N-CSRS

Semi-Annual Report

J.P. Morgan Exchange-Traded Funds

December 31, 2021 (Unaudited)


	Ticker	Listing Exchange
JPMorgan ActiveBuilders U.S. Large Cap Equity ETF	JUSA	NYSE Arca
JPMorgan Active Value ETF	JAVA	NYSE Arca
JPMorgan Equity Premium Income ETF	JEPI	NYSE Arca

CONTENTS


President’s Letter			1

Market Overview			2

Fund Commentaries:

JPMorgan ActiveBuilders U.S. Large Cap Equity ETF			3

JPMorgan Active Value ETF			6

JPMorgan Equity Premium Income ETF			9

Schedule of Portfolio Investments			12

Financial Statements			22

Financial Highlights			26

Notes to Financial Statements			28

Schedule of Shareholder Expenses			36

Board Approval of Initial Management Agreements			37

Board Approval of Management Agreement			39

Special Shareholder Meeting Results			42

Investments in a Fund are not bank 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 a Fund or the securities markets.

Prospective investors should refer to the Funds’ prospectuses for a discussion of the Funds’ investment objectives, strategies and risks. Call J.P. Morgan Exchange-Traded Funds at (844) 457-6383 for a prospectus containing more complete information about a Fund, including management fees and other expenses. Please read it carefully before investing.

Shares are bought and sold throughout the day on an exchange at market price (not at net asset value) through a brokerage account, and are not individually subscribed and redeemed from a Fund. Shares may only be subscribed and redeemed directly from a Fund by Authorized Participants, in very large creation/redemption units. Brokerage commissions will reduce returns.

PRESIDENT’S LETTER

FEBRUARY 8, 2022 (Unaudited)

Dear Shareholder,

U.S. equity markets largely outperformed other financial markets during the second half of 2021 on the back of continued monetary and fiscal policy support, record corporate earnings and a boom in U.S. consumer wealth. While a resurgence in the pandemic late last year contributed to increased volatility in financial markets, we believe the overall impact on the U.S. economy appeared to be muted.

“While the path of the pandemic, inflationary pressure and central bank policies are likely to significantly impact financial market performance in the months ahead, the U.S. economy is forecast to continue expanding through 2022, which we believe should support both corporate earnings and consumer spending.”

– Brian S. Shlissel

During the second half of 2021, J.P. Morgan Exchange-Traded Funds expanded its suite of investment solutions with the launch of its Active Value ETF (JAVA) and ActiveBuilders U.S. Large Cap Equity ETF (JUSA). JAVA invests in companies whose securities are, in the portfolio managers’ opinion, undervalued when purchased, but which have the potential to increase the intrinsic per-share value and employs a bottom-up approach to security selection, focusing on company fundamentals, quantitative screening and proprietary fundamental analysis. Meanwhile, JUSA serves as a key component of our ActiveBuilders ETFs suite, which engages the expertise of the J.P. Morgan Global Equities platform’s qualitative and quantitative insights while seeking to improve investor returns and better manage risk. Both JAVA and JUSA incorporate environmental, social and governance factors within a transparent ETF structure. By the end of 2021, the complete suite of JPMorgan ETFs included 39 funds with combined assets of $70.05 billion.¹

As we look forward, certain of the issues that had focused investors’ attention toward the end of last year remain. While the path of the pandemic, inflationary pressure and central bank policies are likely to significantly impact financial market performance in the months ahead, the U.S. economy is forecast to continue expanding through 2022, which we believe should support both corporate earnings and consumer spending. Against this backdrop, we seek to continue to provide investors with an array of diversified innovative investment solutions that can provide the tools for building durable portfolios and meeting their financial goals.

Sincerely,

LOGO

Brian S. Shlissel

President, J.P. Morgan Funds

J.P. Morgan Asset Management

1-844-4JPM-ETF or jpmorgan.com/etfs for more information

¹	^{J.P. Morgan Asset Management, December 31, 2021.}



DECEMBER 31, 2021	J.P. MORGAN EXCHANGE-TRADED FUNDS	1

MARKET OVERVIEW

Six Months Ended December 31, 2021

Overall, U.S. equity markets generated positive returns in the second half of 2021, bolstered by continued monetary and fiscal support as well as strong consumer spending and record high corporate profits. Despite historically high equity valuations in the U.S., the S&P 500 Index posted at least one new record closing high each month during the period. U.S. fixed income markets largely underperformed U.S. equity markets amid historically low interest rates on U.S. Treasury securities and accelerating inflation.

Notably, the emergence of the omicron variant of COVID-19 in the final months of 2021 led to higher volatility in financial markets and briefly pulled oil prices lower.

The first months of the period saw strong upward momentum in U.S. equity prices after second quarter 2021 results showed record high earnings and revenue from U.S. companies. However, equity markets ended the month of September lower amid investor concerns about global supply chain disruptions, inflationary pressure and the ongoing pandemic.

In October, equity markets resumed their broad upward trajectory only to stall again in November and then ended December with higher returns. The global resurgence in pandemic infections in late 2021 raised investor concerns about the reimposition of social restrictions and their potential impact on specific industries and companies. However, the U.S. economic backdrop remained positive overall, with a strong labor market, surging corporate profits and a boom in U.S. consumer wealth.

Within U.S. equity, large cap stocks generally outperformed mid cap stocks and small cap stock prices largely declined over the second half of 2021.



2	J.P. MORGAN EXCHANGE-TRADED FUNDS	DECEMBER 31, 2021

JPMorgan ActiveBuilders U.S. Large Cap Equity ETF

FUND COMMENTARY

FOR THE PERIOD JULY 7, 2021 (INCEPTION DATE) THROUGH DECEMBER 31, 2021 (Unaudited)


REPORTING PERIOD RETURN:
JPMorgan ActiveBuilders U.S. Large Cap Equity ETF
Net Asset Value*		9.63%
Market Price**		9.71%
S&P 500 Index		10.09%

Net Assets as of 12/31/2021	$	29,387,547
Fund Ticker		JUSA

INVESTMENT OBJECTIVE***

The JPMorgan ActiveBuilders U.S. Large Cap Equity ETF (the “Fund”) seeks to provide long-term capital appreciation.

INVESTMENT APPROACH

The Fund invests primarily in equity securities of large, well-established companies located in the U.S. The Fund allocates to a variety of securities selected from across the adviser’s actively managed U.S. equity strategies and seeks to outperform the S&P 500 Index (the “Index”) over time while maintaining similar risk characteristics, including sector risks.

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

For the period from inception on July 7, 2021 to December 31, 2021, the Fund underperformed the Index. The Fund’s security selection in the semiconductors & semiconductor equipment sector and the technology hardware & equipment sector were leading detractors from performance relative to the Index, while the Fund’s security selection in the capital goods and software & services sectors was a leading contributor to relative performance.

Leading individual detractors from relative performance included the Fund’s overweight positions in Analog Devices Inc. and Biogen Inc., and its underweight position in Pfizer Inc.

Shares of Analog Devices, a semiconductor manufacturer, fell

amid investor concerns about the company’s ability to meet surging demand. Shares of Biogen, a pharmaceuticals developer, fell amid investor concerns about the company’s treatment for Alzheimer’s disease. Shares of Pfizer, a pharmaceutical manufacturer, rose amid a resurgence in the pandemic in late 2021 and the U.S. Food and Drug Administration’s approval for the company’s COVID-19 pill.

Leading individual contributors to relative performance included the Fund’s overweight positions in Lowes Cos. and Eaton Corp., and its underweight position in Intel Corp. Shares of Lowe’s, a home improvement retail chain, rose after the company reported better-than-expected earnings and revenue for the third quarter of 2021, issued a better-than-expected forecast for fiscal 2022 and announced a $13 billion share repurchase plan. Shares of Eaton, a provider of industrial power systems, rose after the company reported better-than-expected earnings for the third quarter of 2021. Shares of Intel, a semiconductor manufacturer, fell after the company issued a weaker-than-expected earnings forecast with its third quarter 2021 results.

HOW WAS THE FUND POSITIONED?

During the period, the Fund’s largest overweight allocations relative to the Index were to the diversified financials and banks sectors and its largest underweight allocations were to the technology hardware & equipment and software & services sectors.



DECEMBER 31, 2021	J.P. MORGAN EXCHANGE-TRADED FUNDS	3

JPMorgan ActiveBuilders U.S. Large Cap Equity ETF

FUND COMMENTARY

FOR THE PERIOD JULY 7, 2021 (INCEPTION DATE) THROUGH DECEMBER 31, 2021 (Unaudited) (continued)


TOP TEN EQUITY HOLDINGS OF THE PORTFOLIO AS OF DECEMBER 31, 2021			PERCENT OF TOTAL INVESTMENTS
	1.	Microsoft Corp.		6.7	%
	2.	Apple, Inc.		5.3
	3.	Amazon.com, Inc.		3.5
	4.	Alphabet, Inc., Class A		2.8
	5.	Alphabet, Inc., Class C		2.3
	6.	Tesla, Inc.		1.9
	7.	Wells Fargo & Co.		1.6
	8.	AbbVie, Inc.		1.5
	9.	Lowe’s Cos., Inc.		1.5
	10.	Eaton Corp. plc		1.4


PORTFOLIO COMPOSITION BY SECTOR AS OF DECEMBER 31, 2021	PERCENT OF TOTAL INVESTMENTS
Information Technology		24.5	%
Consumer Discretionary		14.8
Financials		14.7
Health Care		13.4
Industrials		10.2
Communication Services		8.7
Consumer Staples		3.3
Materials		2.9
Utilities		2.8
Real Estate		2.3
Energy		2.2
Short-Term Investments		0.2

The return shown is based on net asset value and may differ from the return shown in the financial highlights, which reflects adjustments made to the net asset value in accordance with accounting principles generally accepted in the United States of America. The net asset value was $53.43 as of December 31, 2021.

Market price return was calculated assuming an initial investment made at the inception date net asset value, 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, 2021, the closing price was $53.47.

***

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



4	J.P. MORGAN EXCHANGE-TRADED FUNDS	DECEMBER 31, 2021


TOTAL RETURNS AS OF DECEMBER 31, 2021 (Unaudited)
	INCEPTION DATE		CUMULATIVE SINCE INCEPTION
Net Asset Value		July 7, 2021		9.63	%
Market Price				9.71	%

LIFE OF FUND PERFORMANCE (07/07/21 TO 12/31/21)

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.

Fund commenced operations on July 7, 2021.

The graph illustrates comparative performance for $10,000 invested in shares of the JPMorgan ActiveBuilders U.S. Large Cap Equity ETF and the S&P 500 Index from July 7, 2021 to December 31, 2021. The performance of the Fund reflects the deduction of Fund expenses and assumes reinvestment of all dividends and capital gain distributions, if any. The performance of the S&P 500 Index does not

reflect the deduction of expenses associated with an exchange-traded fund and approximates the minimum possible dividend reinvestment of the securities included in the Index, if applicable. The S&P 500 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.

Performance shown in this section does not reflect the deduction of taxes that a shareholder may pay on Fund distributions or on gains resulting from redemption or sale of Fund shares.

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



DECEMBER 31, 2021	J.P. MORGAN EXCHANGE-TRADED FUNDS	5

JPMorgan Active Value ETF

FUND COMMENTARY

FOR THE PERIOD OCTOBER 4, 2021 (INCEPTION DATE) THROUGH DECEMBER 31, 2021 (Unaudited)


REPORTING PERIOD RETURN:
JPMorgan Active Value ETF
Net Asset Value*		6.22%
Market Price**		6.28%
Russell 1000 Value Index		6.94%

Net Assets as of 12/31/2021	$	27,466,348
Fund Ticker		JAVA

INVESTMENT OBJECTIVE***

The JPMorgan Active Value ETF (the “Fund”) seeks to provide long-term capital appreciation.

INVESTMENT APPROACH

The Fund invests primarily in large- and mid-cap equity securities that are attractively valued based on their growth potential over the long-term. The Fund employs a bottom-up approach to stock selection, focusing on company fundamentals, quantitative screening and proprietary fundamental analysis.

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

For the period from inception on October 4, 2021 to December 31, 2021, the Fund underperformed the Russell 1000 Value Index (the “Index”).

The Fund’s security selection in the financials sector and its underweight position and security selection in the real estate sector were leading detractors from performance relative to the Benchmark, while the Fund’s security selection in the materials sector and underweight position in the communication services sector were leading contributors to relative performance.

Leading individual detractors from relative performance included the Fund’s overweight position in Royal Caribbean Cruises Ltd. and Zimmer Biomet Holdings Inc. and its underweight position in Pfizer Inc. Shares of Royal Caribbean Cruises, a cruise ship operator, fell amid investor concerns that the emergence of the omicron variant of COVID-19 would hurt the travel and hospitality sectors. Shares of Zimmer Biomet Holdings, a medical device manufacturer, fell amid investor expectations that the resurgence of the pandemic in late 2021 may

reduce demand for elective surgeries. Shares of Pfizer, a pharmaceutical and vaccines manufacturer, rose amid a resurgence in the pandemic in late 2021 and the U.S. Food and Drug Administration’s approval for the company’s COVID-19 pill.

Leading individual contributors to relative performance included the Fund’s out-of-Benchmark position in Seagate Technology Holdings PLC, its underweight position in JPMorgan Chase & Co. and its overweight position in Centene Corp. Shares of Seagate Technology Holdings, a data storage products manufacturer, rose after the company reported better-than-expected earnings and revenue for its fiscal second quarter. Shares of JPMorgan Chase, a banking and financial services company that the Fund is prohibited from owning because of JPMorgan Chase’s affiliation with the Fund adviser, fell after the company reported rising consumer debt delinquencies. Shares of Centene, a health insurance provider, rose after the company issued a better-than-expected forecast for earnings and revenue for fiscal year 2022.

