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.
0.5
3.
Progressive Corp. (The)
0.4
4.
UnitedHealth Group, Inc.
0.4
5.
Cencora, Inc.
0.4
6.
T-Mobile US, Inc.
0.4
7.
United States Steel Corp.
0.4
8.
Marathon Petroleum Corp.
0.4
9.
Vertex Pharmaceuticals, Inc.
0.4
10.
Vistra Corp.
0.4
 
PORTFOLIO COMPOSITION BY SECTOR
AS OF October 31, 2023
PERCENT OF
TOTAL
INVESTMENTS
Consumer Staples
14.3%
Utilities
11.0
Health Care
10.5
Industrials
9.3
Real Estate
8.7
Consumer Discretionary
8.3
Financials
8.2
Technology
7.2
Basic Materials
6.7
Energy
5.9
Telecommunications
5.2
Short-Term Investments
4.7
 
*
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 $91.34 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
 
October 31, 2023
J.P. Morgan Exchange-Traded Funds
39

JPMorgan Diversified Return U.S. Equity ETF
FUND COMMENTARY
TWELVE MONTHS ENDED October 31, 2023 (Unaudited) (continued)
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 $91.34.
***
The adviser seeks to achieve the Fund’s objective. There can be no guarantee it will be achieved.
 
40
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 U.S. Equity ETF
 
Net Asset Value
September 29, 2015
(0.34
)%
7.83
%
9.72
%
Market Price
 
(0.45
)
7.82
9.72
LIFE OF FUND PERFORMANCE (9/29/15 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 September 29, 2015.
The graph illustrates comparative performance for $10,000 invested in shares of the JPMorgan Diversified Return U.S. Equity ETF, the JP Morgan Diversified Factor US Equity Index, and the Russell 1000 Index from September 29, 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 US 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 Fund’s adviser is a sponsor of the JP Morgan Diversified Factor US Equity Index 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 US Equity Index. JP Morgan Diversified Factor US Equity Index is comprised of U.S. large and mid-cap equity securities selected from the constituents of the Russell 1000 Index. The index is designed to reflect the performance of stocks representing the following diversified set of factors: value, momentum and quality. 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.
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.
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
41

JPMorgan Diversified Return U.S. Mid Cap Equity ETF
FUND COMMENTARY
TWELVE MONTHS ENDED October 31, 2023 (Unaudited)
 
REPORTING PERIOD RETURN:
 
Net Asset Value *
(1.78)%
Market Price **
(1.85)%
JP Morgan Diversified Factor US Mid Cap Equity Index
(1.57)%
Russell Midcap Index
(1.01)%
Net Assets as of 10/31/2023
$310,063,947
Fund Ticker
JPME
INVESTMENT OBJECTIVE***
The JPMorgan Diversified Return U.S. Mid Cap Equity ETF (the “Fund”) seeks investment results that closely correspond, before fees and expenses, to the performance of the JP Morgan Diversified Factor US Mid Cap Equity Index (the “Underlying Index”).
INVESTMENT APPROACH
The Fund is passively managed to the Underlying Index, which tracks mid-cap U.S. equity securities diversified across 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 provided a positive 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. The Fund and the Underlying Index underperformed the Russell Midcap Index, which is a more traditional market capitalization weighted index.
The Fund’s and the Underlying Index’s positions in the telecommunications and real estate sectors were leading detractors from absolute performance, while the Fund’s and the Underlying Index’s positions in the industrials and technology sectors were leading contributors to absolute performance.
Relative to the Russell Midcap Index, the Fund’s and the Underlying Index’s multi-factor security selections in the telecommunications sector and their underweight positions in the industrials sector were leading detractors from performance, while their multi-factor security selections in the health care and basic materials sectors 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 health care and industrials sectors and 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.
United States Steel Corp.
0.4
3.
Jabil, Inc.
0.4
4.
Cencora, Inc.
0.4
5.
Diamondback Energy, Inc.
0.4
6.
Vistra Corp.
0.4
7.
Chemed Corp.
0.4
8.
Republic Services, Inc.
0.4
9.
Cardinal Health, Inc.
0.4
10.
Aflac, Inc.
0.4
 
PORTFOLIO COMPOSITION BY SECTOR
AS OF October 31, 2023
PERCENT OF
TOTAL
INVESTMENTS
Utilities
10.8%
Industrials
10.0
Real Estate
9.9
Health Care
9.7
Consumer Discretionary
9.2
Financials
9.0
Consumer Staples
8.9
Technology
7.8
Basic Materials
7.5
Energy
6.6
Telecommunications
2.7
Short-Term Investments
7.9
 
*
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 $80.54 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
 
42
J.P. Morgan Exchange-Traded Funds
October 31, 2023

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 $80.44.
***
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
43

JPMorgan Diversified Return 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
5 YEAR
SINCE
INCEPTION
JPMorgan Diversified Return U.S. Mid Cap Equity ETF
 
Net Asset Value
May 11, 2016
(1.78
)%
7.15
%
8.30
%
Market Price
 
(1.85
)
7.12
8.28
LIFE OF FUND PERFORMANCE (5/11/16 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 11, 2016.
The graph illustrates comparative performance for $10,000 invested in shares of the JPMorgan Diversified Return U.S. Mid Cap Equity ETF, JP Morgan Diversified Factor US Mid Cap Equity Index and the Russell Midcap Index from May 11, 2016 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 US Mid Cap Equity Index and Russell Midcap 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 Fund’s adviser is a sponsor of the JP Morgan Diversified Factor US Mid Cap Equity Index 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 US Mid Cap Equity Index. The JP Morgan Diversified Factor US Mid Cap Equity Index is comprised of U.S. mid-cap equity securities selected from the Russell Midcap Index. The index is designed to reflect the performance of stocks representing the following diversified set of factors: value, momentum and quality. The Russell Midcap Index is a market capitalization-weighted index which measures the performance of the 800 smallest companies in the Russell 1000 Index. 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.
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.
 
44
J.P. Morgan Exchange-Traded Funds
October 31, 2023

JPMorgan Diversified Return U.S. Small Cap Equity ETF
FUND COMMENTARY
TWELVE MONTHS ENDED October 31, 2023 (Unaudited)
 
REPORTING PERIOD RETURN:
 
Net Asset Value *
(4.55)%
Market Price **
(4.77)%
JP Morgan Diversified Factor US Small Cap Equity Index
(4.35)%
Russell 2000 Index
(8.56)%
Net Assets as of 10/31/2023
$386,208,306
Fund Ticker
JPSE
INVESTMENT OBJECTIVE***
The JPMorgan Diversified Return U.S. Small Cap Equity ETF (the “Fund”) seeks investment results that closely correspond, before fees and expenses, to the performance of the JP Morgan Diversified Factor US Small Cap Equity Index (the “Underlying Index”).
INVESTMENT APPROACH
The Fund is passively managed to the Underlying Index, which tracks small-cap equity securities of U.S. companies, diversified across 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 posted 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 outperformed the Russell 2000 Index, which is a more traditional market capitalization-weighted index.
The Fund’s and the Underlying Index’s positions in the health care and telecommunications sectors were leading detractors from absolute performance, while their positions in the industrials and energy sectors were leading contributors to absolute performance.
Relative to the Russell 2000 Index, the Fund’s and the Underlying Index’s multi-factor security selections and underweight positions in the health care and financials sectors were leading contributors to performance, while their overweight positions in the telecommunications sector and their underweight positions in the industrials sector 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 financials and industrials sectors, while their smallest allocations were to the telecommunications and utilities sectors.
 
TOP TEN HOLDINGS OF THE
PORTFOLIO AS OF October 31, 2023
PERCENT OF
TOTAL
INVESTMENTS
1.
Hostess Brands, Inc.
0.4
%
2.
GEO Group, Inc. (The)
0.3
3.
Teekay Tankers Ltd., Class A (Canada)
0.3
4.
Sprouts Farmers Market, Inc.
0.3
5.
BellRing Brands, Inc.
0.3
6.
Sabra Health Care REIT, Inc.
0.3
7.
CareTrust REIT, Inc.
0.3
8.
Apple Hospitality REIT, Inc.
0.3
9.
Phillips Edison & Co., Inc.
0.3
10.
Simply Good Foods Co. (The)
0.3
 
PORTFOLIO COMPOSITION BY SECTOR
AS OF October 31, 2023
PERCENT OF
TOTAL
INVESTMENTS
Financials
11.1%
Real Estate
10.9
Industrials
10.6
Consumer Discretionary
8.8
Technology
8.1
Health Care
8.1
Consumer Staples
7.9
Basic Materials
7.9
Energy
6.2
Utilities
4.6
Telecommunications
4.4
Short-Term Investments
11.4
 
*
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 $37.31 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
 
October 31, 2023
J.P. Morgan Exchange-Traded Funds
45

JPMorgan Diversified Return U.S. Small Cap Equity ETF
FUND COMMENTARY
TWELVE MONTHS ENDED October 31, 2023 (Unaudited) (continued)
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 $37.30.
***
The adviser seeks to achieve the Fund’s objective. There can be no guarantee it will be achieved.
 
46
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 U.S. Small Cap Equity ETF
 
Net Asset Value
November 15, 2016
(4.55
)%
6.31
%
7.29
%
Market Price
 
(4.77
)
6.30
7.28
LIFE OF FUND PERFORMANCE (11/15/16 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 15, 2016.
The graph illustrates comparative performance for $10,000 invested in shares of the JPMorgan Diversified Return U.S. Small Cap Equity ETF, the JP Morgan Diversified Factor US Small Cap Equity Index and the Russell 2000 Index from November 15, 2016 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 US Small Cap Equity Index and Russell 2000 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 Fund’s adviser is a sponsor of the JP Morgan Diversified Factor US Small Cap Equity Index 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 US Small Cap Equity Index. The JP Morgan Diversified Factor US Small Cap Equity Index is comprised of U.S. small cap equity securities selected from the Russell 2000 Index. The index is designed to reflect the performance of stocks representing the following diversified set of factors: value, momentum and quality. The Russell 2000 Index is an unmanaged index, measuring performance of the 2000 smallest stocks (on the basis of capitalization) in the Russell 3000 Index. 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.
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
47

JPMorgan U.S. Momentum Factor ETF
FUND COMMENTARY
TWELVE MONTHS ENDED October 31, 2023 (Unaudited)
 
REPORTING PERIOD RETURN:
 
Net Asset Value *
6.10%
Market Price **
6.02%
JP Morgan US Momentum Factor Index
6.21%
Russell 1000 Growth Index
18.95%
Russell 1000 Index
9.48%
Net Assets as of 10/31/2023
$301,926,586
Fund Ticker
JMOM
INVESTMENT OBJECTIVE***
The JPMorgan U.S. Momentum Factor ETF (the “Fund”) seeks investment results that closely correspond, before fees and expenses, to the performance of the JP Morgan US Momentum Factor Index (the “Underlying Index”).
INVESTMENT APPROACH
The Fund is passively managed to the Underlying Index, which tracks large- and mid-cap U.S. equity securities selected to represent positive momentum factor characteristics. The Underlying Index uses a proprietary selection process that utilizes a momentum factor to identify companies that have higher risk-adjusted returns relative to those of their sector peers over a twelve-month period. 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 operating expenses, fees and tax management of the Fund’s portfolio. The Fund and the Underlying Index underperformed both the Russell 1000 Growth Index and the Russell 1000 Index, which are more traditional market capitalization-weighted indexes.
On an absolute basis, the Fund’s and the Underlying Index’s positions in the technology and industrials sectors were leading contributors to performance, while their positions in the consumer staples and energy sectors were leading detractors from performance.
Relative to the Russell 1000 Growth Index, the Fund’s and the Underlying Index’s security selections and underweight positions in the technology sector and their security selections in the consumer discretionary sector were leading detractors from performance, while their security selections in the energy sector and underweight positions in the consumer discretionary sector were the largest contributors to relative performance.
HOW WAS THE FUND POSITIONED?
During the reporting period, the Fund’s and Underlying Index’s largest allocations were to the technology and consumer
discretionary sectors and 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.
Meta Platforms, Inc., Class A
2.2
%
2.
Eli Lilly & Co.
2.2
3.
Microsoft Corp.
2.1
4.
Apple, Inc.
1.9
5.
Berkshire Hathaway, Inc., Class B
1.9
6.
NVIDIA Corp.
1.8
7.
Broadcom, Inc.
1.8
8.
UnitedHealth Group, Inc.
1.8
9.
Home Depot, Inc. (The)
1.5
10.
Costco Wholesale Corp.
1.4
 
PORTFOLIO COMPOSITION BY SECTOR
AS OF October 31, 2023
PERCENT OF
TOTAL
INVESTMENTS
Technology
30.7%
Consumer Discretionary
13.8
Industrials
12.7
Health Care
12.6
Financials
10.4
Consumer Staples
5.3
Energy
4.6
Utilities
2.8
Real Estate
2.6
Telecommunications
2.4
Basic Materials
1.9
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
 
48
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 $39.99 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 $39.99.
***
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
49

JPMorgan U.S. Momentum Factor 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 U.S. Momentum Factor ETF
 
Net Asset Value
November 8, 2017
6.10
%
10.23
%
9.41
%
Market Price
 
6.02
10.22
9.41
LIFE OF FUND PERFORMANCE (11/8/17 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 8, 2017.
The graph illustrates comparative performance for $10,000 invested in shares of the JPMorgan U.S. Momentum Factor ETF, the JP Morgan US Momentum Factor Index, the Russell 1000 Growth Index and the Russell 1000 Index from November 8, 2017 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 US Momentum Factor Index, Russell 1000 Growth 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 Fund’s adviser is a sponsor of the JP Morgan US Momentum Factor Index and developed the proprietary factors on which the index is based. FTSE International Limited, the benchmark administrator, administers, calculates and governs the JP Morgan US Momentum Factor Index. The JP Morgan US
Momentum Factor Index contains U.S. large- and mid-cap equity securities selected from the Russell 1000 Index, using a rules-based risk allocation and factor selection process. It is designed to reflect a subset of U.S. securities selected utilizing a momentum factor to identify companies that have had better recent performance compared to other securities without undue concentration in individual securities. The Russell 1000 Growth Index is an unmanaged index measuring the performance of those Russell 1000 companies with higher price-to-book ratios and higher forecasted growth values. 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.
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.
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.
 
50
J.P. Morgan Exchange-Traded Funds
October 31, 2023

JPMorgan U.S. Quality Factor ETF
FUND COMMENTARY
TWELVE MONTHS ENDED October 31, 2023 (Unaudited)
 
REPORTING PERIOD RETURN:
 
Net Asset Value *
12.15%
Market Price **
12.14%
JP Morgan US Quality Factor Index
12.24%
Russell 1000 Index
9.48%
Net Assets as of 10/31/2023
$2,402,223,606
Fund Ticker
JQUA
INVESTMENT OBJECTIVE***
The JPMorgan U.S. Quality Factor ETF (the “Fund”) seeks investment results that closely correspond, before fees and expenses, to the performance of the JP Morgan US Quality Factor Index (the “Underlying Index”).
INVESTMENT APPROACH
The Fund is passively managed to the Underlying Index, which tracks large- and mid-cap U.S. equity securities selected to represent quality factor characteristics. The Underlying Index uses a proprietary selection process that utilizes a quality factor to identify higher quality companies relative to their sector peers as measured by profitability, earnings quality and solvency/financial risk. 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 operating expenses, fees and tax management of the Fund’s portfolio. Both the Fund and the Underlying Index outperformed the Russell 1000 Index, which is a more traditional market capitalization-weighted index.
On an absolute basis, the Fund’s and the Underlying Index’s positions in the technology and financials sectors were leading contributors to performance, while their positions in the energy and real estate sectors were leading detractors from performance.
Relative to the Russell 1000 Index, the Fund’s and the Underlying Index’s security selections in the technology and financials sectors were leading contributors to performance. The Fund’s and the Underlying Index’s security selections in the consumer discretionary and telecommunications 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.
Meta Platforms, Inc., Class A
2.1
%
2.
Eli Lilly & Co.
2.0
3.
Microsoft Corp.
2.0
4.
Visa, Inc., Class A
1.9
5.
Alphabet, Inc., Class A
1.9
6.
Apple, Inc.
1.9
7.
Berkshire Hathaway, Inc., Class B
1.9
8.
NVIDIA Corp.
1.7
9.
Broadcom, Inc.
1.7
10.
Procter & Gamble Co. (The)
1.6
 
PORTFOLIO COMPOSITION BY SECTOR
AS OF October 31, 2023
PERCENT OF
TOTAL
INVESTMENTS
Technology
29.7%
Consumer Discretionary
13.4
Industrials
12.2
Health Care
12.2
Financials
9.7
Consumer Staples
5.1
Energy
4.4
Utilities
2.6
Real Estate
2.6
Telecommunications
2.3
Basic Materials
1.9
Short-Term Investments
3.9
 
*
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 $42.18 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
 
October 31, 2023
J.P. Morgan Exchange-Traded Funds
51

JPMorgan U.S. Quality Factor ETF
FUND COMMENTARY
TWELVE MONTHS ENDED October 31, 2023 (Unaudited) (continued)
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 $42.20.
***
The adviser seeks to achieve the Fund’s objective. There can be no guarantee it will be achieved.
 
52
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 U.S. Quality Factor ETF
 
Net Asset Value
November 8, 2017
12.15
%
11.46
%
10.95
%
Market Price
 
12.14
11.47
10.95
LIFE OF FUND PERFORMANCE (11/8/17 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 8, 2017.
The graph illustrates comparative performance for $10,000 invested in shares of the JPMorgan U.S. Quality Factor ETF, the JP Morgan US Quality Factor Index and the Russell 1000 Index from November 8, 2017 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 US Quality Factor 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 Fund’s adviser is a sponsor of the JP Morgan US Quality Factor Index and developed the proprietary factors on which the index is based. FTSE International Limited, the benchmark administrator, administers, calculates and
governs the JP Morgan US Quality Factor Index. The JP Morgan US Quality Factor Index contains U.S. large- and mid-cap equity securities selected from the Russell 1000 Index, using a rules-based risk allocation and factor selection process. It is designed to reflect a sub-set of U.S. securities selected utilizing a quality factor to identifying higher quality companies as measured by profitability, solvency, and earnings quality without undue concentration in individual securities. 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.
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.
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
53

JPMorgan U.S. Value Factor ETF
FUND COMMENTARY
TWELVE MONTHS ENDED October 31, 2023 (Unaudited)
 
REPORTING PERIOD RETURN:
 
Net Asset Value *
4.11%
Market Price **
4.11%
JP Morgan US Value Factor Index
4.17%
Russell 1000 Value Index
0.13%
Russell 1000 Index
9.48%
Net Assets as of 10/31/2023
$683,645,621
Fund Ticker
JVAL
INVESTMENT OBJECTIVE***
The JPMorgan U.S. Value Factor ETF (the “Fund”) seeks investment results that closely correspond, before fees and expenses, to the performance of the JP Morgan US Value Factor Index (the “Underlying Index”).
INVESTMENT APPROACH
The Fund is passively managed to the Underlying Index, which tracks large- and mid-cap U.S. equity securities selected to represent value factor characteristics. The Underlying Index uses a proprietary selection process that utilizes a relative valuation factor to identify companies with attractive prices relative to their sector peers based on fundamental characteristics of book yield, earnings yield, dividend yield and cash flow yield. 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 operating expenses, fees and tax management of the Fund’s portfolio. The Fund and the Underlying Index outperformed the Russell 1000 Value Index and underperformed the Russell 1000 Index, which are more traditional market capitalization-weighted indexes.
On an absolute basis, the Fund’s and the Underlying Index’s positions in the technology and industrials sectors were leading contributors to performance, while their positions in the health care and financials sectors were leading detractors from performance.
Relative to the Russell 1000 Value Index, the Fund’s and the Underlying Index’s overweight positions in the technology sector and their security selections in the energy sector were leading contributors to performance. The Fund’s and the Underlying Index’s security selections in the technology 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 telecommunication sectors.
 
TOP TEN HOLDINGS OF THE
PORTFOLIO AS OF October 31, 2023
PERCENT OF
TOTAL
INVESTMENTS
1.
Meta Platforms, Inc., Class A
2.1
%
2.
UnitedHealth Group, Inc.
2.1
3.
Microsoft Corp.
2.1
4.
Alphabet, Inc., Class A
1.9
5.
Apple, Inc.
1.9
6.
Broadcom, Inc.
1.7
7.
Johnson & Johnson
1.5
8.
Merck & Co., Inc.
1.4
9.
Cisco Systems, Inc.
1.0
10.
Salesforce, Inc.
0.9
 
PORTFOLIO COMPOSITION BY SECTOR
AS OF October 31, 2023
PERCENT OF
TOTAL
INVESTMENTS
Technology
29.4%
Consumer Discretionary
12.9
Health Care
12.5
Industrials
12.2
Financials
9.2
Consumer Staples
5.1
Energy
4.6
Utilities
2.6
Real Estate
2.5
Telecommunications
2.3
Basic Materials
1.8
Short-Term Investments
4.9
 
*
The return shown is based on net asset value and may differ from the return shown in the financial highlights, which reflects
 
54
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 $33.35 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 $33.33.
***
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
55

JPMorgan U.S. Value Factor 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 U.S. Value Factor ETF
 
Net Asset Value
November 8, 2017
4.11
%
8.49
%
7.60
%
Market Price
 
4.11
8.48
7.59
LIFE OF FUND PERFORMANCE (11/8/17 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 8, 2017.
The graph illustrates comparative performance for $10,000 invested in shares of the JPMorgan U.S. Value Factor ETF, the JP Morgan US Value Factor Index, the Russell 1000 Value Index and the Russell 1000 Index from November 8, 2017 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 US Value Factor Index, Russell 1000 Value 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 Fund’s adviser is a sponsor of the JP Morgan US Value Factor Index and developed the proprietary factors on which the index is based. FTSE International Limited, the benchmark administrator, administers, calculates and governs the JP Morgan US Value Factor Index. The JP Morgan US Value Factor Index contains U.S. large- and
mid-cap equity securities selected from the Russell 1000 Index, using a rules-based risk allocation and factor selection process. It is designed to reflect a sub-set of U.S. securities selected utilizing a value factor to identify companies with attractive valuations without undue concentration in individual securities.  The Russell 1000 Value Index is an unmanaged index measuring the performance of those Russell 1000 companies with lower price-to-book ratios and lower forecasted growth values. 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.
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.
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.
 
56
J.P. Morgan Exchange-Traded Funds
October 31, 2023

JPMorgan BetaBuilders Canada ETF
SCHEDULE OF PORTFOLIO INVESTMENTS
AS OF October 31, 2023
 
INVESTMENTS
SHARES
VALUE($)
Common Stocks — 99.5%
Aerospace & Defense — 0.4%
CAE, Inc. *
1,092,243
22,809,704
Automobile Components — 0.8%
Magna International, Inc.
914,136
43,928,627
Banks — 22.3%
Bank of Montreal (a)
2,447,960
184,980,515
Bank of Nova Scotia (The)
4,113,591
166,560,761
Canadian Imperial Bank of Commerce
3,153,929
111,237,546
National Bank of Canada
1,160,323
72,142,094
Royal Bank of Canada (a)
4,793,299
382,841,750
Toronto-Dominion Bank (The)
6,303,018
352,069,064
 
1,269,831,730
Broadline Retail — 1.5%
Canadian Tire Corp. Ltd., Class A (a)
180,301
17,391,067
Dollarama, Inc.
970,463
66,272,108
 
83,663,175
Capital Markets — 3.6%
Brookfield Asset Management Ltd., Class A
1,189,854
34,106,145
Brookfield Corp.
4,996,294
145,556,357
IGM Financial, Inc.
277,906
6,256,517
TMX Group Ltd.
956,717
19,924,274
 
205,843,293
Chemicals — 1.6%
Nutrien Ltd.
1,697,733
91,182,372
Commercial Services & Supplies — 3.1%
GFL Environmental, Inc.
709,750
20,446,737
RB Global, Inc.
624,548
40,870,908
Waste Connections, Inc. (a)
884,504
114,527,880
 
175,845,525
Construction & Engineering — 1.0%
WSP Global, Inc.
427,836
55,992,757
Consumer Staples Distribution & Retail — 4.5%
Alimentation Couche-Tard, Inc.
2,548,982
138,757,996
Empire Co. Ltd., Class A
532,697
14,597,069
George Weston Ltd.
208,047
22,566,742
Loblaw Cos. Ltd.
511,385
41,825,338
Metro, Inc.
789,715
40,113,593
 
257,860,738
Containers & Packaging — 0.3%
CCL Industries, Inc., Class B
494,913
19,350,411
INVESTMENTS
SHARES
VALUE($)
 
Diversified Telecommunication Services — 1.3%
BCE, Inc.
1,033,575
38,369,166
Quebecor, Inc., Class B
528,577
10,905,057
TELUS Corp.
1,639,195
26,430,431
 
75,704,654
Electric Utilities — 2.2%
Emera, Inc. (a)
936,928
30,687,052
Fortis, Inc. (a)
1,670,257
66,316,460
Hydro One Ltd. (b)
1,090,099
28,267,503
 
125,271,015
Financial Services — 0.1%
Nuvei Corp. (c)
214,834
2,991,487
Food Products — 0.3%
Saputo, Inc.
841,592
16,992,663
Gas Utilities — 0.3%
AltaGas Ltd.
967,208
17,966,669
Ground Transportation — 8.3%
Canadian National Railway Co.
2,025,712
214,337,640
Canadian Pacific Kansas City Ltd.
3,197,909
227,053,268
TFI International, Inc.
276,897
30,631,887
 
472,022,795
Health Care Equipment & Supplies — 0.0% ^
Bausch + Lomb Corp. *
132,432
2,125,788
Hotels, Restaurants & Leisure — 1.3%
Restaurant Brands International, Inc.
1,072,136
72,016,923
Independent Power and Renewable Electricity Producers — 0.2%
Brookfield Renewable Corp.
456,415
10,383,914
Insurance — 7.8%
Fairfax Financial Holdings Ltd.
77,067
64,133,860
Great-West Lifeco, Inc.
927,141
25,686,502
iA Financial Corp., Inc.
351,820
20,471,142
Intact Financial Corp.
601,704
84,540,117
Manulife Financial Corp.
6,278,449
109,292,777
Power Corp. of Canada (a)
1,914,179
46,116,979
Sun Life Financial, Inc.
2,015,067
92,038,467
 
442,279,844
IT Services — 4.6%
CGI, Inc. *
717,297
69,249,484
Shopify, Inc., Class A *
4,105,093
193,865,182
 
263,114,666
SEE NOTES TO FINANCIAL STATEMENTS. 
 
October 31, 2023
J.P. Morgan Exchange-Traded Funds
57

JPMorgan BetaBuilders Canada ETF
SCHEDULE OF PORTFOLIO INVESTMENTS
AS OF October 31, 2023 (continued)
INVESTMENTS
SHARES
VALUE($)
Common Stocks — continued
Metals & Mining — 7.9%
Agnico Eagle Mines Ltd.
1,698,976
79,683,720
Barrick Gold Corp.
6,026,700
96,262,055
First Quantum Minerals Ltd.
1,927,702
22,338,685
Franco-Nevada Corp.
659,380
80,214,463
Ivanhoe Mines Ltd., Class A * (a)
1,966,312
14,491,227
Kinross Gold Corp.
4,214,412
22,002,771
Lundin Mining Corp.
2,255,331
14,084,129
Teck Resources Ltd., Class B
1,581,777
55,891,165
Wheaton Precious Metals Corp.
1,554,680
65,662,598
 
450,630,813
Multi-Utilities — 0.4%
Algonquin Power & Utilities Corp. (a)
2,364,847
11,903,106
Canadian Utilities Ltd., Class A (a)
415,551
8,791,971
 
20,695,077
Oil, Gas & Consumable Fuels — 19.2%
ARC Resources Ltd.
2,092,277
33,660,501
Cameco Corp.
1,487,616
60,856,287
Canadian Natural Resources Ltd.
3,750,649
238,169,930
Cenovus Energy, Inc.
4,622,857
88,073,468
Enbridge, Inc.
7,251,475
232,381,863
Imperial Oil Ltd. (a)
601,667
34,288,619
Keyera Corp. (a)
786,704
18,295,442
Pembina Pipeline Corp.
1,885,493
58,029,812
Suncor Energy, Inc.
4,496,317
145,613,554
TC Energy Corp.
3,534,406
121,725,784
Tourmaline Oil Corp.
1,095,340
57,920,521
 
1,089,015,781
Paper & Forest Products — 0.2%
West Fraser Timber Co. Ltd.
206,535
13,938,785
Passenger Airlines — 0.3%
Air Canada *
1,156,818
13,956,059
Professional Services — 1.1%
Thomson Reuters Corp.
514,406
61,617,494
Real Estate Management & Development — 0.4%
FirstService Corp.
140,834
19,928,506
Residential REITs — 0.2%
Canadian Apartment Properties
281,629
8,289,955
Retail REITs — 0.1%
RioCan (a)
504,535
6,130,460
INVESTMENTS
SHARES
VALUE($)
 
Software — 2.9%
Constellation Software, Inc.
67,673
135,663,686
Open Text Corp.
931,017
31,084,253
 
166,747,939
Textiles, Apparel & Luxury Goods — 0.3%
Gildan Activewear, Inc.
602,763
17,121,208
Trading Companies & Distributors — 0.2%
Finning International, Inc.
509,538
13,653,818
Wireless Telecommunication Services — 0.8%
Rogers Communications, Inc., Class B
1,275,409
47,254,743
Total Common Stocks
(Cost $5,430,073,969)
5,656,159,388
 
NO. OF
WARRANTS
VALUE ($)
Warrants — 0.0% ^
Software — 0.0% ^
Constellation Software, Inc., Zero Coupon,
3/31/2040 ‡ *
(Cost $-)
65,101
—
 
SHARES
VALUE($)
Short-Term Investments — 3.2%
Investment of Cash Collateral from Securities Loaned — 3.2%
JPMorgan Securities Lending Money Market
Fund Agency SL Class Shares, 5.53% (d)
(e)
104,268,170
104,289,023
JPMorgan U.S. Government Money Market
Fund Class IM Shares, 5.29% (d) (e)
80,082,808
80,082,808
Total Investment of Cash Collateral from
Securities Loaned
(Cost $184,371,831)
184,371,831
Total Investments — 102.7%
(Cost $5,614,445,800)
5,840,531,219
Liabilities in Excess of Other Assets —
(2.7)%
(153,556,507
)
NET ASSETS — 100.0%
5,686,974,712
 
Percentages indicated are based on net assets.
 
Abbreviations
 
REIT
Real Estate Investment Trust
 
^
Amount rounds to less than 0.1% of net assets.
SEE NOTES TO FINANCIAL STATEMENTS. 
 
58
J.P. Morgan Exchange-Traded Funds
October 31, 2023

‡
Value determined using significant unobservable
inputs.
 
*
Non-income producing security.
 
(a)
The security or a portion of this security is on loan at
October 31, 2023. The total value of securities on
loan at October 31, 2023 is $174,280,525.
 
(b)
Security exempt from registration pursuant to
Regulation S under the Securities Act of 1933, as
amended. Regulation S applies to securities offerings
that are made outside of the United States and do not
involve direct selling efforts in the United States and
as such may have restrictions on resale.
 
(c)
Securities exempt from registration under Rule 144A
or section 4(a)(2), of the Securities Act of 1933, as
amended.
 
(d)
Investment in an affiliated fund, which is registered
under the Investment Company Act of 1940, as
amended, and is advised by J.P. Morgan Investment
Management Inc.
 
(e)
The rate shown is the current yield as of October 31,
2023.
 
Futures contracts outstanding as of October 31, 2023:
 
DESCRIPTION
NUMBER OF
CONTRACTS
EXPIRATION DATE
TRADING CURRENCY
NOTIONAL
AMOUNT ($)
VALUE AND
UNREALIZED
APPRECIATION
(DEPRECIATION) ($)
Long Contracts
S&P / TSX 60 Index
184
12/14/2023
CAD
30,108,729
(957,068
)
 
Abbreviations
 
CAD
Canadian Dollar
TSX
Toronto Stock Exchange
SEE NOTES TO FINANCIAL STATEMENTS. 
 
October 31, 2023
J.P. Morgan Exchange-Traded Funds
59

JPMorgan BetaBuilders Developed Asia Pacific ex-Japan ETF
SCHEDULE OF PORTFOLIO INVESTMENTS
AS OF October 31, 2023
 
INVESTMENTS
SHARES
VALUE($)
Common Stocks — 99.6%
Australia — 59.8%
Ampol Ltd.
570,069
11,559,719
ANZ Group Holdings Ltd.
7,189,286
113,367,695
APA Group
3,012,528
15,791,494
Aristocrat Leisure Ltd.
1,553,039
38,173,867
ASX Ltd.
463,120
16,546,159
Atlas Arteria Ltd.
2,707,149
9,151,849
Aurizon Holdings Ltd.
4,403,356
9,591,011
Bendigo & Adelaide Bank Ltd.
1,359,478
7,532,053
BHP Group Ltd.
12,118,522
343,044,780
BlueScope Steel Ltd.
1,089,811
13,064,067
Brambles Ltd.
3,323,513
27,737,225
Cochlear Ltd.
157,068
24,074,463
Coles Group Ltd.
3,201,719
31,074,893
Commonwealth Bank of Australia
4,009,753
246,663,584
Computershare Ltd.
1,372,036
21,653,410
Dexus, REIT
2,572,980
10,626,896
Endeavour Group Ltd.
3,256,148
10,229,017
Fortescue Metals Group Ltd.
4,051,047
57,629,504
Goodman Group, REIT
4,100,914
54,262,922
GPT Group (The), REIT
4,582,468
10,575,553
IDP Education Ltd.
665,839
9,199,478
IGO Ltd.
1,612,276
9,762,933
Incitec Pivot Ltd.
4,646,216
8,110,828
Insurance Australia Group Ltd.
5,838,305
21,061,909
LendLease Corp. Ltd.
1,649,005
6,530,874
Lottery Corp. Ltd. (The)
5,324,520
15,369,599
Macquarie Group Ltd.
859,818
88,380,671
Medibank Pvt Ltd.
6,588,161
14,377,204
Mineral Resources Ltd.
414,064
15,261,256
Mirvac Group, REIT
9,439,337
10,952,027
National Australia Bank Ltd.
7,510,379
134,542,848
Northern Star Resources Ltd.
2,755,123
20,175,172
Orica Ltd.
1,089,634
10,181,459
Origin Energy Ltd.
4,121,180
23,906,362
Pilbara Minerals Ltd. (a)
6,742,204
15,837,422
Qantas Airways Ltd. *
2,021,379
6,332,791
QBE Insurance Group Ltd.
3,569,385
35,394,403
Ramsay Health Care Ltd.
444,065
13,750,074
REA Group Ltd.
123,260
11,315,850
Reece Ltd. (a)
509,959
5,685,899
Rio Tinto Ltd.
888,028
66,334,002
Santos Ltd.
7,769,364
37,910,294
Scentre Group, REIT
12,416,489
19,235,539
SEEK Ltd.
852,154
11,242,202
INVESTMENTS
SHARES
VALUE($)
 
Australia — continued
Seven Group Holdings Ltd.
373,669
6,603,337
Sonic Healthcare Ltd.
1,127,541
20,646,479
South32 Ltd.
10,873,598
23,262,804
Stockland, REIT
5,710,624
12,888,547
Suncorp Group Ltd.
3,029,838
25,788,913
Telstra Group Ltd.
9,674,227
23,458,841
TPG Telecom Ltd.
1,023,027
3,374,635
Transurban Group
7,369,324
55,479,908
Treasury Wine Estates Ltd.
1,726,814
13,303,637
Vicinity Ltd., REIT
9,256,509
10,026,019
Washington H Soul Pattinson & Co. Ltd. (a)
587,188
12,509,378
Wesfarmers Ltd.
2,713,999
87,319,744
Westpac Banking Corp.
8,394,459
110,234,209
WiseTech Global Ltd.
436,630
16,256,291
Woodside Energy Group Ltd.
4,542,214
98,928,523
Woolworths Group Ltd.
2,915,395
65,260,448
Worley Ltd.
879,291
9,191,648
 
2,277,734,618
China — 2.4%
Budweiser Brewing Co. APAC Ltd. (b)
4,118,500
7,826,578
ESR Group Ltd. (b)
5,655,600
7,266,856
Wharf Holdings Ltd. (The)
2,266,000
5,749,854
Wilmar International Ltd.
7,199,600
18,717,417
Wuxi Biologics Cayman, Inc. * (b)
8,540,000
53,099,516
 
92,660,221
Hong Kong — 17.3%
AIA Group Ltd.
27,575,800
239,462,955
CK Asset Holdings Ltd.
4,555,000
22,767,370
CK Infrastructure Holdings Ltd.
1,446,500
6,704,585
CLP Holdings Ltd.
3,989,000
29,194,623
DFI Retail Group Holdings Ltd.
712,400
1,519,566
Hang Lung Properties Ltd.
4,198,000
5,518,092
Hang Seng Bank Ltd.
1,737,900
19,869,560
Henderson Land Development Co. Ltd.
3,126,700
8,180,887
HK Electric Investments & HK Electric
Investments Ltd. (b)
5,496,000
3,048,824
HKT Trust & HKT Ltd.
8,704,000
9,015,472
Hong Kong & China Gas Co. Ltd.
25,889,789
18,022,112
Hong Kong Exchanges & Clearing Ltd.
2,851,000
99,735,544
Jardine Matheson Holdings Ltd.
491,300
19,908,036
Link, REIT
6,128,700
28,125,480
MTR Corp. Ltd.
3,716,500
13,892,967
New World Development Co. Ltd.
3,311,250
6,077,202
Power Assets Holdings Ltd.
3,263,000
15,599,844
SEE NOTES TO FINANCIAL STATEMENTS. 
 
60
J.P. Morgan Exchange-Traded Funds
October 31, 2023

INVESTMENTS
SHARES
VALUE($)
Common Stocks — continued
Hong Kong — continued
Sino Land Co. Ltd.
8,016,000
8,002,601
Sun Hung Kai Properties Ltd.
3,604,500
37,013,547
Swire Pacific Ltd., Class A
1,004,500
6,416,588
Swire Pacific Ltd., Class B
1,957,500
2,009,763
Swire Properties Ltd.
2,519,000
4,877,303
Techtronic Industries Co. Ltd.
3,160,500
28,853,865
WH Group Ltd. (b)
18,722,691
11,181,812
Wharf Real Estate Investment Co. Ltd.
3,704,000
12,956,740
 
657,955,338
Macau — 1.1%
Galaxy Entertainment Group Ltd.
4,808,000
27,028,009
Sands China Ltd. *
5,808,179
15,635,906
 
42,663,915
New Zealand — 1.7%
Auckland International Airport Ltd.
3,135,738
13,409,306
Contact Energy Ltd.
1,877,799
8,522,304
Fisher & Paykel Healthcare Corp. Ltd.
1,391,512
16,870,561
Mercury NZ Ltd.
1,592,402
5,473,627
Meridian Energy Ltd.
2,966,155
8,353,765
Spark New Zealand Ltd.
4,413,635
12,813,322
 
65,442,885
Singapore — 11.3%
CapitaLand Ascendas, REIT
8,507,528
16,164,686
CapitaLand Integrated Commercial Trust,
REIT
12,098,532
15,549,286
CapitaLand Investment Ltd.
5,725,700
12,294,133
City Developments Ltd.
1,218,100
5,622,521
DBS Group Holdings Ltd.
4,395,000
105,582,545
Genting Singapore Ltd.
13,597,800
8,542,893
Great Eastern Holdings Ltd.
135,900
1,715,334
Jardine Cycle & Carriage Ltd.
217,500
4,480,454
Keppel, REIT
654,840
380,241
Keppel Corp. Ltd.
3,309,900
15,024,784
Mapletree Pan Asia Commercial Trust, REIT
5,522,100
5,366,961
Olam Group Ltd.
2,571,700
1,863,547
Oversea-Chinese Banking Corp. Ltd.
9,288,500
86,114,762
Singapore Airlines Ltd.
3,205,300
14,312,500
Singapore Exchange Ltd.
1,967,200
13,620,230
Singapore Technologies Engineering Ltd.
3,660,100
10,047,918
Singapore Telecommunications Ltd.
16,987,800
29,519,258
United Overseas Bank Ltd.
3,670,100
72,391,624
INVESTMENTS
SHARES
VALUE($)
 
Singapore — continued
UOL Group Ltd.
1,111,700
4,787,908
Venture Corp. Ltd.
649,600
5,546,498
 
428,928,083
United Kingdom — 0.8%
CK Hutchison Holdings Ltd.
6,413,500
32,466,973
United States — 5.2%
CSL Ltd.
1,153,929
170,541,621
James Hardie Industries plc, CHDI *
1,052,866
26,268,407
 
196,810,028
Total Common Stocks
(Cost $4,390,199,215)
3,794,662,061
Short-Term Investments — 0.3%
Investment of Cash Collateral from Securities Loaned — 0.3%
JPMorgan U.S. Government Money Market
Fund Class IM Shares, 5.29% (c) (d)(Cost
$11,792,130)
11,792,130
11,792,130
Total Investments — 99.9%
(Cost $4,401,991,345)
3,806,454,191
Other Assets Less Liabilities — 0.1%
3,448,325
NET ASSETS — 100.0%
3,809,902,516
 
Percentages indicated are based on net assets.
 
Abbreviations
 
APAC
Asia Pacific
CHDI
Clearing House Electronic Subregister System (CHESS) Depository
Interest
REIT
Real Estate Investment Trust
 
*
Non-income producing security.
(a)
The security or a portion of this security is on loan at October 31,
2023. The total value of securities on loan at October 31, 2023 is
$11,180,067.
(b)
Security exempt from registration pursuant to Regulation S under
the Securities Act of 1933, as amended. Regulation S applies to
securities offerings that are made outside of the United States and
do not involve direct selling efforts in the United States and as
such may have restrictions on resale.
(c)
Investment in an affiliated fund, which is registered under the
Investment Company Act of 1940, as amended, and is advised by
J.P. Morgan Investment Management Inc.
(d)
The rate shown is the current yield as of October 31, 2023.
SEE NOTES TO FINANCIAL STATEMENTS. 
 
October 31, 2023
J.P. Morgan Exchange-Traded Funds
61

JPMorgan BetaBuilders Developed Asia Pacific ex-Japan ETF
SCHEDULE OF PORTFOLIO INVESTMENTS
AS OF October 31, 2023 (continued)
Summary of Investments by Industry, October 31, 2023
The following table represents the portfolio investments of the Fund by industry classifications as a percentage of total investments:  
INDUSTRY
PERCENT OF
TOTAL
INVESTMENTS
Banks
23.5
%
Metals & Mining
14.8
Insurance
8.9
Capital Markets
5.7
Biotechnology
4.5
Real Estate Management & Development
4.1
Oil, Gas & Consumable Fuels
3.9
Consumer Staples Distribution & Retail
2.9
Hotels, Restaurants & Leisure
2.8
Electric Utilities
2.4
Broadline Retail
2.3
Retail REITs
2.1
Diversified Telecommunication Services
2.1
Transportation Infrastructure
2.1
Industrial Conglomerates
1.9
Industrial REITs
1.8
Life Sciences Tools & Services
1.4
Health Care Equipment & Supplies
1.1
Others (each less than 1.0%)
11.4
Short-Term Investments
0.3
Futures contracts outstanding as of October 31, 2023:
 
DESCRIPTION
NUMBER OF
CONTRACTS
EXPIRATION DATE
TRADING CURRENCY
NOTIONAL
AMOUNT ($)
VALUE AND
UNREALIZED
APPRECIATION
(DEPRECIATION) ($)
Long Contracts
MSCI Singapore Index
261
11/29/2023
SGD
5,190,834
(5,033
)
SPI 200 Index
87
12/21/2023
AUD
9,406,871
(6,692
)
 
(11,725
)
 
Abbreviations
 
AUD
Australian Dollar
MSCI
Morgan Stanley Capital International
SGD
Singapore Dollar
SPI
Australian Securities Exchange
SEE NOTES TO FINANCIAL STATEMENTS. 
 
62
J.P. Morgan Exchange-Traded Funds
October 31, 2023

JPMorgan BetaBuilders Emerging Markets Equity ETF
SCHEDULE OF PORTFOLIO INVESTMENTS
AS OF October 31, 2023
 
INVESTMENTS
SHARES
VALUE($)
Common Stocks — 99.0%
Australia — 0.0% ^
Yancoal Australia Ltd. (a)
23,100
71,028
Brazil — 5.1%
Ambev SA
320,761
816,893
Atacadao SA
39,277
69,957
B3 SA - Brasil Bolsa Balcao
429,795
950,506
Banco Bradesco SA
108,529
263,694
Banco Bradesco SA (Preference)
386,265
1,074,118
Banco BTG Pactual SA
83,669
493,210
Banco do Brasil SA
104,182
999,511
BB Seguridade Participacoes SA
51,192
311,513
Braskem SA (Preference), Class A *
14,256
45,326
CCR SA
83,700
199,715
Centrais Eletricas Brasileiras SA
75,174
517,387
Centrais Eletricas Brasileiras SA (Preference)
18,306
139,426
Cia de Saneamento Basico do Estado de Sao
Paulo SABESP
25,758
298,107
Cia Energetica de Minas Gerais
20,843
63,665
Cia Energetica de Minas Gerais (Preference)
110,376
256,360
Cia Paranaense de Energia *
27,843
226,974
Cia Siderurgica Nacional SA
44,982
105,189
Cosan SA
84,492
264,281
CPFL Energia SA
13,405
89,096
Energisa SA
21,168
196,282
Engie Brasil Energia SA
19,008
148,731
Equatorial Energia SA
65,556
411,923
Gerdau SA (Preference)
84,101
364,978
Hapvida Participacoes e Investimentos SA * (b)
374,976
274,441
Hypera SA
30,024
180,677
Itau Unibanco Holding SA (Preference)
352,377
1,874,498
Itausa SA *
90,947
158,922
Itausa SA (Preference)
388,584
666,684
Klabin SA
62,640
265,879
Localiza Rent a Car SA
62,464
631,733
Lojas Renner SA
73,656
179,986
Magazine Luiza SA *
15,870
4,218
Natura & Co. Holding SA *
63,612
161,246
Petroleo Brasileiro SA
270,597
2,028,773
Petroleo Brasileiro SA (Preference)
334,040
2,301,028
PRIO SA *
56,886
536,506
Raia Drogasil SA
81,203
415,699
Rede D'Or Sao Luiz SA (b)
74,912
321,683
Rumo SA
87,558
387,101
Sendas Distribuidora SA
98,187
212,275
Suzano SA
53,920
552,274
INVESTMENTS
SHARES
VALUE($)
 
Brazil — continued
Telefonica Brasil SA
25,404
227,549
TIM SA
60,210
181,403
Transmissora Alianca de Energia Eletrica S/A
16,308
109,588
Vale SA
264,052
3,615,314
Vibra Energia SA *
86,836
341,368
WEG SA
106,825
697,724
 
24,633,411
Chile — 0.5%
Banco de Chile
3,272,886
336,248
Banco de Credito e Inversiones SA
5,119
122,398
Banco Santander Chile
4,968,432
216,613
Cencosud SA
97,038
157,212
Cencosud Shopping SA
35,601
51,671
Cia Cervecerias Unidas SA
9,364
53,234
Cia Sud Americana de Vapores SA
1,121,364
62,270
Empresas CMPC SA
82,836
148,087
Empresas Copec SA
31,558
208,917
Enel Americas SA *
1,454,976
149,562
Enel Chile SA
1,824,066
108,017
Falabella SA *
56,700
115,459
Latam Airlines Group SA *
10,988,271
85,942
Sociedad Quimica y Minera de Chile SA
(Preference), Class B
10,746
519,890
 
2,335,520
China — 27.8%
360 Security Technology, Inc., Class A *
43,200
52,905
37 Interactive Entertainment Network
Technology Group Co. Ltd.
16,200
45,671
AAC Technologies Holdings, Inc.
54,000
97,202
AECC Aviation Power Co. Ltd., Class A
16,200
78,074
Agricultural Bank of China Ltd., Class A
966,600
472,769
Agricultural Bank of China Ltd., Class H
2,234,000
825,143
AIM Vaccine Co. Ltd. *
400
468
Airtac International Group
11,000
361,654
Akeso, Inc. * (b)
36,000
202,160
Alibaba Group Holding Ltd. *
1,124,600
11,577,846
Alibaba Health Information Technology Ltd. *
362,000
213,247
Aluminum Corp. of China Ltd., Class A
76,900
64,950
Aluminum Corp. of China Ltd., Class H
294,000
157,270
Anhui Conch Cement Co. Ltd., Class A
23,900
78,776
Anhui Conch Cement Co. Ltd., Class H
88,500
220,249
Anhui Gujing Distillery Co. Ltd., Class A
2,500
94,964
Anhui Gujing Distillery Co. Ltd., Class B
7,300
113,781
Anjoy Foods Group Co. Ltd., Class A
5,500
96,819
SEE NOTES TO FINANCIAL STATEMENTS. 
 
October 31, 2023
J.P. Morgan Exchange-Traded Funds
63

JPMorgan BetaBuilders Emerging Markets Equity ETF
SCHEDULE OF PORTFOLIO INVESTMENTS
AS OF October 31, 2023 (continued)
INVESTMENTS
SHARES
VALUE($)
Common Stocks — continued
China — continued
ANTA Sports Products Ltd.
86,400
977,140
Asymchem Laboratories Tianjin Co. Ltd.,
Class A
5,500
113,123
Autohome, Inc., Class A
17,000
112,671
Avary Holding Shenzhen Co. Ltd., Class A
12,100
35,339
AviChina Industry & Technology Co. Ltd.,
Class H
189,000
85,658
Baidu, Inc., Class A *
165,000
2,166,253
Baiyin Nonferrous Group Co. Ltd., Class A
1,060,000
397,020
Bank of Beijing Co. Ltd., Class A
126,100
78,363
Bank of China Ltd., Class A
480,600
255,326
Bank of China Ltd., Class H
5,796,000
2,024,748
Bank of Communications Co. Ltd., Class A
237,600
182,218
Bank of Communications Co. Ltd., Class H
1,566,000
926,298
Bank of Hangzhou Co. Ltd., Class A
35,500
51,750
Bank of Jiangsu Co. Ltd., Class A
92,700
87,163
Bank of Nanjing Co. Ltd., Class A
61,700
65,910
Bank of Ningbo Co. Ltd., Class A
43,200
147,040
Baoshan Iron & Steel Co. Ltd., Class A
132,800
113,225
BeiGene Ltd. *
57,700
828,334
Beijing Enterprises Holdings Ltd.
54,000
179,920
Beijing Enterprises Water Group Ltd.
346,000
73,008
Beijing Kingsoft Office Software, Inc., Class A
3,550
139,169
Beijing Tongrentang Co. Ltd., Class A
10,900
76,237
Beijing Wantai Biological Pharmacy Enterprise
Co. Ltd., Class A
5,600
33,471
Bilibili, Inc., Class Z *
18,060
242,324
Bloomage Biotechnology Corp. Ltd., Class A
2,751
28,659
BOC Aviation Ltd. (b)
16,200
99,631
BOC Hong Kong Holdings Ltd.
261,500
691,547
BOE Technology Group Co. Ltd., Class A
226,800
121,160
Bosideng International Holdings Ltd.
244,000
96,338
BYD Co. Ltd., Class A
10,600
344,728
BYD Co. Ltd., Class H
67,500
2,052,684
BYD Electronic International Co. Ltd.
54,500
227,511
C&D International Investment Group Ltd.
49,000
110,239
Cambricon Technologies Corp. Ltd., Class A *
2,427
35,702
CGN Power Co. Ltd., Class H (b)
771,000
185,277
Changchun High & New Technology Industry
Group, Inc., Class A
5,400
114,550
Changzhou Xingyu Automotive Lighting
Systems Co. Ltd., Class A
5,400
107,523
China CITIC Bank Corp. Ltd., Class H
676,000
301,569
China Coal Energy Co. Ltd., Class H
156,000
122,533
China Conch Venture Holdings Ltd.
119,000
98,553
INVESTMENTS
SHARES
VALUE($)
 
China — continued
China Construction Bank Corp., Class H
7,168,000
4,053,920
China CSSC Holdings Ltd., Class A
27,000
95,212
China Eastern Airlines Corp. Ltd., Class A *
153,400
91,111
China Everbright Bank Co. Ltd., Class A
276,700
111,928
China Everbright Environment Group Ltd.
262,000
89,441
China Feihe Ltd. (b)
270,000
167,770
China First Heavy Industries Co. Ltd., Class A *
997,800
396,922
China Galaxy Securities Co. Ltd., Class H
258,500
132,302
China Gas Holdings Ltd.
223,200
200,658
China Hainan Rubber Industry Group Co. Ltd.,
Class A *
628,800
384,071
China Hongqiao Group Ltd.
158,500
148,390
China International Capital Corp. Ltd., Class A
12,800
64,266
China International Capital Corp. Ltd.,
Class H (b)
129,600
206,421
China International Marine Containers Group
Co. Ltd., Class A
393,000
354,272
China Jushi Co. Ltd., Class A
36,400
57,417
China Lesso Group Holdings Ltd.
74,000
39,736
China Life Insurance Co. Ltd., Class H
541,000
732,730
China Literature Ltd. * (b)
32,400
109,106
China Longyuan Power Group Corp. Ltd.,
Class H
250,000
211,632
China Medical System Holdings Ltd.
150,000
239,865
China Mengniu Dairy Co. Ltd.
227,000
741,186
China Merchants Bank Co. Ltd., Class A
129,600
543,443
China Merchants Bank Co. Ltd., Class H
246,000
933,150
China Merchants Energy Shipping Co. Ltd.,
Class A
48,500
42,473
China Merchants Port Holdings Co. Ltd.
110,000
140,023
China Merchants Securities Co. Ltd., Class A
43,200
83,234
China Merchants Shekou Industrial Zone
Holdings Co. Ltd., Class A
48,600
73,064
China Minsheng Banking Corp. Ltd., Class A
216,000
109,436
China Minsheng Banking Corp. Ltd., Class H
486,000
161,576
China National Building Material Co. Ltd.,
Class H
338,000
160,887
China National Nuclear Power Co. Ltd., Class A
112,600
113,837
China Northern Rare Earth Group High-Tech Co.
Ltd., Class A
21,600
61,511
China Oilfield Services Ltd., Class H
136,000
160,795
China Overseas Land & Investment Ltd.
297,000
560,472
China Pacific Insurance Group Co. Ltd., Class A
70,200
265,264
China Pacific Insurance Group Co. Ltd., Class H
187,600
462,128
China Petroleum & Chemical Corp., Class A
276,700
205,906
China Petroleum & Chemical Corp., Class H
1,804,000
922,634
SEE NOTES TO FINANCIAL STATEMENTS. 
 
64
J.P. Morgan Exchange-Traded Funds
October 31, 2023

INVESTMENTS
SHARES
VALUE($)
Common Stocks — continued
China — continued
China Power International Development Ltd.
368,000
143,018
China Railway Group Ltd., Class A
124,200
102,364
China Railway Group Ltd., Class H
313,000
147,725
China Resources Beer Holdings Co. Ltd.
116,000
613,833
China Resources Cement Holdings Ltd.
162,000
41,655
China Resources Gas Group Ltd.
67,300
198,947
China Resources Land Ltd.
210,000
786,053
China Resources Mixc Lifestyle Services Ltd. (b)
54,000
210,677
China Resources Pharmaceutical Group Ltd. (b)
140,500
87,278
China Resources Power Holdings Co. Ltd.
132,000
255,802
China Resources Sanjiu Medical &
Pharmaceutical Co. Ltd., Class A
6,000
35,253
China Shenhua Energy Co. Ltd., Class A
54,000
222,880
China Shenhua Energy Co. Ltd., Class H
242,500
743,256
China Southern Airlines Co. Ltd., Class A *
86,400
72,695
China Suntien Green Energy Corp. Ltd., Class A
113,500
127,679
China Taiping Insurance Holdings Co. Ltd.
129,600
119,721
China Three Gorges Renewables Group Co. Ltd.,
Class A
172,800
113,016
China Tourism Group Duty Free Corp. Ltd.,
Class A
16,200
208,832
China Tourism Group Duty Free Corp. Ltd.,
Class H (b)
8,000
90,346
China Tower Corp. Ltd., Class H (b)
3,564,000
332,346
China Vanke Co. Ltd., Class A
59,400
91,574
China Vanke Co. Ltd., Class H
167,400
156,612
China Yangtze Power Co. Ltd., Class A
145,800
448,290
China Zhenhua Group Science & Technology Co.
Ltd., Class A
3,100
28,266
Chongqing Brewery Co. Ltd., Class A
3,100
33,151
Chongqing Changan Automobile Co. Ltd.,
Class A
54,000
111,381
Chongqing Water Group Co. Ltd., Class A
538,900
412,572
Chow Tai Fook Jewellery Group Ltd.
167,000
235,825
CITIC Ltd.
466,000
396,071
Citic Pacific Special Steel Group Co. Ltd., Class A
22,100
43,709
CITIC Securities Co. Ltd., Class A
75,600
223,664
CITIC Securities Co. Ltd., Class H
109,000
212,098
CMOC Group Ltd., Class A
108,000
81,616
CMOC Group Ltd., Class H
270,000
161,031
CNPC Capital Co. Ltd., Class A
59,400
48,025
COSCO SHIPPING Energy Transportation Co.
Ltd., Class A
20,800
40,853
COSCO SHIPPING Energy Transportation Co.
Ltd., Class H
108,000
114,538
COSCO SHIPPING Holdings Co. Ltd., Class H
249,500
253,751
INVESTMENTS
SHARES
VALUE($)
 
China — continued
Country Garden Holdings Co. Ltd. *
139,000
12,430
Country Garden Services Holdings Co. Ltd.
163,000
142,382
CSPC Pharmaceutical Group Ltd.
646,000
564,262
Daqin Railway Co. Ltd., Class A
90,400
88,770
Dongxing Securities Co. Ltd., Class A
377,900
411,894
East Buy Holding Ltd. * (b)
31,000
126,465
Eastern Air Logistics Co. Ltd., Class A
252,300
397,272
Eastroc Beverage Group Co. Ltd., Class A
5,400
141,309
ENN Energy Holdings Ltd.
56,500
427,996
ENN Natural Gas Co. Ltd., Class A
18,500
43,515
Everbright Securities Co. Ltd., Class A
23,300
52,272
Everdisplay Optronics Shanghai Co. Ltd.,
Class A *
688,655
245,822
Far East Horizon Ltd.
134,000
94,287
Flat Glass Group Co. Ltd., Class A
11,100
39,068
Flat Glass Group Co. Ltd., Class H *
40,000
71,835
Focus Media Information Technology Co. Ltd.,
Class A
91,800
86,488
Foshan Haitian Flavouring & Food Co. Ltd.,
Class A
37,860
194,202
Fosun International Ltd.
162,000
97,061
Foxconn Industrial Internet Co. Ltd., Class A
91,800
184,349
Full Truck Alliance Co. Ltd., ADR *
48,762
320,366
Fuyao Glass Industry Group Co. Ltd., Class H (b)
44,400
202,424
Ganfeng Lithium Group Co. Ltd. (b)
32,400
116,374
Ganfeng Lithium Group Co. Ltd., Class A
10,900
65,821
G-bits Network Technology Xiamen Co. Ltd.,
Class A
600
21,737
GCL Technology Holdings Ltd.
1,492,000
219,723
GD Power Development Co. Ltd., Class A
106,300
52,704
Geely Automobile Holdings Ltd.
380,000
431,423
Genscript Biotech Corp. *
80,000
232,573
GF Securities Co. Ltd., Class H
86,400
112,490
GigaDevice Semiconductor, Inc., Class A
5,400
78,827
GoerTek, Inc., Class A
20,500
50,442
Great Wall Motor Co. Ltd., Class A
18,400
73,678
Great Wall Motor Co. Ltd., Class H
189,000
264,202
Gree Electric Appliances, Inc. of Zhuhai, Class A
37,800
174,739
Guangdong Haid Group Co. Ltd., Class A
10,100
61,967
Guangdong Investment Ltd.
218,000
148,759
Guanghui Energy Co. Ltd., Class A
39,200
40,109
Guangzhou Automobile Group Co. Ltd., Class H
212,000
99,322
Guangzhou Baiyunshan Pharmaceutical
Holdings Co. Ltd., Class H
16,000
42,565
SEE NOTES TO FINANCIAL STATEMENTS. 
 
October 31, 2023
J.P. Morgan Exchange-Traded Funds
65

JPMorgan BetaBuilders Emerging Markets Equity ETF
SCHEDULE OF PORTFOLIO INVESTMENTS
AS OF October 31, 2023 (continued)
INVESTMENTS
SHARES
VALUE($)
Common Stocks — continued
China — continued
Guangzhou Tinci Materials Technology Co. Ltd.,
Class A
11,500
43,608
Guotai Junan Securities Co. Ltd., Class A
43,700
87,969
H World Group Ltd. *
102,900
386,794
Haidilao International Holding Ltd. (b)
126,000
315,480
Haier Smart Home Co. Ltd., Class A
37,800
114,469
Haier Smart Home Co. Ltd., Class H
179,400
511,708
Hainan Airlines Holding Co. Ltd., Class A *
255,500
50,828
Hainan Airport Infrastructure Co. Ltd., Class A *
68,200
35,407
Haitian International Holdings Ltd.
55,000
131,207
Hangzhou First Applied Material Co. Ltd.,
Class A
11,200
39,002
Hansoh Pharmaceutical Group Co. Ltd. (b)
108,000
203,201
Hengan International Group Co. Ltd.
54,500
182,537
Hengli Petrochemical Co. Ltd., Class A *
41,000
81,862
Hisense Home Appliances Group Co. Ltd.
26,000
71,567
Hopson Development Holdings Ltd. *
71,980
42,147
Hoshine Silicon Industry Co. Ltd., Class A
4,400
34,314
Hoyuan Green Energy Co. Ltd.
7,606
38,711
Hua Hong Semiconductor Ltd. * (b)
75,000
184,656
Huadian Power International Corp. Ltd., Class A
50,300
33,637
Huadian Power International Corp. Ltd., Class H
122,000
48,986
Huadong Medicine Co. Ltd., Class A
10,600
62,068
Huaneng Power International, Inc., Class A *
70,200
72,759
Huaneng Power International, Inc., Class H *
324,000
151,617
Huatai Securities Co. Ltd., Class A
42,900
93,707
Huatai Securities Co. Ltd., Class H (b)
118,800
155,533
Huaxia Bank Co. Ltd., Class A
95,000
72,487
Huayu Automotive Systems Co. Ltd., Class A
87,900
210,109
Huizhou Desay Sv Automotive Co. Ltd., Class A
5,400
92,390
Hundsun Technologies, Inc., Class A
16,200
68,756
Hygeia Healthcare Holdings Co. Ltd. (b)
26,000
156,990
IEIT Systems Co. Ltd., Class A
8,900
35,625
Iflytek Co. Ltd., Class A
16,200
100,714
Industrial & Commercial Bank of China Ltd.,
Class A
610,200
393,270
Industrial & Commercial Bank of China Ltd.,
Class H
5,175,000
2,480,092
Industrial Bank Co. Ltd., Class A
129,600
266,338
Inner Mongolia BaoTou Steel Union Co. Ltd.,
Class A *
264,200
58,339
Inner Mongolia Yili Industrial Group Co. Ltd.,
Class A
43,200
161,413
Innovent Biologics, Inc. * (b)
107,500
633,515
JA Solar Technology Co. Ltd., Class A
21,600
65,950
INVESTMENTS
SHARES
VALUE($)
 
China — continued
JCET Group Co. Ltd., Class A
10,700
45,006
JD Health International, Inc. * (b)
81,000
367,925
JD Logistics, Inc. * (b)
145,800
172,641
JD.com, Inc., Class A
178,750
2,272,478
Jiangsu Eastern Shenghong Co. Ltd., Class A
38,500
55,821
Jiangsu Expressway Co. Ltd., Class H
108,000
98,187
Jiangsu Financial Leasing Co. Ltd., Class A
677,280
441,090
Jiangsu Hengli Hydraulic Co. Ltd., Class A
8,100
62,131
Jiangsu Hengrui Pharmaceuticals Co. Ltd.,
Class A
43,200
281,937
Jiangsu King's Luck Brewery JSC Ltd., Class A
7,600
60,563
Jiangsu Yanghe Brewery Joint-Stock Co. Ltd.,
Class A
10,800
179,491
Jiangsu Zhongtian Technology Co. Ltd., Class A
20,400
38,941
Jiangxi Copper Co. Ltd., Class H
89,000
125,842
Jinko Solar Co. Ltd., Class A
36,359
47,013
JiuGui Liquor Co. Ltd., Class A
5,500
57,265
Jointown Pharmaceutical Group Co. Ltd.,
Class A
132,251
128,245
Juneyao Airlines Co. Ltd., Class A *
12,900
25,635
KE Holdings, Inc., Class A
146,300
720,801
Kingboard Holdings Ltd.
53,500
130,287
Kingdee International Software Group Co. Ltd. *
216,000
286,604
Kingsoft Corp. Ltd.
71,000
247,753
Kuaishou Technology * (b)
181,800
1,170,764
Kunlun Energy Co. Ltd.
326,000
271,592
Kweichow Moutai Co. Ltd., Class A
7,500
1,721,563
Lenovo Group Ltd.
486,000
565,574
Li Auto, Inc., Class A *
83,000
1,403,831
Li Ning Co. Ltd.
175,000
536,271
Liaoning Cheng Da Co. Ltd., Class A
42,700
71,199
Longfor Group Holdings Ltd. (a)
135,000
196,528
LONGi Green Energy Technology Co. Ltd.,
Class A
48,600
159,882
Luxshare Precision Industry Co. Ltd., Class A
43,200
193,331
Luzhou Laojiao Co. Ltd., Class A
10,700
312,356
Meituan * (b)
315,700
4,475,052
Microport Scientific Corp. *
54,600
86,037
MINISO Group Holding Ltd.
35,800
230,201
Minth Group Ltd.
64,000
142,863
Montage Technology Co. Ltd., Class A
6,649
49,957
Muyuan Foods Co. Ltd., Class A
37,800
194,283
NARI Technology Co. Ltd., Class A
51,880
159,651
NAURA Technology Group Co. Ltd., Class A
3,300
115,351
NetEase, Inc.
135,700
2,904,190
SEE NOTES TO FINANCIAL STATEMENTS. 
 
66
J.P. Morgan Exchange-Traded Funds
October 31, 2023

INVESTMENTS
SHARES
VALUE($)
Common Stocks — continued
China — continued
New China Life Insurance Co. Ltd., Class A
12,600
57,391
New China Life Insurance Co. Ltd., Class H
63,900
140,175
New Oriental Education & Technology Group,
Inc. *
111,500
726,984
Ninestar Corp., Class A
8,600
28,752
Ningbo Deye Technology Co. Ltd., Class A
10,640
100,329
Ningbo Tuopu Group Co. Ltd., Class A
6,700
58,984
Ningxia Baofeng Energy Group Co. Ltd., Class A
42,700
83,913
NIO, Inc., Class A *
101,650
744,203
Nongfu Spring Co. Ltd., Class H (b)
128,200
730,194
Oppein Home Group, Inc., Class A
3,200
37,951
Orient Securities Co. Ltd., Class A
43,500
51,419
Pangang Group Vanadium Titanium &
Resources Co. Ltd., Class A *
54,100
25,747
PDD Holdings, Inc., ADR *
49,898
5,060,655
People's Insurance Co. Group of China Ltd.
(The), Class H
611,000
201,605
PetroChina Co. Ltd., Class H
1,528,000
997,350
PICC Property & Casualty Co. Ltd., Class H
528,000
602,952
Ping An Bank Co. Ltd., Class A
118,800
169,355
Ping An Healthcare and Technology Co. Ltd. *
(b)
41,600
97,175
Ping An Insurance Group Co. of China Ltd.,
Class A
70,200
434,731
Ping An Insurance Group Co. of China Ltd.,
Class H
454,500
2,305,441
Poly Developments and Holdings Group Co.
Ltd., Class A
75,600
113,398
Postal Savings Bank of China Co. Ltd., Class A
236,500
147,240
Postal Savings Bank of China Co. Ltd.,
Class H (b)
594,000
271,119
Power Construction Corp. of China Ltd., Class A
108,000
77,401
Qi An Xin Technology Group, Inc., Class A *
4,010
25,210
Qifu Technology, Inc., Class A
18,800
137,066
Qinghai Salt Lake Industry Co. Ltd., Class A *
37,800
87,223
Remegen Co. Ltd., Class H * (b)
12,000
68,341
Rongsheng Petrochemical Co. Ltd., Class A
64,800
100,591
SAIC Motor Corp. Ltd., Class A
69,700
137,928
Sanan Optoelectronics Co. Ltd., Class A
29,700
60,246
Sany Heavy Equipment International Holdings
Co. Ltd.
78,000
102,462
Sany Heavy Industry Co. Ltd., Class A
54,000
106,417
Seres Group Co. Ltd., Class A *
9,100
101,228
SF Holding Co. Ltd., Class A
32,400
173,260
Shaanxi Beiyuan Chemical Industry Group Co.
Ltd., Class A
593,100
423,389
INVESTMENTS
SHARES
VALUE($)
 
China — continued
Shaanxi Coal Industry Co. Ltd., Class A
59,400
145,955
Shandong Gold Mining Co. Ltd., Class A
21,600
69,900
Shandong Gold Mining Co. Ltd., Class H (b)
50,250
94,140
Shandong Hualu Hengsheng Chemical Co. Ltd.,
Class A
12,700
55,670
Shandong Weigao Group Medical Polymer Co.
Ltd., Class H
181,600
168,560
Shanghai Aiko Solar Energy Co. Ltd., Class A
10,900
29,110
Shanghai Baosight Software Co. Ltd., Class A
10,900
63,348
Shanghai Baosight Software Co. Ltd., Class B
45,320
93,207
Shanghai Electric Group Co. Ltd., Class A *
435,300
263,364
Shanghai Fosun Pharmaceutical Group Co. Ltd.,
Class H
35,000
80,761
Shanghai Fudan Microelectronics Group Co.
Ltd., Class H
20,000
37,805
Shanghai International Airport Co. Ltd.,
Class A *
16,300
82,646
Shanghai International Port Group Co. Ltd.,
Class A
121,500
82,767
Shanghai Junshi Biosciences Co. Ltd., Class H *
(b)
21,600
59,873
Shanghai Lujiazui Finance & Trade Zone
Development Co. Ltd., Class B
80,000
31,835
Shanghai Pharmaceuticals Holding Co. Ltd.,
Class H
57,500
83,651
Shanghai Pudong Development Bank Co. Ltd.,
Class A
178,200
165,594
Shanghai Putailai New Energy Technology Co.
Ltd., Class A
12,100
41,254
Shanghai Rural Commercial Bank Co. Ltd.,
Class A
551,300
447,639
Shanxi Coking Coal Energy Group Co. Ltd.,
Class A
33,100
39,019
Shanxi Lu'an Environmental Energy
Development Co. Ltd., Class A
17,400
45,116
Shanxi Meijin Energy Co. Ltd., Class A *
45,800
43,767
Shanxi Xinghuacun Fen Wine Factory Co. Ltd.,
Class A
7,100
239,013
Shede Spirits Co. Ltd., Class A
2,100
32,954
Shenwan Hongyuan Group Co. Ltd., Class A
203,000
121,393
Shenzhen SED Industry Co. Ltd., Class A
6,900
18,081
Shenzhen Transsion Holdings Co. Ltd., Class A
5,300
97,073
Shenzhou International Group Holdings Ltd.
59,400
583,455
Silergy Corp.
24,000
214,508
Sinomach Heavy Equipment Group Co. Ltd.,
Class A *
977,300
395,495
Sinopec Oilfield Service Corp., Class A *
195,700
51,763
SEE NOTES TO FINANCIAL STATEMENTS. 
 
October 31, 2023
J.P. Morgan Exchange-Traded Funds
67

JPMorgan BetaBuilders Emerging Markets Equity ETF
SCHEDULE OF PORTFOLIO INVESTMENTS
AS OF October 31, 2023 (continued)
INVESTMENTS
SHARES
VALUE($)
Common Stocks — continued
China — continued
Sinopharm Group Co. Ltd., Class H
100,400
240,085
Sinotruk Hong Kong Ltd.
49,000
92,292
Smoore International Holdings Ltd. (b)
162,000
124,847
Spring Airlines Co. Ltd., Class A *
5,900
44,018
StarPower Semiconductor Ltd., Class A
5,300
124,347
Sunny Optical Technology Group Co. Ltd.
53,900
451,571
TBEA Co. Ltd., Class A
30,240
57,680
TCL Technology Group Corp., Class A *
112,000
60,024
TCL Zhonghuan Renewable Energy Technology
Co. Ltd., Class A
29,400
73,979
Tencent Holdings Ltd.
451,500
16,709,453
Tencent Music Entertainment Group, Class A *
97,200
337,356
Tianqi Lithium Corp., Class A
10,800
80,990
Tingyi Cayman Islands Holding Corp.
142,000
188,359
Tongcheng Travel Holdings Ltd. * (b)
86,400
165,063
Tonghua Dongbao Pharmaceutical Co. Ltd.,
Class A
61,700
93,247
Tongwei Co. Ltd., Class A
32,400
120,623
Topchoice Medical Corp., Class A *
1,900
23,204
Topsports International Holdings Ltd. (b)
216,000
181,644
Trip.com Group Ltd. *
40,450
1,378,602
Tsingtao Brewery Co. Ltd.
44,000
333,675
Unigroup Guoxin Microelectronics Co. Ltd.,
Class A *
5,500
56,517
Uni-President China Holdings Ltd.
90,000
61,302
Unisplendour Corp. Ltd., Class A *
21,600
57,766
Vipshop Holdings Ltd., ADR *
20,466
291,845
Wanhua Chemical Group Co. Ltd., Class A
21,600
261,142
Want Want China Holdings Ltd.
372,000
231,146
Weichai Power Co. Ltd., Class H
145,000
217,039
Western Securities Co. Ltd., Class A
469,900
426,301
Will Semiconductor Co. Ltd., Class A
10,800
162,405
Wingtech Technology Co. Ltd., Class A *
7,500
50,881
Wuliangye Yibin Co. Ltd., Class A
27,000
573,639
WUS Printed Circuit Kunshan Co. Ltd., Class A
11,500
30,692
WuXi AppTec Co. Ltd., Class A
16,300
192,078
WuXi AppTec Co. Ltd., Class H (b)
27,000
324,447
XCMG Construction Machinery Co. Ltd., Class A
70,500
55,031
Xiamen Faratronic Co. Ltd., Class A
5,500
74,802
Xinyi Glass Holdings Ltd.
166,000
190,737
Xinyi Solar Holdings Ltd.
338,000
198,916
XPeng, Inc., Class A *
80,500
584,976
Yadea Group Holdings Ltd. (b)
108,000
197,139
Yankuang Energy Group Co. Ltd., Class A
24,250
64,559
Yankuang Energy Group Co. Ltd., Class H
164,000
284,828
INVESTMENTS
SHARES
VALUE($)
 
China — continued
Yonyou Network Technology Co. Ltd., Class A
20,500
45,763
YTO Express Group Co. Ltd., Class A
20,500
37,942
Yuexiu Property Co. Ltd.
120,000
124,819
Yum China Holdings, Inc.
30,313
1,593,251
Yunnan Energy New Material Co. Ltd., Class A
5,700
52,144
Zhangzhou Pientzehuang Pharmaceutical Co.
Ltd., Class A
5,300
180,769
Zhaojin Mining Industry Co. Ltd., Class H
104,000
128,934
Zhejiang Century Huatong Group Co. Ltd.,
Class A *
44,500
35,516
Zhejiang China Commodities City Group Co.
Ltd., Class A
32,800
34,782
Zhejiang Dahua Technology Co. Ltd., Class A
19,900
55,362
Zhejiang Huayou Cobalt Co. Ltd., Class A
10,000
50,162
Zhejiang Sanhua Intelligent Controls Co. Ltd.,
Class A
21,500
78,427
Zhejiang Zheneng Electric Power Co. Ltd.,
Class A *
80,000
49,684
ZhongAn Online P&C Insurance Co. Ltd.,
Class H * (b)
50,600
138,675
Zhongsheng Group Holdings Ltd.
54,000
124,702
Zhuzhou CRRC Times Electric Co. Ltd., Class H
39,700
128,127
Zijin Mining Group Co. Ltd., Class A
124,200
209,949
Zijin Mining Group Co. Ltd., Class H
416,000
643,515
ZJLD Group, Inc. * (a)
35,800
52,115
ZTE Corp., Class A
26,300
93,721
ZTE Corp., Class H
56,200
124,891
ZTO Express Cayman, Inc.
32,400
758,892
 
134,244,200
Colombia — 0.2%
Banco de Bogota SA
8,262
49,982
Bancolombia SA
20,736
147,862
Bancolombia SA (Preference)
34,074
218,550
Ecopetrol SA
339,581
199,904
Grupo Aval Acciones y Valores SA (Preference)
301,559
33,702
Grupo Energia Bogota SA ESP
271,999
110,029
Grupo Nutresa SA
8,190
99,072
Interconexion Electrica SA ESP
33,426
117,754
 
976,855
Czech Republic — 0.1%
CEZ A/S
12,372
529,388
Komercni Banka A/S
5,724
167,762
 
697,150
SEE NOTES TO FINANCIAL STATEMENTS. 
 
68
J.P. Morgan Exchange-Traded Funds
October 31, 2023

INVESTMENTS
SHARES
VALUE($)
Common Stocks — continued
Egypt — 0.1%
Commercial International Bank Egypt SAE
176,655
345,094
Greece — 0.3%
Eurobank Ergasias Services and Holdings SA *
187,380
306,277
Hellenic Telecommunications Organization SA
14,742
206,630
JUMBO SA
8,014
210,803
Motor Oil Hellas Corinth Refineries SA
4,845
115,346
Mytilineos SA
7,585
280,739
National Bank of Greece SA *
41,364
236,906
OPAP SA
13,349
226,109
 
1,582,810
Hong Kong — 0.1%
Kingboard Laminates Holdings Ltd.
60,000
56,268
Nine Dragons Paper Holdings Ltd.
126,000
71,729
Orient Overseas International Ltd.
10,000
126,098
Sino Biopharmaceutical Ltd.
756,000
293,690
 
547,785
Hungary — 0.2%
MOL Hungarian Oil & Gas plc
32,773
260,770
OTP Bank Nyrt.
16,491
613,796
Richter Gedeon Nyrt.
9,479
222,256
 
1,096,822
India — 17.2%
ABB India Ltd.
3,942
194,422
ACC Ltd.
6,318
143,331
Adani Energy Solutions Ltd. *
25,958
240,004
Adani Enterprises Ltd.
26,527
731,469
Adani Green Energy Ltd. *
27,645
302,702
Adani Ports & Special Economic Zone Ltd.
51,836
489,012
Adani Power Ltd. *
58,104
253,363
Adani Total Gas Ltd.
20,736
140,542
Adani Wilmar Ltd. *
11,772
46,178
Alkem Laboratories Ltd.
3,078
137,654
Ambuja Cements Ltd.
55,404
282,655
Apollo Hospitals Enterprise Ltd.
7,560
437,747
Ashok Leyland Ltd.
108,378
218,509
Asian Paints Ltd.
32,783
1,180,884
AU Small Finance Bank Ltd. (b)
24,624
197,911
Aurobindo Pharma Ltd.
21,168
216,005
Avenue Supermarts Ltd. * (b)
10,883
475,162
Axis Bank Ltd.
165,759
1,955,925
Bajaj Auto Ltd.
5,184
330,692
Bajaj Finance Ltd.
19,386
1,745,118
Bajaj Finserv Ltd.
27,845
525,037
INVESTMENTS
SHARES
VALUE($)
 
India — continued
Bajaj Holdings & Investment Ltd.
2,052
170,718
Balkrishna Industries Ltd.
6,102
187,159
Bandhan Bank Ltd. (b)
57,078
146,974
Bank of Baroda
77,922
183,734
Berger Paints India Ltd.
21,190
142,179
Bharat Electronics Ltd.
260,457
417,276
Bharat Forge Ltd.
19,278
236,127
Bharat Petroleum Corp. Ltd.
71,874
301,307
Bharti Airtel Ltd.
182,866
2,008,347
Biocon Ltd.
34,006
89,741
Bosch Ltd.
648
151,441
Britannia Industries Ltd.
8,645
459,874
Canara Bank
27,324
126,237
Cholamandalam Investment and Finance Co.
Ltd.
29,700
405,872
Cipla Ltd.
39,329
566,933
Coal India Ltd.
156,180
589,538
Colgate-Palmolive India Ltd.
9,990
253,639
Container Corp. of India Ltd.
20,628
170,576
Dabur India Ltd.
42,634
270,838
Divi's Laboratories Ltd.
9,266
377,094
DLF Ltd.
46,602
315,700
Dr Reddy's Laboratories Ltd.
9,126
589,034
Eicher Motors Ltd.
10,476
414,619
Embassy Office Parks, REIT
45,738
171,210
FSN E-Commerce Ventures Ltd. *
85,071
142,408
GAIL India Ltd.
198,126
284,473
Godrej Consumer Products Ltd. *
28,458
339,078
Godrej Properties Ltd. *
8,748
174,565
Grasim Industries Ltd.
27,291
618,521
Havells India Ltd.
18,227
272,887
HCL Technologies Ltd.
76,958
1,180,415
HDFC Asset Management Co. Ltd. (b)
7,297
239,686
HDFC Bank Ltd.
398,098
7,064,065
HDFC Life Insurance Co. Ltd. (b)
76,596
569,007
Hero MotoCorp Ltd.
9,774
362,707
Hindalco Industries Ltd.
106,216
586,286
Hindustan Aeronautics Ltd. (b)
13,184
288,529
Hindustan Petroleum Corp. Ltd. *
48,114
143,144
Hindustan Unilever Ltd.
64,924
1,937,552
ICICI Bank Ltd.
353,917
3,893,725
ICICI Lombard General Insurance Co. Ltd. (b)
17,766
293,218
ICICI Prudential Life Insurance Co. Ltd. (b)
29,268
184,691
Indian Hotels Co. Ltd.
64,039
294,948
Indian Oil Corp. Ltd.
283,953
305,885
SEE NOTES TO FINANCIAL STATEMENTS. 
 
October 31, 2023
J.P. Morgan Exchange-Traded Funds
69

JPMorgan BetaBuilders Emerging Markets Equity ETF
SCHEDULE OF PORTFOLIO INVESTMENTS
AS OF October 31, 2023 (continued)
INVESTMENTS
SHARES
VALUE($)
Common Stocks — continued
India — continued
Indian Railway Catering & Tourism Corp. Ltd.
27,307
218,264
Indraprastha Gas Ltd.
26,352
121,050
Indus Towers Ltd. *
62,910
130,184
IndusInd Bank Ltd.
43,254
749,312
Info Edge India Ltd.
5,508
270,306
Infosys Ltd.
259,550
4,268,499
InterGlobe Aviation Ltd. * (b)
8,977
264,575
ITC Ltd.
217,537
1,119,780
Jindal Steel & Power Ltd.
29,970
228,197
JSW Energy Ltd.
30,942
143,454
JSW Steel Ltd.
68,551
606,545
Jubilant Foodworks Ltd.
28,782
173,184
Kotak Mahindra Bank Ltd.
79,485
1,661,620
L&T Technology Services Ltd. (b)
1,998
100,586
Larsen & Toubro Ltd.
50,084
1,762,501
LTIMindtree Ltd. (b)
6,670
405,808
Lupin Ltd.
18,144
245,870
Macrotech Developers Ltd. (b)
18,144
171,713
Mahindra & Mahindra Ltd.
69,627
1,220,233
Marico Ltd.
38,934
250,884
Maruti Suzuki India Ltd.
9,666
1,207,058
Mphasis Ltd.
6,210
158,543
MRF Ltd.
180
234,199
Muthoot Finance Ltd.
8,079
126,058
Nestle India Ltd.
2,595
755,636
NMDC Ltd.
86,076
159,523
NTPC Ltd.
345,506
978,871
Oil & Natural Gas Corp. Ltd.
283,589
634,555
One 97 Communications Ltd. *
19,373
214,402
Page Industries Ltd.
432
196,294
Patanjali Foods Ltd.
7,014
115,237
Petronet LNG Ltd.
56,484
135,390
PI Industries Ltd.
5,846
238,760
Pidilite Industries Ltd.
11,091
327,462
Power Finance Corp. Ltd.
109,350
323,839
Power Grid Corp. of India Ltd.
331,394
804,869
Procter & Gamble Hygiene & Health Care Ltd.
702
147,895
Punjab National Bank
165,888
145,504
REC Ltd.
93,204
322,160
Reliance Industries Ltd.
250,908
6,899,415
Samvardhana Motherson International Ltd.
172,464
190,474
SBI Cards & Payment Services Ltd.
21,384
191,630
SBI Life Insurance Co. Ltd. (b)
32,755
537,976
Shree Cement Ltd.
708
218,215
INVESTMENTS
SHARES
VALUE($)
 
India — continued
Shriram Finance Ltd.
20,185
455,478
Siemens Ltd.
6,474
259,030
Sona Blw Precision Forgings Ltd. (b)
29,799
193,931
SRF Ltd.
10,562
278,506
Star Health & Allied Insurance Co. Ltd. *
14,389
100,245
State Bank of India
129,795
881,968
Steel Authority of India Ltd.
105,115
105,912
Sun Pharmaceutical Industries Ltd.
78,510
1,026,452
Sundaram Finance Ltd.
5,076
193,594
Tata Consultancy Services Ltd.
74,501
3,016,068
Tata Consumer Products Ltd.
45,468
491,970
Tata Elxsi Ltd.
2,592
237,432
Tata Motors Ltd.
130,441
985,223
Tata Motors Ltd., Class A
34,018
171,766
Tata Power Co. Ltd. (The)
124,149
357,191
Tata Steel Ltd.
586,533
836,975
Tech Mahindra Ltd.
45,363
618,213
Titan Co. Ltd.
30,343
1,163,222
Torrent Pharmaceuticals Ltd.
7,344
169,759
Tube Investments of India Ltd.
7,884
298,265
TVS Motor Co. Ltd.
17,273
330,076
UltraTech Cement Ltd.
8,396
849,709
United Spirits Ltd. *
22,410
277,912
UPL Ltd.
37,115
240,986
Varun Beverages Ltd.
34,009
371,203
Vedanta Ltd.
84,078
218,799
Voltas Ltd.
17,172
172,801
Wipro Ltd.
102,494
470,521
Yes Bank Ltd. *
1,275,540
244,465
Zomato Ltd. *
387,404
489,998
Zydus Lifesciences Ltd.
19,062
131,349
 
83,181,828
Indonesia — 2.1%
Adaro Energy Indonesia Tbk. PT
1,058,400
170,772
Adaro Minerals Indonesia Tbk. PT *
475,700
32,941
Allo Bank Indonesia Tbk. PT *
242,900
18,273
Aneka Tambang Tbk.
696,500
74,625
Astra International Tbk. PT
1,528,200
555,928
Avia Avian Tbk. PT
1,339,200
42,153
Bank Central Asia Tbk. PT
4,033,800
2,222,304
Bank Mandiri Persero Tbk. PT
3,257,700
1,163,820
Bank Negara Indonesia Persero Tbk. PT
1,123,200
338,967
Bank Rakyat Indonesia Persero Tbk. PT
5,179,800
1,619,640
Barito Pacific Tbk. PT
2,057,400
145,708
SEE NOTES TO FINANCIAL STATEMENTS. 
 
70
J.P. Morgan Exchange-Traded Funds
October 31, 2023

INVESTMENTS
SHARES
VALUE($)
Common Stocks — continued
Indonesia — continued
Bayan Resources Tbk. PT
557,400
639,682
Bukit Asam Tbk. PT
291,900
45,572
Capital Financial Indonesia Tbk. PT *
1,307,300
45,636
Charoen Pokphand Indonesia Tbk. PT *
540,000
197,167
Dayamitra Telekomunikasi PT
1,336,400
52,160
Elang Mahkota Teknologi Tbk. PT
2,997,000
94,426
GoTo Gojek Tokopedia Tbk. PT *
7,857,500
29,727
Gudang Garam Tbk. PT
34,400
50,404
Indah Kiat Pulp & Paper Tbk. PT
194,400
117,496
Indocement Tunggal Prakarsa Tbk. PT
140,400
82,017
Indofood CBP Sukses Makmur Tbk. PT
162,000
105,553
Indofood Sukses Makmur Tbk. PT
334,800
140,165
Kalbe Farma Tbk. PT
1,431,600
152,257
Merdeka Copper Gold Tbk. PT *
1,036,800
145,417
Mitra Keluarga Karyasehat Tbk. PT (b)
410,400
70,790
Sarana Menara Nusantara Tbk. PT
1,632,200
91,541
Semen Indonesia Persero Tbk. PT
248,400
95,449
Sumber Alfaria Trijaya Tbk. PT
1,436,400
261,328
Telkom Indonesia Persero Tbk. PT
3,585,600
786,020
Transcoal Pacific Tbk. PT
72,700
39,931
Trimegah Bangun Persada Tbk. PT
642,400
39,409
Unilever Indonesia Tbk. PT
426,600
97,217
United Tractors Tbk. PT
150,800
238,642
 
10,003,137
Kuwait — 0.8%
Agility Public Warehousing Co. KSC *
118,559
201,867
Boubyan Bank KSCP
112,698
213,565
Gulf Bank KSCP
270,000
206,968
Kuwait Finance House KSCP
590,000
1,305,304
Mabanee Co. KPSC
47,090
125,660
Mobile Telecommunications Co. KSCP
155,825
242,413
National Bank of Kuwait SAKP
576,667
1,634,710
 
3,930,487
Luxembourg — 0.0% ^
Reinet Investments SCA
7,268
151,018
Malaysia — 1.6%
AMMB Holdings Bhd.
162,000
129,963
Axiata Group Bhd.
356,400
163,067
CELCOMDIGI Bhd.
253,800
225,328
CIMB Group Holdings Bhd.
545,400
653,442
Dialog Group Bhd.
442,800
199,787
Gamuda Bhd.
243,000
236,650
Genting Bhd.
160,700
135,982
INVESTMENTS
SHARES
VALUE($)
 
Malaysia — continued
Genting Malaysia Bhd.
291,600
148,179
HAP Seng Consolidated Bhd.
199,800
205,902
Hong Leong Bank Bhd.
59,400
241,865
IHH Healthcare Bhd.
232,200
292,292
IOI Corp. Bhd.
232,200
191,586
Kuala Lumpur Kepong Bhd.
41,900
193,417
Malayan Banking Bhd.
530,100
1,003,775
Malaysia Airports Holdings Bhd.
81,200
125,983
Maxis Bhd.
172,800
143,681
MR DIY Group M Bhd. (b)
421,200
130,860
Petronas Chemicals Group Bhd.
216,000
333,074
Petronas Dagangan Bhd.
27,000
129,546
Petronas Gas Bhd.
70,500
254,507
PPB Group Bhd.
53,100
169,180
Press Metal Aluminium Holdings Bhd.
270,000
279,093
Public Bank Bhd.
1,100,900
961,528
RHB Bank Bhd.
219,600
257,218
Sime Darby Bhd.
233,700
112,320
Sime Darby Plantation Bhd.
271,600
247,599
Telekom Malaysia Bhd.
150,100
159,785
Tenaga Nasional Bhd.
206,200
428,456
Top Glove Corp. Bhd. *
394,200
60,005
 
7,814,070
Mexico — 2.0%
Arca Continental SAB de CV
35,309
316,839
Cemex SAB de CV *
1,140,588
682,619
Coca-Cola Femsa SAB de CV
39,582
300,910
Fibra Uno Administracion SA de CV, REIT
216,486
329,130
Fomento Economico Mexicano SAB de CV
133,583
1,510,320
Gruma SAB de CV, Class B
13,716
238,898
Grupo Aeroportuario del Pacifico SAB de CV,
Class B
28,498
332,717
Grupo Aeroportuario del Sureste SAB de CV,
Class B
14,202
307,215
Grupo Bimbo SAB de CV
109,215
443,306
Grupo Carso SAB de CV
39,398
252,528
Grupo Elektra SAB de CV
4,158
265,453
Grupo Financiero Banorte SAB de CV, Class O
186,894
1,513,998
Grupo Financiero Inbursa SAB de CV, Class O *
147,636
304,706
Grupo Mexico SAB de CV
231,629
961,898
Industrias CH SAB de CV *
8,461
90,575
Industrias Penoles SAB de CV *
14,040
155,344
Kimberly-Clark de Mexico SAB de CV, Class A
106,110
194,458
Operadora De Sites Mexicanos SAB de CV
67,296
57,520
SEE NOTES TO FINANCIAL STATEMENTS. 
 
October 31, 2023
J.P. Morgan Exchange-Traded Funds
71

JPMorgan BetaBuilders Emerging Markets Equity ETF
SCHEDULE OF PORTFOLIO INVESTMENTS
AS OF October 31, 2023 (continued)
INVESTMENTS
SHARES
VALUE($)
Common Stocks — continued
Mexico — continued
Orbia Advance Corp. SAB de CV
70,157
113,861
Promotora y Operadora de Infraestructura SAB
de CV
17,881
147,350
Wal-Mart de Mexico SAB de CV
355,530
1,273,905
 
9,793,550
Peru — 0.2%
Credicorp Ltd.
4,940
617,302
Enel Distribucion Peru SAA
38,432
36,215
InRetail Peru Corp. (b)
2,269
71,247
Intercorp Financial Services, Inc.
2,434
45,857
 
770,621
Philippines — 0.8%
Aboitiz Equity Ventures, Inc.
169,520
136,859
ACEN Corp.
662,900
62,037
Ayala Corp.
18,900
202,074
Ayala Land, Inc.
453,600
223,195
Bank of the Philippine Islands
148,500
263,029
BDO Unibank, Inc.
158,220
356,149
Emperador, Inc.
240,200
88,054
Globe Telecom, Inc.
2,365
73,359
GT Capital Holdings, Inc.
6,410
62,019
International Container Terminal Services, Inc.
61,020
216,195
JG Summit Holdings, Inc.
230,100
149,252
Jollibee Foods Corp.
33,480
121,023
Manila Electric Co.
21,060
131,764
Metropolitan Bank & Trust Co.
322,990
297,715
Monde Nissin Corp. * (b)
545,400
78,821
PLDT, Inc.
6,480
138,465
SM Investments Corp.
36,720
518,975
SM Prime Holdings, Inc.
869,400
459,676
Universal Robina Corp.
65,880
127,006
 
3,705,667
Qatar — 0.9%
Commercial Bank PSQC (The)
240,894
339,144
Dukhan Bank
113,706
113,314
Industries Qatar QSC
136,387
458,171
Masraf Al Rayan QSC
486,934
280,846
Mesaieed Petrochemical Holding Co.
270,351
118,260
Ooredoo QPSC
55,904
151,851
Qatar Electricity & Water Co. QSC
38,676
175,726
Qatar Fuel QSC
46,273
188,727
Qatar Gas Transport Co. Ltd.
197,415
190,854
Qatar International Islamic Bank QSC
87,804
223,067
INVESTMENTS
SHARES
VALUE($)
 
Qatar — continued
Qatar Islamic Bank SAQ
120,282
574,817
Qatar National Bank QPSC
322,403
1,318,479
 
4,133,256
Saudi Arabia — 3.8%
ACWA Power Co.
9,936
601,549
Advanced Petrochemical Co.
9,558
95,160
Al Rajhi Bank
142,531
2,551,386
Alinma Bank
73,818
647,873
Almarai Co. JSC
18,792
280,007
Arabian Internet & Communications Services
Co.
1,944
162,261
Bank Al-Jazira *
30,240
131,956
Banque Saudi Fransi
44,496
425,200
Bupa Arabia for Cooperative Insurance Co.
1,900
107,874
Dr Sulaiman Al Habib Medical Services Group
Co.
6,372
427,998
Elm Co.
1,998
373,440
Etihad Etisalat Co.
28,404
349,031
Jarir Marketing Co.
44,280
170,907
Mouwasat Medical Services Co.
7,006
186,747
Nahdi Medical Co.
2,970
112,296
Riyad Bank
110,808
784,186
SABIC Agri-Nutrients Co.
17,550
626,589
Sahara International Petrochemical Co.
27,054
233,027
Saudi Arabian Mining Co. *
88,594
848,837
Saudi Arabian Oil Co. (b)
316,770
2,814,299
Saudi Aramco Base Oil Co.
3,774
129,959
Saudi Awwal Bank
27,864
248,801
Saudi Basic Industries Corp.
65,448
1,344,907
Saudi Electricity Co.
59,616
283,041
Saudi Industrial Investment Group
27,864
178,225
Saudi Investment Bank (The)
36,882
144,572
Saudi Kayan Petrochemical Co. *
55,350
156,206
Saudi National Bank (The)
213,798
1,913,097
Saudi Tadawul Group Holding Co.
3,618
160,484
Saudi Telecom Co.
135,845
1,391,612
Savola Group (The)
22,356
216,910
Yanbu National Petrochemical Co.
20,736
209,580
 
18,308,017
South Africa — 2.8%
Absa Group Ltd.
61,647
562,506
African Rainbow Minerals Ltd.
8,154
67,192
Anglo American Platinum Ltd.
4,212
140,730
Aspen Pharmacare Holdings Ltd.
27,218
247,229
SEE NOTES TO FINANCIAL STATEMENTS. 
 
72
J.P. Morgan Exchange-Traded Funds
October 31, 2023

INVESTMENTS
SHARES
VALUE($)
Common Stocks — continued
South Africa — continued
Bid Corp. Ltd.
24,391
517,449
Bidvest Group Ltd. (The)
24,744
350,246
Capitec Bank Holdings Ltd.
6,585
585,108
Clicks Group Ltd.
17,960
264,656
Discovery Ltd.
36,675
253,021
Exxaro Resources Ltd.
18,144
182,110
FirstRand Ltd.
387,512
1,277,510
Gold Fields Ltd.
64,975
857,147
Growthpoint Properties Ltd., REIT
249,478
129,708
Impala Platinum Holdings Ltd.
64,260
267,681
Kumba Iron Ore Ltd.
4,104
108,740
Life Healthcare Group Holdings Ltd.
110,538
110,138
Mr Price Group Ltd.
31,075
224,607
MTN Group Ltd.
121,947
595,291
MultiChoice Group *
33,372
125,001
Naspers Ltd., Class N *
13,619
2,125,938
Nedbank Group Ltd.
36,666
394,586
Northam Platinum Holdings Ltd.
26,246
158,413
Old Mutual Ltd.
366,266
232,877
Remgro Ltd.
38,484
297,506
Sanlam Ltd.
126,549
443,864
Sasol Ltd.
41,976
530,566
Shoprite Holdings Ltd.
34,401
440,831
Sibanye Stillwater Ltd.
212,437
270,974
Standard Bank Group Ltd.
97,648
958,221
Tiger Brands Ltd.
12,204
112,986
Vodacom Group Ltd.
49,860
271,431
Woolworths Holdings Ltd.
65,425
243,586
 
13,347,849
South Korea — 11.8%
Amorepacific Corp.
2,214
207,820
AMOREPACIFIC Group
2,457
52,195
BGF retail Co. Ltd.
717
73,322
BNK Financial Group, Inc.
21,621
108,822
Celltrion Healthcare Co. Ltd.
8,100
400,671
Celltrion, Inc.
8,410
933,959
Cheil Worldwide, Inc.
9,206
135,552
CJ CheilJedang Corp.
616
129,050
CJ Corp.
1,109
69,175
CosmoAM&T Co. Ltd. *
1,713
178,345
Coway Co. Ltd.
4,050
129,603
DB Insurance Co. Ltd.
3,726
242,410
Doosan Bobcat, Inc.
3,937
113,114
Doosan Enerbility Co. Ltd. *
32,607
324,896
INVESTMENTS
SHARES
VALUE($)
 
South Korea — continued
Ecopro BM Co. Ltd.
3,343
489,072
Ecopro Co. Ltd.
1,413
652,911
E-MART, Inc.
1,458
78,605
F&F Co. Ltd.
1,350
93,588
Hana Financial Group, Inc.
22,248
646,900
Hanjin Kal Corp.
2,669
84,279
Hankook Tire & Technology Co. Ltd.
5,778
163,931
Hanmi Pharm Co. Ltd.
477
99,734
Hanmi Science Co. Ltd.
2,798
65,758
Hanon Systems
12,042
61,447
Hanwha Aerospace Co. Ltd.
2,484
186,750
Hanwha Corp.
3,707
61,062
Hanwha Ocean Co. Ltd. *
3,470
60,684
Hanwha Solutions Corp. *
8,316
177,133
HD Hyundai Co. Ltd.
3,437
146,390
HD Hyundai Heavy Industries Co. Ltd. *
1,512
114,641
HD Korea Shipbuilding & Offshore Engineering
Co. Ltd. *
3,456
231,839
HLB, Inc. *
8,788
189,345
HMM Co. Ltd.
27,270
295,369
Hotel Shilla Co. Ltd.
2,376
109,940
HYBE Co. Ltd. *
1,334
217,260
Hyundai Engineering & Construction Co. Ltd.
5,400
133,924
Hyundai Glovis Co. Ltd.
1,620
205,596
Hyundai Marine & Fire Insurance Co. Ltd.
4,291
100,096
Hyundai Mobis Co. Ltd.
4,594
711,449
Hyundai Motor Co.
9,999
1,259,716
Hyundai Motor Co. (Preference)
2,626
195,091
Hyundai Rotem Co. Ltd. *
5,400
93,360
Hyundai Steel Co.
8,754
212,883
Industrial Bank of Korea
21,600
178,761
Kakao Corp.
21,972
619,299
Kakao Games Corp. *
3,564
61,859
KakaoBank Corp.
24,962
337,817
Kakaopay Corp. *
1,836
46,806
Kangwon Land, Inc.
14,662
159,648
KB Financial Group, Inc.
27,287
1,040,133
Kia Corp.
18,419
1,052,304
Korea Aerospace Industries Ltd.
5,400
177,686
Korea Electric Power Corp. *
18,673
233,729
Korea Investment Holdings Co. Ltd.
3,074
114,917
Korea Zinc Co. Ltd.
1,025
356,207
Korean Air Lines Co. Ltd.
16,996
258,597
Krafton, Inc. *
2,643
321,738
KT Corp.
9,666
233,842
SEE NOTES TO FINANCIAL STATEMENTS. 
 
October 31, 2023
J.P. Morgan Exchange-Traded Funds
73

JPMorgan BetaBuilders Emerging Markets Equity ETF
SCHEDULE OF PORTFOLIO INVESTMENTS
AS OF October 31, 2023 (continued)
INVESTMENTS
SHARES
VALUE($)
Common Stocks — continued
South Korea — continued
KT&G Corp.
7,487
472,305
Kumho Petrochemical Co. Ltd.
1,296
121,807
L&F Co. Ltd.
1,818
176,842
LG Chem Ltd.
3,439
1,127,105
LG Chem Ltd. (Preference)
540
112,782
LG Corp.
8,121
464,838
LG Display Co. Ltd. *
16,686
150,987
LG Electronics, Inc.
7,853
582,559
LG Energy Solution Ltd. *
2,894
829,619
LG H&H Co. Ltd.
702
164,580
LG Innotek Co. Ltd.
1,026
170,288
LG Uplus Corp.
15,947
119,518
Lotte Chemical Corp.
1,404
152,470
Lotte Energy Materials Corp.
1,615
46,266
Meritz Financial Group, Inc. *
8,208
305,482
NAVER Corp.
10,974
1,534,200
NCSoft Corp.
1,188
205,247
Netmarble Corp. * (b)
1,944
55,811
Orion Corp.
1,890
167,275
Pan Ocean Co. Ltd.
17,930
57,244
Pearl Abyss Corp. *
2,808
102,873
POSCO Future M Co. Ltd.
2,253
397,030
POSCO Holdings, Inc.
5,412
1,656,750
Posco International Corp.
3,326
124,060
S-1 Corp.
1,821
73,600
Samsung Biologics Co. Ltd. * (b)
1,346
707,601
Samsung C&T Corp.
6,343
501,514
Samsung Electro-Mechanics Co. Ltd.
4,266
394,439
Samsung Electronics Co. Ltd.
373,333
18,582,605
Samsung Electronics Co. Ltd. (Preference)
59,838
2,389,016
Samsung Engineering Co. Ltd. *
11,544
203,459
Samsung Fire & Marine Insurance Co. Ltd.
2,484
474,997
Samsung Heavy Industries Co. Ltd. *
51,193
259,522
Samsung Life Insurance Co. Ltd.
6,835
365,941
Samsung SDI Co. Ltd.
3,800
1,203,212
Samsung SDS Co. Ltd.
3,017
309,257
Samsung Securities Co. Ltd.
4,725
123,778
Shinhan Financial Group Co. Ltd.
35,808
920,417
SK Biopharmaceuticals Co. Ltd. *
2,106
117,857
SK Bioscience Co. Ltd. *
1,837
82,678
SK Hynix, Inc.
39,174
3,401,953
SK IE Technology Co. Ltd. * (b)
2,106
92,864
SK Innovation Co. Ltd. *
4,176
380,453
SK Square Co. Ltd. *
7,506
237,174
INVESTMENTS
SHARES
VALUE($)
 
South Korea — continued
SK Telecom Co. Ltd.
8,100
295,382
SK, Inc.
2,836
299,002
SKC Co. Ltd.
1,512
88,424
S-Oil Corp.
3,132
154,572
Woori Financial Group, Inc.
51,068
451,071
Yuhan Corp.
3,942
168,040
 
57,007,796
Taiwan — 15.0%
Accton Technology Corp.
39,000
604,277
Acer, Inc.
227,000
239,913
Advanced Energy Solution Holding Co. Ltd.
4,000
76,166
Advantech Co. Ltd.
36,196
371,724
ASE Technology Holding Co. Ltd.
249,000
871,744
Asia Cement Corp.
189,000
233,391
Asustek Computer, Inc.
53,000
555,712
AUO Corp.
540,000
261,384
Catcher Technology Co. Ltd.
51,000
286,105
Cathay Financial Holding Co. Ltd.
701,000
951,292
Chailease Holding Co. Ltd.
117,200
635,757
Chang Hwa Commercial Bank Ltd.
478,450
253,472
Cheng Shin Rubber Industry Co. Ltd.
154,000
210,448
Chicony Electronics Co. Ltd.
50,000
192,487
China Airlines Ltd.
217,000
130,082
China Development Financial Holding Corp. *
1,242,000
434,152
China Steel Corp.
916,000
683,385
Chunghwa Telecom Co. Ltd.
210,000
751,074
Compal Electronics, Inc.
323,000
280,957
CTBC Financial Holding Co. Ltd.
1,423,000
1,071,666
Delta Electronics, Inc.
141,000
1,270,677
E Ink Holdings, Inc.
65,000
338,203
E.Sun Financial Holding Co. Ltd.
1,121,149
826,107
Eclat Textile Co. Ltd.
17,000
270,576
eMemory Technology, Inc.
5,000
313,257
Eva Airways Corp.
193,000
163,667
Evergreen Marine Corp. Taiwan Ltd.
74,000
246,256
Far Eastern New Century Corp.
277,000
252,378
Far EasTone Telecommunications Co. Ltd.
118,000
276,406
Feng TAY Enterprise Co. Ltd.
45,360
250,470
First Financial Holding Co. Ltd.
778,260
622,722
Formosa Chemicals & Fibre Corp.
294,000
553,154
Formosa Petrochemical Corp.
107,000
261,405
Formosa Plastics Corp.
323,000
768,150
Foxconn Technology Co. Ltd.
75,000
121,690
Fubon Financial Holding Co. Ltd.
614,000
1,141,791
SEE NOTES TO FINANCIAL STATEMENTS. 
 
