Semi-Annual Report
J.P. Morgan Exchange-Traded Funds
April 30, 2023  (Unaudited) 
Fund
Ticker
Listing Exchange
JPMorgan Active China ETF
JCHI
NYSE Arca
JPMorgan ActiveBuilders Emerging Markets Equity ETF
JEMA
Cboe BZX Exchange, Inc.
JPMorgan ActiveBuilders International Equity ETF
JIDA
NYSE Arca
JPMorgan International Growth ETF
JIG
NYSE Arca
 
 
CONTENTS  
 
 
1
2
3
6
9
12
15
34
38
40
53
54
55
Investments in a Fund are not deposits or obligations of, or guaranteed or endorsed by, any bank and are not insured or guaranteed by the FDIC, the Federal Reserve Board or any other government agency. You could lose money if you sell when a Fund’s share price is lower than when you invested.
Past performance is no guarantee of future performance. The general market views expressed in this report are opinions based on market and other conditions through the end of the reporting period and are subject to change without notice. These views are not intended to predict the future performance of a Fund or the securities markets.
Prospective investors should refer to the Funds’ prospectuses for a discussion of the Funds’ investment objectives, strategies and risks. Call J.P. Morgan Exchange-Traded Funds at (844) 457-6383 for a prospectus containing more complete information about a Fund, including management fees and other expenses. Please read it carefully before investing.
Shares are bought and sold throughout the day on an exchange at market price (not at net asset value) through a brokerage account, and are not individually subscribed and redeemed from a Fund. Shares may only be subscribed and redeemed directly from a Fund by Authorized Participants, in very large creation/redemption units. Brokerage commissions will reduce returns.
President's Letter
June 15, 2023 (Unaudited)
Dear Shareholder,
Financial markets largely generated positive returns for the six months ended April 30, 2023, even as rising interest rates, weaker corporate earnings and geopolitical uncertainty weighed on global economic growth. Overall, global equity markets – led by European stocks – generally outperformed bond markets for the reporting period. 
 
“While the effects of rising interest
rates is likely to adversely impact
economic growth in the months
ahead, other factors may aid the
global economic outlook, as energy
prices have trended downward in
recent months and the re-opening of
China’s economy may provide
support for increased global trade.”
— Brian S. Shlissel
While economic growth has slowed in recent quarters, to date, the U.S. has avoided formal entry into a recession. Moreover, inflation has decelerated from last year’s historical highs as energy and electricity prices receded in 2023, allowing the U.S. Federal Reserve in June 2023 to refrain from further raising interest rates for the first time since January 2022, though the central bank stated it may find it necessary to raise rates in the future. The job market in the U.S. remained strong throughout the period as the reported monthly unemployment rate ranged between 3.6% and 3.4% for the six months ended April 30, 2023.
Across Europe, inflationary pressures remained high and both the European Central Bank and the Bank of England continued to raise interest rates during the period. Unemployment across the EU stood at 6%, while the U.K. jobless rate fell to 3.8% in
April 2023. Notably, European equity markets generally outperformed other developed markets during the period, potentially driven by more attractive valuations relative to U.S. companies.
The International Monetary Fund’s (IMF) April 2023 economic outlook warned that global output is likely to decline to 2.8% for 2023, amid weakness in parts of the financial sector, continued inflationary pressures and the ongoing war in Ukraine. Further, the IMF forecast developed market economies to decelerate at a faster pace than emerging market economies.
While the effects of rising interest rates is likely to adversely impact economic growth in the months ahead, other factors may aid the global economic outlook, as energy prices have trended downward in recent months and the re-opening of China’s economy may provide support for increased global trade.  Regardless of the economic backdrop, we believe investors who hold a well-diversified portfolio and a long-term outlook may be better positioned to benefit from opportunities presented by global financial markets. Our suite of investment solutions seeks to provide investors with ability to build durable portfolios that can meet their financial goals.
Sincerely,
 
Brian S. Shlissel
President, J.P. Morgan Exchange-Traded Funds
J.P. Morgan Asset Management
1-844-4JPM-ETF or jpmorgan.com/etfs for more information
 
April 30, 2023
J.P. Morgan Exchange-Traded Funds
1
J.P. Morgan Exchange-Traded Funds
MARKET OVERVIEW
SIX MONTHS ENDED April 30, 2023 (Unaudited) 
Global financial markets largely generated positive returns for the period and completed a rebound from the sell-offs that marked the middle of 2022. Developed markets equity generally outperformed emerging markets equity, while emerging markets debt mostly outperformed developed markets debt.
However, equity markets performance was mixed on a month-to-month basis, even if the overall trend was upward. For the six months ended April 30, 2023, the MSCI EAFE Index returned 24.19%, the MSCI Emerging Markets Index returned 16.36% and the S&P 500 Index returned 8.63%.
Leading central banks continued to raise interest rates throughout the six month period, though the size of increases narrowed in 2023 as the policy response to inflationary pressure grew less aggressive. Notably, the Bank of Japan maintained its negative interest rate policy amid weak consumption data and marginal economic growth.
While global inflation rates remained elevated during the period, they retreated from the 40-year highs reached in 2022 and price data in the U.S. and the Euro Area indicated a slowing trend. Though inflation in the U.K. declined in the final months of 2022, the U.K. consumer price index rose more than expected in 2023. 
Lower energy prices were a leading contributor to declining global inflation in the second half of the period. Following Russia’s invasion of Ukraine in late February 2022, the European Union and the U.K. largely avoided an extended energy crisis by securing alternative sources to Russian natural gas and moved to build up reserves of both natural gas and petroleum ahead of the winter months.
Meanwhile, economic activity and aggregate demand in China accelerated after the country’s leadership lifted strict anti-pandemic policies in late 2022. The rebound in China helped to lift equity prices in China and its leading emerging market trading partners. Additionally, investor expectations that central banks in emerging markets may begin to lower interest rates sooner than in developed markets provided support for emerging markets debt.
 
2
J.P. Morgan Exchange-Traded Funds
April 30, 2023
JPMorgan Active China ETF
FUND COMMENTARY
FOR THE PERIOD March 15, 2023 (FUND INCEPTION) THROUGH April 30, 2023 (Unaudited)
 
REPORTING PERIOD RETURN:
 
Net Asset Value *
(0.58)%
Market Price **
(0.40)%
MSCI China All Shares Index (net total return)
0.04%
Net Assets as of 4/30/2023
$12,406,980
Fund Ticker
JCHI
INVESTMENT OBJECTIVE***
The JPMorgan Active China ETF (the “Fund”) seeks to provide long-term capital appreciation.
INVESTMENT APPROACH
The Fund invests primarily in equity securities and equity-related instruments that are economically tied to China and seeks to add value through an investment approach primarily driven by bottom-up stock selection, while being mindful of macro and policy considerations. The Fund leverages research analysts with local expertise to identify what the sub-adviser believes are attractively valued industry leaders.
HOW DID THE FUND PERFORM?
For the period from inception on March 15, 2023 to April 30, 2023, the Fund had a negative absolute return and underperformed the MSCI China All Shares Index (the “Benchmark").
The Fund’s security selection in the financials and industrials sectors was a leading detractor from performance relative to the Benchmark, while the Fund’s security selection in the communication services sector was the sole sector contributor to relative performance.
Leading individual detractors from relative performance included the Fund’s overweight positions in Kingdee International Software Group Co., China Merchants Bank Co. and China Resources Gas Group Ltd. Shares of Kingdee
International Software Group, a Shenzhen applications software developer, fell amid broad weakness in China’s technology sector during the period. Shares of China Merchants Bank, a Shenzhen commercial and consumer bank, fell after the company reported lower-than-expected income for the first quarter of 2023. Shares of China Resources Gas Group, a China natural gas utility listed in Hong Kong, fell after the company reported a decline in net income for 2022. 
Leading individual contributors to relative performance included the Fund’s underweight positions in PDD Holdings Inc. and Baidu Inc., and its overweight position in Flat Glass Group Co. Shares of PDD Holdings, a Shanghai e-commerce retailer that was not held in the Fund, fell after the company reported lower-than-expected earnings and revenue for the fourth quarter of 2023. Shares of Baidu, a Beijing interactive media and services provider not held in the Fund, fell amid broad weakness in China’s technology sector and investor concerns about regulation of artificial intelligence technologies. Shares of Flat Glass Group, a Jiaxing semiconductor materials and equipment manufacturer, rose amid increased global demand for photovoltaic and other so-called flat glass products. 
HOW WAS THE FUND POSITIONED?
During the reporting period, the Fund’s largest overweight allocations relative to the Benchmark were to the information technology and utilities sectors and its largest underweight allocations were to the industrials and financials sectors.
 
