Semi-Annual Report
J.P. Morgan Exchange-Traded Funds
August 31, 2023  (Unaudited)
Fund
Ticker
Listing Exchange
JPMorgan Core Plus Bond ETF
JCPB
Cboe BZX Exchange, Inc.
JPMorgan Income ETF
JPIE
NYSE Arca
JPMorgan International Bond Opportunities ETF
JPIB
Cboe BZX Exchange, Inc.
JPMorgan Municipal ETF
JMUB
Cboe BZX Exchange, Inc.
JPMorgan Short Duration Core Plus ETF
JSCP
NYSE Arca
JPMorgan Ultra-Short Income ETF
JPST
NYSE Arca
JPMorgan Ultra-Short Municipal Income ETF
JMST
Cboe BZX Exchange, Inc.


CONTENTS
 
 
1
2
3
6
8
11
13
16
18
20
218
228
232
258
259
260
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
October 19, 2023 (Unaudited)
Dear Shareholder,
The U.S. economy has continued to expand this year as financial markets have largely generated positive returns even as the U.S. Federal Reserve (the “Fed”) sought to further reduce inflation by raising interest rates. For the six months ended August 31, 2023, equities markets largely outperformed fixed income markets and the U.S. markets led developed market returns, which generally outperformed emerging markets.

“A properly diversified portfolio
together with a long-term approach
may help investors weather economic
and geopolitical uncertainties.”
— Brian S. Shlissel

While inflation in the U.S. had seemingly subsided since the beginning of 2023, pressures raised by geopolitical events have contributed to elevated global prices, particularly for energy  and food. The Fed responded to economic conditions this year by continuing to raise interest rates at its meetings in February, March and  May but then took a pause from an additional increase at its June 2023 meeting. The Fed then raised the benchmark fed funds discount rate by a quarter of a percentage point in July to 5.50%, then held steady in September.
Higher interest rates in the U.S. have been accompanied by slower economic growth, as gross domestic product edged downward to 2.1% in the second quarter of 2023 from 2.2% in the first quarter. However, estimates on certain key U.S. economic data this year have been revised upward and a surge in consumer spending and factory output during the summer
has brightened the outlook for third quarter growth. Corporate earnings have generally remained strong and the U.S. unemployment rate has remained historically low, although it rose to 3.8% in August from 3.4% in March 2023.
The outlook for the U.S. economy appears brighter than many economists had forecasted at the beginning of the year, as some have prognosticated that the Fed appears to be at, or near, the end of its monetary tightening cycle. Notably, the Fed, the European Central Bank and the Bank of England, as well as certain other developed market central banks, have generally articulated a “higher-for-longer” policy stance, indicating they may not raise interest rates much further but they also do not currently expect to lower rates anytime soon.
Meanwhile, geopolitical events have sharply raised investor uncertainty. Conflicts in the Middle East may have unforeseen impacts on the global economy, while the war in Ukraine has been ongoing for more than 600 days with no clear end in sight.
A properly diversified portfolio together with a long-term approach may help investors weather economic and geopolitical uncertainties. Our suite of investment solutions seeks to provide investors with ability to build durable portfolios that meet their financial goals.
Sincerely,
Brian S. Shlissel
President, J.P. Morgan Exchange-Traded Funds
J.P. Morgan Asset Management
1-844-4JPM-ETF or jpmorgan.com/etfs for more information
August 31, 2023 
J.P. Morgan Exchange-Traded Funds
1


J.P. Morgan Exchange-Traded Funds
MARKET OVERVIEW
SIX MONTHS ENDED August 31, 2023 (Unaudited) 
While global bond markets largely generated positive returns for the six-month period, fixed-income investment generally underperformed equity amid rising interest rates and continued economic expansion. Within bond markets, difference between yields on U.S. Treasury bonds and other fixed income securities narrowed.
For the six months ended August 31, 2023, the Bloomberg U.S. Aggregate Index returned 0.95%, the Bloomberg U.S. High Yield Index returned 4.54% and the Bloomberg Emerging Markets Debt Index returned 2.34%.
Leading central banks continued to raise interest rates throughout the period as inflation remained elevated across most developed market economies. However, data showed inflation in the U.S. receding faster than most economists had expected in the first half of 2023, and spending by both consumers and businesses generally remained buoyant during the period. Aggregate corporate earnings were generally better than analysts expected.
Within fixed income markets, the positive economic data and expectation for further interest rate increases led to higher bond yields during the period, particularly for sovereign debt. By the end of August 2023, government bond yields in developed markets generally reached their highest levels since 2007. Broadly, high yield bonds (also known as junk bonds) outperformed investment grade bonds and lower-rated investment grade bonds generally outperformed higher quality bonds.
The period was bracketed by events that increased financial market volatility. In March 2023, the financials sector was roiled by the failures of Silicon Valley Bank and First Republic Bank in the U.S., and Credit Suisse Group AG in Switzerland. However, in each case government regulators moved to prevent further contagion within the banking industry. In early August 2023,
Fitch Ratings Inc. downgraded U.S. sovereign debt, citing rising government spending and political uncertainty surrounding the ability of Congress to lift the U.S. debt ceiling.
2
J.P. Morgan Exchange-Traded Funds
August 31, 2023 


JPMorgan Core Plus Bond ETF
FUND COMMENTARY
SIX MONTHS ENDED August 31, 2023 (Unaudited)
REPORTING PERIOD RETURN:
 
Net Asset Value*
1.37%
Market Price**
1.52%
Bloomberg U.S. Aggregate Index
0.95%
Net Assets as of 8/31/2023
$1,449,941,701
Duration as of 8/31/2023
6.4 Years
Fund Ticker
JCPB
INVESTMENT OBJECTIVE***
The JPMorgan Core Plus Bond ETF (the “Fund”) seeks a high level of current income by investing primarily in a diversified portfolio of high, medium and low-grade debt securities.
INVESTMENT APPROACH
The Fund invests primarily in investment grade bonds, with the flexibility to invest up to 30% in below investment grade securities (i.e., high yield or “junk bonds”) or the unrated equivalent, including below investment grade foreign securities. Up to 25% of the Fund’s assets may be invested in foreign securities. The adviser allocates the Fund’s assets among a range of sectors based on strategic positioning and other tactical considerations. In buying and selling investments for the Fund, the adviser looks for market sectors and securities that it believes will perform well over time. The adviser selects individual securities after performing a risk/reward analysis that includes an evaluation of interest rate risk, credit risk, currency risk, legal provisions and the structure of the transactions.
HOW DID THE FUND PERFORM?
For the six months ended August 31, 2023, the Fund outperformed the Bloomberg U.S. Aggregate Index (the “Index”).
Relative to the Index, the Fund’s overweight position in securitized credit was the leading contributor to performance. The Fund’s out-of-Index positions in high yield corporate credit (also known as junk bonds) contributed to relative performance. The Fund’s longer duration than the Index also contributed to relative performance as market interest rates fell early in the period. Generally, bonds of longer duration will experience a greater increase in price compared with shorter duration bonds when interest rates fall.
The Fund’s underweight position in agency mortgage-backed securities and investment grade corporate credit, and its security selection within out-of-Index dollar-denominated emerging markets debt were leading detractors from relative performance.
HOW WAS THE FUND POSITIONED?
The Fund’s portfolio managers focused on security selection and relative value, which seeks to take advantage of pricing discrepancies among individual securities or market sectors. They employed macro-economic analysis to determine asset allocations and positioning on the yield curve. The portfolio managers used bottom-up research and top-down macro perspective to construct a diversified portfolio of fixed income securities. As a result of this process, the Fund’s largest sector allocations at the end of the reporting period were to U.S. government debt, including Treasury bonds and agency debentures, as well as securitized debt, including agency and non-agency residential mortgage-backed securities, asset-backed securities, and commercial mortgage-backed securities. The Fund’s smallest allocations were to emerging markets debt and cash and cash equivalents.
PORTFOLIO COMPOSITION
AS OF August 31, 2023
PERCENT OF
TOTAL
INVESTMENTS
Corporate Bonds
28.4%
Mortgage-Backed Securities
19.5
Asset-Backed Securities
15.3
U.S. Treasury Obligations
12.1
Commercial Mortgage-Backed Securities
4.9
Collateralized Mortgage Obligations
3.4
Others (each less than 1.0%)
0.4
Short-Term Investments
16.0

*
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 $45.88 as of August 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 market price during the period, and sale at the market price on the last
August 31, 2023 
J.P. Morgan Exchange-Traded Funds
3


JPMorgan Core Plus Bond ETF
FUND COMMENTARY
SIX MONTHS ENDED August 31, 2023 (Unaudited) (continued) 

day of the period. The price used to calculate the market price return was the closing price on the Cboe BZX Exchange, Inc. As of August 31, 2023, the closing price was $46.03.
***
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
August 31, 2023 


AVERAGE ANNUAL TOTAL RETURNS AS OF August 31, 2023 
 
INCEPTION DATE
SIX MONTHS*
1 YEAR
SINCE
INCEPTION
JPMorgan Core Plus Bond ETF
 
Net Asset Value
January 28, 2019
1.37
%
0.03
%
1.14
%
Market Price
 
1.52
0.12
1.20

 
*
Not annualized.
LIFE OF FUND PERFORMANCE (1/28/19 TO 8/31/23)
The performance quoted is past performance and is not a guarantee of future results. Exchange-traded funds are subject to certain market risks. Investment returns and principal value of an investment will fluctuate so that an investor’s shares, when sold or redeemed, may be worth more or less than their original cost. Current performance may be higher or lower than the performance data shown. Updated performance information is available by visiting www.jpmorganfunds.com or by calling 1-844-457-6383. 
Fund commenced operations on January 28, 2019.
The graph illustrates comparative performance for $10,000 invested in shares of the JPMorgan Core Plus Bond ETF and the Bloomberg U.S. Aggregate Index from January 28, 2019 to August 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 Bloomberg U.S. Aggregate 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 Bloomberg U.S. Aggregate Index is an unmanaged
index that represents securities that are SEC-registered, taxable, and dollar denominated. The index covers the U.S. investment grade fixed rate bond market, with index components for government and corporate securities, mortgage pass-through securities, and asset-backed securities. Investors cannot invest directly in an index.
Fund performance reflects waiver of a portion of the Fund’s fees and reimbursement of expenses for certain periods from the Fund’s inception date and prior to implementation of a unitary fee structure on November 19, 2019. Without these waivers and reimbursements, performance would have been lower. Also, performance shown in this section does not reflect the deduction of taxes that a shareholder may pay on Fund distributions or on gains resulting from redemption or sale of Fund shares.
The returns shown are based on net asset values calculated for shareholder transactions and may differ from the returns shown in the financial highlights, which reflect adjustments made to the net asset values in accordance with accounting principles generally accepted in the United States of America.
August 31, 2023 
J.P. Morgan Exchange-Traded Funds
5


JPMorgan Income ETF
FUND COMMENTARY
SIX MONTHS ENDED August 31, 2023 (Unaudited)
REPORTING PERIOD RETURN:
 
Net Asset Value*
2.41%
Market Price**
2.01%
Bloomberg U.S. Aggregate Index
0.95%
Net Assets as of 8/31/2023
$605,270,908
Duration as of 8/31/2023
3.5 Years
Fund Ticker
JPIE
INVESTMENT OBJECTIVE***
The JPMorgan Income ETF (the “Fund”) seeks to provide income with a secondary objective of capital appreciation.
INVESTMENT APPROACH
The Fund invests opportunistically in a wide variety of debt securities that have high potential to produce income and have low correlations to each other in order to manage risk. The Fund utilizes a flexible approach, shifting its allocations based on changing market conditions and seeks to manage distributions to reduce fluctuations in monthly dividends.
HOW DID THE FUND PERFORM?
For the six months ended August 31, 2023, the Fund outperformed the Bloomberg U.S. Aggregate Index (the “Index”).
Relative to the Index, the Fund’s out-of-Index allocations to non-agency mortgage-backed securities, commercial mortgage-backed securities, emerging markets debt and high yield corporate bonds (also known as junk bonds) contributed to performance. The Fund’s underweight allocation to investment grade corporate bonds was the leading detractor from relative performance. The Fund’s out-of-Index allocation to non-USD currency also detracted from relative performance.
HOW WAS THE FUND POSITIONED?
During the period, the Fund invested opportunistically among multiple debt markets and sectors that the adviser believed had a high potential to produce income. The Fund’s adviser sought to manage risk through exposure to debt markets that it believed to have low correlations to each other. During the period, the Fund’s adviser increased its allocations to
asset-backed securities and agency mortgage-backed securities, and decreased the Fund’s exposure to high yield bonds, investment grade corporate bonds and commercials mortgage-backed securities. The Fund's duration decreased to 3.49 years at August 31, 2023 from 4.11 years at February 28, 2023.
PORTFOLIO COMPOSITION
AS OF August 31, 2023
PERCENT OF
TOTAL
INVESTMENTS
Corporate Bonds
34.3%
Asset-Backed Securities
24.3
Mortgage-Backed Securities
19.4
Commercial Mortgage-Backed Securities
12.3
Collateralized Mortgage Obligations
6.8
Foreign Government Securities
2.4
Others (each less than 1.0%)
0.1
Short-Term Investments
0.4

*
The return shown is based on net asset value and may differ from the return shown in the financial highlights, which reflects adjustments made to the net asset value in accordance with accounting principles generally accepted in the United States of America. The net asset value was $44.74 as of August 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 market price during the period, and sale at the market price on the last day of the period. The price used to calculate the market price return was the closing price on the NYSE Arca. As of August 31, 2023, the closing price was $44.92.
***
The adviser seeks to achieve the Fund’s objective. There can be no guarantee it will be achieved.
6
J.P. Morgan Exchange-Traded Funds
August 31, 2023 


AVERAGE ANNUAL TOTAL RETURNS AS OF August 31, 2023 
 
INCEPTION DATE
SIX MONTHS*
1 YEAR
SINCE
INCEPTION
JPMorgan Income ETF
 
Net Asset Value
October 28, 2021
2.41
%
3.32
%
(1.55
)%
Market Price
 
2.01
2.86
(1.37
)

 
*
Not annualized.
LIFE OF FUND PERFORMANCE (10/28/21 TO 8/31/23)
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 28, 2021.
The graph illustrates comparative performance for $10,000 invested in shares of the JPMorgan Income ETF and the Bloomberg U.S. Aggregate Index from October 28, 2021 to August 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 Bloomberg U.S. Aggregate 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 Bloomberg U.S. Aggregate Index is an unmanaged index that represents securities that are taxable and dollar denominated. The index covers the U.S. investment grade fixed rate bond market, with index components for government and corporate securities, mortgage pass-through securities, and asset-backed securities. Investors cannot invest directly in an index.
Fund 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.
August 31, 2023 
J.P. Morgan Exchange-Traded Funds
7


JPMorgan International Bond Opportunities ETF
FUND COMMENTARY
SIX MONTHS ENDED August 31, 2023 (Unaudited)
REPORTING PERIOD RETURN:
 
Net Asset Value*
1.33%
Market Price**
1.50%
Bloomberg Multiverse ex-USA (USD Hedged) Index
3.02%
Net Assets as of 8/31/2023
$359,448,013
Duration as of 8/31/2023
4.3 Years
Fund Ticker
JPIB
INVESTMENT OBJECTIVE***
The JPMorgan International Bond Opportunities ETF (the “Fund”) seeks to provide total return.
INVESTMENT APPROACH
The Fund invests across sectors in developed and emerging markets and is without benchmark constraints. The Fund is flexible and opportunistic and the Fund’s adviser has broad discretion to shift the Fund’s exposure to strategies, sectors, countries or currencies based on changing market conditions and its view of the best mix of investment opportunities.
HOW DID THE FUND PERFORM?
For the six months ended August 31, 2023, the Fund posted a positive return of 1.33%. The Fund is managed with an unconstrained orientation and is not managed relative to a benchmark index. The Fund’s return is compared with the Bloomberg Multiverse ex-USA (USD Hedged) Index, which returned 3.02% for the period.
Relative to the Bloomberg Multiverse ex-USA (USD Hedged) Index, the Fund’s shorter overall duration was the leading contributor to performance as interest rates rose during the period. Generally, bonds with shorter duration will experience a
smaller price decrease when interest rates rise, compared with bonds with longer duration. 
In terms of absolute performance, the Fund’s allocations to emerging markets debt, corporate credit and securitized credit were leading contributors to contributors to returns as spreads tightened over the period. Emerging market debt led the positive performance.
The Fund’s duration positioning detracted from performance. Generally, bonds with longer duration will experience larger decrease in price when interest rates rise, compared with bonds of shorter duration.
HOW WAS THE FUND POSITIONED?
During the period, the Fund’s portfolio managers maintained the Fund’s exposure to emerging markets debt at 18%. The Fund’s exposures were decreased to high yield corporate bonds (also known as “junk bonds”) to 6% from 22%; securitized products to 3% from 5%; and investment grade credit to 35% from 37%.
The portfolio managers increased the Fund’s overall duration to 4.31 years at August 31, 2023 from 3.49 years at February 28, 2023. This was achieved mainly by reducing the Fund’s short
8
J.P. Morgan Exchange-Traded Funds
August 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 $46.08 as of August 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 market price during the period, and sale at the market price on the last day of the period. The price used to calculate the market price return was the closing price on the Cboe BZX Exchange, Inc. As of August 31, 2023, the closing price was $46.36.
***
The adviser seeks to achieve the Fund’s objective. There can be no guarantee it will be achieved.
U.S. Treasury position and increasing duration in the U.K., Australia and Germany.
PORTFOLIO COMPOSITION
AS OF August 31, 2023
PERCENT OF
TOTAL
INVESTMENTS
Corporate Bonds
58.2%
Foreign Government Securities
33.9
Asset-Backed Securities
1.5
Commercial Mortgage-Backed Securities
1.0
Others (each less than 1.0%)
1.1
Short-Term Investments
4.3
PORTFOLIO COMPOSITION BY COUNTRY
AS OF August 31, 2023
PERCENT OF
TOTAL
INVESTMENTS
United States
12.1%
Spain
9.7
United Kingdom
9.5
France
8.8
Canada
7.6
Italy
6.2
Brazil
5.4
Mexico
5.1
Germany
5.1
Australia
3.6
South Africa
2.3
Portugal
2.1
Netherlands
2.1
Luxembourg
1.6
Switzerland
1.5
Ireland
1.3
Czech Republic
1.0
Belgium
1.0
Others (each less than 1.0%)
9.7
Short-Term Investments
4.3
August 31, 2023 
J.P. Morgan Exchange-Traded Funds
9


JPMorgan International Bond Opportunities ETF
FUND COMMENTARY
SIX MONTHS ENDED August 31, 2023 (Unaudited) (continued) 
AVERAGE ANNUAL TOTAL RETURNS AS OF August 31, 2023 
 
INCEPTION DATE
SIX MONTHS*
1 YEAR
5 YEAR
SINCE
INCEPTION
JPMorgan International Bond Opportunities ETF
 
Net Asset Value
April 5, 2017
1.33
%
4.72
%
2.53
%
2.48
%
Market Price
 
1.50
4.90
2.65
2.57

 
*
Not annualized.
LIFE OF FUND PERFORMANCE (4/5/17 TO 8/31/23)
The performance quoted is past performance and is not a guarantee of future results. Exchange-traded funds are subject to certain market risks. Investment returns and principal value of an investment will fluctuate so that an investor’s shares, when sold or redeemed, may be worth more or less than their original cost. Current performance may be higher or lower than the performance data shown. Updated performance information is available by visiting www.jpmorganfunds.com or by calling 1-844-457-6383. 
Fund commenced operations on April 5, 2017.
The graph illustrates comparative performance for $10,000 invested in shares of the JPMorgan International Bond Opportunities ETF and the Bloomberg Multiverse ex-USA (USD Hedged) Index from April 5, 2017 to August 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 Bloomberg Multiverse ex-USA (USD Hedged) 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 respective Index, if applicable.
The Bloomberg Multiverse ex-USA (USD Hedged) Index is a measure of the global fixed income bond market that combines the Barclays Global Aggregate Index, which measures investment-grade debt from 24 different local currency markets, and the Barclays Global High Yield Index, which measures the global high yield fixed income markets. It excludes U.S. securities and is hedged to the U.S. dollar. Investors cannot invest directly in an index.
Fund performance reflects waiver of a portion of the Fund’s fees and reimbursement of expenses for certain periods from the Fund’s inception date and prior to implementation of a unitary fee structure on November 19, 2019. Without these waivers and reimbursements, performance would have been lower. Also, performance shown in this section does not reflect the deduction of taxes that a shareholder may pay on Fund distributions or on gains resulting from redemption or sale of Fund shares.
The returns shown are based on net asset values calculated for shareholder transactions and may differ from the returns shown in the financial highlights, which reflect adjustments made to the net asset values in accordance with accounting principles generally accepted in the United States of America.
10
J.P. Morgan Exchange-Traded Funds
August 31, 2023 


JPMorgan Municipal ETF
FUND COMMENTARY
SIX MONTHS ENDED August 31, 2023 (Unaudited)
REPORTING PERIOD RETURN:
 
Net Asset Value*
1.21%
Market Price**
1.03%
Bloomberg U.S. 1-15 Year Blend (1-17) Municipal Bond Index
0.89%
Net Assets as of 8/31/2023
$642,102,252
Duration as of 8/31/2023
5.7 Years
Fund Ticker
JMUB
INVESTMENT OBJECTIVE***
The JPMorgan Municipal ETF (the “Fund”) seeks to provide monthly dividends, which are excluded from gross income, and to protect the value of your investment by investing primarily in municipal obligations. For purposes of the Fund’s investment objective, “gross income” means gross income for federal income tax purposes.
INVESTMENT APPROACH
The Fund invests primarily in a portfolio of municipal securities, the income from which is exempt from federal income tax. The Fund seeks to maintain an average dollar weighted maturity between three and twelve years.
HOW DID THE FUND PERFORM?
For the six months ended August 31, 2023, the Fund outperformed the Bloomberg U.S. 1-15 Year Blend (1-17) Municipal Bond Index (the “Index”).
Relative to the Index, the Fund’s overweight allocations to bonds of 0-to-2 year and 9-plus year maturities was a leading contributor to performance. The Fund’s underweight position in bonds rated AA and higher, and its overweight position in bonds rated BBB also contributed to relative performance. The Fund’s overweight positions in the housing and industrial development revenue/pollution control revenue sectors also contributed to relative performance.
The Fund’s underweight positions in the transportation and pre-refunded bond sectors were leading detractors from performance relative to the Index. The Fund’s underweight allocations to California and New Jersey bonds also detracted from relative performance.
HOW WAS THE FUND POSITIONED?
At the end of the period, the Fund was overweight in bonds rated BBB. The Fund’s duration was 5.7 years compared with 4.6 years for the Index.
CREDIT QUALITY ALLOCATIONS
AS OF AUGUST 31, 2023
PERCENT OF
TOTAL
INVESTMENTS
AAA
25.7%
AA
42.9
A
17.1
BBB
7.9
BB
1.2
NR
5.2

*
The return shown is based on net asset value and may differ from the return shown in the financial highlights, which reflects adjustments made to the net asset value in accordance with accounting principles generally accepted in the United States of America. The net asset value was $49.58 as of August 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 market price during the period, and sale at the market price on the last day of the period. The price used to calculate the market price return was the closing price on the Cboe BZX Exchange, Inc. As of August 31, 2023, the closing price was $49.53.
***
The adviser seeks to achieve the Fund’s objective. There can be no guarantee it will be achieved.
August 31, 2023 
J.P. Morgan Exchange-Traded Funds
11


JPMorgan Municipal ETF
FUND COMMENTARY
SIX MONTHS ENDED August 31, 2023 (Unaudited) (continued) 
AVERAGE ANNUAL TOTAL RETURNS AS OF August 31, 2023 
 
INCEPTION DATE
SIX MONTHS*
1 YEAR
SINCE
INCEPTION
JPMorgan Municipal ETF
 
Net Asset Value
October 29, 2018
1.21
%
2.18
%
2.38
%
Market Price
 
1.03
2.05
2.35

 
*
Not annualized.
LIFE OF FUND PERFORMANCE (10/29/18 TO 8/31/23)
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 29, 2018.
The graph illustrates comparative performance for $10,000 invested in shares of the JPMorgan Municipal ETF and the Bloomberg U.S. 1-15 Year Blend (1-17) Municipal Bond Index from October 29, 2018 to August 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 Bloomberg U.S. 1-15 Year Blend (1-17) Municipal Bond 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 Bloomberg U.S. 1-15 Year Blend (1-17) Municipal Bond Index represents the performance of municipal bonds with maturities from 1 to 17 years.
Fund performance reflects waiver of a portion of the Fund’s fees and reimbursement of expenses for certain periods from the Fund’s inception date and prior to implementation of a unitary fee structure on November 19, 2019. Without these waivers and reimbursements, performance would have been lower. Also, performance shown in this section does not reflect the deduction of taxes that a shareholder may pay on Fund distributions or on gains resulting from redemption or sale of Fund shares.
The returns shown are based on net asset values calculated for shareholder transactions and may differ from the returns shown in the financial highlights, which reflect adjustments made to the net asset values in accordance with accounting principles generally accepted in the United States of America.
12
J.P. Morgan Exchange-Traded Funds
August 31, 2023 


JPMorgan Short Duration Core Plus ETF
FUND COMMENTARY
SIX MONTHS ENDED August 31, 2023 (Unaudited)
REPORTING PERIOD RETURN:
 
Net Asset Value*
1.80%
Market Price**
2.03%
Bloomberg 1-5 Year Government/Credit Index
1.83%
Net Assets as of 8/31/2023
$257,739,411
Duration as of 8/31/2023
2.8 Years
Fund Ticker
JSCP
INVESTMENT OBJECTIVE***
The JPMorgan Short Duration Core Plus ETF (the “Fund”) seeks total return, consistent with preservation of capital.
INVESTMENT APPROACH
The Fund invests primarily in traditional fixed income sectors, with the flexibility to invest up to 30% of its net assets in below investment grade securities (also known as high yield or “junk bonds”) and up to 25% of its net assets in foreign securities. The Fund’s adviser seeks to maintain a duration of three years or less. Duration is a measure of the price sensitivity of a debt security or a portfolio of debt securities to relative changes in interest rates. The adviser uses both a top down and bottom up research process as well as a combination of fundamental and quantitative inputs to allocate the Fund’s assets among a range of sectors. In buying and selling investments for the Fund, the adviser looks for market sectors and individual securities that it believes will perform well over time. The adviser selects individual securities after performing a risk/reward analysis to address the Fund’s dual objective of seeking total return and preservation of capital. Such analysis includes an evaluation of interest rate risk, credit risk, duration, liquidity, currency risk, legal provisions and the structure of the transaction.
HOW DID THE FUND PERFORM?
For the six months ended August 31, 2023, the Fund underperformed the Bloomberg 1-5 Year Government/Credit Index (the “Index”).
Relative to the Index, the Fund’s longer overall duration was a leading detractor from  performance. Generally, bonds with longer duration will experience a larger decrease in price compared with shorter duration bonds when interest rates rise. The Fund’s allocations to mortgage-backed securities and commercial mortgage-backed securities also detracted from relative performance. The Fund’s allocations to corporate bonds and asset-backed securities were leading contributors to relative performance.
HOW WAS THE FUND POSITIONED?
The Fund’s adviser focused on security selection and relative value, which seeks to take advantage of pricing discrepancies
among individual securities or market sectors. The adviser used bottom-up research to construct, in its view, a portfolio of undervalued fixed income securities. The adviser employs a macro-economic analysis to determine asset allocation and positioning on the yield curve. The yield curve shows the relationship between yields and maturity dates for a set of similar bonds at a given point in time.
Relative to the Index during the period, the Fund had an underweight position in U.S. Treasury bonds and out-of-Index allocations to mortgage-backed securities, asset-backed securities, high yield bonds (also known as junk bonds) and emerging markets debt. The Fund’s portfolio managers increased the Fund’s duration to 2.82 years at August 31, 2023 from 2.62 years at February 28, 2023.
PORTFOLIO COMPOSITION
AS OF August 31, 2023
PERCENT OF
TOTAL
INVESTMENTS
Corporate Bonds
35.5%
Asset-Backed Securities
21.2
U.S. Treasury Obligations
16.7
Mortgage-Backed Securities
13.8
Commercial Mortgage-Backed Securities
4.7
Collateralized Mortgage Obligations
3.0
Others (each less than 1.0%)
0.7
Short-Term Investments
4.4

*
The return shown is based on net asset value and may differ from the return shown in the financial highlights, which reflects adjustments made to the net asset value in accordance with accounting principles generally accepted in the United States of America. The net asset value was $45.78 as of August 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 market price during the period, and sale at the market price on the last
August 31, 2023 
J.P. Morgan Exchange-Traded Funds
13


JPMorgan Short Duration Core Plus ETF
FUND COMMENTARY
SIX MONTHS ENDED August 31, 2023 (Unaudited) (continued) 

day of the period. The price used to calculate the market price return was the closing price on the NYSE Arca. As of August 31, 2023, the closing price was $45.84.
***
The adviser seeks to achieve the Fund’s objective. There can be no guarantee it will be achieved.
14
J.P. Morgan Exchange-Traded Funds
August 31, 2023 


AVERAGE ANNUAL TOTAL RETURNS AS OF August 31, 2023 
 
INCEPTION DATE
SIX MONTHS*
1 YEAR
SINCE
INCEPTION
JPMorgan Short Duration Core Plus ETF
 
Net Asset Value
March 1, 2021
1.80
%
2.42
%
(1.16
)%
Market Price
 
2.03
2.49
(1.11
)

 
*
Not annualized.
LIFE OF FUND PERFORMANCE (3/1/21 TO 8/31/23)
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 1, 2021.
The graph illustrates comparative performance for $10,000 invested in shares of the JPMorgan Short Duration Core Plus ETF and the Bloomberg 1-5 Year Government/Credit Index from March 1, 2021 to August 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 Bloomberg 1-5 Year Government/Credit 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 Bloomberg 1-5 Year Government/Credit Index includes the Government and Credit portions of the Barclays Aggregate for securities of 1-5 year maturities. The Government portion includes treasuries and agencies. The Credit portion includes publicly issued U.S. corporate and foreign debentures and secured notes that meet specified maturity, liquidity, and quality requirements. Investors cannot invest directly in an index.
Fund 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.
August 31, 2023 
J.P. Morgan Exchange-Traded Funds
15


JPMorgan Ultra-Short Income ETF
FUND COMMENTARY
SIX MONTHS ENDED August 31, 2023 (Unaudited)
REPORTING PERIOD RETURN:
 
Net Asset Value*
2.19%
Market Price**
2.17%
ICE BofAML 3-Month US Treasury Bill Index
2.48%
Net Assets as of 8/31/2023
$22,756,203,756
Duration as of 8/31/2023
0.6 Years
Fund Ticker
JPST
INVESTMENT OBJECTIVE***
The JPMorgan Ultra-Short Income ETF (the “Fund”) seeks to provide current income while seeking to maintain a low volatility of principal.
INVESTMENT APPROACH
The Fund primarily invests in investment grade, U.S. dollar-denominated short-term fixed, variable and floating-rate debt. The Fund seeks to maintain a duration of one year or less, although under certain market conditions, the Fund’s duration may be longer than one year. Duration measures the price sensitivity of a debt security or a portfolio of debt securities to relative changes in interest rates. The Fund’s adviser has broad discretion to shift the Fund’s exposure to strategies and sectors based on changing market conditions and its view of the best mix of investment opportunities.
HOW DID THE FUND PERFORM?
For the six months ended August 31, 2023, the Fund underperformed the ICE BofA 3-Month US Treasury Bill Index (the “Index”).
Relative to the Index, the Fund’s longer duration was a leading detractor from performance as interest rate rose during the period and U.S. economic data was stronger than most economists’ expected. Generally, bonds of longer duration will experience a greater decline in price compared with shorter duration bonds when interest rates rise. The Fund’s out-of-Index allocations to corporate debt, certificates of deposit and J.P. Morgan Money Market Funds were leading contributors to relative performance.
HOW WAS THE FUND POSITIONED?
At the end of the period, the Fund’s largest allocations were to money market securities, including corporate debt, certificates
of deposit and J.P. Morgan Money Market Funds, as well as to corporate bonds, collateralized loan obligations, asset-backed securities, U.S. Treasury bills, agency and mortgage-backed securities, and non-corporate credit.
PORTFOLIO COMPOSITION BY SECTOR
AS OF August 31, 2023
PERCENT OF
TOTAL
INVESTMENTS
Financials
28.8%
Asset-Backed Securities
8.5
U.S. Treasury Obligations
2.3
Utilities
1.9
Information Technology
1.5
Energy
1.5
Industrials
1.4
Consumer Discretionary
1.4
Health Care
1.2
Others (each less than 1.0%)
2.7
Short-Term Investments
48.8

*
The return shown is based on net asset value and may differ from the return shown in the financial highlights, which reflects adjustments made to the net asset value in accordance with accounting principles generally accepted in the United States of America. The net asset value was $50.24 as of August 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 market price during the period, and sale at the market price on the last day of the period. The price used to calculate the market price return was the closing price on the NYSE Arca. As of August 31, 2023, the closing price was $50.25.
***
The adviser seeks to achieve the Fund’s objective. There can be no guarantee it will be achieved.
16
J.P. Morgan Exchange-Traded Funds
August 31, 2023 


AVERAGE ANNUAL TOTAL RETURNS AS OF August 31, 2023 
 
INCEPTION DATE
SIX MONTHS*
1 YEAR
5 YEAR
SINCE
INCEPTION
JPMorgan Ultra-Short Income ETF
 
Net Asset Value
May 17, 2017
2.19
%
4.08
%
2.07
%
2.05
%
Market Price
 
2.17
4.06
2.06
2.05

 
*
Not annualized.
LIFE OF FUND PERFORMANCE (5/17/17 TO 8/31/23)
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 17, 2017.
The graph illustrates comparative performance for $10,000 invested in shares of the JPMorgan Ultra-Short Income ETF and the ICE BofAML 3-Month US Treasury Bill Index from May 17, 2017 to August 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 ICE BofAML 3-Month US Treasury Bill 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 ICE BofAML 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. The index is rebalanced monthly 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.
Fund performance reflects waiver of a portion of the Fund’s fees and reimbursement of expenses for certain periods from the Fund’s inception date and prior to implementation of a unitary fee structure on November 19, 2019. Without these waivers and reimbursements, performance would have been lower. Also, performance shown in this section does not reflect the deduction of taxes that a shareholder may pay on Fund distributions or on gains resulting from redemption or sale of Fund shares.
The returns shown are based on net asset values calculated for shareholder transactions and may differ from the returns shown in the financial highlights, which reflect adjustments made to the net asset values in accordance with accounting principles generally accepted in the United States of America.
August 31, 2023 
J.P. Morgan Exchange-Traded Funds
17


JPMorgan Ultra-Short Municipal Income ETF
FUND COMMENTARY
SIX MONTHS ENDED August 31, 2023 (Unaudited)
REPORTING PERIOD RETURN:
 
Net Asset Value*
1.54%
Market Price**
1.54%
Bloomberg 1-Year Municipal Bond Index
1.48%
Net Assets as of 8/31/2023
$2,572,334,409
Duration as of 8/31/2023
0.7 Years
Fund Ticker
JMST
INVESTMENT OBJECTIVE***
The JPMorgan Ultra-Short Municipal Income ETF (the “Fund”) seeks as high a level of current income exempt from federal income tax as is consistent with relative stability of principal.
INVESTMENT APPROACH
The Fund primarily invests in investment grade fixed securities or the unrated equivalent, variable and floating rate municipal securities, the income from which is exempt from federal income tax. The Fund invests in a portfolio of municipal securities with an average weighted maturity of two years or less.
HOW DID THE FUND PERFORM?
For the six months ended August 31, 2023, the Fund outperformed the Bloomberg 1-Year Municipal Bond Index (the “Index”).
Relative to the Index, the Fund’s shorter duration was a leading contributor to performance. Generally, bonds of shorter duration will experience a smaller decline in price compared with longer duration bonds when interest rates rise. The Fund’s overweight allocation to bonds rated single-A and its out-of-Benchmark allocation to variable rate demand notes also contributed to relative performance.
The Fund’s security selection in the housing sector and its overweight position in the local general obligation bonds sector were leading detractors from performance relative to the Index.
HOW WAS THE FUND POSITIONED?
At the end of the period, the Fund’s duration was 0.7 years compared with 1.4 years for the Index.
CREDIT QUALITY ALLOCATIONS
AS OF AUGUST 31, 2023
PERCENT OF
TOTAL
INVESTMENTS
AAA
22.4%
AA
34.8
A
19.9
BBB
1.6
B
0.2
NR
21.1

*
The return shown is based on net asset value and may differ from the return shown in the financial highlights, which reflects adjustments made to the net asset value in accordance with accounting principles generally accepted in the United States of America. The net asset value was $50.64 as of August 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 market price during the period, and sale at the market price on the last day of the period. The price used to calculate the market price return was the closing price on the Cboe BZX Exchange, Inc. As of August 31, 2023, the closing price was $50.61.
***
The adviser seeks to achieve the Fund’s objective. There can be no guarantee it will be achieved.
18
J.P. Morgan Exchange-Traded Funds
August 31, 2023 


AVERAGE ANNUAL TOTAL RETURNS AS OF August 31, 2023 
 
INCEPTION DATE
SIX MONTHS*
1 YEAR
SINCE
INCEPTION
JPMorgan Ultra-Short Municipal Income ETF
 
Net Asset Value
October 16, 2018
1.54
%
2.61
%
1.48
%
Market Price
 
1.54
2.77
1.47

 
*
Not annualized.
LIFE OF FUND PERFORMANCE (10/16/18 TO 8/31/23)
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 16, 2018.
The graph illustrates comparative performance for $10,000 invested in shares of the JPMorgan Ultra-Short Municipal Income ETF and the Bloomberg 1-Year Municipal Bond Index from October 16, 2018 to August 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 Bloomberg 1-Year Municipal Bond 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 Bloomberg 1-Year Municipal Bond Index is an unmanaged index that includes bonds with a
minimum credit rating of BAA3, are issued as part of a deal of at least $50 million, have an amount outstanding of at least $5 million, and have maturities of 1 to 2 years. The performance of the index does not reflect the deduction of expenses associated with a mutual fund, such as investment management fees. By contrast, the performance of the Fund reflects the deduction of the mutual fund expenses, including sales charges if applicable. An individual cannot invest directly in an index.
Fund performance reflects waiver of a portion of the Fund’s fees and reimbursement of expenses for certain periods from the Fund’s inception date and prior to implementation of a unitary fee structure on November 19, 2019. Without these waivers and reimbursements, performance would have been lower. Also, performance shown in this section does not reflect the deduction of taxes that a shareholder may pay on Fund distributions or redemption on gains resulting from 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.
August 31, 2023 
J.P. Morgan Exchange-Traded Funds
19


JPMorgan Core Plus Bond ETF
SCHEDULE OF PORTFOLIO INVESTMENTS
AS OF August 31, 2023  (Unaudited)
INVESTMENTS
PRINCIPAL
AMOUNT($)
VALUE($)
Corporate Bonds — 28.8%
Aerospace & Defense — 0.5%
Boeing Co. (The)
2.75%, 2/1/2026
14,000
13,139
2.20%, 2/4/2026
95,000
87,638
3.10%, 5/1/2026
35,000
32,967
2.70%, 2/1/2027
65,000
59,438
3.75%, 2/1/2050
675,000
492,161
5.93%, 5/1/2060
40,000
38,611
Bombardier, Inc. (Canada) 6.00%,
2/15/2028(a)
330,000
308,427
BWX Technologies, Inc. 4.13%,
4/15/2029(a)
310,000
275,853
Howmet Aerospace, Inc.
5.13%, 10/1/2024
122,000
120,777
5.95%, 2/1/2037
304,000
299,288
L3Harris Technologies, Inc.
5.40%, 1/15/2027
855,000
857,077
5.40%, 7/31/2033
205,000
205,344
5.60%, 7/31/2053
217,000
218,382
Lockheed Martin Corp.
4.50%, 5/15/2036
125,000
118,481
4.70%, 5/15/2046
100,000
93,522
4.15%, 6/15/2053
350,000
295,014
Precision Castparts Corp. 4.38%,
6/15/2045
154,000
132,763
RTX Corp.
4.13%, 11/16/2028
1,735,000
1,655,788
1.90%, 9/1/2031
450,000
352,375
2.38%, 3/15/2032
95,000
76,446
5.15%, 2/27/2033
165,000
163,118
4.50%, 6/1/2042
100,000
87,214
3.03%, 3/15/2052
350,000
230,131
5.38%, 2/27/2053
144,000
140,362
Spirit AeroSystems, Inc.
7.50%, 4/15/2025(a)
33,000
32,591
9.38%, 11/30/2029(a)
253,000
263,655
TransDigm, Inc.
6.25%, 3/15/2026(a)
530,000
524,949
6.75%, 8/15/2028(a)
165,000
165,578
Triumph Group, Inc. 7.75%, 8/15/2025
16,000
15,096
Wesco Aircraft Holdings, Inc. 9.00%,
11/15/2026(a) (b)
20,000
1,900
 
7,358,085
Automobile Components — 0.3%
Adient Global Holdings Ltd.
4.88%, 8/15/2026(a)
200,000
192,610
INVESTMENTS
PRINCIPAL
AMOUNT($)
VALUE($)
 
Automobile Components — continued
7.00%, 4/15/2028(a)
210,000
212,161
Allison Transmission, Inc.
5.88%, 6/1/2029(a)
406,000
392,125
3.75%, 1/30/2031(a)
75,000
62,645
American Axle & Manufacturing, Inc.
6.50%, 4/1/2027
275,000
260,629
6.88%, 7/1/2028
350,000
321,027
5.00%, 10/1/2029
75,000
61,744
Aptiv plc 5.40%, 3/15/2049
25,000
21,941
Clarios Global LP 6.25%, 5/15/2026(a)
427,000
422,890
Cooper-Standard Automotive, Inc.
13.50% (Blend (Cash 9.00% + PIK
4.50%)), 3/31/2027(a) (c)
44,250
44,947
10.63% (PIK), 5/15/2027(a) (c)
31,221
19,608
Dana, Inc.
5.38%, 11/15/2027
365,000
345,299
4.50%, 2/15/2032
40,000
32,296
Goodyear Tire & Rubber Co. (The)
4.88%, 3/15/2027
120,000
112,884
5.00%, 7/15/2029
521,000
462,386
5.25%, 7/15/2031
660,000
568,425
Icahn Enterprises LP
6.38%, 12/15/2025
247,000
235,485
5.25%, 5/15/2027
315,000
276,412
Lear Corp. 2.60%, 1/15/2032
10,000
7,796
 
4,053,310
Automobiles — 0.1%
Ford Motor Co.
9.63%, 4/22/2030
590,000
682,368
4.75%, 1/15/2043
380,000
284,090
General Motors Co. 5.95%, 4/1/2049
25,000
22,418
Hyundai Capital America
0.80%, 1/8/2024(a)
170,000
167,039
1.50%, 6/15/2026(a)
440,000
393,559
3.00%, 2/10/2027(a)
200,000
182,855
Nissan Motor Acceptance Co. LLC 2.00%,
3/9/2026(a)
305,000
271,799
 
2,004,128
Banks — 5.3%
ABN AMRO Bank NV (Netherlands)
(US Treasury Yield Curve Rate T
Note Constant Maturity 1 Year +
1.10%), 2.47%, 12/13/2029(a) (d)
500,000
421,642
SEE NOTES TO FINANCIAL STATEMENTS.
20
J.P. Morgan Exchange-Traded Funds
August 31, 2023


INVESTMENTS
PRINCIPAL
AMOUNT($)
VALUE($)
Corporate Bonds — continued
Banks — continued
(US Treasury Yield Curve Rate T
Note Constant Maturity 5 Year +
1.90%), 3.32%, 3/13/2037(a) (d)
200,000
154,141
ANZ New Zealand Int'l Ltd. (New Zealand)
5.36%, 8/14/2028(a)
600,000
597,851
ASB Bank Ltd. (New Zealand) 2.38%,
10/22/2031(a)
200,000
158,801
Banco Bilbao Vizcaya Argentaria SA (Spain)
0.88%, 9/18/2023
200,000
199,642
Banco Santander SA (Spain)
2.75%, 5/28/2025
200,000
189,220
5.59%, 8/8/2028
2,800,000
2,774,919
Bank of America Corp.
(SOFR + 0.41%), 5.78%,
6/14/2024(d)
400,000
398,730
3.88%, 8/1/2025
203,000
197,586
(SOFR + 1.01%), 1.20%,
10/24/2026(d)
2,600,000
2,356,160
(3-MONTH CME TERM SOFR + 1.32%),
3.56%, 4/23/2027(d)
40,000
37,897
(3-MONTH CME TERM SOFR + 1.84%),
3.82%, 1/20/2028(d)
936,000
882,417
(3-MONTH CME TERM SOFR + 1.77%),
3.71%, 4/24/2028(d)
1,205,000
1,127,971
(3-MONTH CME TERM SOFR + 1.63%),
3.59%, 7/21/2028(d)
261,000
242,933
(SOFR + 2.04%), 4.95%,
7/22/2028(d)
390,000
381,850
(3-MONTH CME TERM SOFR + 1.30%),
3.42%, 12/20/2028(d)
454,000
416,321
(SOFR + 1.63%), 5.20%,
4/25/2029(d)
140,000
137,883
(SOFR + 1.06%), 2.09%,
6/14/2029(d)
635,000
541,785
(SOFR + 1.53%), 1.90%,
7/23/2031(d)
660,000
520,999
(SOFR + 1.37%), 1.92%,
10/24/2031(d)
50,000
39,171
Series N, (SOFR + 1.22%), 2.65%,
3/11/2032(d)
2,740,000
2,239,744
(SOFR + 1.22%), 2.30%,
7/21/2032(d)
1,900,000
1,498,440
(SOFR + 1.21%), 2.57%,
10/20/2032(d)
140,000
112,219
(3-MONTH CME TERM SOFR + 1.58%),
4.08%, 4/23/2040(d)
112,000
94,136
(SOFR + 1.93%), 2.68%,
6/19/2041(d)
150,000
103,289
INVESTMENTS
PRINCIPAL
AMOUNT($)
VALUE($)
 
Banks — continued
Bank of America NA 5.53%, 8/18/2026
500,000
502,432
Bank of Ireland Group plc (Ireland) (US
Treasury Yield Curve Rate T
Note Constant Maturity 1 Year + 2.65%),
6.25%, 9/16/2026(a) (d)
259,000
258,383
Bank of Montreal (Canada)
1.50%, 1/10/2025
370,000
350,017
5.30%, 6/5/2026
300,000
298,962
Bank of New Zealand (New Zealand)
3.50%, 2/20/2024(a)
250,000
247,186
Bank of Nova Scotia (The) (Canada)
(3-MONTH CME TERM SOFR + 2.91%),
8.21%, 10/12/2023(d) (e) (f) (g)
50,000
44,500
2.20%, 2/3/2025
112,000
106,663
3.45%, 4/11/2025
300,000
289,788
2.15%, 8/1/2031
250,000
198,824
Banque Federative du Credit Mutuel SA
(France)
4.52%, 7/13/2025(a)
320,000
312,594
4.94%, 1/26/2026(a)
200,000
196,025
5.90%, 7/13/2026(a)
200,000
200,610
1.60%, 10/4/2026(a)
200,000
177,038
5.79%, 7/13/2028(a)
605,000
607,675
Barclays plc (United Kingdom)
5.20%, 5/12/2026
200,000
194,069
(US Treasury Yield Curve Rate T
Note Constant Maturity 1 Year +
3.30%), 7.39%, 11/2/2028(d)
900,000
936,930
BNP Paribas SA (France) (SOFR + 1.61%),
1.90%, 9/30/2028(a) (d)
450,000
386,104
BPCE SA (France)
3.50%, 10/23/2027(a)
850,000
776,138
5.13%, 1/18/2028(a)
745,000
730,631
(SOFR + 1.73%), 3.12%,
10/19/2032(a) (d)
250,000
193,270
Canadian Imperial Bank of
Commerce (Canada) 3.30%, 4/7/2025
105,000
101,201
Citigroup, Inc.
Series P, (3-MONTH CME TERM SOFR +
4.17%), 5.95%, 5/15/2025(d) (f)
(g)
115,000
110,874
(SOFR + 1.37%), 4.14%,
5/24/2025(d)
81,000
79,912
(SOFR + 0.69%), 2.01%,
1/25/2026(d)
444,000
420,035
(SOFR + 1.55%), 5.61%,
9/29/2026(d)
408,000
406,138
SEE NOTES TO FINANCIAL STATEMENTS.
August 31, 2023
J.P. Morgan Exchange-Traded Funds
21


JPMorgan Core Plus Bond ETF
SCHEDULE OF PORTFOLIO INVESTMENTS
AS OF August 31, 2023  (Unaudited) (continued)
INVESTMENTS
PRINCIPAL
AMOUNT($)
VALUE($)
Corporate Bonds — continued
Banks — continued
(SOFR + 0.77%), 1.46%, 6/9/2027(d)
650,000
578,799
(3-MONTH CME TERM SOFR + 1.82%),
3.89%, 1/10/2028(d)
550,000
519,574
Series VAR, (SOFR + 1.28%), 3.07%,
2/24/2028(d)
645,000
592,084
(3-MONTH CME TERM SOFR + 1.65%),
3.67%, 7/24/2028(d)
1,200,000
1,115,971
(3-MONTH CME TERM SOFR + 1.45%),
4.08%, 4/23/2029(d)
1,045,000
979,780
(3-MONTH CME TERM SOFR + 1.60%),
3.98%, 3/20/2030(d)
500,000
460,470
(SOFR + 3.91%), 4.41%,
3/31/2031(d)
155,000
143,920
(SOFR + 2.11%), 2.57%, 6/3/2031(d)
120,000
99,101
(SOFR + 1.17%), 2.56%, 5/1/2032(d)
660,000
531,753
(SOFR + 1.18%), 2.52%,
11/3/2032(d)
1,065,000
845,135
(SOFR + 2.34%), 6.27%,
11/17/2033(d)
750,000
782,067
(SOFR + 1.38%), 2.90%,
11/3/2042(d)
55,000
37,775
Cooperatieve Rabobank UA (Netherlands)
(US Treasury Yield Curve Rate T
Note Constant Maturity 1 Year + 1.22%),
3.65%, 4/6/2028(a) (d)
890,000
826,254
Credit Agricole SA (France)
(SOFR + 1.68%), 1.91%,
6/16/2026(a) (d)
550,000
511,982
5.59%, 7/5/2026(a)
565,000
564,818
(SOFR + 0.89%), 1.25%,
1/26/2027(a) (d)
250,000
224,083
5.30%, 7/12/2028(a)
990,000
988,164
(USD Swap Semi 5 Year + 1.64%),
4.00%, 1/10/2033(a) (d)
250,000
224,212
Danske Bank A/S (Denmark)
(US Treasury Yield Curve Rate T
Note Constant Maturity 1 Year +
1.45%), 3.77%, 3/28/2025(a) (d)
450,000
442,867
(ICE LIBOR USD 3 Month + 1.59%),
3.24%, 12/20/2025(a) (d)
200,000
191,597
(US Treasury Yield Curve Rate T
Note Constant Maturity 1 Year +
2.10%), 6.47%, 1/9/2026(a) (d)
271,000
271,124
HSBC Holdings plc (United Kingdom)
(SOFR + 1.29%), 1.59%,
5/24/2027(d)
200,000
177,701
(SOFR + 1.57%), 5.89%,
8/14/2027(d)
1,015,000
1,011,817
INVESTMENTS
PRINCIPAL
AMOUNT($)
VALUE($)
 
Banks — continued
(SOFR + 1.10%), 2.25%,
11/22/2027(d)
200,000
178,349
(3-MONTH CME TERM SOFR + 1.81%),
4.04%, 3/13/2028(d)
800,000
751,346
(SOFR + 2.61%), 5.21%,
8/11/2028(d)
305,000
297,620
(SOFR + 1.73%), 2.01%,
9/22/2028(d)
1,370,000
1,177,401
(SOFR + 3.35%), 7.39%,
11/3/2028(d)
250,000
262,656
(SOFR + 1.29%), 2.21%,
8/17/2029(d)
1,200,000
1,005,310
(3-MONTH CME TERM SOFR + 1.87%),
3.97%, 5/22/2030(d)
200,000
180,042
(SOFR + 1.19%), 2.80%,
5/24/2032(d)
1,250,000
998,417
(SOFR + 1.41%), 2.87%,
11/22/2032(d)
250,000
198,951
(SOFR + 2.39%), 6.25%, 3/9/2034(d)
400,000
404,351
6.10%, 1/14/2042
230,000
240,722
(SOFR + 2.65%), 6.33%, 3/9/2044(d)
265,000
267,219
ING Groep NV (Netherlands) (SOFR +
1.01%), 1.73%, 4/1/2027(d)
200,000
179,851
Intesa Sanpaolo SpA (Italy) (US Treasury
Yield Curve Rate T Note Constant
Maturity 1 Year + 2.75%), 4.95%,
6/1/2042(a) (d)
200,000
133,283
Lloyds Banking Group plc (United Kingdom)
(US Treasury Yield Curve Rate T
Note Constant Maturity 1 Year +
1.60%), 3.51%, 3/18/2026(d)
200,000
192,187
(US Treasury Yield Curve Rate T
Note Constant Maturity 1 Year +
2.30%), 4.98%, 8/11/2033(d)
250,000
231,407
Mitsubishi UFJ Financial Group, Inc. (Japan)
(US Treasury Yield Curve Rate T
Note Constant Maturity 1 Year +
0.68%), 0.85%, 9/15/2024(d)
200,000
199,706
3.78%, 3/2/2025
269,000
261,223
(US Treasury Yield Curve Rate T
Note Constant Maturity 1 Year +
1.55%), 5.06%, 9/12/2025(d)
565,000
559,725
(US Treasury Yield Curve Rate T
Note Constant Maturity 1 Year +
0.75%), 1.54%, 7/20/2027(d)
560,000
499,234
Series 8NC7, (US Treasury Yield Curve
Rate T Note Constant Maturity 1 Year +
1.53%), 5.48%, 2/22/2031(d)
200,000
198,386
SEE NOTES TO FINANCIAL STATEMENTS.
22
J.P. Morgan Exchange-Traded Funds
August 31, 2023


INVESTMENTS
PRINCIPAL
AMOUNT($)
VALUE($)
Corporate Bonds — continued
Banks — continued
(US Treasury Yield Curve Rate T
Note Constant Maturity 1 Year +
1.10%), 2.85%, 1/19/2033(d)
775,000
633,991
Mizuho Financial Group, Inc. (Japan)
(US Treasury Yield Curve Rate T
Note Constant Maturity 1 Year +
1.65%), 5.78%, 7/6/2029(d)
580,000
580,941
(US Treasury Yield Curve Rate T
Note Constant Maturity 1 Year +
0.87%), 2.17%, 5/22/2032(d)
225,000
173,955
(US Treasury Yield Curve Rate T
Note Constant Maturity 1 Year +
1.90%), 5.75%, 7/6/2034(d)
830,000
821,923
Morgan Stanley Bank NA 4.75%,
4/21/2026
255,000
251,698
National Australia Bank Ltd. (Australia)
3.38%, 1/14/2026
250,000
239,700
4.90%, 6/13/2028
250,000
247,034
NatWest Group plc (United Kingdom)
(ICE LIBOR USD 3 Month + 1.76%),
4.27%, 3/22/2025(d)
300,000
296,616
(US Treasury Yield Curve Rate T
Note Constant Maturity 1 Year +
2.85%), 7.47%, 11/10/2026(d)
1,950,000
2,007,680
(US Treasury Yield Curve Rate T
Note Constant Maturity 1 Year +
1.35%), 5.85%, 3/2/2027(d)
500,000
497,032
(US Treasury Yield Curve Rate T
Note Constant Maturity 1 Year +
2.55%), 3.07%, 5/22/2028(d)
200,000
180,329
(ICE LIBOR USD 3 Month + 1.91%),
5.08%, 1/27/2030(d)
200,000
190,494
NatWest Markets plc (United Kingdom)
0.80%, 8/12/2024(a)
200,000
190,835
Nordea Bank Abp (Finland) 5.38%,
9/22/2027(a)
400,000
396,460
PNC Financial Services Group, Inc. (The)
2.55%, 1/22/2030
639,000
535,972
(SOFR + 0.98%), 2.31%,
4/23/2032(d)
50,000
40,265
(SOFR + 1.95%), 5.94%,
8/18/2034(d)
350,000
354,015
Royal Bank of Canada (Canada)
1.60%, 1/21/2025
250,000
236,995
4.65%, 1/27/2026(e)
245,000
240,299
4.24%, 8/3/2027
425,000
409,045
INVESTMENTS
PRINCIPAL
AMOUNT($)
VALUE($)
 
Banks — continued
Santander UK Group Holdings plc (United
Kingdom)
(SOFR + 2.75%), 6.83%,
11/21/2026(d)
700,000
708,791
(SOFR + 0.99%), 1.67%,
6/14/2027(d)
200,000
176,030
(SOFR + 2.60%), 6.53%,
1/10/2029(d)
1,625,000
1,637,797
Societe Generale SA (France)
4.25%, 4/14/2025(a)
200,000
192,764
4.75%, 11/24/2025(a)
200,000
192,421
(US Treasury Yield Curve Rate T
Note Constant Maturity 1 Year +
1.10%), 1.49%, 12/14/2026(a) (d)
1,200,000
1,075,301
(US Treasury Yield Curve Rate T
Note Constant Maturity 1 Year +
2.30%), 6.45%, 1/12/2027(a) (d)
200,000
200,936
(US Treasury Yield Curve Rate T
Note Constant Maturity 1 Year +
1.00%), 1.79%, 6/9/2027(a) (d)
200,000
177,412
(US Treasury Yield Curve Rate T
Note Constant Maturity 1 Year +
1.30%), 2.80%, 1/19/2028(a) (d)
1,200,000
1,074,925
(US Treasury Yield Curve Rate T
Note Constant Maturity 1 Year +
2.55%), 6.45%, 1/10/2029(a) (d)
970,000
976,877
Standard Chartered plc (United Kingdom)
(US Treasury Yield Curve Rate T
Note Constant Maturity 1 Year +
0.78%), 0.99%, 1/12/2025(a) (d)
200,000
195,830
(US Treasury Yield Curve Rate T
Note Constant Maturity 1 Year +
1.00%), 1.46%, 1/14/2027(a) (d)
610,000
545,919
(US Treasury Yield Curve Rate T
Note Constant Maturity 1 Year +
3.45%), 7.77%, 11/16/2028(a) (d)
1,400,000
1,482,696
(US Treasury Yield Curve Rate T
Note Constant Maturity 1 Year +
2.45%), 6.30%, 1/9/2029(a) (d)
893,000
901,580
Sumitomo Mitsui Financial Group, Inc.
(Japan)
5.52%, 1/13/2028
255,000
254,903
5.71%, 1/13/2030
255,000
256,395
5.77%, 1/13/2033
200,000
202,863
Sumitomo Mitsui Trust Bank Ltd. (Japan)
1.05%, 9/12/2025(a)
60,000
54,592
4.95%, 9/15/2027(a)
200,000
197,211
SEE NOTES TO FINANCIAL STATEMENTS.
August 31, 2023
J.P. Morgan Exchange-Traded Funds
23


JPMorgan Core Plus Bond ETF
SCHEDULE OF PORTFOLIO INVESTMENTS
AS OF August 31, 2023  (Unaudited) (continued)
INVESTMENTS
PRINCIPAL
AMOUNT($)
VALUE($)
Corporate Bonds — continued
Banks — continued
Svenska Handelsbanken AB (Sweden)
5.50%, 6/15/2028(a)
970,000
955,662
Swedbank AB (Sweden) 5.34%,
9/20/2027(a)
200,000
196,518
Toronto-Dominion Bank (The) (Canada)
5.10%, 1/9/2026
270,000
267,862
5.53%, 7/17/2026
265,000
265,585
5.52%, 7/17/2028
100,000
100,493
2.00%, 9/10/2031
385,000
305,111
4.46%, 6/8/2032
120,000
111,777
Truist Bank 4.05%, 11/3/2025
60,000
57,622
Truist Financial Corp.
(SOFR + 2.05%), 6.05%, 6/8/2027(d)
300,000
299,790
(SOFR + 1.85%), 5.12%,
1/26/2034(d)
290,000
272,018
UniCredit SpA (Italy) (US Treasury Yield
Curve Rate T Note Constant Maturity 1
Year + 1.20%), 1.98%,
6/3/2027(a) (d)
200,000
177,658
Wells Fargo & Co.
3.55%, 9/29/2025
227,000
217,783
(3-MONTH CME TERM SOFR + 1.01%),
2.16%, 2/11/2026(d)
913,000
863,210
(SOFR + 1.32%), 3.91%,
4/25/2026(d)
600,000
580,068
3.00%, 10/23/2026
360,000
333,448
(3-MONTH CME TERM SOFR + 1.57%),
3.58%, 5/22/2028(d)
1,481,000
1,374,938
(SOFR + 1.98%), 4.81%,
7/25/2028(d)
320,000
310,392
(US Treasury Yield Curve Rate T
Note Constant Maturity 5 Year +
3.61%), 7.63%, 9/15/2028(d) (f)
(g)
430,000
440,213
(SOFR + 1.74%), 5.57%,
7/25/2029(d)
860,000
856,438
(3-MONTH CME TERM SOFR + 1.26%),
2.57%, 2/11/2031(d)
250,000
208,664
(SOFR + 1.50%), 3.35%, 3/2/2033(d)
1,790,000
1,507,384
(SOFR + 2.02%), 5.39%,
4/24/2034(d)
1,740,000
1,694,773
(SOFR + 1.99%), 5.56%,
7/25/2034(d)
865,000
853,623
4.90%, 11/17/2045
25,000
21,462
Wells Fargo Bank NA 5.45%, 8/7/2026
250,000
250,793
Westpac Banking Corp. (Australia)
2.85%, 5/13/2026
175,000
165,051
INVESTMENTS
PRINCIPAL
AMOUNT($)
VALUE($)
 
Banks — continued
1.95%, 11/20/2028
30,000
25,804
(USD SOFR Spread-Adjusted ICE Swap
Rate 5 Year + 2.24%), 4.32%,
11/23/2031(d) (e)
375,000
350,203
 
76,585,045
Beverages — 0.2%
Anheuser-Busch Cos. LLC (Belgium) 4.70%,
2/1/2036
540,000
516,839
Anheuser-Busch InBev Worldwide,
Inc. (Belgium) 4.38%, 4/15/2038
295,000
270,113
Coca-Cola Co. (The)
2.60%, 6/1/2050
200,000
133,061
2.50%, 3/15/2051
300,000
194,118
Constellation Brands, Inc.
4.65%, 11/15/2028
345,000
335,390
4.50%, 5/9/2047
120,000
100,080
Diageo Capital plc (United Kingdom)
3.88%, 4/29/2043
430,000
353,307
Keurig Dr Pepper, Inc. 3.40%, 11/15/2025
38,000
36,345
Molson Coors Beverage Co. 4.20%,
7/15/2046
190,000
150,576
PepsiCo, Inc. 2.75%, 10/21/2051
415,000
280,564
 
2,370,393
Biotechnology — 0.3%
AbbVie, Inc.
2.95%, 11/21/2026
73,000
68,333
3.20%, 11/21/2029
421,000
379,469
4.05%, 11/21/2039
1,797,000
1,540,233
4.63%, 10/1/2042
75,000
66,557
4.25%, 11/21/2049
230,000
193,697
Amgen, Inc.
5.25%, 3/2/2030
175,000
175,242
3.15%, 2/21/2040
477,000
355,883
Emergent BioSolutions, Inc. 3.88%,
8/15/2028(a)
28,000
13,440
Gilead Sciences, Inc.
2.95%, 3/1/2027
195,000
181,772
1.65%, 10/1/2030
118,000
94,799
4.60%, 9/1/2035
1,000,000
948,998
2.60%, 10/1/2040
525,000
366,783
Grifols SA (Spain) 4.75%, 10/15/2028(a)
200,000
175,466
Regeneron Pharmaceuticals, Inc. 1.75%,
9/15/2030
200,000
159,169
 
4,719,841
SEE NOTES TO FINANCIAL STATEMENTS.
24
J.P. Morgan Exchange-Traded Funds
August 31, 2023


INVESTMENTS
PRINCIPAL
AMOUNT($)
VALUE($)
Corporate Bonds — continued
Broadline Retail — 0.2%
Amazon.com, Inc.
3.15%, 8/22/2027
201,000
189,009
1.50%, 6/3/2030
410,000
333,310
3.60%, 4/13/2032
600,000
552,102
3.10%, 5/12/2051
40,000
28,569
3.95%, 4/13/2052
315,000
262,759
Go Daddy Operating Co. LLC
5.25%, 12/1/2027(a)
220,000
210,650
3.50%, 3/1/2029(a)
175,000
150,420
Macy's Retail Holdings LLC 5.88%,
4/1/2029(a)
435,000
393,232
Nordstrom, Inc.
2.30%, 4/8/2024
85,000
82,238
4.38%, 4/1/2030
335,000
267,657
Shutterfly Finance LLC 8.50% (Blend (Cash
4.25% + PIK 4.25%)),
10/1/2027(a) (c)
11,700
7,606
 
2,477,552
Building Products — 0.3%
Builders FirstSource, Inc. 4.25%,
2/1/2032(a)
790,000
671,634
Emerald Debt Merger Sub LLC 6.63%,
12/15/2030(a)
735,000
723,549
Griffon Corp. 5.75%, 3/1/2028
615,000
573,182
James Hardie International Finance
DAC 5.00%, 1/15/2028(a)
200,000
188,654
JELD-WEN, Inc. 4.88%, 12/15/2027(a)
340,000
302,593
Masco Corp. 1.50%, 2/15/2028
125,000
106,380
PGT Innovations, Inc. 4.38%,
10/1/2029(a)
285,000
264,463
Standard Industries, Inc.
5.00%, 2/15/2027(a)
20,000
18,960
4.75%, 1/15/2028(a)
300,000
276,300
4.38%, 7/15/2030(a)
555,000
475,754
Summit Materials LLC 5.25%,
1/15/2029(a)
420,000
393,433
 
3,994,902
Capital Markets — 1.8%
Ameriprise Financial, Inc. 4.00%,
10/15/2023
47,000
46,876
Bank of New York Mellon Corp. (The)
(SOFR + 1.03%), 4.95%,
4/26/2027(d)
250,000
246,085
3.25%, 5/16/2027
160,000
150,028
INVESTMENTS
PRINCIPAL
AMOUNT($)
VALUE($)
 
Capital Markets — continued
(SOFR + 1.42%), 4.29%,
6/13/2033(d)
180,000
165,613
Charles Schwab Corp. (The)
0.90%, 3/11/2026
30,000
26,793
2.75%, 10/1/2029
46,000
39,563
Credit Suisse AG (Switzerland) 3.70%,
2/21/2025
310,000
298,831
Credit Suisse USA, Inc. (Switzerland)
7.13%, 7/15/2032
53,000
59,140
Deutsche Bank AG (Germany)
(SOFR + 2.16%), 2.22%,
9/18/2024(d)
150,000
149,765
(SOFR + 2.52%), 7.15%,
7/13/2027(d)
315,000
319,712
Goldman Sachs Group, Inc. (The)
3.50%, 4/1/2025
280,000
270,131
(3-MONTH CME TERM SOFR + 1.46%),
3.27%, 9/29/2025(d)
201,000
194,928
(SOFR + 1.08%), 5.80%,
8/10/2026(d)
800,000
797,534
3.50%, 11/16/2026
771,000
724,687
3.85%, 1/26/2027
135,000
128,129
(SOFR + 0.80%), 1.43%, 3/9/2027(d)
1,085,000
972,857
(SOFR + 1.51%), 4.39%,
6/15/2027(d)
117,000
113,550
(SOFR + 1.11%), 2.64%,
2/24/2028(d)
150,000
135,752
(3-MONTH CME TERM SOFR + 1.77%),
3.69%, 6/5/2028(d)
820,000
767,646
(3-MONTH CME TERM SOFR + 1.42%),
3.81%, 4/23/2029(d)
1,820,000
1,684,055
(3-MONTH CME TERM SOFR + 1.56%),
4.22%, 5/1/2029(d)
1,500,000
1,413,232
(SOFR + 1.28%), 2.62%,
4/22/2032(d)
1,640,000
1,327,001
(SOFR + 1.41%), 3.10%,
2/24/2033(d)
940,000
781,836
(SOFR + 1.51%), 3.21%,
4/22/2042(d)
160,000
115,327
(SOFR + 1.63%), 3.44%,
2/24/2043(d)
18,000
13,251
LPL Holdings, Inc. 4.00%, 3/15/2029(a)
295,000
262,235
Macquarie Group Ltd. (Australia) (ICE LIBOR
USD 3 Month + 1.75%), 5.03%,
1/15/2030(a) (d)
200,000
194,895
Morgan Stanley
(SOFR + 1.16%), 3.62%,
4/17/2025(d)
590,000
580,966
SEE NOTES TO FINANCIAL STATEMENTS.
August 31, 2023
J.P. Morgan Exchange-Traded Funds
25


JPMorgan Core Plus Bond ETF
SCHEDULE OF PORTFOLIO INVESTMENTS
AS OF August 31, 2023  (Unaudited) (continued)
INVESTMENTS
PRINCIPAL
AMOUNT($)
VALUE($)
Corporate Bonds — continued
Capital Markets — continued
3.88%, 1/27/2026
330,000
317,621
3.13%, 7/27/2026
130,000
121,652
3.63%, 1/20/2027
191,000
180,467
(SOFR + 0.88%), 1.59%, 5/4/2027(d)
210,000
188,399
(SOFR + 1.00%), 2.48%,
1/21/2028(d)
914,000
824,536
3.59%, 7/22/2028(h)
760,000
703,093
(SOFR + 1.73%), 5.12%, 2/1/2029(d)
260,000
254,834
(SOFR + 1.59%), 5.16%,
4/20/2029(d)
1,945,000
1,907,714
(SOFR + 1.63%), 5.45%,
7/20/2029(d)
440,000
437,417
(3-MONTH CME TERM SOFR + 1.89%),
4.43%, 1/23/2030(d)
573,000
544,151
(SOFR + 1.14%), 2.70%,
1/22/2031(d)
70,000
58,917
(SOFR + 1.03%), 1.79%,
2/13/2032(d)
350,000
269,152
(SOFR + 1.18%), 2.24%,
7/21/2032(d)
80,000
62,930
(SOFR + 1.29%), 2.94%,
1/21/2033(d)
1,265,000
1,036,199
(SOFR + 1.88%), 5.42%,
7/21/2034(d)
430,000
422,785
(US Treasury Yield Curve Rate T
Note Constant Maturity 5 Year +
2.43%), 5.95%, 1/19/2038(d)
380,000
369,511
(SOFR + 1.49%), 3.22%,
4/22/2042(d)
285,000
209,920
MSCI, Inc. 4.00%, 11/15/2029(a)
115,000
103,458
Northern Trust Corp. 3.95%, 10/30/2025
60,000
58,088
Nuveen LLC 4.00%, 11/1/2028(a)
160,000
150,423
S&P Global, Inc.
2.70%, 3/1/2029
456,000
407,585
1.25%, 8/15/2030
500,000
393,324
2.90%, 3/1/2032
112,000
95,925
3.25%, 12/1/2049
223,000
159,881
State Street Corp. (SOFR + 1.72%), 5.82%,
11/4/2028(d)
335,000
340,147
UBS Group AG (Switzerland)
(SOFRINDX + 0.98%), 1.31%,
2/2/2027(a) (d)
250,000
222,266
(US Treasury Yield Curve Rate T
Note Constant Maturity 1 Year +
0.85%), 1.49%, 8/10/2027(a) (d)
585,000
514,412
INVESTMENTS
PRINCIPAL
AMOUNT($)
VALUE($)
 
Capital Markets — continued
(US Treasury Yield Curve Rate T
Note Constant Maturity 1 Year +
1.75%), 4.75%, 5/12/2028(a) (d)
200,000
192,023
(ICE LIBOR USD 3 Month + 1.47%),
3.13%, 8/13/2030(a) (d)
2,350,000
2,014,460
(US Treasury Yield Curve Rate T
Note Constant Maturity 1 Year +
2.40%), 4.99%, 8/5/2033(a) (d)
700,000
652,345
4.88%, 5/15/2045
250,000
222,731
 
25,416,784
Chemicals — 0.3%
Avient Corp. 7.13%, 8/1/2030(a)
410,000
409,608
Axalta Coating Systems LLC 4.75%,
6/15/2027(a)
300,000
282,304
CF Industries, Inc.
5.15%, 3/15/2034
260,000
245,438
4.95%, 6/1/2043
70,000
59,168
Chemours Co. (The)
5.38%, 5/15/2027
23,000
21,651
5.75%, 11/15/2028(a)
545,000
489,584
4.63%, 11/15/2029(a)
123,000
102,256
CVR Partners LP 6.13%, 6/15/2028(a)
70,000
62,669
Ecolab, Inc. 2.13%, 2/1/2032
75,000
61,064
EIDP, Inc. 4.80%, 5/15/2033
320,000
307,696
Element Solutions, Inc. 3.88%,
9/1/2028(a)
350,000
307,692
INEOS Quattro Finance 2 plc (United
Kingdom) 3.38%, 1/15/2026(a)
400,000
365,896
International Flavors & Fragrances, Inc.
1.83%, 10/15/2027(a)
116,000
97,567
2.30%, 11/1/2030(a)
13,000
10,087
3.27%, 11/15/2040(a)
25,000
16,630
LYB International Finance III LLC 3.38%,
10/1/2040
40,000
28,748
NOVA Chemicals Corp. (Canada) 5.25%,
6/1/2027(a)
310,000
275,608
Nutrien Ltd. (Canada)
4.90%, 3/27/2028
186,000
181,761
2.95%, 5/13/2030
80,000
68,970
3.95%, 5/13/2050
190,000
142,030
Olin Corp. 5.13%, 9/15/2027
290,000
277,640
Scotts Miracle-Gro Co. (The) 4.50%,
10/15/2029
910,000
761,051
Sherwin-Williams Co. (The) 4.50%,
6/1/2047
15,000
12,788
SEE NOTES TO FINANCIAL STATEMENTS.
26
J.P. Morgan Exchange-Traded Funds
August 31, 2023


INVESTMENTS
PRINCIPAL
AMOUNT($)
VALUE($)
Corporate Bonds — continued
Chemicals — continued
Trinseo Materials Operating SCA 5.38%,
9/1/2025(a)
145,000
135,081
WR Grace Holdings LLC 4.88%,
6/15/2027(a)
350,000
326,424
 
5,049,411
Commercial Services & Supplies — 0.3%
ACCO Brands Corp. 4.25%, 3/15/2029(a)
492,000
420,325
ADT Security Corp. (The)
4.13%, 8/1/2029(a)
540,000
471,323
4.88%, 7/15/2032(a)
20,000
17,252
Allied Universal Holdco LLC 4.63%,
6/1/2028(a)
200,000
170,000
Aramark Services, Inc. 5.00%,
2/1/2028(a)
270,000
251,887
Brink's Co. (The) 4.63%, 10/15/2027(a)
200,000
185,974
Clean Harbors, Inc. 4.88%, 7/15/2027(a)
370,000
353,537
Garda World Security Corp. (Canada)
4.63%, 2/15/2027(a)
230,000
212,775
GFL Environmental, Inc. (Canada)
3.75%, 8/1/2025(a)
105,000
99,966
5.13%, 12/15/2026(a)
55,000
53,219
4.00%, 8/1/2028(a)
455,000
406,187
4.75%, 6/15/2029(a)
205,000
185,713
Interface, Inc. 5.50%, 12/1/2028(a)
160,000
136,648
Madison IAQ LLC 4.13%, 6/30/2028(a)
745,000
659,126
Prime Security Services Borrower LLC
5.75%, 4/15/2026(a)
282,000
276,739
3.38%, 8/31/2027(a)
440,000
391,337
Stericycle, Inc.
5.38%, 7/15/2024(a)
85,000
84,702
3.88%, 1/15/2029(a)
335,000
291,678
Waste Management, Inc. 1.50%,
3/15/2031
170,000
132,508
 
4,800,896
Communications Equipment — 0.1%
Ciena Corp. 4.00%, 1/31/2030(a)
305,000
263,063
CommScope Technologies LLC 6.00%,
6/15/2025(a)
105,000
96,107
CommScope, Inc. 6.00%, 3/1/2026(a)
472,000
428,937
 
788,107
Construction & Engineering — 0.1%
Dycom Industries, Inc. 4.50%,
4/15/2029(a)
465,000
415,189
INVESTMENTS
PRINCIPAL
AMOUNT($)
VALUE($)
 
Construction & Engineering — continued
Global Infrastructure Solutions, Inc. 5.63%,
6/1/2029(a)
485,000
407,306
MasTec, Inc. 4.50%, 8/15/2028(a)
305,000
278,279
Weekley Homes LLC 4.88%,
9/15/2028(a)
385,000
339,763
 
1,440,537
Construction Materials — 0.0% ^
Knife River Corp. 7.75%, 5/1/2031(a)
245,000
250,777
Martin Marietta Materials, Inc. 2.40%,
7/15/2031
70,000
56,623
 
307,400
Consumer Finance — 1.0%
AerCap Ireland Capital DAC (Ireland)
1.15%, 10/29/2023
450,000
446,552
2.45%, 10/29/2026
510,000
458,871
5.75%, 6/6/2028
400,000
396,507
3.00%, 10/29/2028
450,000
389,953
Ally Financial, Inc. 5.75%, 11/20/2025
400,000
387,988
American Express Co.
1.65%, 11/4/2026
130,000
115,972
2.55%, 3/4/2027
540,000
491,020
5.85%, 11/5/2027
270,000
275,805
(SOFR + 1.28%), 5.28%,
7/27/2029(d)
1,325,000
1,310,632
Avolon Holdings Funding Ltd. (Ireland)
5.13%, 10/1/2023(a)
170,000
169,725
5.25%, 5/15/2024(a)
250,000
246,806
2.88%, 2/15/2025(a)
478,000
451,016
5.50%, 1/15/2026(a)
60,000
58,413
2.13%, 2/21/2026(a)
275,000
247,092
4.25%, 4/15/2026(a)
1,265,000
1,192,970
2.53%, 11/18/2027(a)
1,635,000
1,395,762
Capital One Financial Corp. (SOFR +
1.27%), 2.62%, 11/2/2032(d)
100,000
76,174
Ford Motor Credit Co. LLC
4.39%, 1/8/2026
200,000
189,023
4.27%, 1/9/2027
1,290,000
1,192,717
4.13%, 8/17/2027
1,350,000
1,224,948
7.20%, 6/10/2030
550,000
558,635
4.00%, 11/13/2030
250,000
211,537
3.63%, 6/17/2031
200,000
162,048
General Motors Financial Co., Inc.
3.80%, 4/7/2025
35,000
33,809
3.60%, 6/21/2030
60,000
51,503
SEE NOTES TO FINANCIAL STATEMENTS.
August 31, 2023
J.P. Morgan Exchange-Traded Funds
27


JPMorgan Core Plus Bond ETF
SCHEDULE OF PORTFOLIO INVESTMENTS
AS OF August 31, 2023  (Unaudited) (continued)
INVESTMENTS
PRINCIPAL
AMOUNT($)
VALUE($)
Corporate Bonds — continued
Consumer Finance — continued
2.70%, 6/10/2031
690,000
543,974
John Deere Capital Corp. 4.70%,
6/10/2030
400,000
395,030
Navient Corp.
6.13%, 3/25/2024
130,000
129,442
5.88%, 10/25/2024
20,000
19,700
OneMain Finance Corp.
6.88%, 3/15/2025
285,000
283,568
7.13%, 3/15/2026
1,029,000
1,012,272
6.63%, 1/15/2028
95,000
88,825
Park Aerospace Holdings Ltd. (Ireland)
5.50%, 2/15/2024(a)
208,000
206,612
 
14,414,901
Consumer Staples Distribution & Retail — 0.2%
7-Eleven, Inc.
0.95%, 2/10/2026(a)
65,000
58,366
1.80%, 2/10/2031(a)
325,000
254,898
2.50%, 2/10/2041(a)
14,000
9,055
2.80%, 2/10/2051(a)
50,000
30,470
Albertsons Cos., Inc.
4.63%, 1/15/2027(a)
1,350,000
1,274,975
3.50%, 3/15/2029(a)
480,000
415,210
4.88%, 2/15/2030(a)
20,000
18,350
Alimentation Couche-Tard, Inc. (Canada)
3.44%, 5/13/2041(a)
5,000
3,490
3.63%, 5/13/2051(a)
10,000
6,586
Performance Food Group, Inc. 5.50%,
10/15/2027(a)
391,000
376,497
Rite Aid Corp. 8.00%, 11/15/2026(a)
125,000
79,375
Sysco Corp. 2.40%, 2/15/2030
250,000
211,221
Target Corp. 4.80%, 1/15/2053
380,000
350,168
 
