Annual Report
J.P. Morgan Exchange-Traded Funds
February 28, 2023  
Fund
Ticker
Listing Exchange
JPMorgan Inflation Managed Bond ETF
JCPI
Cboe BZX Exchange, Inc.
JPMorgan Realty Income ETF
JPRE
NYSE Arca
 
CONTENTS  
 
 
1
2
3
3
6
9
30
40
42
57
58
61
63
64
65
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 1-844-457-6383 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 11, 2023 (Unaudited)
Dear Shareholder,
Financial markets have shown some resiliency in recent months after sharply rising interest rates and the outbreak of war in Ukraine in 2022 fueled dislocations in both equity and bond markets. While asset prices have yet to fully rebound from last year, overall financial market volatility has receded and asset valuations may have grown more attractive to investors. 
 
“As investors assess the potential
risks to financial market returns, we
believe it is important to recognize
both the potential benefits of
portfolio diversification and the
potential investment opportunities
uncovered by changes in relative
asset valuations.”
— Brian S. Shlissel
Certainly, the factors that weighed on markets in 2022 largely remain in place in early 2023. Additionally, the failures of two U.S. regional banks and the takeover of troubled Credit Suisse Group AG by UBS Group AG have rattled the financial services sector, though regulators moved quickly to attempt to contain the risk of contagion and overall US. bank capitalization rates remain healthy and much improved since the 2008 financial crisis.
The International Monetary Fund (the “IMF”) recently trimmed its forecast for global economic growth in 2023 and warned that any further turmoil in the financial system could further impede economic activity. The IMF also indicated that infla
tionary pressures had yet to peak in many countries, despite moderation in prices for energy and food.  Notably, the IMF slightly raised its growth forecast for the U.S., while lowering its forecast for Germany and Japan.
Above average wage inflation, contracting profit margins and slower economic activity may put pressure on U.S. equities in the months ahead, though companies positioned to weather a secular slowdown may stand out. Lower valuations compared with the U.S. and a weakening dollar could provide support for international equities. Core fixed income assets may also prove attractive to investors if interest rates decline in the year ahead.
As investors assess the potential risks to financial market returns, we believe it is important to recognize both the potential benefits of portfolio diversification and the investment potential opportunities uncovered by changes in relative asset valuations. Our lineup of investment solutions seeks to provide investors with ability to build durable portfolios that can meet their financial goals.
Sincerely,
 
Brian S. Shlissel
President, J.P. Morgan Exchange-Traded Funds
J.P. Morgan Asset Management
1-844-4JPM-ETF or jpmorgan.com/etfs for more information
 
February 28, 2023
J.P. Morgan Exchange-Traded Funds
1
J.P. Morgan Exchange-Traded Funds
MARKET OVERVIEW
TWELVE MONTHS ENDED February 28, 2023 (Unaudited) 
Global financial markets declined through most of the period amid inflationary pressures, rapidly rising interest rates, war across Ukraine and weaker economic conditions in China. However, developed markets stabilized somewhat in the second half of the period as domestic economic data improved.  
While both equities and bonds were down for the period, fixed income assets experienced a historically poor performance. For the twelve month period, the Bloomberg 1-10 Year TIPS Index returned -6.98% and the MSCI US REIT Index (the “Benchmark”) returned -11.74%. 
Within U.S. equity, the real estate sector was among the worst performing sectors amid rising interest rates and a spike in inflation to the highest levels in four decades. Rising mortgage rates weighed on the homebuilding sector, while the hotels sector benefited from historically high U.S. household savings and pent-up consumer demand for travel. The self-storage sector also outperformed other parts of the real estate sector. However, the office sector was among the worst performers as office utilization rates remained low and the work-from-home trend continued. The retail sector continued to slump amid consumers’ preference for online shopping, though there were indications late in the period of growing demand for in-person shopping. 
Through the second quarter of 2022, investor demand for bonds was crushed by the highest inflation level in four decades and the subsequent policy response by leading central banks. Russia’s invasion of Ukraine at the end of February 2022, followed by the U.S. Federal Reserve’s (the “Fed”) decision to initiate its current monetary tightening cycle in mid-March 2022 drove global financial markets sharply lower. Stocks and bonds fell in tandem and volatility spiked higher. By the end of February 2023, the Fed had raised interest rates eight times to a range of 4.50% to 4.75%, the highest level since the 2007-08 financial crisis. 
In the second half of the period, financial markets appeared to stabilize and even rebounded somewhat The U.S. economy proved to be resilient and data showed price inflation receding, while Europe largely avoided a prolonged energy crisis through coordinated efforts to obtain alternatives to Russian supplies of petroleum and natural gas. Additionally, China dropped many of the strict anti-pandemic measures that had severely constrained spending and demand in the first half of the period.
While both bond and equity markets had negative returns for the twelve month period, U.S. high yield bonds (also known as junk bonds) and emerging markets debt posted a moderate positive performance for the final six months of the period. 
 
2
J.P. Morgan Exchange-Traded Funds
February 28, 2023
JPMorgan Inflation Managed Bond ETF
FUND COMMENTARY
TWELVE MONTHS ENDED February 28, 2023 (Unaudited)
 
REPORTING PERIOD RETURN:
 
Net Asset Value *
(6.73)%
Market Price **
(6.59)%
Bloomberg 1-10 Year U.S. TIPS Index
(6.98)%
Bloomberg U.S. Intermediate Aggregate Index
(7.22)%
Net Assets as of 2/28/2023
$904,606,857
Duration as of 2/28/2023
4.6 Years
Fund Ticker
JCPI
INVESTMENT OBJECTIVE***
The JPMorgan Inflation Managed Bond ETF1 (the “Fund”) seeks to maximize inflation protected total return.
INVESTMENT APPROACH
The Fund invests in a core portfolio of bonds in combination with actively managed inflation swaps and tactical trades to offer positive return potential in a rising interest rate and inflationary environment.
WHAT WERE THE MAIN DRIVERS OF THE FUND’S PERFORMANCE?
For the twelve months ended February 28, 2023, the Fund outperformed the Bloomberg 1-10 Year TIPS (Treasury Inflation Protected Securities) Index (the “Index”) and outperformed the Bloomberg U.S. Intermediate Aggregate Index.
Relative to the Index, the Fund’s allocations to investment grade credit, commercial mortgage-backed securities and asset-backed securities were leading contributors to performance. The Fund’s shorter duration and flatter yield curve positioning also contributed to relative performance. Bonds of shorter duration generally experience a smaller decline in price compared with longer duration bonds when interest rates rise. The yield curve shows the relationship between yields and maturity dates for a set of similar bonds at a given point in time.
The Fund generally reduced its allocation to investment grade credit allocation during the period and the rebound in credit spreads beginning in October 2023, turned what had been a persistent detractor into a contributor.
The Fund’s allocation to agency mortgage-backed securities was a modest detractor from performance relative to the Index during the period.
Relative to the Bloomberg U.S. Intermediate Aggregate Index, the Fund’s underweight position in mortgage-backed securities was the leading contributor to performance.
HOW WAS THE FUND POSITIONED?
Among the Fund’s fixed income holdings, the Fund’s portfolio managers continued to focus on security selection and relative value, which seeks to exploit pricing discrepancies between individual securities or market sectors. The Fund’s portfolio managers used bottom-up fundamental research to construct, in their view, a portfolio of undervalued fixed income securities.
The Fund’s portfolio managers sought to protect the portfolio from inflation risk across maturities. Therefore, the yield curve positioning of the underlying core bonds was used as the general basis for the Fund’s inflation swap positioning.
The Fund’s portfolio managers manage the duration of the inflation protection versus the duration of the underlying bonds to protect the portfolio from actual, realized inflation, as well as from the loss of value that results from an increase in inflation expectations. The inflation protection was actively managed using U.S. Consumer Price Index for All Urban Consumers (the “CPI-U”)  swaps and TIPS. Generally, the swaps were structured so that a counterparty agrees to pay the cumulative percentage change in the CPI-U over the duration of the swap. In turn, the Fund pays a compounded fixed rate. TIPS adjust the principal of the underlying bond so that it increases with inflation as measured by the CPI-U and decreases with deflation. At maturity, a TIPS investor is paid either the adjusted or the original principal, whichever is greater. 
1 On April 8, 2022, the Fund acquired the assets and liabilities, and assumed the performance, financial and other historical information, of the JPMorgan Inflation Managed Bond Fund (the “Predecessor Fund”), an open-end mutual fund that had operated since March 31, 2010. The Fund’s performance prior to April 8, 2022 is linked to the Predecessor Fund’s Class R6 Shares.
 
