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
220,065
United Utilities Group plc
11,318
153,749
 
1,352,109
United States — 40.9%
Alexandria Real Estate Equities, Inc., REIT
2,475
307,345
American Tower Corp., REIT
731
149,409
CMS Energy Corp.
3,331
207,388
Enphase Energy, Inc.*
407
66,829
Equinix, Inc., REIT
312
225,913
Essential Utilities, Inc.
2,494
106,494
Hannon Armstrong Sustainable Infrastructure
Capital, Inc., REIT
2,186
62,039
HCA Healthcare, Inc.
1,323
380,138
Itron, Inc.*
1,193
63,706
Medical Properties Trust, Inc., REIT
12,233
107,283
NextEra Energy, Inc.
5,024
384,989
Norfolk Southern Corp.
508
103,139
Physicians Realty Trust, REIT
3,554
51,249
Prologis, Inc., REIT
2,415
302,479
SBA Communications Corp., REIT
691
180,275
Sempra Energy
1,083
168,396
Skyline Champion Corp.*
1,031
76,469
SolarEdge Technologies, Inc.*
738
210,795
Union Pacific Corp.
1,857
363,415
SEE NOTES TO FINANCIAL STATEMENTS.
April 30, 2023
J.P. Morgan Exchange-Traded Funds
21

JPMorgan Sustainable Infrastructure ETF
SCHEDULE OF PORTFOLIO INVESTMENTS
AS OF April 30, 2023  (Unaudited) (continued)
INVESTMENTS
SHARES
VALUE($)
Common Stocks — continued
United States — continued
Ventas, Inc., REIT
3,249
156,114
Welltower, Inc., REIT
3,095
245,186
Weyerhaeuser Co., REIT
4,925
147,307
Xylem, Inc.
3,121
324,085
 
4,390,442
Total Common Stocks
(Cost $10,441,323)
10,493,043
Short-Term Investments — 2.2%
Investment Companies — 2.2%
JPMorgan Prime Money Market Fund Class IM
Shares, 4.95%(b) (c)(Cost $229,764)
229,690
229,759
Total Investments — 99.8%
(Cost $10,671,087)
10,722,802
Other Assets Less Liabilities — 0.2%
25,606
NET ASSETS — 100.0%
10,748,408

Percentages indicated are based on net assets.
Abbreviations
 
CVA
Dutch Certification
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
Electric Utilities
20.9
%
Health Care REITs
8.8
Ground Transportation
7.7
Multi-Utilities
7.7
Industrial REITs
6.6
Specialized REITs
6.6
Independent Power and Renewable Electricity Producers
5.0
Machinery
4.0
Health Care Providers & Services
4.0
Real Estate Management & Development
3.8
Electrical Equipment
3.6
Diversified Telecommunication Services
3.5
Office REITs
2.9
Electronic Equipment, Instruments & Components
2.6
Semiconductors & Semiconductor Equipment
2.6
Water Utilities
2.4
Residential REITs
2.1
IT Services
1.2
Others (each less than 1.0%)
1.9
Short-Term Investments
2.1
SEE NOTES TO FINANCIAL STATEMENTS.
22
J.P. Morgan Exchange-Traded Funds
April 30, 2023

STATEMENTS OF ASSETS AND LIABILITIES
AS OF April 30, 2023 (Unaudited)
 
JPMorgan
Climate Change
Solutions ETF
JPMorgan Social
Advancement ETF
JPMorgan Sustainable
Consumption ETF
JPMorgan Sustainable
Infrastructure ETF
ASSETS:
Investments in non-affiliates, at value
$21,062,365
$11,833,927
$11,305,870
$10,493,043
Investments in affiliates, at value
70,409
189,197
97,938
229,759
Cash
394,030
71,833
87,408
52,994
Foreign currency, at value
694
Receivables:
Investment securities sold
333,806
Dividends from non-affiliates
25,929
28,400
21,289
7,849
Dividends from affiliates
9
26
13
31
Tax reclaims
23,209
3,397
5,021
662
Total Assets
21,575,951
12,126,780
11,517,539
11,118,838
LIABILITIES:
Payables:
Foreign currency due to custodian, at value
2,121
2,105
584
Investment securities purchased
366,145
Accrued liabilities:
Management fees(See Note 3.A.)
8,720
4,756
4,628
4,285
Total Liabilities
10,841
6,861
5,212
370,430
Net Assets
$21,565,110
$12,119,919
$11,512,327
$10,748,408
NET ASSETS:
Paid-in-Capital
$26,388,065
$10,723,102
$10,721,311
$10,624,193
Total distributable earnings (loss)
(4,822,955
)
1,396,817
791,016
124,215
Total Net Assets
$21,565,110
$12,119,919
$11,512,327
$10,748,408
Outstanding number of shares
(unlimited number of shares authorized - par value
$0.0001)
550,000
225,000
225,000
225,000
Net asset value, per share
$39.21
$53.87
$51.17
$47.77
Cost of investments in non-affiliates
$22,305,287
$10,411,087
$10,631,916
$10,441,323
Cost of investments in affiliates
70,422
189,162
97,937
229,764
Cost of foreign currency
696
SEE NOTES TO FINANCIAL STATEMENTS.
April 30, 2023
J.P. Morgan Exchange-Traded Funds
23

