Annual Report
J.P. Morgan Exchange-Traded Funds
October 31, 2023
Fund
Ticker
Listing Exchange
JPMorgan BetaBuilders Canada ETF
BBCA
Cboe BZX Exchange, Inc.
JPMorgan BetaBuilders Developed Asia Pacific ex-Japan ETF
BBAX
Cboe BZX Exchange, Inc.
JPMorgan BetaBuilders Emerging Markets Equity ETF
BBEM
Cboe BZX Exchange, Inc.
JPMorgan BetaBuilders Europe ETF
BBEU
Cboe BZX Exchange, Inc.
JPMorgan BetaBuilders International Equity ETF
BBIN
Cboe BZX Exchange, Inc.
JPMorgan BetaBuilders Japan ETF
BBJP
Cboe BZX Exchange, Inc.
JPMorgan BetaBuilders U.S. Equity ETF
BBUS
Cboe BZX Exchange, Inc.
JPMorgan BetaBuilders U.S. Mid Cap Equity ETF
BBMC
NYSE Arca, Inc.
JPMorgan BetaBuilders U.S. Small Cap Equity ETF
BBSC
NYSE Arca, Inc.
JPMorgan Carbon Transition U.S. Equity ETF
JCTR
NYSE Arca, Inc.
JPMorgan Diversified Return Emerging Markets Equity ETF
JPEM
NYSE Arca, Inc.
JPMorgan Diversified Return International Equity ETF
JPIN
NYSE Arca, Inc.
JPMorgan Diversified Return U.S. Equity ETF
JPUS
NYSE Arca, Inc.
JPMorgan Diversified Return U.S. Mid Cap Equity ETF
JPME
NYSE Arca, Inc.
JPMorgan Diversified Return U.S. Small Cap Equity ETF
JPSE
NYSE Arca, Inc.
JPMorgan U.S. Momentum Factor ETF
JMOM
NYSE Arca, Inc.
JPMorgan U.S. Quality Factor ETF
JQUA
NYSE Arca, Inc.
JPMorgan U.S. Value Factor ETF
JVAL
NYSE Arca, Inc.


CONTENTS
 
 
1
2
3
6
9
12
15
18
21
24
27
30
33
36
39
42
45
48
51
54
57
201
220
230
265
267
271
273
275
276
281
283
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
December 14, 2023 (Unaudited)
Dear Shareholder,
While the U.S. economy generally performed well this year, global economic growth has been uneven in the face of elevated interest rates and heightened geopolitical tensions. Equity markets largely outperformed fixed income markets for the twelve months ended October 31, 2023, though rising yields lifted investor demand for certain types of bonds.

"The strong performance of financial
markets in 2023 created wider
differences in equity valuations that
may provide attractive opportunities
for investors. Additionally, interest
rate reductions next year could
benefit high-quality fixed income
investments.”
— Brian S. Shlissel

Inflationary pressures have receded sufficiently so far that the U.S. Federal Reserve declined to raise interest rates since September 2023 and signaled it may reduce rates three times in 2024. Both the European Central Bank and the Bank of England also declined to raise interest rates in the third quarter of 2023. Financial markets largely responded positively to the central banks’ policy stances, though the view that interest rates could remain “higher for longer” appeared to temper investor optimism.
Overall, corporate earnings and revenues within developed markets generally continued to grow through the first three quarters of 2023, though certain surveys indicated many businesses anticipate demand to slow next year. Emerging markets experienced a wider dispersion in economic performance and corporate results, partly due to slower economic growth in China, post-pandemic changes to global supply chains and elevated debt servicing costs.
While some assert that the risk of economic recession has receded in 2023, the risk remains. China’s struggling property sector could further undermine economic growth and spill over to certain commodity exporting nations. Additionally, there is no clear timing with regard to the resolution of the war in Ukraine, which continues to impact global energy and grain supplies. The Israel-Hamas conflict has the potential to both widen militarily and to impact international trade and prices for energy and food. However, financial markets have generally continued to function without major disruptions during the period.
The strong performance of financial markets has created wider differences in equity valuations that may provide attractive opportunities for investors. Additionally, interest rate reductions next year could benefit high-quality fixed income investments.
Our suite of investment solutions seeks to provide investors with the ability to build durable portfolios that meet their financial goals, regardless of macroeconomic and geopolitical uncertainties.
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
October 31, 2023
J.P. Morgan Exchange-Traded Funds
1


J.P. Morgan Exchange-Traded Funds
MARKET OVERVIEW
TWELVE MONTHS ENDED October 31, 2023 (Unaudited) 
Equity markets continued to outperform bond markets during the period, generating positive returns largely due to gains made during the first half of 2023. Following a surge in U.S. equity prices, investors largely sought lower equity valuations in international markets in the second half of the period.
Overall, equities in international developed markets outperformed both emerging market and U.S. equities. Growth stocks and large capitalization stocks largely outperformed value stocks and mid cap and small cap stocks. Within fixed income markets, emerging markets debt and lower-rated bonds in developed markets generally outperformed U.S. Treasury bonds.
While the U.S. Federal Reserve, the European Central Bank and The Bank of England continued to raise interest rates at regular intervals through the first half of 2023, declining inflationary pressures allowed all three central banks to withhold further increases at the end of the reporting period.
Corporate earnings were generally better-than-expected for most of the period but results for the third quarter of 2023 showed some slowing in earnings and revenue growth. Tight labor markets in the U.S. eased somewhat in the final months of the period and the jobless rate rose to 3.8% in October 2023, which raised investor expectations that inflation would continue to slow.
Global energy prices largely fell during the period amid slowing demand from China and leading industrialized nations. Crude oil prices spiked briefly in September 2023 when Saudi Arabia and Russia extended production cuts and again in early October at the outbreak of the Israel-Hamas conflict. However, global petroleum prices receded by the end of the period as economic data, including U.S. gasoline consumption, continued to indicate slowing global demand.
Notably, financial sector stocks were roiled by the collapse of Silicon Valley Bank in late March 2023, followed closely by the failures of Signature Bank and Credit Suisse. In each case, government regulators moved to prevent the erosion of consumer and investor confidence in the banking system.
For the twelve months ended October 31, 2023, the MSCI EAFE Index returned 15.01%, the MSCI Emerging Markets Index returned 11.26% and the S&P 500 Index returned 10.14%.  
2
J.P. Morgan Exchange-Traded Funds
October 31, 2023


JPMorgan BetaBuilders Canada ETF
FUND COMMENTARY
TWELVE MONTHS ENDED October 31, 2023 (Unaudited)
REPORTING PERIOD RETURN:
 
Net Asset Value*
(1.15)%
Market Price**
(1.22)%
Morningstar® Canada Target Market Exposure IndexSM (net total return)
(1.22)%
Net Assets as of 10/31/2023
$5,686,974,712
Fund Ticker
BBCA
INVESTMENT OBJECTIVE***
The JPMorgan BetaBuilders Canada ETF (the “Fund”) seeks investment results that closely correspond, before fees and expenses, to the performance of the Morningstar® Canada Target Market Exposure IndexSM (the "Underlying Index").
INVESTMENT APPROACH
The Underlying Index is a free float adjusted, market capitalization-weighted index, which consists of stocks traded primarily on the Toronto Stock Exchange. Using a "passive" investment approach, the Fund attempts to replicate the constituent securities of the Underlying Index as closely as possible, before considering fees and expenses, and invests in substantially all of the securities in the Underlying Index in approximately the same proportions as the Underlying Index.
HOW DID THE FUND PERFORM?
The Fund provided a negative absolute return for the twelve months ended October 31, 2023, and performed in line with the Underlying Index, before considering the effects of differences in the timing of foreign exchange rate calculations, operating expenses, fees and tax management of the Fund’s portfolio.
The Fund’s and the Underlying Index’s exposures to the financials and materials sectors were leading detractors from absolute performance, while their exposures to the information technology and consumer staples sectors were leading contributors to absolute performance. 
HOW WAS THE FUND POSITIONED?
During the reporting period, the Fund’s and the Underlying Index’s largest allocations were to the financials and energy sectors and their smallest allocations were to the health care
and real estate sectors.
TOP TEN HOLDINGS OF THE
PORTFOLIO AS OF October 31, 2023
PERCENT OF
TOTAL
INVESTMENTS
1.
Royal Bank of Canada (Canada)
6.6
%
2.
Toronto-Dominion Bank (The) (Canada)
6.0
3.
Canadian Natural Resources Ltd. (Canada)
4.1
4.
Enbridge, Inc. (Canada)
4.0
5.
Canadian Pacific Kansas City Ltd. (Canada)
3.9
6.
Canadian National Railway Co. (Canada)
3.7
7.
Shopify, Inc., Class A (Canada)
3.3
8.
Bank of Montreal (Canada)
3.2
9.
Bank of Nova Scotia (The) (Canada)
2.8
10.
Suncor Energy, Inc. (Canada)
2.5
PORTFOLIO COMPOSITION BY SECTOR
AS OF October 31, 2023
PERCENT OF
TOTAL
INVESTMENTS
Financials
32.9%
Energy
18.6
Industrials
14.0
Materials
9.8
Information Technology
7.4
Consumer Staples
4.7
Consumer Discretionary
3.7
Utilities
3.0
Communication Services
2.1
Others (each less than 1.0%)
0.6
Short-Term Investments
3.2

