Future Tax Secured, Fiscal Year
2011 Subseries A-4, Rev., VRDO, LIQ :
Barclays Bank plc, 1.08%, 9/1/2022 (c)
50,000,000
50,000,000
New York City Transitional Finance
Authority, Future Tax Secured, Fiscal Year
2013
 
 
Series A, Rev., 5.00%, 10/7/2022
205,000
205,544
Series B, Rev., 2.00%, 11/1/2022
25,000
24,992
Series B, Rev., 3.00%, 11/1/2022
75,000
75,087
Series E, Rev., 4.00%, 11/1/2022
155,000
155,424
Series 2013D, Rev., 5.00%, 11/1/2022
120,000
120,557
Series 2013E, Rev., 5.00%, 11/1/2022
95,000
95,441
Series 2013G, Rev., 5.00%, 11/1/2022
30,000
30,139
SEE NOTES TO FINANCIAL STATEMENTS.
 
298
J.P. Morgan Exchange-Traded Funds
August 31, 2022
INVESTMENTS
PRINCIPAL
AMOUNT($)
VALUE($)
Municipal Bonds — continued
New York — continued
Series B, Rev., 5.00%, 11/1/2022
     40,000
       40,178
Series D, Rev., 2.00%, 11/1/2024
     40,000
       39,297
Series H, Rev., 5.00%, 11/1/2024
    185,000
      188,245
Series I, Rev., 3.00%, 5/1/2025
     50,000
       50,099
Series I, Rev., 5.00%, 5/1/2027
     55,000
       55,891
New York City Transitional Finance
Authority, Future Tax Secured, Fiscal Year
2014
 
 
Series 2014A-1, Rev., 5.00%,
11/1/2022
    175,000
      175,812
Series 2014B-1, Rev., 5.00%,
11/1/2024
     25,000
       26,032
Subseries C, Rev., 5.00%, 11/1/2026
     20,000
       20,816
New York City Transitional Finance
Authority, Future Tax Secured, Fiscal Year
2015
 
 
Series 2015C, Rev., 4.00%, 11/1/2022
    185,000
      185,558
Series C, Rev., 5.00%, 11/1/2022
320,000
321,484
Series B, Subseries B-1, Rev., 3.00%,
8/1/2023
15,000
15,102
New York City Transitional Finance
Authority, Future Tax Secured, Fiscal Year
2016 Series 2016A-1, Rev., 4.00%,
8/1/2023
25,000
25,395
New York City Transitional Finance
Authority, Future Tax Secured, Fiscal Year
2017 Series 2017F-1, Rev., 5.00%,
5/1/2024
25,000
26,090
New York City Transitional Finance
Authority, Future Tax Secured, Fiscal Year
2018
 
 
Series 2018-1, Rev., 5.00%, 11/1/2022
130,000
130,603
Series 2018-A-1, Rev., 5.00%,
8/1/2023
10,000
10,248
Series B, Subseries B-1, Rev., 5.00%,
8/1/2024 (b)
30,000
31,420
Series B, Subseries B-1, Rev., 5.00%,
8/1/2024
10,000
10,500
New York City Transitional Finance
Authority, Future Tax Secured, Fiscal Year
2019 Series 2019C-1, Rev., 5.00%,
11/1/2022
20,000
20,093
New York City Transitional Finance
Authority, Future Tax Secured, Fiscal Year
2020 Series 2020A, Rev., 5.00%,
5/1/2023
20,000
20,365
INVESTMENTS
PRINCIPAL
AMOUNT($)
VALUE($)
 
New York — continued
New York City Transitional Finance
Authority, Future Tax Secured, Fiscal Year
2021
 
 
Series 2021A, Rev., 3.00%, 11/1/2022
    620,000
      620,865
Subseries E-1, Rev., 5.00%, 2/1/2023
     20,000
       20,230
Series 2021C, Subseries C-1, Rev.,
5.00%, 5/1/2024
     25,000
       26,090
Series 2021-1, Rev., 5.00%, 11/1/2025
     40,000
       43,024
New York City Transitional Finance
Authority, Future Tax Secured, Fiscal Year
2022 Series 2022B, Rev., 5.00%,
8/1/2024
    530,000
      556,503
New York City Transitional Finance
Authority, Future Tax Secured,
Tax-Exempt
 
 
Series 2013B, Rev., 5.00%, 11/1/2022
    190,000
      190,881
Series F-1, Rev., 5.00%, 2/1/2023
    390,000
      394,341
Subseries F-1, Rev., 5.00%, 2/1/2025
    520,000
      525,701
Subseries F-1, Rev., 5.00%, 2/1/2026
    100,000
      101,046
New York City Transitional Finance
Authority, Future Tax Secured,
Tax-Exempt, Fiscal Year 2013
 
 
Series 2013G, Rev., 4.00%, 11/1/2022
25,000
25,075
Series B, Rev., 5.00%, 11/1/2022
160,000
160,713
Series D, Rev., 5.00%, 11/1/2022
25,000
25,111
Series 2013H, Rev., 5.00%, 11/1/2023
70,000
71,256
Series 2013C, Subseries C-1, Rev.,
5.00%, 11/1/2025
405,000
406,804
Subseries C-1, Rev., 5.00%, 11/1/2026
175,000
175,779
New York City Transitional Finance
Authority, Future Tax Secured,
Tax-Exempt, Fiscal Year 2016
 
 
Series 2016C, Rev., 5.00%, 11/1/2022
70,000
70,325
Subseries E-1, Rev., 5.00%, 2/1/2025
125,000
132,301
New York City Transitional Finance
Authority, Future Tax Secured,
Tax-Exempt, Fiscal Year 2017 Series C,
Rev., 5.00%, 11/1/2022
80,000
80,371
New York City Transitional Finance
Authority, Future Tax Secured,
Tax-Exempt, Fiscal Year 2022 Series A,
Subseries A-1, Rev., 5.00%, 11/1/2022
300,000
301,391
New York City Water and Sewer System,
Fiscal Year 2012 Subseries 2012A-1,
Rev., VRDO, LIQ : Mizuho Bank Ltd.,
0.98%, 9/1/2022 (c)
5,200,000
5,200,000
SEE NOTES TO FINANCIAL STATEMENTS.
 
August 31, 2022
J.P. Morgan Exchange-Traded Funds
299
JPMorgan Ultra-Short Municipal Income ETF
SCHEDULE OF PORTFOLIO INVESTMENTS
AS OF August 31, 2022  (Unaudited) (continued)
INVESTMENTS
PRINCIPAL
AMOUNT($)
VALUE($)
Municipal Bonds — continued
New York — continued
New York City Water and Sewer System,
Second General Resolution, Fiscal Year
2018 Series 2018CC-2, Rev., 5.00%,
6/15/2024
    310,000
      312,647
New York City Water and Sewer System,
Second General Resolution, Fiscal Year
2019
 
 
Rev., VRDO, LIQ : TD Bank NA, 1.46%,
9/12/2022 (c)
 50,000,000
   50,000,000
Series 2019DD-2, Rev., 5.00%,
6/15/2024
     90,000
       90,769
Series 2019DD-2, Rev., 5.00%,
6/15/2025
     25,000
       25,826
New York City Water and Sewer System,
Second General Resolution, Fiscal Year
2020 Series CC, Rev., 4.00%,
6/15/2023 (b)
     35,000
       35,465
New York Convention Center Development
Corp., Hotel Unit Fee Secured Rev.,
5.00%, 11/15/2022
    150,000
      150,797
New York Convention Center Development
Corp., Subordinate Lien, Hotel Unit Fee
Secured Series 2016B, Rev., 5.00%,
11/15/2022
     80,000
       80,374
New York Municipal Bond Bank Agency,
Prior Year Claims
 
 
Series 2012A, Rev., 4.00%, 12/1/2022
    175,000
      175,770
Series 2012A, Rev., 5.00%, 12/1/2022
     85,000
       85,582
New York Power Authority Series 2011A,
Rev., 5.00%, 11/15/2022 (b)
175,000
175,983
New York State Dormitory Authority,
Barnard College Series 2020A, Rev.,
4.00%, 7/1/2023
30,000
30,362
New York State Dormitory Authority,
Columbia University Series B, Rev.,
5.00%, 10/1/2022
70,000
70,157
New York State Dormitory Authority, Great
Neck Library Series 2014, Rev., 3.00%,
5/1/2023
50,000
50,246
New York State Dormitory Authority,
Hospitals Center, Langone Hospitals
Obligated Group
 
 
Rev., 5.00%, 7/1/2023
150,000
153,033
Rev., 5.00%, 7/1/2026
465,000
484,263
New York State Dormitory Authority, Icahn
School of Medicine at Mount Sinai
 
 
Rev., 5.00%, 7/1/2023
350,000
357,107
Series 2015A, Rev., 5.00%, 7/1/2025
35,000
36,987
INVESTMENTS
PRINCIPAL
AMOUNT($)
VALUE($)
 
New York — continued
New York State Dormitory Authority,
Municipal Health Facilities Improvement
Program Series 1, Rev., 5.00%,
1/15/2027
     75,000
       82,519
New York State Dormitory Authority, North
Shore-Long Island Jewish Obligated
Group
 
 
Series 2015A, Rev., 5.00%, 5/1/2023
  1,035,000
    1,050,880
Rev., 5.00%, 5/1/2025
    300,000
      317,027
New York State Dormitory Authority,
Northwell Health Obligated Group Series
2019B2, Rev., 5.00%, 5/1/2024 (c)
    240,000
      245,585
New York State Dormitory Authority,
Onondaga-Cortland-Madison Board of
Cooperative Educational Services Rev.,
5.00%, 8/15/2023
     25,000
       25,600
New York State Dormitory Authority, School
Districts Financing Program
 
 
Rev., 4.00%, 10/1/2022
    125,000
      125,171
Series 2017G, Rev., 4.00%, 10/1/2022
     45,000
       45,062
Series 2018C, Rev., 4.00%, 10/1/2022
     45,000
       45,064
Series 2019C, Rev., 4.00%, 10/1/2022
    100,000
      100,133
Series 2019D, Rev., 4.00%, 10/1/2022
165,000
165,234
Series 2021A, Rev., 4.00%, 10/1/2022
210,000
210,289
Series A, Rev., 4.00%, 10/1/2022
75,000
75,109
Series C, Rev., 4.00%, 10/1/2022
45,000
45,065
Series 2013A, Rev., AGM, 5.00%,
10/1/2022
100,000
100,216
Series 2013C, Rev., 5.00%, 10/1/2022
50,000
50,112
Series 2013E, Rev., AGM, 5.00%,
10/1/2022
25,000
25,054
Series 2014A, Rev., AGM, 5.00%,
10/1/2022
250,000
250,543
Series 2014E, Rev., AGM, 5.00%,
10/1/2022
50,000
50,108
Series 2015B, Rev., AGM, 5.00%,
10/1/2022
65,000
65,138
Series 2015D, Rev., 5.00%, 10/1/2022
35,000
35,069
Series 2017C, Rev., 5.00%, 10/1/2022
50,000
50,112
Series 2017G, Rev., 5.00%, 10/1/2022
35,000
35,076
Series 2018A, Rev., 5.00%, 10/1/2022
470,000
471,022
Series 2019A, Rev., 5.00%, 10/1/2022
345,000
345,750
Series 2020A, Rev., AGM, 5.00%,
10/1/2022
40,000
40,087
Series 2020D, Rev., AGM, 5.00%,
10/1/2022
45,000
45,096
SEE NOTES TO FINANCIAL STATEMENTS.
 
300
J.P. Morgan Exchange-Traded Funds
August 31, 2022
INVESTMENTS
PRINCIPAL
AMOUNT($)
VALUE($)
Municipal Bonds — continued
New York — continued
Series A, Rev., 5.00%, 10/1/2022
  1,000,000
    1,002,065
Series A, Subseries A-1, Rev., 5.00%,
10/1/2022
    200,000
      200,449
Series E, Rev., 5.00%, 10/1/2022
    120,000
      120,270
Series H, Rev., 5.00%, 10/1/2022
     30,000
       30,065
Series A, Rev., AGM, 5.00%, 4/1/2023
    105,000
      105,230
Series 2017G, Rev., 4.00%, 10/1/2023
     20,000
       20,342
Series 2012D, Rev., AGM, 5.00%,
10/1/2023
    300,000
      300,631
Series 2015D, Rev., 5.00%, 10/1/2023
     20,000
       20,554
Series 2016G, Rev., 5.00%, 10/1/2023
     40,000
       41,144
Series H, Rev., 5.00%, 10/1/2023
    195,000
      195,401
Series C, Rev., 5.00%, 10/1/2024
    100,000
      100,202
Series 2017G, Rev., 5.00%, 10/1/2025
1,375,000
1,476,803
Series H, Rev., 5.00%, 10/1/2025
135,000
135,246
New York State Dormitory Authority, St.
John's University Series 2007C, Rev.,
NATL-RE, 5.25%, 7/1/2023
110,000
112,660
New York State Dormitory Authority, State
Personal Income Tax
 
 
Series 2020A, Rev., 5.00%, 9/15/2022
25,000
25,025
Series 2021E, Rev., 5.00%, 3/15/2023
20,000
20,287
Series 2015B, Rev., 5.00%, 2/15/2024
20,000
20,746
New York State Dormitory Authority, State
Personal Income Tax, General Purpose
 
 
Series 2012A, Rev., 4.00%,
12/15/2022 (b)
345,000
346,788
Series 2012A, Rev., 5.00%,
12/15/2022 (b)
175,000
176,357
Series 2012A, Rev., 5.00%,
12/15/2022
635,000
639,911
Series 2013A, Rev., 5.00%,
2/15/2023 (b)
95,000
96,192
Series 2014A, Rev., 5.00%, 2/15/2023
350,000
354,256
Series 2016A, Rev., 5.00%, 2/15/2023
60,000
60,730
Series 2017A, Rev., 5.00%, 2/15/2023
15,000
15,182
Series A, Rev., 5.00%, 3/15/2023 (b)
205,000
208,034
Series 2012A, Rev., 5.00%,
12/15/2023
320,000
322,375
Series 2014A, Rev., 4.00%,
2/15/2024 (b)
35,000
35,860
Series 2013A, Rev., 5.00%, 2/15/2024
45,000
45,529
Series 2019D, Rev., 5.00%, 2/15/2024
40,000
41,492
Series 2018A, Rev., 5.00%,
3/15/2024 (b)
525,000
546,485
Series 2012A, Rev., 5.00%,
12/15/2024
580,000
584,234
INVESTMENTS
PRINCIPAL
AMOUNT($)
VALUE($)
 
New York — continued
Series 2014A, Rev., 5.00%, 2/15/2025
    115,000
      119,273
Series 2012A, Rev., 5.00%,
12/15/2025
    185,000
      186,350
Series 2014A, Rev., 5.00%, 2/15/2026
     40,000
       41,475
Series 2012A, Rev., 5.00%,
12/15/2026
    150,000
      151,086
Series 2014A, Rev., 5.00%, 2/15/2027
     20,000
       20,732
Series 2012A, Rev., 5.00%,
12/15/2027
     90,000
       90,652
New York State Dormitory Authority, State
Sales Tax
 
 
Series 2013A, Rev., 5.00%, 3/15/2023
    260,000
      263,729
Series 2013A, Rev., 5.00%,
3/15/2023 (b)
     20,000
       20,292
Series 2015A, Rev., 5.00%, 3/15/2023
    215,000
      218,084
Series 2015B, Rev., 5.00%, 3/15/2023
    270,000
      273,873
Series 2017A, Rev., 5.00%, 3/15/2023
95,000
96,363
Series 2018A, Rev., 5.00%, 3/15/2023
30,000
30,430
Series 2018C, Rev., 5.00%, 3/15/2023
20,000
20,287
Series 2013A, Rev., 5.00%, 3/15/2024
910,000
922,640
Series 2016A, Rev., 5.00%, 3/15/2024
50,000
51,968
Series 2015A, Rev., 5.00%, 3/15/2025
25,000
26,563
New York State Dormitory Authority, Third
General Resolution, State University
Educational Facilities Series 2005A, Rev.,
NATL-RE, 5.50%, 5/15/2023
30,000
30,661
New York State Energy Research and
Development Authority, Electric and Gas
Corp. Project Series 2004C, Rev., 2.63%,
7/3/2023 (c)
425,000
423,056
New York State Environmental Facilities
Corp., State Clean Water and Drinking
Water Revolving Funds, Municipal Water
Finance Authority Projects - Second
Resolution
 
 
Series 2015A, Rev., 5.00%, 6/15/2023
20,000
20,417
Series 2013A, Rev., 5.00%, 6/15/2024
50,000
51,018
Series 2013A, Rev., 5.00%, 6/15/2025
40,000
40,805
New York State Environmental Facilities
Corp., State Revolving Funds, Master
Financing Program
 
 
Series 2012D, Rev., 5.00%, 9/15/2022
90,000
90,089
Series 2013B, Rev., 4.00%,
11/15/2022
50,000
50,177
Series 2019A, Rev., 4.00%, 2/15/2023
65,000
65,505
Series 2012E, Rev., 5.00%, 5/15/2024
40,000
40,128
SEE NOTES TO FINANCIAL STATEMENTS.
 
August 31, 2022
J.P. Morgan Exchange-Traded Funds
301
JPMorgan Ultra-Short Municipal Income ETF
SCHEDULE OF PORTFOLIO INVESTMENTS
AS OF August 31, 2022  (Unaudited) (continued)
INVESTMENTS
PRINCIPAL
AMOUNT($)
VALUE($)
Municipal Bonds — continued
New York — continued
New York State Housing Finance Agency,
160 Madison Avenue LLC Series 2013A,
Rev., VRDO, LOC : Landesbank
Hessen-Thueringen, 0.99%,
9/1/2022 (c)
 20,000,000
   20,000,000
New York State Housing Finance Agency,
Historic Front Street Series 2003A, Rev.,
VRDO, LOC : Landesbank
Hessen-Thueringen, 1.52%,
9/8/2022 (c)
 22,000,000
   22,000,000
New York State Thruway Authority
 
 
Series J, Rev., 3.00%, 1/1/2023
     20,000
       20,042
Series K, Rev., 5.00%, 1/1/2023
    545,000
      549,697
Series K, Rev., 5.00%, 1/1/2024
     50,000
       51,654
Series L, Rev., 5.00%, 1/1/2024
     40,000
       41,323
Series J, Rev., 5.00%, 1/1/2026
    485,000
      499,236
New York State Thruway Authority, State
Personal Income Tax, Transportation
 
 
Series 2013A, Rev., 5.00%, 3/15/2024
     25,000
       25,347
Series 2013A, Rev., 5.00%, 3/15/2025
     60,000
       60,809
New York State Urban Development Corp.,
Income Tax
 
 
Series 2013D, Rev., 5.00%, 3/15/2023
45,000
45,650
Series 2013D, Rev., 5.00%, 3/15/2024
265,000
268,681
New York State Urban Development Corp.,
State Personal Income Tax, General
Purpose
 
 
Series 2013C, Rev., 5.00%, 3/15/2023
35,000
35,506
Series 2013E-A, Rev., 5.00%,
3/15/2023
60,000
60,867
Series 2015A, Rev., 5.00%, 3/15/2023
150,000
152,168
Series 2020C, Rev., 5.00%, 3/15/2023
75,000
76,084
Series 2013C, Rev., 5.00%, 3/15/2024
175,000
177,431
Series 2013E-B, Rev., 5.00%,
3/15/2024
195,000
197,709
Series A-1, Rev., 5.00%, 3/15/2024
95,000
96,320
Series 2014A, Rev., 5.00%, 3/15/2025
50,000
51,937
Series 2015A, Rev., 5.00%, 3/15/2025
75,000
79,594
Series 2016A, Rev., 5.00%, 3/15/2025
30,000
31,838
Series 2017A, Rev., 5.00%, 3/15/2025
80,000
84,900
Series A-1, Rev., 5.00%, 3/15/2025
25,000
25,340
Series 2013C, Rev., 5.00%, 3/15/2026
45,000
45,609
Series 2013C, Rev., 5.00%, 3/15/2027
260,000
263,492
New York State Urban Development Corp.,
State Personal Income Tax, State
Facilities and Equipment Series A-2, Rev.,
NATL - RE, 5.50%, 3/15/2023
30,000
30,513
INVESTMENTS
PRINCIPAL
AMOUNT($)
VALUE($)
 
New York — continued
New York State Urban Development Corp.,
State Sales Tax Series 2021A, Rev.,
5.00%, 3/15/2023
     50,000
       50,717
Niskayuna Central School District GO,
4.00%, 4/15/2023
     70,000
       70,708
North Tonawanda City School District GO,
5.00%, 9/1/2022
     25,000
       25,000
Norwood-Norfolk Central School District GO,
BAN, 3.75%, 6/29/2023
  8,055,000
    8,096,845
Odessa-Montour Central School District GO,
BAN, 4.00%, 6/30/2023
 14,071,000
   14,179,800
Onondaga County Water Authority
 
 
Series 2016A, Rev., 5.00%, 9/15/2022
     55,000
       55,055
Series 2015A, Rev., 2.25%, 9/15/2023
     40,000
       39,983
Otselic Valley Central School District GO,
BAN, 4.00%, 6/29/2023
  4,320,000
    4,355,076
Oyster Bay-East Norwich Central School
District GO, 4.00%, 9/15/2022
    260,000
      260,169
Pearl River Union Free School District GO,
2.00%, 6/1/2023
     20,000
       19,920
Pelham Union Free School District GO,
4.00%, 11/15/2022
70,000
70,253
Pembroke Central School District GO, BAN,
4.00%, 6/30/2023
3,790,536
3,820,778
Pittsford Central School District
 
 
GO, 4.00%, 10/1/2022
105,000
105,152
Series 2012B, GO, 4.00%, 12/15/2022
20,000
20,102
Pleasantville Union Free School District GO,
5.00%, 5/1/2023
20,000
20,348
Port Authority of New York and New Jersey
Series 175, Rev., 4.00%, 12/1/2026
25,000
25,085
Port Authority of New York and New Jersey,
Consolidated
 
 
Series 194, Rev., 5.00%, 10/15/2022
265,000
265,881
Series 205, Rev., 5.00%, 11/15/2022
175,000
175,984
Series 209, Rev., 5.00%, 7/15/2023
20,000
20,466
Series 189, Rev., 5.00%, 5/1/2025
45,000
47,948
Series 175, Rev., 5.00%, 12/1/2025
100,000
100,667
Series 179, Rev., 5.00%, 12/1/2025
175,000
180,569
Port Washington Union Free School District
GO, 5.00%, 12/1/2022
60,000
60,411
Putnam Valley Central School District GO,
BAN, 3.75%, 7/14/2023
11,130,000
11,233,277
Queensbury Union Free School District
Series A, GO, BAN, 3.50%, 6/28/2023
8,370,000
8,399,191
Rockland County Solid Waste Management
Authority Series 2018A, Rev., 5.00%,
12/15/2022
60,000
60,450
SEE NOTES TO FINANCIAL STATEMENTS.
 
302
J.P. Morgan Exchange-Traded Funds
August 31, 2022
INVESTMENTS
PRINCIPAL
AMOUNT($)
VALUE($)
Municipal Bonds — continued
New York — continued
Sachem Central School District GO, 5.00%,
10/15/2022
    105,000
      105,349
Sales Tax Asset Receivable Corp., Fiscal Year
2015
 
 
Series 2015A, Rev., 4.00%,
10/15/2022 (b)
    485,000
      486,038
Series 2015A, Rev., 5.00%,
10/15/2022 (b)
    485,000
      486,611
Series 2015A, Rev., 5.00%,
10/15/2023 (b)
     40,000
       41,179
Series 2015A, Rev., 5.00%,
10/15/2024 (b)
     45,000
       47,443
Sandy Creek Central School District GO,
BAN, 3.25%, 6/23/2023
  4,757,648
    4,764,612
Saratoga Springs City School District GO,
BAN, 3.50%, 6/29/2023
 12,012,000
   12,022,741
Sayville Union Free School District GO,
3.00%, 6/15/2023
     25,000
       25,142
Shenendehowa Central School District
 
 
GO, 4.00%, 12/15/2022
    190,000
      190,965
GO, 3.00%, 6/15/2023
65,000
65,369
Smithtown Central School District GO,
5.00%, 10/15/2022
60,000
60,200
South Country Central School District at
Brookhaven
 
 
GO, 4.00%, 10/15/2022
50,000
50,099
GO, 5.00%, 10/15/2023
35,000
35,984
South Huntington Union Free School District
GO, 5.00%, 12/15/2022
35,000
35,266
Southwestern Central School District GO,
BAN, 3.75%, 7/19/2023
3,950,723
3,975,383
State of New York
 
 
Series 2018A, GO, 5.00%, 2/15/2023
25,000
25,311
Series 2013A, GO, 3.00%, 3/1/2023 (b)
30,000
30,102
Series 2013A, GO, 5.00%, 3/1/2023 (b)
50,000
50,678
Series 2015A, GO, 5.00%, 3/15/2023
25,000
25,367
Suffern Central School District GO, 5.00%,
10/15/2022
155,000
155,516
Suffolk County Water Authority, Water
System Series 2014A, Rev., 5.00%,
6/1/2023 (b)
20,000
20,393
Sweet Home Central School District GO,
BAN, 3.75%, 6/28/2023
31,110,218
31,365,204
Syosset Central School District Series
2013B, GO, 5.00%, 12/15/2022
40,000
40,316
Three Village Central School District
Brookhaven & Smithtown
 
 
GO, 4.00%, 12/15/2022
35,000
35,170
INVESTMENTS
PRINCIPAL
AMOUNT($)
VALUE($)
 
New York — continued
GO, 5.00%, 5/15/2025
     30,000
       31,960
Town of Babylon, Public Improvement
3.00%, 9/1/2022
     35,000
       35,000
Town of Brookhaven 5.00%, 11/15/2022
    255,000
      256,434
Town of Brookhaven, Public Improvement
Series 2018A, 5.00%, 9/15/2022
     70,000
       70,070
Town of Colonie, Public Improvement AGM,
2.00%, 3/1/2023
     50,000
       49,868
Town of Cornwall, Public Improvement
3.50%, 3/1/2023
     40,000
       40,036
Town of Deerfield, Public Improvement GO,
5.00%, 9/1/2022
     50,000
       50,000
Town of East Hampton Series 2016A, GO,
4.00%, 11/1/2022
     25,000
       25,073
Town of Grand Island GO, BAN, 1.50%,
10/7/2022
  9,000,000
    8,990,264
Town of Greenburgh, Public Improvement
GO, 5.00%, 10/1/2022
     55,000
       55,124
Town of Harrison, Public Improvement GO,
5.00%, 12/1/2022
     35,000
       35,240
Town of Hempstead Series 2018A, GO,
5.00%, 6/15/2023
35,000
35,735
Town of Huntington, Public Improvement
Series 2017B, GO, 5.00%, 11/1/2022
20,000
20,091
Town of Islip, Public Improvement
 
 
Series 2016B, GO, 4.00%, 10/15/2022
50,000
50,107
Series 2016A, GO, 5.00%, 11/15/2022
70,000
70,394
Town of Mount Pleasant, Public
Improvement GO, 5.00%, 10/1/2022
60,000
60,126
Town of North Hempstead, Public
Improvement Series 2017C, GO, 2.00%,
9/15/2022
30,000
29,997
Town of Oyster Bay GO, 3.00%, 3/9/2023
25,000
25,086
Town of Oyster Bay, Public Improvement
 
 
GO, 4.00%, 11/1/2022
610,000
611,648
GO, 4.00%, 2/15/2025
225,000
232,103
Triborough Bridge and Tunnel Authority
 
 
Series A, Rev., 4.00%, 11/15/2022
25,000
25,087
Series 2012A, Rev., 5.00%,
11/15/2022
25,000
25,138
Series 2012A, Rev., 5.00%,
11/15/2022 (b)
160,000
160,899
Series 2013C, Rev., 5.00%,
5/15/2023 (b)
40,000
40,756
Series 2013A, Rev., 4.00%,
11/15/2023
100,000
101,162
Series 2008B-1, Rev., 5.00%,
11/15/2023 (b)
25,000
25,790
SEE NOTES TO FINANCIAL STATEMENTS.
 
August 31, 2022
J.P. Morgan Exchange-Traded Funds
303
JPMorgan Ultra-Short Municipal Income ETF
SCHEDULE OF PORTFOLIO INVESTMENTS
AS OF August 31, 2022  (Unaudited) (continued)
INVESTMENTS
PRINCIPAL
AMOUNT($)
VALUE($)
Municipal Bonds — continued
New York — continued
Series 2013A, Rev., 5.00%,
11/15/2024
    370,000
      376,017
Series 2012B, Rev., 5.00%,
11/15/2025
     40,000
       40,201
Series 2013A, Rev., 5.00%,
11/15/2026
     85,000
       86,340
Triborough Bridge and Tunnel Authority,
MTA Bridges and Tunnels
 
 
Series 2012B, Rev., 5.00%,
11/15/2022
    455,000
      457,503
Series 2013A, Rev., 5.00%,
11/15/2022
    415,000
      417,129
Subseries 2008B-1, Rev., 5.00%,
11/15/2022
    205,000
      206,128
Series 2012B, Rev., 5.00%,
11/15/2023
  1,120,000
    1,125,888
Series 2013A, Rev., 5.00%,
11/15/2023
    570,000
      580,408
Series 2016A, Rev., 5.00%,
11/15/2023
     20,000
       20,622
Series 2012B, Rev., 5.00%,
11/15/2024
    235,000
      236,181
Series 2012B, Rev., 4.00%,
11/15/2025
355,000
356,078
Series 2013A, Rev., 5.00%,
11/15/2025
390,000
396,150
Trust for Cultural Resources of City of New
York (The), Carnegie Hall Rev., 5.00%,
12/1/2022
55,000
55,338
Trust for Cultural Resources of City of New
York (The), The Museum of Modern Art
Series 2016-1-E, Rev., 4.00%,
2/1/2023 (b)
240,000
241,729
Tully Central School District GO, BAN,
4.00%, 6/28/2023
3,400,000
3,424,481
Utility Debt Securitization Authority
 
 
Rev., 5.00%, 12/15/2024
50,000
50,377
Series 2016B, Rev., 5.00%,
12/15/2024
250,000
251,883
Series 2016A, Rev., 5.00%, 6/15/2025
185,000
188,812
Series 2016B, Rev., 5.00%, 6/15/2025
25,000
25,515
Series 2016A, Rev., 5.00%,
12/15/2025
25,000
25,826
Utility Debt Securitization Authority,
Restructuring Rev., 5.00%, 6/15/2025
25,000
25,515
Valhalla Union Free School District GO,
5.00%, 2/1/2023
25,000
25,285
INVESTMENTS
PRINCIPAL
AMOUNT($)
VALUE($)
 
New York — continued
Van Spencer Etten Central School GO,
4.00%, 6/15/2023
     25,000
       25,286
Victor Central School District Series B, GO,
BAN, 3.75%, 9/15/2023 (f)
  2,267,382
    2,284,924
Village of Frankfort, Public Improvement
GO, AGM, 3.00%, 11/15/2023
     25,000
       25,132
Village of Freeport Series 2021D, GO, BAN,
1.50%, 11/16/2022
  5,140,075
    5,129,056
Village of Garden City GO, BAN, 2.00%,
2/17/2023
 44,685,000
   44,586,358
Village of Mount Kisco, Various Purpose GO,
4.00%, 12/1/2022
     50,000
       50,212
Village of Ossining GO, BAN, 1.25%,
9/23/2022
  6,998,526
    6,993,013
Washingtonville Central School District GO,
5.00%, 6/15/2023
     65,000
       66,350
Wayland-Cohocton Central School District
GO, BAN, 3.25%, 6/23/2023
  9,000,000
    9,020,352
Webster Central School District
 
 
GO, 4.00%, 10/1/2022
     50,000
       50,071
GO, 5.00%, 10/1/2022
55,000
55,122
Westchester County Local Development
Corp., Purchase Senior Learning
Community, Inc. Project Series 2021D,
Rev., 2.88%, 7/1/2026 (e)
1,885,000
1,765,664
William Floyd Union Free School District of
the Mastics-Moriches-Shirley GO, 5.00%,
12/15/2022
25,000
25,193
Yorktown Central School District GO,
2.00%, 10/1/2022
110,000
109,976
Total New York
 
646,160,880
North Carolina — 1.5%
Appalachian State University Series A,
5.00%, 10/1/2022
265,000
265,576
Charlotte-Mecklenburg Hospital Authority
(The), Carolinas Healthcare System
 
 
Series 2016A, 4.00%, 1/15/2023
25,000
25,148
Series 2013A, 5.00%, 1/15/2023
25,000
25,240
Series 2016A, 5.00%, 1/15/2025
340,000
359,504
Charlotte-Mecklenburg Hospital Authority
(The), Healthcare System, Atrium Health
Series 2018C, 5.00%, 1/15/2048 (c)
910,000
921,643
City of Asheville 4.00%, 10/1/2022
45,000
45,065
City of Charlotte
 
 
5.00%, 12/1/2022
40,000
40,267
5.00%, 12/1/2022
270,000
271,848
Series 2013C, 5.00%, 6/1/2023
25,000
25,495
SEE NOTES TO FINANCIAL STATEMENTS.
 
304
J.P. Morgan Exchange-Traded Funds
August 31, 2022
INVESTMENTS
PRINCIPAL
AMOUNT($)
VALUE($)
Municipal Bonds — continued
North Carolina — continued
Series 2013B, 5.00%, 7/1/2023
     25,000
       25,551
City of Charlotte, Airport Special Facilities,
Charlotte Douglas International Airport
Series 2017A, 5.00%, 7/1/2024
     35,000
       36,568
City of Charlotte, Convention Facility Project
Series 2019A, 5.00%, 6/1/2024
     60,000
       62,678
City of Charlotte, Equipment Acquisition and
Public Facilities Series 2016A, 5.00%,
12/1/2023
     30,000
       30,970
City of Durham
 
 
GO, 5.00%, 9/1/2022
    165,000
      165,000
GO, 5.00%, 9/1/2023
     10,000
       10,266
City of Greensboro
 
 
Series 2018B, GO, 5.00%, 10/1/2022
     30,000
       30,067
GO, 5.00%, 2/1/2023
     25,000
       25,285
City of High Point, Combined Water and
Sewer System Rev., 5.00%, 11/1/2022
     50,000
       50,220
City of Raleigh
 
 
Series 2011A, GO, 3.00%, 9/1/2022
25,000
25,000
Series 2016A, GO, 5.00%, 9/1/2022
50,000
50,000
Series 2020A, Rev., 5.00%, 6/1/2023
25,000
25,495
City of Raleigh, Combined Enterprise
System
 
 
Series 2015B, Rev., 5.00%, 12/1/2022
25,000
25,171
Rev., 5.00%, 3/1/2023 (b)
20,000
20,264
Series 2013A, Rev., 5.00%,
3/1/2023 (b)
25,000
25,330
City of Raleigh, Limited Obligation
 
 
Series 2014A, Rev., 4.00%, 10/1/2022
55,000
55,080
Rev., 5.00%, 2/1/2024
50,000
51,824
County of Alamance 5.00%, 2/1/2023
55,000
55,626
County of Brunswick, Enterprise Systems
5.00%, 4/1/2023
25,000
25,384
County of Cabarrus 5.00%, 3/1/2023
20,000
20,270
County of Carteret Series 2015B, 5.00%,
11/1/2022
20,000
20,091
County of Chatham, Limited Obligation
 
 
5.00%, 11/1/2022
125,000
125,559
4.00%, 6/1/2023 (b)
20,000
20,081
County of Chatham, Public Facility Corp.
GTD, 5.00%, 12/1/2022
20,000
20,134
County of Cumberland, Limited Obligation
Rev., 5.00%, 11/1/2022
20,000
20,090
County of Durham GO, 5.00%, 10/1/2022
60,000
60,135
County of Forsyth
 
 
GO, 5.00%, 12/1/2022
25,000
25,174
INVESTMENTS
PRINCIPAL
AMOUNT($)
VALUE($)
 
North Carolina — continued
GO, 5.00%, 4/1/2023
     30,000
       30,477
GO, 5.00%, 12/1/2023
     25,000
       25,827
County of Forsyth, Public Improvement GO,
4.00%, 5/1/2023
    125,000
      125,173
County of Granville, Limited Obligation Rev.,
5.00%, 10/1/2022
     20,000
       20,044
County of Harnett, Limited Obligation Rev.,
4.00%, 12/1/2022
     25,000
       25,104
County of Johnson, Limited Obligation
Series 2020A, Rev., 5.00%, 4/1/2023
     10,000
       10,158
County of Mecklenburg
 
 
Series 2016A, GO, 5.00%, 9/1/2022
     75,000
       75,000
Series 2011-C, GO, 5.25%, 12/1/2022
     25,000
       25,190
County of Mecklenburg, Limited Obligation
Series 2015A, Rev., 5.00%, 10/1/2022
    140,000
      140,314
County of New Hanover, Community College
Series 2013A, GO, 3.00%, 6/1/2023 (b)
     20,000
       20,094
County of New Hanover, Limited Obligation
Rev., 4.00%, 12/1/2022
50,000
50,205
County of Onslow GO, 5.00%, 12/1/2022
100,000
100,684
County of Onslow, Limited Obligation
 
 
Rev., 4.00%, 10/1/2022
25,000
25,036
Rev., 5.00%, 6/1/2023
20,000
20,397
County of Orange, Limited Obligation
 
 
Series 2019B, Rev., 5.00%, 10/1/2022
115,000
115,251
Series 2021A, Rev., 5.00%,
11/15/2022
25,000
25,137
County of Randolph, Limited Obligation
Series 2013C, Rev., 4.00%, 10/1/2022
30,000
30,043
County of Sampson, Limited Obligation Rev.,
5.00%, 12/1/2022
85,000
85,563
County of Union
 
 
GO, 4.00%, 9/1/2022
20,000
20,000
GO, 5.00%, 9/1/2022
30,000
30,000
County of Wake, Hospital System Rev.,
NATL-RE, 5.13%, 10/1/2026 (b)
125,000
131,404
County of Wake, Limited Obligation
 
 
Rev., 5.00%, 9/1/2022
75,000
75,000
Series 2016A, Rev., 5.00%, 12/1/2022
25,000
25,165
County of Wake, Public Improvement Series
2018A, GO, 5.00%, 3/1/2023
25,000
25,341
Durham Capital Financing Corp., Limited
Obligation
 
 
Rev., 4.00%, 12/1/2022
50,000
50,220
Rev., 5.00%, 6/1/2023 (b)
20,000
20,397
SEE NOTES TO FINANCIAL STATEMENTS.
 
August 31, 2022
J.P. Morgan Exchange-Traded Funds
305
JPMorgan Ultra-Short Municipal Income ETF
SCHEDULE OF PORTFOLIO INVESTMENTS
AS OF August 31, 2022  (Unaudited) (continued)
INVESTMENTS
PRINCIPAL
AMOUNT($)
VALUE($)
Municipal Bonds — continued
North Carolina — continued
Durham Housing Authority, Multi-Family
Housing, JFK Towers Project Series
2012A, Rev., 5.00%, 12/1/2022 (b)
    405,000
      407,589
East Carolina University Series 2014A, Rev.,
5.00%, 10/1/2022
     25,000
       25,054
Greenville Utilities Commission Rev.,
5.00%, 4/1/2023
     75,000
       76,170
Jacksonville Public Facilities Corp. Rev.,
5.00%, 4/1/2023
     20,000
       20,309
Mooresville Public Facilities Corp., Limited
Obligation Rev., 4.00%, 11/1/2022
     25,000
       25,068
North Carolina Capital Facilities Finance
Agency, Duke University Project Series
2015B, Rev., 5.00%, 10/1/2025 (b)
     20,000
       21,542
North Carolina Housing Finance Agency,
Homeownership
 
 
Rev., GNMA/FNMA/FHLMC COLL, 0.15%,
1/1/2023
    180,000
      178,582
Series 43, Rev., GNMA/FNMA/FHLMC,
1.35%, 1/1/2023
     80,000
       79,683
Series 45, Rev., GNMA/FNMA/FHLMC
COLL, 0.40%, 7/1/2023
    110,000
      108,006
Series 44, Rev., 1.50%, 7/1/2024
    240,000
      234,556
North Carolina Medical Care Commission,
Caromont Health Series 2021B, Rev.,
5.00%, 2/1/2026 (c)
325,000
348,001
North Carolina Medical Care Commission,
Duke University Health System Rev.,
5.00%, 6/1/2025
120,000
127,931
North Carolina Medical Care Commission,
Health Care Facilities, Wakemed
 
 
Series 2012A, Rev., 4.13%,
10/1/2022 (b)
45,000
45,066
Series 2012A, Rev., 5.00%,
10/1/2022 (b)
555,000
556,233
North Carolina Medical Care Commission,
Moses Cone Health System Series
2004A, Rev., VRDO, 1.50%,
9/12/2022 (c)
30,000,000
30,000,000
North Carolina Medical Care Commission,
Novant Health Series 2013A, Rev.,
5.00%, 11/1/2024
160,000
160,619
North Carolina Medical Care Commission,
Wake Forest Baptist Obligated Group
 
 
Series 2019B, Rev., 2.20%,
12/1/2022 (c)
6,710,000
6,706,501
Series 2019A, Rev., 5.00%, 12/1/2022
25,000
25,152
Series 2012B, Rev., 5.00%, 12/1/2023
240,000
241,467
INVESTMENTS
PRINCIPAL
AMOUNT($)
VALUE($)
 
North Carolina — continued
North Carolina Municipal Power Agency No.
1, Catawba Electric
 
 
Series E, Rev., 5.00%, 1/1/2023
     20,000
       20,177
Series A, Rev., 5.00%, 1/1/2024
     25,000
       25,850
Series A, Rev., 5.00%, 1/1/2027
    600,000
      644,265
North Carolina State University at Raleigh
 
 
Rev., 5.00%, 10/1/2022
    115,000
      115,259
Series 2020A, Rev., 5.00%, 10/1/2022
     25,000
       25,056
Series 2013A, Rev., 5.00%,
10/1/2023 (b)
     20,000
       20,565
North Carolina Turnpike Authority, Triangle
Expressway System Rev., BAN, 5.00%,
2/1/2024
  1,005,000
    1,034,718
North Carolina Turnpike Authority, Triangle
Expressway System, Senior Lien Rev.,
5.00%, 1/1/2025
    315,000
      325,257
Onslow Water & Sewer Authority, Combined
Enterprise System Rev., 5.00%,
12/1/2022
     65,000
       65,438
Orange County Public Facilities Co., Limited
Obligation
 
 
Rev., 4.75%, 10/1/2022 (b)
25,000
25,049
Rev., 5.00%, 10/1/2022
90,000
90,201
Rev., 5.00%, 10/1/2023
40,000
41,135
State of North Carolina
 
 
Rev., 5.00%, 3/1/2023
265,000
268,430
Series 2013A, Rev., 5.00%, 5/1/2023
10,000
10,180
Series 2015A, GO, 5.00%, 6/1/2023
25,000
25,508
Rev., 5.00%, 3/1/2024
40,000
41,489
State of North Carolina, Limited Obligation
Series 2013A, Rev., 2.25%, 5/1/2026
10,000
9,877
Town of Cary, Combined Utility Enterprise
System
 
 
5.00%, 12/1/2023 (b)
25,000
25,169
5.00%, 12/1/2025 (b)
30,000
30,203
5.00%, 12/1/2026 (b)
35,000
35,237
5.00%, 12/1/2027 (b)
30,000
30,203
4.00%, 12/1/2032 (b)
90,000
90,376
4.00%, 12/1/2037 (b)
185,000
185,772
5.00%, 12/1/2042 (b)
95,000
95,643
Town of Cary, Public Improvement 5.00%,
9/1/2022
60,000
60,000
Town of Oak Island, Enterprise System Rev.,
AGM, 5.00%, 6/1/2023
10,000
10,191
University of North Carolina at Charlotte
(The)
 
 
Series 2017A, Rev., 5.00%, 10/1/2022
150,000
150,326
SEE NOTES TO FINANCIAL STATEMENTS.
 
306
J.P. Morgan Exchange-Traded Funds
August 31, 2022
INVESTMENTS
PRINCIPAL
AMOUNT($)
VALUE($)
Municipal Bonds — continued
North Carolina — continued
Series 2020A, Rev., 5.00%, 10/1/2022
     30,000
       30,065
University of North Carolina at Wilmington
Series 2019B, Rev., 5.00%, 10/1/2022
    150,000
      150,326
University of North Carolina, School of the
Arts
 
 
Rev., 5.00%, 2/1/2023
    185,000
      186,859
Rev., 5.00%, 2/1/2024
    150,000
      154,815
Rev., 5.00%, 2/1/2025
    295,000
      309,469
Total North Carolina
 
48,134,960
North Dakota — 0.1%
City of Fargo Series 2019A, GO, 5.00%,
5/1/2023
     20,000
       20,341
City of Grand Forks Series 2017B, GO,
5.00%, 12/1/2022
     40,000
       40,254
City of Grand Forks, Altru Health System
 
 
Rev., 5.00%, 12/1/2024
120,000
124,697
Rev., 5.00%, 12/1/2025
200,000
210,952
Rev., 5.00%, 12/1/2026
210,000
224,474
City of Watford City Rev., AGM, 3.00%,
12/1/2022
25,000
25,004
City of West Fargo Series 2017A, GO,
5.00%, 5/1/2023
25,000
25,394
County of Burleigh, Multi-County Sales Tax
Series 2015A, AGM, 5.00%,
11/1/2022 (b)
40,000
40,177
County of Stutsman Series 2014A, GO,
4.00%, 10/1/2023
25,000
25,401
Minot Public School District No. 1 GO,
4.00%, 8/1/2025
25,000
26,122
North Dakota Building Authority, Facilities
Improvement Series 2020A, Rev.,
5.00%, 12/1/2022
290,000
291,970
North Dakota Housing Finance Agency,
Home Mortgage Finance Program Series
2020B, Rev., 1.05%, 7/1/2026
125,000
116,222
North Dakota Public Finance Authority,
Capital Financing Program
 
 
Series 2019A, Rev., 4.00%, 11/1/2022
25,000
25,070
Series 2019A, Rev., 1.75%, 11/1/2023
430,000
425,424
North Dakota Public Finance Authority,
State Revolving Fund Program
 
 
Series 2015A, Rev., 5.00%, 10/1/2022
25,000
25,056
Series 2016A, Rev., 5.00%, 10/1/2022
20,000
20,045
Series 2012A, Rev., 5.00%, 10/1/2023
35,000
35,075
INVESTMENTS
PRINCIPAL
AMOUNT($)
VALUE($)
 
North Dakota — continued
North Dakota State University of Housing
and Auxiliary Facilities Series 2015A,
Rev., 5.00%, 4/1/2023
     20,000
       20,296
West Fargo Public School District No. 6,
School Building GO, 4.00%, 8/1/2024
     40,000
       41,165
Total North Dakota
 
1,763,139
Ohio — 4.1%
Akron Bath Copley Joint Township Hospital
District, Children's Hospital Medical
Center of Akron
 
 
Series 2022A, 5.00%, 11/15/2026
    355,000
      385,781
Series 2022A, 5.00%, 11/15/2027
    470,000
      518,616
American Municipal Power, Inc., Combined
Hydroelectric Projects
 
 
Series 2016A, 5.00%, 2/15/2023
    660,000
      667,816
Series 2020A, 5.00%, 2/15/2023
    245,000
      247,901
American Municipal Power, Inc., Prairie
State Energy Campus Project
 
 
Series 2019B, 5.00%, 2/15/2025
390,000
412,943
Series 2015A, 5.00%, 2/15/2026
75,000
77,558
Series 2015A, 5.00%, 2/15/2027
400,000
413,528
Bellbrook-Sugarcreek Local School District,
School Improvement, Unlimited Tax
4.00%, 12/1/2022
50,000
50,219
Berea City School District 2.00%,
10/1/2022
25,000
24,988
Big Walnut Local School District, Unlimited
Tax Series 2021A, 4.00%, 12/1/2022
35,000
35,150
Bowling Green State University, General
Receipts Series 2020A, 5.00%,
6/1/2023
20,000
20,373
Brock Independent School District,
Unlimited Tax, School Facilities
Improvement 5.00%, 1/15/2023
105,000
105,990
Butler County Port Authority, Liberty Center
Project Series 2014A, 5.00%,
12/1/2024 (b)
100,000
100,664
Butler County Transportation Improvement
District, Highway Improvement 4.00%,
12/1/2022
30,000
30,132
Centerville City School District, School
Improvement
 
 
4.00%, 12/1/2025 (b)
60,000
60,250
3.00%, 12/1/2030 (b)
20,000
20,036
Central Ohio Solid Waste Authority, Solid
Waste Facilities, Limited Tax 5.00%,
12/1/2023
45,000
46,472
SEE NOTES TO FINANCIAL STATEMENTS.
 
August 31, 2022
J.P. Morgan Exchange-Traded Funds
307
JPMorgan Ultra-Short Municipal Income ETF
SCHEDULE OF PORTFOLIO INVESTMENTS
AS OF August 31, 2022  (Unaudited) (continued)
INVESTMENTS
PRINCIPAL
AMOUNT($)
VALUE($)
Municipal Bonds — continued
Ohio — continued
Champion Local School District, Classroom
Facilities Series 2016-2, 1.75%,
12/1/2022
     35,000
       34,912
City of Akron, Income Tax 5.00%,
12/1/2023
     20,000
       20,639
City of Akron, Income Tax, Community
Learning Centers 5.00%, 12/1/2022
     85,000
       85,565
City of Akron, Various Purpose
 
 
Series 2015A, 2.25%, 12/1/2022
     75,000
       74,944
Series 2017A, 4.00%, 12/1/2022
     25,000
       25,094
City of Athens, Swimming Pool Facilities
3.00%, 12/1/2023
     25,000
       25,198
City of Cincinnati, Unlimited Tax, Various
Purpose
 
 
Series 2016A, 4.00%, 12/1/2022
     40,000
       40,171
Series 2015A, 5.00%, 12/1/2022
    150,000
      151,008
Series 2021A, 5.00%, 12/1/2022
     85,000
       85,571
Series 2015A, 5.00%, 12/1/2023
35,000
36,131
City of Cleveland AMBAC, 5.50%,
10/1/2022
155,000
155,396
City of Cleveland, Income Tax, Subordinate
Lien, Public Facilities Improvements
 
 
Series 2017A-1, 4.00%, 10/1/2022
45,000
45,062
Series 2014B-1, 5.00%, 10/1/2024 (b)
25,000
25,056
Series 2014B-1, 5.00%, 10/1/2027 (b)
20,000
20,044
Series 2014B-2, 5.00%, 10/1/2032 (b)
25,000
25,056
City of Cleveland, Subordinate Lien, Income
Tax Series 2014B-1, 5.00%, 10/1/2022
35,000
35,076
City of Cleveland, Various Purpose 5.00%,
12/1/2022
55,000
55,361
City of Delaware, Limited Tax Series 2019B,
GO, 4.00%, 12/1/2022
35,000
35,145
City of Dublin, Various Purpose GO, 5.00%,
12/1/2022
25,000
25,171
City of Fairview Park, Limited Tax
 
 
GO, 3.00%, 12/1/2022 (b)
55,000
55,099
GO, 4.00%, 12/1/2022 (b)
165,000
165,714
City of Hilliard, Limited Tax, Various Purpose
Series 2019A, GO, 5.00%, 12/1/2022
20,000
20,121
City of Kettering GO, 2.00%, 12/1/2022
25,000
24,971
City of Lima, Sanitary Sewer System
 
 
Rev., 3.00%, 12/1/2022
35,000
35,055
Rev., 4.00%, 12/1/2022 (b)
30,000
30,121
City of Marysville, Limited Tax GO, 2.25%,
12/1/2022
60,000
59,989
City of Mentor, Limited tax, Various Purpose
GO, 3.00%, 12/1/2022
25,000
25,043
INVESTMENTS
PRINCIPAL
AMOUNT($)
VALUE($)
 
Ohio — continued
City of Middletown GO, 2.00%, 12/1/2022
     50,000
       49,937
City of New Albany, Limited Tax GO, 3.50%,
12/1/2022
     30,000
       30,091
City of Newark GO, 2.00%, 12/1/2022
     35,000
       34,961
City of North Olmsted, Capital
Improvement, Limited Tax GO, 3.00%,
12/1/2022
     20,000
       20,037
City of Reynoldsburg, Limited Tax, Capital
Facilities GO, 5.00%, 12/1/2022
     25,000
       25,164
City of Sharonville, Special Obligation Rev.,
4.00%, 12/1/2022
     50,000
       50,214
City of Springboro, Various Purpose, Limited
Tax GO, 2.25%, 12/1/2022
     75,000
       74,845
City of Tiffin, Limited Tax, Capital
Improvement GO, 2.00%, 12/1/2022
     50,000
       49,840
City of Toledo, Sewerage System Rev.,
5.00%, 11/15/2022
     55,000
       55,309
City of Westerville, Special Obligation
 
 
Rev., 5.00%, 12/1/2022
     65,000
       65,440
Rev., 5.00%, 12/1/2023
25,000
25,808
Clear Fork Valley Local School District
4.00%, 12/1/2022
25,000
25,101
Cleveland Department of Public Utilities
Division of Public Power AGM, 5.00%,
11/15/2022
60,000
60,320
Cleveland Municipal School District Series
2015A, 5.00%, 12/1/2022
180,000
181,205
Clyde-Green Springs Exempted Village
School District 4.00%, 12/1/2022
180,000
180,680
Columbus City School District, Limited Tax,
School Bus Acquisition 4.00%,
12/1/2022
25,000
25,109
Columbus City School District, Ohio School
Facilities Construction and Improvement,
Unlimited Tax 4.00%, 12/1/2022
20,000
20,087
Columbus Metropolitan Library, Ohio
Library Facilities, Special Obligation
 
 
4.00%, 12/1/2022
135,000
135,544
4.00%, 12/1/2024
20,000
20,656
County of Allen, Hospital Facilities, Bon
Secours Mercy Health, Inc. Series 2020A,
5.00%, 12/1/2022
25,000
25,149
County of Allen, Hospital Facilities, Mercy
Health Series 2017A, 5.00%, 8/1/2024
570,000
593,925
County of Butler, Hospital Facilities, UC
Health 4.00%, 11/15/2022
340,000
340,917
County of Butler, Sewer System 4.00%,
12/1/2022
55,000
55,242
SEE NOTES TO FINANCIAL STATEMENTS.
 
308
J.P. Morgan Exchange-Traded Funds
August 31, 2022
INVESTMENTS
PRINCIPAL
AMOUNT($)
VALUE($)
Municipal Bonds — continued
Ohio — continued
County of Cuyahoga, Capital Improvement,
Limited Tax Series 2020A, GO, 4.00%,
12/1/2022
    220,000
      220,940
County of Cuyahoga, Ohio Economic
Development Series 2020D, Rev.,
4.00%, 12/1/2022
    495,000
      497,178
County of Cuyahoga, Public Library Fund,
Library Facilities Rev., 4.00%,
12/1/2022
     70,000
       70,282
County of Cuyahoga, Sports Facilities
Improvement Project, Excise Tax Rev.,
5.00%, 12/1/2022 (b)
    105,000
      105,711
County of Delaware, Sanitary Sewer System
Improvement Rev., 4.00%, 12/1/2022
     25,000
       25,110
County of Franklin, Hospital Facilities,
OhioHealth Corp.
 
 
Series 2018D, Rev., VRDO, 1.47%,
9/12/2022 (c)
 30,000,000
   30,000,000
Rev., 5.00%, 5/15/2023
     35,000
       35,663
County of Franklin, Limited Tax GO, 5.00%,
6/1/2023
     25,000
       25,500
County of Franklin, Various Purpose,
Limited Tax GO, 5.00%, 12/1/2022
     20,000
       20,136
County of Geauga, South Franklin Circle
Project Rev., 8.00%, 12/31/2022 (b)
(c)
  4,890,000
    5,075,324
County of Greene, Sewer System
 
 
GO, 5.00%, 12/1/2022
50,000
50,342
Series 2007A, Rev., AMBAC, 5.00%,
12/1/2023
50,000
51,585
County of Hamilton, Parking Facilities,
Limited Tax Series 2021A, GO, 5.00%,
12/1/2023
25,000
25,818
County of Hamilton, Sales Tax
 
 
Series 2000B, Rev., AMBAC, Zero
Coupon, 12/1/2022
100,000
99,376
Series 2016A, Rev., 5.00%, 12/1/2022
445,000
448,001
County of Hamilton, Sewer System, The
Metropolitan Sewer District of Greater
Cincinnati
 
 
Series 2013A, Rev., 5.00%, 12/1/2022
295,000
296,960
Series 2014A, Rev., 5.00%, 12/1/2022
165,000
166,109
Series 2019A, Rev., 5.00%, 12/1/2022
140,000
140,930
County of Lake, Various Purpose GO,
3.50%, 12/1/2022
50,000
50,159
County of Lorain, Various Purpose, Limited
Tax
 
 
GO, 3.00%, 12/1/2022
55,000
55,101
INVESTMENTS
PRINCIPAL
AMOUNT($)
VALUE($)
 
Ohio — continued
Series 2020B, GO, 3.00%, 12/1/2022
     65,000
       65,119
County of Mahoning, Various Purpose,
Limited Tax GO, AGM, 2.00%,
12/1/2022
     25,000
       24,966
County of Medina, Limited Tax GO, 2.00%,
12/1/2022
     50,000
       49,961
County of Montgomery, Catholic Health
Initiatives Series 2008D-2, Rev., 5.45%,
11/13/2023 (b)
    140,000
      144,941
County of Portage, Limited Tax GO, 5.00%,
12/1/2022
     65,000
       65,443
County of Stark, Communication System,
Limited Tax GO, 2.50%, 12/1/2022
     50,000
       50,037
County of Summit, Various Purpose GO,
4.50%, 12/1/2022
     60,000
       60,321
County of Union, Memorial Hospital, Various
Purpose GO, 4.00%, 12/1/2022
     80,000
       80,330
Cuyahoga Community College District,
Facilities Construction Improvement,
Unlimited Tax GO, 3.00%, 12/1/2023
     20,000
       20,160
Dayton Metro Library, Unlimited Tax GO,
4.00%, 12/1/2024
     40,000
       41,392
Defiance City School District, Various
Purpose GO, 5.00%, 12/1/2022 (b)
     45,000
       45,304
Dublin City School District, School Facilities
Construction and Improvement
 
 
GO, 4.00%, 12/1/2022
35,000
35,148
Series 2019A, GO, 4.00%, 12/1/2022
20,000
20,084
GO, 4.00%, 12/1/2024
20,000
20,705
Dublin City School District, Various Purpose
Series 2013A, GO, 5.00%, 12/1/2022
80,000
80,542
Eastwood Local School District COP, 3.00%,
6/1/2023
30,000
30,085
Eaton Community City School District,
Unlimited Tax GO, 4.00%, 12/1/2022
25,000
25,107
Edgewood City School District GO, 5.00%,
12/1/2022
45,000
45,303
Forest Hills Local School District, School
Improvement GO, 4.00%, 12/1/2022
40,000
40,170
Franklin City School District GO, AMBAC,
Zero Coupon, 12/1/2022
30,000
29,811
Franklin County Convention Facilities
Authority, Tax Lease
 
 
Rev., 5.00%, 12/1/2023 (b)
50,000
51,623
Rev., 5.00%, 12/1/2024 (b)
75,000
79,274
Gahanna-Jefferson City School District GO,
3.00%, 12/1/2022
75,000
75,137
SEE NOTES TO FINANCIAL STATEMENTS.
 
