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.(a)
8,090
235,017
Dr Reddy's Laboratories Ltd.
16,248
1,048,721
Eicher Motors Ltd.
34,003
1,345,772
HCL Technologies Ltd.
152,359
2,336,948
HDFC Asset Management Co. Ltd.(a)
20,710
680,266
HDFC Bank Ltd., ADR
175,476
9,923,168
HDFC Bank Ltd.
499,592
8,865,030
HDFC Life Insurance Co. Ltd.(a)
709,425
5,270,085
Hindustan Petroleum Corp. Ltd.*
102,765
305,736
Hindustan Unilever Ltd.
240,763
7,185,183
ICICI Bank Ltd.
779,456
8,575,421
SEE NOTES TO FINANCIAL STATEMENTS. 
October 31, 2023
J.P. Morgan Exchange-Traded Funds
25


JPMorgan ActiveBuilders Emerging Markets Equity ETF
SCHEDULE OF PORTFOLIO INVESTMENTS
AS OF October 31, 2023 (continued)
INVESTMENTS
SHARES
VALUE($)
Common Stocks — continued
India — continued
Info Edge India Ltd.
32,585
1,599,112
Infosys Ltd.
928,359
15,267,575
InterGlobe Aviation Ltd.* (a)
13,051
384,647
ITC Ltd.
460,525
2,370,571
Jindal Steel & Power Ltd.
45,214
344,267
Jubilant Foodworks Ltd.
81,952
493,113
Kajaria Ceramics Ltd.
29,731
450,417
Kotak Mahindra Bank Ltd.
353,996
7,400,226
Larsen & Toubro Ltd.
5,373
189,081
Mahindra & Mahindra Ltd.
214,493
3,759,050
Maruti Suzuki India Ltd.
24,851
3,103,311
Metropolis Healthcare Ltd.(a)
25,420
429,237
Multi Commodity Exchange of India Ltd.
21,278
595,696
NCC Ltd.
257,055
446,279
Oil & Natural Gas Corp. Ltd.
444,881
995,459
Petronet LNG Ltd.
718,524
1,722,274
Power Finance Corp. Ltd.
199,014
589,379
Power Grid Corp. of India Ltd.
661,839
1,607,433
Reliance Industries Ltd.
291,360
8,011,756
Shriram Finance Ltd.
107,944
2,435,774
State Bank of India
87,160
592,259
Tata Consultancy Services Ltd.
226,353
9,163,583
Triveni Turbine Ltd.*
63,429
273,657
Tube Investments of India Ltd.
49,805
1,884,205
UltraTech Cement Ltd.
32,657
3,305,021
United Spirits Ltd.*
168,237
2,086,348
WNS Holdings Ltd., ADR*
35,651
1,936,562
Zensar Technologies Ltd.
59,964
353,074
 
136,697,373
Indonesia — 2.1%
Adaro Energy Indonesia Tbk. PT
1,465,600
236,473
Astra International Tbk. PT
1,069,400
389,026
Bank Central Asia Tbk. PT
10,573,900
5,825,380
Bank Mandiri Persero Tbk. PT
2,242,400
801,102
Bank Negara Indonesia Persero Tbk. PT
1,659,800
500,905
Bank Rakyat Indonesia Persero Tbk. PT
21,703,570
6,786,357
GoTo Gojek Tokopedia Tbk. PT*
68,217,200
258,083
Indah Kiat Pulp & Paper Tbk. PT
263,800
159,441
Indofood CBP Sukses Makmur Tbk. PT
376,400
245,247
Sumber Alfaria Trijaya Tbk. PT
1,501,200
273,117
Telkom Indonesia Persero Tbk. PT
12,482,500
2,736,361
Unilever Indonesia Tbk. PT
862,400
196,531
United Tractors Tbk. PT
179,700
284,377
 
18,692,400
INVESTMENTS
SHARES
VALUE($)
 
Kuwait — 0.1%
National Bank of Kuwait SAKP
291,504
826,343
Macau — 0.1%
Sands China Ltd.*
309,512
833,222
Malaysia — 0.4%
CIMB Group Holdings Bhd.
364,000
436,107
Hong Leong Bank Bhd.
76,700
312,307
IHH Healthcare Bhd.
180,400
227,087
Kuala Lumpur Kepong Bhd.
39,700
183,261
Malayan Banking Bhd.
233,000
441,199
Petronas Chemicals Group Bhd.
207,100
319,350
Press Metal Aluminium Holdings Bhd.
232,100
239,916
Public Bank Bhd.
1,614,800
1,410,369
Tenaga Nasional Bhd.
206,800
429,703
 
3,999,299
Mexico — 3.5%
America Movil SAB de CV
811,485
671,099
Arca Continental SAB de CV
95,198
854,242
Bolsa Mexicana de Valores SAB de CV
409,699
637,875
Cemex SAB de CV*
603,263
361,041
Coca-Cola Femsa SAB de CV
41,566
315,993
Corp. Inmobiliaria Vesta SAB de CV
235,562
738,736
Fomento Economico Mexicano SAB de CV
164,363
1,858,326
Gentera SAB de CV
587,114
621,991
Grupo Aeroportuario del Centro Norte SAB de
CV
36,647
280,935
Grupo Aeroportuario del Pacifico SAB de CV,
Class B
235,731
2,752,178
Grupo Aeroportuario del Sureste SAB de CV,
Class B
72,546
1,569,302
Grupo Financiero Banorte SAB de CV, Class O
916,091
7,421,104
Kimberly-Clark de Mexico SAB de CV, Class A
1,338,036
2,452,089
Qualitas Controladora SAB de CV
51,364
424,581
Regional SAB de CV
116,552
883,336
Southern Copper Corp.
14,782
1,048,044
Wal-Mart de Mexico SAB de CV
2,300,295
8,242,224
 
31,133,096
Panama — 0.1%
Copa Holdings SA, Class A
5,609
457,975
Peru — 0.4%
Credicorp Ltd.
28,278
3,533,619
Philippines — 0.2%
Ayala Corp.
19,170
204,961
Ayala Land, Inc.
545,400
268,365
SEE NOTES TO FINANCIAL STATEMENTS. 
26
J.P. Morgan Exchange-Traded Funds
October 31, 2023


INVESTMENTS
SHARES
VALUE($)
Common Stocks — continued
Philippines — continued
Bank of the Philippine Islands
134,555
238,329
BDO Unibank, Inc.
156,440
352,142
International Container Terminal Services, Inc.
59,890
212,192
SM Investments Corp.
16,960
239,701
SM Prime Holdings, Inc.
467,600
247,233
 
1,762,923
Poland — 0.6%
Bank Polska Kasa Opieki SA
31,492
956,954
Dino Polska SA* (a)
10,882
1,031,127
KRUK SA
3,827
423,360
Powszechny Zaklad Ubezpieczen SA
294,023
3,327,129
 
5,738,570
Portugal — 0.2%
Jeronimo Martins SGPS SA
91,284
2,104,541
Qatar — 0.5%
Industries Qatar QSC
479,300
1,610,135
Ooredoo QPSC
181,124
491,985
Qatar Gas Transport Co. Ltd.
615,464
595,011
Qatar National Bank QPSC
402,984
1,648,017
 
4,345,148
Russia — 0.0% ^
Gazprom PJSC, ADR‡ *
12,780
1,426
Gazprom PJSC‡ *
1,135,066
58,080
Magnitogorsk Iron & Steel Works PJSC, GDR
*
12,378
1,869
MMC Norilsk Nickel PJSC, ADR‡ *
2,018
969
MMC Norilsk Nickel PJSC‡ *
2,036
8,755
Moscow Exchange MICEX-RTS PJSC
571,670
13,582
Rosneft Oil Co. PJSC
141,777
9,388
Sberbank of Russia PJSC
629,236
17,654
Severstal PAO, GDR‡ * (a)
98,048
31,375
VTB Bank PJSC‡ *
168,450,798
793
X5 Retail Group NV, GDR‡ * (a)
13,771
3,324
 
147,215
Saudi Arabia — 3.0%
Al Rajhi Bank
192,618
3,447,971
Aldrees Petroleum and Transport Services Co.
14,618
458,819
Alinma Bank
157,360
1,381,091
Almarai Co. JSC
16,875
251,443
Arabian Centres Co. Ltd.
64,309
343,863
Arabian Contracting Services Co.
14,051
755,809
Arabian Drilling Co.*
15,023
702,376
INVESTMENTS
SHARES
VALUE($)
 
Saudi Arabia — continued
Elm Co.
4,952
925,563
Etihad Etisalat Co.
50,965
626,262
Jarir Marketing Co.
77,790
300,245
Leejam Sports Co. JSC
15,867
649,635
Mouwasat Medical Services Co.
49,926
1,330,792
Nahdi Medical Co.
9,126
345,056
Riyad Bank
116,978
827,851
Riyadh Cables Group Co.
43,959
859,172
Sahara International Petrochemical Co.
58,647
505,151
Saudi Airlines Catering Co.
18,364
511,036
Saudi Arabian Oil Co.(a)
286,751
2,547,599
Saudi Awwal Bank
78,658
702,346
Saudi Basic Industries Corp.
79,188
1,627,254
Saudi National Bank (The)
477,964
4,276,894
Saudi Telecom Co.
148,899
1,525,339
Saudia Dairy & Foodstuff Co.
9,140
730,888
Theeb Rent A Car Co.
15,959
259,765
United International Transportation Co.
52,923
949,365
 
26,841,585
South Africa — 3.8%
Absa Group Ltd.
56,210
512,896
Anglo American plc
60,726
1,547,275
AVI Ltd.
279,426
1,044,776
Bid Corp. Ltd.
198,304
4,206,971
Bidvest Group Ltd. (The)
157,528
2,229,777
Capitec Bank Holdings Ltd.
48,129
4,276,486
Clicks Group Ltd.
163,375
2,407,475
FirstRand Ltd.
1,784,256
5,882,152
Gold Fields Ltd.
38,237
504,420
MTN Group Ltd.
123,577
603,248
Naspers Ltd., Class N*
14,607
2,280,165
Sanlam Ltd.
611,517
2,144,862
Shoprite Holdings Ltd.
82,977
1,063,308
Sibanye Stillwater Ltd.
137,117
174,900
Standard Bank Group Ltd.
264,115
2,591,763
Truworths International Ltd.
71,946
291,451
Vodacom Group Ltd.
347,938
1,894,127
 
33,656,052
South Korea — 12.4%
AfreecaTV Co. Ltd.
10,696
532,592
BGF retail Co. Ltd.
12,777
1,306,597
CJ CheilJedang Corp.
3,887
814,314
Coupang, Inc.*
30,855
524,535
SEE NOTES TO FINANCIAL STATEMENTS. 
October 31, 2023
J.P. Morgan Exchange-Traded Funds
27


JPMorgan ActiveBuilders Emerging Markets Equity ETF
SCHEDULE OF PORTFOLIO INVESTMENTS
AS OF October 31, 2023 (continued)
INVESTMENTS
SHARES
VALUE($)
Common Stocks — continued
South Korea — continued
Coway Co. Ltd.
14,706
470,604
DB Insurance Co. Ltd.
5,600
364,330
Eugene Technology Co. Ltd.
27,952
792,780
HAESUNG DS Co. Ltd.
7,100
233,617
Hana Financial Group, Inc.
85,453
2,484,698
Hankook Tire & Technology Co. Ltd.
48,131
1,365,550
Hansol Chemical Co. Ltd.
2,886
322,064
HK inno N Corp.
16,246
521,237
HL Mando Co. Ltd.
6,679
162,655
Hotel Shilla Co. Ltd.
10,222
472,980
HSD Engine Co. Ltd.*
51,335
291,984
Hugel, Inc.*
13,623
1,437,259
Hyundai Glovis Co. Ltd.
7,005
889,011
Hyundai Marine & Fire Insurance Co. Ltd.
30,307
706,971
Hyundai Mobis Co. Ltd.
19,256
2,982,076
Hyundai Motor Co.
16,438
2,070,928
Industrial Bank of Korea
86,102
712,578
KakaoBank Corp.
12,999
175,919
KB Financial Group, Inc.
159,995
6,098,732
Kia Corp.
78,363
4,476,992
KIWOOM Securities Co. Ltd.
13,799
825,030
Korea Investment Holdings Co. Ltd.
18,480
690,849
Korean Air Lines Co. Ltd.
37,131
564,955
Kumho Petrochemical Co. Ltd.
4,980
468,053
LG Chem Ltd.
15,678
5,138,342
LG Energy Solution Ltd.*
4,384
1,256,756
LG H&H Co. Ltd.
5,251
1,231,067
Lotte Chemical Corp.
2,180
236,741
NAVER Corp.
26,911
3,762,243
NCSoft Corp.
12,422
2,146,110
Nexon Games Co. Ltd.*
18,568
207,190
Orion Corp.
4,466
395,264
Pan Ocean Co. Ltd.
107,737
343,962
POSCO Holdings, Inc.
3,020
924,498
Samsung Biologics Co. Ltd.* (a)
4,011
2,108,610
Samsung C&T Corp.
19,732
1,560,125
Samsung Electro-Mechanics Co. Ltd.
17,957
1,660,325
Samsung Electronics Co. Ltd.
629,648
31,340,652
Samsung Engineering Co. Ltd.*
23,145
407,922
Samsung Fire & Marine Insurance Co. Ltd.
6,857
1,311,213
Samsung Life Insurance Co. Ltd.
11,792
631,336
Samsung SDS Co. Ltd.
3,149
322,788
Samsung Securities Co. Ltd.
7,240
189,662
Shinhan Financial Group Co. Ltd.
108,557
2,790,373
INVESTMENTS
SHARES
VALUE($)
 
South Korea — continued
SK Hynix, Inc.
130,133
11,301,026
SK IE Technology Co. Ltd.* (a)
3,911
172,455
SK Innovation Co. Ltd.*
11,285
1,028,115
SK Telecom Co. Ltd.
64,403
2,348,580
SK, Inc.
13,291
1,401,283
SKC Co. Ltd.
16,422
960,386
SM Entertainment Co. Ltd.
6,457
484,240
S-Oil Corp.
34,882
1,721,517
ST Pharm Co. Ltd.
5,469
275,999
YG Entertainment, Inc.
8,638
352,570
Yuhan Corp.
7,945
338,681
 
111,109,921
Spain — 0.0% ^
Banco Bilbao Vizcaya Argentaria SA
45,508
358,022
Switzerland — 0.0% ^
Wizz Air Holdings plc* (a)
10,035
189,170
Taiwan — 15.0%
Accton Technology Corp.
301,000
4,663,776
Advantech Co. Ltd.
438,629
4,504,606
ASE Technology Holding Co. Ltd.
750,000
2,625,736
Asia Vital Components Co. Ltd.
64,000
565,518
ASMedia Technology, Inc.
19,000
777,602
ASPEED Technology, Inc.
13,500
1,078,889
AUO Corp.
865,000
418,699
Cathay Financial Holding Co. Ltd.
1,157,000
1,570,107
Chailease Holding Co. Ltd.
492,974
2,674,162
China Airlines Ltd.
441,000
264,360
China Steel Corp.
2,632,000
1,963,614
Chroma ATE, Inc.
83,000
560,881
Chunghwa Telecom Co. Ltd.
312,000
1,115,881
CTBC Financial Holding Co. Ltd.
3,138,000
2,363,238
Delta Electronics, Inc.
620,000
5,587,373
E.Sun Financial Holding Co. Ltd.
3,379,013
2,489,790
Eclat Textile Co. Ltd.
153,000
2,435,185
eMemory Technology, Inc.
29,000
1,816,892
Faraday Technology Corp.
147,000
1,385,935
Feng TAY Enterprise Co. Ltd.
77,520
428,052
Fubon Financial Holding Co. Ltd.
1,641,930
3,053,324
Global Unichip Corp.
46,000
2,055,879
Hon Hai Precision Industry Co. Ltd.
1,243,000
3,710,000
Jentech Precision Industrial Co. Ltd.
20,000
356,660
Largan Precision Co. Ltd.
39,000
2,497,827
Lite-On Technology Corp.
260,000
809,513
SEE NOTES TO FINANCIAL STATEMENTS. 
28
J.P. Morgan Exchange-Traded Funds
October 31, 2023


INVESTMENTS
SHARES
VALUE($)
Common Stocks — continued
Taiwan — continued
Makalot Industrial Co. Ltd.
70,000
783,471
MediaTek, Inc.
121,000
3,158,023
Mega Financial Holding Co. Ltd.
1,444,824
1,639,491
Micro-Star International Co. Ltd.
173,000
885,644
Nan Ya Plastics Corp.
584,000
1,117,380
Nien Made Enterprise Co. Ltd.
83,000
734,330
Novatek Microelectronics Corp.
389,000
5,478,316
Nuvoton Technology Corp.
87,000
343,290
President Chain Store Corp.
402,000
3,197,649
Primax Electronics Ltd.
168,000
358,803
Quanta Computer, Inc.
515,000
3,040,718
Realtek Semiconductor Corp.
456,000
5,683,070
Taiwan Cement Corp.
531,961
530,055
Taiwan Semiconductor Manufacturing Co. Ltd.
2,915,000
47,609,293
Unimicron Technology Corp.
286,000
1,275,536
United Microelectronics Corp.
927,000
1,333,132
Vanguard International Semiconductor Corp.
1,030,000
2,236,875
Wiwynn Corp.
52,000
2,463,924
Yageo Corp.
69,000
1,124,945
 
134,767,444
Thailand — 1.6%
Advanced Info Service PCL
129,100
790,726
Airports of Thailand PCL*
519,500
964,512
Bangkok Bank PCL, NVDR
102,700
450,042
Bangkok Dusit Medical Services PCL, Class F
803,900
592,035
Bumrungrad Hospital PCL, NVDR
39,400
284,764
Central Pattana PCL, NVDR
207,000
360,106
Central Retail Corp. PCL, NVDR
175,900
179,898
CP ALL PCL
390,800
597,005
Delta Electronics Thailand PCL, NVDR
204,200
448,882
Gulf Energy Development PCL
258,900
311,596
Intouch Holdings PCL, NVDR
129,200
255,205
Kasikornbank PCL, NVDR
71,900
262,956
Krung Thai Bank PCL, NVDR
1,360,400
711,305
Minor International PCL, NVDR
229,200
178,611
PTT Exploration & Production PCL
573,200
2,617,707
PTT Global Chemical PCL
181,100
173,933
PTT PCL
726,400
668,295
SCB X PCL
924,700
2,517,888
Siam Cement PCL (The) (Registered)
232,900
1,865,667
Thai Oil PCL
365,163
478,109
 
14,709,242
INVESTMENTS
SHARES
VALUE($)
 
Turkey — 0.1%
BIM Birlesik Magazalar A/S
55,307
531,211
Ford Otomotiv Sanayi A/S
12,352
342,961
KOC Holding A/S
32,954
159,401
 
1,033,573
United Arab Emirates — 0.9%
Abu Dhabi Commercial Bank PJSC
99,439
217,396
Abu Dhabi Islamic Bank PJSC
252,159
707,116
ADNOC Drilling Co. PJSC
392,242
388,718
Adnoc Gas plc*
376,837
329,335
ADNOC Logistics & Services
343,745
315,388
Aldar Properties PJSC
672,799
952,506
Dubai Electricity & Water Authority PJSC
1,957,379
1,268,326
Dubai Islamic Bank PJSC
173,313
254,803
Emaar Properties PJSC
729,118
1,328,296
Emirates NBD Bank PJSC
171,187
789,986
Fertiglobe plc
606,975
530,760
First Abu Dhabi Bank PJSC
391,879
1,352,852
 
8,435,482
United Kingdom — 0.2%
Anglogold Ashanti plc
17,198
317,461
Endava plc, ADR*
3,073
154,142
HSBC Holdings plc
130,400
936,927
 
1,408,530
United States — 0.9%
EPAM Systems, Inc.*
6,421
1,397,017
ExlService Holdings, Inc.*
32,622
851,760
Genpact Ltd.
73,155
2,453,619
Globant SA*
11,472
1,953,567
Parade Technologies Ltd.
53,400
1,750,820
 
8,406,783
Total Common Stocks
(Cost $1,019,540,494)
890,908,307
Short-Term Investments — 0.6%
Investment Companies — 0.6%
JPMorgan Prime Money Market Fund Class IM
Shares, 5.49%(b) (c)(Cost $4,916,176)
4,914,673
4,916,639
Total Investments — 99.9%
(Cost $1,024,456,670)
895,824,946
Other Assets Less Liabilities — 0.1%
1,125,029
NET ASSETS — 100.0%
896,949,975

Percentages indicated are based on net assets.
SEE NOTES TO FINANCIAL STATEMENTS. 
October 31, 2023
J.P. Morgan Exchange-Traded Funds
29


JPMorgan ActiveBuilders Emerging Markets Equity ETF
SCHEDULE OF PORTFOLIO INVESTMENTS
AS OF October 31, 2023 (continued)
Abbreviations
 
ADR
American Depositary Receipt
APAC
Asia Pacific
GDR
Global Depositary Receipt
JSC
Joint Stock Company
NVDR
Non-Voting Depositary Receipt
PJSC
Public Joint Stock Company
Preference
A special type of equity investment that shares in the earnings of
the company, has limited voting rights, and may have a dividend
preference. Preference shares may also have liquidation
preference.
PT
Limited liability company
RTS
Russian Trading System
SGPS
Holding company
^
Amount rounds to less than 0.1% of net assets.
Value determined using significant unobservable
inputs.
 
*
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.
 