74
J.P. Morgan Exchange-Traded Funds
October 31, 2023

INVESTMENTS
SHARES
VALUE($)
Common Stocks — continued
Taiwan — continued
Giant Manufacturing Co. Ltd.
24,000
121,358
Global Unichip Corp.
6,000
268,158
Globalwafers Co. Ltd.
15,000
220,499
Highwealth Construction Corp.
118,600
149,016
Hiwin Technologies Corp.
21,000
127,263
Hon Hai Precision Industry Co. Ltd.
816,000
2,435,527
Hotai Motor Co. Ltd.
25,520
476,181
Hua Nan Financial Holdings Co. Ltd.
744,000
466,580
Innolux Corp.
666,550
251,267
Inventec Corp.
227,000
284,378
Largan Precision Co. Ltd.
8,000
512,375
Lite-On Technology Corp.
162,000
504,389
Macronix International Co. Ltd.
139,000
116,151
MediaTek, Inc.
116,000
3,027,526
Mega Financial Holding Co. Ltd.
806,360
915,004
Merida Industry Co. Ltd.
16,000
81,978
Micro-Star International Co. Ltd.
56,000
286,683
momo.com, Inc.
6,500
107,162
Nan Ya Plastics Corp.
378,000
723,236
Nan Ya Printed Circuit Board Corp.
19,000
139,462
Nanya Technology Corp.
87,000
174,416
Nien Made Enterprise Co. Ltd.
15,000
132,710
Novatek Microelectronics Corp.
41,000
577,406
Oneness Biotech Co. Ltd.
27,163
164,607
Pegatron Corp.
157,000
366,379
PharmaEssentia Corp. *
23,000
228,688
Phison Electronics Corp.
12,000
173,198
Polaris Group *
40,000
90,531
Pou Chen Corp.
189,000
168,468
Powerchip Semiconductor Manufacturing Corp.
225,000
185,090
Powertech Technology, Inc.
54,000
175,437
President Chain Store Corp.
41,000
326,128
Quanta Computer, Inc.
203,000
1,198,574
Radiant Opto-Electronics Corp.
50,000
191,649
Realtek Semiconductor Corp.
35,000
436,201
Ruentex Development Co. Ltd.
138,900
139,300
Ruentex Industries Ltd.
60,000
106,203
Shanghai Commercial & Savings Bank Ltd.
(The)
355,000
470,372
Shin Kong Financial Holding Co. Ltd. *
1,134,000
304,647
Simplo Technology Co. Ltd.
13,000
133,935
Sino-American Silicon Products, Inc.
40,000
202,496
SinoPac Financial Holdings Co. Ltd.
899,740
496,221
Synnex Technology International Corp.
95,000
201,619
Taishin Financial Holding Co. Ltd.
906,750
483,630
INVESTMENTS
SHARES
VALUE($)
 
Taiwan — continued
Taiwan Business Bank
466,728
184,014
Taiwan Cement Corp.
479,000
477,284
Taiwan Cooperative Financial Holding Co. Ltd.
769,100
597,258
Taiwan High Speed Rail Corp.
163,000
147,994
Taiwan Mobile Co. Ltd.
125,000
369,408
Taiwan Semiconductor Manufacturing Co. Ltd.
1,773,000
28,957,556
Tatung Co. Ltd. *
151,000
167,348
Teco Electric and Machinery Co. Ltd.
118,000
168,423
Tripod Technology Corp.
34,000
174,067
Unimicron Technology Corp.
100,000
445,991
Uni-President Enterprises Corp.
347,000
727,988
United Microelectronics Corp.
846,000
1,216,645
Vanguard International Semiconductor Corp.
65,000
141,162
Voltronic Power Technology Corp.
6,000
240,624
Walsin Lihwa Corp.
220,000
234,142
Wan Hai Lines Ltd.
108,000
154,360
Win Semiconductors Corp.
28,000
125,498
Winbond Electronics Corp.
202,000
156,534
Wistron Corp.
217,000
605,105
Wiwynn Corp.
8,000
379,065
WPG Holdings Ltd.
121,000
267,752
Yageo Corp.
25,000
407,589
Yang Ming Marine Transport Corp.
129,000
168,136
Yuanta Financial Holding Co. Ltd.
931,515
699,863
Zhen Ding Technology Holding Ltd.
54,000
163,266
 
72,491,267
Thailand — 1.7%
Advanced Info Service PCL, NVDR
79,900
489,380
Airports of Thailand PCL, NVDR *
315,200
585,206
B Grimm Power PCL, NVDR
92,900
57,148
Bangkok Bank PCL, NVDR
42,700
187,116
Bangkok Dusit Medical Services PCL, NVDR
302,400
222,919
Bangkok Expressway & Metro PCL, NVDR
567,000
124,558
Bank of Ayudhya PCL, NVDR
126,100
100,006
Banpu PCL, NVDR
252,000
53,269
Berli Jucker PCL, NVDR
256,300
201,633
BTS Group Holdings PCL, NVDR
513,200
106,409
Bumrungrad Hospital PCL, NVDR
29,100
210,320
Carabao Group PCL, NVDR
34,200
64,245
Central Pattana PCL, NVDR
100,400
174,660
Central Retail Corp. PCL, NVDR
226,800
231,955
Charoen Pokphand Foods PCL, NVDR
394,100
205,005
CP ALL PCL, NVDR
320,000
491,799
CP Axtra PCL, NVDR
115,300
90,654
SEE NOTES TO FINANCIAL STATEMENTS. 
 
October 31, 2023
J.P. Morgan Exchange-Traded Funds
75

JPMorgan BetaBuilders Emerging Markets Equity ETF
SCHEDULE OF PORTFOLIO INVESTMENTS
AS OF October 31, 2023 (continued)
INVESTMENTS
SHARES
VALUE($)
Common Stocks — continued
Thailand — continued
Delta Electronics Thailand PCL, NVDR
327,400
719,706
Energy Absolute PCL, NVDR
135,000
157,797
Gulf Energy Development PCL, NVDR
415,800
500,431
Home Product Center PCL, NVDR
297,000
98,332
Indorama Ventures PCL, NVDR
215,600
142,055
Intouch Holdings PCL, NVDR
86,000
169,873
JMT Network Services PCL, NVDR
51,000
41,870
Kasikornbank PCL, NVDR
86,400
315,986
Krung Thai Bank PCL, NVDR
259,200
135,526
Krungthai Card PCL, NVDR
78,800
95,926
Minor International PCL, NVDR
199,300
155,311
Muangthai Capital PCL, NVDR
52,200
53,013
Osotspa PCL, NVDR
113,400
74,156
PTT Exploration & Production PCL, NVDR
106,600
486,824
PTT Global Chemical PCL, NVDR
124,200
119,285
PTT Oil & Retail Business PCL, NVDR
226,800
115,494
PTT PCL, NVDR
623,000
576,645
SCB X PCL, NVDR
64,800
177,665
SCG Packaging PCL, NVDR
89,700
89,878
Siam Cement PCL (The), NVDR
21,600
173,029
Siam Global House PCL, NVDR
163,600
71,822
Srisawad Corp. PCL, NVDR
50,200
57,974
Thai Life Insurance PCL, NVDR
224,900
69,464
Thai Union Group PCL, NVDR
156,100
58,630
TMBThanachart Bank PCL, NVDR
3,569,400
165,813
 
8,418,787
Turkey — 0.7%
Akbank TAS
231,120
240,430
Arcelik A/S
15,232
73,042
Aselsan Elektronik Sanayi ve Ticaret A/S
89,424
130,540
BIM Birlesik Magazalar A/S
32,673
313,817
Coca-Cola Icecek A/S
5,549
72,189
Enka Insaat ve Sanayi A/S
135,594
145,477
Eregli Demir ve Celik Fabrikalari TAS *
129,800
173,766
Ford Otomotiv Sanayi A/S
5,238
145,436
Haci Omer Sabanci Holding A/S
96,442
182,196
Hektas Ticaret TAS *
78,138
60,629
KOC Holding A/S
88,009
425,707
Petkim Petrokimya Holding A/S *
92,564
64,429
Sasa Polyester Sanayi A/S *
35,464
53,548
Tofas Turk Otomobil Fabrikasi A/S
9,396
79,861
Turk Hava Yollari AO *
51,179
392,708
Turkcell Iletisim Hizmetleri A/S *
89,478
151,662
Turkiye Garanti Bankasi A/S
43,828
72,739
INVESTMENTS
SHARES
VALUE($)
 
Turkey — continued
Turkiye Is Bankasi A/S, Class C
254,510
189,181
Turkiye Petrol Rafinerileri A/S
60,248
302,266
Turkiye Sise ve Cam Fabrikalari A/S
99,198
166,204
Yapi ve Kredi Bankasi A/S
203,634
124,281
 
3,560,108
United Arab Emirates — 3.0%
Abu Dhabi Commercial Bank PJSC
220,590
482,259
Abu Dhabi Islamic Bank PJSC
109,458
306,947
Abu Dhabi National Oil Co. for Distribution PJSC
216,648
198,186
ADNOC Drilling Co. PJSC
125,720
124,590
Aldar Properties PJSC
272,484
385,765
Alpha Dhabi Holding PJSC *
104,204
535,631
Americana Restaurants International plc
208,274
209,805
Dubai Electricity & Water Authority PJSC
654,483
424,086
Dubai Islamic Bank PJSC
217,154
319,258
Emaar Development PJSC
58,175
98,175
Emaar Properties PJSC
449,932
819,679
Emirates NBD Bank PJSC
180,139
831,298
Emirates Telecommunications Group Co. PJSC
252,973
1,271,408
Fertiglobe plc
86,626
75,749
First Abu Dhabi Bank PJSC
332,964
1,149,465
International Holding Co. PJSC *
62,210
6,768,069
Multiply Group PJSC *
268,774
249,048
Q Holding PJSC *
154,926
129,913
Salik Co. PJSC
136,350
118,420
 
14,497,751
United Kingdom — 0.1%
Anglogold Ashanti plc
30,515
563,282
United States — 0.1%
JBS SA
50,112
199,484
Parade Technologies Ltd.
6,000
196,721
 
396,205
Total Common Stocks
(Cost $515,289,385)
478,605,371
 
NO. OF
RIGHTS
Rights — 0.0% ^
Kuwait — 0.0% ^
Gulf Bank KSCP, expiring 11/12/2023*
20,959
433
SEE NOTES TO FINANCIAL STATEMENTS. 
 
76
J.P. Morgan Exchange-Traded Funds
October 31, 2023

 INVESTMENTS
NO. OF
RIGHTS
VALUE($)
Rights — continued
Taiwan — 0.0% ^
Winbond Electronics Corp., expiring
11/3/2023*
8,120
785
Total Rights
(Cost $—)
1,218
 
SHARES
Short-Term Investments — 0.9%
Investment Companies — 0.9%
JPMorgan U.S. Government Money Market Fund
Class IM Shares, 5.29% (c) (d)(Cost
$4,440,195)
4,440,195
4,440,195
Total Investments — 99.9%
(Cost $519,729,580)
483,046,784
Other Assets Less Liabilities — 0.1%
358,830
NET ASSETS — 100.0%
483,405,614
 
Percentages indicated are based on net assets.
 
Abbreviations
 
ADR
American Depositary Receipt
JSC
Joint Stock Company
NVDR
Non-Voting Depositary Receipt
PJSC
Public Joint Stock Company
Preference
A special type of equity investment that shares in the earnings of
the company, has limited voting rights, and may have a dividend
preference. Preference shares may also have liquidation
preference.
PT
Limited liability company
REIT
Real Estate Investment Trust
SCA
Limited partnership with share capital
 
^
Amount rounds to less than 0.1% of net assets.
*
Non-income producing security.
 
(a)
Securities exempt from registration under Rule 144A
or section 4(a)(2), of the Securities Act of 1933, as
amended.
 
(b)
Security exempt from registration pursuant to
Regulation S under the Securities Act of 1933, as
amended. Regulation S applies to securities offerings
that are made outside of the United States and do not
involve direct selling efforts in the United States and
as such may have restrictions on resale.
 
(c)
Investment in an affiliated fund, which is registered
under the Investment Company Act of 1940, as
amended, and is advised by J.P. Morgan Investment
Management Inc.
 
(d)
The rate shown is the current yield as of October 31,
2023.
 
Summary of Investments by Industry, October 31, 2023
The following table represents the portfolio investments of the Fund by industry classifications as a percentage of total investments:  
INDUSTRY October 31, 2023
PERCENT OF
TOTAL
INVESTMENTS
Banks
17.5
%
Semiconductors & Semiconductor Equipment
9.0
Technology Hardware, Storage & Peripherals
5.7
Oil, Gas & Consumable Fuels
5.4
Interactive Media & Services
4.7
Broadline Retail
4.6
Metals & Mining
3.7
Automobiles
3.0
Industrial Conglomerates
2.9
Chemicals
2.8
Insurance
2.6
Electronic Equipment, Instruments & Components
2.5
IT Services
2.3
Hotels, Restaurants & Leisure
2.2
Beverages
1.9
Food Products
1.8
Pharmaceuticals
1.4
Real Estate Management & Development
1.4
Consumer Staples Distribution & Retail
1.3
Wireless Telecommunication Services
1.3
Diversified Telecommunication Services
1.2
Electric Utilities
1.1
Financial Services
1.1
Electrical Equipment
1.1
Independent Power and Renewable Electricity Producers
1.0
Entertainment
1.0
Capital Markets
1.0
Others (each less than 1.0%)
13.6
Short-Term Investments
0.9
SEE NOTES TO FINANCIAL STATEMENTS. 
 
October 31, 2023
J.P. Morgan Exchange-Traded Funds
77

JPMorgan BetaBuilders Emerging Markets Equity ETF
SCHEDULE OF PORTFOLIO INVESTMENTS
AS OF October 31, 2023 (continued)
Futures contracts outstanding as of October 31, 2023:
 
DESCRIPTION
NUMBER OF
CONTRACTS
EXPIRATION DATE
TRADING CURRENCY
NOTIONAL
AMOUNT ($)
VALUE AND
UNREALIZED
APPRECIATION
(DEPRECIATION) ($)
Long Contracts
MSCI Emerging Markets E-Mini Index
100
12/15/2023
USD
4,594,000
(242,212
)
 
Abbreviations
 
MSCI
Morgan Stanley Capital International
USD
United States Dollar
SEE NOTES TO FINANCIAL STATEMENTS. 
 
78
J.P. Morgan Exchange-Traded Funds
October 31, 2023

JPMorgan BetaBuilders Europe ETF
SCHEDULE OF PORTFOLIO INVESTMENTS
AS OF October 31, 2023
 
INVESTMENTS
SHARES
VALUE($)
Common Stocks — 98.8%
Australia — 1.7%
Flutter Entertainment plc *
97,569
15,323,921
Glencore plc
6,206,280
32,873,616
Rio Tinto plc
617,491
39,396,248
 
87,593,785
Austria — 0.5%
ANDRITZ AG
39,644
1,824,778
BAWAG Group AG (a)
45,580
2,030,152
Erste Group Bank AG
197,088
7,057,575
EVN AG
20,197
548,152
Mondi plc
268,472
4,342,673
OMV AG
77,740
3,409,537
Raiffeisen Bank International AG *
74,512
1,079,511
Strabag SE
6,797
268,733
Telekom Austria AG
77,092
538,369
Verbund AG
46,081
4,003,829
Vienna Insurance Group AG Wiener
Versicherung Gruppe
19,562
524,708
voestalpine AG
58,199
1,453,288
 
27,081,305
Belgium — 1.4%
Ackermans & van Haaren NV
12,400
1,840,818
Ageas SA
94,493
3,629,745
Anheuser-Busch InBev SA
575,823
32,763,200
Azelis Group NV
49,861
850,398
D'ieteren Group
12,169
1,807,593
Elia Group SA/NV
18,685
1,774,253
Etablissements Franz Colruyt NV
24,449
1,011,834
Groupe Bruxelles Lambert NV
53,496
3,912,729
KBC Group NV
186,686
10,274,237
Sofina SA
8,701
1,652,966
Solvay SA
40,352
4,265,838
UCB SA
66,623
4,872,807
Umicore SA
110,263
2,623,471
Warehouses De Pauw CVA, REIT
89,254
2,208,369
 
73,488,258
Brazil — 0.1%
Yara International ASA
90,060
2,946,938
Chile — 0.1%
Antofagasta plc
190,616
3,116,864
China — 0.5%
Prosus NV *
837,495
23,421,036
INVESTMENTS
SHARES
VALUE($)
 
Denmark — 5.1%
AP Moller - Maersk A/S, Class A
1,458
2,380,566
AP Moller - Maersk A/S, Class B
2,593
4,320,537
Carlsberg A/S, Class B
49,824
5,937,686
Chr Hansen Holding A/S
56,812
3,876,836
Coloplast A/S, Class B
64,538
6,730,303
Danske Bank A/S
376,300
8,827,523
Demant A/S *
51,962
1,982,847
DSV A/S
99,217
14,827,080
Genmab A/S *
36,484
10,313,404
Novo Nordisk A/S, Class B
1,783,889
172,102,896
Novozymes A/S, Class B
115,497
5,190,779
Orsted A/S (a)
104,506
5,049,638
Pandora A/S
46,215
5,241,732
Tryg A/S
192,903
3,766,926
Vestas Wind Systems A/S *
557,911
12,092,600
 
262,641,353
Finland — 1.8%
Elisa OYJ
83,202
3,528,484
Fortum OYJ
242,901
2,884,068
Huhtamaki OYJ
52,976
1,821,111
Kesko OYJ, Class A
50,981
878,810
Kesko OYJ, Class B
150,885
2,551,690
Kone OYJ, Class B
222,827
9,649,160
Metso OYJ
389,278
3,429,705
Neste OYJ
237,971
7,997,715
Nokia OYJ (b)
2,924,887
9,741,870
Nordea Bank Abp
1,977,450
20,826,934
Orion OYJ, Class A
15,943
632,598
Orion OYJ, Class B
59,474
2,366,204
Sampo OYJ, Class A
257,719
10,135,780
Stora Enso OYJ, Class A
27,778
339,476
Stora Enso OYJ, Class R
338,310
4,065,945
UPM-Kymmene OYJ
294,856
9,929,548
Wartsila OYJ Abp
268,067
3,198,977
 
93,978,075
France — 15.3%
Adevinta ASA *
173,869
1,528,230
Aeroports de Paris SA
21,859
2,454,738
Air Liquide SA
289,354
49,581,460
Airbus SE
340,585
45,664,348
Alstom SA
154,001
2,085,553
Amundi SA (a)
32,863
1,716,742
AXA SA
959,131
28,419,460
SEE NOTES TO FINANCIAL STATEMENTS. 
 
October 31, 2023
J.P. Morgan Exchange-Traded Funds
79

JPMorgan BetaBuilders Europe ETF
SCHEDULE OF PORTFOLIO INVESTMENTS
AS OF October 31, 2023 (continued)
INVESTMENTS
SHARES
VALUE($)
Common Stocks — continued
France — continued
BioMerieux
26,105
2,506,404
BNP Paribas SA
600,085
34,507,303
Bollore SE
440,198
2,403,061
Bouygues SA
107,462
3,780,408
Bureau Veritas SA
157,929
3,597,271
Capgemini SE
86,299
15,251,518
Carrefour SA
298,316
5,229,916
Cie de Saint-Gobain SA
283,932
15,455,596
Cie Generale des Etablissements Michelin SCA
394,512
11,720,342
Credit Agricole SA
618,524
7,468,609
Danone SA
348,227
20,716,183
Dassault Aviation SA
12,057
2,396,801
Dassault Systemes SE
370,142
15,247,397
Edenred SE
137,883
7,339,717
Eiffage SA
41,688
3,783,210
Engie SA
968,681
15,406,763
EssilorLuxottica SA
157,878
28,589,106
Gecina SA, REIT
28,369
2,785,576
Getlink SE
179,271
2,894,991
Hermes International SCA
18,664
34,823,774
Ipsen SA
21,296
2,517,026
Kering SA
38,376
15,607,584
Legrand SA
147,410
12,751,906
L'Oreal SA
127,319
53,516,087
LVMH Moet Hennessy Louis Vuitton SE
144,223
103,253,656
Orange SA
1,014,006
11,926,788
Pernod Ricard SA
110,158
19,561,463
Publicis Groupe SA
129,256
9,841,983
Safran SA
191,199
29,869,021
Sartorius Stedim Biotech
13,234
2,477,707
Societe Generale SA
389,949
8,762,844
Sodexo SA
44,795
4,740,592
Teleperformance SE
32,892
3,783,952
Thales SA
52,258
7,712,111
TotalEnergies SE
1,283,568
85,816,125
Veolia Environnement SA
335,931
9,204,644
Vinci SA
280,570
31,023,859
Vivendi SE
341,394
3,061,452
Worldline SA * (a)
137,519
1,748,680
 
784,531,957
Germany — 11.8%
adidas AG
91,488
16,267,281
Allianz SE (Registered)
222,814
52,192,519
BASF SE
493,086
22,784,102
INVESTMENTS
SHARES
VALUE($)
 
Germany — continued
Bayer AG (Registered)
542,737
23,450,886
Bayerische Motoren Werke AG
160,158
14,895,393
Bayerische Motoren Werke AG (Preference)
32,558
2,768,394
Beiersdorf AG
54,294
7,140,750
Brenntag SE
85,355
6,347,136
Carl Zeiss Meditec AG
20,264
1,759,574
Commerzbank AG
581,175
6,268,294
Continental AG
59,674
3,896,055
Covestro AG * (a)
106,730
5,407,174
Daimler Truck Holding AG
286,417
8,999,286
Deutsche Bank AG (Registered)
1,127,146
12,403,735
Deutsche Boerse AG
104,959
17,275,880
Deutsche Lufthansa AG (Registered) *
330,218
2,315,480
Deutsche Post AG
520,246
20,312,222
Deutsche Telekom AG (Registered)
1,928,351
41,852,285
Deutsche Wohnen SE
28,330
609,615
E.ON SE
1,240,326
14,757,554
Evonik Industries AG
113,269
2,084,702
Fresenius SE & Co. KGaA
227,149
5,843,019
GEA Group AG
86,758
2,967,161
Hannover Rueck SE
33,313
7,355,958
Heidelberg Materials AG
75,732
5,497,638
Henkel AG & Co. KGaA
54,537
3,446,759
Henkel AG & Co. KGaA (Preference)
89,569
6,461,067
Infineon Technologies AG
721,459
21,073,977
Mercedes-Benz Group AG
443,283
26,080,232
Merck KGaA
71,395
10,783,387
MTU Aero Engines AG
29,730
5,587,953
Muenchener Rueckversicherungs-
Gesellschaft AG (Registered)
75,389
30,254,201
Porsche Automobil Holding SE (Preference)
84,602
3,786,625
Puma SE
55,829
3,163,724
RWE AG
373,946
14,309,204
SAP SE
563,310
75,558,085
Sartorius AG (Preference)
14,890
3,732,028
Siemens AG (Registered)
415,440
55,128,417
Siemens Energy AG *
282,620
2,512,755
Siemens Healthineers AG (a)
155,797
7,664,711
Symrise AG
73,353
7,495,890
Talanx AG
29,391
1,852,200
Telefonica Deutschland Holding AG
476,566
810,199
Volkswagen AG (Preference)
101,395
10,753,013
SEE NOTES TO FINANCIAL STATEMENTS. 
 
80
J.P. Morgan Exchange-Traded Funds
October 31, 2023

INVESTMENTS
SHARES
VALUE($)
Common Stocks — continued
Germany — continued
Vonovia SE
450,056
10,361,228
Zalando SE * (a)
121,009
2,830,459
 
609,098,207
Hong Kong — 0.3%
Prudential plc
1,521,031
15,904,492
Ireland — 0.3%
Kerry Group plc, Class A
86,093
6,650,152
Kingspan Group plc
85,436
5,749,743
Smurfit Kappa Group plc
143,721
4,684,721
 
17,084,616
Italy — 3.8%
A2A SpA
865,390
1,624,331
Amplifon SpA
51,286
1,449,519
Assicurazioni Generali SpA
611,608
12,148,770
Banca Mediolanum SpA
123,269
1,006,560
Banco BPM SpA
837,076
4,282,765
Buzzi SpA
52,144
1,380,730
Coca-Cola HBC AG
113,244
2,940,004
Davide Campari-Milano NV
295,203
3,263,105
DiaSorin SpA
14,528
1,302,034
Enel SpA
4,268,637
27,095,514
Eni SpA
1,324,181
21,647,263
Ferrari NV
69,629
21,076,976
FinecoBank Banca Fineco SpA
337,349
3,979,587
Hera SpA
444,364
1,250,037
Infrastrutture Wireless Italiane SpA (a)
196,270
2,149,125
Intesa Sanpaolo SpA
8,886,465
23,156,270
Leonardo SpA
223,576
3,378,790
Mediobanca Banca di Credito Finanziario
SpA (b)
351,872
4,203,269
Moncler SpA
113,797
5,910,295
Nexi SpA * (a)
471,257
2,738,385
Pirelli & C SpA (a)
187,832
836,845
Poste Italiane SpA (a)
252,543
2,500,236
Prysmian SpA
152,714
5,718,681
Recordati Industria Chimica e Farmaceutica
SpA
55,463
2,565,407
Snam SpA
1,132,592
5,193,551
Telecom Italia SpA *
8,919,521
2,312,409
Terna - Rete Elettrica Nazionale
777,302
5,951,831
UniCredit SpA
997,130
24,997,666
UnipolSai Assicurazioni SpA
234,484
555,763
 
196,615,718
INVESTMENTS
SHARES
VALUE($)
 
Jordan — 0.0% ^
Hikma Pharmaceuticals plc
94,294
2,184,749
Luxembourg — 0.2%
ArcelorMittal SA
254,414
5,629,485
Eurofins Scientific SE
71,364
3,620,708
 
9,250,193
Mexico — 0.0% ^
Fresnillo plc
101,778
685,026
Netherlands — 8.3%
Adyen NV * (a)
17,128
11,552,597
Aegon Ltd.
751,284
3,653,695
Akzo Nobel NV
94,240
6,322,063
Argenx SE *
27,570
12,968,421
Argenx SE *
4,759
2,304,244
ASM International NV
25,392
10,478,770
ASML Holding NV
222,718
133,880,337
EXOR NV
57,242
4,913,035
HAL Trust
49,927
5,623,940
Heineken Holding NV
55,699
4,237,774
Heineken NV
140,011
12,579,071
ING Groep NV
1,999,608
25,636,033
JDE Peet's NV
72,220
2,005,155
Koninklijke Ahold Delhaize NV
539,028
15,961,583
Koninklijke KPN NV
1,851,258
6,222,410
Koninklijke Philips NV *
513,034
9,759,177
NN Group NV
162,970
5,226,836
Randstad NV
68,098
3,526,439
Shell plc
3,700,068
119,241,549
Universal Music Group NV
422,471
10,345,821
Wolters Kluwer NV
142,261
18,252,938
 
424,691,888
Norway — 1.1%
Aker ASA, Class A
13,133
789,766
Aker BP ASA (b)
171,088
4,931,031
AutoStore Holdings Ltd. * (b) (c)
492,464
545,252
DNB Bank ASA
494,287
8,917,858
Equinor ASA (b)
547,502
18,354,028
Gjensidige Forsikring ASA
104,959
1,574,045
Kongsberg Gruppen ASA
48,588
1,984,806
Mowi ASA
245,704
3,992,606
Norsk Hydro ASA
744,264
4,244,320
Orkla ASA
414,932
2,859,917
Salmar ASA
39,292
1,863,026
Schibsted ASA, Class A
39,246
786,259
SEE NOTES TO FINANCIAL STATEMENTS. 
 
October 31, 2023
J.P. Morgan Exchange-Traded Funds
81

JPMorgan BetaBuilders Europe ETF
SCHEDULE OF PORTFOLIO INVESTMENTS
AS OF October 31, 2023 (continued)
INVESTMENTS
SHARES
VALUE($)
Common Stocks — continued
Norway — continued
Schibsted ASA, Class B
53,056
984,485
Storebrand ASA
257,159
2,147,521
Telenor ASA
347,537
3,552,660
TOMRA Systems ASA
129,204
1,024,119
Var Energi ASA (b)
220,667
745,504
 
59,297,203
Poland — 0.5%
Allegro.eu SA * (a)
233,556
1,675,363
Bank Polska Kasa Opieki SA
97,159
2,952,390
Dino Polska SA * (a)
26,545
2,515,280
ING Bank Slaski SA *
17,976
933,515
KGHM Polska Miedz SA
75,133
2,004,946
LPP SA
579
1,865,226
ORLEN SA
320,686
5,071,304
Powszechna Kasa Oszczednosci Bank Polski
SA *
476,499
4,935,940
Powszechny Zaklad Ubezpieczen SA
314,855
3,562,861
Santander Bank Polska SA *
18,631
2,023,457
 
27,540,282
Portugal — 0.3%
EDP - Energias de Portugal SA
1,641,145
6,896,910
Galp Energia SGPS SA
246,746
3,714,704
Jeronimo Martins SGPS SA
152,961
3,526,497
 
14,138,111
Russia — 0.0% ^
Evraz plc ‡ *
453,755
22,579
Singapore — 0.3%
STMicroelectronics NV
362,478
13,817,701
South Africa — 0.4%
Anglo American plc
738,960
18,828,413
South Korea — 0.1%
Delivery Hero SE * (a)
110,193
2,816,104
Spain — 3.8%
Acciona SA
13,627
1,718,005
ACS Actividades de Construccion y Servicios
SA
110,643
4,001,289
Aena SME SA (a)
40,596
5,890,509
Amadeus IT Group SA
248,872
14,203,825
Banco Bilbao Vizcaya Argentaria SA
3,295,649
25,927,644
Banco Santander SA
8,941,009
32,884,455
CaixaBank SA
2,238,081
9,099,011
Cellnex Telecom SA (a)
323,937
9,522,488
INVESTMENTS
SHARES
VALUE($)
 
Spain — continued
Corp. ACCIONA Energias Renovables SA
30,925
837,022
EDP Renovaveis SA
164,059
2,639,209
Endesa SA
175,470
3,301,410
Iberdrola SA
3,192,504
35,507,086
Industria de Diseno Textil SA (b)
619,843
21,395,726
Naturgy Energy Group SA
101,780
2,879,833
Redeia Corp. SA
224,200
3,496,380
Repsol SA
705,711
10,333,124
Telefonica SA
3,176,862
12,271,071
 
195,908,087
Sweden — 4.8%
Alfa Laval AB
159,847
5,180,127
Assa Abloy AB, Class B
547,898
11,678,488
Atlas Copco AB, Class A
1,428,274
18,494,751
Atlas Copco AB, Class B
862,318
9,686,634
Axfood AB
59,903
1,324,486
Beijer Ref AB (b)
215,294
2,046,659
Boliden AB
151,093
3,872,990
Castellum AB
234,035
2,242,937
Electrolux AB, Class B *
124,531
1,047,955
Embracer Group AB * (b)
495,095
806,087
Epiroc AB, Class A
345,872
5,698,145
Epiroc AB, Class B
215,435
2,991,383
EQT AB
189,912
3,469,657
Essity AB, Class A
15,402
352,540
Essity AB, Class B
332,976
7,592,476
Evolution AB (a)
106,012
9,446,247
Fastighets AB Balder, Class B *
366,195
1,555,890
Getinge AB, Class B
120,752
2,173,915
H & M Hennes & Mauritz AB, Class B (b)
340,968
4,580,794
Hexagon AB, Class B
1,161,330
9,464,418
Holmen AB, Class B
51,188
1,931,828
Husqvarna AB, Class B
193,187
1,251,806
Industrivarden AB, Class A
86,157
2,229,348
Industrivarden AB, Class C (b)
82,656
2,131,641
Indutrade AB
146,919
2,603,900
Investment AB Latour, Class B
75,251
1,303,222
Investor AB, Class A
309,956
5,641,613
Investor AB, Class B
1,006,539
18,477,140
Kinnevik AB, Class B *
134,357
1,148,822
L E Lundbergforetagen AB, Class B
40,301
1,645,893
Lifco AB, Class B
117,072
2,142,180
Nibe Industrier AB, Class B
847,084
4,878,667
Nordnet AB publ
89,772
1,271,048
SEE NOTES TO FINANCIAL STATEMENTS. 
 
82
J.P. Morgan Exchange-Traded Funds
October 31, 2023

INVESTMENTS
SHARES
VALUE($)
Common Stocks — continued
Sweden — continued
Saab AB, Class B
45,715
2,348,445
Sagax AB, Class B
114,121
2,065,924
Sagax AB, Class D
62,085
139,772
Sandvik AB
595,974
10,151,236
Securitas AB, Class B
277,735
2,224,771
Skandinaviska Enskilda Banken AB, Class A
923,430
10,305,031
Skandinaviska Enskilda Banken AB, Class C
11,069
127,290
Skanska AB, Class B
196,798
2,954,712
SKF AB, Class A
7,322
118,605
SKF AB, Class B
207,081
3,357,293
SSAB AB, Class A
122,677
734,899
SSAB AB, Class B
348,768
2,023,394
Svenska Cellulosa AB SCA, Class A
16,765
229,133
Svenska Cellulosa AB SCA, Class B
331,195
4,544,479
Svenska Handelsbanken AB, Class A
870,273
7,419,683
Svenska Handelsbanken AB, Class B (b)
19,134
197,397
Swedbank AB, Class A
506,559
8,319,378
Swedish Orphan Biovitrum AB * (b)
127,142
2,615,592
Tele2 AB, Class B
307,383
2,182,924
Telefonaktiebolaget LM Ericsson, Class A
29,810
139,403
Telefonaktiebolaget LM Ericsson, Class B
1,702,883
7,628,456
Telia Co. AB (b)
1,281,665
2,717,062
Trelleborg AB, Class B
125,199
3,166,169
Volvo AB, Class A
105,715
2,119,513
Volvo AB, Class B
877,553
17,388,885
Volvo Car AB, Class B * (b)
296,286
1,021,918
 
246,605,051
Switzerland — 8.5%
ABB Ltd. (Registered)
894,160
30,041,736
Alcon, Inc.
276,053
19,758,817
Baloise Holding AG (Registered)
25,300
3,632,723
Barry Callebaut AG (Registered)
1,972
2,989,944
Chocoladefabriken Lindt & Spruengli AG
552
6,111,312
Chocoladefabriken Lindt & Spruengli AG
(Registered)
58
6,312,318
Cie Financiere Richemont SA (Registered)
288,374
34,021,072
DSM-Firmenich AG
114,485
10,378,728
EMS-Chemie Holding AG (Registered)
3,751
2,565,910
Geberit AG (Registered)
18,471
8,600,351
Givaudan SA (Registered)
4,385
14,595,574
Julius Baer Group Ltd.
113,814
6,744,811
Kuehne + Nagel International AG (Registered)
30,692
8,276,518
Lonza Group AG (Registered)
41,146
14,409,493
Novartis AG (Registered)
1,144,958
107,190,472
INVESTMENTS
SHARES
VALUE($)
 
Switzerland — continued
Partners Group Holding AG
12,099
12,811,190
Schindler Holding AG
22,498
4,551,858
Schindler Holding AG (Registered)
11,111
2,165,989
SGS SA (Registered)
83,844
6,847,597
Sika AG (Registered)
85,115
20,368,837
Sonova Holding AG (Registered)
27,031
6,406,708
Straumann Holding AG (Registered)
64,310
7,600,424
Swatch Group AG (The)
15,992
4,093,570
Swatch Group AG (The) (Registered)
30,367
1,470,698
Swiss Life Holding AG (Registered)
16,311
10,476,243
Swisscom AG (Registered)
14,028
8,405,421
UBS Group AG (Registered)
1,683,137
39,547,733
Zurich Insurance Group AG
80,859
38,407,421
 
438,783,468
United Arab Emirates — 0.0% ^
NMC Health plc ‡ *
23,176
—
United Kingdom — 18.0%
3i Group plc
537,690
12,677,434
abrdn plc
1,065,386
2,033,927
Admiral Group plc
144,068
4,280,657
Ashtead Group plc
249,360
14,301,421
Associated British Foods plc
187,134
4,616,234
AstraZeneca plc
856,229
107,203,085
Auto Trader Group plc (a)
508,546
3,846,771
Aviva plc
1,512,802
7,327,364
B&M European Value Retail SA
514,736
3,313,739
BAE Systems plc
1,688,743
22,707,484
Barclays plc
8,110,280
13,017,386
Barratt Developments plc
538,408
2,715,299
Berkeley Group Holdings plc
63,774
3,134,917
BP plc
9,552,245
58,326,196
British American Tobacco plc
1,235,179
36,897,820
British Land Co. plc (The), REIT
518,492
1,879,680
BT Group plc
3,138,954
4,311,131
Bunzl plc
186,711
6,661,141
Burberry Group plc
209,120
4,309,977
Centrica plc
3,100,427
5,935,146
CNH Industrial NV
537,984
5,961,926
Coca-Cola Europacific Partners plc
114,102
6,676,108
Compass Group plc
986,350
24,867,251
ConvaTec Group plc (a)
892,769
2,215,807
Croda International plc
78,749
4,197,020
DCC plc
55,985
3,110,194
Dechra Pharmaceuticals plc
62,912
2,915,909
SEE NOTES TO FINANCIAL STATEMENTS. 
 
October 31, 2023
J.P. Morgan Exchange-Traded Funds
83

JPMorgan BetaBuilders Europe ETF
SCHEDULE OF PORTFOLIO INVESTMENTS
AS OF October 31, 2023 (continued)
INVESTMENTS
SHARES
VALUE($)
Common Stocks — continued
United Kingdom — continued
Diageo plc
1,236,640
46,764,810
DS Smith plc
760,970
2,639,402
easyJet plc *
355,956
1,587,913
Entain plc
352,890
4,006,113
Halma plc
209,744
4,716,802
Hargreaves Lansdown plc
193,909
1,670,032
Hiscox Ltd.
195,852
2,232,893
Howden Joinery Group plc
305,839
2,375,179
HSBC Holdings plc
11,060,953
79,864,788
Imperial Brands plc
505,620
10,771,825
Informa plc
770,773
6,678,348
InterContinental Hotels Group plc
96,852
6,863,181
Intermediate Capital Group plc
162,612
2,588,946
Intertek Group plc
89,166
4,152,785
ITV plc
2,005,956
1,561,907
J Sainsbury plc
980,827
3,068,833
JD Sports Fashion plc
1,374,446
2,137,039
Johnson Matthey plc
106,944
1,944,158
Kingfisher plc
1,047,927
2,675,901
Land Securities Group plc, REIT
415,065
2,877,109
Legal & General Group plc
3,302,642
8,509,278
Lloyds Banking Group plc
37,163,489
18,087,469
London Stock Exchange Group plc
228,246
23,028,902
M&G plc
1,311,912
3,168,053
Melrose Industries plc
746,624
4,251,110
National Grid plc
2,043,825
24,368,479
NatWest Group plc
3,082,997
6,708,038
Next plc
70,058
5,873,836
Ocado Group plc *
402,234
2,282,726
Pearson plc
395,835
4,582,082
Pepco Group NV * (a)
88,951
360,529
Persimmon plc
176,469
2,185,394
Phoenix Group Holdings plc
525,484
2,902,719
Reckitt Benckiser Group plc
406,898
27,224,309
RELX plc
1,070,194
37,379,432
Rentokil Initial plc
1,392,208
7,089,806
Rightmove plc
456,235
2,630,940
Rolls-Royce Holdings plc *
4,649,844
12,239,443
Sage Group plc (The)
565,560
6,681,427
Schroders plc
507,648
2,285,968
Segro plc, REIT
676,592
5,881,038
Severn Trent plc
153,824
4,965,801
Smith & Nephew plc
484,875
5,426,301
Smiths Group plc
192,720
3,780,326
INVESTMENTS
SHARES
VALUE($)
 
United Kingdom — continued
Spirax-Sarco Engineering plc
40,766
4,069,003
SSE plc
604,352
12,010,631
St. James's Place plc
303,059
2,362,584
Standard Chartered plc
1,275,436
9,779,200
Tate & Lyle plc
221,886
1,700,404
Taylor Wimpey plc
1,970,444
2,661,369
Tesco plc
3,941,141
12,933,100
Unilever plc
1,390,304
65,845,750
United Utilities Group plc
376,715
4,872,269
Vodafone Group plc
12,576,807
11,577,448
Weir Group plc (The)
143,428
2,979,082
Whitbread plc
108,024
4,380,174
Wise plc, Class A *
260,427
2,116,686
WPP plc
592,788
5,104,634
 
924,904,728
United States — 9.8%
Experian plc
509,819
15,467,306
Ferrovial SE
275,175
8,281,677
GSK plc
2,263,120
40,344,130
Haleon plc
2,652,878
10,632,975
Holcim AG
294,341
18,198,447
Nestle SA (Registered)
1,475,059
159,068,564
QIAGEN NV *
127,519
4,752,393
Roche Holding AG
388,130
100,024,843
Roche Holding AG
14,734
4,015,179
Sanofi SA
614,759
55,823,942
Schneider Electric SE
297,483
45,769,924
Stellantis NV
1,222,247
22,834,441
Swiss Re AG
159,624
17,440,970
Tenaris SA
254,355
4,029,334
 
506,684,125
Total Common Stocks
(Cost $5,908,663,965)
5,083,660,312
Short-Term Investments — 0.9%
Investment of Cash Collateral from Securities Loaned — 0.9%
JPMorgan Securities Lending Money Market
Fund Agency SL Class Shares, 5.53% (d)
(e)
38,615,115
38,622,839
JPMorgan U.S. Government Money Market
Fund Class IM Shares, 5.29% (d) (e)
4,769,550
4,769,550
Total Investment of Cash Collateral from
Securities Loaned
(Cost $43,392,389)
43,392,389
SEE NOTES TO FINANCIAL STATEMENTS. 
 
84
J.P. Morgan Exchange-Traded Funds
October 31, 2023

INVESTMENTS
SHARES
VALUE($)
Total Investments — 99.7%
(Cost $5,952,056,354)
5,127,052,701
Other Assets Less Liabilities — 0.3%
16,307,874
NET ASSETS — 100.0%
5,143,360,575
 
Percentages indicated are based on net assets.
 
Abbreviations
 
CVA
Certificaten Van Aandelen (Dutch Certificate)
OYJ
Public Limited Company
Preference
A special type of equity investment that shares in the earnings of
the company, has limited voting rights, and may have a dividend
preference. Preference shares may also have liquidation
preference.
REIT
Real Estate Investment Trust
SCA
Limited partnership with share capital
SGPS
Holding company
 
^
Amount rounds to less than 0.1% of net assets.
‡
Value determined using significant unobservable
inputs.
 
*
Non-income producing security.
 
(a)
Security exempt from registration pursuant to
Regulation S under the Securities Act of 1933, as
amended. Regulation S applies to securities offerings
that are made outside of the United States and do not
involve direct selling efforts in the United States and
as such may have restrictions on resale.
 
(b)
The security or a portion of this security is on loan at
October 31, 2023. The total value of securities on
loan at October 31, 2023 is $41,286,855.
 
(c)
Securities exempt from registration under Rule 144A
or section 4(a)(2), of the Securities Act of 1933, as
amended.
 
(d)
Investment in an affiliated fund, which is registered
under the Investment Company Act of 1940, as
amended, and is advised by J.P. Morgan Investment
Management Inc.
 
(e)
The rate shown is the current yield as of October 31,
2023.
 
Summary of Investments by Industry, October 31, 2023
The following table represents the portfolio investments of the Fund by industry classifications as a percentage of total investments:  
INDUSTRY October 31, 2023
PERCENT OF
TOTAL
INVESTMENTS
Pharmaceuticals
12.5
%
Banks
8.5
Oil, Gas & Consumable Fuels
6.6
Insurance
5.5
Textiles, Apparel & Luxury Goods
4.5
Food Products
4.3
Semiconductors & Semiconductor Equipment
3.5
Chemicals
3.2
Capital Markets
2.8
Aerospace & Defense
2.7
Personal Care Products
2.7
Machinery
2.6
Beverages
2.6
Metals & Mining
2.2
Electric Utilities
2.2
Diversified Telecommunication Services
2.1
Electrical Equipment
2.1
Health Care Equipment & Supplies
2.0
Automobiles
2.0
Software
1.9
Professional Services
1.8
Hotels, Restaurants & Leisure
1.7
Financial Services
1.5
Multi-Utilities
1.4
Industrial Conglomerates
1.3
Construction & Engineering
1.1
Consumer Staples Distribution & Retail
1.0
Others (each less than 1.0%)
12.9
Short-Term Investments
0.8
Futures contracts outstanding as of October 31, 2023:
 
DESCRIPTION
NUMBER OF
CONTRACTS
EXPIRATION DATE
TRADING CURRENCY
NOTIONAL
AMOUNT ($)
VALUE AND
UNREALIZED
APPRECIATION
(DEPRECIATION) ($)
Long Contracts
EURO STOXX 50 Index
880
12/15/2023
EUR
38,027,268
(1,674,811
)
FTSE 100 Index
220
12/15/2023
GBP
19,637,783
(596,106
)
 
(2,270,917
)
 
SEE NOTES TO FINANCIAL STATEMENTS. 
 
October 31, 2023
J.P. Morgan Exchange-Traded Funds
85

JPMorgan BetaBuilders Europe ETF
SCHEDULE OF PORTFOLIO INVESTMENTS
AS OF October 31, 2023 (continued)
Abbreviations
 
EUR
Euro
FTSE
Financial Times and the London Stock Exchange
GBP
British Pound
SEE NOTES TO FINANCIAL STATEMENTS. 
 
86
J.P. Morgan Exchange-Traded Funds
October 31, 2023

JPMorgan BetaBuilders International Equity ETF
SCHEDULE OF PORTFOLIO INVESTMENTS
AS OF October 31, 2023
 
INVESTMENTS
SHARES
VALUE($)
Common Stocks — 98.8%
Australia — 7.6%
Ampol Ltd.
57,786
1,171,770
ANZ Group Holdings Ltd.
728,739
11,491,470
APA Group
305,364
1,600,700
Aristocrat Leisure Ltd.
157,424
3,869,499
ASX Ltd.
46,944
1,677,196
Atlas Arteria Ltd.
274,408
927,670
Aurizon Holdings Ltd.
446,344
972,188
Bendigo & Adelaide Bank Ltd.
137,802
763,478
BHP Group Ltd.
1,228,392
34,772,678
BlueScope Steel Ltd.
109,789
1,316,091
Brambles Ltd.
336,886
2,811,568
Cochlear Ltd.
15,921
2,440,278
Coles Group Ltd.
324,540
3,149,885
Commonwealth Bank of Australia
406,446
25,002,893
Computershare Ltd.
139,076
2,194,891
Dexus, REIT
260,810
1,077,195
Endeavour Group Ltd.
330,059
1,036,863
Flutter Entertainment plc *
42,823
6,725,663
Fortescue Metals Group Ltd.
410,633
5,841,595
Glencore plc
2,724,090
14,429,044
Goodman Group, REIT
415,690
5,500,372
GPT Group (The), REIT
464,502
1,071,991
IDP Education Ltd.
67,492
932,494
IGO Ltd.
163,428
989,618
Incitec Pivot Ltd.
470,962
822,151
Insurance Australia Group Ltd.
591,797
2,134,930
LendLease Corp. Ltd.
167,149
661,993
Lottery Corp. Ltd. (The)
539,719
1,557,937
Macquarie Group Ltd.
87,156
8,958,763
Medibank Pvt Ltd.
667,808
1,457,343
Mineral Resources Ltd.
41,972
1,546,972
Mirvac Group, REIT
956,814
1,110,147
National Australia Bank Ltd.
761,290
13,637,944
Northern Star Resources Ltd.
279,272
2,045,049
Orica Ltd.
110,451
1,032,046
Origin Energy Ltd.
417,741
2,423,254
Pilbara Minerals Ltd. (a)
683,422
1,605,357
Qantas Airways Ltd. *
204,895
641,917
QBE Insurance Group Ltd.
361,810
3,587,747
Ramsay Health Care Ltd.
45,010
1,393,694
REA Group Ltd.
12,493
1,146,916
Reece Ltd.
50,928
567,833
Rio Tinto Ltd.
90,015
6,723,949
Rio Tinto plc
271,035
17,292,174
INVESTMENTS
SHARES
VALUE($)
 
Australia — continued
Santos Ltd.
787,540
3,842,769
Scentre Group, REIT
1,258,593
1,949,804
SEEK Ltd.
86,380
1,139,584
Seven Group Holdings Ltd.
37,333
659,735
Sonic Healthcare Ltd.
114,294
2,092,845
South32 Ltd.
1,102,199
2,358,027
Stockland, REIT
578,857
1,306,447
Suncorp Group Ltd.
307,119
2,614,089
Telstra Group Ltd.
980,626
2,377,901
TPG Telecom Ltd.
102,170
337,026
Transurban Group
746,990
5,623,709
Treasury Wine Estates Ltd.
175,039
1,348,527
Vicinity Ltd., REIT
938,284
1,016,285
Washington H Soul Pattinson & Co. Ltd.
59,522
1,268,049
Wesfarmers Ltd.
275,103
8,851,117
Westpac Banking Corp.
850,901
11,173,847
WiseTech Global Ltd.
44,257
1,647,745
Woodside Energy Group Ltd.
460,419
10,027,835
Woolworths Group Ltd.
295,518
6,615,103
Worley Ltd.
89,067
931,060
 
269,296,710
Austria — 0.3%
ANDRITZ AG
17,400
800,907
BAWAG Group AG (b)
20,006
891,075
Erste Group Bank AG
86,503
3,097,608
EVN AG
9,040
245,348
Mondi plc
117,838
1,906,091
OMV AG
34,126
1,496,705
Raiffeisen Bank International AG *
32,216
466,737
Strabag SE
2,984
117,978
Telekom Austria AG
33,329
232,752
Verbund AG
20,226
1,757,372
Vienna Insurance Group AG Wiener
Versicherung Gruppe
8,555
229,469
voestalpine AG
25,543
637,835
 
11,879,877
Belgium — 0.9%
Ackermans & van Haaren NV
5,440
807,584
Ageas SA
41,476
1,593,211
Anheuser-Busch InBev SA
252,746
14,380,752
Azelis Group NV
21,885
373,257
D'ieteren Group
5,309
788,603
Elia Group SA/NV
8,200
778,639
Etablissements Franz Colruyt NV
10,727
443,942
SEE NOTES TO FINANCIAL STATEMENTS. 
 
October 31, 2023
J.P. Morgan Exchange-Traded Funds
87

JPMorgan BetaBuilders International Equity ETF
SCHEDULE OF PORTFOLIO INVESTMENTS
AS OF October 31, 2023 (continued)
INVESTMENTS
SHARES
VALUE($)
Common Stocks — continued
Belgium — continued
Groupe Bruxelles Lambert NV
23,476
1,717,049
KBC Group NV
81,937
4,509,391
Sofina SA
3,776
717,343
Solvay SA
17,714
1,872,647
UCB SA
29,243
2,138,833
Umicore SA
48,396
1,151,479
Warehouses De Pauw CVA, REIT
39,174
969,264
 
32,241,994
Brazil — 0.0% ^
Yara International ASA
39,531
1,293,531
Chile — 0.1%
Antofagasta plc
83,670
1,368,133
China — 0.6%
Budweiser Brewing Co. APAC Ltd. (b)
417,500
793,395
ESR Group Ltd. (b)
574,800
738,558
Prosus NV *
367,595
10,280,009
Wharf Holdings Ltd. (The)
231,000
586,150
Wilmar International Ltd.
729,900
1,897,584
Wuxi Biologics Cayman, Inc. * (b)
866,000
5,384,564
 
19,680,260
Denmark — 3.2%
AP Moller - Maersk A/S, Class A
638
1,041,702
AP Moller - Maersk A/S, Class B
1,139
1,897,837
Carlsberg A/S, Class B
21,868
2,606,080
Chr Hansen Holding A/S
24,940
1,701,899
Coloplast A/S, Class B
28,296
2,950,830
Danske Bank A/S
165,164
3,874,539
Demant A/S *
22,808
870,343
DSV A/S
43,544
6,507,256
Genmab A/S *
16,016
4,527,449
Novo Nordisk A/S, Class B
782,992
75,540,121
Novozymes A/S, Class B
50,699
2,278,564
Orsted A/S (b)
45,872
2,216,495
Pandora A/S
20,285
2,300,736
Tryg A/S
84,667
1,653,340
Vestas Wind Systems A/S *
244,880
5,307,721
 
115,274,912
Finland — 1.2%
Elisa OYJ
36,517
1,548,637
Fortum OYJ
106,611
1,265,838
Huhtamaki OYJ
23,256
799,452
Kesko OYJ, Class A
22,461
387,182
INVESTMENTS
SHARES
VALUE($)
 
Finland — continued
Kesko OYJ, Class B
66,232
1,120,082
Kone OYJ, Class B
97,803
4,235,199
Metso OYJ
170,862
1,505,367
Neste OYJ
104,453
3,510,450
Nokia OYJ
1,283,810
4,275,964
Nordea Bank Abp
867,951
9,141,449
Orion OYJ, Class A
7,073
280,648
Orion OYJ, Class B
26,109
1,038,760
Sampo OYJ, Class A
113,213
4,452,532
Stora Enso OYJ, Class A
12,226
149,415
Stora Enso OYJ, Class R
148,497
1,784,696
UPM-Kymmene OYJ
129,425
4,358,506
Wartsila OYJ Abp
117,657
1,404,059
 
41,258,236
France — 9.7%
Adevinta ASA *
76,318
670,801
Aeroports de Paris SA
9,598
1,077,843
Air Liquide SA
127,004
21,762,422
Airbus SE
149,493
20,043,456
Alstom SA
67,592
915,362
Amundi SA (b)
14,392
751,829
AXA SA
420,990
12,474,113
BioMerieux
11,478
1,102,030
BNP Paribas SA
263,391
15,146,043
Bollore SE
193,214
1,054,764
Bouygues SA
47,166
1,659,254
Bureau Veritas SA
68,952
1,570,573
Capgemini SE
37,881
6,694,663
Carrefour SA
130,940
2,295,570
Cie de Saint-Gobain SA
124,627
6,783,964
Cie Generale des Etablissements Michelin SCA
173,161
5,144,346
Credit Agricole SA
271,483
3,278,127
Danone SA
152,846
9,092,878
Dassault Aviation SA
5,290
1,051,595
Dassault Systemes SE
162,460
6,692,275
Edenred SE
60,520
3,221,569
Eiffage SA
18,299
1,660,645
Engie SA
425,175
6,762,361
EssilorLuxottica SA
69,293
12,547,821
Gecina SA, REIT
12,448
1,222,280
Getlink SE
78,687
1,270,692
Hermes International SCA
8,191
15,282,979
Ipsen SA
9,347
1,104,745
Kering SA
16,849
6,852,517
SEE NOTES TO FINANCIAL STATEMENTS. 
 
88
J.P. Morgan Exchange-Traded Funds
October 31, 2023

INVESTMENTS
SHARES
VALUE($)
Common Stocks — continued
France — continued
Legrand SA
64,699
5,596,876
L'Oreal SA
55,883
23,489,342
LVMH Moet Hennessy Louis Vuitton SE
63,303
45,320,553
Orange SA
445,069
5,234,923
Pernod Ricard SA
48,350
8,585,820
Publicis Groupe SA
56,735
4,319,992
Safran SA
83,921
13,110,101
Sartorius Stedim Biotech
5,810
1,087,765
Societe Generale SA
171,160
3,846,268
Sodexo SA
19,667
2,081,331
Teleperformance SE
14,436
1,660,742
Thales SA
22,938
3,385,135
TotalEnergies SE
563,389
37,666,770
Veolia Environnement SA
147,451
4,040,216
Vinci SA
123,147
13,616,906
Vivendi SE
149,843
1,343,718
Worldline SA * (b)
60,360
767,533
 
344,341,508
Germany — 7.5%
adidas AG
40,157
7,140,228
Allianz SE (Registered)
97,798
22,908,453
BASF SE
216,424
10,000,338
Bayer AG (Registered)
238,225
10,293,360
Bayerische Motoren Werke AG
70,296
6,537,835
Bayerische Motoren Werke AG (Preference)
14,285
1,214,648
Beiersdorf AG
23,829
3,133,991
Brenntag SE
37,464
2,785,884
Carl Zeiss Meditec AG
8,891
772,028
Commerzbank AG
255,092
2,751,308
Continental AG
26,189
1,709,853
Covestro AG * (b)
46,849
2,373,472
Daimler Truck Holding AG
125,719
3,950,119
Deutsche Bank AG (Registered)
494,729
5,444,270
Deutsche Boerse AG
46,070
7,582,959
Deutsche Lufthansa AG (Registered) *
144,946
1,016,357
Deutsche Post AG
228,346
8,915,426
Deutsche Telekom AG (Registered)
846,404
18,370,069
Deutsche Wohnen SE
12,427
267,409
E.ON SE
544,410
6,477,458
Evonik Industries AG
49,720
915,091
Fresenius SE & Co. KGaA
99,700
2,564,612
GEA Group AG
38,078
1,302,284
Hannover Rueck SE
14,620
3,228,292
Heidelberg Materials AG
33,243
2,413,220
INVESTMENTS
SHARES
VALUE($)
 
Germany — continued
Henkel AG & Co. KGaA
23,940
1,513,017
Henkel AG & Co. KGaA (Preference)
39,312
2,835,774
Infineon Technologies AG
316,668
9,249,942
Mercedes-Benz Group AG
194,565
11,447,090
Merck KGaA
31,340
4,733,544
MTU Aero Engines AG
13,052
2,453,211
Muenchener Rueckversicherungs-
Gesellschaft AG (Registered)
33,093
13,280,482
Porsche Automobil Holding SE (Preference)
37,130
1,661,869
Puma SE
24,492
1,387,915
RWE AG
164,138
6,280,811
SAP SE
247,251
33,164,354
Sartorius AG (Preference)
6,535
1,637,932
Siemens AG (Registered)
182,351
24,197,771
Siemens Energy AG *
124,044
1,102,867
Siemens Healthineers AG (b)
68,382
3,364,174
Symrise AG
32,197
3,290,188
Talanx AG
12,899
812,886
Telefonica Deutschland Holding AG
209,175
355,614
Volkswagen AG (Preference)
44,501
4,719,363
Vonovia SE
197,542
4,547,829
Zalando SE * (b)
53,057
1,241,029
 
267,346,626
Hong Kong — 2.1%
AIA Group Ltd.
2,795,600
24,276,454
CK Asset Holdings Ltd.
462,500
2,311,725
CK Infrastructure Holdings Ltd.
146,500
679,033
CLP Holdings Ltd.
404,000
2,956,788
DFI Retail Group Holdings Ltd.
71,100
151,658
Hang Lung Properties Ltd.
425,000
558,644
Hang Seng Bank Ltd.
176,200
2,014,510
Henderson Land Development Co. Ltd.
316,000
826,802
HK Electric Investments & HK Electric
Investments Ltd. (b)
544,500
302,053
HKT Trust & HKT Ltd.
880,000
911,491
Hong Kong & China Gas Co. Ltd.
2,623,100
1,825,963
Hong Kong Exchanges & Clearing Ltd.
288,900
10,106,489
Jardine Matheson Holdings Ltd.
49,600
2,009,848
Link, REIT
621,400
2,851,693
MTR Corp. Ltd.
376,500
1,407,427
New World Development Co. Ltd.
336,000
616,667
Power Assets Holdings Ltd.
331,000
1,582,454
Prudential plc
667,616
6,980,853
Sino Land Co. Ltd.
812,000
810,643
SEE NOTES TO FINANCIAL STATEMENTS. 
 
October 31, 2023
J.P. Morgan Exchange-Traded Funds
89

JPMorgan BetaBuilders International Equity ETF
SCHEDULE OF PORTFOLIO INVESTMENTS
AS OF October 31, 2023 (continued)
INVESTMENTS
SHARES
VALUE($)
Common Stocks — continued
Hong Kong — continued
Sun Hung Kai Properties Ltd.
365,000
3,748,077
Swire Pacific Ltd., Class A
102,500
654,754
Swire Pacific Ltd., Class B
200,000
205,340
Swire Properties Ltd.
254,400
492,571
Techtronic Industries Co. Ltd.
320,500
2,926,013
WH Group Ltd. (b)
1,898,424
1,133,802
Wharf Real Estate Investment Co. Ltd.
375,000
1,311,765
 
73,653,517
Ireland — 0.2%
Kerry Group plc, Class A
37,791
2,919,121
Kingspan Group plc
37,499
2,523,639
Smurfit Kappa Group plc
63,084
2,056,282
 
7,499,042
Israel — 0.4%
Azrieli Group Ltd.
8,706
374,856
Bank Hapoalim BM
304,811
2,180,298
Bank Leumi Le-Israel BM
371,747
2,394,394
Bezeq The Israeli Telecommunication Corp.
Ltd.
489,017
601,735
Elbit Systems Ltd.
6,022
1,120,100
ICL Group Ltd.
175,089
851,611
Israel Discount Bank Ltd., Class A
299,959
1,318,420
Mizrahi Tefahot Bank Ltd.
36,202
1,120,510
Nice Ltd. *
15,355
2,353,857
Teva Pharmaceutical Industries Ltd. *
271,796
2,333,124
 
14,648,905
Italy — 2.4%
A2A SpA
379,843
712,962
Amplifon SpA
22,508
636,154
Assicurazioni Generali SpA
268,452
5,332,438
Banca Mediolanum SpA
54,106
441,806
Banco BPM SpA
367,411
1,879,799
Buzzi SpA
22,557
597,291
Coca-Cola HBC AG
49,709
1,290,529
Davide Campari-Milano NV
129,569
1,432,225
DiaSorin SpA
6,290
563,725
Enel SpA
1,873,614
11,892,915
Eni SpA
581,217
9,501,539
Ferrari NV
30,567
9,252,753
FinecoBank Banca Fineco SpA
148,068
1,746,706
Hera SpA
195,042
548,671
Infrastrutture Wireless Italiane SpA (b)
86,149
943,317
Intesa Sanpaolo SpA
3,901,328
10,166,045
INVESTMENTS
SHARES
VALUE($)
 
Italy — continued
Leonardo SpA
98,135
1,483,064
Mediobanca Banca di Credito Finanziario
SpA (a)
154,442
1,844,879
Moncler SpA
49,943
2,593,898
Nexi SpA * (b)
206,848
1,201,954
Pirelli & C SpA (b)
82,447
367,325
Poste Italiane SpA (b)
110,849
1,097,432
Prysmian SpA
67,033
2,510,185
Recordati Industria Chimica e Farmaceutica
SpA
24,341
1,125,878
Snam SpA
497,125
2,279,589
Telecom Italia SpA *
3,893,659
1,009,416
Terna - Rete Elettrica Nazionale
341,175
2,612,390
UniCredit SpA
437,670
10,972,219
UnipolSai Assicurazioni SpA
101,412
240,362
 
86,277,466
Japan — 24.9%
ABC-Mart, Inc.
22,600
350,052
Acom Co. Ltd.
117,600
276,160
Advance Residence Investment Corp., REIT
333
724,010
Advantest Corp.
185,400
4,775,651
Aeon Co. Ltd.
211,400
4,447,778
AGC, Inc.
55,300
1,881,256
Aisin Corp.
44,200
1,539,702
Ajinomoto Co., Inc.
128,600
4,696,817
ANA Holdings, Inc. *
38,700
759,753
Asahi Group Holdings Ltd.
122,700
4,438,110
Asahi Intecc Co. Ltd.
57,400
964,471
Asahi Kasei Corp.
338,200
2,079,181
Asics Corp.
45,900
1,453,974
Astellas Pharma, Inc.
438,600
5,548,236
Bandai Namco Holdings, Inc.
161,700
3,350,184
Bridgestone Corp.
141,900
5,370,235
Brother Industries Ltd.
62,400
973,456
Canon, Inc.
245,800
5,810,883
Capcom Co. Ltd.
40,700
1,310,106
Central Japan Railway Co.
249,400
5,613,598
Chiba Bank Ltd. (The)
175,500
1,307,220
Chubu Electric Power Co., Inc.
183,700
2,219,860
Chugai Pharmaceutical Co. Ltd.
154,600
4,584,905
Concordia Financial Group Ltd.
285,500
1,326,547
Cosmos Pharmaceutical Corp.
5,700
593,185
CyberAgent, Inc.
99,800
523,895
Dai Nippon Printing Co. Ltd.
63,200
1,648,715
SEE NOTES TO FINANCIAL STATEMENTS. 
 
90
J.P. Morgan Exchange-Traded Funds
October 31, 2023

INVESTMENTS
SHARES
VALUE($)
Common Stocks — continued
Japan — continued
Daifuku Co. Ltd.
92,300
1,525,064
Dai-ichi Life Holdings, Inc.
240,100
5,072,120
Daiichi Sankyo Co. Ltd.
472,000
12,170,140
Daikin Industries Ltd.
71,100
10,251,122
Daito Trust Construction Co. Ltd.
15,900
1,705,536
Daiwa House Industry Co. Ltd.
161,700
4,447,667
Daiwa House REIT Investment Corp., REIT
516
913,190
Daiwa Securities Group, Inc.
353,900
2,040,754
Denso Corp.
481,200
7,105,560
Dentsu Group, Inc.
55,900
1,623,671
Disco Corp.
21,700
3,832,199
East Japan Railway Co.
91,800
4,767,847
Eisai Co. Ltd.
71,900
3,809,144
ENEOS Holdings, Inc.
735,500
2,725,334
FANUC Corp.
228,400
5,668,070
Fast Retailing Co. Ltd.
48,500
10,737,726
Fuji Electric Co. Ltd.
36,200
1,378,302
FUJIFILM Holdings Corp.
100,600
5,502,599
Fujitsu Ltd.
42,100
5,453,952
Fukuoka Financial Group, Inc.
46,200
1,221,239
GLP J-REIT, REIT
1,193
1,068,520
GMO Payment Gateway, Inc.
11,000
439,332
Hakuhodo DY Holdings, Inc.
72,400
587,540
Hamamatsu Photonics KK
35,600
1,322,292
Hankyu Hanshin Holdings, Inc.
61,800
1,944,451
Haseko Corp.
50,900
626,419
Hikari Tsushin, Inc.
5,600
807,928
Hirose Electric Co. Ltd.
7,300
827,084
Hitachi Construction Machinery Co. Ltd.
25,400
656,228
Hitachi Ltd.
227,300
14,407,780
Honda Motor Co. Ltd.
1,211,900
12,420,488
Hoshizaki Corp.
27,800
897,791
Hoya Corp.
85,700
8,250,221
Hulic Co. Ltd.
145,200
1,331,213
Ibiden Co. Ltd.
34,200
1,458,167
Idemitsu Kosan Co. Ltd.
54,000
1,226,075
Iida Group Holdings Co. Ltd.
40,700
631,957
Inpex Corp.
248,800
3,610,306
Isuzu Motors Ltd.
150,700
1,680,403
ITOCHU Corp.
353,600
12,737,037
Japan Airlines Co. Ltd.
35,000
643,433
Japan Airport Terminal Co. Ltd.
22,700
998,324
Japan Exchange Group, Inc.
128,300
2,537,107
Japan Metropolitan Fund Invest, REIT
1,696
1,094,508
INVESTMENTS
SHARES
VALUE($)
 
Japan — continued
Japan Post Bank Co. Ltd.
342,200
3,171,922
Japan Post Holdings Co. Ltd.
486,900
4,309,651
Japan Post Insurance Co. Ltd.
44,500
856,896
Japan Real Estate Investment Corp., REIT
345
1,281,441
Japan Tobacco, Inc.
266,900
6,213,131
JFE Holdings, Inc.
141,500
1,971,501
JSR Corp.
50,400
1,349,004
Kajima Corp.
114,000
1,884,123
Kansai Electric Power Co., Inc. (The)
200,400
2,565,890
Kansai Paint Co. Ltd.
58,000
848,813
Kao Corp.
112,900
4,119,033
Kawasaki Heavy Industries Ltd.
40,700
898,324
KDDI Corp.
352,700
10,550,930
Keio Corp.
31,200
925,843
Keisei Electric Railway Co. Ltd.
41,700
1,570,824
Keyence Corp.
48,200
18,659,122
Kikkoman Corp.
46,900
2,668,365
Kintetsu Group Holdings Co. Ltd.
46,100
1,297,105
Kirin Holdings Co. Ltd.
197,400
2,774,125
Kobayashi Pharmaceutical Co. Ltd.
13,700
565,581
Kobe Bussan Co. Ltd. (a)
35,200
871,131
Koei Tecmo Holdings Co. Ltd.
29,500
385,201
Koito Manufacturing Co. Ltd.
62,000
928,929
Komatsu Ltd.
236,200
5,427,025
Konami Group Corp.
25,200
1,305,413
Kose Corp.
8,600
569,758
Kubota Corp.
257,600
3,464,526
Kurita Water Industries Ltd.
26,200
796,046
Kyocera Corp.
84,100
4,145,408
Kyoto Financial Group, Inc.
18,400
1,043,166
Kyowa Kirin Co. Ltd.
61,300
961,447
Kyushu Railway Co.
38,100
779,004
Lasertec Corp.
19,200
3,171,460
Lawson, Inc.
12,100
582,907
Lion Corp.
70,000
671,768
Lixil Corp.
69,700
764,265
LY Corp.
647,700
1,651,302
M3, Inc.
103,700
1,597,104
Makita Corp.
67,900
1,755,001
Marubeni Corp.
412,000
6,024,172
Marui Group Co. Ltd.
44,900
710,010
MatsukiyoCocokara & Co.
90,600
1,589,287
Mazda Motor Corp.
145,500
1,406,401
McDonald's Holdings Co. Japan Ltd.
20,800
809,282
SEE NOTES TO FINANCIAL STATEMENTS. 
 
October 31, 2023
J.P. Morgan Exchange-Traded Funds
91

JPMorgan BetaBuilders International Equity ETF
SCHEDULE OF PORTFOLIO INVESTMENTS
AS OF October 31, 2023 (continued)
INVESTMENTS
SHARES
VALUE($)
Common Stocks — continued
Japan — continued
Medipal Holdings Corp.
50,700
852,418
MEIJI Holdings Co. Ltd.
66,700
1,641,756
MINEBEA MITSUMI, Inc.
103,600
1,624,376
MISUMI Group, Inc.
69,100
1,046,082
Mitsubishi Chemical Group Corp.
347,100
1,964,102
Mitsubishi Corp.
348,600
16,250,184
Mitsubishi Electric Corp.
520,800
5,971,759
Mitsubishi Estate Co. Ltd.
321,100
4,110,183
Mitsubishi Gas Chemical Co., Inc.
49,400
667,684
Mitsubishi HC Capital, Inc.
234,900
1,548,515
Mitsubishi Heavy Industries Ltd.
81,700
4,207,933
Mitsubishi Motors Corp.
165,000
538,984
Mitsubishi UFJ Financial Group, Inc.
3,076,500
25,809,211
Mitsui & Co. Ltd.
374,800
13,621,797
Mitsui Chemicals, Inc.
46,100
1,161,927
Mitsui Fudosan Co. Ltd.
227,000
4,920,194
Mitsui OSK Lines Ltd.
87,600
2,261,597
Mizuho Financial Group, Inc.
615,600
10,451,896
MonotaRO Co. Ltd.
59,800
477,921
MS&AD Insurance Group Holdings, Inc.
107,900
3,953,514
Murata Manufacturing Co. Ltd.
457,400
7,834,978
Nagoya Railroad Co. Ltd.
47,600
666,343
NEC Corp.
66,200
3,187,572
Nexon Co. Ltd.
109,700
2,012,913
NGK Insulators Ltd.
63,700
778,303
NIDEC Corp.
127,400
4,673,165
Nikon Corp.
79,200
751,958
Nintendo Co. Ltd.
283,400
11,708,516
Nippon Building Fund, Inc., REIT
412
1,655,389
Nippon Express Holdings, Inc.
20,400
1,048,466
Nippon Paint Holdings Co. Ltd.
258,500
1,737,924
Nippon Prologis REIT, Inc., REIT
593
1,055,170
Nippon Sanso Holdings Corp.
51,300
1,293,710
Nippon Shinyaku Co. Ltd.
14,900
604,285
Nippon Steel Corp.
230,200
4,965,152
Nippon Telegraph & Telephone Corp.
7,245,800
8,526,681
Nippon Yusen KK
123,500
3,021,706
Nissan Chemical Corp.
33,900
1,382,618
Nissan Motor Co. Ltd.
573,000
2,204,895
Nisshin Seifun Group, Inc.
63,200
953,296
Nissin Foods Holdings Co. Ltd.
20,400
1,774,977
Niterra Co. Ltd.
41,500
928,886
Nitori Holdings Co. Ltd.
21,300
2,306,680
Nitto Denko Corp.
36,300
2,348,820
INVESTMENTS
SHARES
VALUE($)
 
Japan — continued
Nomura Holdings, Inc.
715,600
2,764,655
Nomura Real Estate Holdings, Inc.
27,600
644,628
Nomura Real Estate Master Fund, Inc., REIT
1,142
1,260,150
Nomura Research Institute Ltd.
112,300
2,947,870
NTT Data Group Corp.
142,800
1,760,711
Obayashi Corp.
175,000
1,499,017
Obic Co. Ltd.
16,000
2,365,062
Odakyu Electric Railway Co. Ltd.
89,100
1,268,457
Oji Holdings Corp.
246,000
1,052,113
Olympus Corp.
307,200
4,102,764
Omron Corp.
49,800
1,784,197
Ono Pharmaceutical Co. Ltd.
117,800
2,034,346
Open House Group Co. Ltd.
16,900
557,030
Oracle Corp.
8,000
567,518
Oriental Land Co. Ltd.
282,200
9,127,863
ORIX Corp.
284,400
5,172,198
Orix JREIT, Inc., REIT
664
763,110
Osaka Gas Co. Ltd.
101,100
1,906,522
Otsuka Corp.
28,200
1,130,668
Otsuka Holdings Co. Ltd.
135,300
4,552,299
Pan Pacific International Holdings Corp.
129,400
2,505,943
Panasonic Holdings Corp.
595,200
5,221,982
Persol Holdings Co. Ltd.
446,600
669,639
Rakuten Group, Inc.
357,700
1,323,104
Recruit Holdings Co. Ltd.
411,400
11,795,952
Renesas Electronics Corp. *
346,700
4,554,119
Resona Holdings, Inc.
572,700
3,060,121
Ricoh Co. Ltd.
147,700
1,197,124
Rinnai Corp.
29,300
538,225
Rohm Co. Ltd.
85,600
1,371,481
Santen Pharmaceutical Co. Ltd.
91,300
791,895
SBI Holdings, Inc.
58,900
1,267,230
SCSK Corp.
37,100
633,307
Secom Co. Ltd.
50,700
3,521,361
Sega Sammy Holdings, Inc.
38,300
598,996
Seibu Holdings, Inc.
65,500
639,573
Seiko Epson Corp.
79,300
1,100,936
Sekisui Chemical Co. Ltd.
103,200
1,413,518
Sekisui House Ltd.
160,900
3,150,865
Seven & i Holdings Co. Ltd.
193,300
7,082,263
SG Holdings Co. Ltd.
117,900
1,671,187
Sharp Corp. *
67,800
423,900
Shimadzu Corp.
66,800
1,579,572
Shimano, Inc.
20,100
2,892,513
SEE NOTES TO FINANCIAL STATEMENTS. 
 
92
J.P. Morgan Exchange-Traded Funds
October 31, 2023

INVESTMENTS
SHARES
VALUE($)
Common Stocks — continued
Japan — continued
Shimizu Corp.
153,100
1,089,535
Shin-Etsu Chemical Co. Ltd.
490,900
14,679,568
Shionogi & Co. Ltd.
67,900
3,161,738
Shiseido Co. Ltd.
97,100
3,079,572
SMC Corp.
14,700
6,787,918
SoftBank Corp.
685,000
7,745,205
SoftBank Group Corp.
253,000
10,361,380
Sojitz Corp.
52,780
1,095,997
Sompo Holdings, Inc.
84,200
3,647,541
Sony Group Corp.
305,900
25,432,185
Square Enix Holdings Co. Ltd.
21,900
727,557
Stanley Electric Co. Ltd.
35,900
574,206
Subaru Corp.
149,100
2,580,965
SUMCO Corp.
84,800
1,095,799
Sumitomo Chemical Co. Ltd.
401,500
1,020,518
Sumitomo Corp.
296,400
5,826,535
Sumitomo Electric Industries Ltd.
192,300
2,018,810
Sumitomo Metal Mining Co. Ltd.
66,300
1,862,497
Sumitomo Mitsui Financial Group, Inc.
324,300
15,633,848
Sumitomo Mitsui Trust Holdings, Inc.
88,100
3,303,468
Sumitomo Realty & Development Co. Ltd.
115,300
2,893,331
Suntory Beverage & Food Ltd.
30,700
923,857
Suzuki Motor Corp.
118,900
4,614,748
Sysmex Corp.
38,600
1,849,048
T&D Holdings, Inc.
132,900
2,370,833
Taisei Corp.
45,700
1,549,811
Taisho Pharmaceutical Holdings Co. Ltd.
13,800
546,453
Takeda Pharmaceutical Co. Ltd.
383,700
10,415,440
TDK Corp.
94,400
3,531,996
Terumo Corp.
181,200
4,957,304
TIS, Inc.
51,600
1,105,006
Tobu Railway Co. Ltd.
50,700
1,220,321
Toho Co. Ltd.
30,600
1,045,391
Tokio Marine Holdings, Inc.
485,700
10,866,195
Tokyo Century Corp.
11,300
435,374
Tokyo Electric Power Co. Holdings, Inc. *
194,600
823,496
Tokyo Electron Ltd.
114,300
15,103,338
Tokyo Gas Co. Ltd.
98,200
2,205,293
Tokyu Corp.
151,400
1,709,160
Tokyu Fudosan Holdings Corp.
146,600
854,139
TOPPAN Holdings, Inc.
79,600
1,835,885
Toray Industries, Inc.
395,500
1,913,365
Toshiba Corp. *
22,100
671,855
Tosoh Corp.
78,700
963,621
INVESTMENTS
SHARES
VALUE($)
 
Japan — continued
TOTO Ltd.
37,800
911,419
Toyo Suisan Kaisha Ltd.
24,800
1,144,048
Toyota Industries Corp.
45,700
3,387,043
Toyota Motor Corp.
3,006,600
52,596,707
Toyota Tsusho Corp.
57,700
3,071,734
Trend Micro, Inc.
34,200
1,288,814
Unicharm Corp.
106,900
3,632,342
United Urban Investment Corp., REIT
751
757,135
USS Co. Ltd.
53,400
933,373
Welcia Holdings Co. Ltd.
25,300
419,368
West Japan Railway Co.
59,300
2,260,193
Yakult Honsha Co. Ltd.
73,800
1,739,093
Yamaha Corp.
41,300
1,103,120
Yamaha Motor Co. Ltd.
84,800
2,072,245
Yamato Holdings Co. Ltd.
80,900
1,347,472
Yaskawa Electric Corp.
64,700
2,117,834
Yokogawa Electric Corp.
56,800
1,031,217
ZOZO, Inc.
29,500
560,935
 
885,890,031
Jordan — 0.0% ^
Hikma Pharmaceuticals plc
41,389
958,964
Luxembourg — 0.1%
ArcelorMittal SA
111,668
2,470,907
Eurofins Scientific SE
31,327
1,589,400
 
4,060,307
Macau — 0.1%
Galaxy Entertainment Group Ltd.
486,000
2,732,033
Sands China Ltd. *
588,400
1,584,002
 
4,316,035
Mexico — 0.0% ^
Fresnillo plc
44,030
296,348
Netherlands — 5.2%
Adyen NV * (b)
7,519
5,071,460
Aegon Ltd.
329,760
1,603,711
Akzo Nobel NV
41,365
2,774,959
Argenx SE *
11,425
5,374,110
Argenx SE *
2,769
1,340,713
ASM International NV
11,149
4,600,969
ASML Holding NV
97,756
58,763,128
EXOR NV
25,128
2,156,716
HAL Trust
21,913
2,468,352
Heineken Holding NV
24,444
1,859,785
SEE NOTES TO FINANCIAL STATEMENTS. 
 
October 31, 2023
J.P. Morgan Exchange-Traded Funds
93

JPMorgan BetaBuilders International Equity ETF
SCHEDULE OF PORTFOLIO INVESTMENTS
AS OF October 31, 2023 (continued)
INVESTMENTS
SHARES
VALUE($)
Common Stocks — continued
Netherlands — continued
Heineken NV
61,456
5,521,419
ING Groep NV
877,680
11,252,322
JDE Peet's NV
31,697
880,053
Koninklijke Ahold Delhaize NV
236,589
7,005,823
Koninklijke KPN NV
812,566
2,731,180
Koninklijke Philips NV *
225,185
4,283,576
NN Group NV
71,535
2,294,298
Randstad NV
29,901
1,548,416
Shell plc
1,624,056
52,338,214
Universal Music Group NV
185,429
4,540,940
Wolters Kluwer NV
62,444
8,011,939
 
186,422,083
New Zealand — 0.2%
Auckland International Airport Ltd.
317,852
1,359,226
Contact Energy Ltd.
190,342
863,858
Fisher & Paykel Healthcare Corp. Ltd.
141,052
1,710,101
Mercury NZ Ltd.
161,412
554,828
Meridian Energy Ltd.
300,665
846,781
Spark New Zealand Ltd.
444,301
1,289,860
 
6,624,654
Norway — 0.7%
Aker ASA, Class A
5,680
341,572
Aker BP ASA (a)
75,097
2,164,416
AutoStore Holdings Ltd. * (c)
216,156
239,326
DNB Bank ASA
216,958
3,914,326
Equinor ASA
240,311
8,055,998
Gjensidige Forsikring ASA
45,413
681,048
Kongsberg Gruppen ASA
21,184
865,360
Mowi ASA
107,835
1,752,282
Norsk Hydro ASA
325,283
1,854,994
Orkla ASA
182,125
1,255,296
Salmar ASA
17,246
817,717
Schibsted ASA, Class A
17,715
354,904
Schibsted ASA, Class B
23,292
432,197
Storebrand ASA
112,761
941,661
Telenor ASA
152,709
1,561,052
TOMRA Systems ASA
56,712
449,520
Var Energi ASA (a)
95,429
322,399
 
26,004,068
Poland — 0.4%
Allegro.eu SA * (b)
102,512
735,348
Bank Polska Kasa Opieki SA
42,643
1,295,801
Dino Polska SA * (b)
11,649
1,103,805
INVESTMENTS
SHARES
VALUE($)
 
Poland — continued
ING Bank Slaski SA *
7,771
403,557
KGHM Polska Miedz SA
32,976
879,974
LPP SA
256
824,694
ORLEN SA
140,757
2,225,920
Powszechna Kasa Oszczednosci Bank Polski
SA *
209,142
2,166,452
Powszechny Zaklad Ubezpieczen SA
138,197
1,563,821
Santander Bank Polska SA *
8,064
875,807
 
12,075,179
Portugal — 0.2%
EDP - Energias de Portugal SA
720,344
3,027,245
Galp Energia SGPS SA
108,307
1,630,537
Jeronimo Martins SGPS SA
67,141
1,547,927
 
6,205,709
Russia — 0.0% ^
Evraz plc ‡ *
96,418
4,798
Singapore — 1.4%
CapitaLand Ascendas, REIT
862,200
1,638,219
CapitaLand Integrated Commercial Trust,
REIT
1,226,437
1,576,242
CapitaLand Investment Ltd.
580,200
1,245,796
City Developments Ltd.
123,300
569,130
DBS Group Holdings Ltd.
445,600
10,704,797
Genting Singapore Ltd.
1,378,300
865,925
Great Eastern Holdings Ltd.
13,500
170,397
Jardine Cycle & Carriage Ltd.
22,200
457,315
Keppel, REIT
67,060
38,939
Keppel Corp. Ltd.
335,300
1,522,043
Mapletree Pan Asia Commercial Trust, REIT
551,800
536,298
Olam Group Ltd.
254,600
184,492
Oversea-Chinese Banking Corp. Ltd.
941,700
8,730,610
Singapore Airlines Ltd.
324,850
1,450,540
Singapore Exchange Ltd.
199,500
1,381,271
Singapore Technologies Engineering Ltd.
370,100
1,016,020
Singapore Telecommunications Ltd.
1,722,100
2,992,448
STMicroelectronics NV
159,101
6,064,948
United Overseas Bank Ltd.
371,800
7,333,644
UOL Group Ltd.
110,500
475,905
Venture Corp. Ltd.
65,100
555,845
 
49,510,824
South Africa — 0.2%
Anglo American plc
324,345
8,264,185
SEE NOTES TO FINANCIAL STATEMENTS. 
 
94
J.P. Morgan Exchange-Traded Funds
October 31, 2023

INVESTMENTS
SHARES
VALUE($)
Common Stocks — continued
South Korea — 0.0% ^
Delivery Hero SE * (b)
48,365
1,236,021
Spain — 2.4%
Acciona SA
5,986
754,677
ACS Actividades de Construccion y Servicios
SA
48,567
1,756,375
Aena SME SA (b)
17,821
2,585,840
Amadeus IT Group SA
109,238
6,234,520
Banco Bilbao Vizcaya Argentaria SA
1,446,545
11,380,309
Banco Santander SA
3,924,431
14,433,804
CaixaBank SA
982,349
3,993,780
Cellnex Telecom SA (b)
142,188
4,179,774
Corp. ACCIONA Energias Renovables SA
13,378
362,092
EDP Renovaveis SA
72,007
1,158,373
Endesa SA
77,019
1,449,087
Iberdrola SA
1,401,269
15,584,939
Industria de Diseno Textil SA (a)
272,069
9,391,271
Naturgy Energy Group SA
44,674
1,264,037
Redeia Corp. SA
98,404
1,534,602
Repsol SA
309,749
4,535,390
Telefonica SA
1,394,406
5,386,087
 
85,984,957
Sweden — 3.1%
Alfa Laval AB
69,907
2,265,461
Assa Abloy AB, Class B
240,484
5,125,935
Atlas Copco AB, Class A
626,908
8,117,845
Atlas Copco AB, Class B
378,490
4,251,673
Axfood AB
25,894
572,530
Beijer Ref AB (a)
94,502
898,369
Boliden AB
66,323
1,700,067
Castellum AB
102,840
985,594
Electrolux AB, Class B *
53,874
453,361
Embracer Group AB *
216,018
351,709
Epiroc AB, Class A
151,811
2,501,044
Epiroc AB, Class B
94,564
1,313,051
EQT AB
83,358
1,522,935
Essity AB, Class A
6,721
153,839
Essity AB, Class B
146,149
3,332,471
Evolution AB (b)
46,531
4,146,166
Fastighets AB Balder, Class B *
160,728
682,902
Getinge AB, Class B
53,000
954,167
H & M Hennes & Mauritz AB, Class B (a)
149,656
2,010,580
Hexagon AB, Class B
509,739
4,154,188
Holmen AB, Class B
22,465
847,826
Husqvarna AB, Class B
84,791
549,426
INVESTMENTS
SHARES
VALUE($)
 
Sweden — continued
Industrivarden AB, Class A
37,819
978,582
Industrivarden AB, Class C (a)
36,278
935,584
Indutrade AB
64,492
1,143,016
Investment AB Latour, Class B
32,542
563,573
Investor AB, Class A
136,044
2,476,182
Investor AB, Class B
441,792
8,110,021
Kinnevik AB, Class B *
58,976
504,275
L E Lundbergforetagen AB, Class B
17,691
722,500
Lifco AB, Class B
51,389
940,314
Nibe Industrier AB, Class B
371,809
2,141,384
Nordnet AB publ
38,829
549,765
Saab AB, Class B
20,066
1,030,819
Sagax AB, Class B
50,089
906,757
Sagax AB, Class D
23,576
53,077
Sandvik AB
261,587
4,455,616
Securitas AB, Class B
121,906
976,517
Skandinaviska Enskilda Banken AB, Class A
405,484
4,525,005
Skandinaviska Enskilda Banken AB, Class C
4,862
55,911
Skanska AB, Class B
86,385
1,296,979
SKF AB, Class A
3,409
55,220
SKF AB, Class B
90,894
1,473,616
SSAB AB, Class A
52,726
315,856
SSAB AB, Class B
153,087
888,142
Svenska Cellulosa AB SCA, Class A
7,291
99,649
Svenska Cellulosa AB SCA, Class B
145,370
1,994,689
Svenska Handelsbanken AB, Class A
381,981
3,256,654
Svenska Handelsbanken AB, Class B (a)
8,203
84,627
Swedbank AB, Class A
222,342
3,651,593
Swedish Orphan Biovitrum AB * (a)
55,806
1,148,053
Tele2 AB, Class B
134,921
958,161
Telefonaktiebolaget LM Ericsson, Class A
12,802
59,867
Telefonaktiebolaget LM Ericsson, Class B
747,437
3,348,316
Telia Co. AB (a)
562,018
1,191,448
Trelleborg AB, Class B
54,955
1,389,762
Volvo AB, Class A
46,397
930,228
Volvo AB, Class B
385,180
7,632,417
Volvo Car AB, Class B *
128,150
442,001
 
108,177,315
Switzerland — 5.4%
ABB Ltd. (Registered)
392,470
13,186,097
Alcon, Inc.
121,169
8,672,813
Baloise Holding AG (Registered)
11,104
1,594,378
Barry Callebaut AG (Registered)
863
1,308,479
Chocoladefabriken Lindt & Spruengli AG
246
2,723,519
SEE NOTES TO FINANCIAL STATEMENTS. 
 
October 31, 2023
J.P. Morgan Exchange-Traded Funds
95

JPMorgan BetaBuilders International Equity ETF
SCHEDULE OF PORTFOLIO INVESTMENTS
AS OF October 31, 2023 (continued)
INVESTMENTS
SHARES
VALUE($)
Common Stocks — continued
Switzerland — continued
Chocoladefabriken Lindt & Spruengli AG
(Registered)
26
2,829,660
Cie Financiere Richemont SA (Registered)
126,579
14,933,223
DSM-Firmenich AG
50,248
4,555,272
EMS-Chemie Holding AG (Registered)
1,634
1,117,755
Geberit AG (Registered)
8,106
3,774,265
Givaudan SA (Registered)
1,924
6,404,078
Julius Baer Group Ltd.
49,951
2,960,181
Kuehne + Nagel International AG (Registered)
13,469
3,632,100
Lonza Group AG (Registered)
18,057
6,323,633
Novartis AG (Registered)
502,555
47,048,982
Partners Group Holding AG
5,309
5,621,507
Schindler Holding AG
9,873
1,997,533
Schindler Holding AG (Registered)
4,880
951,312
SGS SA (Registered)
36,802
3,005,644
Sika AG (Registered)
37,359
8,940,367
Sonova Holding AG (Registered)
11,866
2,812,401
Straumann Holding AG (Registered)
28,226
3,335,866
Swatch Group AG (The)
7,017
1,796,185
Swatch Group AG (The) (Registered)
13,326
645,389
Swiss Life Holding AG (Registered)
7,157
4,596,804
Swisscom AG (Registered)
6,153
3,686,809
UBS Group AG (Registered)
738,768
17,358,420
Zurich Insurance Group AG
35,487
16,856,060
 
192,668,732
United Arab Emirates — 0.0% ^
NMC Health plc ‡ *
300
—
(d)
United Kingdom — 11.5%
3i Group plc
236,007
5,564,476
abrdn plc
467,627
892,746
Admiral Group plc
63,236
1,878,916
Ashtead Group plc
109,447
6,277,060
Associated British Foods plc
82,137
2,026,161
AstraZeneca plc
375,820
47,054,075
Auto Trader Group plc (b)
223,212
1,688,432
Aviva plc
664,005
3,216,155
B&M European Value Retail SA
225,930
1,454,479
BAE Systems plc
741,235
9,966,929
Barclays plc
3,559,798
5,713,646
Barratt Developments plc
236,322
1,191,819
Berkeley Group Holdings plc
27,988
1,375,797
BP plc
4,192,711
25,600,776
British American Tobacco plc
542,149
16,195,318
British Land Co. plc (The), REIT
227,579
825,038
INVESTMENTS
SHARES
VALUE($)
 
United Kingdom — continued
BT Group plc
1,377,766
1,892,264
Bunzl plc
81,948
2,923,594
Burberry Group plc
91,531
1,886,460
Centrica plc
1,360,851
2,605,076
CK Hutchison Holdings Ltd.
650,500
3,293,017
CNH Industrial NV
236,200
2,617,563
Coca-Cola Europacific Partners plc
50,081
2,930,239
Compass Group plc
432,934
10,914,866
ConvaTec Group plc (b)
391,861
972,579
Croda International plc
34,564
1,842,129
DCC plc
24,574
1,365,186
Dechra Pharmaceuticals plc
27,614
1,279,882
Diageo plc
542,796
20,526,387
DS Smith plc
334,009
1,158,500
easyJet plc *
156,238
696,975
Entain plc
154,896
1,758,426
Halma plc
92,060
2,070,280
Hargreaves Lansdown plc
85,111
733,014
Hiscox Ltd.
85,962
980,046
Howden Joinery Group plc
134,237
1,042,499
HSBC Holdings plc
4,854,920
35,054,588
Imperial Brands plc
221,927
4,727,975
Informa plc
338,308
2,931,263
InterContinental Hotels Group plc
42,513
3,012,580
Intermediate Capital Group plc
71,374
1,136,346
Intertek Group plc
39,136
1,822,706
ITV plc
880,459
685,556
J Sainsbury plc
430,508
1,346,983
JD Sports Fashion plc
603,283
938,006
Johnson Matthey plc
46,943
853,387
Kingfisher plc
459,960
1,174,516
Land Securities Group plc, REIT
182,183
1,262,839
Legal & General Group plc
1,449,607
3,734,922
Lloyds Banking Group plc
16,311,967
7,939,035
London Stock Exchange Group plc
100,188
10,108,478
M&G plc
575,834
1,390,545
Melrose Industries plc
327,713
1,865,925
National Grid plc
897,082
10,695,888
NatWest Group plc
1,353,205
2,944,327
Next plc
30,746
2,577,821
Ocado Group plc *
176,550
1,001,942
Pearson plc
173,741
2,011,180
Pepco Group NV * (b)
39,042
158,242
Persimmon plc
77,452
959,167
SEE NOTES TO FINANCIAL STATEMENTS. 
 
96
J.P. Morgan Exchange-Traded Funds
October 31, 2023

INVESTMENTS
SHARES
VALUE($)
Common Stocks — continued
United Kingdom — continued
Phoenix Group Holdings plc
230,648
1,274,075
Reckitt Benckiser Group plc
178,600
11,949,583
RELX plc
469,740
16,406,945
Rentokil Initial plc
611,075
3,111,894
Rightmove plc
200,251
1,154,774
Rolls-Royce Holdings plc *
2,040,934
5,372,201
Sage Group plc (The)
248,240
2,932,664
Schroders plc
222,815
1,003,349
Segro plc, REIT
296,969
2,581,299
Severn Trent plc
67,511
2,179,414
Smith & Nephew plc
212,821
2,381,708
Smiths Group plc
84,595
1,659,385
Spirax-Sarco Engineering plc
17,891
1,785,766
SSE plc
265,263
5,271,723
St. James's Place plc
133,024
1,037,027
Standard Chartered plc
559,821
4,292,337
Tate & Lyle plc
97,396
746,386
Taylor Wimpey plc
862,518
1,164,955
Tesco plc
1,729,863
5,676,653
Unilever plc
610,241
28,901,432
United Utilities Group plc
165,346
2,138,514
Vodafone Group plc
5,520,270
5,081,627
Weir Group plc (The)
62,951
1,307,528
Whitbread plc
47,412
1,922,469
Wise plc, Class A *
114,308
929,067
WPP plc
260,193
2,240,582
 
409,248,379
United States — 6.8%
CSL Ltd.
116,966
17,286,654
Experian plc
223,769
6,788,887
Ferrovial SE
120,781
3,635,029
GSK plc
993,339
17,708,030
Haleon plc
1,164,415
4,667,081
Holcim AG
129,195
7,987,838
James Hardie Industries plc, CHDI *
106,722
2,662,653
Nestle SA (Registered)
647,438
69,818,924
QIAGEN NV *
55,975
2,086,083
Roche Holding AG
170,363
43,904,188
Roche Holding AG
6,466
1,762,057
Sanofi SA
269,831
24,502,334
Schneider Electric SE
130,571
20,089,298
Stellantis NV
536,479
10,022,686
INVESTMENTS
SHARES
VALUE($)
 
United States — continued
Swiss Re AG
70,058
7,654,736
Tenaris SA
111,642
1,768,563
 
242,345,041
Total Common Stocks
(Cost $3,537,443,851)
3,516,354,347
Short-Term Investments — 1.1%
Investment Companies — 0.7%
JPMorgan U.S. Government Money Market
Fund Class IM Shares, 5.29% (e) (f)(Cost
$26,299,048)
26,299,048
26,299,048
Investment of Cash Collateral from Securities Loaned — 0.4%
JPMorgan Securities Lending Money Market
Fund Agency SL Class Shares, 5.53% (e)
(f)
11,009,025
11,011,226
JPMorgan U.S. Government Money Market
Fund Class IM Shares, 5.29% (e) (f)
2,270,425
2,270,425
Total Investment of Cash Collateral from
Securities Loaned
(Cost $13,281,651)
13,281,651
Total Short-Term Investments
(Cost $39,580,699)
39,580,699
Total Investments — 99.9%
(Cost $3,577,024,550)
3,555,935,046
Other Assets Less Liabilities — 0.1%
4,361,631
NET ASSETS — 100.0%
3,560,296,677
 
Percentages indicated are based on net assets.
 
Abbreviations
 
APAC
Asia Pacific
CHDI
Clearing House Electronic Subregister System (CHESS) Depository
Interest
CVA
Certificaten Van Aandelen (Dutch Certificate)
OYJ
Public Limited Company
Preference
A special type of equity investment that shares in the earnings of
the company, has limited voting rights, and may have a dividend
preference. Preference shares may also have liquidation
preference.
REIT
Real Estate Investment Trust
SCA
Limited partnership with share capital
SGPS
Holding company
 
^
Amount rounds to less than 0.1% of net assets.
‡
Value determined using significant unobservable
inputs.
 
*
Non-income producing security.
 
SEE NOTES TO FINANCIAL STATEMENTS. 
 
October 31, 2023
J.P. Morgan Exchange-Traded Funds
97

JPMorgan BetaBuilders International Equity ETF
SCHEDULE OF PORTFOLIO INVESTMENTS
AS OF October 31, 2023 (continued)
(a)
The security or a portion of this security is on loan at
October 31, 2023. The total value of securities on
loan at October 31, 2023 is $12,645,686.
 
(b)
Security exempt from registration pursuant to
Regulation S under the Securities Act of 1933, as
amended. Regulation S applies to securities offerings
that are made outside of the United States and do not
involve direct selling efforts in the United States and
as such may have restrictions on resale.
 
(c)
Securities exempt from registration under Rule 144A
or section 4(a)(2), of the Securities Act of 1933, as
amended.
 
(d)
Value is zero.
 
(e)
Investment in an affiliated fund, which is registered
under the Investment Company Act of 1940, as
amended, and is advised by J.P. Morgan Investment
Management Inc.
 
(f)
The rate shown is the current yield as of October 31,
2023.
 
Summary of Investments by Industry, October 31, 2023
The following table represents the portfolio investments of the Fund by industry classifications as a percentage of total investments:  
INDUSTRY
PERCENT OF
TOTAL
INVESTMENTS
Banks
10.0
%
Pharmaceuticals
9.3
Insurance
5.3
Oil, Gas & Consumable Fuels
4.8
Automobiles
3.5
Metals & Mining
3.3
Food Products
3.2
Semiconductors & Semiconductor Equipment
3.2
Chemicals
3.1
Machinery
2.9
Textiles, Apparel & Luxury Goods
2.9
Capital Markets
2.6
Trading Companies & Distributors
2.1
Health Care Equipment & Supplies
2.0
Beverages
2.0
Personal Care Products
1.9
Diversified Telecommunication Services
1.8
Electric Utilities
1.8
Aerospace & Defense
1.8
Electrical Equipment
1.7
Hotels, Restaurants & Leisure
1.6
Professional Services
1.6
Industrial Conglomerates
1.5
Consumer Staples Distribution & Retail
1.4
Electronic Equipment, Instruments & Components
1.4
Software
1.4
Real Estate Management & Development
1.3
Household Durables
1.2
Financial Services
1.2
Wireless Telecommunication Services
1.0
Building Products
1.0
Others (each less than 1.0%)
15.1
Short-Term Investments
1.1
SEE NOTES TO FINANCIAL STATEMENTS. 
 
98
J.P. Morgan Exchange-Traded Funds
October 31, 2023

Futures contracts outstanding as of October 31, 2023:
 
DESCRIPTION
NUMBER OF
CONTRACTS
EXPIRATION DATE
TRADING CURRENCY
NOTIONAL
AMOUNT ($)
VALUE AND
UNREALIZED
APPRECIATION
(DEPRECIATION) ($)
Long Contracts
MSCI EAFE E-Mini Index
436
12/15/2023
USD
43,033,200
(2,144,748
)
 
Abbreviations
 
EAFE
Europe, Australasia and Far East
MSCI
Morgan Stanley Capital International
USD
United States Dollar
SEE NOTES TO FINANCIAL STATEMENTS. 
 
October 31, 2023
J.P. Morgan Exchange-Traded Funds
99

JPMorgan BetaBuilders Japan ETF
SCHEDULE OF PORTFOLIO INVESTMENTS
AS OF October 31, 2023
 
INVESTMENTS
SHARES
VALUE($)
Common Stocks — 98.5%
Air Freight & Logistics — 0.4%
Nippon Express Holdings, Inc.
197,500
10,150,595
SG Holdings Co. Ltd.
1,153,700
16,353,248
Yamato Holdings Co. Ltd.
792,100
13,193,233
 
39,697,076
Automobile Components — 2.1%
Aisin Corp.
432,700
15,073,052
Bridgestone Corp.
1,388,500
52,548,070
Denso Corp.
4,709,000
69,534,665
Koito Manufacturing Co. Ltd.
609,600
9,133,473
Niterra Co. Ltd.
406,400
9,096,371
Stanley Electric Co. Ltd.
349,300
5,586,911
Sumitomo Electric Industries Ltd.
1,882,300
19,760,823
 
180,733,365
Automobiles — 8.9%
Honda Motor Co. Ltd.
11,857,800
121,527,899
Isuzu Motors Ltd.
1,474,800
16,444,981
Mazda Motor Corp.
1,423,700
13,761,470
Mitsubishi Motors Corp.
1,625,900
5,311,115
Nissan Motor Co. Ltd.
5,605,700
21,570,645
Subaru Corp.
1,459,300
25,260,918
Suzuki Motor Corp.
1,164,200
45,184,944
Toyota Motor Corp.
29,407,700
514,450,934
Yamaha Motor Co. Ltd.
831,200
20,311,911
 
783,824,817
Banks — 7.4%
Chiba Bank Ltd. (The)
1,720,600
12,815,969
Concordia Financial Group Ltd.
2,792,200
12,973,675
Fukuoka Financial Group, Inc.
452,600
11,963,911
Japan Post Bank Co. Ltd.
3,345,300
31,008,274
Kyoto Financial Group, Inc.
179,900
10,199,217
Mitsubishi UFJ Financial Group, Inc.
30,090,300
252,431,953
Mizuho Financial Group, Inc.
6,021,800
102,240,460
Resona Holdings, Inc.
5,602,600
29,936,498
Sumitomo Mitsui Financial Group, Inc.
3,172,800
152,954,277
Sumitomo Mitsui Trust Holdings, Inc.
863,700
32,385,989
 
648,910,223
Beverages — 0.9%
Asahi Group Holdings Ltd.
1,203,000
43,513,008
Kirin Holdings Co. Ltd.
1,929,700
27,118,690
Suntory Beverage & Food Ltd.
301,000
9,058,012
 
79,689,710
INVESTMENTS
SHARES
VALUE($)
 
Broadline Retail — 0.4%
Pan Pacific International Holdings Corp.
1,264,400
24,486,197
Rakuten Group, Inc.
3,498,900
12,942,154
 
37,428,351
Building Products — 1.5%
AGC, Inc.
539,400
18,349,900
Daikin Industries Ltd.
695,400
100,262,033
Lixil Corp.
681,500
7,472,695
TOTO Ltd.
369,300
8,904,419
 
134,989,047
Capital Markets — 1.0%
Daiwa Securities Group, Inc.
3,461,300
19,959,489
Japan Exchange Group, Inc.
1,253,700
24,791,664
Nomura Holdings, Inc.
6,978,300
26,960,023
SBI Holdings, Inc.
574,700
12,364,638
 
84,075,814
Chemicals — 3.7%
Asahi Kasei Corp.
3,305,500
20,321,505
JSR Corp. (a)
494,700
13,241,112
Kansai Paint Co. Ltd.
565,700
8,278,856
Mitsubishi Chemical Group Corp.
3,394,100
19,205,873
Mitsubishi Gas Chemical Co., Inc.
485,400
6,560,601
Mitsui Chemicals, Inc.
451,800
11,387,384
Nippon Paint Holdings Co. Ltd.
2,529,900
17,008,799
Nippon Sanso Holdings Corp.
503,600
12,700,042
Nissan Chemical Corp.
331,800
13,532,525
Nitto Denko Corp.
355,200
22,983,494
Shin-Etsu Chemical Co. Ltd.
4,801,200
143,572,101
Sumitomo Chemical Co. Ltd.
3,928,900
9,986,333
Toray Industries, Inc.
3,868,700
18,716,150
Tosoh Corp.
770,600
9,435,401
 
326,930,176
Commercial Services & Supplies — 0.8%
Dai Nippon Printing Co. Ltd.
616,200
16,074,972
Secom Co. Ltd.
498,300
34,609,350
TOPPAN Holdings, Inc.
779,100
17,969,066
 
68,653,388
Construction & Engineering — 0.7%
Kajima Corp.
1,115,600
18,437,965
Obayashi Corp.
1,710,500
14,651,816
Shimizu Corp.
1,498,700
10,665,486
Taisei Corp.
447,000
15,158,979
 
58,914,246
SEE NOTES TO FINANCIAL STATEMENTS. 
 
100
J.P. Morgan Exchange-Traded Funds
October 31, 2023

INVESTMENTS
SHARES
VALUE($)
Common Stocks — continued
Consumer Finance — 0.1%
Acom Co. Ltd.
1,151,200
2,703,364
Marui Group Co. Ltd.
439,800
6,954,618
 
9,657,982
Consumer Staples Distribution & Retail — 1.7%
Aeon Co. Ltd.
2,067,300
43,495,227
Cosmos Pharmaceutical Corp.
55,900
5,817,379
Kobe Bussan Co. Ltd. (a)
344,100
8,515,805
Lawson, Inc.
119,500
5,756,813
MatsukiyoCocokara & Co.
885,000
15,524,488
Seven & i Holdings Co. Ltd.
1,891,400
69,298,457
Welcia Holdings Co. Ltd.
243,100
4,029,581
 
152,437,750
Diversified REITs — 0.3%
Daiwa House REIT Investment Corp.
5,065
8,963,772
Nomura Real Estate Master Fund, Inc.
11,180
12,336,665
United Urban Investment Corp.
7,349
7,409,033
 
28,709,470
Diversified Telecommunication Services — 0.9%
Nippon Telegraph & Telephone Corp.
70,869,100
83,397,033
Electric Utilities — 0.6%
Chubu Electric Power Co., Inc.
1,797,800
21,724,897
Kansai Electric Power Co., Inc. (The)
1,959,400
25,087,849
Tokyo Electric Power Co. Holdings, Inc. *
1,903,500
8,055,116
 
54,867,862
Electrical Equipment — 1.3%
Fuji Electric Co. Ltd.
354,100
13,482,227
Mitsubishi Electric Corp.
5,092,200
58,389,769
NIDEC Corp.
1,244,700
45,656,897
 
117,528,893
Electronic Equipment, Instruments & Components — 4.7%
Hamamatsu Photonics KK
348,500
12,944,343
Hirose Electric Co. Ltd.
72,300
8,191,527
Ibiden Co. Ltd.
334,300
14,253,366
Keyence Corp.
473,600
183,339,424
Kyocera Corp.
824,600
40,645,698
Murata Manufacturing Co. Ltd.
4,472,100
76,604,294
Omron Corp.
489,600
17,541,018
Shimadzu Corp.
653,600
15,455,217
TDK Corp.
921,900
34,493,088
Yokogawa Electric Corp.
554,200
10,061,627
 
413,529,602
INVESTMENTS
SHARES
VALUE($)
 
Entertainment — 2.0%
Capcom Co. Ltd.
397,900
12,808,134
Koei Tecmo Holdings Co. Ltd.
287,600
3,755,386
Konami Group Corp.
244,500
12,665,611
Nexon Co. Ltd.
1,073,700
19,701,590
Nintendo Co. Ltd.
2,771,500
114,503,010
Square Enix Holdings Co. Ltd.
211,900
7,039,695
Toho Co. Ltd.
296,900
10,143,021
 
180,616,447
Financial Services — 0.8%
GMO Payment Gateway, Inc.
107,700
4,301,458
Mitsubishi HC Capital, Inc.
2,296,600
15,139,714
ORIX Corp.
2,781,600
50,587,156
Tokyo Century Corp.
111,500
4,295,951
 
74,324,279
Food Products — 1.6%
Ajinomoto Co., Inc.
1,256,600
45,894,407
Kikkoman Corp.
461,800
26,274,004
MEIJI Holdings Co. Ltd.
654,800
16,117,266
Nisshin Seifun Group, Inc.
620,100
9,353,462
Nissin Foods Holdings Co. Ltd.
197,500
17,184,215
Toyo Suisan Kaisha Ltd.
241,400
11,136,012
Yakult Honsha Co. Ltd.
722,000
17,013,889
 
142,973,255
Gas Utilities — 0.5%
Osaka Gas Co. Ltd.
987,500
18,622,065
Tokyo Gas Co. Ltd.
958,700
21,529,680
 
40,151,745
Ground Transportation — 2.7%
Central Japan Railway Co.
2,442,000
54,965,543
East Japan Railway Co.
896,400
46,556,622
Hankyu Hanshin Holdings, Inc.
602,600
18,959,966
Keio Corp.
305,400
9,062,583
Keisei Electric Railway Co. Ltd.
408,500
15,388,050
Kintetsu Group Holdings Co. Ltd.
451,400
12,700,937
Kyushu Railway Co.
373,000
7,626,469
Nagoya Railroad Co. Ltd.
467,100
6,538,839
Odakyu Electric Railway Co. Ltd.
874,200
12,445,401
Seibu Holdings, Inc.
645,100
6,299,060
Tobu Railway Co. Ltd.
498,000
11,986,587
Tokyu Corp.
1,481,700
16,726,965
West Japan Railway Co.
578,400
22,045,458
 
241,302,480
SEE NOTES TO FINANCIAL STATEMENTS. 
 
