Semi-Annual Report
J.P. Morgan Exchange-Traded Funds
April 30, 2023  (Unaudited)
Fund
Ticker
Listing Exchange
JPMorgan Climate Change Solutions ETF
TEMP
NYSE Arca
JPMorgan Social Advancement ETF
UPWD
Nasdaq Stock Market® LLC
JPMorgan Sustainable Consumption ETF
CIRC
Nasdaq Stock Market® LLC
JPMorgan Sustainable Infrastructure ETF
BLLD
Nasdaq Stock Market® LLC

CONTENTS
 
 
1
2
3
6
9
12
15
23
28
30
41
42
Investments in a Fund are not deposits or obligations of, or guaranteed or endorsed by, any bank and are not insured or guaranteed by the FDIC, the Federal Reserve Board or any other government agency. You could lose money if you sell when a Fund’s share price is lower than when you invested.
Past performance is no guarantee of future performance. The general market views expressed in this report are opinions based on market and other conditions through the end of the reporting period and are subject to change without notice. These views are not intended to predict the future performance of a Fund or the securities markets.
Prospective investors should refer to the Funds’ prospectuses for a discussion of the Funds’ investment objectives, strategies and risks. Call J.P. Morgan Exchange-Traded Funds at (844) 457-6383 for a prospectus containing more complete information about a Fund, including management fees and other expenses. Please read it carefully before investing.
Shares are bought and sold throughout the day on an exchange at market price (not at net asset value) through a brokerage account, and are not individually subscribed and redeemed from a Fund. Shares may only be subscribed and redeemed directly from a Fund by Authorized Participants, in very large creation/redemption units. Brokerage commissions will reduce returns.

President's Letter
June 15, 2023 (Unaudited)
Dear Shareholder,
Financial markets largely generated positive returns for the six months ended April 30, 2023, even as rising interest rates, weaker corporate earnings and geopolitical uncertainty weighed on global economic growth. Overall, global equity markets – led by European stocks – generally outperformed bond markets for the reporting period.

“While the effects of rising interest
rates is likely to adversely impact
economic growth in the months
ahead, other factors may aid the
global economic outlook, as energy
prices have trended downward in
recent months and the re-opening of
China’s economy may provide
support for increased global trade.”
— Brian S. Shlissel

While economic growth has slowed in recent quarters, to date, the U.S. has avoided formal entry into a recession. Moreover, inflation has decelerated from last year’s historical highs as energy and electricity prices receded in 2023, allowing the U.S. Federal Reserve in June 2023 to refrain from further raising interest rates for the first time since January 2022, though the central bank stated it may find it necessary to raise rates in the future. The job market in the U.S. remained strong throughout the period as the reported monthly unemployment rate ranged between 3.6% and 3.4% for the six months ended April 30, 2023.
Across Europe, inflationary pressures remained high and both the European Central Bank and the Bank of England continued to raise interest rates during the period. Unemployment across the EU stood at 6%, while the U.K. jobless rate fell to 3.8% in
April 2023. Notably, European equity markets generally outperformed other developed markets during the period, potentially driven by more attractive valuations relative to U.S. companies.
The International Monetary Fund’s (IMF) April 2023 economic outlook warned that global output is likely to decline to 2.8% for 2023, amid weakness in parts of the financial sector, continued inflationary pressures and the ongoing war in Ukraine. Further, the IMF forecast developed market economies to decelerate at a faster pace than emerging market economies.
While the effects of rising interest rates is likely to adversely impact economic growth in the months ahead, other factors may aid the global economic outlook, as energy prices have trended downward in recent months and the re-opening of China’s economy may provide support for increased global trade.  Regardless of the economic backdrop, we believe investors who hold a well-diversified portfolio and a long-term outlook may be better positioned to benefit from opportunities presented by global financial markets. Our suite of investment solutions seeks to provide investors with ability to build durable portfolios that can meet their financial goals.
Sincerely,
Brian S. Shlissel
President, J.P. Morgan Exchange-Traded Funds
J.P. Morgan Asset Management
1-844-4JPM-ETF or jpmorgan.com/etfs for more information
April 30, 2023
J.P. Morgan Exchange-Traded Funds
1

J.P. Morgan Exchange-Traded Funds
MARKET OVERVIEW
SIX MONTHS ENDED April 30, 2023 (Unaudited) 
Global financial markets largely generated positive returns for the period and completed a rebound from the sell-offs that marked the middle of 2022. Developed markets equity generally outperformed emerging markets equity, while European equity markets outperformed U.S. equity.
However, equity markets performance was mixed on a month-to-month basis, even if the overall trend was upward. For the six months ended April 30, 2023, the  MSCI EAFE Index returned 24.19%, the MSCI Emerging Markets Index returned 16.36% and the S&P 500 Index returned 8.63%.
Leading central banks continued to raise interest rates throughout the six-month period, though the size of increases narrowed in 2023 as the policy response to inflationary pressure grew less aggressive. Notably, the Bank of Japan maintained its negative interest rate policy amid weak consumption data and marginal economic growth.
While global inflation rates remained elevated during the period, they retreated from the 40-year highs reached in 2022, and price data in the U.S. and the Euro Area indicated a slowing trend. Though inflation in the U.K. declined in the final months of 2022, the U.K. consumer price index rose more than expected in 2023.
Lower energy prices were a leading contributor to declining global inflation in the second half of the period. Following Russia’s invasion of Ukraine in late February 2022, the European Union and the U.K. largely avoided an extended energy crisis by securing alternative sources to Russian natural gas and moved to build up reserves of both natural gas and petroleum ahead of the winter months.
Meanwhile, economic activity and aggregate demand in China accelerated after the country’s leadership lifted strict anti-pandemic policies in late 2022. The rebound in China helped to lift equity prices in China and its leading emerging market trading partners.
2
J.P. Morgan Exchange-Traded Funds
April 30, 2023

JPMorgan Climate Change Solutions ETF
FUND COMMENTARY
SIX MONTHS ENDED April 30, 2023 (Unaudited)
REPORTING PERIOD RETURN:
 
