Annual Report
J.P. Morgan Exchange-Traded Funds
February 29, 2024
Fund
Ticker
Listing Exchange
JPMorgan Active Bond ETF
JBND
New York Stock Exchange LLC
JPMorgan Core Plus Bond ETF
JCPB
Cboe BZX Exchange, Inc.
JPMorgan Income ETF
JPIE
NYSE Arca, Inc.
JPMorgan International Bond Opportunities ETF
JPIB
Cboe BZX Exchange, Inc.
JPMorgan Municipal ETF
JMUB
Cboe BZX Exchange, Inc.
JPMorgan Short Duration Core Plus ETF
JSCP
NYSE Arca, Inc.
JPMorgan Ultra-Short Income ETF
JPST
NYSE Arca, Inc.
JPMorgan Ultra-Short Municipal Income ETF
JMST
Cboe BZX Exchange, Inc.


CONTENTS
 
 
1
2
3
5
7
9
12
14
17
19
21
238
248
252
284
285
289
291
292
293
295
Investments in a Fund are not deposits or obligations of, or guaranteed or endorsed by, any bank and are not insured or guaranteed by the FDIC, the Federal Reserve Board or any other government agency. You could lose money if you sell when a Fund’s share price is lower than when you invested.
Past performance is no guarantee of future performance. The general market views expressed in this report are opinions based on market and other conditions through the end of the reporting period and are subject to change without notice. These views are not intended to predict the future performance of a Fund or the securities markets.
Prospective investors should refer to the Funds’ prospectuses for a discussion of the Funds’ investment objectives, strategies and risks. Call J.P. Morgan Exchange-Traded Funds at (844) 457-6383 for a prospectus containing more complete information about a Fund, including management fees and other expenses. Please read it carefully before investing.
Shares are bought and sold throughout the day on an exchange at market price (not at net asset value) through a brokerage account, and are not individually subscribed and redeemed from a Fund. Shares may only be subscribed and redeemed directly from a Fund by Authorized Participants, in very large creation/redemption units. Brokerage commissions will reduce returns.


President's Letter
April 15, 2024 (Unaudited)
Dear Shareholder,
Financial markets largely rallied through the final months of 2023 and into the first quarter of 2024, as leading central banks refrained from implementing further interest rate increases. Equity markets generally outperformed bond markets for the twelve months ended February 29, 2024, led by four consecutive months of net gains in U.S. equity prices.

“The global economic outlook for the
year ahead remains positive and
financial markets appear more
resilient than a year ago.”
— Brian S. Shlissel

Economic data were stronger than many economists expected in the face of elevated interest rates throughout the year. Following weak but positive economic growth in the first half of 2023, U.S. gross domestic product increased to 4.9% in the third quarter and 3.4% growth in the final quarter of the year. While the U.S. unemployment rate rose slightly during the second half of the year, it remained below 4% for the entire 12 month period and monthly job growth data frequently surpassed the consensus forecasts of economists.
Meanwhile, the U.S. Federal Reserve (the “Fed”) continued to raise interest rates through the end of summer 2023, then settled on a benchmark lending rate range of 5.25 - 5.50% through the first quarter of 2024. The European Central Bank and the Bank of England followed similar trajectories, raising interest rates at regular intervals into the third quarter of 2023 and then holding rates at those elevated levels for the remainder of the period. Notably, the Bank of Japan raised interest rates for the first time in 17 years in mid-March 2024, ending eight years of negative interest rates and setting its benchmark rate range at 0.0 to 0.1%.
The Fed and certain other leading central banks fueled investor expectations for interest rate reductions in 2024 and growing optimism that developed market economies could enjoy a “soft landing” of positive growth coupled with relatively low unemployment.
However, there remain significant risks to the macroeconomic backdrop. Slower economic growth due to the impact of higher interest rates could leave the U.S. economy more vulnerable to potential shocks from geopolitical events, natural disasters or political turmoil, particularly taking into account the upcoming U.S. presidential election. Additionally, financial markets may also come under pressure should the Fed decide not to reduce interest rates to the extent anticipated by investors. Finally, the recent run-up in U.S. equity prices could lead to increased volatility in certain sectors of the market.
The global economic outlook for the year ahead remains positive and financial markets appear to be more resilient than a year ago. Global growth is estimated at 2.9% this year and 3.0% for 2025, with a continued decline in inflation, according to the Organization for Economic Cooperation and Development’s February 2024 forecast. However, across market cycles, we believe that those investors who hold a well-diversified portfolio and a long-term view are best positioned.
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
February 29, 2024
J.P. Morgan Exchange-Traded Funds
1


J.P. Morgan Exchange-Traded Funds
MARKET OVERVIEW
TWELVE MONTHS ENDED February 29, 2024 (Unaudited)
While bond markets generally underperformed equity markets during the period, fixed income securities rallied in late 2023 as leading central banks signaled that they could begin to lower interest rates in 2024. Overall, U.S. high yield bonds (also known as junk bonds) and emerging markets debt outperformed other sectors of the bond market, and corporate debt generally outperformed U.S. Treasury bonds and other developed markets sovereign debt for the twelve months ended February 29, 2024.
Global economic growth was stronger than expected in the first quarter of 2023, but in late March, Silicon Valley Bank collapsed after management sold off the bank’s portfolio of U.S. Treasury bonds at a steep loss, which triggered a run on the bank’s deposits. While U.S. regulators moved swiftly to guarantee some deposits at the bank to prevent further contagion, depositors began withdrawing cash from First Republic Bank. At the end of April, U.S. regulators announced First Republic Bank had been closed and sold to J.P. Morgan Chase & Co. Meanwhile, the Swiss government brokered a takeover of troubled Credit Suisse by UBS Group AG. These events sharply elevated market volatility in the banking sector, particularly in U.S. regional bank stocks.
Throughout the first half of 2023, leading central banks continued to raise interest rates at regular intervals in an effort to ease inflationary pressures. By the end of summer 2023, inflation data in the U.S. and across Europe had shown significant reduction in core consumer prices. In response, the U.S. Federal Reserve, the European Central Bank and the Bank of England in separate decisions each declined to raise interest rates further during the final months of 2023.
By the start of the second half of 2023, the general consensus view of economists was that interest rates would remain elevated for an extended period, particularly in the U.S. where labor markets remained tight and economic growth was generally stronger than expected. However, at its December meeting, the U.S. Federal Reserve indicated that it was prepared to begin the process of cutting interest rates in 2024, given the trajectory of inflation data.
Global economic growth largely proved more resilient than economists’ forecasts during the period, led by expansions in the U.S., Japan, India and select emerging markets. Meanwhile, the Eurozone, U.K., China and Canada struggled with weaker growth. China’s economy faced low levels of consumer spending and business confidence, along with long-standing debt issues in the domestic property sector. Across Europe, weakness in consumer and business spending and ongoing stresses from the war in Ukraine weighed on economic growth. Notably, inflation data in the U.K. indicated that prices were declining at a somewhat slower pace than in other developed markets.
However, investor concerns about a potential economic recession receded during the period as data showed a general trend toward stability in labor markets amid declining inflation and the pivot in the policies of leading central banks. Global equity markets responded with a four-month rally through the end of February 2024. Notably, the outperformance of U.S. equity markets was led by a handful of large cap companies in the information technology and communications sectors; Apple Inc., Amazon.com Inc., Alphabet Inc., Meta Platforms Inc., Microsoft Corp., Nvidia Corp. and Tesla Inc.
For the twelve months ended February 29, 2024, the Bloomberg U.S. High Yield Corporate Index returned 11.03%; the Bloomberg Emerging Markets Index returned 7.92% and the Bloomberg U.S. Aggregate Index returned 3.33%.
2
J.P. Morgan Exchange-Traded Funds
February 29, 2024


JPMorgan Active Bond ETF
FUND COMMENTARY
FOR THE PERIOD October 11, 2023 (FUND INCEPTION) THROUGH February 29, 2024 (Unaudited)
REPORTING PERIOD RETURN:
 
Net Asset Value*
5.95%
Market Price**
6.23%
Bloomberg U.S. Aggregate Index
3.33%
Net Assets as of 2/29/2024
$195,376,421
Duration as of 2/29/2024
6.1 Years
Fund Ticker
JBND
INVESTMENT OBJECTIVE***
The JPMorgan Active Bond ETF (the “Fund”) seeks to deliver total return from a portfolio of investment grade intermediate- and long-term bonds.
INVESTMENT APPROACH
The Fund invests primarily in investment grade corporate bonds, U.S. Treasury obligations, including Treasury coupon strips and Treasury principal strips, other U.S. government and agency securities, and asset-backed and mortgage-backed securities. The Fund’s average weighted maturity will normally range between four and twelve years. As part of its investment approach, the adviser seeks to assess the impact of environmental, social and governance factors on many issuers in the universe in which the Fund invests.
HOW DID THE FUND PERFORM?
For the period from inception October 11, 2023 to February 29, 2024, the Fund outperformed the Bloomberg U.S. Aggregate Index (the “Index”).
Relative to the Index, the Fund’s overweight position in securitized credit, specifically non-agency mortgage-backed securities, commercial mortgage-backed securities and asset-backed securities, was a leading contributor to performance. The Fund’s underweight allocation to U.S. Treasury bonds and its security selection in corporate credit, specifically the industrials and financials sectors, also contributed to relative performance. The Fund’s longer overall duration and yield curve positioning also contributed to relative performance. Generally, bonds of longer duration will experience a greater increase in price compared with shorter duration bonds when interest rates fall.
HOW WAS THE FUND POSITIONED?
At the end of the period, the Fund’s largest allocations were to agency mortgage-backed securities and U.S. Treasury bonds,
and its smallest allocations were to commercial mortgage-backed securities and non-agency mortgage-backed securities. The Fund’s duration at the end of the period was 6.12 years.
PORTFOLIO COMPOSITION
AS OF February 29, 2024
PERCENT OF
TOTAL
INVESTMENTS
Asset-Backed Securities
22.2%
Mortgage-Backed Securities
21.9
U.S. Treasury Obligations
20.3
Corporate Bonds
14.9
Collateralized Mortgage Obligations
5.6
Commercial Mortgage-Backed Securities
5.2
Others (each less than 1.0%)
0.1
Short-Term Investments
9.8