February 28, 2023
J.P. Morgan Exchange-Traded Funds
3
JPMorgan Inflation Managed Bond ETF
FUND COMMENTARY
TWELVE MONTHS ENDED February 28, 2023 (Unaudited) (continued)
*
The return shown is based on net asset value and may differ from the return shown in the financial highlights, which reflects adjustments made to the net asset value in accordance with accounting principles generally accepted in the United States of America. The net asset value was $46.29 as of February 28, 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 market price during the period, and sale at the market price on the last day of the period. Prior to the Fund's listing on April 11, 2022, the NAV performance of the Fund and the Class R6 Shares of the Predecessor Fund are used as proxy market price returns. The price used to calculate the market price return was the closing price on the Cboe BZX Exchange, Inc. As of February 28, 2023, the closing price was $46.36.
***
The adviser seeks to achieve the Fund’s objective. There can be no guarantee it will be achieved.
 
PORTFOLIO COMPOSITION
AS OF February 28, 2023
PERCENT OF
TOTAL
INVESTMENTS
U.S. Treasury Obligations
33.9%
Corporate Bonds
25.0
Asset-Backed Securities
11.4
Commercial Mortgage-Backed Securities
11.3
Mortgage-Backed Securities
8.9
Collateralized Mortgage Obligations
5.9
U.S. Government Agency Securities
1.5
Others (each less than 1.0%)
0.3
Short-Term Investments
1.8
 
 
4
J.P. Morgan Exchange-Traded Funds
February 28, 2023
AVERAGE ANNUAL TOTAL RETURNS AS OF February 28, 2023 (Unaudited)
 
 
INCEPTION DATE
1 YEAR
5 YEAR
10 YEAR
JPMorgan Inflation Managed Bond ETF
 
 
 
 
Net Asset Value
November 30, 2010*
(6.73)%
1.98%
1.22%
Market Price
 
(6.59)
2.01
1.24
 
 
*
Inception date for Class R6 Shares of the Predecessor Fund (as defined below).
TEN YEAR FUND PERFORMANCE  (2/28/13 TO 2/28/23)
 
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. For up-to-date month-end performance information please call 1-844-457-6383. 
JPMorgan Inflation Managed Bond ETF (the “Fund”) acquired the assets and liabilities of the JPMorgan Inflation Managed Bond Fund (“Predecessor Fund”) in a reorganization that occurred as of the close of business on April 8, 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 April 8, 2022 is the performance of the Predecessor Fund’s Class R6 Shares. Inception date for the Predecessor Fund’s Class R6 Shares is November 30, 2010.
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. 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 April 11, 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 Bloomberg 1-10 Year U.S. TIPS Index and the
Bloomberg U.S. Intermediate Aggregate Index from August 31, 2012 to August 31, 2022. The performance of the Fund reflects the deduction of Fund expenses and assumes reinvestment of all dividends and capital gain distributions, if any. The performance of the Bloomberg 1-10 Year U.S. TIPS Index and the Bloomberg U.S. Intermediate Aggregate Index does not reflect the deduction of expenses associated with an ETF and approximates the minimum possible dividend reinvestment of the securities included in the Index, if applicable. The Bloomberg 1–10 Year U.S. TIPS Index represents the performance of intermediate (1–10 year) U.S. Treasury Inflation Protection Securities. The Bloomberg U.S. Intermediate Aggregate Index is an unmanaged index comprised of U.S. government, mortgage, corporate and asset-backed securities with maturities of one to 10 years. 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. 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.
 
February 28, 2023
J.P. Morgan Exchange-Traded Funds
5
JPMorgan Realty Income ETF
FUND COMMENTARY
TWELVE MONTHS ENDED February 28, 2023 (Unaudited)
 
REPORTING PERIOD RETURN:
 
Net Asset Value *
(13.43)%
Market Price **
(13.31)%
MSCI US REIT Index
(11.74)%
Net Assets as of 2/28/2023
$509,554,235
Fund Ticker
JPRE
INVESTMENT OBJECTIVE ***
The JPMorgan Realty Income ETF1 (the “Fund”) seeks to provide high total investment return through a combination of capital appreciation and current income.
INVESTMENT APPROACH
The Fund invests primarily in stocks of real estate investment trusts ("REITs") across the market capitalization spectrum and uses an in-depth analysis of each REIT to evaluate whether each company’s current price fully reflects its long-term value.
WHAT WERE THE MAIN DRIVERS OF THE FUND’S PERFORMANCE?
For the twelve months ended February 28, 2023, the Fund underperformed the Benchmark. The Fund’s security selection in the “other” subsector, which included SBA Communications Corp., and its underweight position in the net lease subsector were leading detractors from performance relative to the Benchmark. The Fund’s security selection and underweight position in the office sector and its security selection in the hotels sector were leading contributors to relative performance. 
Leading individual detractors from the Fund’s relative performance included its out-of-Benchmark position in SBA Communications Corp., and its overweight positions in Healthcare Realty Trust Inc. and Rexford Industrial Realty Inc. Shares of SBA Communications, a wireless communications infrastructure REIT, fell along with the broader real estate sector and after the company reported lower-than-expected results for the fourth quarter of 2022. Shares of Health Care Realty Trust, an outpatient facilities REIT, fell after the company reported lower-than-expected results for the third quarter of 2022. Shares of Rexford Industrial Realty, an industrial property REIT, fell along the broader real estate sector during the period. 
Leading individual contributors to the Fund’s relative performance included its overweight positions in Alexandria Real Estate Equities Inc. and Equinix Inc., and its underweight position in Digital Realty Trust Inc. Shares of Alexandria Real Estate Equities, a commercial real estate operator, rose after reporting consecutive quarters of better-than-expected earnings and revenue. Shares of Equinix, a commercial and data center properties operator, rose after the company raised its earnings forecast for 2022 and issued a positive outlook for 2023. Shares of Digital Realty Trust, a data center and work co-location REIT, fell after the company reported lower-than-expected results for the fourth quarter of 2022.  
HOW WAS THE FUND POSITIONED?
The Fund’s adviser used bottom-up fundamental research to construct, in its view, a portfolio of attractively valued real estate securities. The adviser projected long-term cash flow for each portfolio holding and valued the holdings using a proprietary dividend discount model. 
During the period, the Fund’s adviser sold securities in the retail subsector and the office and hotels sectors to fund investments in the net lease, health care and industrial sectors. The Fund’s adviser sought shares of companies that it believed were undervalued and would benefit from low supply growth. 
1On May 20, 2022, the Fund acquired the assets and liabilities, and assumed the performance, financial and other historical information, of the JPMorgan Realty Income Fund (the “Predecessor Fund”), an open-end mutual fund that had operated since January 1, 1998. The Fund’s performance prior to May 20, 2022 is linked to the Predecessor Fund’s
Class R6 Shares. 
 