STATEMENTS OF OPERATIONS
FOR THE SIX MONTHS ENDED April 30, 2023 (Unaudited)
 
JPMorgan
Climate Change
Solutions ETF
JPMorgan Social
Advancement ETF
JPMorgan Sustainable
Consumption ETF
JPMorgan Sustainable
Infrastructure ETF
INVESTMENT INCOME:
Interest income from non-affiliates
$1
$5
$30
$37
Interest income from affiliates
1,301
337
332
333
Dividend income from non-affiliates
146,053
115,465
95,521
100,826
Dividend income from affiliates
1,933
7,117
2,915
4,109
Non-cash dividend income from non-affiliates
10,997
6,914
Income from securities lending (net)(See Note 2.C.)
288
Foreign taxes withheld (net)
(12,855
)
(10,157
)
(5,722
)
(8,144
)
Total investment income
147,718
112,767
93,076
104,075
EXPENSES:
Management fees(See Note 3.A.)
52,091
27,635
27,504
25,506
Total expenses
52,091
27,635
27,504
25,506
Net investment income (loss)
95,627
85,132
65,572
78,569
REALIZED/UNREALIZED GAINS (LOSSES):
Net realized gain (loss) on transactions from:
Investments in non-affiliates
(519,366
)
(24,254
)
67,806
30,991
Investments in affiliates
35
(90
)
(9
)
(3
)
Foreign currency transactions
(3,452
)
1,922
1,788
1,155
Net realized gain (loss)
(522,783
)
(22,422
)
69,585
32,143
Change in net unrealized appreciation/depreciation on:
Investments in non-affiliates
2,651,243
1,464,272
845,426
1,048,805
Investments in affiliates
(13
)
107
89
28
Foreign currency translations
1,588
178
79
(7
)
Change in net unrealized appreciation/depreciation
2,652,818
1,464,557
845,594
1,048,826
Net realized/unrealized gains (losses)
2,130,035
1,442,135
915,179
1,080,969
Change in net assets resulting from operations
$2,225,662
$1,527,267
$980,751
$1,159,538
SEE NOTES TO FINANCIAL STATEMENTS.
24
J.P. Morgan Exchange-Traded Funds
April 30, 2023

STATEMENTS OF CHANGES IN NET ASSETS
FOR THE PERIODS INDICATED
 
JPMorgan
Climate Change Solutions ETF
JPMorgan Social
Advancement ETF
 
Six Months Ended
April 30, 2023
(Unaudited)
Period Ended
October 31, 2022 (a)
Six Months Ended
April 30, 2023
(Unaudited)
Period Ended
October 31, 2022 (b)
CHANGE IN NET ASSETS RESULTING FROM OPERATIONS:
Net investment income (loss)
$95,627
$236,078
$85,132
$14,136
Net realized gain (loss)
(522,783
)
(3,152,866
)
(22,422
)
(42,592
)
Change in net unrealized appreciation/depreciation
2,652,818
(3,895,303
)
1,464,557
(41,602
)
Change in net assets resulting from operations
2,225,662
(6,812,091
)
1,527,267
(70,058
)
DISTRIBUTIONS TO SHAREHOLDERS:
Total distributions to shareholders
(221,238
)
(15,288
)
(60,392
)
CAPITAL TRANSACTIONS:
Change in net assets resulting from capital transactions
26,388,065
10,723,102
NET ASSETS:
Change in net assets
2,004,424
19,560,686
1,466,875
10,653,044
Beginning of period
19,560,686
10,653,044
End of period
$21,565,110
$19,560,686
$12,119,919
$10,653,044
CAPITAL TRANSACTIONS:
Proceeds from shares issued
$
$26,388,065
$
$10,723,102
Total change in net assets resulting from capital
transactions
$
$26,388,065
$
$10,723,102
SHARE TRANSACTIONS:
Issued
550,000
225,000
Net increase (decrease) in shares from share transactions
550,000
225,000

(a)
Commencement of operations was December 13, 2021.
(b)
Commencement of operations was September 7, 2022.
SEE NOTES TO FINANCIAL STATEMENTS.
April 30, 2023
J.P. Morgan Exchange-Traded Funds
25

