CONTENTS


President's Letter	1
Fund Commentaries:	2
JPMorgan Inflation Managed Bond ETF	2
JPMorgan Realty Income ETF	5
Schedules of Portfolio Investments	8
Financial Statements	32
Financial Highlights	42
Notes to Financial Statements	44
Schedule of Shareholder Expenses	58
Board Approval of Initial Management Agreement	59

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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.
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President's Letter
October 17, 2022 (Unaudited)

Dear Shareholder,

This year has proved to be challenging for financial markets as accelerating inflation, slower economic growth and the impact of the Russia-Ukraine conflict fueled a sell-off in both equities and bonds. While consumer spending and corporate profits were generally stronger than expected for the six months ended August 2022, leading financial market indexes generally ended lower.

“Given the current circumstances in

financial markets, we believe it is

important that investors consider a

long-term view and maintain a

diversified portfolio.”

— Brian S. Shlissel

In response to the highest levels of inflation in 40 years, the U.S. Federal Reserve (the “Fed”) in early March 2022 implemented its first increase in benchmark interest rates since 2018. The Fed followed up with additional rate increases in May, June, July and September of 2022. The Bank of England also raised interest rates sharply during the first half of 2022 and the European Central Bank followed in early September with an unprecedented interest rate increase of 0.75%.

Meanwhile, U.S. data indicated declines this year in spending on home and commercial construction, capital equipment and inventory, and in public sector spending at the federal, state and municipal levels in 2022. Purchasing Managers’ Index surveys in both the manufacturing and services sectors also showed broad weakness in 2022.

U.S. consumer spending rebounded modestly in August 2022 as corporate earnings and revenue were generally better than expected for the second quarter of 2022. The job market also remained a bright spot in the U.S. economy, with employment above pre-pandemic levels.

This year, investors have had to adapt to economic and financial market conditions unseen in more than a decade. After a multi-year rally in U.S. equity prices, including a sharp rebound from pandemic lows, leading equity market indexes tumbled in 2022.

Given the current circumstances in financial markets, we believe it is important that investors consider a long-term view and maintain a diversified portfolio. Our expansive suite of innovative investment solutions is designed to provide investors with tools to create durable portfolios that can help them 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

August 31, 2022

J.P. Morgan Exchange-Traded Funds

JPMorgan Inflation Managed Bond ETF

FUND COMMENTARY
SIX MONTHS ENDED August 31, 2022 (Unaudited)

REPORTING PERIOD RETURN:
Net Asset Value *	(4.06)%
Market Price **	(4.28)%
Bloomberg 1-10 Year U.S. TIPS Index	(3.80)%
Bloomberg U.S. Intermediate Aggregate Index	(5.70)%
Net Assets as of 8/31/2022	$1,015,914,233
Duration as of 8/31/2022	4.5 Years
Fund Ticker	JCPI

INVESTMENT OBJECTIVE***

The JPMorgan Inflation Managed Bond ETF1 (the “Fund”) seeks to maximize inflation protected total return.

HOW DID THE MARKET PERFORM?

Already under pressure from accelerating inflation and investor expectations for rising interest rates, financial markets buckled following Russia’s invasion of Ukraine at the end of February 2022. The military conflict and the ensuing imposition of multilateral sanctions against Russia fueled volatility across equity, bond and commodities markets. Meanwhile, China’s strict anti-pandemic measures dented its economic growth and weighed on financial assets in emerging markets throughout the period.

In response to the highest rate of domestic inflation in decades, the U.S. Federal Reserve (the “Fed”) in late March 2022 raised interest rates for the first time since late 2018. The Fed followed with benchmark interest rate increases of increasing size in May, June and July 2022.

Within U.S. fixed income markets, investor demand largely turned to higher rated bonds of shorter duration. Generally, bonds of shorter duration will experience a smaller decrease in price relative to longer duration bonds when interest rates rise. Yields, which generally move in the opposite direction of bond prices, rose and the difference or “spread” between yields on the 10-year U.S. Treasury bond and other investment grade bonds widened during the period, as investors sought higher quality debt. U.S. agency mortgage-backed securities and municipal bonds underperformed other sectors of the bond market.

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

For the six months ended August 31, 2022, the Fund underperformed the Bloomberg 1-10 Year U.S. 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 so-called spread sectors, mostly investment grade corporate credit and agency mortgage-backed securities, were leading detractors from performance relative to the Index. The Fund’s shorter overall duration, its yield curve positioning and its positioning for inflation were leading contributors to performance relative to the Index. Bonds of shorter duration generally experience a smaller decline in price relative to 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’s inflation positioning was accomplished by manipulating the difference between its real duration and nominal duration.

The Fund’s inflation positioning was the leading contributor to performance relative to the Bloomberg U.S. Intermediate Aggregate Index.

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. U.S. Treasury TIPS adjust

J.P. Morgan Exchange-Traded Funds

August 31, 2022

JPMorgan Inflation Managed Bond ETF

FUND COMMENTARY
SIX MONTHS ENDED August 31, 2022 (Unaudited) (continued)

AVERAGE ANNUAL TOTAL RETURNS AS OF August 31, 2022

	INCEPTION DATE	SIX MONTHS*	1 YEAR	5 YEAR	10 YEAR
JPMorgan Inflation Managed Bond ETF
Net Asset Value	November 30, 2010**	(4.06)%	(3.68)%	2.45%	1.63%
Market Price		(4.28)	(3.89)	2.41	1.61


*	Not annualized.
**	Inception date Class R6 Shares of the Predecessor Fund (as defined below).

TEN YEAR PERFORMANCE (8/31/12 TO 8/31/22)

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.

J.P. Morgan Exchange-Traded Funds

August 31, 2022

JPMorgan Realty Income ETF

FUND COMMENTARY
SIX MONTHS ENDED August 31, 2022 (Unaudited)

REPORTING PERIOD RETURN:
Net Asset Value *	(10.29)%
Market Price **	(10.31)%
MSCI US REIT Index	(9.37)%
Net Assets as of 8/31/2022	$927,880,481
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.

HOW DID THE MARKET PERFORM?

The U.S. real estate sector slumped during the six-month period amid accelerating inflation, rising interest rates and slower growth in the U.S. economy. Among U.S. equities, real estate investment trusts (REITs) were among the worst performing sectors, particularly among mid cap and small cap stocks. However, REITs reported record high earnings for the first quarter of 2022, in line with the broader equity market.

Within real estate equities, 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. The housing sector underperformed as mortgage rates rose and new construction slowed.

For the six months ended August 31, 2022, the S&P 500 Index returned -8.84% and the MSCI US REIT Index (the “Benchmark”) returned -9.37%.

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

For the six months ended August 31, 2022, the Fund underperformed the Benchmark. The Fund’s overweight position in the housing sector and its security selection in the health care sector were leading detractors from performance relative to the Benchmark, while the Fund’s selection and underweight position in the office sector and its security selection in the retail sector were leading contributors to relative performance.

Leading individual detractors from the Fund’s relative performance included its overweight position in W.P. Carey Inc.

and its underweight positions in Camden Property Trust and Iron Mountain Inc. Shares of W.P. Carey, a commercial property REIT, fell after the company agreed to acquire Corporate Property Associates 18 - Global Inc. for about $2.7 billion. Shares of Camden Property Trust, a multifamily apartments REIT that the Fund no longer held at the end of the period, fell amid slower increases in apartment rental prices during the summer of 2022. Shares of Iron Mountain, a storage and data management company not held in the Fund, rose after the company reported better-than-expected cash flow for the second quarter of 2022.

Leading individual contributors to the Fund’s relative performance included its overweight positions in Host Hotels & Resorts Inc. and Invitation Homes Inc. and its underweight position in Simon Property Group Inc. Shares of Host Hotels & Resorts, a luxury hotel REIT, rose after the company reported better-than-expected cash flow and revenue for the second quarter of 2022. Shares of Invitation Homes, a single-family home rental company, rose amid increased demand for rental properties as the cost of homebuying rose during the period. Shares of Simon Property Group, a retail sector REIT not held in the Fund, fell early in the period after the company issued a weaker-than-expected forecast for 2022.

HOW WAS THE FUND POSITIONED?

The Fund’s adviser used bottom-up fundamental research to construct, in their 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, office, and hotels sectors to fund investments in the net lease, health care and industrial sectors. The 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 May 15, 2006. The Fund’s performance prior to May 20, 2022 is linked to the mutual fund’s Class R6

Shares.

August 31, 2022

J.P. Morgan Exchange-Traded Funds

JPMorgan Realty Income ETF

FUND COMMENTARY
SIX MONTHS ENDED August 31, 2022 (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 $49.30 as of August 31, 2022.

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 August 31, 2022, the closing price was $49.29.

***

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 August 31, 2022		PERCENT OF TOTAL INVESTMENTS
1.	Prologis, Inc.	8.6%
2.	Public Storage	7.9
3.	Equinix, Inc.	7.8
4.	Realty Income Corp.	5.7
5.	Ventas, Inc.	5.6
6.	Duke Realty Corp.	5.2
7.	UDR, Inc.	4.9
8.	Rexford Industrial Realty, Inc.	4.6
9.	Sun Communities, Inc.	4.6
10.	Welltower, Inc.	4.4

PORTFOLIO COMPOSTION BY SECTOR AS OF August 31, 2022	PERCENT OF TOTAL INVESTMENTS
Apartments	30.2%
Diversified	18.7
Industrial	14.2
Health Care	12.9
Storage	7.9
Office	4.7
Shopping Centers	4.2
Hotels	3.4
Short-Term Investments	3.8

J.P. Morgan Exchange-Traded Funds

August 31, 2022

AVERAGE ANNUAL TOTAL RETURNS AS OF August 31, 2022

	INCEPTION DATE	SIX MONTHS*	1 YEAR	5 YEAR	10 YEAR
JPMorgan Realty Income ETF
Net Asset Value	May 15, 2006**	(10.29)%	(9.66)%	6.42%	7.19%
Market Price		(10.31)	(9.68)	6.42	7.19


*	Not annualized.
**	Inception date Class R5 Shares of the Predecessor Fund (as defined below).

TEN YEAR PERFORMANCE (8/31/12 TO 8/31/22)

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 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 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.

August 31, 2022

J.P. Morgan Exchange-Traded Funds

JPMorgan Inflation Managed Bond ETF

SCHEDULE OF PORTFOLIO INVESTMENTS
AS OF August 31, 2022 (Unaudited)

INVESTMENTS	PRINCIPAL AMOUNT($)	VALUE($)
U.S. Treasury Obligations — 32.2%
U.S. Treasury Inflation Indexed Notes
0.63%, 1/15/2024 (a)	107,518,000	135,243,202
0.38%, 1/15/2027	35,024,000	42,237,547
0.13%, 4/15/2027	92,938,000	94,652,487
0.38%, 7/15/2027	38,187,000	45,556,201
0.25%, 7/15/2029	5,413,600	6,088,289
0.13%, 1/15/2032	2,120,400	2,141,367
U.S. Treasury Notes 0.25%, 8/31/2025	1,911,800	1,735,929
Total U.S. Treasury Obligations (Cost $334,885,059)		327,655,022
Corporate Bonds — 27.9%
Aerospace & Defense — 0.9%
BAE Systems plc (United Kingdom) 3.40%, 4/15/2030 (b)	1,000,000	910,384
Boeing Co. (The)
1.43%, 2/4/2024	841,000	806,231
4.88%, 5/1/2025	541,000	542,512
2.75%, 2/1/2026	1,150,000	1,075,929
2.20%, 2/4/2026	1,036,000	948,020
3.10%, 5/1/2026	2,392,000	2,258,471
L3Harris Technologies, Inc.
3.85%, 12/15/2026	475,000	462,346
4.85%, 4/27/2035	500,000	486,425
Leidos, Inc. 2.30%, 2/15/2031	964,000	756,670
Raytheon Technologies Corp. 3.15%, 12/15/2024	476,000	464,306
Textron, Inc. 3.00%, 6/1/2030	1,064,000	921,575
		9,632,869
Airlines — 0.0% ^
Continental Airlines Pass-Through Trust Series 2012-2, Class A Shares, 4.00%, 10/29/2024	160,781	152,979
Auto Components — 0.0% ^
Lear Corp. 2.60%, 1/15/2032	222,000	171,163
Automobiles — 0.6%
General Motors Co. 6.13%, 10/1/2025	656,000	675,200
Hyundai Capital America
2.85%, 11/1/2022 (b)	266,000	265,573
3.00%, 2/10/2027 (b)	1,291,000	1,178,806
2.38%, 10/15/2027 (b)	479,000	417,538
1.80%, 1/10/2028 (b)	308,000	255,976
Mercedes-Benz Finance North America LLC (Germany) 2.13%, 3/10/2025 (b)	1,250,000	1,182,980

INVESTMENTS	PRINCIPAL AMOUNT($)	VALUE($)

Automobiles — continued
Nissan Motor Co. Ltd. (Japan)
4.35%, 9/17/2027 (b)	800,000	740,678
4.81%, 9/17/2030 (b)	800,000	716,205
Stellantis Finance US, Inc. 2.69%, 9/15/2031 (b)	378,000	299,588
Volkswagen Group of America Finance LLC (Germany) 1.63%, 11/24/2027 (b)	621,000	526,638
		6,259,182
Banks — 6.2%
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	835,892
AIB Group plc (Ireland) 4.75%, 10/12/2023 (b)	800,000	793,345
Australia & New Zealand Banking Group Ltd. (Australia) 4.40%, 5/19/2026 (b)	1,000,000	983,247
Banco Santander SA (Spain)
5.15%, 8/18/2025	200,000	199,038
(US Treasury Yield Curve Rate T Note Constant Maturity 1 Year + 0.90%), 1.72%, 9/14/2027 (c)	200,000	172,167
2.75%, 12/3/2030	600,000	465,887
Bank of America Corp.
3.30%, 1/11/2023	32,000	31,975
(ICE LIBOR USD 3 Month + 0.78%), 3.55%, 3/5/2024 (c)	1,133,000	1,128,417
4.00%, 1/22/2025	1,100,000	1,090,962
(SOFR + 1.33%), 3.38%, 4/2/2026 (c)	556,000	536,523
(SOFR + 1.15%), 1.32%, 6/19/2026 (c)	21,000	19,105
Series N, (SOFR + 0.91%), 1.66%, 3/11/2027 (c)	1,446,000	1,295,845
(SOFR + 0.96%), 1.73%, 7/22/2027 (c)	964,000	855,407
(ICE LIBOR USD 3 Month + 1.58%), 3.82%, 1/20/2028 (c)	1,819,000	1,741,204
(SOFR + 1.53%), 1.90%, 7/23/2031 (c)	2,874,000	2,263,584
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	967,381

SEE NOTES TO FINANCIAL STATEMENTS.

J.P. Morgan Exchange-Traded Funds

August 31, 2022

INVESTMENTS	PRINCIPAL AMOUNT($)	VALUE($)
Corporate Bonds — continued
Banks — continued
Bank of Montreal (Canada)
2.35%, 9/11/2022	100,000	99,989
2.50%, 6/28/2024	500,000	488,386
(USD Swap Semi 5 Year + 1.28%), 4.34%, 10/5/2028 (c)	764,000	760,633
Bank of New Zealand (New Zealand) 3.50%, 2/20/2024 (b)	1,580,000	1,564,025
Bank of Nova Scotia (The) (Canada) 2.20%, 2/3/2025	600,000	571,943
Barclays plc (United Kingdom) (ICE LIBOR USD 3 Month + 1.61%), 3.93%, 5/7/2025 (c)	1,255,000	1,226,813
BNP Paribas SA (France)
(ICE LIBOR USD 3 Month + 2.24%), 4.70%, 1/10/2025 (b) (c)	500,000	498,749
(SOFR + 2.07%), 2.22%, 6/9/2026 (b) (c)	800,000	737,425
4.63%, 3/13/2027 (b)	1,000,000	974,130
Canadian Imperial Bank of Commerce (Canada) 3.10%, 4/2/2024	1,014,000	999,356
Citigroup, Inc.
(ICE LIBOR USD 3 Month + 0.90%), 3.35%, 4/24/2025 (c)	482,000	472,382
(SOFR + 0.77%), 1.12%, 1/28/2027 (c)	3,556,000	3,138,765
4.45%, 9/29/2027	714,000	696,132
(ICE LIBOR USD 3 Month + 1.17%), 3.88%, 1/24/2039 (c)	1,146,000	994,457
Citizens Financial Group, Inc. 2.64%, 9/30/2032	500,000	397,694
Cooperatieve Rabobank UA (Netherlands) (US Treasury Yield Curve Rate T Note Constant Maturity 1 Year + 0.73%), 1.98%, 12/15/2027 (b) (c)	1,000,000	883,819
Credit Agricole SA (France)
(SOFR + 1.68%), 1.91%, 6/16/2026 (b) (c)	1,500,000	1,376,659
(SOFR + 0.89%), 1.25%, 1/26/2027 (b) (c)	874,000	767,971
Discover Bank
2.45%, 9/12/2024	900,000	864,301
3.45%, 7/27/2026	447,000	423,299
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	1,254,496

INVESTMENTS	PRINCIPAL AMOUNT($)	VALUE($)

Banks — continued
HSBC Holdings plc (United Kingdom)
(ICE LIBOR USD 3 Month + 0.99%), 3.95%, 5/18/2024 (c)	1,800,000	1,790,064
(ICE LIBOR USD 3 Month + 1.35%), 4.29%, 9/12/2026 (c)	1,250,000	1,214,246
(SOFR + 2.61%), 5.21%, 8/11/2028 (c)	640,000	624,674
(SOFR + 1.73%), 2.01%, 9/22/2028 (c)	300,000	253,637
(SOFR + 2.39%), 2.85%, 6/4/2031 (c)	941,000	777,110
Huntington Bancshares, Inc. (SOFR + 2.05%), 5.02%, 5/17/2033 (c)	1,122,000	1,105,524
ING Groep NV (Netherlands)
3.95%, 3/29/2027	406,000	390,332
(SOFR + 1.01%), 1.73%, 4/1/2027 (c)	480,000	425,032
KeyCorp (SOFR + 1.25%), 3.88%, 5/23/2025 (c)	184,000	182,400
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)	350,000	328,879
3.75%, 1/11/2027	869,000	828,442
Mitsubishi UFJ Financial Group, Inc. (Japan)
2.19%, 2/25/2025	1,550,000	1,468,997
(US Treasury Yield Curve Rate T Note Constant Maturity 1 Year + 0.83%), 2.34%, 1/19/2028 (c)	850,000	762,737
Mizuho Financial Group Cayman 3 Ltd. (Japan) 4.60%, 3/27/2024 (b)	1,000,000	995,778
NatWest Group plc (United Kingdom)
(ICE LIBOR USD 3 Month + 1.55%), 4.52%, 6/25/2024 (c)	1,000,000	994,425
(US Treasury Yield Curve Rate T Note Constant Maturity 1 Year + 0.90%), 1.64%, 6/14/2027 (c)	286,000	250,379
(ICE LIBOR USD 3 Month + 1.75%), 4.89%, 5/18/2029 (c)	620,000	596,516
NatWest Markets plc (United Kingdom) 0.80%, 8/12/2024 (b)	577,000	536,948
Nordea Bank Abp (Finland)
4.25%, 9/21/2022 (b)	591,000	591,242
1.50%, 9/30/2026 (b)	900,000	796,628
PNC Financial Services Group, Inc. (The) 2.55%, 1/22/2030	1,014,000	889,228

SEE NOTES TO FINANCIAL STATEMENTS.

August 31, 2022

J.P. Morgan Exchange-Traded Funds

JPMorgan Inflation Managed Bond ETF

SCHEDULE OF PORTFOLIO INVESTMENTS
AS OF August 31, 2022 (Unaudited) (continued)

INVESTMENTS	PRINCIPAL AMOUNT($)	VALUE($)
Corporate Bonds — continued
Banks — continued
Royal Bank of Canada (Canada) 4.65%, 1/27/2026	1,061,000	1,069,009
Santander UK Group Holdings plc (United Kingdom) (SOFR + 0.79%), 1.09%, 3/15/2025 (c)	1,632,000	1,526,830
Societe Generale SA (France)
2.63%, 1/22/2025 (b)	1,200,000	1,130,711
4.25%, 4/14/2025 (b)	400,000	391,666
(US Treasury Yield Curve Rate T Note Constant Maturity 1 Year + 1.00%), 1.79%, 6/9/2027 (b) (c)	937,000	810,995
Sumitomo Mitsui Financial Group, Inc. (Japan)
2.70%, 7/16/2024	1,982,000	1,922,026
2.35%, 1/15/2025	800,000	762,088
Sumitomo Mitsui Trust Bank Ltd. (Japan) 1.55%, 3/25/2026 (b)	515,000	464,664
Toronto-Dominion Bank (The) (Canada) 3.77%, 6/6/2025	970,000	959,035
Truist Bank 2.75%, 5/1/2023	1,500,000	1,491,988
UniCredit SpA (Italy)
(US Treasury Yield Curve Rate T Note Constant Maturity 1 Year + 1.20%), 1.98%, 6/3/2027 (b) (c)	635,000	537,294
(USD ICE Swap Rate 5 Year + 3.70%), 5.86%, 6/19/2032 (b) (c)	600,000	517,417
Wachovia Corp. 7.57%, 8/1/2026 (d)	660,000	719,982
Wells Fargo & Co.
(SOFR + 1.09%), 2.41%, 10/30/2025 (c)	1,146,000	1,095,027
(SOFR + 1.43%), 2.88%, 10/30/2030 (c)	964,000	845,561
Westpac Banking Corp. (Australia) (US Treasury Yield Curve Rate T Note Constant Maturity 5 Year + 1.35%), 2.89%, 2/4/2030 (c)	500,000	469,521
		63,088,435
Beverages — 0.3%
Anheuser-Busch Cos. LLC (Belgium) 3.65%, 2/1/2026	1,196,000	1,175,546
Coca-Cola Europacific Partners plc (United Kingdom) 1.50%, 1/15/2027 (b)	1,400,000	1,234,329
Constellation Brands, Inc.
3.15%, 8/1/2029	400,000	359,614

INVESTMENTS	PRINCIPAL AMOUNT($)	VALUE($)

Beverages — continued
2.88%, 5/1/2030	119,000	103,675
Keurig Dr Pepper, Inc. 4.42%, 5/25/2025	178,000	179,222
		3,052,386
Biotechnology — 0.6%
AbbVie, Inc.
3.85%, 6/15/2024	1,196,000	1,190,060
2.95%, 11/21/2026	1,891,000	1,783,786
4.25%, 11/14/2028	964,000	946,895
Amgen, Inc.
1.65%, 8/15/2028	356,000	307,051
3.35%, 2/22/2032	397,000	358,946
Biogen, Inc. 2.25%, 5/1/2030	594,000	485,227
Gilead Sciences, Inc.
3.70%, 4/1/2024	964,000	961,860
3.50%, 2/1/2025	35,000	34,526
Regeneron Pharmaceuticals, Inc. 1.75%, 9/15/2030	381,000	301,295
		6,369,646
Building Products — 0.0% ^
CRH America Finance, Inc. (Ireland) 3.40%, 5/9/2027 (b)	222,000	210,858
Capital Markets — 2.2%
Ameriprise Financial, Inc. 3.70%, 10/15/2024	550,000	547,219
Blackstone Holdings Finance Co. LLC 4.75%, 2/15/2023 (b)	470,000	469,508
Blackstone Secured Lending Fund 3.65%, 7/14/2023	550,000	544,823
Brookfield Finance, Inc. (Canada) 4.25%, 6/2/2026	814,000	803,626
Credit Suisse AG (Switzerland) 3.63%, 9/9/2024	1,920,000	1,873,818
Credit Suisse Group AG (Switzerland) (SOFR + 1.73%), 3.09%, 5/14/2032 (b) (c)	378,000	285,694
Deutsche Bank AG (Germany)
3.95%, 2/27/2023	500,000	498,213
(SOFR + 2.16%), 2.22%, 9/18/2024 (c)	360,000	347,197
(SOFR + 1.32%), 2.55%, 1/7/2028 (c)	500,000	426,249
(SOFR + 1.72%), 3.04%, 5/28/2032 (c)	626,000	484,672

SEE NOTES TO FINANCIAL STATEMENTS.

