Annual Report
J.P. Morgan Exchange-Traded Funds
October 31, 2023
Fund
Ticker
Listing Exchange
JPMorgan Active China ETF
JCHI
NYSE Arca, Inc.
JPMorgan ActiveBuilders Emerging Markets Equity ETF
JEMA
Cboe BZX Exchange, Inc.
JPMorgan Global Select Equity ETF
JGLO
The NASDAQ Stock Market LLC
JPMorgan Hedged Equity Laddered Overlay ETF
HELO
NYSE Arca, Inc.
JPMorgan International Growth ETF
JIG
NYSE Arca, Inc.
JPMorgan International Value ETF
JIVE
The NASDAQ Stock Market LLC


CONTENTS
 
 
1
2
3
6
9
12
15
18
21
46
54
56
74
75
79
81
82
83
85
88
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
December 14, 2023 (Unaudited)
Dear Shareholder,
While the U.S. economy generally performed well this year, global economic growth has been uneven in the face of elevated interest rates and heightened geopolitical tensions. Equity markets largely outperformed fixed income markets for the twelve months ended October 31, 2023, though rising yields lifted investor demand for certain types of bonds.

"The strong performance of financial
markets in 2023 created wider
differences in equity valuations that
may provide attractive opportunities
for investors. Additionally, interest
rate reductions next year could
benefit high-quality fixed income
investments.”
— Brian S. Shlissel

Inflationary pressures have receded sufficiently so far that the U.S. Federal Reserve declined to raise interest rates since September 2023 and signaled it may reduce rates three times in 2024. Both the European Central Bank and the Bank of England also declined to raise interest rates in the third quarter of 2023. Financial markets largely responded positively to the central banks’ policy stances, though the view that interest rates could remain “higher for longer” appeared to temper investor optimism.
Overall, corporate earnings and revenues within developed markets generally continued to grow through the first three quarters of 2023, though certain surveys indicated many businesses anticipate demand to slow next year. Emerging markets experienced a wider dispersion in economic performance and corporate results, partly due to slower economic growth in China, post-pandemic changes to global supply chains and elevated debt servicing costs.
While some assert that the risk of economic recession has receded in 2023, the risk remains. China’s struggling property sector could further undermine economic growth and spill over to certain commodity exporting nations. Additionally, there is no clear timing with regard to the resolution of the war in Ukraine, which continues to impact global energy and grain supplies. The Israel-Hamas conflict has the potential to both widen militarily and to impact international trade and prices for energy and food. However, financial markets have generally continued to function without major disruptions during the period.
The strong performance of financial markets has created wider differences in equity valuations that may provide attractive opportunities for investors. Additionally, interest rate reductions next year could benefit high-quality fixed income investments.
Our suite of investment solutions seeks to provide investors with the ability to build durable portfolios that meet their financial goals, regardless of macroeconomic and geopolitical uncertainties.
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
October 31, 2023
J.P. Morgan Exchange-Traded Funds
1


J.P. Morgan Exchange-Traded Funds
MARKET OVERVIEW
TWELVE MONTHS ENDED October 31, 2023 (Unaudited) 
Equity markets continued to outperform bond markets during the period, generating positive returns largely due to gains made during the first half of 2023. Following a surge in U.S. equity prices, investors largely sought lower equity valuations in international markets in the second half of the period.
Overall, equities in international developed markets outperformed both emerging market and U.S. equities. Growth stocks and large capitalization stocks largely outperformed value stocks and mid cap and small cap stocks. Within fixed income markets, emerging markets debt and lower-rated bonds in developed markets generally outperformed U.S. Treasury bonds. 
While the U.S. Federal Reserve, the European Central Bank and The Bank of England continued to raise interest rates at regular intervals through the first half of 2023, declining inflationary pressures allowed all three central banks to withhold further increases at the end of the reporting period.
Corporate earnings were generally better-than-expected for most of the period but results for the third quarter of 2023 showed some slowing in earnings and revenue growth. Tight labor markets in the U.S. eased somewhat in the final months of the period and the jobless rate rose to 3.8% in October 2023, which raised investor expectations that inflation would continue to slow.
Global energy prices largely fell during the period amid slowing demand from China and leading industrialized nations. Crude oil prices spiked briefly in September 2023 when Saudi Arabia and Russia extended production cuts and again in early October at the outbreak of the Israel-Hamas conflict. However, global petroleum prices receded by the end of the period as economic data, including U.S. gasoline consumption, continued to indicate slowing global demand.
Notably, financial sector stocks were roiled by the collapse of Silicon Valley Bank in late March 2023, followed closely by the failures of Signature Bank and Credit Suisse. In each case, government regulators moved to prevent the erosion of consumer and investor confidence in the banking system.
For the twelve months ended October 31, 2023, the MSCI EAFE Index returned 15.01%, the MSCI Emerging Markets Index returned 11.26% and the S&P 500 Index returned 10.14%.   
2
J.P. Morgan Exchange-Traded Funds
October 31, 2023


JPMorgan Active China ETF
FUND COMMENTARY
FOR THE PERIOD March 15, 2023 (FUND INCEPTION) THROUGH October 31, 2023 (Unaudited)
REPORTING PERIOD RETURN:
 
Net Asset Value*
(15.40)%
Market Price**
(15.06)%
MSCI China All Shares Index (net total return)
(12.31)%
Net Assets as of 10/31/2023
$10,558,969
Fund Ticker
JCHI
INVESTMENT OBJECTIVE***
The JPMorgan Active China ETF (the “Fund”) seeks to provide long-term capital appreciation.
INVESTMENT APPROACH
The Fund invests primarily in equity securities and equity-related instruments that are economically tied to China and seeks to add value through an investment approach primarily driven by bottom-up stock selection, while being mindful of macro and policy considerations. The Fund leverages research analysts with local expertise to identify what the sub-adviser believes are attractively valued industry leaders.
HOW DID THE FUND PERFORM?
For the period from inception on March 15, 2023 to October 31, 2023, the Fund had a negative absolute return and underperformed the MSCI China All Shares Index (the “Benchmark”).
The Fund’s security selection in the financials and consumer discretionary sectors was a leading detractor from performance relative to the Benchmark, while the Fund’s security selection in the communication services sector and its underweight position in the industrials sector were leading contributors to relative performance.
Leading individual detractors from relative performance included the Fund’s overweight positions in Hundsun Technologies Inc., ENN Energy Holdings Ltd. and Oppein Home Group Inc. Shares of Hundsun Technologies, a software developer based in Hangzhou, fell amid investor concerns that
slower economic growth in China could reduce customer spending on new projects. Shares of ENN Energy Holdings, a natural gas utility based in Langfang, fell after the company reported weaker-than-expected earnings amid declining demand during the period. Shares of Oppein Home Group, a cabinets, windows and furniture manufacturer based in Guangzhou, fell amid slowing consumer demand in China during the period.  
Leading individual contributors to relative performance included the Fund’s overweight positions in NetEase Inc. and China Yangtze Power Co., and its underweight position in Li-Ning Co. Shares of NetEase, a provider of online games, music and services based in Hangzhou, rose amid better-than-expected earnings during the period. Shares of China Yangtze Power, a hydroelectric utility based in Beijing, rose as higher river volumes during the period fueled higher electricity generation. Shares of Li-Ning, a Beijing sporting goods and apparel retailer not held in the Fund, fell amid slowing economic growth and consumer spending in China during the period. 
HOW WAS THE FUND POSITIONED?
During the reporting period, the Fund’s largest overweight allocations relative to the Benchmark were to the information technology and communication services sectors and its largest underweight allocations were to the industrials and financials sectors.
October 31, 2023
J.P. Morgan Exchange-Traded Funds
3


JPMorgan Active China ETF
FUND COMMENTARY
FOR THE PERIOD March 15, 2023 (FUND INCEPTION) THROUGH October 31, 2023 (Unaudited) (continued)

*
The return shown is based on net asset value and may differ from the return shown in the financial highlights, which reflects adjustments made to the net asset value in accordance with accounting principles generally accepted in the United States of America. The net asset value was $40.61 as of October 31, 2023.
**
Market price return was calculated assuming an initial investment made at the inception date net asset value, reinvestment of all dividends and distributions at the 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, Inc. As of October 31, 2023, the closing price was $40.77.
***
The adviser seeks to achieve the Fund’s objective. There can be no guarantee it will be achieved.
TOP TEN HOLDINGS OF THE
PORTFOLIO AS OF October 31, 2023
PERCENT OF
TOTAL
INVESTMENTS
1.
Tencent Holdings Ltd. (China)
9.6
%
2.
Alibaba Group Holding Ltd. (China)
5.0
3.
Kweichow Moutai Co. Ltd., Class A (China)
4.4
4.
China Merchants Bank Co. Ltd., Class H
(China)
3.9
5.
Meituan (China)
3.7
6.
China Construction Bank Corp., Class H
(China)
3.5
7.
NetEase, Inc. (China)
3.1
8.
Ping An Insurance Group Co. of China Ltd.,
Class H (China)
3.0
9.
Haier Smart Home Co. Ltd., Class H
(China)
2.5
10.
China Yangtze Power Co. Ltd., Class A
(China)
2.5
PORTFOLIO COMPOSITION BY SECTOR
AS OF October 31, 2023
PERCENT OF
TOTAL
INVESTMENTS
Consumer Discretionary
19.5%
Communication Services
15.8
Information Technology
15.3
Financials
14.1
Consumer Staples
11.4
Health Care
7.9
Materials
3.8
Utilities
3.8
Industrials
3.3
Energy
3.2
Real Estate
1.8
Short-Term Investments
0.1
4
J.P. Morgan Exchange-Traded Funds
October 31, 2023