*
The return shown is based on net asset value and may differ from the return shown in the financial highlights, which reflects adjustments made to the net asset value in accordance with accounting principles generally accepted in the United States of America. The net asset value was $52.10 as of February 29, 2024.
**
Market price return was calculated assuming an initial investment made at the inception date net asset value, reinvestment of all dividends and distributions at the market price during the period, and sale at the market price on the last day of the period. The price used to calculate the market price return was the closing price on the New York Stock Exchange LLC. As of February 29, 2024, the closing price was $52.24.
***
The adviser seeks to achieve the Fund’s objective. There can be no guarantee it will be achieved.
February 29, 2024
J.P. Morgan Exchange-Traded Funds
3


JPMorgan Active Bond ETF
FUND COMMENTARY
FOR THE PERIOD October 11, 2023 (FUND INCEPTION) THROUGH February 29, 2024 (Unaudited) (continued)
TOTAL RETURNS AS OF February 29, 2024 (Unaudited)
 
INCEPTION DATE
CUMULATIVE SINCE
INCEPTION
JPMorgan Active Bond ETF
 
Net Asset Value
October 11, 2023
5.95
%
Market Price
 
6.23
LIFE OF FUND PERFORMANCE (10/11/23 TO 2/29/24)
The performance quoted is past performance and is not a guarantee of future results. Exchange-traded funds are subject to certain market risks. Investment returns and principal value of an investment will fluctuate so that an investor’s shares, when sold or redeemed, may be worth more or less than their original cost. Current performance may be higher or lower than the performance data shown. Updated performance information is available by visiting www.jpmorganfunds.com or by calling 1-844-457-6383.
Fund commenced operations on October 11, 2023.
The graph illustrates comparative performance for $10,000 invested in shares of the JPMorgan Active Bond ETF and the Bloomberg U.S. Aggregate Index from October 11, 2023 to February 29, 2024. The performance of the Fund reflects the deduction of Fund expenses and assumes reinvestment of all dividends and capital gain distributions, if any. The performance of the Bloomberg U.S. Aggregate Index does not reflect the deduction of expenses associated with an exchange-traded fund and has been adjusted to reflect reinvestment of all dividends and capital gain distributions of the securities included in the Index, if applicable. The Bloomberg U.S. Aggregate Index is an unmanaged index that represents securities that are SEC-registered, taxable, and dollar denominated. The index covers the U.S. investment grade fixed rate bond market, with index components for government and corporate securities, mortgage pass-through securities, and asset-backed securities. Investors cannot invest directly in an index.
Fund performance reflects waiver of a portion of the Fund’s fees and reimbursement of expenses for certain periods from the Fund’s inception date and prior to implementation of a unitary fee structure on November 19, 2019. Without these waivers and reimbursements, performance would have been lower. Also, performance shown in this section does not reflect the deduction of taxes that a shareholder may pay on Fund distributions or on gains resulting from redemption or sale of Fund shares.
The returns shown are based on net asset values calculated for shareholder transactions and may differ from the returns shown in the financial highlights, which reflect adjustments made to the net asset values in accordance with accounting principles generally accepted in the United States of America.
Source: Bloomberg Index Services Limited. BLOOMBERG® is a trademark and service mark of Bloomberg Finance L.P. and its affiliates (collectively "Bloomberg"). Bloomberg or Bloomberg's licensors own all proprietary rights in the Bloomberg Indices. Bloomberg does not approve or endorse this material, or guarantee the accuracy or completeness of any information herein, or make any warranty, express or implied, as to the results to be obtained therefrom and, to the maximum extent allowed by law, shall have any liability or responsibility for injury or damages arising in connection therewith.
4
J.P. Morgan Exchange-Traded Funds
February 29, 2024


JPMorgan Core Plus Bond ETF
FUND COMMENTARY
TWELVE MONTHS ENDED February 29, 2024 (Unaudited)
REPORTING PERIOD RETURN:
 
Net Asset Value*
4.58%
Market Price**
4.65%
Bloomberg U.S. Aggregate Index
3.33%
Net Assets as of 2/29/2024
$2,630,096,493
Duration as of 2/29/2024
6.3 Years
Fund Ticker
JCPB
INVESTMENT OBJECTIVE***
The JPMorgan Core Plus Bond ETF (the “Fund”) seeks a high level of current income by investing primarily in a diversified portfolio of high-, medium- and low-grade debt securities.
WHAT WERE THE MAIN DRIVERS OF THE FUND’S PERFORMANCE?
For the twelve months ended February 29, 2024, the Fund outperformed the Bloomberg U.S. Aggregate Index (the “Benchmark”).
Relative to the Benchmark, the Fund’s overweight positions in securitized credit, including asset-backed securities, commercial mortgage-backed securities and non-agency mortgage-backed securities, and its out-of-Benchmark position in high yield corporate credit (also known as junk bonds) were leading contributors to performance. The Fund’s longer overall duration relative to the Benchmark also contributed to performance, particularly in March 2023 and December 2023 when the yields fell on 10-year US Treasury bonds. Generally, bonds of longer duration will experience a greater increase in price compared with shorter duration bonds when interest rates fall.
The Fund’s underweight position in investment grade corporate credit was a leading detractor from relative performance. The Fund’s positioning in emerging markets debt also detracted from relative performance.
HOW WAS THE FUND POSITIONED?
The Fund continued to focus on security selection and relative value, which seeks to take advantage of pricing discrepancies between individual securities or market sectors. The Fund’s portfolio managers used bottom-up research to construct, in their view, a portfolio of undervalued fixed income securities.
The managers employed a macro-economic analysis to determine asset allocation and positioning on the yield curve. The yield curve shows the relationship between yields and maturity dates for a set of similar bonds at a given point in time. During the period, the Fund’s managers decreased the Fund’s duration to 6.32 years at February 29, 2024 from 6.40 years at February 28, 2023.
PORTFOLIO COMPOSITION
AS OF February 29, 2024
PERCENT OF
TOTAL
INVESTMENTS
Corporate Bonds
28.1%
Mortgage-Backed Securities
24.3
Asset-Backed Securities
16.1
U.S. Treasury Obligations
9.8
Commercial Mortgage-Backed Securities
5.6
Collateralized Mortgage Obligations
3.3
Loan Assignments
1.0
Others (each less than 1.0%)
0.9
Short-Term Investments
10.9

*
The return shown is based on net asset value and may differ from the return shown in the financial highlights, which reflects adjustments made to the net asset value in accordance with accounting principles generally accepted in the United States of America. The net asset value was $46.22 as of February 29, 2024.
**
Market price return was calculated assuming an initial investment made at the market price at the beginning of the reporting period, reinvestment of all dividends and distributions at the market price during the period, and sale at the market price on the last day of the period. The price used to calculate the market price return was the closing price on the Cboe BZX Exchange, Inc. As of February 29, 2024, the closing price was $46.34.
***
The adviser seeks to achieve the Fund’s objective. There can be no guarantee it will be achieved.
February 29, 2024
J.P. Morgan Exchange-Traded Funds
5


JPMorgan Core Plus Bond ETF
FUND COMMENTARY
TWELVE MONTHS ENDED February 29, 2024 (Unaudited) (continued)
AVERAGE ANNUAL TOTAL RETURNS AS OF February 29, 2024 (Unaudited)
 
INCEPTION DATE
1 YEAR
5 YEAR
SINCE
INCEPTION
JPMorgan Core Plus Bond ETF
 
Net Asset Value
January 28, 2019
4.58
%
1.48
%
1.64
%
Market Price
 
4.65
1.47
1.69
LIFE OF FUND PERFORMANCE (1/28/19 TO 2/29/24)
The performance quoted is past performance and is not a guarantee of future results. Exchange-traded funds are subject to certain market risks. Investment returns and principal value of an investment will fluctuate so that an investor’s shares, when sold or redeemed, may be worth more or less than their original cost. Current performance may be higher or lower than the performance data shown. Updated performance information is available by visiting www.jpmorganfunds.com or by calling 1-844-457-6383.
Fund commenced operations on January 28, 2019.
The graph illustrates comparative performance for $10,000 invested in shares of the JPMorgan Core Plus Bond ETF and the Bloomberg U.S. Aggregate Index from January 28, 2019 to February 29, 2024. The performance of the Fund reflects the deduction of Fund expenses and assumes reinvestment of all dividends and capital gain distributions, if any. The performance of the Bloomberg U.S. Aggregate Index does not reflect the deduction of expenses associated with an exchange-traded fund and has been adjusted to reflect reinvestment of all dividends and capital gain distributions of the securities included in the Index, if applicable. The Bloomberg U.S. Aggregate Index is an unmanaged index that represents securities that are SEC-registered, taxable, and dollar denominated. The index covers the U.S. investment grade fixed rate bond market, with index components for government and corporate securities, mortgage pass-through securities, and asset-backed securities. Investors cannot invest directly in an index.
Fund performance reflects waiver of a portion of the Fund’s fees and reimbursement of expenses for certain periods from the Fund’s inception date and prior to implementation of a unitary fee structure on November 19, 2019. Without these waivers and reimbursements, performance would have been lower. Also, performance shown in this section does not reflect the deduction of taxes that a shareholder may pay on Fund distributions or on gains resulting from redemption or sale of Fund shares.
The returns shown are based on net asset values calculated for shareholder transactions and may differ from the returns shown in the financial highlights, which reflect adjustments made to the net asset values in accordance with accounting principles generally accepted in the United States of America.
Source: Bloomberg Index Services Limited. BLOOMBERG® is a trademark and service mark of Bloomberg Finance L.P. and its affiliates (collectively "Bloomberg"). Bloomberg or Bloomberg's licensors own all proprietary rights in the Bloomberg Indices. Bloomberg does not approve or endorse this material, or guarantee the accuracy or completeness of any information herein, or make any warranty, express or implied, as to the results to be obtained therefrom and, to the maximum extent allowed by law, shall have any liability or responsibility for injury or damages arising in connection therewith.
6
J.P. Morgan Exchange-Traded Funds
February 29, 2024


JPMorgan Income ETF
FUND COMMENTARY
TWELVE MONTHS ENDED February 29, 2024 (Unaudited)
REPORTING PERIOD RETURN:
 
