J.P. Morgan Exchange-Traded Fund Trust

CONTENTS


President's Letter	1
Fund Commentary	2
Schedule of Portfolio Investments	5
Financial Statements	15
Financial Highlights	20
Notes to Financial Statements	22
Schedule of Shareholder Expenses	30

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

President's Letter
February 13, 2023 (Unaudited)

Dear Shareholder,

Financial markets have rebounded somewhat as the U.S. and other developed market economies have shown notable resilience in the face of higher inflation, rising interest rates and the ongoing war in Ukraine. While the factors that weighed on equity and bond markets in 2022 largely remain, there are signals that inflationary pressures may have peaked and the long-term economic outlook appears positive.

“Investors may face continued

economic and geopolitical challenges

in the year ahead. However, some of

the acute risks encountered in 2022

appear to have receded and last

year’s reset in asset prices may

provide attractive investment

opportunities.”

— Brian S. Shlissel

While U.S. economic growth was surprisingly strong in the closing months of 2022, with broad gains in employment and consumer spending in the final months of the year, the U.S. Federal Reserve’s efforts to counter inflationary pressure through sharply higher interest rates could slow economic momentum in the months ahead.

Corporate earnings have been squeezed by higher costs for materials and labor, while the strong U.S. dollar has hindered export revenues. However, the impact of higher prices and interest rates has not landed on all sectors of the economy evenly. Energy sector profits have soared over the past year, while earnings in housing and construction sectors have declined.

Across Europe, the war in Ukraine has driven up prices for energy, food and a range of other goods and has fueled negative consumer sentiment. The prolonged nature of the conflict and its potential to spread remain key concerns among policymakers, diplomats, military planners, economists and investors. It is worth noting that Europe’s largest industrialized nations in concert with the European Union have moved swiftly to secure alternatives to Russian sources of natural gas and petroleum, which has eased an energy crisis that began last year.

Investors may face continued economic and geopolitical challenges in the year ahead. However, some of the acute risks encountered in 2022 appear to have receded and last year’s reset in asset prices may provide attractive investment opportunities. A long-term view and a properly diversified portfolio, in our opinion, remain key elements to a successful investment approach.

Our broad array of investment solutions seeks to provide investors with ability to build 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

December 31, 2022

J.P. Morgan Exchange-Traded Funds

JPMorgan Market Expansion Enhanced Equity ETF

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

REPORTING PERIOD RETURN:
Net Asset Value *	7.19%
Market Price **	7.16%
S&P 1000 Index	6.67%
Net Assets as of 12/31/2022	$786,533,246
Fund Ticker	JMEE

INVESTMENT OBJECTIVE ***

The JPMorgan Market Expansion Enhanced Equity ETF (the “Fund”) seeks to provide investment results that correspond to or incrementally exceed the total return performance of an index that tracks the performance of the small- and mid-capitalization equity markets.

INVESTMENT APPROACH

The Fund combines a proprietary stock-ranking system with fundamental analysis to identify the most attractive stocks in the S&P 1000 Index (the “Benchmark”). The Fund owns a large portion of stocks in the Benchmark, modestly overweighting higher-ranked stocks and underweighting lower-ranked stocks.

HOW DID THE MARKET PERFORM?

Overall, leading U.S. equity indexes ended the period with positive returns, rebounding from a broad sell-off in August and September. Investors were largely focused on the pace and size of interest rate increases by the U.S. Federal Reserve (the “Fed”), while the highest inflation rate in 40 years, the war in Ukraine and pandemic-related disruptions in China weighed on global financial markets.

During the second half of 2022, the Fed raised interest rates in July, September, November and December, following three increases in the first half of the year. Meanwhile, corporate earnings for the second and third quarters of 2022, generally were better than expected given a cooling economy and slower consumer spending. The U.S. unemployment rate remained historically low, hovering between 3.5% and 3.7% for the six-month period.

Within U.S. equity markets, the energy sector outperformed amid constrained supply from Russia and Europe's efforts to find alternative sources of petroleum and natural gas. The utilities sector also performed well as investors sought attractive dividend yields and companies less exposed to economic cycles. The real estate sector largely underperformed amid rising interest rates, while changing consumer habits and

investor concerns over increased competition weighed on the communication services sector.

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

For the six months ended December 31, 2022, the Fund outperformed the Benchmark. The Fund’s security selection in the basic materials and energy sectors was a leading contributor to performance relative to the Benchmark, while the Fund’s security selection in the retail and consumer cyclical sectors was a leading detractor from relative performance.

Leading individual contributors to relative performance included the Fund’s overweight positions in First Solar Inc. and Fabrinet and its underweight position in Neoegen Corp. Shares of First Solar, a manufacturer of solar energy technologies, rose after the company reported a large backlog of orders and investor expectations that the company would benefit from increased federal spending on renewable energy. Shares of Fabrinet, a Cayman Islands-based provider of technology and services to the electronics manufacturing industry, rose after the company reported better-than-expected earnings for its fiscal fourth and first quarters. Shares of Neogen, a manufacturer of food safety and animal health products, fell following the completion of its merger with 3M Co.’s food safety business.

Leading individual detractors from relative performance included the Fund’s overweight positions in Exelixis Inc. and Lantheus Holdings Inc. and its underweight position in Toro Co.
Shares of Exelixis, a pharmaceuticals developer focused on cancer treatments, fell after a run-up in the share price early in the period. Shares of Lantheus Holdings, a provider of diagnostics imaging and nuclear medicine products, fell after a run-up in the share price ahead of the company’s third quarter results. Shares of Toro, a manufacturer of tractors, mowers and related landscaping equipment, rose after the company reported consecutive quarters of better-than-expected earnings and increased its quarterly dividend.

J.P. Morgan Exchange-Traded Funds

December 31, 2022

The return shown is based on net asset value and may differ from the return shown in the financial highlights, which reflects adjustments made to the net asset value in accordance with accounting principles generally accepted in the United States of America. The net asset value was $46.07 as of December 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. The price used to calculate the market price return was the closing price on the NYSE Arca. As of December 31, 2022, the closing price was $46.05.

***

The adviser seeks to achieve the Fund’s objective. There can be no guarantee it will be achieved.

HOW WAS THE FUND POSITIONED?

The Fund seeks to closely follow the sector and industry weights within the Benchmark. Because the Fund uses an enhanced index strategy, not all of the stocks in the Benchmark are held by the Fund, and the Fund’s position in an individual stock may be overweight or underweight as compared to the Benchmark. The Fund’s portfolio managers seek to invest in stocks that they believe are attractively valued and that have improving momentum characteristics. The portfolio managers strive to add value exclusively through security selection rather

than sector, style or theme allocation.

TOP TEN HOLDINGS OF THE PORTFOLIO AS OF December 31, 2022		PERCENT OF TOTAL INVESTMENTS
1.	United Therapeutics Corp.	0.9%
2.	First Solar, Inc.	0.8
3.	Steel Dynamics, Inc.	0.7
4.	Builders FirstSource, Inc.	0.7
5.	Jabil, Inc.	0.6
6.	Reliance Steel & Aluminum Co.	0.6
7.	Ciena Corp.	0.6
8.	Genpact Ltd.	0.6
9.	AGCO Corp.	0.5
10.	Essential Utilities, Inc.	0.5

PORTFOLIO COMPOSITION BY SECTOR AS OF December 31, 2022	PERCENT OF TOTAL INVESTMENTS
Industrials	20.1%
Financials	15.4
Information Technology	12.9
Consumer Discretionary	12.6
Health Care	10.8
Real Estate	7.6
Materials	6.5
Consumer Staples	4.6
Energy	4.2
Utilities	3.1
Communication Services	1.4
Short-Term Investments	0.8

December 31, 2022

J.P. Morgan Exchange-Traded Funds

JPMorgan Market Expansion Enhanced Equity ETF

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

AVERAGE ANNUAL TOTAL RETURNS AS OF December 31, 2022

	INCEPTION DATE	SIX MONTHS*	1 YEAR	5 YEAR	10 YEAR
JPMorgan Market Expansion Enhanced Equity ETF
Net Asset Value	July 31, 1998**	7.19%	(12.83)%	5.88%	10.62%
Market Price		7.16	(12.87)	5.87	10.61


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

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

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 Market Expansion Enhanced Equity ETF (the “Fund”) acquired the assets and liabilities of the JPMorgan Market Expansion Enhanced Index Fund (“Predecessor Fund”) in a reorganization that occurred as of the close of business on May 6, 2022. Performance and financial history of the Predecessor Fund’s Class R6 Shares have been adopted by the Fund and will be used going forward. As a result, the performance for the Fund prior to close of business on May 6, 2022 is the performance of the Predecessor Fund’s Class R6 Shares. Inception date for the Predecessor Fund’s Class R6 Shares is October 1, 2018. Returns for the Predecessor Fund’s Class R6 Shares prior to their inception date are based on the performance of the Predecessors Fund’s Class I Shares. The actual returns of the Predecessor Fund’s Class R6 Shares would have been different than those shown because the Predecessor Fund’s Class R6 Shares had different expenses than the Predecessor Fund’s Class I Shares. Inception date for the Predecessor Fund’s Class I Shares is July 31, 1998. Performance for the Fund’s shares has not been adjusted to reflect the Fund’s shares’ lower expenses than those of the Predecessor Fund’s Class R6 Shares and Class I Shares. Had the Predecessor Fund been structured as an exchange-traded fund (“ETF”), its performance may have differed. Performance for the Predecessor