TOTAL RETURNS AS OF October 31, 2023 (Unaudited)
 
INCEPTION DATE
CUMULATIVE SINCE
INCEPTION
JPMorgan Active China ETF
 
Net Asset Value
March 15, 2023
(15.40
)%
Market Price
 
(15.06
)
LIFE OF FUND PERFORMANCE (3/15/23 TO 10/31/23)
The performance quoted is past performance and is not a guarantee of future results. Exchange-traded funds are subject to certain market risks. Investment returns and principal value of an investment will fluctuate so that an investor’s shares, when sold or redeemed, may be worth more or less than their original cost. Current performance may be higher or lower than the performance data shown. Updated performance information is available by visiting www.jpmorganfunds.com or by calling 1-844-457-6383. 
Fund commenced operations on March 15, 2023.
The graph illustrates comparative performance for $10,000 invested in shares of the JPMorgan Active China ETF and MSCI China All Shares Index (net total return) from March 15, 2023 to October 31, 2023. The performance of the Fund reflects the deduction of Fund expenses and assumes reinvestment of all dividends and capital gain distributions, if any. The performance of the MSCI China All Shares Index (net total return) 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 MSCI China All Shares Index (net total return) is a free float-adjusted market capitalization weighted index that is designed to measure the performance of large- and mid-cap Chinese securities represented across China A-shares, B-shares, H-shares, Redchips, P-chips and foreign listings (e.g. ADRs). The index aims to reflect the opportunity set of China share classes listed in Hong Kong, Shanghai, Shenzhen and outside of China. It is based on the concept of the integrated MSCI China equity universe with China A-shares included. Net total return figures assume the reinvestment of dividends after deduction of withholding tax, applying the maximum rate to nonresident individual investors who do not benefit from double taxation treaties. Investors cannot invest directly in an index.
Performance shown in this section does not reflect the deduction of taxes that a shareholder may pay on Fund distributions or on gains resulting from redemption or sale of Fund shares.
Because the Fund invests at least 80% of the value of its assets in equity securities and equity-related instruments that are tied economically to China, it presents different risks than funds that do not so invest. Investments in Mainland China, Hong Kong, Taiwan and Macau are subject to significant legal, regulatory, monetary and economic risks, as well as the potential for regional and global conflicts, including actions that are contrary to the interests of the U.S.
Chinese operating companies sometimes rely on Variable Interest Entity (VIE) structures to raise capital from non-Chinese investors, even though such arrangements are not formally recognized under Chinese law. VIE structures are used due to Mainland Chinese government prohibitions on foreign ownership of companies in certain industries and it is not clear that the contracts are enforceable or that the structures will otherwise work as intended. There may also be conflicts of interest between the legal owners of the Mainland Chinese company and non-Chinese investors (such as the Fund). It is unclear whether the Mainland China government will withdraw its implicit acceptance of the VIE structure, or whether any new laws, rules or regulations relating to VIE structures will be adopted or, if adopted, what impact they would have on the interests of non-Chinese investors. The market value of the Fund’s associated portfolio holdings would likely fall, causing substantial investment losses.
International investing involves a greater degree of risk and increased volatility. Changes in currency exchange rates and differences in accounting and taxation policies outside the United States can raise or lower returns. Also, some overseas markets may not be as politically and economically stable as the United States and other nations.
The returns shown are based on net asset values calculated for shareholder transactions and may differ from the returns shown in the financial highlights, which reflect adjustments made to the net asset values in accordance with accounting principles generally accepted in the United States of America.
October 31, 2023
J.P. Morgan Exchange-Traded Funds
5


JPMorgan ActiveBuilders Emerging Markets Equity ETF
FUND COMMENTARY
TWELVE MONTHS ENDED October 31, 2023 (Unaudited)
REPORTING PERIOD RETURN:
 
Net Asset Value*
10.61%
Market Price**
10.27%
MSCI Emerging Markets Index (net total return)
10.80%
Net Assets as of 10/31/2023
$896,949,975
Fund Ticker
JEMA
INVESTMENT OBJECTIVE***
The JPMorgan ActiveBuilders Emerging Markets Equity ETF (the “Fund”) seeks to provide long-term capital appreciation.
INVESTMENT APPROACH
The Fund invests primarily in equity securities and equity-related instruments that are tied economically to emerging markets and seeks to construct a portfolio of holdings that will outperform the MSCI Emerging Markets Index (the “Benchmark”) over time while maintaining similar risk characteristics. The Fund allocates investments to the adviser’s actively managed emerging market equity strategies, including country, region and style strategies among others, and may invest across all market capitalizations.
HOW DID THE FUND PERFORM?
For the twelve months ended October 31, 2023, the Fund generated a positive absolute return and underperformed the Benchmark. 
The Fund’s security selection in the consumer staples and industrials sectors was a leading detractor from performance relative to the Benchmark, while the Fund’s security selection in the information technology sector and its underweight position in the materials sector were leading contributors to relative performance. 
By country, the Fund’s security selection in China and Brazil was a leading detractor from performance relative to the Benchmark, while the Fund’s security selection in Taiwan and its underweight position in Saudi Arabia were leading contributors to relative performance. 
Leading individual detractors from relative performance included the Fund’s overweight positions in Lojas Renner SA
and HDFC Bank Ltd., and its underweight position in Tencent Holdings Ltd. Shares of Lojas Renner, a Brazilian department store chain, fell amid weakness in earnings and investor concerns about the company’s outlook for growth. Shares of HDFC Bank, an Indian financial services provider, fell after the company said a planned merger would lower profit margins and increase its ratio of non-performing loans. Shares of Tencent Holdings, a Chinese e-commerce provider, rose in early 2023 amid sales growth and a broad rebound in China’s technology sector. 
Leading individual contributors to relative performance included the Fund’s overweight positions in NetEase Inc., Global Unichip Corp. and Accton Technology Corp. Shares of NetEase, a Chinese online services platform provider, rose after the company reported better-than-expected earnings for the second quarter of 2023. Shares of Global UniChip, a Taiwanese semiconductor design services provider, rose amid investor expectations that demand for artificial intelligence technologies would increase global demand for semiconductors. Shares of Accton Technology, a Taiwanese maker of data networking and communications equipment, benefitted from increased global demand for artificial intelligence technologies.
HOW WAS THE FUND POSITIONED?
During the reporting period, the Fund’s largest overweight allocations relative to the Benchmark were to the consumer staples and information technology sectors and its largest underweight allocations were to the materials and communication services sectors. By country, the Fund’s largest overweight allocations were to Mexico and Taiwan and its
largest underweight positions were in Saudi Arabia and India. 
6
J.P. Morgan Exchange-Traded Funds
October 31, 2023



*
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 $33.47 as of October 31, 2023.
**
Market price return was calculated assuming an initial investment made at the market price at the beginning of the reporting period, reinvestment of all dividends and distributions at the market price during the period, and sale at the market price on the last day of the period. The price used to calculate the market price return was the closing price on the Cboe BZX Exchange, Inc. As of October 31, 2023, the closing price was $33.45.
***
The adviser seeks to achieve the Fund’s objective. There can be no guarantee it will be achieved.
TOP TEN HOLDINGS OF THE
PORTFOLIO AS OF October 31, 2023
PERCENT OF
TOTAL
INVESTMENTS
1.
Taiwan Semiconductor Manufacturing Co.
Ltd. (Taiwan)
5.3
%
2.
Samsung Electronics Co. Ltd. (South
Korea)
3.5
3.
Tencent Holdings Ltd. (China)
3.2
4.
Alibaba Group Holding Ltd. (China)
2.2
5.
Infosys Ltd. (India)
1.7
6.
NetEase, Inc. (China)
1.4
7.
SK Hynix, Inc. (South Korea)
1.3
8.
HDFC Bank Ltd., ADR (India)
1.1
9.
Tata Consultancy Services Ltd. (India)
1.0
10.
HDFC Bank Ltd. (India)
1.0
PORTFOLIO COMPOSITION BY COUNTRY
AS OF October 31, 2023
PERCENT OF
TOTAL
INVESTMENTS
China
28.9%
India
15.3
Taiwan
15.0
South Korea
12.4
Brazil
6.0
South Africa
3.8
Mexico
3.5
Saudi Arabia
3.0
Indonesia
2.1
Thailand
1.6
Hong Kong
1.5
Others (each less than 1.0%)
6.4
Short-Term Investments
0.5
October 31, 2023
J.P. Morgan Exchange-Traded Funds
7