6
J.P. Morgan Exchange-Traded Funds
February 28, 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 $43.19 as of February 28, 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 market price during the period, and sale at the market price on the last day of the period. Prior to the Fund's listing on May 23, 2022, the NAV performance of the Fund and the Class R6 Shares of the Predecessor Fund are used as proxy market price returns. The price used to calculate the market price return was the closing price on the NYSE Arca. As of February 28, 2023, the closing price was $43.25.
***
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 February 28, 2023
PERCENT OF
TOTAL
INVESTMENTS
1.
Prologis, Inc.
15.0%
2.
Equinix, Inc.
7.9
3.
Realty Income Corp.
7.1
4.
Ventas, Inc.
5.0
5.
Sun Communities, Inc.
4.9
6.
Public Storage
4.1
7.
WP Carey, Inc.
4.1
8.
UDR, Inc.
4.0
9.
Welltower, Inc.
3.8
10.
Alexandria Real Estate Equities, Inc.
3.4
 
PORTFOLIO COMPOSITION BY SECTOR
AS OF February 28, 2023
PERCENT OF
TOTAL
INVESTMENTS
Apartments
20.3%
Industrial
19.7
Diversified
16.3
Health Care
12.3
Single Tenant
7.1
Shopping Centers
6.3
Storage
5.7
Office
4.1
Hotels
2.6
Regional Malls
1.2
Real Estate Management & Development
0.2
Short-Term Investments
4.2
 
 
February 28, 2023
J.P. Morgan Exchange-Traded Funds
7
JPMorgan Realty Income ETF
FUND COMMENTARY
TWELVE MONTHS ENDED February 28, 2023 (Unaudited) (continued)
AVERAGE ANNUAL TOTAL RETURNS AS OF February 28, 2023 (Unaudited)
 
 
INCEPTION DATE
1 YEAR
5 YEAR
10 YEAR
JPMorgan Realty Income ETF
 
 
 
 
Net Asset Value
May 15, 2006*
(13.43)%
7.86%
6.41%
Market Price
 
(13.31)
7.89
6.42
 
 
*
Inception date for Class R5 Shares of the predecessor Fund (as defined below).
TEN YEAR FUND PERFORMANCE  (2/28/13 TO 2/28/23)
 
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. For up-to-date month-end performance information please call 1-844-457-6383. 
JPMorgan Realty Income ETF (the “Fund”) acquired the assets and liabilities of the JPMorgan Realty Income Fund (“Predecessor Fund”) in a reorganization that occurred as of the close of business on May 20, 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 May 20, 2022 is the performance of the Predecessor Fund’s Class R6 Shares. Inception date for the Predecessor Fund’s Class R6 Shares is November 2, 2015. 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 R5 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 R5 Shares. Inception date for the Predecessor Fund’s Class R5 Shares is May 15, 2006.
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 R5 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 May 23, 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 US REIT Index from February 28, 2013 to February 28, 2023. The performance of the Fund reflects the deduction of Fund expenses and assumes reinvestment of all dividends and capital gain distributions, if any. The performance of the MSCI US REIT Index does not reflect the deduction of expenses associated with an ETF and approximates the minimum possible dividend reinvestment of the securities included in the Index, if applicable. The MSCI US REIT Index is a free float-adjusted market capitalization weighted index comprised of equity REITs that are included in the MSCI US Investable Market 2500 Index, except specialty equity REITs that do not generate a majority of their revenue and income from real estate rental and leasing operations. 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. 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.
 
8
J.P. Morgan Exchange-Traded Funds
February 28, 2023
JPMorgan Inflation Managed Bond ETF
SCHEDULE OF PORTFOLIO INVESTMENTS
AS OF February 28, 2023
 
INVESTMENTS
PRINCIPAL
AMOUNT($)
VALUE($)
U.S. Treasury Obligations — 34.0%
U.S. Treasury Inflation Indexed Notes
 
 
0.25%, 1/15/2025 (a)
72,431,783
 70,092,605
0.63%, 1/15/2026
69,837,871
 67,416,052
0.13%, 4/15/2027
77,776,598
 72,686,180
0.38%, 7/15/2027
47,751,028
 45,194,203
0.25%, 7/15/2029
 6,464,728
  5,962,869
0.13%, 1/15/2032
 2,357,017
  2,081,756
0.63%, 7/15/2032
32,610,685
 30,143,865
U.S. Treasury Inflation Linked Notes
1.63%, 10/15/2027
12,453,866
 12,447,420
U.S. Treasury Notes
0.25%, 8/31/2025
 1,961,800
  1,761,942
Total U.S. Treasury Obligations
(Cost $315,266,167)
 
307,786,892
Corporate Bonds — 25.1%
Aerospace & Defense — 0.8%
BAE Systems plc (United Kingdom) 3.40%,
4/15/2030 (b)
 1,000,000
    890,526
Boeing Co. (The)
 
 
2.75%, 2/1/2026
 1,180,000
  1,093,628
2.20%, 2/4/2026
 1,082,000
    982,835
3.10%, 5/1/2026
 1,359,000
  1,265,228
L3Harris Technologies, Inc.
 
 
3.85%, 12/15/2026
   485,000
    463,320
4.85%, 4/27/2035
   500,000
    474,590
Leidos, Inc. 2.30%, 2/15/2031
 1,055,000
    822,530
Northrop Grumman Corp. 2.93%, 1/15/2025
    50,000
     47,866
Raytheon Technologies Corp. 3.15%,
12/15/2024
   476,000
    458,310
Textron, Inc. 3.00%, 6/1/2030
 1,099,000
    953,958
 
 
7,452,791
Airlines — 0.0% ^
Continental Airlines Pass-Through Trust Series
2012-2, Class A Shares, 4.00%,
10/29/2024
   159,533
    153,646
Auto Components — 0.0% ^
Lear Corp. 2.60%, 1/15/2032
   222,000
    167,835
Automobiles — 0.7%
General Motors Co. 6.13%, 10/1/2025
   706,000
    713,567
Honda Motor Co. Ltd. (Japan) 2.53%,
3/10/2027
    50,000
     45,883
Hyundai Capital America
 
 
0.80%, 1/8/2024 (b)
    50,000
     47,982
3.00%, 2/10/2027 (b)
 1,321,000
  1,207,938
2.38%, 10/15/2027 (b)
   479,000
    418,070
1.80%, 1/10/2028 (b)
308,000
258,202
Mercedes-Benz Finance North
America LLC (Germany) 2.13%,
3/10/2025 (b)
1,250,000
1,172,975
INVESTMENTS
PRINCIPAL
AMOUNT($)
VALUE($)
 
Automobiles — continued
Nissan Motor Co. Ltd. (Japan)
 
 
4.35%, 9/17/2027 (b)
   800,000
    729,239
4.81%, 9/17/2030 (b)
   800,000
    694,096
Stellantis Finance US, Inc. 2.69%,
9/15/2031 (b)
   378,000
    297,193
Volkswagen Group of America
Finance LLC (Germany) 1.63%,
11/24/2027 (b)
   621,000
    525,402
 
 
6,110,547
Banks — 5.5%
ABN AMRO Bank NV (Netherlands) (US
Treasury Yield Curve Rate T Note Constant
Maturity 1 Year + 1.10%), 2.47%,
12/13/2029 (b) (c)
 1,000,000
    833,447
Australia & New Zealand Banking Group
Ltd. (Australia) 4.40%, 5/19/2026 (b) (d)
 1,000,000
    958,101
Banco Santander SA (Spain)
 
 
5.15%, 8/18/2025
   200,000
    197,518
(US Treasury Yield Curve Rate T
Note Constant Maturity 1 Year + 0.90%),
1.72%, 9/14/2027 (c)
   200,000
    172,367
2.75%, 12/3/2030
   600,000
    468,773
Bank of America Corp.
 