August 31, 2022
J.P. Morgan Exchange-Traded Funds
309
JPMorgan Ultra-Short Municipal Income ETF
SCHEDULE OF PORTFOLIO INVESTMENTS
AS OF August 31, 2022  (Unaudited) (continued)
INVESTMENTS
PRINCIPAL
AMOUNT($)
VALUE($)
Municipal Bonds — continued
Ohio — continued
Galion City School District GO, Zero Coupon,
12/1/2022
     50,000
       49,686
Greater Cleveland Regional Transit
Authority, Sales Tax Supported Capital
Improvement
 
 
Rev., 5.00%, 12/1/2022
     55,000
       55,376
Series 2014A, Rev., 5.00%, 12/1/2022
    320,000
      322,190
Greene County Vocational School District,
School Facilities Construction and
Improvement GO, 5.00%, 12/1/2022
     20,000
       20,136
Hamilton City School District, Various
Purpose, Unlimited Tax GO, 5.00%,
12/1/2022
     45,000
       45,292
Highland Local School District GO, 5.00%,
12/1/2022
    215,000
      216,466
Hilliard School District Series 2013A, GO,
5.00%, 12/1/2022
     55,000
       55,376
Hocking Technical College District Rev.,
5.00%, 7/1/2023 (b)
     40,000
       40,829
Kettering City School District COP, 4.00%,
12/1/2022
     25,000
       25,107
Lake County Community College District
COP, 4.00%, 10/1/2022
    225,000
      225,282
Lake Local School District, School
Improvement, Unlimited Tax GO, 3.00%,
12/1/2022
50,000
50,053
Lakewood City School District, School
Facilities Improvement, Unlimited Tax
 
 
Series 2014A, GO, 5.00%,
11/1/2022 (b)
150,000
150,676
GO, 4.00%, 12/1/2022
20,000
20,087
Lakota Local School District
 
 
GO, 3.00%, 12/1/2022
30,000
30,056
GO, 5.00%, 12/1/2022
45,000
45,308
Lancaster City School District, School
Facilities Construction and Improvement
 
 
GO, 3.25%, 10/1/2022 (b)
20,000
20,016
GO, 3.75%, 10/1/2022 (b)
245,000
245,295
GO, 4.00%, 10/1/2022
35,000
35,049
Licking County Career and Technology
Education Centers GO, 3.13%,
12/1/2023
50,000
50,028
Lorain County Community College District
Rev., 4.00%, 12/1/2022
25,000
25,101
Lucas-Plaza Housing Development Corp.
Rev., FHA, Zero Coupon, 6/1/2024 (b)
810,000
774,453
INVESTMENTS
PRINCIPAL
AMOUNT($)
VALUE($)
 
Ohio — continued
Marysville Exempted Village School District,
School Improvement GO, 5.00%,
12/1/2022
     30,000
       30,195
Miami East Local School District, School
Improvement GO, 4.00%, 12/1/2022
     65,000
       65,254
Miami University, General Receipts
 
 
Rev., 4.00%, 9/1/2022
    260,000
      260,000
Rev., 5.00%, 9/1/2022
    135,000
      135,000
Series 2020A, Rev., 5.00%, 9/1/2022
     20,000
       20,000
Miamisburg City School District GO, 2.00%,
12/1/2022
     25,000
       24,972
Middletown City School District GO, 5.25%,
12/1/2022 (b)
    120,000
      120,886
New Albany Plain Local School District,
School Improvement
 
 
GO, 3.75%, 12/1/2022 (b)
     50,000
       50,182
GO, 4.00%, 12/1/2022 (b)
     45,000
       45,188
New Albany Plain Local School District,
Various Purpose GO, 4.00%, 12/1/2022
25,000
25,110
Northeast Ohio Regional Sewer District,
Wastewater Improvement
 
 
Rev., 3.00%, 11/15/2022
50,000
50,081
Rev., 5.00%, 11/15/2022
65,000
65,366
Rev., 5.00%, 5/15/2023 (b)
40,000
40,737
Northwest Local School District, School
Improvement, Unlimited Tax
 
 
GO, 5.00%, 12/1/2022
30,000
30,205
GO, 5.00%, 12/1/2023 (b)
45,000
46,432
Oak Hills Local School District, School
Improvement
 
 
GO, 5.00%, 12/1/2022
65,000
65,443
GO, 5.00%, 12/1/2023
20,000
20,609
Ohio Higher Educational Facility
Commission, Case Western Reserve, Inc.
 
 
Rev., 5.00%, 12/1/2023 (b)
45,000
46,348
Rev., 5.00%, 12/1/2023
100,000
103,170
Ohio Higher Educational Facility
Commission, Case Western University
Project
 
 
Series 2021B, Rev., (SIFMA Municipal
Swap Index Yield + 0.23%), 1.73%,
9/8/2022 (d)
5,500,000
5,385,560
Rev., 4.00%, 12/1/2022
20,000
20,083
Rev., 5.00%, 12/1/2022 (b)
160,000
161,063
Series 2015A, Rev., 5.00%, 12/1/2022
40,000
40,264
SEE NOTES TO FINANCIAL STATEMENTS.
 
310
J.P. Morgan Exchange-Traded Funds
August 31, 2022
INVESTMENTS
PRINCIPAL
AMOUNT($)
VALUE($)
Municipal Bonds — continued
Ohio — continued
Ohio Higher Educational Facility
Commission, University of Dayton 2013
Project Rev., 5.00%, 12/1/2025
     20,000
       20,128
Ohio Housing Finance Agency, Marianna
Terrace Apartments Series 2022A, Rev.,
1.30%, 3/1/2024 (c)
  1,000,000
      972,959
Ohio Housing Finance Agency, Park Eden
Apartments Series 2020A, Rev., VRDO,
FHA, GNMA, 0.40%, 9/1/2022 (c)
    700,000
      700,000
Ohio Housing Finance Agency, RAD Post
Oak LLC Series 2022, Rev., 3.35%,
7/1/2024 (c)
  4,740,000
    4,734,932
Ohio State University (The), General
Receipts
 
 
Series 2010D, Rev., 5.00%, 12/1/2022
     45,000
       45,309
Series 2014A, Rev., 5.00%, 12/1/2022
     50,000
       50,343
Series 2020A, Rev., 5.00%, 12/1/2022
    160,000
      161,099
Series 2012A, Rev., 5.00%, 6/1/2023
     20,000
       20,405
Series 2010D, Rev., 5.00%, 12/1/2023
     40,000
       41,323
Ohio State University (The), General
Receipts, Multiyear Debt Issuance
Program II Rev., 5.00%, 12/1/2022
    155,000
      156,065
Ohio State University (The), General
Receipts, Special Purpose
 
 
Series 2013A, Rev., 5.00%, 6/1/2024
170,000
173,356
Series 2013A, Rev., 5.00%, 6/1/2025
20,000
20,330
Ohio Turnpike and Infrastructure
Commission, Infrastructure Project Series
2013A-1, Rev., 5.25%, 2/15/2039
6,000,000
6,072,192
Ohio Turnpike and Infrastructure
Commission, Junior Lien
 
 
Series 2013A-1, Rev., 5.00%,
2/15/2024
275,000
278,001
Series 2013A-1, Rev., 5.00%,
2/15/2025
220,000
222,401
Ohio University, General Receipts
 
 
Rev., 4.00%, 12/1/2022 (b)
40,000
40,167
Rev., 5.00%, 12/1/2022 (b)
155,000
156,049
Rev., 5.00%, 12/1/2022
130,000
130,880
Ohio Water Development Authority, Drinking
Water Assistance
 
 
Rev., 5.00%, 12/1/2022
145,000
145,992
Series 2019B, Rev., 5.00%, 12/1/2022
25,000
25,171
Ohio Water Development Authority, Fresh
Water
 
 
Series 2013A, Rev., 5.00%, 12/1/2022
35,000
35,240
Rev., 5.50%, 12/1/2022
170,000
171,371
INVESTMENTS
PRINCIPAL
AMOUNT($)
VALUE($)
 
Ohio — continued
Ohio Water Development Authority, Water
Pollution Control Loan Fund
 
 
Rev., 5.00%, 12/1/2022
    185,000
      186,266
Series 2015A, Rev., 5.00%, 12/1/2022
     20,000
       20,146
Rev., 5.50%, 12/1/2022
    105,000
      105,847
Olentangy Local School District Series B,
GO, 4.00%, 12/1/2022 (b)
     35,000
       35,146
Olentangy Local School District, Unlimited
Tax
 
 
Series 2020A, GO, 4.00%, 12/1/2022
     55,000
       55,199
Series B, GO, 4.00%, 12/1/2022 (b)
     75,000
       75,313
Orange City School District, Unlimited Tax
GO, 5.00%, 12/1/2023
     40,000
       41,278
Ottawa and Glandorf Local School District,
Unlimited Tax GO, 4.00%, 12/1/2022
     25,000
       25,098
Patrick Henry Local School District, Ohio
School Facilities Project
 
 
Series A, COP, 4.00%, 12/1/2022
25,000
25,101
COP, 5.00%, 12/1/2022 (b)
45,000
45,293
Perry Local School District COP, 4.00%,
12/1/2022
20,000
20,081
Perrysburg Exempted Village School
District, Unlimited Tax GO, 5.00%,
12/1/2023
30,000
30,895
Port of Greater Cincinnati Development
Authority, Mariemont City School District
Project, Tax-Exempt
 
 
Rev., 5.00%, 12/1/2022
100,000
100,682
Rev., 5.00%, 12/1/2024
200,000
210,901
Princeton City School District GO, 5.00%,
12/1/2022
20,000
20,136
Revere Local School District, School
Facilities Improvement, Unlimited Tax
Series 2017C, GO, Zero Coupon,
12/1/2022
135,000
134,049
Reynoldsburg City School District, Unlimited
Tax GO, 5.00%, 12/1/2022
160,000
161,091
Rossford Exempted Village School District,
School Facilities Project COP, 5.00%,
12/1/2022
30,000
30,139
Shaker Heights City School District, School
Facilities Improvement, Unlimited Tax
Series 2018A, GO, 2.25%, 12/15/2022
50,000
49,999
Shaker Heights Public Library COP, 2.00%,
12/1/2022
85,000
84,841
Shelby City School District, School Facilities
Improvement GO, 4.00%,
11/1/2022 (b)
90,000
90,236
SEE NOTES TO FINANCIAL STATEMENTS.
 
August 31, 2022
J.P. Morgan Exchange-Traded Funds
311
JPMorgan Ultra-Short Municipal Income ETF
SCHEDULE OF PORTFOLIO INVESTMENTS
AS OF August 31, 2022  (Unaudited) (continued)
INVESTMENTS
PRINCIPAL
AMOUNT($)
VALUE($)
Municipal Bonds — continued
Ohio — continued
Southwest Licking Local School District,
School Facilities Project COP, 4.00%,
12/1/2022
    245,000
      245,962
Stark County Library District, Library
Facilities Rev., 4.00%, 12/1/2022
     50,000
       50,193
State of Ohio
 
 
Series 2014A, GO, 5.00%, 9/15/2022
     95,000
       95,095
Series 2016A, Rev., 5.00%, 10/1/2022
    125,000
      125,271
Series 2016A, GO, 5.00%, 12/15/2023
     35,000
       36,183
Series 2017A, Rev., 5.00%, 12/1/2024
     25,000
       26,374
Series 2016A, Rev., 5.00%, 2/1/2025
     50,000
       52,981
State of Ohio, Adult Correctional Building
Fund Projects
 
 
Series 2013A, Rev., 5.00%, 10/1/2022
    140,000
      140,303
Series 2013A, Rev., 5.00%, 10/1/2024
     35,000
       36,808
State of Ohio, Capital Facilities Lease
Appropriation
 
 
Series 2013A, Rev., 5.00%, 10/1/2022
250,000
250,541
Series 2015B, Rev., 5.00%, 10/1/2022
95,000
95,206
Series 2015B, Rev., 5.00%,
10/1/2022 (b)
150,000
150,333
Series 2015C, Rev., 5.00%, 10/1/2022
70,000
70,152
Series 2016A, Rev., 5.00%, 10/1/2022
85,000
85,184
Series 2017A, Rev., 5.00%, 12/1/2022
30,000
30,198
Series 2017A, Rev., 5.00%, 12/1/2023
25,000
25,793
State of Ohio, Capital Facilities Lease
Appropriation Adult Correctional Building
Fund Projects Series 2017A, Rev.,
4.00%, 10/1/2022
25,000
25,034
State of Ohio, Capital Facilities Lease
Appropriation Cultural and Sports
Facilities Building Fund Projects Series
2016A, Rev., 5.00%, 10/1/2023
50,000
51,381
State of Ohio, Capital Facilities Lease
Appropriation Mental Health Facilities
Improvement Fund Projects Series
2015A, Rev., 5.00%, 2/1/2024
170,000
176,082
State of Ohio, Capital Facilities Lease
Appropriation, Administrative Building
Fund Projects
 
 
Series 2018A, Rev., 5.00%, 10/1/2022
20,000
20,043
Series 2019A, Rev., 5.00%, 10/1/2022
85,000
85,184
State of Ohio, Capital Facilities Lease
Appropriation, Cultural and Sports
Facilities Building Fund Projects Series
2017A, Rev., 5.00%, 10/1/2022
25,000
25,054
INVESTMENTS
PRINCIPAL
AMOUNT($)
VALUE($)
 
Ohio — continued
State of Ohio, Capital Facilities Lease
Appropriation, Parks and Recreation
Improvement Fund Projects
 
 
Series 2016C, Rev., 5.00%, 12/1/2022
    155,000
      156,022
Series 2020A, Rev., 5.00%, 12/1/2022
    260,000
      261,714
State of Ohio, Capital Facilities, Juvenile
Correctional Building Fund
 
 
Series 2020A, Rev., 3.00%, 10/1/2022
     30,000
       30,017
Series 2019B, Rev., 5.00%, 10/1/2022
     25,000
       25,054
State of Ohio, Cleveland Clinic Health
System Obligated Group
 
 
Series 2019D-2, Rev., VRDO, 1.45%,
9/12/2022 (c)
 20,890,000
   20,890,000
Series 2017A, Rev., 5.00%, 1/1/2023
     20,000
       20,171
State of Ohio, Common Schools
 
 
Series 2011C, GO, 4.00%, 9/15/2022
     40,000
       40,026
Series 2010C, GO, 4.25%, 9/15/2022
310,000
310,228
Series 2012A, GO, 5.00%, 9/15/2022
185,000
185,186
Series 2012C, GO, 5.00%, 9/15/2022
135,000
135,135
Series 2013A, GO, 5.00%, 9/15/2022
130,000
130,130
Series 2016A, GO, 5.00%, 12/15/2022
170,000
171,339
State of Ohio, Conservation Project Series
2015A, GO, 5.00%, 9/1/2022
225,000
225,000
State of Ohio, Department of Administrative
Services, Administrative Knowledge
System and Enterprise Data Center
Solutions Project COP, 5.00%, 9/1/2022
255,000
255,000
State of Ohio, Department of Administrative
Services, Enterprise Data Center
Solutions COP, 5.00%, 9/1/2022
25,000
25,000
State of Ohio, Department of Administrative
Services, Radio Communications COP,
5.00%, 9/1/2022 (b)
20,000
20,000
State of Ohio, Garvee Series 2018-1, Rev.,
5.00%, 12/15/2024
30,000
31,704
State of Ohio, Higher Education
 
 
Series 2015C, GO, 5.00%, 11/1/2022
40,000
40,182
Series 2018A, GO, 5.00%, 2/1/2023
20,000
20,227
Series 2014A, GO, 4.00%, 5/1/2023
25,000
25,285
Series 2011A, GO, 5.00%, 8/1/2023
10,000
10,244
Series 2014A, GO, 4.00%, 5/1/2024
80,000
82,178
State of Ohio, Highway Improvement Series
T, GO, 5.00%, 11/1/2023
95,000
97,818
State of Ohio, Infrastructure Improvement
 
 
Series 2012C, GO, 5.00%, 9/1/2022
20,000
20,000
Series 2015A, GO, 5.00%, 9/1/2022
85,000
85,000
Series 2015B, GO, 5.00%, 9/1/2022
115,000
115,000
SEE NOTES TO FINANCIAL STATEMENTS.
 
312
J.P. Morgan Exchange-Traded Funds
August 31, 2022
INVESTMENTS
PRINCIPAL
AMOUNT($)
VALUE($)
Municipal Bonds — continued
Ohio — continued
Series 2015B, GO, 5.00%, 3/1/2023 (b)
     75,000
       76,008
Series 2012C, GO, 5.00%, 9/1/2023
     25,000
       25,662
Series 2015A, GO, 5.00%, 9/1/2023
     25,000
       25,662
Series 2015B, GO, 5.00%, 9/1/2023
     25,000
       25,662
Series 2016A, GO, 5.00%, 9/1/2023
     20,000
       20,529
Series 2017B, GO, 5.00%, 9/1/2025
     30,000
       32,245
State of Ohio, Juvenile Correctional Building
Fund Projects Rev., 5.00%, 10/1/2023
     35,000
       35,967
State of Ohio, Major New Infrastructure
Project
 
 
Rev., 5.00%, 12/15/2022
    255,000
      256,943
Series 2016-1, Rev., 5.00%,
12/15/2022
    100,000
      100,762
Series 2018-1, Rev., 5.00%,
12/15/2022
    200,000
      201,524
Series 2019-1, Rev., 5.00%,
12/15/2022
165,000
166,257
Series 2016-1, Rev., 5.00%,
12/15/2023
25,000
25,816
Series 2018-1, Rev., 5.00%,
12/15/2023
120,000
123,918
Series 2019-1, Rev., 5.00%,
12/15/2023
25,000
25,816
State of Ohio, State Infrastructure Series
2019A, GO, 5.00%, 3/1/2023
20,000
20,272
State of Ohio, Third Frontier Research and
Development, Tax-Exempt GO, 4.00%,
11/1/2022
110,000
110,321
State of Ohio, Toledo Parking Facilities
Project Series 2012-1, Rev., 4.00%,
11/15/2022
205,000
205,691
State of Ohio, Treasury Management System
Project COP, 5.00%, 9/1/2022
30,000
30,000
State of Ohio, University Hospitals Health
System, Inc.
 
 
Series 2021B, Rev., VRDO, 1.70%,
9/1/2022 (c)
11,000,000
11,000,000
Series B, Rev., VRDO, 1.70%,
9/12/2022 (c)
5,500,000
5,500,000
Series 2013A, Rev., 4.00%, 1/15/2025
270,000
271,090
Series 2020B, Rev., 5.00%,
1/15/2025 (c)
295,000
310,459
Series 2013A, Rev., 4.13%, 1/15/2026
95,000
95,413
Series 2013A, Rev., 5.00%, 1/15/2027
4,325,000
4,354,875
Streetsboro City School District, School
Improvement, Unlimited Tax GO, 2.00%,
12/1/2022
25,000
24,967
INVESTMENTS
PRINCIPAL
AMOUNT($)
VALUE($)
 
Ohio — continued
Strongsville City School District, Unlimited
Tax Improvement GO, 4.00%,
12/1/2022
     45,000
       45,197
Sylvania City School District, School
Improvement, Unlimited Tax GO, 2.25%,
12/1/2022
     25,000
       24,993
Tender Option Bond Trust Receipts/
Certificates
 
 
Series C, Rev., VRDO, LIQ : Citibank NA,
1.57%, 9/12/2022 (c) (e)
  4,000,000
    4,000,000
Series 2018-XF2703, GO, VRDO, LIQ :
Barclays Bank plc, 1.60%,
9/12/2022 (c) (e)
  4,000,000
    4,000,000
Toledo City School District, School Facilities
Improvement GO, 5.00%,
12/1/2023 (b)
     20,000
       20,637
Township of West Chester, Various Purpose,
Limited Tax GO, 5.00%, 12/1/2022
     50,000
       50,342
Trotwood-Madison City School District,
Unlimited Tax, School Improvement GO,
4.00%, 12/1/2022
     30,000
       30,122
United Local School District, Columbiana
County COP, 3.00%, 12/1/2022
     20,000
       19,999
University of Akron (The), General Receipts
Series 2016A, Rev., 5.00%, 1/1/2023
     25,000
       25,210
University of Cincinnati, General Receipts
Series 2012C, Rev., 5.00%,
12/1/2022 (b)
    250,000
      251,630
Village of Bluffton, Ohio Hospital Facilities,
Blanchard Valley Health System 5.00%,
12/1/2022
160,000
160,895
Village of Evendale Ohio Public
Infrastructure, Income Tax Rev., 4.00%,
12/1/2022
25,000
25,101
Village of Hebron, Water System Mortgage
Rev., 5.00%, 12/1/2022
95,000
95,555
Warren City School District, Unlimited Tax
GO, 2.00%, 12/1/2022
20,000
19,971
Westerville City School District, School
Facilities Project COP, 5.00%,
12/1/2023
30,000
30,951
Westerville City School District, Unlimited
Tax GO, 4.00%, 12/1/2022
100,000
100,440
Worthington City School District, School
Facilities Construction and Improvement,
Unlimited Tax GO, 4.00%, 12/1/2022
60,000
60,242
Total Ohio
 
128,031,518
SEE NOTES TO FINANCIAL STATEMENTS.
 
August 31, 2022
J.P. Morgan Exchange-Traded Funds
313
JPMorgan Ultra-Short Municipal Income ETF
SCHEDULE OF PORTFOLIO INVESTMENTS
AS OF August 31, 2022  (Unaudited) (continued)
INVESTMENTS
PRINCIPAL
AMOUNT($)
VALUE($)
Municipal Bonds — continued
Oklahoma — 1.1%
Bryan County School Finance Authority,
Durant Public Schools Project Rev.,
4.00%, 12/1/2022
     20,000
       20,079
Canadian County Educational Facilities
Authority, Mustang Public Schools Project
3.00%, 9/1/2022
     20,000
       20,000
Canadian County Independent School
District No. 69 Mustang 2.00%,
6/1/2023
     45,000
       44,794
City of Norman GO, 4.00%, 6/1/2023
     60,000
       60,745
City of Oklahoma City GO, 5.00%,
3/1/2023
     25,000
       25,341
Cleveland County Educational Facilities
Authority, Lexington Public Schools
Project Rev., 4.00%, 9/1/2022
    125,000
      125,000
Cleveland County Educational Facilities
Authority, Norman Public Schools Project
 
 
5.00%, 6/1/2024
    570,000
      593,047
5.00%, 6/1/2025
    150,000
      159,955
Cleveland County Independent School
District No. 2 Moore, Combined Purpose
3.50%, 3/1/2023
    380,000
      381,836
Cleveland County Independent School
District No. 29 Norman, Combined
Purpose
 
 
3.00%, 3/1/2023
45,000
45,131
Series 2019B, 3.00%, 5/1/2023
10,000
10,037
Clinton Public Works Authority, Sales Tax
4.00%, 12/1/2022
25,000
25,101
County of Oklahoma, Limited Tax GO,
2.00%, 9/1/2022
20,000
20,000
Delaware County Educational Facilities
Authority, Grove Public Schools Project
Rev., 5.00%, 9/1/2022
50,000
50,000
Grady County School Finance Authority,
Educational Facilities Lease, Tuttle Public
Schools Project Rev., 5.00%, 9/1/2023
10,000
10,251
Lincoln County Educational Facilities
Authority, Stroud Public Schools Project
Rev., 5.00%, 9/1/2022
55,000
55,000
McClain County Economic Development
Authority, Educational Facilities,
Blanchard Public Schools Project Rev.,
4.00%, 9/1/2022
285,000
285,000
Oklahoma Capitol Improvement Authority,
Office of Juvenile Affairs Project Series
2019B, Rev., 5.00%, 7/1/2023
20,000
20,444
INVESTMENTS
PRINCIPAL
AMOUNT($)
VALUE($)
 
Oklahoma — continued
Oklahoma Capitol Improvement Authority,
Oklahoma Department of Transportation
Project Rev., 5.00%, 7/1/2025
    140,000
      149,521
Oklahoma Capitol Improvement Authority,
State Highway Capital Improvement,
Capitol Repair Project Series 2017B,
Rev., 5.00%, 1/1/2023
     35,000
       35,318
Oklahoma County Finance Authority, Deer
Creek Public Schools Project Rev.,
5.00%, 12/1/2022
    130,000
      130,829
Oklahoma County Finance Authority,
Educational Facilities, Lease Midwest
City-Del City Public Schools Project
 
 
Series 2018, Rev., 5.00%, 10/1/2022
    375,000
      375,803
Rev., 5.00%, 10/1/2025
     30,000
       31,918
Oklahoma County Finance Authority, Harrah
Public Schools Project Rev., 4.00%,
9/1/2022
    350,000
      350,000
Oklahoma County Finance Authority,
Western Heights Public Schools Project
 
 
Series 2018A, Rev., 5.00%, 9/1/2022
    125,000
      125,000
Series 2018A, Rev., 5.00%, 9/1/2023
     10,000
       10,237
Oklahoma County Independent School
District No. 89 Oklahoma City, Combined
Purpose Series 2019A, GO, 3.00%,
7/1/2023
     95,000
       95,487
Oklahoma Department of Transportation
Series 2018A, Rev., GAN, 5.00%,
9/1/2022
55,000
55,000
Oklahoma Development Finance Authority,
Health System, Integris Obligated Group
Series 2020C, Rev., VRDO, 1.75%,
9/12/2022 (c)
29,125,000
29,125,000
Oklahoma Development Finance Authority,
Higher Education Master Real Project
Series 2019A, Rev., 5.00%, 12/1/2022
50,000
50,315
Oklahoma Development Finance Authority,
System of Higher Education, Master Real
Property Series 2020A, Rev., 4.00%,
6/1/2023
260,000
262,901
Oklahoma Turnpike Authority, Second
Senior Series 2017E, Rev., 4.00%,
1/1/2023
30,000
30,171
Oklahoma Water Resources Board, Master
Trust Series 2013A, Rev., 5.00%,
4/1/2023 (b)
15,000
15,234
Oklahoma Water Resources Board, State
Loan Program Series 2018B, Rev.,
5.00%, 10/1/2022
50,000
50,112
SEE NOTES TO FINANCIAL STATEMENTS.
 
314
J.P. Morgan Exchange-Traded Funds
August 31, 2022
INVESTMENTS
PRINCIPAL
AMOUNT($)
VALUE($)
Municipal Bonds — continued
Oklahoma — continued
Pontotoc County Educational Facilities
Authority, Ada Public Schools Project
Rev., 5.00%, 9/1/2022
     75,000
       75,000
Sand Springs Municipal Authority Water
Sewer Utility & 1% Sales Tax Rev.,
2.00%, 11/1/2022
     55,000
       54,940
Tulsa County Independent School District
No. 1, Combined Purpose Series 2018B,
GO, 3.00%, 8/1/2023
     35,000
       35,179
Tulsa County Industrial Authority
Educational Facilities Lease, Broken
Arrow Public Schools Project
 
 
Rev., 3.00%, 9/1/2022
    225,000
      225,000
Rev., 4.00%, 9/1/2022
    340,000
      340,000
Rev., 5.00%, 9/1/2022
     25,000
       25,000
Rev., 5.00%, 9/1/2025
     35,000
       35,874
Tulsa County Industrial Authority
Educational Facilities Lease, Jenks Public
Schools Project Rev., 5.00%, 9/1/2022
    105,000
      105,000
Tulsa County Industrial Authority, Capital
Improvement Rev., 2.00%, 9/1/2022
     30,000
       30,000
Tulsa County Industrial Authority, Owasso
Public Schools Project Rev., 5.00%,
9/1/2022
    300,000
      300,000
Tulsa Metropolitan Utility Authority
 
 
Rev., 3.00%, 10/1/2022
30,000
30,020
Series 2016C, Rev., 5.00%, 10/1/2022
75,000
75,169
Series 2019A, Rev., 5.00%, 4/1/2023
10,000
10,155
Tulsa Public Facilities Authority, Capital
Improvement Rev., 3.00%, 6/1/2023
110,000
110,492
Total Oklahoma
 
34,296,436
Oregon — 0.4%
City of Beaverton Series 2020A, 5.00%,
6/1/2023
30,000
30,582
City of Bend, Bridge Creek Project 5.00%,
12/1/2022
65,000
65,442
City of Eugene, Electric Utility System Rev.,
4.00%, 8/1/2024
140,000
140,148
City of Hermiston GO, 3.00%, 3/1/2023
25,000
25,077
City of McMinnville GO, 5.00%, 2/1/2023
45,000
45,493
City of Portland, Sewer System, First Lien
Series 2014A, Rev., 5.00%, 10/1/2022
70,000
70,157
City of Portland, Water System, Second Lien
 
 
Rev., 5.00%, 10/1/2022
135,000
135,301
Rev., 5.00%, 10/1/2023
20,000
20,308
City of Salem GO, 5.00%, 6/1/2023
30,000
30,605
INVESTMENTS
PRINCIPAL
AMOUNT($)
VALUE($)
 
Oregon — continued
City of Salem, Water and Sewer Rev.,
5.00%, 6/1/2023
     20,000
       20,403
City of St. Helens GO, 3.00%, 6/1/2023
     25,000
       25,127
Clackamas Community College District
Series B, Zero Coupon, 6/15/2023
     20,000
       19,582
Columbia Multnomah and Washington
Counties School District No. 1J 5.00%,
6/15/2023
     35,000
       35,716
County of Clatsop 4.00%, 6/15/2023
     20,000
       20,259
County of Yamhill, George Fox University
Project Rev., 4.00%, 12/1/2022
    280,000
      281,022
County of Yamhill, Linfield University
Project Rev., 4.00%, 10/1/2022
    250,000
      250,179
Deschutes & Jefferson Counties School
District No. 2J Redmond Series 2008B,
GO, Zero Coupon, 6/15/2023
     20,000
       19,593
Hillsboro School District No. 1J GO, 5.00%,
6/15/2023
     10,000
       10,207
Hospital Facilities Authority of Multnomah
County Oregon, Adventist Health System
Rev., 5.00%, 3/1/2025 (c)
    260,000
      270,281
Klamath Falls City Schools Series 2015A,
GO, 5.00%, 6/15/2023
     30,000
       30,611
Klamath Falls Intercommunity Hospital
Authority, Sky Lakes Medical Center, Inc.
Project Rev., 4.00%, 9/1/2022
85,000
85,000
Lane County School District No. 52 Bethel
GO, 4.00%, 6/15/2023 (b)
25,000
25,323
Lebanon Rural Fire Protection District GO,
5.00%, 6/15/2023
25,000
25,480
Metro Series 2012A, GO, 5.00%,
6/1/2023
85,000
85,121
Metro, Oregon Convention Center Hotel
Project Rev., 5.00%, 6/15/2025
20,000
21,340
Metropolitan Wastewater Management
Commission Rev., 5.00%, 11/1/2022
40,000
40,182
Oregon State Facilities Authority,
Peacehealth Project Series 2014A, Rev.,
5.00%, 11/15/2022
25,000
25,115
Oregon State Facilities Authority,
Providence Health and Services Series
2013A, Rev., 5.00%, 10/1/2022
85,000
85,170
Oregon State Lottery
 
 
Series 2016-XF2290, Rev., VRDO, LIQ :
Citibank NA, 1.56%, 9/12/2022 (c)
(e)
8,000,000
8,000,000
Series A, Rev., 4.00%, 4/1/2023
100,000
101,010
Portland Community College District
 
 
GO, 3.00%, 6/15/2023 (b)
55,000
55,271
SEE NOTES TO FINANCIAL STATEMENTS.
 
August 31, 2022
J.P. Morgan Exchange-Traded Funds
315
JPMorgan Ultra-Short Municipal Income ETF
SCHEDULE OF PORTFOLIO INVESTMENTS
AS OF August 31, 2022  (Unaudited) (continued)
INVESTMENTS
PRINCIPAL
AMOUNT($)
VALUE($)
Municipal Bonds — continued
Oregon — continued
GO, 5.00%, 6/15/2023
     30,000
       30,635
Salem Hospital Facility Authority, Salem
Health Project Series 2019A, Rev.,
5.00%, 5/15/2023
     25,000
       25,422
State of Oregon
 
 
Series 2013G, GO, 4.00%, 11/1/2022
     20,000
       20,056
Series F, GO, 5.00%, 5/1/2023
     45,000
       45,810
State of Oregon, Alternate Energy GO,
4.00%, 10/1/2022
     60,000
       60,087
State of Oregon, Article XI-F(1) University
Projects Series I, GO, 5.00%, 8/1/2023
     20,000
       20,478
State of Oregon, Article XI-Q State Projects
Series 2019A, GO, 5.00%, 5/1/2023
     45,000
       45,810
State of Oregon, Department of
Transportation Series 2012A, Rev.,
5.00%, 11/15/2022 (b)
     80,000
       80,446
State of Oregon, Department of
Transportation Highway User Senior Lien
 
 
Series 2012A, Rev., 5.00%,
11/15/2022
     25,000
       25,141
Series 2012A, Rev., 5.00%,
11/15/2022 (b)
25,000
25,139
Series 2013A, Rev., 5.00%,
11/15/2022
75,000
75,422
Series 2014A, Rev., 5.00%,
11/15/2022
85,000
85,478
Series 2017C, Rev., 5.00%,
11/15/2022
75,000
75,422
Series A, Rev., 5.00%, 11/15/2022
145,000
145,815
State of Oregon, Housing and Community
Services Department, Single-Family
Mortgage Program
 
 
Series 2020A, Rev., 0.88%, 1/1/2024
325,000
317,066
Series 2014A, Rev., 3.00%, 1/1/2024
200,000
199,851
Series 2020A, Rev., 0.90%, 7/1/2024
435,000
420,507
State of Oregon, University System Series
2013A, GO, 3.25%, 8/1/2023 (b)
25,000
25,195
State of Oregon, Veterans Welfare Series
2018E-102, GO, 2.45%, 12/1/2022
25,000
25,008
Tri-County Metropolitan Transportation
District of Oregon
 
 
Series 2018A, Rev., 5.00%, 10/1/2022
60,000
60,130
Series 2017A, Rev., 5.00%, 10/1/2023
45,000
46,218
Tri-County Metropolitan Transportation
District of Oregon, Senior Lien Payroll Tax
Series 2015B, Rev., 5.00%, 9/1/2022
45,000
45,000
INVESTMENTS
PRINCIPAL
AMOUNT($)
VALUE($)
 
Oregon — continued
Tri-County Metropolitan Transportation
District of Oregon, Tax Exempt Series
2017A, Rev., 5.00%, 10/1/2022
    905,000
      906,967
Tri-County Metropolitan Transportation
District, Senior Lien Payroll Tax Series
2012A, Rev., 5.00%, 9/1/2022
     65,000
       65,000
Washington County Clean Water Services,
Senior Lien
 
 
5.00%, 10/1/2022
     95,000
       95,213
5.00%, 10/1/2023
     20,000
       20,572
Total Oregon
 
13,082,993
Pennsylvania — 3.1%
Abington School District Series 2021AA,
5.00%, 3/15/2023
     40,000
       40,557
Aliquippa Municipal Water Authority Water
and Sewer 4.00%, 11/15/2022
     20,000
       20,064
Allegheny County Higher Education Building
Authority, Duquesne University Series
2014A, 5.00%, 3/1/2023
     50,000
       50,570
Allegheny County Hospital Development
Authority, Pittsburgh Medical Center
 
 
Series 2011A, 5.00%, 10/15/2022
435,000
436,256
Series 2021B, 5.00%, 10/15/2022
175,000
175,505
Series 1997B, NATL-RE, 6.00%,
7/1/2023
215,000
220,905
Series 2021B, 5.00%, 10/15/2024
705,000
738,195
5.00%, 7/15/2025
110,000
116,919
Allegheny County Sanitary Authority, Sewer
5.00%, 12/1/2022
345,000
347,275
Allegheny Valley Joint School District
3.00%, 11/1/2022
25,000
25,029
Altoona Area School District
 
 
AGM, 3.00%, 12/1/2022 (b)
20,000
20,035
AGM, 3.13%, 12/1/2033 (b)
40,000
40,079
Avon Grove School District Chester County
4.00%, 11/15/2022
115,000
115,371
Bethel Park School District 5.00%,
8/1/2025
35,000
37,417
Bethlehem Area School District
 
 
5.00%, 10/15/2022
75,000
75,245
5.00%, 11/15/2022
50,000
50,276
Blue Mountain School District 5.00%,
10/1/2022
25,000
25,051
Borough of West Chester GO, 4.00%,
11/15/2022
25,000
25,088
Boyertown Area School District 2.00%,
10/1/2022
200,000
199,934
SEE NOTES TO FINANCIAL STATEMENTS.
 
316
J.P. Morgan Exchange-Traded Funds
August 31, 2022
INVESTMENTS
PRINCIPAL
AMOUNT($)
VALUE($)
Municipal Bonds — continued
Pennsylvania — continued
Bristol Township School District 5.00%,
6/1/2023
     25,000
       25,465
Bucks County Water and Sewer Authority,
Sewer System 4.00%, 12/1/2022
    240,000
      240,972
Carlisle Area School District, Limited Tax
3.00%, 9/1/2024
     25,000
       25,218
Centennial School District Bucks County
 
 
5.00%, 12/15/2022
    150,000
      151,186
Series 2017C, 5.00%, 12/15/2023
     55,000
       56,817
Series 2017A, 5.00%, 12/15/2024
     25,000
       26,334
Central Dauphin School District 2.00%,
2/1/2023 (b)
     20,000
       19,949
Central York School District 4.00%,
11/15/2022
    100,000
      100,341
Chartiers Valley School District Series A,
5.00%, 10/15/2022
    120,000
      120,384
Cheltenham Township School District
 
 
Series 2021A, 2.00%, 9/15/2022
20,000
19,998
4.00%, 9/15/2023
25,000
25,432
Series 2019A, 4.00%, 2/15/2025
20,000
20,641
Chester County Industrial Development
Authority, Longwood Gardens Project
3.00%, 12/1/2022
75,000
75,135
Chester Water Authority 5.00%,
12/1/2022
70,000
70,479
City of Bethlehem Series 2019AA, AGM,
4.00%, 10/1/2022
65,000
65,090
City of Lancaster GO, AGM, 4.00%,
11/1/2022
20,000
20,056
City of New Castle GO, AGM, 3.00%,
11/1/2022
25,000
25,013
City of Philadelphia, Water and Wastewater
System
 
 
Rev., 5.00%, 11/1/2022 (b)
35,000
35,155
Series 2014A, Rev., 5.00%, 7/1/2025
100,000
104,445
City of Pittsburgh
 
 
Series 2020A, GO, 4.00%, 9/1/2022
50,000
50,000
Series 2012A, GO, 5.00%, 9/1/2022
455,000
455,000
Series 2012A, GO, 5.00%, 9/1/2022 (b)
110,000
110,000
Series 2012B, GO, 5.00%, 9/1/2022 (b)
225,000
225,000
Commonwealth Financing Authority Series
B, 5.00%, 6/1/2023
10,000
10,180
Commonwealth Financing Authority,
Tobacco Master Settlement Payment
 
 
Rev., 5.00%, 6/1/2024
3,465,000
3,591,846
Rev., 5.00%, 6/1/2025
40,000
42,229
INVESTMENTS
PRINCIPAL
AMOUNT($)
VALUE($)
 
Pennsylvania — continued
Commonwealth of Pennsylvania
 
 
GO, 5.00%, 9/15/2022
    190,000
      190,187
Series 2013-2, GO, 5.00%, 10/15/2022
    270,000
      270,878
COP, AGM, 5.00%, 11/1/2022
     50,000
       50,215
Series 1, GO, 4.00%, 7/1/2023
     20,000
       20,279
Series 2, GO, 5.00%, 1/15/2024
     25,000
       25,891
Series 2014-1, GO, 5.00%, 6/15/2024
     40,000
       41,837
GO, 5.00%, 7/1/2024
     25,000
       26,175
GO, 5.00%, 10/15/2024
     50,000
       51,423
Series 2018A, COP, 5.00%, 7/1/2025
    100,000
      106,518
GO, 5.00%, 9/15/2026
     20,000
       21,927
Conestoga Valley School District Series
2019B, 4.00%, 4/1/2025
35,000
36,209
Council Rock School District
 
 
4.00%, 11/15/2022
750,000
752,437
4.00%, 11/15/2023
120,000
122,145
Series 2019A, 4.00%, 11/15/2025
35,000
36,501
County of Adams Series 2017B, 5.00%,
11/15/2023
25,000
25,747
County of Allegheny
 
 
Series C-69, 5.00%, 12/1/2022 (b)
50,000
50,361
Series C-69, 5.00%, 12/1/2023
50,000
50,347
Series C-70, 5.00%, 12/1/2034 (b)
35,000
35,237
Series C-70, 5.00%, 12/1/2037 (b)
25,000
25,169
County of Armstrong 4.00%, 6/1/2023
125,000
126,460
County of Berks 5.00%, 11/15/2022
90,000
90,508
County of Bucks 5.00%, 12/1/2022
70,000
70,479
County of Chester 5.00%, 11/15/2030 (b)
170,000
170,948
County of Dauphin
 
 
Series 2016A, GO, 4.00%, 11/15/2022
75,000
75,258
Series 2017, GO, 5.00%, 11/15/2022
85,000
85,462
Series 2016C, GO, 4.00%, 10/1/2023
25,000
25,428
GO, 4.00%, 11/15/2023
35,000
35,663
County of Lancaster
 
 
Series 2016B, GO, 3.00%, 11/1/2022
155,000
155,178
GO, 4.00%, 11/1/2022
30,000
30,083
Series 2017C, GO, 4.00%, 11/1/2022
20,000
20,055
Series A, GO, 5.00%, 11/1/2022
35,000
35,154
GO, 5.00%, 5/1/2023
45,000
45,771
County of Luzerne Series 2017A, GO, AGM,
5.00%, 12/15/2022
60,000
60,440
County of Monroe GO, 5.00%,
9/15/2022 (b)
30,000
30,029
County of Montgomery Series 2009C, GO,
5.00%, 12/15/2023
25,000
25,058
SEE NOTES TO FINANCIAL STATEMENTS.
 
August 31, 2022
J.P. Morgan Exchange-Traded Funds
317
JPMorgan Ultra-Short Municipal Income ETF
SCHEDULE OF PORTFOLIO INVESTMENTS
AS OF August 31, 2022  (Unaudited) (continued)
INVESTMENTS
PRINCIPAL
AMOUNT($)
VALUE($)
Municipal Bonds — continued
Pennsylvania — continued
County of Northampton Series B, GO,
3.00%, 10/1/2022 (b)
     55,000
       55,035
County of Westmoreland
 
 
Series 2013A, GO, 5.00%,
12/1/2022 (b)
     30,000
       30,199
Series 2013A, GO, 5.00%, 12/1/2022
    105,000
      105,661
County of York
 
 
Series 2016A, GO, 3.00%, 12/1/2022
     50,000
       50,088
GO, 4.00%, 12/1/2022
     30,000
       30,126
GO, 5.00%, 6/1/2023 (b)
     20,000
       20,397
Series 2016A, GO, 3.00%, 12/1/2023
     30,000
       30,182
Crawford Central School District Series
2012A, AGM, 4.00%, 2/15/2023
     50,000
       50,066
Cumberland County Municipal Authority,
Dickinson College Project Series 2018A,
Rev., 5.00%, 11/1/2022
     70,000
       70,295
Cumberland Valley School District Series
2018A, GO, 4.00%, 12/1/2022
265,000
266,106
Delaware County Authority, Haverford
College Series 2017A, Rev., 5.00%,
10/1/2022
100,000
100,221
Delaware County Authority, Villanova
University Rev., 5.00%, 8/1/2024
25,000
26,092
Delaware River Joint Toll Bridge
Commission, Bridge System Series
2012A, Rev., 5.00%, 7/1/2023
50,000
50,135
Delaware Valley School District GO, 5.00%,
11/1/2022
25,000
25,107
Derry Township Industrial and Commercial
Development Authority, Derry Township
Municipal Center Project Rev., 1.00%,
11/15/2023
160,000
155,040
Derry Township School District Series
2019C, GO, 4.00%, 11/15/2022
55,000
55,199
East Penn School District
 
 
GO, 4.00%, 11/15/2022
25,000
25,085
GO, 4.00%, 11/15/2023
45,000
45,788
East Stroudsburg Area School District Series
AA, GO, 5.00%, 9/1/2022
40,000
40,000
Economy Borough Municipal Authority Rev.,
3.13%, 12/15/2022 (b)
20,000
20,046
Elizabeth Forward School District
 
 
Series 2021B, GO, AGM, 2.00%,
12/1/2022
20,000
19,963
Series 2021C, GO, AGM, 2.00%,
12/1/2022
15,000
14,972
Series 2021B, GO, AGM, 2.00%,
12/1/2023
20,000
19,779
INVESTMENTS
PRINCIPAL
AMOUNT($)
VALUE($)
 
Pennsylvania — continued
Series 2021C, GO, AGM, 2.00%,
12/1/2023
     10,000
        9,889
Elizabethtown Area School District Series
2021A, GO, 4.00%, 11/15/2022
     35,000
       35,114
Exeter Township School District GO, 5.00%,
9/1/2022
     25,000
       25,000
Garnet Valley School District
 
 
GO, 4.00%, 2/1/2023
     45,000
       45,291
GO, 4.00%, 4/1/2023
     25,000
       25,224
Geisinger Authority, Health System Series
2020B, Rev., 5.00%, 2/15/2027 (c)
    145,000
      156,488
General Authority of Southcentral
Pennsylvania, AICUP Financing Program,
York College of Pennsylvania Project
Series 2017 PP4, Rev., 3.00%,
11/1/2022
     25,000
       25,020
Gettysburg Area School District
 
 
GO, 5.00%, 1/15/2023
     30,000
       30,272
GO, 5.00%, 1/15/2024
     20,000
       20,612
Governor Mifflin School District Series
2012B, GO, 4.00%, 4/1/2023 (b)
25,000
25,240
Greater Latrobe School Authority Rev.,
4.00%, 10/1/2022
25,000
25,033
Hamburg Area School District GO, 5.00%,
4/1/2023
120,000
121,830
Hanover Public School District GO, 4.50%,
3/1/2023
25,000
25,236
Hatboro-Horsham School District
 
 
GO, 4.00%, 9/15/2022
20,000
20,012
GO, 4.00%, 9/15/2022
70,000
70,044
Series B, GO, 5.00%, 3/15/2023 (b)
80,000
81,159
Haverford Township School District GO,
4.00%, 9/15/2022
40,000
40,025
Hempfield School District, Lancaster County
Series 2020A, GO, 4.00%, 10/15/2022
45,000
45,086
Hollidaysburg Sewer Authority Rev., AGM,
3.00%, 12/1/2022
50,000
50,067
Horsham Water and Sewer Authority Rev.,
5.00%, 11/15/2022
120,000
120,653
Kennett Consolidated School District Series
2018AA, GO, 4.00%, 2/15/2023
55,000
55,428
Lancaster Higher Education Authority,
Harrisburg Area Community College
Project Series 2016A, Rev., 5.00%,
10/1/2022
30,000
30,062
Lancaster Industrial Development Authority,
Garden Spot Village Project Rev., 5.38%,
5/1/2023 (b)
20,000
20,397
SEE NOTES TO FINANCIAL STATEMENTS.
 
318
J.P. Morgan Exchange-Traded Funds
August 31, 2022
INVESTMENTS
PRINCIPAL
AMOUNT($)
VALUE($)
Municipal Bonds — continued
Pennsylvania — continued
Lehigh County Authority Rev., 3.00%,
11/1/2022
     50,000
       50,065
Lehigh County Industrial Development
Authority, PPL Electric Utilities Corp.,
Project Series 2016A, Rev., VRDO,
1.80%, 9/1/2022 (c)
    240,000
      240,000
Lower Lackawanna Valley Sanitary
Authority Rev., AGM, 4.00%, 9/15/2022
     25,000
       25,015
Lower Merion School District GO, 5.00%,
9/15/2022
     35,000
       35,035
Marple Newtown School District GO, 5.00%,
6/1/2023
     30,000
       30,598
Marshall Township Municipal Sanitary
Authority Rev., 3.00%, 10/1/2022
     25,000
       25,014
Methacton School District
 
 
GO, 5.00%, 3/1/2023
     45,000
       45,591
GO, 4.00%, 9/15/2025
     75,000
       78,113
Monroeville Finance Authority, University of
Pittsburg Medical Center
 
 
Rev., 3.00%, 2/15/2023
    430,000
      430,260
Series 2013B, Rev., 3.50%, 7/1/2023
230,000
231,627
Rev., 5.00%, 2/15/2025
85,000
89,606
Rev., 5.00%, 2/15/2026
20,000
21,479
Montgomery County Industrial Development
Authority, Waverly Heights Ltd. Project
 
 
Rev., 4.00%, 12/1/2022
100,000
100,258
Rev., 4.00%, 12/1/2023
125,000
126,496
Moon Area School District Series 2015A,
GO, 5.00%, 11/15/2022
285,000
286,486
Nazareth Area School District GO, 4.00%,
11/15/2022
50,000
50,145
Neshaminy School District GO, 5.00%,
10/15/2022
125,000
125,401
New Kensington Municipal Sanitary
Authority Rev., AGM, 3.45%,
12/1/2022 (b)
20,000
20,053
Norristown Area School District GO, 5.00%,
9/1/2022
190,000
190,000
North Allegheny School District, Unlimited
Tax Series 2019A, GO, 4.00%,
5/1/2024
25,000
25,602
North East School District GO, AGM, 2.00%,
9/1/2022
170,000
170,000
North Hills School District Series 2016A,
GO, 5.00%, 12/15/2022
20,000
20,152
North Hills School District, Limited Tax GO,
4.00%, 10/15/2022
205,000
205,415
INVESTMENTS
PRINCIPAL
AMOUNT($)
VALUE($)
 
Pennsylvania — continued
North Penn School District
 
 
Series 2019A, GO, 3.00%, 1/15/2023
     20,000
       20,055
Series 2019A, GO, 3.00%, 1/15/2025
     30,000
       30,315
North Penn Water Authority Rev., (SIFMA
Municipal Swap Index Yield + 0.56%),
2.06%, 9/12/2022 (d)
  1,225,000
    1,223,903
North Wales Water Authority Rev., 3.00%,
11/1/2022
     20,000
       20,017
North Wales Water Authority, Water and
Sewer System Rev., 4.00%, 11/1/2022
    100,000
      100,249
Northampton County General Purpose
Authority, Lafayette College Rev., 5.00%,
11/1/2023
     30,000
       30,890
Northampton County General Purpose
Authority, St. Luke's University Health
Network Project Series 2016A, Rev.,
5.00%, 8/15/2023
     45,000
       45,930
Northeastern School District Series 2021B,
GO, 2.00%, 9/1/2022
    200,000
      200,000
Norwin School District GO, AGM, 3.00%,
11/15/2022
    110,000
      110,137
Owen J Roberts School District GO, 5.00%,
5/15/2023 (b)
     70,000
       71,314
Oxford Area School District
 
 
Series 2019A, GO, 4.00%, 9/1/2022
35,000
35,000
Series 2019A, GO, 4.00%, 9/1/2023
40,000
40,579
Parkland School District
 
 
Series 2020A, GO, 4.00%, 1/15/2023
130,000
130,809
GO, 4.00%, 2/1/2023
25,000
25,174
Pennsylvania Economic Development
Financing Authority, PPL Electric Utilities
Corporation Project Rev., 0.40%,
10/1/2023
800,000
772,660
Pennsylvania Economic Development
Financing Authority, University of
Pittsburgh Medical Center
 
 
Series 2021A, Rev., 4.00%,
10/15/2022
45,000
45,077
Series 2017A, Rev., 4.00%,
11/15/2022
325,000
325,936
Series 2017A, Rev., 5.00%,
11/15/2023
1,730,000
1,777,544
Series 2014A, Rev., 5.00%, 2/1/2025
50,000
52,129
Series 2017A, Rev., 5.00%,
11/15/2026
25,000
27,219
SEE NOTES TO FINANCIAL STATEMENTS.
 
August 31, 2022
J.P. Morgan Exchange-Traded Funds
319
JPMorgan Ultra-Short Municipal Income ETF
SCHEDULE OF PORTFOLIO INVESTMENTS
AS OF August 31, 2022  (Unaudited) (continued)
INVESTMENTS
PRINCIPAL
AMOUNT($)
VALUE($)
Municipal Bonds — continued
Pennsylvania — continued
Pennsylvania Economic Development
Financing Authority, UPMC Series 2017C,
Subseries C1, Rev., (SIFMA Municipal
Swap Index Yield + 0.37%), 1.87%,
9/12/2022 (d)
  1,500,000
    1,490,245
Pennsylvania Higher Educational Facilities
Authority, BRYN MAWR College
 
 
Series 2012A, Rev., 4.00%, 12/1/2022
    130,000
      130,539
Rev., 5.00%, 12/1/2023
     25,000
       25,793
Rev., 5.00%, 12/1/2024
     70,000
       73,815
Pennsylvania Higher Educational Facilities
Authority, Drexel University Rev., 5.00%,
5/1/2023
    265,000
      269,330
Pennsylvania Higher Educational Facilities
Authority, Philadelphia University Rev.,
5.00%, 6/1/2023 (b)
     20,000
       20,390
Pennsylvania Higher Educational Facilities
Authority, State System of Higher
Education Series AN, Rev., 5.00%,
6/15/2023
     25,000
       25,499
Pennsylvania Higher Educational Facilities
Authority, Trustees of the University
 
 
Series B, Rev., 5.00%, 10/1/2022
     60,000
       60,129
Series 2018A, Rev., 5.00%, 2/15/2023
     60,000
       60,713
Series 2016A, Rev., 5.00%, 8/15/2023
25,000
25,607
Series 2015A, Rev., 5.00%, 10/1/2023
25,000
25,685
Pennsylvania Housing Finance Agency,
Single Family Mortgage Series
2019-130A, Rev., 1.40%, 4/1/2024
260,000
254,853
Pennsylvania State University (The)
 
 
Series 2015B, Rev., 5.00%, 9/1/2022
90,000
90,000
Series B, Rev., 5.00%, 9/1/2022
160,000
160,000
Pennsylvania Turnpike Commission
 
 
Rev., VRDO, LOC : TD Bank NA, 1.65%,
9/8/2022 (c)
8,000,000
8,000,000
Series 2019-2, Rev., VRDO, LOC : TD
Bank NA, 1.65%, 9/8/2022 (c)
14,095,000
14,095,000
Series 2020A, Rev., VRDO, LOC : Barclays
Bank plc, 1.46%, 9/12/2022 (c)
40,000,000
40,000,000
Series 2018A-1, Rev., (SIFMA Municipal
Swap Index Yield + 0.60%), 2.10%,
9/12/2022 (d)
25,000
25,054
Series 2010C-3, Rev., Zero Coupon,
12/1/2022
105,000
104,294
Series 2021A, Rev., 3.00%, 12/1/2022
75,000
75,107
Series 2021B, Rev., 3.00%, 12/1/2022
60,000
60,113
Series A-1, Rev., 3.00%, 12/1/2022
60,000
60,095
Rev., 5.00%, 12/1/2022
235,000
236,485
INVESTMENTS
PRINCIPAL
AMOUNT($)
VALUE($)
 
Pennsylvania — continued
Series 2011A, Rev., 5.00%, 12/1/2022
    125,000
      125,790
Series 2012B, Rev., 5.00%, 12/1/2022
     75,000
       75,485
Series 2012B, Rev., AGM, 5.00%,
12/1/2022 (b)
    110,000
      110,745
Series 2014A, Rev., 5.00%, 12/1/2022
     75,000
       75,474
Series 2015B, Rev., 5.00%, 12/1/2022
    100,000
      100,632
Series 2017A, Rev., 5.00%, 12/1/2022
     45,000
       45,291
Series 2019A, Rev., 5.00%, 12/1/2022
    140,000
      140,885
Series A-1, Rev., 5.00%, 12/1/2022 (b)
     70,000
       70,474
Series A-1, Rev., 5.00%, 12/1/2022
    440,000
      442,780
Series 2016B, Rev., 5.00%, 6/1/2023
     25,000
       25,476
Series 2011A, Rev., 5.00%, 12/1/2023
     35,000
       36,101
Series A-1, Rev., 5.00%, 12/1/2023
25,000
25,786
Pennsylvania Turnpike Commission, Motor
License Fund, Enhanced, Subordinate
Series 2013A, Rev., 5.00%,
12/1/2022 (b)
145,000
145,982
Pennsylvania Turnpike Commission, Motor
License Fund-Enhanced
 
 
Rev., 5.00%, 12/1/2022 (b)
75,000
75,508
Series 2012B, Rev., 5.00%, 12/1/2022
45,000
45,284
Series 2013A, Rev., 5.00%,
12/1/2022 (b)
40,000
40,271
Rev., 5.00%, 12/1/2023
290,000
299,121
Pennsylvania Turnpike Commission, Oil
Franchise Tax Series A, Rev., 5.00%,
12/1/2022
85,000
85,582
Pennsylvania Turnpike Commission, Senior
Lien
 
 
Series 2012A, Rev., 5.00%, 12/1/2022
180,000
181,137
Series 2012A, Rev., 5.00%,
12/1/2022 (b)
270,000
271,794
Series 2012A, Rev., 5.00%, 12/1/2023
175,000
176,126
Perkiomen Valley School District
 
 
GO, 5.00%, 3/1/2023
25,000
25,334
GO, 5.00%, 3/1/2024
25,000
25,960
Peters Township School District Washington
County
 
 
GO, 4.00%, 9/1/2022
135,000
135,000
GO, 5.00%, 1/15/2026
20,000
21,511
Philadelphia Authority for Industrial
Development Rev., 5.00%, 10/1/2022
350,000
350,700
Philadelphia Authority for Industrial
Development, National Board of Medical
Examiners Project Rev., 5.00%,
5/1/2025
160,000
169,674
SEE NOTES TO FINANCIAL STATEMENTS.
 