HOW WAS THE FUND POSITIONED?

During the period, the Fund’s portfolio managers employed a bottom-up approach to stock selection, based on company fundamentals, quantitative screening and proprietary fundamental analysis. As a result of this process, the Fund’s largest sector allocations were to the financials and health care sectors and its smallest allocations were to the real estate and utilities sector.



6	J.P. MORGAN EXCHANGE-TRADED FUNDS	DECEMBER 31, 2021


TOP TEN EQUITY HOLDINGS OF THE PORTFOLIO AS OF DECEMBER 31, 2021			PERCENT OF TOTAL INVESTMENTS
	1.	Wells Fargo & Co.		3.1	%
	2.	Bank of America Corp.		3.0
	3.	Chevron Corp.		2.2
	4.	Bristol-Myers Squibb Co.		2.1
	5.	Centene Corp.		1.8
	6.	Royal Caribbean Cruises Ltd.		1.7
	7.	Truist Financial Corp.		1.7
	8.	US Foods Holding Corp.		1.7
	9.	Parker-Hannifin Corp.		1.6
	10.	Raytheon Technologies Corp.		1.5


PORTFOLIO COMPOSITION BY SECTOR AS OF DECEMBER 31, 2021	PERCENT OF TOTAL INVESTMENTS
Financials		23.9	%
Health Care		17.3
Industrials		12.1
Consumer Discretionary		10.1
Consumer Staples		7.1
Energy		6.9
Materials		6.5
Information Technology		5.6
Communication Services		4.0
Utilities		2.9
Real Estate		2.0
Short-Term Investments		1.6

***

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



DECEMBER 31, 2021	J.P. MORGAN EXCHANGE-TRADED FUNDS	7

JPMorgan Active Value ETF

FUND COMMENTARY

FOR THE PERIOD OCTOBER 4, 2021 (INCEPTION DATE) THROUGH DECEMBER 31, 2021 (Unaudited) (continued)


TOTAL RETURNS AS OF DECEMBER 31, 2021 (Unaudited)
	INCEPTION DATE		CUMULATIVE SINCE INCEPTION
Net Asset Value		October 4, 2021		6.22	%
Market Price				6.28	%

LIFE OF FUND PERFORMANCE (10/04/21 TO 12/31/21)

Fund commenced operations on October 4, 2021.

The graph illustrates comparative performance for $10,000 invested in shares of the JPMorgan Active Value ETF and the Russell 1000 Value Index from October 4, 2021 to December 31, 2021.

The performance of the Fund reflects the deduction of Fund expenses and assumes reinvestment of all dividends and capital gain distributions, if any. The Russell 1000 Value Index does not reflect the deduction of expenses associated

with an exchange-traded fund and has been adjusted to reflect reinvestment of

all dividends and capital gain distributions of the securities included in the Index, if applicable. The Russell 1000 Value Index is an unmanaged index measuring the performance of those Russell 1000 companies with lower price to-book ratios and lower forecasted growth values. Investors cannot invest directly in an index.

Performance shown in this section does not reflect the deduction of taxes that a shareholder may pay on Fund distributions or on gains resulting from redemption or sale of Fund shares.



8	J.P. MORGAN EXCHANGE-TRADED FUNDS	DECEMBER 31, 2021

JPMorgan Equity Premium Income ETF

FUND COMMENTARY

SIX MONTHS ENDED DECEMBER 31, 2021 (Unaudited)


REPORTING PERIOD RETURN:
JPMorgan Equity Premium Income ETF
Net Asset Value*		8.82%
Market Price**		8.74%
S&P 500 Index		11.67%
ICE BofAML 3-Month US Treasury Bill Index		0.02%

Net Assets as of 12/31/2021	$	5,879,914,577
Fund Ticker		JEPI

INVESTMENT OBJECTIVE***

The JPMorgan Equity Premium Income ETF (the “Fund”) seeks current income while maintaining prospects for capital appreciation.

INVESTMENT APPROACH

The Fund generates income by investing in a combination of options-based equity-linked notes and U.S. large cap stocks, seeking to deliver a monthly distributions at a relatively stable level. The Fund uses a proprietary research process designed to identify over- and undervalued stocks with attractive risk/return characteristics.

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

The Fund underperformed the S&P 500 Index (the “Benchmark”) and outperformed the ICE BofAML 3-Month US Treasury Bill Index for the six months ended December 31, 2021.

The Fund’s use of options-based equity-linked notes allowed the Fund to generally perform as designed, delivering returns with less volatility than the Benchmark during the reporting period. The Fund captured 75% of the Benchmark’s total return with about 66% of the Benchmark’s volatility during the reporting period, resulting in income of $X.XX per share.

The Fund’s underweight position in the information technology sector and its security selection in the consumer discretionary sector were leading detractors from performance relative to the Benchmark, while the Fund’s security selection in the industrials and financials sectors was a leading contributor to relative performance.

Leading individual detractors from relative performance included the Fund’s underweight positions in Tesla Inc., Apple Inc. and Nvidia Inc. Shares of Tesla, a producer of electric vehicles and battery systems that was not held in the Fund, rose after the

company reported better-than-expected production and deliveries during the period. Shares of Apple, a provider of computers, mobile devices and related services, rose amid consecutive quarter of record earnings and strong demand for mobile devices. Shares of Nvidia, a semiconductor maker not held in the Fund, rose after the company reported better-than-expected earnings and revenue for the third quarter of 2021 amid growth in sales to the data center and gaming industries.

Leading individual contributors to relative performance included the Fund’s overweight position in Old Dominion Freight Line Inc. and its underweight positions in PayPal Holdings Inc. and Amazon.com Inc. Shares of Old Dominion Freight Inc., a trucking and transport provider, rose after the company reported better-than-expected earnings and revenue for the third quarter amid a surge in demand for its services. Shares of PayPal Holdings, a digital payments platform provider not held in the Fund, fell after the company issued a lower-than-expected earnings forecast for the third quarter of 2021 and amid general weakness in financial technology stocks. Shares of Amazon.com, an online retailer and services provider not held in the Fund, fell after the company reported lower-than-expected earnings and revenue for the third quarter of 2021 and issued a lower-than-expected forecast for the fourth quarter of 2021.

HOW WAS THE FUND POSITIONED?

During the reporting period, the Fund’s portfolio managers maintained a defensive equity portfolio, investing primarily in common stocks of large cap U.S. companies, with reduced volatility compared with the Benchmark, while using index options-based equity-linked notes in a consistent and disciplined manner. The combination of the diversified portfolio of equity securities and income from index options-based equity-linked notes provided the Fund with a portion of the returns associated with equity market investments, less risk compared with the equity market, and a stream of distributable monthly income.



DECEMBER 31, 2021	J.P. MORGAN EXCHANGE-TRADED FUNDS	9

JPMorgan Equity Premium Income ETF

FUND COMMENTARY

SIX MONTHS ENDED DECEMBER 31, 2021 (Unaudited) (continued)


TOP TEN EQUITY HOLDINGS OF THE PORTFOLIO AS OF DECEMBER 31, 2021			PERCENT OF TOTAL INVESTMENTS
	1.	UBS AG, ELN, 40.24%, 2/7/2022, (linked to S&P 500 Index) (Switzerland)		2.1	%
	2.	Barclays Bank plc, ELN, 48.30%, 1/14/2022, (linked to S&P 500 Index) (United Kingdom)		1.8
	3.	Bank of Montreal, ELN, 47.00%, 1/18/2022, (linked to S&P 500 Index) (Canada)		1.7
	4.	Credit Suisse AG, ELN, 42.00%, 2/4/2022, (linked to S&P 500 Index) (Switzerland)		1.7
	5.	Accenture plc, Class A		1.7
	6.	Old Dominion Freight Line, Inc.		1.6
	7.	Microsoft Corp.		1.6
	8.	DTE Energy Co.		1.6
	9.	Royal Bank of Canada, ELN, 55.31%, 1/7/2022, (linked to S&P 500 Index) (Canada)		1.6
	10.	Eli Lilly & Co.		1.6


PORTFOLIO COMPOSITION BY SECTOR AS OF DECEMBER 31, 2021	PERCENT OF TOTAL INVESTMENTS
Health Care		12.1	%
Information Technology		12.0
Industrials		11.8
Consumer Staples		10.9
Financials		8.8
Consumer Discretionary		7.6
Utilities		7.3
Communication Services		6.0
Materials		3.4
Real Estate		3.1
Energy		0.7
Other****		16.2
Short-Term Investments		0.1

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, 2021, the closing price was $63.19.

***

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

****

Equity-Linked Notes that are linked to the S&P 500 Index.

ELN

Equity-Linked Note



10	J.P. MORGAN EXCHANGE-TRADED FUNDS	DECEMBER 31, 2021


AVERAGE ANNUAL TOTAL RETURNS AS OF DECEMBER 31, 2021 (Unaudited)
	INCEPTION DATE		SIX MONTHS*			1 YEAR			SINCE INCEPTION
Net Asset Value		May 20, 2020		8.82	%		21.61	%		25.23	%
Market Price				8.74	%		21.50	%		25.25	%

*	Not annualized.

LIFE OF FUND PERFORMANCE (5/20/20 TO 12/31/21)

Fund commenced operations on May 20, 2020.

The graph illustrates comparative performance for $10,000 invested in shares of the JPMorgan Equity Premium Income ETF, the S&P 500 Index and the ICE BofAML 3-Month US Treasury Bill Index from May 20, 2020 to December 31, 2021. The performance of the Fund reflects the deduction of Fund expenses and assumes reinvestment of all dividends and capital gain distributions, if any. The performance of the S&P 500 Index and the ICE BofAML 3-Month US Treasury Bill Index does not reflect the deduction of expenses associated with an exchange-traded fund and approximates the minimum possible dividend

reinvestment of the securities included in the benchmarks, if applicable. The S&P 500 Index is an unmanaged index generally representative of the performance of large companies in the U.S. stock market. The ICE BofAML

3-Month US Treasury Bill Index is comprised of a single issue purchased at the beginning of the month and held for a full month. Each month the ICE BofAML 3-Month US Treasury Bill Index is rebalanced and the issue selected is the outstanding Treasury Bill that matures closest to, but not beyond, 3 months from the rebalancing date. Investors cannot invest directly in an index.

Performance shown in this section does not reflect the deduction of taxes that a shareholder may pay on Fund distributions or on gains resulting from redemption or sale of Fund shares.



DECEMBER 31, 2021	J.P. MORGAN EXCHANGE-TRADED FUNDS	11

JPMorgan ActiveBuilders U. S. Large Cap Equity ETF

SCHEDULE OF PORTFOLIO INVESTMENTS

AS OF DECEMBER 31, 2021 (Unaudited)


INVESTMENTS	SHARES		VALUE ($)
Common Stocks — 99.7%
Aerospace & Defense — 1.7%
General Dynamics Corp.		468		97,564
Northrop Grumman Corp.		641		248,112
Raytheon Technologies Corp.		1,682		144,753

				490,429

Air Freight & Logistics — 0.6%
FedEx Corp.		119		30,778
United Parcel Service, Inc., Class B		633		135,677

				166,455

Airlines — 0.2%
Southwest Airlines Co. *		1,670		71,543

Auto Components — 0.1%
Aptiv plc *		55		9,072
Magna International, Inc. (Canada)		194		15,703

				24,775

Automobiles — 2.2%
General Motors Co. *		347		20,345
Rivian Automotive, Inc., Class A *		460		47,697
Tesla, Inc. *		535		565,377

				633,419

Banks — 5.9%
Bank of America Corp.		4,428		197,002
Citigroup, Inc.		2,836		171,266
Citizens Financial Group, Inc.		651		30,760
Fifth Third Bancorp		612		26,653
M&T Bank Corp.		259		39,777
PNC Financial Services Group, Inc. (The)		467		93,643
Regions Financial Corp.		1,178		25,680
SVBFinancial Group *		130		88,171
Truist Financial Corp.		5,638		330,105
US Bancorp		4,706		264,336
Wells Fargo & Co.		9,703		465,550

				1,732,943

Beverages — 1.1%
Coca-Cola Co. (The)		3,312		196,103
Constellation Brands, Inc., Class A		127		31,873
Monster Beverage Corp. *		573		55,031
PepsiCo, Inc.		218		37,869

				320,876

Biotechnology — 3.2%
AbbVie, Inc.		3,255		440,727
Amgen, Inc.		151		33,970
Biogen, Inc. *		451		108,204
Exact Sciences Corp. *		93		7,238
Moderna, Inc. *		70		17,779
Regeneron Pharmaceuticals, Inc. *		350		221,032
Seagen, Inc. *		278		42,979
Vertex Pharmaceuticals, Inc. *		344		75,542

				947,471


INVESTMENTS	SHARES		VALUE ($)

Building Products — 1.0%
Johnson Controls International plc		442		35,939
Masco Corp.		285		20,013
Trane Technologies plc		1,164		235,163

				291,115

Capital Markets — 5.4%
Ameriprise Financial, Inc.		393		118,552
BlackRock, Inc.		179		163,885
Blackstone, Inc.		999		129,261
Charles Schwab Corp. (The)		2,101		176,694
Goldman Sachs Group, Inc. (The)		328		125,476
Intercontinental Exchange, Inc.		204		27,901
Morgan Stanley		3,650		358,284
MSCI, Inc.		37		22,670
S&P Global, Inc.		628		296,372
State Street Corp.		555		51,615
T. Rowe Price Group, Inc.		668		131,356

				1,602,066

Chemicals — 2.3%
Air Products and Chemicals, Inc.		335		101,927
Axalta Coating Systems Ltd. *		3,167		104,891
Celanese Corp.		77		12,941
DuPont de Nemours, Inc.		605		48,872
Eastman Chemical Co.		756		91,408
Linde plc (United Kingdom)		82		28,407
PPG Industries, Inc.		1,283		221,241
Sherwin-Williams Co. (The)		177		62,332

				672,019

Commercial Services & Supplies — 0.2%
Cintas Corp.		23		10,193
Republic Services, Inc.		335		46,716

				56,909

Communications Equipment — 0.1%
Cisco Systems, Inc.		295		18,694

Construction Materials — 0.2%
Vulcan Materials Co.		335		69,539

Consumer Finance — 0.7%
American Express Co.		440		71,984
Capital One Financial Corp.		973		141,173

				213,157

Containers & Packaging — 0.2%
Avery Dennison Corp.		73		15,810
Ball Corp.		212		20,409
Westrock Co.		235		10,424

				46,643

Diversified Financial Services — 0.9%
Berkshire Hathaway, Inc., Class B *		874		261,326

Diversified Telecommunication Services — 0.1%
Verizon Communications, Inc.		537		27,903

SEE NOTES TO FINANCIAL STATEMENTS.