3,088,661
Containers & Packaging — 0.3%
Ardagh Packaging Finance plc 4.13%,
8/15/2026(a)
600,000
561,189
Ball Corp. 3.13%, 9/15/2031
480,000
388,616
Canpack SA (Poland) 3.88%,
11/15/2029(a)
200,000
163,026
Crown Americas LLC 4.25%, 9/30/2026
13,000
12,213
Graphic Packaging International LLC
4.75%, 7/15/2027(a)
108,000
102,588
3.50%, 3/15/2028(a)
180,000
160,350
LABL, Inc. 6.75%, 7/15/2026(a)
405,000
395,860
INVESTMENTS
PRINCIPAL
AMOUNT($)
VALUE($)
 
Containers & Packaging — continued
Mauser Packaging Solutions Holding
Co. 7.88%, 8/15/2026(a)
670,000
659,779
Owens-Brockway Glass Container,
Inc. 6.63%, 5/13/2027(a)
530,000
523,894
Packaging Corp. of America 3.05%,
10/1/2051
85,000
54,177
Pactiv Evergreen Group Issuer, Inc. 4.00%,
10/15/2027(a)
600,000
539,652
Sealed Air Corp.
4.00%, 12/1/2027(a)
115,000
105,248
6.13%, 2/1/2028(a)
205,000
201,428
TriMas Corp. 4.13%, 4/15/2029(a)
227,000
198,058
Trivium Packaging Finance
BV (Netherlands) 5.50%,
8/15/2026(a) (i)
450,000
424,422
WRKCo, Inc. 4.65%, 3/15/2026
30,000
29,201
 
4,519,701
Distributors — 0.0% ^
American Builders & Contractors Supply Co.,
Inc.
4.00%, 1/15/2028(a)
250,000
226,340
3.88%, 11/15/2029(a)
155,000
133,621
Ritchie Bros Holdings, Inc. (Canada)
6.75%, 3/15/2028(a)
235,000
237,879
7.75%, 3/15/2031(a)
65,000
67,228
 
665,068
Diversified Consumer Services — 0.0% ^
Service Corp. International 5.13%,
6/1/2029
385,000
362,381
University of Miami Series 2022, 4.06%,
4/1/2052
40,000
32,861
 
395,242
Diversified REITs — 0.1%
Goodman US Finance Three LLC (Australia)
3.70%, 3/15/2028(a)
90,000
81,684
Simon Property Group LP
2.45%, 9/13/2029
500,000
423,194
3.25%, 9/13/2049
31,000
20,254
VICI Properties LP
5.63%, 5/1/2024(a)
67,000
66,476
3.50%, 2/15/2025(a)
90,000
86,215
4.50%, 9/1/2026(a)
95,000
89,920
4.25%, 12/1/2026(a)
30,000
28,262
SEE NOTES TO FINANCIAL STATEMENTS.
28
J.P. Morgan Exchange-Traded Funds
August 31, 2023


INVESTMENTS
PRINCIPAL
AMOUNT($)
VALUE($)
Corporate Bonds — continued
Diversified REITs — continued
4.63%, 12/1/2029(a)
20,000
18,067
WP Carey, Inc. 2.25%, 4/1/2033
145,000
107,710
 
921,782
Diversified Telecommunication Services — 0.8%
Altice France Holding SA (Luxembourg)
10.50%, 5/15/2027(a)
200,000
108,520
Altice France SA (France) 5.13%,
7/15/2029(a)
200,000
141,385
AT&T, Inc.
1.65%, 2/1/2028
450,000
384,756
2.55%, 12/1/2033
870,000
663,833
5.40%, 2/15/2034
750,000
728,325
3.50%, 6/1/2041
260,000
190,693
3.65%, 6/1/2051
65,000
44,582
CCO Holdings LLC
5.13%, 5/1/2027(a)
785,000
737,971
5.00%, 2/1/2028(a)
545,000
502,215
5.38%, 6/1/2029(a)
100,000
91,015
4.75%, 3/1/2030(a)
2,089,000
1,796,107
4.50%, 8/15/2030(a)
1,029,000
865,592
4.25%, 2/1/2031(a)
1,415,000
1,160,702
4.75%, 2/1/2032(a)
1,025,000
848,187
4.50%, 6/1/2033(a)
135,000
106,565
Embarq Corp. 8.00%, 6/1/2036
13,000
7,919
ESC Co., Escrow 8.50%, 10/15/2024‡ (b)
28,000
3
Frontier Communications
Holdings LLC 5.88%, 10/15/2027(a)
235,000
214,038
Intelsat Jackson Holdings SA (Luxembourg)
6.50%, 3/15/2030(a)
614,000
562,984
Lumen Technologies, Inc.
5.13%, 12/15/2026(a)
130,000
67,343
4.00%, 2/15/2027(a)
1,000,000
630,220
Sprint Capital Corp.
6.88%, 11/15/2028
258,000
272,552
8.75%, 3/15/2032
240,000
286,046
Telecom Italia Capital SA (Italy) 6.00%,
9/30/2034
134,000
112,275
Telecom Italia SpA (Italy) 5.30%,
5/30/2024(a)
200,000
197,403
Verizon Communications, Inc.
2.10%, 3/22/2028
12,000
10,487
4.33%, 9/21/2028
75,000
71,830
4.02%, 12/3/2029
184,000
171,065
3.40%, 3/22/2041
385,000
285,888
INVESTMENTS
PRINCIPAL
AMOUNT($)
VALUE($)
 
Diversified Telecommunication Services — continued
2.88%, 11/20/2050
75,000
45,995
3.70%, 3/22/2061
30,000
20,438
 
11,326,934
Electric Utilities — 2.1%
AEP Transmission Co. LLC
Series N, 2.75%, 8/15/2051
50,000
30,954
Series O, 4.50%, 6/15/2052
200,000
172,489
Alabama Power Co. 3.05%, 3/15/2032
200,000
171,619
American Electric Power Co., Inc. 2.03%,
3/15/2024
40,000
39,135
Baltimore Gas and Electric Co.
3.20%, 9/15/2049
295,000
199,694
2.90%, 6/15/2050
50,000
32,050
5.40%, 6/1/2053
305,000
300,781
Commonwealth Edison Co. 5.30%,
2/1/2053
618,000
605,124
Connecticut Light and Power Co.
(The) 4.00%, 4/1/2048
46,000
37,449
DTE Electric Co.
Series A, 4.00%, 4/1/2043
90,000
72,685
5.40%, 4/1/2053
80,000
79,557
Duke Energy Carolinas LLC 3.20%,
8/15/2049
34,000
23,367
Duke Energy Indiana LLC
Series YYY, 3.25%, 10/1/2049
125,000
85,142
2.75%, 4/1/2050
395,000
240,874
5.40%, 4/1/2053
580,000
563,743
Duke Energy Ohio, Inc. 5.25%, 4/1/2033
624,000
625,504
Duke Energy Progress LLC 5.25%,
3/15/2033
340,000
340,256
Duquesne Light Holdings, Inc. 2.53%,
10/1/2030(a)
148,000
117,951
Edison International
5.25%, 11/15/2028
100,000
97,628
6.95%, 11/15/2029
245,000
258,275
Emera US Finance LP (Canada)
2.64%, 6/15/2031
660,000
526,017
4.75%, 6/15/2046
50,000
39,135
Enel Finance International NV (Italy)
2.25%, 7/12/2031(a)
200,000
155,494
Entergy Arkansas LLC
4.00%, 6/1/2028
13,000
12,403
2.65%, 6/15/2051
274,000
163,569
Entergy Louisiana LLC
2.40%, 10/1/2026
69,000
63,261
SEE NOTES TO FINANCIAL STATEMENTS.
August 31, 2023
J.P. Morgan Exchange-Traded Funds
29


JPMorgan Core Plus Bond ETF
SCHEDULE OF PORTFOLIO INVESTMENTS
AS OF August 31, 2023  (Unaudited) (continued)
INVESTMENTS
PRINCIPAL
AMOUNT($)
VALUE($)
Corporate Bonds — continued
Electric Utilities — continued
1.60%, 12/15/2030
500,000
387,156
2.90%, 3/15/2051
823,000
514,555
Entergy Mississippi LLC
5.00%, 9/1/2033
375,000
363,248
3.50%, 6/1/2051
20,000
13,894
Entergy Texas Restoration
Funding LLC Series A-2, 3.70%,
12/15/2035
215,000
193,649
Entergy Texas, Inc. 1.75%, 3/15/2031
535,000
418,964
Eversource Energy
4.60%, 7/1/2027
31,000
30,170
5.45%, 3/1/2028
100,000
100,335
5.13%, 5/15/2033
365,000
353,171
Fells Point Funding Trust 3.05%,
1/31/2027(a)
1,570,000
1,435,682
FirstEnergy Transmission LLC
2.87%, 9/15/2028(a)
965,000
846,957
4.55%, 4/1/2049(a)
90,000
72,735
Florida Power & Light Co.
5.10%, 4/1/2033
288,000
288,002
4.80%, 5/15/2033
260,000
253,988
3.70%, 12/1/2047
60,000
46,775
5.30%, 4/1/2053
70,000
69,364
Indiana Michigan Power Co.
Series K, 4.55%, 3/15/2046
50,000
43,452
5.63%, 4/1/2053
150,000
151,214
ITC Holdings Corp.
4.95%, 9/22/2027(a)
432,000
424,991
2.95%, 5/14/2030(a)
405,000
346,148
5.40%, 6/1/2033(a)
300,000
294,751
Kentucky Utilities Co. 5.13%, 11/1/2040
74,000
69,318
MidAmerican Energy Co. 3.65%,
4/15/2029
46,000
42,865
Mid-Atlantic Interstate
Transmission LLC 4.10%, 5/15/2028(a)
430,000
407,319
Monongahela Power Co. 4.10%,
4/15/2024(a)
40,000
39,589
NextEra Energy Capital Holdings, Inc.
5.75%, 9/1/2025
430,000
431,019
5.00%, 7/15/2032
60,000
57,974
5.05%, 2/28/2033
1,320,000
1,277,557
5.25%, 2/28/2053
80,000
74,072
Northern States Power Co.
2.60%, 6/1/2051
70,000
42,768
4.50%, 6/1/2052
50,000
43,140
INVESTMENTS
PRINCIPAL
AMOUNT($)
VALUE($)
 
Electric Utilities — continued
NRG Energy, Inc.
6.63%, 1/15/2027
21,000
20,739
2.45%, 12/2/2027(a)
60,000
50,933
5.75%, 1/15/2028
560,000
529,802
3.38%, 2/15/2029(a)
210,000
173,096
5.25%, 6/15/2029(a)
795,000
715,581
Ohio Power Co.
Series P, 2.60%, 4/1/2030
50,000
42,337
Series R, 2.90%, 10/1/2051
290,000
183,391
Oklahoma Gas and Electric Co. 5.40%,
1/15/2033
100,000
100,007
Oncor Electric Delivery Co. LLC
3.10%, 9/15/2049
50,000
33,955
4.95%, 9/15/2052(a)
400,000
371,042
Pacific Gas and Electric Co.
1.70%, 11/15/2023
30,000
29,723
3.25%, 2/16/2024
75,000
74,050
3.45%, 7/1/2025
17,000
16,139
2.95%, 3/1/2026
110,000
101,490
4.65%, 8/1/2028
2,200,000
2,053,129
6.10%, 1/15/2029
605,000
597,895
6.40%, 6/15/2033
335,000
330,430
4.50%, 7/1/2040
130,000
100,113
4.20%, 6/1/2041
30,000
21,706
4.25%, 3/15/2046
418,000
285,314
6.75%, 1/15/2053
1,250,000
1,214,933
PacifiCorp
4.15%, 2/15/2050
198,000
145,242
3.30%, 3/15/2051
710,000
452,502
5.50%, 5/15/2054
5,000
4,428
PG&E Corp.
5.00%, 7/1/2028
471,000
433,276
5.25%, 7/1/2030
300,000
266,527
PG&E Recovery Funding LLC Series A-3,
5.54%, 7/15/2047
185,000
185,475
PG&E Wildfire Recovery Funding LLC
Series A-2, 4.26%, 6/1/2036
25,000
23,244
Series A-4, 5.21%, 12/1/2047
40,000
38,525
Series A-5, 5.10%, 6/1/2052
70,000
67,550
PPL Electric Utilities Corp.
6.25%, 5/15/2039
382,000
407,510
5.25%, 5/15/2053
70,000
67,985
Public Service Co. of Colorado
Series 36, 2.70%, 1/15/2051
45,000
27,124
5.25%, 4/1/2053
138,000
127,436
SEE NOTES TO FINANCIAL STATEMENTS.
30
J.P. Morgan Exchange-Traded Funds
August 31, 2023


INVESTMENTS
PRINCIPAL
AMOUNT($)
VALUE($)
Corporate Bonds — continued
Electric Utilities — continued
Public Service Co. of Oklahoma
5.25%, 1/15/2033
155,000
152,101
Series K, 3.15%, 8/15/2051
150,000
97,985
Public Service Electric and Gas Co.
3.00%, 5/15/2027
50,000
46,853
4.65%, 3/15/2033
200,000
193,832
2.05%, 8/1/2050
68,000
38,228
SCE Recovery Funding LLC Series A-1,
4.70%, 6/15/2040
50,000
48,332
Sigeco Securitization I LLC
Series A1, 5.03%, 11/15/2036
53,000
52,169
Series A2, 5.17%, 5/15/2041
49,000
46,917
Southern California Edison Co.
5.30%, 3/1/2028
719,000
721,686
Series G, 2.50%, 6/1/2031
775,000
637,342
Series C, 3.60%, 2/1/2045
35,000
25,388
Series C, 4.13%, 3/1/2048
238,000
187,573
Series 20A, 2.95%, 2/1/2051
430,000
273,074
5.88%, 12/1/2053
706,000
702,460
Southwestern Electric Power Co.
Series N, 1.65%, 3/15/2026
45,000
40,931
5.30%, 4/1/2033
130,000
127,258
3.25%, 11/1/2051
210,000
135,807
Southwestern Public Service Co.
3.30%, 6/15/2024
29,000
28,467
4.50%, 8/15/2041
74,000
62,132
Tucson Electric Power Co.
1.50%, 8/1/2030
448,000
349,660
4.85%, 12/1/2048
232,000
198,498
5.50%, 4/15/2053
115,000
110,644
Union Electric Co.
3.90%, 4/1/2052
45,000
35,359
5.45%, 3/15/2053
395,000
388,217
Virginia Electric and Power Co. 5.70%,
8/15/2053
250,000
248,171
Vistra Operations Co. LLC
5.50%, 9/1/2026(a)
65,000
62,697
5.63%, 2/15/2027(a)
735,000
707,592
5.00%, 7/31/2027(a)
420,000
395,014
4.38%, 5/1/2029(a)
275,000
242,468
4.30%, 7/15/2029(a)
90,000
79,834
Wisconsin Public Service Corp. 4.75%,
11/1/2044
69,000
60,172
 
29,978,468
INVESTMENTS
PRINCIPAL
AMOUNT($)
VALUE($)
 
Electrical Equipment — 0.1%
Eaton Corp. 4.15%, 3/15/2033
200,000
188,569
EnerSys 4.38%, 12/15/2027(a)
65,000
59,475
Regal Rexnord Corp.
6.05%, 2/15/2026(a)
68,000
67,633
6.05%, 4/15/2028(a)
135,000
133,570
6.30%, 2/15/2030(a)
57,000
56,749
6.40%, 4/15/2033(a)
79,000
78,259
Sensata Technologies BV
5.00%, 10/1/2025(a)
40,000
38,984
4.00%, 4/15/2029(a)
250,000
219,579
Vertiv Group Corp. 4.13%,
11/15/2028(a)
365,000
327,683
 
1,170,501
Electronic Equipment, Instruments & Components — 0.0% ^
Arrow Electronics, Inc. 2.95%, 2/15/2032
20,000
16,052
Coherent Corp. 5.00%, 12/15/2029(a)
465,000
413,013
Corning, Inc. 3.90%, 11/15/2049
75,000
56,316
Sensata Technologies, Inc. 4.38%,
2/15/2030(a)
255,000
225,765
 
711,146
Energy Equipment & Services — 0.1%
Archrock Partners LP 6.88%,
4/1/2027(a)
155,000
152,388
Baker Hughes Holdings LLC 2.06%,
12/15/2026
70,000
63,316
Halliburton Co. 3.80%, 11/15/2025
12,000
11,702
Nabors Industries, Inc. 7.38%,
5/15/2027(a)
225,000
219,578
Oceaneering International, Inc. 4.65%,
11/15/2024
390,000
381,849
Precision Drilling Corp. (Canada) 7.13%,
1/15/2026(a)
335,000
332,069
Schlumberger Holdings Corp. 3.90%,
5/17/2028(a)
214,000
202,932
Transocean, Inc. 8.75%, 2/15/2030(a)
223,250
228,388
USA Compression Partners LP 6.88%,
4/1/2026
255,000
252,136
 
1,844,358
Entertainment — 0.6%
Activision Blizzard, Inc.
1.35%, 9/15/2030
230,000
183,750
2.50%, 9/15/2050
259,000
164,698
Cinemark USA, Inc.
8.75%, 5/1/2025(a)
79,000
79,798
SEE NOTES TO FINANCIAL STATEMENTS.
August 31, 2023
J.P. Morgan Exchange-Traded Funds
31


JPMorgan Core Plus Bond ETF
SCHEDULE OF PORTFOLIO INVESTMENTS
AS OF August 31, 2023  (Unaudited) (continued)
INVESTMENTS
PRINCIPAL
AMOUNT($)
VALUE($)
Corporate Bonds — continued
Entertainment — continued
5.88%, 3/15/2026(a)
295,000
283,204
5.25%, 7/15/2028(a)
40,000
35,530
Live Nation Entertainment, Inc.
5.63%, 3/15/2026(a)
2,000
1,940
6.50%, 5/15/2027(a)
735,000
735,570
4.75%, 10/15/2027(a)
365,000
340,034
Netflix, Inc. 5.38%, 11/15/2029(a)
88,000
87,513
Take-Two Interactive Software, Inc. 3.70%,
4/14/2027
115,000
108,976
Walt Disney Co. (The)
3.80%, 3/22/2030
650,000
608,662
3.50%, 5/13/2040
350,000
280,650
5.40%, 10/1/2043
840,000
836,642
Warnermedia Holdings, Inc.
3.76%, 3/15/2027
3,150,000
2,954,441
4.28%, 3/15/2032
1,290,000
1,138,347
5.05%, 3/15/2042
1,500,000
1,233,048
5.14%, 3/15/2052
80,000
63,769
WMG Acquisition Corp. 3.88%,
7/15/2030(a)
100,000
86,780
 
9,223,352
Financial Services — 0.3%
Block, Inc.
2.75%, 6/1/2026
309,000
280,991
3.50%, 6/1/2031
430,000
352,585
EDP Finance BV (Portugal) 1.71%,
1/24/2028(a)
250,000
213,292
Fidelity National Information Services,
Inc. 2.25%, 3/1/2031
195,000
157,411
Fiserv, Inc. 3.20%, 7/1/2026
170,000
160,245
Global Payments, Inc.
3.20%, 8/15/2029
160,000
139,285
2.90%, 5/15/2030
40,000
33,790
2.90%, 11/15/2031
75,000
61,451
LSEGA Financing plc (United Kingdom)
2.00%, 4/6/2028(a)
400,000
345,571
Nationstar Mortgage Holdings, Inc. 6.00%,
1/15/2027(a)
475,000
452,437
PayPal Holdings, Inc. 5.05%, 6/1/2052
100,000
96,827
Rocket Mortgage LLC
2.88%, 10/15/2026(a)
530,000
471,037
3.63%, 3/1/2029(a)
410,000
348,964
Shell International Finance BV
(Netherlands)
2.88%, 11/26/2041
350,000
250,927
INVESTMENTS
PRINCIPAL
AMOUNT($)
VALUE($)
 
Financial Services — continued
3.63%, 8/21/2042
200,000
160,697
3.75%, 9/12/2046
141,000
110,911
3.13%, 11/7/2049
25,000
17,430
3.00%, 11/26/2051
200,000
133,885
Visa, Inc. 2.70%, 4/15/2040
300,000
223,425
 
4,011,161
Food Products — 0.1%
Bunge Ltd. Finance Corp. 2.75%,
5/14/2031
385,000
322,014
Campbell Soup Co. 4.15%, 3/15/2028
170,000
161,850
Cargill, Inc. 4.38%, 4/22/2052(a)
150,000
129,186
Darling Ingredients, Inc.
5.25%, 4/15/2027(a)
50,000
48,616
6.00%, 6/15/2030(a)
315,000
307,861
General Mills, Inc. 4.15%, 2/15/2043
200,000
165,177
Lamb Weston Holdings, Inc. 4.13%,
1/31/2030(a)
285,000
250,640
Mead Johnson Nutrition Co. (United
Kingdom) 4.13%, 11/15/2025
64,000
62,302
Post Holdings, Inc.
5.75%, 3/1/2027(a)
82,000
80,139
5.50%, 12/15/2029(a)
635,000
587,409
 
2,115,194
Gas Utilities — 0.1%
AmeriGas Partners LP
5.50%, 5/20/2025
168,000
164,877
5.88%, 8/20/2026
10,000
9,487
5.75%, 5/20/2027
80,000
73,977
Atmos Energy Corp.
5.50%, 6/15/2041
52,000
50,744
5.75%, 10/15/2052
35,000
36,469
Boston Gas Co. 3.00%, 8/1/2029(a)
37,000
31,883
CenterPoint Energy Resources
Corp. 5.40%, 3/1/2033
420,000
420,153
Piedmont Natural Gas Co., Inc. 5.05%,
5/15/2052
100,000
88,185
Southern California Gas Co. Series XX,
2.55%, 2/1/2030
33,000
28,060
Southwest Gas Corp. 4.05%, 3/15/2032
480,000
430,210
Superior Plus LP (Canada) 4.50%,
3/15/2029(a)
270,000
237,595
 
1,571,640
SEE NOTES TO FINANCIAL STATEMENTS.
32
J.P. Morgan Exchange-Traded Funds
August 31, 2023


INVESTMENTS
PRINCIPAL
AMOUNT($)
VALUE($)
Corporate Bonds — continued
Ground Transportation — 0.4%
Avis Budget Car Rental LLC
5.75%, 7/15/2027(a)
440,000
420,104
4.75%, 4/1/2028(a)
95,000
86,397
5.38%, 3/1/2029(a)
55,000
50,557
Burlington Northern Santa Fe LLC
3.55%, 2/15/2050
78,000
59,685
3.05%, 2/15/2051
155,000
105,984
5.20%, 4/15/2054
850,000
836,327
Canadian Pacific Railway Co. (Canada)
2.88%, 11/15/2029
1,125,000
989,901
3.10%, 12/2/2051
250,000
169,708
CSX Corp.
3.25%, 6/1/2027
20,000
18,823
4.50%, 11/15/2052
100,000
86,950
First Student Bidco, Inc. 4.00%,
7/31/2029(a)
300,000
255,002
Hertz Corp. (The) 4.63%, 12/1/2026(a)
520,000
470,803
Norfolk Southern Corp. 3.95%, 10/1/2042
50,000
40,109
Penske Truck Leasing Co. LP 1.20%,
11/15/2025(a)
46,000
41,413
Triton Container International
Ltd. (Bermuda) 1.15%, 6/7/2024(a)
400,000
382,964
Uber Technologies, Inc.
7.50%, 5/15/2025(a)
155,000
156,496
7.50%, 9/15/2027(a)
435,000
444,158
Union Pacific Corp.
2.40%, 2/5/2030
200,000
172,149
4.95%, 5/15/2053
120,000
115,240
XPO Escrow Sub LLC 7.50%,
11/15/2027(a)
240,000
244,022
XPO, Inc.
6.25%, 6/1/2028(a)
115,000
112,686
7.13%, 6/1/2031(a)
405,000
407,153
 
5,666,631
Health Care Equipment & Supplies — 0.2%
Abbott Laboratories 4.75%, 11/30/2036
290,000
287,902
Avantor Funding, Inc. 4.63%,
7/15/2028(a)
426,000
395,449
Becton Dickinson & Co. 3.70%, 6/6/2027
200,000
189,629
Boston Scientific Corp. 6.50%,
11/15/2035(i)
700,000
759,791
DH Europe Finance II SARL 3.25%,
11/15/2039
250,000
198,372
Hologic, Inc. 3.25%, 2/15/2029(a)
115,000
99,887
INVESTMENTS
PRINCIPAL
AMOUNT($)
VALUE($)
 
Health Care Equipment & Supplies — continued
Medline Borrower LP
3.88%, 4/1/2029(a)
880,000
768,218
5.25%, 10/1/2029(a)
55,000
48,841
Teleflex, Inc. 4.25%, 6/1/2028(a)
85,000
78,083
Varex Imaging Corp. 7.88%,
10/15/2027(a)
64,000
63,680
 
2,889,852
Health Care Providers & Services — 1.1%
Acadia Healthcare Co., Inc.
5.50%, 7/1/2028(a)
411,000
389,361
5.00%, 4/15/2029(a)
175,000
160,997
AdaptHealth LLC 4.63%, 8/1/2029(a)
85,000
69,453
Aetna, Inc.
4.13%, 11/15/2042
70,000
55,558
4.75%, 3/15/2044
200,000
172,241
3.88%, 8/15/2047
735,000
551,447
Centene Corp. 4.63%, 12/15/2029
916,000
842,262
Cigna Group (The) 2.38%, 3/15/2031
135,000
111,094
CommonSpirit Health
1.55%, 10/1/2025
13,000
11,962
2.78%, 10/1/2030
13,000
10,919
3.91%, 10/1/2050
15,000
11,274
Community Health Systems, Inc.
8.00%, 3/15/2026(a)
255,000
248,920
5.63%, 3/15/2027(a)
735,000
646,759
4.75%, 2/15/2031(a)
85,000
63,325
CVS Health Corp.
4.30%, 3/25/2028
237,000
227,629
5.13%, 2/21/2030
100,000
98,497
5.25%, 1/30/2031
145,000
143,283
5.25%, 2/21/2033
70,000
68,455
5.30%, 6/1/2033
500,000
489,701
4.78%, 3/25/2038
290,000
259,712
2.70%, 8/21/2040
50,000
33,580
DaVita, Inc. 4.63%, 6/1/2030(a)
815,000
699,069
Encompass Health Corp.
4.50%, 2/1/2028
180,000
167,199
4.75%, 2/1/2030
675,000
614,819
4.63%, 4/1/2031
75,000
65,770
Envision Healthcare Corp. 8.75%,
10/15/2026(a) (b)
20,000
575
Hackensack Meridian Health, Inc. Series
2020, 2.68%, 9/1/2041
50,000
33,995
SEE NOTES TO FINANCIAL STATEMENTS.
August 31, 2023
J.P. Morgan Exchange-Traded Funds
33


JPMorgan Core Plus Bond ETF
SCHEDULE OF PORTFOLIO INVESTMENTS
AS OF August 31, 2023  (Unaudited) (continued)
INVESTMENTS
PRINCIPAL
AMOUNT($)
VALUE($)
Corporate Bonds — continued
Health Care Providers & Services — continued
HCA, Inc.
5.25%, 6/15/2026
570,000
563,073
5.38%, 9/1/2026
155,000
153,876
4.50%, 2/15/2027
210,000
203,070
5.63%, 9/1/2028
1,997,000
1,994,384
3.50%, 9/1/2030
37,000
32,317
2.38%, 7/15/2031
1,130,000
892,032
5.50%, 6/15/2047
300,000
273,124
3.50%, 7/15/2051
35,000
23,332
MultiCare Health System 2.80%,
8/15/2050
10,000
6,008
MyMichigan Health Series 2020, 3.41%,
6/1/2050
10,000
6,878
New York and Presbyterian Hospital
(The) 2.61%, 8/1/2060
5,000
2,790
Northwell Healthcare, Inc. 4.26%,
11/1/2047
110,000
87,085
Owens & Minor, Inc. 4.50%, 3/31/2029(a)
580,000
491,550
Quest Diagnostics, Inc. 2.95%, 6/30/2030
55,000
47,762
Tenet Healthcare Corp.
4.88%, 1/1/2026
260,000
252,039
5.13%, 11/1/2027
510,000
484,926
4.63%, 6/15/2028
1,040,000
957,651
4.25%, 6/1/2029
2,193,000
1,957,925
UnitedHealth Group, Inc.
3.38%, 4/15/2027
91,000
86,300
4.63%, 11/15/2041
232,000
212,588
3.25%, 5/15/2051
485,000
344,437
5.88%, 2/15/2053
254,000
271,654
5.05%, 4/15/2053
900,000
859,085
 
16,451,742
Health Care REITs — 0.0% ^
Healthpeak OP LLC
2.13%, 12/1/2028
64,000
54,683
3.00%, 1/15/2030
87,000
75,281
Sabra Health Care LP 3.20%, 12/1/2031
120,000
91,656
 
221,620
Health Care Technology — 0.0% ^
IQVIA, Inc.
5.00%, 5/15/2027(a)
200,000
192,518
6.50%, 5/15/2030(a)
200,000
201,070
 
393,588
INVESTMENTS
PRINCIPAL
AMOUNT($)
VALUE($)
 
Hotel & Resort REITs — 0.0% ^
RHP Hotel Properties LP
4.75%, 10/15/2027
390,000
362,597
7.25%, 7/15/2028(a)
345,000
346,724
 
709,321
Hotels, Restaurants & Leisure — 0.8%
1011778 BC ULC (Canada)
5.75%, 4/15/2025(a)
50,000
49,630
3.88%, 1/15/2028(a)
257,000
233,753
4.00%, 10/15/2030(a)
290,000
245,674
Boyd Gaming Corp. 4.75%, 12/1/2027
403,000
377,289
Boyne USA, Inc. 4.75%, 5/15/2029(a)
327,000
295,120
Caesars Entertainment, Inc.
6.25%, 7/1/2025(a)
615,000
610,226
8.13%, 7/1/2027(a)
285,000
289,370
Carnival Corp.
5.75%, 3/1/2027(a)
310,000
291,745
9.88%, 8/1/2027(a)
110,000
116,272
4.00%, 8/1/2028(a)
810,000
724,794
Carnival Holdings Bermuda Ltd. 10.38%,
5/1/2028(a)
385,000
418,720
Cedar Fair LP
6.50%, 10/1/2028
668,000
645,767
5.25%, 7/15/2029
250,000
225,043
Hilton Domestic Operating Co., Inc.
5.38%, 5/1/2025(a)
25,000
24,728
5.75%, 5/1/2028(a)
285,000
279,628
3.75%, 5/1/2029(a)
345,000
303,944
4.88%, 1/15/2030
290,000
270,544
International Game Technology plc 6.25%,
1/15/2027(a)
200,000
198,031
Las Vegas Sands Corp. 2.90%, 6/25/2025
205,000
193,595
Marriott Ownership Resorts, Inc. 4.50%,
6/15/2029(a)
170,000
143,653
McDonald's Corp. 5.45%, 8/14/2053
430,000
430,286
MGM Resorts International
6.75%, 5/1/2025
130,000
130,216
5.50%, 4/15/2027
521,000
497,769
Royal Caribbean Cruises Ltd.
11.50%, 6/1/2025(a)
4,000
4,224
11.63%, 8/15/2027(a)
200,000
217,925
8.25%, 1/15/2029(a)
502,000
522,843
9.25%, 1/15/2029(a)
762,000
812,175
Sands China Ltd. (Macau)
5.38%, 8/8/2025(i)
400,000
386,670
SEE NOTES TO FINANCIAL STATEMENTS.
34
J.P. Morgan Exchange-Traded Funds
August 31, 2023


INVESTMENTS
PRINCIPAL
AMOUNT($)
VALUE($)
Corporate Bonds — continued
Hotels, Restaurants & Leisure — continued
4.30%, 1/8/2026(i)
250,000
234,062
2.80%, 3/8/2027(i)
200,000
173,250
Six Flags Theme Parks, Inc. 7.00%,
7/1/2025(a)
253,000
252,936
Starbucks Corp. 3.35%, 3/12/2050
5,000
3,509
Station Casinos LLC 4.50%, 2/15/2028(a)
535,000
478,825
Travel + Leisure Co. 5.65%, 4/1/2024(i)
25,000
24,821
Vail Resorts, Inc. 6.25%, 5/15/2025(a)
139,000
138,512
Wynn Las Vegas LLC
5.50%, 3/1/2025(a)
75,000
74,091
5.25%, 5/15/2027(a)
125,000
118,315
Wynn Macau Ltd. (Macau) 5.63%,
8/26/2028(a)
200,000
175,250
Wynn Resorts Finance LLC 5.13%,
10/1/2029(a)
1,000,000
895,206
Yum! Brands, Inc.
4.75%, 1/15/2030(a)
215,000
197,986
4.63%, 1/31/2032
585,000
523,423
 
12,229,820
Household Durables — 0.2%
CD&R Smokey Buyer, Inc. 6.75%,
7/15/2025(a)
210,000
203,232
Lennar Corp. 4.50%, 4/30/2024
6,000
5,952
MDC Holdings, Inc.
3.85%, 1/15/2030
30,000
25,941
2.50%, 1/15/2031
116,000
89,971
Newell Brands, Inc.
4.70%, 4/1/2026(i)
595,000
570,073
6.63%, 9/15/2029
540,000
534,418
5.87%, 4/1/2036(i)
310,000
275,538
Tempur Sealy International, Inc. 4.00%,
4/15/2029(a)
675,000
579,812
 
2,284,937
Household Products — 0.1%
Central Garden & Pet Co.
5.13%, 2/1/2028
145,000
135,707
4.13%, 10/15/2030
165,000
142,013
Colgate-Palmolive Co. 3.70%, 8/1/2047
100,000
83,550
Energizer Holdings, Inc.
4.75%, 6/15/2028(a)
405,000
357,593
4.38%, 3/31/2029(a)
275,000
235,535
INVESTMENTS
PRINCIPAL
AMOUNT($)
VALUE($)
 
Household Products — continued
Spectrum Brands, Inc.
5.00%, 10/1/2029(a)
300,000
275,129
5.50%, 7/15/2030(a)
320,000
297,668
 
1,527,195
Independent Power and Renewable Electricity Producers — 0.1%
Calpine Corp.
5.25%, 6/1/2026(a)
338,000
331,637
4.50%, 2/15/2028(a)
260,000
240,689
5.13%, 3/15/2028(a)
55,000
50,109
Constellation Energy Generation LLC
3.25%, 6/1/2025
187,000
178,990
5.80%, 3/1/2033
240,000
244,482
6.25%, 10/1/2039
85,000
86,077
5.75%, 10/1/2041
120,000
114,405
5.60%, 6/15/2042
215,000
202,683
 
1,449,072
Industrial REITs — 0.1%
Prologis LP
1.75%, 7/1/2030
149,000
118,968
4.75%, 6/15/2033
640,000
613,350
 
732,318
Insurance — 0.3%
AIA Group Ltd. (Hong Kong) 3.20%,
3/11/2025(a)
200,000
193,118
Alleghany Corp. 3.25%, 8/15/2051
50,000
34,940
Aon Corp. 5.35%, 2/28/2033
165,000
164,734
Athene Global Funding
1.45%, 1/8/2026(a)
20,000
17,828
2.95%, 11/12/2026(a)
44,000
39,779
Berkshire Hathaway Finance Corp.
2.85%, 10/15/2050
60,000
40,339
2.50%, 1/15/2051
200,000
124,581
3.85%, 3/15/2052
445,000
354,495
Equitable Financial Life Global
Funding 1.70%, 11/12/2026(a)
25,000
21,915
F&G Global Funding 1.75%, 6/30/2026(a)
10,000
8,892
Great-West Lifeco Finance 2018
LP (Canada) 4.58%, 5/17/2048(a)
20,000
17,122
Manulife Financial Corp. (Canada) 4.15%,
3/4/2026
42,000
40,799
Marsh & McLennan Cos., Inc. 5.45%,
3/15/2053
155,000
152,997
MetLife, Inc.
4.13%, 8/13/2042
79,000
65,485
SEE NOTES TO FINANCIAL STATEMENTS.
August 31, 2023
J.P. Morgan Exchange-Traded Funds
35


JPMorgan Core Plus Bond ETF
SCHEDULE OF PORTFOLIO INVESTMENTS
AS OF August 31, 2023  (Unaudited) (continued)
INVESTMENTS
PRINCIPAL
AMOUNT($)
VALUE($)
Corporate Bonds — continued
Insurance — continued
5.00%, 7/15/2052
350,000
320,006
Metropolitan Life Global Funding I 5.15%,
3/28/2033(a)
880,000
860,416
New York Life Global Funding 3.00%,
1/10/2028(a)
51,000
46,672
New York Life Insurance Co. 4.45%,
5/15/2069(a)
50,000
39,889
Pacific Life Global Funding II 5.50%,
8/28/2026(a)
135,000
135,459
Pacific Life Insurance Co. (ICE LIBOR USD 3
Month + 2.80%), 4.30%,
10/24/2067(a) (d)
27,000
20,204
Pricoa Global Funding I 5.55%,
8/28/2026(a)
175,000
176,281
Principal Financial Group, Inc. 3.70%,
5/15/2029
45,000
41,189
Progressive Corp. (The)
3.00%, 3/15/2032
200,000
173,798
4.35%, 4/25/2044
42,000
35,342
Prudential Financial, Inc.
3.88%, 3/27/2028
32,000
30,473
3.91%, 12/7/2047
250,000
193,854
Teachers Insurance & Annuity Association of
America 4.27%, 5/15/2047(a)
420,000
339,843
Travelers Cos., Inc. (The) 5.35%,
11/1/2040
16,000
15,906
W R Berkley Corp. 3.55%, 3/30/2052
45,000
30,683
 
3,737,039
Interactive Media & Services — 0.1%
Alphabet, Inc. 2.05%, 8/15/2050
200,000
119,718
Meta Platforms, Inc.
4.60%, 5/15/2028
500,000
495,633
4.80%, 5/15/2030
210,000
209,160
5.60%, 5/15/2053
205,000
205,843
TripAdvisor, Inc. 7.00%, 7/15/2025(a)
175,000
174,583
 
1,204,937
IT Services — 0.1%
Arches Buyer, Inc. 4.25%, 6/1/2028(a)
310,000
269,653
Gartner, Inc. 3.75%, 10/1/2030(a)
130,000
112,262
Presidio Holdings, Inc. 4.88%,
2/1/2027(a)
410,000
383,330
Twilio, Inc. 3.63%, 3/15/2029
290,000
248,801
 
1,014,046
Leisure Products — 0.0% ^
Hasbro, Inc. 3.90%, 11/19/2029
15,000
13,602
INVESTMENTS
PRINCIPAL
AMOUNT($)
VALUE($)
 
Life Sciences Tools & Services — 0.1%
Charles River Laboratories International,
Inc. 3.75%, 3/15/2029(a)
120,000
105,916
Syneos Health, Inc. 3.63%, 1/15/2029(a)
180,000
179,550
Thermo Fisher Scientific, Inc.
4.98%, 8/10/2030
500,000
498,793
5.09%, 8/10/2033
585,000
587,995
 
1,372,254
Machinery — 0.2%
Caterpillar, Inc.
4.30%, 5/15/2044
278,000
249,071
3.25%, 4/9/2050
200,000
151,463
Chart Industries, Inc. 7.50%, 1/1/2030(a)
720,000
737,744
Deere & Co. 3.90%, 6/9/2042
120,000
105,443
Hillenbrand, Inc. 3.75%, 3/1/2031
289,000
242,687
Illinois Tool Works, Inc. 3.90%, 9/1/2042
15,000
12,907
Otis Worldwide Corp.
2.06%, 4/5/2025
190,000
180,038
5.25%, 8/16/2028
450,000
452,913
Parker-Hannifin Corp.
3.25%, 3/1/2027
92,000
86,559
4.25%, 9/15/2027
300,000
291,022
Stanley Black & Decker, Inc. 2.75%,
11/15/2050
10,000
5,819
Terex Corp. 5.00%, 5/15/2029(a)
275,000
252,491
TK Elevator US Newco, Inc. (Germany)
5.25%, 7/15/2027(a)
250,000
234,350
Trinity Industries, Inc. 7.75%,
7/15/2028(a)
200,000
203,487
Xylem, Inc. 1.95%, 1/30/2028
30,000
26,319
 
3,232,313
Media — 1.4%
Charter Communications Operating LLC
2.25%, 1/15/2029
665,000
552,424
2.30%, 2/1/2032
1,250,000
943,357
3.50%, 6/1/2041
85,000
56,335
3.50%, 3/1/2042
575,000
375,909
3.70%, 4/1/2051
40,000
24,857
3.90%, 6/1/2052
95,000
60,787
Clear Channel Outdoor Holdings,
Inc. 5.13%, 8/15/2027(a)
867,000
776,522
Comcast Corp.
2.65%, 2/1/2030
230,000
200,007
4.25%, 10/15/2030
1,344,000
1,278,690
1.95%, 1/15/2031
80,000
64,685
SEE NOTES TO FINANCIAL STATEMENTS.
36
J.P. Morgan Exchange-Traded Funds
August 31, 2023


INVESTMENTS
PRINCIPAL
AMOUNT($)
VALUE($)
Corporate Bonds — continued
Media — continued
1.50%, 2/15/2031
450,000
352,097
5.50%, 11/15/2032
210,000
215,458
3.90%, 3/1/2038
95,000
81,049
3.25%, 11/1/2039
313,000
241,039
4.00%, 3/1/2048
45,000
36,212
2.89%, 11/1/2051
1,520,000
974,702
2.45%, 8/15/2052
110,000
64,376
5.35%, 5/15/2053
1,690,000
1,653,785
2.94%, 11/1/2056
2,598,000
1,616,675
CSC Holdings LLC
5.25%, 6/1/2024
397,000
376,583
5.38%, 2/1/2028(a)
470,000
385,291
6.50%, 2/1/2029(a)
825,000
681,993
4.50%, 11/15/2031(a)
200,000
142,213
Directv Financing LLC 5.88%,
8/15/2027(a)
556,000
492,737
Discovery Communications LLC 4.00%,
9/15/2055
45,000
29,348
DISH DBS Corp.
5.88%, 11/15/2024
916,000
851,988
5.25%, 12/1/2026(a)
175,000
147,515
DISH Network Corp. 11.75%,
11/15/2027(a)
755,000
766,054
Gannett Holdings LLC 6.00%,
11/1/2026(a)
235,000
201,583
Gray Escrow II, Inc. 5.38%,
11/15/2031(a)
135,000
94,250
Gray Television, Inc.
7.00%, 5/15/2027(a)
155,000
139,122
4.75%, 10/15/2030(a)
100,000
69,823
iHeartCommunications, Inc.
6.38%, 5/1/2026
495,000
431,892
8.38%, 5/1/2027
25,000
17,311
5.25%, 8/15/2027(a)
260,000
205,589
Lamar Media Corp.
3.75%, 2/15/2028
215,000
195,306
4.00%, 2/15/2030
305,000
266,875
News Corp. 3.88%, 5/15/2029(a)
450,000
395,185
Nexstar Media, Inc.
5.63%, 7/15/2027(a)
515,000
484,071
4.75%, 11/1/2028(a)
285,000
250,005
Outfront Media Capital LLC
6.25%, 6/15/2025(a)
25,000
24,562
5.00%, 8/15/2027(a)
181,000
163,805
INVESTMENTS
PRINCIPAL
AMOUNT($)
VALUE($)
 
Media — continued
Paramount Global
3.70%, 6/1/2028
200,000
179,192
4.95%, 1/15/2031
50,000
44,599
Scripps Escrow II, Inc. 3.88%,
1/15/2029(a)
270,000
216,767
Scripps Escrow, Inc. 5.88%, 7/15/2027(a)
115,000
92,918
Sinclair Television Group, Inc. 4.13%,
12/1/2030(a)
150,000
96,666
Sirius XM Radio, Inc.
5.00%, 8/1/2027(a)
110,000
101,704
4.00%, 7/15/2028(a)
1,810,000
1,567,317
5.50%, 7/1/2029(a)
160,000
144,041
4.13%, 7/1/2030(a)
485,000
395,387
Stagwell Global LLC 5.63%, 8/15/2029(a)
395,000
329,879
TEGNA, Inc.
4.63%, 3/15/2028
415,000
370,663
5.00%, 9/15/2029
340,000
299,200
Univision Communications, Inc.
6.63%, 6/1/2027(a)
260,000
251,711
4.50%, 5/1/2029(a)
280,000
241,006
Videotron Ltd. (Canada)
5.38%, 6/15/2024(a)
37,000
36,721
5.13%, 4/15/2027(a)
215,000
205,862
 
20,955,700
Metals & Mining — 0.3%
Alcoa Nederland Holding BV
5.50%, 12/15/2027(a)
200,000
193,187
6.13%, 5/15/2028(a)
200,000
197,672
ATI, Inc. 5.88%, 12/1/2027
460,000
447,350
BHP Billiton Finance USA Ltd. (Australia)
4.90%, 2/28/2033
100,000
98,673
Big River Steel LLC 6.63%, 1/31/2029(a)
290,000
288,309
Carpenter Technology Corp. 6.38%,
7/15/2028
240,000
234,481
Cleveland-Cliffs, Inc.
6.75%, 3/15/2026(a)
125,000
125,039
5.88%, 6/1/2027
430,000
414,097
4.63%, 3/1/2029(a)
310,000
274,850
FMG Resources August 2006 Pty. Ltd.
(Australia)
4.50%, 9/15/2027(a)
100,000
92,259
5.88%, 4/15/2030(a)
135,000
125,273
Freeport-McMoRan, Inc.
4.25%, 3/1/2030
97,000
88,040
4.63%, 8/1/2030
300,000
277,453
SEE NOTES TO FINANCIAL STATEMENTS.
August 31, 2023
J.P. Morgan Exchange-Traded Funds
37


JPMorgan Core Plus Bond ETF
SCHEDULE OF PORTFOLIO INVESTMENTS
AS OF August 31, 2023  (Unaudited) (continued)
INVESTMENTS
PRINCIPAL
AMOUNT($)
VALUE($)
Corporate Bonds — continued
Metals & Mining — continued
5.40%, 11/14/2034
183,000
173,417
Glencore Funding LLC (Australia)
4.63%, 4/29/2024(a)
290,000
287,473
3.88%, 10/27/2027(a)
40,000
37,448
2.50%, 9/1/2030(a)
37,000
30,094
2.85%, 4/27/2031(a)
435,000
354,545
2.63%, 9/23/2031(a)
102,000
81,180
Kaiser Aluminum Corp. 4.63%,
3/1/2028(a)
205,000
181,287
Novelis Corp. 4.75%, 1/30/2030(a)
255,000
228,210
Nucor Corp. 2.98%, 12/15/2055
50,000
30,491
Rio Tinto Finance USA Ltd. (Australia)
5.20%, 11/2/2040
20,000
19,642
Rio Tinto Finance USA plc (Australia)
4.13%, 8/21/2042
370,000
316,563
Teck Resources Ltd. (Canada) 5.40%,
2/1/2043
20,000
17,469
United States Steel Corp. 6.88%, 3/1/2029
147,000
146,434
Vale Overseas Ltd. (Brazil) 3.75%,
7/8/2030
20,000
17,484
 
4,778,420
Mortgage Real Estate Investment Trusts (REITs) — 0.1%
Great Ajax Operating Partnership LP Series
QIB, 8.88%, 9/1/2027(a)
1,000,000
950,602
Multi-Utilities — 0.3%
Ameren Corp.
1.95%, 3/15/2027
20,000
17,979
3.50%, 1/15/2031
291,000
256,862
Ameren Illinois Co. 4.95%, 6/1/2033
750,000
734,567
Berkshire Hathaway Energy Co.
5.15%, 11/15/2043
194,000
178,347
2.85%, 5/15/2051
40,000
24,770
4.60%, 5/1/2053
20,000
16,479
Consolidated Edison Co. of New York, Inc.
Series E, 4.65%, 12/1/2048
225,000
193,470
Series A, 4.13%, 5/15/2049
41,000
32,447
Consumers Energy Co. 4.63%, 5/15/2033
205,000
198,764
DTE Energy Co. 4.88%, 6/1/2028
500,000
488,904
NiSource, Inc. 5.25%, 3/30/2028
275,000
273,847
PG&E Energy Recovery Funding LLC Series
A-3, 2.82%, 7/15/2046
70,000
47,886
Puget Sound Energy, Inc.
5.76%, 7/15/2040
140,000
133,472
5.45%, 6/1/2053
30,000
29,310
INVESTMENTS
PRINCIPAL
AMOUNT($)
VALUE($)
 
Multi-Utilities — continued
San Diego Gas & Electric Co.
4.95%, 8/15/2028
350,000
346,452
2.95%, 8/15/2051
170,000
110,958
5.35%, 4/1/2053
200,000
193,714
Southern Co. Gas Capital Corp.
4.40%, 5/30/2047
100,000
80,095
Series 21A, 3.15%, 9/30/2051
460,000
297,263
 
3,655,586
Office REITs — 0.0% ^
Alexandria Real Estate Equities, Inc.
1.88%, 2/1/2033
53,000
39,108
5.15%, 4/15/2053
30,000
26,714
Corporate Office Properties LP 2.25%,
3/15/2026
94,000
84,897
 
150,719
Oil, Gas & Consumable Fuels — 2.6%
Aker BP ASA (Norway) 3.10%,
7/15/2031(a)
250,000
206,241
Antero Midstream Partners LP
7.88%, 5/15/2026(a)
390,000
396,781
5.75%, 3/1/2027(a)
110,000
106,614
5.75%, 1/15/2028(a)
395,000
378,244
Antero Resources Corp.
7.63%, 2/1/2029(a)
478,000
489,858
5.38%, 3/1/2030(a)
125,000
116,872
Apache Corp. 4.38%, 10/15/2028
179,000
164,977
Baytex Energy Corp. (Canada)
8.75%, 4/1/2027(a)
310,000
317,255
8.50%, 4/30/2030(a)
319,000
323,449
Blue Racer Midstream LLC 6.63%,
7/15/2026(a)
195,000
191,647
BP Capital Markets America, Inc.
3.02%, 1/16/2027
106,000
99,427
1.75%, 8/10/2030
730,000
591,595
2.72%, 1/12/2032
557,000
466,198
4.81%, 2/13/2033
3,360,000
3,252,266
4.89%, 9/11/2033
350,000
340,502
3.00%, 2/24/2050
174,000
115,914
2.77%, 11/10/2050
55,000
34,683
2.94%, 6/4/2051
67,000
43,744
3.00%, 3/17/2052
695,000
456,064
SEE NOTES TO FINANCIAL STATEMENTS.
38
J.P. Morgan Exchange-Traded Funds
August 31, 2023


INVESTMENTS
PRINCIPAL
AMOUNT($)
VALUE($)
Corporate Bonds — continued
Oil, Gas & Consumable Fuels — continued
BP Capital Markets plc (United Kingdom)
(US Treasury Yield Curve Rate T
Note Constant Maturity 5 Year +
4.04%), 4.38%, 6/22/2025(d) (f)
(g)
85,000
81,324
(US Treasury Yield Curve Rate T
Note Constant Maturity 5 Year +
4.40%), 4.88%, 3/22/2030(d) (f)
(g)
155,000
140,370
Buckeye Partners LP
3.95%, 12/1/2026
540,000
498,074
4.13%, 12/1/2027
175,000
159,126
California Resources Corp. 7.13%,
2/1/2026(a)
325,000
325,835
Cameron LNG LLC 3.70%, 1/15/2039(a)
20,000
16,085
Cheniere Corpus Christi
Holdings LLC 5.88%, 3/31/2025
200,000
199,320
Cheniere Energy Partners LP
4.50%, 10/1/2029
319,000
294,340
4.00%, 3/1/2031
135,000
119,185
3.25%, 1/31/2032
240,000
198,319
Chesapeake Energy Corp.
5.88%, 2/1/2029(a)
370,000
354,117
6.75%, 4/15/2029(a)
115,000
114,163
Chevron Corp. 2.00%, 5/11/2027
171,000
155,030
Chord Energy Corp. 6.38%, 6/1/2026(a)
260,000
256,261
Civitas Resources, Inc.
8.38%, 7/1/2028(a)
290,000
298,700
8.75%, 7/1/2031(a)
517,000
535,095
CNX Resources Corp. 7.25%,
3/14/2027(a)
182,000
181,814
Columbia Pipelines Operating Co. LLC
6.04%, 11/15/2033(a)
360,000
363,690
6.50%, 8/15/2043(a)
210,000
212,855
Comstock Resources, Inc.
6.75%, 3/1/2029(a)
570,000
533,336
5.88%, 1/15/2030(a)
35,000
30,913
ConocoPhillips Co.
5.05%, 9/15/2033
600,000
596,283
3.80%, 3/15/2052
300,000
230,999
5.55%, 3/15/2054
780,000
781,927
4.03%, 3/15/2062
233,000
178,263
Coterra Energy, Inc. 3.90%, 5/15/2027
30,000
28,523
Crescent Energy Finance LLC 7.25%,
5/1/2026(a)
378,000
372,375
INVESTMENTS
PRINCIPAL
AMOUNT($)
VALUE($)
 
Oil, Gas & Consumable Fuels — continued
Crestwood Midstream Partners LP
5.75%, 4/1/2025
100,000
99,153
5.63%, 5/1/2027(a)
295,000
286,150
8.00%, 4/1/2029(a)
215,000
222,163
DT Midstream, Inc.
4.13%, 6/15/2029(a)
360,000
318,931
4.38%, 6/15/2031(a)
180,000
155,828
4.30%, 4/15/2032(a)
80,000
69,996
Encino Acquisition Partners
Holdings LLC 8.50%, 5/1/2028(a)
235,000
222,827
Energy Transfer LP
4.15%, 9/15/2029
1,150,000
1,057,541
5.75%, 2/15/2033
120,000
119,308
5.80%, 6/15/2038
100,000
94,790
5.35%, 5/15/2045
45,000
38,460
EnLink Midstream LLC 5.38%, 6/1/2029
250,000
238,351
EnLink Midstream Partners LP
4.85%, 7/15/2026
280,000
268,800
5.60%, 4/1/2044
9,000
7,674
Enterprise Products Operating LLC
2.80%, 1/31/2030
237,000
205,389
5.35%, 1/31/2033
110,000
110,613
3.30%, 2/15/2053
30,000
20,515
EQM Midstream Partners LP
4.13%, 12/1/2026
420,000
394,316
7.50%, 6/1/2027(a)
160,000
161,490
6.50%, 7/1/2027(a)
405,000
402,437
5.50%, 7/15/2028
365,000
348,715
4.50%, 1/15/2029(a)
215,000
195,346
4.75%, 1/15/2031(a)
335,000
296,032
Exxon Mobil Corp.
4.23%, 3/19/2040
400,000
357,496
3.10%, 8/16/2049
220,000
154,755
Flex Intermediate Holdco LLC
3.36%, 6/30/2031(a)
64,000
50,665
4.32%, 12/30/2039(a)
20,000
14,308
Genesis Energy LP
6.25%, 5/15/2026
275,000
266,538
8.00%, 1/15/2027
265,000
261,245
Gray Oak Pipeline LLC
2.00%, 9/15/2023(a)
44,000
43,952
2.60%, 10/15/2025(a)
112,000
103,570
Gulfport Energy Corp. 8.00%,
5/17/2026(a)
485,000
492,532
SEE NOTES TO FINANCIAL STATEMENTS.
August 31, 2023
J.P. Morgan Exchange-Traded Funds
39


JPMorgan Core Plus Bond ETF
SCHEDULE OF PORTFOLIO INVESTMENTS
AS OF August 31, 2023  (Unaudited) (continued)
INVESTMENTS
PRINCIPAL
AMOUNT($)
VALUE($)
Corporate Bonds — continued
Oil, Gas & Consumable Fuels — continued
Hess Midstream Operations LP
5.63%, 2/15/2026(a)
105,000
102,746
5.50%, 10/15/2030(a)
275,000
257,447
Hilcorp Energy I LP 5.75%, 2/1/2029(a)
839,000
778,173
Holly Energy Partners LP 6.38%,
4/15/2027(a)
240,000
238,744
Kinder Morgan, Inc. 3.25%, 8/1/2050
75,000
47,213
Kinetik Holdings LP 5.88%, 6/15/2030(a)
555,000
537,523
MEG Energy Corp. (Canada) 5.88%,
2/1/2029(a)
430,000
410,792
MPLX LP
2.65%, 8/15/2030
70,000
58,095
4.95%, 3/14/2052
55,000
45,324
NGL Energy Operating LLC 7.50%,
2/1/2026(a)
215,000
214,049
NGPL PipeCo LLC 3.25%, 7/15/2031(a)
10,000
8,203
NuStar Logistics LP
5.75%, 10/1/2025
250,000
245,161
5.63%, 4/28/2027
395,000
383,249
Occidental Petroleum Corp.
8.88%, 7/15/2030
150,000
171,968
6.63%, 9/1/2030
385,000
397,441
Permian Resources Operating LLC 5.38%,
1/15/2026(a)
315,000
303,934
Pioneer Natural Resources Co. 1.13%,
1/15/2026
50,000
45,325
Range Resources Corp.
4.88%, 5/15/2025
45,000
43,988
8.25%, 1/15/2029
615,000
638,462
Rockies Express Pipeline LLC
3.60%, 5/15/2025(a)
385,000
363,163
4.95%, 7/15/2029(a)
170,000
155,598
Sabine Pass Liquefaction LLC
5.63%, 3/1/2025
90,000
89,707
5.88%, 6/30/2026
420,000
421,947
5.00%, 3/15/2027
1,225,000
1,204,273
4.50%, 5/15/2030
894,000
841,301
SM Energy Co.
6.75%, 9/15/2026
250,000
248,950
6.63%, 1/15/2027
375,000
370,313
Southwestern Energy Co.
5.70%, 1/23/2025(i)
2,000
1,981
8.38%, 9/15/2028
305,000
317,459
5.38%, 2/1/2029
320,000
303,609
5.38%, 3/15/2030
370,000
346,389
INVESTMENTS
PRINCIPAL
AMOUNT($)
VALUE($)
 
Oil, Gas & Consumable Fuels — continued
Spectra Energy Partners LP 4.50%,
3/15/2045
15,000
12,068
Summit Midstream Holdings LLC 9.00%,
10/15/2026(a) (i)
185,000
178,525
Suncor Energy, Inc. (Canada) 6.80%,
5/15/2038
83,000
86,690
Sunoco LP
6.00%, 4/15/2027
185,000
183,066
5.88%, 3/15/2028
100,000
97,130
4.50%, 5/15/2029
180,000
162,783
Tallgrass Energy Partners LP
7.50%, 10/1/2025(a)
45,000
45,274
6.00%, 3/1/2027(a)
395,000
378,505
5.50%, 1/15/2028(a)
55,000
51,082
6.00%, 12/31/2030(a)
280,000
250,486
6.00%, 9/1/2031(a)
40,000
35,525
Targa Resources Corp. 5.20%, 7/1/2027
31,000
30,692
TotalEnergies Capital International SA
(France)
3.46%, 7/12/2049
234,000
174,178
3.13%, 5/29/2050
80,000
55,297
TransCanada PipeLines Ltd. (Canada)
5.10%, 3/15/2049
48,000
42,145
Valero Energy Corp. 2.15%, 9/15/2027
25,000
22,261
Venture Global Calcasieu Pass LLC 3.88%,
8/15/2029(a)
570,000
493,063
Venture Global LNG, Inc. 8.13%,
6/1/2028(a)
1,620,000
1,634,165
Vital Energy, Inc. 9.50%, 1/15/2025
255,000
256,275
Williams Cos., Inc. (The)
2.60%, 3/15/2031
1,525,000
1,251,530
5.40%, 3/4/2044
50,000
45,070
 
37,506,876
Passenger Airlines — 0.3%
American Airlines, Inc.
11.75%, 7/15/2025(a)
345,000
377,617
5.50%, 4/20/2026(a)
508,750
499,228
7.25%, 2/15/2028(a)
225,000
221,022
5.75%, 4/20/2029(a)
1,375,000
1,315,024
Continental Airlines Pass-Through
Trust Series 2012-2, Class A Shares,
4.00%, 10/29/2024
26,881
26,220
Delta Air Lines, Inc.
7.38%, 1/15/2026
105,000
108,029
4.38%, 4/19/2028
140,000
132,230
SEE NOTES TO FINANCIAL STATEMENTS.
40
J.P. Morgan Exchange-Traded Funds
August 31, 2023


INVESTMENTS
PRINCIPAL
AMOUNT($)
VALUE($)
Corporate Bonds — continued
Passenger Airlines — continued
Mileage Plus Holdings LLC 6.50%,
6/20/2027(a)
452,000
450,423
United Airlines Holdings, Inc.
5.00%, 2/1/2024
20,000
19,859
4.88%, 1/15/2025
16,000
15,609
United Airlines, Inc. 4.63%, 4/15/2029(a)
695,000
617,960
VistaJet Malta Finance plc (Switzerland)
9.50%, 6/1/2028(a)
270,000
249,156
 
4,032,377
Personal Care Products — 0.2%
Edgewell Personal Care Co.
5.50%, 6/1/2028(a)
295,000
278,037
4.13%, 4/1/2029(a)
70,000
60,665
Estee Lauder Cos., Inc. (The) 2.60%,
4/15/2030
258,000
222,645
Kenvue, Inc.
4.90%, 3/22/2033(a)
1,960,000
1,949,115
5.10%, 3/22/2043(a)
300,000
294,256
Prestige Brands, Inc. 5.13%,
1/15/2028(a)
265,000
250,440
 
3,055,158
Pharmaceuticals — 0.8%
Astrazeneca Finance LLC (United Kingdom)
4.90%, 3/3/2030
1,130,000
1,124,035
4.88%, 3/3/2033
500,000
500,149
AstraZeneca plc (United Kingdom) 1.38%,
8/6/2030
180,000
143,168
Bausch Health Americas, Inc.
9.25%, 4/1/2026(a)
263,000
238,220
8.50%, 1/31/2027(a)
88,000
48,950
Bausch Health Cos., Inc.
5.50%, 11/1/2025(a)
1,047,000
942,886
5.75%, 8/15/2027(a)
30,000
18,782
5.00%, 1/30/2028(a)
30,000
13,036
4.88%, 6/1/2028(a)
280,000
166,150
5.00%, 2/15/2029(a)
175,000
72,625
Bayer US Finance II LLC (Germany) 3.38%,
7/15/2024(a)
70,000
68,467
Bristol-Myers Squibb Co.
4.13%, 6/15/2039
329,000
290,567
2.35%, 11/13/2040
480,000
324,315
3.70%, 3/15/2052
260,000
199,956
Catalent Pharma Solutions, Inc. 3.13%,
2/15/2029(a)
225,000
189,356
INVESTMENTS
PRINCIPAL
AMOUNT($)
VALUE($)
 
Pharmaceuticals — continued
Elanco Animal Health, Inc. 6.65%,
8/28/2028(i)
215,000
212,044
Eli Lilly & Co.
2.25%, 5/15/2050
70,000
43,206
4.95%, 2/27/2063
450,000
439,577
Jazz Securities DAC 4.38%, 1/15/2029(a)
400,000
358,375
Merck & Co., Inc.
2.75%, 12/10/2051
170,000
111,560
5.00%, 5/17/2053
235,000
229,529
5.15%, 5/17/2063
105,000
102,493
Organon & Co.
4.13%, 4/30/2028(a)
400,000
361,985
5.13%, 4/30/2031(a)
400,000
340,801
Pfizer Investment Enterprises Pte. Ltd.
4.75%, 5/19/2033
380,000
373,940
5.30%, 5/19/2053
315,000
315,115
5.34%, 5/19/2063
315,000
310,377
Pfizer, Inc. 4.40%, 5/15/2044
500,000
455,235
Royalty Pharma plc 1.20%, 9/2/2025
166,000
151,211
Shire Acquisitions Investments Ireland
DAC 3.20%, 9/23/2026
145,000
136,200
Takeda Pharmaceutical Co. Ltd. (Japan)
5.00%, 11/26/2028
1,000,000
991,962
3.03%, 7/9/2040
400,000
290,733
Zoetis, Inc.
2.00%, 5/15/2030
245,000
201,682
5.60%, 11/16/2032
64,000
66,025
4.70%, 2/1/2043
1,230,000
1,115,134
 
10,947,846
Real Estate Management & Development — 0.0% ^
Kennedy-Wilson, Inc. 4.75%, 3/1/2029
75,000
60,264
Realogy Group LLC 5.75%, 1/15/2029(a)
105,000
75,200
 
135,464
Residential REITs — 0.0% ^
AvalonBay Communities, Inc. 3.35%,
5/15/2027
32,000
29,918
Camden Property Trust 3.15%, 7/1/2029
130,000
116,836
ERP Operating LP 3.25%, 8/1/2027
31,000
28,616
Essex Portfolio LP 2.65%, 3/15/2032
45,000
35,846
Mid-America Apartments LP 4.20%,
6/15/2028
100,000
95,062
UDR, Inc. 2.10%, 8/1/2032
45,000
33,754
 
340,032
SEE NOTES TO FINANCIAL STATEMENTS.
August 31, 2023
J.P. Morgan Exchange-Traded Funds
41


JPMorgan Core Plus Bond ETF
SCHEDULE OF PORTFOLIO INVESTMENTS
AS OF August 31, 2023  (Unaudited) (continued)
INVESTMENTS
PRINCIPAL
AMOUNT($)
VALUE($)
Corporate Bonds — continued
Retail REITs — 0.0% ^
NNN REIT, Inc.
3.60%, 12/15/2026
39,000
36,384
5.60%, 10/15/2033
100,000
97,992
Realty Income Corp.
4.13%, 10/15/2026
44,000
42,522
3.25%, 1/15/2031
9,000
7,783
Regency Centers LP 3.70%, 6/15/2030
135,000
121,010
Scentre Group Trust 1 (Australia) 3.50%,
2/12/2025(a)
150,000
144,841
 
450,532
Semiconductors & Semiconductor Equipment — 0.5%
Amkor Technology, Inc. 6.63%,
9/15/2027(a)
485,000
484,699
ams-OSRAM AG (Austria) 7.00%,
7/31/2025(a)
250,000
229,200
Analog Devices, Inc.
3.50%, 12/5/2026
25,000
23,937
2.95%, 10/1/2051
107,000
71,909
Entegris Escrow Corp. 5.95%,
6/15/2030(a)
490,000
469,232
Entegris, Inc. 3.63%, 5/1/2029(a)
180,000
154,706
Intel Corp.
5.20%, 2/10/2033
400,000
399,675
5.63%, 2/10/2043
550,000
547,424
5.70%, 2/10/2053
85,000
84,175
KLA Corp.
4.65%, 7/15/2032
280,000
275,134
5.00%, 3/15/2049
100,000
94,445
3.30%, 3/1/2050
280,000
201,240
Marvell Technology, Inc. 2.95%,
4/15/2031
85,000
70,925
Microchip Technology, Inc. 0.97%,
2/15/2024
25,000
24,425
NVIDIA Corp.
2.00%, 6/15/2031
455,000
376,945
3.50%, 4/1/2040
100,000
83,240
NXP BV (China)
3.25%, 5/11/2041
270,000
191,789
3.13%, 2/15/2042
330,000
225,908
ON Semiconductor Corp. 3.88%,
9/1/2028(a)
555,000
494,050
QUALCOMM, Inc.
4.25%, 5/20/2032
55,000
52,893
4.50%, 5/20/2052
235,000
205,087
Synaptics, Inc. 4.00%, 6/15/2029(a)
295,000
250,951
INVESTMENTS
PRINCIPAL
AMOUNT($)
VALUE($)
 
Semiconductors & Semiconductor Equipment — continued
Texas Instruments, Inc. 5.05%, 5/18/2063
221,000
211,737
TSMC Arizona Corp. (Taiwan) 2.50%,
10/25/2031
960,000
793,267
TSMC Global Ltd. (Taiwan) 1.00%,
9/28/2027(a)
380,000
323,452
Xilinx, Inc. 2.38%, 6/1/2030
239,000
204,392
 
6,544,837
Software — 0.4%
Black Knight InfoServ LLC 3.63%,
9/1/2028(a)
220,000
202,926
Clarivate Science Holdings Corp. 3.88%,
7/1/2028(a)
260,000
229,099
Microsoft Corp.
2.92%, 3/17/2052
490,000
347,473
2.68%, 6/1/2060
250,000
160,812
NCR Corp.
5.75%, 9/1/2027(a)
115,000
116,112
5.00%, 10/1/2028(a)
680,000
624,101
5.13%, 4/15/2029(a)
270,000
245,549
6.13%, 9/1/2029(a)
161,000
165,819
Oracle Corp.
2.65%, 7/15/2026
583,000
541,470
2.30%, 3/25/2028
15,000
13,200
4.90%, 2/6/2033
1,245,000
1,189,277
3.80%, 11/15/2037
150,000
120,966
3.65%, 3/25/2041
115,000
86,824
3.95%, 3/25/2051
375,000
274,080
5.55%, 2/6/2053
150,000
139,438
4.38%, 5/15/2055
55,000
42,256
RingCentral, Inc. 8.50%, 8/15/2030(a)
170,000
167,450
Roper Technologies, Inc. 1.75%,
2/15/2031
355,000
278,652
SS&C Technologies, Inc. 5.50%,
9/30/2027(a)
570,000
548,739
VMware, Inc. 4.65%, 5/15/2027
105,000
102,070
Workday, Inc. 3.70%, 4/1/2029
172,000
158,932
 
5,755,245
Specialized REITs — 0.3%
American Tower Corp.
1.45%, 9/15/2026
85,000
75,316
2.95%, 1/15/2051
25,000
15,132
Crown Castle, Inc.
2.90%, 3/15/2027
270,000
247,850
5.10%, 5/1/2033
2,000,000
1,924,577
SEE NOTES TO FINANCIAL STATEMENTS.
42
J.P. Morgan Exchange-Traded Funds
August 31, 2023


INVESTMENTS
PRINCIPAL
AMOUNT($)
VALUE($)
Corporate Bonds — continued
Specialized REITs — continued
Equinix, Inc. 3.90%, 4/15/2032
80,000
71,203
Extra Space Storage LP 2.20%,
10/15/2030
88,000
70,211
Iron Mountain, Inc.
4.88%, 9/15/2027(a)
315,000
296,550
5.00%, 7/15/2028(a)
610,000
564,898
Public Storage Operating Co.
2.25%, 11/9/2031
90,000
72,805
5.10%, 8/1/2033
304,000
301,417
SBA Communications Corp. 3.13%,
2/1/2029
930,000
796,256
 
4,436,215
Specialty Retail — 0.5%
Asbury Automotive Group, Inc.
4.50%, 3/1/2028
297,000
270,931
4.63%, 11/15/2029(a)
300,000
264,655
AutoZone, Inc. 1.65%, 1/15/2031
150,000
116,494
Bath & Body Works, Inc.
5.25%, 2/1/2028
175,000
167,901
7.50%, 6/15/2029
768,000
774,311
6.88%, 11/1/2035
235,000
219,734
Gap, Inc. (The) 3.63%, 10/1/2029(a)
430,000
327,352
Group 1 Automotive, Inc. 4.00%,
8/15/2028(a)
300,000
266,370
Home Depot, Inc. (The)
1.88%, 9/15/2031
770,000
619,322
4.50%, 9/15/2032
350,000
341,821
4.25%, 4/1/2046
301,000
258,081
3.63%, 4/15/2052
150,000
114,219
4.95%, 9/15/2052
206,000
196,370
Lithia Motors, Inc. 3.88%, 6/1/2029(a)
480,000
412,106
Lowe's Cos., Inc.
1.70%, 10/15/2030
170,000
134,979
4.25%, 4/1/2052
465,000
367,856
5.63%, 4/15/2053
585,000
568,141
O'Reilly Automotive, Inc.
1.75%, 3/15/2031
73,000
57,489
4.70%, 6/15/2032
90,000
86,053
Penske Automotive Group, Inc. 3.75%,
6/15/2029
494,000
423,888
PetSmart, Inc. 4.75%, 2/15/2028(a)
1,000,000
897,030
Sonic Automotive, Inc. 4.63%,
11/15/2029(a)
400,000
341,958
SRS Distribution, Inc. 4.63%, 7/1/2028(a)
410,000
364,909
INVESTMENTS
PRINCIPAL
AMOUNT($)
VALUE($)
 
Specialty Retail — continued
Staples, Inc.
7.50%, 4/15/2026(a)
290,000
239,945
10.75%, 4/15/2027(a)
23,000
12,544
 
7,844,459
Technology Hardware, Storage & Peripherals — 0.3%
Apple, Inc.
4.38%, 5/13/2045
429,000
394,929
2.65%, 2/8/2051
650,000
432,139
4.85%, 5/10/2053
490,000
483,510
2.85%, 8/5/2061
750,000
488,251
Dell International LLC 5.30%, 10/1/2029
375,000
370,246
Seagate HDD Cayman
4.09%, 6/1/2029
150,000
132,164
3.13%, 7/15/2029
335,000
253,916
8.25%, 12/15/2029(a)
924,000
969,277
4.13%, 1/15/2031
114,000
93,110
8.50%, 7/15/2031(a)
230,000
240,972
9.63%, 12/1/2032(a)
140,000
155,079
 
4,013,593
Textiles, Apparel & Luxury Goods — 0.0% ^
Hanesbrands, Inc. 4.88%, 5/15/2026(a)
130,000
121,524
William Carter Co. (The) 5.63%,
3/15/2027(a)
205,000
198,735
 
320,259
Tobacco — 0.6%
Altria Group, Inc.
2.45%, 2/4/2032
80,000
62,440
3.40%, 2/4/2041
145,000
98,798
3.88%, 9/16/2046
95,000
65,416
BAT Capital Corp. (United Kingdom)
3.56%, 8/15/2027
38,000
35,252
2.26%, 3/25/2028
1,045,000
898,498
4.74%, 3/16/2032
1,000,000
904,128
6.42%, 8/2/2033
1,890,000
1,886,637
4.39%, 8/15/2037
600,000
475,147
4.54%, 8/15/2047
665,000
483,583
Imperial Brands Finance plc (United
Kingdom) 6.13%, 7/27/2027(a)
285,000
288,120
Philip Morris International, Inc.
3.13%, 3/2/2028
49,000
44,990
5.75%, 11/17/2032
820,000
831,666
5.38%, 2/15/2033
1,545,000
1,525,631
SEE NOTES TO FINANCIAL STATEMENTS.
August 31, 2023
J.P. Morgan Exchange-Traded Funds
43


JPMorgan Core Plus Bond ETF
SCHEDULE OF PORTFOLIO INVESTMENTS
AS OF August 31, 2023  (Unaudited) (continued)
INVESTMENTS
PRINCIPAL
AMOUNT($)
VALUE($)
Corporate Bonds — continued
Tobacco — continued
4.38%, 11/15/2041
345,000
285,323
4.13%, 3/4/2043
100,000
79,437
 
7,965,066
Trading Companies & Distributors — 0.3%
Air Lease Corp.
3.38%, 7/1/2025
92,000
87,651
1.88%, 8/15/2026
50,000
44,740
Aviation Capital Group LLC 4.13%,
8/1/2025(a)
110,000
104,775
Herc Holdings, Inc. 5.50%, 7/15/2027(a)
565,000
543,290
Imola Merger Corp. 4.75%, 5/15/2029(a)
740,000
657,754
United Rentals North America, Inc.
4.88%, 1/15/2028
235,000
223,591
5.25%, 1/15/2030
890,000
845,785
3.88%, 2/15/2031
185,000
158,242
WESCO Distribution, Inc.
7.13%, 6/15/2025(a)
85,000
85,376
7.25%, 6/15/2028(a)
935,000
951,582
 
3,702,786
Transportation Infrastructure — 0.0% ^
Transurban Finance Co. Pty. Ltd. (Australia)
2.45%, 3/16/2031(a)
212,000
172,621
Wireless Telecommunication Services — 0.5%
Hughes Satellite Systems Corp.
5.25%, 8/1/2026
185,000
170,056
6.63%, 8/1/2026
215,000
186,513
Rogers Communications, Inc. (Canada)
4.55%, 3/15/2052
40,000
30,994
Sprint LLC
7.88%, 9/15/2023
8,000
8,003
7.13%, 6/15/2024
30,000
30,238
7.63%, 3/1/2026
296,000
306,812
T-Mobile USA, Inc.
4.80%, 7/15/2028
2,140,000
2,092,137
2.63%, 2/15/2029
28,000
24,246
3.38%, 4/15/2029
3,250,000
2,913,176
2.55%, 2/15/2031
67,000
55,209
5.20%, 1/15/2033
350,000
342,978
5.05%, 7/15/2033
940,000
907,041
 
7,067,403
Total Corporate Bonds
(Cost $431,098,311)
417,236,583
INVESTMENTS
PRINCIPAL
AMOUNT($)
VALUE($)
Mortgage-Backed Securities — 19.7%
FHLMC Gold Pools, 30 Year Pool # G60855,
4.50%, 12/1/2045
66,282
64,240
FHLMC Gold Pools, Other
Pool # WN1158, 1.80%, 11/1/2028
4,000,000
3,445,024
Pool # WN2203, 3.75%, 8/1/2032
1,200,000
1,100,825
Pool # WN3233, 3.19%, 7/1/2033
4,000,000
3,515,316
Pool # N31271, 4.50%, 1/1/2036
13,185
12,580
FHLMC UMBS, 20 Year Pool # SC0310,
2.00%, 8/1/2042
937,311
782,868
FHLMC UMBS, 30 Year
Pool # QA5045, 4.00%, 11/1/2049
43,639
40,766
Pool # QB1397, 2.50%, 7/1/2050
2,194,285
1,830,586
Pool # SD8089, 2.50%, 7/1/2050
4,404,367
3,685,820
Pool # QC7968, 2.50%, 10/1/2051
4,269,780
3,543,213
Pool # RA6222, 3.00%, 11/1/2051
3,520,698
3,039,898
Pool # SD2301, 3.50%, 3/1/2052
1,401,958
1,254,386
Pool # SD1464, 3.00%, 5/1/2052
1,047,945
905,078
Pool # SD1303, 4.50%, 7/1/2052
1,593,750
1,515,057
Pool # QE8091, 4.00%, 8/1/2052
1,727,448
1,596,705
Pool # SD1725, 4.00%, 10/1/2052
1,936,373
1,789,813
Pool # QF3433, 5.00%, 11/1/2052
1,955,053
1,903,269
Pool # RA8766, 5.00%, 3/1/2053
1,944,746
1,885,684
Pool # SD3567, 4.50%, 5/1/2053
4,000,000
3,794,644
Pool # RA9669, 5.00%, 8/1/2053
4,000,000
3,878,617
FNMA UMBS, 20 Year Pool # MA3004,
4.00%, 5/1/2037
324,377
307,487
FNMA UMBS, 30 Year
Pool # AL2374, 4.00%, 12/1/2041
94,535
89,812
Pool # AL4244, 4.00%, 7/1/2042
109,523
104,050
Pool # BM1164, 3.50%, 12/1/2045
76,368
69,585
Pool # MA3073, 4.50%, 7/1/2047
18,105
17,514
Pool # BK4769, 5.00%, 8/1/2048
312,264
308,458
Pool # BN5013, 5.00%, 1/1/2049
110,950
109,586
Pool # BO1073, 4.50%, 6/1/2049
27,767
26,581
Pool # BO3039, 3.00%, 7/1/2049
159,809
139,265
Pool # BN6475, 4.00%, 7/1/2049
7,720
7,231
Pool # BO2562, 4.00%, 7/1/2049
81,231
76,084
Pool # BO4519, 4.00%, 8/1/2049
3,475
3,242
Pool # BO2203, 3.50%, 9/1/2049
233,295
211,549
Pool # FS1186, 3.50%, 1/1/2050
1,724,568
1,565,396
Pool # FM3365, 3.00%, 3/1/2050
3,011,452
2,617,782
Pool # CA5702, 2.50%, 5/1/2050
1,334,637
1,120,442
Pool # CB1411, 3.00%, 8/1/2051
4,005,662
3,471,826
Pool # BU0070, 2.50%, 10/1/2051
928,845
771,592
Pool # FS0009, 3.50%, 11/1/2051
3,175,258
2,843,387
Pool # FM9961, 3.00%, 12/1/2051
458,368
395,333
SEE NOTES TO FINANCIAL STATEMENTS.
44
J.P. Morgan Exchange-Traded Funds
August 31, 2023