Net Asset Value*
6.67%
Market Price**
6.27%
Bloomberg U.S. Aggregate Index
3.33%
Net Assets as of 2/29/2024
$1,071,983,762
Duration as of 2/29/2024
2.9 Years
Fund Ticker
JPIE
INVESTMENT OBJECTIVE***
The JPMorgan Income ETF (the “Fund”) seeks to provide income with a secondary objective of capital appreciation.
INVESTMENT APPROACH
The Fund invests opportunistically in a wide variety of debt securities that have high potential to produce income and have low correlations to each other in order to manage risk. The Fund utilizes a flexible approach, shifting its allocations based on changing market conditions and seeks to manage distributions to reduce fluctuations in monthly dividends.
HOW DID THE FUND PERFORM?
For the twelve months ended February 29, 2024, the Fund generated a positive return and outperformed the Bloomberg U.S. Aggregate Index (the “Index”).
Relative to the Index, the Fund’s out-of-Index allocations to non-agency mortgage-backed securities, commercial mortgage-backed securities, emerging markets debt and high yield corporate bonds (also known as junk bonds) contributed to performance. The Fund’s U.S. Treasury securities allocation was the largest detractor from relative performance. The Fund’s underweight allocation to investment grade corporate bonds and its out-of-Index allocation to non-USD currency also detracted from relative performance.
HOW WAS THE FUND POSITIONED?
During the period, the Fund invested opportunistically among multiple debt markets and sectors that the adviser believed had a high potential to produce income. The Fund’s adviser sought to manage risk through exposure to debt markets that it believed to have low correlations to each other. During the period, the Fund’s adviser increased its allocations to agency
mortgage-backed securities and commercial mortgage-backed securities and decreased the Fund’s exposure to high yield bonds, investment grade corporate bonds and asset-backed securities.
The Fund's duration decreased to 2.91 years at February 29, 2024 from 4.11 years at February 28, 2023.
PORTFOLIO COMPOSITION
AS OF February 29, 2024
PERCENT OF
TOTAL
INVESTMENTS
Corporate Bonds
34.0%
Commercial Mortgage-Backed Securities
20.6
Mortgage-Backed Securities
18.8
Asset-Backed Securities
16.2
Collateralized Mortgage Obligations
5.6
Foreign Government Securities
3.2
Exchange-Traded Funds
1.4
Others (each less than 1.0%)
0.1
Short-Term Investments
0.1

*
The return shown is based on net asset value and may differ from the return shown in the financial highlights, which reflects adjustments made to the net asset value in accordance with accounting principles generally accepted in the United States of America. The net asset value was $45.17 as of February 29, 2024.
**
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 February 29, 2024, the closing price was $45.37.
***
The adviser seeks to achieve the Fund’s objective. There can be no guarantee it will be achieved.
February 29, 2024
J.P. Morgan Exchange-Traded Funds
7


JPMorgan Income ETF
FUND COMMENTARY
TWELVE MONTHS ENDED February 29, 2024 (Unaudited) (continued)
AVERAGE ANNUAL TOTAL RETURNS AS OF February 29, 2024 (Unaudited)
 
INCEPTION DATE
1 YEAR
SINCE
INCEPTION
JPMorgan Income ETF
 
Net Asset Value
October 28, 2021
6.67
%
0.51
%
Market Price
 
6.27
0.67
LIFE OF FUND PERFORMANCE (10/28/21 TO 2/29/24)
The performance quoted is past performance and is not a guarantee of future results. Exchange-traded funds are subject to certain market risks. Investment returns and principal value of an investment will fluctuate so that an investor’s shares, when sold or redeemed, may be worth more or less than their original cost. Current performance may be higher or lower than the performance data shown. Updated performance information is available by visiting www.jpmorganfunds.com or by calling 1-844-457-6383.
Fund commenced operations on October 28, 2021.
The graph illustrates comparative performance for $10,000 invested in shares of the JPMorgan Income ETF and the Bloomberg U.S. Aggregate Index from October 28, 2021 to February 29, 2024. The performance of the Fund reflects the deduction of Fund expenses and assumes reinvestment of all dividends and capital gain distributions, if any. The performance of the Bloomberg U.S. Aggregate Index does not reflect the deduction of expenses associated with an exchange-traded fund and has been adjusted to reflect reinvestment of all dividends and capital gain distributions of the securities included in the Index, if applicable. The Bloomberg U.S. Aggregate Index is an unmanaged index that represents securities that are taxable and dollar denominated. The index covers the U.S. investment grade fixed rate bond market, with index
components for government and corporate securities, mortgage pass-through
securities, and asset-backed securities. Investors cannot invest directly in an index.
Fund performance shown in this section does not reflect the deduction of taxes that a shareholder may pay on Fund distributions or on gains resulting from redemption or sale of Fund shares. The returns shown are based on net asset values calculated for shareholder transactions and may differ from the returns shown in the financial highlights, which reflect adjustments made to the net asset values in accordance with accounting principles generally accepted in the United States of America.
Source: Bloomberg Index Services Limited. BLOOMBERG® is a trademark and service mark of Bloomberg Finance L.P. and its affiliates (collectively "Bloomberg"). Bloomberg or Bloomberg's licensors own all proprietary rights in the Bloomberg Indices. Bloomberg does not approve or endorse this material, or guarantee the accuracy or completeness of any information herein, or make any warranty, express or implied, as to the results to be obtained therefrom and, to the maximum extent allowed by law, shall have any liability or responsibility for injury or damages arising in connection therewith.
8
J.P. Morgan Exchange-Traded Funds
February 29, 2024


JPMorgan International Bond Opportunities ETF
FUND COMMENTARY
TWELVE MONTHS ENDED February 29, 2024 (Unaudited)
REPORTING PERIOD RETURN:
 
Net Asset Value*
6.08%
Market Price**
6.31%
Bloomberg Multiverse ex-USA (USD Hedged) Index
7.12%
Net Assets as of 2/29/2024
$415,646,453
Duration as of 2/29/2024
3.8 Years
Fund Ticker
JPIB
INVESTMENT OBJECTIVE***
The JPMorgan International Bond Opportunities ETF (the “Fund”) seeks to provide total return.
INVESTMENT APPROACH
The Fund invests across sectors in developed and emerging markets and is without benchmark constraints. The Fund is flexible and opportunistic, and the Fund’s adviser has broad discretion to shift the Fund’s exposure to strategies, sectors, countries or currencies based on changing market conditions and its view of the best mix of investment opportunities.
HOW DID THE FUND PERFORM?
For the twelve months ended February 29, 2024, the Fund posted a positive return of 6.08%. The Fund is managed with an unconstrained orientation and is not managed relative to a benchmark index. The Fund’s benchmark is the Bloomberg Multiverse ex-USA (USD Hedged) Index, which had a return of 7.12% for the period.
In terms of absolute performance, the Fund’s allocations to securitized debt, corporate credit and emerging markets debt were leading contributors to performance. In particular, investment grade debt contributed the most to absolute performance. The Fund’s duration positioning detracted from performance as interest rates generally rose during the period. Generally, bonds of longer duration will experience a larger decrease in price compared with shorter duration bonds when interest rates rise.
HOW WAS THE FUND POSITIONED?
During the period, the Fund’s adviser increased the Fund’s exposure to emerging markets debt to 21% from 17% and increased the Fund’s exposure to investment grade credit to 38% from 37%. The Fund’s adviser decreased its allocation to high yield corporate bonds (also known as “junk bonds”) to 19% from 22% and securitized products to 2% from 5%.
The adviser increased the Fund’s overall duration to 3.80 years at February 28, 2024 from 3.49 years at February 28, 2023,
largely by moving the Fund’s short Germany government bond position to a long position and removing the short Japan government bond position.
PORTFOLIO COMPOSITION
AS OF February 29, 2024
PERCENT OF
TOTAL
INVESTMENTS
Corporate Bonds
61.2%
Foreign Government Securities
32.3
U.S. Treasury Obligations
1.1
Asset-Backed Securities
1.0
Others (each less than 1.0%)
1.4
Short-Term Investments
3.0
PORTFOLIO COMPOSITION BY COUNTRY
AS OF February 29, 2024
PERCENT OF
TOTAL
INVESTMENTS
United States
13.8%
United Kingdom
11.5
Spain
9.4
France
8.5
Brazil
7.6
Italy
5.6
Canada
5.2
Mexico
4.9
Germany
4.4
Australia
3.0
Ireland
2.2
Netherlands
2.1
Luxembourg
1.8
Czech Republic
1.7
Switzerland
1.6
South Africa
1.5
Others (each less than 1.0%)
12.2
Short-Term Investments
3.0

*
The return shown is based on net asset value and may differ from the return shown in the financial highlights, which reflects
February 29, 2024
J.P. Morgan Exchange-Traded Funds
9


JPMorgan International Bond Opportunities ETF
FUND COMMENTARY
TWELVE MONTHS ENDED February 29, 2024 (Unaudited) (continued)

adjustments made to the net asset value in accordance with accounting principles generally accepted in the United States of America. The net asset value was $47.23 as of February 29, 2024.
**
Market price return was calculated assuming an initial investment made at the market price at the beginning of the reporting period, reinvestment of all dividends and distributions at the market price during the period, and sale at the market price on the last day of the period. The price used to calculate the market price return was the closing price on the Cboe BZX Exchange, Inc. As of February 29, 2024, the closing price was $47.55.
***
The adviser seeks to achieve the Fund’s objective. There can be no guarantee it will be achieved.
10
J.P. Morgan Exchange-Traded Funds
February 29, 2024


AVERAGE ANNUAL TOTAL RETURNS AS OF February 29, 2024 (Unaudited)
 
INCEPTION DATE
1 YEAR
5 YEAR
SINCE
INCEPTION
JPMorgan International Bond Opportunities ETF
 
Net Asset Value
April 5, 2017
6.08
%
2.95
%
2.98
%
Market Price
 
6.31
3.05
3.08
LIFE OF FUND PERFORMANCE (4/5/17 TO 2/29/24)
The performance quoted is past performance and is not a guarantee of future results. Exchange-traded funds are subject to certain market risks. Investment returns and principal value of an investment will fluctuate so that an investor’s shares, when sold or redeemed, may be worth more or less than their original cost. Current performance may be higher or lower than the performance data shown. Updated performance information is available by visiting www.jpmorganfunds.com or by calling 1-844-457-6383.
Fund commenced operations on April 5, 2017.
The graph illustrates comparative performance for $10,000 invested in shares of the JPMorgan International Bond Opportunities ETF and the Bloomberg Multiverse ex-USA (USD Hedged) Index from April 5, 2017 to February 29, 2024. The performance of the Fund reflects the deduction of Fund expenses and assumes reinvestment of all dividends and capital gain distributions, if any. The performance of the Bloomberg Multiverse ex-USA (USD Hedged) Index does not reflect the deduction of expenses associated with an exchange-traded fund and has been adjusted to reflect reinvestment of all dividends and capital gain distributions of the securities included in the respective Index, if applicable.
The Bloomberg Multiverse ex-USA (USD Hedged) Index is a measure of the global fixed income bond market that combines the Barclays Global Aggregate Index, which measures investment-grade debt from 24 different local currency markets, and the Barclays Global High Yield Index, which measures the global
high yield fixed income markets. It excludes U.S. securities and is hedged to the U.S. dollar. Investors cannot invest directly in an index.
Fund performance reflects waiver of a portion of the Fund’s fees and reimbursement of expenses for certain periods from the Fund’s inception date and prior to implementation of a unitary fee structure on November 19, 2019. Without these waivers and reimbursements, performance would have been lower. Also, performance shown in this section does not reflect the deduction of taxes that a shareholder may pay on Fund distributions or on gains resulting from redemption or sale of Fund shares.
The returns shown are based on net asset values calculated for shareholder transactions and may differ from the returns shown in the financial highlights, which reflect adjustments made to the net asset values in accordance with accounting principles generally accepted in the United States of America.
Source: Bloomberg Index Services Limited. BLOOMBERG® is a trademark and service mark of Bloomberg Finance L.P. and its affiliates (collectively "Bloomberg"). Bloomberg or Bloomberg's licensors own all proprietary rights in the Bloomberg Indices. Bloomberg does not approve or endorse this material, or guarantee the accuracy or completeness of any information herein, or make any warranty, express or implied, as to the results to be obtained therefrom and, to the maximum extent allowed by law, shall have any liability or responsibility for injury or damages arising in connection therewith.
February 29, 2024
J.P. Morgan Exchange-Traded Funds
11