12	J.P. MORGAN EXCHANGE-TRADED FUNDS	DECEMBER 31, 2021


INVESTMENTS	SHARES		VALUE ($)
Common Stocks — continued
Electric Utilities — 2.2%
Edison International		256		17,472
Entergy Corp.		380		42,807
Evergy, Inc.		314		21,544
FirstEnergy Corp.		785		32,648
NextEra Energy, Inc.		4,265		398,180
Xcel Energy, Inc.		2,098		142,035

				654,686

Electrical Equipment — 1.7%
Eaton Corp. plc		2,455		424,273
Rockwell Automation, Inc.		213		74,305

				498,578

Electronic Equipment, Instruments & Components — 0.2%
Amphenol Corp., Class A		617		53,963

Entertainment — 0.7%
Netflix, Inc. *		251		151,213
Walt Disney Co. (The)*		379		58,703

				209,916

Equity Real Estate Investment Trusts (REITs) — 2.2%
AvalonBay Communities, Inc.		109		27,532
Camden Property Trust		157		28,053
Equinix, Inc.		33		27,913
Equity LifeStyle Properties, Inc.		208		18,233
Host Hotels & Resorts, Inc. *		2,700		46,953
Kimco Realty Corp.		593		14,617
Prologis, Inc.		2,315		389,753
SBA Communications Corp.		43		16,728
Sun Communities, Inc.		113		23,727
Ventas, Inc.		1,024		52,347
Vornado Realty Trust		382		15,991

				661,847

Food & Staples Retailing — 0.2%
Walmart, Inc.		415		60,046

Food Products — 0.3%
Mondelez International, Inc., Class A		1,560		103,444

Health Care Equipment & Supplies — 3.0%
Abbott Laboratories		446		62,770
ABIOMED, Inc. *		42		15,085
Align Technology, Inc. *		124		81,491
Baxter International, Inc.		111		9,528
Becton Dickinson and Co.		370		93,048
Boston Scientific Corp. *		4,113		174,720
Dexcom, Inc. *		94		50,473
Intuitive Surgical, Inc. *		463		166,356
Medtronic plc		1,489		154,037
Zimmer Biomet Holdings, Inc.		624		79,273

				886,781

Health Care Providers & Services — 3.0%
Anthem, Inc.		242		112,177
Centene Corp. *		1,985		163,564
Cigna Corp.		359		82,437
HCA Healthcare, Inc.		352		90,436


INVESTMENTS	SHARES		VALUE ($)

Health Care Providers & Services — continued
Humana, Inc.		152		70,507
McKesson Corp.		325		80,785
UnitedHealth Group, Inc.		590		296,262

				896,168

Hotels, Restaurants & Leisure — 2.8%
Booking Holdings, Inc. *		57		136,756
Chipotle Mexican Grill, Inc. *		49		85,664
Hilton Worldwide Holdings, Inc. *		168		26,206
Marriott International, Inc., Class A *		1,159		191,513
McDonald’s Corp.		1,121		300,507
Yum! Brands, Inc.		631		87,621

				828,267

Household Durables — 0.3%
Lennar Corp., Class A		366		42,515
Newell Brands, Inc.		1,177		25,706
Toll Brothers, Inc.		178		12,885

				81,106

Household Products — 0.8%
Kimberly-Clark Corp.		199		28,441
Procter & Gamble Co. (The)		1,184		193,679

				222,120

Industrial Conglomerates — 0.1%
Honeywell International, Inc.		120		25,021

Insurance — 1.7%
Chubb Ltd.		578		111,733
Hartford Financial Services Group, Inc. (The)		1,463		101,005
Loews Corp.		493		28,476
Marsh & McLennan Cos., Inc.		188		32,678
MetLife, Inc.		797		49,805
Progressive Corp. (The)		1,182		121,332
Prudential Financial, Inc.		452		48,924
Travelers Cos., Inc. (The)		55		8,604

				502,557

Interactive Media & Services — 6.8%
Alphabet, Inc., Class A *		285		825,656
Alphabet, Inc., Class C *		231		668,419
Match Group, Inc. *		215		28,434
Meta Platforms, Inc., Class A *		1,117		375,703
Snap, Inc., Class A *		1,765		83,008
ZoomInfo Technologies, Inc., Class A *		210		13,482

				1,994,702

Internet & Direct Marketing Retail — 3.7%
Amazon.com, Inc. *		312		1,040,314
Etsy, Inc. *		176		38,533

				1,078,847

IT Services — 3.3%
Accenture plc, Class A		297		123,121
Affirm Holdings, Inc. *		224		22,525
Block, Inc., Class A *		156		25,195

SEE NOTES TO FINANCIAL STATEMENTS.



DECEMBER 31, 2021	J.P. MORGAN EXCHANGE-TRADED FUNDS	13

JPMorgan ActiveBuilders U. S. Large Cap Equity ETF

SCHEDULE OF PORTFOLIO INVESTMENTS

AS OF DECEMBER 31, 2021 (Unaudited) (continued)


INVESTMENTS	SHARES		VALUE ($)
Common Stocks — continued
IT Services — continued
Fidelity National Information Services, Inc.		318		34,710
FleetCor Technologies, Inc. *		277		62,004
International Business Machines Corp.		304		40,633
Mastercard, Inc., Class A		1,173		421,482
MongoDB, Inc. *		39		20,645
PayPal Holdings, Inc. *		205		38,659
Shopify, Inc., Class A (Canada) *		54		74,379
Visa, Inc., Class A		455		98,603

				961,956

Life Sciences Tools & Services — 0.6%
Danaher Corp.		85		27,966
Illumina, Inc. *		31		11,793
Thermo Fisher Scientific, Inc.		187		124,774

				164,533

Machinery — 2.8%
Deere & Co.		1,006		344,947
Dover Corp.		636		115,498
Ingersoll Rand, Inc.		244		15,096
Otis Worldwide Corp.		541		47,105
Parker-Hannifin Corp.		457		145,381
Stanley Black & Decker, Inc.		815		153,725

				821,752

Media — 0.8%
Charter Communications, Inc., Class A *		51		33,251
Comcast Corp., Class A		3,777		190,096

				223,347

Metals & Mining — 0.3%
Freeport-McMoRan, Inc.		1,827		76,241

Multiline Retail — 0.4%
Dollar General Corp.		301		70,985
Dollar Tree, Inc. *		74		10,398
Target Corp.		177		40,965

				122,348

Multi-Utilities — 0.5%
CenterPoint Energy, Inc.		1,264		35,278
CMS Energy Corp.		1,152		74,938
DTE Energy Co.		149		17,812
Public Service Enterprise Group, Inc.		347		23,155

				151,183

Oil, Gas & Consumable Fuels — 2.2%
Cheniere Energy, Inc.		105		10,649
Chevron Corp.		1,302		152,790
ConocoPhillips		3,091		223,108
Diamondback Energy, Inc.		324		34,944
EOG Resources, Inc.		1,276		113,347
Pioneer Natural Resources Co.		357		64,931
Valero Energy Corp.		358		26,889
Williams Cos., Inc. (The)		522		13,593

				640,251


INVESTMENTS	SHARES		VALUE ($)

Personal Products — 0.3%
Estee Lauder Cos., Inc. (The), Class A		261		96,622

Pharmaceuticals — 3.6%
Bristol-Myers Squibb Co.		5,983		373,040
Eli Lilly & Co.		1,259		347,761
Johnson & Johnson		1,167		199,639
Merck & Co., Inc.		775		59,396
Pfizer, Inc.		1,203		71,037

				1,050,873

Professional Services — 0.6%
Booz Allen Hamilton Holding Corp.		123		10,429
Equifax, Inc.		124		36,306
Leidos Holdings, Inc.		1,032		91,745
Verisk Analytics, Inc.		167		38,198

				176,678

Road & Rail — 1.3%
CSX Corp.		2,106		79,185
Lyft, Inc., Class A *		234		9,999
Norfolk Southern Corp.		918		273,298
Union Pacific Corp.		131		33,003

				395,485

Semiconductors & Semiconductor Equipment — 7.0%
Advanced Micro Devices, Inc. *		2,714		390,545
Analog Devices, Inc.		2,211		388,627
Applied Materials, Inc.		415		65,304
ASML Holding NV (Registered), NYRS (Netherlands)		97		77,226
Enphase Energy, Inc. *		53		9,696
Intel Corp.		193		9,940
Lam Research Corp.		215		154,617
Microchip Technology, Inc.		201		17,499
Micron Technology, Inc.		94		8,756
NVIDIA Corp.		948		278,816
NXP Semiconductors NV (China)		1,748		398,159
QUALCOMM, Inc.		99		18,104
Texas Instruments, Inc.		1,342		252,927

				2,070,216

Software — 8.5%
Ceridian HCM Holding, Inc. *		433		45,231
Fortinet, Inc. *		29		10,422
HubSpot, Inc. *		38		25,048
Intuit, Inc.		308		198,112
Microsoft Corp.		5,868		1,973,526
Oracle Corp.		1,189		103,693
salesforce.com, Inc. *		129		32,783
Synopsys, Inc. *		167		61,539
Workday, Inc., Class A *		140		38,245

				2,488,599

Specialty Retail — 4.2%
AutoZone, Inc. *		83		174,000
Best Buy Co., Inc.		324		32,919
Carvana Co. *		139		32,219

SEE NOTES TO FINANCIAL STATEMENTS.



14	J.P. MORGAN EXCHANGE-TRADED FUNDS	DECEMBER 31, 2021


INVESTMENTS	SHARES		VALUE ($)
Common Stocks — continued
Specialty Retail — continued
Gap, Inc. (The)		1,462		25,804
Home Depot, Inc. (The)		399		165,589
Lowe’s Cos., Inc.		1,650		426,492
O’Reilly Automotive, Inc. *		249		175,851
Ross Stores, Inc.		852		97,367
TJX Cos., Inc. (The)		1,538		116,765

				1,247,006

Technology Hardware, Storage & Peripherals — 5.5%
Apple, Inc.		8,807		1,563,859
Seagate Technology Holdings plc		408		46,096

				1,609,955

Textiles, Apparel & Luxury Goods — 1.1%
NIKE, Inc., Class B		1,627		271,172
Tapestry, Inc.		1,193		48,436

				319,608

Tobacco — 0.6%
Altria Group, Inc.		810		38,386
Philip Morris International, Inc.		1,421		134,995

				173,381

Wireless Telecommunication Services — 0.3%
T-Mobile US, Inc. *		832		96,495

Total Common Stocks (Cost $26,802,793)				29,291,860


INVESTMENTS	SHARES		VALUE ($)
Short-Term Investments — 0.2%

Investment Companies — 0.2%
JPMorgan U.S. Government Money Market Fund Class IM Shares, 0.03% (a) (b) (Cost $64,327)		64,327		64,327

Total Investments — 99.9% (Cost $26,867,120)				29,356,187
Other Assets Less Liabilities — 0.1%				31,360

NET ASSETS — 100.0%				29,387,547

Percentages indicated are based on net assets.

Abbreviations


NYRS		New York Registry Shares
(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, 2021.
*		Non-income producing security.

Futures contracts outstanding as of December 31, 2021:

DESCRIPTION

NUMBER OF
CONTRACTS

EXPIRATION
DATE

TRADING
CURRENCY

NOTIONAL
AMOUNT ($)

VALUE AND
UNREALIZED
APPRECIATION
(DEPRECIATION) ($)

Long Contracts

Micro E-Mini S&P 500 Index

03/2022

USD

47,598

579

Abbreviations


USD		United States Dollar

SEE NOTES TO FINANCIAL STATEMENTS.