Fund is based on the net asset value ("NAV") per share of the Predecessor Fund Shares rather than on market-determined prices. Prior to the Fund’s listing on May 9, 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 S&P 1000 Index from December 31, 2012 to December 31, 2022. The performance of the Fund reflects the deduction of Fund expenses, assumes reinvestment of all dividends and capital gain distributions, if any. The performance of the S&P 1000 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 S&P 1000 Index is an unmanaged index generally representative of the performance of large companies in the U.S. stock market. 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

December 31, 2022

JPMorgan Market Expansion Enhanced Equity ETF

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

INVESTMENTS	SHARES	VALUE($)
Common Stocks — 99.2%
Aerospace & Defense — 0.6%
Aerojet Rocketdyne Holdings, Inc. *	20,334	1,137,280
AeroVironment, Inc. *	5,804	497,171
Axon Enterprise, Inc. *	15,997	2,654,382
Curtiss-Wright Corp.	1,609	268,687
Woodward, Inc.	4,516	436,291
		4,993,811
Air Freight & Logistics — 0.5%
Atlas Air Worldwide Holdings, Inc. *	7,498	755,798
Forward Air Corp.	8,331	873,839
GXO Logistics, Inc. *	20,639	881,079
Hub Group, Inc., Class A *	22,245	1,768,255
		4,278,971
Airlines — 0.3%
Hawaiian Holdings, Inc. *	22,473	230,573
JetBlue Airways Corp. *	266,258	1,725,352
		1,955,925
Auto Components — 1.1%
Adient plc *	24,159	838,076
American Axle & Manufacturing Holdings, Inc. *	37,071	289,895
Dana, Inc.	86,573	1,309,849
Fox Factory Holding Corp. *	5,659	516,271
Gentherm, Inc. *	8,594	561,102
Goodyear Tire & Rubber Co. (The) *	182,845	1,855,877
LCI Industries	6,386	590,386
Lear Corp.	14,991	1,859,184
Patrick Industries, Inc.	7,134	432,320
		8,252,960
Automobiles — 0.4%
Harley-Davidson, Inc.	40,146	1,670,074
Thor Industries, Inc.	15,019	1,133,784
Winnebago Industries, Inc.	10,275	541,492
		3,345,350
Banks — 7.7%
Ameris Bancorp	40,246	1,897,197
Associated Banc-Corp.	40,847	943,157
Banc of California, Inc.	38,614	615,121
Bancorp, Inc. (The) *	14,476	410,829
Bank OZK	11,595	464,496
Banner Corp.	30,746	1,943,147
Brookline Bancorp, Inc.	18,869	266,996
Cadence Bank	18,829	464,323
Cathay General Bancorp	10,663	434,944

INVESTMENTS	SHARES	VALUE($)

Banks — continued
Commerce Bancshares, Inc.	11,359	773,207
Cullen/Frost Bankers, Inc.	17,251	2,306,459
Customers Bancorp, Inc. *	32,926	933,123
CVB Financial Corp.	71,692	1,846,069
Dime Community Bancshares, Inc.	12,536	399,021
East West Bancorp, Inc.	61,547	4,055,947
FB Financial Corp.	35,846	1,295,475
First Bancorp	9,349	400,511
First BanCorp (Puerto Rico)	61,676	784,519
First Commonwealth Financial Corp.	28,385	396,539
First Financial Bancorp	11,658	282,473
First Financial Bankshares, Inc.	16,720	575,168
First Horizon Corp.	138,580	3,395,210
FNB Corp.	151,886	1,982,112
Glacier Bancorp, Inc.	2,727	134,768
Hancock Whitney Corp.	36,253	1,754,283
Hanmi Financial Corp.	8,814	218,147
HomeStreet, Inc.	5,964	164,487
Independent Bank Corp.	7,198	607,727
National Bank Holdings Corp., Class A	47,505	1,998,535
NBT Bancorp, Inc.	8,908	386,785
OFG Bancorp (Puerto Rico)	71,623	1,973,930
Old National Bancorp	165,040	2,967,419
PacWest Bancorp	49,873	1,144,585
Pathward Financial, Inc.	7,168	308,582
Pinnacle Financial Partners, Inc.	42,094	3,089,700
Preferred Bank	14,279	1,065,499
Prosperity Bancshares, Inc.	24,805	1,802,827
Renasant Corp.	14,290	537,161
Simmons First National Corp., Class A	85,421	1,843,385
Synovus Financial Corp.	38,296	1,438,015
Triumph Financial, Inc. *	5,912	288,919
UMB Financial Corp.	11,338	946,950
Umpqua Holdings Corp.	56,005	999,689
United Community Banks, Inc.	26,927	910,133
Valley National Bancorp	80,292	908,103
Veritex Holdings, Inc.	67,952	1,908,092
Washington Federal, Inc.	60,770	2,038,834
Webster Financial Corp.	30,842	1,460,060
Wintrust Financial Corp.	35,235	2,978,062
		60,740,720

SEE NOTES TO FINANCIAL STATEMENTS.

December 31, 2022

J.P. Morgan Exchange-Traded Funds

JPMorgan Market Expansion Enhanced Equity ETF

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

INVESTMENTS	SHARES	VALUE($)
Common Stocks — continued
Beverages — 0.2%
Boston Beer Co., Inc. (The), Class A *	2,402	791,507
Coca-Cola Consolidated, Inc.	1,396	715,255
		1,506,762
Biotechnology — 2.3%
Arrowhead Pharmaceuticals, Inc. *	41,442	1,680,888
Eagle Pharmaceuticals, Inc. *	28,785	841,386
Emergent BioSolutions, Inc. *	3,878	45,799
Exelixis, Inc. *	228,551	3,665,958
Neurocrine Biosciences, Inc. *	27,289	3,259,398
REGENXBIO, Inc. *	61,583	1,396,702
United Therapeutics Corp. *	26,205	7,287,348
		18,177,479
Building Products — 2.2%
Builders FirstSource, Inc. *	80,823	5,243,796
Carlisle Cos., Inc.	13,633	3,212,617
Griffon Corp.	13,236	473,716
Lennox International, Inc.	6,507	1,556,670
Owens Corning	26,989	2,302,162
Resideo Technologies, Inc. *	41,152	676,950
Simpson Manufacturing Co., Inc.	11,438	1,014,093
Trex Co., Inc. *	4,273	180,876
UFP Industries, Inc.	36,069	2,858,468
		17,519,348
Capital Markets — 1.7%
Affiliated Managers Group, Inc.	10,673	1,690,923
Blucora, Inc. *	94,696	2,417,589
Donnelley Financial Solutions, Inc. *	12,747	492,672
Evercore, Inc., Class A	6,146	670,406
Interactive Brokers Group, Inc., Class A	37,728	2,729,621
Jefferies Financial Group, Inc.	60,240	2,065,027
Stifel Financial Corp.	34,444	2,010,496
StoneX Group, Inc. *	8,626	822,058
Virtus Investment Partners, Inc.	1,934	370,245
		13,269,037
Chemicals — 2.4%
AdvanSix, Inc.	29,383	1,117,142
Ashland, Inc.	11,060	1,189,282
Avient Corp.	41,332	1,395,368
Cabot Corp.	27,435	1,833,755
Chemours Co. (The)	62,614	1,917,241
Hawkins, Inc.	5,011	193,425
HB Fuller Co.	27,019	1,935,101

INVESTMENTS	SHARES	VALUE($)

Chemicals — continued
Ingevity Corp. *	24,223	1,706,268
Livent Corp. *	19,350	384,485
Mativ Holdings, Inc.	9,023	188,581
Minerals Technologies, Inc.	14,483	879,408
RPM International, Inc.	24,801	2,416,857
Scotts Miracle-Gro Co. (The)	11,009	534,927
Sensient Technologies Corp.	11,202	816,850
Stepan Co.	6,887	733,190
Trinseo plc	10,185	231,301
Valvoline, Inc.	51,248	1,673,247
		19,146,428
Commercial Services & Supplies — 1.8%
ABM Industries, Inc.	16,808	746,611
Brady Corp., Class A	47,450	2,234,895
Brink's Co. (The)	13,784	740,339
Clean Harbors, Inc. *	30,101	3,435,126
CoreCivic, Inc., REIT *	115,970	1,340,613
Deluxe Corp.	12,014	203,998
Harsco Corp. *	17,359	109,188
IAA, Inc. *	35,425	1,417,000
Interface, Inc.	16,925	167,050
KAR Auction Services, Inc. *	33,586	438,297
Matthews International Corp., Class A	8,684	264,341
MillerKnoll, Inc.	22,152	465,413
Pitney Bowes, Inc.	40,036	152,137
Stericycle, Inc. *	6,386	318,598
Tetra Tech, Inc.	14,221	2,064,747
Viad Corp. *	5,264	128,389
		14,226,742
Communications Equipment — 1.5%
ADTRAN Holdings, Inc.	14,632	274,935
Calix, Inc. *	14,646	1,002,226
Ciena Corp. *	88,337	4,503,420
Comtech Telecommunications Corp.	8,331	101,138
Digi International, Inc. *	8,879	324,527
Extreme Networks, Inc. *	31,357	574,147
Lumentum Holdings, Inc. *	14,632	763,351
NETGEAR, Inc. *	99,077	1,794,285
Viasat, Inc. *	44,632	1,412,603
Viavi Solutions, Inc. *	58,825	618,251
		11,368,883
Construction & Engineering — 2.3%
AECOM	34,555	2,934,756

SEE NOTES TO FINANCIAL STATEMENTS.