 
4.00%, 1/22/2025
 1,130,000
  1,100,871
(SOFR + 1.15%), 1.32%, 6/19/2026 (c)
    21,000
     19,049
Series N, (SOFR + 0.91%), 1.66%,
3/11/2027 (c)
 1,502,000
  1,337,556
(SOFR + 0.96%), 1.73%, 7/22/2027 (c)
   250,000
    220,195
(ICE LIBOR USD 3 Month + 1.58%), 3.82%,
1/20/2028 (c)
 2,127,000
  1,996,292
(SOFR + 1.53%), 1.90%, 7/23/2031 (c)
 3,035,000
  2,365,463
Bank of Ireland Group plc (Ireland) (US
Treasury Yield Curve Rate T Note Constant
Maturity 1 Year + 1.10%), 2.03%,
9/30/2027 (b) (c)
 1,125,000
    976,198
Bank of Montreal (Canada)
 
 
2.65%, 3/8/2027
    40,000
     36,447
(USD Swap Semi 5 Year + 1.28%), 4.34%,
10/5/2028 (c) (d)
   784,000
    771,785
Bank of New Zealand (New Zealand) 3.50%,
2/20/2024 (b)
   830,000
    814,665
Barclays plc (United Kingdom) (ICE LIBOR USD
3 Month + 1.61%), 3.93%, 5/7/2025 (c)
 1,255,000
  1,221,513
BNP Paribas SA (France)
 
 
(ICE LIBOR USD 3 Month + 2.24%), 4.70%,
1/10/2025 (b) (c)
   500,000
    494,777
(SOFR + 2.07%), 2.22%, 6/9/2026 (b) (c)
   800,000
    738,884
Citigroup, Inc.
 
 
(SOFR + 0.77%), 1.12%, 1/28/2027 (c)
 3,450,000
  3,031,377
4.45%, 9/29/2027
   734,000
    700,972
SEE NOTES TO FINANCIAL STATEMENTS.
 
February 28, 2023
J.P. Morgan Exchange-Traded Funds
9
JPMorgan Inflation Managed Bond ETF
SCHEDULE OF PORTFOLIO INVESTMENTS
AS OF February 28, 2023 (continued)
INVESTMENTS
PRINCIPAL
AMOUNT($)
VALUE($)
Corporate Bonds — continued
Banks — continued
(ICE LIBOR USD 3 Month + 1.56%), 3.89%,
1/10/2028 (c)
    90,000
     84,565
(ICE LIBOR USD 3 Month + 1.17%), 3.88%,
1/24/2039 (c)
   948,000
    779,920
Citizens Financial Group, Inc. 2.64%,
9/30/2032
   500,000
    380,886
Commonwealth Bank of Australia (Australia)
2.30%, 3/14/2025 (b)
    40,000
     37,775
Cooperatieve Rabobank UA (Netherlands)
 
 
2.63%, 7/22/2024 (b)
   250,000
    240,524
(US Treasury Yield Curve Rate T
Note Constant Maturity 1 Year + 0.73%),
1.98%, 12/15/2027 (b) (c)
 1,000,000
    871,295
Credit Agricole SA (France)
 
 
(SOFR + 1.68%), 1.91%,
6/16/2026 (b) (c)
 1,500,000
  1,376,487
(SOFR + 0.89%), 1.25%,
1/26/2027 (b) (c)
 1,124,000
    992,029
Danske Bank A/S (Denmark) (US Treasury
Yield Curve Rate T Note Constant Maturity 1
Year + 2.10%), 6.47%, 1/9/2026 (b) (c)
   407,000
    409,502
Discover Bank
 
 
2.45%, 9/12/2024
   900,000
    856,131
3.45%, 7/27/2026
   447,000
    416,138
DNB Bank ASA (Norway) (US Treasury Yield
Curve Rate T Note Constant Maturity 1 Year
+ 0.68%), 1.60%, 3/30/2028 (b) (c)
 1,450,000
  1,238,848
Fifth Third Bank NA 2.25%, 2/1/2027
   250,000
    224,938
HSBC Holdings plc (United Kingdom)
 
 
(ICE LIBOR USD 3 Month + 0.99%), 3.95%,
5/18/2024 (c)
 1,400,000
  1,393,788
(ICE LIBOR USD 3 Month + 1.35%), 4.29%,
9/12/2026 (c)
 1,250,000
  1,203,311
(SOFR + 1.73%), 2.01%, 9/22/2028 (c)
   300,000
    253,955
(ICE LIBOR USD 3 Month + 1.61%), 3.97%,
5/22/2030 (c)
   640,000
    573,436
(SOFR + 2.39%), 2.85%, 6/4/2031 (c)
 1,141,000
    938,643
Huntington Bancshares, Inc. (SOFR + 2.05%),
5.02%, 5/17/2033 (c)
 1,202,000
  1,151,307
ING Groep NV (Netherlands)
 
 
(SOFR + 1.01%), 1.73%, 4/1/2027 (c)
   480,000
    426,055
4.55%, 10/2/2028
   406,000
    387,663
KeyBank NA 3.30%, 6/1/2025
   250,000
    239,319
KeyCorp (SOFR + 1.25%), 3.88%,
5/23/2025 (c)
   184,000
    180,023
Lloyds Banking Group plc (United Kingdom)
 
 
(US Treasury Yield Curve Rate T
Note Constant Maturity 1 Year + 1.00%),
2.44%, 2/5/2026 (c)
   550,000
    515,704
3.75%, 1/11/2027
   869,000
    809,928
INVESTMENTS
PRINCIPAL
AMOUNT($)
VALUE($)
 
Banks — continued
Mitsubishi UFJ Financial Group, Inc. (Japan)
(US Treasury Yield Curve Rate T
Note Constant Maturity 1 Year + 0.83%),
2.34%, 1/19/2028 (c)
 1,050,000
    930,663
Mizuho Financial Group Cayman 3 Ltd. (Japan)
4.60%, 3/27/2024 (b) (d)
 1,000,000
    985,272
National Australia Bank Ltd. (Australia)
2.33%, 8/21/2030 (b) (d)
   250,000
    194,683
NatWest Group plc (United Kingdom)
 
 
(ICE LIBOR USD 3 Month + 1.55%), 4.52%,
6/25/2024 (c)
 1,000,000
    994,606
(US Treasury Yield Curve Rate T
Note Constant Maturity 1 Year + 0.90%),
1.64%, 6/14/2027 (c)
   286,000
    250,987
(ICE LIBOR USD 3 Month + 1.75%), 4.89%,
5/18/2029 (c)
   620,000
    592,647
NatWest Markets plc (United Kingdom) 0.80%,
8/12/2024 (b)
   777,000
    723,845
PNC Financial Services Group, Inc. (The) (SOFR
+ 1.09%), 4.76%, 1/26/2027 (c)
   845,000
    832,332
Santander UK Group Holdings plc (United
Kingdom)
 