October 31, 2023
J.P. Morgan Exchange-Traded Funds
101

JPMorgan BetaBuilders Japan ETF
SCHEDULE OF PORTFOLIO INVESTMENTS
AS OF October 31, 2023 (continued)
INVESTMENTS
SHARES
VALUE($)
Common Stocks — continued
Health Care Equipment & Supplies — 2.2%
Asahi Intecc Co. Ltd. (a)
560,300
9,414,514
Hoya Corp.
840,300
80,894,522
Olympus Corp.
3,003,500
40,112,797
Sysmex Corp.
377,900
18,102,471
Terumo Corp.
1,773,500
48,519,750
 
197,044,054
Health Care Providers & Services — 0.1%
Medipal Holdings Corp.
497,700
8,367,825
Health Care Technology — 0.2%
M3, Inc.
1,015,100
15,633,751
Hotels, Restaurants & Leisure — 1.1%
McDonald's Holdings Co. Japan Ltd.
201,600
7,843,813
Oriental Land Co. Ltd.
2,759,800
89,266,745
 
97,110,558
Household Durables — 4.3%
Haseko Corp.
499,700
6,149,732
Iida Group Holdings Co. Ltd.
398,700
6,190,693
Nikon Corp.
774,800
7,356,273
Open House Group Co. Ltd.
166,000
5,471,420
Panasonic Holdings Corp.
5,820,400
51,065,232
Rinnai Corp.
281,800
5,176,508
Sekisui Chemical Co. Ltd.
1,009,400
13,825,626
Sekisui House Ltd.
1,572,500
30,793,875
Sharp Corp. *
663,800
4,150,222
Sony Group Corp.
2,991,500
248,709,978
 
378,889,559
Household Products — 0.5%
Lion Corp.
694,000
6,660,103
Unicharm Corp.
1,045,700
35,531,713
 
42,191,816
Industrial Conglomerates — 1.8%
Hikari Tsushin, Inc.
55,500
8,007,144
Hitachi Ltd.
2,224,700
141,016,231
Toshiba Corp. *
215,400
6,548,302
 
155,571,677
Industrial REITs — 0.2%
GLP J-REIT
11,674
10,455,908
Nippon Prologis REIT, Inc.
5,787
10,297,248
 
20,753,156
Insurance — 3.5%
Dai-ichi Life Holdings, Inc.
2,347,700
49,595,237
INVESTMENTS
SHARES
VALUE($)
 
Insurance — continued
Japan Post Holdings Co. Ltd.
4,760,400
42,135,268
Japan Post Insurance Co. Ltd.
435,600
8,387,952
MS&AD Insurance Group Holdings, Inc.
1,055,500
38,674,087
Sompo Holdings, Inc.
825,300
35,751,969
T&D Holdings, Inc.
1,298,800
23,169,585
Tokio Marine Holdings, Inc.
4,748,900
106,243,512
 
303,957,610
Interactive Media & Services — 0.2%
LY Corp.
6,336,400
16,154,567
IT Services — 2.1%
Fujitsu Ltd.
412,000
53,373,590
NEC Corp.
647,700
31,187,165
Nomura Research Institute Ltd.
1,099,000
28,848,701
NTT Data Group Corp.
1,397,400
17,229,819
Obic Co. Ltd.
156,100
23,074,133
Otsuka Corp.
274,100
10,989,936
SCSK Corp.
363,500
6,205,045
TIS, Inc.
510,400
10,930,141
 
181,838,530
Leisure Products — 0.9%
Bandai Namco Holdings, Inc.
1,579,900
32,733,184
Sega Sammy Holdings, Inc.
377,500
5,903,941
Shimano, Inc.
195,100
28,076,083
Yamaha Corp.
403,900
10,788,139
 
77,501,347
Machinery — 4.6%
Daifuku Co. Ltd.
900,900
14,885,480
FANUC Corp.
2,235,700
55,482,065
Hitachi Construction Machinery Co. Ltd.
244,400
6,314,258
Hoshizaki Corp.
270,700
8,742,163
Kawasaki Heavy Industries Ltd.
398,000
8,784,590
Komatsu Ltd.
2,309,000
53,052,505
Kubota Corp.
2,521,100
33,906,896
Kurita Water Industries Ltd.
252,900
7,683,970
Makita Corp.
664,600
17,177,820
MINEBEA MITSUMI, Inc.
1,013,500
15,890,974
MISUMI Group, Inc.
675,600
10,227,681
Mitsubishi Heavy Industries Ltd.
799,500
41,177,994
NGK Insulators Ltd.
620,800
7,585,096
SMC Corp.
144,100
66,540,067
SEE NOTES TO FINANCIAL STATEMENTS. 
 
102
J.P. Morgan Exchange-Traded Funds
October 31, 2023

INVESTMENTS
SHARES
VALUE($)
Common Stocks — continued
Machinery — continued
Toyota Industries Corp.
447,500
33,166,337
Yaskawa Electric Corp.
631,800
20,680,792
 
401,298,688
Marine Transportation — 0.6%
Mitsui OSK Lines Ltd.
859,200
22,182,239
Nippon Yusen KK
1,210,400
29,615,161
 
51,797,400
Media — 0.3%
CyberAgent, Inc.
983,500
5,162,837
Dentsu Group, Inc.
544,600
15,818,446
Hakuhodo DY Holdings, Inc.
711,500
5,773,961
 
26,755,244
Metals & Mining — 1.0%
JFE Holdings, Inc.
1,384,900
19,295,631
Nippon Steel Corp.
2,253,100
48,596,802
Sumitomo Metal Mining Co. Ltd.
649,000
18,231,681
 
86,124,114
Office REITs — 0.4%
Japan Real Estate Investment Corp.
3,377
12,543,265
Nippon Building Fund, Inc.
4,031
16,196,290
Orix JREIT, Inc.
6,551
7,528,816
 
36,268,371
Oil, Gas & Consumable Fuels — 0.8%
ENEOS Holdings, Inc.
7,193,200
26,653,808
Idemitsu Kosan Co. Ltd.
529,952
12,032,614
Inpex Corp.
2,433,000
35,304,960
 
73,991,382
Paper & Forest Products — 0.1%
Oji Holdings Corp.
2,405,300
10,287,185
Passenger Airlines — 0.2%
ANA Holdings, Inc. *
378,900
7,438,517
Japan Airlines Co. Ltd.
342,300
6,292,770
 
13,731,287
Personal Care Products — 0.9%
Kao Corp.
1,104,800
40,307,417
Kobayashi Pharmaceutical Co. Ltd.
133,700
5,519,574
Kose Corp.
84,900
5,624,709
Shiseido Co. Ltd.
948,300
30,075,783
 
81,527,483
INVESTMENTS
SHARES
VALUE($)
 
Pharmaceuticals — 5.5%
Astellas Pharma, Inc.
4,292,300
54,297,062
Chugai Pharmaceutical Co. Ltd.
1,512,700
44,861,486
Daiichi Sankyo Co. Ltd.
4,618,400
119,081,723
Eisai Co. Ltd.
703,500
37,270,275
Kyowa Kirin Co. Ltd.
601,400
9,432,535
Nippon Shinyaku Co. Ltd.
145,200
5,888,741
Ono Pharmaceutical Co. Ltd.
1,153,000
19,911,725
Otsuka Holdings Co. Ltd.
1,322,500
44,496,787
Santen Pharmaceutical Co. Ltd.
891,600
7,733,336
Shionogi & Co. Ltd.
663,900
30,914,259
Taisho Pharmaceutical Holdings Co. Ltd.
135,700
5,373,459
Takeda Pharmaceutical Co. Ltd.
3,753,000
101,874,240
 
481,135,628
Professional Services — 1.4%
Persol Holdings Co. Ltd.
4,369,000
6,550,948
Recruit Holdings Co. Ltd.
4,021,900
115,318,765
 
121,869,713
Real Estate Management & Development — 2.3%
Daito Trust Construction Co. Ltd.
155,500
16,679,923
Daiwa House Industry Co. Ltd.
1,580,600
43,475,469
Hulic Co. Ltd.
1,420,800
13,026,084
Mitsubishi Estate Co. Ltd.
3,140,200
40,195,567
Mitsui Fudosan Co. Ltd.
2,221,500
48,150,706
Nomura Real Estate Holdings, Inc.
268,400
6,268,772
Sumitomo Realty & Development Co. Ltd.
1,128,700
28,323,530
Tokyu Fudosan Holdings Corp.
1,434,100
8,355,535
 
204,475,586
Residential REITs — 0.1%
Advance Residence Investment Corp.
3,287
7,146,609
Retail REITs — 0.1%
Japan Metropolitan Fund Invest
16,573
10,695,335
Semiconductors & Semiconductor Equipment — 3.8%
Advantest Corp.
1,817,000
46,803,441
Disco Corp.
210,500
37,174,099
Lasertec Corp.
187,800
31,020,846
Renesas Electronics Corp. *
3,391,100
44,544,202
Rohm Co. Ltd.
831,100
13,315,860
SUMCO Corp.
831,100
10,739,601
Tokyo Electron Ltd.
1,118,300
147,769,581
 
331,367,630
SEE NOTES TO FINANCIAL STATEMENTS. 
 
October 31, 2023
J.P. Morgan Exchange-Traded Funds
103

JPMorgan BetaBuilders Japan ETF
SCHEDULE OF PORTFOLIO INVESTMENTS
AS OF October 31, 2023 (continued)
INVESTMENTS
SHARES
VALUE($)
Common Stocks — continued
Software — 0.2%
Oracle Corp.
79,100
5,611,330
Trend Micro, Inc.
334,200
12,594,200
 
18,205,530
Specialty Retail — 1.7%
ABC-Mart, Inc.
222,800
3,450,959
Fast Retailing Co. Ltd.
476,000
105,384,688
Nitori Holdings Co. Ltd.
206,100
22,319,566
USS Co. Ltd.
524,300
9,164,186
ZOZO, Inc.
288,900
5,493,360
 
145,812,759
Technology Hardware, Storage & Peripherals — 1.6%
Brother Industries Ltd.
610,700
9,527,073
Canon, Inc.
2,403,600
56,822,779
FUJIFILM Holdings Corp.
982,700
53,751,532
Ricoh Co. Ltd.
1,445,600
11,716,745
Seiko Epson Corp.
775,700
10,769,183
 
142,587,312
Textiles, Apparel & Luxury Goods — 0.2%
Asics Corp.
449,600
14,241,972
Tobacco — 0.7%
Japan Tobacco, Inc.
2,608,200
60,715,956
Trading Companies & Distributors — 6.6%
ITOCHU Corp.
3,457,900
124,557,125
Marubeni Corp.
4,028,100
58,897,978
Mitsubishi Corp.
3,409,500
158,935,752
Mitsui & Co. Ltd.
3,663,600
133,150,525
MonotaRO Co. Ltd. (a)
582,300
4,653,734
Sojitz Corp.
518,500
10,766,856
Sumitomo Corp.
2,900,700
57,021,016
Toyota Tsusho Corp.
562,400
29,940,089
 
577,923,075
Transportation Infrastructure — 0.1%
Japan Airport Terminal Co. Ltd.
220,600
9,701,777
INVESTMENTS
SHARES
VALUE($)
 
Wireless Telecommunication Services — 3.2%
KDDI Corp.
3,450,300
103,214,836
SoftBank Corp.
6,701,700
75,775,238
SoftBank Group Corp.
2,475,800
101,394,091
 
280,384,165
Total Common Stocks
(Cost $9,352,402,744)
8,666,401,662
Short-Term Investments — 0.1%
Investment of Cash Collateral from Securities Loaned — 0.1%
JPMorgan Securities Lending Money Market
Fund Agency SL Class Shares, 5.53% (b)
(c)
7,350,161
7,351,631
JPMorgan U.S. Government Money Market
Fund Class IM Shares, 5.29% (b) (c)
1,317,980
1,317,980
Total Investment of Cash Collateral from
Securities Loaned
(Cost $8,669,611)
8,669,611
Total Investments — 98.6%
(Cost $9,361,072,355)
8,675,071,273
Other Assets Less Liabilities — 1.4%
122,238,661
NET ASSETS — 100.0%
8,797,309,934
 
Percentages indicated are based on net assets.
 
Abbreviations
 
REIT
Real Estate Investment Trust
 
*
Non-income producing security.
(a)
The security or a portion of this security is on loan at October 31,
2023. The total value of securities on loan at October 31, 2023 is
$8,163,766.
(b)
Investment in an affiliated fund, which is registered under the
Investment Company Act of 1940, as amended, and is advised by
J.P. Morgan Investment Management Inc.
(c)
The rate shown is the current yield as of October 31, 2023.
Futures contracts outstanding as of October 31, 2023:
 
DESCRIPTION
NUMBER OF
CONTRACTS
EXPIRATION DATE
TRADING CURRENCY
NOTIONAL
AMOUNT ($)
VALUE AND
UNREALIZED
APPRECIATION
(DEPRECIATION) ($)
Long Contracts
TOPIX Index
843
12/07/2023
JPY
128,361,801
(2,143,130
)
 
SEE NOTES TO FINANCIAL STATEMENTS. 
 
104
J.P. Morgan Exchange-Traded Funds
October 31, 2023

Abbreviations
 
JPY
Japanese Yen
TOPIX
Tokyo Stock Price Index
SEE NOTES TO FINANCIAL STATEMENTS. 
 
October 31, 2023
J.P. Morgan Exchange-Traded Funds
105

JPMorgan BetaBuilders U.S. Equity ETF
SCHEDULE OF PORTFOLIO INVESTMENTS
AS OF October 31, 2023
 
INVESTMENTS
SHARES
VALUE($)
Common Stocks — 99.2%
Aerospace & Defense — 1.6%
Boeing Co. (The) *
33,497
6,257,909
General Dynamics Corp.
13,386
3,230,176
HEICO Corp.
2,358
373,531
HEICO Corp., Class A
4,489
570,687
Howmet Aerospace, Inc.
23,133
1,020,165
Huntington Ingalls Industries, Inc.
2,354
517,456
L3Harris Technologies, Inc.
11,169
2,003,830
Lockheed Martin Corp.
13,241
6,019,888
Northrop Grumman Corp.
8,407
3,963,312
RTX Corp. (a)
85,987
6,998,482
Textron, Inc.
11,698
889,048
TransDigm Group, Inc. *
3,264
2,702,886
 
34,547,370
Air Freight & Logistics — 0.5%
CH Robinson Worldwide, Inc.
6,879
562,909
Expeditors International of Washington, Inc.
8,736
954,408
FedEx Corp.
13,673
3,282,887
United Parcel Service, Inc., Class B
42,728
6,035,330
 
10,835,534
Automobile Components — 0.1%
Aptiv plc *
16,709
1,457,025
BorgWarner, Inc.
13,886
512,393
Lear Corp.
3,470
450,267
 
2,419,685
Automobiles — 1.8%
Ford Motor Co.
232,246
2,264,399
General Motors Co.
81,285
2,292,237
Lucid Group, Inc. * (a)
52,383
215,818
Rivian Automotive, Inc., Class A * (a)
39,437
639,668
Tesla, Inc. *
163,136
32,764,234
 
38,176,356
Banks — 2.8%
Bank of America Corp.
408,418
10,757,730
Citigroup, Inc.
113,762
4,492,461
Citizens Financial Group, Inc.
27,898
653,650
East West Bancorp, Inc.
8,353
447,888
Fifth Third Bancorp
40,228
953,806
Huntington Bancshares, Inc.
85,533
825,393
JPMorgan Chase & Co. (b)
170,786
23,749,501
KeyCorp
55,293
565,095
M&T Bank Corp.
9,801
1,105,063
PNC Financial Services Group, Inc. (The)
23,530
2,693,479
INVESTMENTS
SHARES
VALUE($)
 
Banks — continued
Regions Financial Corp.
55,435
805,471
Truist Financial Corp.
78,684
2,231,478
US Bancorp
91,976
2,932,195
Wells Fargo & Co.
216,153
8,596,405
 
60,809,615
Beverages — 1.6%
Brown-Forman Corp., Class A (a)
3,303
189,658
Brown-Forman Corp., Class B
10,812
607,202
Coca-Cola Co. (The)
229,915
12,987,898
Constellation Brands, Inc., Class A
9,524
2,230,045
Keurig Dr Pepper, Inc.
59,433
1,802,603
Molson Coors Beverage Co., Class B
10,965
633,448
Monster Beverage Corp. *
43,936
2,245,129
PepsiCo, Inc.
81,324
13,278,583
 
33,974,566
Biotechnology — 2.2%
AbbVie, Inc.
104,276
14,721,686
Alnylam Pharmaceuticals, Inc. *
7,387
1,121,347
Amgen, Inc.
31,603
8,080,887
Biogen, Inc. *
8,558
2,032,867
BioMarin Pharmaceutical, Inc. *
11,114
905,235
Exact Sciences Corp. *
10,668
657,042
Gilead Sciences, Inc.
73,615
5,781,722
Incyte Corp. *
10,987
592,529
Moderna, Inc. *
19,562
1,485,929
Neurocrine Biosciences, Inc. *
5,769
640,013
Regeneron Pharmaceuticals, Inc. *
6,307
4,918,766
Seagen, Inc. *
8,312
1,768,877
Vertex Pharmaceuticals, Inc. *
15,243
5,519,643
 
48,226,543
Broadline Retail — 3.6%
Amazon.com, Inc. *
536,397
71,389,077
Coupang, Inc. (South Korea) *
67,486
1,147,262
eBay, Inc.
31,433
1,233,116
Etsy, Inc. * (a)
7,272
453,046
MercadoLibre, Inc. (Brazil) *
2,726
3,382,257
 
77,604,758
Building Products — 0.4%
Allegion plc
5,186
510,095
Carrier Global Corp.
49,487
2,358,550
Fortune Brands Innovations, Inc.
7,496
418,277
Johnson Controls International plc
40,195
1,970,359
SEE NOTES TO FINANCIAL STATEMENTS. 
 
106
J.P. Morgan Exchange-Traded Funds
October 31, 2023

INVESTMENTS
SHARES
VALUE($)
Common Stocks — continued
Building Products — continued
Lennox International, Inc.
1,885
698,468
Masco Corp.
13,288
692,172
Owens Corning
5,305
601,428
Trane Technologies plc
13,489
2,567,091
 
9,816,440
Capital Markets — 2.8%
Ameriprise Financial, Inc.
6,057
1,905,350
Bank of New York Mellon Corp. (The)
46,011
1,955,467
BlackRock, Inc.
8,287
5,073,964
Blackstone, Inc. (a)
41,933
3,872,513
Carlyle Group, Inc. (The)
12,758
351,355
Charles Schwab Corp. (The)
87,843
4,571,350
CME Group, Inc.
21,254
4,536,879
Coinbase Global, Inc., Class A * (a)
9,984
769,966
FactSet Research Systems, Inc.
2,255
973,912
Franklin Resources, Inc.
16,801
382,895
Goldman Sachs Group, Inc. (The)
19,479
5,914,019
Intercontinental Exchange, Inc.
33,816
3,633,191
Invesco Ltd. (a)
26,504
343,757
KKR & Co., Inc.
38,238
2,118,385
LPL Financial Holdings, Inc.
4,509
1,012,361
MarketAxess Holdings, Inc.
2,227
476,021
Moody's Corp.
9,321
2,870,868
Morgan Stanley
75,378
5,338,270
MSCI, Inc.
4,671
2,202,610
Nasdaq, Inc.
20,031
993,538
Northern Trust Corp.
12,227
805,882
Raymond James Financial, Inc.
11,101
1,059,479
S&P Global, Inc.
19,220
6,713,738
SEI Investments Co.
5,939
318,687
State Street Corp.
18,828
1,216,854
T. Rowe Price Group, Inc.
13,251
1,199,216
 
60,610,527
Chemicals — 1.6%
Air Products and Chemicals, Inc.
13,127
3,707,590
Albemarle Corp. (a)
6,932
878,839
Celanese Corp.
5,910
676,754
CF Industries Holdings, Inc.
11,401
909,572
Corteva, Inc.
41,934
2,018,703
Dow, Inc.
41,535
2,007,802
DuPont de Nemours, Inc.
27,120
1,976,506
Eastman Chemical Co.
7,002
523,259
Ecolab, Inc.
14,987
2,513,919
INVESTMENTS
SHARES
VALUE($)
 
Chemicals — continued
FMC Corp.
7,371
392,137
International Flavors & Fragrances, Inc.
15,078
1,030,581
Linde plc
28,827
11,016,526
LyondellBasell Industries NV, Class A
15,128
1,365,151
Mosaic Co. (The)
19,630
637,582
PPG Industries, Inc.
13,912
1,707,976
Sherwin-Williams Co. (The)
13,974
3,328,747
Westlake Corp.
1,883
217,223
 
34,908,867
Commercial Services & Supplies — 0.5%
Cintas Corp.
5,111
2,591,890
Copart, Inc. *
51,334
2,234,056
Republic Services, Inc.
12,146
1,803,560
Rollins, Inc.
16,590
623,950
Waste Management, Inc.
21,779
3,578,943
 
10,832,399
Communications Equipment — 0.9%
Arista Networks, Inc. *
14,818
2,969,083
Cisco Systems, Inc.
240,738
12,549,672
F5, Inc. *
3,503
531,020
Juniper Networks, Inc.
18,986
511,103
Motorola Solutions, Inc.
9,866
2,747,286
 
19,308,164
Construction & Engineering — 0.1%
Quanta Services, Inc.
8,579
1,433,722
Construction Materials — 0.1%
Martin Marietta Materials, Inc.
3,648
1,491,813
Vulcan Materials Co.
7,854
1,543,233
 
3,035,046
Consumer Finance — 0.4%
Ally Financial, Inc.
16,039
387,984
American Express Co.
34,376
5,019,927
Capital One Financial Corp.
22,534
2,282,469
Discover Financial Services
14,771
1,212,404
Synchrony Financial
24,707
693,031
 
9,595,815
Consumer Staples Distribution & Retail — 1.8%
Albertsons Cos., Inc., Class A
23,804
516,547
Costco Wholesale Corp.
26,176
14,460,670
Dollar General Corp.
12,953
1,541,925
Dollar Tree, Inc. *
12,364
1,373,517
Kroger Co. (The)
39,014
1,770,065
SEE NOTES TO FINANCIAL STATEMENTS. 
 
October 31, 2023
J.P. Morgan Exchange-Traded Funds
107

JPMorgan BetaBuilders U.S. Equity ETF
SCHEDULE OF PORTFOLIO INVESTMENTS
AS OF October 31, 2023 (continued)
INVESTMENTS
SHARES
VALUE($)
Common Stocks — continued
Consumer Staples Distribution & Retail — continued
Sysco Corp.
29,843
1,984,261
Target Corp.
27,265
3,020,689
Walgreens Boots Alliance, Inc.
42,325
892,211
Walmart, Inc.
84,313
13,777,587
 
39,337,472
Containers & Packaging — 0.2%
Amcor plc
86,932
772,826
Avery Dennison Corp.
4,758
828,225
Ball Corp.
18,610
896,072
Crown Holdings, Inc.
7,124
574,194
International Paper Co.
20,436
689,306
Packaging Corp. of America
5,310
812,696
WestRock Co.
15,137
543,872
 
5,117,191
Distributors — 0.1%
Genuine Parts Co.
8,292
1,068,507
LKQ Corp.
15,802
694,024
Pool Corp.
2,307
728,481
 
2,491,012
Diversified REITs — 0.0% ^
WP Carey, Inc.
12,639
678,082
Diversified Telecommunication Services — 0.7%
AT&T, Inc.
422,339
6,504,021
Verizon Communications, Inc.
248,355
8,724,711
 
15,228,732
Electric Utilities — 1.6%
Alliant Energy Corp.
14,931
728,483
American Electric Power Co., Inc.
30,438
2,299,286
Avangrid, Inc.
4,111
122,796
Constellation Energy Corp.
18,999
2,145,367
Duke Energy Corp.
45,532
4,047,339
Edison International
22,641
1,427,741
Entergy Corp.
12,496
1,194,493
Evergy, Inc.
13,564
666,535
Eversource Energy
20,626
1,109,473
Exelon Corp.
58,795
2,289,477
FirstEnergy Corp.
30,487
1,085,337
NextEra Energy, Inc.
119,552
6,969,882
NRG Energy, Inc.
13,530
573,401
PG&E Corp. *
123,542
2,013,735
Pinnacle West Capital Corp.
6,698
496,858
PPL Corp.
43,540
1,069,778
INVESTMENTS
SHARES
VALUE($)
 
Electric Utilities — continued
Southern Co. (The)
64,430
4,336,139
Xcel Energy, Inc.
32,578
1,930,898
 
34,507,018
Electrical Equipment — 0.6%
AMETEK, Inc.
13,634
1,919,258
Eaton Corp. plc
23,573
4,901,063
Emerson Electric Co.
33,757
3,003,360
Hubbell, Inc.
3,163
854,327
Rockwell Automation, Inc.
6,788
1,783,954
 
12,461,962
Electronic Equipment, Instruments & Components — 0.6%
Amphenol Corp., Class A
35,236
2,838,260
CDW Corp.
7,922
1,587,569
Cognex Corp.
10,182
366,450
Corning, Inc.
45,357
1,213,753
Flex Ltd. *
26,388
678,699
Keysight Technologies, Inc. *
10,534
1,285,675
TE Connectivity Ltd.
18,545
2,185,528
Teledyne Technologies, Inc. *
2,783
1,042,484
Trimble, Inc. *
14,665
691,162
Zebra Technologies Corp., Class A *
3,030
634,573
 
12,524,153
Energy Equipment & Services — 0.4%
Baker Hughes Co.
59,643
2,052,912
Halliburton Co.
53,083
2,088,285
Schlumberger NV
83,953
4,672,824
 
8,814,021
Entertainment — 1.1%
Electronic Arts, Inc.
14,561
1,802,506
Liberty Media Corp-Liberty Formula One,
Class A *
1,411
81,203
Liberty Media Corp-Liberty Formula One,
Class C *
12,293
795,234
Live Nation Entertainment, Inc. *
8,370
669,767
Netflix, Inc. *
26,176
10,776,398
ROBLOX Corp., Class A *
28,453
905,090
Take-Two Interactive Software, Inc. *
9,329
1,247,754
Walt Disney Co. (The) *
108,093
8,819,308
 
25,097,260
Financial Services — 4.3%
Apollo Global Management, Inc.
25,787
1,996,945
Berkshire Hathaway, Inc., Class B *
107,740
36,774,894
SEE NOTES TO FINANCIAL STATEMENTS. 
 
108
J.P. Morgan Exchange-Traded Funds
October 31, 2023

INVESTMENTS
SHARES
VALUE($)
Common Stocks — continued
Financial Services — continued
Block, Inc. * (a)
32,456
1,306,354
Corebridge Financial, Inc.
9,769
195,380
Equitable Holdings, Inc.
19,284
512,376
Fidelity National Information Services, Inc.
35,005
1,719,095
Fiserv, Inc. *
36,009
4,096,024
FleetCor Technologies, Inc. *
4,374
984,894
Global Payments, Inc.
15,364
1,631,964
Jack Henry & Associates, Inc.
4,300
606,257
Mastercard, Inc., Class A
49,151
18,497,979
PayPal Holdings, Inc. *
64,864
3,359,955
Visa, Inc., Class A (a)
94,918
22,315,222
Voya Financial, Inc.
6,251
417,379
 
94,414,718
Food Products — 0.9%
Archer-Daniels-Midland Co.
31,672
2,266,765
Bunge Ltd.
8,895
942,692
Campbell Soup Co.
11,621
469,605
Conagra Brands, Inc.
28,232
772,428
General Mills, Inc.
34,572
2,255,477
Hershey Co. (The)
8,849
1,657,860
Hormel Foods Corp. (a)
17,108
556,865
J M Smucker Co. (The)
6,027
686,114
Kellogg Co.
15,573
785,969
Kraft Heinz Co. (The)
47,169
1,483,937
Lamb Weston Holdings, Inc.
8,614
773,537
McCormick & Co., Inc. (Non-Voting)
14,837
948,084
Mondelez International, Inc., Class A
80,366
5,321,033
Tyson Foods, Inc., Class A
16,867
781,786
 
19,702,152
Gas Utilities — 0.0% ^
Atmos Energy Corp.
8,768
943,963
Ground Transportation — 1.0%
CSX Corp.
118,522
3,537,882
JB Hunt Transport Services, Inc.
4,819
828,242
Norfolk Southern Corp.
13,409
2,558,303
Old Dominion Freight Line, Inc.
5,291
1,992,908
Uber Technologies, Inc. *
120,722
5,224,848
Union Pacific Corp.
36,000
7,473,960
 
21,616,143
Health Care Equipment & Supplies — 2.4%
Abbott Laboratories
102,523
9,693,550
Align Technology, Inc. *
4,202
775,647
Baxter International, Inc.
29,918
970,241
INVESTMENTS
SHARES
VALUE($)
 
Health Care Equipment & Supplies — continued
Becton Dickinson & Co.
17,142
4,333,155
Boston Scientific Corp. *
86,502
4,428,037
Cooper Cos., Inc. (The)
2,924
911,557
Dentsply Sirona, Inc.
12,511
380,459
Dexcom, Inc. *
22,917
2,035,717
Edwards Lifesciences Corp. *
35,911
2,288,249
GE HealthCare Technologies, Inc.
23,108
1,538,300
Hologic, Inc. *
14,469
957,414
IDEXX Laboratories, Inc. *
4,899
1,957,003
Insulet Corp. *
4,123
546,586
Intuitive Surgical, Inc. *
20,757
5,442,901
Medtronic plc
78,637
5,548,627
ResMed, Inc.
8,680
1,225,790
STERIS plc
5,827
1,223,553
Stryker Corp.
19,972
5,396,834
Teleflex, Inc.
2,778
513,235
Zimmer Biomet Holdings, Inc.
12,341
1,288,524
 
51,455,379
Health Care Providers & Services — 3.0%
agilon health, Inc. * (a)
17,729
319,122
Cardinal Health, Inc.
15,040
1,368,640
Cencora, Inc.
9,848
1,823,357
Centene Corp. *
31,984
2,206,256
Cigna Group (The)
17,482
5,405,434
CVS Health Corp.
75,872
5,235,927
DaVita, Inc. *
3,176
245,282
Elevance Health, Inc.
13,920
6,265,253
HCA Healthcare, Inc.
11,895
2,689,935
Henry Schein, Inc. *
7,710
500,996
Humana, Inc.
7,323
3,834,982
Laboratory Corp. of America Holdings
5,233
1,045,187
McKesson Corp.
7,972
3,630,130
Molina Healthcare, Inc. *
3,445
1,147,013
Quest Diagnostics, Inc.
6,625
861,913
UnitedHealth Group, Inc.
54,725
29,308,521
Universal Health Services, Inc., Class B
3,667
461,639
 
66,349,587
Health Care REITs — 0.2%
Healthpeak Properties, Inc.
32,318
502,545
Ventas, Inc.
23,769
1,009,231
Welltower, Inc.
30,644
2,562,145
 
4,073,921
SEE NOTES TO FINANCIAL STATEMENTS. 
 
October 31, 2023
J.P. Morgan Exchange-Traded Funds
109

JPMorgan BetaBuilders U.S. Equity ETF
SCHEDULE OF PORTFOLIO INVESTMENTS
AS OF October 31, 2023 (continued)
INVESTMENTS
SHARES
VALUE($)
Common Stocks — continued
Health Care Technology — 0.1%
Veeva Systems, Inc., Class A *
8,610
1,659,233
Hotel & Resort REITs — 0.0% ^
Host Hotels & Resorts, Inc.
42,041
650,795
Hotels, Restaurants & Leisure — 2.1%
Airbnb, Inc., Class A *
25,192
2,979,962
Aramark
15,425
415,395
Booking Holdings, Inc. *
2,112
5,891,551
Caesars Entertainment, Inc. *
12,718
507,321
Carnival Corp. *
59,509
681,973
Chipotle Mexican Grill, Inc. *
1,632
3,169,670
Darden Restaurants, Inc.
7,137
1,038,648
Domino's Pizza, Inc.
2,078
704,421
DoorDash, Inc., Class A *
17,725
1,328,489
Expedia Group, Inc. *
8,142
775,851
Hilton Worldwide Holdings, Inc.
15,452
2,341,442
Las Vegas Sands Corp.
19,423
921,816
Marriott International, Inc., Class A
14,804
2,791,442
McDonald's Corp.
43,057
11,288,254
MGM Resorts International
16,586
579,183
Royal Caribbean Cruises Ltd. *
13,922
1,179,611
Starbucks Corp.
67,663
6,241,235
Vail Resorts, Inc.
2,278
483,505
Wynn Resorts Ltd.
5,722
502,277
Yum! Brands, Inc.
16,557
2,001,079
 
45,823,125
Household Durables — 0.3%
DR Horton, Inc.
17,985
1,877,634
Garmin Ltd.
9,052
928,101
Lennar Corp., Class A
14,920
1,591,666
Lennar Corp., Class B
779
76,817
NVR, Inc. *
189
1,022,985
PulteGroup, Inc.
12,959
953,653
Whirlpool Corp.
3,243
339,088
 
6,789,944
Household Products — 1.3%
Church & Dwight Co., Inc.
14,534
1,321,722
Clorox Co. (The)
7,319
861,446
Colgate-Palmolive Co.
48,842
3,669,011
Kimberly-Clark Corp.
19,983
2,390,766
Procter & Gamble Co. (The)
139,258
20,892,878
 
29,135,823
INVESTMENTS
SHARES
VALUE($)
 
Independent Power and Renewable Electricity Producers — 0.1%
AES Corp. (The)
39,564
589,503
Vistra Corp.
20,408
667,750
 
1,257,253
Industrial Conglomerates — 0.8%
3M Co.
32,604
2,965,334
General Electric Co.
64,293
6,984,149
Honeywell International, Inc.
39,225
7,188,373
 
17,137,856
Industrial REITs — 0.2%
Prologis, Inc.
54,583
5,499,237
Insurance — 2.3%
Aflac, Inc. (a)
31,933
2,494,287
Allstate Corp. (The)
15,455
1,980,249
American Financial Group, Inc.
3,913
427,926
American International Group, Inc.
42,058
2,578,576
Aon plc, Class A (a)
11,987
3,708,778
Arch Capital Group Ltd. *
22,031
1,909,647
Arthur J Gallagher & Co.
12,731
2,998,023
Brown & Brown, Inc.
13,905
965,285
Chubb Ltd.
24,264
5,207,540
Cincinnati Financial Corp.
9,266
923,542
Everest Group Ltd.
2,559
1,012,391
Fidelity National Financial, Inc.
15,270
596,904
Globe Life, Inc.
5,138
597,858
Hartford Financial Services Group, Inc. (The)
18,063
1,326,727
Loews Corp.
10,925
699,309
Markel Group, Inc. *
780
1,147,006
Marsh & McLennan Cos., Inc.
29,186
5,535,125
MetLife, Inc.
37,322
2,239,693
Principal Financial Group, Inc.
13,140
889,315
Progressive Corp. (The)
34,580
5,466,752
Prudential Financial, Inc.
21,443
1,960,748
Reinsurance Group of America, Inc.
3,914
585,026
Travelers Cos., Inc. (The)
13,520
2,263,789
Willis Towers Watson plc
6,196
1,461,574
WR Berkley Corp.
12,021
810,456
 
49,786,526
Interactive Media & Services — 5.6%
Alphabet, Inc., Class A *
350,496
43,489,544
Alphabet, Inc., Class C *
298,155
37,358,822
Match Group, Inc. *
16,423
568,236
Meta Platforms, Inc., Class A *
131,307
39,558,860
Pinterest, Inc., Class A *
34,380
1,027,274
SEE NOTES TO FINANCIAL STATEMENTS. 
 
110
J.P. Morgan Exchange-Traded Funds
October 31, 2023

INVESTMENTS
SHARES
VALUE($)
Common Stocks — continued
Interactive Media & Services — continued
Snap, Inc., Class A * (a)
59,836
598,958
ZoomInfo Technologies, Inc. *
18,023
233,578
 
122,835,272
IT Services — 1.5%
Accenture plc, Class A
37,270
11,072,544
Akamai Technologies, Inc. *
8,984
928,317
Cloudflare, Inc., Class A * (a)
17,285
979,887
Cognizant Technology Solutions Corp.,
Class A
29,839
1,923,720
EPAM Systems, Inc. *
3,425
745,177
Gartner, Inc. *
4,656
1,545,978
GoDaddy, Inc., Class A *
8,673
635,124
International Business Machines Corp.
53,816
7,783,946
MongoDB, Inc. *
4,167
1,435,907
Okta, Inc. *
9,162
617,611
Snowflake, Inc., Class A *
19,249
2,793,607
Twilio, Inc., Class A *
10,694
548,175
VeriSign, Inc. *
5,299
1,057,998
 
32,067,991
Leisure Products — 0.0% ^
Hasbro, Inc.
7,701
347,700
Life Sciences Tools & Services — 1.3%
Agilent Technologies, Inc.
17,447
1,803,496
Avantor, Inc. *
39,929
695,963
Bio-Rad Laboratories, Inc., Class A *
1,232
339,145
Bio-Techne Corp.
9,300
508,059
Charles River Laboratories International,
Inc. *
3,026
509,457
Danaher Corp.
38,818
7,453,832
Illumina, Inc. *
9,350
1,023,077
IQVIA Holdings, Inc. *
10,821
1,956,761
Mettler-Toledo International, Inc. *
1,289
1,269,923
Revvity, Inc.
7,337
607,871
Thermo Fisher Scientific, Inc.
22,795
10,138,532
Waters Corp. *
3,491
832,708
West Pharmaceutical Services, Inc.
4,368
1,390,291
 
28,529,115
Machinery — 1.6%
Caterpillar, Inc.
30,135
6,812,017
Cummins, Inc.
8,362
1,808,701
Deere & Co.
16,109
5,885,584
Dover Corp.
8,260
1,073,387
Fortive Corp.
20,796
1,357,563
INVESTMENTS
SHARES
VALUE($)
 
Machinery — continued
IDEX Corp.
4,469
855,411
Illinois Tool Works, Inc.
16,254
3,642,846
Ingersoll Rand, Inc.
23,886
1,449,402
Otis Worldwide Corp.
24,323
1,877,979
PACCAR, Inc.
30,880
2,548,526
Parker-Hannifin Corp.
7,578
2,795,600
Pentair plc
9,755
566,961
Snap-on, Inc.
3,122
805,289
Stanley Black & Decker, Inc. (a)
9,056
770,213
Westinghouse Air Brake Technologies Corp.
10,579
1,121,585
Xylem, Inc.
14,231
1,331,168
 
34,702,232
Media — 0.9%
Charter Communications, Inc., Class A * (a)
6,008
2,420,022
Comcast Corp., Class A
243,136
10,039,085
Fox Corp., Class A
14,987
455,455
Fox Corp., Class B
7,788
217,363
Interpublic Group of Cos., Inc. (The)
22,736
645,702
Liberty Broadband Corp., Class A *
983
81,904
Liberty Broadband Corp., Class C *
6,774
564,342
Liberty Media Corp-Liberty SiriusXM *
8,782
215,598
Liberty Media Corp-Liberty SiriusXM,
Class A *
4,409
107,976
News Corp., Class A
22,505
465,403
News Corp., Class B
6,826
146,349
Omnicom Group, Inc.
11,669
874,125
Paramount Global, Class A (a)
554
7,701
Paramount Global, Class B (a)
28,484
309,906
Sirius XM Holdings, Inc. (a)
38,591
165,170
Trade Desk, Inc. (The), Class A *
26,361
1,870,577
 
18,586,678
Metals & Mining — 0.4%
Freeport-McMoRan, Inc.
84,697
2,861,065
Newmont Corp.
68,077
2,550,845
Nucor Corp.
14,689
2,170,887
Southern Copper Corp. (Mexico)
5,027
356,414
Steel Dynamics, Inc.
9,199
979,786
 
8,918,997
Mortgage Real Estate Investment Trusts (REITs) — 0.0% ^
Annaly Capital Management, Inc.
29,183
455,547
Multi-Utilities — 0.7%
Ameren Corp.
15,523
1,175,246
CenterPoint Energy, Inc.
37,292
1,002,409
SEE NOTES TO FINANCIAL STATEMENTS. 
 
October 31, 2023
J.P. Morgan Exchange-Traded Funds
111

JPMorgan BetaBuilders U.S. Equity ETF
SCHEDULE OF PORTFOLIO INVESTMENTS
AS OF October 31, 2023 (continued)
INVESTMENTS
SHARES
VALUE($)
Common Stocks — continued
Multi-Utilities — continued
CMS Energy Corp.
17,236
936,604
Consolidated Edison, Inc.
20,373
1,788,546
Dominion Energy, Inc.
49,437
1,993,300
DTE Energy Co.
12,179
1,173,812
NiSource, Inc.
24,410
614,156
Public Service Enterprise Group, Inc.
29,485
1,817,750
Sempra
37,173
2,603,225
WEC Energy Group, Inc.
18,632
1,516,459
 
14,621,507
Office REITs — 0.1%
Alexandria Real Estate Equities, Inc.
9,200
856,796
Boston Properties, Inc.
8,528
456,845
 
1,313,641
Oil, Gas & Consumable Fuels — 4.1%
APA Corp.
18,147
720,799
Cheniere Energy, Inc.
14,219
2,366,326
Chevron Corp.
104,821
15,275,564
ConocoPhillips
70,748
8,404,862
Coterra Energy, Inc.
44,753
1,230,708
Devon Energy Corp.
37,855
1,762,907
Diamondback Energy, Inc.
10,561
1,693,140
EOG Resources, Inc.
34,402
4,343,253
EQT Corp.
21,365
905,449
Exxon Mobil Corp.
235,106
24,885,970
Hess Corp.
16,322
2,356,897
Kinder Morgan, Inc.
114,515
1,855,143
Marathon Oil Corp.
35,782
977,206
Marathon Petroleum Corp.
23,622
3,572,828
Occidental Petroleum Corp.
39,199
2,422,890
ONEOK, Inc.
34,400
2,242,880
Phillips 66
26,311
3,001,296
Pioneer Natural Resources Co.
13,775
3,292,225
Targa Resources Corp.
13,217
1,105,073
Texas Pacific Land Corp.
371
684,847
Valero Energy Corp.
20,860
2,649,220
Williams Cos., Inc. (The)
71,856
2,471,846
 
88,221,329
Passenger Airlines — 0.1%
Delta Air Lines, Inc.
38,012
1,187,875
Southwest Airlines Co.
35,188
782,229
United Airlines Holdings, Inc. *
19,381
678,529
 
2,648,633
INVESTMENTS
SHARES
VALUE($)
 
Personal Care Products — 0.1%
Estee Lauder Cos., Inc. (The), Class A
13,701
1,765,648
Pharmaceuticals — 3.9%
Bristol-Myers Squibb Co.
123,418
6,359,730
Catalent, Inc. *
10,645
366,082
Eli Lilly & Co.
47,112
26,096,750
Jazz Pharmaceuticals plc *
3,725
473,149
Johnson & Johnson
142,251
21,101,513
Merck & Co., Inc.
149,910
15,395,757
Pfizer, Inc.
333,543
10,193,074
Royalty Pharma plc, Class A
22,802
612,690
Viatris, Inc.
70,866
630,707
Zoetis, Inc.
27,193
4,269,301
 
85,498,753
Professional Services — 0.8%
Automatic Data Processing, Inc.
24,337
5,310,820
Booz Allen Hamilton Holding Corp.
7,737
927,898
Broadridge Financial Solutions, Inc.
6,977
1,190,555
Ceridian HCM Holding, Inc. * (a)
9,194
588,508
Equifax, Inc.
7,255
1,230,230
Jacobs Solutions, Inc.
7,440
991,752
Leidos Holdings, Inc.
8,114
804,260
Paychex, Inc.
18,958
2,105,286
Paycom Software, Inc.
2,909
712,618
Paylocity Holding Corp. *
2,539
455,497
SS&C Technologies Holdings, Inc.
12,750
640,688
TransUnion (a)
11,422
501,197
Verisk Analytics, Inc.
8,569
1,948,248
 
17,407,557
Real Estate Management & Development — 0.2%
CBRE Group, Inc., Class A *
18,307
1,269,407
CoStar Group, Inc. *
24,125
1,771,016
Zillow Group, Inc., Class A *
3,110
110,498
Zillow Group, Inc., Class C *
9,334
338,358
 
3,489,279
Residential REITs — 0.4%
AvalonBay Communities, Inc.
8,384
1,389,564
Camden Property Trust
6,308
535,423
Equity LifeStyle Properties, Inc.
11,004
724,063
Equity Residential
20,373
1,127,238
Essex Property Trust, Inc.
3,796
812,040
Invitation Homes, Inc.
33,984
1,008,985
Mid-America Apartment Communities, Inc.
6,893
814,408
SEE NOTES TO FINANCIAL STATEMENTS. 
 
112
J.P. Morgan Exchange-Traded Funds
October 31, 2023

INVESTMENTS
SHARES
VALUE($)
Common Stocks — continued
Residential REITs — continued
Sun Communities, Inc.
7,353
817,948
UDR, Inc.
17,907
569,622
 
7,799,291
Retail REITs — 0.3%
Federal Realty Investment Trust
4,329
394,762
Kimco Realty Corp.
36,615
656,873
Realty Income Corp.
41,877
1,984,132
Regency Centers Corp.
9,709
585,064
Simon Property Group, Inc.
19,324
2,123,515
 
5,744,346
Semiconductors & Semiconductor Equipment — 7.0%
Advanced Micro Devices, Inc. *
95,444
9,401,234
Analog Devices, Inc.
29,618
4,659,800
Applied Materials, Inc.
49,610
6,565,884
Broadcom, Inc.
24,377
20,510,077
Enphase Energy, Inc. * (a)
8,056
641,096
Entegris, Inc.
8,864
780,387
First Solar, Inc. *
6,312
899,144
Intel Corp.
247,415
9,030,648
KLA Corp.
8,077
3,793,767
Lam Research Corp.
7,879
4,634,585
Marvell Technology, Inc.
50,805
2,399,012
Microchip Technology, Inc.
32,160
2,292,686
Micron Technology, Inc.
64,705
4,326,823
Monolithic Power Systems, Inc.
2,824
1,247,474
NVIDIA Corp.
145,920
59,506,176
NXP Semiconductors NV (China)
15,226
2,625,419
ON Semiconductor Corp. *
25,491
1,596,756
Qorvo, Inc. *
5,784
505,637
QUALCOMM, Inc.
65,927
7,185,384
Skyworks Solutions, Inc.
9,413
816,484
SolarEdge Technologies, Inc. * (a)
3,344
253,977
Teradyne, Inc. (a)
9,101
757,840
Texas Instruments, Inc.
53,640
7,617,416
 
152,047,706
Software — 11.2%
Adobe, Inc. *
26,931
14,328,908
ANSYS, Inc. *
5,129
1,427,195
Aspen Technology, Inc. *
1,677
298,087
Atlassian Corp., Class A *
8,978
1,621,786
Autodesk, Inc. *
12,627
2,495,474
Bentley Systems, Inc., Class B
13,554
659,267
Bill Holdings, Inc. * (a)
5,714
521,631
INVESTMENTS
SHARES
VALUE($)
 
Software — continued
Cadence Design Systems, Inc. *
16,058
3,851,511
Crowdstrike Holdings, Inc., Class A *
13,242
2,340,788
Datadog, Inc., Class A *
17,672
1,439,738
DocuSign, Inc. *
11,958
464,927
Dynatrace, Inc. *
14,031
627,326
Fair Isaac Corp. *
1,462
1,236,662
Fortinet, Inc. *
38,511
2,201,674
Gen Digital, Inc.
33,247
553,895
HubSpot, Inc. *
2,953
1,251,393
Intuit, Inc.
16,549
8,190,928
Microsoft Corp.
438,928
148,405,946
Oracle Corp.
93,000
9,616,200
Palantir Technologies, Inc., Class A * (a)
112,479
1,664,689
Palo Alto Networks, Inc. *
18,065
4,390,156
PTC, Inc. *
7,018
985,468
Roper Technologies, Inc.
6,305
3,080,434
Salesforce, Inc. *
57,544
11,556,561
ServiceNow, Inc. *
12,053
7,013,038
Splunk, Inc. *
9,005
1,325,176
Synopsys, Inc. *
8,994
4,222,143
Tyler Technologies, Inc. *
2,482
925,538
Unity Software, Inc. * (a)
14,275
362,157
VMware, Inc., Class A *
12,939
1,884,565
Workday, Inc., Class A *
12,156
2,573,547
Zoom Video Communications, Inc., Class A *
14,824
889,143
Zscaler, Inc. *
5,172
820,745
 
243,226,696
Specialized REITs — 1.0%
American Tower Corp.
27,542
4,907,709
Crown Castle, Inc.
25,616
2,381,776
Digital Realty Trust, Inc.
17,883
2,223,930
Equinix, Inc.
5,532
4,036,368
Extra Space Storage, Inc. (a)
12,486
1,293,425
Iron Mountain, Inc.
17,243
1,018,544
Public Storage
9,346
2,230,983
SBA Communications Corp.
6,402
1,335,649
VICI Properties, Inc.
59,872
1,670,429
Weyerhaeuser Co.
43,172
1,238,605
 
22,337,418
Specialty Retail — 2.0%
Advance Auto Parts, Inc.
3,511
182,677
AutoZone, Inc. *
1,074
2,660,438
Bath & Body Works, Inc.
13,519
400,838
SEE NOTES TO FINANCIAL STATEMENTS. 
 
October 31, 2023
J.P. Morgan Exchange-Traded Funds
113

JPMorgan BetaBuilders U.S. Equity ETF
SCHEDULE OF PORTFOLIO INVESTMENTS
AS OF October 31, 2023 (continued)
INVESTMENTS
SHARES
VALUE($)
Common Stocks — continued
Specialty Retail — continued
Best Buy Co., Inc.
11,474
766,693
Burlington Stores, Inc. *
3,837
464,392
CarMax, Inc. * (a)
9,344
570,825
Home Depot, Inc. (The)
59,395
16,909,162
Lowe's Cos., Inc.
34,618
6,597,152
O'Reilly Automotive, Inc. *
3,566
3,317,949
Ross Stores, Inc.
20,126
2,334,012
TJX Cos., Inc. (The)
67,897
5,979,689
Tractor Supply Co. (a)
6,426
1,237,391
Ulta Beauty, Inc. *
2,941
1,121,433
 
42,542,651
Technology Hardware, Storage & Peripherals — 7.1%
Apple, Inc.
868,203
148,263,026
Dell Technologies, Inc., Class C
14,971
1,001,710
Hewlett Packard Enterprise Co.
76,296
1,173,433
HP, Inc.
51,259
1,349,650
NetApp, Inc.
12,459
906,766
Seagate Technology Holdings plc
11,397
777,845
Western Digital Corp. *
18,903
758,955
 
154,231,385
Textiles, Apparel & Luxury Goods — 0.5%
Lululemon Athletica, Inc. *
6,833
2,688,649
NIKE, Inc., Class B
72,368
7,437,260
Tapestry, Inc.
13,697
377,489
VF Corp. (a)
19,529
287,662
 
10,791,060
Tobacco — 0.6%
Altria Group, Inc.
104,841
4,211,463
Philip Morris International, Inc.
91,708
8,176,685
 
12,388,148
Trading Companies & Distributors — 0.4%
Fastenal Co.
33,747
1,968,800
Ferguson plc
12,067
1,812,463
United Rentals, Inc.
4,034
1,638,893
Watsco, Inc. (a)
1,977
689,756
WW Grainger, Inc.
2,634
1,922,372
 
8,032,284
Water Utilities — 0.1%
American Water Works Co., Inc.
11,501
1,353,093
Veralto Corp. *
1
69
 
1,353,162
INVESTMENTS
SHARES
VALUE($)
 
Wireless Telecommunication Services — 0.2%
T-Mobile US, Inc. *
30,580
4,399,239
Total Common Stocks
(Cost $2,156,426,494)
2,154,991,230
INVESTMENTS
NO. OF
RIGHTS
Rights — 0.0% ^
Health Care Equipment & Supplies — 0.0% ^
ABIOMED, Inc., CVR ‡ *
(Cost $1,764)
1,730
1,765
 
SHARES
Short-Term Investments — 2.7%
Investment Companies — 0.7%
JPMorgan U.S. Government Money Market
Fund Class IM Shares, 5.29% (c) (d)
(Cost $15,413,521)
15,413,521
15,413,521
Investment of Cash Collateral from Securities Loaned — 2.0%
JPMorgan Securities Lending Money Market
Fund Agency SL Class Shares, 5.53% (c)
(d)
39,990,202
39,998,200
JPMorgan U.S. Government Money Market
Fund Class IM Shares, 5.29% (c) (d)
4,560,264
4,560,264
Total Investment of Cash Collateral from
Securities Loaned
(Cost $44,559,764)
44,558,464
Total Short-Term Investments
(Cost $59,973,285)
59,971,985
Total Investments — 101.9%
(Cost $2,216,401,543)
2,214,964,980
Liabilities in Excess of Other Assets —
(1.9)%
(41,926,481
)
NET ASSETS — 100.0%
2,173,038,499
 
Percentages indicated are based on net assets.
 
Abbreviations
 
CVR
Contingent Value Rights
REIT
Real Estate Investment Trust
 
^
Amount rounds to less than 0.1% of net assets.
‡
Value determined using significant unobservable
inputs.
 
*
Non-income producing security.
 
(a)
The security or a portion of this security is on loan at
October 31, 2023. The total value of securities on
loan at October 31, 2023 is $44,049,242.
 
SEE NOTES TO FINANCIAL STATEMENTS. 
 
114
J.P. Morgan Exchange-Traded Funds
October 31, 2023

(b)
Investment in affiliate. This security is included in an
index which the Fund, as an index fund, tracks.
 
(c)
Investment in an affiliated fund, which is registered
under the Investment Company Act of 1940, as
amended, and is advised by J.P. Morgan Investment
Management Inc.
 
(d)
The rate shown is the current yield as of October 31,
2023.
 
Futures contracts outstanding as of October 31, 2023:
 
DESCRIPTION
NUMBER OF
CONTRACTS
EXPIRATION DATE
TRADING CURRENCY
NOTIONAL
AMOUNT ($)
VALUE AND
UNREALIZED
APPRECIATION
(DEPRECIATION) ($)
Long Contracts
S&P 500 E-Mini Index
80
12/15/2023
USD
16,847,000
(937,765
)
 
Abbreviations
 
USD
United States Dollar
SEE NOTES TO FINANCIAL STATEMENTS. 
 
October 31, 2023
J.P. Morgan Exchange-Traded Funds
115

JPMorgan BetaBuilders U.S. Mid Cap Equity ETF
SCHEDULE OF PORTFOLIO INVESTMENTS
AS OF October 31, 2023
 
INVESTMENTS
SHARES
VALUE($)
Common Stocks — 98.7%
Aerospace & Defense — 1.7%
Axon Enterprise, Inc. *
35,826
7,326,059
BWX Technologies, Inc.
46,646
3,464,865
Curtiss-Wright Corp.
19,509
3,878,584
Hexcel Corp.
43,058
2,666,151
Leonardo DRS, Inc. *
26,730
509,741
Parsons Corp. *
20,846
1,178,841
Spirit AeroSystems Holdings, Inc., Class A *
(a)
53,661
1,212,739
Woodward, Inc.
30,813
3,842,381
 
24,079,361
Air Freight & Logistics — 0.2%
GXO Logistics, Inc. *
60,628
3,062,320
Automobile Components — 1.0%
Adient plc *
47,748
1,608,630
Autoliv, Inc. (Sweden)
38,750
3,551,437
Fox Factory Holding Corp. *
21,595
1,759,345
Gentex Corp.
118,989
3,412,605
Goodyear Tire & Rubber Co. (The) *
144,536
1,719,978
Visteon Corp. *
14,374
1,654,879
 
13,706,874
Automobiles — 0.3%
Harley-Davidson, Inc.
65,748
1,765,334
Thor Industries, Inc. (a)
27,172
2,389,234
 
4,154,568
Banks — 4.7%
Bank OZK (a)
53,630
1,920,490
BOK Financial Corp.
14,216
931,432
Cadence Bank
93,103
1,971,922
Comerica, Inc.
67,166
2,646,340
Commerce Bancshares, Inc.
57,864
2,537,915
Cullen/Frost Bankers, Inc.
32,688
2,974,281
First Citizens BancShares, Inc., Class A
6,077
8,390,757
First Financial Bankshares, Inc. (a)
65,483
1,574,866
First Horizon Corp.
284,838
3,062,009
FNB Corp.
182,937
1,955,597
Glacier Bancorp, Inc. (a)
56,525
1,706,490
Hancock Whitney Corp.
43,902
1,511,546
Home BancShares, Inc. (a)
96,061
1,964,447
New York Community Bancorp, Inc.
368,335
3,491,816
Old National Bancorp
149,150
2,043,355
Pinnacle Financial Partners, Inc.
39,126
2,439,897
Popular, Inc. (Puerto Rico)
36,764
2,391,131
Prosperity Bancshares, Inc.
47,779
2,605,867
INVESTMENTS
SHARES
VALUE($)
 
Banks — continued
SouthState Corp.
38,760
2,562,036
Synovus Financial Corp.
74,532
1,943,049
UMB Financial Corp.
22,263
1,396,335
United Bankshares, Inc.
68,776
1,955,989
Valley National Bancorp
217,386
1,691,263
Webster Financial Corp.
88,328
3,353,814
Western Alliance Bancorp
55,821
2,294,243
Wintrust Financial Corp.
31,199
2,330,253
Zions Bancorp NA
75,530
2,330,101
 
65,977,241
Beverages — 0.5%
Boston Beer Co., Inc. (The), Class A *
4,817
1,608,637
Celsius Holdings, Inc. *
25,069
3,812,744
Coca-Cola Consolidated, Inc.
2,389
1,520,384
National Beverage Corp. *
11,900
551,922
 
7,493,687
Biotechnology — 3.3%
ACADIA Pharmaceuticals, Inc. *
60,913
1,374,806
Alkermes plc *
84,925
2,054,336
Amicus Therapeutics, Inc. *
130,288
1,429,259
Apellis Pharmaceuticals, Inc. * (a)
51,626
2,512,121
Arrowhead Pharmaceuticals, Inc. *
54,661
1,344,114
Blueprint Medicines Corp. *
30,933
1,820,716
Cerevel Therapeutics Holdings, Inc. * (a)
40,417
955,862
CRISPR Therapeutics AG (Switzerland) * (a)
40,490
1,576,276
Cytokinetics, Inc. * (a)
48,923
1,705,456
Denali Therapeutics, Inc. *
63,045
1,187,137
Exelixis, Inc. *
162,317
3,342,107
Halozyme Therapeutics, Inc. *
67,236
2,277,283
Intellia Therapeutics, Inc. *
45,126
1,130,406
Ionis Pharmaceuticals, Inc. * (a)
73,077
3,235,119
Karuna Therapeutics, Inc. * (a)
18,246
3,039,966
Madrigal Pharmaceuticals, Inc. * (a)
7,843
1,030,413
Natera, Inc. *
54,920
2,167,692
PTC Therapeutics, Inc. *
38,402
720,038
Roivant Sciences Ltd. *
164,532
1,421,557
Sarepta Therapeutics, Inc. *
47,564
3,201,533
TG Therapeutics, Inc. * (a)
72,356
559,312
Ultragenyx Pharmaceutical, Inc. *
36,454
1,290,472
United Therapeutics Corp. *
23,925
5,331,926
Vaxcyte, Inc. * (a)
43,549
2,094,707
Vir Biotechnology, Inc. *
43,802
347,350
 
47,149,964
SEE NOTES TO FINANCIAL STATEMENTS. 
 
116
J.P. Morgan Exchange-Traded Funds
October 31, 2023

INVESTMENTS
SHARES
VALUE($)
Common Stocks — continued
Broadline Retail — 0.3%
Dillard's, Inc., Class A
1,775
551,049
Macy's, Inc.
138,918
1,692,021
Ollie's Bargain Outlet Holdings, Inc. *
31,521
2,434,682
 
4,677,752
Building Products — 2.7%
A O Smith Corp.
63,525
4,431,504
AAON, Inc.
34,518
1,880,541
Advanced Drainage Systems, Inc.
35,291
3,770,137
Armstrong World Industries, Inc.
22,812
1,731,203
AZEK Co., Inc. (The) *
76,158
1,995,339
Builders FirstSource, Inc. *
63,742
6,917,282
Carlisle Cos., Inc.
25,450
6,466,590
Simpson Manufacturing Co., Inc.
21,743
2,895,733
Trex Co., Inc. *
55,327
3,109,931
UFP Industries, Inc.
31,553
3,002,899
Zurn Elkay Water Solutions Corp.
72,306
1,913,217
 
38,114,376
Capital Markets — 3.1%
Affiliated Managers Group, Inc.
17,851
2,191,389
Ares Management Corp.
84,147
8,296,053
Blue Owl Capital, Inc. (a)
206,243
2,542,976
Cohen & Steers, Inc.
13,011
679,695
Evercore, Inc., Class A
17,759
2,311,867
Federated Hermes, Inc.
44,989
1,426,151
Freedom Holding Corp. (Kazakhstan) * (a)
8,527
699,555
Houlihan Lokey, Inc.
26,222
2,635,835
Interactive Brokers Group, Inc., Class A
54,516
4,365,096
Janus Henderson Group plc
67,568
1,558,794
Jefferies Financial Group, Inc.
90,093
2,899,193
Morningstar, Inc.
13,277
3,362,267
Robinhood Markets, Inc., Class A *
279,863
2,557,948
Stifel Financial Corp.
53,253
3,035,421
Tradeweb Markets, Inc., Class A
58,431
5,259,374
 
43,821,614
Chemicals — 2.3%
Ashland, Inc.
26,130
2,002,342
Avient Corp.
46,422
1,467,864
Axalta Coating Systems Ltd. *
113,026
2,964,672
Balchem Corp.
16,449
1,912,032
Cabot Corp.
28,524
1,896,275
Chemours Co. (The)
75,497
1,820,233
Element Solutions, Inc.
113,254
2,064,620
HB Fuller Co.
27,445
1,815,487
INVESTMENTS
SHARES
VALUE($)
 
Chemicals — continued
Huntsman Corp.
84,346
1,967,792
Livent Corp. * (a)
91,617
1,336,692
NewMarket Corp.
3,504
1,689,454
Olin Corp.
64,163
2,741,043
Quaker Chemical Corp. (a)
7,069
1,015,957
RPM International, Inc.
65,805
6,006,022
Scotts Miracle-Gro Co. (The) (a)
21,200
942,128
Sensient Technologies Corp.
21,537
1,215,117
 
32,857,730
Commercial Services & Supplies — 1.1%
Casella Waste Systems, Inc., Class A *
29,028
2,190,163
Clean Harbors, Inc. *
25,665
3,943,941
Driven Brands Holdings, Inc. *
31,613
359,756
MSA Safety, Inc.
18,846
2,975,406
Stericycle, Inc. *
47,159
1,944,837
Tetra Tech, Inc.
27,142
4,095,999
 
15,510,102
Communications Equipment — 0.4%
Calix, Inc. *
30,099
996,879
Ciena Corp. *
76,225
3,216,695
Lumentum Holdings, Inc. * (a)
35,024
1,373,291
 
5,586,865
Construction & Engineering — 2.2%
AECOM
70,730
5,414,382
API Group Corp. *
104,565
2,705,097
Arcosa, Inc.
24,851
1,716,459
Comfort Systems USA, Inc.
18,239
3,316,762
EMCOR Group, Inc.
24,023
4,964,353
Fluor Corp. *
73,097
2,433,399
MasTec, Inc. *
30,826
1,832,297
MDU Resources Group, Inc.
103,801
1,931,737
Valmont Industries, Inc.
10,696
2,106,149
WillScot Mobile Mini Holdings Corp. *
100,574
3,963,621
 
30,384,256
Construction Materials — 0.3%
Eagle Materials, Inc. (a)
18,075
2,781,923
Summit Materials, Inc., Class A *
60,625
1,994,563
 
4,776,486
Consumer Finance — 0.8%
Credit Acceptance Corp. * (a)
3,264
1,313,532
FirstCash Holdings, Inc.
18,869
2,055,211
OneMain Holdings, Inc.
61,386
2,205,599
SEE NOTES TO FINANCIAL STATEMENTS. 
 
October 31, 2023
J.P. Morgan Exchange-Traded Funds
117

JPMorgan BetaBuilders U.S. Mid Cap Equity ETF
SCHEDULE OF PORTFOLIO INVESTMENTS
AS OF October 31, 2023 (continued)
INVESTMENTS
SHARES
VALUE($)
Common Stocks — continued
Consumer Finance — continued
SLM Corp.
115,266
1,498,458
SoFi Technologies, Inc. * (a)
484,358
3,656,903
 
10,729,703
Consumer Staples Distribution & Retail — 1.5%
BJ's Wholesale Club Holdings, Inc. *
68,500
4,666,220
Casey's General Stores, Inc.
19,064
5,183,692
Performance Food Group Co. *
79,604
4,597,927
Sprouts Farmers Market, Inc. * (a)
51,991
2,184,662
US Foods Holding Corp. *
115,786
4,508,707
 
21,141,208
Containers & Packaging — 1.4%
AptarGroup, Inc.
33,461
4,091,276
Berry Global Group, Inc.
60,222
3,312,210
Graphic Packaging Holding Co.
156,628
3,369,068
Greif, Inc., Class A
12,975
823,912
Greif, Inc., Class B
2,600
166,556
O-I Glass, Inc. *
79,040
1,221,168
Sealed Air Corp.
73,592
2,265,898
Silgan Holdings, Inc.
42,580
1,705,755
Sonoco Products Co.
49,949
2,587,858
 
19,543,701
Diversified Consumer Services — 1.0%
ADT, Inc.
114,842
650,006
Bright Horizons Family Solutions, Inc. * (a)
29,472
2,182,696
Duolingo, Inc. *
18,047
2,635,764
Grand Canyon Education, Inc. *
15,199
1,798,498
H&R Block, Inc.
77,616
3,186,137
Service Corp. International
76,922
4,186,095
 
14,639,196
Diversified REITs — 0.1%
Essential Properties Realty Trust, Inc. (a)
79,538
1,745,859
Diversified Telecommunication Services — 0.4%
Cogent Communications Holdings, Inc.
22,185
1,441,581
Frontier Communications Parent, Inc. * (a)
112,774
2,020,910
Iridium Communications, Inc.
63,749
2,361,901
 
5,824,392
Electric Utilities — 1.0%
ALLETE, Inc.
29,271
1,567,169
Hawaiian Electric Industries, Inc. (a)
55,874
725,245
IDACORP, Inc.
25,789
2,442,476
OGE Energy Corp.
102,098
3,491,752
Otter Tail Corp. (a)
21,275
1,636,898
INVESTMENTS
SHARES
VALUE($)
 
Electric Utilities — continued
PNM Resources, Inc. (a)
43,760
1,849,298
Portland General Electric Co.
51,549
2,062,991
 
13,775,829
Electrical Equipment — 2.4%
Acuity Brands, Inc.
15,903
2,575,809
Array Technologies, Inc. * (a)
72,398
1,254,657
Atkore, Inc. *
19,260
2,393,633
Bloom Energy Corp., Class A * (a)
106,761
1,110,314
ChargePoint Holdings, Inc. * (a)
151,300
384,302
EnerSys
20,912
1,789,649
Generac Holdings, Inc. *
31,737
2,668,130
nVent Electric plc
84,507
4,067,322
Plug Power, Inc. * (a)
276,202
1,626,830
Regal Rexnord Corp.
33,789
4,000,955
Sensata Technologies Holding plc
77,720
2,477,714
Shoals Technologies Group, Inc., Class A *
86,643
1,330,836
Sunrun, Inc. * (a)
110,718
1,068,429
Vertiv Holdings Co.
178,469
7,008,478
 
33,757,058
Electronic Equipment, Instruments & Components — 2.8%
Advanced Energy Industries, Inc.
19,191
1,674,607
Arrow Electronics, Inc. *
28,390
3,219,710
Avnet, Inc.
46,576
2,157,866
Badger Meter, Inc.
14,955
2,072,015
Belden, Inc.
21,560
1,528,604
Coherent Corp. *
66,330
1,963,368
Fabrinet (Thailand) *
18,495
2,866,725
Insight Enterprises, Inc. *
15,402
2,207,107
IPG Photonics Corp. *
15,209
1,306,453
Jabil, Inc. (a)
66,731
8,194,567
Littelfuse, Inc.
12,692
2,749,976
Novanta, Inc. * (a)
18,258
2,411,151
Rogers Corp. *
8,552
1,050,955
Sanmina Corp. *
29,188
1,484,794
TD SYNNEX Corp.
24,390
2,236,075
Vontier Corp.
78,883
2,331,781
 
39,455,754
Energy Equipment & Services — 1.2%
ChampionX Corp.
100,223
3,086,868
Helmerich & Payne, Inc.
50,701
2,006,239
NOV, Inc.
200,744
4,006,850
Transocean Ltd. * (a)
343,943
2,276,903
SEE NOTES TO FINANCIAL STATEMENTS. 
 
118
J.P. Morgan Exchange-Traded Funds
October 31, 2023

INVESTMENTS
SHARES
VALUE($)
Common Stocks — continued
Energy Equipment & Services — continued
Valaris Ltd. *
32,448
2,142,866
Weatherford International plc *
36,739
3,420,033
 
16,939,759
Entertainment — 0.9%
Endeavor Group Holdings, Inc., Class A
96,026
2,185,552
Madison Square Garden Sports Corp. *
8,502
1,429,526
Playtika Holding Corp. *
35,515
298,326
Roku, Inc. * (a)
63,244
3,767,445
TKO Group Holdings, Inc. (a)
26,726
2,190,997
Warner Music Group Corp., Class A (a)
70,543
2,207,996
 
12,079,842
Financial Services — 1.8%
Enact Holdings, Inc.
15,480
426,629
Essent Group Ltd.
54,524
2,575,714
Euronet Worldwide, Inc. *
24,043
1,847,464
Flywire Corp. *
53,658
1,442,864
Jackson Financial, Inc., Class A
37,177
1,364,768
MGIC Investment Corp.
143,937
2,423,899
Mr. Cooper Group, Inc. *
34,087
1,926,938
PennyMac Financial Services, Inc.
14,728
989,721
Radian Group, Inc.
80,264
2,033,890
Shift4 Payments, Inc., Class A * (a)
28,781
1,281,330
TFS Financial Corp.
25,713
304,956
Toast, Inc., Class A * (a)
184,334
2,947,501
Western Union Co. (The)
190,946
2,155,780
WEX, Inc. *
21,879
3,642,416
 
25,363,870
Food Products — 1.5%
Darling Ingredients, Inc. *
81,305
3,600,998
Flowers Foods, Inc.
98,031
2,149,820
Freshpet, Inc. * (a)
24,576
1,410,662
Hostess Brands, Inc. *
67,730
2,262,182
Ingredion, Inc.
33,705
3,154,114
J & J Snack Foods Corp.
7,872
1,232,834
Lancaster Colony Corp.
10,381
1,756,154
Pilgrim's Pride Corp. *
20,530
523,515
Post Holdings, Inc. *
25,884
2,077,968
Seaboard Corp.
107
375,244
Simply Good Foods Co. (The) * (a)
46,183
1,722,164
TreeHouse Foods, Inc. *
26,161
1,090,652
 
21,356,307
INVESTMENTS
SHARES
VALUE($)
 
Gas Utilities — 0.8%
National Fuel Gas Co.
46,817
2,385,326
New Jersey Resources Corp.
49,720
2,017,638
ONE Gas, Inc.
28,249
1,706,240
Southwest Gas Holdings, Inc.
30,593
1,793,056
Spire, Inc.
26,829
1,492,497
UGI Corp.
106,788
2,221,190
 
11,615,947
Ground Transportation — 1.8%
Avis Budget Group, Inc. *
10,085
1,641,838
Hertz Global Holdings, Inc. * (a)
68,244
575,297
Knight-Swift Transportation Holdings, Inc.
82,218
4,019,638
Landstar System, Inc.
18,325
3,019,593
Lyft, Inc., Class A * (a)
173,282
1,588,996
Ryder System, Inc.
23,204
2,263,318
Saia, Inc. *
13,528
4,849,653
U-Haul Holding Co. * (a)
4,893
240,344
U-Haul Holding Co.
50,370
2,377,968
XPO, Inc. *
59,111
4,481,205
 
25,057,850
Health Care Equipment & Supplies — 2.5%
CONMED Corp.
15,683
1,528,465
Enovis Corp. *
25,310
1,161,729
Envista Holdings Corp. *
83,522
1,943,557
Globus Medical, Inc., Class A *
59,829
2,734,784
Haemonetics Corp. *
25,836
2,202,002
ICU Medical, Inc. *
10,337
1,013,646
Inari Medical, Inc. *
26,034
1,580,524
Inspire Medical Systems, Inc. *
14,964
2,202,102
Integra LifeSciences Holdings Corp. *
36,092
1,297,868
iRhythm Technologies, Inc. *
15,604
1,225,226
Lantheus Holdings, Inc. *
34,893
2,254,088
Masimo Corp. * (a)
22,603
1,833,781
Merit Medical Systems, Inc. *
29,386
2,019,994
Neogen Corp. *
100,321
1,493,780
Novocure Ltd. *
49,457
657,778
Penumbra, Inc. *
19,610
3,748,452
QuidelOrtho Corp. *
25,210
1,539,827
Shockwave Medical, Inc. * (a)
18,716
3,860,362
STAAR Surgical Co. *
24,723
1,033,916
 
35,331,881
Health Care Providers & Services — 2.2%
Acadia Healthcare Co., Inc. *
46,989
3,454,161
AMN Healthcare Services, Inc. *
19,354
1,468,195
SEE NOTES TO FINANCIAL STATEMENTS. 
 
October 31, 2023
J.P. Morgan Exchange-Traded Funds
119

JPMorgan BetaBuilders U.S. Mid Cap Equity ETF
SCHEDULE OF PORTFOLIO INVESTMENTS
AS OF October 31, 2023 (continued)
INVESTMENTS
SHARES
VALUE($)
Common Stocks — continued
Health Care Providers & Services — continued
Chemed Corp.
7,699
4,331,842
CorVel Corp. *
4,631
898,136
Encompass Health Corp.
51,092
3,196,316
Ensign Group, Inc. (The)
28,652
2,767,783
HealthEquity, Inc. *
43,584
3,124,101
LifeStance Health Group, Inc. * (a)
46,247
269,620
Option Care Health, Inc. *
91,695
2,542,702
Premier, Inc., Class A
60,697
1,166,596
Privia Health Group, Inc. * (a)
52,040
1,093,881
Progyny, Inc. *
42,310
1,305,687
R1 RCM, Inc. *
100,383
1,183,516
Select Medical Holdings Corp.
53,160
1,208,327
Surgery Partners, Inc. *
33,530
775,549
Tenet Healthcare Corp. *
51,762
2,779,619
 
31,566,031
Health Care REITs — 0.5%
Medical Properties Trust, Inc. (a)
305,061
1,458,192
Omega Healthcare Investors, Inc. (a)
124,844
4,132,336
Physicians Realty Trust
121,576
1,320,315
 
6,910,843
Health Care Technology — 0.3%
Certara, Inc. *
54,591
665,464
Doximity, Inc., Class A * (a)
63,974
1,306,989
Evolent Health, Inc., Class A *
56,929
1,390,775
Teladoc Health, Inc. * (a)
84,107
1,391,130
 
4,754,358
Hotel & Resort REITs — 0.3%
Apple Hospitality REIT, Inc. (a)
108,468
1,700,778
Ryman Hospitality Properties, Inc.
30,430
2,604,808
 
4,305,586
Hotels, Restaurants & Leisure — 3.0%
Boyd Gaming Corp.
36,183
1,999,111
Choice Hotels International, Inc. (a)
12,837
1,418,489
Churchill Downs, Inc.
34,747
3,816,610
DraftKings, Inc., Class A *
236,533
6,533,041
Hilton Grand Vacations, Inc. *
37,009
1,330,474
Hyatt Hotels Corp., Class A (a)
23,394
2,396,481
Life Time Group Holdings, Inc. *
30,004
354,647
Light & Wonder, Inc. *
46,440
3,395,228
Marriott Vacations Worldwide Corp. (a)
17,301
1,554,668
Norwegian Cruise Line Holdings Ltd. * (a)
216,868
2,949,405
Penn Entertainment, Inc. *
77,010
1,519,407
INVESTMENTS
SHARES
VALUE($)
 
Hotels, Restaurants & Leisure — continued
Planet Fitness, Inc., Class A *
43,104
2,382,358
SeaWorld Entertainment, Inc. *
18,265
786,856
Texas Roadhouse, Inc.
34,038
3,456,219
Travel + Leisure Co.
37,674
1,282,046
Wendy's Co. (The)
86,440
1,644,089
Wingstop, Inc.
15,276
2,791,995
Wyndham Hotels & Resorts, Inc.
42,956
3,110,014
 
42,721,138
Household Durables — 1.9%
Installed Building Products, Inc.
12,018
1,342,050
KB Home
39,626
1,751,469
Leggett & Platt, Inc.
67,892
1,590,710
MDC Holdings, Inc.
30,396
1,153,528
Meritage Homes Corp.
18,723
2,134,796
Mohawk Industries, Inc. *
26,952
2,166,402
Newell Brands, Inc.
194,268
1,305,481
Skyline Champion Corp. *
27,087
1,588,111
Taylor Morrison Home Corp. *
55,794
2,138,026
Tempur Sealy International, Inc.
87,758
3,504,177
Toll Brothers, Inc.
55,742
3,941,517
TopBuild Corp. *
16,177
3,700,650
 
26,316,917
Household Products — 0.1%
Reynolds Consumer Products, Inc.
27,838
707,920
Independent Power and Renewable Electricity Producers — 0.2%
Clearway Energy, Inc.
17,640
359,327
Clearway Energy, Inc., Class C
42,010
912,037
Ormat Technologies, Inc. (a)
27,329
1,681,827
 
2,953,191
Industrial REITs — 1.4%
Americold Realty Trust, Inc.
129,523
3,396,093
EastGroup Properties, Inc.
23,142
3,777,931
First Industrial Realty Trust, Inc.
67,435
2,852,501
Rexford Industrial Realty, Inc.
105,238
4,550,491
STAG Industrial, Inc.
91,592
3,042,686
Terreno Realty Corp.
42,788
2,279,745
 
19,899,447
Insurance — 3.9%
American Equity Investment Life Holding
Co.
31,549
1,670,835
Assurant, Inc. (a)
27,033
4,025,214
Assured Guaranty Ltd.
28,381
1,770,974
SEE NOTES TO FINANCIAL STATEMENTS. 
 
120
J.P. Morgan Exchange-Traded Funds
October 31, 2023

INVESTMENTS
SHARES
VALUE($)
Common Stocks — continued
Insurance — continued
Axis Capital Holdings Ltd.
39,549
2,258,248
Brighthouse Financial, Inc. *
33,395
1,512,794
Enstar Group Ltd. *
6,764
1,602,865
Erie Indemnity Co., Class A
12,717
3,512,308
First American Financial Corp.
52,553
2,703,326
Hanover Insurance Group, Inc. (The)
18,231
2,136,856
Kemper Corp.
30,713
1,224,834
Kinsale Capital Group, Inc.
11,214
3,744,467
Lincoln National Corp. (a)
86,496
1,883,018
Old Republic International Corp.
134,936
3,694,548
Primerica, Inc.
18,238
3,486,376
RenaissanceRe Holdings Ltd. (Bermuda)
26,101
5,731,519
RLI Corp.
20,467
2,727,023
Ryan Specialty Holdings, Inc. * (a)
51,052
2,205,446
Selective Insurance Group, Inc.
30,885
3,215,437
Unum Group
93,756
4,584,668
White Mountains Insurance Group Ltd.
1,300
1,859,975
 
55,550,731
Interactive Media & Services — 0.2%
IAC, Inc. *
35,522
1,511,461
Ziff Davis, Inc. *
23,706
1,433,265
 
2,944,726
IT Services — 0.3%
DigitalOcean Holdings, Inc. * (a)
26,740
547,100
DXC Technology Co. *
104,585
2,109,480
Kyndryl Holdings, Inc. *
116,706
1,707,409
 
4,363,989
Leisure Products — 0.8%
Acushnet Holdings Corp. (a)
15,620
795,995
Brunswick Corp.
35,612
2,473,966
Mattel, Inc. *
180,550
3,444,894
Polaris, Inc. (a)
27,162
2,347,340
Topgolf Callaway Brands Corp. * (a)
72,839
890,093
YETI Holdings, Inc. *
44,235
1,880,872
 
11,833,160
Life Sciences Tools & Services — 0.9%
10X Genomics, Inc., Class A *
52,687
1,858,797
Azenta, Inc. * (a)
30,648
1,392,952
Bruker Corp. (a)
50,160
2,859,120
Medpace Holdings, Inc. *
11,846
2,874,669
INVESTMENTS
SHARES
VALUE($)
 
Life Sciences Tools & Services — continued
Repligen Corp. * (a)
26,427
3,556,017
Sotera Health Co. * (a)
50,415
638,254
 
13,179,809
Machinery — 4.9%
AGCO Corp.
31,692
3,633,805
Allison Transmission Holdings, Inc.
45,633
2,300,816
Chart Industries, Inc. * (a)
21,403
2,487,671
Crane Co.
24,881
2,421,668
Donaldson Co., Inc.
61,823
3,564,714
Esab Corp.
28,867
1,827,281
Federal Signal Corp.
31,092
1,804,580
Flowserve Corp.
66,889
2,456,164
Franklin Electric Co., Inc.
20,265
1,757,381
Gates Industrial Corp. plc *
67,333
735,276
Graco, Inc.
86,146
6,404,955
Hillenbrand, Inc.
35,652
1,355,846
ITT, Inc.
41,871
3,908,658
John Bean Technologies Corp.
16,217
1,686,892
Lincoln Electric Holdings, Inc.
29,278
5,117,794
Middleby Corp. (The) *
27,315
3,083,044
Mueller Industries, Inc. (a)
57,891
2,183,070
Nordson Corp.
27,614
5,870,460
Oshkosh Corp.
33,298
2,921,233
RBC Bearings, Inc. *
14,827
3,259,568
Terex Corp.
34,355
1,573,459
Timken Co. (The)
33,325
2,303,424
Toro Co. (The)
52,952
4,280,640
Watts Water Technologies, Inc., Class A
13,940
2,411,759
 
69,350,158
Marine Transportation — 0.2%
Kirby Corp. *
30,330
2,265,651
Media — 0.6%
Cable One, Inc.
2,325
1,278,448
New York Times Co. (The), Class A
83,393
3,361,572
Nexstar Media Group, Inc. (a)
16,979
2,378,418
TEGNA, Inc.
102,735
1,490,685
 
8,509,123
Metals & Mining — 2.1%
Alcoa Corp.
90,965
2,332,343
ATI, Inc. *
65,541
2,475,484
Cleveland-Cliffs, Inc. *
259,339
4,351,708
Commercial Metals Co.
59,546
2,518,200
Hecla Mining Co.
292,706
1,191,313
SEE NOTES TO FINANCIAL STATEMENTS. 
 
October 31, 2023
J.P. Morgan Exchange-Traded Funds
121

JPMorgan BetaBuilders U.S. Mid Cap Equity ETF
SCHEDULE OF PORTFOLIO INVESTMENTS
AS OF October 31, 2023 (continued)
INVESTMENTS
SHARES
VALUE($)
Common Stocks — continued
Metals & Mining — continued
MP Materials Corp. * (a)
73,353
1,202,989
Reliance Steel & Aluminum Co.
29,834
7,589,173
Royal Gold, Inc.
33,486
3,493,594
United States Steel Corp. (a)
113,677
3,852,514
Worthington Industries, Inc.
15,512
955,850
 
29,963,168
Mortgage Real Estate Investment Trusts (REITs) — 0.7%
AGNC Investment Corp. (a)
308,977
2,280,250
Blackstone Mortgage Trust, Inc., Class A (a)
87,833
1,752,268
Rithm Capital Corp.
246,381
2,298,735
Starwood Property Trust, Inc. (a)
151,473
2,688,646
 
9,019,899
Multi-Utilities — 0.3%
Avista Corp.
39,013
1,236,322
Black Hills Corp.
34,214
1,654,247
Northwestern Energy Group, Inc.
30,593
1,468,770
 
4,359,339
Office REITs — 0.2%
Cousins Properties, Inc.
77,368
1,382,566
Kilroy Realty Corp.
54,351
1,553,352
 
2,935,918
Oil, Gas & Consumable Fuels — 4.4%
Antero Midstream Corp.
173,622
2,142,495
Antero Resources Corp. * (a)
143,956
4,238,065
California Resources Corp.
33,029
1,736,995
Chesapeake Energy Corp. (a)
57,353
4,936,946
Chord Energy Corp.
21,188
3,502,800
Civitas Resources, Inc.
43,511
3,282,035
Comstock Resources, Inc. (a)
46,856
590,386
Denbury, Inc. *
25,965
2,308,029
DT Midstream, Inc.
49,399
2,666,064
HF Sinclair Corp.
74,146
4,106,205
Magnolia Oil & Gas Corp., Class A (a)
95,782
2,150,306
Matador Resources Co.
56,492
3,484,991
Murphy Oil Corp.
75,628
3,393,428
New Fortress Energy, Inc. (a)
33,443
1,013,323
Ovintiv, Inc.
129,350
6,208,800
PBF Energy, Inc., Class A
56,062
2,664,627
Peabody Energy Corp.
56,854
1,341,186
Permian Resources Corp. (a)
141,555
2,062,456
Range Resources Corp. (a)
123,059
4,410,435
INVESTMENTS
SHARES
VALUE($)
 
Oil, Gas & Consumable Fuels — continued
SM Energy Co.
60,497
2,439,239
Southwestern Energy Co. *
561,520
4,003,638
 
62,682,449
Paper & Forest Products — 0.1%
Louisiana-Pacific Corp.
32,713
1,677,523
Passenger Airlines — 0.4%
Alaska Air Group, Inc. *
64,842
2,050,952
American Airlines Group, Inc. * (a)
333,073
3,713,764
 
5,764,716
Personal Care Products — 0.6%
BellRing Brands, Inc. *
67,006
2,930,173
Coty, Inc., Class A * (a)
182,586
1,710,831
elf Beauty, Inc. *
27,767
2,572,057
Inter Parfums, Inc.
9,103
1,157,082
 
8,370,143
Pharmaceuticals — 0.8%
Axsome Therapeutics, Inc. * (a)
19,736
1,229,158
Elanco Animal Health, Inc. * (a)
251,151
2,212,640
Intra-Cellular Therapies, Inc. *
45,551
2,266,618
Organon & Co.
130,303
1,927,181
Perrigo Co. plc
69,037
1,908,183
Prestige Consumer Healthcare, Inc. *
25,266
1,499,790
 
11,043,570
Professional Services — 2.9%
Alight, Inc., Class A * (a)
184,163
1,222,842
ASGN, Inc. *
24,675
2,059,376
CACI International, Inc., Class A *
11,638
3,779,557
Clarivate plc * (a)
224,069
1,429,560
Concentrix Corp.
22,039
1,679,592
Dun & Bradstreet Holdings, Inc.
118,675
1,039,593
ExlService Holdings, Inc. *
84,481
2,205,799
Exponent, Inc.
25,939
1,901,069
FTI Consulting, Inc. *
17,356
3,683,985
Genpact Ltd.
85,049
2,852,543
Insperity, Inc.
18,465
1,954,336
KBR, Inc.
68,766
3,998,743
ManpowerGroup, Inc.
25,286
1,769,261
Maximus, Inc.
30,991
2,315,648
Paycor HCM, Inc. * (a)
32,411
699,429
Robert Half, Inc.
54,607
4,082,965
SEE NOTES TO FINANCIAL STATEMENTS. 
 
122
J.P. Morgan Exchange-Traded Funds
October 31, 2023

INVESTMENTS
SHARES
VALUE($)
Common Stocks — continued
Professional Services — continued
Science Applications International Corp.
27,354
2,988,151
TriNet Group, Inc. *
15,908
1,634,547
 
41,296,996
Real Estate Management & Development — 0.3%
Howard Hughes Holdings, Inc. *
16,608
1,101,608
Jones Lang LaSalle, Inc. *
24,289
3,107,049
 
4,208,657
Residential REITs — 0.6%
American Homes 4 Rent, Class A
162,133
5,308,235
Apartment Income REIT Corp.
76,092
2,222,647
Independence Realty Trust, Inc.
114,419
1,417,651
 
8,948,533
Retail REITs — 1.2%
Agree Realty Corp.
49,092
2,746,206
Brixmor Property Group, Inc.
153,226
3,185,569
Kite Realty Group Trust (a)
111,820
2,384,002
NNN REIT, Inc.
93,001
3,378,726
Phillips Edison & Co., Inc. (a)
59,845
2,113,127
Spirit Realty Capital, Inc.
72,033
2,592,468
 
16,400,098
Semiconductors & Semiconductor Equipment — 2.3%
Allegro MicroSystems, Inc. (Japan) *
36,303
942,426
Amkor Technology, Inc.
52,612
1,097,486
Axcelis Technologies, Inc. *
16,730
2,133,075
Cirrus Logic, Inc. *
27,890
1,866,678
Diodes, Inc. *
23,312
1,517,145
Lattice Semiconductor Corp. * (a)
70,260
3,907,158
MACOM Technology Solutions Holdings,
Inc. *
27,521
1,941,331
MKS Instruments, Inc.
32,033
2,103,287
Onto Innovation, Inc. *
24,999
2,809,138
Power Integrations, Inc.
29,269
2,029,220
Rambus, Inc. *
55,640
3,022,921
Silicon Laboratories, Inc. *
16,229
1,495,989
Synaptics, Inc. *
20,138
1,684,745
Universal Display Corp.
22,210
3,091,188
Wolfspeed, Inc. * (a)
63,468
2,147,757
 
31,789,544
Software — 5.1%
Altair Engineering, Inc., Class A *
27,581
1,713,332
AppLovin Corp., Class A *
69,139
2,519,425
Blackbaud, Inc. *
21,980
1,437,492
INVESTMENTS
SHARES
VALUE($)
 
Software — continued
BlackLine, Inc. *
25,788
1,266,191
Box, Inc., Class A *
73,857
1,836,085
CCC Intelligent Solutions Holdings, Inc. *
103,141
1,110,829
Confluent, Inc., Class A *
108,046
3,123,610
Dolby Laboratories, Inc., Class A
30,356
2,457,015
DoubleVerify Holdings, Inc. *
63,992
1,780,897
Dropbox, Inc., Class A *
131,461
3,457,424
Elastic NV *
40,708
3,054,728
Envestnet, Inc. *
25,308
936,396
Five9, Inc. *
36,805
2,129,905
Guidewire Software, Inc. *
41,515
3,741,747
Informatica, Inc., Class A *
19,899
381,663
Instructure Holdings, Inc. *
9,543
235,044
Manhattan Associates, Inc. *
31,421
6,126,467
MicroStrategy, Inc., Class A * (a)
6,189
2,620,361
NCR Voyix Corp. *
68,251
1,043,558
New Relic, Inc. *
27,610
2,392,959
Nutanix, Inc., Class A *
120,192
4,349,748
Pegasystems, Inc.
21,638
924,808
PowerSchool Holdings, Inc., Class A * (a)
29,193
581,525
Procore Technologies, Inc. *
44,985
2,748,134
Qualys, Inc. * (a)
18,697
2,859,706
SentinelOne, Inc., Class A *
121,597
1,900,561
Smartsheet, Inc., Class A *
68,130
2,693,860
SPS Commerce, Inc. *
18,668
2,993,227
Tenable Holdings, Inc. *
58,952
2,482,469
Teradata Corp. *
50,931
2,175,772
UiPath, Inc., Class A * (a)
204,982
3,183,370
Workiva, Inc. *
24,117
2,100,349
 
72,358,657
Specialized REITs — 1.4%
CubeSmart
114,610
3,907,055
EPR Properties
38,392
1,639,338
Gaming and Leisure Properties, Inc.
133,889
6,077,222
Lamar Advertising Co., Class A (a)
44,626
3,671,381
National Storage Affiliates Trust
42,304
1,206,510
PotlatchDeltic Corp. (a)
40,733
1,745,409
Rayonier, Inc.
69,528
1,754,887
 
20,001,802
Specialty Retail — 3.1%
Academy Sports & Outdoors, Inc.
38,979
1,747,818
Asbury Automotive Group, Inc. *
10,483
2,006,132
AutoNation, Inc. *
13,690
1,780,795
SEE NOTES TO FINANCIAL STATEMENTS. 
 
October 31, 2023
J.P. Morgan Exchange-Traded Funds
123

JPMorgan BetaBuilders U.S. Mid Cap Equity ETF
SCHEDULE OF PORTFOLIO INVESTMENTS
AS OF October 31, 2023 (continued)
INVESTMENTS
SHARES
VALUE($)
Common Stocks — continued
Specialty Retail — continued
Chewy, Inc., Class A * (a)
59,243
1,145,167
Dick's Sporting Goods, Inc.
31,940
3,415,983
Five Below, Inc. * (a)
28,391
4,939,466
Floor & Decor Holdings, Inc., Class A * (a)
54,259
4,470,942
Foot Locker, Inc. (a)
41,646
874,150
GameStop Corp., Class A * (a)
136,730
1,882,772
Gap, Inc. (The) (a)
108,841
1,393,165
Group 1 Automotive, Inc.
7,163
1,807,440
Lithia Motors, Inc., Class A
14,064
3,406,441
Murphy USA, Inc.
9,934
3,602,962
Penske Automotive Group, Inc. (a)
9,931
1,420,928
RH *
7,881
1,717,743
Signet Jewelers Ltd.
23,147
1,616,355
Valvoline, Inc.
70,699
2,097,639
Williams-Sonoma, Inc.
32,736
4,918,257
 
44,244,155
Technology Hardware, Storage & Peripherals — 0.8%
Pure Storage, Inc., Class A *
147,371
4,982,614
Super Micro Computer, Inc. * (a)
23,271
5,572,706
 
10,555,320
Textiles, Apparel & Luxury Goods — 1.7%
Capri Holdings Ltd. *
59,160
3,027,809
Columbia Sportswear Co.
17,808
1,314,230
Crocs, Inc. *
31,409
2,805,452
Deckers Outdoor Corp. *
13,333
7,960,601
PVH Corp.
31,968
2,376,821
Ralph Lauren Corp.
20,595
2,317,555
Skechers U.S.A., Inc., Class A *
68,500
3,303,070
Under Armour, Inc., Class A *
96,209
659,032
Under Armour, Inc., Class C *
101,942
655,487
 
24,420,057
Trading Companies & Distributors — 1.5%
Air Lease Corp.
52,636
1,822,785
Applied Industrial Technologies, Inc.
19,715
3,026,450
Beacon Roofing Supply, Inc. *
27,022
1,923,156
Core & Main, Inc., Class A * (a)
53,607
1,612,499
GATX Corp.
18,059
1,888,610
Herc Holdings, Inc.
14,418
1,539,698
MSC Industrial Direct Co., Inc., Class A
24,151
2,288,307
Rush Enterprises, Inc., Class A
31,889
1,134,611
Rush Enterprises, Inc., Class B
4,645
187,844
INVESTMENTS
SHARES
VALUE($)
 
Trading Companies & Distributors — continued
SiteOne Landscape Supply, Inc. *
22,976
3,165,403
WESCO International, Inc.
22,522
2,887,320
 
21,476,683
Water Utilities — 0.5%
American States Water Co.
18,863
1,472,257
California Water Service Group
29,419
1,432,117
Essential Utilities, Inc.
124,065
4,151,215
 
7,055,589
Total Common Stocks
(Cost $1,510,077,695)
1,396,416,946
Short-Term Investments — 12.0%
Investment Companies — 1.0%
JPMorgan U.S. Government Money Market
Fund Class IM Shares, 5.29% (b) (c)
(Cost $14,241,062)
14,241,062
14,241,062
Investment of Cash Collateral from Securities Loaned — 11.0%
JPMorgan Securities Lending Money Market
Fund Agency SL Class Shares, 5.53% (b)
(c)
139,444,167
139,472,056
JPMorgan U.S. Government Money Market
Fund Class IM Shares, 5.29% (b) (c)
15,819,380
15,819,380
Total Investment of Cash Collateral from
Securities Loaned
(Cost $155,293,935)
155,291,436
Total Short-Term Investments
(Cost $169,534,997)
169,532,498
Total Investments — 110.7%
(Cost $1,679,612,692)
1,565,949,444
Liabilities in Excess of Other Assets —
(10.7)%
(151,786,953
)
NET ASSETS — 100.0%
1,414,162,491
 
Percentages indicated are based on net assets.
 
Abbreviations
 
REIT
Real Estate Investment Trust
 
*
Non-income producing security.
(a)
The security or a portion of this security is on loan at October 31,
2023. The total value of securities on loan at October 31, 2023 is
$154,016,364.
(b)
Investment in an affiliated fund, which is registered under the
Investment Company Act of 1940, as amended, and is advised by
J.P. Morgan Investment Management Inc.
(c)
The rate shown is the current yield as of October 31, 2023.
SEE NOTES TO FINANCIAL STATEMENTS. 
 
124
J.P. Morgan Exchange-Traded Funds
October 31, 2023

Futures contracts outstanding as of October 31, 2023:
 
DESCRIPTION
NUMBER OF
CONTRACTS
EXPIRATION DATE
TRADING CURRENCY
NOTIONAL
AMOUNT ($)
VALUE AND
UNREALIZED
APPRECIATION
(DEPRECIATION) ($)
Long Contracts
S&P MidCap 400 E-Mini Index
69
12/15/2023
USD
16,383,360
(1,131,962
)
 
Abbreviations
 
USD
United States Dollar
SEE NOTES TO FINANCIAL STATEMENTS. 
 
October 31, 2023
J.P. Morgan Exchange-Traded Funds
125

JPMorgan BetaBuilders U.S. Small Cap Equity ETF
SCHEDULE OF PORTFOLIO INVESTMENTS
AS OF October 31, 2023
 
INVESTMENTS
SHARES
VALUE($)
Common Stocks — 99.4%
Aerospace & Defense — 1.5%
AAR Corp. *
18,279
1,085,042
AeroVironment, Inc. *
14,423
1,653,741
AerSale Corp. * (a)
15,529
237,438
Cadre Holdings, Inc.
9,926
278,424
Kaman Corp.
15,523
288,883
Kratos Defense & Security Solutions, Inc. *
70,425
1,200,746
Mercury Systems, Inc. *
28,166
1,013,413
Moog, Inc., Class A
15,794
1,832,894
Rocket Lab USA, Inc. * (a)
143,331
606,290
Triumph Group, Inc. *
42,185
314,700
V2X, Inc. *
6,351
324,346
Virgin Galactic Holdings, Inc. * (a)
179,710
265,971
 
9,101,888
Air Freight & Logistics — 0.4%
Air Transport Services Group, Inc. *
30,354
594,028
Forward Air Corp.
14,133
910,307
Hub Group, Inc., Class A *
17,275
1,187,656
 
2,691,991
Automobile Components — 1.5%
American Axle & Manufacturing Holdings, Inc. *
64,375
434,531
Dana, Inc.
70,652
811,085
Dorman Products, Inc. *
15,588
969,262
Gentherm, Inc. *
18,145
729,792
LCI Industries (a)
13,932
1,511,483
Luminar Technologies, Inc. * (a)
143,559
455,082
Mobileye Global, Inc., Class A (Israel) * (a)
41,947
1,496,249
Patrick Industries, Inc.
11,486
863,173
QuantumScape Corp. * (a)
187,134
976,839
Standard Motor Products, Inc.
10,272
358,801
XPEL, Inc. * (b)
11,696
541,525
 
9,147,822
Automobiles — 0.2%
Fisker, Inc. * (a)
105,520
474,840
Winnebago Industries, Inc. (a)
16,617
962,955
 
1,437,795
Banks — 10.0%
1st Source Corp.
9,374
427,642
Amalgamated Financial Corp.
9,763
178,077
Amerant Bancorp, Inc.
14,822
270,205
Ameris Bancorp
35,746
1,333,326
Associated Banc-Corp.
83,000
1,345,430
Atlantic Union Bankshares Corp. (a)
41,255
1,188,557
Axos Financial, Inc. *
28,850
1,039,466
Banc of California, Inc.
28,818
323,050
BancFirst Corp.
7,974
646,771
Bancorp, Inc. (The) *
29,853
1,064,259
Bank of Hawaii Corp. (a)
21,847
1,079,023
BankUnited, Inc.
40,927
892,618
Banner Corp.
18,885
797,136
Berkshire Hills Bancorp, Inc.
24,205
474,660
Brookline Bancorp, Inc.
48,769
396,980
INVESTMENTS
SHARES
VALUE($)
 
Banks — continued
Capitol Federal Financial, Inc.
69,658
362,222
Cathay General Bancorp
39,894
1,352,806
City Holding Co. (a)
8,250
748,935
Columbia Financial, Inc. *
15,647
251,917
Community Bank System, Inc.
29,436
1,175,968
Community Trust Bancorp, Inc.
8,414
316,030
Customers Bancorp, Inc. *
15,492
622,933
CVB Financial Corp. (a)
72,803
1,137,183
Dime Community Bancshares, Inc.
19,218
353,419
Eagle Bancorp, Inc.
16,453
320,504
Eastern Bankshares, Inc.
86,334
950,537
Enterprise Financial Services Corp.
20,564
715,010
FB Financial Corp.
19,302
566,900
First Bancorp (a)
22,598
655,794
First BanCorp (Puerto Rico)
98,059
1,309,088
First Busey Corp. (a)
28,584
567,678
First Commonwealth Financial Corp.
56,316
685,929
First Financial Bancorp
52,322
967,957
First Hawaiian, Inc.
70,184
1,258,399
First Interstate BancSystem, Inc., Class A
45,625
1,052,569
First Merchants Corp.
32,848
897,079
Fulton Financial Corp.
90,217
1,171,919
German American Bancorp, Inc.
16,262
444,440
Heartland Financial USA, Inc.
21,343
584,798
Heritage Financial Corp.
19,274
313,588
Hilltop Holdings, Inc.
25,414
701,935
Hope Bancorp, Inc.
66,011
578,256
Independent Bank Corp.
24,273
1,184,522
Independent Bank Group, Inc.
19,753
698,269
International Bancshares Corp.
29,347
1,286,279
Kearny Financial Corp.
36,227
251,415
Lakeland Bancorp, Inc.
35,766
403,440
Lakeland Financial Corp.
13,991
689,057
Live Oak Bancshares, Inc.
18,058
520,973
National Bank Holdings Corp., Class A
20,744
646,798
NBT Bancorp, Inc.
25,971
869,249
Nicolet Bankshares, Inc.
7,053
513,599
Northfield Bancorp, Inc.
21,772
187,239
Northwest Bancshares, Inc. (a)
69,896
728,316
OceanFirst Financial Corp.
32,684
413,779
OFG Bancorp (Puerto Rico)
25,918
767,691
Origin Bancorp, Inc.
15,962
472,316
Pacific Premier Bancorp, Inc.
52,739
1,002,041
PacWest Bancorp (a)
65,196
461,588
Park National Corp. (a)
7,910
801,995
Pathward Financial, Inc.
14,429
653,489
Preferred Bank
7,191
428,368
Premier Financial Corp.
19,652
340,962
Provident Financial Services, Inc.
41,542
583,665
Renasant Corp.
30,873
752,992
Republic Bancorp, Inc., Class A
4,880
215,647
S&T Bancorp, Inc.
21,036
541,887
Sandy Spring Bancorp, Inc.
24,675
504,604
Seacoast Banking Corp. of Florida
46,800
945,828
SEE NOTES TO FINANCIAL STATEMENTS. 
 
126
J.P. Morgan Exchange-Traded Funds
October 31, 2023

INVESTMENTS
SHARES
VALUE($)
Common Stocks — continued
Banks — continued
ServisFirst Bancshares, Inc.
26,935
1,270,255
Simmons First National Corp., Class A
69,436
986,686
Southside Bancshares, Inc.
15,957
426,052
Stellar Bancorp, Inc.
25,799
560,870
Stock Yards Bancorp, Inc.
14,833
580,119
Texas Capital Bancshares, Inc. *
26,397
1,453,419
Tompkins Financial Corp. (a)
6,877
344,400
Towne Bank
37,851
906,153
TriCo Bancshares
18,292
591,746
Triumph Financial, Inc. *
11,910
741,398
Trustmark Corp.
33,582
675,334
United Community Banks, Inc.
65,362
1,443,847
Veritex Holdings, Inc.
29,842
513,879
WaFd, Inc.
35,595
878,485
WesBanco, Inc.
32,648
796,285
Westamerica BanCorp
14,656
692,349
WSFS Financial Corp.
33,575
1,188,555
 
62,436,833
Beverages — 0.2%
Duckhorn Portfolio, Inc. (The) *
23,457
244,657
MGP Ingredients, Inc. (a)
8,596
813,697
Vita Coco Co., Inc. (The) * (a)
16,759
454,169
 
1,512,523
Biotechnology — 6.0%
Agios Pharmaceuticals, Inc. *
30,659
644,146
Akero Therapeutics, Inc. *
30,585
364,573
Alector, Inc. *
34,123
177,440
Allogene Therapeutics, Inc. * (a)
62,689
176,783
AnaptysBio, Inc. * (a)
10,360
168,972
Arcellx, Inc. *
17,416
613,914
Arcus Biosciences, Inc. *
29,498
463,414
Arcutis Biotherapeutics, Inc. * (a)
28,147
63,331
Ardelyx, Inc. * (a)
119,818
473,281
Aurinia Pharmaceuticals, Inc. (Canada) * (a)
78,878
578,964
Avid Bioservices, Inc. *
34,496
212,150
Avidity Biosciences, Inc. *
35,050
180,507
Beam Therapeutics, Inc. * (a)
37,459
791,883
BioCryst Pharmaceuticals, Inc. * (a)
104,214
572,135
Biohaven Ltd. * (a)
35,233
934,027
Bridgebio Pharma, Inc. *
66,125
1,721,895
Catalyst Pharmaceuticals, Inc. *
55,101
683,803
Celldex Therapeutics, Inc. *
25,988
611,238
Cogent Biosciences, Inc. *
40,894
333,695
Coherus Biosciences, Inc. * (a)
49,721
166,565
Day One Biopharmaceuticals, Inc. *
30,618
362,211
Deciphera Pharmaceuticals, Inc. *
30,779
369,040
Dynavax Technologies Corp. * (a)
70,833
1,006,537
Editas Medicine, Inc. * (a)
44,898
299,919
Enanta Pharmaceuticals, Inc. *
10,890
98,228
EQRx, Inc. *
152,805
333,115
Fate Therapeutics, Inc. *
46,074
83,394
FibroGen, Inc. *
50,228
27,173
ImmunityBio, Inc. * (a)
79,284
248,952
INVESTMENTS
SHARES
VALUE($)
 
Biotechnology — continued
ImmunoGen, Inc. *
124,595
1,851,482
Immunovant, Inc. *
26,595
878,965
Inhibrx, Inc. *
13,453
208,118
Insmed, Inc. *
79,092
1,982,045
Iovance Biotherapeutics, Inc. *
117,001
446,944
Ironwood Pharmaceuticals, Inc. *
75,510
677,325
Janux Therapeutics, Inc. * (a)
10,364
66,537
Keros Therapeutics, Inc. *
12,563
358,548
Krystal Biotech, Inc. *
13,171
1,539,295
Kura Oncology, Inc. *
40,757
344,397
Kymera Therapeutics, Inc. *
21,938
256,016
Lyell Immunopharma, Inc. * (a)
87,860
145,408
Mirati Therapeutics, Inc. *
34,410
1,910,787
Morphic Holding, Inc. *
21,615
431,219
Myriad Genetics, Inc. *
45,032
701,599
Novavax, Inc. * (a)
51,923
345,807
Nuvalent, Inc., Class A *
14,474
753,951
OmniAb Operations, Inc. ‡ *
2,112
—
Protagonist Therapeutics, Inc. *
31,644
460,104
Prothena Corp. plc (Ireland) * (a)
21,498
783,817
Recursion Pharmaceuticals, Inc., Class A * (a)
85,287
450,315
REGENXBIO, Inc. *
22,243
286,712
Relay Therapeutics, Inc. *
49,495
326,667
Replimune Group, Inc. *
28,547
415,930
REVOLUTION Medicines, Inc. *
54,037
1,069,933
Rhythm Pharmaceuticals, Inc. * (a)
26,604
614,818
Rocket Pharmaceuticals, Inc. *
37,609
680,723
Sage Therapeutics, Inc. *
28,656
536,727
Sana Biotechnology, Inc. * (a)
53,073
157,096
Seres Therapeutics, Inc. *
52,886
80,916
SpringWorks Therapeutics, Inc. *
29,251
669,848
Syndax Pharmaceuticals, Inc. *
35,921
505,768
Travere Therapeutics, Inc. *
37,538
243,246
Twist Bioscience Corp. *
31,561
497,401
Veracyte, Inc. *
40,009
828,986
Vericel Corp. *
26,204
921,857
Verve Therapeutics, Inc. * (a)
25,587
308,067
Viking Therapeutics, Inc. * (a)
55,015
539,697
Viridian Therapeutics, Inc. *
21,822
272,775
Xencor, Inc. *
33,336
578,380
Zentalis Pharmaceuticals, Inc. *
31,061
508,158
 
37,397,669
Broadline Retail — 0.3%
Kohl's Corp. (a)
60,818
1,371,446
Nordstrom, Inc. (a)
53,286
744,938
 
2,116,384
Building Products — 1.6%
American Woodmark Corp. *
9,009
605,675
Apogee Enterprises, Inc.
12,142
521,135
AZZ, Inc.
13,754
650,152
Gibraltar Industries, Inc. *
16,731
1,018,249
Griffon Corp.
22,528
899,768
Hayward Holdings, Inc. *
69,155
726,128
SEE NOTES TO FINANCIAL STATEMENTS. 
 