J.P. Morgan Exchange-Traded Funds

August 31, 2022

INVESTMENTS	PRINCIPAL AMOUNT($)	VALUE($)
Corporate Bonds — continued
Capital Markets — continued
Goldman Sachs Group, Inc. (The)
(SOFR + 0.57%), 0.67%, 3/8/2024 (c)	388,000	380,373
4.25%, 10/21/2025	1,523,000	1,502,254
3.50%, 11/16/2026	1,678,000	1,611,910
(ICE LIBOR USD 3 Month + 1.51%), 3.69%, 6/5/2028 (c)	964,000	911,228
(ICE LIBOR USD 3 Month + 1.30%), 4.22%, 5/1/2029 (c)	500,000	478,083
(SOFR + 1.09%), 1.99%, 1/27/2032 (c)	764,000	604,134
Invesco Finance plc 3.75%, 1/15/2026	436,000	425,706
Macquarie Bank Ltd. (Australia) 2.30%, 1/22/2025 (b)	964,000	918,617
Macquarie Group Ltd. (Australia) (ICE LIBOR USD 3 Month + 1.75%), 5.03%, 1/15/2030 (b) (c)	200,000	196,139
Morgan Stanley
(SOFR + 1.99%), 2.19%, 4/28/2026 (c)	1,913,000	1,796,897
4.35%, 9/8/2026	4,103,000	4,054,781
Nomura Holdings, Inc. (Japan)
2.33%, 1/22/2027	1,000,000	890,014
2.68%, 7/16/2030	453,000	369,473
S&P Global, Inc.
4.25%, 5/1/2029 (b)	346,000	341,358
2.90%, 3/1/2032 (b)	538,000	477,155
UBS Group AG (Switzerland)
(US Treasury Yield Curve Rate T Note Constant Maturity 1 Year + 2.05%), 4.70%, 8/5/2027 (b) (c)	437,000	428,936
(ICE LIBOR USD 3 Month + 1.47%), 3.13%, 8/13/2030 (b) (c)	449,000	392,315
(US Treasury Yield Curve Rate T Note Constant Maturity 1 Year + 1.10%), 2.75%, 2/11/2033 (b) (c)	750,000	600,900
		22,661,292
Chemicals — 0.3%
International Flavors & Fragrances, Inc. 1.83%, 10/15/2027 (b)	310,000	265,584
LYB International Finance III LLC 2.25%, 10/1/2030	964,000	789,908
Mosaic Co. (The) 3.25%, 11/15/2022	243,000	242,921
Nutrien Ltd. (Canada) 2.95%, 5/13/2030	200,000	177,184

INVESTMENTS	PRINCIPAL AMOUNT($)	VALUE($)

Chemicals — continued
RPM International, Inc. 2.95%, 1/15/2032	238,000	194,012
Sherwin-Williams Co. (The) 3.30%, 2/1/2025	225,000	220,756
Westlake Corp. 3.60%, 8/15/2026	1,092,000	1,057,131
		2,947,496
Construction & Engineering — 0.1%
Quanta Services, Inc.
2.90%, 10/1/2030	175,000	149,473
2.35%, 1/15/2032	668,000	527,801
		677,274
Construction Materials — 0.1%
CRH America, Inc. (Ireland) 3.88%, 5/18/2025 (b)	250,000	245,916
Martin Marietta Materials, Inc.
3.45%, 6/1/2027	260,000	247,740
3.50%, 12/15/2027	300,000	286,446
		780,102
Consumer Finance — 1.6%
AerCap Ireland Capital DAC (Ireland)
3.30%, 1/23/2023	1,200,000	1,194,969
4.50%, 9/15/2023	234,000	232,783
2.88%, 8/14/2024	700,000	668,673
4.45%, 10/1/2025	800,000	774,556
2.45%, 10/29/2026	1,404,000	1,237,982
3.00%, 10/29/2028	635,000	539,825
American Express Co.
2.50%, 7/30/2024	964,000	937,580
2.55%, 3/4/2027	328,000	304,587
Avolon Holdings Funding Ltd. (Ireland)
5.25%, 5/15/2024 (b)	814,000	798,058
3.95%, 7/1/2024 (b)	660,000	630,198
5.50%, 1/15/2026 (b)	400,000	385,694
2.13%, 2/21/2026 (b)	844,000	727,461
4.25%, 4/15/2026 (b)	1,044,000	962,205
4.38%, 5/1/2026 (b)	1,346,000	1,244,270
2.53%, 11/18/2027 (b)	3,459,000	2,824,974
Capital One Financial Corp.
(SOFR + 1.37%), 4.17%, 5/9/2025 (c)	580,000	574,707
(SOFR + 1.27%), 2.62%, 11/2/2032 (c)	1,061,000	845,606
General Motors Financial Co., Inc.
1.20%, 10/15/2024	480,000	448,768

SEE NOTES TO FINANCIAL STATEMENTS.

August 31, 2022

J.P. Morgan Exchange-Traded Funds

JPMorgan Inflation Managed Bond ETF

SCHEDULE OF PORTFOLIO INVESTMENTS
AS OF August 31, 2022 (Unaudited) (continued)

INVESTMENTS	PRINCIPAL AMOUNT($)	VALUE($)
Corporate Bonds — continued
Consumer Finance — continued
2.35%, 1/8/2031	1,343,000	1,039,932
Park Aerospace Holdings Ltd. (Ireland) 5.50%, 2/15/2024 (b)	392,000	387,085
		16,759,913
Containers & Packaging — 0.1%
Graphic Packaging International LLC 1.51%, 4/15/2026 (b)	513,000	458,568
Packaging Corp. of America 3.00%, 12/15/2029	300,000	267,284
WRKCo, Inc.
3.00%, 9/15/2024	350,000	340,568
4.90%, 3/15/2029	150,000	149,646
		1,216,066
Diversified Financial Services — 0.4%
Hutchison Whampoa International 12 II Ltd. (United Kingdom) 3.25%, 11/8/2022 (b)	490,000	489,774
LSEGA Financing plc (United Kingdom) 2.00%, 4/6/2028 (b)	1,700,000	1,488,492
Mitsubishi HC Capital, Inc. (Japan) 3.96%, 9/19/2023 (b)	820,000	815,573
National Rural Utilities Cooperative Finance Corp. 3.40%, 2/7/2028	1,196,000	1,148,416
Siemens Financieringsmaatschappij NV (Germany) 3.13%, 3/16/2024 (b)	400,000	395,584
		4,337,839
Diversified Telecommunication Services — 0.6%
AT&T, Inc. 1.65%, 2/1/2028	2,871,000	2,466,324
NBN Co. Ltd. (Australia) 2.63%, 5/5/2031 (b)	1,100,000	928,792
Verizon Communications, Inc.
2.63%, 8/15/2026	1,913,000	1,802,799
4.02%, 12/3/2029	533,000	511,380
		5,709,295
Electric Utilities — 1.6%
American Electric Power Co., Inc. 2.03%, 3/15/2024	295,000	285,728
Arizona Public Service Co. 3.35%, 6/15/2024	372,000	364,611
Cleveland Electric Illuminating Co. (The)
3.50%, 4/1/2028 (b)	476,000	442,491
4.55%, 11/15/2030 (b)	290,000	283,386
DTE Electric Co. 3.65%, 3/15/2024	482,000	480,747

INVESTMENTS	PRINCIPAL AMOUNT($)	VALUE($)

Electric Utilities — continued
Duke Energy Carolinas LLC 6.45%, 10/15/2032	50,000	55,867
Duquesne Light Holdings, Inc.
2.53%, 10/1/2030 (b)	421,000	343,497
2.78%, 1/7/2032 (b)	254,000	207,117
Edison International 3.55%, 11/15/2024	1,014,000	991,224
Entergy Arkansas LLC
3.05%, 6/1/2023	729,000	724,510
3.50%, 4/1/2026	242,000	236,910
Entergy Mississippi LLC 2.85%, 6/1/2028	251,000	228,357
Evergy, Inc. 2.90%, 9/15/2029	368,000	322,880
Fells Point Funding Trust 3.05%, 1/31/2027 (b)	1,324,000	1,220,886
Fortis, Inc. (Canada) 3.06%, 10/4/2026	541,000	506,268
Indiana Michigan Power Co. Series J, 3.20%, 3/15/2023	100,000	99,563
Interstate Power and Light Co. 4.10%, 9/26/2028	964,000	951,283
ITC Holdings Corp. 2.95%, 5/14/2030 (b)	251,000	219,301
Jersey Central Power & Light Co. 2.75%, 3/1/2032 (b)	288,000	243,332
Kentucky Utilities Co. 3.30%, 10/1/2025	200,000	194,139
NextEra Energy Capital Holdings, Inc. 2.25%, 6/1/2030	150,000	126,435
Niagara Mohawk Power Corp. 3.51%, 10/1/2024 (b)	902,000	875,420
NRG Energy, Inc. 2.45%, 12/2/2027 (b)	445,000	380,998
OGE Energy Corp. 0.70%, 5/26/2023	208,000	203,049
Oncor Electric Delivery Co. LLC 5.75%, 3/15/2029	300,000	324,109
Pacific Gas and Electric Co.
3.25%, 2/16/2024	1,196,000	1,169,855
4.55%, 7/1/2030	1,146,999	1,020,048
Pennsylvania Electric Co. 3.25%, 3/15/2028 (b)	256,000	236,896
PG&E Wildfire Recovery Funding LLC Series A-2, 4.26%, 6/1/2036	1,065,000	1,031,240
PPL Electric Utilities Corp. 2.50%, 9/1/2022	224,000	224,000
Public Service Co. of New Hampshire 3.50%, 11/1/2023	283,000	282,286

SEE NOTES TO FINANCIAL STATEMENTS.

J.P. Morgan Exchange-Traded Funds

August 31, 2022

INVESTMENTS	PRINCIPAL AMOUNT($)	VALUE($)
Corporate Bonds — continued
Electric Utilities — continued
SCE Recovery Funding LLC Series A-2, 1.94%, 5/15/2038	285,000	215,474
Southern Co. (The) Series 21-B, 1.75%, 3/15/2028	500,000	427,999
Vistra Operations Co. LLC 4.88%, 5/13/2024 (b)	1,020,000	1,006,726
		15,926,632
Electronic Equipment, Instruments & Components — 0.1%
Arrow Electronics, Inc. 3.88%, 1/12/2028	890,000	839,414
Energy Equipment & Services — 0.1%
Baker Hughes Holdings LLC 3.34%, 12/15/2027	250,000	233,841
Halliburton Co. 2.92%, 3/1/2030	150,000	132,563
Schlumberger Holdings Corp. 3.75%, 5/1/2024 (b)	460,000	456,703
		823,107
Entertainment — 0.1%
Walt Disney Co. (The) 7.43%, 10/1/2026	600,000	669,357
Equity Real Estate Investment Trusts (REITs) — 2.1%
Alexandria Real Estate Equities, Inc.
3.95%, 1/15/2027	285,000	278,162
3.38%, 8/15/2031	675,000	601,455
American Tower Corp.
1.45%, 9/15/2026	1,988,000	1,746,251
1.50%, 1/31/2028	545,000	458,365
AvalonBay Communities, Inc. 3.35%, 5/15/2027	225,000	214,181
Boston Properties LP 3.80%, 2/1/2024	873,000	866,737
Brixmor Operating Partnership LP
3.85%, 2/1/2025	375,000	365,663
2.25%, 4/1/2028	186,000	157,125
2.50%, 8/16/2031	450,000	348,245
Corporate Office Properties LP 2.00%, 1/15/2029	257,000	203,001
Crown Castle, Inc. 4.45%, 2/15/2026	1,146,000	1,140,246
Equinix, Inc. 2.90%, 11/18/2026	1,123,000	1,047,725
Essex Portfolio LP 1.65%, 1/15/2031	529,000	411,073
Extra Space Storage LP 2.35%, 3/15/2032	964,000	756,977
Goodman US Finance Three LLC (Australia) 3.70%, 3/15/2028 (b)	163,000	154,178

INVESTMENTS	PRINCIPAL AMOUNT($)	VALUE($)

Equity Real Estate Investment Trusts (REITs) — continued
Healthcare Trust of America Holdings LP
3.10%, 2/15/2030	269,000	231,800
2.00%, 3/15/2031	575,000	447,289
Healthpeak Properties, Inc. 2.13%, 12/1/2028	310,000	266,501
Kilroy Realty LP 2.65%, 11/15/2033	814,000	618,290
Life Storage LP
2.20%, 10/15/2030	550,000	441,597
2.40%, 10/15/2031	476,000	379,892
Mid-America Apartments LP 1.70%, 2/15/2031	387,000	307,432
National Retail Properties, Inc.
3.60%, 12/15/2026	247,000	235,185
4.30%, 10/15/2028	550,000	525,749
Office Properties Income Trust
2.65%, 6/15/2026	218,000	175,515
2.40%, 2/1/2027	734,000	555,044
3.45%, 10/15/2031	466,000	310,641
Physicians Realty LP 2.63%, 11/1/2031	469,000	375,847
Public Storage 2.25%, 11/9/2031	495,000	414,811
Regency Centers LP
2.95%, 9/15/2029	566,000	494,134
3.70%, 6/15/2030	400,000	363,320
Sabra Health Care LP 3.20%, 12/1/2031	652,000	518,437
Safehold Operating Partnership LP 2.80%, 6/15/2031	1,022,000	821,391
Scentre Group Trust 1 (Australia) 3.50%, 2/12/2025 (b)	400,000	387,215
SITE Centers Corp. 3.63%, 2/1/2025	100,000	96,242
UDR, Inc.
2.95%, 9/1/2026	106,000	98,835
3.50%, 7/1/2027	305,000	289,262
3.20%, 1/15/2030	260,000	230,619
2.10%, 8/1/2032	306,000	235,763
2.10%, 6/15/2033	400,000	300,770
Ventas Realty LP
3.75%, 5/1/2024	452,000	447,018
3.50%, 2/1/2025	90,000	87,840
4.13%, 1/15/2026	45,000	44,139
3.25%, 10/15/2026	345,000	326,045
Welltower, Inc.
4.50%, 1/15/2024	864,000	866,677
2.75%, 1/15/2032	600,000	497,117

SEE NOTES TO FINANCIAL STATEMENTS.

August 31, 2022

J.P. Morgan Exchange-Traded Funds

JPMorgan Inflation Managed Bond ETF

SCHEDULE OF PORTFOLIO INVESTMENTS
AS OF August 31, 2022 (Unaudited) (continued)

INVESTMENTS	PRINCIPAL AMOUNT($)	VALUE($)
Corporate Bonds — continued
Equity Real Estate Investment Trusts (REITs) — continued
WP Carey, Inc.
2.40%, 2/1/2031	285,000	231,668
2.25%, 4/1/2033	1,346,000	1,023,513
		21,394,982
Food & Staples Retailing — 0.3%
7-Eleven, Inc. 1.30%, 2/10/2028 (b)	1,069,000	892,284
Kroger Co. (The) 4.50%, 1/15/2029	914,000	907,234
Sysco Corp. 3.25%, 7/15/2027	600,000	568,112
Walmart, Inc. 3.30%, 4/22/2024	200,000	199,087
		2,566,717
Food Products — 0.4%
Bunge Ltd. Finance Corp. 1.63%, 8/17/2025	864,000	802,122
Campbell Soup Co.
3.95%, 3/15/2025	300,000	297,312
2.38%, 4/24/2030	576,000	486,544
Cargill, Inc.
2.13%, 4/23/2030 (b)	400,000	341,744
1.70%, 2/2/2031 (b)	864,000	700,077
Mead Johnson Nutrition Co. (United Kingdom) 4.13%, 11/15/2025	89,000	89,265
Smithfield Foods, Inc. 5.20%, 4/1/2029 (b)	556,000	539,844
Tyson Foods, Inc. 3.90%, 9/28/2023	500,000	499,840
		3,756,748
Gas Utilities — 0.0% ^
ONE Gas, Inc. 2.00%, 5/15/2030	248,000	204,593
Health Care Equipment & Supplies — 0.2%
Abbott Laboratories
3.88%, 9/15/2025	600,000	603,300
3.75%, 11/30/2026	650,000	652,003
Becton Dickinson and Co.
3.36%, 6/6/2024	46,000	45,452
3.70%, 6/6/2027	482,000	468,125
		1,768,880
Health Care Providers & Services — 0.7%
Cigna Corp.
3.50%, 6/15/2024	400,000	396,959
4.38%, 10/15/2028	964,000	949,332
CommonSpirit Health
3.35%, 10/1/2029	697,000	622,971
2.78%, 10/1/2030	582,000	487,248
CVS Health Corp. 1.88%, 2/28/2031	1,623,000	1,305,587

INVESTMENTS	PRINCIPAL AMOUNT($)	VALUE($)

Health Care Providers & Services — continued
HCA, Inc. 4.13%, 6/15/2029	1,678,000	1,544,660
Humana, Inc. 3.95%, 3/15/2027	650,000	632,521
Quest Diagnostics, Inc.
2.95%, 6/30/2030	93,000	82,160
2.80%, 6/30/2031	669,000	570,506
UnitedHealth Group, Inc. 2.75%, 2/15/2023	365,000	364,019
		6,955,963
Hotels, Restaurants & Leisure — 0.2%
Expedia Group, Inc. 3.25%, 2/15/2030	1,346,000	1,164,059
Starbucks Corp. 2.25%, 3/12/2030	814,000	690,556
		1,854,615
Industrial Conglomerates — 0.1%
GE Capital International Funding Co. Unlimited Co. 4.42%, 11/15/2035	1,600,000	1,512,856
Insurance — 1.2%
AIA Group Ltd. (Hong Kong)
3.60%, 4/9/2029 (b)	595,000	565,548
3.38%, 4/7/2030 (b)	200,000	184,850
Allstate Corp. (The) 3.15%, 6/15/2023	651,000	648,573
American International Group, Inc. 3.90%, 4/1/2026	400,000	393,427
Assurant, Inc. 4.20%, 9/27/2023	109,000	108,816
Athene Global Funding
2.75%, 6/25/2024 (b)	550,000	527,880
2.72%, 1/7/2029 (b)	1,064,000	902,868
Brighthouse Financial Global Funding 1.00%, 4/12/2024 (b)	528,000	498,061
CNA Financial Corp.
3.95%, 5/15/2024	499,000	497,354
4.50%, 3/1/2026	364,000	364,775
CNO Global Funding
1.75%, 10/7/2026 (b)	531,000	472,790
2.65%, 1/6/2029 (b)	400,000	345,518
F&G Global Funding 2.30%, 4/11/2027 (b)	1,014,000	902,084
Guardian Life Global Funding
3.40%, 4/25/2023 (b)	230,000	229,318
0.88%, 12/10/2025 (b)	764,000	680,999
Jackson National Life Global Funding 3.05%, 4/29/2026 (b)	1,084,000	1,025,399
Liberty Mutual Group, Inc.
4.25%, 6/15/2023 (b)	210,000	209,719
4.57%, 2/1/2029 (b)	964,000	937,788

SEE NOTES TO FINANCIAL STATEMENTS.

J.P. Morgan Exchange-Traded Funds

August 31, 2022

INVESTMENTS	PRINCIPAL AMOUNT($)	VALUE($)
Corporate Bonds — continued
Insurance — continued
Manulife Financial Corp. (Canada) 4.15%, 3/4/2026	449,000	444,692
Marsh & McLennan Cos., Inc. 3.88%, 3/15/2024	656,000	655,358
Principal Financial Group, Inc. 3.70%, 5/15/2029	764,000	718,580
Prudential Insurance Co. of America (The) 8.30%, 7/1/2025 (b)	650,000	709,648
		12,024,045
Internet & Direct Marketing Retail — 0.1%
eBay, Inc. 2.60%, 5/10/2031	1,196,000	990,984
IT Services — 0.1%
Global Payments, Inc.
2.15%, 1/15/2027	713,000	633,375
3.20%, 8/15/2029	600,000	523,992
		1,157,367
Leisure Products — 0.1%
Hasbro, Inc. 3.90%, 11/19/2029	814,000	745,548
Media — 0.6%
Charter Communications Operating LLC 4.91%, 7/23/2025	1,528,000	1,522,762
Comcast Corp.
3.70%, 4/15/2024	964,000	960,766
4.15%, 10/15/2028	1,014,000	1,005,153
Discovery Communications LLC 3.95%, 3/20/2028	864,000	793,656
Grupo Televisa SAB (Mexico) 4.63%, 1/30/2026	285,000	283,628
Paramount Global 2.90%, 1/15/2027	539,000	500,853
Time Warner Entertainment Co. LP 8.38%, 7/15/2033	482,000	555,016
		5,621,834
Metals & Mining — 0.1%
Glencore Funding LLC (Australia)
2.50%, 9/1/2030 (b)	500,000	406,547
2.85%, 4/27/2031 (b)	400,000	329,977
Steel Dynamics, Inc. 1.65%, 10/15/2027	374,000	319,659
Teck Resources Ltd. (Canada) 3.90%, 7/15/2030	400,000	361,227
		1,417,410
Multi-Utilities — 0.3%
CenterPoint Energy, Inc. 1.45%, 6/1/2026	288,000	259,749

INVESTMENTS	PRINCIPAL AMOUNT($)	VALUE($)

Multi-Utilities — continued
CMS Energy Corp. 2.95%, 2/15/2027	170,000	157,739
Consolidated Edison Co. of New York, Inc. 3.80%, 5/15/2028	668,000	649,713
Dominion Energy, Inc. Series B, 2.75%, 9/15/2022	332,000	331,984
PG&E Energy Recovery Funding LLC Series A-2, 2.28%, 1/15/2036	225,000	179,290
Public Service Enterprise Group, Inc. 1.60%, 8/15/2030	781,000	621,522
Puget Energy, Inc. 2.38%, 6/15/2028	234,000	203,582
WEC Energy Group, Inc. 1.38%, 10/15/2027	764,000	659,894
		3,063,473
Oil, Gas & Consumable Fuels — 2.0%
Aker BP ASA (Norway) 2.00%, 7/15/2026 (b)	730,000	651,184
APA Infrastructure Ltd. (Australia) 4.25%, 7/15/2027 (b)	886,000	855,533
BP Capital Markets America, Inc.
4.23%, 11/6/2028	482,000	477,956
2.72%, 1/12/2032	1,146,000	999,303
Cameron LNG LLC 2.90%, 7/15/2031 (b)	146,000	128,192
Cheniere Corpus Christi Holdings LLC 5.88%, 3/31/2025	714,000	728,520
Coterra Energy, Inc. 3.90%, 5/15/2027 (b)	656,000	626,028
Ecopetrol SA (Colombia)
4.13%, 1/16/2025	449,000	422,141
5.38%, 6/26/2026	737,000	690,661
Energy Transfer LP
5.95%, 12/1/2025	506,000	518,464
4.40%, 3/15/2027	494,000	478,637
5.50%, 6/1/2027	244,000	246,458
Eni SpA (Italy) Series X-R, 4.00%, 9/12/2023 (b)	1,145,000	1,141,034
Enterprise Products Operating LLC 3.95%, 2/15/2027	578,000	571,641
Flex Intermediate Holdco LLC 3.36%, 6/30/2031 (b)	1,560,000	1,288,106
Gray Oak Pipeline LLC
2.60%, 10/15/2025 (b)	312,000	287,076
3.45%, 10/15/2027 (b)	964,000	882,607
HF Sinclair Corp.
2.63%, 10/1/2023 (b)	95,000	92,156

SEE NOTES TO FINANCIAL STATEMENTS.