 
(US Treasury Yield Curve Rate T
Note Constant Maturity 1 Year + 1.25%),
1.53%, 8/21/2026 (c)
   200,000
    178,721
(SOFR + 2.60%), 6.53%, 1/10/2029 (c)
 1,000,000
  1,012,223
Societe Generale SA (France)
 
 
2.63%, 1/22/2025 (b)
 1,200,000
  1,130,872
4.25%, 4/14/2025 (b)
   400,000
    383,503
(US Treasury Yield Curve Rate T
Note Constant Maturity 1 Year + 1.00%),
1.79%, 6/9/2027 (b) (c)
   937,000
    818,789
Sumitomo Mitsui Financial Group, Inc. (Japan)
2.70%, 7/16/2024
 2,182,000
  2,100,247
Toronto-Dominion Bank (The) (Canada)
1.15%, 6/12/2025
    40,000
     36,502
Truist Bank 3.30%, 5/15/2026
   200,000
    187,361
UniCredit SpA (Italy)
 
 
(US Treasury Yield Curve Rate T
Note Constant Maturity 1 Year + 1.20%),
1.98%, 6/3/2027 (b) (c)
   835,000
    728,202
(USD ICE Swap Rate 5 Year + 3.70%),
5.86%, 6/19/2032 (b) (c)
   600,000
    544,535
Wachovia Corp. 7.57%, 8/1/2026 (e)
   452,000
    478,650
Wells Fargo & Co.
 
 
(SOFR + 1.09%), 2.41%, 10/30/2025 (c)
 1,196,000
  1,134,421
SEE NOTES TO FINANCIAL STATEMENTS.
 
10
J.P. Morgan Exchange-Traded Funds
February 28, 2023
INVESTMENTS
PRINCIPAL
AMOUNT($)
VALUE($)
Corporate Bonds — continued
Banks — continued
(3-MONTH CME TERM SOFR + 1.43%),
2.88%, 10/30/2030 (c)
 1,015,000
    864,895
Westpac Banking Corp. (Australia) (US
Treasury Yield Curve Rate T Note Constant
Maturity 5 Year + 1.35%), 2.89%,
2/4/2030 (c) (d)
   540,000
    502,000
 
 
50,044,376
Beverages — 0.1%
Anheuser-Busch Cos. LLC (Belgium) 3.65%,
2/1/2026
   657,000
    629,298
Constellation Brands, Inc.
 
 
3.15%, 8/1/2029
   420,000
    368,388
2.88%, 5/1/2030
   119,000
    101,064
 
 
1,098,750
Biotechnology — 0.4%
AbbVie, Inc.
 
 
3.85%, 6/15/2024
 1,276,000
  1,252,021
2.95%, 11/21/2026
 1,947,000
  1,796,823
Amgen, Inc. 5.25%, 3/2/2030 (f)
   633,000
    629,913
Gilead Sciences, Inc. 3.50%, 2/1/2025
    35,000
     33,902
Regeneron Pharmaceuticals, Inc. 1.75%,
9/15/2030
   431,000
    335,557
 
 
4,048,216
Capital Markets — 2.1%
Blackstone Secured Lending Fund 3.65%,
7/14/2023
   622,000
    617,254
Brookfield Finance, Inc. (Canada) 4.25%,
6/2/2026
   834,000
    802,797
Credit Suisse AG (Switzerland) 3.63%,
9/9/2024
 1,920,000
  1,814,769
Credit Suisse Group AG (Switzerland)
 
 
3.80%, 6/9/2023
   250,000
    247,000
(SOFR + 2.04%), 2.19%, 6/5/2026 (b) (c)
   250,000
    215,333
(SOFR + 1.73%), 3.09%,
5/14/2032 (b) (c)
   378,000
    265,974
Deutsche Bank AG (Germany)
 
 
(SOFR + 2.16%), 2.22%, 9/18/2024 (c)
   360,000
    351,901
(SOFR + 1.32%), 2.55%, 1/7/2028 (c)
   700,000
    609,039
(SOFR + 1.72%), 3.04%, 5/28/2032 (c)
   626,000
    493,176
Goldman Sachs Group, Inc. (The)
 
 
(SOFR + 0.57%), 0.68%, 3/8/2024 (c)
   398,000
    396,805
4.25%, 10/21/2025
 1,135,000
  1,099,400
3.50%, 11/16/2026
 1,835,000
  1,722,507
(ICE LIBOR USD 3 Month + 1.51%), 3.69%,
6/5/2028 (c)
 1,125,000
  1,044,968
(ICE LIBOR USD 3 Month + 1.30%), 4.22%,
5/1/2029 (c)
   500,000
    468,088
(SOFR + 1.09%), 1.99%, 1/27/2032 (c)
   784,000
    602,359
INVESTMENTS
PRINCIPAL
AMOUNT($)
VALUE($)
 
Capital Markets — continued
Invesco Finance plc 3.75%, 1/15/2026
   436,000
    420,910
Macquarie Group Ltd. (Australia) (ICE LIBOR
USD 3 Month + 1.75%), 5.03%,
1/15/2030 (b) (c)
   200,000
    194,978
Morgan Stanley
 
 
(SOFR + 1.99%), 2.19%, 4/28/2026 (c)
    40,000
     37,282
4.35%, 9/8/2026
 3,903,000
  3,752,748
(SOFR + 1.02%), 1.93%, 4/28/2032 (c)
   110,000
     84,022
Nomura Holdings, Inc. (Japan)
 
 
2.33%, 1/22/2027
 1,200,000
  1,060,900
2.68%, 7/16/2030
   453,000
    367,945
S&P Global, Inc. 4.25%, 5/1/2029 (b)
   346,000
    328,367
UBS Group AG (Switzerland)
 
 
4.13%, 9/24/2025 (b)
   200,000
    193,547
(US Treasury Yield Curve Rate T
Note Constant Maturity 1 Year + 2.05%),
4.70%, 8/5/2027 (b) (c)
   437,000
    423,038
(ICE LIBOR USD 3 Month + 1.47%), 3.13%,
8/13/2030 (b) (c)
   449,000
    384,217
(US Treasury Yield Curve Rate T
Note Constant Maturity 1 Year + 1.10%),
2.75%, 2/11/2033 (b) (c)
   750,000
    589,395
 
 
18,588,719
Chemicals — 0.3%
Albemarle Corp. 5.05%, 6/1/2032
   812,000
    771,810
International Flavors & Fragrances,
Inc. 1.83%, 10/15/2027 (b)
   310,000
    259,537
Nutrien Ltd. (Canada) 2.95%, 5/13/2030
   240,000
    204,836
RPM International, Inc. 2.95%, 1/15/2032
   238,000
    187,526
Westlake Corp. 3.60%, 8/15/2026
 1,152,000
  1,083,942
 
 
2,507,651
Construction & Engineering — 0.1%
Quanta Services, Inc.
 
 
2.90%, 10/1/2030
   175,000
    144,835
2.35%, 1/15/2032
   708,000
    540,742
 
 
685,577
Construction Materials — 0.0% ^
Martin Marietta Materials, Inc. Series CB,
2.50%, 3/15/2030
    40,000
     33,075
Consumer Finance — 1.7%
AerCap Ireland Capital DAC (Ireland)
 
 
4.50%, 9/15/2023
   234,000
    232,385
2.88%, 8/14/2024
   700,000
    665,621
4.45%, 10/1/2025
   800,000
    768,584
2.45%, 10/29/2026
 1,404,000
  1,237,727
3.00%, 10/29/2028
1,235,000
1,052,359
American Express Co. 2.50%, 7/30/2024
440,000
423,302
SEE NOTES TO FINANCIAL STATEMENTS.
 