JPMorgan Municipal ETF
FUND COMMENTARY
TWELVE MONTHS ENDED February 29, 2024 (Unaudited)
REPORTING PERIOD RETURN:
 
Net Asset Value*
5.46%
Market Price**
5.48%
Bloomberg U.S. 1-15 Year Blend (1-17) Municipal Bond Index
4.62%
Net Assets as of 2/29/2024
$1,221,487,390
Duration as of 2/29/2024
5.6 Years
Fund Ticker
JMUB
INVESTMENT OBJECTIVE***
The JPMorgan Municipal ETF (the “Fund”) seeks to provide monthly dividends, which are excluded from gross income, and to protect the value of your investment by investing primarily in municipal obligations. For purposes of the Fund’s investment objective, “gross income” means gross income for federal income tax purposes.
INVESTMENT APPROACH
The Fund invests primarily in a portfolio of municipal securities, the income from which is exempt from federal income tax. The Fund seeks to maintain an average dollar weighted maturity between three and twelve years.
HOW DID THE FUND PERFORM?
For the twelve months ended February 29, 2024, the Fund outperformed the Bloomberg U.S. 1-15 Year Blend (1-17) Municipal Bond Index (the “Index”).
Relative to the Index, the Fund’s overall longer duration was a leading contributor to performance as interest rates fell during the second half of the period. Generally, bonds of longer duration will experience a larger increase in price compared with shorter duration bonds when interest rates fall. The Fund’s overweight position in the industrial development revenue/pollution control revenue bonds sector and its overweight allocation to bonds rated single-A and BBB also contributed to relative performance as lower rated bonds generally outperformed higher rated bonds during the period.
The Fund’s underweight position in the leasing sector and its allocation to credit default swaps were leading detractors from performance relative to the Index.
HOW WAS THE FUND POSITIONED?
At the end of the period, the Fund was overweight in bonds rated BBB. The Fund’s duration was 5.6 years compared with 4.6 years for the Index.
CREDIT QUALITY ALLOCATIONS
AS OF FEBRUARY 29, 2024
PERCENT OF
TOTAL
INVESTMENTS
AAA
36.3%
AA
41.5
A
13.1
BBB
4.7
BB
1.2
NR
3.2

*
The return shown is based on net asset value and may differ from the return shown in the financial highlights, which reflects adjustments made to the net asset value in accordance with accounting principles generally accepted in the United States of America. The net asset value was $50.79 as of February 29, 2024.
**
Market price return was calculated assuming an initial investment made at the market price at the beginning of the reporting period, reinvestment of all dividends and distributions at the market price during the period, and sale at the market price on the last day of the period. The price used to calculate the market price return was the closing price on the Cboe BZX Exchange, Inc. As of February 29, 2024, the closing price was $50.84.
***
The adviser seeks to achieve the Fund’s objective. There can be no guarantee it will be achieved.
12
J.P. Morgan Exchange-Traded Funds
February 29, 2024


AVERAGE ANNUAL TOTAL RETURNS AS OF February 29, 2024 (Unaudited)
 
INCEPTION DATE
1 YEAR
5 YEAR
SINCE
INCEPTION
JPMorgan Municipal ETF
 
Net Asset Value
October 29, 2018
5.46
%
2.19
%
2.94
%
Market Price
 
5.48
2.17
2.96
LIFE OF FUND PERFORMANCE (10/29/18 TO 2/29/24)
The performance quoted is past performance and is not a guarantee of future results. Exchange-traded funds are subject to certain market risks. Investment returns and principal value of an investment will fluctuate so that an investor’s shares, when sold or redeemed, may be worth more or less than their original cost. Current performance may be higher or lower than the performance data shown. Updated performance information is available by visiting www.jpmorganfunds.com or by calling 1-844-457-6383.
Fund commenced operations on October 29, 2018.
The graph illustrates comparative performance for $10,000 invested in shares of the JPMorgan Municipal ETF and the Bloomberg U.S. 1-15 Year Blend (1-17) Municipal Bond Index from October 29, 2018 to February 29, 2024. The performance of the Fund reflects the deduction of Fund expenses and assumes reinvestment of all dividends and capital gain distributions, if any. The performance of the Bloomberg U.S. 1-15 Year Blend (1-17) Municipal Bond Index does not reflect the deduction of expenses associated with an exchange-traded fund and has been adjusted to reflect reinvestment of all dividends and capital gain distributions of the securities included in the Index, if applicable. The Bloomberg U.S. 1-15 Year Blend (1-17) Municipal Bond Index represents the performance of municipal bonds with maturities from 1 to 17 years.
Fund performance reflects waiver of a portion of the Fund’s fees and reimbursement of expenses for certain periods from the Fund’s inception date and prior to implementation of a unitary fee structure on November 19, 2019. Without these waivers and reimbursements, performance would have been lower. Also, performance shown in this section does not reflect the deduction of taxes that a shareholder may pay on Fund distributions or on gains resulting from redemption or sale of Fund shares.
The returns shown are based on net asset values calculated for shareholder transactions and may differ from the returns shown in the financial highlights, which reflect adjustments made to the net asset values in accordance with accounting principles generally accepted in the United States of America.
Source: Bloomberg Index Services Limited. BLOOMBERG® is a trademark and service mark of Bloomberg Finance L.P. and its affiliates (collectively "Bloomberg"). Bloomberg or Bloomberg's licensors own all proprietary rights in the Bloomberg Indices. Bloomberg does not approve or endorse this material, or guarantee the accuracy or completeness of any information herein, or make any warranty, express or implied, as to the results to be obtained therefrom and, to the maximum extent allowed by law, shall have any liability or responsibility for injury or damages arising in connection therewith.
February 29, 2024
J.P. Morgan Exchange-Traded Funds
13


JPMorgan Short Duration Core Plus ETF
FUND COMMENTARY
TWELVE MONTHS ENDED February 29, 2024 (Unaudited)
REPORTING PERIOD RETURN:
 
Net Asset Value*
5.26%
Market Price**
5.41%
Bloomberg 1-5 Year Government/Credit Index
4.54%
Net Assets as of 2/29/2024
$410,557,850
Duration as of 2/29/2024
2.6 Years
Fund Ticker
JSCP
INVESTMENT OBJECTIVE***
The JPMorgan Short Duration Core Plus ETF (the “Fund”) seeks total return, consistent with preservation of capital.
INVESTMENT APPROACH
The Fund invests primarily in traditional fixed income sectors, with the flexibility to invest up to 30% of its net assets in below investment grade securities (also known as high yield or “junk bonds”) and up to 25% of its net assets in foreign securities. The Fund’s adviser seeks to maintain a duration of three years or less. Duration is a measure of the price sensitivity of a debt security or a portfolio of debt securities to relative changes in interest rates. The adviser uses both a top down and bottom up research process as well as a combination of fundamental and quantitative inputs to allocate the Fund’s assets among a range of sectors. In buying and selling investments for the Fund, the adviser looks for market sectors and individual securities that it believes will perform well over time. The adviser selects individual securities after performing a risk/reward analysis to address the Fund’s dual objective of seeking total return and preservation of capital. Such analysis includes an evaluation of interest rate risk, credit risk, duration, liquidity, currency risk, legal provisions and the structure of the transaction.
HOW DID THE FUND PERFORM?
For the twelve months ended February 29, 2024, the Fund outperformed the Bloomberg 1-5 Year Government/Credit Index (the “Index”).
Relative to the Index, the Fund’s allocations to corporate bonds and asset-backed securities were leading contributors to performance. The Fund’s longer overall duration was a leading detractor from relative performance as interest rates rose during the period. Generally, bonds with longer duration will experience a larger decrease in price compared with shorter duration bonds when interest rates rise. The Fund’s allocations to mortgage-backed securities and commercial mortgage-backed securities also detracted from relative performance.
HOW WAS THE FUND POSITIONED?
The Fund’s adviser focused on security selection and relative value, which seeks to take advantage of pricing discrepancies among individual securities or market sectors. The adviser used bottom-up research to construct, in its view, a portfolio of undervalued fixed income securities. The adviser employs a macro-economic analysis to determine asset allocation and positioning on the yield curve. The yield curve shows the relationship between yields and maturity dates for a set of similar bonds at a given point in time.
Relative to the Index during the period, the Fund had an underweight position in U.S. Treasury bonds and out-of-Index allocations to mortgage-backed securities, asset-backed securities, high yield bonds (also known as junk bonds) and emerging markets debt. The Fund’s portfolio managers decreased the Fund’s duration to 2.61 years at February 29, 2024 from 2.62 years at February 28, 2023.
PORTFOLIO COMPOSITION
AS OF February 29, 2024
PERCENT OF
TOTAL
INVESTMENTS
Corporate Bonds
35.5%
Asset-Backed Securities
18.5
U.S. Treasury Obligations
18.0
Mortgage-Backed Securities
12.1
Commercial Mortgage-Backed Securities
4.3
Collateralized Mortgage Obligations
4.2
Foreign Government Securities
1.1
Others (each less than 1.0%)
0.0****
Short-Term Investments
6.3

*
The return shown is based on net asset value and may differ from the return shown in the financial highlights, which reflects adjustments made to the net asset value in accordance with accounting principles generally accepted in the United States of America. The net asset value was $46.29 as of February 29, 2024.
**
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
14
J.P. Morgan Exchange-Traded Funds
February 29, 2024