Summary of Investments by Industry, October 31, 2023
The following table represents the portfolio investments of the Fund by industry classifications as a percentage of total investments:
INDUSTRY
PERCENT OF
TOTAL
INVESTMENTS
Banks
17.3
%
Semiconductors & Semiconductor Equipment
10.8
Technology Hardware, Storage & Peripherals
4.9
Insurance
4.5
Broadline Retail
4.4
Interactive Media & Services
4.3
Oil, Gas & Consumable Fuels
3.9
IT Services
3.8
Consumer Staples Distribution & Retail
3.5
Beverages
2.9
Hotels, Restaurants & Leisure
2.5
Electronic Equipment, Instruments & Components
2.5
Food Products
2.2
Chemicals
1.9
Household Durables
1.9
Automobiles
1.8
Entertainment
1.8
Metals & Mining
1.7
Automobile Components
1.4
Capital Markets
1.4
Machinery
1.2
Real Estate Management & Development
1.2
Personal Care Products
1.2
Wireless Telecommunication Services
1.1
Electrical Equipment
1.1
Financial Services
1.0
Others (each less than 1.0%)
13.3
Short-Term Investments
0.5
SEE NOTES TO FINANCIAL STATEMENTS. 
30
J.P. Morgan Exchange-Traded Funds
October 31, 2023


JPMorgan Global Select Equity ETF
SCHEDULE OF PORTFOLIO INVESTMENTS
AS OF October 31, 2023
INVESTMENTS
SHARES
VALUE($)
Common Stocks — 98.8%
Canada — 0.6%
Toronto-Dominion Bank (The)
82,176
4,590,123
China — 0.9%
NXP Semiconductors NV
46,052
7,940,746
Denmark — 2.1%
Novo Nordisk A/S, Class B
185,672
17,912,936
France — 6.6%
Legrand SA
109,654
9,485,771
LVMH Moet Hennessy Louis Vuitton SE
26,129
18,706,550
Safran SA
82,603
12,904,203
Vinci SA
132,313
14,630,431
 
55,726,955
Germany — 2.0%
Muenchener Rueckversicherungs-Gesellschaft
AG (Registered)
22,661
9,094,038
RWE AG
201,755
7,720,242
 
16,814,280
Hong Kong — 0.6%
AIA Group Ltd.
585,400
5,083,501
India — 0.9%
HDFC Bank Ltd., ADR
136,695
7,730,102
Japan — 2.8%
Hoya Corp.
56,200
5,410,297
Japan Exchange Group, Inc.
242,100
4,787,479
Shin-Etsu Chemical Co. Ltd.
292,500
8,746,738
Tokio Marine Holdings, Inc.
219,200
4,903,994
 
23,848,508
Mexico — 0.7%
Wal-Mart de Mexico SAB de CV
1,613,257
5,780,487
Netherlands — 3.4%
ASML Holding NV
22,577
13,571,496
Shell plc
472,223
15,218,261
 
28,789,757
Singapore — 1.3%
DBS Group Holdings Ltd.
438,400
10,531,829
South Korea — 1.2%
Samsung Electronics Co. Ltd.
195,906
9,751,197
Sweden — 0.9%
Volvo AB, Class B
385,239
7,633,586
Switzerland — 0.7%
Zurich Insurance Group AG
11,695
5,555,038
INVESTMENTS
SHARES
VALUE($)
 
Taiwan — 2.9%
Taiwan Semiconductor Manufacturing Co. Ltd.,
ADR
283,802
24,494,951
United Kingdom — 3.7%
AstraZeneca plc
71,637
8,969,222
BP plc
1,147,667
7,007,677
RELX plc
281,511
9,832,536
SSE plc
251,464
4,997,487
 
30,806,922
United States — 67.5%
AbbVie, Inc.
83,451
11,781,612
Adobe, Inc.*
22,227
11,826,098
Advanced Micro Devices, Inc.*
58,483
5,760,576
Amazon.com, Inc.*
334,815
44,560,528
Analog Devices, Inc.
58,733
9,240,463
Apple, Inc.
127,928
21,846,265
Bank of America Corp.
338,546
8,917,302
Boston Scientific Corp.*
65,060
3,330,421
Bristol-Myers Squibb Co.
78,361
4,037,942
Charles Schwab Corp. (The)
117,578
6,118,759
Charter Communications, Inc., Class A*
8,042
3,239,318
Chevron Corp.
51,171
7,457,150
CME Group, Inc.
122,991
26,253,659
Coca-Cola Co. (The)
473,233
26,732,932
ConocoPhillips
66,524
7,903,051
Deere & Co.
35,087
12,819,386
Dow, Inc.
147,659
7,137,836
EOG Resources, Inc.
57,750
7,290,937
Hilton Worldwide Holdings, Inc.
62,731
9,505,628
Johnson & Johnson
62,587
9,284,156
Marriott International, Inc., Class A
19,007
3,583,960
Mastercard, Inc., Class A
60,273
22,683,744
McDonald's Corp.
64,408
16,885,845
Meta Platforms, Inc., Class A*
78,946
23,784,061
Microsoft Corp.
183,485
62,038,113
NextEra Energy, Inc.
182,017
10,611,591
NVIDIA Corp.
52,631
21,462,922
Progressive Corp. (The)
144,179
22,793,258
Prologis, Inc., REIT
152,779
15,392,484
Public Service Enterprise Group, Inc.
105,992
6,534,407
Regeneron Pharmaceuticals, Inc.*
17,545
13,683,170
Roche Holding AG
35,092
9,043,547
Ross Stores, Inc.
104,883
12,163,282
S&P Global, Inc.
27,778
9,703,133
Teradyne, Inc.
25,584
2,130,380
SEE NOTES TO FINANCIAL STATEMENTS. 
October 31, 2023
J.P. Morgan Exchange-Traded Funds
31


JPMorgan Global Select Equity ETF
SCHEDULE OF PORTFOLIO INVESTMENTS
AS OF October 31, 2023 (continued)
INVESTMENTS
SHARES
VALUE($)
Common Stocks — continued
United States — continued
Uber Technologies, Inc.*
390,357
16,894,651
UnitedHealth Group, Inc.
65,788
35,233,421
US Bancorp
68,514
2,184,226
Wells Fargo & Co.
126,175
5,017,980
Yum! Brands, Inc.
95,030
11,485,326
 
568,353,520
Total Common Stocks
(Cost $834,549,991)
831,344,438
Short-Term Investments — 1.3%
Investment Companies — 1.3%
JPMorgan Prime Money Market Fund Class IM
Shares, 5.49%(a) (b)(Cost $10,930,338)
10,926,144
10,930,514
Total Investments — 100.1%
(Cost $845,480,329)
842,274,952
Liabilities in Excess of Other Assets — (0.1)%
(598,919
)
NET ASSETS — 100.0%
841,676,033

Percentages indicated are based on net assets.
Abbreviations
 
ADR
American Depositary Receipt
REIT
Real Estate Investment Trust
*
Non-income producing security.
(a)
Investment in an affiliated fund, which is registered under the
Investment Company Act of 1940, as amended, and is advised by
J.P. Morgan Investment Management Inc.
(b)
The rate shown is the current yield as of October 31, 2023.
Summary of Investments by Industry, October 31, 2023
The following table represents the portfolio investments of the Fund by industry classifications as a percentage of total investments:
INDUSTRY
PERCENT OF
TOTAL
INVESTMENTS
Semiconductors & Semiconductor Equipment
10.1
%
Software
8.8
Pharmaceuticals
5.9
Insurance
5.6
Capital Markets
5.6
Oil, Gas & Consumable Fuels
5.3
Broadline Retail
5.3
Hotels, Restaurants & Leisure
4.9
Banks
4.6
Health Care Providers & Services
4.2
Technology Hardware, Storage & Peripherals
3.8
Beverages
3.2
Biotechnology
3.0
Interactive Media & Services
2.8
Financial Services
2.7
Machinery
2.4
Textiles, Apparel & Luxury Goods
2.2
Ground Transportation
2.0
Chemicals
1.9
Electric Utilities
1.9
Industrial REITs
1.8
Construction & Engineering
1.7
Aerospace & Defense
1.5
Specialty Retail
1.4
Professional Services
1.2
Electrical Equipment
1.1
Health Care Equipment & Supplies
1.0
Others (each less than 1.0%)
2.8
Short-Term Investments
1.3
SEE NOTES TO FINANCIAL STATEMENTS. 
32
J.P. Morgan Exchange-Traded Funds
October 31, 2023


JPMorgan Hedged Equity Laddered Overlay ETF
SCHEDULE OF PORTFOLIO INVESTMENTS
AS OF October 31, 2023
INVESTMENTS
SHARES
VALUE($)
Common Stocks — 96.4%
Aerospace & Defense — 1.4%
Howmet Aerospace, Inc.
4,105
181,031
RTX Corp.
5,349
435,355
Textron, Inc.
3,327
252,852
 
869,238
Air Freight & Logistics — 1.0%
FedEx Corp.
745
178,875
United Parcel Service, Inc., Class B
3,281
463,441
 
642,316
Automobile Components — 0.2%
Aptiv plc*
1,334
116,325
Automobiles — 1.4%
Tesla, Inc.* (a)
4,223
848,147
Banks — 3.3%
Bank of America Corp.
25,547
672,908
Citigroup, Inc.
4,402
173,835
Fifth Third Bancorp
5,727
135,787
Truist Financial Corp.
9,416
267,038
US Bancorp
8,762
279,332
Wells Fargo & Co.(a)
12,487
496,608
 
2,025,508
Beverages — 2.2%
Coca-Cola Co. (The)(a)
13,428
758,548
Constellation Brands, Inc., Class A
248
58,069
Monster Beverage Corp.*
1,963
100,309
PepsiCo, Inc.(a)
2,520
411,466
 
1,328,392
Biotechnology — 2.9%
AbbVie, Inc.(a)
5,331
752,631
Biogen, Inc.*
806
191,457
BioMarin Pharmaceutical, Inc.*
643
52,372
Neurocrine Biosciences, Inc.*
350
38,829
Regeneron Pharmaceuticals, Inc.*
467
364,209
Sarepta Therapeutics, Inc.*
260
17,501
Vertex Pharmaceuticals, Inc.*
1,077
389,992
 
1,806,991
Broadline Retail — 3.8%
Amazon.com, Inc.* (a)
17,780
2,366,340
Building Products — 0.9%
Masco Corp.
2,602
135,538
Trane Technologies plc
2,249
428,007
 
563,545
INVESTMENTS
SHARES
VALUE($)
 
Capital Markets — 2.5%
Blackstone, Inc.
493
45,528
Charles Schwab Corp. (The)
4,233
220,285
CME Group, Inc.
2,060
439,728
Intercontinental Exchange, Inc.
2,002
215,095
Morgan Stanley
3,479
246,383
Raymond James Financial, Inc.
1,315
125,504
S&P Global, Inc.
636
222,161
State Street Corp.
742
47,955
 
1,562,639
Chemicals — 2.1%
Air Products and Chemicals, Inc.
658
185,845
Dow, Inc.
5,377
259,924
Eastman Chemical Co.
1,953
145,948
Linde plc
1,141
436,045
LyondellBasell Industries NV, Class A
1,593
143,752
PPG Industries, Inc.
926
113,685
 
1,285,199
Commercial Services & Supplies — 0.2%
Cintas Corp.
195
98,888
Communications Equipment — 0.2%
Motorola Solutions, Inc.
392
109,156
Consumer Finance — 0.1%
American Express Co.
287
41,911
Consumer Staples Distribution & Retail — 1.7%
Costco Wholesale Corp.
882
487,252
Target Corp.
822
91,069
Walmart, Inc.
2,894
472,909
 
1,051,230
Distributors — 0.1%
LKQ Corp.
1,031
45,282
Electric Utilities — 1.8%
Constellation Energy Corp.
818
92,369
NextEra Energy, Inc.(a)
7,245
422,383
PG&E Corp.*
21,509
350,597
Southern Co. (The)
3,430
230,839
 
1,096,188
Electrical Equipment — 0.6%
Eaton Corp. plc
1,869
388,584
SEE NOTES TO FINANCIAL STATEMENTS. 
October 31, 2023
J.P. Morgan Exchange-Traded Funds
33


JPMorgan Hedged Equity Laddered Overlay ETF
SCHEDULE OF PORTFOLIO INVESTMENTS
AS OF October 31, 2023 (continued)
INVESTMENTS
SHARES
VALUE($)
Common Stocks — continued
Electronic Equipment, Instruments & Components — 0.2%
Corning, Inc.
2,115
56,598
Keysight Technologies, Inc.*
546
66,639
 
123,237
Energy Equipment & Services — 0.1%
Baker Hughes Co.
2,445
84,157
Entertainment — 0.6%
Netflix, Inc.*
737
303,416
Warner Bros Discovery, Inc.*
4,079
40,545
 
343,961
Financial Services — 4.5%
Berkshire Hathaway, Inc., Class B* (a)
2,592
884,727
FleetCor Technologies, Inc.*
930
209,408
Mastercard, Inc., Class A(a)
2,495
938,993
Visa, Inc., Class A(a)
3,084
725,049
 
2,758,177
Food Products — 0.7%
Mondelez International, Inc., Class A
6,870
454,863
Ground Transportation — 0.9%
CSX Corp.
4,012
119,758
Norfolk Southern Corp.
741
141,375
Uber Technologies, Inc.*
2,704
117,029
Union Pacific Corp.
793
164,635
 
542,797
Health Care Equipment & Supplies — 2.4%
Baxter International, Inc.
2,642
85,680
Becton Dickinson & Co.
484
122,346
Boston Scientific Corp.*
8,563
438,340
Dexcom, Inc.*
642
57,029
Intuitive Surgical, Inc.*
764
200,336
Medtronic plc
4,352
307,077
Stryker Corp.
965
260,762
 
1,471,570
Health Care Providers & Services — 3.2%
Centene Corp.*
2,606
179,762
CVS Health Corp.
1,267
87,436
Elevance Health, Inc.
635
285,807
Humana, Inc.
343
179,626
McKesson Corp.
262
119,304
UnitedHealth Group, Inc.(a)
2,047
1,096,291
 
1,948,226
INVESTMENTS
SHARES
VALUE($)
 
Health Care REITs — 0.3%
Ventas, Inc.
4,990
211,875
Hotels, Restaurants & Leisure — 2.4%
Booking Holdings, Inc.*
144
401,697
Chipotle Mexican Grill, Inc.*
178
345,712
Domino's Pizza, Inc.
142
48,136
Expedia Group, Inc.*
1,493
142,268
Marriott International, Inc., Class A
1,087
204,965
Royal Caribbean Cruises Ltd.*
1,404
118,961
Yum! Brands, Inc.
1,870
226,008
 
1,487,747
Household Durables — 0.3%
Lennar Corp., Class A
643
68,595
Toll Brothers, Inc.
1,024
72,407
Whirlpool Corp.
247
25,827
 
166,829
Household Products — 0.9%
Church & Dwight Co., Inc.
1,724
156,781
Procter & Gamble Co. (The)
2,598
389,778
 
546,559
Industrial Conglomerates — 1.0%
Honeywell International, Inc.(a)
3,475
636,828
Industrial REITs — 0.6%
Prologis, Inc.
3,883
391,212
Insurance — 2.2%
Aflac, Inc.
2,053
160,360
Chubb Ltd.
977
209,684
Globe Life, Inc.
1,552
180,590
Progressive Corp. (The)
2,742
433,483
Travelers Cos., Inc. (The)
2,059
344,759
 
1,328,876
Interactive Media & Services — 5.7%
Alphabet, Inc., Class A* (a)
10,003
1,241,172
Alphabet, Inc., Class C* (a)
7,357
921,832
Meta Platforms, Inc., Class A* (a)
4,462
1,344,267
 
3,507,271
IT Services — 1.1%
Accenture plc, Class A
1,420
421,868
Cognizant Technology Solutions Corp., Class A
4,087
263,489
 
685,357
SEE NOTES TO FINANCIAL STATEMENTS. 
34
J.P. Morgan Exchange-Traded Funds
October 31, 2023


INVESTMENTS
SHARES
VALUE($)
Common Stocks — continued
Life Sciences Tools & Services — 1.1%
Danaher Corp.
1,791
343,908
Thermo Fisher Scientific, Inc.
755
335,801
 
679,709
Machinery — 1.8%
Deere & Co.
1,441
526,483
Dover Corp.
1,023
132,939
Otis Worldwide Corp.
3,971
306,601
Parker-Hannifin Corp.
356
131,332
 
1,097,355
Media — 1.3%
Charter Communications, Inc., Class A*
675
271,890
Comcast Corp., Class A(a)
12,664
522,897
 
794,787
Metals & Mining — 0.1%
Nucor Corp.
599
88,526
Multi-Utilities — 0.7%
CenterPoint Energy, Inc.
2,041
54,862
Public Service Enterprise Group, Inc.
6,035
372,058
 
426,920
Oil, Gas & Consumable Fuels — 4.3%
Chevron Corp.
1,872
272,807
ConocoPhillips
5,297
629,284
Diamondback Energy, Inc.
1,796
287,935
EOG Resources, Inc.(a)
3,525
445,031
Exxon Mobil Corp.(a)
9,190
972,761
Marathon Oil Corp.
1,103
30,123
 
2,637,941
Passenger Airlines — 0.1%
Delta Air Lines, Inc.
2,451
76,594
Personal Care Products — 0.3%
Kenvue, Inc.
8,340
155,124
Pharmaceuticals — 3.2%
Bristol-Myers Squibb Co.
8,821
454,546
Eli Lilly & Co.(a)
1,258
696,844
Johnson & Johnson
3,450
511,773
Merck & Co., Inc.
2,941
302,041
 
1,965,204
Professional Services — 0.2%
Leidos Holdings, Inc.
1,432
141,940
INVESTMENTS
SHARES
VALUE($)
 
Residential REITs — 0.5%
Equity LifeStyle Properties, Inc.
1,675
110,215
Sun Communities, Inc.
856
95,221
UDR, Inc.
3,328
105,864
 
311,300
Semiconductors & Semiconductor Equipment — 7.2%
Advanced Micro Devices, Inc.*
4,472
440,492
Analog Devices, Inc.(a)
2,656
417,868
Lam Research Corp.
830
488,223
NVIDIA Corp.(a)
4,567
1,862,423
NXP Semiconductors NV (China)
2,723
469,527
Qorvo, Inc.*
1,170
102,281
Teradyne, Inc.
1,470
122,407
Texas Instruments, Inc.
3,845
546,028
 
4,449,249
Software — 10.6%
Adobe, Inc.*
1,341
713,493
Cadence Design Systems, Inc.*
500
119,925
Intuit, Inc.
820
405,859
Microsoft Corp.(a)
13,533
4,575,643
Oracle Corp.
2,656
274,630
Salesforce, Inc.*
1,040
208,863
ServiceNow, Inc.*
411
239,140
 
6,537,553
Specialized REITs — 0.6%
Digital Realty Trust, Inc.
1,516
188,530
SBA Communications Corp.
934
194,860
 
383,390
Specialty Retail — 2.5%
AutoNation, Inc.*
729
94,828
AutoZone, Inc.*
138
341,844
Best Buy Co., Inc.
2,447
163,509
Burlington Stores, Inc.*
734
88,836
Lowe's Cos., Inc.
2,963
564,659
O'Reilly Automotive, Inc.*
96
89,322
TJX Cos., Inc. (The)
2,260
199,038
 
1,542,036
Technology Hardware, Storage & Peripherals — 7.3%
Apple, Inc.(a)
25,046
4,277,105
Seagate Technology Holdings plc
3,147
214,783
 
4,491,888
SEE NOTES TO FINANCIAL STATEMENTS. 
October 31, 2023
J.P. Morgan Exchange-Traded Funds
35


JPMorgan Hedged Equity Laddered Overlay ETF
SCHEDULE OF PORTFOLIO INVESTMENTS
AS OF October 31, 2023 (continued)
INVESTMENTS
SHARES
VALUE($)
Common Stocks — continued
Textiles, Apparel & Luxury Goods — 0.4%
NIKE, Inc., Class B
2,656
272,957
Tobacco — 0.4%
Altria Group, Inc.
1,773
71,222
Philip Morris International, Inc.
1,858
165,659
 
236,881
Trading Companies & Distributors — 0.1%
United Rentals, Inc.
110
44,690
Wireless Telecommunication Services — 0.2%
T-Mobile US, Inc.*
697
100,270
Total Common Stocks
(Cost $60,358,455)
59,369,735
INVESTMENTS
NO. OF
CONTRACTS
Options Purchased — 1.0%
Put Options Purchased — 1.0%
SPDR S&P 500 ETF Trust
12/1/2023 at USD 410.00 , American
Notional Amount: USD 19,780,860
Counterparty: Exchange-Traded*
473
212,377
12/29/2023 at USD 405.00 , American
Notional Amount: USD 19,780,860
Counterparty: Exchange-Traded*
473
289,003
11/3/2023 at USD 415.00 , American
Notional Amount: USD 19,780,860
Counterparty: Exchange-Traded*
473
88,924
Total Put Options Purchased
(Cost $625,568)
590,304
INVESTMENTS
SHARES
VALUE($)
Short-Term Investments — 0.7%
Investment Companies — 0.7%
JPMorgan U.S. Government Money Market Fund
Class IM Shares, 5.29%(b) (c)
(Cost $451,185)
451,185
451,185
Total Investments — 98.1%
(Cost $61,435,208)
60,411,224
Other Assets Less Liabilities — 1.9%
1,182,591
NET ASSETS — 100.0%
61,593,815

Percentages indicated are based on net assets.
Abbreviations
 
ETF
Exchange Traded Fund
REIT
Real Estate Investment Trust
SPDR
Standard & Poor's Depositary Receipt
USD
United States Dollar
*
Non-income producing security.
(a)
All or a portion of the security is segregated for options written.
(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.
Futures contracts outstanding as of October 31, 2023:
DESCRIPTION
NUMBER OF
CONTRACTS
EXPIRATION DATE
TRADING CURRENCY
NOTIONAL
AMOUNT ($)
VALUE AND
UNREALIZED
APPRECIATION
(DEPRECIATION) ($)
Long Contracts
S&P 500 E-Mini Index
4
12/15/2023
USD
842,350
(21
)
Abbreviations
 
USD
United States Dollar
SEE NOTES TO FINANCIAL STATEMENTS. 
36
J.P. Morgan Exchange-Traded Funds
October 31, 2023


Written Call Options Contracts as of October 31, 2023

DESCRIPTION
COUNTERPARTY
NUMBER OF
CONTRACTS
NOTIONAL
AMOUNT
EXERCISE
PRICE
EXPIRATION
DATE
VALUE ($)
SPDR S&P 500 ETF Trust
Exchange-Traded
473
USD
19,780,860
USD
441.00
11/03/2023
(946
)
SPDR S&P 500 ETF Trust
Exchange-Traded
473
USD
19,780,860
USD
447.50
12/01/2023
(14,663
)
SPDR S&P 500 ETF Trust
Exchange-Traded
473
USD
19,780,860
USD
451.00
12/29/2023
(37,840
)
 
(53,449
)
Written Put Options Contracts as of October 31, 2023 

DESCRIPTION
COUNTERPARTY
NUMBER OF
CONTRACTS
NOTIONAL
AMOUNT
EXERCISE
PRICE
EXPIRATION
DATE
VALUE ($)
SPDR S&P 500 ETF Trust
Exchange-Traded
473
USD
19,780,860
USD
350.00
11/03/2023
(946
)
SPDR S&P 500 ETF Trust
Exchange-Traded
473
USD
19,780,860
USD
345.00
12/01/2023
(10,879
)
SPDR S&P 500 ETF Trust
Exchange-Traded
473
USD
19,780,860
USD
342.00
12/29/2023
(28,853
)
 
 
 
 
(40,678
)
Total Written Options Contracts (Premiums Received $582,518)
(94,127
)
Abbreviations
 
ETF
Exchange Traded Fund
SPDR
Standard & Poor's Depositary Receipt
USD
United States Dollar
SEE NOTES TO FINANCIAL STATEMENTS. 
October 31, 2023
J.P. Morgan Exchange-Traded Funds
37


JPMorgan International Growth ETF
SCHEDULE OF PORTFOLIO INVESTMENTS
AS OF October 31, 2023
INVESTMENTS
SHARES
VALUE($)
Common Stocks — 98.6%
Australia — 2.1%
QBE Insurance Group Ltd.
75,535
749,013
Woodside Energy Group Ltd.
46,686
1,016,812
 
1,765,825
Belgium — 0.7%
KBC Group NV
10,022
551,559
Brazil — 1.6%
MercadoLibre, Inc.*
365
452,870
NU Holdings Ltd., Class A*
102,679
841,968
 
1,294,838
Canada — 5.5%
Alimentation Couche-Tard, Inc.
28,584
1,556,017
Canadian National Railway Co.
16,709
1,767,955
Canadian Pacific Kansas City Ltd.
17,001
1,207,080
 
4,531,052
China — 8.0%
ANTA Sports Products Ltd.
69,600
787,141
JD.com, Inc., ADR
31,393
798,010
NXP Semiconductors NV
5,798
999,749
Tencent Holdings Ltd.
83,300
3,082,829
Yum China Holdings, Inc.
17,100
896,075
 
6,563,804
Denmark — 3.3%
Genmab A/S*
1,037
293,142
Novo Nordisk A/S, Class B
24,705
2,383,446
 
2,676,588
France — 11.1%
Air Liquide SA
12,223
2,094,439
Airbus SE
11,354
1,522,301
L'Oreal SA
807
339,207
LVMH Moet Hennessy Louis Vuitton SE
2,524
1,807,009
Safran SA
13,008
2,032,104
Vinci SA
11,569
1,279,235
 
9,074,295
Germany — 3.7%
Beiersdorf AG
5,091
669,569
Deutsche Boerse AG
7,713
1,269,532
Deutsche Post AG
21,657
845,565
Zalando SE* (a)
11,713
273,973
 
3,058,639
INVESTMENTS
SHARES
VALUE($)
 
Hong Kong — 1.0%
AIA Group Ltd.
41,600
361,247
Hong Kong Exchanges & Clearing Ltd.
12,500
437,283
 
798,530
India — 1.9%
HDFC Bank Ltd., ADR
19,423
1,098,370
WNS Holdings Ltd., ADR*
8,665
470,683
 
1,569,053
Indonesia — 2.5%
Bank Central Asia Tbk. PT
2,245,200
1,236,927
Telkom Indonesia Persero Tbk. PT, ADR
36,031
792,682
 
2,029,609
Italy — 0.4%
Ferrari NV
1,135
343,569
Japan — 14.7%
Ajinomoto Co., Inc.
16,100
588,015
Daikin Industries Ltd.
9,900
1,427,372
Hoya Corp.
12,700
1,222,611
Keyence Corp.
4,700
1,819,458
Otsuka Corp.
18,900
757,788
Recruit Holdings Co. Ltd.
39,300
1,126,837
Seven & i Holdings Co. Ltd.
19,200
703,463
Shimano, Inc.
5,500
791,484
Shin-Etsu Chemical Co. Ltd.
40,400
1,208,097
Sony Group Corp.
20,400
1,696,033
Terumo Corp.
26,700
730,464
 