INVESTMENTS
PRINCIPAL
AMOUNT($)
VALUE($)
Mortgage-Backed Securities — continued
Pool # CB2637, 2.50%, 1/1/2052
469,042
389,896
Pool # BV0273, 3.00%, 1/1/2052
296,384
256,771
Pool # CB2670, 3.00%, 1/1/2052
439,137
378,440
Pool # MA4548, 2.50%, 2/1/2052
6,539,154
5,418,457
Pool # BV3930, 3.00%, 2/1/2052
552,586
476,886
Pool # BV0295, 3.50%, 2/1/2052
623,521
570,504
Pool # FS0957, 3.00%, 3/1/2052
272,149
234,500
Pool # FS1954, 3.00%, 3/1/2052
1,787,577
1,565,218
Pool # FS4393, 3.00%, 3/1/2052
3,352,012
2,907,283
Pool # CB3132, 3.50%, 3/1/2052
2,914,437
2,605,045
Pool # BW6017, 3.50%, 5/1/2052
588,477
529,933
Pool # CB3608, 3.50%, 5/1/2052
4,939,288
4,418,115
Pool # FS2588, 4.50%, 8/1/2052
1,625,392
1,545,133
Pool # FS3536, 4.50%, 8/1/2052
1,863,633
1,767,357
Pool # CB4830, 4.50%, 9/1/2052
1,408,485
1,338,507
Pool # FS3829, 4.50%, 9/1/2052
1,369,723
1,302,052
Pool # CB4628, 5.00%, 9/1/2052
2,342,626
2,271,522
Pool # FS2982, 5.00%, 9/1/2052
2,936,739
2,850,100
Pool # CB4837, 5.00%, 10/1/2052
1,481,131
1,446,710
Pool # BX0627, 5.00%, 11/1/2052
1,975,898
1,920,892
Pool # CB5413, 4.00%, 12/1/2052
1,972,700
1,822,114
Pool # CB5428, 4.50%, 12/1/2052
1,977,578
1,877,794
Pool # BX3808, 5.00%, 3/1/2053
988,738
963,859
Pool # BX3811, 5.00%, 3/1/2053
1,608,441
1,560,388
Pool # CB5896, 5.00%, 3/1/2053
1,937,114
1,878,284
Pool # BX3824, 5.50%, 3/1/2053
362,701
358,452
Pool # CB5907, 5.50%, 3/1/2053
1,126,984
1,117,857
Pool # BY4714, 5.00%, 6/1/2053
3,190,970
3,094,153
Pool # BY4776, 5.00%, 7/1/2053
2,995,853
2,904,910
Pool # BY4736, 5.50%, 7/1/2053
2,817,189
2,784,184
FNMA, Other
Pool # AM8846, 2.68%, 5/1/2025
138,866
132,707
Pool # AM0414, 2.87%, 9/1/2027
394,965
366,853
Pool # AN7560, 2.90%, 12/1/2027
181,276
167,158
Pool # BS8981, 5.04%, 2/1/2029
3,822,000
3,852,844
Pool # BL2367, 3.48%, 5/1/2029
531,617
496,480
Pool # BS6079, 3.52%, 7/1/2029
2,500,000
2,330,236
Pool # AN6730, 3.01%, 9/1/2029
2,012,358
1,832,215
Pool # BS7011, 4.81%, 9/1/2029
2,981,314
2,946,846
Pool # BS8075, 5.00%, 9/1/2029
1,500,000
1,506,313
Pool # BS1577, 1.82%, 2/1/2030
850,685
713,166
Pool # BS6827, 4.19%, 5/1/2030
909,521
874,139
Pool # BS4878, 2.44%, 6/1/2030
589,442
509,226
Pool # BS8846, 4.09%, 7/1/2030
2,500,000
2,388,813
Pool # BS9022, 4.46%, 7/1/2030
2,640,000
2,579,344
INVESTMENTS
PRINCIPAL
AMOUNT($)
VALUE($)
 
Pool # 387898, 3.71%, 8/1/2030
738,711
685,664
Pool # BS5171, 2.51%, 10/1/2030
1,925,000
1,649,899
Pool # BS5985, 3.99%, 11/1/2030
425,000
401,800
Pool # BS8033, 4.43%, 11/1/2030
3,090,000
3,004,136
Pool # BS8306, 4.52%, 12/1/2030
2,991,100
2,924,073
Pool # BS9296, 4.80%, 12/1/2030
2,505,000
2,486,817
Pool # BL9645, 1.50%, 1/1/2031
100,000
78,794
Pool # BL9627, 1.56%, 1/1/2031
500,000
395,832
Pool # BS1731, 1.82%, 1/1/2031
964,839
790,452
Pool # BS1304, 1.54%, 3/1/2031
1,500,000
1,180,191
Pool # BS2422, 1.67%, 7/1/2031
1,200,000
945,976
Pool # BS2898, 1.56%, 9/1/2031
1,000,000
777,699
Pool # BS4116, 2.28%, 10/1/2031
769,441
636,830
Pool # BS3612, 1.93%, 11/1/2031
1,500,000
1,199,190
Pool # BS4505, 1.93%, 1/1/2032
8,000,000
6,438,872
Pool # BS4563, 2.01%, 1/1/2032
1,100,000
887,312
Pool # BS3464, 2.03%, 1/1/2032
1,112,000
898,288
Pool # BS4709, 2.22%, 2/1/2032
2,000,000
1,624,559
Pool # BM7037, 1.75%, 3/1/2032(h)
1,099,323
868,050
Pool # BS4654, 2.39%, 3/1/2032
1,460,464
1,220,479
Pool # BL6367, 1.82%, 4/1/2032
327,966
262,757
Pool # BS5130, 2.55%, 4/1/2032
488,166
414,184
Pool # BS5463, 3.34%, 5/1/2032
1,756,302
1,577,204
Pool # BS5597, 3.59%, 5/1/2032
1,175,000
1,064,323
Pool # BS5195, 2.80%, 6/1/2032
2,042,650
1,749,702
Pool # BS5875, 3.66%, 6/1/2032
2,122,147
1,933,848
Pool # BS6301, 3.67%, 8/1/2032
945,000
864,865
Pool # BS6385, 3.89%, 8/1/2032
2,462,370
2,298,213
Pool # BS6448, 3.93%, 8/1/2032
1,550,000
1,447,657
Pool # BS6502, 3.41%, 9/1/2032
2,982,702
2,687,997
Pool # BS6335, 3.75%, 9/1/2032
1,030,000
950,632
Pool # BS6339, 3.80%, 9/1/2032
1,056,986
976,108
Pool # BS6347, 4.03%, 9/1/2032
350,000
324,569
Pool # BS6759, 3.97%, 10/1/2032
896,590
841,778
Pool # BL8708, 1.40%, 11/1/2032
200,000
148,237
Pool # BS6995, 4.18%, 11/1/2032
1,015,000
965,579
Pool # BS6849, 4.23%, 11/1/2032
791,688
757,170
Pool # BS6815, 4.71%, 11/1/2032
1,283,000
1,267,920
Pool # BS6994, 4.85%, 11/1/2032
661,000
660,383
Pool # BS7203, 4.98%, 11/1/2032
1,249,000
1,254,878
Pool # BS7095, 4.80%, 12/1/2032
1,023,597
1,018,732
Pool # BS7663, 4.71%, 1/1/2033
2,000,000
1,976,030
Pool # BS7671, 4.76%, 2/1/2033
2,177,000
2,159,726
Pool # BS8334, 4.71%, 3/1/2033
2,368,369
2,333,051
Pool # BS7740, 4.11%, 4/1/2033
2,000,000
1,879,563
SEE NOTES TO FINANCIAL STATEMENTS.
August 31, 2023
J.P. Morgan Exchange-Traded Funds
45


JPMorgan Core Plus Bond ETF
SCHEDULE OF PORTFOLIO INVESTMENTS
AS OF August 31, 2023  (Unaudited) (continued)
INVESTMENTS
PRINCIPAL
AMOUNT($)
VALUE($)
Mortgage-Backed Securities — continued
Pool # BS8277, 4.39%, 4/1/2033
3,014,000
2,904,896
Pool # BS8157, 4.51%, 4/1/2033
2,750,000
2,675,952
Pool # BS8256, 4.53%, 4/1/2033
2,000,000
1,949,012
Pool # BS8055, 4.71%, 4/1/2033
1,500,000
1,481,915
Pool # BS8152, 4.55%, 5/1/2033
2,000,000
1,952,361
Pool # BS8703, 4.48%, 6/1/2033
3,000,000
2,912,378
Pool # AN6000, 3.21%, 7/1/2033
959,914
848,603
Pool # AN9725, 3.76%, 7/1/2033
101,109
93,607
Pool # BS8883, 4.58%, 7/1/2033
2,558,000
2,501,527
Pool # BS9146, 4.35%, 8/1/2033
2,000,000
1,919,043
Pool # BS8897, IO, 4.55%, 9/1/2033(j)
3,000,000
3,017,812
Pool # BS9470, 4.45%, 10/1/2033(j)
3,000,000
2,979,375
Pool # BS4197, 2.14%, 12/1/2033
500,000
399,310
Pool # BS6427, 3.75%, 9/1/2034
1,010,000
908,514
Pool # BL3772, 2.92%, 10/1/2034
681,685
582,997
Pool # BS5018, 2.88%, 10/1/2035
750,000
594,855
Pool # AN7345, 3.21%, 11/1/2037
623,932
542,636
Pool # MA1072, 3.50%, 5/1/2042
9,893
9,043
Pool # BF0533, 2.50%, 11/1/2050
1,220,443
1,021,888
Pool # BF0230, 5.50%, 1/1/2058
389,633
396,870
Pool # BF0300, 4.00%, 8/1/2058(j)
5,774,972
5,387,496
Pool # BF0400, 4.00%, 8/1/2059
657,956
606,856
Pool # BF0497, 3.00%, 7/1/2060
70,186
58,566
Pool # BF0520, 3.00%, 1/1/2061
3,344,843
2,890,446
Pool # BF0560, 2.50%, 9/1/2061
899,664
723,036
Pool # BF0562, 3.50%, 9/1/2061
873,615
775,396
Pool # BF0583, 4.00%, 12/1/2061
885,091
816,905
Pool # BF0586, 5.00%, 12/1/2061
883,767
859,558
Pool # BF0617, 2.50%, 3/1/2062
3,174,479
2,545,338
Pool # BF0677, 4.00%, 9/1/2062
3,126,295
2,885,444
FNMA/FHLMC UMBS, Single Family, 30 Year
TBA, 4.00%, 9/25/2053(j)
1,825,000
1,684,418
TBA, 2.50%, 10/25/2053(j)
2,143,153
1,777,729
GNMA I, 30 Year
Pool # CO1928, 5.50%, 10/15/2052
1,278,634
1,285,660
Pool # CR2369, 6.00%, 1/15/2053
1,803,482
1,880,997
GNMA II
Pool # CJ7125, ARM, 6.74%,
10/20/2071(h)
455,490
466,411
Pool # CJ7141, ARM, 6.70%,
11/20/2071(h)
447,234
456,647
Pool # CE9384, ARM, 6.75%,
11/20/2071(h)
741,625
759,983
Pool # CE5557, ARM, 6.89%,
11/20/2071(h)
103,082
106,276
INVESTMENTS
PRINCIPAL
AMOUNT($)
VALUE($)
 
Pool # CK2792, ARM, 6.89%,
3/20/2072(h)
824,712
851,440
Pool # CO0363, ARM, 7.07%,
7/20/2072(h)
785,735
820,579
GNMA II, 30 Year
Pool # AJ9020, 4.50%, 10/20/2044
33,141
31,600
Pool # BB3525, 4.00%, 9/20/2047
23,728
22,416
Pool # BM2418, 4.00%, 8/20/2049
15,922
15,234
Pool # BN7049, 4.50%, 8/20/2049
136,700
131,695
Pool # BP7160, 4.50%, 9/20/2049
85,672
84,633
Pool # CC9803, 4.00%, 4/20/2051
285,657
266,989
Pool # MA7534, 2.50%, 8/20/2051
4,379,234
3,728,420
Pool # MA7705, 2.50%, 11/20/2051
6,029,214
5,132,984
Pool # CH7863, 3.50%, 12/20/2051
662,553
604,759
Pool # CI2080, 3.50%, 12/20/2051
838,415
744,536
Pool # CH0876, 3.00%, 1/20/2052
109,101
96,343
Pool # CH0877, 3.00%, 1/20/2052
270,317
238,622
Pool # CH0878, 3.00%, 1/20/2052
304,687
268,769
Pool # CJ3916, 3.00%, 1/20/2052
736,279
663,151
Pool # CK2608, 3.00%, 1/20/2052
466,451
410,892
Pool # CK4909, 3.00%, 1/20/2052
96,836
85,302
Pool # CK4916, 3.00%, 1/20/2052
210,830
185,329
Pool # CJ8184, 3.50%, 1/20/2052
608,265
552,196
Pool # CK4918, 3.50%, 1/20/2052
71,225
65,101
Pool # CK7137, 4.00%, 1/20/2052
467,236
428,324
Pool # CK2667, 3.00%, 2/20/2052
604,828
531,668
Pool # CK2672, 3.50%, 2/20/2052
583,097
532,951
Pool # CM2154, 3.00%, 3/20/2052
753,772
661,385
Pool # CM2278, 3.50%, 4/20/2052
848,845
774,793
Pool # CO4826, 5.00%, 6/20/2052
564,176
548,967
Pool # CO4847, 5.00%, 7/20/2052
842,363
819,655
Pool # MA8200, 4.00%, 8/20/2052
1,886,240
1,757,124
Pool # CO1924, 4.50%, 10/20/2052
1,191,646
1,147,264
Pool # CP8517, 4.50%, 10/20/2052
986,866
927,555
Pool # CO1925, 5.00%, 10/20/2052
988,263
981,139
Pool # CS4305, 5.50%, 6/20/2053
2,494,289
2,484,457
Pool # CV0175, 6.50%, 6/20/2053
1,661,166
1,722,079
Pool # CS4391, 5.50%, 7/20/2053
2,996,757
2,984,941
GNMA II, Single Family, 30 Year TBA,
5.50%, 9/15/2053(j)
11,000,000
10,888,281
Total Mortgage-Backed Securities
(Cost $296,389,740)
285,853,595
Asset-Backed Securities — 15.5%
ACC Trust Series 2022-1, Class C, 3.24%,
10/20/2025(a)
1,000,000
709,091
SEE NOTES TO FINANCIAL STATEMENTS.
46
J.P. Morgan Exchange-Traded Funds
August 31, 2023


INVESTMENTS
PRINCIPAL
AMOUNT($)
VALUE($)
Asset-Backed Securities — continued
ACHV ABS TRUST
Series 2023-1PL, Class C, 7.42%,
3/18/2030(a)
1,977,000
1,991,324
Series 2023-2PL, Class C, 7.27%,
5/20/2030(a)
2,900,000
2,912,056
Series 2023-3PL, Class C, 7.35%,
8/19/2030(a)
1,750,000
1,766,132
ACRE Commercial Mortgage Ltd. Series
2021-FL4, Class B, 6.83%,
12/18/2037(a) (h)
250,000
240,048
Air Canada Pass-Through Trust (Canada)
Series 2017-1, Class AA, 3.30%,
1/15/2030(a)
372,000
327,775
Ajax Mortgage Loan Trust Series 2021-B,
Class A, 2.24%, 6/25/2066(a) (i)
239,118
226,814
American Airlines Pass-Through Trust Series
2015-2, Class A, 4.00%, 9/22/2027
180,469
164,003
American Credit Acceptance Receivables
Trust
Series 2020-2, Class C, 3.88%,
4/13/2026(a)
47,009
46,929
Series 2022-2, Class E, 6.57%,
6/13/2028(a)
300,000
285,928
Series 2022-3, Class D, 5.83%,
10/13/2028(a)
506,000
493,562
Series 2023-3, Class D, 6.82%,
10/12/2029(a)
1,955,000
1,956,656
American Homes 4 Rent Trust
Series 2014-SFR3, Class B, 4.20%,
12/17/2036(a)
125,000
121,840
Series 2015-SFR1, Class E, 5.64%,
4/17/2052(a)
150,000
147,328
Series 2015-SFR1, Class F, 5.89%,
4/17/2052(a)
400,000
391,614
Series 2015-SFR2, Class A, 3.73%,
10/17/2052(a)
88,649
85,218
AMSR Trust
Series 2020-SFR1, Class E, 3.22%,
4/17/2037(a)
500,000
468,084
Series 2020-SFR2, Class E2, 4.28%,
7/17/2037(a)
375,000
355,062
Series 2020-SFR3, Class E1, 2.56%,
9/17/2037(a)
2,082,000
1,904,190
Series 2020-SFR3, Class E2, 2.76%,
9/17/2037(a)
350,000
320,173
Series 2020-SFR4, Class A, 1.36%,
11/17/2037(a)
1,500,000
1,365,106
Series 2020-SFR5, Class D, 2.18%,
11/17/2037(a)
3,000,000
2,734,710
INVESTMENTS
PRINCIPAL
AMOUNT($)
VALUE($)
 
Series 2020-SFR4, Class E2, 2.46%,
11/17/2037(a)
425,000
385,974
Series 2021-SFR3, Class C, 1.80%,
10/17/2038(a)
1,000,000
868,236
Series 2022-SFR1, Class F, 6.02%,
3/17/2039(a)
750,000
674,727
Series 2022-SFR3, Class D, 4.00%,
10/17/2039(a)
2,120,000
1,904,483
Series 2022-SFR3, Class E2, 4.00%,
10/17/2039(a)
1,000,000
869,803
Series 2023-SFR1, Class E2, 4.00%,
4/17/2040(a)
2,085,000
1,781,515
Aqua Finance Trust Series 2019-A, Class B,
3.47%, 7/16/2040(a)
206,290
190,432
Avid Automobile Receivables Trust Series
2019-1, Class D, 4.03%, 7/15/2026(a)
300,000
297,837
British Airways Pass-Through Trust (United
Kingdom) Series 2013-1, Class A,
4.63%, 6/20/2024(a)
90,676
89,621
Business Jet Securities LLC
Series 2020-1A, Class A, 2.98%,
11/15/2035‡ (a)
396,692
374,335
Series 2020-1A, Class B, 3.97%,
11/15/2035‡ (a)
2,655,342
2,481,682
Series 2021-1A, Class A, 2.16%,
4/15/2036‡ (a)
178,583
161,619
Series 2021-1A, Class B, 2.92%,
4/15/2036‡ (a)
415,278
369,548
Series 2021-1A, Class C, 5.07%,
4/15/2036‡ (a)
175,033
163,023
BXG Receivables Note Trust
Series 2020-A, Class C, 4.22%,
2/28/2036(a)
2,159,095
1,978,230
Series 2022-A, Class A, 4.12%,
9/28/2037(a)
4,591,944
4,369,753
Series 2023-A, Class C, 7.38%,
11/15/2038(a)
2,419,086
2,349,472
CarNow Auto Receivables Trust Series
2021-1A, Class C, 2.16%,
2/17/2026(a)
106,072
105,064
Carvana Auto Receivables Trust
Series 2019-4A, Class D, 3.07%,
7/15/2025(a)
43,185
42,883
Series 2023-P2, Class A4, 5.38%,
3/12/2029(a)
2,000,000
1,955,636
Series 2023-P3, Class A4, 5.71%,
7/10/2029(a)
709,000
708,842
SEE NOTES TO FINANCIAL STATEMENTS.
August 31, 2023
J.P. Morgan Exchange-Traded Funds
47


JPMorgan Core Plus Bond ETF
SCHEDULE OF PORTFOLIO INVESTMENTS
AS OF August 31, 2023  (Unaudited) (continued)
INVESTMENTS
PRINCIPAL
AMOUNT($)
VALUE($)
Asset-Backed Securities — continued
Cascade MH Asset Trust
Series 2019-MH1, Class B, 5.00%,
11/25/2044‡ (a) (h)
401,843
370,593
Series 2021-MH1, Class A1, 1.75%,
2/25/2046(a)
849,789
722,598
Series 2022-MH1, Class M, 4.25%,
8/25/2054‡ (a) (i)
955,468
753,278
Continental Finance Credit Card ABS Master
Trust Series 2022-A, Class A, 6.19%,
10/15/2030(a)
825,000
793,198
CoreVest American Finance Trust
Series 2019-1, Class E, 5.78%,
3/15/2052(a) (h)
551,000
508,483
Series 2019-2, Class E, 5.42%,
6/15/2052(a) (h)
1,043,000
922,370
Series 2019-3, Class E, 4.90%,
10/15/2052(a) (h)
570,000
487,743
CPS Auto Receivables Trust
Series 2022-D, Class D, 8.73%,
1/16/2029(a)
1,000,000
1,040,450
Series 2023-A, Class D, 6.44%,
4/16/2029(a)
723,000
715,377
Series 2022-C, Class C, 5.28%,
4/15/2030(a)
1,000,000
979,368
Credit Acceptance Auto Loan Trust
Series 2022-3A, Class D, 9.00%,
4/18/2033(a)
1,000,000
995,467
Series 2023-1A, Class C, 7.71%,
7/15/2033(a)
1,675,000
1,690,066
Series 2023-2A, Class C, 7.15%,
9/15/2033(a)
1,500,000
1,482,519
Series 2023-3A, Class C, 7.62%,
12/15/2033(a)
2,700,000
2,703,063
DataBank Issuer Series 2021-1A, Class A2,
2.06%, 2/27/2051(a)
250,000
220,584
Delta Air Lines Pass-Through Trust Series
2019-1, Class AA, 3.20%, 4/25/2024
15,000
14,724
Diamond Resorts Owner Trust
Series 2021-1A, Class A, 1.51%,
11/21/2033(a)
178,147
162,845
Series 2021-1A, Class D, 3.83%,
11/21/2033(a)
156,269
141,017
DLLAA LLC Series 2023-1A, Class A3,
5.64%, 2/22/2028(a)
1,265,000
1,270,229
Drive Auto Receivables Trust Series 2020-2,
Class D, 3.05%, 5/15/2028
750,000
736,942
DT Auto Owner Trust
Series 2020-2A, Class D, 4.73%,
3/16/2026(a)
500,000
494,041
INVESTMENTS
PRINCIPAL
AMOUNT($)
VALUE($)
 
Series 2022-3A, Class C, 7.69%,
7/17/2028(a)
1,350,000
1,372,281
Series 2023-1A, Class D, 6.44%,
11/15/2028(a)
1,440,000
1,428,199
Series 2023-2A, Class D, 6.62%,
2/15/2029(a)
1,600,000
1,593,009
Elara HGV Timeshare Issuer LLC
Series 2021-A, Class C, 2.09%,
8/27/2035(a)
386,974
341,809
Series 2021-A, Class D, 3.32%,
8/27/2035(a)
138,205
121,715
Exeter Automobile Receivables Trust
Series 2020-2A, Class D, 4.73%,
4/15/2026(a)
308,357
306,481
Series 2023-2A, Class C, 5.75%,
7/17/2028
969,000
957,140
Series 2022-3A, Class D, 6.76%,
9/15/2028
1,000,000
998,941
Series 2022-5A, Class D, 7.40%,
2/15/2029
1,000,000
1,013,710
Series 2022-6A, Class D, 8.03%,
4/6/2029
1,291,000
1,337,320
Series 2023-4A, Class D, 6.95%,
12/17/2029
1,205,000
1,226,882
Series 2022-4A, Class E, 8.23%,
3/15/2030(a)
1,000,000
954,422
Series 2023-4A, Class E, 9.57%,
2/18/2031(a)
1,120,000
1,142,836
FHF Trust
Series 2021-1A, Class A, 1.27%,
3/15/2027(a)
136,309
131,466
Series 2022-2A, Class A, 6.14%,
12/15/2027(a)
983,650
973,613
FirstKey Homes Trust
Series 2020-SFR1, Class E, 2.79%,
8/17/2037(a)
2,300,000
2,117,670
Series 2020-SFR1, Class F1, 3.64%,
8/17/2037(a)
2,201,000
2,043,943
Series 2020-SFR2, Class E, 2.67%,
10/19/2037(a)
1,500,000
1,368,623
Series 2020-SFR2, Class F1, 3.02%,
10/19/2037(a)
1,000,000
910,528
Series 2020-SFR2, Class F2, 3.12%,
10/19/2037(a)
560,000
511,945
Series 2022-SFR3, Class D, 3.50%,
7/17/2038(a)
1,250,000
1,133,384
Series 2022-SFR3, Class E1, 3.50%,
7/17/2038(a)
1,500,000
1,340,439
SEE NOTES TO FINANCIAL STATEMENTS.
48
J.P. Morgan Exchange-Traded Funds
August 31, 2023


INVESTMENTS
PRINCIPAL
AMOUNT($)
VALUE($)
Asset-Backed Securities — continued
Series 2021-SFR1, Class E1, 2.39%,
8/17/2038(a)
500,000
430,371
Series 2021-SFR1, Class F1, 3.24%,
8/17/2038(a)
600,000
519,154
Series 2021-SFR2, Class E1, 2.26%,
9/17/2038(a)
635,000
547,073
Series 2021-SFR2, Class E2, 2.36%,
9/17/2038(a)
814,000
698,849
Series 2022-SFR1, Class E2, 5.00%,
5/17/2039(a)
2,000,000
1,807,160
Series 2022-SFR2, Class E2, 4.50%,
7/17/2039(a)
492,000
438,108
Flagship Credit Auto Trust
Series 2020-4, Class D, 2.18%,
2/16/2027(a)
280,000
261,584
Series 2021-4, Class C, 1.96%,
12/15/2027(a)
500,000
464,668
Series 2023-2, Class C, 5.81%,
5/15/2029(a)
535,000
525,580
FMC GMSR Issuer Trust
Series 2021-GT1, Class B, 4.36%,
7/25/2026(a) (h)
900,000
698,267
Series 2022-GT1, Class A, 6.19%,
4/25/2027(a)
2,000,000
1,870,612
Series 2022-GT1, Class B, 7.17%,
4/25/2027(a)
600,000
538,592
Series 2022-GT2, Class B, 10.07%,
7/25/2027(a)
1,000,000
945,656
FNMA, Grantor Trust Series 2017-T1,
Class A, 2.90%, 6/25/2027
1,091,841
1,009,524
Foundation Finance Trust
Series 2020-1A, Class B, 4.62%,
7/16/2040(a)
300,000
282,080
Series 2020-1A, Class C, 5.75%,
7/16/2040(a)
1,450,000
1,347,223
Series 2021-1A, Class C, 2.99%,
5/15/2041(a)
536,000
465,330
Series 2023-1A, Class D, 9.18%,
12/15/2043(a)
2,000,000
1,933,644
FREED ABS Trust
Series 2021-2, Class C, 1.94%,
6/19/2028(a)
106,594
105,102
Series 2022-1FP, Class D, 3.35%,
3/19/2029(a)
700,000
649,976
Series 2022-3FP, Class C, 7.05%,
8/20/2029(a)
500,000
498,019
Series 2022-4FP, Class C, 8.59%,
12/18/2029(a)
1,000,000
1,017,965
INVESTMENTS
PRINCIPAL
AMOUNT($)
VALUE($)
 
FRTKL Series 2021-SFR1, Class D, 2.17%,
9/17/2038(a)
1,000,000
865,356
GLS Auto Receivables Issuer Trust
Series 2022-1A, Class D, 3.97%,
1/18/2028(a)
4,000,000
3,785,926
Series 2021-2A, Class E, 2.87%,
5/15/2028(a)
1,500,000
1,362,148
Series 2022-3A, Class E, 8.35%,
10/15/2029(a)
750,000
723,140
Series 2023-2A, Class E, 9.37%,
1/15/2030(a)
2,000,000
1,986,249
Series 2023-1A, Class E, 11.42%,
3/15/2030(a)
1,500,000
1,599,458
GLS Auto Select Receivables Trust Series
2023-1A, Class A2, 6.27%,
8/16/2027(a)
3,000,000
2,993,844
Hertz Vehicle Financing LLC Series
2023-3A, Class A, 5.94%,
2/25/2028(a)
1,397,000
1,404,013
HGI CRE CLO Ltd. (Cayman Islands)
Series 2022-FL3, Class B, 7.81%,
4/20/2037(a) (h)
1,000,000
972,590
Series 2022-FL3, Class E, 9.51%,
4/20/2037(a) (h)
663,500
636,618
Hilton Grand Vacations Trust
Series 2022-1D, Class D, 6.79%,
6/20/2034(a)
269,072
254,521
Series 2022-2A, Class D, 8.73%,
1/25/2037(a)
473,369
463,800
Series 2020-AA, Class C, 6.42%,
2/25/2039(a)
176,187
172,105
HIN Timeshare Trust
Series 2020-A, Class D, 5.50%,
10/9/2039(a)
75,106
69,449
Series 2020-A, Class E, 6.50%,
10/9/2039(a)
337,977
311,475
HINNT LLC Series 2022-A, Class D, 6.50%,
5/15/2041(a)
557,113
525,040
Home Partners of America Trust Series
2022-1, Class D, 4.73%, 4/17/2039(a)
956,234
877,728
John Deere Owner Trust Series 2023-B,
Class A4, 5.11%, 5/15/2030
2,200,000
2,182,237
Lending Funding Trust Series 2020-2A,
Class A, 2.32%, 4/21/2031(a)
3,750,000
3,354,850
Lendingpoint Asset Securitization Trust
Series 2022-A, Class D, 4.54%,
6/15/2029(a)
1,000,000
819,801
SEE NOTES TO FINANCIAL STATEMENTS.
August 31, 2023
J.P. Morgan Exchange-Traded Funds
49


JPMorgan Core Plus Bond ETF
SCHEDULE OF PORTFOLIO INVESTMENTS
AS OF August 31, 2023  (Unaudited) (continued)
INVESTMENTS
PRINCIPAL
AMOUNT($)
VALUE($)
Asset-Backed Securities — continued
Lendmark Funding Trust
Series 2021-1A, Class D, 5.05%,
11/20/2031(a)
870,000
678,377
Series 2021-2A, Class B, 2.37%,
4/20/2032(a)
1,000,000
838,523
Series 2023-1A, Class D, 8.69%,
5/20/2033(a)
530,000
543,431
LP LMS Asset Securitization Trust
6.17%, 10/15/2028
550,000
543,015
Series 2023-1A, Class B, 7.48%,
10/17/2033‡ (a)
1,500,000
1,406,476
Series 2023-1A, Class A, 8.18%,
10/17/2033‡ (a)
1,049,339
1,042,964
Mariner Finance Issuance Trust
Series 2019-AA, Class D, 5.44%,
7/20/2032(a)
1,500,000
1,417,035
Series 2020-AA, Class D, 5.75%,
8/21/2034(a)
2,070,000
1,859,039
Series 2021-AA, Class D, 3.83%,
3/20/2036(a)
351,000
295,528
Series 2022-AA, Class D, 9.10%,
10/20/2037(a)
650,000
651,202
Series 2022-AA, Class E, 10.98%,
10/20/2037‡ (a)
3,000,000
3,000,057
Marlette Funding Trust
Series 2023-1A, Class C, 7.20%,
4/15/2033(a)
980,000
982,041
Series 2023-2A, Class C, 6.96%,
6/15/2033(a)
375,000
373,868
Mercury Financial Credit Card Master Trust
Series 2023-1A, Class A, 8.04%,
9/20/2027(a)
2,584,000
2,594,917
MVW LLC
Series 2020-1A, Class C, 4.21%,
10/20/2037(a)
105,879
99,789
Series 2020-1A, Class D, 7.14%,
10/20/2037(a)
1,058,793
1,015,126
Series 2019-2A, Class B, 2.44%,
10/20/2038(a)
50,109
46,413
Series 2023-1A, Class C, 6.54%,
10/20/2040(a)
2,733,403
2,672,870
Series 2022-2A, Class C, 7.62%,
10/21/2041(a)
799,298
799,176
Series 2022-2A, Class D, 9.00%,
10/21/2041(a)
1,940,695
1,912,246
MVW Owner Trust Series 2019-1A, Class C,
3.33%, 11/20/2036(a)
29,827
28,075
INVESTMENTS
PRINCIPAL
AMOUNT($)
VALUE($)
 
New Residential Mortgage LLC Series
2020-FNT1, Class A, 5.44%,
6/25/2025(a)
1,867,335
1,792,093
New Residential Mortgage Loan Trust
Series 2022-SFR1, Class D, 3.30%,
2/17/2039(a)
340,000
300,895
Series 2022-SFR1, Class E1, 3.55%,
2/17/2039(a)
420,000
363,651
Nissan Auto Lease Trust Series 2023-B,
Class A4, 5.61%, 11/15/2027
800,000
801,823
NMEF Funding LLC Series 2021-A, Class C,
2.58%, 12/15/2027(a)
600,000
573,228
NRZ Excess Spread-Collateralized Notes
Series 2020-PLS1, Class A, 3.84%,
12/25/2025(a)
163,177
152,152
Series 2021-FNT1, Class A, 2.98%,
3/25/2026(a)
632,958
576,081
Series 2021-FNT2, Class A, 3.23%,
5/25/2026(a)
178,381
162,219
Series 2021-GNT1, Class A, 3.47%,
11/25/2026(a)
2,573,085
2,321,140
NRZ FHT Excess LLC Series 2020-FHT1,
Class A, 4.21%, 11/25/2025(a)
2,082,413
1,933,723
Octane Receivables Trust
Series 2020-1A, Class C, 2.89%,
3/20/2026(a)
350,000
338,833
Series 2022-2A, Class C, 6.29%,
7/20/2028(a)
1,390,000
1,368,504
Series 2022-2A, Class D, 7.70%,
2/20/2030(a)
2,000,000
1,993,173
OneMain Direct Auto Receivables Trust
Series 2019-1A, Class B, 3.95%,
11/14/2028(a)
1,000,000
945,731
Oportun Funding XIV LLC
Series 2021-A, Class A, 1.21%,
3/8/2028(a)
1,118,197
1,073,163
Series 2021-A, Class C, 3.44%,
3/8/2028(a)
265,572
255,806
Oportun Issuance Trust
Series 2022-2, Class C, 9.36%,
10/9/2029(a)
1,500,000
1,502,057
Series 2022-3, Class C, 10.15%,
1/8/2030(a)
1,912,000
1,955,043
Series 2021-B, Class B, 1.96%,
5/8/2031(a)
400,000
362,702
Series 2021-B, Class C, 3.65%,
5/8/2031(a)
100,000
92,231
Series 2022-A, Class C, 7.40%,
6/9/2031(a)
755,000
719,612
SEE NOTES TO FINANCIAL STATEMENTS.
50
J.P. Morgan Exchange-Traded Funds
August 31, 2023


INVESTMENTS
PRINCIPAL
AMOUNT($)
VALUE($)
Asset-Backed Securities — continued
Series 2021-C, Class A, 2.18%,
10/8/2031(a)
3,663,000
3,332,696
Pagaya AI Debt Selection Trust Series
2021-1, Class B, 2.13%,
11/15/2027(a)
441,319
436,079
PFP Ltd. (Cayman Islands)
Series 2021-7, Class C, 7.08%,
4/14/2038(a) (h)
164,992
159,111
Series 2021-7, Class D, 7.83%,
4/14/2038(a) (h)
169,992
161,918
Porsche Financial Auto Securitization Trust
Series 2023-1A, Class A3, 4.81%,
9/22/2028(a)
1,500,000
1,484,951
Prestige Auto Receivables Trust Series
2022-1A, Class C, 7.09%,
8/15/2028(a)
1,200,000
1,201,685
PRET LLC
Series 2021-NPL6, Class A1, 2.49%,
7/25/2051(a) (i)
443,024
423,286
Series 2021-RN3, Class A1, 1.84%,
9/25/2051(a) (i)
737,822
673,389
Pretium Mortgage Credit Partners I LLC
Series 2021-NPL1, Class A1, 2.24%,
9/27/2060(a) (i)
269,629
260,515
Progress Residential
Series 2021-SFR3, Class E1, 2.54%,
5/17/2026(a)
450,000
394,187
Series 2021-SFR3, Class E2, 2.69%,
5/17/2026(a)
645,000
563,763
Progress Residential Trust
Series 2022-SFR2, Class E2, 4.80%,
4/17/2027(a)
651,000
598,149
Series 2020-SFR3, Class E, 2.30%,
10/17/2027(a)
2,300,000
2,085,812
Series 2020-SFR3, Class G, 4.11%,
10/17/2027(a)
500,000
460,964
Series 2020-SFR1, Class C, 2.18%,
4/17/2037(a)
2,100,000
1,957,780
Series 2020-SFR1, Class E, 3.03%,
4/17/2037(a)
425,000
398,839
Series 2020-SFR1, Class F, 3.43%,
4/17/2037(a)
450,000
421,407
Series 2020-SFR2, Class D, 3.87%,
6/17/2037(a)
750,000
713,296
Series 2021-SFR2, Class E2, 2.65%,
4/19/2038(a)
500,000
439,608
Series 2021-SFR5, Class E1, 2.21%,
7/17/2038(a)
950,000
817,866
Series 2021-SFR5, Class E2, 2.36%,
7/17/2038(a)
270,000
232,494
INVESTMENTS
PRINCIPAL
AMOUNT($)
VALUE($)
 
Series 2021-SFR8, Class E1, 2.38%,
10/17/2038(a)
2,650,000
2,290,500
Series 2022-SFR3, Class D, 4.45%,
4/17/2039(a)
1,090,000
1,005,596
Series 2022-SFR3, Class F, 6.60%,
4/17/2039(a)
665,000
619,938
Series 2022-SFR5, Class E2, 6.86%,
6/17/2039(a)
388,000
374,328
Series 2023-SFR1, Class E2, 6.60%,
3/17/2040(a)
796,000
744,918
Series 2021-SFR7, Class E1, 2.59%,
8/17/2040(a)
793,000
637,490
Series 2022-SFR1, Class E2, 3.99%,
2/17/2041(a)
750,000
635,659
PRPM LLC Series 2021-2, Class A1, 2.12%,
3/25/2026(a) (h)
130,052
125,261
RCO VI Mortgage LLC Series 2022-1,
Class A1, 3.00%, 1/25/2027(a) (i)
322,102
305,231
ReadyCap Lending Small Business Loan
Trust Series 2019-2, Class A, 8.00%,
12/27/2044(a) (h)
55,792
53,611
Regional Management Issuance Trust
Series 2020-1, Class C, 3.80%,
10/15/2030(a)
1,900,000
1,713,805
Series 2021-1, Class D, 5.07%,
3/17/2031(a)
500,000
423,195
Series 2022-2B, Class B, 8.51%,
11/17/2032(a)
1,227,000
1,248,011
Renew Series 2023-1A, Class A, 5.90%,
11/20/2058‡ (a)
1,351,847
1,274,073
Santander Drive Auto Receivables Trust
Series 2023-2, Class C, 5.47%,
12/16/2030
1,500,000
1,477,660
Santander Revolving Auto Loan Trust Series
2019-A, Class D, 3.45%, 1/26/2032(a)
150,000
141,542
SCF Equipment Leasing LLC Series
2022-2A, Class E, 6.50%,
6/20/2035(a)
1,112,000
958,750
Sierra Timeshare Receivables Funding LLC
Series 2020-2A, Class D, 6.59%,
7/20/2037(a)
454,639
434,961
Series 2021-1A, Class D, 3.17%,
11/20/2037(a)
206,219
188,808
Series 2022-1A, Class D, 6.00%,
10/20/2038(a)
382,367
360,352
Series 2022-3A, Class D, 10.52%,
7/20/2039(a)
593,929
603,985
Series 2023-1A, Class D, 9.80%,
1/20/2040(a)
1,377,438
1,385,787
SEE NOTES TO FINANCIAL STATEMENTS.
August 31, 2023
J.P. Morgan Exchange-Traded Funds
51


JPMorgan Core Plus Bond ETF
SCHEDULE OF PORTFOLIO INVESTMENTS
AS OF August 31, 2023  (Unaudited) (continued)
INVESTMENTS
PRINCIPAL
AMOUNT($)
VALUE($)
Asset-Backed Securities — continued
Series 2023-2A, Class D, 9.72%,
4/20/2040(a)
1,159,824
1,168,173
Series 2022-2A, Class D, 9.22%,
6/20/2040(a)
372,044
368,739
SpringCastle America Funding LLC Series
2020-AA, Class A, 1.97%,
9/25/2037(a)
543,114
493,213
Theorem Funding Trust Series 2022-2A,
Class A, 6.06%, 12/15/2028(a)
269,230
266,822
Tricon American Homes Series 2020-SFR1,
Class E, 3.54%, 7/17/2038(a)
300,000
275,468
United Airlines Pass-Through Trust
Series 2014-1, Class A, 4.00%,
4/11/2026
112,362
107,074
Series 2016-2, Class A, 3.10%,
10/7/2028
7,093
6,152
Series 2018-1, Class A, 3.70%,
3/1/2030
11,765
10,196
United Auto Credit Securitization Trust
Series 2022-2, Class C, 5.81%,
5/10/2027(a)
856,000
846,820
Series 2022-2, Class E, 10.00%,
4/10/2029(a)
1,000,000
953,612
UOG ABS Issuer I LLC Series 2023-1,
Class A1, 8.35%, 6/5/2040‡ (a)
989,717
984,768
Upstart Securitization Trust Series 2022-4,
Class A, 5.98%, 8/20/2032(a)
664,024
659,354
Upstart Structured Pass-Through Trust
Series 2022-4A, Class A, 7.01%,
11/15/2030(a)
783,572
784,036
US Airways Pass-Through Trust Series
2011-1, Class A, 7.13%, 10/22/2023
11,209
11,205
US Auto Funding Trust Series 2022-1A,
Class D, 9.14%, 7/15/2027‡ (a)
1,000,000
519,346
USASF Receivables LLC Series 2020-1A,
Class D, 9.35%, 3/15/2027(a)
750,000
750,664
VCAT LLC
Series 2021-NPL1, Class A1, 2.29%,
12/26/2050(a) (i)
132,914
128,617
Series 2021-NPL5, Class A1, 1.87%,
8/25/2051(a) (i)
765,275
728,490
Veros Auto Receivables Trust Series
2021-1, Class B, 1.49%,
10/15/2026(a)
300,000
293,352
VOLT CV LLC Series 2021-CF2, Class A1,
2.49%, 11/27/2051(a) (i)
1,509,062
1,389,196
VOLT XCII LLC Series 2021-NPL1, Class A1,
1.89%, 2/27/2051(a) (i)
869,835
818,694
VOLT XCIII LLC Series 2021-NPL2, Class A1,
1.89%, 2/27/2051(a) (i)
1,292,862
1,201,966
INVESTMENTS
PRINCIPAL
AMOUNT($)
VALUE($)
 
VOLT XCIV LLC Series 2021-NPL3, Class A1,
2.24%, 2/27/2051(a) (i)
181,629
171,448
Westgate Resorts LLC
Series 2020-1A, Class C, 6.21%,
3/20/2034(a)
60,061
59,271
Series 2022-1A, Class B, 2.29%,
8/20/2036(a)
144,547
136,477
Series 2022-1A, Class D, 3.84%,
8/20/2036(a)
578,189
537,053
Series 2023-1A, Class C, 7.49%,
12/20/2037(a)
2,833,958
2,781,672
Westlake Automobile Receivables Trust
Series 2021-3A, Class D, 2.12%,
1/15/2027(a)
500,000
465,547
Series 2021-3A, Class E, 3.42%,
4/15/2027(a)
2,500,000
2,316,647
Series 2022-2A, Class D, 5.48%,
9/15/2027(a)
1,000,000
979,631
Series 2023-3A, Class C, 6.02%,
9/15/2028(a)
2,100,000
2,096,883
Series 2023-1A, Class D, 6.79%,
11/15/2028(a)
905,000
902,478
Series 2023-2A, Class D, 7.01%,
11/15/2028(a)
1,219,000
1,217,077
Total Asset-Backed Securities
(Cost $228,565,727)
225,117,979
U.S. Treasury Obligations — 12.3%
U.S. Treasury Bonds
4.50%, 8/15/2039
3,319,000
3,420,904
1.13%, 5/15/2040
2,073,000
1,283,883
4.38%, 5/15/2040
370,000
374,481
1.13%, 8/15/2040
6,437,100
3,952,027
1.38%, 11/15/2040
2,866,000
1,829,650
4.75%, 2/15/2041
1,421,000
1,501,264
2.25%, 5/15/2041
4,977,000
3,667,233
4.38%, 5/15/2041
811,000
817,178
3.13%, 11/15/2041
1,743,000
1,470,452
3.13%, 2/15/2042
1,953,000
1,641,130
2.75%, 11/15/2042
1,571,000
1,231,762
4.00%, 11/15/2042
32,686,000
31,012,119
3.63%, 8/15/2043
2,027,000
1,811,710
3.75%, 11/15/2043
2,226,000
2,024,877
2.88%, 8/15/2045
809,000
633,011
2.38%, 11/15/2049
7,721,000
5,399,573
2.00%, 2/15/2050
358,000
229,246
1.88%, 2/15/2051
2,622,000
1,617,549
2.38%, 5/15/2051
13,009,000
9,041,763
SEE NOTES TO FINANCIAL STATEMENTS.
52
J.P. Morgan Exchange-Traded Funds
August 31, 2023


INVESTMENTS
PRINCIPAL
AMOUNT($)
VALUE($)
U.S. Treasury Obligations — continued
2.25%, 2/15/2052
1,775,000
1,197,432
4.00%, 11/15/2052
7,080,000
6,831,370
3.63%, 2/15/2053
1,682,000
1,515,377
U.S. Treasury Notes
2.13%, 2/29/2024
156,000
153,495
1.13%, 2/28/2025
565,000
532,932
0.25%, 8/31/2025
1,548,000
1,413,397
3.88%, 1/15/2026
7,383,000
7,243,415
1.13%, 10/31/2026
10,471,000
9,439,443
0.50%, 8/31/2027
6,112,000
5,251,545
3.13%, 8/31/2027
1,895,000
1,808,245
0.63%, 11/30/2027
2,224,000
1,905,864
1.25%, 3/31/2028
180,000
157,310
1.25%, 4/30/2028
4,100,000
3,575,648
1.25%, 9/30/2028
16,718,000
14,427,765
3.13%, 8/31/2029
1,870,000
1,760,064
0.88%, 11/15/2030
430,000
344,202
1.88%, 2/15/2032
5,701,000
4,791,735
2.88%, 5/15/2032
8,205,000
7,456,614
2.75%, 8/15/2032
5,487,000
4,925,226
4.13%, 11/15/2032
14,864,000
14,857,033
U.S. Treasury STRIPS Bonds
2.58%, 5/15/2032(k)
2,200,000
1,524,432
1.67%, 5/15/2033(k)
3,205,000
2,122,604
3.70%, 2/15/2034(k)
4,986,000
3,190,905
4.03%, 8/15/2039(k)
511,000
250,956
4.16%, 2/15/2040(k)
2,155,000
1,032,579
2.43%, 11/15/2040(k)
3,172,000
1,459,946
4.03%, 5/15/2041(k)
10,019,000
4,493,278
2.31%, 8/15/2041(k)
207,000
91,459
2.26%, 11/15/2041(k)
845,000
384,229
2.65%, 2/15/2042(k)
1,065,000
459,954
1.40%, 2/15/2045(k)
649,000
252,894
Total U.S. Treasury Obligations
(Cost $194,404,366)
177,811,160
Commercial Mortgage-Backed Securities — 4.9%
BAMLL Re-REMIC Trust Series 2014-FRR5,
Class AK37, 1.99%, 1/27/2047(a) (h)
770,000
740,441
BBCMS Mortgage Trust Series 2016-ETC,
Class E, 3.73%, 8/14/2036(a) (h)
4,913,000
3,546,160
BB-UBS Trust Series 2012-SHOW, Class E,
4.16%, 11/5/2036(a) (h)
225,000
193,787
BMD2 Re-Remic Trust Series 2019-FRR1,
Class 5B13, 2.20%, 5/25/2052(a) (h)
4,000,000
2,867,343
BXP Trust Series 2017-GM, Class A, 3.38%,
6/13/2039(a)
2,000,000
1,808,217
INVESTMENTS
PRINCIPAL
AMOUNT($)
VALUE($)
 
Cascade Funding Mortgage Trust
Series 2021-FRR1, Class DK45, 0.00%,
2/28/2025(a)
380,000
323,817
Series 2021-FRR1, Class CK45, 1.38%,
2/28/2025(a) (h)
500,000
448,986
Series 2021-FRR1, Class BK45, 2.08%,
2/28/2025(a) (h)
600,000
545,863
Series 2021-FRR1, Class CK54, 0.00%,
2/28/2026(a)
480,000
379,765
Series 2021-FRR1, Class DKW1, 0.00%,
2/28/2026(a)
430,000
331,357
Series 2021-FRR1, Class BK98, 0.00%,
8/29/2029(a)
1,150,000
685,316
Series 2021-FRR1, Class AK99, 0.00%,
9/29/2029(a)
3,000,000
1,900,155
Series 2021-FRR1, Class BK99, 0.00%,
9/29/2029(a)
400,000
228,029
CSMC OA LLC Series 2014-USA, Class D,
4.37%, 9/15/2037(a)
239,000
176,088
FHLMC, Multi-Family Structured Credit Risk
Series 2021-MN1, Class M1, 7.29%,
1/25/2051(a) (h)
1,567,339
1,522,559
Series 2021-MN1, Class M2, 9.04%,
1/25/2051(a) (h)
685,000
656,233
Series 2021-MN3, Class M1, 7.59%,
11/25/2051(a) (h)
473,111
457,373
Series 2022-MN4, Class M1, 9.54%,
5/25/2052(a) (h)
983,637
990,974
Series 2022-MN4, Class M2, 11.79%,
5/25/2052(a) (h)
750,000
767,174
FHLMC, Multi-Family Structured
Pass-Through Certificates
Series KW06, Class A2, 3.80%,
6/25/2028(h)
1,750,000
1,666,564
Series K088, Class A2, 3.69%,
1/25/2029
350,000
332,282
Series K128, Class X3, IO, 2.88%,
4/25/2031(h)
550,000
85,586
Series K136, Class A2, 2.13%,
11/25/2031
3,500,000
2,866,736
Series K142, Class A2, 2.40%,
3/25/2032
1,250,000
1,040,573
Series K-151, Class A2, 3.80%,
10/25/2032(h)
1,050,000
971,510
Series K-153, Class A2, 3.82%,
12/25/2032(h)
1,000,000
925,673
Series K-1520, Class X1, IO, 0.58%,
2/25/2036(h)
4,485,179
173,097
SEE NOTES TO FINANCIAL STATEMENTS.
August 31, 2023
J.P. Morgan Exchange-Traded Funds
53


JPMorgan Core Plus Bond ETF
SCHEDULE OF PORTFOLIO INVESTMENTS
AS OF August 31, 2023  (Unaudited) (continued)
INVESTMENTS
PRINCIPAL
AMOUNT($)
VALUE($)
Commercial Mortgage-Backed Securities — continued
Series K-1520, Class X3, IO, 3.20%,
4/25/2039(h)
550,000
132,377
Series K145, Class AM, 2.58%,
6/25/2055
1,100,000
919,191
Series Q014, Class X, IO, 2.79%,
10/25/2055(h)
1,878,407
330,530
FNMA ACES
Series 2017-M3, Class A2, 2.55%,
12/25/2026(h)
260,930
242,196
Series 2021-M11, Class A2, 1.51%,
3/25/2031(h)
300,000
234,871
Series 2023-M2, Class PT, 3.24%,
4/25/2031(h)
4,004,443
3,625,818
Series 2022-M1G, Class A2, 1.58%,
9/25/2031(h)
2,700,000
2,134,309
Series 2022-M1, Class A1, 1.72%,
10/25/2031(h)
477,762
413,342
Series 2022-M3, Class A2, 1.76%,
11/25/2031(h)
1,400,000
1,113,916
Series 2022-M8, Class A2, 2.00%,
12/25/2031(h)
2,500,000
2,003,898
Series 2022-M2S, Class A1, 3.88%,
5/25/2032(h)
983,913
933,658
Series 2022-M13, Class A2, 2.68%,
6/25/2032(h)
1,372,000
1,161,231
Series 2020-M53, Class A2, 1.74%,
11/25/2032(h)
1,250,000
970,122
Series 2021-M3, Class 1A1, 1.00%,
11/25/2033
42,927
40,372
Series 2021-M3, Class X1, IO, 2.05%,
11/25/2033(h)
522,351
44,095
FREMF Mortgage Trust
Series 2018-KL3W, Class CW, 4.23%,
8/25/2025(a) (h)
250,000
229,529
Series 2018-KBX1, Class B, 3.69%,
1/25/2026(a) (h)
500,000
423,940
Series 2021-KHG3, Class BFX, 2.48%,
9/25/2028(a) (h)
1,000,000
826,761
Series 2015-K44, Class B, 3.85%,
1/25/2048(a) (h)
200,000
193,010
Series 2015-K45, Class B, 3.73%,
4/25/2048(a) (h)
199,293
191,379
Series 2015-K48, Class B, 3.77%,
8/25/2048(a) (h)
200,000
191,017
Series 2015-K50, Class B, 3.91%,
10/25/2048(a) (h)
200,000
191,125
Series 2015-K51, Class B, 4.09%,
10/25/2048(a) (h)
381,860
365,707
INVESTMENTS
PRINCIPAL
AMOUNT($)
VALUE($)
 
Series 2016-K52, Class B, 4.07%,
1/25/2049(a) (h)
250,000
237,851
Series 2016-K53, Class C, 4.16%,
3/25/2049(a) (h)
70,000
66,302
Series 2016-K57, Class B, 4.05%,
8/25/2049(a) (h)
1,000,000
942,418
Series 2017-K729, Class B, 3.80%,
11/25/2049(a) (h)
300,000
289,717
Series 2018-K80, Class B, 4.38%,
8/25/2050(a) (h)
1,000,000
937,486
Series 2019-K88, Class C, 4.53%,
2/25/2052(a) (h)
1,975,000
1,813,209
FRR Re-REMIC Trust Series 2018-C1,
Class CK43, PO, 2/27/2048(a)
612,660
525,216
GAM Re-REMIC Trust
Series 2021-FRR1, Class 1B, PO,
11/29/2050(a)
5,000,000
3,523,964
Series 2022-FRR3, Class BK89, PO,
1/27/2052‡ (a)
4,000,000
2,458,638
GS Mortgage Securities Corp. II Series
2023-SHIP, Class A, 4.47%,
9/15/2038(a) (h)
4,140,000
3,982,082
Hudson Yards Mortgage Trust Series
2019-30HY, Class A, 3.23%,
7/10/2039(a)
3,000,000
2,588,126
JPMCC Re-REMIC Trust Series 2015-FRR2,
Class AK39, 2.70%, 8/27/2047(a) (h)
944,000
882,844
MHC Commercial Mortgage Trust Series
2021-MHC, Class F, 8.03%,
4/15/2038(a) (h)
600,000
583,447
Multi-Family Connecticut Avenue Securities
Trust
Series 2019-01, Class M10, 8.65%,
10/25/2049(a) (h)
3,409,063
3,319,372
Series 2020-01, Class M7, 7.35%,
3/25/2050(a) (h)
63,938
63,564
Series 2020-01, Class M10, 9.15%,
3/25/2050(a) (h)
4,255,000
4,138,447
RFM Reremic Trust Series 2022-FRR1,
Class BK64, 1.76%, 3/1/2050(a) (h)
2,328,481
1,845,015
Total Commercial Mortgage-Backed
Securities
(Cost $74,423,910)
71,741,750
Collateralized Mortgage Obligations — 3.5%
Anchor Mortgage Trust Series 2021-1,
Class A2, 3.65%, 10/25/2026(a) (i)
476,191
435,151
Connecticut Avenue Securities Trust Series
2023-R06, Class 1M2, 7.99%,
7/25/2043(a) (h)
1,500,000
1,508,445
SEE NOTES TO FINANCIAL STATEMENTS.
54
J.P. Morgan Exchange-Traded Funds
August 31, 2023


INVESTMENTS
PRINCIPAL
AMOUNT($)
VALUE($)
Collateralized Mortgage Obligations — continued
CSMC Trust
Series 2021-JR1, Class A1, 2.46%,
9/27/2066(a) (h)
384,081
372,043
Series 2022-JR1, Class A1, 4.27%,
10/25/2066(a) (i)
587,386
570,450
FHLMC, REMIC
Series 5200, Class YV, 2.50%,
7/25/2033
4,055,526
3,596,518
Series 2708, Class ZD, 5.50%,
11/15/2033
75,355
75,050
Series 4302, Class PA, 4.00%,
12/15/2043
57,223
54,450
Series 4281, Class BC, 4.50%,
12/15/2043(h)
85,768
83,095
Series 5141, Class AH, 2.25%,
11/25/2047
1,342,086
1,165,633
Series 5200, Class MA, 2.50%,
8/25/2048
3,434,894
3,008,022
Series 5028, Class JG, 1.50%,
8/25/2050
3,025,055
2,357,755
Series 5155, Class JD, 1.25%,
10/25/2051
1,503,022
1,141,253
FNMA, REMIC
Series 2003-7, Class FA, 6.15%,
2/25/2033(h)
74,610
74,768
Series 2013-108, Class GU, 3.00%,
10/25/2033
406,528
379,310
Series 2005-110, Class TY, 5.50%,
12/25/2035
46,165
46,054
Series 2007-89, Class F, 5.98%,
9/25/2037(h)
84,240
83,638
Series 2011-112, Class PB, 4.00%,
11/25/2041
109,768
103,395
Series 2014-57, Class PE, 3.00%,
9/25/2044
1,129,000
914,952
Series 2021-14, Class CB, 1.00%,
11/25/2049
3,957,153
2,979,758
GNMA
Series 2012-61, Class FM, 5.83%,
5/16/2042(h)
356,769
350,685
Series 2020-165, Class UD, 1.50%,
11/20/2050
736,011
549,749
Series 2010-H24, Class FA, 5.61%,
10/20/2060(h)
45,754
45,450
Series 2014-H03, Class FA, 5.82%,
1/20/2064(h)
24,917
24,822
Series 2015-H05, Class FC, 5.70%,
2/20/2065(h)
231,520
230,098
INVESTMENTS
PRINCIPAL
AMOUNT($)
VALUE($)
 
Series 2021-H14, Class CF, 6.64%,
9/20/2071(h)
2,898,672
2,951,263
GS Mortgage-Backed Securities Corp. Trust
Series 2021-RPL1, Class A1, 1.75%,
12/25/2060(a) (h)
2,973,526
2,680,244
Home RE Ltd. (Bermuda) Series 2022-1,
Class M1C, 10.79%, 10/25/2034(a)
(h)
750,000
768,132
LHOME Mortgage Trust
Series 2021-RTL1, Class A1, 2.09%,
2/25/2026(a) (h)
79,386
78,835
Series 2023-RTL1, Class A1, 7.87%,
1/25/2028(a) (i)
1,320,000
1,313,459
Series 2023-RTL2, Class A1, 8.00%,
6/25/2028(a) (i)
2,000,000
1,994,277
PMT Credit Risk Transfer Trust Series
2021-1R, Class A, 8.34%,
2/27/2024(a) (h)
2,391,337
2,377,504
Prairie Lake, 4.52%, 10/1/2033(j)
1,200,000
1,175,825
Radnor RE Ltd. (Bermuda) Series 2022-1,
Class M1B, 12.04%, 9/25/2032(a) (h)
400,000
424,281
Seasoned Credit Risk Transfer Trust
Series 2018-1, Class MA, 3.00%,
5/25/2057
386,619
351,850
Series 2018-1, Class M60C, 3.50%,
5/25/2057
140,875
130,248
Series 2018-3, Class MA, 3.50%,
8/25/2057(h)
56,265
52,614
Series 2018-3, Class M55D, 4.00%,
8/25/2057(h)
264,873
247,532
Series 2018-2, Class MT, 3.50%,
11/25/2057
585,188
508,171
Series 2018-2, Class M55D, 4.00%,
11/25/2057
291,211
272,382
Series 2019-1, Class MA, 3.50%,
7/25/2058
2,849,648
2,652,903
Series 2019-2, Class MA, 3.50%,
8/25/2058
1,478,991
1,372,334
Series 2020-1, Class MA, 2.50%,
8/25/2059
4,415,791
3,966,342
Series 2020-3, Class M5TW, 3.00%,
5/25/2060
472,275
416,520
Series 2020-3, Class TTW, 3.00%,
5/25/2060
444,922
405,761
Series 2021-1, Class BXS, 13.28%,
9/25/2060(a) (h)
149,407
103,424
Series 2022-1, Class MTU, 3.25%,
11/25/2061
486,082
411,521
Series 2023-1, Class MT, 3.00%,
10/25/2062
3,100,000
2,596,450
SEE NOTES TO FINANCIAL STATEMENTS.
August 31, 2023
J.P. Morgan Exchange-Traded Funds
55


JPMorgan Core Plus Bond ETF
SCHEDULE OF PORTFOLIO INVESTMENTS
AS OF August 31, 2023  (Unaudited) (continued)
INVESTMENTS
PRINCIPAL
AMOUNT($)
VALUE($)
Collateralized Mortgage Obligations — continued
Towd Point Mortgage Trust Series 2021-R1,
Class A2C, 3.31%, 11/30/2060(a)
754,000
690,044
Two Harbors Msr Frn, 7.25%, 4/15/2024
(a)
1,500,000
1,500,000
VM Master Issuer LLC Series 2022-1,
Class B, 6.88%, 5/24/2025‡ (a) (h)
800,000
717,680
Total Collateralized Mortgage Obligations
(Cost $51,368,746)
50,310,140
Loan Assignments — 0.3% (d) (l)
Broadline Retail — 0.0% ^
GoodRx, Inc., 1st Lien Term Loan (1-MONTH
CME TERM SOFR + 2.75%), 8.18%,
10/10/2025
623,349
621,903
Machinery — 0.0% ^
Alliance Laundry Systems LLC, 1st Lien
Term Loan B (1-MONTH CME TERM SOFR
+ 3.50%; 3-MONTH CME TERM SOFR +
3.50%), 8.91%, 10/8/2027(m)
600,000
600,462
Personal Care Products — 0.1%
Nestle Skin Health SA, Term Loan B
(Luxembourg) (3-MONTH CME TERM
SOFR + 3.75%), 9.09%, 10/1/2026
623,406
623,755
Semiconductors & Semiconductor Equipment — 0.1%
Brooks Automation, 1st Lien Term Loan B
(1-MONTH SOFR + 3.10%; 6-MONTH
SOFR + 3.10%), 8.26%, 2/1/2029(m)
650,000
646,477
Software — 0.0% ^
Genesys Telecom Holdings US, Inc., 1st Lien
Term Loan B (1-MONTH CME TERM SOFR
+ 4.00%), 9.45%, 12/1/2027(m)
623,402
623,015
Specialty Retail — 0.1%
AppleCaramel Buyer LLC, 1st Lien Term
Loan B (1-MONTH CME TERM SOFR +
3.75%), 9.08%, 10/19/2027(m)
498,734
497,901
Petco Health and Wellness Co., Inc., Term
Loan B (3-MONTH CME TERM SOFR +
3.25%), 8.75%, 3/3/2028
495,342
492,063
 
989,964
Total Loan Assignments
(Cost $4,088,653)
4,105,576
U.S. Government Agency Securities — 0.1%
Resolution Funding Corp. STRIPS
DN, 4.39%, 4/15/2030(k) (Cost
$1,648,899)
2,195,000
1,612,300
INVESTMENTS
PRINCIPAL
AMOUNT($)
VALUE($)
Municipal Bonds — 0.0% (n) ^
Ohio — 0.0% ^
Ohio University, General Receipts, Federally
Taxable Rev., 5.59%, 12/1/2114
25,000
23,077
Texas — 0.0% ^
Texas Natural Gas Securitization Finance
Corp., Winter Storm URI Series 2023A-2,
Rev., 5.17%, 4/1/2041
45,000
44,839
Total Municipal Bonds
(Cost $77,770)
67,916
SHARES
Common Stocks — 0.0% ^
Diversified Telecommunication Services — 0.0% ^
Windstream Holdings, Inc.‡ *
16
172
Oil, Gas & Consumable Fuels — 0.0% ^
Chesapeake Energy Corp.
185
16,319
EP Energy Corp.‡ *
275
1,925
 
18,244
Professional Services — 0.0% ^
NMG, Inc.‡ *
1
115
Wireless Telecommunication Services — 0.0% ^
Intelsat SA (Luxembourg)‡ *
270
6,210
Total Common Stocks
(Cost $10,146)
24,741
Preferred Stocks — 0.0% ^
Broadline Retail — 0.0% ^
MYT Holding LLC Series A, 10.00%,
6/6/2029
(Cost $2,753)
2,868
2,223
NO. OF
WARRANTS
Warrants — 0.0% ^
Media — 0.0% ^
Nmg Research Ltd. expiring 9/24/2027,
price 1.00 USD (United Kingdom)‡ *
(Cost $1)
78
1,365
NO. OF
RIGHTS
Rights — 0.0% ^
Diversified Telecommunication Services — 0.0% ^
Intelsat Jackson Holdings SA, expiring
12/5/2025 (Luxembourg) ‡ *
(Cost $1 )
56
1
SEE NOTES TO FINANCIAL STATEMENTS.
56
J.P. Morgan Exchange-Traded Funds
August 31, 2023


INVESTMENTS
SHARES
VALUE($)
Short-Term Investments — 16.2%
Investment Companies — 16.2%
JPMorgan U.S. Government Money Market
Fund Class IM Shares, 5.27%(o) (p)
(Cost $235,103,925)
235,103,925
235,103,925
Total Investments — 101.3%
(Cost $1,517,182,948)
1,468,989,254
Liabilities in Excess of Other Assets —
(1.3)%
(19,047,553
)
NET ASSETS — 100.0%
1,449,941,701

Percentages indicated are based on net assets.
Abbreviations
 
ABS
Asset-Backed Securities
ACES
Alternative Credit Enhancement Securities
ARM
Adjustable Rate Mortgage. The interest rate shown is the rate in
effect as of August 31, 2023.
CME
Chicago Mercantile Exchange
CSMC
Credit Suisse Mortgage Trust
DN
Discount Notes
FHLMC
Federal Home Loan Mortgage Corp.
FNMA
Federal National Mortgage Association
FRN
Floating Rate Note
GNMA
Government National Mortgage Association
ICE
Intercontinental Exchange
IO
Interest Only represents the right to receive the monthly interest
payments on an underlying pool of mortgage loans. The principal
amount shown represents the par value on the underlying pool.
The yields on these securities are subject to accelerated principal
paydowns as a result of prepayment or refinancing of the
underlying pool of mortgage instruments. As a result, interest
income may be reduced considerably.
LIBOR
London Interbank Offered Rate
PIK
Payment In Kind
PO
Principal Only represents the right to receive the principal portion
only on an underlying pool of mortgage loans. The market value of
these securities is extremely volatile in response to changes in
market interest rates. As prepayments on the underlying
mortgages of these securities increase, the yield on these
securities increases.
PT
Limited liability company
RE
Reinsured
REIT
Real Estate Investment Trust
REMIC
Real Estate Mortgage Investment Conduit
Re-REMIC
Combined Real Estate Mortgage Investment Conduit
Rev.
Revenue
SCA
Limited partnership with share capital
SOFR
Secured Overnight Financing Rate
SOFRINDX
Compounding index of the Secured Overnight Financing Rate
STRIPS
Separate Trading of Registered Interest and Principal of Securities.
The STRIPS Program lets investors hold and trade individual
interest and principal components of eligible notes and bonds as
separate securities.
TBA
To Be Announced; Security is subject to delayed delivery.
UMBS
Uniform Mortgage-Backed Securities
USD
United States Dollar
^
Amount rounds to less than 0.1% of net assets.
Value determined using significant unobservable
inputs.
 
*
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)
Defaulted security.
 
(c)
Security has the ability to pay in kind (“PIK”) or pay
income in cash. When applicable, separate rates of
such payments are disclosed.
 
(d)
Variable or floating rate security, linked to the
referenced benchmark. The interest rate shown is the
current rate as of August 31, 2023.
 
(e)
Contingent Capital security (“CoCo”). CoCos are hybrid
debt securities that may be convertible into equity or
may be written down if a pre-specified trigger event
occurs. The total value of aggregate CoCo holdings at
August 31, 2023 is $635,002 or 0.04% of the
Fund’s net assets as of August 31, 2023.
 
(f)
Security is an interest bearing note with preferred
security characteristics.
 
(g)
Security is perpetual and thus, does not have a
predetermined maturity date. The coupon rate for this
security is fixed for a period of time and may be
structured to adjust thereafter. The date shown, if
applicable, reflects the next call date. The coupon rate
shown is the rate in effect as of  August 31, 2023.
 
(h)
Variable or floating rate security, the interest rate of
which adjusts periodically based on changes in current
interest rates and prepayments on the underlying
pool of assets. The interest rate shown is the current
rate as of August 31, 2023.
 
(i)
Step bond. Interest rate is a fixed rate for an initial
period that either resets at a specific date or may
reset in the future contingent upon a predetermined
trigger. The interest rate shown is the current rate as
of August 31, 2023.
 
(j)
All or a portion of the security is a when-issued
security, delayed delivery security, or forward
commitment.
 
(k)
The rate shown is the effective yield as of August 31,
2023.
 
(l)
Loan assignments are presented by obligor. Each
series or loan tranche underlying each obligor may
have varying terms.
 
SEE NOTES TO FINANCIAL STATEMENTS.
August 31, 2023
J.P. Morgan Exchange-Traded Funds
57


JPMorgan Core Plus Bond ETF
SCHEDULE OF PORTFOLIO INVESTMENTS
AS OF August 31, 2023  (Unaudited) (continued)
(m)
All or a portion of this security is unsettled as of
August 31, 2023. Unless otherwise indicated, the
coupon rate is undetermined. The coupon rate shown
may not be accrued for the entire position.
 
(n)
The date shown represents the earliest of the
prerefunded date, next put date or final maturity date.
 
(o)
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.
 
(p)
The rate shown is the current yield as of August 31,
2023.
 
Futures contracts outstanding as of August 31, 2023:
DESCRIPTION
NUMBER OF
CONTRACTS
EXPIRATION DATE
TRADING CURRENCY
NOTIONAL
AMOUNT ($)
VALUE AND
UNREALIZED
APPRECIATION
(DEPRECIATION) ($)
Long Contracts
U.S. Treasury 10 Year Note
724
12/19/2023
USD
80,375,313
626,612
U.S. Treasury 10 Year Ultra Note
3
12/19/2023
USD
348,234
3,651
U.S. Treasury Long Bond
271
12/19/2023
USD
32,943,438
348,884
U.S. Treasury Ultra Bond
442
12/19/2023
USD
57,211,375
694,097
U.S. Treasury 2 Year Note
596
12/29/2023
USD
121,495,531
243,650
U.S. Treasury 5 Year Note
992
12/29/2023
USD
106,097,500
540,118
 
2,457,012
Short Contracts
U.S. Treasury 10 Year Note
(2
)
12/19/2023
USD
(222,031
)
(1,770
)
U.S. Treasury 10 Year Ultra Note
(92
)
12/19/2023
USD
(10,679,188
)
(74,420
)
U.S. Treasury Long Bond
(3
)
12/19/2023
USD
(364,688
)
(3,897
)
U.S. Treasury 5 Year Note
(1
)
12/29/2023
USD
(106,953
)
(588
)
 
(80,675
)
 
2,376,337
Abbreviations
 
USD
United States Dollar
Forward foreign currency exchange contracts outstanding as of August 31, 2023:
CURRENCY
PURCHASED
CURRENCY
SOLD
COUNTERPARTY
SETTLEMENT
DATE
UNREALIZED
APPRECIATION
(DEPRECIATION) ($)
JPY
349,102,134
USD
2,470,150
BNP Paribas
9/15/2023
(66,952
)
JPY
139,470,662
USD
968,572
HSBC Bank, NA
9/15/2023
(8,465
)
Net unrealized depreciation
(75,417
)
Abbreviations
 
JPY
Japanese Yen
USD
United States Dollar
SEE NOTES TO FINANCIAL STATEMENTS.
58
J.P. Morgan Exchange-Traded Funds
August 31, 2023


Over-the-Counter ("OTC") Credit default swap contracts outstanding — buy protection (*) as of August 31, 2023:
REFERENCE
OBLIGATION/INDEX
FINANCING
RATE PAID
BY THE FUND
(%)
PAYMENT
FREQUENCY
COUNTERPARTY
MATURITY
DATE
IMPLIED
CREDIT
SPREAD
(%)(a)
NOTIONAL
AMOUNT(b)
UPFRONT
PAYMENTS
(RECEIPTS)
($)(c)
UNREALIZED
APPRECIATION
(DEPRECIATION)
($)
VALUE
($)
Bank of America Corp.,
3.50%, 4/19/2026
1.00
Quarterly
Morgan Stanley
6/20/2028
0.77
USD2,300,000
18,462
(45,255
)
(26,793
)
Bank of America Corp.,
3.50%, 4/19/2026
1.00
Quarterly
Morgan Stanley
6/20/2028
0.77
USD3,000,000
21,501
(56,448
)
(34,947
)
Bank of America Corp.,
3.50%, 4/19/2026
1.00
Quarterly
Morgan Stanley
6/20/2028
0.77
USD2,900,000
9,798
(43,580
)
(33,782
)
Bank of America Corp.,
3.50%, 4/19/2026
1.00
Quarterly
Morgan Stanley
6/20/2028
0.77
USD210,000
2,125
(4,571
)
(2,446
)
 
 
 
 
 
51,886
(149,854
)
(97,968
)
(*)
The Fund, as a buyer of credit protection, is generally obligated to make periodic payments and may also pay or receive an upfront premium
to or from the protection seller, in exchange for the right to receive a contingent payment, upon occurrence of a credit event with respect to
an underlying reference obligation, as defined under the terms of individual swap contracts.
 