STATEMENTS OF CHANGES IN NET ASSETS
FOR THE PERIODS INDICATED (continued)
 
JPMorgan Sustainable
Consumption ETF
JPMorgan Sustainable
Infrastructure ETF
 
Six Months Ended
April 30, 2023
(Unaudited)
Period Ended
October 31, 2022 (a)
Six Months Ended
April 30, 2023
(Unaudited)
Period Ended
October 31, 2022 (a)
CHANGE IN NET ASSETS RESULTING FROM OPERATIONS:
Net investment income (loss)
$65,572
$9,414
$78,569
$8,521
Net realized gain (loss)
69,585
16,687
32,143
29,434
Change in net unrealized appreciation/depreciation
845,594
(171,673
)
1,048,826
(997,062
)
Change in net assets resulting from operations
980,751
(145,572
)
1,159,538
(959,107
)
DISTRIBUTIONS TO SHAREHOLDERS:
Total distributions to shareholders
(44,163
)
(76,216
)
CAPITAL TRANSACTIONS:
Change in net assets resulting from capital transactions
10,721,311
10,624,193
NET ASSETS:
Change in net assets
936,588
10,575,739
1,083,322
9,665,086
Beginning of period
10,575,739
9,665,086
End of period
$11,512,327
$10,575,739
$10,748,408
$9,665,086
CAPITAL TRANSACTIONS:
Proceeds from shares issued
$
$10,721,311
$
$10,624,193
Total change in net assets resulting from capital
transactions
$
$10,721,311
$
$10,624,193
SHARE TRANSACTIONS:
Issued
225,000
225,000
Net increase (decrease) in shares from share transactions
225,000
225,000

(a)
Commencement of operations was September 7, 2022.
SEE NOTES TO FINANCIAL STATEMENTS.
26
J.P. Morgan Exchange-Traded Funds
April 30, 2023

THIS PAGE IS INTENTIONALLY LEFT BLANK
 
 
27

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 Climate Change Solutions ETF
Six Months Ended April 30, 2023  (Unaudited)
$35.56
$0.17
$3.88
$4.05
$(0.40
)
December 13, 2021(f) through October 31, 2022
48.00
0.43
(12.84
)
(12.41
)
(0.03
)
JPMorgan Social Advancement ETF
Six Months Ended April 30, 2023  (Unaudited)
47.35
0.38
6.41
6.79
(0.27
)
September 7, 2022(f) through October 31, 2022
48.00
0.07
(0.72
)
(0.65
)
JPMorgan Sustainable Consumption ETF
Six Months Ended April 30, 2023  (Unaudited)
47.00
0.29
4.08
4.37
(0.20
)
September 7, 2022(f) through October 31, 2022
48.00
0.04
(1.04
)
(1.00
)
JPMorgan Sustainable Infrastructure ETF
Six Months Ended April 30, 2023  (Unaudited)
42.96
0.35
4.80
5.15
(0.34
)
September 7, 2022(f) through October 31, 2022
48.00
0.04
(5.08
)
(5.04
)

 
(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)
Market price return was calculated assuming an initial investment made at the market price at the beginning of the reporting period, reinvestment of all
dividends and distributions at market price during the period, and sale at the market price on the last day of the period. The closing price was used to calculate
the market price return.
(f)
Commencement of operations.
(g)
Since the Shares of the Fund did not trade in the secondary market until the day after the Fund’s inception, for the period from the inception to the first day of
secondary market trading, the net asset value is used as a proxy for the secondary market trading price to calculate the market returns.
SEE NOTES TO FINANCIAL STATEMENTS.
28
J.P. Morgan Exchange-Traded Funds
April 30, 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)
Portfolio
turnover
rate (c)
$39.21
$39.33
11.44
%
11.31
%
$21,565,110
0.49
%
0.90
%
15
%
35.56
35.71
(25.87
)
(25.56
)(g)
19,560,686
0.49
1.26
32
53.87
53.96
14.39
14.36
12,119,919
0.49
1.50
12
47.35
47.44
(1.35
)
(1.17
)(g)
10,653,044
0.49
1.00
6
51.17
51.20
9.31
9.03
11,512,327
0.49
1.16
23
47.00
47.15
(2.08
)
(1.77
)(g)
10,575,739
0.49
0.66
1
47.77
47.91
12.02
12.09
10,748,408
0.49
1.50
30
42.96
43.06
(10.50
)
(10.29
)(g)
9,665,086
0.49
0.64
SEE NOTES TO FINANCIAL STATEMENTS.
April 30, 2023
J.P. Morgan Exchange-Traded Funds
29

