Semi-Annual Report
J.P. Morgan Exchange-Traded Funds
December 31, 2023  (Unaudited)
Fund
Ticker
Listing Exchange
JPMorgan Active Growth ETF
JGRO
NYSE Arca, Inc.
JPMorgan Active Small Cap Value ETF
JPSV
NYSE Arca, Inc.
JPMorgan Active Value ETF
JAVA
NYSE Arca, Inc.
JPMorgan Equity Premium Income ETF
JEPI
NYSE Arca, Inc.
JPMorgan Market Expansion Enhanced Equity ETF
JMEE
NYSE Arca, Inc.
JPMorgan Nasdaq Equity Premium Income ETF
JEPQ
The NASDAQ Stock Market LLC
JPMorgan U.S. Tech Leaders ETF
JTEK
The NASDAQ Stock Market LLC


CONTENTS
 
 
1
2
3
3
6
9
12
15
18
21
24
53
62
64
78
79
83
86
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
February 7, 2024 (Unaudited)
Dear Shareholder,
U.S. equity markets surged through the end of 2023 and into early 2024 as the risk of economic recession receded and the prospect of lower interest rates drove investor optimism. Globally, financial markets largely generated positive returns, despite heightened geopolitical tensions and signs of economic weakness across Europe and China.

“Investors appear to have begun
2024 with a positive outlook, with the
U.S. economy and its financial
markets leading global growth.”
— Brian S. Shlissel

Inflation pressures eased sufficiently during the second half of 2023 to allow the U.S. Federal Reserve (the “Fed”) to hold the benchmark discount interest rate at 5.25% at its June 2023 meeting, ending a string of 10 consecutive interest rate increases. The Fed raised rates once more in July 2023, then held the benchmark rate at 5.50% for the remainder of the 2023.
In the face of elevated interest rates, the U.S. economy proved surprisingly resilient and largely led developed markets in growth through the end of 2023. Gross domestic product outpaced economists’ consensus expectations with a 4.9% jump in the third quarter and estimated growth of 3.3% in the fourth quarter. Though the U.S. economy continued to expand, inflation data indicated that the Fed’s efforts to cool the domestic economy appeared to be effective.
Certain other measures of the U.S. economy showed little sign of weakness. Consumer spending remained elevated in the second half of 2023 and rose month-to-month to reach approximately $709.9 billion in retail sales in December 2023. The unemployment rate settled at 3.7% in the final two months of 2023 as approximately 333,000 jobs were added in December alone. Further, an estimated 353,000 jobs were added in January 2024, approximately double the increase anticipated by certain economists.
Both equity and bond markets in the U.S. performed well, buoyed by the overall strength shown by the U.S. economy and the apparent turn in Fed policy. Stronger-than-expected  consumer spending and corporate earnings, as well as investor expectations for artificial-intelligence-driven productivity gains bolstered demand for equities in recent months. Certain leading U.S. equity indexes returned more than 9% in November and in excess of 5% in December 2023. In January 2024, the S&P 500 Index reached six new closing highs and surpassed 4,800 points for the first time. However, equity market gains were not broadly spread: The largest 10 stocks in the S&P 500 Index comprised approximately 90% of the index’s price gains for all of 2023.
While U.S. financial markets largely appeared to withstand increased geopolitical tensions in 2023, the potential for the conflicts in Ukraine and Israel to expand in intensity and geography may threaten global economic growth and increase market volatility. Additionally, the Fed may be forced to change policy should the strength of U.S. economy recede or the downward trend in inflation were to reverse.
Investors appear to have begun 2024 with a positive outlook, with the U.S. economy and its financial markets leading global growth. While risks to the growth outlook remain, we believe investors who hold a well-diversified portfolio over the long term should be positioned to benefit from positive economic trends.
Our suite of investment solutions seeks to provide investors with the ability to build durable portfolios that meet their financial goals, regardless of macroeconomic and geopolitical uncertainties.
Sincerely,
Brian S. Shlissel
President, J.P. Morgan Exchange-Traded Funds
J.P. Morgan Asset Management
1-844-4JPM-ETF or jpmorgan.com/etfs for more information
December 31, 2023
J.P. Morgan Exchange-Traded Funds
1


J.P. Morgan Exchange-Traded Funds
MARKET OVERVIEW
SIX MONTHS ENDED December 31, 2023 (Unaudited) 
U.S. equity markets largely rallied in the final two months of 2023, rebounding from three months of declines to generate positive returns for the six month period. Investor demand for large cap stocks in the technology and communications sectors was a leading driver of equity market returns. Bond markets generally provided positive returns but underperformed equity markets.
After raising its policy benchmark interest rates by 0.25% in July 2023, the U.S. Federal Reserve (the “Fed”) declined to raise rates further at its next three meetings for the year. More importantly for investors, the central bank stated in December 2023 that it could begin to lower interest rates in the first half of 2024, if inflationary pressures continued to recede.
While the U.S. economic growth showed signs of slowing in mid-2023, third-quarter gross domestic product exceeded economists’ consensus expectations with a 4.9% increase. Growth was largely driven by resilient consumer spending and inventory building by businesses. The unemployment rate in the U.S. remained historically low at 3.8% for most of the six-month period before settling at 3.7% in December 2023. The data and the outlook for interest rates fed investor expectations that the U.S. could avoid an economic recession in 2024.
U.S. equities generally outperformed both international developed markets and emerging markets equities for the period. Overall, gains in U.S. markets were led by large capitalization stocks in the technology and communications sectors, particularly the so-called Magnificent Seven: Apple Inc., Amazon.com Inc., Alphabet Inc., Meta Platforms Inc., Microsoft Corp., Nvidia Corp. and Tesla Inc. At the end of 2023, the 10 largest companies in the S&P 500 Index accounted for 31.2% of the index’s total market capitalization. Notably, only within small cap stocks did value outperform growth for the period. 
2
J.P. Morgan Exchange-Traded Funds
December 31, 2023


JPMorgan Active Growth ETF
FUND COMMENTARY
SIX MONTHS ENDED December 31, 2023 (Unaudited)
REPORTING PERIOD RETURN:
 
Net Asset Value*
9.77%
Market Price**
9.78%
Russell 1000 Growth Index
10.59%
Net Assets as of 12/31/2023
$862,410,523
Fund Ticker
JGRO
INVESTMENT OBJECTIVE***
The JPMorgan Active Growth ETF (the “Fund”) seeks to provide long-term capital appreciation.
INVESTMENT APPROACH
The Fund invests primarily in equity securities of U.S. large-capitalization companies, but the adviser has discretion to invest in securities across the whole market capitalization spectrum, including securities of mid-capitalization and small-capitalization companies. In implementing its main strategies, the Fund invests primarily in common stocks of companies that the adviser believes have strong earnings growth potential.
WHAT WERE THE MAIN DRIVERS OF THE FUND’S PERFORMANCE?
For the six months ended December 31, 2023, the Fund had a positive absolute return and underperformed the Russell 1000 Growth Index (the “Benchmark").
The Fund’s security selection in the health care and energy sectors was a leading detractor from performance relative to the Benchmark, while the Fund’s security selection in the information technology and consumer discretionary sectors was a leading contributor to relative performance.
Leading individual detractors from relative performance included the Fund’s overweight positions in Exact Sciences Inc., Align Technology Inc. and Oracle Inc. Shares of Exact Sciences, a provider of cancer screening and medical diagnostic tests, fell following a rally in the shares in the first half of 2023. Shares of Align Technology, a maker of clear dental aligners, fell after the company reported lower-than-expected earnings and revenue for the third quarter of 2023. Shares of Oracle, a software developer, fell after the company reported consecutive quarters of lower-than-expected revenue.
Leading individual contributors to relative performance included the Fund’s underweight position in Apple Inc. and its overweight positions in Uber Technologies Inc. and Intuit Inc. Shares of Apple, a diversified information technology provider, fell late in the period following a rally that pushed the company’s share price to a record high on December 14, 2023. Shares of Uber Technologies, a ride-hailing service, rose amid
increased bookings and after the company was included in the S&P 500 Index. Shares of Intuit, a financial software developer, rose after the company reported better-than-expected earnings and revenue for its fiscal first quarter.
HOW WAS THE FUND POSITIONED?
During the period, the Fund’s portfolio managers employed a bottom-up approach to stock selection, based on company fundamentals, quantitative screening and proprietary fundamental analysis. As a result of this process, the Fund’s largest sector allocations were to the information technology and consumer discretionary sectors and it had no allocations to
the real estate and utilities sectors.
TOP TEN HOLDINGS OF THE
PORTFOLIO AS OF December 31, 2023
PERCENT OF
TOTAL
INVESTMENTS
1.
Microsoft Corp.
10.7
%
2.
Amazon.com, Inc.
6.5
3.
Apple, Inc.
6.1
4.
NVIDIA Corp.
4.9
5.
Meta Platforms, Inc., Class A
4.9
6.
Alphabet, Inc., Class C
4.0
7.
Eli Lilly & Co.
3.4
8.
Mastercard, Inc., Class A
3.0
9.
Broadcom, Inc.
2.5
10.
Tesla, Inc.
2.3
PORTFOLIO COMPOSITION
BY SECTOR AS OF December 31, 2023
PERCENT OF
TOTAL
INVESTMENTS
Information Technology
40.3%
Consumer Discretionary
16.2
Communication Services
12.1
Health Care
11.1
Industrials
9.2
Financials
6.2
Energy
1.6
Consumer Staples
0.8
Materials
0.4
Short-Term Investments
2.1
December 31, 2023
J.P. Morgan Exchange-Traded Funds
3


JPMorgan Active Growth ETF
FUND COMMENTARY
SIX MONTHS ENDED December 31, 2023 (Unaudited) (continued)  

*
The return shown is based on net asset value and may differ from the return shown in the financial highlights, which reflects adjustments made to the net asset value in accordance with accounting principles generally accepted in the United States of America. The net asset value was $61.06 as of December 31, 2023.
**
Market price return was calculated assuming an initial investment made at the market price at the beginning of the reporting period, reinvestment of all dividends and distributions at the market price during the period, and sale at the market price on the last day of the period. The price used to calculate the market price return was the closing price on the NYSE Arca, Inc. As of December 31, 2023, the closing price was $61.09.
***
The adviser seeks to achieve the Fund’s objective. There can be no guarantee it will be achieved.
4
J.P. Morgan Exchange-Traded Funds
December 31, 2023


AVERAGE ANNUAL TOTAL RETURNS AS OF December 31, 2023 
 
INCEPTION DATE
SIX MONTHS*
1 YEAR
SINCE
INCEPTION
JPMorgan Active Growth ETF
 
Net Asset Value
August 8, 2022
9.77
%
37.66
%
15.73
%
Market Price
 
9.78
37.73
15.77

 
*
Not annualized.
LIFE OF FUND PERFORMANCE (8/8/22 TO 12/31/23)
The performance quoted is past performance and is not a guarantee of future results. Exchange-traded funds are subject to certain market risks. Investment returns and principal value of an investment will fluctuate so that an investor’s shares, when sold or redeemed, may be worth more or less than their original cost. Current performance may be higher or lower than the performance data shown. Updated performance information is available by visiting www.jpmorganfunds.com or by calling 1-844-457-6383. 
Fund commenced operations on August 8, 2022.
The graph illustrates comparative performance for $10,000 invested in shares of the JPMorgan Active Growth ETF and the Russell 1000 Growth Index from August 8, 2022 to December 31, 2023. The performance of the Fund reflects the deduction of Fund expenses and assumes reinvestment of all dividends and capital gain distributions, if any. The Russell 1000 Growth Index does not reflect the deduction of expenses associated with an exchange-traded fund and has been adjusted to reflect reinvestment of all dividends and capital gain distributions of the securities included in the Index, if applicable. The Russell
1000 Growth Index is an unmanaged index measuring the performance of those Russell 1000 companies with higher price-to-book ratios and higher forecasted growth values. 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.
Frank Russell Company is the source and owner of the Russell Index data contained or reflected in this material and all trademarks and copyrights related thereto. Frank Russell Company is not responsible for the formatting or configuration of this material or for any inaccuracy in the adviser's presentation thereof.
December 31, 2023
J.P. Morgan Exchange-Traded Funds
5


JPMorgan Active Small Cap Value ETF
FUND COMMENTARY
SIX MONTHS ENDED December 31, 2023 (Unaudited)
REPORTING PERIOD RETURN:
 
Net Asset Value*
11.57%
Market Price**
11.56%
Russell 2000 Value Index
11.85%
Net Assets as of 12/31/2023
$14,407,004
Fund Ticker
JPSV
INVESTMENT OBJECTIVE ***
The JPMorgan Active Small Cap Value ETF (the “Fund”) seeks to provide long-term capital appreciation.
INVESTMENT APPROACH
The Fund seeks to invest in attractively valued companies with durable businesses, strong balance sheets and which are led by managements who have proven their ability to increase the intrinsic value per share of the company.
WHAT WERE THE MAIN DRIVERS OF THE FUND’S PERFORMANCE?
The Fund underperformed the Russell 2000 Value Index (the “Benchmark”) for the six months ended December 31, 2023.
The Fund’s security selection in the real estate and financials sectors was a leading detractor from performance relative to the Benchmark, while the Fund’s security selection in the industrials and material sectors was a leading contributor to relative performance.
Leading individual detractors from relative performance included the Fund’s overweight positions in Patterson Cos. and Everi Holdings Inc., and its out-of-Benchmark position in IAC Inc. Shares of Patterson, a distributor of dental and veterinary health care products, fell after reporting consecutive quarters of lower-than-expected revenue and earnings during the period. Shares of Everi Holdings, a  provider of casino and gaming systems, fell after the company reported lower-than-
expected revenue for the second quarter of 2023 and mixed results for the third quarter of 2023. Shares of IAC, a provider of interactive media and services, fell amid consecutive quarters of lower-than-expected earnings.
Leading individual contributors to relative performance included the Fund’s overweight positions in Independent Bank Corp. and Hostess Brands Inc., and its out
-of-Benchmark position in Hawkins Inc. Shares of Independent Bank, a regional bank based in Grand Rapids, Michigan, rose after reporting consecutive quarters of better-than-expected earnings and revenue during the period and amid investor expectations that regional banks would benefit from lower interest rates in 2024. Shares of Hostess Brands, a snacks manufacturer, rose on news reports that it had agreed to be acquired by J.M. Smucker Co. for an estimated $5.6 billion. Shares of Hawkins, a specialty chemicals and ingredients manufacturer, rose after the company reported better-than-expected earnings and revenue for consecutive quarters during the period.
HOW WAS THE FUND POSITIONED?
During the period, the Fund’s portfolio managers implemented an investment process that sought to systematically identify high quality small cap companies at attractive valuations. As a result of this process, the Fund’s largest sector allocations were to the financials and industrials sectors and its smallest allocations were to the communication services and consumer
staples sectors.
6
J.P. Morgan Exchange-Traded Funds
December 31, 2023



*
The return shown is based on net asset value and may differ from the return shown in the financial highlights, which reflects adjustments made to the net asset value in accordance with accounting principles generally accepted in the United States of America. The net asset value was $54.37 as of December 31, 2023.
**
Market price return was calculated assuming an initial investment made at the market price at the beginning of the reporting period, reinvestment of all dividends and distributions at the market price during the period, and sale at the market price on the last day of the period. The price used to calculate the market price return was the closing price on the NYSE Arca, Inc. As of December 31, 2023, the closing price was $54.41.
***
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 December 31, 2023
PERCENT OF
TOTAL
INVESTMENTS
1.
Selective Insurance Group, Inc.
2.1
%
2.
Encompass Health Corp.
1.5
3.
Independent Bank Corp.
1.4
4.
Patterson Cos., Inc.
1.4
5.
HB Fuller Co.
1.4
6.
SouthState Corp.
1.3
7.
Chord Energy Corp.
1.3
8.
Radian Group, Inc.
1.3
9.
Safety Insurance Group, Inc.
1.3
10.
Matador Resources Co.
1.2
PORTFOLIO COMPOSITION BY SECTOR
AS OF December 31, 2023
PERCENT OF
TOTAL
INVESTMENTS
Financials
25.8%
Industrials
17.2
Consumer Discretionary
9.6
Real Estate
8.3
Energy
7.0
Information Technology
6.8
Health Care
5.5
Utilities
4.7
Materials
4.7
Communication Services
3.4
Consumer Staples
3.0
Short-Term Investments
4.0
December 31, 2023
J.P. Morgan Exchange-Traded Funds
7


JPMorgan Active Small Cap Value ETF
FUND COMMENTARY
SIX MONTHS ENDED December 31, 2023 (Unaudited) (continued)  
TOTAL RETURNS AS OF December 31, 2023 
 
INCEPTION DATE
SIX MONTHS*
CUMULATIVE SINCE
INCEPTION
JPMorgan Active Small Cap Value ETF
 
Net Asset Value
March 7, 2023
11.57
%
9.92
%
Market Price
 
11.56
10.00

 
*
Not annualized.
LIFE OF FUND PERFORMANCE (3/7/23 TO 12/31/23)
The performance quoted is past performance and is not a guarantee of future results. Exchange-traded funds are subject to certain market risks. Investment returns and principal value of an investment will fluctuate so that an investor’s shares, when sold or redeemed, may be worth more or less than their original cost. Current performance may be higher or lower than the performance data shown. Updated performance information is available by visiting www.jpmorganfunds.com or by calling 1-844-457-6383. 
Fund commenced operations on March 7, 2023.
The graph illustrates comparative performance for $10,000 invested in shares of the JPMorgan Active Small Cap Value ETF and the Russell 2000 Value Index from March 7, 2023 to December 31, 2023. The performance of the Fund reflects the deduction of Fund expenses and assumes reinvestment of all dividends and capital gain distributions, if any. The Russell 2000 Value Index does not reflect the deduction of expenses associated with an exchange-traded fund and has been adjusted to reflect reinvestment of all dividends and capital gain distributions of the securities included in the Index, if applicable. The
Russell 2000 Value Index is an unmanaged index measuring performance of those Russell 2000 companies with lower price-to-book ratios and lower forecasted growth values. 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.
Frank Russell Company is the source and owner of the Russell Index data contained or reflected in this material and all trademarks and copyrights related thereto. Frank Russell Company is not responsible for the formatting or configuration of this material or for any inaccuracy in the adviser's presentation thereof.
8
J.P. Morgan Exchange-Traded Funds
December 31, 2023


JPMorgan Active Value ETF
FUND COMMENTARY
SIX MONTHS ENDED December 31, 2023 (Unaudited)
REPORTING PERIOD RETURN:
 
Net Asset Value*
5.59%
Market Price**
5.64%
Russell 1000 Value Index
6.03%
Net Assets as of 12/31/2023
$782,345,993
Fund Ticker
JAVA
INVESTMENT OBJECTIVE***
The JPMorgan Active Value ETF (the “Fund”) seeks to provide long-term capital appreciation.
INVESTMENT APPROACH
The Fund invests in companies whose securities are, in the adviser’s opinion, undervalued when purchased, but which have the potential to increase the intrinsic value per share. The Fund employs a bottom-up approach to stock selection, constructing a portfolio based on company fundamentals, quantitative screening and proprietary fundamental analysis.
WHAT WERE THE MAIN DRIVERS OF THE FUND’S PERFORMANCE?
The Fund underperformed the Russell 1000 Value Index (the “Benchmark”) for the six months ended December 31, 2023.
The Fund’s security selection in the materials and industrials sectors was a leading detractor from performance relative to the Benchmark, while the Fund’s security selection in the financials and consumer discretionary sectors was a leading contributor to performance.
Leading individual detractors from relative performance included the Fund’s overweight positions in Bristol-Myers Squibb Co., Chemours Co. and RTX Corp. Shares of Bristol-Myers Squibb, a developer and manufacturer of pharmaceuticals, fell after the company reported a decline in sales for the third quarter of 2023, amid increased competition from generic versions of the company’s leading anti-cancer drug. Shares of Chemours, a diversified chemicals manufacturer, fell after the company reported lower-than-expected earnings for the third quarter of 2023, and lowered its earnings forecast for the full year 2023. Shares of RTX, an aerospace and defense manufacturer formerly known as Raytheon Technologies, fell after the company said the recall of certain Pratt & Whitney jet engines would hurt earnings.
Leading individual contributors to relative performance included the Fund’s out-of-Benchmark positions in AbbVie Inc.
and Kontoor Brands Inc. and its overweight position in Centene Corp. Shares of AbbVie, a developer and manufacturer of pharmaceuticals, rose amid investor expectations that the company would benefit from mergers and acquisitions activity in the broader pharmaceuticals sector. Shares of Kontoor Brands, an apparel and luxury goods manufacturer, rose after the company reported better-than-expected earnings and revenue for the second quarter of 2023. Shares of Centene, a managed health care provider, rose after the  company reported consecutive quarters of better-than-expected earnings and revenue during the period.
HOW WAS THE FUND POSITIONED?
During the period, the Fund’s portfolio managers employed a bottom-up approach to stock selection, constructing portfolios based on company fundamentals, quantitative screening and proprietary fundamental analysis. As a result of this process, the Fund’s largest sector allocations were to the financials and health care sectors and its smallest allocations were to the real estate and materials sectors.
TOP TEN HOLDINGS OF THE
PORTFOLIO AS OF December 31, 2023
PERCENT OF
TOTAL
INVESTMENTS
1.
Bank of America Corp.
3.3
%
2.
Wells Fargo & Co.
2.2
3.
Chevron Corp.
2.2
4.
AbbVie, Inc.
1.9
5.
Exxon Mobil Corp.
1.9
6.
Berkshire Hathaway, Inc., Class B
1.9
7.
Bristol-Myers Squibb Co.
1.7
8.
Texas Instruments, Inc.
1.5
9.
Comcast Corp., Class A
1.4
10.
United Parcel Service, Inc., Class B
1.4
December 31, 2023
J.P. Morgan Exchange-Traded Funds
9


JPMorgan Active Value ETF
FUND COMMENTARY
SIX MONTHS ENDED December 31, 2023 (Unaudited) (continued)  

*
The return shown is based on net asset value and may differ from the return shown in the financial highlights, which reflects adjustments made to the net asset value in accordance with accounting principles generally accepted in the United States of America. The net asset value was $55.58 as of December 31, 2023.
**
Market price return was calculated assuming an initial investment made at the market price at the beginning of the reporting period, reinvestment of all dividends and distributions at the market price during the period, and sale at the market price on the last day of the period. The price used to calculate the market price return was the closing price on the NYSE Arca, Inc. As of December 31, 2023, the closing price was $55.62.
***
The adviser seeks to achieve the Fund’s objective. There can be no guarantee it will be achieved.
PORTFOLIO COMPOSITION BY SECTOR
AS OF December 31, 2023
PERCENT OF
TOTAL
INVESTMENTS
Financials
23.8%
Health Care
14.3
Industrials
14.1
Information Technology
7.8
Energy
6.6
Consumer Discretionary
6.2
Communication Services
6.0
Consumer Staples
6.0
Materials
5.7
Utilities
3.9
Real Estate
2.8
Short-Term Investments
2.8
10
J.P. Morgan Exchange-Traded Funds
December 31, 2023


AVERAGE ANNUAL TOTAL RETURNS AS OF December 31, 2023 
 
INCEPTION DATE
SIX MONTHS*
1 YEAR
SINCE
INCEPTION
JPMorgan Active Value ETF
 
Net Asset Value
October 4, 2021
5.59
%
10.33
%
6.96
%
Market Price
 
5.64
10.45
6.99

 
*
Not annualized.
LIFE OF FUND PERFORMANCE (10/4/21 TO 12/31/23)
The performance quoted is past performance and is not a guarantee of future results. Exchange-traded funds are subject to certain market risks. Investment returns and principal value of an investment will fluctuate so that an investor’s shares, when sold or redeemed, may be worth more or less than their original cost. Current performance may be higher or lower than the performance data shown. Updated performance information is available by visiting www.jpmorganfunds.com or by calling 1-844-457-6383. 
Fund commenced operations on October 4, 2021.
The graph illustrates comparative performance for $10,000 invested in shares of the JPMorgan Active Value ETF and the Russell 1000 Value Index from October 4, 2021 to December 31, 2023. The performance of the Fund reflects the deduction of Fund expenses and assumes reinvestment of all dividends and capital gain distributions, if any. The Russell 1000 Value Index does not reflect the deduction of expenses associated with an exchange-traded fund and has been adjusted to reflect reinvestment of all dividends and capital gain distributions of the securities included in the Index, if applicable. The Russell
1000 Value Index is an unmanaged index measuring the performance of those Russell 1000 companies with lower price to-book ratios and lower forecasted growth values. 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.
Frank Russell Company is the source and owner of the Russell Index data contained or reflected in this material and all trademarks and copyrights related thereto. Frank Russell Company is not responsible for the formatting or configuration of this material or for any inaccuracy in the adviser's presentation thereof.
December 31, 2023
J.P. Morgan Exchange-Traded Funds
11


JPMorgan Equity Premium Income ETF
FUND COMMENTARY
SIX MONTHS ENDED December 31, 2023 (Unaudited)
REPORTING PERIOD RETURN:
 
Net Asset Value*
4.14%
Market Price**
4.08%
S&P 500 Index
8.04%
ICE BofA 3-Month US Treasury Bill Index
2.71%
Net Assets as of 12/31/2023
$30,543,085,184
Fund Ticker
JEPI
INVESTMENT OBJECTIVE***
The JPMorgan Equity Premium Income ETF (the “Fund”) seeks current income while maintaining prospects for capital appreciation.
INVESTMENT APPROACH
The Fund seeks to generate income by investing in a combination of options-based equity-linked notes and a portfolio of U.S. large and mid cap stocks, comprised significantly of those included in the S&P 500 Index (the “Benchmark”), seeking to provide monthly distributions at a relatively stable level. The Fund seeks to deliver a significant portion of the returns associated with the Benchmark, while exposing investors to lower volatility than the Benchmark and also providing incremental income. The Fund uses a proprietary research process designed to identify overvalued and undervalued stocks with attractive risk/return characteristics.
WHAT WERE THE MAIN DRIVERS OF THE FUND’S PERFORMANCE?
The Fund underperformed the Benchmark and outperformed the ICE BofA 3-Month US Treasury Bill Index for the six months ended December 31, 2023. The Fund captured 51% of the Benchmark’s total return with about 68% of the Benchmark’s volatility during the reporting period, resulting in distributed income of $2.53 per share.
The Fund’s overweight positions in the consumer staples and utilities sectors were leading detractors from performance relative to the Benchmark, while the Fund’s security selection in the health care and information technology sectors was a leading contributor to relative performance.
Leading individual detractors from performance relative to the Benchmark included the Fund’s overweight positions in Hershey Co., Texas Instruments Inc. and Bristol-Myers Squibb Co. Shares of Hershey, a maker of chocolates and other snacks, fell amid
rising global cocoa prices and investor concerns that widespread use of new weight-loss drugs would reduce demand for confectionary products. Shares of Texas Instruments, a semiconductor manufacturer, fell after the company reported lower-than-expected revenue for the third quarter of 2023 and issued a weaker-than-expected earnings forecast. Shares of Bristol-Myers Squibb, a developer and manufacturer of pharmaceuticals, fell after the company reported a decline in sales for the third quarter of 2023, amid increased competition from generic versions of the company’s leading anti-cancer drug.
Leading individual contributors to performance relative to the Benchmark included the Fund’s overweight positions in Intuit Inc. and Trane Technologies PLC and its underweight position in Pfizer Inc. Shares of Intuit, a financial software developer, rose after the company reported better-than-expected earnings and revenue for its fiscal first quarter. Shares of Trane Technologies, a supplier of heating, cooling and ventilation systems, rose after the company reported consecutive quarters of better-than-expected earnings and revenue during the period. Shares of Pfizer, a pharmaceuticals developer and health care products manufacturer not held in the Fund, fell after the company issued a weaker-than-expected earnings forecast.
HOW WAS THE FUND POSITIONED?
During the reporting period, the Fund’s portfolio managers maintained a defensive equity portfolio, investing primarily in common stocks of large cap U.S. companies, with reduced volatility compared with the Benchmark, while using options-based equity-linked notes in a consistent and disciplined manner. The combination of the diversified portfolio of equity securities and income from options-based equity-linked notes provided the Fund with returns associated with equity market investments, less risk compared with the
equity market, and a stream of distributable monthly income.
12
J.P. Morgan Exchange-Traded Funds
December 31, 2023



*
The return shown is based on net asset value and may differ from the return shown in the financial highlights, which reflects adjustments made to the net asset value in accordance with accounting principles generally accepted in the United States of America. The net asset value was $54.97 as of December 31, 2023.
**
Market price return was calculated assuming an initial investment made at the market price at the beginning of the reporting period, reinvestment of all dividends and distributions at the market price during the period, and sale at the market price on the last day of the period. The price used to calculate the market price return was the closing price on the NYSE Arca, Inc. As of December 31, 2023, the closing price was $54.98.
***
The adviser seeks to achieve the Fund’s objective. There can be no guarantee it will be achieved.
****
Equity-Linked Notes that are linked to the S&P 500 Index.
TOP TEN HOLDINGS OF THE
PORTFOLIO AS OF December 31, 2023
PERCENT OF
TOTAL
INVESTMENTS
1.
Amazon.com, Inc.
1.7
%
2.
Microsoft Corp.
1.7
3.
Intuit, Inc.
1.6
4.
Trane Technologies plc
1.6
5.
Progressive Corp. (The)
1.6
6.
Mastercard, Inc., Class A
1.5
7.
Accenture plc, Class A
1.5
8.
Adobe, Inc.
1.5
9.
Visa, Inc., Class A
1.5
10.
AbbVie, Inc.
1.4
PORTFOLIO COMPOSITION BY SECTOR
AS OF December 31, 2023
PERCENT OF
TOTAL
INVESTMENTS
Information Technology
14.8%
Financials
12.1
Industrials
11.8
Health Care
11.8
Consumer Staples
10.7
Consumer Discretionary
7.6
Communication Services
4.2
Utilities
4.1
Real Estate
3.1
Materials
3.0
Energy
2.5
Other****
13.7
Short-Term Investments
0.6
December 31, 2023
J.P. Morgan Exchange-Traded Funds
13


JPMorgan Equity Premium Income ETF
FUND COMMENTARY
SIX MONTHS ENDED December 31, 2023 (Unaudited) (continued)  
AVERAGE ANNUAL TOTAL RETURNS AS OF December 31, 2023 
 
INCEPTION DATE
SIX MONTHS*
1 YEAR
SINCE
INCEPTION
JPMorgan Equity Premium Income ETF
 
Net Asset Value
May 20, 2020
4.14
%
9.88
%
12.37
%
Market Price
 
4.08
9.81
12.37

 
*
Not annualized.
LIFE OF FUND PERFORMANCE (5/20/20 TO 12/31/23)
The performance quoted is past performance and is not a guarantee of future results. Exchange-traded funds are subject to certain market risks. Investment returns and principal value of an investment will fluctuate so that an investor’s shares, when sold or redeemed, may be worth more or less than their original cost. Current performance may be higher or lower than the performance data shown. Updated performance information is available by visiting www.jpmorganfunds.com or by calling 1-844-457-6383. 
Fund commenced operations on May 20, 2020.
The graph illustrates comparative performance for $10,000 invested in shares of the JPMorgan Equity Premium Income ETF, the S&P 500 Index and the ICE BofA 3-Month US Treasury Bill Index from May 20, 2020 to December 31, 2023. The performance of the Fund reflects the deduction of Fund expenses and assumes reinvestment of all dividends and capital gain distributions, if any. The performance of the S&P 500 Index and the ICE BofA 3-Month US Treasury Bill Index does not reflect the deduction of expenses associated with an exchange-traded fund and approximates the minimum possible dividend reinvestment of the securities included in the benchmarks, if applicable. The S&P 500 Index is an unmanaged index generally representative of the performance of large companies in the U.S. stock market. The ICE BofA 3-Month US Treasury Bill Index is comprised of a single issue purchased at the beginning of the month and held for a full month. Each month the ICE BofA 3-Month US Treasury Bill Index is rebalanced and the issue selected is the outstanding Treasury Bill that matures closest to, but not beyond, 3 months from the rebalancing date. 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.
The S&P 500 Index (“Index”) is a product of S&P Dow Jones Indices LLC and/or its affiliates and have been licensed for use by the adviser. Copyright © 2023. S&P Dow Jones Indices LLC, a subsidiary of S&P Global, Inc., and/or its affiliates. All rights reserved. Redistribution or reproduction in whole or in part are prohibited without written permission of S&P Dow Jones Indices LLC. For more information on any of S&P Dow Jones Indices LLC’s indices please visit www.spdji.com. S&P® is a registered trademark of Standard & Poor’s Financial Services LLC and Dow Jones® is a registered trademark of Dow Jones Trademark Holdings LLC. Neither S&P Dow Jones Indices LLC, Dow Jones Trademark Holdings LLC, their affiliates nor their third party licensors make any representation or warranty, express or implied, as to the ability of any index to accurately represent the asset class or market sector that it purports to represent and neither S&P Dow Jones Indices LLC, Dow Jones Trademark Holdings LLC, their affiliates nor their third party licensors shall have any liability for any errors, omissions, or interruptions of any index or the data included therein.
Source ICE Data Indices, LLC is used with permission. ICE® is a registered trademark of ICE Data Indices, LLC or its affiliates and BofA® is a registered trademark of Bank of America Corporation licensed by Bank of America Corporation and its affiliates ("BofA"), and may not be used without BofA's prior written approval. The index data referenced herein is the property of ICE Data Indices, LLC, its affiliates (“ICE Data”) and/or its third party suppliers and has been licensed for use by J.P. Morgan Investment Management, Inc. ICE Data and its Third Party Suppliers accept no liability in connection with the use of such index data or marks. See prospectus for a full copy of the Disclaimer.
14
J.P. Morgan Exchange-Traded Funds
December 31, 2023


