CONTENTS


President's Letter	1
Fund Commentary	2
Schedule of Portfolio Investments	5
Financial Statements	10
Financial Highlights	16
Notes to Financial Statements	18
Report of Independent Registered Public Accounting Firm	28
Trustees	29
Officers	33
Schedule of Shareholder Expenses	35
Liquidity Risk Management Program	36
Board Approval of Investment Advisory Agreement	37
Tax Letter	40

Investments in the 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 the 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 the Fund or the securities markets.

Prospective investors should refer to the Fund's prospectus for a discussion of the Fund's investment objectives, strategies and risks. Call J.P. Morgan Exchange-Traded Funds at (844) 457-6383 for a prospectus containing more complete information about the 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 the Fund. Shares may only be subscribed and redeemed directly from the Fund by Authorized Participants, in 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

JPMorgan International Research Enhanced Equity ETF

FUND COMMENTARY

TWELVE MONTHS ENDED October 31, 2023 (Unaudited)

REPORTING PERIOD RETURN:
Net Asset Value *	17.17%
Market Price **	17.54%
MSCI EAFE Index (net total return)	14.40%
Net Assets as of 10/31/2023	$5,086,537,039
Fund Ticker	JIRE

INVESTMENT OBJECTIVE***

The JPMorgan International Research Enhanced Equity ETF (the “Fund”) seeks to provide long-term capital appreciation.

INVESTMENT APPROACH

The Fund invests primarily in foreign companies and may modestly overweight equity securities that the adviser considers undervalued, while modestly underweighting or not holding equity securities that appear overvalued. The Fund seeks to outperform the MSCI Europe, Australasia, Far East (EAFE) Index (net total return) (the “Benchmark”) over time, while maintaining similar risk characteristics, including sector and geographic risks.

HOW DID MARKETS PERFORM?

Equity markets continued to outperform bond markets during the period, generating positive returns largely due to gains made during the first half of the 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.

WHAT WERE THE MAIN DRIVERS OF THE FUND’S PERFORMANCE?

The Fund outperformed the Benchmark for the twelve months ended October 31, 2023.

By sector, the Fund’s security selection in the financial services and the consumer cyclical & services sectors was a leading contributor to performance relative to the Benchmark, while the Fund’s security selection in the technology - semiconductors & hardware and the retail sectors was a leading detractor from relative performance.

By region, the Fund’s security selection in Europe and the Pacific, excluding Japan, was a leading contributor to performance relative to the Benchmark, while the Fund’s allocation to Japan was the sole regional detractor from relative performance.

Due to the Fund holding a relatively large number of securities during the reporting period, the impact of individual holdings on the Fund’s relative performance tended to be small.

HOW WAS THE FUND POSITIONED?

Using the fundamental equity insights generated by analysts, the Fund’s adviser took overweight positions in securities included within the universe of the Benchmark that it considered undervalued, while underweighting or not holding securities in the Benchmark that the adviser considered

overvalued.

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 $52.83 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 $53.01.

***

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.	Novo Nordisk A/S, Class B (Denmark)	2.8 %
2.	Nestle SA (Registered)	2.5
3.	ASML Holding NV (Netherlands)	2.2
4.	Shell plc (Netherlands)	2.0
5.	LVMH Moet Hennessy Louis Vuitton SE (France)	1.9
6.	AstraZeneca plc (United Kingdom)	1.8
7.	Roche Holding AG	1.7
8.	BP plc (United Kingdom)	1.5
9.	Allianz SE (Registered) (Germany)	1.4
10.	Air Liquide SA (France)	1.4

PORTFOLIO COMPOSITION BY COUNTRY AS OF October 31, 2023	PERCENT OF TOTAL INVESTMENTS
Japan	22.8%
United Kingdom	13.1
France	12.2
United States	7.9
Germany	7.7
Australia	6.5
Netherlands	6.1
Switzerland	5.1
Denmark	3.4
Sweden	2.5
Hong Kong	2.1
Spain	2.0
Singapore	1.1
Italy	1.0
Others (each less than 1.0%)	2.6
Short-Term Investments	3.9

October 31, 2023

J.P. Morgan Exchange-Traded Funds

JPMorgan International Research Enhanced 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	5 YEAR	10 YEAR
JPMorgan International Research Enhanced Equity ETF
Net Asset Value	October 28, 1992*	17.17 %	4.60 %	3.27 %
Market Price		17.54	4.67	3.31


*	Inception date for Class R6 Shares of the Predecessor Fund (as defined below).

TEN YEAR FUND PERFORMANCE (10/31/13 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.

JPMorgan International Research Enhanced Equity ETF (the “Fund”) acquired the assets and liabilities of the JPMorgan International Research Enhanced Equity Fund (“Predecessor Fund”) in a reorganization that occurred as of the close of business on June 10, 2022. Performance and financial history of the Predecessor Fund’s Class R6 Shares have been adopted by the Fund and will be used going forward. As a result, the performance for the Fund prior to close of business on June 10, 2022 is the performance of the Predecessor Fund’s Class R6 Shares. Inception date for the Predecessor Fund’s Class R6 Shares is November 1, 2017. Returns for the Predecessor Fund’s Class R6 Shares prior to their inception date are based on the performance of the Predecessors Fund’s Class I Shares. The actual returns of the Predecessor Fund’s Class R6 Shares would have been different than those shown because the Predecessor Fund’s Class R6 Shares had different expenses than the Predecessor Fund’s Class I Shares. Inception date for the Predecessor Fund’s Class I Shares is October 28, 1992.

Performance for the Fund’s shares has not been adjusted to reflect the Fund’s shares’ lower expenses than those of the Predecessor Fund’s Class R6 Shares and Class I Shares. Had the Predecessor Fund been structured as an exchange-traded fund (“ETF”), its performance may have differed. Performance for the Predecessor Fund is based on the net asset value ("NAV") per share of the Predecessor Fund Shares rather than on market-determined prices. Prior to

the Fund’s listing on June 13, 2022, the NAV performance of the Fund and the Class R6 Shares of the Predecessor Fund are used as proxy market price returns.

The graph illustrates comparative performance for $10,000 invested in shares of the Fund and the MSCI EAFE Index (net total return) from October 31, 2013 to October 31, 2023. The performance of the Fund assumes reinvestment of all dividends and capital gain distributions, if any. The performance of the MSCI EAFE Index (net total return) does not reflect the deduction of expenses associated with an ETF and approximates the minimum possible dividend reinvestment of the securities included in the benchmark, if applicable. The MSCI EAFE (Europe, Australasia, Far East) 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, excluding the U.S. and Canada. 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.

Fund performance may reflect the waiver of the Fund’s fees and reimbursement of expenses for certain periods since the applicable inception date. Without these waivers and reimbursements, performance would have been lower. Also, performance shown in this section does not reflect the deduction of taxes that a shareholder would pay on Fund distributions or on gains resulting from redemption or sale of Fund shares.

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

J.P. Morgan Exchange-Traded Funds

October 31, 2023

JPMorgan International Research Enhanced Equity ETF

SCHEDULE OF PORTFOLIO INVESTMENTS

AS OF October 31, 2023

INVESTMENTS	SHARES	VALUE($)
Common Stocks — 95.6%
Australia — 6.5%
ANZ Group Holdings Ltd.	453,413	7,149,860
Aurizon Holdings Ltd.	963,063	2,097,661
BHP Group Ltd.	2,023,820	57,289,238
Brambles Ltd.	571,227	4,767,321
Commonwealth Bank of Australia	396,748	24,406,312
Dexus, REIT	791,837	3,270,437
Glencore plc	817,695	4,331,192
Goodman Group, REIT	1,628,257	21,544,949
GPT Group (The), REIT	1,375,238	3,173,814
Insurance Australia Group Ltd.	1,505,097	5,429,695
Macquarie Group Ltd.	184,459	18,960,536
Medibank Pvt Ltd.	3,930,089	8,576,550
Mirvac Group, REIT	4,473,733	5,190,666
National Australia Bank Ltd.	639,934	11,463,941
Newcrest Mining Ltd.	266,969	4,001,331
QBE Insurance Group Ltd.	1,430,270	14,182,710
Rio Tinto Ltd.	591,354	44,173,019
Rio Tinto plc	300,522	19,173,460
Santos Ltd.	3,154,615	15,392,815
Wesfarmers Ltd.	258,734	8,324,464
Westpac Banking Corp.	1,809,425	23,760,975
Woodside Energy Group Ltd.	237,452	5,171,658
Woolworths Group Ltd.	791,675	17,721,463
		329,554,067
Belgium — 0.5%
KBC Group NV	417,645	22,985,031
China — 0.5%
BOC Hong Kong Holdings Ltd.	3,575,000	9,454,231
Prosus NV *	602,298	16,843,615
Xinyi Glass Holdings Ltd.	1,389,300	1,596,334
		27,894,180
Denmark — 3.3%
Carlsberg A/S, Class B	203,822	24,290,123
Genmab A/S *	16,676	4,714,020
Novo Nordisk A/S, Class B	1,459,280	140,785,842
		169,789,985
Finland — 0.9%
Nokia OYJ	1,988,288	6,622,356
Nordea Bank Abp	3,933,065	41,423,898
		48,046,254
France — 12.2%
Air Liquide SA	400,140	68,564,891