*
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 $55.16 as of October 31, 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 the market price during the period, and sale at the market price
October 31, 2023
J.P. Morgan Exchange-Traded Funds
3


JPMorgan BetaBuilders Canada ETF
FUND COMMENTARY
TWELVE MONTHS ENDED October 31, 2023 (Unaudited) (continued)

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 October 31, 2023, the closing price was $55.17.
***
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
October 31, 2023


AVERAGE ANNUAL TOTAL RETURNS AS OF October 31, 2023 (Unaudited)
 
INCEPTION DATE
1 YEAR
5 YEAR
SINCE
INCEPTION
JPMorgan BetaBuilders Canada ETF
 
Net Asset Value
August 7, 2018
(1.15
)%
6.77
%
4.74
%
Market Price
 
(1.22
)
6.75
4.74
LIFE OF FUND PERFORMANCE (8/7/18 TO 10/31/23)
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. Updated performance information is available by visiting www.jpmorganfunds.com or by calling 1-844-457-6383. 
Fund commenced operations on August 7, 2018.
The graph illustrates comparative performance for $10,000 invested in shares of the JPMorgan BetaBuilders Canada ETF and Morningstar® Canada Target Market Exposure IndexSM (net total return) from August 7, 2018 to October 31, 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 Morningstar® Canada Target Market Exposure IndexSM (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 Morningstar® Canada Target Market Exposure IndexSM (net total return) is a rules-based, float-adjusted market capitalization-weighted index designed to cover 85% of the equity float-adjusted market capitalization of the
Canada equity 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.
For periods presented prior to November 1, 2019, the date on which a unitary fee structure was adopted, Fund performance reflects the waiver of the Fund’s fees and reimbursement of expenses for certain periods since the inception date. Without these waivers and reimbursements, performance would have been lower. Also, performance shown in this section does not reflect the deduction of taxes that a shareholder 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.
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.
October 31, 2023
J.P. Morgan Exchange-Traded Funds
5


JPMorgan BetaBuilders Developed Asia Pacific ex-Japan ETF
FUND COMMENTARY
TWELVE MONTHS ENDED October 31, 2023 (Unaudited)
REPORTING PERIOD RETURN:
 
Net Asset Value*
5.55%
Market Price**
5.45%
Morningstar® Developed Asia Pacific ex-Japan Target Market Exposure IndexSM (net total return)
5.35%
Net Assets as of 10/31/2023
$3,809,902,516
Fund Ticker
BBAX
INVESTMENT OBJECTIVE***
The JPMorgan BetaBuilders Developed Asia Pacific ex-Japan ETF (the “Fund”) seeks investment results that closely correspond, before fees and expenses, to the performance of the Morningstar® Developed Asia Pacific ex-Japan Target Market Exposure IndexSM (the "Underlying Index").
INVESTMENT APPROACH
The Underlying Index is a free float adjusted, market capitalization-weighted index that consists of equity securities from developed Asia-Pacific countries or regions other than Japan, including: Australia, Hong Kong, New Zealand and Singapore. Using a "passive" investment approach, the Fund attempts to replicate the constituent securities of the Underlying Index as closely as possible, before considering fees and expenses, and invests in substantially all of the securities in the Underlying Index in approximately the same proportions as the Underlying Index.
HOW DID THE FUND PERFORM?
The Fund generated a positive absolute return for the twelve months ended October 31, 2023, and performed in line with the Underlying Index, before considering the effects of differences in the Fund’s net asset value calculations versus the Underlying Index’s valuation calculations and in the timing of foreign exchange rate calculations, as well as operating expenses, fees and tax management of the Fund’s portfolio.
The Fund’s and the Underlying Index’s exposures to the materials and financials sectors were leading contributors to absolute performance, while their exposures to the health care and real estate sectors were leading detractors from absolute performance.
By country or region, the Fund’s and the Underlying Index’s exposures to Australia and Hong Kong were leading contributors to absolute performance, while their exposures to New Zealand was the sole detractor from absolute performance.
HOW WAS THE FUND POSITIONED?
During the reporting period, the Fund’s and the Underlying Index’s largest allocations were to the financials and materials
sectors and their smallest allocations were to the information technology and communication services sectors. The Fund’s and the Underlying Index’s largest allocations by country or region were to Australia and Hong Kong and their smallest allocations were to New Zealand and Singapore.
TOP TEN HOLDINGS OF THE
PORTFOLIO AS OF October 31, 2023
PERCENT OF
TOTAL
INVESTMENTS
1.
BHP Group Ltd. (Australia)
9.0
%
2.
Commonwealth Bank of Australia
(Australia)
6.5
3.
AIA Group Ltd. (Hong Kong)
6.3
4.
CSL Ltd.
4.5
5.
National Australia Bank Ltd. (Australia)
3.5
6.
ANZ Group Holdings Ltd. (Australia)
3.0
7.
Westpac Banking Corp. (Australia)
2.9
8.
DBS Group Holdings Ltd. (Singapore)
2.8
9.
Hong Kong Exchanges & Clearing Ltd.
(Hong Kong)
2.6
10.
Woodside Energy Group Ltd. (Australia)
2.6
PORTFOLIO COMPOSITION BY COUNTRY
AS OF October 31, 2023
PERCENT OF
TOTAL
INVESTMENTS
Australia
59.8%
Hong Kong
17.3
Singapore
11.3
United States
5.2
China
2.4
New Zealand
1.7
Macau
1.1
Others (each less than 1.0%)
0.9
Short-Term Investments
0.3

*
The return shown is based on net asset value and may differ from the return shown in the financial highlights, which reflects
6
J.P. Morgan Exchange-Traded Funds
October 31, 2023



adjustments made to the net asset value in accordance with accounting principles generally accepted in the United States of America. The net asset value was $43.57 as of October 31, 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 the 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 October 31, 2023, the closing price was $43.56.
***
The adviser seeks to achieve the Fund’s objective. There can be no guarantee it will be achieved.
October 31, 2023
J.P. Morgan Exchange-Traded Funds
7


JPMorgan BetaBuilders Developed Asia Pacific ex-Japan ETF
FUND COMMENTARY
TWELVE MONTHS ENDED October 31, 2023 (Unaudited) (continued)
AVERAGE ANNUAL TOTAL RETURNS AS OF October 31, 2023 (Unaudited)
 
INCEPTION DATE
1 YEAR
5 YEAR
SINCE
INCEPTION
JPMorgan BetaBuilders Developed Asia Pacific ex-Japan ETF
 
Net Asset Value
August 7, 2018
5.55
%
3.56
%
1.34
%
Market Price
 
5.45
3.54
1.33
LIFE OF FUND PERFORMANCE (8/7/18 TO 10/31/23)
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. Updated performance information is available by visiting www.jpmorganfunds.com or by calling 1-844-457-6383. 
Fund commenced operations on August 7, 2018.
The graph illustrates comparative performance for $10,000 invested in shares of the JPMorgan BetaBuilders Developed Asia Pacific ex-Japan ETF and Morningstar® Developed Asia Pacific ex-Japan Target Market Exposure IndexSM (net total return) from August 7, 2018 to October 31, 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 Morningstar® Developed Asia Pacific ex-Japan Target Market Exposure IndexSM (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 Morningstar® Developed Asia Pacific ex-Japan Target Market Exposure IndexSM (net total return) is a rules-based, float-adjusted market capitalization-weighted index designed to cover 85% of the equity float-adjusted market capitalization of the Developed Asia Pacific ex-Japan
equity 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.
For periods presented prior to November 1, 2019, the date on which a unitary fee structure was adopted, Fund performance reflects the waiver of the Fund’s fees and reimbursement of expenses for certain periods since the inception date. Without these waivers and reimbursements, performance would have been lower. Also, performance shown in this section does not reflect the deduction of taxes that a shareholder 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
October 31, 2023


JPMorgan BetaBuilders Emerging Markets Equity ETF
FUND COMMENTARY
FOR THE PERIOD May 10, 2023 (FUND INCEPTION) THROUGH October 31, 2023 (Unaudited)
REPORTING PERIOD RETURN:
 
