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