October 31, 2023
J.P. Morgan Exchange-Traded Funds
127

JPMorgan BetaBuilders U.S. Small Cap Equity ETF
SCHEDULE OF PORTFOLIO INVESTMENTS
AS OF October 31, 2023 (continued)
INVESTMENTS
SHARES
VALUE($)
Common Stocks — continued
Building Products — continued
Janus International Group, Inc. *
50,065
468,608
JELD-WEN Holding, Inc. *
46,780
530,017
Masonite International Corp. *
12,102
957,752
Masterbrand, Inc. *
70,223
780,178
PGT Innovations, Inc. *
32,086
960,655
Quanex Building Products Corp.
18,125
486,656
Resideo Technologies, Inc. *
81,209
1,175,906
Tecnoglass, Inc.
11,271
368,336
 
10,149,215
Capital Markets — 2.5%
Artisan Partners Asset Management, Inc.,
Class A (a)
37,661
1,242,813
AssetMark Financial Holdings, Inc. *
11,911
284,792
Avantax, Inc. *
20,217
521,801
B. Riley Financial, Inc. (a)
9,080
328,787
BGC Group, Inc., Class A
214,707
1,260,330
Brightsphere Investment Group, Inc.
17,804
278,811
Donnelley Financial Solutions, Inc. *
13,707
746,072
Hamilton Lane, Inc., Class A
20,163
1,696,111
Moelis & Co., Class A (a)
36,609
1,524,399
Open Lending Corp. *
54,435
326,066
Piper Sandler Cos.
8,254
1,154,322
PJT Partners, Inc., Class A
12,239
959,048
StepStone Group, Inc., Class A
27,987
792,032
StoneX Group, Inc. *
9,830
936,996
TPG, Inc. (a)
33,393
922,982
Victory Capital Holdings, Inc., Class A
20,255
596,712
Virtu Financial, Inc., Class A
51,721
956,321
Virtus Investment Partners, Inc.
3,746
690,125
WisdomTree, Inc. (a)
62,829
389,540
 
15,608,060
Chemicals — 1.3%
AdvanSix, Inc.
14,971
412,451
Ecovyst, Inc. *
56,456
519,395
Ginkgo Bioworks Holdings, Inc. * (a)
730,827
1,001,233
Ingevity Corp. *
18,531
746,429
Innospec, Inc.
13,675
1,340,150
Kronos Worldwide, Inc. (a)
12,022
82,952
LSB Industries, Inc. *
29,436
268,162
Mativ Holdings, Inc.
30,093
394,218
Minerals Technologies, Inc.
17,894
967,350
Perimeter Solutions SA *
80,736
258,355
PureCycle Technologies, Inc. * (a)
74,857
333,114
Stepan Co.
11,677
873,440
Trinseo plc
19,350
119,776
Tronox Holdings plc (a)
63,806
682,086
 
7,999,111
Commercial Services & Supplies — 2.4%
ABM Industries, Inc.
36,379
1,431,150
ACV Auctions, Inc., Class A *
74,298
990,392
Brady Corp., Class A
25,251
1,299,417
BrightView Holdings, Inc. *
21,064
141,971
INVESTMENTS
SHARES
VALUE($)
 
Commercial Services & Supplies — continued
Brink's Co. (The)
25,538
1,707,471
Cimpress plc (Ireland) *
9,712
579,515
CoreCivic, Inc. *
62,484
793,547
Deluxe Corp.
23,983
408,910
GEO Group, Inc. (The) * (a)
69,351
606,128
Healthcare Services Group, Inc.
40,808
387,676
HNI Corp.
25,605
888,237
Matthews International Corp., Class A
16,755
593,797
MillerKnoll, Inc.
41,629
978,282
Montrose Environmental Group, Inc. *
15,256
352,719
OPENLANE, Inc. *
60,196
808,432
Pitney Bowes, Inc. (a)
84,228
272,056
SP Plus Corp. *
10,803
545,876
Steelcase, Inc., Class A
51,473
561,570
UniFirst Corp.
8,302
1,365,098
 
14,712,244
Communications Equipment — 1.0%
ADTRAN Holdings, Inc.
38,932
255,783
Clearfield, Inc. * (a)
7,130
171,263
CommScope Holding Co., Inc. *
116,554
172,500
Digi International, Inc. *
19,780
498,060
Extreme Networks, Inc. *
70,272
1,449,009
Harmonic, Inc. *
61,553
664,157
Infinera Corp. * (a)
109,823
321,781
NetScout Systems, Inc. *
39,685
866,324
Viasat, Inc. * (a)
40,936
754,860
Viavi Solutions, Inc. *
122,340
951,805
 
6,105,542
Construction & Engineering — 1.1%
Ameresco, Inc., Class A * (a)
17,681
462,358
Construction Partners, Inc., Class A *
24,054
924,876
Dycom Industries, Inc. *
16,129
1,373,868
Granite Construction, Inc. (a)
24,157
977,876
MYR Group, Inc. *
9,188
1,064,246
Primoris Services Corp.
29,329
881,630
Sterling Infrastructure, Inc. *
16,954
1,235,099
 
6,919,953
Construction Materials — 0.0% ^
United States Lime & Minerals, Inc.
1,125
222,739
Consumer Finance — 1.0%
Bread Financial Holdings, Inc.
27,626
746,731
Encore Capital Group, Inc. *
12,921
486,863
Enova International, Inc. *
16,927
675,049
Green Dot Corp., Class A *
24,756
276,772
LendingClub Corp. *
59,776
310,237
Navient Corp.
48,149
766,051
Nelnet, Inc., Class A
9,816
832,495
PRA Group, Inc. *
21,585
265,711
PROG Holdings, Inc. *
25,142
688,639
SEE NOTES TO FINANCIAL STATEMENTS. 
 
128
J.P. Morgan Exchange-Traded Funds
October 31, 2023

INVESTMENTS
SHARES
VALUE($)
Common Stocks — continued
Consumer Finance — continued
Upstart Holdings, Inc. *
39,683
953,583
World Acceptance Corp. * (a)
1,879
185,307
 
6,187,438
Consumer Staples Distribution & Retail — 0.9%
Andersons, Inc. (The)
17,316
868,051
Chefs' Warehouse, Inc. (The) *
19,411
369,391
Grocery Outlet Holding Corp. *
54,330
1,503,311
Ingles Markets, Inc., Class A
7,974
639,674
PriceSmart, Inc.
14,173
885,671
SpartanNash Co.
19,109
429,761
United Natural Foods, Inc. *
32,232
469,943
Weis Markets, Inc. (a)
9,025
587,528
 
5,753,330
Containers & Packaging — 0.2%
Myers Industries, Inc.
20,244
339,492
Pactiv Evergreen, Inc.
21,587
186,080
TriMas Corp.
22,782
551,552
 
1,077,124
Diversified Consumer Services — 1.6%
Adtalem Global Education, Inc. *
22,846
1,183,423
Chegg, Inc. *
63,429
477,620
Coursera, Inc. *
56,801
984,929
European Wax Center, Inc., Class A * (a)
19,374
286,154
Frontdoor, Inc. *
44,179
1,278,099
Graham Holdings Co., Class B
2,027
1,173,066
Laureate Education, Inc., Class A
74,360
1,051,450
Mister Car Wash, Inc. * (a)
49,846
259,199
OneSpaWorld Holdings Ltd. (Bahamas) *
48,138
504,486
Rover Group, Inc. *
62,459
402,861
Strategic Education, Inc.
12,106
996,445
Stride, Inc. *
22,249
1,223,250
Udemy, Inc. *
47,141
420,969
 
10,241,951
Diversified REITs — 0.6%
Alexander & Baldwin, Inc.
39,942
631,084
American Assets Trust, Inc.
26,719
474,262
Broadstone Net Lease, Inc.
102,997
1,457,407
Empire State Realty Trust, Inc., Class A
71,325
577,019
Global Net Lease, Inc.
106,887
848,683
 
3,988,455
Diversified Telecommunication Services — 0.4%
EchoStar Corp., Class A *
18,500
256,410
Globalstar, Inc. * (a)
389,080
548,603
Liberty Latin America Ltd., Class A (Puerto
Rico) *
20,103
137,303
Liberty Latin America Ltd., Class C (Puerto
Rico) *
71,272
488,213
Lumen Technologies, Inc. * (a)
554,378
809,392
 
2,239,921
INVESTMENTS
SHARES
VALUE($)
 
Electric Utilities — 0.2%
MGE Energy, Inc.
19,885
1,424,363
Electrical Equipment — 0.9%
Encore Wire Corp.
9,239
1,652,210
Enovix Corp. * (a)
73,099
651,312
Fluence Energy, Inc. * (a)
22,161
383,829
FREYR Battery SA (Norway) * (a)
65,307
209,635
FuelCell Energy, Inc. * (a)
223,712
243,846
GrafTech International Ltd.
105,933
365,469
NEXTracker, Inc., Class A * (a)
26,928
936,017
SES AI Corp. * (a)
79,464
143,830
Stem, Inc. * (a)
81,402
275,139
SunPower Corp. * (a)
47,207
201,574
Vicor Corp. *
12,334
477,819
 
5,540,680
Electronic Equipment, Instruments & Components — 2.1%
Benchmark Electronics, Inc.
19,620
475,000
Crane NXT Co.
26,556
1,380,912
CTS Corp.
17,243
645,061
ePlus, Inc. *
14,812
925,750
Itron, Inc. *
24,997
1,431,828
Knowles Corp. *
50,125
651,124
Lightwave Logic, Inc. * (a)
64,054
290,165
Methode Electronics, Inc.
19,803
452,895
Mirion Technologies, Inc. *
99,488
689,452
Napco Security Technologies, Inc.
15,979
293,534
OSI Systems, Inc. *
8,467
882,854
PAR Technology Corp. * (a)
15,096
440,652
PC Connection, Inc.
6,206
332,517
Plexus Corp. *
15,115
1,486,107
ScanSource, Inc. *
13,693
416,267
SmartRent, Inc. *
98,011
236,206
TTM Technologies, Inc. *
57,126
656,378
Vishay Intertechnology, Inc.
69,816
1,552,708
 
13,239,410
Energy Equipment & Services — 2.3%
Archrock, Inc.
75,744
959,676
Atlas Energy Solutions, Inc.
9,740
177,365
Cactus, Inc., Class A
35,530
1,667,778
Core Laboratories, Inc. (a)
25,675
549,959
Diamond Offshore Drilling, Inc. *
56,271
698,323
Dril-Quip, Inc. *
18,793
407,056
Helix Energy Solutions Group, Inc. *
77,966
764,067
Liberty Energy, Inc.
85,281
1,680,036
Nabors Industries Ltd. *
4,937
482,049
Oceaneering International, Inc. *
55,430
1,218,906
Patterson-UTI Energy, Inc.
176,283
2,238,794
ProFrac Holding Corp., Class A *
11,401
107,397
ProPetro Holding Corp. *
47,762
500,546
RPC, Inc. (a)
46,824
389,576
Tidewater, Inc. *
26,651
1,821,596
US Silica Holdings, Inc. *
42,413
511,925
 
14,175,049
SEE NOTES TO FINANCIAL STATEMENTS. 
 
October 31, 2023
J.P. Morgan Exchange-Traded Funds
129

JPMorgan BetaBuilders U.S. Small Cap Equity ETF
SCHEDULE OF PORTFOLIO INVESTMENTS
AS OF October 31, 2023 (continued)
INVESTMENTS
SHARES
VALUE($)
Common Stocks — continued
Entertainment — 0.8%
AMC Entertainment Holdings, Inc., Class A *
28,549
304,906
Atlanta Braves Holdings, Inc., Class A * (a)
5,672
215,025
Atlanta Braves Holdings, Inc., Class C *
21,350
742,553
Cinemark Holdings, Inc. * (a)
59,539
981,798
IMAX Corp. *
24,635
448,603
Lions Gate Entertainment Corp., Class A *
33,524
263,499
Lions Gate Entertainment Corp., Class B *
72,373
539,903
Madison Square Garden Entertainment Corp. *
23,398
713,171
Sphere Entertainment Co. * (a)
14,312
471,008
Vivid Seats, Inc., Class A *
20,145
118,453
 
4,798,919
Financial Services — 2.2%
Affirm Holdings, Inc. * (a)
118,034
2,078,579
AvidXchange Holdings, Inc. *
93,390
806,890
Cannae Holdings, Inc. *
37,525
613,534
Compass Diversified Holdings
34,400
590,992
EVERTEC, Inc. (Puerto Rico)
35,542
1,129,525
Federal Agricultural Mortgage Corp., Class C
5,117
760,181
International Money Express, Inc. *
19,484
310,965
Marqeta, Inc., Class A *
238,198
1,231,484
Merchants Bancorp
14,265
426,381
NMI Holdings, Inc., Class A *
45,257
1,237,779
Payoneer Global, Inc. *
142,231
823,517
Remitly Global, Inc. *
72,749
1,959,130
Repay Holdings Corp. *
41,443
248,243
Rocket Cos., Inc., Class A * (a)
67,074
495,677
Walker & Dunlop, Inc.
18,336
1,188,173
 
13,901,050
Food Products — 0.7%
B&G Foods, Inc.
39,762
320,879
Beyond Meat, Inc. * (a)
35,410
211,398
Calavo Growers, Inc.
9,777
247,749
Cal-Maine Foods, Inc. (a)
22,353
1,012,815
Fresh Del Monte Produce, Inc.
18,529
463,225
Hain Celestial Group, Inc. (The) *
49,188
543,527
Mission Produce, Inc. *
23,356
219,780
Sovos Brands, Inc. * (a)
34,544
749,950
Tootsie Roll Industries, Inc.
9,576
297,909
Utz Brands, Inc. (a)
37,483
456,918
 
4,524,150
Gas Utilities — 0.3%
Chesapeake Utilities Corp.
9,784
866,960
Northwest Natural Holding Co.
19,832
728,033
 
1,594,993
Ground Transportation — 0.8%
ArcBest Corp.
13,212
1,438,523
Heartland Express, Inc.
25,210
293,949
Marten Transport Ltd.
31,749
558,147
RXO, Inc. *
64,334
1,126,488
Schneider National, Inc., Class B
20,660
523,318
INVESTMENTS
SHARES
VALUE($)
 
Ground Transportation — continued
Universal Logistics Holdings, Inc.
3,754
84,014
Werner Enterprises, Inc.
34,863
1,266,224
 
5,290,663
Health Care Equipment & Supplies — 2.2%
Alphatec Holdings, Inc. * (a)
44,338
407,023
AtriCure, Inc. *
26,046
902,233
Atrion Corp.
731
249,987
Avanos Medical, Inc. *
25,779
473,302
Axonics, Inc. *
27,753
1,421,231
Embecta Corp.
31,512
476,461
Establishment Labs Holdings, Inc. (Costa
Rica) * (a)
12,617
369,426
Glaukos Corp. *
26,757
1,824,827
Integer Holdings Corp. *
18,316
1,486,710
LeMaitre Vascular, Inc.
10,902
529,619
LivaNova plc *
29,638
1,453,744
Nevro Corp. *
19,862
286,609
Omnicell, Inc. * (a)
24,863
883,631
OrthoPediatrics Corp. *
8,605
210,478
Outset Medical, Inc. *
27,381
96,929
Paragon 28, Inc. *
20,424
176,259
PROCEPT BioRobotics Corp. * (a)
24,102
645,693
Silk Road Medical, Inc. *
21,354
160,369
Tandem Diabetes Care, Inc. *
35,793
619,219
TransMedics Group, Inc. * (a)
17,940
672,391
Treace Medical Concepts, Inc. *
23,695
237,661
Varex Imaging Corp. *
22,219
401,053
 
13,984,855
Health Care Providers & Services — 2.3%
23andMe Holding Co. * (a)
167,192
141,628
AdaptHealth Corp. *
44,914
329,220
Addus HomeCare Corp. *
8,922
703,946
Agiliti, Inc. * (a)
19,300
108,659
Alignment Healthcare, Inc. *
53,886
370,736
Amedisys, Inc. *
17,942
1,641,513
Apollo Medical Holdings, Inc. * (a)
23,137
722,106
Brookdale Senior Living, Inc. *
103,515
404,744
Castle Biosciences, Inc. *
14,743
230,286
Cross Country Healthcare, Inc. *
18,513
428,761
DocGo, Inc. *
48,507
288,132
Fulgent Genetics, Inc. *
11,191
267,912
Guardant Health, Inc. *
64,727
1,675,135
Hims & Hers Health, Inc. *
80,246
479,871
ModivCare, Inc. *
6,781
286,429
National HealthCare Corp.
7,419
499,744
National Research Corp.
7,974
336,981
NeoGenomics, Inc. *
70,166
983,727
OPKO Health, Inc. * (a)
242,347
302,934
Owens & Minor, Inc. *
42,087
603,107
Patterson Cos., Inc.
46,805
1,425,680
Pediatrix Medical Group, Inc. *
45,508
521,522
SEE NOTES TO FINANCIAL STATEMENTS. 
 
130
J.P. Morgan Exchange-Traded Funds
October 31, 2023

INVESTMENTS
SHARES
VALUE($)
Common Stocks — continued
Health Care Providers & Services — continued
RadNet, Inc. *
33,177
894,452
US Physical Therapy, Inc.
8,239
692,982
 
14,340,207
Health Care REITs — 0.8%
CareTrust REIT, Inc.
54,706
1,177,273
LTC Properties, Inc.
22,773
719,855
National Health Investors, Inc.
23,872
1,194,555
Sabra Health Care REIT, Inc.
127,169
1,734,585
Universal Health Realty Income Trust
6,995
268,888
 
5,095,156
Health Care Technology — 0.6%
American Well Corp., Class A *
138,445
161,981
Definitive Healthcare Corp. *
25,454
146,615
Health Catalyst, Inc. *
31,328
234,647
HealthStream, Inc.
13,329
338,557
Multiplan Corp. *
150,025
253,542
NextGen Healthcare, Inc. * (a)
29,854
714,108
Phreesia, Inc. *
28,088
383,682
Schrodinger, Inc. * (a)
30,004
651,087
Sharecare, Inc. *
168,910
177,355
Veradigm, Inc. *
60,091
792,600
 
3,854,174
Hotel & Resort REITs — 1.1%
DiamondRock Hospitality Co.
115,288
891,176
Park Hotels & Resorts, Inc.
118,650
1,368,035
Pebblebrook Hotel Trust (a)
66,272
790,625
RLJ Lodging Trust
86,606
814,096
Service Properties Trust
91,001
659,757
Summit Hotel Properties, Inc.
59,164
333,685
Sunstone Hotel Investors, Inc.
113,952
1,059,754
Xenia Hotels & Resorts, Inc.
58,994
686,100
 
6,603,228
Hotels, Restaurants & Leisure — 2.4%
Bally's Corp. *
16,063
146,495
BJ's Restaurants, Inc. *
12,968
333,537
Bloomin' Brands, Inc. (a)
47,904
1,118,079
Bowlero Corp., Class A * (a)
25,404
256,326
Brinker International, Inc. *
24,360
826,291
Cheesecake Factory, Inc. (The) (a)
25,941
805,987
Cracker Barrel Old Country Store, Inc. (a)
12,182
808,398
Dave & Buster's Entertainment, Inc. *
18,880
659,667
Denny's Corp. *
30,500
262,910
Dine Brands Global, Inc.
8,553
421,577
Dutch Bros, Inc., Class A * (a)
28,637
697,025
Everi Holdings, Inc. *
48,397
522,204
First Watch Restaurant Group, Inc. *
13,096
218,834
Golden Entertainment, Inc.
11,911
373,529
Jack in the Box, Inc.
11,060
698,771
Krispy Kreme, Inc. (a)
46,258
598,116
Monarch Casino & Resort, Inc.
7,375
443,901
Papa John's International, Inc. (a)
18,009
1,170,945
INVESTMENTS
SHARES
VALUE($)
 
Hotels, Restaurants & Leisure — continued
Portillo's, Inc., Class A *
26,363
394,127
Red Rock Resorts, Inc., Class A
26,774
1,058,912
Sabre Corp. *
182,778
639,723
Shake Shack, Inc., Class A *
20,620
1,155,545
Six Flags Entertainment Corp. *
39,392
783,901
Sweetgreen, Inc., Class A *
49,959
516,076
Target Hospitality Corp. *
15,088
207,158
 
15,118,034
Household Durables — 1.6%
Cavco Industries, Inc. *
4,440
1,107,824
Century Communities, Inc.
15,673
963,889
GoPro, Inc., Class A *
69,558
174,591
Green Brick Partners, Inc. *
13,980
541,026
Helen of Troy Ltd. *
13,251
1,302,838
iRobot Corp. *
15,176
499,746
La-Z-Boy, Inc.
23,803
696,000
LGI Homes, Inc. * (a)
11,263
1,064,466
M/I Homes, Inc. *
15,286
1,254,522
Sonos, Inc. *
70,543
760,453
Tri Pointe Homes, Inc. *
54,447
1,364,442
Vizio Holding Corp., Class A *
54,852
279,197
 
10,008,994
Household Products — 0.9%
Central Garden & Pet Co. *
5,236
228,447
Central Garden & Pet Co., Class A *
22,551
895,049
Energizer Holdings, Inc.
36,559
1,154,533
Spectrum Brands Holdings, Inc.
19,622
1,477,929
WD-40 Co.
7,462
1,577,467
 
5,333,425
Independent Power and Renewable Electricity Producers — 0.2%
Altus Power, Inc. *
33,230
176,451
Montauk Renewables, Inc. * (a)
35,551
357,643
Sunnova Energy International, Inc. * (a)
55,693
508,477
 
1,042,571
Industrial REITs — 0.4%
Innovative Industrial Properties, Inc. (a)
15,416
1,107,331
LXP Industrial Trust
160,932
1,272,972
 
2,380,303
Insurance — 2.0%
AMERISAFE, Inc.
10,550
537,733
Argo Group International Holdings Ltd.
19,339
577,076
BRP Group, Inc., Class A *
35,065
733,910
CNO Financial Group, Inc.
62,146
1,440,544
Employers Holdings, Inc.
14,331
544,578
F&G Annuities & Life, Inc. (a)
9,662
296,527
Genworth Financial, Inc., Class A *
254,686
1,525,569
Goosehead Insurance, Inc., Class A *
13,144
852,651
Hagerty, Inc., Class A * (a)
13,012
100,453
Horace Mann Educators Corp.
22,457
712,561
James River Group Holdings Ltd.
20,691
284,501
Lemonade, Inc. * (a)
34,105
373,109
SEE NOTES TO FINANCIAL STATEMENTS. 
 
October 31, 2023
J.P. Morgan Exchange-Traded Funds
131

JPMorgan BetaBuilders U.S. Small Cap Equity ETF
SCHEDULE OF PORTFOLIO INVESTMENTS
AS OF October 31, 2023 (continued)
INVESTMENTS
SHARES
VALUE($)
Common Stocks — continued
Insurance — continued
Mercury General Corp.
14,618
451,404
Oscar Health, Inc., Class A *
76,915
393,805
Palomar Holdings, Inc. *
13,608
681,489
ProAssurance Corp.
28,638
486,846
Safety Insurance Group, Inc.
8,134
611,433
SiriusPoint Ltd. (Bermuda) *
48,658
479,281
Skyward Specialty Insurance Group, Inc. * (a)
14,912
419,773
Stewart Information Services Corp.
15,042
656,884
Trupanion, Inc. * (a)
19,571
403,162
 
12,563,289
Interactive Media & Services — 1.0%
Bumble, Inc., Class A *
54,804
736,566
Cargurus, Inc. *
47,719
822,198
Cars.com, Inc. *
33,994
517,729
Eventbrite, Inc., Class A *
45,401
375,920
Rumble, Inc. * (a)
41,693
187,202
Shutterstock, Inc.
13,291
540,678
TripAdvisor, Inc. *
59,209
873,925
Vimeo, Inc. *
86,617
266,780
Yelp, Inc. *
37,793
1,594,487
ZipRecruiter, Inc., Class A *
40,416
430,430
 
6,345,915
IT Services — 0.6%
BigCommerce Holdings, Inc. *
36,331
322,983
Fastly, Inc., Class A *
65,368
958,948
Grid Dynamics Holdings, Inc. *
30,248
306,715
Perficient, Inc. *
19,149
1,114,280
Squarespace, Inc., Class A *
24,609
699,142
Thoughtworks Holding, Inc. *
50,672
171,778
 
3,573,846
Leisure Products — 0.5%
Malibu Boats, Inc., Class A *
11,338
494,564
Peloton Interactive, Inc., Class A * (a)
184,865
879,957
Smith & Wesson Brands, Inc. (a)
25,375
373,774
Sturm Ruger & Co., Inc.
9,744
539,330
Vista Outdoor, Inc. *
31,900
801,328
 
3,088,953
Life Sciences Tools & Services — 0.4%
Adaptive Biotechnologies Corp. *
60,463
268,456
BioLife Solutions, Inc. *
18,891
190,799
CryoPort, Inc. * (a)
26,880
260,736
Cytek Biosciences, Inc. *
54,736
230,438
Maravai LifeSciences Holdings, Inc., Class A *
60,219
413,102
Mesa Laboratories, Inc.
2,818
264,413
OmniAb, Inc. ‡ *
2,112
—
Pacific Biosciences of California, Inc. *
128,159
792,023
SomaLogic, Inc. * (a)
86,829
193,629
 
2,613,596
Machinery — 3.3%
3D Systems Corp. *
73,406
273,804
Alamo Group, Inc.
5,678
910,183
INVESTMENTS
SHARES
VALUE($)
 
Machinery — continued
Albany International Corp., Class A
17,148
1,399,448
Astec Industries, Inc.
12,508
500,820
Barnes Group, Inc.
27,843
578,856
Desktop Metal, Inc., Class A * (a)
136,817
118,538
Energy Recovery, Inc. *
31,018
471,474
Enerpac Tool Group Corp.
30,855
873,196
EnPro Industries, Inc.
11,499
1,277,079
ESCO Technologies, Inc.
14,179
1,378,482
Gorman-Rupp Co. (The)
13,392
395,734
Greenbrier Cos., Inc. (The) (a)
16,989
587,650
Helios Technologies, Inc.
18,169
939,701
Hillman Solutions Corp. *
107,132
702,786
Kadant, Inc. (a)
6,441
1,417,020
Kennametal, Inc.
43,842
1,013,189
Lindsay Corp.
6,055
756,391
Mueller Water Products, Inc., Class A
86,060
1,064,562
Omega Flex, Inc. (a)
1,836
134,157
Proto Labs, Inc. *
14,347
338,733
SPX Technologies, Inc. *
25,078
2,009,249
Standex International Corp.
6,518
935,789
Symbotic, Inc. * (a)
8,898
302,799
Tennant Co.
10,218
758,380
Trinity Industries, Inc.
45,017
937,704
Wabash National Corp.
25,847
534,774
 
20,610,498
Marine Transportation — 0.3%
Matson, Inc.
19,404
1,689,118
Media — 0.8%
Altice USA, Inc., Class A *
126,405
365,310
AMC Networks, Inc., Class A *
16,729
197,402
Clear Channel Outdoor Holdings, Inc. *
193,885
213,274
DISH Network Corp., Class A * (a)
136,479
668,747
EW Scripps Co. (The), Class A *
32,318
176,779
Gray Television, Inc.
43,846
285,876
Integral Ad Science Holding Corp. *
30,157
346,202
John Wiley & Sons, Inc., Class A
23,401
708,348
Magnite, Inc. *
66,283
440,119
Scholastic Corp. (a)
15,329
565,640
Sinclair, Inc. (a)
20,502
222,857
Stagwell, Inc. *
56,672
233,489
TechTarget, Inc. *
13,929
350,732
Thryv Holdings, Inc. *
16,746
291,883
WideOpenWest, Inc. *
26,238
184,716
 
5,251,374
Metals & Mining — 1.7%
Alpha Metallurgical Resources, Inc.
6,697
1,473,072
Arch Resources, Inc.
9,972
1,504,077
Carpenter Technology Corp.
26,703
1,674,812
Century Aluminum Co. *
28,450
188,054
Coeur Mining, Inc. *
194,239
487,540
Compass Minerals International, Inc.
18,556
457,220
Ivanhoe Electric, Inc. *
44,507
455,752
SEE NOTES TO FINANCIAL STATEMENTS. 
 
132
J.P. Morgan Exchange-Traded Funds
October 31, 2023

INVESTMENTS
SHARES
VALUE($)
Common Stocks — continued
Metals & Mining — continued
Kaiser Aluminum Corp.
8,802
499,954
Materion Corp.
11,345
1,100,238
Piedmont Lithium, Inc. *
9,928
272,722
Ryerson Holding Corp.
16,078
467,066
Schnitzer Steel Industries, Inc., Class A
14,120
320,665
Warrior Met Coal, Inc.
28,613
1,394,311
 
10,295,483
Mortgage Real Estate Investment Trusts (REITs) — 1.6%
Apollo Commercial Real Estate Finance, Inc.
71,527
712,409
Arbor Realty Trust, Inc. (a)
102,572
1,293,433
ARMOUR Residential REIT, Inc. (a)
25,112
365,882
Brightspire Capital, Inc.
71,494
404,656
Chimera Investment Corp.
124,709
598,603
Claros Mortgage Trust, Inc.
66,210
690,570
Franklin BSP Realty Trust, Inc.
45,209
570,085
Hannon Armstrong Sustainable Infrastructure
Capital, Inc. (a)
58,923
1,009,940
KKR Real Estate Finance Trust, Inc.
31,924
333,287
Ladder Capital Corp.
62,131
628,144
MFA Financial, Inc.
56,053
498,309
New York Mortgage Trust, Inc.
50,182
390,918
PennyMac Mortgage Investment Trust (a)
47,711
603,544
Ready Capital Corp. (a)
86,897
819,439
Redwood Trust, Inc. (a)
62,792
394,334
TPG RE Finance Trust, Inc.
33,345
183,731
Two Harbors Investment Corp.
52,893
614,088
 
10,111,372
Office REITs — 1.6%
Brandywine Realty Trust
94,646
353,976
COPT Defense Properties
61,897
1,411,252
Douglas Emmett, Inc. (a)
91,708
1,028,047
Easterly Government Properties, Inc.
51,380
552,849
Equity Commonwealth
60,344
1,142,915
Highwoods Properties, Inc. (a)
58,119
1,039,749
Hudson Pacific Properties, Inc. (a)
69,761
311,134
JBG SMITH Properties (a)
51,764
666,203
Paramount Group, Inc.
90,833
388,765
Piedmont Office Realty Trust, Inc., Class A
68,034
354,457
SL Green Realty Corp. (a)
35,411
1,037,188
Vornado Realty Trust (a)
88,025
1,690,080
 
9,976,615
Oil, Gas & Consumable Fuels — 3.5%
Callon Petroleum Co. * (a)
30,739
1,148,102
Clean Energy Fuels Corp. *
96,878
338,104
CNX Resources Corp. *
88,805
1,928,845
CONSOL Energy, Inc.
15,828
1,454,435
CVR Energy, Inc.
16,037
525,212
Delek US Holdings, Inc.
33,157
873,687
Earthstone Energy, Inc., Class A *
35,083
742,707
Enviva, Inc. (a)
17,189
62,224
Equitrans Midstream Corp.
238,288
2,113,615
Green Plains, Inc. * (a)
32,741
961,931
INVESTMENTS
SHARES
VALUE($)
 
Oil, Gas & Consumable Fuels — continued
Gulfport Energy Corp. *
5,447
673,304
HighPeak Energy, Inc. (a)
9,878
174,939
International Seaways, Inc.
20,704
995,655
Kinetik Holdings, Inc. (a)
8,285
293,620
Kosmos Energy Ltd. (Ghana) *
253,051
1,832,089
NextDecade Corp. * (a)
41,126
180,543
Northern Oil and Gas, Inc.
49,258
1,888,552
Par Pacific Holdings, Inc. *
30,897
1,014,039
Riley Exploration Permian, Inc.
2,215
70,105
Sitio Royalties Corp. (a)
44,915
1,110,299
Talos Energy, Inc. *
55,260
856,530
Tellurian, Inc. * (a)
319,995
220,797
Uranium Energy Corp. * (a)
207,634
1,235,422
Vital Energy, Inc. *
9,203
460,518
W&T Offshore, Inc. *
53,168
220,647
World Kinect Corp.
33,112
612,572
 
21,988,493
Paper & Forest Products — 0.2%
Mercer International, Inc. (Germany)
24,150
191,751
Sylvamo Corp. (a)
19,574
867,128
 
1,058,879
Passenger Airlines — 0.7%
Allegiant Travel Co.
8,314
553,879
Frontier Group Holdings, Inc. *
21,844
74,051
JetBlue Airways Corp. * (a)
183,283
689,144
Joby Aviation, Inc. * (a)
202,231
1,065,757
SkyWest, Inc. *
23,136
975,645
Spirit Airlines, Inc. (a)
60,038
689,236
Sun Country Airlines Holdings, Inc. *
22,181
288,797
 
4,336,509
Personal Care Products — 0.5%
Beauty Health Co. (The) * (a)
45,316
183,530
Edgewell Personal Care Co.
27,942
975,176
Herbalife Ltd. * (a)
54,450
775,913
Medifast, Inc.
5,990
414,268
Nu Skin Enterprises, Inc., Class A
27,472
521,693
Olaplex Holdings, Inc. *
61,195
86,897
USANA Health Sciences, Inc. *
6,155
280,360
 
3,237,837
Pharmaceuticals — 1.4%
Aclaris Therapeutics, Inc. *
30,760
153,185
Amphastar Pharmaceuticals, Inc. * (a)
20,953
948,542
Amylyx Pharmaceuticals, Inc. *
22,234
362,636
Arvinas, Inc. *
29,413
474,138
Cassava Sciences, Inc. * (a)
21,698
437,215
Corcept Therapeutics, Inc. *
49,628
1,393,554
Enliven Therapeutics, Inc. * (a)
10,415
129,042
Harmony Biosciences Holdings, Inc. *
18,484
435,113
Innoviva, Inc. *
31,502
390,940
Ligand Pharmaceuticals, Inc. *
8,975
469,303
Pacira BioSciences, Inc. *
25,534
721,591
SEE NOTES TO FINANCIAL STATEMENTS. 
 
October 31, 2023
J.P. Morgan Exchange-Traded Funds
133

JPMorgan BetaBuilders U.S. Small Cap Equity ETF
SCHEDULE OF PORTFOLIO INVESTMENTS
AS OF October 31, 2023 (continued)
INVESTMENTS
SHARES
VALUE($)
Common Stocks — continued
Pharmaceuticals — continued
Pliant Therapeutics, Inc. *
28,633
420,046
Revance Therapeutics, Inc. *
48,373
381,663
Supernus Pharmaceuticals, Inc. *
30,020
715,977
Tilray Brands, Inc. (Canada) * (a)
386,781
696,206
Ventyx Biosciences, Inc. *
25,907
373,579
 
8,502,730
Professional Services — 2.0%
CBIZ, Inc. *
27,398
1,423,600
Conduent, Inc. *
92,216
294,169
CSG Systems International, Inc.
16,726
783,780
First Advantage Corp.
27,944
363,551
Forrester Research, Inc. *
6,345
147,204
HireRight Holdings Corp. *
6,517
60,022
Huron Consulting Group, Inc. *
10,466
1,039,902
ICF International, Inc.
9,522
1,206,723
Kelly Services, Inc., Class A
17,635
314,785
Kforce, Inc.
10,407
635,243
Korn Ferry
29,467
1,341,338
Legalzoom.com, Inc. *
57,977
578,031
NV5 Global, Inc. *
6,993
659,789
Planet Labs PBC * (a)
103,726
224,048
Sterling Check Corp. *
16,418
183,553
TrueBlue, Inc. *
17,055
188,799
TTEC Holdings, Inc.
10,435
214,752
Upwork, Inc. *
68,248
713,192
Verra Mobility Corp. *
93,319
1,844,917
 
12,217,398
Real Estate Management & Development — 1.1%
Anywhere Real Estate, Inc. *
60,761
283,754
Compass, Inc., Class A *
173,484
343,498
Cushman & Wakefield plc *
92,447
681,334
DigitalBridge Group, Inc. (a)
78,717
1,247,664
eXp World Holdings, Inc. (a)
42,239
560,512
Forestar Group, Inc. *
9,885
234,769
Kennedy-Wilson Holdings, Inc.
65,163
838,648
Marcus & Millichap, Inc.
13,115
376,401
Newmark Group, Inc., Class A
66,143
375,031
Opendoor Technologies, Inc. * (a)
311,785
592,391
Redfin Corp. * (a)
62,683
292,103
St. Joe Co. (The)
19,586
913,491
 
6,739,596
Residential REITs — 0.4%
Apartment Investment and Management Co.,
Class A *
74,841
438,568
Centerspace
8,219
399,279
Elme Communities
48,305
616,372
NexPoint Residential Trust, Inc.
12,568
339,211
Veris Residential, Inc.
44,049
589,816
 
2,383,246
Retail REITs — 1.4%
Acadia Realty Trust
52,355
749,724
INVESTMENTS
SHARES
VALUE($)
 
Retail REITs — continued
Alexander's, Inc.
1,176
221,076
CBL & Associates Properties, Inc. (a)
13,576
281,430
Getty Realty Corp.
25,274
672,794
InvenTrust Properties Corp.
37,135
932,088
Macerich Co. (The)
118,383
1,150,683
Retail Opportunity Investments Corp.
69,298
813,559
RPT Realty
43,904
473,724
Saul Centers, Inc.
7,110
247,215
SITE Centers Corp.
98,984
1,154,153
Tanger Factory Outlet Centers, Inc. (a)
57,841
1,304,315
Urban Edge Properties
64,699
1,026,126
 
9,026,887
Semiconductors & Semiconductor Equipment — 1.9%
Ambarella, Inc. *
20,468
920,855
Cohu, Inc. *
26,180
789,065
Credo Technology Group Holding Ltd. *
63,133
897,751
FormFactor, Inc. *
42,714
1,447,150
Ichor Holdings Ltd. *
16,090
390,343
Impinj, Inc. *
12,414
802,069
indie Semiconductor, Inc., Class A (China) * (a)
67,351
329,346
Kulicke & Soffa Industries, Inc. (Singapore)
31,054
1,292,157
MaxLinear, Inc. *
40,544
616,269
Navitas Semiconductor Corp. *
66,379
347,826
PDF Solutions, Inc. *
16,773
444,988
Photronics, Inc. *
34,383
631,272
Semtech Corp. *
35,180
491,113
SiTime Corp. *
9,410
939,118
Ultra Clean Holdings, Inc. *
24,587
586,646
Veeco Instruments, Inc. *
30,985
741,781
 
11,667,749
Software — 7.5%
A10 Networks, Inc.
38,316
416,495
ACI Worldwide, Inc. *
59,723
1,216,558
Adeia, Inc.
58,710
494,925
Agilysys, Inc. *
11,154
956,902
Alarm.com Holdings, Inc. *
27,444
1,403,212
Alkami Technology, Inc. *
21,765
390,682
Alteryx, Inc., Class A *
34,742
1,112,091
Amplitude, Inc., Class A *
38,976
388,201
Appfolio, Inc., Class A *
10,813
2,028,194
Appian Corp., Class A *
22,886
903,082
Asana, Inc., Class A * (a)
43,346
800,601
Aurora Innovation, Inc. * (a)
411,477
720,085
AvePoint, Inc. * (a)
52,003
389,502
Braze, Inc., Class A *
25,978
1,106,143
C3.ai, Inc., Class A * (a)
50,560
1,233,664
Cerence, Inc. *
22,183
339,622
Clear Secure, Inc., Class A (a)
46,001
773,737
Clearwater Analytics Holdings, Inc., Class A *
48,404
875,144
CommVault Systems, Inc. *
24,133
1,577,092
Consensus Cloud Solutions, Inc. *
10,051
217,001
Digital Turbine, Inc. *
49,749
235,810
Domo, Inc., Class B *
16,958
138,377
SEE NOTES TO FINANCIAL STATEMENTS. 
 
134
J.P. Morgan Exchange-Traded Funds
October 31, 2023

INVESTMENTS
SHARES
VALUE($)
Common Stocks — continued
Software — continued
E2open Parent Holdings, Inc. *
95,049
274,692
Ebix, Inc. (a)
13,431
81,795
EngageSmart, Inc. *
24,850
562,853
Everbridge, Inc. *
22,414
461,953
EverCommerce, Inc. *
11,423
109,432
Expensify, Inc., Class A *
22,950
61,277
Freshworks, Inc., Class A *
87,475
1,569,301
Gitlab, Inc., Class A *
43,930
1,901,290
HashiCorp, Inc., Class A *
55,226
1,087,400
Intapp, Inc. *
14,051
480,544
InterDigital, Inc.
14,526
1,093,081
Jamf Holding Corp. * (a)
28,279
454,161
JFrog Ltd. (Israel) *
43,384
975,706
LiveRamp Holdings, Inc. *
36,402
1,006,879
Marathon Digital Holdings, Inc. * (a)
95,846
844,403
Matterport, Inc. * (a)
129,228
263,625
MeridianLink, Inc. *
11,640
191,129
Model N, Inc. *
19,075
459,708
N-Able, Inc. *
38,139
494,281
nCino, Inc. * (a)
33,338
936,798
PagerDuty, Inc. * (a)
50,707
1,022,760
Progress Software Corp.
23,848
1,225,310
PROS Holdings, Inc. *
23,375
728,131
Q2 Holdings, Inc. *
32,149
965,434
Rapid7, Inc. *
33,526
1,558,624
RingCentral, Inc., Class A *
46,613
1,238,974
Riot Platforms, Inc. * (a)
96,823
946,929
Samsara, Inc., Class A *
84,204
1,942,586
SolarWinds Corp. *
28,091
258,718
Sprinklr, Inc., Class A *
57,268
778,272
Sprout Social, Inc., Class A * (a)
26,645
1,153,196
Varonis Systems, Inc. *
60,301
2,028,526
Verint Systems, Inc. *
35,356
665,046
Zeta Global Holdings Corp., Class A *
82,281
641,792
Zuora, Inc., Class A *
71,023
526,280
 
46,708,006
Specialized REITs — 0.4%
Four Corners Property Trust, Inc.
49,814
1,061,038
Gladstone Land Corp.
18,327
250,347
Outfront Media, Inc.
79,876
779,590
Uniti Group, Inc. (a)
131,276
603,869
 
2,694,844
Specialty Retail — 2.9%
Abercrombie & Fitch Co., Class A *
27,529
1,674,314
American Eagle Outfitters, Inc.
102,078
1,783,303
Arko Corp.
39,810
300,566
Boot Barn Holdings, Inc. *
16,499
1,146,680
Buckle, Inc. (The)
16,368
552,747
Caleres, Inc.
18,751
479,651
Camping World Holdings, Inc., Class A (a)
23,036
385,853
Carvana Co. * (a)
52,733
1,423,791
Guess?, Inc. (a)
15,018
322,887
Leslie's, Inc. *
101,195
499,903
INVESTMENTS
SHARES
VALUE($)
 
Specialty Retail — continued
Monro, Inc.
17,277
428,815
National Vision Holdings, Inc. *
42,984
667,971
ODP Corp. (The) *
18,626
836,680
Overstock.com, Inc. *
24,858
387,785
Petco Health & Wellness Co., Inc. * (a)
45,386
157,036
Revolve Group, Inc. * (a)
22,478
309,073
Sally Beauty Holdings, Inc. *
59,268
503,778
Sleep Number Corp. * (a)
11,607
188,846
Sonic Automotive, Inc., Class A
8,752
418,783
Upbound Group, Inc.
25,246
657,911
Urban Outfitters, Inc. *
31,104
1,076,820
Victoria's Secret & Co. * (a)
42,430
758,648
Warby Parker, Inc., Class A *
41,248
535,399
Wayfair, Inc., Class A * (a)
49,639
2,115,117
Winmark Corp.
1,571
633,616
 
18,245,973
Technology Hardware, Storage & Peripherals — 0.4%
Avid Technology, Inc. *
18,650
503,923
Corsair Gaming, Inc. *
23,742
303,660
IonQ, Inc. * (a)
93,592
902,227
Xerox Holdings Corp.
62,215
798,841
 
2,508,651
Textiles, Apparel & Luxury Goods — 1.2%
Carter's, Inc.
20,496
1,376,511
Figs, Inc., Class A *
67,178
370,151
G-III Apparel Group Ltd. *
22,315
570,148
Hanesbrands, Inc. (a)
192,431
806,286
Kontoor Brands, Inc.
27,467
1,275,842
Levi Strauss & Co., Class A (a)
54,795
749,048
Oxford Industries, Inc.
8,126
685,834
Steven Madden Ltd.
38,936
1,276,712
Wolverine World Wide, Inc.
43,736
352,075
 
7,462,607
Tobacco — 0.2%
Universal Corp.
13,552
609,840
Vector Group Ltd.
72,893
749,340
 
1,359,180
Trading Companies & Distributors — 1.7%
Boise Cascade Co.
21,773
2,041,219
Custom Truck One Source, Inc. * (a)
33,836
195,234
Distribution Solutions Group, Inc. *
5,911
178,217
FTAI Aviation Ltd. (a)
54,858
2,063,209
Global Industrial Co.
7,110
227,164
GMS, Inc. *
22,421
1,311,180
H&E Equipment Services, Inc.
17,608
716,998
McGrath RentCorp
13,470
1,355,082
NOW, Inc. *
58,691
646,775
Veritiv Corp.
7,455
1,262,951
Xometry, Inc., Class A * (a)
22,415
326,138
 
10,324,167
SEE NOTES TO FINANCIAL STATEMENTS. 
 
October 31, 2023
J.P. Morgan Exchange-Traded Funds
135

JPMorgan BetaBuilders U.S. Small Cap Equity ETF
SCHEDULE OF PORTFOLIO INVESTMENTS
AS OF October 31, 2023 (continued)
INVESTMENTS
SHARES
VALUE($)
Common Stocks — continued
Water Utilities — 0.3%
Middlesex Water Co.
9,757
619,862
SJW Group
15,895
993,120
 
1,612,982
Wireless Telecommunication Services — 0.4%
Gogo, Inc. *
33,972
356,706
Shenandoah Telecommunications Co.
27,647
654,128
Telephone and Data Systems, Inc.
53,851
979,549
United States Cellular Corp. *
7,757
326,027
 
2,316,410
Total Common Stocks
(Cost $766,998,882)
619,810,415
INVESTMENTS
Short-Term Investments — 17.2%
Investment Companies — 0.5%
JPMorgan U.S. Government Money Market Fund
Class IM Shares, 5.29% (c) (d)
(Cost $3,209,614)
3,209,614
3,209,614
Investment of Cash Collateral from Securities Loaned — 16.7%
JPMorgan Securities Lending Money Market
Fund Agency SL Class Shares, 5.53% (c) (d)
92,982,408
93,001,004
JPMorgan U.S. Government Money Market Fund
Class IM Shares, 5.29% (c) (d)
11,142,566
11,142,566
Total Investment of Cash Collateral from
Securities Loaned
(Cost $104,144,270)
104,143,570
Total Short-Term Investments
(Cost $107,353,884)
107,353,184
Total Investments — 116.6%
(Cost $874,352,766)
727,163,599
Liabilities in Excess of Other Assets —
(16.6)%
(103,440,712
)
NET ASSETS — 100.0%
623,722,887
 
Percentages indicated are based on net assets.
 
Abbreviations
 
REIT
Real Estate Investment Trust
 
^
Amount rounds to less than 0.1% of net assets.
‡
Value determined using significant unobservable
inputs.
 
*
Non-income producing security.
 
(a)
The security or a portion of this security is on loan at
October 31, 2023. The total value of securities on
loan at October 31, 2023 is $102,117,546.
 
(b)
Security exempt from registration pursuant to
Regulation S under the Securities Act of 1933, as
amended. Regulation S applies to securities offerings
that are made outside of the United States and do not
involve direct selling efforts in the United States and
as such may have restrictions on resale.
 
(c)
Investment in an affiliated fund, which is registered
under the Investment Company Act of 1940, as
amended, and is advised by J.P. Morgan Investment
Management Inc.
 
(d)
The rate shown is the current yield as of October 31,
2023.
 
Futures contracts outstanding as of October 31, 2023:
 
DESCRIPTION
NUMBER OF
CONTRACTS
EXPIRATION DATE
TRADING CURRENCY
NOTIONAL
AMOUNT ($)
VALUE AND
UNREALIZED
APPRECIATION
(DEPRECIATION) ($)
Long Contracts
Russell 2000 E-Mini Index
41
12/15/2023
USD
3,419,400
(382,230
)
 
Abbreviations
 
USD
United States Dollar
SEE NOTES TO FINANCIAL STATEMENTS. 
 
136
J.P. Morgan Exchange-Traded Funds
October 31, 2023

JPMorgan Carbon Transition U.S. Equity ETF
SCHEDULE OF PORTFOLIO INVESTMENTS
AS OF October 31, 2023
 
INVESTMENTS
SHARES
VALUE($)
Common Stocks — 99.3%
Aerospace & Defense — 0.2%
Hexcel Corp.
27
1,672
L3Harris Technologies, Inc.
54
9,688
 
11,360
Air Freight & Logistics — 0.2%
CH Robinson Worldwide, Inc.
39
3,191
Expeditors International of Washington, Inc.
48
5,244
United Parcel Service, Inc., Class B
34
4,803
 
13,238
Automobile Components — 0.2%
Aptiv plc *
86
7,499
Gentex Corp.
76
2,180
 
9,679
Automobiles — 1.7%
Ford Motor Co.
134
1,307
Tesla, Inc. *
479
96,202
 
97,509
Banks — 1.8%
Bank of America Corp.
1,538
40,511
Citigroup, Inc.
577
22,786
PNC Financial Services Group, Inc. (The)
34
3,892
US Bancorp
63
2,008
Wells Fargo & Co.
857
34,083
 
103,280
Beverages — 1.5%
Brown-Forman Corp., Class B
70
3,931
Constellation Brands, Inc., Class A
46
10,771
Keurig Dr Pepper, Inc.
279
8,462
Monster Beverage Corp. *
217
11,089
PepsiCo, Inc.
308
50,290
 
84,543
Biotechnology — 3.1%
AbbVie, Inc.
354
49,978
Alnylam Pharmaceuticals, Inc. *
41
6,224
Amgen, Inc.
40
10,228
Biogen, Inc. *
32
7,601
Gilead Sciences, Inc.
364
28,589
Incyte Corp. *
60
3,236
Ionis Pharmaceuticals, Inc. *
44
1,948
Moderna, Inc. *
104
7,900
Regeneron Pharmaceuticals, Inc. *
28
21,837
INVESTMENTS
SHARES
VALUE($)
 
Biotechnology — continued
Seagen, Inc. *
41
8,725
Vertex Pharmaceuticals, Inc. *
77
27,882
 
174,148
Broadline Retail — 3.1%
Amazon.com, Inc. *
1,238
164,765
eBay, Inc.
160
6,277
Etsy, Inc. *
36
2,243
 
173,285
Building Products — 0.5%
Carrier Global Corp.
207
9,866
Hayward Holdings, Inc. *
37
389
Lennox International, Inc.
10
3,705
Masco Corp.
70
3,646
Trane Technologies plc
67
12,751
 
30,357
Capital Markets — 4.1%
Ares Management Corp.
44
4,338
Bank of New York Mellon Corp. (The)
213
9,052
BlackRock, Inc.
42
25,716
Blackstone, Inc.
11
1,016
Carlyle Group, Inc. (The)
46
1,267
Charles Schwab Corp. (The)
339
17,642
CME Group, Inc.
107
22,840
FactSet Research Systems, Inc.
8
3,455
Goldman Sachs Group, Inc. (The)
93
28,236
Invesco Ltd.
103
1,336
Jefferies Financial Group, Inc.
56
1,802
KKR & Co., Inc.
112
6,205
Lazard Ltd., Class A
14
389
LPL Financial Holdings, Inc.
19
4,266
MarketAxess Holdings, Inc.
8
1,710
Moody's Corp.
45
13,860
Morgan Stanley
313
22,167
Morningstar, Inc.
9
2,279
MSCI, Inc.
19
8,959
Nasdaq, Inc.
100
4,960
Northern Trust Corp.
52
3,427
Robinhood Markets, Inc., Class A *
194
1,773
S&P Global, Inc.
94
32,835
T. Rowe Price Group, Inc.
66
5,973
Tradeweb Markets, Inc., Class A
39
3,510
XP, Inc., Class A (Brazil)
104
2,080
 
231,093
SEE NOTES TO FINANCIAL STATEMENTS. 
 
October 31, 2023
J.P. Morgan Exchange-Traded Funds
137

JPMorgan Carbon Transition U.S. Equity ETF
SCHEDULE OF PORTFOLIO INVESTMENTS
AS OF October 31, 2023 (continued)
INVESTMENTS
SHARES
VALUE($)
Common Stocks — continued
Chemicals — 1.3%
Albemarle Corp.
30
3,804
Ashland, Inc.
9
690
Ecolab, Inc.
69
11,574
Element Solutions, Inc.
70
1,276
FMC Corp.
39
2,075
Huntsman Corp.
56
1,307
International Flavors & Fragrances, Inc.
72
4,921
Linde plc
121
46,241
Mosaic Co. (The)
9
292
Scotts Miracle-Gro Co. (The)
12
533
 
72,713
Commercial Services & Supplies — 0.6%
Clean Harbors, Inc. *
15
2,305
MSA Safety, Inc.
8
1,263
RB Global, Inc. (Canada)
43
2,812
Republic Services, Inc.
62
9,206
Stericycle, Inc. *
30
1,237
Tetra Tech, Inc.
15
2,264
Waste Management, Inc.
93
15,283
 
34,370
Communications Equipment — 1.4%
Arista Networks, Inc. *
75
15,028
Ciena Corp. *
51
2,152
Cisco Systems, Inc.
925
48,220
F5, Inc. *
17
2,577
Motorola Solutions, Inc.
49
13,645
Viasat, Inc. *
30
553
 
82,175
Construction & Engineering — 0.1%
AECOM
35
2,679
MasTec, Inc. *
14
832
 
3,511
Consumer Finance — 0.7%
Ally Financial, Inc.
79
1,911
American Express Co.
171
24,971
Capital One Financial Corp.
109
11,041
SLM Corp.
61
793
Synchrony Financial
129
3,618
 
42,334
Consumer Staples Distribution & Retail — 0.8%
Costco Wholesale Corp.
41
22,650
INVESTMENTS
SHARES
VALUE($)
 
Consumer Staples Distribution & Retail — continued
Sysco Corp.
7
466
Walmart, Inc.
130
21,243
 
44,359
Containers & Packaging — 0.1%
Avery Dennison Corp.
23
4,004
Diversified REITs — 0.1%
WP Carey, Inc.
58
3,112
Diversified Telecommunication Services — 0.2%
AT&T, Inc.
220
3,388
Iridium Communications, Inc.
39
1,445
Verizon Communications, Inc.
268
9,415
 
14,248
Electric Utilities — 1.2%
Avangrid, Inc.
30
896
Edison International
107
6,747
Eversource Energy
97
5,218
Exelon Corp.
300
11,682
NextEra Energy, Inc.
569
33,173
PG&E Corp. *
589
9,601
 
67,317
Electrical Equipment — 0.7%
AMETEK, Inc.
71
9,995
Eaton Corp. plc
6
1,247
Emerson Electric Co.
172
15,303
Generac Holdings, Inc. *
24
2,018
Plug Power, Inc. *
198
1,166
Rockwell Automation, Inc.
35
9,198
Sunrun, Inc. *
68
656
 
39,583
Electronic Equipment, Instruments & Components — 0.5%
CDW Corp.
39
7,816
Cognex Corp.
48
1,728
Keysight Technologies, Inc. *
52
6,347
Teledyne Technologies, Inc. *
14
5,244
Trimble, Inc. *
73
3,440
Vontier Corp.
52
1,537
Zebra Technologies Corp., Class A *
12
2,513
 
28,625
SEE NOTES TO FINANCIAL STATEMENTS. 
 
138
J.P. Morgan Exchange-Traded Funds
October 31, 2023

INVESTMENTS
SHARES
VALUE($)
Common Stocks — continued
Energy Equipment & Services — 0.7%
Halliburton Co.
327
12,864
Schlumberger NV
494
27,496
 
40,360
Entertainment — 1.9%
Electronic Arts, Inc.
80
9,903
Liberty Media Corp-Liberty Formula One, Class C *
60
3,881
Netflix, Inc. *
106
43,639
Spotify Technology SA *
44
7,250
Take-Two Interactive Software, Inc. *
49
6,554
Walt Disney Co. (The) *
435
35,492
 
106,719
Financial Services — 4.8%
Apollo Global Management, Inc.
130
10,067
Berkshire Hathaway, Inc., Class B *
158
53,930
Block, Inc. *
157
6,319
Fidelity National Information Services, Inc.
182
8,938
Fiserv, Inc. *
181
20,589
Global Payments, Inc.
74
7,860
Jack Henry & Associates, Inc.
25
3,525
Mastercard, Inc., Class A
167
62,851
PayPal Holdings, Inc. *
337
17,457
Toast, Inc., Class A *
106
1,695
Visa, Inc., Class A
314
73,821
Voya Financial, Inc.
35
2,337
Western Union Co. (The)
121
1,366
WEX, Inc. *
13
2,164
 
272,919
Food Products — 1.1%
Freshpet, Inc. *
18
1,033
General Mills, Inc.
177
11,548
Hershey Co. (The)
41
7,681
J M Smucker Co. (The)
26
2,960
Kraft Heinz Co. (The)
239
7,519
McCormick & Co., Inc. (Non-Voting)
78
4,984
Mondelez International, Inc., Class A
405
26,815
 
62,540
Gas Utilities — 0.1%
Atmos Energy Corp.
37
3,984
National Fuel Gas Co.
32
1,630
UGI Corp.
66
1,373
 
6,987
INVESTMENTS
SHARES
VALUE($)
 
Ground Transportation — 0.6%
Lyft, Inc., Class A *
95
871
Uber Technologies, Inc. *
570
24,670
Union Pacific Corp.
34
7,059
 
32,600
Health Care Equipment & Supplies — 1.9%
Abbott Laboratories
130
12,291
Boston Scientific Corp. *
421
21,551
Dexcom, Inc. *
120
10,660
Edwards Lifesciences Corp. *
179
11,406
Hologic, Inc. *
71
4,698
IDEXX Laboratories, Inc. *
24
9,587
Insulet Corp. *
21
2,784
Intuitive Surgical, Inc. *
100
26,222
Medtronic plc
44
3,105
ResMed, Inc.
39
5,508
Stryker Corp.
7
1,891
 
109,703
Health Care Providers & Services — 3.8%
Cencora, Inc.
50
9,257
Cigna Group (The)
87
26,900
CVS Health Corp.
376
25,948
Elevance Health, Inc.
66
29,706
Humana, Inc.
33
17,282
McKesson Corp.
41
18,670
Premier, Inc., Class A
39
750
UnitedHealth Group, Inc.
166
88,903
 
217,416
Health Care REITs — 0.1%
Medical Properties Trust, Inc.
187
894
Omega Healthcare Investors, Inc.
74
2,449
 
3,343
Health Care Technology — 0.0% ^
Certara, Inc. *
33
402
Hotels, Restaurants & Leisure — 2.1%
Airbnb, Inc., Class A *
118
13,958
Booking Holdings, Inc. *
8
22,317
Chipotle Mexican Grill, Inc. *
8
15,538
Expedia Group, Inc. *
48
4,574
McDonald's Corp.
172
45,093
Planet Fitness, Inc., Class A *
31
1,713
Starbucks Corp.
42
3,874
SEE NOTES TO FINANCIAL STATEMENTS. 
 
October 31, 2023
J.P. Morgan Exchange-Traded Funds
139

JPMorgan Carbon Transition U.S. Equity ETF
SCHEDULE OF PORTFOLIO INVESTMENTS
AS OF October 31, 2023 (continued)
INVESTMENTS
SHARES
VALUE($)
Common Stocks — continued
Hotels, Restaurants & Leisure — continued
Wendy's Co. (The)
56
1,065
Yum! Brands, Inc.
84
10,152
 
118,284
Household Durables — 0.1%
PulteGroup, Inc.
68
5,004
Household Products — 1.8%
Church & Dwight Co., Inc.
70
6,366
Clorox Co. (The)
37
4,355
Colgate-Palmolive Co.
244
18,329
Procter & Gamble Co. (The)
469
70,364
Spectrum Brands Holdings, Inc.
12
904
 
100,318
Independent Power and Renewable Electricity Producers — 0.0% ^
Brookfield Renewable Corp.
37
842
Industrial Conglomerates — 0.6%
General Electric Co.
325
35,305
Industrial REITs — 0.5%
Prologis, Inc.
272
27,404
Rexford Industrial Realty, Inc.
66
2,854
 
30,258
Insurance — 2.6%
Aflac, Inc.
176
13,747
Allstate Corp. (The)
80
10,250
American International Group, Inc.
214
13,120
Aon plc, Class A
60
18,564
Arch Capital Group Ltd. *
17
1,474
Assurant, Inc.
14
2,085
Assured Guaranty Ltd.
23
1,435
Chubb Ltd.
122
26,184
Everest Group Ltd.
12
4,747
Hartford Financial Services Group, Inc. (The)
93
6,831
Lincoln National Corp.
49
1,067
Marsh & McLennan Cos., Inc.
10
1,897
MetLife, Inc.
197
11,822
Principal Financial Group, Inc.
67
4,535
Progressive Corp. (The)
12
1,897
Prudential Financial, Inc.
107
9,784
RenaissanceRe Holdings Ltd. (Bermuda)
11
2,415
Travelers Cos., Inc. (The)
71
11,888
Unum Group
47
2,298
WR Berkley Corp.
61
4,113
 
150,153
INVESTMENTS
SHARES
VALUE($)
 
Interactive Media & Services — 5.0%
Alphabet, Inc., Class A *
1,539
190,959
Match Group, Inc. *
86
2,976
Meta Platforms, Inc., Class A *
283
85,259
Pinterest, Inc., Class A *
169
5,050
ZoomInfo Technologies, Inc. *
92
1,192
 
285,436
IT Services — 1.3%
Accenture plc, Class A
150
44,563
Cloudflare, Inc., Class A *
79
4,478
EPAM Systems, Inc. *
16
3,481
Gartner, Inc. *
18
5,977
Globant SA *
14
2,384
International Business Machines Corp.
51
7,377
Okta, Inc. *
43
2,899
Twilio, Inc., Class A *
54
2,768
 
73,927
Leisure Products — 0.1%
Hasbro, Inc.
44
1,987
Peloton Interactive, Inc., Class A *
94
447
YETI Holdings, Inc. *
33
1,403
 
3,837
Life Sciences Tools & Services — 1.2%
Agilent Technologies, Inc.
81
8,373
Danaher Corp.
105
20,162
ICON plc *
24
5,855
Illumina, Inc. *
52
5,690
IQVIA Holdings, Inc. *
49
8,861
Mettler-Toledo International, Inc. *
2
1,970
Repligen Corp. *
20
2,691
Thermo Fisher Scientific, Inc.
30
13,343
Waters Corp. *
17
4,055
 
71,000
Machinery — 2.7%
Caterpillar, Inc.
140
31,647
Deere & Co.
78
28,498
Dover Corp.
37
4,808
Fortive Corp.
101
6,593
Graco, Inc.
52
3,866
IDEX Corp.
17
3,254
Illinois Tool Works, Inc.
91
20,395
Ingersoll Rand, Inc.
127
7,707
Nordson Corp.
19
4,039
SEE NOTES TO FINANCIAL STATEMENTS. 
 
140
J.P. Morgan Exchange-Traded Funds
October 31, 2023

INVESTMENTS
SHARES
VALUE($)
Common Stocks — continued
Machinery — continued
Otis Worldwide Corp.
122
9,420
PACCAR, Inc.
153
12,627
Parker-Hannifin Corp.
34
12,543
Xylem, Inc.
76
7,109
 
152,506
Media — 0.9%
Comcast Corp., Class A
902
37,244
Fox Corp., Class A
111
3,373
Interpublic Group of Cos., Inc. (The)
116
3,294
Liberty Media Corp-Liberty SiriusXM *
73
1,792
Omnicom Group, Inc.
63
4,719
Sirius XM Holdings, Inc.
195
835
 
51,257
Metals & Mining — 0.4%
Freeport-McMoRan, Inc.
422
14,255
Newmont Corp.
230
8,618
Royal Gold, Inc.
17
1,774
 
24,647
Mortgage Real Estate Investment Trusts (REITs) — 0.1%
AGNC Investment Corp.
181
1,336
Annaly Capital Management, Inc.
143
2,232
 
3,568
Multi-Utilities — 0.6%
CenterPoint Energy, Inc.
190
5,107
Consolidated Edison, Inc.
105
9,218
Public Service Enterprise Group, Inc.
152
9,371
Sempra
186
13,026
 
36,722
Office REITs — 0.0% ^
Kilroy Realty Corp.
30
857
Oil, Gas & Consumable Fuels — 3.6%
Antero Resources Corp. *
105
3,091
Chevron Corp.
345
50,277
ConocoPhillips
326
38,729
Exxon Mobil Corp.
756
80,022
Hess Corp.
79
11,408
New Fortress Energy, Inc.
19
576
Targa Resources Corp.
72
6,020
Williams Cos., Inc. (The)
361
12,418
 
202,541
INVESTMENTS
SHARES
VALUE($)
 
Personal Care Products — 0.2%
Coty, Inc., Class A *
113
1,059
Estee Lauder Cos., Inc. (The), Class A
71
9,150
 
10,209
Pharmaceuticals — 3.6%
Bristol-Myers Squibb Co.
515
26,538
Eli Lilly & Co.
158
87,521
Johnson & Johnson
336
49,842
Merck & Co., Inc.
264
27,113
Pfizer, Inc.
490
14,974
Zoetis, Inc.
7
1,099
 
207,087
Professional Services — 1.2%
Automatic Data Processing, Inc.
118
25,750
Booz Allen Hamilton Holding Corp.
37
4,437
Ceridian HCM Holding, Inc. *
42
2,688
Clarivate plc *
142
906
Equifax, Inc.
35
5,935
FTI Consulting, Inc. *
10
2,123
Genpact Ltd.
56
1,878
ManpowerGroup, Inc.
15
1,050
Paychex, Inc.
97
10,772
Robert Half, Inc.
35
2,617
Science Applications International Corp.
12
1,311
TransUnion
59
2,589
Verisk Analytics, Inc.
39
8,867
 
70,923
Real Estate Management & Development — 0.2%
CBRE Group, Inc., Class A *
88
6,102
Jones Lang LaSalle, Inc. *
11
1,407
Zillow Group, Inc., Class C *
64
2,320
 
9,829
Residential REITs — 0.4%
American Homes 4 Rent, Class A
93
3,045
AvalonBay Communities, Inc.
37
6,132
Equity LifeStyle Properties, Inc.
52
3,422
Equity Residential
110
6,086
Essex Property Trust, Inc.
15
3,209
UDR, Inc.
94
2,990
 
24,884
Retail REITs — 0.6%
Brixmor Property Group, Inc.
89
1,850
Federal Realty Investment Trust
28
2,553
SEE NOTES TO FINANCIAL STATEMENTS. 
 
October 31, 2023
J.P. Morgan Exchange-Traded Funds
141

JPMorgan Carbon Transition U.S. Equity ETF
SCHEDULE OF PORTFOLIO INVESTMENTS
AS OF October 31, 2023 (continued)
INVESTMENTS
SHARES
VALUE($)
Common Stocks — continued
Retail REITs — continued
Kimco Realty Corp.
177
3,175
NNN REIT, Inc.
53
1,925
Realty Income Corp.
194
9,192
Regency Centers Corp.
57
3,435
Simon Property Group, Inc.
93
10,220
Spirit Realty Capital, Inc.
46
1,656
 
34,006
Semiconductors & Semiconductor Equipment — 5.8%
Advanced Micro Devices, Inc. *
400
39,400
Analog Devices, Inc.
6
944
Applied Materials, Inc.
247
32,691
Broadcom, Inc.
41
34,496
Enphase Energy, Inc. *
52
4,138
First Solar, Inc. *
37
5,271
Intel Corp.
282
10,293
KLA Corp.
24
11,273
Marvell Technology, Inc.
252
11,899
MKS Instruments, Inc.
18
1,182
NVIDIA Corp.
388
158,226
QUALCOMM, Inc.
60
6,539
Texas Instruments, Inc.
62
8,805
Universal Display Corp.
11
1,531
 
326,688
Software — 13.2%
Adobe, Inc. *
101
53,738
ANSYS, Inc. *
27
7,513
Atlassian Corp., Class A *
38
6,864
Autodesk, Inc. *
64
12,648
Bentley Systems, Inc., Class B
59
2,870
Cadence Design Systems, Inc. *
81
19,428
Confluent, Inc., Class A *
50
1,445
Dolby Laboratories, Inc., Class A
24
1,943
Dynatrace, Inc. *
25
1,118
Fortinet, Inc. *
198
11,320
Gen Digital, Inc.
158
2,632
Guidewire Software, Inc. *
30
2,704
Intuit, Inc.
74
36,626
Microsoft Corp.
1,061
358,735
New Relic, Inc. *
18
1,560
Nutanix, Inc., Class A *
66
2,388
Oracle Corp.
259
26,781
Palantir Technologies, Inc., Class A *
551
8,155
Palo Alto Networks, Inc. *
91
22,115
INVESTMENTS
SHARES
VALUE($)
 
Software — continued
Roper Technologies, Inc.
29
14,168
Salesforce, Inc. *
197
39,563
ServiceNow, Inc. *
61
35,493
Splunk, Inc. *
48
7,064
Synopsys, Inc. *
45
21,125
Tyler Technologies, Inc. *
12
4,475
Unity Software, Inc. *
87
2,207
VMware, Inc., Class A *
210
30,586
Workday, Inc., Class A *
53
11,221
 
746,485
Specialized REITs — 0.7%
American Tower Corp.
5
891
Crown Castle, Inc.
131
12,180
CubeSmart
69
2,352
Extra Space Storage, Inc.
54
5,594
Public Storage
41
9,787
Rayonier, Inc.
41
1,035
SBA Communications Corp.
33
6,885
 
38,724
Specialty Retail — 2.1%
AutoZone, Inc. *
5
12,386
CarMax, Inc. *
41
2,505
Floor & Decor Holdings, Inc., Class A *
34
2,802
Home Depot, Inc. (The)
205
58,362
Lithia Motors, Inc., Class A
10
2,422
Lowe's Cos., Inc.
35
6,670
Penske Automotive Group, Inc.
6
859
Ross Stores, Inc.
101
11,713
TJX Cos., Inc. (The)
77
6,781
Tractor Supply Co.
31
5,969
Ulta Beauty, Inc. *
11
4,194
Valvoline, Inc.
45
1,335
Wayfair, Inc., Class A *
25
1,065
Williams-Sonoma, Inc.
14
2,103
 
119,166
Technology Hardware, Storage & Peripherals — 6.9%
Apple, Inc.
2,295
391,917
Textiles, Apparel & Luxury Goods — 1.1%
Capri Holdings Ltd. *
39
1,996
Deckers Outdoor Corp. *
7
4,179
Lululemon Athletica, Inc. *
33
12,985
NIKE, Inc., Class B
346
35,559
Ralph Lauren Corp.
14
1,575
SEE NOTES TO FINANCIAL STATEMENTS. 
 
142
J.P. Morgan Exchange-Traded Funds
October 31, 2023

INVESTMENTS
SHARES
VALUE($)
Common Stocks — continued
Textiles, Apparel & Luxury Goods — continued
Tapestry, Inc.
72
1,984
VF Corp.
111
1,635
 
59,913
Trading Companies & Distributors — 0.4%
Air Lease Corp.
34
1,177
United Rentals, Inc.
20
8,125
WESCO International, Inc.
13
1,667
WW Grainger, Inc.
13
9,488
 
20,457
Water Utilities — 0.2%
American Water Works Co., Inc.
61
7,176
Essential Utilities, Inc.
69
2,309
Veralto Corp. *
35
2,415
 
11,900
Total Common Stocks
(Cost $5,845,776)
5,636,482
Short-Term Investments — 0.2%
Investment Companies — 0.2%
JPMorgan U.S. Government Money Market Fund
Class IM Shares, 5.29% (a) (b)
(Cost $10,503)
10,503
10,503
Total Investments — 99.5%
(Cost $5,856,279)
5,646,985
Other Assets Less Liabilities — 0.5%
26,154
NET ASSETS — 100.0%
5,673,139
 
Percentages indicated are based on net assets.
 
Abbreviations
 
REIT
Real Estate Investment Trust
 
^
Amount rounds to less than 0.1% of net assets.
*
Non-income producing security.
 
(a)
Investment in an affiliated fund, which is registered
under the Investment Company Act of 1940, as
amended, and is advised by J.P. Morgan Investment
Management Inc.
 
(b)
The rate shown is the current yield as of October 31,
2023.
 
Futures contracts outstanding as of October 31, 2023:
 
DESCRIPTION
NUMBER OF
CONTRACTS
EXPIRATION DATE
TRADING CURRENCY
NOTIONAL
AMOUNT ($)
VALUE AND
UNREALIZED
APPRECIATION
(DEPRECIATION) ($)
Long Contracts
Micro E-mini S&P 500 Index
1
12/15/2023
USD
21,050
(743
)
 
Abbreviations
 
USD
United States Dollar
SEE NOTES TO FINANCIAL STATEMENTS. 
 
October 31, 2023
J.P. Morgan Exchange-Traded Funds
143

JPMorgan Diversified Return Emerging Markets Equity ETF
SCHEDULE OF PORTFOLIO INVESTMENTS
AS OF October 31, 2023
 
INVESTMENTS
SHARES
VALUE($)
Common Stocks — 99.8%
Brazil — 8.9%
Alupar Investimento SA
28,473
158,750
Ambev SA
434,367
1,106,217
Auren Energia SA
127,466
339,286
Banco do Brasil SA
129,165
1,239,195
BB Seguridade Participacoes SA
140,359
854,111
Bradespar SA (Preference)
105,905
469,475
Caixa Seguridade Participacoes S/A
108,142
232,296
CCR SA
284,174
678,061
Centrais Eletricas Brasileiras SA
25,998
178,932
Cia de Saneamento Basico do Estado de Sao
Paulo SABESP
57,658
667,297
Cia Energetica de Minas Gerais (Preference)
327,246
760,064
Cia Paranaense de Energia (Preference)
427,523
710,595
Cielo SA
463,100
326,078
CPFL Energia SA
76,104
505,825
CSN Mineracao SA
331,782
339,564
CTEEP-Cia de Transmissao de Energia Eletrica
Paulista (Preference)
128,446
541,884
Embraer SA *
200,282
697,963
Engie Brasil Energia SA
49,857
390,114
Gerdau SA (Preference)
135,883
589,700
Hypera SA
64,874
390,396
Itau Unibanco Holding SA (Preference)
205,305
1,092,137
Itausa SA (Preference)
384,830
660,243
M Dias Branco SA
21,748
139,933
Metalurgica Gerdau SA (Preference)
176,853
362,703
Neoenergia SA
61,031
211,961
Petroleo Brasileiro SA (Preference)
463,811
3,194,953
Rumo SA
143,560
634,691
Sao Martinho SA
71,966
505,728
Telefonica Brasil SA
85,813
768,645
TIM SA
203,816
614,065
TOTVS SA
21,252
106,729
Transmissora Alianca de Energia Eletrica S/A
79,497
534,211
Vale SA
230,251
3,152,522
WEG SA
133,682
873,139
 
24,027,463
Chile — 1.2%
Banco de Chile
5,970,493
613,393
Banco Santander Chile
6,048,872
263,717
Cencosud SA
369,911
599,297
Cia Cervecerias Unidas SA
31,458
178,836
Cia Sud Americana de Vapores SA
6,726,703
373,539
Colbun SA
2,804,233
407,131
INVESTMENTS
SHARES
VALUE($)
 
Chile — continued
Embotelladora Andina SA (Preference),
Class B
123,543
251,227
Empresas CMPC SA
13,918
24,881
Enel Americas SA *
3,807,069
391,341
Enel Chile SA
3,750,365
222,089
 
3,325,451
China — 22.8%
3SBio, Inc. (a)
309,500
275,344
Agricultural Bank of China Ltd., Class A
1,718,400
840,479
An Hui Wenergy Co. Ltd., Class A
306,900
265,001
Angang Steel Co. Ltd., Class H
309,800
68,111
Anhui Conch Cement Co. Ltd., Class H
500
1,244
Anhui Expressway Co. Ltd., Class A
279,200
385,581
ANTA Sports Products Ltd.
17,600
199,047
BAIC Motor Corp. Ltd., Class H (a)
524,000
152,924
Bank of Beijing Co. Ltd., Class A
572,800
355,960
Bank of Changsha Co. Ltd., Class A
270,700
271,020
Bank of China Ltd., Class H
6,664,000
2,327,971
Bank of Communications Co. Ltd., Class A
926,900
710,850
Bank of Shanghai Co. Ltd., Class A
416,500
344,469
Baoshan Iron & Steel Co. Ltd., Class A
422,100
359,881
Beijing Enterprises Holdings Ltd.
80,500
268,215
Bosideng International Holdings Ltd.
744,000
293,753
BYD Electronic International Co. Ltd.
110,500
461,284
CGN Power Co. Ltd., Class H (a)
2,719,000
653,396
China CITIC Bank Corp. Ltd., Class H
1,835,000
818,609
China Coal Energy Co. Ltd., Class H
469,000
368,384
China Communications Services Corp. Ltd.,
Class H
774,000
316,586
China Construction Bank Corp., Class H
3,076,000
1,739,657
China Everbright Bank Co. Ltd., Class H
509,000
145,191
China Feihe Ltd. (a)
403,000
250,413
China International Marine Containers Group
Co. Ltd., Class A
323,200
291,350
China Lesso Group Holdings Ltd.
226,000
121,356
China Medical System Holdings Ltd.
353,000
564,482
China Merchants Energy Shipping Co. Ltd.,
Class A
320,800
280,936
China Merchants Port Group Co. Ltd., Class A
72,800
155,710
China Merchants Port Holdings Co. Ltd.
304,000
386,972
China Minsheng Banking Corp. Ltd., Class H
792,800
263,575
China National Accord Medicines Corp. Ltd.,
Class A
43,700
171,444
China National Building Material Co. Ltd.,
Class H
604,250
287,621
SEE NOTES TO FINANCIAL STATEMENTS. 
 
144
J.P. Morgan Exchange-Traded Funds
October 31, 2023

INVESTMENTS
SHARES
VALUE($)
Common Stocks — continued
China — continued
China National Chemical Engineering Co. Ltd.,
Class A
133,100
126,966
China National Medicines Corp. Ltd., Class A
65,300
255,956
China Petroleum & Chemical Corp., Class H
1,598,000
817,278
China Resources Cement Holdings Ltd.
128,000
32,912
China Resources Pharmaceutical Group
Ltd. (a)
451,500
280,470
China Resources Power Holdings Co. Ltd.
288,000
558,113
China Resources Sanjiu Medical &
Pharmaceutical Co. Ltd., Class A
69,500
408,345
China Shenhua Energy Co. Ltd., Class H
426,000
1,305,678
China South Publishing & Media Group Co.
Ltd., Class A
320,000
493,429
China United Network Communications Ltd.,
Class A
738,100
448,336
China Yangtze Power Co. Ltd., Class A
123,000
378,187
Chinese Universe Publishing and Media Group
Co. Ltd., Class A
257,000
404,975
Chongqing Changan Automobile Co. Ltd.,
Class A
209,930
433,003
Chongqing Rural Commercial Bank Co. Ltd.,
Class H
728,000
275,607
CITIC Ltd.
717,000
609,406
COSCO SHIPPING Energy Transportation Co.
Ltd., Class H
110,000
116,659
COSCO SHIPPING Holdings Co. Ltd., Class H
569,850
579,559
COSCO SHIPPING Ports Ltd.
354,000
213,565
CSG Holding Co. Ltd., Class A
195,700
144,189
CSPC Pharmaceutical Group Ltd.
264,000
230,596
Daqin Railway Co. Ltd., Class A
384,000
377,076
Datang International Power Generation Co.
Ltd., Class H
424,000
63,990
Dong-E-E-Jiao Co. Ltd., Class A
44,500
281,364
Dongfeng Motor Group Co. Ltd., Class H
248,000
109,176
Dongguan Development Holdings Co. Ltd.,
Class A
189,000
232,370
ENN Energy Holdings Ltd.
94,000
712,064
Fosun International Ltd.
43,076
25,809
Foxconn Industrial Internet Co. Ltd., Class A
161,800
324,921
Fujian Sunner Development Co. Ltd., Class A
77,500
189,980
G-bits Network Technology Xiamen Co. Ltd.,
Class A
5,600
202,876
GD Power Development Co. Ltd., Class A
831,300
412,159
Great Wall Motor Co. Ltd., Class H
444,500
621,363
Gree Electric Appliances, Inc. of Zhuhai,
Class A
71,900
332,374
INVESTMENTS
SHARES
VALUE($)
 
China — continued
Guangdong Baolihua New Energy Stock Co.
Ltd., Class A
511,200
336,975
Guangxi Guiguan Electric Power Co. Ltd.,
Class A
404,400
302,025
Guangzhou Baiyunshan Pharmaceutical
Holdings Co. Ltd., Class H
72,000
191,542
Guangzhou Shiyuan Electronic Technology Co.
Ltd., Class A
20,500
117,363
Haitian International Holdings Ltd.
159,000
379,308
Heilongjiang Agriculture Co. Ltd., Class A
244,700
424,679
Henan Shuanghui Investment & Development
Co. Ltd., Class A
16,500
58,861
Hengan International Group Co. Ltd.
72,000
241,149
HLA Group Corp. Ltd.
282,700
286,458
Hopson Development Holdings Ltd. *
60,823
35,614
Huabao Flavours & Fragrances Co. Ltd.,
Class A
58,100
176,255
Huadian Power International Corp. Ltd.,
Class H
1,004,000
403,132
Huaibei Mining Holdings Co. Ltd., Class A
152,200
304,063
Huapont Life Sciences Co. Ltd., Class A
417,600
276,533
Huaxia Bank Co. Ltd., Class A
453,500
346,029
Huaxin Cement Co. Ltd., Class H
200,500
191,205
Huayu Automotive Systems Co. Ltd., Class A
93,200
222,778
Hubei Jumpcan Pharmaceutical Co. Ltd.,
Class A
97,900
361,493
Hunan Valin Steel Co. Ltd., Class A
308,200
244,730
Industrial & Commercial Bank of China Ltd.,
Class H
4,033,000
1,932,794
Inner Mongolia Dian Tou Energy Corp. Ltd.,
Class A
231,616
429,436
Inner Mongolia ERDOS Resources Co. Ltd.,
Class A
175,880
224,146
Inner Mongolia Yitai Coal Co. Ltd., Class B *
417,200
572,594
Jiangling Motors Corp. Ltd., Class A
110,400
244,998
Jiangsu Expressway Co. Ltd., Class A
159,700
214,241
Jiangsu Financial Leasing Co. Ltd., Class A
467,700
304,598
Jiangsu Hengli Hydraulic Co. Ltd., Class A
46,456
356,341
Jiangsu Phoenix Publishing & Media Corp.
Ltd., Class A
206,300
270,013
Jiangsu Yuyue Medical Equipment & Supply
Co. Ltd., Class A
76,900
352,450
Jiangsu Zhongtian Technology Co. Ltd.,
Class A
172,900
330,040
Joincare Pharmaceutical Group Industry Co.
Ltd., Class A
168,700
272,482
SEE NOTES TO FINANCIAL STATEMENTS. 
 
October 31, 2023
J.P. Morgan Exchange-Traded Funds
145

JPMorgan Diversified Return Emerging Markets Equity ETF
SCHEDULE OF PORTFOLIO INVESTMENTS
AS OF October 31, 2023 (continued)
INVESTMENTS
SHARES
VALUE($)
Common Stocks — continued
China — continued
Jointo Energy Investment Co. Ltd. Hebei,
Class A
317,300
229,659
Jointown Pharmaceutical Group Co. Ltd.,
Class A
308,300
298,962
Joyoung Co. Ltd., Class A
51,871
94,352
JOYY, Inc., ADR
6,440
250,645
Kingboard Holdings Ltd.
172,500
420,085
KingClean Electric Co. Ltd., Class A
83,018
259,827
Kunlun Energy Co. Ltd.
420,000
349,904
Kweichow Moutai Co. Ltd., Class A
8,100
1,859,288
Lao Feng Xiang Co. Ltd., Class A
18,200
154,253
Li Ning Co. Ltd.
89,000
272,732
Livzon Pharmaceutical Group, Inc., Class A
54,200
258,436
Maanshan Iron & Steel Co. Ltd., Class H
238,000
39,249
Metallurgical Corp. of China Ltd., Class A
494,400
222,968
Nanjing Iron & Steel Co. Ltd., Class A
620,700
321,238
New China Life Insurance Co. Ltd., Class A
56,500
257,347
Ningbo Sanxing Medical Electric Co. Ltd.,
Class A
145,600
323,626
Offshore Oil Engineering Co. Ltd., Class A
264,100
223,633
PetroChina Co. Ltd., Class A
395,000
383,488
Ping An Insurance Group Co. of China Ltd.,
Class H
84,000
426,088
Postal Savings Bank of China Co. Ltd., Class A
540,800
336,690
Qingdao Port International Co. Ltd., Class A
358,900
292,784
Qinhuangdao Port Co. Ltd., Class A
726,900
294,031
Shaanxi Coal Industry Co. Ltd., Class A
235,100
577,676
Shandong Buchang Pharmaceuticals Co. Ltd.,
Class A
85,600
202,257
Shandong Hualu Hengsheng Chemical Co.
Ltd., Class A
98,540
431,946
Shandong Publishing & Media Co. Ltd., Class A
399,800
449,723
Shandong Weigao Group Medical Polymer Co.
Ltd., Class H
313,200
290,710
Shanghai International Port Group Co. Ltd.,
Class A
422,000
287,469
Shanghai Mechanical and Electrical Industry
Co. Ltd., Class A
138,300
235,744
Shanghai Pharmaceuticals Holding Co. Ltd.,
Class H
29,400
42,771
Shanghai Rural Commercial Bank Co. Ltd.,
Class A
370,800
301,078
Shanghai Tunnel Engineering Co. Ltd., Class A
374,000
286,919
Shanghai Waigaoqiao Free Trade Zone Group
Co. Ltd., Class A
26,000
37,959
Shanxi Coal International Energy Group Co.
Ltd., Class A
121,800
270,493
INVESTMENTS
SHARES
VALUE($)
 
China — continued
Shanxi Coking Coal Energy Group Co. Ltd.,
Class A
166,900
196,746
Shanxi Lu'an Environmental Energy
Development Co. Ltd., Class A
136,300
353,411
Shenzhen Jinjia Group Co. Ltd., Class A
86,300
69,111
Shenzhen Mindray Bio-Medical Electronics Co.
Ltd., Class A
14,200
553,168
Shenzhen Salubris Pharmaceuticals Co. Ltd.,
Class A
68,400
303,477
Shenzhen Transsion Holdings Co. Ltd., Class A
18,820
344,700
Sichuan Kelun Pharmaceutical Co. Ltd.,
Class A
85,200
318,956
Sinoma International Engineering Co., Class A
130,800
175,792
Sinopharm Group Co. Ltd., Class H
141,200
337,649
Sinotrans Ltd., Class A
394,300
235,963
Sinotruk Hong Kong Ltd.
217,000
408,720
Skyworth Digital Co. Ltd., Class A
110,500
181,720
Tangshan Jidong Cement Co. Ltd., Class A
145,000
141,294
TangShan Port Group Co. Ltd., Class A
1,151,800
558,792
Tasly Pharmaceutical Group Co. Ltd., Class A
151,800
306,276
Tian Di Science & Technology Co. Ltd., Class A
544,200
382,510
Tianhe Chemicals Group Ltd. ‡ *
20,000
—
Triangle Tyre Co. Ltd., Class A
136,000
276,570
Wanxiang Qianchao Co. Ltd., Class A
750,300
528,714
Weichai Power Co. Ltd., Class A
203,156
384,816
Wuliangye Yibin Co. Ltd., Class A
32,800
696,865
Xiamen C & D, Inc., Class A
187,300
249,445
Xinhua Winshare Publishing and Media Co.
Ltd., Class A
256,700
447,505
Yangzijiang Shipbuilding Holdings Ltd.
659,800
699,377
Yankuang Energy Group Co. Ltd., Class H
476,000
826,697
Yintai Gold Co. Ltd., Class A
221,620
408,657
Yuexiu Property Co. Ltd.
127,400
132,516
Yunnan Baiyao Group Co. Ltd., Class A
30,560
211,634
Yutong Bus Co. Ltd., Class A
168,300
312,738
Zhejiang Conba Pharmaceutical Co. Ltd.,
Class A
405,300
289,248
Zhejiang Expressway Co. Ltd., Class H
428,000
322,171
Zhejiang Hisoar Pharmaceutical Co. Ltd.,
Class A
209,900
206,115
Zhejiang Sanhua Intelligent Controls Co. Ltd.,
Class A
149,480
545,268
Zhejiang Semir Garment Co. Ltd., Class A
339,200
282,056
Zhejiang Weixing New Building Materials Co.
Ltd., Class A
93,897
210,940
SEE NOTES TO FINANCIAL STATEMENTS. 
 
146
J.P. Morgan Exchange-Traded Funds
October 31, 2023

INVESTMENTS
SHARES
VALUE($)
Common Stocks — continued
China — continued
Zhengzhou Coal Mining Machinery Group Co.
Ltd., Class A
234,300
395,261
Zhongjin Gold Corp. Ltd., Class A
198,100
293,528
Zhongsheng Group Holdings Ltd.
78,500
181,280
Zijin Mining Group Co. Ltd., Class H
404,000
624,952
Zoomlion Heavy Industry Science and
Technology Co. Ltd., Class H
512,600
266,491
 
61,445,051
Colombia — 0.2%
Bancolombia SA (Preference)
64,377
412,914
Grupo Aval Acciones y Valores SA
(Preference)
512,697
57,298
 
470,212
Czech Republic — 0.5%
CEZ A/S
24,751
1,059,074
Moneta Money Bank A/S (a)
65,436
252,987
 
1,312,061
Egypt — 0.2%
Commercial International Bank Egypt SAE
246,288
481,121
Greece — 1.7%
Eurobank Ergasias Services and Holdings SA *
213,849
349,541
Hellenic Telecommunications Organization SA
51,347
719,700
JUMBO SA
27,357
719,609
Motor Oil Hellas Corinth Refineries SA
10,042
239,072
Mytilineos SA
22,482
832,111
National Bank of Greece SA *
72,026
412,518
OPAP SA
47,489
804,382
Piraeus Financial Holdings SA *
149,524
443,211
 
4,520,144
Hong Kong — 0.1%
Kingboard Laminates Holdings Ltd.
260,000
243,826
Hungary — 0.6%
Magyar Telekom Telecommunications plc
148,542
230,960
MOL Hungarian Oil & Gas plc
67,395
536,252
Richter Gedeon Nyrt.
32,101
752,680
 
1,519,892
India — 10.9%
Adani Power Ltd. *
137,835
601,030
Aurobindo Pharma Ltd.
21,927
223,750
Bajaj Auto Ltd.
13,439
857,285
Bajaj Holdings & Investment Ltd.
1,337
111,233
Bharat Petroleum Corp. Ltd.
58,691
246,042
INVESTMENTS
SHARES
VALUE($)
 
India — continued
Castrol India Ltd.
20,465
33,469
Cipla Ltd.
55,028
793,236
Colgate-Palmolive India Ltd.
8,810
223,679
Dabur India Ltd.
69,745
443,064
Divi's Laboratories Ltd.
11,541
469,679
Dr Reddy's Laboratories Ltd.
10,714
691,531
GAIL India Ltd.
107,552
154,425
Glenmark Pharmaceuticals Ltd.
12,915
116,057
HCL Technologies Ltd.
72,636
1,114,122
Hindalco Industries Ltd.
27,922
154,123
Hindustan Petroleum Corp. Ltd. *
29,003
86,287
Hindustan Unilever Ltd.
90,743
2,708,078
Hindustan Zinc Ltd.
19,854
70,500
ICICI Lombard General Insurance Co. Ltd. (a)
3,918
64,664
Indian Oil Corp. Ltd.
145,837
157,101
Indus Towers Ltd. *
117,727
243,621
Infosys Ltd.
253,360
4,166,700
ITC Ltd.
348,413
1,793,470
Jindal Steel & Power Ltd.
28,354
215,892
Jio Financial Services Ltd. *
71,435
187,899
JSW Steel Ltd.
45,206
399,986
Mphasis Ltd.
2,146
54,788
Nestle India Ltd.
3,338
971,989
NHPC Ltd.
346,874
209,178
NMDC Ltd.
157,726
292,310
NTPC Ltd.
278,668
789,509
Oil & Natural Gas Corp. Ltd.
222,604
498,096
Oil India Ltd.
23,861
85,748
Petronet LNG Ltd.
86,821
208,107
Piramal Enterprises Ltd.
7,337
85,982
Power Grid Corp. of India Ltd.
227,348
552,169
REC Ltd.
145,788
503,917
Reliance Industries Ltd.
75,157
2,066,651
Steel Authority of India Ltd.
100,758
101,522
Sun Pharmaceutical Industries Ltd.
49,472
646,805
Tata Consultancy Services Ltd.
59,505
2,408,976
Tata Motors Ltd.
54,668
412,908
Tata Power Co. Ltd. (The)
281,094
808,740
Tata Steel Ltd.
587,213
837,945
Titan Co. Ltd.
16,892
647,568
Torrent Power Ltd.
16,195
141,473
United Breweries Ltd.
3,415
66,277
UPL Ltd.
32,476
210,865
SEE NOTES TO FINANCIAL STATEMENTS. 
 
October 31, 2023
J.P. Morgan Exchange-Traded Funds
147

JPMorgan Diversified Return Emerging Markets Equity ETF
SCHEDULE OF PORTFOLIO INVESTMENTS
AS OF October 31, 2023 (continued)
INVESTMENTS
SHARES
VALUE($)
Common Stocks — continued
India — continued
Vedanta Ltd.
151,324
393,795
Zydus Lifesciences Ltd.
19,138
131,873
 
29,454,114
Indonesia — 4.3%
Adaro Energy Indonesia Tbk. PT
4,010,200
647,043
Astra International Tbk. PT
2,557,500
930,366
Bank Central Asia Tbk. PT
3,163,500
1,742,837
Bank Mandiri Persero Tbk. PT
3,425,400
1,223,731
Bank Rakyat Indonesia Persero Tbk. PT
2,286,400
714,920
Bukit Asam Tbk. PT
2,602,500
406,308
Charoen Pokphand Indonesia Tbk. PT *
489,900
178,874
Gudang Garam Tbk. PT
201,500
295,242
Hanjaya Mandala Sampoerna Tbk. PT
4,684,300
268,348
Indofood CBP Sukses Makmur Tbk. PT
717,600
467,558
Indofood Sukses Makmur Tbk. PT
1,393,000
583,185
Kalbe Farma Tbk. PT
5,155,000
548,258
Perusahaan Gas Negara Tbk. PT
5,229,800
413,486
Sarana Menara Nusantara Tbk. PT
5,321,900
298,475
Sumber Alfaria Trijaya Tbk. PT
1,789,600
325,587
Telkom Indonesia Persero Tbk. PT
5,705,600
1,250,758
Unilever Indonesia Tbk. PT
1,505,900
343,176
United Tractors Tbk. PT
297,400
470,638
Vale Indonesia Tbk. PT
447,800
139,557
XL Axiata Tbk. PT
2,591,700
370,473
 
11,618,820
Kuwait — 1.5%
Agility Public Warehousing Co. KSC *
79,145
134,758
Humansoft Holding Co. KSC
35,203
345,830
Kuwait Finance House KSCP
423,744
937,483
Mobile Telecommunications Co. KSCP
493,551
767,804
National Bank of Kuwait SAKP
688,495
1,951,715
 
4,137,590
Malaysia — 2.1%
Astro Malaysia Holdings Bhd.
664,500
57,880
Axiata Group Bhd.
434,400
198,756
CELCOMDIGI Bhd.
505,700
448,969
Hong Leong Financial Group Bhd.
15,800
58,232
IHH Healthcare Bhd.
104,600
131,670
Kuala Lumpur Kepong Bhd.
37,900
174,952
Malayan Banking Bhd.
72,508
137,298
Maxis Bhd.
628,200
522,342
Nestle Malaysia Bhd.
11,600
301,412
Petronas Chemicals Group Bhd.
372,900
575,014
INVESTMENTS
SHARES
VALUE($)
 
Malaysia — continued
Petronas Gas Bhd.
185,900
671,105
PPB Group Bhd.
168,460
536,724
RHB Bank Bhd.
155,800
182,489
Telekom Malaysia Bhd.
423,300
450,614
Tenaga Nasional Bhd.
442,800
920,080
YTL Corp. Bhd.
931,100
285,619
 
5,653,156
Mexico — 7.5%
Alfa SAB de CV, Class A
1,033,415
641,979
America Movil SAB de CV
2,316,261
1,915,550
Arca Continental SAB de CV
95,785
859,510
Banco del Bajio SA (a)
149,015
453,682
Cemex SAB de CV *
1,564,695
936,439
Coca-Cola Femsa SAB de CV
109,413
831,779
Controladora AXTEL SAB de CV *
1,041,949
13,292
El Puerto de Liverpool SAB de CV, Class C1
63,546
323,528
Fibra Uno Administracion SA de CV, REIT
628,296
955,216
Fomento Economico Mexicano SAB de CV
76,736
867,595
Gruma SAB de CV, Class B
49,817
867,687
Grupo Aeroportuario del Centro Norte SAB de
CV
71,900
551,184
Grupo Aeroportuario del Pacifico SAB de CV,
Class B
62,638
731,304
Grupo Aeroportuario del Sureste SAB de CV,
Class B
37,112
802,800
Grupo Bimbo SAB de CV
291,410
1,182,838
Grupo Carso SAB de CV
65,440
419,449
Grupo Financiero Banorte SAB de CV, Class O
301,399
2,441,584
Grupo Mexico SAB de CV
209,432
869,720
Kimberly-Clark de Mexico SAB de CV, Class A
204,725
375,180
Megacable Holdings SAB de CV
149,728
293,576
Orbia Advance Corp. SAB de CV
327,077
530,827
Promotora y Operadora de Infraestructura
SAB de CV
63,445
522,826
Qualitas Controladora SAB de CV
45,945
379,787
Regional SAB de CV
56,270
426,465
Wal-Mart de Mexico SAB de CV
561,942
2,013,503
 
20,207,300
Pakistan — 0.1%
Oil & Gas Development Co. Ltd.
968,242
344,930
Philippines — 0.3%
Globe Telecom, Inc.
3,178
98,577
Manila Electric Co.
66,450
415,752
SEE NOTES TO FINANCIAL STATEMENTS. 
 
148
J.P. Morgan Exchange-Traded Funds
October 31, 2023

INVESTMENTS
SHARES
VALUE($)
Common Stocks — continued
Philippines — continued
PLDT, Inc.
13,315
284,516
Puregold Price Club, Inc.
38,700
18,484
 
817,329
Qatar — 1.7%
Commercial Bank PSQC (The)
170,929
240,643
Industries Qatar QSC
244,480
821,293
Mesaieed Petrochemical Holding Co.
341,971
149,589
Ooredoo QPSC
259,363
704,504
Qatar Electricity & Water Co. QSC
125,261
569,128
Qatar Fuel QSC
63,704
259,820
Qatar Gas Transport Co. Ltd.
745,360
720,590
Qatar International Islamic Bank QSC
51,489
130,808
Qatar Islamic Bank SAQ
123,927
592,236
Qatar Navigation QSC
108,116
268,054
 
4,456,665
Romania — 0.1%
NEPI Rockcastle NV
52,593
284,052
Russia — 0.1%
Alrosa PJSC ‡
200,448
4,122
Federal Grid Co. - Rosseti PJSC ‡ *
127,925,624
2,782
Federal Grid Co. - ROSSETI PUBLIC
JOINT-STOCK COMPANY ‡ *
42,872,768
839
Inter RAO UES PJSC ‡
6,142,220
4,185
LUKOIL PJSC ‡
17,853
21,998
M.Video PJSC ‡ *
8,526
539
Magnit PJSC ‡
7,858
5,824
Magnitogorsk Iron & Steel Works PJSC ‡ *
334,440
3,866
MMC Norilsk Nickel PJSC ‡ *
3,087
14,762
Mobile TeleSystems PJSC ‡
120,496
6,770
Novolipetsk Steel PJSC ‡ *
155,019
6,950
PhosAgro PJSC ‡
1,940
2,387
Rostelecom PJSC ‡ *
157,186
2,668
RusHydro PJSC ‡
35,715,691
5,977
Sberbank of Russia PJSC ‡
537,391
16,767
Severstal PAO ‡ *
20,498
6,910
Sistema PJSFC ‡
308,352
918
Surgutneftegas PJSC (Preference) ‡
655,737
4,970
Tatneft PJSC ‡
17,275
1,549
Unipro PJSC ‡ *
4,941,067
1,948
 
116,731
Saudi Arabia — 4.8%
Abdullah Al Othaim Markets Co.
111,481
387,351
Almarai Co. JSC
28,098
418,669
INVESTMENTS
SHARES
VALUE($)
 
Saudi Arabia — continued
Arab National Bank
29,724
188,251
Arabian Centres Co. Ltd.
24,977
133,553
Arabian Internet & Communications Services
Co.
8,091
675,335
Dr Sulaiman Al Habib Medical Services Group
Co.
15,040
1,010,215
Elm Co.
4,590
857,903
Etihad Etisalat Co.
77,948
957,832
Mouwasat Medical Services Co.
823
21,937
Riyad Bank
12,238
86,608
SABIC Agri-Nutrients Co.
26,240
936,848
Sahara International Petrochemical Co.
59,191
509,837
Saudi Airlines Catering Co.
23,129
643,637
Saudi Arabian Mining Co. *
44,951
430,685
Saudi Arabian Oil Co. (a)
252,784
2,245,824
Saudi Cement Co.
32,869
435,398
Saudi Electricity Co.
141,270
670,714
Saudi Investment Bank (The)
83,305
326,543
Saudi Telecom Co.
160,430
1,643,464
Yanbu Cement Co.
48,093
413,423
 
12,994,027
South Africa — 3.1%
African Rainbow Minerals Ltd.
41,439
341,473
Anglo American Platinum Ltd.
5,753
192,217
Aspen Pharmacare Holdings Ltd.
19,632
178,323
Bid Corp. Ltd.
26,791
568,364
Bidvest Group Ltd. (The)
65,761
930,833
Exxaro Resources Ltd.
57,833
580,464
Impala Platinum Holdings Ltd.
101,100
421,141
Investec Ltd.
63,757
348,829
MTN Group Ltd.
216,340
1,056,076
MultiChoice Group *
97,927
366,803
Nedbank Group Ltd.
65,051
700,055
Pepkor Holdings Ltd. (a)
115,266
105,139
Shoprite Holdings Ltd.
27,772
355,884
Sibanye Stillwater Ltd.
246,224
314,072
Tiger Brands Ltd.
48,526
449,261
Vodacom Group Ltd.
115,558
629,082
Woolworths Holdings Ltd.
213,085
793,345
 
8,331,361
Taiwan — 11.4%
Accton Technology Corp.
78,000
1,208,553
Asia Cement Corp.
153,000
188,936
Capital Securities Corp.
773,000
340,713
SEE NOTES TO FINANCIAL STATEMENTS. 
 
October 31, 2023
J.P. Morgan Exchange-Traded Funds
149

JPMorgan Diversified Return Emerging Markets Equity ETF
SCHEDULE OF PORTFOLIO INVESTMENTS
AS OF October 31, 2023 (continued)
INVESTMENTS
SHARES
VALUE($)
Common Stocks — continued
Taiwan — continued
Catcher Technology Co. Ltd.
86,000
482,451
Cheng Shin Rubber Industry Co. Ltd.
551,000
752,965
Chicony Electronics Co. Ltd.
58,551
225,407
China Airlines Ltd.
888,000
532,317
China Motor Corp.
143,000
383,403
China Steel Corp.
256,000
190,990
Chunghwa Telecom Co. Ltd.
451,000
1,613,021
CTBC Financial Holding Co. Ltd.
2,225,395
1,675,952
E.Sun Financial Holding Co. Ltd.
1,335,244
983,860
Eclat Textile Co. Ltd.
31,000
493,404
Eva Airways Corp.
534,000
452,840
Evergreen Marine Corp. Taiwan Ltd.
151,800
505,157
Far Eastern New Century Corp.
510,000
464,667
Far EasTone Telecommunications Co. Ltd.
288,000
674,619
Feng TAY Enterprise Co. Ltd.
88,960
491,221
First Financial Holding Co. Ltd.
1,286,087
1,029,058
Formosa Chemicals & Fibre Corp.
313,000
588,902
Formosa Taffeta Co. Ltd.
294,000
228,679
Fubon Financial Holding Co. Ltd.
277,444
515,933
Hotai Motor Co. Ltd.
9,360
174,650
Largan Precision Co. Ltd.
16,000
1,024,750
Lite-On Technology Corp.
297,000
924,713
Mega Financial Holding Co. Ltd.
1,319,101
1,496,829
Nan Ya Plastics Corp.
661,000
1,264,706
Nien Made Enterprise Co. Ltd.
55,000
486,604
Novatek Microelectronics Corp.
17,000
239,412
Pou Chen Corp.
684,000
609,692
President Chain Store Corp.
107,000
851,116
SinoPac Financial Holdings Co. Ltd.
1,976,500
1,090,071
Taiwan Cooperative Financial Holding Co. Ltd.
1,214,609
943,225
Taiwan Fertilizer Co. Ltd.
319,000
584,492
Taiwan Mobile Co. Ltd.
311,000
919,088
Taiwan Semiconductor Manufacturing Co. Ltd.
176,000
2,874,523
Uni-President Enterprises Corp.
630,000
1,321,708
Yang Ming Marine Transport Corp.
224,000
291,957
Yuanta Financial Holding Co. Ltd.
1,723,746
1,295,080
Yulon Motor Co. Ltd.
143,000
328,410
 
30,744,074
Thailand — 3.7%
Advanced Info Service PCL
177,400
1,086,559
Bangkok Bank PCL
110,100
481,555
Bangkok Dusit Medical Services PCL, Class F
1,174,700
865,112
Banpu PCL
1,889,100
399,323
Bumrungrad Hospital PCL
91,000
657,703
INVESTMENTS
SHARES
VALUE($)
 
Thailand — continued
Central Retail Corp. PCL, NVDR
421,400
430,978
CP ALL PCL, NVDR
210,200
323,050
CP Axtra PCL, NVDR
143,000
112,433
Digital Telecommunications Infrastructure
Fund, Class F
1,404,100
314,475
Electricity Generating PCL
93,600
317,731
Home Product Center PCL
1,210,500
400,776
Intouch Holdings PCL, NVDR
255,500
504,681
Krung Thai Bank PCL
1,516,900
793,133
Minor International PCL, NVDR
588,300
458,451
Osotspa PCL, NVDR
299,800
196,048
PTT Exploration & Production PCL
235,500
1,075,489
PTT PCL, NVDR
301,800
279,344
Ratch Group PCL
356,600
319,937
Thai Oil PCL
270,100
353,643
Thai Union Group PCL, Class F
394,300
148,097
TMBThanachart Bank PCL, NVDR
9,155,600
425,314
True Corp. PCL, NVDR
671,100
113,179
 
10,057,011
Turkey — 9.3%
AG Anadolu Grubu Holding A/S
79,653
577,725
Akbank TAS
773,722
804,889
Akcansa Cimento A/S
80,882
481,535
Aksa Enerji Uretim A/S
267,752
331,295
Alarko Holding A/S
129,773
464,142
Alfa Solar Enerji Sanayi ve Ticaret A/S
102,854
451,451
Anadolu Efes Biracilik ve Malt Sanayii A/S
153,159
540,019
Aselsan Elektronik Sanayi ve Ticaret A/S
487,327
711,392
Aygaz A/S
73,366
355,959
Bera Holding AS
561,607
339,313
BIM Birlesik Magazalar A/S
94,894
911,436
Cimsa Cimento Sanayi ve Ticaret A/S
529,094
686,794
Coca-Cola Icecek A/S
42,393
551,505
Dogan Sirketler Grubu Holding A/S
1,158,351
559,557
Dogus Otomotiv Servis ve Ticaret A/S
58,087
509,711
EGE Endustri ve Ticaret A/S
782
244,663
EIS Eczacibasi Ilac ve Sinai ve Finansal
Yatirimlar Sanayi ve Ticaret A/S
297,272
460,616
Emlak Konut Gayrimenkul Yatirim Ortakligi
A/S, REIT
923,902
214,017
Enerjisa Enerji A/S (a)
306,157
525,646
Enka Insaat ve Sanayi A/S
466,018
499,985
Ford Otomotiv Sanayi A/S
21,572
598,959
Haci Omer Sabanci Holding A/S
317,512
599,836
SEE NOTES TO FINANCIAL STATEMENTS. 
 
150
J.P. Morgan Exchange-Traded Funds
October 31, 2023

INVESTMENTS
SHARES
VALUE($)
Common Stocks — continued
Turkey — continued
Is Yatirim Menkul Degerler A/S
315,634
472,795
Kimteks Poliuretan Sanayi ve Ticaret A/S
136,349
349,067
KOC Holding A/S
176,154
852,071
Kontrolmatik Enerji ve Muhendislik A/S
48,008
445,001
Koza Altin Isletmeleri A/S
581,802
451,155
Koza Anadolu Metal Madencilik Isletmeleri
A/S *
244,416
454,347
Mavi Giyim Sanayi ve Ticaret A/S, Class B (a)
111,064
374,537
Migros Ticaret A/S
50,321
600,065
MLP Saglik Hizmetleri A/S * (a)
93,795
506,414
Nuh Cimento Sanayi A/S
28,239
341,031
ODAS Elektrik Uretim ve Sanayi Ticaret A/S *
940,653
392,281
Otokar Otomotiv ve Savunma Sanayi AS *
6,377
89,960
Oyak Cimento Fabrikalari A/S *
255,947
644,855
Pegasus Hava Tasimaciligi A/S *
15,103
375,985
Qua Granite Hayal *
129,792
25,299
Sok Marketler Ticaret A/S
214,858
454,177
Tekfen Holding A/S
236,716
341,375
Tofas Turk Otomobil Fabrikasi A/S
64,016
544,105
Torunlar Gayrimenkul Yatirim Ortakligi A/S,
REIT
187,680
222,014
Turk Hava Yollari AO *
105,510
809,602
Turk Telekomunikasyon A/S *
623,457
422,914
Turk Traktor ve Ziraat Makineleri A/S
18,512
473,794
Turkcell Iletisim Hizmetleri A/S *
362,005
613,584
Turkiye Is Bankasi A/S, Class C
973,890
723,906
Turkiye Petrol Rafinerileri A/S
149,464
749,866
Turkiye Sise ve Cam Fabrikalari A/S
352,985
591,418
Ulker Biskuvi Sanayi A/S *
166,786
426,988
Yapi ve Kredi Bankasi A/S
1,210,834
738,988
Zorlu Enerji Elektrik Uretim A/S *
1,253,768
234,645
 
25,142,684
United Arab Emirates — 2.4%
Abu Dhabi Commercial Bank PJSC
422,811
924,359
Abu Dhabi Islamic Bank PJSC
216,476
607,052
Abu Dhabi Ports Co. PJSC *
348,321
566,152
Air Arabia PJSC
700,630
499,769
Aldar Properties PJSC
587,072
831,139
Dubai Islamic Bank PJSC
432,843
636,362
Emirates Telecommunications Group Co. PJSC
180,576
907,551
Multiply Group PJSC *
810,488
751,005
National Marine Dredging Co. *
68,712
406,323
Salik Co. PJSC
351,528
305,302
 
6,435,014
INVESTMENTS
SHARES
VALUE($)
 
United States — 0.3%
JBS SA
172,128
685,200
Total Common Stocks
(Cost $271,012,781)
268,825,279
Total Investments — 99.8%
(Cost $271,012,781)
268,825,279
Other Assets Less Liabilities — 0.2%
673,623
NET ASSETS — 100.0%
269,498,902
 
Percentages indicated are based on net assets.
 
Abbreviations
 
ADR
American Depositary Receipt
JSC
Joint Stock Company
NVDR
Non-Voting Depositary Receipt
PJSC
Public Joint Stock Company
Preference
A special type of equity investment that shares in the earnings of
the company, has limited voting rights, and may have a dividend
preference. Preference shares may also have liquidation
preference.
PT
Limited liability company
REIT
Real Estate Investment Trust
 
‡
Value determined using significant unobservable inputs.
*
Non-income producing security.
(a)
Security exempt from registration pursuant to Regulation S under
the Securities Act of 1933, as amended. Regulation S applies to
securities offerings that are made outside of the United States and
do not involve direct selling efforts in the United States and as
such may have restrictions on resale.
SEE NOTES TO FINANCIAL STATEMENTS. 
 