 
April 30, 2023
J.P. Morgan Exchange-Traded Funds
3
JPMorgan Active China ETF
FUND COMMENTARY
FOR THE PERIOD March 15, 2023 (FUND INCEPTION) THROUGH April 30, 2023 (Unaudited) (continued)
*
The return shown is based on net asset value and may differ from the return shown in the financial highlights, which reflects adjustments made to the net asset value in accordance with accounting principles generally accepted in the United States of America. The net asset value was $47.72 as of April 30, 2023.
**
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 April 30, 2023, the closing price was $47.81.
***
The adviser seeks to achieve the Fund’s objective. There can be no guarantee it will be achieved.
TOP TEN HOLDINGS OF THE
PORTFOLIO AS OF April 30, 2023
PERCENT OF
TOTAL
INVESTMENTS
1.
Tencent Holdings Ltd. (China)
9.8
%
2.
Alibaba Group Holding Ltd. (China)
4.2
3.
China Merchants Bank Co. Ltd., Class H
(China)
4.0
4.
Ping An Insurance Group Co. of China Ltd.,
Class H (China)
3.8
5.
Kweichow Moutai Co. Ltd., Class A (China)
3.5
6.
Meituan (China)
3.3
7.
NetEase, Inc. (China)
3.0
8.
Wanhua Chemical Group Co. Ltd., Class A
(China)
2.8
9.
China Petroleum & Chemical Corp., Class H
(China)
2.5
10.
Haier Smart Home Co. Ltd., Class H
(China)
2.5
 
PORTFOLIO COMPOSITION BY SECTOR
AS OF April 30, 2023
PERCENT OF
TOTAL
INVESTMENTS
Consumer Discretionary
18.6%
Communication Services
14.7
Financials
13.1
Information Technology
12.6
Consumer Staples
11.5
Health Care
7.7
Materials
6.1
Utilities
5.6
Industrials
4.7
Energy
2.5
Real Estate
1.6
Short-Term Investments
1.3
 
 
4
J.P. Morgan Exchange-Traded Funds
April 30, 2023
TOTAL RETURNS AS OF April 30, 2023 
 
 
INCEPTION DATE
CUMULATIVE SINCE
INCEPTION
JPMorgan Active China ETF
 
Net Asset Value
March 15, 2023
(0.58
)%
Market Price
 
(0.40
)
LIFE OF FUND PERFORMANCE (3/15/23 TO 4/30/23)
 
The performance quoted is past performance and is not a guarantee of future results. Exchange-traded funds are subject to certain market risks. Investment returns and principal value of an investment will fluctuate so that an investor’s shares, when sold or redeemed, may be worth more or less than their original cost. Current performance may be higher or lower than the performance data shown. For up-to-date month-end performance information, please call 1-844-457-6383. 
Fund commenced operations on March 15, 2023.
The graph illustrates comparative performance for $10,000 invested in shares of the JPMorgan Active China ETF and MSCI China All Shares Index (net total return) from March 15, 2023 to April 30, 2023. The performance of the Fund reflects the deduction of Fund expenses and assumes reinvestment of all dividends and capital gain distributions, if any. The performance of the MSCI China All Shares Index (net total return) 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 MSCI China All Shares Index (net total return) is a free float-adjusted market capitalization weighted index that is designed to measure the performance of large- and mid-cap Chinese securities represented across China A-shares, B-shares, H-shares, Redchips, P-chips and foreign listings (e.g. ADRs). The index aims to reflect the opportunity set of China share classes listed in Hong Kong, Shanghai, Shenzhen and outside of China. It is based on the concept of the integrated MSCI China equity universe with China A-shares included. Net total return figures assume the reinvestment of dividends after deduction of withholding tax, applying the maximum rate to nonresident individual investors who do not benefit from double taxation treaties. 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.
Because the Fund invests at least 80% of the value of its assets in equity securities and equity-related instruments that are tied economically to China, it presents different risks than funds that do not so invest. Investments in Mainland China, Hong Kong, Taiwan and Macau are subject to significant legal, regulatory, monetary and economic risks, as well as the potential for regional and global conflicts, including actions that are contrary to the interests of the U.S.
Chinese operating companies sometimes rely on Variable Interest Entity (VIE) structures to raise capital from non-Chinese investors, even though such arrangements are not formally recognized under Chinese law. VIE structures are used due to Mainland Chinese government prohibitions on foreign ownership of companies in certain industries and it is not clear that the contracts are enforceable or that the structures will otherwise work as intended. There may also be conflicts of interest between the legal owners of the Mainland Chinese company and non-Chinese investors (such as the Fund). It is unclear whether the Mainland China government will withdraw its implicit acceptance of the VIE structure, or whether any new laws, rules or regulations relating to VIE structures will be adopted or, if adopted, what impact they would have on the interests of non-Chinese investors. The market value of the Fund’s associated portfolio holdings would likely fall, causing substantial investment losses.
International investing involves a greater degree of risk and increased volatility. Changes in currency exchange rates and differences in accounting and taxation policies outside the United States can raise or lower returns. Also, some overseas markets may not be as politically and economically stable as the United States and other nations.
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.
 
April 30, 2023
J.P. Morgan Exchange-Traded Funds
5
JPMorgan ActiveBuilders Emerging Markets Equity ETF
FUND COMMENTARY
SIX MONTHS ENDED April 30, 2023 (Unaudited)
 
REPORTING PERIOD RETURN:
 