NOTES TO FINANCIAL STATEMENTS
AS OF April 30, 2023 (Unaudited)
1. Organization
J.P. Morgan Exchange-Traded Fund Trust (the “Trust”) was formed on February 25, 2010, and is governed by a Declaration of Trust as amended and restated February 19, 2014, and is registered under the Investment Company Act of 1940, as amended (the “1940 Act”), as an open-end management investment company. 
The following are 4 separate funds of the Trust (each, a "Fund" and collectively, the "Funds") covered by this report:
 
Diversification Classification
JPMorgan Climate Change Solutions ETF
Non-Diversified
JPMorgan Social Advancement ETF
Non-Diversified
JPMorgan Sustainable Consumption ETF
Non-Diversified
JPMorgan Sustainable Infrastructure ETF
Non-Diversified
The investment objective of JPMorgan Climate Change Solutions ETF (“Climate Change Solutions ETF”) is to seek to achieve long-term capital appreciation by investing in companies that the adviser believes are developing solutions to address climate change.
The investment objective of JPMorgan Social Advancement ETF ("Social Advancement ETF") is to seek to achieve long-term capital appreciation by investing in companies that the adviser believes are facilitating social and economic advancement.
The investment objective of JPMorgan Sustainable Consumption ETF ("Sustainable Consumption ETF") is to seek 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.
The investment objective of JPMorgan Sustainable Infrastructure ETF ("Sustainable Infrastructure ETF") is to seek 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.
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
Climate Change Solutions ETF
NYSE Arca
Social Advancement ETF
Nasdaq Stock Market® LLC
Sustainable Consumption ETF
Nasdaq Stock Market® LLC
Sustainable Infrastructure ETF
Nasdaq Stock Market® LLC
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”).
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. 
30
J.P. Morgan Exchange-Traded Funds
April 30, 2023

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.
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.
Valuations reflected in this report are as of the report date. As a result, changes in valuation due to market events and/or issuer-related events after the report date and prior to issuance of the report are not reflected herein.
The various inputs that are used in determining the valuation of the Funds' investments are summarized into the three broad levels listed below.
Level 1 Unadjusted inputs using quoted prices in active markets for identical investments.
Level 2 Other significant observable inputs including, but not limited to, quoted prices for similar investments, inputs other than quoted prices that are observable for investments (such as interest rates, prepayment speeds, credit risk, etc.) or other market corroborated inputs.
Level 3 Significant inputs based on the best information available in the circumstances, to the extent observable inputs are not available (including the Funds' assumptions in determining the fair value of investments).
A financial instrument’s level within the fair value hierarchy is based on the lowest level of any input, both individually and in the aggregate, that is significant to the fair value measurement. The inputs or methodology used for valuing instruments are not necessarily an indication of the risk associated with investing in those instruments.
The following tables represent each valuation input as presented on the Schedules of Portfolio Investments ("SOIs"):
Climate Change Solutions ETF
 
 
 
Level 1
Quoted prices
Level 2
Other significant
observable inputs
Level 3
Significant
unobservable inputs
Total
Investments in Securities
Common Stocks
Canada
$362,676
$
$
$362,676
China
201,792
201,792
Denmark
221,740
221,740
Finland
529,445
529,445
France
1,134,197
1,134,197
Germany
2,423,631
2,423,631
Ireland
321,204
321,204
Italy
495,842
495,842
Japan
1,235,672
1,235,672
Netherlands
236,224
236,224
Norway
60,939
60,939
South Korea
1,262,737
1,262,737
Spain
937,328
937,328
April 30, 2023
J.P. Morgan Exchange-Traded Funds
31

NOTES TO FINANCIAL STATEMENTS
AS OF April 30, 2023 (Unaudited) (continued)
Climate Change Solutions ETF (continued)
 
 
 
Level 1
Quoted prices
Level 2
Other significant
observable inputs
Level 3
Significant
unobservable inputs
Total
Sweden
$
$568,645
$
$568,645
Switzerland
108,615
1,388,794
1,497,409
United Kingdom
521,361
397,845
919,206
United States
7,734,981
918,697
8,653,678
Total Common Stocks
8,727,633
12,334,732
21,062,365
Short-Term Investments
Investment Companies
70,409
70,409
Total Investments in Securities
$8,798,042
$12,334,732
$
$21,132,774
Social Advancement ETF
 
 
 