August 31, 2022

J.P. Morgan Exchange-Traded Funds

JPMorgan Inflation Managed Bond ETF

SCHEDULE OF PORTFOLIO INVESTMENTS
AS OF August 31, 2022 (Unaudited) (continued)

INVESTMENTS	PRINCIPAL AMOUNT($)	VALUE($)
Corporate Bonds — continued
Oil, Gas & Consumable Fuels — continued
5.88%, 4/1/2026 (b)	500,000	504,348
Kinder Morgan, Inc. 3.15%, 1/15/2023	1,446,000	1,442,993
MPLX LP
3.38%, 3/15/2023	200,000	199,846
4.13%, 3/1/2027	518,000	502,176
4.25%, 12/1/2027	118,000	114,016
2.65%, 8/15/2030	514,000	428,468
NGPL PipeCo LLC 3.25%, 7/15/2031 (b)	271,000	226,277
Ovintiv Exploration, Inc. 5.38%, 1/1/2026	480,000	488,208
Phillips 66 2.15%, 12/15/2030	186,000	152,494
Pioneer Natural Resources Co.
1.13%, 1/15/2026	660,000	589,639
1.90%, 8/15/2030	582,000	474,183
Plains All American Pipeline LP
4.65%, 10/15/2025	407,000	402,485
3.55%, 12/15/2029	100,000	87,524
Sabine Pass Liquefaction LLC 4.50%, 5/15/2030	250,000	239,333
Saudi Arabian Oil Co. (Saudi Arabia) 1.63%, 11/24/2025 (b)	210,000	194,250
Suncor Energy, Inc. (Canada) 5.95%, 12/1/2034	282,000	291,764
Targa Resources Partners LP 4.00%, 1/15/2032	153,000	133,984
Texas Eastern Transmission LP 2.80%, 10/15/2022 (b)	1,099,000	1,096,759
TotalEnergies Capital International SA (France) 2.70%, 1/25/2023	200,000	198,996
Valero Energy Corp. 2.85%, 4/15/2025	294,000	284,638
Williams Cos., Inc. (The) 2.60%, 3/15/2031	1,296,000	1,082,662
		20,220,740
Personal Products — 0.1%
GSK Consumer Healthcare Capital US LLC 3.38%, 3/24/2029 (b)	632,000	574,107
Pharmaceuticals — 0.4%
AstraZeneca plc (United Kingdom) 0.70%, 4/8/2026	400,000	356,062
Bristol-Myers Squibb Co. 2.90%, 7/26/2024	638,000	629,780
Mylan, Inc. 3.13%, 1/15/2023 (b)	600,000	597,898
Shire Acquisitions Investments Ireland DAC 3.20%, 9/23/2026	656,000	627,033

INVESTMENTS	PRINCIPAL AMOUNT($)	VALUE($)

Pharmaceuticals — continued
Takeda Pharmaceutical Co. Ltd. (Japan) 2.05%, 3/31/2030	1,500,000	1,254,035
Zoetis, Inc. 3.00%, 9/12/2027	864,000	818,694
		4,283,502
Real Estate Management & Development — 0.1%
Mitsui Fudosan Co. Ltd. (Japan) 3.65%, 7/20/2027 (b)	219,000	212,728
Ontario Teachers' Cadillac Fairview Properties Trust (Canada) 3.88%, 3/20/2027 (b)	325,000	312,459
		525,187
Road & Rail — 0.6%
CSX Corp.
3.25%, 6/1/2027	1,032,000	994,045
4.25%, 3/15/2029	500,000	494,398
ERAC USA Finance LLC 3.85%, 11/15/2024 (b)	632,000	621,376
JB Hunt Transport Services, Inc. 3.88%, 3/1/2026	400,000	393,703
Norfolk Southern Corp.
3.85%, 1/15/2024	714,000	713,210
2.90%, 6/15/2026	200,000	191,059
Penske Truck Leasing Co. LP 4.20%, 4/1/2027 (b)	1,196,000	1,150,346
Triton Container International Ltd. (Bermuda)
2.05%, 4/15/2026 (b)	964,000	848,513
3.25%, 3/15/2032	760,000	595,080
		6,001,730
Semiconductors & Semiconductor Equipment — 0.6%
Broadcom, Inc. 4.11%, 9/15/2028	1,666,000	1,585,650
Marvell Technology, Inc. 2.95%, 4/15/2031	650,000	532,912
Microchip Technology, Inc.
0.97%, 2/15/2024	798,000	759,686
0.98%, 9/1/2024	600,000	560,493
NXP BV (China) 2.50%, 5/11/2031	1,196,000	956,277
TSMC Arizona Corp. (Taiwan) 4.25%, 4/22/2032	985,000	964,512
Xilinx, Inc. 2.38%, 6/1/2030	600,000	523,089
		5,882,619
Software — 0.2%
Oracle Corp.
2.88%, 3/25/2031	1,496,000	1,240,139

SEE NOTES TO FINANCIAL STATEMENTS.

J.P. Morgan Exchange-Traded Funds

August 31, 2022

INVESTMENTS	PRINCIPAL AMOUNT($)	VALUE($)
Corporate Bonds — continued
Software — continued
6.50%, 4/15/2038	50,000	50,688
Roper Technologies, Inc. 3.80%, 12/15/2026	964,000	943,674
Workday, Inc. 3.50%, 4/1/2027	320,000	305,264
		2,539,765
Specialty Retail — 0.2%
Advance Auto Parts, Inc. 3.50%, 3/15/2032	500,000	424,408
AutoZone, Inc. 1.65%, 1/15/2031	787,000	619,953
O'Reilly Automotive, Inc.
3.55%, 3/15/2026	300,000	292,490
3.60%, 9/1/2027	463,000	446,362
		1,783,213
Technology Hardware, Storage & Peripherals — 0.2%
Apple, Inc. 2.75%, 1/13/2025	861,000	844,559
Dell International LLC
4.90%, 10/1/2026	600,000	602,314
5.30%, 10/1/2029	664,000	657,979
		2,104,852
Thrifts & Mortgage Finance — 0.2%
BPCE SA (France)
(SOFR + 1.09%), 2.05%, 10/19/2027 (b) (c)	1,114,000	970,819
(SOFR + 1.31%), 2.28%, 1/20/2032 (b) (c)	694,000	537,454
Nationwide Building Society (United Kingdom) 1.00%, 8/28/2025 (b)	963,000	868,751
		2,377,024
Tobacco — 0.2%
Altria Group, Inc. 2.45%, 2/4/2032	1,032,000	779,991
BAT Capital Corp. (United Kingdom)
3.22%, 8/15/2024	500,000	488,398
2.26%, 3/25/2028	1,026,000	865,885
		2,134,274
Trading Companies & Distributors — 0.5%
Air Lease Corp.
3.88%, 7/3/2023	400,000	398,662
3.00%, 9/15/2023	1,346,000	1,327,143
1.88%, 8/15/2026	624,000	545,851
3.63%, 4/1/2027	964,000	891,758
Aircastle Ltd. 4.40%, 9/25/2023	550,000	546,586

INVESTMENTS	PRINCIPAL AMOUNT($)	VALUE($)

Trading Companies & Distributors — continued
Aviation Capital Group LLC 5.50%, 12/15/2024 (b)	824,000	806,704
BOC Aviation Ltd. (Singapore) 3.50%, 10/10/2024 (b)	400,000	390,200
		4,906,904
Wireless Telecommunication Services — 0.2%
Rogers Communications, Inc. (Canada) 3.80%, 3/15/2032 (b)	1,092,000	996,675
T-Mobile USA, Inc.
2.05%, 2/15/2028	739,000	641,362
3.88%, 4/15/2030	961,000	888,182
		2,526,219
Total Corporate Bonds (Cost $312,744,887)		283,181,456
Asset-Backed Securities — 11.1%
Air Canada Pass-Through Trust (Canada)
Series 2013-1, Class A, 4.13%, 5/15/2025 (b)	381,137	341,638
Series 2017-1, Class AA, 3.30%, 1/15/2030 (b)	488,253	435,236
Aligned Data Centers Issuer LLC Series 2021-1A, Class A2, 1.94%, 8/15/2046 (b)	1,966,000	1,731,056
American Airlines Pass-Through Trust
Series 2016-3, Class AA, 3.00%, 10/15/2028	152,345	136,866
Series 2017-1, Class AA, 3.65%, 2/15/2029	206,917	189,095
Series 2021-1, Class B, 3.95%, 7/11/2030	1,391,000	1,157,589
American Credit Acceptance Receivables Trust
Series 2022-1, Class A, 0.99%, 12/15/2025 (b)	1,039,534	1,022,569
Series 2022-2, Class A, 2.66%, 2/13/2026 (b)	723,740	715,794
American Tower Trust #1, 3.07%, 3/15/2023 (b)	504,000	501,263
AmeriCredit Automobile Receivables Trust
Series 2020-1, Class A3, 1.11%, 8/19/2024	65,202	65,112
Series 2020-2, Class A3, 0.66%, 12/18/2024	70,666	70,227
Series 2021-1, Class A3, 0.37%, 8/18/2025	977,172	960,215

SEE NOTES TO FINANCIAL STATEMENTS.

August 31, 2022

J.P. Morgan Exchange-Traded Funds

JPMorgan Inflation Managed Bond ETF

SCHEDULE OF PORTFOLIO INVESTMENTS
AS OF August 31, 2022 (Unaudited) (continued)

INVESTMENTS	PRINCIPAL AMOUNT($)	VALUE($)
Asset-Backed Securities — continued
Series 2020-3, Class B, 0.76%, 12/18/2025	740,000	713,760
Series 2021-2, Class B, 0.69%, 1/19/2027	704,000	665,853
Series 2022-2, Class A3, 4.38%, 4/18/2028	81,000	80,996
AMSR Trust
Series 2020-SFR4, Class A, 1.36%, 11/17/2037 (b)	2,019,000	1,856,026
Series 2020-SFR5, Class A, 1.38%, 11/17/2037 (b)	526,971	484,958
Amur Equipment Finance Receivables X LLC Series 2022-1A, Class A2, 1.64%, 10/20/2027 (b)	1,630,423	1,558,909
Avis Budget Rental Car Funding AESOP LLC Series 2020-1A, Class A, 2.33%, 8/20/2026 (b)	710,000	668,557
BA Credit Card Trust Series 2020-A1, Class A1, 0.34%, 5/15/2026	930,000	889,856
Business Jet Securities LLC
Series 2020-1A, Class A, 2.98%, 11/15/2035 (b)	278,275	260,251
Series 2022-1A, Class A, 4.46%, 6/15/2037 (b)	1,152,268	1,097,634
CarMax Auto Owner Trust
Series 2019-1, Class A3, 3.05%, 3/15/2024	14,686	14,686
Series 2020-1, Class A3, 1.89%, 12/16/2024	339,351	336,385
Series 2020-3, Class A3, 0.62%, 3/17/2025	378,173	372,285
Series 2021-1, Class A3, 0.34%, 12/15/2025	2,363,606	2,300,929
Series 2022-2, Class A3, 3.49%, 2/16/2027	1,038,000	1,031,177
Carvana Auto Receivables Trust
Series 2021-P3, Class A3, 0.70%, 11/10/2026	1,230,000	1,160,687
Series 2022-P3, Class A3, 4.61%, 11/10/2027 (e)	245,000	244,962
Series 2021-P4, Class A4, 1.64%, 12/10/2027	2,700,000	2,482,485
CIG Auto Receivables Trust Series 2021-1A, Class A, 0.69%, 4/14/2025 (b)	384,558	377,049
CoreVest American Finance Trust
Series 2019-3, Class A, 2.71%, 10/15/2052 (b)	175,352	167,135

INVESTMENTS	PRINCIPAL AMOUNT($)	VALUE($)

Series 2022-1, Class A, 4.74%, 6/17/2055 (b) (f)	548,969	548,935
CPS Auto Receivables Trust
Series 2021-B, Class B, 0.81%, 12/15/2025 (b)	1,248,000	1,229,063
Series 2022-C, Class B, 4.88%, 4/15/2030 (b)	2,200,000	2,183,001
Credit Acceptance Auto Loan Trust
Series 2019-3A, Class A, 2.38%, 11/15/2028 (b)	19,799	19,780
Series 2020-1A, Class A, 2.01%, 2/15/2029 (b)	416,900	416,181
Series 2020-2A, Class A, 1.37%, 7/16/2029 (b)	3,086,059	3,045,891
Series 2020-3A, Class A, 1.24%, 10/15/2029 (b)	2,000,000	1,953,683
Series 2021-2A, Class A, 0.96%, 2/15/2030 (b)	1,396,000	1,339,538
Series 2021-3A, Class A, 1.00%, 5/15/2030 (b)	695,000	664,008
Drive Auto Receivables Trust Series 2021-3, Class B, 1.11%, 5/15/2026	357,000	345,636
DT Auto Owner Trust
Series 2020-3A, Class B, 0.91%, 12/16/2024 (b)	384,408	381,838
Series 2021-1A, Class B, 0.62%, 9/15/2025 (b)	272,000	267,786
Series 2022-1A, Class A, 1.58%, 4/15/2026 (b)	1,533,045	1,509,037
Series 2022-2A, Class A, 2.88%, 6/15/2026 (b)	1,284,807	1,269,594
Series 2021-3A, Class C, 0.87%, 5/17/2027 (b)	1,292,000	1,219,147
Series 2021-4A, Class D, 1.99%, 9/15/2027 (b)	760,000	682,814
Exeter Automobile Receivables Trust
Series 2022-1A, Class A2, 1.15%, 6/17/2024	1,088,837	1,085,228
Series 2021-1A, Class B, 0.50%, 2/18/2025	227,777	227,353
Series 2021-2A, Class B, 0.57%, 9/15/2025	700,370	694,318
Series 2021-3A, Class B, 0.69%, 1/15/2026	594,000	581,525
Series 2022-3A, Class A3, 4.21%, 1/15/2026	400,000	398,000
Series 2021-4A, Class B, 1.05%, 5/15/2026	946,000	915,968

SEE NOTES TO FINANCIAL STATEMENTS.

J.P. Morgan Exchange-Traded Funds

August 31, 2022

INVESTMENTS	PRINCIPAL AMOUNT($)	VALUE($)
Asset-Backed Securities — continued
Series 2022-4A, Class C, 4.92%, 12/15/2028	1,076,000	1,069,800
Fifth Third Auto Trust Series 2019-1, Class A4, 2.69%, 11/16/2026	328,474	327,796
First Investors Auto Owner Trust Series 2021-1A, Class A, 0.45%, 3/16/2026 (b)	114,450	112,921
FirstKey Homes Trust
Series 2020-SFR2, Class A, 1.27%, 10/19/2037 (b)	1,071,410	983,921
Series 2021-SFR1, Class E1, 2.39%, 8/17/2038 ‡ (b)	600,000	518,659
Series 2021-SFR2, Class D, 2.06%, 9/17/2038 ‡ (b)	2,900,000	2,506,676
Flagship Credit Auto Trust
Series 2020-4, Class A, 0.53%, 4/15/2025 (b)	344,219	342,730
Series 2019-4, Class C, 2.77%, 12/15/2025 (b)	310,000	306,949
Series 2021-4, Class A, 0.81%, 7/17/2026 (b)	997,949	972,126
Series 2022-1, Class A, 1.79%, 10/15/2026 (b)	1,975,922	1,914,827
Series 2021-3, Class A, 0.36%, 7/15/2027 (b)	1,086,934	1,060,546
Ford Credit Auto Lease Trust
Series 2020-B, Class A4, 0.69%, 10/15/2023	391,132	390,494
Series 2021-A, Class A3, 0.26%, 2/15/2024	631,662	628,102
Ford Credit Auto Owner Trust Series 2018-B, Class A4, 3.38%, 3/15/2024	120,945	120,954
FRTKL Series 2021-SFR1, Class A, 1.57%, 9/17/2038 (b)	2,118,000	1,872,391
GLS Auto Receivables Issuer Trust
Series 2021-4A, Class A, 0.84%, 7/15/2025 (b)	1,076,542	1,056,882
Series 2021-2A, Class B, 0.77%, 9/15/2025 (b)	408,000	400,158
Series 2021-3A, Class C, 1.11%, 9/15/2026 (b)	815,000	760,690
GM Financial Automobile Leasing Trust
Series 2020-3, Class A3, 0.45%, 8/21/2023	156,133	155,750
Series 2021-3, Class A3, 0.39%, 10/21/2024	1,137,000	1,100,772
Series 2021-1, Class A4, 0.33%, 2/20/2025	1,000,000	976,733

INVESTMENTS	PRINCIPAL AMOUNT($)	VALUE($)

Series 2022-2, Class A3, 3.42%, 6/20/2025	1,057,000	1,049,154
GM Financial Consumer Automobile Receivables Trust
Series 2020-1, Class A3, 1.84%, 9/16/2024	1,136,283	1,131,004
Series 2021-1, Class A3, 0.35%, 10/16/2025	416,412	405,667
Series 2021-1, Class A4, 0.54%, 5/17/2027	2,800,000	2,625,790
HERO Funding (Cayman Islands) Series 2017-3A, Class A2, 3.95%, 9/20/2048 (b)	147,594	142,118
Hertz Vehicle Financing III LLC Series 2022-1A, Class A, 1.99%, 6/25/2026 (b)	922,000	857,049
Home Partners of America Trust Series 2022-1, Class D, 4.73%, 4/17/2039 ‡ (b)	1,183,439	1,122,596
Honda Auto Receivables Owner Trust Series 2019-4, Class A3, 1.83%, 1/18/2024	142,273	141,632
Hyundai Auto Lease Securitization Trust
Series 2020-B, Class A3, 0.51%, 9/15/2023 (b)	462,837	461,083
Series 2021-A, Class A3, 0.33%, 1/16/2024 (b)	358,390	355,411
Lendmark Funding Trust Series 2022-1A, Class A, 5.12%, 7/20/2032 (b)	177,000	174,995
Mercedes-Benz Auto Lease Trust Series 2021-A, Class A3, 0.25%, 1/16/2024	566,385	559,811
MVW LLC
Series 2021-2A, Class A, 1.43%, 5/20/2039 (b)	1,018,744	917,061
Series 2021-1WA, Class A, 1.14%, 1/22/2041 (b)	211,601	195,010
Nissan Auto Lease Trust Series 2020-B, Class A3, 0.43%, 10/16/2023	311,433	310,417
Octane Receivables Trust Series 2020-1A, Class A, 1.71%, 2/20/2025 (b)	560,019	553,412
PRET LLC Series 2021-NPL6, Class A1, 2.49%, 7/25/2051 (b) (d)	1,017,591	957,580
Progress Residential Trust
Series 2020-SFR3, Class B, 1.50%, 10/17/2027 ‡ (b)	785,000	717,112
Series 2021-SFR2, Class E1, 2.55%, 4/19/2038 ‡ (b)	350,000	304,479

SEE NOTES TO FINANCIAL STATEMENTS.

August 31, 2022

J.P. Morgan Exchange-Traded Funds

JPMorgan Inflation Managed Bond ETF

SCHEDULE OF PORTFOLIO INVESTMENTS
AS OF August 31, 2022 (Unaudited) (continued)

INVESTMENTS	PRINCIPAL AMOUNT($)	VALUE($)
Asset-Backed Securities — continued
Series 2021-SFR8, Class E1, 2.38%, 10/17/2038 ‡ (b)	1,144,000	985,341
Series 2021-SFR11, Class A, 2.28%, 1/17/2039 (b)	1,995,577	1,723,138
Series 2021-SFR9, Class E1, 2.81%, 11/17/2040 (b)	1,048,000	849,902
Santander Consumer Auto Receivables Trust Series 2021-AA, Class A3, 0.33%, 10/15/2025 (b)	413,946	406,016
Santander Drive Auto Receivables Trust
Series 2022-1, Class A2, 1.36%, 12/16/2024	1,407,606	1,399,531
Series 2021-1, Class B, 0.50%, 4/15/2025	838,563	836,189
Series 2021-3, Class B, 0.60%, 12/15/2025	1,426,000	1,406,101
Series 2020-4, Class C, 1.01%, 1/15/2026	465,000	459,264
Series 2021-2, Class C, 0.90%, 6/15/2026	956,000	931,096
Series 2022-3, Class A3, 3.40%, 12/15/2026	914,000	902,390
Series 2022-4, Class A3, 4.14%, 2/16/2027	1,248,000	1,240,856
Series 2022-5, Class B, 4.43%, 3/15/2027	562,000	559,020
Santander Retail Auto Lease Trust Series 2022-A, Class A3, 1.34%, 7/21/2025 (b)	611,000	580,869
Sierra Timeshare Receivables Funding LLC Series 2022-2A, Class A, 4.73%, 6/20/2040 (b)	161,726	160,626
Spirit Airlines Pass-Through Trust Series 2017-1, Class AA, 3.38%, 2/15/2030	115,334	101,712
SpringCastle America Funding LLC Series 2020-AA, Class A, 1.97%, 9/25/2037 (b)	272,444	251,545
Tesla Auto Lease Trust Series 2021-B, Class A4, 0.63%, 9/22/2025 (b)	715,000	672,693
Theorem Funding Trust Series 2021-1A, Class A, 1.21%, 12/15/2027 (b)	823,279	803,807
Toyota Auto Receivables Owner Trust
Series 2020-A, Class A3, 1.66%, 5/15/2024	133,117	132,299
Series 2021-A, Class A3, 0.26%, 5/15/2025	1,494,098	1,456,805
Series 2020-C, Class A4, 0.57%, 10/15/2025	532,000	508,217

INVESTMENTS	PRINCIPAL AMOUNT($)	VALUE($)

United Airlines Pass-Through Trust
Series 2016-1, Class AA, 3.10%, 7/7/2028	990,885	893,484
Series 2016-2, Class AA, 2.88%, 10/7/2028	1,025,815	901,994
Series 2018-1, Class AA, 3.50%, 3/1/2030	633,602	566,489
Series 2018-1, Class A, 3.70%, 3/1/2030	1,125,774	946,688
United Auto Credit Securitization Trust Series 2021-1, Class C, 0.84%, 6/10/2026 (b)	270,000	266,060
US Auto Funding Series 2021-1A, Class A, 0.79%, 7/15/2024 (b)	362,127	360,049
US Auto Funding Trust Series 2022-1A, Class A, 3.98%, 4/15/2025 (b)	760,807	750,615
Volkswagen Auto Lease Trust Series 2020-A, Class A3, 0.39%, 1/22/2024	366,447	363,491
VOLT C LLC Series 2021-NPL9, Class A1, 1.99%, 5/25/2051 (b) (d)	491,446	458,732
VOLT CI LLC Series 2021-NP10, Class A1, 1.99%, 5/25/2051 (b) (d)	919,501	858,525
VOLT XCIII LLC Series 2021-NPL2, Class A1, 1.89%, 2/27/2051 (b) (d)	888,244	839,487
VOLT XCIV LLC Series 2021-NPL3, Class A1, 2.24%, 2/27/2051 (b) (d)	1,201,883	1,143,220
VOLT XCIX LLC Series 2021-NPL8, Class A1, 2.12%, 4/25/2051 ‡ (b) (d)	692,977	657,441
VOLT XCVI LLC Series 2021-NPL5, Class A1, 2.12%, 3/27/2051 ‡ (b) (d)	1,256,333	1,178,667
VOLT XCVII LLC Series 2021-NPL6, Class A1, 2.24%, 4/25/2051 (b) (d)	1,484,993	1,407,620
Westgate Resorts LLC Series 2022-1A, Class A, 1.79%, 8/20/2036 (b)	1,146,375	1,091,511
Westlake Automobile Receivables Trust
Series 2021-3A, Class A3, 0.95%, 6/16/2025 (b)	550,000	533,814
Series 2020-3A, Class B, 0.78%, 11/17/2025 (b)	815,000	806,582
Series 2021-3A, Class D, 2.12%, 1/15/2027 (b)	806,000	747,676
World Omni Auto Receivables Trust
Series 2019-B, Class A3, 2.59%, 7/15/2024	68,225	68,193
Series 2021-A, Class A3, 0.30%, 1/15/2026	1,471,461	1,434,846

SEE NOTES TO FINANCIAL STATEMENTS.

J.P. Morgan Exchange-Traded Funds

August 31, 2022

INVESTMENTS	PRINCIPAL AMOUNT($)	VALUE($)
Asset-Backed Securities — continued
Series 2021-C, Class A3, 0.44%, 8/17/2026	747,000	715,963
Series 2022-B, Class A3, 3.25%, 7/15/2027	1,750,000	1,720,052
World Omni Automobile Lease Securitization Trust
Series 2020-A, Class A3, 1.70%, 1/17/2023	25,734	25,723
Series 2021-A, Class A3, 0.42%, 8/15/2024	912,000	881,466
Series 2020-B, Class A4, 0.52%, 2/17/2026	480,000	468,743
World Omni Select Auto Trust Series 2020-A, Class A3, 0.55%, 7/15/2025	304,663	301,841
Total Asset-Backed Securities (Cost $117,765,891)		112,387,211
Commercial Mortgage-Backed Securities — 11.0%
20 Times Square Trust Series 2018-20TS, Class A, 3.20%, 5/15/2035 (b) (f)	1,162,000	1,137,055
BB-UBS Trust Series 2012-SHOW, Class A, 3.43%, 11/5/2036 (b)	1,400,000	1,336,814
FHLMC, Multi-Family Structured Pass-Through Certificates
Series KSMC, Class A2, 2.62%, 1/25/2023	6,000,000	5,967,141
Series K027, Class A2, 2.64%, 1/25/2023	731,923	729,512
Series KJ11, Class A2, 2.93%, 1/25/2023	299,620	298,294
Series K029, Class A2, 3.32%, 2/25/2023 (f)	1,946,511	1,941,154
Series K034, Class A2, 3.53%, 7/25/2023 (f)	5,000,000	4,982,158
Series K036, Class A2, 3.53%, 10/25/2023 (f)	3,000,000	2,984,169
Series K038, Class A2, 3.39%, 3/25/2024	4,768,000	4,728,788
Series K727, Class AM, 3.04%, 7/25/2024	1,400,000	1,375,688
Series K039, Class A2, 3.30%, 7/25/2024	2,550,000	2,524,800
Series J22F, Class A2, 4.09%, 9/25/2024	146,499	146,541
Series K729, Class A2, 3.14%, 10/25/2024	1,219,000	1,200,816
Series K041, Class A2, 3.17%, 10/25/2024	7,000,000	6,907,351

INVESTMENTS	PRINCIPAL AMOUNT($)	VALUE($)

Series K046, Class A2, 3.21%, 3/25/2025	2,503,000	2,461,312
Series KL3L, Class ALNZ, 3.46%, 4/25/2025 (f)	2,000,000	1,959,590
Series K048, Class A2, 3.28%, 6/25/2025 (f)	3,480,000	3,424,856
Series K049, Class A2, 3.01%, 7/25/2025	2,469,000	2,410,810
Series KLU2, Class A7, 2.23%, 9/25/2025 (f)	334,333	318,058
Series K056, Class A2, 2.53%, 5/25/2026	4,000,000	3,820,916
Series K058, Class A1, 2.34%, 7/25/2026	1,316,551	1,272,041
Series K737, Class AM, 2.10%, 10/25/2026	3,110,000	2,887,690
Series K060, Class A2, 3.30%, 10/25/2026	2,000,000	1,960,797
Series K066, Class A2, 3.12%, 6/25/2027	1,362,000	1,321,700
Series K067, Class A2, 3.19%, 7/25/2027	1,686,000	1,640,541
Series K069, Class A2, 3.19%, 9/25/2027 (f)	3,235,000	3,146,492
Series K070, Class A2, 3.30%, 11/25/2027 (f)	910,000	889,485
Series K072, Class A2, 3.44%, 12/25/2027	473,000	465,296
Series K081, Class A1, 3.88%, 2/25/2028	1,058,292	1,063,866
Series K078, Class A2, 3.85%, 6/25/2028	1,541,000	1,544,429
Series K079, Class A2, 3.93%, 6/25/2028	3,600,000	3,625,726
Series K083, Class A2, 4.05%, 9/25/2028 (f)	594,000	601,907
Series K145, Class AM, 2.58%, 6/25/2055	880,000	786,664
FNMA ACES
Series 2013-M7, Class A2, 2.28%, 12/25/2022	499,454	497,311
Series 2013-M9, Class A2, 2.39%, 1/25/2023 (f)	1,117,731	1,108,685
Series 2013-M13, Class A2, 2.62%, 4/25/2023 (f)	739,429	729,715
Series 2014-M1, Class A2, 3.34%, 7/25/2023 (f)	851,694	845,606
Series 2014-M2, Class A2, 3.51%, 12/25/2023 (f)	2,652,113	2,634,732

SEE NOTES TO FINANCIAL STATEMENTS.