12,071,622
Mexico — 1.2%
Wal-Mart de Mexico SAB de CV
283,506
1,015,835
Netherlands — 5.4%
Adyen NV* (a)
166
111,965
Argenx SE*
1,628
765,781
Argenx SE*
424
205,295
ASML Holding NV
4,477
2,691,216
Wolters Kluwer NV
5,444
698,498
 
4,472,755
Singapore — 1.6%
DBS Group Holdings Ltd.
53,500
1,285,248
South Korea — 0.6%
LG Chem Ltd.
1,555
509,639
SEE NOTES TO FINANCIAL STATEMENTS. 
38
J.P. Morgan Exchange-Traded Funds
October 31, 2023


INVESTMENTS
SHARES
VALUE($)
Common Stocks — continued
Spain — 2.5%
Iberdrola SA
72,999
811,896
Industria de Diseno Textil SA
36,149
1,247,790
 
2,059,686
Sweden — 3.3%
Atlas Copco AB, Class A
115,014
1,489,319
Epiroc AB, Class A
9,335
153,792
Evolution AB(a)
5,415
482,506
Volvo AB, Class B
28,682
568,339
 
2,693,956
Switzerland — 1.4%
Cie Financiere Richemont SA (Registered)
9,876
1,165,126
Taiwan — 5.1%
Taiwan Semiconductor Manufacturing Co. Ltd.,
ADR
48,428
4,179,821
United Kingdom — 11.4%
3i Group plc
64,033
1,509,744
AstraZeneca plc
14,185
1,776,015
Diageo plc
34,408
1,301,174
InterContinental Hotels Group plc
23,262
1,648,405
London Stock Exchange Group plc
14,614
1,474,481
RELX plc
47,161
1,645,457
 
9,355,276
United States — 9.6%
Cadence Design Systems, Inc.*
3,993
957,721
ExlService Holdings, Inc.*
18,835
491,782
Las Vegas Sands Corp.
18,527
879,292
Linde plc
4,478
1,710,863
Nestle SA (Registered)
28,066
3,026,603
Sanofi SA
9,022
819,254
 
7,885,515
Total Common Stocks
(Cost $81,505,461)
80,951,840
Short-Term Investments — 1.3%
Investment Companies — 1.3%
JPMorgan U.S. Government Money Market Fund
Class IM Shares, 5.29%(b) (c)(Cost
$1,033,189)
1,033,189
1,033,189
INVESTMENTS
SHARES
VALUE($)
Total Investments — 99.9%
(Cost $82,538,650)
81,985,029
Other Assets Less Liabilities — 0.1%
119,998
NET ASSETS — 100.0%
82,105,027

Percentages indicated are based on net assets.
Abbreviations
 
ADR
American Depositary Receipt
PT
Limited liability company
*
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. 
October 31, 2023
J.P. Morgan Exchange-Traded Funds
39


JPMorgan International Growth ETF
SCHEDULE OF PORTFOLIO INVESTMENTS
AS OF October 31, 2023 (continued)
Summary of Investments by Industry, October 31, 2023
The following table represents the portfolio investments of the Fund by industry classifications as a percentage of total investments:
INDUSTRY
PERCENT OF
TOTAL
INVESTMENTS
Semiconductors & Semiconductor Equipment
9.6
%
Chemicals
6.7
Banks
6.1
Pharmaceuticals
6.1
Capital Markets
5.7
Professional Services
5.4
Hotels, Restaurants & Leisure
4.8
Textiles, Apparel & Luxury Goods
4.6
Food Products
4.4
Aerospace & Defense
4.3
Consumer Staples Distribution & Retail
4.0
Interactive Media & Services
3.8
Ground Transportation
3.6
Machinery
2.7
Health Care Equipment & Supplies
2.4
Electronic Equipment, Instruments & Components
2.2
Household Durables
2.1
Specialty Retail
1.9
Building Products
1.7
Beverages
1.6
Construction & Engineering
1.6
Biotechnology
1.5
Broadline Retail
1.5
Insurance
1.4
Oil, Gas & Consumable Fuels
1.2
Personal Care Products
1.2
Software
1.2
Air Freight & Logistics
1.0
Electric Utilities
1.0
Diversified Telecommunication Services
1.0
Leisure Products
1.0
Others (each less than 1.0%)
1.4
Short-Term Investments
1.3
SEE NOTES TO FINANCIAL STATEMENTS. 
40
J.P. Morgan Exchange-Traded Funds
October 31, 2023


JPMorgan International Value ETF
SCHEDULE OF PORTFOLIO INVESTMENTS
AS OF October 31, 2023
INVESTMENTS
SHARES
VALUE($)
Common Stocks — 95.6%
Australia — 5.1%
BHP Group Ltd.
5,961
168,741
BlueScope Steel Ltd.
2,945
35,303
Coronado Global Resources, Inc., CHDI(a)
31,236
34,361
Glencore plc
14,484
76,719
JB Hi-Fi Ltd.
1,160
33,344
Perseus Mining Ltd.
30,296
32,370
Qantas Airways Ltd.*
9,359
29,321
Stanmore Resources Ltd.*
17,147
41,550
Ventia Services Group Pty. Ltd.
19,684
34,403
Whitehaven Coal Ltd.
8,521
40,136
Woodside Energy Group Ltd.
2,904
63,249
 
589,497
Austria — 1.3%
Erste Group Bank AG
1,296
46,409
OMV AG
850
37,279
Telekom Austria AG
4,467
31,195
Vienna Insurance Group AG Wiener Versicherung
Gruppe
1,237
33,180
 
148,063
Belgium — 0.3%
Ageas SA
962
36,953
Brazil — 2.2%
Banco do Brasil SA
4,392
42,137
Cia de Saneamento de Minas Gerais Copasa MG*
9,240
29,378
Gerdau SA (Preference)
7,721
33,507
Petroleo Brasileiro SA (Preference)
13,667
94,145
Vale SA
4,141
56,697
 
255,864
Canada — 5.5%
Air Canada*
2,129
25,685
ARC Resources Ltd.
2,571
41,362
Canadian Natural Resources Ltd.
1,262
80,138
CI Financial Corp.
2,726
24,709
Dundee Precious Metals, Inc.
5,519
36,177
EQB, Inc.
584
28,982
Fairfax Financial Holdings Ltd.
51
42,441
First Capital REIT, REIT
3,331
31,322
Manulife Financial Corp.
3,585
62,406
NuVista Energy Ltd.*
3,561
34,538
Quebecor, Inc., Class B
1,550
31,978
Russel Metals, Inc.
1,185
29,524
SmartCentres REIT, REIT
1,942
30,095
Suncor Energy, Inc.
2,255
73,028
INVESTMENTS
SHARES
VALUE($)
 
Canada — continued
Teck Resources Ltd., Class B
800
28,268
Whitecap Resources, Inc.
4,016
31,016
 
631,669
Chile — 0.2%
Sociedad Quimica y Minera de Chile SA
(Preference), Class B
564
27,286
China — 9.3%
3SBio, Inc.(a)
40,500
36,031
Agricultural Bank of China Ltd., Class H
131,000
48,386
Alibaba Group Holding Ltd.*
19,500
200,754
Bank of Communications Co. Ltd., Class H
70,000
41,405
BOC Hong Kong Holdings Ltd.
15,500
40,990
China Coal Energy Co. Ltd., Class H
50,000
39,273
China Construction Bank Corp., Class H
155,000
87,662
China Feihe Ltd.(a)
59,000
36,661
China Merchants Bank Co. Ltd., Class H
11,000
41,726
China Pacific Insurance Group Co. Ltd., Class H
17,000
41,877
China Resources Pharmaceutical Group Ltd.(a)
52,500
32,613
CSPC Pharmaceutical Group Ltd.
52,000
45,420
Industrial & Commercial Bank of China Ltd., Class H
140,000
67,094
JD.com, Inc., Class A
2,000
25,426
Jiangxi Copper Co. Ltd., Class H
21,000
29,693
Kunlun Energy Co. Ltd.
48,000
39,989
Lenovo Group Ltd.
30,000
34,912
Livzon Pharmaceutical Group, Inc., Class H
11,000
32,532
People's Insurance Co. Group of China Ltd. (The),
Class H
105,000
34,646
PetroChina Co. Ltd., Class H
68,000
44,385
PICC Property & Casualty Co. Ltd., Class H
26,000
29,691
Sinotruk Hong Kong Ltd.
18,000
33,903
 
1,065,069
Denmark — 1.3%
D/S Norden A/S
677
38,464
Danske Bank A/S
1,909
44,783
Jyske Bank A/S (Registered)*
476
33,546
Sydbank A/S
705
30,625
 
147,418
Finland — 1.2%
Nordea Bank Abp
6,227
65,584
Outokumpu OYJ
7,405
30,385
UPM-Kymmene OYJ
1,357
45,698
 
141,667
SEE NOTES TO FINANCIAL STATEMENTS. 
October 31, 2023
J.P. Morgan Exchange-Traded Funds
41


JPMorgan International Value ETF
SCHEDULE OF PORTFOLIO INVESTMENTS
AS OF October 31, 2023 (continued)
INVESTMENTS
SHARES
VALUE($)
Common Stocks — continued
France — 5.7%
AXA SA
2,882
85,395
BNP Paribas SA
1,532
88,096
Cie de Saint-Gobain SA
1,051
57,210
Eiffage SA
384
34,848
Engie SA
3,897
61,981
Renault SA
1,000
35,084
SCOR SE
1,096
32,721
Societe Generale SA
1,684
37,842
TotalEnergies SE
2,670
178,510
Trigano SA
110
14,445
Vicat SACA
1,029
31,594
 
657,726
Germany — 5.3%
Allianz SE (Registered)
526
123,211
Bayerische Motoren Werke AG
661
61,476
Commerzbank AG
4,289
46,259
Deutsche Bank AG (Registered)
4,603
50,654
Deutsche Telekom AG (Registered)
4,634
100,575
Fresenius SE & Co. KGaA
1,541
39,640
Mercedes-Benz Group AG
1,237
72,778
RWE AG
870
33,291
Schaeffler AG (Preference)
5,810
30,154
Volkswagen AG (Preference)
516
54,722
 
612,760
Greece — 0.3%
Hellenic Telecommunications Organization SA
2,405
33,709
Hong Kong — 0.9%
Bank of East Asia Ltd. (The)
25,200
29,928
Pacific Basin Shipping Ltd.
122,000
35,304
United Laboratories International Holdings Ltd.
(The)
38,000
38,790
 
104,022
Hungary — 0.3%
OTP Bank Nyrt.
969
36,066
India — 0.3%
State Bank of India, GDR(a)
590
39,943
Indonesia — 0.3%
United Tractors Tbk. PT
20,700
32,758
Ireland — 0.6%
Bank of Ireland Group plc
4,015
35,981
Greencore Group plc*
27,845
30,505
 
66,486
INVESTMENTS
SHARES
VALUE($)
 
Italy — 4.8%
Assicurazioni Generali SpA
2,630
52,241
Banco BPM SpA
7,459
38,163
BPER Banca
11,712
38,112
Danieli & C Officine Meccaniche SpA
1,525
40,340
Eni SpA
4,345
71,031
Intesa Sanpaolo SpA
27,247
71,000
MFE-MediaForEurope NV, Class B
10,571
28,019
Saipem SpA*
19,227
29,299
Saras SpA
24,344
35,386
UniCredit SpA
3,241
81,251
Unipol Gruppo SpA
6,217
33,681
Webuild SpA
17,356
31,257
 
549,780
Japan — 17.7%
ANA Holdings, Inc.*
1,600
31,411
Cosmo Energy Holdings Co. Ltd.
900
32,923
Credit Saison Co. Ltd.
1,200
17,988
Daiwa House Industry Co. Ltd.
1,900
52,261
Fujikura Ltd.
4,000
28,728
Fukuyama Transporting Co. Ltd.
1,400
38,259
Gunma Bank Ltd. (The)
6,900
33,345
Hitachi Ltd.
1,000
63,387
Hitachi Zosen Corp.
5,700
29,735
Honda Motor Co. Ltd.
7,500
76,866
Inpex Corp.
3,200
46,435
Isuzu Motors Ltd.
3,200
35,682
ITOCHU Corp.
1,200
43,225
Japan Petroleum Exploration Co. Ltd.
1,000
34,242
Japan Tobacco, Inc.
2,700
62,853
JFE Holdings, Inc.
2,600
36,225
Marubeni Corp.
3,500
51,176
Mazda Motor Corp.
3,500
33,831
Mitsubishi Chemical Group Corp.
6,900
39,044
Mitsubishi Corp.
1,700
79,246
Mitsubishi Motors Corp.
8,600
28,093
Mitsubishi UFJ Financial Group, Inc.
14,500
121,643
Mitsui & Co. Ltd.
1,500
54,516
Mitsui Fudosan Co. Ltd.
2,500
54,187
Mizuho Financial Group, Inc.
4,200
71,309
MS&AD Insurance Group Holdings, Inc.
1,000
36,641
Nippon Steel Corp.
2,200
47,451
Niterra Co. Ltd.
1,500
33,574
ORIX Corp.
2,900
52,740
Sankyo Co. Ltd.
700
29,091
SEE NOTES TO FINANCIAL STATEMENTS. 
42
J.P. Morgan Exchange-Traded Funds
October 31, 2023


INVESTMENTS
SHARES
VALUE($)
Common Stocks — continued
Japan — continued
SBI Holdings, Inc.
1,700
36,575
SKY Perfect JSAT Holdings, Inc.
7,400
34,250
Sojitz Corp.
1,500
31,148
Subaru Corp.
2,400
41,545
Sumitomo Corp.
2,600
51,110
Sumitomo Mitsui Financial Group, Inc.
1,900
91,595
Sumitomo Realty & Development Co. Ltd.
1,500
37,641
Toho Gas Co. Ltd.
1,900
32,721
Tokyo Gas Co. Ltd.
1,900
42,669
Tokyo Steel Manufacturing Co. Ltd.
2,900
33,518
Tokyo Tatemono Co. Ltd.
2,600
34,524
Toyota Boshoku Corp.
1,700
29,565
Toyota Motor Corp.
4,100
71,724
Tsubakimoto Chain Co.
1,200
30,334
Yamaha Motor Co. Ltd.
1,500
36,655
 
2,031,681
Luxembourg — 0.1%
ArcelorMittal SA
295
6,528
Mexico — 0.3%
Grupo Mexico SAB de CV
8,546
35,489
Netherlands — 3.7%
ABN AMRO Bank NV, CVA(a)
2,759
37,160
Aegon Ltd.
8,291
40,321
ING Groep NV
4,697
60,218
NN Group NV
1,400
44,902
Shell plc
7,552
243,377
 
425,978
Norway — 1.2%
Aker Solutions ASA(a)
7,954
31,762
Equinor ASA
1,899
63,661
Hoegh Autoliners ASA
4,532
36,634
 
132,057
Poland — 0.4%
ORLEN SA
2,982
47,157
Singapore — 0.6%
DBS Group Holdings Ltd.
1,900
45,645
Hafnia Ltd.
4,011
26,358
 
72,003
South Africa — 2.3%
Absa Group Ltd.
4,345
39,646
Kumba Iron Ore Ltd.
1,591
42,155
INVESTMENTS
SHARES
VALUE($)
 
South Africa — continued
Mr Price Group Ltd.
4,904
35,446
MTN Group Ltd.
6,976
34,054
Nedbank Group Ltd.
3,477
37,418
Sasol Ltd.
3,124
39,487
Sibanye Stillwater Ltd.
24,977
31,859
 
260,065
South Korea — 6.2%
Doosan Bobcat, Inc.
861
24,737
Hana Financial Group, Inc.
1,402
40,766
Hankook Tire & Technology Co. Ltd.
1,261
35,776
Hyundai Glovis Co. Ltd.
270
34,266
Hyundai Marine & Fire Insurance Co. Ltd.
1,446
33,731
Hyundai Mobis Co. Ltd.
185
28,650
Hyundai Motor Co.
306
38,551
KB Financial Group, Inc.
1,181
45,018
Kia Corp.
830
47,419
Korean Air Lines Co. Ltd.
2,222
33,808
Kumho Petrochemical Co. Ltd.
361
33,929
LG Uplus Corp.
4,616
34,596
Samsung Electronics Co. Ltd.
3,626
180,484
Samsung Fire & Marine Insurance Co. Ltd.
206
39,392
Samsung Life Insurance Co. Ltd.
605
32,391
SK Telecom Co. Ltd.
950
34,644
 
718,158
Spain — 2.5%
Banco Bilbao Vizcaya Argentaria SA
10,116
79,585
Banco de Sabadell SA
30,121
37,452
Banco Santander SA
24,567
90,356
Grupo Catalana Occidente SA
1,036
33,187
Repsol SA
3,314
48,524
 
289,104
Sweden — 1.4%
Betsson AB, Class B*
2,471
24,869
Skandinaviska Enskilda Banken AB, Class A
4,496
50,173
SSAB AB, Class B
6,049
35,094
Swedbank AB, Class A
2,762
45,361
 
155,497
Switzerland — 3.1%
Novartis AG (Registered)
2,344
219,444
Sandoz Group AG*
1,239
32,213
UBS Group AG (Registered)
4,516
106,110
 
357,767
SEE NOTES TO FINANCIAL STATEMENTS. 
October 31, 2023
J.P. Morgan Exchange-Traded Funds
43


JPMorgan International Value ETF
SCHEDULE OF PORTFOLIO INVESTMENTS
AS OF October 31, 2023 (continued)
INVESTMENTS
SHARES
VALUE($)
Common Stocks — continued
Taiwan — 3.1%
ASE Technology Holding Co. Ltd.
12,000
42,012
Compeq Manufacturing Co. Ltd.
21,000
34,337
Globalwafers Co. Ltd.
2,000
29,400
Hon Hai Precision Industry Co. Ltd.
22,000
65,664
Pegatron Corp.
17,000
39,672
Powertech Technology, Inc.
10,000
32,488
Sercomm Corp.
9,000
31,401
Unimicron Technology Corp.
6,000
26,759
United Microelectronics Corp.
34,000
48,896
 
350,629
Thailand — 0.5%
Bangchak Corp. PCL, NVDR
20,600
23,659
Krung Thai Bank PCL, NVDR
71,500
37,385
 
61,044
Turkey — 0.2%
Tofas Turk Otomobil Fabrikasi A/S
3,166
26,910
United Kingdom — 5.3%
3i Group plc
2,295
54,111
Barclays plc
32,886
52,784
BP plc
21,954
134,051
Centrica plc
22,411
42,901
Future plc
2,317
25,018
HSBC Holdings plc
23,556
170,084
Investec plc
5,751
31,882
Lloyds Banking Group plc
126,285
61,463
NatWest Group plc
17,484
38,042
 
610,336
United States — 2.1%
GSK plc
5,739
102,308
Holcim AG
1,042
64,425
Stellantis NV
3,921
73,253
 
239,986
Total Common Stocks
(Cost $11,516,095)
10,997,125
Exchange-Traded Funds — 1.0%
United States — 1.0%
iShares MSCI India ETF(Cost $113,106)
2,507
108,403
Short-Term Investments — 2.9%
Investment Companies — 2.9%
JPMorgan U.S. Government Money Market Fund
Class IM Shares, 5.29%(b) (c)(Cost $336,217)
336,217
336,217
INVESTMENTS
SHARES
VALUE($)
Total Investments — 99.5%
(Cost $11,965,418)
11,441,745
Other Assets Less Liabilities — 0.5%
60,820
NET ASSETS — 100.0%
11,502,565

Percentages indicated are based on net assets.
Abbreviations
 
CHDI
Clearing House Electronic Subregister System (CHESS) Depository
Interest
CVA
Certificaten Van Aandelen (Dutch Certificate)
ETF
Exchange Traded Fund
GDR
Global Depositary Receipt
NVDR
Non-Voting Depositary Receipt
OYJ
Public Limited Company
Preference
A special type of equity investment that shares in the earnings of
the company, has limited voting rights, and may have a dividend
preference. Preference shares may also have liquidation
preference.
PT
Limited liability company
REIT
Real Estate Investment Trust
*
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. 
44
J.P. Morgan Exchange-Traded Funds
October 31, 2023


Summary of Investments by Industry, October 31, 2023
The following table represents the portfolio investments of the Fund by industry classifications as a percentage of total investments:
INDUSTRY
PERCENT OF
TOTAL
INVESTMENTS
Banks
21.4
%
Oil, Gas & Consumable Fuels
14.0
Metals & Mining
7.6
Insurance
7.6
Automobiles
6.5
Pharmaceuticals
4.4
Trading Companies & Distributors
3.0
Capital Markets
2.7
Technology Hardware, Storage & Peripherals
2.2
Diversified Telecommunication Services
2.0
Broadline Retail
2.0
Real Estate Management & Development
1.6
Machinery
1.4
Automobile Components
1.4
Semiconductors & Semiconductor Equipment
1.3
Electronic Equipment, Instruments & Components
1.1
Passenger Airlines
1.0
Gas Utilities
1.0
Chemicals
1.0
Marine Transportation
1.0
Others (each less than 1.0%)
12.9
Short-Term Investments
2.9
SEE NOTES TO FINANCIAL STATEMENTS. 
October 31, 2023
J.P. Morgan Exchange-Traded Funds
45


STATEMENTS OF ASSETS AND LIABILITIES
AS OF October 31, 2023
 
JPMorgan
Active
China ETF
JPMorgan
ActiveBuilders
Emerging Markets
Equity ETF
JPMorgan
Global Select
Equity ETF
JPMorgan
Hedged Equity
Laddered Overlay ETF
ASSETS:
Investments in non-affiliates, at value
$10,547,637
$890,908,307
$831,344,438
$59,369,735
Investments in affiliates, at value
10,004
4,916,639
10,930,514
451,185
Options purchased, at value
590,304
Cash
162
463,680
151,564
8,613
Foreign currency, at value
7,227
146,598
43,337
Receivables:
Due from affiliate
3,730
Investment securities sold
22
7,324,289
175,847
Fund shares sold
1,231,887
Dividends from non-affiliates
1,159,247
218,025
28,811
Dividends from affiliates
2
731
1,644
65
Tax reclaims
53,750
5,689
Securities lending income(See Note 2.C.)
56
Total Assets
10,565,032
897,649,030
850,019,500
61,860,177
LIABILITIES:
Payables:
Investment securities purchased
161
54,959
8,027,668
152,248
Variation margin on futures contracts
32
Outstanding options written, at fair value
94,127
Accrued liabilities:
Management fees(See Note 3.A.)
5,902
250,556
315,799
19,955
Deferred foreign capital gains tax
392,165
Other
1,375
Total Liabilities
6,063
699,055
8,343,467
266,362
Net Assets
$10,558,969
$896,949,975
$841,676,033
$61,593,815
NET ASSETS:
Paid-in-Capital
$12,694,661
$1,158,505,898
$845,985,315
$62,252,373
Total distributable earnings (loss)
(2,135,692
)
(261,555,923
)
(4,309,282
)
(658,558
)
Total Net Assets
$10,558,969
$896,949,975
$841,676,033
$61,593,815
Outstanding number of shares
(unlimited number of shares authorized - par value
$0.0001)
260,000
26,800,000
18,275,000
1,250,000
Net asset value, per share
$40.61
$33.47
$46.06
$49.28
Cost of investments in non-affiliates
$12,644,831
$1,019,540,494
$834,549,991
$60,358,455
Cost of investments in affiliates
10,003
4,916,176
10,930,338
451,185
Cost of options purchased
625,568
Cost of foreign currency
7,231
146,647
43,336
Premiums received from options written
582,518
SEE NOTES TO FINANCIAL STATEMENTS. 
46
J.P. Morgan Exchange-Traded Funds
October 31, 2023