JPMorgan Market Expansion Enhanced Equity ETF
FUND COMMENTARY
SIX MONTHS ENDED December 31, 2023 (Unaudited)
REPORTING PERIOD RETURN:
 
Net Asset Value*
8.36%
Market Price**
8.41%
S&P 1000 Index
7.74%
Net Assets as of 12/31/2023
$956,081,216
Fund Ticker
JMEE
INVESTMENT OBJECTIVE ***
The JPMorgan Market Expansion Enhanced Equity ETF (the “Fund”) seeks to provide investment results that correspond to or incrementally exceed the total return performance of an index that tracks the performance of the small- and mid-capitalization equity markets.
INVESTMENT APPROACH
The Fund combines a proprietary stock-ranking system with fundamental analysis to identify the most attractive stocks in the S&P 1000 Index (the “Benchmark”). The Fund owns a large portion of stocks in the Benchmark, modestly overweighting higher-ranked stocks and underweighting lower-ranked stocks.
WHAT WERE THE MAIN DRIVERS OF THE FUND’S PERFORMANCE?
The Fund outperformed the Benchmark for the six months ended December 31, 2023. The Fund’s security selection in the consumer cyclical and industrial cyclical sectors was a leading contributor to performance relative to the Benchmark, while the Fund’s security selection in the basic materials and semiconductors sectors was a leading detractor from relative performance.
Leading individual contributors to relative performance included the Fund’s overweight position in Fabrinet and its underweight positions in Penumbra Inc. and Medical Properties Trust Inc. Shares of Fabrinet, a provider of electronic manufacturing services to the information technology sector, rose after the company reported consecutive quarters of better-than-expected earnings and revenue. Shares of Penumbra, a medical devices manufacturer not held in the
Fund, fell after the company reported weaker-than-expected results for the second quarter of 2023. Shares of Medical Properties Trust, a hospitals real estate investment trust not held in the Fund, fell after the company reported mixed results for the second quarter of 2023 and revised its forecast for the full year 2023.
Leading individual detractors from relative performance included the Fund’s underweight positions in Cytokinetics Inc., U.S. Steel Corp. and Onto Innovation Inc. Shares of Cytokinetics, a late-stage pharmaceuticals developer, rose at the end of the period after the company reported positive Phase 3 trial results for its heart disease drug candidate, which raised investor expectations that the company would become an acquisition target. Shares of U.S. Steel, an industrial steel producer, rose sharply in December 2023 after company agreed to be acquired by Nippon Steel Corp. for an estimated $15 billion. Shares of Onto Innovation, a semiconductor materials and equipment manufacturer not held in the Fund, rose amid surging demand for semiconductors for artificial intelligence technologies.
HOW WAS THE FUND POSITIONED?
The Fund seeks to closely follow the sector and industry weights within the Benchmark. Because the Fund uses an enhanced index strategy, not all of the stocks in the Benchmark are held by the Fund, and the Fund’s position in an individual stock may be overweight or underweight as compared to the Benchmark. The Fund’s portfolio managers seek to invest in stocks that they believe are attractively valued and that have improving momentum characteristics. The portfolio managers strive to add value exclusively through security selection rather
than sector, style or theme allocation.
December 31, 2023
J.P. Morgan Exchange-Traded Funds
15


JPMorgan Market Expansion Enhanced Equity ETF
FUND COMMENTARY
SIX MONTHS ENDED December 31, 2023 (Unaudited) (continued)  

*
The return shown is based on net asset value and may differ from the return shown in the financial highlights, which reflects adjustments made to the net asset value in accordance with accounting principles generally accepted in the United States of America. The net asset value was $53.64 as of December 31, 2023.
**
Market price return was calculated assuming an initial investment made at the market price at the beginning of the reporting period, reinvestment of all dividends and distributions at the market price during the period, and sale at the market price on the last day of the period. The price used to calculate the market price return was the closing price on the NYSE Arca, Inc. As of December 31, 2023, the closing price was $53.71.
***
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 December 31, 2023
PERCENT OF
TOTAL
INVESTMENTS
1.
Jabil, Inc.
0.9
%
2.
Builders FirstSource, Inc.
0.8
3.
Reliance Steel & Aluminum Co.
0.6
4.
GoDaddy, Inc., Class A
0.6
5.
United Therapeutics Corp.
0.6
6.
Exelixis, Inc.
0.5
7.
Deckers Outdoor Corp.
0.5
8.
Fabrinet (Thailand)
0.5
9.
Toll Brothers, Inc.
0.5
10.
Super Micro Computer, Inc.
0.5
PORTFOLIO COMPOSITION BY SECTOR
AS OF December 31, 2023
PERCENT OF
TOTAL
INVESTMENTS
Industrials
19.7%
Consumer Discretionary
14.5
Financials
14.3
Information Technology
11.1
Real Estate
8.0
Health Care
7.4
Materials
5.1
Energy
4.5
Consumer Staples
4.1
Utilities
2.4
Communication Services
1.1
Short-Term Investments
7.8
16
J.P. Morgan Exchange-Traded Funds
December 31, 2023


AVERAGE ANNUAL TOTAL RETURNS AS OF December 31, 2023 
 
INCEPTION DATE
SIX MONTHS*
1 YEAR
5 YEAR
10 YEAR
JPMorgan Market Expansion Enhanced Equity ETF
 
Net Asset Value
July 31, 1998**
8.36
%
17.89
%
12.56
%
9.02
%
Market Price
 
8.41
18.09
12.59
9.04

 
*
Not annualized.
**
Inception date for Class I Shares of the Predecessor Fund (as defined below).
TEN YEAR FUND PERFORMANCE  (12/31/13 TO 12/31/23)
The performance quoted is past performance and is not a guarantee of future results. Exchange-traded funds are subject to certain market risks. Investment returns and principal value of an investment will fluctuate so that an investor’s shares, when sold or redeemed, may be worth more or less than their original cost. Current performance may be higher or lower than the performance data shown. Updated performance information is available by visiting www.jpmorganfunds.com or by calling 1-844-457-6383. 
JPMorgan Market Expansion Enhanced Equity ETF (the “Fund”) acquired the assets and liabilities of the JPMorgan Market Expansion Enhanced Index Fund (“Predecessor Fund”) in a reorganization that occurred as of the close of business on May 6, 2022. Performance and financial history of the Predecessor Fund’s Class R6 Shares have been adopted by the Fund and will be used going forward. As a result, the performance for the Fund prior to close of business on May 6, 2022 is the performance of the Predecessor Fund’s Class R6 Shares. Inception date for the Predecessor Fund’s Class R6 Shares is October 1, 2018. Returns for the Predecessor Fund’s Class R6 Shares prior to their inception date are based on the performance of the Predecessors Fund’s Class I Shares. The actual returns of the Predecessor Fund’s Class R6 Shares would have been different than those shown because the Predecessor Fund’s Class R6 Shares had different expenses than the Predecessor Fund’s Class I Shares. Inception date for the Predecessor Fund’s Class I Shares is July 31, 1998. Performance for the Fund’s shares has not been adjusted to reflect the Fund’s shares’ lower expenses than those of the Predecessor Fund’s Class R6 Shares and Class I Shares. Had the Predecessor Fund been structured as an exchange-traded fund (“ETF”), its performance may have differed. Performance for the Predecessor Fund is based on the net asset value ("NAV") per share of the Predecessor Fund Shares rather than on market-determined prices. Prior to the Fund’s listing on May 9, 2022, the NAV performance of the Fund and the Class R6 Shares of the Predecessor Fund are used as proxy market price returns.
The graph illustrates comparative performance for $10,000 invested in shares of the Fund and the S&P 1000 Index from December 31, 2013 to December 31, 2023. The performance of the Fund reflects the deduction of Fund expenses,
assumes reinvestment of all dividends and capital gain distributions, if any. The performance of the S&P 1000 Index does not reflect the deduction of expenses associated with an ETF and approximates the minimum possible dividend reinvestment of the securities included in the Index, if applicable. The S&P 1000 Index is an unmanaged index generally representative of the performance of large companies in the U.S. stock market. Investors cannot invest directly in an index.
Fund performance may reflect the waiver of the Fund’s fees and reimbursement of expenses for certain periods. Without these waivers and reimbursements, performance would have been lower. Also, performance shown in this section does not reflect the deduction of taxes that a shareholder would pay on Fund distributions or on gains resulting from redemption or sale of Fund shares. The returns shown are based on NAVs calculated for shareholder transactions and may differ from the returns shown in the financial highlights, which reflect adjustments made to the NAVs in accordance with accounting principles generally accepted in the United States of America.
The S&P 500 Index (“Index”) is a product of S&P Dow Jones Indices LLC and/or its affiliates and have been licensed for use by the adviser. Copyright © 2023. S&P Dow Jones Indices LLC, a subsidiary of S&P Global, Inc., and/or its affiliates. All rights reserved. Redistribution or reproduction in whole or in part are prohibited without written permission of S&P Dow Jones Indices LLC. For more information on any of S&P Dow Jones Indices LLC’s indices please visit www.spdji.com. S&P® is a registered trademark of Standard & Poor’s Financial Services LLC and Dow Jones® is a registered trademark of Dow Jones Trademark Holdings LLC. Neither S&P Dow Jones Indices LLC, Dow Jones Trademark Holdings LLC, their affiliates nor their third party licensors make any representation or warranty, express or implied, as to the ability of any index to accurately represent the asset class or market sector that it purports to represent and neither S&P Dow Jones Indices LLC, Dow Jones Trademark Holdings LLC, their affiliates nor their third party licensors shall have any liability for any errors, omissions, or interruptions of any index or the data included therein.
December 31, 2023
J.P. Morgan Exchange-Traded Funds
17


JPMorgan Nasdaq Equity Premium Income ETF
FUND COMMENTARY
SIX MONTHS ENDED December 31, 2023 (Unaudited)
REPORTING PERIOD RETURN:
 
Net Asset Value*
9.51%
Market Price**
9.45%
Nasdaq-100 Index®
11.32%
ICE BofA 3-Month US Treasury Bill Index
2.71%
Net Assets as of 12/31/2023
$8,485,006,475
Fund Ticker
JEPQ
INVESTMENT OBJECTIVE ***
The JPMorgan Nasdaq Equity Premium Income ETF (the “Fund”) seeks current income while maintaining prospects for capital appreciation.
INVESTMENT APPROACH
The Fund seeks to generate income through a combination of options-based equity-linked notes and investing in a portfolio of U.S. large cap and mid cap growth stocks comprised significantly of those included in the Nasdaq-100 Index (the “Benchmark”), seeking to provide monthly distributions at a relatively stable level. The Fund seeks to deliver a significant portion of the returns associated with the Benchmark, while exposing investors to lower volatility than the Benchmark and also providing incremental income. The Fund’s equity portfolio follows a proprietary data science driven investment approach designed to construct a portfolio that maximizes risk-adjusted expected returns.
WHAT WERE THE MAIN DRIVERS OF THE FUND’S PERFORMANCE?
The Fund underperformed the Benchmark and outperformed the ICE BofA 3-Month U.S. Treasury Bill Index for the six months ended December 31, 2023. The Fund captured 84% of the Benchmark’s total return with about 73% of the Benchmark’s volatility during the reporting period, resulting in distributed income of $2.83 per share.
The Fund’s security selection in the communication services and consumer discretionary sectors was a leading detractor from performance relative to the Benchmark, while the Fund’s security selection in the information technology and financials sectors was a leading contributor to relative performance.
Leading individual detractors from relative performance included the Fund’s underweight positions in PDD Holdings Inc.,
and its out-of-Benchmark positions in NextEra Energy Inc. and Oracle Corp. Shares of PDD Holdings, an e-commerce retail platform provider not held in the Fund, rose after the company reported better-than-expected earnings and revenue for the third quarter of 2023. Shares of NextEra Energy, an electric utility based in Florida, fell after the company lowered its growth forecast amid pressure from elevated interest rates. Shares of Oracle, a software developer, fell after the company reported consecutive quarters of lower-than-expected revenue during the period.
Leading individual contributors to relative performance included the Fund’s underweight positions in Apple Inc. and Tesla Inc., and its overweight position in Advanced Micro Devices Inc. Shares of Apple, a diversified information technology provider, fell late in the period following a rally that pushed the company’s share price to a record high on December 14, 2023. Shares of Tesla, an electric vehicle manufacturer, fell amid a decline in orders and lower-than-expected earnings and revenue for the third quarter of 2023. Shares of Advanced Micro Devices, a semiconductor manufacturer, rose amid surging demand for artificial intelligence technologies.
HOW WAS THE FUND POSITIONED?
During the period, the Fund’s portfolio managers employed a proprietary research process designed to identify what they believed were overvalued and undervalued stocks with attractive risk/return characteristics. The combination of the portfolio of equity securities and income from options-based equity-linked notes provided the Fund with a portion of the returns associated with equity market investments, less risk compared with the equity market, and a stream of distributable
monthly income.
18
J.P. Morgan Exchange-Traded Funds
December 31, 2023



*
The return shown is based on net asset value and may differ from the return shown in the financial highlights, which reflects adjustments made to the net asset value in accordance with accounting principles generally accepted in the United States of America. The net asset value was $49.92 as of December 31, 2023.
**
Market price return was calculated assuming an initial investment made at the market price at the beginning of the reporting period, reinvestment of all dividends and distributions at the market price during the period, and sale at the market price on the last day of the period. The price used to calculate the market price return was the closing price on The NASDAQ Stock Market LLC. As of December 31, 2023, the closing price was $49.93.
***
The adviser seeks to achieve the Fund’s objective. There can be no guarantee it will be achieved.
****
Equity-Linked Notes that are linked to the Nasdaq-100 Index.
ELN
Equity-Linked Note
TOP TEN HOLDINGS OF THE
PORTFOLIO AS OF December 31, 2023
PERCENT OF
TOTAL
INVESTMENTS
1.
Microsoft Corp.
7.5
%
2.
Apple, Inc.
7.1
3.
Amazon.com, Inc.
4.4
4.
Alphabet, Inc., Class C
4.3
5.
The Bank of Nova Scotia, ELN, 54.70%,
2/2/2024, (linked to Nasdaq-100 Index)
54.70, 2/02/2024 (Canada)
3.5
6.
BNP Paribas, ELN, 55.52%, 1/26/2024,
(linked to S&P 500 Index) 55.52,
1/26/2024
3.5
7.
Meta Platforms, Inc., Class A
3.5
8.
NVIDIA Corp.
3.3
9.
Royal Bank of Canada, ELN, 51.66%,
1/19/2024, (linked to S&P 500 Index)
51.66, 1/19/2024 (Canada)
3.2
10.
Tesla, Inc.
2.9
PORTFOLIO COMPOSITION BY SECTOR
AS OF December 31, 2023
PERCENT OF
TOTAL
INVESTMENTS
Information Technology
40.9%
Communication Services
12.6
Consumer Discretionary
12.3
Health Care
5.9
Consumer Staples
5.7
Industrials
3.8
Utilities
1.1
Financials
0.8
Energy
0.3
Real Estate
0.3
Other****
15.8
Short-Term Investments
0.5
December 31, 2023
J.P. Morgan Exchange-Traded Funds
19


JPMorgan Nasdaq Equity Premium Income ETF
FUND COMMENTARY
SIX MONTHS ENDED December 31, 2023 (Unaudited) (continued)  
AVERAGE ANNUAL TOTAL RETURNS AS OF December 31, 2023 
 
INCEPTION DATE
SIX MONTHS*
1 YEAR
SINCE
INCEPTION
JPMorgan Nasdaq Equity Premium Income ETF
 
Net Asset Value
May 3, 2022
9.51
%
36.28
%
12.27
%
Market Price
 
9.45
36.23
12.28

 
*
Not annualized.
LIFE OF FUND PERFORMANCE (5/3/22 TO 12/31/23)
The performance quoted is past performance and is not a guarantee of future results. Exchange-traded funds are subject to certain market risks. Investment returns and principal value of an investment will fluctuate so that an investor’s shares, when sold or redeemed, may be worth more or less than their original cost. Current performance may be higher or lower than the performance data shown. Updated performance information is available by visiting www.jpmorganfunds.com or by calling 1-844-457-6383. 
Fund commenced operations on May 3, 2022.
The graph illustrates comparative performance for $10,000 invested in shares of the JPMorgan Nasdaq Equity Premium Income ETF, the Nasdaq-100 Index and the ICE BofA 3-Month US Treasury Bill Index from May 3, 2022 to December 31, 2023. The performance of the Fund reflects the deduction of Fund expenses and assumes reinvestment of all dividends and capital gain distributions, if any. The performance of the Nasdaq-100 Index and the ICE BofA 3-Month US Treasury Bill Index does not reflect the deduction of expenses associated with an exchange-traded fund and approximates the minimum possible dividend reinvestment of the securities included in the benchmarks, if applicable. The Nasdaq-100 Index includes 100 of the largest domestic and international non-financial companies listed on The Nasdaq Stock Market based on market capitalization. The Index reflects companies across major industry groups including computer hardware and software, telecommunications, retail/wholesale trade and biotechnology. It does not contain securities of financial companies including investment companies. The ICE BofA 3-Month US Treasury Bill Index is comprised of a single issue purchased at the beginning of the month and held for a full month. Each month the ICE BofA 3-Month US Treasury Bill Index is rebalanced and the issue selected is the outstanding
Treasury Bill that matures closest to, but not beyond, 3 months from the rebalancing date. 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.
Nasdaq® , Nasdaq-100 Index®, Nasdaq 100® and NDX® are registered trademarks of Nasdaq, Inc. (which with its affiliates is referred to as the “Corporations”) and are licensed for use by the adviser. The Fund has not been passed on by the Corporations as to its legality or suitability. The Fund is not issued, endorsed, sold, or promoted by the Corporations. THE CORPORATIONS MAKE NO WARRANTIES AND BEAR NO LIABILITY WITH RESPECT TO THE FUND.
Source ICE Data Indices, LLC is used with permission. ICE® is a registered trademark of ICE Data Indices, LLC or its affiliates and BofA® is a registered trademark of Bank of America Corporation licensed by Bank of America Corporation and its affiliates ("BofA"), and may not be used without BofA's prior written approval. The index data referenced herein is the property of ICE Data Indices, LLC, its affiliates (“ICE Data”) and/or its third party suppliers and has been licensed for use by J.P. Morgan Investment Management, Inc. ICE Data and its Third Party Suppliers accept no liability in connection with the use of such index data or marks. See prospectus for a full copy of the Disclaimer.
20
J.P. Morgan Exchange-Traded Funds
December 31, 2023


JPMorgan U.S. Tech Leaders ETF
FUND COMMENTARY
FOR THE PERIOD October 4, 2023 (FUND INCEPTION) THROUGH December 31, 2023 (Unaudited)
REPORTING PERIOD RETURN:
 
Net Asset Value*
17.62%
Market Price**
17.60%
S&P 500 Index
12.32%
Russell 1000 Equal Weight Technology Index
17.53%
Net Assets as of 12/31/2023
$191,119,914
Fund Ticker
JTEK
INVESTMENT OBJECTIVE ***
The JPMorgan U.S. Technology Leaders ETF (the “Fund”) seeks to provide long-term capital appreciation.
INVESTMENT APPROACH
The Fund invests in equity securities of technology companies across all market capitalizations that the adviser believes are leaders in technology and technology-enabled industries that develop or harness new technologies to reimagine products, establish new markets or attain leadership in existing markets.
WHAT WERE THE MAIN DRIVERS OF THE FUND’S PERFORMANCE?
The Fund outperformed both the S&P 500 Index and the Russell 1000 Equal Weight Technology Index (the “Benchmark”) for the period from Fund inception to December 31, 2023.
During the period, the technology sector outperformed other market sectors, and the Fund’s overweight allocation to the technology sector was a leading contributor to performance relative to the S&P 500 Index, which is a broad-based index.
Relative to the Benchmark, the Fund’s overall security selection in the technology sector, particularly in the semiconductors and software subsectors, was a leading contributor to performance. The Fund’s security selection in the consumer digital services subsector of the technology sector was the leading detractor from relative performance. 
Leading individual contributors to performance relative to the Benchmark included the Fund’s out-of-Benchmark positions in Shopify Inc. and Uber Technologies Inc., and its overweight
position in Advanced Micro Devices Inc. Shares of Shopify, an online commerce platform provider, rose amid consecutive quarters of better-than-expected earnings and revenue, and a surge in sales growth during the holiday shopping season. Shares of Uber Technologies, a ride-hailing service, rose amid increased bookings and after the company was included in the S&P 500 Index. Shares of Advanced Micro Devices, a semiconductor manufacturer, rose amid surging demand for artificial intelligence technologies.
Leading individual detractors from performance relative to the Benchmark included the Fund’s overweight position in Tesla Inc.and its overweight positions in Oracle Inc. and Alphabet Inc. Shares of Tesla, an electric vehicle manufacturer, fell amid a decline in orders and lower-than-expected earnings and revenue for the third quarter of 2023. Shares of Oracle, a software developer, fell after the company reported consecutive quarters of lower-than-expected revenue. Shares of Alphabet, an interactive media and services provider that is the parent company of Google, fell after the company reported lower-than-expected earnings and higher-than-expected expenses for the third quarter of 2024.
HOW WAS THE FUND POSITIONED?
During the reporting period, the Fund’s largest allocations were to the information technology and consumer discretionary sectors and its smallest allocations were to the financials and telecommunications sectors. Within the information technology sector, the Fund’s largest allocations were to the software and semiconductors subsectors and the smallest allocations were to
the computer hardware and computer services subsectors.
December 31, 2023
J.P. Morgan Exchange-Traded Funds
21


JPMorgan U.S. Tech Leaders ETF
FUND COMMENTARY
FOR THE PERIOD October 4, 2023 (FUND INCEPTION) THROUGH December 31, 2023 (Unaudited) (continued)  

*
The return shown is based on net asset value and may differ from the return shown in the financial highlights, which reflects adjustments made to the net asset value in accordance with accounting principles generally accepted in the United States of America. The net asset value was $58.81 as of December 31, 2023.
**
Market price return was calculated assuming an initial investment made at the inception date net asset value, reinvestment of all dividends and distributions at the market price during the period, and sale at the market price on the last day of the period. The price used to calculate the market price return was the closing price on The NASDAQ Stock Market LLC. As of December 31, 2023, the closing price was $58.80.
***
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 December 31, 2023
PERCENT OF
TOTAL
INVESTMENTS
1.
Meta Platforms, Inc., Class A
5.2
%
2.
NVIDIA Corp.
4.1
3.
Tesla, Inc.
3.9
4.
Synopsys, Inc.
3.5
5.
Advanced Micro Devices, Inc.
3.4
6.
Amazon.com, Inc.
3.2
7.
Alphabet, Inc., Class C
3.2
8.
Netflix, Inc.
3.1
9.
Uber Technologies, Inc.
2.8
10.
Shopify, Inc., Class A (Canada)
2.7
PORTFOLIO COMPOSITION BY SECTOR
AS OF December 31, 2023
PERCENT OF
TOTAL
INVESTMENTS
Information Technology
66.6%
Communication Services
14.7
Consumer Discretionary
10.4
Industrials
3.2
Real Estate
1.6
Health Care
1.5
Others (each less than 1.0%)
0.8
Short-Term Investments
1.2
22
J.P. Morgan Exchange-Traded Funds
December 31, 2023


TOTAL RETURNS AS OF December 31, 2023 
 
INCEPTION DATE
CUMULATIVE SINCE
INCEPTION
JPMorgan U.S. Tech Leaders ETF
 
Net Asset Value
October 4, 2023
17.62
%
Market Price
 
17.60
LIFE OF FUND PERFORMANCE (10/4/23 TO 12/31/23)
The performance quoted is past performance and is not a guarantee of future results. Exchange-traded funds are subject to certain market risks. Investment returns and principal value of an investment will fluctuate so that an investor’s shares, when sold or redeemed, may be worth more or less than their original cost. Current performance may be higher or lower than the performance data shown. Updated performance information is available by visiting www.jpmorganfunds.com or by calling 1-844-457-6383. 
Fund commenced operations on October 4, 2023.
The graph illustrates comparative performance for $10,000 invested in shares of the JPMorgan U.S. Tech Leaders ETF, the S&P 500 Index and the Russell 1000 Equal Weight Technology Index from October 4, 2023 to December 31, 2023. The performance of the Fund reflects the deduction of Fund expenses and assumes reinvestment of all dividends and capital gain distributions, if any. The performance of the S&P 500 Index and the Russell 1000 Equal Weight Technology Index does not reflect the deduction of expenses associated with an exchange-traded fund and has been adjusted to reflect reinvestment of all dividends and capital gain distributions of the securities included in the Index, if applicable.  The S&P 500 Index is an unmanaged index generally representative of the performance of large companies in the U.S. stock market. Index levels are in total return USD. The Russell 1000 Equal Weight Technology Index equally weights securities within the Technology sector in the Russell 1000 Index. The index is re-weighted on a quarterly basis and captures the performance of an equal weight investment strategy for U.S. large cap technology stocks.
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.
The S&P 500 Index (“Index”) is a product of S&P Dow Jones Indices LLC and/or its affiliates and have been licensed for use by the adviser. Copyright © 2023. S&P Dow Jones Indices LLC, a subsidiary of S&P Global, Inc., and/or its affiliates. All rights reserved. Redistribution or reproduction in whole or in part are prohibited without written permission of S&P Dow Jones Indices LLC. For more information on any of S&P Dow Jones Indices LLC’s indices please visit www.spdji.com. S&P® is a registered trademark of Standard & Poor’s Financial Services LLC and Dow Jones® is a registered trademark of Dow Jones Trademark Holdings LLC. Neither S&P Dow Jones Indices LLC, Dow Jones Trademark Holdings LLC, their affiliates nor their third party licensors make any representation or warranty, express or implied, as to the ability of any index to accurately represent the asset class or market sector that it purports to represent and neither S&P Dow Jones Indices LLC, Dow Jones Trademark Holdings LLC, their affiliates nor their third party licensors shall have any liability for any errors, omissions, or interruptions of any index or the data included therein.
Frank Russell Company is the source and owner of the Russell Index data contained or reflected in this material and all trademarks and copyrights related thereto. Frank Russell Company is not responsible for the formatting or configuration of this material or for any inaccuracy in the adviser's presentation thereof.
December 31, 2023
J.P. Morgan Exchange-Traded Funds
23


JPMorgan Active Growth ETF
SCHEDULE OF PORTFOLIO INVESTMENTS
AS OF December 31, 2023  (Unaudited)
INVESTMENTS
SHARES
VALUE($)
Common Stocks — 97.9%
Aerospace & Defense — 0.7%
TransDigm Group, Inc.
5,834
5,901,674
Automobiles — 2.3%
Tesla, Inc.*
81,787
20,322,434
Beverages — 0.8%
Celsius Holdings, Inc.*
53,189
2,899,864
Constellation Brands, Inc., Class A
9,115
2,203,551
Monster Beverage Corp.*
25,219
1,452,867
 
6,556,282
Biotechnology — 3.4%
Alnylam Pharmaceuticals, Inc.*
17,385
3,327,663
Exact Sciences Corp.*
89,642
6,631,715
Moderna, Inc.*
5,292
526,289
Natera, Inc.*
33,525
2,100,006
Regeneron Pharmaceuticals, Inc.*
19,428
17,063,418
 
29,649,091
Broadline Retail — 7.3%
Amazon.com, Inc.*
367,959
55,907,690
MercadoLibre, Inc. (Brazil)*
4,335
6,812,626
 
62,720,316
Building Products — 1.2%
Trane Technologies plc
42,988
10,484,773
Capital Markets — 2.7%
Blackstone, Inc.
72,929
9,547,865
Charles Schwab Corp. (The)
9,256
636,813
Morgan Stanley
77,786
7,253,545
MSCI, Inc.
1,276
721,769
S&P Global, Inc.
12,293
5,415,312
 
23,575,304
Commercial Services & Supplies — 0.5%
Copart, Inc.*
90,355
4,427,395
Communications Equipment — 0.7%
Arista Networks, Inc.*
25,589
6,026,465
Construction & Engineering — 1.1%
AECOM
22,351
2,065,903
Quanta Services, Inc.
34,930
7,537,894
 
9,603,797
Distributors — 0.2%
Pool Corp.
4,203
1,675,778
Electrical Equipment — 1.6%
AMETEK, Inc.
26,133
4,309,070
INVESTMENTS
SHARES
VALUE($)
 
Electrical Equipment — continued
Eaton Corp. plc
29,705
7,153,558
Hubbell, Inc., Class B
6,166
2,028,183
 
13,490,811
Electronic Equipment, Instruments & Components — 1.1%
Amphenol Corp., Class A
42,667
4,229,580
Jabil, Inc.
43,346
5,522,280
 
9,751,860
Energy Equipment & Services — 0.4%
TechnipFMC plc (United Kingdom)
188,143
3,789,200
Entertainment — 2.5%
Netflix, Inc.*
33,067
16,099,661
Spotify Technology SA*
7,724
1,451,417
Take-Two Interactive Software, Inc.*
27,738
4,464,431
 
22,015,509
Financial Services — 3.0%
Block, Inc.*
7,568
585,385
Mastercard, Inc., Class A
60,342
25,736,466
 
26,321,851
Ground Transportation — 2.4%
JB Hunt Transport Services, Inc.
13,899
2,776,186
Old Dominion Freight Line, Inc.
7,059
2,861,224
Uber Technologies, Inc.*
250,915
15,448,837
 
21,086,247
Health Care Equipment & Supplies — 1.5%
Align Technology, Inc.*
9,484
2,598,616
Cooper Cos., Inc. (The)
7,620
2,883,713
Edwards Lifesciences Corp.*
15,108
1,151,985
Intuitive Surgical, Inc.*
18,030
6,082,601
 
12,716,915
Health Care Providers & Services — 2.0%
HCA Healthcare, Inc.
3,584
970,117
McKesson Corp.
16,549
7,661,856
UnitedHealth Group, Inc.
16,465
8,668,329
 
17,300,302
Hotels, Restaurants & Leisure — 2.9%
Airbnb, Inc., Class A*
11,312
1,540,016
Booking Holdings, Inc.*
1,425
5,054,788
Chipotle Mexican Grill, Inc.*
2,298
5,255,434
DoorDash, Inc., Class A*
25,459
2,517,640
Hilton Worldwide Holdings, Inc.
16,231
2,955,503
SEE NOTES TO FINANCIAL STATEMENTS.
24
J.P. Morgan Exchange-Traded Funds
December 31, 2023


INVESTMENTS
SHARES
VALUE($)
Common Stocks — continued
Hotels, Restaurants & Leisure — continued
Marriott International, Inc., Class A
25,431
5,734,945
Starbucks Corp.
22,557
2,165,698
 
25,224,024
Household Durables — 0.6%
DR Horton, Inc.
17,885
2,718,162
Garmin Ltd.
18,762
2,411,668
 
5,129,830
Insurance — 0.4%
Progressive Corp. (The)
24,524
3,906,183
Interactive Media & Services — 8.9%
Alphabet, Inc., Class C*
242,172
34,129,300
Meta Platforms, Inc., Class A*
119,453
42,281,584
 
76,410,884
IT Services — 2.0%
Cognizant Technology Solutions Corp., Class A
27,031
2,041,651
MongoDB, Inc.*
12,427
5,080,779
Shopify, Inc., Class A (Canada)*
83,064
6,470,686
Snowflake, Inc., Class A*
17,132
3,409,268
 
17,002,384
Life Sciences Tools & Services — 0.7%
Mettler-Toledo International, Inc.*
966
1,171,720
Thermo Fisher Scientific, Inc.
8,551
4,538,785
 
5,710,505
Machinery — 0.8%
Deere & Co.
7,179
2,870,667
Ingersoll Rand, Inc.
51,148
3,955,786
 
6,826,453
Media — 0.7%
Trade Desk, Inc. (The), Class A*
86,183
6,201,729
Metals & Mining — 0.4%
Freeport-McMoRan, Inc.
74,680
3,179,128
Oil, Gas & Consumable Fuels — 1.2%
Cheniere Energy, Inc.
30,046
5,129,153
ConocoPhillips
21,086
2,447,452
EOG Resources, Inc.
20,911
2,529,185
 
10,105,790
Personal Care Products — 0.0% ^
Estee Lauder Cos., Inc. (The), Class A
1,592
232,830
INVESTMENTS
SHARES
VALUE($)
 
Pharmaceuticals — 3.6%
Eli Lilly & Co.
49,621
28,925,073
Royalty Pharma plc, Class A
64,487
1,811,440
 
30,736,513
Professional Services — 0.4%
Booz Allen Hamilton Holding Corp.
25,285
3,234,204
Semiconductors & Semiconductor Equipment — 10.3%
Advanced Micro Devices, Inc.*
64,306
9,479,347
ASML Holding NV (Registered), NYRS
(Netherlands)
1,962
1,485,077
Broadcom, Inc.
19,376
21,628,460
Entegris, Inc.
24,290
2,910,428
First Solar, Inc.*
5,175
891,549
Lam Research Corp.
11,233
8,798,359
NVIDIA Corp.
85,409
42,296,245
ON Semiconductor Corp.*
18,873
1,576,462
 
89,065,927
Software — 20.1%
Adobe, Inc.*
12,779
7,623,951
Cadence Design Systems, Inc.*
9,633
2,623,740
Confluent, Inc., Class A*
86,389
2,021,503
Crowdstrike Holdings, Inc., Class A*
13,409
3,423,586
HubSpot, Inc.*
10,085
5,854,746
Intuit, Inc.
20,683
12,927,495
Microsoft Corp.
246,116
92,549,461
Oracle Corp.
92,185
9,719,065
Palo Alto Networks, Inc.*
31,621
9,324,400
Salesforce, Inc.*
28,416
7,477,386
ServiceNow, Inc.*
5,327
3,763,472
Synopsys, Inc.*
17,578
9,051,088
Workday, Inc., Class A*
24,893
6,871,962
 
173,231,855
Specialty Retail — 2.5%
AutoZone, Inc.*
1,336
3,454,375
Lowe's Cos., Inc.
39,982
8,897,994
Ross Stores, Inc.
26,955
3,730,302
TJX Cos., Inc. (The)
55,091
5,168,087
 
21,250,758
Technology Hardware, Storage & Peripherals — 6.1%
Apple, Inc.
274,535
52,856,224
Textiles, Apparel & Luxury Goods — 0.4%
Lululemon Athletica, Inc.*
6,016
3,075,921
SEE NOTES TO FINANCIAL STATEMENTS.
December 31, 2023
J.P. Morgan Exchange-Traded Funds
25


JPMorgan Active Growth ETF
SCHEDULE OF PORTFOLIO INVESTMENTS
AS OF December 31, 2023  (Unaudited) (continued)
INVESTMENTS
SHARES
VALUE($)
Common Stocks — continued
Trading Companies & Distributors — 0.5%
Air Lease Corp., Class A
35,058
1,470,333
WW Grainger, Inc.
3,051
2,528,333
 
3,998,666
Total Common Stocks
(Cost $710,409,670)
844,795,812
Short-Term Investments — 2.1%
Investment Companies — 2.1%
JPMorgan U.S. Government Money Market Fund
Class IM Shares, 5.30%(a) (b)
(Cost $17,759,640)
17,759,640
17,759,640
Total Investments — 100.0%
(Cost $728,169,310)
862,555,452
Liabilities in Excess of Other Assets —
(0.0)% ^
(144,929
)
NET ASSETS — 100.0%
862,410,523

Percentages indicated are based on net assets.
Abbreviations
 
NYRS
New York Registry Shares
^
Amount rounds to less than 0.1% of net assets.
*
Non-income producing security.
 