JPMorgan ActiveBuilders Emerging Markets Equity ETF
FUND COMMENTARY
TWELVE MONTHS ENDED October 31, 2023 (Unaudited) (continued)
AVERAGE ANNUAL TOTAL RETURNS AS OF October 31, 2023 (Unaudited)
 
INCEPTION DATE
1 YEAR
SINCE
INCEPTION
JPMorgan ActiveBuilders Emerging Markets Equity ETF
 
Net Asset Value
March 10, 2021
10.61
%
(11.35
)%
Market Price
 
10.27
(11.37
)
LIFE OF FUND PERFORMANCE (3/10/21 TO 10/31/23)
The performance quoted is past performance and is not a guarantee of future results. Exchange-traded funds are subject to certain market risks. Investment returns and principal value of an investment will fluctuate so that an investor’s shares, when sold or redeemed, may be worth more or less than their original cost. Current performance may be higher or lower than the performance data shown. Updated performance information is available by visiting www.jpmorganfunds.com or by calling 1-844-457-6383. 
Fund commenced operations on March 10, 2021.
The graph illustrates comparative performance for $10,000 invested in shares of the JPMorgan ActiveBuilders Emerging Markets Equity ETF and MSCI Emerging Markets Index (net total return) from March 10, 2021 to October 31, 2023. The performance of the Fund reflects the deduction of Fund expenses and assumes reinvestment of all dividends and capital gain distributions, if any. The performance of the MSCI Emerging Markets Index (net total return) does not reflect the deduction of expenses associated with an exchange-traded fund and has been adjusted to reflect reinvestment of all dividends and capital gain distributions of the securities included in the Index, if applicable. MSCI Emerging Markets Index (net total return) is a free float-adjusted market
capitalization-weighted index that is designed to measure the performance of large- and mid-cap stocks in emerging markets. Net total return figures assume the reinvestment of dividends after deduction of withholding tax, applying the maximum rate to nonresident individual investors who do not benefit from double taxation treaties. Investors cannot invest directly in an index.
Performance shown in this section does not reflect the deduction of taxes that a shareholder may pay on Fund distributions or on gains resulting from redemption or sale of Fund shares.
International investing involves a greater degree of risk and increased volatility. Changes in currency exchange rates and differences in accounting and taxation policies outside the United States can raise or lower returns. Also, some overseas markets may not be as politically and economically stable as the United States and other nations.
The returns shown are based on net asset values calculated for shareholder transactions and may differ from the returns shown in the financial highlights, which reflect adjustments made to the net asset values in accordance with accounting principles generally accepted in the United States of America.
8
J.P. Morgan Exchange-Traded Funds
October 31, 2023


JPMorgan Global Select Equity ETF
FUND COMMENTARY
FOR THE PERIOD September 13, 2023 (FUND INCEPTION) THROUGH October 31, 2023 (Unaudited)
REPORTING PERIOD RETURN:
 
Net Asset Value*
(4.04)%
Market Price**
(3.90)%
MSCI World Index (net total return)
(6.21)%
Net Assets as of 10/31/2023
$841,676,033
Fund Ticker
JGLO
INVESTMENT OBJECTIVE***
The JPMorgan Global Select Equity ETF (the “Fund”) seeks to provide long-term capital appreciation.
INVESTMENT APPROACH
The Fund invests primarily in large-capitalization stocks across developed and emerging markets, and seeks companies that the Fund’s adviser believes are attractively valued, possess strong free cash flow and have the potential for sustainable earnings growth, while seeking to maintain regional geographic and sector exposures similar to those of the MSCI World Index (the “Benchmark”).
HOW DID THE FUND PERFORM?
For the period from inception on September 13, 2023 to October 31, 2023, the Fund had a negative absolute return and outperformed the Benchmark. 
By sector, the Fund’s security selection in the insurance and health services & systems sectors was a leading contributor to performance relative to the Benchmark, while the Fund’s security selection in the technology - semiconductors & hardware sector and the property sector was a leading detractor from relative performance. 
By country or region, the Fund’s security selection in the U.S. and in Europe, excluding the U.K., was a leading contributor to performance relative to the Benchmark, while the Fund’s out-of-Benchmark allocation to emerging markets was the sole regional detractor from relative performance.
The Fund’s overweight positions in CME Group Inc., Progressive Corp. and UnitedHealth Group Inc. were leading contributors to
relative performance. Shares of CME Group, a provider of financial securities exchanges and data, rose amid increased trading volumes and better-than-expected earnings for the third quarter of 2023. Shares of Progressive, a property and casualty insurer, rose late in the period after the company reported better-than-expected results for the third quarter of 2023. Shares of UnitedHealth Group, a health insurance provider, rose after the company reported better-than-expected earnings and revenue for the third quarter of 2023.
The Fund’s overweight positions in Prologis Inc. and NexEra Energy Inc., and its underweight position in Apple Inc. were leading detractors from relative performance. Share of NextEra Energy, an electric utility, fell sharply in late September 2023 after the company lowered its growth forecast for its NextEra Energy Partners investment unit. Shares of Prologis, an industrial property real estate investment trust, fell amid a broader decline in the real estate sector late in the period. Shares of Apple, a diversified information technology provider, rose amid a broad surge in technology sector stocks. 
HOW WAS THE FUND POSITIONED?
During the reporting period, the Fund’s largest allocations were to the technology – semiconductors & hardware sector and the media sector, while the Fund’s smallest allocations were to the telecommunications sector and the automobiles & auto parts sector. The Fund had no holdings in the transportation sector. The Fund’s largest regional allocations were to the U.S. and Europe, excluding the U.K., while its smallest allocations were
to Canada and the Pacific, excluding Japan. 
October 31, 2023
J.P. Morgan Exchange-Traded Funds
9


JPMorgan Global Select Equity ETF
FUND COMMENTARY
FOR THE PERIOD September 13, 2023 (FUND INCEPTION) THROUGH October 31, 2023 (Unaudited) (continued)

*
The return shown is based on net asset value and may differ from the return shown in the financial highlights, which reflects adjustments made to the net asset value in accordance with accounting principles generally accepted in the United States of America. The net asset value was $46.06 as of October 31, 2023.
**
Market price return was calculated assuming an initial investment made at the inception date net asset value, reinvestment of all dividends and distributions at the 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 The NASDAQ Stock Market LLC. As of October 31, 2023, the closing price was $46.13.
***
The adviser seeks to achieve the Fund’s objective. There can be no guarantee it will be achieved.
TOP TEN HOLDINGS OF THE
PORTFOLIO AS OF October 31, 2023
PERCENT OF
TOTAL
INVESTMENTS
1.
Microsoft Corp.
7.4
%
2.
Amazon.com, Inc.
5.3
3.
UnitedHealth Group, Inc.
4.2
4.
Coca-Cola Co. (The)
3.2
5.
CME Group, Inc.
3.1
6.
Taiwan Semiconductor Manufacturing Co.
Ltd., ADR (Taiwan)
2.9
7.
Meta Platforms, Inc., Class A
2.8
8.
Progressive Corp. (The)
2.7
9.
Mastercard, Inc., Class A
2.7
10.
Apple, Inc.
2.6
PORTFOLIO COMPOSITION BY COUNTRY
AS OF October 31, 2023
PERCENT OF
TOTAL
INVESTMENTS
United States
67.5%
France
6.6
United Kingdom
3.7
Netherlands
3.4
Taiwan
2.9
Japan
2.8
Denmark
2.1
Germany
2.0
Singapore
1.3
South Korea
1.2
Others (each less than 1.0%)
5.2
Short-Term Investments
1.3
10
J.P. Morgan Exchange-Traded Funds
October 31, 2023


TOTAL RETURNS AS OF October 31, 2023 (Unaudited)
 
INCEPTION DATE
CUMULATIVE SINCE
INCEPTION
JPMorgan Global Select Equity ETF
 
Net Asset Value
September 13, 2023
(4.04
)%
Market Price
 
(3.90
)
LIFE OF FUND PERFORMANCE (9/13/23 TO 10/31/23)
The performance quoted is past performance and is not a guarantee of future results. Exchange-traded funds are subject to certain market risks. Investment returns and principal value of an investment will fluctuate so that an investor’s shares, when sold or redeemed, may be worth more or less than their original cost. Current performance may be higher or lower than the performance data shown. Updated performance information is available by visiting www.jpmorganfunds.com or by calling 1-844-457-6383. 
Fund commenced operations on September 13, 2023.
The graph illustrates comparative performance for $10,000 invested in shares of the JPMorgan Global Select Equity ETF and the MSCI World Index (net total return) from September 13, 2023 to October 31, 2023. The performance of the Fund reflects the deduction of Fund expenses and assumes reinvestment of all dividends and capital gain distributions, if any. The performance of the MSCI World Index Index (net total return) 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 MSCI World Index (net total return) is a free float-adjusted market capitalization weighted index that is designed to
measure the performance of large- and mid- cap stocks in developed markets. Net total return figures assume the reinvestment of dividends after deduction of withholding tax, applying the maximum rate to nonresident individual investors who do not benefit from double taxation treaties. Investors cannot invest directly in an index.
Performance shown in this section does not reflect the deduction of taxes that a shareholder may pay on Fund distributions or on gains resulting from redemption or sale of Fund shares.
International investing involves a greater degree of risk and increased volatility. Changes in currency exchange rates and differences in accounting and taxation policies outside the United States can raise or lower returns. Also, some overseas markets may not be as politically and economically stable as the United States and other nations.
The returns shown are based on net asset values calculated for shareholder transactions and may differ from the returns shown in the financial highlights, which reflect adjustments made to the net asset values in accordance with accounting principles generally accepted in the United States of America.
October 31, 2023
J.P. Morgan Exchange-Traded Funds
11