August 31, 2022

J.P. Morgan Exchange-Traded Funds

JPMorgan Inflation Managed Bond ETF

SCHEDULE OF PORTFOLIO INVESTMENTS
AS OF August 31, 2022 (Unaudited) (continued)

INVESTMENTS	PRINCIPAL AMOUNT($)	VALUE($)
Commercial Mortgage-Backed Securities — continued
Series 2014-M3, Class A2, 3.50%, 1/25/2024 (f)	720,816	714,375
Series 2014-M8, Class A2, 3.06%, 6/25/2024 (f)	2,795,086	2,738,895
Series 2014-M13, Class A2, 3.02%, 8/25/2024 (f)	1,211,061	1,192,094
Series 2016-M6, Class A2, 2.49%, 5/25/2026	710,688	679,242
Series 2015-M10, Class A2, 3.09%, 4/25/2027 (f)	1,217,430	1,182,247
Series 2017-M8, Class A2, 3.06%, 5/25/2027 (f)	1,407,229	1,363,310
Series 2017-M12, Class A2, 3.17%, 6/25/2027 (f)	2,875,463	2,788,354
Series 2017-M13, Class A2, 3.03%, 9/25/2027 (f)	389,009	376,632
Series 2018-M2, Class A2, 3.00%, 1/25/2028 (f)	3,302,303	3,176,232
Series 2018-M4, Class A2, 3.16%, 3/25/2028 (f)	2,184,727	2,112,547
Series 2018-M9, Class APT2, 3.22%, 4/25/2028 (f)	3,373,508	3,265,777
Series 2018-M14, Class A2, 3.70%, 8/25/2028 (f)	393,364	388,801
Series 2017-M5, Class A2, 3.20%, 4/25/2029 (f)	2,873,494	2,764,257
Series 2018-M3, Class A2, 3.18%, 2/25/2030 (f)	1,301,218	1,246,262
Series 2020-M50, Class A1, 0.67%, 10/25/2030	672,916	612,718
Series 2020-M50, Class A2, 1.20%, 10/25/2030	415,000	368,024
Series 2020-M50, Class X1, IO, 2.00%, 10/25/2030 (f)	6,382,907	568,985
Series 2021-M11, Class A2, 1.51%, 3/25/2031 (f)	1,517,000	1,267,187
Series 2021-M3, Class 1A1, 1.00%, 11/25/2033	40,661	38,676
Series 2021-M3, Class X1, IO, 2.07%, 11/25/2033 (f)	354,568	39,429
FREMF Mortgage Trust
Series 2015-K44, Class B, 3.85%, 1/25/2048 (b) (f)	1,500,000	1,465,957
Series 2016-K722, Class B, 4.02%, 7/25/2049 (b) (f)	735,000	730,444
Morgan Stanley Capital I Trust Series 2021-PLZA, Class A, 2.57%, 11/9/2043 (b)	1,958,000	1,569,592

INVESTMENTS	PRINCIPAL AMOUNT($)	VALUE($)

MRCD MARK Mortgage Trust Series 2019-PARK, Class A, 2.72%, 12/15/2036 (b)	300,000	282,858
SLG Office Trust Series 2021-OVA, Class A, 2.59%, 7/15/2041 (b)	1,770,000	1,499,900
UBS-BAMLL Trust Series 2012-WRM, Class A, 3.66%, 6/10/2030 (b)	27,444	27,415
UBS-Barclays Commercial Mortgage Trust
Series 2013-C6, Class A4, 3.24%, 4/10/2046	1,486,000	1,473,986
Series 2012-C2, Class A4, 3.53%, 5/10/2063	42,037	41,991
Total Commercial Mortgage-Backed Securities (Cost $115,812,428)		111,654,693
Mortgage-Backed Securities — 7.7%
FHLMC Gold Pools, 15 Year Pool # G13603, 5.50%, 2/1/2024	228	228
FHLMC Gold Pools, 20 Year
Pool # C91030, 5.50%, 5/1/2027	28,376	29,071
Pool # C91802, 3.50%, 1/1/2035	2,346,997	2,327,284
FHLMC Gold Pools, 30 Year
Pool # A15232, 5.00%, 10/1/2033	106,414	109,412
Pool # A57681, 6.00%, 12/1/2036	681	734
Pool # G06493, 4.50%, 5/1/2041	450,450	460,144
FHLMC Gold Pools, Other Pool # U90690, 3.50%, 6/1/2042	472,065	458,872
FHLMC UMBS, 30 Year
Pool # ZM6956, 4.50%, 6/1/2048	987,843	997,938
Pool # RA6702, 3.00%, 2/1/2052	3,738,390	3,480,923
FNMA Pool # AM2292 ARM, 2.71%, 1/1/2023 (f)	685,505	684,106
FNMA UMBS, 15 Year Pool # 995381, 6.00%, 1/1/2024	243	243
FNMA UMBS, 20 Year
Pool # MA1138, 3.50%, 8/1/2032	403,171	399,420
Pool # AP9584, 3.00%, 10/1/2032	1,935,603	1,863,004
FNMA UMBS, 30 Year
Pool # AL0045, 6.00%, 12/1/2032	177,624	191,320
Pool # 735503, 6.00%, 4/1/2035	45,002	47,643
Pool # 888460, 6.50%, 10/1/2036	295,149	321,071
Pool # 888890, 6.50%, 10/1/2037	6,299	6,767
Pool # 949320, 7.00%, 10/1/2037	40,214	41,557
Pool # 995149, 6.50%, 10/1/2038	14,614	15,675
Pool # 994410, 7.00%, 11/1/2038	143,639	157,575
Pool # AD9151, 5.00%, 8/1/2040	223,756	233,857

SEE NOTES TO FINANCIAL STATEMENTS.

J.P. Morgan Exchange-Traded Funds

August 31, 2022

INVESTMENTS	PRINCIPAL AMOUNT($)	VALUE($)
Mortgage-Backed Securities — continued
Pool # AE0681, 4.50%, 12/1/2040	520,054	530,719
Pool # BM3500, 4.00%, 9/1/2047	941,460	950,443
Pool # BM3499, 4.00%, 12/1/2047	1,157,675	1,148,726
Pool # BE8354, 4.00%, 3/1/2048	429,201	425,823
Pool # CB2637, 2.50%, 1/1/2052	2,598,721	2,327,178
Pool # CB2670, 3.00%, 1/1/2052	2,335,100	2,174,347
FNMA, Other
Pool # AM1804, 2.19%, 12/1/2022	790,660	789,230
Pool # AM1619, 2.34%, 12/1/2022	2,051,209	2,047,647
Pool # AL3594, 2.71%, 4/1/2023 (f)	801,701	799,235
Pool # AM3301, 2.35%, 5/1/2023	2,034,430	2,025,120
Pool # AM3244, 2.52%, 5/1/2023	3,000,000	2,987,503
Pool # AM3432, 2.40%, 7/1/2023	2,804,388	2,783,110
Pool # AM4628, 3.69%, 11/1/2023	1,087,856	1,087,027
Pool # AM4716, 3.38%, 12/1/2023	1,380,533	1,376,325
Pool # AM8674, 2.81%, 4/1/2025	2,200,000	2,137,619
Pool # AM8846, 2.68%, 5/1/2025	1,814,267	1,757,317
Pool # AN1413, 2.49%, 5/1/2026	801,383	764,384
Pool # AN1497, 2.61%, 6/1/2026	860,000	822,154
Pool # AN1243, 2.64%, 6/1/2026	1,600,000	1,531,283
Pool # AN1247, 2.64%, 6/1/2026	1,576,000	1,508,313
Pool # AN6732, 2.83%, 5/1/2027	1,196,017	1,143,114
Pool # AN7338, 3.06%, 11/1/2027	971,249	938,255
Pool # AN7943, 3.10%, 1/1/2028	2,433,547	2,348,847
Pool # AN1161, 3.05%, 4/1/2028	958,079	883,137
Pool # AN9486, 3.57%, 6/1/2028	3,716,000	3,667,762
Pool # AN2069, 2.35%, 8/1/2028	1,413,897	1,309,050
Pool # BL0907, 3.88%, 12/1/2028	700,000	702,825
Pool # BM4162, 3.27%, 10/1/2029 (f)	254,211	247,278
Pool # BL4333, 2.52%, 11/1/2029	1,163,338	1,076,015
Pool # BM7037, 1.76%, 3/1/2032 (f)	999,955	840,918
Pool # BS5117, 2.58%, 3/1/2032	2,393,690	2,153,198
Pool # MA1125, 4.00%, 7/1/2042	611,491	607,907
Pool # MA1437, 3.50%, 5/1/2043	860,681	835,732
Pool # MA1463, 3.50%, 6/1/2043	812,615	789,052
Pool # BF0230, 5.50%, 1/1/2058	3,607,698	3,901,119
Pool # BF0497, 3.00%, 7/1/2060	2,007,248	1,859,703
Pool # BF0546, 2.50%, 7/1/2061	931,465	824,321
GNMA II, 30 Year
Pool # 4245, 6.00%, 9/20/2038	72,374	78,654
Pool # BA7567, 4.50%, 5/20/2048	711,934	711,113
Pool # BI0416, 4.50%, 11/20/2048	79,536	80,190
Pool # BM9692, 4.50%, 7/20/2049	382,765	384,295

INVESTMENTS	PRINCIPAL AMOUNT($)	VALUE($)

Pool # MA7534, 2.50%, 8/20/2051	9,260,372	8,483,241
Pool # MA7649, 2.50%, 10/20/2051	2,645,498	2,417,790
Total Mortgage-Backed Securities (Cost $82,972,085)		78,083,863
Collateralized Mortgage Obligations — 6.1%
CHL Mortgage Pass-Through Trust Series 2004-8, Class 2A1, 4.50%, 6/25/2019	420	84
Citigroup Mortgage Loan Trust, Inc.
Series 2003-1, Class 3A4, 5.25%, 9/25/2033	4,162	3,847
Series 2004-HYB4, Class WA, 2.25%, 12/25/2034 (f)	13,634	13,494
CSFB Mortgage-Backed Pass-Through Certificates Series 2003-27, Class 5A4, 5.25%, 11/25/2033	1,537	1,422
CSMC Trust Series 2022-JR1, Class A1, 4.27%, 10/25/2066 (b) (d)	1,159,327	1,118,832
FHLMC, REMIC
Series 2626, Class JC, 5.00%, 6/15/2023	19,640	19,638
Series 2649, Class WB, 3.50%, 7/15/2023	131	131
Series 1578, Class K, 6.90%, 9/15/2023	1,293	1,306
Series 2685, Class DT, 5.00%, 10/15/2023	53,891	53,946
Series 2687, Class JH, 5.00%, 10/15/2023	12,409	12,422
Series 2701, Class AC, 5.00%, 11/15/2023	92,973	93,070
Series 3521, Class B, 4.00%, 4/15/2024	70,713	70,381
Series 3544, Class BC, 4.00%, 6/15/2024	7,231	7,215
Series 3546, Class NB, 4.00%, 6/15/2024	331,434	331,682
Series 3562, Class JC, 4.00%, 8/15/2024	181,091	181,225
Series 3563, Class BD, 4.00%, 8/15/2024	113,605	113,719
Series 3571, Class MY, 4.00%, 9/15/2024	46,628	46,662
Series 3575, Class EB, 4.00%, 9/15/2024	120,064	119,450
Series 3577, Class B, 4.00%, 9/15/2024	206,483	206,626

SEE NOTES TO FINANCIAL STATEMENTS.

August 31, 2022

J.P. Morgan Exchange-Traded Funds

JPMorgan Inflation Managed Bond ETF

SCHEDULE OF PORTFOLIO INVESTMENTS
AS OF August 31, 2022 (Unaudited) (continued)

INVESTMENTS	PRINCIPAL AMOUNT($)	VALUE($)
Collateralized Mortgage Obligations — continued
Series 3578, Class KB, 4.00%, 9/15/2024	27,786	27,621
Series 2989, Class TG, 5.00%, 6/15/2025	149,914	150,881
Series 2988, Class TY, 5.50%, 6/15/2025	7,136	7,215
Series 3816, Class HA, 3.50%, 11/15/2025	747,451	744,660
Series 3087, Class KX, 5.50%, 12/15/2025	20,341	20,541
Series 3787, Class AY, 3.50%, 1/15/2026	249,377	248,391
Series 3794, Class LB, 3.50%, 1/15/2026	213,056	212,221
Series 3102, Class CE, 5.50%, 1/15/2026	211,461	213,503
Series 3123, Class HT, 5.00%, 3/15/2026	28,940	29,103
Series 3121, Class JD, 5.50%, 3/15/2026	9,362	9,480
Series 3150, Class EQ, 5.00%, 5/15/2026	85,616	86,085
Series 3898, Class KH, 3.50%, 6/15/2026	342,354	340,786
Series 3885, Class AC, 4.00%, 6/15/2026	139,700	139,783
Series 3911, Class B, 3.50%, 8/15/2026	307,474	306,177
Series 3959, Class PB, 3.00%, 11/15/2026	1,815,937	1,792,396
Series 4337, Class VJ, 3.50%, 6/15/2027	1,257,766	1,254,099
Series 3337, Class MD, 5.50%, 6/15/2027	20,900	21,257
Series 2110, Class PG, 6.00%, 1/15/2029	53,673	55,822
Series 3563, Class LB, 4.00%, 8/15/2029	8,871	8,878
Series 3653, Class B, 4.50%, 4/15/2030	74,735	75,882
Series 3824, Class EY, 3.50%, 3/15/2031	189,209	187,327
Series 2525, Class AM, 4.50%, 4/15/2032	389,730	395,300
Series 2441, Class GF, 6.50%, 4/15/2032	12,593	13,455
Series 2436, Class MC, 7.00%, 4/15/2032	7,627	8,059
Series 2760, Class KT, 4.50%, 9/15/2032	50,725	51,151

INVESTMENTS	PRINCIPAL AMOUNT($)	VALUE($)

Series 2505, Class D, 5.50%, 9/15/2032	57,153	59,836
Series 2544, Class KE, 5.50%, 12/15/2032	34,643	36,119
Series 2557, Class HL, 5.30%, 1/15/2033	93,180	96,662
Series 2575, Class PE, 5.50%, 2/15/2033	27,086	28,387
Series 2586, Class WG, 4.00%, 3/15/2033	114,655	115,448
Series 2596, Class QD, 4.00%, 3/15/2033	98,319	98,305
Series 2621, Class QH, 5.00%, 5/15/2033	109,516	112,266
Series 2624, Class QH, 5.00%, 6/15/2033	137,856	142,763
Series 2648, Class BK, 5.00%, 7/15/2033	11,010	11,389
Series 4238, Class UY, 3.00%, 8/15/2033	2,715,773	2,630,551
Series 2673, Class PE, 5.50%, 9/15/2033	220,294	229,888
Series 2696, Class DG, 5.50%, 10/15/2033	200,732	206,249
Series 2725, Class TA, 4.50%, 12/15/2033	284,000	289,420
Series 2733, Class ME, 5.00%, 1/15/2034	188,585	193,737
Series 2768, Class PK, 5.00%, 3/15/2034	160,129	163,597
Series 2934, Class KG, 5.00%, 2/15/2035	140,608	144,885
Series 3077, Class TO, PO, 4/15/2035	5,518	5,260
Series 2960, Class JH, 5.50%, 4/15/2035	407,252	426,538
Series 3082, Class PW, 5.50%, 12/15/2035	28,597	30,128
Series 3084, Class BH, 5.50%, 12/15/2035	638,867	673,440
Series 3098, Class KG, 5.50%, 1/15/2036	600,161	620,741
Series 3136, Class CO, PO, 4/15/2036	14,548	12,917
Series 3145, Class AJ, 5.50%, 4/15/2036	23,136	24,056
Series 3819, Class ZQ, 6.00%, 4/15/2036	417,926	448,730
Series 3200, PO, 8/15/2036	44,570	36,302

SEE NOTES TO FINANCIAL STATEMENTS.

J.P. Morgan Exchange-Traded Funds

August 31, 2022

INVESTMENTS	PRINCIPAL AMOUNT($)	VALUE($)
Collateralized Mortgage Obligations — continued
Series 3270, Class AT, 5.50%, 1/15/2037	16,217	16,932
Series 3272, Class PA, 6.00%, 2/15/2037	4,213	4,481
Series 3348, Class HT, 6.00%, 7/15/2037	38,757	40,470
Series 3501, Class A, 4.50%, 1/15/2039	99,371	97,845
Series 3508, Class PK, 4.00%, 2/15/2039	2,594	2,551
Series 3513, Class A, 4.50%, 2/15/2039	11,025	11,071
Series 3653, Class HJ, 5.00%, 4/15/2040	479,921	495,811
Series 3677, Class KB, 4.50%, 5/15/2040	819,448	831,224
Series 3677, Class PB, 4.50%, 5/15/2040	399,162	400,813
Series 3715, Class PC, 4.50%, 8/15/2040	132,848	134,572
Series 3955, Class HB, 3.00%, 12/15/2040	87,789	86,425
Series 3828, Class PU, 4.50%, 3/15/2041	48,076	49,269
Series 3852, Class TP, IF, 5.50%, 5/15/2041 (f)	149,511	145,147
Series 3956, Class EB, 3.25%, 11/15/2041	795,189	773,501
Series 3963, Class JB, 4.50%, 11/15/2041	1,233,058	1,252,317
Series 4026, Class MQ, 4.00%, 4/15/2042	46,404	45,232
Series 4616, Class HP, 3.00%, 9/15/2046	1,139,330	1,083,986
Series 3688, Class GT, 7.53%, 11/15/2046 (f)	24,316	26,285
FHLMC, STRIPS Series 262, Class 35, 3.50%, 7/15/2042	504,113	486,248
FNMA, REMIC
Series 2003-5, Class EQ, 5.50%, 2/25/2023	1,885	1,883
Series 2003-48, Class TC, 5.00%, 6/25/2023	4,644	4,642
Series 2003-55, Class HY, 5.00%, 6/25/2023	3,986	3,984
Series 2006-22, Class CE, 4.50%, 8/25/2023	15,417	15,396
Series 2004-44, Class KT, 6.00%, 6/25/2024	8,432	8,455

INVESTMENTS	PRINCIPAL AMOUNT($)	VALUE($)

Series 2004-53, Class NC, 5.50%, 7/25/2024	6,496	6,512
Series 2009-71, Class MB, 4.50%, 9/25/2024	2,094	2,092
Series 2004-70, Class EB, 5.00%, 10/25/2024	14,578	14,545
Series 2010-49, Class KB, 4.00%, 5/25/2025	163,468	163,379
Series 2010-41, Class DC, 4.50%, 5/25/2025	30,437	30,369
Series 1997-57, Class PN, 5.00%, 9/18/2027	60,462	61,123
Series 2009-39, Class LB, 4.50%, 6/25/2029	55,338	55,393
Series 2009-96, Class DB, 4.00%, 11/25/2029	67,255	67,093
Series 2010-28, Class DE, 5.00%, 4/25/2030	184,234	187,016
Series 2001-63, Class TC, 6.00%, 12/25/2031	37,543	38,913
Series 2001-81, Class HE, 6.50%, 1/25/2032	93,104	98,546
Series 2002-75, Class GB, 5.50%, 11/25/2032	46,810	47,162
Series 2011-39, Class ZA, 6.00%, 11/25/2032	386,339	407,950
Series 2002-85, Class PE, 5.50%, 12/25/2032	30,349	31,373
Series 2003-21, Class OU, 5.50%, 3/25/2033	24,400	25,543
Series 2003-26, Class EB, 3.50%, 4/25/2033	676,541	658,248
Series 2003-23, Class CH, 5.00%, 4/25/2033	23,536	24,020
Series 2003-63, Class YB, 5.00%, 7/25/2033	81,722	83,983
Series 2003-69, Class N, 5.00%, 7/25/2033	157,195	161,253
Series 2003-80, Class QG, 5.00%, 8/25/2033	199,933	203,143
Series 2003-85, Class QD, 5.50%, 9/25/2033	86,518	90,848
Series 2003-94, Class CE, 5.00%, 10/25/2033	15,676	15,873
Series 2005-5, Class CK, 5.00%, 1/25/2035	139,720	141,346
Series 2005-29, Class WC, 4.75%, 4/25/2035	252,524	253,480
Series 2005-48, Class TD, 5.50%, 6/25/2035	206,305	217,302

SEE NOTES TO FINANCIAL STATEMENTS.

August 31, 2022

J.P. Morgan Exchange-Traded Funds

JPMorgan Inflation Managed Bond ETF

SCHEDULE OF PORTFOLIO INVESTMENTS
AS OF August 31, 2022 (Unaudited) (continued)

INVESTMENTS	PRINCIPAL AMOUNT($)	VALUE($)
Collateralized Mortgage Obligations — continued
Series 2005-53, Class MJ, 5.50%, 6/25/2035	207,823	218,314
Series 2005-58, Class EP, 5.50%, 7/25/2035	15,930	16,508
Series 2005-68, Class BE, 5.25%, 8/25/2035	250,000	254,246
Series 2005-68, Class PG, 5.50%, 8/25/2035	82,509	85,516
Series 2005-102, Class PG, 5.00%, 11/25/2035	268,871	276,321
Series 2005-110, Class GL, 5.50%, 12/25/2035	334,445	352,133
Series 2006-49, Class PA, 6.00%, 6/25/2036	36,437	39,058
Series 2009-19, Class PW, 4.50%, 10/25/2036	217,406	219,620
Series 2006-114, Class HE, 5.50%, 12/25/2036	249,419	261,321
Series 2007-33, Class HE, 5.50%, 4/25/2037	18,089	18,939
Series 2007-65, Class KI, IF, IO, 4.18%, 7/25/2037 (f)	4,571	539
Series 2007-71, Class KP, 5.50%, 7/25/2037	19,977	20,082
Series 2007-71, Class GB, 6.00%, 7/25/2037	147,650	156,984
Series 2009-86, Class OT, PO, 10/25/2037	27,801	23,016
Series 2008-72, Class BX, 5.50%, 8/25/2038	13,025	13,642
Series 2008-74, Class B, 5.50%, 9/25/2038	5,172	5,365
Series 2009-62, Class HJ, 6.00%, 5/25/2039	45,695	45,936
Series 2009-37, Class KI, IF, IO, 3.56%, 6/25/2039 (f)	3,362	258
Series 2009-86, Class IP, IO, 5.50%, 10/25/2039	8,461	1,582
Series 2009-92, Class AD, 6.00%, 11/25/2039	416,298	427,693
Series 2009-112, Class ST, IF, IO, 3.81%, 1/25/2040 (f)	64,183	6,800
Series 2010-22, Class PE, 5.00%, 3/25/2040	1,341,455	1,384,222
Series 2010-35, Class SB, IF, IO, 3.98%, 4/25/2040 (f)	25,278	2,412
Series 2010-37, Class CY, 5.00%, 4/25/2040	799,633	821,995
Series 2010-54, Class EA, 4.50%, 6/25/2040	27,663	27,812

INVESTMENTS	PRINCIPAL AMOUNT($)	VALUE($)

Series 2010-64, Class DM, 5.00%, 6/25/2040	4,059	4,172
Series 2010-71, Class HJ, 5.50%, 7/25/2040	83,954	88,837
Series 2010-123, Class BP, 4.50%, 11/25/2040	1,967,092	1,987,047
Series 2011-5, Class CP, 4.50%, 11/25/2040	15,436	15,474
Series 2011-41, Class KL, 4.00%, 5/25/2041	1,006,000	989,482
Series 2011-50, Class LP, 4.00%, 6/25/2041	449,078	445,376
Series 2012-137, Class CF, 2.74%, 8/25/2041 (f)	128,566	128,117
Series 2012-103, Class DA, 3.50%, 10/25/2041	17,706	17,606
Series 2012-14, Class DE, 3.50%, 3/25/2042	660,533	643,853
Series 2012-139, Class JA, 3.50%, 12/25/2042	332,602	324,493
Series 2013-104, Class CY, 5.00%, 10/25/2043	2,250,000	2,361,185
Series 2019-65, Class PA, 2.50%, 5/25/2048	254,447	240,431
Series 2009-96, Class CB, 4.00%, 11/25/2049	19,385	19,036
Series 2019-7, Class CA, 3.50%, 11/25/2057	2,829,873	2,776,057
FNMA, STRIPS
Series 293, Class 1, PO, 12/25/2024	3,648	3,562
Series 314, Class 1, PO, 7/25/2031	27,940	25,032
GNMA
Series 2003-10, Class KJ, 5.50%, 2/20/2033	43,823	43,968
Series 2003-29, Class PD, 5.50%, 4/16/2033	169,405	171,847
Series 2003-33, Class NE, 5.50%, 4/16/2033	89,916	89,789
Series 2003-65, Class AP, 5.50%, 8/20/2033	58,276	60,172
Series 2003-77, Class TK, 5.00%, 9/16/2033	233,146	233,688
Series 2004-16, Class GC, 5.50%, 2/20/2034	612,586	637,886
Series 2004-54, Class BG, 5.50%, 7/20/2034	13,037	13,425
Series 2004-93, Class PD, 5.00%, 11/16/2034	356,165	360,038

SEE NOTES TO FINANCIAL STATEMENTS.