Net Asset Value*
11.44%
Market Price**
11.31%
MSCI ACWI Index (net total return)
12.68%
Net Assets as of 4/30/2023
$21,565,110
Fund Ticker
TEMP
INVESTMENT OBJECTIVE ***
The JPMorgan Climate Change Solutions ETF (the “Fund”) seeks to achieve long-term capital appreciation by investing in companies that the adviser believes are developing solutions to address climate change.
INVESTMENT APPROACH
The Fund may invest primarily in common stocks and depositary receipts that the adviser believes are currently, or in the process of, providing solutions to address climate change, or implementing business practices in response to climate change. The Fund uses a "thematic" investment approach that seeks to identify and invest in companies that are relevant to the investment theme of climate change solutions and selects companies within key sub-themes, including sustainable transportation, sustainable construction, sustainable food and water, renewable energy and electrification, recycling and re-use.
HOW DID THE FUND PERFORM?
For the six months ended April 30, 2023, the Fund provided a positive absolute return and underperformed the MSCI ACWI Index (the “Index”).
The Fund’s security selection in the industrials and information technology sectors was a leading contributor to absolute performance, while the Fund’s security selection in the real estate sector was the sole sector detractor from absolute performance.
Leading individual contributors to Fund performance included Infineon Technologies AG, Schneider Electric SE and Mercedes-Benz Group AG. Shares of Infineon Technologies, a German semiconductor manufacturer, rose after the company raised its earnings and revenue forecast for the second quarter and full year 2023. Shares of Schneider Electric, a French electric components and equipment manufacturer, rose after
the company reported better-than-expected results for the fourth quarter and full year 2022. Shares of Mercedes-Benz Group, a German auto maker, rose after the company reported growth in sales for the first quarter of 2023 and reiterated its full-year 2023 forecast amid consumer demand for electric automobiles.
Leading individual detractors from Fund performance included Enphase Energy Inc., Autodesk Inc. and Alfen Beheer BV (also known as Alfen NV). Shares of Enphase Energy, a manufacturer of semiconductor materials and equipment for the solar energy industry, fell after the company issued a weaker-than-expected forecast for the second quarter of 2023. Shares of Autodesk, an application software developer, fell after the company issued a weaker-than-expected forecast for earnings and sales in 2023. Shares of Alfen Beheer, a Dutch industrial electrical equipment manufacturer, fell after the company reported quarterly revenue in line with analysts’ expectations.
Relative to the Index, the Fund’s security selection in the information technology and materials sectors was a leading detractor from performance, while the Fund’s underweight position in the health care and financials sectors was a leading contributor to relative performance.
HOW WAS THE FUND POSITIONED?
As a result of the adviser’s thematic investment approach, the Fund’s largest allocations during the period were to the industrials and information technology sectors and the smallest allocations were to the health care and consumer discretionary sectors. The Fund had no holdings in the communication services, energy, consumer staples and financials sectors.
The Fund’s largest thematic allocations were to the renewable energy and electrification and the sustainable construction sub-themes, while its smallest allocations were to the recycling and re-use and the sustainable transportation sub-themes.
April 30, 2023
J.P. Morgan Exchange-Traded Funds
3

JPMorgan Climate Change Solutions ETF
FUND COMMENTARY
SIX MONTHS ENDED April 30, 2023 (Unaudited) (continued)

*
The return shown is based on net asset value and may differ from the return shown in the financial highlights, which reflects adjustments made to the net asset value in accordance with accounting principles generally accepted in the United States of America. The net asset value was $39.21 as of April 30, 2023.
**
Market price return was calculated assuming an initial investment made at the inception date net asset value, reinvestment of all dividends and distributions at market price during the period, and sale at the market price on the last day of the period. The price used to calculate the market price return was the closing price on the NYSE Arca. As of April 30, 2023, the closing price was $39.33.
***
The adviser seeks to achieve the Fund’s objective. There can be no guarantee it will be achieved.
TOP TEN HOLDINGS OF THE
PORTFOLIO AS OF April 30, 2023
PERCENT OF
TOTAL
INVESTMENTS
1.
Schneider Electric SE
4.3
%
2.
Trane Technologies plc
4.2
3.
Infineon Technologies AG (Germany)
4.2
4.
Xylem, Inc.
3.6
5.
Mercedes-Benz Group AG (Germany)
3.6
6.
NextEra Energy, Inc.
3.5
7.
Iberdrola SA (Spain)
3.5
8.
Keyence Corp. (Japan)
3.4
9.
Sika AG (Registered) (Switzerland)
3.4
10.
Siemens AG (Registered) (Germany)
3.3
PORTFOLIO COMPOSITION BY COUNTRY
AS OF April 30, 2023
PERCENT OF
TOTAL
INVESTMENTS
United States
40.9%
Germany
11.5
Switzerland
7.1
South Korea
6.0
Japan
5.8
France
5.4
Spain
4.4
United Kingdom
4.4
Sweden
2.7
Finland
2.5
Italy
2.3
Canada
1.7
Ireland
1.5
Netherlands
1.1
Denmark
1.1
China
1.0
Others (each less than 1.0%)
0.3
Short-Term Investments
0.3
4
J.P. Morgan Exchange-Traded Funds
April 30, 2023

AVERAGE ANNUAL TOTAL RETURNS AS OF April 30, 2023 
 
INCEPTION DATE
SIX MONTHS*
1 YEAR
SINCE
INCEPTION
JPMorgan Climate Change Solutions ETF
 
Net Asset Value
December 13, 2021
11.44
%
4.90
%
(12.94
)%
Market Price
 
11.31
5.10
(12.75
)

 
*
Not annualized.
LIFE OF FUND PERFORMANCE (12/13/21 TO 4/30/23)
The performance quoted is past performance and is not a guarantee of future results. Exchange-traded funds are subject to certain market risks. Investment returns and principal value of an investment will fluctuate so that an investor’s shares, when sold or redeemed, may be worth more or less than their original cost. Current performance may be higher or lower than the performance data shown. For up-to-date month-end performance information, please call 1-844-457-6383. 
Fund commenced operations on December 13, 2021.
The graph illustrates comparative performance for $10,000 invested in shares of the JPMorgan Climate Change Solutions ETF and the MSCI ACWI Index (net total return) from December 13, 2021 to April 30, 2023. The performance of the Fund reflects the deduction of Fund expenses and assumes reinvestment of all dividends and capital gain distributions, if any. The performance of the MSCI ACWI Index (net total return) does not reflect the deduction of expenses associated with an exchange-traded fund and has been adjusted to reflect reinvestment of all dividends and capital gain distributions of the securities included in the Index, if applicable. The MSCI ACWI Index (net total return) is a free float-adjusted market capitalization-weighted index that is designed to
measure the performance of large- and mid-cap stocks in developed and emerging markets. Net total return figures assume the reinvestment of dividends after deduction of withholding tax, applying the maximum rate to nonresident individual investors who do not benefit from double taxation treaties. Investors cannot invest directly in an index.
Performance shown in this section does not reflect the deduction of taxes that a shareholder may pay on Fund distributions or on gains resulting from redemption or sale of Fund shares.
International investing involves a greater degree of risk and increased volatility. Changes in currency exchange rates and differences in accounting and taxation policies outside the United States can raise or lower returns. Also, some overseas markets may not be as politically and economically stable as the United States and other nations.
The returns shown are based on net asset values calculated for shareholder transactions and may differ from the returns shown in the financial highlights, which reflect adjustments made to the net asset values in accordance with accounting principles generally accepted in the United States of America.
April 30, 2023
J.P. Morgan Exchange-Traded Funds
5

JPMorgan Social Advancement ETF
FUND COMMENTARY
SIX MONTHS ENDED April 30, 2023 (Unaudited)
REPORTING PERIOD RETURN:
 