J.P. Morgan Exchange-Traded Funds

December 31, 2022

INVESTMENTS	SHARES	VALUE($)
Common Stocks — continued
Construction & Engineering — continued
Arcosa, Inc.	14,143	768,531
Comfort Systems USA, Inc.	26,210	3,016,247
EMCOR Group, Inc.	27,084	4,011,411
Fluor Corp. *	39,201	1,358,707
MasTec, Inc. *	15,117	1,289,934
MDU Resources Group, Inc.	136,883	4,153,030
MYR Group, Inc. *	4,263	392,494
		17,925,110
Construction Materials — 0.1%
Eagle Materials, Inc.	7,198	956,254
Consumer Finance — 0.7%
Bread Financial Holdings, Inc.	23,268	876,273
Encore Capital Group, Inc. *	8,594	411,996
Enova International, Inc. *	40,842	1,567,108
EZCORP, Inc., Class A *	23,421	190,881
Green Dot Corp., Class A *	13,505	213,649
LendingTree, Inc. *	1,834	39,119
Navient Corp.	13,383	220,150
PROG Holdings, Inc. *	17,989	303,834
SLM Corp.	96,211	1,597,103
		5,420,113
Containers & Packaging — 1.0%
AptarGroup, Inc.	13,854	1,523,663
Greif, Inc., Class A	12,789	857,630
Myers Industries, Inc.	10,190	226,524
Silgan Holdings, Inc.	41,721	2,162,816
Sonoco Products Co.	52,887	3,210,770
		7,981,403
Diversified Consumer Services — 1.0%
Adtalem Global Education, Inc. *	13,595	482,623
American Public Education, Inc. *	21,541	264,739
Graham Holdings Co., Class B	1,681	1,015,677
Grand Canyon Education, Inc. *	5,100	538,866
H&R Block, Inc.	44,493	1,624,439
Service Corp. International	43,755	3,025,221
Strategic Education, Inc.	7,044	551,686
WW International, Inc. *	14,243	54,978
		7,558,229
Diversified Financial Services — 0.2%
Voya Financial, Inc.	20,270	1,246,402
Diversified Telecommunication Services — 0.3%
ATN International, Inc.	2,482	112,459

INVESTMENTS	SHARES	VALUE($)

Diversified Telecommunication Services — continued
Cogent Communications Holdings, Inc.	10,813	617,206
Iridium Communications, Inc. *	35,520	1,825,728
		2,555,393
Electric Utilities — 1.3%
Hawaiian Electric Industries, Inc.	77,675	3,250,699
IDACORP, Inc.	32,520	3,507,282
OGE Energy Corp.	92,975	3,677,161
		10,435,142
Electrical Equipment — 1.5%
Acuity Brands, Inc.	8,862	1,467,636
AZZ, Inc.	6,486	260,737
Encore Wire Corp.	15,131	2,081,420
Hubbell, Inc.	6,202	1,455,485
nVent Electric plc	94,694	3,642,878
Regal Rexnord Corp.	18,181	2,181,357
Sunrun, Inc. *	40,146	964,307
		12,053,820
Electronic Equipment, Instruments & Components — 2.8%
Advanced Energy Industries, Inc.	11,107	952,759
Arrow Electronics, Inc. *	25,130	2,627,844
Belden, Inc.	11,582	832,746
Benchmark Electronics, Inc.	9,980	266,366
Cognex Corp.	36,621	1,725,215
Coherent Corp. *	19,253	675,780
Fabrinet (Thailand) *	26,905	3,449,759
Itron, Inc. *	3,130	158,535
Jabil, Inc.	71,044	4,845,201
Littelfuse, Inc.	5,557	1,223,651
OSI Systems, Inc. *	4,716	375,016
Rogers Corp. *	4,981	594,433
TD SYNNEX Corp.	23,147	2,192,252
Vontier Corp.	123,759	2,392,262
		22,311,819
Energy Equipment & Services — 1.1%
Bristow Group, Inc. *	7,626	206,893
ChampionX Corp.	124,400	3,606,356
Helmerich & Payne, Inc.	18,211	902,719
Nabors Industries Ltd. *	1,596	247,173
NOV, Inc.	104,943	2,192,259
Oceaneering International, Inc. *	28,385	496,454

SEE NOTES TO FINANCIAL STATEMENTS.

December 31, 2022

J.P. Morgan Exchange-Traded Funds

JPMorgan Market Expansion Enhanced Equity ETF

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

INVESTMENTS	SHARES	VALUE($)
Common Stocks — continued
Energy Equipment & Services — continued
Patterson-UTI Energy, Inc.	55,026	926,638
ProPetro Holding Corp. *	19,891	206,270
		8,784,762
Entertainment — 0.0% ^
Marcus Corp. (The)	8,146	117,221
Equity Real Estate Investment Trusts (REITs) — 7.1%
Agree Realty Corp.	49,175	3,487,983
American Assets Trust, Inc.	12,598	333,847
Apartment Income REIT Corp.	57,698	1,979,618
Armada Hoffler Properties, Inc.	47,751	549,137
Brixmor Property Group, Inc.	42,655	966,989
Centerspace	12,508	733,844
Community Healthcare Trust, Inc.	5,748	205,778
Corporate Office Properties Trust	59,542	1,544,519
Cousins Properties, Inc.	41,085	1,039,040
CubeSmart	98,150	3,950,537
DiamondRock Hospitality Co.	51,350	420,557
Douglas Emmett, Inc.	7,848	123,057
EastGroup Properties, Inc.	11,112	1,645,243
EPR Properties	19,907	750,892
Essential Properties Realty Trust, Inc.	72,150	1,693,361
First Industrial Realty Trust, Inc.	59,221	2,858,005
Four Corners Property Trust, Inc.	7,260	188,252
Getty Realty Corp.	12,044	407,689
Healthcare Realty Trust, Inc.	79,227	1,526,704
Highwoods Properties, Inc.	29,089	813,910
Hudson Pacific Properties, Inc.	37,126	361,236
Independence Realty Trust, Inc.	60,137	1,013,910
Innovative Industrial Properties, Inc.	10,762	1,090,729
Kilroy Realty Corp.	67,415	2,606,938
Kite Realty Group Trust	59,203	1,246,223
Lamar Advertising Co., Class A	23,664	2,233,882
Life Storage, Inc.	36,816	3,626,376
Macerich Co. (The)	54,979	619,064
National Retail Properties, Inc.	14,432	660,408
National Storage Affiliates Trust	66,326	2,395,695
NexPoint Residential Trust, Inc.	14,094	613,371
Park Hotels & Resorts, Inc.	65,483	772,045
Pebblebrook Hotel Trust	34,301	459,290
Physicians Realty Trust	57,598	833,443
PotlatchDeltic Corp.	21,442	943,234
Rayonier, Inc.	50,336	1,659,075
Rexford Industrial Realty, Inc.	75,863	4,145,154
Sabra Health Care REIT, Inc.	60,968	757,832

INVESTMENTS	SHARES	VALUE($)

Equity Real Estate Investment Trusts (REITs) — continued
Saul Centers, Inc.	2,971	120,860
SITE Centers Corp.	49,915	681,839
Spirit Realty Capital, Inc.	42,170	1,683,848
STORE Capital Corp.	17,798	570,604
Tanger Factory Outlet Centers, Inc.	8,046	144,345
Uniti Group, Inc.	112,780	623,673
Xenia Hotels & Resorts, Inc.	30,039	395,914
		55,477,950
Food & Staples Retailing — 1.3%
Andersons, Inc. (The)	32,353	1,132,031
BJ's Wholesale Club Holdings, Inc. *	55,216	3,653,091
SpartanNash Co.	51,863	1,568,337
Sprouts Farmers Market, Inc. *	99,140	3,209,162
United Natural Foods, Inc. *	15,918	616,186
		10,178,807
Food Products — 1.8%
Darling Ingredients, Inc. *	44,104	2,760,469
Flowers Foods, Inc.	108,865	3,128,780
Hain Celestial Group, Inc. (The) *	21,730	351,591
Hostess Brands, Inc. *	35,440	795,274
Ingredion, Inc.	31,422	3,077,156
John B Sanfilippo & Son, Inc.	2,682	218,100
Pilgrim's Pride Corp. *	50,226	1,191,863
Post Holdings, Inc. *	15,180	1,370,147
Simply Good Foods Co. (The) *	22,125	841,414
TreeHouse Foods, Inc. *	13,186	651,125
		14,385,919
Gas Utilities — 0.8%
New Jersey Resources Corp.	24,249	1,203,235
Southwest Gas Holdings, Inc.	20,637	1,277,018
Spire, Inc.	7,134	491,247
UGI Corp.	94,855	3,516,275
		6,487,775
Health Care Equipment & Supplies — 4.1%
Avanos Medical, Inc. *	11,933	322,907
CONMED Corp.	6,560	581,478
Cutera, Inc. *	4,362	192,888
Envista Holdings Corp. *	94,429	3,179,424
Glaukos Corp. *	20,803	908,675
Globus Medical, Inc., Class A *	20,334	1,510,206
Haemonetics Corp. *	30,061	2,364,298
Heska Corp. *	2,782	172,929

SEE NOTES TO FINANCIAL STATEMENTS.