J.P. Morgan Exchange-Traded Funds

August 31, 2022

INVESTMENTS	PRINCIPAL AMOUNT($)	VALUE($)
Collateralized Mortgage Obligations — continued
Series 2004-101, Class BE, 5.00%, 11/20/2034	304,038	312,660
Series 2005-11, Class PL, 5.00%, 2/20/2035	143,832	147,955
Series 2005-26, Class XY, 5.50%, 3/20/2035	562,847	587,061
Series 2005-33, Class AY, 5.50%, 4/16/2035	147,726	152,887
Series 2005-49, Class B, 5.50%, 6/20/2035	47,107	49,019
Series 2005-51, Class DC, 5.00%, 7/20/2035	115,470	119,433
Series 2005-56, Class BD, 5.00%, 7/20/2035	18,009	18,443
Series 2006-7, Class ND, 5.50%, 8/20/2035	17,885	18,647
Series 2007-37, Class LB, 5.50%, 6/16/2037	142,860	147,778
Series 2007-79, Class BL, 5.75%, 8/20/2037	98,453	101,715
Series 2009-106, Class ST, IF, IO, 3.63%, 2/20/2038 (f)	94,493	6,055
Series 2008-7, Class PQ, 5.00%, 2/20/2038	293,008	296,284
Series 2008-9, Class PW, 5.25%, 2/20/2038	309,010	316,930
Series 2008-23, Class YA, 5.25%, 3/20/2038	72,637	73,803
Series 2008-35, Class NF, 5.00%, 4/20/2038	74,282	75,937
Series 2008-34, Class PG, 5.25%, 4/20/2038	86,238	88,232
Series 2008-33, Class PB, 5.50%, 4/20/2038	251,059	260,137
Series 2008-38, Class BG, 5.00%, 5/16/2038	418,403	426,530
Series 2008-43, Class NB, 5.50%, 5/20/2038	126,754	130,653
Series 2008-56, Class PX, 5.50%, 6/20/2038	241,783	244,472
Series 2008-58, Class PE, 5.50%, 7/16/2038	659,467	682,598
Series 2008-62, Class SA, IF, IO, 3.78%, 7/20/2038 (f)	1,840	54
Series 2008-76, Class US, IF, IO, 3.53%, 9/20/2038 (f)	53,616	2,956
Series 2011-97, Class WA, 6.11%, 11/20/2038 (f)	553,477	589,765
Series 2008-95, Class DS, IF, IO, 4.93%, 12/20/2038 (f)	50,001	3,390

INVESTMENTS	PRINCIPAL AMOUNT($)	VALUE($)

Series 2009-14, Class AG, 4.50%, 3/20/2039	86,215	87,124
Series 2009-72, Class SM, IF, IO, 3.86%, 8/16/2039 (f)	119,820	9,646
Series 2009-61, Class AP, 4.00%, 8/20/2039	9,340	9,350
Series 2010-130, Class BD, 4.00%, 12/20/2039	244,731	245,697
Series 2010-157, Class OP, PO, 12/20/2040	82,492	70,123
Series 2014-H11, Class VA, 2.30%, 6/20/2064 (f)	1,069,082	1,059,813
Series 2015-H20, Class FA, 2.27%, 8/20/2065 (f)	1,548,803	1,535,231
Series 2015-H26, Class FG, 2.32%, 10/20/2065 (f)	1,086,627	1,078,133
GSR Mortgage Loan Trust Series 2004-6F, Class 2A4, 5.50%, 5/25/2034	48,325	45,739
JPMorgan Mortgage Trust
Series 2006-A2, Class 5A3, 2.68%, 11/25/2033 (f)	110,271	108,045
Series 2007-A1, Class 5A5, 2.49%, 7/25/2035 (f)	24,336	23,907
MASTR Adjustable Rate Mortgages Trust Series 2004-13, Class 2A1, 2.86%, 4/21/2034 (f)	37,979	36,697
MASTR Asset Securitization Trust Series 2003-11, Class 8A1, 5.50%, 12/25/2033	24,885	22,293
Merrill Lynch Mortgage Investors Trust
Series 2003-F, Class A1, 3.08%, 10/25/2028 (f)	49,506	47,076
Series 2004-B, Class A1, 2.94%, 5/25/2029 (f)	76,345	74,231
Morgan Stanley Mortgage Loan Trust Series 2004-3, Class 4A, 5.65%, 4/25/2034 (f)	21,239	20,684
PHH Mortgage Trust Series 2008-CIM2, Class 5A1, 6.00%, 7/25/2038	7,254	6,869
PRPM LLC Series 2021-10, Class A1, 2.49%, 10/25/2026 (b) (d)	724,095	676,411
Seasoned Credit Risk Transfer Trust
Series 2018-1, Class M60C, 3.50%, 5/25/2057	1,605,620	1,558,850
Series 2017-4, Class M60C, 3.50%, 6/25/2057	1,538,888	1,492,880
Series 2017-4, Class MT, 3.50%, 6/25/2057 ‡	377,640	362,191

SEE NOTES TO FINANCIAL STATEMENTS.

August 31, 2022

J.P. Morgan Exchange-Traded Funds

JPMorgan Inflation Managed Bond ETF

SCHEDULE OF PORTFOLIO INVESTMENTS
AS OF August 31, 2022 (Unaudited) (continued)

INVESTMENTS	PRINCIPAL AMOUNT($)	VALUE($)
Collateralized Mortgage Obligations — continued
Series 2018-2, Class M55D, 4.00%, 11/25/2057	1,614,961	1,590,191
Series 2019-3, Class M55D, 4.00%, 10/25/2058 ‡	365,827	360,866
Series 2020-1, Class M55G, 3.00%, 8/25/2059	3,701,999	3,512,259
Seasoned Loans Structured Transaction Series 2018-2, Class A1, 3.50%, 11/25/2028	441,459	431,609
Sequoia Mortgage Trust Series 2004-11, Class A1, 2.97%, 12/20/2034 (f)	181,045	166,038
Structured Asset Mortgage Investments II Trust Series 2003-AR4, Class A1, 3.07%, 1/19/2034 (f)	86,562	83,329
Thornburg Mortgage Securities Trust Series 2004-4, Class 3A, 2.03%, 12/25/2044 (f)	112,150	107,081
Vendee Mortgage Trust Series 2003-2, Class Z, 5.00%, 5/15/2033 ‡	329,798	334,381
VOLT CV LLC Series 2021-CF2, Class A1, 2.49%, 11/27/2051 (b) (d)	829,502	782,651
WaMu Mortgage Pass-Through Certificates Trust Series 2003-AR11, Class A6, 2.63%, 10/25/2033 (f)	65,868	62,742
Total Collateralized Mortgage Obligations (Cost $64,343,126)		61,954,302
U.S. Government Agency Securities — 1.3%
FNMA 0.50%, 6/17/2025(Cost $14,411,801)	14,391,000	13,228,878
Foreign Government Securities — 0.3%
Republic of Colombia 7.38%, 9/18/2037	300,000	284,119
Republic of Panama
4.00%, 9/22/2024	347,000	345,764
3.16%, 1/23/2030	400,000	351,200
United Mexican States
4.13%, 1/21/2026	332,000	331,170
2.66%, 5/24/2031	1,646,000	1,362,065
Total Foreign Government Securities (Cost $3,082,972)		2,674,318

INVESTMENTS	SHARES	VALUE($)
Short-Term Investments — 2.5%
Investment Companies — 2.5%
JPMorgan Prime Money Market Fund Class IM Shares, 2.30% (g) (h) (Cost $25,863,283)	25,860,229	25,870,574
Total Investments — 100.1% (Cost $1,071,881,532)		1,016,690,317
Liabilities in Excess of Other Assets — (0.1)%		(776,084)
NET ASSETS — 100.0%		1,015,914,233

Percentages indicated are based on net assets.

Abbreviations
ACES	Alternative Credit Enhancement Securities
ARM	Adjustable Rate Mortgage. The interest rate shown is the rate in effect as of August 31, 2022.
CSMC	Credit Suisse Mortgage Trust
FHLMC	Federal Home Loan Mortgage Corp.
FNMA	Federal National Mortgage Association
GNMA	Government National Mortgage Association
ICE	Intercontinental Exchange
IF	Inverse Floaters represent securities that pay interest at a rate that increases (decreases) with a decline (incline) in a specified index or have an interest rate that adjusts periodically based on changes in current interest rates and prepayments on the underlying pool of assets. The interest rate shown is the rate in effect as of August 31, 2022. The rate may be subject to a cap and floor.
IO	Interest Only represents the right to receive the monthly interest payments on an underlying pool of mortgage loans. The principal amount shown represents the par value on the underlying pool. The yields on these securities are subject to accelerated principal paydowns as a result of prepayment or refinancing of the underlying pool of mortgage instruments. As a result, interest income may be reduced considerably.
LIBOR	London Interbank Offered Rate
PO	Principal Only represents the right to receive the principal portion only on an underlying pool of mortgage loans. The market value of these securities is extremely volatile in response to changes in market interest rates. As prepayments on the underlying mortgages of these securities increase, the yield on these securities increases.
REMIC	Real Estate Mortgage Investment Conduit
SOFR	Secured Overnight Financing Rate
STRIPS	Separate Trading of Registered Interest and Principal of Securities. The STRIPS Program lets investors hold and trade individual interest and principal components of eligible notes and bonds as separate securities.
UMBS	Uniform Mortgage-Backed Securities
USD	United States Dollar

Amount rounds to less than 0.1% of net assets.

SEE NOTES TO FINANCIAL STATEMENTS.

J.P. Morgan Exchange-Traded Funds

August 31, 2022

‡	Value determined using significant unobservable inputs.
(a)	All or a portion of this security is deposited with the broker as initial margin for futures contracts or centrally cleared swaps.
(b)	Securities exempt from registration under Rule 144A or section 4(a)(2), of the Securities Act of 1933, as amended.
(c)	Variable or floating rate security, linked to the referenced benchmark. The interest rate shown is the current rate as of August 31, 2022.
(d)	Step bond. Interest rate is a fixed rate for an initial period that either resets at a specific date or may reset in the future contingent upon a predetermined trigger. The interest rate shown is the current rate as of August 31, 2022.

(e)	All or a portion of the security is a when-issued security, delayed delivery security, or forward commitment.
(f)	Variable or floating rate security, the interest rate of which adjusts periodically based on changes in current interest rates and prepayments on the underlying pool of assets. The interest rate shown is the current rate as of August 31, 2022.
(g)	Investment in an affiliated fund, which is registered under the Investment Company Act of 1940, as amended, and is advised by J.P. Morgan Investment Management Inc.
(h)	The rate shown is the current yield as of August 31, 2022.

Futures contracts outstanding as of August 31, 2022:

DESCRIPTION	NUMBER OF CONTRACTS	EXPIRATION DATE	TRADING CURRENCY	NOTIONAL AMOUNT ($)	VALUE AND UNREALIZED APPRECIATION (DEPRECIATION) ($)
Long Contracts
U.S. Treasury 10 Year Note	1,358	12/20/2022	USD	158,376,750	(1,273,071)
U.S. Treasury 10 Year Ultra Note	668	12/20/2022	USD	83,406,063	(870,802)
U.S. Treasury 5 Year Note	112	12/30/2022	USD	12,395,250	(48,321)
					(2,192,194)
Short Contracts
U.S. Treasury Long Bond	(60)	12/20/2022	USD	(8,128,125)	66,965
U.S. Treasury Ultra Bond	(11)	12/20/2022	USD	(1,637,625)	5,812
U.S. Treasury 2 Year Note	(269)	12/30/2022	USD	(56,019,250)	104,554
					177,331
					(2,014,863)

Abbreviations
USD	United States Dollar

SEE NOTES TO FINANCIAL STATEMENTS.

August 31, 2022

J.P. Morgan Exchange-Traded Funds

JPMorgan Inflation Managed Bond ETF

SCHEDULE OF PORTFOLIO INVESTMENTS
AS OF August 31, 2022 (Unaudited) (continued)

Centrally Cleared Inflation-linked swap contracts outstanding as of August 31, 2022 :

FLOATING RATE INDEX(a)	FIXED RATE	PAY/ RECEIVE FLOATING RATE	MATURITY DATE	NOTIONAL AMOUNT	UPFRONT PAYMENTS (RECEIPTS) $	UNREALIZED APPRECIATION (DEPRECIATION) ($)	VALUE ($)
CPI-U at termination	2.82% at termination	Receive	8/2/2032	USD 43,909,000	46,569	68,333	114,902
CPI-U at termination	2.89% at termination	Receive	7/21/2027	USD 17,143,000	20,602	225,216	245,818
CPI-U at termination	2.90% at termination	Receive	7/21/2027	USD 45,023,000	115,665	521,259	636,924
CPI-U at termination	2.90% at termination	Receive	8/2/2029	USD 83,826,000	109,240	231,600	340,840
CPI-U at termination	2.91% at termination	Receive	7/20/2027	USD 11,389,000	—	157,494	157,494
CPI-U at termination	2.93% at termination	Receive	5/31/2032	USD 9,112,000	—	21,435	21,435
CPI-U at termination	2.96% at termination	Receive	3/8/2032	USD 4,742,000	—	83,693	83,693
CPI-U at termination	2.98% at termination	Receive	5/13/2032	USD 46,427,000	—	164,413	164,413
CPI-U at termination	3.03% at termination	Receive	4/4/2032	USD 2,480,000	—	15,458	15,458
CPI-U at termination	3.04% at termination	Receive	3/14/2032	USD 5,072,000	19,879	23,628	43,507
CPI-U at termination	3.14% at termination	Receive	6/29/2027	USD 34,106,000	16,523	247,160	263,683
CPI-U at termination	3.30% at termination	Receive	6/28/2026	USD 6,903,000	—	45,571	45,571
CPI-U at termination	3.60% at termination	Receive	6/29/2025	USD 76,081,000	99,093	56,902	155,995
CPI-U at termination	3.67% at termination	Receive	3/10/2026	USD 13,966,000	(68,118)	223,016	154,898
CPI-U at termination	3.69% at termination	Receive	5/31/2025	USD 32,038,000	18,878	17,213	36,091
					378,331	2,102,391	2,480,722
CPI-U at termination	2.91% at termination	Receive	9/1/2028	USD 6,991,000	1,020	(35,526)	(34,506)
CPI-U at termination	3.07% at termination	Receive	6/13/2032	USD 16,305,000	(451)	(190,626)	(191,077)
CPI-U at termination	3.13% at termination	Receive	3/15/2032	USD 10,572,000	(460)	(5,960)	(6,420)
CPI-U at termination	3.35% at termination	Receive	6/7/2027	USD 8,651,000	13,832	(23,124)	(9,292)
CPI-U at termination	3.35% at termination	Receive	6/9/2027	USD 2,160,000	7,160	(10,472)	(3,312)
CPI-U at termination	3.35% at termination	Receive	5/3/2029	USD 84,404,000	(88,887)	(602,800)	(691,687)
					(67,786)	(868,508)	(936,294)
					310,545	1,233,883	1,544,428

Abbreviations
CPI-U	Consumer Price Index for All Urban Consumers
USD	United States Dollar

(a) Value of floating rate index at August 31, 2022 was as follows:

FLOATING RATE INDEX	VALUE
CPI-U	2.96%

SEE NOTES TO FINANCIAL STATEMENTS.

J.P. Morgan Exchange-Traded Funds

August 31, 2022

JPMorgan Realty Income ETF

SCHEDULE OF PORTFOLIO INVESTMENTS
AS OF August 31, 2022 (Unaudited)

INVESTMENTS	SHARES	VALUE($)
Common Stocks — 96.2%
Apartments — 30.2%
American Homes 4 Rent, Class A, REIT	418,964	14,898,360
Apartment Income REIT Corp., REIT	380,452	15,541,463
Equity LifeStyle Properties, Inc., REIT	278,548	19,526,215
Equity Residential, REIT	385,248	28,192,449
Independence Realty Trust, Inc., REIT	399,770	7,775,526
Invitation Homes, Inc., REIT	952,421	34,553,834
Mid-America Apartment Communities, Inc., REIT	111,734	18,510,972
Realty Income Corp., REIT	777,365	53,078,483
Sun Communities, Inc., REIT	277,008	42,578,900
UDR, Inc., REIT	1,013,334	45,468,296
		280,124,498
Diversified — 18.7%
Duke Realty Corp., REIT	810,899	47,721,406
Equinix, Inc., REIT	109,962	72,285,720
SBA Communications Corp., REIT	34,691	11,283,248
Weyerhaeuser Co., REIT	90,547	3,093,085
WP Carey, Inc., REIT	465,524	39,117,982
		173,501,441
Health Care — 12.9%
Healthcare Realty Trust, Inc., REIT	1,112,239	27,049,652
Ventas, Inc., REIT	1,080,347	51,705,407
Welltower, Inc., REIT	532,087	40,784,469
		119,539,528
Hotels — 3.4%
DiamondRock Hospitality Co., REIT *	767,666	6,701,724
Host Hotels & Resorts, Inc., REIT	1,145,331	20,352,532
Sunstone Hotel Investors, Inc., REIT *	464,214	5,055,291
		32,109,547
Industrial — 14.2%
First Industrial Realty Trust, Inc., REIT	174,997	8,868,848
Prologis, Inc., REIT	641,982	79,933,179
Rexford Industrial Realty, Inc., REIT	687,741	42,784,367
		131,586,394

INVESTMENTS	SHARES	VALUE($)

Office — 4.7%
Alexandria Real Estate Equities, Inc., REIT	229,799	35,251,166
Kilroy Realty Corp., REIT	173,057	8,439,990
		43,691,156
Shopping Centers — 4.2%
Kimco Realty Corp., REIT	867,483	18,286,542
Kite Realty Group Trust, REIT	1,063,492	20,589,205
		38,875,747
Storage — 7.9%
Public Storage, REIT	221,990	73,440,952
Total Common Stocks (Cost $726,637,696)		892,869,263
Short-Term Investments — 3.8%
Investment Companies — 3.8%
JPMorgan Prime Money Market Fund Class IM Shares, 2.30% (a) (b) (Cost $34,890,560)	61,762	34,899,420
Total Investments — 100.0% (Cost $761,528,256)		927,768,683
Other Assets Less Liabilities — 0.0% ^		111,798
NET ASSETS — 100.0%		927,880,481

Percentages indicated are based on net assets.

Abbreviations
REIT	Real Estate Investment Trust

^	Amount rounds to less than 0.1% of net assets.
*	Non-income producing security.
(a)	Investment in an affiliated fund, which is registered under the Investment Company Act of 1940, as amended, and is advised by J.P. Morgan Investment Management Inc.
(b)	The rate shown is the current yield as of August 31, 2022.

SEE NOTES TO FINANCIAL STATEMENTS.

August 31, 2022

Realty Income ETF

	JPMorgan Inflation Managed Bond ETF	JPMorgan Realty Income ETF
NET ASSETS:
Paid-in-Capital	$1,067,438,829	$597,602,406
Total distributable earnings (loss)	(51,524,596)	330,278,075
Total Net Assets	$1,015,914,233	$927,880,481
Outstanding number of shares (unlimited number of shares authorized - par value $0.0001) (a) (b)	20,943,210	18,822,859
Net asset value, per share	$48.51	$49.30
Cost of investments in non-affiliates	$1,046,018,249	$726,637,696
Cost of investments in affiliates	25,863,283	34,890,560
Net upfront payments on centrally cleared swaps	310,545	—

(a)

JPMorgan Inflation Managed Bond ETF acquired all of 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 JPMorgan Inflation Managed Bond ETF and will be used going forward. As a result, the information prior to April 8, 2022, reflects that of the Predecessor Fund's Class R6 Shares. The Predecessor Fund ceased operations as of the date of the reorganization. (See Note 1).

(b)

JPMorgan Realty Income ETF acquired all of 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 JPMorgan Realty Income ETF and will be used going forward. As a result, the information prior to May 20, 2022, reflects that of the Predecessor Fund's Class R6 Shares. The Predecessor Fund ceased operations as of the date of the reorganization. (See Note 1).

SEE NOTES TO FINANCIAL STATEMENTS.

August 31, 2022

J.P. Morgan Exchange-Traded Funds

STATEMENTS OF OPERATIONS
FOR THE SIX MONTHS ENDED August 31, 2022 (Unaudited)

	JPMorgan Inflation Managed Bond ETF (a)	JPMorgan Realty Income ETF (b)
INVESTMENT INCOME:
Interest income from non-affiliates	$25,684,801	$70
Interest income from affiliates	295	5,536
Dividend income from non-affiliates	—	14,601,203
Dividend income from affiliates	125,096	174,883
Income from securities lending (net) (See Note 2.B)	—	144
Total investment income	25,810,192	14,781,836
EXPENSES:
Investment advisory fees	1,545,505	3,551,198
Administration fees	413,978	443,900
Distribution fees (See Note 3.F)	16,322	19,878
Service fees (See Note 3.D)	68,635	59,482
Custodian and accounting fees	98,381	30,076
Interest expense to non-affiliates	826	—
Interest expense to affiliates	306	—
Professional fees	42,117	30,351
Trustees’ and Chief Compliance Officer’s fees	14,596	14,517
Printing and mailing costs	30,357	60,179
Registration and filing fees	67,429	75,738
Transfer agency fees (See Note 2.F)	1,437	6,019
Other	13,276	32,432
Total expenses	2,313,165	4,323,770
Less fees waived	(152,174)	(174,124)
Less expense reimbursements	(606,973)	(585,593)
Net expenses	1,554,018	3,564,053
Net investment income (loss)	24,256,174	11,217,783

(a)

(b)

SEE NOTES TO FINANCIAL STATEMENTS.

J.P. Morgan Exchange-Traded Funds

August 31, 2022

	JPMorgan Inflation Managed Bond ETF (a)	JPMorgan Realty Income ETF (b)
REALIZED/UNREALIZED GAINS (LOSSES):
Net realized gain (loss) on transactions from:
Investments in non-affiliates	$(13,073,259)	$166,289,559
Investments in affiliates	2,727	(9,725)
In-kind redemptions of investments in non-affiliates (See Note 4)	(741,813)	56,093,947
Futures contracts	(21,192,920)	—
Swaps	35,855,839	—
Net realized gain (loss)	850,574	222,373,781
Change in net unrealized appreciation/depreciation on:
Investments in non-affiliates	(51,348,821)	(357,180,471)
Investments in affiliates	1,148	9,249
Futures contracts	(3,610,286)	—
Swaps	(16,231,391)	—
Change in net unrealized appreciation/depreciation	(71,189,350)	(357,171,222)
Net realized/unrealized gains (losses)	(70,338,776)	(134,797,441)
Change in net assets resulting from operations	$(46,082,602)	$(123,579,658)

(a)

(b)

SEE NOTES TO FINANCIAL STATEMENTS.