320
J.P. Morgan Exchange-Traded Funds
August 31, 2022
INVESTMENTS
PRINCIPAL
AMOUNT($)
VALUE($)
Municipal Bonds — continued
Pennsylvania — continued
Philadelphia Authority for Industrial
Development, Thomas Jefferson
University Series 2017A, Rev., VRDO,
4.00%, 9/1/2022 (b) (c)
    500,000
      500,000
Philadelphia Gas Works Co., 1998 General
Ordinance
 
 
Rev., 5.00%, 10/1/2022
    515,000
      516,022
Rev., 5.00%, 10/1/2025
     85,000
       91,006
Philipsburg-Osceola Area School District GO,
4.00%, 10/15/2022
     25,000
       25,049
Pittsburgh School District
 
 
GO, 4.00%, 9/1/2022
     70,000
       70,000
GO, 5.00%, 9/1/2022
     20,000
       20,000
Series 2017A, GO, 5.00%, 9/1/2022
     35,000
       35,000
GO, AGM, 5.00%, 9/1/2023
     25,000
       25,654
Pittsburgh Water and Sewer Authority, First
Lien
 
 
Series 2019A, Rev., 5.00%, 9/1/2022
125,000
125,000
Series A, Rev., 5.00%, 9/1/2022
210,000
210,000
Reading Area Water Authority Rev., AGM,
4.00%, 12/1/2023
75,000
75,774
Saucon Valley School District GO, 4.00%,
9/1/2022
100,000
100,000
Shikellamy School District Series 2020A,
GO, 5.00%, 9/1/2022
25,000
25,000
Souderton Area School District
 
 
GO, 2.00%, 11/1/2022
40,000
39,956
GO, 5.00%, 11/1/2022
25,000
25,103
South Fayette Township School District
Series 2014A, GO, AGM, 4.00%,
9/15/2022
50,000
50,030
Southeastern Pennsylvania Transportation
Authority Rev., 5.00%, 3/1/2025
45,000
47,492
Southeastern Pennsylvania Transportation
Authority, Capital Grant Receipts Rev.,
5.00%, 6/1/2024
20,000
20,805
Southern Lehigh School District
 
 
Series A, GO, 5.00%, 9/1/2022
20,000
20,000
Series A, GO, 5.00%, 9/1/2023
35,000
35,867
Sports and Exhibition Authority of
Pittsburgh and Allegheny County, Sales
Tax Rev., AGM, 4.00%, 2/1/2023
1,785,000
1,796,677
Spring Grove Area School District Series A,
GO, 5.00%, 10/1/2022
115,000
115,249
St. Mary Hospital Authority, Trinity Health
Corp. Series 2012B, Rev., 5.00%,
11/15/2022
280,000
281,459
INVESTMENTS
PRINCIPAL
AMOUNT($)
VALUE($)
 
Pennsylvania — continued
State College Area School District GO,
4.00%, 3/1/2023
     40,000
       40,345
State Public School Building Authority,
Dauphin County Technical School Project
Rev., 5.00%, 9/15/2022
     60,000
       60,059
State Public School Building Authority,
Delaware County Community College
Project Rev., 5.00%, 10/1/2022
     75,000
       75,162
State Public School Building Authority, The
School District of the City of Harrisburg
Project Series 2016A, Rev., AGM, 4.00%,
12/1/2026 (b)
     15,000
       15,877
State Public School Building Authority,
Westmoreland County Community College
 
 
Series 2016A, Rev., AGM, 5.00%,
10/15/2022
    145,000
      145,465
Series 2016A, Rev., AGM, 5.00%,
10/15/2023
     10,000
       10,286
Steel Valley School District, Capital
Appreciation GO, AGM, Zero Coupon,
11/1/2022
     40,000
       39,808
Sto Rox School District GO, 3.00%,
12/15/2022
    150,000
      150,165
Susquehanna Township School District GO,
4.00%, 5/15/2023
     25,000
       25,285
Swarthmore Borough Authority
 
 
Rev., 5.00%, 9/15/2022
75,000
75,074
Series 2016A, Rev., 5.00%, 9/15/2022
35,000
35,035
Swarthmore Borough Authority,
Swarthmore College Series 2016B, Rev.,
5.00%, 9/15/2022
50,000
50,049
Township of Cranberry 4.00%, 3/1/2023
35,000
35,305
Township of Derry GO, 2.00%,
11/15/2022
25,000
24,977
Township of Hempfield
 
 
GO, 2.00%, 10/15/2022
50,000
49,953
GO, 5.00%, 10/15/2023
35,000
35,980
Township of Lower Merion GO, 5.00%,
1/15/2023
20,000
20,200
Township of Lower Paxton GO, 4.00%,
4/1/2024
30,000
30,685
Township of Palmer
 
 
Series 2020A, GO, 5.00%, 11/15/2022
30,000
30,169
Series 2020A, GO, 5.00%, 11/15/2023
30,000
30,900
Township of Radnor
 
 
GO, 3.63%, 11/1/2022 (b)
40,000
40,089
GO, 3.88%, 11/1/2022 (b)
35,000
35,092
GO, 4.00%, 11/1/2022 (b)
85,000
85,237
SEE NOTES TO FINANCIAL STATEMENTS.
 
August 31, 2022
J.P. Morgan Exchange-Traded Funds
321

JPMorgan Ultra-Short Municipal Income ETF
SCHEDULE OF PORTFOLIO INVESTMENTS
AS OF August 31, 2022  (Unaudited) (continued)
INVESTMENTS
PRINCIPAL
AMOUNT($)
VALUE($)
Municipal Bonds — continued
Pennsylvania — continued
Troy Area School District Bradford County
GO, 4.00%, 3/1/2023
     20,000
       20,165
Tussey Mountain School District Series
2017A, GO, AGM, 3.00%,
10/1/2022 (b)
     25,000
       25,013
Upper Perkiomen School District GO,
5.00%, 11/15/2022
     20,000
       20,110
Warwick School District GO, 5.00%,
2/1/2023
     40,000
       40,447
West Allegheny School District Series
2017A, GO, 4.00%, 9/1/2022
     60,000
       60,000
West Jefferson Hills School District
 
 
Series 2017A, GO, 5.00%, 8/1/2023
     30,000
       30,720
GO, 3.00%, 8/1/2024
     25,000
       25,226
West View Municipal Authority Water Rev.,
4.50%, 11/15/2022
     40,000
       40,177
Westmont Hilltop School District GO,
3.00%, 10/1/2022
     90,000
       90,037
Yough School District Series 2019A, GO,
4.00%, 10/1/2022
     50,000
       50,062
Total Pennsylvania
 
96,096,651
Rhode Island — 0.1%
Narragansett Bay Commission, Wastewater
System
 
 
Series 2013A, Rev., 5.00%,
9/1/2022 (b)
310,000
310,000
Series C, Rev., 5.00%, 9/1/2022
25,000
25,000
Rhode Island Commerce Corp. Series
2016A, Rev., 5.00%, 6/15/2023
150,000
152,760
Rhode Island Health and Educational
Building Corp. Series 2016A, Rev.,
5.00%, 9/15/2022
50,000
50,050
Rhode Island Health and Educational
Building Corp., Higher Education
Facilities, Brown University
 
 
Rev., 5.00%, 9/1/2022
390,000
390,000
Rev., 5.00%, 9/1/2023
25,000
25,659
Rhode Island Health and Educational
Building Corp., Hospital Financing
Lifespan Obligated Group Issue
 
 
Rev., 5.00%, 5/15/2024
30,000
31,057
Rev., 5.00%, 5/15/2026
65,000
67,957
Rhode Island Health and Educational
Building Corp., Providence College
 
 
Rev., 5.00%, 11/1/2022
100,000
100,435
Series 2012B, Rev., 5.00%, 11/1/2022
75,000
75,327
Series 2012B, Rev., 5.00%, 11/1/2023
125,000
125,510
INVESTMENTS
PRINCIPAL
AMOUNT($)
VALUE($)
 
Rhode Island — continued
Rhode Island Infrastructure Bank Series
2018A, Rev., 5.00%, 10/1/2022
     50,000
       50,106
Rhode Island Infrastructure Bank Water
Pollution Control Revolving Fund
 
 
Series 2015A, Rev., 3.25%, 10/1/2022
     85,000
       85,072
Series 2012A, Rev., 4.00%, 10/1/2022
     35,000
       35,051
Series 2013A, Rev., 4.00%,
10/1/2022 (b)
     75,000
       75,103
Series 2002B, Rev., 4.50%, 10/1/2022
     25,000
       25,046
Series 2012B, Rev., 5.00%, 10/1/2022
     40,000
       40,090
Series 2012B, Rev., 5.00%,
10/1/2022 (b)
     25,000
       25,056
Series 2013A, Rev., 5.00%, 10/1/2022
    110,000
      110,247
Series 2013A, Rev., 5.00%,
10/1/2022 (b)
     30,000
       30,067
Series 2014A, Rev., 5.00%, 10/1/2022
     45,000
       45,101
Series 2017B, Rev., 5.00%, 10/1/2022
45,000
45,101
Series B, Rev., 5.00%, 10/1/2022
20,000
20,045
Series C, Rev., 5.00%, 10/1/2022
35,000
35,079
Rhode Island Infrastructure Bank, Municipal
Road and Bridge Series 2019A, Rev.,
5.00%, 10/1/2022
150,000
150,319
Rhode Island Infrastructure Bank, Safe
Drinking Water
 
 
Series 2012A, Rev., 3.00%,
10/1/2022 (b)
25,000
25,015
Series 2012A, Rev., 5.00%,
10/1/2022 (b)
170,000
170,379
Rhode Island Turnpike and Bridge Authority,
Motor Fuel Tax Series 2016A, Rev.,
4.00%, 10/1/2022
220,000
220,283
State of Rhode Island and Providence
Plantations Consolidated Capital
Development Loan
 
 
Series 2013A, GO, 5.00%,
10/15/2022 (b)
25,000
25,082
Series 2014B, GO, 5.00%,
11/1/2022 (b)
45,000
45,203
Series 2012B, GO, 4.00%, 10/15/2023
35,000
35,071
State of Rhode Island and Providence
Plantations Lease Participation
Certificates, School for The Deaf Project
Series 2017D, COP, 5.00%, 4/1/2024
30,000
31,180
State of Rhode Island and Providence
Plantations, Courthouse Project Series
2013A, COP, 5.00%, 10/1/2023
45,000
46,228
SEE NOTES TO FINANCIAL STATEMENTS.
 
322
J.P. Morgan Exchange-Traded Funds
August 31, 2022
INVESTMENTS
PRINCIPAL
AMOUNT($)
VALUE($)
Municipal Bonds — continued
Rhode Island — continued
State of Rhode Island, Eleanor Slater
Hospital Project Series 2018B, COP,
5.00%, 11/1/2022
    200,000
      200,867
Town of Smithfield Series 2016A, GO,
4.00%, 9/1/2022
     20,000
       20,000
Town of Westerly Series 2014A, GO,
5.00%, 7/1/2023
     45,000
       45,985
Total Rhode Island
 
2,990,531
South Carolina — 0.6%
Beaufort County School District
 
 
Series 2015B, SCSDE, 5.00%, 3/1/2024
     30,000
       31,143
Series 2015B, SCSDE, 5.00%, 3/1/2025
     75,000
       79,771
Berkeley County School District, Securing
Assets for Education
 
 
5.00%, 12/1/2022
     55,000
       55,376
Series 2015A, 5.00%, 12/1/2025
     95,000
       98,003
Charleston Educational Excellence Finance
Corp.
 
 
5.00%, 12/1/2022
90,000
90,609
Series 2013B, 5.00%, 12/1/2022
25,000
25,169
5.00%, 12/1/2024
65,000
67,071
Series 2013B, 5.00%, 12/1/2025
35,000
36,111
City of Anderson, Water and Sewer
 
 
5.00%, 7/1/2023
2,005,000
2,047,714
5.00%, 7/1/2025
1,400,000
1,496,401
5.00%, 7/1/2026
1,450,000
1,583,015
City of Columbia, Waterworks and Sewer
System Series 2019A, 4.00%, 2/1/2023
35,000
35,219
City of Columbus, Water and Sewerage
 
 
3.00%, 2/1/2023
40,000
40,087
5.00%, 2/1/2023
25,000
25,258
City of Florence Rev., 4.00%, 9/1/2022
25,000
25,000
City of Greenwood Rev., 5.00%,
12/1/2022
20,000
20,132
City of Sumter, Waterworks & Sewer System
Rev., 5.00%, 12/1/2022
20,000
20,135
Clemson University, Higher Education Bonds
Series 2015B, 5.00%, 5/1/2023
80,000
81,382
County of Charleston Series 2021C, 4.00%,
11/1/2022
30,000
30,089
County of Charleston, Transportation Sales
Tax 5.00%, 11/1/2022
40,000
40,183
County of Dorchester, Waterworks and
Sewer System
 
 
Rev., 5.00%, 10/1/2022
110,000
110,245
Rev., 5.00%, 10/1/2022 (b)
125,000
125,273
INVESTMENTS
PRINCIPAL
AMOUNT($)
VALUE($)
 
South Carolina — continued
County of Florence, McLeod Medical Center
Project Rev., 5.00%, 11/1/2022
    270,000
      271,140
County of Richland Series 2013B, GO,
5.00%, 3/1/2023
     40,000
       40,538
Dorchester County School District No. 2,
Growth Installment Purchase
 
 
Series 2013B, Rev., 5.00%, 12/1/2022
     60,000
       60,411
Series 2013B, Rev., 4.00%, 12/1/2024
     50,000
       50,951
Florence Public Facilities Corp., Installment
Purchase Series 2020B, Rev., 5.00%,
11/1/2022
     25,000
       25,108
Fort Mill School District No. 4
 
 
Series 2012A, GO, SCSDE, 3.00%,
9/1/2022 (b)
     75,000
       75,000
Series 2017B, GO, SCSDE, 5.00%,
3/1/2023
     20,000
       20,268
Fort Mill School Facilities Corp., Fort Mill
School District no.4 Rev., 5.00%,
12/1/2022
    160,000
      161,095
Greenville County School District, Building
Equity Sooner for Tomorrow Installment
Purchase Rev., 5.00%, 12/1/2022
     90,000
       90,616
Greenwood Fifty Schools Facilities, Inc.,
Installment Purchase Rev., 5.00%,
12/1/2022
80,000
80,529
Horry County School District
 
 
GO, SCSDE, 5.00%, 3/1/2023
40,000
40,524
GO, SCSDE, 5.00%, 3/1/2025
25,000
26,571
Joint Municipal Water and Sewer
Commission, System Improvement Rev.,
4.75%, 6/1/2023 (b)
20,000
20,356
Kershaw County Public Schools Foundation
Rev., 5.00%, 12/1/2022
25,000
25,160
Lee County School Facilities, Inc. Rev., AGM,
5.00%, 12/1/2022
50,000
50,330
Lexington County School District No. 1
Series 2013B, GO, SCSDE, 3.38%,
2/1/2023 (b)
60,000
60,259
Lexington One School Facilities Corp.,
Lexington County School District No. 1
Rev., 5.00%, 12/1/2022
60,000
60,411
Lexington School District No. 2 Educational
Facilities Corp. Series 2015B, Rev.,
5.00%, 12/1/2022
50,000
50,331
Medical University of South Carolina (The)
Rev., 5.00%, 10/1/2022
30,000
30,065
Patriots Energy Group Financing Agency
Series 2018A, Rev., LIQ : Royal Bank of
Canada, 4.00%, 2/1/2024 (c)
4,385,000
4,456,581
SEE NOTES TO FINANCIAL STATEMENTS.
 
August 31, 2022
J.P. Morgan Exchange-Traded Funds
323
JPMorgan Ultra-Short Municipal Income ETF
SCHEDULE OF PORTFOLIO INVESTMENTS
AS OF August 31, 2022  (Unaudited) (continued)
INVESTMENTS
PRINCIPAL
AMOUNT($)
VALUE($)
Municipal Bonds — continued
South Carolina — continued
Piedmont Municipal Power Agency
 
 
Subseries A-2, Rev., NATL-RE, Zero
Coupon, 1/1/2023
     75,000
       74,312
Series 2015A, Rev., 5.00%, 1/1/2025
    360,000
      378,817
Rev., NATL-RE, 5.38%, 1/1/2025
    105,000
      111,461
Richland County School District No. 1 Series
2014C, GO, SCSDE, 5.00%, 3/1/2023
     35,000
       35,477
Richland County School District No. 2 Series
2015A, GO, SCSDE, 5.00%, 2/1/2023
     70,000
       70,797
SCAGO Educational Facilities Corp. for
Calhoun School District Rev., 5.00%,
12/1/2022
     20,000
       20,132
Scago Educational Facilities Corp. for
Colleton School District Rev., 5.00%,
12/1/2022
     65,000
       65,412
SCAGO Educational Facilities Corp. for
Pickens School District Rev., 5.00%,
12/1/2022
    520,000
      523,455
Scago Educational Facilities Corp. for Union
School District Rev., 5.00%, 12/1/2022
     20,000
       20,127
South Carolina Jobs-Economic Development
Authority, Bon Secours Health System,
Inc.
 
 
Rev., 5.00%, 10/1/2022
45,000
45,094
Rev., 3.75%, 11/1/2022 (b)
70,000
70,164
Rev., 5.00%, 11/1/2022 (b)
235,000
236,039
South Carolina Jobs-Economic Development
Authority, Bon Secours Mercy Health, Inc.
Rev., 5.00%, 10/1/2025 (c)
300,000
321,014
South Carolina Jobs-Economic Development
Authority, Hospital Refunding and
Improvement, Mcleod Health Projects
Rev., 5.00%, 11/1/2022
490,000
492,068
South Carolina Jobs-Economic Development
Authority, Wofford College Rev., 5.00%,
4/1/2023
125,000
126,754
South Carolina Public Service Authority,
Santee Cooper
 
 
Series 2014C, Rev., 5.00%, 12/1/2022
140,000
140,902
Series C, Rev., 5.00%, 12/1/2022
220,000
221,418
Series 2013A, Rev., 5.75%,
12/1/2023 (b)
40,000
41,614
Series A, Rev., 5.00%, 12/1/2026
1,170,000
1,226,222
South Carolina State Fiscal Accountability
Authority, Mental Health Project Rev.,
5.00%, 10/1/2022
75,000
75,166
INVESTMENTS
PRINCIPAL
AMOUNT($)
VALUE($)
 
South Carolina — continued
South Carolina Transportation
Infrastructure Bank
 
 
Series 2016A, Rev., 5.00%, 10/1/2022
    110,000
      110,243
Series 2015A, Rev., 5.00%, 10/1/2024
     25,000
       26,281
Spartanburg Sanitary Sewer District, Sewer
System Series B, Rev., 5.00%,
3/1/2023 (b)
     25,000
       25,336
Town of Summerville, Hospitality Fee
Pledge Series 2015B, Rev., 5.00%,
10/1/2023
    300,000
      307,636
University of South Carolina, Athletic
Facilities
 
 
Series 2017B, Rev., 5.00%, 5/1/2024
    410,000
      426,650
Series 2017B, Rev., 5.00%, 5/1/2025
    530,000
      562,184
University of South Carolina, Higher
Education Facilities
 
 
Rev., 5.00%, 5/1/2023
     90,000
       91,602
Rev., 5.00%, 5/1/2025
     70,000
       74,549
York County School District No. 3 Rock Hill
Series 2017B, GO, SCSDE, 5.00%,
3/1/2023
30,000
30,409
Total South Carolina
 
17,810,965
South Dakota — 0.2%
Bon Homme School District No. 4-2, Limited
Tax 2.00%, 12/1/2022
50,000
49,948
City of Sioux Falls, Sales Tax
 
 
Series 2016A, Rev., 3.00%,
11/15/2022
20,000
20,031
Series 2012A, Rev., 4.00%,
11/15/2022
180,000
180,644
Series 2017A, Rev., 5.00%,
11/15/2022
355,000
356,982
Series 2020A, Rev., 5.00%,
11/15/2022
25,000
25,140
County of Minnehaha Series 2017A, GO,
4.00%, 12/1/2022
25,000
25,101
County of Pennington, Limited Tax
 
 
Series 2017A, COP, 3.00%, 6/1/2023
25,000
25,136
Series 2017A, COP, 3.00%, 12/1/2023
100,000
100,851
Rapid City Area School District No. 51-4,
Limited Tax, Capital Outlay GO, 4.00%,
8/1/2023
630,000
639,449
South Dakota Health and Educational
Facilities Authority, Regional Health Rev.,
5.00%, 9/1/2022
240,000
240,000
SEE NOTES TO FINANCIAL STATEMENTS.
 
324
J.P. Morgan Exchange-Traded Funds
August 31, 2022
INVESTMENTS
PRINCIPAL
AMOUNT($)
VALUE($)
Municipal Bonds — continued
South Dakota — continued
South Dakota Health and Educational
Facilities Authority, Sanford Health
Obligated Group Series B, Rev., 5.00%,
11/1/2022
     85,000
       85,386
South Dakota State Building Authority
 
 
Series 2014D, Rev., 5.00%, 9/1/2022
     80,000
       80,000
Series 2020C, Rev., 3.00%, 6/1/2023
     35,000
       35,164
Series B, Rev., 5.00%, 6/1/2023 (b)
     45,000
       45,893
Series 2019A, Rev., 4.00%, 6/1/2024
     30,000
       30,751
Series 2014D, Rev., 5.00%, 9/1/2024
     25,000
       26,192
Tender Option Bond Trust Receipts/
Certificates Series 2020-XG0302, Rev.,
VRDO, LIQ : Barclays Bank plc, 1.60%,
9/12/2022 (c) (e)
  5,760,000
    5,760,000
Total South Dakota
 
7,726,668
Tennessee — 0.2%
City of Chattanooga 3.13%, 10/1/2025
    140,000
      140,069
City of Chattanooga, Electric System Series
2015A, Rev., 5.00%, 9/1/2022
155,000
155,000
City of Clarksville 3.00%, 6/1/2023
25,000
25,136
City of Clarksville, Electric System 2.00%,
9/1/2022
50,000
50,000
City of Clarksville, Water Sewer and Gas
5.00%, 2/1/2023
80,000
80,910
City of La Vergne, Sewage Works GO,
3.30%, 3/1/2023 (b)
25,000
25,120
City of Memphis, Electric System Series
2020A, Rev., 4.00%, 12/1/2022
35,000
35,149
City of Memphis, Gas System Rev., 4.00%,
12/1/2022
35,000
35,155
City of Memphis, Sanitary Sewerage System
Rev., 5.00%, 10/1/2022
45,000
45,101
City of Memphis, Storm Water System Rev.,
5.00%, 10/1/2022
20,000
20,045
City of Morristown GO, 5.00%, 9/1/2022
30,000
30,000
City of Murfreesboro Series 2016B, GO,
5.00%, 12/1/2022
25,000
25,170
County of Hamilton Series 2015B, GO,
5.00%, 3/1/2023
20,000
20,268
County of Hawkins GO, 5.00%, 6/1/2023
25,000
25,465
County of Maury GO, 5.00%, 4/1/2024
30,000
31,218
County of Shelby
 
 
Series 2012A, GO, 4.00%, 3/1/2023
30,000
30,242
Series 2019B, GO, 5.00%, 4/1/2023
15,000
15,226
County of Sumner, School and Public
Improvement GO, 5.00%, 12/1/2022
170,000
171,091
INVESTMENTS
PRINCIPAL
AMOUNT($)
VALUE($)
 
Tennessee — continued
County of Williamson, Public Improvement
and School GO, 5.00%, 4/1/2023
     25,000
       25,394
Greeneville Health and Educational Facilities
Board, Ballad Health Obligated Group
 
 
Series 2018A, Rev., 5.00%, 7/1/2024
    145,000
      147,609
Series 2018A, Rev., 5.00%, 7/1/2025
    440,000
      446,638
Hallsdale-Powell Utility District, Water and
Sewer Rev., 5.00%, 4/1/2023
     45,000
       45,697
Jackson Energy Authority, Wastewater
System Rev., 5.00%, 12/1/2022
     25,000
       25,168
Knox County First Utility District, Water and
Sewer Rev., 4.00%, 12/1/2022 (b)
     20,000
       20,084
Knox County Health Educational and
Housing Facility Board, Covenant Health
 
 
Series 2012A, Rev., 4.00%, 1/1/2023
    100,000
      100,419
Series 2012A, Rev., 5.00%, 1/1/2024
     85,000
       85,604
Series 2012A, Rev., 5.00%, 1/1/2026
     25,000
       25,162
Metropolitan Government Nashville and
Davidson County
 
 
Series 2013A, GO, 5.00%, 1/1/2023 (b)
25,000
25,225
GO, 5.00%, 7/1/2023 (b)
25,000
25,549
GO, 5.00%, 7/1/2023
105,000
107,193
Metropolitan Government Nashville and
Davidson County Health and Educational
Facilities Board, Trevecca Nazarene
University Project
 
 
Series 2021B, Rev., 4.00%, 10/1/2023
130,000
130,483
Series 2021B, Rev., 4.00%, 10/1/2024
170,000
169,702
Series 2021B, Rev., 4.00%, 10/1/2025
170,000
169,325
Metropolitan Government Nashville and
Davidson County Health and Educational
Facilities Board, Vanderbilt University
Medical Center
 
 
Series 2012D, Rev., 4.00%,
10/3/2022 (b)
170,000
170,235
Series 2012D, Rev., 5.00%,
10/3/2022 (b)
50,000
50,114
Metropolitan Government Nashville and
Davidson County, District Energy Series
2012A, GO, 4.00%, 10/1/2022
25,000
25,033
Metropolitan Government Nashville and
Davidson County, Electric System Series
2014A, Rev., 5.00%, 5/15/2023
20,000
20,356
Metropolitan Government Nashville and
Davidson County, Water and Sewer
 
 
Series 2017B, Rev., 5.00%, 7/1/2023
25,000
25,522
Series 2020B, Rev., 5.00%, 7/1/2023
35,000
35,731
SEE NOTES TO FINANCIAL STATEMENTS.
 
August 31, 2022
J.P. Morgan Exchange-Traded Funds
325
JPMorgan Ultra-Short Municipal Income ETF
SCHEDULE OF PORTFOLIO INVESTMENTS
AS OF August 31, 2022  (Unaudited) (continued)
INVESTMENTS
PRINCIPAL
AMOUNT($)
VALUE($)
Municipal Bonds — continued
Tennessee — continued
Shelby County Health Educational and
Housing Facilities Board, Methodist Le
Bonheur Healthcare Series 2017A, Rev.,
5.00%, 5/1/2025
    160,000
      169,208
Shelby County Health Educational and
Housing Facilities Board, The Village of
Germantown
 
 
Rev., 5.00%, 12/1/2022 (b)
    325,000
      327,078
Rev., 5.38%, 12/1/2022 (b)
     80,000
       80,595
State of Tennessee
 
 
Series 2019A, GO, 5.00%, 9/1/2022
     90,000
       90,000
Series 2021A, GO, 5.00%, 11/1/2022
     20,000
       20,091
Tennessee Energy Acquisition Corp. Series
2006A, Rev., 5.25%, 9/1/2023
     70,000
       71,231
Tennessee Energy Acquisition Corp.,
Commodity Project
 
 
Series 2021A, Rev., 5.00%, 11/1/2025
    350,000
      365,168
Series 2021A, Rev., 5.00%, 11/1/2026
    400,000
      421,498
Tennessee Energy Acquisition Corp., Gas
Project Series 2017A, Rev., 4.00%,
5/1/2023 (c)
1,605,000
1,613,809
Tennessee Housing Development Agency,
Residential Finance Program Series 1C,
Rev., 3.00%, 7/1/2023
20,000
20,013
Tennessee State School Bond Authority,
Higher Educational Facilities Second
Program
 
 
Rev., 5.00%, 11/1/2022
435,000
436,981
Series 2013A, Rev., 5.00%, 11/1/2022
50,000
50,228
Series 2018A, Rev., 5.00%, 11/1/2022
140,000
140,638
Series B, Rev., 5.00%, 11/1/2022
45,000
45,205
Series B, Rev., 5.00%, 11/1/2024
20,000
21,069
Town of Smyrna GO, 5.00%, 4/1/2024
30,000
31,218
Total Tennessee
 
6,740,638
Texas — 4.9%
Abilene Independent School District,
Unlimited Tax School Building
 
 
PSF-GTD, 5.00%, 2/15/2024 (b)
25,000
25,307
PSF-GTD, 5.00%, 2/15/2026 (b)
35,000
35,430
Alamo Community College District,
Financing System Senior Lien Series
2012A, 5.00%, 11/1/2022
195,000
195,888
Aldine Independent School District,
Unlimited Tax PSF-GTD, 5.00%,
2/15/2023
20,000
20,247
Alief Independent School District, Unlimited
Tax PSF-GTD, 5.00%, 2/15/2023
50,000
50,617
INVESTMENTS
PRINCIPAL
AMOUNT($)
VALUE($)
 
Texas — continued
Allen Economic Development Corp., Sales
Tax Series 2017A, 5.00%, 9/1/2022
     40,000
       40,000
Alvin Independent School District, Unlimited
Tax PSF-GTD, 4.00%, 2/15/2023
     35,000
       35,277
Amarillo Junior College District, Limited Tax
3.00%, 2/15/2023
     35,000
       35,104
Arlington Higher Education Finance Corp.
Series 2021A, 5.00%, 8/15/2023
    155,000
      156,852
Aubrey Independent School District, Capital
Appreciation, Unlimited Tax PSF-GTD,
Zero Coupon, 2/15/2023
     45,000
       44,492
Austin Community College District Public
Facility Corp., Highland Campus - Building
3000 Project 5.00%, 8/1/2023
     25,000
       25,593
Austin Community College District,
Combined Fee Series 2016A, 4.00%,
2/1/2023
    150,000
      151,074
Austin Community College District, Limited
Tax 5.00%, 8/1/2023
     45,000
       46,067
Barbers Hill Independent School District,
Unlimited Tax 5.00%, 2/15/2023
     25,000
       25,284
Bastrop Independent School District,
Unlimited Tax Series 2013A, PSF-GTD,
3.00%, 2/15/2023
     70,000
       70,231
Bay City Independent School District,
Unlimited Tax PSF-GTD, 5.00%,
2/15/2025
     40,000
       42,422
Belton Independent School District Series
2017, PSF-GTD, 4.00%, 2/15/2023
100,000
100,768
Bexar County Hospital District 5.00%,
2/15/2023
75,000
75,878
Bexar County Hospital District, Limited Tax
5.00%, 2/15/2023
200,000
202,341
Board of Regents of the University of Texas
System, Financing System
 
 
Series 2012A, Rev., 5.00%, 8/15/2023
20,000
20,505
Series 2016C, Rev., 5.00%, 8/15/2023
30,000
30,757
Brazoria-Fort Bend County Municipal Utility
District No. 1 2.00%, 9/1/2022
80,000
80,000
Brazos Port Water Authority, Water Supply
System Series 2015C, 4.00%, 9/1/2022
25,000
25,000
Brazos River Authority, Williamson County
Regional Raw Water Line Project 3.00%,
9/1/2022
65,000
65,000
Buna Independent School District, School
Building, Unlimited Tax PSF-GTD, 2.25%,
8/15/2023
80,000
79,668
SEE NOTES TO FINANCIAL STATEMENTS.
 
326
J.P. Morgan Exchange-Traded Funds
August 31, 2022
INVESTMENTS
PRINCIPAL
AMOUNT($)
VALUE($)
Municipal Bonds — continued
Texas — continued
Carrollton-Farmers Branch Independent
School District, Unlimited Tax PSF-GTD,
5.00%, 2/15/2023
     25,000
       25,299
Center Independent School District,
Unlimited Tax PSF-GTD, 5.00%,
2/15/2023
     45,000
       45,453
Central Texas Regional Mobility Authority,
Subordinated Lien Series 2020F, Rev.,
BAN, 5.00%, 1/1/2025
    720,000
      745,042
Chambers County Improvement District No.
1, Unlimited Tax 3.00%, 9/1/2022
     30,000
       30,000
City of Abilene
 
 
4.00%, 2/15/2023
     20,000
       20,150
5.00%, 2/15/2024
     25,000
       25,882
City of Albany, Combination Tax AGM,
4.00%, 2/1/2023
     30,000
       30,157
City of Amarillo 5.00%, 4/1/2023
     20,000
       20,306
City of Arlington, Special Tax 4.00%,
2/15/2023
     45,000
       45,327
City of Austin
 
 
5.00%, 9/1/2022
615,000
615,000
Series 2011A, 5.00%, 9/1/2022
75,000
75,000
5.00%, 9/1/2023
25,000
25,674
City of Austin, Electric Utility System
 
 
Series 2015A, 5.00%, 11/15/2022
120,000
120,663
Series 2012A, 5.00%, 11/15/2024
495,000
497,774
5.00%, 11/15/2025
100,000
100,558
City of Austin, Public Improvement
 
 
5.00%, 9/1/2022
335,000
335,000
5.00%, 11/1/2022
25,000
25,112
5.00%, 9/1/2023
70,000
71,888
City of Austin, Public Property Financing
5.00%, 11/1/2022
85,000
85,380
City of Austin, Water and Wastewater
System
 
 
5.00%, 11/15/2022
50,000
50,278
Series 2014, 5.00%, 11/15/2022
50,000
50,278
5.00%, 11/15/2023 (b)
20,000
20,107
Series 2013A, 5.00%, 11/15/2023 (b)
10,000
10,181
Series 2013A, 5.00%, 11/15/2023
10,000
10,187
5.00%, 11/15/2024
25,000
25,140
Series 2013A, 5.00%, 11/15/2024
25,000
25,473
City of Baytown 5.00%, 2/1/2023
20,000
20,220
City of Beaumont 5.00%, 3/1/2023
100,000
101,299
INVESTMENTS
PRINCIPAL
AMOUNT($)
VALUE($)
 
Texas — continued
City of Beaumont, Waterworks & Sewer
System
 
 
Series A, AGM, 5.00%, 9/1/2022
    105,000
      105,000
5.00%, 9/1/2025 (b)
     55,000
       55,000
City of Boerne 5.00%, 3/1/2023
     50,000
       50,672
City of Brownsville, Utilities System
 
 
AGM, 5.00%, 9/1/2022
    150,000
      150,000
Series 2013A, 5.00%, 9/1/2022
    425,000
      425,000
Series 2013A, 5.00%, 9/1/2024
    225,000
      230,289
City of Bryan, Electric System 5.00%,
7/1/2023
     15,000
       15,318
City of Bryan, Rural Electric System 5.00%,
7/1/2023
     10,000
       10,212
City of Buda 5.00%, 8/15/2024
     20,000
       20,969
City of Cedar Hill, Refunding and
Improvement 4.00%, 2/15/2023
45,000
45,315
City of Cedar Hill, Refunding and
Improvement
 
 
5.00%, 2/15/2023
25,000
25,287
5.00%, 2/15/2025
40,000
42,461
City of Cedar Park, Refunding and
Improvement 5.00%, 2/15/2023
30,000
30,363
City of College Station
 
 
5.00%, 2/15/2023
30,000
30,365
5.00%, 2/15/2023
20,000
20,243
City of Conroe
 
 
Series 2019B, 5.00%, 11/15/2022
60,000
60,330
Series 2018B, 5.00%, 11/15/2024
25,000
26,359
Series 2019A, 5.00%, 3/1/2025
35,000
37,104
City of Copperas Cove 4.00%, 8/15/2025
25,000
25,983
City of Corinth, Combination Tax 5.00%,
2/15/2023
25,000
25,299
City of Corpus Christi 5.00%, 3/1/2023
35,000
35,434
City of Corpus Christi, General Improvement
Series 2020A, 5.00%, 3/1/2023
45,000
45,558
City of Dallas
 
 
GO, 5.00%, 2/15/2025
100,000
103,571
Series 2013A, GO, 5.00%, 2/15/2025
25,000
25,287
GO, 5.00%, 2/15/2026
185,000
191,580
GO, 5.00%, 2/15/2027
160,000
165,669
City of Dallas, Equipment Acquisition
Contract Series 2020B, GO, 5.00%,
2/15/2023
95,000
96,116
City of Dallas, Waterworks and Sewer
System
 
 
Rev., 5.00%, 10/1/2022
75,000
75,161
SEE NOTES TO FINANCIAL STATEMENTS.
 
August 31, 2022
J.P. Morgan Exchange-Traded Funds
327
JPMorgan Ultra-Short Municipal Income ETF
SCHEDULE OF PORTFOLIO INVESTMENTS
AS OF August 31, 2022  (Unaudited) (continued)
INVESTMENTS
PRINCIPAL
AMOUNT($)
VALUE($)
Municipal Bonds — continued
Texas — continued
Series 2012A, Rev., 5.00%, 10/1/2022
     50,000
       50,111
Series 2016A, Rev., 5.00%, 10/1/2022
     35,000
       35,078
Series 2020C, Rev., 5.00%, 10/1/2022
     70,000
       70,155
Series 2012A, Rev., 5.00%, 10/1/2023
    120,000
      120,258
City of Deer Park GO, 3.00%, 3/15/2024
     25,000
       25,219
City of Denton
 
 
GO, 3.00%, 2/15/2023
     50,000
       50,156
GO, 5.00%, 2/15/2023
     45,000
       45,543
City of DeSoto GO, 5.00%, 2/15/2023
    110,000
      111,353
City of Eagle Pass GO, AGM, 5.00%,
3/1/2023
     25,000
       25,330
City of El Paso, Water and Sewer System
Rev., 5.00%, 3/1/2023
     50,000
       50,658
City of Farmers Branch GO, 4.00%,
2/15/2025
35,000
36,274
City of Farmers Branch, Combination Tax
GO, 5.00%, 2/15/2023
30,000
30,358
City of Fort Worth, Drainage Utility System
Rev., 5.00%, 2/15/2023
30,000
30,363
City of Frisco
 
 
GO, 5.00%, 2/15/2023
160,000
161,989
Series 2011, GO, 5.00%, 2/15/2023
45,000
45,099
Series 2015A, GO, 5.00%, 2/15/2023
15,000
15,187
GO, 5.00%, 2/15/2025
35,000
37,119
City of Garland
 
 
GO, 5.00%, 2/15/2023
55,000
55,676
Series 2015A, GO, 5.00%, 2/15/2023
25,000
25,307
City of Garland, Electric Utility System
 
 
Rev., 5.00%, 3/1/2023
660,000
668,412
Series 2016A, Rev., 5.00%, 3/1/2023
20,000
20,255
Series 2016B, Rev., 5.00%, 3/1/2023
490,000
496,245
Rev., 5.00%, 3/1/2025
250,000
263,909
Series 2019A, Rev., 5.00%, 3/1/2025
3,480,000
3,673,607
Rev., 5.00%, 3/1/2026
250,000
268,882
Series 2019A, Rev., 5.00%, 3/1/2026
240,000
258,126
City of Georgetown GO, 5.00%, 8/15/2023
25,000
25,612
City of Granbury Series 2016A, GO, 4.00%,
8/15/2025
35,000
36,508
City of Grapevine
 
 
GO, 4.00%, 2/15/2023
40,000
40,302
GO, 5.00%, 2/15/2023
40,000
40,481
City of Harlingen GO, 5.00%, 2/15/2023
20,000
20,235
City of Heath, Combination Tax and Surplus
GO, 5.00%, 2/15/2025
40,000
42,373
City of Houston Series 2016A, GO, 5.00%,
3/1/2024
35,000
36,371
INVESTMENTS
PRINCIPAL
AMOUNT($)
VALUE($)
 
Texas — continued
City of Houston, Airport System,
Subordinate Lien
 
 
Series 2018D, Rev., 5.00%, 7/1/2026
     45,000
       48,819
Series 2020B, Rev., 5.00%, 7/1/2026
     35,000
       37,970
City of Houston, Combined Utility System,
First Lien
 
 
Series 2012D, Rev., 4.00%,
11/15/2022 (b)
     80,000
       80,268
Series 2012D, Rev., 5.00%,
11/15/2022 (b)
    155,000
      155,864
Series 2014D, Rev., 5.00%,
11/15/2022
    375,000
      377,094
Series 2016B, Rev., 5.00%,
11/15/2022
    350,000
      351,954
Series 2017B, Rev., 5.00%,
11/15/2022
     25,000
       25,140
Series 2018D, Rev., 5.00%,
11/15/2022
    180,000
      181,005
Series 2014C, Rev., 5.00%, 5/15/2023
    115,000
      117,129
Series 2013B, Rev., 4.00%,
11/15/2023
25,000
25,480
Series 2002C, Rev., 5.00%,
11/15/2023
25,000
25,774
City of Houston, Combined Utility System,
Junior Lien
 
 
Rev., AGM, Zero Coupon, 12/1/2022 (b)
70,000
69,570
Rev., AGM, Zero Coupon, 12/1/2022
90,000
89,452
Series A, Rev., AGM, Zero Coupon,
12/1/2024
85,000
79,870
City of Houston, Demolition Program Series
2013A, GO, 5.00%, 3/1/2023
30,000
30,402
City of Houston, Public Improvement Series
2013A, GO, 5.00%, 3/1/2023
20,000
20,268
City of Hutto Series 2019A, GO, 5.00%,
8/1/2025
20,000
21,369
City of Irving GO, 5.00%, 9/15/2022
25,000
25,025
City of Kenedy, Combination Tax GO, 4.00%,
5/1/2025
25,000
25,931
City of Lakeway GO, 4.00%, 2/1/2024
45,000
45,925
City of Lancaster GO, 5.00%, 2/15/2023
25,000
25,293
City of Laredo
 
 
GO, 4.00%, 2/15/2023
20,000
20,157
GO, 5.00%, 2/15/2024
50,000
50,638
GO, 5.00%, 2/15/2024
25,000
25,947
City of Laredo, Combination Tax GO, 5.00%,
2/15/2025
40,000
42,363
City of Lewisville GO, 4.00%, 2/15/2023
25,000
25,182
SEE NOTES TO FINANCIAL STATEMENTS.
 
328
J.P. Morgan Exchange-Traded Funds
August 31, 2022
INVESTMENTS
PRINCIPAL
AMOUNT($)
VALUE($)
Municipal Bonds — continued
Texas — continued
City of Lubbock
 
 
Series 2018A, GO, 3.00%, 2/15/2023
     40,000
       40,139
Series 2016A, GO, 4.00%, 2/15/2023
     35,000
       35,278
GO, 5.00%, 2/15/2023
     80,000
       80,995
GO, 5.00%, 2/15/2023
     15,000
       15,187
GO, 5.00%, 2/15/2027
     20,000
       21,177
City of Lubbock Water and Wastewater
System Series 2020A, Rev., 5.00%,
2/15/2023
     45,000
       45,510
City of Lubbock, Electric Light and Power
System
 
 
Rev., 5.00%, 4/15/2023
     25,000
       25,410
Rev., 5.00%, 4/15/2024
    400,000
      416,287
Rev., 5.00%, 4/15/2025
    125,000
      132,405
City of Mansfield GO, 5.00%, 2/15/2023
20,000
20,232
City of Mansfield, Combination Tax GO,
2.00%, 2/15/2024
25,000
24,875
City of McAllen, Limited Tax GO, 5.00%,
2/15/2023
25,000
25,297
City of McAllen, Water and Sewer Rev.,
5.00%, 2/1/2023
25,000
25,270
City of McKinney
 
 
GO, 5.00%, 8/15/2023
30,000
30,746
GO, 5.00%, 8/15/2025
25,000
26,778
City of McKinney, Waterworks and Sewer
System Rev., 5.00%, 3/15/2023
20,000
20,287
City of Mesquite GO, 5.00%, 2/15/2023
30,000
30,357
City of Mesquite, Waterworks and Sewer
System Rev., 3.00%, 3/1/2023
45,000
45,096
City of Midland
 
 
GO, 5.00%, 3/1/2023
45,000
45,603
Series 2018A, GO, 5.00%, 3/1/2025
70,000
74,225
City of Midland, Certificates of Obligation
GO, 5.00%, 3/1/2025
40,000
42,414
City of Midlothian, Combination Tax,
Navarro College District GO, 3.00%,
8/15/2024
25,000
25,268
City of Missouri City
 
 
GO, 5.00%, 6/15/2023
55,000
56,116
GO, 5.00%, 6/15/2024
30,000
31,329
City of Missouri City, Combination Tax,
Certificates of Obligation Series 2018B,
GO, 4.00%, 6/15/2025
25,000
25,987
City of New Braunfels, Combination Tax,
Certificates of Obligation GO, 5.00%,
2/1/2025
40,000
42,278
INVESTMENTS
PRINCIPAL
AMOUNT($)
VALUE($)
 
Texas — continued
City of New Braunfels, Utility System Rev.,
5.00%, 7/1/2023
     40,000
       40,859
City of North Richland Hills GO, 3.00%,
2/15/2023
     30,000
       30,098
City of Odessa
 
 
GO, 5.00%, 3/1/2023
    110,000
      111,396
GO, 5.00%, 3/1/2026
    265,000
      274,473
City of Pasadena Series 2012A, GO, 5.00%,
2/15/2024
     55,000
       55,119
City of Pearland, Permanent Improvement
 
 
GO, 5.00%, 3/1/2023
    180,000
      182,315
GO, 5.00%, 3/1/2024
     40,000
       41,477
Series 2016B, GO, 5.00%, 3/1/2024
     25,000
       25,923
City of Pearland, Waterworks and Sewer
System Series 2019B, Rev., 5.00%,
9/1/2022
    190,000
      190,000
City of Plano
 
 
GO, 5.00%, 9/1/2022
240,000
240,000
GO, 5.00%, 9/1/2023
40,000
40,533
GO, 5.00%, 9/1/2023
30,000
30,785
City of Port Aransas, Combination Tax,
Certificates of Obligation GO, 4.00%,
2/1/2025
25,000
25,848
City of Portland, Combination Tax,
Certificates of Obligation GO, 4.00%,
8/15/2023
25,000
25,378
City of Richardson GO, 5.00%, 2/15/2023
20,000
20,237
City of Richardson, Combination Tax,
Certificates of Obligation
 
 
GO, 3.00%, 2/15/2023
45,000
45,130
GO, 4.50%, 2/15/2023
30,000
30,288
GO, 5.00%, 2/15/2023
100,000
101,184
City of Sachse, Combination Tax and Limited
Surplus Series 2017A, GO, 4.00%,
2/15/2025
65,000
67,381
City of San Antonio, Drainage Utility System
 
 
Rev., 5.00%, 2/1/2024
100,000
101,111
Rev., 5.00%, 2/1/2027
50,000
50,534
City of San Antonio, Electric and Gas
Systems Rev., 5.00%, 2/1/2023
2,235,000
2,259,505
City of San Marcos, Combination Tax,
Certificates of Obligation GO, 5.00%,
8/15/2024
35,000
36,668
City of Seguin
 
 
GO, 4.00%, 9/1/2022
25,000
25,000
GO, 5.00%, 9/1/2022
75,000
75,000
SEE NOTES TO FINANCIAL STATEMENTS.
 
August 31, 2022
J.P. Morgan Exchange-Traded Funds
329
JPMorgan Ultra-Short Municipal Income ETF
SCHEDULE OF PORTFOLIO INVESTMENTS
AS OF August 31, 2022  (Unaudited) (continued)
INVESTMENTS
PRINCIPAL
AMOUNT($)
VALUE($)
Municipal Bonds — continued
Texas — continued
City of Seguin, Combination Tax, Certificates
of Obligation Series 2016A, GO, 5.50%,
9/1/2022
     25,000
       25,000
City of Sherman, Combination Tax,
Certificates of Obligation GO, 5.00%,
8/15/2024
     25,000
       26,181
City of Sugar Land GO, 5.00%, 2/15/2023
     45,000
       45,543
City of The Colony, Combination Tax,
Certificates of Obligation 5.00%,
2/15/2023
     35,000
       35,383
City of Tyler, Water and Sewer System Rev.,
5.00%, 9/1/2022
     20,000
       20,000
City of Victoria, Utility System Rev., 5.00%,
12/1/2022
    165,000
      166,047
City of Waco GO, 5.00%, 2/1/2023
     25,000
       25,280
City of Waco, Certificates of Obligation GO,
5.00%, 2/1/2023
     40,000
       40,449
City of Waco, Combination Tax, Certificates
of Obligation
 
 
GO, 5.00%, 2/1/2023
     80,000
       80,898
GO, 5.00%, 2/1/2024
     20,000
       20,733
GO, 5.00%, 2/1/2025
30,000
31,774
City of Waxahachie GO, 4.00%, 8/1/2023
35,000
35,531
City of Waxahachie, Combination Tax,
Certificates of Obligation GO, 4.00%,
8/1/2024
25,000
25,666
City of Weatherford GO, 4.00%, 3/1/2025
30,000
31,058
City of Weatherford, Utility System Rev.,
AGM, 5.00%, 9/1/2022
30,000
30,000
City of Weslaco, Certificates of Obligation
GO, 5.00%, 2/15/2024
20,000
20,697
City of Wichita Falls Series 2018B, GO,
4.00%, 10/1/2022
100,000
100,136
City of Windcrest Series 2019B, GO, 5.00%,
2/15/2023
75,000
75,861
City of Woodway GO, 5.00%, 8/15/2023
25,000
25,629
City of Wylie, Combination Tax, Certificates
of Obligation GO, 4.00%, 2/15/2023
40,000
40,295
Clear Lake City Water Authority 4.00%,
3/1/2023
145,000
146,071
Clifton Higher Education Finance Corp., Idea
Public Schools PSF-GTD, 5.00%,
8/15/2023
530,000
542,266
Columbia-Brazoria Independent School
District, Unlimited Tax PSF-GTD, 3.00%,
2/1/2025
200,000
201,712
INVESTMENTS
PRINCIPAL
AMOUNT($)
VALUE($)
 
Texas — continued
Comal Independent School District,
Unlimited Tax
 
 
PSF-GTD, 5.00%, 2/1/2023
     20,000
       20,226
Series 2015A, PSF-GTD, 5.00%,
2/1/2023
     20,000
       20,226
PSF-GTD, 5.00%, 2/1/2025
     55,000
       58,279
Series B, PSF-GTD, 5.00%, 2/1/2025
     25,000
       25,884
Community Independent School District,
Unlimited Tax PSF-GTD, 3.00%,
2/15/2023
     45,000
       45,148
Conroe Independent School District,
Unlimited Tax, School Building Series
2014A, PSF-GTD, 5.00%, 2/15/2023
     20,000
       20,244
Coppell Independent School District,
Unlimited Tax Series 2019A, 5.00%,
8/15/2023
     40,000
       41,014
Coppell Recreational Development Corp.
5.00%, 8/1/2023
     25,000
       25,565
Cotulla Independent School District,
Unlimited Tax PSF-GTD, 5.00%,
2/15/2023
     25,000
       25,296
County of Bexar, Flood Control Tax 5.00%,
6/15/2024
     45,000
       47,091
County of Brazos, Certificates of Obligation
5.00%, 9/1/2022
25,000
25,000
County of Brazos, Limited Tax 5.00%,
9/1/2022
70,000
70,000
County of Comal, Combination Tax,
Certificates of Obligation Series 2017A,
3.00%, 2/1/2023
25,000
25,070
County of Comal, Limited Tax 4.00%,
2/1/2025
35,000
36,254
County of El Paso
 
 
GO, 5.00%, 2/15/2023
30,000
30,344
Series 2015, GO, 5.00%, 2/15/2024
20,000
20,647
County of Falls GO, 5.00%, 9/1/2022
25,000
25,000
County of Fort Bend, Unlimited Tax
 
 
GO, 5.00%, 3/1/2023
25,000
25,344
Series B, GO, 5.00%, 3/1/2023
20,000
20,275
County of Galveston, Capital Appreciation,
Justice Center Series 2001A, GO,
NATL-RE, Zero Coupon, 2/1/2023
30,000
29,714
County of Galveston, Limited Tax GO,
5.00%, 2/1/2025
30,000
31,723
County of Harris, Permanent Improvement
 
 
Series B, GO, 5.00%, 10/1/2022
20,000
20,043
Series 2017A, GO, 5.00%, 10/1/2023
25,000
25,690
SEE NOTES TO FINANCIAL STATEMENTS.
 
330
J.P. Morgan Exchange-Traded Funds
August 31, 2022
INVESTMENTS
PRINCIPAL
AMOUNT($)
VALUE($)
Municipal Bonds — continued
Texas — continued
County of Harris, Subordinated Lien, Toll
Road Series 2007C, GO, 5.25%,
8/15/2024
    280,000
      295,106
County of Harris, Toll Road, Senior Lien
Series 2015B, Rev., 5.00%, 8/15/2023
     25,000
       25,636
County of Harris, Unlimited Tax
 
 
GO, 5.00%, 10/1/2022
     50,000
       50,108
Series 2012A, GO, 5.00%, 10/1/2022
    100,000
      100,218
Series 2017A, GO, 5.00%, 10/1/2022
     20,000
       20,043
Series 2019A, GO, 5.00%, 10/1/2022
    300,000
      300,650
County of Hays, Limited Tax
 
 
GO, 3.25%, 2/15/2023 (b)
     20,000
       20,079
GO, 4.00%, 2/15/2023 (b)
     20,000
       20,149
GO, 5.00%, 2/15/2025
     35,000
       37,102
County of Hays, Pass Through Toll,
Unlimited Tax GO, 4.25%,
2/15/2023 (b)
25,000
25,214
County of Hays, Unlimited Tax GO, 4.00%,
2/15/2023
40,000
40,309
County of Hidalgo GO, 5.00%, 8/15/2023
20,000
20,495
County of Hidalgo, Limited Tax Series
2019B, GO, 5.00%, 8/15/2023
20,000
20,495
County of Kendall, Limited Tax GO, 4.00%,
3/1/2023
25,000
25,193
County of Montgomery, Unlimited Tax
 
 
GO, 5.00%, 3/1/2023
30,000
30,387
Series 2016A, GO, 5.00%, 3/1/2023
250,000
253,223
County of Nueces, Combination of Tax GO,
4.00%, 2/15/2025
25,000
25,849
County of Smith GO, 4.00%, 2/15/2023
20,000
20,150
County of Taylor, Limited Tax GO, 5.00%,
2/15/2025
30,000
31,757
County of Tom Green, Combination Tax and
Limited Surplus GO, 5.00%, 2/1/2025
35,000
36,968
County of Williamson, Limited Tax
 
 
GO, 4.00%, 2/15/2023
60,000
60,447
GO, 4.00%, 2/15/2023 (b)
30,000
30,230
County of Williamson, Unlimited Tax GO,
4.00%, 2/15/2023
20,000
20,149
Crowley Independent School District,
Unlimited Tax GO, PSF-GTD, 4.75%,
8/1/2023 (b)
25,000
25,539
Cypress-Fairbanks Independent School
District, Unlimited Tax
 
 
GO, PSF-GTD, 3.00%, 2/15/2023
50,000
50,156
GO, PSF-GTD, 5.00%, 2/15/2023
20,000
20,241
INVESTMENTS
PRINCIPAL
AMOUNT($)
VALUE($)
 
Texas — continued
Series 2019A, GO, PSF-GTD, 5.00%,
2/15/2023
     75,000
       75,905
Dallas Area Rapid Transit, Sales Tax, Senior
Lien
 
 
Series 2016B, Rev., 4.00%, 12/1/2022
     30,000
       30,131
Rev., 5.00%, 12/1/2022 (b)
    245,000
      246,658
Series 2014A, Rev., 5.00%, 12/1/2022
    315,000
      317,148
Series 2016B, Rev., 5.00%, 12/1/2022
    630,000
      634,296
Series 2020A, Rev., 5.00%, 12/1/2022
     25,000
       25,171
Rev., 5.00%, 12/1/2024
     35,000
       36,971
Series 2014A, Rev., 5.00%, 12/1/2024
    120,000
      126,757
Dallas County Park Cities Municipal Utility
District Rev., 4.00%, 8/1/2025
     25,000
       25,979
Dallas County Utility and Reclamation
District, Unlimited Tax GO, 5.00%,
2/15/2023
     45,000
       45,494
Dallas Fort Worth International Airport
 
 
Rev., 5.00%, 11/1/2022
65,000
65,278
Series 2013B, Rev., 5.00%, 11/1/2022
715,000
718,101
Series 2013F, Rev., 5.00%, 11/1/2022
510,000
512,178
Series 2013G, Rev., 5.00%, 11/1/2022
140,000
140,598
Series 2014E, Rev., 5.00%, 11/1/2022
185,000
185,790
Series 2014E, Rev., 5.00%, 11/1/2022
170,000
170,752
Series C, Rev., 5.00%, 11/1/2024
175,000
180,128
Series F, Rev., 5.00%, 11/1/2024
655,000
674,194
Series 2020B, Rev., 5.00%, 11/1/2025
30,000
32,240
Series 2013F, Rev., 5.13%, 11/1/2025
505,000
520,341
Dallas Independent School District,
Unlimited Tax
 
 
Series 2019B, GO, PSF-GTD, 5.00%,
2/15/2023
45,000
45,555
Series 2016A, GO, PSF-GTD, 4.00%,
2/15/2025 (b)
25,000
25,820
GO, PSF-GTD, 5.00%, 2/15/2025
50,000
53,039
Deer Park Independent School District,
Limited Tax GO, PSF-GTD, 5.00%,
2/15/2023
20,000
20,240
Del Mar College District, Limited Tax GO,
4.00%, 8/15/2023
20,000
20,306
Del Valle Independent School District,
Unlimited Tax Series 2014A, GO,
PSF-GTD, 5.00%, 6/15/2023
55,000
56,142
Denton County Housing Finance Corp., THF
Pathway on Woodrow LP Series 2022,
Rev., 5.00%, 2/1/2025 (c)
3,250,000
3,385,467
SEE NOTES TO FINANCIAL STATEMENTS.
 