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 February 29, 2024, the closing price was $46.32.
***
The adviser seeks to achieve the Fund’s objective. There can be no guarantee it will be achieved.
****
Amount rounds to less than 0.1%.
February 29, 2024
J.P. Morgan Exchange-Traded Funds
15


JPMorgan Short Duration Core Plus ETF
FUND COMMENTARY
TWELVE MONTHS ENDED February 29, 2024 (Unaudited) (continued)
AVERAGE ANNUAL TOTAL RETURNS AS OF February 29, 2024 (Unaudited)
 
INCEPTION DATE
1 YEAR
SINCE
INCEPTION
JPMorgan Short Duration Core Plus ETF
 
Net Asset Value
March 1, 2021
5.26
%
0.14
%
Market Price
 
5.41
0.16
LIFE OF FUND PERFORMANCE (3/1/21 TO 2/29/24)
The performance quoted is past performance and is not a guarantee of future results. Exchange-traded funds are subject to certain market risks. Investment returns and principal value of an investment will fluctuate so that an investor’s shares, when sold or redeemed, may be worth more or less than their original cost. Current performance may be higher or lower than the performance data shown. Updated performance information is available by visiting www.jpmorganfunds.com or by calling 1-844-457-6383.
Fund commenced operations on March 1, 2021.
The graph illustrates comparative performance for $10,000 invested in shares of the JPMorgan Short Duration Core Plus ETF and the Bloomberg 1-5 Year Government/Credit Index from March 1, 2021 to February 29, 2024. The performance of the Fund reflects the deduction of Fund expenses and assumes reinvestment of all dividends and capital gain distributions, if any. The performance of the Bloomberg 1-5 Year Government/Credit Index does not reflect the deduction of expenses associated with an exchange-traded fund and has been adjusted to reflect reinvestment of all dividends and capital gain distributions of the securities included in the Index, if applicable. The Bloomberg 1-5 Year Government/Credit Index includes the Government and Credit portions of the Barclays Aggregate for securities of 1-5 year maturities. The Government portion includes treasuries and agencies. The Credit portion
includes publicly issued U.S. corporate and foreign debentures and secured notes that meet specified maturity, liquidity, and quality requirements. Investors cannot invest directly in an index.
Fund performance shown in this section does not reflect the deduction of taxes that a shareholder may pay on Fund distributions or on gains resulting from redemption or sale of Fund shares.
The returns shown are based on net asset values calculated for shareholder transactions and may differ from the returns shown in the financial highlights, which reflect adjustments made to the net asset values in accordance with accounting principles generally accepted in the United States of America.
Source: Bloomberg Index Services Limited. BLOOMBERG® is a trademark and service mark of Bloomberg Finance L.P. and its affiliates (collectively "Bloomberg"). Bloomberg or Bloomberg's licensors own all proprietary rights in the Bloomberg Indices. Bloomberg does not approve or endorse this material, or guarantee the accuracy or completeness of any information herein, or make any warranty, express or implied, as to the results to be obtained therefrom and, to the maximum extent allowed by law, shall have any liability or responsibility for injury or damages arising in connection therewith.
16
J.P. Morgan Exchange-Traded Funds
February 29, 2024


JPMorgan Ultra-Short Income ETF
FUND COMMENTARY
TWELVE MONTHS ENDED February 29, 2024 (Unaudited)
REPORTING PERIOD RETURN:
 
Net Asset Value*
5.29%
Market Price**
5.31%
ICE BofA 3-Month US Treasury Bill Index
5.25%
Net Assets as of 2/29/2024
$22,514,509,028
Duration as of 2/29/2024
0.6 Years
Fund Ticker
JPST
INVESTMENT OBJECTIVE***
The JPMorgan Ultra-Short Income ETF (the “Fund”) seeks to provide current income while seeking to maintain a low volatility of principal.
INVESTMENT APPROACH
The Fund primarily invests in investment grade, U.S. dollar-denominated short-term fixed, variable and floating-rate debt. The Fund seeks to maintain a duration of one year or less, although under certain market conditions, the Fund’s duration may be longer than one year. Duration measures the price sensitivity of a debt security or a portfolio of debt securities to relative changes in interest rates. The Fund’s adviser has broad discretion to shift the Fund’s exposure to strategies and sectors based on changing market conditions and its view of the best mix of investment opportunities.
HOW DID THE FUND PERFORM?
For the twelve months ended February 29, 2024, the Fund outperformed the ICE BofA 3-Month US Treasury Bill Index (the “Index”).
Relative to the Index, the Fund’s out-of-Index allocations to corporate debt, commercial paper, and certificates of deposit were leading contributors to performance amid resilience in the broader bond market and strong investor demand for investment grade credit.
The Fund’s longer duration position was a leading detractor from performance as interest rates rose and remained elevated during the period. Generally, bonds of longer duration will experience a greater decline in price compared with shorter duration bonds when interest rates rise.
HOW WAS THE FUND POSITIONED?
In descending order, the Fund’s largest allocations during the period were to corporate bonds, money market instruments,
collateralized loan obligations, asset-backed securities, U.S. Treasury securities and mortgage-backed securities.
PORTFOLIO COMPOSITION BY SECTOR
AS OF February 29, 2024
PERCENT OF
TOTAL
INVESTMENTS
Financials
37.8%
Commercial Paper
14.1
Certificates of Deposits
11.4
Asset-Backed Securities
11.1
Utilities
4.2
Health Care
2.4
Consumer Discretionary
2.3
Industrials
2.3
U.S. Treasury Obligations
2.3
Energy
2.1
Information Technology
1.4
Others (each less than 1.0%)
2.6
Other Short-Term Investments
6.0

*
The return shown is based on net asset value and may differ from the return shown in the financial highlights, which reflects adjustments made to the net asset value in accordance with accounting principles generally accepted in the United States of America. The net asset value was $50.41 as of February 29, 2024.
**
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 February 29, 2024, the closing price was $50.44.
***
The adviser seeks to achieve the Fund’s objective. There can be no guarantee it will be achieved.
February 29, 2024
J.P. Morgan Exchange-Traded Funds
17


JPMorgan Ultra-Short Income ETF
FUND COMMENTARY
TWELVE MONTHS ENDED February 29, 2024 (Unaudited) (continued)
AVERAGE ANNUAL TOTAL RETURNS AS OF February 29, 2024 (Unaudited)
 
INCEPTION DATE
1 YEAR
5 YEAR
SINCE
INCEPTION
JPMorgan Ultra-Short Income ETF
 
Net Asset Value
May 17, 2017
5.29
%
2.40
%
2.35
%
Market Price
 
5.31
2.40
2.36
LIFE OF FUND PERFORMANCE (5/17/17 TO 2/29/24)
The performance quoted is past performance and is not a guarantee of future results. Exchange-traded funds are subject to certain market risks. Investment returns and principal value of an investment will fluctuate so that an investor’s shares, when sold or redeemed, may be worth more or less than their original cost. Current performance may be higher or lower than the performance data shown. Updated performance information is available by visiting www.jpmorganfunds.com or by calling 1-844-457-6383.
Fund commenced operations on May 17, 2017.
The graph illustrates comparative performance for $10,000 invested in shares of the JPMorgan Ultra-Short Income ETF and the ICE BofA 3-Month US Treasury Bill Index from May 17, 2017 to February 29, 2024. The performance of the Fund reflects the deduction of Fund expenses and assumes reinvestment of all dividends and capital gain distributions, if any. The performance of the ICE BofA 3-Month US Treasury Bill Index does not reflect the deduction of expenses associated with an exchange-traded fund and has been adjusted to reflect reinvestment of all dividends and capital gain distributions of the securities included in the Index, if applicable. The ICE BofA 3-Month US Treasury Bill Index is comprised of a single issue purchased at the beginning of the month and held for a full month. The index is rebalanced monthly and the issue selected is the outstanding Treasury Bill that matures closest to, but not beyond 3 months from the rebalancing date. Investors cannot invest directly in an index.
Fund performance reflects waiver of a portion of the Fund’s fees and reimbursement of expenses for certain periods from the Fund’s inception date and prior to implementation of a unitary fee structure on November 19, 2019. Without these waivers and reimbursements, performance would have been lower. Also, performance shown in this section does not reflect the deduction of taxes that a shareholder may pay on Fund distributions or on gains resulting from redemption or sale of Fund shares.
The returns shown are based on net asset values calculated for shareholder transactions and may differ from the returns shown in the financial highlights, which reflect adjustments made to the net asset values in accordance with accounting principles generally accepted in the United States of America.
Source ICE Data Indices, LLC is used with permission. ICE® is a registered trademark of ICE Data Indices, LLC or its affiliates and BofA® is a registered trademark of Bank of America Corporation licensed by Bank of America Corporation and its affiliates ("BofA"), and may not be used without BofA's prior written approval. The index data referenced herein is the property of ICE Data Indices, LLC, its affiliates (“ICE Data”) and/or its third party suppliers and has been licensed for use by J.P. Morgan Investment Management, Inc. ICE Data and its Third Party Suppliers accept no liability in connection with the use of such index data or marks. See prospectus for a full copy of the Disclaimer.
18
J.P. Morgan Exchange-Traded Funds
February 29, 2024


JPMorgan Ultra-Short Municipal Income ETF
FUND COMMENTARY
TWELVE MONTHS ENDED February 29, 2024 (Unaudited)
REPORTING PERIOD RETURN:
 
Net Asset Value*
3.59%
Market Price**
3.67%
Bloomberg 1-Year Municipal Bond Index
3.53%
Net Assets as of 2/29/2024
$2,636,616,919
Duration as of 2/29/2024
0.5 Years
Fund Ticker
JMST
INVESTMENT OBJECTIVE***
The JPMorgan Ultra-Short Municipal Income ETF (the “Fund”) seeks as high a level of current income exempt from federal income tax as is consistent with relative stability of principal.
INVESTMENT APPROACH
The Fund primarily invests in investment grade fixed income securities or the unrated equivalent, variable and floating rate municipal securities, the income from which is exempt from federal income tax. The Fund invests in a portfolio of municipal securities with an average weighted maturity of two years or less.
HOW DID THE FUND PERFORM?
For the twelve months ended February 29, 2024, the Fund outperformed the Bloomberg 1-Year Municipal Bond Index (the “Index”).
Relative to the Index, the Fund’s overweight allocation to bonds of 1-to-2 year durations was a leading contributor to performance. Duration measures a bond’s price sensitivity relative to changes in interest rates. Generally, bonds of longer duration will experience a greater increase in price compared with shorter duration bonds when interest rates fall. The Fund’s overweight position in bonds rated single-A also contributed to relative performance as lower quality bonds generally underperformed higher quality bonds during the period.
The Fund’s out-of-Index allocation to variable rate notes, which were used to manage the Fund’s day-to-day liquidity and are an integral part of Fund strategy, was a leading detractor from
performance. The Fund’s overweight position in local general obligation bonds and its underweight position in the electric sector also detracted from performance.
HOW WAS THE FUND POSITIONED?
At the end of the period, the Fund’s duration was 0.5 years compared with 1.3 years for the Index.
CREDIT QUALITY ALLOCATIONS
AS OF FEBRUARY 29, 2024
PERCENT OF
TOTAL
INVESTMENTS
AAA
27.9%
AA
33.7
A
19.2
BBB
0.8
NR
18.4