August 31, 2022

J.P. Morgan Exchange-Traded Funds

STATEMENTS OF CHANGES IN NET ASSETS
FOR THE PERIODS INDICATED

	JPMorgan Inflation Managed Bond ETF		JPMorgan Realty Income ETF
	Six Months Ended August 31, 2022 (Unaudited)(a)	Year Ended February 28, 2022 (a)	Six Months Ended August 31, 2022 (Unaudited)(b)	Year Ended February 28, 2022 (b)
CHANGE IN NET ASSETS RESULTING FROM OPERATIONS:
Net investment income (loss)	24,256,174	33,058,100	11,217,783	18,870,161
Net realized gain (loss)	850,574	61,666,081	222,373,781	271,663,607
Change in net unrealized appreciation/depreciation	(71,189,350)	(39,670,845)	(357,171,222)	174,696,642
Change in net assets resulting from operations	(46,082,602)	55,053,336	(123,579,658)	465,230,410
Total distributions to shareholders	(18,524,934)	(33,229,570)	(140,469,232)	(155,134,166)
CAPITAL TRANSACTIONS:
Change in net assets resulting from capital transactions	(86,636,588)	(255,104,251)	(350,348,930)	(676,938,664)
NET ASSETS:
Change in net assets	(151,244,124)	(233,280,485)	(614,397,820)	(366,842,420)
Beginning of period	1,167,158,357	1,400,438,842	1,542,278,301	1,909,120,721
End of period	1,015,914,233	1,167,158,357	927,880,481	1,542,278,301

(a)

(b)

SEE NOTES TO FINANCIAL STATEMENTS.

J.P. Morgan Exchange-Traded Funds

August 31, 2022

	JPMorgan Inflation Managed Bond ETF		JPMorgan Realty Income ETF
	Six Months Ended August 31, 2022 (Unaudited)(a)	Year Ended February 28, 2022(a)	Six Months Ended August 31, 2022 (Unaudited)(b)	Year Ended February 28, 2022(b)
CAPITAL TRANSACTIONS: (c) (d)
Proceeds from shares issued	$54,337,307	$109,028,137	$46,011,321	$141,320,325
Distributions reinvested	2,379,990	27,014,278	116,182,036	140,755,402
Cost of shares redeemed	(126,413,160)	(429,007,482)	(642,110,153)	(757,325,764)
Change in net assets resulting from capital transactions	(69,695,863)	(292,965,067)	(479,916,796)	(475,250,037)
Class A
Proceeds from shares issued	327,168	35,274,598	556,975	5,773,141
Distributions reinvested	112,969	738,032	2,660,213	1,922,502
Cost of shares redeemed	(4,796,467)	(12,335,362)	(3,873,369)	(4,276,243)
Change in net assets resulting from Class A capital transactions	(4,356,330)	23,677,268	(656,181)	3,419,400
Class C
Proceeds from shares issued	368,640	2,772,443	112,851	1,898,686
Distributions reinvested	12,667	57,816	425,744	275,902
Cost of shares redeemed	(394,486)	(601,781)	(405,113)	(778,352)
Change in net assets resulting from Class C capital transactions	(13,179)	2,228,478	133,482	1,396,236
Class I
Proceeds from shares issued	8,724,880	72,398,399	129,926,978	96,820,415
Distributions reinvested	477,895	4,669,819	13,727,046	7,912,362
Cost of shares redeemed	(18,917,128)	(66,652,083)	(3,968,685)	(304,095,084)
Change in net assets resulting from Class I capital transactions	(9,714,353)	10,416,135	139,685,339	(199,362,307)
Class L
Proceeds from shares issued	—	—	454,227	6,327,061
Distributions reinvested	—	—	3,503,082	2,681,565
Cost of shares redeemed	—	—	(8,909,073)	(17,936,072)
Change in net assets resulting from Class L capital transactions	—	—	(4,951,764)	(8,927,446)

(a)

(b)

(c)

Reflects reorganization from JPMorgan Realty Income Fund on May 20, 2022. See Note 1.

(d)

Reflects reorganization from JPMorgan Inflation Managed Bond Fund on April 8, 2022. See Note 1.

SEE NOTES TO FINANCIAL STATEMENTS.

August 31, 2022

J.P. Morgan Exchange-Traded Funds

STATEMENTS OF CHANGES IN NET ASSETS
FOR THE PERIODS INDICATED (continued)

	JPMorgan Inflation Managed Bond ETF		JPMorgan Realty Income ETF
	Six Months Ended August 31, 2022 (Unaudited)(a)	Year Ended February 28, 2022(a)	Six Months Ended August 31, 2022 (Unaudited)(b)	Year Ended February 28, 2022(b)
CAPITAL TRANSACTIONS: (c) (d) (continued)
Class R5
Proceeds from shares issued	$218,011	$4,616,313	$290,370	$2,595,870
Distributions reinvested	6,602	80,590	1,343,475	1,090,495
Cost of shares redeemed	(3,081,476)	(3,157,968)	(6,276,855)	(1,900,876)
Change in net assets resulting from Class R5 capital transactions	(2,856,863)	1,538,935	(4,643,010)	1,785,489
Total change in net assets resulting from capital transactions	$(86,636,588)	$(255,104,251)	$(350,348,930)	$(676,938,665)

(a)

(b)

(c)

Reflects reorganization from JPMorgan Realty Income Fund on May 20, 2022. See Note 1.

(d)

Reflects reorganization from JPMorgan Inflation Managed Bond Fund on April 8, 2022. See Note 1.

SEE NOTES TO FINANCIAL STATEMENTS.

J.P. Morgan Exchange-Traded Funds

August 31, 2022

	JPMorgan Inflation Managed Bond ETF		JPMorgan Realty Income ETF
	Six Months Ended August 31, 2022 (Unaudited)(a)	Year Ended February 28, 2022(a)	Six Months Ended August 31, 2022 (Unaudited)(b)	Year Ended February 28, 2022(b)
SHARES TRANSACTIONS: (c) (d)
Issued	1,078,252	10,013,533	746,419	9,095,815
Reinvested	47,051	2,475,521	2,310,713	8,644,053
Redeemed	(2,544,105)	(39,414,895)	(10,807,768)	(46,884,614)
Change in Shares	(1,418,802)	(26,925,841)	(7,750,636)	(29,144,746)
Class A
Issued	6,350	3,223,923	8,864	362,649
Reinvested	2,233	67,689	53,046	119,427
Redeemed	(94,521)	(1,135,134)	(73,337)	(276,648)
Change in Class A Shares	(85,938)	2,156,478	(11,427)	205,428
Class C
Issued	7,128	255,541	1,671	122,967
Reinvested	250	5,338	8,495	17,913
Redeemed	(7,815)	(55,875)	(7,226)	(52,699)
Change in Class C Shares	(437)	205,004	2,940	88,181
Class I
Issued	170,457	6,653,148	1,964,395	6,323,956
Reinvested	9,449	428,645	274,216	489,166
Redeemed	(372,698)	(6,117,885)	(69,363)	(18,743,708)
Change in Class I Shares	(192,792)	963,908	2,169,248	(11,930,586)
Class L
Issued	—	—	6,979	386,631
Reinvested	—	—	69,818	164,742
Redeemed	—	—	(170,346)	(1,169,957)
Change in Class L Shares	—	—	(93,549)	(618,584)

(a)

(b)

(c)

Reflects reorganization from JPMorgan Realty Income Fund on May 20, 2022. See Note 1.

(d)

Reflects reorganization from JPMorgan Inflation Managed Bond Fund on April 8, 2022. See Note 1.

SEE NOTES TO FINANCIAL STATEMENTS.

August 31, 2022

J.P. Morgan Exchange-Traded Funds

STATEMENTS OF CHANGES IN NET ASSETS
FOR THE PERIODS INDICATED (continued)

	JPMorgan Inflation Managed Bond ETF		JPMorgan Realty Income ETF
	Six Months Ended August 31, 2022 (Unaudited)(a)	Year Ended February 28, 2022(a)	Six Months Ended August 31, 2022 (Unaudited)(b)	Year Ended February 28, 2022(b)
SHARES TRANSACTIONS: (c) (d) (continued)
Class R5
Issued	4,219	421,764	4,497	163,570
Reinvested	131	7,367	26,820	66,491
Redeemed	(61,097)	(290,549)	(120,979)	(117,089)
Change in Class R5 Shares	(56,747)	138,582	(89,662)	112,972

(a)

(b)

(c)

Reflects reorganization from JPMorgan Realty Income Fund on May 20, 2022. See Note 1.

(d)

Reflects reorganization from JPMorgan Inflation Managed Bond Fund on April 8, 2022. See Note 1.

SEE NOTES TO FINANCIAL STATEMENTS.

J.P. Morgan Exchange-Traded Funds

August 31, 2022

FINANCIAL HIGHLIGHTS
FOR THE PERIODS INDICATED

	Per share operating performance (a)
		Investment operations			Distributions
	Net asset value, beginning of period	Net investment income (loss) (c)	Net realized and unrealized gains (losses) on investments	Total from investment operations	Net investment income	Net realized gain
JPMorgan Inflation Managed Bond ETF(h)
Six Months Ended August 31, 2022(Unaudited)	$51.43	$1.11	$(3.19)	$(2.08)	$(0.84)	$—
Year Ended February 28, 2022	50.58	1.27	0.85	2.12	(1.27)	—
Year Ended February 28, 2021	49.26	0.94	1.32	2.26	(0.94)	—
Year Ended February 29, 2020	47.33	1.27	1.93	3.20	(1.27)	—
Year Ended February 28, 2019	47.85	1.18	(0.52)	0.66	(1.18)	—
Year Ended February 28, 2018	48.79	1.04	(0.90)	0.14	(1.08)	—
JPMorgan Realty Income ETF(j)
Six Months Ended August 31, 2022(Unaudited)	62.71	0.55	(6.90)	(6.35)	(0.16)	(6.90)
Year Ended February 28, 2022	54.76	0.64	13.05	13.69	(0.80)	(4.94)
Year Ended February 28, 2021	54.40	0.84	1.89	2.73	(0.72)	(1.65)
Year Ended February 29, 2020	54.92	1.12	3.53	4.65	(1.20)	(3.97)
September 1, 2018 through February 28, 2019 (k)	54.44	0.52	0.60	1.12	(0.64)	—
Year Ended August 31, 2018	53.24	1.20	1.24	2.44	(1.24)	—


(a)	Per share amounts reflect the conversion of the JPMorgan Inflation Managed Bond Fund into the JPMorgan Inflation Managed Bond ETF as of the close of business on April 8, 2022 and the conversion of the JPMorgan Realty Income Fund into the JPMorgan Realty Income ETF as of the close of business on May 20, 2022. See Note 1.
(b)	Annualized for periods less than one year, unless otherwise noted.
(c)	Calculated based upon average shares outstanding.
(d)	Includes adjustments in accordance with accounting principles generally accepted in the United States of America and as such, the net asset values for financial reporting purposes and the returns based upon those net asset values may differ from the net asset values and returns for shareholder transactions.
(e)	JPMorgan Inflation Managed Bond ETF acquired all of 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. Market price returns are calculated using the official closing price of the JPMorgan Inflation Managed Bond ETF on the listing exchange as of the time that the JPMorgan Inflation Managed Bond ETF's NAV is calculated. Prior to the JPMorgan Inflation Managed Bond ETF's listing on April, 11, 2022, the NAV performance of the Class R6 Shares of the Predecessor Fund are used as proxy market price returns.
(f)	JPMorgan Realty Income ETF acquired all of 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. Market price returns are calculated using the official closing price of the JPMorgan Realty Income ETF on the listing exchange as of the time that the JPMorgan Realty Income ETF's NAV is calculated. Prior to the JPMorgan Realty Income ETF's listing on May 23, 2022, the NAV performance of the Class R6 Shares of the Predecessor Fund are used as proxy market price returns.
(g)	Not annualized for periods less than one year.
(h)	JPMorgan Inflation Managed Bond ETF (the “Fund”) acquired all of 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 financial highlight information reflects that of the Predecessor Fund’s Class R6 Shares for the period March 1, 2017 up through the reorganization.
(i)	Certain non-recurring expenses incurred by the Fund were not annualized for the period indicated.
(j)	JPMorgan Realty Income ETF (the “Fund”) acquired all of 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 financial highlight information reflects that of the Predecessor Fund’s Class R6 Shares for the period September 1, 2017 up through the reorganization.
(k)	The Fund changed its fiscal year end from August 31st to the last day of February.

SEE NOTES TO FINANCIAL STATEMENTS.

J.P. Morgan Exchange-Traded Funds

August 31, 2022

NOTES TO FINANCIAL STATEMENTS
AS OF August 31, 2022 (Unaudited)

1. Organization

J.P. Morgan Exchange-Traded Fund Trust (the “Trust”) was formed on February 25, 2010, and is governed by a Declaration of Trust as amended and restated February 19, 2014, and is registered under the Investment Company Act of 1940, as amended (the “1940 Act”), as an open-end management investment company.

The following are 2 separate funds of the Trust (each, a "Fund" and collectively, the "Funds") covered by this report:

	Diversification Classification
JPMorgan Inflation Managed Bond ETF	Diversified
JPMorgan Realty Income ETF	Non-Diversified

Pursuant to an Agreement and Plan of Reorganization and Liquidation previously approved by the Board of Trustees of the applicable mutual fund trust, the following mutual funds (each, an “Acquired Fund” and collectively the “Acquired Funds”) were each reorganized into a newly created exchange traded fund (each, a “Reorganization”) as of the close of business on the dates noted below (each, a “Closing Date”):

Acquired Fund	Fund	Closing Date
JPMorgan Inflation Managed Bond Fund	JPMorgan Inflation Managed Bond ETF	April 8, 2022
JPMorgan Realty Income Fund	JPMorgan Realty Income ETF	May 20, 2022

Following its Reorganization, each Acquired Fund’s performance (Class R6 Shares) and financial history were adopted by the new Fund. In connection with each Reorganization, each shareholder of an Acquired Fund (except as noted below) received shares of the surviving Fund equal in value to the number of shares of the Acquired Fund they owned on the Closing Date, including a cash payment in lieu of fractional shares of the Fund, which cash payment might have been taxable. Shareholders of an Acquired Fund who did not hold their shares through a brokerage account that could accept shares of the Fund on the Closing Date had their Acquired Funds shares liquidated, and such shareholders received cash equal in value to their Acquired Funds shares, which cash payment might have been taxable. Shareholders of an Acquired Fund who held their shares through a fund direct individual retirement account and did not take action prior to the applicable Reorganization had their Acquired Fund shares exchanged for Morgan Shares of JPMorgan U.S. Government Money Market Fund equal in value to their Acquired Fund shares. Each Fund has the same investment adviser, investment objective and fundamental investment policies and substantially similar investment strategies as its Acquired Fund. Effective as of the close of business on its Closing Date, each Acquired Fund ceased operations in connection with the consummation of its Reorganization.

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

Each Fund did not purchase or sell securities following its Reorganization for purposes of realigning its investment portfolio. Accordingly, each Reorganization of an Acquired Fund did not affect the corresponding Fund’s portfolio turnover ratios for the six months ended August 31, 2022.

The investment objective of JPMorgan Inflation Managed Bond ETF ("Inflation Managed Bond ETF") is to seek to maximize inflation protected total return.

The investment objective of JPMorgan Realty Income ETF ("Realty Income ETF") is to seek to provide high total investment return through a combination of capital appreciation and current income.

J.P. Morgan Investment Management Inc. (“JPMIM”), an indirect, wholly-owned subsidiary of JPMorgan Chase & Co. (“JPMorgan”), acts as Adviser (the “Adviser”) and Administrator (the “Administrator”) to the Funds.

Shares of each Fund are listed and traded at market price on an exchange as follows:

	Listing Exchange
Inflation Managed Bond ETF	Cboe BZX Exchange, Inc.
Realty Income ETF	NYSE Arca

Market prices for the Funds’ shares may be different from their net asset value (“NAV”).

J.P. Morgan Exchange-Traded Funds

August 31, 2022

The Funds issue and redeem their shares on a continuous basis, through JPMorgan Distribution Services, Inc. (the “Distributor” or “JPMDS”), an indirect, wholly-owned subsidiary of JPMorgan, at NAV in large blocks of shares, referred to as “Creation Units” as shown in the table below:

	Shares per Creation Unit
Inflation Managed Bond ETF	50,000
Realty Income ETF	25,000

Creation Units are issued and redeemed principally in-kind for a basket of securities. A cash amount may be substituted if the Fund has sizeable exposure to market or sponsor restricted securities. Shares are generally traded in the secondary market in amounts less than a Creation Unit at market prices that change throughout the day. Only individuals or institutions that have entered into an authorized participant agreement with the Distributor may do business directly with the Funds (each, an “Authorized Participant”).

2. Significant Accounting Policies

The following is a summary of significant accounting policies followed by the Funds in the preparation of their financial statements. The Funds are investment companies and, accordingly, follow the investment company accounting and reporting guidance of the Financial Accounting Standards Board (“FASB”) Accounting Standards Codification Topic 946 — Investment Companies, which is part of U.S. generally accepted accounting principles (“GAAP”). The preparation of financial statements in conformity with GAAP requires management to make estimates and assumptions that affect (i) the reported amounts of assets and liabilities, (ii) disclosure of contingent assets and liabilities at the date of the financial statements, and (iii) the reported amounts of increases and decreases in net assets from operations during the reporting period. Actual results could differ from those estimates.

A. Valuation of Investments — Investments are valued in accordance with GAAP and the Funds' valuation policies set forth by, and under the supervision and responsibility of, the Board of Trustees of the Trust (the "Board"), which established the following approach to valuation, as described more fully below: (i) investments for which market quotations are readily available shall be valued at their market value and (ii) all other investments for which market quotations are not readily available shall be valued at their fair value as determined in good faith by the Board.

The Administrator has established the J.P. Morgan Asset Management Americas Valuation Committee (“AVC”) to assist the Board with the oversight and monitoring of the valuation of the Funds' investments. The Administrator implements the valuation policies of the Funds' investments, as directed by the Board. The AVC oversees and carries out the policies for the valuation of investments held in the Funds. This includes monitoring the appropriateness of fair values based on results of ongoing valuation oversight including, but not limited to, consideration of macro or security specific events, market events, and pricing vendor and broker due diligence. The Administrator is responsible for discussing and assessing the potential impacts to the fair values on an ongoing basis, and, at least on a quarterly basis, with the AVC and the Board.

A market-based approach is primarily used to value the Funds' investments. Investments for which market quotations are not readily available are fair valued by approved affiliated and/or unaffiliated pricing vendors or third party broker-dealers (collectively referred to as “Pricing Services”) or may be internally fair valued using methods set forth by the valuation policies approved by the Boards. This may include the use of related or comparable assets or liabilities, recent transactions, market multiples, book values and other relevant information for the investment. An income-based valuation approach may be used in which the anticipated future cash flows of the investment are discounted to calculate the fair value. Discounts may also be applied due to the nature or duration of any restrictions on the disposition of the investments. Valuations may be based upon current market prices of securities that are comparable in coupon, rating, maturity and industry. It is possible that the estimated values may differ significantly from the values that would have been used had a ready market for the investments existed, and such differences could be material.

Fixed income instruments are valued based on prices received from Pricing Services. The Pricing Services use multiple valuation techniques to determine the valuation of fixed income instruments. In instances where sufficient market activity exists, the Pricing Services may utilize a market-based approach through which trades or quotes from market makers are used to determine the valuation of these instruments. In instances where sufficient market activity may not exist, the Pricing Services also utilize proprietary valuation models which may consider market transactions in comparable securities and the various relationships between securities in determining fair value and/or market characteristics in order to estimate the relevant cash flows, which are then discounted to calculate the fair values.

Equities and other exchange-traded instruments are valued at the last sale price or official market closing price on the primary exchange on which the instrument is traded before the NAVs of the Funds are calculated on a valuation date.

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

Futures contracts are generally valued on the basis of available market quotations. Swaps are valued utilizing market quotations from approved Pricing Services.

See the table on “Quantitative Information about Level 3 Fair Value Measurements” for information on the valuation techniques and inputs used to value level 3 securities held by Inflation Managed Bond ETF at August 31, 2022.

August 31, 2022

J.P. Morgan Exchange-Traded Funds

NOTES TO FINANCIAL STATEMENTS
AS OF August 31, 2022 (Unaudited) (continued)

Valuations reflected in this report are as of the report date. As a result, changes in valuation due to market events and/or issuer-related events after the report date and prior to issuance of the report are not reflected herein.

The various inputs that are used in determining the valuation of the Funds' investments are summarized into the three broad levels listed below.

•

Level 1 — Unadjusted inputs using quoted prices in active markets for identical investments.

•

Level 2 — Other significant observable inputs including, but not limited to, quoted prices for similar investments, inputs other than quoted prices that are observable for investments (such as interest rates, prepayment speeds, credit risk, etc.) or other market corroborated inputs.

•

Level 3 — Significant inputs based on the best information available in the circumstances, to the extent observable inputs are not available (including the Funds' assumptions in determining the fair value of investments).

A financial instrument’s level within the fair value hierarchy is based on the lowest level of any input, both individually and in the aggregate, that is significant to the fair value measurement. The inputs or methodology used for valuing instruments are not necessarily an indication of the risk associated with investing in those instruments.

The following tables represent each valuation input as presented on the Schedules of Portfolio Investments ("SOIs"):

Inflation Managed Bond ETF
	Level 1 Quoted prices	Level 2 Other significant observable inputs	Level 3 Significant unobservable inputs	Total
Investments in Securities
Asset-Backed Securities	$—	$104,396,240	$7,990,971	$112,387,211
Collateralized Mortgage Obligations	—	60,896,864	1,057,438	61,954,302
Commercial Mortgage-Backed Securities	—	111,654,693	—	111,654,693
Corporate Bonds	—	283,181,456	—	283,181,456
Foreign Government Securities	—	2,674,318	—	2,674,318
Mortgage-Backed Securities	—	78,083,863	—	78,083,863
U.S. Government Agency Securities	—	13,228,878	—	13,228,878
U.S. Treasury Obligations	—	327,655,022	—	327,655,022
Short-Term Investments
Investment Companies	25,870,574	—	—	25,870,574
Total Investments in Securities	$25,870,574	$981,771,334	$9,048,409	$1,016,690,317
Appreciation in Other Financial Instruments
Futures Contracts	$177,331	$—	$—	$177,331
Swaps	—	2,102,391	—	2,102,391
Depreciation in Other Financial Instruments
Futures Contracts	(2,192,194)	—	—	(2,192,194)
Swaps	—	(868,508)	—	(868,508)
Total Net Appreciation/ Depreciation in Other Financial Instruments	$(2,014,863)	$1,233,883	$—	$(780,980)

Realty Income ETF
	Level 1 Quoted prices	Level 2 Other significant observable inputs	Level 3 Significant unobservable inputs	Total
Total Investments in Securities (a)	$927,768,683	$—	$—	$927,768,683


(a)	Please refer to the SOI for specifics of portfolio holdings.

J.P. Morgan Exchange-Traded Funds

August 31, 2022

The following is a summary of investments for which significant unobservable inputs (level 3) were used in determining fair value:

Inflation Managed Bond ETF	Balance as of February 28, 2022	Realized gain (loss)	Change in net unrealized appreciation (depreciation)	Net accretion (amortization)	Purchases1	Sales2	Transfers into Level 3	Transfers out of Level 3	Balance as of August 31, 2022
Investments in Securities:
Asset-Backed Securities	$5,714,010	$—	$(395,198)	$1,975	$1,171,994	$(137,867)	$3,864,154	$(2,228,097)	$7,990,971
Collateralized Mortgage Obligations	499,673	—	(23,155)	(648)	387,720	(107,648)	800,832	(499,336)	1,057,438
Total	$6,163,683	$—	$(418,353)	$1,327	$1,559,714	$(245,515)	$4,664,986	$(2,677,433)	$9,048,409


1	Purchases include all purchases of securities and securities received in corporate actions.
2	Sales include all sales of securities, maturities, paydowns and securities tendered in corporate actions.

The changes in net unrealized appreciation (depreciation) attributable to securities owned at August 31, 2022, which were valued using significant unobservable inputs (level 3), amounted to $(418,353). This amount is included in Change in net unrealized appreciation/depreciation on investments in non-affiliates on the Statements of Operations.

There were no significant transfers into or out of level 3 for the six months ended August 31, 2022.