August 31, 2022
J.P. Morgan Exchange-Traded Funds
331
JPMorgan Ultra-Short Municipal Income ETF
SCHEDULE OF PORTFOLIO INVESTMENTS
AS OF August 31, 2022  (Unaudited) (continued)
INVESTMENTS
PRINCIPAL
AMOUNT($)
VALUE($)
Municipal Bonds — continued
Texas — continued
Denton Independent School District,
Unlimited Tax GO, PSF-GTD, 5.00%,
8/15/2023
     30,000
       30,760
Dilley Independent School District,
Unlimited Tax, School Building GO,
PSF-GTD, 5.00%, 8/15/2023 (b)
     25,000
       25,627
El Paso County Hospital District GO, 5.00%,
8/15/2023
     55,000
       56,017
El Paso Independent School District,
Unlimited Tax GO, PSF-GTD, 5.00%,
8/15/2023
     75,000
       76,907
Elm Ridge Water Control and Improvement
District of Denton County, Fresh Water
Supply, Unlimited Tax GO, 3.00%,
9/1/2022
    130,000
      130,000
Ferris Independent School District,
Unlimited Tax GO, PSF-GTD, 3.00%,
8/15/2023
     25,000
       25,132
Floresville Independent School District,
Unlimited Tax GO, PSF-GTD, 3.00%,
2/1/2025
     35,000
       35,300
Fort Bend County Levee Improvement
District No. 10, Unlimited Tax GO,
3.00%, 9/1/2022
     25,000
       25,000
Fort Bend County Municipal Utility District
No. 143, Unlimited Tax Series 2017A,
GO, AGM, 3.00%, 9/1/2022
     50,000
       50,000
Fort Bend County Municipal Utility District
No. 169 Series 2021A, GO, AGM, 4.00%,
12/1/2022
    195,000
      195,795
Fort Bend County Municipal Utility District
No. 169, Road Facilities Series 2015A,
Rev., AGM, 4.13%, 12/1/2022
    100,000
      100,438
Fort Bend County Municipal Utility District
No. 192, Unlimited Tax GO, 4.50%,
9/1/2022
40,000
40,000
Fort Bend County Municipal Utility District
No. 35, Unlimited Tax GO, AGM, 3.00%,
9/1/2022
50,000
50,000
Fort Bend County Municipal Utility District
No. 58, Unlimited Tax GO, 3.00%,
4/1/2023
50,000
50,103
Fort Bend Grand Parkway Toll Road
Authority, Subordinate Lien Series A,
Rev., 5.00%, 3/1/2023
45,000
45,603
Fort Bend Municipal Utility District No. 159,
Unlimited Tax GO, 2.00%, 9/1/2022
40,000
40,000
Fort Worth Independent School District,
Unlimited Tax GO, PSF-GTD, 5.00%,
2/15/2023
45,000
45,533
INVESTMENTS
PRINCIPAL
AMOUNT($)
VALUE($)
 
Texas — continued
Frisco Independent School District,
Unlimited Tax School Building GO,
PSF-GTD, 2.50%, 8/15/2023
     40,000
       40,031
Galveston County Municipal Utility District
No. 68, Unlimited Tax GO, 3.00%,
9/1/2022
    125,000
      125,000
Galveston Public Facility Corp., The
Oleanders at Broadway Rev., 0.47%,
8/1/2024 (c)
  3,775,000
    3,556,819
Garland Independent School District,
Unlimited Tax, School Building Series A,
GO, PSF-GTD, 5.00%, 2/15/2025
     50,000
       53,076
Goose Creek Consolidated Independent
School District, Unlimited Tax
 
 
GO, PSF-GTD, 5.00%, 2/15/2023 (b)
     25,000
       25,307
GO, PSF-GTD, 5.00%, 2/15/2023
     20,000
       20,247
Harris County Cultural Education Facilities
Finance Corp., Baylor College of Medicine
Project
 
 
Rev., 5.00%, 11/15/2022
    365,000
      366,782
Series 2012A, Rev., 5.00%,
11/15/2022 (b)
    915,000
      920,009
Harris County Cultural Education Facilities
Finance Corp., Memorial Hermann Health
System
 
 
Series 2019C-2, Rev., (SIFMA Municipal
Swap Index Yield + 0.57%), 2.07%,
9/8/2022 (d)
575,000
573,099
Series 2013A, Rev., 4.00%,
12/1/2022 (b)
340,000
341,377
Rev., 5.00%, 12/1/2022 (b)
25,000
25,166
Rev., 5.00%, 12/1/2022
555,000
558,284
Series 2013A, Rev., 5.00%,
12/1/2022 (b)
430,000
432,857
Series 2019A, Rev., 5.00%, 12/1/2022
25,000
25,148
Series 2013A, Rev., 5.00%, 12/1/2023
320,000
322,140
Series 2019A, Rev., 5.00%, 12/1/2024
25,000
26,290
Series 2020C-2, Rev., 5.00%,
12/1/2024 (c)
60,000
62,801
Series 2020C-3, Rev., 5.00%,
12/1/2026 (c)
40,000
43,053
Series A, Rev., 5.00%, 12/1/2027
25,000
26,240
Harris County Cultural Education Facilities
Finance Corp., Texas Children's Hospital
 
 
Series 2015-1, Rev., 5.00%, 10/1/2022
560,000
561,180
Rev., 5.00%, 10/1/2023
20,000
20,537
Harris County Flood Control District
 
 
Series 2019A, Rev., 5.00%, 10/1/2022
75,000
75,169
SEE NOTES TO FINANCIAL STATEMENTS.
 
332
J.P. Morgan Exchange-Traded Funds
August 31, 2022
INVESTMENTS
PRINCIPAL
AMOUNT($)
VALUE($)
Municipal Bonds — continued
Texas — continued
Series 2021A, GO, 5.00%, 10/1/2023
     30,000
       30,861
Harris County Health Facilities Development
Corp., Sisters of Charity of the Incarnate
Word Series B, Rev., 5.75%,
7/1/2027 (b)
  6,275,000
    6,831,942
Harris County Improvement District No. 18 ,
Unlimited Tax GO, AGM, 5.00%,
9/1/2022
     25,000
       25,000
Harris County Improvement District No. 18,
Unlimited Tax GO, AGM, 3.00%,
9/1/2022
     55,000
       55,000
Harris County Municipal Utility District No.
171 GO, 4.75%, 12/1/2022
     45,000
       45,268
Harris County Municipal Utility District No.
213B, Unlimited Tax GO, 3.00%,
9/1/2022
     50,000
       50,000
Harris County Municipal Utility District No.
383, Unlimited Tax GO, 2.00%,
9/1/2022
     30,000
       30,000
Harris County Municipal Utility District No.
457, Unlimited Tax GO, AGM, 3.00%,
9/1/2022
    475,000
      475,000
Harris County Municipal Utility District No.
500, Water Sewer and Drainage Facility
Co. GO, AGM, 3.00%, 12/1/2022
     20,000
       20,029
Harris Montgomery Counties Municipal
Utility District No. 386, Unlimited Tax
 
 
GO, 1.00%, 9/1/2022
    450,000
      450,000
GO, 3.00%, 9/1/2022
45,000
45,000
Hays Consolidated Independent School
District, Unlimited Tax Series 2018B, GO,
PSF-GTD, 2.70%, 8/15/2023 (c)
65,000
65,013
Hidalgo County Drain District No. 1,
Unlimited Tax
 
 
GO, 4.00%, 9/1/2022
115,000
115,000
GO, 5.00%, 9/1/2022
100,000
100,000
Hidalgo County Regional Mobility Authority,
Senior Lien Rev., 5.00%, 12/1/2022
100,000
100,627
Highland Park Independent School District
GO, PSF-GTD, 5.00%, 2/15/2023
65,000
65,808
Housing Options, Inc., Brooks Manor - The
Oaks Project Rev., 0.50%, 3/1/2025 (c)
6,250,000
5,830,072
Houston Community College System,
Maintenance Tax GO, 5.00%, 2/15/2023
70,000
70,845
Houston Independent School District,
Limited Tax Schoolhouse GO, PSF-GTD,
5.00%, 2/15/2025
155,000
164,422
INVESTMENTS
PRINCIPAL
AMOUNT($)
VALUE($)
 
Texas — continued
Houston Independent School District,
Maintenance Tax Notes GO, 5.00%,
7/15/2023
     45,000
       46,029
Humble Independent School District,
Unlimited Tax School Building
 
 
Series 2012B, GO, 5.00%, 2/15/2023
     20,000
       20,249
Series 2016C, GO, 5.00%, 2/15/2023
     40,000
       40,476
Series 2015A, GO, PSF-GTD, 5.25%,
2/15/2023
     20,000
       20,271
Series 2020A, GO, PSF-GTD, 5.00%,
2/15/2025
     35,000
       37,188
Irving Independent School District,
Unlimited Tax GO, PSF-GTD, 5.00%,
2/15/2023
     45,000
       45,560
Katy Independent School District Series A,
GO, PSF-GTD, 5.00%, 2/15/2023
     65,000
       65,805
Killeen Independent School District,
Unlimited Tax GO, PSF-GTD, 5.00%,
2/15/2023
    140,000
      141,741
Klein Independent School District, Unlimited
Tax
 
 
Series 2015A, GO, PSF-GTD, 5.00%,
8/1/2024
     65,000
       68,163
GO, PSF-GTD, 5.00%, 2/1/2025
50,000
53,029
La Porte Independent School District,
Unlimited Tax GO, 5.00%, 2/15/2023
30,000
30,063
Lamar Consolidated Independent School
District, Unlimited Tax Series 2014B, GO,
PSF-GTD, 5.00%, 2/15/2023
50,000
50,617
Leander Independent School District,
Unlimited Tax
 
 
Series 2013A, GO, PSF-GTD, Zero
Coupon, 8/15/2023 (b)
25,000
23,435
Series 2013A, GO, PSF-GTD, 5.00%,
8/15/2023 (b)
40,000
40,947
Lewisville Independent School District,
Unlimited Tax GO, PSF-GTD, 5.00%,
8/15/2023
25,000
25,612
Lone Star College System, Limited Tax
 
 
Series A, GO, 5.00%, 2/15/2023
20,000
20,246
Series B, GO, 5.00%, 2/15/2023
75,000
75,922
GO, 5.00%, 2/15/2024
40,000
40,082
Lower Colorado River Authority
 
 
Rev., 5.00%, 5/15/2023
65,000
66,098
Rev., 5.13%, 5/15/2024
300,000
305,286
Rev., 5.00%, 5/15/2025
750,000
797,387
Lower Colorado River Authority, LCRA
Transmission Services Corp. Project
 
 
SEE NOTES TO FINANCIAL STATEMENTS.
 
August 31, 2022
J.P. Morgan Exchange-Traded Funds
333
JPMorgan Ultra-Short Municipal Income ETF
SCHEDULE OF PORTFOLIO INVESTMENTS
AS OF August 31, 2022  (Unaudited) (continued)
INVESTMENTS
PRINCIPAL
AMOUNT($)
VALUE($)
Municipal Bonds — continued
Texas — continued
Rev., 5.00%, 5/15/2025
    805,000
      855,862
Rev., 5.00%, 5/15/2026
     50,000
       51,948
Series 2013A, Rev., 5.00%, 5/15/2026
    445,000
      452,487
Lower Neches Valley Authority Industrial
Development Corp., Exxon Capital
Ventures, Inc. Series 2019, Rev., VRDO,
1.00%, 9/1/2022 (c)
 14,400,000
   14,400,000
Lower Neches Valley Authority Industrial
Development Corp., ExxonMobil Project
Series 2012, Rev., VRDO, 1.00%,
9/1/2022 (c)
 16,000,000
   16,000,000
Lubbock Independent School District GO,
PSF-GTD, 4.00%, 2/15/2023
     50,000
       50,396
Manor Independent School District,
Unlimited Tax, School Building Series
2017A, GO, PSF-GTD, 5.00%, 8/1/2023
     20,000
       20,467
McKinney Independent School District,
School Building, Unlimited Tax
 
 
GO, PSF-GTD, 5.00%, 2/15/2023
     25,000
       25,309
Series 2016A, GO, PSF-GTD, 5.00%,
2/15/2023
     40,000
       40,494
Meadowhill Regional Municipal Utility
District, Waterworks Sewer System GO,
AGM, 4.00%, 10/1/2022
     65,000
       65,084
Mesquite Independent School District,
Unlimited Tax Series 2016C, GO,
PSF-GTD, 5.00%, 8/15/2023
25,000
25,636
Metropolitan Transit Authority of Harris
County, Sales and Use Tax
 
 
Series 2016A, Rev., 5.00%, 11/1/2022
90,000
90,399
Series 2017A, Rev., 5.00%, 11/1/2022
130,000
130,577
Metropolitan Transit Authority of Harris
County, Sales and Use Tax, Contractual
Obligations
 
 
Rev., 5.00%, 11/1/2022
75,000
75,333
Series 2015B, Rev., 5.00%, 11/1/2022
255,000
256,132
Series 2016D, Rev., 5.00%, 11/1/2022
25,000
25,111
Series 2017B, Rev., 5.00%, 11/1/2022
90,000
90,399
Rev., 5.00%, 11/1/2023
30,000
30,900
Series 2015B, Rev., 5.00%, 11/1/2023
25,000
25,750
Midland County Fresh Water Supply District
No. 1, Midland Project
 
 
Rev., 5.00%, 9/15/2022 (b)
380,000
380,379
Series 2012A, Rev., 5.00%,
9/15/2022 (b)
20,000
20,020
Midland Independent School District,
Unlimited Tax GO, PSF-GTD, 5.00%,
2/15/2023
25,000
25,311
INVESTMENTS
PRINCIPAL
AMOUNT($)
VALUE($)
 
Texas — continued
Midlothian Independent School District,
Unlimited Tax Series 2013A, GO,
PSF-GTD, 5.00%, 2/15/2023 (b)
     20,000
       20,232
Montgomery County Health Facilities
Development Co., Heritage
Manor-Woodlands Project
 
 
Rev., Zero Coupon, 7/15/2023 (b)
     90,000
       88,099
Rev., AGM - CR, Zero Coupon,
7/15/2023 (b)
    235,000
      229,938
Mueller Local Government Corp., Tax
Increment Rev., 5.00%, 9/1/2022
    125,000
      125,000
Mustang Special Utility District Rev., 3.00%,
9/1/2022
     25,000
       25,000
New Hope Cultural Education Facilities
Finance Corp., Jubilee Academic Center
Rev., 4.00%, 8/15/2024 (e)
    735,000
      731,714
North East Independent School District GO,
PSF-GTD, 5.25%, 2/1/2023
     20,000
       20,239
North Harris County Regional Water
Authority Rev., 4.00%, 12/15/2022
    150,000
      150,757
North Harris County Regional Water
Authority, Senior Lien Rev., 5.00%,
12/15/2022
     35,000
       35,276
North Texas Municipal Water District Water
System
 
 
Rev., 5.00%, 9/1/2022
100,000
100,000
Series 2019A, Rev., 3.00%, 9/1/2024
40,000
40,491
Rev., 5.00%, 9/1/2024
30,000
31,532
North Texas Municipal Water District,
Regional Solid Waste Disposal System
Rev., 5.00%, 9/1/2022
75,000
75,000
North Texas Municipal Water District, Upper
East Fork Wastewater Interceptor System
Rev., 5.00%, 6/1/2023
25,000
25,495
North Texas Tollway Authority, First Tier
 
 
Series 2019A, Rev., 5.00%, 1/1/2023
20,000
20,176
Series 2016A, Rev., 5.00%, 1/1/2024
20,000
20,677
Series 2017A, Rev., 5.00%, 1/1/2024
585,000
590,114
Series 2019A, Rev., 5.00%, 1/1/2024
20,000
20,677
Series 2016A, Rev., 5.00%, 1/1/2025
135,000
139,447
Series 2017A, Rev., 5.00%, 1/1/2025
915,000
923,039
Series A, Rev., 5.00%, 1/1/2025
275,000
284,059
Series 2016A, Rev., 5.00%, 1/1/2026
275,000
284,022
Series A, Rev., 5.00%, 1/1/2026
410,000
413,588
Series 2016A, Rev., 5.00%, 1/1/2027
370,000
382,089
North Texas Tollway Authority, Second Tier
 
 
Series B, Rev., 5.00%, 1/1/2023
460,000
463,965
SEE NOTES TO FINANCIAL STATEMENTS.
 
334
J.P. Morgan Exchange-Traded Funds
August 31, 2022
INVESTMENTS
PRINCIPAL
AMOUNT($)
VALUE($)
Municipal Bonds — continued
Texas — continued
Series B, Rev., 5.00%, 1/1/2024
    120,000
      123,969
Series B, Rev., 5.00%, 1/1/2024
    375,000
      378,103
Series B, Rev., 5.00%, 1/1/2025
  1,060,000
    1,069,994
Series 2017B, Rev., 5.00%, 1/1/2026
  4,965,000
    5,011,482
Northside Independent School District,
Unlimited Tax Series 2019B, GO,
PSF-GTD, 5.00%, 2/15/2023
     25,000
       25,311
Northwest Harris County Municipal Utility
District No. 19, Unlimited Tax GO, AGM,
3.00%, 10/1/2022
     25,000
       25,012
Old Spanish Trail-Alemda Corridors
Redevelopment Authority Rev., 5.00%,
9/1/2022
     35,000
       35,000
Permanent University Fund - Texas A&M
University System Series 2012A, Rev.,
5.00%, 7/1/2023
     65,000
       65,194
Permanent University Fund - University of
Texas System Series 2015B, Rev.,
5.00%, 7/1/2023
     25,000
       25,558
Pflugerville Independent School District,
School Building, Unlimited Tax
 
 
GO, PSF-GTD, 5.00%, 2/15/2023
     20,000
       20,239
Series 2019A, GO, PSF-GTD, 5.00%,
2/15/2023
25,000
25,298
Pflugerville Independent School District,
Unlimited Tax
 
 
GO, PSF-GTD, 5.00%, 2/15/2023
25,000
25,298
Series 2020A, GO, PSF-GTD, 5.00%,
2/15/2023
90,000
91,074
Pharr San Juan Alamo Independent School
District, Unlimited Tax GO, PSF-GTD,
5.00%, 2/1/2023
35,000
35,391
Plano Independent School District,
Unlimited Tax, School Building Series
2016A, GO, PSF-GTD, 5.00%,
2/15/2023
40,000
40,485
Port Aransas Public Facilities Corp., Multi-
Family Housing, Palladium Port Aransas
Apartments Rev., 0.70%, 1/1/2023 (c)
500,000
495,901
Port Authority of Houston of Harris County
Texas Series A, GO, 5.00%, 10/1/2022
185,000
185,416
Prosper Independent School District,
Unlimited Tax, School Building GO,
PSF-GTD, 5.00%, 2/15/2023
35,000
35,419
Red River Education Finance Corp., Christian
University Project
 
 
Rev., 5.00%, 3/15/2023 (b)
40,000
40,547
Rev., 5.00%, 3/15/2025
20,000
21,149
INVESTMENTS
PRINCIPAL
AMOUNT($)
VALUE($)
 
Texas — continued
Richardson Independent School District,
Unlimited Tax Series 2015B, GO, 5.00%,
2/15/2025
     30,000
       31,809
Rockwall Independent School District,
Unlimited Tax
 
 
GO, PSF-GTD, 5.00%, 2/15/2023
     25,000
       25,292
GO, PSF-GTD, Zero Coupon, 2/15/2025
     50,000
       46,713
Royal Independent School District,
Unlimited Tax GO, PSF-GTD, 5.00%,
2/15/2023
     40,000
       40,470
San Antonio Education Facilities Corp.,
Trinity University Project Rev., 5.00%,
6/1/2023 (b)
     50,000
       50,993
San Antonio Independent School District
GO, PSF-GTD, 5.00%, 8/15/2024
     30,000
       31,482
San Antonio Municipal Facilities Corp.,
Public Safety Answering Point Project
Rev., 4.00%, 8/15/2023
     25,000
       25,034
San Antonio Public Facilities Corp.,
Convention Center Refinancing and
Expansion Project
 
 
Rev., 5.00%, 9/15/2022
     20,000
       20,018
Rev., 5.00%, 9/15/2024
     35,000
       35,063
Rev., 5.00%, 9/15/2026
220,000
220,391
San Antonio Water System, Junior Lien
 
 
Series 2015B, Rev., 5.00%, 5/15/2023
10,000
10,190
Series 2019C, Rev., 5.00%, 5/15/2023
25,000
25,475
Series 2020A, Rev., 5.00%, 5/15/2023
20,000
20,363
Series 2013E, Rev., 5.00%, 5/15/2024
20,000
20,380
Series 2016A, Rev., 5.00%, 5/15/2024
25,000
26,063
Series 2014A, Rev., 5.00%, 5/15/2025
45,000
46,410
San Jacinto Community College District
 
 
GO, 5.00%, 2/15/2023 (b)
10,000
10,118
GO, 5.00%, 2/15/2023
45,000
45,560
San Jacinto Community College District,
Limited Tax
 
 
Series 2019A, GO, 5.00%, 2/15/2023
25,000
25,311
Series 2019B, GO, 5.00%, 2/15/2023
25,000
25,311
GO, 5.00%, 2/15/2025
30,000
31,743
San Jacinto River Authority Series 2019A,
Rev., 4.00%, 10/1/2022
30,000
30,041
San Marcos Consolidated Independent
School District, Unlimited Tax GO,
PSF-GTD, 5.00%, 8/1/2023 (b)
25,000
25,602
Santa Fe Independent School District,
Unlimited Tax GO, PSF-GTD, 5.00%,
2/15/2023
35,000
35,427
SEE NOTES TO FINANCIAL STATEMENTS.
 
August 31, 2022
J.P. Morgan Exchange-Traded Funds
335
JPMorgan Ultra-Short Municipal Income ETF
SCHEDULE OF PORTFOLIO INVESTMENTS
AS OF August 31, 2022  (Unaudited) (continued)
INVESTMENTS
PRINCIPAL
AMOUNT($)
VALUE($)
Municipal Bonds — continued
Texas — continued
Sienna Parks & Levee Improvement District
of Fort Bend County
 
 
GO, 2.00%, 9/1/2022
     35,000
       35,000
GO, 4.00%, 9/1/2022
     50,000
       50,000
Sienna Plantation Municipal Utility District
No. 2, Unlimited Tax GO, 3.00%,
10/1/2022
     25,000
       25,014
South Texas College, Limited Tax GO,
5.00%, 8/15/2023
     20,000
       20,474
Southwest Higher Education Authority, Inc.,
Southern Methodist University Project
 
 
Rev., 5.00%, 10/1/2022
    130,000
      130,283
Series 2016A, Rev., 5.00%, 10/1/2024
     20,000
       20,971
Southwest Independent School District,
Unlimited Tax, School Building GO,
PSF-GTD, 3.00%, 2/1/2023
     30,000
       30,090
State of Texas, Public Finance Authority
 
 
GO, 5.00%, 10/1/2022
     20,000
       20,044
Series 2017A, GO, 5.00%, 10/1/2022
250,000
250,556
State of Texas, Transport Commission
 
 
GO, 5.00%, 10/1/2022
45,000
45,100
GO, 5.00%, 4/1/2024 (b)
35,000
36,398
State of Texas, Transportation Commission
Mobility Fund
 
 
Series A, GO, 5.00%, 10/1/2022
135,000
135,300
GO, 5.00%, 10/1/2024
20,000
20,828
State of Texas, Veterans
 
 
Series 2015 A, GO, VRDO, LIQ : State
Street Bank & Trust, 1.56%,
9/8/2022 (c)
17,370,000
17,370,000
Series 2013A, GO, VRDO, LIQ : State
Street Bank & Trust, 1.56%,
9/12/2022 (c)
10,525,000
10,525,000
State of Texas, Water Financial Assistance
 
 
Series 2021B, GO, 5.00%, 2/1/2023
25,000
25,289
GO, 5.00%, 8/1/2024
25,000
25,052
Stephen F Austin State University Rev.,
5.00%, 10/15/2022
150,000
150,466
Stephen F Austin State University, Financing
System Series 2019A, Rev., 5.00%,
10/15/2022
25,000
25,078
Tarrant County Cultural Education Facilities
Finance Corp., Hendrick Medical Center
Rev., 5.00%, 9/1/2022
170,000
170,000
Tarrant County Cultural Education Facilities
Finance Corp., Hospital, Cook Children's
Medical Center Rev., 5.00%, 12/1/2022
20,000
20,129
INVESTMENTS
PRINCIPAL
AMOUNT($)
VALUE($)
 
Texas — continued
Tarrant County Hospital District, Senior Lien
Rev., 5.00%, 8/15/2023
    100,000
      100,202
Tarrant Regional Water District, City of
Dallas Project, Water Control and
Improvement District
 
 
Series 2021A, Rev., 4.00%, 9/1/2022
    130,000
      130,000
Rev., 5.00%, 9/1/2022
     40,000
       40,000
Tarrant Regional, Water Control and
Improvement District, Water System Rev.,
4.00%, 9/1/2022 (b)
    160,000
      160,000
Texas A&M University, Financing System
Series 2013B, Rev., 5.00%, 5/15/2023
     25,000
       25,472
Texas Department of Housing & Community
Affairs, Socorro Village 34 LLC Series
2022, Rev., 4.00%, 8/1/2024 (c)
  3,175,000
    3,213,887
Texas Department of Housing and
Community Affairs Series 2020A, Rev.,
GNMA, 0.60%, 9/1/2022
     80,000
       80,000
Texas Department of Housing and
Community Affairs, Fishpond at Corpus
Christi Apartments Rev., 0.50%,
6/1/2023 (c)
    750,000
      734,839
Texas Department of Housing and
Community Affairs, Multi-Family Housing,
Scott Street Lofts Rev., 0.70%,
8/1/2023 (c)
    540,000
      524,574
Texas Municipal Gas Acquisition and Supply
Corp., I Gas Supply Senior Lien Series D,
Rev., 6.25%, 12/15/2026
     85,000
       90,302
Texas Public Finance Authority Rev., 5.00%,
2/1/2025
25,000
26,515
Texas Southmost College District Series
2014B, GO, 5.00%, 2/15/2023
20,000
20,235
Texas State Technical College, Financing
System Improvement Rev., AGM, 5.00%,
10/15/2022
115,000
115,357
Texas State University System
 
 
Rev., 5.00%, 3/15/2023
30,000
30,440
Series 2021A, Rev., 5.00%, 3/15/2023
25,000
25,367
Series 2017A, Rev., 5.00%, 3/15/2025
60,000
63,767
Texas State University, Financing System
 
 
Rev., 3.00%, 3/15/2023 (b)
35,000
35,097
Series 2019A, Rev., 5.00%, 3/15/2025
40,000
42,511
Texas Transportation Commission State
Highway Fund, First Tier
 
 
Rev., 5.00%, 10/1/2022
330,000
330,739
Rev., 5.00%, 10/1/2023
110,000
113,121
Series 2016B, Rev., 0.56%, 4/1/2026
10,135,000
9,128,360
SEE NOTES TO FINANCIAL STATEMENTS.
 
336
J.P. Morgan Exchange-Traded Funds
August 31, 2022
INVESTMENTS
PRINCIPAL
AMOUNT($)
VALUE($)
Municipal Bonds — continued
Texas — continued
Texas Water Development Board, Water
Implementation Fund
 
 
Series 2018B, Rev., 4.00%,
10/15/2022
     85,000
       85,180
Series 2018B, Rev., 5.00%,
10/15/2022
    145,000
      145,479
Series 2019A, Rev., 5.00%,
10/15/2022
     45,000
       45,149
Series 2019A, Rev., 5.00%, 4/15/2023
     75,000
       76,254
Series 2018A, Rev., 5.00%,
10/15/2024
     50,000
       52,672
Texas Woman's University, Financing System
Rev., 4.00%, 7/1/2023
     20,000
       20,256
Tomball Independent School District,
Unlimited Tax School Building
 
 
GO, PSF-GTD, 5.00%, 2/15/2023
     85,000
       86,057
GO, PSF-GTD, 5.00%, 2/15/2025
     35,000
       37,153
Town of Addison GO, 4.00%, 2/15/2023
     20,000
       20,156
Town of Addison, Combination Tax 4.00%,
2/15/2023
50,000
50,373
Travis County Housing Finance Corp.,
Multi-Family Housing, Cascades at Onion
Creek Apartments Rev., 0.35%,
2/1/2023 (c)
165,000
163,068
Travis County Water Control and
Improvement District No. 17 Rev.,
4.00%, 11/1/2022
25,000
25,067
Trinity River Authority, Central Regional
Wastewater System Rev., 5.00%,
8/1/2023
30,000
30,717
Trinity River Authority, Denton Creek
Wastewater Treatment System
 
 
Rev., 5.00%, 2/1/2024
40,000
41,431
Rev., 5.00%, 2/1/2025
100,000
105,744
Trinity River Authority, Water Project
 
 
Rev., 5.00%, 2/1/2024
25,000
25,894
Rev., 5.00%, 2/1/2025
75,000
79,308
Troy Independent School District, Unlimited
Tax GO, PSF-GTD, 3.00%, 8/1/2023
30,000
30,153
Tyler Independent School District, Unlimited
Tax GO, PSF-GTD, 5.00%, 2/15/2023 (b)
25,000
25,296
University of Houston Series 2017A, Rev.,
5.00%, 2/15/2025
45,000
47,581
University of North Texas System, Financing
System Series 2017A, Rev., 5.00%,
4/15/2025
25,000
26,501
University of North Texas, Financing System
Series 2020A, Rev., 5.00%, 4/15/2025
500,000
530,012
INVESTMENTS
PRINCIPAL
AMOUNT($)
VALUE($)
 
Texas — continued
Valwood Improvement Authority, Unlimited
Tax GO, 4.00%, 9/1/2022
    180,000
      180,000
Weatherford Independent School District,
Unlimited Tax GO, PSF-GTD, Zero Coupon,
2/15/2025
     50,000
       46,951
Weslaco Independent School District,
Unlimited Tax Series 2015A, GO,
PSF-GTD, 5.00%, 2/15/2023
     15,000
       15,168
West Harris County Regional Water
Authority Series 2016A, Rev., 5.00%,
12/15/2022
     20,000
       20,158
Total Texas
 
153,092,936
Utah — 1.2%
Alpine School District, School Building,
Guaranty Program
 
 
5.00%, 3/15/2023
     25,000
       25,360
Series 2017B, 5.00%, 3/15/2023
     25,000
       25,360
Central Utah Water Conservancy District
 
 
Series 2012B, 5.00%, 10/1/2022
     90,000
       90,202
Series 2016A, 5.00%, 10/1/2022
60,000
60,135
Series 2017B, 5.00%, 10/1/2022
125,000
125,281
Series 2012C, 5.00%, 10/1/2042 (b)
35,000
35,078
City of Provo, Wastewater Series 2015A,
Rev., 5.00%, 2/1/2023
25,000
25,279
City of Riverton Rev., 3.00%, 9/1/2022
35,000
35,000
City of Salt Lake City, Sales and Excise Tax
 
 
Series 2022A, Rev., 4.00%, 10/1/2022
20,000
20,029
Series 2016A, Rev., 4.00%, 10/1/2023
30,000
30,533
City of Sandy City, Sales Tax Rev., 5.00%,
3/1/2024
25,000
25,972
City of South Jordan, Daybreak Assessment
Area No. 1 3.00%, 11/1/2022
40,000
40,052
City of St. George Rev., AGM, 5.00%,
6/1/2024
150,000
156,301
City of St. George, Excise Tax GO, 4.00%,
8/1/2023
75,000
75,101
City of St. George, Franchise Tax
 
 
Rev., 5.00%, 12/1/2022
115,000
115,787
Rev., 5.00%, 12/1/2023
40,000
41,218
County of Salt Lake, Crossover GO, 4.00%,
12/15/2022
75,000
75,381
County of Summit, Sales Tax Rev., 5.00%,
12/15/2022
50,000
50,395
County of Utah, IHC Health Services, Inc.
 
 
Series 2016D, Rev., VRDO, LIQ :
U.S. Bank NA, 1.58%, 9/12/2022 (c)
30,000,000
30,000,000
SEE NOTES TO FINANCIAL STATEMENTS.
 
August 31, 2022
J.P. Morgan Exchange-Traded Funds
337
JPMorgan Ultra-Short Municipal Income ETF
SCHEDULE OF PORTFOLIO INVESTMENTS
AS OF August 31, 2022  (Unaudited) (continued)
INVESTMENTS
PRINCIPAL
AMOUNT($)
VALUE($)
Municipal Bonds — continued
Utah — continued
Series 2018B-2, Rev., 5.00%,
8/1/2024 (c)
    890,000
      919,450
Series 2020B-1, Rev., 5.00%,
8/1/2024 (c)
    675,000
      704,746
Series 2020B-2, Rev., 5.00%,
8/1/2026 (c)
    880,000
      952,467
County of Utah, Transportation Sales Tax
Rev., 4.00%, 12/1/2022
     25,000
       25,109
Davis School District, School District Bond
Guaranty Program Series 2019B, GO,
5.00%, 6/1/2023
     25,000
       25,504
Jordan Valley Water Conservancy District
Series B, Rev., 5.00%, 10/1/2022
    145,000
      145,326
Magna Water District GO, 5.00%,
6/1/2023
     50,000
       50,997
Midvale Redevelopment Agency, Sales Tax
Rev., 4.00%, 5/1/2023
     20,000
       20,223
Mountain Regional Water Special Service
District Series 2014A, Rev., AGM, 3.00%,
12/15/2022
     75,000
       75,153
Murray City Municipal Building Authority
Rev., 4.00%, 12/1/2022
     40,000
       40,169
Nebo School District Series 2017C, GO,
4.00%, 7/1/2023
     20,000
       20,274
Salt Lake County Municipal Building
Authority Rev., 5.00%, 1/15/2023
160,000
161,622
South Valley Water Reclamation Facility,
Sewer Rev., AGM, 5.00%, 2/15/2023
75,000
75,881
State of Utah GO, 5.00%, 7/1/2024
75,000
78,581
University of Utah (The)
 
 
Series 2013A, Rev., 5.00%, 8/1/2023
30,000
30,722
Series 2017A, Rev., 5.00%, 8/1/2023
20,000
20,482
Series A-1, Rev., 5.00%, 8/1/2023
20,000
20,482
Series 2017A, Rev., 5.00%, 8/1/2024
45,000
47,164
Utah Associated Municipal Power Systems,
Horse Butte Wind Series 2017A, Rev.,
5.00%, 9/1/2026
725,000
787,620
Utah Charter School Finance Authority,
Summit Academy Incorporated Series A,
Rev., 5.00%, 4/15/2023
155,000
157,351
Utah State Building Ownership Authority,
Facilities Master Lease Program Rev.,
5.00%, 5/15/2023
40,000
40,758
Utah State Building Ownership Authority,
Master Lease Program Series 2012A,
Rev., 3.00%, 5/15/2025
35,000
35,045
Utah State University Series 2015B, Rev.,
5.00%, 12/1/2022
75,000
75,511
INVESTMENTS
PRINCIPAL
AMOUNT($)
VALUE($)
 
Utah — continued
Utah State University, Student Building Fee
Series 2013B, Rev., 4.00%, 12/1/2022
     25,000
       25,109
Utah Transit Authority, Sales Tax
 
 
Series 2018-2, Rev., 5.00%,
12/15/2022
     25,000
       25,194
Series 2015A, Rev., 5.00%, 6/15/2023
     20,000
       20,423
Utah Water Finance Agency, Loan Financing
Program Series 2019B, Rev., 5.00%,
3/1/2023
    110,000
      111,479
Washington County School District Board of
Education Series 2016B, GO, 5.00%,
3/1/2023
     30,000
       30,400
Washington County-St George Interlocal
Agency Series 2012A, Rev., 2.13%,
12/1/2022
    135,000
      134,942
White City Water Improvement District Rev.,
3.00%, 2/1/2023
     25,000
       25,075
Total Utah
 
35,935,723
Vermont — 0.0% ^
City of Burlington Series 2018D, 5.00%,
11/1/2022
     50,000
       50,216
University of Vermont and State Agricultural
College
 
 
Rev., 5.00%, 10/1/2022
70,000
70,155
Series 2019B, Rev., 5.00%, 10/1/2022
80,000
80,177
Vermont Educational and Health Buildings
Financing Agency Rev., 5.00%,
11/1/2024
25,000
25,103
Vermont Educational and Health Buildings
Financing Agency, The University of
Vermont Medical Center Project Series
2016A, Rev., 5.00%, 12/1/2022
50,000
50,280
Vermont Municipal Bond Bank
 
 
Series 2015-1, Rev., 4.00%, 12/1/2022
35,000
35,150
Series 2021-4, Rev., 4.00%, 12/1/2022
160,000
160,684
Series 2, Rev., 5.00%, 12/1/2022
25,000
25,168
Series 2016-2, Rev., 5.00%, 12/1/2022
180,000
181,209
Series 3, Rev., 5.00%, 12/1/2022
155,000
156,041
Series 5, Rev., 5.00%, 12/1/2022
65,000
65,437
Series 3, Rev., 5.00%, 12/1/2023
25,000
25,808
Vermont Municipal Bond Bank, State
Colleges System Bonds Series 2017A,
Rev., 5.00%, 10/1/2022
55,000
55,123
Total Vermont
 
980,551
SEE NOTES TO FINANCIAL STATEMENTS.
 
338
J.P. Morgan Exchange-Traded Funds
August 31, 2022
INVESTMENTS
PRINCIPAL
AMOUNT($)
VALUE($)
Municipal Bonds — continued
Virgin Islands — 0.1%
Matching Fund Special Purpose
Securitization Corp. Series 2022A, Rev.,
5.00%, 10/1/2025
  1,000,000
    1,038,850
Virgin Islands Public Finance Authority
Series 2012A, Rev., AGM - CR, 5.00%,
10/1/2022 (b)
  1,000,000
    1,002,141
Virgin Islands
 
2,040,991
Virginia — 1.5%
Arlington County Industrial Development
Authority 5.00%, 2/15/2023
     35,000
       35,435
Chesapeake Bay Bridge and Tunnel District
General Resolution 5.00%, 11/1/2023
 22,860,000
   23,384,036
City of Chesapeake Series A, 5.00%,
7/15/2023
    185,000
      185,372
City of Hampton, Public Improvement
 
 
Series 2015B, GO, 5.00%, 9/1/2022 (b)
     15,000
       15,000
Series 2015B, GO, 5.00%, 9/1/2022
     65,000
       65,000
City of Norfolk
 
 
Series A, GO, 4.00%, 10/1/2022
25,000
25,036
Series A, GO, 5.00%, 10/1/2022 (b)
25,000
25,056
Series A, GO, 5.00%, 10/1/2022
25,000
25,056
Series B, GO, 5.00%, 10/1/2022
50,000
50,112
Series A, GO, 5.00%, 10/1/2023
10,000
10,287
Rev., 5.00%, 11/1/2024
100,000
105,343
City of Poquoson GO, 5.00%, 2/15/2023
35,000
35,434
City of Richland, Waterworks Utility
 
 
Series 2013A, Rev., 5.00%,
1/15/2023 (b)
30,000
30,301
Series 2020A, Rev., 5.00%, 1/15/2023
25,000
25,256
City of Suffolk, Tax-Exempt Series 2017A,
GO, 5.00%, 2/1/2023
25,000
25,270
City of Virginia Beach Series 2015B, GO,
5.00%, 9/15/2022
55,000
55,055
City of Virginia Beach, Public Improvement
Series A, GO, 5.00%, 2/1/2023
25,000
25,281
City of Winchester, Public Improvement
 
 
GO, 5.00%, 9/1/2022 (b)
210,000
210,000
GO, 5.00%, 9/1/2022
75,000
75,000
GO, 5.00%, 3/1/2023
35,000
35,463
Commonwealth of Virginia Series 2013B,
GO, 4.00%, 6/1/2025
20,000
20,275
County of Chesterfield 4.00%, 11/1/2023
100,000
100,258
County of Chesterfield, Public Improvement
Series 2015B, 5.00%, 1/1/2023
20,000
20,182
County of Culpeper GO, 5.00%, 1/15/2024
25,000
25,881
INVESTMENTS
PRINCIPAL
AMOUNT($)
VALUE($)
 
Virginia — continued
County of Fairfax, Public Improvement
 
 
Series 2018A, GO, 4.00%, 10/1/2022
     50,000
       50,080
Series 2020A, GO, 4.00%, 10/1/2022
     20,000
       20,032
Series 2012B, GO, 5.00%, 4/1/2023
     25,000
       25,396
County of Hanover, Public Improvement
Series A, GO, 4.13%, 1/15/2023
     50,000
       50,075
County of Henrico, Water and Sewer Rev.,
3.13%, 5/1/2023 (b)
     20,000
       20,101
County of Loudoun, Public Improvement
Series 2018A, GO, 5.00%, 12/1/2022
     25,000
       25,171
County of Prince William
 
 
COP, 5.00%, 10/1/2022
    100,000
      100,217
COP, 5.00%, 10/1/2023
    230,000
      236,327
County of Pulaski GO, 5.00%, 2/1/2024
     40,000
       41,454
County of Smyth GO, 5.00%, 11/1/2022
25,000
25,114
Culpeper County Economic Development
Authority, Capital Projects Rev., 5.00%,
6/1/2024
30,000
31,297
Fairfax County Industrial Development
Authority, Virginia Health Care, Inova
Health System Project Series 2018B,
Rev., 5.00%, 5/15/2023 (c)
6,115,000
6,215,730
Franklin County Industrial Development
Authority Rev., 5.00%, 10/15/2022
50,000
50,165
Hampton Roads Sanitation District,
Wastewater
 
 
Series 2014A, Rev., 5.00%, 7/1/2023
10,000
10,223
Series 2016A, Rev., 5.00%, 8/1/2023
25,000
25,611
Henry County Industrial Development
Authority Rev., GAN, 2.00%, 11/1/2023
1,040,000
1,031,997
Loudoun County Economic Development
Authority, Public Facilities Project Series
2016A, Rev., 5.00%, 12/1/2022
50,000
50,317
Louisa Industrial Development Authority,
Electric and Power Co. Project Series
2008B, Rev., 0.75%, 9/2/2025 (c)
100,000
93,571
Norfolk Economic Development Authority,
Sentara Healthcare
 
 
Series 2012B, Rev., 5.00%, 11/1/2022
20,000
20,091
Series 2012B, Rev., 4.00%, 11/1/2023
100,000
100,273
Peninsula Ports Authority, Dominion
Terminal Associates Project - DETC Issue
Rev., 1.70%, 10/1/2022 (c)
4,850,000
4,845,360
Powhatan County Economic Development
Authority Rev., 5.00%, 10/15/2022
25,000
25,079
SEE NOTES TO FINANCIAL STATEMENTS.
 
August 31, 2022
J.P. Morgan Exchange-Traded Funds
339
JPMorgan Ultra-Short Municipal Income ETF
SCHEDULE OF PORTFOLIO INVESTMENTS
AS OF August 31, 2022  (Unaudited) (continued)
INVESTMENTS
PRINCIPAL
AMOUNT($)
VALUE($)
Municipal Bonds — continued
Virginia — continued
Prince William County Industrial
Development Authority, Novant Health
Obligation Group Series 2013B, Rev.,
3.25%, 11/1/2022 (b)
     30,000
       30,046
Southampton County Industrial
Development Authority, Southampton
County Capital Rev., 5.00%, 12/1/2022
     65,000
       65,403
Virginia Beach Development Authority,
Public Facilities Series B, Rev., 5.00%,
12/1/2022
     70,000
       70,474
Virginia Beach Development Authority,
Westminster-Canterbury on Chesapeake
Bay Rev., 5.00%, 9/1/2022
     35,000
       35,000
Virginia College Building Authority Series
2014B, Rev., 5.00%, 9/1/2022 (b)
    145,000
      145,000
Virginia College Building Authority, 21st
Century College and Equipment Programs
Series 2020A, Rev., 5.00%, 2/1/2023
     25,000
       25,285
Virginia College Building Authority,
Educational Facilities, 21st Century
College and Equipment Programs
 
 
Series 2009E-1, Rev., 5.00%, 2/1/2023
     35,000
       35,398
Series 2009E-2, Rev., 5.00%, 2/1/2023
     40,000
       40,455
Series 2013A, Rev., 5.00%, 2/1/2023
     20,000
       20,228
Series 2015A, Rev., 5.00%, 2/1/2023
     65,000
       65,740
Series 2018A, Rev., 5.00%, 2/1/2023
20,000
20,228
Series B, Rev., 5.00%, 2/1/2023
20,000
20,228
Virginia College Building Authority,
Educational Facilities, Public Higher
Education Financing Program
 
 
Series 2012-A, Rev., 5.00%,
9/1/2022 (b)
385,000
385,000
Series 2014B, Rev., 5.00%, 9/1/2022
160,000
160,000
Series 2016A, Rev., 5.00%, 9/1/2022
60,000
60,000
Series A, Rev., 5.00%, 9/1/2022
70,000
70,000
Virginia College Building Authority, Public
Higher Educational Financing Program
 
 
Series 2018A, Rev., 5.00%, 9/1/2022
125,000
125,000
Series 2019A, Rev., 5.00%, 9/1/2022
25,000
25,000
Series 2021A, Rev., 5.00%, 9/1/2022
55,000
55,000
Virginia Commonwealth Transportation
Board Series 2012B, Rev., GAN, 5.00%,
9/15/2022 (b)
35,000
35,035
Virginia Commonwealth Transportation
Board, Capital Projects
 
 
Rev., 5.00%, 5/15/2023
100,000
101,823
Rev., 5.00%, 5/15/2024
35,000
36,554
Series 2017A, Rev., 5.00%, 5/15/2025
40,000
42,798
INVESTMENTS
PRINCIPAL
AMOUNT($)
VALUE($)
 
Virginia — continued
Virginia Commonwealth Transportation
Board, Federal Transportation
 
 
Rev., GAN, 5.00%, 9/15/2022
    435,000
      435,419
Series 2012B, Rev., GAN, 5.00%,
9/15/2022 (b)
    320,000
      320,319
Series 2012B, Rev., GAN, 5.00%,
9/15/2022
    325,000
      325,314
Series 2013A, Rev., GAN, 5.00%,
3/15/2023 (b)
    235,000
      238,402
Rev., GAN, 5.00%, 3/15/2025
     30,000
       31,982
Virginia Commonwealth University Series
2018A, Rev., 5.00%, 11/1/2022
     20,000
       20,088
Virginia Commonwealth University Health
System Authority Rev., 5.00%,
7/1/2025
     45,000
       48,060
Virginia Housing Development Authority
Series 2020B, Rev., 0.99%, 3/1/2024
    210,000
      204,514
Virginia Public Building Authority, Public
Facilities
 
 
Series 2012A, Rev., 4.00%, 8/1/2023
     10,000
       10,153
Series 2018A, Rev., 5.00%, 8/1/2023
30,000
30,728
Series 2020B, Rev., 5.00%, 8/1/2023
10,000
10,243
Series A, Rev., 5.00%, 8/1/2023
20,000
20,485
Series 2014C, Rev., 4.00%, 8/1/2026
25,000
25,727
Virginia Public School Authority, School
Financing 1997 Resolution
 
 
Series 2013A, Rev., 5.00%, 8/1/2023
10,000
10,241
Series 2013A, Rev., 5.00%,
8/1/2023 (b)
25,000
25,602
Series 2014C, Rev., 5.00%, 8/1/2023
25,000
25,602
Series 2015A, Rev., 5.00%, 8/1/2024
25,000
26,221
Virginia Public School Authority, School
Financing, Special Obligation Rev.,
5.00%, 2/1/2023
120,000
121,346
Virginia Public School Authority, School
Technology and Security Notes Series VI,
Rev., 5.00%, 4/15/2023
80,000
81,328
Virginia Resources Authority
 
 
Series 2012C, Rev., 4.00%,
11/1/2022 (b)
20,000
20,056
Series 2012A, Rev., 4.00%, 11/1/2042
25,000
25,068
Virginia Resources Authority, Clean Water
State Revolving Fund Rev., 5.00%,
10/1/2022
105,000
105,236
Virginia Resources Authority, Infrastructure
 
 
Series 2015B, Rev., 4.00%, 11/1/2022
20,000
20,058
SEE NOTES TO FINANCIAL STATEMENTS.
 
340
J.P. Morgan Exchange-Traded Funds
August 31, 2022
INVESTMENTS
PRINCIPAL
AMOUNT($)
VALUE($)
Municipal Bonds — continued
Virginia — continued
Series 2012A, Rev., 5.00%,
11/1/2022 (b)
    800,000
      803,604
Series 2016A, Rev., 5.00%, 11/1/2022
     40,000
       40,180
Series 2016C, Rev., 5.00%, 11/1/2022
    120,000
      120,541
Virginia Resources Authority, Infrastructure
Moral Obligation
 
 
Rev., 4.00%, 11/1/2022
     25,000
       25,073
Series 2012B, Rev., 4.00%,
11/1/2022 (b)
    155,000
      155,419
Series 2013A, Rev., 4.00%, 11/1/2022
     50,000
       50,147
Series 2014C, Rev., AMT, 5.00%,
11/1/2022
     35,000
       35,158
Series 2016A, Rev., 5.00%, 11/1/2022
     50,000
       50,228
Series 2019A, Rev., 5.00%, 11/1/2022
     25,000
       25,114
Series 2012B, Rev., 4.00%, 11/1/2024
     15,000
       15,040
Virginia Resources Authority, Infrastructure
Moral Obligation, Pooled Financing
Program
 
 
Rev., 5.00%, 11/1/2022
60,000
60,272
Series 2020C, Rev., 5.00%, 11/1/2022
75,000
75,342
Virginia Resources Authority, Infrastructure
Pooled Financing Program
 
 
Rev., 5.00%, 11/1/2022
75,000
75,338
Series 2012A, Rev., 5.00%, 11/1/2022
40,000
40,180
Series 2012B, Rev., 5.00%, 11/1/2022
115,000
115,518
Series 2017A, Rev., 5.00%, 11/1/2022
25,000
25,113
Virginia Resources Authority, Infrastructure
Tax Exempt Series A, Rev., 5.00%,
11/1/2022
20,000
20,090
Virginia Resources Authority, Pooled
Financing Program
 
 
Series 2017C, Rev., 4.00%, 11/1/2022
65,000
65,187
Series 2016B, Rev., 5.00%, 11/1/2022
80,000
80,360
Virginia Resources Authority, Tuckahoe
Creek Service District Project
 
 
Rev., Zero Coupon, 11/1/2022 (b)
95,000
71,092
Rev., 4.00%, 11/1/2022 (b)
30,000
30,084
Virginia Resources Authority, Virginia
Pooled Financing Program Series 2018C,
Rev., 5.00%, 11/1/2022
185,000
185,833
Western Regional Jail Authority, Regional
Jail Facility
 
 
Rev., 4.00%, 12/1/2022
50,000
50,207
Rev., 5.00%, 12/1/2024
1,285,000
1,351,580
INVESTMENTS
PRINCIPAL
AMOUNT($)
VALUE($)
 
Virginia — continued
Winchester Economic Development
Authority, Health System Obligation
Group Series 2014A, Rev., 5.00%,
1/1/2023
     25,000
       25,203
Wise County Industrial Development
Authority, Electric and Power Co. Project
Series 2010A, Rev., 1.20%,
5/31/2024 (c)
  2,110,000
    2,048,416
Total Virginia
 
47,195,276
Washington — 2.0%
Auburn School District No. 408 of King and
Pierce Counties
 
 
GO, 3.00%, 12/1/2022
    150,000
      150,070
GO, 4.00%, 12/1/2023
     95,000
       95,385
GO, 4.00%, 12/1/2024
     60,000
       60,243
Auburn School District No. 408 of King and
Pierce Counties, Unlimited Tax GO,
5.00%, 12/1/2024
     25,000
       26,441
Benton County School District No. 17
Kennewick, Unlimited Tax
 
 
5.00%, 12/1/2022
     90,000
       90,594
5.00%, 12/1/2023
60,000
61,902
Benton County School District No. 400
Richland, Unlimited Tax 5.00%,
12/1/2023
50,000
51,030
Cascade Water Alliance
 
 
5.00%, 9/1/2022
25,000
25,000
5.00%, 1/1/2023
25,000
25,227
Central Puget Sound Regional Transit
Authority, Sales and Motor Vehicle Excise
Tax Series 2016S-1, 5.00%, 11/1/2022
50,000
50,228
Central Puget Sound Regional Transit
Authority, Sales and Use Tax
 
 
Series 2012S-1, 5.00%, 11/1/2022
140,000
140,638
Series 2012S-1, 5.00%, 11/1/2024 (b)
25,000
25,113
Series 2012S-1, 5.00%, 11/1/2026 (b)
35,000
35,158
Series 2012S-1, 5.00%, 11/1/2027 (b)
45,000
45,203
Central Washington University
 
 
AGM, 5.00%, 5/1/2024
360,000
374,440
4.00%, 5/1/2026
270,000
272,225
City of Auburn, Utility System
 
 
5.00%, 12/1/2022
35,000
35,230
5.00%, 12/1/2023
35,000
36,092
City of Bellevue, Limited Tax 5.00%,
12/1/2022
75,000
75,510
City of Bellingham, Limited Tax 5.00%,
12/1/2022
25,000
25,170
SEE NOTES TO FINANCIAL STATEMENTS.
 
August 31, 2022
J.P. Morgan Exchange-Traded Funds
341
JPMorgan Ultra-Short Municipal Income ETF
SCHEDULE OF PORTFOLIO INVESTMENTS
AS OF August 31, 2022  (Unaudited) (continued)
INVESTMENTS
PRINCIPAL
AMOUNT($)
VALUE($)
Municipal Bonds — continued
Washington — continued
City of Bonney Lake, Water & Sewer System
4.00%, 12/1/2022
     75,000
       75,330
City of Bothell, Limited Tax 5.00%,
3/1/2023
     25,000
       25,329
City of Centralia Electric System 5.00%,
12/1/2022
    150,000
      150,989
City of Edmonds, Water and Sewer Rev.,
5.00%, 12/1/2023
     25,000
       25,494
City of Everett, Water and Sewer
 
 
Rev., 5.00%, 12/1/2022
    500,000
      503,423
Rev., 5.00%, 12/1/2023
     25,000
       25,805
Rev., 5.00%, 12/1/2024
     40,000
       40,193
City of Fife Rev., 4.00%, 10/1/2022
    100,000
      100,137
City of Gig Harbor, Water and Sewer Rev.,
4.00%, 10/1/2022
     50,000
       50,066
City of Kennewick, Limited Tax GO, 3.00%,
12/1/2022
     20,000
       20,030
City of Lynnwood
 
 
Rev., 4.00%, 12/1/2022
45,000
45,198
Rev., 4.00%, 12/1/2023
30,000
30,603
City of Olympia, Limited Tax GO, 5.00%,
12/1/2024
25,000
26,408
City of Olympia, Unlimited Tax GO, 5.00%,
12/1/2022
45,000
45,308
City of Renton, Limited Tax Series A, GO,
4.00%, 12/1/2022
50,000
50,214
City of Richland Rev., 5.00%, 11/1/2022
45,000
45,205
City of Richland, Waterworks Utility
 
 
Rev., 4.00%, 11/1/2022
20,000
20,059
Rev., 4.00%, 11/1/2023
20,000
20,365
City of Seattle, Limited Tax
 
 
Series 2017A, GO, 5.00%, 11/1/2022
150,000
150,683
Series 2016A, GO, 5.00%, 4/1/2023
30,000
30,472
GO, 5.00%, 5/1/2023
20,000
20,357
Series 2013A, GO, 4.00%, 10/1/2023
25,000
25,244
City of Seattle, Municipal Light and Power
Improvement
 
 
Rev., 5.00%, 9/1/2022
345,000
345,000
Series 2017C, Rev., 5.00%, 9/1/2022
45,000
45,000
Series 2016C, Rev., 5.00%, 10/1/2022
115,000
115,258
Series 2019A, Rev., 5.00%, 4/1/2023
25,000
25,396
Series 2020A, Rev., 5.00%, 7/1/2023
30,000
30,669
Series 2016C, Rev., 5.00%, 10/1/2023
45,000
46,291
City of Seattle, Water System
 
 
Rev., 4.00%, 9/1/2022 (b)
70,000
70,000
INVESTMENTS
PRINCIPAL
AMOUNT($)
VALUE($)
 
Washington — continued
Rev., 5.00%, 9/1/2022
    230,000
      230,000
Rev., 5.00%, 9/1/2022 (b)
    110,000
      110,000
City of Shelton, Limited Tax GO, 4.00%,
12/1/2022
    150,000
      150,540
City of Spokane, Unlimited Tax GO, 5.00%,
12/1/2022
    200,000
      201,369
City of Spokane, Water and Wastewater
System
 
 
Rev., 5.00%, 12/1/2022
     25,000
       25,171
Rev., 5.00%, 12/1/2023
     20,000
       20,652
City of Tacoma
 
 
Rev., 3.00%, 12/1/2022
     30,000
       30,051
Rev., 5.00%, 12/1/2022
    280,000
      281,846
Series 2015A, Rev., 5.00%, 12/1/2022
     20,000
       20,132
City of Tacoma, Water Supply System Rev.,
5.00%, 12/1/2022
25,000
25,165
City of University Place, Limited Tax GO,
4.00%, 12/1/2023
35,000
35,704
City of Vancouver, Limited Tax Series
2015B, GO, 5.00%, 12/1/2022
80,000
80,548
City of Walla Walla, Unlimited Tax
 
 
GO, 3.00%, 12/1/2022
70,000
70,119
GO, 3.00%, 12/1/2023
25,000
25,182
City of Wenatchee, Water and Sewer System
Rev., 3.00%, 12/1/2022
25,000
25,043
City of Yakima, Limited Tax Series 2014A,
GO, 5.00%, 6/1/2023
25,000
25,457
Clark County Public Utility District No. 1
5.00%, 1/1/2024
15,000
15,506
Clark County Public Utility District No. 1,
Electric System 5.00%, 1/1/2023
330,000
332,899
Clark County School District No. 114
Evergreen, Unlimited Tax 5.00%,
12/1/2022
80,000
80,538
Clark County School District No. 117 Camas,
Unlimited Tax 2.00%, 12/1/2022
30,000
29,978
Clark County School District No. 122
Ridgefield, Unlimited Tax 5.00%,
12/1/2022
30,000
30,202
Clark County School District No. 37
Vancouver, Unlimited Tax
 
 
3.00%, 12/1/2022
30,000
30,055
5.00%, 12/1/2023
30,000
30,970
Clark County, Vancouver School District No.
37 3.00%, 12/1/2023
25,000
25,198
Clark Regional Wastewater District 5.00%,
12/1/2022
25,000
25,166
SEE NOTES TO FINANCIAL STATEMENTS.
 
342
J.P. Morgan Exchange-Traded Funds
August 31, 2022
INVESTMENTS
PRINCIPAL
AMOUNT($)
VALUE($)
Municipal Bonds — continued
Washington — continued
County of Benton, Limited Tax
 
 
3.00%, 12/1/2022
     45,000
       45,077
3.00%, 12/1/2023
     30,000
       30,211
County of King, Limited Tax
 
 
Series 2012E, GO, 3.00%, 12/1/2022
     30,000
       30,059
GO, 5.00%, 12/1/2022
     50,000
       50,342
Series 2014C, GO, 5.00%, 12/1/2022
    180,000
      181,232
Series 2021A, GO, 3.00%, 1/1/2023
    120,000
      120,310
County of King, Sewer Series 2013A, Rev.,
5.00%, 1/1/2024
     30,000
       30,258
County of King, Sewer, Junior Lien
 
 
Series 2020A, Rev., 0.63%,
1/1/2024 (c)
  1,545,000
    1,476,811
Series B, Rev., 0.88%, 1/1/2026 (c)
60,000
55,644
County of Kitsap, Limited Tax GO, 4.00%,
12/1/2022
70,000
70,308
County of Kitsap, Sewer Rev., 5.00%,
12/1/2022
25,000
25,171
County of Skagit, Limited Tax GO, 5.00%,
12/1/2024
60,000
63,405
County of Snohomish, Limited Tax
 
 
GO, 4.00%, 12/1/2022
190,000
190,836
GO, 5.00%, 12/1/2022
70,000
70,479
County of Spokane, Limited Tax GO, 5.00%,
12/1/2022 (b)
75,000
75,507
East Wenatchee Water District Rev., 4.00%,
8/1/2023
25,000
25,352
Eastern Washington University, Services and
Activities Fee Rev., 5.00%, 10/1/2023
35,000
35,929
Energy Northwest, Columbia Generating
Station Series 2017-A, Rev., 5.00%,
7/1/2023
35,000
35,746
Energy Northwest, Project 1 Series 2014-C,
Rev., 5.00%, 7/1/2026
100,000
104,610
Energy Northwest, Project 3 Electric
 
 
Series 2018C, Rev., 4.00%, 7/1/2023
30,000
30,394
Series C, Rev., 5.00%, 7/1/2023
25,000
25,533
Series 2018C, Rev., 5.00%, 7/1/2025
25,000
26,736
FYI Properties, State of Washington District
Project Rev., 5.00%, 6/1/2023
45,000
45,840
Grays Harbor County, Public Utility District
No. 1
 
 
Series 2015A, Rev., 5.00%, 1/1/2023
40,000
40,350
Rev., 5.00%, 7/1/2023 (b)
20,000
20,431
Series 2015A, Rev., 5.00%, 1/1/2025
100,000
105,413
INVESTMENTS
PRINCIPAL
AMOUNT($)
VALUE($)
 
Washington — continued
Greater Wenatchee Regional Events Center
Public Facilities District Series A, Rev.,
5.50%, 9/1/2022 (b)
    250,000
      250,000
King and Snohomish Counties School
District No. 417 Northshore
 
 
GO, 5.00%, 12/1/2022
    135,000
      135,907
GO, 5.00%, 12/1/2024
     25,000
       26,419
King County Fire Protection District No. 2,
Unlimited Tax GO, 5.00%, 12/1/2022
     30,000
       30,205
King County Fire Protection District No. 39,
Unlimited Tax Series 2015A, GO, 5.00%,
12/1/2024
     40,000
       42,261
King County Housing Authority, Workforce
Housing Preservation Rev., 2.00%,
10/1/2022
    220,000
      219,906
King County Public Hospital District No. 1,
Valley Medical Center, Limited Tax
 
 
GO, 4.00%, 12/1/2022
    150,000
      150,510
GO, 5.00%, 12/1/2022
    410,000
      412,601
King County Public Hospital District No. 2,
Evergreen Healthcare, Unlimited Tax GO,
5.00%, 12/1/2022
     50,000
       50,340
King County Rural Library District, Unlimited
Tax GO, 4.00%, 12/1/2022
395,000
396,708
King County School District No. 210 Federal
Way, Unlimited Tax GO, 4.00%,
12/1/2022
35,000
35,154
King County School District No. 401
Highline, Unlimited Tax
 
 
Series 2012B, GO, 3.25%, 12/1/2022
25,000
25,064
GO, 4.00%, 12/1/2022
35,000
35,154
Series 2012B, GO, 5.00%, 12/1/2022
165,000
166,096
King County School District No. 403 Renton,
Unlimited Tax GO, 4.00%, 12/1/2024
65,000
67,276
King County School District No. 405
Bellevue, Unlimited Tax
 
 
Series 2012B, GO, 3.00%, 12/1/2022
40,000
40,078
GO, 5.00%, 12/1/2022
160,000
161,095
Series 2012A, GO, 5.00%, 12/1/2022
45,000
45,308
GO, 5.00%, 12/1/2023
25,000
25,824
GO, 5.00%, 12/1/2024
160,000
169,261
King County School District No. 410
Snoqualmie Valley , Unlimited Tax GO,
5.00%, 12/1/2022
30,000
30,205
King County School District No. 410
Snoqualmie Valley, Unlimited Tax GO,
4.00%, 12/1/2022
95,000
95,418
SEE NOTES TO FINANCIAL STATEMENTS.
 