 
JPMorgan
International
Growth ETF
JPMorgan
International
Value ETF
ASSETS:
Investments in non-affiliates, at value
$80,951,840
$11,105,528
Investments in affiliates, at value
1,033,189
336,217
Cash
54,924
54,782
Foreign currency, at value
1
2,627
Receivables:
Investment securities sold
32,006
Dividends from non-affiliates
66,484
29,738
Dividends from affiliates
150
35
Tax reclaims
116,903
846
Total Assets
82,223,491
11,561,779
LIABILITIES:
Payables:
Investment securities purchased
84,620
53,897
Accrued liabilities:
Management fees(See Note 3.A.)
33,844
5,317
Total Liabilities
118,464
59,214
Net Assets
$82,105,027
$11,502,565
NET ASSETS:
Paid-in-Capital
$96,783,908
$12,049,097
Total distributable earnings (loss)
(14,678,881
)
(546,532
)
Total Net Assets
$82,105,027
$11,502,565
Outstanding number of shares
(unlimited number of shares authorized - par value $0.0001)
1,575,000
250,000
Net asset value, per share
$52.13
$46.01
Cost of investments in non-affiliates
$81,505,461
$11,629,201
Cost of investments in affiliates
1,033,189
336,217
Cost of foreign currency
1
2,582
SEE NOTES TO FINANCIAL STATEMENTS. 
October 31, 2023
J.P. Morgan Exchange-Traded Funds
47


STATEMENTS OF OPERATIONS
FOR THE YEAR ENDED October 31, 2023
 
JPMorgan
Active
China ETF (a)
JPMorgan
ActiveBuilders
Emerging Markets
Equity ETF
JPMorgan
Global Select
Equity ETF (b)
JPMorgan
Hedged Equity
Laddered Overlay ETF (c)
INVESTMENT INCOME:
Interest income from non-affiliates
$
$1,043
$
$
Interest income from affiliates
4
16,244
40
Dividend income from non-affiliates
260,382
30,138,408
342,839
37,033
Dividend income from affiliates
3,317
191,415
34,824
12,405
Income from securities lending (net)(See Note 2.C.)
185
Foreign taxes withheld (net)
(23,005
)
(3,535,043
)
(9,154
)
Total investment income
240,698
26,812,252
368,549
49,438
EXPENSES:
Management fees(See Note 3.A.)
47,429
3,216,468
317,858
20,639
Interest expense to affiliates
21,361
Total expenses
47,429
3,237,829
317,858
20,639
Net investment income (loss)
193,269
23,574,423
50,691
28,799
REALIZED/UNREALIZED GAINS (LOSSES):
Net realized gain (loss) on transactions from:
Investments in non-affiliates
(236,162
)
(88,810,736
)(d)
(1,078,380
)
(59,764
)
Investments in affiliates
(575
)
9,594
(179
)
In-kind redemptions of investments in
non-affiliates(See Note 4)
13,097,310
Options purchased
(68,683
)
Futures contracts
4,747
Foreign currency transactions
4,973
(509,899
)
(77,524
)
Options written
(28,043
)
Net realized gain (loss)
(231,764
)
(76,213,731
)
(1,156,083
)
(151,743
)
Change in net unrealized appreciation/depreciation on:
Investments in non-affiliates
(2,097,194
)
160,619,557
(e)
(3,205,553
)
(988,720
)
Investments in affiliates
1
690
176
Options purchased
(35,264
)
Futures contracts
(21
)
Foreign currency translations
(4
)
(1,047
)
1,487
Options written
488,391
Change in net unrealized appreciation/depreciation
(2,097,197
)
160,619,200
(3,203,890
)
(535,614
)
Net realized/unrealized gains (losses)
(2,328,961
)
84,405,469
(4,359,973
)
(687,357
)
Change in net assets resulting from operations
$(2,135,692
)
$107,979,892
$(4,309,282
)
$(658,558
)

(a)
Commencement of operations was March 15, 2023.
(b)
Commencement of operations was September 13, 2023.
(c)
Commencement of operations was September 28, 2023.
(d)
Net of foreign capital gains tax of $(172,409).
(e)
Net of change in foreign capital gains tax of $(160,435).
SEE NOTES TO FINANCIAL STATEMENTS. 
48
J.P. Morgan Exchange-Traded Funds
October 31, 2023


 
JPMorgan
International
Growth ETF
JPMorgan
International
Value ETF (a)
INVESTMENT INCOME:
Interest income from non-affiliates
$178
$
Interest income from affiliates
988
156
Dividend income from non-affiliates
1,488,182
49,323
Dividend income from affiliates
62,958
3,517
Income from securities lending (net)(See Note 2.C.)
1,330
Foreign taxes withheld (net)
(115,071
)
(7,707
)
Total investment income
1,438,565
45,289
EXPENSES:
Management fees(See Note 3.A.)
447,467
8,263
Interest expense to affiliates
43
32
Total expenses
447,510
8,295
Net investment income (loss)
991,055
36,994
REALIZED/UNREALIZED GAINS (LOSSES):
Net realized gain (loss) on transactions from:
Investments in non-affiliates
(4,973,549
)
(51,503
)
Foreign currency transactions
(20,271
)
(8,061
)
Net realized gain (loss)
(4,993,820
)
(59,564
)
Change in net unrealized appreciation/depreciation on:
Investments in non-affiliates
8,148,530
(523,673
)
Foreign currency translations
5,862
(289
)
Change in net unrealized appreciation/depreciation
8,154,392
(523,962
)
Net realized/unrealized gains (losses)
3,160,572
(583,526
)
Change in net assets resulting from operations
$4,151,627
$(546,532
)

(a)
Commencement of operations was September 13, 2023.
SEE NOTES TO FINANCIAL STATEMENTS. 
October 31, 2023
J.P. Morgan Exchange-Traded Funds
49


STATEMENTS OF CHANGES IN NET ASSETS
FOR THE PERIODS INDICATED
 
JPMorgan
Active
China ETF
JPMorgan ActiveBuilders
Emerging Markets Equity
ETF
 
Period Ended
October 31, 2023 (a)
Year Ended
October 31, 2023
Year Ended
October 31, 2022
CHANGE IN NET ASSETS RESULTING FROM OPERATIONS:
Net investment income (loss)
$193,269
$23,574,423
$22,556,173
Net realized gain (loss)
(231,764
)
(76,213,731
)
(63,193,216
)
Change in net unrealized appreciation/depreciation
(2,097,197
)
160,619,200
(276,748,688
)
Change in net assets resulting from operations
(2,135,692
)
107,979,892
(317,385,731
)
DISTRIBUTIONS TO SHAREHOLDERS:
Total distributions to shareholders
(26,488,020
)
(5,165,856
)
CAPITAL TRANSACTIONS:
Change in net assets resulting from capital transactions
12,694,661
(91,696,023
)
903,841,753
NET ASSETS:
Change in net assets
10,558,969
(10,204,151
)
581,290,166
Beginning of year
907,154,126
325,863,960
End of period
$10,558,969
$896,949,975
$907,154,126
CAPITAL TRANSACTIONS:
Proceeds from shares issued
$12,694,661
$183,119,158
$903,841,753
Cost of shares redeemed
(274,815,181
)
Total change in net assets resulting from capital transactions
$12,694,661
$(91,696,023
)
$903,841,753
SHARE TRANSACTIONS:
Issued
260,000
5,200,000
22,400,000
Redeemed
(7,600,000
)
Net increase (decrease) in shares from share transactions
260,000
(2,400,000
)
22,400,000

(a)
Commencement of operations was March 15, 2023.
SEE NOTES TO FINANCIAL STATEMENTS. 
50
J.P. Morgan Exchange-Traded Funds
October 31, 2023


 
JPMorgan
Global Select
Equity ETF
JPMorgan Hedged Equity
Laddered Overlay ETF
 
Period Ended
October 31, 2023 (a)
Period Ended
October 31, 2023 (b)
CHANGE IN NET ASSETS RESULTING FROM OPERATIONS:
Net investment income (loss)
$50,691
$28,799
Net realized gain (loss)
(1,156,083
)
(151,743
)
Change in net unrealized appreciation/depreciation
(3,203,890
)
(535,614
)
Change in net assets resulting from operations
(4,309,282
)
(658,558
)
CAPITAL TRANSACTIONS:
Change in net assets resulting from capital transactions
845,985,315
62,252,373
NET ASSETS:
Change in net assets
841,676,033
61,593,815
Beginning of year
End of period
$841,676,033
$61,593,815
CAPITAL TRANSACTIONS:
Proceeds from shares issued
$846,035,530
$62,252,373
Cost of shares redeemed
(50,215
)
Total change in net assets resulting from capital transactions
$845,985,315
$62,252,373
SHARE TRANSACTIONS:
Issued
18,275,000
1,250,000
Net increase (decrease) in shares from share transactions
18,275,000
1,250,000

(a)
Commencement of operations was September 13, 2023.
(b)
Commencement of operations was September 28, 2023.
SEE NOTES TO FINANCIAL STATEMENTS. 
October 31, 2023
J.P. Morgan Exchange-Traded Funds
51


STATEMENTS OF CHANGES IN NET ASSETS
FOR THE PERIODS INDICATED (continued)
 
JPMorgan
International Growth ETF
JPMorgan
International
Value ETF
 
Year Ended
October 31, 2023
Year Ended
October 31, 2022
Period Ended
October 31, 2023 (a)
CHANGE IN NET ASSETS RESULTING FROM OPERATIONS:
Net investment income (loss)
$991,055
$448,870
$36,994
Net realized gain (loss)
(4,993,820
)
(9,022,413
)
(59,564
)
Change in net unrealized appreciation/depreciation
8,154,392
(19,659,292
)
(523,962
)
Change in net assets resulting from operations
4,151,627
(28,232,835
)
(546,532
)
DISTRIBUTIONS TO SHAREHOLDERS:
Total distributions to shareholders
(548,251
)
(823,639
)
CAPITAL TRANSACTIONS:
Change in net assets resulting from capital transactions
23,519,546
22,746,629
12,049,097
NET ASSETS:
Change in net assets
27,122,922
(6,309,845
)
11,502,565
Beginning of year
54,982,105
61,291,950
End of period
$82,105,027
$54,982,105
$11,502,565
CAPITAL TRANSACTIONS:
Proceeds from shares issued
$23,520,679
$29,268,696
$12,049,097
Cost of shares redeemed
(1,133
)
(6,522,067
)
Total change in net assets resulting from capital transactions
$23,519,546
$22,746,629
$12,049,097
SHARE TRANSACTIONS:
Issued
425,000
500,000
250,000
Redeemed
(125,000
)
Net increase (decrease) in shares from share transactions
425,000
375,000
250,000

(a)
Commencement of operations was September 13, 2023.
SEE NOTES TO FINANCIAL STATEMENTS. 
52
J.P. Morgan Exchange-Traded Funds
October 31, 2023


THIS PAGE IS INTENTIONALLY LEFT BLANK
 
 
53


FINANCIAL HIGHLIGHTS
FOR THE PERIODS INDICATED
 
Per share operating performance
 
 
Investment operations
Distributions
 
Net asset
value,
beginning
of period
Net investment
income
(loss) (b)
Net realized
and unrealized
gains
(losses)
on investments
Total from
investment
operations
Net
investment
income
Net
realized
gain
Total
distributions
JPMorgan Active China ETF
March 15, 2023(f) through October 31, 2023
$48.00
$0.75
$(8.14
)
$(7.39
)
$
$
$
JPMorgan ActiveBuilders Emerging Markets Equity ETF
Year Ended October 31, 2023
31.07
0.86
2.45
3.31
(0.91
)
(0.91
)
Year Ended October 31, 2022
47.92
1.14
(17.27
)
(16.13
)
(0.63
)
(0.09
)
(0.72
)
March 10, 2021(f) through October 31, 2021
48.00
0.66
(0.74
)
(0.08
)
JPMorgan Global Select Equity ETF
September 13, 2023(f) through October 31, 2023
48.00
0.00
(i)
(1.94
)
(1.94
)
JPMorgan Hedged Equity Laddered Overlay ETF
September 28, 2023(f) through October 31, 2023
50.00
0.03
(0.75
)
(0.72
)
JPMorgan International Growth ETF
Year Ended October 31, 2023
47.81
0.68
4.12
4.80
(0.48
)
(0.48
)
Year Ended October 31, 2022
79.09
0.44
(30.69
)
(30.25
)
(0.49
)
(0.54
)
(1.03
)
Year Ended October 31, 2021
62.98
0.19
15.95
16.14
(0.03
)
(0.03
)
May 20, 2020(f) through October 31, 2020
51.83
0.05
11.10
11.15
JPMorgan International Value ETF
September 13, 2023(f) through October 31, 2023
48.00
0.15
(2.14
)
(1.99
)

 
(a)
Annualized for periods less than one year, unless otherwise noted.
(b)
Calculated based upon average shares outstanding.
(c)
Not annualized for periods less than one year.
(d)
Includes adjustments in accordance with accounting principles generally accepted in the United States of America and as such, the net asset values for financial
reporting purposes and the returns based upon those net asset values may differ from the net asset values and returns for shareholder transactions.
(e)
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 listing exchange of the Fund.
(f)
Commencement of operations.
(g)
Since the shares of the Fund did not trade in the secondary market until the day after the Fund’s inception, for the period from the inception to the first day of
secondary market trading, the net asset value is used as a proxy for the secondary market trading price to calculate the market returns.
(h)
Does not include expenses of unaffiliated Underlying Funds.
(i)
Amount rounds to less than $0.005.
SEE NOTES TO FINANCIAL STATEMENTS. 
54
J.P. Morgan Exchange-Traded Funds
October 31, 2023


 
Ratios/Supplemental data
 
 
 
 
 
Ratios to average net assets (a)
Net asset
value,
end of
period
Market
price,
end of
period
Total
return (c)(d)
Market
price
total
return (c)(e)
Net assets,
end of
period
Net
expenses
Net
investment
income
(loss)
Expenses
without waivers
and reimbursements
Portfolio
turnover
rate (c)
$40.61
$40.77
(15.40
)%
(15.06
)%(g)
$10,558,969
0.65
%
2.64
%
0.65
%
17
%
33.47
33.45
10.61
10.27
896,949,975
0.33
2.41
0.33
46
31.07
31.15
(34.15
)
(34.32
)
907,154,126
0.33
3.05
0.33
28
47.92
48.17
(0.17
)
0.35
(g)
325,863,960
0.30
(h)
2.11
0.33
(h)
40
46.06
46.13
(4.04
)
(3.90
)(g)
841,676,033
0.47
0.07
0.47
8
49.28
49.28
(1.44
)
(1.44
)(g)
61,593,815
0.50
0.70
0.50
4
52.13
52.11
10.03
10.01
82,105,027
0.55
1.21
0.55
53
47.81
47.80
(38.72
)
(38.97
)
54,982,105
0.55
0.75
0.55
32
79.09
79.40
25.63
25.85
61,291,950
0.55
0.25
0.55
37
62.98
63.12
21.51
21.78
(g)
37,787,658
0.55
0.16
0.55
12
46.01
46.22
(4.15
)
(3.71
)(g)
11,502,565
0.55
2.46
0.55
4
SEE NOTES TO FINANCIAL STATEMENTS. 
October 31, 2023
J.P. Morgan Exchange-Traded Funds
55


NOTES TO FINANCIAL STATEMENTS
AS OF October 31, 2023
1. Organization
J.P. Morgan Exchange-Traded Fund Trust (the “Trust”) was formed on February 25, 2010, and is governed by a Declaration of Trust as amended and restated February 19, 2014, and is registered under the Investment Company Act of 1940, as amended (the “1940 Act”), as an open-end management investment company. 
The following are 6 separate funds of the Trust (each, a "Fund" and collectively, the "Funds") covered by this report:
 
Diversification Classification
JPMorgan Active China ETF
Non-Diversified
JPMorgan ActiveBuilders Emerging Markets Equity ETF
Diversified
JPMorgan Global Select Equity ETF
Diversified
JPMorgan Hedged Equity Laddered Overlay ETF
Diversified
JPMorgan International Growth ETF
Diversified
JPMorgan International Value ETF
Diversified
The investment objective of JPMorgan Active China ETF (“Active China ETF”), JPMorgan ActiveBuilders Emerging Markets Equity ETF (“ActiveBuilders Emerging Markets Equity ETF”), JPMorgan Global Select Equity ETF ("Global Select Equity ETF"), JPMorgan International Growth ETF (“International Growth ETF”) and JPMorgan International Value ETF ("International Value ETF") is to seek to provide long-term capital appreciation.
The investment objective of JPMorgan Hedged Equity Laddered Overlay ETF (“Hedged Equity Laddered Overlay ETF”) is to seek to provide capital appreciation.
J.P. Morgan Investment Management Inc. (“JPMIM”), an indirect, wholly-owned subsidiary of JPMorgan Chase & Co. (“JPMorgan”), acts as adviser (the “Adviser”) and administrator (the “Administrator”) to the Funds.
Shares of each Fund are listed and traded at market price on an exchange as follows:
 
Listing Exchange
Active China ETF
NYSE Arca, Inc.
ActiveBuilders Emerging Markets Equity ETF
Cboe BZX Exchange, Inc.
Global Select Equity ETF
The NASDAQ Stock Market LLC
Hedged Equity Laddered Overlay ETF
NYSE Arca, Inc.
International Growth ETF
NYSE Arca, Inc.
International Value ETF
The NASDAQ Stock Market LLC
Market prices for the Funds’ shares may be different from their net asset value (“NAV”).
The Funds issue and redeem their shares on a continuous basis, through JPMorgan Distribution Services, Inc. (the “Distributor” or “JPMDS”), an indirect, wholly-owned subsidiary of JPMorgan, at NAV in large blocks of shares, referred to as “Creation Units”. Creation Units are issued and redeemed in exchange for a basket of securities and/or cash. Shares are generally traded in the secondary market in amounts less than a Creation Unit at market prices that change throughout the day. Only individuals or institutions that have entered into an authorized participant agreement with the Distributor may do business directly with the Funds (each, an “Authorized Participant”). 
2. Significant Accounting Policies
The following is a summary of significant accounting policies followed by the Funds in the preparation of their financial statements. The Funds are investment companies and, accordingly, follow the investment company accounting and reporting guidance of the Financial Accounting Standards Board (“FASB”) Accounting Standards Codification Topic 946 — Investment Companies, which is part of U.S. generally accepted accounting principles (“GAAP”). The preparation of financial statements in conformity with GAAP requires management to make estimates and assumptions that affect (i) the reported amounts of assets and liabilities, (ii) disclosure of contingent assets and liabilities at the date of the financial statements, and (iii) the reported amounts of increases and decreases in net assets from operations during the reporting period. Actual results could differ from those estimates. 
A. Valuation of Investments  Investments are valued in accordance with GAAP and the Funds' valuation policies set forth by, and under the supervision and responsibility of, the Board of Trustees of the Trust (the "Board"), which established the following approach to valuation, as described more fully below: (i) investments for which market quotations are readily available shall be valued at their market value and (ii) all other investments for which market quotations are not readily available shall be valued at their fair value as determined in good faith by the Board.
Under Section 2(a)(41) of the 1940 Act, the Board is required to determine fair value for securities that do not have readily available market quotations.  Under SEC Rule 2a-5 (Good Faith Determinations of Fair Value), the Board may designate the performance of these fair valuation determinations to a valuation designee. The Board has designated the Adviser as the “Valuation Designee” to perform fair valuation determinations
56
J.P. Morgan Exchange-Traded Funds
October 31, 2023


for the Funds on behalf of the Board subject to appropriate oversight by the Board. The Adviser, as Valuation Designee, leverages the J.P. Morgan Asset Management Americas Valuation Committee (“AVC”) to help oversee and carry out the policies for the valuation of investments held in the Funds. The Adviser, as Valuation Designee, remains responsible for the valuation determinations.
This oversight by the AVC includes monitoring the appropriateness of fair values based on results of ongoing valuation oversight including, but not limited to, consideration of macro or security specific events, market events, and pricing vendor and broker due diligence. The Administrator is responsible for discussing and assessing the potential impacts to the fair values on an ongoing basis, and, at least on a quarterly basis, with the AVC and the Board.
A market-based approach is primarily used to value the Funds' investments. Investments for which market quotations are not readily available are fair valued using prices supplied by approved affiliated and/or unaffiliated pricing vendors or third party broker-dealers (collectively referred to as “Pricing Services”) or may be internally fair valued using methods set forth by the valuation policies approved by the Board. This may include the use of related or comparable assets or liabilities, recent transactions, market multiples, book values and other relevant information for the investment. An income-based valuation approach may be used in which the anticipated future cash flows of the investment are discounted to calculate the fair value. Discounts may also be applied due to the nature or duration of any restrictions on the disposition of the investments. Valuations may be based upon current market prices of securities that are comparable in coupon, rating, maturity and industry. It is possible that the estimated values may differ significantly from the values that would have been used had a ready market for the investments existed, and such differences could be material. 
Equities and other exchange-traded instruments are valued at the last sale price or official market closing price on the primary exchange on which the instrument is traded before the NAVs of the Funds are calculated on a valuation date. Certain foreign equity instruments are valued by applying international fair value factors provided by approved Pricing Services. The factors seek to adjust the local closing price for movements of local markets post-closing, but prior to the time the NAVs are calculated. 
Investments in open-end investment companies (“Underlying Funds”) are valued at each Underlying Fund’s NAV per share as of the report date.
Futures contracts and options are generally valued on the basis of available market quotations.
Valuations reflected in this report are as of the report date. As a result, changes in valuation due to market events and/or issuer-related events after the report date and prior to issuance of the report are not reflected herein.
The various inputs that are used in determining the valuation of the Funds' investments are summarized into the three broad levels listed below.
Level 1 Unadjusted inputs using quoted prices in active markets for identical investments.
Level 2 Other significant observable inputs including, but not limited to, quoted prices for similar investments, inputs other than quoted prices that are observable for investments (such as interest rates, prepayment speeds, credit risk, etc.) or other market corroborated inputs.
Level 3 Significant inputs based on the best information available in the circumstances, to the extent observable inputs are not available (including the Funds' assumptions in determining the fair value of investments).
A financial instrument’s level within the fair value hierarchy is based on the lowest level of any input, both individually and in the aggregate, that is significant to the fair value measurement. The inputs or methodology used for valuing instruments are not necessarily an indication of the risk associated with investing in those instruments.
The following tables represent each valuation input as presented on the Schedules of Portfolio Investments ("SOIs"):
Active China ETF
 
 
 
 
 
Level 1
Quoted prices
Level 2
Other significant
observable inputs
Level 3
Significant
unobservable inputs
Total
Investments in Securities
Common Stocks
Automobile Components
$
$179,524
$
$179,524
Banks
947,171
947,171
Beverages
650,296
650,296
Broadline Retail
717,018
717,018
Chemicals
283,753
283,753
Consumer Staples Distribution & Retail
137,513
137,513
Electrical Equipment
111,134
111,134
Electronic Equipment, Instruments & Components
578,955
578,955
Entertainment
327,444
327,444
Food Products
417,090
417,090
October 31, 2023
J.P. Morgan Exchange-Traded Funds
57


NOTES TO FINANCIAL STATEMENTS
AS OF October 31, 2023 (continued)
Active China ETF (continued)
 
 
 
 
 
Level 1
Quoted prices
Level 2
Other significant
observable inputs
Level 3
Significant
unobservable inputs
Total
Gas Utilities
$
$137,868
$
$137,868
Health Care Equipment & Supplies
241,524
241,524
Health Care Providers & Services
134,955
134,955
Hotels, Restaurants & Leisure
119,570
392,648
512,218
Household Durables
494,928
494,928
Independent Power and Renewable Electricity Producers
261,656
261,656
Insurance
545,065
545,065
Interactive Media & Services
135,701
1,014,040
1,149,741
Life Sciences Tools & Services
189,641
189,641
Machinery
232,994
232,994
Media
184,471
184,471
Metals & Mining
117,062
117,062
Oil, Gas & Consumable Fuels
337,350
337,350
Pharmaceuticals
109,284
160,429
269,713
Real Estate Management & Development
190,436
190,436
Semiconductors & Semiconductor Equipment
535,679
535,679
Software
321,772
321,772
Technology Hardware, Storage & Peripherals
181,542
181,542
Textiles, Apparel & Luxury Goods
159,124
159,124
Total Common Stocks
554,991
9,992,646
10,547,637
Short-Term Investments
Investment Companies
10,004
10,004
Total Investments in Securities
$564,995
$9,992,646
$
$10,557,641
ActiveBuilders Emerging Markets Equity ETF
 
 
 