February 28, 2023
J.P. Morgan Exchange-Traded Funds
11
JPMorgan Inflation Managed Bond ETF
SCHEDULE OF PORTFOLIO INVESTMENTS
AS OF February 28, 2023 (continued)
INVESTMENTS
PRINCIPAL
AMOUNT($)
VALUE($)
Corporate Bonds — continued
Consumer Finance — continued
Avolon Holdings Funding Ltd. (Ireland)
 
 
5.25%, 5/15/2024 (b)
   834,000
    820,711
3.95%, 7/1/2024 (b)
   680,000
    657,540
5.50%, 1/15/2026 (b)
   400,000
    387,074
2.13%, 2/21/2026 (b)
   864,000
    756,839
4.25%, 4/15/2026 (b)
 1,090,000
  1,011,515
4.38%, 5/1/2026 (b)
 1,407,000
  1,308,911
2.53%, 11/18/2027 (b)
 3,567,000
  2,972,120
Capital One Financial Corp.
 
 
(SOFR + 1.37%), 4.17%, 5/9/2025 (c)
   646,000
    631,521
(SOFR + 1.27%), 2.62%, 11/2/2032 (c)
 1,097,000
    850,769
General Motors Financial Co., Inc.
 
 
1.20%, 10/15/2024
   480,000
    446,142
2.35%, 1/8/2031
 1,404,000
  1,078,401
Park Aerospace Holdings Ltd. (Ireland) 5.50%,
2/15/2024 (b)
   392,000
    387,322
 
 
15,688,843
Containers & Packaging — 0.1%
Graphic Packaging International LLC 1.51%,
4/15/2026 (b)
   513,000
    448,325
Packaging Corp. of America 3.00%,
12/15/2029
   320,000
    275,152
WRKCo, Inc. 4.90%, 3/15/2029
   150,000
    143,871
 
 
867,348
Diversified Financial Services — 0.3%
LSEGA Financing plc (United Kingdom) 2.00%,
4/6/2028 (b)
 1,700,000
  1,452,207
Mitsubishi HC Capital, Inc. (Japan) 3.96%,
9/19/2023 (b)
   820,000
    811,029
 
 
2,263,236
Diversified Telecommunication Services — 0.5%
AT&T, Inc. 1.65%, 2/1/2028
 1,951,000
  1,657,487
NBN Co. Ltd. (Australia) 2.63%, 5/5/2031 (b)
 1,300,000
  1,056,607
Verizon Communications, Inc.
 
 
2.63%, 8/15/2026
 1,963,000
  1,802,796
1.68%, 10/30/2030
    70,000
     54,171
 
 
4,571,061
Electric Utilities — 1.7%
American Electric Power Co., Inc. 2.03%,
3/15/2024
   305,000
    293,754
Arizona Public Service Co. 3.35%, 6/15/2024
   372,000
    360,988
Atlantic City Electric Co. 4.00%, 10/15/2028
    20,000
     18,795
CenterPoint Energy Houston Electric LLC Series
AA, 3.00%, 2/1/2027
10,000
9,380
Cleveland Electric Illuminating Co. (The)
 
 
5.50%, 8/15/2024
10,000
9,956
3.50%, 4/1/2028 (b)
476,000
435,380
INVESTMENTS
PRINCIPAL
AMOUNT($)
VALUE($)
 
Electric Utilities — continued
4.55%, 11/15/2030 (b)
   290,000
    274,131
Connecticut Light and Power Co. (The) Series
A, 3.20%, 3/15/2027
    20,000
     18,781
Duke Energy Carolinas LLC 6.45%,
10/15/2032
    50,000
     53,886
Duquesne Light Holdings, Inc.
 
 
2.53%, 10/1/2030 (b)
   421,000
    334,685
2.78%, 1/7/2032 (b)
   254,000
    199,770
Edison International 3.55%, 11/15/2024
 1,112,000
  1,073,049
Entergy Arkansas LLC
 
 
3.05%, 6/1/2023
   749,000
    744,303
3.50%, 4/1/2026
   262,000
    249,635
Entergy Mississippi LLC 2.85%, 6/1/2028
   261,000
    234,485
Evergy, Inc. 2.90%, 9/15/2029
   368,000
    314,967
Fells Point Funding Trust 3.05%,
1/31/2027 (b)
 1,324,000
  1,206,405
Fortis, Inc. (Canada) 3.06%, 10/4/2026
   591,000
    548,760
Indiana Michigan Power Co. Series J, 3.20%,
3/15/2023
   100,000
     99,926
Interstate Power and Light Co. 4.10%,
9/26/2028
    30,000
     28,688
ITC Holdings Corp. 2.95%, 5/14/2030 (b)
   251,000
    214,129
Jersey Central Power & Light Co. 2.75%,
3/1/2032 (b)
   288,000
    235,157
Kentucky Utilities Co. 3.30%, 10/1/2025
   200,000
    189,716
NextEra Energy Capital Holdings, Inc. 2.25%,
6/1/2030
   200,000
    161,799
Niagara Mohawk Power Corp. 3.51%,
10/1/2024 (b)
   922,000
    888,553
NRG Energy, Inc. 2.45%, 12/2/2027 (b)
   465,000
    392,042
OGE Energy Corp. 0.70%, 5/26/2023
   208,000
    205,720
Oncor Electric Delivery Co. LLC 5.75%,
3/15/2029
   300,000
    309,930
Pacific Gas and Electric Co.
 
 
2.95%, 3/1/2026
 1,276,000
  1,172,035
4.55%, 7/1/2030
 1,176,999
  1,062,855
Pennsylvania Electric Co. 3.25%,
3/15/2028 (b)
   256,000
    231,508
PG&E Recovery Funding LLC Series A-1,
5.05%, 7/15/2032
 1,138,000
  1,126,375
PG&E Wildfire Recovery Funding LLC Series
A-2, 4.26%, 6/1/2036
 1,106,000
  1,024,664
SCE Recovery Funding LLC Series A-2, 1.94%,
5/15/2038
   285,000
    200,783
Southern Co. (The) Series 21-B, 1.75%,
3/15/2028
   500,000
    420,181
Southwestern Electric Power Co. Series M,
4.10%, 9/15/2028
    10,000
      9,459
SEE NOTES TO FINANCIAL STATEMENTS.
 
12
J.P. Morgan Exchange-Traded Funds
February 28, 2023
INVESTMENTS
PRINCIPAL
AMOUNT($)
VALUE($)
Corporate Bonds — continued
Electric Utilities — continued
Virginia Electric and Power Co. Series A,
3.50%, 3/15/2027
    10,000
      9,414
Vistra Operations Co. LLC 4.88%,
5/13/2024 (b)
 1,068,000
  1,046,544
 
 
15,410,588
Electrical Equipment — 0.0% ^
Eaton Corp. 3.10%, 9/15/2027
    50,000
     46,166
Electronic Equipment, Instruments & Components — 0.1%
Arrow Electronics, Inc. 3.88%, 1/12/2028
   950,000
    870,189
Energy Equipment & Services — 0.0% ^
Halliburton Co. 2.92%, 3/1/2030
   200,000
    172,868
Schlumberger Holdings Corp. 3.90%,
5/17/2028 (b)
    39,000
     36,644
 
 
209,512
Entertainment — 0.1%
Walt Disney Co. (The) 7.43%, 10/1/2026
   660,000
    708,999
Equity Real Estate Investment Trusts (REITs) — 2.3%
Alexandria Real Estate Equities, Inc.
 