Level 1
Quoted prices
Level 2
Other significant
observable inputs
Level 3
Significant
unobservable inputs
Total
Investments in Securities
Common Stocks
Australia
$
$419,143
$
$419,143
Belgium
126,034
126,034
Brazil
147,570
147,570
China
188,628
188,628
Denmark
331,212
331,212
France
410,778
410,778
Germany
166,596
166,596
Hong Kong
161,129
161,129
India
315,356
315,356
Indonesia
131,098
131,098
Ireland
273,097
273,097
Japan
669,187
669,187
Mexico
256,437
256,437
Netherlands
819,124
819,124
Nigeria
127,196
127,196
Peru
123,151
123,151
Portugal
198,702
198,702
Puerto Rico
60,257
60,257
South Africa
108,559
108,559
Switzerland
139,629
75,685
215,314
United Kingdom
903,409
903,409
United States
5,524,754
157,196
5,681,950
Total Common Stocks
6,755,782
5,078,145
11,833,927
Short-Term Investments
Investment Companies
189,197
189,197
Total Investments in Securities
$6,944,979
$5,078,145
$
$12,023,124
32
J.P. Morgan Exchange-Traded Funds
April 30, 2023

Sustainable Consumption ETF
 
 
 
Level 1
Quoted prices
Level 2
Other significant
observable inputs
Level 3
Significant
unobservable inputs
Total
Investments in Securities
Common Stocks
Australia
$
$294,074
$
$294,074
Canada
229,937
229,937
China
231,856
52,591
284,447
Denmark
198,794
198,794
Finland
222,600
222,600
France
293,381
293,381
Germany
649,512
649,512
Ireland
332,674
332,674
Japan
764,788
764,788
Netherlands
272,883
272,883
Norway
176,499
176,499
Sweden
124,722
124,722
Switzerland
151,014
424,579
575,593
Taiwan
255,682
255,682
United Kingdom
162,305
274,793
437,098
United States
5,596,269
596,917
6,193,186
Total Common Stocks
6,627,063
4,678,807
11,305,870
Short-Term Investments
Investment Companies
97,938
97,938
Total Investments in Securities
$6,725,001
$4,678,807
$
$11,403,808
Sustainable Infrastructure ETF
 
 
 
Level 1
Quoted prices
Level 2
Other significant
observable inputs
Level 3
Significant
unobservable inputs
Total
Investments in Securities
Common Stocks
Australia
$
$384,520
$
$384,520
Austria
115,601
115,601
Belgium
260,981
260,981
Brazil
165,647
165,647
Canada
360,553
360,553
China
291,720
291,720
Denmark
105,995
105,995
France
308,371
308,371
Germany
444,304
444,304
Italy
434,464
434,464
Japan
108,963
108,963
Netherlands
162,385
162,385
Singapore
77,180
77,180
South Korea
215,374
215,374
Spain
1,314,434
1,314,434
United Kingdom
376,331
975,778
1,352,109
United States
4,390,442
4,390,442
Total Common Stocks
5,292,973
5,200,070
10,493,043
April 30, 2023
J.P. Morgan Exchange-Traded Funds
33

NOTES TO FINANCIAL STATEMENTS
AS OF April 30, 2023 (Unaudited) (continued)
Sustainable Infrastructure ETF (continued)
 
 
 
Level 1
Quoted prices
Level 2
Other significant
observable inputs
Level 3
Significant
unobservable inputs
Total
Short-Term Investments
Investment Companies
$229,759
$
$
$229,759
Total Investments in Securities
$5,522,732
$5,200,070
$
$10,722,802
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 April 30, 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 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.
Securities lending also involves counterparty risks, including the risk that the loaned securities may not be returned in a timely manner or at all. Subject to certain conditions, Citibank has agreed to indemnify the Funds from losses resulting from a borrower’s failure to return a loaned security.
JPMIM voluntarily waived management fees charged to the Funds to reduce the impact of the cash collateral investment in the JPMorgan U.S. Government Money Market Fund from 0.13% to 0.06%. For the six months ended April 30, 2023, JPMIM waived fees associated with the Funds' investment in the JPMorgan U.S. Government Money Market Fund as follows: 
Climate Change Solutions ETF
$6
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).
Social Advancement ETF, Sustainable Consumption ETF and Sustainable Infrastructure ETF did not lend out any securities during the six months ended April 30, 2023.
34
J.P. Morgan Exchange-Traded Funds
April 30, 2023

D. Investment Transactions with Affiliates  The Funds invested in Underlying Funds, which are 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.
Climate Change Solutions ETF
For the six months ended April 30, 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
April 30,
2023
Shares at
April 30,
2023
Dividend
Income
Capital Gain
Distributions
JPMorgan Prime Money Market Fund Class IM Shares,
4.95% (a) (b)
$
$418,329
$347,942
$35
$(13
)
$70,409
70,388
$1,933
$

 
(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.
Social Advancement ETF
For the six months ended April 30, 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
April 30,
2023
Shares at
April 30,
2023
Dividend
Income
Capital Gain
Distributions
JPMorgan Prime Money Market Fund Class IM
Shares, 4.95% (a) (b)
$421,937
$459,180
$691,937
$(90
)
$107
$189,197
189,140
$7,117
$