Level 1
Quoted prices
Level 2
Other significant
observable inputs
Level 3
Significant
unobservable inputs
Total
Investments in Securities
Common Stocks
Australia
$
$574,651
$
$574,651
Brazil
54,130,160
54,130,160
Canada
365,775
365,775
Chile
3,718,850
3,718,850
China
14,921,348
243,982,953
258,904,301
Colombia
553,052
553,052
Czech Republic
358,063
358,063
Ghana
634,868
634,868
Greece
1,303,260
2,806,292
4,109,552
Hong Kong
13,202,643
13,202,643
Hungary
960,637
2,208,227
3,168,864
India
12,694,794
124,002,579
136,697,373
Indonesia
714,895
17,977,505
18,692,400
Kuwait
826,343
826,343
Macau
833,222
833,222
Malaysia
429,703
3,569,596
3,999,299
Mexico
31,133,096
31,133,096
Panama
457,975
457,975
58
J.P. Morgan Exchange-Traded Funds
October 31, 2023


ActiveBuilders Emerging Markets Equity ETF (continued)
 
 
 
Level 1
Quoted prices
Level 2
Other significant
observable inputs
Level 3
Significant
unobservable inputs
Total
Peru
$3,533,619
$
$
$3,533,619
Philippines
485,562
1,277,361
1,762,923
Poland
5,738,570
5,738,570
Portugal
2,104,541
2,104,541
Qatar
2,735,013
1,610,135
4,345,148
Russia
147,215
147,215
Saudi Arabia
7,955,763
18,885,822
26,841,585
South Africa
19,713,147
13,942,905
33,656,052
South Korea
524,535
110,585,386
111,109,921
Spain
358,022
358,022
Switzerland
189,170
189,170
Taiwan
134,767,444
134,767,444
Thailand
14,709,242
14,709,242
Turkey
874,172
159,401
1,033,573
United Arab Emirates
6,321,623
2,113,859
8,435,482
United Kingdom
154,142
1,254,388
1,408,530
United States
6,655,963
1,750,820
8,406,783
Total Common Stocks
170,971,952
719,789,140
147,215
890,908,307
Short-Term Investments
Investment Companies
4,916,639
4,916,639
Total Investments in Securities
$175,888,591
$719,789,140
$147,215
$895,824,946
Global Select Equity ETF
 
 
 
Level 1
Quoted prices
Level 2
Other significant
observable inputs
Level 3
Significant
unobservable inputs
Total
Investments in Securities
Common Stocks
Canada
$4,590,123
$
$
$4,590,123
China
7,940,746
7,940,746
Denmark
17,912,936
17,912,936
France
55,726,955
55,726,955
Germany
16,814,280
16,814,280
Hong Kong
5,083,501
5,083,501
India
7,730,102
7,730,102
Japan
23,848,508
23,848,508
Mexico
5,780,487
5,780,487
Netherlands
28,789,757
28,789,757
Singapore
10,531,829
10,531,829
South Korea
9,751,197
9,751,197
Sweden
7,633,586
7,633,586
Switzerland
5,555,038
5,555,038
Taiwan
24,494,951
24,494,951
United Kingdom
30,806,922
30,806,922
United States
559,309,973
9,043,547
568,353,520
Total Common Stocks
609,846,382
221,498,056
831,344,438
October 31, 2023
J.P. Morgan Exchange-Traded Funds
59


NOTES TO FINANCIAL STATEMENTS
AS OF October 31, 2023 (continued)
Global Select Equity ETF (continued)
 
 
 
Level 1
Quoted prices
Level 2
Other significant
observable inputs
Level 3
Significant
unobservable inputs
Total
Short-Term Investments
Investment Companies
$10,930,514
$
$
$10,930,514
Total Investments in Securities
$620,776,896
$221,498,056
$
$842,274,952
Hedged Equity Laddered Overlay ETF
 
 
 
 
 
Level 1
Quoted prices
Level 2
Other significant
observable inputs
Level 3
Significant
unobservable inputs
Total
Total Investments in Securities(a)
$60,411,224
$
$
$60,411,224
Depreciation in Other Financial Instruments
Futures Contracts(a)
$(21
)
$
$
$(21
)
Options Written(a)
Call Options Written
(53,449
)
(53,449
)
Put Options Written
(40,678
)
(40,678
)
Total Depreciation in Other Financial Instruments
$(94,148
)
$
$
$(94,148
)

 
(a)
Please refer to the SOI for specifics of portfolio holdings.
International Growth ETF
 
 
 
Level 1
Quoted prices
Level 2
Other significant
observable inputs
Level 3
Significant
unobservable inputs
Total
Investments in Securities
Common Stocks
Australia
$
$1,765,825
$
$1,765,825
Belgium
551,559
551,559
Brazil
1,294,838
1,294,838
Canada
4,531,052
4,531,052
China
1,797,759
4,766,045
6,563,804
Denmark
2,676,588
2,676,588
France
9,074,295
9,074,295
Germany
3,058,639
3,058,639
Hong Kong
798,530
798,530
India
1,569,053
1,569,053
Indonesia
792,682
1,236,927
2,029,609
Italy
343,569
343,569
Japan
12,071,622
12,071,622
Mexico
1,015,835
1,015,835
Netherlands
205,295
4,267,460
4,472,755
Singapore
1,285,248
1,285,248
South Korea
509,639
509,639
Spain
2,059,686
2,059,686
Sweden
2,693,956
2,693,956
Switzerland
1,165,126
1,165,126
Taiwan
4,179,821
4,179,821
United Kingdom
9,355,276
9,355,276
United States
2,328,795
5,556,720
7,885,515
Total Common Stocks
17,715,130
63,236,710
80,951,840
60
J.P. Morgan Exchange-Traded Funds
October 31, 2023


International Growth ETF (continued)
 
 
 
Level 1
Quoted prices
Level 2
Other significant
observable inputs
Level 3
Significant
unobservable inputs
Total
Short-Term Investments
Investment Companies
$1,033,189
$
$
$1,033,189
Total Investments in Securities
$18,748,319
$63,236,710
$
$81,985,029
International Value ETF
 
 
 
Level 1
Quoted prices
Level 2
Other significant
observable inputs
Level 3
Significant
unobservable inputs
Total
Investments in Securities
Common Stocks
Australia
$
$589,497
$
$589,497
Austria
64,375
83,688
148,063
Belgium
36,953
36,953
Brazil
255,864
255,864
Canada
631,669
631,669
Chile
27,286
27,286
China
1,065,069
1,065,069
Denmark
147,418
147,418
Finland
141,667
141,667
France
657,726
657,726
Germany
612,760
612,760
Greece
33,709
33,709
Hong Kong
104,022
104,022
Hungary
36,066
36,066
India
39,943
39,943
Indonesia
32,758
32,758
Ireland
66,486
66,486
Italy
68,359
481,421
549,780
Japan
2,031,681
2,031,681
Luxembourg
6,528
6,528
Mexico
35,489
35,489
Netherlands
425,978
425,978
Norway
36,634
95,423
132,057
Poland
47,157
47,157
Singapore
72,003
72,003
South Africa
149,073
110,992
260,065
South Korea
718,158
718,158
Spain
289,104
289,104
Sweden
155,497
155,497
Switzerland
32,213
325,554
357,767
Taiwan
350,629
350,629
Thailand
61,044
61,044
Turkey
26,910
26,910
United Kingdom
31,882
578,454
610,336
United States
239,986
239,986
Total Common Stocks
1,399,697
9,597,428
10,997,125
Exchange-Traded Funds
108,403
108,403
October 31, 2023
J.P. Morgan Exchange-Traded Funds
61


NOTES TO FINANCIAL STATEMENTS
AS OF October 31, 2023 (continued)
International Value ETF (continued)
 
 
 
Level 1
Quoted prices
Level 2
Other significant
observable inputs
Level 3
Significant
unobservable inputs
Total
Short-Term Investments
Investment Companies
$336,217
$
$
$336,217
Total Investments in Securities
$1,844,317
$9,597,428
$
$11,441,745
B. Restricted Securities  Certain securities held by the Funds may be subject to legal or contractual restrictions on resale. Restricted securities generally are resold in transactions exempt from registration under the Securities Act of 1933, as amended (the “Securities Act”). Disposal of these securities may involve time-consuming negotiations and expense. Prompt sale at the current valuation may be difficult and could adversely affect the NAVs of the Funds.
As of October 31, 2023, the Funds had no investments in restricted securities other than securities sold to the Funds under Rule 144A and/or Regulation S under the Securities Act.
C. Securities Lending The Funds are authorized to engage in securities lending in order to generate additional income. The Funds are able to lend to approved borrowers. Citibank N.A. (“Citibank”) serves as lending agent for the Funds, pursuant to a Securities Lending Agency Agreement (the “Securities Lending Agency Agreement”). Securities loaned are collateralized by cash equal to at least 100% of the market value plus accrued interest on the securities lent, which is invested in the Class IM Shares of the JPMorgan U.S. Government Money Market Fund. The Funds retain the interest earned on cash collateral investments but are required to pay the borrower a rebate for the use of the cash collateral. In cases where the lent security is of high value to borrowers, there may be a negative rebate (i.e., a net payment from the borrower to the Funds). Upon termination of a loan, the Funds are required to return to the borrower an amount equal to the cash collateral, plus any rebate owed to the borrowers. The remaining maturities of the securities lending transactions are considered overnight and continuous. Loans are subject to termination by the Funds or the borrower at any time.
The net income earned on the securities lending (after payment of rebates and Citibank’s fee) is included on the Statements of Operations as Income from securities lending (net). The Funds also receive payments from the borrower during the period of the loan, equivalent to dividends and interest earned on the securities loaned, which are recorded as Dividend or Interest income, respectively, on the Statements of Operations.
Under the Securities Lending Agency Agreement, Citibank marks to market the loaned securities on a daily basis. In the event the cash received from the borrower is less than 102% of the value of the loaned securities (105% for loans of non-U.S. securities), Citibank requests additional cash from the borrower so as to maintain a collateralization level of at least 102% of the value of the loaned securities plus accrued interest (105% for loans of non-U.S. securities), subject to certain de minimis amounts.
The value of securities out on loan is recorded as an asset on the Statements of Assets and Liabilities. The value of the cash collateral received is recorded as a liability on the Statements of Assets and Liabilities and details of collateral investments are disclosed on the SOIs.
The Funds bear the risk of loss associated with the collateral investments and are not entitled to additional collateral from the borrower to cover any such losses. To the extent that the value of the collateral investments declines below the amount owed to a borrower, the Funds may incur losses that exceed the amount they earned on lending the security. Upon termination of a loan, the Funds may use leverage (borrow money) to repay the borrower for cash collateral posted if the Adviser does not believe that it is prudent to sell the collateral investments to fund the payment of this liability. Securities lending activity is subject to master netting arrangements.
Securities lending also involves counterparty risks, including the risk that the loaned securities may not be returned in a timely manner or at all. Subject to certain conditions, Citibank has agreed to indemnify the Funds from losses resulting from a borrower’s failure to return a loaned security.
JPMIM voluntarily waived management fees charged to the Funds to reduce the impact of the cash collateral investment in the JPMorgan U.S. Government Money Market Fund from 0.13% to 0.06%. For the year ended October 31, 2023, JPMIM waived fees associated with the Funds' investment in the JPMorgan U.S. Government Money Market Fund as follows:
ActiveBuilders Emerging Markets Equity ETF
$3
International Growth ETF
157
The above waiver is included in the determination of earnings on cash collateral investment and in the calculation of Citibank’s compensation and is included on the Statements of Operations as Income from securities lending (net).
ActiveBuilders Emerging Markets Equity ETF and International Growth ETF did not have any securities out on loan at October 31, 2023. Active China ETF, Global Select Equity ETF, Hedged Equity Laddered Overlay ETF and International Value ETF did not lend out any securities during the year ended October 31, 2023.
62
J.P. Morgan Exchange-Traded Funds
October 31, 2023


D. Investment Transactions with Affiliates  The Funds invested in Underlying Funds advised by the Adviser. An issuer which is under common control with a Fund may be considered an affiliate. For the purposes of the financial statements, the Funds assume the issuers listed in the tables below to be affiliated issuers. The Underlying Funds’ distributions may be reinvested into such Underlying Funds. Reinvestment amounts are included in the purchases at cost amounts in the tables below.
Active China ETF
For the period ended October 31, 2023
Security Description
Value at
March 15,
2023(a)
Purchases at
Cost
Proceeds from
Sales
Net Realized
Gain (Loss)
Change in
Unrealized
Appreciation/
(Depreciation)
Value at
October 31,
2023
Shares at
October 31,
2023
Dividend
Income
Capital Gain
Distributions
JPMorgan Prime Money Market Fund Class IM
Shares, 5.49% (b) (c)
$
$11,630,343
$11,619,765
$(575
)
$1
$10,004
10,000
$3,317
$

 
(a)
Commencement of operations was March 15, 2023.
(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.
ActiveBuilders Emerging Markets Equity ETF
For the year ended October 31, 2023
Security Description
Value at
October 31,
2022
Purchases at
Cost
Proceeds from
Sales
Net Realized
Gain (Loss)
Change in
Unrealized
Appreciation/
(Depreciation)
Value at
October 31,
2023
Shares at
October 31,
2023
Dividend
Income
Capital Gain
Distributions
JPMorgan Prime Money Market Fund
Class IM Shares, 5.49% (a) (b)
$3,448,509
$202,171,774
$200,713,928
$9,594
$690
$4,916,639
4,914,673
$191,415
$
JPMorgan U.S. Government Money
Market Fund Class IM Shares,
5.29% (a) (b)
744,540
744,540
243
*
Total
$3,448,509
$202,916,314
$201,458,468
$9,594
$690
$4,916,639
$191,658
$

 
(a)
Investment in an affiliated fund, which is registered under the Investment Company Act of 1940, as amended, and is advised by J.P. Morgan
Investment Management Inc.
(b)
The rate shown is the current yield as of October 31, 2023.
*
Amount is included on the Statements of Operations as Income from securities lending (net) (after payments of rebates and Citibank’s fee).
Global Select Equity ETF
For the period ended October 31, 2023
Security Description
Value at
September 13,
2023(a)
Purchases at
Cost
Proceeds from
Sales
Net Realized
Gain (Loss)
Change in
Unrealized
Appreciation/
(Depreciation)
Value at
October 31,
2023
Shares at
October 31,
2023
Dividend
Income
Capital Gain
Distributions
JPMorgan Prime Money Market Fund
Class IM Shares, 5.49% (b) (c)
$
$22,206,596
$11,276,079
$(179
)
$176
$10,930,514
10,926,144
$34,824
$

 
(a)
Commencement of operations was September 13, 2023.
(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.
October 31, 2023
J.P. Morgan Exchange-Traded Funds
63


NOTES TO FINANCIAL STATEMENTS
AS OF October 31, 2023 (continued)
Hedged Equity Laddered Overlay ETF
For the period ended October 31, 2023
Security Description
Value at
September 28,
2023(a)
Purchases at
Cost
Proceeds from
Sales
Net Realized
Gain (Loss)
Change in
Unrealized
Appreciation/
(Depreciation)
Value at
October 31,
2023
Shares at
October 31,
2023
Dividend
Income
Capital Gain
Distributions
JPMorgan U.S. Government Money Market
Fund Class IM Shares, 5.29% (b) (c)
$
$19,452,157
$19,000,972
$
$
$451,185
451,185
$12,405
$

 
(a)
Commencement of operations was September 28, 2023.
(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.
International Growth ETF
For the year ended October 31, 2023
Security Description
Value at
October 31,
2022
Purchases at
Cost
Proceeds from
Sales
Net Realized
Gain (Loss)
Change in
Unrealized
Appreciation/
(Depreciation)
Value at
October 31,
2023
Shares at
October 31,
2023
Dividend
Income
Capital Gain
Distributions
JPMorgan U.S. Government Money Market
Fund Class IM Shares, 5.29% (a) (b)
$749,113
$2,972,140
$3,721,253
$
$
$
$7,966
*
$
JPMorgan U.S. Government Money Market
Fund Class IM Shares, 5.29% (a) (b)
2,455,095
21,691,779
23,113,685
1,033,189
1,033,189
62,958
Total
$3,204,208
$24,663,919
$26,834,938
$
$
$1,033,189
$70,924
$

 
(a)
Investment in an affiliated fund, which is registered under the Investment Company Act of 1940, as amended, and is advised by J.P. Morgan
Investment Management Inc.
(b)
The rate shown is the current yield as of October 31, 2023.
*
Amount is included on the Statements of Operations as Income from securities lending (net) (after payments of rebates and Citibank’s fee).
International Value ETF
For the period ended October 31, 2023
Security Description
Value at
September 13,
2023(a)
Purchases at
Cost
Proceeds from
Sales
Net Realized
Gain (Loss)
Change in
Unrealized
Appreciation/
(Depreciation)
Value at
October 31,
2023
Shares at
October 31,
2023
Dividend
Income
Capital Gain
Distributions
JPMorgan U.S. Government Money Market
Fund Class IM Shares, 5.29% (b) (c)
$
$8,710,925
$8,374,708
$
$
$336,217
336,217
$3,517
$

 
(a)
Commencement of operations was September 13, 2023.
(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.
E. Foreign Currency Translation The books and records of the Funds are maintained in U.S. dollars. Foreign currency amounts are translated into U.S. dollars at the prevailing exchange rates of such currencies against the U.S. dollar. The market value of investment securities and other assets and liabilities are translated at the exchange rate as of the valuation date. Purchases and sales of investment securities, income and expenses are translated at the exchange rate prevailing on the respective dates of such transactions.
The Funds do not isolate the effect of changes in foreign exchange rates from changes in market prices on securities held. Accordingly, such changes are included within Change in net unrealized appreciation/depreciation on investments in non-affiliates on the Statements of Operations.
Reported realized foreign currency gains and losses arise from the disposition of foreign currency, currency gains or losses realized between the trade and settlement dates on securities transactions, and the difference between the amounts of dividends, interest and foreign withholding taxes recorded on each Fund's books on the transaction date and the U.S. dollar equivalent of the amounts actually received or paid. These reported
64
J.P. Morgan Exchange-Traded Funds
October 31, 2023


realized foreign currency gains and losses are included in Net realized gain (loss) on foreign currency transactions on the Statements of Operations. Unrealized foreign currency gains and losses arise from changes (due to changes in exchange rates) in the value of foreign currency and other assets and liabilities denominated in foreign currencies, which are held at year end and are included in Change in net unrealized appreciation/depreciation on foreign currency translations on the Statements of Operations.  
F. Options   Hedged Equity Laddered Overlay ETF purchased and sold (“wrote”) put and call options on various instruments including options on indices to manage and hedge interest rate risks within its portfolio and also to gain long or short exposure to the underlying instrument, index, currency or rate. A purchaser of a put option has the right, but not the obligation, to sell the underlying instrument at an agreed upon price (“strike price”) to the option seller. A purchaser of a call option has the right, but not the obligation, to purchase the underlying instrument at the strike price from the option seller.
Options Purchased  Premiums paid by the Fund for options purchased are included on the Statements of Assets and Liabilities as Options purchased. The option is adjusted daily to reflect the current market value of the option and the change is recorded as Change in net unrealized appreciation/depreciation on options purchased on the Statements of Operations. If the option is allowed to expire, the Funds will lose the entire premium it paid and record a realized loss for the premium amount. Premiums paid for options purchased which are exercised or closed are added to the amounts paid or will offset against the proceeds on the underlying investment transaction to determine the realized gain (loss) or cost basis of the underlying investment.
Options Written  Premiums received by the Fund for options written are included on the Statements of Assets and Liabilities as a liability. The amount of the liability is adjusted daily to reflect the current market value of the option written and the change in market value is recorded as Change in net unrealized appreciation/depreciation on options written on the Statements of Operations. Premiums received from options written that expire are treated as realized gains. If a written option is closed, the Fund records a realized gain or loss on options written based on whether the cost of the closing transaction exceeds the premium received. If a call option is exercised by the option buyer, the premium received by the Fund is added to the proceeds from the sale of the underlying security to the option buyer and compared to the cost of the closing transaction to determine whether there has been a realized gain or loss. If a put option is exercised by an option buyer, the premium received by the option seller reduces the cost basis of the purchased security.
The Fund pledges collateral to the counterparty in the form of securities for options written. Securities designated as collateral are denoted on the SOI.
Written uncovered call options subject the Fund to unlimited risk of loss. Written covered call options limit the upside potential of a security above the strike price. Written put options subject the Fund to risk of loss if the value of the security declines below the exercise price minus the put premium.
The Fund is not subject to credit risk on options written as the counterparty has already performed its obligation by paying the premium at the inception of the contract.
The Fund’s exchange-traded option contracts are not subject to  master netting arrangements (the right to close out all transactions traded with a counterparty and net amounts owed or due across transactions). 
G. Futures Contracts Hedged Equity Laddered Overlay ETF used index futures contracts to gain or reduce exposure to the stock market, or maintain liquidity or minimize transaction costs. The Fund also used index futures contracts to more effectively manage the long and short equity exposures in the portfolio. The Fund also purchased futures contracts to invest incoming cash in the market or sold futures in response to cash outflows, thereby simulating an invested position in the underlying index while maintaining a cash balance for liquidity.
Futures contracts provide for the delayed delivery of the underlying instrument at a fixed price or are settled for a cash amount based on the change in the value of the underlying instrument at a specific date in the future. Upon entering into a futures contract, the Fund is  required to deposit with the broker, cash or securities in an amount equal to a certain percentage of the contract amount, which is referred to as the initial margin deposit. Subsequent payments, referred to as variation margin, are made or received by the Fund periodically and are based on changes in the market value of open futures contracts. Changes in the market value of open futures contracts are recorded as Change in net unrealized appreciation/depreciation on futures contracts on the Statements of Operations. Realized gains or losses, representing the difference between the value of the contract at the time it was opened and the value at the time it was closed, are reported on the Statements of Operations at the closing or expiration of the futures contract. Securities deposited as initial margin are designated on the SOIs, while cash deposited, which is considered restricted, is recorded on the Statements of Assets and Liabilities. A receivable from and/or a payable to brokers for the daily variation margin is also recorded on the Statements of Assets and Liabilities.
The use of futures contracts exposes the Fund to equity price risk. The Fund may be subject to the risk that the change in the value of the futures contract may not correlate perfectly with the underlying instrument. Use of long futures contracts subjects the Fund to risk of loss in excess of the amounts shown on the Statements of Assets and Liabilities, up to the notional amount of the futures contracts. Use of short futures contracts subjects the Fund to unlimited risk of loss. The Fund may enter into futures contracts only on exchanges or boards of trade. The exchange or board of trade acts as the counterparty to each futures transaction; therefore, the Fund's credit risk is limited to failure of the exchange or board of trade. Under some circumstances, futures exchanges may establish daily limits on the amount that the price of a futures contract can vary from the previous day’s settlement price, which could effectively prevent liquidation of positions.
October 31, 2023
J.P. Morgan Exchange-Traded Funds
65


NOTES TO FINANCIAL STATEMENTS
AS OF October 31, 2023 (continued)
The Fund's futures contracts are not subject to master netting arrangements (the right to close out all transactions traded with a counterparty and net amounts owed or due across transactions). 
Derivatives Volume
The table below discloses the volume of the Fund's options and futures contracts activity during the year ended October 31, 2023:
 
Hedged Equity
Laddered Overlay ETF
Futures Contracts:
Average Notional Balance Long
$331,230
(a)
Ending Notional Balance Long
842,350
Exchange-Traded Options:
Average Number of Contracts Purchased
668
(a)
Average Number of Contracts Written
(1,336
)(a)
Ending Number of Contracts Purchased
1,419
Ending Number of Contracts Written
(2,838
)

 
(a)
For the period September 28, 2023 through October 31, 2023.
The Fund's derivatives contracts held at October 31, 2023 are not accounted for as hedging instruments under GAAP.
H. Security Transactions and Investment Income  Investment transactions are accounted for on the trade date (the date the order to buy or sell is executed). Securities gains and losses are calculated on a specifically identified cost basis. 
Dividend income, net of foreign taxes withheld, if any, is recorded on the ex-dividend date or when a Fund first learns of the dividend.
To the extent such information is publicly available, the Funds record distributions received in excess of income earned from underlying investments as a reduction of cost of investments and/or realized gain. Such amounts are based on estimates if actual amounts are not available and actual amounts of income, realized gain and return of capital may differ from the estimated amounts. The Funds adjust the estimated amounts of the components of distributions (and consequently their net investment income) as necessary, once the issuers provide information about the actual composition of the distributions.
66
J.P. Morgan Exchange-Traded Funds
October 31, 2023