(a)
Implied credit spreads are an indication of the seller's performance risk, related to the likelihood of a credit event occurring that would require a seller to
make payment to a buyer. Implied credit spreads are used to determine the value of swap contracts and reflect the cost of buying/selling protection, which
may include upfront payments made to enter into the contract. Therefore, higher spreads would indicate a greater likelihood that a seller will be obligated
to perform (i.e. make payment) under the swap contract. Increasing values, in absolute terms and relative to notional amounts, are also indicative of
greater performance risk. Implied credit spreads for credit default swaps on credit indices are linked to the weighted average spread across the underlying
reference obligations included in a particular index.
(b)
The notional amount is the maximum amount that a seller of credit protection would be obligated to pay and a buyer of credit protection would receive,
upon occurrence of a credit event.
(c)
Upfront payments and receipts generally represent premiums paid or received at the initiation of the agreement to compensate the differences between
the stated terms of the swap agreement and current market conditions (credit spreads, interest rates and other relevant factors).
Abbreviations
 
 
 
 
 
 
 
 
 
USD
United States Dollar
 
 
 
 
 
 
 
 
Centrally Cleared Credit default swap contracts outstanding — sell protection(**) as of August 31, 2023:
REFERENCE
OBLIGATION/INDEX
FINANCING
RATE PAID
BY THE FUND
(%)
PAYMENT
FREQUENCY
MATURITY
DATE
IMPLIED
CREDIT
SPREAD
(%)(a)
NOTIONAL
AMOUNT(b)
UPFRONT
PAYMENTS
(RECEIPTS)
($)(c)
UNREALIZED
APPRECIATION
(DEPRECIATION)
($)
VALUE
($)
CDX.NA.IG.38-V1
1.00
Quarterly
6/20/2027
0.54
USD11,000,000
(4,374
)
202,600
198,226
CDX.NA.IG.39-V1
1.00
Quarterly
12/20/2027
0.61
USD7,250,000
71,753
52,059
123,812
 
 
 
 
67,379
254,659
322,038
(**)
The Fund, as a seller of credit protection, receives periodic payments and may also receive or pay an upfront premium from or to the protection buyer,
and is obligated to make a contingent payment, upon occurrence of a credit event with respect to an underlying reference obligation, as defined under the
terms of individual swap contracts.
(a)
Implied credit spreads are an indication of the seller's performance risk, related to the likelihood of a credit event occurring that would require a seller to
make payment to a buyer. Implied credit spreads are used to determine the value of swap contracts and reflect the cost of buying/selling protection, which
may include upfront payments made to enter into the contract. Therefore, higher spreads would indicate a greater likelihood that a seller will be obligated
to perform (i.e. make payment) under the swap contract.Increasing values, in absolute terms and relative to notional amounts, are also indicative of
greater performance risk. Implied credit spreads for credit default swaps on credit indices are linked to the weighted average spread across the underlying
reference obligations included in a particular index.
SEE NOTES TO FINANCIAL STATEMENTS.
August 31, 2023
J.P. Morgan Exchange-Traded Funds
59


JPMorgan Core Plus Bond ETF
SCHEDULE OF PORTFOLIO INVESTMENTS
AS OF August 31, 2023  (Unaudited) (continued)
(b)
The notional amount is the maximum amount that a seller of credit protection would be obligated to pay and a buyer of credit protection would receive,
upon occurrence of a credit event.
(c)
Upfront payments and receipts generally represent premiums paid or received at the initiation of the agreement to compensate the differences between
the stated terms of the swap agreement and current market conditions (credit spreads, interest rates and other relevant factors).
Abbreviations
 
CDX
Credit Default Swap Index
USD
United States Dollar
Summary of total OTC swap contracts outstanding as of August 31, 2023:
 
NET UPFRONT
PAYMENTS
(RECEIPTS)
($)
VALUE
($)
Liabilities
OTC Credit default swap contracts outstanding - buy protection
51,886
(97,968
)
SEE NOTES TO FINANCIAL STATEMENTS.
60
J.P. Morgan Exchange-Traded Funds
August 31, 2023


JPMorgan Income ETF
SCHEDULE OF PORTFOLIO INVESTMENTS
AS OF August 31, 2023  (Unaudited)
INVESTMENTS
PRINCIPAL
AMOUNT($)
VALUE($)
Corporate Bonds — 38.6%
Aerospace & Defense — 0.3%
Bombardier, Inc. (Canada)
7.50%, 3/15/2025(a)
64,000
64,038
7.88%, 4/15/2027(a)
455,000
453,824
BWX Technologies, Inc. 4.13%, 6/30/2028(a)
100,000
90,996
Spirit AeroSystems, Inc. 9.38%,
11/30/2029(a)
377,000
392,877
TransDigm, Inc. 6.25%, 3/15/2026(a)
490,000
485,330
Triumph Group, Inc. 9.00%, 3/15/2028(a)
146,000
146,988
 
1,634,053
Automobile Components — 1.1%
Adient Global Holdings Ltd.
4.88%, 8/15/2026(a)
600,000
577,830
7.00%, 4/15/2028(a)
145,000
146,492
8.25%, 4/15/2031(a)
120,000
123,024
Allison Transmission, Inc.
4.75%, 10/1/2027(a)
25,000
23,471
5.88%, 6/1/2029(a)
515,000
497,400
3.75%, 1/30/2031(a)
390,000
325,753
American Axle & Manufacturing, Inc.
6.25%, 3/15/2026
10,000
9,727
6.50%, 4/1/2027
263,000
249,256
6.88%, 7/1/2028
390,000
357,716
5.00%, 10/1/2029
75,000
61,744
Clarios Global LP
6.75%, 5/15/2025(a)
135,000
134,948
6.25%, 5/15/2026(a)
1,085,000
1,074,556
8.50%, 5/15/2027(a)
795,000
803,003
Cooper-Standard Automotive, Inc. 13.50%
(Blend (Cash 9.00% + PIK 4.50%)),
3/31/2027(a) (b)
101,725
103,327
Dana, Inc.
5.38%, 11/15/2027
140,000
132,443
5.63%, 6/15/2028
185,000
174,152
4.25%, 9/1/2030
40,000
32,890
Dornoch Debt Merger Sub, Inc. 6.63%,
10/15/2029(a)
80,000
68,968
Goodyear Tire & Rubber Co. (The) 5.00%,
7/15/2029
1,334,000
1,183,923
Icahn Enterprises LP 6.25%, 5/15/2026
500,000
463,230
 
6,543,853
Banks — 1.7%
Banco do Brasil SA (Brazil) (US Treasury Yield
Curve Rate T Note Constant Maturity 10 Year
+ 6.36%), 9.00%, 6/18/2024(c) (d) (e)
(f) (g)
200,000
200,180
INVESTMENTS
PRINCIPAL
AMOUNT($)
VALUE($)
 
Banks — continued
Banco Mercantil del Norte SA (Mexico) (US
Treasury Yield Curve Rate T Note Constant
Maturity 10 Year + 5.47%), 7.50%,
6/27/2029(c) (d) (e) (f) (g)
400,000
364,536
Bank of Nova Scotia (The) (Canada) (US
Treasury Yield Curve Rate T Note Constant
Maturity 5 Year + 4.39%), 8.63%,
10/27/2082(c) (g)
600,000
611,625
BPCE SA (France)
(SOFR + 2.10%), 5.97%,
1/18/2027(a) (g)
4,678,000
4,654,299
5.13%, 1/18/2028(a)
725,000
711,016
Citigroup, Inc.
Series U, (SOFR + 3.81%), 5.00%,
9/12/2024(d) (e) (g)
95,000
90,934
(US Treasury Yield Curve Rate T
Note Constant Maturity 5 Year + 3.42%),
3.88%, 2/18/2026(d) (e) (g)
100,000
87,504
Danske Bank A/S (Denmark) (US Treasury Yield
Curve Rate T Note Constant Maturity 1 Year
+ 2.10%), 6.47%, 1/9/2026(a) (g)
200,000
200,092
HSBC Holdings plc (United Kingdom)
(SOFR + 3.35%), 7.39%, 11/3/2028(g)
290,000
304,681
(US Treasury Yield Curve Rate T
Note Constant Maturity 5 Year + 3.65%),
4.60%, 12/17/2030(c) (d) (e) (g)
200,000
154,745
ING Groep NV (Netherlands) (USD ICE Swap
Rate 5 Year + 4.20%), 6.75%,
4/16/2024(c) (d) (e) (f) (g)
200,000
195,149
Nordea Bank Abp (Finland) (US Treasury Yield
Curve Rate T Note Constant Maturity 5 Year
+ 4.11%), 6.63%, 3/26/2026(a) (c) (d)
(e) (g)
200,000
188,999
Santander UK Group Holdings plc (United
Kingdom) (SOFR + 2.60%), 6.53%,
1/10/2029(g)
720,000
725,670
Societe Generale SA (France) (US Treasury
Yield Curve Rate T Note Constant Maturity 1
Year + 2.30%), 6.45%, 1/12/2027(a) (g)
315,000
316,474
Toronto-Dominion Bank (The) (US Treasury
Yield Curve Rate T Note Constant Maturity 5
Year + 4.08%), 8.13%, 10/31/2082(c) (g)
950,000
954,770
SEE NOTES TO FINANCIAL STATEMENTS.
August 31, 2023
 
61


JPMorgan Income ETF
SCHEDULE OF PORTFOLIO INVESTMENTS
AS OF August 31, 2023  (Unaudited) (continued)
INVESTMENTS
PRINCIPAL
AMOUNT($)
VALUE($)
Corporate Bonds — continued
Banks — continued
Wells Fargo & Co.
Series BB, (US Treasury Yield Curve Rate T
Note Constant Maturity 5 Year + 3.45%),
3.90%, 3/15/2026(d) (e) (g)
162,000
143,613
(US Treasury Yield Curve Rate T
Note Constant Maturity 5 Year + 3.61%),
7.63%, 9/15/2028(d) (e) (g)
165,000
168,919
 
10,073,206
Biotechnology — 0.1%
Grifols SA (Spain) 4.75%, 10/15/2028(a)
400,000
350,932
Broadline Retail — 0.2%
NMG Holding Co., Inc. 7.13%, 4/1/2026(a)
1,065,000
1,012,193
Nordstrom, Inc.
4.00%, 3/15/2027
100,000
87,232
4.25%, 8/1/2031
110,000
82,751
Shutterfly Finance LLC
8.50% (Blend (Cash 4.25% + PIK 4.25%)),
10/1/2027(a) (b)
189,000
122,866
9.75%, 10/1/2027(a)
22,913
22,684
 
1,327,726
Building Products — 0.6%
Builders FirstSource, Inc. 6.38%,
6/15/2032(a)
500,000
487,468
Emerald Debt Merger Sub LLC 6.63%,
12/15/2030(a)
830,000
817,069
Griffon Corp. 5.75%, 3/1/2028
85,000
79,220
JELD-WEN, Inc. 4.88%, 12/15/2027(a)
125,000
111,248
Masonite International Corp. 5.38%,
2/1/2028(a)
100,000
94,750
MIWD Holdco II LLC 5.50%, 2/1/2030(a)
150,000
127,143
Standard Industries, Inc.
4.75%, 1/15/2028(a)
1,695,000
1,561,094
4.38%, 7/15/2030(a)
250,000
214,303
 
3,492,295
Capital Markets — 0.5%
Coinbase Global, Inc. 3.38%, 10/1/2028(a)
30,000
22,068
Goldman Sachs Group, Inc. (The)
Series R, (US Treasury Yield Curve Rate T
Note Constant Maturity 5 Year + 3.22%),
4.95%, 2/10/2025(d) (e) (g)
95,000
88,525
(SOFR + 1.08%), 5.80%, 8/10/2026(g)
1,150,000
1,146,456
INVESTMENTS
PRINCIPAL
AMOUNT($)
VALUE($)
 
Capital Markets — continued
Series W, (US Treasury Yield Curve Rate T
Note Constant Maturity 5 Year + 3.16%),
7.50%, 2/10/2029(d) (e) (g)
390,000
391,950
Nasdaq, Inc. 5.35%, 6/28/2028
1,160,000
1,160,481
 
2,809,480
Chemicals — 1.2%
Axalta Coating Systems LLC
4.75%, 6/15/2027(a)
200,000
188,203
3.38%, 2/15/2029(a)
900,000
763,318
Braskem Idesa SAPI 6.99%, 2/20/2032(a)
400,000
238,348
Braskem Netherlands Finance BV (Brazil)
7.25%, 2/13/2033(a)
200,000
188,690
Celanese US Holdings LLC 1.40%, 8/5/2026
240,000
209,774
Chemours Co. (The)
5.75%, 11/15/2028(a)
1,295,000
1,163,324
4.63%, 11/15/2029(a)
75,000
62,351
Element Solutions, Inc. 3.88%, 9/1/2028(a)
365,000
320,879
NOVA Chemicals Corp. (Canada)
5.25%, 6/1/2027(a)
1,405,000
1,249,124
4.25%, 5/15/2029(a)
25,000
20,306
Scotts Miracle-Gro Co. (The)
5.25%, 12/15/2026
20,000
18,944
4.50%, 10/15/2029
1,070,000
894,862
4.00%, 4/1/2031
320,000
251,514
Trinseo Materials Operating SCA
5.38%, 9/1/2025(a)
45,000
41,922
5.13%, 4/1/2029(a)
220,000
118,858
WR Grace Holdings LLC
4.88%, 6/15/2027(a)
790,000
736,786
5.63%, 8/15/2029(a)
795,000
672,331
 
7,139,534
Commercial Services & Supplies — 1.2%
ACCO Brands Corp. 4.25%, 3/15/2029(a)
805,000
687,728
ADT Security Corp. (The)
4.13%, 8/1/2029(a)
490,000
427,682
4.88%, 7/15/2032(a)
180,000
155,268
Allied Universal Holdco LLC 6.63%,
7/15/2026(a)
925,000
879,809
Aramark Services, Inc. 5.00%, 2/1/2028(a)
785,000
732,339
Brink's Co. (The) 4.63%, 10/15/2027(a)
235,000
218,519
Garda World Security Corp. 4.63%,
2/15/2027(a)
50,000
46,255
GFL Environmental, Inc. (Canada)
SEE NOTES TO FINANCIAL STATEMENTS.
62
 
August 31, 2023


INVESTMENTS
PRINCIPAL
AMOUNT($)
VALUE($)
Corporate Bonds — continued
Commercial Services & Supplies — continued
3.75%, 8/1/2025(a)
890,000
847,333
5.13%, 12/15/2026(a)
25,000
24,190
4.00%, 8/1/2028(a)
610,000
544,558
4.38%, 8/15/2029(a)
60,000
53,071
Madison IAQ LLC 4.13%, 6/30/2028(a)
1,420,000
1,256,320
Prime Security Services Borrower LLC
5.75%, 4/15/2026(a)
385,000
377,818
3.38%, 8/31/2027(a)
940,000
836,038
Stericycle, Inc. 3.88%, 1/15/2029(a)
250,000
217,671
 
7,304,599
Communications Equipment — 0.3%
CommScope, Inc.
6.00%, 3/1/2026(a)
1,170,000
1,063,256
8.25%, 3/1/2027(a)
710,000
470,382
4.75%, 9/1/2029(a)
625,000
464,461
 
1,998,099
Construction & Engineering — 0.2%
Bioceanico Sovereign Certificate
Ltd. (Paraguay) Zero Coupon, 6/5/2034(f)
133,586
93,317
Dycom Industries, Inc. 4.50%, 4/15/2029(a)
90,000
80,359
International Airport Finance SA (Ecuador)
12.00%, 3/15/2033(f)
194,529
182,371
MasTec, Inc. 4.50%, 8/15/2028(a)
275,000
250,907
Mexico City Airport Trust (Mexico) 5.50%,
10/31/2046(f)
400,000
329,800
 
936,754
Consumer Finance — 1.4%
AerCap Ireland Capital DAC 3.00%,
10/29/2028
810,000
701,915
Avolon Holdings Funding Ltd. (Ireland) 2.88%,
2/15/2025(a)
1,140,000
1,075,645
Ford Motor Credit Co. LLC
2.30%, 2/10/2025
1,755,000
1,648,784
5.13%, 6/16/2025
400,000
389,405
3.38%, 11/13/2025
200,000
186,457
4.39%, 1/8/2026
200,000
189,022
6.95%, 6/10/2026
200,000
200,255
4.54%, 8/1/2026
200,000
188,510
4.27%, 1/9/2027
725,000
670,326
4.13%, 8/17/2027
2,735,000
2,481,654
2.90%, 2/10/2029
200,000
165,058
7.20%, 6/10/2030
200,000
203,140
INVESTMENTS
PRINCIPAL
AMOUNT($)
VALUE($)
 
Consumer Finance — continued
OneMain Finance Corp.
7.13%, 3/15/2026
75,000
73,781
3.88%, 9/15/2028
625,000
512,500
 
8,686,452
Consumer Staples Distribution & Retail — 0.9%
Albertsons Cos., Inc.
4.63%, 1/15/2027(a)
1,620,000
1,529,971
5.88%, 2/15/2028(a)
795,000
771,580
3.50%, 3/15/2029(a)
485,000
419,535
4.88%, 2/15/2030(a)
315,000
289,015
Performance Food Group, Inc.
5.50%, 10/15/2027(a)
830,000
799,213
4.25%, 8/1/2029(a)
790,000
695,247
Rite Aid Corp.
7.50%, 7/1/2025(a)
248,000
156,267
8.00%, 11/15/2026(a)
225,000
142,875
US Foods, Inc.
4.75%, 2/15/2029(a)
619,000
564,974
4.63%, 6/1/2030(a)
116,000
103,103
 
5,471,780
Containers & Packaging — 1.1%
Ardagh Packaging Finance plc
4.13%, 8/15/2026(a)
800,000
748,252
5.25%, 8/15/2027(a)
800,000
685,424
LABL, Inc. 6.75%, 7/15/2026(a)
1,120,000
1,094,724
Mauser Packaging Solutions Holding Co.
7.88%, 8/15/2026(a)
1,420,000
1,398,338
9.25%, 4/15/2027(a)
85,000
77,018
Owens-Brockway Glass Container, Inc. 6.63%,
5/13/2027(a)
355,000
350,911
Pactiv Evergreen Group Issuer, Inc. 4.00%,
10/15/2027(a)
1,720,000
1,547,002
TriMas Corp. 4.13%, 4/15/2029(a)
65,000
56,712
Trivium Packaging Finance BV (Netherlands)
5.50%, 8/15/2026(a) (h)
200,000
188,632
8.50%, 8/15/2027(a) (h)
250,000
238,263
 
6,385,276
Distributors — 0.0% ^
Ritchie Bros Holdings, Inc. 6.75%,
3/15/2028(a)
145,000
146,776
Diversified Consumer Services — 0.1%
Service Corp. International 3.38%, 8/15/2030
960,000
792,476
SEE NOTES TO FINANCIAL STATEMENTS.
August 31, 2023
 
63


JPMorgan Income ETF
SCHEDULE OF PORTFOLIO INVESTMENTS
AS OF August 31, 2023  (Unaudited) (continued)
INVESTMENTS
PRINCIPAL
AMOUNT($)
VALUE($)
Corporate Bonds — continued
Diversified REITs — 0.2%
VICI Properties LP
4.50%, 9/1/2026(a)
200,000
189,304
4.25%, 12/1/2026(a)
345,000
325,015
3.75%, 2/15/2027(a)
245,000
224,916
3.88%, 2/15/2029(a)
675,000
595,964
4.63%, 12/1/2029(a)
37,000
33,424
 
1,368,623
Diversified Telecommunication Services — 2.4%
Altice France Holding SA 10.50%,
5/15/2027(a)
400,000
217,040
Altice France SA (France)
8.13%, 2/1/2027(a)
400,000
338,056
5.13%, 7/15/2029(a)
650,000
459,502
CCO Holdings LLC
5.00%, 2/1/2028(a)
275,000
253,411
5.38%, 6/1/2029(a)
1,976,000
1,798,454
6.38%, 9/1/2029(a)
640,000
605,893
4.75%, 3/1/2030(a)
3,115,000
2,678,254
4.50%, 8/15/2030(a)
3,167,000
2,664,072
4.25%, 2/1/2031(a)
1,409,000
1,155,780
Frontier Communications Holdings LLC
5.88%, 10/15/2027(a)
795,000
724,087
5.00%, 5/1/2028(a)
305,000
261,340
Intelsat Jackson Holdings SA 6.50%,
3/15/2030(a)
1,350,000
1,237,832
Level 3 Financing, Inc.
4.63%, 9/15/2027(a)
745,000
560,266
4.25%, 7/1/2028(a)
450,000
295,046
Lumen Technologies, Inc.
5.13%, 12/15/2026(a)
100,000
51,802
4.00%, 2/15/2027(a)
1,975,000
1,244,685
Sitios Latinoamerica SAB de CV (Brazil) 5.38%,
4/4/2032(a)
200,000
178,225
Telecom Italia Capital SA (Italy)
6.38%, 11/15/2033
43,000
37,787
6.00%, 9/30/2034
29,000
24,298
 
14,785,830
Electric Utilities — 1.0%
Electricidad Firme de Mexico Holdings SA de
CV (Mexico) 4.90%, 11/20/2026(a)
200,000
175,888
Energuate Trust (Guatemala) 5.88%,
5/3/2027(f)
200,000
184,046
Eskom Holdings SOC Ltd. (South Africa)
7.13%, 2/11/2025(f)
700,000
689,724
INVESTMENTS
PRINCIPAL
AMOUNT($)
VALUE($)
 
Electric Utilities — continued
Instituto Costarricense de Electricidad (Costa
Rica) 6.75%, 10/7/2031(a)
200,000
194,612
Minejesa Capital BV (Indonesia) 4.63%,
8/10/2030(f)
200,000
180,582
NRG Energy, Inc.
6.63%, 1/15/2027
20,000
19,751
5.75%, 1/15/2028
1,595,000
1,508,990
5.25%, 6/15/2029(a)
100,000
90,010
3.63%, 2/15/2031(a)
410,000
319,976
Tierra Mojada Luxembourg II SARL (Mexico)
5.75%, 12/1/2040(f)
182,793
154,278
Trinidad Generation UnLtd (Trinidad and
Tobago) 5.25%, 11/4/2027(f)
200,000
192,400
Vistra Operations Co. LLC
5.13%, 5/13/2025(a)
740,000
720,816
5.00%, 7/31/2027(a)
1,698,000
1,596,984
 
6,028,057
Electrical Equipment — 0.1%
Regal Rexnord Corp.
6.05%, 2/15/2026(a)
80,000
79,568
6.05%, 4/15/2028(a)
260,000
257,246
6.30%, 2/15/2030(a)
69,000
68,696
6.40%, 4/15/2033(a)
97,000
96,090
 
501,600
Electronic Equipment, Instruments & Components — 0.3%
Coherent Corp. 5.00%, 12/15/2029(a)
787,000
699,013
Sensata Technologies, Inc. 3.75%,
2/15/2031(a)
1,440,000
1,206,626
 
1,905,639
Energy Equipment & Services — 0.2%
Archrock Partners LP 6.88%, 4/1/2027(a)
240,000
235,956
Guara Norte SARL (Brazil) 5.20%,
6/15/2034(f)
176,852
154,745
Nabors Industries, Inc.
5.75%, 2/1/2025
115,000
112,862
7.38%, 5/15/2027(a)
85,000
82,952
Precision Drilling Corp. (Canada)
7.13%, 1/15/2026(a)
150,000
148,688
6.88%, 1/15/2029(a)
75,000
71,298
Transocean, Inc. 8.75%, 2/15/2030(a)
104,500
106,905
 
913,406
SEE NOTES TO FINANCIAL STATEMENTS.
64
 
August 31, 2023


INVESTMENTS
PRINCIPAL
AMOUNT($)
VALUE($)
Corporate Bonds — continued
Entertainment — 0.6%
Live Nation Entertainment, Inc.
5.63%, 3/15/2026(a)
25,000
24,248
6.50%, 5/15/2027(a)
1,105,000
1,105,856
4.75%, 10/15/2027(a)
1,810,000
1,686,196
3.75%, 1/15/2028(a)
140,000
124,665
Warnermedia Holdings, Inc. 3.76%,
3/15/2027
720,000
675,301
WMG Acquisition Corp.
3.75%, 12/1/2029(a)
48,000
41,614
3.88%, 7/15/2030(a)
307,000
266,415
 
3,924,295
Financial Services — 0.4%
Block, Inc. 3.50%, 6/1/2031
895,000
733,869
Corebridge Financial, Inc. (US Treasury Yield
Curve Rate T Note Constant Maturity 5 Year
+ 3.85%), 6.88%, 12/15/2052(g)
500,000
486,134
Nationstar Mortgage Holdings, Inc. 5.50%,
8/15/2028(a)
220,000
199,360
Rocket Mortgage LLC
2.88%, 10/15/2026(a)
130,000
115,537
3.63%, 3/1/2029(a)
788,000
670,693
 
2,205,593
Food Products — 0.6%
Lamb Weston Holdings, Inc. 4.13%,
1/31/2030(a)
1,445,000
1,270,787
Post Holdings, Inc.
5.63%, 1/15/2028(a)
650,000
623,274
4.63%, 4/15/2030(a)
1,820,000
1,612,489
Sigma Holdco BV (Netherlands) 7.88%,
5/15/2026(a)
200,000
170,119
 
3,676,669
Gas Utilities — 0.1%
AmeriGas Partners LP
5.88%, 8/20/2026
165,000
156,535
5.75%, 5/20/2027
215,000
198,813
9.38%, 6/1/2028(a)
112,000
114,804
 
470,152
Ground Transportation — 0.8%
Avis Budget Car Rental LLC
5.75%, 7/15/2027(a)
225,000
214,826
4.75%, 4/1/2028(a)
970,000
882,164
EquipmentShare.com, Inc. 9.00%,
5/15/2028(a)
385,000
382,113
INVESTMENTS
PRINCIPAL
AMOUNT($)
VALUE($)
 
Ground Transportation — continued
First Student Bidco, Inc. 4.00%,
7/31/2029(a)
180,000
153,001
Hertz Corp. (The)
4.63%, 12/1/2026(a)
100,000
90,539
5.00%, 12/1/2029(a)
1,325,000
1,089,407
NESCO Holdings II, Inc. 5.50%, 4/15/2029(a)
105,000
95,220
Transnet SOC Ltd. (South Africa) 8.25%,
2/6/2028(a)
200,000
194,158
Uber Technologies, Inc.
7.50%, 5/15/2025(a)
410,000
413,958
7.50%, 9/15/2027(a)
760,000
775,999
4.50%, 8/15/2029(a)
545,000
499,009
XPO, Inc. 6.25%, 6/1/2028(a)
175,000
171,478
 
4,961,872
Health Care Equipment & Supplies — 0.7%
Avantor Funding, Inc. 4.63%, 7/15/2028(a)
1,485,000
1,378,502
Hologic, Inc. 3.25%, 2/15/2029(a)
1,139,000
989,318
Medline Borrower LP
3.88%, 4/1/2029(a)
1,425,000
1,243,990
5.25%, 10/1/2029(a)
755,000
670,459
 
4,282,269
Health Care Providers & Services — 1.9%
Acadia Healthcare Co., Inc.
5.50%, 7/1/2028(a)
90,000
85,261
5.00%, 4/15/2029(a)
35,000
32,199
Centene Corp. 4.63%, 12/15/2029
760,000
698,820
Community Health Systems, Inc.
8.00%, 3/15/2026(a)
1,236,000
1,206,529
5.63%, 3/15/2027(a)
370,000
325,579
6.00%, 1/15/2029(a)
345,000
288,938
5.25%, 5/15/2030(a)
109,000
85,961
DaVita, Inc. 3.75%, 2/15/2031(a)
1,710,000
1,361,746
Encompass Health Corp.
4.50%, 2/1/2028
710,000
659,507
4.75%, 2/1/2030
490,000
446,314
4.63%, 4/1/2031
350,000
306,926
HCA, Inc. 5.88%, 2/15/2026
305,000
305,416
McKesson Corp. 5.25%, 2/15/2026
395,000
393,536
Owens & Minor, Inc.
4.50%, 3/31/2029(a)
190,000
161,025
6.63%, 4/1/2030(a)
260,000
236,525
Tenet Healthcare Corp.
4.88%, 1/1/2026
835,000
809,434
6.25%, 2/1/2027
132,000
129,979
SEE NOTES TO FINANCIAL STATEMENTS.
August 31, 2023
 
65


JPMorgan Income ETF
SCHEDULE OF PORTFOLIO INVESTMENTS
AS OF August 31, 2023  (Unaudited) (continued)
INVESTMENTS
PRINCIPAL
AMOUNT($)
VALUE($)
Corporate Bonds — continued
Health Care Providers & Services — continued
5.13%, 11/1/2027
2,150,000
2,044,296
4.63%, 6/15/2028
1,555,000
1,431,872
6.13%, 6/15/2030
183,000
177,329
6.75%, 5/15/2031(a)
384,000
382,099
 
11,569,291
Health Care Technology — 0.0% ^
IQVIA, Inc. 5.00%, 5/15/2027(a)
200,000
192,517
Hotel & Resort REITs — 0.3%
RHP Hotel Properties LP
4.75%, 10/15/2027
1,590,000
1,478,279
4.50%, 2/15/2029(a)
70,000
61,446
 
1,539,725
Hotels, Restaurants & Leisure — 2.2%
1011778 BC ULC (Canada)
3.88%, 1/15/2028(a)
1,070,000
973,212
4.38%, 1/15/2028(a)
185,000
169,803
4.00%, 10/15/2030(a)
315,000
266,853
Boyne USA, Inc. 4.75%, 5/15/2029(a)
225,000
203,064
Caesars Entertainment, Inc.
6.25%, 7/1/2025(a)
1,140,000
1,131,150
8.13%, 7/1/2027(a)
540,000
548,280
4.63%, 10/15/2029(a)
140,000
122,547
Carnival Corp.
5.75%, 3/1/2027(a)
55,000
51,761
9.88%, 8/1/2027(a)
210,000
221,974
Carnival Holdings Bermuda Ltd. 10.38%,
5/1/2028(a)
495,000
538,354
Cedar Fair LP
5.50%, 5/1/2025(a)
440,000
436,531
5.25%, 7/15/2029
190,000
171,033
Hilton Domestic Operating Co., Inc. 3.75%,
5/1/2029(a)
610,000
537,408
Hilton Worldwide Finance LLC 4.88%,
4/1/2027
820,000
790,289
MGM Resorts International
6.75%, 5/1/2025
875,000
876,453
5.75%, 6/15/2025
325,000
320,492
4.63%, 9/1/2026
220,000
207,210
5.50%, 4/15/2027
45,000
42,993
Royal Caribbean Cruises Ltd.
11.50%, 6/1/2025(a)
36,000
38,020
11.63%, 8/15/2027(a)
409,000
445,657
8.25%, 1/15/2029(a)
263,000
273,920
9.25%, 1/15/2029(a)
65,000
69,280
INVESTMENTS
PRINCIPAL
AMOUNT($)
VALUE($)
 
Hotels, Restaurants & Leisure — continued
Six Flags Entertainment Corp. 5.50%,
4/15/2027(a)
815,000
767,119
Six Flags Theme Parks, Inc. 7.00%,
7/1/2025(a)
15,000
14,996
Station Casinos LLC 4.50%, 2/15/2028(a)
490,000
438,550
Studio City Finance Ltd. (Macau) 5.00%,
1/15/2029(f)
200,000
149,508
Vail Resorts, Inc. 6.25%, 5/15/2025(a)
625,000
622,807
Wynn Las Vegas LLC 5.50%, 3/1/2025(a)
140,000
138,303
Wynn Macau Ltd. (Macau) 5.63%,
8/26/2028(f)
200,000
175,250
Wynn Resorts Finance LLC 5.13%,
10/1/2029(a)
1,640,000
1,468,137
Yum! Brands, Inc. 4.75%, 1/15/2030(a)
970,000
893,241
 
13,104,195
Household Durables — 0.5%
CD&R Smokey Buyer, Inc. 6.75%,
7/15/2025(a)
535,000
517,757
Newell Brands, Inc.
4.88%, 6/1/2025
100,000
97,046
4.70%, 4/1/2026(h)
1,180,000
1,130,565
Tempur Sealy International, Inc. 4.00%,
4/15/2029(a)
1,510,000
1,297,062
 
3,042,430
Household Products — 0.5%
Central Garden & Pet Co.
5.13%, 2/1/2028
325,000
304,171
4.13%, 10/15/2030
300,000
258,205
Energizer Holdings, Inc.
4.75%, 6/15/2028(a)
657,000
580,095
4.38%, 3/31/2029(a)
827,000
708,317
Spectrum Brands, Inc.
5.00%, 10/1/2029(a)
620,000
568,600
5.50%, 7/15/2030(a)
170,000
158,137
3.88%, 3/15/2031(a)
470,000
393,785
 
2,971,310
Independent Power and Renewable Electricity Producers — 0.1%
Calpine Corp. 4.63%, 2/1/2029(a)
460,000
399,737
Termocandelaria Power Ltd. (Colombia)
7.88%, 1/30/2029(f)
155,000
144,508
 
544,245
IT Services — 0.2%
Gartner, Inc. 4.50%, 7/1/2028(a)
1,276,000
1,189,917
SEE NOTES TO FINANCIAL STATEMENTS.
66
 
August 31, 2023


INVESTMENTS
PRINCIPAL
AMOUNT($)
VALUE($)
Corporate Bonds — continued
Leisure Products — 0.1%
Mattel, Inc. 5.88%, 12/15/2027(a)
530,000
519,825
Vista Outdoor, Inc. 4.50%, 3/15/2029(a)
185,000
154,192
 
674,017
Machinery — 0.1%
Chart Industries, Inc. 7.50%, 1/1/2030(a)
560,000
573,801
Terex Corp. 5.00%, 5/15/2029(a)
80,000
73,452
TK Elevator US Newco, Inc. (Germany) 5.25%,
7/15/2027(a)
200,000
187,480
 
834,733
Marine Transportation — 0.0% ^
MV24 Capital BV (Brazil) 6.75%, 6/1/2034(f)
168,118
151,160
Media — 4.1%
Charter Communications
Operating LLC 5.38%, 4/1/2038
100,000
84,685
Clear Channel Outdoor Holdings, Inc.
5.13%, 8/15/2027(a)
1,385,000
1,240,464
7.75%, 4/15/2028(a)
287,000
225,738
9.00%, 9/15/2028(a)
1,160,000
1,165,800
CSC Holdings LLC 6.50%, 2/1/2029(a)
1,695,000
1,401,186
Directv Financing LLC 5.88%, 8/15/2027(a)
1,440,000
1,276,154
Discovery Communications LLC 4.95%,
5/15/2042
60,000
47,479
DISH DBS Corp.
5.88%, 11/15/2024
4,431,000
4,121,354
7.75%, 7/1/2026
540,000
403,866
5.25%, 12/1/2026(a)
249,000
209,894
DISH Network Corp. 11.75%, 11/15/2027(a)
1,342,000
1,361,648
GCI LLC 4.75%, 10/15/2028(a)
253,000
219,477
Gray Escrow II, Inc. 5.38%, 11/15/2031(a)
63,000
43,983
Gray Television, Inc.
7.00%, 5/15/2027(a)
355,000
318,633
4.75%, 10/15/2030(a)
1,259,000
879,071
iHeartCommunications, Inc.
6.38%, 5/1/2026
595,000
519,143
5.25%, 8/15/2027(a)
1,630,000
1,288,884
Lamar Media Corp. 4.88%, 1/15/2029
140,000
130,200
Midcontinent Communications 5.38%,
8/15/2027(a)
40,000
37,850
News Corp. 3.88%, 5/15/2029(a)
935,000
821,108
Nexstar Media, Inc.
5.63%, 7/15/2027(a)
385,000
361,878
4.75%, 11/1/2028(a)
2,635,000
2,311,452
INVESTMENTS
PRINCIPAL
AMOUNT($)
VALUE($)
 
Media — continued
Paramount Global (US Treasury Yield Curve
Rate T Note Constant Maturity 5 Year +
4.00%), 6.38%, 3/30/2062(g)
151,000
124,575
Sirius XM Radio, Inc.
5.00%, 8/1/2027(a)
1,400,000
1,294,411
4.00%, 7/15/2028(a)
995,000
861,592
5.50%, 7/1/2029(a)
920,000
828,235
Stagwell Global LLC 5.63%, 8/15/2029(a)
605,000
505,259
TEGNA, Inc. 4.63%, 3/15/2028
385,000
343,868
Univision Communications, Inc.
6.63%, 6/1/2027(a)
505,000
488,899
8.00%, 8/15/2028(a)
191,000
190,895
4.50%, 5/1/2029(a)
708,000
609,402
Videotron Ltd. 5.13%, 4/15/2027(a)
1,015,000
971,862
 
24,688,945
Metals & Mining — 0.4%
Alcoa Nederland Holding BV 6.13%,
5/15/2028(a)
200,000
197,672
ATI, Inc.
5.88%, 12/1/2027
25,000
24,313
4.88%, 10/1/2029
25,000
22,571
Big River Steel LLC 6.63%, 1/31/2029(a)
55,000
54,679
Cleveland-Cliffs, Inc. 4.63%, 3/1/2029(a)
270,000
239,386
CSN Inova Ventures (Brazil) 6.75%,
1/28/2028(f)
200,000
187,332
FMG Resources August 2006 Pty. Ltd. 4.38%,
4/1/2031(a)
315,000
263,951
Nexa Resources SA (Brazil) 5.38%,
5/4/2027(f)
200,000
185,998
Novelis Corp.
4.75%, 1/30/2030(a)
1,014,000
907,470
3.88%, 8/15/2031(a)
266,000
220,238
 
2,303,610
Oil, Gas & Consumable Fuels — 4.3%
AI Candelaria Spain SA (Colombia) 5.75%,
6/15/2033(a)
250,000
181,340
Antero Midstream Partners LP
7.88%, 5/15/2026(a)
30,000
30,522
5.75%, 3/1/2027(a)
265,000
256,842
5.75%, 1/15/2028(a)
1,145,000
1,096,428
5.38%, 6/15/2029(a)
330,000
309,225
Antero Resources Corp.
8.38%, 7/15/2026(a)
20,000
20,750
7.63%, 2/1/2029(a)
120,000
122,977
5.38%, 3/1/2030(a)
260,000
243,093
SEE NOTES TO FINANCIAL STATEMENTS.
August 31, 2023
 
67


JPMorgan Income ETF
SCHEDULE OF PORTFOLIO INVESTMENTS
AS OF August 31, 2023  (Unaudited) (continued)
INVESTMENTS
PRINCIPAL
AMOUNT($)
VALUE($)
Corporate Bonds — continued
Oil, Gas & Consumable Fuels — continued
Baytex Energy Corp. 8.50%, 4/30/2030(a)
430,000
435,997
BP Capital Markets plc (United Kingdom) (US
Treasury Yield Curve Rate T Note Constant
Maturity 5 Year + 4.40%), 4.88%,
3/22/2030(d) (e) (g)
75,000
67,921
Buckeye Partners LP
3.95%, 12/1/2026
702,000
647,497
4.13%, 12/1/2027
20,000
18,186
4.50%, 3/1/2028(a)
50,000
45,376
California Resources Corp. 7.13%,
2/1/2026(a)
100,000
100,257
Cheniere Energy Partners LP 4.50%,
10/1/2029
215,000
198,380
Cheniere Energy, Inc. 4.63%, 10/15/2028
485,000
456,534
Chesapeake Energy Corp. 6.75%,
4/15/2029(a)
1,305,000
1,295,499
Chord Energy Corp. 6.38%, 6/1/2026(a)
175,000
172,483
Civitas Resources, Inc.
8.38%, 7/1/2028(a)
305,000
314,150
8.75%, 7/1/2031(a)
267,000
276,345
Columbia Pipelines Holding Co. LLC 6.06%,
8/15/2026(a)
705,000
712,100
Comstock Resources, Inc. 5.88%,
1/15/2030(a)
1,075,000
949,474
Crestwood Midstream Partners LP
5.75%, 4/1/2025
125,000
123,941
5.63%, 5/1/2027(a)
420,000
407,400
8.00%, 4/1/2029(a)
180,000
185,997
DT Midstream, Inc. 4.13%, 6/15/2029(a)
1,025,000
908,068
Ecopetrol SA (Colombia)
8.63%, 1/19/2029
140,000
142,450
4.63%, 11/2/2031
100,000
78,555
8.88%, 1/13/2033
280,000
283,087
Encino Acquisition Partners
Holdings LLC 8.50%, 5/1/2028(a)
25,000
23,705
Energean Israel Finance Ltd. (Israel) 5.38%,
3/30/2028(f)
50,000
45,439
Energian Israel Finance Ltd. (Israel) 4.88%,
3/30/2026(f)
100,000
93,579
Energy Transfer LP 3.90%, 5/15/2024(h)
1,155,000
1,137,891
EQM Midstream Partners LP
6.00%, 7/1/2025(a)
98,000
97,106
6.50%, 7/1/2027(a)
555,000
551,488
5.50%, 7/15/2028
225,000
214,961
4.75%, 1/15/2031(a)
225,000
198,827
Genesis Energy LP 8.00%, 1/15/2027
665,000
655,576
INVESTMENTS
PRINCIPAL
AMOUNT($)
VALUE($)
 
Oil, Gas & Consumable Fuels — continued
Gray Oak Pipeline LLC 2.00%, 9/15/2023(a)
210,000
209,769
Greenko Solar Mauritius Ltd. (India) 5.55%,
1/29/2025(f)
200,000
193,472
Greensaif Pipelines Bidco Sarl (Saudi Arabia)
6.51%, 2/23/2042(f)
200,000
201,946
Gulfport Energy Corp. 8.00%, 5/17/2026(a)
280,000
284,349
Hess Midstream Operations LP
5.63%, 2/15/2026(a)
965,000
944,282
5.13%, 6/15/2028(a)
25,000
23,451
4.25%, 2/15/2030(a)
240,000
210,984
KazMunayGas National Co. JSC (Kazakhstan)
4.75%, 4/19/2027(f)
200,000
187,934
5.38%, 4/24/2030(f)
200,000
181,888
Kinetik Holdings LP 5.88%, 6/15/2030(a)
427,000
413,554
Leviathan Bond Ltd. (Israel)
6.13%, 6/30/2025(f)
250,000
244,575
6.50%, 6/30/2027(f)
150,000
144,645
6.75%, 6/30/2030(f)
50,000
46,761
Medco Bell Pte. Ltd. (Indonesia) 6.38%,
1/30/2027(f)
200,000
185,690
NuStar Logistics LP
5.63%, 4/28/2027
455,000
441,464
6.38%, 10/1/2030
315,000
303,187
Occidental Petroleum Corp. 8.88%,
7/15/2030
390,000
447,115
Oil and Gas Holding Co. BSCC (The) (Bahrain)
8.38%, 11/7/2028(f)
200,000
210,648
Peru LNG Srl (Peru) 5.38%, 3/22/2030(f)
400,000
308,564
Petroleos del Peru SA (Peru) 5.63%,
6/19/2047(a)
200,000
127,956
Petroleos Mexicanos (Mexico)
4.88%, 1/18/2024
150,000
148,080
4.25%, 1/15/2025
200,000
188,150
6.88%, 8/4/2026
250,000
227,213
6.50%, 3/13/2027
400,000
349,230
5.35%, 2/12/2028
300,000
239,918
5.95%, 1/28/2031
330,000
238,372
10.00%, 2/7/2033(a)
550,000
497,640
10.00%, 2/7/2033(f)
200,000
180,960
6.38%, 1/23/2045
410,000
249,382
Range Resources Corp.
8.25%, 1/15/2029
458,000
475,472
4.75%, 2/15/2030(a)
8,000
7,224
Rockies Express Pipeline LLC 3.60%,
5/15/2025(a)
200,000
188,656
SM Energy Co. 6.75%, 9/15/2026
280,000
278,824
SEE NOTES TO FINANCIAL STATEMENTS.
68
 
August 31, 2023


INVESTMENTS
PRINCIPAL
AMOUNT($)
VALUE($)
Corporate Bonds — continued
Oil, Gas & Consumable Fuels — continued
Southwestern Energy Co.
8.38%, 9/15/2028
160,000
166,536
5.38%, 2/1/2029
245,000
232,451
5.38%, 3/15/2030
315,000
294,898
State Oil Co. of the Azerbaijan
Republic (Azerbaijan) 6.95%,
3/18/2030(f)
200,000
205,306
Sunoco LP
4.50%, 5/15/2029
390,000
352,696
4.50%, 4/30/2030
315,000
280,851
Tallgrass Energy Partners LP
7.50%, 10/1/2025(a)
770,000
774,689
6.00%, 3/1/2027(a)
65,000
62,285
5.50%, 1/15/2028(a)
445,000
413,298
6.00%, 12/31/2030(a)
250,000
223,649
Targa Resources Partners LP
6.50%, 7/15/2027
285,000
286,468
5.50%, 3/1/2030
25,000
23,965
Transcanada Trust (Canada) (SOFR + 4.42%),
5.50%, 9/15/2079(g)
100,000
84,002
Venture Global LNG, Inc. 8.13%, 6/1/2028(a)
757,000
763,619
 
25,845,514
Paper & Forest Products — 0.0% ^
Suzano Austria GmbH (Brazil) 7.00%,
3/16/2047(f)
200,000
199,046
Passenger Airlines — 0.4%
American Airlines, Inc.
11.75%, 7/15/2025(a)
85,000
93,036
5.50%, 4/20/2026(a)
1,801,250
1,767,537
5.75%, 4/20/2029(a)
350,000
334,733
Mileage Plus Holdings LLC 6.50%,
6/20/2027(a)
267,879
266,945
United Airlines, Inc. 4.38%, 4/15/2026(a)
260,000
245,032
 
2,707,283
Personal Care Products — 0.4%
Coty, Inc.
5.00%, 4/15/2026(a)
696,000
669,051
4.75%, 1/15/2029(a)
60,000
54,975
Edgewell Personal Care Co. 5.50%,
6/1/2028(a)
1,300,000
1,225,250
Prestige Brands, Inc. 5.13%, 1/15/2028(a)
240,000
226,814
 
2,176,090
INVESTMENTS
PRINCIPAL
AMOUNT($)
VALUE($)
 
Pharmaceuticals — 1.1%
Bausch Health Americas, Inc. 9.25%,
4/1/2026(a)
1,065,000
964,656
Bausch Health Cos., Inc.
5.50%, 11/1/2025(a)
1,625,000
1,463,410
9.00%, 12/15/2025(a)
1,090,000
997,388
5.75%, 8/15/2027(a)
715,000
447,632
5.00%, 2/15/2029(a)
450,000
186,750
5.25%, 1/30/2030(a)
70,000
29,546
Catalent Pharma Solutions, Inc.
5.00%, 7/15/2027(a)
40,000
37,350
3.13%, 2/15/2029(a)
155,000
130,445
Cheplapharm Arzneimittel GmbH (Germany)
5.50%, 1/15/2028(a)
250,000
226,324
Elanco Animal Health, Inc. 6.65%,
8/28/2028(h)
470,000
463,538
Jazz Securities DAC 4.38%, 1/15/2029(a)
200,000
179,188
Organon & Co. 4.13%, 4/30/2028(a)
1,740,000
1,574,633
Teva Pharmaceutical Finance Netherlands III
BV (Israel) 3.15%, 10/1/2026
50,000
45,061
 
6,745,921
Real Estate Management & Development — 0.0% ^
Realogy Group LLC
5.75%, 1/15/2029(a)
218,000
156,130
5.25%, 4/15/2030(a)
125,000
86,770
 
242,900
Semiconductors & Semiconductor Equipment — 0.3%
Amkor Technology, Inc. 6.63%,
9/15/2027(a)
215,000
214,867
Entegris Escrow Corp.
4.75%, 4/15/2029(a)
155,000
144,204
5.95%, 6/15/2030(a)
515,000
493,172
Entegris, Inc.
4.38%, 4/15/2028(a)
290,000
264,395
3.63%, 5/1/2029(a)
35,000
30,082
ON Semiconductor Corp. 3.88%, 9/1/2028(a)
440,000
391,679
 
1,538,399
Software — 0.8%
ACI Worldwide, Inc. 5.75%, 8/15/2026(a)
25,000
24,456
AthenaHealth Group, Inc. 6.50%,
2/15/2030(a)
525,000
455,947
Clarivate Science Holdings Corp. 3.88%,
7/1/2028(a)
1,115,000
982,483
NCR Corp.
5.75%, 9/1/2027(a)
65,000
65,628
SEE NOTES TO FINANCIAL STATEMENTS.
August 31, 2023
 
69


JPMorgan Income ETF
SCHEDULE OF PORTFOLIO INVESTMENTS
AS OF August 31, 2023  (Unaudited) (continued)
INVESTMENTS
PRINCIPAL
AMOUNT($)
VALUE($)
Corporate Bonds — continued
Software — continued
5.13%, 4/15/2029(a)
2,115,000
1,923,463
6.13%, 9/1/2029(a)
25,000
25,748
SS&C Technologies, Inc. 5.50%,
9/30/2027(a)
1,250,000
1,203,375
 
4,681,100
Specialized REITs — 0.1%
Iron Mountain, Inc.
5.25%, 3/15/2028(a)
225,000
210,952
5.00%, 7/15/2028(a)
115,000
106,497
SBA Communications Corp. 3.88%,
2/15/2027
620,000
573,234
 
890,683
Specialty Retail — 1.0%
Asbury Automotive Group, Inc.
4.50%, 3/1/2028
65,000
59,295
4.63%, 11/15/2029(a)
875,000
771,911
4.75%, 3/1/2030
70,000
61,367
Bath & Body Works, Inc.
7.50%, 6/15/2029
105,000
105,863
6.75%, 7/1/2036
115,000
106,158
Gap, Inc. (The) 3.63%, 10/1/2029(a)
385,000
293,094
Group 1 Automotive, Inc. 4.00%,
8/15/2028(a)
30,000
26,637
Lithia Motors, Inc. 3.88%, 6/1/2029(a)
660,000
566,646
Penske Automotive Group, Inc. 3.75%,
6/15/2029
304,000
260,854
PetSmart, Inc. 4.75%, 2/15/2028(a)
2,150,000
1,928,615
Sonic Automotive, Inc. 4.63%,
11/15/2029(a)
413,000
353,071
SRS Distribution, Inc.
4.63%, 7/1/2028(a)
866,000
770,759
6.13%, 7/1/2029(a)
45,000
39,127
6.00%, 12/1/2029(a)
124,000
106,020
Staples, Inc. 7.50%, 4/15/2026(a)
1,100,000
910,138
 
6,359,555
Technology Hardware, Storage & Peripherals — 0.1%
Seagate HDD Cayman
4.09%, 6/1/2029
430,000
378,869
8.25%, 12/15/2029(a)
190,000
199,310
8.50%, 7/15/2031(a)
32,000
33,527
 
611,706
INVESTMENTS
PRINCIPAL
AMOUNT($)
VALUE($)
 
Tobacco — 0.0% ^
BAT International Finance plc (United Kingdom)
4.45%, 3/16/2028
310,000
293,889
Trading Companies & Distributors — 1.0%
Air Lease Corp. 5.85%, 12/15/2027
540,000
539,991
Herc Holdings, Inc. 5.50%, 7/15/2027(a)
605,000
581,753
Imola Merger Corp. 4.75%, 5/15/2029(a)
1,825,000
1,622,164
United Rentals North America, Inc.
4.88%, 1/15/2028
1,401,000
1,332,983
6.00%, 12/15/2029(a)
214,000
212,662
WESCO Distribution, Inc.
7.13%, 6/15/2025(a)
1,200,000
1,205,301
7.25%, 6/15/2028(a)
470,000
478,336
 
5,973,190
Wireless Telecommunication Services — 0.4%
Kenbourne Invest SA (Chile) 4.70%,
1/22/2028(f)
200,000
123,000
Millicom International Cellular SA (Guatemala)
5.13%, 1/15/2028(f)
180,000
161,325
Sprint LLC
7.13%, 6/15/2024
25,000
25,199
7.63%, 2/15/2025
275,000
280,412
7.63%, 3/1/2026
1,680,000
1,741,367
Vodafone Group plc (United Kingdom) (US
Treasury Yield Curve Rate T Note Constant
Maturity 5 Year + 2.77%), 4.13%,
6/4/2081(g)
100,000
78,083
 
2,409,386
Total Corporate Bonds
(Cost $238,518,383)
233,598,053
Asset-Backed Securities — 27.3%
ACHV ABS TRUST Series 2023-1PL, Class A,
6.42%, 3/18/2030(a)
61,227
61,239
Affirm Asset Securitization Trust
Series 2022-A, Class 1D, 5.53%,
5/17/2027(a)
595,000
571,995
Series 2023-A, Class 1A, 6.61%,
1/18/2028(a)
1,030,000
1,023,425
Series 2023-A, Class A, 6.61%,
1/18/2028(a)
500,000
497,505
Air Canada Pass-Through Trust (Canada) Series
2020-2, Class B, 9.00%, 10/1/2025(a)
5,568
5,634
American Airlines Pass-Through Trust Series
2021-1, Class B, 3.95%, 7/11/2030
45,500
39,684
SEE NOTES TO FINANCIAL STATEMENTS.
70
 
August 31, 2023


INVESTMENTS
PRINCIPAL
AMOUNT($)
VALUE($)
Asset-Backed Securities — continued
American Credit Acceptance Receivables Trust
Series 2019-4, Class E, 3.85%,
12/12/2025(a)
2,000,000
1,990,670
Series 2023-1, Class A, 5.45%,
9/14/2026(a)
289,329
288,140
Series 2022-3, Class B, 4.55%,
10/13/2026(a)
500,000
495,671
Series 2022-4, Class B, 6.75%,
10/13/2026(a)
200,000
200,423
Series 2021-3, Class E, 2.56%,
11/15/2027(a)
800,000
743,441
Series 2021-1, Class F, 4.01%,
11/15/2027(a)
900,000
877,300
Series 2021-2, Class F, 3.73%,
1/13/2028(a)
1,200,000
1,129,397
Series 2021-3, Class F, 3.64%,
5/15/2028(a)
2,000,000
1,854,069
Series 2022-2, Class D, 4.85%,
6/13/2028(a)
230,000
220,664
Series 2022-2, Class E, 6.57%,
6/13/2028(a)
190,000
181,088
Series 2021-4, Class F, 4.21%,
7/13/2028(a)
500,000
448,547
Series 2022-3, Class C, 4.86%,
10/13/2028(a)
290,000
284,418
Series 2022-3, Class D, 5.83%,
10/13/2028(a)
267,000
260,437
Series 2022-4, Class C, 7.86%,
2/15/2029(a)
210,000
212,778
Series 2023-1, Class C, 5.59%,
4/12/2029(a)
400,000
392,800
Series 2023-1, Class D, 6.35%,
4/12/2029(a)
395,000
389,376
Series 2023-2, Class C, 5.96%,
8/13/2029(a)
900,000
889,492
Series 2023-3, Class C, 6.44%,
10/12/2029(a)
1,083,000
1,083,339
Series 2023-3, Class D, 6.82%,
10/12/2029(a)
1,800,000
1,801,525
AmeriCredit Automobile Receivables Trust
Series 2022-2, Class C, 5.32%, 4/18/2028
1,600,000
1,579,305
AMSR Trust Series 2020-SFR1, Class H, 5.30%,
4/17/2037(a)
100,000
94,068
Apidos CLO (Cayman Islands)
Series 2019-31A, Class A1R, 6.67%,
4/15/2031(a) (i)
1,000,000
995,000
Series XXXA, Class A1A, 6.71%,
10/18/2031(a) (i)
990,000
985,069
INVESTMENTS
PRINCIPAL
AMOUNT($)
VALUE($)
 
Applebee's Funding LLC Series 2019-1A,
Class A2II, 4.72%, 6/5/2049(a)
495,000
459,957
Ares CLO Ltd. (Cayman Islands)
Series 2016-40A, Class A1RR, 6.44%,
1/15/2029(a) (i)
777,255
773,435
Series 2016-39A, Class A1R2, 6.62%,
4/18/2031(a) (i)
1,440,000
1,435,620
Series 2019-52A, Class A1R, 6.66%,
4/22/2031(a) (i)
1,400,000
1,391,739
Avis Budget Rental Car Funding AESOP LLC
Series 2020-1A, Class C, 3.02%,
8/20/2026(a)
461,000
427,999
Series 2022-3A, Class A, 4.62%,
2/20/2027(a)
943,000
915,158
Series 2023-4A, Class A, 5.49%,
6/20/2029(a)
800,000
787,341
Bain Capital Credit CLO (Cayman Islands)
Series 2018-1A, Class A1, 6.57%,
4/23/2031(a) (i)
943,766
940,910
Series 2020-1A, Class A1, 6.76%,
4/18/2033(a) (i)
560,000
556,196
Bain Capital Credit CLO Ltd. (Cayman Islands)
Series 2020-3A, Class A1R, 6.77%,
10/23/2034(a) (i)
250,000
247,811
Series 2021-7A, Class A1, 6.75%,
1/22/2035(a) (i)
270,000
267,406
Ballyrock CLO Ltd. (Cayman Islands) Series
2019-1A, Class A1R, 6.60%,
7/15/2032(a) (i)
800,000
791,451
Benefit Street Partners CLO Ltd. (Cayman
Islands) Series 2019-18A, Class A1R,
6.74%, 10/15/2034(a) (i)
1,000,000
992,446
British Airways Pass-Through Trust (United
Kingdom) Series 2020-1, Class B, 8.38%,
11/15/2028(a)
8,298
8,405
BSPRT Issuer Ltd. (Cayman Islands)
Series 2021-FL7, Class D, 8.17%,
12/15/2038(a) (i)
275,000
255,373
Series 2021-FL7, Class E, 8.82%,
12/15/2038(a) (i)
265,000
242,636
Business Jet Securities LLC Series 2020-1A,
Class A, 2.98%, 11/15/2035‡ (a)
52,971
49,985
Carlyle Global Market Strategies CLO Ltd.
(Cayman Islands)
Series 2014-1A, Class A1R2, 6.54%,
4/17/2031(a) (i)
993,434
989,542
Series 2014-3RA, Class A1A, 6.67%,
7/27/2031(a) (i)
1,487,749
1,484,034
SEE NOTES TO FINANCIAL STATEMENTS.
August 31, 2023
 
71


JPMorgan Income ETF
SCHEDULE OF PORTFOLIO INVESTMENTS
AS OF August 31, 2023  (Unaudited) (continued)
INVESTMENTS
PRINCIPAL
AMOUNT($)
VALUE($)
Asset-Backed Securities — continued
Series 2015-4A, Class A1R, 6.93%,
7/20/2032(a) (i)
850,000
848,132
Carlyle US CLO Ltd. (Cayman Islands) Series
2018-1A, Class A1, 6.61%, 4/20/2031(a)
(i)
1,340,912
1,331,016
CIFC Funding Ltd. (Cayman Islands)
Series 2014-5A, Class A1R2, 6.77%,
10/17/2031(a) (i)
595,000
594,294
Series 2021-4A, Class A, 6.62%,
7/15/2033(a) (i)
2,000,000
1,989,718
Conn's Receivables Funding LLC
Series 2022-A, Class B, 9.52%,
12/15/2026(a)
689,249
692,052
Series 2023-A, Class A, 8.01%,
1/17/2028(a)
696,000
696,347
Series 2023-A, Class B, 10.00%,
1/17/2028(a)
508,000
499,115
CoreVest American Finance Trust
Series 2019-1, Class E, 5.78%,
3/15/2052(a) (i)
300,000
276,851
Series 2019-2, Class E, 5.42%,
6/15/2052(a) (i)
350,000
309,520
Series 2019-3, Class E, 4.90%,
10/15/2052(a) (i)
350,000
299,491
CPS Auto Receivables Trust
Series 2021-B, Class E, 3.41%,
6/15/2028(a)
1,500,000
1,402,375
Series 2022-C, Class D, 6.45%,
4/15/2030(a)
240,000
237,824
Credit Acceptance Auto Loan Trust
Series 2022-3A, Class A, 6.57%,
10/15/2032(a)
250,000
250,901
Series 2023-1A, Class A, 6.48%,
3/15/2033(a)
700,000
702,766
Series 2022-3A, Class D, 9.00%,
4/18/2033(a)
300,000
298,640
Series 2023-2A, Class A, 5.92%,
5/16/2033(a)
900,000
888,356
Series 2023-3A, Class B, 7.09%,
10/17/2033(a)
391,000
391,374
DB Master Finance LLC Series 2021-1A,
Class A23, 2.79%, 11/20/2051(a)
294,750
233,421
Dewolf Park CLO Ltd. Series 2017-1A, Class AR,
6.49%, 10/15/2030(a) (i)
1,596,717
1,588,831
Domino's Pizza Master Issuer LLC Series
2015-1A, Class A2II, 4.47%,
10/25/2045(a)
559,500
535,947
INVESTMENTS
PRINCIPAL
AMOUNT($)
VALUE($)
 
Driven Brands Funding LLC
Series 2019-1A, Class A2, 4.64%,
4/20/2049(a)
257,850
243,905
Series 2020-1A, Class A2, 3.79%,
7/20/2050(a)
485,000
434,043
Series 2021-1A, Class A2, 2.79%,
10/20/2051(a)
1,965,000
1,630,262
Series 2022-1A, Class A2, 7.39%,
10/20/2052(a)
595,500
596,933
Dryden CLO Ltd. (Cayman Islands)
Series 2018-64A, Class A, 6.54%,
4/18/2031(a) (i)
990,306
982,801
Series 2018-58A, Class A1, 6.57%,
7/17/2031(a) (i)
450,000
448,209
Series 2019-68A, Class AR, 6.74%,
7/15/2035(a) (i)
1,790,000
1,774,873
Dryden Senior Loan Fund (Cayman Islands)
Series 2017-47A, Class A1R, 6.55%,
4/15/2028(a) (i)
901,907
898,786
Series 2013-26A, Class AR, 6.47%,
4/15/2029(a) (i)
1,122,795
1,118,788
Series 2015-41A, Class AR, 6.54%,
4/15/2031(a) (i)
902,961
896,995
Series 2016-43A, Class AR2, 6.63%,
4/20/2034(a) (i)
600,000
593,425
DT Auto Owner Trust
Series 2019-2A, Class E, 4.46%,
5/15/2026(a)
718,482
716,619
Series 2021-3A, Class D, 1.31%,
5/17/2027(a)
2,420,000
2,205,717
Series 2021-4A, Class D, 1.99%,
9/15/2027(a)
1,500,000
1,371,452
Series 2021-2A, Class E, 2.97%,
7/17/2028(a)
1,080,000
1,000,312
Series 2021-4A, Class E, 3.34%,
7/17/2028(a)
1,600,000
1,417,105
Series 2022-3A, Class C, 7.69%,
7/17/2028(a)
374,000
380,173
Series 2023-1A, Class B, 5.19%,
10/16/2028(a)
467,000
459,910
Series 2023-1A, Class C, 5.55%,
10/16/2028(a)
525,000
516,937
Series 2022-1A, Class E, 5.53%,
3/15/2029(a)
2,400,000
2,254,350
Series 2023-3A, Class C, 6.40%,
5/15/2029(a)
1,349,000
1,351,003
Elmwood CLO Ltd. (Cayman Islands)
Series 2020-1A, Class A, 6.81%,
4/15/2033(a) (i)
1,200,000
1,196,712
SEE NOTES TO FINANCIAL STATEMENTS.
72
 
August 31, 2023


INVESTMENTS
PRINCIPAL
AMOUNT($)
VALUE($)
Asset-Backed Securities — continued
Series 2021-3A, Class A, 6.63%,
10/20/2034(a) (i)
890,000
884,304
Exeter Automobile Receivables Trust
Series 2020-3A, Class E, 3.44%,
8/17/2026(a)
2,000,000
1,920,142
Series 2021-2A, Class D, 1.40%,
4/15/2027
2,000,000
1,854,224
Series 2023-1A, Class B, 5.72%,
4/15/2027
149,000
148,027
Series 2021-3A, Class D, 1.55%,
6/15/2027
500,000
460,163
Series 2020-3A, Class F, 5.56%,
6/15/2027(a)
1,500,000
1,463,959
Series 2023-1A, Class C, 5.82%,
2/15/2028
176,000
174,192
Series 2023-3A, Class C, 6.21%,
6/15/2028
1,827,000
1,824,310
Series 2021-2A, Class E, 2.90%,
7/17/2028(a)
750,000
697,133
Series 2023-2A, Class C, 5.75%,
7/17/2028
500,000
493,880
Series 2023-4A, Class C, 6.51%,
8/15/2028
920,000
923,608
Series 2022-3A, Class D, 6.76%,
9/15/2028
400,000
399,576
Series 2021-3A, Class E, 3.04%,
12/15/2028(a)
900,000
809,977
Series 2022-4A, Class D, 5.98%,
12/15/2028
168,000
165,364
Series 2022-6A, Class D, 8.03%, 4/6/2029
375,000
388,455
Series 2023-3A, Class D, 6.68%,
4/16/2029
954,000
952,805
Series 2023-1A, Class D, 6.69%,
6/15/2029
500,000
500,095
Series 2023-2A, Class D, 6.32%,
8/15/2029
500,000
495,273
Series 2022-1A, Class E, 5.02%,
10/15/2029(a)
1,070,000
953,966
Series 2023-1A, Class E, 12.07%,
9/16/2030(a)
900,000
968,826
FirstKey Homes Trust Series 2020-SFR1,
Class F1, 3.64%, 8/17/2037(a)
500,000
464,321
Flagship Credit Auto Trust
Series 2023-1, Class A3, 5.01%,
8/16/2027(a)
133,000
131,404
Series 2023-1, Class B, 5.05%,
1/18/2028(a)
100,000
98,029
INVESTMENTS
PRINCIPAL
AMOUNT($)
VALUE($)
 
Flatiron CLO Ltd. (Cayman Islands)
Series 2018-1A, Class A, 6.52%,
4/17/2031(a) (i)
232,820
231,674
Series 2019-1A, Class AR, 6.71%,
11/16/2034(a) (i)
450,000
448,009
FMC GMSR Issuer Trust Series 2022-GT1,
Class B, 7.17%, 4/25/2027(a)
300,000
269,296
Foundation Finance Trust Series 2023-1A,
Class D, 9.18%, 12/15/2043(a)
438,000
423,468
FREED ABS Trust
Series 2022-1FP, Class D, 3.35%,
3/19/2029(a)
200,000
185,707
Series 2022-3FP, Class C, 7.05%,
8/20/2029(a)
100,000
99,604
Series 2022-4FP, Class B, 7.58%,
12/18/2029(a)
391,215
393,153
Galaxy CLO Ltd. (Cayman Islands)
Series 2015-21A, Class AR, 6.61%,
4/20/2031(a) (i)
316,334
315,171
Series 2016-22A, Class ARR, 6.77%,
4/16/2034(a) (i)
2,200,000
2,185,531
GLS Auto Receivables Issuer Trust
Series 2023-1A, Class A2, 5.98%,
8/17/2026(a)
520,000
518,730
Series 2023-1A, Class B, 6.19%,
6/15/2027(a)
484,000
482,622
Series 2021-4A, Class D, 2.48%,
10/15/2027(a)
250,000
230,625
Series 2021-1A, Class E, 3.14%,
1/18/2028(a)
650,000
612,224
Series 2022-1A, Class D, 3.97%,
1/18/2028(a)
250,000
236,620
Series 2022-2A, Class D, 6.15%,
4/17/2028(a)
420,000
412,982
Series 2021-3A, Class E, 3.20%,
10/16/2028(a)
1,000,000
909,163
Series 2023-1A, Class C, 6.38%,
12/15/2028(a)
203,000
202,727
Series 2023-1A, Class D, 7.01%,
1/16/2029(a)
652,000
655,240
Series 2022-2A, Class E, 5.50%,
6/15/2029(a)
1,250,000
1,126,691
Goldentree Loan Management US CLO Ltd.
(Cayman Islands) Series 2017-2A, Class AR,
6.50%, 11/20/2030(a) (i)
1,358,555
1,352,799
GoldenTree Loan Opportunities Ltd. Series
2015-10A, Class AR, 6.71%,
7/20/2031(a) (i)
250,000
248,999
SEE NOTES TO FINANCIAL STATEMENTS.
August 31, 2023
 
73


JPMorgan Income ETF
SCHEDULE OF PORTFOLIO INVESTMENTS
AS OF August 31, 2023  (Unaudited) (continued)
INVESTMENTS
PRINCIPAL
AMOUNT($)
VALUE($)
Asset-Backed Securities — continued
Goldman Home Improvement Trust Issuer Trust
Series 2022-GRN1, Class A, 4.50%,
6/25/2052(a)
235,391
226,524
Greenwood Park CLO Ltd. Series 2018-1A,
Class A2, 6.58%, 4/15/2031(a) (i)
305,000
303,591
Hertz Vehicle Financing LLC
Series 2022-3A, Class B, 3.86%,
3/25/2025(a)
500,000
495,103
Series 2021-1A, Class A, 1.21%,
12/26/2025(a)
263,000
248,946
Series 2022-4A, Class D, 6.56%,
9/25/2026(a)
300,000
285,363
Series 2023-1A, Class A, 5.49%,
6/25/2027(a)
400,000
395,434
Series 2023-1A, Class C, 6.91%,
6/25/2027(a)
292,000
288,182
Series 2023-3A, Class A, 5.94%,
2/25/2028(a)
595,000
597,987
Series 2023-3A, Class D, 9.43%,
2/25/2028(a)
1,600,000
1,609,622
HGI CRE CLO Ltd. (Cayman Islands) Series
2022-FL3, Class E, 9.51%, 4/20/2037(a)
(i)
195,500
187,579
Hilton Grand Vacations Trust Series 2022-1D,
Class D, 6.79%, 6/20/2034(a)
269,072
254,521
HINNT LLC Series 2022-A, Class D, 6.50%,
5/15/2041(a)
474,971
447,627
LCM Ltd. (Cayman Islands) Series 26A,
Class A1, 6.66%, 1/20/2031(a) (i)
541,813
539,918
LendingClub Loan Certificate Issuer Trust
Series 2022-NP1, Class CERT, 0.00%,
3/16/2037‡ (a)
50,000
607,295
Series 2022-P1, Class CERT, 0.00%,
3/16/2037‡ (a)
50,000
554,015
Series 2022-P2, Class CERT, 0.00%,
4/15/2037‡ (a)
50,000
611,850
Lendingpoint Asset Securitization Trust
Series 2022-A, Class D, 4.54%,
6/15/2029(a)
2,250,000
1,844,551
Series 2022-B, Class A, 4.77%,
10/15/2029(a)
101,124
99,808
Series 2022-C, Class C, 8.68%,
2/15/2030(a)
200,000
195,493
Lendmark Funding Trust
Series 2021-1A, Class B, 2.47%,
11/20/2031(a)
2,000,000
1,687,111
Series 2021-1A, Class D, 5.05%,
11/20/2031(a)
500,000
389,872
INVESTMENTS
PRINCIPAL
AMOUNT($)
VALUE($)
 
Madison Park Funding Ltd. (Cayman Islands)
Series 2014-13A, Class AR2, 6.53%,
4/19/2030(a) (i)
277,726
276,822
Series 2018-32A, Class A1R, 6.61%,
1/22/2031(a) (i)
500,000
497,554
Series 2017-23A, Class AR, 6.59%,
7/27/2031(a) (i)
1,221,607
1,215,625
Series 2019-34A, Class AR, 6.73%,
4/25/2032(a) (i)
530,000
528,179
Series 2019-33A, Class AR, 6.60%,
10/15/2032(a) (i)
1,500,000
1,488,905
Series 2019-37A, Class AR, 6.64%,
7/15/2033(a) (i)
1,150,000
1,143,888
Magnetite Ltd. (Cayman Islands)
Series 2012-7A, Class A1R2, 6.37%,
1/15/2028(a) (i)
334,809
333,545
Series 2016-18A, Class AR2, 6.51%,
11/15/2028(a) (i)
1,657,811
1,651,948
Series 2019-22A, Class AR, 6.63%,
4/15/2031(a) (i)
1,000,000
995,700
Series 2015-15A, Class AR, 6.62%,
7/25/2031(a) (i)
400,000
398,252
Series 2015-12A, Class ARR, 6.67%,
10/15/2031(a) (i)
700,000
697,882
Marlette Funding Trust
Series 2023-1A, Class A, 6.07%,
4/15/2033(a)
467,193
465,975
Series 2023-1A, Class B, 6.50%,
4/15/2033(a)
700,000
699,702
Series 2023-1A, Class C, 7.20%,
4/15/2033(a)
350,000
350,729
ME Funding LLC Series 2019-1, Class A2,
6.45%, 7/30/2049(a)
173,250
169,093
Neuberger Berman CLO (Cayman Islands)
Series 2013-15A, Class A1R2, 6.49%,
10/15/2029(a) (i)
242,969
241,923
Neuberger Berman CLO Ltd. (Cayman Islands)
Series 2013-14A, Class AR2, 6.66%,
1/28/2030(a) (i)
732,413
730,668
Neuberger Berman Loan Advisers CLO Ltd.
(Cayman Islands)
Series 2017-26A, Class AR, 6.49%,
10/18/2030(a) (i)
501,665
499,258
Series 2019-34A, Class A1R, 6.57%,
1/20/2035(a) (i)
1,950,000
1,933,638
New Residential Mortgage LLC Series
2020-FNT2, Class A, 5.44%,
7/25/2025(a)
613,932
588,706
SEE NOTES TO FINANCIAL STATEMENTS.
74
 
August 31, 2023


INVESTMENTS
PRINCIPAL
AMOUNT($)
VALUE($)
Asset-Backed Securities — continued
New Residential Mortgage Loan Trust Series
2022-SFR1, Class E1, 3.55%,
2/17/2039(a)
168,000
145,460
NRZ Excess Spread-Collateralized Notes
Series 2021-FNT1, Class A, 2.98%,
3/25/2026(a)
352,805
321,103
Series 2021-FNT2, Class A, 3.23%,
5/25/2026(a)
182,419
165,891
Series 2021-FHT1, Class A, 3.10%,
7/25/2026(a)
329,023
293,463
Series 2021-GNT1, Class A, 3.47%,
11/25/2026(a)
166,163
149,893
OCP CLO Ltd. (Cayman Islands)
Series 2018-15A, Class A1, 6.69%,
7/20/2031(a) (i)
350,000
348,947
Series 2020-18A, Class AR, 6.68%,
7/20/2032(a) (i)
320,000
317,663
Series 2015-9A, Class A1R2, 6.56%,
1/15/2033(a) (i)
1,500,000
1,484,144
Octagon Investment Partners 35 Ltd. (Cayman
Islands) Series 2018-1A, Class A1A, 6.65%,
1/20/2031(a) (i)
1,034,976
1,032,424
Octagon Loan Funding Ltd. (Cayman Islands)
Series 2014-1A, Class ARR, 6.82%,
11/18/2031(a) (i)
1,530,000
1,526,940
OHA Credit Partners Ltd. (Cayman Islands)
Series 2012-7A, Class AR3, 6.71%,
2/20/2034(a) (i)
1,500,000
1,490,037
OnDeck Asset Securitization Trust IV LLC Series
2023-1A, Class A, 7.00%, 8/19/2030(a)
468,000
468,115
OneMain Direct Auto Receivables Trust Series
2022-1A, Class A1, 4.65%, 3/14/2029(a)
294,000
287,695
OneMain Financial Issuance Trust
Series 2018-2A, Class A, 3.57%,
3/14/2033(a)
186,509
184,145
Series 2023-2A, Class A2, 6.75%,
9/15/2036(a) (i)
1,780,000
1,781,125
Oportun Issuance Trust
Series 2022-2, Class A, 5.94%,
10/9/2029(a)
48,075
47,909
Series 2022-2, Class D, 11.34%,
10/9/2029
863,000
854,373
Series 2022-3, Class A, 7.45%,
1/8/2030(a)
421,604
422,058
Pagaya AI Debt Selection Trust Series 2021-3,
Class C, 3.27%, 5/15/2029(a)
1,499,918
1,265,583
Palmer Square CLO Ltd. (Cayman Islands)
Series 2014-1A, Class A1R2, 6.70%,
1/17/2031(a) (i)
1,113,437
1,111,385
INVESTMENTS
PRINCIPAL
AMOUNT($)
VALUE($)
 
Series 2018-2A, Class A1A, 6.67%,
7/16/2031(a) (i)
850,000
847,283
Series 2015-1A, Class A1A4, 6.77%,
5/21/2034(a) (i)
510,000
507,760
Palmer Square Loan Funding Ltd. (Cayman
Islands) Series 2022-1A, Class A1, 6.36%,
4/15/2030(a) (i)
547,006
543,582
Planet Fitness Master Issuer LLC Series
2018-1A, Class A2II, 4.67%, 9/5/2048(a)
666,750
640,238
PMT Issuer Trust-FMSR
Series 2021-FT1, Class A, 8.43%,
3/25/2026(a) (i)
600,000
579,924
Series 2022-FT1, Class A, 9.49%,
6/25/2027(a) (i)
1,200,000
1,197,050
PNMAC GMSR Issuer Trust Series 2022-GT1,
Class A, 9.54%, 5/25/2027(a) (i)
343,000
341,713
PRET LLC Series 2022-NPL4, Class A1, 6.56%,
8/25/2052(a) (h)
151,112
149,257
Progress Residential Trust Series 2023-SFR1,
Class E1, 6.15%, 3/17/2040(a)
736,000
696,020
PRPM LLC Series 2021-11, Class A2, 4.58%,
11/25/2026(a) (h)
1,000,000
894,673
RCO VI Mortgage LLC Series 2022-1, Class A1,
3.00%, 1/25/2027(a) (h)
134,209
127,180
Republic Finance Issuance Trust Series 2021-A,
Class D, 5.23%, 12/22/2031(a)
800,000
673,158
Santander Bank Auto Credit-Linked Notes
Series 2022-C, Class B, 6.45%,
12/15/2032(a)
253,792
253,140
Series 2022-C, Class C, 6.99%,
12/15/2032(a)
219,954
220,080
Series 2022-C, Class D, 8.20%,
12/15/2032(a)
203,034
204,737
Series 2022-C, Class E, 11.37%,
12/15/2032(a)
168,332
169,587
Santander Drive Auto Receivables Trust
Series 2021-3, Class D, 1.33%, 9/15/2027
2,000,000
1,879,916
Series 2023-4, Class B, 5.77%,
12/15/2028
428,000
429,679
Series 2022-2, Class C, 3.76%, 7/16/2029
1,550,000
1,483,382
Series 2022-4, Class C, 5.00%,
11/15/2029
1,130,000
1,105,182
Series 2023-3, Class C, 5.77%,
11/15/2030
220,000
218,834
Series 2022-7, Class C, 6.69%, 3/17/2031
174,000
176,394
SBA Small Business Investment Cos. Series
2023-10A, Class 1, 5.17%, 3/10/2033
2,400,000
2,376,355
Service Experts Issuer LLC Series 2021-1A,
Class A, 2.67%, 2/2/2032(a)
248,395
226,582
SEE NOTES TO FINANCIAL STATEMENTS.
August 31, 2023
 
75


JPMorgan Income ETF
SCHEDULE OF PORTFOLIO INVESTMENTS
AS OF August 31, 2023  (Unaudited) (continued)
INVESTMENTS
PRINCIPAL
AMOUNT($)
VALUE($)
Asset-Backed Securities — continued
SoFi Consumer Loan Program Trust Series
2023-1S, Class A, 5.81%, 5/15/2031(a)
167,572
167,255
Symphony CLO Ltd. (Cayman Islands)
Series 2018-19A, Class A, 6.53%,
4/16/2031(a) (i)
1,052,830
1,045,955
Series 2020-23A, Class AR, 6.59%,
1/15/2034(a) (i)
600,000
595,504
Tesla Auto Lease Trust Series 2021-B, Class B,
0.91%, 9/22/2025(a)
770,000
736,768
Theorem Funding Trust
Series 2022-2A, Class B, 9.27%,
12/15/2028(a)
400,000
412,243
Series 2022-3A, Class A, 7.60%,
4/15/2029(a)
184,945
186,021
Tricon Residential Trust Series 2022-SFR1,
Class E2, 5.74%, 4/17/2039(a)
101,000
93,434
United Airlines Pass-Through Trust
Series 2016-2, Class B, 3.65%, 10/7/2025
31,736
29,910
Series 2016-1, Class B, 3.65%, 1/7/2026
26,447
24,546
Upstart Pass-Through Trust
Series 2022-PT2, Class A, 17.81%,
2/20/2030(a) (i)
493,765
493,765
Series 2022-PT3, Class A, 19.73%,
4/20/2030‡ (a) (i)
315,335
318,967
Upstart Securitization Trust
Series 2021-2, Class C, 3.61%,
6/20/2031(a)
1,500,000
1,392,428
Series 2022-2, Class B, 6.10%,
5/20/2032(a)
500,000
493,674
Voya CLO Ltd. (Cayman Islands) Series
2020-2A, Class A1R, 6.74%,
7/19/2034(a) (i)
1,000,000
993,584
Westlake Automobile Receivables Trust
Series 2022-2A, Class C, 4.85%,
9/15/2027(a)
504,000
493,761
Series 2022-2A, Class D, 5.48%,
9/15/2027(a)
432,000
423,201
Series 2023-1A, Class B, 5.41%,
1/18/2028(a)
375,000
370,889
Series 2023-1A, Class C, 5.74%,
8/15/2028(a)
405,000
399,701
Series 2023-3A, Class C, 6.02%,
9/15/2028(a)
920,000
918,634
Series 2023-1A, Class D, 6.79%,
11/15/2028(a)
437,000
435,782
Series 2023-3A, Class D, 6.47%,
3/15/2029(a)
632,000
629,425
Total Asset-Backed Securities
(Cost $166,442,198)
164,957,182
INVESTMENTS
PRINCIPAL
AMOUNT($)
VALUE($)
Mortgage-Backed Securities — 21.8%
FHLMC Gold Pools, Other
Pool # WN1250, 4.40%, 5/1/2028
1,500,000
1,448,342
Pool # WN2184, 2.50%, 4/1/2032
330,000
271,811
Pool # WN2270, 3.95%, 10/1/2032
600,000
545,171
Pool # WN2271, 3.95%, 10/1/2032
450,000
408,881
Pool # WN2290, 3.80%, 11/1/2032
470,000
423,373
Pool # WN2298, 4.35%, 11/1/2032
580,000
539,806
Pool # WA3236, 4.75%, 11/1/2032
577,222
546,566
Pool # WN1205, 4.60%, 1/1/2033
390,000
365,746
Pool # WN1206, 4.60%, 1/1/2033
537,000
504,351
Pool # WN2308, 4.90%, 1/1/2033
200,000
190,041
FNMA UMBS, 30 Year Pool # MA5073, 6.00%,
7/1/2053
18,678,293
18,726,245
FNMA, Other Pool # BS9065, 4.62%,
7/1/2028
1,500,000
1,465,502
FNMA/FHLMC UMBS, Single Family, 30 Year
TBA, 3.50%, 9/25/2053(j)
25,850,000
23,104,447
GNMA II, 30 Year
Pool # MA8151, 4.50%, 7/20/2052
30
29
Pool # MA8493, 6.50%, 12/20/2052
11,910,938
12,065,821
Pool # MA8573, 7.00%, 1/20/2053
7,519,349
7,681,013
Pool # MA8649, 6.00%, 2/20/2053
498,903
501,800
Pool # MA8651, 7.00%, 2/20/2053
200,000
204,307
Pool # MA8729, 7.00%, 3/20/2053
1,000,001
1,023,932
Pool # MA9109, 7.00%, 8/20/2053
2,159,114
2,231,524
Pool # MA9110, 7.50%, 8/20/2053
560,000
579,183
GNMA II, Single Family, 30 Year
TBA, 5.50%, 9/15/2053(j)
6,883,000
6,813,095
TBA, 6.00%, 9/15/2053(j)
25,897,000
25,980,963
TBA, 6.50%, 9/15/2053(j)
26,000,000
26,332,109
Total Mortgage-Backed Securities
(Cost $132,020,737)
131,954,058
Commercial Mortgage-Backed Securities — 13.8%
BANK
Series 2022-BNK39, Class XA, IO, 0.53%,
2/15/2055(i)
8,064,600
220,918
Series 2019-BN20, Class D, 2.50%,
9/15/2062(a)
700,000
403,554
Series 2020-BN28, Class XA, IO, 1.88%,
3/15/2063(i)
4,136,987
380,068
Series 2020-BN26, Class E, 2.50%,
3/15/2063(a)
320,000
137,613
BBCMS Mortgage Trust
Series 2021-C11, Class XB, IO, 1.08%,
9/15/2054(i)
4,500,000
287,392
Series 2023-C20, Class XA, IO, 1.07%,
7/15/2056(i)
13,298,636
747,456
SEE NOTES TO FINANCIAL STATEMENTS.
76
 
August 31, 2023


INVESTMENTS
PRINCIPAL
AMOUNT($)
VALUE($)
Commercial Mortgage-Backed Securities — continued
Benchmark Mortgage Trust
Series 2021-B26, Class ASB, 2.26%,
6/15/2054
800,000
682,414
Series 2022-B33, Class A5, 3.46%,
3/15/2055
800,000
692,195
Series 2022-B36, Class A5, 4.47%,
7/15/2055(i)
800,000
740,278
Series 2022-B37, Class A5, 5.94%,
11/15/2055(i)
604,000
618,856
BHMS Series 2018-ATLS, Class A, 6.86%,
7/15/2035(a) (i)
1,580,000
1,551,969
BX Series 2021-MFM1, Class A, 6.12%,
1/15/2034(a) (i)
632,972
623,029
BX Commercial Mortgage Trust
Series 2021-21M, Class A, 6.15%,
10/15/2036(a) (i)
372,506
364,474
Series 2021-VINO, Class A, 6.08%,
5/15/2038(a) (i)
272,098
266,802
Series 2021-XL2, Class A, 6.11%,
10/15/2038(a) (i)
664,641
648,585
Series 2021-ACNT, Class A, 6.27%,
11/15/2038(a) (i)
850,000
834,275
BX Trust
Series 2022-LBA6, Class A, 6.31%,
1/15/2039(a) (i)
155,000
151,694
Series 2022-FOX2, Class A2, 6.06%,
4/15/2039(a) (i)
543,570
526,186
CD Mortgage Trust Series 2018-CD7, Class C,
5.00%, 8/15/2051(i)
580,000
472,833
Citigroup Commercial Mortgage Trust
Series 2013-GC17, Class B, 5.10%,
11/10/2046(i)
100,000
98,649
Series 2018-C5, Class XA, IO, 0.83%,
6/10/2051(i)
1,482,636
39,905
Series 2018-C6, Class XA, IO, 0.93%,
11/10/2051(i)
2,140,543
65,522
Series 2015-GC33, Class B, 4.73%,
9/10/2058(i)
65,000
53,982
Commercial Mortgage Trust
Series 2015-CR22, Class D, 4.20%,
3/10/2048(a) (i)
500,000
388,389
Series 2015-PC1, Class B, 4.42%,
7/10/2050(i)
65,000
59,216
Credit Suisse Mortgage Capital Certificates
Series 2019-ICE4, Class A, 6.34%,
5/15/2036(a) (i)
588,536
587,862
FHLMC Series K-153, Class X1, IO, 0.60%,
12/25/2032(i)
16,500,000
581,896
INVESTMENTS
PRINCIPAL
AMOUNT($)
VALUE($)
 