J.P. Morgan Exchange-Traded Funds

December 31, 2022

INVESTMENTS	SHARES	VALUE($)
Common Stocks — continued
Health Care Equipment & Supplies — continued
Integer Holdings Corp. *	8,530	583,964
Integra LifeSciences Holdings Corp. *	18,759	1,051,817
Lantheus Holdings, Inc. *	73,437	3,742,349
LivaNova plc *	11,561	642,098
Masimo Corp. *	27,727	4,102,210
Meridian Bioscience, Inc. *	15,339	509,408
Merit Medical Systems, Inc. *	13,310	939,952
Neogen Corp. *	117,786	1,793,881
NuVasive, Inc. *	46,048	1,899,019
Omnicell, Inc. *	11,009	555,074
Orthofix Medical, Inc. *	12,847	263,749
Penumbra, Inc. *	6,486	1,442,876
Shockwave Medical, Inc. *	9,724	1,999,352
Tandem Diabetes Care, Inc. *	67,801	3,047,655
Varex Imaging Corp. *	10,628	215,748
		32,021,957
Health Care Providers & Services — 2.2%
Acadia Healthcare Co., Inc. *	23,321	1,919,785
Addus HomeCare Corp. *	3,978	395,771
Amedisys, Inc. *	21,951	1,833,787
AMN Healthcare Services, Inc. *	5,539	569,520
Chemed Corp.	4,362	2,226,496
Encompass Health Corp.	25,045	1,497,941
Enhabit, Inc. *	12,544	165,079
Ensign Group, Inc. (The)	13,405	1,268,247
Fulgent Genetics, Inc. *	40,170	1,196,263
HealthEquity, Inc. *	39,522	2,436,136
LHC Group, Inc. *	8,784	1,420,285
ModivCare, Inc. *	12,014	1,078,016
Option Care Health, Inc. *	36,083	1,085,737
R1 RCM, Inc. *	30,719	336,373
RadNet, Inc. *	11,366	214,022
		17,643,458
Health Care Technology — 0.5%
HealthStream, Inc. *	7,848	194,944
NextGen Healthcare, Inc. *	149,097	2,800,042
Veradigm, Inc. *	51,512	908,672
		3,903,658
Hotels, Restaurants & Leisure — 2.4%
BJ's Restaurants, Inc. *	6,207	163,741
Bloomin' Brands, Inc.	20,089	404,191
Boyd Gaming Corp.	22,189	1,209,966
Brinker International, Inc. *	35,973	1,147,898

INVESTMENTS	SHARES	VALUE($)

Hotels, Restaurants & Leisure — continued
Cheesecake Factory, Inc. (The)	14,538	461,000
Churchill Downs, Inc.	6,660	1,408,124
Cracker Barrel Old Country Store, Inc.	4,377	414,677
Dave & Buster's Entertainment, Inc. *	13,505	478,617
Dine Brands Global, Inc.	19,148	1,236,961
Golden Entertainment, Inc. *	9,068	339,143
Jack in the Box, Inc.	6,660	454,412
Light & Wonder, Inc. *	16,466	964,908
Marriott Vacations Worldwide Corp.	10,813	1,455,322
Papa John's International, Inc.	6,486	533,863
Ruth's Hospitality Group, Inc.	6,002	92,911
Six Flags Entertainment Corp. *	47,085	1,094,726
Texas Roadhouse, Inc.	15,778	1,435,009
Travel + Leisure Co.	30,968	1,127,235
Wendy's Co. (The)	34,234	774,715
Wyndham Hotels & Resorts, Inc.	50,400	3,594,024
		18,791,443
Household Durables — 1.6%
Cavco Industries, Inc. *	2,134	482,818
Helen of Troy Ltd. *	6,471	717,699
KB Home	24,059	766,279
La-Z-Boy, Inc.	12,199	278,381
Meritage Homes Corp. *	9,896	912,411
Taylor Morrison Home Corp. *	34,254	1,039,609
Tempur Sealy International, Inc.	51,348	1,762,777
Toll Brothers, Inc.	78,711	3,929,253
Tri Pointe Homes, Inc. *	136,783	2,542,796
Tupperware Brands Corp. *	14,632	60,576
Universal Electronics, Inc. *	7,288	151,663
		12,644,262
Household Products — 0.5%
Central Garden & Pet Co. *	27,389	1,025,718
Central Garden & Pet Co., Class A *	55,126	1,973,511
Energizer Holdings, Inc.	17,573	589,574
		3,588,803
Insurance — 3.4%
American Financial Group, Inc.	23,925	3,284,424
Assured Guaranty Ltd.	11,212	698,059
CNO Financial Group, Inc.	32,991	753,844
Employers Holdings, Inc.	8,046	347,024
First American Financial Corp.	43,877	2,296,522
Hanover Insurance Group, Inc. (The)	9,845	1,330,355
Horace Mann Educators Corp.	10,614	396,645

SEE NOTES TO FINANCIAL STATEMENTS.

December 31, 2022

J.P. Morgan Exchange-Traded Funds

JPMorgan Market Expansion Enhanced Equity ETF

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

INVESTMENTS	SHARES	VALUE($)
Common Stocks — continued
Insurance — continued
James River Group Holdings Ltd.	43,128	901,806
Kinsale Capital Group, Inc.	4,720	1,234,374
Mercury General Corp.	7,020	240,084
Old Republic International Corp.	75,830	1,831,295
Palomar Holdings, Inc. *	6,207	280,308
Primerica, Inc.	7,090	1,005,504
Reinsurance Group of America, Inc.	18,121	2,574,813
RenaissanceRe Holdings Ltd. (Bermuda)	15,805	2,911,755
RLI Corp.	16,589	2,177,638
Stewart Information Services Corp.	26,324	1,124,825
Unum Group	77,993	3,200,053
		26,589,328
Interactive Media & Services — 0.3%
QuinStreet, Inc. *	35,425	508,349
TripAdvisor, Inc. *	25,445	457,501
Yelp, Inc. *	17,852	488,073
Ziff Davis, Inc. *	12,957	1,024,899
		2,478,822
IT Services — 1.9%
Concentrix Corp.	13,784	1,835,477
Euronet Worldwide, Inc. *	4,068	383,938
EVERTEC, Inc. (Puerto Rico)	16,450	532,651
ExlService Holdings, Inc. *	9,304	1,576,377
Genpact Ltd.	94,229	4,364,688
Maximus, Inc.	17,309	1,269,269
Perficient, Inc. *	9,232	644,670
Sabre Corp. *	93,976	580,772
TTEC Holdings, Inc.	18,869	832,689
Unisys Corp. *	32,152	164,297
WEX, Inc. *	17,669	2,891,532
		15,076,360
Leisure Products — 0.7%
Brunswick Corp.	23,769	1,713,270
Mattel, Inc. *	89,524	1,597,108
Polaris, Inc.	15,267	1,541,967
YETI Holdings, Inc. *	18,311	756,427
		5,608,772
Life Sciences Tools & Services — 0.8%
Azenta, Inc. *	20,709	1,205,678
Bruker Corp.	26,414	1,805,397
Medpace Holdings, Inc. *	7,044	1,496,216

INVESTMENTS	SHARES	VALUE($)

Life Sciences Tools & Services — continued
Repligen Corp. *	4,911	831,481
Syneos Health, Inc. *	23,769	871,847
		6,210,619
Machinery — 4.9%
3D Systems Corp. *	18,595	137,603
AGCO Corp.	30,621	4,246,827
Alamo Group, Inc.	6,667	944,047
Chart Industries, Inc. *	9,232	1,063,803
Crane Holdings Co.	31,923	3,206,665
Esab Corp.	11,427	536,155
Federal Signal Corp.	15,351	713,361
Flowserve Corp.	34,961	1,072,603
Franklin Electric Co., Inc.	31,896	2,543,706
Graco, Inc.	45,971	3,092,009
Hillenbrand, Inc.	28,037	1,196,339
ITT, Inc.	44,786	3,632,145
John Bean Technologies Corp.	7,946	725,708
Kennametal, Inc.	22,135	532,568
Lincoln Electric Holdings, Inc.	11,306	1,633,604
Lindsay Corp.	2,792	454,677
Middleby Corp. (The) *	14,991	2,007,295
Mueller Industries, Inc.	15,439	910,901
Oshkosh Corp.	32,453	2,862,030
SPX Technologies, Inc. *	13,130	861,985
Standex International Corp.	19,992	2,047,381
Terex Corp.	18,954	809,715
Timken Co. (The)	25,501	1,802,156
Titan International, Inc. *	15,180	232,558
Toro Co. (The)	7,676	868,923
		38,134,764
Marine — 0.2%
Kirby Corp. *	16,127	1,037,772
Matson, Inc.	11,933	745,932
		1,783,704
Media — 0.5%
AMC Networks, Inc., Class A *	8,331	130,547
Cable One, Inc.	2,606	1,855,107
EW Scripps Co. (The), Class A *	15,529	204,828
Gannett Co., Inc. *	35,322	71,704
John Wiley & Sons, Inc., Class A	11,266	451,316
New York Times Co. (The), Class A	43,938	1,426,227
		4,139,729

SEE NOTES TO FINANCIAL STATEMENTS.