Net Asset Value*
14.39%
Market Price**
14.36%
MSCI ACWI Index (net total return)
12.68%
Net Assets as of 4/30/2023
$12,119,919
Fund Ticker
UPWD
INVESTMENT OBJECTIVE ***
The JPMorgan Social Advancement ETF (the “Fund”) seeks to achieve long-term capital appreciation by investing in companies that the adviser believes are facilitating social and economic advancement.
INVESTMENT APPROACH
The Fund may invest primarily in common stocks, depositary receipts and real estate investment trusts of companies that the adviser believes are facilitating the social and economic empowerment of people and communities across all levels of society through access to goods and services that allow people to survive and thrive. The Fund uses a "thematic" investment approach that seeks to identify and invest in companies that are relevant to the investment theme of social advancement, and selects companies within key sub-themes, such as essential amenities, affordable housing and infrastructure, health care and wellbeing, education and training talent, attainable financing, and accessing the digital ecosystem.
HOW DID THE FUND PERFORM?
For the six months ended April 30, 2023, the Fund provided a positive absolute return and outperformed the MSCI ACWI Index (the “Index”).
The Fund’s security selection in the information technology and consumer discretionary sectors was a leading contributor to absolute performance, while the Fund’s security selection in the real estate and materials sectors was the smallest contributor to performance. The Fund had no holdings in the energy and utilities sectors.
Leading individual contributors to the Fund’s performance included Microsoft Corp., Novo Nordisk AS and Vinci SA. Shares of Microsoft, an information technology conglomerate, rose after the company reported strong results from its cloud computing business and amid a general rebound in large capitalization technology stocks during the period. Shares of
Novo Nordisk, a Danish pharmaceuticals and health care products provider, rose amid consumer demand for the company’s weight-loss drug and after the company reported revenue growth for the first quarter of 2023. Shares of Vinci, a French engineering and construction company, rose after the company reported better-than-expected earnings and revenue for 2022.
Leading individual detractors from the Fund’s performance included Charles Schwab Corp., UnitedHealth Group Inc. and M&T Bank Corp. Shares of Charles Schwab, a discount financial services provider, fell in March 2023 amid investor concerns about the value of bond holdings at U.S. banks. Shares of UnitedHealth Group, a health insurance provider, fell after U.S. regulators authorized a smaller-than-expected increase in 2024 insurer payments under the Medicare Advantage program. Shares of M&T Bank, a Buffalo, N.Y. regional bank, fell amid the collapse of Silicon Valley Bank and investor concerns about the stability of U.S. regional banks.
Relative to the Index, the Fund’s security selection in the consumer discretionary and information technology sectors was a leading contributor to performance, while the Fund’s security selection in the communication services sector and its overweight positions in the health care sector and real estate sector were leading detractors from relative performance.
HOW WAS THE FUND POSITIONED?
As a result of the adviser’s thematic investment process, the Fund’s largest allocations during the period were to the financials and health care sectors and its smallest allocations were to the materials and real estate sectors. The Fund had no allocations to the utilities and energy sectors.
The Fund’s largest thematic allocations were to the health and well-being and the attainable financing sub-themes, while its smallest allocations were to the affordable housing and infrastructure and education and training talent sub-themes.
6
J.P. Morgan Exchange-Traded Funds
April 30, 2023


*
The return shown is based on net asset value and may differ from the return shown in the financial highlights, which reflects adjustments made to the net asset value in accordance with accounting principles generally accepted in the United States of America. The net asset value was $53.87 as of April 30, 2023.
**
Market price return was calculated assuming an initial investment made at the inception date net asset value, reinvestment of all dividends and distributions at market price during the period, and sale at the market price on the last day of the period. The price used to calculate the market price return was the closing price on the Nasdaq Stock Market® LLC. As of April 30, 2023, the closing price was $53.96.
***
The adviser seeks to achieve the Fund’s objective. There can be no guarantee it will be achieved.
TOP TEN HOLDINGS OF THE
PORTFOLIO AS OF April 30, 2023
PERCENT OF
TOTAL
INVESTMENTS
1.
Microsoft Corp.
6.5
%
2.
RELX plc (United Kingdom)
3.6
3.
Vinci SA (France)
3.4
4.
UnitedHealth Group, Inc.
3.3
5.
ASML Holding NV (Netherlands)
3.0
6.
Novo Nordisk A/S, Class B (Denmark)
2.8
7.
HDFC Bank Ltd., ADR (India)
2.6
8.
Alphabet, Inc., Class A
2.6
9.
Waste Connections, Inc.
2.6
10.
IDP Education Ltd. (Australia)
2.5
PORTFOLIO COMPOSITION BY COUNTRY
AS OF April 30, 2023
PERCENT OF
TOTAL
INVESTMENTS
United States
47.3%
United Kingdom
7.5
Netherlands
6.8
Japan
5.6
Australia
3.5
France
3.4
Denmark
2.8
India
2.6
Ireland
2.3
Mexico
2.1
Switzerland
1.8
Portugal
1.6
China
1.6
Germany
1.4
Hong Kong
1.3
Brazil
1.2
Indonesia
1.1
Nigeria
1.1
Belgium
1.0
Peru
1.0
Others (each less than 1.0%)
1.4
Short-Term Investments
1.6
April 30, 2023
J.P. Morgan Exchange-Traded Funds
7

JPMorgan Social Advancement ETF
FUND COMMENTARY
SIX MONTHS ENDED April 30, 2023 (Unaudited) (continued)
TOTAL RETURNS AS OF April 30, 2023 
 
INCEPTION DATE
SIX MONTHS*
CUMULATIVE SINCE
INCEPTION
JPMorgan Social Advancement ETF
 
Net Asset Value
September 7, 2022
14.39
%
12.84
%
Market Price
 
14.36
13.03

 
*
Not annualized.
LIFE OF FUND PERFORMANCE (9/7/22 TO 4/30/23)
The performance quoted is past performance and is not a guarantee of future results. Exchange-traded funds are subject to certain market risks. Investment returns and principal value of an investment will fluctuate so that an investor’s shares, when sold or redeemed, may be worth more or less than their original cost. Current performance may be higher or lower than the performance data shown. For up-to-date month-end performance information, please call 1-844-457-6383. 
Fund commenced operations on September 7, 2022.
The graph illustrates comparative performance for $10,000 invested in shares of the JPMorgan Social Advancement ETF and the MSCI ACWI Index (net total return) from September 7, 2022 to April 30, 2023. The performance of the Fund reflects the deduction of Fund expenses and assumes reinvestment of all dividends and capital gain distributions, if any. The performance of the MSCI ACWI Index (net total return) does not reflect the deduction of expenses associated with an exchange-traded fund and has been adjusted to reflect
reinvestment of all dividends and capital gain distributions of the securities included in the Index, if applicable. The MSCI ACWI Index (net total return) is a free float-adjusted market capitalization-weighted index that is designed to measure the performance of large- and mid-cap stocks in developed and emerging markets. Net total return figures assume the reinvestment of dividends after deduction of withholding tax, applying the maximum rate to nonresident individual investors who do not benefit from double taxation treaties. Investors cannot invest directly in an index.
Performance shown in this section does not reflect the deduction of taxes that a shareholder may pay on Fund distributions or on gains resulting from redemption or sale of Fund shares.
The returns shown are based on net asset values calculated for shareholder transactions and may differ from the returns shown in the financial highlights, which reflect adjustments made to the net asset values in accordance with accounting principles generally accepted in the United States of America.
8
J.P. Morgan Exchange-Traded Funds
April 30, 2023

JPMorgan Sustainable Consumption ETF
FUND COMMENTARY
SIX MONTHS ENDED April 30, 2023 (Unaudited)
REPORTING PERIOD RETURN:
 