Net Asset Value *
17.58%
Market Price **
17.95%
MSCI Emerging Markets Index (net total return)
16.36%
Net Assets as of 4/30/2023
$893,049,122
Fund Ticker
JEMA
INVESTMENT OBJECTIVE***
The JPMorgan ActiveBuilders Emerging Markets Equity ETF (the “Fund”) seeks to provide long-term capital appreciation.
INVESTMENT APPROACH
The Fund invests primarily in equity securities and equity-related instruments that are tied economically to emerging markets and seeks to construct a portfolio of holdings that will outperform the MSCI Emerging Markets Index (the “Benchmark”) over time while maintaining similar risk characteristics. The Fund allocates investments to the adviser’s actively managed emerging market equity strategies across countries, regions and styles and may invest across all market capitalizations.
HOW DID THE FUND PERFORM?
For the six months ended April 30, 2023, the Fund had a positive absolute return and outperformed the Benchmark.
The Fund’s security selection in the utilities and financials sectors was a leading contributor to performance relative to the Benchmark, while the Fund’s underweight position in the communication services sector and its security selection in the industrials sector were leading detractors from relative performance.
By country, the Fund’s security selection in India and Taiwan was a leading contributor to performance relative to the Benchmark, while the Fund’s security selection in China and South Africa was a leading detractor from relative performance.
Leading individual contributors to relative performance included the Fund’s overweight position in NetEase Inc., its out-of-Benchmark position in Global Unichip Corp. and its
underweight position in Adani Total Gas Ltd. Shares of NetEase, a Chinese online services platform provider, rose after the company reported better-than-expected earnings for the third quarter of 2022 and after Chinese regulators granted the company licenses to publish new online games in 2023. Shares of Global UniChip, a Taiwanese semiconductor design services provider, rose after the company reported better-than-expected earnings for the fourth quarter of 2022 and unveiled plans to reduce spending in 2023. Shares of Adani Total Gas, an Indian natural gas utility not held in the Fund, fell sharply in the second half of the period amid investor concerns about business practices across the parent Adani Group of companies.
Leading individual detractors from relative performance included the Fund’s underweight position in Tencent Holdings Ltd. and its overweight positions in Infosys Inc. and Lojas Renner AS. Shares of Tencent Holdings, a Chinese e-commerce provider, rose amid sales growth and a broad rebound in China’s technology sector during the second half of the period. Shares of Infosys, an Indian digital services and consulting company, fell after the company reported lower-than-expected earnings and revenue for the fourth quarter of 2022. Shares of Lojas Renner, a Brazilian department store chain, fell amid investor concerns about the company’s outlook for growth.
HOW WAS THE FUND POSITIONED?
During the reporting period, the Fund’s largest overweight allocations relative to the Benchmark were to the consumer staples and information technology sectors and its largest underweight allocations were to the materials and communication services sectors. By country, the Fund’s largest overweight allocations were to Mexico and Taiwan and its
largest underweight positions were in Saudi Arabia and India.  
 
6
J.P. Morgan Exchange-Traded Funds
April 30, 2023
*
The return shown is based on net asset value and may differ from the return shown in the financial highlights, which reflects adjustments made to the net asset value in accordance with accounting principles generally accepted in the United States of America. The net asset value was $35.58 as of April 30, 2023.
**
Market price return was calculated assuming an initial investment made at the market price at the beginning of the reporting period, reinvestment of all dividends and distributions at market price during the period, and sale at the market price on the last day of the period. The price used to calculate the market price return was the closing price on the Cboe BZX Exchange, Inc. As of April 30, 2023, the closing price was $35.78.
***
The adviser seeks to achieve the Fund’s objective. There can be no guarantee it will be achieved.
TOP TEN POSITIONS OF THE
PORTFOLIO AS OF April 30, 2023
PERCENT OF
TOTAL
INVESTMENTS
1.
Taiwan Semiconductor Manufacturing Co.
Ltd. (Taiwan)
5.3
%
2.
Tencent Holdings Ltd. (China)
3.6
3.
Samsung Electronics Co. Ltd. (South
Korea)
3.5
4.
Housing Development Finance Corp. Ltd.
(India)
1.7
5.
Alibaba Group Holding Ltd. (China)
1.6
6.
Infosys Ltd. (India)
1.4
7.
HDFC Bank Ltd., ADR (India)
1.3
8.
NetEase, Inc. (China)
1.3
9.
Ping An Insurance Group Co. of China Ltd.,
Class H (China)
1.2
10.
Wal-Mart de Mexico SAB de CV (Mexico)
1.2
 
PORTFOLIO COMPOSITION BY COUNTRY
AS OF April 30, 2023
PERCENT OF
TOTAL
INVESTMENTS
China
30.2%
Taiwan
15.4
South Korea
12.5
India
12.5
Brazil
5.8
Mexico
4.6
South Africa
3.9
Indonesia
2.5
Saudi Arabia
2.5
Hong Kong
1.7
Thailand
1.7
United Arab Emirates
1.1
United States
1.1
Others (each less than 1.0%)
4.2
Short-Term Investments
0.3
 
 
April 30, 2023
J.P. Morgan Exchange-Traded Funds
7
JPMorgan ActiveBuilders Emerging Markets Equity ETF
FUND COMMENTARY
SIX MONTHS ENDED April 30, 2023 (Unaudited) (continued)
AVERAGE ANNUAL TOTAL RETURNS AS OF April 30, 2023 
 
 
INCEPTION DATE
SIX MONTHS*
1 YEAR
SINCE
INCEPTION
JPMorgan ActiveBuilders Emerging Markets Equity ETF
 
Net Asset Value
March 10, 2021
17.58
%
(4.19
)%
(11.34
)%
Market Price
 
17.95
(3.77
)
(11.10
)
 
 
*
Not annualized.
LIFE OF FUND PERFORMANCE (3/10/21 TO 4/30/23)
 
The performance quoted is past performance and is not a guarantee of future results. Exchange-traded funds are subject to certain market risks. Investment returns and principal value of an investment will fluctuate so that an investor’s shares, when sold or redeemed, may be worth more or less than their original cost. Current performance may be higher or lower than the performance data shown. For up-to-date month-end performance information, please call 1-844-457-6383. 
Fund commenced operations on March 10, 2021.
The graph illustrates comparative performance for $10,000 invested in shares of the JPMorgan ActiveBuilders Emerging Markets Equity ETF and MSCI Emerging Markets Index (net total return) from March 10, 2021 to April 30, 2023. The performance of the Fund reflects the deduction of Fund expenses and assumes reinvestment of all dividends and capital gain distributions, if any. The performance of the MSCI Emerging Markets Index (net total return) 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. MSCI Emerging Markets Index (net total return) is a free float-adjusted market
capitalization-weighted index that is designed to measure the performance of large- and mid-cap stocks in emerging markets. Net total return figures assume the reinvestment of dividends after deduction of withholding tax, applying the maximum rate to nonresident individual investors who do not benefit from double taxation treaties. 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.
International investing involves a greater degree of risk and increased volatility. Changes in currency exchange rates and differences in accounting and taxation policies outside the United States can raise or lower returns. Also, some overseas markets may not be as politically and economically stable as the United States and other nations.
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.
 
8
J.P. Morgan Exchange-Traded Funds
April 30, 2023
JPMorgan ActiveBuilders International Equity ETF
FUND COMMENTARY
SIX MONTHS ENDED April 30, 2023 (Unaudited)
 
REPORTING PERIOD RETURN:
 
Net Asset Value *
25.08%
Market Price **
25.37%
MSCI EAFE Index (net total return)
24.19%
Net Assets as of 4/30/2023
$27,189,889
Fund Ticker
JIDA
INVESTMENT OBJECTIVE***
The JPMorgan ActiveBuilders International Equity ETF (the “Fund”) seeks to provide long-term capital appreciation.
INVESTMENT APPROACH
The Fund invests primarily in equity securities and equity-related instruments of foreign companies across various market capitalizations and seeks to outperform the MSCI EAFE Index (the “Benchmark”) over time while maintaining similar risk characteristics. The Fund allocates investments in the adviser’s actively managed international equity strategies, including country, region and style strategies. 
HOW DID THE FUND PERFORM?
For the six months ended April 30, 2023, the Fund had a positive absolute return and outperformed the Benchmark. 
The Fund’s security selection in the financials and communication services sectors was a leading contributor to performance relative to the Benchmark, while the Fund’s underweight position in the consumer discretionary sector and its overweight position in the energy sector were leading detractors from relative performance. 
By country, the Fund’s security selection in Japan and its overweight position in France were leading contributors to performance relative to the Benchmark, while the Fund’s security selection in Switzerland and the Netherlands was a leading detractor from relative performance.
Leading individual contributors to relative performance included the Fund’s overweight positions in Novo Nordisk AS, LVMH Moet Hennessey Louis Vuitton SE and L’Oreal SA. Shares
of Novo Nordisk, a Danish pharmaceuticals and health care products provider, rose amid consumer demand for the company’s weight-loss drug and after the company reported revenue growth for the first quarter of 2023. Shares of LVMH Moet Hennessey Louis Vuitton, a luxury goods manufacturer, rose amid strong consumer demand and record revenue through the first quarter of 2023. Shares of L’Oreal, a French hair and cosmetic products manufacturer, rose after the company reported strong sales growth during the period.
Leading individual detractors from relative performance included the Fund’s overweight positions in Roche Holding AG and DBS Group Holdings Ltd., and its underweight position in Hermes International SCA. Shares of Roche Holdings, a Swiss pharmaceutical and diagnostics company, fell after the company forecast weaker earnings in 2023 amid a drop in sales of Covid treatments. Shares of DBS Group Holdings, a Singapore financial services provider, fell after the company reported a disruption in its digital services to customers. Shares of Hermes International, a French luxury brand apparel retailer not held in the Fund, rose after the company reported better-than-expected sales during the period and forecast sales growth in 2023. 
HOW WAS THE FUND POSITIONED?
At the end of the reporting period, the Fund’s largest overweight allocations relative to the Benchmark were to the financials and energy sectors and its largest underweight allocations were to the real estate and consumer discretionary sectors. By country, the Fund’s largest overweight allocations were to Denmark and France and its largest underweight
positions were in Australia and Japan.  
 