DECEMBER 31, 2021	J.P. MORGAN EXCHANGE-TRADED FUNDS	15

JPMorgan Active Value ETF

SCHEDULE OF PORTFOLIO INVESTMENTS

AS OF DECEMBER 31, 2021 (Unaudited)


INVESTMENTS	SHARES		VALUE ($)
Common Stocks — 98.4%
Aerospace & Defense — 3.5%
Boeing Co. (The) *		959		193,066
General Dynamics Corp.		899		187,414
Northrop Grumman Corp.		416		161,021
Raytheon Technologies Corp.		4,929		424,190

				965,691

Air Freight & Logistics — 1.2%
FedEx Corp.		807		208,722
United Parcel Service, Inc., Class B		614		131,605

				340,327

Airlines — 0.9%
Delta Air Lines, Inc. *		1,875		73,275
Southwest Airlines Co. *		4,032		172,731

				246,006

Auto Components — 0.4%
Lear Corp.		566		103,550

Automobiles — 1.1%
General Motors Co. *		5,009		293,678

Banks — 11.7%
Bank of America Corp.		18,396		818,438
Citigroup, Inc.		6,108		368,862
Citizens Financial Group, Inc.		1,285		60,716
M&T Bank Corp.		506		77,712
People’s United Financial, Inc.		14,899		265,500
PNC Financial Services Group, Inc. (The)		918		184,077
Truist Financial Corp.		8,125		475,719
US Bancorp		1,685		94,647
Wells Fargo & Co.		17,890		858,362

				3,204,033

Beverages — 1.3%
Coca-Cola Co. (The)		4,740		280,655
PepsiCo, Inc.		419		72,785

				353,440

Biotechnology — 4.7%
AbbVie, Inc.		2,953		399,836
Amgen, Inc.		294		66,141
Biogen, Inc. *		369		88,531
BioMarin Pharmaceutical, Inc. *		464		40,994
Neurocrine Biosciences, Inc. *		906		77,164
Regeneron Pharmaceuticals, Inc. *		430		271,554
Vertex Pharmaceuticals, Inc. *		1,549		340,160

				1,284,380

Building Products — 0.4%
Trane Technologies plc		536		108,288

Capital Markets — 6.3%
BlackRock, Inc.		351		321,362
Charles Schwab Corp. (The)		1,817		152,810
Goldman Sachs Group, Inc. (The)		412		157,611
Intercontinental Exchange, Inc.		1,347		184,229
Morgan Stanley		2,651		260,222
S&P Global, Inc.		214		100,993


INVESTMENTS	SHARES		VALUE ($)

Capital Markets — continued
State Street Corp.		4,089		380,277
T. Rowe Price Group, Inc.		877		172,453

				1,729,957

Chemicals — 3.5%
Air Products and Chemicals, Inc.		566		172,211
Axalta Coating Systems Ltd. *		6,240		206,669
Celanese Corp.		1,001		168,228
DuPont de Nemours, Inc.		527		42,571
Eastman Chemical Co.		1,150		139,046
FMC Corp.		2,040		224,176

				952,901

Commercial Services & Supplies — 0.3%
Republic Services, Inc.		645		89,945

Construction Materials — 0.5%
Vulcan Materials Co.		653		135,550

Consumer Finance — 1.0%
American Express Co.		881		144,132
Capital One Financial Corp.		981		142,333

				286,465

Containers & Packaging — 0.3%
Ball Corp.		416		40,048
Sealed Air Corp.		815		54,988

				95,036

Diversified Financial Services — 1.2%
Berkshire Hathaway, Inc., Class B *		1,139		340,561

Electric Utilities — 1.7%
Edison International		2,507		171,103
Entergy Corp.		403		45,398
FirstEnergy Corp.		1,476		61,387
NextEra Energy, Inc.		1,369		127,810
Xcel Energy, Inc.		1,012		68,512

				474,210

Electrical Equipment — 1.1%
Eaton Corp. plc		1,776		306,928

Entertainment — 1.5%
Activision Blizzard, Inc.		3,385		225,204
Electronic Arts, Inc.		836		110,268
Walt Disney Co. (The) *		518		80,233

				415,705

Equity Real Estate Investment Trusts (REITs) — 2.0%
AvalonBay Communities, Inc.		212		53,549
Host Hotels & Resorts, Inc. *		18,043		313,768
Ventas, Inc.		1,117		57,101
Vornado Realty Trust		2,315		96,906
Weyerhaeuser Co.		852		35,085

				556,409

Food & Staples Retailing — 2.7%
BJ’s Wholesale Club Holdings, Inc. *		1,346		90,142
Performance Food Group Co. *		940		43,137

SEE NOTES TO FINANCIAL STATEMENTS.



16	J.P. MORGAN EXCHANGE-TRADED FUNDS	DECEMBER 31, 2021


INVESTMENTS	SHARES		VALUE ($)
Common Stocks — continued
Food & Staples Retailing — continued
US Foods Holding Corp. *		13,393		466,478
Walmart, Inc.		996		144,111

				743,868

Food Products — 1.9%
Bunge Ltd.		299		27,915
Lamb Weston Holdings, Inc.		6,079		385,287
Mondelez International, Inc., Class A		1,687		111,865

				525,067

Health Care Equipment & Supplies — 2.5%
Becton Dickinson and Co.		541		136,051
Medtronic plc		1,861		192,520
Zimmer Biomet Holdings, Inc.		2,751		349,487

				678,058

Health Care Providers & Services — 5.7%
Anthem, Inc.		190		88,072
Centene Corp. *		5,947		490,033
Cigna Corp.		1,802		413,793
Humana, Inc.		217		100,658
McKesson Corp.		624		155,108
UnitedHealth Group, Inc.		634		318,357

				1,566,021

Hotels, Restaurants & Leisure — 3.2%
Booking Holdings, Inc. *		111		266,314
McDonald’s Corp.		485		130,014
Royal Caribbean Cruises Ltd. *		6,201		476,857

				873,185

Household Durables — 0.5%
Newell Brands, Inc.		6,617		144,515

Household Products — 0.6%
Procter & Gamble Co. (The)		962		157,364

Industrial Conglomerates — 0.5%
Honeywell International, Inc.		641		133,655

Insurance — 3.7%
Allstate Corp. (The)		375		44,119
American International Group, Inc.		3,823		217,376
Chubb Ltd.		1,039		200,849
Hartford Financial Services Group, Inc. (The)		1,812		125,100
Loews Corp.		966		55,796
Marsh & McLennan Cos., Inc.		368		63,966
MetLife, Inc.		1,566		97,859
Prudential Financial, Inc.		1,130		122,311
Travelers Cos., Inc. (The)		523		81,813

				1,009,189

Interactive Media & Services — 0.9%
Alphabet, Inc., Class C *		81		234,381

IT Services — 0.7%
Fidelity National Information Services, Inc.		610		66,582
International Business Machines Corp.		596		79,661
Sabre Corp. *		6,538		56,161

				202,404


INVESTMENTS	SHARES		VALUE ($)

Machinery — 2.9%
Dover Corp.		1,245		226,092
Parker-Hannifin Corp.		1,395		443,777
Stanley Black & Decker, Inc.		245		46,212
Terex Corp.		601		26,414
Timken Co. (The)		738		51,136

				793,631

Media — 1.3%
Comcast Corp., Class A		7,000		352,310

Metals & Mining — 2.2%
Alcoa Corp.		3,728		222,114
Freeport-McMoRan, Inc.		8,294		346,109
Rio Tinto plc, ADR (Australia)		522		34,943

				603,166

Multiline Retail — 0.7%
Dollar General Corp.		511		120,509
Kohl’s Corp.		1,506		74,381

				194,890

Multi-Utilities — 1.2%
CenterPoint Energy, Inc.		4,795		133,829
CMS Energy Corp.		2,222		144,541
Public Service Enterprise Group, Inc.		680		45,376

				323,746

Oil, Gas & Consumable Fuels — 6.9%
Chevron Corp.		5,100		598,485
ConocoPhillips		4,557		328,924
Diamondback Energy, Inc.		2,315		249,673
EOG Resources, Inc.		2,083		185,033
Hess Corp.		1,683		124,592
Occidental Petroleum Corp.		3,708		107,495
Pioneer Natural Resources Co.		1,294		235,353
Valero Energy Corp.		717		53,854

				1,883,409

Pharmaceuticals — 4.5%
Bristol-Myers Squibb Co.		9,247		576,551
Eli Lilly & Co.		581		160,484
Johnson & Johnson		1,803		308,439
Merck & Co., Inc.		596		45,677
Organon & Co.		1,493		45,462
Pfizer, Inc.		1,634		96,488

				1,233,101

Road & Rail — 1.2%
CSX Corp.		4,087		153,671
Norfolk Southern Corp.		486		144,687
Union Pacific Corp.		145		36,530

				334,888

Semiconductors & Semiconductor Equipment — 2.5%
Analog Devices, Inc.		1,254		220,416
Lam Research Corp.		81		58,251
NXP Semiconductors NV (China)		743		169,240
Texas Instruments, Inc.		1,223		230,499

				678,406

SEE NOTES TO FINANCIAL STATEMENTS.



DECEMBER 31, 2021	J.P. MORGAN EXCHANGE-TRADED FUNDS	17

JPMorgan Active Value ETF

SCHEDULE OF PORTFOLIO INVESTMENTS

AS OF DECEMBER 31, 2021 (Unaudited) (continued)


INVESTMENTS	SHARES		VALUE ($)
Common Stocks — continued
Software — 0.8%
Microsoft Corp.		654		219,953

Specialty Retail — 2.9%
AutoZone, Inc. *		80		167,711
Gap, Inc. (The)		2,857		50,426
Home Depot, Inc. (The)		456		189,245
Lowe’s Cos., Inc.		627		162,067
O’Reilly Automotive, Inc. *		98		69,211
TJX Cos., Inc. (The)		2,107		159,963

				798,623

Technology Hardware, Storage & Peripherals — 1.6%
Apple, Inc.		449		79,729
Seagate Technology Holdings plc		3,222		364,022

				443,751

Textiles, Apparel & Luxury Goods — 1.3%
Kontoor Brands, Inc.		966		49,508
NIKE, Inc., Class B		1,023		170,503
Tapestry, Inc.		3,335		135,401

				355,412

Tobacco — 0.6%
Philip Morris International, Inc.		1,796		170,620

Wireless Telecommunication Services — 0.3%
T-Mobile US, Inc. *		760		88,145

Total Common Stocks (Cost $25,534,721)				27,024,818


INVESTMENTS	SHARES		VALUE ($)
Short-Term Investments — 1.6%

Investment Companies — 1.6%
JPMorgan U.S. Government Money Market Fund Class IM Shares, 0.03% (a) (b) (Cost $429,866)		429,866		429,866

Total Investments — 100.0% (Cost $25,964,587)				27,454,684
Other Assets Less Liabilities — 0.0% (c)				11,664

NET ASSETS — 100.0%				27,466,348

Percentages indicated are based on net assets.

Abbreviations


ADR		American Depositary Receipt
(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, 2021.
(c)		Amount rounds to less than 0.1% of net assets.
*		Non-income producing security.

SEE NOTES TO FINANCIAL STATEMENTS.



18	J.P. MORGAN EXCHANGE-TRADED FUNDS	DECEMBER 31, 2021

JPMorgan Equity Premium Income ETF

SCHEDULE OF PORTFOLIO INVESTMENTS

AS OF DECEMBER 31, 2021 (Unaudited)


INVESTMENTS	SHARES		VALUE ($)
Common Stocks — 82.6%
Aerospace & Defense — 0.4%
Northrop Grumman Corp.		59,502		23,031,439

Air Freight & Logistics — 1.3%
United Parcel Service, Inc., Class B		358,119		76,759,226

Banks — 1.6%
US Bancorp		1,092,686		61,376,173
Wells Fargo & Co.		664,346		31,875,321

				93,251,494

Beverages — 3.2%
Coca-Cola Co. (The)		1,295,541		76,708,983
Constellation Brands, Inc., Class A		124,263		31,186,285
PepsiCo, Inc.		443,755		77,084,681

				184,979,949

Biotechnology — 2.7%
AbbVie, Inc.		622,609		84,301,259
Regeneron Pharmaceuticals, Inc. *		53,544		33,814,107
Vertex Pharmaceuticals, Inc. *		183,431		40,281,447

				158,396,813

Building Products — 1.4%
Trane Technologies plc		403,642		81,547,793

Capital Markets — 2.2%
Intercontinental Exchange, Inc.		397,800		54,407,106
S&P Global, Inc.		152,905		72,160,457

				126,567,563

Chemicals — 2.7%
Air Products and Chemicals, Inc.		105,719		32,166,063
Corteva, Inc.		755,329		35,711,955
Linde plc (United Kingdom)		117,909		40,847,215
PPG Industries, Inc.		289,747		49,963,973

				158,689,206

Containers & Packaging — 0.6%
Avery Dennison Corp.		174,414		37,772,840

Diversified Financial Services — 0.9%
Berkshire Hathaway, Inc., Class B*		185,925		55,591,575

Diversified Telecommunication Services — 1.1%
Verizon Communications, Inc.		1,241,027		64,483,763

Electric Utilities — 4.2%
Alliant Energy Corp.		751,648		46,203,802
Duke Energy Corp.		446,769		46,866,068
Evergy, Inc.		508,429		34,883,314
FirstEnergy Corp.		719,139		29,908,991
NextEra Energy, Inc.		825,906		77,106,584
Xcel Energy, Inc.		197,164		13,348,003

				248,316,762

Electrical Equipment — 1.0%
Eaton Corp. plc		342,251		59,147,818


INVESTMENTS	SHARES		VALUE ($)

Entertainment — 0.4%
Netflix, Inc. *		42,507		25,607,917

Equity Real Estate Investment Trusts (REITs) — 3.0%
Camden Property Trust		57,982		10,360,224
Equinix, Inc.		46,103		38,995,761
Prologis, Inc.		310,971		52,355,078
Public Storage		114,470		42,875,883
Sun Communities, Inc.		163,209		34,268,994

				178,855,940

Food & Staples Retailing — 1.7%
Costco Wholesale Corp.		85,439		48,503,720
Walmart, Inc.		340,188		49,221,802

				97,725,522

Food Products — 2.5%
Hershey Co. (The)		376,920		72,922,712
Mondelez International, Inc., Class A		1,118,929		74,196,182

				147,118,894

Health Care Equipment & Supplies — 1.2%
Abbott Laboratories		174,563		24,567,997
Boston Scientific Corp. *		356,060		15,125,429
Medtronic plc		290,808		30,084,087

				69,777,513

Health Care Providers & Services — 1.9%
Anthem, Inc.		68,267		31,644,485
UnitedHealth Group, Inc.		163,401		82,050,178

				113,694,663

Hotels, Restaurants & Leisure — 0.8%
McDonald’s Corp.		173,190		46,427,043

Household Products — 2.4%
Kimberly-Clark Corp.		439,793		62,855,216
Procter & Gamble Co. (The)		483,507		79,092,075

				141,947,291

Insurance — 4.0%
Arthur J Gallagher & Co.		399,185		67,729,719
Chubb Ltd.		339,578		65,643,823
Hartford Financial Services Group, Inc. (The)		335,180		23,140,828
Progressive Corp. (The)		777,171		79,776,603

				236,290,973

Interactive Media & Services — 1.5%
Alphabet, Inc., Class A*		30,868		89,425,831

Internet & Direct Marketing Retail — 1.3%
Amazon.com, Inc. *		21,990		73,322,137

IT Services — 6.0%
Accenture plc, Class A		239,239		99,176,528
Automatic Data Processing, Inc.		107,478		26,501,925
International Business Machines Corp.		287,578		38,437,676
Jack Henry & Associates, Inc.		270,122		45,107,673

SEE NOTES TO FINANCIAL STATEMENTS.