Net Asset Value*
9.29%
Market Price**
9.03%
MSCI ACWI Index (net total return)
12.68%
Net Assets as of 4/30/2023
$11,512,327
Fund Ticker
CIRC
INVESTMENT OBJECTIVE ***
The JPMorgan Sustainable Consumption ETF (the “Fund”) seeks to achieve long-term capital appreciation by investing in companies that the adviser believes are developing solutions that help preserve natural resources, improve resource use, or reduce waste.
INVESTMENT APPROACH
The Fund invests primarily in common stocks, and depositary receipts and real estate investment trusts of companies that the adviser believes are developing solutions that reduce human impact on natural resources in specific communities, regions or around the globe. The Fund uses a "thematic" investment approach that seeks to identify and invest in companies that are relevant to the investment theme of sustainable consumption and selects companies within key sub-themes, such as sustainable water systems, sustainable agriculture and food, sustainable production technologies, sustainable materials and design, and recycling and re-use.
HOW DID THE FUND PERFORM?
For the six months ended April 30, 2023, the Fund provided a positive absolute return and underperformed the MSCI ACWI Index (the “Index”).
The Fund’s security selection in the industrials and information technology sectors was a leading contributor to absolute performance, while the Fund’s security selection in the real estate sector was the sole sector detractor from absolute performance.
Leading individual contributors to Fund performance included the Fund’s positions in SIG Group AG, Novo Nordisk AS and Nike Inc. Shares of SIG Group, a Swiss maker of food packaging, rose after the company reported better-than-expected revenue for 2022. Shares of Novo Nordisk, a Danish pharmaceuticals and health care products provider, rose amid consumer demand for the company’s weight-loss drug and after the company reported revenue growth for the first quarter of 2023. Shares of Nike, a footwear and apparel maker, rose after the company reported better-than-expected earnings and revenue for its fiscal third quarter.
Leading individual detractors from Fund performance included Trimble, Daring Ingredients Inc. and UnitedHealth Group Inc. Shares of Trimble, an electronic equipment and instruments manufacturer, fell after the company reported lower-than-expected earnings and revenue for the fourth quarter of 2022. Shares of Daring Ingredients, an agricultural products and services provider, fell after the company reported lower-than-expected earnings for the fourth quarter of 2022. Shares of UnitedHealth Group, a health insurance provider, fell after U.S. regulators authorized a smaller-than-expected increase in 2024 insurer payments under the Medicare Advantage program.
Relative to the Index, the Fund’s security selection in the information technology and industrials sectors was a leading detractor from performance, while the Fund’s underweight position in the financials sector, where it had no holdings, and its underweight position in the energy sector were leading contributors to relative performance.
April 30, 2023
J.P. Morgan Exchange-Traded Funds
9

JPMorgan Sustainable Consumption ETF
FUND COMMENTARY
SIX MONTHS ENDED April 30, 2023 (Unaudited) (continued)

*
The return shown is based on net asset value and may differ from the return shown in the financial highlights, which reflects adjustments made to the net asset value in accordance with accounting principles generally accepted in the United States of America. The net asset value was $51.17 as of April 30, 2023.
**
Market price return was calculated assuming an initial investment made at the inception date net asset value, reinvestment of all dividends and distributions at market price during the period, and sale at the market price on the last day of the period. The price used to calculate the market price return was the closing price on the Nasdaq Stock Market® LLC. As of April 30, 2023, the closing price was $51.20.
***
The adviser seeks to achieve the Fund’s objective. There can be no guarantee it will be achieved.
HOW WAS THE FUND POSITIONED?
As a result of the adviser’s thematic investment approach, the Fund’s largest allocations during the period were to the industrials and information technology sectors and the smallest allocations were to the energy and consumer discretionary sectors. The Fund had no allocations to the utilities, financials and communication services sectors.
The Fund’s largest thematic allocations were to the sustainable food and agriculture and the sustainable production sub-themes and its smallest allocations were to the sustainable
materials and recycling and re-use sub-themes.
TOP TEN HOLDINGS OF THE
PORTFOLIO AS OF April 30, 2023
PERCENT OF
TOTAL
INVESTMENTS
1.
Trane Technologies plc
3.1
%
2.
Xylem, Inc.
2.7
3.
SIG Group AG (Switzerland)
2.6
4.
Brambles Ltd. (Australia)
2.6
5.
Deere & Co.
2.5
6.
Tate & Lyle plc (United Kingdom)
2.4
7.
ASML Holding NV (Netherlands)
2.4
8.
NIKE, Inc., Class B
2.4
9.
UnitedHealth Group, Inc.
2.3
10.
Tetra Tech, Inc.
2.3
PORTFOLIO COMPOSITION BY COUNTRY
AS OF April 30, 2023
PERCENT OF
TOTAL
INVESTMENTS
United States
54.3%
Japan
6.7
Germany
5.7
Switzerland
5.0
United Kingdom
3.8
Ireland
2.9
Australia
2.6
France
2.6
China
2.5
Netherlands
2.4
Taiwan
2.2
Canada
2.0
Finland
2.0
Denmark
1.7
Norway
1.6
Sweden
1.1
Short-Term Investments
0.9
10
J.P. Morgan Exchange-Traded Funds
April 30, 2023

TOTAL RETURNS AS OF April 30, 2023 
 
INCEPTION DATE
SIX MONTHS*
CUMULATIVE SINCE
INCEPTION
JPMorgan Sustainable Consumption ETF
 
Net Asset Value
September 7, 2022
9.29
%
7.03
%
Market Price
 
9.03
7.10

 
*
Not annualized.
LIFE OF FUND PERFORMANCE (9/7/22 TO 4/30/23)
The performance quoted is past performance and is not a guarantee of future results. Exchange-traded funds are subject to certain market risks. Investment returns and principal value of an investment will fluctuate so that an investor’s shares, when sold or redeemed, may be worth more or less than their original cost. Current performance may be higher or lower than the performance data shown. For up-to-date month-end performance information, please call 1-844-457-6383. 
Fund commenced operations on September 7, 2022.
The graph illustrates comparative performance for $10,000 invested in shares of the JPMorgan Sustainable Consumption ETF and the MSCI ACWI Index (net total return) from September 7, 2022 to April 30, 2023. The performance of the Fund reflects the deduction of Fund expenses and assumes reinvestment of all dividends and capital gain distributions, if any. The performance of the MSCI ACWI Index (net total return) does not reflect the deduction of expenses associated with an exchange-traded fund and has been adjusted to reflect
reinvestment of all dividends and capital gain distributions of the securities included in the Index, if applicable. The MSCI ACWI Index (net total return) is a free float-adjusted market capitalization-weighted index that is designed to measure the performance of large- and mid-cap stocks in developed and emerging markets. Net total return figures assume the reinvestment of dividends after deduction of withholding tax, applying the maximum rate to nonresident individual investors who do not benefit from double taxation treaties. Investors cannot invest directly in an index.
Performance shown in this section does not reflect the deduction of taxes that a shareholder may pay on Fund distributions or on gains resulting from redemption or sale of Fund shares.
The returns shown are based on net asset values calculated for shareholder transactions and may differ from the returns shown in the financial highlights, which reflect adjustments made to the net asset values in accordance with accounting principles generally accepted in the United States of America.
April 30, 2023
J.P. Morgan Exchange-Traded Funds
11

JPMorgan Sustainable Infrastructure ETF
FUND COMMENTARY
SIX MONTHS ENDED April 30, 2023 (Unaudited)
REPORTING PERIOD RETURN:
 