JPMorgan Hedged Equity Laddered Overlay ETF
FUND COMMENTARY
FOR THE PERIOD September 28, 2023 (FUND INCEPTION) THROUGH October 31, 2023 (Unaudited)
REPORTING PERIOD RETURN:
 
Net Asset Value*
(1.44)%
Market Price**
(1.44)%
S&P 500 Index
(2.36)%
ICE BofA 3-Month US Treasury Bill Index
0.49%
Net Assets as of 10/31/2023
$61,593,815
Fund Ticker
HELO
INVESTMENT OBJECTIVE***
The JPMorgan Hedged Equity Laddered Overlay ETF (the “Fund”) seeks to provide capital appreciation.
INVESTMENT APPROACH
The Fund invests in a portfolio of U.S. large capitalization stocks, while employing a laddered options strategy that seeks to reduce downside risk in falling markets. The Fund’s adviser constructs the underlying equity portfolio through a proprietary process that seeks to identify overvalued and undervalued stocks, while maintaining characteristics similar to the S&P 500 Index (the “Benchmark”) and seeks to provide a majority of the Benchmark's returns with less volatility and less downside risk.
HOW DID THE FUND PERFORM?
For the period from inception on September 28, 2023 to October 31, 2023, the Fund outperformed the Benchmark and captured 61% of the Benchmark’s negative return with 59% of its volatility. 
Relative to the Benchmark, the Fund’s security selection in the financials and energy sectors was a leading contributor to performance, while the Fund’s security selection in the technology and telecommunications sectors was a leading detractor from relative performance.  
Leading individual contributors to relative performance included the Fund’s overweight positions in RTX Corp. (formerly Raytheon Technologies) and Diamondback Energy Inc. and its
underweight position in Caterpillar Inc. Shares of RTX, an aerospace and defense manufacturer, rose amid investor expectations the company would benefit from U.S. miliary aid to Ukraine and Israel. Shares of Diamondback Energy, an independent petroleum and natural gas producer, rose on investor expectations that the company could become an acquisition target amid consolidation in the energy sector. Shares of Caterpillar, a construction vehicles and equipment manufacturer not held in the Fund, fell amid investor concerns about future revenue growth.  
Leading individual detractors from relative performance included the Fund’s overweight positions in NXP Semiconductors NV, Texas Instruments Inc. and Analog Devices Inc. Shares of NXP Semiconductors, a Dutch computer chip manufacturer, fell amid investor uncertainty about global demand for semiconductors. Shares of Texas Instruments, a semiconductor manufacturer, fell after the company reported weaker-than-expected revenue for the third quarter of 2023 and issued a weaker-than-expected forecast for the fourth quarter of 2023. Shares of Analog Devices, a semiconductor manufacturer, fell after the company reported lower-than-expected earnings and revenue for the third quarter of 2023. 
HOW WAS THE FUND POSITIONED?
During the reporting period, the Fund’s largest allocations were to the technology and media sectors and its smallest allocations were to the telecommunications sector and real
estate investment trusts.
12
J.P. Morgan Exchange-Traded Funds
October 31, 2023



*
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 $49.28 as of October 31, 2023.
**
Market price return was calculated assuming an initial investment made at the inception date net asset value, reinvestment of all dividends and distributions at the 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, Inc. As of October 31, 2023, the closing price was $49.28.
***
The adviser seeks to achieve the Fund’s objective. There can be no guarantee it will be achieved.
TOP TEN HOLDINGS OF THE
PORTFOLIO AS OF October 31, 2023
PERCENT OF
TOTAL
INVESTMENTS
1.
Microsoft Corp.
7.6
%
2.
Apple, Inc.
7.1
3.
Amazon.com, Inc.
3.9
4.
NVIDIA Corp.
3.1
5.
Meta Platforms, Inc., Class A
2.2
6.
Alphabet, Inc., Class A
2.1
7.
UnitedHealth Group, Inc.
1.8
8.
Exxon Mobil Corp.
1.6
9.
Mastercard, Inc., Class A
1.6
10.
Alphabet, Inc., Class C
1.5
PORTFOLIO COMPOSITION BY SECTOR
AS OF October 31, 2023
PERCENT OF
TOTAL
INVESTMENTS
Information Technology
27.1%
Health Care
13.0
Financials
12.8
Consumer Discretionary
11.3
Industrials
8.5
Communication Services
7.9
Consumer Staples
6.2
Energy
4.5
Utilities
2.5
Materials
2.3
Real Estate
2.2
Put Options Purchased
1.0
Short-Term Investments
0.7
October 31, 2023
J.P. Morgan Exchange-Traded Funds
13


JPMorgan Hedged Equity Laddered Overlay ETF
FUND COMMENTARY
FOR THE PERIOD September 28, 2023 (FUND INCEPTION) THROUGH October 31, 2023 (Unaudited) (continued)
TOTAL RETURNS AS OF October 31, 2023 (Unaudited)
 
INCEPTION DATE
CUMULATIVE SINCE
INCEPTION
JPMorgan Hedged Equity Laddered Overlay ETF
 
Net Asset Value
September 28, 2023
(1.44
)%
Market Price
 
(1.44
)
LIFE OF FUND PERFORMANCE (9/28/23 TO 10/31/23)
The performance quoted is past performance and is not a guarantee of future results. Exchange-traded funds are subject to certain market risks. Investment returns and principal value of an investment will fluctuate so that an investor’s shares, when sold or redeemed, may be worth more or less than their original cost. Current performance may be higher or lower than the performance data shown. Updated performance information is available by visiting www.jpmorganfunds.com or by calling 1-844-457-6383. 
Fund commenced operations on September 28, 2023.
The graph illustrates comparative performance for $10,000 invested in shares of the JPMorgan Hedged Equity Laddered Overlay ETF, the S&P 500 Index and the ICE BofA 3-Month US Treasury Bill Index from September 28, 2023 to October 31, 2023. The performance of the Fund reflects the deduction of Fund expenses and assumes reinvestment of all dividends and capital gain distributions, if any. The performance of the S&P 500 Index and the ICE BofA 3-Month US Treasury Bill Index does not reflect the deduction of expenses associated with an exchange-traded fund and approximates the minimum
possible dividend reinvestment of the securities included in the benchmarks, if applicable. The S&P 500 Index is an unmanaged index generally representative of the performance of large companies in the U.S. stock market. The ICE BofA 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. Each month the ICE BofA 3-Month US Treasury Bill Index is rebalanced 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.
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.
14
J.P. Morgan Exchange-Traded Funds
October 31, 2023


JPMorgan International Growth ETF
FUND COMMENTARY
TWELVE MONTHS ENDED October 31, 2023 (Unaudited)
REPORTING PERIOD RETURN:
 
Net Asset Value*
10.03%
Market Price**, ***
10.01%
MSCI ACWI ex USA Growth Index (net total return)
9.19%
Net Assets as of 10/31/2023
$82,105,027
Fund Ticker
JIG
INVESTMENT OBJECTIVE***
The JPMorgan International Growth ETF (the “Fund”) seeks long-term capital appreciation.
INVESTMENT APPROACH
The Fund employs a fundamental bottom-up approach that seeks to identify companies with strong growth and quality characteristics at attractive valuations. The Fund invests primarily in equity securities of foreign companies.
HOW DID THE FUND PERFORM?
For the twelve months ended October 31, 2023, the Fund outperformed the MSCI ACWI ex-USA Growth Index (the “Benchmark”).
The Fund’s security selection in the financials and materials sectors was a leading contributor to performance relative to the Benchmark, while the Fund’s security selection in the consumer discretionary and industrials sectors was a leading detractor from relative performance.
Leading individual contributors to relative performance included the Fund’s overweight position in Taiwan Semiconductor Manufacturing Co. and its out-of-Benchmark positions in NU Holdings Ltd. and Cadence Design Systems Inc. Shares of Taiwan Semiconductor Manufacturing rose amid better-than-expected earnings for the third quarter of 2023 and an upbeat earnings forecast for the fourth quarter of 2023. Shares of NU Holdings, a Brazilian digital financial services
provider, rose after the company reported growth in earnings and revenue for the second quarter of 2023. Shares of Cadence Design Systems, an applications software developer, rose after the company reported better-than-expected earnings and revenue for the third quarter of 2023.
Leading individual detractors from relative performance included the Fund’s underweight position in Meituan, and its overweight positions in Cie. Financiere Richemont SA and Canadian National Railway Co. Shares of Meituan, a Chinese food-delivery and e-commerce retailer, fell after the company reported a weaker-than-expected earnings forecast for 2023 and amid investor concerns about the impact of slower economic growth in China. Shares of Financiere Richemont, a Swiss brand-name luxury goods maker, fell amid a decline in consumer spending across Europe. Shares of Canadian National Railway, a freight rail operator, underperformed amid a retreat in commodities prices during the period and investor expectations for lower 2023 earnings among large freight railroads.
HOW WAS THE FUND POSITIONED?
During the reporting period, the Fund’s largest allocations were to the industrials and information technology sectors and the smallest allocations were to the utilities and energy sectors. The Fund had no holdings in the real estate sector.
October 31, 2023
J.P. Morgan Exchange-Traded Funds
15