(a)
Investment in an affiliated fund, which is registered
under the Investment Company Act of 1940, as
amended, and is advised by J.P. Morgan Investment
Management Inc.
 
(b)
The rate shown is the current yield as of December
31, 2023.
 
SEE NOTES TO FINANCIAL STATEMENTS.
26
J.P. Morgan Exchange-Traded Funds
December 31, 2023


JPMorgan Active Small Cap Value ETF
SCHEDULE OF PORTFOLIO INVESTMENTS
AS OF December 31, 2023  (Unaudited)
INVESTMENTS
SHARES
VALUE($)
Common Stocks — 96.2%
Aerospace & Defense — 1.1%
Cadre Holdings, Inc.
1,994
65,583
Moog, Inc., Class A
653
94,541
 
160,124
Automobile Components — 0.9%
Atmus Filtration Technologies, Inc.* (a)
2,029
47,661
Patrick Industries, Inc.
814
81,685
 
129,346
Banks — 16.4%
BancFirst Corp.
756
73,581
Camden National Corp.
2,201
82,824
City Holding Co.
991
109,268
Columbia Banking System, Inc.
6,744
179,930
First Busey Corp.
7,044
174,832
First Commonwealth Financial Corp.
7,459
115,167
First Merchants Corp.
3,667
135,972
Heritage Commerce Corp.
11,182
110,916
Independent Bank Corp.
2,110
138,859
Independent Bank Corp.
7,798
202,904
Lakeland Bancorp, Inc.
6,115
90,441
Old National Bancorp
10,102
170,623
Premier Financial Corp.
5,873
141,539
QCR Holdings, Inc.
1,119
65,338
Simmons First National Corp., Class A
4,480
88,883
SouthState Corp.
2,242
189,337
TriCo Bancshares
3,130
134,496
WSFS Financial Corp.
3,540
162,592
 
2,367,502
Beverages — 1.0%
Primo Water Corp.
9,857
148,348
Building Products — 4.0%
AZZ, Inc.
2,447
142,146
CSW Industrials, Inc.
700
145,187
Hayward Holdings, Inc.*
9,829
133,675
UFP Industries, Inc.
1,257
157,816
 
578,824
Capital Markets — 3.2%
Donnelley Financial Solutions, Inc.*
1,900
118,503
Hamilton Lane, Inc., Class A
687
77,933
LPL Financial Holdings, Inc.
507
115,403
Virtus Investment Partners, Inc.
615
148,683
 
460,522
INVESTMENTS
SHARES
VALUE($)
 
Chemicals — 4.7%
Hawkins, Inc.
1,457
102,602
HB Fuller Co.
2,425
197,419
Innospec, Inc.
1,322
162,923
Quaker Chemical Corp.
395
84,301
Stepan Co.
1,322
124,995
 
672,240
Construction & Engineering — 1.0%
Comfort Systems USA, Inc.
729
149,933
Diversified Telecommunication Services — 1.0%
Iridium Communications, Inc.
3,530
145,295
Electric Utilities — 0.7%
Portland General Electric Co.
2,388
103,496
Electronic Equipment, Instruments & Components — 4.1%
Insight Enterprises, Inc.*
422
74,774
Knowles Corp.*
7,660
137,191
Plexus Corp.*
663
71,690
TTM Technologies, Inc.*
10,357
163,744
Vishay Intertechnology, Inc.
6,247
149,741
 
597,140
Energy Equipment & Services — 2.3%
Cactus, Inc., Class A
1,832
83,173
ChampionX Corp.
5,189
151,571
Noble Corp. plc
1,124
54,132
Weatherford International plc*
398
38,936
 
327,812
Financial Services — 2.5%
PennyMac Financial Services, Inc.
1,888
166,842
Radian Group, Inc.
6,498
185,518
 
352,360
Food Products — 0.6%
Flowers Foods, Inc.
3,666
82,522
Gas Utilities — 2.2%
Chesapeake Utilities Corp.
1,203
127,073
ONE Gas, Inc.
2,262
144,135
Southwest Gas Holdings, Inc.
812
51,440
 
322,648
Ground Transportation — 1.0%
Marten Transport Ltd.
7,068
148,287
Health Care Equipment & Supplies — 0.7%
Utah Medical Products, Inc.
1,119
94,242
SEE NOTES TO FINANCIAL STATEMENTS.
December 31, 2023
J.P. Morgan Exchange-Traded Funds
27


JPMorgan Active Small Cap Value ETF
SCHEDULE OF PORTFOLIO INVESTMENTS
AS OF December 31, 2023  (Unaudited) (continued)
INVESTMENTS
SHARES
VALUE($)
Common Stocks — continued
Health Care Providers & Services — 3.8%
Encompass Health Corp.
3,151
210,235
Ensign Group, Inc. (The)
1,220
136,896
Patterson Cos., Inc.
6,977
198,496
 
545,627
Health Care REITs — 0.8%
CareTrust REIT, Inc.
5,278
118,122
Hotel & Resort REITs — 1.0%
RLJ Lodging Trust
6,232
73,039
Sunstone Hotel Investors, Inc.
6,625
71,086
 
144,125
Hotels, Restaurants & Leisure — 1.5%
Bloomin' Brands, Inc.
2,746
77,300
Everi Holdings, Inc.*
8,076
91,016
Jack in the Box, Inc.
663
54,121
 
222,437
Household Durables — 2.1%
La-Z-Boy, Inc.
2,237
82,590
M/I Homes, Inc.*
1,017
140,082
MDC Holdings, Inc.
1,428
78,897
 
301,569
Industrial REITs — 1.4%
Plymouth Industrial REIT, Inc.
4,076
98,109
Terreno Realty Corp.
1,700
106,539
 
204,648
Insurance — 3.4%
Safety Insurance Group, Inc.
2,408
182,984
Selective Insurance Group, Inc.
3,013
299,733
 
482,717
Interactive Media & Services — 1.3%
IAC, Inc.*
2,311
121,050
TripAdvisor, Inc.*
2,731
58,799
 
179,849
Life Sciences Tools & Services — 0.5%
Fortrea Holdings, Inc.*
2,005
69,975
Machinery — 5.8%
Alamo Group, Inc.
772
162,267
Douglas Dynamics, Inc.
2,327
69,065
Enpro Inc.
626
98,119
Kadant, Inc.
549
153,890
Mueller Industries, Inc.
2,680
126,362
INVESTMENTS
SHARES
VALUE($)
 
Machinery — continued
Toro Co. (The)
817
78,424
Watts Water Technologies, Inc., Class A
729
151,880
 
840,007
Media — 1.2%
John Wiley & Sons, Inc., Class A
5,256
166,825
Mortgage Real Estate Investment Trusts (REITs) — 0.4%
Ladder Capital Corp.
5,257
60,508
Multi-Utilities — 0.9%
Unitil Corp.
2,379
125,064
Office REITs — 1.7%
Equity Commonwealth
7,666
147,187
Highwoods Properties, Inc.
4,113
94,435
 
241,622
Oil, Gas & Consumable Fuels — 4.8%
Chord Energy Corp.
1,122
186,510
CNX Resources Corp.*
4,059
81,180
Equitrans Midstream Corp.
9,066
92,292
Magnolia Oil & Gas Corp., Class A
6,697
142,579
Matador Resources Co.
3,186
181,156
 
683,717
Personal Care Products — 1.4%
Edgewell Personal Care Co.
3,359
123,040
Inter Parfums, Inc.
586
84,390
 
207,430
Pharmaceuticals — 0.6%
Prestige Consumer Healthcare, Inc.*
1,305
79,892
Professional Services — 1.1%
ASGN, Inc.*
1,119
107,614
Verra Mobility Corp., Class A*
2,302
53,015
 
160,629
Residential REITs — 1.2%
American Homes 4 Rent, Class A
2,438
87,670
Centerspace
1,459
84,914
 
172,584
Retail REITs — 2.2%
Agree Realty Corp.
2,843
178,967
Kite Realty Group Trust
6,098
139,400
 
318,367
Semiconductors & Semiconductor Equipment — 2.7%
Amkor Technology, Inc.
2,855
94,986
SEE NOTES TO FINANCIAL STATEMENTS.
28
J.P. Morgan Exchange-Traded Funds
December 31, 2023


INVESTMENTS
SHARES
VALUE($)
Common Stocks — continued
Semiconductors & Semiconductor Equipment — continued
Cohu, Inc.*
4,001
141,596
Synaptics, Inc.*
1,341
152,981
 
389,563
Specialty Retail — 1.7%
Group 1 Automotive, Inc.
537
163,646
Urban Outfitters, Inc.*
2,386
85,156
 
248,802
Textiles, Apparel & Luxury Goods — 3.3%
Carter's, Inc.
1,607
120,348
Kontoor Brands, Inc.
2,338
145,938
Movado Group, Inc.
1,934
58,310
Steven Madden Ltd.
3,704
155,568
 
480,164
Trading Companies & Distributors — 3.1%
Applied Industrial Technologies, Inc.
815
140,742
Beacon Roofing Supply, Inc.*
1,741
151,502
McGrath RentCorp
1,309
156,583
 
448,827
Water Utilities — 0.9%
American States Water Co.
1,627
130,843
Total Common Stocks
(Cost $12,812,933)
13,864,554
Short-Term Investments — 4.0%
Investment Companies — 3.7%
JPMorgan U.S. Government Money Market Fund
Class IM Shares, 5.30%(b) (c)
(Cost $535,500)
535,500
535,500
INVESTMENTS
SHARES
VALUE($)
 
Investment of Cash Collateral from Securities Loaned — 0.3%
JPMorgan U.S. Government Money Market Fund
Class IM Shares, 5.30%(b) (c)
(Cost $38,770)
38,770
38,770
Total Short-Term Investments
(Cost $574,270)
574,270
Total Investments — 100.2%
(Cost $13,387,203)
14,438,824
Liabilities in Excess of Other Assets — (0.2)%
(31,820
)
NET ASSETS — 100.0%
14,407,004

Percentages indicated are based on net assets.
Abbreviations
 
REIT
Real Estate Investment Trust
*
Non-income producing security.
(a)
The security or a portion of this security is on loan at December
31, 2023. The total value of securities on loan at December 31,
2023 is $38,265.
(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 December 31, 2023.
SEE NOTES TO FINANCIAL STATEMENTS.
December 31, 2023
J.P. Morgan Exchange-Traded Funds
29


JPMorgan Active Value ETF
SCHEDULE OF PORTFOLIO INVESTMENTS
AS OF December 31, 2023  (Unaudited)
INVESTMENTS
SHARES
VALUE($)
Common Stocks — 97.1%
Aerospace & Defense — 2.9%
Boeing Co. (The)*
28,216
7,354,783
General Dynamics Corp.
17,707
4,597,977
Howmet Aerospace, Inc.
27,076
1,465,353
Northrop Grumman Corp.
9,700
4,540,958
RTX Corp.
52,137
4,386,807
 
22,345,878
Air Freight & Logistics — 1.8%
FedEx Corp.
13,547
3,426,984
United Parcel Service, Inc., Class B
70,520
11,087,860
 
14,514,844
Banks — 10.5%
Bank of America Corp.
757,357
25,500,210
Citigroup, Inc.
152,599
7,849,693
Fifth Third Bancorp
148,856
5,134,043
M&T Bank Corp.
26,440
3,624,395
PNC Financial Services Group, Inc. (The)
50,412
7,806,298
Truist Financial Corp.
266,493
9,838,922
US Bancorp
104,088
4,504,929
Wells Fargo & Co.
358,223
17,631,736
 
81,890,226
Beverages — 0.6%
Keurig Dr Pepper, Inc.
45,648
1,520,991
PepsiCo, Inc.
17,257
2,930,929
 
4,451,920
Biotechnology — 3.9%
AbbVie, Inc.
96,395
14,938,333
Biogen, Inc.*
22,121
5,724,251
BioMarin Pharmaceutical, Inc.*
19,966
1,925,122
Regeneron Pharmaceuticals, Inc.*
3,430
3,012,535
Vertex Pharmaceuticals, Inc.*
12,211
4,968,534
 
30,568,775
Building Products — 1.4%
Carrier Global Corp.
117,349
6,741,700
Masco Corp.
63,939
4,282,634
 
11,024,334
Capital Markets — 5.6%
BlackRock, Inc.
9,796
7,952,393
Charles Schwab Corp. (The)
124,509
8,566,219
Goldman Sachs Group, Inc. (The)
22,783
8,788,998
Intercontinental Exchange, Inc.
15,675
2,013,140
Morgan Stanley
80,579
7,513,992
INVESTMENTS
SHARES
VALUE($)
 
Capital Markets — continued
Raymond James Financial, Inc.
51,606
5,754,069
S&P Global, Inc.
6,885
3,032,980
 
43,621,791
Chemicals — 3.4%
Air Products and Chemicals, Inc.
31,009
8,490,264
Axalta Coating Systems Ltd.*
226,763
7,703,139
Chemours Co. (The)
184,371
5,815,062
FMC Corp.
70,806
4,464,318
 
26,472,783
Commercial Services & Supplies — 0.4%
Republic Services, Inc.
21,521
3,549,028
Construction Materials — 0.7%
Vulcan Materials Co.
23,593
5,355,847
Consumer Finance — 0.8%
American Express Co.
25,680
4,810,891
Capital One Financial Corp.
10,533
1,381,087
 
6,191,978
Consumer Staples Distribution & Retail — 2.9%
BJ's Wholesale Club Holdings, Inc.*
44,130
2,941,706
Dollar General Corp.
18,048
2,453,626
Dollar Tree, Inc.*
13,924
1,977,904
Performance Food Group Co.*
73,848
5,106,589
Walmart, Inc.
64,075
10,101,424
 
22,581,249
Containers & Packaging — 1.0%
Ball Corp.
27,654
1,590,658
Graphic Packaging Holding Co.
76,837
1,894,032
Silgan Holdings, Inc.
93,074
4,211,599
 
7,696,289
Diversified Telecommunication Services — 0.2%
AT&T, Inc.
109,424
1,836,135
Electric Utilities — 2.0%
Entergy Corp.
68,126
6,893,670
NextEra Energy, Inc.
100,661
6,114,149
Xcel Energy, Inc.
49,522
3,065,907
 
16,073,726
Electrical Equipment — 1.6%
Eaton Corp. plc
22,585
5,438,920
SEE NOTES TO FINANCIAL STATEMENTS.
30
J.P. Morgan Exchange-Traded Funds
December 31, 2023


INVESTMENTS
SHARES
VALUE($)
Common Stocks — continued
Electrical Equipment — continued
Emerson Electric Co.
65,657
6,390,396
Vertiv Holdings Co., Class A
17,889
859,208
 
12,688,524
Entertainment — 1.4%
Endeavor Group Holdings, Inc., Class A
90,250
2,141,632
Walt Disney Co. (The)*
66,679
6,020,447
Warner Bros Discovery, Inc.*
231,281
2,631,978
 
10,794,057
Financial Services — 3.8%
Berkshire Hathaway, Inc., Class B*
40,962
14,609,507
Fidelity National Information Services, Inc.
84,044
5,048,523
Fiserv, Inc.*
67,591
8,978,789
Rocket Cos., Inc., Class A*
56,769
822,015
 
29,458,834
Food Products — 0.9%
Lamb Weston Holdings, Inc.
36,671
3,963,768
Mondelez International, Inc., Class A
44,856
3,248,920
 
7,212,688
Ground Transportation — 1.7%
CSX Corp.
302,112
10,474,223
Knight-Swift Transportation Holdings, Inc.
25,837
1,489,503
Union Pacific Corp.
6,359
1,561,898
 
13,525,624
Health Care Equipment & Supplies — 3.1%
Baxter International, Inc.
45,889
1,774,069
Becton Dickinson & Co.
11,787
2,874,024
Boston Scientific Corp.*
73,180
4,230,536
Medtronic plc
109,930
9,056,033
Zimmer Biomet Holdings, Inc.
50,119
6,099,482
 
24,034,144
Health Care Providers & Services — 3.9%
Centene Corp.*
92,945
6,897,449
Cigna Group (The)
11,827
3,541,595
CVS Health Corp.
59,720
4,715,491
Elevance Health, Inc.
4,395
2,072,506
Humana, Inc.
7,021
3,214,284
UnitedHealth Group, Inc.
15,780
8,307,697
Universal Health Services, Inc., Class B
10,660
1,625,010
 
30,374,032
Health Care REITs — 0.4%
Ventas, Inc.
58,316
2,906,469
INVESTMENTS
SHARES
VALUE($)
 
Hotel & Resort REITs — 0.3%
Host Hotels & Resorts, Inc.
109,391
2,129,843
Hotels, Restaurants & Leisure — 1.4%
Booking Holdings, Inc.*
542
1,922,593
Carnival Corp.*
69,406
1,286,787
McDonald's Corp.
14,601
4,329,343
Royal Caribbean Cruises Ltd.*
28,030
3,629,605
 
11,168,328
Household Durables — 0.2%
Lennar Corp., Class A
10,277
1,531,684
Household Products — 0.6%
Procter & Gamble Co. (The)
32,366
4,742,914
Industrial Conglomerates — 0.7%
Honeywell International, Inc.
27,342
5,733,891
Insurance — 3.2%
Chubb Ltd.
18,114
4,093,764
Hartford Financial Services Group, Inc. (The)
47,797
3,841,923
Marsh & McLennan Cos., Inc.
10,882
2,061,813
MetLife, Inc.
102,069
6,749,823
Prudential Financial, Inc.
16,986
1,761,618
Travelers Cos., Inc. (The)
33,803
6,439,133
 
24,948,074
Interactive Media & Services — 1.5%
Alphabet, Inc., Class C*
27,858
3,926,028
Meta Platforms, Inc., Class A*
22,748
8,051,882
 
11,977,910
IT Services — 0.4%
International Business Machines Corp.
17,558
2,871,611
Life Sciences Tools & Services — 0.4%
Thermo Fisher Scientific, Inc.
5,419
2,876,351
Machinery — 1.4%
Dover Corp.
36,989
5,689,278
Middleby Corp. (The)*
14,255
2,097,908
Parker-Hannifin Corp.
7,730
3,561,211
 
11,348,397
Media — 2.6%
Charter Communications, Inc., Class A*
12,182
4,734,900
Comcast Corp., Class A
253,718
11,125,534
Interpublic Group of Cos., Inc. (The)
69,560
2,270,438
Liberty Media Corp-Liberty SiriusXM, Class A*
69,977
2,011,139
 
20,142,011
SEE NOTES TO FINANCIAL STATEMENTS.
December 31, 2023
J.P. Morgan Exchange-Traded Funds
31


JPMorgan Active Value ETF
SCHEDULE OF PORTFOLIO INVESTMENTS
AS OF December 31, 2023  (Unaudited) (continued)
INVESTMENTS
SHARES
VALUE($)
Common Stocks — continued
Metals & Mining — 0.7%
Alcoa Corp.
57,594
1,958,196
Freeport-McMoRan, Inc.
26,135
1,112,567
Kinross Gold Corp. (Canada)
155,458
940,521
Steel Dynamics, Inc.
9,721
1,148,050
 
5,159,334
Multi-Utilities — 1.8%
CMS Energy Corp.
94,356
5,479,253
DTE Energy Co.
17,011
1,875,633
Public Service Enterprise Group, Inc.
116,127
7,101,166
 
14,456,052
Office REITs — 0.2%
Vornado Realty Trust
64,633
1,825,882
Oil, Gas & Consumable Fuels — 6.6%
Chevron Corp.
115,817
17,275,264
ConocoPhillips
87,694
10,178,642
EOG Resources, Inc.
48,303
5,842,248
Exxon Mobil Corp.
146,519
14,648,970
Pioneer Natural Resources Co.
15,641
3,517,348
 
51,462,472
Passenger Airlines — 0.3%
Southwest Airlines Co.
83,062
2,398,831
Pharmaceuticals — 3.1%
Bristol-Myers Squibb Co.
254,478
13,057,266
Eli Lilly & Co.
3,197
1,863,595
Johnson & Johnson
37,811
5,926,496
Merck & Co., Inc.
12,830
1,398,727
Pfizer, Inc.
63,116
1,817,110
 
24,063,194
Residential REITs — 0.5%
AvalonBay Communities, Inc.
6,786
1,270,475
Equity Residential
45,565
2,786,755
 
4,057,230
Retail REITs — 0.4%
Kimco Realty Corp.
163,936
3,493,476
Semiconductors & Semiconductor Equipment — 5.5%
Advanced Micro Devices, Inc.*
21,947
3,235,207
Analog Devices, Inc.
31,563
6,267,149
Intel Corp.
33,820
1,699,455
Microchip Technology, Inc.
35,331
3,186,150
NXP Semiconductors NV (China)
48,030
11,031,530
INVESTMENTS
SHARES
VALUE($)
 
Semiconductors & Semiconductor Equipment — continued
Taiwan Semiconductor Manufacturing Co. Ltd.,
ADR (Taiwan)
37,155
3,864,120
Teradyne, Inc.
22,049
2,392,758
Texas Instruments, Inc.
68,745
11,718,273
 
43,394,642
Software — 1.5%
Microsoft Corp.
15,641
5,881,642
Oracle Corp.
36,122
3,808,342
Salesforce, Inc.*
7,803
2,053,281
 
11,743,265
Specialized REITs — 1.0%
Digital Realty Trust, Inc.
56,589
7,615,748
Specialty Retail — 3.3%
AutoZone, Inc.*
1,522
3,935,299
Best Buy Co., Inc.
36,599
2,864,970
Burlington Stores, Inc.*
9,025
1,755,182
Home Depot, Inc. (The)
12,846
4,451,781
Lowe's Cos., Inc.
20,700
4,606,785
O'Reilly Automotive, Inc.*
2,398
2,278,292
TJX Cos., Inc. (The)
63,719
5,977,479
 
25,869,788
Technology Hardware, Storage & Peripherals — 0.4%
Seagate Technology Holdings plc
36,293
3,098,333
Textiles, Apparel & Luxury Goods — 1.3%
Capri Holdings Ltd.*
22,861
1,148,536
Kontoor Brands, Inc.
79,173
4,941,979
NIKE, Inc., Class B
27,130
2,945,504
Tapestry, Inc.
28,749
1,058,251
 
10,094,270
Tobacco — 1.0%
Philip Morris International, Inc.
81,438
7,661,687
Trading Companies & Distributors — 1.6%
AerCap Holdings NV (Ireland)*
70,016
5,203,589
Air Lease Corp., Class A
54,521
2,286,611
WESCO International, Inc.
28,866
5,019,220
 
12,509,420
Wireless Telecommunication Services — 0.3%
T-Mobile US, Inc.
12,889
2,066,493
Total Common Stocks
(Cost $695,802,994)
759,610,306
SEE NOTES TO FINANCIAL STATEMENTS.
32
J.P. Morgan Exchange-Traded Funds
December 31, 2023


INVESTMENTS
SHARES
VALUE($)
Short-Term Investments — 2.8%
Investment Companies — 2.8%
JPMorgan U.S. Government Money Market Fund
Class IM Shares, 5.30%(a) (b)
(Cost $21,877,028)
21,877,028
21,877,028
Total Investments — 99.9%
(Cost $717,680,022)
781,487,334
Other Assets Less Liabilities — 0.1%
858,659
NET ASSETS — 100.0%
782,345,993

Percentages indicated are based on net assets.
Abbreviations
 
ADR
American Depositary Receipt
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 December 31, 2023.
SEE NOTES TO FINANCIAL STATEMENTS.
December 31, 2023
J.P. Morgan Exchange-Traded Funds
33


JPMorgan Equity Premium Income ETF
SCHEDULE OF PORTFOLIO INVESTMENTS
AS OF December 31, 2023  (Unaudited)
INVESTMENTS
SHARES
VALUE($)
Common Stocks — 85.0%
Aerospace & Defense — 1.3%
General Dynamics Corp.
345,461
89,705,858
RTX Corp.
1,872,710
157,569,820
Textron, Inc.
1,940,096
156,022,520
 
403,298,198
Air Freight & Logistics — 1.5%
FedEx Corp.
459,428
116,221,501
United Parcel Service, Inc., Class B
2,107,975
331,436,909
 
447,658,410
Banks — 0.6%
US Bancorp
4,393,373
190,145,183
Beverages — 2.6%
Coca-Cola Co. (The)
5,128,785
302,239,300
Monster Beverage Corp.*
1,628,548
93,820,650
PepsiCo, Inc.
2,288,447
388,669,839
 
784,729,789
Biotechnology — 3.8%
AbbVie, Inc.
2,777,151
430,375,091
Biogen, Inc.*
126,061
32,620,805
Regeneron Pharmaceuticals, Inc.*
352,208
309,340,764
Vertex Pharmaceuticals, Inc.*
986,244
401,292,821
 
1,173,629,481
Broadline Retail — 1.7%
Amazon.com, Inc.*
3,362,617
510,916,027
Building Products — 1.6%
Trane Technologies plc
1,995,296
486,652,694
Capital Markets — 2.5%
CME Group, Inc.
1,803,107
379,734,334
Intercontinental Exchange, Inc.
1,391,578
178,720,362
S&P Global, Inc.
476,986
210,121,873
 
768,576,569
Chemicals — 3.0%
Air Products and Chemicals, Inc.
1,287,959
352,643,174
Dow, Inc.
1,819,524
99,782,696
Linde plc(a)
895,811
367,918,536
LyondellBasell Industries NV, Class A
935,807
88,976,530
 
909,320,936
Commercial Services & Supplies — 0.0% ^
Veralto Corp.
220,018
18,098,681
Communications Equipment — 0.2%
Motorola Solutions, Inc.
211,438
66,199,123
INVESTMENTS
SHARES
VALUE($)
 
Consumer Finance — 0.5%
American Express Co.
770,976
144,434,644
Consumer Staples Distribution & Retail — 2.4%
Costco Wholesale Corp.
630,939
416,470,215
Target Corp.(a)
485,544
69,151,176
Walmart, Inc.
1,506,155
237,445,336
 
723,066,727
Electric Utilities — 2.0%
NextEra Energy, Inc.
3,851,708
233,952,744
PG&E Corp.
5,073,588
91,476,792
Southern Co. (The)
4,338,661
304,226,909
 
629,656,445
Electrical Equipment — 1.2%
Eaton Corp. plc
1,517,184
365,368,251
Electronic Equipment, Instruments & Components — 0.6%
Keysight Technologies, Inc.*
1,161,290
184,749,626
Financial Services — 5.0%
Berkshire Hathaway, Inc., Class B*
570,349
203,420,674
FleetCor Technologies, Inc.*
826,101
233,464,403
Jack Henry & Associates, Inc.
1,040,553
170,036,766
Mastercard, Inc., Class A
1,095,831
467,382,880
Visa, Inc., Class A(a)
1,714,614
446,399,755
 
1,520,704,478
Food Products — 2.0%
Hershey Co. (The)
1,082,135
201,753,250
Mondelez International, Inc., Class A
5,495,459
398,036,095
 
599,789,345
Ground Transportation — 2.5%
CSX Corp.
5,563,345
192,881,171
Norfolk Southern Corp.
899,455
212,613,173
Old Dominion Freight Line, Inc.
609,874
247,200,229
Union Pacific Corp.
409,099
100,482,896
 
753,177,469
Health Care Equipment & Supplies — 1.0%
Becton Dickinson & Co.
105,209
25,653,111
Boston Scientific Corp.*
2,405,003
139,033,223
Medtronic plc
1,727,389
142,302,306
 
306,988,640
Health Care Providers & Services — 2.5%
Centene Corp.*
908,511
67,420,601
Elevance Health, Inc.
310,941
146,627,338
SEE NOTES TO FINANCIAL STATEMENTS.
34
J.P. Morgan Exchange-Traded Funds
December 31, 2023


INVESTMENTS
SHARES
VALUE($)
Common Stocks — continued
Health Care Providers & Services — continued
Humana, Inc.
307,298
140,684,097
UnitedHealth Group, Inc.
781,248
411,303,635
 
766,035,671
Hotels, Restaurants & Leisure — 3.2%
Booking Holdings, Inc.*
54,569
193,568,248
Chipotle Mexican Grill, Inc.*
174,558
399,207,164
Yum! Brands, Inc.
3,062,629
400,163,105
 
992,938,517
Household Products — 3.2%
Church & Dwight Co., Inc.
2,131,009
201,508,211
Colgate-Palmolive Co.
2,366,586
188,640,570
Kimberly-Clark Corp.
1,656,441
201,274,146
Procter & Gamble Co. (The)
2,673,927
391,837,263
 
983,260,190
Industrial Conglomerates — 1.3%
Honeywell International, Inc.
1,890,992
396,559,932
Industrial REITs — 1.0%
Prologis, Inc.(a)
2,306,781
307,493,907
Insurance — 3.5%
Chubb Ltd.
764,286
172,728,636
Globe Life, Inc.
346,687
42,198,742
Progressive Corp. (The)
2,954,746
470,631,943
Travelers Cos., Inc. (The)
1,960,096
373,378,687
 
1,058,938,008
Interactive Media & Services — 2.5%
Alphabet, Inc., Class A*
2,632,850
367,782,816
Meta Platforms, Inc., Class A*
1,164,327
412,125,185
 
779,908,001
IT Services — 2.6%
Accenture plc, Class A
1,320,100
463,236,291
Cognizant Technology Solutions Corp.,
Class A
3,719,030
280,898,336
VeriSign, Inc.*
256,979
52,927,395
 
797,062,022
Life Sciences Tools & Services — 1.1%
Danaher Corp.
604,262
139,789,971
Thermo Fisher Scientific, Inc.
392,147
208,147,706
 
347,937,677
Machinery — 2.2%
Deere & Co.
520,018
207,939,598
INVESTMENTS
SHARES
VALUE($)
 
Machinery — continued
Dover Corp.
1,536,476
236,325,373
Otis Worldwide Corp.
2,626,844
235,023,733
 
679,288,704
Media — 1.6%
Charter Communications, Inc., Class A*
195,771
76,092,273
Comcast Corp., Class A
9,287,172
407,242,492
 
483,334,765
Multi-Utilities — 2.0%
Ameren Corp.
1,135,727
82,158,491
CMS Energy Corp.
2,077,098
120,617,081
Dominion Energy, Inc.
663,094
31,165,418
Public Service Enterprise Group, Inc.
6,242,188
381,709,796
 
615,650,786
Oil, Gas & Consumable Fuels — 2.5%
ConocoPhillips
2,256,525
261,914,857
EOG Resources, Inc.
1,613,432
195,144,600
Exxon Mobil Corp.
2,993,400
299,280,132
 
756,339,589
Personal Care Products — 0.2%
Kenvue, Inc.
2,320,153
49,952,894
Pharmaceuticals — 3.2%
Bristol-Myers Squibb Co.
6,271,230
321,776,811
Eli Lilly & Co.
603,034
351,520,579
Johnson & Johnson
835,828
131,007,681
Merck & Co., Inc.
1,501,893
163,736,375
 
968,041,446
Residential REITs — 0.2%
Equity Residential
307,905
18,831,470
UDR, Inc.(a)
1,061,697
40,652,378
 
59,483,848
Semiconductors & Semiconductor Equipment — 4.3%
Analog Devices, Inc.
1,678,891
333,360,597
ASML Holding NV (Registered), NYRS
(Netherlands)
260,621
197,269,247
NXP Semiconductors NV (China)
1,794,062
412,060,160
Texas Instruments, Inc.
2,115,262
360,567,561
 