*
The return shown is based on net asset value and may differ from the return shown in the financial highlights, which reflects adjustments made to the net asset value in accordance with accounting principles generally accepted in the United States of America. The net asset value was $50.80 as of February 29, 2024.
**
Market price return was calculated assuming an initial investment made at the market price at the beginning of the reporting period, reinvestment of all dividends and distributions at the market price during the period, and sale at the market price on the last day of the period. The price used to calculate the market price return was the closing price on the Cboe BZX Exchange, Inc. As of February 29, 2024, the closing price was $50.81.
***
The adviser seeks to achieve the Fund’s objective. There can be no guarantee it will be achieved.
February 29, 2024
J.P. Morgan Exchange-Traded Funds
19


JPMorgan Ultra-Short Municipal Income ETF
FUND COMMENTARY
TWELVE MONTHS ENDED February 29, 2024 (Unaudited) (continued)
AVERAGE ANNUAL TOTAL RETURNS AS OF February 29, 2024 (Unaudited)
 
INCEPTION DATE
1 YEAR
5 YEAR
SINCE
INCEPTION
JPMorgan Ultra-Short Municipal Income ETF
 
Net Asset Value
October 16, 2018
3.59
%
1.62
%
1.72
%
Market Price
 
3.67
1.61
1.73
LIFE OF FUND PERFORMANCE (10/16/18 TO 2/29/24)
The performance quoted is past performance and is not a guarantee of future results. Exchange-traded funds are subject to certain market risks. Investment returns and principal value of an investment will fluctuate so that an investor’s shares, when sold or redeemed, may be worth more or less than their original cost. Current performance may be higher or lower than the performance data shown. Updated performance information is available by visiting www.jpmorganfunds.com or by calling 1-844-457-6383.
Fund commenced operations on October 16, 2018.
The graph illustrates comparative performance for $10,000 invested in shares of the JPMorgan Ultra-Short Municipal Income ETF and the Bloomberg 1-Year Municipal Bond Index from October 16, 2018 to February 29, 2024. The performance of the Fund reflects the deduction of Fund expenses and assumes reinvestment of all dividends and capital gain distributions, if any. The performance of the Bloomberg 1-Year Municipal Bond Index does not reflect the deduction of expenses associated with an exchange-traded fund and has been adjusted to reflect reinvestment of all dividends and capital gain distributions of the securities included in the Index, if applicable. The Bloomberg 1-Year Municipal Bond Index is an unmanaged index that includes bonds with a minimum credit rating of BAA3, are issued as part of a deal of at least $50 million, have an amount outstanding of at least $5 million, and have maturities of 1 to 2 years. The performance of the index does not reflect the deduction of expenses associated with a mutual fund, such as investment management fees. By contrast, the performance of the Fund reflects the
deduction of the mutual fund expenses, including sales charges if applicable. An individual cannot invest directly in an index.
Fund performance reflects waiver of a portion of the Fund’s fees and reimbursement of expenses for certain periods from the Fund’s inception date and prior to implementation of a unitary fee structure on November 19, 2019. Without these waivers and reimbursements, performance would have been lower. Also, performance shown in this section does not reflect the deduction of taxes that a shareholder may pay on Fund distributions or redemption on gains resulting from or sale of Fund shares.
The returns shown are based on net asset values calculated for shareholder transactions and may differ from the returns shown in the financial highlights, which reflect adjustments made to the net asset values in accordance with accounting principles generally accepted in the United States of America.
Source: Bloomberg Index Services Limited. BLOOMBERG® is a trademark and service mark of Bloomberg Finance L.P. and its affiliates (collectively "Bloomberg"). Bloomberg or Bloomberg's licensors own all proprietary rights in the Bloomberg Indices. Bloomberg does not approve or endorse this material, or guarantee the accuracy or completeness of any information herein, or make any warranty, express or implied, as to the results to be obtained therefrom and, to the maximum extent allowed by law, shall have any liability or responsibility for injury or damages arising in connection therewith.
20
J.P. Morgan Exchange-Traded Funds
February 29, 2024


JPMorgan Active Bond ETF
SCHEDULE OF PORTFOLIO INVESTMENTS
AS OF February 29, 2024
INVESTMENTS
PRINCIPAL
AMOUNT($)
VALUE($)
Asset-Backed Securities — 23.9%
ACM Auto Trust Series 2023-2A, Class A,
7.97%, 6/20/2030(a)
268,121
269,652
American Credit Acceptance Receivables Trust
Series 2023-4, Class C, 6.99%,
9/12/2030(a)
430,000
438,663
AMSR Trust
Series 2020-SFR2, Class E1, 4.03%,
7/17/2037(a)
253,000
244,280
Series 2020-SFR2, Class E2, 4.28%,
7/17/2037(a)
500,000
482,782
Series 2020-SFR4, Class D, 2.01%,
11/17/2037(a)
544,000
507,753
Series 2021-SFR1, Class D, 2.60%,
6/17/2038(a)
1,000,000
875,956
Series 2021-SFR2, Class A, 1.53%,
8/17/2038(a)
100,000
91,143
Series 2021-SFR3, Class C, 1.80%,
10/17/2038(a)
380,000
343,288
Series 2021-SFR3, Class E1, 2.33%,
10/17/2038(a)
620,000
555,064
Series 2023-SFR1, Class E1, 4.00%,
4/17/2040(a)
520,000
471,303
Series 2023-SFR2, Class E1, 3.95%,
6/17/2040(a)
550,000
485,114
Bridge Trust Series 2022-SFR1, Class A,
3.40%, 11/17/2037(a)
350,000
335,702
Bridgecrest Lending Auto Securitization Trust
Series 2023-1, Class C, 7.10%, 8/15/2029
350,000
359,136
Business Jet Securities LLC Series 2021-1A,
Class A, 2.16%, 4/15/2036‡ (a)
691,315
646,756
BXG Receivables Note Trust Series 2022-A,
Class C, 5.35%, 9/28/2037(a)
251,271
237,543
Carvana Auto Receivables Trust
Series 2023-N1, Class B, 5.85%,
11/10/2027(a)
660,000
659,283
Series 2021-P4, Class A4, 1.64%,
12/10/2027
400,000
371,598
Series 2022-P1, Class A4, 3.52%,
2/10/2028
300,000
287,558
CPS Auto Receivables Trust Series 2023-D,
Class C, 7.17%, 1/15/2030(a)
400,000
410,071
Credit Acceptance Auto Loan Trust
Series 2021-2A, Class C, 1.64%,
6/17/2030(a)
800,000
785,700
Series 2021-4, Class A, 1.26%,
10/15/2030(a)
338,403
332,873
Series 2021-4, Class C, 1.94%,
2/18/2031(a)
480,000
454,981
INVESTMENTS
PRINCIPAL
AMOUNT($)
VALUE($)
 
Series 2023-2A, Class A, 5.92%,
5/16/2033(a)
600,000
602,095
DP Lion Holdco LLC Series 2023-1A, Class A,
8.24%, 11/30/2043
250,000
251,946
FHF Issuer Trust
Series 2023-2A, Class B, 7.49%,
11/15/2029(a)
450,000
462,344
Series 2024-1A, Class B, 6.26%,
3/15/2030(a)
158,000
157,354
First Investors Auto Owner Trust Series
2023-1A, Class C, 6.81%, 12/17/2029(a)
340,000
347,536
FirstKey Homes Trust
Series 2020-SFR1, Class D, 2.24%,
8/17/2037(a)
400,000
375,960
Series 2020-SFR1, Class E, 2.79%,
8/17/2037(a)
500,000
471,450
Series 2020-SFR2, Class C, 1.67%,
10/19/2037(a)
295,000
274,436
Series 2020-SFR2, Class E, 2.67%,
10/19/2037(a)
615,000
575,765
Series 2021-SFR1, Class C, 1.89%,
8/17/2038(a)
450,000
407,761
Series 2022-SFRA, Class A, 3.10%,
3/17/2039(a)
297,218
275,023
FMC GMSR Issuer Trust
Series 2020-GT1, Class A, 4.45%,
1/25/2026(a) (b)
1,600,000
1,454,567
Series 2021-GT1, Class A, 3.62%,
7/25/2026(a) (b)
463,095
402,737
Series 2021-GT1, Class B, 4.36%,
7/25/2026(a) (b)
600,000
498,696
Series 2021-GT2, Class A, 3.85%,
10/25/2026(a) (b)
522,400
454,564
Series 2022-GT1, Class B, 7.17%,
4/25/2027(a)
500,000
465,192
Foundation Finance Trust Series 2023-2A,
Class D, 9.10%, 6/15/2049(a)
500,000
511,617
FRTKL Series 2021-SFR1, Class D, 2.17%,
9/17/2038(a)
545,000
488,945
GLS Auto Receivables Issuer Trust Series
2021-4A, Class D, 2.48%, 10/15/2027(a)
1,000,000
942,090
GLS Auto Select Receivables Trust
Series 2023-2A, Class A3, 6.38%,
2/15/2029(a)
500,000
511,319
Series 2024-1A, Class C, 5.69%,
3/15/2030(a)
300,000
298,157
Series 2024-1A, Class D, 6.43%,
1/15/2031(a)
295,000
297,286
SEE NOTES TO FINANCIAL STATEMENTS.
February 29, 2024
J.P. Morgan Exchange-Traded Funds
21