 
3.95%, 1/15/2027
   285,000
    272,178
3.38%, 8/15/2031
   745,000
    653,605
American Tower Corp.
 
 
1.45%, 9/15/2026
 2,058,000
  1,789,459
1.50%, 1/31/2028
   545,000
    449,664
AvalonBay Communities, Inc. 3.35%,
5/15/2027
   253,000
    235,428
Brixmor Operating Partnership LP
 
 
3.85%, 2/1/2025
   375,000
    359,512
2.25%, 4/1/2028
   186,000
    156,307
2.50%, 8/16/2031
   450,000
    349,750
Corporate Office Properties LP 2.00%,
1/15/2029
   257,000
    197,834
Crown Castle, Inc. 4.45%, 2/15/2026
 1,176,000
  1,143,438
Equinix, Inc. 2.90%, 11/18/2026
 1,213,000
  1,107,320
Essex Portfolio LP 1.65%, 1/15/2031
   549,000
    412,909
Extra Space Storage LP 2.35%, 3/15/2032
 1,055,000
    807,840
Goodman US Finance Three LLC (Australia)
3.70%, 3/15/2028 (b)
   163,000
    146,446
Healthcare Realty Holdings LP
 
 
3.10%, 2/15/2030
   269,000
    229,116
2.00%, 3/15/2031
   681,000
    519,615
Healthpeak Properties Interim, Inc. 2.13%,
12/1/2028
   310,000
    262,118
Kilroy Realty LP 2.65%, 11/15/2033
   874,000
    599,621
Life Storage LP
 
 
2.20%, 10/15/2030
682,000
543,807
2.40%, 10/15/2031
476,000
376,728
INVESTMENTS
PRINCIPAL
AMOUNT($)
VALUE($)
 
Equity Real Estate Investment Trusts (REITs) — continued
Mid-America Apartments LP 1.70%,
2/15/2031
   447,000
    348,972
National Retail Properties, Inc.
 
 
3.60%, 12/15/2026
   247,000
    229,699
4.30%, 10/15/2028
   622,000
    580,815
Office Properties Income Trust
 
 
2.65%, 6/15/2026
   218,000
    172,597
2.40%, 2/1/2027
   754,000
    557,231
3.45%, 10/15/2031
   466,000
    311,048
Physicians Realty LP 2.63%, 11/1/2031
   469,000
    374,494
Public Storage 2.25%, 11/9/2031
   515,000
    414,527
Regency Centers LP
 
 
2.95%, 9/15/2029
   678,000
    570,752
3.70%, 6/15/2030
   400,000
    353,804
Sabra Health Care LP 3.20%, 12/1/2031
   702,000
    521,569
Safehold Operating Partnership LP 2.80%,
6/15/2031
 1,070,000
    823,983
Scentre Group Trust 1 (Australia) 3.50%,
2/12/2025 (b)
   400,000
    382,686
SITE Centers Corp. 3.63%, 2/1/2025
   100,000
     94,885
UDR, Inc.
 
 
2.95%, 9/1/2026
   106,000
     97,397
3.50%, 1/15/2028
   315,000
    290,533
3.20%, 1/15/2030
   260,000
    227,847
2.10%, 8/1/2032
   306,000
    230,513
2.10%, 6/15/2033
   400,000
    291,555
Ventas Realty LP
 
 
3.75%, 5/1/2024
   462,000
    451,828
3.50%, 2/1/2025
   110,000
    105,616
4.13%, 1/15/2026
    45,000
     43,314
3.25%, 10/15/2026
   355,000
    326,940
Welltower OP LLC
 
 
4.50%, 1/15/2024
   884,000
    876,206
2.75%, 1/15/2032
   656,000
    523,890
WP Carey, Inc.
 
 
2.40%, 2/1/2031
   335,000
    270,072
2.25%, 4/1/2033
 1,407,000
  1,058,835
 
 
21,144,303
Food & Staples Retailing — 0.1%
7-Eleven, Inc. 1.80%, 2/10/2031 (b)
1,093,000
839,150
Food Products — 0.2%
Cargill, Inc. 2.13%, 4/23/2030 (b)
400,000
329,258
Mead Johnson Nutrition Co. (United Kingdom)
4.13%, 11/15/2025
89,000
86,440
Smithfield Foods, Inc. 5.20%, 4/1/2029 (b)
628,000
573,832
Tyson Foods, Inc. 3.90%, 9/28/2023
500,000
495,599
 
 
1,485,129
SEE NOTES TO FINANCIAL STATEMENTS.
 
February 28, 2023
J.P. Morgan Exchange-Traded Funds
13
JPMorgan Inflation Managed Bond ETF
SCHEDULE OF PORTFOLIO INVESTMENTS
AS OF February 28, 2023 (continued)
INVESTMENTS
PRINCIPAL
AMOUNT($)
VALUE($)
Corporate Bonds — continued
Gas Utilities — 0.0% ^
Eastern Energy Gas Holdings LLC Series A,
2.50%, 11/15/2024
    50,000
     47,705
ONE Gas, Inc. 2.00%, 5/15/2030
   248,000
    202,463
 
 
250,168
Health Care Equipment & Supplies — 0.0% ^
Abbott Laboratories 3.88%, 9/15/2025
    50,000
     48,507
Becton Dickinson and Co. 3.36%, 6/6/2024
    46,000
     44,824
 
 
93,331
Health Care Providers & Services — 0.5%
CommonSpirit Health
 
 
3.35%, 10/1/2029
   717,000
    622,205
2.78%, 10/1/2030
   623,000
    521,822
CVS Health Corp. 1.88%, 2/28/2031
   683,000
    530,455
HCA, Inc.
 
 
5.25%, 6/15/2026
    20,000
     19,687
4.13%, 6/15/2029
 1,718,000
  1,563,834
Humana, Inc. 3.95%, 3/15/2027
   704,000
    673,015
Quest Diagnostics, Inc.
 
 
2.95%, 6/30/2030
    93,000
     80,260
2.80%, 6/30/2031
   689,000
    577,964
UnitedHealth Group, Inc. 3.38%, 4/15/2027
    20,000
     18,851
 
 
4,608,093
Hotels, Restaurants & Leisure — 0.1%
Expedia Group, Inc. 3.25%, 2/15/2030
 1,479,000
  1,247,070
Household Products — 0.0% ^
Kimberly-Clark Corp. 2.40%, 6/1/2023
    20,000
     19,860
Insurance — 1.1%
AIA Group Ltd. (Hong Kong)
 
 
3.60%, 4/9/2029 (b)
   595,000
    545,193
3.38%, 4/7/2030 (b)
   200,000
    180,288
American International Group, Inc. 3.90%,
4/1/2026
   210,000
    201,395
Assurant, Inc. 4.20%, 9/27/2023
    23,000
     22,802
Athene Global Funding
 
 
2.75%, 6/25/2024 (b)
   622,000
    592,473
2.72%, 1/7/2029 (b)
 1,099,000
    923,870
Brighthouse Financial Global Funding 1.00%,
4/12/2024 (b)
   528,000
    498,458
CNA Financial Corp. 3.95%, 5/15/2024
   499,000
    490,264
CNO Global Funding
 
 
1.75%, 10/7/2026 (b)
531,000
467,132
2.65%, 1/6/2029 (b)
400,000
341,747
F&G Global Funding 2.30%, 4/11/2027 (b)
1,062,000
930,900
Guardian Life Global Funding
 
 
3.40%, 4/25/2023 (b)
230,000
229,438
0.88%, 12/10/2025 (b)
784,000
691,108
INVESTMENTS
PRINCIPAL
AMOUNT($)
VALUE($)
 
Insurance — continued
Jackson National Life Global Funding 3.05%,
4/29/2026 (b)
 1,114,000
  1,030,495
Liberty Mutual Group, Inc.
 