JPMorgan International Growth ETF
FUND COMMENTARY
TWELVE MONTHS ENDED October 31, 2023 (Unaudited) (continued)

*
The return shown is based on net asset value and may differ from the return shown in the financial highlights, which reflects adjustments made to the net asset value in accordance with accounting principles generally accepted in the United States of America. The net asset value was $52.13 as of October 31, 2023.
***
Market price return was calculated assuming an initial investment made at the market price at the beginning of the reporting period, reinvestment of all dividends and distributions at the 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, Inc. As of October 31, 2023, the closing price was $52.11.
***
The adviser seeks to achieve the Fund’s objective. There can be no guarantee it will be achieved.
TOP TEN HOLDINGS OF THE
PORTFOLIO AS OF October 31, 2023
PERCENT OF
TOTAL
INVESTMENTS
1.
Taiwan Semiconductor Manufacturing Co.
Ltd., ADR (Taiwan)
5.1
%
2.
Tencent Holdings Ltd. (China)
3.8
3.
Nestle SA (Registered)
3.7
4.
ASML Holding NV (Netherlands)
3.3
5.
Novo Nordisk A/S, Class B (Denmark)
2.9
6.
Air Liquide SA (France)
2.5
7.
Safran SA (France)
2.5
8.
Keyence Corp. (Japan)
2.2
9.
LVMH Moet Hennessy Louis Vuitton SE
(France)
2.2
10.
AstraZeneca plc (United Kingdom)
2.2
PORTFOLIO COMPOSITION BY COUNTRY
AS OF October 31, 2023
PERCENT OF
TOTAL
INVESTMENTS
Japan
14.7%
United Kingdom
11.4
France
11.1
United States
9.6
China
8.0
Canada
5.5
Netherlands
5.5
Taiwan
5.1
Germany
3.7
Sweden
3.3
Denmark
3.3
Spain
2.5
Indonesia
2.5
Australia
2.1
India
1.9
Brazil
1.6
Singapore
1.6
Switzerland
1.4
Mexico
1.2
Hong Kong
1.0
Others (each less than 1.0%)
1.7
Short-Term Investments
1.3
16
J.P. Morgan Exchange-Traded Funds
October 31, 2023


AVERAGE ANNUAL TOTAL RETURNS AS OF October 31, 2023 (Unaudited)
 
INCEPTION DATE
1 YEAR
SINCE
INCEPTION
JPMorgan International Growth ETF
 
Net Asset Value
May 20, 2020
10.03
%
0.84
%
Market Price
 
10.01
0.83
LIFE OF FUND PERFORMANCE (5/20/20 TO 10/31/23)
The performance quoted is past performance and is not a guarantee of future results. Exchange-traded funds are subject to certain market risks. Investment returns and principal value of an investment will fluctuate so that an investor’s shares, when sold or redeemed, may be worth more or less than their original cost. Current performance may be higher or lower than the performance data shown. Updated performance information is available by visiting www.jpmorganfunds.com or by calling 1-844-457-6383. 
Fund commenced operations on May 20, 2020.
The graph illustrates comparative performance for $10,000 invested in shares of the JPMorgan International Growth ETF and the MSCI ACWI ex USA Growth Index (net total return) from May 20, 2020 to October 31, 2023. The performance of the Fund reflects the deduction of Fund expenses and assumes reinvestment of all dividends and capital gain distributions, if any. The performance of the MSCI ACWI ex USA Growth Index (net total return) does not reflect the deduction of expenses associated with an exchange-traded fund and approximates the minimum possible dividend reinvestment of the securities included in the benchmarks, if applicable. The MSCI ACWI ex USA Growth Index (net total return) is a free float-adjusted market capitalization-weighted index that is designed to measure the performance of growth-oriented large- and
mid-cap stocks in developed and emerging markets, excluding the U.S. Net total return figures assume the reinvestment of dividends after deduction of withholding tax, applying the maximum rate to nonresident individual investors who do not benefit from double taxation treaties. Investors cannot invest directly in an index.
Performance shown in this section does not reflect the deduction of taxes that a shareholder may pay on Fund distributions or on gains resulting from redemption or sale of Fund shares.
International investing involves a greater degree of risk and increased volatility. Changes in currency exchange rates and differences in accounting and taxation policies outside the United States can raise or lower returns. Also, some overseas markets may not be as politically and economically stable as the United States and other nations.
The returns shown are based on net asset values calculated for shareholder transactions and may differ from the returns shown in the financial highlights, which reflect adjustments made to the net asset values in accordance with accounting principles generally accepted in the United States of America.
October 31, 2023
J.P. Morgan Exchange-Traded Funds
17


JPMorgan International Value ETF
FUND COMMENTARY
FOR THE PERIOD September 13, 2023 (FUND INCEPTION) THROUGH October 31, 2023 (Unaudited)
REPORTING PERIOD RETURN:
 
Net Asset Value*
(4.15)%
Market Price**
(3.71)%
MSCI ACWI ex USA Index (net total return)
(6.23)%
MSCI ACWI ex USA Value Index (net total return)
(5.53)%
Net Assets as of 10/31/2023
$11,502,565
Fund Ticker
JIVE
INVESTMENT OBJECTIVE***
The JPMorgan International Value ETF (the “Fund”) seeks to provide long-term capital appreciation.
INVESTMENT APPROACH
The Fund primarily invests in stocks of foreign developed and emerging market countries across all market capitalizations. The Fund’s adviser employs a global network of research analysts and seeks companies with what it believes are attractive valuations.
HOW DID THE FUND PERFORM?
For the period from inception on September 13, 2023 to October 31, 2023, the Fund had a negative absolute return and outperformed the MSCI ACWI ex USA Value Index (the “Index”).
The Fund’s security selection in the banks and energy sectors was a leading contributor to performance relative to the Index, while the Fund’s security selection in the automobiles & components sector and the financial services sector were leading detractors from relative performance. 
By region, the Fund’s security selection in Europe, excluding the U.K., and in emerging markets was a leading contributor to performance relative to the Index, while the Fund’s underweight allocation to the U.K. was the sole detractor from relative performance.
Leading individual contributors to relative performance included its overweight positions in Novartis AG, Stanmore Resources Ltd. and CSPC Pharmaceutical Group Ltd. Shares of
Novartis, a Swiss pharmaceuticals producer, rose amid consecutive quarters of better-than-expected earnings and ahead of its planned spinoff of its Sandoz unit. Shares of Stanmore Resources, an Australian coal producer, rose amid investor expectations that the company could be acquired amid consolidation in the global mining industry. Shares of CSPC Pharmaceutical Group, a Chinese drug manufacturer, rose after regulators approved the company’s COVID vaccine in China.
Leading individual detractors from relative performance included the Fund’s overweight positions in Sandoz, Doosan Bobcat Inc. and CI Financial Corp. Shares of Sandoz Group AG, a Swiss manufacturer of generic and biosimilar pharmaceuticals, fell following its early October debut on the Swiss stock exchange. Shares of Doosan Bobcat, a South Korean manufacturer of construction vehicles, fell after the company issued a product safety recall for a seated lawn mower. Shares of CI Financial, a Canadian financial assets manager, fell after reporting monthly declines in total asset under management. 
HOW WAS THE FUND POSITIONED?
During the reporting period, the Fund’s largest allocations were to the banks and energy sectors and it had no allocations to the consumer staples, distribution & retail and the household products & personal products sectors. By region, the Fund’s largest allocations were to Europe, excluding the U.K., and emerging markets and its smallest allocations were to the Pacific, excluding Japan, and North America.
18
J.P. Morgan Exchange-Traded Funds
October 31, 2023