Net Asset Value*
12.05%
Market Price**
12.09%
MSCI ACWI Index (net total return)
12.68%
Net Assets as of 4/30/2023
$10,748,408
Fund Ticker
BLLD
INVESTMENT OBJECTIVE ***
The JPMorgan Sustainable Infrastructure ETF (the “Fund”) seeks to achieve long-term capital appreciation by investing in companies that the adviser believes are well-positioned to develop the infrastructure required to facilitate a sustainable and inclusive economy.
INVESTMENT APPROACH
The Fund may invest primarily in common stocks, real estate investment trusts and depositary receipts of companies that the adviser believes are facilitating access to essential goods and services, improved connectivity, social infrastructure, and environmental resilience, or are in the process of developing products or services to facilitate such access. The Fund uses a "thematic" investment approach that seeks to identify and invest in companies that are relevant to the investment theme of sustainable infrastructure and selects companies within key sub-themes, such as electricity infrastructure, renewables infrastructure, transport infrastructure, water infrastructure, digital infrastructure, sustainable logistics, medical infrastructure, and social housing and education infrastructure.
HOW DID THE FUND PERFORM?
For the six months ended April 30, 2023, the Fund provided a positive absolute return and underperformed the MSCI ACWI Index (the “Index”).
The Fund’s positions in the utilities and real estate sectors were leading contributors to absolute performance, while the Fund’s positions in the financials and consumer discretionary sectors were the smallest contributors to absolute performance. The Fund had no positions in the energy,  materials and consumer staples sectors.
Leading individual contributors to Fund performance included Enel SpA, HCA Healthcare Inc. and Iberdrola SA. Shares of Enel, an Italian electricity and natural gas utility, rose after the company reported earnings and revenue growth during the period. HCA Healthcare, a U.S. operator of hospitals and related facilities and services, rose after the company reported a surge
in revenue for the first quarter of 2022 and raised its forecast for 2023 earnings. Shares of Iberdrola, a Spanish electric utility, rose after the company reported earnings growth for the first quarter of 2023 and forecast profit growth for the full year.
Leading individual detractors from Fund performance included Alexandria Real Estate Equities Inc., Alfen Beheer BV (also known as Alfen NV) and Enphase Energy Inc. Shares of Alexandria Real Estate Equities, an office real estate investment trust, fell amid investor concerns about commercial property vacancies in the U.S. Shares of Alfen Beheer, a Dutch industrial electrical equipment manufacturer, fell after the company reported revenues that were in line with analysts’ expectations. Shares of Enphase Energy, a manufacturer of semiconductor materials and equipment for the solar energy industry, fell after the company issued a weaker-than-expected forecast for the second quarter of 2023.
Relative to the Index, the Fund’s security selection in the industrials sector and its overweight position in the real estate sector were leading detractors from performance, while the Fund’s security selection in the utilities and health care sectors was a leading detractor from relative performance.
HOW WAS THE FUND POSITIONED?
As a result of the adviser’s thematic investment process, the Fund’s largest allocations during the period were to the utilities and real estate sectors and the smallest allocations were to the consumer discretionary and financials sectors. The Fund has no allocations to the materials, energy and consumer staples sectors.
The Fund’s largest thematic allocations were to environmental resilience themes, including electricity infrastructure, water infrastructure and renewables infrastructure. The Fund’s smallest sub-thematic allocations were to social housing (Affordable Housing and Infrastructure sub-theme), education infrastructure (Education and Training Talent sub-theme) and medical infrastructure (Healthcare and Wellbeing sub-theme).
12
J.P. Morgan Exchange-Traded Funds
April 30, 2023


*
The return shown is based on net asset value and may differ from the return shown in the financial highlights, which reflects adjustments made to the net asset value in accordance with accounting principles generally accepted in the United States of America. The net asset value was $47.78 as of April 30, 2023.
**
Market price return was calculated assuming an initial investment made at the inception date net asset value, reinvestment of all dividends and distributions at market price during the period, and sale at the market price on the last day of the period. The price used to calculate the market price return was the closing price on the Nasdaq Stock Market® LLC. As of April 30, 2023, the closing price was $47.91.
***
The adviser seeks to achieve the Fund’s objective. There can be no guarantee it will be achieved.
TOP TEN HOLDINGS OF THE
PORTFOLIO AS OF April 30, 2023
PERCENT OF
TOTAL
INVESTMENTS
1.
Iberdrola SA (Spain)
4.1
%
2.
SSE plc (United Kingdom)
3.6
3.
NextEra Energy, Inc.
3.6
4.
HCA Healthcare, Inc.
3.5
5.
Union Pacific Corp.
3.4
6.
Canadian National Railway Co. (Canada)
3.4
7.
Xylem, Inc.
3.0
8.
Cellnex Telecom SA (Spain)
2.9
9.
Alexandria Real Estate Equities, Inc.
2.9
10.
Prologis, Inc.
2.8
PORTFOLIO COMPOSITION BY COUNTRY
AS OF April 30, 2023
PERCENT OF
TOTAL
INVESTMENTS
United States
41.0%
United Kingdom
12.6
Spain
12.3
Germany
4.1
Italy
4.1
Australia
3.6
Canada
3.4
France
2.9
China
2.7
Belgium
2.4
South Korea
2.0
Brazil
1.5
Netherlands
1.5
Austria
1.1
Japan
1.0
Denmark
1.0
Others (each less than 1.0%)
0.7
Short-Term Investments
2.1
April 30, 2023
J.P. Morgan Exchange-Traded Funds
13

JPMorgan Sustainable Infrastructure ETF
FUND COMMENTARY
SIX MONTHS ENDED April 30, 2023 (Unaudited) (continued)
TOTAL RETURNS AS OF April 30, 2023 
 
INCEPTION DATE
SIX MONTHS*
CUMULATIVE SINCE
INCEPTION
JPMorgan Sustainable Infrastructure ETF
 
Net Asset Value
September 7, 2022
12.05
%
0.28
%
Market Price
 
12.09
0.55

 
*
Not annualized.
LIFE OF FUND PERFORMANCE (9/7/22 TO 4/30/23)
The performance quoted is past performance and is not a guarantee of future results. Exchange-traded funds are subject to certain market risks. Investment returns and principal value of an investment will fluctuate so that an investor’s shares, when sold or redeemed, may be worth more or less than their original cost. Current performance may be higher or lower than the performance data shown. For up-to-date month-end performance information, please call 1-844-457-6383. 
Fund commenced operations on September 7, 2022.
The graph illustrates comparative performance for $10,000 invested in shares of the JPMorgan Sustainable Infrastructure ETF and the MSCI ACWI Index (net total return) from September 7, 2022 to April 30, 2023. The performance of the Fund reflects the deduction of Fund expenses and assumes reinvestment of all dividends and capital gain distributions, if any. The performance of the MSCI ACWI Index (net total return) does not reflect the deduction of expenses associated with an exchange-traded fund and has been adjusted to reflect
reinvestment of all dividends and capital gain distributions of the securities included in the Index, if applicable. The MSCI ACWI Index (net total return) is a free float-adjusted market capitalization-weighted index that is designed to measure the performance of large- and mid-cap stocks in developed and emerging markets. Net total return figures assume the reinvestment of dividends after deduction of withholding tax, applying the maximum rate to nonresident individual investors who do not benefit from double taxation treaties. Investors cannot invest directly in an index.
Performance shown in this section does not reflect the deduction of taxes that a shareholder may pay on Fund distributions or on gains resulting from redemption or sale of Fund shares.
The returns shown are based on net asset values calculated for shareholder transactions and may differ from the returns shown in the financial highlights, which reflect adjustments made to the net asset values in accordance with accounting principles generally accepted in the United States of America.
14
J.P. Morgan Exchange-Traded Funds
April 30, 2023