FHLMC Multiclass Certificates
Series 2020-RR12, Class X, IO, 2.10%,
10/27/2027(i)
2,000,000
135,733
Series 2020-RR06, Class AX, IO, 1.88%,
10/27/2028(i)
2,000,000
140,216
Series 2020-RR14, Class X, IO, 2.13%,
3/27/2034(i)
2,500,000
379,941
Series 2021-RR16, Class X, IO, 0.96%,
10/27/2034(i)
5,600,000
426,550
FHLMC, Multi-Family Structured Pass-Through
Certificates
Series K038, Class X1, IO, 1.23%,
3/25/2024(i)
59,306,271
200,770
Series KC06, Class X1, IO, 1.01%,
6/25/2026(i)
5,582,276
69,184
Series K738, Class X1, IO, 1.51%,
1/25/2027(i)
14,846,257
604,217
Series K740, Class X1, IO, 0.83%,
9/25/2027(i)
15,765,278
400,236
Series K072, Class X1, IO, 0.49%,
12/25/2027(i)
15,390,520
209,403
Series K741, Class X1, IO, 0.65%,
12/25/2027(i)
1,442,695
28,542
Series K742, Class X1, IO, 0.87%,
3/25/2028(i)
2,766,878
65,263
Series K742, Class X3, IO, 2.68%,
4/25/2028(i)
5,000,000
475,373
Series K743, Class X1, IO, 1.03%,
5/25/2028(i)
1,651,826
59,744
Series K745, Class X1, IO, 0.77%,
8/25/2028(i)
15,956,731
435,603
Series K084, Class X3, IO, 2.31%,
11/25/2028(i)
751,485
72,963
Series K091, Class X1, IO, 0.71%,
3/25/2029(i)
8,814,443
234,099
Series K096, Class X3, IO, 2.11%,
7/25/2029(i)
8,380,000
789,228
Series K100, Class X1, IO, 0.77%,
9/25/2029(i)
54,839,095
1,780,198
Series K104, Class X1, IO, 1.25%,
1/25/2030(i)
9,320,112
517,439
Series K109, Class X1, IO, 1.70%,
4/25/2030(i)
5,950,127
479,503
Series K110, Class X1, IO, 1.81%,
4/25/2030(i)
8,851,093
747,674
Series K115, Class X1, IO, 1.43%,
6/25/2030(i)
7,968,779
557,691
Series K119, Class X1, IO, 1.02%,
9/25/2030(i)
7,347,458
369,495
SEE NOTES TO FINANCIAL STATEMENTS.
August 31, 2023
 
77


JPMorgan Income ETF
SCHEDULE OF PORTFOLIO INVESTMENTS
AS OF August 31, 2023  (Unaudited) (continued)
INVESTMENTS
PRINCIPAL
AMOUNT($)
VALUE($)
Commercial Mortgage-Backed Securities — continued
Series K120, Class X1, IO, 1.13%,
10/25/2030(i)
21,761,559
1,194,916
Series K123, Class X1, IO, 0.86%,
12/25/2030(i)
18,421,238
792,837
Series K129, Class X3, IO, 3.27%,
5/25/2031(i)
8,000,000
1,462,796
Series K133, Class X1, IO, 0.44%,
9/25/2031(i)
7,471,894
170,585
Series K-154, Class X1, IO, 0.53%,
1/25/2033(i)
192
6
Series K157, Class X3, IO, 3.33%,
9/25/2033(i)
1,800,000
389,525
Series K-1514, Class X1, IO, 0.70%,
10/25/2034(i)
1,187,651
53,040
Series Q012, Class X, IO, 4.09%,
9/25/2035(i)
408,724
74,341
Series K-1520, Class X1, IO, 0.58%,
2/25/2036(i)
412,676
15,927
Series K067, Class X3, IO, 2.19%,
9/25/2044(i)
1,575,428
108,171
Series K060, Class X3, IO, 1.96%,
12/25/2044(i)
11,950,000
640,576
Series K071, Class X3, IO, 2.08%,
11/25/2045(i)
8,700,000
639,711
Series K085, Class X3, IO, 2.39%,
12/25/2045(i)
1,850,000
178,549
Series K097, Class X3, IO, 2.09%,
9/25/2046(i)
3,000,000
284,468
Series K083, Class X3, IO, 2.37%,
11/25/2046(i)
621,062
59,199
Series K737, Class X3, IO, 1.83%,
1/25/2048(i)
11,779,376
590,697
Series K121, Class X3, IO, 2.87%,
11/25/2048(i)
5,000,000
758,513
Series K126, Class X3, IO, 2.72%,
1/25/2049(i)
2,950,000
434,769
Series K124, Class X3, IO, 2.71%,
2/25/2049(i)
5,000,000
719,916
Series K741, Class X3, IO, 2.53%,
3/25/2049(i)
13,766,615
1,160,012
Series K743, Class X3, IO, 3.06%,
6/25/2049(i)
13,000,000
1,446,205
Series 2021-MN3, Class M2, 9.29%,
11/25/2051(a) (i)
3,200,000
3,053,251
FIVE Mortgage Trust Series 2023-V1, Class XA,
IO, 1.04%, 2/10/2056(i)
5,685,871
175,746
FNMA ACES
Series 2020-M3, Class X1, IO, 0.44%,
2/25/2030(i)
3,554,169
62,178
INVESTMENTS
PRINCIPAL
AMOUNT($)
VALUE($)
 
Series 2022-M2, Class X2, IO, 0.30%,
1/25/2032(i)
2,833,478
38,707
Series 2020-M31, Class AB, 0.50%,
10/25/2032
73,297
57,549
FREMF Mortgage Trust
Series 2017-KF31, Class B, 8.12%,
4/25/2024(a) (i)
145,324
143,937
Series 2017-KF36, Class B, 7.87%,
8/25/2024(a) (i)
902,075
879,913
Series 2017-KF38, Class B, 7.72%,
9/25/2024(a) (i)
828,828
809,338
Series 2018-KF45, Class B, 7.17%,
3/25/2025(a) (i)
768,233
734,247
Series 2018-KF47, Class B, 7.22%,
5/25/2025(a) (i)
243,085
235,335
Series 2018-KC02, Class B, 4.23%,
7/25/2025(a) (i)
25,000
23,380
Series 2018-KF53, Class B, 7.27%,
10/25/2025(i)
24,588
23,593
Series 2019-KF60, Class B, 7.57%,
2/25/2026(a) (i)
807,494
773,967
Series 2019-KF62, Class B, 7.27%,
4/25/2026(a) (i)
5,755
5,332
Series 2019-K735, Class B, 4.16%,
5/25/2026(a) (i)
150,000
141,592
Series 2019-KF72, Class B, 7.32%,
11/25/2026(a) (i)
730,796
682,154
Series 2017-KF40, Class B, 7.92%,
11/25/2027(a) (i)
943,700
868,281
Series 2018-KF43, Class B, 7.37%,
1/25/2028(a) (i)
21,473
20,229
Series 2018-KF50, Class B, 7.12%,
7/25/2028(a) (i)
3,383
2,996
Series 2018-KF54, Class B, 7.42%,
11/25/2028(i)
679,860
622,054
Series 2019-KF59, Class B, 7.57%,
2/25/2029(a) (i)
675,975
633,812
Series 2019-KW09, Class X2A, IO, 0.10%,
5/25/2029(a)
19,784,415
74,031
Series 2019-KW09, Class C, PO,
6/25/2029(a)
790,000
462,070
Series 2019-KW09, Class X2B, IO, 0.10%,
6/25/2029(a)
10,000,000
42,933
Series 2019-KF67, Class C, 11.22%,
8/25/2029(a) (i)
3,247,611
2,696,532
Series 2020-KF76, Class B, 7.97%,
1/25/2030(a) (i)
811,471
753,135
Series 2018-KW07, Class B, 4.22%,
10/25/2031(a) (i)
300,000
248,105
SEE NOTES TO FINANCIAL STATEMENTS.
78
 
August 31, 2023


INVESTMENTS
PRINCIPAL
AMOUNT($)
VALUE($)
Commercial Mortgage-Backed Securities — continued
Series 2023-KF149, Class CS, 11.25%,
12/25/2032(a) (i)
499,921
510,350
Series 19K-1513, Class X2A, IO, 0.10%,
8/25/2034(a)
64,933,479
438,859
Series 2014-K38, Class B, 4.37%,
6/25/2047(a) (i)
335,000
329,465
Series 2015-K46, Class C, 3.82%,
4/25/2048(a) (i)
100,000
95,474
Series 2017-K724, Class D, PO,
12/25/2049(a)
500,000
483,940
Series 2017-K62, Class B, 4.01%,
1/25/2050(a) (i)
415,000
387,706
Series 2018-K730, Class B, 3.92%,
2/25/2050(a) (i)
200,000
192,469
Series 2019-K91, Class C, 4.40%,
4/25/2051(a) (i)
250,000
227,563
GNMA
Series 2015-93, IO, 0.28%,
11/16/2054(i)
30,740,960
247,428
Series 2015-33, IO, 0.26%, 2/16/2056(i)
48,270,890
417,674
Series 2017-53, IO, 0.53%,
11/16/2056(i)
4,422,141
136,497
Series 2017-158, IO, 0.46%,
9/16/2057(i)
3,530,385
91,782
Series 2018-45, IO, 0.54%, 3/16/2059(i)
12,724,724
420,469
Series 2023-108, IO, 0.70%,
8/16/2059(i)
13,547,220
487,173
Series 2019-109, IO, 0.80%,
4/16/2060(i)
5,688,058
309,464
Series 2020-184, IO, 0.91%,
11/16/2060(i)
9,403,222
571,458
Series 2021-90, IO, 0.83%, 5/16/2061(i)
18,068,692
1,095,579
Series 2021-147, IO, 0.99%,
6/16/2061(i)
3,017,463
208,785
Series 2019-154, IO, 0.58%,
9/16/2061(i)
7,312,962
303,699
Series 2021-218, IO, 0.96%,
10/16/2061(i)
333,061
23,257
Series 2020-120, IO, 0.76%,
5/16/2062(i)
5,977,635
337,277
Series 2020-100, IO, 0.78%,
5/16/2062(i)
5,757,596
328,101
Series 2020-194, IO, 1.08%,
6/16/2062(i)
8,555,725
612,520
Series 2020-161, IO, 1.05%,
8/16/2062(i)
5,045,690
344,115
Series 2021-71, IO, 0.87%,
10/16/2062(i)
3,642,774
227,155
INVESTMENTS
PRINCIPAL
AMOUNT($)
VALUE($)
 
Series 2021-35, IO, 1.03%,
12/16/2062(i)
3,239,793
232,431
Series 2021-11, Class IX, IO, 1.16%,
12/16/2062(i)
6,483,857
507,301
Series 2021-40, IO, 0.82%, 2/16/2063(i)
3,168,887
193,554
Series 2021-120, IO, 0.99%,
2/16/2063(i)
6,512,881
454,882
Series 2021-62, Class SA, IF, IO, 3.37%,
2/16/2063(i)
3,304,675
197,950
Series 2021-106, IO, 0.86%,
4/16/2063(i)
5,022,103
327,417
Series 2021-151, IO, 0.92%,
4/16/2063(i)
8,043,804
544,475
Series 2021-60, IO, 0.83%, 5/16/2063(i)
2,266,027
134,455
Series 2021-126, IO, 0.85%,
5/16/2063(i)
9,847,732
640,444
Series 2021-10, IO, 0.99%, 5/16/2063(i)
4,975,446
343,841
Series 2021-170, IO, 0.99%,
5/16/2063(i)
2,352,621
167,411
Series 2021-141, Class SA, IF, IO, 3.65%,
6/16/2063(i)
1,738,108
85,669
Series 2021-133, IO, 0.88%,
7/16/2063(i)
9,079,034
599,052
Series 2021-61, IO, 1.03%, 8/16/2063(i)
1,400,201
96,944
Series 2023-15, Class AB, 4.00%,
8/16/2063(i)
745,055
693,235
Series 2021-110, IO, 0.87%,
11/16/2063(i)
5,781,058
372,937
Series 2021-200, IO, 0.88%,
11/16/2063(i)
1,996,646
136,032
Series 2021-180, IO, 0.91%,
11/16/2063(i)
8,996,031
617,566
Series 2021-185, IO, 1.10%,
11/16/2063(i)
1,512,973
120,218
Series 2021-220, IO, 0.83%,
12/16/2063(i)
11,193,754
707,615
Series 2022-7, Class SA, IF, IO, 3.37%,
2/16/2064(i)
1,257,817
72,890
Series 2021-224, IO, 0.78%,
4/16/2064(i)
1,950,480
126,614
Series 2022-149, IO, 0.45%,
6/16/2064(i)
13,347,109
600,854
Series 2022-134, IO, 0.51%,
6/16/2064(i)
2,961,132
138,818
Series 2022-165, IO, 0.59%,
6/16/2064(i)
9,653,859
531,523
Series 2022-80, IO, 0.59%, 6/16/2064(i)
1,171,765
58,267
Series 2022-62, IO, 0.62%, 6/16/2064(i)
1,957,902
104,401
Series 2022-52, IO, 0.77%, 6/16/2064(i)
9,787,166
563,381
SEE NOTES TO FINANCIAL STATEMENTS.
August 31, 2023
 
79


JPMorgan Income ETF
SCHEDULE OF PORTFOLIO INVESTMENTS
AS OF August 31, 2023  (Unaudited) (continued)
INVESTMENTS
PRINCIPAL
AMOUNT($)
VALUE($)
Commercial Mortgage-Backed Securities — continued
Series 2022-141, IO, 0.78%,
6/16/2064(i)
2,973,272
209,683
Series 2022-210, IO, 0.70%,
7/16/2064(i)
2,183,642
141,067
Series 2022-199, IO, 0.76%,
7/16/2064(i)
3,968,374
260,590
Series 2023-15, IO, 0.92%, 8/16/2064(i)
1,790,088
134,008
Series 2023-36, IO, 0.95%,
10/16/2064(i)
6,014,403
418,038
Series 2023-26, IO, 0.97%, 4/16/2065(i)
4,977,853
359,775
Series 2023-51, IO, 1.11%, 5/16/2065(i)
11,950,784
1,026,564
GS Mortgage Securities Trust
Series 2016-GS2, Class D, 2.75%,
5/10/2049(a)
750,000
575,990
Series 2019-GC40, Class E, 3.00%,
7/10/2052(a)
800,000
392,147
ILPT Commercial Mortgage Trust
Series 2022-LPF2, Class A, 7.56%,
10/15/2039(a) (i)
104,962
104,600
Series 2022-LPF2, Class E, 11.25%,
10/15/2039(a) (i)
240,000
237,561
JPMBB Commercial Mortgage Securities Trust
Series 2015-C33, Class C, 4.79%,
12/15/2048(i)
150,000
121,281
JPMCC Commercial Mortgage Securities Trust
Series 2017-JP5, Class C, 3.90%,
3/15/2050(i)
1,050,000
832,325
Series 2017-JP5, Class B, 4.08%,
3/15/2050(i)
850,000
719,330
JPMorgan Chase Commercial Mortgage
Securities Trust Series 2013-C16, Class D,
5.13%, 12/15/2046(a) (i)
1,500,000
1,278,794
Morgan Stanley Bank of America Merrill Lynch
Trust
Series 2014-C15, Class D, 5.01%,
4/15/2047(a) (i)
1,337,000
1,208,645
Series 2014-C16, Class AS, 4.09%,
6/15/2047
600,000
571,944
Series 2014-C18, Class B, 4.58%,
10/15/2047(i)
100,000
95,025
Series 2016-C31, Class C, 4.40%,
11/15/2049(i)
100,000
77,216
Series 2015-C23, Class B, 4.28%,
7/15/2050(i)
900,000
825,550
Morgan Stanley Capital I Trust Series 2020-L4,
Class D, 2.50%, 2/15/2053(a)
500,000
250,442
MRCD MARK Mortgage Trust Series
2019-PARK, Class E, 2.72%,
12/15/2036(a)
400,000
247,536
INVESTMENTS
PRINCIPAL
AMOUNT($)
VALUE($)
 
MSC Trust Series 2021-ILP, Class A, 6.20%,
11/15/2023(a) (i)
239,209
233,806
MTN Commercial Mortgage Trust Series
2022-LPFL, Class A, 6.72%, 3/15/2039(a)
(i)
1,190,000
1,174,332
Multi-Family Connecticut Avenue Securities
Trust
Series 2019-01, Class M10, 8.65%,
10/25/2049(a) (i)
1,892,893
1,843,092
Series 2020-01, Class M10, 9.15%,
3/25/2050(a) (i)
3,900,000
3,793,171
TPGI Trust Series 2021-DGWD, Class A, 6.12%,
6/15/2026(a) (i)
335,592
329,166
Velocity Commercial Capital Loan Trust
Series 2018-1, Class A, 3.59%,
4/25/2048(a)
153,264
143,008
Series 2022-3, Class A, 5.22%,
6/25/2052(a) (i)
255,871
242,556
Series 2022-4, Class A, 5.63%,
8/25/2052(a) (i)
534,801
509,613
Wells Fargo Commercial Mortgage Trust
Series 2018-C44, Class D, 3.00%,
5/15/2051(a)
250,000
150,664
Series 2022-C62, Class C, 4.50%,
4/15/2055(i)
100,000
73,445
WFRBS Commercial Mortgage Trust
Series 2013-C13, Class C, 3.91%,
5/15/2045(i)
18,560
17,762
Series 2014-C22, Class C, 3.91%,
9/15/2057(i)
100,000
78,236
Series 2014-C22, Class B, 4.37%,
9/15/2057(i)
100,000
87,389
Total Commercial Mortgage-Backed Securities
(Cost $88,331,956)
83,807,020
Collateralized Mortgage Obligations — 7.6%
Angel Oak Mortgage Trust I LLC Series 2019-4,
Class B2, 5.66%, 7/26/2049(a) (i)
800,000
712,154
CHL Mortgage Pass-Through Trust Series
2006-OA5, Class 2A1, 5.83%,
4/25/2046(i)
149,361
123,810
COLT Mortgage Loan Trust Series 2023-2,
Class A1, 6.60%, 7/25/2068(a) (h)
392,451
395,221
Connecticut Avenue Securities Trust
Series 2019-R01, Class 2B1, 9.75%,
7/25/2031(a) (i)
1,500,000
1,587,729
Series 2019-R04, Class 2B1, 10.65%,
6/25/2039(a) (i)
716,662
755,818
Series 2019-R07, Class 1B1, 8.80%,
10/25/2039(a) (i)
670,000
679,925
SEE NOTES TO FINANCIAL STATEMENTS.
80
 
August 31, 2023


INVESTMENTS
PRINCIPAL
AMOUNT($)
VALUE($)
Collateralized Mortgage Obligations — continued
Series 2020-R01, Class 1B1, 8.65%,
1/25/2040(a) (i)
1,500,000
1,502,959
Series 2022-R06, Class 1M2, 9.14%,
5/25/2042(a) (i)
1,100,000
1,141,222
Series 2023-R02, Class 1M1, 7.59%,
1/25/2043(a) (i)
292,175
295,827
Series 2023-R02, Class 1M2, 8.64%,
1/25/2043(a) (i)
550,000
563,372
Series 2023-R02, Class 1B1, 10.84%,
1/25/2043(a) (i)
350,000
371,875
Series 2023-R04, Class 1M1, 7.60%,
5/25/2043(a) (i)
1,139,816
1,157,659
Series 2023-R04, Class 1M2, 8.85%,
5/25/2043(a) (i)
500,000
518,750
Series 2023-R06, Class 1M2, 7.99%,
7/25/2043(a) (i)
680,000
683,828
Deephaven Residential Mortgage Trust Series
2022-2, Class A1, 4.30%, 3/25/2067(a)
(i)
117,683
109,258
FHLMC STACR REMIC Trust
Series 2021-HQA1, Class M2, 7.54%,
8/25/2033(a) (i)
1,864,815
1,843,835
Series 2022-DNA3, Class M1B, 8.19%,
4/25/2042(a) (i)
500,000
508,528
FHLMC STACR Trust
Series 2019-HQA1, Class B1, 9.80%,
2/25/2049(a) (i)
750,000
809,768
Series 2019-DNA2, Class B1, 9.75%,
3/25/2049(a) (i)
1,000,000
1,071,880
FHLMC Structured Agency Credit Risk Debt
Notes
Series 2017-DNA2, Class B1, 10.55%,
10/25/2029(i)
250,000
273,125
Series 2017-DNA3, Class B1, 9.85%,
3/25/2030(i)
1,550,000
1,681,295
FHLMC, REMIC Series 5164, Class J, 2.50%,
5/25/2049
1,367,063
1,163,333
FNMA, Connecticut Avenue Securities
Series 2017-C01, Class 1B1, 11.15%,
7/25/2029(i)
2,400,000
2,702,549
Series 2017-C02, Class 2B1, 10.90%,
9/25/2029(i)
2,120,000
2,340,678
Series 2017-C03, Class 1B1, 10.25%,
10/25/2029(i)
780,000
855,261
Series 2017-C04, Class 2B1, 10.45%,
11/25/2029(i)
1,650,000
1,803,831
Series 2017-C05, Class 1B1, 9.00%,
1/25/2030(i)
1,090,558
1,149,964
INVESTMENTS
PRINCIPAL
AMOUNT($)
VALUE($)
 
Series 2017-C06, Class 1B1, 9.55%,
2/25/2030(i)
450,000
481,524
Series 2017-C07, Class 1B1, 9.40%,
5/25/2030(i)
790,000
843,325
Series 2018-C01, Class 1B1, 8.95%,
7/25/2030(i)
1,346,000
1,423,395
Series 2018-C03, Class 1B1, 9.15%,
10/25/2030(i)
3,647,000
3,909,363
Series 2021-R02, Class 2B1, 8.59%,
11/25/2041(a) (i)
64,000
64,000
Series 2021-R02, Class 2B2, 11.49%,
11/25/2041(a) (i)
26,000
26,071
FWD Securitization Trust Series 2020-INV1,
Class A1, 2.24%, 1/25/2050(a) (i)
479,317
431,725
GNMA
Series 2014-181, Class SL, IF, IO, 0.17%,
12/20/2044(i)
507,469
41,879
Series 2021-78, Class IB, IO, 3.00%,
5/20/2051
969,822
136,041
Series 2021-107, Class XI, IO, 3.00%,
6/20/2051
1,460,260
199,507
Series 2021-117, Class ES, IF, IO, 0.87%,
7/20/2051(i)
1,695,233
176,876
Series 2021-142, Class XI, IO, 3.00%,
8/20/2051
151,627
23,530
Series 2021-188, Class IJ, IO, 3.00%,
10/20/2051
3,038,416
428,817
0.43%, 7/16/2057(i)
50,000,000
839,845
1.16%, 7/16/2065(i)
4,500,000
372,798
LHOME Mortgage Trust
Series 2023-RTL1, Class A1, 7.87%,
1/25/2028(a) (h)
1,160,000
1,154,252
Series 2023-RTL2, Class A1, 8.00%,
6/25/2028(a) (h)
500,000
498,569
MFA Trust
Series 2022-RTL1, Class A1, 5.07%,
4/26/2027(a) (h)
270,000
259,622
Series 2023-RTL1, Class A1, 7.58%,
8/25/2027(a) (h)
260,000
256,093
Series 2021-NQM1, Class A1, 1.15%,
4/25/2065(a) (i)
132,629
115,915
New Residential Mortgage Loan Trust
Series 2018-3A, Class A1C, 3.00%,
5/25/2058(a) (i)
277,769
249,421
Series 2019-NQM5, Class A1, 2.71%,
11/25/2059(a) (i)
197,059
176,925
OBX Trust
Series 2023-NQM3, Class A1, 5.95%,
2/25/2063(a) (h)
635,028
630,382
SEE NOTES TO FINANCIAL STATEMENTS.
August 31, 2023
 
81


JPMorgan Income ETF
SCHEDULE OF PORTFOLIO INVESTMENTS
AS OF August 31, 2023  (Unaudited) (continued)
INVESTMENTS
PRINCIPAL
AMOUNT($)
VALUE($)
Collateralized Mortgage Obligations — continued
Series 2023-NQM6, Class A1, 6.52%,
7/25/2063(a) (h)
393,319
395,076
PNMAC GMSR Issuer Trust Series 2018-GT2,
Class A, 8.08%, 8/25/2025(a) (i)
280,000
278,114
PRPM LLC Series 2020-6, Class A1, 2.36%,
11/25/2025(a) (h)
661,230
644,783
STACR Trust
Series 2018-HRP2, Class M3, 7.80%,
2/25/2047(a) (i)
1,183,586
1,205,044
Series 2018-HRP2, Class B1, 9.60%,
2/25/2047(a) (i)
600,000
637,500
Series 2018-DNA3, Class B1, 9.30%,
9/25/2048(a) (i)
300,000
321,000
Starwood Mortgage Residential Trust Series
2020-INV1, Class B2, 4.26%,
11/25/2055(a)
250,000
185,495
Verus Securitization Trust
Series 2023-1, Class A1, 5.85%,
12/25/2067(a) (h)
822,903
813,417
Series 2023-2, Class A1, 6.19%,
3/25/2068(a) (h)
647,108
644,773
Series 2023-4, Class A1, 5.81%,
5/25/2068(a) (h)
957,488
947,248
VM Master Issuer LLC Series 2022-1, Class B,
6.88%, 5/24/2025‡ (a) (i)
500,000
448,550
Total Collateralized Mortgage Obligations
(Cost $45,658,532)
46,064,329
Foreign Government Securities — 2.7%
Banque Centrale de Tunisie 5.75%,
1/30/2025(f)
200,000
136,084
Dominican Republic Government Bond
5.50%, 2/22/2029(f)
350,000
326,840
7.05%, 2/3/2031(a)
510,000
505,945
7.05%, 2/3/2031(f)
200,000
198,410
6.00%, 2/22/2033(a)
150,000
138,288
6.00%, 2/22/2033(f)
500,000
460,960
6.40%, 6/5/2049(f)
150,000
125,304
5.88%, 1/30/2060(f)
150,000
115,007
Federal Republic of Nigeria
7.63%, 11/21/2025(f)
600,000
569,616
6.50%, 11/28/2027(f)
800,000
685,456
7.38%, 9/28/2033(f)
400,000
304,988
8.25%, 9/28/2051(a)
200,000
142,458
Federative Republic of Brazil 3.75%,
9/12/2031
200,000
171,936
Hashemite Kingdom of Jordan
5.85%, 7/7/2030(f)
400,000
368,068
INVESTMENTS
PRINCIPAL
AMOUNT($)
VALUE($)
 
7.38%, 10/10/2047(f)
200,000
174,442
Islamic Republic of Pakistan 6.00%,
4/8/2026(f)
200,000
102,910
Kingdom of Bahrain
7.38%, 5/14/2030(f)
200,000
204,670
5.45%, 9/16/2032(f)
200,000
178,960
7.50%, 9/20/2047(f)
200,000
183,978
Kingdom of Morocco 6.50%, 9/8/2033(f)
400,000
400,924
Magyar Export-Import Bank Zrt. 6.13%,
12/4/2027(a)
200,000
198,562
Republic of Angola
9.50%, 11/12/2025(f)
400,000
392,748
8.25%, 5/9/2028(f)
200,000
174,540
8.00%, 11/26/2029(f)
400,000
329,644
9.13%, 11/26/2049(f)
200,000
147,932
Republic of Armenia 3.60%, 2/2/2031(f)
200,000
157,292
Republic of Colombia 3.00%, 1/30/2030
200,000
158,690
Republic of Costa Rica
6.13%, 2/19/2031(f)
200,000
199,170
6.55%, 4/3/2034(a)
620,000
623,683
7.00%, 4/4/2044(f)
400,000
395,244
Republic of Cote d'Ivoire
6.38%, 3/3/2028(f)
400,000
376,660
5.75%, 12/31/2032(f) (h)
283,473
256,098
6.13%, 6/15/2033(f)
600,000
511,152
Republic of El Salvador
6.38%, 1/18/2027(f)
250,000
194,505
7.12%, 1/20/2050(f)
150,000
99,395
Republic of Ghana
6.38%, 2/11/2027(f) (k)
200,000
86,278
8.75%, 3/11/2061(f) (k)
200,000
82,258
Republic of Guatemala 6.60%, 6/13/2036(a)
400,000
401,000
Republic of Honduras 6.25%, 1/19/2027(f)
150,000
141,673
Republic of Iraq 5.80%, 1/15/2028(f)
731,250
671,931
Republic of Kenya
7.00%, 5/22/2027(f)
200,000
177,008
8.00%, 5/22/2032(f)
200,000
165,138
Republic of Namibia 5.25%, 10/29/2025(f)
200,000
189,000
Republic of Panama 6.40%, 2/14/2035
200,000
205,142
Republic of Paraguay
5.85%, 8/21/2033(a)
200,000
196,718
6.10%, 8/11/2044(f)
400,000
369,980
5.40%, 3/30/2050(a)
200,000
166,886
Republic of Rwanda 5.50%, 8/9/2031(a)
200,000
153,810
Republic of Senegal
6.25%, 5/23/2033(f)
500,000
408,255
SEE NOTES TO FINANCIAL STATEMENTS.
82
 
August 31, 2023


INVESTMENTS
PRINCIPAL
AMOUNT($)
VALUE($)
Foreign Government Securities — continued
6.75%, 3/13/2048(f)
200,000
138,884
Republic of Serbia 6.50%, 9/26/2033(a)
200,000
197,014
Republic of South Africa
4.30%, 10/12/2028
200,000
176,384
5.88%, 4/20/2032
200,000
176,616
6.25%, 3/8/2041
100,000
81,005
Republic of Turkey
9.38%, 3/14/2029
200,000
207,210
9.38%, 1/19/2033
200,000
208,222
Republic of Uzbekistan 5.38%, 2/20/2029(f)
200,000
182,428
Romania Government Bond 6.63%,
2/17/2028(f)
200,000
206,492
State of Mongolia
3.50%, 7/7/2027(f)
200,000
167,402
4.45%, 7/7/2031(f)
200,000
154,618
Sultanate of Oman Government Bond
6.25%, 1/25/2031(f)
400,000
404,332
6.50%, 3/8/2047(f)
400,000
374,760
6.75%, 1/17/2048(f)
200,000
193,052
Turkiye Ihracat Kredi Bankasi A/S 9.38%,
1/31/2026(a)
400,000
407,768
Total Foreign Government Securities
(Cost $17,470,693)
16,401,823
Municipal Bonds — 0.1% (a) (i) (j) (l)
California — 0.1%
California Infrastructure and Economic
Development Bank, Academy of Motion
Picture Series 2020A-3, Rev., AMT, 8.00%,
9/14/2023 (Cost $600,000)
600,000
600,044
SHARES
Short-Term Investments — 0.4%
Investment Companies — 0.4%
JPMorgan Prime Money Market Fund Class IM
Shares, 5.46%(m) (n)
(Cost $2,637,620)
2,636,829
2,637,620
Total Investments — 112.3%
(Cost $691,680,119)
680,020,129
Liabilities in Excess of Other Assets —
(12.3)%
(74,749,221
)
NET ASSETS — 100.0%
605,270,908

Percentages indicated are based on net assets.
Abbreviations
 
ABS
Asset-Backed Securities
ACES
Alternative Credit Enhancement Securities
AMT
Alternative Minimum Tax
CIFC
Commercial Industrial Finance Corp.
FHLMC
Federal Home Loan Mortgage Corp.
FNMA
Federal National Mortgage Association
GNMA
Government National Mortgage Association
ICE
Intercontinental Exchange
IF
Inverse Floaters represent securities that pay interest at a rate that
increases (decreases) with a decline (incline) in a specified index
or have an interest rate that adjusts periodically based on changes
in current interest rates and prepayments on the underlying pool
of assets. The interest rate shown is the rate in effect as of August
31, 2023. The rate may be subject to a cap and floor.
IO
Interest Only represents the right to receive the monthly interest
payments on an underlying pool of mortgage loans. The principal
amount shown represents the par value on the underlying pool.
The yields on these securities are subject to accelerated principal
paydowns as a result of prepayment or refinancing of the
underlying pool of mortgage instruments. As a result, interest
income may be reduced considerably.
JSC
Joint Stock Company
PIK
Payment In Kind
PO
Principal Only represents the right to receive the principal portion
only on an underlying pool of mortgage loans. The market value of
these securities is extremely volatile in response to changes in
market interest rates. As prepayments on the underlying
mortgages of these securities increase, the yield on these
securities increases.
REIT
Real Estate Investment Trust
REMIC
Real Estate Mortgage Investment Conduit
Rev.
Revenue
SCA
Limited partnership with share capital
SOFR
Secured Overnight Financing Rate
TBA
To Be Announced; Security is subject to delayed delivery.
UMBS
Uniform Mortgage-Backed Securities
USD
United States Dollar
^
Amount rounds to less than 0.1% of net assets.
Value determined using significant unobservable
inputs.
 
(a)
Securities exempt from registration under Rule 144A
or section 4(a)(2), of the Securities Act of 1933, as
amended.
 
(b)
Security has the ability to pay in kind (“PIK”) or pay
income in cash. When applicable, separate rates of
such payments are disclosed.
 
(c)
Contingent Capital security (“CoCo”). CoCos are hybrid
debt securities that may be convertible into equity or
may be written down if a pre-specified trigger event
occurs. The total value of aggregate CoCo holdings at
August 31, 2023 is $2,670,004 or 0.44% of the
Fund’s net assets as of August 31, 2023.
 
(d)
Security is an interest bearing note with preferred
security characteristics.
 
SEE NOTES TO FINANCIAL STATEMENTS.
August 31, 2023
 
83


JPMorgan Income ETF
SCHEDULE OF PORTFOLIO INVESTMENTS
AS OF August 31, 2023  (Unaudited) (continued)
(e)
Security is perpetual and thus, does not have a
predetermined maturity date. The coupon rate for this
security is fixed for a period of time and may be
structured to adjust thereafter. The date shown, if
applicable, reflects the next call date. The coupon rate
shown is the rate in effect as of  August 31, 2023.
 
(f)
Security exempt from registration pursuant to
Regulation S under the Securities Act of 1933, as
amended. Regulation S applies to securities offerings
that are made outside of the United States and do not
involve direct selling efforts in the United States and
as such may have restrictions on resale.
 
(g)
Variable or floating rate security, linked to the
referenced benchmark. The interest rate shown is the
current rate as of August 31, 2023.
 
(h)
Step bond. Interest rate is a fixed rate for an initial
period that either resets at a specific date or may
reset in the future contingent upon a predetermined
trigger. The interest rate shown is the current rate as
of August 31, 2023.
 
(i)
Variable or floating rate security, the interest rate of
which adjusts periodically based on changes in current
interest rates and prepayments on the underlying
pool of assets. The interest rate shown is the current
rate as of August 31, 2023.
 
(j)
All or a portion of the security is a when-issued
security, delayed delivery security, or forward
commitment.
 
(k)
Defaulted security.
 
(l)
The date shown represents the earliest of the
prerefunded date, next put date or final maturity date.
 
(m)
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.
 
(n)
The rate shown is the current yield as of August 31,
2023.
 
Futures contracts outstanding as of August 31, 2023:
DESCRIPTION
NUMBER OF
CONTRACTS
EXPIRATION DATE
TRADING CURRENCY
NOTIONAL
AMOUNT ($)
VALUE AND
UNREALIZED
APPRECIATION
(DEPRECIATION) ($)
Long Contracts
U.S. Treasury 10 Year Note
194
12/19/2023
USD
21,537,031
167,905
U.S. Treasury Long Bond
4
12/19/2023
USD
486,250
5,132
U.S. Treasury Ultra Bond
10
12/19/2023
USD
1,294,375
15,611
U.S. Treasury 2 Year Note
160
12/29/2023
USD
32,616,250
65,414
U.S. Treasury 5 Year Note
604
12/29/2023
USD
64,599,688
352,846
 
606,908
Short Contracts
U.S. Treasury 10 Year Ultra Note
(112
)
12/19/2023
USD
(13,000,749
)
(102,162
)
U.S. Treasury Ultra Bond
(47
)
12/19/2023
USD
(6,083,563
)
(73,799
)
 
(175,961
)
 
430,947
Abbreviations
 
USD
United States Dollar
Forward foreign currency exchange contracts outstanding as of August 31, 2023:
CURRENCY
PURCHASED
CURRENCY
SOLD
COUNTERPARTY
SETTLEMENT
DATE
UNREALIZED
APPRECIATION
(DEPRECIATION) ($)
JPY
762,680,703
USD
5,396,518
BNP Paribas
9/15/2023
(146,271
)
JPY
69,831,790
USD
484,956
HSBC Bank, NA
9/15/2023
(4,238
)
Net unrealized depreciation
(150,509
)
SEE NOTES TO FINANCIAL STATEMENTS.
84
 
August 31, 2023


Abbreviations
 
JPY
Japanese Yen
USD
United States Dollar
Over-the-Counter ("OTC") Credit default swap contracts outstanding — buy protection (*) as of August 31, 2023:
REFERENCE
OBLIGATION/INDEX
FINANCING
RATE PAID
BY THE FUND
(%)
PAYMENT
FREQUENCY
COUNTERPARTY
MATURITY
DATE
IMPLIED
CREDIT
SPREAD
(%)(a)
NOTIONAL
AMOUNT(b)
UPFRONT
PAYMENTS
(RECEIPTS)
($)(c)
UNREALIZED
APPRECIATION
(DEPRECIATION)
($)
VALUE
($)
Bank of America Corp.,
3.50%, 4/19/2026
1.00
Quarterly
Morgan Stanley
6/20/2028
0.77
USD2,200,000
17,660
(43,288
)
(25,628
)
Bank of America Corp.,
3.50%, 4/19/2026
1.00
Quarterly
Morgan Stanley
6/20/2028
0.77
USD5,000,000
8,422
(66,667
)
(58,245
)
 
 
 
 
 
26,082
(109,955
)
(83,873
)
(*)
The Fund, as a buyer of credit protection, is generally obligated to make periodic payments and may also pay or receive an upfront premium
to or from the protection seller, in exchange for the right to receive a contingent payment, upon occurrence of a credit event with respect to
an underlying reference obligation, as defined under the terms of individual swap contracts.
 
(a)
Implied credit spreads are an indication of the seller's performance risk, related to the likelihood of a credit event occurring that would require a seller to
make payment to a buyer. Implied credit spreads are used to determine the value of swap contracts and reflect the cost of buying/selling protection, which
may include upfront payments made to enter into the contract. Therefore, higher spreads would indicate a greater likelihood that a seller will be obligated
to perform (i.e. make payment) under the swap contract. Increasing values, in absolute terms and relative to notional amounts, are also indicative of
greater performance risk. Implied credit spreads for credit default swaps on credit indices are linked to the weighted average spread across the underlying
reference obligations included in a particular index.
(b)
The notional amount is the maximum amount that a seller of credit protection would be obligated to pay and a buyer of credit protection would receive,
upon occurrence of a credit event.
(c)
Upfront payments and receipts generally represent premiums paid or received at the initiation of the agreement to compensate the differences between
the stated terms of the swap agreement and current market conditions (credit spreads, interest rates and other relevant factors).
Abbreviations
 
 
 
 
 
 
 
 
 
USD
United States Dollar
 
 
 
 
 
 
 
 
Centrally Cleared Credit default swap contracts outstanding - buy protection(*) as of August 31, 2023:
REFERENCE
OBLIGATION/INDEX
FINANCING
RATE PAID
BY THE FUND
(%)
PAYMENT
FREQUENCY
MATURITY
DATE
IMPLIED
CREDIT
SPREAD
(%)(a)
NOTIONAL
AMOUNT(b)
UPFRONT
PAYMENTS
(RECEIPTS)
($)(c)
UNREALIZED
APPRECIATION
(DEPRECIATION)
($)
VALUE
($)
CDX.NA.HY.40-V1
5.00
Quarterly
6/20/2028
4.26
USD12,188,000
(43,775
)
(424,141
)
(467,916
)
CDX.NA.HY.40-V1
5.00
Quarterly
6/20/2028
4.26
USD14,112,000
(85,297
)
(456,484
)
(541,781
)
CDX.NA.HY.40-V1
5.00
Quarterly
6/20/2028
4.26
USD31,100,000
(704,717
)
(489,260
)
(1,193,977
)
 
 
 
 
(833,789
)
(1,369,885
)
(2,203,674
)
(*)
The Fund, as a buyer of credit protection, is generally obligated to make periodic payments and may also pay or receive an upfront premium to or from
the protection seller, in exchange for the right to receive a contingent payment, upon occurrence of a credit event with respect to an underlying reference
obligation, as defined under the terms of individual swap contracts.
(a)
Implied credit spreads are an indication of the seller's performance risk, related to the likelihood of a credit event occurring that would require a seller to
make payment to a buyer. Implied credit spreads are used to determine the value of swap contracts and reflect the cost of buying/selling protection, which
may include upfront payments made to enter into the contract. Therefore, higher spreads would indicate a greater likelihood that a seller will be obligated
to perform (i.e. make payment) under the swap contract. Increasing values, in absolute terms and relative to notional amounts, are also indicative of
greater performance risk. Implied credit spreads for credit default swaps on credit indices are linked to the weighted average spread across the underlying
reference obligations included in a particular index.
SEE NOTES TO FINANCIAL STATEMENTS.
August 31, 2023
 
85


JPMorgan Income ETF
SCHEDULE OF PORTFOLIO INVESTMENTS
AS OF August 31, 2023  (Unaudited) (continued)
(b)
The notional amount is the maximum amount that a seller of credit protection would be obligated to pay and a buyer of credit protection would receive,
upon occurrence of a credit event.
(c)
Upfront payments and receipts generally represent premiums paid or received at the initiation of the agreement to compensate the differences between
the stated terms of the swap agreement and current market conditions (credit spreads, interest rates and other relevant factors).
Abbreviations
 
CDX
Credit Default Swap Index
USD
United States Dollar
Centrally Cleared Credit default swap contracts outstanding — sell protection(**) as of August 31, 2023:
REFERENCE
OBLIGATION/INDEX
FINANCING
RATE PAID
BY THE FUND
(%)
PAYMENT
FREQUENCY
MATURITY
DATE
IMPLIED
CREDIT
SPREAD
(%)(a)
NOTIONAL
AMOUNT(b)
UPFRONT
PAYMENTS
(RECEIPTS)
($)(c)
UNREALIZED
APPRECIATION
(DEPRECIATION)
($)
VALUE
($)
CDX.NA.HY.40-V1
5.00
Quarterly
6/20/2028
4.26
USD1,800,000
9,359
59,746
69,105
(**)
The Fund, as a seller of credit protection, receives periodic payments and may also receive or pay an upfront premium from or to the protection buyer,
and is obligated to make a contingent payment, upon occurrence of a credit event with respect to an underlying reference obligation, as defined under the
terms of individual swap contracts.
(a)
Implied credit spreads are an indication of the seller's performance risk, related to the likelihood of a credit event occurring that would require a seller to
make payment to a buyer. Implied credit spreads are used to determine the value of swap contracts and reflect the cost of buying/selling protection, which
may include upfront payments made to enter into the contract. Therefore, higher spreads would indicate a greater likelihood that a seller will be obligated
to perform (i.e. make payment) under the swap contract.Increasing values, in absolute terms and relative to notional amounts, are also indicative of
greater performance risk. Implied credit spreads for credit default swaps on credit indices are linked to the weighted average spread across the underlying
reference obligations included in a particular index.
(b)
The notional amount is the maximum amount that a seller of credit protection would be obligated to pay and a buyer of credit protection would receive,
upon occurrence of a credit event.
(c)
Upfront payments and receipts generally represent premiums paid or received at the initiation of the agreement to compensate the differences between
the stated terms of the swap agreement and current market conditions (credit spreads, interest rates and other relevant factors).
Abbreviations
 
CDX
Credit Default Swap Index
USD
United States Dollar
Summary of total OTC swap contracts outstanding as of August 31, 2023:
 
NET UPFRONT
PAYMENTS
(RECEIPTS)
($)
VALUE
($)
Liabilities
OTC Credit default swap contracts outstanding - buy protection
26,082
(83,873
)
SEE NOTES TO FINANCIAL STATEMENTS.
86
 
August 31, 2023


JPMorgan International Bond Opportunities ETF
SCHEDULE OF PORTFOLIO INVESTMENTS
AS OF August 31, 2023  (Unaudited)
INVESTMENTS
PRINCIPAL
AMOUNT($)
VALUE($)
Corporate Bonds — 56.3%
Australia — 0.8%
APA Infrastructure Ltd. 2.00%,
7/15/2030(a)
EUR150,000
139,064
Commonwealth Bank of Australia
2.69%, 3/11/2031(b) (c)
1,250,000
979,381
Glencore Funding LLC
5.40%, 5/8/2028(b)
450,000
445,653
2.85%, 4/27/2031(b)
450,000
366,771
2.63%, 9/23/2031(b)
1,099,000
874,680
5.70%, 5/8/2033(b)
96,000
94,061
 
2,899,610
Austria — 0.2%
ams-OSRAM AG 6.00%,
7/31/2025(a)
EUR200,000
199,087
Benteler International AG
9.38%, 5/15/2028(b)
EUR116,000
128,021
9.38%, 5/15/2028(a)
EUR200,000
220,539
 
547,647
Belgium — 0.9%
Azelis Finance NV 5.75%,
3/15/2028(a)
EUR400,000
440,946
KBC Group NV
(US Treasury Yield Curve Rate
T Note Constant Maturity 1
Year + 2.10%), 5.80%,
1/19/2029(b) (d)
200,000
198,005
(EUR Swap Annual 5 Year +
1.25%), 1.63%,
9/18/2029(a) (d)
EUR300,000
311,640
Ontex Group NV 3.50%,
7/15/2026(a)
EUR700,000
688,112
Sarens Finance Co. NV 5.75%,
2/21/2027(a)
EUR300,000
281,389
Solvay Finance SACA (EUR Swap
Annual 5 Year + 3.70%),
5.43%, 11/12/2023(a) (d)
(e) (f)
EUR100,000
108,183
Solvay SA (EUR Swap Annual 5
Year + 3.92%), 4.25%,
12/4/2023(a) (d) (e) (f)
EUR800,000
863,143
Telenet Finance Luxembourg
Notes SARL 3.50%,
3/1/2028(a)
EUR500,000
504,727
 
3,396,145
Brazil — 0.3%
Braskem Netherlands Finance BV
7.25%, 2/13/2033(a)
350,000
330,208
INVESTMENTS
PRINCIPAL
AMOUNT($)
VALUE($)
 
Brazil — continued
Guara Norte SARL 5.20%,
6/15/2034(b)
287,384
251,461
Klabin Austria GmbH 7.00%,
4/3/2049(a)
200,000
193,348
Suzano Austria GmbH
3.75%, 1/15/2031
48,000
40,625
7.00%, 3/16/2047(a)
200,000
199,046
Vale Overseas Ltd. 6.13%,
6/12/2033
130,000
128,704
 
1,143,392
Canada — 0.9%
Bank of Nova Scotia (The)
2.45%, 2/2/2032
420,000
340,302
(US Treasury Yield Curve Rate
T Note Constant Maturity 5
Year + 2.05%), 4.59%,
5/4/2037(c) (d)
570,000
492,096
Canadian Pacific Railway Co.
3.50%, 5/1/2050
90,000
66,191
Emera US Finance LP 2.64%,
6/15/2031
1,272,000
1,013,778
Emera, Inc. Series 16-A, (ICE
LIBOR USD 3 Month +
5.44%), 6.75%,
6/15/2076(d)
236,000
226,560
Federation des Caisses
Desjardins du Quebec
(SOFRINDX + 1.09%), 5.28%,
1/23/2026(b) (d)
510,000
503,571
TransCanada PipeLines Ltd.
2.50%, 10/12/2031
500,000
398,394
Transcanada Trust Series 16-A,
(ICE LIBOR USD 3 Month +
4.64%), 5.88%,
8/15/2076(d)
57,000
52,563
 
3,093,455
Chile — 0.1%
Alfa Desarrollo SpA 4.55%,
9/27/2051(b)
338,324
243,079
Kenbourne Invest SA 6.88%,
11/26/2024(b)
200,000
167,718
 
410,797
China — 0.8%
Country Garden Holdings Co. Ltd.
3.13%, 10/22/2025(a)
530,000
45,050
Huarong Finance 2017 Co. Ltd.
4.25%, 11/7/2027(a)
200,000
150,022
SEE NOTES TO FINANCIAL STATEMENTS.
August 31, 2023
J.P. Morgan Exchange-Traded Funds
87


JPMorgan International Bond Opportunities ETF
SCHEDULE OF PORTFOLIO INVESTMENTS
AS OF August 31, 2023  (Unaudited) (continued)
INVESTMENTS
PRINCIPAL
AMOUNT($)
VALUE($)
Corporate Bonds — continued
China — continued
Huarong Finance 2019 Co. Ltd.
2.13%, 9/30/2023(a)
200,000
198,528
Longfor Group Holdings Ltd.
4.50%, 1/16/2028(a)
300,000
192,858
NXP BV
5.55%, 12/1/2028
1,472,000
1,469,311
2.50%, 5/11/2031
485,000
390,348
2.65%, 2/15/2032
40,000
31,898
TI Automotive Finance plc
3.75%, 4/15/2029(a)
EUR500,000
453,336
 
2,931,351
Colombia — 0.1%
AI Candelaria Spain SA 5.75%,
6/15/2033(b)
250,000
181,340
Denmark — 0.2%
Danske Bank A/S
(US Treasury Yield Curve Rate
T Note Constant Maturity 1
Year + 2.10%), 6.47%,
1/9/2026(b) (d)
262,000
262,120
(EURIBOR ICE Swap Rate 1
Year + 0.88%), 0.75%,
6/9/2029(a) (d)
EUR500,000
456,950
 
719,070
France — 8.5%
Accor SA 3.00%, 2/4/2026(a)
(g)
EUR700,000
728,361
Airbus SE
1.63%, 6/9/2030(a)
EUR1,100,000
1,047,814
1.38%, 5/13/2031(a)
EUR300,000
279,600
Altice France SA 3.38%,
1/15/2028(a)
EUR1,000,000
759,099
Autoroutes du Sud de la France
SA
1.13%, 4/20/2026(a)
EUR800,000
815,214
3.25%, 1/19/2033(a)
EUR600,000
625,253
AXA SA (EURIBOR 3 Month +
3.75%), 3.38%,
7/6/2047(a) (d)
EUR600,000
616,983
Banijay Entertainment SASU
3.50%, 3/1/2025(a)
EUR725,000
771,413
BPCE SA
5.15%, 7/21/2024(b)
600,000
592,610
4.88%, 4/1/2026(b)
450,000
434,066
(SOFR + 2.10%), 5.97%,
1/18/2027(b) (d)
2,038,000
2,027,675
INVESTMENTS
PRINCIPAL
AMOUNT($)
VALUE($)
 
France — continued
(EURIBOR 3 Month + 1.00%),
0.50%, 9/15/2027(a) (d)
EUR400,000
385,563
4.38%, 7/13/2028(a)
EUR500,000
542,536
(SOFR + 1.31%), 2.28%,
1/20/2032(b) (d)
480,000
370,942
(SOFR + 1.73%), 3.12%,
10/19/2032(b) (d)
250,000
193,270
Burger King France SAS
(EURIBOR 3 Month + 4.75%),
8.48%, 11/1/2026(a) (d)
EUR250,000
272,297
Casino Guichard Perrachon SA
4.50%, 3/7/2024(a) (g)
EUR300,000
4,229
Cerba Healthcare SACA 3.50%,
5/31/2028(a)
EUR739,000
696,159
CGG SA 7.75%, 4/1/2027(a)
EUR434,000
407,076
Credit Agricole SA
(SOFR + 0.89%), 1.25%,
1/26/2027(b) (d)
1,000,000
896,333
(U.K. Government Bonds 1
Year Note Generic Bid Yield
+ 2.60%), 5.75%,
11/29/2027(a) (d)
GBP500,000
620,109
2.00%, 3/25/2029(a)
EUR200,000
188,423
Credit Mutuel Arkea SA
(EURIBOR ICE Swap Rate 5
Year + 1.45%), 1.88%,
10/25/2029(a) (d)
EUR300,000
311,704
Electricite de France SA
(EUR Swap Annual 6 Year +
3.44%), 4.00%,
7/4/2024(a) (d) (e) (f)
EUR1,000,000
1,050,464
(EUR Swap Annual 5 Year +
3.97%), 3.38%,
6/15/2030(a) (d) (e) (f)
EUR1,000,000
840,371
6.25%, 5/23/2033(b)
500,000
514,480
Elis SA 1.63%, 4/3/2028(a)
EUR1,100,000
1,049,866
Forvia SE
2.63%, 6/15/2025(a)
EUR300,000
314,996
3.13%, 6/15/2026(a)
EUR600,000
616,433
2.38%, 6/15/2027(a)
EUR600,000
577,481
3.75%, 6/15/2028(a)
EUR700,000
692,629
iliad SA
5.38%, 6/14/2027(a)
EUR400,000
428,969
1.88%, 2/11/2028(a)
EUR700,000
649,981
5.63%, 2/15/2030(a)
EUR500,000
527,122
Loxam SAS
2.88%, 4/15/2026(a)
EUR300,000
301,252
SEE NOTES TO FINANCIAL STATEMENTS.
88
J.P. Morgan Exchange-Traded Funds
August 31, 2023


INVESTMENTS
PRINCIPAL
AMOUNT($)
VALUE($)
Corporate Bonds — continued
France — continued
4.50%, 2/15/2027(b)
EUR288,000
296,678
Lune Holdings SARL 5.63%,
11/15/2028(a)
EUR375,000
333,852
Orange SA
(EUR Swap Annual 5 Year +
2.36%), 2.38%,
1/15/2025(a) (d) (e) (f)
EUR200,000
206,306
(EUR Swap Annual 5 Year +
3.99%), 5.00%,
10/1/2026(a) (d) (e) (f)
EUR400,000
431,593
(EUR Swap Annual 5 Year +
2.10%), 1.75%,
7/15/2028(a) (d) (e) (f)
EUR700,000
638,507
Paprec Holding SA
4.00%, 3/31/2025(a)
EUR100,000
106,402
3.50%, 7/1/2028(a)
EUR473,000
464,173
Parts Europe SA 6.50%,
7/16/2025(a)
EUR400,000
432,990
Renault SA
1.25%, 6/24/2025(a)
EUR500,000
508,967
2.00%, 9/28/2026(a)
EUR600,000
598,041
1.13%, 10/4/2027(a)
EUR800,000
747,016
Rexel SA 2.13%, 6/15/2028(a)
EUR600,000
580,365
Societe Generale SA
(US Treasury Yield Curve Rate
T Note Constant Maturity 5
Year + 4.51%), 5.38%,
11/18/2030(b) (c) (d) (e)
(f)
525,000
394,895
(US Treasury Yield Curve Rate
T Note Constant Maturity 1
Year + 1.60%), 3.34%,
1/21/2033(b) (d)
501,000
404,120
(US Treasury Yield Curve Rate
T Note Constant Maturity 1
Year + 2.95%), 6.69%,
1/10/2034(b) (d)
580,000
590,757
7.37%, 1/10/2053(b)
336,000
326,066
SPIE SA 2.63%, 6/18/2026(a)
EUR600,000
618,802
TotalEnergies Capital
International SA 3.13%,
5/29/2050
50,000
34,561
TotalEnergies SE (EUR Swap
Annual 5 Year + 1.77%),
1.75%, 4/4/2024(a) (d) (e)
(f)
EUR750,000
790,507
Vallourec SA 8.50%,
6/30/2026(a)
EUR500,000
541,508
INVESTMENTS
PRINCIPAL
AMOUNT($)
VALUE($)
 
France — continued
Veolia Environnement SA
(EURIBOR ICE Swap Rate 5
Year + 2.15%), 1.63%,
6/1/2026(a) (d) (e) (f)
EUR400,000
380,607
Vinci SA 1.75%, 9/26/2030(a)
EUR100,000
96,785
 
30,674,271
Germany — 4.6%
Adler Pelzer Holding GmbH
9.50%, 4/1/2027(b)
EUR308,000
307,479
BK LC Lux Finco1 SARL 5.25%,
4/30/2029(a)
EUR800,000
833,345
Cheplapharm Arzneimittel GmbH
3.50%, 2/11/2027(a)
EUR300,000
294,727
4.38%, 1/15/2028(a)
EUR450,000
445,182
Commerzbank AG (EUR Swap
Annual 5 Year + 4.35%),
4.00%, 12/5/2030(a) (d)
EUR500,000
516,387
CT Investment GmbH 5.50%,
4/15/2026(a)
EUR206,000
208,689
Deutsche Bank AG
(SOFR + 2.16%), 2.22%,
9/18/2024(d)
1,075,000
1,073,316
(SOFR + 2.26%), 3.74%,
1/7/2033(d)
450,000
337,918
Deutsche Lufthansa AG
2.88%, 2/11/2025(a)
EUR1,200,000
1,260,692
3.00%, 5/29/2026(a)
EUR1,000,000
1,025,036
Douglas GmbH 6.00%,
4/8/2026(a)
EUR700,000
724,888
IHO Verwaltungs GmbH
3.75% (Cash),
9/15/2026(a) (h)
EUR325,000
332,150
3.88% (Cash),
5/15/2027(a) (h) (i)
EUR500,000
491,357
8.75% (Cash),
5/15/2028(b) (h)
EUR263,169
296,508
Kirk Beauty SUN GmbH 9.00%
(PIK), 10/1/2026(a) (h)
EUR100,000
95,407
Nidda Healthcare Holding GmbH
7.50%, 8/21/2026(a)
EUR1,000,000
1,089,930
Renk AG 5.75%, 7/15/2025(a)
EUR300,000
321,692
Schaeffler AG
2.88%, 3/26/2027(a)
EUR550,000
565,082
3.38%, 10/12/2028(a)
EUR200,000
197,081
Techem Verwaltungsgesellschaft
674 mbH 6.00%,
7/30/2026(a)
EUR747,318
792,122
SEE NOTES TO FINANCIAL STATEMENTS.
August 31, 2023
J.P. Morgan Exchange-Traded Funds
89


JPMorgan International Bond Opportunities ETF
SCHEDULE OF PORTFOLIO INVESTMENTS
AS OF August 31, 2023  (Unaudited) (continued)
INVESTMENTS
PRINCIPAL
AMOUNT($)
VALUE($)
Corporate Bonds — continued
Germany — continued
Techem Verwaltungsgesellschaft
675 mbH 2.00%,
7/15/2025(a)
EUR400,000
416,390
thyssenkrupp AG
2.88%, 2/22/2024(a)
EUR600,000
645,691
2.50%, 2/25/2025(a)
EUR300,000
318,262
TK Elevator Midco GmbH 4.38%,
7/15/2027(a)
EUR300,000
295,214
TUI Cruises GmbH 6.50%,
5/15/2026(a)
EUR350,000
360,053
Volkswagen International
Finance NV
(EUR Swap Annual 5 Year +
3.75%), 3.50%,
6/17/2025(a) (d) (e) (f)
EUR400,000
408,258
(EUR Swap Annual 10 Year +
3.98%), 4.63%,
6/27/2028(a) (d) (e) (f)
EUR500,000
485,247
3.25%, 11/18/2030(a)
EUR600,000
604,406
ZF Europe Finance BV
2.00%, 2/23/2026(a)
EUR900,000
896,622
2.50%, 10/23/2027(a)
EUR400,000
382,409
ZF Finance GmbH
2.25%, 5/3/2028(a)
EUR200,000
184,914
3.75%, 9/21/2028(a)
EUR500,000
491,211
 
16,697,665
India — 0.2%
Greenko Dutch BV 3.85%,
3/29/2026(b)
188,000
169,480
Greenko Power II Ltd. 4.30%,
12/13/2028(b)
394,188
342,324
NTPC Ltd. 3.75%, 4/3/2024(a)
200,000
197,348
 
709,152
Indonesia — 0.2%
Indonesia Asahan Aluminium PT
5.45%, 5/15/2030(b)
200,000
192,068
Pertamina Persero PT 3.65%,
7/30/2029(b)
400,000
363,744
Perusahaan Perseroan Persero
PT Perusahaan Listrik Negara
4.13%, 5/15/2027(a)
200,000
189,958
 
745,770
Ireland — 1.3%
AerCap Ireland Capital DAC
2.45%, 10/29/2026
300,000
269,924
INVESTMENTS
PRINCIPAL
AMOUNT($)
VALUE($)
 
Ireland — continued
3.30%, 1/30/2032
600,000
487,582
AIB Group plc
(EUR Swap Annual 1 Year +
1.95%), 4.63%,
7/23/2029(a) (d)
EUR300,000
324,385
(EUR Swap Annual 5 Year +
2.15%), 1.88%,
11/19/2029(a) (d)
EUR750,000
773,486
Avolon Holdings Funding Ltd.
3.95%, 7/1/2024(b)
126,000
122,903
2.88%, 2/15/2025(b)
265,000
250,040
2.13%, 2/21/2026(b)
940,000
844,604
4.25%, 4/15/2026(b)
125,000
117,882
4.38%, 5/1/2026(b)
60,000
56,562
Bank of Ireland Group plc (EUR
Swap Annual 5 Year +
7.92%), 7.50%,
5/19/2025(a) (c) (d) (e) (f)
EUR300,000
318,897
eircom Finance DAC 3.50%,
5/15/2026(a)
EUR1,100,000
1,127,182
 
4,693,447
Israel — 0.2%
Energean Israel Finance Ltd.
5.38%, 3/30/2028(a)
150,475
136,749
Energian Israel Finance Ltd.
4.88%, 3/30/2026(a)
156,000
145,983
Leviathan Bond Ltd.
6.13%, 6/30/2025(a)
200,000
195,660
6.50%, 6/30/2027(a)
165,554
159,644
 
638,036
Italy — 4.6%
Assicurazioni Generali SpA
2.43%, 7/14/2031(a)
EUR200,000
178,723
(EURIBOR 3 Month + 5.35%),
5.50%, 10/27/2047(a)
(d)
EUR200,000
218,748
Autostrade per l'Italia SpA
1.88%, 9/26/2029(a)
EUR900,000
826,003
Enel Finance International NV
1.38%, 7/12/2026(b)
1,460,000
1,294,836
3.50%, 4/6/2028(b)
200,000
182,008
1.88%, 7/12/2028(b)
425,000
358,803
0.50%, 6/17/2030(a)
EUR200,000
172,444
0.88%, 1/17/2031(a)
EUR493,000
426,444
2.25%, 7/12/2031(b)
536,000
416,723
5.00%, 6/15/2032(b)
200,000
187,020
SEE NOTES TO FINANCIAL STATEMENTS.
90
J.P. Morgan Exchange-Traded Funds
August 31, 2023


INVESTMENTS
PRINCIPAL
AMOUNT($)
VALUE($)
Corporate Bonds — continued
Italy — continued
Enel SpA
Series 63.5, (EUR Swap
Annual 5 Year + 2.58%),
3.38%, 8/24/2026(a) (d)
(e) (f)
EUR800,000
804,588
Series 9.5Y, (EUR Swap Annual
5 Year + 2.01%), 1.88%,
6/8/2030(a) (d) (e) (f)
EUR300,000
240,732
Eni SpA 4.25%, 5/9/2029(b)
250,000
237,220
Guala Closures SpA 3.25%,
6/15/2028(a)
EUR484,000
455,286
Infrastrutture Wireless Italiane
SpA
1.88%, 7/8/2026(a)
EUR500,000
507,445
1.63%, 10/21/2028(a)
EUR100,000
95,729
Intesa Sanpaolo SpA
(EUR Swap Annual 5 Year +
7.19%), 7.75%,
1/11/2027(a) (c) (d) (e)
(f)
EUR276,000
292,513
5.25%, 1/13/2030(a)
EUR145,000
162,173
6.63%, 6/20/2033(b)
1,220,000
1,203,986
(US Treasury Yield Curve Rate
T Note Constant Maturity 1
Year + 2.75%), 4.95%,
6/1/2042(b) (d)
200,000
133,283
Lottomatica SpA 7.13%,
6/1/2028(b)
EUR237,000
262,773
Mundys SpA
1.63%, 2/3/2025(a)
EUR300,000
311,519
1.88%, 7/13/2027(a)
EUR450,000
436,494
1.88%, 2/12/2028(a)
EUR500,000
466,580
Pro-Gest SpA 3.25%,
12/15/2024(a)
EUR477,000
357,786
Rossini SARL 6.75%,
10/30/2025(a)
EUR450,000
490,074
Saipem Finance International BV
3.75%, 9/8/2023(a)
EUR200,000
216,451
2.63%, 1/7/2025(a)
EUR600,000
627,365
Shiba Bidco SpA 4.50%,
10/31/2028(a)
EUR650,000
634,345
TeamSystem SpA 3.50%,
2/15/2028(a)
EUR300,000
278,913
Telecom Italia SpA
2.88%, 1/28/2026(a)
EUR200,000
205,565
3.63%, 5/25/2026(a)
EUR400,000
419,925
2.38%, 10/12/2027(a)
EUR1,350,000
1,271,695
INVESTMENTS
PRINCIPAL
AMOUNT($)
VALUE($)
 
Italy — continued
6.88%, 2/15/2028(a)
EUR500,000
546,941
1.63%, 1/18/2029(a)
EUR200,000
169,701
UniCredit SpA
(US Treasury Yield Curve Rate
T Note Constant Maturity 1
Year + 1.20%), 1.98%,
6/3/2027(b) (d)
200,000
177,658
(EURIBOR 3 Month + 0.85%),
0.93%, 1/18/2028(a) (d)
EUR600,000
580,572
(EURIBOR 3 Month + 1.90%),
4.80%, 1/17/2029(a) (d)
EUR200,000
219,092
(US Treasury Yield Curve Rate
T Note Constant Maturity 1
Year + 1.55%), 3.13%,
6/3/2032(b) (d)
410,000
324,164
 
16,392,320
Japan — 0.8%
Mitsubishi UFJ Financial Group,
Inc. (US Treasury Yield Curve
Rate T Note Constant Maturity
1 Year + 0.83%), 2.34%,
1/19/2028(d)
707,000
634,343
Takeda Pharmaceutical Co. Ltd.
5.00%, 11/26/2028
1,110,000
1,101,078
1.00%, 7/9/2029
EUR363,000
336,505
2.05%, 3/31/2030
546,000
449,224
3.00%, 11/21/2030(a)
EUR200,000
204,385
3.03%, 7/9/2040
270,000
196,245
 
2,921,780
Kazakhstan — 0.1%
KazMunayGas National Co. JSC
5.75%, 4/19/2047(a)
380,000
305,303
Kuwait — 0.1%
MEGlobal Canada ULC 5.00%,
5/18/2025(b)
200,000
195,970
Luxembourg — 1.5%
Altice Finco SA 4.75%,
1/15/2028(a)
EUR500,000
353,015
Altice France Holding SA
8.00%, 5/15/2027(a)
EUR450,000
231,332
8.00%, 5/15/2027(b)
EUR123,000
63,231
ARD Finance SA 5.00% (Cash),
6/30/2027(a) (h) (i)
EUR300,000
246,971
Herens Midco SARL 5.25%,
5/15/2029(a)
EUR403,000
235,976
SEE NOTES TO FINANCIAL STATEMENTS.
August 31, 2023
J.P. Morgan Exchange-Traded Funds
91


JPMorgan International Bond Opportunities ETF
SCHEDULE OF PORTFOLIO INVESTMENTS
AS OF August 31, 2023  (Unaudited) (continued)
INVESTMENTS
PRINCIPAL
AMOUNT($)
VALUE($)
Corporate Bonds — continued
Luxembourg — continued
INEOS Finance plc
3.38%, 3/31/2026(a)
EUR347,000
355,575
6.63%, 5/15/2028(a)
EUR200,000
215,786
Matterhorn Telecom SA
3.13%, 9/15/2026(a)
EUR775,000
787,848
4.00%, 11/15/2027(a)
EUR100,000
102,064
Monitchem HoldCo 3 SA 8.75%,
5/1/2028(a)
EUR300,000
321,662
PLT VII Finance SARL 4.63%,
1/5/2026(a)
EUR750,000
787,124
SELP Finance SARL, REIT 0.88%,
5/27/2029(a)
EUR900,000
777,941
SES SA
(EUR Swap Annual 5 Year +
3.19%), 2.88%,
5/27/2026(a) (d) (e) (f)
EUR400,000
375,359
0.88%, 11/4/2027(a)
EUR130,000
122,863
Summer BC Holdco A SARL
9.25%, 10/31/2027(a)
EUR90,105
78,505
Summer BC Holdco B SARL
5.75%, 10/31/2026(a)
EUR500,000
492,664
 
5,547,916
Malaysia — 0.1%
Petronas Capital Ltd. 3.40%,
4/28/2061(b)
436,000
293,075
Mexico — 0.6%
BBVA Bancomer SA (US Treasury
Yield Curve Rate T
Note Constant Maturity 5 Year
+ 2.65%), 5.13%,
1/18/2033(b) (c) (d)
200,000
172,752
Cemex SAB de CV (US Treasury
Yield Curve Rate T
Note Constant Maturity 5 Year
+ 4.53%), 5.13%,
6/8/2026(b) (d) (e) (f)
488,000
452,315
Fomento Economico Mexicano
SAB de CV 3.50%,
1/16/2050
150,000
108,132
Petroleos Mexicanos 5.95%,
1/28/2031
1,908,000
1,378,225
Southern Copper Corp. 5.88%,
4/23/2045
140,000
136,812
 
2,248,236
Morocco — 0.1%
OCP SA 6.88%, 4/25/2044(a)
200,000
178,890
INVESTMENTS
PRINCIPAL
AMOUNT($)
VALUE($)
 
Netherlands — 2.0%
ABN AMRO Bank NV
4.75%, 7/28/2025(b)
200,000
194,193
(EUR Swap Annual 5 Year +
4.67%), 4.38%,
9/22/2025(a) (c) (d) (e)
(f)
EUR200,000
196,656
4.80%, 4/18/2026(b)
200,000
192,494
Cooperatieve Rabobank UA
3.88%, 9/26/2023(b)
250,000
249,675
(US Treasury Yield Curve Rate
T Note Constant Maturity 1
Year + 0.73%), 1.00%,
9/24/2026(b) (d)
365,000
330,016
(EUR Swap Annual 5 Year +
4.68%), 4.38%,
6/29/2027(a) (c) (d) (e)
(f)
EUR400,000
383,137
(US Treasury Yield Curve Rate
T Note Constant Maturity 1
Year + 1.22%), 3.65%,
4/6/2028(b) (d)
890,000
826,254
Q-Park Holding I BV 2.00%,
3/1/2027(a)
EUR500,000
476,436
Sigma Holdco BV 5.75%,
5/15/2026(a)
EUR800,000
745,748
Titan Holdings II BV 5.13%,
7/15/2029(a)
EUR568,000
505,663
Trivium Packaging Finance BV
3.75%, 8/15/2026(a) (g)
EUR550,000
541,226
UPC Holding BV 3.88%,
6/15/2029(a)
EUR600,000
538,471
Versuni Group BV 3.13%,
6/15/2028(a)
EUR436,000
378,221
VZ Vendor Financing II BV
2.88%, 1/15/2029(a)
EUR100,000
84,176
Wolters Kluwer NV 3.75%,
4/3/2031(a)
EUR500,000
541,053
Ziggo Bond Co. BV 3.38%,
2/28/2030(a)
EUR1,200,000
974,252
 
7,157,671
New Zealand — 0.1%
ANZ New Zealand Int'l Ltd.
2.55%, 2/13/2030(b)
490,000
412,197
SEE NOTES TO FINANCIAL STATEMENTS.
92
J.P. Morgan Exchange-Traded Funds
August 31, 2023


INVESTMENTS
PRINCIPAL
AMOUNT($)
VALUE($)
Corporate Bonds — continued
Norway — 0.5%
DNB Bank ASA
(U.K. Government Bonds 1
Year Note Generic Bid Yield
+ 1.35%), 2.63%,
6/10/2026(a) (d)
GBP1,000,000
1,190,566
(US Treasury Yield Curve Rate
T Note Constant Maturity 1
Year + 0.85%), 1.13%,
9/16/2026(b) (d)
841,000
759,879
 
1,950,445
Portugal — 0.8%
EDP - Energias de Portugal SA
(EUR Swap Annual 5 Year +
1.84%), 1.70%,
7/20/2080(a) (d)
EUR1,000,000
997,923
Series NC5., (EUR Swap
Annual 5 Year + 1.89%),
1.50%, 3/14/2082(a) (d)
EUR400,000
370,188
(EUR Swap Annual 5 Year +
3.18%), 5.94%,
4/23/2083(a) (d)
EUR200,000
214,445
EDP Finance BV
3.63%, 7/15/2024(b)
675,000
660,848
1.50%, 11/22/2027(a)
EUR750,000
743,834
 
2,987,238
South Africa — 0.4%
Anglo American Capital plc
4.00%, 9/11/2027(b)
500,000
469,710
5.50%, 5/2/2033(b)
1,170,000
1,124,475
 
1,594,185
Spain — 4.8%
Abertis Infraestructuras Finance
BV
(EUR Swap Annual 5 Year +
3.69%), 3.25%,
11/24/2025(a) (d) (e) (f)
EUR900,000
881,068
(EUR Swap Annual 5 Year +
3.27%), 2.63%,
1/26/2027(a) (d) (e) (f)
EUR100,000
90,977
Banco de Sabadell SA (EUR Swap
Annual 1 Year + 0.97%),
0.63%, 11/7/2025(a) (d)
EUR300,000
310,571
Banco Santander SA
5.15%, 8/18/2025
1,400,000
1,377,154
INVESTMENTS
PRINCIPAL
AMOUNT($)
VALUE($)
 
Spain — continued
(US Treasury Yield Curve Rate
T Note Constant Maturity 1
Year + 0.90%), 1.72%,
9/14/2027(d)
800,000
703,171
CaixaBank SA
(EUR Swap Annual 5 Year +
6.50%), 6.75%,
6/13/2024(a) (c) (d) (e)
(f)
EUR400,000
426,249
1.13%, 3/27/2026(a)
EUR1,000,000
1,008,007
(EUR Swap Annual 5 Year +
3.62%), 3.75%,
2/15/2029(a) (d)
EUR800,000
860,564
Cellnex Finance Co. SA 2.25%,
4/12/2026(a)
EUR500,000
512,919
Cellnex Telecom SA
1.00%, 4/20/2027(a)
EUR600,000
578,166
1.88%, 6/26/2029(a)
EUR600,000
556,454
1.75%, 10/23/2030(a)
EUR600,000
533,734
Cirsa Finance International SARL
4.75%, 5/22/2025(a)
EUR950,000
1,014,681
eDreams ODIGEO SA
5.50%, 7/15/2027(b)
EUR307,000
304,747
5.50%, 7/15/2027(a)
EUR400,000
397,065
Grifols SA
1.63%, 2/15/2025(a)
EUR550,000
577,905
2.25%, 11/15/2027(a)
EUR1,000,000
975,011
3.88%, 10/15/2028(a)
EUR200,000
188,284
Grupo Antolin-Irausa SA
3.38%, 4/30/2026(a)
EUR100,000
90,679
3.50%, 4/30/2028(a)
EUR200,000
159,883
Iberdrola International BV
(EUR Swap Annual 5 Year +
2.06%), 2.63%,
12/26/2023(a) (d) (e) (f)
EUR800,000
854,478
Series NC5, (EUR Swap Annual
5 Year + 2.32%), 1.87%,
1/28/2026(a) (d) (e) (f)
EUR300,000
293,879
Kaixo Bondco Telecom SA
5.13%, 9/30/2029(a)
EUR392,000
372,945
Lorca Telecom Bondco SA
4.00%, 9/18/2027(a)
EUR1,066,000
1,069,223
Naturgy Finance BV (EUR Swap
Annual 9 Year + 3.08%),
3.38%, 4/24/2024(a) (d)
(e) (f)
EUR200,000
212,262
SEE NOTES TO FINANCIAL STATEMENTS.
August 31, 2023
J.P. Morgan Exchange-Traded Funds
93


JPMorgan International Bond Opportunities ETF
SCHEDULE OF PORTFOLIO INVESTMENTS
AS OF August 31, 2023  (Unaudited) (continued)
INVESTMENTS
PRINCIPAL
AMOUNT($)
VALUE($)
Corporate Bonds — continued
Spain — continued
Repsol International Finance BV
(EUR Swap Annual 10 Year +
4.20%), 4.50%,
3/25/2075(a) (d)
EUR800,000
841,528
Telefonica Emisiones SA 5.21%,
3/8/2047
150,000
125,716
Telefonica Europe BV
Series NC5, (EUR Swap Annual
5 Year + 2.45%), 3.00%,
10/9/2023(a) (d) (e) (f)
EUR100,000
107,515
(EUR Swap Annual 8 Year +
2.97%), 3.88%,
6/22/2026(a) (d) (e) (f)
EUR900,000
907,601
(EUR Swap Annual 6 Year +
2.87%), 2.88%,
2/24/2028(a) (d) (e) (f)
EUR1,000,000
927,119
 
17,259,555
Sweden — 0.7%
Svenska Handelsbanken AB (US
Treasury Yield Curve Rate T
Note Constant Maturity 5 Year
+ 4.05%), 4.75%,
3/1/2031(a) (c) (d) (e) (f)
200,000
155,000
Verisure Holding AB
3.88%, 7/15/2026(a)
EUR275,000
279,962
3.25%, 2/15/2027(a)
EUR1,100,000
1,072,015
Verisure Midholding AB 5.25%,
2/15/2029(a)
EUR300,000
282,007
Volvo Car AB
2.00%, 1/24/2025(a)
EUR200,000
208,217
2.50%, 10/7/2027(a)
EUR400,000
392,535
 
2,389,736
Switzerland — 1.5%
Dufry One BV
2.50%, 10/15/2024(a)
EUR700,000
740,248
2.00%, 2/15/2027(a)
EUR400,000
383,405
Holcim Finance Luxembourg SA
0.50%, 4/23/2031(a)
EUR400,000
329,035
Holcim Sterling Finance
Netherlands BV 2.25%,
4/4/2034(a)
GBP300,000
265,669
Swiss Re Finance Luxembourg SA
(US Treasury Yield Curve Rate
T Note Constant Maturity 5
Year + 3.58%), 5.00%,
4/2/2049(b) (d)
200,000
189,000
INVESTMENTS
PRINCIPAL
AMOUNT($)
VALUE($)
 
Switzerland — continued
UBS Group AG
(SOFR + 3.34%), 6.37%,
7/15/2026(b) (d)
300,000
301,248
(US Treasury Yield Curve Rate
T Note Constant Maturity 1
Year + 2.05%), 4.70%,
8/5/2027(b) (d)
322,000
312,156
4.28%, 1/9/2028(b)
550,000
514,505
(SOFR + 3.73%), 4.19%,
4/1/2031(b) (d)
274,000
246,717
(US Treasury Yield Curve Rate
T Note Constant Maturity 1
Year + 1.00%), 2.10%,
2/11/2032(b) (d)
280,000
215,860
(SOFR + 1.73%), 3.09%,
5/14/2032(b) (d)
561,000
462,312
(US Treasury Yield Curve Rate
T Note Constant Maturity 1
Year + 1.10%), 2.75%,
2/11/2033(b) (d)
430,000
338,744
(US Treasury Yield Curve Rate
T Note Constant Maturity 1
Year + 2.40%), 4.99%,
8/5/2033(b) (d)
200,000
186,384
Zurich Insurance Co. Ltd.
(EURIBOR 3 Month + 3.95%),
3.50%, 10/1/2046(a) (d)
EUR700,000
722,080
 
5,207,363
Taiwan — 0.4%
TSMC Arizona Corp. 4.25%,
4/22/2032
380,000
359,826
TSMC Global Ltd.
1.25%, 4/23/2026(b)
700,000
630,490
2.25%, 4/23/2031(b)
700,000
575,463
 
1,565,779
United Kingdom — 9.2%
888 Acquisitions Ltd.
7.56%, 7/15/2027(b)
EUR230,000
236,494
7.56%, 7/15/2027(a)
EUR100,000
102,945
AstraZeneca plc
0.38%, 6/3/2029(a)
EUR700,000
639,307
4.00%, 9/18/2042
490,000
421,806
Barclays plc
(US Treasury Yield Curve Rate
T Note Constant Maturity 1
Year + 0.80%), 1.01%,
12/10/2024(d)
630,000
621,291
SEE NOTES TO FINANCIAL STATEMENTS.
94
J.P. Morgan Exchange-Traded Funds
August 31, 2023