I. Federal Income Taxes  Each Fund is treated as a separate taxable entity for Federal income tax purposes. Each Fund's policy is to comply with the provisions of the Internal Revenue Code (the “Code”) applicable to regulated investment companies and to distribute to shareholders all of its distributable net investment income and net realized capital gains on investments. Accordingly, no provision for Federal income tax is necessary. Management has reviewed the Funds' tax positions for all open tax years and has determined that as of October 31, 2023, no liability for Federal income tax is required in the Funds' financial statements for net unrecognized tax benefits. However, management’s conclusions may be subject to future review based on changes in, or the interpretation of, the accounting standards or tax laws and regulations. Each Fund's Federal tax returns for the prior three fiscal years, or since inception if shorter, remain subject to examination by the Internal Revenue Service.
J. Foreign Taxes The Funds may be subject to foreign taxes on income, gains on investments or currency purchases/repatriation, a portion of which may be recoverable. The Funds will accrue such taxes and recoveries as applicable, based upon their current interpretation of tax rules and regulations that exist in the markets in which they invest. When a capital gains tax is determined to apply, the Funds record an estimated deferred tax liability in an amount that would be payable if the securities were disposed of on the valuation date.  
K. Distributions to Shareholders  Distributions from net investment income, if any, are generally declared and paid at least annually for Active China ETF, ActiveBuilders Emerging Markets Equity ETF, Global Select Equity ETF, International Growth ETF and International Value ETF, and at least quarterly for Hedged Equity Laddered Overlay ETF. Net realized capital gains, if any, are distributed by each Fund at least annually. The amount of distributions from net investment income and net realized capital gains is determined in accordance with Federal income tax regulations, which may differ from GAAP. To the extent these “book/tax” differences are permanent in nature (i.e., that they result from other than timing of recognition — “temporary differences”), such amounts are reclassified within the capital accounts based on their Federal tax basis treatment.
The following amounts were reclassified within the capital accounts:
 
Paid-in-Capital
Accumulated
undistributed
(distributions in
excess of)
net investment
income
Accumulated
net realized
gains (losses)
Active China ETF
$
$4,973
$(4,973
)
ActiveBuilders Emerging Markets Equity ETF
9,685,139
2,161,126
(11,846,265
)
Global Select Equity ETF
(77,524
)
77,524
International Growth ETF
214,065
(214,065
)
International Value ETF
(1,749
)
1,749
The reclassifications for the Funds relate primarily to tax adjustments on certain investments, foreign currency gains or losses and redemptions in-kind.
3. Fees and Other Transactions with Affiliates
A. Management Fee  Pursuant to each Fund’s Management Agreement, the Adviser is paid a management fee which is accrued daily and paid no more frequently than monthly based on each Fund's respective average daily net assets at the following rate: 
 
 
Active China ETF
0.65
%
ActiveBuilders Emerging Markets Equity ETF
0.33
Global Select Equity ETF
0.47
Hedged Equity Laddered Overlay ETF
0.50
International Growth ETF
0.55
International Value ETF
0.55
The Adviser, with respect to Active China ETF, has entered into an investment sub-advisory agreement with JPMorgan Asset Management (Asia Pacific) Limited (“JPMAM (AP)”), an indirect, wholly-owned subsidiary of JPMorgan Asset Management Holdings Inc. (“Sub-Advisory Agreement”). For its services as sub-adviser, JPMAM (AP) receives a portion of the fees payable to the Adviser.
Pursuant to the Sub-Advisory agreement, JPMAM (AP) is responsible for the day-to-day investment decisions of Active China ETF. JPMIM has obtained  a “managers of managers”  exemptive order from the SEC, as expanded by subsequent SEC staff no-action relief  (the “Exemptive Order”), upon which Active China ETF may rely, which grants exemptions from certain provisions of the 1940 Act. Pursuant to the Exemptive Order, JPMIM is permitted, subject to supervision and  approval of the Board, to enter into and materially amend sub-advisory agreements with affiliated and  unaffiliated sub-advisers without such agreements being approved by the shareholders of Active China ETF. Accordingly, Active China ETF and JPMIM may hire, terminate, or replace affiliated and unaffiliated sub-advisers without shareholder approval, including, without limitation, the replacement or reinstatement of any sub-advisers with respect to which a sub-advisory agreement has automatically terminated as a result of an assignment.
October 31, 2023
J.P. Morgan Exchange-Traded Funds
67


NOTES TO FINANCIAL STATEMENTS
AS OF October 31, 2023 (continued)
JPMIM will continue to have ultimate responsibility, subject to oversight of the Board, to oversee the sub-advisers and recommend their hiring, termination and replacement.
Active China ETF has selected JPMAM (AP) to manage all of Active China ETF’s assets. Shareholders will be notified of any changes in sub-advisers. Shareholders of Active China ETF have the right to terminate a sub-advisory agreement for Active China ETF at any time by a vote of the majority of the outstanding voting securities of Active China ETF. The Exemptive Order also permits Active China ETF to disclose to shareholders the management fees only in the aggregate.
Under each Management Agreement, JPMIM is responsible for substantially all expenses of each Fund, (including expenses of the Trust relating to each Fund), except for the management fees, payments under the Funds' 12b-1 plan (if any), interest expenses, dividend and interest expenses related to short sales, taxes, acquired fund fees and expenses (other than fees for funds advised by the Adviser and/or its affiliates), costs of holding shareholder meetings, and litigation and potential litigation and other extraordinary expenses not incurred in the ordinary course of each Fund’s business. Additionally, each Fund is responsible for its non-operating expenses, including brokerage commissions and fees and expenses associated with each Fund’s securities lending program, if applicable. For the avoidance of doubt, the Adviser’s payment of such expenses may be accomplished through a Fund’s payment of such expenses and a corresponding reduction in the fee payable to the Adviser, provided, however, that if the amount of expenses paid by a Fund exceeds the fee payable to the Adviser, the Adviser will reimburse that Fund for such amount.
B. Administration Fee  JPMIM provides administration services to the Funds. Pursuant to each Management Agreement, JPMIM is compensated as described in Note 3.A.
JPMorgan Chase Bank, N.A. (“JPMCB”), a wholly-owned subsidiary of JPMorgan, serves as the Funds' sub-administrator (the “Sub-administrator”). For its services as Sub-administrator, JPMCB receives a portion of the management fees payable to JPMIM.
C. Custodian, Accounting and Transfer Agent Fees JPMCB provides custody, accounting and transfer agency services to the Funds. For performing these services, JPMIM pays JPMCB transaction and asset-based fees that vary according to the number of transactions and positions, plus out-of-pocket expenses.
Additionally, Authorized Participants generally pay transaction fees associated with the creation and redemption of Fund shares. These fees are paid to JPMIM to offset certain custodian charges that are covered by each Management Agreement.
Interest income earned on cash balances at the custodian, if any, is included in Interest income from affiliates on the Statements of Operations.
Interest expense paid to the custodian related to cash overdrafts, if any, is included in Interest expense to affiliates on the Statements of Operations.
D. Distribution Services  The Distributor or its agent distributes Creation Units for each Fund on an agency basis. The Distributor does not maintain a secondary market in shares of each Fund. JPMDS receives no fees for their distribution services under the distribution agreement with the Trust (the “Distribution Agreement”). Although the Trust does not pay any fees under the Distribution Agreement, JPMIM pays JPMDS for certain distribution related services.
E. Waivers and Reimbursements  The Funds may invest in one or more money market funds advised by the Adviser (affiliated money market funds). The fees for the affiliated money market funds, except for investments of securities lending cash collateral, are covered under each Management Agreement as described in Note 3.A.
F. Other   Certain officers of the Trust are affiliated with the Adviser, the Administrator and JPMDS. Such officers receive no compensation from the Funds for serving in their respective roles.
The Board designated and appointed a Chief Compliance Officer to the Funds pursuant to Rule 38a-1 under the 1940 Act. The fees associated with the office of the Chief Compliance Officer are paid for by JPMIM as described in Note 3.A.
The Securities and Exchange Commission (“SEC”) has granted an exemptive order permitting the Funds to engage in principal transactions with J.P. Morgan Securities LLC, an affiliated broker, involving taxable money market instruments, subject to certain conditions.
4. Investment Transactions
During the year ended October 31, 2023, purchases and sales of investments (excluding short-term investments) were as follows:
 
Purchases
(excluding
U.S. Government)
Sales
(excluding
U.S. Government)
Active China ETF
$14,657,025
$1,776,031
ActiveBuilders Emerging Markets Equity ETF
444,498,192
473,059,036
Global Select Equity ETF
47,013,417
21,799,134
Hedged Equity Laddered Overlay ETF
26,544,578
1,548,271
International Growth ETF
46,882,371
42,049,543
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J.P. Morgan Exchange-Traded Funds
October 31, 2023


 
Purchases
(excluding
U.S. Government)
Sales
(excluding
U.S. Government)
International Value ETF
$10,153,216
$452,351
During the year ended October 31, 2023, there were no purchases or sales of U.S. Government securities.
For the year ended October 31, 2023, in-kind transactions associated with creations and redemptions were as follows:
 
In-Kind
Purchases
In-Kind
Sales
ActiveBuilders Emerging Markets Equity ETF
$43,330,458
$109,428,293
Global Select Equity ETF
810,414,113
Hedged Equity Laddered Overlay ETF
35,422,040
International Growth ETF
20,628,880
International Value ETF
1,986,103
During the year ended October 31, 2023, the Funds delivered portfolio securities for the redemption of Fund shares (in-kind redemptions). Cash and portfolio securities were transferred for redemptions at fair value. For financial reporting purposes, the Funds recorded net realized gains and losses in connection with each in-kind redemption transaction.
5. Federal Income Tax Matters
For Federal income tax purposes, the estimated cost and unrealized appreciation (depreciation) in value of investments held at October 31, 2023 were as follows:
 
Aggregate
Cost
Gross
Unrealized
Appreciation
Gross
Unrealized
Depreciation
Net Unrealized
Appreciation
(Depreciation)
Active China ETF
$12,654,834
$100,586
$2,197,779
$(2,097,193
)
ActiveBuilders Emerging Markets Equity ETF
1,048,714,911
28,575,344
181,465,309
(152,889,965
)
Global Select Equity ETF
845,786,281
17,326,552
20,837,881
(3,511,329
)
Hedged Equity Laddered Overlay ETF
60,857,247
1,422,698
1,962,869
(540,171
)
International Growth ETF
83,275,833
5,446,806
6,737,610
(1,290,804
)
International Value ETF
11,973,728
123,906
655,889
(531,983
)
The difference between book and tax basis appreciation (depreciation) on investments is primarily attributed to tax adjustments on certain investments and wash sale loss deferrals.
The tax character of distributions paid during the year ended October 31, 2023 was as follows:
 
Ordinary
Income*
Total
Distributions
Paid
ActiveBuilders Emerging Markets Equity ETF
$26,488,020
$26,488,020
International Growth ETF
548,251
548,251

 
*
Short-term gain distributions are treated as ordinary income for income tax purposes.
October 31, 2023
J.P. Morgan Exchange-Traded Funds
69


NOTES TO FINANCIAL STATEMENTS
AS OF October 31, 2023 (continued)
The tax character of distributions paid during the year ended October 31, 2022 was as follows:
 
Ordinary
Income*
Net
Long-Term
Capital Gains
Total
Distributions
Paid
ActiveBuilders Emerging Markets Equity ETF
$5,165,856
$
$5,165,856
International Growth ETF
426,147
397,492
823,639

 
*
Short-term gain distributions are treated as ordinary income for income tax purposes.
As of October 31, 2023, the estimated components of net assets (excluding paid-in-capital) on a tax basis were as follows:
 
Current
Distributable
Ordinary
Income
Current
Distributable
Long-Term
Capital Gain
(Tax Basis Capital
Loss Carryover)
Unrealized
Appreciation
(Depreciation)
Active China ETF
$202,582
$(236,737
)
$(2,097,197
)
ActiveBuilders Emerging Markets Equity ETF
22,314,362
(130,572,141
)
(153,284,005
)
Global Select Equity ETF
202,411
(1,001,211
)
(3,509,842
)
Hedged Equity Laddered Overlay ETF
28,799
(147,186
)
(540,171
)
International Growth ETF
1,220,047
(14,592,859
)
(1,293,068
)
International Value ETF
39,254
(52,875
)
(532,272
)
The cumulative timing differences primarily consist of tax adjustments on certain investments and wash sale loss deferrals.
At October 31, 2023, the following Funds had net capital loss carryforwards, which are available to offset future realized gains:
 
Capital Loss Carryforward Character
 
Short-Term
Long-Term
Active China ETF
$236,737
$
ActiveBuilders Emerging Markets Equity ETF
80,921,269
49,650,872
Global Select Equity ETF
1,001,211
Hedged Equity Laddered Overlay ETF
147,186
International Growth ETF
8,005,243
6,587,616
International Value ETF
52,875
6. Capital Share Transactions
The Trust issues and redeems shares of the Funds only in Creation Units through the Distributor at NAV. Capital shares transactions detail can be found in the Statements of Changes in Net Assets.
Shares of the Funds may only be purchased or redeemed by Authorized Participants. Such Authorized Participants may from time to time hold, of record or beneficially, a substantial percentage of the Funds' shares outstanding and act as executing or clearing broker for investment transactions on behalf of the Funds. An Authorized Participant is either (1) a “Participating Party” or other participant in the clearing process through the Continuous Net Settlement System of the National Securities Clearing Corporation (“NSCC”); or (2) a DTC Participant; which, in either case, must have executed an agreement with the Distributor.
Creation Units of a Fund may be created in advance of receipt by the Trust of all or a portion of the applicable basket of equity securities and other instruments (“Deposit Instruments”) and cash as described in the Funds’ registration statement. In these instances, the initial Deposit Instruments and cash must be deposited in an amount equal to the sum of the cash amount, plus at least 105% for Active China ETF, Global Select Equity ETF, Hedged Equity Laddered Overlay ETF (for negotiated redemptions only), International Growth ETF and International Value ETF, and plus at least 110% for ActiveBuilders Emerging Markets Equity ETF of the market value of undelivered Deposit Instruments. A transaction fee may be imposed to offset transfer and other transaction costs associated with the purchase or redemption of Creation Units.
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J.P. Morgan Exchange-Traded Funds
October 31, 2023


7. Borrowings
Effective November 1, 2022, the Funds rely upon an exemptive order granted by the SEC (the “Order”) permitting the establishment and operation of an Interfund Lending Facility (the “Facility”). The Facility allows the Funds to directly lend and borrow money to or from any other fund relying upon the Order at rates beneficial to both the borrowing and lending funds. Advances under the Facility are taken primarily for temporary or emergency purposes, including the meeting of redemption requests that otherwise might require the untimely disposition of securities, and are subject to each Fund's borrowing restrictions. The interfund loan rate is determined, as specified in the Order, by averaging the current repurchase agreement rate and the current bank loan rate. The Order was granted to JPMorgan Trust II and may be relied upon by the Funds because the Funds and the series of JPMorgan Trust II are all investment companies in the same “group of investment companies” (as defined in Section 12(d)(1)(G) of the 1940 Act).
As of October 31, 2023, the Funds had no borrowings outstanding from another fund, or loans outstanding to another fund. Average borrowings from the Facility during the year ended October 31, 2023 were as follows:
 
Average
Borrowings
Average
Interest
Rate paid
Number of
Days
Outstanding
Interest
Paid
ActiveBuilders Emerging Markets Equity ETF
$2,328,244
5.94
%
2
$763
The Trust and JPMCB have entered into a financing arrangement. Under this arrangement, JPMCB provides an unsecured, uncommitted credit facility in the aggregate amount of $100 million to certain of the J.P. Morgan Funds, including the Funds. Advances under the arrangement are taken primarily for temporary or emergency purposes, including the meeting of redemption requests that otherwise might require the untimely disposition of securities, and are subject to each Fund's borrowing restrictions. Interest on borrowings is payable at a rate determined by JPMCB at the time of borrowing. This agreement has been extended until October 29, 2024.
The Funds had no borrowings outstanding from the unsecured, uncommitted credit facility during the year ended October 31, 2023.
Effective August 8, 2023, the Trust, along with certain other trusts for J.P. Morgan Funds, excluding JPMorgan Global Select Equity ETF, Hedged Equity Laddered Overlay ETF and International Value ETF, (“Borrowers”), has entered into an existing joint syndicated senior unsecured revolving credit facility totaling $1.5 billion (“Credit Facility”) with various lenders and The Bank of New York Mellon, as administrative agent for the lenders. Although the Trust is effectively part of the Credit Facility as of August 8, 2023, it is not eligible to draw on the Credit Facility, and will not incur costs associated with being a part of the Credit Facility, until on or about May 28, 2024.
This Credit Facility provides a source of funds to the Borrowers for temporary and emergency purposes, including the meeting of redemption requests that otherwise might require the untimely disposition of securities. Under the terms of the Credit Facility, a borrowing fund must have a minimum of $25 million in adjusted net asset value and not exceed certain adjusted net asset coverage ratios prior to and during the time in which any borrowings are outstanding. If a fund does not comply with the aforementioned requirements, the fund must remediate within three business days with respect to the $25 million minimum adjusted net asset value or within one business day with respect to certain asset coverage ratios or the administrative agent at the request of, or with the consent of, the lenders may terminate the Credit Facility and declare any outstanding borrowings to be due and payable immediately.
Interest associated with any borrowing under the Credit Facility is charged to the borrowing fund at a rate of interest equal to 1.00% (the "Applicable Margin"), plus the greater of the federal funds effective rate or the one-month Adjusted Secured Overnight Financing Rate ("SOFR"). Effective August 8, 2023, the Credit Facility has been amended and restated for a term of 364 days, unless extended.
The Funds did not utilize the Credit Facility during the year ended October 31, 2023.
8. Risks, Concentrations and Indemnifications
In the normal course of business, the Funds enter into contracts that contain a variety of representations which provide general indemnifications. Each Fund's maximum exposure under these arrangements is unknown. The amount of exposure would depend on future claims that may be brought against each Fund. However, based on experience, the Funds expect the risk of loss to be remote.
As of October 31, 2023, JPMorgan SmartRetirement Funds, which are affiliated fund of funds, each owned in the aggregate, shares representing more than 10% of the net assets of the Funds as follows:
 
JPMorgan
SmartRetirement
Funds
ActiveBuilders Emerging Markets Equity ETF
49.9
%
Global Select Equity ETF
97.7
Significant shareholder transactions by these shareholders may impact the Funds' performance and liquidity.
October 31, 2023
J.P. Morgan Exchange-Traded Funds
71


NOTES TO FINANCIAL STATEMENTS
AS OF October 31, 2023 (continued)
As of October 31, 2023, the Adviser owned shares representing more than 10% of net assets of the following Funds:
 
% of Ownership
Active China ETF
77
%
International Value ETF
80
Significant shareholder transactions by the Adviser may impact the Funds' performance.
The Funds may have elements of risk not typically associated with investments in the United States of America due to concentrated investments in a limited number of foreign countries or regions, which may vary throughout the period. Such concentrations may subject each of these Funds to additional risks resulting from political or economic conditions in such countries or regions and the possible imposition of adverse governmental laws or currency exchange restrictions could cause the securities and their markets to be less liquid and their prices to be more volatile than those of comparable U.S. securities.
Investing in securities of foreign countries may include certain risks and considerations not typically associated with investing in U.S. securities. These risks include revaluation of currencies, high rates of inflation, repatriation restrictions on income and currencies, and future and adverse political, social and economic developments.
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 Active China ETF). 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 Active China ETF’s associated portfolio holdings would likely fall, causing substantial investment losses.
As of October 31, 2023, the following Funds had non-U.S. country allocations representing greater than 10% of total investments as follows:
 
Active
China ETF
ActiveBuilders
Emerging
Markets
Equity ETF
International
Growth ETF
International
Value ETF
China
99.9
%
28.9
%
%
%
France
11.1
India
15.3
Japan
14.7
17.8
South Korea
12.4
Taiwan
15.0
United Kingdom
11.4
As of October 31, 2023, a significant portion of the investments of the Funds consisted of securities that were denominated in foreign currencies. Changes in currency exchange rates will affect the value of, and investment income from, such securities.
Derivatives may be riskier than other types of investments because they may be more sensitive to changes in economic and market conditions and could result in losses that significantly exceed the Funds’ original investment. Many derivatives create leverage thereby causing the Funds to be more volatile than they would have been if they had not used derivatives. Derivatives also expose the Funds to counterparty risk (the risk that the derivative counterparty will not fulfill its contractual obligations), including credit risk of the derivative counterparty. The possible lack of a liquid secondary market for derivatives and the resulting inability of the Funds to sell or otherwise close a derivatives position could expose the Funds to losses.
Disruptions to creations and redemptions, the existence of significant market volatility or potential lack of an active trading market for the shares (including through a trading halt), as well as other factors, may result in shares trading significantly above (at a premium) or below (at a discount) to the NAV or to the intraday value of the Funds’ holdings. During such periods, investors may incur significant losses if shares are sold.
The Funds invest in foreign issuers and foreign securities (including depositary receipts) that are subject to additional risks, including political and economic risks, unstable governments, civil conflicts and war, greater volatility, decreased market liquidity, expropriation and nationalization risks, sanctions or other measures by the United States or other governments, currency fluctuations, higher transaction costs, delayed settlement, possible foreign controls on investment, liquidity risks and less stringent investor protection and disclosure standards of foreign markets. In certain
72
J.P. Morgan Exchange-Traded Funds
October 31, 2023


markets where securities and other instruments are not traded “delivery versus payment,” a Fund may not receive timely payment for securities or other instruments it has delivered or receive delivery of securities paid for and may be subject to increased risk that the counterparty will fail to make payments or delivery when due or default completely. Foreign market trading hours, clearance and settlement procedures, and holiday schedules may limit the Funds' ability to buy and sell securities.
Events and evolving conditions in certain economies or markets may alter the risks associated with investments tied to countries or regions that historically were perceived as comparatively stable becoming riskier and more volatile. ActiveBuilders Emerging Markets Equity ETF invests a substantial portion of its assets in emerging market countries. These risks are magnified in countries in emerging markets. Emerging market
countries typically have less established market economies than developed countries and may face greater social, economic, regulatory and political uncertainties. In addition, emerging markets typically present greater illiquidity and price volatility concerns due to smaller or limited local capital markets and greater difficulty in determining market valuations of securities due to limited public information on issuers. Certain emerging market countries may be subject to less stringent requirements regarding accounting, auditing, financial reporting and record keeping and therefore, material information related to an investment may not be available or reliable.
Additionally, the Funds may have substantial difficulties exercising their legal rights or enforcing a counterparty’s legal obligations in certain jurisdictions outside of the United States, in particular in emerging market countries, which can increase the risks of loss.
The Funds are subject to infectious disease epidemics/pandemics risk. For example, the outbreak of COVID-19 negatively affected economies, markets and individual companies throughout the world, including those in which the Funds invest. The effects of any future pandemic or other global event to business and market conditions may have a significant negative impact on the performance of a Fund's investments, increase
a Fund's volatility, negatively impact a Fund’s arbitrage and pricing mechanisms, exacerbate other pre-existing political, social and economic risks to the Funds and negatively impact broad segments of businesses and populations. In addition, governments, their regulatory agencies, or self-regulatory organizations have taken or may take actions in response to a pandemic or other global event that affect the instruments in which the
Funds invest, or the issuers of such instruments, in ways that could have a significant negative impact on a Fund’s investment performance. The ultimate impact of any pandemic or other global event and the extent to which the associated conditions and governmental responses impact a Fund will also depend on future developments, which are highly uncertain, difficult to accurately predict and subject to frequent changes.
October 31, 2023
J.P. Morgan Exchange-Traded Funds
73