The significant unobservable inputs used in the fair value measurement of the Inflation Managed Bond ETF's investments are listed below. Generally, a change in the assumptions used in any input in isolation may be accompanied by a change in another input. Significant changes in any of the unobservable inputs may significantly impact the fair value measurement. The impact is based on the relationship between each unobservable input and the fair value measurement. Significant increases (decreases) in enterprise multiples may increase (decrease) the fair value measurement. Significant increases (decreases) in the discount for lack of marketability, liquidity discount, probability of default, yield and default rate may decrease (increase) the fair value measurement. A significant change in the discount rate or prepayment rate (Constant Prepayment Rate or PSA Prepayment Model) may decrease or increase the fair value measurement.

Inflation
Managed
Bond ETF

Quantitative Information about Level 3 Fair Value Measurements

	Fair Value at August 31, 2022	Valuation Technique(s)	Unobservable Input	Range (Weighted Average) (a)
	$7,990,971	Discounted Cash Flow	Constant Prepayment Rate	0.00% - 10.00% (2.30%)
			Yield (Discount Rate of Cash Flows)	4.48% - 6.69% (6.06%)

Asset-Backed Securities	7,990,971
	1,057,438	Discounted Cash Flow	Constant Prepayment Rate	100.00% - 150.00% (115.81%)
			Yield (Discount Rate of Cash Flows)	4.25% - 4.61% (4.39%)

Collateralized Mortgage Obligations	1,057,438
Total	$9,048,409

(a)	Unobservable inputs were weighted by the relative fair value of the instruments.

August 31, 2022

J.P. Morgan Exchange-Traded Funds

NOTES TO FINANCIAL STATEMENTS
AS OF August 31, 2022 (Unaudited) (continued)

B. Securities Lending — The Funds are authorized to engage in securities lending in order to generate additional income. The Funds are able to lend to approved borrowers. Citibank N.A. (“Citibank”) serves as lending agent for the Funds, pursuant to a Securities Lending Agency Agreement (the “Securities Lending Agency Agreement”). Securities loaned are collateralized by cash equal to at least 100% of the market value plus accrued interest on the securities lent, which is invested in Class IM Shares of the JPMorgan U.S. Government Money Market Fund. The Funds retain the interest earned on cash collateral investments but are required to pay the borrower a rebate for the use of the cash collateral. In cases where the lent security is of high value to borrowers, there may be a negative rebate (i.e., a net payment from the borrower to the Funds). Upon termination of a loan, the Funds are required to return to the borrower an amount equal to the cash collateral, plus any rebate owed to the borrowers. The remaining maturities of the securities lending transactions are considered overnight and continuous. Loans are subject to termination by the Funds or the borrower at any time.

The net income earned on the securities lending (after payment of rebates and Citibank’s fee) is included on the Statements of Operations as Income from securities lending (net). The Funds also receive payments from the borrower during the period of the loan, equivalent to dividends and interest earned on the securities loaned, which are recorded as Dividend or Interest income, respectively, on the Statements of Operations.

Under the Securities Lending Agency Agreement, Citibank marks to market the loaned securities on a daily basis. In the event the cash received from the borrower is less than 102% of the value of the loaned securities (105% for loans of non-U.S. securities), Citibank requests additional cash from the borrower so as to maintain a collateralization level of at least 102% of the value of the loaned securities plus accrued interest (105% for loans of non-U.S. securities), subject to certain de minimis amounts.

The value of securities out on loan is recorded as an asset on the Statements of Assets and Liabilities. The value of the cash collateral received is recorded as a liability on the Statements of Assets and Liabilities and details of collateral investments are disclosed on the SOIs.

The Funds bear the risk of loss associated with the collateral investments and are not entitled to additional collateral from the borrower to cover any such losses. To the extent that the value of the collateral investments declines below the amount owed to a borrower, the Funds may incur losses that exceed the amount they earned on lending the security. Upon termination of a loan, the Funds may use leverage (borrow money) to repay the borrower for cash collateral posted if the Adviser does not believe that it is prudent to sell the collateral investments to fund the payment of this liability. Securities lending activity is subject to master netting arrangements.

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

JPMIM voluntarily waived management fees charged to the Funds to reduce the impact of the cash collateral investment in the JPMorgan U.S. Government Money Market Fund from 0.13% to 0.06%. For the six months ended August 31, 2022, JPMIM waived fees associated with the Funds' investment in the JPMorgan U.S. Government Money Market Fund as follows:

Realty Income ETF

$146

The above waiver is included in the determination of earnings on cash collateral investment and in the calculation of Citibank’s compensation and is included on the Statements of Operations as Income from securities lending (net).

Inflation Managed Bond ETF did not lend out any securities during the six months ended August 31, 2022. Realty Income ETF did not lend out any securities at August 31, 2022.

J.P. Morgan Exchange-Traded Funds

August 31, 2022

C. Investment Transactions with Affiliates — The Funds invested in Underlying Funds which are advised by the Adviser. An issuer which is under common control with a Fund may be considered an affiliate. For the purposes of the financial statements, the Funds assume the issuers listed in the tables below to be affiliated issuers. Underlying Funds’ distributions may be reinvested into such Underlying Funds. Reinvestment amounts are included in the purchases at cost amounts in the tables below.

Inflation Managed Bond ETF
For the six months ended August 31, 2022*
Security Description	Value at February 28, 2022	Purchases at Cost	Proceeds from Sales	Net Realized Gain (Loss)	Change in Unrealized Appreciation/ (Depreciation)	Value at August 31, 2022	Shares at August 31, 2022	Dividend Income	Capital Gain Distributions
JPMorgan Prime Money Market Fund Class IM Shares, 2.30% (a) (b)	$—	$210,557,926	$184,693,711	$(931)	$7,290	$25,870,574	25,860,229	$120,826	$—
JPMorgan Prime Money Market Fund Class Institutional Shares, 2.24% (a) (b)	20,605,752	67,013,404	87,616,672	3,658	(6,142)	—	—	4,270	—
Total	$20,605,752	$277,571,330	$272,310,383	$2,727	$1,148	$25,870,574		$125,096	$—


(a)	Investment in an affiliated fund, which is registered under the Investment Company Act of 1940, as amended, and is advised by J.P. Morgan Investment Management Inc.
(b)	The rate shown is the current yield as of August 31, 2022.
*	As of the close of business on April 8, 2022, JPMorgan Inflation Managed Bond Fund (the "Acquired fund"), a series of Trust I Funds, reorganized ("the Reorganization") into a newly created exchange-traded fund, JPMorgan Inflation Managed Bond ETF (the "Fund"). Following the Reorganization, the Acquired Fund's performance and financial history were adopted by the Fund. The tables include transactions from the Acquired Fund for the period March 1, 2021 through April 8, 2022.

Realty Income ETF
For the six months ended August 31, 2022**
Security Description	Value at February 28, 2022	Purchases at Cost	Proceeds from Sales	Net Realized Gain (Loss)	Change in Unrealized Appreciation/ (Depreciation)	Value at August 31, 2022	Shares at August 31, 2022	Dividend Income	Capital Gain Distributions
JPMorgan Prime Money Market Fund Class IM Shares, 2.30% (a) (b)	$28,286,016	$424,596,576	$417,982,696	$(9,725)	$9,249	$34,899,420	61,762	$174,883	$—
JPMorgan U.S. Government Money Market Fund Class IM Shares, 2.00% (a) (b)	—	203,049	203,049	—	—	—	—	—	—
Total	$28,286,016	$424,799,625	$418,185,745	$(9,725)	$9,249	$34,899,420		$174,883	$—


(a)	Investment in an affiliated fund, which is registered under the Investment Company Act of 1940, as amended, and is advised by J.P. Morgan Investment Management Inc.
(b)	The rate shown is the current yield as of August 31, 2022.
**	As of the close of business on May 20, 2022, JPMorgan Realty Income (the "Acquired fund"), a series of Undiscovered Managers Funds, reorganized ("the Reorganization") into a newly created exchange-traded fund, JPMorgan Realty Income ETF (the "Fund"). Following the Reorganization, the Acquired Fund's performance and financial history were adopted by the Fund. The tables include transactions from the Acquired Fund for the period March 1, 2021 through May 20, 2022.

D. Derivatives — Inflation Managed Bond ETF used derivative instruments including futures contracts and swaps, in connection with its investment strategy. Derivative instruments may be used as substitutes for securities in which the Fund can invest, to hedge portfolio investments or to generate income or gain to the Fund. Derivatives may also be used to manage duration, sector and yield curve exposures and credit and spread volatility.

The Fund may be subject to various risks from the use of derivatives, including the risk that changes in the value of a derivative may not correlate perfectly with the underlying asset, rate or index; counterparty credit risk related to derivatives counterparties’ failure to perform under contract

August 31, 2022

J.P. Morgan Exchange-Traded Funds

NOTES TO FINANCIAL STATEMENTS
AS OF August 31, 2022 (Unaudited) (continued)

terms; liquidity risk related to the potential lack of a liquid market for these contracts allowing the Fund to close out its position(s); and documentation risk relating to disagreement over contract terms. Investing in certain derivatives also results in a form of leverage and as such, the Fund's risk of loss associated with these instruments may exceed their value, as recorded on the Statement of Assets and Liabilities.

The Fund is party to various derivative contracts governed by International Swaps and Derivatives Association master agreements (“ISDA agreements”). The Fund's ISDA agreements, which are separately negotiated with each dealer counterparty, may contain provisions allowing, absent other considerations, a counterparty to exercise rights, to the extent not otherwise waived, against the Fund in the event the Fund's net assets decline over time by a pre-determined percentage or fall below a pre-determined floor. The ISDA agreements may also contain provisions allowing, absent other conditions, the Fund to exercise rights, to the extent not otherwise waived, against a counterparty (e.g., decline in a counterparty’s credit rating below a specified level). Such rights for both a counterparty and the Fund often include the ability to terminate (i.e., close out) open contracts at prices which may favor a counterparty, which could have an adverse effect on the Fund. The ISDA agreements give the Fund and a counterparty the right, upon an event of default, to close out all transactions traded under such agreements and to net amounts owed or due across all transactions and offset such net payable or receivable against collateral posted to a segregated account by one party for the benefit of the other.

Counterparty credit risk may be mitigated to the extent a counterparty posts additional collateral for mark to market gains to the Fund.

Notes D(1) - D(2) below describe the various derivatives used by the Fund.

(1) Futures Contracts — Inflation Managed Bond ETF used index, treasury or other financial futures contracts to manage and hedge interest rate risk associated with portfolio investments. The Fund also used futures contracts to lengthen or shorten the duration of the overall investment portfolio.

Futures contracts provide for the delayed delivery of the underlying instrument at a fixed price or are settled for a cash amount based on the change in the value of the underlying instrument at a specific date in the future. Upon entering into a futures contract, the Fund is required to deposit with the broker, cash or securities in an amount equal to a certain percentage of the contract amount, which is referred to as the initial margin deposit. Subsequent payments, referred to as variation margin, are made or received by the Fund periodically and are based on changes in the market value of open futures contracts. Changes in the market value of open futures contracts are recorded as Change in net unrealized appreciation/depreciation on futures contracts on the Statements of Operations. Realized gains or losses, representing the difference between the value of the contract at the time it was opened and the value at the time it was closed, are reported on the Statements of Operations at the closing or expiration of the futures contract. Securities deposited as initial margin are designated on the SOI, while cash deposited, which is considered restricted, is recorded on the Statements of Assets and Liabilities. A receivable from and/or a payable to brokers for the daily variation margin is also recorded on the Statements of Assets and Liabilities.

The use of futures contracts exposes the Fund to interest rate risk. The Fund may be subject to the risk that the change in the value of the futures contract may not correlate perfectly with the underlying instrument. Use of long futures contracts subjects the Fund to risk of loss in excess of the amounts shown on the Statements of Assets and Liabilities, up to the notional amount of the futures contracts. Use of short futures contracts subjects the Fund to unlimited risk of loss. The Fund may enter into futures contracts only on exchanges or boards of trade. The exchange or board of trade acts as the counterparty to each futures transaction; therefore, the Fund's credit risk is limited to failure of the exchange or board of trade. Under some circumstances, futures exchanges may establish daily limits on the amount that the price of a futures contract can vary from the previous day’s settlement price, which could effectively prevent liquidation of positions.

The Fund's futures contracts are not subject to master netting arrangements (the right to close out all transactions traded with a counterparty and net amounts owed or due across transactions).

(2) Swaps — Inflation Managed Bond ETF engaged in various swap transactions, including total return basket swaps, to manage total return risks within its portfolio. The Funds also used swaps as alternatives to direct investments. Swap transactions are contracts negotiated over-the-counter (“OTC swaps”) between a fund and a counterparty or are centrally cleared (“centrally cleared swaps”) through a central clearinghouse managed by a Futures Commission Merchant (“FCM”) that exchange investment cash flows, assets, foreign currencies or market-linked returns at specified, future intervals.

Upfront payments made and/or received by the Fund are recorded as assets or liabilities, respectively, on the Statements of Assets and Liabilities and amortized over the term of the swap. The value of an OTC swap agreement is recorded as either an asset or a liability on the Statements of Assets and Liabilities at the beginning of the measurement period. Upon entering into a centrally cleared swap, the Fund is required to deposit with the FCM cash or securities, which is referred to as initial margin deposit. Securities deposited as initial margin are designated on the Schedule of Portfolio Investments, while cash deposited, which is considered restricted, is recorded on the Statements of Assets and Liabilities. Daily changes in valuation of centrally cleared swaps, if any, are recorded as a variation margin receivable or payable on the Statements of Assets and Liabilities. The change in the value of swaps, including accruals of periodic amounts of interest to be paid or received on swaps, is reported as Change in net unrealized appreciation/depreciation on swaps on the Statements of Operations. A realized gain or loss is recorded upon payment or receipt of a periodic payment or payment made upon termination of a swap agreement.

The central clearinghouse acts as the counterparty to each centrally cleared swap transaction; therefore credit risk is limited to the failure of the clearinghouse.

J.P. Morgan Exchange-Traded Funds

August 31, 2022

Inflation-Linked Swaps

Inflation Managed Bond ETF used inflation-linked swaps to provide inflation protection within its portfolio. These are agreements between counterparties to exchange interest payments based on interest rates over the life of the swap. One cash flow stream will typically be a floating rate payment based upon the Consumer Price Index upon while the other is a pre-determined fixed interest rate. The use of swaps exposes the Fund to interest rate risk.

Derivatives Volume

The table below discloses the volume of the Funds' activity during the six months ended August 31, 2022. Please refer to the tables in the Summary of Derivatives Information for derivative-related gains and losses associated with volume activity:

	Inflation Managed Bond ETF
Futures Contracts:
Average Notional Balance Long	$313,331,502
Average Notional Balance Short	(204,395,978)
Ending Notional Balance Long	254,178,063
Ending Notional Balance Short	(65,785,000)
Interest Rate-Related Swaps (Inflation-Linked Swaps):
Average Notional Balance - Pays Fixed Rate	731,343,714
Ending Notional Balance - Pays Fixed Rate	561,300,000

E. Security Transactions and Investment Income — Investment transactions are accounted for on the trade date (the date the order to buy or sell is executed). Securities gains and losses are calculated on a specifically identified cost basis. Interest income is determined on the basis of coupon interest accrued using the effective interest method, which adjusts for amortization of premiums and accretion of discounts. Dividend income and distributions of net investment income and realized capital gains from the Underlying Funds, if any, are recorded on the ex-dividend date of when a Fund first learns of the dividend.

Inflation Managed Bond ETF invests in treasury inflation protected securities (TIPS). The principal amount of TIPS is adjusted periodically and is increased for inflation or decreased for deflation based on a monthly published index. These adjustments are recorded as increases or decreases to interest income on the Statements of Operations. Coupon payments are based on the adjusted principal at the time the interest is paid.

To the extent such information is publicly available, the Funds record distributions received in excess of income earned from underlying investments as a reduction of cost of investments and/or realized gain. Such amounts are based on estimates if actual amounts are not available and actual amounts of income, realized gain and return of capital may differ from the estimated amounts. The Funds adjust the estimated amounts of the components of distributions (and consequently their net investment income) as necessary, once the issuers provide information about the actual composition of the distributions.

F. Allocation of Income and Expenses— Expenses directly attributable to the Funds are charged directly to the Funds, while the expenses attributable to more than one fund of the Trust are allocated among the applicable funds. Investment income, realized and unrealized gains and losses and expenses, other than class-specific expenses (which are only applicable to the fees and expenses of the Acquired Funds for the period prior to the Reorganization), are allocated daily to each class of shares based upon the proportion of net assets of each class at the beginning of each day.

Transfer agency fees charged to the Acquired Funds were class-specific expenses. The amounts of the transfer agency fees charged to each share class of the Acquired Funds for the period March 1, 2022 through Closing Date were as follows:

	Class A	Class C	Class I	Class L	Class R5	ETF Shares	Total
Inflation Managed Bond ETF
Transfer agency fees	$189	$72	$300	n/a	$16	$860	$1,437
Realty Income ETF
Transfer agency fees	1,478	130	1,765	$450	204	1,992	6,019

August 31, 2022

J.P. Morgan Exchange-Traded Funds

NOTES TO FINANCIAL STATEMENTS
AS OF August 31, 2022 (Unaudited) (continued)

G. Federal Income Taxes — Each Fund is treated as a separate taxable entity for Federal income tax purposes. Each Fund's policy is to comply with the provisions of the Internal Revenue Code (the “Code”) applicable to regulated investment companies and to distribute to shareholders all of its distributable net investment income and net realized capital gains on investments. Accordingly, no provision for Federal income tax is necessary. Management has reviewed the Funds' tax positions for all open tax years and has determined that as of August 31, 2022, no liability for Federal income tax is required in the Funds' financial statements for net unrecognized tax benefits. However, management’s conclusions may be subject to future review based on changes in, or the interpretation of, the accounting standards or tax laws and regulations. Each Fund's Federal tax returns for the prior three fiscal years remain subject to examination by the Internal Revenue Service.

H. Distributions to Shareholders — Distributions from net investment income, if any, are generally declared and paid at least monthly for Inflation Managed Bond ETF and at least quarterly for Realty Income ETF. Net realized capital gains, if any, are distributed by each Fund at least annually. The amount of distributions from net investment income and net realized capital gains is determined in accordance with Federal income tax regulations, which may differ from GAAP. To the extent these “book/tax” differences are permanent in nature (i.e., that they result from other than timing of recognition — “temporary differences”), such amounts are reclassified within the capital accounts based on their Federal tax basis treatment.

3. Fees and Other Transactions with Affiliates

A. Investment Advisory Fee — Pursuant to an Investment Advisory Agreement, the Adviser manages the investments of each Fund and for such services is paid a fee. The investment advisory fee is accrued daily and paid monthly at an annual rate based on each Fund’s respective average daily net assets. The annual rate for each Fund is as follows:


Inflation Managed Bond ETF	0.28%
Realty Income ETF	0.60

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

B. Administration Fee — Pursuant to an Administration Agreement, the Administrator provides certain administration services to each Fund. In consideration of these services, the Administrator receives a fee accrued daily and paid monthly at an annual rate of 0.075% of the first $10 billion of each Fund's respective average daily net assets, plus 0.050% of each Fund's respective average daily net assets between $10 billion and $20 billion, plus 0.025% of each Fund's respective average daily net assets between $20 billion and $25 billion, plus 0.010% of each Fund's respective average daily net assets in excess of $25 billion. For the six months ended August 31, 2022, the effective annualized rate was 0.075% of each Fund's average daily net assets, notwithstanding any fee waivers and/or expense reimbursements.

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

JPMorgan Chase Bank, N.A. (“JPMCB”), a wholly-owned subsidiary of JPMorgan, serves as the Funds' sub-administrator (the “Sub-administrator”). For its services as Sub-administrator, JPMCB receives a portion of the management fees payable to JPMIM.

C. Distribution Fees — Up through the Closing Date, pursuant to a Distribution Agreement, JPMorgan Distribution Services, Inc. (“JPMDS”), an indirect, wholly-owned subsidiary of JPMorgan, served as the Acquired Funds' principal underwriter and promoted and arranged for the sale of the Acquired Funds' shares.

Up through the Closing Date, the Acquired Funds' Board of Trustees had adopted a Distribution Plan (the “Distribution Plan”) for Class A and Class C Shares of the Acquired Funds, as applicable, pursuant to Rule 12b-1 under the 1940 Act. Class I, Class L, Class R5 and Class R6 Shares of the Acquired Funds did not charge a distribution fee. The Distribution Plan provided that the Acquired Funds shall pay, with respect to the applicable share classes, distribution fees, including payments to JPMDS, at annual rates of the average daily net assets as shown in the table below:

	Class A	Class C
Inflation Managed Bond ETF	0.25%	0.75%
Realty Income ETF	0.25	0.75

In addition, up through the Closing Date, JPMDS was entitled to receive the front-end sales charges from purchases of Class A Shares and the contingent deferred sales charge ("CDSC") from redemptions of Class C Shares and certain Class A Shares of the Acquired Funds for which front-end sales charges have been waived. For the period March 1, 2022 through the Closing Date, JPMDS did not retain any front-end sales charges.

J.P. Morgan Exchange-Traded Funds

August 31, 2022

D. Service Fees — Up through the Closing Date, JPMorgan Trust I and Undiscovered Managers Funds, on behalf of the Acquired Funds, had entered into a Shareholder Servicing Agreement with JPMDS under which JPMDS provided certain support services to fund shareholders. For performing these services, JPMDS received a fee with respect to all share classes of the Acquired Funds, except Class R6 Shares which did not charge a service fee, that was accrued daily and paid monthly equal to a percentage of the average daily net assets as shown in the table below:

	Class A	Class C	Class I	Class L	Class R5
Inflation Managed Bond ETF	0.25%	0.25%	0.25%	n/a	0.10%
Realty Income ETF	0.25	0.25	0.25	0.10%	0.10

Prior to the Closing Date, JPMDS had entered into shareholder services contracts with affiliated and unaffiliated financial intermediaries who provide shareholder services and other related services to their clients or customers who invested in the Acquired Funds. Pursuant to such contracts, JPMDS paid all or a portion of such fees earned to financial intermediaries for performing such services.

JPMDS waived service fees as outlined in Note 3.G.

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

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

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

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

F. Distribution Services — The Distributor or its agent distributes Creation Units for each Fund on an agency basis. The Distributor does not maintain a secondary market in shares of each Fund. JPMDS receives no fees for their distribution services under the distribution agreement with the Trust (the “Distribution Agreement”). Although the Trust does not pay any fees under the Distribution Agreement, JPMIM pays JPMDS for certain distribution related services.

G. Waivers and Reimbursements—The Adviser, Administrator and/or JPMDS had contractually agreed to waive fees and/or reimburse the Funds to the extent that total annual operating expenses (excluding acquired fund fees and expenses other than certain money market fund fees as described below, dividend and interest expenses related to short sales, interest, taxes, expenses related to litigation and potential litigation, expenses related to trustee elections and extraordinary expenses) exceed 0.25% of Inflation Managed Bond ETF's average daily net assets and 0.50% of Realty Income ETF's average daily net assets.

Prior to the closing date, the Adviser, Administrator and/or JPMDS had contractually agreed to waive fees and/or reimburse the Funds to the extent that total annual operating expenses (excluding acquired fund fees and expenses other than certain money market fund fees as described below, dividend and interest expenses related to short sales, interest, taxes, expenses related to litigation and potential litigation, expenses related to trustee elections and extraordinary expenses) exceed the percentages of the Funds’ respective average daily net assets as shown in the table below:

	Class A	Class C	Class I	Class L	Class R5	Class R6
Inflation Managed Bond ETF	0.75%	1.40%	0.55%	n/a	0.45%	0.35%
Realty Income ETF	1.18	1.68	0.93	0.78%	0.78	0.68

For the six months ended August 31, 2022, the Funds' service providers waived fees and/or reimbursed expenses for the Funds as follows. None of these parties expect the Funds to repay any such waived fees and/or reimbursed expenses in future years.

	Contractual Waivers					Voluntary Waivers
	Investment Advisory Fees	Administration Fees	Service Fees	Total	Contractual Reimbursements	12b-1
Inflation Managed Bond ETF	$74,098	$36,676	$16,061	$126,835	$606,973	$16,322
Realty Income ETF	90,559	45,010	3,809	139,378	585,593	19,878

Additionally, the Funds may invest in one or more money market funds advised by the Adviser (affiliated money market funds). The Adviser has contractually agreed to waive fees and/or reimburse expenses in an amount sufficient to offset the respective net fees each collects

August 31, 2022

J.P. Morgan Exchange-Traded Funds

NOTES TO FINANCIAL STATEMENTS
AS OF August 31, 2022 (Unaudited) (continued)

from the affiliated money market fund on the applicable Fund’s investment in such affiliated money market fund, except for investments of securities lending cash collateral. None of these parties expect the Funds to repay any such waived fees and/ or reimbursed expenses in future years.