DECEMBER 31, 2021	J.P. MORGAN EXCHANGE-TRADED FUNDS	19

JPMorgan Equity Premium Income ETF

SCHEDULE OF PORTFOLIO INVESTMENTS

AS OF DECEMBER 31, 2021 (Unaudited) (continued)


INVESTMENTS	SHARES		VALUE ($)
Common Stocks — continued
IT Services — continued
Mastercard, Inc., Class A		221,879		79,725,562
Visa, Inc., Class A		306,809		66,488,578

				355,437,942

Life Sciences Tools & Services — 1.5%
Thermo Fisher Scientific, Inc.		131,321		87,622,624

Machinery — 2.8%
Deere & Co.		169,336		58,063,621
Otis Worldwide Corp.		440,245		38,332,132
Stanley Black & Decker, Inc.		358,181		67,560,100

				163,955,853

Media — 2.0%
Charter Communications, Inc., Class A * (a)		56,159		36,613,983
Comcast Corp., Class A		1,558,078		78,418,066

				115,032,049

Multiline Retail — 1.3%
Target Corp.		336,942		77,981,856

Multi-Utilities — 3.0%
CenterPoint Energy, Inc.		1,388,032		38,739,973
DTE Energy Co.		760,976		90,967,071
WEC Energy Group, Inc.		449,218		43,605,591

				173,312,635

Oil, Gas & Consumable Fuels — 0.7%
TC Energy Corp. (Canada)		863,059		40,166,766

Personal Products — 0.1%
Estee Lauder Cos., Inc. (The), Class A		21,594		7,994,099

Pharmaceuticals — 4.7%
Bristol-Myers Squibb Co.		1,217,664		75,921,351
Eli Lilly & Co.		325,977		90,041,367
Johnson & Johnson		336,347		57,538,881
Merck & Co., Inc.		653,188		50,060,328

				273,561,927

Professional Services — 0.5%
Booz Allen Hamilton Holding Corp.		365,795		31,015,758

Road & Rail — 4.3%
Norfolk Southern Corp.		273,234		81,344,494
Old Dominion Freight Line, Inc.		263,502		94,433,847
Union Pacific Corp.		295,649		74,482,852

				250,261,193

Semiconductors & Semiconductor Equipment — 1.7%
Analog Devices, Inc.		163,618		28,759,136
Texas Instruments, Inc.		381,106		71,827,048

				100,586,184

Software — 3.1%
Intuit, Inc.		138,120		88,841,546
Microsoft Corp.		279,177		93,892,809

				182,734,355


INVESTMENTS	SHARES		VALUE ($)

Specialty Retail — 3.2%
Best Buy Co., Inc.		198,698		20,187,717
Lowe’s Cos., Inc.		325,769		84,204,771
O’Reilly Automotive, Inc. *		114,409		80,799,068

				185,191,556

Technology Hardware, Storage & Peripherals — 1.0%
Apple, Inc.		167,931		29,819,508
Seagate Technology Holdings plc		247,439		27,955,658

				57,775,166

Textiles, Apparel & Luxury Goods — 1.0%
NIKE, Inc., Class B		352,990		58,832,843

Tobacco — 0.8%
Altria Group, Inc.		474,895		22,505,274
Philip Morris International, Inc.		281,666		26,758,270

				49,263,544

Wireless Telecommunication Services — 0.9%
T-Mobile US, Inc. *		465,110		53,943,458

Total Common Stocks (Cost $4,431,912,856)				4,853,399,773


	PRINCIPAL AMOUNT($)
Equity-Linked Notes — 16.0%
Bank of Montreal, ELN, 47.00%, 1/18/2022, (linked to S&P 500 Index) (Canada) (b)		21,271		101,001,641
Barclays Bank plc, ELN, 48.30%, 1/14/2022, (linked to S&P 500 Index) (United Kingdom) (c)		22,404		105,556,623
BNP Paribas, ELN, 48.00%, 1/21/2022, (linked to S&P 500 Index) (b)		16,832		76,406,225
Credit Suisse AG, ELN, 42.00%, 2/4/2022, (linked to S&P 500 Index) (Switzerland) (b)		20,892		100,953,567
GS Finance Corp., ELN, 50.02%, 1/31/2022, (linked to S&P 500 Index) (b)		19,163		89,911,088
GS Finance Corp., ELN, 60.43%, 1/28/2022, (linked to S&P 500 Index) (b)		18,927		86,467,628
Royal Bank of Canada, ELN, 40.85%, 1/24/2022, (linked to S&P 500 Index) (Canada) (b)		16,986		80,525,127
Royal Bank of Canada, ELN, 55.31%, 1/7/2022, (linked to S&P 500 Index) (Canada) (b)		20,802		90,873,727

SEE NOTES TO FINANCIAL STATEMENTS.



20	J.P. MORGAN EXCHANGE-TRADED FUNDS	DECEMBER 31, 2021


INVESTMENTS	PRINCIPAL AMOUNT($)		VALUE ($)

Equity-Linked Notes — continued
UBS AG, ELN, 40.24%, 2/7/2022, (linked to S&P 500 Index) (Switzerland) (b)		25,036		120,714,654
UBS AG, ELN, 62.75%, 1/10/2022, (linked to S&P 500 Index) (Switzerland) (b)		21,493		87,714,868

Total Equity-Linked Notes (Cost $952,997,032)				940,125,148


	SHARES
Short-Term Investments — 0.1%

Investment of Cash Collateral from Securities Loaned — 0.1%
JPMorgan U.S. Government Money Market Fund Class IM Shares, 0.03% (d) (e) (Cost $7,798,093)		7,798,093		7,798,093

Total Investments — 98.7% (Cost $5,392,707,981)				5,801,323,014
Other Assets Less Liabilities — 1.3%				78,591,563

NET ASSETS — 100.0%				5,879,914,577

Percentages indicated are based on net assets.

Abbreviations


ELN		Equity-Linked Note

(a)		The security or a portion of this security is on loan at December 31, 2021. The total value of securities on loan at December 31, 2021 is $7,583,715.
(b)		Securities exempt from registration under Rule 144A or section 4(a)(2), of the Securities Act of 1933, as amended.
(c)		Security exempt from registration pursuant to Regulation S under the Securities Act of 1933, as amended. Regulation S applies to securities offerings that are made outside of the United States and do not involve direct selling efforts in the United States and as such may have restrictions on resale.
(d)		Investment in an affiliated fund, which is registered under the Investment Company Act of 1940, as amended, and is advised by J.P. Morgan Investment Management Inc.
(e)		The rate shown is the current yield as of December 31, 2021.
*		Non-income producing security.

Futures contracts outstanding as of December 31, 2021:

DESCRIPTION

NUMBER OF
CONTRACTS

EXPIRATION
DATE

TRADING
CURRENCY

NOTIONAL
AMOUNT ($)

VALUE AND
UNREALIZED
APPRECIATION
(DEPRECIATION) ($)

Long Contracts

S&P 500 E-Mini Index

115

03/2022

USD

27,359,938

197,554

Abbreviations


USD		United States Dollar

SEE NOTES TO FINANCIAL STATEMENTS.



DECEMBER 31, 2021	J.P. MORGAN EXCHANGE-TRADED FUNDS	21

STATEMENTS OF ASSETS AND LIABILITIES

AS OF DECEMBER 31, 2021 (Unaudited)


	JPMorgan ActiveBuilders U. S. Large Cap Equity ETF		JPMorgan Active Value ETF		JPMorgan Equity Premium Income ETF
ASSETS:
Investments in non-affiliates, at value	$	29,291,860	$	27,024,818	$	5,793,524,921
Investments in affiliates, at value		64,327		429,866		—
Investments of cash collateral received from securities loaned, at value (See Note 2.C.)		—		—		7,798,093
Cash		4		11		74,405,892
Deposits at broker for futures contracts		19,000		—		1,332,500
Receivables:
Investment securities sold		—		—		140,928,830
Fund shares sold		—		—		39,410,450
Interest from non-affiliates		—		—		20,969,846
Dividends from non-affiliates		16,840		21,669		5,929,547
Securities lending income (See Note 2.C.)		—		—		164
Other assets		—		—		82,519

Total Assets		29,392,031		27,476,364		6,084,382,762


LIABILITIES:
Payables:
Distributions		—		—		42,306,773
Investment securities purchased		—		—		152,734,530
Collateral received on securities loaned (See Note 2.C.)		—		—		7,798,093
Variation margin on futures contracts		125		—		80,472
Accrued liabilities:
Management fees (See Note 3.A.)		4,174		10,016		1,548,317
Other		185		—		—

Total Liabilities		4,484		10,016		204,468,185

Net Assets	$	29,387,547	$	27,466,348	$	5,879,914,577


NET ASSETS:
Paid-in-Capital	$	26,962,153	$	25,998,786	$	5,610,383,749
Total distributable earnings (loss)		2,425,394		1,467,562		269,530,828

Total Net Assets	$	29,387,547	$	27,466,348	$	5,879,914,577


Outstanding number of shares (unlimited number of shares authorized — par value $0.0001)		550,000		525,000		93,100,000

Net asset value, per share	$	53.43	$	52.32	$	63.16


Cost of investments in non-affiliates	$	26,802,793	$	25,534,721	$	5,384,909,888
Cost of investments in affiliates		64,327		429,866		—
Investment securities on loan, at value (See Note 2.C.)		—		—		7,583,715
Cost of investment of cash collateral (See Note 2.C.)		—		—		7,798,093

SEE NOTES TO FINANCIAL STATEMENTS.



22	J.P. MORGAN EXCHANGE-TRADED FUNDS	DECEMBER 31, 2021

STATEMENTS OF OPERATIONS

FOR THE SIX MONTHS ENDED DECEMBER 31, 2021 (Unaudited)


	JPMorgan ActiveBuilders U. S. Large Cap Equity ETF			JPMorgan Active Value ETF		JPMorgan Equity Premium Income ETF
INVESTMENT INCOME:
Interest income from non-affiliates	$	—		$	—	$	130,489,792
Dividend income from non-affiliates		178,874			120,129		28,246,278
Dividend income from affiliates		36			28		6,811
Income from securities lending (net) (See Note 2.C.)		—			—		164

Total investment income		178,910			120,157		158,743,045


EXPENSES:
Management fees (See Note 3.A.)		22,907			28,435		6,752,105
Interest expense to non-affiliates		—			—		625
Other		226			—		25,044

Total expenses		23,133			28,435		6,777,774

Net investment income (loss)		155,777			91,722		151,965,271


REALIZED/UNREALIZED GAINS (LOSSES):
Net realized gain (loss) on transactions from:
Investments in non-affiliates		(76,769	)		17,645		(141,182,468	)
In-kind redemptions of investments in non-affiliates (See Note 4)		—			—		18,481,417
Futures contracts		11,598			—		(4,861,969	)

Net realized gain (loss)		(65,171	)		17,645		(127,563,020	)

Change in net unrealized appreciation/depreciation on:
Investments in non-affiliates		2,489,067			1,490,097		317,902,084
Futures contracts		579			—		218,563

Change in net unrealized appreciation/depreciation		2,489,646			1,490,097		318,120,647

Net realized/unrealized gains (losses)		2,424,475			1,507,742		190,557,627

Change in net assets resulting from operations	$	2,580,252		$	1,599,464	$	342,522,898

SEE NOTES TO FINANCIAL STATEMENTS.



DECEMBER 31, 2021	J.P. MORGAN EXCHANGE-TRADED FUNDS	23

STATEMENTS OF CHANGES IN NET ASSETS

FOR THE PERIODS INDICATED (Unaudited)


	JPMorgan ActiveBuilders U. S. Large Cap Equity ETF			JPMorgan Active Value ETF
	Period Ended December 31, 2021 (Unaudited) (a)			Period Ended December 31, 2021 (Unaudited) (b)
CHANGE IN NET ASSETS RESULTING FROM OPERATIONS:
Net investment income (loss)	$	155,777		$	91,722
Net realized gain (loss)		(65,171	)		17,645
Change in net unrealized appreciation/depreciation		2,489,646			1,490,097

Change in net assets resulting from operations		2,580,252			1,599,464


DISTRIBUTIONS TO SHAREHOLDERS:
Total distributions to shareholders		(154,858	)		(131,902	)


CAPITAL TRANSACTIONS:
Change in net assets resulting from capital transactions		26,962,153			25,998,786


NET ASSETS:
Change in net assets		29,387,547			27,466,348
Beginning of period		—			—

End of period	$	29,387,547		$	27,466,348


CAPITAL TRANSACTIONS:
Proceeds from shares issued	$	26,962,153		$	25,998,786
Cost of shares redeemed		—			—

Total change in net assets resulting from capital transactions	$	26,962,153		$	25,998,786


SHARE TRANSACTIONS:
Issued		550,000			525,000
Redeemed		—			—

Net increase in shares from share transactions		550,000			525,000

(a)	Commencement of operations was July 7, 2021.