August 31, 2022
J.P. Morgan Exchange-Traded Funds
343
JPMorgan Ultra-Short Municipal Income ETF
SCHEDULE OF PORTFOLIO INVESTMENTS
AS OF August 31, 2022  (Unaudited) (continued)
INVESTMENTS
PRINCIPAL
AMOUNT($)
VALUE($)
Municipal Bonds — continued
Washington — continued
King County School District No. 411
Issaquah, Unlimited Tax
 
 
GO, 2.50%, 12/1/2022
     40,000
       40,026
GO, 3.00%, 12/1/2022
     35,000
       35,066
GO, 4.00%, 12/1/2022
     20,000
       20,086
King County School District No. 414 Lake
Washington, Unlimited Tax GO, 5.00%,
12/1/2022
    410,000
      412,795
King County School District No. 415 Kent,
Unlimited Tax GO, 5.00%, 12/1/2023
     30,000
       30,970
Kitsap County Public Utility District No. 1
Rev., 4.00%, 12/1/2022
     40,000
       40,147
Kitsap County School District No. 303
Bainbridge Island Series 2014B, GO,
5.00%, 12/1/2022
     20,000
       20,134
Kitsap County School District No. 401
Central Kitsap, Unlimited Tax GO, 5.00%,
12/1/2022
    185,000
      186,243
Lake Stevens Sewer District Rev., 5.00%,
11/1/2022
     35,000
       35,155
Lewis County Public Utility District No. 1,
Cowlitz Falls Hydro Electric Project
 
 
Rev., 5.00%, 10/1/2022
45,000
45,101
Rev., 5.00%, 10/1/2023
100,000
102,827
Lynnwood Public Facilities District,
Convention Center Rev., 5.00%,
12/1/2022
50,000
50,303
Mason County School District No. 309
Shelton, Unlimited Tax GO, 5.00%,
12/1/2022
25,000
25,165
North Thurston Public Schools, Unlimited
Tax GO, 4.00%, 12/1/2022
40,000
40,176
Pierce County School District No. 10
Tacoma, Unlimited Tax GO, 5.00%,
12/1/2022
25,000
25,168
Pierce County School District No. 3
Puyallup, Unlimited Tax
 
 
Series 2012A, GO, 4.00%, 12/1/2022
95,000
95,387
Series 2012A, GO, 5.00%, 12/1/2022
75,000
75,498
Pierce County School District No. 320
Sumner, Unlimited Tax
 
 
GO, 3.00%, 12/1/2022
25,000
25,046
GO, 5.00%, 12/1/2022
45,000
45,302
Pierce County School District No. 401
Peninsula, Unlimited Tax GO, 5.00%,
12/1/2022
20,000
20,134
INVESTMENTS
PRINCIPAL
AMOUNT($)
VALUE($)
 
Washington — continued
Pierce County School District No. 83
University Place, Unlimited Tax GO,
3.00%, 12/1/2022
     75,000
       75,135
Port of Bellingham Rev., 4.00%,
12/1/2022
     50,000
       50,195
Port of Everett Rev., 4.00%, 12/1/2022
     70,000
       70,285
Port of Everett, Limited Tax GO, 5.00%,
12/1/2022
     50,000
       50,342
Port of Seattle Series 2013A, GO, 4.00%,
11/1/2023
    150,000
      150,409
Port of Seattle, Intermediate Lien
 
 
Series 2021A, Rev., 5.00%, 12/1/2022
    120,000
      120,761
Series B, Rev., 5.00%, 3/1/2023
    315,000
      318,983
Port of Tacoma, Limited Tax Series 2016A,
GO, 4.00%, 12/1/2022
     80,000
       80,352
Public Utility District No. 1 of Cowlitz County
5.00%, 9/1/2022
     25,000
       25,000
Skagit County School District No. 103
Anacortes GO, 5.00%, 12/1/2022
     40,000
       40,269
Snohomish County Public Utility District No.
1, Electric System
 
 
Rev., 5.00%, 12/1/2022 (b)
305,000
307,064
Rev., 5.00%, 12/1/2022
65,000
65,445
Snohomish County Public Utility District No.
1, Generation System Series 2020A,
Rev., 5.00%, 12/1/2022
200,000
201,369
Snohomish County School District No. 103
Monroe, Unlimited Tax GO, 5.00%,
12/1/2022
30,000
30,202
Snohomish County School District No. 2
Everett, Unlimited Tax GO, 3.00%,
12/1/2022
65,000
65,119
Spokane & Whitman Counties School District
No. 360 Cheney, Unlimited Tax GO,
5.00%, 12/1/2022
25,000
25,168
Spokane County School District No. 354
Mead, Unlimited Tax GO, 5.00%,
12/1/2022
20,000
20,132
Spokane County School District No. 356
Central Valley, Unlimited Tax GO, 5.00%,
12/1/2023
45,000
46,455
Spokane Public Facilities District, Hotel and
Sales Tax Series 2013A, Rev., 5.00%,
6/1/2023 (b)
25,000
25,468
State of Washington Series R-2022C, GO,
4.00%, 7/1/2027
15,000,000
16,070,916
State of Washington, Motor Vehicle Fuel Tax
 
 
Series 2003F, GO, NATL-RE, Zero Coupon,
12/1/2022
75,000
74,552
SEE NOTES TO FINANCIAL STATEMENTS.
 
344
J.P. Morgan Exchange-Traded Funds
August 31, 2022

INVESTMENTS
PRINCIPAL
AMOUNT($)
VALUE($)
Municipal Bonds — continued
Washington — continued
Series R-2020B, GO, 5.00%, 1/1/2023
     45,000
       45,415
Series 2013E, GO, 5.00%, 2/1/2023
     30,000
       30,341
Series 2014E, GO, 5.25%, 2/1/2023
     30,000
       30,372
Series 2003C, GO, NATL-RE, Zero
Coupon, 6/1/2023
     45,000
       44,159
Series R-2013D, GO, 5.00%, 7/1/2023
     20,000
       20,446
Series 2013E, GO, 5.00%, 2/1/2024
     20,000
       20,217
Series R-2021A, GO, 5.00%, 6/1/2024
    500,000
      522,840
Series 2013E, GO, 5.00%, 2/1/2025
     85,000
       85,978
Series 2015C, GO, 5.00%, 2/1/2025
    100,000
      106,082
State of Washington, Senior 520 Corridor
Program Series 2012F, Rev., 5.00%,
9/1/2022
    170,000
      170,000
State of Washington, Senior 520 Corridor
Program, Federal Highway Series 2014C,
Rev., 5.00%, 9/1/2024
     95,000
       97,243
State of Washington, State and Local
Agency Personal Property Series 2014B,
COP, 5.00%, 7/1/2024
50,000
52,222
State of Washington, State and Local
Agency Real and Personal Property
 
 
Series 2015C, COP, 5.00%, 7/1/2023
55,000
56,167
Series 2016A, COP, 5.00%, 7/1/2023
35,000
35,743
Series 2019B, COP, 5.00%, 7/1/2023
120,000
122,546
Series 2018C, COP, 5.00%, 7/1/2024
35,000
36,556
State of Washington, Various Purpose
 
 
Series 2013D, GO, 5.00%, 2/1/2023
10,000
10,114
Series 2017D, GO, 5.00%, 2/1/2023
25,000
25,285
Series 2019C, GO, 5.00%, 2/1/2023
45,000
45,512
Series R-2015C, GO, 5.00%, 7/1/2023
80,000
81,784
Series R-C, GO, 5.00%, 7/1/2023
20,000
20,446
Series 2015E, GO, 5.00%, 7/1/2024
25,000
26,180
Series 2018A, GO, 5.00%, 8/1/2024
40,000
41,969
Series R-2013C, GO, 5.00%, 7/1/2025
50,000
51,144
Series 2014A, GO, 5.00%, 8/1/2025
35,000
35,881
Series R-2013C, GO, 4.00%, 7/1/2026
75,000
76,007
Series 2014A, GO, 5.00%, 8/1/2026
70,000
71,756
Tacoma Metropolitan Park District,
Unlimited Tax
 
 
Series B, GO, 4.00%, 12/1/2022
20,000
20,087
GO, 5.00%, 12/1/2022
215,000
216,461
Series B, GO, 5.00%, 12/1/2022
60,000
60,408
Thurston County School District No. 33
Tumwater, Unlimited Tax GO, 5.00%,
12/1/2022
55,000
55,376
INVESTMENTS
PRINCIPAL
AMOUNT($)
VALUE($)
 
Washington — continued
Tobacco Settlement Authority Rev., 5.00%,
6/1/2024
  3,480,000
    3,544,656
University of Washington
 
 
Series 2015C, Rev., 5.00%, 12/1/2022
    115,000
      115,787
Series A, Rev., 5.00%, 12/1/2022
    140,000
      140,958
Washington Economic Development Finance
Authority, Washington Biomedical
Research Properties II Rev., 5.00%,
6/1/2023
     35,000
       35,674
Washington Health Care Facilities Authority,
Overlake Hospital Medical Center Rev.,
5.00%, 7/1/2023
     30,000
       30,544
Washington Health Care Facilities Authority,
Peacehealth Series 2014A, Rev., 5.00%,
11/15/2022 (b)
     25,000
       25,129
Washington Health Care Facilities Authority,
Providence Health and Services
 
 
Series 2012A, Rev., 5.00%, 10/1/2022
    135,000
      135,270
Series 2012A, Rev., 5.00%, 10/1/2023
    230,000
      230,473
Series 2012A, Rev., 5.00%, 10/1/2024
     55,000
       55,098
Series 2012A, Rev., 5.00%, 10/1/2026
1,030,000
1,031,722
Washington Health Care Facilities Authority,
Seattle Cancer Care Alliance Rev.,
5.00%, 3/1/2026
500,000
523,011
Washington Health Care Facilities Authority,
Seattle Children's Hospital Series 2017A,
Rev., 5.00%, 10/1/2022
365,000
365,790
Washington State Housing Finance
Commission, Mirabella Project Series
2012A, Rev., 6.75%, 10/3/2022 (b) (e)
22,450,000
22,530,640
Washington State University Rev., 5.00%,
10/1/2022
70,000
70,149
Washington State University, Green Bond
Rev., 5.00%, 10/1/2022
30,000
30,064
Western Washington University, Housing
and Dining System Rev., AGM, 5.00%,
4/1/2023
50,000
50,713
Yakima County School District No. 203
Highland, Unlimited Tax GO, 4.00%,
12/1/2022
25,000
25,104
Yakima County School District No. 208 West
Valley GO, 2.00%, 12/1/2022
25,000
24,981
Yakima County School District No. 7 Yakima
GO, 5.00%, 12/1/2022
35,000
35,235
Total Washington
 
62,085,775
West Virginia — 0.1%
State of West Virginia Series 2018A, GO,
5.00%, 12/1/2022
50,000
50,342
SEE NOTES TO FINANCIAL STATEMENTS.
 
August 31, 2022
J.P. Morgan Exchange-Traded Funds
345
JPMorgan Ultra-Short Municipal Income ETF
SCHEDULE OF PORTFOLIO INVESTMENTS
AS OF August 31, 2022  (Unaudited) (continued)
INVESTMENTS
PRINCIPAL
AMOUNT($)
VALUE($)
Municipal Bonds — continued
West Virginia — continued
State of West Virginia, Infrastructure Series
2015A, GO, 5.00%, 11/1/2022
     25,000
       25,114
West Virginia Economic Development
Authority, Appalachian Power Co. Series
2015A, Rev., 2.55%, 4/1/2024 (c)
    135,000
      131,913
West Virginia Economic Development
Authority, Correctional Juvenile and
Public Safety Facilities
 
 
Series 2012A, Rev., 5.00%, 6/1/2024
    125,000
      125,297
Rev., 5.00%, 6/1/2025
    805,000
      817,518
West Virginia Economic Development
Authority, Solid Waste Disposal Facilities,
Appalachian Power Co. Amos Project
Rev., 0.63%, 12/15/2025 (c)
    100,000
       89,048
West Virginia Hospital Finance Authority,
Charleston Area Medical Center Series
2014A, Rev., 5.00%, 9/1/2025
    115,000
      118,868
West Virginia Housing Development Fund
Series 2020B, Rev., 0.30%, 11/1/2022
     20,000
       19,937
West Virginia State School Building
Authority, Lottery Series 2015A, Rev.,
5.00%, 7/1/2023
     25,000
       25,516
West Virginia State School Building
Authority, Lottery Capital Improvement
Series 2012A, Rev., 5.00%, 7/1/2023
    100,000
      100,216
West Virginia University Project Series
2013A, Rev., 5.00%, 10/1/2022 (b)
    190,000
      190,422
West Virginia University, University
Improvement, West Virginia University
Project
 
 
Series 2013A, Rev., 5.00%,
10/1/2022 (b)
50,000
50,111
Series 2019A, Rev., 5.00%, 10/1/2022
275,000
275,598
West Virginia Water Development Authority
Series A-II, Rev., 5.00%, 11/1/2022
25,000
25,114
West Virginia Water Development Authority,
Infrastructure and Jobs Development
Council Program Rev., 2.00%,
10/1/2022
20,000
19,996
West Virginia Water Development Authority,
Loan Program II Series 2016A-II, Rev.,
5.00%, 11/1/2022
45,000
45,205
Total West Virginia
 
2,110,215
Wisconsin — 1.3%
Central Brown County Water Authority
Series 2014A, 5.00%, 11/1/2022
190,000
190,824
City of Brookfield 3.00%, 12/1/2022
455,000
455,776
INVESTMENTS
PRINCIPAL
AMOUNT($)
VALUE($)
 
Wisconsin — continued
City of De Pere Series 2019A, GO, 3.00%,
9/1/2022
     50,000
       50,000
City of Greensboro Rev., 3.00%,
11/1/2022
     20,000
       20,018
City of Kaukauna, Promissory Note GO,
4.00%, 9/1/2022
    100,000
      100,000
City of Kenosha, Promissory Notes
 
 
Series 2017B, GO, 2.00%, 9/1/2022
     50,000
       50,000
Series 2018C, GO, 3.00%, 11/1/2022
     50,000
       50,063
City of Lake Mills, Capital Purpose Series
2014B, GO, 4.00%, 9/1/2022
    140,000
      140,000
City of Madison
 
 
Series 2020B, GO, 2.00%, 10/1/2022
     25,000
       24,995
Series 2014C, Rev., 5.00%, 12/1/2022
     50,000
       50,342
Series 2019A, Rev., 5.00%, 1/1/2023
     35,000
       35,313
City of Madison, Promissory Notes
 
 
Series 2017A, GO, 4.00%, 10/1/2022
125,000
125,181
Series 2018A, GO, 4.00%, 10/1/2022
140,000
140,203
City of Madison, Water Utility Rev., BAN,
1.50%, 11/1/2024
1,075,000
1,040,531
City of Manitowoc GO, 2.00%, 2/1/2023
320,000
319,126
City of Merrill Series 2019A, GO, 3.00%,
10/1/2022
60,000
60,031
City of Milwaukee, Promissory Notes
 
 
Series 2018 N1, GO, 5.00%, 2/1/2023
1,325,000
1,339,528
Series 2016N2, GO, 4.00%, 3/1/2023
30,000
30,247
Series 2020N4, GO, 5.00%, 4/1/2023
35,000
35,534
City of Milwaukee, Sewerage System Series
2016S7, Rev., 5.00%, 6/1/2023
25,000
25,465
City of Oak Creek
 
 
Series 2016C, GO, 3.00%, 10/1/2022
25,000
25,015
Series 2021B, Rev., 2.00%, 4/1/2024
5,020,000
4,956,639
City of Oshkosh, Promissory Notes Series
2017B, GO, 4.00%, 12/1/2022
80,000
80,302
City of Oshkosh, Street Improvement
 
 
Series 2019A, GO, 0.05%, 12/1/2022
70,000
69,531
Series 2019A, GO, 2.00%, 12/1/2023
200,000
197,790
City of Oshkosh, Wisconsin Sewer System
Series D, Rev., 5.00%, 5/1/2023
25,000
25,408
City of Racine
 
 
GO, 3.00%, 12/1/2022
25,000
25,047
GO, 5.00%, 12/1/2022
25,000
25,169
City of Waukesha, Promissory Notes
 
 
Series 2021B, GO, 2.00%, 10/1/2022
130,000
129,956
Series 2019C, GO, 3.00%, 10/1/2022
20,000
20,012
Series 2020A, GO, 3.00%, 10/1/2022
65,000
65,037
SEE NOTES TO FINANCIAL STATEMENTS.
 
346
J.P. Morgan Exchange-Traded Funds
August 31, 2022
INVESTMENTS
PRINCIPAL
AMOUNT($)
VALUE($)
Municipal Bonds — continued
Wisconsin — continued
Series 2015A, GO, 4.00%, 10/1/2022
     75,000
       75,106
Series 2015A, GO, 4.00%,
10/1/2022 (b)
     35,000
       35,048
Series B, GO, 4.00%, 10/1/2022
     40,000
       40,057
City of Wauwatosa Series 2019A, GO,
4.00%, 12/1/2022
     75,000
       75,319
County of Dane, Promissory Notes Series
2019A, GO, 2.00%, 6/1/2023
     20,000
       19,924
County of Eau Claire, Promissory Notes
Series 2020A, GO, 5.00%, 9/1/2022
     20,000
       20,000
County of Kenosha, Promissory Notes Series
2018A, GO, 4.00%, 9/1/2022
    140,000
      140,000
County of Milwaukee
 
 
Series 2019A, GO, 5.00%, 10/1/2022
     65,000
       65,142
Series 2017B, GO, 2.00%, 12/1/2022
     25,000
       24,975
Series 2014A, GO, 3.00%, 12/1/2022
     25,000
       25,045
County of Milwaukee, Corporate Purpose
Series 2018D, GO, 3.00%, 8/1/2024
100,000
100,737
County of Taylor, Promissory Notes Series
2021A, GO, 2.00%, 10/1/2022
85,000
84,970
County of Washington GO, 3.00%,
3/1/2023
50,000
50,163
East Troy Community School District GO,
3.00%, 3/1/2023
20,000
20,067
Fond Du Lac School District, Promissory
Notes Series 2019A, GO, 3.00%,
4/1/2023
40,000
40,140
Fox Valley Technical College District,
Promissory Notes
 
 
Series 2018A, GO, 4.00%, 12/1/2022
60,000
60,237
Series 2019A, GO, 4.00%, 12/1/2022
55,000
55,217
Fox Valley Technical College District, School
Facilities
 
 
Series 2012C, GO, 3.00%, 12/1/2022
50,000
50,075
Series 2012C, GO, 3.00%,
12/1/2022 (b)
25,000
25,045
Franklin Public School District GO, 4.00%,
4/1/2023
25,000
25,253
Glendale Community Development
Authority Series A, Rev., 2.55%,
10/1/2022 (b)
20,000
20,003
Glendale Community Development
Authority, Bayshore Public Parking
Facility Rev., 2.30%, 10/1/2022 (b)
20,000
20,000
Grafton School District, School Building and
Improvement GO, 5.00%, 4/1/2023 (b)
20,000
20,312
Kohler School District GO, 5.00%,
3/1/2023
30,000
30,393
INVESTMENTS
PRINCIPAL
AMOUNT($)
VALUE($)
 
Wisconsin — continued
Milton School District GO, 5.00%,
3/1/2023
     85,000
       86,096
Milwaukee Area Technical College District,
Promissory Notes Series B, GO, 4.00%,
6/1/2023
     25,000
       25,316
Milwaukee Metropolitan Sewerage District,
Promissory Notes Series 2015A, GO,
4.00%, 10/1/2022
    115,000
      115,164
Milwaukee Metropolitan Sewerage District,
Sewer System
 
 
Series 2020A, GO, 3.00%, 10/1/2022
    220,000
      220,138
Series 2017A, GO, 5.00%, 10/1/2022
    110,000
      110,245
Milwaukee Redevelopment Authority, Public
Schools
 
 
Rev., 5.00%, 11/15/2022
    415,000
      417,172
Series 2016A, Rev., 5.00%,
11/15/2022
     25,000
       25,131
Rev., 5.00%, 11/15/2023
    130,000
      133,838
Series 2016A, Rev., 5.00%,
11/15/2023
     40,000
       41,181
Public Finance Authority, Coral Academy of
Science Series 2021A, Rev., 4.00%,
7/1/2025
315,000
312,862
Public Finance Authority, Entrance Fee
Principal Redemption, Searstone CCRC
Project Series 2021B2, Rev., 2.25%,
6/1/2027 (e)
1,975,000
1,794,796
Public Finance Authority, KU Campus
Development Corp. - Central District
Development Project
 
 
Rev., 5.00%, 3/1/2023
145,000
146,834
Rev., 5.00%, 3/1/2025
160,000
169,458
Public Finance Authority, Renown Regional
Medical Center Project Series 2015A,
Rev., 5.00%, 6/1/2025
145,000
152,295
Public Finance Authority, Retirement
Housing Foundation, Distribution System
Series 2017B, Rev., 5.00%,
11/15/2022
25,000
25,120
Public Finance Authority, Voyager
Foundation Inc., Project Series 2012A,
Rev., 6.20%, 10/1/2022 (b)
325,000
325,977
Richland School District GO, 2.50%,
10/1/2022
25,000
25,001
River Falls School District, Corporate
Purpose Series 2018A, GO, 5.00%,
4/1/2023
40,000
40,615
SEE NOTES TO FINANCIAL STATEMENTS.
 
August 31, 2022
J.P. Morgan Exchange-Traded Funds
347
JPMorgan Ultra-Short Municipal Income ETF
SCHEDULE OF PORTFOLIO INVESTMENTS
AS OF August 31, 2022  (Unaudited) (continued)
INVESTMENTS
PRINCIPAL
AMOUNT($)
VALUE($)
Municipal Bonds — continued
Wisconsin — continued
River Falls School District, School Building
and Improvement Series 2019A, GO,
3.00%, 4/1/2023
     25,000
       25,098
School District of Maple Series 2015A, GO,
5.00%, 4/1/2023
     30,000
       30,449
Sevastopol School District, Promissory
Notes
 
 
GO, 4.00%, 3/1/2024
    985,000
    1,007,845
GO, 4.00%, 3/1/2025
    625,000
      647,685
State of Wisconsin
 
 
Series 2016-2, GO, 1.50%, 11/1/2022
     75,000
       74,864
Series 2, GO, 4.00%, 11/1/2022
    310,000
      310,889
Series 2014-3, GO, 4.00%, 11/1/2022
     70,000
       70,201
Series 2, GO, 5.00%, 11/1/2022
    205,000
      205,920
Series 2014-3, GO, 5.00%,
11/1/2022 (b)
    425,000
      426,914
Series 2014-3, GO, 5.00%, 11/1/2022
145,000
145,651
Series 2016-1, GO, 5.00%, 11/1/2022
125,000
125,561
Series 2017-2, GO, 5.00%, 11/1/2022
100,000
100,449
Series 2013-1, GO, 5.00%, 5/1/2023
25,000
25,445
Series 2015A, GO, 5.00%, 5/1/2023 (b)
30,000
30,522
Series 2017A, GO, 5.00%, 5/1/2023
20,000
20,356
Series 2018A, GO, 5.00%, 5/1/2023
25,000
25,445
Series 2018B, GO, 5.00%, 5/1/2023 (b)
45,000
45,783
Series 2021A, GO, 5.00%, 5/1/2023
25,000
25,445
Series 2014-3, GO, 5.00%, 11/1/2023
165,000
165,709
Series 1, GO, 5.00%, 5/1/2024
40,000
40,710
Series 4, GO, 5.00%, 5/1/2025
40,000
42,198
State of Wisconsin Clean Water Fund
Leveraged Loan Portfolio
 
 
Series 2013-1, Rev., 4.00%,
6/1/2023 (b)
40,000
40,485
Series 2013-1, Rev., 5.00%,
6/1/2023 (b)
30,000
30,584
State of Wisconsin, Environmental
Improvement Fund Series 2017A, Rev.,
5.00%, 6/1/2023
20,000
20,403
State of Wisconsin, Master Lease Series
2021A, COP, 4.00%, 3/1/2023
30,000
30,247
Tender Option Bond Trust Receipts/
Certificates Series 2020-XL0147, Rev.,
VRDO, AGM, LOC : Barclays Bank plc,
1.71%, 9/8/2022 (c) (e)
10,640,000
10,640,000
Town of Liberty Grove, Promissory Notes
GO, 4.00%, 9/1/2022
20,000
20,000
Village of Fox Crossing, Corporate Purpose
GO, 3.00%, 4/1/2024
185,000
186,115
INVESTMENTS
PRINCIPAL
AMOUNT($)
VALUE($)
 
Wisconsin — continued
Village of Jackson Series 2017A, GO,
2.00%, 12/1/2022
     35,000
       34,948
Village of Menomonee Falls, Corporate
Purpose Series B, GO, 3.50%, 2/1/2024
    245,000
      248,825
Village of Pleasant Prairie Series 2014A,
GO, 5.00%, 9/1/2022
    150,000
      150,000
Walworth County Joint School District No. 2
Genoa - Bloomfield, School Improvement
GO, 4.00%, 4/1/2023
     20,000
       20,180
Waterford Graded Joint School District No.
1, Promissory Notes GO, 3.00%,
4/1/2023
     25,000
       25,078
Wauwatosa School District, School Building
and Improvement Series 2019B, GO,
5.00%, 9/1/2022
    200,000
      200,000
Wisconsin Center District, Capital
Appreciation Series 1996A, Rev.,
NATL-RE, Zero Coupon, 12/15/2022
     90,000
       89,273
Wisconsin Department of Transportation
 
 
Series 2013-1, Rev., 5.00%,
7/1/2023 (b)
     25,000
       25,549
Series 2017-1, Rev., 5.00%, 7/1/2023
     10,000
       10,219
Wisconsin Health & Educational Facilities
Authority Rev., 5.00%, 4/1/2023
    650,000
      659,725
Wisconsin Health and Educational Facilities
Authority, Advocate Aurora Health Credit
Rev., 5.00%, 1/29/2025 (c)
200,000
210,265
Wisconsin Health and Educational Facilities
Authority, Gundersen Lutheran Rev.,
3.00%, 11/15/2022
20,000
20,028
Wisconsin Health and Educational Facilities
Authority, Medical College of Wisconsin
Rev., 5.00%, 12/1/2022
80,000
80,542
Wisconsin Health and Educational Facilities
Authority, Advocate Aurora Health Credit
Group
 
 
Series 2018B-2, Rev., 5.00%,
1/25/2023 (c)
1,465,000
1,479,314
Series 2018B-3, Rev., 5.00%,
1/31/2024 (c)
1,075,000
1,110,572
Series 2018C1, Rev., 5.00%,
7/29/2026 (c)
180,000
194,318
Wisconsin Health and Educational Facilities
Authority, Ascension Health Credit
 
 
Series 2013B-1, Rev., 4.00%,
11/15/2022
50,000
50,165
Series 2013A, Rev., 5.00%,
11/15/2023 (b)
20,000
20,591
SEE NOTES TO FINANCIAL STATEMENTS.
 
348
J.P. Morgan Exchange-Traded Funds
August 31, 2022
INVESTMENTS
PRINCIPAL
AMOUNT($)
VALUE($)
Municipal Bonds — continued
Wisconsin — continued
Wisconsin Health and Educational Facilities
Authority, Ascension Senior Credit Group
 
 
Series 2016A, Rev., 5.00%,
11/15/2022
    315,000
      316,668
Series 2019A, Rev., 5.00%,
11/15/2024
    250,000
      263,312
Wisconsin Health and Educational Facilities
Authority, Aspirus, Inc., Obligated Group
 
 
Rev., 5.00%, 8/15/2023
    100,000
      102,448
Rev., 5.00%, 8/15/2024
    100,000
      104,433
Rev., 5.00%, 8/15/2025
    100,000
      106,436
Wisconsin Health and Educational Facilities
Authority, Hospital Sisters Services, Inc.,
Obligated Group Rev., 5.00%,
11/15/2022
  1,105,000
    1,110,510
Wisconsin Health and Educational Facilities
Authority, Marquette University Rev.,
5.00%, 10/1/2022
     95,000
       95,199
Wisconsin Health and Educational Facilities
Authority, Marshfield Clinic Health
System, Inc. Series 2016B, Rev., 5.00%,
2/15/2023
     80,000
       80,813
Wisconsin Health and Educational Facilities
Authority, Mercy Alliance, Inc. Rev.,
5.00%, 6/1/2026
    160,000
      160,357
Wisconsin Health and Educational Facilities
Authority, Oakwood Lutheran Senior
Ministries
 
 
Rev., 4.00%, 1/1/2023
125,000
125,112
Rev., 4.00%, 1/1/2024
160,000
160,302
Rev., 4.00%, 1/1/2025
210,000
210,454
Wisconsin Health and Educational Facilities
Authority, The Monroe Clinic, Inc.
 
 
Rev., 3.00%, 8/15/2025 (b)
25,000
25,285
Rev., 4.00%, 8/15/2025 (b)
30,000
31,215
Wisconsin Health and Educational Facilities
Authority, Thedacare, Inc. Rev., 5.00%,
12/15/2022
135,000
135,911
Wisconsin Health and Educational Facilities
Authority, Unity Point Health
 
 
Series 2014A, Rev., 5.00%, 12/1/2024
185,000
194,081
Series 2014A, Rev., 5.00%, 12/1/2025
285,000
298,929
Wisconsin Health and Educational Facilities
Authority, Unitypoint Health Series
2014A, Rev., 5.00%, 12/1/2022
180,000
181,164
INVESTMENTS
PRINCIPAL
AMOUNT($)
VALUE($)
 
Wisconsin — continued
WPPI Energy Power Supply System
 
 
Series 2013A, Rev., 5.00%, 7/1/2024
    465,000
      475,143
Series 2013A, Rev., 4.00%, 7/1/2026
    450,000
      455,427
Total Wisconsin
 
39,017,314
Wyoming — 0.0% ^
Albany County School District No. 1 4.00%,
6/1/2023
     20,000
       20,234
Wyoming State Loan and Investment Board,
Capital Facilities
 
 
Series 2012A, Rev., 4.00%, 10/1/2022
     25,000
       25,036
Series 2012A, Rev., 5.00%, 10/1/2023
     30,000
       30,461
Total Wyoming
 
75,731
Total Municipal Bonds
(Cost $2,791,559,795)
 
2,772,230,286
 
SHARES
 
Short-Term Investments — 13.2%
Investment Companies — 13.2%
JPMorgan Institutional Tax Free Money
Market Fund Class IM Shares, 1.36% (g)
(h)
(Cost $410,771,778)
410,645,444
410,768,637
Total Investments — 102.1%
(Cost $3,202,331,573)
 
3,182,998,923
Liabilities in Excess of Other Assets —
(2.1)%
 
(65,254,059)
NET ASSETS — 100.0%
 
3,117,744,864
 
Percentages indicated are based on net assets.
 
Abbreviations
 
AGC
Insured by Assured Guaranty Corp.
AGM
Insured by Assured Guaranty Municipal Corp.
AMBAC
Insured by American Municipal Bond Assurance Corp.
AMT
Alternative Minimum Tax
BAN
Bond Anticipation Note
CCRC
Congregate Care Retirement Center
COLL
Collateral
COP
Certificate of Participation
CR
Custodial Receipts
FGIC
Insured by Financial Guaranty Insurance Co.
FHA
Federal Housing Administration
FHLMC
Federal Home Loan Mortgage Corp.
FNMA
Federal National Mortgage Association
GAN
Grant Anticipation Notes
GNMA
Government National Mortgage Association
SEE NOTES TO FINANCIAL STATEMENTS.
 
August 31, 2022
J.P. Morgan Exchange-Traded Funds
349
JPMorgan Ultra-Short Municipal Income ETF
SCHEDULE OF PORTFOLIO INVESTMENTS
AS OF August 31, 2022  (Unaudited) (continued)
GO
General Obligation
GTD
Guaranteed
ICE
Intercontinental Exchange
LIBOR
London Interbank Offered Rate
LIQ
Liquidity Agreement
LOC
Letter of Credit
MTA
Metropolitan Transportation Authority
NATL
Insured by National Public Finance Guarantee Corp.
PSF-GTD
Permanent School Fund Guaranteed
Q-SBLF
Qualified School Bond Loan Fund
RAN
Revenue Anticipation Note
RE
Reinsured
Rev.
Revenue
SCSDE
South Carolina School District Enhancement
SIFMA
The Securities Industry and Financial Markets Association
SOFR
Secured Overnight Financing Rate
TRAN
Tax & Revenue Anticipation Note
USD
United States Dollar
VRDO
Variable Rate Demand Obligation
XLCA
Insured by XL Capital Assurance
 
^
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)
Security is prerefunded or escrowed to maturity.
 
(c)
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, 2022.
 
(d)
Variable or floating rate security, linked to the
referenced benchmark. The interest rate shown is the
current rate as of August 31, 2022.
 
(e)
Securities exempt from registration under Rule 144A
or section 4(a)(2), of the Securities Act of 1933, as
amended.
 
(f)
All or a portion of the security is a when-issued
security, delayed delivery security, or forward
commitment.
 
(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,
2022.
 
SEE NOTES TO FINANCIAL STATEMENTS.
 
350
J.P. Morgan Exchange-Traded Funds
August 31, 2022
JPMorgan USD Emerging Markets Sovereign Bond ETF
SCHEDULE OF PORTFOLIO INVESTMENTS
AS OF August 31, 2022  (Unaudited)
 
INVESTMENTS
PRINCIPAL
AMOUNT($)
VALUE($)
Foreign Government Securities — 87.2%
Angola — 2.2%
Republic of Angola
 
 
8.25%, 5/9/2028 (a)
  552,000
   478,860
8.00%, 11/26/2029 (a)
  639,000
   528,772
9.38%, 5/8/2048 (a)
  680,000
   516,800
 
 
1,524,432
Azerbaijan — 0.5%
Republic of Azerbaijan 3.50%, 9/01/2032  (a)
(b)
  420,000
   361,148
Bahrain — 4.6%
CBB International Sukuk Programme Co. SPC
 
 
6.25%, 11/14/2024 (a)
  207,000
   211,761
4.50%, 3/30/2027 (c)
  389,000
   377,281
Kingdom of Bahrain
 
 
6.13%, 8/1/2023 (a)
250,000
251,766
7.00%, 1/26/2026  (a)
310,000
317,905
7.00%, 10/12/2028  (a) (c)
802,000
801,649
6.75%, 9/20/2029 (a)
200,000
195,975
5.63%, 9/30/2031 (a)
334,000
291,373
5.45%, 9/16/2032 (a)
484,000
412,852
5.25%, 1/25/2033 (a)
200,000
165,663
6.00%, 9/19/2044 (a)
228,000
170,188
 
 
3,196,413
Bolivia, Plurinational State of — 0.2%
Plurinational State of Bolivia 4.50%,
3/20/2028 (a)
200,000
159,163
Brazil — 6.7%
Federative Republic of Brazil
 
 
8.88%, 4/15/2024
230,000
246,646
4.25%, 1/7/2025
227,000
224,560
2.88%, 6/6/2025
200,000
191,200
6.00%, 4/7/2026
589,000
611,934
4.63%, 1/13/2028
480,000
459,540
4.50%, 5/30/2029
310,000
287,099
3.88%, 6/12/2030
440,000
383,158
3.75%, 9/12/2031 (c)
200,000
170,300
8.25%, 1/20/2034
380,000
430,302
7.13%, 1/20/2037
395,000
411,738
5.63%, 1/7/2041
140,000
119,289
5.00%, 1/27/2045
265,000
205,425
5.63%, 2/21/2047
342,000
282,962
4.75%, 1/14/2050
871,000
631,910
 
 
4,656,063
INVESTMENTS
PRINCIPAL
AMOUNT($)
VALUE($)
 
Chile — 1.6%
Republic of Chile
 
 
2.75%, 1/31/2027
  200,000
   185,100
2.45%, 1/31/2031 (c)
  393,000
   331,176
2.55%, 7/27/2033
  200,000
   160,600
3.10%, 5/7/2041
  200,000
   147,100
3.86%, 6/21/2047
  200,000
   159,413
3.50%, 4/15/2053
  200,000
   142,350
 
 
1,125,739
China — 1.1%
People's Republic of China
 
 
1.95%, 12/3/2024 (a)
  200,000
   192,836
3.50%, 10/19/2028 (a)
200,000
199,037
1.20%, 10/21/2030 (a)
200,000
170,518
1.75%, 10/26/2031 (a)
200,000
175,980
 
 
738,371
Colombia — 5.6%
Republic of Colombia
 
 
4.00%, 2/26/2024
200,000
195,537
8.13%, 5/21/2024
238,000
246,821
4.50%, 1/28/2026
200,000
188,788
4.50%, 3/15/2029
1,122,000
982,311
3.00%, 1/30/2030
222,000
171,953
3.13%, 4/15/2031
200,000
150,788
3.25%, 4/22/2032
232,000
170,868
7.38%, 9/18/2037
100,000
94,706
6.13%, 1/18/2041
325,000
259,147
4.13%, 2/22/2042
206,000
128,441
5.63%, 2/26/2044
200,000
144,788
5.00%, 6/15/2045
637,000
426,710
5.20%, 5/15/2049
1,053,000
715,579
 
 
3,876,437
Costa Rica — 0.9%
Republic of Costa Rica
 
 
7.00%, 4/04/2044  (a)
494,000
428,329
7.16%, 3/12/2045 (a)
237,000
208,901
 
 
637,230
Cote D'Ivoire — 0.3%
Republic of Cote d'Ivoire 6.13%, 6/15/2033 (b)
210,000
176,571
Croatia — 0.3%
Republic of Croatia 6.00%, 1/26/2024 (a)
200,000
204,538
SEE NOTES TO FINANCIAL STATEMENTS.
 
August 31, 2022
J.P. Morgan Exchange-Traded Funds
351
JPMorgan USD Emerging Markets Sovereign Bond ETF
SCHEDULE OF PORTFOLIO INVESTMENTS
AS OF August 31, 2022  (Unaudited) (continued)
INVESTMENTS
PRINCIPAL
AMOUNT($)
VALUE($)
Foreign Government Securities — continued
Dominican Republic — 5.8%
Dominican Republic Government Bond
 
 
5.50%, 1/27/2025 (a)
  220,000
   219,079
6.88%, 1/29/2026 (a)
  507,000
   518,344
5.95%, 1/25/2027  (a) (b)
  398,000
   388,373
6.00%, 7/19/2028  (a) (b)
  457,000
   436,092
4.50%, 1/30/2030 (a)
  550,000
   460,900
4.88%, 9/23/2032 (a)
  274,000
   220,707
7.45%, 4/30/2044  (a) (b)
  430,000
   391,649
6.85%, 1/27/2045  (a) (b)
  461,000
   390,064
6.40%, 6/05/2049  (a) (b)
  815,000
   639,419
5.88%, 1/30/2060  (a)
  585,000
   413,266
 
 
4,077,893
Egypt — 0.0% ^
Arab Republic of Egypt
 
 
5.58%, 2/21/2023 (a)
1,000
980
7.50%, 1/31/2027 (a)
25,000
21,000
 
 
21,980
Ethiopia — 0.2%
Federal Democratic Republic of Ethiopia 6.63%,
12/11/2024 (b)
200,000
109,788
Gabon — 0.2%
Gabonese Republic 6.63%, 2/6/2031 (a)
200,000
148,350
Guatemala — 0.5%
Republic of Guatemala 6.13%, 6/1/2050 (a)
400,000
363,950
Hungary — 0.9%
Hungary Government Bond
 
 
5.75%, 11/22/2023
144,000
145,917
5.38%, 3/25/2024
90,000
90,242
7.63%, 3/29/2041
260,000
298,480
3.13%, 9/21/2051 (a)
200,000
123,975
 
 
658,614
India — 0.3%
Export-Import Bank of India 3.25%,
1/15/2030 (a)
249,000
220,801
Indonesia — 3.0%
Perusahaan Penerbit SBSN Indonesia III
 
 
1.50%, 6/9/2026 (a)
200,000
183,022
4.15%, 3/29/2027 (b)
200,000
200,037
4.40%, 6/6/2027 (a)
200,000
201,500
Republic of Indonesia
 
 
3.85%, 7/18/2027 (a)
473,000
467,620
4.10%, 4/24/2028
200,000
199,975
INVESTMENTS
PRINCIPAL
AMOUNT($)
VALUE($)
 
Indonesia—continued
8.50%, 10/12/2035  (a)
  204,000
   262,178
6.63%, 2/17/2037  (a) (b) (c)
  245,000
   274,370
7.75%, 1/17/2038 (a)
  100,000
   122,331
3.05%, 3/12/2051
  271,000
   205,312
 
 
2,116,345
Iraq — 0.6%
Republic of Iraq 5.80%, 1/15/2028  (a) (b)
  529,375
   440,142
Jamaica — 1.7%
Jamaica Government Bond
 
 
6.75%, 4/28/2028
  510,000
   551,214
8.00%, 3/15/2039 (c)
  104,000
   121,245
7.88%, 7/28/2045
471,000
542,621
 
 
1,215,080
Jordan — 1.2%
Hashemite Kingdom of Jordan
 
 
6.13%, 1/29/2026 (b)
346,000
334,712
5.85%, 7/7/2030 (a)
536,000
466,755
 
 
801,467
Kazakhstan — 0.9%
Republic of Kazakhstan
 
 
3.88%, 10/14/2024 (b)
350,000
356,737
4.88%, 10/14/2044 (a)
280,000
235,340
 
 
592,077
Kenya — 1.6%
Republic of Kenya
 
 
6.88%, 6/24/2024 (a)
302,000
264,250
7.25%, 2/28/2028  (a) (b)
651,000
504,525
8.00%, 5/22/2032 (a)
200,000
148,000
8.25%, 2/28/2048 (a)
335,000
226,962
 
 
1,143,737
Kuwait — 0.6%
State of Kuwait 3.50%, 3/20/2027  (a) (b)
400,000
399,825
Malaysia — 0.4%
Malaysia Sovereign Sukuk Bhd. 3.04%,
4/22/2025 (a)
286,000
279,440
Mexico — 2.2%
United Mexican States
 
 
4.13%, 1/21/2026
261,000
260,347
4.50%, 4/22/2029
200,000
195,400
2.66%, 5/24/2031
235,000
194,462
8.30%, 8/15/2031
24,000
29,660
SEE NOTES TO FINANCIAL STATEMENTS.
 
352
J.P. Morgan Exchange-Traded Funds
August 31, 2022
INVESTMENTS
PRINCIPAL
AMOUNT($)
VALUE($)
Foreign Government Securities — continued
Mexico—continued
6.05%, 1/11/2040
   86,000
    86,097
4.75%, 3/8/2044
   76,000
    64,662
4.60%, 1/23/2046
  528,000
   431,739
4.40%, 2/12/2052
  200,000
   153,500
5.75%, 10/12/2110
  122,000
   104,523
 
 
1,520,390
Morocco — 0.6%
Kingdom of Morocco
 
 
3.00%, 12/15/2032 (a)
  400,000
   297,575
4.00%, 12/15/2050 (a)
  200,000
   128,850
 
 
426,425
Nigeria — 3.6%
Federal Republic of Nigeria
 
 
7.63%, 11/21/2025 (a)
586,000
517,145
6.50%, 11/28/2027 (a)
263,000
200,537
6.13%, 9/28/2028 (a)
496,000
356,593
7.14%, 2/23/2030 (a)
206,000
151,410
7.14%, 2/23/2030
200,000
147,000
7.38%, 9/28/2033 (a)
200,000
133,500
7.70%, 2/23/2038 (a)
451,000
287,512
7.63%, 11/28/2047 (a)
824,000
506,760
8.25%, 9/28/2051 (a)
302,000
191,393
 
 
2,491,850
Oman — 5.8%
Oman Sovereign Sukuk SAOC
 
 
4.40%, 6/1/2024 (a)
346,000
344,270
5.93%, 10/31/2025 (a)
333,000
344,655
4.88%, 6/15/2030 (a)
201,000
199,593
Sultanate of Oman Government Bond
 
 
4.88%, 2/1/2025 (a)
200,000
199,000
4.75%, 6/15/2026 (a)
300,000
291,000
5.38%, 3/8/2027 (a)
200,000
197,000
6.75%, 10/28/2027 (a)
200,000
207,750
5.63%, 1/17/2028 (a)
300,000
294,375
6.00%, 8/01/2029  (a) (b)
621,000
618,671
6.25%, 1/25/2031 (a)
220,000
221,650
7.38%, 10/28/2032 (a)
200,000
216,000
6.50%, 3/08/2047  (a) (b)
474,000
413,566
6.75%, 1/17/2048 (a)
550,000
488,812
 
 
4,036,342
INVESTMENTS
PRINCIPAL
AMOUNT($)
VALUE($)
 
Pakistan — 1.4%
Islamic Republic of Pakistan
 
 
8.25%, 4/15/2024 (a)
  270,000
   191,730
6.00%, 4/08/2026  (a)
  558,000
   346,021
6.88%, 12/05/2027  (a) (b)
  742,000
   456,412
 
 
994,163
Panama — 1.9%
Republic of Panama
 
 
3.88%, 3/17/2028
  207,000
   198,694
3.16%, 1/23/2030
  200,000
   175,600
2.25%, 9/29/2032
  231,000
   178,996
6.70%, 1/26/2036
  105,000
   112,829
4.50%, 4/16/2050
200,000
157,475
4.30%, 4/29/2053
296,000
225,848
3.87%, 7/23/2060
414,000
284,185
 
 
1,333,627
Paraguay — 0.9%
Republic of Paraguay
 
 
4.95%, 4/28/2031 (a)
200,000
192,287
6.10%, 8/11/2044 (a)
262,000
244,037
5.40%, 3/30/2050 (a)
200,000
166,975
 
 
603,299
Peru — 2.0%
Republic of Peru
 
 
7.35%, 7/21/2025
321,000
344,734
4.13%, 8/25/2027
216,000
211,518
2.78%, 1/23/2031
192,000
164,016
1.86%, 12/1/2032
108,000
81,965
8.75%, 11/21/2033
8,000
10,301
3.00%, 1/15/2034
8,000
6,524
6.55%, 3/14/2037
54,000
59,022
3.30%, 3/11/2041
56,000
42,448
5.63%, 11/18/2050
66,000
68,467
2.78%, 12/1/2060
367,000
227,953
3.23%, 7/28/2121
306,000
189,873
 
 
1,406,821
Philippines — 2.6%
Republic of Philippines
 
 
10.63%, 3/16/2025
64,000
74,407
9.50%, 2/2/2030
160,000
210,418
2.46%, 5/5/2030
1,000
895
7.75%, 1/14/2031
150,000
183,766
6.38%, 1/15/2032
159,000
179,687
SEE NOTES TO FINANCIAL STATEMENTS.
 
August 31, 2022
J.P. Morgan Exchange-Traded Funds
353
JPMorgan USD Emerging Markets Sovereign Bond ETF
SCHEDULE OF PORTFOLIO INVESTMENTS
AS OF August 31, 2022  (Unaudited) (continued)
INVESTMENTS
PRINCIPAL
AMOUNT($)
VALUE($)
Foreign Government Securities — continued
Philippines—continued
6.38%, 10/23/2034
  196,000
   224,442
5.00%, 1/13/2037
  200,000
   203,522
3.95%, 1/20/2040
  400,000
   363,544
3.70%, 3/1/2041
  200,000
   172,772
3.70%, 2/2/2042
  200,000
   171,772
 
 
1,785,225
Poland — 0.4%
Republic of Poland
 
 
4.00%, 1/22/2024
  130,000
   129,659
3.25%, 4/6/2026
  180,000
   176,883
 
 
306,542
Qatar — 2.4%
State of Qatar
 
 
3.38%, 3/14/2024 (a)
450,000
446,625
4.00%, 3/14/2029 (a)
212,000
215,445
9.75%, 6/15/2030 (a)
116,000
161,965
6.40%, 1/20/2040 (a)
150,000
182,062
4.63%, 6/2/2046 (b)
276,000
278,415
5.10%, 4/23/2048 (a)
200,000
213,750
4.82%, 3/14/2049 (a)
200,000
205,250
 
 
1,703,512
Romania — 0.9%
Romania Government Bond
 
 
3.00%, 2/27/2027 (a)
68,000
61,234
5.25%, 11/25/2027 (a)
26,000
25,285
3.00%, 2/14/2031 (a)
366,000
289,780
3.63%, 3/27/2032 (a)
56,000
45,056
6.13%, 1/22/2044 (a)
32,000
30,206
5.13%, 6/15/2048 (b)
90,000
74,014
4.00%, 2/14/2051 (a)
188,000
128,991
 
 
654,566
Saudi Arabia — 3.4%
Kingdom of Saudi Arabia
 
 
2.88%, 3/4/2023 (a)
28,000
27,874
4.00%, 4/17/2025 (a)
495,000
497,722
3.63%, 3/4/2028 (a)
326,000
323,555
4.50%, 4/17/2030 (b)
282,000
293,280
2.25%, 2/2/2033 (a)
200,000
171,000
4.50%, 10/26/2046 (a)
200,000
186,250
INVESTMENTS
PRINCIPAL
AMOUNT($)
VALUE($)
 
Saudi Arabia—continued
4.63%, 10/04/2047  (a) (b)
  501,000
   469,062
4.50%, 4/22/2060 (a)
  270,000
   251,100
KSA Sukuk Ltd. 2.25%, 5/17/2031 (a)
  200,000
   177,750
 
 
2,397,593
Senegal — 0.2%
Republic of Senegal 6.75%, 3/13/2048 (a)
  216,000
   150,161
Serbia — 0.2%
Republic of Serbia 2.13%, 12/1/2030 (a)
  230,000
   164,996
South Africa — 4.4%
Republic of South Africa
 
 
5.88%, 9/16/2025
  518,000
   524,248
4.88%, 4/14/2026
200,000
192,850
4.30%, 10/12/2028
393,000
347,633
4.85%, 9/30/2029
400,000
353,575
5.88%, 6/22/2030
465,000
434,426
5.88%, 4/20/2032
275,000
243,375
5.38%, 7/24/2044
200,000
142,850
5.00%, 10/12/2046
612,000
410,729
5.65%, 9/27/2047
349,000
248,728
5.75%, 9/30/2049
274,000
194,198
 
 
3,092,612
Trinidad and Tobago — 0.3%
Republic of Trinidad and Tobago 4.50%,
8/4/2026 (a)
200,000
197,163
Tunisia — 0.2%
Tunisian Republic 5.75%, 1/30/2025 (a)
200,000
119,350
Turkey — 8.0%
Hazine Mustesarligi Varlik Kiralama A/S
 
 
5.00%, 4/6/2023 (a)
400,000
395,700
4.49%, 11/25/2024 (b)
1,000
944
5.13%, 6/22/2026 (a)
200,000
184,600
Republic of Turkey
 
 
7.25%, 12/23/2023
200,000
200,250
5.75%, 3/22/2024
275,000
261,250
7.38%, 2/5/2025
257,000
243,507
4.25%, 3/13/2025
310,000
270,475
4.75%, 1/26/2026
624,000
533,520
4.25%, 4/14/2026
568,000
471,440
4.88%, 10/9/2026
200,000
166,000
6.00%, 3/25/2027
470,000
394,800
7.63%, 4/26/2029
200,000
172,000
SEE NOTES TO FINANCIAL STATEMENTS.
 
354
J.P. Morgan Exchange-Traded Funds
August 31, 2022
INVESTMENTS
PRINCIPAL
AMOUNT($)
VALUE($)
Foreign Government Securities — continued
Turkey—continued
11.88%, 1/15/2030
  245,000
   263,375
5.95%, 1/15/2031
  600,000
   447,000
5.88%, 6/26/2031
  285,000
   208,763
6.50%, 9/20/2033
  200,000
   147,000
8.00%, 2/14/2034 (c)
  128,000
   110,080
6.88%, 3/17/2036
  104,000
    77,480
6.75%, 5/30/2040
  646,000
   461,890
6.63%, 2/17/2045
  455,000
   302,575
5.75%, 5/11/2047
  433,000
   259,800
 
 
5,572,449
United Arab Emirates — 2.0%
United Arab Emirates Government Bond
 
 
2.50%, 4/16/2025 (a)
200,000
193,912
3.13%, 10/11/2027 (a)
300,000
295,275
1.88%, 9/15/2031 (a)
232,000
200,868
2.00%, 10/19/2031 (a)
200,000
172,413
3.13%, 9/30/2049  (a) (b)
465,000
365,548
3.88%, 4/16/2050 (a)
200,000
180,288
 
 
1,408,304
Uruguay — 1.6%
Oriental Republic of Uruguay
 
 
4.50%, 8/14/2024
73,334
74,172
4.38%, 10/27/2027
240,000
245,820
4.38%, 1/23/2031
84,000
85,643
7.63%, 3/21/2036
169,000
216,721
5.10%, 6/18/2050
101,000
102,534
4.98%, 4/20/2055
381,000
381,667
 
 
1,106,557
Vietnam — 0.3%
Socialist Republic of Vietnam 4.80%,
11/19/2024 (b)
200,000
199,788
Total Foreign Government Securities
(Cost $70,303,572)
 
60,917,329
Corporate Bonds — 11.0%
Azerbaijan — 0.9%
Southern Gas Corridor CJSC
 
 
6.88%, 3/24/2026 (a)
200,000
209,975
6.88%, 3/24/2026 (b) (c)
393,000
412,601
 
 
622,576
Bahrain — 0.3%
Oil and Gas Holding Co. BSCC (The) 7.50%,
10/25/2027 (b)
203,000
206,553
INVESTMENTS
PRINCIPAL
AMOUNT($)
VALUE($)
 
Chile — 0.6%
Corp. Nacional del Cobre de Chile
 
 
4.38%, 2/5/2049 (a)
  200,000
   164,850
3.70%, 1/30/2050 (a)
  320,000
   232,260
 
 
397,110
China — 1.8%
CNAC HK Finbridge Co. Ltd. 4.13%,
7/19/2027 (a)
  200,000
   191,022
Minmetals Bounteous Finance BVI Ltd. (US
Treasury Yield Curve Rate T Note Constant
Maturity 5 Year + 5.21%), 3.38%,
9/3/2024 (a) (d) (e) (f)
  200,000
   194,000
Sinopec Group Overseas Development 2017 Ltd.
3.63%, 4/12/2027 (b)
  200,000
   196,364
Sinopec Group Overseas Development 2018 Ltd.
2.15%, 5/13/2025 (a)
  396,000
   375,832
State Grid Overseas Investment BVI Ltd.
 
 
3.50%, 5/4/2027 (b)
    2,000
     1,959
1.63%, 8/5/2030 (a)
400,000
332,900
 
 
1,292,077
Indonesia — 0.6%
Pertamina Persero PT 1.40%, 2/9/2026 (a)
238,000
213,631
Perusahaan Perseroan Persero PT Perusahaan
Listrik Negara 6.15%, 5/21/2048 (a)
201,000
190,674
 
 
404,305
Kazakhstan — 0.6%
KazMunayGas National Co. JSC
 
 
5.38%, 4/24/2030 (a)
200,000
185,975
6.38%, 10/24/2048 (a)
257,000
213,438
 
 
399,413
Malaysia — 1.3%
Petronas Capital Ltd.
 
 
3.50%, 3/18/2025 (a)
200,000
197,413
2.48%, 1/28/2032 (a)
200,000
174,482
4.55%, 4/21/2050 (a)
320,000
314,072
3.40%, 4/28/2061 (a)
306,000
234,757
 
 
920,724
Mexico — 1.7%
Mexico City Airport Trust 5.50%, 7/31/2047 (a)
209,000
157,273
Petroleos Mexicanos
 
 
4.50%, 1/23/2026 (c)
214,000
191,851
6.70%, 2/16/2032
536,000
415,266
6.63%, 6/15/2035
370,000
264,568
6.50%, 6/2/2041
24,000
15,270
SEE NOTES TO FINANCIAL STATEMENTS.
 
August 31, 2022
J.P. Morgan Exchange-Traded Funds
355

JPMorgan USD Emerging Markets Sovereign Bond ETF
SCHEDULE OF PORTFOLIO INVESTMENTS
AS OF August 31, 2022  (Unaudited) (continued)
INVESTMENTS
PRINCIPAL
AMOUNT($)
VALUE($)
Corporate Bonds — continued
Mexico — continued
6.75%, 9/21/2047
   16,000
    10,046
6.35%, 2/12/2048
   24,000
    14,474
7.69%, 1/23/2050
   48,000
    32,760
6.95%, 1/28/2060
  167,000
   103,958
 
 
1,205,466
Panama — 0.2%
Aeropuerto Internacional de Tocumen SA
5.13%, 8/11/2061 (a)
  200,000
   160,475
Peru — 0.2%
Petroleos del Peru SA 5.63%, 6/19/2047 (b)
  200,000
   136,190
Philippines — 0.2%
Power Sector Assets & Liabilities Management
Corp. 7.39%, 12/2/2024 (a)
  156,000
   166,140
Qatar — 0.6%
Qatar Energy
 
 
3.13%, 7/12/2041 (a)
300,000
242,681
3.30%, 7/12/2051 (a)
200,000
158,663
 
 
401,344
South Africa — 0.7%
Eskom Holdings SOC Ltd.
 