October 31, 2023
J.P. Morgan Exchange-Traded Funds
151

JPMorgan Diversified Return Emerging Markets Equity ETF
SCHEDULE OF PORTFOLIO INVESTMENTS
AS OF October 31, 2023 (continued)
Summary of Investments by Industry, October 31, 2023
The following table represents the portfolio investments of the Fund by industry classifications as a percentage of total investments:  
INDUSTRY
PERCENT OF
TOTAL
INVESTMENTS
Banks
16.3
%
Oil, Gas & Consumable Fuels
8.2
Metals & Mining
5.3
Wireless Telecommunication Services
4.5
Food Products
3.8
Electric Utilities
3.6
Diversified Telecommunication Services
3.5
IT Services
3.5
Industrial Conglomerates
3.4
Pharmaceuticals
3.3
Beverages
3.0
Transportation Infrastructure
2.9
Independent Power and Renewable Electricity Producers
2.8
Consumer Staples Distribution & Retail
2.8
Chemicals
2.5
Machinery
1.9
Construction Materials
1.8
Automobiles
1.8
Health Care Providers & Services
1.7
Personal Care Products
1.5
Textiles, Apparel & Luxury Goods
1.5
Semiconductors & Semiconductor Equipment
1.3
Specialty Retail
1.1
Gas Utilities
1.1
Financial Services
1.1
Media
1.0
Insurance
1.0
Passenger Airlines
1.0
Others (each less than 1.0%)
12.8
Futures contracts outstanding as of October 31, 2023:
 
DESCRIPTION
NUMBER OF
CONTRACTS
EXPIRATION DATE
TRADING CURRENCY
NOTIONAL
AMOUNT ($)
VALUE AND
UNREALIZED
APPRECIATION
(DEPRECIATION) ($)
Long Contracts
MSCI Emerging Markets E-Mini Index
12
12/15/2023
USD
551,280
(24,505
)
 
SEE NOTES TO FINANCIAL STATEMENTS. 
 
152
J.P. Morgan Exchange-Traded Funds
October 31, 2023

Abbreviations
 
MSCI
Morgan Stanley Capital International
USD
United States Dollar
SEE NOTES TO FINANCIAL STATEMENTS. 
 
October 31, 2023
J.P. Morgan Exchange-Traded Funds
153


JPMorgan Diversified Return International Equity ETF
SCHEDULE OF PORTFOLIO INVESTMENTS
AS OF October 31, 2023
 
INVESTMENTS
SHARES
VALUE($)
Common Stocks — 99.2%
Australia — 11.0%
AGL Energy Ltd.
209,371
1,431,249
Altium Ltd.
25,018
631,042
Alumina Ltd. *
474,971
236,030
Ampol Ltd.
49,343
1,000,565
Ansell Ltd.
53,389
721,329
ANZ Group Holdings Ltd.
24,986
394,004
APA Group
156,134
818,445
Aurizon Holdings Ltd.
124,023
270,136
BHP Group Ltd.
43,397
1,228,460
BlueScope Steel Ltd.
5,669
67,957
carsales.com Ltd.
21,346
376,272
Charter Hall Group, REIT
37,570
208,137
Cochlear Ltd.
6,735
1,032,301
Coles Group Ltd.
144,918
1,406,529
CSR Ltd.
259,825
928,405
Dexus, REIT
212,187
876,373
EBOS Group Ltd.
11,182
228,272
Fortescue Metals Group Ltd.
78,673
1,119,189
Glencore plc
228,210
1,208,790
Goodman Group, REIT
13,267
175,548
GPT Group (The), REIT
409,029
943,969
Harvey Norman Holdings Ltd. (a)
250,587
585,739
Iluka Resources Ltd.
32,562
150,363
Incitec Pivot Ltd.
253,741
442,952
JB Hi-Fi Ltd.
36,918
1,061,206
Lottery Corp. Ltd. (The)
314,749
908,545
Metcash Ltd.
343,230
803,788
Mirvac Group, REIT
198,708
230,552
New Hope Corp. Ltd.
202,449
745,031
Origin Energy Ltd.
264,160
1,532,353
Pilbara Minerals Ltd. (a)
108,453
254,756
Ramsay Health Care Ltd.
17,571
544,070
REA Group Ltd.
3,050
280,004
Rio Tinto Ltd.
15,278
1,141,238
Rio Tinto plc
23,346
1,489,487
Santos Ltd.
252,249
1,230,839
Sonic Healthcare Ltd.
55,960
1,024,687
South32 Ltd.
336,404
719,697
Stockland, REIT
388,401
876,599
Tabcorp Holdings Ltd.
660,627
325,973
Telstra Group Ltd.
574,997
1,394,299
Treasury Wine Estates Ltd.
86,721
668,112
Vicinity Ltd., REIT
858,944
930,349
Wesfarmers Ltd.
39,295
1,264,271
INVESTMENTS
SHARES
VALUE($)
 
Australia — continued
Whitehaven Coal Ltd.
269,501
1,269,427
WiseTech Global Ltd.
18,679
695,443
Woodside Energy Group Ltd.
56,068
1,221,150
Woolworths Group Ltd.
60,649
1,357,614
Yancoal Australia Ltd. (a)
97,401
299,092
 
38,750,638
Austria — 0.5%
Mondi plc
73,244
1,184,760
OMV AG
15,152
664,539
 
1,849,299
Belgium — 0.2%
Anheuser-Busch InBev SA
4,254
242,044
D'ieteren Group
764
113,485
Solvay SA
4,088
432,166
 
787,695
Brazil — 0.3%
Yara International ASA
29,271
957,804
Burkina Faso — 0.1%
Endeavour Mining plc
20,700
427,085
Cambodia — 0.0% ^
NagaCorp Ltd. *
72,945
31,334
Chile — 0.3%
Antofagasta plc
68,101
1,113,556
China — 1.2%
Budweiser Brewing Co. APAC Ltd. (b)
398,606
757,490
Chow Tai Fook Jewellery Group Ltd.
122,157
172,501
Lenovo Group Ltd.
1,322,000
1,538,454
SITC International Holdings Co. Ltd.
108,917
167,776
Wilmar International Ltd.
412,300
1,071,892
Xinyi Glass Holdings Ltd.
420,000
482,588
 
4,190,701
Denmark — 0.7%
Carlsberg A/S, Class B
8,306
989,853
DSV A/S
290
43,338
Novo Nordisk A/S, Class B
16,058
1,549,215
 
2,582,406
Finland — 1.1%
Elisa OYJ
22,869
969,843
Kesko OYJ, Class B
36,970
625,218
Orion OYJ, Class B
12,411
493,778
SEE NOTES TO FINANCIAL STATEMENTS. 
 
154
J.P. Morgan Exchange-Traded Funds
October 31, 2023

INVESTMENTS
SHARES
VALUE($)
Common Stocks — continued
Finland — continued
Stora Enso OYJ, Class R
57,213
687,609
UPM-Kymmene OYJ
27,724
933,631
 
3,710,079
France — 4.7%
Air Liquide SA
2,188
374,919
Arkema SA
8,506
797,036
Capgemini SE
7,167
1,266,615
Carrefour SA
80,422
1,409,915
Covivio SA, REIT
9,275
397,474
Danone SA
20,263
1,205,455
Eiffage SA
13,415
1,217,419
Engie SA
48,849
776,938
EssilorLuxottica SA
1,183
214,222
Gecina SA, REIT
10,981
1,078,234
Klepierre SA, REIT
54,057
1,312,708
Orange SA
109,499
1,287,932
Pernod Ricard SA
4,831
857,872
Publicis Groupe SA
14,570
1,109,408
TotalEnergies SE
22,842
1,527,159
Unibail-Rodamco-Westfield, REIT *
4,485
222,228
Vinci SA
11,009
1,217,314
Vivendi SE
37,813
339,088
 
16,611,936
Germany — 2.5%
Bayerische Motoren Werke AG
10,994
1,022,490
Covestro AG * (b)
6,860
347,543
Deutsche Telekom AG (Registered)
71,411
1,549,880
E.ON SE
23,864
283,937
Fresenius Medical Care AG & Co. KGaA
16,950
563,183
Hannover Rueck SE
1,687
372,512
Heidelberg Materials AG
3,575
259,521
Hella GmbH & Co. KGaA
3,077
234,328
Infineon Technologies AG
4,631
135,273
LEG Immobilien SE *
3,412
213,290
Mercedes-Benz Group AG
18,524
1,089,846
Merck KGaA
4,154
627,413
SAP SE
9,845
1,320,533
Telefonica Deutschland Holding AG
433,342
736,715
 
8,756,464
Hong Kong — 3.0%
ASMPT Ltd.
58,000
491,234
CK Asset Holdings Ltd.
152,766
763,574
CK Infrastructure Holdings Ltd.
238,000
1,103,140
INVESTMENTS
SHARES
VALUE($)
 
Hong Kong — continued
CLP Holdings Ltd.
143,000
1,046,586
Hong Kong & China Gas Co. Ltd.
658,393
458,313
Hutchison Port Holdings Trust
1,417,600
222,669
MTR Corp. Ltd.
63,500
237,375
New World Development Co. Ltd.
61,750
113,331
Orient Overseas International Ltd.
69,500
876,381
PCCW Ltd.
1,544,000
755,691
Power Assets Holdings Ltd.
257,500
1,231,063
Sun Hung Kai Properties Ltd.
89,000
913,915
Swire Pacific Ltd., Class A
119,500
763,347
WH Group Ltd. (b)
1,849,743
1,104,728
Wharf Real Estate Investment Co. Ltd.
50,000
174,902
Yue Yuen Industrial Holdings Ltd.
172,000
201,100
 
10,457,349
Indonesia — 0.0% ^
First Pacific Co. Ltd.
290,000
109,784
Ireland — 0.1%
Smurfit Kappa Group plc
11,974
390,304
Italy — 2.5%
A2A SpA
374,689
703,288
Assicurazioni Generali SpA
25,345
503,444
Banca Mediolanum SpA
32,764
267,536
Coca-Cola HBC AG
52,488
1,362,677
Eni SpA
70,393
1,150,761
Infrastrutture Wireless Italiane SpA (b)
17,186
188,184
Italgas SpA
172,528
876,754
Poste Italiane SpA (b)
83,741
829,056
Recordati Industria Chimica e Farmaceutica SpA
14,328
662,733
Terna - Rete Elettrica Nazionale
118,892
910,361
UniCredit SpA
53,835
1,349,623
 
8,804,417
Japan — 29.4%
Activia Properties, Inc., REIT
148
400,412
Advance Residence Investment Corp., REIT
139
302,214
Advantest Corp.
11,600
298,800
Aeon Mall Co. Ltd.
19,700
224,015
AEON REIT Investment Corp., REIT
395
376,037
Ajinomoto Co., Inc.
35,500
1,296,555
Alfresa Holdings Corp.
49,100
777,773
Anritsu Corp.
60,900
453,349
Asahi Group Holdings Ltd.
27,800
1,005,538
Astellas Pharma, Inc.
95,800
1,211,858
Canon Marketing Japan, Inc.
28,900
693,038
SEE NOTES TO FINANCIAL STATEMENTS. 
 
October 31, 2023
J.P. Morgan Exchange-Traded Funds
155

JPMorgan Diversified Return International Equity ETF
SCHEDULE OF PORTFOLIO INVESTMENTS
AS OF October 31, 2023 (continued)
INVESTMENTS
SHARES
VALUE($)
Common Stocks — continued
Japan — continued
Canon, Inc.
58,300
1,378,253
Capcom Co. Ltd.
35,800
1,152,378
Chubu Electric Power Co., Inc.
111,400
1,346,175
Chugai Pharmaceutical Co. Ltd.
43,400
1,287,095
COMSYS Holdings Corp.
39,500
812,525
Cosmo Energy Holdings Co. Ltd.
40,700
1,488,848
Dai Nippon Printing Co. Ltd.
10,800
281,742
Daito Trust Construction Co. Ltd.
13,200
1,415,916
Daiwa House REIT Investment Corp., REIT
279
493,760
Daiwa Securities Group, Inc.
175,800
1,013,746
DIC Corp.
5,900
93,033
Dowa Holdings Co. Ltd.
11,400
348,502
Electric Power Development Co. Ltd.
89,600
1,373,629
ENEOS Holdings, Inc.
179,100
663,640
Fuji Media Holdings, Inc.
10,300
102,297
FUJIFILM Holdings Corp.
20,600
1,126,775
Fukuoka Financial Group, Inc.
10,800
285,484
Hachijuni Bank Ltd. (The)
75,300
428,843
Hikari Tsushin, Inc.
5,300
764,646
Hoya Corp.
500
48,134
Hulic Co. Ltd.
79,900
732,534
Idemitsu Kosan Co. Ltd.
37,437
850,011
Iida Group Holdings Co. Ltd.
10,800
167,694
Inpex Corp.
103,900
1,507,680
Invincible Investment Corp., REIT
650
249,990
ITOCHU Corp.
39,000
1,404,820
Iwatani Corp.
17,200
822,651
Japan Metropolitan Fund Invest, REIT
1,155
745,376
Japan Post Holdings Co. Ltd.
138,900
1,229,432
Japan Post Insurance Co. Ltd.
63,600
1,224,687
Japan Real Estate Investment Corp., REIT
3
11,143
Japan Tobacco, Inc.
66,500
1,548,045
JFE Holdings, Inc.
29,400
409,626
Kajima Corp.
15,900
262,786
Kaneka Corp.
1,600
39,155
Kansai Electric Power Co., Inc. (The)
104,300
1,335,441
Kawasaki Kisen Kaisha Ltd.
24,000
822,960
KDDI Corp.
46,600
1,394,027
Kinden Corp.
19,800
299,919
Kobe Steel Ltd.
114,600
1,354,968
K's Holdings Corp.
63,100
587,196
Kuraray Co. Ltd.
39,200
448,494
Kyowa Kirin Co. Ltd.
38,500
603,845
Kyushu Electric Power Co., Inc. *
82,400
526,465
INVESTMENTS
SHARES
VALUE($)
 
Japan — continued
Lawson, Inc.
24,600
1,185,085
Mani, Inc.
18,000
244,861
Marubeni Corp.
90,000
1,315,960
MatsukiyoCocokara & Co.
68,700
1,205,121
Mebuki Financial Group, Inc.
77,900
235,820
Medipal Holdings Corp.
51,600
867,550
MEIJI Holdings Co. Ltd.
43,100
1,060,865
Mitsubishi Chemical Group Corp.
118,000
667,715
Mitsubishi Corp.
21,500
1,002,235
Mitsubishi Gas Chemical Co., Inc.
21,900
295,997
Mitsubishi HC Capital, Inc.
190,400
1,255,160
Mitsubishi UFJ Financial Group, Inc.
118,300
992,436
Mitsui & Co. Ltd.
39,500
1,435,595
Mitsui Fudosan Co. Ltd.
44,700
968,866
Mitsui Mining & Smelting Co. Ltd.
28,800
747,839
Morinaga Milk Industry Co. Ltd.
4,800
187,224
MS&AD Insurance Group Holdings, Inc.
18,000
659,530
Nifco, Inc.
4,300
100,844
Nintendo Co. Ltd.
28,700
1,185,725
Nippon Shinyaku Co. Ltd.
4,800
194,669
Nippon Shokubai Co. Ltd.
5,900
219,138
Nippon Steel Corp.
62,000
1,337,269
Nippon Telegraph & Telephone Corp.
1,244,700
1,464,733
Nippon Yusen KK
35,000
856,354
Nisshin Seifun Group, Inc.
6,600
99,553
Nissin Foods Holdings Co. Ltd.
11,500
1,000,600
Niterra Co. Ltd.
53,900
1,206,433
Nitto Denko Corp.
17,900
1,158,234
NOF Corp.
7,000
276,157
Nomura Real Estate Holdings, Inc.
59,600
1,392,022
Nomura Real Estate Master Fund, Inc., REIT
569
627,868
Obayashi Corp.
55,800
477,972
Ono Pharmaceutical Co. Ltd.
53,700
927,372
Open House Group Co. Ltd.
18,200
599,879
ORIX Corp.
25,100
456,477
Osaka Gas Co. Ltd.
65,900
1,242,728
Otsuka Holdings Co. Ltd.
39,400
1,325,651
Resona Holdings, Inc.
232,500
1,242,322
Rohto Pharmaceutical Co. Ltd.
25,200
587,949
Sankyo Co. Ltd.
17,900
743,886
Santen Pharmaceutical Co. Ltd.
32,400
281,023
Sapporo Holdings Ltd.
3,500
123,221
Sawai Group Holdings Co. Ltd.
8,300
264,516
SCREEN Holdings Co. Ltd.
28,400
1,320,377
SEE NOTES TO FINANCIAL STATEMENTS. 
 
156
J.P. Morgan Exchange-Traded Funds
October 31, 2023

INVESTMENTS
SHARES
VALUE($)
Common Stocks — continued
Japan — continued
SCSK Corp.
27,700
472,847
Seiko Epson Corp.
35,800
497,018
Sekisui Chemical Co. Ltd.
24,500
335,573
Sekisui House Ltd.
41,000
802,893
Sekisui House REIT, Inc., REIT
673
354,453
Shimamura Co. Ltd.
3,900
384,890
Shionogi & Co. Ltd.
23,700
1,103,582
Ship Healthcare Holdings, Inc.
6,700
103,442
Skylark Holdings Co. Ltd. *
32,200
475,072
SoftBank Corp.
132,300
1,495,899
SoftBank Group Corp.
26,300
1,077,092
Sojitz Corp.
68,620
1,424,921
Sugi Holdings Co. Ltd.
7,200
291,444
SUMCO Corp.
26,600
343,729
Sumitomo Chemical Co. Ltd.
147,300
374,402
Sumitomo Mitsui Financial Group, Inc.
29,100
1,402,852
Suntory Beverage & Food Ltd.
24,800
746,308
Suzuken Co. Ltd.
6,400
196,031
Taisho Pharmaceutical Holdings Co. Ltd.
4,300
170,272
Takeda Pharmaceutical Co. Ltd.
48,200
1,308,377
Teijin Ltd.
40,200
363,854
TIS, Inc.
3,500
74,952
Toho Gas Co. Ltd.
20,500
353,037
Tohoku Electric Power Co., Inc.
168,600
1,052,756
Tokyo Electron Ltd.
9,700
1,281,736
Tokyo Gas Co. Ltd.
63,800
1,432,767
Tokyo Tatemono Co. Ltd.
79,300
1,052,971
Tokyu Fudosan Holdings Corp.
217,500
1,267,226
Tosoh Corp.
22,200
271,822
Toyo Suisan Kaisha Ltd.
21,300
982,589
Toyota Boshoku Corp.
14,700
255,647
Trend Micro, Inc.
10,800
406,994
Tsumura & Co.
20,900
373,970
UBE Corp.
39,500
608,253
United Urban Investment Corp., REIT
464
467,790
USS Co. Ltd.
48,900
854,718
Yakult Honsha Co. Ltd.
22,800
537,281
Yamada Holdings Co. Ltd.
79,400
251,108
Yamaguchi Financial Group, Inc.
3,600
33,039
Yamaha Motor Co. Ltd.
54,600
1,334,252
Yokohama Rubber Co. Ltd. (The)
33,700
622,762
Zeon Corp.
3,700
30,582
 
103,835,989
INVESTMENTS
SHARES
VALUE($)
 
Jordan — 0.4%
Hikma Pharmaceuticals plc
54,474
1,262,138
Luxembourg — 0.1%
RTL Group SA
12,053
421,566
Mexico — 0.2%
Fresnillo plc
80,710
543,226
Netherlands — 3.3%
ABN AMRO Bank NV, CVA (b)
53,801
724,624
ASML Holding NV
1,269
762,822
ASR Nederland NV
27,359
1,020,996
BE Semiconductor Industries NV
9,219
952,320
Heineken Holding NV
13,026
991,063
Heineken NV
4,594
412,741
Koninklijke Ahold Delhaize NV
45,308
1,341,651
Koninklijke KPN NV
433,185
1,456,012
NN Group NV
24,963
800,623
OCI NV
10,999
256,285
Shell plc
40,228
1,296,422
Wolters Kluwer NV
12,000
1,539,672
 
11,555,231
New Zealand — 0.5%
Fisher & Paykel Healthcare Corp. Ltd.
64,623
783,483
Spark New Zealand Ltd.
343,295
996,627
 
1,780,110
Norway — 1.1%
Aker BP ASA
98
2,824
DNB Bank ASA
18,385
331,700
Equinor ASA (a)
36,477
1,222,826
Mowi ASA
5,484
89,113
Norsk Hydro ASA
164,458
937,856
Orkla ASA
73,857
509,059
Telenor ASA
60,770
621,215
 
3,714,593
Poland — 0.1%
ORLEN SA
31,742
501,966
Portugal — 0.3%
Jeronimo Martins SGPS SA
50,010
1,152,974
Russia — 0.0% ^
Evraz plc ‡ *
393,430
19,577
Singapore — 3.5%
CapitaLand Ascendas, REIT
728,842
1,384,833
CapitaLand Integrated Commercial Trust, REIT
957,808
1,230,995
SEE NOTES TO FINANCIAL STATEMENTS. 
 
October 31, 2023
J.P. Morgan Exchange-Traded Funds
157

JPMorgan Diversified Return International Equity ETF
SCHEDULE OF PORTFOLIO INVESTMENTS
AS OF October 31, 2023 (continued)
INVESTMENTS
SHARES
VALUE($)
Common Stocks — continued
Singapore — continued
City Developments Ltd.
900
4,154
ComfortDelGro Corp. Ltd.
220,800
213,263
DBS Group Holdings Ltd.
58,100
1,395,756
Jardine Cycle & Carriage Ltd.
20,800
428,476
Keppel, REIT
46,780
27,163
Keppel Corp. Ltd.
233,900
1,061,753
Mapletree Logistics Trust, REIT
225,300
241,938
Mapletree Pan Asia Commercial Trust, REIT
182,900
177,762
Oversea-Chinese Banking Corp. Ltd.
125,800
1,166,306
Sembcorp Industries Ltd.
377,300
1,265,806
Singapore Airlines Ltd.
220,400
984,143
Singapore Telecommunications Ltd.
371,600
645,720
STMicroelectronics NV
12,985
494,990
Suntec, REIT
1,072,100
861,550
Venture Corp. Ltd.
100,700
859,810
 
12,444,418
South Africa — 0.3%
Anglo American plc
41,927
1,068,284
South Korea — 6.9%
Daewoo Engineering & Construction Co. Ltd. *
29,837
87,048
DB Insurance Co. Ltd.
3,274
213,003
DL Holdings Co. Ltd.
3,729
117,441
Doosan Bobcat, Inc.
11,480
329,832
E-MART, Inc.
2,475
133,435
F&F Co. Ltd.
3,483
241,456
GS Engineering & Construction Corp.
17,626
172,522
GS Holdings Corp.
5,533
161,574
GS Retail Co. Ltd.
20,642
371,854
Hana Financial Group, Inc.
40,232
1,169,817
Hanmi Pharm Co. Ltd.
1,351
282,476
Hanwha Aerospace Co. Ltd.
11,681
878,189
Hanwha Corp.
9,204
151,610
Hanwha Life Insurance Co. Ltd. *
95,578
196,409
HD Hyundai Infracore Co. Ltd.
52,119
258,604
Hite Jinro Co. Ltd.
8,323
131,166
Hyundai Department Store Co. Ltd.
1,860
73,664
Hyundai Mobis Co. Ltd.
2,621
405,901
Industrial Bank of Korea
94,284
780,292
KB Financial Group, Inc.
35,687
1,360,327
Kia Corp.
21,464
1,226,269
Korea Gas Corp. *
18,198
308,396
Korea Investment Holdings Co. Ltd.
2,763
103,291
Korean Air Lines Co. Ltd.
24,270
369,272
KT&G Corp.
23,120
1,458,485
INVESTMENTS
SHARES
VALUE($)
 
South Korea — continued
LG Corp.
18,732
1,072,201
LG H&H Co. Ltd.
1,512
354,480
LG Innotek Co. Ltd.
5,102
846,792
LG Uplus Corp.
65,895
493,864
Mirae Asset Securities Co. Ltd.
5,795
28,388
NAVER Corp.
918
128,339
NH Investment & Securities Co. Ltd.
27,834
199,693
NongShim Co. Ltd.
1,327
436,444
Orion Corp.
9,344
826,992
POSCO Holdings, Inc.
3,518
1,076,948
Posco International Corp.
21,925
817,806
Samsung Electronics Co. Ltd.
27,368
1,362,239
Samsung Engineering Co. Ltd. *
22,797
401,789
Samsung Fire & Marine Insurance Co. Ltd.
3,194
610,765
Samsung Securities Co. Ltd.
16,484
431,821
Seegene, Inc.
12,364
175,145
SK Hynix, Inc.
16,429
1,426,729
S-Oil Corp.
4,630
228,502
Woori Financial Group, Inc.
150,134
1,326,097
Yuhan Corp.
27,919
1,190,136
 
24,417,503
Spain — 2.4%
Acciona SA
3,844
484,627
Enagas SA
38,456
643,319
Endesa SA
64,897
1,221,015
Iberdrola SA
125,632
1,397,281
Industria de Diseno Textil SA
17,904
618,010
Merlin Properties Socimi SA, REIT
52,380
436,733
Naturgy Energy Group SA
49,424
1,398,436
Redeia Corp. SA
40,343
629,146
Repsol SA
49,099
718,915
Telefonica SA
270,558
1,045,068
 
8,592,550
Sweden — 2.1%
Boliden AB
31,651
811,315
Castellum AB
105,861
1,014,547
Fastighets AB Balder, Class B *
26,244
111,506
Getinge AB, Class B
18,313
329,691
H & M Hennes & Mauritz AB, Class B (a)
35,732
480,048
Hexagon AB, Class B
68,771
560,459
Investor AB, Class B
17,572
322,571
Sagax AB, Class B
18,916
342,435
Securitas AB, Class B
101,049
809,444
SEE NOTES TO FINANCIAL STATEMENTS. 
 
158
J.P. Morgan Exchange-Traded Funds
October 31, 2023

INVESTMENTS
SHARES
VALUE($)
Common Stocks — continued
Sweden — continued
Skanska AB, Class B
20,378
305,954
SSAB AB, Class B
73,800
428,154
Tele2 AB, Class B
128,253
910,807
Telia Co. AB (a)
70,206
148,833
Trelleborg AB, Class B
31,874
806,064
 
7,381,828
Switzerland — 1.4%
Kuehne + Nagel International AG (Registered)
1,975
532,586
Novartis AG (Registered)
14,937
1,398,395
PSP Swiss Property AG (Registered)
1,965
241,772
Sandoz Group AG *
2,987
77,659
Sonova Holding AG (Registered)
1,814
429,942
Swiss Prime Site AG (Registered)
8,787
816,734
Swisscom AG (Registered)
2,334
1,398,507
 
4,895,595
United Kingdom — 15.9%
3i Group plc
60,026
1,415,268
abrdn plc
295,884
564,872
Admiral Group plc
36,798
1,093,370
Ashtead Group plc
1,875
107,536
Associated British Foods plc
53,523
1,320,309
AstraZeneca plc
11,083
1,387,633
Auto Trader Group plc (b)
81,870
619,286
Aviva plc
206,436
999,887
B&M European Value Retail SA
205,975
1,326,014
BAE Systems plc
118,401
1,592,065
Barratt Developments plc
110,728
558,423
BP plc
172,121
1,050,974
British American Tobacco plc
45,342
1,354,477
British Land Co. plc (The), REIT
240,419
871,587
BT Group plc
787,062
1,080,974
Bunzl plc
31,960
1,140,212
Burberry Group plc
40,255
829,658
Centrica plc
772,048
1,477,931
CK Hutchison Holdings Ltd.
73,756
373,374
Compass Group plc
13,593
342,698
ConvaTec Group plc (b)
468,156
1,161,939
Croda International plc
16,010
853,272
Diageo plc
13,681
517,361
DS Smith plc
146,277
507,358
Hiscox Ltd.
16,144
184,057
HSBC Holdings plc
210,001
1,516,297
IMI plc
49,762
888,702
INVESTMENTS
SHARES
VALUE($)
 
United Kingdom — continued
Imperial Brands plc
66,305
1,412,574
Informa plc
124,960
1,082,714
InterContinental Hotels Group plc
19,300
1,367,647
International Consolidated Airlines Group SA *
241,195
423,753
Intertek Group plc
10,500
489,023
J Sainsbury plc
395,694
1,238,056
Johnson Matthey plc
27,319
496,638
Land Securities Group plc, REIT
149,082
1,033,393
Legal & General Group plc
443,578
1,142,882
M&G plc
175,692
424,268
National Grid plc
82,273
980,939
NatWest Group plc
333,068
724,695
Next plc
14,909
1,250,007
Pearson plc
127,130
1,471,623
Phoenix Group Holdings plc
50,855
280,918
Rentokil Initial plc
59,780
304,429
Rightmove plc
204,172
1,177,385
Rolls-Royce Holdings plc *
179,913
473,572
Sage Group plc (The)
123,265
1,456,231
Segro plc, REIT
37,647
327,233
Severn Trent plc
14,446
466,351
Smith & Nephew plc
44,469
497,659
Smiths Group plc
70,296
1,378,901
SSE plc
65,340
1,298,539
Standard Chartered plc
159,404
1,222,204
Tate & Lyle plc
125,957
965,260
Taylor Wimpey plc
388,722
525,025
Tesco plc
448,809
1,472,795
Unilever plc
29,350
1,390,036
UNITE Group plc (The), REIT
50,280
532,090
United Utilities Group plc
117,002
1,513,253
Vodafone Group plc
1,216,359
1,119,707
Wise plc, Class A *
27,415
222,822
WPP plc
108,853
937,358
 
56,235,514
United States — 3.1%
CRH plc
26,233
1,407,843
CSL Ltd.
7,355
1,087,011
Ferguson plc
9,272
1,392,690
GSK plc
86,398
1,540,198
Haleon plc
371,131
1,487,527
Holcim AG
22,686
1,402,625
Roche Holding AG
4,251
1,095,524
Sanofi SA
6,614
600,592
SEE NOTES TO FINANCIAL STATEMENTS. 
 
October 31, 2023
J.P. Morgan Exchange-Traded Funds
159

JPMorgan Diversified Return International Equity ETF
SCHEDULE OF PORTFOLIO INVESTMENTS
AS OF October 31, 2023 (continued)
INVESTMENTS
SHARES
VALUE($)
Common Stocks — continued
United States — continued
Schneider Electric SE
3,555
546,962
Sims Ltd.
64,476
513,963
 
11,074,935
Total Common Stocks
(Cost $390,344,021)
350,428,848
Short-Term Investments — 0.7%
Investment Companies — 0.1%
JPMorgan Prime Money Market Fund Class IM
Shares, 5.49% (c) (d)(Cost $424,031)
423,893
424,062
Investment of Cash Collateral from Securities Loaned — 0.6%
JPMorgan Securities Lending Money Market Fund
Agency SL Class Shares, 5.53% (c) (d)
1,258,826
1,259,077
JPMorgan U.S. Government Money Market Fund
Class IM Shares, 5.29% (c) (d)
865,085
865,085
Total Investment of Cash Collateral from
Securities Loaned
(Cost $2,124,162)
2,124,162
Total Short-Term Investments
(Cost $2,548,193)
2,548,224
Total Investments — 99.9%
(Cost $392,892,214)
352,977,072
Other Assets Less Liabilities — 0.1%
198,307
NET ASSETS — 100.0%
353,175,379
 
Percentages indicated are based on net assets.
 
Abbreviations
 
APAC
Asia Pacific
CVA
Certificaten Van Aandelen (Dutch Certificate)
OYJ
Public Limited Company
REIT
Real Estate Investment Trust
SGPS
Holding company
 
^
Amount rounds to less than 0.1% of net assets.
‡
Value determined using significant unobservable
inputs.
 
*
Non-income producing security.
 
(a)
The security or a portion of this security is on loan at
October 31, 2023. The total value of securities on
loan at October 31, 2023 is $2,021,253.
 
(b)
Security exempt from registration pursuant to
Regulation S under the Securities Act of 1933, as
amended. Regulation S applies to securities offerings
that are made outside of the United States and do not
involve direct selling efforts in the United States and
as such may have restrictions on resale.
 
(c)
Investment in an affiliated fund, which is registered
under the Investment Company Act of 1940, as
amended, and is advised by J.P. Morgan Investment
Management Inc.
 
(d)
The rate shown is the current yield as of October 31,
2023.
 
SEE NOTES TO FINANCIAL STATEMENTS. 
 
160
J.P. Morgan Exchange-Traded Funds
October 31, 2023

Summary of Investments by Industry, October 31, 2023
The following table represents the portfolio investments of the Fund by industry classifications as a percentage of total investments:  
INDUSTRY
PERCENT OF
TOTAL
INVESTMENTS
Pharmaceuticals
6.0
%
Oil, Gas & Consumable Fuels
5.5
Metals & Mining
5.3
Banks
5.1
Diversified Telecommunication Services
4.6
Electric Utilities
4.3
Consumer Staples Distribution & Retail
4.0
Food Products
3.6
Real Estate Management & Development
3.6
Insurance
3.2
Trading Companies & Distributors
2.8
Chemicals
2.8
Beverages
2.5
Diversified REITs
2.2
Gas Utilities
2.1
Semiconductors & Semiconductor Equipment
2.1
Multi-Utilities
2.0
Wireless Telecommunication Services
1.7
Technology Hardware, Storage & Peripherals
1.7
Tobacco
1.6
Health Care Equipment & Supplies
1.6
Industrial Conglomerates
1.5
Construction & Engineering
1.5
Retail REITs
1.4
Automobiles
1.3
Software
1.3
Broadline Retail
1.3
Specialty Retail
1.3
Health Care Providers & Services
1.2
Construction Materials
1.1
Media
1.1
Personal Care Products
1.1
Capital Markets
1.1
Hotels, Restaurants & Leisure
1.0
Electronic Equipment, Instruments & Components
1.0
Others (each less than 1.0%)
13.8
Short-Term Investments
0.7
SEE NOTES TO FINANCIAL STATEMENTS. 
 
October 31, 2023
J.P. Morgan Exchange-Traded Funds
161

JPMorgan Diversified Return International Equity ETF
SCHEDULE OF PORTFOLIO INVESTMENTS
AS OF October 31, 2023 (continued)
Futures contracts outstanding as of October 31, 2023:
 
DESCRIPTION
NUMBER OF
CONTRACTS
EXPIRATION DATE
TRADING CURRENCY
NOTIONAL
AMOUNT ($)
VALUE AND
UNREALIZED
APPRECIATION
(DEPRECIATION) ($)
Long Contracts
MSCI EAFE E-Mini Index
21
12/15/2023
USD
2,072,700
(95,561
)
 
Abbreviations
 
EAFE
Europe, Australasia and Far East
MSCI
Morgan Stanley Capital International
USD
United States Dollar
SEE NOTES TO FINANCIAL STATEMENTS. 
 
162
J.P. Morgan Exchange-Traded Funds
October 31, 2023

JPMorgan Diversified Return U.S. Equity ETF
SCHEDULE OF PORTFOLIO INVESTMENTS
AS OF October 31, 2023
 
INVESTMENTS
SHARES
VALUE ($)
Common Stocks — 99.8%
Aerospace & Defense — 0.8%
General Dynamics Corp.
7,367
1,777,731
Lockheed Martin Corp.
3,815
1,734,451
 
3,512,182
Automobiles & Parts — 0.6%
Ford Motor Co.
89,412
871,767
Gentex Corp.
49,943
1,432,365
 
2,304,132
Banks — 2.0%
Bank of America Corp.
35,408
932,647
Citizens Financial Group, Inc.
7,800
182,754
Discover Financial Services
7,370
604,930
Fifth Third Bancorp
35,245
835,659
First Citizens BancShares, Inc., Class A
1,021
1,409,735
Huntington Bancshares, Inc.
93,730
904,494
KeyCorp
15,817
161,650
New York Community Bancorp, Inc.
139,615
1,323,550
Popular, Inc. (Puerto Rico)
11,306
735,342
Regions Financial Corp.
19,649
285,500
Truist Financial Corp.
25,199
714,644
US Bancorp
11,318
360,818
 
8,451,723
Beverages — 2.9%
Boston Beer Co., Inc. (The), Class A *
677
226,084
Brown-Forman Corp., Class B (a)
10,808
606,977
Celsius Holdings, Inc. *
9,292
1,413,221
Coca-Cola Co. (The)
30,427
1,718,821
Constellation Brands, Inc., Class A
6,954
1,628,279
Keurig Dr Pepper, Inc.
50,278
1,524,932
Molson Coors Beverage Co., Class B
28,684
1,657,075
Monster Beverage Corp. *
31,912
1,630,703
PepsiCo, Inc.
10,293
1,680,641
 
12,086,733
Chemicals — 3.9%
Ashland, Inc.
11,552
885,230
Celanese Corp.
9,866
1,129,756
CF Industries Holdings, Inc.
19,028
1,518,054
Chemours Co. (The)
27,389
660,349
Dow, Inc.
30,010
1,450,683
Eastman Chemical Co.
14,670
1,096,289
Element Solutions, Inc.
63,060
1,149,584
Huntsman Corp.
57,661
1,345,231
Linde plc
1,657
633,239
INVESTMENTS
SHARES
VALUE ($)
 
Chemicals — continued
LyondellBasell Industries NV, Class A
17,872
1,612,769
Mosaic Co. (The)
29,750
966,280
NewMarket Corp.
950
458,042
Olin Corp.
31,697
1,354,096
Valvoline, Inc.
25,266
749,642
Westlake Corp. (a)
13,599
1,568,781
 
16,578,025
Construction & Materials — 1.7%
A O Smith Corp.
21,280
1,484,493
Builders FirstSource, Inc. *
10,468
1,135,987
Carrier Global Corp.
6,716
320,085
Eagle Materials, Inc.
3,675
565,619
Fortune Brands Innovations, Inc.
7,207
402,151
Louisiana-Pacific Corp.
14,198
728,073
Masco Corp.
20,983
1,093,004
Quanta Services, Inc.
8,498
1,420,186
 
7,149,598
Consumer Services — 0.7%
Grand Canyon Education, Inc. *
2,703
319,846
H&R Block, Inc. (a)
42,674
1,751,767
Service Corp. International
11,909
648,088
 
2,719,701
Electricity — 7.2%
American Electric Power Co., Inc.
21,060
1,590,872
Avangrid, Inc. (a)
9,454
282,391
Clearway Energy, Inc., Class C
9,828
213,366
Consolidated Edison, Inc.
18,954
1,663,972
Constellation Energy Corp.
15,480
1,748,001
DTE Energy Co.
12,468
1,201,666
Edison International
26,115
1,646,812
Entergy Corp.
17,376
1,660,972
Evergy, Inc.
30,189
1,483,487
Exelon Corp.
44,286
1,724,497
FirstEnergy Corp.
45,616
1,623,930
Hawaiian Electric Industries, Inc. (a)
89,928
1,167,265
IDACORP, Inc.
13,783
1,305,388
OGE Energy Corp.
47,400
1,621,080
PG&E Corp. *
102,657
1,673,309
Pinnacle West Capital Corp.
22,008
1,632,553
PPL Corp.
66,061
1,623,119
Public Service Enterprise Group, Inc.
21,778
1,342,614
Southern Co. (The)
24,883
1,674,626
SEE NOTES TO FINANCIAL STATEMENTS. 
 
October 31, 2023
J.P. Morgan Exchange-Traded Funds
163

JPMorgan Diversified Return U.S. Equity ETF
SCHEDULE OF PORTFOLIO INVESTMENTS
AS OF October 31, 2023 (continued)
INVESTMENTS
SHARES
VALUE ($)
Common Stocks — continued
Electricity — continued
Vistra Corp.
57,690
1,887,617
Xcel Energy, Inc.
27,963
1,657,367
 
30,424,904
Electronic & Electrical Equipment — 0.8%
AMETEK, Inc.
7,250
1,020,583
Emerson Electric Co.
6,486
577,059
Hubbell, Inc.
4,041
1,091,474
IDEX Corp.
3,497
669,361
 
3,358,477
Finance & Credit Services — 0.5%
Ally Financial, Inc.
35,832
866,776
FactSet Research Systems, Inc.
532
229,766
MGIC Investment Corp.
36,552
615,536
OneMain Holdings, Inc.
10,066
361,671
 
2,073,749
Food Producers — 6.2%
Archer-Daniels-Midland Co.
22,626
1,619,343
Bunge Ltd.
15,690
1,662,826
Campbell Soup Co.
38,715
1,564,473
Conagra Brands, Inc.
51,836
1,418,233
Darling Ingredients, Inc. *
20,347
901,169
Flowers Foods, Inc.
67,624
1,482,994
General Mills, Inc.
27,239
1,777,072
Hershey Co. (The)
6,961
1,304,143
Hormel Foods Corp. (a)
42,460
1,382,073
Ingredion, Inc.
17,581
1,645,230
J M Smucker Co. (The)
12,664
1,441,670
Kellogg Co.
26,531
1,339,020
Kraft Heinz Co. (The)
55,388
1,742,506
Lamb Weston Holdings, Inc.
18,550
1,665,790
Mondelez International, Inc., Class A
25,893
1,714,376
Pilgrim's Pride Corp. *
12,745
324,997
Post Holdings, Inc. *
20,306
1,630,166
US Foods Holding Corp. *
38,398
1,495,218
WK Kellogg Co. * (a)
6,632
66,453
 
26,177,752
Gas, Water & Multi-utilities — 3.0%
Ameren Corp.
19,532
1,478,768
American Water Works Co., Inc.
7,367
866,727
Atmos Energy Corp.
14,366
1,546,644
CenterPoint Energy, Inc.
59,758
1,606,295
National Fuel Gas Co.
27,212
1,386,451
INVESTMENTS
SHARES
VALUE ($)
 
Gas, Water & Multi-utilities — continued
NiSource, Inc.
65,306
1,643,099
Sempra
22,765
1,594,233
UGI Corp.
46,732
972,026
WEC Energy Group, Inc.
20,037
1,630,811
 
12,725,054
General Industrials — 2.0%
Carlisle Cos., Inc.
1,906
484,295
Eaton Corp. plc
7,723
1,605,689
Honeywell International, Inc.
4,475
820,088
Illinois Tool Works, Inc.
6,567
1,471,796
ITT, Inc.
7,948
741,946
Packaging Corp. of America
6,786
1,038,597
Parker-Hannifin Corp.
2,913
1,074,635
RPM International, Inc.
11,522
1,051,613
Sonoco Products Co.
1,018
52,743
 
8,341,402
Health Care Providers — 2.6%
Chemed Corp.
1,507
847,914
Cigna Group (The)
5,668
1,752,546
DaVita, Inc. *
12,597
972,866
Elevance Health, Inc.
3,514
1,581,616
HCA Healthcare, Inc.
6,364
1,439,155
Humana, Inc.
711
372,344
Molina Healthcare, Inc. *
2,249
748,805
UnitedHealth Group, Inc.
3,649
1,954,258
Universal Health Services, Inc., Class B
10,251
1,290,498
 
10,960,002
Household Goods & Home Construction — 2.0%
DR Horton, Inc.
11,470
1,197,468
Leggett & Platt, Inc.
14,822
347,280
Lennar Corp., Class A
14,956
1,595,506
NVR, Inc. *
252
1,363,980
PulteGroup, Inc.
21,838
1,607,058
Toll Brothers, Inc.
21,526
1,522,104
Whirlpool Corp. (a)
7,245
757,537
 
8,390,933
Industrial Engineering — 0.6%
Caterpillar, Inc.
3,676
830,960
Cummins, Inc.
5,892
1,274,440
Otis Worldwide Corp.
3,688
284,750
 
2,390,150
SEE NOTES TO FINANCIAL STATEMENTS. 
 
164
J.P. Morgan Exchange-Traded Funds
October 31, 2023

INVESTMENTS
SHARES
VALUE ($)
Common Stocks — continued
Industrial Materials — 0.2%
International Paper Co.
30,645
1,033,656
Industrial Metals & Mining — 2.6%
Cleveland-Cliffs, Inc. *
65,087
1,092,160
Freeport-McMoRan, Inc.
37,233
1,257,731
Nucor Corp.
9,655
1,426,913
Reliance Steel & Aluminum Co.
6,321
1,607,936
Southern Copper Corp. (Mexico)
20,007
1,418,496
Steel Dynamics, Inc.
13,155
1,401,139
Timken Co. (The)
13,212
913,213
United States Steel Corp. (a)
56,199
1,904,584
 
11,022,172
Industrial Support Services — 2.4%
Accenture plc, Class A
5,506
1,635,778
Booz Allen Hamilton Holding Corp.
11,325
1,358,207
Capital One Financial Corp.
12,991
1,315,858
MSC Industrial Direct Co., Inc., Class A
10,311
976,967
Robert Half, Inc.
14,986
1,120,503
Synchrony Financial
42,012
1,178,437
Western Union Co. (The)
56,725
640,425
WW Grainger, Inc.
2,491
1,818,007
 
10,044,182
Industrial Transportation — 1.4%
Allison Transmission Holdings, Inc.
18,137
914,468
CSX Corp.
19,789
590,702
Landstar System, Inc.
1,257
207,128
Norfolk Southern Corp.
3,692
704,397
PACCAR, Inc.
2,691
222,088
Ryder System, Inc.
5,367
523,497
Schneider National, Inc., Class B
7,924
200,715
Union Pacific Corp.
6,235
1,294,448
United Parcel Service, Inc., Class B
9,433
1,332,411
 
5,989,854
Investment Banking & Brokerage Services — 1.2%
Ameriprise Financial, Inc.
2,746
863,809
Jefferies Financial Group, Inc.
21,428
689,553
Morgan Stanley
17,947
1,271,007
Raymond James Financial, Inc.
6,040
576,458
State Street Corp.
18,904
1,221,765
Virtu Financial, Inc., Class A
22,414
414,435
 
5,037,027
Leisure Goods — 0.5%
Electronic Arts, Inc.
6,283
777,773
INVESTMENTS
SHARES
VALUE ($)
 
Leisure Goods — continued
Garmin Ltd.
11,473
1,176,327
Harley-Davidson, Inc.
4,870
130,759
 
2,084,859
Life Insurance — 1.4%
Aflac, Inc.
19,316
1,508,773
Globe Life, Inc.
4,545
528,856
MetLife, Inc.
7,103
426,251
Principal Financial Group, Inc.
16,489
1,115,976
Prudential Financial, Inc.
3,803
347,746
Unum Group
35,451
1,733,554
 
5,661,156
Media — 0.7%
Interpublic Group of Cos., Inc. (The)
44,688
1,269,139
Nexstar Media Group, Inc.
10,672
1,494,934
 
2,764,073
Medical Equipment & Services — 3.5%
Abbott Laboratories
15,844
1,498,050
Becton Dickinson & Co.
4,657
1,177,196
Danaher Corp.
6,526
1,253,123
Hologic, Inc. *
19,984
1,322,341
Laboratory Corp. of America Holdings
6,676
1,333,398
Medtronic plc
15,221
1,073,994
Quest Diagnostics, Inc.
11,918
1,550,532
QuidelOrtho Corp. *
737
45,016
Revvity, Inc.
10,339
856,586
STERIS plc
6,239
1,310,065
Stryker Corp.
4,329
1,169,782
Thermo Fisher Scientific, Inc.
1,645
731,647
Veralto Corp. *
2,127
146,763
West Pharmaceutical Services, Inc.
4,358
1,387,108
 
14,855,601
Mortgage Real Estate Investment Trusts — 0.4%
Rithm Capital Corp.
103,890
969,293
Starwood Property Trust, Inc. (a)
50,693
899,801
 
1,869,094
Non-life Insurance — 3.1%
American Financial Group, Inc.
5,298
579,389
Aon plc, Class A
5,398
1,670,141
Arch Capital Group Ltd. *
13,701
1,187,603
Chubb Ltd.
5,175
1,110,659
Fidelity National Financial, Inc.
29,650
1,159,018
Hanover Insurance Group, Inc. (The)
1,105
129,517
SEE NOTES TO FINANCIAL STATEMENTS. 
 
October 31, 2023
J.P. Morgan Exchange-Traded Funds
165

JPMorgan Diversified Return U.S. Equity ETF
SCHEDULE OF PORTFOLIO INVESTMENTS
AS OF October 31, 2023 (continued)
INVESTMENTS
SHARES
VALUE ($)
Common Stocks — continued
Non-life Insurance — continued
Hartford Financial Services Group, Inc. (The)
22,898
1,681,858
Marsh & McLennan Cos., Inc.
8,769
1,663,041
Old Republic International Corp.
37,436
1,024,998
Progressive Corp. (The)
12,482
1,973,279
Reinsurance Group of America, Inc.
3,824
571,573
WR Berkley Corp.
6,899
465,131
 
13,216,207
Non-Renewable Energy — 6.1%
Antero Midstream Corp.
137,726
1,699,539
Cheniere Energy, Inc.
8,706
1,448,853
Chesapeake Energy Corp. (a)
4,270
367,562
Chevron Corp.
11,162
1,626,638
ConocoPhillips
12,388
1,471,694
Coterra Energy, Inc.
64,425
1,771,687
DT Midstream, Inc.
1,346
72,644
EOG Resources, Inc.
11,650
1,470,812
EQT Corp.
41,485
1,758,134
Exxon Mobil Corp.
15,684
1,660,151
HF Sinclair Corp.
27,713
1,534,746
Marathon Oil Corp.
54,564
1,490,143
Marathon Petroleum Corp.
12,563
1,900,154
Occidental Petroleum Corp.
9,455
584,414
Phillips 66
12,966
1,479,032
Pioneer Natural Resources Co.
6,594
1,575,966
Targa Resources Corp.
20,958
1,752,298
Texas Pacific Land Corp.
285
526,096
Valero Energy Corp.
12,125
1,539,875
Williams Cos., Inc. (The)
2,368
81,459
 
25,811,897
Personal Care, Drug & Grocery Stores — 5.1%
Albertsons Cos., Inc., Class A
81,670
1,772,239
Casey's General Stores, Inc.
7,529
2,047,210
Cencora, Inc. (a)
10,475
1,939,446
Church & Dwight Co., Inc.
18,364
1,670,022
Clorox Co. (The)
11,625
1,368,263
Colgate-Palmolive Co.
23,393
1,757,282
CVS Health Corp.
18,382
1,268,542
GCI Liberty Inc. ‡ *
15,887
—
Kenvue, Inc.
67,112
1,248,283
Kimberly-Clark Corp.
14,158
1,693,863
Kroger Co. (The)
39,247
1,780,636
McKesson Corp.
4,442
2,022,709
Olaplex Holdings, Inc. *
41,153
58,437
INVESTMENTS
SHARES
VALUE ($)
 
Personal Care, Drug & Grocery Stores — continued
Performance Food Group Co. *
8,326
480,910
Procter & Gamble Co. (The)
11,680
1,752,351
Spectrum Brands Holdings, Inc.
7,328
551,945
 
21,412,138
Personal Goods — 0.2%
Carter's, Inc. (a)
2,388
160,378
NIKE, Inc., Class B
4,448
457,121
 
617,499
Pharmaceuticals, Biotechnology & Marijuana Producers — 4.8%
AbbVie, Inc.
11,979
1,691,195
Amgen, Inc.
6,766
1,730,066
Bristol-Myers Squibb Co.
23,939
1,233,577
Cardinal Health, Inc.
20,332
1,850,212
Eli Lilly & Co.
3,288
1,821,322
Fortrea Holdings, Inc. * (a)
6,529
185,424
Gilead Sciences, Inc.
21,877
1,718,220
Merck & Co., Inc.
15,860
1,628,822
Pfizer, Inc.
37,622
1,149,728
Regeneron Pharmaceuticals, Inc. *
2,205
1,719,657
United Therapeutics Corp. *
6,222
1,386,635
Vertex Pharmaceuticals, Inc. *
5,221
1,890,576
Viatris, Inc.
96,517
859,001
Zoetis, Inc.
8,749
1,373,593
 
20,238,028
Precious Metals & Mining — 0.2%
Newmont Corp.
24,188
906,324
Real Estate Investment & Services — 1.2%
CBRE Group, Inc., Class A *
17,835
1,236,679
CoStar Group, Inc. *
21,854
1,604,302
Jones Lang LaSalle, Inc. *
7,955
1,017,604
Zillow Group, Inc., Class C *
28,480
1,032,400
 
4,890,985
Real Estate Investment Trusts — 8.0%
Brixmor Property Group, Inc.
68,937
1,433,200
Camden Property Trust
8,705
738,880
Crown Castle, Inc.
8,888
826,406
CubeSmart
43,494
1,482,710
EastGroup Properties, Inc.
2,034
332,051
EPR Properties
5,109
218,154
Equinix, Inc.
2,075
1,514,003
First Industrial Realty Trust, Inc.
16,952
717,070
Gaming and Leisure Properties, Inc.
38,054
1,727,271
SEE NOTES TO FINANCIAL STATEMENTS. 
 
166
J.P. Morgan Exchange-Traded Funds
October 31, 2023

INVESTMENTS
SHARES
VALUE ($)
Common Stocks — continued
Real Estate Investment Trusts — continued
Host Hotels & Resorts, Inc.
115,902
1,794,163
Iron Mountain, Inc.
28,369
1,675,757
Kimco Realty Corp.
64,985
1,165,831
Lamar Advertising Co., Class A
17,196
1,414,715
Mid-America Apartment Communities, Inc.
8,010
946,382
NNN REIT, Inc.
23,949
870,067
Omega Healthcare Investors, Inc. (a)
55,549
1,838,672
Prologis, Inc.
14,680
1,479,010
Public Storage
6,119
1,460,667
Regency Centers Corp.
20,564
1,239,187
Simon Property Group, Inc.
15,705
1,725,822
Spirit Realty Capital, Inc.
31,202
1,122,960
STAG Industrial, Inc.
24,101
800,635
Ventas, Inc.
23,479
996,918
VICI Properties, Inc.
58,231
1,624,645
Welltower, Inc.
17,844
1,491,937
Weyerhaeuser Co.
55,102
1,580,876
WP Carey, Inc.
22,020
1,181,373
 
33,399,362
Retailers — 3.9%
AutoZone, Inc. * (a)
698
1,729,037
Best Buy Co., Inc.
14,486
967,954
Dick's Sporting Goods, Inc. (a)
13,024
1,392,917
Kohl's Corp. (a)
2,316
52,226
Lowe's Cos., Inc.
7,762
1,479,204
Macy's, Inc. (a)
66,534
810,384
O'Reilly Automotive, Inc. *
1,905
1,772,488
Penske Automotive Group, Inc. (a)
10,640
1,522,371
Ross Stores, Inc.
9,848
1,142,073
Target Corp.
8,054
892,303
TJX Cos., Inc. (The)
16,857
1,484,596
Tractor Supply Co. (a)
7,777
1,497,539
Williams-Sonoma, Inc.
9,672
1,453,121
 
16,196,213
Software & Computer Services — 3.8%
Alphabet, Inc., Class A *
3,306
410,208
Amdocs Ltd. (a)
14,956
1,198,873
CACI International, Inc., Class A *
1,514
491,687
Cadence Design Systems, Inc. *
7,410
1,777,288
Cognizant Technology Solutions Corp., Class A
25,157
1,621,872
Dolby Laboratories, Inc., Class A
4,319
349,580
Gartner, Inc. *
3,477
1,154,503
Hewlett Packard Enterprise Co.
90,249
1,388,030
INVESTMENTS
SHARES
VALUE ($)
 
Software & Computer Services — continued
Intuit, Inc.
3,164
1,566,022
Meta Platforms, Inc., Class A *
6,183
1,862,752
Microsoft Corp.
5,581
1,886,992
Oracle Corp.
14,923
1,543,038
Science Applications International Corp.
3,161
345,308
SS&C Technologies Holdings, Inc.
3,095
155,524
 
15,751,677
Technology Hardware & Equipment — 3.8%
Amphenol Corp., Class A
18,125
1,459,969
Analog Devices, Inc.
9,731
1,530,978
Apple, Inc.
9,524
1,626,413
Applied Materials, Inc.
11,718
1,550,877
Broadcom, Inc.
2,069
1,740,795
KLA Corp.
3,560
1,672,132
Lam Research Corp.
2,571
1,512,314
NetApp, Inc.
17,256
1,255,892
NVIDIA Corp.
3,720
1,517,016
Skyworks Solutions, Inc.
9,778
848,144
TD SYNNEX Corp.
4,905
449,690
Texas Instruments, Inc.
4,924
699,257
 
15,863,477
Telecommunications Equipment — 2.0%
Arista Networks, Inc. *
9,296
1,862,639
Ciena Corp. *
24,329
1,026,684
Cisco Systems, Inc.
31,198
1,626,352
Juniper Networks, Inc.
61,567
1,657,384
Motorola Solutions, Inc.
6,371
1,774,069
Ubiquiti, Inc. (a)
3,848
467,339
 
8,414,467
Telecommunications Service Providers — 3.5%
AT&T, Inc.
100,069
1,541,063
Cable One, Inc.
2,075
1,140,980
Charter Communications, Inc., Class A *
4,340
1,748,152
Comcast Corp., Class A
39,462
1,629,386
DISH Network Corp., Class A * (a)
203,545
997,370
Frontier Communications Parent, Inc. *
73,875
1,323,840
Iridium Communications, Inc.
12,064
446,971
Liberty Broadband Corp., Class C *
13,764
1,146,679
Roku, Inc. * (a)
16,562
986,598
T-Mobile US, Inc. *
13,352
1,920,819
Verizon Communications, Inc.
51,766
1,818,540
 
14,700,398
SEE NOTES TO FINANCIAL STATEMENTS. 
 
October 31, 2023
J.P. Morgan Exchange-Traded Funds
167

JPMorgan Diversified Return U.S. Equity ETF
SCHEDULE OF PORTFOLIO INVESTMENTS
AS OF October 31, 2023 (continued)
INVESTMENTS
SHARES
VALUE ($)
Common Stocks — continued
Tobacco — 0.8%
Altria Group, Inc.
40,911
1,643,395
Philip Morris International, Inc.
18,861
1,681,647
 
3,325,042
Travel & Leisure — 0.3%
Darden Restaurants, Inc.
8,278
1,204,698
Travel + Leisure Co.
7,174
244,131
 
1,448,829
Waste & Disposal Services — 1.2%
Clean Harbors, Inc. *
10,408
1,599,397
Republic Services, Inc.
12,146
1,803,560
Waste Management, Inc.
10,918
1,794,155
 
5,197,112
Total Common Stocks
(Cost $413,779,874)
419,395,846
Short-Term Investments — 5.0%
Investment Companies — 0.1%
JPMorgan U.S. Government Money Market Fund
Class IM Shares, 5.29% (b) (c)(Cost
$306,480)
306,480
306,480
Investment of Cash Collateral from Securities Loaned — 4.9%
JPMorgan Securities Lending Money Market
Fund Class Agency SL Shares, 5.53% (b) (c)
16,996,201
16,999,600
INVESTMENTS
SHARES
VALUE ($)
 
 
JPMorgan U.S. Government Money Market Fund
Class IM Shares, 5.29% (b) (c)
3,440,270
3,440,270
Total Investment of Cash Collateral from
Securities Loaned
(Cost $20,440,070)
20,439,870
Total Short-Term Investments
(Cost $20,746,550)
20,746,350
Total Investments — 104.8%
(Cost $434,526,424)
440,142,196
Liabilities in Excess of Other Assets — (4.8)%
(19,976,155
)
NET ASSETS — 100.0%
420,166,041
 
Percentages indicated are based on net assets.
 
‡
Value determined using significant unobservable inputs.
*
Non-income producing security.
(a)
The security or a portion of this security is on loan at October 31,
2023. The total value of securities on loan at October 31, 2023 is
$20,157,750.
(b)
Investment in an affiliated fund, which is registered under the
Investment Company Act of 1940, as amended, and is advised by
J.P. Morgan Investment Management Inc.
(c)
The rate shown is the current yield as of October 31, 2023.
Futures contracts outstanding as of October 31, 2023:
 
DESCRIPTION
NUMBER OF
CONTRACTS
EXPIRATION DATE
TRADING CURRENCY
NOTIONAL
AMOUNT ($)
VALUE AND
UNREALIZED
APPRECIATION
(DEPRECIATION) ($)
Long Contracts
S&P 500 E-Mini Index
2
12/15/2023
USD
421,175
508
 
Abbreviations
 
USD
United States Dollar
SEE NOTES TO FINANCIAL STATEMENTS. 
 
168
J.P. Morgan Exchange-Traded Funds
October 31, 2023

JPMorgan Diversified Return U.S. Mid Cap Equity ETF
SCHEDULE OF PORTFOLIO INVESTMENTS
AS OF October 31, 2023
 
INVESTMENTS
SHARES
VALUE ($)
Common Stocks — 99.8%
Aerospace & Defense — 0.1%
Textron, Inc.
5,927
450,452
Automobiles & Parts — 0.6%
BorgWarner, Inc.
14,335
528,962
Gentex Corp.
40,461
1,160,421
LKQ Corp.
4,330
190,174
Phinia, Inc.
3,155
81,651
 
1,961,208
Banks — 2.2%
Citizens Financial Group, Inc.
9,129
213,892
Comerica, Inc.
3,952
155,709
Discover Financial Services
7,335
602,057
Fifth Third Bancorp
15,510
367,742
First Citizens BancShares, Inc., Class A
781
1,078,358
First Horizon Corp.
15,267
164,120
FNB Corp.
16,342
174,696
Huntington Bancshares, Inc.
84,819
818,503
KeyCorp
18,484
188,906
M&T Bank Corp. (a)
5,534
623,959
New York Community Bancorp, Inc.
91,873
870,956
Popular, Inc. (Puerto Rico)
11,922
775,407
Prosperity Bancshares, Inc.
3,032
165,365
Regions Financial Corp.
25,016
363,483
Zions Bancorp NA
5,975
184,329
 
6,747,482
Beverages — 1.1%
Brown-Forman Corp., Class B (a)
18,821
1,056,987
Celsius Holdings, Inc. *
7,088
1,078,014
Molson Coors Beverage Co., Class B
21,823
1,260,715
 
3,395,716
Chemicals — 4.3%
Albemarle Corp.
2,527
320,373
Ashland, Inc.
7,965
610,358
Celanese Corp.
8,124
930,279
CF Industries Holdings, Inc.
17,325
1,382,189
Chemours Co. (The)
31,476
758,886
Eastman Chemical Co.
12,465
931,510
Element Solutions, Inc.
65,842
1,200,300
Huntsman Corp.
44,994
1,049,710
LyondellBasell Industries NV, Class A
13,617
1,228,798
Mosaic Co. (The)
28,047
910,967
NewMarket Corp.
1,233
594,491
Olin Corp.
26,427
1,128,961
INVESTMENTS
SHARES
VALUE ($)
 
Chemicals — continued
Valvoline, Inc.
35,836
1,063,254
Westlake Corp. (a)
10,362
1,195,360
 
13,305,436
Construction & Materials — 2.2%
A O Smith Corp.
15,397
1,074,095
Builders FirstSource, Inc. *
9,266
1,005,546
Eagle Materials, Inc.
2,654
408,477
Fortune Brands Innovations, Inc.
8,774
489,589
Louisiana-Pacific Corp.
14,788
758,329
Masco Corp.
16,488
858,860
Owens Corning
9,378
1,063,184
Quanta Services, Inc.
6,490
1,084,609
 
6,742,689
Consumer Services — 0.6%
H&R Block, Inc.
23,880
980,274
Service Corp. International
15,846
862,339
 
1,842,613
Electricity — 7.7%
Alliant Energy Corp.
19,481
950,478
Avangrid, Inc. (a)
13,480
402,648
Brookfield Renewable Corp.
15,176
345,406
Clearway Energy, Inc., Class C (a)
12,164
264,081
CMS Energy Corp.
12,098
657,405
Consolidated Edison, Inc.
15,552
1,365,310
Constellation Energy Corp.
12,134
1,370,171
DTE Energy Co.
10,935
1,053,915
Edison International
20,099
1,267,443
Entergy Corp.
14,560
1,391,791
Evergy, Inc.
25,645
1,260,195
FirstEnergy Corp. (a)
35,095
1,249,382
Hawaiian Electric Industries, Inc. (a)
91,443
1,186,930
IDACORP, Inc.
12,627
1,195,903
NRG Energy, Inc.
12,733
539,625
OGE Energy Corp.
40,666
1,390,777
PG&E Corp. *
83,475
1,360,643
Pinnacle West Capital Corp.
18,085
1,341,545
PPL Corp.
55,503
1,363,709
Public Service Enterprise Group, Inc.
22,642
1,395,879
Vistra Corp.
43,207
1,413,733
Xcel Energy, Inc.
20,242
1,199,743
 
23,966,712
SEE NOTES TO FINANCIAL STATEMENTS. 
 
October 31, 2023
J.P. Morgan Exchange-Traded Funds
169

JPMorgan Diversified Return U.S. Mid Cap Equity ETF
SCHEDULE OF PORTFOLIO INVESTMENTS
AS OF October 31, 2023 (continued)
INVESTMENTS
SHARES
VALUE ($)
Common Stocks — continued
Electronic & Electrical Equipment — 1.7%
AMETEK, Inc.
8,559
1,204,850
Crane Co.
1,076
104,727
Crane NXT Co.
3,502
182,104
Hubbell, Inc.
4,189
1,131,449
IDEX Corp.
5,895
1,128,362
Keysight Technologies, Inc. *
8,239
1,005,570
nVent Electric plc
9,373
451,123
 
5,208,185
Finance & Credit Services — 0.5%
Ally Financial, Inc.
12,831
310,382
MGIC Investment Corp.
39,508
665,314
OneMain Holdings, Inc.
19,318
694,096
 
1,669,792
Food Producers — 4.9%
Bunge Ltd.
11,953
1,266,779
Campbell Soup Co.
33,587
1,357,251
Conagra Brands, Inc.
46,869
1,282,336
Darling Ingredients, Inc. *
18,657
826,319
Flowers Foods, Inc.
52,924
1,160,623
Hormel Foods Corp. (a)
32,994
1,073,955
Ingredion, Inc.
13,382
1,252,288
J M Smucker Co. (The)
9,657
1,099,353
Kellogg Co.
22,956
1,158,589
Lamb Weston Holdings, Inc.
14,119
1,267,886
Pilgrim's Pride Corp. *
31,575
805,162
Post Holdings, Inc. *
15,471
1,242,012
US Foods Holding Corp. *
33,772
1,315,082
WK Kellogg Co. *
5,673
56,843
 
15,164,478
Gas, Water & Multi-utilities — 3.0%
Ameren Corp.
17,517
1,326,212
American Water Works Co., Inc.
7,397
870,257
Atmos Energy Corp.
11,881
1,279,109
CenterPoint Energy, Inc.
48,809
1,311,986
National Fuel Gas Co.
23,972
1,221,373
NiSource, Inc.
51,668
1,299,967
UGI Corp.
40,338
839,030
WEC Energy Group, Inc.
15,143
1,232,489
 
9,380,423
General Industrials — 1.8%
AptarGroup, Inc.
237
28,978
Carlisle Cos., Inc.
1,268
322,186
INVESTMENTS
SHARES
VALUE ($)
 
General Industrials — continued
ITT, Inc.
4,186
390,763
Packaging Corp. of America
7,138
1,092,471
Parker-Hannifin Corp.
3,254
1,200,433
RPM International, Inc.
13,331
1,216,720
Silgan Holdings, Inc.
12,400
496,744
Sonoco Products Co.
10,463
542,088
WestRock Co.
5,932
213,137
 
5,503,520
Health Care Providers — 3.4%
Acadia Healthcare Co., Inc. *
16,686
1,226,588
Chemed Corp.
2,510
1,412,252
DaVita, Inc. *
11,119
858,720
Encompass Health Corp.
19,364
1,211,412
IQVIA Holdings, Inc. *
5,598
1,012,286
Molina Healthcare, Inc. *
4,058
1,351,111
Premier, Inc., Class A
24,960
479,731
Tenet Healthcare Corp. *
16,084
863,711
Universal Health Services, Inc., Class B
8,311
1,046,272
Veeva Systems, Inc., Class A *
5,413
1,043,139
 
10,505,222
Household Goods & Home Construction — 2.0%
DR Horton, Inc.
8,827
921,539
Leggett & Platt, Inc.
13,061
306,019
Lennar Corp., Class A
11,398
1,215,939
NVR, Inc. *
171
925,558
PulteGroup, Inc.
13,939
1,025,771
Toll Brothers, Inc.
16,414
1,160,634
Whirlpool Corp. (a)
5,717
597,769
 
6,153,229
Industrial Engineering — 1.8%
Cummins, Inc.
4,915
1,063,114
Graco, Inc.
16,166
1,201,942
Lincoln Electric Holdings, Inc.
5,114
893,927
Nordson Corp.
939
199,622
Snap-on, Inc.
4,991
1,287,379
Toro Co. (The)
10,788
872,102
 
5,518,086
Industrial Materials — 0.8%
Avery Dennison Corp.
2,258
393,050
Hexcel Corp.
13,897
860,502
International Paper Co.
35,182
1,186,689
 
2,440,241
SEE NOTES TO FINANCIAL STATEMENTS. 
 
170
J.P. Morgan Exchange-Traded Funds
October 31, 2023

INVESTMENTS
SHARES
VALUE ($)
Common Stocks — continued
Industrial Metals & Mining — 2.8%
Cleveland-Cliffs, Inc. *
54,053
907,009
Fastenal Co.
23,983
1,399,168
Nucor Corp.
7,963
1,176,852
Reliance Steel & Aluminum Co.
4,824
1,227,129
Steel Dynamics, Inc.
12,796
1,362,902
Timken Co. (The)
17,518
1,210,844
United States Steel Corp. (a)
44,231
1,498,989
 
8,782,893
Industrial Support Services — 1.6%
ADT, Inc.
15,320
86,711
Booz Allen Hamilton Holding Corp.
3,716
445,660
MSC Industrial Direct Co., Inc., Class A
9,558
905,620
Paychex, Inc.
7,650
849,533
Robert Half, Inc.
3,794
283,677
Synchrony Financial
27,474
770,646
Western Union Co. (The)
12,572
141,938
WW Grainger, Inc.
1,907
1,391,786
 
4,875,571
Industrial Transportation — 1.7%
Allison Transmission Holdings, Inc.
19,936
1,005,173
Expeditors International of Washington, Inc.
7,644
835,107
Landstar System, Inc.
6,634
1,093,151
Old Dominion Freight Line, Inc.
3,156
1,188,739
PACCAR, Inc.
5,276
435,428
Ryder System, Inc.
6,164
601,237
Schneider National, Inc., Class B
8,506
215,457
 
5,374,292
Investment Banking & Brokerage Services — 1.9%
Ameriprise Financial, Inc.
3,527
1,109,488
Invesco Ltd.
53,370
692,209
Jefferies Financial Group, Inc.
36,268
1,167,104
LPL Financial Holdings, Inc.
5,355
1,202,305
Raymond James Financial, Inc.
7,445
710,551
State Street Corp.
14,678
948,639
Virtu Financial, Inc., Class A
5,806
107,353
 
5,937,649
Leisure Goods — 0.7%
Garmin Ltd.
8,876
910,056
Harley-Davidson, Inc.
2,172
58,318
Polaris, Inc. (a)
4,697
405,915
INVESTMENTS
SHARES
VALUE ($)
 
Leisure Goods — continued
Pool Corp.
1,423
449,341
Thor Industries, Inc. (a)
4,854
426,812
 
2,250,442
Life Insurance — 1.3%
Aflac, Inc.
17,965
1,403,246
Primerica, Inc.
1,376
263,036
Principal Financial Group, Inc.
15,176
1,027,112
Unum Group
27,763
1,357,611
 
4,051,005
Media — 1.1%
Interpublic Group of Cos., Inc. (The)
33,981
965,060
Liberty Media Corp-Liberty Live, Class A *
3,534
110,402
Liberty Media Corp-Liberty SiriusXM, Class A *
13,073
320,158
Nexstar Media Group, Inc.
8,063
1,129,465
Omnicom Group, Inc.
10,660
798,541
 
3,323,626
Medical Equipment & Services — 4.5%
Agilent Technologies, Inc.
9,009
931,260
Bio-Techne Corp.
3,256
177,875
Bruker Corp.
15,306
872,442
Cooper Cos., Inc. (The)
2,395
746,641
Dentsply Sirona, Inc.
20,247
615,711
Envista Holdings Corp. *
8,478
197,283
Henry Schein, Inc. *
17,950
1,166,391
Hologic, Inc. *
17,192
1,137,595
Integra LifeSciences Holdings Corp. *
4,889
175,808
Laboratory Corp. of America Holdings
5,281
1,054,774
QIAGEN NV * (a)
730
27,324
QIAGEN NV *
24,439
914,752
Quest Diagnostics, Inc.
10,055
1,308,156
QuidelOrtho Corp. *
11,556
705,840
ResMed, Inc.
5,373
758,775
Revvity, Inc.
8,553
708,616
STERIS plc
5,957
1,250,851
Teleflex, Inc.
809
149,463
West Pharmaceutical Services, Inc.
3,371
1,072,956
 
13,972,513
Mortgage Real Estate Investment Trusts — 0.7%
Annaly Capital Management, Inc.
11,191
174,691
Rithm Capital Corp.
131,861
1,230,263
Starwood Property Trust, Inc. (a)
47,569
844,350
 
2,249,304
SEE NOTES TO FINANCIAL STATEMENTS. 
 
October 31, 2023
J.P. Morgan Exchange-Traded Funds
171

JPMorgan Diversified Return U.S. Mid Cap Equity ETF
SCHEDULE OF PORTFOLIO INVESTMENTS
AS OF October 31, 2023 (continued)
INVESTMENTS
SHARES
VALUE ($)
Common Stocks — continued
Non-life Insurance — 3.1%
American Financial Group, Inc.
9,144
999,988
Arch Capital Group Ltd. *
3,663
317,509
Arthur J Gallagher & Co.
5,950
1,401,165
Assured Guaranty Ltd.
7,081
441,854
Axis Capital Holdings Ltd.
6,437
367,553
Brown & Brown, Inc.
6,252
434,014
CNA Financial Corp.
209
8,444
Everest Group Ltd.
1,942
768,294
Fidelity National Financial, Inc.
11,500
449,535
First American Financial Corp.
6,283
323,198
Hanover Insurance Group, Inc. (The)
488
57,198
Hartford Financial Services Group, Inc. (The)
17,937
1,317,473
Old Republic International Corp.
50,103
1,371,820
Reinsurance Group of America, Inc.
6,981
1,043,450
White Mountains Insurance Group Ltd.
270
386,302
 
9,687,797
Non-Renewable Energy — 7.1%
Antero Midstream Corp.
112,592
1,389,385
Antero Resources Corp. *
37,690
1,109,594
APA Corp.
20,810
826,573
Cheniere Energy, Inc.
6,718
1,118,010
Chesapeake Energy Corp. (a)
12,673
1,090,892
Coterra Energy, Inc.
48,275
1,327,563
Devon Energy Corp.
17,353
808,129
Diamondback Energy, Inc.
8,881
1,423,802
DT Midstream, Inc.
4,756
256,681
EQT Corp.
31,067
1,316,620
Halliburton Co.
30,394
1,195,700
Hess Corp.
7,311
1,055,708
HF Sinclair Corp.
24,171
1,338,590
Marathon Oil Corp.
42,143
1,150,925
ONEOK, Inc.
19,267
1,256,208
Phillips 66
11,736
1,338,726
Range Resources Corp. (a)
14,377
515,272
Targa Resources Corp.
15,704
1,313,011
Texas Pacific Land Corp.
521
961,740
Williams Cos., Inc. (The)
37,911
1,304,138
 
22,097,267
Personal Care, Drug & Grocery Stores — 3.6%
Albertsons Cos., Inc., Class A
61,121
1,326,326
Casey's General Stores, Inc.
5,646
1,535,204
Cencora, Inc. (a)
7,822
1,448,243
Church & Dwight Co., Inc.
14,287
1,299,260
INVESTMENTS
SHARES
VALUE ($)
 
Personal Care, Drug & Grocery Stores — continued
Clorox Co. (The)
8,865
1,043,411
GCI Liberty Inc. ‡ *
8,086
—
Grocery Outlet Holding Corp. *
14,693
406,555
Kroger Co. (The)
29,715
1,348,170
Olaplex Holdings, Inc. * (a)
71,671
101,773
Performance Food Group Co. *
22,036
1,272,799
Reynolds Consumer Products, Inc.
23,973
609,633
Spectrum Brands Holdings, Inc.
10,717
807,204
 
11,198,578
Personal Goods — 0.8%
Carter's, Inc. (a)
2,963
198,995
Crocs, Inc. *
8,346
745,465
Deckers Outdoor Corp. *
1,295
773,193
Tapestry, Inc.
29,699
818,504
 
2,536,157
Pharmaceuticals, Biotechnology & Marijuana Producers — 2.7%
Biogen, Inc. * (a)
1,046
248,467
Cardinal Health, Inc.
15,437
1,404,767
Exelixis, Inc. *
26,945
554,798
Fortrea Holdings, Inc. * (a)
5,581
158,500
Incyte Corp. *
14,633
789,158
Jazz Pharmaceuticals plc *
9,009
1,144,323
Maravai LifeSciences Holdings, Inc., Class A *
19,951
136,864
Neurocrine Biosciences, Inc. *
5,325
590,755
Royalty Pharma plc
33,412
897,780
United Therapeutics Corp. *
5,293
1,179,598
Viatris, Inc.
127,153
1,131,662
 
8,236,672
Precious Metals & Mining — 0.2%
SSR Mining, Inc. (Canada) (a)
35,840
497,459
Real Estate Investment & Services — 1.3%
CBRE Group, Inc., Class A *
15,953
1,106,181
CoStar Group, Inc. *
16,642
1,221,689
Jones Lang LaSalle, Inc. *
6,197
792,720
Zillow Group, Inc., Class C *
24,371
883,449
 
4,004,039
Real Estate Investment Trusts — 9.4%
American Homes 4 Rent, Class A
17,929
586,995
AvalonBay Communities, Inc.
1,397
231,539
Brixmor Property Group, Inc.
62,488
1,299,126
Camden Property Trust
7,255
615,804
Cousins Properties, Inc.
16,554
295,820
SEE NOTES TO FINANCIAL STATEMENTS. 
 
172
J.P. Morgan Exchange-Traded Funds
October 31, 2023

INVESTMENTS
SHARES
VALUE ($)
Common Stocks — continued
Real Estate Investment Trusts — continued
CubeSmart
33,125
1,129,231
EastGroup Properties, Inc.
5,961
973,133
EPR Properties
23,946
1,022,494
First Industrial Realty Trust, Inc.
19,238
813,767
Gaming and Leisure Properties, Inc.
28,968
1,314,858
Highwoods Properties, Inc. (a)
10,395
185,967
Host Hotels & Resorts, Inc.
86,778
1,343,323
Iron Mountain, Inc. (a)
21,618
1,276,975
Kimco Realty Corp.
61,242
1,098,682
Lamar Advertising Co., Class A (a)
15,026
1,236,189
Mid-America Apartment Communities, Inc.
6,997
826,696
NNN REIT, Inc.
23,221
843,619
Omega Healthcare Investors, Inc. (a)
41,992
1,389,935
Park Hotels & Resorts, Inc.
80,775
931,336
Rayonier, Inc.
20,397
514,820
Regency Centers Corp.
22,022
1,327,046
Rexford Industrial Realty, Inc.
18,409
796,005
Simon Property Group, Inc.
11,958
1,314,065
Spirit Realty Capital, Inc.
35,174
1,265,912
STAG Industrial, Inc.
30,209
1,003,543
Ventas, Inc.
20,880
886,565
VICI Properties, Inc.
44,337
1,237,002
Welltower, Inc.
15,496
1,295,621
Weyerhaeuser Co.
42,018
1,205,496
WP Carey, Inc.
17,317
929,057
 
29,190,621
Retailers — 2.7%
AutoNation, Inc. *
8,566
1,114,265
Bath & Body Works, Inc.
3,386
100,395
Best Buy Co., Inc.
13,643
911,625
Dick's Sporting Goods, Inc. (a)
9,877
1,056,345
Kohl's Corp. (a)
1,356
30,578
Macy's, Inc. (a)
37,645
458,516
Penske Automotive Group, Inc. (a)
8,273
1,183,701
Ross Stores, Inc.
9,819
1,138,710
Tractor Supply Co. (a)
6,070
1,168,839
Williams-Sonoma, Inc.
7,474
1,122,894
 
8,285,868
Software & Computer Services — 4.3%
Akamai Technologies, Inc. *
4,959
512,413
Amdocs Ltd.
14,133
1,132,901
ANSYS, Inc. *
4,133
1,150,049
CACI International, Inc., Class A *
3,771
1,224,670
INVESTMENTS
SHARES
VALUE ($)
 
Software & Computer Services — continued
Concentrix Corp. (a)
5,638
429,672
Dolby Laboratories, Inc., Class A
11,639
942,061
EPAM Systems, Inc. *
489
106,392
Gartner, Inc. *
3,898
1,294,292
Gen Digital, Inc.
14,877
247,851
Hewlett Packard Enterprise Co.
64,992
999,577
Leidos Holdings, Inc.
10,015
992,687
Manhattan Associates, Inc. *
6,827
1,331,128
Paycom Software, Inc.
570
139,633
Science Applications International Corp.
7,864
859,063
SS&C Technologies Holdings, Inc.
19,486
979,171
Tyler Technologies, Inc. *
2,602
970,286
 
13,311,846
Technology Hardware & Equipment — 4.2%
Amphenol Corp., Class A
15,522
1,250,297
CDW Corp.
6,451
1,292,780
Cirrus Logic, Inc. *
11,041
738,974
Corning, Inc.
26,912
720,165
HP, Inc.
28,960
762,517
Jabil, Inc. (a)
11,890
1,460,092
Microchip Technology, Inc.
10,783
768,720
Monolithic Power Systems, Inc.
2,624
1,159,126
NetApp, Inc.
13,391
974,597
ON Semiconductor Corp. *
13,837
866,750
Qorvo, Inc. *
8,432
737,126
Skyworks Solutions, Inc.
7,933
688,108
TD SYNNEX Corp.
8,397
769,837
Teradyne, Inc. (a)
10,252
853,684
 
13,042,773
Telecommunications Equipment — 1.3%
Ciena Corp. *
25,126
1,060,317
Juniper Networks, Inc.
46,662
1,256,141
Lumentum Holdings, Inc. * (a)
19,555
766,752
Ubiquiti, Inc. (a)
3,545
430,540
Viasat, Inc. * (a)
19,709
363,434
 
3,877,184
Telecommunications Service Providers — 1.7%
Cable One, Inc.
2,004
1,101,940
DISH Network Corp., Class A * (a)
152,726
748,358
Frontier Communications Parent, Inc. * (a)
59,058
1,058,319
Iridium Communications, Inc.
14,926
553,008
SEE NOTES TO FINANCIAL STATEMENTS. 
 
October 31, 2023
J.P. Morgan Exchange-Traded Funds
173

JPMorgan Diversified Return U.S. Mid Cap Equity ETF
SCHEDULE OF PORTFOLIO INVESTMENTS
AS OF October 31, 2023 (continued)
INVESTMENTS
SHARES
VALUE ($)
Common Stocks — continued
Telecommunications Service Providers — continued
Liberty Broadband Corp., Class C *
13,972
1,164,007
Roku, Inc. * (a)
10,340
615,954
 
5,241,586
Travel & Leisure — 1.5%
Boyd Gaming Corp.
15,748
870,077
Choice Hotels International, Inc. (a)
3,002
331,721
Darden Restaurants, Inc.
6,653
968,211
MGM Resorts International
23,897
834,484
Texas Roadhouse, Inc.
9,293
943,611
Travel + Leisure Co.
5,508
187,437
Wendy's Co. (The)
29,038
552,303
 
4,687,844
Waste & Disposal Services — 0.9%
Clean Harbors, Inc. *
7,933
1,219,064
Republic Services, Inc.
9,478
1,407,388
Stericycle, Inc. *
7,546
311,197
 
2,937,649
Total Common Stocks
(Cost $328,157,718)
309,606,119
Short-Term Investments — 8.6%
Investment Companies — 0.1%
JPMorgan U.S. Government Money Market Fund
Class IM Shares, 5.29% (b) (c)(Cost
$280,906)
280,906
280,906
INVESTMENTS
SHARES
VALUE ($)
 
Investment of Cash Collateral from Securities Loaned — 8.5%
JPMorgan Securities Lending Money Market
Fund Class Agency SL Shares, 5.53% (b) (c)
21,995,601
22,000,000
JPMorgan U.S. Government Money Market Fund
Class IM Shares, 5.29% (b) (c)
4,283,512
4,283,512
Total Investment of Cash Collateral from
Securities Loaned
(Cost $26,283,711)
26,283,512
Total Short-Term Investments
(Cost $26,564,617)
26,564,418
Total Investments — 108.4%
(Cost $354,722,335)
336,170,537
Liabilities in Excess of Other Assets — (8.4)%
(26,106,590
)
NET ASSETS — 100.0%
310,063,947
 
Percentages indicated are based on net assets.
 
‡
Value determined using significant unobservable inputs.
*
Non-income producing security.
(a)
The security or a portion of this security is on loan at October 31,
2023. The total value of securities on loan at October 31, 2023 is
$25,944,054.
(b)
Investment in an affiliated fund, which is registered under the
Investment Company Act of 1940, as amended, and is advised by
J.P. Morgan Investment Management Inc.
(c)
The rate shown is the current yield as of October 31, 2023.
Futures contracts outstanding as of October 31, 2023:
 
DESCRIPTION
NUMBER OF
CONTRACTS
EXPIRATION DATE
TRADING CURRENCY
NOTIONAL
AMOUNT ($)
VALUE AND
UNREALIZED
APPRECIATION
(DEPRECIATION) ($)
Long Contracts
S&P MidCap 400 E-Mini Index
1
12/15/2023
USD
237,440
3,758
 
Abbreviations
 
USD
United States Dollar
SEE NOTES TO FINANCIAL STATEMENTS. 
 
174
J.P. Morgan Exchange-Traded Funds
October 31, 2023

JPMorgan Diversified Return U.S. Small Cap Equity ETF
SCHEDULE OF PORTFOLIO INVESTMENTS
AS OF October 31, 2023
 
INVESTMENTS
SHARES
VALUE ($)
Common Stocks — 99.9%
Aerospace & Defense — 0.1%
Moog, Inc., Class A
2,573
298,597
National Presto Industries, Inc.
3,020
225,745
 
524,342
Automobiles & Parts — 0.2%
Dorman Products, Inc. *
6,331
393,661
Gentherm, Inc. *
13,777
554,111
 
947,772
Banks — 4.9%
1st Source Corp.
5,129
233,985
Ameris Bancorp
20,159
751,931
Atlantic Union Bankshares Corp. (a)
12,551
361,594
Axos Financial, Inc. *
15,449
556,627
BancFirst Corp.
5,368
435,398
Bancorp, Inc. (The) *
11,062
394,360
Bank of NT Butterfield & Son Ltd. (The)
(Bermuda)
29,884
754,870
Banner Corp.
2,105
88,852
Brookline Bancorp, Inc.
981
7,985
Capital City Bank Group, Inc.
1,885
53,854
Cathay General Bancorp
19,236
652,293
City Holding Co. (a)
2,286
207,523
Community Trust Bancorp, Inc.
5,137
192,946
Enterprise Financial Services Corp.
6,353
220,894
First BanCorp (Puerto Rico)
35,640
475,794
First Busey Corp.
9,935
197,309
First Commonwealth Financial Corp.
18,940
230,689
First Financial Bancorp
19,969
369,427
First Financial Corp.
2,757
94,868
First Merchants Corp.
6,397
174,702
Fulton Financial Corp.
35,071
455,572
Hancock Whitney Corp.
12,399
426,898
Hilltop Holdings, Inc.
38,917
1,074,888
Home BancShares, Inc.
36,074
737,713
Hope Bancorp, Inc.
59,763
523,524
International Bancshares Corp.
10,264
449,871
Lakeland Financial Corp.
1,291
63,582
NBT Bancorp, Inc.
16,139
540,172
Northwest Bancshares, Inc.
56,021
583,739
OceanFirst Financial Corp.
35,045
443,670
OFG Bancorp (Puerto Rico)
26,456
783,627
Old National Bancorp
69,290
949,273
Pathward Financial, Inc.
5,435
246,151
Renasant Corp.
22,271
543,190
Republic Bancorp, Inc., Class A
3,695
163,282
INVESTMENTS
SHARES
VALUE ($)
 
Banks — continued
Simmons First National Corp., Class A
30,927
439,473
TrustCo Bank Corp.
10,038
256,270
Trustmark Corp.
18,477
371,572
UMB Financial Corp.
3,999
250,817
United Bankshares, Inc.
31,992
909,853
United Community Banks, Inc.
17,681
390,573
Valley National Bancorp
101,487
789,569
WaFd, Inc.
28,798
710,735
WesBanco, Inc.
18,653
454,947
 
19,014,862
Beverages — 1.4%
Coca-Cola Consolidated, Inc.
1,967
1,251,819
Duckhorn Portfolio, Inc. (The) *
25,116
261,960
MGP Ingredients, Inc. (a)
10,996
1,040,881
National Beverage Corp. *
26,675
1,237,187
Primo Water Corp.
86,055
1,123,878
Vita Coco Co., Inc. (The) * (a)
19,154
519,073
 
5,434,798
Chemicals — 3.1%
AdvanSix, Inc.
24,301
669,492
American Vanguard Corp.
26,064
243,959
Avient Corp.
28,516
901,676
Balchem Corp.
9,321
1,083,473
Cabot Corp.
15,743
1,046,595
Ecovyst, Inc. *
56,673
521,392
Ingevity Corp. *
15,808
636,746
Innospec, Inc.
11,703
1,146,894
Intrepid Potash, Inc. *
14,320
284,825
Livent Corp. * (a)
40,245
587,175
LSB Industries, Inc. *
85,175
775,944
Orion SA (Germany)
48,948
993,644
Quaker Chemical Corp.
4,841
695,748
Rayonier Advanced Materials, Inc. *
115,845
320,891
Sensient Technologies Corp.
10,512
593,087
Stepan Co.
10,006
748,449
Tronox Holdings plc
68,700
734,403
 
11,984,393
Construction & Materials — 2.1%
Atkore, Inc. *
7,900
981,812
BlueLinx Holdings, Inc. *
2,764
196,548
Comfort Systems USA, Inc.
7,123
1,295,317
Exponent, Inc.
8,809
645,612
GMS, Inc. *
12,862
752,170
SEE NOTES TO FINANCIAL STATEMENTS. 
 
October 31, 2023
J.P. Morgan Exchange-Traded Funds
175

JPMorgan Diversified Return U.S. Small Cap Equity ETF
SCHEDULE OF PORTFOLIO INVESTMENTS
AS OF October 31, 2023 (continued)
INVESTMENTS
SHARES
VALUE ($)
Common Stocks — continued
Construction & Materials — continued
Griffon Corp.
8,652
345,561
Installed Building Products, Inc.
5,652
631,159
Masonite International Corp. *
5,736
453,947
Mueller Water Products, Inc., Class A
8,689
107,483
Patrick Industries, Inc.
12,509
940,051
Quanex Building Products Corp.
7,405
198,824
Simpson Manufacturing Co., Inc.
8,128
1,082,487
Sterling Infrastructure, Inc. *
7,321
533,335
 
8,164,306
Consumer Services — 1.1%
Carriage Services, Inc.
4,190
90,504
Cars.com, Inc. *
14,167
215,763
Laureate Education, Inc., Class A
92,283
1,304,882
Perdoceo Education Corp.
59,556
1,077,368
PROG Holdings, Inc. *
11,892
325,722
Strategic Education, Inc.
8,718
717,579
Upbound Group, Inc.
24,422
636,437
 
4,368,255
Electricity — 1.5%
ALLETE, Inc.
23,683
1,267,988
MGE Energy, Inc.
11,296
809,132
Northwestern Energy Group, Inc.
25,953
1,246,004
Ormat Technologies, Inc. (a)
1,539
94,710
PNM Resources, Inc.
29,446
1,244,388
Portland General Electric Co.
25,988
1,040,040
 
5,702,262
Electronic & Electrical Equipment — 1.3%
AZZ, Inc.
8,894
420,419
Badger Meter, Inc.
7,881
1,091,913
Belden, Inc.
8,702
616,972
Encore Wire Corp. (a)
6,402
1,144,870
EnerSys
5,366
459,222
Watts Water Technologies, Inc., Class A
7,008
1,212,454
 
4,945,850
Finance & Credit Services — 1.9%
Enact Holdings, Inc.
9,279
255,729
Encore Capital Group, Inc. *
4,929
185,725
Enova International, Inc. *
16,596
661,848
Federal Agricultural Mortgage Corp., Class C
3,519
522,783
FirstCash Holdings, Inc.
4,954
539,590
Mr. Cooper Group, Inc. *
23,182
1,310,478
Navient Corp.
64,315
1,023,252
INVESTMENTS
SHARES
VALUE ($)
 
Finance & Credit Services — continued
Nelnet, Inc., Class A
5,075
430,411
PennyMac Financial Services, Inc.
18,036
1,212,019
Radian Group, Inc.
48,329
1,224,657
 
7,366,492
Food Producers — 4.4%
Andersons, Inc. (The)
25,175
1,262,023
B&G Foods, Inc. (a)
69,558
561,333
BellRing Brands, Inc. *
31,903
1,395,118
Cal-Maine Foods, Inc. (a)
27,402
1,241,585
Fresh Del Monte Produce, Inc.
33,685
842,125
GrowGeneration Corp. *
98,895
201,746
Herbalife Ltd. * (a)
39,393
561,350
Hostess Brands, Inc. *
46,394
1,549,560
J & J Snack Foods Corp.
7,628
1,194,621
John B Sanfilippo & Son, Inc.
10,444
1,068,003
Lancaster Colony Corp.
6,969
1,178,946
Medifast, Inc.
14,279
987,536
Nature's Sunshine Products, Inc. *
12,000
214,800
Simply Good Foods Co. (The) *
36,166
1,348,630
Sovos Brands, Inc. * (a)
39,084
848,514
SunOpta, Inc. (Canada) *
42,278
162,347
TreeHouse Foods, Inc. *
26,624
1,109,955
USANA Health Sciences, Inc. *
11,628
529,655
Utz Brands, Inc. (a)
67,322
820,655
 
17,078,502
Gas, Water & Multi-utilities — 3.4%
American States Water Co.
15,551
1,213,755
Aris Water Solutions, Inc., Class A
21,160
176,686
Avista Corp.
33,543
1,062,978
Black Hills Corp.
23,899
1,155,517
Brookfield Infrastructure Corp., Class A
(Canada) (a)
33,317
858,246
California Water Service Group
23,061
1,122,609
Chesapeake Utilities Corp.
7,876
697,892
Excelerate Energy, Inc., Class A
23,109
328,610
Middlesex Water Co.
8,941
568,022
New Jersey Resources Corp.
30,932
1,255,220
Northwest Natural Holding Co.
27,384
1,005,267
ONE Gas, Inc.
17,867
1,079,167
SJW Group
19,985
1,248,663
Spire, Inc.
22,252
1,237,879
 
13,010,511
SEE NOTES TO FINANCIAL STATEMENTS. 
 
176
J.P. Morgan Exchange-Traded Funds
October 31, 2023

INVESTMENTS
SHARES
VALUE ($)
Common Stocks — continued
General Industrials — 1.4%
Apogee Enterprises, Inc.
9,312
399,671
Barnes Group, Inc.
5,699
118,482
CSW Industrials, Inc.
3,370
597,366
Greif, Inc., Class A
12,264
778,764
HB Fuller Co.
16,889
1,117,207
Kronos Worldwide, Inc. (a)
27,393
189,012
Myers Industries, Inc.
11,427
191,631
Otter Tail Corp. (a)
15,990
1,230,271
Standex International Corp.
5,688
816,626
TriMas Corp.
4,150
100,472
 
5,539,502
Health Care Providers — 2.7%
Addus HomeCare Corp. *
8,747
690,138
Apollo Medical Holdings, Inc. *
22,894
714,522
Computer Programs and Systems, Inc. *
11,594
163,359
CorVel Corp. *
5,656
1,096,925
Ensign Group, Inc. (The)
13,327
1,287,388
Healthcare Services Group, Inc.
17,862
169,689
HealthEquity, Inc. *
12,874
922,808
NextGen Healthcare, Inc. * (a)
36,805
880,376
Omnicell, Inc. *
8,938
317,657
Option Care Health, Inc. *
38,246
1,060,562
Pennant Group, Inc. (The) *
12,527
136,168
RadNet, Inc. *
13,679
368,786
Select Medical Holdings Corp.
45,054
1,024,077
Surgery Partners, Inc. * (a)
29,651
685,828
US Physical Therapy, Inc. (a)
9,021
758,756
 
10,277,039
Household Goods & Home Construction — 2.9%
Beazer Homes USA, Inc. *
16,662
403,054
Central Garden & Pet Co., Class A *
16,422
651,789
Century Communities, Inc.
5,991
368,446
CompX International, Inc.
3,039
57,194
Ethan Allen Interiors, Inc. (a)
38,227
1,003,841
Green Brick Partners, Inc. *
14,341
554,997
HNI Corp.
20,609
714,926
Interface, Inc.
43,820
389,560
KB Home
17,539
775,224
La-Z-Boy, Inc.
34,458
1,007,552
LGI Homes, Inc. *
2,288
216,239
M/I Homes, Inc. *
13,070
1,072,655
MDC Holdings, Inc.
19,280
731,676
Meritage Homes Corp.
6,602
752,760
INVESTMENTS
SHARES
VALUE ($)
 
Household Goods & Home Construction — continued
MillerKnoll, Inc.
22,136
520,196
Steelcase, Inc., Class A
32,482
354,379
Taylor Morrison Home Corp. *
27,211
1,042,725
Tri Pointe Homes, Inc. *
26,386
661,233
 
11,278,446
Industrial Engineering — 1.0%
Albany International Corp., Class A
6,313
515,204
Astec Industries, Inc.
643
25,746
Columbus McKinnon Corp.
10,844
331,501
EnPro Industries, Inc.
6,512
723,223
Franklin Electric Co., Inc.
13,082
1,134,471
Hillenbrand, Inc.
22,927
871,914
Tennant Co.
415
30,801
Titan Machinery, Inc. *
903
22,430
 
3,655,290
Industrial Materials — 2.0%
Boise Cascade Co.
11,885
1,114,219
Clearwater Paper Corp. *
22,588
763,700
Koppers Holdings, Inc.
21,509
786,584
Materion Corp.
11,020
1,068,719
Mativ Holdings, Inc.
52,098
682,484
Minerals Technologies, Inc.
18,078
977,297
Sylvamo Corp. (a)
27,816
1,232,249
Tredegar Corp.
13,432
60,175
UFP Industries, Inc.
12,335
1,173,922
 
7,859,349
Industrial Metals & Mining — 3.5%
Carpenter Technology Corp.
20,426
1,281,119
Commercial Metals Co.
23,003
972,797
Compass Minerals International, Inc. (a)
28,263
696,400
Constellium SE *
59,281
936,640
GrafTech International Ltd.
218,521
753,897
Haynes International, Inc.
12,638
543,750
Kaiser Aluminum Corp.
5,481
311,321
Mueller Industries, Inc. (a)
33,984
1,281,537
Olympic Steel, Inc.
11,650
591,471
Piedmont Lithium, Inc. * (a)
17,249
473,830
Ryerson Holding Corp.
41,388
1,202,321
Schnitzer Steel Industries, Inc., Class A
23,897
542,701
TimkenSteel Corp. *
48,039
976,633
Uranium Energy Corp. * (a)
199,311
1,185,900
SEE NOTES TO FINANCIAL STATEMENTS. 
 
October 31, 2023
J.P. Morgan Exchange-Traded Funds
177

JPMorgan Diversified Return U.S. Small Cap Equity ETF
SCHEDULE OF PORTFOLIO INVESTMENTS
AS OF October 31, 2023 (continued)
INVESTMENTS
SHARES
VALUE ($)
Common Stocks — continued
Industrial Metals & Mining — continued
US Silica Holdings, Inc. *
70,741
853,844
Worthington Industries, Inc.
17,121
1,054,996
 
13,659,157
Industrial Support Services — 2.4%
ABM Industries, Inc.
17,320
681,369
Applied Industrial Technologies, Inc.
8,416
1,291,940
ASGN, Inc. *
7,626
636,466
CoreCivic, Inc., REIT * (a)
62,967
799,681
CRA International, Inc.
6,120
594,313
Cross Country Healthcare, Inc. *
15,850
367,086
Donnelley Financial Solutions, Inc. *
4,827
262,734
DXP Enterprises, Inc. *
1,669
54,409
EVERTEC, Inc. (Puerto Rico)
15,096
479,751
ExlService Holdings, Inc. *
6,364
166,164
Forrester Research, Inc. *
1,778
41,250
Heidrick & Struggles International, Inc.
7,796
189,755
Insperity, Inc.
6,188
654,938
Korn Ferry
9,527
433,669
Maximus, Inc.
15,458
1,155,022
Pitney Bowes, Inc. (a)
67,428
217,792
Resources Connection, Inc.
8,315
112,003
Target Hospitality Corp. * (a)
16,341
224,362
TriNet Group, Inc. *
9,315
957,116
TrueBlue, Inc. *
5,730
63,431
UniFirst Corp.
105
17,265
 
9,400,516
Industrial Transportation — 3.6%
ArcBest Corp.
9,854
1,072,904
Ardmore Shipping Corp. (Ireland)
39,770
528,543
Costamare, Inc. (Monaco) (a)
27,734
250,438
DHT Holdings, Inc.
114,282
1,270,816
Dorian LPG Ltd.
20,386
651,740
Federal Signal Corp.
11,197
649,874
FLEX LNG Ltd. (Norway)
11,729
358,204
Forward Air Corp.
7,774
500,723
GATX Corp.
7,255
758,728
Genco Shipping & Trading Ltd.
26,654
351,033
Hub Group, Inc., Class A *
3,114
214,088
International Seaways, Inc.
19,025
914,912
Matson, Inc.
14,635
1,273,977
McGrath RentCorp
6,259
629,655
Nordic American Tankers Ltd.
71,351
327,501
Scorpio Tankers, Inc. (Monaco)
19,365
1,087,345
INVESTMENTS
SHARES
VALUE ($)
 
Industrial Transportation — continued
Teekay Tankers Ltd., Class A (Canada)
28,350
1,408,995
Textainer Group Holdings Ltd. (China)
10,378
509,767
Tingo Group, Inc. * (a)
756,710
591,293
Wabash National Corp.
22,142
458,118
 
13,808,654
Investment Banking & Brokerage Services — 1.2%
Artisan Partners Asset Management, Inc.,
Class A (a)
30,078
992,574
Avantax, Inc. *
10,105
260,810
Brightsphere Investment Group, Inc.
25,834
404,561
Cannae Holdings, Inc. *
15,336
250,744
Cohen & Steers, Inc. (a)
3,926
205,094
Hamilton Lane, Inc., Class A
6,172
519,189
Moelis & Co., Class A (a)
18,713
779,209
StoneX Group, Inc. *
3,126
297,970
Victory Capital Holdings, Inc., Class A
10,383
305,883
Virtus Investment Partners, Inc.
1,569
289,057
WisdomTree, Inc.
40,801
252,966
 
4,558,057
Leisure Goods — 1.1%
Camping World Holdings, Inc., Class A (a)
34,569
579,031
Fox Factory Holding Corp. *
875
71,286
LCI Industries (a)
5,446
590,837
Smith & Wesson Brands, Inc. (a)
75,602
1,113,617
Sturm Ruger & Co., Inc.
23,323
1,290,928
Winnebago Industries, Inc.
12,784
740,833
 
4,386,532
Life Insurance — 1.4%
American Equity Investment Life Holding Co.
24,551
1,300,221
CNO Financial Group, Inc.
50,837
1,178,402
Genworth Financial, Inc., Class A *
216,050
1,294,139
Jackson Financial, Inc., Class A
31,124
1,142,562
National Western Life Group, Inc., Class A
977
467,885
 
5,383,209
Media — 0.4%
Gray Television, Inc.
31,242
203,698
Scholastic Corp.
6,649
245,348
TEGNA, Inc.
76,741
1,113,512
 
1,562,558
Medical Equipment & Services — 2.9%
AdaptHealth Corp. *
37,781
276,935
Anika Therapeutics, Inc. *
4,287
83,597
SEE NOTES TO FINANCIAL STATEMENTS. 
 
178
J.P. Morgan Exchange-Traded Funds
October 31, 2023

INVESTMENTS
SHARES
VALUE ($)
Common Stocks — continued
Medical Equipment & Services — continued
AtriCure, Inc. *
16,553
573,396
Atrion Corp.
379
129,610
Avanos Medical, Inc. *
12,248
224,873
CONMED Corp.
9,915
966,316
Fulgent Genetics, Inc. * (a)
21,862
523,376
Haemonetics Corp. *
11,931
1,016,879
Integer Holdings Corp. *
13,795
1,119,740
Lantheus Holdings, Inc. *
15,463
998,910
Merit Medical Systems, Inc. *
15,571
1,070,351
NeoGenomics, Inc. *
43,766
613,599
OraSure Technologies, Inc. *
93,888
484,462
Owens & Minor, Inc. *
33,059
473,735
Patterson Cos., Inc.
24,734
753,398
STAAR Surgical Co. *
5,429
227,041
Surmodics, Inc. *
2,351
69,260
UFP Technologies, Inc. *
5,043
786,305
Varex Imaging Corp. *
35,586
642,327
Zynex, Inc. * (a)
23,345
207,304
 
11,241,414
Mortgage Real Estate Investment Trusts — 1.9%
Apollo Commercial Real Estate Finance, Inc. (a)
81,221
808,961
Arbor Realty Trust, Inc. (a)
60,340
760,887
Dynex Capital, Inc.
48,407
486,006
Ellington Financial, Inc. (a)
68,968
829,685
KKR Real Estate Finance Trust, Inc.
30,891
322,502
Ladder Capital Corp.
72,869
736,706
MFA Financial, Inc.
75,644
672,475
New York Mortgage Trust, Inc.
54,253
422,631
PennyMac Mortgage Investment Trust (a)
39,171
495,513
Ready Capital Corp. (a)
77,826
733,899
Redwood Trust, Inc. (a)
71,559
449,391
TPG RE Finance Trust, Inc.
15,671
86,347
Two Harbors Investment Corp. (a)
36,213
420,433
 
7,225,436
Nonequity Investment Instruments — 0.0% ^
OmniAb, Inc. * (a)
9,804
44,608
OmniAb, Inc. ‡ *
1,382
—
 
44,608
Non-life Insurance — 1.2%
Employers Holdings, Inc.
15,946
605,948
Essent Group Ltd.
18,660
881,498
Horace Mann Educators Corp.
4,418
140,183
NMI Holdings, Inc., Class A *
11,395
311,653
INVESTMENTS
SHARES
VALUE ($)
 
Non-life Insurance — continued
Safety Insurance Group, Inc.
4,039
303,612
Selective Insurance Group, Inc.
11,153
1,161,139
Stewart Information Services Corp.
25,521
1,114,502
 
4,518,535
Non-Renewable Energy — 6.5%
Alpha Metallurgical Resources, Inc.
5,463
1,201,641
Arch Resources, Inc.
5,588
842,838
Archrock, Inc.
101,367
1,284,320
Berry Corp.
58,580
489,143
Cactus, Inc., Class A
19,503
915,471
ChampionX Corp.
30,769
947,685
Chord Energy Corp.
6,287
1,039,367
Civitas Resources, Inc. (a)
15,827
1,193,831
CNX Resources Corp. * (a)
53,890
1,170,491
Comstock Resources, Inc. (a)
65,482
825,073
CONSOL Energy, Inc.
14,528
1,334,978
CVR Energy, Inc. (a)
22,726
744,276
DMC Global, Inc. *
7,809
147,981
Helix Energy Solutions Group, Inc. *
104,975
1,028,755
Magnolia Oil & Gas Corp., Class A (a)
44,672
1,002,886
Matador Resources Co.
17,875
1,102,709
MRC Global, Inc. *
15,003
157,681
Newpark Resources, Inc. *
3,865
26,746
Northern Oil and Gas, Inc.
14,767
566,167
NOW, Inc. *
21,201
233,635
Par Pacific Holdings, Inc. *
29,745
976,231
Patterson-UTI Energy, Inc.
61,382
779,551
PBF Energy, Inc., Class A
25,653
1,219,287
Permian Resources Corp. (a)
91,264
1,329,716
RPC, Inc. (a)
29,468
245,174
SandRidge Energy, Inc.
35,214
558,142
SM Energy Co.
24,446
985,663
Solaris Oilfield Infrastructure, Inc., Class A
53,527
494,589
SunCoke Energy, Inc.
97,170
924,087
Warrior Met Coal, Inc.
23,041
1,122,788
World Kinect Corp.
19,506
360,861
 
25,251,763
Personal Care, Drug & Grocery Stores — 2.5%
ACCO Brands Corp.
93,420
472,705
Chefs' Warehouse, Inc. (The) *
11,161
212,394
Edgewell Personal Care Co.
33,431
1,166,742
Energizer Holdings, Inc.
38,049
1,201,587
Ingles Markets, Inc., Class A
13,163
1,055,936
SEE NOTES TO FINANCIAL STATEMENTS. 
 