INVESTMENTS
PRINCIPAL
AMOUNT($)
VALUE($)
Corporate Bonds — continued
United Kingdom — continued
(US Treasury Yield Curve Rate
T Note Constant Maturity 1
Year + 2.30%), 5.30%,
8/9/2026(d)
398,000
392,124
BAT Capital Corp.
6.34%, 8/2/2030
380,000
382,417
7.08%, 8/2/2043
1,005,000
999,333
Bellis Acquisition Co. plc
3.25%, 2/16/2026(a)
GBP100,000
108,470
4.50%, 2/16/2026(a)
GBP200,000
221,690
BP Capital Markets plc
(US Treasury Yield Curve Rate
T Note Constant Maturity 5
Year + 4.04%), 4.38%,
6/22/2025(d) (e) (f)
204,000
195,177
(EUR Swap Annual 5 Year +
3.52%), 3.25%,
3/22/2026(a) (d) (e) (f)
EUR800,000
810,010
(EUR Swap Annual 5 Year +
3.78%), 3.63%,
3/22/2029(a) (d) (e) (f)
EUR200,000
190,579
(US Treasury Yield Curve Rate
T Note Constant Maturity 5
Year + 4.40%), 4.88%,
3/22/2030(d) (e) (f)
94,000
85,128
Centrica plc 4.38%,
3/13/2029(a)
GBP200,000
235,336
CPUK Finance Ltd. 4.50%,
8/28/2027(a)
GBP400,000
437,553
EC Finance plc 3.00%,
10/15/2026(a)
EUR899,000
914,017
eG Global Finance plc 4.38%,
2/7/2025(a)
EUR184,955
193,995
Eversholt Funding plc 2.74%,
6/30/2040(a)
GBP697,440
689,002
Gatwick Funding Ltd. 2.50%,
4/15/2030(a)
GBP700,000
718,512
Heathrow Funding Ltd.
1.50%, 10/12/2025(a)
EUR800,000
821,745
6.75%, 12/3/2026(a)
GBP300,000
386,242
1.50%, 2/11/2030(a)
EUR300,000
277,408
1.88%, 3/14/2034(a)
EUR250,000
215,351
5.88%, 5/13/2041(a)
GBP100,000
121,619
HSBC Holdings plc
(SOFR + 1.54%), 1.64%,
4/18/2026(d)
490,000
456,415
(SOFR + 3.03%), 7.34%,
11/3/2026(d)
720,000
741,091
INVESTMENTS
PRINCIPAL
AMOUNT($)
VALUE($)
 
United Kingdom — continued
5.75%, 12/20/2027(a)
GBP200,000
247,224
(SOFR + 2.61%), 5.21%,
8/11/2028(d)
380,000
370,805
(SOFR + 1.73%), 2.01%,
9/22/2028(d)
1,270,000
1,091,460
(3-MONTH CME TERM SOFR +
1.87%), 3.97%,
5/22/2030(d)
374,000
336,678
(SOFR + 1.41%), 2.87%,
11/22/2032(d)
440,000
350,154
Iceland Bondco plc 10.88%,
12/15/2027(b)
GBP120,000
153,596
INEOS Quattro Finance 1 plc
3.75%, 7/15/2026(a)
EUR400,000
384,022
INEOS Quattro Finance 2 plc
2.50%, 1/15/2026(a)
EUR200,000
197,165
INEOS Styrolution Group GmbH
2.25%, 1/16/2027(a)
EUR300,000
279,762
International Consolidated
Airlines Group SA
2.75%, 3/25/2025(a)
EUR100,000
104,368
1.50%, 7/4/2027(a)
EUR600,000
559,850
Jaguar Land Rover Automotive
plc
2.20%, 1/15/2024(a)
EUR200,000
214,094
4.50%, 1/15/2026(a)
EUR500,000
521,187
Lloyds Banking Group plc
4.58%, 12/10/2025
200,000
192,552
(US Treasury Yield Curve Rate
T Note Constant Maturity 1
Year + 1.48%), 5.99%,
8/7/2027(d)
410,000
409,580
National Grid plc
2.18%, 6/30/2026(a)
EUR900,000
932,251
0.25%, 9/1/2028(a)
EUR800,000
725,253
NatWest Group plc
(ICE LIBOR USD 3 Month +
1.76%), 4.27%,
3/22/2025(d)
780,000
771,202
(US Treasury Yield Curve Rate
T Note Constant Maturity 5
Year + 5.63%), 6.00%,
12/29/2025(c) (d) (e) (f)
250,000
229,743
(US Treasury Yield Curve Rate
T Note Constant Maturity 1
Year + 2.27%), 5.52%,
9/30/2028(d)
400,000
392,874
SEE NOTES TO FINANCIAL STATEMENTS.
August 31, 2023
J.P. Morgan Exchange-Traded Funds
95


JPMorgan International Bond Opportunities ETF
SCHEDULE OF PORTFOLIO INVESTMENTS
AS OF August 31, 2023  (Unaudited) (continued)
INVESTMENTS
PRINCIPAL
AMOUNT($)
VALUE($)
Corporate Bonds — continued
United Kingdom — continued
(EURIBOR 3 Month + 0.89%),
0.67%, 9/14/2029(a) (d)
EUR1,200,000
1,072,887
NGG Finance plc (EUR Swap
Annual 5 Year + 2.53%),
2.13%, 9/5/2082(a) (d)
EUR730,000
688,751
Nomad Foods Bondco plc
2.50%, 6/24/2028(a)
EUR600,000
572,374
Pinnacle Bidco plc 5.50%,
2/15/2025(a)
EUR500,000
538,625
Punch Finance plc 6.13%,
6/30/2026(a)
GBP438,000
483,420
RAC Bond Co. plc 5.25%,
11/4/2027(a)
GBP554,000
557,375
RELX Finance BV 0.88%,
3/10/2032(a)
EUR500,000
432,292
Rolls-Royce plc
0.88%, 5/9/2024(a)
EUR600,000
632,120
4.63%, 2/16/2026(a)
EUR400,000
428,860
Santander UK Group Holdings plc
(SOFR + 2.75%), 6.83%,
11/21/2026(d)
285,000
288,579
(SOFR + 0.99%), 1.67%,
6/14/2027(d)
900,000
792,136
(SOFR + 2.60%), 6.53%,
1/10/2029(d)
665,000
670,237
South Eastern Power Networks
plc 5.63%, 9/30/2030(a)
GBP400,000
503,297
Standard Chartered plc
(US Treasury Yield Curve Rate
T Note Constant Maturity 1
Year + 0.78%), 0.99%,
1/12/2025(b) (d)
312,000
305,494
(US Treasury Yield Curve Rate
T Note Constant Maturity 1
Year + 1.65%), 3.97%,
3/30/2026(b) (d)
395,000
381,140
(US Treasury Yield Curve Rate
T Note Constant Maturity 1
Year + 3.45%), 7.77%,
11/16/2028(b) (d)
670,000
709,576
(US Treasury Yield Curve Rate
T Note Constant Maturity 1
Year + 2.45%), 6.30%,
1/9/2029(b) (d)
214,000
216,056
(US Treasury Yield Curve Rate
T Note Constant Maturity 1
Year + 3.85%), 4.64%,
4/1/2031(b) (d)
306,000
283,974
INVESTMENTS
PRINCIPAL
AMOUNT($)
VALUE($)
 
United Kingdom — continued
Synthomer plc 3.88%,
7/1/2025(a)
EUR200,000
200,898
Thames Water Utilities Finance
plc 4.38%, 1/18/2031(a)
EUR400,000
407,313
Virgin Media Finance plc 3.75%,
7/15/2030(a)
EUR800,000
699,892
Vmed O2 UK Financing I plc
3.25%, 1/31/2031(a)
EUR500,000
450,584
Vodafone Group plc
(EUR Swap Annual 5 Year +
3.43%), 4.20%,
10/3/2078(a) (d)
EUR300,000
299,982
(USD Swap Semi 5 Year +
4.87%), 7.00%,
4/4/2079(d)
429,000
432,095
(EUR Swap Annual 5 Year +
3.48%), 3.00%,
8/27/2080(a) (d)
EUR925,000
819,972
 
32,946,806
United States — 8.7%
AbbVie, Inc.
2.63%, 11/15/2028
EUR500,000
514,373
4.25%, 11/21/2049
220,000
185,275
AES Corp. (The)
3.30%, 7/15/2025(b)
31,000
29,477
3.95%, 7/15/2030(b)
42,000
37,332
Air Lease Corp. 3.13%,
12/1/2030
256,000
213,356
Alexander Funding Trust 1.84%,
11/15/2023(b)
70,000
69,276
American Express Co. (US
Treasury Yield Curve Rate T
Note Constant Maturity 5 Year
+ 2.85%), 3.55%,
9/15/2026(d) (e) (f)
104,000
86,580
American Medical Systems
Europe BV 1.63%, 3/8/2031
EUR100,000
92,530
Amgen, Inc.
4.20%, 3/1/2033
94,000
86,542
5.25%, 3/2/2033
374,000
372,055
Ardagh Metal Packaging Finance
USA LLC 2.00%,
9/1/2028(a)
EUR200,000
179,430
AT&T, Inc.
3.50%, 9/15/2053
130,000
85,567
3.55%, 9/15/2055
99,000
64,614
SEE NOTES TO FINANCIAL STATEMENTS.
96
J.P. Morgan Exchange-Traded Funds
August 31, 2023


INVESTMENTS
PRINCIPAL
AMOUNT($)
VALUE($)
Corporate Bonds — continued
United States — continued
Bank of America Corp.
(SOFR + 1.29%), 5.08%,
1/20/2027(d)
210,000
207,240
(SOFR + 1.05%), 2.55%,
2/4/2028(d)
175,000
158,271
(SOFR + 1.63%), 5.20%,
4/25/2029(d)
500,000
492,441
Series N, (SOFR + 1.22%),
2.65%, 3/11/2032(d)
560,000
457,758
(SOFR + 1.32%), 2.69%,
4/22/2032(d)
249,000
203,735
(SOFR + 1.22%), 2.30%,
7/21/2032(d)
470,000
370,667
Baxter International, Inc.
2.54%, 2/1/2032
315,000
252,850
3.13%, 12/1/2051
181,000
115,114
Berkshire Hathaway Energy Co.
4.60%, 5/1/2053
47,000
38,724
Boeing Co. (The) 5.81%,
5/1/2050
205,000
199,442
BP Capital Markets America, Inc.
2.72%, 1/12/2032
881,000
737,379
Broadcom, Inc. 3.47%,
4/15/2034(b)
400,000
326,843
Capital One Financial Corp.
Series M, (US Treasury Yield
Curve Rate T Note Constant
Maturity 5 Year + 3.16%),
3.95%, 9/1/2026(d) (e) (f)
310,000
237,925
CCO Holdings LLC 5.13%,
5/1/2027(b)
140,000
131,613
Cencora, Inc. 2.70%,
3/15/2031
839,000
705,743
CenterPoint Energy, Inc. 2.95%,
3/1/2030
280,000
241,028
CF Industries, Inc. 4.95%,
6/1/2043
224,000
189,338
Charter Communications
Operating LLC
3.70%, 4/1/2051
308,000
191,400
3.90%, 6/1/2052
282,000
180,443
Cheniere Energy Partners LP
5.95%, 6/30/2033(b)
540,000
538,901
INVESTMENTS
PRINCIPAL
AMOUNT($)
VALUE($)
 
United States — continued
Citigroup, Inc.
Series W, (US Treasury Yield
Curve Rate T Note Constant
Maturity 5 Year + 3.60%),
4.00%, 12/10/2025(d)
(e) (f)
160,000
143,207
(US Treasury Yield Curve Rate
T Note Constant Maturity 5
Year + 3.42%), 3.88%,
2/18/2026(d) (e) (f)
686,000
600,277
(SOFR + 1.17%), 2.56%,
5/1/2032(d)
320,000
257,820
(SOFR + 1.18%), 2.52%,
11/3/2032(d)
140,000
111,098
Columbia Pipelines Operating Co.
LLC
5.93%, 8/15/2030(b)
800,000
806,989
6.04%, 11/15/2033(b)
200,000
202,050
Comcast Corp.
2.80%, 1/15/2051
130,000
82,460
5.35%, 5/15/2053
1,365,000
1,335,750
2.94%, 11/1/2056
290,000
180,460
Constellation Energy
Generation LLC
5.80%, 3/1/2033
200,000
203,736
5.60%, 6/15/2042
210,000
197,969
Crown Castle, Inc., REIT
4.80%, 9/1/2028
190,000
184,451
2.10%, 4/1/2031
280,000
220,747
CVS Health Corp. 5.25%,
2/21/2033
286,000
279,689
Danaher Corp. 2.80%,
12/10/2051
85,000
55,956
Diamondback Energy, Inc.
3.13%, 3/24/2031
277,000
238,167
Discovery Communications LLC
3.63%, 5/15/2030
50,000
43,914
Duke Energy Indiana LLC 5.40%,
4/1/2053
35,000
34,019
Duke Energy Ohio, Inc.
5.25%, 4/1/2033
45,000
45,108
5.65%, 4/1/2053
15,000
14,921
Duquesne Light Holdings, Inc.
2.78%, 1/7/2032(b)
140,000
108,023
Entergy Texas, Inc. 1.75%,
3/15/2031
115,000
90,058
Fells Point Funding Trust 3.05%,
1/31/2027(b)
274,000
250,558
SEE NOTES TO FINANCIAL STATEMENTS.
August 31, 2023
J.P. Morgan Exchange-Traded Funds
97


JPMorgan International Bond Opportunities ETF
SCHEDULE OF PORTFOLIO INVESTMENTS
AS OF August 31, 2023  (Unaudited) (continued)
INVESTMENTS
PRINCIPAL
AMOUNT($)
VALUE($)
Corporate Bonds — continued
United States — continued
FirstEnergy Transmission LLC
2.87%, 9/15/2028(b)
705,000
618,761
Ford Motor Credit Co. LLC
4.27%, 1/9/2027
200,000
184,917
3.63%, 6/17/2031
467,000
378,383
Freeport-McMoRan, Inc.
4.25%, 3/1/2030
218,000
197,864
5.40%, 11/14/2034
55,000
52,120
General Electric Co. 4.13%,
9/19/2035(a)
EUR100,000
107,987
Global Payments, Inc. 2.90%,
11/15/2031
265,000
217,127
Goldman Sachs Group, Inc. (The)
Series T, (US Treasury Yield
Curve Rate T Note Constant
Maturity 5 Year + 2.97%),
3.80%, 5/10/2026(d) (e)
(f)
10,000
8,395
(SOFR + 0.91%), 1.95%,
10/21/2027(d)
355,000
315,920
Series W, (US Treasury Yield
Curve Rate T Note Constant
Maturity 5 Year + 3.16%),
7.50%, 2/10/2029(d) (e)
(f)
510,000
512,550
(SOFR + 1.28%), 2.62%,
4/22/2032(d)
290,000
234,653
(SOFR + 1.25%), 2.38%,
7/21/2032(d)
190,000
150,185
(SOFR + 1.26%), 2.65%,
10/21/2032(d)
300,000
240,739
Gray Oak Pipeline LLC 2.60%,
10/15/2025(b)
50,000
46,237
HCA, Inc.
5.88%, 2/15/2026
185,000
185,252
5.20%, 6/1/2028
170,000
167,516
2.38%, 7/15/2031
370,000
292,081
5.50%, 6/15/2047
91,000
82,848
5.25%, 6/15/2049
120,000
104,734
3.50%, 7/15/2051
150,000
99,995
4.63%, 3/15/2052
687,000
551,242
5.90%, 6/1/2053
335,000
321,277
Healthpeak OP LLC, REIT 5.25%,
12/15/2032
367,000
354,751
Hyundai Capital America
3.50%, 11/2/2026(b)
555,000
519,919
3.50%, 11/2/2026(a)
150,000
140,519
INVESTMENTS
PRINCIPAL
AMOUNT($)
VALUE($)
 
United States — continued
International Game Technology
plc 2.38%, 4/15/2028(a)
EUR200,000
193,242
JBS USA LUX SA 4.38%,
2/2/2052
120,000
85,062
Kinder Morgan, Inc. 5.20%,
6/1/2033
230,000
220,320
Kraft Heinz Foods Co. 4.88%,
10/1/2049
250,000
221,614
Lowe's Cos., Inc. 4.80%,
4/1/2026
225,000
222,393
Metropolitan Life Global Funding
I 3.30%, 3/21/2029(b)
185,000
167,032
Morgan Stanley
(SOFR + 0.46%), 5.79%,
1/25/2024(d)
598,000
597,872
(SOFR + 0.88%), 1.59%,
5/4/2027(d)
690,000
619,026
(SOFR + 1.61%), 4.21%,
4/20/2028(d)
315,000
301,157
(SOFR + 1.73%), 5.12%,
2/1/2029(d)
455,000
445,959
(SOFR + 1.59%), 5.16%,
4/20/2029(d)
575,000
563,977
(SOFR + 1.63%), 5.45%,
7/20/2029(d)
870,000
864,894
(SOFR + 1.18%), 2.24%,
7/21/2032(d)
220,000
173,059
(SOFR + 1.20%), 2.51%,
10/20/2032(d)
173,000
137,761
(SOFR + 1.88%), 5.42%,
7/21/2034(d)
290,000
285,134
(US Treasury Yield Curve Rate
T Note Constant Maturity 5
Year + 2.43%), 5.95%,
1/19/2038(d)
125,000
121,550
Netflix, Inc. 5.38%,
11/15/2029(b)
357,000
355,025
OI European Group BV 6.25%,
5/15/2028(b)
EUR180,000
199,547
Oracle Corp. 5.55%, 2/6/2053
250,000
232,396
Pacific Gas and Electric Co.
3.30%, 3/15/2027
366,000
333,363
6.15%, 1/15/2033
460,000
447,968
6.40%, 6/15/2033
360,000
355,089
Par Pharmaceutical, Inc. 7.50%,
4/1/2027(b) (g) (j)
9,000
6,407
Pfizer Investment Enterprises
Pte. Ltd. 5.30%, 5/19/2053
112,000
112,041
SEE NOTES TO FINANCIAL STATEMENTS.
98
J.P. Morgan Exchange-Traded Funds
August 31, 2023


INVESTMENTS
PRINCIPAL
AMOUNT($)
VALUE($)
Corporate Bonds — continued
United States — continued
PNC Financial Services Group,
Inc. (The) Series T, (US
Treasury Yield Curve Rate T
Note Constant Maturity 5 Year
+ 2.60%), 3.40%,
9/15/2026(d) (e) (f)
321,000
245,578
Regency Centers LP, REIT
2.95%, 9/15/2029
95,000
82,091
Roper Technologies, Inc. 2.95%,
9/15/2029
160,000
141,503
Take-Two Interactive Software,
Inc.
3.55%, 4/14/2025
60,000
58,010
5.00%, 3/28/2026
57,000
56,388
3.70%, 4/14/2027
210,000
199,000
4.00%, 4/14/2032
70,000
63,017
Texas Instruments, Inc. 5.05%,
5/18/2063
85,000
81,437
Thermo Fisher Scientific, Inc.
0.88%, 10/1/2031
EUR100,000
87,131
T-Mobile USA, Inc.
2.63%, 2/15/2029
34,000
29,441
2.55%, 2/15/2031
81,000
66,746
UGI International LLC 2.50%,
12/1/2029(a)
EUR250,000
212,820
Union Electric Co. 3.90%,
4/1/2052
80,000
62,861
Warnermedia Holdings, Inc.
4.28%, 3/15/2032
822,000
725,365
5.05%, 3/15/2042
155,000
127,415
5.14%, 3/15/2052
508,000
404,932
Wells Fargo & Co.
Series BB, (US Treasury Yield
Curve Rate T Note Constant
Maturity 5 Year + 3.45%),
3.90%, 3/15/2026(d) (e)
(f)
340,000
301,410
(SOFR + 1.74%), 5.57%,
7/25/2029(d)
780,000
776,770
(SOFR + 1.99%), 5.56%,
7/25/2034(d)
500,000
493,423
Welltower OP LLC, REIT 2.80%,
6/1/2031
220,000
181,470
 
31,425,357
Total Corporate Bonds
(Cost $223,733,506)
202,460,970
INVESTMENTS
PRINCIPAL
AMOUNT($)
VALUE($)
Foreign Government Securities — 32.8%
Angola — 0.2%
Republic of Angola
8.00%, 11/26/2029(a)
210,000
173,063
8.75%, 4/14/2032(b)
483,000
396,075
 
569,138
Australia — 2.7%
Commonwealth of Australia
1.25%, 5/21/2032
AUD16,638,000
8,614,567
3.00%, 3/21/2047(a)
AUD2,140,000
1,100,661
 
9,715,228
Bahrain — 0.1%
Kingdom of Bahrain 6.00%,
9/19/2044(a)
335,000
268,871
Brazil — 5.0%
Notas do Tesouro Nacional
10.00%, 1/1/2025(j)
BRL40,000,000
8,019,825
10.00%, 1/1/2027
BRL49,300,000
9,837,866
 
17,857,691
Canada — 6.4%
Canada Government Bond
0.50%, 11/1/2023
CAD4,969,000
3,651,325
0.75%, 2/1/2024
CAD7,000,000
5,090,749
0.25%, 4/1/2024
CAD8,600,000
6,196,493
2.50%, 6/1/2024
CAD4,300,000
3,123,769
2.75%, 8/1/2024
CAD7,000,000
5,074,275
 
23,136,611
Colombia — 0.2%
Republic of Colombia
3.13%, 4/15/2031
460,000
354,200
5.20%, 5/15/2049
520,000
365,607
 
719,807
Costa Rica — 0.1%
Republic of Costa Rica 6.13%,
2/19/2031(a)
300,000
298,755
Czech Republic — 1.0%
Czech Republic
4.90%, 4/14/2034
CZK49,480,000
2,316,492
1.95%, 7/30/2037
CZK37,240,000
1,250,939
 
3,567,431
SEE NOTES TO FINANCIAL STATEMENTS.
August 31, 2023
J.P. Morgan Exchange-Traded Funds
99


JPMorgan International Bond Opportunities ETF
SCHEDULE OF PORTFOLIO INVESTMENTS
AS OF August 31, 2023  (Unaudited) (continued)
INVESTMENTS
PRINCIPAL
AMOUNT($)
VALUE($)
Foreign Government Securities — continued
Dominican Republic — 0.3%
Dominican Republic Government
Bond
6.88%, 1/29/2026(b)
280,000
281,126
5.30%, 1/21/2041(b)
375,000
293,029
6.85%, 1/27/2045(a)
660,000
589,868
 
1,164,023
Germany — 0.3%
Bundesrepublik Deutschland
2.30%, 2/15/2033(a)
EUR1,090,000
1,169,016
Hungary — 0.1%
Hungary Government Bond
6.75%, 9/25/2052(b)
394,000
399,461
Israel — 0.1%
State of Israel Government Bond
3.38%, 1/15/2050
570,000
403,030
Italy — 1.4%
Italian Republic Government
Bond
0.88%, 5/6/2024
962,000
928,621
2.38%, 10/17/2024
3,295,000
3,164,880
2.88%, 10/17/2029
1,135,000
986,996
 
5,080,497
Ivory Coast — 0.4%
Republic of Cote d'Ivoire
6.38%, 3/3/2028(a)
270,000
254,246
6.13%, 6/15/2033(a)
570,000
485,594
6.88%, 10/17/2040(b)
EUR730,000
593,959
 
1,333,799
Kazakhstan — 0.1%
Republic of Kazakhstan 1.50%,
9/30/2034(b)
EUR370,000
292,558
Lebanon — 0.0% ^
Lebanese Republic
6.65%, 4/22/2024(a) (j)
227,000
17,876
6.65%, 11/3/2028(a) (j)
226,000
17,508
 
35,384
Mexico — 4.4%
Mex Bonos Desarr Fix Rt
7.75%, 5/29/2031
MXN125,280,000
6,694,330
7.50%, 5/26/2033
MXN70,230,000
3,647,198
8.00%, 5/24/2035
MXN72,630,000
3,863,686
INVESTMENTS
PRINCIPAL
AMOUNT($)
VALUE($)
 
Mexico—continued
United Mexican States
6.35%, 2/9/2035
325,000
336,219
3.77%, 5/24/2061
392,000
257,230
3.75%, 4/19/2071
1,433,000
915,687
 
15,714,350
New Zealand — 0.6%
New Zealand Government Bond
4.50%, 4/15/2027(a)
NZD952,000
558,192
2.75%, 4/15/2037(a)
NZD3,201,000
1,485,890
 
2,044,082
Nigeria — 0.1%
Federal Republic of Nigeria
7.63%, 11/21/2025(a)
300,000
284,808
7.38%, 9/28/2033(b)
327,000
249,328
 
534,136
Oman — 0.3%
Sultanate of Oman Government
Bond
5.63%, 1/17/2028(a)
300,000
296,178
6.25%, 1/25/2031(a)
550,000
555,957
6.75%, 1/17/2048(a)
320,000
308,883
 
1,161,018
Paraguay — 0.2%
Republic of Paraguay
5.00%, 4/15/2026(a)
232,000
226,529
4.95%, 4/28/2031(b)
550,000
519,140
 
745,669
Philippines — 0.1%
Republic of Philippines
2.95%, 5/5/2045
330,000
227,495
5.50%, 1/17/2048
200,000
201,346
 
428,841
Portugal — 1.2%
Portuguese Republic 5.13%,
10/15/2024(a)
4,260,000
4,226,329
Qatar — 0.1%
State of Qatar
5.10%, 4/23/2048(a)
245,000
234,869
4.40%, 4/16/2050(b)
200,000
175,856
 
410,725
SEE NOTES TO FINANCIAL STATEMENTS.
100
J.P. Morgan Exchange-Traded Funds
August 31, 2023


INVESTMENTS
PRINCIPAL
AMOUNT($)
VALUE($)
Foreign Government Securities — continued
Romania — 0.4%
Romania Government Bond
6.63%, 9/27/2029(b)
EUR776,000
874,138
4.63%, 4/3/2049(b)
EUR276,000
236,114
7.63%, 1/17/2053(b)
148,000
158,893
 
1,269,145
Saudi Arabia — 0.1%
Kingdom of Saudi Arabia 5.00%,
1/18/2053(b)
566,000
502,189
Senegal — 0.1%
Republic of Senegal 6.25%,
5/23/2033(a)
660,000
538,897
Serbia — 0.1%
Republic of Serbia 1.50%,
6/26/2029(b)
EUR410,000
348,851
South Africa — 1.7%
Republic of South Africa
4.30%, 10/12/2028
490,000
432,141
8.25%, 3/31/2032
ZAR29,250,000
1,312,254
8.88%, 2/28/2035
ZAR88,692,132
3,862,093
5.75%, 9/30/2049
710,000
501,736
 
6,108,224
Spain — 4.6%
Bonos and Obligaciones del
Estado
0.25%, 7/30/2024
EUR3,000,000
3,155,608
2.75%, 10/31/2024(a)
EUR5,480,000
5,889,109
1.60%, 4/30/2025(a)
EUR7,070,000
7,452,463
 
16,497,180
Turkey — 0.1%
Republic of Turkey 9.88%,
1/15/2028
350,000
369,743
United Arab Emirates — 0.3%
United Arab Emirates
Government Bond
4.05%, 7/7/2032(b)
441,000
420,833
4.00%, 7/28/2050(b)
400,000
245,688
4.95%, 7/7/2052(b)
305,000
288,265
 
954,786
INVESTMENTS
PRINCIPAL
AMOUNT($)
VALUE($)
 
Uruguay — 0.0% ^
Oriental Republic of Uruguay
5.10%, 6/18/2050
88,906
85,742
Total Foreign Government
Securities
(Cost $124,095,332)
117,951,207
Asset-Backed Securities — 1.4%
Cayman Islands — 0.3%
Bain Capital Credit CLO Ltd.
Series 2021-7A, Class A1,
6.75%, 1/22/2035(b) (i)
250,000
247,598
Dryden CLO Ltd. Series
2019-68A, Class AR, 6.74%,
7/15/2035(b) (i)
290,000
287,550
Galaxy CLO Ltd. Series
2013-15A, Class ARR, 6.54%,
10/15/2030(b) (i)
236,029
235,218
Neuberger Berman CLO Series
2013-15A, Class A1R2,
6.49%, 10/15/2029(b) (i)
242,969
241,923
 
1,012,289
United States — 1.1%
Accelerated Assets LLC Series
2018-1, Class C, 6.65%,
12/2/2033(b)
77,209
74,792
American Credit Acceptance
Receivables Trust
Series 2023-1, Class A,
5.45%, 9/14/2026(b)
173,598
172,884
Series 2023-1, Class C,
5.59%, 4/12/2029(b)
267,000
262,194
BMW Vehicle Lease Trust Series
2023-1, Class A3, 5.16%,
11/25/2025
81,000
80,468
Chase Funding Trust Series
2003-6, Class 1A7, 4.83%,
11/25/2034(g)
60,404
57,882
Credit-Based Asset Servicing and
Securitization LLC Series
2004-CB5, Class M1, 6.34%,
1/25/2034(i)
71,384
71,160
Flagship Credit Auto Trust
Series 2023-1, Class A3,
5.01%, 8/16/2027(b)
88,000
86,944
Series 2023-1, Class B,
5.05%, 1/18/2028(b)
66,000
64,699
FREED ABS Trust Series
2022-3FP, Class B, 5.79%,
8/20/2029(b)
496,038
494,998
SEE NOTES TO FINANCIAL STATEMENTS.
August 31, 2023
J.P. Morgan Exchange-Traded Funds
101


JPMorgan International Bond Opportunities ETF
SCHEDULE OF PORTFOLIO INVESTMENTS
AS OF August 31, 2023  (Unaudited) (continued)
INVESTMENTS
PRINCIPAL
AMOUNT($)
VALUE($)
Asset-Backed Securities — continued
United States — continued
GM Financial Automobile Leasing
Trust
Series 2023-1, Class A2B,
5.79%, 6/20/2025(i)
106,349
106,377
Series 2023-1, Class A3,
5.16%, 4/20/2026
172,000
170,918
GoldenTree Loan Opportunities
Ltd. Series 2015-10A,
Class AR, 6.71%,
7/20/2031(b) (i)
275,000
273,899
JetBlue Pass-Through Trust
Series 2019-1, Class B,
8.00%, 11/15/2027
126,546
127,617
Series 2019-1, Class A,
2.95%, 5/15/2028
42,075
36,391
Series 2020-1, Class B,
7.75%, 11/15/2028
34,740
35,252
Progress Residential Series
2021-SFR1, Class E, 2.11%,
4/17/2038(b)
250,000
218,773
Santander Revolving Auto Loan
Trust
Series 2019-A, Class C,
3.00%, 1/26/2032(b)
150,000
142,465
Series 2019-A, Class D,
3.45%, 1/26/2032(b)
650,000
613,351
Structured Asset Investment
Loan Trust Series 2005-HE3,
Class M1, 6.15%,
9/25/2035(i)
19,500
19,024
US Auto Funding Series
2021-1A, Class C, 2.20%,
5/15/2026(b)
1,125,000
1,061,723
 
4,171,811
Total Asset-Backed Securities
(Cost $5,332,584)
5,184,100
Commercial Mortgage-Backed Securities — 1.0%
United States — 1.0%
BANK Series 2018-BN13,
Class C, 4.68%,
8/15/2061(i)
118,000
94,743
Benchmark Mortgage Trust
Series 2019-B11, Class C,
3.75%, 5/15/2052(i)
315,000
221,493
BHMS Series 2018-ATLS, Class A,
6.86%, 7/15/2035(b) (i)
130,000
127,694
INVESTMENTS
PRINCIPAL
AMOUNT($)
VALUE($)
 
United States — continued
Cascade Funding Mortgage Trust
Series 2021-FRR1,
Class BK45, 2.08%,
2/28/2025(b) (i)
1,000,000
909,772
CCUBS Commercial Mortgage
Trust Series 2017-C1, Class C,
4.58%, 11/15/2050(i)
28,000
22,784
CD Mortgage Trust Series
2016-CD2, Class C, 4.11%,
11/10/2049(i)
21,000
15,866
FHLMC, Multi-Family Structured
Pass-Through Certificates
Series K739, Class X1, IO,
1.31%, 9/25/2027(i)
2,096,704
76,373
Series K153, Class X3, IO,
3.91%, 4/25/2035(i)
340,000
75,264
Series K036, Class X3, IO,
2.22%, 12/25/2041(i)
2,640,000
6,202
Series K041, Class X3, IO,
1.70%, 11/25/2042(i)
3,470,000
50,504
Series K054, Class X3, IO,
1.65%, 4/25/2043(i)
1,365,000
48,549
Series K050, Class X3, IO,
1.61%, 10/25/2043(i)
1,010,000
25,861
Series K051, Class X3, IO,
1.67%, 10/25/2043(i)
1,395,000
43,553
Series K052, Class X3, IO,
1.67%, 1/25/2044(i)
750,000
22,826
Series K726, Class X3, IO,
2.22%, 7/25/2044(i)
2,290,000
28,453
Series K067, Class X3, IO,
2.19%, 9/25/2044(i)
1,385,000
95,096
Series K072, Class X3, IO,
2.21%, 12/25/2045(i)
400,000
30,246
Series K089, Class X3, IO,
2.38%, 1/25/2046(i)
850,000
86,601
Series K078, Class X3, IO,
2.29%, 6/25/2046(i)
1,820,000
158,364
Series K088, Class X3, IO,
2.43%, 2/25/2047(i)
880,000
91,058
FREMF Series 2018-KF46,
Class B, 7.17%,
3/25/2028(b) (i)
241,539
220,004
FREMF Mortgage Trust
Series 2017-KF31, Class B,
8.12%, 4/25/2024(b) (i)
38,243
37,878
Series 2017-KF36, Class B,
7.87%, 8/25/2024(b) (i)
30,220
29,478
SEE NOTES TO FINANCIAL STATEMENTS.
102
J.P. Morgan Exchange-Traded Funds
August 31, 2023


INVESTMENTS
PRINCIPAL
AMOUNT($)
VALUE($)
Commercial Mortgage-Backed Securities — continued
United States — continued
Series 2017-KF38, Class B,
7.72%, 9/25/2024(b) (i)
19,725
19,261
Series 2018-KF47, Class B,
7.22%, 5/25/2025(b) (i)
9,422
9,121
Series 2018-KF49, Class B,
7.12%, 6/25/2025(b) (i)
133,319
127,682
Series 2017-K728, Class C,
3.77%, 11/25/2050(b)
(i)
105,000
101,404
GS Mortgage Securities Trust
Series 2012-GCJ9, Class D,
4.77%, 11/10/2045(b)
(i)
265,413
239,532
Series 2015-GC30, Class C,
4.20%, 5/10/2050(i)
36,000
31,769
JPMBB Commercial Mortgage
Securities Trust
Series 2015-C30, Class C,
4.37%, 7/15/2048(i)
62,000
52,631
Series 2015-C31, Class C,
4.78%, 8/15/2048(i)
23,000
18,094
JPMorgan Chase Commercial
Mortgage Securities Trust
Series 2016-JP4, Class C,
3.52%, 12/15/2049(i)
28,000
22,757
LB-UBS Commercial Mortgage
Trust Series 2006-C6,
Class AJ, 5.45%,
9/15/2039(i)
134,898
50,722
Morgan Stanley Bank of America
Merrill Lynch Trust
Series 2014-C14, Class C,
5.22%, 2/15/2047(i)
21,000
20,276
Series 2015-C24, Class C,
4.47%, 5/15/2048(i)
36,000
31,171
Morgan Stanley Capital I Trust
Series 2005-HQ7, Class E,
5.49%, 11/14/2042(i)
35,173
33,558
Series 2015-MS1, Class B,
4.16%, 5/15/2048(i)
28,000
25,743
UBS Commercial Mortgage Trust
Series 2017-C7, Class B,
4.29%, 12/15/2050(i)
106,000
92,123
INVESTMENTS
PRINCIPAL
AMOUNT($)
VALUE($)
 
United States — continued
Velocity Commercial Capital Loan
Trust
Series 2018-2, Class A,
4.05%, 10/26/2048(b)
(i)
75,502
71,269
Series 2019-1, Class M1,
3.94%, 3/25/2049(b) (i)
85,453
73,998
Total Commercial
Mortgage-Backed Securities
(Cost $4,039,104)
3,539,773
Collateralized Mortgage Obligations — 0.8%
United States — 0.8%
Alternative Loan Trust
Series 2004-25CB, Class A1,
6.00%, 12/25/2034
80,369
70,558
Series 2005-6CB, Class 1A6,
5.50%, 4/25/2035
53,171
45,103
Series 2005-80CB, Class 5A1,
6.00%, 2/25/2036
60,292
56,124
Series 2007-2CB, Class 1A6,
5.75%, 3/25/2037
113,956
62,754
Chase Mortgage Finance Trust
Series 2007-A1, Class 1A5,
4.52%, 2/25/2037(i)
11,866
11,528
CHL Mortgage Pass-Through
Trust Series 2007-16,
Class A1, 6.50%,
10/25/2037
40,871
18,129
Connecticut Avenue Securities
Trust Series 2023-R02, Class
1M1, 7.59%, 1/25/2043(b)
(i)
339,397
343,640
FHLMC, REMIC
Series 4305, Class SK, IF, IO,
1.30%, 2/15/2044(i)
376,577
40,112
Series 4689, Class SD, IF, IO,
0.85%, 6/15/2047(i)
250,850
29,971
Series 5022, IO, 3.00%,
9/25/2050
380,399
62,195
Series 5023, Class MI, IO,
3.00%, 10/25/2050
690,613
111,059
Series 4839, Class WS, IF, IO,
0.80%, 8/15/2056(i)
1,719,247
203,482
FNMA, REMIC
Series 2012-146, Class AI, IO,
3.00%, 1/25/2028
454,191
17,171
Series 2016-68, Class BI, IO,
3.00%, 10/25/2031
422,097
30,262
SEE NOTES TO FINANCIAL STATEMENTS.
August 31, 2023
J.P. Morgan Exchange-Traded Funds
103


JPMorgan International Bond Opportunities ETF
SCHEDULE OF PORTFOLIO INVESTMENTS
AS OF August 31, 2023  (Unaudited) (continued)
INVESTMENTS
PRINCIPAL
AMOUNT($)
VALUE($)
Collateralized Mortgage Obligations — continued
United States — continued
Series 2012-93, Class SE, IF,
IO, 0.70%, 9/25/2042(i)
75,926
7,244
Series 2012-124, Class UI, IO,
4.00%, 11/25/2042
78,323
14,082
Series 2015-40, Class LS, IF,
IO, 0.77%, 6/25/2045(i)
193,288
17,277
Series 2017-31, Class SG, IF,
IO, 0.70%, 5/25/2047(i)
645,814
66,838
Series 2017-39, Class ST, IF,
IO, 0.70%, 5/25/2047(i)
180,709
20,387
Series 2017-69, Class SH, IF,
IO, 0.80%, 9/25/2047(i)
290,566
33,184
Series 2019-42, Class SK, IF,
IO, 0.65%, 8/25/2049(i)
484,245
47,722
FNMA, STRIPS Series 409, Class
27, IO, 4.00%, 4/25/2027(i)
48,276
1,439
GNMA
Series 2017-107, Class KS, IF,
IO, 0.77%, 7/20/2047(i)
977
104
Series 2015-H13, Class GI, IO,
1.55%, 4/20/2065(i)
82,934
1,691
Merrill Lynch Mortgage Investors
Trust Series 2004-C, Class A1,
5.99%, 7/25/2029(i)
18,198
17,038
MFA Trust Series 2023-RTL1,
Class A1, 7.58%,
8/25/2027(b) (g)
230,000
226,544
PNMAC GMSR Issuer Trust Series
2018-GT2, Class A, 8.08%,
8/25/2025(b) (i)
210,000
208,586
Structured Adjustable Rate
Mortgage Loan Trust Series
2004-8, Class 3A, 6.17%,
7/25/2034(i)
10,521
10,067
VM Master Issuer LLC Series
2022-1, Class A1, 5.16%,
5/24/2025‡ (b) (i)
1,200,000
1,180,200
Total Collateralized Mortgage
Obligations
(Cost $3,449,329)
2,954,491
Supranational — 0.2%
European Union, 0.10%,
10/4/2040(a)
(Cost $1,214,714)
EUR1,070,000
680,823
INVESTMENTS
PRINCIPAL
AMOUNT($)
VALUE($)
U.S. Treasury Obligations — 0.0% ^
United States — 0.0% ^
U.S. Treasury Bonds , 3.63%,
5/15/2053
(Cost $8,707)
10,000
9,019
SHARES
Common Stocks — 0.0% ^
United States — 0.0% ^
Windstream Holdings, Inc.
*(Cost $—)
16
172
Short-Term Investments — 4.2%
Investment Companies — 4.2%
JPMorgan U.S. Government
Money Market Fund Class IM
Shares, 5.27%(k) (l)(Cost
$14,922,581)
14,922,581
14,922,581
Total Investments — 96.7%
(Cost $376,795,857)
347,703,136
Other Assets Less Liabilities —
3.3%
11,744,877
NET ASSETS — 100.0%
359,448,013

Percentages indicated are based on net assets.
Abbreviations
 
ABS
Asset-Backed Securities
AUD
Australian Dollar
BRL
Brazilian Real
CAD
Canadian Dollar
CLO
Collateralized Loan Obligations
CME
Chicago Mercantile Exchange
CZK
Czech Republic Koruna
EUR
Euro
EURIBOR
Euro Interbank Offered Rate
FHLMC
Federal Home Loan Mortgage Corp.
FNMA
Federal National Mortgage Association
GBP
British Pound
GNMA
Government National Mortgage Association
ICE
Intercontinental Exchange
IF
Inverse Floaters represent securities that pay interest at a rate that
increases (decreases) with a decline (incline) in a specified index
or have an interest rate that adjusts periodically based on changes
in current interest rates and prepayments on the underlying pool
of assets. The interest rate shown is the rate in effect as of August
31, 2023. The rate may be subject to a cap and floor.
SEE NOTES TO FINANCIAL STATEMENTS.
104
J.P. Morgan Exchange-Traded Funds
August 31, 2023


IO
Interest Only represents the right to receive the monthly interest
payments on an underlying pool of mortgage loans. The principal
amount shown represents the par value on the underlying pool.
The yields on these securities are subject to accelerated principal
paydowns as a result of prepayment or refinancing of the
underlying pool of mortgage instruments. As a result, interest
income may be reduced considerably.
JSC
Joint Stock Company
LIBOR
London Interbank Offered Rate
MXN
Mexican Peso
NZD
New Zealand Dollar
PIK
Payment In Kind
PT
Limited liability company
REIT
Real Estate Investment Trust
REMIC
Real Estate Mortgage Investment Conduit
SOFR
Secured Overnight Financing Rate
SOFRINDX
Compounding index of the Secured Overnight Financing Rate
STRIPS
Separate Trading of Registered Interest and Principal of Securities.
The STRIPS Program lets investors hold and trade individual
interest and principal components of eligible notes and bonds as
separate securities.
USD
United States Dollar
ZAR
South African Rand
^
Amount rounds to less than 0.1% of net assets.
Value determined using significant unobservable
inputs.
 
*
Non-income producing security.
 
(a)
Security exempt from registration pursuant to
Regulation S under the Securities Act of 1933, as
amended. Regulation S applies to securities offerings
that are made outside of the United States and do not
involve direct selling efforts in the United States and
as such may have restrictions on resale.
 
(b)
Securities exempt from registration under Rule 144A
or section 4(a)(2), of the Securities Act of 1933, as
amended.
 
(c)
Contingent Capital security (“CoCo”). CoCos are hybrid
debt securities that may be convertible into equity or
may be written down if a pre-specified trigger event
occurs. The total value of aggregate CoCo holdings at
August 31, 2023 is $4,041,319 or 1.12% of the
Fund’s net assets as of August 31, 2023.
 
(d)
Variable or floating rate security, linked to the
referenced benchmark. The interest rate shown is the
current rate as of August 31, 2023.
 
(e)
Security is an interest bearing note with preferred
security characteristics.
 
(f)
Security is perpetual and thus, does not have a
predetermined maturity date. The coupon rate for this
security is fixed for a period of time and may be
structured to adjust thereafter. The date shown, if
applicable, reflects the next call date. The coupon rate
shown is the rate in effect as of  August 31, 2023.
 
(g)
Step bond. Interest rate is a fixed rate for an initial
period that either resets at a specific date or may
reset in the future contingent upon a predetermined
trigger. The interest rate shown is the current rate as
of August 31, 2023.
 
(h)
Security has the ability to pay in kind (“PIK”) or pay
income in cash. When applicable, separate rates of
such payments are disclosed.
 
(i)
Variable or floating rate security, the interest rate of
which adjusts periodically based on changes in current
interest rates and prepayments on the underlying
pool of assets. The interest rate shown is the current
rate as of August 31, 2023.
 
(j)
Defaulted security.
 
(k)
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.
 
(l)
The rate shown is the current yield as of August 31,
2023.
 
Futures contracts outstanding as of August 31, 2023:
DESCRIPTION
NUMBER OF
CONTRACTS
EXPIRATION DATE
TRADING CURRENCY
NOTIONAL
AMOUNT ($)
VALUE AND
UNREALIZED
APPRECIATION
(DEPRECIATION) ($)
Long Contracts
Euro-Bund
33
09/07/2023
EUR
4,764,580
(23,994
)
Euro-Buxl 30 Year Bond
23
09/07/2023
EUR
3,332,988
(91,065
)
Australia 10 Year Bond
150
09/15/2023
AUD
11,291,077
77,629
U.S. Treasury 10 Year Note
292
12/19/2023
USD
32,416,562
252,723
Long Gilt
82
12/27/2023
GBP
9,927,582
90,714
U.S. Treasury 2 Year Note
332
12/29/2023
USD
67,678,719
135,727
U.S. Treasury 5 Year Note
464
12/29/2023
USD
49,626,250
269,689
 
711,423
SEE NOTES TO FINANCIAL STATEMENTS.
August 31, 2023
J.P. Morgan Exchange-Traded Funds
105


JPMorgan International Bond Opportunities ETF
SCHEDULE OF PORTFOLIO INVESTMENTS
AS OF August 31, 2023  (Unaudited) (continued)
DESCRIPTION
NUMBER OF
CONTRACTS
EXPIRATION DATE
TRADING CURRENCY
NOTIONAL
AMOUNT ($)
VALUE AND
UNREALIZED
APPRECIATION
(DEPRECIATION) ($)
Short Contracts
Euro-Bobl
(200
)
09/07/2023
EUR
(25,185,113
)
180,798
Euro-Schatz
(244
)
09/07/2023
EUR
(27,816,766
)
(66,879
)
Japan 10 Year Bond
(24
)
09/12/2023
JPY
(24,243,307
)
173,366
U.S. Treasury 10 Year Note
(9
)
12/19/2023
USD
(999,141
)
(1,658
)
U.S. Treasury 10 Year Ultra Note
(178
)
12/19/2023
USD
(20,661,906
)
(171,421
)
U.S. Treasury Long Bond
(3
)
12/19/2023
USD
(364,687
)
(3,897
)
U.S. Treasury Ultra Bond
(53
)
12/19/2023
USD
(6,860,187
)
(83,210
)
U.S. Treasury 2 Year Note
(12
)
12/29/2023
USD
(2,446,219
)
(5,086
)
U.S. Treasury 5 Year Note
(89
)
12/29/2023
USD
(9,518,828
)
(52,412
)
 
(30,399
)
 
681,024
Abbreviations
 
AUD
Australian Dollar
EUR
Euro
GBP
British Pound
JPY
Japanese Yen
USD
United States Dollar
SEE NOTES TO FINANCIAL STATEMENTS.
106
J.P. Morgan Exchange-Traded Funds
August 31, 2023


Forward foreign currency exchange contracts outstanding as of August 31, 2023:
CURRENCY
PURCHASED
CURRENCY
SOLD
COUNTERPARTY
SETTLEMENT
DATE
UNREALIZED
APPRECIATION
(DEPRECIATION) ($)
USD
564,457
EUR
516,143
BNP Paribas
9/5/2023
4,777
USD
1,096,266
EUR
985,001
Citibank, NA
9/5/2023
28,180
USD
108,086,193
EUR
98,023,848
Morgan Stanley
9/5/2023
1,794,032
USD
98,628
EUR
90,682
Royal Bank of Canada
9/5/2023
296
USD
1,690,161
EUR
1,556,436
TD Bank Financial Group
9/5/2023
2,440
USD
7,595,733
GBP
5,907,488
HSBC Bank, NA
9/5/2023
112,126
USD
151,919
GBP
119,045
State Street Corp.
9/5/2023
1,113
AUD
229,447
USD
148,600
BNP Paribas
9/26/2023
186
CNY
12,622,149
USD
1,730,082
Citibank, NA**
9/26/2023
23,042
IDR
14,997,380,903
USD
983,338
BNP Paribas**
9/26/2023
1,390
IDR
11,903,552,638
USD
774,920
Goldman Sachs International**
9/26/2023
6,667
INR
125,411,475
USD
1,500,478
Goldman Sachs International**
9/26/2023
15,958
KRW
6,767,302,271
USD
5,063,982
BNP Paribas**
9/26/2023
48,526
KRW
2,375,579,436
USD
1,775,470
Goldman Sachs International**
9/26/2023
19,213
MXN
6,397,272
USD
371,741
Barclays Bank plc
9/26/2023
2,077
MXN
28,415,084
USD
1,656,484
State Street Corp.
9/26/2023
3,922
PHP
101,458,153
USD
1,786,518
Barclays Bank plc**
9/26/2023
5,850
SGD
2,391,461
USD
1,770,377
Goldman Sachs International
9/26/2023
841
THB
122,709,592
USD
3,476,783
Goldman Sachs International
9/26/2023
34,786
USD
23,189,540
CAD
31,181,085
Citibank, NA
9/26/2023
105,588
USD
222,321
CZK
4,916,457
BNP Paribas
9/26/2023
1,002
USD
24,742,268
EUR
22,605,907
Citibank, NA
9/26/2023
204,895
USD
13,635
EUR
12,345
Merrill Lynch International
9/26/2023
236
USD
111,596
EUR
102,357
Morgan Stanley
9/26/2023
494
USD
118,207
EUR
108,050
State Street Corp.
9/26/2023
926
USD
3,484,489
GBP
2,744,533
BNP Paribas
9/26/2023
7,369
USD
2,123,462
NZD
3,557,996
BNP Paribas
9/26/2023
1,728
USD
1,792,640
PHP
101,024,210
Goldman Sachs International**
9/26/2023
7,938
USD
363,845
PHP
20,452,833
Merrill Lynch International**
9/26/2023
2,524
USD
1,799,278
THB
62,713,830
Citibank, NA
9/26/2023
4,602
USD
109,796,334
EUR
100,757,112
HSBC Bank, NA
10/4/2023
387,805
USD
7,471,914
GBP
5,888,199
Morgan Stanley
10/4/2023
11,728
Total unrealized appreciation
2,842,257
EUR
207,481
USD
227,262
Royal Bank of Canada
9/5/2023
(2,280
)
EUR
799,983
USD
880,086
Standard Chartered Bank
9/5/2023
(12,625
)
GBP
138,334
USD
177,709
BNP Paribas
9/5/2023
(2,468
)
USD
640,810
EUR
592,464
State Street Corp.
9/5/2023
(1,628
)
BRL
8,750,239
USD
1,763,272
Citibank, NA**
9/26/2023
(2,071
)
BRL
15,147,400
USD
3,067,504
Goldman Sachs International**
9/26/2023
(18,716
)
EUR
1,634,463
USD
1,779,247
Barclays Bank plc
9/26/2023
(5,134
)
EUR
174,207
USD
190,689
Morgan Stanley
9/26/2023
(1,599
)
IDR
20,031,431,794
USD
1,318,638
Citibank, NA**
9/26/2023
(3,374
)
JPY
56,918,278
USD
399,734
BNP Paribas
9/26/2023
(7,216
)
JPY
961,089,642
USD
6,633,035
Citibank, NA
9/26/2023
(5,192
)
PHP
97,679,224
USD
1,739,752
Merrill Lynch International**
9/26/2023
(14,143
)
USD
9,856,792
AUD
15,219,484
BNP Paribas
9/26/2023
(12,316
)
USD
1,803,511
AUD
2,787,153
Goldman Sachs International
9/26/2023
(3,825
)
USD
15,686,935
BRL
78,466,804
BNP Paribas**
9/26/2023
(106,445
)
USD
1,770,377
CNY
12,829,127
Merrill Lynch International**
9/26/2023
(11,495
)
USD
1,670,382
COP
6,940,423,252
BNP Paribas**
9/26/2023
(14,024
)
USD
13,447
EUR
12,420
HSBC Bank, NA
9/26/2023
(34
)
SEE NOTES TO FINANCIAL STATEMENTS.
August 31, 2023
J.P. Morgan Exchange-Traded Funds
107


JPMorgan International Bond Opportunities ETF
SCHEDULE OF PORTFOLIO INVESTMENTS
AS OF August 31, 2023  (Unaudited) (continued)
CURRENCY
PURCHASED
CURRENCY
SOLD
COUNTERPARTY
SETTLEMENT
DATE
UNREALIZED
APPRECIATION
(DEPRECIATION) ($)
USD
1,695,786
HUF
607,065,900
Goldman Sachs International
9/26/2023
(23,058
)
USD
3,075,633
IDR
47,289,393,660
BNP Paribas**
9/26/2023
(29,389
)
USD
1,744,733
IDR
26,579,261,560
Merrill Lynch International**
9/26/2023
(461
)
USD
1,758,091
KRW
2,345,749,860
Goldman Sachs International**
9/26/2023
(14,058
)
USD
156,995
MXN
2,699,273
BNP Paribas
9/26/2023
(734
)
USD
413,081
MXN
7,106,425
Citibank, NA
9/26/2023
(2,175
)
USD
15,856,075
MXN
273,556,431
Goldman Sachs International
9/26/2023
(128,902
)
USD
3,073,642
PHP
174,905,615
Goldman Sachs International**
9/26/2023
(16,254
)
USD
1,778,794
SGD
2,413,343
Barclays Bank plc
9/26/2023
(8,631
)
USD
1,777,104
SGD
2,407,532
Goldman Sachs International
9/26/2023
(6,017
)
USD
5,043,545
ZAR
97,090,351
BNP Paribas
9/26/2023
(88,121
)
GBP
202,929
USD
257,358
BNP Paribas
10/4/2023
(252
)
Total unrealized depreciation
(542,637
)
Net unrealized appreciation
2,299,620
Abbreviations
 
AUD
Australian Dollar
BRL
Brazilian Real
CAD
Canadian Dollar
CNY
China Yuan
COP
Columbian Peso
CZK
Czech Republic Koruna
EUR
Euro
GBP
British Pound
HUF
Hungarian Forint
IDR
Indonesian Rupiah
INR
Indian Rupee
JPY
Japanese Yen
KRW
Korean Republic Won
MXN
Mexican Peso
NZD
New Zealand Dollar
PHP
Philippines Peso
SGD
Singapore Dollar
THB
Thai Baht
USD
United States Dollar
ZAR
South African Rand
**
Non-deliverable forward.
Centrally Cleared Credit default swap contracts outstanding - buy protection(*) as of August 31, 2023:
REFERENCE
OBLIGATION/INDEX
FINANCING
RATE PAID
BY THE FUND
(%)
PAYMENT
FREQUENCY
MATURITY
DATE
IMPLIED
CREDIT
SPREAD
(%)(a)
NOTIONAL
AMOUNT(b)
UPFRONT
PAYMENTS
(RECEIPTS)
($)(c)
UNREALIZED
APPRECIATION
(DEPRECIATION)
($)
VALUE
($)
iTraxx.Europe.Crossover.39-V1
5.00
Quarterly
6/20/2028
3.96
EUR14,164,071
(113,646
)
(659,331
)
(772,977
)
(*)
The Fund, as a buyer of credit protection, is generally obligated to make periodic payments and may also pay or receive an upfront premium to or from
the protection seller, in exchange for the right to receive a contingent payment, upon occurrence of a credit event with respect to an underlying reference
obligation, as defined under the terms of individual swap contracts.
SEE NOTES TO FINANCIAL STATEMENTS.
108
J.P. Morgan Exchange-Traded Funds
August 31, 2023


(a)
Implied credit spreads are an indication of the seller's performance risk, related to the likelihood of a credit event occurring that would require a seller to
make payment to a buyer. Implied credit spreads are used to determine the value of swap contracts and reflect the cost of buying/selling protection, which
may include upfront payments made to enter into the contract. Therefore, higher spreads would indicate a greater likelihood that a seller will be obligated
to perform (i.e. make payment) under the swap contract. Increasing values, in absolute terms and relative to notional amounts, are also indicative of
greater performance risk. Implied credit spreads for credit default swaps on credit indices are linked to the weighted average spread across the underlying
reference obligations included in a particular index.
(b)
The notional amount is the maximum amount that a seller of credit protection would be obligated to pay and a buyer of credit protection would receive,
upon occurrence of a credit event.
(c)
Upfront payments and receipts generally represent premiums paid or received at the initiation of the agreement to compensate the differences between
the stated terms of the swap agreement and current market conditions (credit spreads, interest rates and other relevant factors).
Centrally Cleared interest rate swap contracts outstanding as of August 31, 2023:
FLOATING RATE INDEX (a)
FIXED RATE
PAY/
RECEIVE
FLOATING
RATE
MATURITY
DATE
NOTIONAL
AMOUNT
UPFRONT
PAYMENTS
(RECEIPTS)
($)
UNREALIZED
APPRECIATION
(DEPRECIATION) ($)
VALUE ($)
1 day SOFR annually
2.95 annually
Receive
12/17/2035
USD3,750,000
176,116
176,116
1 day SOFR annually
3.03 annually
Receive
12/4/2035
USD7,500,000
304,620
304,620
1 day SOFR annually
3.60 annually
Pay
7/14/2028
USD53,000,000
(144
)
136,441
136,297
 
 
 
 
 
(144
)
617,177
617,033
1 day SOFR annually
2.74 annually
Pay
12/17/2027
USD17,000,000
(209,106
)
(209,106
)
1 day SOFR annually
2.87 annually
Pay
12/4/2027
USD34,000,000
(344,040
)
(344,040
)
1 day SOFR annually
3.71 annually
Receive
7/14/2036
USD12,000,000
3,807
(117,448
)
(113,641
)
 
 
 
 
 
3,807
(670,594
)
(666,787
)
 
 
 
 
 
3,663
(53,417
)
(49,754
)

 
(a)
Value of floating rate index at August 31, 2023 was as follows:
FLOATING RATE INDEX
VALUE
1 day SOFR
5.31%
Abbreviations
 
EUR
Euro
SOFR
Secured Overnight Financing Rate
USD
United States Dollar
SEE NOTES TO FINANCIAL STATEMENTS.
August 31, 2023
J.P. Morgan Exchange-Traded Funds
109


JPMorgan Municipal ETF
SCHEDULE OF PORTFOLIO INVESTMENTS
AS OF August 31, 2023  (Unaudited)
INVESTMENTS
PRINCIPAL
AMOUNT($)
VALUE($)
Municipal Bonds — 89.7% (a)
Alabama — 5.4%
Alabama Federal Aid Highway Finance
Authority Series 2015, Rev., 4.00%,
9/1/2024(b)
3,000,000
3,018,796
Black Belt Energy Gas District, Gas Project
Series 2022E, Rev., 5.00%, 6/1/2028(c)
1,750,000
1,795,080
Series 2023D-1, Rev., 5.50%, 2/1/2029(c)
(d)
1,335,000
1,392,721
Series 2022C-1, Rev., 5.25%, 6/1/2029(c)
4,500,000
4,665,426
Series 2023A, Rev., 5.25%, 10/1/2030(c)
2,000,000
2,077,607
Series 2023B-2, Rev., LIQ : Royal Bank of
Canada, 5.25%, 12/1/2030(c)
1,000,000
1,054,014
Series 2021A, Rev., 4.00%, 12/1/2031(c)
2,535,000
2,471,320
Black Belt Energy Gas District, Gas Project No.
8 Series 2022A, Rev., 4.00%,
12/1/2029(c)
970,000
931,181
City of Pell City, Warrants Series 2015A, GO,
5.00%, 2/1/2025
100,000
102,146
Energy Southeast A Cooperative District Series
2023A-1, Rev., 5.50%, 1/1/2031(c)
5,000,000
5,276,597
Lower Alabama Gas District (The), Gas Project
Series 2016A, Rev., 5.00%, 9/1/2031
1,250,000
1,282,897
Selma Industrial Development Board,
International Paper Co. Project Series
2020A, Rev., 1.38%, 6/16/2025(c)
100,000
95,381
Southeast Alabama Gas Supply District (The),
Project No. 1 Series 2018A, Rev., 4.00%,
4/1/2024(c)
25,000
24,927
Southeast Energy Authority A Cooperative
District Project No.06 Series 2023B, Rev.,
LIQ : Royal Bank of Canada, 5.00%,
6/1/2030(c)
5,870,000
6,086,486
Southeast Energy Authority A Cooperative
District, Project No. 2 Series 2021B, Rev.,
4.00%, 12/1/2031(c)
2,115,000
2,015,328
Southeast Energy Authority A Cooperative
District, Project No. 3 Series 2022A-1, Rev.,
5.50%, 12/1/2029(c)
1,000,000
1,048,457
Southeast Energy Authority A Cooperative
District, Project No. 4 Series 2022B-1, Rev.,
5.00%, 8/1/2028(c)
1,250,000
1,274,959
University of Alabama (The), Huntsville General
Fee Series 2018B-2, Rev., 5.00%,
9/1/2031
95,000
103,318
Total Alabama
34,716,641
INVESTMENTS
PRINCIPAL
AMOUNT($)
VALUE($)
 
Alaska — 0.0% ^
Alaska Industrial Development and Export
Authority, Tanana Chiefs Conference Project
Series 2019A, Rev., 5.00%, 10/1/2026
200,000
206,814
Alaska Municipal Bond Bank Authority Series
2014-3, Rev., 5.00%, 10/1/2025
20,000
20,285
Total Alaska
227,099
Arizona — 1.8%
Arizona Board of Regents Series 2020A, Rev.,
5.00%, 7/1/2030
105,000
117,861
Arizona Board of Regents, Tax-Exempt Series
2020A Series 2020A, Rev., 5.00%,
7/1/2033
430,000
479,474
Arizona Industrial Development Authority,
Academies of Math and Science Projects
Rev., 5.00%, 7/1/2032(e)
120,000
121,130
Rev., 4.50%, 7/1/2033(e)
510,000
496,151
Arizona Industrial Development Authority,
Cadence Campus Project
Series 2020A, Rev., 4.00%, 7/15/2030(e)
105,000
99,076
Series 2020A, Rev., 4.00%, 7/15/2040(e)
125,000
102,637
Arizona Industrial Development Authority,
Equitable School Revolving Fund LLC Series
2022A, Rev., 5.00%, 11/1/2033
440,000
475,318
Arizona Industrial Development Authority,
Great Lakes Senior Living Communities LLC
Project Series 2019A, Rev., 5.00%,
1/1/2036
250,000
175,804
Arizona Industrial Development Authority, KIPP
Nashville Project
Series 2022A, Rev., 5.00%, 7/1/2028
225,000
230,370
Series 2022A, Rev., 5.00%, 7/1/2029
235,000
241,618
Arizona Industrial Development Authority,
Macombs Facility Project Series 2021A, Rev.,
4.00%, 7/1/2051
125,000
101,556
Arizona Industrial Development Authority,
National Charter School Revolving Loan Fund
Series 2020A, Rev., 4.00%, 11/1/2038
200,000
187,726
Arizona Industrial Development Authority,
Phoenix Children's Hospital Series 2020A,
Rev., 5.00%, 2/1/2031
150,000
165,850
Arizona Industrial Development Authority,
Pinecrest Academy of Northern Nevada
Project Series 2022A, Rev., 4.50%,
7/15/2029(e)
250,000
240,630
City of Mesa, Excise Tax Rev., 5.00%,
7/1/2031
75,000
84,435
SEE NOTES TO FINANCIAL STATEMENTS.
110
J.P. Morgan Exchange-Traded Funds
August 31, 2023


INVESTMENTS
PRINCIPAL
AMOUNT($)
VALUE($)
Municipal Bonds — continued
Arizona — continued
City of Phoenix Civic Improvement Corp., Junior
Lien, Airport System
Series 2017D, Rev., 5.00%, 7/1/2026
160,000
167,897
Series 2019A, Rev., 5.00%, 7/1/2044
2,000,000
2,084,618
City of Phoenix Civic Improvement Corp., Senior
Lien, Airport System
Series 2023, Rev., AMT, 5.00%, 7/1/2024
375,000
378,265
Series 2023, Rev., AMT, 5.00%, 7/1/2025
500,000
510,076
Industrial Development Authority of the County
of Pima (The), La Posada at Pusch Ridge
Project Series 2022B-3, Rev., 5.13%,
11/15/2029(e)
750,000
736,883
Maricopa County Industrial Development
Authority, Banner Health
Series 2023A-1, Rev., 5.00%,
5/15/2026(c)
1,235,000
1,279,751
Series A, Rev., 4.00%, 1/1/2041
1,500,000
1,446,313
Maricopa County Industrial Development
Authority, Valley Christian Schools Project
Series 2023A, Rev., 5.25%, 7/1/2033(e)
360,000
355,635
Series 2023A, Rev., 6.00%, 7/1/2043(e)
945,000
933,037
Maricopa County School District No. 3, Tempe
Elementary, School Improvement, Project of
2016 Series 2017A, GO, 5.00%, 7/1/2027
30,000
32,047
Maricopa County Unified School District No. 60
Higley COP, AGM, 5.00%, 6/1/2036
200,000
220,342
Salt Verde Financial Corp. Series 2007-1, Rev.,
5.25%, 12/1/2026
100,000
102,639
Total Arizona
11,567,139
Arkansas — 0.1%
City of Fort Smith, Water and Sewer
Construction Rev., 5.00%, 10/1/2024
75,000
76,026
County of Pulaski
Rev., 5.00%, 3/1/2037
500,000
539,654
Rev., 4.25%, 3/1/2048
250,000
237,272
Total Arkansas
852,952
California — 6.2%
Azusa Unified School District, Election of 2014
Series 2022D, GO, 5.00%, 8/1/2029
125,000
139,698
Series 2022D, GO, 5.00%, 8/1/2032
175,000
201,324
Brentwood Infrastructure Financing Authority,
Civic Center Project Rev., 5.00%,
10/1/2025
45,000
46,421
California Community Choice Financing
Authority, Clean Energy Project
Series 2023A-1, Rev., 5.00%, 8/1/2029(c)
2,500,000
2,574,493
INVESTMENTS
PRINCIPAL
AMOUNT($)
VALUE($)
 
California — continued
Series 2023E-1, Rev., 5.00%, 3/1/2031(c)
2,565,000
2,686,539
Series 2021B-1, Rev., 4.00%, 8/1/2031(c)
4,250,000
4,157,486
California Enterprise Development Authority,
Riverside County, Rocketship Public
Schools-Obligated Group No. 2 Series
2022A, Rev., 4.00%, 6/1/2027(e)
260,000
247,976
California Health Facilities Financing Authority,
Kaiser Permanente Series 2006C, Rev.,
5.00%, 11/1/2029(c)
300,000
331,520
California Health Facilities Financing Authority,
On Lok Senior Health Service Rev., 5.00%,
8/1/2040
100,000
101,879
California Infrastructure and Economic
Development Bank, Academy of Motion
Picture Series 2020A-3, Rev., AMT, 8.00%,
9/14/2023(c) (d) (e)
1,000,000
1,000,072
California Municipal Finance Authority,
Community Health System Series 2021A,
Rev., 5.00%, 2/1/2033
800,000
858,290
California Municipal Finance Authority, San
Antonio Gardens Project Rev., 5.00%,
11/15/2039
150,000
141,096
California Municipal Finance Authority, Waste
Management, Inc. Project Series 2022A,
Rev., AMT, 4.13%, 10/1/2025(c)
1,500,000
1,502,407
California Pollution Control Financing Authority,
Poseidon Resources Channelside LP
Desalination Project Rev., AMT, 5.00%,
7/1/2036(e)
770,000
797,769
California Public Finance Authority, Enso Village
Project
Series 2021B-3, Rev., 2.13%,
11/15/2027(e)
1,500,000
1,454,371
Series 2021B-1, Rev., 3.13%,
5/15/2029(e)
200,000
189,106
California School Finance Authority, Kipp SoCal
Public Schools Series 2019A, Rev., 5.00%,
7/1/2039(e)
500,000
509,316
City of Aliso Viejo COP, 4.00%, 11/1/2028
175,000
184,581
City of Los Angeles Department of Airports,
International Airport Subordinate
Series 2019E, Rev., AMT, 5.00%,
5/15/2026
10,000
10,531
Series 2021A, Rev., AMT, 5.00%,
5/15/2039
1,740,000
1,830,615
City of Roseville, 316 Vernon Street Project
COP, 5.00%, 8/1/2025
70,000
72,132
City of Santa Rosa, Courthouse Square Project
and Lease COP, 4.00%, 10/1/2024
90,000
90,473
SEE NOTES TO FINANCIAL STATEMENTS.
August 31, 2023
J.P. Morgan Exchange-Traded Funds
111


JPMorgan Municipal ETF
SCHEDULE OF PORTFOLIO INVESTMENTS
AS OF August 31, 2023  (Unaudited) (continued)
INVESTMENTS
PRINCIPAL
AMOUNT($)
VALUE($)
Municipal Bonds — continued
California — continued
County of San Joaquin, California Refunding
Certificates of Participation COP, AGM,
5.00%, 11/15/2027
50,000
53,976
CSCDA Community Improvement Authority,
Essential Housing, Pasadena Portfolio Series
2021A-1, Rev., 2.65%, 12/1/2046(e)
255,000
188,029
CSCDA Community Improvement Authority,
Essential Housing, Towne at Glendale
Apartments Series 2022B, Rev., 5.00%,
9/1/2037(e)
100,000
97,254
Downey Unified School District Series A, GO,
4.00%, 8/1/2052
2,500,000
2,377,842
El Centro Financing Authority, Police Station
Project
Series 2023A, Rev., 5.00%, 10/1/2023
180,000
180,169
Series 2023A, Rev., 5.00%, 10/1/2024
260,000
263,119
Series 2023A, Rev., 5.00%, 10/1/2025
545,000
561,223
El Monte City School District, Election of 2014
Series A, GO, 5.00%, 8/1/2025
55,000
56,624
Golden State Tobacco Securitization Corp.,
Enhanced Tobacco Settlement Series
2018A-1, Rev., 5.00%, 6/1/2028(b)
250,000
274,714
Indio Finance Authority, City of Indio
Series 2022A, Rev., 5.00%, 11/1/2028
275,000
299,162
Series 2022A, Rev., 5.00%, 11/1/2029
325,000
358,764
Series 2022A, Rev., 5.00%, 11/1/2030
400,000
448,004
Series 2022A, Rev., 5.00%, 11/1/2034
200,000
229,071
Los Angeles County Development Authority,
West LA Building 156 & 157 Apartments
Series 2023C, Rev., 3.75%, 12/1/2026(c)
3,000,000
2,985,808
Los Angeles Department of Water and Power,
Power System Series 2022A, Rev., 5.00%,
7/1/2030
235,000
268,141
Los Angeles Unified School District Series
2021A, GO, 5.00%, 7/1/2030
110,000
125,439
Ontario Public Financing Authority, Civic Center
Improvements Series 2022A, Rev., AGM,
5.00%, 11/1/2033
140,000
162,678
Orange County Community Facilities District No.
2021-1, Rienda Series 2021-1, Rev.,
5.00%, 8/15/2037
500,000
514,850
Petaluma Public Financing Authority, Road
Improvement Projects Rev., 5.00%,
5/1/2026
150,000
157,279
Redding Joint Powers Financing Authority
Series 2019A, Rev., 5.00%, 4/1/2026
150,000
156,185
INVESTMENTS
PRINCIPAL
AMOUNT($)
VALUE($)
 
California — continued
River Islands Public Financing Authority,
Facilities District No. 2003
Series 2022A-1, Rev., AGM, 5.00%,
9/1/2029
210,000
231,980
Series 2022A-1, Rev., AGM, 5.00%,
9/1/2030
330,000
370,050
Salinas Union High School District, Election of
2020 Series A, GO, 4.00%, 8/1/2047
1,000,000
964,818
San Diego Redevelopment Agency Successor
Agency Series A, Rev., 5.00%, 9/1/2023
130,000
130,000
San Dieguito Union High School District,
Election of 2012 Series A-2, GO, 5.00%,
8/1/2024
150,000
150,122
San Francisco City and County Public Utilities
Commission Wastewater Series 2022B, Rev.,
5.00%, 10/1/2034
2,000,000
2,342,259
San Jose Evergreen Community College District
Series C, GO, 4.00%, 9/1/2043
2,000,000
1,990,314
Sanger Unified School District COP, AGM,
5.00%, 6/1/2034
400,000
449,236
Santa Cruz County Capital Financing Authority
Series 2020A, Rev., 4.00%, 6/1/2025
100,000
101,174
Solano Irrigation District, Water COP, 4.00%,
8/1/2031
285,000
293,494
South San Francisco Public Facilities Financing
Authority, Community Civic Campus and
Multiple Capital Projects Series 2021A, Rev.,
4.00%, 6/1/2029
220,000
232,879
South San Francisco Public Facilities Financing
Authority, Multiple Capital Project Series
2022A, Rev., 5.00%, 6/1/2029
270,000
299,990
State of California, Various Purpose GO,
5.00%, 11/1/2032
335,000
380,549
Tobacco Securitization Authority of Northern
California Series 2021A, Class 1, Rev.,
5.00%, 6/1/2032
110,000
121,501
Tracy Public Financing Authority, Legacy Fields
Series 2022A, Rev., 5.00%, 11/1/2036
1,035,000
1,138,348
University of California Series 2018AZ, Rev.,
4.00%, 5/15/2029
130,000
136,165
Vallecito Union School District Series A, GO,
5.00%, 8/1/2031
595,000
669,023
Yucaipa Valley Water District Financing
Authority, Water & Sewer Revenue Series
2022A, Rev., 5.00%, 9/1/2034
500,000
575,157
Total California
39,463,485
SEE NOTES TO FINANCIAL STATEMENTS.
112
J.P. Morgan Exchange-Traded Funds
August 31, 2023


INVESTMENTS
PRINCIPAL
AMOUNT($)
VALUE($)
Municipal Bonds — continued
Colorado — 2.6%
Board of Water Commissioners City and County
of Denver (The) Series 2020B, Rev., 4.00%,
9/15/2034
2,015,000
2,101,445
Boulder Valley School District No. Re-2 Boulder
GO, 4.13%, 12/1/2046
1,000,000
954,693
City and County of Denver Series 2020B, GO,
5.00%, 8/1/2029
220,000
244,982
City and County of Denver, Airport System
Series 2018A, Rev., AMT, 5.00%,
12/1/2029
2,845,000
3,001,579
Series 2022A, Rev., AMT, 5.00%,
11/15/2032
1,000,000
1,098,589
Series 2018A, Rev., AMT, 5.00%,
12/1/2035
505,000
527,370
Series 2022A, Rev., AMT, 5.50%,
11/15/2042
1,500,000
1,630,672
Colorado Educational and Cultural Facilities
Authority, Aspen View Academy Project Rev.,
4.00%, 5/1/2036
85,000
77,685
Colorado Educational and Cultural Facilities
Authority, Vega Collegiate Academy Project
Series 2021A, Rev., 5.00%, 2/1/2051(e)
150,000
128,685
Colorado Health Facilities Authority, Tax Exempt
Series 2021B-3, Rev., 2.13%, 5/15/2028
295,000
266,338
Colorado Higher Education, Capital
Construction, Lease Purchase Financing
Program
Series 2014A, COP, 5.00%, 11/1/2025
10,000
10,371
COP, 4.00%, 9/1/2034
335,000
342,048
Colorado Housing and Finance Authority, Single
Family Mortgage Series 2023L, Rev., GNMA
COLL, 5.75%, 11/1/2053(d)
3,000,000
3,185,002
County of Adams
COP, 5.00%, 12/1/2023
60,000
60,226
COP, 5.00%, 12/1/2024
150,000
152,912
Dominion Water and Sanitation District Rev.,
5.00%, 12/1/2027
500,000
494,890
Regional Transportation District, Denver Transit
Partners
Series 2020A, Rev., 5.00%, 7/15/2029
130,000
139,434
Series 2020A, Rev., 5.00%, 1/15/2030
170,000
183,041
Series 2020A, Rev., 5.00%, 7/15/2030
115,000
124,489
Series 2020A, Rev., 5.00%, 1/15/2031
250,000
271,568
Series 2020A, Rev., 4.00%, 7/15/2036
185,000
183,511
Southlands Metropolitan District No. 1 Series
A-1, GO, 5.00%, 12/1/2037
250,000
242,840
INVESTMENTS
PRINCIPAL
AMOUNT($)
VALUE($)
 
Colorado — continued
State of Colorado, Building Excellent Schools
Today Series S, COP, 4.00%, 3/15/2037
1,000,000
1,003,292
University of Colorado, Enterprise System
Series 2017A-2, Rev., 5.00%, 6/1/2026
40,000
41,926
Total Colorado
16,467,588
Connecticut — 0.7%
City of Meriden
Series 2023, GO, 4.00%, 6/15/2041
890,000
857,238
GO, 4.00%, 6/15/2043
1,080,000
1,023,793
City of Norwalk
Series 2023, GO, 4.00%, 8/15/2042
700,000
682,985
Series 2023, GO, 4.00%, 8/15/2043
500,000
485,625
Metropolitan District (The) Series 2021A, GO,
5.00%, 9/1/2030
200,000
225,750
Stamford Housing Authority, The Dogwoods
Project Rev., BAN, 11.00%, 12/1/2027(e)
1,000,000
1,054,207
State of Connecticut Series A, GO, 5.00%,
4/15/2033
135,000
143,274
University of Connecticut Series 2017A, Rev.,
5.00%, 1/15/2028
125,000
132,013
Total Connecticut
4,604,885
Delaware — 0.4%
Delaware State Economic Development
Authority, Newark Charter School, Inc.
Project
Rev., 4.00%, 9/1/2025
100,000
99,172
Rev., 4.00%, 9/1/2026
140,000
138,631
Delaware State Economic Development
Authority, St. Andrews School Project Rev.,
4.00%, 7/1/2041
2,190,000
2,121,967
Total Delaware
2,359,770
District of Columbia — 2.2%
District of Columbia Series 2023A, GO, 5.00%,
1/1/2036
3,000,000
3,437,306
District of Columbia, Income Tax Series 2019A,
Rev., 5.00%, 3/1/2029
100,000
110,440
District of Columbia, International School
Rev., 5.00%, 7/1/2028
115,000
119,006
Rev., 5.00%, 7/1/2039
125,000
125,492
District of Columbia, Kipp DC Project Rev.,
4.00%, 7/1/2039
100,000
90,269
District of Columbia, Water and Sewer
Authority, Public Utility, Senior Lien Series B,
Rev., 5.00%, 10/1/2025
65,000
67,330
SEE NOTES TO FINANCIAL STATEMENTS.
August 31, 2023
J.P. Morgan Exchange-Traded Funds
113


JPMorgan Municipal ETF
SCHEDULE OF PORTFOLIO INVESTMENTS
AS OF August 31, 2023  (Unaudited) (continued)
INVESTMENTS
PRINCIPAL
AMOUNT($)
VALUE($)
Municipal Bonds — continued
District of Columbia — continued
District of Columbia, Water and Sewer
Authority, Public Utility, Subordinate Lien
Series 2022C1, Rev., 4.00%, 10/1/2040
2,000,000
1,972,672
Metropolitan Washington Airports Authority
Aviation
Series 2023A, Rev., AMT, 5.00%,
10/1/2025
875,000
893,485
Series 2021A, Rev., AMT, 5.00%,
10/1/2028
2,000,000
2,123,877
Series 2021A, Rev., AMT, 5.00%,
10/1/2031
1,360,000
1,481,965
Series 2020A, Rev., AMT, 4.00%,
10/1/2035
1,750,000
1,745,319
Washington Metropolitan Area Transit Authority
Dedicated, Sustainability Climate Transition
Bonds Series 2023A, Rev., 5.00%,
7/15/2037
1,500,000
1,676,979
Total District of Columbia
13,844,140
Florida — 3.1%
Central Florida Tourism Oversight District
Series 2016A, GO, 5.00%, 6/1/2026
50,000
51,915
Charlotte County Industrial Development
Authority, Town and Country Utilities Project
Series 2021A, Rev., AMT, 4.00%,
10/1/2041(e)
100,000
83,884
City of Cape Coral, Florida Special Obligation
Rev., 5.00%, 10/1/2024
110,000
111,760
City of Jacksonville Series 2022A, Rev., 5.00%,
10/1/2031
250,000
281,517
City of Kissimmee, Sales Tax Rev., 4.00%,
10/1/2025
170,000
172,747
City of Lakeland, Lakeland Regional Health
Systems Rev., 5.00%, 11/15/2023
40,000
40,079
City of Miami Beach, Water and Sewer Rev.,
5.00%, 9/1/2033
25,000
26,868
City of Orlando, Capital Improvement Series B,
Rev., 5.00%, 10/1/2024
60,000
61,068
City of Pompano Beach, John Knox Village
Project Rev., 3.50%, 9/1/2030
200,000
181,273
City of Tampa, H. Lee Moffitt Cancer Center
Project Series 2016B, Rev., 5.00%,
7/1/2024
35,000
35,313
Collier County Educational Facilities Authority
Series 2023, Rev., 5.00%, 6/1/2027
1,930,000
1,961,350
County of Broward, Port Facilities Series
2019A, Rev., 5.00%, 9/1/2030
50,000
55,162
County of Hillsborough, Communications
Services Tax Rev., 5.00%, 10/1/2024
40,000
40,716
INVESTMENTS
PRINCIPAL
AMOUNT($)
VALUE($)
 