 
(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.
Sustainable Consumption ETF
For the six months ended April 30, 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
April 30,
2023
Shares at
April 30,
2023
Dividend
Income
Capital Gain
Distributions
JPMorgan Prime Money Market Fund Class IM Shares,
4.95% (a) (b)
$295,959
$498,302
$696,403
$(9
)
$89
$97,938
97,908
$2,915
$

 
(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.
Sustainable Infrastructure ETF
For the six months ended April 30, 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
April 30,
2023
Shares at
April 30,
2023
Dividend
Income
Capital Gain
Distributions
JPMorgan Prime Money Market Fund Class IM
Shares, 4.95% (a) (b)
$109,193
$806,867
$686,326
$(3
)
$28
$229,759
229,690
$4,109
$

 
(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.
April 30, 2023
J.P. Morgan Exchange-Traded Funds
35

NOTES TO FINANCIAL STATEMENTS
AS OF April 30, 2023 (Unaudited) (continued)
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 period end and are included in Change in net unrealized appreciation/depreciation on foreign currency translations on the Statements of Operations. 
F. 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.
G. 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 April 30, 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.
H. 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. 
I. Distributions to Shareholders  Distributions from net investment income, if any, 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.
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:
 
 
Climate Change Solutions ETF
0.49
%
Social Advancement ETF
0.49
Sustainable Consumption ETF
0.49
Sustainable Infrastructure ETF
0.49
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.
36
J.P. Morgan Exchange-Traded Funds
April 30, 2023

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.
4. Investment Transactions
During the six months ended April 30, 2023, purchases and sales of investments (excluding short-term investments) were as follows:
 
Purchases
(excluding
U.S. Government)
Sales
(excluding
U.S. Government)
Climate Change Solutions ETF
$3,097,663
$3,414,412
Social Advancement ETF
1,551,456
1,325,424
Sustainable Consumption ETF
2,722,928
2,536,771
Sustainable Infrastructure ETF
3,100,937
3,165,902
During the six months ended April 30, 2023, there were no purchases or sales of U.S. Government securities.
5. Federal Income Tax Matters
For Federal income tax purposes, the estimated cost and unrealized appreciation (depreciation) in value of investments held at April 30, 2023 were as follows:
 
Aggregate
Cost
Gross
Unrealized
Appreciation
Gross
Unrealized
Depreciation
Net Unrealized
Appreciation
(Depreciation)
Climate Change Solutions ETF
$22,375,709
$859,356
$2,102,291
$(1,242,935
)
Social Advancement ETF
10,600,249
1,572,859
149,984
1,422,875
Sustainable Consumption ETF
10,729,853
995,856
321,901
673,955
Sustainable Infrastructure ETF
10,671,087
689,221
637,506
51,715
April 30, 2023
J.P. Morgan Exchange-Traded Funds
37

NOTES TO FINANCIAL STATEMENTS
AS OF April 30, 2023 (Unaudited) (continued)
At October 31, 2022, the following Funds had net capital loss carryforwards which are available to offset future realized gains:
 
Capital Loss Carryforward Character
 
Short-Term
Climate Change Solutions ETF
$3,132,707
Social Advancement ETF
62,027
Sustainable Consumption ETF
5,164
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.
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).
The Funds had no borrowings outstanding from another fund, or loans outstanding to another fund, during the six months ended April 30, 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.
Significant shareholder transactions by these shareholders may impact the Funds' performance and liquidity.
As of April 30, 2023, the Adviser owned shares representing more than 10% of net assets of the following Funds:
 
% of Ownership
Climate Change Solutions ETF
82
%
Social Advancement ETF
89
Sustainable Consumption ETF
89
Sustainable Infrastructure ETF
89
Climate Change Solutions ETF’s investment strategy may result in the Climate Change Solutions ETF investing in securities or industry sectors that underperform the market. The Climate Change Solutions ETF’s focus on securities of issuers that, in the Adviser’s opinion, are developing solutions to address climate change and benefit from growing demand for such solutions will result in exposure to certain market segments including transportation, construction, food and water, renewable energy and electrification and recycling and reuse. Climate Change Solutions ETF will be more susceptible to events or factors affecting such market segments, and the market prices of its portfolio securities may be more volatile than those of funds that are more diversified. Climate Change Solutions ETF is particularly exposed to, and may be negatively impacted by changes in global and regional climates, environmental protection regulatory actions, changes in government standards and subsidy levels, changes in taxation and other domestic and international political, regulatory and economic developments. Companies involved in renewable energy and electrification also may be adversely affected by the increased use of, or decreases in prices for, oil or other fossil fuels. In addition, scientific developments, such as breakthroughs in the remediation of climate change, and changes in governmental policies relating to the effects of pollution may affect investments in pollution control, which could in turn affect these companies. Such companies also may be significantly affected by technological changes in industries focusing on energy, pollution control and mitigation of climate change. Because society’s focus on climate change issues is relatively new, the emphasis and direction of governmental policies is subject to significant change, and rapid technological change could render even new approaches and products obsolete. The Adviser may consider certain factors related to climate change that may cause it to perform differently compared to funds that do not have such considerations. The consideration of these factors may result in the Climate Change Solutions ETF forgoing opportunities to buy certain securities when it might otherwise be advantageous to do so, or selling securities for climate change reasons when it
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J.P. Morgan Exchange-Traded Funds
April 30, 2023