1,303,257,565
Software — 6.6%
Adobe, Inc.*
767,489
457,883,938
Autodesk, Inc.*
114,564
27,894,043
Cadence Design Systems, Inc.*
548,528
149,402,571
SEE NOTES TO FINANCIAL STATEMENTS.
December 31, 2023
J.P. Morgan Exchange-Traded Funds
35


JPMorgan Equity Premium Income ETF
SCHEDULE OF PORTFOLIO INVESTMENTS
AS OF December 31, 2023  (Unaudited) (continued)
INVESTMENTS
SHARES
VALUE($)
Common Stocks — continued
Software — continued
Intuit, Inc.
794,010
496,280,070
Microsoft Corp.
1,338,884
503,473,939
ServiceNow, Inc.*
365,835
258,458,769
Synopsys, Inc.*
261,836
134,821,975
 
2,028,215,305
Specialized REITs — 1.9%
American Tower Corp.
194,597
42,009,601
Equinix, Inc.
324,867
261,644,633
SBA Communications Corp.
1,110,364
281,688,243
 
585,342,477
Specialty Retail — 2.6%
AutoZone, Inc.*
65,533
169,442,780
Best Buy Co., Inc.
647,281
50,669,157
Burlington Stores, Inc.*
96,993
18,863,199
Lowe's Cos., Inc.
1,607,448
357,737,552
O'Reilly Automotive, Inc.*
26,819
25,480,196
TJX Cos., Inc. (The)
1,768,456
165,898,857
 
788,091,741
Technology Hardware, Storage & Peripherals — 0.3%
Apple, Inc.
288,514
55,547,601
Seagate Technology Holdings plc
478,882
40,882,156
 
96,429,757
Tobacco — 0.4%
Altria Group, Inc.
961,271
38,777,672
Philip Morris International, Inc.
785,498
73,899,652
 
112,677,324
Trading Companies & Distributors — 0.1%
WW Grainger, Inc.
31,535
26,132,739
Total Common Stocks
(Cost $22,728,803,953)
25,969,533,581
PRINCIPAL
AMOUNT($)
Equity-Linked Notes — 13.7%
BNP Paribas, ELN, 40.46%, 1/9/2024,
(linked to S&P 500 Index)(b)
62,393
256,967,442
BNP Paribas, ELN, 41.73%, 1/26/2024,
(linked to S&P 500 Index)(b)
61,656
295,891,460
BNP Paribas, ELN, 42.35%, 1/17/2024,
(linked to S&P 500 Index)(b)
62,151
262,149,189
BNP Paribas, ELN, 43.63%, 2/2/2024,
(linked to S&P 500 Index)(b)
62,412
300,408,304
 INVESTMENTS
PRINCIPAL
AMOUNT($)
VALUE($)
 
BofA Finance LLC, ELN, 43.80%,
1/12/2024, (linked to S&P 500
Index)(b)
62,366
257,005,920
Canadian Imperial Bank of Commerce,
ELN, 42.13%, 2/5/2024, (linked to
S&P 500 Index) (Canada)(b)
62,322
299,471,544
Goldman Sachs & Co. LLC, ELN, 43.53%,
1/16/2024, (linked to S&P 500
Index)(b)
62,402
256,804,199
Goldman Sachs & Co. LLC, ELN, 46.45%,
1/30/2024, (linked to S&P 500
Index)(b)
60,041
287,753,097
Royal Bank of Canada, ELN, 47.51%,1/
29/2024, (linked to S&P 500 Index)
(Canada)(b)
63,426
295,553,743
Societe Generale, ELN, 38.15%,
1/5/2024, (linked to S&P 500 Index)
(France)(b)
63,667
255,342,233
Societe Generale, ELN, 38.94%,
1/19/2024, (linked to S&P 500
Index)(b)
61,373
270,776,449
Societe Generale, ELN, 40.12%,
1/8/2024, (linked to S&P 500 Index)
(France)(b)
63,728
254,578,703
The Bank of Nova Scotia, ELN, 42.11%,
2/6/2024, (linked to S&P 500 Index)
(Canada)(b)
62,299
298,979,131
UBS Securities LLC, ELN, 37.72%,
1/22/2024, (linked to S&P 500 Index)
(Switzerland)(b)
60,547
282,593,435
UBS Securities LLC, ELN, 38.46%,
1/23/2024, (linked to S&P 500 Index)
(Switzerland)(b)
62,294
292,494,002
Total Equity-Linked Notes
(Cost $4,354,984,017)
4,166,768,851
SHARES
Short-Term Investments — 0.6%
Investment Companies — 0.0% ^
JPMorgan U.S. Government Money Market
Fund Class IM Shares, 5.30%(c) (d)
(Cost $8,580,135)
8,580,135
8,580,135
Investment of Cash Collateral from Securities Loaned — 0.6%
JPMorgan Securities Lending Money
Market Fund Agency SL Class Shares,
5.56%(c) (d)
154,033,369
154,094,982
SEE NOTES TO FINANCIAL STATEMENTS.
36
J.P. Morgan Exchange-Traded Funds
December 31, 2023


 INVESTMENTS
SHARES
VALUE($)
Short-Term Investments — continued
Investment of Cash Collateral from Securities Loaned — continued
JPMorgan U.S. Government Money Market
Fund Class IM Shares, 5.30%(c) (d)
18,464,645
18,464,645
Total Investment of Cash Collateral from
Securities Loaned
(Cost $172,556,019)
172,559,627
Total Short-Term Investments
(Cost $181,136,154)
181,139,762
Total Investments — 99.3%
(Cost $27,264,924,124)
30,317,442,194
Other Assets Less Liabilities — 0.7%
225,642,990
NET ASSETS — 100.0%
30,543,085,184

Percentages indicated are based on net assets.
Abbreviations
 
ELN
Equity-Linked Note
NYRS
New York Registry Shares
REIT
Real Estate Investment Trust
^
Amount rounds to less than 0.1% of net assets.
*
Non-income producing security.
 
(a)
The security or a portion of this security is on loan at
December 31, 2023. The total value of securities on
loan at December 31, 2023 is $169,175,386.
 
(b)
Securities exempt from registration under Rule 144A
or section 4(a)(2), of the Securities Act of 1933, as
amended.
 
(c)
Investment in an affiliated fund, which is registered
under the Investment Company Act of 1940, as
amended, and is advised by J.P. Morgan Investment
Management Inc.
 
(d)
The rate shown is the current yield as of December
31, 2023.
 
SEE NOTES TO FINANCIAL STATEMENTS.
December 31, 2023
J.P. Morgan Exchange-Traded Funds
37


JPMorgan Market Expansion Enhanced Equity ETF
SCHEDULE OF PORTFOLIO INVESTMENTS
AS OF December 31, 2023  (Unaudited)
INVESTMENTS
SHARES
VALUE($)
Common Stocks — 98.1%
Aerospace & Defense — 0.2%
AeroVironment, Inc.*
5,905
744,266
Curtiss-Wright Corp.
1,631
363,371
Woodward, Inc.
4,596
625,653
 
1,733,290
Air Freight & Logistics — 0.4%
Forward Air Corp.
8,491
533,829
GXO Logistics, Inc.*
24,068
1,471,999
Hub Group, Inc., Class A*
22,680
2,085,199
 
4,091,027
Automobile Components — 1.5%
Adient plc*
24,609
894,783
American Axle & Manufacturing Holdings,
Inc.*
37,783
332,868
Autoliv, Inc. (Sweden)
38,109
4,199,231
Dana, Inc.
88,246
1,289,274
Fox Factory Holding Corp.*
5,764
388,955
Gentex Corp.*
70,043
2,287,604
Gentherm, Inc.*
8,756
458,464
Goodyear Tire & Rubber Co. (The)* (a)
74,078
1,060,797
LCI Industries
6,503
817,492
Lear Corp.
15,272
2,156,559
Patrick Industries, Inc.
7,265
729,043
 
14,615,070
Automobiles — 0.4%
Harley-Davidson, Inc.
32,670
1,203,563
Thor Industries, Inc.
15,299
1,809,107
Winnebago Industries, Inc.(a)
10,479
763,709
 
3,776,379
Banks — 6.6%
Ameris Bancorp
52,998
2,811,544
Associated Banc-Corp.
36,445
779,558
Banc of California, Inc.
39,369
528,726
Bancorp, Inc. (The)*
26,296
1,013,974
BankUnited, Inc.
18,793
609,457
Banner Corp.
28,418
1,522,068
Brookline Bancorp, Inc.
19,236
209,865
Cadence Bank(a)
19,198
568,069
Central Pacific Financial Corp.
29,564
581,819
Columbia Banking System, Inc.
52,144
1,391,202
Commerce Bancshares, Inc.(a)
31,760
1,696,302
Cullen/Frost Bankers, Inc.
29,981
3,252,639
Customers Bancorp, Inc.*
28,514
1,642,977
CVB Financial Corp.
73,061
1,475,102
INVESTMENTS
SHARES
VALUE($)
 
Banks — continued
Dime Community Bancshares, Inc.
12,776
344,058
East West Bancorp, Inc.
62,730
4,513,423
FB Financial Corp.
8,524
339,681
First BanCorp (Puerto Rico)
156,046
2,566,957
First Commonwealth Financial Corp.
90,490
1,397,166
First Horizon Corp.
141,245
2,000,029
FNB Corp.
154,803
2,131,637
Hancock Whitney Corp.
21,980
1,068,008
Hanmi Financial Corp.
8,992
174,445
Hope Bancorp, Inc.
111,530
1,347,282
National Bank Holdings Corp., Class A
48,425
1,800,926
NBT Bancorp, Inc.
9,085
380,752
New York Community Bancorp, Inc.
137,632
1,407,975
OFG Bancorp (Puerto Rico)
72,994
2,735,815
Old National Bancorp
105,742
1,785,982
Pathward Financial, Inc.
32,270
1,708,051
Pinnacle Financial Partners, Inc.
46,537
4,058,957
Preferred Bank
3,655
266,998
Prosperity Bancshares, Inc.
47,060
3,187,374
Renasant Corp.
14,557
490,280
Southside Bancshares, Inc.
32,081
1,004,777
SouthState Corp.
3,714
313,647
Synovus Financial Corp.
49,583
1,866,800
Triumph Financial, Inc.*
6,019
482,603
UMB Financial Corp.
5,216
435,797
United Community Banks, Inc.
15,337
448,761
Veritex Holdings, Inc.
12,025
279,822
WaFd, Inc.
31,109
1,025,353
Webster Financial Corp.
31,433
1,595,539
Wintrust Financial Corp.
38,106
3,534,331
WSFS Financial Corp.
15,732
722,571
 
63,499,099
Beverages — 0.4%
Boston Beer Co., Inc. (The), Class A*
2,434
841,166
Celsius Holdings, Inc.* (a)
37,401
2,039,103
Coca-Cola Consolidated, Inc.
1,423
1,321,113
 
4,201,382
Biotechnology — 1.7%
Arrowhead Pharmaceuticals, Inc.* (a)
42,237
1,292,452
Exelixis, Inc.*
232,958
5,588,662
Neurocrine Biosciences, Inc.*
27,816
3,665,036
United Therapeutics Corp.*
26,696
5,870,184
 
16,416,334
SEE NOTES TO FINANCIAL STATEMENTS.
38
J.P. Morgan Exchange-Traded Funds
December 31, 2023


INVESTMENTS
SHARES
VALUE($)
Common Stocks — continued
Broadline Retail — 0.4%
Kohl's Corp.(a)
65,232
1,870,854
Macy's, Inc.(a)
66,028
1,328,483
Nordstrom, Inc.(a)
11,511
212,378
Ollie's Bargain Outlet Holdings, Inc.*
9,401
713,442
 
4,125,157
Building Products — 3.8%
AAON, Inc.
12,293
908,084
Advanced Drainage Systems, Inc.
17,680
2,486,515
Apogee Enterprises, Inc.
5,616
299,951
AZZ, Inc.
6,601
383,452
Builders FirstSource, Inc.*
46,679
7,792,592
Carlisle Cos., Inc.
13,885
4,338,091
Gibraltar Industries, Inc.*
24,584
1,941,644
Griffon Corp.
13,489
822,155
Lennox International, Inc.
7,495
3,354,162
Masterbrand, Inc.*
33,218
493,287
Owens Corning
27,513
4,078,252
PGT Innovations, Inc.*
31,882
1,297,597
Resideo Technologies, Inc.*
41,946
789,424
Simpson Manufacturing Co., Inc.
11,654
2,307,259
Trex Co., Inc.*
4,350
360,136
UFP Industries, Inc.
36,774
4,616,976
 
36,269,577
Capital Markets — 1.7%
Affiliated Managers Group, Inc.
17,981
2,722,683
Brightsphere Investment Group, Inc.
28,952
554,720
Donnelley Financial Solutions, Inc.*
12,989
810,124
Evercore, Inc., Class A
6,001
1,026,471
Federated Hermes, Inc.
12,527
424,164
Interactive Brokers Group, Inc., Class A
22,158
1,836,898
Janus Henderson Group plc
34,273
1,033,331
Jefferies Financial Group, Inc.
11,453
462,816
Morningstar, Inc.(a)
6,637
1,899,775
Piper Sandler Cos.
3,469
606,624
SEI Investments Co.
25,847
1,642,577
Stifel Financial Corp.
26,778
1,851,699
StoneX Group, Inc.*
6,408
473,103
Virtus Investment Partners, Inc.
1,977
477,959
 
15,822,944
Chemicals — 1.9%
AdvanSix, Inc.
29,948
897,242
Ashland, Inc.
11,276
950,680
Avient Corp.
42,121
1,750,970
INVESTMENTS
SHARES
VALUE($)
 
Chemicals — continued
Axalta Coating Systems Ltd.*
23,115
785,217
Cabot Corp.
27,957
2,334,409
Chemours Co. (The)
57,158
1,802,763
Hawkins, Inc.
5,102
359,283
HB Fuller Co.
27,551
2,242,927
Ingevity Corp.*
8,637
407,839
Livent Corp.* (a)
19,727
354,691
Minerals Technologies, Inc.
7,861
560,568
RPM International, Inc.
25,266
2,820,444
Scotts Miracle-Gro Co. (The)
11,226
715,657
Sensient Technologies Corp.
15,793
1,042,338
Stepan Co.
9,342
883,286
 
17,908,314
Commercial Services & Supplies — 1.5%
ABM Industries, Inc.
17,135
768,162
Brady Corp., Class A
48,364
2,838,483
Brink's Co. (The)
14,053
1,235,961
Clean Harbors, Inc.*
23,742
4,143,217
CoreCivic, Inc.*
29,578
429,768
Deluxe Corp.(a)
7,737
165,959
Enviri Corp.*
17,694
159,246
Interface, Inc., Class A
17,249
217,682
MillerKnoll, Inc.
22,581
602,461
OPENLANE, Inc.*
34,231
506,961
Stericycle, Inc.*
6,503
322,289
Tetra Tech, Inc.
14,489
2,418,649
Viad Corp.*
5,357
193,923
 
14,002,761
Communications Equipment — 0.9%
ADTRAN Holdings, Inc.
14,911
109,447
Calix, Inc.*
14,925
652,073
Ciena Corp.*
90,029
4,052,205
Digi International, Inc.*
9,056
235,456
Extreme Networks, Inc.*
31,964
563,845
Lumentum Holdings, Inc.*
14,911
781,635
Viasat, Inc.* (a)
45,493
1,271,529
Viavi Solutions, Inc.*
59,954
603,737
 
8,269,927
Construction & Engineering — 1.7%
AECOM
35,215
3,254,922
Arcosa, Inc.
14,412
1,191,008
Comfort Systems USA, Inc.
9,189
1,889,902
EMCOR Group, Inc.
22,058
4,751,955
SEE NOTES TO FINANCIAL STATEMENTS.
December 31, 2023
J.P. Morgan Exchange-Traded Funds
39


JPMorgan Market Expansion Enhanced Equity ETF
SCHEDULE OF PORTFOLIO INVESTMENTS
AS OF December 31, 2023  (Unaudited) (continued)
INVESTMENTS
SHARES
VALUE($)
Common Stocks — continued
Construction & Engineering — continued
MasTec, Inc.*
15,415
1,167,224
MDU Resources Group, Inc.
56,643
1,121,531
MYR Group, Inc.*
17,546
2,537,678
 
15,914,220
Construction Materials — 0.2%
Eagle Materials, Inc.
7,327
1,486,209
Consumer Finance — 0.7%
Encore Capital Group, Inc.* (a)
8,756
444,367
Enova International, Inc.*
18,244
1,009,988
EZCORP, Inc., Class A* (a)
23,859
208,528
FirstCash Holdings, Inc.
22,937
2,486,141
PROG Holdings, Inc.*
18,339
566,859
SLM Corp.
98,053
1,874,773
 
6,590,656
Consumer Staples Distribution & Retail — 2.1%
Andersons, Inc. (The)
32,966
1,896,864
BJ's Wholesale Club Holdings, Inc.*
35,491
2,365,830
Casey's General Stores, Inc.
14,730
4,046,920
Performance Food Group Co.*
68,438
4,732,488
SpartanNash Co.
52,858
1,213,091
Sprouts Farmers Market, Inc.*
43,765
2,105,534
United Natural Foods, Inc.*
68,478
1,111,398
US Foods Holding Corp.*
59,003
2,679,326
 
20,151,451
Containers & Packaging — 1.2%
AptarGroup, Inc.
14,122
1,745,761
Berry Global Group, Inc.
45,279
3,051,352
Crown Holdings, Inc.
12,215
1,124,879
Greif, Inc., Class A
13,030
854,638
Myers Industries, Inc.
10,395
203,222
O-I Glass, Inc.*
19,510
319,574
Silgan Holdings, Inc.
20,995
950,024
Sonoco Products Co.
53,909
3,011,896
 
11,261,346
Diversified Consumer Services — 1.1%
Adtalem Global Education, Inc.*
13,848
816,340
Frontdoor, Inc.*
21,790
767,444
Graham Holdings Co., Class B
1,701
1,184,781
Grand Canyon Education, Inc.*
7,971
1,052,491
H&R Block, Inc.
45,357
2,193,918
Service Corp. International
44,605
3,053,212
INVESTMENTS
SHARES
VALUE($)
 
Diversified Consumer Services — continued
Strategic Education, Inc.
5,768
532,790
Stride, Inc.* (a)
10,758
638,702
 
10,239,678
Diversified REITs — 0.6%
American Assets Trust, Inc.
35,103
790,169
Armada Hoffler Properties, Inc.
48,664
601,974
Essential Properties Realty Trust, Inc.
109,015
2,786,423
WP Carey, Inc.
20,088
1,301,903
 
5,480,469
Diversified Telecommunication Services — 0.2%
Cogent Communications Holdings, Inc.
11,012
837,573
Iridium Communications, Inc.
36,208
1,490,321
 
2,327,894
Electric Utilities — 0.7%
IDACORP, Inc.
33,496
3,293,327
OGE Energy Corp.
98,932
3,455,695
 
6,749,022
Electrical Equipment — 1.4%
Acuity Brands, Inc.
9,039
1,851,458
Encore Wire Corp.(a)
15,428
3,295,421
EnerSys
2,905
293,289
nVent Electric plc
82,052
4,848,452
Regal Rexnord Corp.
18,534
2,743,403
 
13,032,023
Electronic Equipment, Instruments & Components — 3.6%
Advanced Energy Industries, Inc.(a)
11,321
1,233,083
Arrow Electronics, Inc.*
25,618
3,131,801
Belden, Inc.
11,814
912,632
Benchmark Electronics, Inc.
10,170
281,099
Cognex Corp.
37,322
1,557,820
Coherent Corp.*
72,200
3,142,866
Crane NXT Co.
11,815
671,919
Fabrinet (Thailand)*
27,410
5,216,945
Jabil, Inc.
72,420
9,226,308
Littelfuse, Inc.
5,665
1,515,727
OSI Systems, Inc.*
4,812
620,989
Rogers Corp.*
4,056
535,676
TD SYNNEX Corp.
23,592
2,538,735
Vontier Corp.
107,104
3,700,443
 
34,286,043
SEE NOTES TO FINANCIAL STATEMENTS.
40
J.P. Morgan Exchange-Traded Funds
December 31, 2023


INVESTMENTS
SHARES
VALUE($)
Common Stocks — continued
Energy Equipment & Services — 1.0%
Bristow Group, Inc.*
7,774
219,771
ChampionX Corp.
92,777
2,710,016
Helmerich & Payne, Inc.(a)
18,563
672,352
Liberty Energy, Inc., Class A
64,649
1,172,733
NOV, Inc.
106,965
2,169,250
Oceaneering International, Inc.*
59,264
1,261,138
Patterson-UTI Energy, Inc.
91,786
991,289
ProPetro Holding Corp.*
20,264
169,812
Valaris Ltd.*
5,866
402,231
Weatherford International plc*
2,714
265,511
 
10,034,103
Entertainment — 0.1%
TKO Group Holdings, Inc., Class A(a)
9,677
789,450
Financial Services — 2.1%
Essent Group Ltd.
52,388
2,762,943
Euronet Worldwide, Inc.*
4,150
421,183
EVERTEC, Inc. (Puerto Rico)
50,461
2,065,873
MGIC Investment Corp.
140,898
2,717,922
Mr. Cooper Group, Inc.*
32,921
2,143,815
NCR Atleos Corp.*
27,864
676,817
NMI Holdings, Inc., Class A*
56,339
1,672,142
Radian Group, Inc.
40,214
1,148,110
Voya Financial, Inc.
26,683
1,946,792
Walker & Dunlop, Inc.
7,883
875,092
WEX, Inc.*
18,005
3,502,873
 
19,933,562
Food Products — 1.1%
Darling Ingredients, Inc.*
44,956
2,240,607
Flowers Foods, Inc.
51,185
1,152,174
Fresh Del Monte Produce, Inc.
8,327
218,584
Hain Celestial Group, Inc. (The)*
20,970
229,622
Ingredion, Inc.
32,028
3,475,999
John B Sanfilippo & Son, Inc.
2,737
282,021
Pilgrim's Pride Corp.*
10,211
282,436
Post Holdings, Inc.*
14,471
1,274,316
Simply Good Foods Co. (The)*
22,554
893,138
 
10,048,897
Gas Utilities — 0.7%
Chesapeake Utilities Corp.
18,399
1,943,486
ONE Gas, Inc.(a)
26,465
1,686,350
Southwest Gas Holdings, Inc.
4,226
267,717
INVESTMENTS
SHARES
VALUE($)
 
Gas Utilities — continued
Spire, Inc.
7,265
452,900
UGI Corp.(a)
77,959
1,917,792
 
6,268,245
Ground Transportation — 1.9%
ArcBest Corp.
13,969
1,679,213
Avis Budget Group, Inc.
5,341
946,746
Hertz Global Holdings, Inc.* (a)
38,112
395,984
Knight-Swift Transportation Holdings, Inc.
72,038
4,152,991
Landstar System, Inc.
19,783
3,830,978
Ryder System, Inc.
13,273
1,527,191
Saia, Inc.*
6,888
3,018,459
XPO, Inc.*
29,480
2,582,153
 
18,133,715
Health Care Equipment & Supplies — 2.1%
Avanos Medical, Inc.*
12,157
272,682
CONMED Corp.(a)
6,682
731,746
Envista Holdings Corp.*
96,245
2,315,655
Glaukos Corp.*
21,206
1,685,665
Globus Medical, Inc., Class A* (a)
55,917
2,979,817
Haemonetics Corp.*
30,640
2,620,026
Integer Holdings Corp.*
8,686
860,609
Integra LifeSciences Holdings Corp.*
19,119
832,632
Lantheus Holdings, Inc.*
48,759
3,023,058
Masimo Corp.* (a)
25,663
3,007,960
Merit Medical Systems, Inc.*
13,562
1,030,170
Omnicell, Inc.*
11,226
422,434
Orthofix Medical, Inc.*
13,088
176,426
Varex Imaging Corp.*
10,832
222,056
 
20,180,936
Health Care Providers & Services — 2.6%
Acadia Healthcare Co., Inc.*
23,762
1,847,733
Addus HomeCare Corp.*
4,063
377,250
Amedisys, Inc.*
22,363
2,125,827
AMN Healthcare Services, Inc.*
5,647
422,847
Chemed Corp.
4,437
2,594,536
Encompass Health Corp.
58,216
3,884,171
Enhabit, Inc.* (a)
12,783
132,304
Ensign Group, Inc. (The)
13,663
1,533,125
Fulgent Genetics, Inc.* (a)
40,936
1,183,460
HealthEquity, Inc.*
40,274
2,670,166
Option Care Health, Inc.*
69,859
2,353,550
Progyny, Inc.*
58,893
2,189,642
R1 RCM, Inc.*
31,313
330,978
SEE NOTES TO FINANCIAL STATEMENTS.
December 31, 2023
J.P. Morgan Exchange-Traded Funds
41


JPMorgan Market Expansion Enhanced Equity ETF
SCHEDULE OF PORTFOLIO INVESTMENTS
AS OF December 31, 2023  (Unaudited) (continued)
INVESTMENTS
SHARES
VALUE($)
Common Stocks — continued
Health Care Providers & Services — continued
RadNet, Inc.*
11,583
402,741
Tenet Healthcare Corp.*
42,294
3,196,158
 
25,244,488
Health Care REITs — 0.5%
CareTrust REIT, Inc.
24,709
552,987
Community Healthcare Trust, Inc.
56,804
1,513,259
Omega Healthcare Investors, Inc.(a)
26,279
805,714
Physicians Realty Trust
58,284
775,760
Sabra Health Care REIT, Inc.
90,092
1,285,613
 
4,933,333
Health Care Technology — 0.1%
HealthStream, Inc.
7,990
215,970
Veradigm, Inc.* (a)
52,507
550,798
 
766,768
Hotel & Resort REITs — 0.4%
Apple Hospitality REIT, Inc.(a)
57,131
948,946
Chatham Lodging Trust
8,551
91,667
Park Hotels & Resorts, Inc.
142,834
2,185,360
Sunstone Hotel Investors, Inc.
51,412
551,651
Xenia Hotels & Resorts, Inc.
30,618
417,017
 
4,194,641
Hotels, Restaurants & Leisure — 2.8%
Aramark
28,660
805,346
BJ's Restaurants, Inc.*
6,328
227,871
Bloomin' Brands, Inc.
20,477
576,428
Boyd Gaming Corp.
22,617
1,416,050
Brinker International, Inc.*
11,978
517,210
Cheesecake Factory, Inc. (The)(a)
14,819
518,813
Choice Hotels International, Inc.(a)
6,791
769,420
Churchill Downs, Inc.
13,568
1,830,730
Cracker Barrel Old Country Store, Inc.(a)
4,452
343,160
Dave & Buster's Entertainment, Inc.*
13,761
741,030
Golden Entertainment, Inc.
9,241
368,993
Hilton Grand Vacations, Inc.*
19,613
788,050
Jack in the Box, Inc.(a)
6,779
553,370
Light & Wonder, Inc.*
23,367
1,918,664
Marriott Vacations Worldwide Corp.
11,012
934,809
Penn Entertainment, Inc.* (a)
40,649
1,057,687
Planet Fitness, Inc., Class A*
25,490
1,860,770
Six Flags Entertainment Corp.*
17,620
441,910
Texas Roadhouse, Inc., Class A
16,090
1,966,681
Travel + Leisure Co.
31,555
1,233,485
INVESTMENTS
SHARES
VALUE($)
 
Hotels, Restaurants & Leisure — continued
Vail Resorts, Inc.
4,408
940,976
Wendy's Co. (The)
34,893
679,716
Wingstop, Inc.
7,911
2,029,804
Wyndham Hotels & Resorts, Inc.
49,156
3,952,634
 
26,473,607
Household Durables — 2.5%
Cavco Industries, Inc.*
2,172
752,859
Green Brick Partners, Inc.*
10,306
535,294
Helen of Troy Ltd.*
6,554
791,789
KB Home
24,511
1,530,957
La-Z-Boy, Inc.
12,425
458,731
Meritage Homes Corp.
16,187
2,819,775
Newell Brands, Inc.
104,001
902,729
Taylor Morrison Home Corp., Class A*
34,913
1,862,608
Tempur Sealy International, Inc.
52,326
2,667,056
Toll Brothers, Inc.
50,010
5,140,528
TopBuild Corp.*
8,003
2,995,203
Tri Pointe Homes, Inc.*
90,393
3,199,912
 
23,657,441
Household Products — 0.1%
Central Garden & Pet Co., Class A*
30,308
1,334,764
Independent Power and Renewable Electricity Producers — 0.4%
Vistra Corp.
89,382
3,442,995
Industrial REITs — 1.5%
EastGroup Properties, Inc.
24,203
4,442,218
First Industrial Realty Trust, Inc.
70,182
3,696,486
Innovative Industrial Properties, Inc.(a)
10,962
1,105,189
LXP Industrial Trust
80,288
796,457
Rexford Industrial Realty, Inc.
53,209
2,985,025
STAG Industrial, Inc.
35,589
1,397,224
 
14,422,599
Insurance — 3.5%
American Financial Group, Inc.
24,380
2,898,538
Assured Guaranty Ltd.
16,338
1,222,573
CNO Financial Group, Inc.
33,620
937,998
Employers Holdings, Inc.
8,146
320,952
Erie Indemnity Co., Class A
3,718
1,245,233
Fidelity National Financial, Inc.
75,490
3,851,500
First American Financial Corp.
27,696
1,784,730
Hanover Insurance Group, Inc. (The)
3,187
386,966
Horace Mann Educators Corp.
10,830
354,141
Kinsale Capital Group, Inc.
3,498
1,171,515
SEE NOTES TO FINANCIAL STATEMENTS.
42
J.P. Morgan Exchange-Traded Funds
December 31, 2023


INVESTMENTS
SHARES
VALUE($)
Common Stocks — continued
Insurance — continued
Mercury General Corp.
7,153
266,878
Old Republic International Corp.
77,280
2,272,032
Palomar Holdings, Inc.*
13,508
749,694
Primerica, Inc.
5,184
1,066,660
Reinsurance Group of America, Inc.
30,048
4,861,165
RenaissanceRe Holdings Ltd. (Bermuda)
17,436
3,417,456
RLI Corp.
20,174
2,685,563
Selective Insurance Group, Inc.
4,576
455,220
Unum Group
77,476
3,503,465
 
33,452,279
Interactive Media & Services — 0.3%
Cars.com, Inc.*
17,177
325,848
QuinStreet, Inc.*
36,116
463,007
TripAdvisor, Inc.*
25,924
558,144
Yelp, Inc., Class A*
18,185
860,878
Ziff Davis, Inc.* (a)
13,196
886,639
 
3,094,516
IT Services — 0.7%
GoDaddy, Inc., Class A*
55,314
5,872,134
Perficient, Inc.*
9,401
618,774
 
6,490,908
Leisure Products — 0.7%
Brunswick Corp.
24,229
2,344,156
Mattel, Inc.*
91,246
1,722,724
Polaris, Inc.
15,562
1,474,811
YETI Holdings, Inc.* (a)
18,661
966,267
 
6,507,958
Life Sciences Tools & Services — 0.7%
Azenta, Inc.*
21,113
1,375,301
Bruker Corp.
26,930
1,978,817
Medpace Holdings, Inc.*
7,176
2,199,659
Repligen Corp.* (a)
5,003
899,539
 
6,453,316
Machinery — 5.4%
AGCO Corp.
31,217
3,790,056
Alamo Group, Inc.
6,786
1,426,349
Chart Industries, Inc.* (a)
9,401
1,281,638
Crane Co.
12,186
1,439,654
Donaldson Co., Inc.
31,604
2,065,321
Esab Corp.
11,643
1,008,517
Federal Signal Corp.
15,644
1,200,521
Flowserve Corp.
35,633
1,468,792
INVESTMENTS
SHARES
VALUE($)
 
Machinery — continued
Franklin Electric Co., Inc.
32,519
3,142,961
Graco, Inc.
46,859
4,065,487
Hillenbrand, Inc.
28,574
1,367,266
ITT, Inc.
40,073
4,781,510
John Bean Technologies Corp.
8,096
805,147
Kennametal, Inc.
22,564
581,926
Lincoln Electric Holdings, Inc.
11,504
2,501,660
Lindsay Corp.
2,844
367,331
Middleby Corp. (The)*
15,272
2,247,580
Mueller Industries, Inc.
64,943
3,062,063
Oshkosh Corp.
33,064
3,584,468
RBC Bearings, Inc.*
7,412
2,111,605
SPX Technologies, Inc.*
11,305
1,141,918
Standex International Corp.
17,358
2,749,160
Terex Corp.
19,320
1,110,127
Timken Co. (The)
25,979
2,082,217
Titan International, Inc.*
15,476
230,283
Toro Co. (The)
7,822
750,834
Wabash National Corp.
10,835
277,593
Watts Water Technologies, Inc., Class A
5,992
1,248,373
 
51,890,357
Marine Transportation — 0.3%
Kirby Corp.*
16,439
1,290,133
Matson, Inc.
12,157
1,332,407
 
2,622,540
Media — 0.4%
Cable One, Inc.
2,663
1,482,199
John Wiley & Sons, Inc., Class A
11,477
364,280
New York Times Co. (The), Class A
44,784
2,193,968
 
4,040,447
Metals & Mining — 2.0%
Alcoa Corp.
27,578
937,652
ATI, Inc.* (a)
33,385
1,518,016
Cleveland-Cliffs, Inc.*
131,905
2,693,500
Commercial Metals Co.
56,037
2,804,092
Haynes International, Inc.
10,287
586,873
Materion Corp.
10,388
1,351,790
Reliance Steel & Aluminum Co.
23,969
6,703,650
Royal Gold, Inc.
4,596
555,932
SunCoke Energy, Inc.
74,086
795,684
United States Steel Corp.(a)
15,598
758,843
Warrior Met Coal, Inc.
13,097
798,524
 