(b)	Commencement of operations was October 4, 2021.

SEE NOTES TO FINANCIAL STATEMENTS.



24	J.P. MORGAN EXCHANGE-TRADED FUNDS	DECEMBER 31, 2021


	JPMorgan Equity Premium Income ETF
	Six Months Ended December 31, 2021 (Unaudited)			Year Ended June 30, 2021
CHANGE IN NET ASSETS RESULTING FROM OPERATIONS:
Net investment income (loss)	$	151,965,271		$	43,088,958
Net realized gain (loss)		(127,563,020	)		(10,834,458	)
Change in net unrealized appreciation/depreciation		318,120,647			90,353,453

Change in net assets resulting from operations		342,522,898			122,607,953


DISTRIBUTIONS TO SHAREHOLDERS:
Total distributions to shareholders		(164,864,757	)		(30,358,853	)


CAPITAL TRANSACTIONS:
Change in net assets resulting from capital transactions		3,785,837,349			1,796,253,401


NET ASSETS:
Change in net assets		3,963,495,490			1,888,502,501
Beginning of period		1,916,419,087			27,916,586

End of period	$	5,879,914,577		$	1,916,419,087


CAPITAL TRANSACTIONS:
Proceeds from shares issued	$	3,879,663,133		$	1,800,470,830
Cost of shares redeemed		(93,825,784	)		(4,217,429	)

Total change in net assets resulting from capital transactions	$	3,785,837,349		$	1,796,253,401


SHARE TRANSACTIONS:
Issued		62,950,000			31,200,000
Redeemed		(1,525,000	)		(75,000	)

Net increase in shares from share transactions		61,425,000			31,125,000

SEE NOTES TO FINANCIAL STATEMENTS.



DECEMBER 31, 2021	J.P. MORGAN EXCHANGE-TRADED FUNDS	25

FINANCIAL HIGHLIGHTS

FOR THE PERIODS INDICATED


	Per share operating performance
			Investment operations							Distributions
	Net asset value, beginning of period		Net investment income (loss) (b)		Net realized and unrealized gains (losses) on investments			Total from investment operations		Net investment income			Net realized gain			Total distributions

JPMorgan ActiveBuilders U. S. Large Cap Equity ETF
July 7, 2021 (f) through December 31, 2021 (Unaudited)	$	49.00	$	0.29	$	4.42		$	4.71	$	(0.28	)	$	—		$	(0.28	)

JPMorgan Active Value ETF
October 4, 2021 (f) through December 31, 2021 (Unaudited)		49.50		0.18		2.89			3.07		(0.18	)		(0.07	)		(0.25	)

JPMorgan Equity Premium Income ETF
Six Months Ended December 31, 2021 (Unaudited)		60.50		2.43		2.77			5.20		(2.54	)		—			(2.54	)
Year Ended June 30, 2021		50.76		5.17		9.42			14.59		(4.85	)		—			(4.85	)
May 20, 2020 (f) through June 30, 2020		50.00		0.63		0.13	(h)		0.76		—			—			—

(a)	Annualized for periods less than one year, unless otherwise indicated.

(b)	Calculated based upon average shares outstanding.

(c)	Not annualized for periods less than one year.

(d)

Includes adjustments in accordance with accounting principles generally accepted in the United States of America and as such, the net asset values for financial reporting purposes and the returns based upon those net asset values may differ from the net asset values and returns for shareholder transactions.

(e)

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 closing price was used to calculate the market price return.

(f)	Commencement of operations.

(g)	Since the Shares of the Fund did not trade in the secondary market until the day after the Fund’s inception, for the period from the inception to the first day of secondary market trading, the NAV is used as a proxy for the secondary market trading price to calculate the market returns.

(h)

Calculation of the net realized and unrealized gains (losses) per share do not correlate with the Fund’s net realized and unrealized gains (losses) presented in the Statement of Operations due to the timing of capital transactions in relation to the fluctuating market values of the Fund’s investments.

SEE NOTES TO FINANCIAL STATEMENTS.



26	J.P. MORGAN EXCHANGE-TRADED FUNDS	DECEMBER 31, 2021


				Ratios/Supplemental data
												Ratios to average net assets (a)
Net asset value, end of period		Market price, end of period		Total return (c)(d)			Market price total return (c)(e)			Net assets, end of period		Net expenses			Net investment income (loss)			Portfolio turnover rate (c)


$	53.43	$	53.47		9.63	%		9.71	%(g)	$	29,387,547		0.17	%		1.15	%		16	%


	52.32		52.35		6.22			6.28	(g)		27,466,348		0.44			1.40			16


	63.16		63.19		8.82			8.74			5,879,914,577		0.35			7.82			101
	60.50		60.57		30.22			29.90			1,916,419,087		0.35			8.89			195
	50.76		50.94		1.52			1.88	(g)		27,916,586		0.35			11.11			13

SEE NOTES TO FINANCIAL STATEMENTS.



DECEMBER 31, 2021	J.P. MORGAN EXCHANGE-TRADED FUNDS	27

NOTES TO FINANCIAL STATEMENTS

AS OF DECEMBER 31, 2021 (Unaudited)

1. Organization

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

The following are 3 separate funds of the Trust (each, a “Fund” and collectively, the “Funds”) covered by this report:


		Diversification Classification
JPMorgan ActiveBuilders U.S. Large Cap Equity ETF⁽¹⁾		Diversified
JPMorgan Active Value ETF⁽²⁾		Diversified
JPMorgan Equity Premium Income ETF		Diversified

⁽¹⁾	Commenced operations on July 7, 2021.

⁽²⁾	Commenced operations on October 4, 2021.

The investment objective of JPMorgan ActiveBuilders U.S. Large Cap Equity ETF (“ActiveBuilders U.S. Large Cap Equity ETF”) and JPMorgan Active Value ETF (“Active Value ETF”) is to seek to provide long-term capital appreciation.

The investment objective of JPMorgan Equity Premium Income ETF (“Equity Premium Income ETF”) is to seek current income while maintaining prospects for capital appreciation.

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

Shares of each Fund are listed and traded at market price on the NYSE Arca, Inc.

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

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


	Shares per Creation Unit
ActiveBuilders U.S. Large Cap Equity ETF		50,000
Active Value ETF		25,000
Equity Premium Income ETF		25,000

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

2. Significant Accounting Policies

The following is a summary of significant accounting policies followed by the Funds in the preparation of its financial statements. The Funds are 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.

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

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

Fixed income instruments are valued based on prices received from approved affiliated and unaffiliated pricing vendors or third party broker-dealers (collectively referred to as “Pricing Services”). The Pricing Services use multiple valuation techniques to determine the valuation of fixed



28	J.P. MORGAN EXCHANGE-TRADED FUNDS	DECEMBER 31, 2021

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

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

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

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

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

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

•

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

•

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

•

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

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

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

ActiveBuilders U. S. Large Cap Equity ETF


	Level 1 Quoted prices		Level 2 Other significant observable inputs		Level 3 Significant unobservable inputs		Total
Total Investments in Securities (a)	$	29,356,187	$	—	$	—	$	29,356,187

Appreciation in Other Financial Instruments
Futures Contracts (a)	$	579	$	—	$	—	$	579

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

Active Value ETF


	Level 1 Quoted prices		Level 2 Other significant observable inputs		Level 3 Significant unobservable inputs		Total
Total Investments in Securities (a)	$	27,454,684	$	—	$	—	$	27,454,684

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

Equity Premium Income ETF


	Level 1 Quoted prices		Level 2 Other significant observable inputs		Level 3 Significant unobservable inputs		Total
Investments in Securities
Common Stocks	$	4,853,399,773	$	—	$	—	$	4,853,399,773
Equity-Linked Notes		—		940,125,148		—		940,125,148
Short-Term Investments
Investment of Cash Collateral from Securities Loaned		7,798,093		—		—		7,798,093

Total Investments in Securities	$	4,861,197,866	$	940,125,148	$	—	$	5,801,323,014

Appreciation in Other Financial Instruments
Futures Contracts	$	197,554	$	—	$	—	$	197,554



DECEMBER 31, 2021	J.P. MORGAN EXCHANGE-TRADED FUNDS	29

NOTES TO FINANCIAL STATEMENTS

AS OF DECEMBER 31, 2021 (Unaudited) (continued)

B. Restricted Securities — Certain securities held by the Funds may be subject to legal or contractual restrictions on resale. Restricted securities generally are resold in transactions exempt from registration under the Securities Act of 1933, as amended (the “Securities Act”). Disposal of these securities may involve time-consuming negotiations and expense. Prompt sale at the current valuation may be difficult and could adversely affect the NAV of the Funds.

As of December 31, 2021, the Funds had no investments in restricted securities other than securities sold to the Funds under Rule 144A and/or Regulation S under the Securities Act.

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

The net income earned on the securities lending (after payment of rebates and Citibank’s fee) is included on the Statement of Operations as Income from securities lending (net). The Funds 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 Statements of Assets and Liabilities. The value of the cash collateral received is recorded as a liability on the Statements of Assets and Liabilities and details of collateral investments are disclosed on the SOI.

The Funds bear 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 Funds may use leverage (borrow money) to repay the borrower for cash collateral posted if the Adviser does not believe that it is prudent to sell the collateral investments to fund the payment of this liability. Securities lending activity is subject to master netting arrangements.

The following table presents for each lending Fund, the 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 Funds as of December 31, 2021.


	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)
Equity Premium Income ETF	$	7,583,715	$	(7,583,715	)	$	—

*	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 Funds from losses resulting from a borrower’s failure to return a loaned security.

JPMIM voluntarily waived management fees charged to the Funds to reduce the impact of the cash collateral investment in the JPMorgan U.S. Government Money Market Fund from 0.12% to 0.06%.

Active Value ETF did not lend out any securities during the six months ended December 31, 2021. ActiveBuilders U.S. Large Cap Equity ETF did not have any securities out on loan at December 31, 2021.

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



30	J.P. MORGAN EXCHANGE-TRADED FUNDS	DECEMBER 31, 2021

ActiveBuilders U. S. Large Cap Equity ETF


For the period ended December 31, 2021
Security Description	Value at July 7, 2021 (a)		Purchases at Cost		Proceeds from Sales		Net Realized Gain (Loss)		Change in Unrealized Appreciation/ (Depreciation)		Value at December 31, 2021		Shares at December 31, 2021		Dividend Income		Capital Gain Distributions
JPMorgan U.S. Government Money Market Fund Class IM Shares, 0.03% (b) (c)	$	—	$	24,864,648	$	24,800,321	$	—	$	—	$	64,327		64,327	$	36	$	—

(a)	Commencement of operations was July 7, 2021.

(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, 2021.

Active Value ETF


For the period ended December 31, 2021
Security Description	Value at October 4, 2021 (a)		Purchases at Cost		Proceeds from Sales		Net Realized Gain (Loss)		Change in Unrealized Appreciation/ (Depreciation)		Value at December 31, 2021		Shares at December 31, 2021		Dividend Income		Capital Gain Distributions
JPMorgan U.S. Government Money Market Fund Class IM Shares, 0.03% (b) (c)	$	—	$	631,268	$	201,402	$	—	$	—	$	429,866		429,866	$	28	$	—

(a)	Commencement of operations was October 4, 2021.

(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, 2021.

Equity Premium Income ETF


For the six months ended December 31, 2021
Security Description	Value at June 30, 2021		Purchases at Cost		Proceeds from Sales		Net Realized Gain (Loss)		Change in Unrealized Appreciation/ (Depreciation)		Value at December 31, 2021		Shares at December 31, 2021		Dividend Income			Capital Gain Distributions
JPMorgan U.S. Government Money Market Fund Class IM Shares, 0.03% (a) (b)	$	—	$	7,798,093	$	—	$	—	$	—	$	7,798,093		7,798,093	$	49	*	$	—
JPMorgan U.S. Government Money Market Fund Class IM Shares, 0.03% (a) (b)		26,638,228		1,250,622,340		1,277,260,568		—		—		—		—		6,811			—

Total	$	26,638,228	$	1,258,420,433	$	1,277,260,568	$	—	$	—	$	7,798,093			$	6,860		$	—

(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, 2021.

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

E. Futures Contracts — ActiveBuilders U.S. Large Cap Equity ETF and Equity Premium Income ETF used index futures contracts to gain or reduce exposure to the stock market, or maintain liquidity or minimize transaction costs. The Funds 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 Funds are required to



DECEMBER 31, 2021	J.P. MORGAN EXCHANGE-TRADED FUNDS	31

NOTES TO FINANCIAL STATEMENTS

AS OF DECEMBER 31, 2021 (Unaudited) (continued)

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 Funds periodically and are based on changes in the market value of open futures contracts. Changes in the market value of open futures contracts are recorded as Change in net unrealized appreciation/depreciation on futures contracts on the Statements of Operations. Realized gains or losses, representing the difference between the value of the contract at the time it was opened and the value at the time it was closed, are reported on the 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 Funds to equity price risk. The Funds 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 Funds to risk of loss in excess of the amounts shown on the Statements of Assets and Liabilities, up to the notional amount of the futures contracts. Use of short futures contracts subjects the Funds to unlimited risk of loss. The Funds 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 Funds’ 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 Funds’ 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 Funds’ futures contracts activity during the six months ended December 31, 2021:


	ActiveBuilders U.S. Large Cap Equity ETF		Equity Premium Income ETF
Futures Contracts:
Average Notional Balance Long	$	112,256	$	29,441,755
Average Notional Balance Short		—		10,731,804
Ending Notional Balance Long		47,598		27,359,938

F. Equity-Linked Notes — Equity Premium Income ETF invested in Equity-Linked Notes (“ELNs”). These are hybrid instruments which combine both debt and equity characteristics into a single note form. ELNs’ values are linked to the performance of an underlying index. ELNs are unsecured debt obligations of an issuer and may not be publicly listed or traded on an exchange. ELNs are valued daily, under procedures adopted by the Board, based on values provided by an approved pricing source. These notes have a coupon which is accrued and recorded as interest income on the Statements of Operations. Changes in the market value of ELNs are recorded as Change in net unrealized appreciation or depreciation on the Statements of Operations. The Fund realizes a gain or loss when an ELN is sold or matures, which is recorded as Net realized gain (loss) on transactions from investments in non-affiliates on the Statements of Operations.