Net Asset Value*
(4.88)%
Market Price**
(4.67)%
Morningstar® Emerging Markets Target Market Exposure IndexSM (net total return)
(4.68)%
Net Assets as of 10/31/2023
$483,405,614
Fund Ticker
BBEM
INVESTMENT OBJECTIVE***
The JPMorgan BetaBuilders Emerging Markets Equity ETF (the "Fund") seeks investment results that closely correspond, before fees and expenses, to the performance of the Morningstar® Emerging Markets Target Market Exposure IndexSM (the "Underlying Index").
INVESTMENT APPROACH
The Underlying Index is a free-float adjusted market capitalization-weighted index, which consists of equity securities from emerging countries. Using a "representative sampling" investment approach, the Fund chooses securities in an attempt to approximate the investment characteristics of the constituent securities of the Underlying Index.
HOW DID THE FUND PERFORM?
For the period from inception on May 10, 2023 to October 31, 2023, the Fund had a negative absolute return and performed in line with Underlying Index, before considering the effects of differences in the timing of foreign exchange rate calculations, operating expenses, fees and tax management of the Fund’s portfolio.
By sector, the Fund’s and the Underlying Index’s exposures to the financials and materials sectors were leading detractors from absolute performance, while their exposures to the information technology and energy sectors were leading contributors to absolute performance.
By country, the Fund’s and the Underlying Index’s exposures to China and South Korea were leading detractors from absolute performance, while their exposures to India and Brazil were leading contributors to absolute performance.
HOW WAS THE FUND POSITIONED?
During the reporting period, the Fund’s and the Underlying Index’s largest sector allocations were to the financials and information technology sectors and their smallest allocations were to the real estate and utilities sectors. The Fund’s and the Underlying Index’s largest country allocations were to China and India and their smallest allocations were to Egypt and the Czech Republic.
TOP TEN HOLDINGS OF THE
PORTFOLIO AS OF October 31, 2023
PERCENT OF
TOTAL
INVESTMENTS
1.
Taiwan Semiconductor Manufacturing Co.
Ltd. (Taiwan)
6.0
%
2.
Samsung Electronics Co. Ltd. (South
Korea)
3.9
3.
Tencent Holdings Ltd. (China)
3.5
4.
Alibaba Group Holding Ltd. (China)
2.4
5.
HDFC Bank Ltd. (India)
1.5
6.
Reliance Industries Ltd. (India)
1.4
7.
International Holding Co. PJSC (United
Arab Emirates)
1.4
8.
PDD Holdings, Inc., ADR (China)
1.1
9.
Meituan (China)
0.9
10.
Infosys Ltd. (India)
0.9
PORTFOLIO COMPOSITION BY COUNTRY
AS OF October 31, 2023
PERCENT OF
TOTAL
INVESTMENTS
China
27.8%
India
17.2
Taiwan
15.0
South Korea
11.8
Brazil
5.1
Saudi Arabia
3.8
United Arab Emirates
3.0
South Africa
2.8
Indonesia
2.1
Mexico
2.0
Thailand
1.7
Malaysia
1.6
Others (each less than 1.0%)
5.2
Short-Term Investments
0.9

*
The return shown is based on net asset value and may differ from the return shown in the financial highlights, which reflects
October 31, 2023
J.P. Morgan Exchange-Traded Funds
9


JPMorgan BetaBuilders Emerging Markets Equity ETF
FUND COMMENTARY
FOR THE PERIOD May 10, 2023 (FUND INCEPTION) THROUGH October 31, 2023 (Unaudited) (continued)

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 $44.76 as of October 31, 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 the 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 October 31, 2023, the closing price was $44.86.
***
The adviser seeks to achieve the Fund’s objective. There can be no guarantee it will be achieved.
10
J.P. Morgan Exchange-Traded Funds
October 31, 2023


TOTAL RETURNS AS OF October 31, 2023 (Unaudited)
 
INCEPTION DATE
CUMULATIVE SINCE
INCEPTION
JPMorgan BetaBuilders Emerging Markets Equity ETF
 
Net Asset Value
May 10, 2023
(4.88
)%
Market Price
 
(4.67
)
LIFE OF FUND PERFORMANCE (5/10/23 TO 10/31/23)
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. Updated performance information is available by visiting www.jpmorganfunds.com or by calling 1-844-457-6383. 
Fund commenced operations on May 10, 2023.
The graph illustrates comparative performance for $10,000 invested in shares of the JPMorgan BetaBuilders Emerging Markets Equity ETF and Morningstar® Emerging Markets Target Market Exposure IndexSM (net total return) from May 10, 2023 to October 31, 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 Morningstar® Emerging Markets Target Market Exposure IndexSM (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 Morningstar® Emerging Markets Target Market Exposure IndexSM (net total return) is a rules based, float market capitalization-weighted index designed to provide exposure to large-
and mid-cap stocks in emerging markets representing the top 85% of the investable universe by float-adjusted market capitalization. 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.
October 31, 2023
J.P. Morgan Exchange-Traded Funds
11


JPMorgan BetaBuilders Europe ETF
FUND COMMENTARY
TWELVE MONTHS ENDED October 31, 2023 (Unaudited)
REPORTING PERIOD RETURN:
 
Net Asset Value*
16.74%
Market Price**
16.81%
Morningstar® Developed Europe Target Market Exposure IndexSM (net total return)
15.92%
Net Assets as of 10/31/2023
$5,143,360,575
Fund Ticker
BBEU
INVESTMENT OBJECTIVE***
The JPMorgan BetaBuilders Europe ETF (the “Fund”) seeks investment results that closely correspond, before fees and expenses, to the performance of the Morningstar® Developed Europe Target Market Exposure IndexSM (the "Underlying Index").
INVESTMENT APPROACH
The Underlying Index is a free float, adjusted market capitalization-weighted index consisting of equity securities from developed European countries or regions, including: Austria, Belgium, Denmark, Finland, France, Germany, Ireland, Italy, the Netherlands, Norway, Poland, Portugal, Spain, Sweden, Switzerland and the U.K. Using a "passive" investment approach, the Fund attempts to replicate the constituent securities of the Underlying Index as closely as possible, before considering fees and expenses, and invests in substantially all of the securities in the Underlying Index in approximately the same proportions as the Underlying Index.
HOW DID THE FUND PERFORM?
The Fund provided a positive absolute performance for the twelve months ended October 31, 2023, and performed in line with the Underlying Index, before considering the effects of differences in the Fund’s net asset value calculations versus the Underlying Index’s valuation calculations and in the timing of foreign exchange rate calculations, as well as operating expenses, fees and tax management of the Fund’s portfolio.
The Fund’s and the Underlying Index’s exposures to the financials and industrials sectors were leading contributors to absolute performance, while their exposures to the real estate and communication services sectors were the smallest contributors and no sectors detracted from absolute performance.
By country, the Fund’s and the Underlying Index’s exposures to France and the U.K. were leading contributors to absolute performance, while their exposures to Finland were the sole country detractors from absolute performance.
HOW WAS THE FUND POSITIONED?
During the reporting period, the Fund’s and the Underlying Index’s largest sector allocations were to the financials and
health care sectors and their smallest allocations were to the real estate and communication services sectors. The Fund’s and the Underlying Index’s largest country allocations were to the U.K. and France and their smallest allocations were to Portugal
and Austria. 
TOP TEN HOLDINGS OF THE
PORTFOLIO AS OF October 31, 2023
PERCENT OF
TOTAL
INVESTMENTS
1.
Novo Nordisk A/S, Class B (Denmark)
3.4
%
2.
Nestle SA (Registered)
3.1
3.
ASML Holding NV (Netherlands)
2.6
4.
Shell plc (Netherlands)
2.3
5.
AstraZeneca plc (United Kingdom)
2.1
6.
Novartis AG (Registered) (Switzerland)
2.1
7.
LVMH Moet Hennessy Louis Vuitton SE
(France)
2.0
8.
Roche Holding AG
1.9
9.
TotalEnergies SE (France)
1.7
10.
HSBC Holdings plc (United Kingdom)
1.6
PORTFOLIO COMPOSITION BY COUNTRY
AS OF October 31, 2023
PERCENT OF
TOTAL
INVESTMENTS
United Kingdom
18.0%
France
15.3
Germany
11.9
United States
9.9
Switzerland
8.6
Netherlands
8.3
Denmark
5.1
Sweden
4.8
Italy
3.8
Spain
3.8
Finland
1.8
Australia
1.7
Belgium
1.4
Norway
1.2
Others (each less than 1.0%)
3.6
Short-Term Investments
0.8
12
J.P. Morgan Exchange-Traded Funds
October 31, 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 $49.36 as of October 31, 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 the 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 October 31, 2023, the closing price was $49.40.
***
The adviser seeks to achieve the Fund’s objective. There can be no guarantee it will be achieved.
October 31, 2023
J.P. Morgan Exchange-Traded Funds
13


JPMorgan BetaBuilders Europe ETF
FUND COMMENTARY
TWELVE MONTHS ENDED October 31, 2023 (Unaudited) (continued)
AVERAGE ANNUAL TOTAL RETURNS AS OF October 31, 2023 (Unaudited)
 
INCEPTION DATE
1 YEAR
5 YEAR
SINCE
INCEPTION
JPMorgan BetaBuilders Europe ETF
 
Net Asset Value
June 15, 2018
16.74
%
5.24
%
3.10
%
Market Price
 
16.81
5.21
3.11
LIFE OF FUND PERFORMANCE (6/15/18 TO 10/31/23)
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. Updated performance information is available by visiting www.jpmorganfunds.com or by calling 1-844-457-6383. 
Fund commenced operations on June 15, 2018.
The graph illustrates comparative performance for $10,000 invested in shares of the JPMorgan BetaBuilders Europe ETF and Morningstar® Developed Europe Target Market Exposure IndexSM (net total return) from June 15, 2018 to October 31, 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 Morningstar® Developed Europe Target Market Exposure IndexSM (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. Morningstar® Developed Europe Target Market Exposure IndexSM (net total return) is a rules-based, float-adjusted market capitalization-weighted index designed to cover 85% of the equity float-adjusted market capitalization of the Developed Europe equity
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.
For periods presented prior to November 1, 2019, the date on which a unitary fee structure was adopted, Fund performance reflects the waiver of the Fund’s fees and reimbursement of expenses for certain periods since the inception date. Without these waivers and reimbursements, performance would have been lower. Also, performance shown in this section does not reflect the deduction of taxes that a shareholder 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
October 31, 2023