*
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 $46.01 as of October 31, 2023.
**
Market price return was calculated assuming an initial investment made at the inception date net asset value, reinvestment of all dividends and distributions at the 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 The NASDAQ Stock Market LLC. As of October 31, 2023, the closing price was $46.22.
***
The adviser seeks to achieve the Fund’s objective. There can be no guarantee it will be achieved.
TOP TEN HOLDINGS OF THE
PORTFOLIO AS OF October 31, 2023
PERCENT OF
TOTAL
INVESTMENTS
1.
Shell plc (Netherlands)
2.1
%
2.
Novartis AG (Registered) (Switzerland)
1.9
3.
Alibaba Group Holding Ltd. (China)
1.7
4.
Samsung Electronics Co. Ltd. (South
Korea)
1.6
5.
TotalEnergies SE (France)
1.6
6.
HSBC Holdings plc (United Kingdom)
1.5
7.
BHP Group Ltd. (Australia)
1.5
8.
BP plc (United Kingdom)
1.2
9.
Allianz SE (Registered) (Germany)
1.1
10.
Mitsubishi UFJ Financial Group, Inc.
(Japan)
1.1
PORTFOLIO COMPOSITION BY COUNTRY
AS OF October 31, 2023
PERCENT OF
TOTAL
INVESTMENTS
Japan
17.8%
China
9.3
South Korea
6.3
France
5.7
Canada
5.5
Germany
5.4
United Kingdom
5.3
Australia
5.2
Italy
4.8
Netherlands
3.7
Switzerland
3.1
Taiwan
3.1
United States
3.1
Spain
2.5
South Africa
2.3
Brazil
2.2
Sweden
1.4
Austria
1.3
Denmark
1.3
Finland
1.2
Norway
1.2
Others (each less than 1.0%)
5.4
Short-Term Investments
2.9
October 31, 2023
J.P. Morgan Exchange-Traded Funds
19


JPMorgan International Value ETF
FUND COMMENTARY
FOR THE PERIOD September 13, 2023 (FUND INCEPTION) THROUGH October 31, 2023 (Unaudited) (continued)
TOTAL RETURNS AS OF October 31, 2023 (Unaudited)
 
INCEPTION DATE
CUMULATIVE SINCE
INCEPTION
JPMorgan International Value ETF
 
Net Asset Value
September 13, 2023
(4.15
)%
Market Price
 
(3.71
)
LIFE OF FUND PERFORMANCE (9/13/23 TO 10/31/23)
The performance quoted is past performance and is not a guarantee of future results. Exchange-traded funds are subject to certain market risks. Investment returns and principal value of an investment will fluctuate so that an investor’s shares, when sold or redeemed, may be worth more or less than their original cost. Current performance may be higher or lower than the performance data shown. Updated performance information is available by visiting www.jpmorganfunds.com or by calling 1-844-457-6383. 
Fund commenced operations on September 13, 2023.
The graph illustrates comparative performance for $10,000 invested in shares of the JPMorgan International Value ETF, the MSCI ACWI ex USA Index (net total return) and the MSCI ACWI ex USA Value Index (net total return) from September 13, 2023 to October 31, 2023. The performance of the Fund reflects the deduction of Fund expenses and assumes reinvestment of all dividends and capital gain distributions, if any. The performance of the MSCI ACWI ex USA Index (net total return) and the MSCI ACWI ex USA Value Index (net total return) does not reflect the deduction of expenses associated with an exchange-traded fund and approximates the minimum possible dividend reinvestment of the securities included in the benchmarks, if applicable. The MSCI ACWI ex USA Index (net total return) is a free float-adjusted market capitalization weighted index that is designed to measure the performance of large- and mid- cap stocks in developed and emerging markets, excluding the U.S. Net total return
figures assume the reinvestment of dividends after deduction of withholding tax, applying the maximum rate to nonresident individual investors who do not benefit from double taxation treaties. The MSCI ACWI ex USA Value Index (net total return) captures large and mid cap securities exhibiting overall value style characteristics across 22 Developed and 24 Emerging Markets countries. The value investment style characteristics for index construction are defined using three variables: book value to price, 12-month forward earnings to price and dividend yield. Investors cannot invest directly in an index.
Performance shown in this section does not reflect the deduction of taxes that a shareholder may pay on Fund distributions or on gains resulting from redemption or sale of Fund shares.
International investing involves a greater degree of risk and increased volatility. Changes in currency exchange rates and differences in accounting and taxation policies outside the United States can raise or lower returns. Also, some overseas markets may not be as politically and economically stable as the United States and other nations.
The returns shown are based on net asset values calculated for shareholder transactions and may differ from the returns shown in the financial highlights, which reflect adjustments made to the net asset values in accordance with accounting principles generally accepted in the United States of America.
20
J.P. Morgan Exchange-Traded Funds
October 31, 2023


JPMorgan Active China ETF
SCHEDULE OF PORTFOLIO INVESTMENTS
AS OF October 31, 2023
INVESTMENTS
SHARES
VALUE($)
Common Stocks — 99.9%
Automobile Components — 1.7%
Fuyao Glass Industry Group Co. Ltd., Class A
35,400
179,524
Banks — 9.0%
China Construction Bank Corp., Class H
646,000
365,351
China Merchants Bank Co. Ltd., Class H
108,500
411,572
Postal Savings Bank of China Co. Ltd., Class H(a)
373,000
170,248
 
947,171
Beverages — 6.2%
Kweichow Moutai Co. Ltd., Class A
2,000
459,083
Wuliangye Yibin Co. Ltd., Class A
9,000
191,213
 
650,296
Broadline Retail — 6.8%
Alibaba Group Holding Ltd.*
51,000
525,049
JD.com, Inc., Class A
15,100
191,969
 
717,018
Chemicals — 2.7%
Skshu Paint Co. Ltd., Class A*
9,940
80,642
Wanhua Chemical Group Co. Ltd., Class A
16,800
203,111
 
283,753
Consumer Staples Distribution & Retail — 1.3%
Yifeng Pharmacy Chain Co. Ltd., Class A
30,800
137,513
Electrical Equipment — 1.0%
Hongfa Technology Co. Ltd., Class A
28,100
111,134
Electronic Equipment, Instruments & Components — 5.5%
BOE Technology Group Co. Ltd., Class A
414,400
221,379
Foxconn Industrial Internet Co. Ltd., Class A
63,431
127,380
Sunny Optical Technology Group Co. Ltd.
16,600
139,074
Xiamen Faratronic Co. Ltd., Class A
6,700
91,122
 
578,955
Entertainment — 3.1%
NetEase, Inc.
15,300
327,444
Food Products — 3.9%
Angel Yeast Co. Ltd., Class A
24,700
117,707
Anjoy Foods Group Co. Ltd., Class A
5,800
102,101
Inner Mongolia Yili Industrial Group Co. Ltd., Class A
52,800
197,282
 
417,090
Gas Utilities — 1.3%
ENN Energy Holdings Ltd.
18,200
137,868
Health Care Equipment & Supplies — 2.3%
Shenzhen Mindray Bio-Medical Electronics Co. Ltd.,
Class A
6,200
241,524
INVESTMENTS
SHARES
VALUE($)
 
Health Care Providers & Services — 1.3%
Guangzhou Kingmed Diagnostics Group Co. Ltd.,
Class A
16,000
134,955
Hotels, Restaurants & Leisure — 4.8%
H World Group Ltd., ADR*
3,175
119,570
Meituan* (a)
27,700
392,648
 
512,218
Household Durables — 4.7%
Haier Smart Home Co. Ltd., Class H
94,600
269,830
Jason Furniture Hangzhou Co. Ltd., Class A
24,400
123,104
Oppein Home Group, Inc., Class A
8,600
101,994
 
494,928
Independent Power and Renewable Electricity Producers — 2.5%
China Yangtze Power Co. Ltd., Class A
85,100
261,656
Insurance — 5.2%
China Pacific Insurance Group Co. Ltd., Class H
93,600
230,571
Ping An Insurance Group Co. of China Ltd., Class H
62,000
314,494
 
545,065
Interactive Media & Services — 10.9%
Kanzhun Ltd., ADR*
9,169
135,701
Tencent Holdings Ltd.
27,400
1,014,040
 
1,149,741
Life Sciences Tools & Services — 1.8%
Wuxi Biologics Cayman, Inc.* (a)
30,500
189,641
Machinery — 2.2%
Jiangsu Hengli Hydraulic Co. Ltd., Class A
16,000
122,728
Zhuzhou CRRC Times Electric Co. Ltd., Class A
4,200
22,159
Zhuzhou CRRC Times Electric Co. Ltd., Class H
27,300
88,107
 
232,994
Media — 1.7%
Focus Media Information Technology Co. Ltd.,
Class A
195,800
184,471
Metals & Mining — 1.1%
Baoshan Iron & Steel Co. Ltd., Class A
137,300
117,062
Oil, Gas & Consumable Fuels — 3.2%
China Petroleum & Chemical Corp., Class H
338,000
172,866
PetroChina Co. Ltd., Class H
252,000
164,484
 
337,350
SEE NOTES TO FINANCIAL STATEMENTS. 
October 31, 2023
J.P. Morgan Exchange-Traded Funds
21