JPMorgan Active Bond ETF
SCHEDULE OF PORTFOLIO INVESTMENTS
AS OF February 29, 2024 (continued)
INVESTMENTS
PRINCIPAL
AMOUNT($)
VALUE($)
Asset-Backed Securities — continued
Goodgreen Ltd.
Series 2024-1A, Class A, 6.29%,
7/15/2056(a)
500,000
489,996
Series 2024-1A, Class B, 8.12%,
7/15/2056(a)
500,000
489,997
Goodgreen Trust Series 2016-1A, Class A,
3.23%, 10/15/2052‡ (a)
712,960
638,485
Granite Park Equipment Leasing LLC
Series 2023-1A, Class A3, 6.46%,
9/20/2032(a)
354,000
361,188
Series 2023-1A, Class D, 7.00%,
8/22/2033(a)
350,000
346,935
HERO Funding (Cayman Islands) Series
2017-3A, Class A1, 3.19%, 9/20/2048
(a)
479,326
413,552
HERO Funding Trust (Cayman Islands) Series
2020-1A, Class A, 2.59%, 9/20/2057‡ (a)
551,366
450,583
Hilton Grand Vacations Trust Series 2022-2A,
Class B, 4.74%, 1/25/2037(a)
415,682
401,114
HIN Timeshare Trust Series 2020-A, Class A,
1.39%, 10/9/2039(a)
316,698
294,098
Home Partners of America Trust Series 2020-2,
Class E, 3.08%, 1/17/2041(a)
492,797
409,797
Lendmark Funding Trust
Series 2021-1A, Class B, 2.47%,
11/20/2031(a)
400,000
346,099
Series 2021-2A, Class B, 2.37%,
4/20/2032(a)
500,000
425,031
Series 2022-1A, Class E, 7.58%,
7/20/2032‡ (a)
775,000
742,836
Mariner Finance Issuance Trust
Series 2020-AA, Class A, 2.19%,
8/21/2034(a)
161,091
158,734
Series 2020-AA, Class B, 3.21%,
8/21/2034(a)
200,000
192,140
Series 2021-AA, Class B, 2.33%,
3/20/2036(a)
310,000
275,781
Series 2021-AA, Class C, 2.96%,
3/20/2036(a)
200,000
176,457
Series 2021-AA, Class D, 3.83%,
3/20/2036(a)
225,000
197,274
Series 2021-BA, Class C, 2.66%,
11/20/2036(a)
200,000
171,153
Merchants Fleet Funding LLC Series 2023-1A,
Class A, 7.21%, 5/20/2036(a)
500,000
503,681
MNR ABS Issuer I LLC, 8.95%, 12/15/2038
245,557
247,198
New Residential Mortgage Loan Trust Series
2022-SFR1, Class B, 2.85%, 2/17/2039(a)
455,000
420,175
INVESTMENTS
PRINCIPAL
AMOUNT($)
VALUE($)
 
NRZ Excess Spread-Collateralized Notes
Series 2021-FNT1, Class A, 2.98%,
3/25/2026(a)
470,971
441,053
Series 2021-FHT1, Class A, 3.10%,
7/25/2026(a)
485,394
451,762
Series 2021-GNT1, Class A, 3.47%,
11/25/2026(a)
307,543
285,879
NRZ FHT Excess LLC Series 2020-FHT1, Class A,
4.21%, 11/25/2025(a)
523,755
502,883
Oportun Issuance Trust
Series 2024-1A, Class B, 6.55%,
4/8/2031(a)
206,000
205,447
Series 2021-B, Class C, 3.65%,
5/8/2031(a)
1,400,000
1,312,923
Series 2021-C, Class A, 2.18%,
10/8/2031(a)
168,000
157,908
Series 2021-C, Class B, 2.67%,
10/8/2031(a)
665,000
621,484
Pagaya AI Technology in Housing Trust Series
2023-1, Class A, 3.60%, 10/25/2040(a)
550,000
502,902
Pretium Mortgage Credit Partners LLC
Series 2022-NPL1, Class A1, 2.98%,
1/25/2052(a) (c)
458,110
452,838
Series 2021-RN1, Class A1, 1.99%,
2/25/2061(a) (c)
174,091
169,251
Progress Residential
Series 2021-SFR3, Class A, 1.64%,
5/17/2026(a)
98,748
91,090
Series 2021-SFR1, Class C, 1.56%,
4/17/2038(a)
500,000
456,568
Progress Residential Trust
Series 2022-SFR2, Class E1, 4.55%,
4/17/2027(a)
700,000
655,671
Series 2023-SFR2, Class D, 4.50%,
10/17/2028(a)
450,000
419,305
Series 2021-SFR6, Class A, 1.52%,
7/17/2038(a)
99,569
91,001
Series 2023-SFR1, Class E2, 6.60%,
3/17/2040(a)
450,000
438,976
Series 2021-SFR7, Class A, 1.69%,
8/17/2040(a)
419,233
361,259
Series 2021-SFR10, Class E1, 3.57%,
12/17/2040(a)
741,195
647,388
Series 2022-SFR1, Class E1, 3.93%,
2/17/2041(a)
1,048,000
928,765
Series 2022-SFR4, Class A, 4.44%,
5/17/2041(a)
199,194
193,198
PRPM LLC Series 2021-7, Class A1, 1.87%,
8/25/2026(a) (c)
398,359
384,691
SEE NOTES TO FINANCIAL STATEMENTS.
22
J.P. Morgan Exchange-Traded Funds
February 29, 2024


INVESTMENTS
PRINCIPAL
AMOUNT($)
VALUE($)
Asset-Backed Securities — continued
Regional Management Issuance Trust Series
2022-1, Class B, 3.71%, 3/15/2032(a)
300,000
280,631
Renew
Series 2023-1A, Class A, 5.90%,
11/20/2058‡ (a)
954,043
932,869
Series 2024-1A, Class A, 6.21%,
11/20/2059‡ (a)
798,264
799,645
Republic Finance Issuance Trust Series 2020-A,
Class B, 3.54%, 11/20/2030(a)
125,000
120,817
Santander Drive Auto Receivables Trust
Series 2022-4, Class C, 5.00%, 11/15/2029
545,000
537,680
Series 2022-5, Class D, 5.67%, 12/16/2030
400,000
397,615
Series 2022-6, Class D, 5.69%, 2/18/2031
400,000
397,428
SCF Equipment Leasing LLC
Series 2022-2A, Class A3, 6.50%,
10/21/2030(a)
600,000
606,035
Series 2023-1A, Class A3, 6.17%,
5/20/2032(a)
300,000
307,754
Series 2022-2A, Class D, 6.50%,
10/20/2032(a)
200,000
197,058
Series 2023-1A, Class D, 7.00%,
8/22/2033(a)
699,000
706,406
Sierra Timeshare Receivables Funding LLC
Series 2021-2A, Class A, 1.35%,
9/20/2038(a)
88,559
82,924
Series 2021-2A, Class C, 1.95%,
9/20/2038(a)
26,047
24,192
Series 2023-1A, Class C, 7.00%,
1/20/2040(a)
393,065
394,847
Series 2022-2A, Class C, 6.36%,
6/20/2040(a)
356,579
353,267
Tricolor Auto Securitization Trust Series
2022-1A, Class D, 5.38%, 1/15/2026(a)
350,000
345,251
Tricon American Homes Trust Series
2020-SFR2, Class E1, 2.73%,
11/17/2039(a)
500,000
440,055
Tricon Residential Trust
Series 2022-SFR1, Class E1, 5.34%,
4/17/2039(a)
272,000
262,340
Series 2023-SFR2, Class C, 5.00%,
12/17/2040(a)
300,000
291,228
Vericrest Opportunity Loan Transferee Series
2021-NP11, Class A1, 1.87%,
8/25/2051(a) (c)
526,229
505,883
VOLT C LLC Series 2021-NPL9, Class A1,
1.99%, 5/25/2051(a) (c)
70,089
67,396
VOLT XCIII LLC Series 2021-NPL2, Class A1,
4.89%, 2/27/2051(a) (c)
135,430
131,394
INVESTMENTS
PRINCIPAL
AMOUNT($)
VALUE($)
 
VOLT XCIV LLC Series 2021-NPL3, Class A1,
2.24%, 2/27/2051(a) (c)
140,037
136,853
Westlake Automobile Receivables Trust Series
2023-4A, Class D, 7.19%, 7/16/2029(a)
350,000
358,550
Total Asset-Backed Securities
(Cost $45,968,768)
46,775,703
Mortgage-Backed Securities — 23.7%
FHLMC Gold Pools, Other Pool # RE0003,
4.00%, 7/1/2049
557,551
523,315
FNMA UMBS, 30 Year
Pool # AL9058, 3.50%, 9/1/2046
305,718
278,388
Pool # AL9397, 3.00%, 10/1/2046
391,700
342,053
Pool # BE9590, 3.50%, 5/1/2047
145,711
131,806
Pool # BQ1367, 2.50%, 9/1/2050(d)
1,054,619
878,227
Pool # BQ3137, 2.50%, 10/1/2050
431,565
362,679
Pool # CA8021, 2.50%, 12/1/2050
484,226
400,961
Pool # CB0458, 2.50%, 5/1/2051
470,828
390,134
Pool # FM7293, 2.50%, 5/1/2051
230,409
191,975
Pool # CB0397, 3.00%, 5/1/2051
275,311
237,921
Pool # FM7910, 2.50%, 7/1/2051
640,328
538,392
Pool # FM7957, 2.50%, 7/1/2051(d)
792,085
660,000
Pool # CB1406, 3.00%, 8/1/2051
824,702
711,417
Pool # FS5389, 2.50%, 11/1/2051
481,779
398,804
Pool # BU3608, 3.00%, 11/1/2051
147,658
127,374
Pool # BU9885, 2.50%, 1/1/2052
578,864
477,061
Pool # CB2855, 2.50%, 2/1/2052
770,657
643,597
Pool # CB3384, 4.00%, 4/1/2052
414,106
381,253
Pool # CB3775, 4.00%, 6/1/2052
380,082
350,038
Pool # BY9849, 6.00%, 10/1/2053
575,268
579,332
FNMA, Other
Pool # BS2870, 1.27%, 8/1/2028
347,302
300,001
Pool # BL6257, 2.13%, 11/1/2028
1,205,488
1,070,668
Pool # BS5507, 3.23%, 11/1/2028
299,283
279,881
Pool # BS4928, 2.15%, 3/1/2029
2,646,000
2,351,817
Pool # BS5162, 2.73%, 9/1/2029
1,143,826
1,031,694
Pool # BL4429, 2.25%, 10/1/2029
299,588
264,744
Pool # AM6835, 3.58%, 10/1/2029
1,172,776
1,100,925
Pool # BL4333, 2.52%, 11/1/2029
376,692
336,330
Pool # AN8514, 3.27%, 2/1/2030
958,277
886,813
Pool # BS6161, 4.47%, 8/1/2030
493,110
482,785
Pool # BZ0392, 4.82%, 3/1/2031
799,578
799,286
Pool # BM6857, 1.83%, 12/1/2031(b)
1,497,555
1,215,838
Pool # BS5337, 3.01%, 4/1/2032
310,000
274,018
Pool # BS5581, 3.46%, 6/1/2032
370,150
338,308
Pool # BS5659, 3.66%, 6/1/2032
795,000
730,948
Pool # AN5759, 3.29%, 7/1/2032
1,137,587
1,023,942
SEE NOTES TO FINANCIAL STATEMENTS.
February 29, 2024
J.P. Morgan Exchange-Traded Funds
23