INVESTMENTS	SHARES	VALUE($)

France — continued
Airbus SE	270,090	36,212,645
AXA SA	256,349	7,595,730
BNP Paribas SA	657,886	37,831,094
Capgemini SE	236,446	41,786,816
Engie SA	2,287,732	36,386,122
Kering SA	26,099	10,614,507
Legrand SA	387,689	33,537,573
L'Oreal SA	149,795	62,963,440
LVMH Moet Hennessy Louis Vuitton SE	137,853	98,693,178
Orange SA	1,998,876	23,510,876
Pernod Ricard SA	64,410	11,437,697
Safran SA	249,248	38,937,410
Societe Generale SA	824,591	18,530,018
TotalEnergies SE	549,403	36,731,702
Vinci SA	501,753	55,481,037
		618,814,736
Germany — 7.7%
adidas AG	72,036	12,808,563
Allianz SE (Registered)	294,400	68,961,006
BASF SE	62,244	2,876,118
Bayer AG (Registered)	249,107	10,763,556
Brenntag SE	78,391	5,829,282
Deutsche Post AG	751,026	29,322,679
Deutsche Telekom AG (Registered)	1,935,148	41,999,805
Dr Ing hc F Porsche AG (Preference) (a)	132,013	11,570,286
Infineon Technologies AG	1,106,405	32,318,334
Mercedes-Benz Group AG	137,900	8,113,246
Merck KGaA	46,558	7,032,046
Muenchener Rueckversicherungs- Gesellschaft AG (Registered)	81,795	32,824,979
RWE AG	1,020,274	39,041,222
SAP SE	348,079	46,688,649
Siemens AG (Registered)	253,186	33,597,495
Symrise AG	26,338	2,691,461
Zalando SE * (b)	226,554	5,299,207
		391,737,934
Hong Kong — 2.0%
AIA Group Ltd.	4,294,800	37,295,219
CK Asset Holdings Ltd.	1,566,848	7,831,615
CLP Holdings Ltd.	341,500	2,499,364
Hong Kong Exchanges & Clearing Ltd.	557,200	19,492,335
Link, REIT	617,300	2,832,878
Prudential plc	1,367,128	14,295,222

SEE NOTES TO FINANCIAL STATEMENTS.

October 31, 2023

J.P. Morgan Exchange-Traded Funds

JPMorgan International Research Enhanced Equity ETF

SCHEDULE OF PORTFOLIO INVESTMENTS

AS OF October 31, 2023 (continued)

INVESTMENTS	SHARES	VALUE($)
Common Stocks — continued
Hong Kong — continued
Sun Hung Kai Properties Ltd.	659,000	6,767,077
Techtronic Industries Co. Ltd.	1,396,000	12,744,817
		103,758,527
Ireland — 0.4%
Kingspan Group plc	333,689	22,456,882
Italy — 1.0%
Enel SpA	993,343	6,305,324
FinecoBank Banca Fineco SpA	1,337,784	15,781,364
UniCredit SpA	1,167,377	29,265,693
		51,352,381
Japan — 22.7%
AGC, Inc.	193,100	6,569,087
Ajinomoto Co., Inc.	717,000	26,186,766
Asahi Group Holdings Ltd.	712,100	25,756,952
Asahi Kasei Corp.	1,077,300	6,623,009
Bridgestone Corp.	689,500	26,094,271
Central Japan Railway Co.	1,099,700	24,752,501
Daiichi Sankyo Co. Ltd.	1,261,400	32,524,183
Daikin Industries Ltd.	169,383	24,421,461
Daiwa House Industry Co. Ltd.	882,600	24,276,508
Denso Corp.	1,664,500	24,578,562
Dentsu Group, Inc.	801,500	23,280,361
Fast Retailing Co. Ltd.	31,700	7,018,266
Fuji Electric Co. Ltd.	337,100	12,834,958
Hitachi Ltd.	638,700	40,485,039
Honda Motor Co. Ltd.	2,810,616	28,805,365
Hoya Corp.	309,600	29,804,765
ITOCHU Corp.	994,000	35,804,905
Japan Airlines Co. Ltd.	219,000	4,026,049
Keyence Corp.	106,300	41,150,720
Komatsu Ltd.	97,500	2,240,199
Konami Group Corp.	233,100	12,075,068
Kyowa Kirin Co. Ltd.	915,800	14,363,677
Mitsubishi Corp.	977,100	45,548,064
Mitsubishi UFJ Financial Group, Inc.	2,204,350	18,492,616
Mitsui Fudosan Co. Ltd.	1,113,900	24,143,629
Murata Manufacturing Co. Ltd.	1,350,500	23,133,226
NIDEC Corp.	98,700	3,620,419
Nintendo Co. Ltd.	234,300	9,679,977
Nippon Paint Holdings Co. Ltd.	464,700	3,124,230
Nippon Steel Corp.	181,400	3,912,591
Nippon Telegraph & Telephone Corp.	28,872,500	33,976,455
Nomura Research Institute Ltd.	548,300	14,392,850

INVESTMENTS	SHARES	VALUE($)

Japan — continued
ORIX Corp.	1,178,700	21,436,253
Osaka Gas Co. Ltd.	328,000	6,185,354
Otsuka Corp.	494,400	19,822,782
Recruit Holdings Co. Ltd.	407,200	11,675,527
Renesas Electronics Corp. *	631,200	8,291,203
Seven & i Holdings Co. Ltd.	358,200	13,123,986
Shimadzu Corp.	243,500	5,757,872
Shin-Etsu Chemical Co. Ltd.	1,418,700	42,423,923
Shionogi & Co. Ltd.	265,300	12,353,597
Shiseido Co. Ltd.	445,000	14,113,385
SoftBank Group Corp.	157,200	6,437,980
Sony Group Corp.	606,515	50,424,982
Sumitomo Electric Industries Ltd.	1,285,300	13,493,378
Sumitomo Metal Mining Co. Ltd.	520,200	14,613,437
Sumitomo Mitsui Financial Group, Inc.	960,400	46,298,943
Suzuki Motor Corp.	571,100	22,165,540
T&D Holdings, Inc.	1,478,200	26,369,942
Takeda Pharmaceutical Co. Ltd.	128,900	3,498,958
Terumo Corp.	931,000	25,470,475
Tokio Marine Holdings, Inc.	1,426,700	31,918,469
Tokyo Electron Ltd.	289,100	38,201,007
Toyota Motor Corp.	2,991,200	52,327,303
Yamato Holdings Co. Ltd.	869,700	14,485,741
		1,154,586,766
Macau — 0.1%
Sands China Ltd. *	2,223,200	5,984,965
Netherlands — 6.1%
Adyen NV * (b)	8,298	5,596,885
ASML Holding NV	185,729	111,645,494
Koninklijke Ahold Delhaize NV	499,507	14,791,295
Koninklijke KPN NV	7,764,562	26,098,084
NN Group NV	762,466	24,454,102
Shell plc	3,207,870	103,379,556
Wolters Kluwer NV	176,704	22,672,181
		308,637,597
Singapore — 1.1%
DBS Group Holdings Ltd.	1,282,065	30,799,474
Oversea-Chinese Banking Corp. Ltd.	708,900	6,572,294
Sea Ltd., ADR *	124,989	5,212,041
United Overseas Bank Ltd.	607,400	11,980,783
		54,564,592
South Korea — 0.1%
Delivery Hero SE * (b)	111,406	2,847,104

SEE NOTES TO FINANCIAL STATEMENTS.