might otherwise be disadvantageous for it to do so. In addition, there is a risk that the companies identified by the Adviser do not operate as expected when addressing climate changes issues. There are significant differences in interpretations of what it means for a company to have solutions that address climate change.
Social Advancement ETF’s investment strategy and the Adviser’s determinations of what is considered social advancement may result in Social Advancement ETF investing in securities or industry sectors that underperform the market and other funds that do not have the same considerations. Social Advancement ETF's focus on securities of issuers that, in the Adviser’s opinion, are facilitating social and economic advancement and benefit from growing demand for investments that are furthering social advancement will result in exposure to certain market segments, including essential amenities, housing and infrastructure, healthcare and wellbeing, education and training, financing, and digital technology. Such focus may result in Social Advancement ETF’s forgoing opportunities to buy certain securities when it might otherwise be advantageous to do so, or selling securities for social advancement reasons when it might otherwise be disadvantageous for it to do so. In addition, there is a risk that the companies selected for their relation to the sub-themes do not operate as expected when addressing social advancement issues. Social Advancement ETF will be more susceptible to events or factors affecting such market segments, and the market prices of its portfolio securities may be more volatile than those of funds that are more diversified. The factors that the Adviser considers in evaluating social advancement and exposure to a sub-theme may change over time. There may also be differences in interpretations of what it means for a company to “facilitate social and economic advancement.” The portfolio decisions that the Adviser makes may differ with other investors’ or investment managers’ views. Social Advancement ETF is particularly exposed to, and may be negatively impacted by changes in global and regional standards, environmental protection regulatory actions, government regulation of affordable housing and medical facilities, changes in government standards and subsidy levels, changes in taxation and other domestic and international political, regulatory and economic developments. In addition, scientific developments, such as breakthroughs in electrical and water engineering and advancements in technology, including digital technology and changes in governmental policies relating to Social Advancement ETF’s sub-themes, may affect investments which could in turn affect these companies. Such companies also may be significantly affected by technological changes in industries focusing on essential amenities, affordable housing, education and training, medical and wellbeing, and digital infrastructure.
Sustainable Consumption ETF’s investment strategy and the Adviser’s determinations of what is considered sustainable consumption may result in Sustainable Consumption ETF investing in securities or industry sectors that underperform the market and other funds that do not have the same considerations. Sustainable Consumption ETF’s focus on securities of issuers that, in the Adviser’s opinion, are developing solutions to facilitate sustainable consumption and benefit from growing demand for such investments will result in exposure to certain market segments, including water, agriculture, production, materials and design, and recycling and reuse. Such focus may result in Sustainable Consumption ETF’s forgoing opportunities to buy certain securities when it might otherwise be advantageous to do so, or selling securities for sustainability reasons when it might otherwise be disadvantageous for it to do so. In addition, there is a risk that the companies selected for their relation to the sub-themes do not operate as expected when addressing sustainability issues. Sustainable Consumption ETF will be more susceptible to events or factors affecting such market segments, and the market prices of its portfolio securities may be more volatile than those of funds that are more diversified. The factors that the Adviser considers in evaluating sustainable consumption and exposure to a sub-theme may change over time. There may also be differences in interpretations of what it means for a company to help “preserve natural resources, improve resource use, or reduce waste.” The portfolio decisions that the Adviser makes may differ with other investors’ or investment managers’ views. Sustainable Consumption ETF is particularly exposed to, and may be negatively impacted by changes in global and regional standards, environmental protection regulatory actions and government regulation of natural resources, agriculture and manufacturing, changes in government standards and subsidy levels, changes in taxation and other domestic and international political, regulatory and economic developments. In addition, scientific developments, such as breakthroughs in water, agricultural, or industrial engineering and advancements in technology, including digital technology and changes in governmental policies relating to Sustainable Consumption ETF’s sub-themes, may affect investments which could in turn affect these companies. Such companies also may be significantly affected by technological changes in industries focusing on water systems, agriculture, production, materials and design, and recycling and reuse.
Sustainable Infrastructure ETF’s investment strategy and the Adviser’s determinations of what is considered sustainable infrastructure may result in Sustainable Infrastructure ETF investing in securities or industry sectors that underperform the market and other funds that do not have the same considerations. Sustainable Infrastructure ETF’s focus on securities of issuers that, in the Adviser’s opinion, are developing solutions to address sustainable infrastructure and benefit from growing demand for such solutions will result in exposure to certain market segments, including certain types of utilities, electricity, renewables, transportation, water, digital, sustainable logistics, and medical. Such focus may result in Sustainable Infrastructure ETF’s forgoing opportunities to buy certain securities when it might otherwise be advantageous to do so, or selling securities for sustainability reasons when it might otherwise be disadvantageous for it to do so. In addition, there is a risk that the companies selected for their relation to the sub-themes do not operate as expected when addressing sustainability issues. Sustainable Infrastructure ETF will be more susceptible to events or factors affecting such market segments, and the market prices of its portfolio securities may be more volatile than those of funds that are more diversified. The factors that the Adviser considers in evaluating sustainable infrastructure may change over time. There may also be differences in interpretations of what it means for a company to “facilitate a sustainable and inclusive economy.” The portfolio decisions that the Adviser makes may differ with other investors’ or investment managers’ views. Sustainable Infrastructure ETF is particularly exposed to, and may be negatively impacted by changes in global and regional standards, environmental protection regulatory actions, government regulation of medical facilities, changes in government standards and subsidy levels, changes in taxation and other domestic and international political, regulatory and economic developments. In addition, scientific developments, such as breakthroughs in electrical and water engineering and advancements in technology, including digital technology and changes in governmental policies relating to infrastructure, may affect investments in infrastructure
April 30, 2023
J.P. Morgan Exchange-Traded Funds
39