 
4.25%, 6/15/2023 (b)
   210,000
    209,035
4.57%, 2/1/2029 (b)
 1,045,000
    988,797
Manulife Financial Corp. (Canada) 4.15%,
3/4/2026
   449,000
    437,214
Marsh & McLennan Cos., Inc. 3.88%,
3/15/2024
    30,000
     29,496
Principal Financial Group, Inc.
 
 
3.10%, 11/15/2026
    20,000
     18,484
3.70%, 5/15/2029
    30,000
     27,872
Prudential Insurance Co. of America
(The) 8.30%, 7/1/2025 (b)
   650,000
    681,034
 
 
9,537,495
Internet & Direct Marketing Retail — 0.0% ^
eBay, Inc. 2.60%, 5/10/2031
    50,000
     41,067
IT Services — 0.1%
Global Payments, Inc.
 
 
2.15%, 1/15/2027
   763,000
    668,623
3.20%, 8/15/2029
   656,000
    557,772
 
 
1,226,395
Leisure Products — 0.1%
Hasbro, Inc. 3.90%, 11/19/2029
   874,000
    770,498
Media — 0.7%
Charter Communications
Operating LLC 4.91%, 7/23/2025
 1,658,000
  1,622,362
Comcast Corp.
 
 
3.70%, 4/15/2024
 1,015,000
    996,739
4.15%, 10/15/2028
 1,142,000
  1,091,835
Discovery Communications LLC 3.95%,
3/20/2028
   934,000
    852,958
Grupo Televisa SAB (Mexico) 4.63%,
1/30/2026
   285,000
    275,702
Paramount Global 2.90%, 1/15/2027
   539,000
    488,244
Time Warner Cable Enterprises LLC 8.38%,
7/15/2033
   492,000
    552,603
 
 
5,880,443
Metals & Mining — 0.1%
Glencore Funding LLC (Australia)
 
 
2.50%, 9/1/2030 (b)
   530,000
    429,468
2.85%, 4/27/2031 (b)
   400,000
    327,266
Steel Dynamics, Inc. 1.65%, 10/15/2027
   374,000
    314,433
 
 
1,071,167
Multi-Utilities — 0.2%
CenterPoint Energy, Inc. 1.45%, 6/1/2026
288,000
255,016
SEE NOTES TO FINANCIAL STATEMENTS.
 
14
J.P. Morgan Exchange-Traded Funds
February 28, 2023
INVESTMENTS
PRINCIPAL
AMOUNT($)
VALUE($)
Corporate Bonds — continued
Multi-Utilities — continued
CMS Energy Corp. 2.95%, 2/15/2027
   170,000
    154,305
Consolidated Edison Co. of New York,
Inc. 3.80%, 5/15/2028
    10,000
      9,450
PG&E Energy Recovery Funding LLC Series A-2,
2.28%, 1/15/2036
   225,000
    164,163
Public Service Enterprise Group, Inc. 1.60%,
8/15/2030
   841,000
    649,720
Puget Energy, Inc. 2.38%, 6/15/2028
   234,000
    199,191
WEC Energy Group, Inc. 1.38%, 10/15/2027
   784,000
    663,829
 
 
2,095,674
Oil, Gas & Consumable Fuels — 1.7%
Aker BP ASA (Norway) 2.00%,
7/15/2026 (b)
   730,000
    647,529
APA Infrastructure Ltd. (Australia) 4.25%,
7/15/2027 (b)
   906,000
    859,472
BP Capital Markets America, Inc. 4.23%,
11/6/2028
   542,000
    522,751
Cameron LNG LLC 2.90%, 7/15/2031 (b)
   146,000
    126,737
Cheniere Corpus Christi Holdings LLC 5.88%,
3/31/2025
   734,000
    736,454
Coterra Energy, Inc. 3.90%, 5/15/2027
   676,000
    633,552
Ecopetrol SA (Colombia)
 
 
4.13%, 1/16/2025
   459,000
    438,144
5.38%, 6/26/2026
   757,000
    716,311
Energy Transfer LP
 
 
5.95%, 12/1/2025
   506,000
    510,475
4.40%, 3/15/2027
   524,000
    500,574
5.50%, 6/1/2027
   244,000
    242,589
Eni SpA (Italy) Series X-R, 4.00%,
9/12/2023 (b)
 1,145,000
  1,133,597
Enterprise Products Operating LLC 3.95%,
2/15/2027
   644,000
    614,946
Flex Intermediate Holdco LLC 3.36%,
6/30/2031 (b)
 1,660,000
  1,339,716
Gray Oak Pipeline LLC
 
 
2.60%, 10/15/2025 (b)
   312,000
    282,323
3.45%, 10/15/2027 (b)
 1,015,000
    893,744
HF Sinclair Corp.
 
 
2.63%, 10/1/2023
    95,000
     93,262
5.88%, 4/1/2026
   520,000
    520,347
MPLX LP
 
 
4.13%, 3/1/2027
   518,000
    494,176
4.25%, 12/1/2027
   118,000
    111,628
2.65%, 8/15/2030
   514,000
    421,747
5.00%, 3/1/2033
   400,000
    375,292
NGPL PipeCo LLC 3.25%, 7/15/2031 (b)
   271,000
    224,002
Ovintiv Exploration, Inc. 5.38%, 1/1/2026
480,000
475,770
Phillips 66 2.15%, 12/15/2030
206,000
164,610
INVESTMENTS
PRINCIPAL
AMOUNT($)
VALUE($)
 
Oil, Gas & Consumable Fuels — continued
Pioneer Natural Resources Co.
 
 
1.13%, 1/15/2026
   710,000
    632,227
1.90%, 8/15/2030
   623,000
    485,525
Plains All American Pipeline LP
 
 
4.65%, 10/15/2025
   407,000
    397,080
3.55%, 12/15/2029
   100,000
     86,707
Sabine Pass Liquefaction LLC 4.50%,
5/15/2030
   250,000
    234,186
Suncor Energy, Inc. (Canada) 5.95%,
12/1/2034
   302,000
    299,745
Targa Resources Partners LP 4.00%,
1/15/2032
   153,000
    129,683
 
 
15,344,901
Pharmaceuticals — 0.2%
Bristol-Myers Squibb Co. 3.40%, 7/26/2029
    30,000
     27,523
Mylan, Inc. 4.55%, 4/15/2028
    20,000
     18,646
Shire Acquisitions Investments Ireland
DAC 3.20%, 9/23/2026
   696,000
    647,897
Takeda Pharmaceutical Co. Ltd. (Japan)
2.05%, 3/31/2030
 1,500,000
  1,223,100
 
 
1,917,166
Real Estate Management & Development — 0.1%
Mitsui Fudosan Co. Ltd. (Japan) 3.65%,
7/20/2027 (b)
   219,000
    206,211
Ontario Teachers' Cadillac Fairview Properties
Trust (Canada) 3.88%, 3/20/2027 (b)
   325,000
    297,035
 
 
503,246
Road & Rail — 0.4%
ERAC USA Finance LLC 3.85%,
11/15/2024