As of December 31, 2021, Equity Premium Income ETF had outstanding ELNs as listed on the SOI.

G. Security Transactions and Investment Income — Investment transactions are accounted for on the trade date (the date the order to buy or sell is executed). Securities gains and losses are calculated on a specifically identified cost basis. Interest income is determined on the basis of coupon interest accrued using the effective interest method, which adjusts for amortization of premiums and accretion of discounts.

Dividend income is recorded on the ex-dividend date or when the Funds first learn of the dividend.

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

H. Federal Income Taxes — The Funds are treated as a separate taxable entity for Federal income tax purposes. The Funds’ policy is to comply with the provisions of the Internal Revenue Code (the “Code”) applicable to regulated investment companies and to distribute to shareholders all of its distributable net investment income and net realized capital gains on investments. Accordingly, no provision for Federal income tax is necessary. Management has reviewed the Funds’ tax positions for all open tax years and has determined that as of December 31, 2021, no liability for Federal income tax is required in the Funds’ financial statements for net unrecognized tax benefits. However, management’s conclusions may be subject to future review based on changes in, or the interpretation of, the accounting standards or tax laws and regulations. The Funds’ Federal tax returns for the prior three fiscal years, or since inception if shorter, remain subject to examination by the Internal Revenue Service.

I. Distributions to Shareholders — Distributions from net investment income, if any, are generally declared and paid at least monthly for Equity Premium Income ETF and at least annually for ActiveBuilders U.S. Large Cap Equity ETF and Active Value ETF. 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.



32	J.P. MORGAN EXCHANGE-TRADED FUNDS	DECEMBER 31, 2021

3. Fees and Other Transactions with Affiliates

A. Management Fee — JPMIM manages the investments of the Funds pursuant to the Management Agreement. For such services, JPMIM is paid a fee, which is accrued daily and paid no more frequently than monthly based on each Fund’s respective average daily net assets at the following rate:


ActiveBuilders U.S. Large Cap Equity ETF	0.17	%
Active Value ETF	0.44
Equity Premium Income ETF	0.35

Under the Management Agreement, JPMIM is responsible for substantially all expenses of the Funds, (including expenses of the Trust relating to the Funds), except for the management fee, payments under the Funds’ 12b-1 plan (if any), interest expenses, dividend and interest expenses related to short sales, taxes, acquired fund fees and expenses (other than fees for funds advised by the adviser and/or its affiliates), costs of holding shareholder meetings, and litigation and potential litigation and other extraordinary expenses not incurred in the ordinary course of the Funds’ business. Additionally, the Funds are responsible for its non-operating expenses, including brokerage commissions and fees and expenses associated with the Funds’ securities lending program, if applicable. For the avoidance of doubt, the Adviser’s payment of such expenses may be accomplished through the Funds’ payment of such expenses and a corresponding reduction in the fee payable to the Adviser, provided, however, that if the amount of expenses paid by the Funds exceed the fee payable to the Adviser, the Adviser will reimburse the Funds for such amount.

B. Administration Fee — JPMIM provides administration services to the Funds. Pursuant to the Management Agreement for the Funds, JPMIM is compensated as described in Note 3.A.

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

C. Custodian, Accounting and Transfer Agent Fees — JPMCB provides custody, accounting and transfer agency services to the Funds. For performing these services, JPMIM pays JPMCB transaction and asset-based fees that vary according to the number of transactions and positions, plus out-of-pocket expenses.

Additionally, Authorized Participants generally pay transaction fees associated with the creation and redemption of Fund shares. These fees are paid to JPMIM to offset certain custodian charges that are covered by the Management Agreement.

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

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

D. Distribution Services — The Distributor or its agent distributes Creation Units for the Funds on an agency basis. The Distributor does not maintain a secondary market in shares of the Funds. 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 Funds may invest in one or more money market funds advised by the Adviser (affiliated money market funds). The fees for the affiliated money market funds are covered under the Management Agreement as described in Note 3.A.

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

The Board designated and appointed a Chief Compliance Officer to the Funds pursuant to Rule 38a-1 under the 1940 Act. The fees associated with the office of the Chief Compliance Officer are paid for by JPMIM as described in Note 3.A.

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

4. Investment Transactions

During the six months ended December 31, 2021, purchases and sales of investments (excluding short-term investments) were as follows:


	Purchases (excluding U.S. Government)		Sales (excluding U.S. Government)
ActiveBuilders U.S. Large Cap Equity ETF	$	29,016,926	$	4,516,112
Active Value ETF		28,519,401		4,167,011
Equity Premium Income ETF		4,435,693,492		3,845,574,568

During the six months ended December 31, 2021, there were no purchases or sales of U.S. Government securities.



DECEMBER 31, 2021	J.P. MORGAN EXCHANGE-TRADED FUNDS	33

NOTES TO FINANCIAL STATEMENTS

AS OF DECEMBER 31, 2021 (Unaudited) (continued)

For the six months ended December 31, 2021, in-kind transactions associated with creations and redemptions were as follows:


	In-Kind Creations		In-Kind Redemptions
ActiveBuilders U.S. Large Cap Equity ETF	$	2,379,994	$	—
Active Value ETF		1,164,955		—
Equity Premium Income ETF		3,194,159,812		76,921,448

During the six months ended December 31, 2021, the Funds delivered portfolio securities for the redemption of Fund Shares (in-kind redemptions). Cash and portfolio securities were transferred for redemptions at fair value. For financial reporting purposes, the Funds recorded net realized gains and losses in connection with each in-kind redemption transaction.

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, 2021 were as follows:


	Aggregate Cost		Gross Unrealized Appreciation		Gross Unrealized Depreciation		Net Unrealized Appreciation (Depreciation)
ActiveBuilders U.S. Large Cap Equity ETF	$	26,867,120	$	3,078,792	$	589,146	$	2,489,646
Active Value ETF		25,964,587		2,053,300		563,203		1,490,097
Equity Premium Income ETF		5,392,707,981		454,847,869		46,035,282		408,812,587

At June 30, 2021, the following Fund had the following net capital loss carryforwards:


	Capital Loss Carryforward Character
	Short-Term		Long-Term
Equity Premium Income ETF	$	1,201,736	$	531,274

Net capital losses incurred after October 31, and within the taxable year are deemed to arise on the first business day of the Funds’ next taxable year. For the year ended June 30, 2021, the following Fund deferred to July 1, 2021 the following net capital losses (gains) of:


	Net Capital Losses (Gains)
	Short-Term			Long-Term
Equity Premium Income ETF	$	(4,159,818	)	$	12,120,508

6. Capital Share Transactions

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

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

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

Authorized Participants transacting in Creation Units for cash may also pay a variable fee to compensate the relevant fund for market impact expenses relating to investing in portfolio securities. Such variable fees, if any, are included in “Proceeds from shares issued” in the Statements of Changes in Net Assets.

7. Risks, Concentrations and Indemnifications

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



34	J.P. MORGAN EXCHANGE-TRADED FUNDS	DECEMBER 31, 2021

As of December 31, 2021, the Adviser owns shares representing more than 10% of net assets of the following Funds:


	% of Ownership
ActiveBuilders U.S. Large Cap Equity ETF		91	%
Active Value ETF		95

Significant shareholder transactions by the Adviser may impact a 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 Funds’ holdings. During such periods, investors may incur significant losses if shares are sold.

The Funds’ investments in ELNs entail varying degrees of risks. The Funds are subject to loss of their full principal amount. In addition, the ELNs are subject to a stated maximum return which may limit the payment at maturity. The Funds may also be exposed to additional risks associated with structured notes including: counterparty credit risk related to the issuer’s ability to make payment at maturity; liquidity risk related to a lack of liquid market for these notes, preventing the Funds from trading or selling the notes easily; and a greater degree of market risk than other types of debt securities because the investor bears the risk associated with the underlying financial instruments.

The Funds are subject to infectious disease epidemics/pandemics risk. The worldwide outbreak of COVID-19, a novel coronavirus disease, 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 exchange trading suspensions and closures may continue to have a significant negative impact on the performance of the Funds’ investments, increase the Funds’ volatility, negatively impact the Funds’ arbitrage and pricing mechanisms, exacerbate other pre-existing political, social and economic risks to the Funds and negatively impact broad segments of businesses and populations. The Funds’ operations may be interrupted as a result, which may have a significant negative impact on investment performance. In addition, governments, their regulatory agencies, or self-regulatory organizations may take actions in response to the pandemic that affect the instruments in which the Funds invest, or the issuers of such instruments, in ways that could also have a significant negative impact on the Funds’ investment performance. The full impact of this COVID-19 pandemic, or other future epidemics/pandemics, is currently unknown.

8. Subsequent Event

At its February 2022 meeting, the Trustees approved a change to the Active Value ETF’s net investment income distribution frequency from annually to quarterly.



DECEMBER 31, 2021	J.P. MORGAN EXCHANGE-TRADED FUNDS	35

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, 2021 and continued to hold your shares at the end of the reporting period, December 31, 2021.

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 under the heading entitled “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 in the table below provides information about hypothetical account values and hypothetical expenses based on the Fund’s 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 other funds. The examples also assume all dividends and distributions have been reinvested.


	Beginning Account Value May 1, 2021		Ending Account Value December 31, 2021		Expenses Paid During the Period		Annualized Expense Ratio
JPMorgan ActiveBuilders U. S. Large Cap Equity ETF
Actual (1)	$	1,000.00	$	1,096.30	$	0.87		0.17	%
Hypothetical (2)		1,000.00		1,024.35		0.87		0.17

JPMorgan Active Value ETF
Actual (3)		1,000.00		1,062.20		1.11		0.44
Hypothetical (2)		1,000.00		1,022.99		2.24		0.44

JPMorgan Equity Premium Income ETF
Actual (2)		1,000.00		1,088.20		1.84		0.35
Hypothetical (2)		1,000.00		1,023.44		1.79		0.35

(1)	Expenses are equal to the Fund’s annualized net expense ratio, multiplied by the average account value over the period, multiplied by 177/365 (to reflect the actual period). The Fund commenced operations on July 7, 2021.

(2)	Expenses are equal to the 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).

(3)	Expenses are equal to the Fund’s annualized net expense ratio, multiplied by the average account value over the period, multiplied by 88/365 (to reflect the actual period). The Fund commenced operations on October 4, 2021.



36	J.P. MORGAN EXCHANGE-TRADED FUNDS	DECEMBER 31, 2021

BOARD APPROVAL OF INITIAL MANAGEMENT AGREEMENTS

(Unaudited)

JPMorgan ActiveBuilders U.S. Large Cap Equity ETF and JPMorgan Active Value ETF

On March 9-10, 2021 and June 8-9, 2021, the Board of Trustees (the “Board” or the “Trustees”) of JPMorgan Exchange-Traded Funds Trust (the “Trust”) held meetings and approved the initial management agreements (each a “Management Agreement” and collectively, the “Management Agreements”) for the JPMorgan ActiveBuilders U.S. Large Cap Equity ETF and JPMorgan Active Value ETF (the “Funds”), respectively. The meetings were held by videoconference in reliance upon the Division of Investment Management Staff Statement on Fund Board Meetings and Unforeseen or Emergency Circumstances Related to Coronavirus Disease 2019. Each Management Agreement was approved by a majority of the Trustees who are not “Interested Persons” (as defined in the Investment Company Act of 1940) of any party to that Management Agreement or any of their affiliates. In connection with the approval of each Management Agreement, the Trustees reviewed written materials prepared by the Adviser and received oral presentations from Adviser personnel. Before voting on the proposed Management Agreement, the Trustees reviewed each Management Agreement with representatives of the Adviser and with counsel to the Trust and independent legal counsel to the Trustees and received a memorandum from independent legal counsel discussing the legal standards for their consideration of the proposed Management Agreements. They also considered information they received from the Adviser over the course of the year in connection with their oversight of other funds managed by the Adviser. The Trustees also discussed each proposed Management Agreement with independent legal counsel in executive session at which no representatives of the Adviser were present.

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

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

Nature, Extent and Quality of Services Provided by the Adviser

In connection with the approval of each Fund’s initial Management Agreement, the Trustees considered the materials furnished specifically in connection with the approval of the Management Agreement, as well as other relevant information furnished for the Trustees, regarding the nature, extent, and

quality of services provided by the adviser. Among other things, the Trustees considered:

(i)

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

(ii)

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

(iii)

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

(iv)

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

(v)

The administration services to be provided by the Adviser under the Management Agreement;

(vi)

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

(vii)

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

(viii)

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

(ix)

Their overall confidence in the Adviser’s integrity;

(x)

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

(xi)

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

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

Fall-Out Benefits

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



DECEMBER 31, 2021	J.P. MORGAN EXCHANGE-TRADED FUNDS	37

BOARD APPROVAL OF INITIAL MANAGEMENT AGREEMENTS

(Unaudited) (continued)

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

Economies of Scale

The Trustees considered the extent to which each Fund will benefit from economies of scale. The Trustees noted that the proposed unitary management fee schedule for each Fund does not contain breakpoints. The Trustees considered that shareholders would benefit because expenses would be limited even when a Fund is new and not achieving economies of scale. The Trustees considered the fact that increases in assets would not lead to fee decreases even if economies of scale are achieved, but also that the Trustees would have the opportunity to further review the appropriateness of the fee payable to the Adviser under its Management Agreement in the future. After considering the factors identified above, the Trustees concluded that each Fund’s shareholders will receive the benefits of potential economies of scale.