J.P. Morgan Exchange-Traded Funds

October 31, 2023

INVESTMENTS	SHARES	VALUE($)
Common Stocks — continued
Spain — 2.0%
Banco Bilbao Vizcaya Argentaria SA	1,668,902	13,129,644
Banco Santander SA	2,630,696	9,675,530
Iberdrola SA	4,852,842	53,973,395
Industria de Diseno Textil SA (c)	761,201	26,275,118
		103,053,687
Sweden — 2.5%
Atlas Copco AB, Class A	3,578,710	46,340,793
Sandvik AB	706,107	12,027,134
Skandinaviska Enskilda Banken AB, Class A	2,222,234	24,799,054
Volvo AB, Class B	2,251,737	44,618,609
		127,785,590
Switzerland — 5.0%
Cie Financiere Richemont SA (Registered)	236,266	27,873,603
DSM-Firmenich AG	127,042	11,517,093
Givaudan SA (Registered)	1,830	6,091,197
Julius Baer Group Ltd.	159,683	9,463,086
Lonza Group AG (Registered)	84,362	29,543,909
Novartis AG (Registered)	707,561	66,241,555
Sandoz Group AG *	141,508	3,679,068
SGS SA (Registered)	235,659	19,246,432
Sika AG (Registered)	124,826	29,872,060
UBS Group AG (Registered)	736,637	17,308,349
Zurich Insurance Group AG	74,442	35,359,394
		256,195,746
United Kingdom — 13.1%
3i Group plc	2,042,764	48,163,453
AstraZeneca plc	713,897	89,382,584
Barclays plc	14,653,805	23,520,056
Berkeley Group Holdings plc	471,419	23,173,384
BP plc	12,401,039	75,720,988
British American Tobacco plc	571,586	17,074,673
Centrica plc	4,001,071	7,659,248
DCC plc	139,131	7,729,292
Diageo plc	1,355,069	51,243,324
HSBC Holdings plc	4,347,533	31,391,038
InterContinental Hotels Group plc	416,548	29,517,659
Intertek Group plc	66,727	3,107,719
Lloyds Banking Group plc	53,748,684	26,159,483
London Stock Exchange Group plc	149,832	15,117,314
National Grid plc	643,551	7,673,044
Reckitt Benckiser Group plc	367,015	24,555,859
RELX plc	1,737,325	60,680,794
SSE plc	1,550,553	30,815,023

INVESTMENTS	SHARES	VALUE($)

United Kingdom — continued
Standard Chartered plc	4,057,387	31,109,360
Taylor Wimpey plc	4,741,754	6,404,424
Tesco plc	7,967,994	26,147,470
Unilever plc	600,913	28,425,795
		664,771,984
United States — 7.9%
CSL Ltd.	163,858	24,216,922
GSK plc	2,178,822	38,841,369
Nestle SA (Registered)	1,177,669	126,998,389
Roche Holding AG	342,964	88,385,129
Sanofi SA	175,946	15,976,991
Schneider Electric SE	352,660	54,259,307
Stellantis NV	2,754,428	51,459,177
		400,137,284
Total Common Stocks (Cost $4,597,931,676)		4,864,955,292
Short-Term Investments — 3.9%
Investment Companies — 3.6%
JPMorgan Prime Money Market Fund Class IM Shares, 5.49% (d) (e)(Cost $182,499,052)	182,460,687	182,533,672
Investment of Cash Collateral from Securities Loaned — 0.3%
JPMorgan Securities Lending Money Market Fund Agency SL Class Shares, 5.53% (d) (e)	11,997,600	12,000,000
JPMorgan U.S. Government Money Market Fund Class IM Shares, 5.29% (d) (e)	1,828,971	1,828,971
Total Investment of Cash Collateral from Securities Loaned (Cost $13,828,971)		13,828,971
Total Short-Term Investments (Cost $196,328,023)		196,362,643
Total Investments — 99.5% (Cost $4,794,259,699)		5,061,317,935
Other Assets Less Liabilities — 0.5%		25,219,104
NET ASSETS — 100.0%		5,086,537,039

Percentages indicated are based on net assets.

Abbreviations
ADR	American Depositary Receipt
OYJ	Public Limited Company

SEE NOTES TO FINANCIAL STATEMENTS.

October 31, 2023

J.P. Morgan Exchange-Traded Funds

JPMorgan International Research Enhanced Equity ETF

SCHEDULE OF PORTFOLIO INVESTMENTS

AS OF October 31, 2023 (continued)

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.
REIT	Real Estate Investment Trust

*	Non-income producing security.
(a)	Securities exempt from registration under Rule 144A or section 4(a)(2), of the Securities Act of 1933, as amended.
(b)	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.
(c)	The security or a portion of this security is on loan at October 31, 2023. The total value of securities on loan at October 31, 2023 is $12,944,241.
(d)	Investment in an affiliated fund, which is registered under the Investment Company Act of 1940, as amended, and is advised by J.P. Morgan Investment Management Inc.
(e)	The rate shown is the current yield as of 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 October 31, 2023	PERCENT OF TOTAL INVESTMENTS
Pharmaceuticals	10.3 %
Banks	10.2
Insurance	6.1
Oil, Gas & Consumable Fuels	4.7
Semiconductors & Semiconductor Equipment	3.8
Automobiles	3.4
Chemicals	3.4
Food Products	3.0
Textiles, Apparel & Luxury Goods	3.0
Metals & Mining	2.9
Capital Markets	2.5
Diversified Telecommunication Services	2.5
Machinery	2.3
Professional Services	2.3
Beverages	2.2
Personal Care Products	2.1
Electrical Equipment	2.1
Electric Utilities	1.8
Trading Companies & Distributors	1.7
Industrial Conglomerates	1.6
Household Durables	1.6
IT Services	1.5
Aerospace & Defense	1.5
Consumer Staples Distribution & Retail	1.4
Electronic Equipment, Instruments & Components	1.4
Automobile Components	1.3
Real Estate Management & Development	1.2
Construction & Engineering	1.1
Health Care Equipment & Supplies	1.1
Building Products	1.1
Multi-Utilities	1.0
Others (each less than 1.0%)	10.0
Short-Term Investments	3.9

SEE NOTES TO FINANCIAL STATEMENTS.

J.P. Morgan Exchange-Traded Funds

October 31, 2023

STATEMENT OF ASSETS AND LIABILITIES

AS OF October 31, 2023

	JPMorgan International Research Enhanced Equity ETF
ASSETS:
Investments in non-affiliates, at value	$4,864,955,292
Investments in affiliates, at value	182,533,672
Investments of cash collateral received from securities loaned, at value (See Note 2.C.)	13,828,971
Cash	951,587
Foreign currency, at value	2,234,728
Deposits at broker for futures contracts	10,805,066
Receivables:
Dividends from non-affiliates	10,912,690
Dividends from affiliates	27,333
Tax reclaims	15,357,574
Securities lending income (See Note 2.C.)	747
Variation margin on futures contracts	737,729
Total Assets	5,102,345,389
LIABILITIES:
Payables:
Investment securities purchased	820,596
Collateral received on securities loaned (See Note 2.C.)	13,828,971
Accrued liabilities:
Investment advisory fees	619,689
Administration fees	327,495
Printing and mailing costs	35,491
Custodian and accounting fees	120,754
Trustees’ and Chief Compliance Officer’s fees	26
Other	55,328
Total Liabilities	15,808,350
Net Assets	$5,086,537,039
NET ASSETS:
Paid-in-Capital	$5,171,202,489
Total distributable earnings (loss)	(84,665,450 )
Total Net Assets	$5,086,537,039
Outstanding number of shares (unlimited number of shares authorized - par value $0.0001)	96,277,892
Net asset value, per share	$52.83
Cost of investments in non-affiliates	$4,597,931,676
Cost of investments in affiliates	182,499,052
Cost of foreign currency	2,229,822
Investment securities on loan, at value (See Note 2.C.)	12,944,241
Cost of investment of cash collateral (See Note 2.C.)	13,828,971

SEE NOTES TO FINANCIAL STATEMENTS.