April 30, 2023
J.P. Morgan Exchange-Traded Funds
9
JPMorgan ActiveBuilders International Equity ETF
FUND COMMENTARY
SIX MONTHS ENDED April 30, 2023 (Unaudited) (continued)
*
The return shown is based on net asset value and may differ from the return shown in the financial highlights, which reflects adjustments made to the net asset value in accordance with accounting principles generally accepted in the United States of America. The net asset value was $45.32 as of April 30, 2023.
**
Market price return was calculated assuming an initial investment made at the market price at the beginning of the reporting period, reinvestment of all dividends and distributions at market price during the period, and sale at the market price on the last day of the period. The price used to calculate the market price return was the closing price on the NYSE Arca. As of April 30, 2023, the closing price was $45.40.
***
The adviser seeks to achieve the Fund’s objective. There can be no guarantee it will be achieved.
TOP TEN HOLDINGS OF THE
PORTFOLIO AS OF April 30, 2023
PERCENT OF
TOTAL
INVESTMENTS
1.
Nestle SA (Registered)
3.0
%
2.
Novo Nordisk A/S, Class B (Denmark)
2.7
3.
LVMH Moet Hennessy Louis Vuitton SE
(France)
2.5
4.
ASML Holding NV (Netherlands)
2.2
5.
Roche Holding AG
2.1
6.
Shell plc (Netherlands)
1.8
7.
Novartis AG (Registered) (Switzerland)
1.8
8.
TotalEnergies SE (France)
1.7
9.
AstraZeneca plc (United Kingdom)
1.7
10.
BHP Group Ltd. (Australia)
1.6
 
PORTFOLIO COMPOSITION BY COUNTRY
AS OF April 30, 2023
PERCENT OF
TOTAL
INVESTMENTS
Japan
18.0%
France
13.9
United Kingdom
11.4
United States
8.7
Germany
8.4
Netherlands
6.5
Australia
5.3
Switzerland
5.2
Denmark
4.3
Sweden
2.4
Spain
2.0
Hong Kong
1.9
Italy
1.8
Singapore
1.1
Others (each less than 1.0%)
6.4
Short-Term Investments
2.7
 
 
10
J.P. Morgan Exchange-Traded Funds
April 30, 2023
AVERAGE ANNUAL TOTAL RETURNS AS OF April 30, 2023 
 
 
INCEPTION DATE
SIX MONTHS*
1 YEAR
SINCE
INCEPTION
JPMorgan ActiveBuilders International Equity ETF
 
Net Asset Value
July 7, 2021
25.08
%
10.98
%
(0.83
)%
Market Price
 
25.37
11.39
(0.74
)
 
 
*
Not annualized.
LIFE OF FUND PERFORMANCE (7/7/21 TO 4/30/23)
 
The performance quoted is past performance and is not a guarantee of future results. Exchange-traded funds are subject to certain market risks. Investment returns and principal value of an investment will fluctuate so that an investor’s shares, when sold or redeemed, may be worth more or less than their original cost. Current performance may be higher or lower than the performance data shown. For up-to-date month-end performance information, please call 1-844-457-6383. 
Fund commenced operations on July 7, 2021.
The graph illustrates comparative performance for $10,000 invested in shares of the JPMorgan ActiveBuilders International Equity ETF and MSCI EAFE Index (net total return) from July 7, 2021 to April 30, 2023. The performance of the Fund reflects the deduction of Fund expenses and assumes reinvestment of all dividends and capital gain distributions, if any. The performance of the MSCI EAFE Index (net total return) 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. MSCI EAFE Index (net total return) is a free float-adjusted market capitalization-weighted index that is designed to measure
the performance of large- and mid-cap stocks in developed markets, excluding the U.S. and Canada. Net total return figures assume the reinvestment of dividends after deduction of withholding tax, applying the maximum rate to nonresident individual investors who do not benefit from double taxation treaties. 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.
International investing involves a greater degree of risk and increased volatility. Changes in currency exchange rates and differences in accounting and taxation policies outside the United States can raise or lower returns. Also, some overseas markets may not be as politically and economically stable as the United States and other nations.
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.
 
April 30, 2023
J.P. Morgan Exchange-Traded Funds
11
JPMorgan International Growth ETF
FUND COMMENTARY
SIX MONTHS ENDED April 30, 2023 (Unaudited)
 
REPORTING PERIOD RETURN:
 
Net Asset Value *
23.30%
Market Price **
23.62%
MSCI ACWI ex USA Growth Index (net total return)
21.44%
Net Assets as of 4/30/2023
$92,006,634
Fund Ticker
JIG
INVESTMENT OBJECTIVE***
The JPMorgan International Growth ETF (the “Fund”) seeks long-term capital appreciation.
INVESTMENT APPROACH
The Fund employs a fundamental bottom-up approach that seeks to identify companies with strong growth and quality characteristics at attractive valuations. The Fund invests primarily in equity securities of foreign companies.
HOW DID THE FUND PERFORM?
For the six months ended April 30, 2023, the Fund outperformed the MSCI ACWI ex-USA Growth Index (the “Benchmark”).
The Fund’s security selection in the financials sector and its underweight position in the utilities sector were leading contributors to performance relative to the Benchmark, while the Fund’s security selection in the industrials and consumer staples sectors was a leading detractor from relative performance.
Leading individual contributors to relative performance included the Fund’s overweight positions in LVMH Moet Hennessey Louis Vuitton SE, Novo Nordisk AS and Zalando SE. Shares of LVMH Moet Hennessey Louis Vuitton, a luxury goods
manufacturer, rose amid strong consumer demand and record revenue through the first quarter of 2023. Shares of Novo Nordisk, a Danish pharmaceuticals and health care products provider, rose amid consumer demand for the company’s weight-loss drug and after the company reported revenue growth for the first quarter of 2023. Shares of Zalando, a German e-commerce retailer of apparel and cosmetics, rose amid investor demand for lower valuation stocks within the luxury/fashion portion of consumer discretionary sector.
Leading individual detractors from relative performance included the Fund’s overweight positions in Meituan, Canadian National Railway Co. and Roche Holding AG. Shares of Meituan, a Chinese food-delivery and e-commerce retailer, fell after the company reported a weaker-than-expected earnings forecast for 2023. Shares of Canadian National Railway, a freight rail operator, underperformed amid a retreat in commodities prices during the period and investor expectations for lower 2023 earnings among large freight railroads. Shares of Roche Holding, a Swiss pharmaceutical and diagnostics company, fell after the company forecast weaker earnings in 2023 amid a drop in sales of Covid treatments.
HOW WAS THE FUND POSITIONED?
During the reporting period, the Fund’s largest allocations were to the health care and industrials sectors and the smallest
 