REPORT OF INDEPENDENT REGISTERED PUBLIC ACCOUNTING FIRM
To the Board of Trustees of J.P. Morgan Exchange-Traded Fund Trust and Shareholders of each of the six funds listed in the table below
Opinions on the Financial Statements 
We have audited the accompanying statements of assets and liabilities, including the schedules of portfolio investments, of each of the funds listed in the table below (six of the funds constituting J.P. Morgan Exchange-Traded Fund Trust, hereafter collectively referred to as the "Funds") as of October 31, 2023, the related statements of operations and of changes in net assets for each of the periods indicated in the table below, including the related notes, and the financial highlights for each of the periods indicated therein (collectively referred to as the “financial statements”). In our opinion, the financial statements present fairly, in all material respects, the financial position of each of the Funds as of October 31, 2023, the results of each of their operations and the changes in each of their net assets for the periods indicated in the table below, and each of the financial highlights for each of the periods indicated therein, in conformity with accounting principles generally accepted in the United States of America.  
Fund
JPMorgan Active China ETF (1)
JPMorgan ActiveBuilders Emerging Markets Equity ETF (2)
JPMorgan Global Select Equity ETF (3)
JPMorgan Hedged Equity Laddered Overlay ETF (4)
JPMorgan International Growth ETF (2)
JPMorgan International Value ETF (3)
(1)
Statement of operations and statement of changes in net assets for the period March 15, 2023 (commencement of operations) through October
31, 2023
(2)
Statement of operations for the year ended October 31, 2023 and statement of changes in net assets for the years ended October 31, 2023 and
2022
(3)
Statement of operations and statement of changes in net assets for the period September 13, 2023 (commencement of operations) through
October 31, 2023
(4)
Statement of operations and statement of changes in net assets for the period September 28, 2023 (commencement of operations) through
October 31, 2023
Basis for Opinions
These financial statements are the responsibility of the Funds’ management. Our responsibility is to express an opinion on the Funds’ financial statements based on our audits. We are a public accounting firm registered with the Public Company Accounting Oversight Board (United States) (PCAOB) and are required to be independent with respect to the Funds in accordance with the U.S. federal securities laws and the applicable rules and regulations of the Securities and Exchange Commission and the PCAOB.
We conducted our audits of these financial statements in accordance with the standards of the PCAOB. Those standards require that we plan and perform the audit to obtain reasonable assurance about whether the financial statements are free of material misstatement, whether due to error or fraud.
Our audits included performing procedures to assess the risks of material misstatement of the financial statements, whether due to error or fraud, and performing procedures that respond to those risks. Such procedures included examining, on a test basis, evidence regarding the amounts and disclosures in the financial statements. Our audits also included evaluating the accounting principles used and significant estimates made by management, as well as evaluating the overall presentation of the financial statements. Our procedures included confirmation of securities owned as of October 31, 2023 by correspondence with the custodian, transfer agent and brokers; when replies were not received from brokers, we performed other auditing procedures. We believe that our audits provide a reasonable basis for our opinions.
/s/ PricewaterhouseCoopers LLP
New York, New York
December 21, 2023
We have served as the auditor of one or more investment companies in the JPMorgan Funds complex since 1993.
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J.P. Morgan Exchange-Traded Funds
October 31, 2023


TRUSTEES
(Unaudited)
The Funds' Statement of Additional Information includes additional information about the Funds' Trustees and is available, without charge, upon request by calling 1-844-457-6383 or on the J.P. Morgan Funds’ website at www.jpmorganfunds.com.
Name (Year of Birth);
Positions With
the Funds (1)
Principal Occupation
During Past 5 Years
Number of
Funds in Fund
Complex Overseen
by Trustee (2)
Other Directorships Held
During the Past 5 Years
Independent Trustees
 
John F. Finn (1947); Chair
since 2020; Trustee since
1998.
Chairman, Gardner, Inc. (supply chain
management company serving industrial and
consumer markets) (serving in various roles
1974-present).
170
Director, Greif, Inc. (GEF) (industrial
package products and services)
(2007-present); Trustee, Columbus
Association for the Performing Arts
(1988-present).
Stephen P. Fisher (1959);
Trustee since 2018.
Retired; Chairman and Chief Executive Officer,
NYLIFE Distributors LLC (registered
broker-dealer) (serving in various roles
2008-2013); Chairman, NYLIM Service
Company LLC (transfer agent) (2008-2017);
New York Life Investment Management LLC
(registered investment adviser) (serving in
various roles 2005-2017); Chairman, IndexIQ
Advisors LLC (registered investment adviser
for ETFs) (2014-2017); President, MainStay VP
Funds Trust (2007-2017), MainStay
DefinedTerm Municipal Opportunities Fund
(2011-2017) and MainStay Funds Trust
(2007-2017) (registered investment
companies).
170
Honors Program Advisory Board
Member, The Zicklin School of Business,
Baruch College, The City University of
New York (2017-present).
Gary L. French (1951);
Trustee since 2014.
Real Estate Investor (2011-2020); Investment
management industry Consultant and Expert
Witness (2011-present); Senior Consultant for
The Regulatory Fundamentals Group LLC
(2011-2017).
170
Independent Trustee, The China Fund,
Inc. (2013-2019); Exchange Traded
Concepts Trust II (2012-2014); Exchange
Traded Concepts Trust I (2011-2014).
Kathleen M. Gallagher (1958);
Trustee since 2018.
Retired; Chief Investment Officer — Benefit
Plans, Ford Motor Company (serving in various
roles 1985-2016).
170
Non- Executive Director, Legal &
General Investment Management
(Holdings) (2018-present);
Non-Executive Director, Legal &
General Investment Management
America (U.S. Holdings) (financial
services and insurance) (2017-present);
Advisory Board Member, State Street
Global Advisors Total Portfolio
Solutions (2017-present); Member,
Client Advisory Council, Financial
Engines, LLC (registered investment
adviser) (2011-2016); Director, Ford
Pension Funds Investment
Management Ltd. (2007-2016).
Robert J. Grassi (1957);
Trustee since 2014.
Sole Proprietor, Academy Hills Advisors LLC
(2012-present); Pension Director, Corning
Incorporated (2002-2012).
170
None
October 31, 2023
J.P. Morgan Exchange-Traded Funds
75


TRUSTEES
(Unaudited) (continued)
Name (Year of Birth);
Positions With
the Funds (1)
Principal Occupation
During Past 5 Years
Number of
Funds in Fund
Complex Overseen
by Trustee (2)
Other Directorships Held
During the Past 5 Years
Independent Trustees (continued)
 
Frankie D. Hughes (1952);
Trustee since 2008.
President, Ashland Hughes Properties
(property management) (2014-present);
President and Chief Investment Officer,
Hughes Capital Management, Inc. (fixed
income asset management) (1993-2014).
170
None
Raymond Kanner (1953);
Trustee since 2017.
Retired; Managing Director and Chief
Investment Officer, IBM Retirement Funds
(2007-2016).
170
Advisory Board Member, Penso
Advisors, LLC (2020-present); Advisory
Board Member, Los Angeles Capital
(2018-present); Advisory Board
Member, State Street Global Advisors
Total Portfolio Solutions (2017-
present); Acting Executive Director,
Committee on Investment of Employee
Benefit Assets (CIEBA) (2016-2017);
Advisory Board Member, Betterment
for Business (robo advisor) (2016-
2017); Advisory Board Member,
BlueStar Indexes (index creator)
(2013-2017); Director, Emerging
Markets Growth Fund (registered
investment company) (1997-2016);
Member, Russell Index Client Advisory
Board (2001-2015).
Thomas P. Lemke (1954);
Trustee since 2014.
Retired since 2013.
170
(1) Independent Trustee of Advisors’
Inner Circle III fund platform, consisting
of the following: (i) the Advisors’ Inner
Circle Fund III, (ii) the Gallery Trust, (iii)
the Schroder Series Trust, (iv) the
Delaware Wilshire Private Markets Fund
(since 2020), (v) Chiron Capital
Allocation Fund Ltd., and (vi) formerly
the Winton Diversified Opportunities
Fund (2014-2018); and (2) Independent
Trustee of the Symmetry Panoramic
Trust (since 2018).
Lawrence R. Maffia (1950);
Trustee since 2014.
Retired; Director and President, ICI Mutual
Insurance Company (2006-2013).
170
Director, ICI Mutual Insurance Company
(1999-2013).
Mary E. Martinez (1960); Vice
Chair since 2021; Trustee
since 2013.
Associate, Special Properties, a Christie’s
International Real Estate Affiliate
(2010-present); Managing Director, Bank of
America (asset management) (2007-2008);
Chief Operating Officer, U.S. Trust Asset
Management, U.S. Trust Company (asset
management) (2003-2007); President,
Excelsior Funds (registered investment
companies) (2004-2005).
170
None
Marilyn McCoy (1948);
Trustee since 1999.
Retired; Vice President of Administration and
Planning, Northwestern University
(1985-2023).
170
None
76
J.P. Morgan Exchange-Traded Funds
October 31, 2023


Name (Year of Birth);
Positions With
the Funds (1)
Principal Occupation
During Past 5 Years
Number of
Funds in Fund
Complex Overseen
by Trustee (2)
Other Directorships Held
During the Past 5 Years
Independent Trustees (continued)
 
Dr. Robert A. Oden, Jr.
(1946); Trustee
since 1997.
Retired; President, Carleton College
(2002-2010); President, Kenyon College
(1995-2002).
170
Trustee, The Coldwater Conservation
Fund (2017-present); Trustee, American
Museum of Fly Fishing (2013-present);
Trustee and Vice Chair, Trout Unlimited
(2017-2021); Trustee, Dartmouth-
Hitchcock Medical Center (2011-2020).
Marian U. Pardo* (1946);
Trustee since 2013.
Managing Director and Founder, Virtual
Capital Management LLC (investment
consulting) (2007-present); Managing Director,
Credit Suisse Asset Management (portfolio
manager) (2003-2006).
170
Board Chair and Member, Board of
Governors, Columbus Citizens
Foundation (not-for-profit supporting
philanthropic and cultural programs)
(2006-present).
Emily A. Youssouf (1951);
Trustee since 2014.
Adjunct Professor (2011-present) and Clinical
Professor (2009-2011), NYU Schack Institute of
Real Estate; Board Member and Member of the
Audit Committee (2013–present), Chair of
Finance Committee (2019-present), Member of
Related Parties Committee (2013-2018) and
Member of the Enterprise Risk Committee
(2015-2018), PennyMac Financial Services, Inc.;
Board Member (2005-2018), Chair of Capital
Committee (2006-2016), Chair of Audit
Committee (2005-2018), Member of Finance
Committee (2005-2018) and Chair of IT
Committee (2016-2018), NYC Health and
Hospitals Corporation.
170
Trustee, NYC School Construction
Authority (2009-present); Board
Member, NYS Job Development
Authority (2008-present); Trustee and
Chair of the Audit Committee of the
Transit Center Foundation (2015-2019).
Interested Trustees
 
Robert F. Deutsch** (1957);
Trustee since 2014.
Retired; Head of ETF Business for JPMorgan
Asset Management (2013-2017); Head of
Global Liquidity Business for JPMorgan Asset
Management (2003-2013).
170
Treasurer and Director of the JUST
Capital Foundation (2017-present).
Nina O. Shenker** (1957);
Trustee since 2022.
Vice Chair (2017-2021), General Counsel and
Managing Director (2008-2016), Associate
General Counsel and Managing Director
(2004-2008), J.P. Morgan Asset & Wealth
Management.
170
Director and Member of Legal and
Human Resources Subcommittees,
American Jewish Joint Distribution
Committee (2018-present).

 
(1)
The year shown is the first year in which a Trustee became a member of any of the following: the JPMorgan Mutual Fund Board, the JPMorgan
ETF Board, the heritage J.P. Morgan Funds or the heritage One Group Mutual Funds. Trustees serve an indefinite term, until resignation,
retirement, removal or death. The Board's current retirement policy sets retirement at the end of the calendar year in which the Trustee attains
the age of 75, provided that any Board member who was a member of the JPMorgan Mutual Fund Board prior to January 1, 2022 and was born
prior to January 1, 1950 shall retire from the Board at the end of the calendar year in which the Trustee attains the age of 78.
(2)
A Fund Complex means two or more registered investment companies that hold themselves out to investors as related companies for purposes
of investment and investor services or have a common investment adviser or have an investment adviser that is an affiliated person of the
investment adviser of any of the other registered investment companies. The J.P. Morgan Funds Complex for which the Board of Trustees serves
currently includes nine registered investment companies (170 J.P. Morgan Funds).
*
In connection with prior employment with JPMorgan Chase, Ms. Pardo was the recipient of non-qualified pension plan payments from JPMorgan
Chase in the amount of approximately $2,055 per month, which she irrevocably waived effective January 1, 2013, and deferred compensation
payments from JPMorgan Chase in the amount of approximately $7,294 per year, which ended in January 2013. In addition, Ms. Pardo receives
payments from a fully-funded qualified plan, which is not an obligation of JPMorgan Chase.
October 31, 2023
J.P. Morgan Exchange-Traded Funds
77


TRUSTEES
(Unaudited) (continued)
**
Designation as an “Interested Trustee” is based on prior employment by the Adviser or an affiliate of the Adviser or interests in a control person
of the Adviser.
 
The contact address for each of the Trustees is 277 Park Avenue, New York, NY 10172.
78
J.P. Morgan Exchange-Traded Funds
October 31, 2023


OFFICERS
(Unaudited)
Name (Year of Birth),
Positions Held with
the Trust (Since)
Principal Occupations During Past 5 Years
Brian S. Shlissel (1964),
President and Principal Executive
Officer (2021)
Managing Director and Chief Administrative Officer for J.P. Morgan pooled vehicles, J.P. Morgan Investment
Management Inc. since 2014.
Timothy J. Clemens (1975),
Treasurer and Principal Financial
Officer (2020)
Managing Director, J.P. Morgan Investment Management Inc. Mr. Clemens has been with J.P. Morgan
Investment Management Inc. since 2013.
Gregory S. Samuels (1980),
Secretary (2022) (formerly
Assistant
Secretary 2014-2022)
Managing Director and Assistant General Counsel, JPMorgan Chase & Co. Mr. Samuels has been with
JPMorgan Chase & Co. since 2010.
Stephen M. Ungerman (1953),
Chief Compliance Officer (2014)
Managing Director, JPMorgan Chase & Co. Mr. Ungerman has been with JPMorgan Chase & Co. since 2000.
Kiesha Astwood-Smith (1973),
Assistant Secretary (2021)
Vice President and Assistant General Counsel, JPMorgan Chase & Co. since June 2021; Senior Director and
Counsel, Equitable Financial Life Insurance Company (formerly, AXA Equitable Life Insurance Company) from
September 2015 through June 2021.
Matthew Beck (1988),
Assistant Secretary (2021)*
Vice President and Assistant General Counsel, JPMorgan Chase & Co. since May 2021; Senior Legal Counsel,
Ultimus Fund Solutions from May 2018 through May 2021; General Counsel, The Nottingham Company from
April 2014 through May 2018.
Elizabeth A. Davin (1964),
Assistant Secretary (2022)
(formerly Secretary 2018-2022)*
Executive Director and Assistant General Counsel, JPMorgan Chase & Co. Ms. Davin has been with JPMorgan
Chase & Co. (formerly Bank One Corporation) since 2004.
Jessica K. Ditullio (1962),
Assistant Secretary (2014)*
Executive Director and Assistant General Counsel, JPMorgan Chase & Co. Ms. Ditullio has been with JPMorgan
Chase & Co. (formerly Bank One Corporation) since 1990.
Anthony Geron (1971),
Assistant Secretary (2019)
Vice President and Assistant General Counsel, JPMorgan Chase & Co. since September 2018; Lead Director
and Counsel, AXA Equitable Life Insurance Company from 2015 to 2018 and Senior Director and Counsel, AXA
Equitable Life Insurance Company from 2014 to 2015.
Carmine Lekstutis (1980),
Assistant Secretary (2014)
Executive Director and Assistant General Counsel, JPMorgan Chase & Co. Mr. Lekstutis has been with
JPMorgan Chase & Co. since 2011.
Max Vogel (1990),
Assistant Secretary (2021)
Vice President and Assistant General Counsel, JPMorgan Chase & Co. since June 2021; Associate, Proskauer
Rose LLP (law firm) from March 2017 to June 2021.
Zachary E. Vonnegut-Gabovitch
(1986),
Assistant Secretary (2017)
Executive Director and Assistant General Counsel, JPMorgan Chase & Co. Mr. Vonnegut-Gabovitch has been
with JPMorgan Chase & Co. since September 2016.
Frederick J. Cavaliere (1978),
Assistant Treasurer (2015)**
Executive Director, J.P. Morgan Investment Management Inc. Mr. Cavaliere has been with JPMorgan Chase &
Co. since May 2006.
Michael M. D’Ambrosio (1969),
Assistant Treasurer (2014)
Managing Director, J.P. Morgan Investment Management Inc. Mr. D’Ambrosio has been with J.P. Morgan
Investment Management Inc. since 2012.
Aleksandr Fleytekh (1972),
Assistant Treasurer (2023)
Executive Director, J.P. Morgan Investment Management Inc. Mr. Fleytekh has been with J.P. Morgan
Investment Management Inc. since February 2012.
Shannon Gaines (1977),
Assistant Treasurer (2019)*
Executive Director, J.P. Morgan Investment Management Inc. Mr. Gaines has been with J.P. Morgan Investment
Management Inc. since January 2014.
Jeffrey D. House (1972),
Assistant Treasurer (2023)*
Vice President, J.P. Morgan Investment Management Inc. Mr. House has been with J.P. Morgan Investment
Management Inc. since July 2006.
Michael Mannarino (1985),
Assistant Treasurer (2023)
Vice President, J.P. Morgan Investment Management Inc. Mr. Mannarino has been with J.P. Morgan Investment
Management Inc. since 2014.
October 31, 2023
J.P. Morgan Exchange-Traded Funds
79


OFFICERS
(Unaudited) (continued)
Nektarios E. Manolakakis (1972),
Assistant Treasurer (2020)
Executive Director, J.P. Morgan Investment Management Inc. since February 2021, formerly Vice President, J.P.
Morgan Investment Management Inc. since 2014; Vice President, J.P. Morgan Corporate & Investment Bank
2010-2014.
Todd McEwen (1981),
Assistant Treasurer (2020)*
Vice President, J.P. Morgan Investment Management Inc. Mr. McEwen has been with J.P. Morgan Investment
Management Inc. since 2010.
Joseph Parascondola (1963),
Assistant Treasurer (2023)**
Executive Director, J.P. Morgan Investment Management Inc. Mr. Parascondola has been with J.P. Morgan
Investment Management Inc. since 2006.
Gillian I. Sands (1969),
Assistant Treasurer (2023)
Executive Director, J.P. Morgan Investment Management Inc. Ms. Sands has been with J.P. Morgan Investment
Management Inc. since September 2012.

 
The contact address for each of the officers, unless otherwise noted, is 277 Park Avenue, New York, NY 10172.
*
The contact address for the officer is 1111 Polaris Parkway, Columbus, OH 43240.
**
The contact address for the officer is 575 Washington Boulevard, Jersey City, NJ 07310.
80
J.P. Morgan Exchange-Traded Funds
October 31, 2023


SCHEDULE OF SHAREHOLDER EXPENSES
(Unaudited)
Hypothetical $1,000 Investment
As a shareholder of the Funds, you incur two types of costs: (1) transaction costs, including brokerage commissions on your purchase and sales of Fund shares and (2) ongoing costs, primarily management fees. The examples below are intended to help you understand your ongoing costs (in dollars) of investing in the Funds and to compare these ongoing costs with the ongoing costs of investing in other funds. The examples assume that you had a $1,000 investment at the beginning of the reporting period, May 1, 2023, and continued to hold your shares at the end of the reporting period, October 31, 2023. 
Actual Expenses
For each Fund in the table below, the first line provides information about actual account values and actual expenses. You may use the information in this line, together with the amount you invested, to estimate the expenses that you paid over the period. Simply divide your account value by $1,000 (for example, an $8,600 account value divided by $1,000 = 8.6), then multiply the result by the number in the first line of each Fund under the heading titled “Expenses Paid During the
Period” to estimate the expenses you paid on your account during this period.
Hypothetical Example for Comparison Purposes
The second line of each Fund in the table below provides information about hypothetical account values and hypothetical expenses based on the actual expense ratio and an assumed rate of return of 5% per year before expenses, which is not the Fund's actual return. The hypothetical account values and expenses may not be used to estimate the actual ending account balance or expenses you paid for the period. You may use this information to compare the ongoing costs of investing in the Funds and other funds. To do so, compare this 5% hypothetical example with the 5% hypothetical examples that appear in the shareholder reports of the other funds. The examples also assume all dividends and distributions have been reinvested. The examples do not take into account brokerage commissions that you pay when purchasing or selling shares of a Fund.
 
 
Beginning
Account Value
May 1, 2023
Ending
Account Value
October 31, 2023
Expenses
Paid During
the Period
Annualized
Expense
Ratio
JPMorgan Active China ETF
Actual*
$1,000.00
$851.00
$3.03
0.65
%
Hypothetical*
1,000.00
1,021.93
3.31
0.65
JPMorgan ActiveBuilders Emerging Markets Equity ETF
Actual*
1,000.00
940.70
1.61
0.33
Hypothetical*
1,000.00
1,023.54
1.68
0.33
JPMorgan Global Select Equity ETF
Actual***
1,000.00
959.60
0.61
0.47
Hypothetical*
1,000.00
1,022.84
2.40
0.47
JPMorgan Hedged Equity Laddered Overlay ETF
Actual**
1,000.00
985.60
0.45
0.50
Hypothetical*
1,000.00
1,022.68
2.55
0.50
JPMorgan International Growth ETF
Actual*
1,000.00
892.30
2.62
0.55
Hypothetical*
1,000.00
1,022.43
2.80
0.55
JPMorgan International Value ETF
Actual***
1,000.00
958.50
0.71
0.55
Hypothetical*
1,000.00
1,022.43
2.80
0.55

 
*
Expenses are equal to each Fund's annualized net expense ratio, multiplied by the average account value over the period, multiplied by
184/365 (to reflect the one-half year period).
**
Expenses are equal to the Fund’s annualized net expense ratio, multiplied by the average account value over the period, multiplied by
33/365 (to reflect the actual period). The Fund commenced operations on September 28, 2023.
***
Expenses are equal to the Fund’s annualized net expense ratio, multiplied by the average account value over the period, multiplied by
48/365 (to reflect the actual period). The Fund commenced operations on September 13, 2023.
October 31, 2023
J.P. Morgan Exchange-Traded Funds
81


LIQUIDITY RISK MANAGEMENT PROGRAM
(Unaudited)
Each of the Funds covered in this report has adopted the J.P. Morgan Funds and J.P. Morgan Exchange-Traded Funds Amended and Restated Liquidity Risk Management Program (the “Program”) under Rule 22e-4 under the Investment Company Act of 1940, as amended (the “Liquidity Rule”). The Program seeks to assess, manage and review each Fund’s Liquidity Risk. “Liquidity Risk” is defined as the risk that a fund could not meet requests to redeem shares issued by the fund without significant dilution of remaining investors’ interests in the fund. Pursuant to an exemptive order (the “Exemptive Order”) from the Securities and Exchange Commission, the Program permits the Funds to use liquidity definitions and classification methodologies that differ from the requirements under the Liquidity Rule in some respects. Among other things, the Liquidity Rule requires that a written report be provided to the Board of Trustees (the “Board”) on an annual basis that addresses the operation of the Program and assesses the adequacy and effectiveness of its implementation, including the operation of any Highly Liquid Investment Minimum (“HLIM”), where applicable, and any material changes to the Program.
The Board has appointed J.P. Morgan Asset Management’s Liquidity Risk Forum to be the program administrator for the Program (the “Program Administrator”). In addition to regular reporting at each of its quarterly meetings, on February 7, 2023, the Board reviewed the Program Administrator’s annual written report (the “Report”) concerning the operation of the Program for the period from January 1, 2022 through December 31, 2022 (the “Program Reporting Period”). The Report addressed the operation of the Program and assessed its adequacy and effectiveness of implementation, including, where applicable, the operation of a Fund’s HLIM. There were no material changes to the Program during the Program Reporting Period.
The Report summarized the operation of the Program and the information and factors considered by the Program Administrator in assessing whether the Program has been adequately and effectively implemented with respect to each Fund. Such information and factors included, among other things: (1) the effectiveness of the Program with respect to the identification of each Fund that qualifies as an “In-Kind ETF” (as defined in the Liquidity Rule); (2) the liquidity risk framework used to assess, manage, and periodically review each Fund’s Liquidity Risk and the results of this assessment; (3) the methodology and inputs for classifying the investments of a Fund (other than an In-Kind ETF) into one of the required liquidity categories that reflect an estimate of the liquidity of those investments under current market conditions (and, for In-Kind ETFs, the methodology and inputs for determining whether any investments should be classified as “Illiquid Investments” (as defined or modified under the Program)); (4) whether a Fund (other than an In-Kind ETF) invested primarily in “Highly Liquid Investments” (as defined or modified under the Program), as well as whether an HLIM should be established for a Fund (other than an In-Kind ETF) and the procedures for monitoring any HLIM; (5) whether a Fund invested more than 15% of its assets in “Illiquid Investments” and the procedures for monitoring for this limit; and (6) specific liquidity events arising during the Program Reporting Period. The Report further summarized the conditions of the Exemptive Order and whether all applicable Funds were in compliance with the terms of the Exemptive Order.
Based on this review, the Report concluded that: (1) the Program continues to be reasonably designed to effectively assess and manage each Fund’s Liquidity Risk; and (2) the Program has been adequately and effectively implemented with respect to each Fund during the Program Reporting Period.
82
J.P. Morgan Exchange-Traded Funds
October 31, 2023