JPMorgan Climate Change Solutions ETF
SCHEDULE OF PORTFOLIO INVESTMENTS
AS OF April 30, 2023  (Unaudited)
INVESTMENTS
SHARES
VALUE($)
Common Stocks — 97.7%
Canada — 1.7%
West Fraser Timber Co. Ltd.
5,014
362,676
China — 0.9%
Contemporary Amperex Technology Co. Ltd., Class A
3,420
114,460
NARI Technology Co. Ltd., Class A*
23,100
87,332
 
201,792
Denmark — 1.0%
Orsted A/S(a)
1,074
96,392
Vestas Wind Systems A/S*
4,530
125,348
 
221,740
Finland — 2.5%
UPM-Kymmene OYJ
16,602
529,445
France — 5.3%
Dassault Systemes SE
17,008
690,451
Neoen SA(a)
3,222
96,735
Nexans SA
1,058
91,033
SPIE SA
8,201
255,978
 
1,134,197
Germany — 11.2%
Encavis AG*
5,461
94,433
Infineon Technologies AG
24,102
877,717
Mercedes-Benz Group AG
9,737
759,350
Siemens AG (Registered)
4,199
692,131
 
2,423,631
Ireland — 1.5%
Kingspan Group plc
4,635
321,204
Italy — 2.3%
Ariston Holding NV
4,127
47,133
Prysmian SpA
10,964
448,709
 
495,842
Japan — 5.7%
Daikin Industries Ltd.
2,300
417,752
Keyence Corp.
1,600
721,530
Kurita Water Industries Ltd.
2,300
96,390
 
1,235,672
Netherlands — 1.1%
Alfen N.V.* (a)
1,415
114,487
Arcadis NV
2,947
121,737
 
236,224
Norway — 0.3%
TOMRA Systems ASA
3,974
60,939
INVESTMENTS
SHARES
VALUE($)
 
South Korea — 5.9%
LG Energy Solution Ltd.*
1,491
649,831
Samsung SDI Co. Ltd.
1,181
612,906
 
1,262,737
Spain — 4.4%
EDP Renovaveis SA*
5,217
115,962
Iberdrola SA
56,455
731,549
Solaria Energia y Medio Ambiente SA*
5,693
89,817
 
937,328
Sweden — 2.6%
Boliden AB*
3,391
121,184
Nibe Industrier AB, Class B
39,963
447,461
 
568,645
Switzerland — 6.9%
ABB Ltd. (Registered)
18,705
674,758
DSM-Firmenich AG*
830
108,615
Sika AG (Registered)
2,585
714,036
 
1,497,409
United Kingdom — 4.3%
CNH Industrial NV
36,976
521,361
Spirax-Sarco Engineering plc
758
105,923
SSE plc
12,652
291,922
 
919,206
United States — 40.1%
AGCO Corp.
3,429
424,990
Array Technologies, Inc.*
2,797
57,199
Autodesk, Inc.*
3,190
621,380
Brookfield Renewable Corp.
3,929
131,268
Carrier Global Corp.
15,781
659,961
Cognex Corp.
8,135
387,958
Deere & Co.
1,638
619,197
Eaton Corp. plc
560
93,587
Enphase Energy, Inc.*
488
80,130
Evoqua Water Technologies Corp.*
4,440
219,558
Johnson Controls International plc
1,948
116,568
Linde plc
607
224,256
NextEra Energy, Inc.
9,569
733,272
Rayonier, Inc., REIT
8,711
273,177
Schneider Electric SE
5,268
918,697
Shoals Technologies Group, Inc., Class A*
2,187
45,686
SolarEdge Technologies, Inc.*
716
204,511
TE Connectivity Ltd.
1,589
194,446
Tetra Tech, Inc.
2,254
311,886
SEE NOTES TO FINANCIAL STATEMENTS.
April 30, 2023
J.P. Morgan Exchange-Traded Funds
15

JPMorgan Climate Change Solutions ETF
SCHEDULE OF PORTFOLIO INVESTMENTS
AS OF April 30, 2023  (Unaudited) (continued)
INVESTMENTS
SHARES
VALUE($)
Common Stocks — continued
United States — continued
Trane Technologies plc
4,752
882,969
Trex Co., Inc.*
2,030
110,960
Trimble, Inc.*
1,638
77,150
Weyerhaeuser Co., REIT
16,883
504,971
Xylem, Inc.
7,318
759,901
 
8,653,678
Total Common Stocks
(Cost $22,305,287)
21,062,365
Short-Term Investments — 0.3%
Investment Companies — 0.3%
JPMorgan Prime Money Market Fund Class IM Shares,
4.95%(b) (c)(Cost $70,422)
70,388
70,409
Total Investments — 98.0%
(Cost $22,375,709)
21,132,774
Other Assets Less Liabilities — 2.0%
432,336
NET ASSETS — 100.0%
21,565,110

Percentages indicated are based on net assets.
Abbreviations
 
OYJ
Public Limited Company
REIT
Real Estate Investment Trust
*
Non-income producing security.
(a)
Security exempt from registration pursuant to Regulation S under
the Securities Act of 1933, as amended. Regulation S applies to
securities offerings that are made outside of the United States and
do not involve direct selling efforts in the United States and as
such may have restrictions on resale.
(b)
Investment in an affiliated fund, which is registered under the
Investment Company Act of 1940, as amended, and is advised by
J.P. Morgan Investment Management Inc.
(c)
The rate shown is the current yield as of April 30, 2023.
Summary of Investments by Industry, April 30, 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
Electrical Equipment
16.2
%
Building Products
14.0
Machinery
13.3
Electronic Equipment, Instruments & Components
9.4
Electric Utilities
8.8
Software
6.2
Semiconductors & Semiconductor Equipment
5.5
Chemicals
4.4
Paper & Forest Products
4.2
Specialized REITs
3.7
Automobiles
3.6
Industrial Conglomerates
3.3
Commercial Services & Supplies
2.7
Independent Power and Renewable Electricity Producers
2.5
Others (each less than 1.0%)
1.9
Short-Term Investments
0.3
SEE NOTES TO FINANCIAL STATEMENTS.
16
J.P. Morgan Exchange-Traded Funds
April 30, 2023

JPMorgan Social Advancement ETF
SCHEDULE OF PORTFOLIO INVESTMENTS
AS OF April 30, 2023  (Unaudited)
INVESTMENTS
SHARES
VALUE($)
Common Stocks — 97.6%
Australia — 3.5%
IDP Education Ltd.
16,045
301,434
Stockland, REIT
39,708
117,709
 
419,143
Belgium — 1.0%
KBC Group NV
1,763
126,034
Brazil — 1.2%
Raia Drogasil SA
28,008
147,570
China — 1.6%
NXP Semiconductors NV
1,152
188,628
Denmark — 2.7%
Novo Nordisk A/S, Class B
1,991
331,212
France — 3.4%
Vinci SA
3,321
410,778
Germany — 1.4%
adidas AG
946
166,596
Hong Kong — 1.3%
AIA Group Ltd.
14,800
161,129
India — 2.6%
HDFC Bank Ltd., ADR*
4,518
315,356
Indonesia — 1.1%
Bank Rakyat Indonesia Persero Tbk. PT
376,200
131,098
Ireland — 2.2%
Kerry Group plc, Class A
1,250
131,656
Kingspan Group plc
2,041
141,441
 