12
J.P. Morgan Exchange-Traded Funds
April 30, 2023
*
The return shown is based on net asset value and may differ from the return shown in the financial highlights, which reflects adjustments made to the net asset value in accordance with accounting principles generally accepted in the United States of America. The net asset value was $58.42 as of April 30, 2023.
**
Market price return was calculated assuming an initial investment made at the market price at the beginning of the reporting period, reinvestment of all dividends and distributions at market price during the period, and sale at the market price on the last day of the period. The price used to calculate the market price return was the closing price on the NYSE Arca. As of April 30, 2023, the closing price was $58.56.
***
The adviser seeks to achieve the Fund’s objective. There can be no guarantee it will be achieved.
allocations were to the real estate and utilities sectors. 
TOP TEN HOLDINGS OF THE
PORTFOLIO AS OF April 30, 2023
PERCENT OF
TOTAL
INVESTMENTS
1.
Taiwan Semiconductor Manufacturing Co.
Ltd., ADR (Taiwan)
4.2
%
2.
Nestle SA (Registered)
4.1
3.
LVMH Moet Hennessy Louis Vuitton SE
(France)
3.8
4.
Tencent Holdings Ltd. (China)
3.7
5.
Novo Nordisk A/S, Class B (Denmark)
3.2
6.
ASML Holding NV (Netherlands)
3.0
7.
AstraZeneca plc (United Kingdom)
2.9
8.
Roche Holding AG
2.6
9.
Canadian National Railway Co. (Canada)
2.4
10.
Keyence Corp. (Japan)
2.3
 
PORTFOLIO COMPOSITION BY COUNTRY
AS OF April 30, 2023
PERCENT OF
TOTAL
INVESTMENTS
United Kingdom
11.8%
Japan
11.1
France
11.1
United States
9.9
China
7.0
Netherlands
5.8
Canada
5.3
Denmark
4.9
Taiwan
4.2
Germany
3.7
Sweden
3.3
Hong Kong
2.9
Indonesia
2.7
India
2.4
Mexico
2.0
Switzerland
1.6
Brazil
1.6
Australia
1.5
Spain
1.4
Singapore
1.3
Others (each less than 1.0%)
2.3
Short-Term Investments
2.2
 
 
April 30, 2023
J.P. Morgan Exchange-Traded Funds
13
JPMorgan International Growth ETF
FUND COMMENTARY
SIX MONTHS ENDED April 30, 2023 (Unaudited) (continued)
AVERAGE ANNUAL TOTAL RETURNS AS OF April 30, 2023 
 
 
INCEPTION DATE
SIX MONTHS*
1 YEAR
SINCE
INCEPTION
JPMorgan International Growth ETF
 
Net Asset Value
May 20, 2020
23.30
%
5.21
%
4.97
%
Market Price
 
23.62
5.62
5.05
 
 
*
Not annualized.
LIFE OF FUND PERFORMANCE (5/20/20 TO 4/30/23)
 
The performance quoted is past performance and is not a guarantee of future results. Exchange-traded funds are subject to certain market risks. Investment returns and principal value of an investment will fluctuate so that an investor’s shares, when sold or redeemed, may be worth more or less than their original cost. Current performance may be higher or lower than the performance data shown. For up-to-date month-end performance information, please call 1-844-457-6383. 
Fund commenced operations on May 20, 2020.
The graph illustrates comparative performance for $10,000 invested in shares of the JPMorgan International Growth ETF and the MSCI ACWI ex USA Growth Index (net total return) from May 20, 2020 to April 30, 2023. The performance of the Fund reflects the deduction of Fund expenses and assumes reinvestment of all dividends and capital gain distributions, if any. The performance of the MSCI ACWI ex USA Growth Index (net total return) 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 MSCI ACWI ex USA Growth Index (net total return) is a free float-adjusted market capitalization-weighted index that is designed to measure the performance of growth-oriented large- and
mid-cap stocks in developed and emerging markets, excluding the U.S. Net total return figures assume the reinvestment of dividends after deduction of withholding tax, applying the maximum rate to nonresident individual investors who do not benefit from double taxation treaties. Investors cannot invest directly in an index.
Performance shown in this section does not reflect the deduction of taxes that shareholder may pay on Fund distributions or on gains resulting from redemption or sale of Fund shares.
International investing involves a greater degree of risk and increased volatility. Changes in currency exchange rates and differences in accounting and taxation policies outside the United States can raise or lower returns. Also, some overseas markets may not be as politically and economically stable as the United States and other nations.
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.
 
14
J.P. Morgan Exchange-Traded Funds
April 30, 2023
JPMorgan Active China ETF
SCHEDULE OF PORTFOLIO INVESTMENTS
AS OF April 30, 2023  (Unaudited)
 
INVESTMENTS
SHARES
VALUE($)
Common Stocks — 98.5%
Automobile Components — 1.4%
Fuyao Glass Industry Group Co. Ltd., Class A *
35,400
173,765
Banks — 7.4%
China Merchants Bank Co. Ltd., Class H *
103,500
499,607
Ping An Bank Co. Ltd., Class A *
117,500
213,385
Postal Savings Bank of China Co. Ltd., Class H (a)
307,000
200,162
 
913,154
Beverages — 5.3%
Kweichow Moutai Co. Ltd., Class A *
1,700
432,824
Wuliangye Yibin Co. Ltd., Class A
9,000
219,922
 
652,746
Broadline Retail — 6.3%
Alibaba Group Holding Ltd. *
48,800
515,993
JD.com, Inc., Class A
15,100
269,502
 
785,495
Building Products — 0.7%
Xinyi Glass Holdings Ltd.
46,000
84,159
Chemicals — 3.6%
Skshu Paint Co. Ltd., Class A *
7,100
105,252
Wanhua Chemical Group Co. Ltd., Class A *
25,700
342,673
 
447,925
Consumer Staples Distribution & Retail — 1.3%
Yifeng Pharmacy Chain Co. Ltd., Class A *
22,000
158,520
Electronic Equipment, Instruments & Components — 3.2%
BOE Technology Group Co. Ltd., Class A *
414,400
240,853
Sunny Optical Technology Group Co. Ltd.
15,200
160,623
 
401,476
Entertainment — 3.0%
NetEase, Inc.
20,800
370,290
Food Products — 4.8%
Angel Yeast Co. Ltd., Class A *
18,800
108,750
Anjoy Foods Group Co. Ltd., Class A *
4,400
108,174
Foshan Haitian Flavouring & Food Co. Ltd., Class A *
11,800
120,536
Inner Mongolia Yili Industrial Group Co. Ltd.,
Class A *
61,900
264,364
 
601,824
Gas Utilities — 3.4%
China Resources Gas Group Ltd.
53,200
167,917
ENN Energy Holdings Ltd.
18,200
249,551
 
417,468
INVESTMENTS
SHARES
VALUE($)
 
Health Care Equipment & Supplies — 2.2%
Shenzhen Mindray Bio-Medical Electronics Co. Ltd.,
Class A *
6,200
279,693
Health Care Providers & Services — 2.2%
Aier Eye Hospital Group Co. Ltd., Class A *
19,400
82,603
Guangzhou Kingmed Diagnostics Group Co. Ltd.,
Class A *
16,000
189,298
 
271,901
Hotels, Restaurants & Leisure — 4.5%
H World Group Ltd., ADR *
3,175
148,907
Meituan * (a)
24,000
410,171
 