Florida — continued
County of Lee, Airport Series 2021A, Rev.,
AMT, 5.00%, 10/1/2031
400,000
432,681
County of Miami-Dade, Aviation System Series
A, Rev., AMT, 5.00%, 10/1/2034
1,000,000
1,005,192
County of Miami-Dade, Jackson Health System
Series 2015A, Rev., 5.00%, 6/1/2025
140,000
143,441
County of Okaloosa, Sales Tax Rev., 5.00%,
10/1/2024
30,000
30,525
County of Osceola, Sales Tax Series 2016A,
Rev., 4.00%, 10/1/2023
10,000
10,003
County of Pasco
Series 2023A, Rev., AGM, 5.25%, 9/1/2026
275,000
288,764
Series 2023A, Rev., AGM, 5.25%, 9/1/2027
300,000
319,803
Series 2023A, Rev., AGM, 5.25%, 9/1/2028
300,000
324,107
County of Seminole, Special Obligation Rev.,
4.00%, 10/1/2024
90,000
90,615
Duval County Public Schools Series 2022-A,
COP, AGM, 5.00%, 7/1/2034
500,000
549,842
East Central Regional Wastewater Treatment
Facilities Operation Board, Biosolids Project
Rev., 5.00%, 10/1/2024
30,000
30,525
Florida Atlantic University Finance Corp.,
Student Housing Project Series 2019B, Rev.,
5.00%, 7/1/2032
250,000
271,388
Florida Department of Children and Families,
Evaluation Treatment Center Financing Corp.
Project Series 2021B, COP, 5.00%,
10/1/2028
210,000
230,236
Florida Development Finance Corp.,
Educational Facilities, River City Science
Academy Projects
Series 2022A-1, Rev., 4.00%, 7/1/2031
175,000
168,437
Series 2021A, Rev., 4.00%, 7/1/2035
325,000
301,115
Series 2022A-1, Rev., 5.00%, 7/1/2042
215,000
207,611
Florida Development Finance Corp., IDEA
Florida, Inc., Jacksonville IV Project Rev.,
5.25%, 6/15/2029(e)
150,000
147,208
Florida Housing Finance Corp.
Series 2023E, Rev., 5.00%, 5/1/2025(c)
1,320,000
1,341,021
Series 2023C, Rev., 5.00%, 12/1/2025(c)
1,410,000
1,437,628
Series 2023B, Rev., GNMA COLL, 5.00%,
2/1/2026(c)
1,000,000
1,022,728
Florida Municipal Loan Council, Village of
Palmetto Bay Series 2021A, Rev., 4.00%,
10/1/2028
75,000
77,430
Florida Municipal Power Agency,
All-Requirements Power Supply Project
Series 2016A, Rev., 5.00%, 10/1/2024
130,000
132,121
SEE NOTES TO FINANCIAL STATEMENTS.
114
J.P. Morgan Exchange-Traded Funds
August 31, 2023


INVESTMENTS
PRINCIPAL
AMOUNT($)
VALUE($)
Municipal Bonds — continued
Florida — continued
Florida State Board of Governors, University of
Florida Mandatory Student Fee Series
2021A, Rev., AGM, 5.00%, 11/1/2028
100,000
108,291
Lee County School Board (The) Series 2023A,
COP, 4.00%, 8/1/2048
1,500,000
1,397,240
Middleton Community Development District A,
City of Wildwood, Florida Special Assessment
5.45%, 5/1/2032
250,000
258,837
5.85%, 5/1/2037
250,000
258,983
Monroe County School District Series 2018A,
COP, 4.00%, 6/1/2025
45,000
45,452
Orange County Health Facilities Authority,
Orlando Health Obligated Group Series
2023A, Rev., 5.00%, 10/1/2036
750,000
815,238
Orange County Health Facilities Authority, The
Nemours Foundation Project Series
2009C-2, Rev., VRDO, LOC : TD Bank NA,
3.90%, 9/12/2023(c)
1,120,000
1,120,000
Orange County School Board Series 2015D,
COP, 5.00%, 8/1/2025
25,000
25,761
Palm Beach County Health Facilities Authority,
Acts Retirement Life Communities, Inc.,
Obligated Group Rev., 5.00%, 11/15/2032
240,000
242,096
Palm Beach County Health Facilities Authority,
Jupiter Medical Center Series 2022, Rev.,
5.00%, 11/1/2030
100,000
104,672
Pinellas County Industrial Development
Authority, Drs. Kiran & Pallavi Patel 2017
Foundation for Global Understanding, Inc.,
Project Rev., 5.00%, 7/1/2029
125,000
127,104
School District of Broward County Series A,
COP, 5.00%, 7/1/2028
2,000,000
2,174,209
Seminole County Industrial Development
Authority, Galileo Schools for Gifted Learning
Series 2021A, Rev., 4.00%, 6/15/2036(e)
155,000
133,850
State of Florida Board of Education, Public
Education Capital Outlay
Series 2015B, GO, 5.00%, 6/1/2024
30,000
30,368
Series 2016B, GO, 5.00%, 6/1/2026
20,000
21,012
Series 2017B, GO, 5.00%, 6/1/2031
75,000
80,467
State of Florida, State Board of Education,
Lottery Series 2016A, Rev., 5.00%,
7/1/2026
75,000
78,598
Tampa Bay Water, Regional Water Supply
Authority, Utility System Series 2016C, Rev.,
5.00%, 10/1/2025
55,000
56,849
Tampa-Hillsborough County Expressway
Authority Series 2017B, Rev., 5.00%,
7/1/2031
40,000
43,192
INVESTMENTS
PRINCIPAL
AMOUNT($)
VALUE($)
 
Florida — continued
Tohopekaliga Water Authority, Utility System
Rev., 5.00%, 10/1/2025
10,000
10,371
University of Florida Department of Housing &
Residence Education Hsg Sys Rev Series
2021A, Rev., 5.00%, 7/1/2026
125,000
130,825
Village Community Development District No. 15
4.25%, 5/1/2028(e)
350,000
349,981
4.38%, 5/1/2033(e)
500,000
500,781
Total Florida
19,780,250
Georgia — 3.4%
Bartow County Development Authority Series
2009-1, Rev., 3.95%, 3/8/2028(c)
2,000,000
1,970,301
City of Atlanta Series 2019B, Rev., AMT,
5.00%, 7/1/2031
1,810,000
1,931,655
City of Atlanta, Airport Passenger Facility
Charge Series 2019D, Rev., AMT, 4.00%,
7/1/2037
2,350,000
2,316,995
Clayton County Development Authority, Clayton
State University Rev., 5.00%, 7/1/2034
225,000
247,979
County of DeKalb, Water and Sewerage Series
2006B, Rev., 5.25%, 10/1/2026
25,000
26,606
Development Authority of Monroe County (The)
Series 2009-2, Rev., 3.88%, 3/6/2026(c)
1,250,000
1,237,422
Georgia Higher Education Facilities Authority,
USG Real Estate Foundation II LLC Projects
Rev., 4.00%, 6/15/2038
1,425,000
1,388,416
Georgia Ports Authority Rev., 4.00%,
7/1/2052
1,300,000
1,236,349
Glynn-Brunswick Memorial Hospital Authority,
Southeast Georgia Health System Project
Rev., 4.00%, 8/1/2037
255,000
231,433
Lee County School District Series 2022, GO,
5.00%, 2/1/2028
315,000
340,086
Main Street Natural Gas, Inc., Gas Supply
Series 2021A, Rev., 4.00%, 9/1/2027(c)
2,250,000
2,230,560
Series 2022B, Rev., 5.00%, 6/1/2029(c)
1,500,000
1,533,837
Series 2023A, Rev., 5.00%, 6/1/2030(c)
2,500,000
2,562,975
Series 2023C, Rev., 5.00%, 9/1/2030(c)
2,500,000
2,595,215
Metropolitan Atlanta Rapid Transit Authority,
Sales Tax
Series 2017D, Rev., 4.00%, 7/1/2028
35,000
36,327
Series 2023A, Rev., 5.00%, 7/1/2036
490,000
559,601
Series 2023A, Rev., 5.00%, 7/1/2039
900,000
999,493
SEE NOTES TO FINANCIAL STATEMENTS.
August 31, 2023
J.P. Morgan Exchange-Traded Funds
115


JPMorgan Municipal ETF
SCHEDULE OF PORTFOLIO INVESTMENTS
AS OF August 31, 2023  (Unaudited) (continued)
INVESTMENTS
PRINCIPAL
AMOUNT($)
VALUE($)
Municipal Bonds — continued
Georgia — continued
Walton County Water and Sewer Authority, Hard
Labor Creek Reservoir Water Treatment
Facility Project
Rev., 5.25%, 2/1/2034
100,000
117,235
Rev., 5.25%, 2/1/2035
135,000
157,286
Total Georgia
21,719,771
Hawaii — 0.0% ^
City and County of Honolulu Series D, GO,
5.00%, 9/1/2032
45,000
48,074
State of Hawaii
Series B, Rev., 5.00%, 1/1/2027
25,000
26,196
Series FK, GO, 5.00%, 5/1/2033
30,000
31,858
Total Hawaii
106,128
Idaho — 0.1%
Idaho Health Facilities Authority, St. Luke's
Health System Project Series 2021A, Rev.,
5.00%, 3/1/2029
35,000
37,769
Idaho Housing and Finance Association,
Transportation Expansion and Congestion
Mitigation Fund Series 2022A, Rev., 5.00%,
8/15/2035
500,000
566,625
Total Idaho
604,394
Illinois — 6.1%
Champaign County Community Unit School
District No. 4 Champaign, School Building
GO, 5.00%, 1/1/2027
45,000
46,562
Chicago O'Hare International Airport, Customer
Facility Charge Senior Lien
Series 2023, Rev., 5.00%, 1/1/2036
1,265,000
1,370,387
Series 2023, Rev., 5.00%, 1/1/2037
825,000
885,651
Chicago O'Hare International Airport, General
Airport, Senior Lien
Series 2020B, Rev., 5.00%, 1/1/2024
210,000
210,939
Series B, Rev., 5.00%, 1/1/2034
40,000
41,924
Chicago O'Hare International Airport, Senior
Lien Series 2020A, Rev., 5.00%, 1/1/2034
200,000
219,087
City of Chicago, Waterworks, Second Lien
Series 2023B, Rev., 5.00%, 11/1/2024
625,000
633,806
Series 2023B, Rev., AGM, 5.00%,
11/1/2037
200,000
216,633
Series 2023B, Rev., AGM, 5.00%,
11/1/2038
835,000
896,949
Series 2023A, Rev., AGM, 5.25%,
11/1/2053
365,000
388,864
City of Decatur GO, 5.00%, 3/1/2027
130,000
134,606
City of Highland Park GO, 4.00%, 12/30/2028
35,000
36,658
INVESTMENTS
PRINCIPAL
AMOUNT($)
VALUE($)
 
Illinois — continued
Cook County School District No. 87 Berkeley
GO, AGM, 4.00%, 12/1/2030
35,000
36,578
County of Cook, Sales Tax Rev., 5.00%,
11/15/2034
2,000,000
2,105,996
County of Lake, Sales Tax GO, 4.00%,
11/30/2027
100,000
103,521
Illinois Finance Authority, Clark-Lindsey Village
Series 2022A, Rev., 5.13%, 6/1/2032
185,000
178,110
Illinois Finance Authority, Clean Water Initiative
Revolving Fund Rev., 5.00%, 7/1/2032
35,000
37,116
Illinois Finance Authority, Depaul College Prep
Project
Series 2023A, Rev., 4.50%, 8/1/2033(e)
500,000
491,356
Series 2023A, Rev., 5.25%, 8/1/2038(e)
650,000
652,948
Illinois Finance Authority, Lake Forest College
Series 2022A, Rev., 5.00%, 10/1/2029
320,000
327,012
Series 2022A, Rev., 5.00%, 10/1/2030
205,000
209,813
Series 2022A, Rev., 5.00%, 10/1/2031
235,000
240,887
Illinois Finance Authority, Plymouth Place, Inc.
Series 2022B-3, Rev., 4.75%, 11/15/2027
200,000
198,413
Series 2022B-2, Rev., 5.25%, 11/15/2027
200,000
198,797
Series 2022B-1, Rev., 6.00%, 11/15/2027
100,000
100,043
Illinois Finance Authority, Smith Crossing Rev.,
4.00%, 10/15/2028
350,000
326,866
Illinois Finance Authority, Social Bonds-Learn
Chapter School Project Rev., 4.00%,
11/1/2024
135,000
134,334
Illinois Finance Authority, Uchicago Medicine
Series 2022B-2, Rev., 5.00%,
8/15/2027(c)
1,000,000
1,054,508
Illinois Finance Authority, Unitypoint Health
Series 2016D, Rev., 5.00%, 2/15/2024(b)
115,000
115,820
Illinois Finance Authority, University of Chicago
Series 2015A, Rev., 5.00%, 10/1/2025(b)
3,250,000
3,353,977
Illinois Housing Development Authority Rev.,
FHA, 4.00%, 6/1/2025(c)
2,815,000
2,807,976
Illinois State Toll Highway Authority
Series 2014D, Rev., 5.00%, 1/1/2024
25,000
25,126
Series 2019A, Rev., 5.00%, 1/1/2036
250,000
270,038
Kane McHenry Cook and De Kalb Counties Unit
School District No. 300 GO, 5.00%,
1/1/2024
35,000
35,162
Kendall and Kane Counties Community Unit
School District No. 115 Series 2017B, GO,
5.00%, 1/1/2027
25,000
26,256
Lake County Community Consolidated School
District No. 3 Beach Park GO, AGM, 4.00%,
2/1/2032
175,000
181,112
SEE NOTES TO FINANCIAL STATEMENTS.
116
J.P. Morgan Exchange-Traded Funds
August 31, 2023


INVESTMENTS
PRINCIPAL
AMOUNT($)
VALUE($)
Municipal Bonds — continued
Illinois — continued
Lake County Forest Preserve District GO,
5.00%, 12/15/2028
165,000
179,519
McLean and Woodford Counties Community
Unit School District No. 5 Normal Series
2017A, GO, 4.00%, 12/1/2023
80,000
80,062
Metropolitan Water Reclamation District of
Greater Chicago, Limited Tax Series 2021C,
GO, 5.00%, 12/1/2023
20,000
20,068
Northern Illinois University, Auxiliary Facilities
System Series 2020B, Rev., 5.00%,
4/1/2034
200,000
208,792
Northern Illinois University, Board of Trustees,
Auxiliary Facilities System
Rev., 5.00%, 10/1/2029
300,000
317,817
Rev., 5.00%, 10/1/2030
325,000
345,319
Peoria Tazewell Etc Counties Community
College District No. 514 GO, 4.00%,
12/1/2023
35,000
35,056
Sales Tax Securitization Corp., Second Lien
Series 2020A, Rev., 4.00%, 1/1/2040
1,750,000
1,687,275
Sales Tax Securitization Corp., Senior Lien
Series 2023C, Rev., 5.00%, 1/1/2033
1,000,000
1,078,437
Southern Illinois University
Series 2022A, Rev., 5.00%, 4/1/2029
675,000
717,525
Series 2022A, Rev., 5.00%, 4/1/2030
800,000
857,064
Series 2022A, Rev., 5.00%, 4/1/2031
575,000
622,029
Series 2022A, Rev., 5.00%, 4/1/2032
510,000
555,037
Southwestern Illinois Development Authority,
Flood Prevention District Council Project
Rev., 5.00%, 4/15/2030
625,000
692,965
State of Illinois
GO, 5.00%, 4/1/2024
30,000
30,206
Series 2018A, GO, 5.00%, 10/1/2024
30,000
30,390
Series 2023D, GO, 5.00%, 7/1/2025
1,145,000
1,170,222
Series 2017D, GO, 5.00%, 11/1/2025
2,550,000
2,616,911
Series 2022A, GO, 5.00%, 3/1/2029
500,000
534,864
Series 2018B, GO, 5.00%, 10/1/2029
2,000,000
2,128,228
GO, 4.00%, 6/1/2032
1,000,000
989,957
Series 2018A, GO, 5.00%, 10/1/2033
1,000,000
1,054,444
GO, 4.00%, 6/1/2035
3,735,000
3,681,903
Series 2023B, GO, 5.50%, 5/1/2047
375,000
402,258
Series 2023B, GO, 4.50%, 5/1/2048
65,000
62,291
University of Illinois Series 2021A, Rev.,
5.00%, 4/1/2029
450,000
492,074
Village of Bolingbrook Series 2018A, GO, AGM,
5.00%, 1/1/2033
125,000
133,901
INVESTMENTS
PRINCIPAL
AMOUNT($)
VALUE($)
 
Illinois — continued
Village of Elk Grove GO, 5.00%, 1/1/2029
25,000
26,497
Village of Wilmette Series 2020B, GO, 5.00%,
12/1/2026
140,000
148,196
Total Illinois
39,193,138
Indiana — 1.4%
Adams Central Elementary School Building
Corp., Ad Valorem Property Tax First
Mortgage Rev., 5.00%, 1/15/2027
20,000
21,039
Ball State University, Student Fee Series R,
Rev., 5.00%, 7/1/2024
35,000
35,444
City of Goshen, Multi-Family, Green Oaks of
Goshen Project Series 2021A, Rev., 5.00%,
8/1/2041(e)
250,000
197,454
City of Valparaiso Rev., 5.38%, 12/1/2041(e)
200,000
152,240
Decatur County, Jail Building Corp. Rev.,
5.00%, 7/15/2028
250,000
268,128
Indiana Finance Authority
Series 2016C, Rev., 5.00%, 12/1/2025
35,000
36,255
Series 2023A, Rev., 5.00%, 10/1/2037
800,000
888,656
Series 2023A, Rev., 5.00%, 6/1/2038
400,000
409,263
Series 2023A, Rev., 5.00%, 6/1/2043
430,000
434,595
Series 2023A, Rev., 5.00%, 6/1/2053
790,000
790,766
Indiana Finance Authority, DePauw University
Series 2022A, Rev., 5.00%, 7/1/2031
730,000
767,807
Indiana Finance Authority, Educational
Facilities, Valparaiso University Project Rev.,
4.00%, 10/1/2035
215,000
199,784
Indiana Finance Authority, Franciscan Alliance,
Inc., Obligated Group Series 2017C, Rev.,
4.00%, 11/1/2034
115,000
113,664
Indiana Finance Authority, Parkview Health
System, Inc. Series 2017A, Rev., 5.00%,
11/1/2023
50,000
50,106
Indiana Finance Authority, Rose-Hulman
Institute of Technology Project Rev., 5.00%,
6/1/2030
200,000
217,088
Indiana Housing and Community Development
Authority, Vita of New Whiteland Project
Rev., 6.75%, 1/1/2043
1,000,000
968,469
Indiana State University, Housing and Dining
System Rev., 5.00%, 4/1/2031
75,000
78,057
Indiana University, Student Fee Series Y, Rev.,
5.00%, 8/1/2028
25,000
26,709
IPS Multi-School Building Corp., Indiana
Unlimited Ad Valorem Property Tax, First
Mortgage Rev., 5.00%, 7/15/2029
50,000
54,790
Monroe County Community School Corp. GO,
5.00%, 7/15/2027
250,000
265,608
SEE NOTES TO FINANCIAL STATEMENTS.
August 31, 2023
J.P. Morgan Exchange-Traded Funds
117


JPMorgan Municipal ETF
SCHEDULE OF PORTFOLIO INVESTMENTS
AS OF August 31, 2023  (Unaudited) (continued)
INVESTMENTS
PRINCIPAL
AMOUNT($)
VALUE($)
Municipal Bonds — continued
Indiana — continued
Perry Township Multi School Building Corp., Ad
Valorem Property Tax First Mortgage Rev.,
5.00%, 7/15/2025
35,000
35,963
Vinton-Tecumseh School Building Corp., Ad
Valorem Property Tax
Rev., 5.00%, 1/15/2030
1,125,000
1,234,734
Rev., 5.00%, 7/15/2030
1,150,000
1,270,610
Wheeler-Union Township School Building Corp.
Rev., 4.00%, 7/15/2034
400,000
413,449
Total Indiana
8,930,678
Iowa — 0.3%
City of West Des Moines, Urban Renewal Series
2016B, GO, 5.00%, 6/1/2024
35,000
35,414
Des Moines Independent Community School
District, Sales Services and Use Tax Rev.,
5.00%, 6/1/2028
175,000
189,226
Iowa Finance Authority, State Revolving Fund
Rev., 5.00%, 8/1/2027
30,000
32,203
Iowa Student Loan Liquidity Corp., Student
Loan
Series 2023B, Rev., AMT, 5.00%,
12/1/2026
600,000
615,724
Series 2023B, Rev., AMT, 5.00%,
12/1/2027
900,000
932,741
Total Iowa
1,805,308
Kansas — 0.9%
City of Manhattan, Meadowlark Hills Series
2022B-2, Rev., 2.38%, 6/1/2027
200,000
187,485
City of Topeka, Kansas Health Care Facilities
Series 2022B, Rev., 5.13%, 12/1/2026
250,000
246,685
Series 2022A, Rev., 5.75%, 12/1/2033
250,000
246,557
Johnson County Community College
Foundation, Inc. COP, 5.00%, 10/1/2024
105,000
106,880
Johnson County Water District No. 1 Series
2017A, Rev., 5.00%, 1/1/2025
50,000
51,019
Kansas Development Finance Authority,
AdventHealth Series 2021B, Rev., 5.00%,
11/15/2031(c)
200,000
221,706
University of Kansas Hospital Authority, Health
System Rev., VRDO, LOC : US Bank NA,
3.95%, 9/1/2023(c)
5,000,000
5,000,000
Total Kansas
6,060,332
Kentucky — 0.2%
City of Henderson, Pratt Paper LLC Project
Series 2022A, Rev., AMT, 4.45%,
1/1/2042(e)
165,000
156,270
INVESTMENTS
PRINCIPAL
AMOUNT($)
VALUE($)
 
Kentucky — continued
County of Boone, Duke Energy Kentucky, Inc.
Series 2008A, Rev., 3.70%, 8/1/2027
500,000
487,327
Kentucky Economic Development Finance
Authority, Baptist Healthcare System
Obligated Group Series 2017B, Rev., 5.00%,
8/15/2029
165,000
173,037
Louisville and Jefferson County Metropolitan
Government, Norton Healthcare, Inc. Series
2016A, Rev., 4.00%, 10/1/2036
65,000
61,354
Louisville and Jefferson County Metropolitan
Sewer District, Sewer and Drainage System
Series 2017B, Rev., 5.00%, 5/15/2024
25,000
25,273
Series 2017A, Rev., 5.00%, 5/15/2027
40,000
42,305
Total Kentucky
945,566
Louisiana — 1.3%
Louisiana Local Government Environmental
Facilities and Community Development
Authority, Calcasieu Parish Projects Rev.,
5.00%, 12/1/2030
250,000
273,153
Louisiana Public Facilities Authority, Materra
Campus Project Series 2021C, Rev., 4.00%,
6/1/2031(e)
245,000
222,795
Louisiana Public Facilities Authority, Tulane
University Project Series 2020A, Rev.,
5.00%, 4/1/2029
145,000
158,635
Parish of St. John the Baptist, Marathon Oil
Corp., Project Series 2017A-1, Rev., 4.05%,
7/1/2026(c)
2,750,000
2,722,422
State of Louisiana Series 2016-B, GO, 4.00%,
8/1/2026
30,000
30,581
State of Louisiana Gasoline and Fuels Tax Series
A, Rev., 4.50%, 5/1/2025(b)
5,000,000
5,085,753
Total Louisiana
8,493,339
Maine — 0.4%
Maine Health and Higher Educational Facilities
Authority
Series 2023A, Rev., AGM, 5.00%, 7/1/2038
250,000
266,880
Series 2023A, Rev., AGM, 5.00%, 7/1/2039
295,000
313,330
Maine Municipal Bond Bank Series C, Rev.,
5.00%, 11/1/2024
75,000
76,441
Maine Turnpike Authority Rev., 4.00%,
7/1/2040
2,100,000
2,045,508
Total Maine
2,702,159
Maryland — 1.0%
County of Howard, Consolidated Public
Improvement Series 2022B, GO, 5.00%,
8/15/2030
160,000
181,332
SEE NOTES TO FINANCIAL STATEMENTS.
118
J.P. Morgan Exchange-Traded Funds
August 31, 2023


INVESTMENTS
PRINCIPAL
AMOUNT($)
VALUE($)
Municipal Bonds — continued
Maryland — continued
County of Montgomery, Consolidated Public
Improvement Project Series 2021A, GO,
5.00%, 8/1/2031
2,000,000
2,298,779
County of St. Mary's, Public Improvement GO,
4.00%, 7/15/2027
70,000
72,435
Maryland Economic Development Corp.,
Annapolis Mobility and Resilience Project
Series 2022A, Rev., 5.00%, 12/31/2037
500,000
516,422
Maryland Economic Development Corp., Bowie
State University Project Rev., 4.00%,
7/1/2040
200,000
183,181
Maryland Economic Development Corp.,
Morgan State University Project Series
2022A, Rev., 5.25%, 7/1/2031
585,000
645,650
Maryland Health and Higher Educational
Facilities Authority, Stevenson University
Project
Series 2021A, Rev., 5.00%, 6/1/2033
200,000
214,467
Series 2021A, Rev., 4.00%, 6/1/2051
250,000
212,841
State of Maryland, Department of
Transportation Rev., 5.00%, 9/1/2026
75,000
79,076
State of Maryland, State and Local Facilities
Loan of 2017
Series 2017A, GO, 5.00%, 8/1/2025
45,000
46,548
Series 2017B, GO, 5.00%, 8/1/2026
205,000
216,120
State of Maryland, State and Local Facilities
Loan of 2021 Series 2021A, GO, 5.00%,
3/1/2031
400,000
456,753
State of Maryland, State and Local Facilities
Loan of 2022 Series 2022A, GO, 5.00%,
6/1/2033
1,000,000
1,161,295
Total Maryland
6,284,899
Massachusetts — 0.5%
City of Boston Series 2017A, GO, 5.00%,
4/1/2025
10,000
10,277
Commonwealth of Massachusetts Series C, GO,
5.00%, 10/1/2026
25,000
26,484
Massachusetts Development Finance Agency,
Boston Medical Center Issue
Series 2023G, Rev., 5.00%, 7/1/2029
750,000
810,214
Series 2023G, Rev., 4.38%, 7/1/2052
700,000
638,752
Series 2023G, Rev., 5.25%, 7/1/2052
1,000,000
1,023,231
Massachusetts Development Finance Agency,
Milford Regional Medical Center Series
2020G, Rev., 5.00%, 7/15/2037(e)
245,000
218,753
Massachusetts Development Finance Agency,
Salem Community Corp. Rev., 5.00%,
1/1/2030
235,000
226,230
INVESTMENTS
PRINCIPAL
AMOUNT($)
VALUE($)
 
Massachusetts — continued
Massachusetts Development Finance Agency,
Southcoast Health System Obligated Group
Issue Series 2021G, Rev., 5.00%, 7/1/2035
200,000
211,899
Massachusetts Development Finance Agency,
Wellforce Issue Series 2020C, Rev., AGM,
5.00%, 10/1/2030
175,000
191,468
Massachusetts State College Building Authority
Series 2017D, Rev., 5.00%, 5/1/2027
45,000
48,125
Town of Hopkinton, Municipal Purpose Loan GO,
5.00%, 11/15/2024
30,000
30,628
Total Massachusetts
3,436,061
Michigan — 1.2%
Berrien Springs Public Schools, School Building
and Site, Unlimited Tax GO, Q-SBLF, 5.00%,
5/1/2030
250,000
274,143
City of Ann Arbor
Rev., 4.00%, 4/1/2042
1,515,000
1,465,822
Rev., 4.00%, 4/1/2045
1,705,000
1,616,949
City of Detroit, Unlimited Tax
Series 2021A, GO, 5.00%, 4/1/2031
480,000
500,595
Series 2021A, GO, 5.00%, 4/1/2035
400,000
412,530
Series 2023C, GO, 6.00%, 5/1/2043
1,200,000
1,317,400
Series 2021A, GO, 5.00%, 4/1/2046
1,015,000
993,059
Grand Traverse County Hospital Finance
Authority, Munson Healthcare Obligated
Group Rev., 5.00%, 7/1/2026
175,000
181,812
Michigan Finance Authority, Lawrence
Technological University Obligated Group
Rev., 4.00%, 2/1/2032
95,000
88,353
Michigan State Building Authority, Facilities
Program Series 2023-II, Rev., 4.00%,
10/15/2047
675,000
637,009
Michigan State Hospital Finance Authority,
Trinity Health Credit Group Series 2008C,
Rev., 5.00%, 12/1/2025
25,000
25,793
State of Michigan Trunk Line, Rebuilding
Michigan Program Series 2021A, Rev.,
4.00%, 11/15/2036
395,000
401,905
Western Michigan University, Tax Exempt Series
2021A, Rev., AGM, 5.00%, 11/15/2031
25,000
27,622
Total Michigan
7,942,992
Minnesota — 1.3%
City of Mankato
Series 2022B, GO, 5.00%, 2/1/2027
250,000
265,257
Series 2022B, GO, 5.00%, 2/1/2029
755,000
831,479
SEE NOTES TO FINANCIAL STATEMENTS.
August 31, 2023
J.P. Morgan Exchange-Traded Funds
119


JPMorgan Municipal ETF
SCHEDULE OF PORTFOLIO INVESTMENTS
AS OF August 31, 2023  (Unaudited) (continued)
INVESTMENTS
PRINCIPAL
AMOUNT($)
VALUE($)
Municipal Bonds — continued
Minnesota — continued
City of Minneapolis, Health Care System,
Fairview Health Services Series 2018A, Rev.,
5.00%, 11/15/2033
180,000
188,718
City of Woodbury, Charter School Lease,
Woodbury Leadership Academy Project
Series 2021A, Rev., 4.00%, 7/1/2031
175,000
158,795
Duluth Economic Development Authority,
Benedictine Health System Series 2021A,
Rev., 3.00%, 7/1/2024
100,000
98,373
Metropolitan Council Series 2023C, GO,
4.00%, 3/1/2041
2,800,000
2,753,899
Minnesota Housing Finance Agency Series
2023F, Rev., GNMA / FNMA / FHLMC,
5.75%, 7/1/2053
2,500,000
2,657,836
Minnesota Municipal Gas Agency Subseries,
2022A, Rev., LIQ : Royal Bank of Canada,
4.00%, 6/1/2027
1,000,000
994,431
State of Minnesota, Various Purpose Series
2020A, GO, 5.00%, 8/1/2030
350,000
395,006
University of Minnesota Series 2017B, Rev.,
5.00%, 12/1/2025
15,000
15,545
Total Minnesota
8,359,339
Mississippi — 0.1%
Mississippi Development Bank, Ranking County
Project Rev., 5.00%, 3/1/2026
205,000
213,731
Mississippi State University Educational
Building Corp., New Facilities and
Refinancing Project Rev., 5.00%, 8/1/2025
35,000
35,981
State of Mississippi
Series 2015F, GO, 5.00%, 11/1/2025(b)
35,000
36,319
Series 2016B, GO, 5.00%, 12/1/2025
20,000
20,744
Series 2018A, GO, 5.00%, 11/1/2026(b)
60,000
63,410
University of Mississippi Educational Building
Corp., Facilities Refinancing Project Series
2016A, Rev., 5.00%, 10/1/2030
40,000
41,795
Total Mississippi
411,980
Missouri — 0.9%
Bi-State Development Agency of the
Missouri-Illinois Metropolitan District,
Combined Lien Mass Transit Sales Rev.,
5.00%, 10/1/2023
280,000
280,305
Bi-State Development Agency of the
Missouri-Illinois Metropolitan District, St.
Clair County Metrolink Project Rev., AGM,
5.25%, 7/1/2024
40,000
40,591
City of Excelsior Springs Series 2020B, COP,
4.00%, 3/1/2030
115,000
119,289
INVESTMENTS
PRINCIPAL
AMOUNT($)
VALUE($)
 
Missouri — continued
City of Kansas City, Sanitary Sewer System
Series 2018B, Rev., 5.00%, 1/1/2033
25,000
26,990
Health and Educational Facilities Authority of
the State of Missouri, City Art Institute Rev.,
5.00%, 9/1/2030
200,000
213,076
Health and Educational Facilities Authority of
the State of Missouri, Lake Regional Health
System
Rev., 5.00%, 2/15/2027
225,000
231,276
Rev., 4.00%, 2/15/2035
390,000
370,746
Rev., 4.00%, 2/15/2036
580,000
541,137
Health and Educational Facilities Authority of
the State of Missouri, Lutheran Senior
Services Projects Series 2016A, Rev.,
5.00%, 2/1/2036
1,000,000
988,129
Health and Educational Facilities Authority of
the State of Missouri, Mercy Health Series
2018A, Rev., 5.00%, 6/1/2028
180,000
192,341
Health and Educational Facilities Authority of
the State of Missouri, St. Luke's
Episcopal-Presbyterian Hospitals Series
2015B, Rev., 5.00%, 12/1/2026
165,000
168,556
Health and Educational Facilities Authority of
the State of Missouri, St. Luke's Health
System, Inc. Rev., 5.00%, 11/15/2029
300,000
309,755
Health and Educational Facilities Authority of
the State of Missouri, Wright Memorial
Hospital Rev., 5.00%, 9/1/2026
200,000
202,140
Industrial Development Authority of the City of
St Louis Missouri (The), Innovation District
Rev., 5.00%, 5/15/2041
285,000
278,114
Metropolitan St. Louis Sewer District,
Wastewater System Improvement Series
2017A, Rev., 5.00%, 5/1/2027
45,000
47,916
Missouri Development Finance Board, Fulton
State Hospital Project Rev., 5.00%,
10/1/2025
25,000
25,447
Springfield School District No. R-12 GO,
4.00%, 3/1/2042
1,800,000
1,742,934
Total Missouri
5,778,742
Montana — 0.3%
County of Missoula GO, 4.00%, 7/1/2025
50,000
50,611
Yellowstone and Carbon Counties School
District No. 7-70 Laurel Series 2023, GO,
5.00%, 7/1/2039
1,675,000
1,824,067
Total Montana
1,874,678
SEE NOTES TO FINANCIAL STATEMENTS.
120
J.P. Morgan Exchange-Traded Funds
August 31, 2023


INVESTMENTS
PRINCIPAL
AMOUNT($)
VALUE($)
Municipal Bonds — continued
Nebraska — 0.6%
Central Plains Energy Project, Gas Project No. 3
Series 2017A, Rev., 5.00%, 9/1/2030
320,000
333,241
Central Plains Energy Project, Gas Project No. 4
Series 2018A, Rev., 5.00%, 1/1/2024(c)
3,000,000
3,007,548
City of Lincoln, Electric System
Rev., 5.00%, 9/1/2026
85,000
89,347
Rev., 5.00%, 9/1/2028
50,000
53,099
City of Omaha, Sanitary Sewerage System Rev.,
5.00%, 4/1/2027
50,000
52,216
Nebraska Educational Health Cultural and
Social Services Finance Authority, Immanuel
Retirement Communities Obligated Group
Series 2019A, Rev., 4.00%, 1/1/2033
250,000
253,171
Omaha Public Power District, Electric System
Series B, Rev., 5.00%, 2/1/2025
20,000
20,298
Series 2016A, Rev., 5.00%, 2/1/2026
40,000
41,636
Series 2016A, Rev., 5.00%, 2/1/2027
30,000
31,261
Public Power Generation Agency, Whelan
Energy Center Unit 2 Series 2015A, Rev.,
5.00%, 1/1/2024
155,000
155,618
University of Nebraska Facilities Corp., UNMC
Global Center Project Rev., 5.00%,
12/15/2025
35,000
36,320
Total Nebraska
4,073,755
Nevada — 0.8%
Clark County School District, Limited Tax
Series 2018A, GO, 5.00%, 6/15/2032
95,000
101,708
Series 2018A, GO, 4.00%, 6/15/2035
90,000
90,767
Clark County Water Reclamation District Series
2023, GO, 5.00%, 7/1/2043
4,000,000
4,306,753
County of Clark Department of Aviation, Jet
Aviation Fuel tax Series 2022A, Rev., AMT,
5.00%, 7/1/2026
500,000
514,446
County of Clark, Indexed Fuel Tax and
Subordinate Motor Vehicle Fuel Tax Rev.,
5.00%, 7/1/2028
25,000
26,627
County of Clark, Passenger Facility Charge, Las
Vegas-McCarran International Airport
Passenger Facility Series 2019E, Rev.,
5.00%, 7/1/2033
155,000
168,355
County of Clark, Transporation Improvement
Series 2018B, GO, 5.00%, 12/1/2027
120,000
129,205
Truckee Meadows Water Authority Rev.,
5.00%, 7/1/2029
50,000
53,162
Total Nevada
5,391,023
INVESTMENTS
PRINCIPAL
AMOUNT($)
VALUE($)
 
New Hampshire — 1.1%
New Hampshire Business Finance Authority,
Springpoint Senior Living Project Rev.,
4.00%, 1/1/2025
290,000
287,009
New Hampshire Business Finance Authority,
University of Nevada Reno Project
Series 2023A, Rev., 5.00%, 12/1/2036
715,000
774,968
Series 2023A, Rev., 5.00%, 12/1/2037
860,000
923,264
Series 2023A, Rev., 5.00%, 12/1/2038
665,000
706,302
Series 2023A, Rev., 5.25%, 12/1/2039
790,000
850,456
Series 2023A, Rev., 5.25%, 6/1/2051
2,400,000
2,518,194
Series 2023A, Rev., 4.50%, 6/1/2053
1,075,000
1,003,636
Total New Hampshire
7,063,829
New Jersey — 2.7%
Borough of North Haledon GO, BAN, 4.50%,
6/26/2024
5,000,000
5,025,915
Burlington County Bridge
Commission,Government Leasing Program
Rev., 4.50%, 8/7/2024
1,750,000
1,764,924
City of New Brunswick GO, 4.00%, 3/15/2024
10,000
10,036
New Jersey Economic Development Authority
Series 2024SSS, Rev., 5.00%,
6/15/2026(d)
1,000,000
1,021,227
New Jersey Economic Development Authority,
Biomedical Research Facilities Series 2016A,
Rev., 5.00%, 7/15/2028
160,000
166,015
New Jersey Transportation Trust Fund
Authority, Transportation System
Series 2018A, Rev., 4.00%, 12/15/2031
250,000
255,181
Series 2018A, Rev., 5.00%, 12/15/2033
2,000,000
2,136,387
New Jersey Turnpike Authority
Series 2020D, Rev., 5.00%, 1/1/2028
200,000
208,044
Series 2022B, Rev., 5.00%, 1/1/2042
1,500,000
1,624,309
Passaic County Improvement Authority (The),
City of Paterson Project Rev., 5.00%,
6/15/2025
10,000
10,283
Township of Raritan GO, BAN, 4.50%,
4/29/2024
5,000,000
5,020,314
Total New Jersey
17,242,635
New Mexico — 0.8%
Albuquerque Municipal School District No. 12
Series 2023B, GO, 5.00%, 8/1/2024
590,000
598,308
City of Albuquerque, Gross Receipts Tax Series
2015A, Rev., 5.00%, 7/1/2026
240,000
247,106
Loving Municipal School District No. 10 Series
2023, GO, 5.00%, 9/15/2024
3,875,000
3,928,539
SEE NOTES TO FINANCIAL STATEMENTS.
August 31, 2023
J.P. Morgan Exchange-Traded Funds
121


JPMorgan Municipal ETF
SCHEDULE OF PORTFOLIO INVESTMENTS
AS OF August 31, 2023  (Unaudited) (continued)
INVESTMENTS
PRINCIPAL
AMOUNT($)
VALUE($)
Municipal Bonds — continued
New Mexico — continued
New Mexico Finance Authority, Senior Lien
Public Project Revolving Fund Series 2016E,
Rev., 5.00%, 6/1/2024
25,000
25,301
New Mexico Finance Authority, State
Transportation, Subordinate Lien Series
2018A, Rev., 5.00%, 6/15/2027
100,000
106,917
New Mexico Hospital Equipment Loan Council,
Presbyterian Health Care Services Series
2015A, Rev., 5.00%, 8/1/2025(b)
25,000
25,682
State of New Mexico, Capital Projects GO,
5.00%, 3/1/2024
305,000
307,504
Total New Mexico
5,239,357
New York — 10.1%
Broome County Local Development Corp., Good
Shepherd Village at Endwell, Inc. Rev.,
3.50%, 7/1/2026
210,000
200,836
Build NYC Resource Corp., Grand Concourse
Academy Charter School Series 2022A, Rev.,
5.00%, 7/1/2032
100,000
103,864
Build NYC Resource Corp., Kipp NYC Public
School Facilities - Canal West Project
Rev., 5.00%, 7/1/2033
585,000
621,498
Rev., 5.00%, 7/1/2034
205,000
216,886
Build NYC Resource Corp., New World
Preparatory Charter School Project
Series 2021A, Rev., 4.00%, 6/15/2041(e)
100,000
79,715
Series 2021A, Rev., 4.00%, 6/15/2051(e)
150,000
107,609
City of New York
Series 2023E, SubseriesE-1, GO, 4.00%,
4/1/2045
760,000
727,560
Series 2023E, Subseries E-1, GO, 4.00%,
4/1/2050
1,290,000
1,215,067
City of New York, Fiscal Year 2018 Series
2018F-1, GO, 5.00%, 4/1/2033
105,000
112,673
City of New York, Fiscal Year 2019 Series
2019E, GO, 5.00%, 8/1/2033
100,000
108,618
City of New York, Fiscal Year 2020 Series
2020C-1, GO, 5.00%, 8/1/2033
160,000
177,732
City of New York, Fiscal Year 2021
Series 2021A-1, GO, 5.00%, 8/1/2031
185,000
206,285
Series 2021-1, GO, 5.00%, 4/1/2033
235,000
263,311
Series 2021F-1, GO, 5.00%, 3/1/2037
1,000,000
1,088,591
City of New York, Fiscal Year 2022 Series
2022B-1, GO, 5.00%, 8/1/2033
1,650,000
1,878,779
City of New York, Fiscal Year 2024 Series
2024A, GO, 4.13%, 8/1/2053
1,225,000
1,157,472
INVESTMENTS
PRINCIPAL
AMOUNT($)
VALUE($)
 
New York — continued
County of Erie, Public Improvement Series
2019A, GO, 5.00%, 9/15/2025
25,000
25,940
County of Onondaga GO, 5.00%, 3/15/2026
20,000
20,177
Dutchess County Local Development Corp., The
Culinary Institute of America Project Rev.,
5.00%, 7/1/2025
100,000
101,014
Erie County Water Authority Rev., 5.00%,
12/1/2027
30,000
31,804
Falconer Central School District GO, 4.00%,
12/15/2034
1,145,000
1,166,566
Longwood Central School District, Suffolk
County GO, 5.00%, 6/15/2025
175,000
180,442
Malone Central School District GO, BAN,
4.50%, 6/27/2024
5,000,000
5,022,895
New York City Municipal Water Finance
Authority, Second General Resolution Series
2023, Subseries AA-3, Rev., 5.00%,
6/15/2047
725,000
771,021
New York City Municipal Water Finance
Authority, Water and Sewer System Second
General Resolution Series 2019FF-1, Rev.,
4.00%, 6/15/2049
1,530,000
1,451,209
New York City Transitional Finance Authority
Building Aid, Fiscal Year 2018 Series
2018S-4A, Rev., 5.00%, 7/15/2033
105,000
113,404
New York City Transitional Finance Authority
Building Aid, Subordinate
Series 2019 S-2A, Rev., 5.00%,
7/15/2025(b)
45,000
46,400
Series 2019S-2A, Rev., 5.00%, 7/15/2025
5,000
5,154
Series 2023, Subseries S-1A, Rev., 5.00%,
7/15/2035
800,000
909,780
Series 2020S-1B, Rev., 4.00%, 7/15/2042
1,500,000
1,439,889
New York City Transitional Finance Authority,
Future Tax Secured
Series 2021C, Subseries C-1, Rev., 4.00%,
5/1/2035
750,000
768,340
Series 2020A, Subseries A-2, Rev., 5.00%,
5/1/2039
265,000
278,966
Series 2023F, Subseries F-1, Rev., 4.00%,
2/1/2051
1,250,000
1,173,180
New York City Transitional Finance Authority,
Future Tax Secured, Fiscal Year 2017
Series 2017E1-1, Rev., 5.00%, 2/1/2030
150,000
158,112
Series 2017F-1, Rev., 5.00%, 5/1/2030
550,000
582,257
New York City Transitional Finance Authority,
Future Tax Secured, Fiscal Year 2018 Series
2018 -1, Rev., 5.00%, 11/1/2026
25,000
26,483
SEE NOTES TO FINANCIAL STATEMENTS.
122
J.P. Morgan Exchange-Traded Funds
August 31, 2023


INVESTMENTS
PRINCIPAL
AMOUNT($)
VALUE($)
Municipal Bonds — continued
New York — continued
New York City Transitional Finance Authority,
Future Tax Secured, Tax-Exempt, Fiscal Year
2022 Series 2022F, SubseriesF-1, Rev.,
5.00%, 2/1/2036
525,000
582,487
New York State Dormitory Authority, Columbia
University Series 2018B, Rev., 5.00%,
10/1/2038
25,000
26,806
New York State Dormitory Authority, Cornell
University Series 2019D, Rev., 5.00%,
7/1/2033
135,000
160,760
New York State Dormitory Authority, Northwell
Health Obligated Group Series 2019A, Rev.,
5.00%, 5/1/2029
70,000
74,839
New York State Dormitory Authority, Personal
Income Tax
Series 2019D, Rev., 5.00%, 2/15/2034
2,000,000
2,204,529
Series 2021A, Rev., 4.00%, 3/15/2037
990,000
1,000,334
Series 2021E, Rev., 4.00%, 3/15/2040
3,000,000
2,954,750
New York State Dormitory Authority, State
Personal Income Tax, General Purpose
Series 2018A, Rev., 5.00%, 3/15/2031
25,000
27,123
Series 2021E, Rev., 5.00%, 3/15/2033
1,610,000
1,826,641
New York State Dormitory Authority, State
Supported Debt University Facilities Series
2019A, Rev., 5.00%, 7/1/2024
25,000
25,350
New York State Environmental Facilities Corp.,
State Clean Water and Drinking Water
Revolving Funds, Municipal Water Finance
Authority Projects - Second Resolution Series
2019B, Rev., 5.00%, 6/15/2031
100,000
111,456
New York State Housing Finance Agency, 160
Madison Avenue LLC Series 2013A, Rev.,
VRDO, LOC : Landesbank Hessen-Thuringen
Girozentrale, 3.89%, 9/1/2023(c)
5,000,000
5,000,000
New York State Urban Development Corp.,
State Personal Income Tax, General Purpose
Series 2016A, Rev., 5.00%, 3/15/2026(b)
30,000
31,356
Series 2017A, Rev., 5.00%, 3/15/2028
150,000
158,915
Series A-1, Rev., 5.00%, 3/15/2028
25,000
25,039
Series 2020A, Rev., 4.00%, 3/15/2045
500,000
479,029
New York State Urban Development Corp.,
State Sales Tax Series 2021A, Rev., 4.00%,
3/15/2046
2,500,000
2,388,806
New York Transportation Development Corp.,
Delta Air Lines, Inc., LaGuardia Airport
Terminals C&D Redevelopment Project Series
2018, Rev., AMT, 5.00%, 1/1/2031
1,430,000
1,471,610
INVESTMENTS
PRINCIPAL
AMOUNT($)
VALUE($)
 
New York — continued
Onondaga Civic Development Corp., Le Moyne
College Project
Rev., 5.00%, 7/1/2027
100,000
103,464
Rev., 5.00%, 7/1/2031
360,000
380,858
Series 2020B, Rev., 5.00%, 7/1/2032
250,000
261,916
Port Authority of New York and New Jersey,
Consolidated
Series 214, Rev., AMT, 5.00%, 9/1/2036
1,975,000
2,070,815
Series 223, Rev., AMT, 4.00%, 7/15/2037
510,000
499,432
Port Washington Union Free School District GO,
4.00%, 8/1/2036
1,370,000
1,418,950
Smithtown Central School District
GO, 4.00%, 6/1/2035
2,465,000
2,558,509
GO, 4.00%, 6/1/2036
2,125,000
2,189,737
GO, 4.00%, 6/1/2037
2,000,000
2,024,684
Suffolk County Economic Development Corp.,
St. Johnland Assisted Living Inc., Project
Rev., 5.13%, 11/1/2041(e)
340,000
277,118
Syracuse Industrial Development Agency,
Syracuse City School District Project Series
2020A, Rev., 4.00%, 5/1/2036
1,275,000
1,291,469
Town of Stony Point GO, 5.00%, 8/15/2027
75,000
80,515
Triborough Bridge and Tunnel Authority Sales
Tax, TBTA Capital Lockbox Series 2023A,
Rev., 4.13%, 5/15/2053
2,250,000
2,152,666
Triborough Bridge and Tunnel Authority, Payroll
Mobility Tax Senior Lien Series 2022D-1A,
Rev., 5.00%, 11/15/2037
1,000,000
1,108,448
Tully Central School District GO, BAN, 4.50%,
6/27/2024
5,000,000
5,026,405
Westchester County Local Development Corp.,
Kendal on Hudson Project Series 2022B,
Rev., 5.00%, 1/1/2032
240,000
242,328
Westchester County Local Development Corp.,
Purchase Senior Learning Community, Inc.
Project
Series 2021D, Rev., 2.88%, 7/1/2026(e)
250,000
238,133
Series 2021C-EFRB, Rev., 3.20%,
7/1/2028(e)
250,000
233,075
Yonkers Industrial Development Agency, New
Community School Project Rev., 5.00%,
5/1/2042
1,445,000
1,541,061
Total New York
64,788,942
North Carolina — 0.9%
City of Sanford
Series 2023, Rev., 5.00%, 4/1/2034
390,000
448,012
Series 2023, Rev., 5.00%, 4/1/2036
390,000
437,250
SEE NOTES TO FINANCIAL STATEMENTS.
August 31, 2023
J.P. Morgan Exchange-Traded Funds
123


JPMorgan Municipal ETF
SCHEDULE OF PORTFOLIO INVESTMENTS
AS OF August 31, 2023  (Unaudited) (continued)
INVESTMENTS
PRINCIPAL
AMOUNT($)
VALUE($)
Municipal Bonds — continued
North Carolina — continued
County of Davidson GO, 5.00%, 6/1/2027
35,000
37,417
County of Duplin Rev., 5.00%, 6/1/2028
65,000
70,076
County of New Hanover, Limited Obligation
Series 2022, Rev., 5.00%, 6/1/2027
480,000
513,151
County of Wayne, Limited Obligation Rev.,
5.00%, 6/1/2024
25,000
25,298
North Carolina Turnpike Authority, Triangle
Expressway System, Senior Lien Series
NTS2020, Rev., BAN, 5.00%, 2/1/2024(b)
400,000
402,191
State of North Carolina, Build NC Programs,
Limited Obligation
Series 2014C, Rev., 5.00%, 5/1/2024
25,000
25,271
Series 2020B, Rev., 5.00%, 5/1/2029
100,000
110,625
University of North Carolina, Hospital at Chapel
Hill Series A, Rev., VRDO, LIQ : TD Bank NA,
3.93%, 9/1/2023(c)
2,900,000
2,900,000
Winston-Salem State University
Foundation LLC, The Board of Governors of
The University of North Carolina Rev.,
5.00%, 4/1/2031
945,000
1,035,335
Total North Carolina
6,004,626
North Dakota — 0.7%
North Dakota Building Authority, Facilities
Improvement Series 2020A, Rev., 5.00%,
12/1/2023
115,000
115,392
North Dakota Housing Finance Agency, Home
Mortgage Finance Program
Series 2017H, Rev., VRDO, LIQ : Royal Bank
of Canada, 4.05%, 9/8/2023(c)
1,725,000
1,725,000
Series 2023A, Rev., 5.75%, 7/1/2053
2,250,000
2,377,911
Total North Dakota
4,218,303
Ohio — 2.0%
Akron Bath Copley Joint Township Hospital
District, Summa Health Obligated Group
Rev., 5.00%, 11/15/2029
330,000
348,301
American Municipal Power, Inc., Greenup
Hydroelectric Projects Series 2016A, Rev.,
5.00%, 2/15/2030
25,000
25,829
Bowling Green State University, General
Receipts Series 2016A, Rev., 5.00%,
6/1/2024
25,000
25,268
Buckeye Tobacco Settlement Financing
Authority Series 2020A-2, Class 1, Rev.,
4.00%, 6/1/2048
250,000
221,206
City of Akron, Income Tax Series 2019, Rev.,
4.00%, 12/1/2023
175,000
175,144
INVESTMENTS
PRINCIPAL
AMOUNT($)
VALUE($)
 
Ohio — continued
City of Cleveland Series 2022A, GO, 5.00%,
12/1/2035
460,000
517,747
City of Reynoldsburg, Limited Tax, Capital
Facilities GO, 5.00%, 12/1/2026
15,000
15,845
County of Cuyahoga, Eliza Jennings Senior Care
Network Series 2022A, Rev., 5.00%,
5/15/2032
340,000
324,056
County of Summit, Various Purpose
Improvement Series 2022, GO, 5.00%,
12/1/2031
100,000
114,363
County of Warren, Healthcare Facilities,
Otterbein Homes Obligated Group Series
2019A, Rev., 4.00%, 7/1/2033
205,000
202,408
Northeast Ohio Medical University Series 2022,
Rev., 5.00%, 12/1/2035
1,000,000
1,075,610
Ohio Air Quality Development Authority, Duke
Energy Corp.
Series 2022B, Rev., 4.00%, 6/1/2027(c)
2,000,000
1,986,812
Series 2022A, Rev., AMT, 4.25%,
6/1/2027(c)
1,500,000
1,490,149
Ohio Higher Educational Facility Commission,
Capital University 2022 Project
Rev., 5.00%, 9/1/2031
400,000
408,690
Rev., 5.75%, 9/1/2037
500,000
516,328
Ohio Higher Educational Facility Commission,
Denison University Project Series 2017A,
Rev., 5.00%, 11/1/2025
75,000
77,305
Ohio Higher Educational Facility Commission,
John Carroll university Rev., 4.00%,
10/1/2034
440,000
420,034
Ohio Higher Educational Facility Commission,
Tiffin University 2019 Project Rev., 5.00%,
11/1/2034
125,000
121,278
Ohio Higher Educational Facility Commission,
University of Findlay 2019 Project
Rev., 5.00%, 3/1/2027
55,000
55,212
Rev., 5.00%, 3/1/2034
160,000
160,677
Ohio Turnpike and Infrastructure Commission,
Junior Lien
Series 2018A, Rev., 5.00%, 2/15/2027
135,000
143,170
Series 2022A, Rev., 5.00%, 2/15/2033
500,000
580,147
Ohio Water Development Authority Water
Pollution Control Loan Fund Series 2023B,
Rev., 5.00%, 12/1/2038
1,500,000
1,679,649
Ohio Water Development Authority, Drinking
Water Assistance Fund Series 2022A, Rev.,
5.00%, 12/1/2041
1,000,000
1,100,576
SEE NOTES TO FINANCIAL STATEMENTS.
124
J.P. Morgan Exchange-Traded Funds
August 31, 2023


INVESTMENTS
PRINCIPAL
AMOUNT($)
VALUE($)
Municipal Bonds — continued
Ohio — continued
Ohio Water Development Authority, Fresh
Water Series 2016B, Rev., 5.00%,
6/1/2026
30,000
31,493
Ohio Water Development Authority, Water
Pollution Control Loan Fund Series 2017A,
Rev., 5.00%, 12/1/2026
45,000
47,720
State of Ohio Series 2021B, GO, 5.00%,
9/15/2031
210,000
240,356
State of Ohio, Capital Facilities Lease
Appropriation, Administrative Building Fund
Projects, Tax Exempt Series 2018A, Rev.,
5.00%, 10/1/2034
220,000
238,335
State of Ohio, Cleveland Clinic Health System
Obligated Group Series 2017A, Rev., 5.00%,
1/1/2028
25,000
26,865
State of Ohio, Infrastructure Improvement
Series 2018A, GO, 5.00%, 9/1/2028
25,000
27,360
State of Ohio, Natural Resources Series 2017V,
GO, 5.00%, 10/1/2027
35,000
37,667
Youngstown State University, General Receipts
Rev., AGM, 4.00%, 12/15/2030
490,000
508,364
Total Ohio
12,943,964
Oklahoma — 0.8%
Cleveland County Educational Facilities
Authority, Norman Public Schools Project
Rev., 5.00%, 6/1/2025
150,000
153,891
Oklahoma Capitol Improvement Authority
Series 2014A, Rev., 5.00%, 7/1/2025
1,000,000
1,010,695
Oklahoma Capitol Improvement Authority,
Capitol Repair Project
Series 2018C, Rev., 5.00%, 1/1/2030
10,000
10,662
Series 2018C, Rev., 5.00%, 1/1/2036
45,000
47,679
Oklahoma Capitol Improvement Authority, State
Highway, Capital Improvement Rev., 5.00%,
7/1/2024
100,000
101,236
Oklahoma Water Resources Board Series
2023A, Rev., 4.00%, 10/1/2043
3,720,000
3,629,797
Total Oklahoma
4,953,960
Oregon — 0.4%
Salem Hospital Facility Authority, Capital Manor
Project Rev., 4.00%, 5/15/2040
375,000
308,334
Salem Hospital Facility Authority, Multi Model,
Salem Health Project Series 2019A, Rev.,
5.00%, 5/15/2028
75,000
79,752
Southeastern Pennsylvania Transportation
Authority GO, 5.00%, 6/15/2028
25,000
26,680
INVESTMENTS
PRINCIPAL
AMOUNT($)
VALUE($)
 
Oregon — continued
Tri-County Metropolitan Transportation District
of Oregon, Senior Lien Payroll Tax
Series 2018A, Rev., 5.00%, 9/1/2027(b)
45,000
48,353
Series 2021A, Rev., 5.00%, 9/1/2035
1,060,000
1,199,467
Union County Hospital Facility Authority,
Grande Ronde Hospital, Inc.
Series 2022, Rev., 5.00%, 7/1/2026
300,000
306,093
Series 2022, Rev., 5.00%, 7/1/2028
400,000
414,641
Total Oregon
2,383,320
Pennsylvania — 5.9%
Aliquippa School District, Limited Tax GO,
3.88%, 12/1/2037
200,000
183,632
Allegheny County Higher Education Building
Authority, Carnegie Mellon University Series
2008A, Rev., VRDO, LIQ : Bank of New York
Mellon (The), 3.70%, 9/1/2023(c)
6,000,000
6,000,000
Allegheny County Higher Education Building
Authority, Chatham University
Rev., 5.00%, 9/1/2024
130,000
130,285
Rev., 5.00%, 9/1/2025
225,000
225,719
Rev., 5.00%, 9/1/2026
135,000
136,183
Rev., 5.00%, 9/1/2027
250,000
252,844
Berks County Industrial Development Authority,
The Highlands at Wyomissing Series 2017A,
Rev., 5.00%, 5/15/2037
250,000
241,092
Bucks County Community College Authority
Series 2019A, Rev., GTD, 5.00%,
6/15/2033
35,000
37,764
Bucks County Water and Sewer Authority
Series 2022A, Rev., AGM, 5.00%,
12/1/2032
115,000
132,997
Series 2022A, Rev., AGM, 5.00%,
12/1/2033
105,000
121,099
Series 2022A, Rev., AGM, 5.00%,
12/1/2036
380,000
424,779
City of Philadelphia, Airport System Series
2017B, Rev., AMT, 5.00%, 7/1/2035
2,000,000
2,070,681
Commonwealth Financing Authority, Tobacco
Master Settlement Payment Rev., 5.00%,
6/1/2035
225,000
237,391
Commonwealth of Pennsylvania Series 1, GO,
4.00%, 4/1/2033
2,000,000
2,000,728
County of Chester GO, 5.00%, 11/15/2027
30,000
32,484
County of Lehigh, Lehigh Valley Health Network
Hospital Series 2016A, Rev., 4.00%,
7/1/2035
175,000
171,747
SEE NOTES TO FINANCIAL STATEMENTS.
August 31, 2023
J.P. Morgan Exchange-Traded Funds
125


JPMorgan Municipal ETF
SCHEDULE OF PORTFOLIO INVESTMENTS
AS OF August 31, 2023  (Unaudited) (continued)
INVESTMENTS
PRINCIPAL
AMOUNT($)
VALUE($)
Municipal Bonds — continued
Pennsylvania — continued
Delaware Valley Regional Finance Authority,
Local Government
Series 2022D, Rev., 4.00%, 3/1/2029
1,000,000
1,032,988
Series 2021A, Rev., 2.00%, 10/1/2029
25,000
21,750
Geisinger Authority, Health System Series
2020B, Rev., 5.00%, 2/15/2027(c)
250,000
260,055
General Authority of Southcentral
Pennsylvania, WellSpan Health Obligated
Group Series D, Rev., VRDO, LIQ : Bank of
America NA, 4.05%, 9/1/2023(c)
5,000,000
5,000,000
Montgomery County Higher Education and
Health Authority, Thomas Jefferson
University
Rev., 5.00%, 9/1/2027
265,000
277,428
Series 2018A, Rev., 4.00%, 9/1/2038
135,000
129,475
Montgomery County Industrial Development
Authority, Constellation Energy
Generation LLC Series 2023A, Rev., 4.10%,
4/3/2028(c)
2,250,000
2,268,641
Northampton County General Purpose
Authority, Moravian College Project Rev.,
5.00%, 10/1/2027
185,000
187,791
Pennsylvania Economic Development Financing
Authority, The Penndot Major Bridges Rev.,
AMT, AGM, 5.00%, 12/31/2057
425,000
429,312
Pennsylvania Higher Educational Facilities
Authority, State System of Higher Education
Series 2017AU-1, Rev., 5.00%, 6/15/2026
70,000
73,049
Pennsylvania Housing Finance Agency, Single
Family Mortgage Series 2023-141A, Rev.,
5.75%, 10/1/2053
5,000,000
5,284,458
Pennsylvania Turnpike Commission
Series A-1, Rev., 5.00%, 12/1/2029
105,000
113,092
Series A-1, Rev., 5.00%, 12/1/2031
60,000
64,222
Series 2016B, Rev., 4.00%, 6/1/2033
575,000
581,079
Series 2022A, Rev., 5.00%, 12/1/2033
1,000,000
1,140,376
Series 2023-1, Rev., 5.00%, 12/1/2036
750,000
825,321
Series 2023, Rev., 5.00%, 12/1/2039
500,000
538,946
Series 2022B, Rev., 5.25%, 12/1/2041
1,000,000
1,098,628
Philadelphia Authority for Industrial
Development, Holy Family University Project
Rev., 5.00%, 9/1/2027
610,000
632,879
Philadelphia Energy Authority (The),
Philadelphia Street Lighting Project
Series 2023A, Rev., 5.00%, 11/1/2037
835,000
913,455
Series 2023A, Rev., 5.00%, 11/1/2038
850,000
920,620
Series 2023A, Rev., 5.00%, 11/1/2041
1,265,000
1,345,887
INVESTMENTS
PRINCIPAL
AMOUNT($)
VALUE($)
 
Pennsylvania — continued
State Public School Building Authority,
Delaware County Community College Project
Rev., 5.00%, 10/1/2027
25,000
26,112
Township of Hampton
GO, 5.00%, 1/1/2035
150,000
166,524
GO, 5.00%, 1/1/2037
175,000
191,183
GO, 4.00%, 1/1/2042
970,000
941,830
GO, 4.00%, 1/1/2047
700,000
658,307
Township of Palmer Series 2020C, GO, 4.00%,
11/15/2031
175,000
181,975
Township of Upper St. Clair Series 2016A, GO,
4.00%, 6/1/2025
20,000
20,238
Total Pennsylvania
37,725,046
Rhode Island — 0.0% ^
State of Rhode Island and Providence
Plantations Consolidated Capital
Development Loan Series 2018A, GO,
5.00%, 4/1/2029
75,000
81,349
South Carolina — 0.5%
Charleston County Airport District Rev., 5.00%,
7/1/2035
250,000
269,555
County of Dorchester, Waterworks and Sewer
System Series 2023, Rev., 4.25%,
10/1/2048
2,320,000
2,240,107
South Carolina Jobs-Economic Development
Authority, Episcopal Home at Still Hopes
Series 2018A, Rev., 5.00%, 4/1/2033
125,000
119,406
South Carolina Jobs-Economic Development
Authority, Wofford College Project Rev.,
5.00%, 4/1/2029
10,000
10,703
University of South Carolina, Athletic Facilities
Series 2022A, Rev., 5.00%, 5/1/2034
415,000
467,781
Total South Carolina
3,107,552
South Dakota — 0.0% ^
City of Rapid City, Sales Tax Rev., 5.00%,
12/1/2023
25,000
25,094
South Dakota Board of Regents Housing and
Auxiliary Facilities System Rev., 5.00%,
4/1/2027
35,000
36,685
South Dakota Conservancy District, State
Revolving Fund Program Rev., 5.00%,
8/1/2025
35,000
36,164
South Dakota Health and Educational Facilities
Authority, Sanford Obligated Group Rev.,
5.00%, 11/1/2023
145,000
145,262
Total South Dakota
243,205
SEE NOTES TO FINANCIAL STATEMENTS.
126
J.P. Morgan Exchange-Traded Funds
August 31, 2023


INVESTMENTS
PRINCIPAL
AMOUNT($)
VALUE($)
Municipal Bonds — continued
Tennessee — 4.6%
City of Clarksville
Series 2021A, Rev., 4.00%, 2/1/2041
3,950,000
3,897,081
Series 2021A, Rev., 4.00%, 2/1/2051
1,000,000
948,005
City of Knoxville, Wastewater System Series
2022B, Rev., 4.00%, 4/1/2045
2,765,000
2,692,503
City of Lenoir City, Electric System Series 2022,
Rev., 5.00%, 6/1/2033
165,000
188,329
City of Murfreesboro GO, 4.00%, 4/1/2025
25,000
25,082
County of Coffee, Rural High School Series
2021A, GO, 5.00%, 6/1/2028
125,000
135,563
County of Montgomery, Public Improvement
GO, 5.00%, 4/1/2027
25,000
26,647
County of Robertson GO, 5.00%, 6/1/2025
25,000
25,734
County of Shelby, Public Improvement Series
2019A, GO, 5.00%, 4/1/2027
105,000
111,882
County of Sullivan GO, 5.00%, 5/1/2026
30,000
31,401
County of Washington Series 2016A, GO,
4.00%, 6/1/2027
50,000
51,104
County of Williamson GO, 5.00%, 4/1/2024
20,000
20,195
Johnson City Health and Educational Facilities
Board, Ballad Health Series 2023A, Rev.,
5.00%, 7/1/2024
625,000
630,796
Knox County Health Educational and Housing
Facility Board, East Tennessee Children's
Hospital Rev., 5.00%, 11/15/2023
50,000
50,123
Memphis-Shelby County Airport Authority
Series 2021A, Rev., AMT, 5.00%, 7/1/2045
1,000,000
1,023,618
Metropolitan Government Nashville and
Davidson County, Health and Educational
Facilities Board, Belmont University
Rev., 5.00%, 5/1/2026
450,000
467,404
Series 2023, Rev., 5.00%, 5/1/2038
400,000
427,925
Series 2023, Rev., 5.00%, 5/1/2041
500,000
527,735
Metropolitan Government Nashville and
Davidson County, Health and Educational
Facilities Board, Trevecca Nazarene
University Project Series 2021B, Rev.,
4.00%, 10/1/2041
355,000
300,706
Metropolitan Government of Nashville and
Davidson County
Series A, GO, 5.00%, 7/1/2025
10,000
10,310
GO, 5.00%, 7/1/2031
2,000,000
2,167,510
Metropolitan Government of Nashville and
Davidson County, Electric System Series
2014A, Rev., 5.00%, 5/15/2024
10,000
10,117
Metropolitan Government of Nashville and
Davidson County, Water and Sewer Series
2021A, Rev., 4.00%, 7/1/2035
1,805,000
1,865,937
INVESTMENTS
PRINCIPAL
AMOUNT($)
VALUE($)
 
Tennessee — continued
Metropolitan Nashville Airport Authority (The)
Series 2022B, Rev., AMT, 5.50%, 7/1/2036
600,000
671,286
Series 2022B, Rev., AMT, 5.25%, 7/1/2047
630,000
659,044
Series 2022B, Rev., AMT, 5.00%, 7/1/2052
500,000
511,148
Shelby County Health Educational and Housing
Facilities Board, Methodist Le Bonheur
Healthcare
Series 2017A, Rev., 5.00%, 5/1/2024
155,000
156,195
Series 2017A, Rev., 5.00%, 5/1/2027
200,000
210,342
Shelby County Health Educational and Housing
Facilities Board, The Farms at Bailey Station
Project
Series 2019A, Rev., 5.00%, 10/1/2029
150,000
138,285
Series 2019A, Rev., 5.50%, 10/1/2034
150,000
135,208
State of Tennessee
Series A, GO, 5.00%, 9/1/2024(b)
25,000
25,422
Series 2023A, GO, 5.00%, 5/1/2038
10,000,000
11,163,107
Total Tennessee
29,305,744
Texas — 6.8%
Alamo Community College District, Limited Tax
GO, 5.00%, 2/15/2024
75,000
75,555
Aledo Independent School District, Unlimited
Tax
Series 2023, GO, PSF-GTD, 5.00%,
2/15/2042
500,000
535,267
Series 2023, GO, PSF-GTD, 5.00%,
2/15/2048
5,615,000
5,936,495
Angleton Independent School District,
Unlimited Tax GO, 5.00%, 2/15/2036
2,140,000
2,373,506
Arlington Higher Education Finance Corp.,
Trinity Basin Preparatory, Inc.
Rev., PSF-GTD, 5.00%, 8/15/2026
160,000
167,622
Rev., PSF-GTD, 5.00%, 8/15/2027
145,000
154,717
Rev., PSF-GTD, 5.00%, 8/15/2028
150,000
162,938
Rev., PSF-GTD, 5.00%, 8/15/2029
130,000
143,362
Rev., PSF-GTD, 5.00%, 8/15/2030
100,000
111,929
Rev., PSF-GTD, 5.00%, 8/15/2031
120,000
136,278
Rev., PSF-GTD, 5.00%, 8/15/2032
125,000
140,846
Austin Independent School District, Unlimited
Tax Series 2022B, GO, PSF-GTD, 5.00%,
8/1/2028
50,000
54,583
Board of Regents of the University of Texas
System, Financing System Series 2016D,
Rev., 5.00%, 8/15/2024
50,000
50,759
Brushy Creek Regional Utility Authority, Inc.,
Brushy Creek Regional Water Treatment and
Distribution Project Rev., 5.00%, 8/1/2026
85,000
88,695
SEE NOTES TO FINANCIAL STATEMENTS.
August 31, 2023
J.P. Morgan Exchange-Traded Funds
127


JPMorgan Municipal ETF
SCHEDULE OF PORTFOLIO INVESTMENTS
AS OF August 31, 2023  (Unaudited) (continued)
INVESTMENTS
PRINCIPAL
AMOUNT($)
VALUE($)
Municipal Bonds — continued
Texas — continued
City of Austin, Airport System
Series 2019B, Rev., AMT, 5.00%,
11/15/2029
240,000
255,887
Rev., AMT, 5.00%, 11/15/2035
1,000,000
1,075,784
Series 2017B, Rev., AMT, 5.00%,
11/15/2046
1,000,000
1,006,877
City of Corpus Christi, Certificates of Obligation
Series 2016A, GO, 4.00%, 3/1/2026
100,000
101,478
City of Corpus Christi, Utility System Series
2022B, Rev., 5.00%, 7/15/2032
325,000
367,956
City of Dallas Housing Finance Corp., Rosemont
At Ash Creek Apartments Series 2023, Rev.,
FHA, 5.00%, 12/1/2025(c)
1,375,000
1,402,828
City of Georgetown, Utilities System
Series 2023, Rev., 5.00%, 8/15/2025
520,000
534,505
Series 2023, Rev., 5.00%, 8/15/2038
1,375,000
1,491,297
City of Houston, Airport System, Subordinate
Lien Series 2021A, Rev., AMT, 5.00%,
7/1/2033
150,000
161,679
City of Houston, Combined Utility System, First
Lien Series 2018D, Rev., 5.00%,
11/15/2030
45,000
48,956
City of League City, Combination Tax GO,
5.00%, 2/15/2027
20,000
20,723
City of Pflugerville, Limited Tax GO, 5.00%,
8/1/2026
25,000
26,207
City of San Angelo GO, 5.00%, 2/15/2027
20,000
21,204
City of San Antonio, Electric and Gas Systems
Series 2023B, Rev., 5.25%, 2/1/2041
1,560,000
1,723,747
City of San Marcos, Combination Tax,
Certificates of Obligation GO, 5.00%,
8/15/2031
170,000
180,721
City of Temple, Utility System Series 2021,
Rev., 5.00%, 8/1/2029
245,000
268,500
Clifton Higher Education Finance Corp., Idea
Public Schools Series 2022A, Rev., 5.00%,
8/15/2031
250,000
265,413
Clifton Higher Education Finance Corp., Yes
Prep Public Schools, Inc.
Series 2023, Rev., PSF-GTD, 5.00%,
4/1/2025
195,000
199,315
Series 2023, Rev., PSF-GTD, 5.00%,
4/1/2026
250,000
258,559
Rev., PSF-GTD, 5.00%, 4/1/2029
100,000
107,550
Rev., PSF-GTD, 5.00%, 4/1/2030
185,000
201,227
Rev., PSF-GTD, 4.00%, 4/1/2031
175,000
180,675
Series 2023, Rev., PSF-GTD, 5.00%,
4/1/2038
265,000
281,400
INVESTMENTS
PRINCIPAL
AMOUNT($)
VALUE($)
 
Texas — continued
Series 2023, Rev., PSF-GTD, 4.25%,
4/1/2048
1,000,000
945,889
Clint Independent School District, Unlimited Tax
Series 2015A, GO, PSF-GTD, 5.00%,
2/15/2024
25,000
25,184
County of Harris, Unlimited Tax Series 2017A,
GO, 5.00%, 10/1/2026
25,000
26,326
County of Hays, Limited Tax GO, 5.00%,
2/15/2026
20,000
20,801
County of Montgomery, Unlimited Tax GO,
5.00%, 3/1/2025
25,000
25,592
County of Williamson, Limited Tax GO, 5.00%,
2/15/2026
40,000
41,630
Crandall Independent School District, Unlimited
Tax
Series 2023, GO, PSF-GTD, 5.00%,
8/15/2048
1,000,000
1,066,653
Series 2023, GO, PSF-GTD, 5.00%,
8/15/2053
595,000
628,910
Cypress-Fairbanks Independent School District,
Unlimited Tax Series 2015A, GO, PSF-GTD,
5.00%, 2/15/2025
20,000
20,465
Dallas Area Rapid Transit, Sales Tax, Senior
Lien Series 2014A, Rev., 5.00%,
12/1/2024(b)
200,000
203,882
Denton Independent School District Series
2023, GO, PSF-GTD, 5.00%, 8/15/2043
1,805,000
1,969,600
Fort Worth Independent School District,
Unlimited Tax Series 2019A, GO, PSF-GTD,
5.00%, 2/15/2029
285,000
313,017
Glen Rose Independent School District,
Unlimited tax
Series 2023, GO, PSF-GTD, 5.00%,
8/15/2035
1,000,000
1,100,137
Series 2023, GO, PSF-GTD, 5.00%,
8/15/2036
1,000,000
1,088,982
Harris County Cultural Education Facilities
Finance Corp., Baylor Medical Project Rev.,
5.00%, 11/15/2023
25,000
25,055
Laredo Independent School District, Unlimited
Tax GO, PSF-GTD, 5.00%, 8/1/2024
25,000
25,363
Lower Colorado River Authority, LCRA
Transmission Services Corp. Project Rev.,
5.00%, 5/15/2035
155,000
164,505
Melissa Independent School District, Unlimited
Tax Series 2023, GO, PSF-GTD, 5.00%,
2/1/2041(d)
1,000,000
1,089,781
SEE NOTES TO FINANCIAL STATEMENTS.
128
J.P. Morgan Exchange-Traded Funds
August 31, 2023


INVESTMENTS
PRINCIPAL
AMOUNT($)
VALUE($)
Municipal Bonds — continued
Texas — continued
Metropolitan Transit Authority of Harris County,
Sales and Use Tax
Series 2017A, Rev., 5.00%, 11/1/2023
150,000
150,371
Series 2017A, Rev., 5.00%, 11/1/2025
45,000
46,478
Metropolitan Transit Authority of Harris County,
Sales and Use Tax, Contractual Obligations
Series B, Rev., 5.00%, 11/1/2029
25,000
26,688
New Hope Cultural Education Facilities Finance
Corp, Outlook at Windhaven Forefront Living
Series 2022B-3, Rev., 4.25%, 10/1/2026
800,000
784,194
North East Independent School District,
Unlimited Tax GO, PSF-GTD, 5.00%,
8/1/2025
20,000
20,583
North Texas Municipal Water District,
Wastewater System Rev., 5.00%, 6/1/2027
20,000
21,396
Northside Independent School District,
Unlimited Tax GO, PSF-GTD, 5.00%,
8/15/2024
65,000
65,974
Northwest Independent School District,
Unlimited Tax Series 2023, GO, PSF-GTD,
5.00%, 2/15/2039
2,500,000
2,727,153
Permanent University Fund - University of
Texas System Series 2016A, Rev., 5.00%,
7/1/2024
85,000
86,189
Prosper Independent School District, Unlimited
Tax School Building GO, PSF-GTD, 5.00%,
2/15/2037
25,000
26,370
San Antonio Education Facilities Corp.,
Hallmark University Project Series 2021A,
Rev., 5.00%, 10/1/2041
100,000
83,066
San Antonio Water System, Junior Lien Series
2017A, Rev., 5.00%, 5/15/2025
25,000
25,714
Sherman Independent School District,
Unlimited Tax Series 2018A, GO, PSF-GTD,
5.00%, 2/15/2030
25,000
26,977
State of Texas, Transportation Commission
Mobility Fund Series 2015-A, GO, 5.00%,
10/1/2024
50,000
50,837
Stephen F Austin State University, Financing
System Series 2019A, Rev., 5.00%,
10/15/2026
60,000
62,739
Tarrant County Cultural Education Facilities
Finance Corp., Baylor Scott & White Health
Project Series 2022F, Rev., 5.00%,
11/15/2030(c)
2,000,000
2,185,209
Tarrant Regional, Water Control and
Improvement District, Water System Rev.,
5.00%, 3/1/2025
25,000
25,592
Texas A&M University, Financing System Series
2017E, Rev., 5.00%, 5/15/2030
155,000
164,557
INVESTMENTS
PRINCIPAL
AMOUNT($)
VALUE($)
 