 
6.75%, 8/6/2023 (b)
2,000
1,939
7.13%, 2/11/2025 (b)
327,000
306,726
6.35%, 8/10/2028 (b)
240,000
227,325
 
 
535,990
United Arab Emirates — 1.3%
Abu Dhabi Crude Oil Pipeline LLC 4.60%,
11/2/2047 (a)
222,000
216,214
DP World Ltd. 6.85%, 7/2/2037 (a)
270,000
297,472
MDGH GMTN RSC Ltd.
 
 
2.88%, 11/7/2029 (a)
200,000
188,038
2.88%, 5/21/2030 (a)
201,000
187,156
 
 
888,880
Total Corporate Bonds
(Cost $9,112,860)
 
7,737,243
 
SHARES
 
Short-Term Investments — 3.4%
Investment Companies — 0.6%
JPMorgan U.S. Government Money Market Fund
Class IM Shares, 2.00% (g) (h)(Cost
$437,315)
437,315
437,315
 INVESTMENTS
SHARES
VALUE($)
 
Investment of Cash Collateral from Securities Loaned — 2.8%
JPMorgan Securities Lending Money Market Fund
Agency SL Class Shares, 2.22% (g) (h)
  800,480
   800,400
JPMorgan U.S. Government Money Market Fund
Class IM Shares, 2.00% (g) (h)
1,123,022
 1,123,022
Total Investment of Cash Collateral from
Securities Loaned
(Cost $1,923,022)
 
1,923,422
Total Short-Term Investments
(Cost $2,360,337)
 
2,360,737
Total Investments — 101.6%
(Cost $81,776,769)
 
71,015,309
Liabilities in Excess of Other Assets — (1.6)%
 
(1,148,758)
NET ASSETS — 100.0%
 
69,866,551
 
Percentages indicated are based on net assets.
 
Abbreviations
 
CJSC
Closed Joint Stock Company
GMTN
Global Medium Term Note
JSC
Joint Stock Company
PT
Limited liability company
SPC
Special purpose company
 
^
Amount rounds to less than 0.1% of net assets.
(a)
Security exempt from registration pursuant to
Regulation S under the Securities Act of 1933, as
amended. Regulation S applies to securities offerings
that are made outside of the United States and do not
involve direct selling efforts in the United States and
as such may have restrictions on resale.
 
(b)
Securities exempt from registration under Rule 144A
or section 4(a)(2), of the Securities Act of 1933, as
amended.
 
(c)
The security or a portion of this security is on loan at
August 31, 2022. The total value of securities on loan
at August 31, 2022 is $1,839,202.
 
(d)
Security is an interest bearing note with preferred
security characteristics.
 
(e)
Security is perpetual and thus, does not have a
predetermined maturity date. The coupon rate for this
security is fixed for a period of time and may be
structured to adjust thereafter. The date shown, if
applicable, reflects the next call date. The coupon rate
shown is the rate in effect as of August 31, 2022.
 
(f)
Variable or floating rate security, linked to the
referenced benchmark. The interest rate shown is the
current rate as of August 31, 2022.
 
SEE NOTES TO FINANCIAL STATEMENTS.
 
356
J.P. Morgan Exchange-Traded Funds
August 31, 2022
(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,
2022.
 
SEE NOTES TO FINANCIAL STATEMENTS.
 
August 31, 2022
J.P. Morgan Exchange-Traded Funds
357
STATEMENTS OF ASSETS AND LIABILITIES
AS OF August 31, 2022  (Unaudited)
 
 
JPMorgan
BetaBuilders
1-5 Year U.S.
Aggregate
Bond ETF
JPMorgan
Core Plus
Bond ETF
JPMorgan
Corporate Bond
Research
Enhanced ETF
ASSETS:
 
 
 
Investments in non-affiliates, at value
$37,835,678
$358,384,731
$38,459,866
Investments in affiliates, at value
1,095,512
64,292,445
618,875
Cash
5,157
58,148
666
Foreign currency, at value
6
27
—
Deposits at broker for futures contracts
—
897,000
56,000
Deposits at broker for centrally cleared swaps
—
373,000
—
Segregated cash balance with Authorized Participant for deposit securities
3,133,217
—
—
Receivables:
 
 
 
Investment securities sold
877,149
—
747,521
Interest from non-affiliates
137,504
2,069,982
431,322
Dividends from non-affiliates
—
53
—
Dividends from affiliates
60
3,523
34
Variation margin on futures contracts
—
—
2,564
Total Assets
43,084,283
426,078,909
40,316,848
LIABILITIES:
 
 
 
Payables:
 
 
 
Due to Authorized Participant
353,845
—
—
Investment securities purchased
487,872
358,253
1,232,931
Investment securities purchased — delayed delivery securities
915,116
15,162,402
—
Variation margin on futures contracts
—
147,483
—
Collateral upon return of deposit securities
3,133,217
—
—
Variation margin on centrally cleared swaps
—
2,443
—
Accrued liabilities:
 
 
 
Management fees (See Note 3.A)
1,538
131,228
4,501
Total Liabilities
4,891,588
15,801,809
1,237,432
Net Assets
$38,192,695
$410,277,100
$39,079,416
NET ASSETS:
 
 
 
Paid-in-Capital
$40,430,862
$446,203,878
$46,434,542
Total distributable earnings (loss)
(2,238,167)
(35,926,778)
(7,355,126)
Total Net Assets
$38,192,695
$410,277,100
$39,079,416
Outstanding number of shares
(unlimited number of shares authorized - par value $0.0001)
799,946
8,600,000
850,000
Net asset value, per share
$47.74
$47.71
$45.98
Cost of investments in non-affiliates
$39,830,115
$390,498,022
$43,879,546
Cost of investments in affiliates
1,095,512
64,292,445
618,875
Cost of foreign currency
6
27
—
Net upfront receipts on centrally cleared swaps
—
(237,187)
—
SEE NOTES TO FINANCIAL STATEMENTS.
 
358
J.P. Morgan Exchange-Traded Funds
August 31, 2022
 
 
JPMorgan High
Yield Research
Enhanced ETF
JPMorgan Income ETF
JPMorgan
International
Bond
Opportunities ETF
ASSETS:
 
 
 
Investments in non-affiliates, at value
$394,887,550
$166,610,006
$274,385,310
Investments in affiliates, at value
1,852,115
101,234
10,471,032
Cash
256,574
—
—
Foreign currency, at value
—
—
4,458,281
Deposits at broker for futures contracts
—
520,000
1,058,500
Deposits at broker for centrally cleared swaps
—
162,000
756,000
Receivables:
 
 
 
Due from custodian
300,981
—
178,738
Investment securities sold
1,250,160
1,490,301
2,798,395
Investment securities sold — delayed delivery securities
—
8,469,829
170,675
Interest from non-affiliates
6,413,597
1,561,169
3,264,739
Dividends from affiliates
102
6
574
Tax reclaims
—
1,469
1,617
Variation margin on futures contracts
—
18,269
791,298
Variation margin on centrally cleared swaps
—
28,968
99,684
Unrealized appreciation on forward foreign currency exchange contracts
—
—
4,999,737
Total Assets
404,961,079
178,963,251
303,434,580
LIABILITIES:
 
 
 
Payables:
 
 
 
Due to custodian
—
1,018,154
—
TBA short commitments, at value
—
10,605,284
—
Investment securities purchased
300,981
366,476
5,636,010
Investment securities purchased — delayed delivery securities
—
10,569,483
—
Unrealized depreciation on forward foreign currency exchange contracts
—
—
926,305
Accrued liabilities:
 
 
 
Management fees (See Note 3.A)
84,540
53,346
124,323
Total Liabilities
385,521
22,612,743
6,686,638
Net Assets
$404,575,558
$156,350,508
$296,747,942
NET ASSETS:
 
 
 
Paid-in-Capital
$558,031,630
$169,237,050
$335,392,075
Total distributable earnings (loss)
(153,456,072)
(12,886,542)
(38,644,133)
Total Net Assets
$404,575,558
$156,350,508
$296,747,942
Outstanding number of shares
(unlimited number of shares authorized - par value $0.0001)
9,100,000
3,420,000
6,500,000
Net asset value, per share
$44.46
$45.72
$45.65
Cost of investments in non-affiliates
$451,324,502
$180,333,726
$326,779,646
Cost of investments in affiliates
1,852,115
101,234
10,471,032
Cost of foreign currency
—
—
4,702,043
Proceeds from short TBAs
—
10,694,218
—
Net upfront receipts on centrally cleared swaps
—
(16,098)
(2,548)
SEE NOTES TO FINANCIAL STATEMENTS.
 
August 31, 2022
J.P. Morgan Exchange-Traded Funds
359
STATEMENTS OF ASSETS AND LIABILITIES
AS OF August 31, 2022  (Unaudited) (continued)
 
 
JPMorgan
Municipal ETF
JPMorgan Short
Duration Core
Plus ETF
JPMorgan U.S.
Aggregate
Bond ETF
ASSETS:
 
 
 
Investments in non-affiliates, at value
$204,174,440
$206,897,014
$1,117,833,066
Investments in affiliates, at value
34,479,837
13,782,301
59,478,775
Investments of cash collateral received from securities loaned, at value (See Note 2.E)
—
135,300
1,472,263
Cash
—
—
104,253
Foreign currency, at value
—
1
112
Deposits at broker for futures contracts
45,000
—
—
Segregated cash balance with Authorized Participant for deposit securities
—
—
228,629
Receivables:
 
 
 
Due from custodian
1,159,283
156,848
—
Investment securities sold
—
—
6,749,746
Investment securities sold — delayed delivery securities
30,231
1,069,875
1,497,281
Fund shares sold
2,500,575
—
7,134,865
Interest from non-affiliates
1,920,555
1,334,917
5,273,187
Dividends from affiliates
40,137
869
3,259
Tax reclaims
—
—
82
Securities lending income (See Note 2.E)
—
131
608
Variation margin on futures contracts
3,934
64,625
—
Variation margin on centrally cleared swaps
—
14,800
—
Total Assets
244,353,992
223,456,681
1,199,776,126
LIABILITIES:
 
 
 
Payables:
 
 
 
Investment securities purchased
1,163,770
160,326
10,099,993
Investment securities purchased — delayed delivery securities
5,721,081
9,357,996
60,684,140
Collateral received on securities loaned (See Note 2.E)
—
135,300
1,472,263
Collateral upon return of deposit securities
—
—
228,629
Accrued liabilities:
 
 
 
Management fees (See Note 3.A)
32,046
58,517
60,558
Total Liabilities
6,916,897
9,712,139
72,545,583
Net Assets
$237,437,095
$213,744,542
$1,127,230,543
NET ASSETS:
 
 
 
Paid-in-Capital
$245,101,596
$228,269,947
$1,270,810,257
Total distributable earnings (loss)
(7,664,501)
(14,525,405)
(143,579,714)
Total Net Assets
$237,437,095
$213,744,542
$1,127,230,543
Outstanding number of shares
(unlimited number of shares authorized - par value $0.0001)
4,750,000
4,610,000
23,698,203
Net asset value, per share
$49.99
$46.37
$47.57
Cost of investments in non-affiliates
$209,082,599
$218,667,328
$1,238,924,527
Cost of investments in affiliates
34,481,860
13,778,329
59,478,775
Cost of foreign currency
—
1
112
Investment securities on loan, at value (See Note 2.E)
—
129,062
1,434,712
Cost of investment of cash collateral (See Note 2.E)
—
135,300
1,471,869
Net upfront receipts on centrally cleared swaps
—
(61,020)
—
SEE NOTES TO FINANCIAL STATEMENTS.
 
360
J.P. Morgan Exchange-Traded Funds
August 31, 2022
 
 
JPMorgan
Ultra-Short
Income ETF
JPMorgan
Ultra-Short
Municipal
Income ETF
JPMorgan USD
Emerging
Markets
Sovereign
Bond ETF
ASSETS:
 
 
 
Investments in non-affiliates, at value
$18,775,782,202
$2,772,230,286
$68,654,572
Investments in affiliates, at value
2,061,647,797
410,768,637
437,315
Investments of cash collateral received from securities loaned, at value (See Note 2.E)
23,398,131
—
1,923,422
Repurchase agreements, at value
100,000,000
—
—
Cash
4,853,098
—
9,629
Foreign currency, at value
—
—
26
Deposits at broker for futures contracts
7,308,000
—
—
Receivables:
 
 
 
Investment securities sold
—
—
571,933
Fund shares sold
728,089,105
156,667
—
Interest from non-affiliates
75,054,060
21,433,934
1,044,280
Dividends from affiliates
112,976
489,976
24
Securities lending income (See Note 2.E)
6,064
—
2,172
Variation margin on futures contracts
250,191
—
—
Total Assets
21,776,501,624
3,205,079,500
72,643,373
LIABILITIES:
 
 
 
Payables:
 
 
 
Due to custodian
—
91,132
—
Investment securities purchased
141,875,303
100,434
830,192
Investment securities purchased — delayed delivery securities
—
10,844,691
—
Collateral received on securities loaned (See Note 2.E)
23,398,131
—
1,923,422
Fund shares redeemed
—
75,861,926
—
Accrued liabilities:
 
 
 
Management fees (See Note 3.A)
2,865,404
436,453
23,208
Total Liabilities
168,138,838
87,334,636
2,776,822
Net Assets
$21,608,362,786
$3,117,744,864
$69,866,551
NET ASSETS:
 
 
 
Paid-in-Capital
$21,736,029,556
$3,142,399,630
$88,748,175
Total distributable earnings (loss)
(127,666,770)
(24,654,766)
(18,881,624)
Total Net Assets
$21,608,362,786
$3,117,744,864
$69,866,551
Outstanding number of shares
(unlimited number of shares authorized - par value $0.0001)
430,550,000
61,650,000
1,800,000
Net asset value, per share
$50.19
$50.57
$38.81
Cost of investments in non-affiliates
$18,966,448,662
$2,791,559,795
$79,416,432
Cost of investments in affiliates
2,061,647,797
410,771,778
437,315
Cost of repurchase agreements
100,000,000
—
—
Cost of foreign currency
—
—
26
Investment securities on loan, at value (See Note 2.E)
22,844,603
—
1,839,202
Cost of investment of cash collateral (See Note 2.E)
23,392,476
—
1,923,022
SEE NOTES TO FINANCIAL STATEMENTS.
 
August 31, 2022
J.P. Morgan Exchange-Traded Funds
361
STATEMENTS OF OPERATIONS
FOR THE SIX MONTHS ENDED August 31, 2022  (Unaudited)
 
 
JPMorgan
BetaBuilders
1-5 Year U.S.
Aggregate
Bond ETF
JPMorgan
Core Plus
Bond ETF
JPMorgan
Corporate Bond
Research
Enhanced ETF
INVESTMENT INCOME:
 
 
 
Interest income from non-affiliates
$258,489
$4,960,825
$695,420
Interest income from affiliates
159
—
—
Dividend income from non-affiliates
—
2,303
—
Dividend income from affiliates
3,880
245,492
1,223
Total investment income
262,528
5,208,620
696,643
EXPENSES:
 
 
 
Management fees (See Note 3.A)
8,597
645,072
31,307
Interest expense to non-affiliates
—
273
—
Other
19,253
30,225
—
Total expenses
27,850
675,570
31,307
Net investment income (loss)
234,678
4,533,050
665,336
REALIZED/UNREALIZED GAINS (LOSSES):
 
 
 
Net realized gain (loss) on transactions from:
 
 
 
Investments in non-affiliates
(263,601)
(2,482,207)
(899,460)
In-kind redemptions of investments in non-affiliates (See Note 4)
—
—
(1,095,592)
Futures contracts
—
(665,205)
(11,988)
Foreign currency transactions
—
20,434
—
Swaps
—
(2,644)
—
Net realized gain (loss)
(263,601)
(3,129,622)
(2,007,040)
Change in net unrealized appreciation/depreciation on:
 
 
 
Investments in non-affiliates
(1,337,094)
(24,868,204)
(3,527,573)
Futures contracts
—
(280,848)
234
Forward foreign currency exchange contracts
—
(20,436)
—
Swaps
—
338,308
—
Change in net unrealized appreciation/depreciation
(1,337,094)
(24,831,180)
(3,527,339)
Net realized/unrealized gains (losses)
(1,600,695)
(27,960,802)
(5,534,379)
Change in net assets resulting from operations
$(1,366,017)
$(23,427,752)
$(4,869,043)
SEE NOTES TO FINANCIAL STATEMENTS.
 
362
J.P. Morgan Exchange-Traded Funds
August 31, 2022
 
 
JPMorgan High
Yield Research
Enhanced ETF
JPMorgan Income ETF
JPMorgan
International
Bond
Opportunities ETF
INVESTMENT INCOME:
 
 
 
Interest income from non-affiliates
$17,174,828
$3,331,401
$5,293,514
Interest income from affiliates
—
10
49
Dividend income from non-affiliates
—
55,739
33,835
Dividend income from affiliates
42,167
18,381
55,870
Foreign taxes withheld (net)
—
—
(170)
Total investment income
17,216,995
3,405,531
5,383,098
EXPENSES:
 
 
 
Management fees (See Note 3.A)
852,322
288,577
762,476
Interest expense to non-affiliates
—
23
1,362
Interest expense to affiliates
—
—
1,031
Other
—
—
9,497
Total expenses
852,322
288,600
774,366
Net investment income (loss)
16,364,673
3,116,931
4,608,732
REALIZED/UNREALIZED GAINS (LOSSES):
 
 
 
Net realized gain (loss) on transactions from:
 
 
 
Investments in non-affiliates
(24,832,059)
(843,690)
(12,199,597)
Investments in affiliates
—
(4,026)
—
In-kind redemptions of investments in non-affiliates (See Note 4)
(61,228,459)
—
—
Futures contracts
—
248,003
2,723,378
Foreign currency transactions
—
19,534
(1,569,743)
Forward foreign currency exchange contracts
—
—
14,031,425
Swaps
—
485,755
3,636,168
Net realized gain (loss)
(86,060,518)
(94,424)
6,621,631
Change in net unrealized appreciation/depreciation on:
 
 
 
Investments in non-affiliates
615,663
(9,671,510)
(31,777,491)(a)
Investments in affiliates
—
566
—
Futures contracts
—
98,150
59,925
Foreign currency translations
—
—
325,075
Forward foreign currency exchange contracts
—
(19,542)
5,394,978
Swaps
—
(215,052)
(1,384,598)
Change in net unrealized appreciation/depreciation
615,663
(9,807,388)
(27,382,111)
Net realized/unrealized gains (losses)
(85,444,855)
(9,901,812)
(20,760,480)
Change in net assets resulting from operations
$(69,080,182)
$(6,784,881)
$(16,151,748)
(a)
Net of change in foreign capital gains tax of $1,663
SEE NOTES TO FINANCIAL STATEMENTS.
 
August 31, 2022
J.P. Morgan Exchange-Traded Funds
363
STATEMENTS OF OPERATIONS
FOR THE SIX MONTHS ENDED August 31, 2022  (Unaudited) (continued)
 
 
JPMorgan
Municipal ETF
JPMorgan Short
Duration Core
Plus ETF
JPMorgan U.S.
Aggregate
Bond ETF
INVESTMENT INCOME:
 
 
 
Interest income from non-affiliates
$1,706,390
$2,384,139
$11,255,555
Interest income from affiliates
—
4
2
Dividend income from affiliates
86,626
96,097
233,785
Income from securities lending (net) (See Note 2.E)
—
1,110
5,597
Total investment income
1,793,016
2,481,350
11,494,939
EXPENSES:
 
 
 
Management fees (See Note 3.A)
127,600
320,918
369,433
Interest expense to non-affiliates
4
283
—
Other
—
351
28,618
Total expenses
127,604
321,552
398,051
Net investment income (loss)
1,665,412
2,159,798
11,096,888
REALIZED/UNREALIZED GAINS (LOSSES):
 
 
 
Net realized gain (loss) on transactions from:
 
 
 
Investments in non-affiliates
(3,118,077)
(3,597,739)
(15,264,342)
Investments in affiliates
2,411
(4,305)
—
In-kind redemptions of investments in non-affiliates (See Note 4)
—
—
(5,260,672)
Futures contracts
134,699
885,002
—
Foreign currency transactions
—
—
(5)
Swaps
—
119,384
—
Net realized gain (loss)
(2,980,967)
(2,597,658)
(20,525,019)
Change in net unrealized appreciation/depreciation on:
 
 
 
Investments in non-affiliates
(4,286,041)
(6,793,906)
(82,843,477)
Investments in affiliates
(2,023)
5,370
1,293
Futures contracts
28,040
162,037
—
Swaps
—
101,332
—
Change in net unrealized appreciation/depreciation
(4,260,024)
(6,525,167)
(82,842,184)
Net realized/unrealized gains (losses)
(7,240,991)
(9,122,825)
(103,367,203)
Change in net assets resulting from operations
$(5,575,579)
$(6,963,027)
$(92,270,315)
SEE NOTES TO FINANCIAL STATEMENTS.
 
364
J.P. Morgan Exchange-Traded Funds
August 31, 2022
 
 
JPMorgan
Ultra-Short
Income ETF
JPMorgan
Ultra-Short
Municipal
Income ETF
JPMorgan USD
Emerging
Markets
Sovereign
Bond ETF
INVESTMENT INCOME:
 
 
 
Interest income from non-affiliates
$123,509,786
$15,770,205
$1,767,911
Interest income from affiliates
1,303
78
—
Dividend income from affiliates
12,367,189
1,144,079
2,243
Income from securities lending (net) (See Note 2.E)
22,523
—
5,208
Total investment income
135,900,801
16,914,362
1,775,362
EXPENSES:
 
 
 
Management fees (See Note 3.A)
16,369,856
2,844,873
130,674
Interest expense to non-affiliates
1,519
—
—
Interest expense to affiliates
—
8
—
Other
59,581
—
226
Total expenses
16,430,956
2,844,881
130,900
Net investment income (loss)
119,469,845
14,069,481
1,644,462
REALIZED/UNREALIZED GAINS (LOSSES):
 
 
 
Net realized gain (loss) on transactions from:
 
 
 
Investments in non-affiliates
(18,833,503)
(8,947,689)
(4,304,099)
Investments in affiliates
—
(1,146)
—
Futures contracts
34,568,546
—
—
Foreign currency transactions
—
—
(1)
Net realized gain (loss)
15,735,043
(8,948,835)
(4,304,100)
Change in net unrealized appreciation/depreciation on:
 
 
 
Investments in non-affiliates
(105,696,269)
(8,216,096)
(2,902,267)
Investments in affiliates
11,200
(4,277)
400
Futures contracts
6,212,215
—
—
Change in net unrealized appreciation/depreciation
(99,472,854)
(8,220,373)
(2,901,867)
Net realized/unrealized gains (losses)
(83,737,811)
(17,169,208)
(7,205,967)
Change in net assets resulting from operations
$35,732,034
$(3,099,727)
$(5,561,505)
SEE NOTES TO FINANCIAL STATEMENTS.
 
August 31, 2022
J.P. Morgan Exchange-Traded Funds
365
STATEMENTS OF CHANGES IN NET ASSETS
FOR THE PERIODS INDICATED
 
 
JPMorgan BetaBuilders 1-5 Year U.S.
Aggregate Bond ETF
JPMorgan Core
Plus Bond ETF
 
Six Months Ended
August 31, 2022
(Unaudited)
Year Ended
February 28, 2022
Six Months Ended
August 31, 2022
(Unaudited)
Year Ended
February 28, 2022
CHANGE IN NET ASSETS RESULTING FROM OPERATIONS:
 
 
 
 
Net investment income (loss)
$234,678
$536,337
$4,533,050
$3,795,906
Net realized gain (loss)
(263,601)
209,822
(3,129,622)
(1,600,902)
Change in net unrealized appreciation/depreciation
(1,337,094)
(1,505,381)
(24,831,180)
(7,745,875)
Change in net assets resulting from operations
(1,366,017)
(759,222)
(23,427,752)
(5,550,871)
DISTRIBUTIONS TO SHAREHOLDERS:
 
 
 
 
Total distributions to shareholders
(221,807)
(784,471)
(4,006,943)
(4,121,522)
CAPITAL TRANSACTIONS:
 
 
 
 
Change in net assets resulting from capital transactions
4,887,624
(23,217,818)
160,857,863
139,878,215
NET ASSETS:
 
 
 
 
Change in net assets
3,299,800
(24,761,511)
133,423,168
130,205,822
Beginning of period
34,892,895
59,654,406
276,853,932
146,648,110
End of period
$38,192,695
$34,892,895
$410,277,100
$276,853,932
CAPITAL TRANSACTIONS:
 
 
 
 
Proceeds from shares issued
$8,480,710
$19,211,437
$160,857,863
$139,878,215
Cost of shares redeemed
(3,593,086)
(42,429,255)
—
—
Total change in net assets resulting from capital transactions
$4,887,624
$(23,217,818)
$160,857,863
$139,878,215
SHARE TRANSACTIONS:
 
 
 
 
Issued
175,000
375,000(a)
3,300,000
2,600,000
Redeemed
(75,000)
(825,054)(a)
—
—
Net increase (decrease) in shares from share transactions
100,000
(450,054)
3,300,000
2,600,000
(a)
Reflects a 1:2 reverse stock split that occurred on April 12, 2021. See Note 1.
SEE NOTES TO FINANCIAL STATEMENTS.
 
366
J.P. Morgan Exchange-Traded Funds
August 31, 2022
 
 
JPMorgan Corporate Bond Research
Enhanced ETF
JPMorgan High Yield Research
Enhanced ETF
 
Six Months Ended
August 31, 2022
(Unaudited)
Year Ended
February 28, 2022
Six Months Ended
August 31, 2022
(Unaudited)
Year Ended
February 28, 2022
CHANGE IN NET ASSETS RESULTING FROM OPERATIONS:
 
 
 
 
Net investment income (loss)
$665,336
$1,375,203
$16,364,673
$60,400,432
Net realized gain (loss)
(2,007,040)
196,620
(86,060,518)
5,498,489
Change in net unrealized appreciation/depreciation
(3,527,339)
(3,536,948)
615,663
(58,608,372)
Change in net assets resulting from operations
(4,869,043)
(1,965,125)
(69,080,182)
7,290,549
DISTRIBUTIONS TO SHAREHOLDERS:
 
 
 
 
Total distributions to shareholders
(689,086)
(1,888,820)
(21,225,596)
(67,588,263)
CAPITAL TRANSACTIONS:
 
 
 
 
Change in net assets resulting from capital transactions
(6,841,148)
—
(958,677,428)
(45,777,577)
NET ASSETS:
 
 
 
 
Change in net assets
(12,399,277)
(3,853,945)
(1,048,983,206)
(106,075,291)
Beginning of period
51,478,693
55,332,638
1,453,558,764
1,559,634,055
End of period
$39,079,416
$51,478,693
$404,575,558
$1,453,558,764
CAPITAL TRANSACTIONS:
 
 
 
 
Proceeds from shares issued
$2,364,713
$—
$23,388,060
$195,784,063
Cost of shares redeemed
(9,205,861)
—
(982,065,488)
(241,561,640)
Total change in net assets resulting from capital transactions
$(6,841,148)
$—
$(958,677,428)
$(45,777,577)
SHARE TRANSACTIONS:
 
 
 
 
Issued
50,000
—
500,000
3,800,000
Redeemed
(200,000)
—
(20,700,000)
(4,700,000)
Net increase (decrease) in shares from share transactions
(150,000)
—
(20,200,000)
(900,000)
SEE NOTES TO FINANCIAL STATEMENTS.
 
August 31, 2022
J.P. Morgan Exchange-Traded Funds
367
STATEMENTS OF CHANGES IN NET ASSETS
FOR THE PERIODS INDICATED (continued)
 
 
JPMorgan Income ETF
JPMorgan International Bond
Opportunities ETF
 
Six Months Ended
August 31, 2022
(Unaudited)
Period Ended
February 28, 2022 (a)
Six Months Ended
August 31, 2022
(Unaudited)
Year Ended
February 28, 2022
CHANGE IN NET ASSETS RESULTING FROM OPERATIONS:
 
 
 
 
Net investment income (loss)
$3,116,931
$1,328,187
$4,608,732
$6,732,085
Net realized gain (loss)
(94,424)
147,031
6,621,631
10,350,399
Change in net unrealized appreciation/depreciation
(9,807,388)
(3,827,621)
(27,382,111)
(23,460,795)
Change in net assets resulting from operations
(6,784,881)
(2,352,403)
(16,151,748)
(6,378,311)
DISTRIBUTIONS TO SHAREHOLDERS:
 
 
 
 
Total distributions to shareholders
(2,764,689)
(984,569)
(5,758,590)
(7,636,751)
CAPITAL TRANSACTIONS:
 
 
 
 
Change in net assets resulting from capital transactions
28,039,077
141,197,973
(4,460,285)
87,036,344
NET ASSETS:
 
 
 
 
Change in net assets
18,489,507
137,861,001
(26,370,623)
73,021,282
Beginning of period
137,861,001
—
323,118,565
250,097,283
End of period
$156,350,508
$137,861,001
$296,747,942
$323,118,565
CAPITAL TRANSACTIONS:
 
 
 
 
Proceeds from shares issued
$28,039,077
$141,197,973
$19,000,557
$87,036,344
Cost of shares redeemed
—
—
(23,460,842)
—
Total change in net assets resulting from capital
transactions
$28,039,077
$141,197,973
$(4,460,285)
$87,036,344
SHARE TRANSACTIONS:
 
 
 
 
Issued
600,000
2,820,000
400,000
1,700,000
Redeemed
—
—
(500,000)
—
Net increase (decrease) in shares from share transactions
600,000
2,820,000
(100,000)
1,700,000
(a)
Commencement of operations was October 28, 2021.
SEE NOTES TO FINANCIAL STATEMENTS.
 
368
J.P. Morgan Exchange-Traded Funds
August 31, 2022
 
 
JPMorgan Municipal ETF
JPMorgan Short
Duration Core Plus ETF
 
Six Months Ended
August 31, 2022
(Unaudited)
Year Ended
February 28, 2022
Six Months Ended
August 31, 2022
(Unaudited)
Period Ended
February 28, 2022 (a)
CHANGE IN NET ASSETS RESULTING FROM OPERATIONS:
 
 
 
 
Net investment income (loss)
$1,665,412
$1,397,193
$2,159,798
$1,516,076
Net realized gain (loss)
(2,980,967)
(100,086)
(2,597,658)
(415,043)
Distributions of capital gains received from investment company
affiliates
—
34
—
—
Change in net unrealized appreciation/depreciation
(4,260,024)
(2,535,308)
(6,525,167)
(5,106,963)
Change in net assets resulting from operations
(5,575,579)
(1,238,167)
(6,963,027)
(4,005,930)
DISTRIBUTIONS TO SHAREHOLDERS:
 
 
 
 
Total distributions to shareholders
(1,289,555)
(1,753,715)
(2,067,385)
(1,489,063)
CAPITAL TRANSACTIONS:
 
 
 
 
Change in net assets resulting from capital transactions
143,659,681
27,514,125
30,313,275
197,956,672
NET ASSETS:
 
 
 
 
Change in net assets
136,794,547
24,522,243
21,282,863
192,461,679
Beginning of period
100,642,548
76,120,305
192,461,679
—
End of period
$237,437,095
$100,642,548
$213,744,542
$192,461,679
CAPITAL TRANSACTIONS:
 
 
 
 
Proceeds from shares issued
$143,659,681
$41,051,194
$30,313,275
$197,956,672
Cost of shares redeemed
—
(13,537,069)
—
—
Total change in net assets resulting from capital
transactions
$143,659,681
$27,514,125
$30,313,275
$197,956,672
SHARE TRANSACTIONS:
 
 
 
 
Issued
2,850,000
750,000
650,000
3,960,000
Redeemed
—
(250,000)
—
—
Net increase (decrease) in shares from share transactions
2,850,000
500,000
650,000
3,960,000
(a)
Commencement of operations was March 1, 2021.
SEE NOTES TO FINANCIAL STATEMENTS.
 
August 31, 2022
J.P. Morgan Exchange-Traded Funds
369
STATEMENTS OF CHANGES IN NET ASSETS
FOR THE PERIODS INDICATED (continued)
 
 
JPMorgan U.S. Aggregate
Bond ETF
JPMorgan Ultra-Short
Income ETF
 
Six Months Ended
August 31, 2022
(Unaudited)
Year Ended
February 28, 2022
Six Months Ended
August 31, 2022
(Unaudited)
Year Ended
February 28, 2022
CHANGE IN NET ASSETS RESULTING FROM OPERATIONS:
 
 
 
 
Net investment income (loss)
$11,096,888
$13,989,635
$119,469,845
$98,746,807
Net realized gain (loss)
(20,525,019)
(2,350,814)
15,735,043
30,234,646
Change in net unrealized appreciation/depreciation
(82,842,184)
(41,110,948)
(99,472,854)
(158,866,623)
Change in net assets resulting from operations
(92,270,315)
(29,472,127)
35,732,034
(29,885,170)
DISTRIBUTIONS TO SHAREHOLDERS:
 
 
 
 
Total distributions to shareholders
(10,530,673)
(15,219,336)
(92,354,600)
(124,672,702)
CAPITAL TRANSACTIONS:
 
 
 
 
Change in net assets resulting from capital transactions
205,764,455
242,169,209
2,978,810,872
2,696,694,639
NET ASSETS:
 
 
 
 
Change in net assets
102,963,467
197,477,746
2,922,188,306
2,542,136,767
Beginning of period
1,024,267,076
826,789,330
18,686,174,480
16,144,037,713
End of period
$1,127,230,543
$1,024,267,076
$21,608,362,786
$18,686,174,480
CAPITAL TRANSACTIONS:
 
 
 
 
Proceeds from shares issued
$336,587,130
$696,907,792
$4,044,224,053
$3,431,664,325
Cost of shares redeemed
(130,822,675)
(454,738,583)
(1,065,413,181)
(734,969,686)
Total change in net assets resulting from capital
transactions
$205,764,455
$242,169,209
$2,978,810,872
$2,696,694,639
SHARE TRANSACTIONS:
 
 
 
 
Issued
6,700,000
12,925,000(a)
80,650,000
67,750,000
Redeemed
(2,650,000)
(8,476,797)(a)
(21,250,000)
(14,550,000)
Net increase (decrease) in shares from share transactions
4,050,000
4,448,203
59,400,000
53,200,000
(a)
Reflects a 1:2 reverse stock split that occurred on April 12, 2021. See Note 1.
SEE NOTES TO FINANCIAL STATEMENTS.
 
370
J.P. Morgan Exchange-Traded Funds
August 31, 2022
 
 
JPMorgan Ultra-Short Municipal
Income ETF
JPMorgan
USD Emerging Markets
Sovereign Bond ETF
 
Six Months Ended
August 31, 2022
(Unaudited)
Year Ended
February 28, 2022
Six Months Ended
August 31, 2022
(Unaudited)
Year Ended
February 28, 2022
CHANGE IN NET ASSETS RESULTING FROM OPERATIONS:
 
 
 
 
Net investment income (loss)
$14,069,481
$5,322,377
$1,644,462
$3,222,748
Net realized gain (loss)
(8,948,835)
(261,767)
(4,304,100)
754,185
Distributions of capital gains received from investment company
affiliates
—
2,079
—
—
Change in net unrealized appreciation/depreciation
(8,220,373)
(13,691,226)
(2,901,867)
(10,014,066)
Change in net assets resulting from operations
(3,099,727)
(8,628,537)
(5,561,505)
(6,037,133)
DISTRIBUTIONS TO SHAREHOLDERS:
 
 
 
 
Total distributions to shareholders
(11,015,860)
(5,051,152)
(1,612,739)
(3,273,450)
CAPITAL TRANSACTIONS:
 
 
 
 
Change in net assets resulting from capital transactions
15,240,585
1,719,988,397
7,564,800
(4,964,085)
NET ASSETS:
 
 
 
 
Change in net assets
1,124,998
1,706,308,708
390,556
(14,274,668)
Beginning of period
3,116,619,866
1,410,311,158
69,475,995
83,750,663
End of period
$3,117,744,864
$3,116,619,866
$69,866,551
$69,475,995
CAPITAL TRANSACTIONS:
 
 
 
 
Proceeds from shares issued
$784,498,960
$1,819,089,400
$7,564,800
$39,044,798
Cost of shares redeemed
(769,258,375)
(99,101,003)
—
(44,008,883)
Total change in net assets resulting from capital transactions
$15,240,585
$1,719,988,397
$7,564,800
$(4,964,085)
SHARE TRANSACTIONS:
 
 
 
 
Issued
15,450,000
35,700,000
200,000
800,000
Redeemed
(15,200,000)
(1,950,000)
—
(900,000)
Net increase (decrease) in shares from share transactions
250,000
33,750,000
200,000
(100,000)
SEE NOTES TO FINANCIAL STATEMENTS.
 
August 31, 2022
J.P. Morgan Exchange-Traded Funds
371
STATEMENT OF CASH FLOWS
FOR THE SIX MONTHS ENDED August 31, 2022  (Unaudited)
 
 
JPMorgan
Core Plus
Bond ETF
JPMorgan Income ETF
INCREASE (DECREASE) IN CASH
 
 
Cash flows provided (used) by operating activities:
 
 
Net decrease in net assets resulting from operations
$(23,427,752)
$(6,784,881)
Adjustments to reconcile net increase/decrease in net assets resulting
from operations to net cash provided (used) by operating activities:
 
 
Purchases of investment securities
(225,297,136)
(125,610,151)
Proceeds from disposition of investment securities
89,155,593
75,877,034
Purchases of short-term investments — affiliates, net
(28,591,155)
18,425,038
Change in unrealized (appreciation)/depreciation on investments in non-affiliates
24,868,204
9,671,510
Change in unrealized (appreciation)/depreciation on investments in affiliates
—
(566)
Net realized (gain)/loss on investments in non-affiliates
2,482,207
843,690
Net realized (gain)/loss on investments in affiliates
—
4,026
Net amortization (accretion) of income
(69,147)
989,075
Increase in interest receivable from non-affiliates
(737,431)
(486,583)
Decrease/(Increase) in dividends receivable from affiliates
(3,498)
28
Decrease in dividends receivable from non-affiliates
11
—
Increase in tax reclaims receivable
—
(854)
Decrease/(Increase) in variation margin receivable
99,206
(47,237)
Decrease in unrealized appreciation on forward foreign currency exchange contracts
46,775
46,873
Decrease in prepaid expenses and other assets
30,225
—
Decrease in due from custodian
—
105,150
Decrease in outstanding swap contracts, at value, net
—
249,883
Decrease in unrealized depreciation on forward foreign currency exchange contracts
(26,339)
(27,331)
Increase/(Decrease) in variation margin payable
142,320
(225,519)
Increase in management fees payable
51,986
14,512
Net cash provided (used) by operating activities
(161,275,931)
(26,956,303)
Cash flows provided (used) by financing activities:
 
 
Due to custodian
—
1,018,154
Proceeds from shares issued
166,101,866
28,039,077
Cash distributions paid to shareholders (net of reinvestments $0 and $0, respectively)
(4,006,943)
(2,764,689)
Net cash provided (used) by financing activities
162,094,923
26,292,542
Cash
 
 
Net increase (decrease) in unrestricted and restricted cash, foreign currency and deposits at broker
818,992
(663,761)
Restricted and unrestricted cash and foreign currency at beginning of period
509,183
1,345,761
Restricted and unrestricted cash and foreign currency at end of period
$1,328,175
$682,000
Supplemental disclosure of cash flow information:
For the period ended August 31, 2022 the Funds paid approximately $0 and $0 in interest expense, respectively.
For purposes of reporting the Statement of Cash Flows, the Fund considers all cash accounts that are not subject to withdrawal restrictions or penalties to be cash equivalents.
SEE NOTES TO FINANCIAL STATEMENTS.
 
372
J.P. Morgan Exchange-Traded Funds
August 31, 2022
Reconciliation of restricted and unrestricted cash and foreign currency at the end of period to the Statement of Assets and Liabilities: 
 
JPMorgan
Core Plus
Bond ETF
JPMorgan
Core Plus
Bond ETF
JPMorgan Income ETF
JPMorgan Income ETF
 
February 28, 2022
August 31, 2022
February 28, 2022
August 31, 2022
Cash
$14,183
$58,148
$593,761
$—
Foreign currency, at value
—
27
—
—
Deposits at broker:
 
 
 
 
Futures contracts
361,000
897,000
399,000
520,000
Centrally cleared swaps
134,000
373,000
353,000
162,000
 
$509,183
$1,328,175
$1,345,761
$682,000
SEE NOTES TO FINANCIAL STATEMENTS.
 
August 31, 2022
J.P. Morgan Exchange-Traded Funds
373
FINANCIAL HIGHLIGHTS
FOR THE PERIODS INDICATED
 
 
Per share operating performance
 
 
Investment operations
Distributions
 
Net asset
value,
beginning
of period
Net investment
income
(loss) (b)
Net realized
and unrealized
gains
(losses)
on investments
Total from
investment
operations
Net
investment
income
Net
realized
gain
Total
distributions
JPMorgan BetaBuilders 1-5 Year U.S. Aggregate Bond ETF
 
 
 
 
 
 
 
Six Months Ended August 31, 2022  (Unaudited)
$49.85
$0.34
$(2.14)
$(1.80)
$(0.31)
$—
$(0.31)
Year Ended February 28, 2022  (g)
51.87
0.53
(1.72)
(1.19)
(0.57)
(0.26)
(0.83)
Year Ended February 28, 2021  (g)
51.72
0.85
0.34
1.19
(0.83)
(0.21)
(1.04)
March 12, 2019 (h) through February 29, 2020  (g)
50.00
1.17
1.76
2.93
(1.21)
—
(1.21)
JPMorgan Core Plus Bond ETF
 
 
 
 
 
 
 
Six Months Ended August 31, 2022  (Unaudited)
52.24
0.68
(4.60)
(3.92)
(0.61)
—
(0.61)
Year Ended February 28, 2022
54.31
1.09
(1.96)
(0.87)
(1.09)
(0.11)
(1.20)
Year Ended February 28, 2021
54.17
0.97
0.70(j)
1.67
(0.88)
(0.65)
(1.53)
Year Ended February 29, 2020
50.36
1.45
4.13
5.58
(1.44)
(0.33)
(1.77)
January 28, 2019 (h) through February 28, 2019
50.00
0.13
0.36
0.49
(0.13)
—
(0.13)
JPMorgan Corporate Bond Research Enhanced ETF
 
 
 
 
 
 
 
Six Months Ended August 31, 2022  (Unaudited)
51.48
0.71
(5.47)
(4.76)
(0.74)
—
(0.74)
Year Ended February 28, 2022
55.33
1.38
(3.34)
(1.96)
(1.40)
(0.49)
(1.89)
Year Ended February 28, 2021
56.27
1.58
(0.31)
1.27
(1.46)
(0.75)
(2.21)
Year Ended February 29, 2020
51.19
1.95
5.96
7.91
(1.93)
(0.90)
(2.83)
December 12, 2018 (h) through February 28, 2019
50.00
0.44
1.19
1.63
(0.44)
—
(0.44)
JPMorgan High Yield Research Enhanced ETF
 
 
 
 
 
 
 
Six Months Ended August 31, 2022  (Unaudited)
49.61
1.07
(4.86)
(3.79)
(1.36)
—
(1.36)
Year Ended February 28, 2022
51.64
1.97
(1.79)
0.18
(2.21)
—
(2.21)
Year Ended February 28, 2021
50.31
2.12
1.31(j)
3.43
(2.07)
(0.03)
(2.10)
Year Ended February 29, 2020
49.86
2.50
0.53
3.03
(2.58)
—
(2.58)
Year Ended February 28, 2019
50.09
2.47
(0.23)
2.24
(2.47)
—
(2.47)
Year Ended February 28, 2018
50.96
2.44
(0.92)
1.52
(2.39)
—
(2.39)
 
 
(a)
Annualized for periods less than one year, unless otherwise noted.
(b)
Calculated based upon average shares outstanding.
(c)
Not annualized for periods less than one year.
(d)
Includes adjustments in accordance with accounting principles generally accepted in the United States of America and as such, the net asset values for financial
reporting purposes and the returns based upon those net asset values may differ from the net asset values and returns for shareholder transactions.
(e)
Prior to December 9, 2019, market price return was calculated assuming an initial investment made at the market price at the beginning of the reporting period,
reinvestment of all dividends and distributions at market price during the period, and sale at the market price on the last day of the period. The price used to
calculate the market price return was the midpoint of the bid/ask spread at the close of business on the listing exchange of the fund. Effective December 9, 2019,
the closing price was used to calculate the market price return; however, any prices used in the calculation for market price return prior to December 9, 2019,
would have used the midpoint of the bid/ask spread at the close of business on the exchange.
(f)
Certain non-recurring expenses incurred by the Fund were not annualized for the period indicated.
(g)
Per share amounts reflects a 1:2 reverse stock split that occurred on April 12, 2021. See Note 1.
(h)
Commencement of operations.
(i)
Since the Shares of the Fund did not trade in the secondary market until the day after the Fund’s inception, for the period from the inception to the first day of
secondary market trading, the NAV is used as a proxy for the secondary market trading price to calculate the market returns.
(j)
Calculation of the net realized and unrealized gains (losses) per share does not correlate with the Fund’s net realized and unrealized gains (losses) presented in
the Statement of Operations due to the timing of capital transactions in relation to the fluctuating market values of the Fund’s investments.
(k)
Prior to November 1, 2019, the Fund may have waived fees if expenses exceeded the expense cap. On November 1, 2019, the Fund adopted a unitary fee structure
where a management fee is accrued by the fund based on prior day net assets and other expenses are paid by the Advisor.
(l)
Amount rounds to less than 0.5%.
SEE NOTES TO FINANCIAL STATEMENTS.
 
374
J.P. Morgan Exchange-Traded Funds
August 31, 2022

 
 
Ratios/Supplemental data
 
 
 
 
 
Ratios to average net assets (a)
Net asset
value,
end of
period
Market
price,
end of
period
Total
return (c)(d)
Market
price
total
return (c)(e)
Net assets,
end of
period
Net
expenses
Net
investment
income
(loss)
Expenses
without waivers
and reimbursements
Portfolio
turnover
rate (c)
 
 
 
 
 
 
 
 
 
$47.74
$47.72
(3.63)%
(3.71)%
$38,192,695
0.05%(f)
1.41%(f)
0.05%(f)
27%
49.85
49.87
(2.31)
(2.44)
34,892,895
0.05
1.02
0.05
45
51.87
51.96
2.32
2.55
59,654,406
0.05
1.62
0.05
40
51.72
51.68
5.93
5.85(i)
37,495,084
0.05
2.38
0.05
56
 
 
 
 
 
 
 
 
 
47.71
47.82
(7.54)
(7.56)
410,277,100
0.39(f)
2.74(f)
0.39(f)
30
52.24
52.37
(1.66)
(1.73)
276,853,932
0.40
2.02
0.40
81
54.31
54.48
3.08
2.87
146,648,110
0.36
1.76
0.36
272
54.17
54.44
11.24
11.52
54,168,824
0.38
2.76
0.69(k)
91
50.36
50.48
0.97
1.21(i)
25,178,102
0.38(f)
2.96
5.38(f)(k)
—(l)
 
 
 
 
 
 
 
 
 
45.98
45.88
(9.29)
(9.63)
39,079,416
0.14
2.97
0.14
18
51.48
51.56
(3.70)
(3.83)
51,478,693
0.14
2.51
0.14
36
55.33
55.48
2.24
2.09
55,332,638
0.14
2.81
0.14
41
56.27
56.50
15.74
15.95
35,170,394
0.14
3.58
0.65(k)
67
51.19
51.30
3.26
3.48(i)
25,595,493
0.14(f)
3.98
2.13(f)(k)
12
 
 
 
 
 
 
 
 
 
44.46
44.30
(7.73)
(8.15)
404,575,558
0.24
4.56
0.24
23
49.61
49.65
0.26
0.40
1,453,558,764
0.24
3.83
0.24
46
51.64
51.61
7.16
6.43
1,559,634,055
0.23
4.18
0.23
50
50.31
50.62
6.15
6.88
171,037,324
0.32
4.90
0.44(k)
128
49.86
49.82
4.66
4.00
154,570,385
0.40
5.01
0.57(k)
23
50.09
50.36
3.00
3.12
105,191,308
0.40
4.78
0.98(k)
23
SEE NOTES TO FINANCIAL STATEMENTS.
 
August 31, 2022
J.P. Morgan Exchange-Traded Funds
375
FINANCIAL HIGHLIGHTS
FOR THE PERIODS INDICATED (continued)
 
 
Per share operating performance
 
 
Investment operations
Distributions
 
Net asset
value,
beginning
of period
Net investment
income
(loss) (b)
Net realized
and unrealized
gains
(losses)
on investments
Total from
investment
operations
Net
investment
income
Net
realized
gain
Total
distributions
JPMorgan Income ETF
 
 
 
 
 
 
 
Six Months Ended August 31, 2022  (Unaudited)
$48.89
$1.02
$(3.29)
$(2.27)
$(0.90)
$—
$(0.90)
October 28, 2021 (f) through February 28, 2022
50.00
0.58
(1.24)
(0.66)
(0.45)
—
(0.45)
JPMorgan International Bond Opportunities ETF
 
 
 
 
 
 
 
Six Months Ended August 31, 2022  (Unaudited)
48.96
0.71
(3.14)
(2.43)
(0.88)
—
(0.88)
Year Ended February 28, 2022
51.04
1.16
(1.92)
(0.76)
(1.32)
—
(1.32)
Year Ended February 28, 2021
49.98
1.45
1.00(i)
2.45
(1.39)
—
(1.39)
Year Ended February 29, 2020
48.75
1.71
1.86
3.57
(2.34)
—
(2.34)
Year Ended February 28, 2019
50.54
1.94
(0.97)
0.97
(2.56)
(0.20)
(2.76)
April 5, 2017 (f) through February 28, 2018
50.00
1.83
0.05(i)
1.88
(1.34)
—
(1.34)
JPMorgan Municipal ETF
 
 
 
 
 
 
 
Six Months Ended August 31, 2022  (Unaudited)
52.97
0.55
(3.08)
(2.53)
(0.45)
—
(0.45)
Year Ended February 28, 2022
54.37
0.85
(1.18)
(0.33)
(0.85)
(0.22)
(1.07)
Year Ended February 28, 2021
55.15
1.00
(0.71)
0.29
(0.94)
(0.13)
(1.07)
Year Ended February 29, 2020
51.92
1.24
3.91
5.15
(1.22)
(0.70)
(1.92)
October 29, 2018 (f) through February 28, 2019
50.00
0.46
1.90
2.36
(0.44)
—
(0.44)
JPMorgan Short Duration Core Plus ETF
 
 
 
 
 
 
 
Six Months Ended August 31, 2022  (Unaudited)
48.60
0.51
(2.25)
(1.74)
(0.49)
—
(0.49)
March 1, 2021 (f) through February 28, 2022
50.00
0.62
(1.42)
(0.80)
(0.59)
(0.01)
(0.60)
 
 
(a)
Annualized for periods less than one year, unless otherwise noted.
(b)
Calculated based upon average shares outstanding.
(c)
Not annualized for periods less than one year.
(d)
Includes adjustments in accordance with accounting principles generally accepted in the United States of America and as such, the net asset values for financial
reporting purposes and the returns based upon those net asset values may differ from the net asset values and returns for shareholder transactions.
(e)
Prior to December 9, 2019, market price return was calculated assuming an initial investment made at the market price at the beginning of the reporting period,
reinvestment of all dividends and distributions at market price during the period, and sale at the market price on the last day of the period. The price used to
calculate the market price return was the midpoint of the bid/ask spread at the close of business on the listing exchange of the fund. Effective December 9, 2019,
the closing price was used to calculate the market price return; however, any prices used in the calculation for market price return prior to December 9, 2019,
would have used the midpoint of the bid/ask spread at the close of business on the exchange.
(f)
Commencement of operations.
(g)
Since the Shares of the Fund did not trade in the secondary market until the day after the Fund’s inception, for the period from the inception to the first day of
secondary market trading, the NAV is used as a proxy for the secondary market trading price to calculate the market returns.
(h)
Certain non-recurring expenses incurred by the Fund were not annualized for the period indicated.
(i)
Calculation of the net realized and unrealized gains (losses) per share does not correlate with the Fund’s net realized and unrealized gains (losses) presented in
the Statement of Operations due to the timing of capital transactions in relation to the fluctuating market values of the Fund’s investments.
(j)
Prior to November 1, 2019, the Fund may have waived fees if expenses exceeded the expense cap. On November 1, 2019, the Fund adopted a unitary fee structure
where a management fee is accrued by the fund based on prior day net assets and other expenses are paid by the Advisor.
SEE NOTES TO FINANCIAL STATEMENTS.
 
376
J.P. Morgan Exchange-Traded Funds
August 31, 2022
 
 
Ratios/Supplemental data
 
 
 
 
 
Ratios to average net assets (a)
Net asset
value,
end of
period
Market
price,
end of
period
Total
return (c)(d)
Market
price
total
return (c)(e)
Net assets,
end of
period
Net
expenses
Net
investment
income
(loss)
Expenses
without waivers
and reimbursements
Portfolio
turnover
rate (c)
 
 
 
 
 
 
 
 
 
$45.72
$46.09
(4.68)%
(4.32)%
$156,350,508
0.39%
4.33%
0.39%
84%
48.89
49.09
(1.34)
(0.94)(g)
137,861,001
0.39
3.47
0.39
13
 
 
 
 
 
 
 
 
 
45.65
45.85
(5.01)
(4.63)
296,747,942
0.50(h)
3.01(h)
0.50(h)
43
48.96
48.98
(1.56)
(2.10)
323,118,565
0.50
2.28
0.50
52
51.04
51.34
5.02
5.95
250,097,283
0.50
2.90
0.50
136
49.98
49.83
7.39
6.89
169,928,839
0.53
3.40
0.69(j)
88
48.75
48.83
2.09
2.13
180,357,231
0.54
3.92
0.82(j)
73
50.54
50.60
3.76
3.88(g)
151,634,232
0.53(h)
3.98
1.10(h)(j)
52
 
 
 
 
 
 
 
 
 
49.99
50.00
(4.79)
(4.84)
237,437,095
0.16
2.14
0.16
30
52.97
53.01
(0.66)
(0.55)
100,642,548
0.18
1.56
0.18
48
54.37
54.35
0.54
0.67
76,120,305
0.23
1.84
0.23
56
55.15
55.06
10.09
9.71
52,390,882
0.23
2.31
0.67(j)
51
51.92
52.01
4.74
4.92(g)
31,153,558
0.23(h)
2.65
1.06(h)(j)
15
 
 
 
 
 
 
 
 
 
46.37
46.40
(3.59)
(3.55)
213,744,542
0.32(h)
2.15(h)
0.32(h)
121
48.60
48.61
(1.63)
(1.61)(g)
192,461,679
0.32
1.26
0.32
175
SEE NOTES TO FINANCIAL STATEMENTS.
 
August 31, 2022
J.P. Morgan Exchange-Traded Funds
377
FINANCIAL HIGHLIGHTS
FOR THE PERIODS INDICATED (continued)
 
 
Per share operating performance
 
 
Investment operations
Distributions
 
Net asset
value,
beginning
of period
Net investment
income
(loss) (b)
Net realized
and unrealized
gains
(losses)
on investments
Total from
investment
operations
Net
investment
income
Net
realized
gain
Total
distributions
JPMorgan U.S. Aggregate Bond ETF
 
 
 
 
 
 
 
Six Months Ended August 31, 2022  (Unaudited)
$52.13
$0.49
$(4.58)
$(4.09)
$(0.47)
$—
$(0.47)
Year Ended February 28, 2022  (g)
54.39
0.71
(2.19)
(1.48)
(0.72)
(0.06)
(0.78)
Year Ended February 28, 2021  (g)
54.86
0.89
(0.32)
0.57
(0.85)
(0.19)
(1.04)
Year Ended February 29, 2020  (g)
50.63
1.39
4.35
5.74
(1.44)
(0.07)
(1.51)
December 12, 2018 (i) through February 28, 2019  (g)
50.00
0.36
0.58
0.94
(0.31)
—
(0.31)
JPMorgan Ultra-Short Income ETF
 
 
 
 
 
 
 
Six Months Ended August 31, 2022  (Unaudited)
50.35
0.31
(0.23)
0.08
(0.24)
—
(0.24)
Year Ended February 28, 2022
50.78
0.28
(0.35)
(0.07)
(0.32)
(0.04)
(0.36)
Year Ended February 28, 2021
50.51
0.58
0.28
0.86
(0.59)
—(k)
(0.59)
Year Ended February 29, 2020
50.20
1.28
0.32
1.60
(1.29)
—
(1.29)
Year Ended February 28, 2019
50.01
1.37
(0.04)(l)
1.33
(1.14)
—
(1.14)
May 17, 2017 (i) through February 28, 2018
50.00
0.70
(0.08)
0.62
(0.61)
—
(0.61)
JPMorgan Ultra-Short Municipal Income ETF
 
 
 
 
 
 
 
Six Months Ended August 31, 2022  (Unaudited)
50.76
0.21
(0.23)
(0.02)
(0.17)
—
(0.17)
Year Ended February 28, 2022
51.01
0.13
(0.25)
(0.12)
(0.13)
—
(0.13)
Year Ended February 28, 2021
50.53
0.32
0.52
0.84
(0.36)
—
(0.36)
Year Ended February 29, 2020
50.26
0.78
0.26
1.04
(0.77)
—
(0.77)
October 16, 2018 (i) through February 28, 2019
50.00
0.35
0.23
0.58
(0.32)
—
(0.32)
JPMorgan USD Emerging Markets Sovereign Bond ETF
 
 
 
 
 
 
 
Six Months Ended August 31, 2022  (Unaudited)
43.42
0.99
(4.62)
(3.63)
(0.98)
—
(0.98)
Year Ended February 28, 2022
49.27
2.03
(5.81)
(3.78)
(2.07)
—
(2.07)
Year Ended February 28, 2021
50.95
2.17
(1.83)
0.34
(2.02)
—
(2.02)
Year Ended February 29, 2020
47.52
2.32
3.40
5.72
(2.29)
—
(2.29)
Year Ended February 28, 2019
48.83
2.31
(1.30)
1.01
(2.32)
—
(2.32)
January 29, 2018 (i) through February 28, 2018
50.00
0.19
(1.21)
(1.02)
(0.15)
—
(0.15)
 
 
(a)
Annualized for periods less than one year, unless otherwise noted.
(b)
Calculated based upon average shares outstanding.
(c)
Not annualized for periods less than one year.
(d)
Includes adjustments in accordance with accounting principles generally accepted in the United States of America and as such, the net asset values for financial
reporting purposes and the returns based upon those net asset values may differ from the net asset values and returns for shareholder transactions.
(e)
Prior to December 9, 2019, market price return was calculated assuming an initial investment made at the market price at the beginning of the reporting period,
reinvestment of all dividends and distributions at market price during the period, and sale at the market price on the last day of the period. The price used to
calculate the market price return was the midpoint of the bid/ask spread at the close of business on the listing exchange of the fund. Effective December 9, 2019,
the closing price was used to calculate the market price return; however, any prices used in the calculation for market price return prior to December 9, 2019,
would have used the midpoint of the bid/ask spread at the close of business on the exchange.
(f)
Certain non-recurring expenses incurred by the Fund were not annualized for the period indicated.
(g)
Per share amounts reflects a 1:2 reverse stock split that occurred on April 12, 2021. See Note 1.
(h)
Prior to November 1, 2019, the Fund may have waived fees if expenses exceeded the expense cap. On November 1, 2019, the Fund adopted a unitary fee structure
where a management fee is accrued by the fund based on prior day net assets and other expenses are paid by the Advisor.
(i)
Commencement of operations.
(j)
Since the Shares of the Fund did not trade in the secondary market until the day after the Fund’s inception, for the period from the inception to the first day of
secondary market trading, the NAV is used as a proxy for the secondary market trading price to calculate the market returns.
(k)
Amount rounds to less than $0.005.
(l)
Calculation of the net realized and unrealized gains (losses) per share does not correlate with the Fund’s net realized and unrealized gains (losses) presented in
the Statement of Operations due to the timing of capital transactions in relation to the fluctuating market values of the Fund’s investments.
SEE NOTES TO FINANCIAL STATEMENTS.
 