559,078
Household Durables — 5.2%
Haier Smart Home Co. Ltd., Class H *
94,600
308,357
Jason Furniture Hangzhou Co. Ltd., Class A *
24,400
130,826
Oppein Home Group, Inc., Class A *
12,100
201,574
 
640,757
Independent Power and Renewable Electricity Producers — 2.2%
China Yangtze Power Co. Ltd., Class A *
85,100
269,087
Insurance — 5.7%
China Pacific Insurance Group Co. Ltd., Class H
77,400
231,196
Ping An Insurance Group Co. of China Ltd., Class H
65,000
474,209
 
705,405
Interactive Media & Services — 10.7%
Kanzhun Ltd., ADR *
6,275
116,025
Tencent Holdings Ltd.
27,400
1,217,001
 
1,333,026
Life Sciences Tools & Services — 1.5%
Wuxi Biologics Cayman, Inc. * (a)
30,500
181,867
Machinery — 4.0%
Han's Laser Technology Industry Group Co. Ltd.,
Class A *
45,600
172,370
Jiangsu Hengli Hydraulic Co. Ltd., Class A *
25,200
224,366
Zhuzhou CRRC Times Electric Co. Ltd. *
18,100
73,052
Zhuzhou CRRC Times Electric Co. Ltd., Class A *
4,200
28,315
 
498,103
Media — 0.9%
Focus Media Information Technology Co. Ltd.,
Class A
118,900
110,745
SEE NOTES TO FINANCIAL STATEMENTS.
 
April 30, 2023
J.P. Morgan Exchange-Traded Funds
15
JPMorgan Active China ETF
SCHEDULE OF PORTFOLIO INVESTMENTS
AS OF April 30, 2023  (Unaudited) (continued)
INVESTMENTS
SHARES
VALUE($)
Common Stocks — continued
Metals & Mining — 2.5%
Baoshan Iron & Steel Co. Ltd., Class A *
150,400
140,049
Zijin Mining Group Co. Ltd., Class H *
98,000
165,920
 
305,969
Oil, Gas & Consumable Fuels — 2.5%
China Petroleum & Chemical Corp., Class H
476,000
311,978
Pharmaceuticals — 1.8%
Asymchem Laboratories Tianjin Co. Ltd., Class A *
7,800
142,683
China Resources Sanjiu Medical & Pharmaceutical
Co. Ltd., Class A *
9,000
76,691
 
219,374
Real Estate Management & Development — 1.6%
KE Holdings, Inc. *
12,946
203,123
Semiconductors & Semiconductor Equipment — 5.4%
Flat Glass Group Co. Ltd., Class H
81,000
227,716
Hangzhou First Applied Material Co. Ltd., Class A *
15,300
108,719
LONGi Green Energy Technology Co. Ltd., Class A *
22,100
111,654
Montage Technology Co. Ltd., Class A *
24,700
217,762
 
665,851
Software — 4.0%
Beijing Kingsoft Office Software, Inc., Class A *
800
50,977
Hundsun Technologies, Inc., Class A *
40,800
291,820
Kingdee International Software Group Co. Ltd. *
104,000
159,917
 
502,714
Textiles, Apparel & Luxury Goods — 1.2%
Shenzhou International Group Holdings Ltd.
16,200
155,604
Total Common Stocks
(Cost $12,501,452)
12,221,097
Short-Term Investments — 1.3%
Investment Companies — 1.3%
JPMorgan Prime Money Market Fund Class IM,
4.95% (b) (c)(Cost $155,553)
155,491
155,538
Total Investments — 99.8%
(Cost $12,657,005)
12,376,635
Other Assets Less Liabilities — 0.2%
30,345
NET ASSETS — 100.0%
12,406,980
 
Percentages indicated are based on net assets.
 
Abbreviations
 
ADR
American Depositary Receipt
 
*
Non-income producing security.
(a)
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.
(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 April 30, 2023.
SEE NOTES TO FINANCIAL STATEMENTS.
 
16
J.P. Morgan Exchange-Traded Funds
April 30, 2023
JPMorgan ActiveBuilders Emerging Markets Equity ETF
SCHEDULE OF PORTFOLIO INVESTMENTS
AS OF April 30, 2023  (Unaudited)
 
INVESTMENTS
SHARES
VALUE($)
Common Stocks — 99.3%
Australia — 0.1%
AngloGold Ashanti Ltd.
16,110
430,565
Perseus Mining Ltd.
176,001
260,111
 
690,676
Brazil — 5.8%
Ambev SA
659,606
1,864,639
Atacadao SA
481,751
1,033,469
B3 SA - Brasil Bolsa Balcao
2,308,674
5,392,368
Banco Bradesco SA (Preference)
449,410
1,241,603
Banco BTG Pactual SA
90,634
424,841
Banco do Brasil SA
195,417
1,674,902
BB Seguridade Participacoes SA
171,312
1,168,114
Bradespar SA (Preference)
37,715
178,072
Centrais Eletricas Brasileiras SA (Preference)
83,772
610,848
Cia de Saneamento Basico do Estado de Sao
Paulo SABESP
31,438
288,803
Cia Energetica de Minas Gerais (Preference)
248,514
613,338
EDP - Energias do Brasil SA
510,400
2,299,348
Gerdau SA (Preference)
111,534
561,941
Itau Unibanco Holding SA (Preference)
793,139
4,108,968
Itausa SA (Preference)
650,484
1,124,177
Localiza Rent a Car SA *
208,834
2,426,725
Lojas Renner SA *
673,726
2,134,182
MercadoLibre, Inc. *
5,591
7,142,447
Natura & Co. Holding SA *
101,979
226,129
NU Holdings Ltd., Class A *
80,154
413,595
Petroleo Brasileiro SA, ADR
383,551
4,073,312
Porto Seguro SA
124,064
623,081
Raia Drogasil SA
313,382
1,651,165
Rumo SA
110,867
436,995
Sendas Distribuidora SA
86,730
211,443
SLC Agricola SA
42,877
373,083
Telefonica Brasil SA
42,018
346,485
TIM SA
179,478
501,968
TOTVS SA
46,324
237,388
Transmissora Alianca de Energia Eletrica SA
100,842
736,128
Vale SA, ADR
266,447
3,839,501
Vibra Energia SA
95,748
251,089
WEG SA
408,544
3,355,798
 
51,565,945
Canada — 0.1%
B2Gold Corp.
107,001
420,944
Ivanhoe Mines Ltd., Class A *
34,383
298,188
 
719,132
INVESTMENTS
SHARES
VALUE($)
 
Chile — 0.4%
Banco de Chile
3,031,817
322,805
Banco Santander Chile
64,596,564
3,088,792
Cencosud SA
219,256
446,796
 