NOTES TO FINANCIAL STATEMENTS
AS OF April 30, 2023 (Unaudited) (continued)
which could in turn affect these companies. Such companies also may be significantly affected by technological changes in industries focusing on energy, transportation, and digital infrastructure.
The Funds 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.
As of April 30, 2023, the following Funds had non-U.S. country allocations representing greater than 10% of total investments  as follows:
 
Climate
Change Solutions
ETF
Sustainable
Infrastructure ETF
Germany
11.5
%
%
Spain
12.3
United Kingdom
12.6
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.
The Funds invest in foreign issuers and foreign securities (including depositary receipts) that are subject to additional risks, including political and economic risks, civil  and war, greater volatility, 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.
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. The Funds each invest 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. In addition, a Fund is limited in its ability to exercise its legal rights or enforce a counterparty’s legal obligations in certain jurisdictions outside of the United States, in particular, in emerging market countries.
The Funds are subject to infectious disease epidemics/pandemics risk. The worldwide outbreak of COVID-19 negatively affected economies, markets and individual companies throughout the world. The effects of this, or any future, pandemic to public health and business and market conditions may have a significant negative impact on the performance of a Fund's investments, increase a Fund's volatility, 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 that affect the instruments in which the Funds invest, or the issuers of such instruments, in ways that could also have a significant negative impact on a Fund’s investment performance. The ultimate impact of any pandemic 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.
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J.P. Morgan Exchange-Traded Funds
April 30, 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, November 1, 2022, and continued to hold your shares at the end of the reporting period, April 30, 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
November 1, 2022
Ending
Account Value
April 30, 2023
Expenses
Paid During
the Period*
Annualized
Expense
Ratio
JPMorgan Climate Change Solutions ETF
Actual
$1,000.00
$1,114.40
$2.57
0.49
%
Hypothetical
1,000.00
1,022.37
2.46
0.49
JPMorgan Social Advancement ETF
Actual
1,000.00
1,143.90
2.60
0.49
Hypothetical
1,000.00
1,022.37
2.46
0.49
JPMorgan Sustainable Consumption ETF
Actual
1,000.00
1,093.10
2.54
0.49
Hypothetical
1,000.00
1,022.37
2.46
0.49
JPMorgan Sustainable Infrastructure ETF
Actual
1,000.00
1,120.20
2.58
0.49
Hypothetical
1,000.00
1,022.37
2.46
0.49

 
*
Expenses are equal to each Fund's respective annualized expense ratio, multiplied by the average account value over the period, multiplied by
181/365 (to reflect the one-half year period).
April 30, 2023
J.P. Morgan Exchange-Traded Funds
41

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.
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J.P. Morgan Exchange-Traded Funds
April 30, 2023

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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.
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.

J.P. Morgan Asset Management is the brand name for the asset management business of JPMorgan Chase & Co. and its affiliates worldwide.
© JPMorgan Chase & Co., 2023. All rights reserved. April 2023.
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