273,097
Japan — 5.5%
Katitas Co. Ltd.
5,400
105,456
LITALICO, Inc.
3,100
55,552
Recruit Holdings Co. Ltd.
3,800
106,604
T&D Holdings, Inc.
9,900
121,239
Tokio Marine Holdings, Inc.
5,400
108,578
Tokyo Electron Ltd.
1,500
171,758
 
669,187
Mexico — 2.1%
Wal-Mart de Mexico SAB de CV
63,621
256,437
Netherlands — 6.8%
ASML Holding NV
568
360,460
Koninklijke Ahold Delhaize NV
8,075
277,656
NN Group NV
4,854
181,008
 
819,124
INVESTMENTS
SHARES
VALUE($)
 
Nigeria — 1.0%
Airtel Africa plc(a)
84,262
127,196
Peru — 1.0%
Credicorp Ltd.
909
123,151
Portugal — 1.6%
Jeronimo Martins SGPS SA
7,874
198,702
Puerto Rico — 0.5%
EVERTEC, Inc.
1,737
60,257
South Africa — 0.9%
Vodacom Group Ltd.
15,838
108,559
Switzerland — 1.8%
DSM-Firmenich AG*
1,067
139,629
Sika AG (Registered)
274
75,685
 
215,314
United Kingdom — 7.5%
AstraZeneca plc
1,203
177,037
Reckitt Benckiser Group plc
1,557
125,821
RELX plc
13,046
434,676
Taylor Wimpey plc
102,781
165,875
 
903,409
United States — 46.9%
AbbVie, Inc.
1,530
231,214
Alphabet, Inc., Class A*
2,907
312,037
Analog Devices, Inc.
909
163,511
Boston Scientific Corp.*
5,329
277,748
CSX Corp.
2,844
87,140
Deere & Co.
640
241,933
Dollar General Corp.
537
118,924
DR Horton, Inc.
1,845
202,618
Fiserv, Inc.*
1,134
138,484
HCA Healthcare, Inc.
218
62,638
Intuitive Surgical, Inc.*
811
244,289
Lam Research Corp.
304
159,320
Mastercard, Inc., Class A
747
283,882
Microsoft Corp.
2,557
785,664
NIKE, Inc., Class B
1,580
200,218
Pathward Financial, Inc.
1,854
82,559
Roche Holding AG
502
157,196
Skyline Champion Corp.*
2,709
200,927
SLM Corp.
5,463
82,054
Sun Communities, Inc., REIT
1,233
171,301
Thermo Fisher Scientific, Inc.
278
154,262
Union Pacific Corp.
720
140,904
SEE NOTES TO FINANCIAL STATEMENTS.
April 30, 2023
J.P. Morgan Exchange-Traded Funds
17

JPMorgan Social Advancement ETF
SCHEDULE OF PORTFOLIO INVESTMENTS
AS OF April 30, 2023  (Unaudited) (continued)
INVESTMENTS
SHARES
VALUE($)
Common Stocks — continued
United States — continued
UnitedHealth Group, Inc.
798
392,688
Vertex Pharmaceuticals, Inc.*
681
232,037
Visa, Inc., Class A
1,075
250,185
Waste Connections, Inc.
2,215
308,217
 
5,681,950
Total Common Stocks
(Cost $10,411,087)
11,833,927
Short-Term Investments — 1.6%
Investment Companies — 1.6%
JPMorgan Prime Money Market Fund Class IM
Shares, 4.95%(b) (c)(Cost $189,162)
189,140
189,197
Total Investments — 99.2%
(Cost $10,600,249)
12,023,124
Other Assets Less Liabilities — 0.8%
96,795
NET ASSETS — 100.0%
12,119,919

Percentages indicated are based on net assets.
Abbreviations
 
ADR
American Depositary Receipt
PT
Limited liability company
REIT
Real Estate Investment Trust
SGPS
Holding company
*
Non-income producing security.
(a)
Security exempt from registration pursuant to Regulation S under
the Securities Act of 1933, as amended. Regulation S applies to
securities offerings that are made outside of the United States and
do not involve direct selling efforts in the United States and as
such may have restrictions on resale.
(b)
Investment in an affiliated fund, which is registered under the
Investment Company Act of 1940, as amended, and is advised by
J.P. Morgan Investment Management Inc.
(c)
The rate shown is the current yield as of April 30, 2023.
Summary of Investments by Industry, April 30, 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
Semiconductors & Semiconductor Equipment
8.7
%
Consumer Staples Distribution & Retail
8.3
Pharmaceuticals
6.7
Software
6.5
Banks
6.5
Financial Services
6.1
Insurance
4.8
Household Durables
4.7
Professional Services
4.5
Health Care Equipment & Supplies
4.3
Biotechnology
3.8
Health Care Providers & Services
3.8
Construction & Engineering
3.4
Textiles, Apparel & Luxury Goods
3.0
Diversified Consumer Services
3.0
Interactive Media & Services
2.6
Commercial Services & Supplies
2.6
Machinery
2.0
Wireless Telecommunication Services
2.0
Ground Transportation
1.9
Residential REITs
1.4
Life Sciences Tools & Services
1.3
Building Products
1.2
Food Products
1.1
Household Products
1.0
Diversified REITs
1.0
Others (each less than 1.0%)
2.2
Short-Term Investments
1.6
SEE NOTES TO FINANCIAL STATEMENTS.
18
J.P. Morgan Exchange-Traded Funds
April 30, 2023

JPMorgan Sustainable Consumption ETF
SCHEDULE OF PORTFOLIO INVESTMENTS
AS OF April 30, 2023  (Unaudited)
INVESTMENTS
SHARES
VALUE($)
Common Stocks — 98.2%
Australia — 2.6%
Brambles Ltd.
31,044
294,074
Canada — 2.0%
Ritchie Bros Auctioneers, Inc.
1,216
69,575
West Fraser Timber Co. Ltd.
2,217
160,362
 
229,937
China — 2.5%
Chacha Food Co. Ltd., Class A*
8,400
52,591
NXP Semiconductors NV
1,416
231,856
 
284,447
Denmark — 1.7%
Novo Nordisk A/S, Class B
1,195
198,794
Finland — 1.9%
Neste OYJ
2,265
109,772
UPM-Kymmene OYJ
3,538
112,828
 
222,600
France — 2.6%
Dassault Systemes SE
3,466
140,704
Legrand SA
1,613
152,677
 
293,381
Germany — 5.6%
GEA Group AG
2,971
139,735
Infineon Technologies AG
6,058
220,613
Siemens AG (Registered)
926
152,635
Symrise AG
1,130
136,529
 
649,512
Ireland — 2.9%
Kerry Group plc, Class A
1,865
196,431
Kingspan Group plc
1,966
136,243
 
332,674
Japan — 6.6%
FANUC Corp.
5,500
185,742
Hitachi Ltd.
2,100
116,161
Keyence Corp.
500
225,478
Kurita Water Industries Ltd.
2,300
96,390
Topcon Corp.
9,900
141,017
 