3,858,393
China — 30.1%
3SBio, Inc. (a)
313,500
314,115
Aier Eye Hospital Group Co. Ltd., Class A *
252,094
1,073,394
Airtac International Group *
71,000
2,576,909
Alibaba Group Holding Ltd. *
1,327,600
14,037,546
Angel Yeast Co. Ltd., Class A *
191,509
1,107,805
Anhui Guangxin Agrochemical Co. Ltd.,
Class A *
72,380
305,515
Anjoy Foods Group Co. Ltd., Class A *
74,000
1,819,289
ANTA Sports Products Ltd.
149,200
1,853,993
Autobio Diagnostics Co. Ltd., Class A *
29,000
239,866
Bank of Jiangsu Co. Ltd., Class A *
468,100
521,741
Baoshan Iron & Steel Co. Ltd., Class A *
585,600
545,298
Beijing Huafeng Test & Control Technology Co.
Ltd., Class A *
4,693
181,038
Beijing Kingsoft Office Software, Inc., Class A *
29,317
1,868,106
BOC Hong Kong Holdings Ltd.
113,000
356,710
BOE Technology Group Co. Ltd., Class A *
1,206,200
701,053
Budweiser Brewing Co. APAC Ltd. (a)
1,019,500
2,945,550
Centre Testing International Group Co. Ltd.,
Class A *
6,600
18,375
Chacha Food Co. Ltd., Class A *
133,300
834,572
China Construction Bank Corp., Class H
6,871,000
4,593,445
China Merchants Bank Co. Ltd., Class H *
1,546,500
7,465,150
China Merchants Energy Shipping Co. Ltd.,
Class A *
276,600
265,288
China Overseas Land & Investment Ltd.
987,500
2,504,442
China Pacific Insurance Group Co. Ltd., Class H
1,133,200
3,384,906
China Petroleum & Chemical Corp., Class H
3,432,000
2,249,387
China Railway Group Ltd., Class H *
1,653,000
1,270,892
China Resources Gas Group Ltd.
589,400
1,860,346
China Resources Land Ltd.
482,000
2,244,557
China Resources Mixc Lifestyle Services
Ltd. (a)
536,400
2,843,782
China Resources Sanjiu Medical &
Pharmaceutical Co. Ltd., Class A *
114,200
973,119
China State Construction Engineering Corp.
Ltd., Class A *
340,300
323,292
China Vanke Co. Ltd., Class H *
415,500
649,549
China Yangtze Power Co. Ltd., Class A *
938,200
2,966,593
Chongqing Brewery Co. Ltd., Class A *
170,700
2,573,626
SEE NOTES TO FINANCIAL STATEMENTS.
 
April 30, 2023
J.P. Morgan Exchange-Traded Funds
17
JPMorgan ActiveBuilders Emerging Markets Equity ETF
SCHEDULE OF PORTFOLIO INVESTMENTS
AS OF April 30, 2023  (Unaudited) (continued)
INVESTMENTS
SHARES
VALUE($)
Common Stocks — continued
China — continued
Chongqing Fuling Zhacai Group Co. Ltd.,
Class A *
50,500
188,187
CITIC Securities Co. Ltd., Class H *
601,500
1,266,519
CRRC Corp. Ltd., Class H *
1,295,000
837,998
DaShenLin Pharmaceutical Group Co. Ltd.,
Class A *
86,760
431,822
Dongfang Electric Corp. Ltd., Class H *
185,600
262,991
ENN Energy Holdings Ltd.
197,700
2,710,785
ENN Natural Gas Co. Ltd., Class A *
192,600
565,403
Fangda Special Steel Technology Co. Ltd.,
Class A *
558,700
430,993
Focus Media Information Technology Co. Ltd.,
Class A
347,800
323,945
Foshan Haitian Flavouring & Food Co. Ltd.,
Class A *
289,675
2,958,998
Full Truck Alliance Co. Ltd., ADR *
78,201
500,486
Fuyao Glass Industry Group Co. Ltd., Class H *
(a)
946,800
3,851,851
Gree Electric Appliances, Inc. of Zhuhai,
Class A
58,700
333,691
Greentown Management Holdings Co. Ltd. (a)
262,000
250,601
Guangdong Investment Ltd.
962,000
919,650
H World Group Ltd. *
588,900
2,754,715
Haier Smart Home Co. Ltd., Class H *
2,943,200
9,593,605
Hangzhou Tigermed Consulting Co. Ltd.,
Class H (a)
55,000
458,161
Han's Laser Technology Industry Group Co.
Ltd., Class A *
166,300
628,621
Hefei Meiya Optoelectronic Technology, Inc.,
Class A *
666,721
2,616,658
Hongfa Technology Co. Ltd., Class A *
203,200
919,126
Huayu Automotive Systems Co. Ltd., Class A *
534,346
1,266,002
Hubei Xingfa Chemicals Group Co. Ltd.,
Class A *
59,000
211,079
Hundsun Technologies, Inc., Class A *
39,200
280,377
Imeik Technology Development Co. Ltd.,
Class A *
10,700
841,669
Industrial & Commercial Bank of China Ltd.,
Class H
483,000
259,856
Inner Mongolia Yili Industrial Group Co. Ltd.,
Class A *
1,111,613
4,747,505
Jade Bird Fire Co. Ltd., Class A *
78,622
286,069
JD Health International, Inc. * (a)
253,800
1,831,452
JD.com, Inc., Class A
324,050
5,783,594
Jiangsu Hengli Hydraulic Co. Ltd., Class A *
151,200
1,346,196
Jiangxi Copper Co. Ltd., Class H
125,000
222,368
Joyoung Co. Ltd., Class A *
123,700
291,210
INVESTMENTS
SHARES
VALUE($)
 
China — continued
Kanzhun Ltd., ADR *
96,580
1,785,764
Kingdee International Software Group Co.
Ltd. *
972,000
1,494,609
Kunlun Energy Co. Ltd.
1,874,000
1,737,213
Kweichow Moutai Co. Ltd., Class A *
13,400
3,411,667
Laobaixing Pharmacy Chain JSC, Class A *
76,400
384,949
Livzon Pharmaceutical Group, Inc., Class H *
145,400
527,294
LONGi Green Energy Technology Co. Ltd.,
Class A *
264,996
1,338,817
Luzhou Laojiao Co. Ltd., Class A
43,900
1,434,714
Meituan * (a)
505,370
8,637,004
Midea Group Co. Ltd., Class A
481,912
3,956,052
Minth Group Ltd.
108,000
312,723
Montage Technology Co. Ltd., Class A *
73,347
646,647
NARI Technology Co. Ltd., Class A *
438,340
1,657,191
NetEase, Inc.
633,900
11,284,942
New Horizon Health Ltd. * (a)
152,000
545,458
Ningbo Tuopu Group Co. Ltd., Class A *
49,800
365,331
Nongfu Spring Co. Ltd., Class H (a)
55,600
301,672
Oppein Home Group, Inc., Class A *
53,384
889,326
Opple Lighting Co. Ltd., Class A *
74,700
224,965
PDD Holdings, Inc., ADR *
48,041
3,273,994
PetroChina Co. Ltd., Class H
2,354,000
1,635,170
PICC Property & Casualty Co. Ltd., Class H *
1,444,000
1,746,458
Ping An Bank Co. Ltd., Class A *
991,856
1,801,253
Ping An Insurance Group Co. of China Ltd.,
Class H
1,465,000
10,687,938
Poly Developments and Holdings Group Co.
Ltd., Class A *
415,400
835,334
Postal Savings Bank of China Co. Ltd.,
Class H (a)
800,000
521,594
Qingdao Haier Biomedical Co. Ltd., Class A *
48,776
486,546
Sany Heavy Industry Co. Ltd., Class A *
90,000
214,747
Shanghai Baosight Software Co. Ltd., Class A *
219,293
1,711,250
Shanghai Liangxin Electrical Co. Ltd., Class A
202,200
335,935
Shanghai Pharmaceuticals Holding Co. Ltd.,
Class H *
266,100
540,974
Shenzhen Inovance Technology Co. Ltd.,
Class A *
64,200
573,788
Shenzhen Mindray Bio-Medical Electronics Co.
Ltd., Class A *
24,600
1,109,751
Shenzhou International Group Holdings Ltd.
218,400
2,097,768
Sichuan Swellfun Co. Ltd., Class A *
249,500
2,365,771
Silergy Corp.
172,000
2,714,905
Skshu Paint Co. Ltd., Class A *
139,440
2,067,080
StarPower Semiconductor Ltd., Class A *
26,274
921,084
SEE NOTES TO FINANCIAL STATEMENTS.
 