Fees Relative to Adviser’s Other Clients

The Trustees requested, received and considered information about the nature and extent of investment advisory services and fee rates offered to other investment companies and/or institutional accounts advised by the Adviser in the same asset class as each Fund. The Trustees noted the Adviser’s view that it does not manage other accounts with a substantially similar investment strategy as that of either Fund. The Trustees concluded that the fees to be charged to each Fund in comparison to those charged to such other clients were reasonable.

Investment Performance

The Trustees considered each Fund’s investment strategy and processes, the portfolio management team and competitive

positioning against identified peer funds and concluded that the prospects for competitive future performance were acceptable.

Management Fees and Expense Ratios

The Trustees considered that under the Management Agreement, the Adviser will provide advisory and administrative services and will be responsible for substantially all expenses of each Fund (“unitary fee structure”). The Trustees considered the contractual management fee rate that will be paid by each Fund to the Adviser and compared that rate to information prepared by Broadridge Investor Communications Solutions Inc. (“Broadridge”), an independent provider of investment company data, providing management fee rates paid by other funds in the same Morningstar category as each Fund. The Trustees also compared the management fee for each Fund to fees charged to other funds managed by the Adviser that are in the same Morningstar category as each Fund. The Trustees also considered the fees paid to JPMCB, for custody, transfer agency and other related services for the Funds and the profitability of these arrangements to JPMCB.

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



38	J.P. MORGAN EXCHANGE-TRADED FUNDS	DECEMBER 31, 2021

BOARD APPROVAL OF MANAGEMENT AGREEMENT

(Unaudited)

JPMorgan Equity Premium Income ETF

The Board of Trustees of the JPMorgan Exchange-Traded Fund Trust (the “Trust”) met regularly throughout the year ended December 31, 2021 (the “Board of Trustees” or the “Board”) and considered factors that are relevant to their annual consideration of management agreements at each meeting. The Board also met specifically to consider management agreement annual renewals. The Board of Trustees held meetings on November 9, 2021 and December 14-15, 2021, at which the Trustees considered the continuation of the management agreement (the “Management Agreement”) for JPMorgan Equity Premium Income ETF (the “Fund”). The meetings were held by videoconference in reliance upon the Division of Investment Management Staff Statement on Fund Board Meetings and Unforeseen or Emergency Circumstances Related to Coronavirus Disease 2019. In connection with these meetings, the Board reviewed and considered performance, expense and other information individually for the Fund. The Trustees, including a majority of the Trustees who are not “Interested Persons” (as defined in the 1940 Act) of any party to the Management Agreement or any of their affiliates, approved the continuation of the Management Agreement.

As part of their review of the Management Agreement, the Trustees considered and reviewed performance and other information about the Fund received from the Adviser. This information included the Fund’s performance as compared to the performance of its benchmark and analyses by the Adviser of the Fund’s performance. In addition, in preparation for the December meeting, the Trustees requested, received and evaluated extensive materials from the Adviser, including performance and expense information compiled by Broadridge Investor Communications Solutions Inc. (“Broadridge”), an independent provider of investment company data, and met with representatives of Broadridge. Before voting on the Management Agreement, the Trustees reviewed the Management Agreement with representatives of the Adviser, counsel to the Trust and independent legal counsel and received a memorandum from independent legal counsel to the Trustees discussing the legal standards for their consideration of the Management Agreement. The Trustees also discussed the Management Agreement with independent legal counsel in executive sessions at which no representatives of the Adviser were present.

A summary of the material factors evaluated by the Trustees in determining whether to approve the Management Agreement is provided below. The Trustees considered information provided with respect to the Fund over the course of the year, as well as the materials furnished specifically in connection with this annual renewal process. Each Trustee attributed his or her own evaluation of the significance of the various factors and no factor alone was considered determinative. As part of their review process, the Trustees considered and placed emphasis on relevant information in light of changing circumstances in

market and economic conditions. The Trustees determined that the compensation received by the Adviser from the Fund under the Management Agreement was fair and reasonable and that the continuance of the Management Agreement was in the best interests of the Fund and its shareholders.

The factors summarized below were considered and discussed by the Trustees in reaching their conclusions:

Nature, Extent and Quality of Services Provided by the Adviser

The Trustees received and considered information regarding the nature, extent and quality of the services provided to the Fund under its Management Agreement. The Trustees took into account information furnished throughout the year at Trustee meetings, as well as the materials furnished specifically in connection with this annual review process. Among other things, the Trustees considered:

(i)

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

(ii)

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

(iii)

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

(iv)

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

(v)

The administration services provided by the Adviser under the Management Agreement;

(vi)

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

(vii)

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

(viii)

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

(ix)

Their overall confidence in the Adviser’s integrity;

(x)

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

(xi)

The Adviser’s business continuity plan and steps the Adviser and its affiliates were taking to provide ongoing services to the Fund during the COVID-19 pandemic, and the Adviser’s and its affiliates’ success in continuing to provide services to the Fund and its shareholders throughout this period.



DECEMBER 31, 2021	J.P. MORGAN EXCHANGE-TRADED FUNDS	39

BOARD APPROVAL OF MANAGEMENT AGREEMENT

(Unaudited) (continued)

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

Costs of Services Provided and Profitability to the Adviser and its Affiliates

The Trustees received, reviewed, considered and discussed information regarding the profitability to the Adviser and its affiliates in providing services to the Fund. The Trustees recognized that this information is not audited and represents the Adviser’s determination of its and its affiliates’ revenues from the contractual services provided to the Fund, less expenses of providing such services. Expenses include direct and indirect costs and are calculated using allocation methodologies developed by the Adviser. The Trustees also recognized that it is difficult to make direct comparisons of profitability from fund management contracts because comparative information is not generally publicly available and is affected by numerous factors, including the structure of the particular adviser, the types of funds it manages, its business mix, numerous assumptions regarding allocations and the fact that publicly-traded fund managers’ operating profits and net income are net of distribution and marketing expenses. Based upon their review, the Trustees concluded that the profitability to the Adviser under the Management Agreement was not unreasonable in light of the services and benefits provided to the Fund.

The Trustees also considered (i) that under the Management Agreement, the Adviser earns fees from the Fund for providing administrative services and (ii) fees paid to J.P. Morgan Chase Bank, N.A. (“JPMCB”), an affiliate of the Adviser, for custody, transfer agency and other related services for the Fund.

Fall-Out Benefits

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

The Trustees also considered the benefits the Adviser receives as the result of JPMCB’s roles as custodian, fund accountant and transfer agent for the Fund, including the profitability of those arrangements to JPMCB.

Economies of Scale

The Trustees considered the extent to which the Fund benefits from economies of scale. The Trustees noted that the management fee schedule for the Fund does not contain breakpoints. The Trustees considered that shareholders benefited when the Fund was new and not achieving economies of scale. The Trustees considered the fact that increases in assets

would not lead to fee decreases even if economies of scale are achieved, but also that the Trustees would have the opportunity to further review the appropriateness of the fee payable to the Adviser under the Management Agreement in the future. After considering the factors identified above, the Trustees concluded that the Fund’s shareholders will receive the benefits of potential economies of scale.

Fees Relative to Adviser’s Other Clients

The Trustees requested, received and considered information about the nature and extent of investment advisory services and fee rates offered to other investment companies and/or institutional accounts advised by the Adviser in the same asset class as the Fund. The Trustees noted the Adviser’s view that it does not manage other accounts with substantially similar investment strategies as that of the Fund. The Trustees concluded that the fees charged to the Fund in comparison to those charged to such other clients were reasonable.

Investment Performance

The Trustees received and considered absolute and relative performance information for the Fund in a report prepared by Broadridge. The Trustees considered the total return performance information, which included ranking the Fund within a performance universe made up of funds with the same Morningstar investment classification and objective (the “Universe”), as well as a subset of funds within the Universe (the “Peer Group”), by total return for applicable one-year periods. The Trustees reviewed a description of Broadridge’s methodology for selecting exchange-traded funds in the Fund’s Peer Group and Universe and noted that the Peer Group quintile rankings were not calculated if the number of funds in the Peer Group did not meet a predetermined minimum. The Trustees also considered the Fund’s investment strategy and processes, portfolio management teams and competitive positioning against peer funds, as identified by Broadridge and/or management. As part of this review, the Trustees reviewed the Fund’s performance against its benchmark and considered the Fund’s performance information provided at regular Board meetings by the Adviser. After consideration, the Trustees determined that the Fund’s performance was consistent with its investment objective. The Broadridge performance data noted by the Trustees as part of their review and the determinations made by the Trustees with respect to the Fund’s performance are summarized below:

The Trustees noted that the Fund’s performance was in the first quintile based upon the Universe for the one-year period ended August 31, 2021. (Broadridge did not calculate a quintile ranking for the Peer Group for this fund.) The Trustees discussed the performance and investment strategy of the Fund with the Adviser and based upon these discussions and various other factors, the Trustees concluded that the Fund’s performance was satisfactory.



40	J.P. MORGAN EXCHANGE-TRADED FUNDS	DECEMBER 31, 2021

Management Fees and Expense Ratios

The Trustees considered the contractual management fee rate paid by the Fund to the Adviser and compared the rate to the information prepared by Broadridge concerning management fee rates paid by other funds in the same Morningstar category as the Fund. This review included ranking of the Fund within an expense universe made up of funds with the same Morningstar investment classification and objective (the “Universe”), as well as a subset of funds within the Universe (the “Peer Group”). The Trustees reviewed a description of Broadridge’s methodology for selecting funds in the Peer Group and Universe, as applicable, and noted that Universe and Peer Group quintile rankings were not calculated if the number of funds in the Universe and/or Peer Group did not meet a predetermined minimum. The Trustees also reviewed information about other expenses and the total expense ratio for the Fund. The Trustees compared the management fee for the Fund to fees charged to

mutual funds and/or institutional accounts with similar investment objectives or in similar asset classes managed by the Adviser. The Trustees recognized that it is difficult to make comparisons of management fees because there are variations in the services that are included in the fees paid by other accounts. The Trustees considered how the Fund are positioned against peer funds, as identified by management and/or Broadridge and noted that the Fund’s management fee was appropriate as compared to identified peer funds. The Trustees’ determinations as a result of the review of the Fund’s management fees and expense ratios are summarized below:

The Trustees noted that the Fund’s net management fee and actual total expenses were in the first quintile of the Universe. (Broadridge did not calculate a quintile ranking for the Peer Group for this fund.) After considering the factors identified above, in light of this information, the Trustees concluded that the management fee was satisfactory.



DECEMBER 31, 2021	J.P. MORGAN EXCHANGE-TRADED FUNDS	41

SPECIAL SHAREHOLDER MEETING RESULTS

(Unaudited)

The Trust held a special meeting of shareholders on October 27, 2021, for the purpose of considering and voting upon the election of Trustees:

Trustees were elected by the shareholders of all of the series of the Trust (other than Funds that launched subsequent to the record date), including Active Builders U.S. Large Cap Equity ETF and Equity Premium Income ETF. The results of the voting were as follows:


	Votes Received (Amounts in thousands)
Independent Nominee
John F. Finn
In Favor		932,618
Withheld		6,740

Steven P. Fisher
In Favor		937,481
Withheld		1,877

Gary L. French
In Favor		936,343
Withheld		3,014

Kathleen M. Gallagher
In Favor		937,527
Withheld		1,831

Robert J. Grassi
In Favor		936,385
Withheld		2,973

Frankie D. Hughes
In Favor		937,172
Withheld		2,186

Raymond Kanner
In Favor		937,371
Withheld		1,987

Thomas P. Lemke
In Favor		936,312
Withheld		3,046


	Votes Received (Amounts in thousands)

Lawrence R. Maffia
In Favor		935,575
Withheld		3,783

Mary E. Martinez
In Favor		937,595
Withheld		1,762

Marilyn McCoy
In Favor		937,226
Withheld		2,132

Dr. Robert A. Oden, Jr.
In Favor		932,572
Withheld		6,785

Marian U. Pardo
In Favor		937,464
Withheld		1,894

Emily A. Youssouf
In Favor		936,422
Withheld		2,936

Interested Nominee
Robert F. Deutsch
In Favor		936,144
Withheld		3,214

Nina O. Shenker
In Favor		937,258
Withheld		2,100



42	J.P. MORGAN EXCHANGE-TRADED FUNDS	DECEMBER 31, 2021

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.

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

A description of each Fund’s policies and procedures with respect to the disclosure of each Fund’s holdings is available in the 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 Funds’ website at www.jpmorganfunds.com. A description of such policies and procedures is on the SEC’s website at www.sec.gov. The Trustees have delegated the authority to vote proxies for securities owned by the Fund to the Adviser. A copy of the Funds’ voting record for the most recent 12-month period ended June 30 is available on the SEC’s website at www.sec.gov or at the Funds’ website at www.jpmorganfunds.com no later than August 31 of each year. The Funds’ proxy voting record will include, among other things, a brief description of the matter voted on for each fund security, and will state how each vote was cast, for example, for or against the proposal.

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