J.P. Morgan Exchange-Traded Funds

December 31, 2022

INVESTMENTS	SHARES	VALUE($)
Common Stocks — continued
Metals & Mining — 2.8%
Alcoa Corp.	41,206	1,873,637
Arconic Corp. *	41,362	875,220
ATI, Inc. *	49,314	1,472,516
Cleveland-Cliffs, Inc. *	129,418	2,084,924
Commercial Metals Co.	54,974	2,655,244
Haynes International, Inc.	10,099	461,423
Materion Corp.	10,183	891,114
Reliance Steel & Aluminum Co.	23,513	4,759,972
Royal Gold, Inc.	4,516	509,044
Steel Dynamics, Inc.	57,114	5,580,038
SunCoke Energy, Inc.	72,689	627,306
United States Steel Corp.	15,305	383,390
		22,173,828
Mortgage Real Estate Investment Trusts (REITs) — 0.6%
Annaly Capital Management, Inc.	113,290	2,388,153
Ellington Financial, Inc.	12,827	158,670
KKR Real Estate Finance Trust, Inc.	96,432	1,346,191
Ready Capital Corp. (a)	27,468	305,994
Redwood Trust, Inc.	29,023	196,195
		4,395,203
Multiline Retail — 0.7%
Big Lots, Inc. (a)	11,112	163,346
Kohl's Corp.	64,010	1,616,253
Macy's, Inc.	145,029	2,994,849
Nordstrom, Inc.	28,296	456,697
Ollie's Bargain Outlet Holdings, Inc. *	9,232	432,427
		5,663,572
Multi-Utilities — 0.1%
NorthWestern Corp.	18,719	1,110,785
Oil, Gas & Consumable Fuels — 3.1%
Antero Midstream Corp.	74,623	805,182
Antero Resources Corp. *	30,672	950,525
Callon Petroleum Co. *	11,127	412,701
Civitas Resources, Inc.	18,869	1,093,081
CONSOL Energy, Inc.	12,810	832,650
Dorian LPG Ltd.	7,498	142,087
DT Midstream, Inc.	14,532	803,038
Equitrans Midstream Corp.	103,504	693,477
Green Plains, Inc. *	29,248	892,064
HF Sinclair Corp.	48,466	2,514,901
Matador Resources Co.	42,558	2,436,020
Murphy Oil Corp.	38,095	1,638,466
PBF Energy, Inc., Class A	22,189	904,868

INVESTMENTS	SHARES	VALUE($)

Oil, Gas & Consumable Fuels — continued
PDC Energy, Inc.	43,950	2,789,946
Range Resources Corp.	77,660	1,943,053
REX American Resources Corp. *	13,024	414,945
SM Energy Co.	57,200	1,992,276
Southwestern Energy Co. *	457,071	2,673,865
Talos Energy, Inc. *	9,342	176,377
World Fuel Services Corp.	16,437	449,223
		24,558,745
Paper & Forest Products — 0.2%
Louisiana-Pacific Corp.	25,828	1,529,018
Personal Products — 0.7%
BellRing Brands, Inc. *	36,693	940,809
Coty, Inc., Class A *	77,215	660,960
Edgewell Personal Care Co.	15,280	588,891
elf Beauty, Inc. *	9,980	551,894
Inter Parfums, Inc.	4,954	478,160
Medifast, Inc.	12,499	1,441,760
Nu Skin Enterprises, Inc., Class A	13,584	572,702
USANA Health Sciences, Inc. *	2,987	158,908
		5,394,084
Pharmaceuticals — 0.9%
Innoviva, Inc. *	162,302	2,150,502
Jazz Pharmaceuticals plc *	22,279	3,549,268
Prestige Consumer Healthcare, Inc. *	15,280	956,528
Supernus Pharmaceuticals, Inc. *	12,847	458,252
		7,114,550
Professional Services — 2.4%
ASGN, Inc. *	15,180	1,236,866
CACI International, Inc., Class A *	12,321	3,703,569
FTI Consulting, Inc. *	9,313	1,478,905
Heidrick & Struggles International, Inc.	33,191	928,352
Insperity, Inc.	8,784	997,862
KBR, Inc.	69,967	3,694,258
Kelly Services, Inc., Class A	10,628	179,613
Korn Ferry	36,621	1,853,755
ManpowerGroup, Inc.	31,790	2,645,246
Resources Connection, Inc.	31,096	571,545
Science Applications International Corp.	13,300	1,475,369
		18,765,340
Real Estate Management & Development — 0.5%
Anywhere Real Estate, Inc. *	81,119	518,350
Cushman & Wakefield plc *	46,280	576,649

SEE NOTES TO FINANCIAL STATEMENTS.

December 31, 2022

J.P. Morgan Exchange-Traded Funds

JPMorgan Market Expansion Enhanced Equity ETF

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

INVESTMENTS	SHARES	VALUE($)
Common Stocks — continued
Real Estate Management & Development — continued
Douglas Elliman, Inc.	16,466	67,017
Jones Lang LaSalle, Inc. *	15,127	2,410,790
RE/MAX Holdings, Inc., Class A	5,812	108,336
		3,681,142
Road & Rail — 1.5%
ArcBest Corp.	13,697	959,338
Avis Budget Group, Inc. *	12,598	2,065,190
Knight-Swift Transportation Holdings, Inc.	42,918	2,249,333
Landstar System, Inc.	19,407	3,161,400
Saia, Inc. *	6,750	1,415,340
Werner Enterprises, Inc.	25,385	1,022,000
XPO, Inc. *	28,935	963,246
		11,835,847
Semiconductors & Semiconductor Equipment — 4.0%
Axcelis Technologies, Inc. *	9,527	756,063
Cirrus Logic, Inc. *	42,948	3,198,767
Cohu, Inc. *	11,009	352,838
Diodes, Inc. *	10,728	816,830
First Solar, Inc. *	42,369	6,346,452
FormFactor, Inc. *	23,111	513,758
Ichor Holdings Ltd. *	35,520	952,646
Kulicke & Soffa Industries, Inc. (Singapore)	61,706	2,731,108
Lattice Semiconductor Corp. *	37,821	2,453,826
MaxLinear, Inc. *	18,821	638,973
MKS Instruments, Inc.	14,406	1,220,620
Photronics, Inc. *	15,649	263,373
Power Integrations, Inc.	15,439	1,107,285
Rambus, Inc. *	30,256	1,083,770
Semtech Corp. *	18,211	522,474
Silicon Laboratories, Inc. *	21,266	2,885,158
SiTime Corp. *	4,122	418,878
SMART Global Holdings, Inc. *	57,598	857,058
Synaptics, Inc. *	9,168	872,427
Ultra Clean Holdings, Inc. *	21,213	703,211
Universal Display Corp.	11,202	1,210,264
Veeco Instruments, Inc. *	1,825	33,908
Wolfspeed, Inc. *	17,669	1,219,868
		31,159,555
Software — 2.6%
ACI Worldwide, Inc. *	28,885	664,355
Adeia, Inc.	99,143	939,876
Alarm.com Holdings, Inc. *	5,659	280,007
Aspen Technology, Inc. *	7,753	1,592,466

INVESTMENTS	SHARES	VALUE($)

Software — continued
Blackbaud, Inc. *	12,662	745,285
Digital Turbine, Inc. *	34,882	531,602
Envestnet, Inc. *	29,152	1,798,678
Fair Isaac Corp. *	4,504	2,696,004
InterDigital, Inc.	8,594	425,231
LiveRamp Holdings, Inc. *	80,533	1,887,694
Manhattan Associates, Inc. *	17,473	2,121,222
NCR Corp. *	54,756	1,281,838
Paylocity Holding Corp. *	9,527	1,850,715
Progress Software Corp.	8,318	419,643
Qualys, Inc. *	8,684	974,605
SPS Commerce, Inc. *	8,430	1,082,665
Teradata Corp. *	27,837	936,994
Xperi, Inc. *	39,654	341,421
		20,570,301
Specialty Retail — 3.4%
Aaron's Co., Inc. (The)	8,960	107,072
Abercrombie & Fitch Co., Class A *	15,828	362,619
American Eagle Outfitters, Inc.	56,223	784,873
Asbury Automotive Group, Inc. *	5,264	943,572
AutoNation, Inc. *	32,553	3,492,937
Bed Bath & Beyond, Inc. * (a)	29,013	72,823
Boot Barn Holdings, Inc. *	7,782	486,531
Caleres, Inc.	12,662	282,109
Cato Corp. (The), Class A	5,264	49,113
Chico's FAS, Inc. *	28,385	139,654
Children's Place, Inc. (The) *	4,003	145,789
Conn's, Inc. *	3,530	24,286
Designer Brands, Inc., Class A	18,400	179,952
Dick's Sporting Goods, Inc.	17,877	2,150,424
Five Below, Inc. *	11,461	2,027,107
Foot Locker, Inc.	30,619	1,157,092
GameStop Corp., Class A * (a)	58,550	1,080,833
Genesco, Inc. *	4,168	191,811
Group 1 Automotive, Inc.	4,716	850,625
Guess?, Inc. (a)	12,847	265,804
Haverty Furniture Cos., Inc.	4,453	133,145
Hibbett, Inc.	4,362	297,576
Lithia Motors, Inc., Class A	6,945	1,421,919
Murphy USA, Inc.	6,002	1,677,799
ODP Corp. (The) *	14,768	672,535
Rent-A-Center, Inc.	31,705	714,948
RH *	4,068	1,086,929
Sally Beauty Holdings, Inc. *	57,460	719,399

SEE NOTES TO FINANCIAL STATEMENTS.