19,504,556
SEE NOTES TO FINANCIAL STATEMENTS.
December 31, 2023
J.P. Morgan Exchange-Traded Funds
43


JPMorgan Market Expansion Enhanced Equity ETF
SCHEDULE OF PORTFOLIO INVESTMENTS
AS OF December 31, 2023  (Unaudited) (continued)
INVESTMENTS
SHARES
VALUE($)
Common Stocks — continued
Mortgage Real Estate Investment Trusts (REITs) — 0.6%
Annaly Capital Management, Inc.
147,489
2,856,862
Ellington Financial, Inc.(a)
13,049
165,853
KKR Real Estate Finance Trust, Inc.
17,344
229,461
PennyMac Mortgage Investment Trust(a)
26,910
402,304
Ready Capital Corp.(a)
83,707
857,997
Starwood Property Trust, Inc.(a)
55,582
1,168,334
 
5,680,811
Multi-Utilities — 0.3%
Northwestern Energy Group, Inc.
21,821
1,110,470
Unitil Corp.
30,903
1,624,571
 
2,735,041
Office REITs — 0.8%
Brandywine Realty Trust
129,352
698,501
COPT Defense Properties
64,876
1,662,772
Cousins Properties, Inc.
41,880
1,019,778
Easterly Government Properties, Inc., Class A
27,388
368,095
Highwoods Properties, Inc.(a)
45,901
1,053,887
Hudson Pacific Properties, Inc.
31,945
297,408
Kilroy Realty Corp.
53,090
2,115,105
SL Green Realty Corp.(a)
15,741
711,021
 
7,926,567
Oil, Gas & Consumable Fuels — 3.7%
Antero Midstream Corp.
76,064
953,082
Antero Resources Corp.* (a)
31,267
709,136
California Resources Corp.
19,110
1,044,935
Callon Petroleum Co.*
11,341
367,448
Chord Energy Corp.
16,552
2,751,439
Civitas Resources, Inc.(a)
30,583
2,091,265
CNX Resources Corp.* (a)
24,230
484,600
CONSOL Energy, Inc.
13,051
1,312,017
Dorian LPG Ltd.
7,649
335,562
DT Midstream, Inc.
14,814
811,807
Equitrans Midstream Corp.
105,479
1,073,776
Green Plains, Inc.* (a)
29,817
751,985
HF Sinclair Corp.(a)
49,394
2,744,825
Matador Resources Co.(a)
66,446
3,778,120
Murphy Oil Corp.
38,820
1,656,061
Ovintiv, Inc.
63,037
2,768,585
PBF Energy, Inc., Class A
22,617
994,243
Permian Resources Corp.(a)
100,098
1,361,333
Range Resources Corp.
79,157
2,409,539
REX American Resources Corp.*
13,282
628,239
SM Energy Co.
75,496
2,923,205
INVESTMENTS
SHARES
VALUE($)
 
Oil, Gas & Consumable Fuels — continued
Southwestern Energy Co.*
465,856
3,051,357
Talos Energy, Inc.*
9,518
135,441
World Kinect Corp.
16,743
381,405
 
35,519,405
Paper & Forest Products — 0.2%
Louisiana-Pacific Corp.
26,329
1,864,883
Passenger Airlines — 0.1%
SkyWest, Inc.*
11,005
574,461
Personal Care Products — 0.6%
BellRing Brands, Inc.*
37,393
2,072,694
Coty, Inc., Class A*
78,692
977,355
elf Beauty, Inc.*
13,575
1,959,415
Inter Parfums, Inc.
5,046
726,674
USANA Health Sciences, Inc.*
3,036
162,730
 
5,898,868
Pharmaceuticals — 0.7%
Innoviva, Inc.* (a)
165,428
2,653,465
Jazz Pharmaceuticals plc*
22,714
2,793,822
Prestige Consumer Healthcare, Inc.*
12,659
774,984
Supernus Pharmaceuticals, Inc.*
13,088
378,767
 
6,601,038
Professional Services — 2.6%
ASGN, Inc.*
15,476
1,488,327
CACI International, Inc., Class A*
12,566
4,069,625
Concentrix Corp.(a)
2,935
288,246
ExlService Holdings, Inc.*
47,428
1,463,154
FTI Consulting, Inc.*
9,489
1,889,734
Genpact Ltd.
96,050
3,333,895
Heidrick & Struggles International, Inc.
33,824
998,823
Insperity, Inc.
8,963
1,050,643
KBR, Inc.
35,940
1,991,435
Kelly Services, Inc., Class A
10,832
234,188
Korn Ferry
37,322
2,215,061
ManpowerGroup, Inc.
13,625
1,082,779
Maximus, Inc.
17,645
1,479,710
Paylocity Holding Corp.*
9,719
1,602,177
Resources Connection, Inc.
31,681
448,920
Science Applications International Corp.
13,552
1,684,784
 
25,321,501
Real Estate Management & Development — 0.5%
Anywhere Real Estate, Inc.*
44,379
359,914
eXp World Holdings, Inc.(a)
18,116
281,160
SEE NOTES TO FINANCIAL STATEMENTS.
44
J.P. Morgan Exchange-Traded Funds
December 31, 2023


INVESTMENTS
SHARES
VALUE($)
Common Stocks — continued
Real Estate Management & Development — continued
Jones Lang LaSalle, Inc.*
20,030
3,783,066
St. Joe Co. (The)
9,808
590,246
 
5,014,386
Residential REITs — 0.6%
Apartment Income REIT Corp.
39,900
1,385,727
Centerspace
12,748
741,933
Equity LifeStyle Properties, Inc.
41,621
2,935,945
NexPoint Residential Trust, Inc.
6,741
232,093
Veris Residential, Inc.
19,438
305,760
 
5,601,458
Retail REITs — 1.9%
Agree Realty Corp.
56,064
3,529,229
Brixmor Property Group, Inc.
158,266
3,682,850
Getty Realty Corp.
11,853
346,345
Kite Realty Group Trust
60,353
1,379,670
Macerich Co. (The)
15,597
240,662
NNN REIT, Inc.
76,869
3,313,054
Retail Opportunity Investments Corp.
155,348
2,179,532
RPT Realty
25,170
322,931
Saul Centers, Inc.
3,020
118,595
SITE Centers Corp.
44,476
606,208
Spirit Realty Capital, Inc.
35,579
1,554,446
Tanger, Inc.(a)
27,795
770,477
 
18,043,999
Semiconductors & Semiconductor Equipment — 3.2%
Axcelis Technologies, Inc.*
9,719
1,260,457
Cirrus Logic, Inc.*
11,320
941,711
Cohu, Inc.*
11,226
397,288
Diodes, Inc.*
10,930
880,084
FormFactor, Inc.*
23,556
982,521
Ichor Holdings Ltd.*
36,208
1,217,676
Kulicke & Soffa Industries, Inc.
(Singapore)(a)
62,885
3,441,067
Lattice Semiconductor Corp.*
38,543
2,659,082
MaxLinear, Inc.*
19,190
456,146
MKS Instruments, Inc.
14,691
1,511,263
Photronics, Inc.*
15,943
500,132
Power Integrations, Inc.
15,739
1,292,329
Rambus, Inc.*
30,831
2,104,216
Semtech Corp.* (a)
18,563
406,715
Silicon Laboratories, Inc.*
21,666
2,865,762
SiTime Corp.* (a)
4,203
513,102
SMART Global Holdings, Inc.*
58,695
1,111,096
INVESTMENTS
SHARES
VALUE($)
 
Semiconductors & Semiconductor Equipment — continued
SolarEdge Technologies, Inc.*
39,117
3,661,351
Synaptics, Inc.*
9,339
1,065,393
Ultra Clean Holdings, Inc.*
21,615
737,936
Universal Display Corp.
11,414
2,183,042
Veeco Instruments, Inc.*
1,871
58,057
Wolfspeed, Inc.* (a)
18,005
783,398
 
31,029,824
Software — 2.9%
ACI Worldwide, Inc.*
29,432
900,619
Adeia, Inc.
101,055
1,252,071
Alarm.com Holdings, Inc.*
5,764
372,470
Aspen Technology, Inc.*
7,898
1,738,745
Blackbaud, Inc.*
12,898
1,118,257
DoubleVerify Holdings, Inc.*
54,767
2,014,330
Dynatrace, Inc.*
56,471
3,088,399
Envestnet, Inc.*
43,019
2,130,301
InterDigital, Inc.
8,756
950,376
LiveRamp Holdings, Inc.*
70,895
2,685,503
Manhattan Associates, Inc.*
17,814
3,835,710
NCR Voyix Corp.*
55,803
943,629
Progress Software Corp.
8,478
460,355
Qualys, Inc.* (a)
8,844
1,735,900
SPS Commerce, Inc.*
10,833
2,099,869
Teradata Corp.*
28,380
1,234,814
Xperi, Inc.*
104,240
1,148,725
 
27,710,073
Specialized REITs — 1.7%
CubeSmart
80,848
3,747,305
EPR Properties
19,459
942,788
Four Corners Property Trust, Inc.
24,116
610,135
Gaming and Leisure Properties, Inc.
49,326
2,434,238
Lamar Advertising Co., Class A
22,178
2,357,078
National Storage Affiliates Trust
35,061
1,453,980
PotlatchDeltic Corp.
48,406
2,376,735
Rayonier, Inc.
67,838
2,266,467
 
16,188,726
Specialty Retail — 4.2%
Abercrombie & Fitch Co., Class A*
16,139
1,423,783
Academy Sports & Outdoors, Inc.
17,381
1,147,146
American Eagle Outfitters, Inc.
57,294
1,212,341
Asbury Automotive Group, Inc.*
8,932
2,009,432
AutoNation, Inc.* (a)
20,929
3,143,117
Boot Barn Holdings, Inc.* (a)
7,926
608,400
SEE NOTES TO FINANCIAL STATEMENTS.
December 31, 2023
J.P. Morgan Exchange-Traded Funds
45


JPMorgan Market Expansion Enhanced Equity ETF
SCHEDULE OF PORTFOLIO INVESTMENTS
AS OF December 31, 2023  (Unaudited) (continued)
INVESTMENTS
SHARES
VALUE($)
Common Stocks — continued
Specialty Retail — continued
Buckle, Inc. (The)
7,025
333,828
Burlington Stores, Inc.*
6,519
1,267,815
Caleres, Inc.
12,898
396,356
Chico's FAS, Inc.*
28,943
219,388
Designer Brands, Inc., Class A(a)
18,748
165,920
Dick's Sporting Goods, Inc.
18,229
2,678,752
Five Below, Inc.*
11,676
2,488,856
Floor & Decor Holdings, Inc., Class A* (a)
14,874
1,659,344
Gap, Inc. (The)
53,985
1,128,826
Group 1 Automotive, Inc.
10,391
3,166,553
Haverty Furniture Cos., Inc.(a)
4,526
160,673
Lithia Motors, Inc., Class A
7,080
2,331,302
Murphy USA, Inc.
6,129
2,185,356
ODP Corp. (The)*
15,051
847,371
RH* (a)
4,150
1,209,642
Shoe Carnival, Inc.
5,262
158,965
Signet Jewelers Ltd.
15,739
1,688,165
Upbound Group, Inc.
32,304
1,097,367
Urban Outfitters, Inc.*
19,056
680,109
Valvoline, Inc.*
52,227
1,962,691
Victoria's Secret & Co.*
23,519
624,194
Williams-Sonoma, Inc.(a)
22,801
4,600,786
 
40,596,478
Technology Hardware, Storage & Peripherals — 0.5%
Super Micro Computer, Inc.* (a)
17,217
4,894,103
Textiles, Apparel & Luxury Goods — 1.9%
Capri Holdings Ltd.*
42,700
2,145,248
Carter's, Inc.(a)
8,963
671,239
Columbia Sportswear Co.(a)
2,270
180,556
Crocs, Inc.*
17,433
1,628,417
Deckers Outdoor Corp.*
7,822
5,228,459
G-III Apparel Group Ltd.*
11,676
396,750
Kontoor Brands, Inc.
15,348
958,022
Oxford Industries, Inc.
4,150
415,000
PVH Corp.
17,948
2,191,810
Skechers U.S.A., Inc., Class A*
48,584
3,028,727
Steven Madden Ltd.(a)
22,294
936,348
Wolverine World Wide, Inc.
12,732
113,187
 
17,893,763
Tobacco — 0.0% ^
Vector Group Ltd.
32,807
370,063
Trading Companies & Distributors — 1.7%
Applied Industrial Technologies, Inc.
9,903
1,710,149
INVESTMENTS
SHARES
VALUE($)
 
Trading Companies & Distributors — continued
Boise Cascade Co.
17,814
2,304,419
Core & Main, Inc., Class A*
32,786
1,324,882
DXP Enterprises, Inc.*
3,498
117,883
GATX Corp.
6,133
737,309
GMS, Inc.*
39,022
3,216,584
MSC Industrial Direct Co., Inc., Class A
12,635
1,279,420
NOW, Inc.*
155,781
1,763,441
Watsco, Inc.(a)
8,996
3,854,516
 
16,308,603
Water Utilities — 0.5%
American States Water Co.
9,763
785,140
California Water Service Group
12,898
669,019
Essential Utilities, Inc.
89,736
3,351,640
 
4,805,799
Wireless Telecommunication Services — 0.1%
Gogo, Inc.*
61,644
624,454
Telephone and Data Systems, Inc.
22,730
417,095
 
1,041,549
Total Common Stocks
(Cost $653,342,893)
937,788,092
Short-Term Investments — 8.3%
Investment Companies — 1.8%
JPMorgan U.S. Government Money Market
Fund Class IM Shares, 5.30%(b) (c)
(Cost $17,269,616)
17,269,616
17,269,616
Investment of Cash Collateral from Securities Loaned — 6.5%
JPMorgan Securities Lending Money Market
Fund Agency SL Class Shares, 5.56%(b)
(c)
54,988,003
55,009,998
JPMorgan U.S. Government Money Market
Fund Class IM Shares, 5.30%(b) (c)
7,463,967
7,463,967
Total Investment of Cash Collateral from
Securities Loaned
(Cost $62,467,966)
62,473,965
Total Short-Term Investments
(Cost $79,737,582)
79,743,581
Total Investments — 106.4%
(Cost $733,080,475)
1,017,531,673
Liabilities in Excess of Other Assets —
(6.4)%
(61,450,457
)
NET ASSETS — 100.0%
956,081,216

Percentages indicated are based on net assets.
SEE NOTES TO FINANCIAL STATEMENTS.
46
J.P. Morgan Exchange-Traded Funds
December 31, 2023


Abbreviations
 
REIT
Real Estate Investment Trust
^
Amount rounds to less than 0.1% of net assets.
*
Non-income producing security.
 
(a)
The security or a portion of this security is on loan at
December 31, 2023. The total value of securities on
loan at December 31, 2023 is $60,173,842.
 
(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 December
31, 2023.
 
Futures contracts outstanding as of December 31, 2023:
DESCRIPTION
NUMBER OF
CONTRACTS
EXPIRATION DATE
TRADING CURRENCY
NOTIONAL
AMOUNT ($)
VALUE AND
UNREALIZED
APPRECIATION
(DEPRECIATION) ($)
Long Contracts
Russell 2000 E-Mini Index
33
03/15/2024
USD
3,378,870
261,192
S&P MidCap 400 E-Mini Index
39
03/15/2024
USD
10,955,880
622,517
 
883,709
Abbreviations
 
USD
United States Dollar
SEE NOTES TO FINANCIAL STATEMENTS.
December 31, 2023
J.P. Morgan Exchange-Traded Funds
47


JPMorgan Nasdaq Equity Premium Income ETF
SCHEDULE OF PORTFOLIO INVESTMENTS
AS OF December 31, 2023  (Unaudited)
INVESTMENTS
SHARES
VALUE($)
Common Stocks — 83.1%
Air Freight & Logistics — 0.2%
United Parcel Service, Inc., Class B
122,291
19,227,814
Automobiles — 2.9%
Tesla, Inc.*
986,021
245,006,498
Beverages — 2.5%
Coca-Cola Co. (The)
762,895
44,957,402
Constellation Brands, Inc., Class A
143,748
34,751,079
Monster Beverage Corp.*
913,728
52,639,870
PepsiCo, Inc.
495,041
84,077,764
 
216,426,115
Biotechnology — 3.3%
AbbVie, Inc.
282,225
43,736,408
Amgen, Inc.
151,639
43,675,065
Biogen, Inc.*
140,120
36,258,853
Regeneron Pharmaceuticals, Inc.*
94,959
83,401,540
Vertex Pharmaceuticals, Inc.*
180,181
73,313,847
 
280,385,713
Broadline Retail — 4.9%
Amazon.com, Inc.*
2,404,729
365,374,524
MercadoLibre, Inc. (Brazil)*
33,813
53,138,482
 
418,513,006
Commercial Services & Supplies — 0.6%
Copart, Inc.*
1,043,741
51,143,309
Communications Equipment — 1.4%
Cisco Systems, Inc.
2,280,825
115,227,279
Consumer Staples Distribution & Retail — 1.8%
Costco Wholesale Corp.
189,716
125,227,737
Dollar Tree, Inc.*
171,484
24,359,302
 
149,587,039
Electric Utilities — 1.1%
NextEra Energy, Inc.
431,849
26,230,508
Southern Co. (The)
285,481
20,017,928
Xcel Energy, Inc.
727,872
45,062,555
 
91,310,991
Electrical Equipment — 0.4%
Eaton Corp. plc
127,361
30,671,076
Entertainment — 2.0%
Netflix, Inc.*
281,822
137,213,495
Take-Two Interactive Software, Inc.*
221,312
35,620,167
 
172,833,662
INVESTMENTS
SHARES
VALUE($)
 
Financial Services — 0.8%
FleetCor Technologies, Inc.*
70,045
19,795,417
Mastercard, Inc., Class A
64,774
27,626,759
PayPal Holdings, Inc.*
340,348
20,900,771
 
68,322,947
Food Products — 1.3%
Kraft Heinz Co. (The)
907,884
33,573,550
Mondelez International, Inc., Class A
1,051,632
76,169,706
 
109,743,256
Ground Transportation — 0.9%
CSX Corp.
1,555,170
53,917,744
Uber Technologies, Inc.*
387,324
23,847,539
 
77,765,283
Health Care Equipment & Supplies — 1.7%
Dexcom, Inc.*
449,880
55,825,609
Intuitive Surgical, Inc.*
254,087
85,718,791
 
141,544,400
Health Care Providers & Services — 0.4%
UnitedHealth Group, Inc.
58,727
30,918,004
Hotels, Restaurants & Leisure — 3.0%
Airbnb, Inc., Class A*
95,362
12,982,583
Booking Holdings, Inc.*
31,999
113,507,493
Chipotle Mexican Grill, Inc.*
18,635
42,617,500
DoorDash, Inc., Class A*
145,159
14,354,773
Marriott International, Inc., Class A
221,514
49,953,622
Starbucks Corp.
208,149
19,984,385
 
253,400,356
Industrial Conglomerates — 0.8%
Honeywell International, Inc.
339,138
71,120,630
Industrial REITs — 0.3%
Prologis, Inc.
186,662
24,882,045
Interactive Media & Services — 7.7%
Alphabet, Inc., Class C*
2,566,073
361,636,668
Meta Platforms, Inc., Class A*
825,250
292,105,490
 
653,742,158
IT Services — 0.5%
Cognizant Technology Solutions Corp.,
Class A
184,042
13,900,692
MongoDB, Inc.*
60,743
24,834,776
 
38,735,468
SEE NOTES TO FINANCIAL STATEMENTS.
48
J.P. Morgan Exchange-Traded Funds
December 31, 2023


INVESTMENTS
SHARES
VALUE($)
Common Stocks — continued
Life Sciences Tools & Services — 0.3%
Thermo Fisher Scientific, Inc.
47,177
25,041,080
Machinery — 0.4%
Deere & Co.
83,006
33,191,609
Media — 1.8%
Charter Communications, Inc., Class A*
78,773
30,617,490
Comcast Corp., Class A
2,619,530
114,866,390
Trade Desk, Inc. (The), Class A*
144,151
10,373,106
 
155,856,986
Oil, Gas & Consumable Fuels — 0.3%
Diamondback Energy, Inc.
172,693
26,781,230
Pharmaceuticals — 0.2%
Bristol-Myers Squibb Co.
410,795
21,077,891
Professional Services — 0.4%
Verisk Analytics, Inc.
155,500
37,142,730
Semiconductors & Semiconductor Equipment — 16.5%
Advanced Micro Devices, Inc.*
1,142,730
168,449,829
Analog Devices, Inc.
472,344
93,788,625
Applied Materials, Inc.
316,876
51,356,093
ASML Holding NV (Registered), NYRS
(Netherlands)
76,525
57,923,303
Broadcom, Inc.
217,653
242,955,161
Intel Corp.
1,460,008
73,365,402
Lam Research Corp.
106,509
83,424,240
Marvell Technology, Inc.
647,891
39,074,306
Micron Technology, Inc.
427,365
36,471,329
NVIDIA Corp.
562,668
278,644,447
NXP Semiconductors NV (China)
282,225
64,821,438
QUALCOMM, Inc.
684,959
99,065,620
Teradyne, Inc.
290,349
31,508,674
Texas Instruments, Inc.
442,593
75,444,403
 
1,396,292,870
Software — 14.9%
Adobe, Inc.*
274,939
164,028,607
ANSYS, Inc.*
27,697
10,050,687
Crowdstrike Holdings, Inc., Class A*
166,616
42,540,397
HubSpot, Inc.*
48,789
28,323,966
Intuit, Inc.
211,576
132,241,347
Microsoft Corp.
1,679,274
631,474,195
Oracle Corp.
255,327
26,919,126
Palo Alto Networks, Inc.*
262,210
77,320,485
ServiceNow, Inc.*
44,557
31,479,075
INVESTMENTS
SHARES
VALUE($)
 
Software — continued
Synopsys, Inc.*
157,112
80,898,540
Workday, Inc., Class A*
133,841
36,948,147
 
1,262,224,572
Specialty Retail — 1.2%
Lowe's Cos., Inc.
164,600
36,631,730
O'Reilly Automotive, Inc.*
59,130
56,178,230
Ross Stores, Inc.
78,137
10,813,380
 
103,623,340
Technology Hardware, Storage & Peripherals — 7.5%
Apple, Inc.
3,139,283
604,406,156
Seagate Technology Holdings plc
372,750
31,821,667
 
636,227,823
Textiles, Apparel & Luxury Goods — 0.2%
Lululemon Athletica, Inc.*
36,433
18,627,829
Wireless Telecommunication Services — 0.9%
T-Mobile US, Inc.
476,810
76,446,947
Total Common Stocks
(Cost $6,149,455,532)
7,053,041,956
PRINCIPAL
AMOUNT($)
Equity-Linked Notes — 15.7%
BNP Paribas, ELN, 55.52%, 1/26/2024,
(linked to S&P 500 Index)(a)
17,249
292,663,783
GS Finance Corp., ELN, 54.18%, 1/5/2024,
(linked to Nasdaq-100 Index)(a)
16,551
239,347,652
Royal Bank of Canada, ELN, 51.66%,
1/19/2024, (linked to S&P 500 Index)
(Canada)(a)
17,120
271,174,979
Societe Generale, ELN, 56.37%, 1/12/2024,
(linked to S&P 500 Index) (France)(a)
17,004
236,459,325
The Bank of Nova Scotia, ELN, 54.70%,
2/2/2024, (linked to Nasdaq-100 Index)
(Canada)(a)
17,181
293,288,432
Total Equity-Linked Notes
(Cost $1,394,934,562)
1,332,934,171
SEE NOTES TO FINANCIAL STATEMENTS.
December 31, 2023
J.P. Morgan Exchange-Traded Funds
49


JPMorgan Nasdaq Equity Premium Income ETF
SCHEDULE OF PORTFOLIO INVESTMENTS
AS OF December 31, 2023  (Unaudited) (continued)
INVESTMENTS
SHARES
VALUE($)
Short-Term Investments — 0.6%
Investment Companies — 0.6%
JPMorgan U.S. Government Money Market
Fund Class IM Shares, 5.30%(b) (c)
(Cost $44,936,965)
44,936,965
44,936,965
Total Investments — 99.4%
(Cost $7,589,327,059)
8,430,913,092
Other Assets Less Liabilities — 0.6%
54,093,383
NET ASSETS — 100.0%
8,485,006,475

Percentages indicated are based on net assets.
Abbreviations
 
ELN
Equity-Linked Note
NYRS
New York Registry Shares
REIT
Real Estate Investment Trust
*
Non-income producing security.
(a)
Securities exempt from registration under Rule 144A or section
4(a)(2), of the Securities Act of 1933, as amended.
(b)
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 December 31, 2023.
SEE NOTES TO FINANCIAL STATEMENTS.
50
J.P. Morgan Exchange-Traded Funds
December 31, 2023


JPMorgan U.S. Tech Leaders ETF
SCHEDULE OF PORTFOLIO INVESTMENTS
AS OF December 31, 2023  (Unaudited)
INVESTMENTS
SHARES
VALUE($)
Common Stocks — 98.8%
Automobiles — 3.9%
Tesla, Inc.*
29,768
7,396,753
Banks — 0.5%
NU Holdings Ltd., Class A (Brazil)*
120,934
1,007,380
Broadline Retail — 4.6%
Amazon.com, Inc.*
40,172
6,103,734
MercadoLibre, Inc. (Brazil)*
1,691
2,657,474
 
8,761,208
Capital Markets — 0.3%
Robinhood Markets, Inc., Class A*
48,454
617,304
Communications Equipment — 0.9%
Arista Networks, Inc.*
7,424
1,748,426
Electrical Equipment — 0.3%
Vicor Corp.*
14,430
648,484
Electronic Equipment, Instruments & Components — 2.2%
Amphenol Corp., Class A
20,796
2,061,507
Jabil, Inc.
16,247
2,069,868
 
4,131,375
Entertainment — 4.9%
Netflix, Inc.*
12,328
6,002,257
Take-Two Interactive Software, Inc.*
21,491
3,458,976
 
9,461,233
Ground Transportation — 2.8%
Uber Technologies, Inc.*
87,754
5,403,014
Health Care Equipment & Supplies — 0.7%
Dexcom, Inc.*
10,197
1,265,346
Health Care Technology — 0.8%
Veeva Systems, Inc., Class A*
8,287
1,595,413
Hotels, Restaurants & Leisure — 1.9%
Booking Holdings, Inc.*
1,039
3,685,562
Interactive Media & Services — 8.4%
Alphabet, Inc., Class C*
43,053
6,067,459
Meta Platforms, Inc., Class A*
28,049
9,928,224
 
15,995,683
IT Services — 7.4%
MongoDB, Inc.*
10,182
4,162,911
Okta, Inc.*
15,897
1,439,155
Shopify, Inc., Class A (Canada)*
67,504
5,258,562
Snowflake, Inc., Class A*
16,702
3,323,698
 
14,184,326
INVESTMENTS
SHARES
VALUE($)
 
Media — 1.4%
Trade Desk, Inc. (The), Class A*
37,178
2,675,329
Semiconductors & Semiconductor Equipment — 24.1%
Advanced Micro Devices, Inc.*
44,330
6,534,685
Analog Devices, Inc.
9,900
1,965,744
ASML Holding NV (Registered), NYRS
(Netherlands)
3,004
2,273,788
Axcelis Technologies, Inc.*
4,029
522,521
Broadcom, Inc.
2,598
2,900,017
Credo Technology Group Holding Ltd.*
109,619
2,134,282
Entegris, Inc.
14,243
1,706,596
First Solar, Inc.*
3,902
672,237
Lam Research Corp.
5,979
4,683,112
Marvell Technology, Inc.
35,494
2,140,643
Micron Technology, Inc.
25,221
2,152,360
MKS Instruments, Inc.
11,867
1,220,758
Monolithic Power Systems, Inc.
5,330
3,362,057
NVIDIA Corp.
15,866
7,857,161
Onto Innovation, Inc.*
4,938
755,020
Rambus, Inc.*
20,670
1,410,728
Universal Display Corp.
13,884
2,655,454
Wolfspeed, Inc.*
24,344
1,059,207
 
46,006,370
Software — 31.7%
Adobe, Inc.*
8,048
4,801,437
Atlassian Corp., Class A*
8,560
2,036,082
Bill Holdings, Inc.*
13,657
1,114,275
Confluent, Inc., Class A*
94,240
2,205,216
Crowdstrike Holdings, Inc., Class A*
11,700
2,987,244
Datadog, Inc., Class A*
21,063
2,556,627
Elastic NV*
33,377
3,761,588
HashiCorp, Inc., Class A*
17,418
411,762
HubSpot, Inc.*
6,888
3,998,759
Intuit, Inc.
4,552
2,845,137
Microsoft Corp.
7,678
2,887,235
Oracle Corp.
49,116
5,178,300
Palo Alto Networks, Inc.*
6,499
1,916,425
Procore Technologies, Inc.*
31,201
2,159,733
Salesforce, Inc.*
18,367
4,833,092
ServiceNow, Inc.*
4,421
3,123,392
Synopsys, Inc.*
12,870
6,626,892
Unity Software, Inc.*
49,497
2,023,932
Workday, Inc., Class A*
18,286
5,048,033
 
60,515,161
SEE NOTES TO FINANCIAL STATEMENTS.
December 31, 2023
J.P. Morgan Exchange-Traded Funds
51


JPMorgan U.S. Tech Leaders ETF
SCHEDULE OF PORTFOLIO INVESTMENTS
AS OF December 31, 2023  (Unaudited) (continued)
INVESTMENTS
SHARES
VALUE($)
Common Stocks — continued
Specialized REITs — 1.6%
American Tower Corp.
3,379
729,458
Equinix, Inc.
2,861
2,304,221
 
3,033,679
Technology Hardware, Storage & Peripherals — 0.4%
Super Micro Computer, Inc.*
2,472
702,691
Total Common Stocks
(Cost $177,493,146)
188,834,737
Short-Term Investments — 1.2%
Investment Companies — 1.2%
JPMorgan U.S. Government Money Market Fund
Class IM Shares, 5.30%(a) (b)
(Cost $2,334,749)
2,334,749
2,334,749
Total Investments — 100.0%
(Cost $179,827,895)
191,169,486
Liabilities in Excess of Other Assets — (0.0)% ^
(49,572
)
NET ASSETS — 100.0%
191,119,914

Percentages indicated are based on net assets.
Abbreviations
 
NYRS
New York Registry Shares
REIT
Real Estate Investment Trust
^
Amount rounds to less than 0.1% of net assets.
*
Non-income producing security.
 
(a)
Investment in an affiliated fund, which is registered
under the Investment Company Act of 1940, as
amended, and is advised by J.P. Morgan Investment
Management Inc.
 
(b)
The rate shown is the current yield as of December
31, 2023.
 