JPMorgan BetaBuilders International Equity ETF
FUND COMMENTARY
TWELVE MONTHS ENDED October 31, 2023 (Unaudited)
REPORTING PERIOD RETURN:
 
Net Asset Value*
15.69%
Market Price**
16.04%
Morningstar® Developed Markets ex-North America Target Market Exposure IndexSM (net total return)
14.66%
Net Assets as of 10/31/2023
$3,560,296,677
Fund Ticker
BBIN
INVESTMENT OBJECTIVE***
The JPMorgan BetaBuilders International Equity ETF (the “Fund”) seeks investment results that closely correspond, before fees and expenses, to the performance of the Morningstar® Developed Markets ex-North America Target Market Exposure IndexSM (the "Underlying Index").
INVESTMENT APPROACH
The Underlying Index is a free float adjusted, market capitalization-weighted index, which consists of equity securities from developed countries or regions outside the U.S. and Canada. Using a "passive" investment approach, the Fund attempts to replicate the constituent securities of the Underlying Index as closely as possible, before considering fees and expenses, and invests in substantially all of the securities in the Underlying Index in approximately the same proportions as the Underlying Index.
HOW DID THE FUND PERFORM?
The Fund generated a positive absolute return for the twelve months ended October 31, 2023, and performed in line with the Underlying Index, before considering the effects of differences in the Fund’s net asset value calculations versus the Underlying Index’s valuation calculations and in the timing of foreign exchange rate calculations, as well as operating expenses, fees and tax management of the Fund’s portfolio.
The Fund’s and the Underlying Index’s exposures to the financials and consumer discretionary sectors were leading contributors to absolute performance, while their exposures to the real estate and health care sectors were leading detractors from absolute performance.
By country, the Fund’s and the Underlying Index’s exposures to Japan and France were leading contributors to absolute performance, while their exposures to Australia and Israel were leading detractors from absolute performance.  
HOW WAS THE FUND POSITIONED?
During the reporting period, the Fund’s and the Underlying Index’s largest sector allocations were to the financials and industrials sectors, while their smallest allocations were to the real estate and utilities sectors. The Fund’s and the Underlying
Index’s largest country allocations were to Japan and the U.K. and their smallest allocations were to New Zealand and Portugal.
TOP TEN HOLDINGS OF THE
PORTFOLIO AS OF October 31, 2023
PERCENT OF
TOTAL
INVESTMENTS
1.
Novo Nordisk A/S, Class B (Denmark)
2.1
%
2.
Nestle SA (Registered)
2.0
3.
ASML Holding NV (Netherlands)
1.7
4.
Toyota Motor Corp. (Japan)
1.5
5.
Shell plc (Netherlands)
1.5
6.
AstraZeneca plc (United Kingdom)
1.3
7.
Novartis AG (Registered) (Switzerland)
1.3
8.
LVMH Moet Hennessy Louis Vuitton SE
(France)
1.3
9.
Roche Holding AG
1.2
10.
TotalEnergies SE (France)
1.1
PORTFOLIO COMPOSITION BY COUNTRY
AS OF October 31, 2023
PERCENT OF
TOTAL
INVESTMENTS
Japan
24.9%
United Kingdom
11.5
France
9.7
Australia
7.6
Germany
7.5
United States
6.8
Switzerland
5.4
Netherlands
5.3
Denmark
3.3
Sweden
3.1
Italy
2.4
Spain
2.4
Hong Kong
2.1
Singapore
1.4
Finland
1.2
Others (each less than 1.0%)
4.3
Short-Term Investments
1.1
October 31, 2023
J.P. Morgan Exchange-Traded Funds
15


JPMorgan BetaBuilders International Equity ETF
FUND COMMENTARY
TWELVE MONTHS ENDED October 31, 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 $50.43 as of October 31, 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 the 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 October 31, 2023, the closing price was $50.62.
***
The adviser seeks to achieve the Fund’s objective. There can be no guarantee it will be achieved.
16
J.P. Morgan Exchange-Traded Funds
October 31, 2023


AVERAGE ANNUAL TOTAL RETURNS AS OF October 31, 2023 (Unaudited)
 
INCEPTION DATE
1 YEAR
SINCE
INCEPTION
JPMorgan BetaBuilders International Equity ETF
 
Net Asset Value
December 3, 2019
15.69
%
2.91
%
Market Price
 
16.04
3.00
LIFE OF FUND PERFORMANCE (12/3/19 TO 10/31/23)
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. Updated performance information is available by visiting www.jpmorganfunds.com or by calling 1-844-457-6383. 
Fund commenced operations on December 3, 2019.
The graph illustrates comparative performance for $10,000 invested in shares of the JPMorgan BetaBuilders International Equity ETF and Morningstar® Developed Markets ex-North America Target Market Exposure IndexSM (net total return) from December 3, 2019 to October 31, 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 Morningstar® Developed Markets ex-North America Target Market Exposure IndexSM (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 Morningstar® Developed Markets ex-North America Target Market Exposure IndexSM (net total return) is a rules-based,
float-adjusted market capitalization-weighted index designed to cover 85% of the equity float-adjusted market capitalization of the Developed Markets ex-North America equity 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 foreign 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.
October 31, 2023
J.P. Morgan Exchange-Traded Funds
17


JPMorgan BetaBuilders Japan ETF
FUND COMMENTARY
TWELVE MONTHS ENDED October 31, 2023 (Unaudited)
REPORTING PERIOD RETURN:
 
Net Asset Value*
18.51%
Market Price**
19.65%
Morningstar® Japan Target Market Exposure IndexSM (net total return)
16.83%
Net Assets as of 10/31/2023
$8,797,309,934
Fund Ticker
BBJP
INVESTMENT OBJECTIVE***
The JPMorgan BetaBuilders Japan ETF (the “Fund”) seeks investment results that closely correspond, before fees and expenses, to the performance of the Morningstar® Japan Target Market Exposure IndexSM (the "Underlying Index").
INVESTMENT APPROACH
The Underlying Index is a free-float adjusted, market capitalization-weighted index, which consists stocks traded primarily on the Tokyo Stock Exchange or the Nagoya Stock Exchange. Using a "passive" investment approach, the Fund attempts to replicate the constituent securities of the Underlying Index as closely as possible, before considering fees and expenses, and invests in substantially all of the securities in the Underlying Index in approximately the same proportions as the Underlying Index.
HOW DID THE FUND PERFORM?
The Fund generated a positive absolute return for the twelve months ended October 31, 2023, and performed in line with the Underlying Index, before considering the effects of differences in the Fund’s net asset value calculations versus the Underlying Index’s valuation calculations and in the timing of foreign exchange rate calculations, as well as operating expenses, fees and tax management of the Fund’s portfolio.
The Fund’s and the Underlying Index’s exposures to the financials and industrials sectors were leading contributors to absolute performance, while their exposures to the health care sector was the sole sector detractor from absolute performance.  
HOW WAS THE FUND POSITIONED?
During the reporting period, the Fund’s and the Underlying Index’s largest allocations were to the industrials and consumer discretionary sectors and their smallest allocations were to the energy and utilities sectors. 
TOP TEN HOLDINGS OF THE
PORTFOLIO AS OF October 31, 2023
PERCENT OF
TOTAL
INVESTMENTS
1.
Toyota Motor Corp. (Japan)
5.9
%
2.
Mitsubishi UFJ Financial Group, Inc.
(Japan)
2.9
3.
Sony Group Corp. (Japan)
2.9
4.
Keyence Corp. (Japan)
2.1
5.
Mitsubishi Corp. (Japan)
1.8
6.
Sumitomo Mitsui Financial Group, Inc.
(Japan)
1.8
7.
Tokyo Electron Ltd. (Japan)
1.7
8.
Shin-Etsu Chemical Co. Ltd. (Japan)
1.7
9.
Hitachi Ltd. (Japan)
1.6
10.
Mitsui & Co. Ltd. (Japan)
1.5
PORTFOLIO COMPOSITION BY SECTOR
AS OF October 31, 2023
PERCENT OF
TOTAL
INVESTMENTS
Industrials
23.0%
Consumer Discretionary
19.8
Financials
12.9
Information Technology
12.5
Health Care
8.1
Communication Services
6.8
Consumer Staples
6.4
Materials
4.9
Real Estate
3.5
Utilities
1.1
Others (each less than 1.0%)
0.9
Short-Term Investments
0.1

*
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 $48.68 as of October 31, 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
18
J.P. Morgan Exchange-Traded Funds
October 31, 2023



the 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 October 31, 2023, the closing price was $49.19.
***
The adviser seeks to achieve the Fund’s objective. There can be no guarantee it will be achieved.
October 31, 2023
J.P. Morgan Exchange-Traded Funds
19