378
J.P. Morgan Exchange-Traded Funds
August 31, 2022
 
 
Ratios/Supplemental data
 
 
 
 
 
Ratios to average net assets (a)
Net asset
value,
end of
period
Market
price,
end of
period
Total
return (c)(d)
Market
price
total
return (c)(e)
Net assets,
end of
period
Net
expenses
Net
investment
income
(loss)
Expenses
without waivers
and reimbursements
Portfolio
turnover
rate (c)
 
 
 
 
 
 
 
 
 
$47.57
$47.61
(7.87)%
(7.81)%
$1,127,230,543
0.07%(f)
1.98%(f)
0.07%(f)
51%
52.13
52.14
(2.76)
(2.69)
1,024,267,076
0.07
1.32
0.07
78
54.39
54.36
1.04
0.85
826,789,330
0.07
1.60
0.07
64
54.86
54.92
11.46
11.49
543,070,946
0.07
2.61
0.20(h)
57
50.63
50.68
1.90
1.98(j)
98,730,082
0.07(f)
3.26
1.14(f)(h)
53
 
 
 
 
 
 
 
 
 
50.19
50.21
0.16
0.16
21,608,362,786
0.17(f)
1.22(f)
0.17(f)
27
50.35
50.37
(0.14)
(0.12)
18,686,174,480
0.18
0.56
0.18
70
50.78
50.79
1.72
1.67
16,144,037,713
0.17
1.14
0.17
94
50.51
50.54
3.22
3.22
11,591,489,504
0.18
2.53
0.22(h)
46
50.20
50.23
2.68
2.66
5,703,062,275
0.17
2.74
0.28(h)
43
50.01
50.05
1.25
1.33(j)
200,051,266
0.16(f)
1.77
0.55(f)(h)
25
 
 
 
 
 
 
 
 
 
50.57
50.46
(0.05)
(0.24)
3,117,744,864
0.17
0.82
0.17
45
50.76
50.75
(0.23)
(0.29)
3,116,619,866
0.17
0.26
0.17
50
51.01
51.03
1.66
1.64
1,410,311,158
0.16
0.63
0.16
67
50.53
50.56
2.09
2.09
207,185,582
0.18
1.55
0.34(h)
153
50.26
50.29
1.16
1.22(j)
57,799,591
0.17(f)
1.88
0.79(f)(h)
61
 
 
 
 
 
 
 
 
 
38.81
38.79
(8.45)
(9.84)
69,866,551
0.39(f)
4.90(f)
0.39(f)
19
43.42
44.06
(8.06)
(6.78)
69,475,995
0.39
4.17
0.39
38
49.27
49.30
0.85
0.50
83,750,663
0.39
4.50
0.39
59
50.95
51.15
12.25
12.44
91,713,454
0.39
4.64
0.58(h)
53
47.52
47.62
2.29
2.23
61,776,747
0.39
4.96
0.87(h)
28
48.83
48.95
(2.03)
(1.79)(j)
53,713,929
0.35(f)
4.79
2.74(f)(h)
2
SEE NOTES TO FINANCIAL STATEMENTS.
 
August 31, 2022
J.P. Morgan Exchange-Traded Funds
379
NOTES TO FINANCIAL STATEMENTS
AS OF August 31, 2022  (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 12 separate funds of the Trust (each, a "Fund" and collectively, the "Funds") covered by this report:  
 
Diversification Classification
JPMorgan BetaBuilders 1-5 Year U.S. Aggregate Bond ETF
Diversified
JPMorgan Core Plus Bond ETF
Diversified
JPMorgan Corporate Bond Research Enhanced ETF
Diversified
JPMorgan High Yield Research Enhanced ETF
Diversified
JPMorgan Income ETF
Diversified
JPMorgan International Bond Opportunities ETF
Diversified
JPMorgan Municipal ETF
Diversified
JPMorgan Short Duration Core Plus ETF
Diversified
JPMorgan U.S. Aggregate Bond ETF
Diversified
JPMorgan Ultra-Short Income ETF
Diversified
JPMorgan Ultra-Short Municipal Income ETF
Diversified
JPMorgan USD Emerging Markets Sovereign Bond ETF
Diversified
The investment objective of JPMorgan BetaBuilders 1-5 Year U.S. Aggregate Bond ETF (“BetaBuilders 1-5 Year U.S. Aggregate Bond ETF”) is to seek investment results that closely correspond, before fees and expenses, to the performance of the Bloomberg Short-Term U.S. Aggregate Bond Index.
The investment objective of JPMorgan Core Plus Bond ETF (“Core Plus Bond ETF”) is to seek a high level of current income by investing primarily in a diversified portfolio of high-, medium- and low-grade debt securities.
The investment objective of JPMorgan Corporate Bond Research Enhanced ETF (“Corporate Bond Research Enhanced ETF”) is to seek to provide total return from a portfolio of investment grade corporate bonds.
The investment objective of JPMorgan High Yield Research Enhanced ETF (“High Yield Research Enhanced ETF”) is to seek to provide a high level of income with capital appreciation as a secondary objective.
The investment objective of JPMorgan Income ETF (“Income ETF”) is to seek to provide income with a secondary objective of capital appreciation.
The investment objective of JPMorgan International Bond Opportunities ETF (“International Bond Opportunities ETF”) is to seek to provide total return.
The investment objective of JPMorgan Municipal ETF (“Municipal ETF”) is to seek 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.
The investment objective of JPMorgan Short Duration Core Plus ETF (“Short Duration Core Plus ETF”) is to seek total return, consistent with preservation of capital.
The investment objective of JPMorgan U.S. Aggregate Bond ETF (“U.S. Aggregate Bond ETF”) is to seek long-term total return.
The investment objective of JPMorgan Ultra-Short Income ETF (“Ultra-Short Income ETF”) is to seek to provide current income while seeking to maintain a low volatility of principal.
The investment objective of JPMorgan Ultra-Short Municipal Income ETF (“Ultra-Short Municipal Income ETF”) is to seek to provide as high a level of current income exempt from federal income tax as is consistent with relative stability of principal.
The investment objective of JPMorgan USD Emerging Markets Sovereign Bond ETF (“USD Emerging Markets Sovereign Bond ETF”) is to seek investment results that closely correspond, before fees and expenses, to the performance of the JPMorgan Emerging Markets Risk-Aware Bond Index.
J.P. Morgan Investment Management Inc. (“JPMIM”), an indirect, wholly-owned subsidiary of JPMorgan Chase & Co. (“JPMorgan”), acts as Adviser (the “Adviser”) and Administrator (the “Administrator”) to the Funds.
 
380
J.P. Morgan Exchange-Traded Funds
August 31, 2022
Shares of each Fund are listed and traded at market price on an exchange as follows: 
 
Listing Exchange
BetaBuilders 1-5 Year U.S. Aggregate Bond ETF
Cboe BZX Exchange, Inc.
Core Plus Bond ETF
Cboe BZX Exchange, Inc.
Corporate Bond Research Enhanced ETF
NYSE Arca
High Yield Research Enhanced ETF
Cboe BZX Exchange, Inc.
Income ETF
NYSE Arca
International Bond Opportunities ETF
Cboe BZX Exchange, Inc.
Municipal ETF
Cboe BZX Exchange, Inc.
Short Duration Core Plus ETF
NYSE Arca
U.S. Aggregate Bond ETF
NYSE Arca
Ultra-Short Income ETF
NYSE Arca*
Ultra-Short Municipal Income ETF
Cboe BZX Exchange, Inc.
USD Emerging Markets Sovereign Bond ETF
NYSE Arca
 
 
*
Effective September 15, 2022, the Ultra-Short Income ETF changed its listing exchange from Cboe BZX Exchange, Inc. to 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” as shown in the table below:  
 
Shares per
Creation Unit
BetaBuilders 1-5 Year U.S. Aggregate Bond ETF
25,000
Core Plus Bond ETF
100,000
Corporate Bond Research Enhanced ETF
25,000
High Yield Research Enhanced ETF
100,000
Income ETF
30,000
International Bond Opportunities ETF
100,000
Municipal ETF
50,000
Short Duration Core Plus ETF
10,000
U.S. Aggregate Bond ETF
25,000
Ultra-Short Income ETF
50,000
Ultra-Short Municipal Income ETF
50,000
USD Emerging Markets Sovereign Bond ETF
100,000
Creation Units are issued and redeemed principally in-kind for a basket of securities. A cash amount may be substituted if a Fund has sizeable exposure to market or sponsor restricted securities. 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. 
 
August 31, 2022
J.P. Morgan Exchange-Traded Funds
381
NOTES TO FINANCIAL STATEMENTS
AS OF August 31, 2022  (Unaudited) (continued)
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.
The Administrator has established the J.P. Morgan Asset Management Americas Valuation Committee (“AVC”) to assist the Board with the oversight and monitoring of the valuation of the Funds' investments. The Administrator implements the valuation policies of the Funds' investments, as directed by the Board. The AVC oversees and carries out the policies for the valuation of investments held in the Funds. This 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 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 Board. 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. 
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. Certain foreign equity instruments are valued by applying international fair value factors provided by approved Pricing Services. The factors seek to adjust the local closing price for movements of local markets post-closing, but prior to the time the NAVs are calculated.  
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 and forward foreign currency exchange contracts are valued utilizing market quotations from approved Pricing Services.
See the tables 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 Core Plus Bond ETF, Income ETF, International Bond Opportunities ETF and Short Duration Core Plus ETF at August 31, 2022.
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.
 
382
J.P. Morgan Exchange-Traded Funds
August 31, 2022
The following tables represent each valuation input as presented on the Schedules of Portfolio Investments ("SOIs"): 
BetaBuilders 1-5 Year U.S. Aggregate Bond ETF 
 
 
 
 
 
Level 1
Quoted prices
Level 2
Other significant
observable inputs
Level 3
Significant
unobservable inputs
Total
Investments in Securities
 
 
 
 
Asset-Backed Securities
$—
$302,873
$—
$302,873
Commercial Mortgage-Backed Securities
—
764,752
71,723
836,475
Corporate Bonds
—
9,381,416
—
9,381,416
Foreign Government Securities
—
608,812
—
608,812
Mortgage-Backed Securities
—
3,061,930
—
3,061,930
Municipal Bonds
—
55,228
—
55,228
Supranational
—
1,009,923
—
1,009,923
U.S. Government Agency Securities
—
771,131
—
771,131
U.S. Treasury Obligations
—
21,807,890
—
21,807,890
Short-Term Investments
 
 
 
 
Investment Companies
1,095,512
—
—
1,095,512
Total Investments in Securities
$1,095,512
$37,763,955
$71,723
$38,931,190
 
Core Plus Bond ETF 
 
 
 
 
 
Level 1
Quoted prices
Level 2
Other significant
observable inputs
Level 3
Significant
unobservable inputs
Total
Investments in Securities
 
 
 
 
Asset-Backed Securities
$—
$31,208,766
$38,652,198
$69,860,964
Collateralized Mortgage Obligations
—
8,166,217
4,510,804
12,677,021
Commercial Mortgage-Backed Securities
—
18,617,843
6,093,108
24,710,951
Common Stocks
 
 
 
 
Oil, Gas & Consumable Fuels
17,740
2,338
—
20,078
Professional Services
—
180
—
180
Wireless Telecommunication Services
—
—
7,425
7,425
Total Common Stocks
17,740
2,518
7,425
27,683
Corporate Bonds
 
 
 
 
Aerospace & Defense
—
2,292,093
—
2,292,093
Airlines
—
782,507
—
782,507
Auto Components
—
1,211,755
—
1,211,755
Automobiles
—
715,088
—
715,088
Banks
—
22,767,171
—
22,767,171
Beverages
—
1,357,928
—
1,357,928
Biotechnology
—
2,155,917
—
2,155,917
Building Products
—
865,418
—
865,418
Capital Markets
—
9,523,932
—
9,523,932
Chemicals
—
1,877,739
—
1,877,739
Commercial Services & Supplies
—
1,736,610
—
1,736,610
Communications Equipment
—
327,801
—
327,801
Construction & Engineering
—
285,360
—
285,360
Construction Materials
—
57,655
—
57,655
Consumer Finance
—
3,987,848
—
3,987,848
Containers & Packaging
—
1,300,133
—
1,300,133
Diversified Consumer Services
—
134,802
—
134,802
Diversified Financial Services
—
788,923
—
788,923
Diversified Telecommunication Services
—
4,584,549
3
4,584,552
 
August 31, 2022
J.P. Morgan Exchange-Traded Funds
383
NOTES TO FINANCIAL STATEMENTS
AS OF August 31, 2022  (Unaudited) (continued)
Core Plus Bond ETF (continued)
 
 
 
 
 
Level 1
Quoted prices
Level 2
Other significant
observable inputs
Level 3
Significant
unobservable inputs
Total
Electric Utilities
$—
$6,396,033
$—
$6,396,033
Electrical Equipment
—
146,100
—
146,100
Electronic Equipment, Instruments & Components
—
295,297
—
295,297
Energy Equipment & Services
—
352,581
—
352,581
Entertainment
—
2,268,483
—
2,268,483
Equity Real Estate Investment Trusts (REITs)
—
2,084,049
—
2,084,049
Food & Staples Retailing
—
849,211
—
849,211
Food Products
—
503,496
—
503,496
Gas Utilities
—
223,137
—
223,137
Health Care Equipment & Supplies
—
659,796
—
659,796
Health Care Providers & Services
—
4,929,301
—
4,929,301
Health Care Technology
—
193,278
—
193,278
Hotels, Restaurants & Leisure
—
2,874,831
—
2,874,831
Household Durables
—
338,965
—
338,965
Household Products
—
498,215
—
498,215
Independent Power and Renewable Electricity
Producers
—
338,425
—
338,425
Industrial Conglomerates
—
189,107
—
189,107
Insurance
—
1,307,321
—
1,307,321
Interactive Media & Services
—
423,263
—
423,263
Internet & Direct Marketing Retail
—
725,573
—
725,573
IT Services
—
801,983
—
801,983
Leisure Products
—
142,062
—
142,062
Life Sciences Tools & Services
—
204,096
—
204,096
Machinery
—
506,352
—
506,352
Media
—
5,954,560
—
5,954,560
Metals & Mining
—
2,377,919
—
2,377,919
Mortgage Real Estate Investment Trusts (REITs)
—
988,089
—
988,089
Multiline Retail
—
95,205
—
95,205
Multi-Utilities
—
1,009,538
—
1,009,538
Oil, Gas & Consumable Fuels
—
11,785,565
—
11,785,565
Personal Products
—
367,485
—
367,485
Pharmaceuticals
—
2,841,197
—
2,841,197
Real Estate Management & Development
—
144,843
—
144,843
Road & Rail
—
1,581,478
—
1,581,478
Semiconductors & Semiconductor Equipment
—
1,905,197
—
1,905,197
Software
—
1,309,218
—
1,309,218
Specialty Retail
—
1,891,820
—
1,891,820
Technology Hardware, Storage & Peripherals
—
1,239,393
—
1,239,393
Textiles, Apparel & Luxury Goods
—
127,486
—
127,486
Thrifts & Mortgage Finance
—
674,231
—
674,231
Tobacco
—
1,526,943
—
1,526,943
Trading Companies & Distributors
—
1,479,065
—
1,479,065
Transportation Infrastructure
—
9,756
—
9,756
Wireless Telecommunication Services
—
681,446
—
681,446
Total Corporate Bonds
—
121,994,618
3
121,994,621
Mortgage-Backed Securities
—
63,949,116
—
63,949,116
Municipal Bonds
—
24,387
—
24,387
 
384
J.P. Morgan Exchange-Traded Funds
August 31, 2022
Core Plus Bond ETF (continued)
 
 
 
 
 
Level 1
Quoted prices
Level 2
Other significant
observable inputs
Level 3
Significant
unobservable inputs
Total
Preferred Stocks
$—
$—
$3,140
$3,140
Rights
—
—
1
1
U.S. Treasury Obligations
—
65,116,259
—
65,116,259
Warrants
 
 
 
 
Diversified Telecommunication Services
—
—
216
216
Media
—
—
3,965
3,965
Oil, Gas & Consumable Fuels
16,407
—
—
16,407
Total Warrants
16,407
—
4,181
20,588
Short-Term Investments
 
 
 
 
Investment Companies
64,292,445
—
—
64,292,445
Total Investments in Securities
$64,326,592
$309,079,724
$49,270,860
$422,677,176
Appreciation in Other Financial Instruments
 
 
 
 
Futures Contracts
$39,842
$—
$—
$39,842
Swaps
—
301,251
—
301,251
Depreciation in Other Financial Instruments
 
 
 
 
Futures Contracts
(255,030)
—
—
(255,030)
Total Net Appreciation/ Depreciation in Other
Financial Instruments
$(215,188)
$301,251
$—
$86,063
 
Corporate Bond Research Enhanced ETF 
 
 
 
 
 
Level 1
Quoted prices
Level 2
Other significant
observable inputs
Level 3
Significant
unobservable inputs
Total
Investments in Securities
 
 
 
 
Corporate Bonds
$—
$38,459,866
$—
$38,459,866
Short-Term Investments
 
 
 
 
Investment Companies
618,875
—
—
618,875
Total Investments in Securities
$618,875
$38,459,866
$—
$39,078,741
Appreciation in Other Financial Instruments
 
 
 
 
Futures Contracts
$11,504
$—
$—
$11,504
Depreciation in Other Financial Instruments
 
 
 
 
Futures Contracts
(11,380)
—
—
(11,380)
Total Net Appreciation/ Depreciation in Other
Financial Instruments
$124
$—
$—
$124
 
High Yield Research Enhanced ETF 
 
 
 
 
 
Level 1
Quoted prices
Level 2
Other significant
observable inputs
Level 3
Significant
unobservable inputs
Total
Investments in Securities
 
 
 
 
Corporate Bonds
$—
$394,887,550
$—
$394,887,550
Short-Term Investments
 
 
 
 
Investment Companies
1,852,115
—
—
1,852,115
Total Investments in Securities
$1,852,115
$394,887,550
$—
$396,739,665
 
 
August 31, 2022
J.P. Morgan Exchange-Traded Funds
385
NOTES TO FINANCIAL STATEMENTS
AS OF August 31, 2022  (Unaudited) (continued)
Income ETF 
 
 
 
 
 
Level 1
Quoted prices
Level 2
Other significant
observable inputs
Level 3
Significant
unobservable inputs
Total
Investments in Securities
 
 
 
 
Asset-Backed Securities
$—
$30,727,625
$13,437,292
$44,164,917
Collateralized Mortgage Obligations
—
11,186,221
777,935
11,964,156
Commercial Mortgage-Backed Securities
—
19,347,124
8,084,595
27,431,719
Corporate Bonds
—
61,322,847
—
61,322,847
Exchange-Traded Funds
2,694,260
—
—
2,694,260
Foreign Government Securities
—
4,525,889
—
4,525,889
Mortgage-Backed Securities
—
14,506,218
—
14,506,218
Short-Term Investments
 
 
 
 
Investment Companies
101,234
—
—
101,234
Total Investments in Securities
$2,795,494
$141,615,924
$22,299,822
$166,711,240
Liabilities
 
 
 
 
TBA Short Commitment
$—
$(10,605,284)
$—
$(10,605,284)
Total Liabilities in Securities Sold Short
$—
$(10,605,284)
$—
$(10,605,284)
Appreciation in Other Financial Instruments
 
 
 
 
Futures Contracts
$156,173
$—
$—
$156,173
Swaps
—
22,120
—
22,120
Depreciation in Other Financial Instruments
 
 
 
 
Futures Contracts
(178,519)
—
—
(178,519)
Total Net Appreciation/ Depreciation in Other
Financial Instruments
$(22,346)
$22,120
$—
$(226)
 
International Bond Opportunities ETF 
 
 
 
Level 1
Quoted prices
Level 2
Other significant
observable inputs
Level 3
Significant
unobservable inputs
Total
Investments in Securities
 
 
 
 
Asset-Backed Securities
 
 
 
 
United States
$—
$2,382,419
$1,800,723
$4,183,142
Collateralized Mortgage Obligations
—
3,084,142
—
3,084,142
Commercial Mortgage-Backed Securities
 
 
 
 
United States
—
2,517,257
2,438,161
4,955,418
Common Stocks
242,192
—
—
242,192
Corporate Bonds
—
170,189,961
—
170,189,961
Foreign Government Securities
—
90,831,493
—
90,831,493
Supranational
—
898,746
—
898,746
Warrants
—
—
216
216
Short-Term Investments
 
 
 
 
Investment Companies
10,471,032
—
—
10,471,032
Total Investments in Securities
$10,713,224
$269,904,018
$4,239,100
$284,856,342
Appreciation in Other Financial Instruments
 
 
 
 
Forward Foreign Currency Exchange Contracts
$—
$4,999,737
$—
$4,999,737
Futures Contracts
308,306
—
—
308,306
Swaps
—
775,514
—
775,514
Depreciation in Other Financial Instruments
 
 
 
 
Forward Foreign Currency Exchange Contracts
—
(926,305)
—
(926,305)
 
386
J.P. Morgan Exchange-Traded Funds
August 31, 2022
International Bond Opportunities ETF (continued)
 
 
 
Level 1
Quoted prices
Level 2
Other significant
observable inputs
Level 3
Significant
unobservable inputs
Total
Futures Contracts
$(5,779)
$—
$—
$(5,779)
Swaps
—
(505,866)
—
(505,866)
Total Net Appreciation/ Depreciation in Other
Financial Instruments
$302,527
$4,343,080
$—
$4,645,607
 
Municipal ETF 
 
 
 
 
 
Level 1
Quoted prices
Level 2
Other significant
observable inputs
Level 3
Significant
unobservable inputs
Total
Investments in Securities
 
 
 
 
Municipal Bonds
$—
$204,174,440
$—
$204,174,440
Short-Term Investments
 
 
 
 
Investment Companies
34,479,837
—
—
34,479,837
Total Investments in Securities
$34,479,837
$204,174,440
$—
$238,654,277
Appreciation in Other Financial Instruments
 
 
 
 
Futures Contracts
$7,501
$—
$—
$7,501
 
Short Duration Core Plus ETF 
 
 
 
 
 
Level 1
Quoted prices
Level 2
Other significant
observable inputs
Level 3
Significant
unobservable inputs
Total
Investments in Securities
 
 
 
 
Asset-Backed Securities
$—
$31,669,772
$7,774,224
$39,443,996
Collateralized Mortgage Obligations
—
7,425,900
1,505,691
8,931,591
Commercial Mortgage-Backed Securities
—
4,973,614
10,363,543
15,337,157
Corporate Bonds
—
84,818,767
—
84,818,767
Foreign Government Securities
—
1,598,402
—
1,598,402
Mortgage-Backed Securities
—
20,656,718
—
20,656,718
Municipal Bonds
—
124,434
—
124,434
U.S. Treasury Obligations
—
35,349,202
—
35,349,202
Short-Term Investments
 
 
 
 
Investment Companies
13,782,301
—
—
13,782,301
Investment of Cash Collateral from Securities Loaned
135,300
—
—
135,300
U.S. Treasury Obligations
—
636,747
—
636,747
Total Short-Term Investments
13,917,601
636,747
—
14,554,348
Total Investments in Securities
$13,917,601
$187,253,556
$19,643,458
$220,814,615
Appreciation in Other Financial Instruments
 
 
 
 
Futures Contracts
$132,532
$—
$—
$132,532
Swaps
—
65,815
—
65,815
Depreciation in Other Financial Instruments
 
 
 
 
Futures Contracts
(64,135)
—
—
(64,135)
Total Net Appreciation/ Depreciation in Other
Financial Instruments
$68,397
$65,815
$—
$134,212
 
 
August 31, 2022
J.P. Morgan Exchange-Traded Funds
387
NOTES TO FINANCIAL STATEMENTS
AS OF August 31, 2022  (Unaudited) (continued)
U.S. Aggregate Bond ETF 
 
 
 
 
 
Level 1
Quoted prices
Level 2
Other significant
observable inputs
Level 3
Significant
unobservable inputs
Total
Investments in Securities
 
 
 
 
Asset-Backed Securities
$—
$3,205,977
$—
$3,205,977
Commercial Mortgage-Backed Securities
—
20,297,468
1,143,169
21,440,637
Corporate Bonds
—
276,242,322
—
276,242,322
Foreign Government Securities
—
18,151,792
—
18,151,792
Mortgage-Backed Securities
—
312,078,533
—
312,078,533
Municipal Bonds
—
4,974,012
—
4,974,012
Supranational
—
14,842,589
—
14,842,589
U.S. Government Agency Securities
—
13,766,997
—
13,766,997
U.S. Treasury Obligations
—
453,130,207
—
453,130,207
Short-Term Investments
 
 
 
 
Investment Companies
59,478,775
—
—
59,478,775
Investment of Cash Collateral from Securities
Loaned
1,472,263
—
—
1,472,263
Total Short-Term Investments
60,951,038
—
—
60,951,038
Total Investments in Securities
$60,951,038
$1,116,689,897
$1,143,169
$1,178,784,104
There were no significant transfers into or out of level 3 for the six months ended August 31, 2022. 
Ultra-Short Income ETF 
 
 
 
 
 
Level 1
Quoted prices
Level 2
Other significant
observable inputs
Level 3
Significant
unobservable inputs
Total
Investments in Securities
 
 
 
 
Asset-Backed Securities
$—
$1,817,078,779
$30,222,981
$1,847,301,760
Commercial Mortgage-Backed Securities
—
365,611,227
8,359,517
373,970,744
Corporate Bonds
—
9,235,237,854
—
9,235,237,854
Foreign Government Securities
—
28,583,037
—
28,583,037
Short-Term Investments
 
 
 
 
Certificates of Deposits
—
3,434,599,451
—
3,434,599,451
Commercial Paper
—
3,856,089,356
—
3,856,089,356
Investment Companies
2,061,647,797
—
—
2,061,647,797
Investment of Cash Collateral from Securities
Loaned
23,398,131
—
—
23,398,131
Repurchase Agreements
—
100,000,000
—
100,000,000
Total Short-Term Investments
2,085,045,928
7,390,688,807
—
9,475,734,735
Total Investments in Securities
$2,085,045,928
$18,837,199,704
$38,582,498
$20,960,828,130
Appreciation in Other Financial Instruments
 
 
 
 
Futures Contracts
$2,511,625
$—
$—
$2,511,625
There were no significant transfers into or out of level 3 for the six months ended August 31, 2022. 
Ultra-Short Municipal Income ETF 
 
 
 
 
 
Level 1
Quoted prices
Level 2
Other significant
observable inputs
Level 3
Significant
unobservable inputs
Total
Investments in Securities
 
 
 
 
Municipal Bonds
$—
$2,772,230,286
$—
$2,772,230,286
 
388
J.P. Morgan Exchange-Traded Funds
August 31, 2022
Ultra-Short Municipal Income ETF (continued)
 
 
 
 
 
Level 1
Quoted prices
Level 2
Other significant
observable inputs
Level 3
Significant
unobservable inputs
Total
Short-Term Investments
 
 
 
 
Investment Companies
$410,768,637
$—
$—
$410,768,637
Total Investments in Securities
$410,768,637
$2,772,230,286
$—
$3,182,998,923
 
USD Emerging Markets Sovereign Bond ETF 
 
 
 
 
 
Level 1
Quoted prices
Level 2
Other significant
observable inputs
Level 3
Significant
unobservable inputs
Total
Investments in Securities
 
 
 
 
Corporate Bonds
$—
$7,737,243
$—
$7,737,243
Foreign Government Securities
—
60,917,329
—
60,917,329
Short-Term Investments
 
 
 
 
Investment Companies
437,315
—
—
437,315
Investment of Cash Collateral from Securities Loaned
1,923,422
—
—
1,923,422
Total Short-Term Investments
2,360,737
—
—
2,360,737
Total Investments in Securities
$2,360,737
$68,654,572
$—
$71,015,309
The following is a summary of investments for which significant unobservable inputs (level 3) were used in determining fair value:  
Core Plus Bond ETF
Balance as of
February 28,
2022
Realized
gain (loss)
Change in net
unrealized
appreciation
(depreciation)
Net
accretion
(amortization)
Purchases1
Sales2
Transfers
into
Level 3
Transfers
out of
Level 3
Other(a)
Balance as of
August 31,
2022
Investments in
Securities:
 
 
 
 
 
 
 
 
 
 
Asset-Backed
Securities
$20,370,556
$—
$(2,113,343)
$21,671
$14,002,747
$(1,829,224)
$8,664,246
$(848,882)
$384,427
$38,652,198
Collateralized
Mortgage
Obligations
2,918,444
—
(127,026)
(388)
2,358,301
(412,486)
306,861
(148,475)
(384,427)
4,510,804
Commercial
Mortgage-Backed
Securities
5,075,115
—
(322,710)
55,008
2,649,862
(1,364,167)
—
—
—
6,093,108
Common Stocks
9,180
—
(1,755)
—
—
—
—
—
—
7,425
Corporate Bonds
3
—
—
—
280
(280)
—
—
—
3
Preferred Stocks
5,377
—
(2,237)
—
—
—
—
—
—
3,140
Rights
1
—
—
—
—
—
—
—
—
1
Warrants
1,861
—
2,320
—
—
—
—
—
—
4,181
Total
$28,380,537
$—
$(2,564,751)
$76,291
$19,011,190
$(3,606,157)
$8,971,107
$(997,357)
$—
$49,270,860
 
 
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.
 
(a)
Certain Level 3 investments were re-classified between Asset-Backed Securities and Collateralized Mortgage Obligations.
The changes in net unrealized appreciation (depreciation) attributable to securities owned at August 31, 2022, which were valued using significant unobservable inputs (level 3), amounted to $(2,557,306). This amount is included in Change in net unrealized appreciation/depreciation on investments in non-affiliates on the Statements of Operations. 
Transfers between level 2 and level 3 are due to a decline or an increase in market activity (e.g. frequency of trades), which resulted in a lack or increase of available market inputs to determine the price for the six months ended August 31, 2022.  
 
August 31, 2022
J.P. Morgan Exchange-Traded Funds
389
NOTES TO FINANCIAL STATEMENTS
AS OF August 31, 2022  (Unaudited) (continued)
Income ETF
Balance as of
February 28,
2022
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,
2022
Investments in
Securities:
 
 
 
 
 
 
 
 
 
Asset-Backed
Securities
$8,815,163
$—
$(645,520)
$40,388
$8,973,600
$(4,005,955)
$259,616
$—
$13,437,292
Collateralized
Mortgage
Obligations
1,517,003
—
(15,756)
2
799,902
(6,213)
—
(1,517,003)
777,935
Commercial
Mortgage-Backed
Securities
6,631,360
12
(564,557)
2,706
2,019,393
(4,319)
—
—
8,084,595
Total
$16,963,526
$12
$(1,225,833)
$43,096
$11,792,895
$(4,016,487)
$259,616
$(1,517,003)
$22,299,822
 
 
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, 2022, which were valued using significant unobservable inputs (level 3), amounted to $(1,183,546). This amount is included in Change in net unrealized appreciation/depreciation on investments in non-affiliates on the Statements of Operations. 
Transfers between level 2 and level 3 are due to a decline or an increase in market activity (e.g. frequency of trades), which resulted in a lack or increase of available market inputs to determine the price for the six months ended August 31, 2022. 
International Bond Opportunities
ETF
Balance as of
February 28,
2022
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,
2022
Investments in Securities:
 
 
 
 
 
 
 
 
 
Asset-Backed Securities
$1,043,618
$—
$(69,589)
$731
$891,376
$(65,413)
$—
$—
$1,800,723
Commercial Mortgage-Backed
Securities
2,815,947
6,782
(215,369)
3,570
—
(200,697)
56,454
(28,526)
2,438,161
Warrants
184
—
32
—
—
—
—
—
216
Total
$3,859,749
$6,782
$(284,926)
$4,301
$891,376
$(266,110)
$56,454
$(28,526)
$4,239,100
 
 
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, 2022, which were valued using significant unobservable inputs (level 3), amounted to $(265,973). This amount is included in Change in net unrealized appreciation/depreciation on investments in non-affiliates on the Statements of Operations. 
Transfers between level 2 and level 3 are due to a decline or an increase in market activity (e.g. frequency of trades), which resulted in a lack or increase of available market inputs to determine the price for the six months ended August 31, 2022.  
Short Duration Core
Plus ETF
Balance as of
February 28,
2022
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,
2022
Investments in
Securities:
 
 
 
 
 
 
 
 
 
Asset-Backed
Securities
$7,077,155
$—
$(389,953)
$(827)
$1,111,854
$(752,148)
$1,079,958
$(351,815)
$7,774,224
 
390
J.P. Morgan Exchange-Traded Funds
August 31, 2022
Short Duration Core
Plus ETF
Balance as of
February 28,
2022
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,
2022
Collateralized
Mortgage
Obligations
$649,255
$—
$(57,763)
$1,230
$717,279
$(25,755)
$221,445
$—
$1,505,691
Commercial
Mortgage-Backed
Securities
8,663,746
—
(495,666)
(5,822)
1,444,414
(94,189)
1,477,763
(626,703)
10,363,543
Total
$16,390,156
$—
$(943,382)
$(5,419)
$3,273,547
$(872,092)
$2,779,166
$(978,518)
$19,643,458
 
 
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, 2022, which were valued using significant unobservable inputs (level 3), amounted to $(948,024). This amount is included in Change in net unrealized appreciation/depreciation on investments in non-affiliates on the Statements of Operations. 
Transfers between level 2 and level 3 are due to a decline or an increase in market activity (e.g. frequency of trades), which resulted in a lack or increase of available market inputs to determine the price for the six months ended August 31, 2022.
The significant unobservable inputs used in the fair value measurement of the Funds' investments are listed below. Generally, a change in the assumptions used in any input in isolation may be accompanied by a change in another input. Significant changes in any of the unobservable inputs may significantly impact the fair value measurement. The impact is based on the relationship between each unobservable input and the fair value measurement. Significant increases (decreases) in enterprise multiples may increase (decrease) the fair value measurement. Significant increases (decreases) in the discount for lack of marketability, liquidity discount, probability of default, yield and default rate may decrease (increase) the fair value measurement. A significant change in the discount rate or prepayment rate (Constant Prepayment Rate or PSA Prepayment Model) may decrease or increase the fair value measurement.
Core Plus
Bond ETF
Quantitative Information about Level 3 Fair Value Measurements # 
 
Fair Value at
August 31, 2022
Valuation
Technique(s)
Unobservable
Input
Range (Weighted
Average) (a)
 
$38,020,455
Discounted Cash Flow
Constant Prepayment Rate
0.00% - 35.00% (9.87%)
 
 
 
Constant Default Rate
0.00% - 1.00% (0.03%)
 
 
 
Yield (Discount Rate of Cash Flows)
4.40% - 10.47% (7.31%)
 
 
 
 
 
Asset-Backed Securities
38,020,455
 
 
 
 
2,812,291
Discounted Cash Flow
Constant Prepayment Rate
10.00% - 100.00% (62.26%)
 
 
 
Constant Default Rate
0.00% - 0.50% (0.09%)
 
 
 
Yield (Discount Rate of Cash Flows)
4.25% - 8.28% (5.64%)
 
 
 
 
 
Collateralized
Mortgage Obligations
2,812,291
 
 
 
 
2,183,058
Discounted Cash Flow
Constant Prepayment Rate
0.00% - 100.00% (9.06%)
 
 
 
Yield (Discount Rate of Cash Flows)
5.00% - 9.25% (6.85%)
 
 
 
 
 
Commercial Mortgage-
Backed Securities
2,183,058
 
 
 
 
-(b)
Pending Distribution Amount
Expected Recovery
$0.01 ($0.01)
 
 
 
 
 
Rights
-(b)
 
 
 
 
August 31, 2022
J.P. Morgan Exchange-Traded Funds
391
NOTES TO FINANCIAL STATEMENTS
AS OF August 31, 2022  (Unaudited) (continued)
 
Fair Value at
August 31, 2022
Valuation
Technique(s)
Unobservable
Input
Range (Weighted
Average) (a)
Total
$43,015,804
 
 
 
 
#
The table above does not include certain level 3 investments that are valued by brokers and Pricing Services. At August 31 2022, the value of
these investments was $6,225,056. The inputs for these investments are not readily available or cannot be reasonably estimated and are
generally those inputs described in Note 2.A.
(a)
Unobservable inputs were weighted by the relative fair value of the instruments.
(b)
Amount rounds to less than one thousand.
Income ETF
Quantitative Information about Level 3 Fair Value Measurements  
 
Fair Value at
August 31, 2022
Valuation
Technique(s)
Unobservable
Input
Range (Weighted
Average) (a)
 
$9,672,219
Discounted Cash Flow
Constant Prepayment Rate
0.00% - 30.00% (17.50%)
 
 
 
Yield (Discount Rate of Cash Flows)
5.28% - 12.40% (8.54%)
 
 
 
 
 
Asset-Backed Securities
9,672,219
 
 
 
 
293,785
Discounted Cash Flow
Constant Prepayment Rate
10.00% (10.00%)
 
 
 
Yield (Discount Rate of Cash Flows)
5.00% (5.00%)
 
 
 
 
 
Collateralized
Mortgage Obligations
293,785
 
 
 
 
8,084,595
Discounted Cash Flow
Constant Prepayment Rate
0.00% - 100.00% (0.23%)
 
 
 
Yield (Discount Rate of Cash Flows)
5.00% - 9.61% (8.39%)
 
 
 
 
 
Commercial Mortgage-
Backed Securities
8,084,595
 
 
 
Total
$18,050,599
 
 
 
 
#
The table above does not include certain level 3 investments that are valued by brokers and Pricing Services. At August 31 2022, the value of
these investments was $4,249,223. The inputs for these investments are not readily available or cannot be reasonably estimated and are
generally those inputs described in Note 2.A.
(a)
Unobservable inputs were weighted by the relative fair value of the instruments.
International
Bond
Opportunities
ETF
Quantitative Information about Level 3 Fair Value Measurements # 
 
Fair Value at
August 31, 2022
Valuation
Technique(s)
Unobservable
Input
Range (Weighted
Average) (a)
 
$1,800,723
Discounted Cash Flow
Constant Prepayment Rate
0.00% - 35.00% (19.91%)
 
 
 
Constant Default Rate
0.00% - 3.00% (0.26%)
 
 
 
Yield (Discount Rate of Cash Flows)
4.65% - 8.07% (6.45%)
Asset-Backed Securities
1,800,723
 
 
 
 
1,479,459
Discounted Cash Flow
Constant Prepayment Rate
0.00% - 100.00% (6.81%)
 
 
 
Constant Default Rate
0.00% - 2.00% (0.14%)
 
 
 
Yield (Discount Rate of Cash Flows)
5.81% - 140.50% (11.93%)
 
 
 
 
 
Commercial Mortgage-
Backed Securities
1,479,459
 
 
 
 
392
J.P. Morgan Exchange-Traded Funds
August 31, 2022
 
Fair Value at
August 31, 2022
Valuation
Technique(s)
Unobservable
Input
Range (Weighted
Average) (a)
Total
$3,280,182
 
 
 
 
#
The table above does not include certain level 3 investments that are valued by brokers and Pricing Services. At August 31, 2022, the value of
these investments was $958,918. The inputs for these investments are not readily available or cannot be reasonably estimated and are
generally those inputs described in Note 2.A.
(a)
Unobservable inputs were weighted by the relative fair value of the instruments.
Short
Duration
Core Plus
ETF
Quantitative Information about Level 3 Fair Value Measurements # 
 
Fair Value at
August 31, 2022
Valuation
Technique(s)
Unobservable
Input
Range (Weighted
Average) (a)
 
$7,046,062
Discounted Cash Flow
Constant Prepayment Rate
0.00% - 100.00% (15.61%)
 
 
 
Yield (Discount Rate of Cash Flows)
3.81% - 8.29% (6.28%)
 
 
 
 
 
Asset-Backed Securities
7,046,062
 
 
 
 
1,505,691
Discounted Cash Flow
Constant Prepayment Rate
10.00%-15.00%(10.38%)
 
 
 
Constant Default Rate
0.00%-0.01%(0.00%)
 
 
 
Yield (Discount Rate of Cash Flows)
5.24%-6.70% (6.27%)
Collateralized
Mortgage Obligations
1,505,691
 
 
 
 
9,461,912
Discounted Cash Flow
Yield (Discount Rate of Cash Flows)
5.66% - 9.57% (7.10%)
 
 
 
 
 
Commercial Mortgage-
Backed Securities
9,461,912
 
 
 
Total
$18,013,665
 
 
 
 
#
The table above does not include certain level 3 investments that are valued by brokers and Pricing Services. At August 31, 2022, the value of
these investments was $1,629,793. The inputs for these investments are not readily available or cannot be reasonably estimated and are
generally those 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, 2022, the Funds had no investments in restricted securities other than securities sold to the Funds under Rule 144A and/or Regulation S under the Securities Act.
C. Repurchase Agreements — Ultra-Short Income ETF may enter into repurchase agreement transactions that meet the credit guidelines of JPMIM. Repurchase agreements involve the purchase of securities subject to the seller’s agreement to repurchase the securities at a mutually agreed upon date and price. The Fund requires that the collateral received in a repurchase agreement transaction be transferred to a custodian in a manner sufficient to enable the Fund to obtain collateral in the event of a counterparty default. If the counterparty defaults and the fair value of the collateral declines, realization of the collateral by the Fund may be delayed or limited. Repurchase agreement collateral may be held in segregated accounts maintained by JPMorgan Chase Bank, N.A. (“JPMCB”), a wholly-owned subsidiary of JPMorgan.
The Fund's repurchase agreements are not subject to master netting arrangements.
 
August 31, 2022
J.P. Morgan Exchange-Traded Funds
393
NOTES TO FINANCIAL STATEMENTS
AS OF August 31, 2022  (Unaudited) (continued)
D. When-Issued Securities, Delayed Delivery Securities and Forward Commitments — BetaBuilders 1-5 Year U.S. Aggregate Bond ETF, Core Plus Bond ETF, International Bond Opportunities ETF, Municipal ETF, Short Duration Core Plus ETF, U.S. Aggregate Bond ETF, Ultra-Short Income ETF and Ultra-Short 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.
International Bond Opportunities ETF may be required to post or receive collateral for delayed delivery securities in the form of cash or securities under a Master Securities Forward Transaction Agreement with the counterparties (each, an “MSFTA”). The collateral requirements are generally calculated by netting the mark-to-market amount for a Fund's transactions under the MSFTA and comparing that amount to the value of the collateral pledged by a fund and the counterparty. Daily movement of cash collateral is subject to minimum threshold amounts. Collateral posted by a Fund is held in a segregated account at the Fund's custodian bank and is included on the Statements of Assets and Liabilities as Restricted cash. Collateral received by the Fund is held in a separate segregated account maintained by JPMCB. These amounts are not reflected on the Fund's Statements of Assets and Liabilities.
BetaBuilders 1-5 Year U.S. Aggregate Bond ETF, Core Plus Bond ETF, International Bond Opportunities ETF, Municipal ETF, Short Duration Core Plus ETF, U.S. Aggregate Bond ETF, Ultra-Short Income ETF and Ultra-Short Municipal Income ETF had when-issued securities, delayed delivery securities or forward commitments outstanding as of August 31, 2022, 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, 2022 are detailed on the SOIs.
E. Securities Lending — The Funds, except International Bond Opportunities ETF, 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 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.
 
394
J.P. Morgan Exchange-Traded Funds
August 31, 2022
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, 2022. 
 
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)
Short Duration Core Plus ETF
$129,062
$(129,062)
$—
U.S. Aggregate Bond ETF
1,434,712
(1,434,712)
—
Ultra-Short Income ETF
22,844,603
(22,844,603)
—
USD Emerging Markets Sovereign Bond ETF
1,839,202
(1,839,202)
—
 
 
*
Collateral posted reflects the value of securities on loan and does not include any additional amounts received from the borrower.
Securities lending also involves counterparty risks, including the risk that the loaned securities may not be returned in a timely manner or at all. Subject to certain conditions, Citibank has agreed to indemnify the Funds from losses resulting from a borrower’s failure to return a loaned security.
JPMIM voluntarily waived management fees charged to the Funds to reduce the impact of the cash collateral investment in the JPMorgan U.S. Government Money Market Fund from 0.13% to 0.06%. For the six months ended August 31, 2022, JPMIM waived fees associated with the Funds' investment in the JPMorgan U.S. Government Money Market Fund as follows:  
Short Duration Core Plus ETF
$74
U.S. Aggregate Bond ETF
1,193
Ultra-Short Income ETF
2,054
USD Emerging Markets Sovereign Bond ETF
344
The above waiver is included in the determination of earnings on cash collateral investment and in the calculation of Citibank’s compensation and is included on the Statements of Operations as Income from securities lending (net).
BetaBuilders 1-5 Year U.S. Aggregate Bond ETF, Core Plus Bond ETF, Corporate Bond Research Enhanced ETF, High Yield Research Enhanced ETF, Income ETF, Municipal ETF and Ultra-Short Municipal Income ETF did not lend out any securities during the six months ended August 31, 2022.
F. Investment Transactions with Affiliates — The Funds invested in Underlying Funds which are 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. Underlying Funds’ distributions may be reinvested into such Underlying Funds. Reinvestment amounts are included in the purchases at cost amounts in the tables below. 
BetaBuilders 1-5 Year U.S. Aggregate Bond ETF 
For the six months ended August 31, 2022
Security Description
Value at
February 28,
2022
Purchases at
Cost
Proceeds from
Sales
Net Realized
Gain (Loss)
Change in
Unrealized
Appreciation/
(Depreciation)
Value at
August 31,
2022
Shares at
August 31,
2022
Dividend
Income
Capital Gain
Distributions
JPMorgan U.S. Government Money Market
Fund Class IM Shares, 2.00%  (a) (b)
$601,648
$2,661,922
$2,168,058
$—
$—
$1,095,512
1,095,512
$3,880
$—
 
 
(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, 2022.
 
 
August 31, 2022
J.P. Morgan Exchange-Traded Funds
395
NOTES TO FINANCIAL STATEMENTS
AS OF August 31, 2022  (Unaudited) (continued)
Core Plus Bond ETF 
For the six months ended August 31, 2022
Security Description
Value at
February 28,
2022
Purchases at
Cost
Proceeds from
Sales
Net Realized
Gain (Loss)
Change in
Unrealized
Appreciation/
(Depreciation)
Value at
August 31,
2022
Shares at
August 31,
2022
Dividend
Income
Capital Gain
Distributions
JPMorgan U.S. Government
Money Market Fund Class IM
Shares, 2.00%  (a) (b)
$35,701,290
$148,346,489
$119,755,334
$—
$—
$64,292,445
64,292,445
$245,492
$—
 
 
(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, 2022.
 
Corporate Bond Research Enhanced ETF 
For the six months ended August 31, 2022
Security Description
Value at
February 28,
2022
Purchases at
Cost
Proceeds from
Sales
Net Realized
Gain (Loss)
Change in
Unrealized
Appreciation/
(Depreciation)
Value at
August 31,
2022
Shares at
August 31,
2022
Dividend
Income
Capital Gain
Distributions
JPMorgan U.S. Government Money Market Fund
Class IM Shares, 2.00%  (a) (b)
$159,865
$2,308,330
$1,849,320
$—
$—
$618,875
618,875
$1,223
$—
 
 
(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, 2022.
 
High Yield Research Enhanced ETF 
For the six months ended August 31, 2022
Security Description
Value at
February 28,
2022
Purchases at
Cost
Proceeds from
Sales
Net Realized
Gain (Loss)
Change in
Unrealized
Appreciation/
(Depreciation)
Value at
August 31,
2022
Shares at
August 31,
2022
Dividend
Income
Capital Gain
Distributions
JPMorgan U.S. Government Money
Market Fund Class IM Shares,
2.00%  (a) (b)
$20,697,667
$208,293,135
$227,138,687
$—
$—
$1,852,115
1,852,115
$42,167
$—
 
 
(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, 2022.
 
Income ETF 
For the six months ended August 31, 2022
Security Description
Value at
February 28,
2022
Purchases at
Cost
Proceeds from
Sales
Net Realized
Gain (Loss)
Change in
Unrealized
Appreciation/
(Depreciation)
Value at
August 31,
2022
Shares at
August 31,
2022
Dividend
Income
Capital Gain
Distributions
JPMorgan Prime Money Market Fund
Class IM Shares, 2.30%  (a) (b)
$18,529,733
$42,762,871
$61,187,910
$(4,026)
$566
$101,234
101,194
$18,381
$—
 
 
(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, 2022.
 
 
396
J.P. Morgan Exchange-Traded Funds
August 31, 2022
International Bond Opportunities ETF 
For the six months ended August 31, 2022
Security Description
Value at
February 28,
2022
Purchases at
Cost
Proceeds from
Sales
Net Realized
Gain (Loss)
Change in
Unrealized
Appreciation/
(Depreciation)
Value at
August 31,
2022
Shares at
August 31,
2022
Dividend
Income
Capital Gain
Distributions
JPMorgan U.S. Government Money
Market Fund Class IM Shares,
2.00%  (a) (b)
$9,903,539
$85,543,844
$84,976,351
$—
$—
$10,471,032
10,471,032
$55,870
$—
 
 
(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, 2022.
 
Municipal ETF 
For the six months ended August 31, 2022
Security Description
Value at
February 28,
2022
Purchases at
Cost
Proceeds from
Sales
Net Realized
Gain (Loss)
Change in
Unrealized
Appreciation/
(Depreciation)
Value at
August 31,
2022
Shares at
August 31,
2022
Dividend
Income
Capital Gain
Distributions
JPMorgan Institutional Tax Free
Money Market Fund Class IM
Shares, 1.36%  (a) (b)
$10,795,128
$143,735,333
$120,051,012
$2,411
$(2,023)
$34,479,837
34,469,496
$86,626
$—
 
 
(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, 2022.
 
Short Duration Core Plus ETF 
For the six months ended August 31, 2022
Security Description
Value at
February 28,
2022
Purchases at
Cost
Proceeds from
Sales
Net Realized
Gain (Loss)
Change in
Unrealized
Appreciation/
(Depreciation)
Value at
August 31,
2022
Shares at
August 31,
2022
Dividend
Income
Capital Gain
Distributions
JPMorgan Prime Money Market Fund
Class IM Shares, 2.30%  (a) (b)
$23,982,204
$61,884,082
$72,085,050
$(4,305)
$5,370
$13,782,301
13,776,790
$96,097
$—
JPMorgan U.S. Government Money
Market Fund Class IM Shares,
2.00%  (a) (b)
110,760
1,083,648
1,059,108
—
—
135,300
135,300
1,055*
—
Total
$24,092,964
$62,967,730
$73,144,158
$(4,305)
$5,370
$13,917,601
 
$97,152
$—
 
 
(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, 2022.
*
Amount is included on the Statements of Operations as Income from securities lending (net) (after payments of rebates and Citibank’s fee).
 
U.S. Aggregate Bond ETF 
For the six months ended August 31, 2022
Security Description
Value at
February 28,
2022
Purchases at
Cost
Proceeds from
Sales
Net Realized
Gain (Loss)
Change in
Unrealized
Appreciation/
(Depreciation)
Value at
August 31,
2022
Shares at
August 31,
2022
Dividend
Income
Capital Gain
Distributions
JPMorgan Securities Lending
Money Market Fund Agency SL
Class Shares, 2.22%  (a) (b)
$6,493,451
$5,000,000
$11,000,000
$(2,746)*
$1,293
$491,998
492,047
$3,473 *
$—
 
August 31, 2022
J.P. Morgan Exchange-Traded Funds
397
NOTES TO FINANCIAL STATEMENTS
AS OF August 31, 2022  (Unaudited) (continued)
U.S. Aggregate Bond ETF (continued)
For the six months ended August 31, 2022
Security Description
Value at
February 28,
2022
Purchases at
Cost
Proceeds from
Sales
Net Realized
Gain (Loss)
Change in
Unrealized
Appreciation/
(Depreciation)
Value at
August 31,
2022
Shares at
August 31,
2022
Dividend
Income
Capital Gain
Distributions
JPMorgan U.S. Government Money
Market Fund Class IM Shares,
2.00%  (a) (b)
$17,328,257
$99,661,693
$57,511,175
$—
$—
$59,478,775
59,478,775
$233,785
$—
JPMorgan U.S. Government Money
Market Fund Class IM Shares,
2.00%  (a) (b)
680,960
30,105,008
29,805,703
—
—
980,265
980,265
12,744*
—
Total
$24,502,668
$134,766,701
$98,316,878
$(2,746)
$1,293
$60,951,038
 
$250,002
$—
 
 
(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, 2022.
*
Amount is included on the Statements of Operations as Income from securities lending (net) (after payments of rebates and Citibank’s fee).
 
JPMorgan Ultra-Short Income ETF 
For the six months ended August 31, 2022
Security
Description
Value at
February 28,
2022
Purchases at
Cost
Proceeds from
Sales
Net Realized
Gain (Loss)
Change in
Unrealized
Appreciation/
(Depreciation)
Value at
August 31,
2022
Shares at
August 31,
2022
Dividend
Income
Capital Gain
Distributions
JPMorgan Securities Lending Money Market Fund
 
 
 
 
 
 
 
Class Agency SL Class Shares,
 
 
 
 
 
 
 
2.22%(a)(b)
$36,712,288
$58,000,000
$76,000,000
$(13,692)*
$11,200
$18,709,796
$18,711,668
$93,488*
$—
JPMorgan U.S. Government Money Market Fund
 
 
 
 
 
 
 
Class IM Class Shares,
 
 
 
 
 
 
 
2.00%(a)(b)
3,227,762,466
5,715,492,762
6,881,607,431
—
—
2,061,647,797
2,061,647,797
12,367,189
—
JPMorgan U.S. Government Money Market Fund
 
 
 
 
 
 
 
Class IM Class Shares,
 
 
 
 
 
 
 
2.00%(a)(b)
5,092,765
94,611,456
95,015,886
—
—
4,688,335
4,688,335
25,181*
—
Total
$3,269,567,519
$5,868,104,218
$7,052,623,317
$(13,692)
$11,200
$2,085,045,928
 
$12,485,858
$—
 
 
(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, 2022.
*
Amount is included on the Statements of Operations as Income from securities lending (net) (after payments of rebates and Citibank’s fee).
 
 
398
J.P. Morgan Exchange-Traded Funds
August 31, 2022
Ultra-Short Municipal Income ETF 
For the six months ended August 31, 2022
Security Description
Value at
February 28,
2022
Purchases at
Cost
Proceeds from
Sales
Net Realized
Gain (Loss)
Change in
Unrealized
Appreciation/
(Depreciation)
Value at
August 31,
2022
Shares at
August 31,
2022
Dividend
Income
Capital Gain
Distributions
JPMorgan Institutional
Tax Free Money
Market Fund
Class IM Shares,
1.36%  (a) (b)
$288,389,747
$2,769,259,800
$2,646,875,487
$(1,146)
$(4,277)
$410,768,637
410,645,444
$1,144,079
$—
 
 
(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, 2022.
 
USD Emerging Markets Sovereign Bond ETF 
For the six months ended August 31, 2022
Security Description
Value at
February 28,
2022
Purchases at
Cost
Proceeds from
Sales
Net Realized
Gain (Loss)
Change in
Unrealized
Appreciation/
(Depreciation)
Value at
August 31,
2022
Shares at
August 31,
2022
Dividend
Income
Capital Gain
Distributions
JPMorgan Securities Lending Money Market
Fund Agency SL Class Shares, 2.22%
 (a) (b)
$—
$800,000
$—
$—
$400
$800,400
800,480
$2,003*
$—
JPMorgan U.S. Government Money Market
Fund Class IM Shares, 2.00%  (a) (b)
177,868
8,899,952
8,640,505
—
—
437,315
437,315
2,243
—
JPMorgan U.S. Government Money Market
Fund Class IM Shares, 2.00%  (a) (b)
786,418
13,193,228
12,856,624
—
—
1,123,022
1,123,022
5,361*
—
Total
$964,286
$22,893,180
$21,497,129
$—
$400
$2,360,737
 
$9,607
$—
 
 
(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, 2022.
*
Amount is included on the Statements of Operations as Income from securities lending (net) (after payments of rebates and Citibank’s fee).
G. Foreign Currency Translation — The books and records of the Funds are maintained in U.S. dollars. Foreign currency amounts are translated into U.S. dollars at the prevailing exchange rates of such currencies against the U.S. dollar. The market value of investment securities and other assets and liabilities are translated at the exchange rate as of the valuation date. Purchases and sales of investment securities, income and expenses are translated at the exchange rate prevailing on the respective dates of such transactions.
The Funds do not isolate the effect of changes in foreign exchange rates from changes in market prices on securities held. Accordingly, such changes are included within Change in net unrealized appreciation/depreciation on investments in non-affiliates on the Statements of Operations.
Reported realized foreign currency gains and losses arise from the disposition of foreign currency, currency gains or losses realized between the trade and settlement dates on securities transactions, and the difference between the amounts of dividends, interest and foreign withholding taxes recorded on each Fund's books on the transaction date and the U.S. dollar equivalent of the amounts actually received or paid. These reported realized foreign currency gains and losses are included in Net realized gain (loss) on foreign currency transactions on the Statements of Operations. Unrealized foreign currency gains and losses arise from changes (due to changes in exchange rates) in the value of foreign currency and other assets and liabilities denominated in foreign currencies, which are held at period end and are included in Change in net unrealized appreciation/depreciation on foreign currency translations on the Statements of Operations. 
 