SEE NOTES TO FINANCIAL STATEMENTS.
52
J.P. Morgan Exchange-Traded Funds
December 31, 2023


STATEMENTS OF ASSETS AND LIABILITIES
AS OF December 31, 2023 (Unaudited)
 
JPMorgan
Active
Growth ETF
JPMorgan
Active Small Cap
Value ETF
JPMorgan
Active
Value ETF
JPMorgan
Equity Premium
Income ETF
ASSETS:
Investments in non-affiliates, at value
$844,795,812
$13,864,554
$759,610,306
$30,136,302,432
Investments in affiliates, at value
17,759,640
535,500
21,877,028
8,580,135
Investments of cash collateral received from securities loaned, at
value(See Note 2.C.)
38,770
172,559,627
Cash
80,226
2,204
103,210
265,298,605
Receivables:
Investment securities sold
876
12,957
77,616
830,120,220
Fund shares sold
106,005
13,422,798
Interest from non-affiliates
89,585,610
Dividends from non-affiliates
64,164
14,957
949,808
42,182,680
Dividends from affiliates
2,577
78
3,174
1,245
Securities lending income(See Note 2.C.)
234
43,026
Total Assets
862,809,300
14,469,254
782,621,142
31,558,096,378
LIABILITIES:
Payables:
Distributions
100,036
237,445,245
Investment securities purchased
15,659
595,995,551
Collateral received on securities loaned(See Note 2.C.)
38,770
172,559,627
Accrued liabilities:
Management fees(See Note 3.A.)
298,741
7,821
275,149
9,010,771
Total Liabilities
398,777
62,250
275,149
1,015,011,194
Net Assets
$862,410,523
$14,407,004
$782,345,993
$30,543,085,184
NET ASSETS:
Paid-in-Capital
$745,838,173
$13,389,428
$730,461,697
$31,562,871,708
Total distributable earnings (loss)
116,572,350
1,017,576
51,884,296
(1,019,786,524
)
Total Net Assets
$862,410,523
$14,407,004
$782,345,993
$30,543,085,184
Outstanding number of shares
(unlimited number of shares authorized - par value $0.0001)
14,125,000
265,000
14,075,000
555,500,000
Net asset value, per share
$61.06
$54.37
$55.58
$54.98
Cost of investments in non-affiliates
$710,409,670
$12,812,933
$695,802,994
$27,083,787,970
Cost of investments in affiliates
17,759,640
535,500
21,877,028
8,580,135
Investment securities on loan, at value(See Note 2.C.)
38,265
169,175,386
Cost of investment of cash collateral(See Note 2.C.)
38,770
172,556,019
SEE NOTES TO FINANCIAL STATEMENTS.
December 31, 2023
J.P. Morgan Exchange-Traded Funds
53


STATEMENTS OF ASSETS AND LIABILITIES
AS OF December 31, 2023 (Unaudited) (continued)
 
JPMorgan
Market
Expansion
Enhanced
Equity ETF
JPMorgan
Nasdaq Equity
Premium Income ETF
JPMorgan
U.S. Tech
Leaders ETF
ASSETS:
Investments in non-affiliates, at value
$937,788,092
$8,385,976,127
$188,834,737
Investments in affiliates, at value
17,269,616
44,936,965
2,334,749
Investments of cash collateral received from securities loaned, at value(See Note
2.C.)
62,473,965
Cash
119,445
309,716
7,576
Deposits at broker for futures contracts
1,003,000
Receivables:
Investment securities sold
2,732,576
78,200,841
Fund shares sold
13,988,652
Interest from non-affiliates
33,022,231
Dividends from non-affiliates
1,226,038
5,080,493
26,269
Dividends from affiliates
2,506
6,520
339
Securities lending income(See Note 2.C.)
10,588
Total Assets
1,022,625,826
8,561,521,545
191,203,670
LIABILITIES:
Payables:
Distributions
66,329,120
Investment securities purchased
3,699,592
7,837,274
Collateral received on securities loaned(See Note 2.C.)
62,473,965
Variation margin on futures contracts
155,311
Accrued liabilities:
Investment advisory fees
109,996
Administration fees
59,386
Printing and mailing costs
13,881
Management fees(See Note 3.A.)
2,348,676
83,756
Custodian and accounting fees
14,120
Other
18,359
Total Liabilities
66,544,610
76,515,070
83,756
Net Assets
$956,081,216
$8,485,006,475
$191,119,914
NET ASSETS:
Paid-in-Capital
$667,069,840
$7,986,942,934
$179,544,961
Total distributable earnings (loss)
289,011,376
498,063,541
11,574,953
Total Net Assets
$956,081,216
$8,485,006,475
$191,119,914
Outstanding number of shares
(unlimited number of shares authorized - par value $0.0001)
17,823,634
169,925,000
3,250,000
Net asset value, per share
$53.64
$49.93
$58.81
Cost of investments in non-affiliates
$653,342,893
$7,544,390,094
$177,493,146
Cost of investments in affiliates
17,269,616
44,936,965
2,334,749
Investment securities on loan, at value(See Note 2.C.)
60,173,842
Cost of investment of cash collateral(See Note 2.C.)
62,467,966
SEE NOTES TO FINANCIAL STATEMENTS.
54
J.P. Morgan Exchange-Traded Funds
December 31, 2023


STATEMENTS OF OPERATIONS
FOR THE SIX MONTHS ENDED December 31, 2023 (Unaudited)
 
JPMorgan
Active
Growth ETF
JPMorgan
Active Small Cap
Value ETF
JPMorgan
Active
Value ETF
JPMorgan
Equity Premium
Income ETF
INVESTMENT INCOME:
Interest income from non-affiliates
$
$
$
$962,922,686
Interest income from affiliates
148
6
112,040
Dividend income from non-affiliates
1,629,639
112,272
6,710,914
231,550,005
Dividend income from affiliates
440,843
9,654
501,516
7,000,884
Income from securities lending (net)(See Note 2.C.)
646
14,065
574,983
Total investment income
2,070,630
122,572
7,226,501
1,202,160,598
EXPENSES:
Management fees(See Note 3.A.)
1,220,404
41,272
1,294,243
51,458,989
Interest expense to non-affiliates
5
Total expenses
1,220,404
41,272
1,294,243
51,458,994
Net investment income (loss)
850,226
81,300
5,932,258
1,150,701,604
REALIZED/UNREALIZED GAINS (LOSSES):
Net realized gain (loss) on transactions from:
Investments in non-affiliates
(8,879,317
)
(2,528
)
(8,313,505
)
(1,652,419,871
)
In-kind redemptions of investments in non-affiliates(See Note 4)
3,033,877
1,525,581
195,228,140
Futures contracts
2,575,381
Foreign currency transactions
(120
)
Net realized gain (loss)
(5,845,440
)
(2,528
)
(6,788,044
)
(1,454,616,350
)
Change in net unrealized appreciation/depreciation on:
Investments in non-affiliates
77,326,316
1,198,229
44,287,007
1,529,094,881
Investments in affiliates
21,203
Foreign currency translations
(4
)
Change in net unrealized appreciation/depreciation
77,326,316
1,198,229
44,287,003
1,529,116,084
Net realized/unrealized gains (losses)
71,480,876
1,195,701
37,498,959
74,499,734
Change in net assets resulting from operations
$72,331,102
$1,277,001
$43,431,217
$1,225,201,338
SEE NOTES TO FINANCIAL STATEMENTS.
December 31, 2023
J.P. Morgan Exchange-Traded Funds
55


STATEMENTS OF OPERATIONS
FOR THE SIX MONTHS ENDED December 31, 2023 (Unaudited) (continued)
 
JPMorgan
Market
Expansion
Enhanced
Equity ETF
JPMorgan
Nasdaq Equity
Premium Income ETF
JPMorgan
U.S. Tech
Leaders ETF (a)
INVESTMENT INCOME:
Interest income from non-affiliates
$25,849
$307,634,346
$
Interest income from affiliates
6
Dividend income from non-affiliates
6,532,636
23,244,309
54,637
Dividend income from affiliates
448,755
1,652,365
10,565
Income from securities lending (net)(See Note 2.C.)
36,615
2
Total investment income
7,043,861
332,531,022
65,202
EXPENSES:
Management fees(See Note 3.A.)
10,290,938
107,604
Investment advisory fees
1,094,777
Administration fees
328,435
Custodian and accounting fees
12,317
Interest expense to non-affiliates
841
4,298
261
Professional fees
30,133
Trustees’ and Chief Compliance Officer’s fees
11,719
Printing and mailing costs
16,059
Registration and filing fees
1,459
Other
17,105
Total expenses
1,512,845
10,295,236
107,865
Less fees waived
(10,305
)
Less expense reimbursements
(462,795
)
Net expenses
1,039,745
10,295,236
107,865
Net investment income (loss)
6,004,116
322,235,786
(42,663
)
REALIZED/UNREALIZED GAINS (LOSSES):
Net realized gain (loss) on transactions from:
Investments in non-affiliates
6,107,623
(321,913,961
)
(235,680
)
In-kind redemptions of investments in non-affiliates(See Note 4)
5,713,909
300,497,388
511,705
Futures contracts
1,739,820
7,623,826
Net realized gain (loss)
13,561,352
(13,792,747
)
276,025
Change in net unrealized appreciation/depreciation on:
Investments in non-affiliates
54,215,111
307,419,501
11,341,591
Investments in affiliates
5,999
Futures contracts
479,009
Change in net unrealized appreciation/depreciation
54,700,119
307,419,501
11,341,591
Net realized/unrealized gains (losses)
68,261,471
293,626,754
11,617,616
Change in net assets resulting from operations
$74,265,587
$615,862,540
$11,574,953

(a)
Commencement of Operations was October 4, 2023.
SEE NOTES TO FINANCIAL STATEMENTS.
56
J.P. Morgan Exchange-Traded Funds
December 31, 2023


STATEMENTS OF CHANGES IN NET ASSETS
FOR THE PERIODS INDICATED
 
JPMorgan
Active
Growth ETF
JPMorgan
Active Small Cap
Value ETF
 
Six Months Ended
December 31, 2023
(Unaudited)
Period Ended
June 30, 2023 (a)
Six Months Ended
December 31, 2023
(Unaudited)
Period Ended
June 30, 2023 (b)
CHANGE IN NET ASSETS RESULTING FROM OPERATIONS:
Net investment income (loss)
$850,226
$663,053
$81,300
$50,609
Net realized gain (loss)
(5,845,440
)
(7,004,640
)
(2,528
)
(24,645
)
Change in net unrealized appreciation/depreciation
77,326,316
57,059,826
1,198,229
(146,608
)
Change in net assets resulting from operations
72,331,102
50,718,239
1,277,001
(120,644
)
DISTRIBUTIONS TO SHAREHOLDERS:
Total distributions to shareholders
(1,449,368
)
(206,646
)
(138,781
)
CAPITAL TRANSACTIONS:
Change in net assets resulting from capital transactions
433,498,411
307,518,785
2,432,128
10,957,300
NET ASSETS:
Change in net assets
504,380,145
358,030,378
3,570,348
10,836,656
Beginning of period
358,030,378
10,836,656
End of period
$862,410,523
$358,030,378
$14,407,004
$10,836,656
CAPITAL TRANSACTIONS:
Proceeds from shares issued
$443,370,672
$329,978,902
$2,432,128
$10,957,300
Cost of shares redeemed
(9,872,261
)
(22,460,117
)
Total change in net assets resulting from capital
transactions
$433,498,411
$307,518,785
$2,432,128
$10,957,300
SHARE TRANSACTIONS:
Issued
7,875,000
6,875,000
45,000
220,000
Redeemed
(175,000
)
(450,000
)
Net increase (decrease) in shares from share transactions
7,700,000
6,425,000
45,000
220,000

(a)
Commenced operations on August 8, 2022.
(b)
Commenced operations on March 7, 2023.
SEE NOTES TO FINANCIAL STATEMENTS.
December 31, 2023
J.P. Morgan Exchange-Traded Funds
57


STATEMENTS OF CHANGES IN NET ASSETS
FOR THE PERIODS INDICATED (continued)
 
JPMorgan
Active
Value ETF
JPMorgan Equity
Premium Income ETF
 
Six Months Ended
December 31, 2023
(Unaudited)
Year Ended
June 30, 2023
Six Months Ended
December 31, 2023
(Unaudited)
Year Ended
June 30, 2023
CHANGE IN NET ASSETS RESULTING FROM OPERATIONS:
Net investment income (loss)
$5,932,258
$4,726,777
$1,150,701,604
$1,946,111,691
Net realized gain (loss)
(6,788,044
)
(2,237,043
)
(1,454,616,350
)
(1,801,885,017
)
Change in net unrealized appreciation/depreciation
44,287,003
21,464,209
1,529,116,084
1,882,934,265
Change in net assets resulting from operations
43,431,217
23,953,943
1,225,201,338
2,027,160,939
DISTRIBUTIONS TO SHAREHOLDERS:
Total distributions to shareholders
(6,440,706
)
(4,338,724
)
(1,364,115,354
)
(1,873,734,871
)
CAPITAL TRANSACTIONS:
Change in net assets resulting from capital transactions
326,912,854
354,602,282
2,635,302,872
17,686,859,307
NET ASSETS:
Change in net assets
363,903,365
374,217,501
2,496,388,856
17,840,285,375
Beginning of period
418,442,628
44,225,127
28,046,696,328
10,206,410,953
End of period
$782,345,993
$418,442,628
$30,543,085,184
$28,046,696,328
CAPITAL TRANSACTIONS:
Proceeds from shares issued
$335,971,228
$370,777,128
$3,766,410,893
$19,072,623,769
Cost of shares redeemed
(9,058,374
)
(16,174,846
)
(1,131,108,021
)
(1,385,764,462
)
Total change in net assets resulting from capital
transactions
$326,912,854
$354,602,282
$2,635,302,872
$17,686,859,307
SHARE TRANSACTIONS:
Issued
6,375,000
7,275,000
68,925,000
348,400,000
Redeemed
(175,000
)
(325,000
)
(20,650,000
)
(25,250,000
)
Net increase (decrease) in shares from share transactions
6,200,000
6,950,000
48,275,000
323,150,000
SEE NOTES TO FINANCIAL STATEMENTS.
58
J.P. Morgan Exchange-Traded Funds
December 31, 2023


 
JPMorgan Market Expansion
Enhanced Equity ETF
JPMorgan Nasdaq Equity Premium Income ETF
 
Six Months Ended
December 31, 2023
(Unaudited)
Year Ended
June 30, 2023
Six Months Ended
December 31, 2023
(Unaudited)
Year Ended
June 30, 2023
CHANGE IN NET ASSETS RESULTING FROM
OPERATIONS:
Net investment income (loss)
$6,004,116
$11,481,846
$322,235,786
$179,675,536
Net realized gain (loss)
13,561,352
50,220,869
(13,792,747
)
(285,414,826
)
Change in net unrealized appreciation/depreciation
54,700,119
69,920,834
307,419,501
538,805,544
Change in net assets resulting from operations
74,265,587
131,623,549
615,862,540
433,066,254
DISTRIBUTIONS TO SHAREHOLDERS:
Total distributions to shareholders
(11,920,279
)
(52,218,514
)
(352,833,017
)
(149,409,334
)
CAPITAL TRANSACTIONS:
Change in net assets resulting from capital transactions
39,175,536
(58,838,049
)
4,264,980,890
3,572,183,413
NET ASSETS:
Change in net assets
101,520,844
20,566,986
4,528,010,413
3,855,840,333
Beginning of period
854,560,372
833,993,386
3,956,996,062
101,155,729
End of period
$956,081,216
$854,560,372
$8,485,006,475
$3,956,996,062
CAPITAL TRANSACTIONS:
Proceeds from shares issued
$52,741,960
$20,677,423
$5,368,245,142
$3,840,224,854
Cost of shares redeemed
(13,566,424
)
(79,515,472
)
(1,103,264,252
)
(268,041,441
)
Total change in net assets resulting from capital
transactions
$39,175,536
$(58,838,049
)
$4,264,980,890
$3,572,183,413
SHARE TRANSACTIONS:
Issued
1,050,000
425,000
110,575,000
85,625,000
Redeemed
(275,000
)
(1,575,000
)
(22,525,000
)
(5,975,000
)
Net increase (decrease) in shares from share transactions
775,000
(1,150,000
)
88,050,000
79,650,000
SEE NOTES TO FINANCIAL STATEMENTS.
December 31, 2023
J.P. Morgan Exchange-Traded Funds
59


STATEMENTS OF CHANGES IN NET ASSETS
FOR THE PERIODS INDICATED (continued)
 
JPMorgan
U.S. Tech
Leaders ETF
 
Period Ended
December 31, 2023
(Unaudited)(a)
CHANGE IN NET ASSETS RESULTING FROM OPERATIONS:
Net investment income (loss)
$(42,663
)
Net realized gain (loss)
276,025
Change in net unrealized appreciation/depreciation
11,341,591
Change in net assets resulting from operations
11,574,953
CAPITAL TRANSACTIONS:
Change in net assets resulting from capital transactions
179,544,961
NET ASSETS:
Change in net assets
191,119,914
Beginning of period
End of period
$191,119,914
CAPITAL TRANSACTIONS:
Proceeds from shares issued
$183,697,918
Cost of shares redeemed
(4,152,957
)
Total change in net assets resulting from capital transactions
$179,544,961
SHARE TRANSACTIONS:
Issued
3,325,000
Redeemed
(75,000
)
Net increase (decrease) in shares from share transactions
3,250,000

(a)
Commencement of Operations was October 4, 2023.
SEE NOTES TO FINANCIAL STATEMENTS.
60
J.P. Morgan Exchange-Traded Funds
December 31, 2023


THIS PAGE IS INTENTIONALLY LEFT BLANK
 
 
61


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
Net
realized
gain
Total
distributions
JPMorgan Active Growth ETF
Six Months Ended December 31, 2023  (Unaudited)
$55.72
$0.09
$5.35
$5.44
$(0.10
)
$
$(0.10
)
August 8, 2022(f) through June 30, 2023
49.95
0.19
5.65
5.84
(0.07
)
(0.07
)
JPMorgan Active Small Cap Value ETF
Six Months Ended December 31, 2023  (Unaudited)
49.26
0.37
5.33
5.70
(0.59
)
(0.59
)
March 7, 2023(f) through June 30, 2023
50.00
0.23
(0.97
)
(0.74
)
JPMorgan Active Value ETF
Six Months Ended December 31, 2023  (Unaudited)
53.14
0.53
2.43
2.96
(0.52
)
(0.52
)
Year Ended June 30, 2023
47.81
0.98
5.09
6.07
(0.74
)
(0.74
)
October 4, 2021(f) through June 30, 2022
49.50
0.63
(1.78
)
(1.15
)
(0.47
)
(0.07
)
(0.54
)
JPMorgan Equity Premium Income ETF
Six Months Ended December 31, 2023  (Unaudited)
55.29
2.14
0.08
2.22
(2.53
)
(2.53
)
Year Ended June 30, 2023
55.45
5.84
0.04
5.88
(6.04
)
(6.04
)
Year Ended June 30, 2022
60.50
6.11
(6.20
)
(0.09
)
(4.96
)
(4.96
)
Year Ended June 30, 2021
50.76
5.17
9.42
14.59
(4.85
)
(4.85
)
May 20, 2020(f) through June 30, 2020
50.00
0.63
0.13
(h)
0.76
JPMorgan Market Expansion Enhanced Equity ETF(i)(j)
Six Months Ended December 31, 2023  (Unaudited)
50.12
0.35
3.84
4.19
(0.67
)
(0.67
)
Year Ended June 30, 2023
45.83
0.67
6.67
7.34
(0.66
)
(2.39
)
(3.05
)
Year Ended June 30, 2022
62.87
0.70
(8.03
)
(7.33
)
(0.66
)
(9.05
)
(9.71
)
Year Ended June 30, 2021
41.41
0.63
23.22
23.85
(0.63
)
(1.76
)
(2.39
)
Year Ended June 30, 2020
48.77
0.63
(4.82
)
(4.19
)
(0.68
)
(2.49
)
(3.17
)
Year Ended June 30, 2019
57.67
0.63
(3.24
)
(2.61
)
(0.44
)
(5.95
)
(6.39
)
JPMorgan Nasdaq Equity Premium Income ETF
Six Months Ended December 31, 2023  (Unaudited)
48.33
2.64
1.79
4.43
(2.83
)
(2.83
)
Year Ended June 30, 2023
45.46
6.04
2.47
8.51
(5.64
)
(5.64
)
May 3, 2022(f) through June 30, 2022
50.00
1.11
(5.27
)
(4.16
)
(0.38
)
(0.38
)
JPMorgan U.S. Tech Leaders ETF
October 4, 2023(f)
through December 31, 2023  (Unaudited)
50.00
(0.04
)
8.85
8.81

 
(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.
(h)
Calculation of the net realized and unrealized gains (losses) per share do not correlate with the Fund’s net realized and unrealized gains (losses) presented in the
Statement of Operations due to the timing of capital transactions in relation to the fluctuating market values of the Fund’s investments.
(i)
Per Share amounts reflect the conversion of the Predecessor Fund into the Fund as of the close of business on May 6, 2022.  See Note 1.
(j)
JPMorgan Market Expansion Enhanced Equity ETF (the “Fund”) acquired all of the assets and liabilities of the JPMorgan Market Expansion Enhanced Index Fund
(“Predecessor Fund”) in a reorganization that occurred as of the close of business on May 6, 2022. Performance and financial history of the Predecessor Fund’s
Class R6 Shares have been adopted by the Fund and will be used going forward. As a result, the financial highlight information reflects that of the Predecessor
Fund’s Class R6 Shares for the period October 1, 2018 (“Predecessor Fund's Class R6 Shares inception date”) up through the reorganization and the Predecessor
Fund's Class I Shares for the periods July 1, 2017 through June 30, 2018 and July 1, 2018 through June 30, 2019.
(k)
JPMorgan Market Expansion Enhanced Equity ETF acquired all of the assets and liabilities of the JPMorgan Market Expansion Enhanced Index Fund (“Predecessor
Fund”) in a reorganization on May 6, 2022. Market price returns are calculated using the official closing price of the JPMorgan Market Expansion Enhanced Equity
ETF on the listing exchange as of the time that the JPMorgan Market Expansion Enhanced Equity ETF's NAV is calculated. Prior to the JPMorgan Market Expansion
Enhanced Equity ETF's listing on May 9, 2022, the NAV performance of the Class R6 and the Class I Shares of the Predecessor Fund are used as proxy market price
returns.
62
J.P. Morgan Exchange-Traded Funds
December 31, 2023


 
Ratios/Supplemental data
 
 
 
 
 
Ratios to average net assets (a)
Net asset
value,
end of
period
Market
price,
end of
period
Total
return (c)(d)
Market
price
total
return (c)(e)
Net assets,
end of
period
Net
expenses
Net
investment
income
(loss)
Expenses
without waivers
and reimbursements
Portfolio
turnover
rate (c)
$61.06
$61.09
9.77
%
9.78
%
$862,410,523
0.43
%
0.30
%
0.43
%
20
%
55.72
55.74
11.73
11.77
(g)
358,030,378
0.44
0.45
0.44
60
54.37
54.41
11.57
11.56
14,407,004
0.74
1.45
0.74
19
49.26
49.30
(1.48
)
(1.40
)(g)
10,836,656
0.74
1.57
0.74
13
55.58
55.62
5.59
5.64
782,345,993
0.44
2.00
0.44
46
53.14
53.15
12.79
13.04
418,442,628
0.44
1.91
0.44
80
47.81
47.71
(2.37
)
(2.57
)(g)
44,225,127
0.44
1.64
0.44
56
54.98
54.98
4.16
4.08
30,543,085,184
0.35
7.80
0.35
85
55.29
55.33
11.30
11.37
28,046,696,328
0.35
10.69
0.35
190
55.45
55.45
(0.49
)
(0.62
)
10,206,410,953
0.35
10.23
0.35
195
60.50
60.57
30.22
29.90
1,916,419,087
0.35
8.89
0.35
195
50.76
50.94
1.52
1.88
(g)
27,916,586
0.35
11.11
0.35
13
53.64
53.71
8.36
8.41
(k)
956,081,216
0.24
1.37
0.35
15
50.12
50.16
16.61
16.73
(k)
854,560,372
0.24
1.38
0.24
29
45.83
45.82
(13.80
)
(13.81
)(k)
833,993,386
0.25
1.21
0.36
27
62.87
62.87
58.97
58.97
(k)
766,008,977
0.25
1.18
0.35
35
41.41
41.41
(9.65
)
(9.65
)(k)
500,129,035
0.25
1.45
0.36
49
48.67
48.67
(3.56
)
(3.56
)(k)
264,414,719
0.34
1.14
0.61
36
49.93
49.93
9.54
9.45
8,485,006,475
0.35
10.87
0.35
86
48.33
48.37
20.81
20.11
3,956,996,062
0.35
13.49
0.35
162
45.46
45.76
(8.37
)
(7.77
)(g)
101,155,729
0.35
14.59
0.35
12
58.81
58.80
17.62
17.60
(g)
191,119,914
0.65
(0.26
)
0.65
8
December 31, 2023
J.P. Morgan Exchange-Traded Funds
63


NOTES TO FINANCIAL STATEMENTS
AS OF December 31, 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 7 separate funds of the Trust (each, a "Fund" and collectively, the "Funds") covered by this report:
 
Diversification Classification
JPMorgan Active Growth ETF(1)
Non-diversified
JPMorgan Active Small Cap Value ETF(2)
Diversified
JPMorgan Active Value ETF
Diversified
JPMorgan Equity Premium Income ETF
Diversified
JPMorgan Market Expansion Enhanced Equity ETF
Diversified
JPMorgan Nasdaq Equity Premium Income ETF
Non-Diversified
JPMorgan U.S. Tech Leaders ETF(3)
Diversified

 
(1)
Commencement of operations was August 8, 2022.
(2)
Commencement of operations was March 7, 2023.
(3)
Commencement of Operations was October 4, 2023.
The investment objective of JPMorgan Active Growth ETF ("Active Growth ETF"), JPMorgan Active Small Cap Value ETF ("Active Small Cap Value ETF"), JPMorgan Active Value ETF ("Active Value ETF") and JPMorgan U.S. Tech Leaders ETF ("U.S. Tech Leaders ETF") is to seek to provide long-term capital appreciation.
The investment objective of JPMorgan Market Expansion Enhanced Equity ETF ("Market Expansion Enhanced Equity ETF") is to seek to provide investment results that correspond to or incrementally exceed the total return performance of an index that tracks the performance of the small- and mid- capitalization equity markets.
The investment objective of JPMorgan Equity Premium Income ETF ("Equity Premium Income ETF") and JPMorgan Nasdaq Equity Premium Income ETF ("Nasdaq Equity Premium Income ETF") is to seek current income while maintaining prospects for capital appreciation.
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
Active Growth ETF
NYSE Arca, Inc.
Active Small Cap Value ETF
NYSE Arca, Inc.
Active Value ETF
NYSE Arca, Inc.
Equity Premium Income ETF
NYSE Arca, Inc.
Market Expansion Enhanced Equity ETF
NYSE Arca, Inc.
Nasdaq Equity Premium Income ETF
The NASDAQ Stock Market LLC
U.S. Tech Leaders ETF
The 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. A cash amount may be substituted if a Fund has sizable exposure to market or sponsor restricted securities. 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)
64
J.P. Morgan Exchange-Traded Funds
December 31, 2023


the reported amounts of assets and liabilities, (ii) disclosure of contingent assets and liabilities at the date of the financial statements, and (iii) the reported amounts of increases and decreases in net assets from operations during the reporting period. Actual results could differ from those estimates. 
A. Valuation of Investments  Investments are valued in accordance with GAAP and the Funds' valuation policies set forth by, and under the supervision and responsibility of, the Board of Trustees of the Trust (the "Board"), which established the following approach to valuation, as described more fully below: (i) investments for which market quotations are readily available shall be valued at their market value and (ii) all other investments for which market quotations are not readily available shall be valued at their fair value as determined in good faith by the Board.
Under Section 2(a)(41) of the 1940 Act, the Board is required to determine fair value for securities that do not have readily available market quotations.  Under SEC Rule 2a-5 (Good Faith Determinations of Fair Value), the Board may designate the performance of these fair valuation determinations to a valuation designee. The Board has designated the Adviser as the “Valuation Designee” to perform fair valuation determinations for the Funds on behalf of the Board subject to appropriate oversight by the Board. The Adviser, as Valuation Designee, leverages the J.P. Morgan Asset Management Americas Valuation Committee (“AVC”) to help oversee and carry out the policies for the valuation of investments held in the Funds. The Adviser, as Valuation Designee, remains responsible for the valuation determinations.
This oversight by the AVC includes monitoring the appropriateness of fair values based on results of ongoing valuation oversight including, but not limited to, consideration of macro or security specific events, market events, and pricing vendor and broker due diligence. The Administrator is responsible for discussing and assessing the potential impacts to the fair values on an ongoing basis, and, at least on a quarterly basis, with the AVC and the Board.
Fixed income instruments are valued based on prices received from approved affiliated and unaffiliated pricing vendors or third party broker-dealers (collectively referred to as “Pricing Services”). The Pricing Services use multiple valuation techniques to determine the valuation of fixed income instruments. In instances where sufficient market activity exists, the Pricing Services may utilize a market-based approach through which trades or quotes from market makers are used to determine the valuation of these instruments. In instances where sufficient market activity may not exist, the Pricing Services also utilize proprietary valuation models which may consider market transactions in comparable securities and the various relationships between securities in determining fair value and/or market characteristics in order to estimate the relevant cash flows, which are then discounted to calculate the fair values.
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 NAV of the Funds are calculated on a valuation date.
Investments in open-end investment companies (“Underlying Funds”) are valued at each Underlying Fund’s NAV per share as of the report date.
Futures contracts are generally valued on the basis of available market quotations.
Valuations reflected in this report are as of the report date. As a result, changes in valuation due to market events and/or issuer-related events after the report date and prior to issuance of the report are not reflected herein.
The various inputs that are used in determining the valuation of the Funds’ investments are summarized into the three broad levels listed below.
Level 1 Unadjusted inputs using quoted prices in active markets for identical investments.
Level 2 Other significant observable inputs (including, but not limited to, quoted prices for similar securities, interest rates, prepayment speeds, credit risk, etc.).
Level 3 Significant unobservable inputs (including the Funds’ own 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 securities are not necessarily an indication of the risk associated with investing in those securities. For example, certain money market securities are valued using amortized cost, in accordance with rules under the 1940 Act. Generally, amortized cost approximates the current fair value of a security, but since the value is not obtained from a quoted price in an active market, such securities are reflected as level 2.
The following tables represent each valuation input as presented on the Schedules of Portfolio Investments (“SOIs”): 
Active Growth ETF
 
 
 
 
 
Level 1
Quoted prices
Level 2
Other significant
observable inputs
Level 3
Significant
unobservable inputs
Total
Total Investments in Securities(a)
$862,555,452
$
$
$862,555,452

 
(a)
Please refer to the SOI for specifics of portfolio holdings.
December 31, 2023
J.P. Morgan Exchange-Traded Funds
65


NOTES TO FINANCIAL STATEMENTS
AS OF December 31, 2023 (Unaudited) (continued)
Active Small Cap Value ETF
 
 
 
 
 
Level 1
Quoted prices
Level 2
Other significant
observable inputs
Level 3
Significant
unobservable inputs
Total
Total Investments in Securities(a)
$14,438,824
$
$
$14,438,824

 
(a)
Please refer to the SOI for specifics of portfolio holdings.
Active Value ETF
 
 
 
 
 
Level 1
Quoted prices
Level 2
Other significant
observable inputs
Level 3
Significant
unobservable inputs
Total
Total Investments in Securities(a)
$781,487,334
$
$
$781,487,334

 
(a)
Please refer to the SOI for specifics of portfolio holdings.
Equity Premium Income ETF
 
 
 
 
 
Level 1
Quoted prices
Level 2
Other significant
observable inputs
Level 3
Significant
unobservable inputs
Total
Investments in Securities
Common Stocks
$25,969,533,581
$
$
$25,969,533,581
Equity Linked Notes
4,166,768,851
4,166,768,851
Short-Term Investments
Investment Companies
8,580,135
8,580,135
Investment of Cash Collateral from Securities
Loaned
172,559,627
172,559,627
Total Short-Term Investments
181,139,762
181,139,762
Total Investments in Securities
$26,150,673,343
$4,166,768,851
$
$30,317,442,194
Market Expansion Enhanced Equity ETF
 
 
 
 
 
Level 1
Quoted prices
Level 2
Other significant
observable inputs
Level 3
Significant
unobservable inputs
Total
Total Investments in Securities(a)
$1,017,531,673
$
$
$1,017,531,673
Appreciation in Other Financial Instruments
Futures Contracts(a)
$883,709
$
$
$883,709

 
(a)
Please refer to the SOI for specifics of portfolio holdings.
Nasdaq Equity Premium Income ETF
 
 
 
 
 
Level 1
Quoted prices
Level 2
Other significant
observable inputs
Level 3
Significant
unobservable inputs
Total
Investments in Securities
Common Stocks
$7,053,041,956
$
$
$7,053,041,956
Equity Linked Notes
1,332,934,171
1,332,934,171
Short-Term Investments
Investment Companies
44,936,965
44,936,965
Total Investments in Securities
$7,097,978,921
$1,332,934,171
$
$8,430,913,092
66
J.P. Morgan Exchange-Traded Funds
December 31, 2023


U.S. Tech Leaders ETF
 
 
 
 
 
Level 1
Quoted prices
Level 2
Other significant
observable inputs
Level 3
Significant
unobservable inputs
Total
Total Investments in Securities(a)
$191,169,486
$
$
$191,169,486

 
(a)
Please refer to the SOI for specifics of portfolio holdings.
B. Restricted Securities  Certain securities held by the Funds may be subject to legal or contractual restrictions on resale. Restricted securities generally are resold in transactions exempt from registration under the Securities Act of 1933, as amended (the “Securities Act”). Disposal of these securities may involve time-consuming negotiations and expense. Prompt sale at the current valuation may be difficult and could adversely affect the NAVs of the Funds.
As of December 31, 2023, the Funds had no investments in restricted securities other than securities sold to the Funds under Rule 144A and/or Regulation S under the Securities Act.
C. Securities Lending The Funds are authorized to engage in securities lending in order to generate additional income. The Funds are able to lend to approved borrowers. Citibank N.A. (“Citibank”) serves as lending agent for the Funds, pursuant to a Securities Lending Agency Agreement (the “Securities Lending Agency Agreement”). Securities loaned are collateralized by cash equal to at least 100% of the market value plus accrued interest on the securities lent, which is invested in the Class IM Shares of the JPMorgan U.S. Government Money Market Fund and the Agency SL Class Shares of the JPMorgan Securities Lending Money Market Fund. The Funds retain the interest earned on cash collateral investments but are required to pay the borrower a rebate for the use of the cash collateral. In cases where the lent security is of high value to borrowers, there may be a negative rebate (i.e., a net payment from the borrower to the Funds). Upon termination of a loan, the Funds are required to return to the borrower an amount equal to the cash collateral, plus any rebate owed to the borrowers. The remaining maturities of the securities lending transactions are considered overnight and continuous. Loans are subject to termination by the Funds or the borrower at any time.
The net income earned on the securities lending (after payment of rebates and Citibank’s fee) is included on the Statements of Operations as Income from securities lending (net). The Funds also receive payments from the borrower during the period of the loan, equivalent to dividends and interest earned on the securities loaned, which are recorded as Dividend or Interest income, respectively, on the Statements of Operations.
Under the Securities Lending Agency Agreement, Citibank marks to market the loaned securities on a daily basis. In the event the cash received from the borrower is less than 102% of the value of the loaned securities (105% for loans of non-U.S. securities), Citibank requests additional cash from 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.
 