J.P. Morgan Exchange-Traded Funds

October 31, 2023

STATEMENT OF OPERATIONS

FOR THE YEAR ENDED October 31, 2023

	JPMorgan International Research Enhanced Equity ETF
INVESTMENT INCOME:
Interest income from non-affiliates	$681,561
Interest income from affiliates	27,079
Dividend income from non-affiliates	170,893,980
Dividend income from affiliates	7,060,618
Income from securities lending (net) (See Note 2.C.)	884,632
Foreign taxes withheld (net)	(15,361,583 )
Total investment income	164,186,287
EXPENSES:
Investment advisory fees	10,725,375
Administration fees	4,021,991
Custodian and accounting fees	648,638
Interest expense to non-affiliates	18,676
Interest expense to affiliates	13,124
Professional fees	98,621
Trustees’ and Chief Compliance Officer’s fees	39,135
Printing and mailing costs	93,753
Registration and filing fees	49,810
Other	44,527
Total expenses	15,753,650
Less fees waived	(180,035 )
Less expense reimbursements	(2,853,566 )
Net expenses	12,720,049
Net investment income (loss)	151,466,238
REALIZED/UNREALIZED GAINS (LOSSES):
Net realized gain (loss) on transactions from:
Investments in non-affiliates	(95,922,745 )
Investments in affiliates	(9,658 )
In-kind redemptions of investments in non-affiliates (See Note 4)	361,193,647
Futures contracts	7,082,856
Foreign currency transactions	(115,566 )
Net realized gain (loss)	272,228,534
Change in net unrealized appreciation/depreciation on:
Investments in non-affiliates	404,961,989
Investments in affiliates	52,215
Futures contracts	(6,907,576 )
Foreign currency translations	622,149
Change in net unrealized appreciation/depreciation	398,728,777
Net realized/unrealized gains (losses)	670,957,311
Change in net assets resulting from operations	$822,423,549

SEE NOTES TO FINANCIAL STATEMENTS.

October 31, 2023

J.P. Morgan Exchange-Traded Funds

STATEMENTS OF CHANGES IN NET ASSETS

FOR THE PERIODS INDICATED

	JPMorgan International Research Enhanced Equity ETF
	Year Ended October 31, 2023	Year Ended October 31, 2022 (a)
CHANGE IN NET ASSETS RESULTING FROM OPERATIONS:
Net investment income (loss)	$151,466,238	$136,000,947
Net realized gain (loss)	272,228,534	1,261,823
Change in net unrealized appreciation/depreciation	398,728,777	(1,400,778,956 )
Change in net assets resulting from operations	822,423,549	(1,263,516,186 )
Total distributions to shareholders	(129,393,763 )	(199,297,281 )
CAPITAL TRANSACTIONS:
Change in net assets resulting from capital transactions	(632,681,089 )	1,493,159,833
NET ASSETS:
Change in net assets	60,348,697	30,346,366
Beginning of period	5,026,188,342	4,995,841,976
End of period	$5,086,537,039	$5,026,188,342

(a)

JPMorgan International Research Enhanced Equity ETF acquired all of the assets and liabilities of the JPMorgan International Research Enhanced Equity Fund ("Predecessor Fund") in a reorganization that occurred as of the close of business on June 10, 2022. Performance and financial history of the Predecessor Fund’s Class R6 Shares have been adopted by JPMorgan International Research Enhanced Equity ETF and will be used going forward. As a result, the information prior to close of business on June 10, 2022, reflects that of the Predecessor Fund's Class R6 Shares. The Predecessor Fund ceased operations as of the date of the reorganization. See Note 1.

SEE NOTES TO FINANCIAL STATEMENTS.

J.P. Morgan Exchange-Traded Funds

October 31, 2023

	JPMorgan International Research Enhanced Equity ETF
	Year Ended October 31, 2023	Year Ended October 31, 2022(a)
CAPITAL TRANSACTIONS: (b)
Proceeds from shares issued	$626,324,597	$1,621,509,655
Distributions reinvested	—	181,165,628
Cost of shares redeemed	(1,259,005,686 )	(432,128,313 )
Change in net assets resulting from capital transactions	(632,681,089 )	1,370,546,970
Class A
Proceeds from shares issued	—	801,584
Distributions reinvested	—	1,641,891
Cost of shares redeemed	—	(13,072,328 )
Change in net assets resulting from Class A capital transactions	—	(10,628,853 )
Class I
Proceeds from shares issued	—	239,601,698
Distributions reinvested	—	15,288,160
Cost of shares redeemed	—	(121,648,142 )
Change in net assets resulting from Class I capital transactions	—	133,241,716
Total change in net assets resulting from capital transactions	$(632,681,089 )	$1,493,159,833

(a)

(b)

Reflects reorganization from JPMorgan International Research Enhanced Equity Fund on June 10, 2022. See Note 1.

SEE NOTES TO FINANCIAL STATEMENTS.

October 31, 2023

J.P. Morgan Exchange-Traded Funds

STATEMENTS OF CHANGES IN NET ASSETS

FOR THE PERIODS INDICATED (continued)

	JPMorgan International Research Enhanced Equity ETF
	Year Ended October 31, 2023	Year Ended October 31, 2022(a)
SHARES TRANSACTIONS: (b)
Issued	11,400,000	30,420,358
Reinvested	—	3,138,911
Redeemed	(23,750,000 )	(8,018,891 )
Change in Shares	(12,350,000 )	25,540,378
Class A
Issued	—	14,139
Reinvested	—	28,424
Redeemed	—	(244,325 )
Change in Class A Shares	—	(201,762 )
Class I
Issued	—	4,451,971
Reinvested	—	264,675
Redeemed	—	(2,163,040 )
Change in Class I Shares	—	2,553,606

(a)

(b)

Reflects reorganization from JPMorgan International Research Enhanced Equity Fund on June 10, 2022. See Note 1.

SEE NOTES TO FINANCIAL STATEMENTS.

J.P. Morgan Exchange-Traded Funds

October 31, 2023

FINANCIAL HIGHLIGHTS

FOR THE PERIODS INDICATED

	Per share operating performance (a)
		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
JPMorgan International Research Enhanced Equity ETF (e)
Year Ended October 31, 2023	$46.27	$1.54	$6.33	$7.87	$(1.31 )
Year Ended October 31, 2022	61.89	1.39	(14.54 )	(13.15 )	(2.47 )
Year Ended October 31, 2021	46.43	1.42 (f)	15.11	16.53	(1.07 )
Year Ended October 31, 2020	52.55	1.13	(5.63 )	(4.50 )	(1.62 )
Year Ended October 31, 2019	49.24	1.65	3.37	5.02	(1.71 )


(a)	Per share amounts reflect the conversion of the Predecessor Fund into the Fund as of the close of business on June 10, 2022. See Note 1.
(b)	Calculated based upon average shares outstanding.
(c)	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.
(d)	JPMorgan International Research Enhanced Equity ETF acquired all of the assets and liabilities of the JPMorgan International Research Enhanced Equity Fund (“Predecessor Fund”) in a reorganization that occurred as of the close of business on June 10, 2022. Market price returns are calculated using the official closing price of the JPMorgan International Research Enhanced Equity ETF on the listing exchange as of the time that the JPMorgan International Research Enhanced Equity ETF's NAV is calculated. Prior to the JPMorgan International Research Enhanced Equity ETF's listing on June 13, 2022, the NAV performance of the Class R6 Shares of the Predecessor Fund are used as proxy market price returns.
(e)	JPMorgan International Research Enhanced Equity ETF (the “Fund”) acquired all of the assets and liabilities of the JPMorgan International Research Enhanced Equity Fund (“Predecessor Fund”) in a reorganization that occurred as of the close of business on June 10, 2022. Performance and financial history of the Predecessor Fund’s Class R6 Shares have been adopted by the Fund and will be used going forward. As a result, the financial highlight information reflects that of the Predecessor Fund’s Class R6 Shares for the period November 1, 2018 up through the reorganization.
(f)	Reflects income from foreign withholding tax claims, including related interest income. Had the Fund not received these proceeds, the net investment income (loss) per share would have remained the same and the net investment income (loss) ratio would have been 2.44%.