JPMorgan Active Bond ETF
SCHEDULE OF PORTFOLIO INVESTMENTS
AS OF February 29, 2024 (continued)
INVESTMENTS
PRINCIPAL
AMOUNT($)
VALUE($)
Mortgage-Backed Securities — continued
Pool # BS5530, 3.30%, 7/1/2032
701,000
628,335
Pool # BS6132, 3.86%, 7/1/2032
415,000
388,813
Pool # BS6276, 3.97%, 8/1/2032
680,000
637,967
Pool # BS5718, 3.46%, 9/1/2032
900,000
813,161
Pool # BS6689, 3.83%, 9/1/2032
390,000
363,829
Pool # BS6417, 3.83%, 10/1/2032
497,612
463,950
Pool # BS6951, 3.90%, 10/1/2032
500,000
467,163
Pool # BS6619, 3.91%, 10/1/2032
593,768
553,393
Pool # BS6731, 3.78%, 11/1/2032
133,140
123,499
Pool # BZ0159, 4.98%, 1/1/2033
490,000
493,632
Pool # BS1636, 2.25%, 4/1/2033
750,000
614,363
Pool # BS1899, 2.17%, 5/1/2033
605,000
491,693
Pool # BS9616, 4.79%, 9/1/2033
300,000
298,233
Pool # BZ0419, 4.25%, 1/1/2034
605,000
578,742
Pool # BZ0430, 4.32%, 2/1/2034
325,000
312,568
Pool # BL2213, 3.34%, 5/1/2034
1,000,000
889,918
Pool # BZ0565, 5.04%, 5/1/2034
1,000,000
1,013,171
Pool # BL3772, 2.92%, 10/1/2034
110,644
95,268
Pool # BL7071, 1.91%, 6/1/2035
383,000
286,012
Pool # AN4430, 3.61%, 1/1/2037
420,820
389,257
Pool # CA4632, 4.00%, 11/1/2043(d)
579,456
552,310
Pool # BF0189, 3.00%, 6/1/2057
689,372
587,107
FNMA/FHLMC UMBS, Single Family, 30 Year
TBA, 2.50%, 3/25/2054(d)
6,410,000
5,265,878
TBA, 5.00%, 3/25/2054(d)
6,300,000
6,109,034
GNMA II Pool # CK7234 ARM, 6.44%,
2/20/2072(b)
416,435
426,640
GNMA II, 30 Year
Pool # AQ6679, 3.50%, 10/20/2045
132,244
120,924
Pool # AK8802, 3.75%, 3/20/2046
299,383
277,443
Pool # CO8957, 5.00%, 12/20/2052
808,438
786,778
Pool # CX2674, 6.00%, 10/20/2053
228,289
232,283
GNMA II, Other Pool # AD0019, 3.50%,
2/20/2033
920,963
875,637
Total Mortgage-Backed Securities
(Cost $45,270,400)
46,229,726
U.S. Treasury Obligations — 22.0%
U.S. Treasury Bonds
3.88%, 8/15/2040
600,000
561,188
4.25%, 11/15/2040
650,000
635,502
4.75%, 2/15/2041
1,679,000
1,741,438
4.38%, 8/15/2043
4,865,000
4,763,139
3.00%, 2/15/2048
1,920,000
1,491,975
3.00%, 8/15/2048
578,000
448,514
3.00%, 8/15/2052
1,077,000
832,614
INVESTMENTS
PRINCIPAL
AMOUNT($)
VALUE($)
 
4.13%, 8/15/2053
2,099,000
2,009,465
4.25%, 2/15/2054
760,000
745,750
U.S. Treasury Notes
5.00%, 9/30/2025
1,055,000
1,058,379
4.25%, 12/31/2025
3,000,000
2,976,562
4.63%, 9/30/2028
7,785,000
7,890,523
4.38%, 11/30/2028
1,000,000
1,004,219
2.63%, 2/15/2029
2,800,000
2,594,484
2.38%, 3/31/2029
500,000
456,934
4.13%, 8/31/2030
4,735,000
4,692,274
4.88%, 10/31/2030
1,300,000
1,343,875
4.38%, 11/30/2030
1,000,000
1,005,313
3.75%, 12/31/2030
1,350,000
1,308,234
3.38%, 5/15/2033
1,800,000
1,679,203
3.88%, 8/15/2033
200,000
194,031
4.50%, 11/15/2033
2,455,000
2,501,415
U.S. Treasury STRIPS Bonds
5.51%, 2/15/2041(e)
2,249,000
1,016,959
Total U.S. Treasury Obligations
(Cost $42,154,819)
42,951,990
Corporate Bonds — 16.1%
Aerospace & Defense — 0.7%
BAE Systems plc (United Kingdom) 5.80%,
10/11/2041(a)
100,000
100,850
Boeing Co. (The)
5.15%, 5/1/2030
250,000
245,817
5.71%, 5/1/2040
160,000
155,857
3.38%, 6/15/2046
590,000
400,517
L3Harris Technologies, Inc.
5.40%, 7/31/2033
100,000
100,071
4.85%, 4/27/2035
115,000
109,320
Northrop Grumman Corp. 5.15%, 5/1/2040
110,000
106,783
RTX Corp. 3.03%, 3/15/2052
170,000
111,130
 
1,330,345
Automobiles — 0.1%
General Motors Co. 5.95%, 4/1/2049
130,000
125,224
Banks — 4.1%
ABN AMRO Bank NV (Netherlands) (US Treasury
Yield Curve Rate T Note Constant Maturity 1
Year + 1.10%), 2.47%, 12/13/2029(a) (f)
200,000
173,950
Bank of America Corp.
(SOFR + 1.06%), 2.09%, 6/14/2029(f)
500,000
439,390
(SOFR + 1.21%), 2.57%, 10/20/2032(f)
500,000
409,800
(SOFR + 1.65%), 5.47%, 1/23/2035(f)
355,000
353,973
SEE NOTES TO FINANCIAL STATEMENTS.
24
J.P. Morgan Exchange-Traded Funds
February 29, 2024


INVESTMENTS
PRINCIPAL
AMOUNT($)
VALUE($)
Corporate Bonds — continued
Banks — continued
Banque Federative du Credit Mutuel SA (France)
5.79%, 7/13/2028(a)
200,000
204,520
Barclays plc (United Kingdom)
(SOFR + 2.98%), 6.22%, 5/9/2034(f)
200,000
202,496
(US Treasury Yield Curve Rate T
Note Constant Maturity 1 Year + 1.30%),
3.33%, 11/24/2042(f)
200,000
144,790
BNP Paribas SA (France) (SOFR + 1.52%),
5.18%, 1/9/2030(a) (f)
400,000
396,256
BPCE SA (France)
(SOFR + 1.98%), 6.61%,
10/19/2027(a) (f)
250,000
255,008
(SOFR + 2.59%), 7.00%,
10/19/2034(a) (f)
500,000
533,521
Citigroup, Inc.
(3-MONTH CME TERM SOFR + 1.45%),
4.08%, 4/23/2029(f)
150,000
143,160
(SOFR + 1.18%), 2.52%, 11/3/2032(f)
250,000
202,922
Credit Agricole SA (France) (SOFR + 1.86%),
6.32%, 10/3/2029(a) (f)
250,000
257,656
Danske Bank A/S (Denmark) (US Treasury Yield
Curve Rate T Note Constant Maturity 1 Year +
1.40%), 5.71%, 3/1/2030(a) (f)
400,000
400,849
HSBC Holdings plc (United Kingdom)
(SOFR + 1.29%), 2.21%, 8/17/2029(f)
200,000
173,639
(SOFR + 2.39%), 6.25%, 3/9/2034(f)
200,000
207,531
(SOFR + 2.65%), 6.33%, 3/9/2044(f)
200,000
210,273
Lloyds Banking Group plc (United Kingdom) (US
Treasury Yield Curve Rate T Note Constant
Maturity 1 Year + 1.70%), 5.87%,
3/6/2029(f)
200,000
201,901
Mizuho Financial Group, Inc. (Japan) (US
Treasury Yield Curve Rate T Note Constant
Maturity 1 Year + 1.90%), 5.75%,
7/6/2034(f)
200,000
203,995
National Australia Bank Ltd. (Australia) 2.33%,
8/21/2030(a) (g)
250,000
204,526
NatWest Group plc (United Kingdom)
(US Treasury Yield Curve Rate T
Note Constant Maturity 1 Year + 1.95%),
5.81%, 9/13/2029(f)
200,000
202,034
(US Treasury Yield Curve Rate T
Note Constant Maturity 1 Year + 1.50%),
5.78%, 3/1/2035(f)
480,000
479,045
Skandinaviska Enskilda Banken AB (Sweden)
5.38%, 3/5/2029(a)
205,000
204,270
INVESTMENTS
PRINCIPAL
AMOUNT($)
VALUE($)
 
Banks — continued
Societe Generale SA (France)
(US Treasury Yield Curve Rate T
Note Constant Maturity 1 Year + 1.30%),
2.89%, 6/9/2032(a) (f)
200,000
162,129
(US Treasury Yield Curve Rate T
Note Constant Maturity 1 Year + 2.95%),
6.69%, 1/10/2034(a) (f)
200,000
206,608
(US Treasury Yield Curve Rate T
Note Constant Maturity 1 Year + 2.10%),
6.07%, 1/19/2035(a) (f)
214,000
210,861
Standard Chartered plc (United Kingdom) (US
Treasury Yield Curve Rate T Note Constant
Maturity 1 Year + 2.10%), 6.10%,
1/11/2035(a) (f)
200,000
200,966
Truist Financial Corp. (SOFR + 1.92%), 5.71%,
1/24/2035(f)
115,000
113,853
US Bancorp (SOFR + 1.86%), 5.68%,
1/23/2035(f)
100,000
99,768
Wells Fargo & Co.
(SOFR + 1.79%), 6.30%, 10/23/2029(f)
315,000
326,492
(SOFR + 2.06%), 6.49%, 10/23/2034(f)
265,000
281,830
(SOFR + 1.78%), 5.50%, 1/23/2035(f)
175,000
173,844
 
7,981,856