JPMorgan Active China ETF
SCHEDULE OF PORTFOLIO INVESTMENTS
AS OF October 31, 2023 (continued)
INVESTMENTS
SHARES
VALUE($)
Common Stocks — continued
Pharmaceuticals — 2.6%
Asymchem Laboratories Tianjin Co. Ltd., Class A
7,800
160,429
China Resources Sanjiu Medical & Pharmaceutical
Co. Ltd., Class A
18,600
109,284
 
269,713
Real Estate Management & Development — 1.8%
KE Holdings, Inc., ADR
12,946
190,436
Semiconductors & Semiconductor Equipment — 5.1%
Flat Glass Group Co. Ltd., Class H*
66,000
118,528
Hangzhou First Applied Material Co. Ltd., Class A
29,820
103,844
LONGi Green Energy Technology Co. Ltd., Class A
32,400
106,588
Montage Technology Co. Ltd., Class A
27,513
206,719
 
535,679
Software — 3.0%
Hundsun Technologies, Inc., Class A
40,800
173,163
Kingdee International Software Group Co. Ltd.*
112,000
148,609
 
321,772
Technology Hardware, Storage & Peripherals — 1.7%
Lenovo Group Ltd.
156,000
181,542
Textiles, Apparel & Luxury Goods — 1.5%
Shenzhou International Group Holdings Ltd.
16,200
159,124
Total Common Stocks
(Cost $12,644,831)
10,547,637
Short-Term Investments — 0.1%
Investment Companies — 0.1%
JPMorgan Prime Money Market Fund Class IM,
5.49%(b) (c)(Cost $10,003)
10,000
10,004
Total Investments — 100.0%
(Cost $12,654,834)
10,557,641
Other Assets Less Liabilities — 0.0%
1,328
NET ASSETS — 100.0%
10,558,969

Percentages indicated are based on net assets.
Abbreviations
 
ADR
American Depositary Receipt
*
Non-income producing security.
(a)
Security exempt from registration pursuant to Regulation S under
the Securities Act of 1933, as amended. Regulation S applies to
securities offerings that are made outside of the United States and
do not involve direct selling efforts in the United States and as
such may have restrictions on resale.
(b)
Investment in an affiliated fund, which is registered under the
Investment Company Act of 1940, as amended, and is advised by
J.P. Morgan Investment Management Inc.
(c)
The rate shown is the current yield as of October 31, 2023.
SEE NOTES TO FINANCIAL STATEMENTS. 
22
J.P. Morgan Exchange-Traded Funds
October 31, 2023


JPMorgan ActiveBuilders Emerging Markets Equity ETF
SCHEDULE OF PORTFOLIO INVESTMENTS
AS OF October 31, 2023
INVESTMENTS
SHARES
VALUE($)
Common Stocks — 99.3%
Australia — 0.1%
Rio Tinto plc
9,007
574,651
Brazil — 6.0%
Ambev SA
704,282
1,793,619
Arcos Dorados Holdings, Inc., Class A
79,671
718,632
Atacadao SA
514,374
916,166
B3 SA - Brasil Bolsa Balcao
1,516,823
3,354,505
Banco Bradesco SA (Preference)
479,840
1,334,330
Banco BTG Pactual SA
96,771
570,444
Banco do Brasil SA
474,583
4,553,098
BB Seguridade Participacoes SA
182,906
1,113,018
Centrais Eletricas Brasileiras SA (Preference)
89,450
681,287
Cia Energetica de Minas Gerais (Preference)
265,344
616,290
Gerdau SA (Preference)
119,082
516,788
Itau Unibanco Holding SA (Preference)
846,859
4,504,935
Itausa SA*
10,918
18,580
Itausa SA (Preference)
694,548
1,191,618
Localiza Rent a Car SA
224,024
2,265,678
Lojas Renner SA
719,354
1,757,811
MercadoLibre, Inc.*
4,526
5,615,589
Natura & Co. Holding SA*
108,881
275,995
NU Holdings Ltd., Class A*
85,577
701,731
Petroleo Brasileiro SA, ADR
535,130
8,026,950
Porto Seguro SA*
132,462
658,665
Raia Drogasil SA
428,928
2,195,791
Rumo SA
118,381
523,372
SLC Agricola SA
50,361
366,589
Telefonica Brasil SA
61,329
549,337
TIM SA
782,012
2,356,079
TOTVS SA
49,469
248,437
Transmissora Alianca de Energia Eletrica S/A
107,676
723,571
Vale SA, ADR
199,142
2,730,237
Vibra Energia SA*
102,225
401,864
WEG SA
436,220
2,849,154
 
54,130,160
Canada — 0.0% ^
B2Gold Corp.
114,243
365,775
Chile — 0.4%
Banco de Chile
3,237,160
332,578
Banco Santander Chile
68,971,633
3,007,009
Cencosud SA
234,097
379,263
 
3,718,850
China — 28.9%
3SBio, Inc.(a)
330,962
294,438
INVESTMENTS
SHARES
VALUE($)
 
China — continued
Aier Eye Hospital Group Co. Ltd., Class A
349,833
871,732
Airtac International Group
30,562
1,004,805
Alibaba Group Holding Ltd.*
1,889,486
19,452,408
Angel Yeast Co. Ltd., Class A
205,109
977,442
Anhui Heli Co. Ltd., Class A
115,100
261,992
Anjoy Foods Group Co. Ltd., Class A
79,100
1,392,439
Anker Innovations Technology Co. Ltd.,
Class A
33,100
422,562
Asymchem Laboratories Tianjin Co. Ltd.,
Class H(a)
43,100
560,486
Baidu, Inc., Class A*
157,750
2,071,070
Bank of China Ltd., Class H
621,000
216,937
Bank of Jiangsu Co. Ltd., Class A
500,400
470,514
Bank of Ningbo Co. Ltd., Class A
196,900
670,190
Baoshan Iron & Steel Co. Ltd., Class A
2,356,200
2,008,888
Beijing Kingsoft Office Software, Inc., Class A
31,306
1,227,273
Beijing Oriental Yuhong Waterproof
Technology Co. Ltd., Class A
177,800
603,273
BOE Technology Group Co. Ltd., Class A
1,287,800
687,964
Budweiser Brewing Co. APAC Ltd.(a)
1,089,128
2,069,721
BYD Electronic International Co. Ltd.
110,500
461,284
Chacha Food Co. Ltd., Class A
141,800
715,210
China CITIC Bank Corp. Ltd., Class H
823,000
367,147
China Construction Bank Corp., Class H
9,476,000
5,359,228
China Life Insurance Co. Ltd., Class H
214,000
289,841
China Merchants Bank Co. Ltd., Class H
1,992,500
7,558,140
China Overseas Land & Investment Ltd.
1,055,500
1,991,844
China Pacific Insurance Group Co. Ltd., Class H
1,211,400
2,984,127
China Petroleum & Chemical Corp., Class H
3,670,000
1,876,977
China Resources Gas Group Ltd.
628,500
1,857,925
China Resources Land Ltd.
516,000
1,931,444
China Resources Mixc Lifestyle Services
Ltd.(a)
248,482
969,432
China Resources Sanjiu Medical &
Pharmaceutical Co. Ltd., Class A
122,700
720,919
China State Construction Engineering Corp.
Ltd., Class A
597,622
421,555
China United Network Communications Ltd.,
Class A
499,200
303,223
China Yangtze Power Co. Ltd., Class A
840,000
2,582,743
Chongqing Brewery Co. Ltd., Class A
182,600
1,952,676
CITIC Securities Co. Ltd., Class H
644,000
1,253,132
CMOC Group Ltd., Class H
624,000
372,161
Contemporary Amperex Technology Co. Ltd.,
Class A
46,400
1,174,280
CRRC Corp. Ltd., Class H
1,380,000
574,941
SEE NOTES TO FINANCIAL STATEMENTS. 
October 31, 2023
J.P. Morgan Exchange-Traded Funds
23