764,788
Netherlands — 2.4%
ASML Holding NV
430
272,883
INVESTMENTS
SHARES
VALUE($)
 
Norway — 1.5%
Norsk Hydro ASA
15,451
113,705
TOMRA Systems ASA
4,095
62,794
 
176,499
Sweden — 1.1%
Boliden AB*
3,490
124,722
Switzerland — 5.0%
DSM-Firmenich AG*
1,154
151,014
SIG Group AG
11,064
296,135
Sika AG (Registered)
465
128,444
 
575,593
Taiwan — 2.2%
Taiwan Semiconductor Manufacturing Co. Ltd., ADR
3,033
255,682
United Kingdom — 3.8%
CNH Industrial NV
11,511
162,305
Tate & Lyle plc
26,799
274,793
 
437,098
United States — 53.8%
AGCO Corp.
1,033
128,030
Airbnb, Inc., Class A*
651
77,905
Autodesk, Inc.*
1,204
234,527
Cadence Design Systems, Inc.*
706
147,872
Carrier Global Corp.
4,872
203,747
Danaher Corp.
1,080
255,863
Darling Ingredients, Inc.*
2,651
157,920
Deere & Co.
743
280,869
Dover Corp.
1,393
203,601
Ecolab, Inc.
1,538
258,138
Elevance Health, Inc.
373
174,806
Energy Recovery, Inc.*
3,977
89,602
Evoqua Water Technologies Corp.*
1,558
77,043
General Mills, Inc.
1,144
101,393
Hologic, Inc.*
1,029
88,504
International Flavors & Fragrances, Inc.
1,284
124,497
Intuitive Surgical, Inc.*
435
131,031
LKQ Corp.
2,459
141,958
Nestle SA (Registered)
1,531
196,411
NIKE, Inc., Class B
2,152
272,701
Rayonier, Inc., REIT
4,117
129,109
Roche Holding AG
687
215,127
Rockwell Automation, Inc.
574
162,677
Schneider Electric SE
1,063
185,379
Sprouts Farmers Market, Inc.*
2,002
69,389
SEE NOTES TO FINANCIAL STATEMENTS.
April 30, 2023
J.P. Morgan Exchange-Traded Funds
19

JPMorgan Sustainable Consumption ETF
SCHEDULE OF PORTFOLIO INVESTMENTS
AS OF April 30, 2023  (Unaudited) (continued)
INVESTMENTS
SHARES
VALUE($)
Common Stocks — continued
United States — continued
Tetra Tech, Inc.
1,882
260,412
Trane Technologies plc
1,913
355,455
Trex Co., Inc.*
2,415
132,004
Trimble, Inc.*
4,576
215,530
UnitedHealth Group, Inc.
530
260,808
Valmont Industries, Inc.
553
160,680
Weyerhaeuser Co., REIT
8,071
241,404
Xylem, Inc.
2,910
302,174
Zoetis, Inc.
891
156,620
 
6,193,186
Total Common Stocks
(Cost $10,631,916)
11,305,870
Short-Term Investments — 0.9%
Investment Companies — 0.9%
JPMorgan Prime Money Market Fund Class IM Shares,
4.95%(a) (b)(Cost $97,937)
97,908
97,938
Total Investments — 99.1%
(Cost $10,729,853)
11,403,808
Other Assets Less Liabilities — 0.9%
108,519
NET ASSETS — 100.0%
11,512,327

Percentages indicated are based on net assets.
Abbreviations
 
ADR
American Depositary Receipt
OYJ
Public Limited Company
REIT
Real Estate Investment Trust
*
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 April 30, 2023.
Summary of Investments by Industry, April 30, 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
Machinery
15.1
%
Semiconductors & Semiconductor Equipment
8.6
Food Products
8.6
Building Products
7.3
Pharmaceuticals
6.3
Chemicals
5.7
Commercial Services & Supplies
5.5
Electronic Equipment, Instruments & Components
5.1
Software
4.6
Electrical Equipment
4.4
Health Care Providers & Services
3.8
Specialized REITs
3.2
Containers & Packaging
2.6
Paper & Forest Products
2.4
Textiles, Apparel & Luxury Goods
2.4
Industrial Conglomerates
2.4
Life Sciences Tools & Services
2.2
Metals & Mining
2.1
Health Care Equipment & Supplies
1.9
Construction & Engineering
1.4
Distributors
1.2
Oil, Gas & Consumable Fuels
1.0
Others (each less than 1.0%)
1.3
Short-Term Investments
0.9
SEE NOTES TO FINANCIAL STATEMENTS.
20
J.P. Morgan Exchange-Traded Funds
April 30, 2023

JPMorgan Sustainable Infrastructure ETF
SCHEDULE OF PORTFOLIO INVESTMENTS
AS OF April 30, 2023  (Unaudited)
INVESTMENTS
SHARES
VALUE($)
Common Stocks — 97.6%
Australia — 3.6%
Goodman Group, REIT
16,348
210,752
NEXTDC Ltd.*
15,926
122,209
Ramsay Health Care Ltd.
1,199
51,559
 
384,520
Austria — 1.1%
Verbund AG
1,298
115,601
Belgium — 2.4%
Cofinimmo SA, REIT
1,155
110,343
Elia Group SA/NV
587
80,489
Warehouses De Pauw CVA, REIT
2,346
70,149
 
260,981
Brazil — 1.5%
Transmissora Alianca de Energia Eletrica SA
22,692
165,647
Canada — 3.4%
Canadian National Railway Co.
3,023
360,553
China — 2.7%
China Longyuan Power Group Corp. Ltd., Class H
66,000
69,265
Contemporary Amperex Technology Co. Ltd., Class A
1,620
54,218
NARI Technology Co. Ltd., Class A*
44,500
168,237
 
291,720
Denmark — 1.0%
Orsted A/S(a)
1,181
105,995
France — 2.9%
Engie SA
12,582
201,366
Getlink SE
3,409
63,712
Neoen SA(a)
1,442
43,293
 
308,371
Germany — 4.1%
E.ON SE
12,163
160,889
Encavis AG*
2,849
49,266
Vonovia SE
10,796
234,149
 
444,304
Italy — 4.0%
Enel SpA
15,723
107,421
Infrastrutture Wireless Italiane SpA(a)
4,955
68,773
Terna - Rete Elettrica Nazionale
29,838
258,270
 
434,464
Japan — 1.0%
Kurita Water Industries Ltd.
2,600
108,963
INVESTMENTS
SHARES
VALUE($)
 
Netherlands — 1.5%
Alfen N.V.* (a)
2,007
162,385
Singapore — 0.7%
Parkway Life, REIT
26,500
77,180
South Korea — 2.0%
Samsung SDI Co. Ltd.
415
215,374
Spain — 12.2%
Cellnex Telecom SA(a)
7,372
310,391
Corp. ACCIONA Energias Renovables SA*
4,931
177,058
EDP Renovaveis SA*
4,792
106,515
Endesa SA
8,565
192,136
Iberdrola SA
33,538
434,589
Solaria Energia y Medio Ambiente SA*
5,942
93,745
 
1,314,434
United Kingdom — 12.6%
Assura plc, REIT
313,292
200,408
Grainger plc
54,131
175,923
LondonMetric Property plc, REIT
52,238
126,690
National Grid plc
5,844
83,791
SSE plc
16,967
391,483
UNITE Group plc (The), REIT
18,238