JPMorgan BetaBuilders Japan ETF
FUND COMMENTARY
TWELVE MONTHS ENDED October 31, 2023 (Unaudited) (continued)
AVERAGE ANNUAL TOTAL RETURNS AS OF October 31, 2023 (Unaudited)
 
INCEPTION DATE
1 YEAR
5 YEAR
SINCE
INCEPTION
JPMorgan BetaBuilders Japan ETF
 
Net Asset Value
June 15, 2018
18.51
%
3.11
%
1.23
%
Market Price
 
19.65
3.36
1.43
LIFE OF FUND PERFORMANCE (6/15/18 TO 10/31/23)
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. Updated performance information is available by visiting www.jpmorganfunds.com or by calling 1-844-457-6383. 
Fund commenced operations on June 15, 2018.
The graph illustrates comparative performance for $10,000 invested in shares of the JPMorgan BetaBuilders Japan ETF and Morningstar® Japan Target Market Exposure IndexSM (net total return) from June 15, 2018 to October 31, 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 Morningstar® Japan Target Market Exposure IndexSM (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. Morningstar® Japan Target Market Exposure IndexSM (net total return) is a rule based, float-adjusted market capitalization-weighted index designed to cover 85% of the equity float-adjusted market capitalization of the Japanese equity 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.
For periods presented prior to November 1, 2019, the date on which a unitary fee structure was adopted, Fund performance reflects the waiver of the Fund’s fees and reimbursement of expenses for certain periods since the inception date. Without these waivers and reimbursements, performance would have been lower. Also, performance shown in this section does not reflect the deduction of taxes that a shareholder 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.
20
J.P. Morgan Exchange-Traded Funds
October 31, 2023


JPMorgan BetaBuilders U.S. Equity ETF
FUND COMMENTARY
TWELVE MONTHS ENDED October 31, 2023 (Unaudited)
REPORTING PERIOD RETURN:
 
Net Asset Value*
10.25%
Market Price**
10.20%
Morningstar® US Target Market Exposure IndexSM
10.28%
Net Assets as of 10/31/2023
$2,173,038,499
Fund Ticker
BBUS
INVESTMENT OBJECTIVE***
The JPMorgan BetaBuilders U.S. Equity ETF (the “Fund”) seeks investment results that closely correspond, before fees and expenses, to the performance of the Morningstar® US Target Market Exposure IndexSM (the "Underlying Index").
INVESTMENT APPROACH
The Underlying Index is a free float adjusted, market capitalization-weighted index consisting of equity securities traded primarily in the U.S. It targets 85% of those stocks by market capitalization and primarily includes large- and mid-cap companies. Using a "passive" investment approach, the Fund attempts to closely correspond to the performance of the Underlying Index and invests in substantially all of the securities in the Underlying Index in approximately the same proportions as the Underlying Index.
HOW DID THE FUND PERFORM?
The Fund generated a positive absolute return for the twelve months ended October 31, 2023 and performed in line with the Underlying Index, before considering the effects of operating expenses, fees and tax management of the Fund’s portfolio.
The Fund’s and the Underlying Index’s exposures to the information technology and communication services sectors were leading contributors to absolute performance, while their exposures to the health care and financials sectors detracted from absolute performance.
HOW WAS THE FUND POSITIONED?
During the reporting period, the Fund’s and the Underlying Index’s largest allocations were to the information technology and health care sectors, while their smallest allocations were to
the materials and real estate sectors.
TOP TEN HOLDINGS OF THE
PORTFOLIO AS OF October 31, 2023
PERCENT OF
TOTAL
INVESTMENTS
1.
Microsoft Corp.
6.7
%
2.
Apple, Inc.
6.7
3.
Amazon.com, Inc.
3.2
4.
NVIDIA Corp.
2.7
5.
Alphabet, Inc., Class A
2.0
6.
Meta Platforms, Inc., Class A
1.8
7.
Alphabet, Inc., Class C
1.7
8.
Berkshire Hathaway, Inc., Class B
1.7
9.
Tesla, Inc.
1.5
10.
UnitedHealth Group, Inc.
1.3
PORTFOLIO COMPOSITION BY SECTOR
AS OF October 31, 2023
PERCENT OF
TOTAL
INVESTMENTS
Information Technology
27.7%
Health Care
12.7
Financials
12.4
Consumer Discretionary
10.3
Communication Services
8.4
Industrials
8.2
Consumer Staples
6.2
Energy
4.4
Utilities
2.4
Materials
2.3
Real Estate
2.3
Short-Term Investments
2.7

*
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 $75.32 as of October 31, 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 the market price during the period, and sale at the market price
October 31, 2023
J.P. Morgan Exchange-Traded Funds
21


JPMorgan BetaBuilders U.S. Equity ETF
FUND COMMENTARY
TWELVE MONTHS ENDED October 31, 2023 (Unaudited) (continued)

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 October 31, 2023, the closing price was $75.33.
***
The adviser seeks to achieve the Fund’s objective. There can be no guarantee it will be achieved.
22
J.P. Morgan Exchange-Traded Funds
October 31, 2023


AVERAGE ANNUAL TOTAL RETURNS AS OF October 31, 2023 (Unaudited)
 
INCEPTION DATE
1 YEAR
SINCE
INCEPTION
JPMorgan BetaBuilders U.S. Equity ETF
 
Net Asset Value
March 12, 2019
10.25
%
10.81
%
Market Price
 
10.20
10.81
LIFE OF FUND PERFORMANCE (3/12/19 TO 10/31/23)
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. Updated performance information is available by visiting www.jpmorganfunds.com or by calling 1-844-457-6383. 
Fund commenced operations on March 12, 2019.
The graph illustrates comparative performance for $10,000 invested in shares of the JPMorgan BetaBuilders U.S. Equity ETF and the Morningstar® US Target Market Exposure IndexSM from March 12, 2019 to October 31, 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 Morningstar® US Target Market Exposure IndexSM 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. Morningstar® US Target Market Exposure IndexSM is a free float-adjusted market capitalization-weighted index which consists of stocks traded primarily on the U.S. stock exchanges. 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.
October 31, 2023
J.P. Morgan Exchange-Traded Funds
23


JPMorgan BetaBuilders U.S. Mid Cap Equity ETF
FUND COMMENTARY
TWELVE MONTHS ENDED October 31, 2023 (Unaudited)
REPORTING PERIOD RETURN:
 
Net Asset Value*
(2.57)%
Market Price**
(2.39)%
Morningstar® US Mid Cap Target Market Exposure Extended IndexSM
(2.62)%
Net Assets as of 10/31/2023
$1,414,162,491
Fund Ticker
BBMC
INVESTMENT OBJECTIVE***
The JPMorgan BetaBuilders U.S. Mid Cap Equity ETF (the “Fund”) seeks investment results that closely correspond, before fees and expenses, to the performance of the Morningstar® US Mid Cap Target Market Exposure Extended IndexSM (the "Underlying Index").
INVESTMENT APPROACH
The Underlying Index consists of mid-cap equity securities traded primarily in the U.S. It targets those securities that fall between the 85th and 95th percentiles in market capitalization of the free float adjusted investable universe. Using a "passive" investment approach, the Fund attempts to closely correspond to the performance of the Underlying Index and invests in substantially all of the securities in the Underlying Index in approximately the same proportions as the Underlying Index.
HOW DID THE FUND PERFORM?
The Fund generated a negative absolute return for the twelve months ended October 31, 2023 and performed in line with the Underlying Index, before considering the effects of operating expenses, fees and tax management of the Fund’s portfolio.
The Fund’s and the Underlying Index’s exposures to the health care and financials sectors were leading detractors from absolute performance, while their exposures to the industrials and information technology sectors were leading contributors to absolute performance.
HOW WAS THE FUND POSITIONED?
During the reporting period, the Fund’s and the Underlying Index’s largest allocations were to the industrials and financials sectors, while their smallest allocations were to communication
services and utilities sectors.
TOP TEN HOLDINGS OF THE
PORTFOLIO AS OF October 31, 2023
PERCENT OF
TOTAL
INVESTMENTS
1.
First Citizens BancShares, Inc., Class A
0.5
%
2.
Ares Management Corp.
0.5
3.
Jabil, Inc.
0.5
4.
Deckers Outdoor Corp.
0.5
5.
Reliance Steel & Aluminum Co.
0.5
6.
Axon Enterprise, Inc.
0.5
7.
Vertiv Holdings Co.
0.4
8.
Builders FirstSource, Inc.
0.5
9.
DraftKings, Inc., Class A
0.4
10.
Carlisle Cos., Inc.
0.4
PORTFOLIO COMPOSITION BY SECTOR
AS OF October 31, 2023
PERCENT OF
TOTAL
INVESTMENTS
Industrials
19.8%
Financials
13.4
Consumer Discretionary
11.9
Information Technology
10.5
Health Care
9.1
Materials
5.7
Real Estate
5.5
Energy
5.1
Consumer Staples
3.8
Utilities
2.5
Communication Services
1.9
Short-Term Investments
10.8