Investment Securities
on Loan, at value,
Presented on the
Statements of Assets
and Liabilities
Cash Collateral
Posted by Borrower*
Net Amount Due
to Counterparty
(not less than zero)
Active Small Cap Value ETF
$38,265
$(38,265
)
$
Equity Premium Income ETF
169,175,386
(169,175,386
)
Market Expansion Enhanced Equity ETF
60,173,842
(60,173,842
)

 
*
Collateral posted reflects the value of securities on loan and does not include any additional amounts received from the borrower.
Securities lending also involves counterparty risks, including the risk that the loaned securities may not be returned in a timely manner or at all. Subject to certain conditions, Citibank has agreed to indemnify the Funds from losses resulting from a borrower’s failure to return a loaned security.
December 31, 2023
J.P. Morgan Exchange-Traded Funds
67


NOTES TO FINANCIAL STATEMENTS
AS OF December 31, 2023 (Unaudited) (continued)
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 December 31, 2023, JPMIM waived fees associated with the Funds' investment in the JPMorgan U.S. Government Money Market Fund as follows:
Active Small Cap Value ETF
$4
Active Value ETF
81
Equity Premium Income ETF
14,723
Market Expansion Enhanced Equity ETF
3,206
Nasdaq Equity Premium Income ETF
1
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).
Active Growth ETF and U.S. Tech Leaders ETF did not lend out any securities during the six months ended December 31, 2023.
D. Investment Transactions with Affiliates  The Funds invested in Underlying Funds advised by the Adviser. An issuer which is under common control with a Fund may be considered an affiliate. For the purposes of the financial statements, the Funds assume the issuers listed in the tables below to be affiliated issuers. The Underlying Funds’ distributions may be reinvested into such Underlying Funds. Reinvestment amounts are included in the purchases at cost amounts in the tables below.
Active Growth ETF
For the six months ended December 31, 2023
Security Description
Value at
June 30,
2023
Purchases at
Cost
Proceeds from
Sales
Net Realized
Gain (Loss)
Change in
Unrealized
Appreciation/
(Depreciation)
Value at
December 31,
2023
Shares at
December 31,
2023
Dividend
Income
Capital Gain
Distributions
JPMorgan U.S. Government Money
Market Fund Class IM Shares,
5.30% (a) (b)
$6,933,264
$33,658,726
$22,832,350
$
$
$17,759,640
17,759,640
$440,843
$

 
(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 December 31, 2023.
Active Small Cap Value ETF
For the six months ended December 31, 2023
Security Description
Value at
June 30,
2023
Purchases at
Cost
Proceeds from
Sales
Net Realized
Gain (Loss)
Change in
Unrealized
Appreciation/
(Depreciation)
Value at
December 31,
2023
Shares at
December 31,
2023
Dividend
Income
Capital Gain
Distributions
JPMorgan Prime Money Market Fund
Class IM Shares, 5.51% (a) (b)
$
$
$
$
$
$
$26
$
JPMorgan U.S. Government Money Market
Fund Class IM Shares, 5.30% (a) (b)
56,340
17,570
38,770
38,770
500
*
JPMorgan U.S. Government Money Market
Fund Class IM Shares, 5.30% (a) (b)
278,027
1,439,227
1,181,754
535,500
535,500
9,628
Total
$278,027
$1,495,567
$1,199,324
$
$
$574,270
$10,154
$

 
(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 December 31, 2023.
*
Amount is included on the Statements of Operations as Income from securities lending (net) (after payments of rebates and Citibank’s fee).
68
J.P. Morgan Exchange-Traded Funds
December 31, 2023


Active Value ETF
For the six months ended December 31, 2023
Security Description
Value at
June 30,
2023
Purchases at
Cost
Proceeds from
Sales
Net Realized
Gain (Loss)
Change in
Unrealized
Appreciation/
(Depreciation)
Value at
December 31,
2023
Shares at
December 31,
2023
Dividend
Income
Capital Gain
Distributions
JPMorgan Prime Money Market
Fund Class IM Shares, 5.51%
(a) (b)
$
$
$
$
$
$
$213
$
JPMorgan U.S. Government Money
Market Fund Class IM Shares,
5.30% (a) (b)
252,180
1,345,118
1,597,298
3,701
*
JPMorgan U.S. Government Money
Market Fund Class IM Shares,
5.30% (a) (b)
12,221,401
18,639,848
8,984,221
21,877,028
21,877,028
501,303
Total
$12,473,581
$19,984,966
$10,581,519
$
$
$21,877,028
$505,217
$

 
(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 December 31, 2023.
*
Amount is included on the Statements of Operations as Income from securities lending (net) (after payments of rebates and Citibank’s fee).
Equity Premium Income ETF
For the six months ended December 31, 2023
Security Description
Value at
June 30,
2023
Purchases at
Cost
Proceeds from
Sales
Net Realized
Gain (Loss)
Change in
Unrealized
Appreciation/
(Depreciation)
Value at
December 31,
2023
Shares at
December 31,
2023
Dividend
Income
Capital Gain
Distributions
JPMorgan Prime
Money Market
Fund Class IM
Shares, 5.51%
(a) (b)
$
$
$
$
$
$
$1,177
$
JPMorgan Securities
Lending Money
Market Fund
Agency SL
Class Shares,
5.56% (a) (b)
334,966,807
758,999,999
940,000,000
106,973
*
21,203
154,094,982
154,033,369
10,078,501
*
JPMorgan
U.S. Government
Money Market
Fund Class IM
Shares, 5.30%
(a) (b)
47,208,090
350,989,669
379,733,114
18,464,645
18,464,645
1,157,595
*
JPMorgan
U.S. Government
Money Market
Fund Class IM
Shares, 5.30%
(a) (b)
224,743,189
2,805,189,420
3,021,352,474
8,580,135
8,580,135
6,999,707
Total
$606,918,086
$3,915,179,088
$4,341,085,588
$106,973
$21,203
$181,139,762
$18,236,980
$

 
(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 December 31, 2023.
*
Amount is included on the Statements of Operations as Income from securities lending (net) (after payments of rebates and Citibank’s fee).
December 31, 2023
J.P. Morgan Exchange-Traded Funds
69


NOTES TO FINANCIAL STATEMENTS
AS OF December 31, 2023 (Unaudited) (continued)
Market Expansion Enhanced Equity ETF
For the six months ended December 31, 2023
Security Description
Value at
June 30,
2023
Purchases at
Cost
Proceeds from
Sales
Net Realized
Gain (Loss)
Change in
Unrealized
Appreciation/
(Depreciation)
Value at
December 31,
2023
Shares at
December 31,
2023
Dividend
Income
Capital Gain
Distributions
JPMorgan Prime Money Market
Fund Class IM Shares,
5.51% (a) (b)
$
$
$
$
$
$
$448
$
JPMorgan Securities Lending
Money Market Fund Agency
SL Class Shares, 5.56%
(a) (b)
17,998,200
140,000,001
103,000,000
5,798
*
5,999
55,009,998
54,988,003
1,044,128
*
JPMorgan U.S. Government
Money Market Fund Class IM
Shares, 5.30% (a) (b)
5,817,078
66,942,929
65,296,040
7,463,967
7,463,967
154,635
*
JPMorgan U.S. Government
Money Market Fund Class IM
Shares, 5.30% (a) (b)
19,564,496
63,147,861
65,442,741
17,269,616
17,269,616
448,307
Total
$43,379,774
$270,090,791
$233,738,781
$5,798
$5,999
$79,743,581
$1,647,518
$

 
(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 December 31, 2023.
*
Amount is included on the Statements of Operations as Income from securities lending (net) (after payments of rebates and Citibank’s fee).
Nasdaq Equity Premium Income ETF
For the six months ended December 31, 2023
Security Description
Value at
June 30,
2023
Purchases at
Cost
Proceeds from
Sales
Net Realized
Gain (Loss)
Change in
Unrealized
Appreciation/
(Depreciation)
Value at
December 31,
2023
Shares at
December 31,
2023
Dividend
Income
Capital Gain
Distributions
JPMorgan Prime Money
Market Fund Class IM
Shares, 5.51% (a) (b)
$
$
$
$
$
$
$3,767
$
JPMorgan U.S. Government
Money Market Fund
Class IM Shares, 5.30%
(a) (b)
22,900
22,900
3
*
JPMorgan U.S. Government
Money Market Fund
Class IM Shares, 5.30%
(a) (b)
49,625,385
1,215,222,399
1,219,910,819
44,936,965
44,936,965
1,648,598
Total
$49,625,385
$1,215,245,299
$1,219,933,719
$
$
$44,936,965
$1,652,368
$

 
(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 December 31, 2023.
*
Amount is included on the Statements of Operations as Income from securities lending (net) (after payments of rebates and Citibank’s fee).
70
J.P. Morgan Exchange-Traded Funds
December 31, 2023


U.S. Tech Leaders ETF
For the period ended December 31, 2023
Security Description
Value at
October 4,
2023(a)
Purchases at
Cost
Proceeds from
Sales
Net Realized
Gain (Loss)
Change in
Unrealized
Appreciation/
(Depreciation)
Value at
December 31,
2023
Shares at
December 31,
2023
Dividend
Income
Capital Gain
Distributions
JPMorgan Prime Money Market Fund
Class IM Shares, 5.51% (b) (c)
$
$
$
$
$
$
$17
$
JPMorgan U.S. Government Money Market
Fund Class IM Shares, 5.30% (b) (c)
542,025
542,025
62
*
JPMorgan U.S. Government Money Market
Fund Class IM Shares, 5.30% (b) (c)
10,840,765
8,506,016
2,334,749
2,334,749
10,548
Total
$
$11,382,790
$9,048,041
$
$
$2,334,749
$10,627
$

 
(a)
Commencement of operations was October 4, 2023.
(b)
Investment in an affiliated fund, which is registered under the Investment Company Act of 1940, as amended, and is advised by J.P. Morgan
Investment Management Inc.
(c)
The rate shown is the current yield as of December 31, 2023.
*
Amount is included on the Statements of Operations as Income from securities lending (net) (after payments of rebates and Citibank’s fee).
E. Futures Contracts Equity Premium Income ETF, Market Expansion Enhanced Equity ETF and Nasdaq Equity Premium Income ETF used index futures contracts to manage and hedge equity price risk associated with portfolio investments. The Funds also purchased futures contracts to invest incoming cash in the market or sold futures in response to cash outflows, thereby simulating an invested position in the underlying index while maintaining a cash balance for liquidity. 
Futures contracts provide for the delayed delivery of the underlying instrument at a fixed price or are settled for a cash amount based on the change in the value of the underlying instrument at a specific date in the future. Upon entering into a futures contract, the Funds are required to deposit with the broker, cash or securities in an amount equal to a certain percentage of the contract amount, which is referred to as the initial margin deposit. Subsequent payments, referred to as variation margin, are made or received by the Funds periodically and are based on changes in the market value of open futures contracts. Changes in the market value of open futures contracts are recorded as Change in net unrealized appreciation/depreciation on futures contracts on the Statements of Operations. Realized gains or losses, representing the difference between the value of the contract at the time it was opened and the value at the time it was closed, are reported on the Statements of Operations at the closing or expiration of the futures contract. Securities deposited as initial margin are designated on the SOIs, while cash deposited, which is considered restricted, is recorded on the Statements of Assets and Liabilities. A receivable from and/or a payable to brokers for the daily variation margin is also recorded on the Statements of Assets and Liabilities.
The use of futures contracts exposes the Funds to equity price risk. The Funds may be subject to the risk that the change in the value of the futures contract may not correlate perfectly with the underlying instrument. Use of long futures contracts subjects the Funds to risk of loss in excess of the amounts shown on the Statements of Assets and Liabilities, up to the notional amount of the futures contracts. Use of short futures contracts subjects the Funds to unlimited risk of loss. The Funds may enter into futures contracts only on exchanges or boards of trade. The exchange or board of trade acts as the counterparty to each futures transaction; therefore, the Funds' credit risk is limited to failure of the exchange or board of trade. Under some circumstances, futures exchanges may establish daily limits on the amount that the price of a futures contract can vary from the previous day’s settlement price, which could effectively prevent liquidation of positions.
The Funds' futures contracts are not subject to master netting arrangements (the right to close out all transactions traded with a counterparty and net amounts owed or due across transactions). 
The table below discloses the volume of the Funds' futures contracts activity during the six months ended December 31, 2023:
 
Equity Premium
Income ETF
Market
Expansion
Enhanced
Equity ETF
Nasdaq Equity Premium Income ETF
Futures Contracts:
Average Notional Balance Long
$37,580,357
$14,370,822
$
Average Notional Balance Short
(2,418,482
)
(68,447,985
)
Ending Notional Balance Long
14,334,750
December 31, 2023
J.P. Morgan Exchange-Traded Funds
71


NOTES TO FINANCIAL STATEMENTS
AS OF December 31, 2023 (Unaudited) (continued)
F. Equity-Linked Notes  Equity Premium Income ETF and Nasdaq Equity Premium Income ETF invested in Equity-Linked Notes (“ELNs”). These are hybrid instruments which combine both debt and equity characteristics into a single note form. ELNs' values are linked to the performance of an underlying index. ELNs are unsecured debt obligations of an issuer and may not be publicly listed or traded on an exchange. ELNs are valued daily, under procedures adopted by the Board, based on values provided by an approved pricing source. These notes have a coupon which is accrued and recorded as Interest income from non-affiliates on the Statements of Operations. Changes in the market value of ELNs are recorded as Change in net unrealized appreciation or depreciation on the Statements of Operations. A Fund realizes a gain or loss when an ELN is sold or matures, which is recorded as Net realized gain (loss) on transactions from investments in non-affiliates on the Statements of Operations.
As of December 31, 2023, Equity Premium Income ETF and Nasdaq Equity Premium Income ETF had outstanding ELNs as listed on the SOIs.
G. Security Transactions and Investment Income Investment transactions are accounted for on the trade date (the date the order to buy or sell is executed). Securities gains and losses are calculated on a specifically identified cost basis. Interest income is determined on the basis of coupon interest accrued using the effective interest method, which adjusts for amortization of premiums and accretion of discounts. Distributions of net investment income and realized capital gains from the Underlying Funds are recorded on the ex-dividend date.
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.
H. Federal Income Taxes  Each Fund is treated as a separate taxable entity for Federal income tax purposes. Each Fund's policy is to comply with the provisions of the Internal Revenue Code (the “Code”) applicable to regulated investment companies and to distribute to shareholders all of its distributable net investment income and net realized capital gains on investments. Accordingly, no provision for Federal income tax is necessary. Management has reviewed the Funds' tax positions for all open tax years and has determined that as of December 31, 2023, no liability for Federal income tax is required in the Funds' financial statements for net unrecognized tax benefits. However, management’s conclusions may be subject to future review based on changes in, or the interpretation of, the accounting standards or tax laws and regulations. Each Fund's Federal tax returns for the prior three fiscal years, or since inception if shorter, remain subject to examination by the Internal Revenue Service.
I. Distributions to Shareholders Distributions from net investment income, if any, are generally declared and paid at least monthly for Equity Premium Income ETF and Nasdaq Equity Premium Income ETF, at least annually for Active Growth ETF, Active Small Cap Value ETF, Market Expansion Enhanced Equity ETF and U.S. Tech Leaders ETF, and at least quarterly for Active Value ETF. Net realized capital gains, if any, are distributed 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 FeeJPMIM manages the investments of each Fund. For each Fund other than Market Expansion Enhanced Equity ETF, the investments are managed pursuant to a Management Agreement, under which JPMIM is responsible for substantially all of each Fund’s expenses as described below. JPMIM also manages the investments of Market Expansion Enhanced Equity ETF pursuant to an Investment Advisory 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:
 
 
Active Growth ETF
0.44
%
Active Small Cap Value ETF
0.74
Active Value ETF
0.44
Equity Premium Income ETF
0.35
Market Expansion Enhanced Equity ETF
0.25
Nasdaq Equity Premium Income ETF
0.35
U.S. Tech Leaders ETF
0.65
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
72
J.P. Morgan Exchange-Traded Funds
December 31, 2023


through a Fund’s payment of such expenses and a corresponding reduction in the fee payable to the Adviser, provided, however, that if the amount of expenses paid by a Fund exceeds the fee payable to the Adviser, the Adviser will reimburse that Fund for such amount.
B. Administration Fee JPMIM provides administration services to the Funds. Pursuant to each Management Agreement, JPMIM is compensated as described in Note 3.A.
Pursuant to a separate Administration Agreement, the Administrator provides certain administration services to Market Expansion Enhanced Equity ETF. In consideration of these services, the Administrator receives a fee accrued daily and paid monthly at an annual rate of 0.075% of the first $10 billion of Market Expansion Enhanced Equity ETF's average daily net assets, plus 0.050% of the Fund’s average daily net assets between $10 billion and $20 billion, plus 0.025% of the Fund’s average daily net assets between $20 billion and $25 billion, plus 0.010% of the Fund’s average daily net assets in excess of $25 billion. For the year ended June 30, 2023, the effective rate was 0.075% of Market Expansion Enhanced Equity ETF's average daily net assets, notwithstanding any fee waivers and/or expense reimbursements.
The Administrator waived administration fees for Market Expansion Enhanced Equity ETF as outlined in Note 3.E.
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, for the Funds except Market Expansion Enhanced Equity ETF, pays JPMCB transaction and asset-based fees that vary according to the number of transactions and positions, plus out-of-pocket expenses.
For Market Expansion Enhanced Equity ETF, the Fund pays JPMCB directly. The amounts for custody and accounting services are included in Custodian and accounting fees on the Statements of Operations. The amounts paid for transfer agency services are included in Transfer agency fees on the Statements of Operations.
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 Adviser and/or its affiliates have contractually agreed to waive fees and/or reimburse Market Expansion Enhanced Equity ETF to the extent that total annual operating expenses (excluding acquired fund fees and expenses other than certain money market fund fees as described below, dividend and interest expenses related to short sales, interest, taxes, expenses related to litigation and potential litigation, costs of shareholder meetings, and extraordinary expenses) exceed 0.24% of Market Expansion Enhanced Equity ETF's average daily net assets.  The expense limitation agreement was in effect for the six months ended December 31, 2023 and the contractual expense limitation is in place until at least June 30, 2025.
For the six months ended December 31, 2023, Market Expansion Enhanced Equity ETF’s service providers waived fees and/or reimbursed expenses for Market Expansion Enhanced Equity ETF as follows. None of these parties expect Market Expansion Enhanced Equity ETF to repay any such waived fees and/or reimbursed expenses in future years.
 
 
 
Contractual
Reimbursements
Market Expansion Enhanced Equity ETF
$461,954
Additionally, the Funds may invest in one or more money market funds advised by the Adviser (affiliated money market funds). The Adviser, Administrator and/or JPMDS, as shareholder servicing agent, have contractually agreed to waive fees and/or reimburse expenses in an amount sufficient to offset the respective net fees each collects from the affiliated money market fund on the applicable Fund’s investment in such affiliated money market fund, except for investments of securities lending cash collateral. None of these parties expect the Funds to repay any such waived fees and/ or reimbursed expenses in future years.
The amounts of these waivers resulting from investments in these money market funds for the six months ended December 31, 2023 were as follows:
 
 
Market Expansion Enhanced Equity ETF
$10,305
December 31, 2023
J.P. Morgan Exchange-Traded Funds
73


NOTES TO FINANCIAL STATEMENTS
AS OF December 31, 2023 (Unaudited) (continued)
JPMIM voluntarily agreed to reimburse the Funds for the Trustee Fees paid to one of the interested Trustees. For the six months ended December 31, 2023 the amount of these reimbursements were as follows:
 
 
Market Expansion Enhanced Equity ETF
$841
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. for the Funds except Market Expansion Enhanced Equity ETF. Market Expansion Enhanced Equity ETF, along with certain other affiliated funds, makes reimbursement payments, on a pro-rata basis, to the Administrator for a portion of the fees associated with the office of the Chief Compliance Officer. Such fees are included in Trustees’ and Chief Compliance Officer’s fees on the Statement of Operations.
The Trust adopted a Trustee Deferred Compensation Plan (the “Plan”) which allows the independent Trustees to defer the receipt of all or a portion of compensation related to performance of their duties as Trustees. The deferred fees are invested in various J.P. Morgan Funds until distribution in accordance with the Plan.
The below Funds used related party broker-dealers during the six months ended December 31, 2023, and incurred brokerage commissions with broker-dealers affiliated with the Adviser as follows:
 
Brokerage Commissions
Active Growth ETF
$1,420
Market Expansion Enhanced Equity ETF
214
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 December 31, 2023, purchases and sales of investments (excluding short-term investments) were as follows:
 
Purchases
(excluding
U.S. Government)
Sales
(excluding
U.S. Government)
Active Growth ETF
$111,239,959
$109,274,158
Active Small Cap Value ETF
2,093,871
2,320,360
Active Value ETF
265,243,235
263,383,698
Equity Premium Income ETF
25,104,084,495
24,528,640,034
Market Expansion Enhanced Equity ETF
129,134,567
127,560,314
Nasdaq Equity Premium Income ETF
6,034,643,859
5,102,938,677
U.S. Tech Leaders ETF
12,013,725
6,397,817
For the six months ended December 31, 2023, in-kind transactions associated with creations and redemptions were as follows:
 
In-Kind
Purchases
In-Kind
Sales
Active Growth ETF
$429,774,007
$9,423,935
Active Small Cap Value ETF
2,335,859
Active Value ETF
323,501,675
8,733,067
Equity Premium Income ETF
2,934,040,795
962,985,797
Market Expansion Enhanced Equity ETF
51,217,500
13,340,157
Nasdaq Equity Premium Income ETF
4,343,279,961
1,050,786,349
U.S. Tech Leaders ETF
175,720,423
4,119,210
During the six months ended December 31, 2023, the Funds delivered portfolio securities for the redemption of Fund shares (in-kind redemptions). Cash and portfolio securities were transferred for redemptions at fair value. For financial reporting purposes, the Funds recorded net realized gains and losses in connection with each in-kind redemption transaction.
74
J.P. Morgan Exchange-Traded Funds
December 31, 2023


5. Federal Income Tax Matters
For Federal income tax purposes, the estimated cost and unrealized appreciation (depreciation) in value of investments held at December 31, 2023 were as follows:
 
Aggregate
Cost
Gross
Unrealized
Appreciation
Gross
Unrealized
Depreciation
Net Unrealized
Appreciation
(Depreciation)
Active Growth ETF
$728,169,310
$135,060,661
$674,519
$134,386,142
Active Small Cap Value ETF
13,387,203
1,340,464
288,843
1,051,621
Active Value ETF
717,680,022
72,360,705
8,553,393
63,807,312
Equity Premium Income ETF
27,264,924,124
3,586,580,504
534,062,434
3,052,518,070
Market Expansion Enhanced Equity ETF
733,080,475
314,961,232
29,626,325
285,334,907
Nasdaq Equity Premium Income ETF
7,589,327,059
924,013,434
82,427,401
841,586,033
U.S. Tech Leaders ETF
179,827,895
12,170,394
828,803
11,341,591
At June 30, 2023, the following Funds had net capital loss carryforwards which are available to offset future realized gains:
 
Capital Loss Carryforward Character
 
Short-Term
Long-Term
Active Growth ETF
$259,031
$
Active Small Cap Value ETF
22,846
Active Value ETF
2,033,118
42,420
Equity Premium Income ETF
1,010,524,741
164,353,537
Nasdaq Equity Premium Income ETF
19,918,405
Net capital losses (gains) incurred after October 31, and within the taxable year are deemed to arise on the first business day of the Funds' next taxable year. For the year ended June 30, 2023, the Funds deferred to July 1, 2023 the following net capital losses (gains) of:
 
Net Capital Losses (Gains)
Specified
Ordinary Losses
 
Short-Term
Long-Term
Active Growth ETF
$10,376,110
$
$3,149
Active Value ETF
(72,597
)
225,065
Equity Premium Income ETF
1,068,373,987
157,403,926
Market Expansion Enhanced Equity ETF
7,063,101
(2,363,848
)
Nasdaq Equity Premium Income ETF
295,998,408
150,981
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 Fund's shares outstanding and act as executing or clearing broker for investment transactions on behalf of the Funds. An Authorized Participant is either (1) a “Participating Party” or other participant in the clearing process through the Continuous Net Settlement System of the National Securities Clearing Corporation (“NSCC”); or (2) a DTC Participant; which, in either case, must have executed an agreement with the Distributor.
Creation Units of a Fund may be created in advance of receipt by the Trust of all or a portion of the applicable basket of equity securities and other instruments (“Deposit Instruments”) and cash as described in the Funds’ registration statement. In these instances, the initial Deposit Instruments and cash must be deposited in an amount equal to the sum of the cash amount plus at least 105% for the Funds of the market value of undelivered Deposit Instruments. A transaction fee may be imposed to offset transfer and other transaction costs associated with the purchase or redemption of Creation Units.
Authorized Participants transacting in Creation Units for cash may also pay a variable fee to compensate the relevant fund for market impact expenses relating to investing in portfolio securities. Such variable fees, if any, are included in “Proceeds from shares issued” in the Statements of Changes in Net Assets.
December 31, 2023
J.P. Morgan Exchange-Traded Funds
75


NOTES TO FINANCIAL STATEMENTS
AS OF December 31, 2023 (Unaudited) (continued)
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 December 31, 2023.
The Trust and JPMCB have entered into a financing arrangement. Under this arrangement, JPMCB provides an unsecured, uncommitted credit facility in the aggregate amount of $100 million to certain of the J.P. Morgan Funds, including the Funds. Advances under the arrangement are taken primarily for temporary or emergency purposes, including the meeting of redemption requests that otherwise might require the untimely disposition of securities, and are subject to each Fund's borrowing restrictions. Interest on borrowings is payable at a rate determined by JPMCB at the time of borrowing. This agreement has been extended until October 29, 2024.
The Funds had no borrowings outstanding from the unsecured, uncommitted credit facility during the six months ended December 31, 2023.
Effective August 8, 2023, the Trust, along with certain other trusts for J.P. Morgan Funds (“Borrowers”), has entered into an existing joint syndicated senior unsecured revolving credit facility totaling $1.5 billion (“Credit Facility”) with various lenders and The Bank of New York Mellon, as administrative agent for the lenders. Although the Trust is effectively part of the Credit Facility as of August 8, 2023, it is not eligible to draw on the Credit Facility, and will not incur costs associated with being a part of the Credit Facility, until on or about May 28, 2024.
This Credit Facility provides a source of funds to the Borrowers for temporary and emergency purposes, including the meeting of redemption requests that otherwise might require the untimely disposition of securities. Under the terms of the Credit Facility, a borrowing fund must have a minimum of $25 million in adjusted net asset value and not exceed certain adjusted net asset coverage ratios prior to and during the time in which any borrowings are outstanding. If a fund does not comply with the aforementioned requirements, the fund must remediate within three business days with respect to the $25 million minimum adjusted net asset value or within one business day with respect to certain asset coverage ratios or the administrative agent at the request of, or with the consent of, the lenders may terminate the Credit Facility and declare any outstanding borrowings to be due and payable immediately.
Interest associated with any borrowing under the Credit Facility is charged to the borrowing fund at a rate of interest equal to 1.00% (the "Applicable Margin"), plus the greater of the federal funds effective rate or the one-month Adjusted Secured Overnight Financing Rate ("SOFR"). Effective August 8, 2023, the Credit Facility has been amended and restated for a term of 364 days, unless extended.
The Funds did not utilize the Credit Facility during the six months ended December 31, 2023.
8. Risks, Concentrations and Indemnifications
In the normal course of business, the Funds enter into contracts that contain a variety of representations which provide general indemnifications. Each Fund's maximum exposure under these arrangements is unknown. The amount of exposure would depend on future claims that may be brought against each Fund. However, based on experience, the Funds expect the risk of loss to be remote.
As of December 31, 2023, the Adviser owned shares representing more than 10% of net assets of the following Funds:
 
% of Ownership
Active Small Cap Value ETF
75
%
Significant shareholder transactions by the Adviser may impact the Funds' performance.
Disruptions to creations and redemptions, the existence of significant market volatility or potential lack of an active trading market for the shares (including through a trading halt), as well as other factors, may result in Shares trading significantly above (at a premium) or below (at a discount) to the NAV or to the intraday value of the Funds’ holdings. During such periods, investors may incur significant losses if shares are sold.
Equity Premium Income ETF's and Nasdaq Equity Premium Income ETF's investments in ELNs entail varying degrees of risks. The Funds are subject to loss of their full principal amount. In addition, the ELNs are subject to a stated maximum return which may limit the payment at maturity. The Funds may also be exposed to additional risks associated with structured notes including: counterparty credit risk related to the issuer’s ability to make payment at maturity; liquidity risk related to a lack of liquid market for these notes, preventing the Funds from trading or selling the notes easily; and a greater degree of market risk than other types of debt securities because the investor bears the risk associated with the underlying financial instruments.
76
J.P. Morgan Exchange-Traded Funds
December 31, 2023


The Funds are subject to infectious disease epidemics/pandemics risk. For example, the outbreak of COVID-19 negatively affected economies, markets and individual companies throughout the world, including those in which the Funds invest. The effects of any future pandemic or other global event to business and market conditions may have a significant negative impact on the performance of a Fund's investments, increase a Fund's volatility, negatively impact a Fund’s arbitrage and pricing mechanisms, exacerbate other pre-existing political, social and economic risks to the Funds and negatively impact broad segments of businesses and populations. In addition, governments, their regulatory agencies, or self-regulatory organizations have taken or may take actions in response to a pandemic or other global event that affect the instruments in which the Funds invest, or the issuers of such instruments, in ways that could have a significant negative impact on a Fund’s investment performance. The ultimate impact of any pandemic or other global event and the extent to which the associated conditions and governmental responses impact a Fund will also depend on future developments, which are highly uncertain, difficult to accurately predict and subject to frequent changes.
December 31, 2023
J.P. Morgan Exchange-Traded Funds
77


SCHEDULE OF SHAREHOLDER EXPENSES
(Unaudited)
Hypothetical $1,000 Investment
As a shareholder of the Funds, excluding Market Expansion Enhanced Equity ETF, 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. As a shareholder for Market Expansion Enhanced Equity ETF, you incur two types of costs: (1) transaction costs, including brokerage commissions on your purchase and sales of Fund shares and (2) ongoing costs, including investment advisory fees, administration fees, and other fund expenses. 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, July 1, 2023, and continued to hold your shares at the end of the reporting period, December 31, 2023. 
Actual Expenses
For each Fund in the table below, the first line provides information about actual account values and actual expenses. You may use the information in this line, together with the amount you invested, to estimate the expenses that you paid over the period. Simply divide your account value by $1,000
(for example, an $8,600 account value divided by $1,000 = 8.6), then multiply the result by the number in the first line of each Fund under the heading titled “Expenses Paid During the Period” to estimate the expenses you paid on your account during this period.
Hypothetical Example for Comparison Purposes
The second line of each Fund in the table below provides information about hypothetical account values and hypothetical expenses based on the actual expense ratio and an assumed rate of return of 5% per year before expenses, which is not the Fund's actual return. The hypothetical account values and expenses may not be used to estimate the actual ending account balance or expenses you paid for the period. You may use this information to compare the ongoing costs of investing in the Funds and other funds. To do so, compare this 5% hypothetical example with the 5% hypothetical examples that appear in the shareholder reports of the other funds. The examples also assume all dividends and distributions have been reinvested. The examples do not take into account brokerage commissions that you pay when purchasing or selling shares of a Fund.
 