SEE NOTES TO FINANCIAL STATEMENTS.

J.P. Morgan Exchange-Traded Funds

October 31, 2023

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. JPMorgan International Research Enhanced Equity ETF (the "Fund") is a separate diversified series of the Trust covered in this report.

As of the close of business on June 10, 2022 (the "Closing Date"), pursuant to an Agreement and Plan of Reorganization and Liquidation previously approved by the Board of Trustees of the Trust, JPMorgan International Research Enhanced Equity Fund (a mutual fund) (the “Acquired Fund” or “International Research Enhanced Equity Fund”), a series of JPMorgan Trust II, was reorganized (the "Reorganization") into the Fund, a newly created exchange-traded fund. Following the Reorganization, the Acquired Fund’s performance (Class R6 Shares) and financial history were adopted by the Fund. In connection with the Reorganization, each shareholder of the Acquired Fund (except as noted below) received shares of the Fund equal in value to the number of shares of the Acquired Fund they owned on the Closing Date, including a cash payment in lieu of fractional shares of the Fund, which cash payment might have been taxable. Shareholders of the Acquired Fund who did not hold their shares through a brokerage account that could accept shares of the Fund on the Closing Date had their Acquired Fund shares liquidated, and such shareholders received cash equal in value to their Acquired Fund shares, which cash payment might have been taxable. Shareholders of the Acquired Fund who held their shares through a fund direct individual retirement account and did not take action prior to the Reorganization had their Acquired Fund shares exchanged for Morgan Shares of JPMorgan U.S. Government Money Market Fund equal in value to their Acquired Fund shares. The Fund has the same investment adviser, investment objective and fundamental investment policies and substantially similar investment strategies as the Acquired Fund. Effective as of the close of business on the Closing Date, the Acquired Fund ceased operations in connection with the consummation of the Reorganization.

Costs incurred by the Fund and the Acquired Fund associated with the Reorganization (including the legal costs associated with the Reorganization) were borne by the Adviser by waiving fees or reimbursing expenses to offset the costs incurred by the Fund and Acquired Fund associated with the Reorganization, including any brokerage fees and expenses incurred by the Fund and Acquired Fund related to the disposition and acquisition of assets as part of a Reorganization. Brokerage fees and expenses related to the disposition and acquisition of assets (including any disposition to raise cash to pay redemption proceeds) that were incurred in the ordinary course of business were borne by the Fund and the Acquired Fund. The management fee of the Fund is the same as the management fee of the Acquired Fund. The total annual fund operating expenses of the Fund are expected to be lower than the net expenses of each share class of the Acquired Fund after taking into consideration the expense limitation agreement the Adviser has entered into with the Fund for a term ending on June 30, 2025. The Reorganization did not result in the material change to the Acquired Fund's portfolio holdings. There are no material differences in accounting policies of the Acquired Fund as compared to those of the Fund.

The Fund did not purchase or sell securities following the Reorganization for purposes of realigning its investment portfolio. Accordingly, the Reorganization of the Acquired Fund did not affect the Fund’s portfolio turnover ratio for the year ended October 31, 2023.

The investment objective of the Fund is to seek to provide long-term 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 Fund.

Shares of the Fund are listed and traded at market price on the NYSE Arca, Inc. Market prices for the Fund’s shares may be different from its net asset value (“NAV”). The Fund issues and redeems its 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 Fund (each, an “Authorized Participant”).

2. Significant Accounting Policies

The following is a summary of significant accounting policies followed by the Fund in the preparation of its financial statements. The Fund is an investment company and, accordingly, follows 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.

J.P. Morgan Exchange-Traded Funds

October 31, 2023

A. Valuation of Investments — Investments are valued in accordance with GAAP and the Fund's 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 for the Fund 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 Fund. 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.

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 NAV of the Fund is 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 NAV is calculated.

Investments in open-end investment companies (“Underlying Funds”) are valued at each Underlying Fund’s NAV per share as of the report date.

Futures contracts are generally valued on the basis of available market quotations.

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 Fund's 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 Fund's 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 table represents each valuation input as presented on the Schedule of Portfolio Investments ("SOI"):


	Level 1 Quoted prices	Level 2 Other significant observable inputs	Level 3 Significant unobservable inputs	Total
Investments in Securities
Common Stocks
Australia	$—	$329,554,067	$—	$329,554,067
Belgium	—	22,985,031	—	22,985,031
China	16,843,615	11,050,565	—	27,894,180
Denmark	—	169,789,985	—	169,789,985
Finland	—	48,046,254	—	48,046,254
France	—	618,814,736	—	618,814,736
Germany	—	391,737,934	—	391,737,934
Hong Kong	—	103,758,527	—	103,758,527
Ireland	—	22,456,882	—	22,456,882
Italy	—	51,352,381	—	51,352,381
Japan	—	1,154,586,766	—	1,154,586,766
Macau	—	5,984,965	—	5,984,965

October 31, 2023

J.P. Morgan Exchange-Traded Funds

NOTES TO FINANCIAL STATEMENTS

AS OF October 31, 2023 (continued)

(continued)
	Level 1 Quoted prices	Level 2 Other significant observable inputs	Level 3 Significant unobservable inputs	Total
Netherlands	$—	$308,637,597	$—	$308,637,597
Singapore	5,212,041	49,352,551	—	54,564,592
South Korea	—	2,847,104	—	2,847,104
Spain	—	103,053,687	—	103,053,687
Sweden	—	127,785,590	—	127,785,590
Switzerland	3,679,068	252,516,678	—	256,195,746
United Kingdom	—	664,771,984	—	664,771,984
United States	—	400,137,284	—	400,137,284
Total Common Stocks	25,734,724	4,839,220,568	—	4,864,955,292
Short-Term Investments
Investment Companies	182,533,672	—	—	182,533,672
Investment of Cash Collateral from Securities Loaned	13,828,971	—	—	13,828,971
Total Short-Term Investments	196,362,643	—	—	196,362,643
Total Investments in Securities	$222,097,367	$4,839,220,568	$—	$5,061,317,935
Depreciation in Other Financial Instruments
Futures Contracts	$(9,193,420 )	$—	$—	$(9,193,420 )

B. Restricted Securities — Certain securities held by the Fund 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 Fund.

As of October 31, 2023, the Fund had no investments in restricted securities other than securities sold to the Fund under Rule 144A and/or Regulation S under the Securities Act.

C. Securities Lending — The Fund is authorized to engage in securities lending in order to generate additional income. The Fund is able to lend to approved borrowers. Citibank N.A. (“Citibank”) serves as lending agent for the Fund, 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 and the Agency SL Class Shares of the JPMorgan Securities Lending Money Market Fund. The Fund retains the interest earned on cash collateral investments but is 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 Fund). Upon termination of a loan, the Fund is 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 Fund 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 Statement of Operations as Income from securities lending (net). The Fund also receives 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 Statement 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 Statement of Assets and Liabilities. The value of the cash collateral received is recorded as a liability on the Statement of Assets and Liabilities and details of collateral investments are disclosed on the SOI.

The Fund bears the risk of loss associated with the collateral investments and is 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 Fund may incur losses that exceed the amount it earned on lending the security. Upon termination of a loan, the Fund 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.

J.P. Morgan Exchange-Traded Funds

October 31, 2023

The following table presents the Fund's value of the securities on loan with Citibank, net of amounts available for offset under the master netting arrangements and any related collateral received or posted by the Fund as of October 31, 2023.

	Investment Securities on Loan, at value, Presented on the Statement of Assets and Liabilities	Cash Collateral Posted by Borrower*	Net Amount Due to Counterparty (not less than zero)
	$12,944,241	$(12,944,241 )	$—


*	Collateral posted reflects the value of securities on loan and does not include any additional amounts received from the borrower.

Securities lending also involves counterparty risks, including the risk that the loaned securities may not be returned in a timely manner or at all. Subject to certain conditions, Citibank has agreed to indemnify the Fund from losses resulting from a borrower’s failure to return a loaned security.

JPMIM voluntarily waived management fees charged to the Fund 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 Fund's investment in the JPMorgan U.S. Government Money Market Fund as follows:

$9,055

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 Statement of Operations as Income from securities lending (net).