18
J.P. Morgan Exchange-Traded Funds
April 30, 2023
INVESTMENTS
SHARES
VALUE($)
Common Stocks — continued
China — continued
Suzhou Maxwell Technologies Co. Ltd.,
Class A *
13,560
538,728
Tencent Holdings Ltd.
711,500
31,602,066
Tingyi Cayman Islands Holding Corp.
1,448,000
2,530,454
Topsports International Holdings Ltd. (a)
1,459,000
1,300,609
Trip.com Group Ltd. *
96,150
3,418,607
Tsingtao Brewery Co. Ltd. *
36,000
385,403
Vipshop Holdings Ltd., ADR *
24,571
385,765
Wanhua Chemical Group Co. Ltd., Class A *
220,700
2,942,725
Warom Technology, Inc. Co., Class A *
88,100
347,223
Wuliangye Yibin Co. Ltd., Class A
154,500
3,775,330
WuXi AppTec Co. Ltd., Class H (a)
34,100
299,907
Wuxi Biologics Cayman, Inc. * (a)
929,500
5,542,459
Xiamen Xiangyu Co. Ltd., Class A
231,100
356,219
Xinyi Glass Holdings Ltd.
1,010,000
1,847,836
Xinyi Solar Holdings Ltd.
936,000
1,006,291
XPeng, Inc., Class A *
40,100
191,475
Yangzhou Yangjie Electronic Technology Co.
Ltd., Class A *
97,900
629,741
Yixintang Pharmaceutical Group Co. Ltd.,
Class A *
65,700
274,056
YTO Express Group Co. Ltd., Class A *
162,600
406,682
Yum China Holdings, Inc.
101,862
6,231,917
Zhejiang Dingli Machinery Co. Ltd., Class A *
27,500
203,136
Zhejiang Jingsheng Mechanical & Electrical Co.
Ltd., Class A *
94,000
931,282
Zhejiang Supcon Technology Co. Ltd.,
Class A *
85,867
1,197,988
Zhejiang Supor Co. Ltd., Class A *
365,373
2,718,971
Zhejiang Weixing New Building Materials Co.
Ltd., Class A *
104,300
333,311
Zhuhai Huafa Properties Co. Ltd., Class A
234,800
360,166
Zhuzhou CRRC Times Electric Co. Ltd. *
224,600
906,485
Zijin Mining Group Co. Ltd., Class H *
900,000
1,523,750
ZTO Express Cayman, Inc.
76,200
2,097,981
 
268,505,673
Czech Republic — 0.0% ^
Komercni Banka A/S
11,435
369,221
Ghana — 0.1%
Kosmos Energy Ltd. *
82,130
525,632
Greece — 0.3%
Hellenic Telecommunications Organization SA
47,803
698,482
JUMBO SA
17,182
395,865
Motor Oil Hellas Corinth Refineries SA *
12,495
297,800
INVESTMENTS
SHARES
VALUE($)
 
Greece — continued
National Bank of Greece SA *
81,258
425,236
OPAP SA *
47,563
811,078
 
2,628,461
Hong Kong — 1.7%
AIA Group Ltd.
531,400
5,785,392
Hang Seng Bank Ltd.
72,400
1,073,175
HKT Trust & HKT Ltd.
485,000
637,422
Hong Kong Exchanges & Clearing Ltd.
116,600
4,840,871
Prudential plc
14,159
216,647
Techtronic Industries Co. Ltd.
238,500
2,580,210
WH Group Ltd. (a)
616,077
342,994
 
15,476,711
Hungary — 0.3%
MOL Hungarian Oil & Gas plc
53,140
430,926
OTP Bank Nyrt.
55,572
1,693,441
Richter Gedeon Nyrt.
20,337
491,190
 
2,615,557
India — 12.4%
Aarti Industries Ltd.
36,457
251,367
Aarti Pharmalabs Ltd. *
9,438
42,031
Apollo Hospitals Enterprise Ltd.
24,597
1,361,570
Asian Paints Ltd.
14,178
504,572
Axis Bank Ltd. *
351,672
3,712,218
Bajaj Auto Ltd.
14,162
768,657
Bharat Electronics Ltd.
1,230,321
1,558,163
Britannia Industries Ltd.
57,253
3,192,305
Coforge Ltd.
11,322
582,418
Colgate-Palmolive India Ltd.
19,029
371,573
Cummins India Ltd.
36,786
710,389
Dr Lal PathLabs Ltd. (a)
7,580
181,602
Dr Reddy's Laboratories Ltd.
15,211
917,261
Eicher Motors Ltd.
9,239
374,127
Embassy Office Parks, REIT
157,177
633,212
HCL Technologies Ltd.
225,911
2,953,571
HDFC Asset Management Co. Ltd. * (a)
19,401
419,368
HDFC Bank Ltd., ADR *
162,029
11,309,624
HDFC Life Insurance Co. Ltd. * (a)
664,225
4,312,161
Hero MotoCorp Ltd.
19,964
626,049
Hindustan Unilever Ltd.
225,497
6,787,391
Housing Development Finance Corp. Ltd.
448,838
15,292,745
ICICI Bank Ltd. *
662,273
7,471,159
ICICI Prudential Life Insurance Co. Ltd. * (a)
39,775
211,949
Info Edge India Ltd.
30,511
1,415,680
SEE NOTES TO FINANCIAL STATEMENTS.
 
April 30, 2023
J.P. Morgan Exchange-Traded Funds
19
JPMorgan ActiveBuilders Emerging Markets Equity ETF
SCHEDULE OF PORTFOLIO INVESTMENTS
AS OF April 30, 2023  (Unaudited) (continued)
INVESTMENTS
SHARES
VALUE($)
Common Stocks — continued
India — continued
Infosys Ltd.
809,710
12,493,153
ITC Ltd.
108,438
565,478
Jubilant Foodworks Ltd.
76,750
420,921
Kotak Mahindra Bank Ltd.
235,104
5,595,490
Lemon Tree Hotels Ltd. * (a)
609,727
659,163
Maruti Suzuki India Ltd.
11,277
1,187,706
Metropolis Healthcare Ltd. (a)
23,805
365,130
Multi Commodity Exchange of India Ltd.
19,927
341,974
Oil & Natural Gas Corp. Ltd.
416,661
812,594
Petronet LNG Ltd.
672,947
1,954,550
Power Grid Corp. of India Ltd.
464,901
1,351,843
Reliance Industries Ltd.
182,012
5,405,239
Shriram Finance Ltd.
101,093
1,652,181
Tata Consultancy Services Ltd. *
179,480
7,096,044
Triveni Turbine Ltd.
58,191
260,879
UltraTech Cement Ltd.
30,583
2,831,195
United Spirits Ltd. *
63,890
609,086
UPL Ltd.
55,104
500,109
WNS Holdings Ltd., ADR *
10,117
912,250
 
110,976,147
Indonesia — 2.5%
Astra International Tbk. PT
1,001,400
461,915
Bank Central Asia Tbk. PT
12,183,000
7,539,468
Bank Mandiri Persero Tbk. PT
2,099,600
742,209
Bank Negara Indonesia Persero Tbk. PT
777,200
500,866
Bank Rakyat Indonesia Persero Tbk. PT
20,713,270
7,218,145
Indofood CBP Sukses Makmur Tbk. PT
352,600
254,589
Kalbe Farma Tbk. PT
2,413,400
349,421
Merdeka Copper Gold Tbk. PT *
654,300
176,503
Telkom Indonesia Persero Tbk. PT
16,595,500
4,806,867
Unilever Indonesia Tbk. PT
808,000
242,690
United Tractors Tbk. PT
167,800
331,250
 
22,623,923
Kuwait — 0.1%
National Bank of Kuwait SAKP