BOARD APPROVAL OF INITIAL MANAGEMENT AGREEMENTS
(Unaudited) 
JPMorgan Global Select Equity ETF, JPMorgan Hedged Equity Laddered Overlay ETF and JPMorgan International Value ETF
The Board of Trustees (the “Board” or the “Trustees”) held meetings and approved the initial management agreements (each a “Management Agreement” and collectively, the “Management Agreements”) for the JPMorgan Global Select Equity ETF (the “Global Select Equity ETF”) and JPMorgan International Value ETF (the “International Value ETF”) on May 9-11, 2023 and for JPMorgan Hedged Equity Laddered Overlay ETF (the “Hedged Equity Laddered Overlay ETF”) on August 8-10, 2023.  Each of the funds is referred to herein as a “Fund” and collectively, as the “Funds”.  The Management Agreements were approved by a majority of the Trustees who are not “Interested Persons” (as defined in the Investment Company Act of 1940) of any party to each Management Agreement or any of their affiliates. In connection with the approval of each Management Agreement, the Trustees reviewed written materials prepared by J.P. Morgan Investment Management Inc. (the “Adviser”) and received oral presentations from Adviser personnel.  Before voting on the proposed Management Agreements, the Trustees reviewed each Management Agreement with representatives of the Adviser and with counsel to the Funds and independent legal counsel to the Trustees and received a memorandum from independent legal counsel discussing the legal standards for their consideration of the proposed Management Agreements. They also considered information they received from the Adviser over the course of the year in connection with their oversight of other funds managed by the Adviser. The Trustees also discussed each proposed Management Agreement with independent legal counsel in executive session at which no representatives of the Adviser were present.
A summary of the material factors evaluated by the Trustees in determining whether to approve each Management Agreement is provided below. The Trustees considered information provided with respect to the Funds and the approval of the Management Agreements. Each Trustee attributed his or her own evaluation of the significance of the various factors, and no factor alone was considered determinative. The Trustees determined that the proposed compensation to be received by the Adviser from each Fund under its Management Agreement was fair and reasonable and that initial approval of the Management Agreements was in the best interests of each Fund and its potential shareholders.
Summarized below are the material factors considered and discussed by the Trustees in reaching their conclusions:
Nature, Extent and Quality of Services Provided by the Adviser
In connection with the approval of each Fund’s initial Management Agreement, the Trustees considered the materials furnished specifically in connection with the approval of the
applicable Management Agreement, as well as other relevant information furnished for the Trustees, regarding the nature, extent, and quality of services provided by the adviser. Among other things, the Trustees considered:
•  The background and experience of the Adviser’s senior management and investment personnel;
•  The qualifications, backgrounds and responsibilities of the portfolio management team to be primarily responsible for the day-to-day management of each Fund;
•  The investment strategy for each Fund, and the infrastructure supporting the portfolio management teams;
•  Information about the structure and distribution strategy of each Fund and how it fits within the Adviser’s other fund offerings within the J.P. Morgan Funds complex;
•  The administration services to be provided by the Adviser under the Management Agreements;
•  Their knowledge of the nature and quality of the services provided by the Adviser and its affiliates gained from their experience as Trustees of the Funds and in the financial industry generally;
•  The overall reputation and capabilities of the Adviser and its affiliates;
•  The commitment of the Adviser to provide high quality service to the Funds;
•  Their overall confidence in the Adviser’s integrity; and
•  The Adviser’s responsiveness to requests for additional information, questions or concerns raised by them. 
Based upon these considerations and other factors, the Trustees concluded that they were satisfied with the nature, extent and quality of services to be provided to the Funds by the Adviser.
Fall-Out Benefits
The Trustees reviewed information regarding potential “fall-out” or ancillary benefits expected to be received by the Adviser and its affiliates as a result of their relationship with the Funds. Additionally, the Trustees considered that any fall-out or ancillary benefits would be comparable to those related to the other funds in the complex.
The Trustees also considered the benefits the Adviser is expected to receive as the result of the roles JPMorgan Chase Bank, N.A. (“JPMCB”), an affiliate of the Adviser, plays as custodian, fund accountant and transfer agent for the Funds, including the profitability of those arrangements to JPMCB.
October 31, 2023
J.P. Morgan Exchange-Traded Funds
83


BOARD APPROVAL OF INITIAL MANAGEMENT AGREEMENTS
(Unaudited)  (continued)
Economies of Scale
The Trustees considered the extent to which the Funds may benefit from potential economies of scale.  The Trustees considered that under the Management Agreements, the Adviser will provide advisory and administrative services and will be responsible for substantially all expenses of each Fund under a “unitary fee structure.”  The Trustees noted that the proposed unitary management fee for each Fund does not contain breakpoints. The Trustees considered that shareholders would benefit because expenses would be limited even when a Fund is new and not achieving economies of scale. The Trustees considered the fact that increases in assets would not lead to management fee decreases even if economies of scale are achieved, but also that the Trustees would have the opportunity to further review the appropriateness of the fee payable to the Adviser under its Management Agreement in the future. After considering the factors identified above, the Trustees concluded that each Fund’s shareholders will receive the benefits of potential economies of scale.
Fees Relative to Adviser’s Other Clients
The Trustees received and considered information about the nature and extent of management services and fee rates offered to clients of the Adviser, including, to the extent applicable, institutional separate accounts, collective investment trusts, other registered investment companies and/or private funds sub-advised by the Adviser, for management styles substantially similar to that of each Fund. For the Global Select Equity ETF, Trustees considered that the Adviser or its affiliates offer other accounts with a substantially similar investment strategy as that of the Fund.  The Trustees concluded that the fees to be charged to the Fund in comparison to those charged to such other clients were reasonable.
For the Hedged Equity Laddered Overlay ETF and International Value ETF, the Trustees considered the Adviser’s view that it does not manage other accounts with a substantially similar investment strategy as that of each of these Funds.
Investment Performance
The Trustees considered each Fund’s investment strategy and processes, the portfolio management team and competitive positioning against identified peer funds and concluded that the prospects for competitive future performance were acceptable.
Management Fees
The Trustees considered the contractual management fee rate that will be paid by each Fund to the Adviser and compared that rate to information prepared by Broadridge Investor Communications Solutions Inc. (“Broadridge”), an independent provider of investment company data, providing management fee rates paid by other funds in the same Morningstar category as each Fund. The Trustees also considered the fees paid to JPMCB, for custody, fund accounting, transfer agency and other related services for each Fund and the profitability of these arrangements to JPMCB.
The Trustees considered how each Fund will be positioned against peer funds, as identified by management and/or Broadridge, as well as how the peer funds included in the Broadridge data differed from the Funds. The Trustees also noted that because the Funds were not yet operational, no profitability information was available. After considering the factors identified above and other factors, in light of the information, the Trustees concluded that each Fund’s proposed management fee was fair and reasonable.
84
J.P. Morgan Exchange-Traded Funds
October 31, 2023


BOARD APPROVAL OF MANAGEMENT AGREEMENTS
(Unaudited) 
JPMorgan ActiveBuilders Emerging Markets Equity ETF and JPMorgan International Growth ETF
The Board of Trustees (the “Board” or the “Trustees”) has established various standing committees composed of Trustees with diverse backgrounds, to which the Board has assigned specific subject matter responsibilities to further enhance the effectiveness of the Board’s oversight and decision making.  The Board and its investment committees (Money Market and Alternative Products Committee, Equity Committee, and Fixed Income Committee) met regularly throughout the year and, at each meeting, considered factors that are relevant to their annual consideration of the continuation of the management agreements. The Board also met for the specific purpose of considering management agreement annual renewals. The Board held meetings June 20-21, 2023 and August 8-10, 2023, at which the Trustees considered the continuation of the management agreements for JPMorgan ActiveBuilders Emerging Markets Equity ETF and JPMorgan International Growth ETF (each a “Fund,” and collectively, the “Funds”) whose annual report is contained herein (each a “Management Agreement” and collectively, the “Management Agreements”).  At the June meeting, the Board’s investment committees met to review and consider performance, expense and related information for the J.P. Morgan Funds. Each investment committee reported to the full Board, which then considered each investment committee’s preliminary findings.  At the August meeting, the Trustees continued their review and consideration.  The Trustees, including a majority of the Trustees who are not parties to a Management Agreement or “interested persons” (as defined in the Investment Company Act of 1940) of any party to a Management Agreement or any of their affiliates, approved the continuation of each Management Agreement on August 10, 2023.
As part of their review of the Management Agreements, the Trustees considered and reviewed performance and other information about the Funds received from J.P. Morgan Investment Management Inc. (the “Adviser”).  This information included the Funds’ performance as compared to the performance of their peers and benchmarks, and analyses by the Adviser of the Funds’ performance.  In addition, at each of their regular meetings throughout the year, the Trustees considered reports on the performance of certain J.P. Morgan Funds provided by an independent investment consulting firm (the “independent consultant”).  In addition, in preparation for the June and August meetings, the Trustees requested, received and evaluated extensive materials from the Adviser, including performance and expense information compiled by Broadridge, using data from Lipper Inc. and/or Morningstar Inc., independent providers of investment company data (together, “Broadridge”). The Trustees’ independent consultant also provided additional quantitative and statistical analyses of certain Funds, including risk and performance return assessments as compared to the Funds’ objectives, benchmarks, and
peers.  Before voting on the Management Agreements, the Trustees reviewed the Management Agreements with representatives of the Adviser, counsel to the Funds, and independent legal counsel to the Trustees, and received a memorandum from independent legal counsel to the Trustees discussing the legal standards for their consideration of the Management Agreements. The Trustees also discussed the Management Agreements with independent legal counsel in executive sessions at which no representatives of the Adviser were present. 
A summary of the material factors evaluated by the Trustees in determining whether to approve each Management Agreement is provided below.   Each Trustee attributed different weights to the various factors and no factor alone was considered determinative.  The Trustees considered information provided with respect to the Funds throughout the year, as well as materials furnished specifically in connection with the annual review process.  From year to year, the Trustees consider and place emphasis on relevant information in light of changing circumstances in market and economic conditions.
After considering and weighing the factors and information they had received, the Trustees found that the compensation to be received by the Adviser from each Fund under the applicable Management Agreement was fair and reasonable under the circumstances, and determined that the continuance of each Management Agreement was in the best interests of each Fund and its shareholders. 
Nature, Extent and Quality of Services Provided by the Adviser
The Trustees received and considered information regarding the nature, extent and quality of services provided to each Fund under the applicable Management Agreement.  The Trustees took into account information furnished throughout the year at Trustee meetings, as well as the materials furnished specifically in connection with this annual review process.  Among other things, the Trustees considered:
•  The background and experience of the Adviser’s senior management and investment personnel, including personnel changes, if any;
•  The qualifications, backgrounds and responsibilities of the portfolio management team primarily responsible for the day-to-day management of each Fund, including personnel changes, if any;
•  The investment strategy for each Fund, and the infrastructure supporting the portfolio management teams;
•  Information about the structure and distribution strategy for each Fund and how it fits within the Adviser’s other fund offerings within the J.P. Morgan Funds complex;
October 31, 2023
J.P. Morgan Exchange-Traded Funds
85


BOARD APPROVAL OF MANAGEMENT AGREEMENTS
(Unaudited)  (continued)
•  The administration services provided by the Adviser in its role as Administrator;
•  Their knowledge of the nature and quality of the services provided by the Adviser and its affiliates gained from their experience as Trustees of the Funds and in the financial industry generally;
•  The overall reputation and capabilities of the Adviser and its affiliates;
•  The commitment of the Adviser to provide high quality service to the Funds;
•  Their overall confidence in the Adviser’s integrity; and
•  The Adviser’s responsiveness to requests for additional information, questions or concerns raised by them, including the Adviser’s willingness to consider and implement organizational and operational changes designed to improve investment results and the services provided to each Fund.
Based upon these considerations and other factors, the Trustees concluded that they were satisfied with the nature, extent and quality of the services provided to the Funds by the Adviser.
Costs of Services Provided and Profitability to the Adviser and its Affiliates
The Trustees received and considered information regarding the profitability to the Adviser and its affiliates from providing services to each Fund. The Trustees reviewed and discussed this information. The Trustees recognized that this information is not audited and represents the Adviser’s determination of its and its affiliates’ revenues from the contractual services provided to the Funds, less expenses of providing such services. Expenses include direct and indirect costs and are calculated using an allocation methodology developed by the Adviser and reviewed with the Board.  The Trustees also recognized that it is difficult to make comparisons of profitability from fund management contracts because comparative information is not generally publicly available and is affected by numerous factors, including the structure of the particular adviser, the types of funds it manages, its business mix, numerous assumptions regarding allocations and the fact that publicly-traded fund managers’ operating profits and net income are net of distribution and marketing expenses. Based upon their review, and taking into consideration the factors noted above, the Trustees concluded that the profitability to the Adviser under each Management Agreement was not unreasonable in light of the services and benefits provided to each Fund.
The Trustees also considered the fees earned by JPMorgan Chase Bank, N.A. (“JPMCB”), an affiliate of the Adviser, for custody, fund accounting and other related services for each Fund, and the profitability of the arrangements to JPMCB.
Fall-Out Benefits
The Trustees reviewed information regarding potential “fall-out” or ancillary benefits received by the Adviser and its affiliates as a result of their relationship with the Funds.  The Trustees considered that the J.P. Morgan Funds' operating accounts are held at JPMCB, which, as a result, will receive float benefits for certain J.P. Morgan Funds, as applicable.  The Trustees also noted that the Adviser supports a diverse set of products and services, which benefits the Adviser by allowing it to leverage its infrastructure to serve additional clients, including benefits that may be received by the Adviser and its affiliates in connection with the Funds’ potential investments in other funds advised by the Adviser.  The Trustees also reviewed the Adviser’s allocation of fund brokerage for the J.P. Morgan Funds complex, including allocations to brokers who provide research to the Adviser, as well as the Adviser’s use of affiliates to provide other services and the benefits to such affiliates of doing so. The Trustees also considered the benefit to the Adviser and its affiliates from allocating client assets to the Funds.
Economies of Scale
The Trustees considered the extent to which the Funds may benefit from potential economies of scale.  The Trustees considered that under the Management Agreements, the Adviser provides advisory and administrative services and is responsible for substantially all expenses of each Fund under a “unitary fee structure.”  The Trustees noted that the unitary management fee for each Fund does not contain breakpoints. The Trustees considered that shareholders would benefit because expenses are limited even when a Fund is new and not achieving economies of scale.  The Trustees considered the fact that increases in assets would not lead to management fee decreases even if economies of scale are achieved, but also that the Trustees would have the opportunity to further review the appropriateness of the fee payable to the Adviser under the Management Agreement in the future.  The Trustees also concluded that all Funds benefited from the Adviser’s reinvestment in its operations to serve the Funds and their shareholders. The Trustees noted that the Adviser’s reinvestment ensures sufficient resources in terms of personnel and infrastructure to support the Funds. After considering the factors identified above, the Trustees concluded that the Fund’s shareholders will receive the benefits of potential economies of scale.
Fees Relative to Adviser’s Other Clients
The Trustees received and considered information about the nature and extent of management services and fee rates offered to other clients of the Adviser, including, to the extent applicable, institutional separate accounts, collective investment trusts, other registered investment companies and/or private funds sub-advised by the Adviser, for investment management styles substantially similar to that of each Fund. 
86
J.P. Morgan Exchange-Traded Funds
October 31, 2023


The Trustees considered the complexity of investment management for registered investment companies relative to the Adviser’s other clients and noted differences, as applicable, in the fee structure and the regulatory, legal and other risks and responsibilities of providing services to the different clients.  The Trustees considered that serving as an adviser to a registered investment company involves greater responsibilities and risks than acting as a sub-adviser and observed that sub-advisory fees may be lower than those charged by the Adviser to each Fund.  The Trustees also noted that the adviser, not the applicable registered investment company, typically bears the sub-advisory fee and that many responsibilities related to the advisory function are typically retained by the primary adviser.  The Trustees concluded that the fee rates charged to each Fund in comparison to those charged to the Adviser’s other clients were reasonable.
Investment Performance
The Trustees receive and consider information about each Fund’s performance throughout the year. In addition, the Trustees received and considered absolute and/or relative performance information for the Funds in a report prepared by Broadridge.  The Trustees considered the total return performance information, which included the ranking of the Funds within a performance universe comprised of funds with the same Broadridge investment classification and objective (the “Universe”), by total return for the applicable one-year periods.  The Trustees reviewed a description of Broadridge’s methodology for selecting exchange-traded funds in each Fund’s Universe, and noted that Universe quintile rankings were not calculated if the number of funds in the Universe did not meet a predetermined minimum.   As part of this review, the Trustees also reviewed each Fund’s performance against its benchmark and considered the performance information provided for the Funds at regular Board meetings by the Adviser and the Trustees’ independent consultant and also considered the special analysis prepared for certain Funds by the Trustees’ independent consultant.  The Trustees also engaged with the Adviser to consider what steps might be taken to improve performance, as applicable.  The Broadridge performance data noted by the Trustees as part of their review and the determinations made by the Trustees with respect to each Fund’s performance are summarized below:
The Trustees noted that the JPMorgan ActiveBuilders Emerging Markets Equity ETF’s performance was in the fifth quintile of the Universe for the one-year period ended December 31, 2022.  The Trustees discussed the performance and investment strategy of the Fund with the Adviser and reviewed the performance analysis and evaluation prepared by the indepen
dent consultant.  Based upon these discussions and various other factors, the Trustees concluded that the Fund’s performance was satisfactory under the circumstances.
The Trustees noted that the JPMorgan International Growth ETF’s performance was in the fifth quintile of the Universe for the one-year period ended December 31, 2022. The Trustees discussed the performance and investment strategy of the Fund with the Adviser and reviewed the performance analysis and evaluation prepared by the independent consultant.  Based upon these discussions and various other factors, the Trustees concluded that the Fund’s performance was satisfactory under the circumstances. 
Management Fees and Expense Ratios
The Trustees considered the contractual management fee rate paid by each Fund to the Adviser and compared the rate to the information prepared by Broadridge concerning management fee rates paid by other funds in the Universe, as well as a subset of funds within the Universe (the “Peer Group”).  The Trustees reviewed a description of Broadridge’s methodology for selecting funds in the Peer Group and Universe, as applicable, and noted that Universe and Peer Group quintile rankings were not calculated if the number of funds in the Universe and/or Peer Group did not meet a predetermined minimum.  The Trustees also reviewed information about other expenses and the total expense ratio for each Fund.  The Trustees recognized that it can be difficult to make comparisons of management fees because there are variations in the services that are included in the fees paid by other funds.  The Trustees’ determinations as a result of the review of each Fund’s management fees and expense ratios are summarized below:
The Trustees noted that the JPMorgan ActiveBuilders Emerging Markets Equity ETF’s net management fee and actual total expenses were in the second quintile of both the Peer Group and Universe.  After considering the factors identified above, in light of this information, the Trustees concluded that the management fee was fair and reasonable light of the services provided to the Fund.
The Trustees noted that while Broadridge provided data for funds in the Peer Group and Universe for the JPMorgan International Growth ETF, Broadridge did not calculate quintile rankings due to the limited number of funds in both the Peer Group and Universe. After considering the fees relative to the funds in the Peer Group, the Trustees concluded that the management fee was fair and reasonable in light of the services provided to the Fund.
October 31, 2023
J.P. Morgan Exchange-Traded Funds
87


TAX LETTER
(Unaudited)
Certain tax information for the J.P. Morgan Funds is required to be provided to shareholders based upon the Funds’ income and distributions for the taxable year ended October 31, 2023. The information and distributions reported in this letter may differ from the information and taxable distributions reported to the shareholders for the calendar year ending December 31, 2023. The information necessary to complete your income tax returns for the calendar year ending December 31, 2023 will be provided under separate cover.
Qualified Dividend Income (QDI)
Each Fund listed below had the following amount, or maximum allowable amount, of ordinary income distributions and foreign tax credits (if applicable) treated as qualified dividends for the fiscal year ended October 31, 2023:
 
Qualified
Dividend
Income
JPMorgan Active China ETF
$23,005
JPMorgan ActiveBuilders Emerging Markets Equity
ETF
18,136,526
JPMorgan International Growth ETF
688,363
JPMorgan International Value ETF
790
Foreign Source Income and Foreign Tax Credit Pass Through
For the fiscal year ended October 31, 2023, the following Funds intend to elect to pass through to shareholders taxes paid to foreign countries. Gross income and foreign tax expenses are as follows or amounts as finally determined:
 
Total Foreign
Source Income
Total Foreign Tax
Credit
JPMorgan Active China ETF
$260,383
$23,005
JPMorgan ActiveBuilders
Emerging Markets Equity ETF
32,792,869
3,623,244
JPMorgan International Growth
ETF
1,637,811
140,112
JPMorgan International Value ETF
55,079
7,548
88
J.P. Morgan Exchange-Traded Funds
October 31, 2023


J.P. Morgan Exchange-Traded Funds are distributed by JPMorgan Distribution Services, Inc., an indirect, wholly-owned subsidiary of JPMorgan Chase & Co. Affiliates of JPMorgan Chase & Co. receive fees for providing various services to the Funds.
Contact J.P. Morgan Exchange-Traded Funds at 1-844-457-6383 (844-4JPM ETF) for a fund prospectus. You can also visit us at www.jpmorganfunds.com. Investors should carefully consider the investment objectives and risks as well as charges and expenses of the fund before investing. The prospectus contains this and other information about the fund. Read the prospectus carefully before investing.
Investors may obtain information about the Securities Investor Protection Corporation (SIPC), including the SIPC brochure, by visiting www.sipc.org or by calling SIPC at 202-371-8300.
Each Fund files a complete schedule of its fund holdings for the first and third quarters of its fiscal year with the SEC as an exhibit to its report on Form N-PORT. The Funds' Form N-PORT reports are available on the SEC’s website at http://www.sec.gov. Each Fund's quarterly holdings can be found by visiting the J.P. Morgan Funds’ website at www.jpmorganfunds.com.
Effective January 24, 2023, the SEC adopted rule and form amendments that will result in changes to the design and delivery of shareholder reports of mutual funds and ETFs, requiring them to transmit concise and visually engaging streamlined annual and semi-annual reports to shareholders that highlight key information. Other information, including financial statements, will no longer appear in a streamlined shareholder report but must be available online, delivered free of charge upon request, and filed on a semi-annual basis on Form N-CSR. The rule and form amendments have a compliance date of July 24, 2024. 
A description of each Fund's policies and procedures with respect to the disclosure of each Fund's holdings is available in the prospectuses and Statement of Additional Information.
A copy of proxy policies and procedures is available without charge upon request by calling 1-844-457-6383 and on the Funds' website at www.jpmorganfunds.com. A description of such policies and procedures is on the SEC’s website at www.sec.gov. The Trustees have delegated the authority to vote proxies for securities owned by the Funds to the Adviser. A copy of the Funds' voting record for the most recent 12-month period ended June 30 is available on the SEC’s website at www.sec.gov or at the Funds' website at www.jpmorganfunds.com no later than August 31 of each year. The Funds' proxy voting record will include, among other things, a brief description of the matter voted on for each fund security, and will state how each vote was cast, for example, for or against the proposal.


J.P. Morgan Asset Management is the brand name for the asset management business of JPMorgan Chase & Co. and its affiliates worldwide.
© JPMorgan Chase & Co., 2023. All rights reserved. October 2023.
AN-ACT-ETF-1023