October 31, 2023
J.P. Morgan Exchange-Traded Funds
179

JPMorgan Diversified Return U.S. Small Cap Equity ETF
SCHEDULE OF PORTFOLIO INVESTMENTS
AS OF October 31, 2023 (continued)
INVESTMENTS
SHARES
VALUE ($)
Common Stocks — continued
Personal Care, Drug & Grocery Stores — continued
Nu Skin Enterprises, Inc., Class A
5,716
108,547
PetMed Express, Inc. (a)
57,072
393,226
SpartanNash Co.
37,706
848,008
Sprouts Farmers Market, Inc. * (a)
33,428
1,404,644
United Natural Foods, Inc. *
43,517
634,478
WD-40 Co.
6,092
1,287,849
Weis Markets, Inc.
11,001
716,165
 
9,502,281
Personal Goods — 1.2%
elf Beauty, Inc. *
8,538
790,875
Inter Parfums, Inc.
4,081
518,736
Movado Group, Inc.
18,586
517,806
Oxford Industries, Inc.
10,528
888,563
Signet Jewelers Ltd.
16,755
1,170,002
Steven Madden Ltd.
20,398
668,850
 
4,554,832
Pharmaceuticals, Biotechnology & Marijuana Producers — 3.5%
Alkermes plc *
15,901
384,645
Amphastar Pharmaceuticals, Inc. *
24,092
1,090,645
ANI Pharmaceuticals, Inc. *
14,674
905,973
Arcturus Therapeutics Holdings, Inc. *
14,112
269,539
Castle Biosciences, Inc. *
14,965
233,753
Catalyst Pharmaceuticals, Inc. *
93,435
1,159,528
Collegium Pharmaceutical, Inc. *
35,538
773,307
Corcept Therapeutics, Inc. * (a)
39,740
1,115,899
Dynavax Technologies Corp. *
76,118
1,081,637
Eagle Pharmaceuticals, Inc. *
2,144
29,437
Harmony Biosciences Holdings, Inc. *
14,910
350,981
Innoviva, Inc. * (a)
71,388
885,925
Ironwood Pharmaceuticals, Inc. *
107,283
962,329
Ligand Pharmaceuticals, Inc. *
12,165
636,108
Myriad Genetics, Inc. *
17,983
280,175
OmniAb Operations, Inc. ‡ *
1,382
—
Pacira BioSciences, Inc. *
5,870
165,886
PDL BioPharma, Inc. ‡ *
22,361
32,424
Prestige Consumer Healthcare, Inc. *
22,385
1,328,774
Prothena Corp. plc (Ireland) * (a)
17,636
643,009
Supernus Pharmaceuticals, Inc. *
30,587
729,500
Vanda Pharmaceuticals, Inc. *
36,653
160,540
Vir Biotechnology, Inc. *
27,656
219,312
Xencor, Inc. *
13,960
242,206
 
13,681,532
INVESTMENTS
SHARES
VALUE ($)
 
Precious Metals & Mining — 0.2%
Hecla Mining Co.
205,458
836,214
Real Estate Investment & Services — 1.2%
Anywhere Real Estate, Inc. *
817
3,815
Douglas Elliman, Inc.
66,233
117,233
eXp World Holdings, Inc. (a)
63,468
842,220
Kennedy-Wilson Holdings, Inc.
54,008
695,083
Marcus & Millichap, Inc.
11,676
335,101
Newmark Group, Inc., Class A
92,748
525,881
Opendoor Technologies, Inc. * (a)
334,176
634,935
Redfin Corp. * (a)
91,986
428,655
St. Joe Co. (The)
21,194
988,488
 
4,571,411
Real Estate Investment Trusts — 11.1%
Acadia Realty Trust
46,821
670,477
Alexander & Baldwin, Inc.
30,920
488,536
American Assets Trust, Inc.
30,921
548,848
Apartment Investment and Management Co.,
Class A *
84,077
492,691
Apple Hospitality REIT, Inc. (a)
86,933
1,363,109
Ares Commercial Real Estate Corp. (a)
88,473
811,297
Brandywine Realty Trust
128,682
481,271
Broadstone Net Lease, Inc.
67,266
951,814
CareTrust REIT, Inc.
64,094
1,379,303
Community Healthcare Trust, Inc.
13,399
384,149
COPT Defense Properties
50,326
1,147,433
DiamondRock Hospitality Co.
109,805
848,793
Douglas Emmett, Inc. (a)
66,705
747,763
Easterly Government Properties, Inc.
52,374
563,544
Empire State Realty Trust, Inc., Class A
70,093
567,052
Equity Commonwealth
46,237
875,729
Essential Properties Realty Trust, Inc.
54,282
1,191,490
Four Corners Property Trust, Inc.
48,679
1,036,863
GEO Group, Inc. (The) * (a)
176,110
1,539,201
Getty Realty Corp.
34,755
925,178
Global Net Lease, Inc.
85,018
675,043
Independence Realty Trust, Inc.
60,627
751,169
Innovative Industrial Properties, Inc. (a)
14,922
1,071,847
Kite Realty Group Trust
58,502
1,247,263
LTC Properties, Inc.
38,099
1,204,309
LXP Industrial Trust
88,261
698,144
Macerich Co. (The)
110,667
1,075,683
National Health Investors, Inc.
24,014
1,201,661
NETSTREIT Corp. (a)
15,751
224,452
Paramount Group, Inc. (a)
50,685
216,932
SEE NOTES TO FINANCIAL STATEMENTS. 
 
180
J.P. Morgan Exchange-Traded Funds
October 31, 2023

INVESTMENTS
SHARES
VALUE ($)
Common Stocks — continued
Real Estate Investment Trusts — continued
Pebblebrook Hotel Trust
59,743
712,734
Phillips Edison & Co., Inc. (a)
38,337
1,353,679
Physicians Realty Trust
91,603
994,809
Piedmont Office Realty Trust, Inc., Class A
68,109
354,848
PotlatchDeltic Corp.
27,641
1,184,417
Retail Opportunity Investments Corp.
60,249
707,323
RLJ Lodging Trust
86,874
816,616
RPT Realty
78,072
842,397
Ryman Hospitality Properties, Inc.
15,299
1,309,594
Sabra Health Care REIT, Inc.
101,570
1,385,415
Service Properties Trust
57,665
418,071
SITE Centers Corp.
97,634
1,138,412
SL Green Realty Corp. (a)
16,811
492,394
Star Holdings *
7,552
86,470
Summit Hotel Properties, Inc.
42,887
241,883
Sunstone Hotel Investors, Inc.
120,343
1,119,190
Tanger Factory Outlet Centers, Inc. (a)
56,834
1,281,607
Terreno Realty Corp.
21,674
1,154,791
Urban Edge Properties
52,819
837,709
Veris Residential, Inc.
18,299
245,024
Whitestone
39,324
391,274
Xenia Hotels & Resorts, Inc.
24,599
286,086
 
42,735,787
Renewable Energy — 0.4%
Arcosa, Inc.
16,718
1,154,712
REX American Resources Corp. *
13,219
502,454
 
1,657,166
Retailers — 2.5%
Abercrombie & Fitch Co., Class A *
1,010
61,428
Academy Sports & Outdoors, Inc.
17,363
778,557
America's Car-Mart, Inc. *
1,587
106,297
Asbury Automotive Group, Inc. *
2,051
392,500
Big 5 Sporting Goods Corp. (a)
58,291
411,534
Buckle, Inc. (The) (a)
32,111
1,084,389
Caleres, Inc.
3,026
77,405
Dillard's, Inc., Class A (a)
3,160
981,022
Genesco, Inc. *
2,754
75,487
Global Industrial Co.
2,454
78,405
Group 1 Automotive, Inc.
4,865
1,227,585
Haverty Furniture Cos., Inc.
27,158
707,466
Hibbett, Inc.
12,275
565,509
ODP Corp. (The) *
19,365
869,876
PriceSmart, Inc.
3,189
199,281
INVESTMENTS
SHARES
VALUE ($)
 
Retailers — continued
Shoe Carnival, Inc. (a)
35,437
810,799
Urban Outfitters, Inc. *
23,961
829,530
Zumiez, Inc. *
21,770
357,681
 
9,614,751
Software & Computer Services — 2.9%
A10 Networks, Inc.
24,633
267,761
Agilysys, Inc. *
12,621
1,082,755
Appfolio, Inc., Class A *
3,844
721,019
Blackbaud, Inc. *
5,302
346,751
Cerence, Inc. *
9,768
149,548
Consensus Cloud Solutions, Inc. *
2,610
56,350
CSG Systems International, Inc.
13,635
638,936
Mitek Systems, Inc. * (a)
20,882
223,020
NetScout Systems, Inc. *
29,814
650,840
OneSpan, Inc. *
15,592
123,177
Perficient, Inc. *
5,715
332,556
Progress Software Corp.
21,382
1,098,607
Qualys, Inc. *
8,468
1,295,181
Shutterstock, Inc.
16,578
674,393
Simulations Plus, Inc. (a)
13,436
473,888
SPS Commerce, Inc. *
7,313
1,172,566
Veradigm, Inc. *
56,412
744,074
Verint Systems, Inc. *
8,789
165,321
Workiva, Inc. *
11,972
1,042,641
 
11,259,384
Technology Hardware & Equipment — 6.2%
Adeia, Inc.
75,703
638,176
Advanced Energy Industries, Inc.
11,174
975,043
Alpha & Omega Semiconductor Ltd. *
10,836
257,030
Amkor Technology, Inc.
46,768
975,581
Axcelis Technologies, Inc. *
6,868
875,670
Benchmark Electronics, Inc.
16,201
392,226
CEVA, Inc. *
1,013
17,393
Cohu, Inc. *
34,665
1,044,803
CTS Corp.
19,217
718,908
Diodes, Inc. *
14,043
913,919
Fabrinet (Thailand) *
8,227
1,275,185
FormFactor, Inc. *
29,597
1,002,746
Ichor Holdings Ltd. *
13,462
326,588
Insight Enterprises, Inc. *
8,288
1,187,670
Kulicke & Soffa Industries, Inc. (Singapore)
25,112
1,044,910
MaxLinear, Inc. *
25,880
393,376
Methode Electronics, Inc.
20,347
465,336
SEE NOTES TO FINANCIAL STATEMENTS. 
 
October 31, 2023
J.P. Morgan Exchange-Traded Funds
181

JPMorgan Diversified Return U.S. Small Cap Equity ETF
SCHEDULE OF PORTFOLIO INVESTMENTS
AS OF October 31, 2023 (continued)
INVESTMENTS
SHARES
VALUE ($)
Common Stocks — continued
Technology Hardware & Equipment — continued
Novanta, Inc. * (a)
7,674
1,013,429
Onto Innovation, Inc. *
9,678
1,087,517
PC Connection, Inc.
8,038
430,676
Photronics, Inc. *
54,099
993,258
Plexus Corp. *
10,647
1,046,813
Power Integrations, Inc.
13,746
953,010
Rambus, Inc. *
22,812
1,239,376
Sanmina Corp. *
14,219
723,321
ScanSource, Inc. *
7,623
231,739
Super Micro Computer, Inc. *
4,630
1,108,746
Synaptics, Inc. *
2,379
199,027
TTM Technologies, Inc. *
58,458
671,682
Ultra Clean Holdings, Inc. *
33,708
804,273
Vishay Intertechnology, Inc. (a)
47,419
1,054,599
 
24,062,026
Telecommunications Equipment — 2.5%
ADTRAN Holdings, Inc.
25,987
170,735
Aviat Networks, Inc. *
16,968
453,046
Calix, Inc. *
18,519
613,349
Cambium Networks Corp. *
29,077
144,803
Clearfield, Inc. * (a)
21,481
515,974
Comtech Telecommunications Corp.
36,756
448,423
Digi International, Inc. *
32,387
815,505
EchoStar Corp., Class A *
75,756
1,049,978
Extreme Networks, Inc. *
48,526
1,000,606
Harmonic, Inc. *
108,568
1,171,449
Infinera Corp. * (a)
193,877
568,060
InterDigital, Inc.
15,213
1,144,778
Lightwave Logic, Inc. * (a)
75,117
340,280
NETGEAR, Inc. *
17,526
221,529
Ribbon Communications, Inc. *
1,005
1,889
Viavi Solutions, Inc. *
102,416
796,796
 
9,457,200
Telecommunications Service Providers — 2.6%
8x8, Inc. *
119,960
285,505
Cogent Communications Holdings, Inc.
18,460
1,199,531
Consolidated Communications Holdings, Inc. *
106,074
442,329
fuboTV, Inc. * (a)
326,399
789,886
Globalstar, Inc. * (a)
714,331
1,007,207
Gogo, Inc. *
74,737
784,738
IDT Corp., Class B *
45,440
1,274,592
Liberty Latin America Ltd., Class C (Puerto
Rico) *
113,723
779,002
Lumen Technologies, Inc. * (a)
546,303
797,602
INVESTMENTS
SHARES
VALUE ($)
 
Telecommunications Service Providers — continued
Shenandoah Telecommunications Co.
42,994
1,017,238
Telephone and Data Systems, Inc.
61,378
1,116,466
WideOpenWest, Inc. *
21,452
151,022
Xperi, Inc. *
31,148
264,446
 
9,909,564
Tobacco — 0.7%
Turning Point Brands, Inc.
32,362
648,858
Universal Corp.
19,216
864,720
Vector Group Ltd.
95,525
981,997
 
2,495,575
Travel & Leisure — 0.5%
Biglari Holdings, Inc., Class B *
286
42,262
Bloomin' Brands, Inc. (a)
36,262
846,355
Chuy's Holdings, Inc. *
3,427
115,353
El Pollo Loco Holdings, Inc. *
6,824
56,981
International Game Technology plc
28,284
718,979
 
1,779,930
Waste & Disposal Services — 0.4%
Casella Waste Systems, Inc., Class A *
16,411
1,238,210
Vertex Energy, Inc. * (a)
23,212
100,044
 
1,338,254
Total Common Stocks
(Cost $418,351,646)
385,648,317
 
NO. OF
RIGHTS
Rights—0.0% ^
Pharmaceuticals, Biotechnology & Marijuana Producers — 0.0% ^
Achillion Pharmaceuticals, Inc. ‡ *(Cost $—)
12,757
6,378
 
SHARES
Short-Term Investments — 12.8%
Investment Companies — 0.1%
JPMorgan U.S. Government Money Market Fund
Class IM Shares, 5.29% (b) (c)(Cost
$365,657)
365,657
365,657
Investment of Cash Collateral from Securities Loaned — 12.7%
JPMorgan Securities Lending Money Market
Fund Class Agency SL Shares, 5.53% (b) (c)
43,638,534
43,647,261
SEE NOTES TO FINANCIAL STATEMENTS. 
 
182
J.P. Morgan Exchange-Traded Funds
October 31, 2023

 INVESTMENTS
SHARES
VALUE ($)
Short-Term Investments — continued
Investment of Cash Collateral from Securities Loaned — continued
JPMorgan U.S. Government Money Market Fund
Class IM Shares, 5.29% (b) (c)
5,628,021
5,628,021
Total Investment of Cash Collateral from
Securities Loaned
(Cost $49,276,182)
49,275,282
Total Short-Term Investments
(Cost $49,641,839)
49,640,939
Total Investments — 112.7%
(Cost $467,993,485)
435,295,634
Liabilities in Excess of Other Assets —
(12.7)%
(49,087,328
)
NET ASSETS — 100.0%
386,208,306
 
Percentages indicated are based on net assets.
 
Abbreviations
 
REIT
Real Estate Investment Trust
 
^
Amount rounds to less than 0.1% of net assets.
‡
Value determined using significant unobservable
inputs.
 
*
Non-income producing security.
 
(a)
The security or a portion of this security is on loan at
October 31, 2023. The total value of securities on
loan at October 31, 2023 is $47,876,291.
 
(b)
Investment in an affiliated fund, which is registered
under the Investment Company Act of 1940, as
amended, and is advised by J.P. Morgan Investment
Management Inc.
 
(c)
The rate shown is the current yield as of October 31,
2023.
 
Futures contracts outstanding as of October 31, 2023:
 
DESCRIPTION
NUMBER OF
CONTRACTS
EXPIRATION DATE
TRADING CURRENCY
NOTIONAL
AMOUNT ($)
VALUE AND
UNREALIZED
APPRECIATION
(DEPRECIATION) ($)
Long Contracts
Russell 2000 E-Mini Index
4
12/15/2023
USD
333,600
(22,124
)
 
Abbreviations
 
USD
United States Dollar
SEE NOTES TO FINANCIAL STATEMENTS. 
 
October 31, 2023
J.P. Morgan Exchange-Traded Funds
183

JPMorgan U.S. Momentum Factor ETF
SCHEDULE OF PORTFOLIO INVESTMENTS
AS OF October 31, 2023
 
INVESTMENTS
SHARES
VALUE ($)
Common Stocks — 99.9%
Aerospace & Defense — 2.9%
Axon Enterprise, Inc. *
4,043
826,753
Boeing Co. (The) *
2,219
414,554
BWX Technologies, Inc.
3,771
280,110
Curtiss-Wright Corp.
2,277
452,690
General Dynamics Corp.
6,010
1,450,273
HEICO Corp.
2,010
318,404
Howmet Aerospace, Inc.
18,555
818,275
Huntington Ingalls Industries, Inc.
1,561
343,139
Lockheed Martin Corp.
4,581
2,082,706
Textron, Inc.
8,786
667,736
TransDigm Group, Inc. *
1,467
1,214,808
 
8,869,448
Automobiles & Parts — 0.7%
BorgWarner, Inc.
15,409
568,592
Gentex Corp.
4,642
133,133
Genuine Parts Co.
5,470
704,864
LKQ Corp.
13,013
571,531
Phinia, Inc.
3,024
78,261
 
2,056,381
Banks — 0.4%
Bank OZK
5,785
207,161
First Citizens BancShares, Inc., Class A
598
825,682
 
1,032,843
Beverages — 1.6%
Celsius Holdings, Inc. *
4,085
621,287
Coca-Cola Co. (The)
11,849
669,350
Constellation Brands, Inc., Class A
2,879
674,118
Molson Coors Beverage Co., Class B
11,113
641,998
Monster Beverage Corp. *
22,178
1,133,296
PepsiCo, Inc.
7,321
1,195,373
 
4,935,422
Chemicals — 0.7%
Linde plc
1,393
532,349
Olin Corp.
10,833
462,786
Valvoline, Inc.
18,215
540,439
Westlake Corp.
4,972
573,570
 
2,109,144
Construction & Materials — 1.7%
Acuity Brands, Inc.
115
18,627
AECOM
8,420
644,551
Builders FirstSource, Inc. *
6,252
678,467
Eagle Materials, Inc.
3,895
599,480
INVESTMENTS
SHARES
VALUE ($)
 
Construction & Materials — continued
EMCOR Group, Inc.
3,587
741,254
Louisiana-Pacific Corp.
4,637
237,785
MDU Resources Group, Inc.
8,951
166,578
Owens Corning
4,617
523,429
Quanta Services, Inc.
5,145
859,832
Watsco, Inc.
1,515
528,568
 
4,998,571
Consumer Services — 1.0%
Avis Budget Group, Inc. *
2,726
443,793
Copart, Inc. *
26,861
1,168,991
Grand Canyon Education, Inc. *
3,459
409,303
H&R Block, Inc.
7,816
320,847
Rollins, Inc.
14,002
526,615
U-Haul Holding Co. *
323
15,866
 
2,885,415
Electricity — 1.3%
Consolidated Edison, Inc.
11,727
1,029,513
Exelon Corp.
22,487
875,644
FirstEnergy Corp.
12,160
432,896
OGE Energy Corp.
4,995
170,829
Southern Co. (The)
9,561
643,455
Vistra Corp.
25,961
849,444
 
4,001,781
Electronic & Electrical Equipment — 0.6%
Crane NXT Co.
5,746
298,792
Hubbell, Inc.
2,747
741,965
nVent Electric plc
13,849
666,552
Pentair plc
2,541
147,683
 
1,854,992
Finance & Credit Services — 0.1%
Morningstar, Inc.
12
3,039
SLM Corp.
19,492
253,396
 
256,435
Food Producers — 2.1%
Bunge Ltd.
200
21,196
Freshpet, Inc. *
4,604
264,270
Hershey Co. (The)
4,589
859,749
Ingredion, Inc.
5,994
560,918
J M Smucker Co. (The)
5,683
646,953
Lamb Weston Holdings, Inc.
8,852
794,910
Mondelez International, Inc., Class A
28,840
1,909,496
SEE NOTES TO FINANCIAL STATEMENTS. 
 
184
J.P. Morgan Exchange-Traded Funds
October 31, 2023

INVESTMENTS
SHARES
VALUE ($)
Common Stocks — continued
Food Producers — continued
Post Holdings, Inc. *
7,565
607,318
US Foods Holding Corp. *
13,855
539,514
 
6,204,324
Gas, Water & Multi-utilities — 0.6%
CenterPoint Energy, Inc.
28,702
771,510
NiSource, Inc.
26,665
670,891
Sempra
6,664
466,680
 
1,909,081
General Industrials — 1.9%
Eaton Corp. plc
8,488
1,764,740
General Electric Co.
21,220
2,305,129
Parker-Hannifin Corp.
3,362
1,240,276
RPM International, Inc.
4,067
371,195
Valmont Industries, Inc.
851
167,570
 
5,848,910
Health Care Providers — 3.3%
Acadia Healthcare Co., Inc. *
2,612
192,008
Cigna Group (The)
6,190
1,913,948
Encompass Health Corp.
3,505
219,273
HCA Healthcare, Inc.
2,525
571,004
Humana, Inc.
1,583
829,001
IQVIA Holdings, Inc. *
5,207
941,582
UnitedHealth Group, Inc.
9,965
5,336,855
 
10,003,671
Household Goods & Home Construction — 0.9%
DR Horton, Inc.
4,654
485,878
PulteGroup, Inc.
11,075
815,009
Tempur Sealy International, Inc.
16,407
655,132
Toll Brothers, Inc.
9,430
666,795
 
2,622,814
Industrial Engineering — 1.4%
Caterpillar, Inc.
9,197
2,078,982
Deere & Co.
4,851
1,772,361
Lincoln Electric Holdings, Inc.
2,526
441,545
 
4,292,888
Industrial Materials — 0.1%
Hexcel Corp.
3,454
213,872
Industrial Metals & Mining — 1.1%
Nucor Corp.
6,696
989,602
Reliance Steel & Aluminum Co.
3,138
798,244
Southern Copper Corp. (Mexico)
8,051
570,816
INVESTMENTS
SHARES
VALUE ($)
 
Industrial Metals & Mining — continued
Steel Dynamics, Inc.
6,618
704,883
Timken Co. (The)
3,309
228,718
 
3,292,263
Industrial Support Services — 2.1%
American Express Co.
6,408
935,760
Automatic Data Processing, Inc.
1,857
405,235
Booz Allen Hamilton Holding Corp.
7,551
905,591
Cintas Corp.
2,537
1,286,564
Fair Isaac Corp. *
1,077
911,002
FTI Consulting, Inc. *
2,205
468,033
Paylocity Holding Corp. *
648
116,251
Vestis Corp. *
8,322
127,243
WW Grainger, Inc.
1,468
1,071,391
 
6,227,070
Industrial Transportation — 2.1%
Allison Transmission Holdings, Inc.
9,546
481,309
CH Robinson Worldwide, Inc.
1,203
98,441
JB Hunt Transport Services, Inc.
4,458
766,196
Old Dominion Freight Line, Inc.
2,903
1,093,444
PACCAR, Inc.
15,115
1,247,441
Ryder System, Inc.
4,911
479,019
Saia, Inc. *
1,879
673,603
United Rentals, Inc.
1,980
804,415
WillScot Mobile Mini Holdings Corp. *
148
5,833
XPO, Inc. *
10,274
778,872
 
6,428,573
Investment Banking & Brokerage Services — 4.2%
Ameriprise Financial, Inc.
3,174
998,445
Apollo Global Management, Inc.
14,976
1,159,741
Ares Management Corp.
8,657
853,494
Berkshire Hathaway, Inc., Class B *
17,110
5,840,156
Evercore, Inc., Class A
1,759
228,987
Interactive Brokers Group, Inc., Class A
5,814
465,527
Jefferies Financial Group, Inc.
18,615
599,031
LPL Financial Holdings, Inc.
3,431
770,328
Morgan Stanley
23,742
1,681,408
 
12,597,117
Life Insurance — 1.2%
Aflac, Inc.
13,841
1,081,120
Globe Life, Inc.
5,649
657,318
Primerica, Inc.
3,026
578,450
SEE NOTES TO FINANCIAL STATEMENTS. 
 
October 31, 2023
J.P. Morgan Exchange-Traded Funds
185

JPMorgan U.S. Momentum Factor ETF
SCHEDULE OF PORTFOLIO INVESTMENTS
AS OF October 31, 2023 (continued)
INVESTMENTS
SHARES
VALUE ($)
Common Stocks — continued
Life Insurance — continued
Principal Financial Group, Inc.
6,020
407,434
Unum Group
15,974
781,129
 
3,505,451
Media — 1.7%
Interpublic Group of Cos., Inc. (The)
21,311
605,232
Liberty Media Corp-Liberty Formula One, Class C *
10,613
686,555
Netflix, Inc. *
4,544
1,870,719
Nexstar Media Group, Inc.
1,706
238,977
Omnicom Group, Inc.
9,391
703,480
Trade Desk, Inc. (The), Class A *
14,135
1,003,020
 
5,107,983
Medical Equipment & Services — 3.4%
Agilent Technologies, Inc.
8,460
874,510
Boston Scientific Corp. *
26,145
1,338,362
Danaher Corp.
11,540
2,215,911
Dexcom, Inc. *
9,182
815,637
Inspire Medical Systems, Inc. *
2,374
349,358
Penumbra, Inc. *
2,457
469,656
Quest Diagnostics, Inc.
5,784
752,498
Repligen Corp. *
366
49,249
Thermo Fisher Scientific, Inc.
6,675
2,968,840
Veralto Corp. *
3,808
262,752
 
10,096,773
Non-life Insurance — 4.6%
American Financial Group, Inc.
3,746
409,663
Aon plc, Class A
4,831
1,494,711
Arch Capital Group Ltd. *
13,600
1,178,848
Arthur J Gallagher & Co.
5,839
1,375,026
Assured Guaranty Ltd.
3,112
194,189
Brown & Brown, Inc.
5,840
405,413
Chubb Ltd.
9,007
1,933,082
Everest Group Ltd.
2,041
807,460
Marsh & McLennan Cos., Inc.
10,416
1,975,394
Old Republic International Corp.
14,638
400,789
Progressive Corp. (The)
12,735
2,013,276
Reinsurance Group of America, Inc.
5,127
766,333
RenaissanceRe Holdings Ltd. (Bermuda)
2,890
634,615
Ryan Specialty Holdings, Inc. *
7,763
335,362
 
13,924,161
Non-Renewable Energy — 4.4%
Cheniere Energy, Inc.
6,697
1,114,515
Chevron Corp.
15,756
2,296,122
INVESTMENTS
SHARES
VALUE ($)
 
Non-Renewable Energy — continued
ConocoPhillips
21,159
2,513,689
Exxon Mobil Corp.
5,692
602,498
Hess Corp.
6,616
955,350
HF Sinclair Corp.
12,171
674,030
Marathon Oil Corp.
25,887
706,974
Marathon Petroleum Corp.
10,491
1,586,764
Schlumberger NV
11,529
641,704
Targa Resources Corp.
10,157
849,227
TechnipFMC plc (United Kingdom)
26,957
580,115
Valero Energy Corp.
6,632
842,264
 
13,363,252
Personal Care, Drug & Grocery Stores — 1.6%
Casey's General Stores, Inc.
1,394
379,043
Cencora, Inc.
6,048
1,119,787
GCI Liberty Inc. ‡ *
3,709
—
Kroger Co. (The)
18,552
841,704
McKesson Corp.
3,527
1,606,055
Procter & Gamble Co. (The)
5,381
807,311
 
4,753,900
Personal Goods — 0.5%
Deckers Outdoor Corp. *
1,609
960,669
Tapestry, Inc.
16,735
461,217
 
1,421,886
Pharmaceuticals, Biotechnology & Marijuana Producers — 5.9%
AbbVie, Inc.
29,409
4,151,963
Alnylam Pharmaceuticals, Inc. *
4,142
628,755
Cardinal Health, Inc.
10,836
986,076
Eli Lilly & Co.
11,804
6,538,590
Exact Sciences Corp. *
10,300
634,377
Karuna Therapeutics, Inc. *
317
52,815
Merck & Co., Inc.
8,293
851,691
Roivant Sciences Ltd. *
44,651
385,785
Seagen, Inc. *
5,141
1,094,056
United Therapeutics Corp. *
2,690
599,493
Vertex Pharmaceuticals, Inc. *
5,507
1,994,140
 
17,917,741
Real Estate Investment & Services — 0.4%
CBRE Group, Inc., Class A *
11,464
794,914
Zillow Group, Inc., Class C *
14,802
536,572
 
1,331,486
Real Estate Investment Trusts — 2.1%
CubeSmart
11,306
385,421
SEE NOTES TO FINANCIAL STATEMENTS. 
 
186
J.P. Morgan Exchange-Traded Funds
October 31, 2023

INVESTMENTS
SHARES
VALUE ($)
Common Stocks — continued
Real Estate Investment Trusts — continued
Equinix, Inc.
998
728,181
Gaming and Leisure Properties, Inc.
8,584
389,628
Invitation Homes, Inc.
19,941
592,048
Iron Mountain, Inc.
14,474
854,979
Prologis, Inc.
16,601
1,672,551
STAG Industrial, Inc.
7,894
262,239
VICI Properties, Inc.
22,744
634,557
Weyerhaeuser Co.
27,404
786,221
WP Carey, Inc.
1,949
104,564
 
6,410,389
Renewable Energy — 0.2%
First Solar, Inc. *
4,868
693,447
Retailers — 5.8%
AutoNation, Inc. *
4,529
589,132
AutoZone, Inc. *
516
1,278,199
Costco Wholesale Corp.
7,522
4,155,454
Dick's Sporting Goods, Inc.
5,256
562,129
GameStop Corp., Class A * (a)
2,277
31,354
Home Depot, Inc. (The)
15,931
4,535,397
Lowe's Cos., Inc.
5,841
1,113,119
O'Reilly Automotive, Inc. *
1,540
1,432,878
Penske Automotive Group, Inc. (a)
4,264
610,093
TJX Cos., Inc. (The)
23,532
2,072,463
Tractor Supply Co.
2,390
460,219
Ulta Beauty, Inc. *
1,917
730,971
 
17,571,408
Software & Computer Services — 17.9%
Adobe, Inc. *
7,697
4,095,266
Amdocs Ltd.
8,265
662,522
ANSYS, Inc. *
3,154
877,632
Bentley Systems, Inc., Class B
12,199
593,359
CACI International, Inc., Class A *
2,290
743,701
Cadence Design Systems, Inc. *
6,518
1,563,342
Ceridian HCM Holding, Inc. *
10,188
652,134
Cloudflare, Inc., Class A *
13,122
743,886
Confluent, Inc., Class A *
11,291
326,423
Dolby Laboratories, Inc., Class A
3,764
304,658
DoubleVerify Holdings, Inc. *
10,677
297,141
Dynatrace, Inc. *
15,381
687,685
Fortinet, Inc. *
18,437
1,054,043
Gartner, Inc. *
2,923
970,553
GoDaddy, Inc., Class A *
164
12,010
Hewlett Packard Enterprise Co.
52,553
808,265
INVESTMENTS
SHARES
VALUE ($)
 
Software & Computer Services — continued
HubSpot, Inc. *
1,850
783,975
International Business Machines Corp.
17,405
2,517,459
KBR, Inc.
12,516
727,806
Kyndryl Holdings, Inc. *
14,320
209,502
Manhattan Associates, Inc. *
4,146
808,387
Meta Platforms, Inc., Class A *
22,200
6,688,194
Microsoft Corp.
19,149
6,474,468
MongoDB, Inc. *
1,808
623,019
New Relic, Inc. *
8,530
739,295
Nutanix, Inc., Class A *
22,133
800,993
Oracle Corp.
27,132
2,805,449
Palantir Technologies, Inc., Class A *
69,769
1,032,581
Palo Alto Networks, Inc. *
7,004
1,702,112
Pinterest, Inc., Class A *
6,691
199,927
Procore Technologies, Inc. *
9,100
555,919
PTC, Inc. *
6,112
858,247
Roper Technologies, Inc.
2,811
1,373,370
Salesforce, Inc. *
16,433
3,300,239
Science Applications International Corp.
6,310
689,304
ServiceNow, Inc. *
4,012
2,334,382
Synopsys, Inc. *
3,573
1,677,309
VeriSign, Inc. *
3,226
644,103
VMware, Inc., Class A *
7,056
1,027,707
Workday, Inc., Class A *
5,450
1,153,820
 
54,120,187
Technology Hardware & Equipment — 12.8%
Allegro MicroSystems, Inc. (Japan) *
18,336
476,002
Amphenol Corp., Class A
15,673
1,262,460
Analog Devices, Inc.
10,620
1,670,845
Apple, Inc.
34,390
5,872,780
Applied Materials, Inc.
16,311
2,158,761
Avnet, Inc.
14,299
662,473
Broadcom, Inc.
6,508
5,475,636
CDW Corp.
5,002
1,002,401
Cirrus Logic, Inc. *
6,292
421,123
Corning, Inc.
4,146
110,947
Jabil, Inc.
7,506
921,737
KLA Corp.
3,260
1,531,222
Lam Research Corp.
2,852
1,677,603
Lattice Semiconductor Corp. *
8,757
486,977
Marvell Technology, Inc.
22,690
1,071,422
Microchip Technology, Inc.
14,650
1,044,398
Monolithic Power Systems, Inc.
1,882
831,355
NetApp, Inc.
11,155
811,861
SEE NOTES TO FINANCIAL STATEMENTS. 
 
October 31, 2023
J.P. Morgan Exchange-Traded Funds
187

JPMorgan U.S. Momentum Factor ETF
SCHEDULE OF PORTFOLIO INVESTMENTS
AS OF October 31, 2023 (continued)
INVESTMENTS
SHARES
VALUE ($)
Common Stocks — continued
Technology Hardware & Equipment — continued
NVIDIA Corp.
13,561
5,530,176
ON Semiconductor Corp. *
12,719
796,718
Pure Storage, Inc., Class A *
20,802
703,316
TD SYNNEX Corp.
4,365
400,183
Teradyne, Inc.
8,065
671,572
Texas Instruments, Inc.
16,476
2,339,757
Vertiv Holdings Co.
21,399
840,339
 
38,772,064
Telecommunications Equipment — 2.0%
Arista Networks, Inc. *
6,873
1,377,143
Cisco Systems, Inc.
51,463
2,682,766
Juniper Networks, Inc.
24,866
669,393
Motorola Solutions, Inc.
4,607
1,282,865
 
6,012,167
Telecommunications Service Providers — 0.4%
AT&T, Inc.
49,689
765,211
T-Mobile US, Inc. *
3,153
453,590
 
1,218,801
Travel & Leisure — 3.3%
Aramark
17,069
459,668
Booking Holdings, Inc. *
646
1,802,056
Boyd Gaming Corp.
10,004
552,721
Chipotle Mexican Grill, Inc. *
694
1,347,887
Choice Hotels International, Inc.
326
36,023
Hilton Worldwide Holdings, Inc.
7,808
1,183,146
Hyatt Hotels Corp., Class A
4,678
479,214
Las Vegas Sands Corp.
3,840
182,246
McDonald's Corp.
9,779
2,563,760
Royal Caribbean Cruises Ltd. *
10,072
853,401
Wingstop, Inc.
3,275
598,572
 
10,058,694
Waste & Disposal Services — 0.9%
Republic Services, Inc.
7,272
1,079,819
Waste Management, Inc.
9,651
1,585,949
 
2,665,768
Total Common Stocks
(Cost $288,196,551)
301,586,573
INVESTMENTS
SHARES
VALUE ($)
Short-Term Investments — 0.2%
Investment Companies — 0.0% ^
JPMorgan U.S. Government Money Market Fund
Class IM Shares, 5.29% (b) (c)(Cost $154,302)
154,302
154,302
Investment of Cash Collateral from Securities Loaned — 0.2%
JPMorgan U.S. Government Money Market Fund
Class IM Shares, 5.29% (b) (c)(Cost $571,988)
571,988
571,988
Total Short-Term Investments
(Cost $726,290)
726,290
Total Investments — 100.1%
(Cost $288,922,841)
302,312,863
Liabilities in Excess of Other Assets — (0.1)%
(386,277
)
NET ASSETS — 100.0%
301,926,586
 
Percentages indicated are based on net assets.
 
^
Amount rounds to less than 0.1% of net assets.
‡
Value determined using significant unobservable
inputs.
 
*
Non-income producing security.
 
(a)
The security or a portion of this security is on loan at
October 31, 2023. The total value of securities on
loan at October 31, 2023 is $562,229.
 
(b)
Investment in an affiliated fund, which is registered
under the Investment Company Act of 1940, as
amended, and is advised by J.P. Morgan Investment
Management Inc.
 
(c)
The rate shown is the current yield as of October 31,
2023.
 
SEE NOTES TO FINANCIAL STATEMENTS. 
 
188
J.P. Morgan Exchange-Traded Funds
October 31, 2023

Futures contracts outstanding as of October 31, 2023:
 
DESCRIPTION
NUMBER OF
CONTRACTS
EXPIRATION DATE
TRADING CURRENCY
NOTIONAL
AMOUNT ($)
VALUE AND
UNREALIZED
APPRECIATION
(DEPRECIATION) ($)
Long Contracts
Micro E-mini S&P 500 Index
7
12/15/2023
USD
147,350
(1,950
)
 
Abbreviations
 
USD
United States Dollar
SEE NOTES TO FINANCIAL STATEMENTS. 
 
October 31, 2023
J.P. Morgan Exchange-Traded Funds
189

JPMorgan U.S. Quality Factor ETF
SCHEDULE OF PORTFOLIO INVESTMENTS
AS OF October 31, 2023
 
INVESTMENTS
SHARES
VALUE ($)
Common Stocks — 99.8%
Aerospace & Defense — 0.6%
Lockheed Martin Corp.
34,756
15,801,468
Automobiles & Parts — 0.5%
Gentex Corp.
119,369
3,423,503
Genuine Parts Co.
41,269
5,317,924
LKQ Corp.
98,634
4,332,005
 
13,073,432
Banks — 0.1%
Commerce Bancshares, Inc.
78,859
3,458,756
Beverages — 0.9%
Brown-Forman Corp., Class B
1,958
109,961
Coca-Cola Co. (The)
389,743
22,016,582
 
22,126,543
Chemicals — 1.4%
CF Industries Holdings, Inc.
68,613
5,473,945
Linde plc
64,036
24,471,998
Olin Corp.
74,885
3,199,087
 
33,145,030
Construction & Materials — 1.0%
A O Smith Corp.
48,130
3,357,549
Acuity Brands, Inc.
9,878
1,599,940
Advanced Drainage Systems, Inc.
34,573
3,693,433
Builders FirstSource, Inc. *
33,468
3,631,947
Eagle Materials, Inc. (a)
16,298
2,508,425
Fortune Brands Innovations, Inc.
55,696
3,107,837
Watsco, Inc. (a)
16,093
5,614,687
 
23,513,818
Consumer Services — 1.4%
Copart, Inc. *
209,287
9,108,170
eBay, Inc.
175,210
6,873,488
Grand Canyon Education, Inc. *
44,592
5,276,572
H&R Block, Inc.
146,626
6,018,997
Rollins, Inc.
145,455
5,470,563
 
32,747,790
Electricity — 1.0%
Consolidated Edison, Inc.
83,438
7,325,022
Evergy, Inc.
71,368
3,507,024
Hawaiian Electric Industries, Inc. (a)
59,190
768,286
IDACORP, Inc.
22,183
2,100,952
NextEra Energy, Inc.
77,325
4,508,047
OGE Energy Corp.
162,258
5,549,224
 
23,758,555
INVESTMENTS
SHARES
VALUE ($)
 
Electronic & Electrical Equipment — 0.8%
Donaldson Co., Inc.
67,231
3,876,539
IDEX Corp.
27,453
5,254,779
Keysight Technologies, Inc. *
47,900
5,846,195
Mettler-Toledo International, Inc. *
5,674
5,590,025
 
20,567,538
Finance & Credit Services — 1.4%
FactSet Research Systems, Inc.
15,696
6,778,946
Moody's Corp.
32,061
9,874,788
S&P Global, Inc.
48,130
16,812,290
 
33,466,024
Food Producers — 0.3%
General Mills, Inc.
28,278
1,844,857
Hershey Co. (The)
30,941
5,796,796
 
7,641,653
Gas, Water & Multi-utilities — 0.7%
Atmos Energy Corp.
37,827
4,072,455
National Fuel Gas Co.
88,412
4,504,591
UGI Corp.
54,767
1,139,154
WEC Energy Group, Inc.
80,203
6,527,722
 
16,243,922
General Industrials — 0.9%
3M Co.
81,841
7,443,439
Honeywell International, Inc.
10,463
1,917,450
Illinois Tool Works, Inc.
50,444
11,305,509
 
20,666,398
Health Care Providers — 0.4%
Chemed Corp.
11,764
6,619,015
DaVita, Inc. * (a)
41,450
3,201,183
Premier, Inc., Class A
33,155
637,239
 
10,457,437
Household Goods & Home Construction — 0.2%
NVR, Inc. *
1,130
6,116,261
Industrial Engineering — 0.6%
Graco, Inc.
74,527
5,541,082
Lincoln Electric Holdings, Inc.
29,878
5,222,674
Nordson Corp.
12,940
2,750,915
 
13,514,671
Industrial Metals & Mining — 0.5%
Fastenal Co.
33,329
1,944,414
SEE NOTES TO FINANCIAL STATEMENTS. 
 
190
J.P. Morgan Exchange-Traded Funds
October 31, 2023

INVESTMENTS
SHARES
VALUE ($)
Common Stocks — continued
Industrial Metals & Mining — continued
Reliance Steel & Aluminum Co.
23,601
6,003,622
Southern Copper Corp. (Mexico)
64,902
4,601,552
 
12,549,588
Industrial Support Services — 7.1%
Accenture plc, Class A
82,105
24,392,574
Automatic Data Processing, Inc.
61,297
13,376,231
Cintas Corp.
19,801
10,041,483
Jack Henry & Associates, Inc.
25,797
3,637,119
Mastercard, Inc., Class A
106,919
40,238,966
MSC Industrial Direct Co., Inc., Class A
20,568
1,948,818
Paychex, Inc.
78,652
8,734,305
Verisk Analytics, Inc.
37,431
8,510,312
Visa, Inc., Class A (a)
203,158
47,762,446
Western Union Co. (The)
370,531
4,183,295
WW Grainger, Inc.
11,084
8,089,436
 
170,914,985
Industrial Transportation — 1.7%
Allison Transmission Holdings, Inc.
64,656
3,259,956
CH Robinson Worldwide, Inc.
65,364
5,348,736
Expeditors International of Washington, Inc.
61,704
6,741,162
Landstar System, Inc.
30,675
5,054,626
Union Pacific Corp.
90,079
18,701,301
United Parcel Service, Inc., Class B
9,403
1,328,174
 
40,433,955
Investment Banking & Brokerage Services — 3.9%
Ameriprise Financial, Inc.
20,994
6,604,083
Berkshire Hathaway, Inc., Class B *
136,263
46,510,650
BlackRock, Inc.
19,388
11,870,885
Broadridge Financial Solutions, Inc.
40,835
6,968,084
Intercontinental Exchange, Inc.
77,708
8,348,947
MarketAxess Holdings, Inc.
7,713
1,648,654
Nasdaq, Inc.
120,395
5,971,592
SEI Investments Co.
87,246
4,681,620
Virtu Financial, Inc., Class A
66,089
1,221,986
 
93,826,501
Leisure Goods — 0.6%
Electronic Arts, Inc.
73,885
9,146,224
Pool Corp.
18,307
5,780,801
 
14,927,025
Life Insurance — 0.9%
Aflac, Inc.
137,114
10,709,975
INVESTMENTS
SHARES
VALUE ($)
 
Life Insurance — continued
Globe Life, Inc.
46,754
5,440,295
Principal Financial Group, Inc.
74,859
5,066,457
 
21,216,727
Media — 0.1%
Sirius XM Holdings, Inc. (a)
816,104
3,492,925
Medical Equipment & Services — 1.6%
Abbott Laboratories
154,795
14,635,867
Agilent Technologies, Inc.
21,801
2,253,569
Bio-Techne Corp.
15,506
847,093
Edwards Lifesciences Corp. *
115,601
7,366,096
Enovis Corp. *
13,751
631,171
Hologic, Inc. *
76,652
5,072,063
IDEXX Laboratories, Inc. *
18,440
7,366,227
 
38,172,086
Non-life Insurance — 3.8%
American Financial Group, Inc.
28,799
3,149,459
Aon plc, Class A
38,293
11,847,854
Arch Capital Group Ltd. *
104,894
9,092,212
Arthur J Gallagher & Co.
46,299
10,902,951
Brown & Brown, Inc.
95,073
6,599,968
Chubb Ltd.
48,238
10,352,839
Fidelity National Financial, Inc.
97,014
3,792,277
Marsh & McLennan Cos., Inc.
82,208
15,590,747
Progressive Corp. (The)
28,102
4,442,645
Travelers Cos., Inc. (The)
50,670
8,484,185
WR Berkley Corp.
90,799
6,121,669
 
90,376,806
Non-Renewable Energy — 4.5%
Antero Midstream Corp.
68,663
847,301
APA Corp.
114,234
4,537,374
Chevron Corp.
182,546
26,602,429
ConocoPhillips
104,016
12,357,101
Coterra Energy, Inc.
266,349
7,324,598
EOG Resources, Inc.
82,922
10,468,902
Exxon Mobil Corp.
336,369
35,604,659
Pioneer Natural Resources Co.
30,628
7,320,092
Texas Pacific Land Corp. (a)
2,183
4,029,709
 
109,092,165
Personal Care, Drug & Grocery Stores — 3.5%
Church & Dwight Co., Inc.
44,101
4,010,545
Clorox Co. (The)
47,147
5,549,202
Colgate-Palmolive Co.
146,648
11,016,197
SEE NOTES TO FINANCIAL STATEMENTS. 
 
October 31, 2023
J.P. Morgan Exchange-Traded Funds
191

JPMorgan U.S. Quality Factor ETF
SCHEDULE OF PORTFOLIO INVESTMENTS
AS OF October 31, 2023 (continued)
INVESTMENTS
SHARES
VALUE ($)
Common Stocks — continued
Personal Care, Drug & Grocery Stores — continued
Kimberly-Clark Corp.
78,625
9,406,695
McKesson Corp.
27,708
12,617,115
Procter & Gamble Co. (The)
274,234
41,143,327
 
83,743,081
Personal Goods — 0.6%
Carter's, Inc.
36,392
2,444,087
Deckers Outdoor Corp. *
12,638
7,545,644
Tapestry, Inc.
124,677
3,436,098
 
13,425,829
Pharmaceuticals, Biotechnology & Marijuana Producers — 10.7%
AbbVie, Inc.
233,624
32,983,036
Amgen, Inc.
77,005
19,690,178
Biogen, Inc. *
22,590
5,366,029
Bristol-Myers Squibb Co.
320,269
16,503,462
Eli Lilly & Co.
91,378
50,617,015
Gilead Sciences, Inc.
208,385
16,366,558
Incyte Corp. *
100,977
5,445,690
Johnson & Johnson (a)
238,032
35,309,667
Medpace Holdings, Inc. *
12,987
3,151,555
Merck & Co., Inc.
324,926
33,369,900
Regeneron Pharmaceuticals, Inc. *
13,873
10,819,414
Vertex Pharmaceuticals, Inc. *
42,600
15,425,886
Zoetis, Inc. (a)
70,909
11,132,713
 
256,181,103
Precious Metals & Mining — 0.1%
Newmont Corp.
41,938
1,571,417
Real Estate Investment & Services — 0.3%
CBRE Group, Inc., Class A *
16,227
1,125,180
CoStar Group, Inc. *
75,738
5,559,927
 
6,685,107
Real Estate Investment Trusts — 2.4%
Camden Property Trust
29,016
2,462,878
Crown Castle, Inc.
38,741
3,602,138
Equity LifeStyle Properties, Inc.
63,981
4,209,950
Equity Residential
38,821
2,147,966
Extra Space Storage, Inc.
51,585
5,343,690
Gaming and Leisure Properties, Inc.
43,549
1,976,689
Host Hotels & Resorts, Inc.
406,347
6,290,252
Lamar Advertising Co., Class A
66,492
5,470,297
Mid-America Apartment Communities, Inc.
33,185
3,920,808
Public Storage
36,447
8,700,263
Rayonier, Inc.
22,988
580,217
INVESTMENTS
SHARES
VALUE ($)
 
Real Estate Investment Trusts — continued
Simon Property Group, Inc.
53,530
5,882,412
Weyerhaeuser Co.
225,748
6,476,710
 
57,064,270
Retailers — 5.6%
AutoZone, Inc. *
4,128
10,225,593
Best Buy Co., Inc.
54,553
3,645,231
Costco Wholesale Corp.
59,393
32,811,069
Home Depot, Inc. (The)
114,127
32,490,816
Lowe's Cos., Inc.
5,813
1,107,783
O'Reilly Automotive, Inc. *
12,229
11,378,351
Ross Stores, Inc.
80,445
9,329,207
TJX Cos., Inc. (The)
185,647
16,349,931
Tractor Supply Co. (a)
13,554
2,609,958
Ulta Beauty, Inc. *
14,394
5,488,576
Walmart, Inc.
27,707
4,527,601
Williams-Sonoma, Inc.
35,171
5,284,091
 
135,248,207
Software & Computer Services — 19.6%
Adobe, Inc. *
60,768
32,332,222
Akamai Technologies, Inc. *
66,555
6,877,128
Alphabet, Inc., Class A *
382,756
47,492,364
Amdocs Ltd.
64,541
5,173,607
ANSYS, Inc. *
17,080
4,752,681
Aspen Technology, Inc. * (a)
10,225
1,817,494
Atlassian Corp., Class A *
41,683
7,529,617
Autodesk, Inc. *
47,771
9,440,983
Bentley Systems, Inc., Class B
71,517
3,478,587
Cadence Design Systems, Inc. *
50,882
12,204,048
Cognizant Technology Solutions Corp.,
Class A
129,518
8,350,025
Crowdstrike Holdings, Inc., Class A *
38,722
6,844,888
Datadog, Inc., Class A *
54,699
4,456,328
DocuSign, Inc. *
92,484
3,595,778
Dolby Laboratories, Inc., Class A
63,128
5,109,580
DoorDash, Inc., Class A *
61,955
4,643,527
DoubleVerify Holdings, Inc. *
92,295
2,568,570
Dropbox, Inc., Class A * (a)
215,335
5,663,311
Dun & Bradstreet Holdings, Inc.
157,349
1,378,377
Dynatrace, Inc. *
120,527
5,388,762
EPAM Systems, Inc. *
17,291
3,762,003
F5, Inc. *
38,324
5,809,535
Fortinet, Inc. *
159,173
9,099,920
Gartner, Inc. *
22,756
7,555,902
GoDaddy, Inc., Class A *
51,589
3,777,862
SEE NOTES TO FINANCIAL STATEMENTS. 
 
192
J.P. Morgan Exchange-Traded Funds
October 31, 2023

INVESTMENTS
SHARES
VALUE ($)
Common Stocks — continued
Software & Computer Services — continued
HubSpot, Inc. *
9,358
3,965,640
International Business Machines Corp.
108,301
15,664,657
Intuit, Inc.
40,177
19,885,606
Manhattan Associates, Inc. *
32,739
6,383,450
Meta Platforms, Inc., Class A *
175,205
52,784,010
Microsoft Corp.
149,535
50,559,279
Palo Alto Networks, Inc. * (a)
55,323
13,444,595
Paycom Software, Inc.
20,408
4,999,348
Pinterest, Inc., Class A *
162,260
4,848,329
RingCentral, Inc., Class A *
90,165
2,396,586
Salesforce, Inc. *
109,359
21,962,568
Science Applications International Corp.
27,384
2,991,428
ServiceNow, Inc. *
31,705
18,447,554
Snowflake, Inc., Class A *
14,698
2,133,121
Splunk, Inc. *
40,564
5,969,398
Synopsys, Inc. *
28,371
13,318,482
Teradata Corp. *
112,035
4,786,135
Tyler Technologies, Inc. *
1,821
679,051
VeriSign, Inc. *
35,475
7,082,939
VMware, Inc., Class A *
58,411
8,507,562
 
469,912,837
Technology Hardware & Equipment — 11.3%
Allegro MicroSystems, Inc. (Japan) *
69,969
1,816,395
Amphenol Corp., Class A
90,741
7,309,187
Analog Devices, Inc.
81,384
12,804,145
Apple, Inc.
274,083
46,805,154
Applied Materials, Inc.
128,708
17,034,504
Broadcom, Inc.
51,414
43,258,197
CDW Corp.
27,780
5,567,112
Cirrus Logic, Inc. *
37,166
2,487,520
IPG Photonics Corp. *
27,212
2,337,511
Jabil, Inc. (a)
38,764
4,760,219
KLA Corp.
25,547
11,999,426
Lam Research Corp.
18,506
10,885,599
Lattice Semiconductor Corp. * (a)
68,794
3,825,634
Microchip Technology, Inc.
123,558
8,808,450
NetApp, Inc.
56,305
4,097,878
NVIDIA Corp.
107,042
43,651,728
ON Semiconductor Corp. *
70,902
4,441,301
Pure Storage, Inc., Class A *
162,002
5,477,288
Qorvo, Inc. *
56,590
4,947,098
Skyworks Solutions, Inc.
65,193
5,654,841
INVESTMENTS
SHARES
VALUE ($)
 
Technology Hardware & Equipment — continued
Teradyne, Inc. (a)
60,829
5,065,231
Texas Instruments, Inc.
128,667
18,272,001
 
271,306,419
Telecommunications Equipment — 1.3%
Cisco Systems, Inc.
513,450
26,766,149
Motorola Solutions, Inc.
16,633
4,631,625
Ubiquiti, Inc. (a)
2,116
256,988
 
31,654,762
Telecommunications Service Providers — 1.0%
AT&T, Inc.
387,618
5,969,317
Charter Communications, Inc., Class A *
6,657
2,681,440
Verizon Communications, Inc.
462,642
16,252,613
 
24,903,370
Tobacco — 0.6%
Altria Group, Inc.
318,696
12,802,018
Philip Morris International, Inc.
12,634
1,126,448
 
13,928,466
Travel & Leisure — 4.8%
Airbnb, Inc., Class A *
74,975
8,868,793
Booking Holdings, Inc. *
5,836
16,279,872
Boyd Gaming Corp.
48,240
2,665,260
Choice Hotels International, Inc. (a)
40,151
4,436,686
Darden Restaurants, Inc.
43,547
6,337,395
Expedia Group, Inc. *
52,552
5,007,680
Live Nation Entertainment, Inc. *
63,220
5,058,864
Madison Square Garden Sports Corp. * (a)
28,497
4,791,486
Marriott International, Inc., Class A
53,118
10,015,930
McDonald's Corp.
98,522
25,829,513
Starbucks Corp.
173,560
16,009,174
Wyndham Hotels & Resorts, Inc.
34,173
2,474,125
Yum! Brands, Inc.
66,655
8,055,923
 
115,830,701
Waste & Disposal Services — 1.1%
Clean Harbors, Inc. *
27,214
4,181,976
Republic Services, Inc.
56,921
8,452,199
Waste Management, Inc.
78,815
12,951,669
 
25,585,844
Total Common Stocks
(Cost $2,407,426,490)
2,398,343,472
SEE NOTES TO FINANCIAL STATEMENTS. 
 
October 31, 2023
J.P. Morgan Exchange-Traded Funds
193

JPMorgan U.S. Quality Factor ETF
SCHEDULE OF PORTFOLIO INVESTMENTS
AS OF October 31, 2023 (continued)
INVESTMENTS
SHARES
VALUE ($)
Short-Term Investments — 4.1%
Investment Companies — 0.1%
JPMorgan U.S. Government Money Market
Fund Class IM Shares, 5.29% (b) (c)(Cost
$1,995,808)
1,995,808
1,995,808
Investment of Cash Collateral from Securities Loaned — 4.0%
JPMorgan Securities Lending Money Market
Fund Class Agency SL Shares, 5.53% (b)
(c)
84,495,319
84,512,218
JPMorgan U.S. Government Money Market
Fund Class IM Shares, 5.29% (b) (c)
10,755,358
10,755,358
Total Investment of Cash Collateral from
Securities Loaned
(Cost $95,271,375)
95,267,576
Total Short-Term Investments
(Cost $97,267,183)
97,263,384
Total Investments — 103.9%
(Cost $2,504,693,673)
2,495,606,856
Liabilities in Excess of Other Assets —
(3.9)%
(93,383,250
)
NET ASSETS — 100.0%
2,402,223,606
 
Percentages indicated are based on net assets.
 
*
Non-income producing security.
(a)
The security or a portion of this security is on loan at October 31,
2023. The total value of securities on loan at October 31, 2023 is
$93,954,626.
(b)
Investment in an affiliated fund, which is registered under the
Investment Company Act of 1940, as amended, and is advised by
J.P. Morgan Investment Management Inc.
(c)
The rate shown is the current yield as of October 31, 2023.
Futures contracts outstanding as of October 31, 2023:
 
DESCRIPTION
NUMBER OF
CONTRACTS
EXPIRATION DATE
TRADING CURRENCY
NOTIONAL
AMOUNT ($)
VALUE AND
UNREALIZED
APPRECIATION
(DEPRECIATION) ($)
Long Contracts
S&P 500 E-Mini Index
12
12/15/2023
USD
2,527,050
(58,376
)
 
Abbreviations
 
USD
United States Dollar
SEE NOTES TO FINANCIAL STATEMENTS. 
 
194
J.P. Morgan Exchange-Traded Funds
October 31, 2023

JPMorgan U.S. Value Factor ETF
SCHEDULE OF PORTFOLIO INVESTMENTS
AS OF October 31, 2023
 
INVESTMENTS
SHARES
VALUE ($)
Common Stocks — 99.8%
Aerospace & Defense — 1.4%
General Dynamics Corp.
10,999
2,654,169
Huntington Ingalls Industries, Inc.
4,802
1,055,575
L3Harris Technologies, Inc.
10,592
1,900,311
RTX Corp. (a)
34,283
2,790,293
Textron, Inc.
18,716
1,422,416
 
9,822,764
Automobiles & Parts — 1.8%
BorgWarner, Inc.
36,769
1,356,776
Ford Motor Co.
251,074
2,447,972
General Motors Co.
76,435
2,155,467
Gentex Corp.
53,402
1,531,569
Genuine Parts Co.
12,993
1,674,278
Lear Corp.
11,235
1,457,854
LKQ Corp.
33,963
1,491,655
Phinia, Inc.
16,005
414,209
 
12,529,780
Banks — 4.3%
Bank OZK
16,089
576,147
BOK Financial Corp.
7,172
469,909
Citigroup, Inc.
94,672
3,738,597
Citizens Financial Group, Inc.
68,141
1,596,544
Columbia Banking System, Inc.
33,514
659,220
Comerica, Inc.
20,581
810,891
Fifth Third Bancorp
59,771
1,417,170
First Hawaiian, Inc.
43,334
776,979
First Horizon Corp.
75,505
811,679
FNB Corp.
110,005
1,175,953
Huntington Bancshares, Inc.
142,129
1,371,545
KeyCorp
101,034
1,032,568
M&T Bank Corp.
10,925
1,231,794
New York Community Bancorp, Inc.
145,992
1,384,004
PNC Financial Services Group, Inc. (The)
5,316
608,523
Popular, Inc. (Puerto Rico)
21,753
1,414,815
Prosperity Bancshares, Inc.
15,290
833,917
Regions Financial Corp.
91,863
1,334,769
Synovus Financial Corp.
35,924
936,539
Truist Financial Corp.
91,822
2,604,072
US Bancorp
70,766
2,256,020
Webster Financial Corp.
22,186
842,402
Western Alliance Bancorp
21,012
863,593
Zions Bancorp NA
27,396
845,167
 
29,592,817
INVESTMENTS
SHARES
VALUE ($)
 
Beverages — 0.4%
Keurig Dr Pepper, Inc.
30,920
937,803
Molson Coors Beverage Co., Class B
27,818
1,607,046
 
2,544,849
Chemicals — 0.9%
Dow, Inc.
42,500
2,054,450
Huntsman Corp.
53,416
1,246,195
LyondellBasell Industries NV, Class A
22,681
2,046,734
Mosaic Co. (The)
15,215
494,183
 
5,841,562
Construction & Materials — 1.0%
Acuity Brands, Inc.
5,317
861,195
Builders FirstSource, Inc. *
14,333
1,555,417
Fortune Brands Innovations, Inc.
14,619
815,740
Louisiana-Pacific Corp.
23,249
1,192,209
MDU Resources Group, Inc.
42,217
785,658
Owens Corning
13,238
1,500,792
 
6,711,011
Consumer Services — 0.8%
eBay, Inc.
48,434
1,900,066
Grand Canyon Education, Inc. *
4,135
489,294
H&R Block, Inc.
42,574
1,747,663
Service Corp. International
26,729
1,454,592
U-Haul Holding Co. * (a)
3,882
190,684
 
5,782,299
Electricity — 2.0%
Avangrid, Inc. (a)
19,631
586,378
Clearway Energy, Inc., Class C
16,182
351,311
Consolidated Edison, Inc.
23,816
2,090,807
Dominion Energy, Inc.
7,748
312,399
Entergy Corp.
20,771
1,985,500
Evergy, Inc.
35,419
1,740,490
Hawaiian Electric Industries, Inc. (a)
104,333
1,354,242
OGE Energy Corp.
51,203
1,751,143
Pinnacle West Capital Corp.
22,014
1,632,998
PPL Corp.
75,116
1,845,600
 
13,650,868
Electronic & Electrical Equipment — 1.5%
Crane Co.
6,359
618,921
Crane NXT Co.
12,755
663,260
Emerson Electric Co.
33,697
2,998,022
Johnson Controls International plc
39,236
1,923,349
MKS Instruments, Inc.
3,965
260,342
SEE NOTES TO FINANCIAL STATEMENTS. 
 
October 31, 2023
J.P. Morgan Exchange-Traded Funds
195

JPMorgan U.S. Value Factor ETF
SCHEDULE OF PORTFOLIO INVESTMENTS
AS OF October 31, 2023 (continued)
INVESTMENTS
SHARES
VALUE ($)
Common Stocks — continued
Electronic & Electrical Equipment — continued
nVent Electric plc
31,729
1,527,117
Pentair plc
26,651
1,548,956
Sensata Technologies Holding plc
16,937
539,952
 
10,079,919
Finance & Credit Services — 0.6%
Ally Financial, Inc.
55,469
1,341,795
MGIC Investment Corp.
94,357
1,588,972
OneMain Holdings, Inc.
33,941
1,219,500
 
4,150,267
Food Producers — 2.5%
Archer-Daniels-Midland Co.
36,189
2,590,047
Bunge Ltd.
4,996
529,476
Campbell Soup Co.
38,519
1,556,553
Conagra Brands, Inc.
66,956
1,831,916
General Mills, Inc.
37,578
2,451,589
Ingredion, Inc.
9,816
918,581
J M Smucker Co. (The)
13,062
1,486,978
Kellogg Co.
19,880
1,003,344
Kraft Heinz Co. (The)
72,316
2,275,061
Post Holdings, Inc. *
9,937
797,742
Tyson Foods, Inc., Class A
30,382
1,408,206
US Foods Holding Corp. *
12,170
473,900
WK Kellogg Co. *
4,850
48,597
 
17,371,990
Gas, Water & Multi-utilities — 0.8%
Duke Energy Corp.
39,891
3,545,911
National Fuel Gas Co.
14,449
736,177
UGI Corp.
39,910
830,128
 
5,112,216
General Industrials — 2.8%
3M Co.
23,539
2,140,872
Amcor plc
202,589
1,801,016
Berry Global Group, Inc.
26,842
1,476,310
Dover Corp.
12,726
1,653,743
DuPont de Nemours, Inc.
34,210
2,493,225
Graphic Packaging Holding Co.
52,414
1,127,425
Packaging Corp. of America
12,960
1,983,528
Parker-Hannifin Corp.
7,724
2,849,461
Silgan Holdings, Inc.
27,267
1,092,316
Sonoco Products Co.
7,091
367,385
WestRock Co.
50,214
1,804,189
 
18,789,470
INVESTMENTS
SHARES
VALUE ($)
 
Health Care Providers — 4.8%
Centene Corp. *
28,219
1,946,547
Cigna Group (The)
14,762
4,564,410
Elevance Health, Inc.
10,821
4,870,424
Encompass Health Corp.
12,312
770,239
Humana, Inc.
6,571
3,441,167
Premier, Inc., Class A
36,940
709,987
UnitedHealth Group, Inc.
28,046
15,020,316
Universal Health Services, Inc., Class B
12,032
1,514,708
 
32,837,798
Household Goods & Home Construction — 1.8%
DR Horton, Inc.
22,632
2,362,781
Leggett & Platt, Inc.
57,859
1,355,636
Lennar Corp., Class A
20,569
2,194,301
Newell Brands, Inc.
112,828
758,204
NVR, Inc. *
203
1,098,762
PulteGroup, Inc.
25,396
1,868,892
Toll Brothers, Inc.
21,628
1,529,316
Whirlpool Corp.
11,188
1,169,817
 
12,337,709
Industrial Engineering — 1.8%
AGCO Corp.
11,144
1,277,771
Brunswick Corp.
20,922
1,453,451
Caterpillar, Inc.
19,130
4,324,337
CNH Industrial NV (United Kingdom) (a)
67,740
743,785
Cummins, Inc. (a)
8,777
1,898,465
Snap-on, Inc.
7,267
1,874,450
Stanley Black & Decker, Inc.
11,830
1,006,142
 
12,578,401
Industrial Materials — 0.2%
International Paper Co.
42,063
1,418,785
Industrial Metals & Mining — 0.8%
Cleveland-Cliffs, Inc. *
11,416
191,560
Nucor Corp.
16,133
2,384,296
Reliance Steel & Aluminum Co.
7,104
1,807,116
United States Steel Corp. (a)
39,653
1,343,840
 
5,726,812
Industrial Support Services — 1.7%
ADT, Inc. (a)
93,353
528,378
Capital One Financial Corp.
26,845
2,719,130
Fidelity National Information Services, Inc.
12,682
622,813
ManpowerGroup, Inc.
20,014
1,400,380
MSC Industrial Direct Co., Inc., Class A
16,339
1,548,120
SEE NOTES TO FINANCIAL STATEMENTS. 
 
196
J.P. Morgan Exchange-Traded Funds
October 31, 2023

INVESTMENTS
SHARES
VALUE ($)
Common Stocks — continued
Industrial Support Services — continued
NCR Atleos Corp. *
26,268
579,472
Robert Half, Inc. (a)
13,225
988,833
Synchrony Financial
59,787
1,677,025
Western Union Co. (The)
133,020
1,501,796
 
11,565,947
Industrial Transportation — 2.7%
Allison Transmission Holdings, Inc.
27,763
1,399,810
FedEx Corp.
13,309
3,195,491
Knight-Swift Transportation Holdings, Inc.
30,752
1,503,465
Norfolk Southern Corp.
12,048
2,298,638
Oshkosh Corp.
7,231
634,376
PACCAR, Inc.
34,620
2,857,189
Ryder System, Inc.
16,247
1,584,732
Schneider National, Inc., Class B
29,578
749,211
Union Pacific Corp.
19,248
3,996,077
 
18,218,989
Investment Banking & Brokerage Services — 1.3%
Bank of New York Mellon Corp. (The)
50,320
2,138,600
Carlyle Group, Inc. (The)
6,806
187,437
Franklin Resources, Inc.
56,227
1,281,413
Invesco Ltd.
87,768
1,138,351
Janus Henderson Group plc
38,822
895,624
Jefferies Financial Group, Inc.
44,647
1,436,741
State Street Corp.
26,751
1,728,917
 
8,807,083
Leisure Goods — 0.9%
Garmin Ltd.
18,745
1,921,925
Harley-Davidson, Inc.
48,504
1,302,332
Polaris, Inc. (a)
8,301
717,372
Pool Corp.
3,359
1,060,672
Thor Industries, Inc. (a)
15,674
1,378,215
 
6,380,516
Life Insurance — 1.0%
Corebridge Financial, Inc.
46,750
935,000
Principal Financial Group, Inc.
23,805
1,611,123
Prudential Financial, Inc.
25,723
2,352,111
Unum Group
36,899
1,804,361
 
6,702,595
Media — 1.6%
Fox Corp., Class A
53,765
1,633,918
Interpublic Group of Cos., Inc. (The)
49,314
1,400,518
Liberty Media Corp-Liberty SiriusXM *
40,641
997,736
INVESTMENTS
SHARES
VALUE ($)
 
Media — continued
News Corp., Class A
83,290
1,722,437
Nexstar Media Group, Inc.
11,782
1,650,423
Omnicom Group, Inc.
22,032
1,650,417
Paramount Global, Class B (a)
92,962
1,011,427
Sirius XM Holdings, Inc. (a)
201,552
862,643
 
10,929,519
Medical Equipment & Services — 1.5%
Becton Dickinson & Co.
2,381
601,869
Laboratory Corp. of America Holdings
6,330
1,264,291
Medtronic plc
55,762
3,934,567
Quest Diagnostics, Inc.
14,074
1,831,027
QuidelOrtho Corp. *
9,964
608,601
Revvity, Inc.
10,095
836,371
Zimmer Biomet Holdings, Inc.
12,000
1,252,920
 
10,329,646
Mortgage Real Estate Investment Trusts — 0.8%
AGNC Investment Corp. (a)
114,809
847,290
Annaly Capital Management, Inc.
86,448
1,349,453
Rithm Capital Corp.
161,196
1,503,959
Starwood Property Trust, Inc. (a)
80,484
1,428,591
 
5,129,293
Non-life Insurance — 1.7%
American International Group, Inc.
47,857
2,934,113
Assured Guaranty Ltd.
24,743
1,543,963
Axis Capital Holdings Ltd.
15,083
861,239
Fidelity National Financial, Inc.
44,461
1,737,980
First American Financial Corp.
27,209
1,399,631
Old Republic International Corp.
63,832
1,747,720
Reinsurance Group of America, Inc.
8,448
1,262,723
 
11,487,369
Non-Renewable Energy — 4.8%
Antero Midstream Corp.
6,260
77,248
Antero Resources Corp. *
62,055
1,826,899
Chesapeake Energy Corp. (a)
20,665
1,778,843
Chevron Corp.
39,079
5,694,983
Coterra Energy, Inc.
77,190
2,122,725
Diamondback Energy, Inc.
12,209
1,957,347
HF Sinclair Corp.
29,206
1,617,428
Kinder Morgan, Inc.
138,869
2,249,678
Marathon Oil Corp.
73,383
2,004,090
Marathon Petroleum Corp.
24,054
3,638,167
Ovintiv, Inc.
35,753
1,716,144
SEE NOTES TO FINANCIAL STATEMENTS. 
 
October 31, 2023
J.P. Morgan Exchange-Traded Funds
197

JPMorgan U.S. Value Factor ETF
SCHEDULE OF PORTFOLIO INVESTMENTS
AS OF October 31, 2023 (continued)
INVESTMENTS
SHARES
VALUE ($)
Common Stocks — continued
Non-Renewable Energy — continued
Phillips 66
27,794
3,170,462
Pioneer Natural Resources Co.
13,793
3,296,527
Valero Energy Corp.
13,573
1,723,771
 
32,874,312
Personal Care, Drug & Grocery Stores — 1.3%
Albertsons Cos., Inc., Class A
76,870
1,668,079
CVS Health Corp.
64,380
4,442,864
Kroger Co. (The)
47,719
2,165,011
Spectrum Brands Holdings, Inc.
10,044
756,514
 
9,032,468
Personal Goods — 1.1%
Carter's, Inc. (a)
20,213
1,357,505
Columbia Sportswear Co.
10,241
755,786
Crocs, Inc. *
9,522
850,505
PVH Corp.
19,683
1,463,431
Ralph Lauren Corp.
12,768
1,436,783
Tapestry, Inc. (a)
52,601
1,449,683
VF Corp. (a)
34,164
503,236
 
7,816,929
Pharmaceuticals, Biotechnology & Marijuana Producers — 6.9%
Amgen, Inc.
19,564
5,002,515
Biogen, Inc. *
5,362
1,273,690
Bristol-Myers Squibb Co.
80,793
4,163,263
Fortrea Holdings, Inc. * (a)
26,281
746,380
Gilead Sciences, Inc.
53,316
4,187,439
Johnson & Johnson
73,638
10,923,461
Maravai LifeSciences Holdings, Inc., Class A *
50,605
347,150
Merck & Co., Inc.
95,501
9,807,953
Organon & Co.
29,555
437,119
Perrigo Co. plc
24,549
678,534
Pfizer, Inc.
209,406
6,399,447
United Therapeutics Corp. *
6,200
1,381,732
Viatris, Inc.
164,998
1,468,482
 
46,817,165
Real Estate Investment & Services — 0.0% ^
Jones Lang LaSalle, Inc. *
2,489
318,393
Real Estate Investment Trusts — 2.6%
Brixmor Property Group, Inc.
2,290
47,609
Cousins Properties, Inc.
37,167
664,174
EPR Properties
34,286
1,464,012
Equity Residential
19,806
1,095,866
Gaming and Leisure Properties, Inc.
19,567
888,146
INVESTMENTS
SHARES
VALUE ($)
 
Real Estate Investment Trusts — continued
Highwoods Properties, Inc. (a)
47,867
856,341
Kilroy Realty Corp.
27,845
795,810
Kimco Realty Corp.
85,874
1,540,580
Medical Properties Trust, Inc. (a)
145,323
694,644
NNN REIT, Inc.
22,645
822,693
Omega Healthcare Investors, Inc. (a)
52,697
1,744,271
Park Hotels & Resorts, Inc.
57,871
667,253
Regency Centers Corp.
15,907
958,556
Simon Property Group, Inc.
17,083
1,877,251
VICI Properties, Inc.
72,655
2,027,074
Vornado Realty Trust (a)
52,745
1,012,704
WP Carey, Inc.
13,465
722,397
 
17,879,381
Retailers — 3.7%
Advance Auto Parts, Inc.
15,501
806,517
AutoNation, Inc. *
10,396
1,352,312
Bath & Body Works, Inc.
22,887
678,599
Best Buy Co., Inc.
24,982
1,669,297
Capri Holdings Ltd. *
22,891
1,171,561
Dick's Sporting Goods, Inc.
12,634
1,351,206
Gap, Inc. (The) (a)
94,257
1,206,490
Home Depot, Inc. (The)
19,633
5,589,319
Kohl's Corp. (a)
49,385
1,113,632
Lithia Motors, Inc., Class A
5,675
1,374,542
Macy's, Inc.
133,339
1,624,069
Murphy USA, Inc.
3,149
1,142,111
Nordstrom, Inc. (a)
62,259
870,381
Penske Automotive Group, Inc. (a)
9,604
1,374,140
Target Corp.
11,699
1,296,132
Victoria's Secret & Co. * (a)
40,385
722,084
Williams-Sonoma, Inc.
12,494
1,877,099
 
25,219,491
Software & Computer Services — 16.4%
Akamai Technologies, Inc. *
19,300
1,994,269
Alphabet, Inc., Class A *
110,703
13,736,028
Amdocs Ltd.
20,685
1,658,110
ANSYS, Inc. *
4,978
1,385,178
AppLovin Corp., Class A * (a)
38,909
1,417,844
CACI International, Inc., Class A *
5,297
1,720,254
Clarivate plc * (a)
115,879
739,308
Cognizant Technology Solutions Corp., Class A
37,477
2,416,142
Concentrix Corp.
17,839
1,359,510
Dolby Laboratories, Inc., Class A
19,699
1,594,437
SEE NOTES TO FINANCIAL STATEMENTS. 
 
198
J.P. Morgan Exchange-Traded Funds
October 31, 2023

INVESTMENTS
SHARES
VALUE ($)
Common Stocks — continued
Software & Computer Services — continued
Dropbox, Inc., Class A *
38,290
1,007,027
Dun & Bradstreet Holdings, Inc.
127,519
1,117,066
DXC Technology Co. * (a)
57,810
1,166,028
EPAM Systems, Inc. *
5,133
1,116,787
F5, Inc. *
11,144
1,689,319
Gen Digital, Inc.
91,931
1,531,570
GoDaddy, Inc., Class A *
15,070
1,103,576
Hewlett Packard Enterprise Co.
125,890
1,936,188
IAC, Inc. *
8,923
379,674
International Business Machines Corp.
39,745
5,748,717
Intuit, Inc.
10,555
5,224,197
KBR, Inc. (a)
19,688
1,144,857
Leidos Holdings, Inc.
19,702
1,952,862
Match Group, Inc. *
24,226
838,220
Meta Platforms, Inc., Class A *
50,675
15,266,857
Microsoft Corp.
43,915
14,848,101
NCR Voyix Corp. *
52,536
803,275
Oracle Corp.
61,930
6,403,562
Paycom Software, Inc.
2,353
576,414
PTC, Inc. *
10,716
1,504,741
Roper Technologies, Inc.
6,444
3,148,345
Salesforce, Inc. *
33,792
6,786,447
Science Applications International Corp.
14,448
1,578,300
SS&C Technologies Holdings, Inc.
33,330
1,674,833
Teradata Corp. *
30,469
1,301,636
VMware, Inc., Class A *
12,098
1,762,074
Zoom Video Communications, Inc., Class A *
18,178
1,090,316
ZoomInfo Technologies, Inc. *
91,551
1,186,501
 
111,908,570
Technology Hardware & Equipment — 14.5%
Amphenol Corp., Class A
35,879
2,890,054
Analog Devices, Inc.
24,594
3,869,374
Apple, Inc.
78,855
13,466,068
Applied Materials, Inc.
37,066
4,905,685
Arrow Electronics, Inc. *
13,182
1,494,971
Avnet, Inc.
32,647
1,512,536
Broadcom, Inc.
14,870
12,511,172
CDW Corp.
11,466
2,297,786
Cirrus Logic, Inc. *
20,067
1,343,084
Coherent Corp. *
23,550
697,080
Corning, Inc.
70,627
1,889,979
Entegris, Inc.
17,216
1,515,697
GLOBALFOUNDRIES, Inc. * (a)
15,715
779,778
HP, Inc.
77,739
2,046,868
INVESTMENTS
SHARES
VALUE ($)
 
Technology Hardware & Equipment — continued
Intel Corp.
175,457
6,404,181
IPG Photonics Corp. *
8,644
742,520
Jabil, Inc.
17,185
2,110,318
KLA Corp.
7,432
3,490,810
Lam Research Corp.
6,511
3,829,900
Marvell Technology, Inc.
49,873
2,355,003
Microchip Technology, Inc.
35,732
2,547,334
Micron Technology, Inc.
25,136
1,680,844
Monolithic Power Systems, Inc.
2,755
1,216,994
NetApp, Inc.
26,278
1,912,513
ON Semiconductor Corp. *
29,149
1,825,893
Qorvo, Inc. *
13,429
1,173,963
QUALCOMM, Inc.
49,347
5,378,330
Skyworks Solutions, Inc.
18,953
1,643,983
TD SYNNEX Corp.
16,046
1,471,097
Teradyne, Inc. (a)
18,997
1,581,880
Texas Instruments, Inc.
38,409
5,454,462
Universal Display Corp. (a)
8,084
1,125,131
Vertiv Holdings Co.
43,349
1,702,315
 
98,867,603
Telecommunications Equipment — 1.0%
Cisco Systems, Inc.
134,358
7,004,083
Telecommunications Service Providers — 1.3%
AT&T, Inc.
283,465
4,365,361
Comcast Corp., Class A
97,316
4,018,178
DISH Network Corp., Class A * (a)
55,680
272,832
Verizon Communications, Inc.
13,048
458,376
 
9,114,747
Tobacco — 1.1%
Altria Group, Inc.
91,908
3,691,944
Philip Morris International, Inc.
40,160
3,580,666
 
7,272,610
Travel & Leisure — 1.7%
Boyd Gaming Corp.
23,372
1,291,303
Darden Restaurants, Inc.
12,887
1,875,445
Marriott Vacations Worldwide Corp.
12,064
1,084,071
MGM Resorts International
42,176
1,472,786
Penn Entertainment, Inc. * (a)
38,698
763,512
Travel + Leisure Co.
33,613
1,143,850
United Airlines Holdings, Inc. *
24,901
871,784
Vail Resorts, Inc. (a)
4,242
900,365
SEE NOTES TO FINANCIAL STATEMENTS. 
 
October 31, 2023
J.P. Morgan Exchange-Traded Funds
199

JPMorgan U.S. Value Factor ETF
SCHEDULE OF PORTFOLIO INVESTMENTS
AS OF October 31, 2023 (continued)
INVESTMENTS
SHARES
VALUE ($)
Common Stocks — continued
Travel & Leisure — continued
Wendy's Co. (The)
70,572
1,342,279
Wyndham Hotels & Resorts, Inc.
12,717
920,711
 
11,666,106
Total Common Stocks
(Cost $745,786,981)
682,222,132
Short-Term Investments — 5.1%
Investment Companies — 0.1%
JPMorgan U.S. Government Money Market Fund
Class IM Shares, 5.29% (b) (c)(Cost
$841,596)
841,596
841,596
Investment of Cash Collateral from Securities Loaned — 5.0%
JPMorgan Securities Lending Money Market
Fund Class Agency SL Shares, 5.53% (b) (c)
30,284,477
30,290,534
JPMorgan U.S. Government Money Market Fund
Class IM Shares, 5.29% (b) (c)
3,962,851
3,962,851
Total Investment of Cash Collateral from
Securities Loaned
(Cost $34,253,585)
34,253,385
Total Short-Term Investments
(Cost $35,095,181)
35,094,981
Total Investments — 104.9%
(Cost $780,882,162)
717,317,113
Liabilities in Excess of Other Assets — (4.9)%
(33,671,492
)
NET ASSETS — 100.0%
683,645,621
 
Percentages indicated are based on net assets.
 
^
Amount rounds to less than 0.1% of net assets.
*
Non-income producing security.
 
(a)
The security or a portion of this security is on loan at
October 31, 2023. The total value of securities on
loan at October 31, 2023 is $33,450,655.
 
(b)
Investment in an affiliated fund, which is registered
under the Investment Company Act of 1940, as
amended, and is advised by J.P. Morgan Investment
Management Inc.
 
(c)
The rate shown is the current yield as of October 31,
2023.
 
Futures contracts outstanding as of October 31, 2023:
 
DESCRIPTION
NUMBER OF
CONTRACTS
EXPIRATION DATE
TRADING CURRENCY
NOTIONAL
AMOUNT ($)
VALUE AND
UNREALIZED
APPRECIATION
(DEPRECIATION) ($)
Long Contracts
S&P 500 E-Mini Index
4
12/15/2023
USD
842,350
(12,571
)
 
Abbreviations
 
USD
United States Dollar
SEE NOTES TO FINANCIAL STATEMENTS. 
 
200
J.P. Morgan Exchange-Traded Funds
October 31, 2023

STATEMENTS OF ASSETS AND LIABILITIES
AS OF October 31, 2023
 
 
JPMorgan
BetaBuilders
Canada ETF
JPMorgan
BetaBuilders
Developed Asia
Pacific ex-Japan ETF
JPMorgan
BetaBuilders
Emerging Markets
Equity ETF
JPMorgan
BetaBuilders
Europe ETF
ASSETS:
Investments in non-affiliates, at value
$5,656,159,388
$3,794,662,061
$478,606,589
$5,083,660,312
Investments in affiliates, at value
—
—
4,440,195
—
Investments of cash collateral received from securities
loaned, at value (See Note 2.C.)
184,371,831
11,792,130
—
43,392,389
Cash
—
11,383
118,276
48,730
Foreign currency, at value
11,678,907
11,109,001
118,426
26,752,557
Deposits at broker for futures contracts
1,455,722
9,056,675
138,582
3,724,501
Receivables:
Investment securities sold
—
97
—
—
Dividends from non-affiliates
18,315,189
684,474
479,698
3,592,355
Dividends from affiliates
—
—
580
—
Tax reclaims
—
163,153
27,706
25,495,864
Securities lending income (See Note 2.C.)
192,512
547
—
29,736
Variation margin on futures contracts
198,565
—
—
503,264
Total Assets
5,872,372,114
3,827,479,521
483,930,052
5,187,199,708
LIABILITIES:
Payables:
Due to custodian
59,286
—
—
—
Collateral received on securities loaned (See Note 2.C.)
184,371,831
11,792,130
—
43,392,389
Variation margin on futures contracts
—
5,138,584
32,500
—
Accrued liabilities:
Management fees (See Note 3.A.)
966,285
646,291
61,909
446,744
Deferred foreign capital gains tax
—
—
430,029
—
Total Liabilities
185,397,402
17,577,005
524,438
43,839,133
Net Assets
$5,686,974,712
$3,809,902,516
$483,405,614
$5,143,360,575
NET ASSETS:
Paid-in-Capital
$5,640,863,069
$4,729,264,130
$521,226,924
$6,295,105,049
Total distributable earnings (loss)
46,111,643
(919,361,614
)
(37,821,310
)
(1,151,744,474
)
Total Net Assets
$5,686,974,712
$3,809,902,516
$483,405,614
$5,143,360,575
Outstanding number of shares
(unlimited number of shares authorized - par value
$0.0001)
103,098,911
87,448,641
10,800,000
104,199,596
Net asset value, per share
$55.16
$43.57
$44.76
$49.36
Cost of investments in non-affiliates
$5,430,073,969
$4,390,199,215
$515,289,385
$5,908,663,965
Cost of investments in affiliates
—
—
4,440,195
—
Cost of foreign currency
11,789,664
11,052,024
118,134
26,650,618
Investment securities on loan, at value (See Note 2.C.)
174,280,525
11,180,067
—
41,286,855
Cost of investment of cash collateral (See Note 2.C.)
184,371,831
11,792,130
—
43,392,389
SEE NOTES TO FINANCIAL STATEMENTS. 
 
October 31, 2023
J.P. Morgan Exchange-Traded Funds
201

STATEMENTS OF ASSETS AND LIABILITIES
AS OF October 31, 2023 (continued)
 
 
JPMorgan
BetaBuilders
International
Equity ETF
JPMorgan
BetaBuilders
Japan ETF
JPMorgan
BetaBuilders
U.S. Equity ETF
JPMorgan
BetaBuilders U.S.
Mid Cap Equity
ETF
ASSETS:
Investments in non-affiliates, at value
$3,516,354,347
$8,666,401,662
$2,131,243,494
$1,396,416,946
Investments in affiliates, at value
26,299,048
—
39,163,022
14,241,062
Investments of cash collateral received from securities
loaned, at value (See Note 2.C.)
13,281,651
8,669,611
44,558,464
155,291,436
Cash
907,742
25,647
58,953
50,715
Foreign currency, at value
46,616
48,896,695
—
—
Deposits at broker for futures contracts
1,327,557
5,231,799
906,000
1,004,000
Receivables:
Fund shares sold
—
295,622
40,789
710,107
Dividends from non-affiliates
9,366,585
75,063,173
1,554,178
522,735
Dividends from affiliates
3,702
—
2,236
2,066
Tax reclaims
6,832,342
—
—
—
Securities lending income (See Note 2.C.)
12,217
10,050
6,754
52,475
Variation margin on futures contracts
126,421
2,891,951
103,976
142,150
Due from Broker
—
—
—
1,234,863
Total Assets
3,574,558,228
8,807,486,210
2,217,637,866
1,569,668,555
LIABILITIES:
Payables:
Investment securities purchased
775,403
74,427
8,611
136,547
Collateral received on securities loaned (See Note 2.C.)
13,281,651
8,669,611
44,558,464
155,291,436
Accrued liabilities:
Management fees (See Note 3.A.)
204,497
1,432,238
32,292
78,081
Total Liabilities
14,261,551
10,176,276
44,599,367
155,506,064
Net Assets
$3,560,296,677
$8,797,309,934
$2,173,038,499
$1,414,162,491
NET ASSETS:
Paid-in-Capital
$3,667,492,548
$9,664,211,072
$2,215,433,890
$1,818,466,492
Total distributable earnings (loss)
(107,195,871
)
(866,901,138
)
(42,395,391
)
(404,304,001
)
Total Net Assets
$3,560,296,677
$8,797,309,934
$2,173,038,499
$1,414,162,491
Outstanding number of shares
(unlimited number of shares authorized - par value
$0.0001)
70,600,000
180,697,548
28,850,000
19,900,000
Net asset value, per share
$50.43
$48.69
$75.32
$71.06
Cost of investments in non-affiliates
$3,537,443,851
$9,352,402,744
$2,132,962,254
$1,510,077,695
Cost of investments in affiliates
26,299,048
—
38,879,525
14,241,062
Cost of foreign currency
46,528
49,548,724
—
—
Investment securities on loan, at value (See Note 2.C.)
12,645,686
8,163,766
44,049,242
154,016,364
Cost of investment of cash collateral (See Note 2.C.)
13,281,651
8,669,611
44,559,764
155,293,935
SEE NOTES TO FINANCIAL STATEMENTS. 
 
202
J.P. Morgan Exchange-Traded Funds
October 31, 2023

 
 
JPMorgan
BetaBuilders U.S.
Small Cap
Equity ETF
JPMorgan
Carbon
Transition U.S.
Equity ETF
JPMorgan
Diversified
Return
Emerging
Markets Equity
ETF
JPMorgan
Diversified Return
International
Equity ETF
ASSETS:
Investments in non-affiliates, at value
$619,810,415
$5,636,482
$268,825,279
$350,428,848
Investments in affiliates, at value
3,209,614
10,503
—
424,062
Investments of cash collateral received from securities loaned, at
value (See Note 2.C.)
104,143,570
—
—
2,124,162
Cash
13,156
193
656,691
167,972
Foreign currency, at value
—
—
81,548
5,890
Deposits at broker for futures contracts
380,000
13,000
21,093
63,529
Receivables:
Investment securities sold
—
—
22
—
Fund shares sold
89,207
—
2,072
—
Dividends from non-affiliates
193,272
12,644
491,035
1,492,840
Dividends from affiliates
465
2
—
47
Tax reclaims
—
—
37,813
805,505
Securities lending income (See Note 2.C.)
69,256
—
—
4,171
Variation margin on futures contracts
29,559
47
—
5,831
Due from adviser
—
268
—
—
Total Assets
727,938,514
5,673,139
270,115,553
355,522,857
LIABILITIES:
Payables:
Investment securities purchased
26,880
—
—
112,109
Collateral received on securities loaned (See Note 2.C.)
104,143,570
—
—
2,124,162
Variation margin on futures contracts
—
—
3,900
—
Accrued liabilities:
Management fees (See Note 3.A.)
45,177
—
104,617
109,894
Deferred foreign capital gains tax
—
—
508,134
—
Other
—
—
—
1,313
Total Liabilities
104,215,627
—
616,651
2,347,478
Net Assets
$623,722,887
$5,673,139
$269,498,902
$353,175,379
NET ASSETS:
Paid-in-Capital
$850,079,206
$8,534,840
$313,365,969
$558,679,314
Total distributable earnings (loss)
(226,356,319
)
(2,861,701
)
(43,867,067
)
(205,503,935
)
Total Net Assets
$623,722,887
$5,673,139
$269,498,902
$353,175,379
Outstanding number of shares
(unlimited number of shares authorized - par value $0.0001)
12,625,000
100,000
5,600,000
7,200,000
Net asset value, per share
$49.40
$56.73
$48.12
$49.05
Cost of investments in non-affiliates
$766,998,882
$5,845,776
$271,012,781
$390,344,021
Cost of investments in affiliates
3,209,614
10,503
—
424,031
Cost of foreign currency
—
—
111,304
5,877
Investment securities on loan, at value (See Note 2.C.)
102,117,546
—
—
2,021,253
Cost of investment of cash collateral (See Note 2.C.)
104,144,270
—
—
2,124,162
SEE NOTES TO FINANCIAL STATEMENTS. 
 
October 31, 2023
J.P. Morgan Exchange-Traded Funds
203

STATEMENTS OF ASSETS AND LIABILITIES
AS OF October 31, 2023 (continued)
 
 
JPMorgan
Diversified
Return U.S.
Equity ETF
JPMorgan
Diversified
Return U.S. Mid
Cap Equity ETF
JPMorgan
Diversified
Return U.S. Small
Cap Equity ETF
JPMorgan U.S.
Momentum
Factor ETF
ASSETS:
Investments in non-affiliates, at value
$419,395,846
$309,606,119
$385,654,695
$301,586,573
Investments in affiliates, at value
306,480
280,906
365,657
154,302
Investments of cash collateral received from securities loaned, at
value (See Note 2.C.)
20,439,870
26,283,512
49,275,282
571,988
Cash
—
—
20,768
2,873
Deposits at broker for futures contracts
27,400
62,600
29,800
12,840
Receivables:
Fund shares sold
—
—
—
65,530
Dividends from non-affiliates
495,750
270,802
213,616
172,927
Dividends from affiliates
44
41
53
23
Securities lending income (See Note 2.C.)
817
1,521
15,354
73
Variation margin on futures contracts
2,585
—
2,859
877
Total Assets
440,668,792
336,505,501
435,578,084
302,568,006
LIABILITIES:
Payables:
Due to custodian
337
41,777
—
—
Investment securities purchased
—
—
—
42,040
Collateral received on securities loaned (See Note 2.C.)
20,439,870
26,283,512
49,275,282
571,988
Variation margin on futures contracts
—
53,824
—
—
Accrued liabilities:
Management fees (See Note 3.A.)
62,544
62,441
94,496
27,392
Total Liabilities
20,502,751
26,441,554
49,369,778
641,420
Net Assets
$420,166,041
$310,063,947
$386,208,306
$301,926,586
NET ASSETS:
Paid-in-Capital
$472,942,900
$360,304,106
$471,243,302
$332,774,177
Total distributable earnings (loss)
(52,776,859
)
(50,240,159
)
(85,034,996
)
(30,847,591
)
Total Net Assets
$420,166,041
$310,063,947
$386,208,306
$301,926,586
Outstanding number of shares
(unlimited number of shares authorized - par value $0.0001)
4,600,000
3,850,000
10,350,000
7,550,000
Net asset value, per share
$91.34
$80.54
$37.31
$39.99
Cost of investments in non-affiliates
$413,779,874
$328,157,718
$418,351,646
$288,196,551
Cost of investments in affiliates
306,480
280,906
365,657
154,302
Investment securities on loan, at value (See Note 2.C.)
20,157,750
25,944,054
47,876,291
562,229
Cost of investment of cash collateral (See Note 2.C.)
20,440,070
26,283,711
49,276,182
571,988
SEE NOTES TO FINANCIAL STATEMENTS. 
 
204
J.P. Morgan Exchange-Traded Funds
October 31, 2023

 
 
JPMorgan U.S.
Quality Factor
ETF
JPMorgan U.S.
Value Factor
ETF
ASSETS:
Investments in non-affiliates, at value
$2,398,343,472
$682,222,132
Investments in affiliates, at value
1,995,808
841,596
Investments of cash collateral received from securities loaned, at value (See Note 2.C.)
95,267,576
34,253,385
Cash
—
8,602
Deposits at broker for futures contracts
710,600
206,600
Receivables:
Investment securities sold
29,711
—
Dividends from non-affiliates
2,004,174
617,778
Dividends from affiliates
290
122
Securities lending income (See Note 2.C.)
58,495
14,847
Total Assets
2,498,410,126
718,165,062
LIABILITIES:
Payables:
Due to custodian
43,773
—
Collateral received on securities loaned (See Note 2.C.)
95,267,576
34,253,385
Fund shares redeemed
49,864
—
Variation margin on futures contracts
593,945
201,412
Accrued liabilities:
Management fees (See Note 3.A.)
231,362
64,644
Total Liabilities
96,186,520
34,519,441
Net Assets
$2,402,223,606
$683,645,621
NET ASSETS:
Paid-in-Capital
$2,483,961,784
$830,613,200
Total distributable earnings (loss)
(81,738,178
)
(146,967,579
)
Total Net Assets
$2,402,223,606
$683,645,621
Outstanding number of shares
(unlimited number of shares authorized - par value $0.0001)
56,950,000
20,500,000
Net asset value, per share
$42.18
$33.35
Cost of investments in non-affiliates
$2,407,426,490
$745,786,981
Cost of investments in affiliates
1,995,808
841,596
Investment securities on loan, at value (See Note 2.C.)
93,954,626
33,450,655
Cost of investment of cash collateral (See Note 2.C.)
95,271,375
34,253,585
SEE NOTES TO FINANCIAL STATEMENTS. 
 
October 31, 2023
J.P. Morgan Exchange-Traded Funds
205

STATEMENTS OF OPERATIONS
FOR THE YEAR ENDED October 31, 2023
 
 
JPMorgan
BetaBuilders
Canada ETF
JPMorgan
BetaBuilders
Developed Asia
Pacific ex-Japan ETF
JPMorgan
BetaBuilders
Emerging Markets
Equity ETF (a)
JPMorgan
BetaBuilders
Europe ETF
INVESTMENT INCOME:
Interest income from non-affiliates
$95,006
$79,458
$2,659
$155,646
Interest income from affiliates
5,900
112,870
15,879
104,272
Dividend income from non-affiliates
198,688,088
182,684,757
8,469,755
274,327,714
Dividend income from affiliates
—
—
83,341
—
Income from securities lending (net) (See Note 2.C.)
2,909,793
35,598
595
2,195,872
Foreign taxes withheld (net)
(28,166,376
)
(1,332,131
)
(1,101,207
)
(30,388,955
)
Total investment income
173,532,411
181,580,552
7,471,022
246,394,549
EXPENSES:
Management fees (See Note 3.A.)
11,280,516
7,963,512
309,273
5,930,443
Interest expense to non-affiliates
—
3,851
465
7,250
Interest expense to affiliates
4,767
12,074
590
18,604
Total expenses
11,285,283
7,979,437
310,328
5,956,297
Net investment income (loss)
162,247,128
173,601,115
7,160,694
240,438,252
REALIZED/UNREALIZED GAINS (LOSSES):
Net realized gain (loss) on transactions from:
Investments in non-affiliates
(23,605,091
)
(80,762,697
)
(512,056
)(b)
(92,169,447
)
In-kind redemptions of investments in
non-affiliates (See Note 4)
144,562,382
36,153,615
—
391,502,968
Futures contracts
(2,767,034
)
(1,598,882
)
(279,439
)
5,741,967
Foreign currency transactions
(1,107,268
)
(1,628,397
)
(234,421
)
2,528,333
Net realized gain (loss)
117,082,989
(47,836,361
)
(1,025,916
)
307,603,821
Change in net unrealized appreciation/depreciation on:
Investments in non-affiliates
(342,381,822
)
8,076,817
(37,112,825
)(c)
69,232,924
Investments in affiliates
—
(33
)
—
(8,328
)
Futures contracts
(1,487,713
)
(374,829
)
(242,212
)
(3,354,447
)
Foreign currency translations
(299,174
)
(183,033
)
(6,049
)
1,212,899
Change in net unrealized appreciation/depreciation
(344,168,709
)
7,518,922
(37,361,086
)
67,083,048
Net realized/unrealized gains (losses)
(227,085,720
)
(40,317,439
)
(38,387,002
)
374,686,869
Change in net assets resulting from operations
$(64,838,592
)
$133,283,676
$(31,226,308
)
$615,125,121
(a)
Commencement of operations was May 10, 2023.
(b)
Net of foreign capital gains tax of $(98,864).
(c)
Net of change in foreign capital gains tax of $(430,029).
SEE NOTES TO FINANCIAL STATEMENTS. 
 
206
J.P. Morgan Exchange-Traded Funds
October 31, 2023

 
 
JPMorgan
BetaBuilders
International
Equity ETF
JPMorgan
BetaBuilders
Japan ETF
JPMorgan
BetaBuilders
U.S. Equity ETF
JPMorgan
BetaBuilders U.S.
Mid Cap Equity
ETF
INVESTMENT INCOME:
Interest income from non-affiliates
$54,596
$106
$26,615
$34,386
Interest income from affiliates
4,111
1,988
63
721
Dividend income from non-affiliates
113,792,355
198,898,946
25,672,533
21,130,346
Dividend income from affiliates
822,603
—
1,027,383
598,612
Income from securities lending (net) (See Note 2.C.)
587,170
358,876
94,677
1,820,533
Foreign taxes withheld (net)
(10,566,833
)
(19,876,527
)
—
—
Total investment income
104,694,002
179,383,389
26,821,271
23,584,598
EXPENSES:
Management fees (See Note 3.A.)
2,350,840
14,823,136
323,743
1,043,635
Interest expense to non-affiliates
177
11,819
1,587
3,203
Interest expense to affiliates
8,037
94,806
—
—
Total expenses
2,359,054
14,929,761
325,330
1,046,838
Net investment income (loss)
102,334,948
164,453,628
26,495,941
22,537,760
REALIZED/UNREALIZED GAINS (LOSSES):
Net realized gain (loss) on transactions from:
Investments in non-affiliates
(32,937,393
)
(79,817,138
)
(24,979,327
)
(133,157,856
)
Investments in affiliates
—
—
(41,535
)
—
In-kind redemptions of investments in non-affiliates (See Note
4)
54,843,606
37,393,615
47,958,631
106,277,169
In-kind redemptions of investments in affiliates (See Note 4)
—
—
571,646
—
Futures contracts
2,999,031
18,389,185
789,218
(1,245,549
)
Foreign currency transactions
(244,002
)
(1,648,352
)
—
—
Net realized gain (loss)
24,661,242
(25,682,690
)
24,298,633
(28,126,236
)
Change in net unrealized appreciation/depreciation on:
Investments in non-affiliates
262,706,198
950,430,772
63,490,819
(31,738,286
)
Investments in affiliates
98
—
884,251
(4,946
)
Futures contracts
(1,582,637
)
(4,195,936
)
(875,663
)
(1,631,904
)
Foreign currency translations
482,748
79,591
—
—
Change in net unrealized appreciation/depreciation
261,606,407
946,314,427
63,499,407
(33,375,136
)
Net realized/unrealized gains (losses)
286,267,649
920,631,737
87,798,040
(61,501,372
)
Change in net assets resulting from operations
$388,602,597
$1,085,085,365
$114,293,981
$(38,963,612
)
SEE NOTES TO FINANCIAL STATEMENTS. 
 
October 31, 2023
J.P. Morgan Exchange-Traded Funds
207

STATEMENTS OF OPERATIONS
FOR THE YEAR ENDED October 31, 2023 (continued)
 
 
JPMorgan
BetaBuilders U.S.
Small Cap
Equity ETF
JPMorgan
Carbon
Transition U.S.
Equity ETF
JPMorgan
Diversified
Return
Emerging
Markets Equity
ETF
JPMorgan
Diversified Return
International
Equity ETF
INVESTMENT INCOME:
Interest income from non-affiliates
$23,930
$579
$2,197
$8,328
Interest income from affiliates
238
3
11,345
3,367
Dividend income from non-affiliates
10,046,462
334,303
13,896,526
26,265,783
Dividend income from affiliates
301,265
1,892
4,990
42,587
Income from securities lending (net) (See Note 2.C.)
1,283,949
—
723
147,406
Foreign taxes withheld (net)
—
—
(1,559,620
)
(2,004,789
)
Total investment income
11,655,844
336,777
12,356,161
24,462,682
EXPENSES:
Management fees (See Note 3.A.)
588,295
33,396
1,178,031
2,295,229
Interest expense to non-affiliates
1,584
—
—
—
Interest expense to affiliates
—
—
900
698
Total expenses
589,879
33,396
1,178,931
2,295,927
Net investment income (loss)
11,065,965
303,381
11,177,230
22,166,755
REALIZED/UNREALIZED GAINS (LOSSES):
Net realized gain (loss) on transactions from:
Investments in non-affiliates
(35,810,636
)
(1,276,820
)
(6,300,626
)(a)
(34,435,272
)
Investments in affiliates
—
—
—
1,144
In-kind redemptions of investments in non-affiliates (See Note 4)
53,008,594
3,323,274
1,435,563
31,550,815
Futures contracts
(537,523
)
7,723
(4,721
)
740,484
Foreign currency transactions
—
—
(7,143
)
99,100
Net realized gain (loss)
16,660,435
2,054,177
(4,876,927
)
(2,043,729
)
Change in net unrealized appreciation/depreciation on:
Investments in non-affiliates
(89,218,102
)
(161,409
)
9,613,006
(b)
99,656,561
Investments in affiliates
(4,902
)
—
—
(1,092
)
Futures contracts
(675,647
)
(2,587
)
(25,159
)
(201,408
)
Foreign currency translations
—
—
(13,299
)
119,791
Change in net unrealized appreciation/depreciation
(89,898,651
)
(163,996
)
9,574,548
99,573,852
Net realized/unrealized gains (losses)
(73,238,216
)
1,890,181
4,697,621
97,530,123
Change in net assets resulting from operations
$(62,172,251
)
$2,193,562
$15,874,851
$119,696,878
(a)
Net of foreign capital gains tax of $(234,030).
(b)
Net of change in foreign capital gains tax of $(58,645).
SEE NOTES TO FINANCIAL STATEMENTS. 
 
208
J.P. Morgan Exchange-Traded Funds
October 31, 2023

 
 
JPMorgan
Diversified
Return U.S.
Equity ETF
JPMorgan
Diversified
Return U.S. Mid
Cap Equity ETF
JPMorgan
Diversified
Return U.S. Small
Cap Equity ETF
JPMorgan U.S.
Momentum
Factor ETF
INVESTMENT INCOME:
Interest income from non-affiliates
$2,976
$2,277
$2,972
$1,293
Interest income from affiliates
378
99
203
140
Dividend income from non-affiliates
12,147,656
6,825,033
8,171,521
3,733,605
Dividend income from affiliates
46,437
28,807
50,390
21,522
Income from securities lending (net) (See Note 2.C.)
10,245
7,889
231,723
29,442
Total investment income
12,207,692
6,864,105
8,456,809
3,786,002
EXPENSES:
Management fees (See Note 3.A.)
873,022
773,219
1,062,901
305,452
Total expenses
873,022
773,219
1,062,901
305,452
Net investment income (loss)
11,334,670
6,090,886
7,393,908
3,480,550
REALIZED/UNREALIZED GAINS (LOSSES):
Net realized gain (loss) on transactions from:
Investments in non-affiliates
(25,214,145
)
(18,510,268
)
(32,440,440
)
(19,440,507
)
In-kind redemptions of investments in non-affiliates (See Note 4)
44,691,429
31,958,205
32,416,518
1,350,940
Futures contracts
35,169
(57,000
)
(139,196
)
33,373
Net realized gain (loss)
19,512,453
13,390,937
(163,118
)
(18,056,194
)
Change in net unrealized appreciation/depreciation on:
Investments in non-affiliates
(30,036,371
)
(27,982,932
)
(28,846,512
)
25,936,160
Investments in affiliates
(300
)
(199
)
(3,539
)
—
Futures contracts
(40,658
)
(31,666
)
(34,893
)
(28,977
)
Change in net unrealized appreciation/depreciation
(30,077,329
)
(28,014,797
)
(28,884,944
)
25,907,183
Net realized/unrealized gains (losses)
(10,564,876
)
(14,623,860
)
(29,048,062
)
7,850,989
Change in net assets resulting from operations
$769,794
$(8,532,974
)
$(21,654,154
)
$11,331,539
SEE NOTES TO FINANCIAL STATEMENTS. 
 
October 31, 2023
J.P. Morgan Exchange-Traded Funds
209

STATEMENTS OF OPERATIONS
FOR THE YEAR ENDED October 31, 2023 (continued)
 
 
JPMorgan U.S.
Quality Factor
ETF
JPMorgan U.S.
Value Factor
ETF
INVESTMENT INCOME:
Interest income from non-affiliates
$5,808
$3,822
Interest income from affiliates
263
99
Dividend income from non-affiliates
21,515,616
16,301,984
Dividend income from affiliates
119,019
61,176
Income from securities lending (net) (See Note 2.C.)
356,681
93,680
Total investment income
21,997,387
16,460,761
EXPENSES:
Management fees (See Note 3.A.)
1,585,255
744,341
Interest expense to affiliates
—
710
Total expenses
1,585,255
745,051
Net investment income (loss)
20,412,132
15,715,710
REALIZED/UNREALIZED GAINS (LOSSES):
Net realized gain (loss) on transactions from:
Investments in non-affiliates
(41,757,883
)
(36,602,131
)
In-kind redemptions of investments in non-affiliates (See Note 4)
77,693,640
38,645,426
Futures contracts
135,170
55,208
Net realized gain (loss)
36,070,927
2,098,503
Change in net unrealized appreciation/depreciation on:
Investments in non-affiliates
7,439,259
(16,734,545
)
Investments in affiliates
(3,999
)
(408
)
Futures contracts
(113,390
)
(40,802
)
Change in net unrealized appreciation/depreciation
7,321,870
(16,775,755
)
Net realized/unrealized gains (losses)
43,392,797
(14,677,252
)
Change in net assets resulting from operations
$63,804,929
$1,038,458
SEE NOTES TO FINANCIAL STATEMENTS. 
 
210
J.P. Morgan Exchange-Traded Funds
October 31, 2023

STATEMENTS OF CHANGES IN NET ASSETS
FOR THE PERIODS INDICATED
 
 
JPMorgan BetaBuilders
Canada ETF
JPMorgan BetaBuilders Developed
Asia Pacific ex-Japan ETF
 
Year Ended
October 31, 2023
Year Ended
October 31, 2022
Year Ended
October 31, 2023
Year Ended
October 31, 2022
CHANGE IN NET ASSETS RESULTING FROM OPERATIONS:
Net investment income (loss)
$162,247,128
$155,905,858
$173,601,115
$168,498,778
Net realized gain (loss)
117,082,989
16,551,404
(47,836,361
)
(101,978,748
)
Change in net unrealized appreciation/depreciation
(344,168,709
)
(1,077,868,825
)
7,518,922
(907,509,929
)
Change in net assets resulting from operations
(64,838,592
)
(905,411,563
)
133,283,676
(840,989,899
)
DISTRIBUTIONS TO SHAREHOLDERS:
Total distributions to shareholders
(154,798,545
)
(152,620,697
)
(149,063,924
)
(267,459,428
)
CAPITAL TRANSACTIONS:
Change in net assets resulting from capital transactions
262,338,554
631,036,936
413,671,860
407,341,684
NET ASSETS:
Change in net assets
42,701,417
(426,995,324
)
397,891,612
(701,107,643
)
Beginning of period
5,644,273,295
6,071,268,619
3,412,010,904
4,113,118,547
End of period
$5,686,974,712
$5,644,273,295
$3,809,902,516
$3,412,010,904
CAPITAL TRANSACTIONS:
Proceeds from shares issued
$729,964,543
$890,586,159
$599,967,907
$581,070,458
Cost of shares redeemed
(467,625,989
)
(259,549,223
)
(186,296,047
)
(173,728,774
)
Total change in net assets resulting from capital
transactions
$262,338,554
$631,036,936
$413,671,860
$407,341,684
SHARE TRANSACTIONS:
Issued
12,300,000
13,350,000
11,550,000
11,000,000
Redeemed
(7,700,000
)
(4,400,000
)
(3,900,000
)
(3,500,000
)
Net increase (decrease) in shares from share transactions
4,600,000
8,950,000
7,650,000
7,500,000
SEE NOTES TO FINANCIAL STATEMENTS. 
 
