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