J.P. Morgan Exchange-Traded Funds

December 31, 2022

INVESTMENTS	SHARES	VALUE($)
Common Stocks — continued
Specialty Retail — continued
Shoe Carnival, Inc.	5,154	123,232
Signet Jewelers Ltd.	15,439	1,049,852
Sleep Number Corp. *	6,112	158,790
Urban Outfitters, Inc. *	18,695	445,876
Williams-Sonoma, Inc.	22,368	2,570,531
Zumiez, Inc. *	22,663	492,694
		26,360,251
Technology Hardware, Storage & Peripherals — 0.1%
Diebold Nixdorf, Inc. *	23,211	32,959
Xerox Holdings Corp.	57,698	842,391
		875,350
Textiles, Apparel & Luxury Goods — 1.6%
Capri Holdings Ltd. *	41,895	2,401,422
Carter's, Inc.	8,784	655,374
Columbia Sportswear Co.	2,234	195,654
Crocs, Inc. *	17,114	1,855,671
Deckers Outdoor Corp. *	7,676	3,063,952
G-III Apparel Group Ltd. *	11,461	157,130
Kontoor Brands, Inc.	15,070	602,649
Oxford Industries, Inc.	4,068	379,056
Skechers U.S.A., Inc., Class A *	47,668	1,999,673
Steven Madden Ltd.	21,880	699,285
Unifi, Inc. *	5,812	50,041
Wolverine World Wide, Inc.	21,915	239,531
		12,299,438
Thrifts & Mortgage Finance — 1.3%
Axos Financial, Inc. *	35,143	1,343,165
Capitol Federal Financial, Inc.	29,924	258,843
Essent Group Ltd.	48,352	1,879,926
MGIC Investment Corp.	77,313	1,005,069
Mr. Cooper Group, Inc. *	28,487	1,143,183
New York Community Bancorp, Inc.	135,032	1,161,275
NMI Holdings, Inc., Class A *	59,765	1,249,089
Walker & Dunlop, Inc.	15,070	1,182,694
WSFS Financial Corp.	17,015	771,460
		9,994,704
Tobacco — 0.1%
Vector Group Ltd.	32,190	381,773
Trading Companies & Distributors — 1.7%
Boise Cascade Co.	17,473	1,199,871
DXP Enterprises, Inc. *	3,430	94,497
GATX Corp.	2,136	227,142

INVESTMENTS	SHARES	VALUE($)

Trading Companies & Distributors — continued
GMS, Inc. *	47,325	2,356,785
MSC Industrial Direct Co., Inc., Class A	12,393	1,012,508
NOW, Inc. *	219,562	2,788,437
Univar Solutions, Inc. *	94,811	3,014,990
Veritiv Corp.	3,858	469,557
Watsco, Inc.	8,818	2,199,209
		13,362,996
Water Utilities — 0.7%
American States Water Co.	9,571	885,796
California Water Service Group	12,662	767,824
Essential Utilities, Inc.	88,037	4,202,006
		5,855,626
Wireless Telecommunication Services — 0.2%
Gogo, Inc. *	60,485	892,759
Shenandoah Telecommunications Co.	12,847	204,010
Telephone and Data Systems, Inc.	55,674	584,020
		1,680,789
Total Common Stocks (Cost $613,716,259)		780,037,111
Short-Term Investments — 0.7%
Investment Companies — 0.5%
JPMorgan U.S. Government Money Market Fund Class IM Shares, 4.12% (b) (c) (Cost $4,220,087)	4,220,087	4,220,087
Investment of Cash Collateral from Securities Loaned — 0.2%
JPMorgan U.S. Government Money Market Fund Class IM Shares, 4.12% (b) (c) (Cost $1,712,939)	1,712,939	1,712,939
Total Short-Term Investments (Cost $5,933,026)		5,933,026
Total Investments — 99.9% (Cost $619,649,285)		785,970,137
Other Assets Less Liabilities — 0.1%		563,109
NET ASSETS — 100.0%		786,533,246

Percentages indicated are based on net assets.

SEE NOTES TO FINANCIAL STATEMENTS.

December 31, 2022

J.P. Morgan Exchange-Traded Funds

STATEMENT OF ASSETS AND LIABILITIES
AS OF December 31, 2022 (Unaudited)

	JPMorgan Market Expansion Enhanced Equity ETF
ASSETS:
Investments in non-affiliates, at value	$780,037,111
Investments in affiliates, at value	4,220,087
Investments of cash collateral received from securities loaned, at value (See Note 2.B.)	1,712,939
Deposits at broker for futures contracts	401,000
Receivables:
Due from custodian	473,787
Investment securities sold	3,794,541
Dividends from non-affiliates	953,298
Dividends from affiliates	477
Securities lending income (See Note 2.B.)	7,150
Other assets	30,629
Total Assets	791,631,019
LIABILITIES:
Payables:
Investment securities purchased	3,162,711
Collateral received on securities loaned (See Note 2.B.)	1,712,939
Variation margin on futures contracts	16,611
Accrued liabilities:
Investment advisory fees	91,117
Administration fees	52,767
Printing and mailing costs	17,775
Other	43,853
Total Liabilities	5,097,773
Net Assets	$786,533,246
NET ASSETS:
Paid-in-Capital	$596,656,288
Total distributable earnings (loss)	189,876,958
Total Net Assets	$786,533,246
Outstanding number of shares (unlimited number of shares authorized - par value $0.0001)	17,073,634
Net asset value, per share	$46.07
Cost of investments in non-affiliates	$613,716,259
Cost of investments in affiliates	4,220,087
Investment securities on loan, at value (See Note 2.B.)	1,663,580
Cost of investment of cash collateral (See Note 2.B.)	1,712,939

SEE NOTES TO FINANCIAL STATEMENTS.

December 31, 2022

J.P. Morgan Exchange-Traded Funds

STATEMENT OF OPERATIONS
FOR THE SIX MONTHS ENDED December 31, 2022 (Unaudited)

	JPMorgan Market Expansion Enhanced Equity ETF
INVESTMENT INCOME:
Interest income from non-affiliates	$89,661
Dividend income from non-affiliates	6,258,903
Dividend income from affiliates	370,570
Income from securities lending (net) (See Note 2.B.)	72,366
Total investment income	6,791,500
EXPENSES:
Investment advisory fees	1,073,394
Administration fees	322,020
Custodian and accounting fees	20,786
Professional fees	25,343
Trustees’ and Chief Compliance Officer’s fees	13,548
Printing and mailing costs	54,960
Registration and filing fees	31,167
Other	16,283
Total expenses	1,557,501
Less fees waived	(51,128)
Less expense reimbursements	(492,514)
Net expenses	1,013,859
Net investment income (loss)	5,777,641
REALIZED/UNREALIZED GAINS (LOSSES):
Net realized gain (loss) on transactions from:
Investments in non-affiliates	21,816,949
In-kind redemptions of investments in non-affiliates (See Note 4)	27,352,786
Futures contracts	1,544,938
Net realized gain (loss)	50,714,673
Change in net unrealized appreciation/depreciation on:
Investments in non-affiliates	4,350,211
Futures contracts	1,191,099
Change in net unrealized appreciation/depreciation	5,541,310
Net realized/unrealized gains (losses)	56,255,983
Change in net assets resulting from operations	$62,033,624

SEE NOTES TO FINANCIAL STATEMENTS.

J.P. Morgan Exchange-Traded Funds

December 31, 2022

STATEMENTS OF CHANGES IN NET ASSETS
FOR THE PERIODS INDICATED

	JPMorgan Market Expansion Enhanced Equity ETF
	Six Months Ended December 31, 2022 (Unaudited)	Year Ended June 30, 2022 (a)
CHANGE IN NET ASSETS RESULTING FROM OPERATIONS:
Net investment income (loss)	$5,777,641	$12,427,409
Net realized gain (loss)	50,714,673	99,215,056
Change in net unrealized appreciation/depreciation	5,541,310	(248,681,340)
Change in net assets resulting from operations	62,033,624	(137,038,875)
DISTRIBUTIONS TO SHAREHOLDERS:
Total distributions to shareholders	(52,218,515)	(176,087,906)
CAPITAL TRANSACTIONS:
Change in net assets resulting from capital transactions	(57,275,249)	26,187,530
NET ASSETS:
Change in net assets	(47,460,140)	(286,939,251)
Beginning of period	833,993,386	1,120,932,637
End of period	$786,533,246	$833,993,386

(a)

JPMorgan Market Expansion Enhanced Equity ETF acquired all of the assets and liabilities of the JPMorgan Market Expansion Enhanced Index Fund ("Predecessor Fund") in a reorganization that occurred as of the close of business on May 6, 2022. The Predecessor Fund’s Class R6 Shares performance and financial history have been adopted by JPMorgan Market Expansion Enhanced Equity ETF and will be used going forward. As a result, the information prior to the close of business on May 6, 2022, reflects that of the Predecessor Fund's Class R6 Shares. The Predecessor Fund's Class A Shares, Class C Shares, Class I Shares and Class R2 Shares ceased operations as of the date of the reorganization. (See Note 1).

SEE NOTES TO FINANCIAL STATEMENTS.