October 31, 2023
J.P. Morgan Exchange-Traded Funds
211

STATEMENTS OF CHANGES IN NET ASSETS
FOR THE PERIODS INDICATED (continued)
 
 
JPMorgan BetaBuilders
Emerging Markets Equity ETF
JPMorgan BetaBuilders
Europe ETF
 
Period Ended
October 31, 2023 (a)
Year Ended
October 31, 2023
Year Ended
October 31, 2022
CHANGE IN NET ASSETS RESULTING FROM OPERATIONS:
Net investment income (loss)
$7,160,694
$240,438,252
$248,401,924
Net realized gain (loss)
(1,025,916
)
307,603,821
(276,059,377
)
Change in net unrealized appreciation/depreciation
(37,361,086
)
67,083,048
(1,626,158,808
)
Change in net assets resulting from operations
(31,226,308
)
615,125,121
(1,653,816,261
)
DISTRIBUTIONS TO SHAREHOLDERS:
Total distributions to shareholders
(6,595,002
)
(236,546,537
)
(309,349,480
)
CAPITAL TRANSACTIONS:
Change in net assets resulting from capital transactions
521,226,924
1,237,094,232
(3,936,599,878
)
NET ASSETS:
Change in net assets
483,405,614
1,615,672,816
(5,899,765,619
)
Beginning of period
—
3,527,687,759
9,427,453,378
End of period
$483,405,614
$5,143,360,575
$3,527,687,759
CAPITAL TRANSACTIONS:
Proceeds from shares issued
$521,696,199
$5,755,955,092
$3,919,047,179
Cost of shares redeemed
(469,275
)
(4,518,860,860
)
(7,855,647,057
)
Total change in net assets resulting from capital transactions
$521,226,924
$1,237,094,232
$(3,936,599,878
)
SHARE TRANSACTIONS:
Issued
10,800,000
109,050,000
78,900,000
Redeemed
—
(85,750,000
)
(155,800,000
)
Net increase (decrease) in shares from share transactions
10,800,000
23,300,000
(76,900,000
)
(a)
Commencement of operations was May 10, 2023.
SEE NOTES TO FINANCIAL STATEMENTS. 
 
212
J.P. Morgan Exchange-Traded Funds
October 31, 2023

 
 
JPMorgan BetaBuilders
International Equity ETF
JPMorgan BetaBuilders
Japan ETF
 
Year Ended
October 31, 2023
Year Ended
October 31, 2022
Year Ended
October 31, 2023
Year Ended
October 31, 2022
CHANGE IN NET ASSETS RESULTING FROM OPERATIONS:
Net investment income (loss)
$102,334,948
$88,153,100
$164,453,628
$149,079,840
Net realized gain (loss)
24,661,242
13,170,405
(25,682,690
)
(80,090,887
)
Change in net unrealized appreciation/depreciation
261,606,407
(892,730,954
)
946,314,427
(2,108,806,716
)
Change in net assets resulting from operations
388,602,597
(791,407,449
)
1,085,085,365
(2,039,817,763
)
DISTRIBUTIONS TO SHAREHOLDERS:
Total distributions to shareholders
(88,690,220
)
(124,967,513
)
(102,173,384
)
(220,078,396
)
CAPITAL TRANSACTIONS:
Change in net assets resulting from capital transactions
550,286,782
(53,668,198
)
1,603,160,390
606,595,869
NET ASSETS:
Change in net assets
850,199,159
(970,043,160
)
2,586,072,371
(1,653,300,290
)
Beginning of period
2,710,097,518
3,680,140,678
6,211,237,563
7,864,537,853
End of period
$3,560,296,677
$2,710,097,518
$8,797,309,934
$6,211,237,563
CAPITAL TRANSACTIONS:
Proceeds from shares issued
$829,640,586
$275,139,027
$1,810,441,192
$1,208,227,460
Cost of shares redeemed
(279,353,804
)
(328,807,225
)
(207,280,802
)
(601,631,591
)
Total change in net assets resulting from capital
transactions
$550,286,782
$(53,668,198
)
$1,603,160,390
$606,595,869
SHARE TRANSACTIONS:
Issued
15,400,000
5,800,000
36,000,000
23,400,000
Redeemed
(5,400,000
)
(6,000,000
)
(4,300,000
)
(12,000,000
)
Net increase (decrease) in shares from share transactions
10,000,000
(200,000
)
31,700,000
11,400,000
SEE NOTES TO FINANCIAL STATEMENTS. 
 
October 31, 2023
J.P. Morgan Exchange-Traded Funds
213

STATEMENTS OF CHANGES IN NET ASSETS
FOR THE PERIODS INDICATED (continued)
 
 
JPMorgan BetaBuilders
U.S. Equity ETF
JPMorgan BetaBuilders U.S.
Mid Cap Equity ETF
 
Year Ended
October 31, 2023
Year Ended
October 31, 2022
Year Ended
October 31, 2023
Year Ended
October 31, 2022
CHANGE IN NET ASSETS RESULTING FROM OPERATIONS:
Net investment income (loss)
$26,495,941
$15,423,970
$22,537,760
$19,122,942
Net realized gain (loss)
24,298,633
4,487,198
(28,126,236
)
346,144
Distributions of capital gains received from investment
company affiliates
—
—
—
604
Change in net unrealized appreciation/depreciation
63,499,407
(204,422,658
)
(33,375,136
)
(350,680,418
)
Change in net assets resulting from operations
114,293,981
(184,511,490
)
(38,963,612
)
(331,210,728
)
DISTRIBUTIONS TO SHAREHOLDERS:
Total distributions to shareholders
(24,912,196
)
(14,262,272
)
(22,224,476
)
(18,142,752
)
CAPITAL TRANSACTIONS:
Change in net assets resulting from capital transactions
807,133,106
692,691,398
84,786,233
41,293,712
NET ASSETS:
Change in net assets
896,514,891
493,917,636
23,598,145
(308,059,768
)
Beginning of period
1,276,523,608
782,605,972
1,390,564,346
1,698,624,114
End of period
$2,173,038,499
$1,276,523,608
$1,414,162,491
$1,390,564,346
CAPITAL TRANSACTIONS:
Proceeds from shares issued
$995,179,712
$768,415,533
$549,541,390
$585,288,055
Cost of shares redeemed
(188,046,606
)
(75,724,135
)
(464,755,157
)
(543,994,343
)
Total change in net assets resulting from capital
transactions
$807,133,106
$692,691,398
$84,786,233
$41,293,712
SHARE TRANSACTIONS:
Issued
13,050,000
10,150,000
7,175,000
7,100,000
Redeemed
(2,600,000
)
(1,050,000
)
(6,050,000
)
(6,475,000
)
Net increase (decrease) in shares from share transactions
10,450,000
9,100,000
1,125,000
625,000
SEE NOTES TO FINANCIAL STATEMENTS. 
 
214
J.P. Morgan Exchange-Traded Funds
October 31, 2023

 
 
JPMorgan BetaBuilders U.S. Small
Cap Equity ETF
JPMorgan Carbon Transition
U.S. Equity ETF
 
Year Ended
October 31, 2023
Year Ended
October 31, 2022
Year Ended
October 31, 2023
Year Ended
October 31, 2022
CHANGE IN NET ASSETS RESULTING FROM OPERATIONS:
Net investment income (loss)
$11,065,965
$6,140,418
$303,381
$310,617
Net realized gain (loss)
16,660,435
(14,173,562
)
2,054,177
585,627
Change in net unrealized appreciation/depreciation
(89,898,651
)
(78,757,441
)
(163,996
)
(4,501,537
)
Change in net assets resulting from operations
(62,172,251
)
(86,790,585
)
2,193,562
(3,605,293
)
DISTRIBUTIONS TO SHAREHOLDERS:
Total distributions to shareholders
(10,398,310
)
(6,135,146
)
(313,724
)
(316,660
)
CAPITAL TRANSACTIONS:
Change in net assets resulting from capital transactions
201,531,188
145,626,501
(17,154,380
)
(63,760
)
NET ASSETS:
Change in net assets
128,960,627
52,700,770
(15,274,542
)
(3,985,713
)
Beginning of period
494,762,260
442,061,490
20,947,681
24,933,394
End of period
$623,722,887
$494,762,260
$5,673,139
$20,947,681
CAPITAL TRANSACTIONS:
Proceeds from shares issued
$478,587,958
$286,035,202
$4,177,902
$11,343,556
Cost of shares redeemed
(277,056,770
)
(140,408,701
)
(21,332,282
)
(11,407,316
)
Total change in net assets resulting from capital transactions
$201,531,188
$145,626,501
$(17,154,380
)
$(63,760
)
SHARE TRANSACTIONS:
Issued
8,625,000
4,900,000
75,000
200,000
Redeemed
(5,050,000
)
(2,400,000
)
(375,000
)
(200,000
)
Net increase (decrease) in shares from share transactions
3,575,000
2,500,000
(300,000
)
—
SEE NOTES TO FINANCIAL STATEMENTS. 
 
October 31, 2023
J.P. Morgan Exchange-Traded Funds
215

STATEMENTS OF CHANGES IN NET ASSETS
FOR THE PERIODS INDICATED (continued)
 
 
JPMorgan Diversified Return
Emerging Markets Equity ETF
JPMorgan Diversified Return
International Equity ETF
 
Year Ended
October 31, 2023
Year Ended
October 31, 2022
Year Ended
October 31, 2023
Year Ended
October 31, 2022
CHANGE IN NET ASSETS RESULTING FROM OPERATIONS:
Net investment income (loss)
$11,177,230
$6,881,979
$22,166,755
$27,582,338
Net realized gain (loss)
(4,876,927
)
(2,496,820
)
(2,043,729
)
(28,259,394
)
Distributions of capital gains received from investment company
affiliates
—
—
—
42
Change in net unrealized appreciation/depreciation
9,574,548
(31,063,579
)
99,573,852
(198,906,255
)
Change in net assets resulting from operations
15,874,851
(26,678,420
)
119,696,878
(199,583,269
)
DISTRIBUTIONS TO SHAREHOLDERS:
Total distributions to shareholders
(10,712,059
)
(8,578,159
)
(21,332,208
)
(41,010,274
)
CAPITAL TRANSACTIONS:
Change in net assets resulting from capital transactions
100,409,884
45,300,057
(416,251,431
)
69,639,461
NET ASSETS:
Change in net assets
105,572,676
10,043,478
(317,886,761
)
(170,954,082
)
Beginning of period
163,926,226
153,882,748
671,062,140
842,016,222
End of period
$269,498,902
$163,926,226
$353,175,379
$671,062,140
CAPITAL TRANSACTIONS:
Proceeds from shares issued
$119,933,807
$59,899,317
$35,996,019
$80,575,234
Cost of shares redeemed
(19,523,923
)
(14,599,260
)
(452,247,450
)
(10,935,773
)
Total change in net assets resulting from capital transactions
$100,409,884
$45,300,057
$(416,251,431
)
$69,639,461
SHARE TRANSACTIONS:
Issued
2,400,000
1,200,000
700,000
1,500,000
Redeemed
(400,000
)
(300,000
)
(8,600,000
)
(200,000
)
Net increase (decrease) in shares from share transactions
2,000,000
900,000
(7,900,000
)
1,300,000
SEE NOTES TO FINANCIAL STATEMENTS. 
 
216
J.P. Morgan Exchange-Traded Funds
October 31, 2023

 
 
JPMorgan Diversified Return
U.S. Equity ETF
JPMorgan Diversified Return
U.S. Mid Cap Equity ETF
 
Year Ended
October 31, 2023
Year Ended
October 31, 2022
Year Ended
October 31, 2023
Year Ended
October 31, 2022
CHANGE IN NET ASSETS RESULTING FROM OPERATIONS:
Net investment income (loss)
$11,334,670
$12,658,003
$6,090,886
$4,478,181
Net realized gain (loss)
19,512,453
90,675,199
13,390,937
20,573,310
Change in net unrealized appreciation/depreciation
(30,077,329
)
(128,753,788
)
(28,014,797
)
(45,467,566
)
Change in net assets resulting from operations
769,794
(25,420,586
)
(8,532,974
)
(20,416,075
)
DISTRIBUTIONS TO SHAREHOLDERS:
Total distributions to shareholders
(11,826,601
)
(12,386,546
)
(5,959,752
)
(4,185,258
)
CAPITAL TRANSACTIONS:
Change in net assets resulting from capital transactions
(76,059,605
)
(164,922,989
)
57,036,143
52,313,151
NET ASSETS:
Change in net assets
(87,116,412
)
(202,730,121
)
42,543,417
27,711,818
Beginning of period
507,282,453
710,012,574
267,520,530
239,808,712
End of period
$420,166,041
$507,282,453
$310,063,947
$267,520,530
CAPITAL TRANSACTIONS:
Proceeds from shares issued
$88,108,412
$116,289,482
$179,548,242
$119,917,257
Cost of shares redeemed
(164,168,017
)
(281,212,471
)
(122,512,099
)
(67,604,106
)
Total change in net assets resulting from capital transactions
$(76,059,605
)
$(164,922,989
)
$57,036,143
$52,313,151
SHARE TRANSACTIONS:
Issued
925,000
1,200,000
2,100,000
1,400,000
Redeemed
(1,725,000
)
(2,800,000
)
(1,450,000
)
(800,000
)
Net increase (decrease) in shares from share transactions
(800,000
)
(1,600,000
)
650,000
600,000
SEE NOTES TO FINANCIAL STATEMENTS. 
 
October 31, 2023
J.P. Morgan Exchange-Traded Funds
217

STATEMENTS OF CHANGES IN NET ASSETS
FOR THE PERIODS INDICATED (continued)
 
 
JPMorgan Diversified Return
U.S. Small Cap Equity ETF
JPMorgan
U.S. Momentum Factor ETF
 
Year Ended
October 31, 2023
Year Ended
October 31, 2022
Year Ended
October 31, 2023
Year Ended
October 31, 2022
CHANGE IN NET ASSETS RESULTING FROM OPERATIONS:
Net investment income (loss)
$7,393,908
$3,252,211
$3,480,550
$2,851,758
Net realized gain (loss)
(163,118
)
4,960,838
(18,056,194
)
6,217,441
Change in net unrealized appreciation/depreciation
(28,884,944
)
(31,220,087
)
25,907,183
(61,390,929
)
Change in net assets resulting from operations
(21,654,154
)
(23,007,038
)
11,331,539
(52,321,730
)
DISTRIBUTIONS TO SHAREHOLDERS:
Total distributions to shareholders
(6,840,045
)
(2,874,215
)
(3,468,175
)
(2,634,717
)
CAPITAL TRANSACTIONS:
Change in net assets resulting from capital transactions
127,769,508
136,552,064
64,740,104
62,421,394
NET ASSETS:
Change in net assets
99,275,309
110,670,811
72,603,468
7,464,947
Beginning of period
286,932,997
176,262,186
229,323,118
221,858,171
End of period
$386,208,306
$286,932,997
$301,926,586
$229,323,118
CAPITAL TRANSACTIONS:
Proceeds from shares issued
$264,275,154
$185,306,143
$72,582,485
$162,800,375
Cost of shares redeemed
(136,505,646
)
(48,754,079
)
(7,842,381
)
(100,378,981
)
Total change in net assets resulting from capital transactions
$127,769,508
$136,552,064
$64,740,104
$62,421,394
SHARE TRANSACTIONS:
Issued
6,600,000
4,550,000
1,750,000
3,750,000
Redeemed
(3,450,000
)
(1,250,000
)
(200,000
)
(2,400,000
)
Net increase (decrease) in shares from share transactions
3,150,000
3,300,000
1,550,000
1,350,000
SEE NOTES TO FINANCIAL STATEMENTS. 
 
218
J.P. Morgan Exchange-Traded Funds
October 31, 2023

 
 
JPMorgan
U.S. Quality Factor ETF
JPMorgan
U.S. Value Factor ETF
 
Year Ended
October 31, 2023
Year Ended
October 31, 2022
Year Ended
October 31, 2023
Year Ended
October 31, 2022
CHANGE IN NET ASSETS RESULTING FROM OPERATIONS:
Net investment income (loss)
$20,412,132
$7,450,673
$15,715,710
$11,669,653
Net realized gain (loss)
36,070,927
21,659,872
2,098,503
(12,318,328
)
Distributions of capital gains received from investment
company affiliates
—
—
—
74
Change in net unrealized appreciation/depreciation
7,321,870
(80,812,994
)
(16,775,755
)
(55,817,799
)
Change in net assets resulting from operations
63,804,929
(51,702,449
)
1,038,458
(56,466,400
)
DISTRIBUTIONS TO SHAREHOLDERS:
Total distributions to shareholders
(17,505,540
)
(6,843,698
)
(15,133,809
)
(11,652,973
)
CAPITAL TRANSACTIONS:
Change in net assets resulting from capital transactions
1,776,196,110
245,070,163
253,657,252
111,623,606
NET ASSETS:
Change in net assets
1,822,495,499
186,524,016
239,561,901
43,504,233
Beginning of period
579,728,107
393,204,091
444,083,720
400,579,487
End of period
$2,402,223,606
$579,728,107
$683,645,621
$444,083,720
CAPITAL TRANSACTIONS:
Proceeds from shares issued
$2,091,392,700
$519,385,603
$686,426,951
$372,923,059
Cost of shares redeemed
(315,196,590
)
(274,315,440
)
(432,769,699
)
(261,299,453
)
Total change in net assets resulting from capital
transactions
$1,776,196,110
$245,070,163
$253,657,252
$111,623,606
SHARE TRANSACTIONS:
Issued
49,250,000
13,150,000
19,700,000
10,450,000
Redeemed
(7,500,000
)
(7,000,000
)
(12,700,000
)
(7,750,000
)
Net increase (decrease) in shares from share transactions
41,750,000
6,150,000
7,000,000
2,700,000
SEE NOTES TO FINANCIAL STATEMENTS. 
 
October 31, 2023
J.P. Morgan Exchange-Traded Funds
219

FINANCIAL HIGHLIGHTS
FOR THE PERIODS INDICATED
 
 
Per share operating performance
 
 
Investment operations
Distributions
 
Net asset
value,
beginning
of period
Net investment
income
(loss) (b)
Net realized
and unrealized
gains
(losses)
on investments
Total from
investment
operations
Net
investment
income
JPMorgan BetaBuilders Canada ETF
Year Ended October 31, 2023
$57.30
$1.63
$(2.21
)
$(0.58
)
$(1.56
)
Year Ended October 31, 2022
67.80
1.59
(10.53
)
(8.94
)
(1.56
)
Year Ended October 31, 2021 (f)
45.99
1.38
21.78
23.16
(1.35
)
Year Ended October 31, 2020 (f)
49.78
1.29
(3.82
)
(2.53
)
(1.26
)
Year Ended October 31, 2019 (f)
45.19
1.31
4.47
5.78
(1.19
)
JPMorgan BetaBuilders Developed Asia Pacific ex-Japan ETF
Year Ended October 31, 2023
42.76
2.00
0.51
2.51
(1.70
)
Year Ended October 31, 2022
56.89
2.12
(12.86
)
(10.74
)
(3.39
)
Year Ended October 31, 2021 (f)
44.97
2.44
11.48
13.92
(2.00
)
Year Ended October 31, 2020 (f)
50.63
1.58
(5.65
)
(4.07
)
(1.59
)
Year Ended October 31, 2019 (f)
45.36
2.10
5.17
7.27
(2.00
)
JPMorgan BetaBuilders Emerging Markets Equity ETF
May 10, 2023 (h) through October 31, 2023
47.67
0.80
(3.09
)
(2.29
)
(0.62
)
JPMorgan BetaBuilders Europe ETF
Year Ended October 31, 2023
43.61
1.92
5.46
7.38
(1.63
)
Year Ended October 31, 2022
59.74
1.78
(15.31
)
(13.53
)
(2.60
)
Year Ended October 31, 2021 (f)
43.29
1.67
16.19
17.86
(1.41
)
Year Ended October 31, 2020 (f)
48.71
1.08
(5.43
)
(4.35
)
(1.07
)
Year Ended October 31, 2019 (f)
45.19
1.79
3.28
5.07
(1.55
)
 
 
(a)
Annualized for periods less than one year, unless otherwise noted.
(b)
Calculated based upon average shares outstanding.
(c)
Not annualized for periods less than one year.
(d)
Includes adjustments in accordance with accounting principles generally accepted in the United States of America and as such, the net asset values for financial
reporting purposes and the returns based upon those net asset values may differ from the net asset values and returns for shareholder transactions.
(e)
Prior to December 9, 2019, market price return was calculated assuming an initial investment made at the market price at the beginning of the reporting period,
reinvestment of all dividends and distributions at market price during the period, and sale at the market price on the last day of the period. The price used to
calculate the market price return was the midpoint of the bid/ask spread at the close of business on the listing exchange of the Fund. Effective December 9, 2019,
the closing price was used to calculate the market price return; however, any prices used in the calculation for market price return prior to December 9, 2019,
would have used the midpoint of the bid/ask spread at the close of business on the exchange.
(f)
Per share amounts reflects a 1:2 reverse stock split that occurred on April 12, 2021.
(g)
Prior to November 1, 2019, the Fund may have waived fees if expenses exceeded the expense cap. On November 1, 2019, the Fund adopted a unitary fee structure
where a management fee is accrued by the Fund based on prior day net assets and other expenses are paid by the Advisor.
(h)
Commencement of operations.
SEE NOTES TO FINANCIAL STATEMENTS. 
 
220
J.P. Morgan Exchange-Traded Funds
October 31, 2023

 
 
Ratios/Supplemental data
 
 
 
 
 
Ratios to average net assets (a)
 
Net asset
value,
end of
period
Market
price,
end of
period
Total
return (c)(d)
Market
price
total
return (c)(e)
Net assets,
end of
period
Net
expenses
Net
investment
income
(loss)
Expenses
without waivers
and reimbursements
Portfolio
turnover
rate (c)
$55.16
$55.17
(1.15
)%
(1.22
)%
$5,686,974,712
0.19
%
2.73
%
0.19
%
3
%
57.30
57.35
(13.34
)
(13.49
)
5,644,273,295
0.19
2.51
0.19
5
67.80
67.98
50.77
50.84
6,071,268,619
0.19
2.28
0.19
2
45.99
46.10
(4.98
)
(4.81
)
3,640,211,260
0.19
2.74
0.19
4
49.78
49.80
13.08
12.97
3,800,754,020
0.19
2.73
0.34
(g)
7
43.57
43.56
5.55
5.45
3,809,902,516
0.19
4.14
0.19
6
42.76
42.79
(19.60
)
(19.87
)
3,412,010,904
0.20
4.17
0.20
14
56.89
57.12
31.14
31.26
4,113,118,547
0.19
4.26
0.19
6
44.97
45.10
(7.87
)
(7.45
)
1,465,970,894
0.19
3.40
0.19
6
50.63
50.54
16.18
15.94
1,442,853,830
0.19
4.22
0.39
(g)
7
44.76
44.86
(4.88
)
(4.67
)
483,405,614
0.15
3.47
0.15
14
49.36
49.40
16.74
16.81
5,143,360,575
0.09
3.64
0.09
6
43.61
43.62
(23.01
)
(23.22
)
3,527,687,759
0.10
3.36
0.10
7
59.74
59.92
41.54
41.77
9,427,453,378
0.09
2.92
0.09
6
43.29
43.34
(8.92
)
(8.90
)
3,701,005,509
0.09
2.33
0.09
5
48.71
48.78
11.43
11.32
3,853,145,624
0.09
3.83
0.25
(g)
7
SEE NOTES TO FINANCIAL STATEMENTS. 
 
October 31, 2023
J.P. Morgan Exchange-Traded Funds
221

FINANCIAL HIGHLIGHTS
FOR THE PERIODS INDICATED (continued)
 
 
Per share operating performance
 
 
Investment operations
Distributions
 
Net asset
value,
beginning
of period
Net investment
income
(loss) (b)
Net realized
and unrealized
gains
(losses)
on investments
Total from
investment
operations
Net
investment
income
JPMorgan BetaBuilders International Equity ETF
Year Ended October 31, 2023
$44.72
$1.60
$5.49
$7.09
$(1.38
)
Year Ended October 31, 2022
60.53
1.51
(15.16
)
(13.65
)
(2.16
)
Year Ended October 31, 2021
46.20
1.67
14.10
15.77
(1.44
)
December 3, 2019 (f) through October 31, 2020
49.79
1.05
(4.26
)(g)
(3.21
)
(0.38
)
JPMorgan BetaBuilders Japan ETF
Year Ended October 31, 2023
41.69
1.03
6.65
7.68
(0.68
)
Year Ended October 31, 2022
57.16
1.03
(14.91
)
(13.88
)
(1.59
)
Year Ended October 31, 2021 (i)
48.39
1.04
8.36
9.40
(0.63
)
Year Ended October 31, 2020 (i)
49.07
0.84
(0.39
)
0.45
(1.13
)
Year Ended October 31, 2019 (i)
45.45
0.97
2.93
3.90
(0.28
)
JPMorgan BetaBuilders U.S. Equity ETF
Year Ended October 31, 2023
69.38
1.19
5.89
7.08
(1.14
)
Year Ended October 31, 2022
84.15
1.11
(14.86
)
(13.75
)
(1.02
)
Year Ended October 31, 2021
59.59
1.02
24.48
25.50
(0.94
)
Year Ended October 31, 2020
54.60
1.14
4.83
5.97
(0.98
)
March 12, 2019 (f) through October 31, 2019
50.14
0.68
4.29
4.97
(0.51
)
JPMorgan BetaBuilders U.S. Mid Cap Equity ETF
Year Ended October 31, 2023
74.06
1.14
(3.00
)
(1.86
)
(1.14
)
Year Ended October 31, 2022
93.59
1.03
(19.57
)
(18.54
)
(0.99
)
Year Ended October 31, 2021
64.16
0.90
29.27
30.17
(0.74
)
April 14, 2020 (f) through October 31, 2020
50.78
0.33
13.32
(g)
13.65
(0.27
)
JPMorgan BetaBuilders U.S. Small Cap Equity ETF
Year Ended October 31, 2023
54.67
0.92
(5.30
)
(4.38
)
(0.89
)
Year Ended October 31, 2022
67.49
0.77
(12.79
)
(12.02
)
(0.80
)
November 16, 2020 (f) through October 31, 2021
51.27
0.62
16.04
16.66
(0.44
)
 
 
(a)
Annualized for periods less than one year, unless otherwise noted.
(b)
Calculated based upon average shares outstanding.
(c)
Not annualized for periods less than one year.
(d)
Includes adjustments in accordance with accounting principles generally accepted in the United States of America and as such, the net asset values for financial
reporting purposes and the returns based upon those net asset values may differ from the net asset values and returns for shareholder transactions.
(e)
Prior to December 9, 2019, market price return was calculated assuming an initial investment made at the market price at the beginning of the reporting period,
reinvestment of all dividends and distributions at market price during the period, and sale at the market price on the last day of the period. The price used to
calculate the market price return was the midpoint of the bid/ask spread at the close of business on the listing exchange of the Fund. Effective December 9, 2019,
the closing price was used to calculate the market price return; however, any prices used in the calculation for market price return prior to December 9, 2019,
would have used the midpoint of the bid/ask spread at the close of business on the exchange.
(f)
Commencement of operations.
(g)
Calculation of the net realized and unrealized gains (losses) per share do not correlate with the Fund’s net realized and unrealized gains (losses) presented in the
Statement of Operations due to the timing of capital transactions in relation to the fluctuating market values of the Fund’s investments.
(h)
Since the shares of the Fund did not trade in the secondary market until the day after the Fund’s inception, for the period from the inception to the first day of
secondary market trading, the net asset value is used as a proxy for the secondary market trading price to calculate the market returns.
(i)
Per share amounts reflects a 1:2 reverse stock split that occurred on April 12, 2021.
(j)
Prior to November 1, 2019, the Fund may have waived fees if expenses exceeded the expense cap. On November 1, 2019, the Fund adopted a unitary fee structure
where a management fee is accrued by the Fund based on prior day net assets and other expenses are paid by the Advisor.
SEE NOTES TO FINANCIAL STATEMENTS. 
 
222
J.P. Morgan Exchange-Traded Funds
October 31, 2023

 
 
Ratios/Supplemental data
 
 
 
 
 
Ratios to average net assets (a)
 
Net asset
value,
end of
period
Market
price,
end of
period
Total
return (c)(d)
Market
price
total
return (c)(e)
Net assets,
end of
period
Net
expenses
Net
investment
income
(loss)
Expenses
without waivers
and reimbursements
Portfolio
turnover
rate (c)
$50.43
$50.62
15.69
%
16.04
%
$3,560,296,677
0.07
%
3.02
%
0.07
%
5
%
44.72
44.75
(23.02
)
(23.11
)
2,710,097,518
0.07
2.88
0.07
6
60.53
60.64
34.26
34.24
3,680,140,678
0.07
2.85
0.07
5
46.20
46.29
(6.45
)
(6.27
)(h)
1,866,670,302
0.07
2.40
0.07
8
48.69
49.19
18.54
19.65
8,797,309,934
0.19
2.11
0.19
3
41.69
41.73
(24.96
)
(24.95
)
6,211,237,563
0.19
2.10
0.19
4
57.16
57.21
19.47
18.98
7,864,537,853
0.19
1.83
0.19
3
48.39
48.64
0.87
1.24
5,323,035,447
0.19
1.77
0.19
5
49.07
49.14
8.74
9.07
4,318,521,919
0.19
2.14
0.33
(j)
4
75.32
75.33
10.25
10.20
2,173,038,499
0.02
1.58
0.02
3
69.38
69.42
(16.42
)
(16.33
)
1,276,523,608
0.02
1.47
0.02
4
84.15
84.11
43.02
42.97
782,605,972
0.02
1.34
0.02
4
59.59
59.58
11.09
11.05
238,372,575
0.02
1.99
0.02
4
54.60
54.61
9.95
9.97
(h)
46,409,125
0.02
2.01
0.02
3
71.06
71.06
(2.57
)
(2.39
)
1,414,162,491
0.07
1.49
0.07
25
74.06
73.92
(19.87
)
(20.10
)
1,390,564,346
0.07
1.29
0.07
30
93.59
93.68
47.15
47.52
1,698,624,114
0.07
1.05
0.07
27
64.16
64.06
26.91
26.71
(h)
988,131,953
0.07
0.91
0.07
7
49.40
49.32
(8.15
)
(7.81
)
623,722,887
0.09
1.67
0.09
41
54.67
54.38
(17.87
)
(18.39
)
494,762,260
0.09
1.35
0.09
30
67.49
67.56
32.56
32.70
(h)
442,061,490
0.09
0.98
0.09
27
SEE NOTES TO FINANCIAL STATEMENTS. 
 
October 31, 2023
J.P. Morgan Exchange-Traded Funds
223

FINANCIAL HIGHLIGHTS
FOR THE PERIODS INDICATED (continued)
 
 
Per share operating performance
 
 
Investment operations
Distributions
 
Net asset
value,
beginning
of period
Net investment
income
(loss) (b)
Net realized
and unrealized
gains
(losses)
on investments
Total from
investment
operations
Net
investment
income
JPMorgan Carbon Transition U.S. Equity ETF
Year Ended October 31, 2023
$52.37
$0.77
$4.37
$5.14
$(0.78
)
Year Ended October 31, 2022
62.33
0.77
(9.94
)
(9.17
)
(0.79
)
December 9, 2020 (f) through October 31, 2021
49.29
0.63
12.95
13.58
(0.54
)
JPMorgan Diversified Return Emerging Markets Equity ETF
Year Ended October 31, 2023
45.54
2.11
2.38
4.49
(1.91
)
Year Ended October 31, 2022
56.99
2.21
(10.86
)
(8.65
)
(2.80
)
Year Ended October 31, 2021
46.47
1.81
10.70
12.51
(1.99
)
Year Ended October 31, 2020
54.43
1.46
(7.48
)
(6.02
)
(1.94
)
Year Ended October 31, 2019
50.91
2.07
2.97
5.04
(1.52
)
JPMorgan Diversified Return International Equity ETF
Year Ended October 31, 2023
44.44
1.84
5.02
6.86
(2.25
)
Year Ended October 31, 2022
61.02
1.91
(15.62
)
(13.71
)
(2.87
)
Year Ended October 31, 2021
49.84
1.91
11.03
12.94
(1.76
)
Year Ended October 31, 2020
55.06
1.35
(5.01
)
(3.66
)
(1.56
)
Year Ended October 31, 2019
53.10
1.77
1.90
3.67
(1.71
)
JPMorgan Diversified Return U.S. Equity ETF
Year Ended October 31, 2023
93.94
2.24
(2.49
)
(0.25
)
(2.35
)
Year Ended October 31, 2022
101.43
2.16
(7.56
)
(5.40
)
(2.09
)
Year Ended October 31, 2021
73.52
1.71
27.76
29.47
(1.56
)
Year Ended October 31, 2020
76.44
1.65
(2.82
)
(1.17
)
(1.75
)
Year Ended October 31, 2019
69.92
1.66
6.34
8.00
(1.48
)
 
 
(a)
Annualized for periods less than one year, unless otherwise noted.
(b)
Calculated based upon average shares outstanding.
(c)
Not annualized for periods less than one year.
(d)
Includes adjustments in accordance with accounting principles generally accepted in the United States of America and as such, the net asset values for financial
reporting purposes and the returns based upon those net asset values may differ from the net asset values and returns for shareholder transactions.
(e)
Prior to December 9, 2019, market price return was calculated assuming an initial investment made at the market price at the beginning of the reporting period,
reinvestment of all dividends and distributions at market price during the period, and sale at the market price on the last day of the period. The price used to
calculate the market price return was the midpoint of the bid/ask spread at the close of business on the listing exchange of the Fund. Effective December 9, 2019,
the closing price was used to calculate the market price return; however, any prices used in the calculation for market price return prior to December 9, 2019,
would have used the midpoint of the bid/ask spread at the close of business on the exchange.
(f)
Commencement of operations.
(g)
Since the shares of the Fund did not trade in the secondary market until the day after the Fund’s inception, for the period from the inception to the first day of
secondary market trading, the net asset value is used as a proxy for the secondary market trading price to calculate the market returns.
(h)
Prior to November 1, 2019, the Fund may have waived fees if expenses exceeded the expense cap. On November 1, 2019, the Fund adopted a unitary fee structure
where a management fee is accrued by the Fund based on prior day net assets and other expenses are paid by the Advisor.
SEE NOTES TO FINANCIAL STATEMENTS. 
 
224
J.P. Morgan Exchange-Traded Funds
October 31, 2023

 
 
Ratios/Supplemental data
 
 
 
 
 
Ratios to average net assets (a)
 
Net asset
value,
end of
period
Market
price,
end of
period
Total
return (c)(d)
Market
price
total
return (c)(e)
Net assets,
end of
period
Net
expenses
Net
investment
income
(loss)
Expenses
without waivers
and reimbursements
Portfolio
turnover
rate (c)
$56.73
$56.74
9.85
%
9.85
%
$5,673,139
0.15
%
1.36
%
0.15
%
20
%
52.37
52.38
(14.79
)
(14.79
)
20,947,681
0.15
1.35
0.15
16
62.33
62.34
27.68
27.70
(g)
24,933,394
0.15
1.26
0.15
27
48.12
47.99
9.72
8.78
269,498,902
0.44
4.17
0.44
33
45.54
45.81
(15.61
)
(15.20
)
163,926,226
0.44
4.19
0.44
33
56.99
57.05
26.93
27.80
153,882,748
0.44
3.18
0.44
29
46.47
46.21
(11.20
)
(11.80
)
213,760,142
0.44
2.97
0.44
26
54.43
54.50
10.00
10.31
353,795,416
0.45
3.87
0.87
(h)
51
49.05
49.17
15.22
15.26
353,175,379
0.37
3.57
0.37
26
44.44
44.54
(23.25
)
(23.15
)
671,062,140
0.37
3.59
0.37
28
61.02
61.08
26.00
26.08
842,016,222
0.37
3.14
0.37
35
49.84
49.86
(6.72
)
(6.62
)
867,200,124
0.37
2.61
0.37
23
55.06
55.02
7.05
7.23
1,282,867,303
0.38
3.27
0.41
(h)
25
91.34
91.34
(0.34
)
(0.45
)
420,166,041
0.18
2.33
0.18
28
93.94
94.05
(5.36
)
(5.28
)
507,282,453
0.18
2.18
0.18
22
101.43
101.46
40.36
40.44
710,012,574
0.18
1.86
0.18
33
73.52
73.50
(1.40
)
(1.44
)
536,709,641
0.18
2.26
0.18
21
76.44
76.45
11.65
11.65
802,625,997
0.19
2.27
0.37
(h)
24
SEE NOTES TO FINANCIAL STATEMENTS. 
 
October 31, 2023
J.P. Morgan Exchange-Traded Funds
225

FINANCIAL HIGHLIGHTS
FOR THE PERIODS INDICATED (continued)
 
 
Per share operating performance
 
 
Investment operations
Distributions
 
Net asset
value,
beginning
of period
Net investment
income
(loss) (a)
Net realized
and unrealized
gains
(losses)
on investments
Total from
investment
operations
Net
investment
income
JPMorgan Diversified Return U.S. Mid Cap Equity ETF
Year Ended October 31, 2023
$83.60
$1.62
$(3.04
)
$(1.42
)
$(1.64
)
Year Ended October 31, 2022
92.23
1.60
(8.73
)
(7.13
)
(1.50
)
Year Ended October 31, 2021
64.77
1.30
27.36
28.66
(1.20
)
Year Ended October 31, 2020
67.13
1.18
(2.38
)
(1.20
)
(1.16
)
Year Ended October 31, 2019
62.24
1.18
4.78
5.96
(1.07
)
JPMorgan Diversified Return U.S. Small Cap Equity ETF
Year Ended October 31, 2023
39.85
0.81
(2.59
)
(1.78
)
(0.76
)
Year Ended October 31, 2022
45.20
0.64
(5.41
)
(4.77
)
(0.58
)
Year Ended October 31, 2021
28.87
0.46
16.35
16.81
(0.48
)
Year Ended October 31, 2020
30.84
0.44
(2.01
)
(1.57
)
(0.40
)
Year Ended October 31, 2019
29.58
0.42
1.22
1.64
(0.38
)
 
 
(a)
Calculated based upon average shares outstanding.
(b)
Includes adjustments in accordance with accounting principles generally accepted in the United States of America and as such, the net asset values for financial
reporting purposes and the returns based upon those net asset values may differ from the net asset values and returns for shareholder transactions.
(c)
Prior to December 9, 2019, market price return was calculated assuming an initial investment made at the market price at the beginning of the reporting period,
reinvestment of all dividends and distributions at market price during the period, and sale at the market price on the last day of the period. The price used to
calculate the market price return was the midpoint of the bid/ask spread at the close of business on the listing exchange of the Fund. Effective December 9, 2019,
the closing price was used to calculate the market price return; however, any prices used in the calculation for market price return prior to December 9, 2019,
would have used the midpoint of the bid/ask spread at the close of business on the exchange.
(d)
Prior to November 1, 2019, the Fund may have waived fees if expenses exceeded the expense cap. On November 1, 2019, the Fund adopted a unitary fee structure
where a management fee is accrued by the Fund based on prior day net assets and other expenses are paid by the Advisor.
SEE NOTES TO FINANCIAL STATEMENTS. 
 
226
J.P. Morgan Exchange-Traded Funds
October 31, 2023

 
 
Ratios/Supplemental data
 
 
 
 
 
Ratios to average net assets
 
Net asset
value,
end of
period
Market
price,
end of
period
Total
return (b)
Market
price
total
return (c)
Net assets,
end of
period
Net
expenses
Net
investment
income
(loss)
Expenses
without waivers
and reimbursements
Portfolio
turnover
rate
$80.54
$80.44
(1.78
)%
(1.85
)%
$310,063,947
0.24
%
1.89
%
0.24
%
24
%
83.60
83.55
(7.78
)
(7.90
)
267,520,530
0.24
1.82
0.24
24
92.23
92.30
44.51
44.73
239,808,712
0.24
1.57
0.24
34
64.77
64.72
(1.66
)
(1.79
)
220,207,846
0.24
1.86
0.24
28
67.13
67.17
9.73
9.78
187,973,791
0.24
1.82
0.43
(d)
25
37.31
37.30
(4.55
)
(4.77
)
386,208,306
0.29
2.01
0.29
28
39.85
39.93
(10.59
)
(10.49
)
286,932,997
0.29
1.55
0.29
26
45.20
45.24
58.49
58.25
176,262,186
0.29
1.13
0.29
37
28.87
28.94
(4.99
)
(4.85
)
148,672,825
0.29
1.54
0.29
30
30.84
30.87
5.64
5.75
140,343,327
0.29
1.40
0.54
(d)
43
SEE NOTES TO FINANCIAL STATEMENTS. 
 
October 31, 2023
J.P. Morgan Exchange-Traded Funds
227

FINANCIAL HIGHLIGHTS
FOR THE PERIODS INDICATED (continued)
 
 
Per share operating performance
 
 
Investment operations
Distributions
 
Net asset
value,
beginning
of period
Net investment
income
(loss) (a)
Net realized
and unrealized
gains
(losses)
on investments
Total from
investment
operations
Net
investment
income
JPMorgan U.S. Momentum Factor ETF
Year Ended October 31, 2023
$38.22
$0.55
$1.77
$2.32
$(0.55
)
Year Ended October 31, 2022
47.71
0.50
(9.53
)
(9.03
)
(0.46
)
Year Ended October 31, 2021
33.68
0.34
14.00
14.34
(0.31
)
Year Ended October 31, 2020
29.04
0.35
4.63
4.98
(0.34
)
Year Ended October 31, 2019
25.98
0.37
2.99
3.36
(0.30
)
JPMorgan U.S. Quality Factor ETF
Year Ended October 31, 2023
38.14
0.65
3.97
4.62
(0.58
)
Year Ended October 31, 2022
43.45
0.66
(5.34
)
(4.68
)
(0.63
)
Year Ended October 31, 2021
31.53
0.60
11.91
12.51
(0.59
)
Year Ended October 31, 2020
29.74
0.56
1.70
2.26
(0.47
)
Year Ended October 31, 2019
26.56
0.58
3.11
3.69
(0.51
)
JPMorgan U.S. Value Factor ETF
Year Ended October 31, 2023
32.90
0.87
0.49
1.36
(0.91
)
Year Ended October 31, 2022
37.09
0.80
(4.19
)
(3.39
)
(0.80
)
Year Ended October 31, 2021
24.99
0.72
12.03
12.75
(0.65
)
Year Ended October 31, 2020
27.29
0.77
(2.29
)
(1.52
)
(0.78
)
Year Ended October 31, 2019
25.21
0.75
1.97
2.72
(0.64
)
 
 
(a)
Calculated based upon average shares outstanding.
(b)
Includes adjustments in accordance with accounting principles generally accepted in the United States of America and as such, the net asset values for financial
reporting purposes and the returns based upon those net asset values may differ from the net asset values and returns for shareholder transactions.
(c)
Prior to December 9, 2019, market price return was calculated assuming an initial investment made at the market price at the beginning of the reporting period,
reinvestment of all dividends and distributions at market price during the period, and sale at the market price on the last day of the period. The price used to
calculate the market price return was the midpoint of the bid/ask spread at the close of business on the listing exchange of the Fund. Effective December 9, 2019,
the closing price was used to calculate the market price return; however, any prices used in the calculation for market price return prior to December 9, 2019,
would have used the midpoint of the bid/ask spread at the close of business on the exchange.
(d)
Prior to November 1, 2019, the Fund may have waived fees if expenses exceeded the expense cap. On November 1, 2019, the Fund adopted a unitary fee structure
where a management fee is accrued by the Fund based on prior day net assets and other expenses are paid by the Advisor.
SEE NOTES TO FINANCIAL STATEMENTS. 
 
228
J.P. Morgan Exchange-Traded Funds
October 31, 2023

 
 
Ratios/Supplemental data
 
 
 
 
 
Ratios to average net assets
 
Net asset
value,
end of
period
Market
price,
end of
period
Total
return (b)
Market
price
total
return (c)
Net assets,
end of
period
Net
expenses
Net
investment
income
(loss)
Expenses
without waivers
and reimbursements
Portfolio
turnover
rate
$39.99
$39.99
6.10
%
6.02
%
$301,926,586
0.12
%
1.36
%
0.12
%
43
%
38.22
38.25
(18.97
)
(18.86
)
229,323,118
0.12
1.20
0.12
43
47.71
47.68
42.72
42.38
221,858,171
0.12
0.80
0.12
44
33.68
33.74
17.33
17.50
134,743,086
0.12
1.11
0.12
39
29.04
29.05
13.06
13.06
56,620,589
0.12
1.35
0.55
(d)
52
42.18
42.20
12.15
12.14
2,402,223,606
0.12
1.54
0.12
21
38.14
38.16
(10.84
)
(10.85
)
579,728,107
0.12
1.64
0.12
18
43.45
43.48
39.97
40.02
393,204,091
0.12
1.56
0.12
21
31.53
31.54
7.72
7.68
384,671,209
0.12
1.81
0.12
20
29.74
29.76
14.10
14.18
107,067,872
0.12
2.05
0.50
(d)
21
33.35
33.33
4.11
4.11
683,645,621
0.12
2.53
0.12
26
32.90
32.88
(9.21
)
(9.24
)
444,083,720
0.12
2.28
0.12
21
37.09
37.08
51.38
51.88
400,579,487
0.12
2.01
0.12
34
24.99
24.90
(5.39
)
(5.76
)
62,468,155
0.12
2.99
0.12
25
27.29
27.30
11.01
11.05
66,849,642
0.12
2.90
0.52
(d)
22
SEE NOTES TO FINANCIAL STATEMENTS. 
 
October 31, 2023
J.P. Morgan Exchange-Traded Funds
229

NOTES TO FINANCIAL STATEMENTS
AS OF October 31, 2023
1. Organization
J.P. Morgan Exchange-Traded Fund Trust (the “Trust”) was formed on February 25, 2010, and is governed by a Declaration of Trust as amended and restated February 19, 2014, and is registered under the Investment Company Act of 1940, as amended (the “1940 Act”), as an open-end management investment company. 
The following are 18 separate funds of the Trust (each, a "Fund" and collectively, the "Funds") covered by this report:  
 
Diversification Classification
JPMorgan BetaBuilders Canada ETF
Diversified
JPMorgan BetaBuilders Developed Asia Pacific ex-Japan ETF
Diversified
JPMorgan BetaBuilders Emerging Markets Equity ETF(1)
Diversified
JPMorgan BetaBuilders Europe ETF
Diversified
JPMorgan BetaBuilders International Equity ETF
Diversified
JPMorgan BetaBuilders Japan ETF
Diversified
JPMorgan BetaBuilders U.S. Equity ETF
Diversified
JPMorgan BetaBuilders U.S. Mid Cap Equity ETF
Diversified
JPMorgan BetaBuilders U.S. Small Cap Equity ETF
Diversified
JPMorgan Carbon Transition U.S. Equity ETF
Diversified
JPMorgan Diversified Return Emerging Markets Equity ETF
Diversified
JPMorgan Diversified Return International Equity ETF
Diversified
JPMorgan Diversified Return U.S. Equity ETF
Diversified
JPMorgan Diversified Return U.S. Mid Cap Equity ETF
Diversified
JPMorgan Diversified Return U.S. Small Cap Equity ETF
Diversified
JPMorgan U.S. Momentum Factor ETF
Diversified
JPMorgan U.S. Quality Factor ETF
Diversified
JPMorgan U.S. Value Factor ETF
Diversified
 
 
(1)
Commenced operations on May 10, 2023.
The investment objective of JPMorgan BetaBuilders Canada ETF (“BetaBuilders Canada ETF”) is to seek investment results that closely correspond, before fees and expenses, to the performance of the Morningstar® Canada Target Market Exposure IndexSM.
The investment objective of JPMorgan BetaBuilders Developed Asia Pacific ex-Japan ETF (“BetaBuilders Developed Asia Pacific ex-Japan ETF”) is to seek 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 investment objective of JPMorgan BetaBuilders Emerging Markets Equity ETF (“BetaBuilders Emerging Markets Equity ETF”) is to seek investment results that closely correspond, before fees and expenses, to the performance of the Morningstar® Emerging Markets Target Market Exposure IndexSM.
The investment objective of JPMorgan BetaBuilders Europe ETF (“BetaBuilders Europe ETF”) is to seek investment results that closely correspond, before fees and expenses, to the performance of the Morningstar® Developed Europe Target Market Exposure IndexSM.
The investment objective of JPMorgan BetaBuilders International Equity ETF (“BetaBuilders International Equity ETF”) is to seek 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 investment objective of JPMorgan BetaBuilders Japan ETF (“BetaBuilders Japan ETF”) is to seek investment results that closely correspond, before fees and expenses, to the performance of the Morningstar® Japan Target Market Exposure IndexSM.
The investment objective of JPMorgan BetaBuilders U.S. Equity ETF (“BetaBuilders U.S. Equity ETF”) is to seek investment results that closely correspond, before fees and expenses, to the performance of the Morningstar® US Target Market Exposure IndexSM.
The investment objective of JPMorgan BetaBuilders U.S. Mid Cap Equity ETF (“BetaBuilders U.S. Mid Cap Equity ETF”) is to seek investment results that closely correspond, before fees and expenses, to the performance of the Morningstar® US Mid Cap Target Market Exposure Extended IndexSM.
The investment objective of JPMorgan BetaBuilders U.S. Small Cap Equity ETF (“BetaBuilders U.S. Small Cap Equity ETF”) is to seek investment results that closely correspond, before fees and expenses, to the performance of the Morningstar® US Small Cap Target Market Exposure Extended IndexSM.
 
230
J.P. Morgan Exchange-Traded Funds
October 31, 2023

The investment objective of JPMorgan Carbon Transition U.S. Equity ETF (“Carbon Transition U.S. Equity ETF”) is to seek investment results that closely correspond, before fees and expenses, to the performance of the JPMorgan Asset Management Carbon Transition U.S. Equity Index.
The investment objective of JPMorgan Diversified Return Emerging Markets Equity ETF (“Emerging Markets Equity ETF”) is to seek investment results that closely correspond, before fees and expenses, to the performance of the JP Morgan Diversified Factor Emerging Markets Equity Index.
The investment objective of JPMorgan Diversified Return International Equity ETF (“International Equity ETF”) is to seek investment results that closely correspond, before fees and expenses, to the performance of the JP Morgan Diversified Factor International Equity Index.
The investment objective of JPMorgan Diversified Return U.S. Equity ETF (“U.S. Equity ETF”) is to seek investment results that closely correspond, before fees and expenses, to the performance of the JP Morgan Diversified Factor US Equity Index.
The investment objective of JPMorgan Diversified Return U.S. Mid Cap Equity ETF (“U.S. Mid Cap Equity ETF”) is to seek investment results that closely correspond, before fees and expenses, to the performance of the JP Morgan Diversified Factor US Mid Cap Equity Index.
The investment objective of JPMorgan Diversified Return U.S. Small Cap Equity ETF (“U.S. Small Cap Equity ETF”) is to seek investment results that closely correspond, before fees and expenses, to the performance of the JP Morgan Diversified Factor US Small Cap Equity Index.
The investment objective of JPMorgan U.S. Momentum Factor ETF (“U.S. Momentum Factor ETF”) is to seek investment results that closely correspond, before fees and expenses, to the performance of the JP Morgan US Momentum Factor Index.
The investment objective of JPMorgan U.S. Quality Factor ETF (“U.S. Quality Factor ETF”) is to seek investment results that closely correspond, before fees and expenses, to the performance of the JP Morgan US Quality Factor Index.
The investment objective of JPMorgan U.S. Value Factor ETF (“U.S. Value Factor ETF”) is to seek investment results that closely correspond, before fees and expenses, to the performance of the JP Morgan US Value Factor Index.
J.P. Morgan Investment Management Inc. (“JPMIM”), an indirect, wholly-owned subsidiary of JPMorgan Chase & Co. (“JPMorgan”), acts as adviser (the “Adviser”) and administrator (the “Administrator”) to the Funds.
Shares of each Fund are listed and traded at market price on an exchange as follows: 
 
Listing Exchange
BetaBuilders Canada ETF
Cboe BZX Exchange, Inc.
BetaBuilders Developed Asia Pacific ex-Japan ETF
Cboe BZX Exchange, Inc.
BetaBuilders Emerging Markets Equity ETF
Cboe BZX Exchange, Inc.
BetaBuilders Europe ETF
Cboe BZX Exchange, Inc.
BetaBuilders International Equity ETF
Cboe BZX Exchange, Inc.
BetaBuilders Japan ETF
Cboe BZX Exchange, Inc.
BetaBuilders U.S. Equity ETF
Cboe BZX Exchange, Inc.
BetaBuilders U.S. Mid Cap Equity ETF
NYSE Arca, Inc.
BetaBuilders U.S. Small Cap Equity ETF
NYSE Arca, Inc.
Carbon Transition U.S. Equity ETF
NYSE Arca, Inc.
Emerging Markets Equity ETF
NYSE Arca, Inc.
International Equity ETF
NYSE Arca, Inc.
U.S. Equity ETF
NYSE Arca, Inc.
U.S. Mid Cap Equity ETF
NYSE Arca, Inc.
U.S. Small Cap Equity ETF
NYSE Arca, Inc.
U.S. Momentum Factor ETF
NYSE Arca, Inc.
U.S. Quality Factor ETF
NYSE Arca, Inc.
U.S. Value Factor ETF
NYSE Arca, Inc.
Market prices for the Funds’ shares may be different from their net asset value (“NAV”).
The Funds issue and redeem their shares on a continuous basis, through JPMorgan Distribution Services, Inc. (the “Distributor” or “JPMDS”), an indirect, wholly-owned subsidiary of JPMorgan, at NAV in large blocks of shares, referred to as “Creation Units”. Creation Units are issued and redeemed in exchange for a basket of securities and/or cash. Shares are generally traded in the secondary market in amounts less than a Creation Unit at market prices that change throughout the day. Only individuals or institutions that have entered into an authorized participant agreement with the Distributor may do business directly with the Funds (each, an “Authorized Participant”). 
 
October 31, 2023
J.P. Morgan Exchange-Traded Funds
231

NOTES TO FINANCIAL STATEMENTS
AS OF October 31, 2023 (continued)
2. Significant Accounting Policies
The following is a summary of significant accounting policies followed by the Funds in the preparation of their financial statements. The Funds are investment companies and, accordingly, follow the investment company accounting and reporting guidance of the Financial Accounting Standards Board (“FASB”) Accounting Standards Codification Topic 946 — Investment Companies, which is part of U.S. generally accepted accounting principles (“GAAP”). The preparation of financial statements in conformity with GAAP requires management to make estimates and assumptions that affect (i) the reported amounts of assets and liabilities, (ii) disclosure of contingent assets and liabilities at the date of the financial statements, and (iii) the reported amounts of increases and decreases in net assets from operations during the reporting period. Actual results could differ from those estimates. 
A. Valuation of Investments — Investments are valued in accordance with GAAP and the Funds' valuation policies set forth by, and under the supervision and responsibility of, the Board of Trustees of the Trust (the "Board"), which established the following approach to valuation, as described more fully below: (i) investments for which market quotations are readily available shall be valued at their market value and (ii) all other investments for which market quotations are not readily available shall be valued at their fair value as determined in good faith by the Board.
Under Section 2(a)(41) of the 1940 Act, the Board is required to determine fair value for securities that do not have readily available market quotations.  Under SEC Rule 2a-5 (Good Faith Determinations of Fair Value), the Board may designate the performance of these fair valuation determinations to a valuation designee. The Board has designated the Adviser as the “Valuation Designee” to perform fair valuation determinations for the Funds on behalf of the Board subject to appropriate oversight by the Board. The Adviser, as Valuation Designee, leverages the J.P. Morgan Asset Management Americas Valuation Committee (“AVC”) to help oversee and carry out the policies for the valuation of investments held in the Funds. The Adviser, as Valuation Designee, remains responsible for the valuation determinations.
This oversight by the AVC includes monitoring the appropriateness of fair values based on results of ongoing valuation oversight including, but not limited to, consideration of macro or security specific events, market events, and pricing vendor and broker due diligence. The Administrator is responsible for discussing and assessing the potential impacts to the fair values on an ongoing basis, and, at least on a quarterly basis, with the AVC and the Board.
A market-based approach is primarily used to value the Funds' investments. Investments for which market quotations are not readily available are fair valued using prices supplied by approved affiliated and/or unaffiliated pricing vendors or third party broker-dealers (collectively referred to as “Pricing Services”) or may be internally fair valued using methods set forth by the valuation policies approved by the Boards. This may include the use of related or comparable assets or liabilities, recent transactions, market multiples, book values and other relevant information for the investment. An income-based valuation approach may be used in which the anticipated future cash flows of the investment are discounted to calculate the fair value. Discounts may also be applied due to the nature or duration of any restrictions on the disposition of the investments. Valuations may be based upon current market prices of securities that are comparable in coupon, rating, maturity and industry. It is possible that the estimated values may differ significantly from the values that would have been used had a ready market for the investments existed, and such differences could be material. 
Equities and other exchange-traded instruments are valued at the last sale price or official market closing price on the primary exchange on which the instrument is traded before the NAVs of the Funds are calculated on a valuation date. Certain foreign equity instruments are valued by applying international fair value factors provided by approved Pricing Services. The factors seek to adjust the local closing price for movements of local markets post-closing, but prior to the time the NAVs are calculated.  
Investments in open-end investment companies (“Underlying Funds”) are valued at each Underlying Fund’s NAV per share as of the report date.
Futures contracts are generally valued on the basis of available market quotations.
Valuations reflected in this report are as of the report date. As a result, changes in valuation due to market events and/or issuer-related events after the report date and prior to issuance of the report are not reflected herein.
The various inputs that are used in determining the valuation of the Funds' investments are summarized into the three broad levels listed below.
•
Level 1 — Unadjusted inputs using quoted prices in active markets for identical investments.
•
Level 2 — Other significant observable inputs including, but not limited to, quoted prices for similar investments, inputs other than quoted prices that are observable for investments (such as interest rates, prepayment speeds, credit risk, etc.) or other market corroborated inputs.
•
Level 3 — Significant inputs based on the best information available in the circumstances, to the extent observable inputs are not available (including the Funds' assumptions in determining the fair value of investments).
A financial instrument’s level within the fair value hierarchy is based on the lowest level of any input, both individually and in the aggregate, that is significant to the fair value measurement. The inputs or methodology used for valuing instruments are not necessarily an indication of the risk associated with investing in those instruments.
 
232
J.P. Morgan Exchange-Traded Funds
October 31, 2023

The following tables represent each valuation input as presented on the Schedules of Portfolio Investments ("SOIs"): 
BetaBuilders Canada ETF 
 
 
 
 
 
Level 1
Quoted prices
Level 2
Other significant
observable inputs
Level 3
Significant
unobservable inputs
Total
Investments in Securities
Common Stocks
$5,656,159,388
$—
$—
$5,656,159,388
Warrants
—
—
—
(a)
—
(a)
Short-Term Investments
Investment of Cash Collateral from Securities
Loaned
184,371,831
—
—
184,371,831
Total Investments in Securities
$5,840,531,219
$—
$—
(a)
$5,840,531,219
Depreciation in Other Financial Instruments
Futures Contracts
$(957,068
)
$—
$—
$(957,068
)
 
 
(a)
Value is zero.
 
BetaBuilders Developed Asia Pacific ex-Japan ETF 
 
 
 
Level 1
Quoted prices
Level 2
Other significant
observable inputs
Level 3
Significant
unobservable inputs
Total
Investments in Securities
Common Stocks
Australia
$—
$2,277,734,618
$—
$2,277,734,618
China
—
92,660,221
—
92,660,221
Hong Kong
—
657,955,338
—
657,955,338
Macau
—
42,663,915
—
42,663,915
New Zealand
44,275,798
21,167,087
—
65,442,885
Singapore
—
428,928,083
—
428,928,083
United Kingdom
—
32,466,973
—
32,466,973
United States
—
196,810,028
—
196,810,028
Total Common Stocks
44,275,798
3,750,386,263
—
3,794,662,061
Short-Term Investments
Investment of Cash Collateral from Securities
Loaned
11,792,130
—
—
11,792,130
Total Investments in Securities
$56,067,928
$3,750,386,263
$—
$3,806,454,191
Depreciation in Other Financial Instruments
Futures Contracts
$(11,725
)
$—
$—
$(11,725
)
 
BetaBuilders Emerging Markets Equity ETF 
 
 
 
Level 1
Quoted prices
Level 2
Other significant
observable inputs
Level 3
Significant
unobservable inputs
Total
Investments in Securities
Common Stocks
Australia
$—
$71,028
$—
$71,028
Brazil
24,633,411
—
—
24,633,411
Chile
2,335,520
—
—
2,335,520
China
8,294,985
125,949,215
—
134,244,200
Colombia
976,855
—
—
976,855
Czech Republic
529,388
167,762
—
697,150
 
October 31, 2023
J.P. Morgan Exchange-Traded Funds
233

NOTES TO FINANCIAL STATEMENTS
AS OF October 31, 2023 (continued)
BetaBuilders Emerging Markets Equity ETF (continued)
 
 
 
Level 1
Quoted prices
Level 2
Other significant
observable inputs
Level 3
Significant
unobservable inputs
Total
Egypt
$—
$345,094
$—
$345,094
Greece
606,888
975,922
—
1,582,810
Hong Kong
—
547,785
—
547,785
Hungary
483,026
613,796
—
1,096,822
India
1,681,706
81,500,122
—
83,181,828
Indonesia
1,159,197
8,843,940
—
10,003,137
Kuwait
—
3,930,487
—
3,930,487
Luxembourg
151,018
—
—
151,018
Malaysia
1,649,569
6,164,501
—
7,814,070
Mexico
9,793,550
—
—
9,793,550
Peru
770,621
—
—
770,621
Philippines
1,392,418
2,313,249
—
3,705,667
Qatar
3,267,785
865,471
—
4,133,256
Saudi Arabia
2,894,302
15,413,715
—
18,308,017
South Africa
8,560,531
4,787,318
—
13,347,849
South Korea
—
57,007,796
—
57,007,796
Taiwan
228,688
72,262,579
—
72,491,267
Thailand
—
8,418,787
—
8,418,787
Turkey
1,835,979
1,724,129
—
3,560,108
United Arab Emirates
12,935,842
1,561,909
—
14,497,751
United Kingdom
—
563,282
—
563,282
United States
199,484
196,721
—
396,205
Total Common Stocks
84,380,763
394,224,608
—
478,605,371
Rights
Kuwait
433
—
—
433
Taiwan
—
785
—
785
Total Rights
433
785
—
1,218
Short-Term Investments
Investment Companies
4,440,195
—
—
4,440,195
Total Investments in Securities
$88,821,391
$394,225,393
$—
$483,046,784
Depreciation in Other Financial Instruments
Futures Contracts
$(242,212
)
$—
$—
$(242,212
)
 
BetaBuilders Europe ETF 
 
 
 
Level 1
Quoted prices
Level 2
Other significant
observable inputs
Level 3
Significant
unobservable inputs
Total
Investments in Securities
Common Stocks
Australia
$—
$87,593,785
$—
$87,593,785
Austria
1,611,229
25,470,076
—
27,081,305
Belgium
—
73,488,258
—
73,488,258
Brazil
—
2,946,938
—
2,946,938
Chile
—
3,116,864
—
3,116,864
China
23,421,036
—
—
23,421,036
Denmark
—
262,641,353
—
262,641,353
Finland
4,500,558
89,477,517
—
93,978,075
 
234
J.P. Morgan Exchange-Traded Funds
October 31, 2023

BetaBuilders Europe ETF (continued)
 
 
 
Level 1
Quoted prices
Level 2
Other significant
observable inputs
Level 3
Significant
unobservable inputs
Total
France
$—
$784,531,957
$—
$784,531,957
Germany
—
609,098,207
—
609,098,207
Hong Kong
—
15,904,492
—
15,904,492
Ireland
—
17,084,616
—
17,084,616
Italy
—
196,615,718
—
196,615,718
Jordan
—
2,184,749
—
2,184,749
Luxembourg
—
9,250,193
—
9,250,193
Mexico
—
685,026
—
685,026
Netherlands
4,309,399
420,382,489
—
424,691,888
Norway
—
59,297,203
—
59,297,203
Poland
—
27,540,282
—
27,540,282
Portugal
—
14,138,111
—
14,138,111
Russia
—
—
22,579
22,579
Singapore
—
13,817,701
—
13,817,701
South Africa
—
18,828,413
—
18,828,413
South Korea
—
2,816,104
—
2,816,104
Spain
837,022
195,071,065
—
195,908,087
Sweden
491,943
246,113,108
—
246,605,051
Switzerland
6,312,318
432,471,150
—
438,783,468
United Arab Emirates
—
—
—
(a)
—
(a)
United Kingdom
17,791,013
907,113,715
—
924,904,728
United States
—
506,684,125
—
506,684,125
Total Common Stocks
59,274,518
5,024,363,215
22,579
5,083,660,312
Short-Term Investments
Investment of Cash Collateral from Securities
Loaned
43,392,389
—
—
43,392,389
Total Investments in Securities
$102,666,907
$5,024,363,215
$22,579
$5,127,052,701
Depreciation in Other Financial Instruments
Futures Contracts
$(2,270,917
)
$—
$—
$(2,270,917
)
 
 
(a)
Value is zero.
 
BetaBuilders International Equity ETF 
 
 
 
Level 1
Quoted prices
Level 2
Other significant
observable inputs
Level 3
Significant
unobservable inputs
Total
Investments in Securities
Common Stocks
Australia
$—
$269,296,710
$—
$269,296,710
Austria
707,569
11,172,308
—
11,879,877
Belgium
—
32,241,994
—
32,241,994
Brazil
—
1,293,531
—
1,293,531
Chile
—
1,368,133
—
1,368,133
China
10,280,009
9,400,251
—
19,680,260
Denmark
—
115,274,912
—
115,274,912
Finland
1,978,700
39,279,536
—
41,258,236
France
—
344,341,508
—
344,341,508
Germany
—
267,346,626
—
267,346,626
 
October 31, 2023
J.P. Morgan Exchange-Traded Funds
235

NOTES TO FINANCIAL STATEMENTS
AS OF October 31, 2023 (continued)
BetaBuilders International Equity ETF (continued)
 
 
 
Level 1
Quoted prices
Level 2
Other significant
observable inputs
Level 3
Significant
unobservable inputs
Total
Hong Kong
$—
$73,653,517
$—
$73,653,517
Ireland
—
7,499,042
—
7,499,042
Israel
—
14,648,905
—
14,648,905
Italy
—
86,277,466
—
86,277,466
Japan
582,907
885,307,124
—
885,890,031
Jordan
—
958,964
—
958,964
Luxembourg
—
4,060,307
—
4,060,307
Macau
—
4,316,035
—
4,316,035
Mexico
—
296,348
—
296,348
Netherlands
2,220,766
184,201,317
—
186,422,083
New Zealand
4,488,013
2,136,641
—
6,624,654
Norway
—
26,004,068
—
26,004,068
Poland
—
12,075,179
—
12,075,179
Portugal
—
6,205,709
—
6,205,709
Russia
—
—
4,798
4,798
Singapore
—
49,510,824
—
49,510,824
South Africa
—
8,264,185
—
8,264,185
South Korea
—
1,236,021
—
1,236,021
Spain
362,092
85,622,865
—
85,984,957
Sweden
213,706
107,963,609
—
108,177,315
Switzerland
2,829,660
189,839,072
—
192,668,732
United Arab Emirates
—
—
—
(a)
—
(a)
United Kingdom
7,808,664
401,439,715
—
409,248,379
United States
—
242,345,041
—
242,345,041
Total Common Stocks
31,472,086
3,484,877,463
4,798
3,516,354,347
Short-Term Investments
Investment Companies
26,299,048
—
—
26,299,048
Investment of Cash Collateral from Securities
Loaned
13,281,651
—
—
13,281,651
Total Short-Term Investments
39,580,699
—
—
39,580,699
Total Investments in Securities
$71,052,785
$3,484,877,463
$4,798
$3,555,935,046
Depreciation in Other Financial Instruments
Futures Contracts
$(2,144,748
)
$—
$—
$(2,144,748
)
 
 
(a)
Value is zero.
 
BetaBuilders Japan ETF 
 
 
 
 
 
Level 1
Quoted prices
Level 2
Other significant
observable inputs
Level 3
Significant
unobservable inputs
Total
Investments in Securities
Common Stocks
Air Freight & Logistics
$—
$39,697,076
$—
$39,697,076
Automobile Components
—
180,733,365
—
180,733,365
Automobiles
—
783,824,817
—
783,824,817
Banks
—
648,910,223
—
648,910,223
Beverages
—
79,689,710
—
79,689,710
 
236
J.P. Morgan Exchange-Traded Funds
October 31, 2023

BetaBuilders Japan ETF (continued)
 
 
 
 
 
Level 1
Quoted prices
Level 2
Other significant
observable inputs
Level 3
Significant
unobservable inputs
Total
Broadline Retail
$—
$37,428,351
$—
$37,428,351
Building Products
—
134,989,047
—
134,989,047
Capital Markets
—
84,075,814
—
84,075,814
Chemicals
—
326,930,176
—
326,930,176
Commercial Services & Supplies
—
68,653,388
—
68,653,388
Construction & Engineering
—
58,914,246
—
58,914,246
Consumer Finance
—
9,657,982
—
9,657,982
Consumer Staples Distribution & Retail
5,756,813
146,680,937
—
152,437,750
Diversified REITs
—
28,709,470
—
28,709,470
Diversified Telecommunication Services
—
83,397,033
—
83,397,033
Electric Utilities
—
54,867,862
—
54,867,862
Electrical Equipment
—
117,528,893
—
117,528,893
Electronic Equipment, Instruments & Components
—
413,529,602
—
413,529,602
Entertainment
—
180,616,447
—
180,616,447
Financial Services
—
74,324,279
—
74,324,279
Food Products
—
142,973,255
—
142,973,255
Gas Utilities
—
40,151,745
—
40,151,745
Ground Transportation
—
241,302,480
—
241,302,480
Health Care Equipment & Supplies
—
197,044,054
—
197,044,054
Health Care Providers & Services
—
8,367,825
—
8,367,825
Health Care Technology
—
15,633,751
—
15,633,751
Hotels, Restaurants & Leisure
—
97,110,558
—
97,110,558
Household Durables
—
378,889,559
—
378,889,559
Household Products
—
42,191,816
—
42,191,816
Industrial Conglomerates
—
155,571,677
—
155,571,677
Industrial REITs
—
20,753,156
—
20,753,156
Insurance
—
303,957,610
—
303,957,610
Interactive Media & Services
—
16,154,567
—
16,154,567
IT Services
—
181,838,530
—
181,838,530
Leisure Products
—
77,501,347
—
77,501,347
Machinery
—
401,298,688
—
401,298,688
Marine Transportation
—
51,797,400
—
51,797,400
Media
—
26,755,244
—
26,755,244
Metals & Mining
—
86,124,114
—
86,124,114
Office REITs
—
36,268,371
—
36,268,371
Oil, Gas & Consumable Fuels
—
73,991,382
—
73,991,382
Paper & Forest Products
—
10,287,185
—
10,287,185
Passenger Airlines
—
13,731,287
—
13,731,287
Personal Care Products
—
81,527,483
—
81,527,483
Pharmaceuticals
—
481,135,628
—
481,135,628
Professional Services
—
121,869,713
—
121,869,713
Real Estate Management & Development
—
204,475,586
—
204,475,586
Residential REITs
—
7,146,609
—
7,146,609
Retail REITs
—
10,695,335
—
10,695,335
Semiconductors & Semiconductor Equipment
—
331,367,630
—
331,367,630
Software
—
18,205,530
—
18,205,530
Specialty Retail
—
145,812,759
—
145,812,759
Technology Hardware, Storage & Peripherals
—
142,587,312
—
142,587,312
Textiles, Apparel & Luxury Goods
—
14,241,972
—
14,241,972
 
October 31, 2023
J.P. Morgan Exchange-Traded Funds
237

NOTES TO FINANCIAL STATEMENTS
AS OF October 31, 2023 (continued)
BetaBuilders Japan ETF (continued)
 
 
 
 
 
Level 1
Quoted prices
Level 2
Other significant
observable inputs
Level 3
Significant
unobservable inputs
Total
Tobacco
$—
$60,715,956
$—
$60,715,956
Trading Companies & Distributors
—
577,923,075
—
577,923,075
Transportation Infrastructure
—
9,701,777
—
9,701,777
Wireless Telecommunication Services
—
280,384,165
—
280,384,165
Total Common Stocks
5,756,813
8,660,644,849
—
8,666,401,662
Short-Term Investments
Investment of Cash Collateral from Securities
Loaned
8,669,611
—
—
8,669,611
Total Investments in Securities
$14,426,424
$8,660,644,849
$—
$8,675,071,273
Depreciation in Other Financial Instruments
Futures Contracts
$(2,143,130
)
$—
$—
$(2,143,130
)
 
BetaBuilders U.S. Equity ETF 
 
 
 
 
 
Level 1
Quoted prices
Level 2
Other significant
observable inputs
Level 3
Significant
unobservable inputs
Total
Investments in Securities
Common Stocks
$2,154,991,230
$—
$—
$2,154,991,230
Rights
—
—
1,765
1,765
Short-Term Investments
Investment Companies
15,413,521
—
—
15,413,521
Investment of Cash Collateral from Securities
Loaned
44,558,464
—
—
44,558,464
Total Short-Term Investments
59,971,985
—
—
59,971,985
Total Investments in Securities
$2,214,963,215
$—
$1,765
$2,214,964,980
Depreciation in Other Financial Instruments
Futures Contracts
$(937,765
)
$—
$—
$(937,765
)
 
BetaBuilders U.S. Mid Cap Equity ETF 
 
 
 
 
 
Level 1
Quoted prices
Level 2
Other significant
observable inputs
Level 3
Significant
unobservable inputs
Total
Total Investments in Securities (a)
$1,565,949,444
$—
$—
$1,565,949,444
Depreciation in Other Financial Instruments
Futures Contracts (a)
$(1,131,962
)
$—
$—
$(1,131,962
)
 
 
(a)
Please refer to the SOI for specifics of portfolio holdings.
 
BetaBuilders U.S. Small Cap Equity ETF 
 
 
 
 
 
Level 1
Quoted prices
Level 2
Other significant
observable inputs
Level 3
Significant
unobservable inputs
Total
Total Investments in Securities (a)
$727,163,599
$—
$—
(b)
$727,163,599
 
238
J.P. Morgan Exchange-Traded Funds
October 31, 2023

BetaBuilders U.S. Small Cap Equity ETF 
(continued)
 
 
 
 
 
Level 1
Quoted prices
Level 2
Other significant
observable inputs
Level 3
Significant
unobservable inputs
Total
Depreciation in Other Financial Instruments
Futures Contracts (a)
$(382,230
)
$—
$—
$(382,230
)
 
 
(a)
Please refer to the SOI for specifics of portfolio holdings.
(b)
Value is zero.
 
Carbon Transition U.S. Equity ETF 
 
 
 
 
 
Level 1
Quoted prices
Level 2
Other significant
observable inputs
Level 3
Significant
unobservable inputs
Total
Total Investments in Securities (a)
$5,646,985
$—
$—
$5,646,985
Depreciation in Other Financial Instruments
Futures Contracts (a)
$(743
)
$—
$—
$(743
)
 
 
(a)
Please refer to the SOI for specifics of portfolio holdings.
 
Emerging Markets Equity ETF 
 
 
 
Level 1
Quoted prices
Level 2
Other significant
observable inputs
Level 3
Significant
unobservable inputs
Total
Investments in Securities
Common Stocks
Brazil
$24,027,463
$—
$—
$24,027,463
Chile
3,325,451
—
—
3,325,451
China
6,861,430
54,583,621
—
61,445,051
Colombia
470,212
—
—
470,212
Czech Republic
1,059,074
252,987
—
1,312,061
Egypt
—
481,121
—
481,121
Greece
1,790,792
2,729,352
—
4,520,144
Hong Kong
—
243,826
—
243,826
Hungary
1,519,892
—
—
1,519,892
India
788,929
28,665,185
—
29,454,114
Indonesia
2,285,093
9,333,727
—
11,618,820
Kuwait
345,830
3,791,760
—
4,137,590
Malaysia
2,994,402
2,658,754
—
5,653,156
Mexico
20,207,300
—
—
20,207,300
Pakistan
344,930
—
—
344,930
Philippines
532,813
284,516
—
817,329
Qatar
2,648,601
1,808,064
—
4,456,665
Romania
284,052
—
—
284,052
Russia
—
—
116,731
116,731
Saudi Arabia
3,721,813
9,272,214
—
12,994,027
South Africa
6,374,206
1,957,155
—
8,331,361
Taiwan
—
30,744,074
—
30,744,074
Thailand
314,475
9,742,536
—
10,057,011
Turkey
18,536,633
6,606,051
—
25,142,684
United Arab Emirates
5,047,647
1,387,367
—
6,435,014
 
October 31, 2023
J.P. Morgan Exchange-Traded Funds
239

NOTES TO FINANCIAL STATEMENTS
AS OF October 31, 2023 (continued)
Emerging Markets Equity ETF (continued)
 
 
 
Level 1
Quoted prices
Level 2
Other significant
observable inputs
Level 3
Significant
unobservable inputs
Total
United States
$685,200
$—
$—
$685,200
Total Common Stocks
104,166,238
164,542,310
116,731
268,825,279
Total Investments in Securities
$104,166,238
$164,542,310
$116,731
$268,825,279
Depreciation in Other Financial Instruments
Futures Contracts
$(24,505
)
$—
$—
$(24,505
)
There were no significant transfers into or out of level 3 for the year ended October 31, 2023. 
International Equity ETF 
 
 
 
Level 1
Quoted prices
Level 2
Other significant
observable inputs
Level 3
Significant
unobservable inputs
Total
Investments in Securities
Common Stocks
Australia
$—
$38,750,638
$—
$38,750,638
Austria
—
1,849,299
—
1,849,299
Belgium
—
787,695
—
787,695
Brazil
—
957,804
—
957,804
Burkina Faso
—
427,085
—
427,085
Cambodia
—
31,334
—
31,334
Chile
—
1,113,556
—
1,113,556
China
—
4,190,701
—
4,190,701
Denmark
—
2,582,406
—
2,582,406
Finland
969,843
2,740,236
—
3,710,079
France
—
16,611,936
—
16,611,936
Germany
—
8,756,464
—
8,756,464
Hong Kong
—
10,457,349
—
10,457,349
Indonesia
—
109,784
—
109,784
Ireland
—
390,304
—
390,304
Italy
—
8,804,417
—
8,804,417
Japan
1,185,085
102,650,904
—
103,835,989
Jordan
—
1,262,138
—
1,262,138
Luxembourg
—
421,566
—
421,566
Mexico
—
543,226
—
543,226
Netherlands
—
11,555,231
—
11,555,231
New Zealand
783,483
996,627
—
1,780,110
Norway
—
3,714,593
—
3,714,593
Poland
—
501,966
—
501,966
Portugal
—
1,152,974
—
1,152,974
Russia
—
—
19,577
19,577
Singapore
—
12,444,418
—
12,444,418
South Africa
—
1,068,284
—
1,068,284
South Korea
—
24,417,503
—
24,417,503
Spain
—
8,592,550
—
8,592,550
Sweden
—
7,381,828
—
7,381,828
Switzerland
77,659
4,817,936
—
4,895,595
United Kingdom
2,777,607
53,457,907
—
56,235,514
 
240
J.P. Morgan Exchange-Traded Funds
October 31, 2023

International Equity ETF (continued)
 
 
 
Level 1
Quoted prices
Level 2
Other significant
observable inputs
Level 3
Significant
unobservable inputs
Total
United States
$—
$11,074,935
$—
$11,074,935
Total Common Stocks
5,793,677
344,615,594
19,577
350,428,848
Short-Term Investments
Investment Companies
424,062
—
—
424,062
Investment of Cash Collateral from Securities Loaned
2,124,162
—
—
2,124,162
Total Short-Term Investments
2,548,224
—
—
2,548,224
Total Investments in Securities
$8,341,901
$344,615,594
$19,577
$352,977,072
Depreciation in Other Financial Instruments
Futures Contracts
$(95,561
)
$—
$—
$(95,561
)
 
U.S. Equity ETF 
 
 
 
Level 1
Quoted prices
Level 2
Other significant
observable inputs
Level 3
Significant
unobservable inputs
Total
Total Investments in Securities (a)
$440,142,196
$—
$—
$440,142,196
Appreciation in Other Financial Instruments
Futures Contracts (a)
$508
$—
$—
$508
 
 
(a)
Please refer to the SOI for specifics of portfolio holdings.
 
U.S. Mid Cap Equity ETF 
 
 
 
Level 1
Quoted prices
Level 2
Other significant
observable inputs
Level 3
Significant
unobservable inputs
Total
Total Investments in Securities (a)
$336,170,537
$—
$—
$336,170,537
Appreciation in Other Financial Instruments
Futures Contracts (a)
$3,758
$—
$—
$3,758
 
 
(a)
Please refer to the SOI for specifics of portfolio holdings.
 
U.S. Small Cap Equity ETF 
 
 
 
Level 1
Quoted prices
Level 2
Other significant
observable inputs
Level 3
Significant
unobservable inputs
Total
Investments in Securities
Common Stocks
Aerospace & Defense
$524,342
$—
$—
$524,342
Automobiles & Parts
947,772
—
—
947,772
Banks
19,014,862
—
—
19,014,862
Beverages
5,434,798
—
—
5,434,798
Chemicals
11,984,393
—
—
11,984,393
Construction & Materials
8,164,306
—
—
8,164,306
Consumer Services
4,368,255
—
—
4,368,255
Electricity
5,702,262
—
—
5,702,262
Electronic & Electrical Equipment
4,945,850
—
—
4,945,850
Finance & Credit Services
7,366,492
—
—
7,366,492
Food Producers
17,078,502
—
—
17,078,502
 
October 31, 2023
J.P. Morgan Exchange-Traded Funds
241

NOTES TO FINANCIAL STATEMENTS
AS OF October 31, 2023 (continued)
U.S. Small Cap Equity ETF (continued)
 
 
 
Level 1
Quoted prices
Level 2
Other significant
observable inputs
Level 3
Significant
unobservable inputs
Total
Gas, Water & Multi-utilities
$13,010,511
$—
$—
$13,010,511
General Industrials
5,539,502
—
—
5,539,502
Health Care Providers
10,277,039
—
—
10,277,039
Household Goods & Home Construction
11,278,446
—
—
11,278,446
Industrial Engineering
3,655,290
—
—
3,655,290
Industrial Materials
7,859,349
—
—
7,859,349
Industrial Metals & Mining
13,659,157
—
—
13,659,157
Industrial Support Services
9,400,516
—
—
9,400,516
Industrial Transportation
13,808,654
—
—
13,808,654
Investment Banking & Brokerage Services
4,558,057
—
—
4,558,057
Leisure Goods
4,386,532
—
—
4,386,532
Life Insurance
5,383,209
—
—
5,383,209
Media
1,562,558
—
—
1,562,558
Medical Equipment & Services
11,241,414
—
—
11,241,414
Mortgage Real Estate Investment Trusts
7,225,436
—
—
7,225,436
Nonequity Investment Instruments
44,608
—
—
(a)
44,608
Non-life Insurance
4,518,535
—
—
4,518,535
Non-Renewable Energy
25,251,763
—
—
25,251,763
Personal Care, Drug & Grocery Stores
9,502,281
—
—
9,502,281
Personal Goods
4,554,832
—
—
4,554,832
Pharmaceuticals, Biotechnology & Marijuana
Producers
13,649,108
—
32,424
13,681,532
Precious Metals & Mining
836,214
—
—
836,214
Real Estate Investment & Services
4,571,411
—
—
4,571,411
Real Estate Investment Trusts
42,735,787
—
—
42,735,787
Renewable Energy
1,657,166
—
—
1,657,166
Retailers
9,614,751
—
—
9,614,751
Software & Computer Services
11,259,384
—
—
11,259,384
Technology Hardware & Equipment
24,062,026
—
—
24,062,026
Telecommunications Equipment
9,457,200
—
—
9,457,200
Telecommunications Service Providers
9,909,564
—
—
9,909,564
Tobacco
2,495,575
—
—
2,495,575
Travel & Leisure
1,779,930
—
—
1,779,930
Waste & Disposal Services
1,338,254
—
—
1,338,254
Total Common Stocks
385,615,893
—
32,424
385,648,317
Rights
—
—
6,378
6,378
Short-Term Investments
Investment Companies
365,657
—
—
365,657
Investment of Cash Collateral from Securities Loaned
49,275,282
—
—
49,275,282
Total Short-Term Investments
49,640,939
—
—
49,640,939
Total Investments in Securities
$435,256,832
$—
$38,802
$435,295,634
Depreciation in Other Financial Instruments
Futures Contracts
$(22,124
)
$—
$—
$(22,124
)
 
 
(a)
Value is zero.
 
 
242
J.P. Morgan Exchange-Traded Funds
October 31, 2023

U.S. Momentum Factor ETF 
 
 
 
Level 1
Quoted prices
Level 2
Other significant
observable inputs
Level 3
Significant
unobservable inputs
Total
Total Investments in Securities (a)
$302,312,863
$—
$—
(b)
$302,312,863
Depreciation in Other Financial Instruments
Futures Contracts (a)
$(1,950
)
$—
$—
$(1,950
)
 
 
(a)
Please refer to the SOI for specifics of portfolio holdings.
(b)
Value is zero.
 
U.S. Quality Factor ETF 
 
 
 
Level 1
Quoted prices
Level 2
Other significant
observable inputs
Level 3
Significant
unobservable inputs
Total
Total Investments in Securities (a)
$2,495,606,856
$—
$—
$2,495,606,856
Depreciation in Other Financial Instruments
Futures Contracts (a)
$(58,376
)
$—
$—
$(58,376
)
 
 
(a)
Please refer to the SOI for specifics of portfolio holdings.
 
U.S. Value Factor ETF 
 
 
 
Level 1
Quoted prices
Level 2
Other significant
observable inputs
Level 3
Significant
unobservable inputs
Total
Total Investments in Securities (a)
$717,317,113
$—
$—
$717,317,113
Depreciation in Other Financial Instruments
Futures Contracts (a)
$(12,571
)
$—
$—
$(12,571
)
 
 
(a)
Please refer to the SOI for specifics of portfolio holdings.
B. Restricted Securities — Certain securities held by the Funds may be subject to legal or contractual restrictions on resale. Restricted securities generally are resold in transactions exempt from registration under the Securities Act of 1933, as amended (the “Securities Act”). Disposal of these securities may involve time-consuming negotiations and expense. Prompt sale at the current valuation may be difficult and could adversely affect the NAVs of the Funds.
As of October 31, 2023, the Funds had no investments in restricted securities other than securities sold to the Funds under Rule 144A and/or Regulation S under the Securities Act.
C. Securities Lending — The Funds are authorized to engage in securities lending in order to generate additional income. The Funds are able to lend to approved borrowers. Citibank N.A. (“Citibank”) serves as lending agent for the Funds, pursuant to a Securities Lending Agency Agreement (the “Securities Lending Agency Agreement”). Securities loaned are collateralized by cash equal to at least 100% of the market value plus accrued interest on the securities lent, which is invested in the Class IM Shares of the JPMorgan U.S. Government Money Market Fund and the Agency SL Class Shares of the JPMorgan Securities Lending Money Market Fund. The Funds retain the interest earned on cash collateral investments but are required to pay the borrower a rebate for the use of the cash collateral. In cases where the lent security is of high value to borrowers, there may be a negative rebate (i.e., a net payment from the borrower to the Funds). Upon termination of a loan, the Funds are required to return to the borrower an amount equal to the cash collateral, plus any rebate owed to the borrowers. The remaining maturities of the securities lending transactions are considered overnight and continuous. Loans are subject to termination by the Funds or the borrower at any time.
The net income earned on the securities lending (after payment of rebates and Citibank’s fee) is included on the Statements of Operations as Income from securities lending (net). The Funds also receive payments from the borrower during the period of the loan, equivalent to dividends and interest earned on the securities loaned, which are recorded as Dividend or Interest income, respectively, on the Statements of Operations.
Under the Securities Lending Agency Agreement, Citibank marks to market the loaned securities on a daily basis. In the event the cash received from the borrower is less than 102% of the value of the loaned securities (105% for loans of non-U.S. securities), Citibank requests additional cash from
 
October 31, 2023
J.P. Morgan Exchange-Traded Funds
243

NOTES TO FINANCIAL STATEMENTS
AS OF October 31, 2023 (continued)
the borrower so as to maintain a collateralization level of at least 102% of the value of the loaned securities plus accrued interest (105% for loans of non-U.S. securities), subject to certain de minimis amounts.
The value of securities out on loan is recorded as an asset on the Statements of Assets and Liabilities. The value of the cash collateral received is recorded as a liability on the Statements of Assets and Liabilities and details of collateral investments are disclosed on the SOIs.
The Funds bear the risk of loss associated with the collateral investments and are not entitled to additional collateral from the borrower to cover any such losses. To the extent that the value of the collateral investments declines below the amount owed to a borrower, the Funds may incur losses that exceed the amount they earned on lending the security. Upon termination of a loan, the Funds may use leverage (borrow money) to repay the borrower for cash collateral posted if the Adviser does not believe that it is prudent to sell the collateral investments to fund the payment of this liability. Securities lending activity is subject to master netting arrangements.
The following table presents for each lending Fund, the value of the securities on loan with Citibank, net of amounts available for offset under the master netting arrangements and any related collateral received or posted by the Funds as of October 31, 2023. 
 
Investment Securities
on Loan, at value,
Presented on the
Statements of Assets
and Liabilities
Cash Collateral
Posted by Borrower*
Net Amount Due
to Counterparty
(not less than zero)
BetaBuilders Canada ETF
$174,280,525
$(174,280,525
)
$—
BetaBuilders Developed Asia Pacific ex-Japan ETF
11,180,067
(11,180,067
)
—
BetaBuilders Europe ETF
41,286,855
(41,286,855
)
—
BetaBuilders International Equity ETF
12,645,686
(12,645,686
)
—
BetaBuilders Japan ETF
8,163,766
(8,163,766
)
—
BetaBuilders U.S. Equity ETF
44,049,242
(44,049,242
)
—
BetaBuilders U.S. Mid Cap Equity ETF
154,016,364
(154,016,364
)
—
BetaBuilders U.S. Small Cap Equity ETF
102,117,546
(102,117,546
)
—
International Equity ETF
2,021,253
(2,021,253
)
—
U.S. Equity ETF
20,157,750
(20,157,750
)
—
U.S. Mid Cap Equity ETF
25,944,054
(25,944,054
)
—
U.S. Small Cap Equity ETF
47,876,291
(47,876,291
)
—
U.S. Momentum Factor ETF
562,229
(562,229
)
—
U.S. Quality Factor ETF
93,954,626
(93,954,626
)
—
U.S. Value Factor ETF
33,450,655
(33,450,655
)
—
 
 
*
Collateral posted reflects the value of securities on loan and does not include any additional amounts received from the borrower.
Securities lending also involves counterparty risks, including the risk that the loaned securities may not be returned in a timely manner or at all. Subject to certain conditions, Citibank has agreed to indemnify the Funds from losses resulting from a borrower’s failure to return a loaned security.
 
244
J.P. Morgan Exchange-Traded Funds
October 31, 2023

JPMIM voluntarily waived management fees charged to the Funds to reduce the impact of the cash collateral investment in the JPMorgan U.S. Government Money Market Fund from 0.13% to 0.06%. For the year ended October 31, 2023, JPMIM waived fees associated with the Funds' investment in the JPMorgan U.S. Government Money Market Fund as follows:  
BetaBuilders Canada ETF
$127,641
BetaBuilders Developed Asia Pacific ex-Japan ETF
2,592
BetaBuilders Europe ETF
12,867
BetaBuilders International Equity ETF
4,048
BetaBuilders Japan ETF
9,445
BetaBuilders U.S. Equity ETF
134
BetaBuilders U.S. Mid Cap Equity ETF
8,039
BetaBuilders U.S. Small Cap Equity ETF
4,275
Emerging Markets Equity ETF
48
International Equity ETF
1,489
U.S. Equity ETF
708
U.S. Mid Cap Equity ETF
868
U.S. Small Cap Equity ETF
2,306
U.S. Momentum Factor ETF
619
U.S. Quality Factor ETF
2,904
U.S. Value Factor ETF
1,952
The above waiver is included in the determination of earnings on cash collateral investment and in the calculation of Citibank’s compensation and is included on the Statements of Operations as Income from securities lending (net).
Carbon Transition U.S. Equity ETF did not lend out any securities during the year ended October 31, 2023. BetaBuilders Emerging Markets Equity ETF and Emerging Markets Equity ETF did not have any securities out on loan at October 31, 2023.
D. Investment Transactions with Affiliates — The Funds invested in Underlying Funds advised by the Adviser. An issuer which is under common control with a Fund may be considered an affiliate. For the purposes of the financial statements, the Funds assume the issuers listed in the tables below to be affiliated issuers. The Underlying Funds’ distributions may be reinvested into such Underlying Funds. Reinvestment amounts are included in the purchases at cost amounts in the tables below. 
BetaBuilders Canada ETF 
For the year ended October 31, 2023
Security Description
Value at
October 31,
2022
Purchases at
Cost
Proceeds from
Sales
Net Realized
Gain (Loss)
Change in
Unrealized
Appreciation/
(Depreciation)
Value at
October 31,
2023
Shares at
October 31,
2023
Dividend
Income
Capital Gain
Distributions
JPMorgan
Securities
Lending Money
Market Fund
Agency SL
Class Shares,
5.53%  (a) (b)
$111,362,203
$3,890,820,395
$3,897,982,691
$89,116
*
$—
$104,289,023
104,268,170
$7,247,194
*
$—
JPMorgan
U.S. Government
Money Market
Fund Class IM
Shares, 5.29%
 (a) (b)
339,229,246
8,201,144,644
8,460,291,082
—
—
80,082,808
80,082,808
9,136,294
*
—
Total
$450,591,449
$12,091,965,039
$12,358,273,773
$89,116
$—
$184,371,831
$16,383,488
$—
 
 
(a)
Investment in an affiliated fund, which is registered under the Investment Company Act of 1940, as amended, and is advised by J.P. Morgan
Investment Management Inc.
(b)
The rate shown is the current yield as of October 31, 2023.
*
Amount is included on the Statements of Operations as Income from securities lending (net) (after payments of rebates and Citibank’s fee).
 
 
October 31, 2023
J.P. Morgan Exchange-Traded Funds
245

NOTES TO FINANCIAL STATEMENTS
AS OF October 31, 2023 (continued)
BetaBuilders Developed Asia Pacific ex-Japan ETF 
For the year ended October 31, 2023
Security Description
Value at
October 31,
2022
Purchases at
Cost
Proceeds from
Sales
Net Realized
Gain (Loss)
Change in
Unrealized
Appreciation/
(Depreciation)
Value at
October 31,
2023
Shares at
October 31,
2023
Dividend
Income
Capital Gain
Distributions
JPMorgan Securities Lending Money
Market Fund Agency SL Class Shares,
5.53%  (a) (b)
$54,456
$—
$54,467
$44
*
$(33
)
$—
—
$243
*
$—
JPMorgan U.S. Government Money
Market Fund Class IM Shares, 5.29%
 (a) (b)
135,282
64,973,416
53,316,568
—
—
11,792,130
11,792,130
216,512
*
—
Total
$189,738
$64,973,416
$53,371,035
$44
$(33
)
$11,792,130
$216,755
$—
 
 
(a)
Investment in an affiliated fund, which is registered under the Investment Company Act of 1940, as amended, and is advised by J.P. Morgan
Investment Management Inc.
(b)
The rate shown is the current yield as of October 31, 2023.
*
Amount is included on the Statements of Operations as Income from securities lending (net) (after payments of rebates and Citibank’s fee).
 
BetaBuilders Emerging Markets Equity ETF 
For the period ended October 31, 2023
Security Description
Value at
May 10,
2023(a)
Purchases at
Cost
Proceeds from
Sales
Net Realized
Gain (Loss)
Change in
Unrealized
Appreciation/
(Depreciation)
Value at
October 31,
2023
Shares at
October 31,
2023
Dividend
Income
Capital Gain
Distributions
JPMorgan U.S. Government Money Market
Fund Class IM Shares, 5.29%  (b) (c)
$—
$59,625
$59,625
$—
$—
$—
—
$9
*
$—
JPMorgan U.S. Government Money Market
Fund Class IM Shares, 5.29%  (b) (c)
—
58,904,768
54,464,573
—
—
4,440,195
4,440,195
83,341
—
Total
$—
$58,964,393
$54,524,198
$—
$—
$4,440,195
$83,350
$—
 
 
(a)
Commencement of operations was May 10, 2023.
(b)
Investment in an affiliated fund, which is registered under the Investment Company Act of 1940, as amended, and is advised by J.P. Morgan
Investment Management Inc.
(c)
The rate shown is the current yield as of October 31, 2023.
*
Amount is included on the Statements of Operations as Income from securities lending (net) (after payments of rebates and Citibank’s fee).
 
 
246
J.P. Morgan Exchange-Traded Funds
October 31, 2023

BetaBuilders Europe ETF 
For the year ended October 31, 2023
Security Description
Value at
October 31,
2022
Purchases at
Cost
Proceeds from
Sales
Net Realized
Gain (Loss)
Change in
Unrealized
Appreciation/
(Depreciation)
Value at
October 31,
2023
Shares at
October 31,
2023
Dividend
Income
Capital Gain
Distributions
JPMorgan Securities
Lending Money Market
Fund Agency SL
Class Shares, 5.53%
 (a) (b)
$35,657,896
$865,000,000
$862,000,000
$(26,729
)*
$(8,328
)
$38,622,839
38,615,115
$4,321,281
*
$—
JPMorgan U.S. Government
Money Market Fund
Class IM Shares, 5.29%
 (a) (b)
4,769,602
841,665,343
841,665,395
—
—
4,769,550
4,769,550
877,316
*
—
Total
$40,427,498
$1,706,665,343
$1,703,665,395
$(26,729
)
$(8,328
)
$43,392,389
$5,198,597
$—
 
 
(a)
Investment in an affiliated fund, which is registered under the Investment Company Act of 1940, as amended, and is advised by J.P. Morgan
Investment Management Inc.
(b)
The rate shown is the current yield as of October 31, 2023.
*
Amount is included on the Statements of Operations as Income from securities lending (net) (after payments of rebates and Citibank’s fee).
 
BetaBuilders International Equity ETF 
For the year ended October 31, 2023
Security Description
Value at
October 31,
2022
Purchases at
Cost
Proceeds from
Sales
Net Realized
Gain (Loss)
Change in
Unrealized
Appreciation/
(Depreciation)
Value at
October 31,
2023
Shares at
October 31,
2023
Dividend
Income
Capital Gain
Distributions
JPMorgan Securities Lending
Money Market Fund Agency
SL Class Shares, 5.53%
 (a) (b)
$14,009,724
$272,000,000
$275,000,001
$1,405
*
$98
$11,011,226
11,009,025
$1,141,432
*
$—
JPMorgan U.S. Government
Money Market Fund Class IM
Shares, 5.29%  (a) (b)
3,852,619
243,321,562
244,903,756
—
—
2,270,425
2,270,425
263,931
*
—
JPMorgan U.S. Government
Money Market Fund Class IM
Shares, 5.29%  (a) (b)
12,102,999
202,226,434
188,030,385
—
—
26,299,048
26,299,048
822,603
—
Total
$29,965,342
$717,547,996
$707,934,142
$1,405
$98
$39,580,699
$2,227,966
$—
 
 
(a)
Investment in an affiliated fund, which is registered under the Investment Company Act of 1940, as amended, and is advised by J.P. Morgan
Investment Management Inc.
(b)
The rate shown is the current yield as of October 31, 2023.
*
Amount is included on the Statements of Operations as Income from securities lending (net) (after payments of rebates and Citibank’s fee).
 
 
October 31, 2023
J.P. Morgan Exchange-Traded Funds
247

NOTES TO FINANCIAL STATEMENTS
AS OF October 31, 2023 (continued)
BetaBuilders Japan ETF 
For the year ended October 31, 2023
Security Description
Value at
October 31,
2022
Purchases at
Cost
Proceeds from
Sales
Net Realized
Gain (Loss)
Change in
Unrealized
Appreciation/
(Depreciation)
Value at
October 31,
2023
Shares at
October 31,
2023
Dividend
Income
Capital Gain
Distributions
JPMorgan Securities Lending
Money Market Fund Agency
SL Class Shares, 5.53%
 (a) (b)
$10,118,832
$757,205,739
$760,000,000
$27,060
*
$—
$7,351,631
7,350,161
$2,458,991
*
$—
JPMorgan U.S. Government
Money Market Fund
Class IM Shares, 5.29%
 (a) (b)
9,777,050
608,651,894
617,110,964
—
—
1,317,980
1,317,980
571,802
*
—
Total
$19,895,882
$1,365,857,633
$1,377,110,964
$27,060
$—
$8,669,611
$3,030,793
$—
 
 
(a)
Investment in an affiliated fund, which is registered under the Investment Company Act of 1940, as amended, and is advised by J.P. Morgan
Investment Management Inc.
(b)
The rate shown is the current yield as of October 31, 2023.
*
Amount is included on the Statements of Operations as Income from securities lending (net) (after payments of rebates and Citibank’s fee).
 
BetaBuilders U.S. Equity ETF 
For the year ended October 31, 2023
Security Description
Value at
October 31,
2022
Purchases at
Cost
Proceeds from
Sales
Net Realized
Gain (Loss)
Change in
Unrealized
Appreciation/
(Depreciation)
Value at
October 31,
2023
Shares at
October 31,
2023
Dividend
Income
Capital Gain
Distributions
JPMorgan Chase & Co.  (a)
$13,752,768
$10,996,482
$2,415,411
$530,111
$885,551
$23,749,501
170,786
$566,209
$—
JPMorgan Securities Lending
Money Market Fund Agency
SL Class Shares, 5.53%
 (b) (c)
1,501,652
134,000,000
95,501,652
(500
)*
(1,300
)
39,998,200
39,990,202
403,919
*
—
JPMorgan U.S. Government
Money Market Fund Class IM
Shares, 5.29%  (b) (c)
2,238,043
98,895,872
96,573,651
—
—
4,560,264
4,560,264
104,718
*
—
JPMorgan U.S. Government
Money Market Fund Class IM
Shares, 5.29%  (b) (c)
8,865,488
46,210,918
39,662,885
—
—
15,413,521
15,413,521
461,174
—
Total
$26,357,951
$290,103,272
$234,153,599
$529,611
$884,251
$83,721,486
$1,536,020
$—
 
 
(a)
Investment in affiliate. This security is included in an index which the Fund, as an index fund, tracks.
(b)
Investment in an affiliated fund, which is registered under the Investment Company Act of 1940, as amended, and is advised by J.P. Morgan
Investment Management Inc.
(c)
The rate shown is the current yield as of October 31, 2023.
*
Amount is included on the Statements of Operations as Income from securities lending (net) (after payments of rebates and Citibank’s fee).
 
BetaBuilders U.S. Mid Cap Equity ETF 
For the year ended October 31, 2023
Security Description
Value at
October 31,
2022
Purchases at
Cost
Proceeds from
Sales
Net Realized
Gain (Loss)
Change in
Unrealized
Appreciation/
(Depreciation)
Value at
October 31,
2023
Shares at
October 31,
2023
Dividend
Income
Capital Gain
Distributions
JPMorgan Securities Lending
Money Market Fund
Agency SL Class Shares,
5.53%  (a) (b)
$33,490,848
$534,000,000
$428,000,000
$(13,846
)*
$(4,946
)
$139,472,056
139,444,167
$4,461,014
*
$—
 
248
J.P. Morgan Exchange-Traded Funds
October 31, 2023

BetaBuilders U.S. Mid Cap Equity ETF (continued)
For the year ended October 31, 2023
Security Description
Value at
October 31,
2022
Purchases at
Cost
Proceeds from
Sales
Net Realized
Gain (Loss)
Change in
Unrealized
Appreciation/
(Depreciation)
Value at
October 31,
2023
Shares at
October 31,
2023
Dividend
Income
Capital Gain
Distributions
JPMorgan U.S. Government
Money Market Fund
Class IM Shares, 5.29%
 (a) (b)
$4,093,018
$319,215,854
$307,489,492
$—
$—
$15,819,380
15,819,380
$647,940
*
$—
JPMorgan U.S. Government
Money Market Fund
Class IM Shares, 5.29%
 (a) (b)
7,709,091
119,438,988
112,907,017
—
—
14,241,062
14,241,062
598,612
—
Total
$45,292,957
$972,654,842
$848,396,509
$(13,846
)
$(4,946
)
$169,532,498
$5,707,566
$—
 
 
(a)
Investment in an affiliated fund, which is registered under the Investment Company Act of 1940, as amended, and is advised by J.P. Morgan
Investment Management Inc.
(b)
The rate shown is the current yield as of October 31, 2023.
*
Amount is included on the Statements of Operations as Income from securities lending (net) (after payments of rebates and Citibank’s fee).
 
BetaBuilders U.S. Small Cap Equity ETF 
For the year ended October 31, 2023
Security Description
Value at
October 31,
2022
Purchases at
Cost
Proceeds from
Sales
Net Realized
Gain (Loss)
Change in
Unrealized
Appreciation/
(Depreciation)
Value at
October 31,
2023
Shares at
October 31,
2023
Dividend
Income
Capital Gain
Distributions
JPMorgan Securities Lending
Money Market Fund Agency
SL Class Shares, 5.53%
 (a) (b)
$10,003,601
$214,000,000
$131,000,000
$2,305
*
$(4,902
)
$93,001,004
92,982,408
$2,489,801
*
$—
JPMorgan U.S. Government
Money Market Fund
Class IM Shares, 5.29%
 (a) (b)
1,618,100
166,479,976
156,955,510
—
—
11,142,566
11,142,566
362,447
*
—
JPMorgan U.S. Government
Money Market Fund
Class IM Shares, 5.29%
 (a) (b)
8,224,756
44,983,687
49,998,829
—
—
3,209,614
3,209,614
301,265
—
Total
$19,846,457
$425,463,663
$337,954,339
$2,305
$(4,902
)
$107,353,184
$3,153,513
$—
 
 
(a)
Investment in an affiliated fund, which is registered under the Investment Company Act of 1940, as amended, and is advised by J.P. Morgan
Investment Management Inc.
(b)
The rate shown is the current yield as of October 31, 2023.
*
Amount is included on the Statements of Operations as Income from securities lending (net) (after payments of rebates and Citibank’s fee).
 
 
October 31, 2023
J.P. Morgan Exchange-Traded Funds
249

NOTES TO FINANCIAL STATEMENTS
AS OF October 31, 2023 (continued)
Carbon Transition U.S. Equity ETF 
For the year ended October 31, 2023
Security Description
Value at
October 31,
2022
Purchases at
Cost
Proceeds from
Sales
Net Realized
Gain (Loss)
Change in
Unrealized
Appreciation/
(Depreciation)
Value at
October 31,
2023
Shares at
October 31,
2023
Dividend
Income
Capital Gain
Distributions
JPMorgan U.S. Government Money Market Fund
Class IM Shares, 5.29%  (a) (b)
$31,835
$701,424
$722,756
$—
$—
$10,503
10,503
$1,892
$—
 
 
(a)
Investment in an affiliated fund, which is registered under the Investment Company Act of 1940, as amended, and is advised by J.P. Morgan
Investment Management Inc.
(b)
The rate shown is the current yield as of October 31, 2023.
 
Emerging Markets Equity ETF 
For the year ended October 31, 2023
Security Description
Value at
October 31,
2022
Purchases at
Cost
Proceeds from
Sales
Net Realized
Gain (Loss)
Change in
Unrealized
Appreciation/
(Depreciation)
Value at
October 31,
2023
Shares at
October 31,
2023
Dividend
Income
Capital Gain
Distributions
JPMorgan U.S. Government Money Market Fund
Class IM Shares, 5.29%  (a) (b)
$182,157
$453,864
$636,021
$—
$—
$—
—
$2,422
*
$—
JPMorgan U.S. Government Money Market Fund
Class IM Shares, 5.29%  (a) (b)
—
808,450
808,450
—
—
—
—
4,990
—
Total
$182,157
$1,262,314
$1,444,471
$—
$—
$—
$7,412
$—
 
 
(a)
Investment in an affiliated fund, which is registered under the Investment Company Act of 1940, as amended, and is advised by J.P. Morgan
Investment Management Inc.
(b)
The rate shown is the current yield as of October 31, 2023.
*
Amount is included on the Statements of Operations as Income from securities lending (net) (after payments of rebates and Citibank’s fee).
 
International Equity ETF 
For the year ended October 31, 2023
Security Description
Value at
October 31,
2022
Purchases at
Cost
Proceeds from
Sales
Net Realized
Gain (Loss)
Change in
Unrealized
Appreciation/
(Depreciation)
Value at
October 31,
2023
Shares at
October 31,
2023
Dividend
Income
Capital Gain
Distributions
JPMorgan Prime Money Market Fund
Class IM Shares, 5.49%  (a) (b)
$569,398
$53,017,214
$53,163,757
$1,144
$63
$424,062
423,893
$42,587
$—
JPMorgan Securities Lending Money
Market Fund Agency SL
Class Shares, 5.53%  (a) (b)
2,258,925
60,999,999
62,000,000
1,308
*
(1,155
)
1,259,077
1,258,826
281,848
*
—
JPMorgan U.S. Government Money
Market Fund Class IM Shares,
5.29%  (a) (b)
1,789,624
85,932,836
86,857,375
—
—
865,085
865,085
96,045
*
—
Total
$4,617,947
$199,950,049
$202,021,132
$2,452
$(1,092
)
$2,548,224
$420,480
$—
 
 
(a)
Investment in an affiliated fund, which is registered under the Investment Company Act of 1940, as amended, and is advised by J.P. Morgan
Investment Management Inc.
(b)
The rate shown is the current yield as of October 31, 2023.
*
Amount is included on the Statements of Operations as Income from securities lending (net) (after payments of rebates and Citibank’s fee).
 