*
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 $71.06 as of October 31, 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 the market price during the period, and sale at the market price on
24
J.P. Morgan Exchange-Traded Funds
October 31, 2023



the last day of the period. The price used to calculate the market price return was the closing price on the NYSE Arca, Inc. As of October 31, 2023, the closing price was $71.06.
***
The adviser seeks to achieve the Fund’s objective. There can be no guarantee it will be achieved.
October 31, 2023
J.P. Morgan Exchange-Traded Funds
25


JPMorgan BetaBuilders U.S. Mid Cap Equity ETF
FUND COMMENTARY
TWELVE MONTHS ENDED October 31, 2023 (Unaudited) (continued)
AVERAGE ANNUAL TOTAL RETURNS AS OF October 31, 2023 (Unaudited)
 
INCEPTION DATE
1 YEAR
SINCE
INCEPTION
JPMorgan BetaBuilders U.S. Mid Cap Equity ETF
 
Net Asset Value
April 14, 2020
(2.57
)%
11.21
%
Market Price
 
(2.39
)
11.21
LIFE OF FUND PERFORMANCE (4/14/20 TO 10/31/23)
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. Updated performance information is available by visiting www.jpmorganfunds.com or by calling 1-844-457-6383. 
Fund commenced operations on April 14, 2020.
The graph illustrates comparative performance for $10,000 invested in shares of the JPMorgan BetaBuilders U.S. Mid Cap Equity ETF and Morningstar® US Mid Cap Target Market Exposure Extended IndexSM from April 14, 2020 to October 31, 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 Morningstar® US Mid Cap Target Market Exposure
Extended IndexSM 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 Morningstar® US Mid Cap Target Market Exposure Extended IndexSM is a free float adjusted market capitalization weighted index that consists of mid cap U.S. equity securities. 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.
26
J.P. Morgan Exchange-Traded Funds
October 31, 2023


JPMorgan BetaBuilders U.S. Small Cap Equity ETF
FUND COMMENTARY
TWELVE MONTHS ENDED October 31, 2023 (Unaudited)
REPORTING PERIOD RETURN:
 
Net Asset Value*
(8.15)%
Market Price**
(7.81)%
Morningstar® US Small Cap Target Market Exposure Extended IndexSM
(8.18)%
Net Assets as of 10/31/2023
$623,722,887
Fund Ticker
BBSC
INVESTMENT OBJECTIVE***
The JPMorgan BetaBuilders U.S. Small Cap Equity ETF (the “Fund”) seeks investment results that closely correspond, before fees and expenses, to the performance of the Morningstar® US Small Cap Target Market Exposure Extended IndexSM (the "Underlying Index").
INVESTMENT APPROACH
The Underlying Index primarily consists of small-cap equity securities primarily traded in the U.S. It targets those securities that fall between the 95th and 99th percentiles in market capitalization of the free float adjusted investable universe. Using a "passive" investment approach, the Fund attempts to closely correspond to the performance of the Underlying Index and invests in substantially all of the securities in the Underlying Index in approximately the same proportions as the Underlying Index.
HOW DID THE FUND PERFORM?
The Fund generated a negative absolute return for the twelve months ended October 31, 2023, and performed in line with the Underlying Index, before considering the effects of operating expenses, fees and tax management of the Fund’s portfolio.
The Fund’s and the Underlying Index’s exposures to the health care and financials sectors were leading detractors from absolute performance, while their exposures to the energy and industrials sectors were leading contributors to absolute performance.
HOW WAS THE FUND POSITIONED?
During the reporting period, the Fund’s and the Underlying Index’s largest allocations were to the financials and industrials sectors and their smallest allocations were to the utilities and
materials sectors.
TOP TEN HOLDINGS OF THE
PORTFOLIO AS OF October 31, 2023
PERCENT OF
TOTAL
INVESTMENTS
1.
Patterson-UTI Energy, Inc.
0.3
%
2.
Wayfair, Inc., Class A
0.3
3.
Equitrans Midstream Corp.
0.3
4.
Affirm Holdings, Inc.
0.3
5.
FTAI Aviation Ltd.
0.3
6.
Boise Cascade Co.
0.3
7.
Varonis Systems, Inc.
0.3
8.
Appfolio, Inc., Class A
0.3
9.
SPX Technologies, Inc.
0.3
10.
Insmed, Inc.
0.3
PORTFOLIO COMPOSITION BY SECTOR
AS OF October 31, 2023
PERCENT OF
TOTAL
INVESTMENTS
Financials
16.6%
Industrials
14.2
Information Technology
11.5
Health Care
11.1
Consumer Discretionary
10.6
Real Estate
6.7
Energy
5.0
Consumer Staples
3.0
Communication Services
2.9
Materials
2.8
Others (each less than 1.0%)
0.8
Short-Term Investments
14.8

*
The return shown is based on net asset value and may differ from the return shown in the financial highlights, which reflects adjustments made to the net asset value in accordance with accounting principles generally accepted in the United States of America. The net asset value was $49.40 as of October 31, 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 the market price during the period, and sale at the market price on
October 31, 2023
J.P. Morgan Exchange-Traded Funds
27


JPMorgan BetaBuilders U.S. Small Cap Equity ETF
FUND COMMENTARY
TWELVE MONTHS ENDED October 31, 2023 (Unaudited) (continued)

the last day of the period. The price used to calculate the market price return was the closing price on the NYSE Arca, Inc. As of October 31, 2023, the closing price was $49.32.
***
The adviser seeks to achieve the Fund’s objective. There can be no guarantee it will be achieved.
28
J.P. Morgan Exchange-Traded Funds
October 31, 2023


AVERAGE ANNUAL TOTAL RETURNS AS OF October 31, 2023 (Unaudited)
 
INCEPTION DATE
1 YEAR
SINCE
INCEPTION
JPMorgan BetaBuilders U.S. Small Cap Equity ETF
 
Net Asset Value
November 16, 2020
(8.15
)%
0.00
%
Market Price
 
(7.81
)
(0.05
)
LIFE OF FUND PERFORMANCE (11/16/20 TO 10/31/23)
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. Updated performance information is available by visiting www.jpmorganfunds.com or by calling 1-844-457-6383. 
Fund commenced operations on November 16, 2020.
The graph illustrates comparative performance for $10,000 invested in shares of the JPMorgan BetaBuilders U.S. Small Cap Equity ETF and Morningstar® US Small Cap Target Market Exposure Extended IndexSM from November 16, 2020 to October 31, 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 Morningstar® US Small Cap Target
Market Exposure Extended IndexSM 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 Morningstar® US Small Cap Target Market Exposure Extended IndexSM is a free float-adjusted market capitalization-weighted index that consists of small cap U.S. equity securities. 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.
October 31, 2023
J.P. Morgan Exchange-Traded Funds
29


JPMorgan Carbon Transition U.S. Equity ETF
FUND COMMENTARY
TWELVE MONTHS ENDED October 31, 2023 (Unaudited)
REPORTING PERIOD RETURN:
 
Net Asset Value*
9.85%
Market Price**
9.85%
JPMorgan Asset Management Carbon Transition U.S. Equity Index
9.99%
Russell 1000 Index
9.48%
Net Assets as of 10/31/2023
$5,673,139
Fund Ticker
JCTR
INVESTMENT OBJECTIVE***
The JPMorgan Carbon Transition U.S. Equity ETF (the “Fund”) seeks investment results that closely correspond, before fees and expenses, to the performance of the JPMorgan Asset Management Carbon Transition U.S. Equity Index (the “Underlying Index”).
INVESTMENT APPROACH
The Fund is passively managed to the Underlying Index, which primarily tracks large- and mid-cap equity securities of companies located in the U.S. and is designed to capture the performance of companies that have been identified through the Underlying Index’s rules-based process as better positioned to benefit from a transition to a lower carbon economy while also providing broader U.S. market exposure. Companies are then evaluated based on the rules-based process to determine how they effectively manage emissions, resources and carbon-related risks and are ranked within each sector.
HOW DID THE FUND PERFORM?
The Fund generated a positive absolute return for the twelve months ended October 31, 2023, and performed in line with the Underlying Index, before considering operating expenses, fees and tax management of the Fund’s portfolio. Both the Fund and the Underlying Index performed in line with the Russell 1000 Index, which is a more traditional market capitalization-weighted index.
The Fund’s and the Underlying Index’s exposures to the technology and consumer discretionary sectors were leading contributors to absolute performance, while their exposures to the health care and energy sectors were leading detractors from absolute performance.
Relative to the Russell 1000 Index, the Fund’s and the Underlying Index’s exposures within the technology and consumer discretionary sectors were leading contributors to performance, while their exposures within the industrials and financials sectors were leading detractors from relative performance.
HOW WAS THE FUND POSITIONED?
During the reporting period, the Fund’s and the Underlying Index’s largest allocations were to the technology and consumer discretionary sectors, while their smallest allocations
were to the basic materials and telecommunications sectors.
TOP TEN HOLDINGS OF THE
PORTFOLIO AS OF October 31, 2023
PERCENT OF
TOTAL
INVESTMENTS
1.
Apple, Inc.
6.9
%
2.
Microsoft Corp.
6.4
3.
Alphabet, Inc., Class A
3.4
4.
Amazon.com, Inc.
2.9
5.
NVIDIA Corp.
2.8
6.
Tesla, Inc.
1.7
7.
UnitedHealth Group, Inc.
1.6
8.
Eli Lilly & Co.
1.5
9.
Meta Platforms, Inc., Class A
1.5
10.
Exxon Mobil Corp.
1.4
PORTFOLIO COMPOSITION BY SECTOR
AS OF October 31, 2023
PERCENT OF
TOTAL
INVESTMENTS
Information Technology
29.2%
Financials
14.2
Health Care
13.8
Consumer Discretionary
10.4
Communication Services
8.1
Industrials
7.9
Consumer Staples
5.3
Energy
4.3
Real Estate
2.6
Utilities
2.2
Materials
1.8
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
30
J.P. Morgan Exchange-Traded Funds
October 31, 2023