December 31, 2022

J.P. Morgan Exchange-Traded Funds

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

	JPMorgan Market Expansion Enhanced Equity ETF
	Six Months Ended December 31, 2022 (Unaudited)	Year Ended June 30, 2022(a)
CAPITAL TRANSACTIONS: (b)
Proceeds from shares issued	$5,076,106	$16,072,047
Distributions reinvested	—	123,329,499
Cost of shares redeemed	(62,351,355)	(53,645,989)
Change in net assets resulting from capital transactions	(57,275,249)	85,755,557
Class A
Proceeds from shares issued	—	7,213,239
Distributions reinvested	—	17,945,255
Cost of shares redeemed	—	(41,770,683)
Change in net assets resulting from Class A capital transactions	—	(16,612,189)
Class C
Proceeds from shares issued	—	1,510,970
Distributions reinvested	—	3,548,357
Cost of shares redeemed	—	(11,945,898)
Change in net assets resulting from Class C capital transactions	—	(6,886,571)
Class I
Proceeds from shares issued	—	32,169,494
Distributions reinvested	—	23,772,565
Cost of shares redeemed	—	(83,394,480)
Change in net assets resulting from Class I capital transactions	—	(27,452,421)
Class R2
Proceeds from shares issued	—	2,031,211
Distributions reinvested	—	1,950,085
Cost of shares redeemed	—	(12,598,142)
Change in net assets resulting from Class R2 capital transactions	—	(8,616,846)
Total change in net assets resulting from capital transactions	$(57,275,249)	$26,187,530

(a)

(b)

Reflects reorganization from JPMorgan Market Expansion Enhanced Index Fund on May 6, 2022. See Note 1.

SEE NOTES TO FINANCIAL STATEMENTS.

J.P. Morgan Exchange-Traded Funds

December 31, 2022

	JPMorgan Market Expansion Enhanced Equity ETF
	Six Months Ended December 31, 2022 (Unaudited)	Year Ended June 30, 2022(a)
SHARES TRANSACTIONS: (b)
Issued	100,000	267,214
Reinvested	—	2,224,181
Redeemed	(1,225,000)	(1,008,937)
Change in Shares	(1,125,000)	1,482,458
Class A
Issued	—	120,263
Reinvested	—	322,868
Redeemed	—	(750,550)
Change in Class A Shares	—	(307,419)
Class C
Issued	—	23,706
Reinvested	—	63,214
Redeemed	—	(204,223)
Change in Class C Shares	—	(117,303)
Class I
Issued	—	541,296
Reinvested	—	427,319
Redeemed	—	(1,480,505)
Change in Class I Shares	—	(511,890)
Class R2
Issued	—	32,990
Reinvested	—	34,939
Redeemed	—	(230,081)
Change in Class R2 Shares	—	(162,152)

(a)

(b)

Reflects reorganization from JPMorgan Market Expansion Enhanced Index Fund on May 6, 2022. See Note 1.

SEE NOTES TO FINANCIAL STATEMENTS.

December 31, 2022

J.P. Morgan Exchange-Traded Funds

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	Total Distributions
JPMorgan Market Expansion Enhanced Equity ETF (g)
Six Months Ended December 31, 2022 (Unaudited)	$45.83	$0.36	$2.93	$3.29	$(0.66)	$(2.39)	$(3.05)
Year Ended June 30, 2022	62.87	0.70	(8.03)	(7.33)	(0.66)	(9.05)	(9.71)
Year Ended June 30, 2021	41.41	0.63	23.22	23.85	(0.63)	(1.76)	(2.39)
Year Ended June 30, 2020	48.77	0.63	(4.82)	(4.19)	(0.68)	(2.49)	(3.17)
October 1, 2018 through June 30, 2019	58.92	0.54	(4.01)	(3.47)	(0.68)	(6.00)	(6.68)
Year Ended June 30, 2019	57.67	0.63	(3.24)	(2.61)	(0.44)	(5.95)	(6.39)
Year Ended June 30, 2018	56.41	0.63	7.16	7.79	(0.48)	(6.05)	(6.53)


(a)	Per Share amounts reflect the conversion of the Predecessor Fund into the Fund as of the close of business on May 6, 2022. See Note 1.
(b)	Annualized for periods less than one year, unless otherwise noted.
(c)	Calculated based upon average shares outstanding.
(d)	Not annualized for periods less than one year.
(e)	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.
(f)	JPMorgan Market Expansion Enhanced Equity ETF acquired all of the assets and liabilities of the JPMorgan Market Expansion Enhanced Index Fund (“Predecessor Fund”) in a reorganization that occurred as of the close of business on May 6, 2022. Market price returns are calculated using the official closing price of the JPMorgan Market Expansion Enhanced Equity ETF on the listing exchange as of the time that the JPMorgan Market Expansion Enhanced Equity ETF's NAV is calculated. Prior to the JPMorgan Market Expansion Enhanced Equity ETF's listing on May 9, 2022, the NAV performance of the Class R6 and the Class I Shares of the Predecessor Fund are used as proxy market price returns.
(g)	JPMorgan Market Expansion Enhanced Equity ETF (the “Fund”) acquired all of the assets and liabilities of the JPMorgan Market Expansion Enhanced Index Fund (“Predecessor Fund”) in a reorganization that occurred as of the close of business on May 6, 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 October 1, 2018 (“Predecessor Fund's Class R6 Shares inception date”) up through the reorganization and the Predecessor Fund's Class I Shares for the periods July 1, 2017 through June 30, 2018 and July 1, 2018 through June 30, 2019.

SEE NOTES TO FINANCIAL STATEMENTS.

J.P. Morgan Exchange-Traded Funds

December 31, 2022

NOTES TO FINANCIAL STATEMENTS
AS OF December 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. JPMorgan Market Expansion Enhanced Equity ETF (the “Fund”) is a separate diversified series of the Trust covered in this report.

As of the close of business on May 6, 2022 (the "Closing Date"), pursuant to an Agreement and Plan of Reorganization and Liquidation previously approved by the Board of Trustees of the Trust (the “Board”), JPMorgan Market Expansion Enhanced Index Fund (a mutual fund) (the “Acquired Fund” or “Market Expansion Enhanced Index Fund”), a series of JPMorgan Trust II, was reorganized (the "Reorganization") into the Fund, a newly created exchange-traded fund. Following the Reorganization, the Acquired Fund’s performance (Class R6 Shares) and financial history were adopted by the Fund. In connection with the Reorganization, each shareholder of the Acquired Fund (except as noted below) received shares of the Fund equal in value to the number of shares of the Acquired Fund they owned on the Closing Date, including a cash payment in lieu of fractional shares of the Fund, which cash payment might have been taxable. Shareholders of the Acquired Fund who did not hold their shares through a brokerage account that could accept shares of the Fund on the Closing Date had their Acquired Fund shares liquidated, and such shareholders received cash equal in value to their Acquired Fund shares, which cash payment might have been taxable. Shareholders of the Acquired Fund who held their shares through a fund direct individual retirement account and did not take action prior to the Reorganization had their Acquired Fund shares exchanged for Morgan Shares of JPMorgan U.S. Government Money Market Fund equal in value to their Acquired Fund shares. The Fund has the same investment adviser, investment objective and fundamental investment policies and substantially similar investment strategies as the Acquired Fund. Effective as of the close of business on the Closing Date, the Acquired Fund ceased operations in connection with the consummation of the Reorganization.

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

The Fund did not purchase or sell securities following the Reorganization for purposes of realigning its investment portfolio. Accordingly, the Reorganization of the Acquired Fund did not affect the Fund’s portfolio turnover ratio for the six months ended December 31, 2022.

The investment objective of the Fund is to seek to provide investment results that correspond to or incrementally exceed the total return performance of an index that tracks the performance of the small- and mid-capitalization equity markets.

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

Shares of the Fund are listed and traded at market price on the NYSE Arca. Market prices for the Fund’s shares may be different from its net asset value (“NAV”). The Fund issues and redeems its shares on a continuous basis, through JPMorgan Distribution Services, Inc. (the “Distributor” or “JPMDS”), an indirect, wholly-owned subsidiary of JPMorgan, at NAV in large blocks of shares, referred to as “Creation Units". Creation Units are issued and redeemed principally in-kind for a basket of securities. A cash amount may be substituted if the Fund has sizable 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 Fund (each, an “Authorized Participant”).

2. Significant Accounting Policies

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

J.P. Morgan Exchange-Traded Funds

December 31, 2022

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

Under Section 2(a)(41) of the 1940 Act, the Board is required to determine fair value for securities that do not have readily available market quotations. Under SEC Rule 2a-5 (Good Faith Determinations of Fair Value), the Board may designate the performance of these fair valuation determinations to a valuation designee. The Board has designated the Adviser as the “Valuation Designee” to perform fair valuation determinations for the Fund on behalf of the Board subject to appropriate oversight by the Board. The Adviser, as Valuation Designee, leverages the J.P. Morgan Asset Management Americas Valuation Committee (“AVC”) to help oversee and carry out the policies for the valuation of Investments held in the Fund. The Adviser, as Valuation Designee, remains responsible for the valuation determinations.

This oversight by the AVC includes monitoring the appropriateness of fair values based on results of ongoing valuation oversight including, but not limited to, consideration of macro or security specific events, market events, and pricing vendor and broker due diligence. The Administrator is responsible for discussing and assessing the potential impacts to the fair values on an ongoing basis, and, at least on a quarterly basis, with the AVC and the Board.

Equities and other exchange-traded instruments are valued at the last sale price or official market closing price on the primary exchange on which the instrument is traded before the NAV of the Fund 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.