D. Investment Transactions with Affiliates — The Fund invested in Underlying Funds advised by the Adviser. An issuer which is under common control with the Fund may be considered an affiliate. For the purposes of the financial statements, the Fund assumes the issuers listed in the table 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 table below.


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)	$124,239,979	$440,324,250	$382,073,017	$(9,658 )	$52,118	$182,533,672	182,460,687	$7,060,618	$—
JPMorgan Securities Lending Money Market Fund Agency SL Class Shares, 5.53% (a) (b)	56,261,418	663,000,001	707,265,926	4,410 *	97	12,000,000	11,997,600	1,608,529 *	—
JPMorgan U.S. Government Money Market Fund Class IM Shares, 5.29% (a) (b)	7,523,073	458,520,479	464,214,581	—	—	1,828,971	1,828,971	300,914 *	—
Total	$188,024,470	$1,561,844,730	$1,553,553,524	$(5,248 )	$52,215	$196,362,643		$8,970,061	$—


(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 Statement of Operations as Income from securities lending (net) (after payments of rebates and Citibank’s fee).

October 31, 2023

J.P. Morgan Exchange-Traded Funds

NOTES TO FINANCIAL STATEMENTS

AS OF October 31, 2023 (continued)

E. Foreign Currency Translation — The books and records of the Fund 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 Fund does 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 Statement 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 the Fund books on the transaction date and the U.S. dollar equivalent of the amounts actually received or paid. These reported realized foreign currency gains and losses are included in Net realized gain (loss) on foreign currency transactions on the Statement 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 Statement of Operations.

F. Futures Contracts —The Fund used index futures contracts to gain or reduce exposure to the stock market, or maintain liquidity or minimize transaction costs. 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 Statement 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 Statement of Operations at the closing or expiration of the futures contract. Securities deposited as initial margin are designated on the SOI, while cash deposited, which is considered restricted, is recorded on the Statement of Assets and Liabilities. A receivable from and/or a payable to brokers for the daily variation margin is also recorded on the Statement 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 Statement 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.

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).

The table below discloses the volume of the Fund's futures contracts activity during the year ended October 31, 2023:


Futures Contracts:
Average Notional Balance Long	$126,614,435
Ending Notional Balance Long	167,648,910

G. 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 Fund records 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 Fund adjusts the estimated amounts of the components of distributions (and consequently its net investment income) as necessary, once the issuers provide information about the actual composition of the distributions.

J.P. Morgan Exchange-Traded Funds

October 31, 2023

H. Allocation of Income and Expenses — Expenses directly attributable to the Fund are charged directly to the Fund, while the expenses attributable to more than one fund of the Trust are allocated among the applicable funds.

I. Federal Income Taxes — The Fund is treated as a separate taxable entity for Federal income tax purposes. The 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 Fund's 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 Fund's 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. The Fund's Federal tax returns for the prior three fiscal years remain subject to examination by the Internal Revenue Service.

J. Foreign Taxes —The Fund may be subject to foreign taxes on income, gains on investments or currency purchases/repatriation, a portion of which may be recoverable. The Fund will accrue such taxes and recoveries as applicable, based upon its current interpretation of tax rules and regulations that exist in the markets in which it invests. When a capital gains tax is determined to apply, the Fund records 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. Net realized capital gains, if any, are distributed 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)
	$329,762,806	$16,865,083	$(346,627,889 )

The reclassifications for the Fund relate primarily to redemptions in-kind and tax adjustments on certain investments.

3. Fees and Other Transactions with Affiliates

A. Investment Advisory Fee — Pursuant to an Investment Advisory Agreement, the Adviser manages the investments of the Fund and for such services is paid a fee. The investment advisory fee is accrued daily and paid monthly at an annual rate of 0.20% of the Fund's average daily net assets.

The Adviser waived investment advisory fees and/or reimbursed expenses as outlined in Note 3.E.

B. Administration Fee — Pursuant to an Administration Agreement, the Administrator provides certain administration services to the Fund. In consideration of these services, the Administrator receives a fee accrued daily and paid monthly at an annual rate of 0.075% of the first $10 billion of the Fund's average daily net assets, plus 0.050% of the Fund's average daily net assets between $10 billion and $20 billion, plus 0.025% of the Fund's average daily net assets between $20 billion and $25 billion, plus 0.010% of the Fund's average daily net assets in excess of $25 billion. For the year ended October 31, 2023, the effective rate was 0.075% of the Fund's average daily net assets, notwithstanding any fee waivers and/or expense reimbursements.

The Administrator waived administration fees as outlined in Note 3.E.

JPMorgan Chase Bank, N.A. ("JPMCB"), a wholly-owned subsidiary of JPMorgan, serves as the Fund's sub-administrator (the “Sub-administrator”). For its services as Sub-administrator, JPMCB receives a portion of the fees paid to the Administrator.

October 31, 2023

J.P. Morgan Exchange-Traded Funds

NOTES TO FINANCIAL STATEMENTS

AS OF October 31, 2023 (continued)

C. Distribution Fees — The Distributor or its agent distributes Creation Units for the Fund on an agency basis. The Distributor does not maintain a secondary market in shares of the 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.

D. Custodian, Accounting and Transfer Agent Fees — JPMCB provides portfolio custody, accounting and transfer agency services (effective as of the Closing Date) to the Fund. For performing these services, the Fund pays JPMCB transaction and asset-based fees that vary according to the number of transactions and positions, plus out-of-pocket expenses. The amounts paid directly to JPMCB by the Fund for custody and accounting services are included in Custodian and accounting fees on the Statement of Operations. The amounts paid directly to JPMCB by the Fund for transfer agency services are included in Transfer agency fees on the Statement of Operations.

Additionally, Authorized Participants generally pay transaction fees associated with the creation and redemption of Fund shares. These fees are used to offset certain custodian charges incurred by the Fund for these transactions.

Interest income earned on cash balances at the custodian, if any, is included in Interest income from affiliates on the Statement of Operations.

Interest expense paid to the custodian related to cash overdrafts, if any, is included in Interest expense to affiliates on the Statement of Operations.

E. Waivers and Reimbursements — The Adviser and/or its affiliates have contractually agreed to waive fees and/or reimburse the Fund to the extent that total annual operating expenses (excluding acquired fund fees and expenses other than certain money market fund fees as described below, dividend and interest expenses related to short sales, interest, taxes, expenses related to litigation and potential litigation, costs of shareholder meetings, and extraordinary expenses) exceed 0.24% of the Fund’s average daily net assets.

The expense limitation agreement was in effect for the year ended October 31, 2023 and the contractual expense limitation is in place until at least June 30, 2025.

For the year ended October 31, 2023, the service providers waived fees and/or reimbursed expenses for the Fund as follows. None of these parties expect the Fund to repay any such waived fees and/or reimbursed expenses in future years.


	Contractual Reimbursements
	$2,851,163

Additionally, the Fund may invest in one or more money market funds advised by the Adviser (affiliated money market funds). The Adviser has contractually agreed to waive fees and/or reimburse expenses in an amount sufficient to offset the fees and expenses of the affiliated money market funds incurred by the Fund because of the Fund’s investment in such affiliated money market funds. To the extent that the Fund engages in securities lending, affiliated money market fund fees and expenses resulting from the Fund's investment of cash received from securities lending borrowers are not included in Total Annual Fund Operating Expenses and therefore, the above waivers do not apply to such investments. None of these parties expect the Fund to repay any such waived fees and/ or reimbursed expenses in future years.

The amount of these waivers resulting from investments in these money market funds for the year ended October 31, 2023 was $180,035.

JPMIM voluntarily agreed to reimburse the Fund for the Trustee Fees paid to one of the interested Trustees. For the year ended October 31, 2023 the amount of this reimbursement was $2,403.

F. Other — Certain officers of the Trust are affiliated with the Adviser, the Administrator and JPMDS. Such officers, with the exception of the Chief Compliance Officer, receive no compensation from the Fund for serving in their respective roles.

The Board designated and appointed a Chief Compliance Officer to the Fund pursuant to Rule 38a-1 under the 1940 Act. The Fund, along with certain other affiliated funds, makes reimbursement payments, on a pro-rata basis, to the Administrator for a portion of the fees associated with the office of the Chief Compliance Officer. Such fees are included in Trustees’ and Chief Compliance Officer’s fees on the Statement of Operations.