JPMorgan ActiveBuilders Emerging Markets Equity ETF
SCHEDULE OF PORTFOLIO INVESTMENTS
AS OF October 31, 2023 (continued)
INVESTMENTS
SHARES
VALUE($)
Common Stocks — continued
China — continued
DaShenLin Pharmaceutical Group Co. Ltd.,
Class A
110,112
357,224
Dongfang Electric Corp. Ltd., Class H
199,200
191,114
ENN Energy Holdings Ltd.
69,000
522,685
Flat Glass Group Co. Ltd., Class H*
266,000
477,704
Focus Media Information Technology Co. Ltd.,
Class A
1,962,900
1,849,326
Foshan Haitian Flavouring & Food Co. Ltd.,
Class A
126,830
650,572
Foxconn Industrial Internet Co. Ltd., Class A
861,100
1,729,230
Fuyao Glass Industry Group Co. Ltd.,
Class H(a)
954,000
4,349,374
GF Securities Co. Ltd., Class H
348,000
453,083
Gree Electric Appliances, Inc. of Zhuhai,
Class A
115,700
534,850
Guangdong Investment Ltd.
1,030,000
702,854
Guangzhou Kingmed Diagnostics Group Co.
Ltd., Class A
65,900
555,847
H World Group Ltd.*
931,386
3,501,018
Haier Smart Home Co. Ltd., Class H
2,624,200
7,485,082
Hangzhou First Applied Material Co. Ltd.,
Class A
97,360
339,042
Hefei Meiya Optoelectronic Technology, Inc.,
Class A
383,621
1,014,490
Hongfa Technology Co. Ltd., Class A
216,800
857,434
Huayu Automotive Systems Co. Ltd., Class A
570,046
1,362,592
Hundsun Technologies, Inc., Class A
214,500
910,376
Imeik Technology Development Co. Ltd.,
Class A
11,500
516,755
Industrial & Commercial Bank of China Ltd.,
Class H
517,000
247,769
Inner Mongolia Yili Industrial Group Co. Ltd.,
Class A
1,660,413
6,203,970
JA Solar Technology Co. Ltd., Class A
142,400
434,781
Jason Furniture Hangzhou Co. Ltd., Class A
110,636
558,184
JD Health International, Inc.* (a)
270,820
1,230,140
JD.com, Inc., Class A
467,102
5,938,344
Jiangsu Hengli Hydraulic Co. Ltd., Class A
330,200
2,532,801
Jiangsu Yuyue Medical Equipment & Supply
Co. Ltd., Class A
72,900
334,117
Jiangxi Copper Co. Ltd., Class H
132,000
186,642
Joyoung Co. Ltd., Class A
314,400
571,884
Kanzhun Ltd., ADR*
103,125
1,526,250
KE Holdings, Inc., Class A
129,768
639,350
Kingdee International Software Group Co.
Ltd.*
1,040,000
1,379,943
Kunlun Energy Co. Ltd.
654,000
544,850
INVESTMENTS
SHARES
VALUE($)
 
China — continued
Kweichow Moutai Co. Ltd., Class A
31,300
7,184,654
Lenovo Group Ltd.
206,000
239,729
Lens Technology Co. Ltd., Class A
233,800
416,285
LONGi Green Energy Technology Co. Ltd.,
Class A
283,696
933,287
Luzhou Laojiao Co. Ltd., Class A
47,300
1,380,790
Meituan* (a)
604,128
8,563,523
Midea Group Co. Ltd., Class A
632,412
4,559,752
Minth Group Ltd.
114,000
254,474
Montage Technology Co. Ltd., Class A
78,311
588,391
NARI Technology Co. Ltd., Class A
560,448
1,724,671
NetEase, Inc.
588,548
12,595,840
Ningbo Tuopu Group Co. Ltd., Class A
53,200
468,351
Offshore Oil Engineering Co. Ltd., Class A
357,900
303,060
Oppein Home Group, Inc., Class A
56,784
673,446
PDD Holdings, Inc., ADR*
51,288
5,201,629
PetroChina Co. Ltd., Class H
1,144,000
746,707
PICC Property & Casualty Co. Ltd., Class H
1,546,000
1,765,463
Ping An Bank Co. Ltd., Class A
1,058,156
1,508,449
Ping An Insurance Group Co. of China Ltd.,
Class H
1,695,500
8,600,384
Poly Developments and Holdings Group Co.
Ltd., Class A
444,300
666,437
Postal Savings Bank of China Co. Ltd.,
Class H(a)
851,000
388,421
Qingdao Haier Biomedical Co. Ltd., Class A
51,422
255,984
Sanquan Food Co. Ltd., Class A
136,800
272,588
Sany Heavy Industry Co. Ltd., Class A
194,100
382,511
Shanghai Baosight Software Co. Ltd., Class A
281,651
1,636,895
Shenzhen Inovance Technology Co. Ltd.,
Class A
69,300
570,938
Shenzhen Mindray Bio-Medical Electronics Co.
Ltd., Class A
57,700
2,247,734
Shenzhou International Group Holdings Ltd.
233,700
2,295,512
Sichuan Road and Bridge Group Co. Ltd.,
Class A
247,300
259,761
Sichuan Swellfun Co. Ltd., Class A
80,800
673,002
Silergy Corp.
300,414
2,685,052
Sinopharm Group Co. Ltd., Class H
160,000
382,605
Sinotrans Ltd., Class H
948,000
311,572
Skshu Paint Co. Ltd., Class A*
209,656
1,700,913
Sunny Optical Technology Group Co. Ltd.
51,888
434,714
Sunresin New Materials Co. Ltd., Class A
95,100
704,380
SUPCON Technology Co. Ltd., Class A
132,529
788,157
Tencent Holdings Ltd.
772,900
28,604,068
Tingyi Cayman Islands Holding Corp.
1,550,000
2,056,037
SEE NOTES TO FINANCIAL STATEMENTS. 
24
J.P. Morgan Exchange-Traded Funds
October 31, 2023


INVESTMENTS
SHARES
VALUE($)
Common Stocks — continued
China — continued
Topsports International Holdings Ltd.(a)
1,560,652
1,312,418
Trip.com Group Ltd.*
59,518
2,028,470
Tsingtao Brewery Co. Ltd.
36,000
273,007
Vipshop Holdings Ltd., ADR*
26,237
374,140
Wanhua Chemical Group Co. Ltd., Class A
196,900
2,380,505
Warom Technology, Inc. Co., Class A
93,200
215,788
Wuliangye Yibin Co. Ltd., Class A
238,900
5,075,642
WuXi AppTec Co. Ltd., Class H(a)
35,800
430,192
Wuxi Biologics Cayman, Inc.* (a)
779,318
4,845,598
Xiamen Faratronic Co. Ltd., Class A
40,600
552,175
Xinyi Glass Holdings Ltd.
1,078,000
1,238,644
Xinyi Solar Holdings Ltd.
1,003,496
590,567
Yifeng Pharmacy Chain Co. Ltd., Class A
107,080
478,080
Yixintang Pharmaceutical Group Co. Ltd.,
Class A
109,700
317,809
Yum China Holdings, Inc.
91,830
4,826,585
Yutong Bus Co. Ltd., Class A
184,800
343,399
Zhejiang Dingli Machinery Co. Ltd., Class A
40,500
300,605
Zhejiang Jingsheng Mechanical & Electrical Co.
Ltd., Class A
100,800
597,439
Zhejiang Supor Co. Ltd., Class A
192,173
1,313,360
Zhejiang Weixing New Building Materials Co.
Ltd., Class A
111,100
249,587
Zhuhai Huafa Properties Co. Ltd., Class A
250,100
286,032
Zhuzhou CRRC Times Electric Co. Ltd., Class H
239,900
774,246
Zijin Mining Group Co. Ltd., Class H
968,000
1,497,411
ZTO Express Cayman, Inc.
81,306
1,904,396
 
258,904,301
Colombia — 0.1%
Bancolombia SA (Preference)
31,097
199,456
Ecopetrol SA
600,661
353,596
 
553,052
Czech Republic — 0.0% ^
Komercni Banka A/S
12,217
358,063
Ghana — 0.1%
Kosmos Energy Ltd.*
87,689
634,868
Greece — 0.5%
Alpha Services and Holdings SA*
252,102
377,380
Hellenic Telecommunications Organization SA
51,033
715,299
JUMBO SA
18,338
482,369
Motor Oil Hellas Corinth Refineries SA
13,345
317,708
Mytilineos SA
13,595
503,183
National Bank of Greece SA*
86,766
496,939
INVESTMENTS
SHARES
VALUE($)
 
Greece — continued
OPAP SA
50,776
860,058
Piraeus Financial Holdings SA*
120,310
356,616
 
4,109,552
Hong Kong — 1.5%
AIA Group Ltd.
651,400
5,656,633
ASMPT Ltd.
42,700
361,650
Cathay Pacific Airways Ltd.*
360,000
361,905
Hang Seng Bank Ltd.
77,500
886,064
Hong Kong Exchanges & Clearing Ltd.
98,500
3,445,791
Prudential plc
15,111
158,006
Techtronic Industries Co. Ltd.
255,500
2,332,594
 
13,202,643
Hungary — 0.4%
MOL Hungarian Oil & Gas plc
56,744
451,503
OTP Bank Nyrt.
59,329
2,208,227
Richter Gedeon Nyrt.
21,714
509,134
 
3,168,864
India — 15.2%
Asian Paints Ltd.
15,130
545,001
Axis Bank Ltd.
375,489
4,430,700
Bajaj Auto Ltd.
15,114
964,135
Bank of Baroda
174,224
410,806
Bharat Electronics Ltd.
575,868
922,594
Biocon Ltd.
89,838
237,080
Birlasoft Ltd.
63,412
417,473
Britannia Industries Ltd.
61,129
3,251,777
Cholamandalam Investment and Finance Co.
Ltd.
163,874
2,239,458
Coforge Ltd.
35,029
2,098,943
Colgate-Palmolive India Ltd.
78,154
1,984,272
Computer Age Management Services Ltd.
31,235
843,127
Cummins India Ltd.
39,285
791,294
Dr Lal PathLabs Ltd.