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

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

•

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

•

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

•

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

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

The following table represents each valuation input as presented on the Schedule of Portfolio Investments ("SOI"):


	Level 1 Quoted prices	Level 2 Other significant observable inputs	Level 3 Significant unobservable inputs	Total
Total Investments in Securities (a)	$785,970,137	$—	$—	$785,970,137
Depreciation in Other Financial Instruments
Futures Contracts (a)	$(65,588)	$—	$—	$(65,588)


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

December 31, 2022

J.P. Morgan Exchange-Traded Funds

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

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

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

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

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

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

The following table presents the Fund's value of the securities on loan with Citibank, net of amounts available for offset under the master netting arrangements and any related collateral received or posted by the Fund as of December 31, 2022.

	Investment Securities on Loan, at value, Presented on the Statement of Assets and Liabilities	Cash Collateral Posted by Borrower*	Net Amount Due to Counterparty (not less than zero)
	$1,663,580	$(1,663,580)	$—


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

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

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

$1,035

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

J.P. Morgan Exchange-Traded Funds

December 31, 2022

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


For the six months ended December 31, 2022
Security Description	Value at June 30, 2022	Purchases at Cost	Proceeds from Sales	Net Realized Gain (Loss)	Change in Unrealized Appreciation/ (Depreciation)	Value at December 31, 2022	Shares at December 31, 2022	Dividend Income	Capital Gain Distributions
JPMorgan U.S. Government Money Market Fund Class IM Shares, 4.12% (a) (b)	$4,706,771	$13,744,189	$16,738,021	$—	$—	$1,712,939	1,712,939	$32,459*	$—
JPMorgan U.S. Government Money Market Fund Class IM Shares, 4.12% (a) (b)	29,389,113	112,360,770	137,529,796	—	—	4,220,087	4,220,087	370,570	—
Total	$34,095,884	$126,104,959	$154,267,817	$—	$—	$5,933,026		$403,029	$—


(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 December 31, 2022.
*	Amount is included on the Statement of Operations as Income from securities lending (net) (after payments of rebates and Citibank’s fee).

D. Futures Contracts — The Fund used index futures contracts to gain or reduce exposure to the stock market, or maintain liquidity or minimize transaction costs. The Fund also purchased futures contracts to invest incoming cash in the market or sold futures in response to cash outflows, thereby simulating an invested position in the underlying index while maintaining a cash balance for liquidity.

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

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

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

The table below discloses the volume of the Fund's futures contracts activity during the six months ended December 31, 2022:


Futures Contracts:
Average Notional Balance Long	$26,129,210
Ending Notional Balance Long	3,484,670

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.

Dividend income, net of foreign taxes withheld, if any, is recorded on the ex-dividend date or when a Fund first learns of the dividend.

December 31, 2022

J.P. Morgan Exchange-Traded Funds

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

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

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

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

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

3. Fees and Other Transactions with Affiliates

A. Investment Advisory Fee — Pursuant to an Investment Advisory Agreement, the Adviser manages the investments of the Fund and for such services is paid a fee. The investment advisory fee is accrued daily and paid monthly at an annual rate of 0.25% of the Fund’s average daily net assets.

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

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

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

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

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

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

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

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

J.P. Morgan Exchange-Traded Funds

December 31, 2022

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

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

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

	Contractual Waivers
	Investment Advisory Fees	Contractual Reimbursements
	$32,497	$491,669

Additionally, the Fund may invest in one or more money market funds advised by the Adviser (affiliated money market funds). The Adviser has contractually agreed to waive fees and/or reimburse expenses in an amount sufficient to offset the fees and expenses of the affiliated money market funds incurred by the Fund because of the Fund’s investment in such affiliated money market funds. To the extent that the Fund engages in securities lending, affiliated money market fund fees and expenses resulting from the Fund's investment of cash received from securities lending borrowers are not included in Total Annual Fund Operating Expenses and therefore, the above waivers do not apply to such investments. None of these parties expect the 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 December 31, 2022 was $18,631.

JPMIM voluntarily agreed to reimburse the Fund for the Trustee Fees paid to one of the interested Trustees. For the six months ended December 31, 2022, the amount of this reimbursement was $845.

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

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

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

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

	Purchases (excluding U.S. Government)	Sales (excluding U.S. Government)
	$145,760,596	$171,277,358

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

	In-Kind Purchases	In-Kind Sales
	$4,904,100	$59,510,189

December 31, 2022

J.P. Morgan Exchange-Traded Funds

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

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

5. Federal Income Tax Matters

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

	Aggregate Cost	Gross Unrealized Appreciation	Gross Unrealized Depreciation	Net Unrealized Appreciation (Depreciation)
	$619,649,285	$230,515,953	$64,260,689	$166,255,264

At June 30, 2022, the Fund did not have any net capital loss carryforwards.

Net capital losses (gains) incurred after October 31, and within the taxable year are deemed to arise on the first business day of the Fund's next taxable year. For the year ended June 30, 2022, the Fund deferred to July 1, 2022 the following net capital losses (gains) of:

	Net Capital Losses (Gains)
	Short-Term
	$2,728,600

6. Capital Share Transactions

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

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

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

7. Borrowings

Effective November 1, 2022, the Fund relies upon an exemptive order granted by the SEC (the “Order”) permitting the establishment and operation of an Interfund Lending Facility (the “Facility”). The Facility allows the Fund to directly lend and borrow money to or from any other fund relying upon the Order at rates beneficial to both the borrowing and lending funds. Advances under the Facility are taken primarily for temporary or emergency purposes, including the meeting of redemption requests that otherwise might require the untimely disposition of securities, and are subject to the Fund's borrowing restrictions. The interfund loan rate is determined, as specified in the Order, by averaging the current repurchase agreement rate and the current bank loan rate. The Order was granted to JPMorgan Trust II and may be relied upon by the Fund because the Fund and the series of JPMorgan Trust II are all investment companies in the same “group of investment companies” (as defined in Section 12(d)(1)(G) of the 1940 Act).

The Fund had no borrowings outstanding from another fund, or loans outstanding to another fund, during the six months ended December 31, 2022.

8. Risks, Concentrations and Indemnifications

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

J.P. Morgan Exchange-Traded Funds

December 31, 2022

As of December 31, 2022, J.P. Morgan Investor Funds, which are affiliated funds of funds, each owned in the aggregate, shares representing more than 10% of the net assets of the Fund as follows:

	J.P. Morgan Investor Funds
	71.8%

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

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

The Fund is subject to infectious disease epidemics/pandemics risk. 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 the Fund’s investments, increase the Fund’s volatility, negatively impact the Fund’s arbitrage and pricing mechanisms, exacerbate other pre-existing political, social and economic risks to the Fund and negatively impact broad segments of businesses and populations. In addition, governments, their regulatory agencies, or self-regulatory organizations have taken or may take actions in response to the pandemic that affect the instruments in which the Fund invests, or the issuers of such instruments, in ways that could also have a significant negative impact on the 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 impact of COVID-19 and the extent to which the associated conditions impact a Fund will also depend on future developments, which are highly uncertain, difficult to accurately predict and subject to frequent changes.

December 31, 2022

J.P. Morgan Exchange-Traded Funds

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

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

Actual Expenses

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

Period” to estimate the expenses you paid on your account during this period.

Hypothetical Example for Comparison Purposes

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

	Beginning Account Value July 1, 2022	Ending Account Value December 31, 2022	Expenses Paid During the Period*	Annualized Expense Ratio
JPMorgan Market Expansion Enhanced Equity ETF
Actual	$1,000.00	$1,071.90	$1.25	0.24%
Hypothetical	1,000.00	1,024.00	1.22	0.24


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

J.P. Morgan Exchange-Traded Funds

December 31, 2022

J.P. Morgan Exchange-Traded Funds are distributed by JPMorgan Distribution Services, Inc., an indirect, wholly-owned subsidiary of JPMorgan Chase & Co.

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

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

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

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

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

DESCRIPTION	NUMBER OF CONTRACTS	EXPIRATION DATE	TRADING CURRENCY	NOTIONAL AMOUNT ($)	VALUE AND UNREALIZED APPRECIATION (DEPRECIATION) ($)
Long Contracts
Russell 2000 E-Mini Index	9	03/17/2023	USD	797,040	(18,244)
S&P Midcap 400 E-Mini Index	11	03/17/2023	USD	2,687,630	(47,344)
					(65,588)

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

$46.07	$46.05	7.19%	7.16%	$786,533,246	0.24%	1.45%	0.36%	18%
45.83	45.82	(13.80)	(13.81)	833,993,386	0.25	1.21	0.36	27
62.87	62.87	58.97	58.97	766,008,977	0.25	1.18	0.35	35
41.41	41.41	(9.65)	(9.65)	500,129,035	0.25	1.45	0.36	49
48.77	48.77	(4.81)	(4.81)	512,511,625	0.25	1.51	0.37	36
48.67	48.67	(3.56)	(3.56)	264,414,719	0.34	1.14	0.61	36
57.67	57.67	14.31	14.31	864,315,757	0.35	1.10	0.61	33

Fund	Ticker	Listing Exchange
JPMorgan Market Expansion Enhanced Equity ETF	JMEE	NYSE Arca

^	Amount rounds to less than 0.1% of net assets.
*	Non-income producing security.
(a)	The security or a portion of this security is on loan at December 31, 2022. The total value of securities on loan at December 31, 2022 is $1,663,580.
(b)	Investment in an affiliated fund, which is registered under the Investment Company Act of 1940, as amended, and is advised by J.P. Morgan Investment Management Inc.
(c)	The rate shown is the current yield as of December 31, 2022.