The Trust adopted a Trustee Deferred Compensation Plan (the “Plan”) which allows the independent Trustees to defer the receipt of all or a portion of compensation related to performance of their duties as Trustees. The deferred fees are invested in various J.P. Morgan Funds until distribution in accordance with the Plan.

The Securities and Exchange Commission ("SEC") has granted an exemptive order permitting the Fund to engage in principal transactions with J.P. Morgan Securities LLC, an affiliated broker, involving taxable money market instruments, subject to certain conditions.

J.P. Morgan Exchange-Traded Funds

October 31, 2023

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)
	$842,118,347	$899,238,975

For the year ended October 31, 2023, in-kind transactions associated with creations and redemptions were as follows:

	In-Kind Purchases	In-Kind Sales
	$587,422,409	$1,204,331,340

During the year ended October 31, 2023, the Fund 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 Fund 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)
	$4,870,766,460	$569,336,336	$387,978,281	$181,358,055

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
	$129,393,763	$129,393,763


*	Short-term gain distributions are treated as ordinary income for income tax purposes.

The tax character of distributions paid during the year ended October 31, 2022 was as follows:

	Ordinary Income*	Total Distributions Paid
	$199,297,281	$199,297,281


*	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)
	$155,491,641	$(421,123,416 )	$181,037,534

October 31, 2023

J.P. Morgan Exchange-Traded Funds

NOTES TO FINANCIAL STATEMENTS

AS OF October 31, 2023 (continued)

The cumulative timing differences primarily consist of tax adjustments on certain investments and wash sale loss deferrals.

At October 31, 2023, the Fund had net capital loss carryforwards, which are available to offset future realized gains:

	Capital Loss Carryforward Character
	Short-Term	Long-Term
	$66,324,084	$354,799,332

6. Capital Share Transactions

The Trust issues and redeems shares of the Fund only in Creation Units through the Distributor at NAV. Capital shares transactions detail can be found in the Statement of Changes in Net Assets.

Shares of the Fund 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 shares outstanding and act as executing or clearing broker for investment transactions on behalf of the Fund. 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 Fund's registration statement. In these instances, the initial Deposit Instruments and cash must be deposited in an amount equal to the sum of the cash amount, plus at least 105% for the Fund 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.

7. Borrowings

Effective November 1, 2022, the Fund relies 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 Fund 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 the 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 Fund because the Fund 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).

The Fund had no borrowings outstanding from another fund, or loans outstanding to another fund, during the year ended October 31, 2023.

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 Fund. 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 the 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 Fund 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 (“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.

J.P. Morgan Exchange-Traded Funds

October 31, 2023

The Fund 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 Fund enters into contracts that contain a variety of representations which provide general indemnifications. The Fund's maximum exposure under these arrangements is unknown. The amount of exposure would depend on future claims that may be brought against the Fund. However, based on experience, the Fund expects the risk of loss to be remote.

As of October 31, 2023, J.P. Morgan Investor Funds and JPMorgan SmartRetirement Funds, which are affiliated funds of funds, each owned in the aggregate, shares representing more than 10% of the net assets of the Fund as follows:

	J.P. Morgan Investor Funds	JPMorgan SmartRetirement Funds
	19.1 %	56.1 %

Significant shareholder transactions by the Adviser may impact the Fund's performance and liquidity.

The Fund 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 year. Such concentrations may subject the Fund to additional risks resulting from political or economic conditions in such countries or regions and the possible imposition of adverse governmental laws or currency exchange restrictions could cause the securities and their markets to be less liquid and their prices to be more volatile than those of comparable U.S. securities.

As of October 31, 2023, the Fund had non-U.S. country allocations representing greater than 10% of total investments (excluding investment
of cash collateral from securities loaned) as follows:

France	12.3 %
Japan	22.9
United Kingdom	13.2

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 Fund's holdings. During such periods, investors may incur significant losses if shares are sold.

The Fund is 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 Fund invests. 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 the Fund's investments, increase the Fund's volatility, exacerbate other pre-existing political, social and economic risks to the Fund 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 Fund invests, or the issuers of such instruments, in ways that could have a significant negative impact on the 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 the 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

REPORT OF INDEPENDENT REGISTERED PUBLIC ACCOUNTING FIRM

To the Board of Trustees of J.P. Morgan Exchange-Traded Fund Trust and Shareholders of JPMorgan International Research Enhanced Equity ETF

Opinion on the Financial Statements

We have audited the accompanying statement of assets and liabilities, including the schedule of portfolio investments, of JPMorgan International Research Enhanced Equity ETF (one of the funds constituting J.P. Morgan Exchange-Traded Fund Trust, referred to hereafter as the “Fund”) as of October 31, 2023, the related statement of operations for the year ended October 31, 2023, the statement of changes in net assets for each of the two years in the period ended October 31, 2023, including the related notes, and the financial highlights for each of the five years in the period ended October 31, 2023 (collectively referred to as the “financial statements”). In our opinion, the financial statements present fairly, in all material respects, the financial position of the Fund as of October 31, 2023, the results of its operations for the year then ended, the changes in its net assets for each of the two years in the period ended October 31, 2023 and the financial highlights for each of the five years in the period ended October 31, 2023 in conformity with accounting principles generally accepted in the United States of America.

Basis for Opinion

These financial statements are the responsibility of the Fund’s management. Our responsibility is to express an opinion on the Fund’s 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 Fund 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 opinion.

/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.

J.P. Morgan Exchange-Traded Funds

October 31, 2023

TRUSTEES

(Unaudited)

The Fund's Statement of Additional Information includes additional information about the Fund's 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

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

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

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

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.

J.P. Morgan Exchange-Traded Funds

October 31, 2023

SCHEDULE OF SHAREHOLDER EXPENSES

(Unaudited)

Hypothetical $1,000 Investment

As a shareholder of the Fund, 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 Fund 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 the 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 the 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 the Fund in the table below provides information about hypothetical account values and hypothetical expenses based on the actual expense ratio and an assumed rate of return of 5% per year before expenses, which is not the Fund's actual return. The hypothetical account values and expenses may not be used to estimate the actual ending account balance or expenses you paid for the period. You may use this information to compare the ongoing costs of investing in the Fund and other funds. To do so, compare this 5% hypothetical example with the 5% hypothetical examples that appear in the shareholder reports of the other funds. The examples also assume all dividends and distributions have been reinvested. The examples do not take into account brokerage commissions that you pay when purchasing or selling shares of the Fund.

	Beginning Account Value May 1, 2023	Ending Account Value October 31, 2023	Expenses Paid During the Period*	Annualized Expense Ratio
JPMorgan International Research Enhanced Equity ETF
Actual	$1,000.00	$929.90	$1.17	0.24 %
Hypothetical	1,000.00	1,024.00	1.22	0.24


*	Expenses are equal to 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).

October 31, 2023

J.P. Morgan Exchange-Traded Funds

LIQUIDITY RISK MANAGEMENT PROGRAM

(Unaudited)

The JPMorgan International Research Enhanced Equity ETF (the “Fund”) 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 of the applicable J.P. Morgan Exchange-Traded Funds (each a “Fund”; and collectively, the “Funds”) 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 the 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 the Fund. Such information and factors included, among other things: (1) the effectiveness of the Program with respect to the identification of the 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 the Fund’s Liquidity Risk and the results of this assessment; (3) the methodology and inputs for classifying the investments of the 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 the 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 the Fund (other than an In-Kind ETF) and the procedures for monitoring any HLIM; (5) whether the 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 the Fund’s Liquidity Risk; and (2) the Program has been adequately and effectively implemented with respect to the Fund during the Program Reporting Period.

J.P. Morgan Exchange-Traded Funds

October 31, 2023

BOARD APPROVAL OF INVESTMENT ADVISORY AGREEMENT

(Unaudited)

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 investment advisory agreements. The Board also met for the specific purpose of considering investment advisory 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 investment advisory agreement for the Fund whose annual report is contained herein (the “Advisory Agreement”). 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 the Advisory Agreement or “interested persons” (as defined in the Investment Company Act of 1940) of any party to the Advisory Agreement or any of their affiliates, approved the continuation of the Advisory Agreement on August 10, 2023.