The amounts of these waivers resulting from investments in these money market funds for the six months ended August 31, 2022 were as follows:


Inflation Managed Bond ETF	$8,155
Realty Income ETF	13,997

Effective January 1, 2022, JPMIM voluntarily agreed to reimburse the Funds for the Trustee Fees paid to one of the interested Trustees. For the six months ended August 31, 2022, the amount of these waivers were as follows:


Inflation Managed Bond ETF	$862
Realty Income ETF	871

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

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

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

During the six months ended August 31, 2022, Inflation Managed Bond ETF purchased securities from an underwriting syndicate in which the principal underwriter or members of the syndicate were affiliated with the Adviser.

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

4. Investment Transactions

During the six months ended August 31, 2022, purchases and sales of investments (excluding short-term investments) were as follows:

	Purchases (excluding U.S. Government)	Sales (excluding U.S. Government)	Purchases of U.S. Government	Sales of U.S. Government
Inflation Managed Bond ETF	$36,046,405	$145,462,494	$614,570,149	$581,735,626
Realty Income ETF	292,380,237	295,915,623	—	—

For the six months ended August 31, 2022, in-kind transactions associated with creations and redemptions were as follows:

	In-Kind Creations	In-Kind Redemptions
Inflation Managed Bond ETF	$4,243,738	$24,379,510
Realty Income ETF	3,696,965	160,382,459

During the six months ended August 31, 2022, the Funds delivered portfolio securities for the redemption of Fund Shares (in-kind redemptions). Cash and portfolio securities were transferred for redemptions at fair value. For financial reporting purposes, the Funds recorded net realized gains and losses in connection with each in-kind redemption transaction.

J.P. Morgan Exchange-Traded Funds

August 31, 2022

5. Federal Income Tax Matters

For Federal income tax purposes, the estimated cost and unrealized appreciation (depreciation) in value of investments held at August 31, 2022 were as follows:

	Aggregate Cost	Gross Unrealized Appreciation	Gross Unrealized Depreciation	Net Unrealized Appreciation (Depreciation)
Inflation Managed Bond ETF	$1,072,192,077	$2,421,768	$58,393,963	$(55,972,195)
Realty Income ETF	761,528,256	190,295,584	24,055,157	166,240,427

Net capital losses (gains) and specified ordinary losses incurred after October 31 and late year ordinary losses incurred after December 31 and within the taxable year are deemed to arise on the first business day of the Funds' next taxable year. For the year ended February 28, 2022, the Funds deferred to March 1, 2022 the following net capital losses (gains), specified ordinary losses and late year ordinary losses of:

	Net Capital Losses		Late Year Ordinary Loss Deferral
	Short-Term	Long-Term	Late Year Ordinary Loss Deferral
Inflation Managed Bond ETF	$—	$1,738,180	$—
Realty Income ETF	—	—	787,509

During the year ended February 28, 2022, the following Funds utilized capital loss carryforwards as follows:

	Capital Loss Utilized
	Short-Term	Long-Term
Inflation Managed Bond ETF	$61,768,490	$—
Realty Income ETF	30,822,563	4,114,912

6. Capital Share Transactions

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

Shares of the Funds may only be purchased or redeemed by Authorized Participants. Such Authorized Participants may from time to time hold, of record or beneficially, a substantial percentage of the Funds' shares outstanding and act as executing or clearing broker for investment transactions on behalf of the Funds. An Authorized Participant is either (1) a “Participating Party” or other participant in the clearing process through the Continuous Net Settlement System of the National Securities Clearing Corporation (“NSCC”); or (2) a DTC Participant; which, in either case, must have executed an agreement with the Distributor.

Creation Units of a Fund may be created in advance of receipt by the Trust of all or a portion of the applicable basket of equity securities and other instruments (“Deposit Instruments”) and cash as described in the Funds’ registration statement. In these instances, the initial Deposit Instruments and cash must be deposited in an amount equal to the sum of the cash amount, plus at least 105% for the Funds of the market value of undelivered Deposit Instruments. A transaction fee may be imposed to offset transfer and other transaction costs associated with the purchase or redemption of Creation Units.

7. Risks, Concentrations and Indemnifications

In the normal course of business, the Funds enter into contracts that contain a variety of representations which provide general indemnifications. Each Fund's maximum exposure under these arrangements is unknown. The amount of exposure would depend on future claims that may be brought against each Fund. However, based on experience, the Funds expect the risk of loss to be remote.

Significant shareholder transactions by these shareholders may impact the Funds' performance and liquidity.

Disruptions to creations and redemptions, the existence of significant market volatility or potential lack of an active trading market for the Shares (including through a trading halt), as well as other factors, may result in Shares trading significantly above (at a premium) or below (at a discount) to the NAV or to the intraday value of the Funds’ holdings. During such periods, investors may incur significant losses if shares are sold.

Derivatives may be riskier than other types of investments because they may be more sensitive to changes in economic and market conditions and could result in losses that significantly exceed the Funds’ original investment. Many derivatives create leverage thereby causing the Funds to be more volatile than they would have been if they had not used derivatives. Derivatives also expose the Funds to counterparty risk (the risk that the derivative counterparty will not fulfill its contractual obligations), including credit risk of the derivative counterparty. The possible lack of a liquid

August 31, 2022

J.P. Morgan Exchange-Traded Funds

NOTES TO FINANCIAL STATEMENTS
AS OF August 31, 2022 (Unaudited) (continued)

secondary market for derivatives and the resulting inability of the Funds to sell or otherwise close a derivatives position could expose the Funds to losses and could make derivatives more difficult for the Fund to value accurately.

Inflation Managed Bond ETF invests in Inflation-linked debt securities which are subject to the effects of changes in market interest rates caused by factors other than inflation (real interest rates). In general, the price of an inflation-linked security tends to decline when real interest rates increase. Unlike conventional bonds, the principal and interest payments of inflation protected securities such as TIPS are adjusted periodically to a specified rate of inflation (e.g., CPI-U). There can be no assurance that the inflation index used will accurately measure the actual rate of inflation. These securities may lose value in the event that the actual rate of inflation is different than the rate of the inflation index.

Inflation Managed Bond ETF is subject to interest rate and credit risk. The value of debt securities may decline as interest rates increase. The Fund could lose money if the issuer of a fixed income security is unable to pay interest or repay principal when it is due. The Fund invest in floating rate loans and other floating rate debt securities. Although these investments are generally less sensitive to interest rate changes than other fixed rate instruments, the value of floating rate loans and other floating rate investments may decline if their interest rates do not rise as quickly, or as much, as general interest rates. Many factors can cause interest rates to rise. Some examples include central bank monetary policy, rising inflation rates and general economic conditions. The Fund may face a heightened level of interest rate risk due to certain changes in monetary policy. During periods when interest rates are low or there are negative interest rates, the Fund’s yield (and total return) also may be low or the Fund may be unable to maintain positive returns. The ability of the issuers of debt to meet their obligations may be affected by economic and political developments in a specific industry or region. The value of a Fund’s investments may be adversely affected if any of the issuers or counterparties it is invested in are subject to an actual or perceived deterioration in their credit quality.

Because Realty Income ETF invests in Real Estate Investment Trusts (“REITs”), the Fund may be subject to certain risks similar to those associated with direct investments in real estate. REITs may be affected by changes in the value of their underlying properties and by defaults by tenants. REITs depend generally on their ability to generate cash flow to make distributions to shareholders, and certain REITs have self-liquidation provisions by which mortgages held may be paid in full and distributions of capital returns may be made at any time.

Realty Income ETF invests in companies with relatively small market capitalizations. Investments in companies with relatively small market capitalizations may involve greater risk than is usually associated with stocks of larger companies. These securities may have limited marketability and may be subject to more abrupt or erratic movements in price than securities of companies with larger capitalizations.

Since Realty Income ETF is non-diversified, it may invest a greater percentage of its assets in a particular issuer or group of issuers than a diversified fund would. This increased investment in fewer issuers may result in the Fund’s shares being more sensitive to economic results of those issuing the securities.

LIBOR is intended to represent the rate at which contributing banks may obtain short-term borrowings from each other in the London interbank market. On March 5, 2021, the U.K. Financial Conduct Authority ("FCA") publicly announced that (i) immediately after December 31, 2021, publication of the 1-week and 2-month U.S. Dollar LIBOR settings will permanently cease; (ii) immediately after June 30, 2023, publication of the overnight and 12-month U.S. Dollar LIBOR settings will permanently cease; and (iii) immediately after June 30, 2023, the 1-month, 3-month and 6-month U.S. Dollar LIBOR settings will cease to be provided or, subject to the FCA's consideration of the case, be provided on a synthetic basis and no longer be representative of the underlying market and economic reality they are intended to measure and that representativeness will not be restored. There is no assurance that the dates announced by the FCA will not change or that the administrator of LIBOR and/or regulators will not take further action that could impact the availability, composition or characteristics of LIBOR or the currencies and/or tenors for which LIBOR is published. In addition, certain regulated entities ceased entering into most new LIBOR contracts in connection with regulatory guidance or prohibitions. Public and private sector industry initiatives are currently underway to implement new or alternative reference rates to be used in place of LIBOR. There is no assurance that any such alternative reference rate will be similar to or produce the same value or economic equivalence as LIBOR or that it will have the same volume or liquidity as did LIBOR prior to its discontinuance, unavailability or replacement, all of which may affect the value, volatility, liquidity or return on certain of a Fund's loans, notes, derivatives and other instruments or investments comprising some or all of a Fund's investments and result in costs incurred in connection with changing reference rates used for positions, closing out positions and entering into new trades. Certain of a Fund's investments may transition from LIBOR prior to the dates announced by the FCA. The transition from LIBOR to alternative reference rates may result in operational issues for a Fund or its investments. No assurances can be given as to the impact of the LIBOR transition (and the timing of any such impact) on a Fund and its investments.

The Funds are subject to infectious disease epidemics/pandemics risk. The worldwide outbreak of COVID-19 has negatively affected economies, markets and individual companies throughout the world. The effects of this COVID-19 pandemic to public health, and business and market conditions, including among other things, reduced consumer demand and economic output, supply chain disruptions and increased government spending may continue to have a significant negative impact on the performance of a Fund's investments, increase a Fund's volatility, negatively impact a Fund’s arbitrage and pricing mechanisms, exacerbate other pre-existing political, social and economic risks to the Funds and negatively impact broad segments of businesses and populations. In addition, governments, their regulatory agencies, or self-regulatory organizations have taken or may take actions in response to the pandemic that affect the instruments in which the Funds invest, or the issuers of such instruments, in ways that could also have a significant negative impact on a Fund’s investment performance. The duration and extent of COVID-19 and associated economic and market conditions and uncertainty over the long-term cannot be reasonably estimated at this time. The ultimate

J.P. Morgan Exchange-Traded Funds

August 31, 2022

SCHEDULE OF SHAREHOLDER EXPENSES
(Unaudited)
Hypothetical $1,000 Investment

As a shareholder of the Funds, you incur two types of costs: (1) transaction costs, including brokerage commissions on your purchase and sales of Fund shares and (2) ongoing costs, including investment advisory fees, administration fees, and other fund expenses. The examples below are intended to help you understand your ongoing costs (in dollars) of investing in the Funds and to compare these ongoing costs with the ongoing costs of investing in other funds. The examples assume that you had a $1,000 investment at the beginning of the reporting period, March 1, 2022, and continued to hold your shares at the end of the reporting period, August 31, 2022.

Actual Expenses

For each Fund in the table below, the first line provides information about actual account values and actual expenses. You may use the information in this line, together with the amount you invested, to estimate the expenses that you paid over the period. Simply divide your account value by $1,000 (for example, an $8,600 account value divided by $1,000 = 8.6), then multiply the result by the number in the first line of each

Fund under the heading titled “Expenses Paid During the Period” to estimate the expenses you paid on your account during this period.

Hypothetical Example for Comparison Purposes

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

	Beginning Account Value March 1, 2022	Ending Account Value August 31, 2022	Expenses Paid During the Period*	Annualized Expense Ratio
JPMorgan Inflation Managed Bond ETF
Actual	$1,000.00	$959.40	$1.28	0.26%
Hypothetical	1,000.00	1,023.89	1.33	0.26
JPMorgan Realty Income ETF
Actual	1,000.00	897.10	2.82	0.59
Hypothetical	1,000.00	1,022.23	3.01	0.59


*	Expenses are equal to the Fund’s annualized expense ratio, multiplied by the average account value over the period, multiplied by 184/365 (to reflect the one-half year period).

J.P. Morgan Exchange-Traded Funds

August 31, 2022

BOARD APPROVAL OF INITIAL ADVISORY AGREEMENT
(Unaudited)

JPMorgan Inflation Managed Bond ETF and JPMorgan Realty Income ETF

On July 29, 2021, the Board of Trustees (the “Board” or the “Trustees”) of J.P. Morgan Exchange-Traded Fund Trust (the “Trust”) held meetings and approved the initial advisory agreements (each an Advisory Agreement and collectively, the “Advisory Agreements”) for the JPMorgan Inflation Managed Bond ETF and JPMorgan Realty Income ETF (the “Funds”). The meetings were held by videoconference in reliance upon the Division of Investment Management Staff Statement on Fund Board Meetings and Unforeseen or Emergency Circumstances Related to Coronavirus Disease 2019. The Advisory Agreements were approved by a majority of the Trustees who are not “Interested Persons” (as defined in the Investment Company Act of 1940) of any party to each Advisory Agreement or any of their affiliates. In connection with the approval of each Advisory Agreement, the Trustees reviewed written materials prepared by the Adviser and received oral presentations from Adviser personnel. The Trustees noted that each Fund was anticipated to commence operations by acquiring the assets of another fund for which the Adviser serves as investment adviser (the “Acquired Fund”). Before voting on the proposed Advisory Agreements, the Trustees reviewed each Advisory Agreement with representatives of the Adviser and with counsel to the Trust and independent legal counsel to the Trustees and received a memorandum from independent legal counsel discussing the legal standards for their consideration of the proposed Advisory Agreements. They also considered information they received from the Adviser over the course of the year in connection with their oversight of other funds managed by the Adviser. The Trustees also discussed each proposed Advisory Agreement with independent legal counsel in executive session at which no representatives of the Adviser were present.

A summary of the material factors evaluated by the Trustees in determining whether to approve each Advisory Agreement is provided below. The Trustees considered information provided with respect to the Funds and the approval of the Advisory Agreements. Each Trustee attributed his or her own evaluation of the significance of the various factors, and no factor alone was considered determinative. The Trustees determined that the proposed compensation to be received by the Adviser from each Fund under its Advisory Agreement was fair and reasonable and that initial approval of the Advisory Agreements was in the best interests of each Fund and its potential shareholders.

Summarized below are the material factors considered and discussed by the Trustees in reaching their conclusions:

Nature, Extent and Quality of Services Provided by the Adviser

In connection with the approval of each Fund’s initial Advisory Agreement, the Trustees considered the materials furnished specifically in connection with the approval of the applicable Advisory Agreement, as well as other relevant information furnished for the Trustees, regarding the nature, extent, and quality of services provided by the adviser. Among other things, the Trustees considered:

(i)

The background and experience of the Adviser’s senior management and investment personnel;

(ii)

The qualifications, backgrounds and responsibilities of the portfolio management team to be primarily responsible for the day-to-day management each of the Funds;

(iii)

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

(iv)

Information about the structure and distribution strategy of each Fund and how it fits within the Trust’s other fund offerings;

(v)

Their knowledge of the nature and quality of the services provided by the Adviser and its affiliates gained from their experience as Trustees of the Trust and in the financial industry generally;

(vi)

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

(vii)

The commitment of the Adviser to provide high quality service to the Funds;

(viii)

Their overall confidence in the Adviser’s integrity;

(ix)

The Adviser’s responsiveness to requests for additional information, questions or concerns raised by them; and

(x)

The Adviser’s business continuity plan, steps the Adviser and its affiliates would be taking to provide services to the Funds during the COVID-19 pandemic and the Adviser’s and its affiliates’ success in continuing to provide services to the other J.P. Morgan ETFs and their shareholders throughout this period.

Based upon these considerations and other factors, the Trustees concluded that they were satisfied with the nature, extent and quality of services to be provided to the Funds by the Adviser.

Fall-Out Benefits

The Trustees reviewed information regarding potential “fall-out” or ancillary benefits expected to be received by the Adviser and its affiliates as a result of their relationship with the Funds. Additionally, the Trustees considered that any fall-out or ancillary benefits would be comparable to those related to the other funds in the complex. The Trustees also

August 31, 2022

J.P. Morgan Exchange-Traded Funds

BOARD APPROVAL OF INITIAL ADVISORY AGREEMENT
(Unaudited) (continued)

considered the benefits to the Adviser and its affiliates from the conversion of a mutual fund to an ETF, for example, through the expansion of the Adviser’s ETF offerings.

The Trustees also considered the benefits the Adviser is expected to receive as the result of JPMorgan Chase Bank, N.A.’s (“JPMCB”), an affiliate of the Adviser, roles as custodian, fund accountant and transfer agent for the Funds, including the profitability of those arrangements to JPMCB.

Economies of Scale

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

Fees Relative to Adviser’s Other Clients

For the JPMorgan Inflation Managed Bond ETF, the Trustees considered the Adviser’s view that it manages one account (including the Acquired Fund) with a substantially similar investment strategy as that of this ETF. For the JPMorgan Realty Income ETF, the Trustees considered the Adviser’s view that it manages two accounts (including the Acquired Fund) with a

substantially similar investment strategy as that of this ETF. The Trustees concluded that the fees charged to each Fund in comparison to those charged to such other clients were reasonable. The Trustees also considered the benefits to each relevant Acquired Fund shareholders from the fact that the total expense ratio of the Funds, after application of the Fee Cap, would be lower than those of the Acquired Funds.

Investment Performance

The Trustees considered each Fund’s investment strategy and processes, the portfolio management team and competitive positioning against identified peer funds and concluded that the prospects for competitive future performance were acceptable. In addition, because each Fund was anticipated to commence operations by acquiring the assets of the relevant Acquired Fund, and each Fund was to be the accounting survivor to the relevant Acquired Fund, the Trustees were provided with performance information for the relevant Acquired Fund.

Advisory Fees and Expense Ratios

The Trustees considered the contractual advisory fee rate that will be paid by each Fund to the Adviser and compared that rate to information prepared by Broadridge Investor Communications Solutions Inc. (“Broadridge”), an independent provider of investment company data, providing management fee rates paid by other funds in the same Morningstar category as each Fund. The Trustees also reviewed information about other projected expenses and the expense ratios for each Fund. The Trustees considered the projected Fee Cap proposed for each Fund, and the net advisory fee rate and net expense ratio for each Fund, after taking into account any projected waivers and/or reimbursements. The Trustees recognized that it is difficult to make comparisons of advisory fees because there are variations in the services that are included in the fees paid by other funds. The Trustees noted that each Fund’s estimated net advisory fees and total expenses were in line with identified peer funds. The Trustees also considered the fees paid to JPMCB, for custody, transfer agency and other related services for the Funds and the profitability of these arrangements to JPMCB.

The Trustees considered how the Funds will be positioned against peer funds, as identified by management and/or Broadridge and noted that each Fund’s proposed advisory fee compared favorably with identified peer funds. The Trustees also noted that because the Funds were not yet operational, no profitability information was available. After considering the factors identified above and other factors, in light of the information, the Trustees concluded that each Fund’s proposed advisory fee was reasonable.

J.P. Morgan Exchange-Traded Funds

August 31, 2022

J.P. Morgan Exchange-Traded Funds are distributed by JPMorgan Distribution Services, Inc., an indirect, wholly-owned subsidiary of JPMorgan Chase & Co. Affiliates of JPMorgan Chase & Co. receive fees for providing various services to the funds.

Contact J.P. Morgan Exchange-Traded Funds at 1-844-457-6383 (844-4JPM ETF) for a fund prospectus. You can also visit us at www.jpmorganfunds.com. Investors should carefully consider the investment objectives and risks as well as charges and expenses of the fund before investing. The prospectus contains this and other information about the fund. Read the prospectus carefully before investing.

Investors may obtain information about the Securities Investor Protection Corporation (SIPC), including the SIPC brochure, by visiting www.sipc.org or by calling SIPC at 202-371-8300.

Each Fund files a complete schedule of its fund holdings for the first and third quarters of its fiscal year with the SEC as an exhibit to its report on Form N-PORT. The Funds' Form N-PORT reports are available on the SEC’s website at http://www.sec.gov. The Funds' quarterly holdings can be found by visiting the J.P. Morgan Funds’ website at www.jpmorganfunds.com.

A description of each Fund's policies and procedures with respect to the disclosure of each Fund's holdings is available in the prospectuses and Statement of Additional Information.

A copy of proxy policies and procedures is available without charge upon request by calling 1-844-457-6383 and on the Funds' website at www.jpmorganfunds.com. A description of such policies and procedures is on the SEC’s website at www.sec.gov. The Trustees have delegated the authority to vote proxies for securities owned by the Funds to the Adviser. A copy of the Funds' voting record for the most recent 12-month period ended June 30 is available on the SEC’s website at www.sec.gov or at the Funds' website at www.jpmorganfunds.com no later than August 31 of each year. The Funds' proxy voting record will include, among other things, a brief description of the matter voted on for each fund security, and will state how each vote was cast, for example, for or against the proposal.

Fund	Ticker	Listing Exchange
JPMorgan Inflation Managed Bond ETF	JCPI	Cboe BZX Exchange, Inc.
JPMorgan Realty Income ETF	JPRE	NYSE Arca

PORTFOLIO COMPOSITION AS OF August 31, 2022	PERCENT OF TOTAL INVESTMENTS
U.S. Treasury Obligations	32.2%
Corporate Bonds	27.8
Asset-Backed Securities	11.1
Commercial Mortgage-Backed Securities	11.0
Mortgage-Backed Securities	7.7
Collateralized Mortgage Obligations	6.1
U.S. Government Agency Securities	1.3
Others (each less than 1.0%)	0.5
Short-Term Investments	2.5

	JPMorgan Inflation Managed Bond ETF	JPMorgan Realty Income ETF
ASSETS:
Investments in non-affiliates, at value	$990,819,743	$892,869,263
Investments in affiliates, at value	25,870,574	34,899,420
Cash	274,468	61,765
Receivables:
Investment securities sold	54,348	—
Fund shares sold	1,213	—
Interest from non-affiliates	3,759,253	—
Dividends from non-affiliates	—	567,448
Dividends from affiliates	1,726	2,197
Prepaid expenses	1,130	8,787
Total Assets	1,020,782,455	928,408,880
LIABILITIES:
Payables:
Investment securities purchased	244,962	61,787
Fund shares redeemed	2,425,400	—
Variation margin on futures contracts	933,153	—
Variation margin on centrally cleared swaps	974,870	—
Accrued liabilities:
Investment advisory fees	112,876	328,925
Administration fees	67,582	63,568
Printing and mailing costs	2,824	39,375
Custodian and accounting fees	53,459	21,943
Trustees’ and Chief Compliance Officer’s fees	262	181
Other	52,834	12,620
Total Liabilities	4,868,222	528,399
Net Assets	$1,015,914,233	$927,880,481

Per share operating performance (a)		Ratios/Supplemental data
Distributions						Ratios to average net assets (b)
Total Distributions	Net asset value, end of period	Market price, end of period	Total Return(d) (g)	Market price total return(e) (f) (g)	Net assets, end of period	Net expenses	Net investment income (loss)	Expenses without waivers and reimbursements	Portfolio turnover rate(g)

$(0.84)	$48.51	$48.40	(4.06)%	(4.28)%	$1,015,914,233	0.26%(i)	4.46%(i)	0.40%(i)	75%
(1.27)	51.43	51.43	4.23	4.23	897,545,065	0.34	2.49	0.39	159
(0.94)	50.58	50.58	4.70	4.70	1,172,320,983	0.34	1.93	0.38	89
(1.27)	49.26	49.26	6.84	6.84	1,169,195,274	0.42	2.62	0.44	146
(1.18)	47.33	47.33	1.41	1.41	859,081,298	0.47	2.46	0.47	74
(1.08)	47.85	47.85	0.31	0.31	1,199,611,618	0.45	2.14	0.47	68

(7.06)	49.30	49.29	(10.29)	(10.31)	927,880,481	0.59(i)	1.94(i)	0.72(i)	38
(5.74)	62.71	62.71	24.69	24.69	1,450,453,154	0.68	0.98	0.70	59
(2.37)	54.76	54.76	5.38	5.38	1,663,701,422	0.68	1.67	0.70	90
(5.17)	54.40	54.40	8.23	8.23	1,289,280,883	0.68	1.92	0.76	71
(0.64)	54.92	54.92	2.13	2.13	2,238,096,452	0.67	1.99	0.85	50
(1.24)	54.44	54.44	4.79	4.79	2,325,640,388	0.68	2.34	0.85	107