 
250
J.P. Morgan Exchange-Traded Funds
October 31, 2023

U.S. Equity ETF 
For the year ended October 31, 2023
Security Description
Value at
October 31,
2022
Purchases at
Cost
Proceeds from
Sales
Net Realized
Gain (Loss)
Change in
Unrealized
Appreciation/
(Depreciation)
Value at
October 31,
2023
Shares at
October 31,
2023
Dividend
Income
Capital Gain
Distributions
JPMorgan Securities Lending
Money Market Fund Agency SL
Class Shares, 5.53%  (a) (b)
$200,027
$61,000,000
$44,199,467
$(660
)*
$(300
)
$16,999,600
16,996,201
$221,009
*
$—
JPMorgan U.S. Government Money
Market Fund Class IM Shares,
5.29%  (a) (b)
191,848
68,840,438
65,592,016
—
—
3,440,270
3,440,270
64,714
*
—
JPMorgan U.S. Government Money
Market Fund Class IM Shares,
5.29%  (a) (b)
1,020,750
28,752,199
29,466,469
—
—
306,480
306,480
46,437
—
Total
$1,412,625
$158,592,637
$139,257,952
$(660
)
$(300
)
$20,746,350
$332,160
$—
 
 
(a)
Investment in an affiliated fund, which is registered under the Investment Company Act of 1940, as amended, and is advised by J.P. Morgan
Investment Management Inc.
(b)
The rate shown is the current yield as of October 31, 2023.
*
Amount is included on the Statements of Operations as Income from securities lending (net) (after payments of rebates and Citibank’s fee).
 
U.S. Mid Cap Equity ETF 
For the year ended October 31, 2023
Security Description
Value at
October 31,
2022
Purchases at
Cost
Proceeds from
Sales
Net Realized
Gain (Loss)
Change in
Unrealized
Appreciation/
(Depreciation)
Value at
October 31,
2023
Shares at
October 31,
2023
Dividend
Income
Capital Gain
Distributions
JPMorgan Securities Lending Money
Market Fund Agency SL Class Shares,
5.53%  (a) (b)
$—
$33,000,000
$11,000,001
$200
*
$(199
)
$22,000,000
21,995,601
$137,541
*
$—
JPMorgan U.S. Government Money
Market Fund Class IM Shares, 5.29%
 (a) (b)
—
42,584,679
38,301,167
—
—
4,283,512
4,283,512
83,820
*
—
JPMorgan U.S. Government Money
Market Fund Class IM Shares, 5.29%
 (a) (b)
414,054
17,700,622
17,833,770
—
—
280,906
280,906
28,807
—
Total
$414,054
$93,285,301
$67,134,938
$200
$(199
)
$26,564,418
$250,168
$—
 
 
(a)
Investment in an affiliated fund, which is registered under the Investment Company Act of 1940, as amended, and is advised by J.P. Morgan
Investment Management Inc.
(b)
The rate shown is the current yield as of October 31, 2023.
*
Amount is included on the Statements of Operations as Income from securities lending (net) (after payments of rebates and Citibank’s fee).
 
U.S. Small Cap Equity ETF 
For the year ended October 31, 2023
Security Description
Value at
October 31,
2022
Purchases at
Cost
Proceeds from
Sales
Net Realized
Gain (Loss)
Change in
Unrealized
Appreciation/
(Depreciation)
Value at
October 31,
2023
Shares at
October 31,
2023
Dividend
Income
Capital Gain
Distributions
JPMorgan Securities Lending
Money Market Fund Agency
SL Class Shares, 5.53%
 (a) (b)
$19,342,762
$102,000,000
$77,700,000
$8,038
*
$(3,539
)
$43,647,261
43,638,534
$1,071,900
*
$—
 
October 31, 2023
J.P. Morgan Exchange-Traded Funds
251

NOTES TO FINANCIAL STATEMENTS
AS OF October 31, 2023 (continued)
U.S. Small Cap Equity ETF (continued)
For the year ended October 31, 2023
Security Description
Value at
October 31,
2022
Purchases at
Cost
Proceeds from
Sales
Net Realized
Gain (Loss)
Change in
Unrealized
Appreciation/
(Depreciation)
Value at
October 31,
2023
Shares at
October 31,
2023
Dividend
Income
Capital Gain
Distributions
JPMorgan U.S. Government
Money Market Fund Class IM
Shares, 5.29%  (a) (b)
$2,902,497
$114,834,862
$112,109,338
$—
$—
$5,628,021
5,628,021
$174,487
*
$—
JPMorgan U.S. Government
Money Market Fund Class IM
Shares, 5.29%  (a) (b)
325,140
22,131,925
22,091,408
—
—
365,657
365,657
50,390
—
Total
$22,570,399
$238,966,787
$211,900,746
$8,038
$(3,539
)
$49,640,939
$1,296,777
$—
 
 
(a)
Investment in an affiliated fund, which is registered under the Investment Company Act of 1940, as amended, and is advised by J.P. Morgan
Investment Management Inc.
(b)
The rate shown is the current yield as of October 31, 2023.
*
Amount is included on the Statements of Operations as Income from securities lending (net) (after payments of rebates and Citibank’s fee).
 
U.S. Momentum Factor ETF 
For the year ended October 31, 2023
Security Description
Value at
October 31,
2022
Purchases at
Cost
Proceeds from
Sales
Net Realized
Gain (Loss)
Change in
Unrealized
Appreciation/
(Depreciation)
Value at
October 31,
2023
Shares at
October 31,
2023
Dividend
Income
Capital Gain
Distributions
JPMorgan U.S. Government Money Market
Fund Class IM Shares, 5.29%  (a) (b)
$1,131,417
$13,822,093
$14,381,522
$—
$—
$571,988
571,988
$42,250
*
$—
JPMorgan U.S. Government Money Market
Fund Class IM Shares, 5.29%  (a) (b)
340,337
11,592,662
11,778,697
—
—
154,302
154,302
21,522
—
Total
$1,471,754
$25,414,755
$26,160,219
$—
$—
$726,290
$63,772
$—
 
 
(a)
Investment in an affiliated fund, which is registered under the Investment Company Act of 1940, as amended, and is advised by J.P. Morgan
Investment Management Inc.
(b)
The rate shown is the current yield as of October 31, 2023.
*
Amount is included on the Statements of Operations as Income from securities lending (net) (after payments of rebates and Citibank’s fee).
 
U.S. Quality Factor ETF 
For the year ended October 31, 2023
Security Description
Value at
October 31,
2022
Purchases at
Cost
Proceeds from
Sales
Net Realized
Gain (Loss)
Change in
Unrealized
Appreciation/
(Depreciation)
Value at
October 31,
2023
Shares at
October 31,
2023
Dividend
Income
Capital Gain
Distributions
JPMorgan Securities Lending
Money Market Fund Agency
SL Class Shares, 5.53%
 (a) (b)
$16,497,925
$312,011,297
$244,000,000
$6,995
*
$(3,999
)
$84,512,218
84,495,319
$1,481,580
*
$—
JPMorgan U.S. Government
Money Market Fund Class IM
Shares, 5.29%  (a) (b)
3,688,865
191,813,479
184,746,986
—
—
10,755,358
10,755,358
230,246
*
—
JPMorgan U.S. Government
Money Market Fund Class IM
Shares, 5.29%  (a) (b)
785,535
50,402,005
49,191,732
—
—
1,995,808
1,995,808
119,019
—
Total
$20,972,325
$554,226,781
$477,938,718
$6,995
$(3,999
)
$97,263,384
$1,830,845
$—
 
 
(a)
Investment in an affiliated fund, which is registered under the Investment Company Act of 1940, as amended, and is advised by J.P. Morgan
Investment Management Inc.
 
252
J.P. Morgan Exchange-Traded Funds
October 31, 2023

(b)
The rate shown is the current yield as of October 31, 2023.
*
Amount is included on the Statements of Operations as Income from securities lending (net) (after payments of rebates and Citibank’s fee).
 
U.S. Value Factor ETF 
For the year ended October 31, 2023
Security Description
Value at
October 31,
2022
Purchases at
Cost
Proceeds from
Sales
Net Realized
Gain (Loss)
Change in
Unrealized
Appreciation/
(Depreciation)
Value at
October 31,
2023
Shares at
October 31,
2023
Dividend
Income
Capital Gain
Distributions
JPMorgan Securities Lending
Money Market Fund Agency SL
Class Shares, 5.53%  (a) (b)
$297,072
$209,994,901
$179,995,401
$(5,630
)*
$(408
)
$30,290,534
30,284,477
$746,077
*
$—
JPMorgan U.S. Government Money
Market Fund Class IM Shares,
5.29%  (a) (b)
623,020
126,281,784
122,941,953
—
—
3,962,851
3,962,851
155,002
*
—
JPMorgan U.S. Government Money
Market Fund Class IM Shares,
5.29%  (a) (b)
377,263
37,374,574
36,910,241
—
—
841,596
841,596
61,176
—
Total
$1,297,355
$373,651,259
$339,847,595
$(5,630
)
$(408
)
$35,094,981
$962,255
$—
 
 
(a)
Investment in an affiliated fund, which is registered under the Investment Company Act of 1940, as amended, and is advised by J.P. Morgan
Investment Management Inc.
(b)
The rate shown is the current yield as of October 31, 2023.
*
Amount is included on the Statements of Operations as Income from securities lending (net) (after payments of rebates and Citibank’s fee).
E. Foreign Currency Translation — The books and records of the Funds are maintained in U.S. dollars. Foreign currency amounts are translated into U.S. dollars at the prevailing exchange rates of such currencies against the U.S. dollar. The market value of investment securities and other assets and liabilities are translated at the exchange rate as of the valuation date. Purchases and sales of investment securities, income and expenses are translated at the exchange rate prevailing on the respective dates of such transactions.
The Funds do not isolate the effect of changes in foreign exchange rates from changes in market prices on securities held. Accordingly, such changes are included within Change in net unrealized appreciation/depreciation on investments in non-affiliates on the Statements of Operations.
Reported realized foreign currency gains and losses arise from the disposition of foreign currency, currency gains or losses realized between the trade and settlement dates on securities transactions, and the difference between the amounts of dividends, interest and foreign withholding taxes recorded on each Fund's books on the transaction date and the U.S. dollar equivalent of the amounts actually received or paid. These reported realized foreign currency gains and losses are included in Net realized gain (loss) on foreign currency transactions on the Statements of Operations. Unrealized foreign currency gains and losses arise from changes (due to changes in exchange rates) in the value of foreign currency and other assets and liabilities denominated in foreign currencies, which are held at year end and are included in Change in net unrealized appreciation/depreciation on foreign currency translations on the Statements of Operations.  
F. Futures Contracts — The Funds used index futures contracts to obtain long exposure to gain or reduce exposure to the stock market, to gain or reduce exposure to particular countries or regions, maintain liquidity, minimize transaction costs or to manage and hedge interest rate risk associated with portfolio investments. 
Futures contracts provide for the delayed delivery of the underlying instrument at a fixed price or are settled for a cash amount based on the change in the value of the underlying instrument at a specific date in the future. Upon entering into a futures contract, the Funds are required to deposit with the broker, cash or securities in an amount equal to a certain percentage of the contract amount, which is referred to as the initial margin deposit. Subsequent payments, referred to as variation margin, are made or received by the Funds periodically and are based on changes in the market value of open futures contracts. Changes in the market value of open futures contracts are recorded as Change in net unrealized appreciation/depreciation on futures contracts on the Statements of Operations. Realized gains or losses, representing the difference between the value of the contract at the time it was opened and the value at the time it was closed, are reported on the Statements of Operations at the closing or expiration of the futures contract. Securities deposited as initial margin are designated on the SOIs, while cash deposited, which is considered restricted, is recorded on the Statements of Assets and Liabilities. A receivable from and/or a payable to brokers for the daily variation margin is also recorded on the Statements of Assets and Liabilities.
The use of futures contracts exposes the Funds to equity price risks. The Funds may be subject to the risk that the change in the value of the futures contract may not correlate perfectly with the underlying instrument. Use of long futures contracts subjects the Funds to risk of loss in excess of the amounts shown on the Statements of Assets and Liabilities, up to the notional amount of the futures contracts. Use of short futures contracts subjects the Funds to unlimited risk of loss. The Funds may enter into futures contracts only on exchanges or boards of trade. The exchange or board
 
October 31, 2023
J.P. Morgan Exchange-Traded Funds
253

NOTES TO FINANCIAL STATEMENTS
AS OF October 31, 2023 (continued)
of trade acts as the counterparty to each futures transaction; therefore, the Funds' credit risk is limited to failure of the exchange or board of trade. Under some circumstances, futures exchanges may establish daily limits on the amount that the price of a futures contract can vary from the previous day’s settlement price, which could effectively prevent liquidation of positions.
The Funds' futures contracts are not subject to master netting arrangements (the right to close out all transactions traded with a counterparty and net amounts owed or due across transactions).  
The table below discloses the volume of the Funds' futures contracts activity during the year ended October 31, 2023: 
 
BetaBuilders
Canada ETF
BetaBuilders
Developed
Asia Pacific
ex-Japan
ETF
BetaBuilders
Emerging Markets
Equity ETF
BetaBuilders
Europe ETF
BetaBuilders
International
Equity ETF
BetaBuilders
Japan ETF
Futures Contracts:
Average Notional Balance Long
$36,547,667
$27,480,452
$3,867,949
(a)
$58,706,797
$31,576,517
$74,553,820
Ending Notional Balance Long
30,108,729
14,597,705
4,594,000
57,665,051
43,033,200
128,361,801
 
 
BetaBuilders
U.S. Equity ETF
BetaBuilders U.S.
Mid Cap Equity
ETF
BetaBuilders U.S.
Small Cap
Equity ETF
Carbon
Transition U.S.
Equity ETF
Emerging
Markets
Equity ETF
International
Equity ETF
Futures Contracts:
Average Notional Balance Long
$10,790,350
$13,035,632
$6,608,144
$40,286
$600,205
$3,453,014
Ending Notional Balance Long
16,847,000
16,383,360
3,419,400
21,050
551,280
2,072,700
 
 
U.S.
Equity ETF
U.S.
Mid Cap
Equity ETF
U.S.
Small Cap
Equity ETF
U.S. Momentum
Factor ETF
U.S. Quality
Factor ETF
U.S. Value
Factor ETF
Futures Contracts:
Average Notional Balance Long
$893,566
$607,319
$927,180
$360,191
$2,317,188
$1,281,809
Ending Notional Balance Long
421,175
237,440
333,600
147,350
2,527,050
842,350
 
 
(a)
For the period May 10, 2023 through October 31, 2023.
G. Security Transactions and Investment Income — Investment transactions are accounted for on the trade date (the date the order to buy or sell is executed). Securities gains and losses are calculated on a specifically identified cost basis. 
Dividend income, net of foreign taxes withheld, if any, is recorded on the ex-dividend date or when a Fund first learns of the dividend.
To the extent such information is publicly available, the Funds record distributions received in excess of income earned from underlying investments as a reduction of cost of investments and/or realized gain. Such amounts are based on estimates if actual amounts are not available and actual amounts of income, realized gain and return of capital may differ from the estimated amounts. The Funds adjust the estimated amounts of the components of distributions (and consequently their net investment income) as necessary, once the issuers provide information about the actual composition of the distributions.
 
254
J.P. Morgan Exchange-Traded Funds
October 31, 2023

H. Federal Income Taxes — Each Fund is treated as a separate taxable entity for Federal income tax purposes. Each Fund's policy is to comply with the provisions of the Internal Revenue Code (the “Code”) applicable to regulated investment companies and to distribute to shareholders all of its distributable net investment income and net realized capital gains on investments. Accordingly, no provision for Federal income tax is necessary. Management has reviewed the Funds' tax positions for all open tax years and has determined that as of October 31, 2023, no liability for Federal income tax is required in the Funds' financial statements for net unrecognized tax benefits. However, management’s conclusions may be subject to future review based on changes in, or the interpretation of, the accounting standards or tax laws and regulations. Each Fund's Federal tax returns for the prior three fiscal years, or since inception if shorter, remain subject to examination by the Internal Revenue Service.
I. Foreign Taxes —The Funds may be subject to foreign taxes on income, gains on investments or currency purchases/repatriation, a portion of which may be recoverable. The Funds will accrue such taxes and recoveries as applicable, based upon their current interpretation of tax rules and regulations that exist in the markets in which they invest. When a capital gains tax is determined to apply, the Funds record an estimated deferred tax liability in an amount that would be payable if the securities were disposed of on the valuation date.  
J. Distributions to Shareholders — Distributions from net investment income, if any, are generally declared and paid at least quarterly, except for BetaBuilders Japan ETF, for which distributions are generally declared and paid at least annually. Net realized capital gains, if any, are distributed by each Fund at least annually. The amount of distributions from net investment income and net realized capital gains is determined in accordance with Federal income tax regulations, which may differ from GAAP. To the extent these “book/tax” differences are permanent in nature (i.e., that they result from other than timing of recognition — “temporary differences”), such amounts are reclassified within the capital accounts based on their Federal tax basis treatment.
The following amounts were reclassified within the capital accounts: 
 
Paid-in-Capital
Accumulated
undistributed
(distributions in
excess of)
net investment
income
Accumulated
net realized
gains (losses)
BetaBuilders Canada ETF
$144,010,623
$(968,311
)
$(143,042,312
)
BetaBuilders Developed Asia Pacific ex-Japan ETF
30,375,350
6,782,701
(37,158,051
)
BetaBuilders Emerging Markets Equity ETF
—
575,290
(575,290
)
BetaBuilders Europe ETF
385,273,108
3,966,622
(389,239,730
)
BetaBuilders International Equity ETF
52,713,905
2,356,761
(55,070,666
)
BetaBuilders Japan ETF
34,352,769
2,096,115
(36,448,884
)
BetaBuilders U.S. Equity ETF
47,916,205
5,832
(47,922,037
)
BetaBuilders U.S. Mid Cap Equity ETF
103,608,128
7,176
(103,615,304
)
BetaBuilders U.S. Small Cap Equity ETF
52,955,203
754
(52,955,957
)
Carbon Transition U.S. Equity ETF
3,309,312
(57
)
(3,309,255
)
Emerging Markets Equity ETF
1,308,669
425,014
(1,733,683
)
International Equity ETF
26,969,121
5,135,086
(32,104,207
)
U.S. Equity ETF
42,678,181
(5,763
)
(42,672,418
)
U.S. Mid Cap Equity ETF
32,048,323
(4,321
)
(32,044,002
)
U.S. Small Cap Equity ETF
32,029,952
69
(32,030,021
)
U.S. Momentum Factor ETF
1,283,283
—
(1,283,283
)
U.S. Quality Factor ETF
75,632,694
—
(75,632,694
)
U.S. Value Factor ETF
31,232,546
(4,172
)
(31,228,374
)
The reclassifications for the Funds relate primarily to tax adjustments on certain investments, foreign currency gains or losses, foreign taxes and redemptions in-kind.
3. Fees and Other Transactions with Affiliates
A. Management Fee— JPMIM manages the investments of each Fund pursuant to a Management Agreement. For such services, JPMIM is paid a fee which is accrued daily and paid no more frequently than monthly based on each Fund's respective average daily net assets at the following rate:  
 
 
BetaBuilders Canada ETF
0.19
%
BetaBuilders Developed Asia Pacific ex-Japan ETF
0.19
 
October 31, 2023
J.P. Morgan Exchange-Traded Funds
255

NOTES TO FINANCIAL STATEMENTS
AS OF October 31, 2023 (continued)
 
 
BetaBuilders Emerging Markets Equity ETF
0.15
%
BetaBuilders Europe ETF
0.09
BetaBuilders International Equity ETF
0.07
BetaBuilders Japan ETF
0.19
BetaBuilders U.S. Equity ETF
0.02
BetaBuilders U.S. Mid Cap Equity ETF
0.07
BetaBuilders U.S. Small Cap Equity ETF
0.09
Carbon Transition U.S. Equity ETF
0.15
Emerging Markets Equity ETF
0.44
International Equity ETF
0.37
U.S. Equity ETF
0.18
U.S. Mid Cap Equity ETF
0.24
U.S. Small Cap Equity ETF
0.29
U.S. Momentum Factor ETF
0.12
U.S. Quality Factor ETF
0.12
U.S. Value Factor ETF
0.12
Under each Management Agreement, JPMIM is responsible for substantially all expenses of each Fund, (including expenses of the Trust relating to each Fund), except for the management fees, payments under the Funds' 12b-1 plan (if any), interest expenses, dividend and interest expenses related to short sales, taxes, acquired fund fees and expenses (other than fees for funds advised by the Adviser and/or its affiliates), costs of holding shareholder meetings, and litigation and potential litigation and other extraordinary expenses not incurred in the ordinary course of each Fund’s business. Additionally, each Fund is responsible for its non-operating expenses, including brokerage commissions and fees and expenses associated with each Fund’s securities lending program, if applicable. For the avoidance of doubt, the Adviser’s payment of such expenses may be accomplished through a Fund’s payment of such expenses and a corresponding reduction in the fee payable to the Adviser, provided, however, that if the amount of expenses paid by a Fund exceeds the fee payable to the Adviser, the Adviser will reimburse that Fund for such amount.
B. Administration Fee — JPMIM provides administration services to the Funds. Pursuant to each Management Agreement, JPMIM is compensated as described in Note 3.A.
JPMorgan Chase Bank, N.A. (“JPMCB”), a wholly-owned subsidiary of JPMorgan, serves as the Funds' sub-administrator (the “Sub-administrator”). For its services as Sub-administrator, JPMCB receives a portion of the management fees payable to JPMIM.
C. Custodian, Accounting and Transfer Agent Fees— JPMCB provides custody, accounting and transfer agency services to the Funds. For performing these services, JPMIM pays JPMCB transaction and asset-based fees that vary according to the number of transactions and positions, plus out-of-pocket expenses.
Additionally, Authorized Participants generally pay transaction fees associated with the creation and redemption of Fund shares. These fees are paid to JPMIM to offset certain custodian charges that are covered by each Management Agreement.
Interest income earned on cash balances at the custodian, if any, is included in Interest income from affiliates on the Statements of Operations.
Interest expense paid to the custodian related to cash overdrafts, if any, is included in Interest expense to affiliates on the Statements of Operations.
D. Distribution Services — The Distributor or its agent distributes Creation Units for each Fund on an agency basis. The Distributor does not maintain a secondary market in shares of each Fund. JPMDS receives no fees for their distribution services under the distribution agreement with the Trust (the “Distribution Agreement”). Although the Trust does not pay any fees under the Distribution Agreement, JPMIM pays JPMDS for certain distribution related services.
E. Waivers and Reimbursements — The Funds may invest in one or more money market funds advised by the Adviser (affiliated money market funds). The fees for the affiliated money market funds, except for investments of securities lending cash collateral, are covered under each Management Agreement as described in Note 3.A.
F. Other  — Certain officers of the Trust are affiliated with the Adviser, the Administrator and JPMDS. Such officers receive no compensation from the Funds for serving in their respective roles.
The Board designated and appointed a Chief Compliance Officer to the Funds pursuant to Rule 38a-1 under the 1940 Act. The fees associated with the office of the Chief Compliance Officer are paid for by JPMIM as described in Note 3.A.
The Securities and Exchange Commission (“SEC”) has granted an exemptive order permitting the Funds to engage in principal transactions with J.P. Morgan Securities LLC, an affiliated broker, involving taxable money market instruments, subject to certain conditions.
 
256
J.P. Morgan Exchange-Traded Funds
October 31, 2023

4. Investment Transactions
During the year ended October 31, 2023, purchases and sales of investments (excluding short-term investments) were as follows: 
 
Purchases
(excluding
U.S. Government)
Sales
(excluding
U.S. Government)
BetaBuilders Canada ETF
$208,478,470
$204,329,709
BetaBuilders Developed Asia Pacific ex-Japan ETF
350,129,358
227,715,051
BetaBuilders Emerging Markets Equity ETF
507,316,711
50,225,049
BetaBuilders Europe ETF
371,037,934
375,686,174
BetaBuilders International Equity ETF
180,570,171
160,315,889
BetaBuilders Japan ETF
275,171,676
233,885,264
BetaBuilders U.S. Equity ETF
42,588,748
55,216,433
BetaBuilders U.S. Mid Cap Equity ETF
371,725,827
404,239,958
BetaBuilders U.S. Small Cap Equity ETF
264,149,878
273,209,323
Carbon Transition U.S. Equity ETF
4,216,695
5,551,012
Emerging Markets Equity ETF
152,911,577
85,766,143
International Equity ETF
155,899,382
186,637,992
U.S. Equity ETF
137,416,289
142,073,591
U.S. Mid Cap Equity ETF
76,857,366
77,670,376
U.S. Small Cap Equity ETF
103,501,477
107,022,426
U.S. Momentum Factor ETF
109,025,935
109,004,125
U.S. Quality Factor ETF
284,254,493
292,488,990
U.S. Value Factor ETF
160,423,096
176,667,606
During the year ended October 31, 2023, there were no purchases or sales of U.S. Government securities.
For the year ended October 31, 2023, in-kind transactions associated with creations and redemptions were as follows: 
 
In-Kind
Purchases
In-Kind
Sales
BetaBuilders Canada ETF
$725,706,192
$462,499,265
BetaBuilders Developed Asia Pacific ex-Japan ETF
473,754,760
156,782,197
BetaBuilders Emerging Markets Equity ETF
59,425,387
—
BetaBuilders Europe ETF
5,689,380,056
4,455,801,549
BetaBuilders International Equity ETF
800,572,499
272,487,594
BetaBuilders Japan ETF
1,783,677,626
205,155,469
BetaBuilders U.S. Equity ETF
984,114,284
170,349,751
BetaBuilders U.S. Mid Cap Equity ETF
541,684,098
433,907,912
BetaBuilders U.S. Small Cap Equity ETF
470,673,417
254,557,151
Carbon Transition U.S. Equity ETF
4,122,424
19,921,316
Emerging Markets Equity ETF
39,763,918
6,297,883
International Equity ETF
31,918,203
413,537,737
U.S. Equity ETF
87,503,865
158,237,731
U.S. Mid Cap Equity ETF
177,967,039
119,059,914
U.S. Small Cap Equity ETF
261,699,918
129,231,173
U.S. Momentum Factor ETF
72,243,750
7,184,657
U.S. Quality Factor ETF
2,076,715,052
291,361,671
U.S. Value Factor ETF
678,206,994
407,753,158
During the year ended October 31, 2023, the Funds delivered portfolio securities for the redemption of Fund shares (in-kind redemptions). Cash and portfolio securities were transferred for redemptions at fair value. For financial reporting purposes, the Funds recorded net realized gains and losses in connection with each in-kind redemption transaction.
 
October 31, 2023
J.P. Morgan Exchange-Traded Funds
257

NOTES TO FINANCIAL STATEMENTS
AS OF October 31, 2023 (continued)
5. Federal Income Tax Matters
For Federal income tax purposes, the estimated cost and unrealized appreciation (depreciation) in value of investments held at October 31, 2023 were as follows:  
 
Aggregate
Cost
Gross
Unrealized
Appreciation
Gross
Unrealized
Depreciation
Net Unrealized
Appreciation
(Depreciation)
BetaBuilders Canada ETF
$5,618,182,358
$678,004,627
$456,612,834
$221,391,793
BetaBuilders Developed Asia Pacific ex-Japan ETF
4,516,406,075
64,422,653
774,386,262
(709,963,609
)
BetaBuilders Emerging Markets Equity ETF
521,071,549
12,984,355
51,251,332
(38,266,977
)
BetaBuilders Europe ETF
5,959,666,744
141,591,851
976,476,811
(834,884,960
)
BetaBuilders International Equity ETF
3,609,909,870
355,126,255
411,245,827
(56,119,572
)
BetaBuilders Japan ETF
9,525,278,174
595,827,826
1,448,177,857
(852,350,031
)
BetaBuilders U.S. Equity ETF
2,217,931,698
161,589,500
165,493,983
(3,904,483
)
BetaBuilders U.S. Mid Cap Equity ETF
1,681,615,437
111,705,299
228,503,254
(116,797,955
)
BetaBuilders U.S. Small Cap Equity ETF
874,778,696
32,524,510
180,521,837
(147,997,327
)
Carbon Transition U.S. Equity ETF
5,871,177
346,326
571,261
(224,935
)
Emerging Markets Equity ETF
278,422,270
25,306,078
34,927,574
(9,621,496
)
International Equity ETF
399,867,572
25,572,755
72,558,816
(46,986,061
)
U.S. Equity ETF
436,960,840
39,705,679
36,523,815
3,181,864
U.S. Mid Cap Equity ETF
355,172,221
13,786,215
32,784,141
(18,997,926
)
U.S. Small Cap Equity ETF
469,367,079
21,192,855
55,286,424
(34,093,569
)
U.S. Momentum Factor ETF
289,279,620
28,582,489
15,551,196
13,031,293
U.S. Quality Factor ETF
2,506,309,865
93,017,538
103,778,923
(10,761,385
)
U.S. Value Factor ETF
784,515,357
21,014,879
88,225,694
(67,210,815
)
The difference between book and tax basis appreciation (depreciation) on investments is primarily attributed to tax adjustments on certain investments, tax adjustments on certain derivatives and wash sale loss deferrals.
 
258
J.P. Morgan Exchange-Traded Funds
October 31, 2023

The tax character of distributions paid during the year ended October 31, 2023 was as follows:  
 
Ordinary
Income*
Total
Distributions
Paid
BetaBuilders Canada ETF
$154,798,545
$154,798,545
BetaBuilders Developed Asia Pacific ex-Japan ETF
149,063,924
149,063,924
BetaBuilders Emerging Markets Equity ETF
6,595,002
6,595,002
BetaBuilders Europe ETF
236,546,537
236,546,537
BetaBuilders International Equity ETF
88,690,220
88,690,220
BetaBuilders Japan ETF
102,173,384
102,173,384
BetaBuilders U.S. Equity ETF
24,912,196
24,912,196
BetaBuilders U.S. Mid Cap Equity ETF
22,224,476
22,224,476
BetaBuilders U.S. Small Cap Equity ETF
10,398,310
10,398,310
Carbon Transition U.S. Equity ETF
313,724
313,724
Emerging Markets Equity ETF
10,712,059
10,712,059
International Equity ETF
21,332,208
21,332,208
U.S. Equity ETF
11,826,601
11,826,601
U.S. Mid Cap Equity ETF
5,959,752
5,959,752
U.S. Small Cap Equity ETF
6,840,045
6,840,045
U.S. Momentum Factor ETF
3,468,175
3,468,175
U.S. Quality Factor ETF
17,505,540
17,505,540
U.S. Value Factor ETF
15,133,809
15,133,809
 
 
*
Short-term gain distributions are treated as ordinary income for income tax purposes.
The tax character of distributions paid during the year ended October 31, 2022 was as follows:  
 
Ordinary
Income*
Total
Distributions
Paid
BetaBuilders Canada ETF
$152,620,697
$152,620,697
BetaBuilders Developed Asia Pacific ex-Japan ETF
267,459,428
267,459,428
BetaBuilders Europe ETF
309,349,480
309,349,480
BetaBuilders International Equity ETF
124,967,513
124,967,513
BetaBuilders Japan ETF
220,078,396
220,078,396
BetaBuilders U.S. Equity ETF
14,262,272
14,262,272
BetaBuilders U.S. Mid Cap Equity ETF
18,142,752
18,142,752
BetaBuilders U.S. Small Cap Equity ETF
6,135,146
6,135,146
Carbon Transition U.S. Equity ETF
316,660
316,660
Emerging Markets Equity ETF
8,578,159
8,578,159
International Equity ETF
41,010,274
41,010,274
U.S. Equity ETF
12,386,546
12,386,546
U.S. Mid Cap Equity ETF
4,185,258
4,185,258
U.S. Small Cap Equity ETF
2,874,215
2,874,215
U.S. Momentum Factor ETF
2,634,717
2,634,717
U.S. Quality Factor ETF
6,843,698
6,843,698
U.S. Value Factor ETF
11,652,973
11,652,973
 
 
*
Short-term gain distributions are treated as ordinary income for income tax purposes.
 
October 31, 2023
J.P. Morgan Exchange-Traded Funds
259

NOTES TO FINANCIAL STATEMENTS
AS OF October 31, 2023 (continued)
As of October 31, 2023, the estimated components of net assets (excluding paid-in-capital) on a tax basis were as follows:  
 
Current
Distributable
Ordinary
Income
Current
Distributable
Long-Term
Capital Gain
(Tax Basis Capital
Loss Carryover)
Unrealized
Appreciation
(Depreciation)
BetaBuilders Canada ETF
$26,836,738
$(201,905,702
)
$221,201,876
BetaBuilders Developed Asia Pacific ex-Japan ETF
29,420,523
(238,895,239
)
(709,868,294
)
BetaBuilders Emerging Markets Equity ETF
1,733,171
(848,175
)
(38,703,055
)
BetaBuilders Europe ETF
14,119,004
(330,822,277
)
(835,018,998
)
BetaBuilders International Equity ETF
33,409,243
(84,337,183
)
(56,250,637
)
BetaBuilders Japan ETF
283,979,716
(296,606,126
)
(854,251,679
)
BetaBuilders U.S. Equity ETF
3,861,480
(42,337,620
)
(3,904,483
)
BetaBuilders U.S. Mid Cap Equity ETF
3,499,038
(290,990,118
)
(116,797,955
)
BetaBuilders U.S. Small Cap Equity ETF
2,047,908
(80,393,214
)
(147,997,327
)
Carbon Transition U.S. Equity ETF
37,721
(2,661,551
)
(224,935
)
Emerging Markets Equity ETF
2,924,173
(36,611,525
)
(10,166,511
)
International Equity ETF
7,155,906
(165,601,556
)
(47,044,408
)
U.S. Equity ETF
1,475,532
(57,421,764
)
3,181,864
U.S. Mid Cap Equity ETF
969,003
(32,197,934
)
(18,997,926
)
U.S. Small Cap Equity ETF
1,244,603
(52,172,725
)
(34,093,569
)
U.S. Momentum Factor ETF
453,111
(44,318,751
)
13,031,293
U.S. Quality Factor ETF
4,231,325
(75,194,052
)
(10,761,385
)
U.S. Value Factor ETF
2,172,953
(81,916,028
)
(67,210,815
)
The cumulative timing differences primarily consist of tax adjustments on certain investments, trustee deferred compensation, tax adjustments on certain derivatives and wash sale loss deferrals.
At October 31, 2023, the following Funds had net capital loss carryforwards, which are available to offset future realized gains:  
 
Capital Loss Carryforward Character
 
Short-Term
Long-Term
BetaBuilders Canada ETF
$64,270,716
$137,634,986
BetaBuilders Developed Asia Pacific ex-Japan ETF
103,133,156
135,762,083
BetaBuilders Emerging Markets Equity ETF
535,185
312,990
BetaBuilders Europe ETF
123,586,788
207,235,489
BetaBuilders International Equity ETF
29,397,394
54,939,789
BetaBuilders Japan ETF
65,782,769
230,823,357
BetaBuilders U.S. Equity ETF
30,535,955
11,801,665
BetaBuilders U.S. Mid Cap Equity ETF
157,391,651
133,598,467
BetaBuilders U.S. Small Cap Equity ETF
50,557,459
29,835,755
Carbon Transition U.S. Equity ETF
1,455,965
*
1,205,586
*
Emerging Markets Equity ETF
27,541,488
9,070,037
International Equity ETF
53,684,631
111,916,925
U.S. Equity ETF
34,559,356
22,862,408
U.S. Mid Cap Equity ETF
21,279,323
10,918,611
U.S. Small Cap Equity ETF
30,381,878
21,790,847
U.S. Momentum Factor ETF
31,055,612
13,263,139
U.S. Quality Factor ETF
52,310,857
22,883,195
U.S. Value Factor ETF
53,754,581
28,161,447
 
 
*
Amount includes capital loss carryforwards which are limited in future years under Internal Revenue Code sections 381-384.
 
260
J.P. Morgan Exchange-Traded Funds
October 31, 2023

During the year ended October 31, 2023, the following Fund utilized capital loss carryforwards as follows: 
 
Capital Loss Utilized
 
Short-Term
BetaBuilders Japan ETF
$13,529,258
6. Capital Share Transactions
The Trust issues and redeems shares of the Funds only in Creation Units through the Distributor at NAV. Capital shares transactions detail can be found in the Statements of Changes in Net Assets.
Shares of the Funds may only be purchased or redeemed by Authorized Participants. Such Authorized Participants may from time to time hold, of record or beneficially, a substantial percentage of the Funds' shares outstanding and act as executing or clearing broker for investment transactions on behalf of the Funds. An Authorized Participant is either (1) a “Participating Party” or other participant in the clearing process through the Continuous Net Settlement System of the National Securities Clearing Corporation (“NSCC”); or (2) a DTC Participant; which, in either case, must have executed an agreement with the Distributor.
Creation Units of a Fund may be created in advance of receipt by the Trust of all or a portion of the applicable basket of equity securities and other instruments (“Deposit Instruments”) and cash as described in the Funds’ registration statement. In these instances, the initial Deposit Instruments and cash must be deposited in an amount equal to the sum of the cash amount, plus at least 105% for BetaBuilders Canada ETF, BetaBuilders Developed Asia Pacific ex-Japan ETF, BetaBuilders Europe ETF, BetaBuilders International Equity ETF, BetaBuilders Japan ETF, BetaBuilders U.S. Small Cap Equity ETF, Carbon Transition U.S. Equity ETF and International Equity ETF, and plus at least 110% for Emerging Markets Equity ETF of the market value of undelivered Deposit Instruments. A transaction fee may be imposed to offset transfer and other transaction costs associated with the purchase or redemption of Creation Units.
7. Borrowings
Effective November 1, 2022, the Funds rely upon an exemptive order granted by the SEC (the “Order”) permitting the establishment and operation of an Interfund Lending Facility (the “Facility”). The Facility allows the Funds to directly lend and borrow money to or from any other fund relying upon the Order at rates beneficial to both the borrowing and lending funds. Advances under the Facility are taken primarily for temporary or emergency purposes, including the meeting of redemption requests that otherwise might require the untimely disposition of securities, and are subject to each Fund's borrowing restrictions. The interfund loan rate is determined, as specified in the Order, by averaging the current repurchase agreement rate and the current bank loan rate. The Order was granted to JPMorgan Trust II and may be relied upon by the Funds because the Funds and the series of JPMorgan Trust II are all investment companies in the same “group of investment companies” (as defined in Section 12(d)(1)(G) of the 1940 Act).
As of October 31, 2023, the Funds had no borrowings outstanding from another fund, or loans outstanding to another fund. Average borrowings from the Facility during the year ended October 31, 2023 were as follows: 
 
Average
Borrowings
Average
Interest
Rate paid
Number of
Days
Outstanding
Interest
Paid
BetaBuilders Developed Asia Pacific ex-Japan ETF
$21,009,222
5.81
%
3
$10,172
Emerging Markets Equity ETF
5,345,359
6.06
1
900
International Equity ETF
4,109,675
5.81
1
663
U.S. Value Factor ETF
1,533,838
5.56
3
711
The Trust and JPMCB have entered into a financing arrangement. Under this arrangement, JPMCB provides an unsecured, uncommitted credit facility in the aggregate amount of $100 million to certain of the J.P. Morgan Funds, including the Funds. Advances under the arrangement are taken primarily for temporary or emergency purposes, including the meeting of redemption requests that otherwise might require the untimely disposition of securities, and are subject to each Fund's borrowing restrictions. Interest on borrowings is payable at a rate determined by JPMCB at the time of borrowing. This agreement has been extended until October 29, 2024.
The Funds had no borrowings outstanding from the unsecured, uncommitted credit facility during the year ended October 31, 2023.
Effective August 8, 2023, the Trust, along with certain other trusts for J.P. Morgan Funds (“Borrowers”), has entered into an existing joint syndicated senior unsecured revolving credit facility totaling $1.5 billion (“Credit Facility”) with various lenders and The Bank of New York Mellon, as administrative agent for the lenders. Although the Trust is effectively part of the Credit Facility as of August 8, 2023, it is not eligible to draw on the Credit Facility, and will not incur costs associated with being a part of the Credit Facility, until on or about May 28, 2024.
This Credit Facility provides a source of funds to the Borrowers for temporary and emergency purposes, including the meeting of redemption requests that otherwise might require the untimely disposition of securities. Under the terms of the Credit Facility, a borrowing fund must have a
 
October 31, 2023
J.P. Morgan Exchange-Traded Funds
261

NOTES TO FINANCIAL STATEMENTS
AS OF October 31, 2023 (continued)
minimum of $25 million in adjusted net asset value and not exceed certain adjusted net asset coverage ratios prior to and during the time in which any borrowings are outstanding. If a fund does not comply with the aforementioned requirements, the fund must remediate within three business days with respect to the $25 million minimum adjusted net asset value or within one business day with respect to certain asset coverage ratios or the administrative agent at the request of, or with the consent of, the lenders may terminate the Credit Facility and declare any outstanding borrowings to be due and payable immediately.
Interest associated with any borrowing under the Credit Facility is charged to the borrowing fund at a rate of interest equal to 1.00% (the "Applicable Margin"), plus the greater of the federal funds effective rate or the one-month Adjusted Secured Overnight Financing Rate ("SOFR"). Effective August 8, 2023, the Credit Facility has been amended and restated for a term of 364 days, unless extended.
The Funds did not utilize the Credit Facility during the year ended October 31, 2023.
8. Risks, Concentrations and Indemnifications
In the normal course of business, the Funds enter into contracts that contain a variety of representations which provide general indemnifications. Each Fund's maximum exposure under these arrangements is unknown. The amount of exposure would depend on future claims that may be brought against each Fund. However, based on experience, the Funds expect the risk of loss to be remote.
As of October 31, 2023, JPMorgan SmartRetirement Funds and JPMorgan SmartRetirement Blend Funds, which are affiliated fund of funds, each owned in the aggregate, shares representing more than 10% of the net assets of the Funds as follows: 
 
JPMorgan
SmartRetirement
Funds
JPMorgan
SmartRetirement
Blend Funds
BetaBuilders Emerging Markets Equity ETF
—
%
93.4
%
BetaBuilders International Equity ETF
—
75.7
BetaBuilders U.S. Mid Cap Equity ETF
52.6
43.1
BetaBuilders U.S. Small Cap Equity ETF
—
81.6
Significant shareholder transactions by these shareholders may impact the Funds' performance and liquidity.
Significant shareholder transactions by the Adviser may impact the Funds' performance and liquidity.
BetaBuilders Canada ETF, BetaBuilders Developed Asia Pacific ex-Japan ETF, BetaBuilders Emerging Markets Equity ETF, BetaBuilders Europe ETF, BetaBuilders International Equity ETF, BetaBuilders Japan ETF, Emerging Markets Equity ETF and International Equity ETF may have elements of risk not typically associated with investments in the United States of America due to concentrated investments in a limited number of foreign countries or regions, which may vary throughout the period. Such concentrations may subject each of these Funds to additional risks resulting from political or economic conditions in such countries or regions and the possible imposition of adverse governmental laws or currency exchange restrictions could cause the securities and their markets to be less liquid and their prices to be more volatile than those of comparable U.S. securities.
Investing in securities of foreign countries may include certain risks and considerations not typically associated with investing in U.S. securities. These risks include revaluation of currencies, high rates of inflation, repatriation restrictions on income and currencies, and future and adverse political, social and economic developments.
 
262
J.P. Morgan Exchange-Traded Funds
October 31, 2023

As of October 31, 2023, the following Funds had non-U.S. country allocations representing greater than 10% of total investments (excluding investment of cash collateral from securities loaned) as follows: 
 
BetaBuilders
Canada ETF
BetaBuilders
Developed
Asia Pacific
ex-Japan
ETF
BetaBuilders
Emerging Markets
Equity ETF
BetaBuilders
Europe ETF
BetaBuilders
International
Equity ETF
BetaBuilders
Japan ETF
Emerging
Markets
Equity ETF
Australia
—
%
60.0
%
—
%
—
%
—
%
—
%
—
%
Canada
95.9
—
—
—
—
—
—
China
—
—
27.8
—
—
—
22.9
France
—
—
—
15.4
—
—
—
Germany
—
—
—
12.0
—
—
—
Hong Kong
—
17.3
—
—
—
—
—
India
—
—
17.2
—
—
—
11.0
Japan
—
—
—
—
25.0
100.0
—
Singapore
—
11.3
—
—
—
—
—
South Korea
—
—
11.8
—
—
—
—
Taiwan
—
—
15.0
—
—
—
11.4
United Kingdom
—
—
—
18.2
11.6
—
—
 
 
International
Equity ETF
Australia
11.0
%
Japan
29.6
United Kingdom
16.0
As of October 31, 2023, a significant portion of the investments of the BetaBuilders Canada ETF, BetaBuilders Developed Asia Pacific ex-Japan ETF, BetaBuilders Europe ETF, BetaBuilders International Equity ETF, BetaBuilders Japan ETF, Emerging Markets Equity ETF and International Equity ETF consisted of securities that were denominated in foreign currencies. Changes in currency exchange rates will affect the value of, and investment income from, such securities.
Derivatives may be riskier than other types of investments because they may be more sensitive to changes in economic and market conditions and could result in losses that significantly exceed the Funds’ original investment. Many derivatives create leverage thereby causing the Funds to be more volatile than they would have been if they had not used derivatives. Derivatives also expose the Funds to counterparty risk (the risk that the derivative counterparty will not fulfill its contractual obligations), including credit risk of the derivative counterparty. The possible lack of a liquid secondary market for derivatives and the resulting inability of the Funds to sell or otherwise close a derivatives position could expose the Funds to losses.
Disruptions to creations and redemptions, the existence of significant market volatility or potential lack of an active trading market for the shares (including through a trading halt), as well as other factors, may result in Shares trading significantly above (at a premium) or below (at a discount) to the NAV or to the intraday value of the Funds’ holdings. During such periods, investors may incur significant losses if shares are sold.
The Funds may not track the return of their underlying index for a number of reasons and therefore may not achieve their investment objective. For example, the Funds incur a number of operating expenses not applicable to their underlying index, and incur costs in buying and selling securities, especially when rebalancing the Funds’ securities holdings to reflect changes in the composition of the underlying index. In addition, each Fund’s return may differ from the return of its underlying index as a result of, among other things, pricing differences and the inability to purchase certain securities included in the underlying index due to regulatory or other restrictions. To the extent of the previously outlined items, each Fund’s return may differ from the return of the underlying index.
BetaBuilders Canada ETF, BetaBuilders Developed Asia Pacific ex-Japan ETF, BetaBuilders Emerging Markets Equity ETF, BetaBuilders Europe ETF, BetaBuilders International Equity ETF, BetaBuilders Japan ETF, Emerging Markets Equity ETF and International Equity ETF invest in foreign issuers and foreign securities (including depositary receipts) that are subject to additional risks, including political and economic risks, unstable governments, civil conflicts and war, greater volatility, decreased market liquidity, expropriation and nationalization risks, sanctions or other measures by the United States or other governments, currency fluctuations, higher transaction costs, delayed settlement, possible foreign controls on investment, liquidity risks and less stringent investor protection and disclosure standards of foreign markets. In certain markets where securities and other instruments are not traded “delivery versus payment,” a Fund may not receive timely payment for securities or other instruments it has delivered or receive delivery of securities paid for and may be subject to increased risk that the counterparty will fail to make payments or delivery when due or default completely. Foreign market trading hours, clearance and settlement procedures, and holiday schedules may limit the Funds' ability to buy and sell securities.
 
October 31, 2023
J.P. Morgan Exchange-Traded Funds
263

NOTES TO FINANCIAL STATEMENTS
AS OF October 31, 2023 (continued)
Events and evolving conditions in certain economies or markets may alter the risks associated with investments tied to countries or regions that historically were perceived as comparatively stable becoming riskier and more volatile. Diversified Return Emerging Markets Equity ETF invests a substantial portion of their assets in emerging market countries. These risks are magnified in countries in emerging markets. Emerging market countries typically have less established market economies than developed countries and may face greater social, economic, regulatory and political uncertainties. In addition, emerging markets typically present greater illiquidity and price volatility concerns due to smaller or limited local capital markets and greater difficulty in determining market valuations of securities due to limited public information on issuers. Certain emerging market countries may be subject to less stringent requirements regarding accounting, auditing, financial reporting and record keeping and therefore, material information related to an investment may not be available or reliable.
Additionally, the Funds may have substantial difficulties exercising their legal rights or enforcing a counterparty’s legal obligations in certain jurisdictions outside of the United States, in particular in emerging market countries, which can increase the risks of loss.
The Funds are subject to infectious disease epidemics/pandemics risk. For example, the outbreak of COVID-19 negatively affected economies, markets and individual companies throughout the world, including those in which the Funds invest. The effects of any future pandemic or other global event to business and market conditions may have a significant negative impact on the performance of a Fund's investments, increase a Fund's volatility, negatively impact a Fund’s arbitrage and pricing mechanisms, exacerbate other pre-existing political, social and economic risks to the Funds and negatively impact broad segments of businesses and populations. In addition, governments, their regulatory agencies, or self-regulatory organizations have taken or may take actions in response to a pandemic or other global event that affect the instruments in which the Funds invest, or the issuers of such instruments, in ways that could have a significant negative impact on a Fund’s investment performance. The ultimate impact of any pandemic or other global event and the extent to which the associated conditions and governmental responses impact a Fund will also depend on future developments, which are highly uncertain, difficult to accurately predict and subject to frequent changes.
9. Subsequent Event
Subsequent to December 18, 2023, Carbon Transition U.S. Equity ETF had net redemptions of $1,527,485, which represented 27% of the Fund’s net assets as of December 18, 2023.
 
264
J.P. Morgan Exchange-Traded Funds
October 31, 2023

REPORT OF INDEPENDENT REGISTERED PUBLIC ACCOUNTING FIRM
To the Board of Trustees of J.P. Morgan Exchange-Traded Fund Trust and Shareholders of each of the eighteen funds listed in the table below
Opinions on the Financial Statements
We have audited the accompanying statements of assets and liabilities, including the schedules of portfolio investments, of each of the funds listed in the table below (eighteen of the funds constituting J.P. Morgan Exchange-Traded Fund Trust, hereafter collectively referred to as the "Funds") as of October 31, 2023, the related statements of operations and of changes in net assets for each of the periods indicated in the table below, including the related notes, and the financial highlights for each of the periods indicated therein (collectively referred to as the “financial statements”). In our opinion, the financial statements present fairly, in all material respects, the financial position of each of the Funds as of October 31, 2023, the results of each of their operations and the changes in each of their net assets for the periods indicated in the table below, and each of the financial highlights for each of the periods indicated therein, in conformity with accounting principles generally accepted in the United States of America. 
Fund 
JPMorgan BetaBuilders Canada ETF (1)
JPMorgan BetaBuilders Developed Asia Pacific ex-Japan ETF (1)
JPMorgan BetaBuilders Emerging Markets Equity ETF (2)
JPMorgan BetaBuilders Europe ETF (1)
JPMorgan BetaBuilders International Equity ETF (1)
JPMorgan BetaBuilders Japan ETF (1)
JPMorgan BetaBuilders U.S. Equity ETF (1)
JPMorgan BetaBuilders U.S. Mid Cap Equity ETF (1)
JPMorgan BetaBuilders U.S. Small Cap Equity ETF (1)
JPMorgan Carbon Transition U.S. Equity ETF (1)
JPMorgan Diversified Return Emerging Markets Equity ETF (1)
JPMorgan Diversified Return International Equity ETF (1)
JPMorgan Diversified Return U.S. Equity ETF (1)
JPMorgan Diversified Return U.S. Mid Cap Equity ETF (1)
JPMorgan Diversified Return U.S. Small Cap Equity ETF (1)
JPMorgan U.S. Momentum Factor ETF (1)
JPMorgan U.S. Quality Factor ETF (1)
JPMorgan U.S. Value Factor ETF (1)
 
(1)
Statement of operations for the year ended October 31, 2023 and statement of changes in net assets for the years ended October 31, 2023 and
2022
(2)
Statement of operations and statement of changes in net assets for the period May 10, 2023 (commencement of operations) through October
31, 2023
Basis for Opinions
These financial statements are the responsibility of the Funds’ management. Our responsibility is to express an opinion on the Funds’ financial statements based on our audits. We are a public accounting firm registered with the Public Company Accounting Oversight Board (United States) (PCAOB) and are required to be independent with respect to the Funds in accordance with the U.S. federal securities laws and the applicable rules and regulations of the Securities and Exchange Commission and the PCAOB.
We conducted our audits of these financial statements in accordance with the standards of the PCAOB. Those standards require that we plan and perform the audit to obtain reasonable assurance about whether the financial statements are free of material misstatement, whether due to error or fraud.
Our audits included performing procedures to assess the risks of material misstatement of the financial statements, whether due to error or fraud, and performing procedures that respond to those risks. Such procedures included examining, on a test basis, evidence regarding the amounts and disclosures in the financial statements. Our audits also included evaluating the accounting principles used and significant estimates made by management, as well as evaluating the overall presentation of the financial statements. Our procedures included confirmation of securities owned as of October 31, 2023 by correspondence with the custodian, transfer agent
 
October 31, 2023
J.P. Morgan Exchange-Traded Funds
265

REPORT OF INDEPENDENT REGISTERED PUBLIC ACCOUNTING FIRM
and brokers; when replies were not received from brokers, we performed other auditing procedures. We believe that our audits provide a reasonable basis for our opinions.
/s/ PricewaterhouseCoopers LLP
New York, New York
December 21, 2023
We have served as the auditor of one or more investment companies in the JPMorgan Funds complex since 1993.
 
266
J.P. Morgan Exchange-Traded Funds
October 31, 2023

TRUSTEES
(Unaudited)
The Funds' Statement of Additional Information includes additional information about the Funds' Trustees and is available, without charge, upon request by calling 1-844-457-6383 or on the J.P. Morgan Funds’ website at www.jpmorganfunds.com. 
Name (Year of Birth);
Positions With
the Funds (1)
Principal Occupation
During Past 5 Years
Number of
Funds in Fund
Complex Overseen
by Trustee (2)
Other Directorships Held
During the Past 5 Years
Independent Trustees
 
John F. Finn (1947); Chair
since 2020; Trustee since
1998.
Chairman, Gardner, Inc. (supply chain
management company serving industrial and
consumer markets) (serving in various roles
1974-present).
170
Director, Greif, Inc. (GEF) (industrial
package products and services)
(2007-present); Trustee, Columbus
Association for the Performing Arts
(1988-present).
Stephen P. Fisher (1959);
Trustee since 2018.
Retired; Chairman and Chief Executive Officer,
NYLIFE Distributors LLC (registered
broker-dealer) (serving in various roles
2008-2013); Chairman, NYLIM Service
Company LLC (transfer agent) (2008-2017);
New York Life Investment Management LLC
(registered investment adviser) (serving in
various roles 2005-2017); Chairman, IndexIQ
Advisors LLC (registered investment adviser
for ETFs) (2014-2017); President, MainStay VP
Funds Trust (2007-2017), MainStay
DefinedTerm Municipal Opportunities Fund
(2011-2017) and MainStay Funds Trust
(2007-2017) (registered investment
companies).
170
Honors Program Advisory Board
Member, The Zicklin School of Business,
Baruch College, The City University of
New York (2017-present).
Gary L. French (1951);
Trustee since 2014.
Real Estate Investor (2011-2020); Investment
management industry Consultant and Expert
Witness (2011-present); Senior Consultant for
The Regulatory Fundamentals Group LLC
(2011-2017).
170
Independent Trustee, The China Fund,
Inc. (2013-2019); Exchange Traded
Concepts Trust II (2012-2014); Exchange
Traded Concepts Trust I (2011-2014).
Kathleen M. Gallagher (1958);
Trustee since 2018.
Retired; Chief Investment Officer — Benefit
Plans, Ford Motor Company (serving in various
roles 1985-2016).
170
Non- Executive Director, Legal &
General Investment Management
(Holdings) (2018-present);
Non-Executive Director, Legal &
General Investment Management
America (U.S. Holdings) (financial
services and insurance) (2017-present);
Advisory Board Member, State Street
Global Advisors Total Portfolio
Solutions (2017-present); Member,
Client Advisory Council, Financial
Engines, LLC (registered investment
adviser) (2011-2016); Director, Ford
Pension Funds Investment
Management Ltd. (2007-2016).
Robert J. Grassi (1957);
Trustee since 2014.
Sole Proprietor, Academy Hills Advisors LLC
(2012-present); Pension Director, Corning
Incorporated (2002-2012).
170
None
 
October 31, 2023
J.P. Morgan Exchange-Traded Funds
267

TRUSTEES
(Unaudited) (continued)
Name (Year of Birth);
Positions With
the Funds (1)
Principal Occupation
During Past 5 Years
Number of
Funds in Fund
Complex Overseen
by Trustee (2)
Other Directorships Held
During the Past 5 Years
Independent Trustees (continued)
 
Frankie D. Hughes (1952);
Trustee since 2008.
President, Ashland Hughes Properties
(property management) (2014-present);
President and Chief Investment Officer,
Hughes Capital Management, Inc. (fixed
income asset management) (1993-2014).
170
None
Raymond Kanner (1953);
Trustee since 2017.
Retired; Managing Director and Chief
Investment Officer, IBM Retirement Funds
(2007-2016).
170
Advisory Board Member, Penso
Advisors, LLC (2020-present); Advisory
Board Member, Los Angeles Capital
(2018-present); Advisory Board
Member, State Street Global Advisors
Total Portfolio Solutions (2017-
present); Acting Executive Director,
Committee on Investment of Employee
Benefit Assets (CIEBA) (2016-2017);
Advisory Board Member, Betterment
for Business (robo advisor) (2016-
2017); Advisory Board Member,
BlueStar Indexes (index creator)
(2013-2017); Director, Emerging
Markets Growth Fund (registered
investment company) (1997-2016);
Member, Russell Index Client Advisory
Board (2001-2015).
Thomas P. Lemke (1954);
Trustee since 2014.
Retired since 2013.
170
(1) Independent Trustee of Advisors’
Inner Circle III fund platform, consisting
of the following: (i) the Advisors’ Inner
Circle Fund III, (ii) the Gallery Trust, (iii)
the Schroder Series Trust, (iv) the
Delaware Wilshire Private Markets Fund
(since 2020), (v) Chiron Capital
Allocation Fund Ltd., and (vi) formerly
the Winton Diversified Opportunities
Fund (2014-2018); and (2) Independent
Trustee of the Symmetry Panoramic
Trust (since 2018).
Lawrence R. Maffia (1950);
Trustee since 2014.
Retired; Director and President, ICI Mutual
Insurance Company (2006-2013).
170
Director, ICI Mutual Insurance Company
(1999-2013).
Mary E. Martinez (1960); Vice
Chair since 2021; Trustee
since 2013.
Associate, Special Properties, a Christie’s
International Real Estate Affiliate
(2010-present); Managing Director, Bank of
America (asset management) (2007-2008);
Chief Operating Officer, U.S. Trust Asset
Management, U.S. Trust Company (asset
management) (2003-2007); President,
Excelsior Funds (registered investment
companies) (2004-2005).
170
None
Marilyn McCoy (1948);
Trustee since 1999.
Retired; Vice President of Administration and
Planning, Northwestern University
(1985-2023).
170
None
 
268
J.P. Morgan Exchange-Traded Funds
October 31, 2023

Name (Year of Birth);
Positions With
the Funds (1)
Principal Occupation
During Past 5 Years
Number of
Funds in Fund
Complex Overseen
by Trustee (2)
Other Directorships Held
During the Past 5 Years
Independent Trustees (continued)
 
Dr. Robert A. Oden, Jr.
(1946); Trustee
since 1997.
Retired; President, Carleton College
(2002-2010); President, Kenyon College
(1995-2002).
170
Trustee, The Coldwater Conservation
Fund (2017-present); Trustee, American
Museum of Fly Fishing (2013-present);
Trustee and Vice Chair, Trout Unlimited
(2017-2021); Trustee, Dartmouth-
Hitchcock Medical Center (2011-2020).
Marian U. Pardo* (1946);
Trustee since 2013.
Managing Director and Founder, Virtual
Capital Management LLC (investment
consulting) (2007-present); Managing Director,
Credit Suisse Asset Management (portfolio
manager) (2003-2006).
170
Board Chair and Member, Board of
Governors, Columbus Citizens
Foundation (not-for-profit supporting
philanthropic and cultural programs)
(2006-present).
Emily A. Youssouf (1951);
Trustee since 2014.
Adjunct Professor (2011-present) and Clinical
Professor (2009-2011), NYU Schack Institute of
Real Estate; Board Member and Member of the
Audit Committee (2013–present), Chair of
Finance Committee (2019-present), Member of
Related Parties Committee (2013-2018) and
Member of the Enterprise Risk Committee
(2015-2018), PennyMac Financial Services, Inc.;
Board Member (2005-2018), Chair of Capital
Committee (2006-2016), Chair of Audit
Committee (2005-2018), Member of Finance
Committee (2005-2018) and Chair of IT
Committee (2016-2018), NYC Health and
Hospitals Corporation.
170
Trustee, NYC School Construction
Authority (2009-present); Board
Member, NYS Job Development
Authority (2008-present); Trustee and
Chair of the Audit Committee of the
Transit Center Foundation (2015-2019).
Interested Trustees
 
Robert F. Deutsch** (1957);
Trustee since 2014.
Retired; Head of ETF Business for JPMorgan
Asset Management (2013-2017); Head of
Global Liquidity Business for JPMorgan Asset
Management (2003-2013).
170
Treasurer and Director of the JUST
Capital Foundation (2017-present).
Nina O. Shenker** (1957);
Trustee since 2022.
Vice Chair (2017-2021), General Counsel and
Managing Director (2008-2016), Associate
General Counsel and Managing Director
(2004-2008), J.P. Morgan Asset & Wealth
Management.
170
Director and Member of Legal and
Human Resources Subcommittees,
American Jewish Joint Distribution
Committee (2018-present).
 
 
(1)
The year shown is the first year in which a Trustee became a member of any of the following: the JPMorgan Mutual Fund Board, the JPMorgan
ETF Board, the heritage J.P. Morgan Funds or the heritage One Group Mutual Funds. Trustees serve an indefinite term, until resignation,
retirement, removal or death. The Board's current retirement policy sets retirement at the end of the calendar year in which the Trustee attains
the age of 75, provided that any Board member who was a member of the JPMorgan Mutual Fund Board prior to January 1, 2022 and was born
prior to January 1, 1950 shall retire from the Board at the end of the calendar year in which the Trustee attains the age of 78.
(2)
A Fund Complex means two or more registered investment companies that hold themselves out to investors as related companies for purposes
of investment and investor services or have a common investment adviser or have an investment adviser that is an affiliated person of the
investment adviser of any of the other registered investment companies. The J.P. Morgan Funds Complex for which the Board of Trustees serves
currently includes nine registered investment companies (170 J.P. Morgan Funds).
*
In connection with prior employment with JPMorgan Chase, Ms. Pardo was the recipient of non-qualified pension plan payments from JPMorgan
Chase in the amount of approximately $2,055 per month, which she irrevocably waived effective January 1, 2013, and deferred compensation
payments from JPMorgan Chase in the amount of approximately $7,294 per year, which ended in January 2013. In addition, Ms. Pardo receives
payments from a fully-funded qualified plan, which is not an obligation of JPMorgan Chase.
 
October 31, 2023
J.P. Morgan Exchange-Traded Funds
269

TRUSTEES
(Unaudited) (continued)
**
Designation as an “Interested Trustee” is based on prior employment by the Adviser or an affiliate of the Adviser or interests in a control person
of the Adviser.
 
The contact address for each of the Trustees is 277 Park Avenue, New York, NY 10172.
 
270
J.P. Morgan Exchange-Traded Funds
October 31, 2023

OFFICERS
(Unaudited)
 
Name (Year of Birth),
Positions Held with
the Trust (Since)
Principal Occupations During Past 5 Years
Brian S. Shlissel (1964),
President and Principal Executive
Officer (2021)
Managing Director and Chief Administrative Officer for J.P. Morgan pooled vehicles, J.P. Morgan Investment
Management Inc. since 2014.
Timothy J. Clemens (1975),
Treasurer and Principal Financial
Officer (2020)
Managing Director, J.P. Morgan Investment Management Inc. Mr. Clemens has been with J.P. Morgan
Investment Management Inc. since 2013.
Gregory S. Samuels (1980),
Secretary (2022) (formerly
Assistant
Secretary 2014-2022)
Managing Director and Assistant General Counsel, JPMorgan Chase & Co. Mr. Samuels has been with
JPMorgan Chase & Co. since 2010.
Stephen M. Ungerman (1953),
Chief Compliance Officer (2014)
Managing Director, JPMorgan Chase & Co. Mr. Ungerman has been with JPMorgan Chase & Co. since 2000.
Kiesha Astwood-Smith (1973),
Assistant Secretary (2021)
Vice President and Assistant General Counsel, JPMorgan Chase & Co. since June 2021; Senior Director and
Counsel, Equitable Financial Life Insurance Company (formerly, AXA Equitable Life Insurance Company) from
September 2015 through June 2021.
Matthew Beck (1988),
Assistant Secretary (2021)*
Vice President and Assistant General Counsel, JPMorgan Chase & Co. since May 2021; Senior Legal Counsel,
Ultimus Fund Solutions from May 2018 through May 2021; General Counsel, The Nottingham Company from
April 2014 through May 2018.
Elizabeth A. Davin (1964),
Assistant Secretary (2022)
(formerly Secretary 2018-2022)*
Executive Director and Assistant General Counsel, JPMorgan Chase & Co. Ms. Davin has been with JPMorgan
Chase & Co. (formerly Bank One Corporation) since 2004.
Jessica K. Ditullio (1962),
Assistant Secretary (2014)*
Executive Director and Assistant General Counsel, JPMorgan Chase & Co. Ms. Ditullio has been with JPMorgan
Chase & Co. (formerly Bank One Corporation) since 1990.
Anthony Geron (1971),
Assistant Secretary (2019)
Vice President and Assistant General Counsel, JPMorgan Chase & Co. since September 2018; Lead Director
and Counsel, AXA Equitable Life Insurance Company from 2015 to 2018 and Senior Director and Counsel, AXA
Equitable Life Insurance Company from 2014 to 2015.
Carmine Lekstutis (1980),
Assistant Secretary (2014)
Executive Director and Assistant General Counsel, JPMorgan Chase & Co. Mr. Lekstutis has been with
JPMorgan Chase & Co. since 2011.
Max Vogel (1990),
Assistant Secretary (2021)
Vice President and Assistant General Counsel, JPMorgan Chase & Co. since June 2021; Associate, Proskauer
Rose LLP (law firm) from March 2017 to June 2021.
Zachary E. Vonnegut-Gabovitch
(1986),
Assistant Secretary (2017)
Executive Director and Assistant General Counsel, JPMorgan Chase & Co. Mr. Vonnegut-Gabovitch has been
with JPMorgan Chase & Co. since September 2016.
Frederick J. Cavaliere (1978),
Assistant Treasurer (2015)**
Executive Director, J.P. Morgan Investment Management Inc. Mr. Cavaliere has been with JPMorgan Chase &
Co. since May 2006.
Michael M. D’Ambrosio (1969),
Assistant Treasurer (2014)
Managing Director, J.P. Morgan Investment Management Inc. Mr. D’Ambrosio has been with J.P. Morgan
Investment Management Inc. since 2012.
Aleksandr Fleytekh (1972),
Assistant Treasurer (2023)
Executive Director, J.P. Morgan Investment Management Inc. Mr. Fleytekh has been with J.P. Morgan
Investment Management Inc. since February 2012.
Shannon Gaines (1977),
Assistant Treasurer (2019)*
Executive Director, J.P. Morgan Investment Management Inc. Mr. Gaines has been with J.P. Morgan Investment
Management Inc. since January 2014.
Jeffrey D. House (1972),
Assistant Treasurer (2023)*
Vice President, J.P. Morgan Investment Management Inc. Mr. House has been with J.P. Morgan Investment
Management Inc. since July 2006.
Michael Mannarino (1985),
Assistant Treasurer (2023)
Vice President, J.P. Morgan Investment Management Inc. Mr. Mannarino has been with J.P. Morgan Investment
Management Inc. since 2014.
 
October 31, 2023
J.P. Morgan Exchange-Traded Funds
271

OFFICERS
(Unaudited) (continued)
Nektarios E. Manolakakis (1972),
Assistant Treasurer (2020)
Executive Director, J.P. Morgan Investment Management Inc. since February 2021, formerly Vice President, J.P.
Morgan Investment Management Inc. since 2014; Vice President, J.P. Morgan Corporate & Investment Bank
2010-2014.
Todd McEwen (1981),
Assistant Treasurer (2020)*
Vice President, J.P. Morgan Investment Management Inc. Mr. McEwen has been with J.P. Morgan Investment
Management Inc. since 2010.
Joseph Parascondola (1963),
Assistant Treasurer (2023)**
Executive Director, J.P. Morgan Investment Management Inc. Mr. Parascondola has been with J.P. Morgan
Investment Management Inc. since 2006.
Gillian I. Sands (1969),
Assistant Treasurer (2023)
Executive Director, J.P. Morgan Investment Management Inc. Ms. Sands has been with J.P. Morgan Investment
Management Inc. since September 2012.
 
 
The contact address for each of the officers, unless otherwise noted, is 277 Park Avenue, New York, NY 10172.
*
The contact address for the officer is 1111 Polaris Parkway, Columbus, OH 43240.
**
The contact address for the officer is 575 Washington Boulevard, Jersey City, NJ 07310.
 
272
J.P. Morgan Exchange-Traded Funds
October 31, 2023

SCHEDULE OF SHAREHOLDER EXPENSES
(Unaudited)
Hypothetical $1,000 Investment
As a shareholder of the Funds, you incur two types of costs: (1) transaction costs, including brokerage commissions on your purchase and sales of Fund shares and (2) ongoing costs, primarily management fees. The examples below are intended to help you understand your ongoing costs (in dollars) of investing in the Funds and to compare these ongoing costs with the ongoing costs of investing in other funds. The examples assume that you had a $1,000 investment at the beginning of the reporting period, May 1, 2023, and continued to hold your shares at the end of the reporting period, October 31, 2023. 
Actual Expenses
For each Fund in the table below, the first line provides information about actual account values and actual expenses. You may use the information in this line, together with the amount you invested, to estimate the expenses that you paid over the period. Simply divide your account value by $1,000 (for example, an $8,600 account value divided by $1,000 = 8.6), then multiply the result by the number in the first line of each Fund under the heading titled “Expenses Paid During the
Period” to estimate the expenses you paid on your account during this period.
Hypothetical Example for Comparison Purposes
The second line of each Fund in the table below provides information about hypothetical account values and hypothetical expenses based on the actual expense ratio and an assumed rate of return of 5% per year before expenses, which is not the Fund's actual return. The hypothetical account values and expenses may not be used to estimate the actual ending account balance or expenses you paid for the period. You may use this information to compare the ongoing costs of investing in the Funds and other funds. To do so, compare this 5% hypothetical example with the 5% hypothetical examples that appear in the shareholder reports of the other funds. The examples also assume all dividends and distributions have been reinvested. The examples do not take into account brokerage commissions that you pay when purchasing or selling shares of a Fund.
  
 
Beginning
Account Value
May 1, 2023
Ending
Account Value
October 31, 2023
Expenses
Paid During
the Period
Annualized
Expense
Ratio
JPMorgan BetaBuilders Canada ETF
Actual *
$1,000.00
$912.00
$0.92
0.19
%
Hypothetical *
1,000.00
1,024.25
0.97
0.19
JPMorgan BetaBuilders Developed Asia Pacific ex-Japan ETF
Actual *
1,000.00
897.20
0.91
0.19
Hypothetical *
1,000.00
1,024.25
0.97
0.19
JPMorgan BetaBuilders Emerging Markets Equity ETF
Actual **
1,000.00
951.20
0.70
0.15
Hypothetical *
1,000.00
1,024.45
0.77
0.15
JPMorgan BetaBuilders Europe ETF
Actual *
1,000.00
908.60
0.43
0.09
Hypothetical *
1,000.00
1,024.75
0.46
0.09
JPMorgan BetaBuilders International Equity ETF
Actual *
1,000.00
929.70
0.34
0.07
Hypothetical *
1,000.00
1,024.85
0.36
0.07
JPMorgan BetaBuilders Japan ETF
Actual *
1,000.00
1,007.20
0.96
0.19
Hypothetical *
1,000.00
1,024.25
0.97
0.19
JPMorgan BetaBuilders U.S. Equity ETF
Actual *
1,000.00
1,017.50
0.10
0.02
Hypothetical *
1,000.00
1,025.10
0.10
0.02
JPMorgan BetaBuilders U.S. Mid Cap Equity ETF
Actual *
1,000.00
958.90
0.35
0.07
Hypothetical *
1,000.00
1,024.85
0.36
0.07
JPMorgan BetaBuilders U.S. Small Cap Equity ETF
Actual *
1,000.00
940.00
0.44
0.09
Hypothetical *
1,000.00
1,024.75
0.46
0.09
 
October 31, 2023
J.P. Morgan Exchange-Traded Funds
273

SCHEDULE OF SHAREHOLDER EXPENSES
(Unaudited) (continued)
Hypothetical $1,000 Investment
 
Beginning
Account Value
May 1, 2023
Ending
Account Value
October 31, 2023
Expenses
Paid During
the Period
Annualized
Expense
Ratio
JPMorgan Carbon Transition U.S. Equity ETF
Actual *
$1,000.00
$1,017.00
$0.76
0.15
%
Hypothetical *
1,000.00
1,024.45
0.77
0.15
JPMorgan Diversified Return Emerging Markets Equity ETF
Actual *
1,000.00
967.90
2.18
0.44
Hypothetical *
1,000.00
1,022.99
2.24
0.44
JPMorgan Diversified Return International Equity ETF
Actual *
1,000.00
947.20
1.82
0.37
Hypothetical *
1,000.00
1,023.34
1.89
0.37
JPMorgan Diversified Return U.S. Equity ETF
Actual *
1,000.00
961.70
0.89
0.18
Hypothetical *
1,000.00
1,024.30
0.92
0.18
JPMorgan Diversified Return U.S. Mid Cap Equity ETF
Actual *
1,000.00
946.00
1.18
0.24
Hypothetical *
1,000.00
1,024.00
1.22
0.24
JPMorgan Diversified Return U.S. Small Cap Equity ETF
Actual *
1,000.00
966.90
1.44
0.29
Hypothetical *
1,000.00
1,023.74
1.48
0.29
JPMorgan U.S. Momentum Factor ETF
Actual *
1,000.00
1,018.20
0.61
0.12
Hypothetical *
1,000.00
1,024.60
0.61
0.12
JPMorgan U.S. Quality Factor ETF
Actual *
1,000.00
1,016.00
0.61
0.12
Hypothetical *
1,000.00
1,024.60
0.61
0.12
JPMorgan U.S. Value Factor ETF
Actual *
1,000.00
993.60
0.60
0.12
Hypothetical *
1,000.00
1,024.60
0.61
0.12
 
 
*
Expenses are equal to each Fund's annualized net expense ratio, multiplied by the average account value over the period, multiplied by
184/365 (to reflect the one-half year period).
**
Expenses are equal to the Fund’s annualized net expense ratio, multiplied by the average account value over the period, multiplied by 174/365
(to reflect the actual period). The Fund commenced operations on May 10, 2023.
 
274
J.P. Morgan Exchange-Traded Funds
October 31, 2023

LIQUIDITY RISK MANAGEMENT PROGRAM
(Unaudited)
Each of the Funds covered in this report has adopted the J.P. Morgan Funds and J.P. Morgan Exchange-Traded Funds Amended and Restated Liquidity Risk Management Program (the “Program”) under Rule 22e-4 under the Investment Company Act of 1940, as amended (the “Liquidity Rule”). The Program seeks to assess, manage and review each Fund’s Liquidity Risk. “Liquidity Risk” is defined as the risk that a fund could not meet requests to redeem shares issued by the fund without significant dilution of remaining investors’ interests in the fund. Pursuant to an exemptive order (the “Exemptive Order”) from the Securities and Exchange Commission, the Program permits the Funds to use liquidity definitions and classification methodologies that differ from the requirements under the Liquidity Rule in some respects. Among other things, the Liquidity Rule requires that a written report be provided to the Board of Trustees (the “Board”) on an annual basis that addresses the operation of the Program and assesses the adequacy and effectiveness of its implementation, including the operation of any Highly Liquid Investment Minimum (“HLIM”), where applicable, and any material changes to the Program.
The Board has appointed J.P. Morgan Asset Management’s Liquidity Risk Forum to be the program administrator for the Program (the “Program Administrator”). In addition to regular reporting at each of its quarterly meetings, on February 7, 2023, the Board reviewed the Program Administrator’s annual written report (the “Report”) concerning the operation of the Program for the period from January 1, 2022 through December 31, 2022 (the “Program Reporting Period”). The Report addressed the operation of the Program and assessed its adequacy and effectiveness of implementation, including, where applicable, the operation of a Fund’s HLIM. There were no material changes to the Program during the Program Reporting Period.
The Report summarized the operation of the Program and the information and factors considered by the Program Administrator in assessing whether the Program has been adequately and effectively implemented with respect to each Fund. Such information and factors included, among other things: (1) the effectiveness of the Program with respect to the identification of each Fund that qualifies as an “In-Kind ETF” (as defined in the Liquidity Rule); (2) the liquidity risk framework used to assess, manage, and periodically review each Fund’s Liquidity Risk and the results of this assessment; (3) the methodology and inputs for classifying the investments of a Fund (other than an In-Kind ETF) into one of the required liquidity categories that reflect an estimate of the liquidity of those investments under current market conditions (and, for In-Kind ETFs, the methodology and inputs for determining whether any investments should be classified as “Illiquid Investments” (as defined or modified under the Program)); (4) whether a Fund (other than an In-Kind ETF) invested primarily in “Highly Liquid Investments” (as defined or modified under the Program), as well as whether an HLIM should be established for a Fund (other than an In-Kind ETF) and the procedures for monitoring any HLIM; (5) whether a Fund invested more than 15% of its assets in “Illiquid Investments” and the procedures for monitoring for this limit; and (6) specific liquidity events arising during the Program Reporting Period. The Report further summarized the conditions of the Exemptive Order and whether all applicable Funds were in compliance with the terms of the Exemptive Order.
Based on this review, the Report concluded that: (1) the Program continues to be reasonably designed to effectively assess and manage each Fund’s Liquidity Risk; and (2) the Program has been adequately and effectively implemented with respect to each Fund during the Program Reporting Period.
 
October 31, 2023
J.P. Morgan Exchange-Traded Funds
275

BOARD APPROVAL OF MANAGEMENT AGREEMENTS
(Unaudited) 
JPMorgan BetaBuilders Canada ETF, JPMorgan BetaBuilders Developed Asia Pacific ex-Japan ETF, JPMorgan BetaBuilders Europe ETF, JPMorgan BetaBuilders International Equity ETF, JPMorgan BetaBuilders Japan ETF, JPMorgan BetaBuilders U.S. Equity ETF, JPMorgan BetaBuilders U.S. Mid Cap Equity ETF, JPMorgan BetaBuilders U.S. Small Cap Equity ETF, JPMorgan Carbon Transition U.S. Equity ETF,  JPMorgan Diversified Return Emerging Markets Equity ETF, JPMorgan Diversified Return International Equity ETF, JPMorgan Diversified Return U.S. Equity ETF, JPMorgan Diversified Return U.S. Mid Cap Equity ETF, JPMorgan Diversified Return U.S. Small Cap Equity ETF,   JPMorgan U.S. Momentum Factor ETF, JPMorgan U.S. Quality Factor ETF and JPMorgan U.S. Value Factor ETF
The Board of Trustees (the “Board” or the “Trustees”) has established various standing committees composed of Trustees with diverse backgrounds, to which the Board has assigned specific subject matter responsibilities to further enhance the effectiveness of the Board’s oversight and decision making.  The Board and its investment committees (Money Market and Alternative Products Committee, Equity Committee, and Fixed Income Committee) met regularly throughout the year and, at each meeting, considered factors that are relevant to their annual consideration of the continuation of the management agreements. The Board also met for the specific purpose of considering management agreement annual renewals. The Board held meetings June 20-21, 2023 and August 8-10, 2023, at which the Trustees considered the continuation of the management agreements for JPMorgan BetaBuilders Canada ETF, JPMorgan BetaBuilders Developed Asia Pacific ex-Japan ETF, JPMorgan BetaBuilders Europe ETF, JPMorgan BetaBuilders International Equity ETF, JPMorgan BetaBuilders Japan ETF, JPMorgan BetaBuilders U.S. Equity ETF, JPMorgan BetaBuilders U.S. Mid Cap Equity ETF, JPMorgan BetaBuilders U.S. Small Cap Equity ETF, JPMorgan Carbon Transition U.S. Equity ETF, JPMorgan Diversified Return Emerging Markets Equity ETF, JPMorgan Diversified Return International Equity ETF, JPMorgan Diversified Return U.S. Equity ETF, JPMorgan Diversified Return U.S. Mid Cap Equity ETF, JPMorgan Diversified Return U.S. Small Cap Equity ETF, JPMorgan U.S. Momentum Factor ETF, JPMorgan U.S. Quality Factor ETF and JPMorgan U.S. Value Factor ETF (each a “Fund,” and collectively, the “Funds”) whose annual report is contained herein (each a “Management Agreement” and collectively, the “Management Agreements”).  At the June meeting, the Board’s investment committees met to review and consider performance, expense and related information for the J.P. Morgan Funds. Each investment committee reported to the full Board, which then considered each investment committee’s preliminary findings.  At the August meeting, the Trustees continued their review and consideration.  The Trustees, including a majority of the Trustees who are not parties to a Management Agreement or “interested persons” (as defined in the Investment Company Act
of 1940) of any party to a Management Agreement or any of their affiliates, approved the continuation of each Management Agreement on August 10, 2023.
As part of their review of the Management Agreements, the Trustees considered and reviewed performance and other information about the Funds received from J.P. Morgan Investment Management Inc. (the “Adviser”).  This information included the Funds’ performance as compared to the performance of their peers and benchmarks, and analyses by the Adviser of the Funds’ performance.  In addition, at each of their regular meetings throughout the year, the Trustees considered reports on the performance of certain J.P. Morgan Funds provided by an independent investment consulting firm (the “independent consultant”).  In addition, in preparation for the June and August meetings, the Trustees requested, received and evaluated extensive materials from the Adviser, including performance and expense information compiled by Broadridge, using data from Lipper Inc. and/or Morningstar Inc., independent providers of investment company data (together, “Broadridge”). The Trustees’ independent consultant also provided additional quantitative and statistical analyses of certain Funds, including risk and performance return assessments as compared to the Funds’ objectives, benchmarks, and peers.  Before voting on the Management Agreements, the Trustees reviewed the Management Agreements with representatives of the Adviser, counsel to the Funds, and independent legal counsel to the Trustees, and received a memorandum from independent legal counsel to the Trustees discussing the legal standards for their consideration of the Management Agreements. The Trustees also discussed the Management Agreements with independent legal counsel in executive sessions at which no representatives of the Adviser were present. 
A summary of the material factors evaluated by the Trustees in determining whether to approve each Management Agreement is provided below.   Each Trustee attributed different weights to the various factors and no factor alone was considered determinative.  The Trustees considered information provided with respect to the Funds throughout the year, as well as materials furnished specifically in connection with the annual review process.  From year to year, the Trustees consider and place emphasis on relevant information in light of changing circumstances in market and economic conditions.
After considering and weighting the factors and information they had received, the Trustees found that the compensation to be received by the Adviser from each Fund under the applicable Management Agreement was fair and reasonable under the circumstances, and determined that the continuance of each Management Agreement was in the best interests of each Fund and its shareholders. 
 
276
J.P. Morgan Exchange-Traded Funds
October 31, 2023

Nature, Extent and Quality of Services Provided by the Adviser
The Trustees received and considered information regarding the nature, extent and quality of services provided to each Fund under the applicable Management Agreement.  The Trustees took into account information furnished throughout the year at Trustee meetings, as well as the materials furnished specifically in connection with this annual review process.  Among other things, the Trustees considered:
•  The background and experience of the Adviser’s senior management and investment personnel, including personnel changes, if any;
•  The qualifications, backgrounds and responsibilities of the portfolio management team primarily responsible for the day-to-day management of each Fund, including personnel changes, if any;
•  The investment strategy for each Fund, and the infrastructure supporting the portfolio management teams;
•  Information about the structure and distribution strategy for each Fund and how it fits within the Adviser’s other fund offerings within the J.P. Morgan Funds complex;
•  The administration services provided by the Adviser in its role as Administrator;
•  Their knowledge of the nature and quality of the services provided by the Adviser and its affiliates gained from their experience as Trustees of the Funds and in the financial industry generally;
•  The overall reputation and capabilities of the Adviser and its affiliates;
•  The commitment of the Adviser to provide high quality service to the Funds;
•  Their overall confidence in the Adviser’s integrity; and
•  The Adviser’s responsiveness to requests for additional information, questions or concerns raised by them, including the Adviser’s willingness to consider and implement organizational and operational changes designed to improve investment results and the services provided to each Fund.
Based upon these considerations and other factors, the Trustees concluded that they were satisfied with the nature, extent and quality of the services provided to the Funds by the Adviser.
Costs of Services Provided and Profitability to the Adviser and its Affiliates
The Trustees received and considered information regarding the profitability to the Adviser and its affiliates from providing services to each Fund. The Trustees reviewed and discussed this information. The Trustees recognized that this information is not audited and represents the Adviser’s determination of its and its affiliates’ revenues from the contractual services provided to the Funds, less expenses of providing such services.  Expenses include direct and indirect costs and are calculated using an allocation methodology developed by the Adviser and reviewed with the Board.  The Trustees also recognized that it is difficult to make direct comparisons of profitability from fund management contracts because comparative information is not generally publicly available and is affected by numerous factors, including the structure of the particular adviser, the types of funds it manages, its business mix, numerous assumptions regarding allocations and the fact that publicly-traded fund managers’ operating profits and net income are net of distribution and marketing expenses.  Based upon their review, and taking into consideration the factors noted above, the Trustees concluded that the profitability to the Adviser under each Management Agreement was not unreasonable in light of the services and benefits provided to each Fund.
The Trustees also considered the fees earned by JPMorgan Chase Bank, N.A. (“JPMCB”), an affiliate of the Adviser, for custody, fund accounting and other related services for each Fund, and the profitability of the arrangements to JPMCB.
Fall-Out Benefits
The Trustees reviewed information regarding potential “fall-out” or ancillary benefits received by the Adviser and its affiliates as a result of their relationship with the Funds.  The Trustees considered that the J.P. Morgan Funds' operating accounts are held at JPMCB, which, as a result, will receive float benefits for certain J.P. Morgan Funds, as applicable.  The Trustees also noted that the Adviser supports a diverse set of products and services, which benefits the Adviser by allowing it to leverage its infrastructure to serve additional clients, including benefits that may be received by the Adviser and its affiliates in connection with the Fund’s potential investments in other funds advised by the Adviser.  The Trustees also reviewed the Adviser’s allocation of fund brokerage for the J.P. Morgan Funds complex, including allocations to brokers who provide research to the Adviser, as well as the Adviser’s use of affiliates to provide other services and the benefits to such affiliates of doing so. The Trustees also considered the benefit to the Adviser and its affiliates from allocating client assets to the Funds.
 
October 31, 2023
J.P. Morgan Exchange-Traded Funds
277

BOARD APPROVAL OF MANAGEMENT AGREEMENTS
(Unaudited)  (continued)
Economies of Scale
The Trustees considered the extent to which the Funds may benefit from potential economies of scale.  The Trustees considered that under the Management Agreements, the Adviser provides advisory and administrative services and is responsible for substantially all expenses of each Fund under a “unitary fee structure.”  The Trustees noted that unitary management fee for each Fund does not contain breakpoints. The Trustees considered that shareholders would benefit because expenses are limited even when a Fund is new and not achieving economies of scale.  The Trustees considered the fact that increases in assets would not lead to management fee decreases even if economies of scale are achieved, but also that the Trustees would have the opportunity to further review the appropriateness of the fee payable to the Adviser under the Management Agreement in the future.  The Trustees also concluded that all Funds benefited from the Adviser’s reinvestment in its operations to serve the Funds and their shareholders. The Trustees noted that the Adviser’s reinvestment ensures sufficient resources in terms of personnel and infrastructure to support the Funds. After considering the factors identified above, the Trustees concluded that the Fund’s shareholders will receive the benefits of potential economies of scale.
Fees Relative to Adviser’s Other Clients
The Trustees received and considered information about the nature and extent of management services and fee rates offered to other clients of the Adviser, including, to the extent applicable, institutional separate accounts, collective investment trusts, other registered investment companies and/or private funds sub-advised by the Adviser, for investment management styles substantially similar to that of each Fund.  The Trustees considered the complexity of investment management for registered investment companies relative to the Adviser’s other clients and noted differences, as applicable, in the fee structure and the regulatory, legal and other risks and responsibilities of providing services to the different clients.  The Trustees considered that serving as an adviser to a registered investment company involves greater responsibilities and risks than acting as a sub-adviser and observed that sub-advisory fees may be lower than those charged by the Adviser to each Fund.  The Trustees also noted that the adviser, not the applicable registered investment company, typically bears the sub-advisory fee and that many responsibilities related to the advisory function are typically retained by the primary adviser.  The Trustees concluded that the fee rates charged to each Fund in comparison to those charged to the Adviser’s other clients were reasonable.
Investment Performance
The Trustees considered each Fund is a “passive” ETF whose objective is to closely correspond, before fees and expenses, to the performance of its benchmark index. The Trustees receive
and consider information about each Fund’s performance throughout the year. The Trustees considered each Fund’s investment strategy and processes, portfolio management teams and competitive positioning against peer funds, as identified by Broadridge and/or management.  As part of this review, the Trustees also reviewed each Fund’s performance against its benchmark index.  The Trustees also discussed the performance and the investment strategy of each Fund with the Adviser.  Based on these discussions and various other factors, the Trustee concluded each Fund’s performance was satisfactory.
Management Fees and Expense Ratios
The Trustees considered the contractual management fee rate paid by each Fund to the Adviser and compared the rate to the information prepared by Broadridge concerning management fee rates paid by other funds in the same Broadridge category as each Fund.  This review included ranking of each Fund within an expense universe comprised of funds with the same Morningstar investment classification and objective (the “Universe”), as well as a subset of funds within the Universe (the “Peer Group”).  The Trustees reviewed a description of Broadridge’s methodology for selecting funds in the Peer Group and Universe, as applicable, and noted that the Peer Group and/or Universe quintile rankings were not calculated if the number of funds in the Peer Group and/or Universe did not meet a predetermined minimum.  The Trustees also reviewed information about other expenses and the total expense ratio for each Fund.  The Trustees compared the management fee for each Fund to fees charged to mutual funds and/or institutional accounts with similar investment objectives or in similar asset classes managed by the Adviser.  The Trustees recognized that it can be difficult to make comparisons of management fees because there are variations in the services that are included in the fees paid by other funds.  The Trustees’ determinations as a result of the review of each Fund’s management fees and expense ratios are summarized below:
The Trustees noted that the JPMorgan BetaBuilders Canada ETF’s net management fee and actual total expenses were in the first quintile of the Universe.  Broadridge did not calculate quintile rankings for the Peer Group for this Fund  due to the limited number of funds in the Peer Group.  After considering the factors identified above, in light of this information, the Trustees concluded that the management fee was fair and reasonable in light of the services provided to the Fund.
The Trustees noted that the JPMorgan BetaBuilders Developed Asia Pacific ex-Japan ETF’s net management fee and actual total expenses were in the first quintile of the Universe.  Broadridge did not calculate quintile rankings for the Peer Group for this Fund  due to the limited number of funds in the Peer Group. 
 
278
J.P. Morgan Exchange-Traded Funds
October 31, 2023

After considering the factors identified above, in light of this information, the Trustees concluded that the management fee was fair and reasonable in light of the services provided to the Fund.
The Trustees noted that the JPMorgan BetaBuilders Europe ETF’s net management fee and actual total expenses were in the first quintile of both the Peer Group and Universe.  After considering the factors identified above, in light of this information, the Trustees concluded that the management fee was fair and reasonable in light of the services provided to the Fund.
The Trustees noted that the JPMorgan BetaBuilders International Equity ETF’s net management fee and actual total expenses were in the second and first quintiles of the Peer Group and Universe, respectively.  After considering the factors identified above, in light of this information, the Trustees concluded that the management fee was fair and reasonable in light of the services provided to the Fund.   
The Trustees noted that the JPMorgan BetaBuilders Japan ETF’s net management fee was in the second quintile of both the Peer Group and Universe, and that the actual total expenses were in the first and second quintiles of the Peer Group and Universe, respectively. After considering the factors identified above, in light of this information, the Trustees concluded that the management fee was fair and reasonable in light of the services provided to the Fund.
The Trustees noted that the JPMorgan BetaBuilders U.S. Equity ETF’s net management fee and actual total expenses were in the first quintile of both the Peer Group and Universe.  After considering the factors identified above, in light of this information, the Trustees concluded that the management fee was fair and reasonable in light of the services provided to the Fund.
The Trustees noted that the JPMorgan BetaBuilders U.S. Mid Cap Equity ETF’s net management fee and actual total expenses were in the third and first quintiles of the Peer Group and Universe, respectively.  After considering the factors identified above, in light of this information, the Trustees concluded that the management fee was fair and reasonable in light of the services provided to the Fund.
The Trustees noted that the JPMorgan BetaBuilders U.S. Small Cap Equity ETF’s net management fee was in the fourth and second quintiles of the Peer Group and Universe, respectively, and that the actual total expenses were in the third and first quintiles of the Peer Group and Universe, respectively.  After considering the factors identified above, in light of this information, the Trustees concluded that the management fee was fair and reasonable in light of the services provided to the Fund.
The Trustees noted that the JPMorgan Carbon Transition U.S. Equity ETF’s net management fee and actual total expenses were in the fourth and second quintiles of the Peer Group and Universe, respectively. After considering the factors identified above, in light of this information, the Trustees concluded that the management fee was fair and reasonable in light of the services provided to the Fund.
The Trustees noted that the JPMorgan Diversified Return Emerging Markets Equity ETF’s net management fee was in the third quintile of both the Peer Group and Universe, and that the actual total expenses were in the second quintile of both the Peer Group and Universe. After considering the factors identified above, in light of this information, the Trustees concluded that the management fee was fair and reasonable in light of the services provided to the Fund.   
The Trustees noted that the JPMorgan Diversified Return International Equity ETF’s net management fee and actual total expenses were in the third and fourth quintiles of the Peer Group and Universe, respectively. After considering the factors identified above, in light of this information, the Trustees concluded that the management fee was fair and reasonable in light of the services provided to the Fund.
The Trustees noted that the JPMorgan Diversified Return U.S. Equity ETF’s net management fee and actual total expenses were in the first and second quintiles of the Peer Group and Universe, respectively.  After considering the factors identified above, in light of this information, the Trustees concluded that the management fee was fair and reasonable in light of the services provided to the Fund.
The Trustees noted that the JPMorgan Diversified Return U.S. Mid Cap Equity ETF’s net management fee and actual total expenses were in the first and third quintiles of the Peer Group and Universe, respectively.  After considering the factors identified above, in light of this information, the Trustees concluded that the management fee was fair and reasonable in light of the services provided to the Fund.
The Trustees noted that the JPMorgan Diversified Return U.S. Small Cap Equity ETF’s net management fee was in the second and third quintiles of the Peer Group and Universe, respectively, and that the actual total expenses were in the third quintile of both the Peer Group and Universe. After considering the factors identified above, in light of this information, the Trustees concluded that the management fee was fair and reasonable in light of the services provided to the Fund.
The Trustees noted that the JPMorgan U.S. Momentum Factor ETF’s net management fee and actual total expenses were in the first and second quintiles of the Peer Group and Universe, respectively. After considering the factors identified above, in
 
October 31, 2023
J.P. Morgan Exchange-Traded Funds
279

BOARD APPROVAL OF MANAGEMENT AGREEMENTS
(Unaudited)  (continued)
light of this information, the Trustees concluded that the management fee was fair and reasonable in light of the services provided to the Fund.
The Trustees noted that the JPMorgan U.S. Quality Factor ETF’s net management fee and actual total expenses were in the first and second quintiles of the Peer Group and Universe, respectively.  After considering the factors identified above, in light of this information, the Trustees concluded that the management fee was fair and reasonable in light of the services provided to the Fund.
The Trustees noted that the JPMorgan U.S. Value Factor ETF’s net management fee and actual total expenses were in the third and second quintiles of the Peer Group and Universe, respectively. After considering the factors identified above, in light of this information, the Trustees concluded that the management fee was fair and reasonable in light of the services provided to the Fund.
 
280
J.P. Morgan Exchange-Traded Funds
October 31, 2023

BOARD APPROVAL OF INITIAL MANAGEMENT AGREEMENT
(Unaudited)
JPMorgan BetaBuilders Emerging Markets Equity ETF
On November 15-17, 2022, the Board of Trustees (the “Board” or the “Trustees”)  held meetings and approved the initial management agreement (the “Management Agreement” ) for the JPMorgan BetaBuilders Emerging Markets Equity ETF  (the “Fund”).  The meetings were held by videoconference in reliance upon the Division of Investment Management Staff Statement on Fund Board Meetings and Unforeseen or Emergency Circumstances Related to Coronavirus Disease 2019.  The Management Agreement was approved by a majority of the Trustees who are not “Interested Persons” (as defined in the Investment Company Act of 1940) of any party to the Management Agreement or any of their affiliates. In connection with the approval of the Management Agreement, the Trustees reviewed written materials prepared by J.P. Morgan Investment Management Inc. (the “Adviser”) and received oral presentations from Adviser personnel.  Before voting on the proposed Management Agreement, the Trustees reviewed the Management Agreement with representatives of the Adviser and with counsel to the Fund and independent legal counsel to the Trustees and received a memorandum from independent legal counsel discussing the legal standards for their consideration of the proposed Management Agreement. They also considered information they received from the Adviser over the course of the year in connection with their oversight of other funds managed by the Adviser. The Trustees also discussed the proposed Management Agreement with independent legal counsel in executive session at which no representatives of the Adviser were present.
A summary of the material factors evaluated by the Trustees in determining whether to approve the Management Agreement is provided below. The Trustees considered information provided with respect to the Fund and the approval of the Management Agreement. Each Trustee attributed his or her own evaluation of the significance of the various factors, and no factor alone was considered determinative. The Trustees determined that the proposed compensation to be received by the Adviser from the Fund under its Management Agreement was fair and reasonable and that initial approval of the Management Agreement was in the best interests of the Fund and its potential shareholders.
Summarized below are the material factors considered and discussed by the Trustees in reaching their conclusions:
Nature, Extent and Quality of Services Provided by the Adviser
In connection with the approval of the Fund’s initial Management Agreement, the Trustees considered the materials furnished specifically in connection with the approval of the Management Agreement, as well as other relevant information
furnished for the Trustees, regarding the nature, extent, and quality of services provided by the adviser. Among other things, the Trustees considered:
•  The background and experience of the Adviser’s senior management and investment personnel;
•  The qualifications, backgrounds and responsibilities of the portfolio management team to be primarily responsible for the day-to-day management of the Fund;
•  The investment strategy for the Fund, and the infrastructure supporting the portfolio management team;
•  Information about the structure and distribution strategy of the Fund and how it fits within the Adviser’s other fund offerings within the J.P. Morgan Funds complex;
•  The administration services to be provided by the Adviser under the Management Agreement;
•  Their knowledge of the nature and quality of the services provided by the Adviser and its affiliates gained from their experience as Trustees of the Fund and in the financial industry generally;
•  The overall reputation and capabilities of the Adviser and its affiliates;
•  The commitment of the Adviser to provide high quality service to the Fund;
•  Their overall confidence in the Adviser’s integrity; and
•  The Adviser’s responsiveness to requests for additional information, questions or concerns raised by them. 
Based upon these considerations and other factors, the Trustees concluded that they were satisfied with the nature, extent and quality of services to be provided to the Fund by the Adviser.
Fall-Out Benefits
The Trustees reviewed information regarding potential “fall-out” or ancillary benefits expected to be received by the Adviser and its affiliates as a result of their relationship with the Fund. Additionally, the Trustees considered that any fall-out or ancillary benefits would be comparable to those related to the other funds in the complex. The Trustees also considered the benefit to the Adviser and its affiliates from allocating client assets to the Fund.
The Trustees also considered the benefits the Adviser is expected to receive as the result of the roles JPMorgan Chase Bank, N.A. (“JPMCB”), an affiliate of the Adviser, plays as custodian, fund accountant and transfer agent for the Fund, including the profitability of those arrangements to JPMCB.
 
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281

BOARD APPROVAL OF INITIAL MANAGEMENT AGREEMENT
(Unaudited) (continued)
Economies of Scale
The Trustees considered the extent to which the Fund may benefit from potential economies of scale. The Trustees considered that under the Management Agreement, the Adviser will provide advisory and administrative services and will be responsible for substantially all expenses of the Fund under a “unitary fee structure.”  The Trustees noted that the proposed unitary management fee for the Fund does not contain breakpoints. The Trustees considered that shareholders would benefit because expenses would be limited even when the Fund is new and not achieving economies of scale. The Trustees considered the fact that increases in assets would not lead to management fee decreases even if economies of scale are achieved, but also that the Trustees would have the opportunity to further review the appropriateness of the fee payable to the Adviser under its Management Agreement in the future. After considering the factors identified above, the Trustees concluded that the Fund’s shareholders will receive the benefits of potential economies of scale.
Fees Relative to Adviser’s Other Clients
The Trustees considered the Adviser’s view that it does not manage other accounts with a substantially similar investment strategy as that of the Fund. Notwithstanding that fact, the Trustees received and considered information on fees charged by the Adviser for other accounts that share characteristics with the Fund.
Investment Performance
The Trustees considered that the Fund is a “passive” ETF whose objective is to closely correspond, before fees and expenses, to the performance of its benchmark index. The Trustees
considered the Fund’s investment strategy and processes, the portfolio management team and competitive positioning against identified peer funds and concluded that the prospects for competitive future performance were acceptable.
Management Fees and Expense Ratios
The Trustees considered the contractual management fee rate that will be paid by the Fund to the Adviser and compared that rate to information prepared by Broadridge Investor Communications Solutions Inc. (“Broadridge”), an independent provider of investment company data, providing management fee rates paid by other funds in the same Morningstar category as the Fund. The Trustees also considered the fees paid to JPMCB, for custody, fund accounting, transfer agency and other related services for the Fund and the profitability of these arrangements to JPMCB.
The Trustees considered how the Fund will be positioned against peer funds, as identified by management and/or Broadridge, as well as how the peer funds included in the Broadridge data differed from the Funds.  The Trustees also noted that because the Fund was not yet operational, no profitability information was available. After considering the factors identified above and other factors, in light of the information, the Trustees concluded that the Fund’s proposed management fee was fair and reasonable.
 
282
J.P. Morgan Exchange-Traded Funds
October 31, 2023

TAX LETTER
(Unaudited)
Certain tax information for the J.P. Morgan Funds is required to be provided to shareholders based upon the Funds’ income and distributions for the taxable year ended October 31, 2023. The information and distributions reported in this letter may differ from the information and taxable distributions reported to the shareholders for the calendar year ending December 31, 2023. The information necessary to complete your income tax returns for the calendar year ending December 31, 2023 will be provided under separate cover.
Dividends Received Deduction (DRD)
Each Fund listed below had the following percentage, or maximum allowable percentage, of ordinary income distributions eligible for the dividends received deduction for corporate shareholders for the fiscal year ended October 31, 2023:  
 
Dividends
Received
Deduction
JPMorgan BetaBuilders U.S. Equity ETF
96.11
%
JPMorgan BetaBuilders U.S. Mid Cap Equity ETF
62.65
JPMorgan BetaBuilders U.S. Small Cap Equity ETF
64.88
JPMorgan Carbon Transition U.S. Equity ETF
95.08
JPMorgan Diversified Return U.S. Equity ETF
85.89
JPMorgan Diversified Return U.S. Mid Cap Equity ETF
89.39
JPMorgan Diversified Return U.S. Small Cap Equity ETF
68.29
JPMorgan U.S. Momentum Factor ETF
100.00
JPMorgan U.S. Quality Factor ETF
100.00
JPMorgan U.S. Value Factor ETF
86.86
Qualified Dividend Income (QDI)
Each Fund listed below had the following amount, or maximum allowable amount, of ordinary income distributions and foreign tax credits (if applicable)  treated as qualified dividends for the fiscal year ended October 31, 2023:  
 
Qualified
Dividend
Income
JPMorgan BetaBuilders Canada ETF
$174,164,513
JPMorgan BetaBuilders Developed Asia Pacific
ex-Japan ETF
121,169,044
JPMorgan BetaBuilders Emerging Markets Equity
ETF
4,912,868
JPMorgan BetaBuilders Europe ETF
222,478,381
JPMorgan BetaBuilders International Equity ETF
90,203,107
JPMorgan BetaBuilders Japan ETF
120,952,486
JPMorgan BetaBuilders U.S. Equity ETF
24,697,092
JPMorgan BetaBuilders U.S. Mid Cap Equity ETF
14,191,645
JPMorgan BetaBuilders U.S. Small Cap Equity ETF
6,801,372
JPMorgan Carbon Transition U.S. Equity ETF
308,596
JPMorgan Diversified Return Emerging Markets
Equity ETF
7,191,654
JPMorgan Diversified Return International Equity
ETF
18,356,685
 
Qualified
Dividend
Income
JPMorgan Diversified Return U.S. Equity ETF
$10,392,846
JPMorgan Diversified Return U.S. Mid Cap Equity
ETF
5,417,466
JPMorgan Diversified Return U.S. Small Cap Equity
ETF
4,754,896
JPMorgan U.S. Momentum Factor ETF
3,468,175
JPMorgan U.S. Quality Factor ETF
17,505,540
JPMorgan U.S. Value Factor ETF
13,284,043
Section 199A Income
The following Funds had the following amount, or maximum allowable amount, of ordinary income distributions treated as 199A dividends for the fiscal year ended October 31, 2022. 
 
Qualified
Business
Income
JPMorgan BetaBuilders U.S. Mid Cap Equity ETF
$2,677,975
JPMorgan BetaBuilders U.S. Small Cap Equity ETF
678,859
JPMorgan Diversified Return U.S. Equity ETF
487,473
JPMorgan Diversified Return U.S. Mid Cap Equity ETF
356,520
JPMorgan Diversified Return U.S. Small Cap Equity ETF
379,526
Foreign Source Income and Foreign Tax Credit Pass Through
For the fiscal year ended October 31, 2023, the following Funds intend to elect to pass through to shareholders taxes paid to foreign countries. Gross income and foreign tax expenses are as follows or amounts as finally determined: 
 
Total Foreign
Source Income
Total Foreign Tax
Credit
JPMorgan BetaBuilders Canada
ETF
$200,327,522
$25,956,694
JPMorgan BetaBuilders
Developed Asia Pacific
ex-Japan ETF
189,358,920
1,345,820
JPMorgan BetaBuilders
Emerging Markets Equity ETF
9,276,985
1,091,496
JPMorgan BetaBuilders Europe
ETF
274,686,739
23,254,782
JPMorgan BetaBuilders
International Equity ETF
114,405,479
8,632,092
JPMorgan BetaBuilders Japan
ETF
198,792,590
18,779,102
JPMorgan Diversified Return
Emerging Markets Equity ETF
14,207,945
1,559,611
JPMorgan Diversified Return
International Equity ETF
27,082,650
1,580,610
 
October 31, 2023
J.P. Morgan Exchange-Traded Funds
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J.P. Morgan Exchange-Traded Funds are distributed by JPMorgan Distribution Services, Inc., an indirect, wholly-owned subsidiary of JPMorgan Chase & Co. Affiliates of JPMorgan Chase & Co. receive fees for providing various services to the Funds.
Contact J.P. Morgan Exchange-Traded Funds at 1-844-457-6383 (844-4JPM ETF) for a fund prospectus. You can also visit us at www.jpmorganfunds.com. Investors should carefully consider the investment objectives and risks as well as charges and expenses of the fund before investing. The prospectus contains this and other information about the fund. Read the prospectus carefully before investing.
Investors may obtain information about the Securities Investor Protection Corporation (SIPC), including the SIPC brochure, by visiting www.sipc.org or by calling SIPC at 202-371-8300.
Each Fund files a complete schedule of its fund holdings for the first and third quarters of its fiscal year with the SEC as an exhibit to its report on Form N-PORT. The Funds' Form N-PORT reports are available on the SEC’s website at http://www.sec.gov. Each Fund's quarterly holdings can be found by visiting the J.P. Morgan Funds’ website at www.jpmorganfunds.com.
Effective January 24, 2023, the SEC adopted rule and form amendments that will result in changes to the design and delivery of shareholder reports of mutual funds and ETFs, requiring them to transmit concise and visually engaging streamlined annual and semi-annual reports to shareholders that highlight key information. Other information, including financial statements, will no longer appear in a streamlined shareholder report but must be available online, delivered free of charge upon request, and filed on a semi-annual basis on Form N-CSR. The rule and form amendments have a compliance date of July 24, 2024. 
A description of each Fund's policies and procedures with respect to the disclosure of each Fund's holdings is available in the prospectus and Statement of Additional Information.
A copy of proxy policies and procedures is available without charge upon request by calling 1-844-457-6383 and on the Funds' website at www.jpmorganfunds.com. A description of such policies and procedures is on the SEC’s website at www.sec.gov. The Trustees have delegated the authority to vote proxies for securities owned by the Funds to the Adviser. A copy of the Funds' voting record for the most recent 12-month period ended June 30 is available on the SEC’s website at www.sec.gov or at the Funds' website at www.jpmorganfunds.com no later than August 31 of each year. The Funds' proxy voting record will include, among other things, a brief description of the matter voted on for each fund security, and will state how each vote was cast, for example, for or against the proposal.
 

 
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