As part of their review of the Advisory Agreement, the Trustees considered and reviewed performance and other information about the Fund received from J.P. Morgan Investment Management Inc. (the “Adviser”). This information included the Fund’s performance as compared to the performance of its peers and benchmark, and analyses by the Adviser of the Fund’s 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 Fund’s objectives, benchmarks, and peers. Before voting on the Advisory Agreement, the Trustees reviewed the Advisory Agreement with representatives of the Adviser, counsel to the Fund, 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 Advisory Agreement. The Trustees also discussed the Advisory Agreement 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 the Advisory 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 Fund 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 the Fund under the Advisory Agreement was fair and reasonable under the circumstances, and determined that the continuance of the Advisory Agreement was in the best interests of the 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 the Fund under the Advisory 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 the Fund, including personnel changes, if any;

• The investment strategy for the Fund, and the infrastructure supporting the portfolio management teams;

• Information about the structure and distribution strategy for the Fund and how it fits within the Adviser’s other fund offerings within the J.P. Morgan Funds complex;

• 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 Fund and in the financial industry generally;

October 31, 2023

J.P. Morgan Exchange-Traded Funds

BOARD APPROVAL OF INVESTMENT ADVISORY AGREEMENT

(Unaudited) (continued)

• The overall reputation and capabilities of the Adviser and its affiliates;

• The commitment of the Adviser to provide high quality service to the Fund;

• 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 the 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 Fund 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 the 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 Fund, 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 investment advisory 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 the Advisory Agreement was not unreasonable in light of the services and benefits provided to the Fund.

The Trustees also considered that the Adviser earns fees from the Fund for providing administration services. These fees were shown separately in the profitability analysis presented to the Trustees. 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 the 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 Fund. 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 Fund’s potential investments in other funds advised by the Adviser. The Trustees also reviewed the Adviser’s allocation of fund brokerage for the J.P. Morgan Funds complex, including allocations to brokers who provide research to the Adviser, as well as the Adviser’s use of affiliates to provide other services and the benefits to such affiliates of doing so. The Trustees also considered the benefit to the Adviser and its affiliates from allocating client assets to the Fund.

Economies of Scale

The Trustees considered the extent to which the Fund may benefit from potential economies of scale. The Trustees considered that there may not be a direct relationship between economies of scale realized by the Fund and those realized by the Adviser as assets increase. The Trustees considered the extent to which the Fund was priced to scale and whether it would be appropriate to add advisory fee breakpoints, but noted that the Fund has implemented a contractual expense limitation and fee waiver (“Fee Cap”) which allow the Fund’s shareholders to share potential economies of scale from the Fund’s inception, and that the fees remain fair and reasonable relative to peer funds. The Trustees considered the benefits to the Fund of the use of an affiliated distributor and custodian, including the ability to rely on existing infrastructure supporting distribution, custodial and transfer agent services and the ability to negotiate competitive fees for the Fund. The Trustees further considered the Adviser's and JPMDS's ongoing investments in their business in support of the Fund, including the Adviser's and/or JPMDS's investments in trading systems, technology (including improvements to the J.P. Morgan Funds’ website, and cybersecurity improvements), retention of key talent, and regulatory support enhancements. The Trustees concluded that the current fee structure for the Fund, including the Fee Cap that the Adviser has in place that serves to limit the overall net expense ratio of the Fund at a competitive level, was reasonable. The Trustees concluded that the Fund’s shareholders received the benefits of potential economies of scale through the Fee Cap and from the Adviser’s reinvestment in its operations to serve the Fund and its shareholders. The

J.P. Morgan Exchange-Traded Funds

October 31, 2023

Trustees noted that the Adviser’s reinvestment ensures sufficient resources in terms of personnel and infrastructure to support the Fund.

Fees Relative to Adviser’s Other Clients

The Trustees received and considered information about the nature and extent of investment advisory 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 the Fund. The Trustees considered the complexity of investment management for registered investment companies relative to the Adviser’s other clients and noted differences, as applicable, in the fee structure and the regulatory, legal and other risks and responsibilities of providing services to the different clients. The Trustees considered that serving as an adviser to a registered investment company involves greater responsibilities and risks than acting as a sub-adviser and observed that sub-advisory fees may be lower than those charged by the Adviser to the 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 the Fund in comparison to those charged to the Adviser’s other clients were reasonable.

Investment Performance

The Trustees receive and consider information about the Fund’s performance throughout the year. In addition, the Trustees received and considered absolute and/or relative performance information for the Fund in a report prepared by Broadridge. The Trustees considered the total return performance information, which included the ranking of the Fund within a performance universe comprised of funds with the same Broadridge investment classification and objective (the “Universe”), by total return for the applicable one-, three- and five-year periods. The Trustees reviewed a description of Broadridge’s methodology for selecting exchange-traded funds in the 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 the Fund’s performance against its benchmark and considered the performance information provided for the Fund 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 the Fund’s performance are summarized below:

The Trustees noted that the Fund’s performance was in the second, third and third quintiles of the Universe for the one-, three- and five-year periods ended December 31, 2022, respectively. The Trustees discussed the performance and investment strategy of the Fund with the Adviser and reviewed the performance analysis and evaluation prepared by the independent consultant. Based upon these discussions and various other factors, the Trustees concluded that the Fund’s performance was satisfactory.

Advisory Fee and Expense Ratio

The Trustees considered the contractual advisory fee rate and administration fee rate paid by the Fund to the Adviser and compared the combined 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 recognized that Broadridge reported the Fund’s management fee rate as the combined contractual advisory fee and administration fee rates. The Trustees also reviewed information about other expenses and the expense ratio for the Fund, 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 considered the Fee Cap currently in place for the Fund, the net advisory fee rate and net expense ratio, taking into account any waivers and/or reimbursements, and, where deemed appropriate by the Trustees, additional waivers and/or reimbursements. The Trustees recognized that it can be difficult to make comparisons of advisory 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 the Fund’s advisory fee and expense ratio are summarized below:

The Trustees noted that the Fund’s net advisory fee was in the first and second quintiles of the Peer Group and Universe, respectively, and that the actual total expenses were in the second quintile of both the Peer Group and Universe. After considering the factors identified above, in light of this information, the Trustees concluded that the advisory fee was fair and reasonable in light of the services provided to the Fund.

October 31, 2023

J.P. Morgan Exchange-Traded Funds

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.

The 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 Fund's Form N-PORT reports are available on the SEC’s website at http://www.sec.gov. The 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 the Fund's policies and procedures with respect to the disclosure of the Fund's holdings is available in the prospectus 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 Fund's 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 Fund to the Adviser. A copy of the Fund's 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 Fund's website at www.jpmorganfunds.com no later than August 31 of each year. The Fund's 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.

DESCRIPTION	NUMBER OF CONTRACTS	EXPIRATION DATE	TRADING CURRENCY	NOTIONAL AMOUNT ($)	VALUE AND UNREALIZED APPRECIATION (DEPRECIATION) ($)
Long Contracts
MSCI EAFE E-Mini Index	671	12/15/2023	USD	66,227,700	(2,440,099 )
SPI 200 Index	938	12/21/2023	AUD	101,421,210	(6,753,321 )
					(9,193,420 )

Abbreviations
AUD	Australian Dollar
EAFE	Europe, Australasia and Far East
MSCI	Morgan Stanley Capital International
SPI	Australian Securities Exchange
USD	United States Dollar

		Ratios/Supplemental data
					Ratios to average net assets
Net asset value, end of period	Market price, end of period	Total Return(c)	Market price total return(d)	Net assets, end of period	Net expenses	Net investment income (loss)	Expenses without waivers and reimbursements	Portfolio turnover rate

$52.83	$53.01	17.17 %	17.54 %	$5,086,537,039	0.24 %	2.82 %	0.29 %	16 %
46.27	46.28	(22.04 )	(22.03 )	5,026,188,342	0.24	2.66	0.30	16
61.89	61.89	35.93	35.93	4,562,266,369	0.25	2.46 (f)	0.31	20
46.43	46.43	(8.96 )	(8.96 )	4,337,775,495	0.24	2.35	0.30	52
52.55	52.55	10.78	10.78	4,435,538,473	0.25	3.37	0.31	22

Fund	Ticker	Listing Exchange
JPMorgan International Research Enhanced Equity ETF	JIRE	NYSE Arca, Inc.

**	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.