 
Beginning
Account Value
July 1, 2023
Ending
Account Value
December 31, 2023
Expenses
Paid During
the Period
Annualized
Expense
Ratio
JPMorgan Active Growth ETF
Actual*
$1,000.00
$1,097.70
$2.27
0.43
%
Hypothetical*
1,000.00
1,023.04
2.19
0.43
JPMorgan Active Small Cap Value ETF
Actual*
1,000.00
1,115.70
3.94
0.74
Hypothetical*
1,000.00
1,021.47
3.76
0.74
JPMorgan Active Value ETF
Actual*
1,000.00
1,055.90
2.27
0.44
Hypothetical*
1,000.00
1,022.99
2.24
0.44
JPMorgan Equity Premium Income ETF
Actual*
1,000.00
1,041.60
1.80
0.35
Hypothetical*
1,000.00
1,023.44
1.78
0.35
JPMorgan Market Expansion Enhanced Equity ETF
Actual*
1,000.00
1,083.60
1.26
0.24
Hypothetical*
1,000.00
1,023.93
1.22
0.24
JPMorgan Nasdaq Equity Premium Income ETF
Actual*
1,000.00
1,095.40
1.84
0.35
Hypothetical*
1,000.00
1,023.44
1.78
0.35
JPMorgan U.S. Tech Leaders ETF
Actual**
1,000.00
1,176.20
1.70
0.65
Hypothetical*
1,000.00
1,021.93
3.30
0.65

 
*
Expenses are equal to each Fund's annualized net expense ratio, multiplied by the average account value over the period, multiplied by
184/366 (to reflect the one-half year period).
**
Expenses are equal to the Fund’s annualized net expense ratio, multiplied by the average account value over the period, multiplied by 88/366
(to reflect the actual period). The Fund commenced operations on October 4, 2023.
78
J.P. Morgan Exchange-Traded Funds
December 31, 2023


BOARD APPROVAL OF MANAGEMENT AGREEMENTS
(Unaudited)
JPMorgan Active Growth ETF, JPMorgan Active Value ETF, JPMorgan Equity Premium Income ETF and JPMorgan Nasdaq Equity Premium Income Fund
The Board of Trustees (the “Board” or the “Trustees”) has established various standing committees composed of Trustees with diverse backgrounds, to which the Board has assigned specific subject matter responsibilities to further enhance the effectiveness of the Board’s oversight and decision making.  The Board and its investment committees (Money Market and Alternative Products Committee, Equity Committee, and Fixed Income Committee) met regularly throughout the year and, at each meeting, considered factors that are relevant to their annual consideration of the continuation of the management agreements. The Board also met for the specific purpose of considering management agreement annual renewals. The Board held meetings June 20-21, 2023 and August 8-10, 2023, at which the Trustees considered the continuation of the management agreements for JPMorgan Active Growth ETF, JPMorgan Active Value ETF, JPMorgan Equity Premium Income ETF and JPMorgan Nasdaq Equity Premium Income Fund (each a “Fund,” and collectively, the “Funds”) whose semi-annual report is contained herein (each a “Management Agreement” and collectively, the “Management Agreements”).  At the June meeting, the Board’s investment committees met to review and consider performance, expense and related information for the J.P. Morgan Funds. Each investment committee reported to the full Board, which then considered each investment committee’s preliminary findings.  At the August meeting, the Trustees continued their review and consideration.  The Trustees, including a majority of the Trustees who are not parties to a Management Agreement or “interested persons” (as defined in the Investment Company Act of 1940) of any party to a Management Agreement or any of their affiliates, approved the continuation of each Management Agreement on August 10, 2023.
As part of their review of the Management Agreements, the Trustees considered and reviewed performance and other information about the Funds received from J.P. Morgan Investment Management Inc. (the “Adviser”).  This information included the Funds’ performance as compared to the performance of their peers and benchmarks, and analyses by the Adviser of the Funds’ performance.  In addition, at each of their regular meetings throughout the year, the Trustees considered reports on the performance of certain J.P. Morgan Funds provided by an independent investment consulting firm (the “independent consultant”).  In addition, in preparation for the June and August meetings, the Trustees requested, received and evaluated extensive materials from the Adviser, including performance and expense information compiled by Broadridge, using data from Lipper Inc. and/or Morningstar Inc., independent providers of investment company data (together, “Broadridge”). The Trustees’ independent consultant also provided additional quantitative and statistical analyses of
certain Funds, including risk and performance return assessments as compared to the Funds’ objectives, benchmarks, and peers.  Before voting on the Management Agreements, the Trustees reviewed the Management Agreements with representatives of the Adviser, counsel to the Funds, and independent legal counsel to the Trustees, and received a memorandum from independent legal counsel to the Trustees discussing the legal standards for their consideration of the Management Agreements. The Trustees also discussed the Management Agreements with independent legal counsel in executive sessions at which no representatives of the Adviser were present. 
A summary of the material factors evaluated by the Trustees in determining whether to approve each Management Agreement is provided below.   Each Trustee attributed different weights to the various factors and no factor alone was considered determinative.  The Trustees considered information provided with respect to the Funds throughout the year, as well as materials furnished specifically in connection with the annual review process.  From year to year, the Trustees consider and place emphasis on relevant information in light of changing circumstances in market and economic conditions.
After considering and weighing the factors and information they had received, the Trustees found that the compensation to be received by the Adviser from each Fund under the applicable Management Agreement was fair and reasonable under the circumstances, and determined that the continuance of each Management Agreement was in the best interests of each Fund and its shareholders.
Nature, Extent and Quality of Services Provided by the Adviser
The Trustees received and considered information regarding the nature, extent and quality of services provided to each Fund under the applicable Management Agreement.  The Trustees took into account information furnished throughout the year at Trustee meetings, as well as the materials furnished specifically in connection with this annual review process.  Among other things, the Trustees considered:
•  The background and experience of the Adviser’s senior management and investment personnel, including personnel changes, if any;
•  The qualifications, backgrounds and responsibilities of the portfolio management team primarily responsible for the day-to-day management of each Fund, including personnel changes, if any;
•  The investment strategy for each Fund, and the infrastructure supporting the portfolio management teams;
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J.P. Morgan Exchange-Traded Funds
79


BOARD APPROVAL OF MANAGEMENT AGREEMENTS
(Unaudited) (continued)  
•  Information about the structure and distribution strategy for each Fund and how it fits within the Adviser’s other fund offerings within the J.P. Morgan Funds complex;
•  The administration services provided by the Adviser in its role as Administrator;
•  Their knowledge of the nature and quality of the services provided by the Adviser and its affiliates gained from their experience as Trustees of the Funds and in the financial industry generally;
•  The overall reputation and capabilities of the Adviser and its affiliates;
•  The commitment of the Adviser to provide high quality service to the Funds;
•  Their overall confidence in the Adviser’s integrity; and
•  The Adviser’s responsiveness to requests for additional information, questions or concerns raised by them, including the Adviser’s willingness to consider and implement organizational and operational changes designed to improve investment results and the services provided to each Fund.
Based upon these considerations and other factors, the Trustees concluded that they were satisfied with the nature, extent and quality of the services provided to the Funds by the Adviser.
Costs of Services Provided and Profitability to the Adviser and its Affiliates
The Trustees received and considered information regarding the profitability to the Adviser and its affiliates from providing services to each Fund. The Trustees reviewed and discussed this information. The Trustees recognized that this information is not audited and represents the Adviser’s determination of its and its affiliates’ revenues from the contractual services provided to the Funds, less expenses of providing such services.  Expenses include direct and indirect costs and are calculated using an allocation methodology developed by the Adviser and reviewed with the Board.  The Trustees also recognized that it is difficult to make comparisons of profitability from fund management contracts because comparative information is not generally publicly available and is affected by numerous factors, including the structure of the particular adviser, the types of funds it manages, its business mix, numerous assumptions regarding allocations and the fact that publicly-traded fund managers’ operating profits and net income are net of distribution and marketing expenses.  Based upon their review, and taking into consideration the factors noted above, the Trustees concluded that the profitability to the Adviser under each Management Agreement was not unreasonable in light of the services and benefits provided to each Fund.
The Trustees also considered the fees earned by JPMorgan Chase Bank, N.A. (“JPMCB”), an affiliate of the Adviser, for custody, fund accounting and other related services for each Fund, and the profitability of the arrangements to JPMCB.
Fall-Out Benefits
The Trustees reviewed information regarding potential “fall-out” or ancillary benefits received by the Adviser and its affiliates as a result of their relationship with the Funds.  The Trustees considered that the J.P. Morgan Funds' operating accounts are held at JPMCB, which, as a result, will receive float benefits for certain J.P. Morgan Funds, as applicable.  The Trustees also noted that the Adviser supports a diverse set of products and services, which benefits the Adviser by allowing it to leverage its infrastructure to serve additional clients, including benefits that may be received by the Adviser and its affiliates in connection with the Funds’ potential investments in other funds advised by the Adviser.  The Trustees also reviewed the Adviser’s allocation of fund brokerage for the J.P. Morgan Funds complex, including allocations to brokers who provide research to the Adviser, as well as the Adviser’s use of affiliates to provide other services and the benefits to such affiliates of doing so. The Trustees also considered the benefit to the Adviser and its affiliates from allocating client assets to the Funds.
Economies of Scale
The Trustees considered the extent to which the Funds may benefit from potential economies of scale.  The Trustees considered that under the Management Agreements, the Adviser provides advisory and administrative services and is responsible for substantially all expenses of each Fund under a “unitary fee structure.”  The Trustees noted that the unitary management fee for each Fund does not contain breakpoints. The Trustees considered that shareholders would benefit because expenses are limited even when a Fund is new and not achieving economies of scale.  The Trustees considered the fact that increases in assets would not lead to management fee decreases even if economies of scale are achieved, but also that the Trustees would have the opportunity to further review the appropriateness of the fee payable to the Adviser under the Management Agreement in the future.  The Trustees also concluded that all Funds benefited from the Adviser’s reinvestment in its operations to serve the Funds and their shareholders. The Trustees noted that the Adviser’s reinvestment ensures sufficient resources in terms of personnel and infrastructure to support the Funds. After considering the factors identified above, the Trustees concluded that the Fund’s shareholders will receive the benefits of potential economies of scale.
80
J.P. Morgan Exchange-Traded Funds
December 31, 2023


Fees Relative to Adviser’s Other Clients
The Trustees received and considered information about the nature and extent of management services and fee rates offered to other clients of the Adviser, including, to the extent applicable, institutional separate accounts, collective investment trusts, other registered investment companies and/or private funds sub-advised by the Adviser, for investment management styles substantially similar to that of each Fund.  The Trustees considered the complexity of investment management for registered investment companies relative to the Adviser’s other clients and noted differences, as applicable, in the fee structure and the regulatory, legal and other risks and responsibilities of providing services to the different clients.  The Trustees considered that serving as an adviser to a registered investment company involves greater responsibilities and risks than acting as a sub-adviser and observed that sub-advisory fees may be lower than those charged by the Adviser to each Fund.  The Trustees also noted that the adviser, not the applicable registered investment company, typically bears the sub-advisory fee and that many responsibilities related to the advisory function are typically retained by the primary adviser.  The Trustees concluded that the fee rates charged to each Fund in comparison to those charged to the Adviser’s other clients were reasonable.
Investment Performance
The Trustees receive and consider information about each Fund’s performance throughout the year.
For JPMorgan Active Growth ETF and JPMorgan Nasdaq Equity Premium Income ETF, each of which launched in 2022 and therefore were not included in the Broadridge comparison discussed below, the Trustees discussed each Fund’s performance (on both a relative and absolute basis).  The Trustees also considered each Fund’s investment strategy and processes, portfolio management teams and competitive positioning against peer funds.  The Trustees also discussed the performance and the investment strategy of each of these Funds with the Adviser.  Based on these discussions and various other factors, the Trustees concluded each Fund’s performance was satisfactory.
For the JPMorgan Active Value ETF and JPMorgan Equity Premium Income ETF, the Trustees received and considered absolute and/or relative performance information for the Funds in a report prepared by Broadridge.  The Trustees considered the total return performance information, which included the ranking of the Funds within a performance universe comprised of funds with the same Broadridge investment classification and objective (the “Universe”), by total return for the applicable one-year periods.  The Trustees reviewed a description of Broadridge’s methodology for selecting exchange-traded funds in each Fund’s Universe, and noted that Universe quintile rankings were not calculated if the number of funds in the
Universe did not meet a predetermined minimum.   As part of this review, the Trustees also reviewed each Fund’s performance against its benchmark and considered the performance information provided for the Funds at regular Board meetings by the Adviser and the Trustees’ independent consultant and also considered the special analysis prepared for certain Funds by the Trustees’ independent consultant.  The Trustees also engaged with the Adviser to consider what steps might be taken to improve performance, as applicable.  The Broadridge performance data noted by the Trustees as part of their review and the determinations made by the Trustees with respect to each Fund’s performance are summarized below:
The Trustees noted that the JPMorgan Active Value ETF’s performance was in the first quintile of the Universe for the one-year period ended December 31, 2022.  The Trustees discussed the performance and investment strategy of the Fund with the Adviser and reviewed the performance analysis and evaluation prepared by the independent consultant.  Based upon these discussions and various other factors, the Trustees concluded that the Fund’s performance was satisfactory.
The Trustees noted that the JPMorgan Equity Premium Income ETF’s performance was in the first of the Universe for the one-year period ended December 31, 2022.  The Trustees discussed the performance and investment strategy of the Fund with the Adviser and reviewed the performance analysis and evaluation prepared by the independent consultant.  Based upon these discussions and various other factors, the Trustees concluded that the Fund’s performance was satisfactory.
Management Fees and Expense Ratios
The Trustees considered the contractual management fee rate paid by each Fund to the Adviser and compared the rate to the information prepared by Broadridge concerning management fee rates paid by other funds in the Universe, as well as a subset of funds within the Universe (the “Peer Group”).  The Trustees reviewed a description of Broadridge’s methodology for selecting funds in the Peer Group and Universe, as applicable, and noted that Universe and Peer Group quintile rankings were not calculated if the number of funds in the Universe and/or Peer Group did not meet a predetermined minimum.  The Trustees also reviewed information about other expenses and the total expense ratio for each Fund.  The Trustees recognized that it can be difficult to make comparisons of management fees because there are variations in the services that are included in the fees paid by other funds.  The Trustees’ determinations as a result of the review of each Fund’s management fees and expense ratios are summarized below:
The Trustees noted that the JPMorgan Active Growth ETF’s net management fee and actual total expenses were both in the first quintile of both the Peer Group and Universe.  After
December 31, 2023
J.P. Morgan Exchange-Traded Funds
81


BOARD APPROVAL OF MANAGEMENT AGREEMENTS
(Unaudited) (continued)  
considering the factors identified above, in light of this information, the Trustees concluded that the management fee was fair and reasonable in light of the services provided to the Fund.
The Trustees noted that the JPMorgan Active Value ETF’s net management fee and actual total expenses were both in the first and second quintiles of the Peer Group and Universe, respectively.  After considering the factors identified above, in light of this information, the Trustees concluded that the management fee was fair and reasonable in light of the services provided to the Fund.
The Trustees noted that the JPMorgan Equity Premium Income ETF’s net management fee and actual total expenses were both in the first quintile of both the Peer Group and Universe.  After
considering the factors identified above, in light of this information, the Trustees concluded that the management fee was fair and reasonable in light of the services provided to the Fund.
The Trustees noted that the JPMorgan Nasdaq Equity Premium Income ETF’s net management fee and actual total expenses were both in the first quintile of both the Peer Group and Universe.  After considering the factors identified above, in light of this information, the Trustees concluded that the management fee was fair and reasonable in light of the services provided to the Fund.
82
J.P. Morgan Exchange-Traded Funds
December 31, 2023


BOARD APPROVAL OF INVESTMENT ADVISORY AGREEMENT
(Unaudited) 
JPMorgan Market Expansion Enhanced Equity ETF
The Board of Trustees (the “Board” or the “Trustees”) has established various standing committees composed of Trustees with diverse backgrounds, to which the Board has assigned specific subject matter responsibilities to further enhance the effectiveness of the Board’s oversight and decision making.  The Board and its investment committees (Money Market and Alternative Products Committee, Equity Committee, and Fixed Income Committee) met regularly throughout the year and, at each meeting, considered factors that are relevant to their annual consideration of the continuation of the investment advisory agreements.  The Board also met for the specific purpose of considering investment advisory agreement annual renewals.  The Board held meetings June 20-21, 2023 and August 8-10, 2023, at which the Trustees considered the continuation of the investment advisory agreement for the JPMorgan Market Expansion Enhanced Equity ETF (the “Fund”) whose semi-annual report is contained herein (the “Advisory Agreement” ).  At the June meeting, the Board’s investment committees met to review and consider performance, expense and related information for the J.P. Morgan Funds.  Each investment committee reported to the full Board, which then considered each investment committee’s preliminary findings.  At the August meeting, the Trustees continued their review and consideration.  The Trustees, including a majority of the Trustees who are not parties to the Advisory Agreement or “interested persons” (as defined in the Investment Company Act of 1940) of any party to the Advisory Agreement or any of their affiliates, approved the continuation of the Advisory Agreement on August 10, 2023.
As part of their review of the Advisory Agreement, the Trustees considered and reviewed performance and other information about the Fund received from J.P. Morgan Investment Management Inc. (the “Adviser”).  This information included the Fund’s performance as compared to the performance of its peers and benchmark, and analyses by the Adviser of the Fund’s performance.  In addition, at each of their regular meetings throughout the year, the Trustees considered reports on the performance of certain J.P. Morgan Funds  provided by an independent investment consulting firm (the “independent consultant”).  In addition, in preparation for the June and August meetings, the Trustees requested, received and evaluated extensive materials from the Adviser, including performance and expense information compiled by Broadridge, using data from Lipper Inc. and/or Morningstar Inc., independent providers of investment company data (together, “Broadridge”).  The Trustees’ independent consultant also provided additional quantitative and statistical analyses of certain Funds, including risk and performance return assessments as compared to the Fund’s objectives, benchmarks, and peers.  Before voting on the Advisory Agreement, the Trustees reviewed the Advisory Agreement with representatives of the Adviser, counsel to the Fund, and independent legal counsel to
the Trustees, and received a memorandum from independent legal counsel to the Trustees discussing the legal standards for their consideration of the Advisory Agreement. The Trustees also discussed the Advisory Agreement with independent legal counsel in executive sessions at which no representatives of the Adviser were present.
A summary of the material factors evaluated by the Trustees in determining whether to approve the Advisory Agreement is provided below.  Each Trustee attributed different weights to the various factors and no factor alone was considered determinative.  The Trustees considered information provided with respect to the Fund throughout the year, as well as materials furnished specifically in connection with the annual review process.  From year to year, the Trustees consider and place emphasis on relevant information in light of changing circumstances in market and economic conditions.
After considering and weighing the factors and information they had received, the Trustees found that the compensation to be received by the Adviser from the Fund under the Advisory Agreement was fair and reasonable under the circumstances, and determined that the continuance of the Advisory Agreement was in the best interests of the Fund and its shareholders.
Nature, Extent and Quality of Services Provided by the Adviser
The Trustees received and considered information regarding the nature, extent and quality of services provided to the Fund under the Advisory Agreement.  The Trustees took into account information furnished throughout the year at Trustee meetings, as well as the materials furnished specifically in connection with this annual review process.  Among other things, the Trustees considered:
•  The background and experience of the Adviser’s senior management and investment personnel, including personnel changes, if any;
•  The qualifications, backgrounds and responsibilities of the portfolio management team primarily responsible for the day-to-day management of the Fund, including personnel changes, if any;
•  The investment strategy for the Fund, and the infrastructure supporting the portfolio management teams;
•  Information about the structure and distribution strategy for the Fund and how it fits within the Adviser’s other fund offerings within the J.P. Morgan Funds complex;
•  The administration services provided by the Adviser in its role as Administrator;
•  Their knowledge of the nature and quality of the services provided by the Adviser and its affiliates gained from their experience as Trustees of the Fund and in the financial industry generally;
December 31, 2023
J.P. Morgan Exchange-Traded Funds
83


BOARD APPROVAL OF INVESTMENT ADVISORY AGREEMENT
(Unaudited)  (continued)  
•  The overall reputation and capabilities of the Adviser and its affiliates;
•  The commitment of the Adviser to provide high quality service to the Fund;
•  Their overall confidence in the Adviser’s integrity; and
•  The Adviser’s responsiveness to requests for additional information, questions or concerns raised by them, including the Adviser’s willingness to consider and implement organizational and operational changes designed to improve investment results and the services provided to the Fund.
Based upon these considerations and other factors, the Trustees concluded that they were satisfied with the nature, extent and quality of the services provided to the Fund by the Adviser.
Costs of Services Provided and Profitability to the Adviser and its Affiliates
The Trustees received and considered information regarding the profitability to the Adviser and its affiliates from providing services to the Fund.  The Trustees reviewed and discussed this information.  The Trustees recognized that this information is not audited and represents the Adviser’s determination of its and its affiliates’ revenues from the contractual services provided to the Fund, less expenses of providing such services.  Expenses include direct and indirect costs and are calculated using an allocation methodology developed by the Adviser and reviewed with the Board.  The Trustees also recognized that it is difficult to make comparisons of profitability from fund investment advisory contracts because comparative information is not generally publicly available and is affected by numerous factors, including the structure of the particular adviser, the types of funds it manages, its business mix, numerous assumptions regarding allocations and the fact that publicly-traded fund managers’ operating profits and net income are net of distribution and marketing expenses. Based upon their review, and taking into consideration the factors noted above, the Trustees concluded that the profitability to the Adviser under the Advisory Agreement was not unreasonable in light of the services and benefits provided to the Fund.
The Trustees also considered that the Adviser earns fees from the Fund for providing administration services.  These fees were shown separately in the profitability analysis presented to the Trustees.  The Trustees also considered the fees earned by JPMorgan Chase Bank, N.A. (“JPMCB”), an affiliate of the Adviser, for custody, fund accounting and other related services for the Fund, and the profitability of the arrangements to JPMCB.
Fall-Out Benefits
The Trustees reviewed information regarding potential “fall-out” or ancillary benefits received by the Adviser and its affiliates as a result of their relationship with the Fund.  The Trustees considered that the J.P. Morgan Funds' operating accounts are held at JPMCB, which, as a result, will receive float benefits for certain J.P. Morgan Funds, as applicable.  The Trustees also noted that the Adviser supports a diverse set of products and services, which benefits the Adviser by allowing it to leverage its infrastructure to serve additional clients, including benefits that may be received by the Adviser and its affiliates in connection with the Fund’s potential investments in other funds advised by the Adviser.  The Trustees also reviewed the Adviser’s allocation of fund brokerage for the J.P. Morgan Funds complex, including allocations to brokers who provide research to the Adviser, as well as the Adviser’s use of affiliates to provide other services and the benefits to such affiliates of doing so. The Trustees also considered the benefit to the Adviser and its affiliates from allocating client assets to the Fund.
Economies of Scale
The Trustees considered the extent to which the Fund may benefit from potential economies of scale.  The Trustees considered that there may not be a direct relationship between economies of scale realized by the Fund and those realized by the Adviser as assets increase.  The Trustees considered the extent to which the Fund was priced to scale and whether it would be appropriate to add advisory fee breakpoints, but noted that the Fund has implemented a contractual expense limitation and fee waiver (“Fee Cap”) which allow the Fund’s shareholders to share potential economies of scale from the Fund’s inception, and that the fees remain fair and reasonable relative to peer funds.  The Trustees considered the benefits to the Fund of the use of an affiliated distributor and custodian, including the ability to rely on existing infrastructure supporting distribution, custodial and transfer agent services and the ability to negotiate competitive fees for the Fund.  The Trustees further considered the Adviser's and JPMDS's ongoing investments in their business in support of the Fund, including the Adviser's and/or JPMDS's investments in trading systems, technology (including improvements to the J.P. Morgan Funds’ website, and cybersecurity improvements), retention of key talent, and regulatory support enhancements.  The Trustees concluded that the current fee structure for the Fund, including the Fee Cap that the Adviser has in place that serves to limit the overall net expense ratio of the Fund at a competitive level, was reasonable.  The Trustees concluded that the Fund’s shareholders received the benefits of potential economies of scale through the Fee Cap and from the Adviser’s reinvestment in its operations to serve the Fund and its shareholders.  The
84
J.P. Morgan Exchange-Traded Funds
December 31, 2023


Trustees noted that the Adviser’s reinvestment ensures sufficient resources in terms of personnel and infrastructure to support the Fund.
Fees Relative to Adviser’s Other Clients
The Trustees received and considered information about the nature and extent of investment advisory services and fee rates offered to other clients of the Adviser, including, to the extent applicable, institutional separate accounts, collective investment trusts, other registered investment companies and/or private funds sub-advised by the Adviser, for investment management styles substantially similar to that of the Fund.  The Trustees considered the complexity of investment management for registered investment companies relative to the Adviser’s other clients and noted differences, as applicable, in the fee structure and the regulatory, legal and other risks and responsibilities of providing services to the different clients.  The Trustees considered that serving as an adviser to a registered investment company involves greater responsibilities and risks than acting as a sub-adviser and observed that sub-advisory fees may be lower than those charged by the Adviser to the Fund.  The Trustees also noted that the adviser, not the applicable registered investment company, typically bears the sub-advisory fee and that many responsibilities related to the advisory function are typically retained by the primary adviser.  The Trustees concluded that the fee rates charged to the Fund in comparison to those charged to the Adviser’s other clients were reasonable.
Investment Performance
The Trustees receive and consider information about the Fund’s performance throughout the year. In addition, the Trustees received and considered absolute and/or relative performance information for the Fund in a report prepared by Broadridge.  The Trustees considered the total return performance information, which included the ranking of the Fund within a performance universe comprised of funds with the same Broadridge investment classification and objective (the “Universe”), by total return for the applicable one-, three- and five-year periods.  The Trustees reviewed a description of Broadridge’s methodology for selecting exchange-traded funds in the Fund’s Universe, and noted that Universe quintile rankings were not calculated if the number of funds in the Universe did not meet a predetermined minimum.  As part of this review, the Trustees also reviewed the Fund’s performance against its benchmark and considered the performance information provided for the Fund at regular Board meetings by the Adviser and the
Trustees’ independent consultant and also considered the special analysis prepared for certain Funds by the Trustees’ independent consultant.  The Trustees also engaged with the Adviser to consider what steps might be taken to improve performance, as applicable.  The Broadridge performance data noted by the Trustees as part of their review and the determinations made by the Trustees with respect to the Fund’s performance are summarized below:
The Trustees noted that the Fund’s performance was in the third quintile of the Universe for the one- and three-year periods ended December 31, 2022, respectively.  The Trustees discussed the performance and investment strategy of the Fund with the Adviser and reviewed the performance analysis and evaluation prepared by the independent consultant.  Based upon these discussions and various other factors, the Trustees concluded that the Fund’s performance was satisfactory.
Advisory Fee and Expense Ratio
The Trustees considered the contractual advisory fee rate and administration fee rate paid by the Fund to the Adviser and compared the combined rate to the information prepared by Broadridge concerning management fee rates paid by other funds in the Universe, as well as a subset of funds within the Universe (the “Peer Group”).  The Trustees recognized that Broadridge reported the Fund’s management fee rate as the combined contractual advisory fee and administration fee rates.  The Trustees also reviewed information about other expenses and the expense ratio for the Fund, and noted that Universe and Peer Group quintile rankings were not calculated if the number of funds in the Universe and/or Peer Group did not meet a predetermined minimum.  The Trustees considered  the Fee Cap currently in place for the Fund, the net advisory fee rate and net expense ratio, taking into account any waivers and/or reimbursements, and, where deemed appropriate by the Trustees, additional waivers and/or reimbursements.  The Trustees recognized that it can be difficult to make comparisons of advisory fees because there are variations in the services that are included in the fees paid by other funds.  The Trustees’ determinations as a result of the review of the Fund’s advisory fee and expense ratio are summarized below:
The Trustees noted that the Fund’s net advisory fee and actual total expenses were in the first quintile of both the Peer Group and Universe. After considering the factors identified above, in light of this information, the Trustees concluded that the advisory fee was fair and reasonable in light of the services provided to the Fund.
December 31, 2023
J.P. Morgan Exchange-Traded Funds
85


BOARD APPROVAL OF INITIAL MANAGEMENT AGREEMENT
(Unaudited)
JPMorgan U.S. Tech Leaders ETF
On February 7-9, 2023, the Board of Trustees (the “Board” or the “Trustees”)  held meetings and approved the initial management agreement (the “Management Agreement”) for the JPMorgan U.S. Tech Leaders ETF (the “Fund”). The Management Agreement was approved by a majority of the Trustees who are not “Interested Persons” (as defined in the Investment Company Act of 1940) of any party to the Management Agreement or any of their affiliates. In connection with the approval of the Management Agreement, the Trustees reviewed written materials prepared by J.P. Morgan Investment Management Inc. (the “Adviser”) and received oral presentations from Adviser personnel.  Before voting on the proposed Management Agreement, the Trustees reviewed the Management Agreement with representatives of the Adviser and with counsel to the Fund and independent legal counsel to the Trustees and received a memorandum from independent legal counsel discussing the legal standards for their consideration of the proposed Management Agreement. They also considered information they received from the Adviser over the course of the year in connection with their oversight of other funds managed by the Adviser. The Trustees also discussed the proposed Management Agreement with independent legal counsel in executive session at which no representatives of the Adviser were present.
A summary of the material factors evaluated by the Trustees in determining whether to approve the Management Agreement is provided below. The Trustees considered information provided with respect to the Fund and the approval of the Management Agreement. Each Trustee attributed his or her own evaluation of the significance of the various factors, and no factor alone was considered determinative. The Trustees determined that the proposed compensation to be received by the Adviser from the Fund under its Management Agreement was fair and reasonable and that initial approval of the Management Agreement was in the best interests of the Fund and its potential shareholders.
Summarized below are the material factors considered and discussed by the Trustees in reaching their conclusions:
Nature, Extent and Quality of Services Provided by the Adviser
In connection with the approval of the Fund’s initial Management Agreement, the Trustees considered the materials furnished specifically in connection with the approval of the Management Agreement, as well as other relevant information furnished for the Trustees, regarding the nature, extent, and quality of services provided by the adviser. Among other things, the Trustees considered:
•  The background and experience of the Adviser’s senior management and investment personnel;
•  The qualifications, backgrounds and responsibilities of the portfolio management team to be primarily responsible for the day-to-day management of the Fund;
•  The investment strategy for the Fund, and the infrastructure supporting the portfolio management team;
•  Information about the structure and distribution strategy of the Fund and how it fits within the Adviser’s other fund offerings within the J.P. Morgan Funds complex;
•  The administration services to be provided by the Adviser under the Management Agreement;
•  Their knowledge of the nature and quality of the services provided by the Adviser and its affiliates gained from their experience as Trustees of the Fund and in the financial industry generally;
•  The overall reputation and capabilities of the Adviser and its affiliates;
•  The commitment of the Adviser to provide high quality service to the Fund;
•  Their overall confidence in the Adviser’s integrity; and
•  The Adviser’s responsiveness to requests for additional information, questions or concerns raised by them. 
Based upon these considerations and other factors, the Trustees concluded that they were satisfied with the nature, extent and quality of services to be provided to the Fund by the Adviser.
Fall-Out Benefits
The Trustees reviewed information regarding potential “fall-out” or ancillary benefits expected to be received by the Adviser and its affiliates as a result of their relationship with the Fund. Additionally, the Trustees considered that any fall-out or ancillary benefits would be comparable to those related to the other funds in the complex.
The Trustees also considered the benefits the Adviser is expected to receive as the result of the roles JPMorgan Chase Bank, N.A. (“JPMCB”), an affiliate of the Adviser, plays as custodian, fund accountant and transfer agent for the Fund, including the profitability of those arrangements to JPMCB.
Economies of Scale
The Trustees considered the extent to which the Fund may benefit from potential economies of scale.  The Trustees considered that under the Management Agreement, the Adviser will provide advisory and administrative services and will be responsible for substantially all expenses of the Fund under a “unitary fee structure.”  The Trustees noted that the proposed unitary management fee for the Fund does not contain breakpoints. The Trustees considered that shareholders would benefit because expenses would be limited even when the Fund
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is new and not achieving economies of scale. The Trustees considered the fact that increases in assets would not lead to management fee decreases even if economies of scale are achieved, but also that the Trustees would have the opportunity to further review the appropriateness of the fee payable to the Adviser under its Management Agreement in the future. After considering the factors identified above, the Trustees concluded that the Fund’s shareholders will receive the benefits of potential economies of scale.
Fees Relative to Adviser’s Other Clients
The Trustees received and considered information about the nature and extent of management services and fee rates offered to clients of the Adviser, including, to the extent applicable, institutional separate accounts, collective investment trusts, other registered investment companies and/or private funds sub-advised by the Adviser, for management styles substantially similar to that of the Fund. The Trustees considered that the Adviser or its affiliates manage other accounts with a substantially similar investment strategy as that of the Fund.  The Trustees concluded that the fees to be charged to the Fund in comparison to those charged to such other clients were reasonable.
Investment Performance
The Trustees considered the Fund’s investment strategy and processes, the portfolio management team and competitive positioning against identified peer funds and concluded that the prospects for competitive future performance were acceptable.
Management Fee
The Trustees considered the contractual management fee rate that will be paid by the Fund to the Adviser and compared that rate to information prepared by Broadridge Investor Communications Solutions Inc. (“Broadridge”), an independent provider of investment company data, providing management fee rates paid by other funds in the same Morningstar category as the Fund. The Trustees also considered the fees paid to JPMCB, for custody, fund accounting, transfer agency and other related services for the Fund and the profitability of these arrangements to JPMCB.
The Trustees considered how the Fund will be positioned against peer funds, as identified by management and/or Broadridge, as well as how the peer funds included in the Broadridge data differed from the Fund. The Trustees also noted that because the Fund was not yet operational, no profitability information was available. After considering the factors identified above and other factors, in light of the information, the Trustees concluded that the Fund’s proposed management fee was fair and reasonable.
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J.P. Morgan Exchange-Traded Funds are distributed by JPMorgan Distribution Services, Inc., an indirect, wholly-owned subsidiary of JPMorgan Chase & Co. Affiliates of JPMorgan Chase & Co. receive fees for providing various services to the Funds.
Contact J.P. Morgan Exchange-Traded Funds at 1-844-457-6383 (844-4JPM ETF) for a fund prospectus. You can also visit us at www.jpmorganfunds.com. Investors should carefully consider the investment objectives and risks as well as charges and expenses of the fund before investing. The prospectus contains this and other information about the fund. Read the prospectus carefully before investing.
Investors may obtain information about the Securities Investor Protection Corporation (SIPC), including the SIPC brochure, by visiting www.sipc.org or by calling SIPC at 202-371-8300.
Each Fund files a complete schedule of its fund holdings for the first and third quarters of its fiscal year with the SEC as an exhibit to its report on Form N-PORT. The Funds' Form N-PORT reports are available on the SEC’s website at http://www.sec.gov. Each Fund's quarterly holdings can be found by visiting the J.P. Morgan Funds’ website at www.jpmorganfunds.com.
Effective January 24, 2023, the SEC adopted rule and form amendments that will result in changes to the design and delivery of shareholder reports of mutual funds and ETFs, requiring them to transmit concise and visually engaging streamlined annual and semi-annual reports to shareholders that highlight key information. Other information, including financial statements, will no longer appear in a streamlined shareholder report but must be available online, delivered free of charge upon request, and filed on a semi-annual basis on Form N-CSR. The rule and form amendments have a compliance date of July 24, 2024. 
A description of each Fund's policies and procedures with respect to the disclosure of each Fund's holdings is available in the prospectus and Statement of Additional Information.
A copy of proxy policies and procedures is available without charge upon request by calling 1-844-457-6383 and on the Funds' website at www.jpmorganfunds.com. A description of such policies and procedures is on the SEC’s website at www.sec.gov. The Trustees have delegated the authority to vote proxies for securities owned by the Funds to the Adviser. A copy of the Funds' voting record for the most recent 12-month period ended June 30 is available on the SEC’s website at www.sec.gov or at the Funds' website at www.jpmorganfunds.com no later than August 31 of each year. The Funds' proxy voting record will include, among other things, a brief description of the matter voted on for each fund security, and will state how each vote was cast, for example, for or against the proposal.


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