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 $56.73 as of October 31, 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 the 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, Inc. As of October 31, 2023, the closing price was $56.74.
***
The adviser seeks to achieve the Fund’s objective. There can be no guarantee it will be achieved.
October 31, 2023
J.P. Morgan Exchange-Traded Funds
31


JPMorgan Carbon Transition U.S. Equity ETF
FUND COMMENTARY
TWELVE MONTHS ENDED October 31, 2023 (Unaudited) (continued)
AVERAGE ANNUAL TOTAL RETURNS AS OF October 31, 2023 (Unaudited)
 
INCEPTION DATE
1 YEAR
SINCE
INCEPTION
JPMorgan Carbon Transition U.S. Equity ETF
 
Net Asset Value
December 9, 2020
9.85
%
6.36
%
Market Price
 
9.85
6.36
LIFE OF FUND PERFORMANCE (12/9/20 TO 10/31/23)
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. Updated performance information is available by visiting www.jpmorganfunds.com or by calling 1-844-457-6383. 
Fund commenced operations on December 9, 2020.
The graph illustrates comparative performance for $10,000 invested in shares of the JPMorgan Carbon Transition U.S. Equity ETF, the JPMorgan Asset Management Carbon Transition U.S. Equity Index and the Russell 1000 Index from December 9, 2020 to October 31, 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 JPMorgan Asset Management Carbon Transition U.S. Equity Index and Russell 1000 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 JPMorgan Asset Management Carbon Transition U.S. Equity Index is a rules-based, proprietary index designed to achieve a meaningful reduction in carbon intensity without relying on significant exclusions or sector deviations. It is a proprietary index designed to reflect the performance of a subset of the U.S. large and midcap companies in developed markets that, based on the index rules, are determined to be best positioned to benefit from a transition to a low-carbon economy. The Russell 1000 Index is a market capitalization-weighted index, which measures the performance of the 1,000 largest companies in the Russell 3000 Index. 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.
32
J.P. Morgan Exchange-Traded Funds
October 31, 2023


JPMorgan Diversified Return Emerging Markets Equity ETF
FUND COMMENTARY
TWELVE MONTHS ENDED October 31, 2023 (Unaudited)
REPORTING PERIOD RETURN:
 
Net Asset Value*
9.72%
Market Price**
8.78%
JP Morgan Diversified Factor Emerging Markets Equity Index (net total return)
10.44%
FTSE Emerging Index (net total return)
10.91%
Net Assets as of 10/31/2023
$269,498,902
Fund Ticker
JPEM
INVESTMENT OBJECTIVE***
The JPMorgan Diversified Return Emerging Markets Equity ETF (the “Fund”) seeks investment results that closely correspond, before fees and expenses, to the performance of the JP Morgan Diversified Factor Emerging Markets Equity Index (the “Underlying Index”). 
INVESTMENT APPROACH
The Fund is passively managed to the Underlying Index, which tracks large- and mid-cap equity securities from emerging markets, diversified across regions, super-sectors and individual securities. The Underlying Index uses a proprietary multi-factor selection process that utilizes the following characteristics: value, momentum and quality. The Underlying Index’s methodology includes quarterly rebalancing.
HOW DID THE FUND PERFORM?
The Fund generated a positive absolute return for the twelve months ended October 31, 2023, and performed in line with the Underlying Index, before considering differences in the net asset value calculations and foreign exchange pricing between the Underlying Index and the Fund and fees and operating expenses incurred by the Fund. The Fund and the Underlying Index underperformed the FTSE Emerging Index, which is a more traditional market capitalization-weighted index.
From a super-sector perspective, the Fund’s and the Underlying Index’s positions in the industrials and consumer super-sectors
were leading contributors to absolute performance, while their positions in the commodities and defensives super-sectors were the smallest contributors to absolute performance and no super-sector detracted from absolute performance.
From a regional perspective, the Fund’s and the Underlying Index’s positions in China and in the Europe, Middle East and Africa region were leading contributors to absolute performance, while their positions in Latin America and Asia Pacific, excluding China, were the smallest regional contributors to absolute performance and no region detracted from absolute performance.
Relative to the FTSE Emerging Index, the Fund’s and the Underlying Index’s underweight positions in China were leading detractors from performance, while their underweight positions  within Europe, the Middle East and Africa and their overweight positions in Latin America were leading contributors to performance.
HOW WAS THE FUND POSITIONED?
During the reporting period, the Fund’s and the Underlying Index’s largest allocations were to the defensives and the consumer super-sector, while their smallest allocations were to the commodities and financials super-sectors. The Fund’s and the Underlying Index’s largest regional allocations were to Asia Pacific and Europe, Middle East and Africa while their smallest
allocations were to China and Latin America.
October 31, 2023
J.P. Morgan Exchange-Traded Funds
33


JPMorgan Diversified Return Emerging Markets Equity ETF
FUND COMMENTARY
TWELVE MONTHS ENDED October 31, 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 $48.12 as of October 31, 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 the 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, Inc. As of October 31, 2023, the closing price was $47.99.
***
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 October 31, 2023
PERCENT OF
TOTAL
INVESTMENTS
1.
Infosys Ltd. (India)
1.6
%
2.
Petroleo Brasileiro SA (Preference)
(Brazil)
1.2
3.
Vale SA (Brazil)
1.2
4.
Taiwan Semiconductor Manufacturing Co.
Ltd. (Taiwan)
1.1
5.
Hindustan Unilever Ltd. (India)
1.0
6.
Grupo Financiero Banorte SAB de CV,
Class O (Mexico)
0.9
7.
Tata Consultancy Services Ltd. (India)
0.9
8.
Bank of China Ltd., Class H (China)
0.9
9.
Saudi Arabian Oil Co. (Saudi Arabia)
0.8
10.
Reliance Industries Ltd. (India)
0.8
PORTFOLIO COMPOSITION BY COUNTRY
AS OF October 31, 2023
PERCENT OF
TOTAL
INVESTMENTS
China
22.9%
Taiwan
11.4
India
11.0
Turkey
9.4
Brazil
8.9
Mexico
7.5
Saudi Arabia
4.8
Indonesia
4.3
Thailand
3.7
South Africa
3.1
United Arab Emirates
2.4
Malaysia
2.1
Greece
1.7
Qatar
1.7
Kuwait
1.5
Chile
1.2
Others (each less than 1.0%)
2.4
34
J.P. Morgan Exchange-Traded Funds
October 31, 2023


AVERAGE ANNUAL TOTAL RETURNS AS OF October 31, 2023 (Unaudited)
 
INCEPTION DATE
1 YEAR
5 YEAR
SINCE
INCEPTION
JPMorgan Diversified Return Emerging Markets Equity ETF
 
Net Asset Value
January 7, 2015
9.72
%
2.80
%
2.81
%
Market Price
 
8.78
2.78
2.78
LIFE OF FUND PERFORMANCE (1/7/15 TO 10/31/23)
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. Updated performance information is available by visiting www.jpmorganfunds.com or by calling 1-844-457-6383. 
Fund commenced operations on January 7, 2015.
The graph illustrates comparative performance for $10,000 invested in shares of the JPMorgan Diversified Return Emerging Markets Equity ETF, the JP Morgan Diversified Factor Emerging Markets Equity Index (net total return) and the FTSE Emerging Index (net total return) from January 7, 2015 to October 31, 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 JP Morgan Diversified Factor Emerging Markets Equity Index (net total return) and the FTSE Emerging 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 Fund’s adviser is a sponsor of the JP Morgan Diversified Factor Emerging Markets Equity Index (net total return) and developed the proprietary factors on which the index is based. FTSE Russell, the benchmark administrator, administers, calculates and governs the JP Morgan Diversified Factor Emerging Markets Equity Index (net total return). JP Morgan Diversified Factor Emerging Markets Equity Index (net total return) is comprised of large- and mid-cap equity securities selected from the FTSE Emerging Index (net total return). The index is
designed to reflect the performance of emerging market securities representing the following diversified set of factors: value, momentum and quality. The FTSE Emerging Index (net total return) provides investors with a comprehensive means of measuring the performance of the most liquid companies in the 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.
For periods presented prior to November 1, 2019, the date on which a unitary fee structure was adopted, Fund performance reflects the waiver of the Fund’s fees and reimbursement of expenses for certain periods since the inception date. Without these waivers and reimbursements, performance would have been lower. Also, performance shown in this section does not reflect the deduction of taxes that a shareholder 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.
October 31, 2023
J.P. Morgan Exchange-Traded Funds
35