August 31, 2022
J.P. Morgan Exchange-Traded Funds
399
NOTES TO FINANCIAL STATEMENTS
AS OF August 31, 2022  (Unaudited) (continued)
H. Derivatives — Core Plus Bond ETF, Corporate Bond Research Enhanced ETF, Income ETF, International Bond Opportunities ETF, Municipal ETF, Short Duration Core Plus ETF and Ultra-Short Income ETF used derivative instruments including futures contracts, forward foreign currency exchange contracts and swaps, in connection with their respective  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 a Fund 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 Statements 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 Funds 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 H(1) - H(3) below describe the various derivatives used by the Funds.
(1) Futures Contracts — Core Plus Bond ETF, Corporate Bond Research Enhanced ETF, Income ETF, International Bond Opportunities ETF, Municipal ETF, Short Duration Core Plus ETF and Ultra-Short Income ETF used treasury futures contracts to manage and hedge interest rate risk associated with portfolio investments. The Funds 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 Funds are 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 Funds 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 SOIs, 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 Funds to interest rate risk. The Funds 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 Funds 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 Funds to unlimited risk of loss. The Funds 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 Funds' 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.
The Funds' 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) Forward Foreign Currency Exchange Contracts —  International Bond Opportunities ETF are exposed to foreign currency risks associated with some or all of their portfolio investments and used forward foreign currency exchange contracts to hedge or manage certain of these exposures as part of an investment strategy. The Funds also bought forward foreign currency exchange contracts to gain exposure to currencies. Forward foreign currency exchange contracts represent obligations to purchase or sell foreign currency on a specified future date at a price fixed at the time the contracts are entered into. Non-deliverable forward foreign currency exchange contracts are settled with the counterparty in U.S. dollars without the delivery of the foreign currency.
The values of the forward foreign currency exchange contracts are adjusted daily based on the applicable exchange rate of the underlying currency. Changes in the value of these contracts are recorded as unrealized appreciation or depreciation until the contract settlement date. When the forward foreign currency exchange contract is closed, the Funds record a realized gain or loss equal to the difference between the value at the time the
 
400
J.P. Morgan Exchange-Traded Funds
August 31, 2022
contract was opened and the value at the time it was closed. The Funds also record a realized gain or loss, upon settlement, when a forward foreign currency exchange contract offsets another forward foreign currency exchange contract with the same counterparty.
The Funds' forward foreign currency exchange contracts are subject to master netting arrangements (the right to close out all transactions with a counterparty and net amounts owed or due across transactions).
The Funds may be required to post or receive collateral for non-deliverable forward foreign currency exchange contracts.
(3) Swaps —  Core Plus Bond ETF, Income ETF, International Bond Opportunities ETF and Short Duration Core Plus ETF engaged in various swap transactions, to manage credit and interest rate (e.g., duration, yield curve) risks within their respective portfolios. 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.
The Funds’ OTC swap contracts are subject to master netting arrangements.
Credit Default Swaps
Core Plus Bond ETF, Income ETF, International Bond Opportunities ETF and Short Duration Core Plus 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 the 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.
Interest Rate Swaps
International Bond Opportunities ETF entered into interest rate swap contracts to manage fund exposure to interest rates or to either preserve or generate a return on a particular investment or portion of its portfolio. These are agreements between counterparties to exchange periodic interest
 
August 31, 2022
J.P. Morgan Exchange-Traded Funds
401
NOTES TO FINANCIAL STATEMENTS
AS OF August 31, 2022  (Unaudited) (continued)
payments based on interest rates. One cash flow stream will typically be a floating rate payment based upon a specified interest rate, while the other is typically based on a fixed interest rate.
(4) Summary of Derivatives Information 
The following tables present the value of derivatives held as of August 31, 2022 by their primary underlying risk exposure and respective location on the Statements of Assets and Liabilities: 
 
Core Plus
Bond ETF
Corporate Bond
Research
Enhanced ETF
Income ETF
International
Bond
Opportunities
ETF
Municipal
ETF
Short
Duration
Core Plus
ETF
Ultra-Short
Income ETF
Foreign Exchange Rate Risk
Exposure:
 
 
 
 
 
 
 
Unrealized Appreciation on Forward
Foreign Currency Exchange
Contracts
$—
$—
$—
$4,999,737
$—
$—
$—
Unrealized Depreciation on Forward
Foreign Currency Exchange
Contracts
—
—
—
(926,305)
—
—
—
Interest Rate Risk Exposure:
 
 
 
 
 
 
 
Unrealized Appreciation on Futures
Contracts *
39,842
11,504
156,173
308,306
7,501
132,532
2,511,625
Swaps at Value (Assets) **
—
—
—
752,298
—
—
—
Unrealized Depreciation on Futures
Contracts *
(255,030)
(11,380)
(178,519)
(5,779)
—
(64,135)
—
Swaps at Value (Liabilities) **
—
—
—
(505,866)
—
—
—
Credit Risk Exposure:
 
 
 
 
 
 
 
Swaps at Value (Assets) **
72,317
—
6,022
20,668
—
4,795
—
Swaps at Value (Liabilities) **
(8,252)
—
—
—
—
—
—
Net Fair Value of Derivative
Contracts:
 
 
 
 
 
 
 
Unrealized Appreciation
(Depreciation) on Futures
Contracts *
(215,188)
124
(22,346)
302,527
7,501
68,397
2,511,625
Swaps at Value **
64,065
—
6,022
267,100
—
4,795
—
Unrealized Appreciation
(Depreciation) on Forward Foreign
Currency Exchange Contracts
—
—
—
4,073,432
—
—
—
 
 
*
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 table presents the Fund’s gross derivative assets and liabilities by counterparty net of amounts available for offset under netting arrangements and any related collateral received or posted by the Fund as of August 31, 2022:
International Bond Opportunities ETF 
Counterparty
Gross Amount of Derivative Assets
Subject to Netting Arrangements
Presented on the Statement of Assets
and Liabilities (a)
Derivatives
Available
for Offset
Collateral
Received
Net Amount Due
From Counterparty
(Not less than zero)
Barclays Bank plc
$105,400
$(22,432)
$—
$82,968
BNP Paribas
2,708,389
(35,651)
—
2,672,738
Citibank, NA
141,447
(45,381)
—
96,066
 
402
J.P. Morgan Exchange-Traded Funds
August 31, 2022
Counterparty
Gross Amount of Derivative Assets
Subject to Netting Arrangements
Presented on the Statement of Assets
and Liabilities (a)
Derivatives
Available
for Offset
Collateral
Received
Net Amount Due
From Counterparty
(Not less than zero)
Goldman Sachs International
$275,175
$(69,980)
$—
$205,195
HSBC Bank, NA
706,237
(661,046)
—
45,191
Merrill Lynch International
9,774
(9,774)
—
—
Royal Bank of Canada
20,442
(20,442)
—
—
State Street Corp.
1,032,873
(26,207)
—
1,006,666
 
$4,999,737
$(890,913)
$—
$4,108,824
 
Counterparty
Gross Amount of Derivative Liabilities
Subject to Netting Arrangements
Presented on the Statement of Assets
and Liabilities (a)
Derivative
Available
for Offset
Collateral
Posted
Net Amount Due to
Counterparty
(Not less than zero)
Barclays Bank plc
$22,432
$(22,432)
$—
$—
BNP Paribas
35,651
(35,651)
—
—
Citibank, NA
45,381
(45,381)
—
—
Goldman Sachs International
69,980
(69,980)
—
—
HSBC Bank, NA
661,046
(661,046)
—
—
Merrill Lynch International
18,847
(9,774)
—
9,073
Royal Bank of Canada
46,761
(20,442)
—
26,319
State Street Corp.
26,207
(26,207)
—
—
 
$926,305
$(890,913)
$—
$35,392
 
 
(a)
For financial reporting purposes the Fund does not offset derivative assets and derivative liabilities subject to master netting arrangements on
the Statement of Assets and Liabilities.
The following tables present the effect of derivatives on the Statements of Operations for the six months ended August 31, 2022, by primary underlying risk exposure: 
 
Core Plus
Bond ETF
Corporate Bond
Research
Enhanced ETF
Income ETF
International
Bond
Opportunities
ETF
Municipal
ETF
Short
Duration
Core Plus
ETF
Ultra-Short
Income ETF
Realized Gain (Loss) on
Derivatives Recognized as a
Result From Operations:
 
 
 
 
 
 
 
Foreign Exchange Rate Risk
Exposure:
 
 
 
 
 
 
 
Forward Foreign Currency Exchange
Contracts
$20,434
$—
$—
$14,031,425
$—
$—
$—
Interest Rate Risk Exposure:
 
 
 
 
 
 
 
Futures Contracts
(665,205)
(11,988)
248,003
2,723,378
134,699
885,002
34,568,546
Swap Contracts
—
—
—
2,688,036
—
—
—
Credit Exposure Risk:
 
 
 
 
 
 
 
Swap Contracts
(2,644)
—
485,755
948,132
—
119,384
—
Net Change in Unrealized
Appreciation (Depreciation) on
Derivatives Recognized as a
Result of Operations:
 
 
 
 
 
 
 
 
August 31, 2022
J.P. Morgan Exchange-Traded Funds
403
NOTES TO FINANCIAL STATEMENTS
AS OF August 31, 2022  (Unaudited) (continued)
 
Core Plus
Bond ETF
Corporate Bond
Research
Enhanced ETF
Income ETF
International
Bond
Opportunities
ETF
Municipal
ETF
Short
Duration
Core Plus
ETF
Ultra-Short
Income ETF
Foreign Exchange Rate Risk
Exposure:
 
 
 
 
 
 
 
Forward Foreign Currency Exchange
Contracts
$(20,436)
$—
$(19,542)
$5,394,978
$—
$—
$—
Interest Rate Risk Exposure:
 
 
 
 
 
 
 
Futures Contracts
(280,848)
234
98,148
59,925
28,040
162,037
6,212,215
Swap Contracts
—
—
—
(608,494)
—
—
—
Credit Exposure Risk:
 
 
 
 
 
 
 
Swap Contracts
338,308
—
(215,052)
(776,104)
—
101,332
—
Derivatives Volume
The table below discloses the volume of the Funds'  futures contracts, forward foreign currency exchange contracts and swaps activity during the six months ended August 31, 2022. Please refer to the tables in the Summary of Derivatives Information for derivative-related gains and losses associated with volume activity: 
 
Core Plus
Bond ETF
Corporate Bond
Research
Enhanced ETF
Income ETF
International
Bond
Opportunities
ETF
Futures Contracts:
 
 
 
 
Average Notional Balance Long
$40,653,819
$1,889,721
$24,355,894
$5,572,425
Average Notional Balance Short
(4,132,819)
(1,377,165)
(27,561,664)
(40,123,046)
Ending Notional Balance Long
60,378,266
2,066,484
34,329,859
5,573,549
Ending Notional Balance Short
(4,714,000)
(1,556,609)
(27,762,125)
(88,265,848)
Forward Foreign Currency Exchange Contracts:
 
 
 
 
Average Settlement Value Purchased
(548,767)
—
(554,341)
(67,596,558)
Average Settlement Value Sold
551,686
—
557,133
300,210,100
Ending Settlement Value Purchased
—
—
—
(33,039,364)
Ending Settlement Value Sold
—
—
—
321,775,386
Interest Rate-Related Swaps :
 
 
 
 
Average Notional Balance - Pays Fixed Rate
—
—
—
72,781,867
Average Notional Balance - Receives Fixed Rate
—
—
—
7,095,329
Ending Notional Balance - Receives Fixed Rate
—
—
—
6,180,443
Ending Notional Balance - Pays Fixed Rate
—
—
—
34,691,685
Credit Default Swaps:
 
 
 
 
Average Notional Balance - Buy Protection
1,222,857
—
1,592,714
2,828,080
Average Notional Balance -Sell Protection
4,200,000
—
810,714
211,015
Ending Notional Balance - Buy Protection
6,000,000
—
2,700,000
874,307
Ending Notional Balance - Sell Protection
14,700,000
—
—
—
 
 
Municipal
ETF
Short
Duration
Core Plus
ETF
Ultra-Short
Income ETF
Futures Contracts:
 
 
 
Average Notional Balance Long
$—
$34,071,352
$—
Average Notional Balance Short
(1,078,705)
(24,025,174)
(1,197,885,898)
Ending Notional Balance Long
—
33,483,047
—
Ending Notional Balance Short
(874,016)
(16,707,625)
(1,345,711,500)
 
404
J.P. Morgan Exchange-Traded Funds
August 31, 2022
 
Municipal
ETF
Short
Duration
Core Plus
ETF
Ultra-Short
Income ETF
Forward Foreign Currency Exchange Contracts:
 
 
 
Average Settlement Value Purchased
$—
$—
$—
Average Settlement Value Sold
—
—
—
Ending Settlement Value Purchased
—
—
—
Ending Settlement Value Sold
—
—
—
Interest Rate-Related Swaps :
 
 
 
Average Notional Balance - Pays Fixed Rate
—
—
—
Average Notional Balance - Receives Fixed Rate
—
—
—
Ending Notional Balance - Receives Fixed Rate
—
—
—
Ending Notional Balance - Pays Fixed Rate
—
—
—
Credit Default Swaps:
 
 
 
Average Notional Balance - Buy Protection
—
1,635,714
—
Average Notional Balance -Sell Protection
—
514,286
—
Ending Notional Balance - Buy Protection
—
2,150,000
—
Ending Notional Balance - Sell Protection
—
—
—
The Funds may be required to post or receive collateral based on the net value of the Funds’ outstanding non-deliverable forward foreign currency exchange contracts and/or OTC swap contracts with the counterparty in the form of cash or securities. Daily movement of cash collateral is subject to minimum threshold amounts. Collateral posted by the Funds is held in a segregated account at the Funds’ custodian bank. For certain counterparties cash collateral posted by the Funds is invested in an affiliated money market fund (See Note 3.E), otherwise the cash collateral is included on the Statements of Assets and Liabilities as Restricted cash for OTC derivatives. Collateral received by the Funds is held in a separate segregated account maintained by JPMCB, an affiliate of the Funds.
The Funds' derivatives contracts held at August 31, 2022 are not accounted for as hedging instruments under GAAP.
I. 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, net of foreign taxes withheld, if any,  and distributions of net investment income and realized capital gains from the Underlying Funds, if any, are recorded on the ex-dividend date or when a Fund first learns of the dividend.
To the extent such information is publicly available, the Funds record distributions received in excess of income earned from underlying investments as a reduction of cost of investments and/or realized gain. Such amounts are based on estimates if actual amounts are not available and actual amounts of income, realized gain and return of capital may differ from the estimated amounts. The Funds adjust the estimated amounts of the components of distributions (and consequently their net investment income) as necessary, once the issuers provide information about the actual composition of the distributions.
 
August 31, 2022
J.P. Morgan Exchange-Traded Funds
405
NOTES TO FINANCIAL STATEMENTS
AS OF August 31, 2022  (Unaudited) (continued)
J. 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, 2022, 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, or since inception if shorter, remain subject to examination by the Internal Revenue Service.
K. Foreign Taxes —The Funds may be subject to foreign taxes on income, gains on investments or currency purchases/repatriation, a portion of which may be recoverable. The Funds will accrue such taxes and recoveries as applicable, based upon their current interpretation of tax rules and regulations that exist in the markets in which they invest. When a capital gains tax is determined to apply, the Funds record an estimated deferred tax liability in an amount that would be payable if the securities were disposed of on the valuation date. 
L. Distributions to Shareholders — Distributions from net investment income, if any, are generally declared and paid at least monthly. Net realized capital gains, if any, are distributed by each Fund at least annually. The amount of distributions from net investment income and net realized capital gains is determined in accordance with Federal income tax regulations, which may differ from GAAP. To the extent these “book/tax” differences are permanent in nature (i.e., that they result from other than timing of recognition — “temporary differences”), such amounts are reclassified within the capital accounts based on their Federal tax basis treatment.
3. Fees and Other Transactions with Affiliates
A. Management Fee— JPMIM manages the investments of each Fund pursuant to a Management Agreement. For such services, JPMIM is paid a fee which is accrued daily and paid no more frequently than monthly based on each Fund's respective average daily net assets at the following rate:  
 
 
BetaBuilders 1-5 Year U.S. Aggregate Bond ETF
0.05%
Core Plus Bond ETF
0.40
Corporate Bond Research Enhanced ETF
0.14
High Yield Research Enhanced ETF
0.24
Income ETF
0.40
International Bond Opportunities ETF
0.50
Municipal ETF
0.18
Short Duration Core Plus ETF
0.33
U.S. Aggregate Bond ETF
0.07
Ultra-Short Income ETF
0.18
Ultra-Short Municipal Income ETF
0.18
USD Emerging Markets Sovereign Bond ETF
0.39
Under each Management Agreement, JPMIM is responsible for substantially all expenses of each Fund, (including expenses of the Trust relating to each Fund), except for the management fees, payments under the Funds' 12b-1 plan (if any), interest expenses, dividend and interest expenses related to short sales, taxes, acquired fund fees and expenses (other than fees for funds advised by the Adviser and/or its affiliates), costs of holding shareholder meetings, and litigation and potential litigation and other extraordinary expenses not incurred in the ordinary course of each Fund’s business. Additionally, each Fund is responsible for its non-operating expenses, including brokerage commissions and fees and expenses associated with each Fund’s securities lending program, if applicable. For the avoidance of doubt, the Adviser’s payment of such expenses may be accomplished through a Fund’s payment of such expenses and a corresponding reduction in the fee payable to the Adviser, provided, however, that if the amount of expenses paid by a Fund exceeds the fee payable to the Adviser, the Adviser will reimburse that Fund for such amount.
B. Administration Fee  — JPMIM provides administration services to the Funds. Pursuant to each Management Agreement, JPMIM is compensated as described in Note 3.A.
JPMCB 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. Custodian, Accounting and Transfer Agent Fees— JPMCB provides custody, accounting and transfer agency services to the Funds. For performing these services, JPMIM pays JPMCB transaction and asset-based fees that vary according to the number of transactions and positions, plus out-of-pocket expenses.
Additionally, Authorized Participants generally pay transaction fees associated with the creation and redemption of Fund shares. These fees are paid to JPMIM to offset certain custodian charges that are covered by each Management Agreement.
Interest income earned on cash balances at the custodian, if any, is included in Interest income from affiliates on the Statements of Operations.
 
406
J.P. Morgan Exchange-Traded Funds
August 31, 2022
Interest expense paid to the custodian related to cash overdrafts, if any, is included in Interest expense to affiliates on the Statements of Operations.
D. Distribution Services — The Distributor or its agent distributes Creation Units for each Fund on an agency basis. The Distributor does not maintain a secondary market in shares of each Fund. JPMDS receives no fees for their distribution services under the distribution agreement with the Trust (the “Distribution Agreement”). Although the Trust does not pay any fees under the Distribution Agreement, JPMIM pays JPMDS for certain distribution related services.
E. Waivers and Reimbursements— The Funds may invest in one or more money market funds advised by the Adviser (affiliated money market funds). The fees for the affiliated money market funds are covered under each Management Agreement as described in Note 3.A.
F. Other — Certain officers of the Trust are affiliated with the Adviser, the Administrator and JPMDS.  Such officers receive no compensation from the Funds for serving in their respective roles.
The Board designated and appointed a Chief Compliance Officer to the Funds pursuant to Rule 38a-1 under the 1940 Act. The fees associated with the office of the Chief Compliance Officer are paid for by JPMIM as described in Note 3.A.
During the six months ended August 31, 2022, Core Plus Bond ETF, High Yield Research Enhanced ETF, Income ETF, International Bond Opportunities ETF, Municipal ETF, Short Duration Core Plus ETF, Ultra-Short Income ETF and Ultra-Short 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, 2022, purchases and sales of investments (excluding short-term investments) were as follows: 
 
Purchases
(excluding
U.S. Government)
Sales
(excluding
U.S. Government)
Purchases
of U.S.
Government
Sales
of U.S.
Government
BetaBuilders 1-5 Year U.S. Aggregate Bond ETF
$9,720,730
$8,125,214
$4,082,646
$1,309,114
Core Plus Bond ETF
189,218,685
83,042,811
41,645,284
6,251,467
Corporate Bond Research Enhanced ETF
7,677,021
8,799,386
16,827
15,984
High Yield Research Enhanced ETF
176,175,808
305,127,158
—
—
Income ETF
187,725,306
126,800,174
—
—
International Bond Opportunities ETF
119,220,897
127,708,294
—
—
Municipal ETF
154,586,795
40,411,110
—
—
Short Duration Core Plus ETF
216,628,686
182,075,273
49,168,948
54,506,063
U.S. Aggregate Bond ETF
568,736,205
532,470,125
29,488,908
26,934,309
Ultra-Short Income ETF
3,199,137,665
3,467,081,256
—
—
Ultra-Short Municipal Income ETF
1,408,416,276
1,137,986,250
—
—
USD Emerging Markets Sovereign Bond ETF
15,609,869
12,409,247
—
—
For the six months ended August 31, 2022, in-kind transactions associated with creations and redemptions were as follows: 
 
In-Kind
Creations
In-Kind
Redemptions
BetaBuilders 1-5 Year U.S. Aggregate Bond ETF
$4,292,618
$3,117,130
Corporate Bond Research Enhanced ETF
2,274,865
7,945,411
High Yield Research Enhanced ETF
—
788,680,540
U.S. Aggregate Bond ETF
247,990,198
82,698,330
USD Emerging Markets Sovereign Bond ETF
4,480,335
—
During the six months ended August 31, 2022, 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.
 
August 31, 2022
J.P. Morgan Exchange-Traded Funds
407
NOTES TO FINANCIAL STATEMENTS
AS OF August 31, 2022  (Unaudited) (continued)
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, 2022 were as follows:  
 
Aggregate
Cost
Gross
Unrealized
Appreciation
Gross
Unrealized
Depreciation
Net Unrealized
Appreciation
(Depreciation)
BetaBuilders 1-5 Year U.S. Aggregate Bond ETF
$40,925,627
$406
$1,994,843
$(1,994,437)
Core Plus Bond ETF
454,553,281
606,850
32,634,078
(32,027,228)
Corporate Bond Research Enhanced ETF
44,498,421
16,647
5,436,203
(5,419,556)
High Yield Research Enhanced ETF
453,176,617
531,250
56,968,202
(56,436,952)
Income ETF
169,724,644
522,781
14,157,793
(13,635,012)
International Bond Opportunities ETF
337,248,130
6,393,736
54,142,465
(47,748,729)
Municipal ETF
243,564,459
748,902
5,651,583
(4,902,681)
Short Duration Core Plus ETF
232,519,937
238,905
11,871,035
(11,632,130)
U.S. Aggregate Bond ETF
1,299,875,171
13,873
121,104,940
(121,091,067)
Ultra-Short Income ETF
21,151,488,935
3,587,060
191,736,240
(188,149,180)
Ultra-Short Municipal Income ETF
3,202,331,573
619,164
19,951,814
(19,332,650)
USD Emerging Markets Sovereign Bond ETF
81,776,769
203,338
10,964,798
(10,761,460)
The tax character of distributions paid during the year ended February 28, 2022 was as follows:
At February 28, 2022, the following Funds had net capital loss carryforwards which are available to offset future realized gains: 
 
Capital Loss Carryforward Character
 
Short-Term
Long-Term
Core Plus Bond ETF
$350,128
$—
High Yield Research Enhanced ETF
426,152
—
International Bond Opportunities ETF
1,249,981
2,372,743
U.S. Aggregate Bond ETF
610,721
—
Ultra-Short Municipal Income ETF
121,390
14,525
USD Emerging Markets Sovereign Bond ETF
1,970,006
1,974,142*
 
 
*
Amount includes capital loss carryforwards which are limited in future years under Internal Revenue Code sections 381-384.
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, 2022, the Fund deferred to March 1, 2022 the following net capital losses (gains) of: 
 
Net Capital Losses (Gains)
 
Short-Term
Long-Term
BetaBuilders 1-5 Year U.S. Aggregate Bond ETF
$27,498
$(16,117)
Core Plus Bond ETF
629,807
456,732
Corporate Bond Research Enhanced ETF
(633)
1,157
High Yield Research Enhanced ETF
3,497,276
1,725,761
Municipal ETF
300,855
23,404
Short Duration Core Plus ETF
571,777
(54,823)
U.S. Aggregate Bond ETF
2,401,411
379,510
Ultra-Short Income ETF
527,978
—
Ultra-Short Municipal Income ETF
(228,965)
367,453
USD Emerging Markets Sovereign Bond ETF
11,922
120,934
 
408
J.P. Morgan Exchange-Traded Funds
August 31, 2022
During the year ended February 28, 2022, the following Funds utilized capital loss carryforwards as follows: 
 
Capital Loss Utilized
 
Short-Term
Long-Term
High Yield Research Enhanced ETF
$2,046,668
$421,874
USD Emerging Markets Sovereign Bond ETF
49,092
172,863
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 fixed income securities and other instruments (“Deposit Instruments”) and cash as described in the Funds’ registration statement. In these instances, the initial Deposit Instruments and cash must be deposited in an amount equal to the sum of the cash amount, plus at least 105%, for the Funds, of the market value of undelivered Deposit Instruments. A transaction fee may be imposed to offset transfer and other transaction costs associated with the purchase or redemption of Creation Units.
Authorized Participants transacting in Creation Units for cash may also pay a variable fee to compensate the relevant fund for market impact expenses relating to investing in portfolio securities. Such variable fees, if any, are included in “Proceeds from shares issued” in the Statements of Changes in Net Assets.
7. 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, 2022, JPMorgan SmartRetirement Funds and JPMorgan SmartRetirement Blend Funds, which are affiliated funds of funds, each owned in the aggregate, shares representing more than 10% of the net assets of the Funds as follows: 
 
JPMorgan
SmartRetirement
Funds
JPMorgan
SmartRetirement
Blend Funds
High Yield Research Enhanced ETF
32.1%
14.8%
U.S. Aggregate Bond ETF
—
43.7
Significant shareholder transactions by these shareholders may impact the Funds' performance and liquidity.
As of August 31, 2022, the Adviser owned shares representing more than 10% of net assets of the following Funds: 
 
% of Ownership
Corporate Bond Research Enhanced ETF
58%
Income ETF
37
Significant shareholder transactions by the Adviser may impact the Funds' performance.
The Funds are subject to risks associated with securities with contractual cash flows including asset-backed and mortgage-related securities such as collateralized mortgage obligations, mortgage pass-through securities and commercial mortgage-backed securities, including securities backed by sub-prime mortgage loans. The value, liquidity and related income of these securities are sensitive to changes in economic conditions, including real estate value, pre-payments, delinquencies and/or defaults, and may be adversely affected by shifts in the market’s perception of the issuers and changes in interest rates.
International Bond Opportunities ETF and USD Emerging Markets Sovereign Bond ETF’s investments in sovereign and corporate debt obligations within emerging market countries may be subject to potentially higher risks than investments in more developed markets and the prices of such
 
August 31, 2022
J.P. Morgan Exchange-Traded Funds
409
NOTES TO FINANCIAL STATEMENTS
AS OF August 31, 2022  (Unaudited) (continued)
investments may be volatile. The yields of emerging market debt obligations reflect, among other things, perceived credit risk. The consequences of political, social or economic instability in these markets may have disruptive effects on the market prices of the Funds’ investments and the income they generate, as well as the Funds’ ability to repatriate such amounts.
The Funds are subject to interest rate and credit risk. The value of debt securities may decline as interest rates increase. The Funds could lose money if the issuer of a fixed income security is unable to pay interest or repay principal when it is due. The Funds invest in floating rate loans and other floating rate debt securities. Although these investments are generally less sensitive to interest rate changes than other fixed rate instruments, the value of floating rate loans and other floating rate investments may decline if their interest rates do not rise as quickly, or as much, as general interest rates. Many factors can cause interest rates to rise. Some examples include central bank monetary policy, rising inflation rates and general economic conditions. The Funds may face a heightened level of interest rate risk due to certain changes in monetary policy. During periods when interest rates are low or there are negative interest rates, the Funds' yield (and total return) also may be low or the Funds may be unable to maintain positive returns. The ability of the issuers of debt to meet their obligations may be affected by economic and political developments in a specific industry or region. The value of a Fund's 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.
Core Plus Bond ETF, High Yield Research Enhanced ETF, Income ETF, International Bond Opportunities ETF, Short Duration Core Plus ETF and USD Emerging Markets Sovereign Bond ETF invest in high yield securities that are not rated or rated below investment grade (commonly known as “junk bonds”). These securities are considered to be high risk investments. Investments in lower-rated securities or unrated securities of comparable quality tend to be more sensitive to economic conditions than higher rated securities. Junk bonds involve a greater risk of default by the issuer because such securities are generally unsecured and are often subordinated to other creditors’ claims. The market price of these securities can change suddenly and unexpectedly. As a result, the Funds are intended for investors who are able and willing to assume a high degree of risk.
International Bond Opportunities ETF and USD Emerging Markets Sovereign Bond ETF may have elements of risk not typically associated with investments in the United States of America due to concentrated investments in a limited number of foreign countries or regions, which may vary throughout the period. Such concentrations may subject each of these Funds to additional risks resulting from political or economic conditions in such countries or regions and the possible imposition of adverse governmental laws or currency exchange restrictions could cause the securities and their markets to be less liquid and their prices to be more volatile than those of comparable U.S. securities.
Derivatives may be riskier than other types of investments because they may be more sensitive to changes in economic and market conditions and could result in losses that significantly exceed the Funds’ original investment. Many derivatives create leverage thereby causing the Funds to be more volatile than they would have been if they had not used derivatives. Derivatives also expose the Funds to counterparty risk (the risk that the derivative counterparty will not fulfill its contractual obligations), including credit risk of the derivative counterparty. The possible lack of a liquid secondary market for derivatives and the resulting inability of the Funds to sell or otherwise close a derivatives position could expose the Funds to losses.
The Funds are also subject to counterparty credit risk, which is the risk that a counterparty fails to perform on agreements with the Funds.
Disruptions to creations and redemptions, the existence of significant market volatility or potential lack of an active trading market for the Shares (including through a trading halt), as well as other factors, may result in Shares trading significantly above (at a premium) or below (at a discount) to the NAV or to the intraday value of the Funds’ holdings. During such periods, investors may incur significant losses if shares are sold.
BetaBuilders 1-5 Year U.S. Aggregate Bond ETF and USD Emerging Markets Sovereign Bond ETF may not track the return of their underlying index for a number of reasons and therefore may not achieve their investment objective. For example, the Funds incur a number of operating expenses not applicable to their underlying index, and incur costs in buying and selling securities, especially when rebalancing the Funds’ securities holdings to reflect changes in the composition of the underlying index. In addition, each Fund’s return may differ from the return of its underlying index as a result of, among other things, pricing differences and the inability to purchase certain securities included in the underlying index due to regulatory
or other restrictions. To the extent of the previously outlined items, each Fund’s return may differ from the return of the underlying index.
London Interbank Offered Rate (“LIBOR”) is intended to represent the rate at which contributing banks may obtain short-term borrowings from each other in the London interbank market. On March 5, 2021, the U.K. Financial Conduct Authority ("FCA") publicly announced that (i) immediately after December 31, 2021, publication of the 1-week and 2-month U.S. Dollar LIBOR settings will permanently cease; (ii) immediately after June 30, 2023, publication of the overnight and 12-month U.S. Dollar LIBOR settings will permanently cease; and (iii) immediately after June 30, 2023, the 1-month, 3-month and 6-month U.S. Dollar LIBOR settings will cease to be provided or, subject to the FCA's consideration of the case, be provided on a synthetic basis and no longer be representative of the underlying market and economic reality they are intended to measure and that representativeness will not be restored. There is no assurance that the dates announced by the FCA will not change or that the administrator of LIBOR and/or regulators will not take further action that could impact the availability, composition or characteristics of LIBOR or the currencies and/or tenors for which LIBOR is published. In addition, certain regulated entities ceased entering into most new LIBOR contracts in connection with regulatory guidance or prohibitions. Public and private sector industry initiatives are currently underway to implement new or 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 prior to its discontinuance, unavailability or replacement, all of which may affect the value, volatility, liquidity or return on certain of a Fund's loans, notes, derivatives and other instruments or investments comprising some or all of a Fund's investments and result in costs incurred in connection with changing reference rates used for positions, closing
 
410
J.P. Morgan Exchange-Traded Funds
August 31, 2022
out positions and entering into new trades. Certain of a Fund's investments may transition from LIBOR prior to the dates announced by the FCA. The transition from LIBOR to alternative reference rates may result in operational issues for a Fund or its investments. No assurances can be given as to the impact of the LIBOR transition (and the timing of any such impact) on a Fund and its investments.
The Funds, excluding Municipal ETF and Ultra-Short Municipal Income ETF, invest in foreign issuers and foreign securities (including depositary receipts) that are subject to additional risks, including political and economic risks, civil conflicts and war, greater volatility, expropriation and nationalization risks, sanctions or other measures by the United States or other governments, currency fluctuations, higher transaction costs, delayed settlement, possible foreign controls on investment, liquidity risks and less stringent investor protection and disclosure standards of foreign markets. In certain markets where securities and other instruments are not traded “delivery versus payment,” a Fund may not receive timely payment for securities or other instruments it has delivered or receive delivery of securities paid for and may be subject to increased risk that the counterparty will fail to make payments or delivery when due or default completely.
Events and evolving conditions in certain economies or markets may alter the risks associated with investments tied to countries or regions that historically were perceived as comparatively stable becoming riskier and more volatile. 
The Funds are subject to infectious disease epidemics/pandemics risk. The worldwide outbreak of COVID-19 has negatively affected economies, markets and individual companies throughout the world. The effects of this COVID-19 pandemic to public health, and business and market conditions, including among other things, reduced consumer demand and economic output, supply chain disruptions and increased government spending may continue to 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 the pandemic that affect the instruments in which the Funds invest, or the issuers of such instruments, in ways that could also have a significant negative impact on a Fund’s investment performance. The duration and extent of COVID-19 and associated economic and market conditions and uncertainty over the long-term cannot be reasonably estimated at this time. The ultimate impact of COVID-19 and the extent to which the associated conditions impact a Fund will also depend on future developments, which are highly uncertain, difficult to accurately predict and subject to frequent changes.
The Funds may have elements of risk not typically associated with investments in the United States of America due to concentrated investments in a limited number of foreign countries or regions, which may vary throughout the period. Such concentrations may subject each of these Funds to additional risks resulting from political or economic conditions in such countries or regions and the possible imposition of adverse governmental
laws or currency exchange restrictions could cause the securities and their markets to be less liquid and their prices to be more volatile than those of comparable U.S. securities.
As of August 31, 2022, the following Funds had non-U.S. country allocations representing greater than 10% of total investments as follows:  
 
International
Bond
Opportunities
ETF
Ultra-Short
Income ETF
Australia
10.5%
—%
Canada
—
11.5
 
August 31, 2022
J.P. Morgan Exchange-Traded Funds
411
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, 2022, and continued to hold your shares at the end of the reporting period, August 31, 2022. 
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, 2022
Ending
Account Value
August 31, 2022
Expenses
Paid During
the Period*
Annualized
Expense
Ratio
JPMorgan BetaBuilders 1-5 Year U.S. Aggregate Bond ETF
 
 
 
 
Actual
$1,000.00
$963.70
$0.25
0.05%
Hypothetical
1,000.00
1,024.95
0.26
0.05
JPMorgan Core Plus Bond ETF
 
 
 
 
Actual
1,000.00
924.60
1.89
0.39
Hypothetical
1,000.00
1,023.24
1.99
0.39
JPMorgan Corporate Bond Research Enhanced ETF
 
 
 
 
Actual
1,000.00
907.10
0.67
0.14
Hypothetical
1,000.00
1,024.50
0.71
0.14
JPMorgan High Yield Research Enhanced ETF
 
 
 
 
Actual
1,000.00
922.70
1.16
0.24
Hypothetical
1,000.00
1,024.00
1.22
0.24
JPMorgan Income ETF
 
 
 
 
Actual
1,000.00
953.20
1.92
0.39
Hypothetical
1,000.00
1,023.24
1.99
0.39
JPMorgan International Bond Opportunities ETF
 
 
 
 
Actual
1,000.00
949.90
2.46
0.50
Hypothetical
1,000.00
1,022.68
2.55
0.50
JPMorgan Municipal ETF
 
 
 
 
Actual
1,000.00
952.10
0.79
0.16
Hypothetical
1,000.00
1,024.40
0.82
0.16
JPMorgan Short Duration Core Plus ETF
 
 
 
 
Actual
1,000.00
964.10
1.58
0.32
Hypothetical
1,000.00
1,023.59
1.63
0.32
JPMorgan U.S. Aggregate Bond ETF
 
 
 
 
Actual
1,000.00
921.30
0.34
0.07
Hypothetical
1,000.00
1,024.85
0.36
0.07
 
412
J.P. Morgan Exchange-Traded Funds
August 31, 2022
 
Beginning
Account Value
March 1, 2022
Ending
Account Value
August 31, 2022
Expenses
Paid During
the Period*
Annualized
Expense
Ratio
JPMorgan Ultra-Short Income ETF
 
 
 
 
Actual
$1,000.00
$1,001.60
$0.86
0.17%
Hypothetical
1,000.00
1,024.35
0.87
0.17
JPMorgan Ultra-Short Municipal Income ETF
 
 
 
 
Actual
1,000.00
999.50
0.86
0.17
Hypothetical
1,000.00
1,024.35
0.87
0.17
JPMorgan USD Emerging Markets Sovereign Bond ETF
 
 
 
 
Actual
1,000.00
915.50
1.88
0.39
Hypothetical
1,000.00
1,023.24
1.99
0.39
 
 
*
Expenses are equal to the Fund’s annualized expense ratio, multiplied by the average account value over the period, multiplied by 184/365 (to
reflect the one-half year period).
 
August 31, 2022
J.P. Morgan Exchange-Traded Funds
413
 
414
 
 
 
August 31, 2022
J.P. Morgan Exchange-Traded Funds
415
BOARD APPROVAL OF INITIAL ADVISORY AGREEMENT
(Unaudited)
JPMorgan BetaBuilders 1-5 Year U.S. Aggregate Bond ETF, JPMorgan Core Plus Bond ETF, JPMorgan Corporate Bond Research Enhanced ETF, JPMorgan High Yield Research Enhanced ETF, JPMorgan Income ETF, JPMorgan International Bond Opportunities ETF, JPMorgan Municipal ETF, JPMorgan Short Duration Core Plus ETF, JPMorgan U.S. Aggregate Bond ETF, JPMorgan Ultra-Short Income ETF, JPMorgan Ultra-Short Municipal Income ETF and JPMorgan USD Emerging Markets Sovereign Bond ETF
The Board of Trustees (the “Board” or the “Trustees”) has established various standing committees composed of Trustees with diverse backgrounds, to which the Board has assigned specific subject matter responsibilities to further enhance the effectiveness of the Board’s oversight and decision making. Effective January 2022, the Board consolidated with the J.P. Morgan Exchange-Traded Fund Trust Board, and now consists of Trustees from both Boards. The Board and its investment committees (money market and alternative products, equity, and fixed income) met regularly throughout the year and, at each meeting, considered factors that are relevant to their annual consideration of the continuation of the management agreements. The Board also met for the specific purpose of considering management agreement annual renewals. The Board held meetings June 21-22, 2022 and August 9-11, 2022, at which the Trustees considered the continuation of the management agreements for each Fund whose semi-annual report is contained herein (each a “Management Agreement” and collectively, the “Management Agreements”).  At the June meeting, the Board’s investment committees met to review and consider performance, expense and related information for the J.P. Morgan Funds. Each investment committee reported to the full Board, which then considered each investment committee’s preliminary findings.  At the August meeting, the Trustees continued their review and consideration.  The Trustees, including a majority of the Trustees who are not parties to a Management Agreement or “interested persons” (as defined in the Investment Company Act of 1940) of any party to a Management Agreement or any of their affiliates, approved the continuation of each Management Agreement on August 11, 2022.
As part of their review of the Management Agreements, the Trustees considered and reviewed performance and other information about the Funds received from 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 (including certain ETFs, beginning in February 2022) provided by an independent investment consulting firm (“independent consultant”).  In addition, in preparation for the June and August meetings, the Trustees requested, received and evaluated extensive materials from the Adviser, including
performance and expense information compiled by Broadridge, using data from Lipper Inc. and/or Morningstar Inc., independent providers of investment company data (together, “Broadridge”). The Trustees’ independent consultant also provided additional quantitative and statistical analyses of certain Funds, including risk and performance return assessments as compared to the Funds’ objectives, benchmarks, and peers.  Before voting on the Management Agreements, the Trustees reviewed the Management Agreements with representatives of the Adviser, counsel to the Trusts, and independent legal counsel, and received a memorandum from independent legal counsel to the Trustees discussing the legal standards for their consideration of the Management Agreements.  The Trustees also discussed the Management Agreements with independent legal counsel in executive sessions at which no representatives of the Adviser were present. 
A summary of the material factors evaluated by the Trustees in determining whether to approve each Management Agreement is provided below.  The Trustees considered information provided with respect to the Funds over the course of the year, as well as the materials furnished specifically in connection with this annual renewal process.  Each Trustee attributed different weights to the various factors and no factor alone was considered determinative. The Trustees considered information provided with respect to the Funds throughout the year, including additional reporting and information provided in connection with the COVID-19 pandemic, as well as materials furnished specifically in connection with the annual review process.  From year to year, the Trustees consider and place emphasis on relevant information in light of changing circumstances in market and economic conditions. The Trustees determined that the compensation received by the Adviser from each Fund under the Management Agreement was fair and reasonable and that the continuance of the Management Agreement was in the best interests of each Fund and its shareholders.
The factors summarized below were considered and discussed by the Trustees in reaching their conclusions:
Nature, Extent and Quality of Services Provided by the Adviser
The Trustees received and considered information regarding the nature, extent and quality of the services provided to each Fund under its respective Management Agreement.  The Trustees took into account information furnished throughout the year at Trustee meetings, as well as the materials furnished specifically in connection with this annual review process.  Among other things, the Trustees considered:
(i)
The background and experience of the Adviser’s senior management and investment personnel, including personnel changes, if any;
(ii)
The qualifications, backgrounds and responsibilities of the
 
416
J.P. Morgan Exchange-Traded Funds
August 31, 2022
portfolio management team primarily responsible for the day-to-day management each of the Funds, including personnel changes, if any;
(iii)
The investment strategy for each Fund, and the infrastructure supporting the portfolio management teams;
(iv)
Information about the structure and distribution strategy for each Fund and how it fits with the Trusts’ other fund offerings;
(v)
The administration services provided by the Adviser in its role as Administrator;
(vi)
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 Trusts and in the financial industry generally;
(vii)
The overall reputation and capabilities of the Adviser and its affiliates;
(viii)
The commitment of the Adviser to provide high quality service to the Funds;
(ix)
Their overall confidence in the Adviser’s integrity;
(x)
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; and
(xi)
The Adviser’s business continuity plan and steps the Adviser and its affiliates have taken to provide ongoing services to the Funds during the COVID-19 pandemic, and the Adviser’s and its affiliates’ success in continuing to provide services to the Funds and their shareholders throughout this period.
Based upon these considerations and other factors, the Trustees concluded that they were satisfied with the nature, extent and quality of services to be provided to the Funds by the Adviser.
Costs of Services Provided and Profitability to the Adviser and its Affiliates
The Trustees received, reviewed, considered and discussed information regarding the profitability to the Adviser and its affiliates from providing services to the Funds. The Trustees recognized that this information is not audited and represents the Adviser’s determination of its and its affiliates’ revenues from the contractual services provided to the Funds, less expenses of providing such services.  Expenses include direct and indirect costs and are calculated using allocation methodologies developed by the Adviser and reviewed with the Board.  The Trustees also recognized that it is difficult to make direct
comparisons of profitability from fund management contracts because comparative information is not generally publicly available and is affected by numerous factors, including the structure of the particular adviser, the types of funds it manages, its business mix, numerous assumptions regarding allocations and the fact that publicly-traded fund managers’ operating profits and net income are net of distribution and marketing expenses.  Based upon their review, the Trustees concluded that the profitability to the Adviser under each Management Agreement was not unreasonable in light of the services and benefits provided to each Fund.
The Trustees also considered the fees earned by JPMorgan Chase Bank, N.A. (“JPMCB”), an affiliate of the Adviser, for custody, fund accounting and other related services for each Fund, and the profitability of these arrangements to JPMCB.
Fall-Out Benefits
The Trustees reviewed information regarding potential “fall-out” or ancillary benefits received by the Adviser and its affiliates as a result of their relationship with the Funds.  The Trustees considered that certain J.P. Morgan Funds' operating accounts are held at JPMCB, which, as a result, will receive float benefits for certain J.P. Morgan Funds, as applicable.  The Trustees also noted that the Adviser supports a diverse set of products and services, which benefits the Adviser by allowing it to leverage its infrastructure to serve additional clients, including benefits that may be received by the Adviser and its affiliates in connection with the Fund’s potential investments in other funds advised by the Adviser.  The Trustees also reviewed the Adviser’s allocation of fund brokerage for the J.P. Morgan Funds complex, including allocations to brokers who provide research to the Adviser, as well as the Adviser’s use of affiliates to provide other services and the benefits to such affiliates of doing so.
Economies of Scale
The Trustees considered the extent to which each Fund will benefit from potential economies of scale.  The Trustees noted that the management fee schedule for the Funds does not contain breakpoints. The Trustees considered that shareholders would benefit because expenses would be limited even when a Fund is new and not achieving economies of scale. The Trustees considered the fact that increases in assets would not lead to management fee decreases even if economies of scale are achieved, but also that the Trustees would have the opportunity to further review the appropriateness of the fee payable to the Adviser under the Management Agreement in the future. The Trustees also concluded that all Funds benefited from the Adviser’s reinvestment in its operations to serve the Funds and their shareholders. The Trustees noted that the Adviser’s reinvestment ensures sufficient resources in terms of personnel
 
August 31, 2022
J.P. Morgan Exchange-Traded Funds
417
BOARD APPROVAL OF INITIAL ADVISORY AGREEMENT
(Unaudited) (continued)
and infrastructure to support the Funds. After considering the factors identified above, the Trustees concluded that the Fund’s shareholders will receive the benefits of potential economies of scale.
Fees Relative to Adviser’s Other Clients
The Trustees received and considered information about the nature and extent of management services and fee rates offered to other clients of the Adviser, including, to the extent applicable, institutional separate accounts, collective investment trusts, other registered investment companies and/or private funds sub-advised by the Adviser, for investment management styles substantially similar to that of each Fund.  The Trustees considered the complexity of investment management for registered investment companies relative to the Adviser’s other clients and noted differences, as applicable, in the fee structure and the regulatory, legal and other risks and responsibilities of providing services to the different clients.  The Trustees considered that serving as an adviser to a registered investment company involves greater responsibilities and risks than acting as a sub-adviser and observed that sub-advisory fees may be lower than those charged by the Adviser to each Fund, as applicable.  The Trustees also noted that the adviser, not the applicable registered investment company, typically bears the sub-advisory fee and that many responsibilities related to the advisory function are typically retained by the primary adviser.  The Trustees concluded that the fee rates charged to each Fund in comparison to those charged to the Adviser’s other clients were reasonable.
Investment Performance
The Trustees receive and consider information about the Funds’ performance throughout the year. In addition, the Trustees received and considered absolute and relative performance information for Funds with at least one-year of performance history in a report prepared by Broadridge, except for the JPMorgan BetaBuilders 1-5 Year U.S. Aggregate Bond ETF, JPMorgan Income ETF, JPMorgan Short Duration Core Plus ETF and JPMorgan USD Emerging Markets Sovereign Bond ETF for which performance information was compared against each Fund’s benchmark index.  The Trustees considered the total return performance information, which included ranking the Funds within a performance universe comprised of funds with the same Morningstar investment classification and objective (the “Universe”), as well as a subset of funds within the Universe (the “Peer Group”), by total return for applicable one-, three and five-year periods.  The Trustees reviewed a description of Broadridge’s methodology for selecting exchange-traded funds in each Fund’s Peer Group and Universe and noted that the Peer Group quintile rankings were not calculated if the number of funds in the Peer Group did not meet a predetermined minimum. The Trustees also considered each Fund’s investment strategy and processes, portfolio management
teams and competitive positioning against peer funds, as identified by Broadridge and/or management. As part of this review, the Trustees reviewed each Fund’s performance against its benchmark and considered each Fund’s performance information provided at regular Board meetings by the Adviser. 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 are summarized below:
For the JPMorgan International Growth ETF (the “Fund”), the Trustees received and considered absolute and relative performance information for the Fund in a report prepared by Broadridge.  The Trustees considered the total return performance information, which included ranking the Fund within a performance universe comprised of funds with the same Morningstar investment classification and objective (the “Universe”), as well as a subset of funds within the Universe (the “Peer Group”), by total return for applicable one-year periods.  The Trustees reviewed a description of Broadridge’s methodology for selecting exchange-traded funds in the Fund’s Peer Group and Universe and noted that the Peer Group quintile rankings were not calculated if the number of funds in the Peer Group did not meet a predetermined minimum.  The Trustees also considered the Fund’s investment strategy and processes, portfolio management teams and competitive positioning against peer funds, as identified by Broadridge and/or management.  As part of this review, the Trustees reviewed the Fund’s performance against its benchmark and considered the Fund’s performance information provided at regular Board meetings by the Adviser.  After consideration, the Trustees determined that the Fund’s performance was consistent with its investment objective.  The Broadridge performance data noted by the Trustees as part of their review and the determinations made by the Trustees with respect to the Fund’s performance are summarized below:
The Trustees noted that the Fund’s performance was in the third quintile based upon the Universe for the one-year period ended August 31, 2021. (Broadridge did not calculate a quintile ranking for the Peer Group for this fund due to the limited number of Fund peers.)  The Trustees discussed the performance and investment strategy of the Fund with the Adviser and based upon these discussions and various other factors, the Trustees concluded that the Fund’s performance was satisfactory.
Management Fees and Expense Ratios
The Trustees considered the contractual management fee rate paid by each Fund to the Adviser and compared the rate to the information prepared by Broadridge concerning management fee rates paid by other funds in the same Morningstar category
 
418
J.P. Morgan Exchange-Traded Funds
August 31, 2022
as each Fund.  This review included a ranking of each Fund within its Universe, as well as  its Peer Group.  The Trustees reviewed a description of Broadridge’s methodology for selecting funds in the Peer Group and Universe, as applicable, and noted that the Peer Group quintile rankings were not calculated if the number of funds in the Peer Group did not meet a predetermined minimum.  The Trustees also reviewed information about other expenses and the total expense ratio for each Fund.  The Trustees compared the management fee for each Fund to fees charged to mutual funds and/or institutional accounts with similar investment objectives or in similar asset classes managed by the Adviser.  The Trustees recognized that it is difficult to make comparisons of management fees because there are variations in the services that are included in the fees paid by other accounts.  The Trustees considered how the Funds are positioned against peer funds, as identified by management and/or Broadridge and noted that each Fund’s management fee was appropriate as compared to identified peer funds.  The Trustees’ determinations as a result of the review of each Fund’s management fees and expense ratios are summarized below:
The Trustees noted the performance of the JPMorgan BetaBuilders 1-5 Year U.S. Aggregate Bond ETF as compared with that of its benchmark index.  The Trustees discussed the performance and investment strategy of the Fund with the Adviser.  Based upon these discussions and various other factors, the Trustees concluded that the Fund’s performance was satisfactory. 
The Trustees noted that the JPMorgan Core Plus Bond ETF’s performance was in the second and first quintiles of the Peer Group and Universe, respectively, for the one-year period ended December 31, 2021. 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. 
The Trustees noted that the JPMorgan Corporate Bond Research Enhanced ETF’s performance was in the fifth and third quintiles of the Universe for the one- and three-year periods ended December 31, 2021, respectively. Broadridge did not calculate quintile rankings for the Peer Group for this Fund due to the limited number of funds in  the Peer Groups. 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 High Yield Research Enhanced ETF’s performance was in the fourth quintile of the Peer Group for both the one- and three-year periods ended December 31, 2021, and in the fourth, second and second quintiles of the Universe for the one-, three- and five-year periods ended December 31, 2021, respectively. Broadridge did not calculate quintile rankings for the Peer Group for this Fund for the five-year period due to the limited number of funds in the Peer Groups. 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 the performance of the JPMorgan Income ETF as compared with that of its benchmark index.  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. 
The Trustees noted that the JPMorgan International Bond Opportunities ETF’s performance was in the third and second quintiles of the Universe for the one- and three-year periods ended December 31, 2021, respectively.  Broadridge did not calculate quintile rankings for the Peer Group for this Fund due to the limited number of funds  in the Peer Groups. 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.
The Trustees noted that the JPMorgan Municipal ETF’s performance was in the fourth quintile of both the Peer Group and Universe for both the one- and three-year periods ended December 31, 2021.  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 the performance of the JPMorgan Short Duration Core Plus ETF as compared with that of its benchmark index.  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. 
 
August 31, 2022
J.P. Morgan Exchange-Traded Funds
419
BOARD APPROVAL OF INITIAL ADVISORY AGREEMENT
(Unaudited) (continued)
The Trustees noted that the JPMorgan U.S. Aggregate Bond ETF’s performance was in the fifth quintile of the Peer Group for the one-year period ended December 31, 2021, and in the fourth and fifth quintiles of the Universe for the one- and three-year periods ended December 31, 2021, respectively. Broadridge did not calculate quintile rankings for the Peer Group for this Fund for the three-year period due to the limited number of funds in the Peer Groups. 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.  They requested, however, that the Fund’s Adviser provide additional Fund performance information to be reviewed with the members of the Board’s fixed income committee at each of its regularly scheduled meetings over the course of the next year.
The Trustees noted that the JPMorgan Ultra-Short Income ETF’s performance was in the second and first quintiles of the Peer Group, and in the third and second quintiles of the Universe, for the one- and three-year periods ended December 31, 2021, 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. 
The Trustees noted that the JPMorgan Ultra-Short Municipal Income ETF’s performance was in the second and fourth quintiles of the Universe for the one- and three-year periods ended December 31, 2021, respectively.  Broadridge did not calculate quintile rankings for the Peer Group for this Fund due to the limited number of funds in the Peer Groups. 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 the performance of the JPMorgan USD Emerging Markets Sovereign Bond ETF as compared with that of its benchmark index.  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. 
Management Fees and Expense Ratios
The Trustees considered the contractual management fee rate paid by each Fund to the Adviser and compared the rate to the information prepared by Broadridge concerning management fee rates paid by other funds in the same Morningstar category as each Fund.  This review included ranking of each Fund within an expense universe comprised of funds with the same Morningstar investment classification and objective (the “Universe”), as well as a subset of funds within the Universe (the “Peer Group”).  The Trustees reviewed a description of Broadridge’s methodology for selecting funds in the Peer Group and Universe, as applicable, and noted that the Peer Group quintile rankings were not calculated if the number of funds in the Peer Group did not meet a predetermined minimum.  The Trustees also reviewed information about other expenses and the total expense ratio for each Fund.  The Trustees compared the management fee for each Fund to fees charged to mutual funds and/or institutional accounts with similar investment objectives or in similar asset classes managed by the Adviser.  The Trustees recognized that it can be difficult to make comparisons of management fees because there are variations in the services that are included in the fees paid by other accounts.  The Trustees considered how the Funds are positioned against peer funds, as identified by management and/or Broadridge and noted that each Fund’s management fee was appropriate as compared to identified peer funds.  The Trustees’ determinations as a result of the review of each Fund’s management fees and expense ratios are summarized below:
The Trustees noted that the JPMorgan BetaBuilders 1-5 Year U.S. Aggregate Bond ETF’s net management fee and actual total expenses were both in the first quintile of both the Peer Group and Universe.  After considering the factors identified above, in light of this information, the Trustees concluded that the management fee was satisfactory in light of the services provided to the Fund.
The Trustees noted that the JPMorgan Core Plus Bond ETF’s net management fee and actual total expenses were both in the third and fourth quintiles of the Peer Group and Universe, respectively.  After considering the factors identified above, in light of this information, the Trustees concluded that the management fee was satisfactory in light of the services provided to the Fund.
The Trustees noted that the JPMorgan Corporate Bond Research Enhanced ETF’s net management fee and actual total expenses were both in the second quintile of the Universe.  Broadridge did not calculate quintile rankings for the Peer Group for this Fund due to the limited number of funds  in the Peer Groups.  After considering the factors identified above, in light of this information, the Trustees concluded that the management fee was satisfactory in light of the services provided to the Fund.
 
420
J.P. Morgan Exchange-Traded Funds
August 31, 2022
The Trustees noted that the JPMorgan High Yield Research Enhanced ETF’s net management fee and actual total expenses were both in the first quintile of both the Peer Group and Universe.  After considering the factors identified above, in light of this information, the Trustees concluded that the management fee was satisfactory in light of the services provided to the Fund.
The Trustees noted that the JPMorgan Income ETF’s net management fee and actual total expenses were in the second and first quintile, respectively, of the Universe.  Broadridge did not calculate quintile rankings for the Peer Group for this Fund due to the limited number of funds in the Peer Groups.  After considering the factors identified above, in light of this information, the Trustees concluded that the management fee was satisfactory in light of the services provided to the Fund.
The Trustees noted that the JPMorgan International Bond Opportunities ETF’s net management fee was in the fourth quintile of both the Peer Group and Universe, and that the 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 management fee was satisfactory in light of the services provided to the Fund.
The Trustees noted that the JPMorgan Municipal ETF’s net management fee was in the second quintile of both the Peer Group and Universe, and that the actual total expenses were in the first quintile of both the Peer Group and Universe.  After considering the factors identified above, in light of this information, the Trustees concluded that the management fee was satisfactory in light of the services provided to the Fund.
The Trustees noted that the JPMorgan Short Duration Core Plus ETF’s net management fee was in the third and fourth quintiles of the Peer Group and Universe, respectively, and that the actual total expenses were and in the second and fourth
quintiles of the Peer Group and Universe, respectively.  After considering the factors identified above, in light of this information, the Trustees concluded that the management fee was satisfactory in light of the services provided to the Fund.
The Trustees noted that the JPMorgan U.S. Aggregate Bond ETF’s net management fee and actual total expenses were both in the first and second quintiles of the Peer Group and Universe, respectively.  After considering the factors identified above, in light of this information, the Trustees concluded that the management fee was satisfactory in light of the services provided to the Fund.  
The Trustees noted that the JPMorgan Ultra-Short Income ETF’s net management fee and actual total expenses were both in the second and third quintiles of the Peer Group and Universe, respectively.  After considering the factors identified above, in light of this information, the Trustees concluded that the management fee was satisfactory in light of the services provided to the Fund.
The Trustees noted that the JPMorgan Ultra-Short Municipal Income ETF’s net management fee and actual total expenses were both in the first quintile of the Universe. Broadridge did not calculate quintile rankings for the Peer Group for this Fund due to the limited number of funds in the Peer Groups. After considering the factors identified above, in light of this information, the Trustees concluded that the management fee was satisfactory in light of the services provided to the Fund.
The Trustees noted that the JPMorgan USD Emerging Markets Sovereign Bond ETF’s net management fee was in the fourth and third quintiles of the Peer Group and Universe, respectively, and that the actual total expenses were in the third and second quintile of the Peer Group and Universe, respectively.  After considering the factors identified above, in light of this information, the Trustees concluded that the management fee was satisfactory in light of the services provided to the Fund. 
 
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J.P. Morgan Exchange-Traded Funds
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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. The Funds' 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 Statement of Additional Information.
A copy of proxy policies and procedures is available without charge upon request by calling 1-844-457-6383 and on the Funds' website at www.jpmorganfunds.com. A description of such policies and procedures is on the SEC’s website at www.sec.gov. The Trustees have delegated the authority to vote proxies for securities owned by the Funds to the Adviser. A copy of the Funds' voting record for the most recent 12-month period ended June 30 is available on the SEC’s website at www.sec.gov or at the Funds' website at www.jpmorganfunds.com no later than August 31 of each year. The Funds' proxy voting record will include, among other things, a brief description of the matter voted on for each fund security, and will state how each vote was cast, for example, for or against the proposal.
 
 
J.P. Morgan Asset Management is the brand name for the asset management business of JPMorgan Chase & Co. and its affiliates worldwide.
© JPMorgan Chase & Co., 2022. All rights reserved. August 2022.
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