JPMorgan Diversified Return International Equity ETF
FUND COMMENTARY
TWELVE MONTHS ENDED October 31, 2023 (Unaudited)
REPORTING PERIOD RETURN:
 
Net Asset Value*
15.19%
Market Price**
15.26%
JP Morgan Diversified Factor International Equity Index (net total return)
14.85%
FTSE Developed ex North America Index (net total return)
14.09%
Net Assets as of 10/31/2023
$353,175,379
Fund Ticker
JPIN
INVESTMENT OBJECTIVE***
The JPMorgan Diversified Return International Equity ETF (the “Fund”) seeks investment results that closely correspond, before fees and expenses, to the performance of the JP Morgan Diversified Factor International Equity Index (the “Underlying Index”).
INVESTMENT APPROACH
The Fund is passively managed to the Underlying Index, which tracks large- and mid-cap equity securities in developed markets outside of North America, diversified across regions, sectors and individual securities. The Underlying Index uses a proprietary multi-factor selection process that utilizes the following characteristics: value, momentum and quality. The Underlying Index’s methodology includes quarterly rebalancing.
HOW DID THE FUND PERFORM?
The Fund generated a positive absolute performance for the twelve months ended October 31, 2023, and performed in line with the Underlying Index, before considering the effects of differences in the Fund’s net asset value calculations versus the Underlying Index’s valuation calculations, as well as differences due to specific trading limits, the Fund’s small cash allocation and fees and operating expenses incurred by the Fund. The Fund and the Underlying Index outperformed the FTSE Developed ex North America Index, which is a more traditional market capitalization-weighted index.
From a sector perspective, the Fund’s and the Underlying Index’s positions in the utilities and financials sectors were leading contributors to absolute performance, while their positions in the real estate and telecommunication sectors were the smallest contributors to absolute performance and no sectors detracted from absolute performance.
From a regional perspective, the Fund’s and Underlying Index’s positions in Japan and Europe, excluding the U.K., were leading contributors to absolute performance. Their positions in the Pacific region, excluding Japan, and in the U.K. were the smallest contributors to absolute performance and no regions detracted from absolute performance. 
Relative to the FTSE Developed ex North America Index, the Fund’s and the Underlying Index’s multi-factor security selections in the consumer staples and industrials sectors were leading contributors to performance, while their overweight positions in the real estate sector and their underweight positions in the financials sector were leading detractors from relative performance.
The Fund’s and the Underlying Index’s multi-factor security selections in Japan and the Pacific region were leading contributors to relative performance, while their multi-factor security selections in Europe, excluding the U.K., and their overweight positions in the Pacific, excluding Japan, were leading detractors from relative performance.
HOW WAS THE FUND POSITIONED?
During the reporting period, the Fund’s and the Underlying Index’s largest allocations were to the consumer staples and industrials sectors, while their smallest allocations were to the energy and telecommunications sectors. By region, the Fund’s and the Underlying Index’s largest allocations were to Japan and Pacific and their smallest allocations were to Europe and the U.K.
36
J.P. Morgan Exchange-Traded Funds
October 31, 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 $49.05 as of October 31, 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 the 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, Inc. As of October 31, 2023, the closing price was $49.17.
***
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 October 31, 2023
PERCENT OF
TOTAL
INVESTMENTS
1.
BAE Systems plc (United Kingdom)
0.5
%
2.
Deutsche Telekom AG (Registered)
(Germany)
0.4
3.
Novo Nordisk A/S, Class B (Denmark)
0.4
4.
Japan Tobacco, Inc. (Japan)
0.4
5.
GSK plc
0.4
6.
Wolters Kluwer NV (Netherlands)
0.4
7.
Lenovo Group Ltd. (China)
0.4
8.
Origin Energy Ltd. (Australia)
0.4
9.
TotalEnergies SE (France)
0.4
10.
HSBC Holdings plc (United Kingdom)
0.4
PORTFOLIO COMPOSITION BY COUNTRY
AS OF October 31, 2023
PERCENT OF
TOTAL
INVESTMENTS
Japan
29.4%
United Kingdom
15.9
Australia
11.0
South Korea
6.9
France
4.7
Singapore
3.5
Netherlands
3.3
United States
3.1
Hong Kong
3.0
Italy
2.5
Germany
2.5
Spain
2.4
Sweden
2.1
Switzerland
1.4
China
1.2
Norway
1.1
Finland
1.1
Others (each less than 1.0%)
4.2
Short-Term Investments
0.7
October 31, 2023
J.P. Morgan Exchange-Traded Funds
37


JPMorgan Diversified Return International Equity ETF
FUND COMMENTARY
TWELVE MONTHS ENDED October 31, 2023 (Unaudited) (continued)
AVERAGE ANNUAL TOTAL RETURNS AS OF October 31, 2023 (Unaudited)
 
INCEPTION DATE
1 YEAR
5 YEAR
SINCE
INCEPTION
JPMorgan Diversified Return International Equity ETF
 
Net Asset Value
November 5, 2014
15.19
%
2.16
%
2.79
%
Market Price
 
15.26
2.26
2.81
LIFE OF FUND PERFORMANCE (11/5/14 TO 10/31/23)
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. Updated performance information is available by visiting www.jpmorganfunds.com or by calling 1-844-457-6383. 
Fund commenced operations on November 5, 2014.
The graph illustrates comparative performance for $10,000 invested in shares of the JPMorgan Diversified Return International Equity ETF, the JP Morgan Diversified Factor International Equity Index (net total return) and the FTSE Developed ex North America Index (net total return) from November 5, 2014 to  October 31, 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 JP Morgan Diversified Factor International Equity Index (net total return) and the FTSE Developed ex North America 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 Fund’s adviser is a sponsor of the JP Morgan Diversified Factor International Equity Index (net total return) and developed the proprietary factors on which the index is based. FTSE Russell, the benchmark administrator, administers, calculates and governs the JP Morgan Diversified Factor International Equity Index (net total return). JP Morgan Diversified Factor International Equity Index (net total return) is comprised of large- and mid-cap equity securities selected from the FTSE Developed ex North America Index (net total return). The index is designed to reflect the performance of stocks representing the following diversified set of
factors: value, momentum and quality. The FTSE Developed ex North America Index (net total return) is part of a range of indices designed to help investors benchmark their international investments. The index comprises large- and mid-cap stocks providing coverage of developed markets, excluding the US and Canada. The index is derived from the FTSE Global Equity Index Series (GEIS), which covers 98% of the world's investable market capitalization. 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.
For periods presented prior to November 1, 2019, the date on which a unitary fee structure was adopted, Fund performance reflects the waiver of the Fund’s fees and reimbursement of expenses for certain periods since the inception date. Without these waivers and reimbursements, performance would have been lower. Also, performance shown in this section does not reflect the deduction of taxes that a shareholder 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.
38
J.P. Morgan Exchange-Traded Funds
October 31, 2023


JPMorgan Diversified Return U.S. Equity ETF
FUND COMMENTARY
TWELVE MONTHS ENDED October 31, 2023 (Unaudited)
REPORTING PERIOD RETURN:
 
Net Asset Value*
(0.34)%
Market Price**
(0.45)%
JP Morgan Diversified Factor US Equity Index
(0.17)%
Russell 1000 Index
9.48%
Net Assets as of 10/31/2023
$420,166,041
Fund Ticker
JPUS
INVESTMENT OBJECTIVE***
The JPMorgan Diversified Return U.S. Equity ETF (the “Fund”) seeks investment results that closely correspond, before fees and expenses, to the performance of the JP Morgan Diversified Factor US Equity Index (the “Underlying Index”).
INVESTMENT APPROACH
The Fund is passively managed to the Underlying Index, which tracks large- and mid-cap equity securities of U.S. companies, diversified across sectors and individual securities. The Underlying Index uses a rules-based proprietary multi-factor selection process that utilizes the following characteristics: value, momentum and quality. The Underlying Index’s methodology includes quarterly rebalancing.
HOW DID THE FUND PERFORM?
The Fund produced a negative absolute performance for the twelve months ended October 31, 2023, and performed in line with the Underlying Index, before considering operating expenses, fees and tax management of the Fund’s portfolio. Both the Fund and the Underlying Index underperformed the Russell 1000 Index, which is a more traditional market capitalization-weighted index.
The Fund’s and the Underlying Index’s positions in the consumer staples and telecommunications sectors were leading detractors from absolute performance, while their positions in the technology and industrials sectors were leading contributors to absolute performance. 
Relative to the Russell 1000 Index, the Fund’s and the Underlying Index’s underweight positions in the technology sector and their overweight positions in the utilities sector were leading detractors from performance, while their multi-factor security selections in the utilities and health care sectors were leading contributors to relative performance.  
HOW WAS THE FUND POSITIONED?
During the reporting period, the Fund’s and the Underlying Index’s largest allocations were to the consumer staples and health care sectors, while their smallest allocations were to the telecommunications and energy sectors.
TOP TEN HOLDINGS OF THE
PORTFOLIO AS OF October 31, 2023
PERCENT OF
TOTAL
INVESTMENTS
1.
Casey's General Stores, Inc.
0.5
%
2.
McKesson Corp.