Texas — continued
Texas Public Finance Authority, Texas Southern
University
Series 2023, Rev., 5.00%, 5/1/2026
500,000
515,618
Series 2023, Rev., 5.00%, 5/1/2027
625,000
653,167
Texas State Affordable Housing Corp., Juniper
Creek Apartments Project Series 2023, Rev.,
3.75%, 7/1/2026(c)
3,000,000
2,961,391
Texas Tech University System Series 2017A,
Rev., 5.00%, 2/15/2024
35,000
35,257
Trinity River Authority of Texas, Livingston
Regional Water Supply System Project
Series 2023, Rev., 5.00%, 8/1/2036
1,120,000
1,227,447
Series 2023, Rev., 5.00%, 8/1/2037
1,175,000
1,273,732
Trinity River Authority, Tarrant County Water
Project
Series 2023, Rev., 5.00%, 2/1/2041
700,000
751,658
Series 2023, Rev., 5.00%, 2/1/2042
675,000
721,452
Trinity River Authority, Water Project Rev.,
5.00%, 2/1/2026
60,000
62,384
Total Texas
43,879,005
Utah — 1.3%
City of Salt Lake City, Airport System
Series 2021A, Rev., AMT, 5.00%, 7/1/2029
2,350,000
2,496,625
Series 2023A, Rev., AMT, 5.25%, 7/1/2040
1,060,000
1,139,251
Series 2023A, Rev., AMT, 5.25%, 7/1/2048
1,750,000
1,840,408
City of Salt Lake City, Sales and Excise Tax
Series 2022A, Rev., 4.00%, 10/1/2030
155,000
164,031
City of South Jordan, Sales Tax Rev., 5.00%,
8/15/2029
45,000
50,012
County of Summit, Sales Tax Rev., 5.00%,
12/15/2023
70,000
70,327
Metropolitan Water District of Salt Lake and
Sandy Series 2021A, Rev., 4.00%,
7/1/2030
365,000
387,807
Snyderville Basin Special Recreation District
GO, 4.00%, 12/15/2025
100,000
101,748
Utah Charter School Finance Authority, The
Freedom Academy Foundation, St. George
Campus Project Series 2021A, Rev., 5.00%,
6/15/2041(e)
150,000
133,576
Utah Infrastructure Agency, Tax-Exempt
Telecommunications
Rev., 5.00%, 10/15/2027
130,000
131,655
Rev., 5.00%, 10/15/2032
310,000
318,035
Utah Telecommunication Open Infrastructure
Agency, Sales Tax and Telecomunications
Rev., 5.25%, 6/1/2033
250,000
284,051
SEE NOTES TO FINANCIAL STATEMENTS.
August 31, 2023
J.P. Morgan Exchange-Traded Funds
129


JPMorgan Municipal ETF
SCHEDULE OF PORTFOLIO INVESTMENTS
AS OF August 31, 2023  (Unaudited) (continued)
INVESTMENTS
PRINCIPAL
AMOUNT($)
VALUE($)
Municipal Bonds — continued
Utah — continued
Rev., 5.25%, 6/1/2034
325,000
369,004
Rev., 5.25%, 6/1/2035
580,000
654,055
Utah Transit Authority, Sales Tax Series 2007A,
Rev., BHAC - CR, MBIA, 5.00%, 6/15/2035
295,000
337,495
Total Utah
8,478,080
Virgin Islands — 0.0% ^
Matching Fund Special Purpose Securitization
Corp. Series 2022A, Rev., 5.00%,
10/1/2025
150,000
151,658
Virginia — 2.4%
City of Richmond, Public Improvement Series
2017B, GO, 5.00%, 7/15/2027
175,000
187,814
Commonwealth of Virginia Series 2018A, GO,
5.00%, 6/1/2030
25,000
27,314
County of Fairfax, Public Improvement
Series 2023A, GO, 4.00%, 10/1/2038
2,000,000
2,024,383
Series 2023A, GO, 4.00%, 10/1/2039
2,000,000
2,007,772
County of Spotsylvania, Public Improvement
GO, 5.00%, 7/15/2029
85,000
93,145
Loudoun County Economic Development
Authority, Howard Hughes Medical Institute
Series E, Rev., VRDO, 4.06%,
9/12/2023(c)
4,000,000
4,000,000
Northern Virginia Transportation Commission,
Transforming Rail in Virginia Program Rev.,
5.00%, 6/1/2040
640,000
700,061
Virginia College Building Authority, Virginia
Educational Facilities, Public Higher
Education Financing Program Series 2023A,
Rev., 4.00%, 9/1/2040
1,485,000
1,476,343
Virginia Commonwealth Transportation Board,
US Route 58 Corridor Development Rev.,
4.00%, 5/15/2045
2,000,000
1,933,338
Virginia Public Building Authority, Public
Facilities
Series 2021A-1, Rev., 5.00%, 8/1/2030
145,000
163,163
Series 2022A, Rev., 5.00%, 8/1/2030
345,000
388,215
Virginia Resources Authority, Infrastructure
Pooled Financing Program Series 2013C,
Rev., 5.00%, 11/1/2023
35,000
35,089
Virginia Small Business Financing Authority,
Senior Lien, Elizabeth River Crossing Opco,
LLC Project
Rev., AMT, 4.00%, 7/1/2032
250,000
245,456
Rev., AMT, 4.00%, 1/1/2036
2,000,000
1,912,747
Total Virginia
15,194,840
INVESTMENTS
PRINCIPAL
AMOUNT($)
VALUE($)
 
Washington — 3.3%
Auburn School District No. 408 of King and
Pierce Counties, Unlimited Tax GO, 4.00%,
12/1/2036
1,000,000
1,007,190
Central Puget Sound Regional Transit Authority
Series 2021S-1, Rev., 4.00%, 11/1/2040
2,000,000
1,961,455
Central Puget Sound Regional Transit Authority,
Sales and Use Tax Series 2015S-1, Rev.,
5.00%, 11/1/2024
30,000
30,559
City of Bonney Lake, Water and Sewer System
Rev., 4.00%, 12/1/2030
10,000
10,174
City of Seattle, Drainage and Wastewater
System Improvement Rev., 4.00%,
4/1/2026
20,000
20,395
City of Seattle, Water System Rev., 5.00%,
8/1/2024
35,000
35,540
City of Tacoma, Solid Waste Utility Rev., 5.00%,
12/1/2031
700,000
797,803
City of University Place, Limited Tax GO,
5.00%, 12/1/2026
85,000
88,974
Clark County School District No. 101 La Center,
Unlimited Tax GO, 5.00%, 12/1/2029
50,000
54,300
County of King, Limited Tax
Series 2015A, GO, 5.00%, 7/1/2025
50,000
51,140
Series 2013B, GO, 5.00%, 12/1/2025
20,000
20,075
County of Snohomish, Limited Tax GO, 5.00%,
12/1/2025
10,000
10,285
County of Spokane, Limited Tax Series 2022A,
GO, 5.00%, 12/1/2042
900,000
972,584
Energy Northwest, Bonneville Power
Administrator Series 2016-A, Rev., 5.00%,
7/1/2028
25,000
26,237
Energy Northwest, Columbia Generating Station
Series 2021A, Rev., 4.00%, 7/1/2042
3,760,000
3,677,123
Energy Northwest, Project 1 Series 2017A,
Rev., 5.00%, 7/1/2028
55,000
58,723
Franklin County School District No. 1 Pasco,
Unlimited Tax GO, 5.00%, 12/1/2030
35,000
37,595
King County Public Hospital District No. 2,
Evergreen Healthcare, Limited Tax GO,
5.00%, 12/1/2024(b)
105,000
107,102
King County School District No. 403 Renton,
Unlimited Tax GO, 4.00%, 12/1/2023
160,000
160,258
King County School District No. 405 Bellevue,
Unlimited Tax GO, 5.00%, 12/1/2026
20,000
21,190
King County School District No. 411 Issaquah,
Unlimited Tax GO, 5.00%, 12/1/2024
35,000
35,731
Mason County School District No. 309 Shelton,
Unlimited Tax GO, 5.00%, 12/1/2029
45,000
47,834
SEE NOTES TO FINANCIAL STATEMENTS.
130
J.P. Morgan Exchange-Traded Funds
August 31, 2023


INVESTMENTS
PRINCIPAL
AMOUNT($)
VALUE($)
Municipal Bonds — continued
Washington — continued
North Thurston Public Schools, Unlimited Tax
GO, 4.00%, 12/1/2036
2,100,000
2,143,677
Pierce County School District No. 403 Bethel,
Unlimited Tax GO, 4.00%, 12/1/2023
20,000
20,032
Pierce County School District No. 416 White
River, Unlimited Tax GO, 5.00%, 12/1/2025
50,000
51,936
Port of Seattle, Intermediate Lien Series
2022B, Rev., AMT, 4.00%, 8/1/2047
400,000
358,055
Snohomish County School District No. 15
Edmonds, Unlimited Tax GO, 5.00%,
12/1/2025
25,000
25,968
Snohomish County School District No.
4 Lake Stevens, Unlimited Tax GO, 5.00%,
12/1/2024
25,000
25,522
Snohomish County School District No. 6
Mukilteo, Unlimited Tax GO, 5.00%,
12/1/2023
105,000
105,421
Spokane County School District No. 354 Mead,
Unlimited Tax GO, 5.00%, 12/1/2024
20,000
20,400
State of Washington, State and Local Agency
Real and Personal Property Series 2015-C,
COP, 5.00%, 1/1/2029
55,000
57,146
State of Washington, Various Purpose
Series 2021B, GO, 5.00%, 6/1/2033
1,000,000
1,118,611
Series 2020C, GO, 5.00%, 2/1/2043
700,000
743,803
Series 2023B, GO, 5.00%, 2/1/2043
2,000,000
2,172,515
Series 2022A, GO, 5.00%, 8/1/2043
1,170,000
1,257,339
Series 2024B, GO, 5.00%, 6/1/2044
3,000,000
3,256,785
Washington Health Care Facilities Authority,
Providence St. Joseph Health Series 2018B,
Rev., 5.00%, 10/1/2028
30,000
31,801
Washington State Housing Finance Commission,
Emerald Heights Project
Series 2023A, Rev., 5.00%, 7/1/2026
285,000
292,136
Series 2023A, Rev., 5.00%, 7/1/2027
350,000
363,026
Total Washington
21,276,440
West Virginia — 0.3%
West Virginia Hospital Finance Authority, West
Virginia University Health System Obligation
Series 2023A, Rev., 5.00%, 6/1/2038
1,800,000
1,904,692
Wisconsin — 1.8%
City of Oshkosh, Sewer
Series 2022E, Rev., 5.00%, 5/1/2027
550,000
585,441
Series 2022E, Rev., 5.00%, 5/1/2029
605,000
663,665
City of Oshkosh, Water
Series 2022D, Rev., 5.00%, 1/1/2027
165,000
174,517
Series 2022D, Rev., 5.00%, 1/1/2028
180,000
193,580
INVESTMENTS
PRINCIPAL
AMOUNT($)
VALUE($)
 
Wisconsin — continued
Hamilton School District, School Building and
Improvement GO, 5.00%, 4/1/2025
60,000
61,606
Public Finance Authority
Series 2023, Rev., AMT, 5.00%, 7/1/2025
265,000
267,132
Series 2023, Rev., AMT, 5.00%, 7/1/2026
450,000
457,104
Series 2023, Rev., AMT, 5.00%, 7/1/2027
790,000
808,363
Series 2022, Rev., 4.00%, 4/1/2032(e)
225,000
211,709
Public Finance Authority, Acts Retirement Life
Communities, Inc., Obligated Group Series
2020A, Rev., 4.00%, 11/15/2037
300,000
262,235
Public Finance Authority, Eastern Michigan
University Student Housing Project Series
2022A-1, Rev., 5.00%, 7/1/2032
500,000
559,357
Public Finance Authority, Entrance Fee
Principal Redemption, Searstone CCRC
Project Series 2021B2, Rev., 2.25%,
6/1/2027(e)
250,000
231,647
Public Finance Authority, Lenoir-Rhyne
University
Series 2022, Rev., 5.00%, 4/1/2029
1,155,000
1,175,367
Series 2022, Rev., 5.00%, 4/1/2030
1,215,000
1,237,820
Series 2022, Rev., 5.00%, 4/1/2031
1,275,000
1,300,810
Series 2022, Rev., 5.00%, 4/1/2032
665,000
678,274
Public Finance Authority, Piedmont Community
Charter School Rev., 5.00%, 6/15/2039
200,000
195,294
Public Finance Authority, Scotland Healthcare
System Series 2021A, Rev., 5.00%,
10/1/2027
500,000
524,586
Public Finance Authority, Triad Educational
Services, Inc.
Rev., 5.00%, 6/15/2032
365,000
369,687
Rev., 5.00%, 6/15/2042
380,000
353,272
Public Finance Authority, Ultimate Medical
Academy Project Series 2019A, Rev.,
5.00%, 10/1/2029(e)
150,000
150,540
State of Wisconsin
Series 2016-1, GO, 5.00%, 11/1/2024
40,000
40,773
Series 2016-2, GO, 5.00%, 11/1/2026
50,000
52,361
State of Wisconsin, Clean Water Fund
Leveraged Loan Portfolio Series 20161,
Rev., 5.00%, 6/1/2024(b)
65,000
65,697
State of Wisconsin, Environmental
Improvement Fund
Series 2018A, Rev., 5.00%, 6/1/2025
35,000
36,021
Series 2018A, Rev., 5.00%, 6/1/2026
20,000
20,990
Village of Pleasant Prairie GO, 4.00%,
8/1/2024
10,000
10,041
SEE NOTES TO FINANCIAL STATEMENTS.
August 31, 2023
J.P. Morgan Exchange-Traded Funds
131


JPMorgan Municipal ETF
SCHEDULE OF PORTFOLIO INVESTMENTS
AS OF August 31, 2023  (Unaudited) (continued)
INVESTMENTS
PRINCIPAL
AMOUNT($)
VALUE($)
Municipal Bonds — continued
Wisconsin — continued
Wisconsin Department of Transportation
Series 2017 2, Rev., 5.00%, 7/1/2031
180,000
190,266
Series 2017 2, Rev., 5.00%, 7/1/2032
50,000
52,824
Wisconsin Health and Educational Facilities
Authority, Oakwood Lutheran Senior
Ministries
Rev., 4.00%, 1/1/2026
175,000
170,154
Rev., 4.00%, 1/1/2027
175,000
167,731
Wisconsin Health and Educational Facilities
Authority, St. Camillus Health System Series
2019A, Rev., 5.00%, 11/1/2029
150,000
141,625
WPPI Energy Series 2016A, Rev., 5.00%,
7/1/2024
170,000
172,101
Total Wisconsin
11,582,590
Total Municipal Bonds
(Cost $583,340,582)
575,767,368
U.S. Treasury Obligations — 0.6%
U.S. Treasury Notes
3.88%, 4/30/2025 (Cost $3,986,352)
4,000,000
3,927,344
SHARES
Short-Term Investments — 10.2%
Investment Companies — 10.2%
JPMorgan Institutional Tax Free Money Market
Fund Class IM Shares, 3.71%(f) (g)
(Cost $65,306,566)
65,303,708
65,310,239
Total Investments — 100.5%
(Cost $652,633,500)
645,004,951
Liabilities in Excess of Other Assets — (0.5)%
(2,902,699
)
NET ASSETS — 100.0%
642,102,252

Percentages indicated are based on net assets.
Abbreviations
 
AGM
Insured by Assured Guaranty Municipal Corp.
AMT
Alternative Minimum Tax
BAN
Bond Anticipation Note
BHAC
Insured by Berkshire Hathaway Assurance Corp.
CCRC
Congregate Care Retirement Center
COLL
Collateral
COP
Certificate of Participation
CR
Custodial Receipts
FHA
Federal Housing Administration
FHLMC
Federal Home Loan Mortgage Corp.
FNMA
Federal National Mortgage Association
GNMA
Government National Mortgage Association
GO
General Obligation
GTD
Guaranteed
LIQ
Liquidity Agreement
LOC
Letter of Credit
MBIA
Insured by Municipal Bond Insurance Corp.
PSF-GTD
Permanent School Fund Guaranteed
Q-SBLF
Qualified School Bond Loan Fund
Rev.
Revenue
VRDO
Variable Rate Demand Obligation
^
Amount rounds to less than 0.1% of net assets.
(a)
The date shown represents the earliest of the
prerefunded date, next put date or final maturity date.
 
(b)
Security is prerefunded or escrowed to maturity.
 
(c)
Variable or floating rate security, the interest rate of
which adjusts periodically based on changes in current
interest rates and prepayments on the underlying
pool of assets. The interest rate shown is the current
rate as of August 31, 2023.
 
(d)
All or a portion of the security is a when-issued
security, delayed delivery security, or forward
commitment.
 
(e)
Securities exempt from registration under Rule 144A
or section 4(a)(2), of the Securities Act of 1933, as
amended.
 
(f)
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.
 
(g)
The rate shown is the current yield as of August 31,
2023.
 
SEE NOTES TO FINANCIAL STATEMENTS.
132
J.P. Morgan Exchange-Traded Funds
August 31, 2023


Futures contracts outstanding as of August 31, 2023:
DESCRIPTION
NUMBER OF
CONTRACTS
EXPIRATION DATE
TRADING CURRENCY
NOTIONAL
AMOUNT ($)
VALUE AND
UNREALIZED
APPRECIATION
(DEPRECIATION) ($)
Long Contracts
U.S. Treasury 2 Year Note
30
12/29/2023
USD
6,115,547
12,262
U.S. Treasury 5 Year Note
67
12/29/2023
USD
7,165,859
38,944
 
51,206
Abbreviations
 
USD
United States Dollar
Centrally Cleared Credit default swap contracts outstanding - buy protection(*) as of August 31, 2023:
REFERENCE
OBLIGATION/INDEX
FINANCING
RATE PAID
BY THE FUND
(%)
PAYMENT
FREQUENCY
MATURITY
DATE
IMPLIED
CREDIT
SPREAD
(%)(a)
NOTIONAL
AMOUNT(b)
UPFRONT
PAYMENTS
(RECEIPTS)
($)(c)
UNREALIZED
APPRECIATION
(DEPRECIATION)
($)
VALUE
($)
CDX.NA.HY.40-V1
5.00
Quarterly
6/20/2028
4.26
USD9,350,000
(221,496
)
(137,465
)
(358,961
)
(*)
The Fund, as a buyer of credit protection, is generally obligated to make periodic payments and may also pay or receive an upfront premium to or from
the protection seller, in exchange for the right to receive a contingent payment, upon occurrence of a credit event with respect to an underlying reference
obligation, as defined under the terms of individual swap contracts.
(a)
Implied credit spreads are an indication of the seller's performance risk, related to the likelihood of a credit event occurring that would require a seller to
make payment to a buyer. Implied credit spreads are used to determine the value of swap contracts and reflect the cost of buying/selling protection, which
may include upfront payments made to enter into the contract. Therefore, higher spreads would indicate a greater likelihood that a seller will be obligated
to perform (i.e. make payment) under the swap contract. Increasing values, in absolute terms and relative to notional amounts, are also indicative of
greater performance risk. Implied credit spreads for credit default swaps on credit indices are linked to the weighted average spread across the underlying
reference obligations included in a particular index.
(b)
The notional amount is the maximum amount that a seller of credit protection would be obligated to pay and a buyer of credit protection would receive,
upon occurrence of a credit event.
(c)
Upfront payments and receipts generally represent premiums paid or received at the initiation of the agreement to compensate the differences between
the stated terms of the swap agreement and current market conditions (credit spreads, interest rates and other relevant factors).
Abbreviations
 
CDX
Credit Default Swap Index
USD
United States Dollar
SEE NOTES TO FINANCIAL STATEMENTS.
August 31, 2023
J.P. Morgan Exchange-Traded Funds
133


JPMorgan Short Duration Core Plus ETF
SCHEDULE OF PORTFOLIO INVESTMENTS
AS OF August 31, 2023  (Unaudited)
INVESTMENTS
PRINCIPAL
AMOUNT($)
VALUE($)
Corporate Bonds — 35.3%
Aerospace & Defense — 0.1%
Boeing Co. (The) 2.20%, 2/4/2026
125,000
115,313
Bombardier, Inc. (Canada)
7.88%, 4/15/2027(a)
41,000
40,894
6.00%, 2/15/2028(a)
49,000
45,797
Spirit AeroSystems, Inc.
7.50%, 4/15/2025(a)
38,000
37,529
9.38%, 11/30/2029(a)
29,000
30,221
TransDigm, Inc. 6.25%, 3/15/2026(a)
95,000
94,095
 
363,849
Automobile Components — 0.2%
Adient Global Holdings Ltd. 7.00%,
4/15/2028(a)
50,000
50,515
Allison Transmission, Inc. 5.88%,
6/1/2029(a)
89,000
85,958
American Axle & Manufacturing, Inc.
6.50%, 4/1/2027
68,000
64,446
6.88%, 7/1/2028(b)
44,000
40,358
Clarios Global LP 6.25%, 5/15/2026(a)
32,000
31,692
Dana, Inc.
5.38%, 11/15/2027
62,000
58,654
4.50%, 2/15/2032
23,000
18,570
Goodyear Tire & Rubber Co. (The) 5.25%,
4/30/2031(b)
112,000
98,245
Icahn Enterprises LP 5.25%, 5/15/2027
80,000
70,200
 
518,638
Automobiles — 0.2%
Ford Motor Co. 9.63%, 4/22/2030
36,000
41,636
Hyundai Capital America 1.80%,
10/15/2025(a)
200,000
184,473
Volkswagen Group of America
Finance LLC (Germany) 3.35%,
5/13/2025(a)
200,000
192,440
 
418,549
Banks — 16.4%
ABN AMRO Bank NV (Netherlands) (US
Treasury Yield Curve Rate T Note Constant
Maturity 1 Year + 0.80%), 1.54%,
6/16/2027(a) (c)
400,000
352,841
AIB Group plc (Ireland) (ICE LIBOR USD 3
Month + 1.87%), 4.26%,
4/10/2025(a) (c)
645,000
635,420
ASB Bank Ltd. (New Zealand) 5.35%,
6/15/2026(a)
1,000,000
993,075
INVESTMENTS
PRINCIPAL
AMOUNT($)
VALUE($)
 
Banks — continued
Banco Bilbao Vizcaya Argentaria SA (Spain) (US
Treasury Yield Curve Rate T Note Constant
Maturity 1 Year + 2.30%), 5.86%,
9/14/2026(c)
800,000
793,391
Banco Continental SAECA (Paraguay) 2.75%,
12/10/2025(a)
150,000
136,488
Banco Santander SA (Spain)
2.75%, 5/28/2025
600,000
567,661
(US Treasury Yield Curve Rate T
Note Constant Maturity 1 Year + 0.90%),
1.72%, 9/14/2027(c)
200,000
175,793
(US Treasury Yield Curve Rate T
Note Constant Maturity 1 Year + 2.00%),
4.18%, 3/24/2028(c)
200,000
187,538
Bank of America Corp.
(3-MONTH CME TERM SOFR + 0.90%),
2.02%, 2/13/2026(c)
585,000
551,606
(SOFR + 1.33%), 3.38%, 4/2/2026(c)
380,000
365,194
(SOFR + 0.96%), 1.73%, 7/22/2027(c)
230,000
205,802
(SOFR + 1.05%), 2.55%, 2/4/2028(c)
345,000
312,021
(SOFR + 2.04%), 4.95%, 7/22/2028(c)
475,000
465,074
(SOFR + 1.99%), 6.20%, 11/10/2028(c)
400,000
409,195
(SOFR + 1.63%), 5.20%, 4/25/2029(c)
870,000
856,847
Bank of Ireland Group plc (Ireland)
(US Treasury Yield Curve Rate T
Note Constant Maturity 1 Year + 2.65%),
6.25%, 9/16/2026(a) (c)
335,000
334,202
(US Treasury Yield Curve Rate T
Note Constant Maturity 1 Year + 1.10%),
2.03%, 9/30/2027(a) (c)
245,000
215,556
Bank of Montreal (Canada) 5.20%, 2/1/2028
585,000
580,086
Bank of Nova Scotia (The) (Canada) 5.25%,
6/12/2028
500,000
495,603
Banque Federative du Credit Mutuel SA
(France)
5.90%, 7/13/2026(a)
500,000
501,525
4.75%, 7/13/2027(a)
530,000
514,369
Barclays plc (United Kingdom) (US Treasury
Yield Curve Rate T Note Constant Maturity 1
Year + 1.05%), 2.28%, 11/24/2027(c)
820,000
728,191
BNP Paribas SA (France)
(SOFR + 2.07%), 2.22%, 6/9/2026(a) (c)
795,000
742,719
(US Treasury Yield Curve Rate T
Note Constant Maturity 1 Year + 1.50%),
5.34%, 6/12/2029(a) (c)
500,000
492,672
BPCE SA (France)
5.70%, 10/22/2023(a)
400,000
399,269
5.15%, 7/21/2024(a)
285,000
281,490
SEE NOTES TO FINANCIAL STATEMENTS.
134
J.P. Morgan Exchange-Traded Funds
August 31, 2023


INVESTMENTS
PRINCIPAL
AMOUNT($)
VALUE($)
Corporate Bonds — continued
Banks — continued
(SOFR + 1.52%), 1.65%, 10/6/2026(a) (c)
750,000
681,714
(SOFR + 2.10%), 5.97%, 1/18/2027(a) (c)
500,000
497,467
4.75%, 7/19/2027(a)
500,000
483,266
Canadian Imperial Bank of Commerce (Canada)
5.00%, 4/28/2028
505,000
494,531
Citigroup, Inc.
(SOFR + 0.67%), 0.98%, 5/1/2025(c)
85,000
82,090
(SOFR + 0.69%), 2.01%, 1/25/2026(c)
455,000
430,441
(SOFR + 2.84%), 3.11%, 4/8/2026(c)
200,000
191,403
(SOFR + 1.55%), 5.61%, 9/29/2026(c)
1,750,000
1,742,011
(SOFR + 0.77%), 1.12%, 1/28/2027(c)
85,000
76,178
(3-MONTH CME TERM SOFR + 1.82%),
3.89%, 1/10/2028(c)
370,000
349,532
Series VAR, (SOFR + 1.28%), 3.07%,
2/24/2028(c)
500,000
458,980
Cooperatieve Rabobank UA (Netherlands)
(US Treasury Yield Curve Rate T
Note Constant Maturity 1 Year + 1.22%),
3.65%, 4/6/2028(a) (c)
535,000
496,681
(US Treasury Yield Curve Rate T
Note Constant Maturity 1 Year + 1.40%),
5.56%, 2/28/2029(a) (c)
500,000
494,040
Credit Agricole SA (France)
(SOFR + 1.68%), 1.91%, 6/16/2026(a) (c)
765,000
712,121
5.59%, 7/5/2026(a)
825,000
824,735
Danske Bank A/S (Denmark) (US Treasury Yield
Curve Rate T Note Constant Maturity 1 Year +
0.55%), 0.98%, 9/10/2025(a) (c)
805,000
761,521
DNB Bank ASA (Norway) (SOFRINDX + 1.95%),
5.90%, 10/9/2026(a) (c)
500,000
500,853
Federation des Caisses Desjardins du Quebec
(Canada)
4.40%, 8/23/2025(a)
200,000
194,111
5.70%, 3/14/2028(a)
325,000
325,465
HSBC Holdings plc (United Kingdom)
(3-MONTH CME TERM SOFR + 1.47%),
3.80%, 3/11/2025(c)
250,000
246,871
(SOFR + 0.71%), 0.98%, 5/24/2025(c)
350,000
336,401
(SOFR + 1.29%), 1.59%, 5/24/2027(c)
569,000
505,560
(SOFR + 1.57%), 5.89%, 8/14/2027(c)
855,000
852,319
(SOFR + 1.10%), 2.25%, 11/22/2027(c)
385,000
343,322
(SOFR + 2.61%), 5.21%, 8/11/2028(c)
420,000
409,837
ING Groep NV (Netherlands)
(US Treasury Yield Curve Rate T
Note Constant Maturity 1 Year + 1.10%),
1.40%, 7/1/2026(a) (c)
500,000
459,763
(SOFR + 1.01%), 1.73%, 4/1/2027(c)
200,000
179,851
INVESTMENTS
PRINCIPAL
AMOUNT($)
VALUE($)
 
Banks — continued
KBC Group NV (Belgium) (US Treasury Yield
Curve Rate T Note Constant Maturity 1 Year +
2.10%), 5.80%, 1/19/2029(a) (c)
200,000
198,005
Lloyds Banking Group plc (United Kingdom)
(US Treasury Yield Curve Rate T
Note Constant Maturity 1 Year + 1.00%),
2.44%, 2/5/2026(c)
200,000
189,435
(US Treasury Yield Curve Rate T
Note Constant Maturity 1 Year + 1.70%),
5.87%, 3/6/2029(c)
755,000
749,188
Mitsubishi UFJ Financial Group, Inc. (Japan)
(US Treasury Yield Curve Rate T
Note Constant Maturity 1 Year + 1.13%),
3.84%, 4/17/2026(c)
258,000
249,720
(US Treasury Yield Curve Rate T
Note Constant Maturity 1 Year + 0.75%),
1.54%, 7/20/2027(c)
512,000
456,442
(US Treasury Yield Curve Rate T
Note Constant Maturity 1 Year + 0.83%),
2.34%, 1/19/2028(c)
400,000
358,893
(US Treasury Yield Curve Rate T
Note Constant Maturity 1 Year + 1.38%),
5.42%, 2/22/2029(c)
500,000
497,883
Mizuho Financial Group, Inc. (Japan)
(3-MONTH CME TERM SOFR + 1.24%),
2.84%, 7/16/2025(c)
200,000
194,098
(US Treasury Yield Curve Rate T
Note Constant Maturity 1 Year + 0.90%),
2.65%, 5/22/2026(b) (c)
470,000
442,670
(US Treasury Yield Curve Rate T
Note Constant Maturity 1 Year + 1.65%),
5.78%, 7/6/2029(c)
750,000
751,217
NatWest Group plc (United Kingdom)
4.80%, 4/5/2026
500,000
486,808
(US Treasury Yield Curve Rate T
Note Constant Maturity 1 Year + 2.85%),
7.47%, 11/10/2026(c)
350,000
360,353
(US Treasury Yield Curve Rate T
Note Constant Maturity 1 Year + 1.35%),
5.85%, 3/2/2027(c)
750,000
745,547
Nordea Bank Abp (Finland) 1.50%,
9/30/2026(a)
500,000
441,327
Royal Bank of Canada (Canada) 5.20%,
8/1/2028
620,000
615,733
Santander UK Group Holdings plc (United
Kingdom)
(SOFR + 0.79%), 1.09%, 3/15/2025(c)
645,000
625,277
SEE NOTES TO FINANCIAL STATEMENTS.
August 31, 2023
J.P. Morgan Exchange-Traded Funds
135


JPMorgan Short Duration Core Plus ETF
SCHEDULE OF PORTFOLIO INVESTMENTS
AS OF August 31, 2023  (Unaudited) (continued)
INVESTMENTS
PRINCIPAL
AMOUNT($)
VALUE($)
Corporate Bonds — continued
Banks — continued
(US Treasury Yield Curve Rate T
Note Constant Maturity 1 Year + 1.25%),
1.53%, 8/21/2026(c)
655,000
594,532
(SOFR + 2.60%), 6.53%, 1/10/2029(c)
275,000
277,166
Societe Generale SA (France)
(US Treasury Yield Curve Rate T
Note Constant Maturity 1 Year + 1.05%),
2.23%, 1/21/2026(a) (c)
365,000
343,377
(US Treasury Yield Curve Rate T
Note Constant Maturity 1 Year + 1.10%),
1.49%, 12/14/2026(a) (c)
570,000
510,768
(US Treasury Yield Curve Rate T
Note Constant Maturity 1 Year + 2.30%),
6.45%, 1/12/2027(a) (c)
805,000
808,766
Standard Chartered plc (United Kingdom)
(US Treasury Yield Curve Rate T
Note Constant Maturity 1 Year + 0.78%),
0.99%, 1/12/2025(a) (c)
250,000
244,787
(ICE LIBOR USD 3 Month + 1.21%), 2.82%,
1/30/2026(a) (c)
200,000
190,398
(US Treasury Yield Curve Rate T
Note Constant Maturity 1 Year + 1.65%),
3.97%, 3/30/2026(a) (c)
310,000
299,123
(US Treasury Yield Curve Rate T
Note Constant Maturity 1 Year + 1.85%),
6.19%, 7/6/2027(a) (c)
470,000
470,982
Sumitomo Mitsui Financial Group, Inc. (Japan)
5.88%, 7/13/2026
585,000
589,610
5.52%, 1/13/2028
775,000
774,705
Sumitomo Mitsui Trust Bank Ltd. (Japan)
0.85%, 3/25/2024(a)
200,000
194,494
Svenska Handelsbanken AB (Sweden) 5.50%,
6/15/2028(a)
750,000
738,914
Toronto-Dominion Bank (The) (Canada)
5.10%, 1/9/2026
575,000
570,447
5.53%, 7/17/2026
620,000
621,368
Wells Fargo & Co.
(3-MONTH CME TERM SOFR + 1.01%),
2.16%, 2/11/2026(c)
150,000
141,820
(SOFR + 1.56%), 4.54%, 8/15/2026(c)
535,000
522,414
(SOFR + 1.51%), 3.53%, 3/24/2028(c)
285,000
265,170
(SOFR + 1.98%), 4.81%, 7/25/2028(c)
945,000
916,627
(SOFR + 1.74%), 5.57%, 7/25/2029(c)
475,000
473,033
 
42,335,789
INVESTMENTS
PRINCIPAL
AMOUNT($)
VALUE($)
 
Biotechnology — 0.2%
Amgen, Inc. 5.15%, 3/2/2028
510,000
509,467
Emergent BioSolutions, Inc. 3.88%,
8/15/2028(a)
39,000
18,720
 
528,187
Broadline Retail — 0.0% ^
NMG Holding Co., Inc. 7.13%, 4/1/2026(a)
72,000
68,430
Nordstrom, Inc. 4.38%, 4/1/2030
44,000
35,155
 
103,585
Building Products — 0.2%
Builders FirstSource, Inc. 4.25%,
2/1/2032(a)
64,000
54,411
Emerald Debt Merger Sub LLC 6.63%,
12/15/2030(a)
55,000
54,143
Griffon Corp. 5.75%, 3/1/2028
80,000
74,561
JELD-WEN, Inc. 4.88%, 12/15/2027(a)
44,000
39,159
PGT Innovations, Inc. 4.38%, 10/1/2029(a)
49,000
45,469
Standard Industries, Inc. 4.75%,
1/15/2028(a)
64,000
58,944
Summit Materials LLC 5.25%, 1/15/2029(a)
54,000
50,584
 
377,271
Capital Markets — 4.0%
Bank of New York Mellon Corp. (The) (SOFR +
1.03%), 4.95%, 4/26/2027(c)
380,000
374,050
Credit Suisse AG (Switzerland) 7.50%,
2/15/2028
270,000
288,766
Deutsche Bank AG (Germany)
(SOFR + 2.16%), 2.22%, 9/18/2024(c)
150,000
149,765
(SOFR + 1.87%), 2.13%, 11/24/2026(c)
500,000
453,634
(SOFR + 2.52%), 7.15%, 7/13/2027(c)
350,000
355,235
5.37%, 9/9/2027
320,000
317,318
(SOFR + 3.18%), 6.72%, 1/18/2029(c)
240,000
242,990
Goldman Sachs Group, Inc. (The)
(SOFR + 0.73%), 1.76%, 1/24/2025(c)
500,000
490,725
(SOFR + 0.91%), 1.95%, 10/21/2027(c)
423,000
376,434
(SOFR + 1.11%), 2.64%, 2/24/2028(c)
390,000
352,955
(SOFR + 1.85%), 3.62%, 3/15/2028(c)
720,000
673,215
Macquarie Bank Ltd. (Australia) 5.21%,
6/15/2026(a)
1,000,000
992,355
Macquarie Group Ltd. (Australia)
6.21%, 11/22/2024(a)
490,000
490,047
(SOFR + 0.91%), 1.63%, 9/23/2027(a) (c)
140,000
122,881
(SOFR + 2.13%), 4.10%, 6/21/2028(a) (c)
380,000
356,712
Morgan Stanley
(SOFR + 0.72%), 0.98%, 12/10/2026(c)
150,000
134,571
SEE NOTES TO FINANCIAL STATEMENTS.
136
J.P. Morgan Exchange-Traded Funds
August 31, 2023


INVESTMENTS
PRINCIPAL
AMOUNT($)
VALUE($)
Corporate Bonds — continued
Capital Markets — continued
(SOFR + 0.86%), 1.51%, 7/20/2027(c)
335,000
297,424
(SOFR + 1.00%), 2.48%, 1/21/2028(c)
400,000
360,847
(SOFR + 2.24%), 6.30%, 10/18/2028(c)
985,000
1,010,396
(SOFR + 1.59%), 5.16%, 4/20/2029(c)
565,000
554,169
Nomura Holdings, Inc. (Japan) 1.85%,
7/16/2025
200,000
184,811
UBS Group AG (Switzerland)
(SOFR + 1.56%), 2.59%, 9/11/2025(a) (c)
250,000
241,053
(SOFR + 3.34%), 6.37%, 7/15/2026(a) (c)
405,000
406,685
(US Treasury Yield Curve Rate T
Note Constant Maturity 1 Year + 1.55%),
5.71%, 1/12/2027(a) (c)
297,000
295,798
(US Treasury Yield Curve Rate T
Note Constant Maturity 1 Year + 2.05%),
4.70%, 8/5/2027(a) (c)
410,000
397,466
(SOFR + 3.70%), 6.44%, 8/11/2028(a) (c)
370,000
376,764
 
10,297,066
Chemicals — 0.2%
Avient Corp. 5.75%, 5/15/2025(a)
44,000
43,415
Braskem Netherlands Finance BV (Brazil)
4.50%, 1/31/2030(d)
200,000
167,560
Chemours Co. (The)
5.38%, 5/15/2027
26,000
24,475
5.75%, 11/15/2028(a)
54,000
48,509
Element Solutions, Inc. 3.88%, 9/1/2028(a)
62,000
54,505
NOVA Chemicals Corp. (Canada) 4.25%,
5/15/2029(a)
67,000
54,421
Scotts Miracle-Gro Co. (The) 4.50%,
10/15/2029
108,000
90,323
Trinseo Materials Operating SCA 5.38%,
9/1/2025(a)
49,000
45,648
WR Grace Holdings LLC 4.88%, 6/15/2027(a)
64,000
59,689
 
588,545
Commercial Services & Supplies — 0.3%
ACCO Brands Corp. 4.25%, 3/15/2029(a)
67,000
57,239
Allied Universal Holdco LLC 6.63%,
7/15/2026(a)
31,000
29,486
APi Group DE, Inc. 4.13%, 7/15/2029(a)
50,000
43,001
Aramark Services, Inc. 5.00%, 2/1/2028(a)
59,000
55,042
Brink's Co. (The) 4.63%, 10/15/2027(a)
31,000
28,826
Garda World Security Corp. (Canada) 4.63%,
2/15/2027(a)
85,000
78,634
GFL Environmental, Inc. (Canada)
4.00%, 8/1/2028(a)
40,000
35,709
4.75%, 6/15/2029(a)
71,000
64,320
INVESTMENTS
PRINCIPAL
AMOUNT($)
VALUE($)
 
Commercial Services & Supplies — continued
Madison IAQ LLC 4.13%, 6/30/2028(a)
126,000
111,476
Prime Security Services Borrower LLC 5.75%,
4/15/2026(a)
130,000
127,575
 
631,308
Communications Equipment — 0.1%
CommScope, Inc.
6.00%, 3/1/2026(a)
85,000
77,245
4.75%, 9/1/2029(a)
95,000
70,598
 
147,843
Construction & Engineering — 0.1%
Dycom Industries, Inc. 4.50%, 4/15/2029(a)
44,000
39,287
Global Infrastructure Solutions, Inc. 5.63%,
6/1/2029(a)
54,000
45,349
Pike Corp. 5.50%, 9/1/2028(a)
35,000
31,497
Weekley Homes LLC 4.88%, 9/15/2028(a)
59,000
52,067
 
168,200
Consumer Finance — 1.5%
AerCap Ireland Capital DAC (Ireland)
4.88%, 1/16/2024
450,000
447,746
2.88%, 8/14/2024
200,000
193,911
5.75%, 6/6/2028
500,000
495,634
Avolon Holdings Funding Ltd. (Ireland)
5.25%, 5/15/2024(a)
450,000
444,252
5.50%, 1/15/2026(a)
125,000
121,694
Capital One Financial Corp.
(SOFR + 0.69%), 1.34%, 12/6/2024(c)
270,000
266,126
(SOFR + 2.06%), 4.93%, 5/10/2028(c)
400,000
384,786
(SOFR + 2.08%), 5.47%, 2/1/2029(c)
345,000
334,674
Ford Motor Credit Co. LLC 4.27%, 1/9/2027
425,000
392,950
General Motors Financial Co., Inc. 5.00%,
4/9/2027
380,000
370,334
Navient Corp. 7.25%, 9/25/2023
19,000
19,000
OneMain Finance Corp.
7.13%, 3/15/2026
67,000
65,911
6.63%, 1/15/2028
23,000
21,505
5.38%, 11/15/2029
23,000
19,867
Park Aerospace Holdings Ltd. (Ireland) 5.50%,
2/15/2024(a)
150,000
148,999
 
3,727,389
Consumer Staples Distribution & Retail — 0.1%
Albertsons Cos., Inc.
4.63%, 1/15/2027(a)
216,000
203,996
3.50%, 3/15/2029(a)
59,000
51,036
SEE NOTES TO FINANCIAL STATEMENTS.
August 31, 2023
J.P. Morgan Exchange-Traded Funds
137


JPMorgan Short Duration Core Plus ETF
SCHEDULE OF PORTFOLIO INVESTMENTS
AS OF August 31, 2023  (Unaudited) (continued)
INVESTMENTS
PRINCIPAL
AMOUNT($)
VALUE($)
Corporate Bonds — continued
Consumer Staples Distribution & Retail — continued
Performance Food Group, Inc. 5.50%,
10/15/2027(a)
22,000
21,184
Rite Aid Corp. 8.00%, 11/15/2026(a)
85,000
53,975
 
330,191
Containers & Packaging — 0.3%
Ardagh Packaging Finance plc 4.13%,
8/15/2026(a)
200,000
187,063
Graphic Packaging International LLC 1.51%,
4/15/2026(a)
70,000
62,779
LABL, Inc. 6.75%, 7/15/2026(a)
100,000
97,743
Mauser Packaging Solutions Holding
Co. 7.88%, 8/15/2026(a)
113,000
111,276
Owens-Brockway Glass Container, Inc. 6.63%,
5/13/2027(a)
62,000
61,286
Pactiv Evergreen Group Issuer, Inc. 4.00%,
10/15/2027(a)
49,000
44,072
Trivium Packaging Finance BV (Netherlands)
5.50%, 8/15/2026(a) (e)
200,000
188,632
 
752,851
Diversified Consumer Services — 0.0% ^
Service Corp. International 5.13%, 6/1/2029
41,000
38,591
Diversified Telecommunication Services — 0.5%
Altice France SA (France) 5.13%,
7/15/2029(a)
200,000
141,385
CCO Holdings LLC
5.00%, 2/1/2028(a)
137,000
126,245
4.75%, 3/1/2030(a)
257,000
220,967
4.50%, 8/15/2030(a)
285,000
239,741
4.75%, 2/1/2032(a)
13,000
10,757
Frontier Communications Holdings LLC 5.88%,
10/15/2027(a)
77,000
70,132
Intelsat Jackson Holdings SA (Luxembourg)
6.50%, 3/15/2030(a)
62,000
56,849
Lumen Technologies, Inc.
5.13%, 12/15/2026(a)
41,000
21,239
4.00%, 2/15/2027(a)
216,000
136,127
NBN Co. Ltd. (Australia) 1.45%, 5/5/2026(a)
200,000
180,212
Telecom Italia Capital SA (Italy) 6.38%,
11/15/2033
31,000
27,242
 
1,230,896
Electric Utilities — 1.7%
Enel Finance America LLC (Italy) 7.10%,
10/14/2027(a)
200,000
208,843
Enel Finance International NV (Italy) 4.63%,
6/15/2027(a)
445,000
429,361
INVESTMENTS
PRINCIPAL
AMOUNT($)
VALUE($)
 
Electric Utilities — continued
Eskom Holdings SOC Ltd. (South Africa) 7.13%,
2/11/2025(d)
200,000
197,064
Exelon Corp. 5.15%, 3/15/2028
305,000
302,796
Fells Point Funding Trust 3.05%,
1/31/2027(a)
535,000
489,229
ITC Holdings Corp. 3.65%, 6/15/2024
745,000
731,513
Metropolitan Edison Co. 5.20%, 4/1/2028(a)
240,000
237,007
NextEra Energy Capital Holdings, Inc.
5.75%, 9/1/2025
445,000
446,054
4.90%, 2/28/2028
600,000
589,612
NRG Energy, Inc.
3.38%, 2/15/2029(a)
46,000
37,916
5.25%, 6/15/2029(a)
67,000
60,307
Pennsylvania Electric Co. 5.15%,
3/30/2026(a)
225,000
221,354
PG&E Corp. 5.00%, 7/1/2028(b)
60,000
55,194
Vistra Operations Co. LLC
3.55%, 7/15/2024(a)
350,000
340,566
5.00%, 7/31/2027(a)
90,000
84,646
4.38%, 5/1/2029(a)
27,000
23,806
 
4,455,268
Electrical Equipment — 0.0% ^
Vertiv Group Corp. 4.13%, 11/15/2028(a)
44,000
39,502
Electronic Equipment, Instruments & Components — 0.0% ^
Coherent Corp. 5.00%, 12/15/2029(a)
41,000
36,416
Energy Equipment & Services — 0.1%
Guara Norte SARL (Brazil) 5.20%,
6/15/2034(a)
176,852
154,745
Nabors Industries, Inc. 7.38%, 5/15/2027(a)
40,000
39,036
Precision Drilling Corp. (Canada) 7.13%,
1/15/2026(a)
54,000
53,528
Transocean, Inc. 8.75%, 2/15/2030(a)
33,250
34,015
 
281,324
Entertainment — 0.5%
Cinemark USA, Inc.
5.88%, 3/15/2026(a)
31,000
29,760
5.25%, 7/15/2028(a) (b)
28,000
24,871
Live Nation Entertainment, Inc. 4.75%,
10/15/2027(a)
85,000
79,186
Take-Two Interactive Software, Inc. 5.00%,
3/28/2026
103,000
101,894
Warnermedia Holdings, Inc. 3.76%,
3/15/2027
975,000
914,470
 
1,150,181
SEE NOTES TO FINANCIAL STATEMENTS.
138
J.P. Morgan Exchange-Traded Funds
August 31, 2023


INVESTMENTS
PRINCIPAL
AMOUNT($)
VALUE($)
Corporate Bonds — continued
Financial Services — 1.1%
Block, Inc.
2.75%, 6/1/2026
15,000
13,640
3.50%, 6/1/2031
38,000
31,159
Element Fleet Management Corp. (Canada)
1.60%, 4/6/2024(a)
145,000
141,093
3.85%, 6/15/2025(a)
200,000
191,078
Fondo MIVIVIENDA SA (Peru) 4.63%,
4/12/2027(a)
200,000
191,324
Global Payments, Inc.
1.20%, 3/1/2026
415,000
371,219
4.95%, 8/15/2027
335,000
326,466
National Rural Utilities Cooperative Finance
Corp. 5.05%, 9/15/2028
615,000
613,698
Nationstar Mortgage Holdings, Inc. 6.00%,
1/15/2027(a)
72,000
68,580
Nationwide Building Society (United Kingdom)
(SOFR + 1.29%), 2.97%, 2/16/2028(a) (c)
850,000
768,081
Rocket Mortgage LLC
2.88%, 10/15/2026(a)
17,000
15,109
3.63%, 3/1/2029(a)
44,000
37,450
4.00%, 10/15/2033(a)
5,000
3,953
 
2,772,850
Food Products — 0.3%
Post Holdings, Inc.
5.63%, 1/15/2028(a)
63,000
60,410
4.63%, 4/15/2030(a)
31,000
27,465
Viterra Finance BV (Netherlands)
2.00%, 4/21/2026(a)
200,000
180,587
4.90%, 4/21/2027(a)
570,000
551,491
 
819,953
Gas Utilities — 0.0% ^
AmeriGas Partners LP 5.88%, 8/20/2026
49,000
46,486
Superior Plus LP (Canada) 4.50%,
3/15/2029(a)
35,000
30,800
 
77,286
Ground Transportation — 0.1%
Avis Budget Car Rental LLC
5.75%, 7/15/2027(a) (b)
64,000
61,106
4.75%, 4/1/2028(a)
31,000
28,193
First Student Bidco, Inc. 4.00%,
7/31/2029(a)
59,000
50,150
Hertz Corp. (The) 4.63%, 12/1/2026(a)
108,000
97,782
Uber Technologies, Inc. 7.50%, 9/15/2027(a)
40,000
40,842
XPO Escrow Sub LLC 7.50%, 11/15/2027(a)
50,000
50,838
INVESTMENTS
PRINCIPAL
AMOUNT($)
VALUE($)
 
Ground Transportation — continued
XPO, Inc.
6.25%, 6/1/2028(a)
20,000
19,598
7.13%, 6/1/2031(a)
20,000
20,106
 
368,615
Health Care Equipment & Supplies — 0.1%
Medline Borrower LP
3.88%, 4/1/2029(a)
90,000
78,568
5.25%, 10/1/2029(a)
90,000
79,922
 
158,490
Health Care Providers & Services — 0.5%
Acadia Healthcare Co., Inc. 5.50%,
7/1/2028(a)
41,000
38,841
AdaptHealth LLC 4.63%, 8/1/2029(a)
54,000
44,123
Community Health Systems, Inc.
8.00%, 3/15/2026(a)
98,000
95,663
5.63%, 3/15/2027(a)
23,000
20,239
6.00%, 1/15/2029(a)
67,000
56,113
4.75%, 2/15/2031(a)
77,000
57,365
DaVita, Inc. 4.63%, 6/1/2030(a)
103,000
88,349
Encompass Health Corp. 4.75%, 2/1/2030
81,000
73,778
HCA, Inc. 5.20%, 6/1/2028
520,000
512,403
Owens & Minor, Inc. 4.50%, 3/31/2029(a)
45,000
38,138
Tenet Healthcare Corp.
5.13%, 11/1/2027
59,000
56,099
4.25%, 6/1/2029
198,000
176,776
 
1,257,887
Hotel & Resort REITs — 0.0% ^
RHP Hotel Properties LP 4.75%, 10/15/2027
67,000
62,292
Hotels, Restaurants & Leisure — 0.6%
1011778 BC ULC (Canada) 3.88%,
1/15/2028(a)
46,000
41,839
Boyd Gaming Corp. 4.75%, 12/1/2027
59,000
55,236
Boyne USA, Inc. 4.75%, 5/15/2029(a)
85,000
76,713
Caesars Entertainment, Inc. 6.25%,
7/1/2025(a)
95,000
94,263
Carnival Corp. 9.88%, 8/1/2027(a)
162,000
171,237
Cedar Fair LP 5.25%, 7/15/2029(b)
85,000
76,515
Gohl Capital Ltd. (Malaysia) 4.25%,
1/24/2027(d)
200,000
185,476
Hilton Domestic Operating Co., Inc. 4.88%,
1/15/2030
72,000
67,170
Marriott Ownership Resorts, Inc. 4.50%,
6/15/2029(a)
49,000
41,406
MGM Resorts International 5.50%, 4/15/2027
78,000
74,522
SEE NOTES TO FINANCIAL STATEMENTS.
August 31, 2023
J.P. Morgan Exchange-Traded Funds
139



JPMorgan Short Duration Core Plus ETF
SCHEDULE OF PORTFOLIO INVESTMENTS
AS OF August 31, 2023  (Unaudited) (continued)
INVESTMENTS
PRINCIPAL
AMOUNT($)
VALUE($)
Corporate Bonds — continued
Hotels, Restaurants & Leisure — continued
Royal Caribbean Cruises Ltd.
8.25%, 1/15/2029(a)
75,000
78,114
9.25%, 1/15/2029(a)
70,000
74,609
Sands China Ltd. (Macau) 5.38%,
8/8/2025(e)
200,000
193,335
Six Flags Entertainment Corp. 5.50%,
4/15/2027(a)
56,000
52,710
Six Flags Theme Parks, Inc. 7.00%,
7/1/2025(a)
22,000
21,994
Station Casinos LLC 4.50%, 2/15/2028(a)
49,000
43,855
Wynn Las Vegas LLC 5.50%, 3/1/2025(a)
49,000
48,406
Wynn Resorts Finance LLC 5.13%,
10/1/2029(a)
60,000
53,712
Yum! Brands, Inc.
4.75%, 1/15/2030(a)
28,000
25,784
4.63%, 1/31/2032
8,000
7,158
 
1,484,054
Household Durables — 0.1%
CD&R Smokey Buyer, Inc. 6.75%,
7/15/2025(a)
54,000
52,260
Newell Brands, Inc. 6.38%, 9/15/2027
80,000
78,371
Tempur Sealy International, Inc. 4.00%,
4/15/2029(a)
90,000
77,308
 
207,939
Household Products — 0.1%
Central Garden & Pet Co.
4.13%, 10/15/2030
59,000
50,780
4.13%, 4/30/2031(a)
31,000
26,325
Energizer Holdings, Inc.
4.75%, 6/15/2028(a)
41,000
36,201
4.38%, 3/31/2029(a)
44,000
37,686
Spectrum Brands, Inc. 5.00%, 10/1/2029(a)
90,000
82,539
 
233,531
Independent Power and Renewable Electricity Producers — 0.2%
Calpine Corp. 4.50%, 2/15/2028(a)
85,000
78,687
Constellation Energy Generation LLC 5.60%,
3/1/2028
355,000
357,349
Termocandelaria Power Ltd. (Colombia)
7.88%, 1/30/2029(d)
155,000
144,508
 
580,544
Industrial REITs — 0.3%
Prologis LP 4.88%, 6/15/2028
685,000
677,903
INVESTMENTS
PRINCIPAL
AMOUNT($)
VALUE($)
 
Insurance — 1.1%
Athene Global Funding
0.95%, 1/8/2024(a)
259,000
254,051
0.91%, 8/19/2024(a)
295,000
280,185
2.50%, 1/14/2025(a)
308,000
291,473
Equitable Financial Life Global Funding 0.80%,
8/12/2024(a)
230,000
219,005
Jackson National Life Global Funding
3.88%, 6/11/2025(a)
150,000
143,184
5.50%, 1/9/2026(a)
575,000
564,188
Met Tower Global Funding 5.40%,
6/20/2026(a)
1,000,000
998,044
 
2,750,130
IT Services — 0.0% ^
Arches Buyer, Inc. 4.25%, 6/1/2028(a)
49,000
42,623
Presidio Holdings, Inc. 4.88%, 2/1/2027(a)
52,000
48,617
 
91,240
Leisure Products — 0.0% ^
Vista Outdoor, Inc. 4.50%, 3/15/2029(a)
59,000
49,175
Life Sciences Tools & Services — 0.0% ^
Syneos Health, Inc. 3.63%, 1/15/2029(a)
54,000
53,865
Machinery — 0.0% ^
Chart Industries, Inc. 7.50%, 1/1/2030(a)
62,000
63,528
Terex Corp. 5.00%, 5/15/2029(a)
41,000
37,644
 
101,172
Media — 0.6%
Clear Channel Outdoor Holdings, Inc.
5.13%, 8/15/2027(a)
131,000
117,329
7.75%, 4/15/2028(a)
26,000
20,450
CSC Holdings LLC
5.25%, 6/1/2024
44,000
41,737
6.50%, 2/1/2029(a)
200,000
165,332
Directv Financing LLC 5.88%, 8/15/2027(a)
49,000
43,425
DISH DBS Corp.
5.88%, 11/15/2024
44,000
40,925
7.75%, 7/1/2026
76,000
56,840
5.25%, 12/1/2026(a)
98,000
82,609
DISH Network Corp. 11.75%, 11/15/2027(a)
49,000
49,717
Gannett Holdings LLC 6.00%, 11/1/2026(a)
41,000
35,170
Gray Escrow II, Inc. 5.38%, 11/15/2031(a)
90,000
62,833
iHeartCommunications, Inc.
8.38%, 5/1/2027(b)
22,500
15,580
5.25%, 8/15/2027(a)
100,000
79,073
News Corp. 3.88%, 5/15/2029(a)
46,000
40,397
SEE NOTES TO FINANCIAL STATEMENTS.
140
J.P. Morgan Exchange-Traded Funds
August 31, 2023


INVESTMENTS
PRINCIPAL
AMOUNT($)
VALUE($)
Corporate Bonds — continued
Media — continued
Nexstar Media, Inc. 5.63%, 7/15/2027(a)
97,000
91,174
Scripps Escrow II, Inc. 3.88%, 1/15/2029(a)
36,000
28,902
Scripps Escrow, Inc. 5.88%, 7/15/2027(a)
18,000
14,544
Sinclair Television Group, Inc. 4.13%,
12/1/2030(a)
59,000
38,022
Sirius XM Radio, Inc.
5.00%, 8/1/2027(a)
49,000
45,304
5.50%, 7/1/2029(a)
190,000
171,049
Stagwell Global LLC 5.63%, 8/15/2029(a)
67,000
55,954
TEGNA, Inc. 4.63%, 3/15/2028
50,000
44,658
Univision Communications, Inc.
6.63%, 6/1/2027(a)
26,000
25,171
4.50%, 5/1/2029(a)
53,000
45,619
Videotron Ltd. (Canada) 5.13%,
4/15/2027(a)
41,000
39,258
 
1,451,072
Metals & Mining — 0.2%
ATI, Inc. 5.88%, 12/1/2027
108,000
105,030
Big River Steel LLC 6.63%, 1/31/2029(a)
41,000
40,761
Carpenter Technology Corp. 6.38%,
7/15/2028
67,000
65,459
Cleveland-Cliffs, Inc.
6.75%, 3/15/2026(a)
62,000
62,019
5.88%, 6/1/2027
8,000
7,704
4.63%, 3/1/2029(a)
13,000
11,526
CSN Inova Ventures (Brazil) 6.75%,
1/28/2028(d)
200,000
187,332
FMG Resources August 2006 Pty.
Ltd. (Australia) 4.50%, 9/15/2027(a)
62,000
57,201
Novelis Corp. 4.75%, 1/30/2030(a)
77,000
68,911
 
605,943
Oil, Gas & Consumable Fuels — 1.7%
Antero Midstream Partners LP
7.88%, 5/15/2026(a)
48,000
48,835
5.38%, 6/15/2029(a)
26,000
24,363
Antero Resources Corp.
7.63%, 2/1/2029(a)
27,000
27,670
5.38%, 3/1/2030(a)
59,000
55,163
APA Infrastructure Ltd. (Australia) 4.20%,
3/23/2025(a)
350,000
341,402
Baytex Energy Corp. (Canada) 8.75%,
4/1/2027(a)
44,000
45,030
Blue Racer Midstream LLC 6.63%,
7/15/2026(a)
27,000
26,536
Buckeye Partners LP 4.13%, 12/1/2027
80,000
72,743
INVESTMENTS
PRINCIPAL
AMOUNT($)
VALUE($)
 
Oil, Gas & Consumable Fuels — continued
California Resources Corp. 7.13%,
2/1/2026(a)
35,000
35,090
Chesapeake Energy Corp. 6.75%,
4/15/2029(a)
72,000
71,476
Chord Energy Corp. 6.38%, 6/1/2026(a)
36,000
35,482
Civitas Resources, Inc.
8.38%, 7/1/2028(a)
23,000
23,690
8.75%, 7/1/2031(a)
20,000
20,700
CNX Resources Corp. 6.00%, 1/15/2029(a)
54,000
51,428
Comstock Resources, Inc. 6.75%,
3/1/2029(a)
98,000
91,696
Crestwood Midstream Partners LP
5.63%, 5/1/2027(a)
49,000
47,530
8.00%, 4/1/2029(a)
36,000
37,199
DT Midstream, Inc. 4.13%, 6/15/2029(a)
85,000
75,303
Ecopetrol SA (Colombia)
5.38%, 6/26/2026
150,000
144,787
8.63%, 1/19/2029
50,000
50,875
Energian Israel Finance Ltd. (Israel)
4.50%, 3/30/2024(d)
12,000
11,868
4.88%, 3/30/2026(d)
180,000
168,442
Energy Transfer LP 5.55%, 2/15/2028
410,000
408,507
EQM Midstream Partners LP
4.00%, 8/1/2024
10,000
9,757
5.50%, 7/15/2028
85,000
81,208
Genesis Energy LP 8.00%, 1/15/2027
46,000
45,348
Gray Oak Pipeline LLC 2.60%, 10/15/2025(a)
475,000
439,247
Greenko Dutch BV (India) 3.85%,
3/29/2026(a)
188,000
169,480
Gulfport Energy Corp. 8.00%, 5/17/2026(a)
76,436
77,623
Hilcorp Energy I LP 5.75%, 2/1/2029(a)
72,000
66,780
Kinetik Holdings LP 5.88%, 6/15/2030(a)
54,000
52,300
Leviathan Bond Ltd. (Israel)
6.13%, 6/30/2025(d)
50,000
48,915
6.50%, 6/30/2027(d)
150,000
144,645
MEG Energy Corp. (Canada) 5.88%,
2/1/2029(a)
54,000
51,588
NGL Energy Operating LLC 7.50%,
2/1/2026(a)
28,000
27,876
NuStar Logistics LP 5.63%, 4/28/2027
55,000
53,364
Petroleos Mexicanos (Mexico)
4.25%, 1/15/2025
150,000
141,113
4.50%, 1/23/2026
100,000
87,850
6.88%, 8/4/2026
180,000
163,593
6.49%, 1/23/2027
270,000
235,478
SEE NOTES TO FINANCIAL STATEMENTS.
August 31, 2023
J.P. Morgan Exchange-Traded Funds
141


JPMorgan Short Duration Core Plus ETF
SCHEDULE OF PORTFOLIO INVESTMENTS
AS OF August 31, 2023  (Unaudited) (continued)
INVESTMENTS
PRINCIPAL
AMOUNT($)
VALUE($)
Corporate Bonds — continued
Oil, Gas & Consumable Fuels — continued
Range Resources Corp.
8.25%, 1/15/2029
54,000
56,060
4.75%, 2/15/2030(a)
24,000
21,671
SM Energy Co.
6.75%, 9/15/2026
26,000
25,891
6.63%, 1/15/2027
54,000
53,325
Southwestern Energy Co.
8.38%, 9/15/2028
31,000
32,266
5.38%, 3/15/2030
45,000
42,128
Sunoco LP 5.88%, 3/15/2028
54,000
52,450
Tallgrass Energy Partners LP
6.00%, 3/1/2027(a)
44,000
42,163
6.00%, 12/31/2030(a)
32,000
28,627
Venture Global LNG, Inc. 8.13%, 6/1/2028(a)
60,000
60,525
Vital Energy, Inc. 9.50%, 1/15/2025
31,000
31,155
 
4,258,241
Passenger Airlines — 0.1%
American Airlines, Inc.
5.50%, 4/20/2026(a)
110,917
108,841
5.75%, 4/20/2029(a)
48,750
46,624
United Airlines, Inc. 4.38%, 4/15/2026(a)
47,000
44,294
VistaJet Malta Finance plc (Switzerland)
9.50%, 6/1/2028(a)
40,000
36,912
 
236,671
Personal Care Products — 0.1%
Edgewell Personal Care Co. 5.50%,
6/1/2028(a)
108,000
101,790
Prestige Brands, Inc. 5.13%, 1/15/2028(a)
54,000
51,033
 
152,823
Pharmaceuticals — 0.1%
Bausch Health Americas, Inc. 9.25%,
4/1/2026(a)
88,000
79,709
Bausch Health Cos., Inc.
5.50%, 11/1/2025(a)
59,000
53,133
4.88%, 6/1/2028(a)
257,000
152,502
Elanco Animal Health, Inc. 6.65%,
8/28/2028(b) (e)
54,000
53,257
 
338,601
Real Estate Management & Development — 0.0% ^
Kennedy-Wilson, Inc. 4.75%, 3/1/2029
67,000
53,836
Realogy Group LLC 5.75%, 1/15/2029(a)
49,000
35,093
 
88,929
INVESTMENTS
PRINCIPAL
AMOUNT($)
VALUE($)
 
Semiconductors & Semiconductor Equipment — 0.1%
Amkor Technology, Inc. 6.63%, 9/15/2027(a)
54,000
53,967
Entegris Escrow Corp. 5.95%, 6/15/2030(a)
90,000
86,185
Marvell Technology, Inc. 1.65%, 4/15/2026
125,000
113,439
Synaptics, Inc. 4.00%, 6/15/2029(a)
35,000
29,774
 
283,365
Software — 0.2%
Clarivate Science Holdings Corp. 3.88%,
7/1/2028(a)
64,000
56,394
NCR Corp.
5.00%, 10/1/2028(a)
62,000
56,903
5.13%, 4/15/2029(a)
48,000
43,653
6.13%, 9/1/2029(a)
26,000
26,778
Oracle Corp. 4.50%, 5/6/2028
395,000
383,205
RingCentral, Inc. 8.50%, 8/15/2030(a)
15,000
14,775
 
581,708
Specialized REITs — 0.0% ^
Iron Mountain, Inc. 4.88%, 9/15/2027(a)
52,000
48,954
Specialty Retail — 0.3%
Asbury Automotive Group, Inc. 4.50%,
3/1/2028
59,000
53,821
Bath & Body Works, Inc.
5.25%, 2/1/2028
41,000
39,337
7.50%, 6/15/2029
76,000
76,624
6.75%, 7/1/2036
23,000
21,232
Gap, Inc. (The) 3.63%, 10/1/2029(a)
85,000
64,709
Group 1 Automotive, Inc. 4.00%,
8/15/2028(a)
49,000
43,507
Lithia Motors, Inc.
4.63%, 12/15/2027(a)
31,000
28,633
4.38%, 1/15/2031(a)
31,000
26,376
Penske Automotive Group, Inc. 3.75%,
6/15/2029
64,000
54,917
PetSmart, Inc. 4.75%, 2/15/2028(a)
250,000
224,257
Sonic Automotive, Inc. 4.63%,
11/15/2029(a)
49,000
41,890
SRS Distribution, Inc. 4.63%, 7/1/2028(a)
49,000
43,611
Staples, Inc. 7.50%, 4/15/2026(a)
95,000
78,603
 
797,517
Technology Hardware, Storage & Peripherals — 0.0% ^
Seagate HDD Cayman
8.25%, 12/15/2029(a)
18,000
18,882
SEE NOTES TO FINANCIAL STATEMENTS.
142
J.P. Morgan Exchange-Traded Funds
August 31, 2023


INVESTMENTS
PRINCIPAL
AMOUNT($)
VALUE($)
Corporate Bonds — continued
Technology Hardware, Storage & Peripherals — continued
8.50%, 7/15/2031(a)
6,000
6,286
9.63%, 12/1/2032(a)
44,000
48,739
 
73,907
Tobacco — 0.2%
BAT International Finance plc (United Kingdom)
4.45%, 3/16/2028
475,000
450,314
Trading Companies & Distributors — 0.2%
Air Lease Corp. 4.25%, 2/1/2024
150,000
148,819
Aviation Capital Group LLC 4.38%,
1/30/2024(a)
200,000
197,877
Herc Holdings, Inc. 5.50%, 7/15/2027(a)
54,000
51,925
Imola Merger Corp. 4.75%, 5/15/2029(a)
36,000
31,999
United Rentals North America, Inc. 4.88%,
1/15/2028
64,000
60,893
WESCO Distribution, Inc. 7.25%,
6/15/2028(a)
68,000
69,206
 
560,719
Wireless Telecommunication Services — 0.3%
Hughes Satellite Systems Corp. 6.63%,
8/1/2026(b)
67,000
58,123
Kenbourne Invest SA (Chile) 4.70%,
1/22/2028(d)
200,000
123,000
T-Mobile USA, Inc.
3.50%, 4/15/2025
150,000
145,005
3.38%, 4/15/2029
600,000
537,817
 
863,945
Total Corporate Bonds
(Cost $94,489,433)
91,061,074
Asset-Backed Securities — 21.1%
Accelerated LLC Series 2021-1H, Class B,
1.90%, 10/20/2040(a)
155,297
139,530
ACM Auto Trust Series 2023-1A, Class B,
7.26%, 1/22/2030(a)
383,000
381,381
Aligned Data Centers Issuer LLC Series
2021-1A, Class A2, 1.94%, 8/15/2046(a)
263,000
230,777
American Credit Acceptance Receivables Trust
Series 2020-1, Class E, 3.32%,
3/13/2026(a)
450,000
443,815
Series 2022-1, Class D, 2.46%,
3/13/2028(a)
1,500,000
1,415,436
Series 2022-3, Class D, 5.83%,
10/13/2028(a)
584,000
569,645
Series 2023-1, Class D, 6.35%,
4/12/2029(a)
375,000
369,661
INVESTMENTS
PRINCIPAL
AMOUNT($)
VALUE($)
 
AMSR Trust
Series 2021-SFR3, Class E1, 2.33%,
10/17/2038(a)
300,000
255,731
Series 2021-SFR4, Class E1, 2.97%,
12/17/2038(a)
400,000
345,283
Series 2023-SFR2, Class B, 3.95%,
6/17/2040(a)
1,500,000
1,360,486
Aqua Finance Trust Series 2021-A, Class B,
2.40%, 7/17/2046(a)
313,000
251,797
AREIT Trust Series 2021-CRE5, Class C, 7.68%,
11/17/2038‡ (a) (f)
336,000
317,912
Atlas Senior Loan Fund (Cayman Islands) Series
2019-13A, Class A1NR, 6.69%,
4/22/2031(a) (f)
198,732
197,419
Bain Capital Credit CLO Ltd. (Cayman Islands)
Series 2017-1A, Class A1R, 6.56%,
7/20/2030(a) (f)
281,975
280,159
BSPRT Issuer Ltd. (Cayman Islands) Series
2021-FL7, Class B, 7.47%, 12/15/2038(a)
(f)
475,000
462,058
Business Jet Securities LLC
Series 2020-1A, Class A, 2.98%,
11/15/2035‡ (a)
211,883
199,941
Series 2021-1A, Class A, 2.16%,
4/15/2036‡ (a)
524,090
474,307
CarNow Auto Receivables Trust
Series 2021-1A, Class C, 2.16%,
2/17/2026(a)
103,950
102,963
Series 2021-2A, Class C, 1.69%,
3/15/2027(a)
500,000
488,525
Series 2022-1A, Class D, 5.79%,
9/15/2027(a)
397,000
390,549
Carvana Auto Receivables Trust Series
2019-3A, Class E, 4.60%, 7/15/2026(a)
750,000
738,297
Continental Finance Credit Card ABS Master
Trust Series 2021-A, Class A, 2.55%,
12/17/2029(a)
400,000
370,296
CPS Auto Receivables Trust
Series 2019-B, Class E, 5.00%,
3/17/2025(a)
295,037
293,988
Series 2019-A, Class E, 5.81%,
3/16/2026(a)
355,505
355,303
Series 2021-D, Class D, 2.31%,
12/15/2027(a)
200,000
186,219
Series 2022-A, Class D, 2.84%,
4/16/2029(a)
1,021,000
946,434
Series 2023-A, Class D, 6.44%,
4/16/2029(a)
750,000
742,093
Series 2023-C, Class C, 6.27%,
10/15/2029(a)
881,000
880,937
SEE NOTES TO FINANCIAL STATEMENTS.
August 31, 2023
J.P. Morgan Exchange-Traded Funds
143


JPMorgan Short Duration Core Plus ETF
SCHEDULE OF PORTFOLIO INVESTMENTS
AS OF August 31, 2023  (Unaudited) (continued)
INVESTMENTS
PRINCIPAL
AMOUNT($)
VALUE($)
Asset-Backed Securities — continued
Series 2022-C, Class D, 6.45%,
4/15/2030(a)
240,000
237,824
Credit Acceptance Auto Loan Trust
Series 2021-3A, Class C, 1.63%,
9/16/2030(a)
250,000
233,003
Series 2022-1A, Class C, 5.70%,
10/15/2032(a)
467,000
449,851
Crossroads Asset Trust Series 2021-A, Class C,
1.44%, 1/20/2026(a)
125,000
123,123
Dext ABS LLC Series 2021-1, Class A, 1.12%,
2/15/2028(a)
125,128
120,640
DT Auto Owner Trust
Series 2021-1A, Class D, 1.16%,
11/16/2026(a)
250,000
233,278
Series 2021-3A, Class D, 1.31%,
5/17/2027(a)
250,000
227,863
Series 2023-1A, Class C, 5.55%,
10/16/2028(a)
300,000
295,392
Series 2023-1A, Class D, 6.44%,
11/15/2028(a)
307,000
304,484
Series 2023-3A, Class C, 6.40%,
5/15/2029(a)
1,606,000
1,608,385
Exeter Automobile Receivables Trust
Series 2019-3A, Class D, 3.11%,
8/15/2025(a)
60,487
59,956
Series 2020-1A, Class E, 3.74%,
1/15/2027(a)
635,000
615,219
Series 2021-2A, Class D, 1.40%,
4/15/2027
210,000
194,694
Series 2022-5A, Class C, 6.51%,
12/15/2027
345,000
344,173
Series 2021-4A, Class D, 1.96%,
1/17/2028
480,000
444,535
Series 2023-3A, Class C, 6.21%,
6/15/2028
1,410,000
1,407,924
Series 2022-2A, Class D, 4.56%,
7/17/2028
800,000
763,879
Series 2022-5A, Class D, 7.40%,
2/15/2029
500,000
506,855
Series 2022-6A, Class D, 8.03%, 4/6/2029
500,000
517,939
FCI Funding LLC Series 2021-1A, Class A,
1.13%, 4/15/2033‡ (a)
27,532
26,607
FHF Trust
Series 2021-2A, Class A, 0.83%,
12/15/2026(a)
145,439
139,142
Series 2021-1A, Class A, 1.27%,
3/15/2027(a)
48,328
46,611
INVESTMENTS
PRINCIPAL
AMOUNT($)
VALUE($)
 
FirstKey Homes Trust
Series 2021-SFR3, Class E1, 2.99%,
12/17/2038(a)
500,000
440,713
Series 2022-SFR2, Class D, 4.50%,
7/17/2039(a)
615,000
560,546
Flagship Credit Auto Trust
Series 2021-1, Class D, 1.27%,
3/15/2027(a)
225,000
206,028
Series 2021-3, Class C, 1.46%,
9/15/2027(a)
143,000
132,041
Series 2022-1, Class D, 3.64%,
3/15/2028(a)
536,000
496,104
Series 2022-2, Class C, 5.30%,
4/17/2028(a)
750,000
731,720
Series 2022-3, Class C, 4.99%,
7/17/2028(a)
858,000
830,689
Series 2022-3, Class D, 6.00%,
7/17/2028(a)
600,000
584,177
Foundation Finance Trust Series 2021-1A,
Class A, 1.27%, 5/15/2041(a)
77,555
69,133
FRTKL Series 2021-SFR1, Class D, 2.17%,
9/17/2038(a)
238,000
205,955
Galaxy CLO Ltd. (Cayman Islands) Series
2015-19A, Class A1RR, 6.56%,
7/24/2030(a) (f)
237,748
236,149
GLS Auto Receivables Issuer Trust
Series 2019-4A, Class C, 3.06%,
8/15/2025(a)
69,842
69,207
Series 2021-3A, Class D, 1.48%,
7/15/2027(a)
200,000
183,787
Series 2020-4A, Class E, 3.51%,
10/15/2027(a)
1,000,000
948,799
Series 2022-1A, Class D, 3.97%,
1/18/2028(a)
750,000
709,861
GLS Auto Select Receivables Trust
Series 2023-1A, Class A3, 5.96%,
10/16/2028(a)
757,000
752,568
Series 2023-1A, Class B, 6.09%,
3/15/2029(a)
722,000
715,593
Goldman Home Improvement Trust Issuer Trust
Series 2021-GRN2, Class A, 1.15%,
6/25/2051(a)
78,022
72,180
Hilton Grand Vacations Trust Series 2023-1A,
Class A, 5.72%, 1/25/2038(a)
1,086,000
1,097,852
Home Partners of America Trust Series 2021-3,
Class E1, 3.20%, 1/17/2041(a)
461,007
383,864
LCM LP (Cayman Islands) Series 14A, Class AR,
6.63%, 7/20/2031(a) (f)
400,000
396,953
SEE NOTES TO FINANCIAL STATEMENTS.
144
J.P. Morgan Exchange-Traded Funds
August 31, 2023


INVESTMENTS
PRINCIPAL
AMOUNT($)
VALUE($)
Asset-Backed Securities — continued
LCM Ltd. (Cayman Islands) Series 26A,
Class A1, 6.66%, 1/20/2031(a) (f)
215,005
214,253
Lendbuzz Securitization Trust Series 2021-1A,
Class A, 1.46%, 6/15/2026(a)
73,182
70,551
Lendingpoint Asset Securitization Trust Series
2022-A, Class C, 2.82%, 6/15/2029(a)
300,000
292,864
LendingPoint Asset Securitization Trust Series
2020-REV1, Class B, 4.49%,
10/15/2028(a)
300,000
296,608
LendingPoint Pass-Through Trust Series
2022-ST1, Class A, 2.50%, 3/15/2028(a)
84,176
82,827
Lendmark Funding Trust Series 2021-1A,
Class A, 1.90%, 11/20/2031(a)
950,000
826,786
LL ABS Trust Series 2021-1A, Class A, 1.07%,
5/15/2029(a)
43,918
43,145
LMREC LLC Series 2021-CRE4, Class A, 6.48%,
4/22/2037(a) (f)
22,995
22,674
LP LMS Asset Securitization Trust Series
2023-1A, Class A, 8.18%, 10/17/2033
(a)
361,841
359,643
Mariner Finance Issuance Trust Series
2021-AA, Class A, 1.86%, 3/20/2036(a)
192,000
170,527
Mercury Financial Credit Card Master Trust
Series 2023-1A, Class A, 8.04%,
9/20/2027(a)
408,000
409,724
Mission Lane Credit Card Master Trust Series
2023-A, Class A, 7.23%, 7/17/2028(a)
200,000
198,832
MVW LLC
Series 2021-1WA, Class A, 1.14%,
1/22/2041(a)
99,533
90,504
Series 2021-1WA, Class B, 1.44%,
1/22/2041(a)
42,718
38,548
Neuberger Berman Loan Advisers CLO Ltd.
(Cayman Islands) Series 2020-37A,
Class AR, 6.56%, 7/20/2031(a) (f)
354,000
351,538
New Residential Mortgage Loan Trust Series
2022-SFR1, Class E1, 3.55%,
2/17/2039(a)
520,000
450,235
NMEF Funding LLC Series 2021-A, Class B,
1.85%, 12/15/2027(a)
169,214
166,346
NRZ Excess Spread-Collateralized Notes Series
2021-FNT1, Class A, 2.98%, 3/25/2026(a)
97,971
89,167
Octane Receivables Trust Series 2023-1A,
Class D, 7.76%, 3/20/2030(a)
500,000
498,712
Oportun Funding XIV LLC Series 2021-A,
Class A, 1.21%, 3/8/2028(a)
120,206
115,365
Pagaya AI Debt Selection Trust
Series 2021-HG1, Class A, 1.22%,
1/16/2029(a)
110,749
106,722
INVESTMENTS
PRINCIPAL
AMOUNT($)
VALUE($)
 
Series 2021-3, Class A, 1.15%,
5/15/2029(a)
18,022
17,929
Palmer Square Loan Funding Ltd. (Cayman
Islands) Series 2021-2A, Class A1, 6.44%,
5/20/2029(a) (f)
100,752
100,231
PFP Ltd. (Cayman Islands) Series 2021-7,
Class C, 7.08%, 4/14/2038(a) (f)
166,492
160,557
PRET LLC
Series 2021-NPL3, Class A1, 1.87%,
7/25/2051(a) (e)
1,125,705
1,051,303
Series 2021-NPL6, Class A1, 2.49%,
7/25/2051(a) (e)
183,609
175,428
Series 2021-RN4, Class A1, 2.49%,
10/25/2051(a) (f)
398,486
365,976
Pretium Mortgage Credit Partners I LLC
Series 2021-NPL2, Class A1, 1.99%,
6/27/2060(a) (e)
171,280
159,504
Series 2021-NPL1, Class A1, 2.24%,
9/27/2060(a) (e)
122,559
118,416
Series 2021-NPL4, Class A1, 2.36%,
10/27/2060(a) (e)
826,030
777,588
Progress Residential Series 2021-SFR3,
Class E1, 2.54%, 5/17/2026(a)
200,000
175,194
Progress Residential Trust
Series 2021-SFR8, Class E1, 2.38%,
10/17/2038(a)
350,000
302,519
Series 2022-SFR3, Class D, 4.45%,
4/17/2039(a)
562,000
518,482
PRPM LLC
Series 2021-2, Class A1, 2.12%,
3/25/2026(a) (f)
96,238
92,693
Series 2021-5, Class A1, 1.79%,
6/25/2026(a) (e)
742,592
692,720
Series 2021-6, Class A1, 1.79%,
7/25/2026(a) (e)
230,656
217,786
Series 2021-7, Class A1, 1.87%,
8/25/2026(a) (e)
202,955
187,681
Series 2021-11, Class A1, 2.49%,
11/25/2026(a) (e)
206,895
197,192
Reach ABS Trust Series 2023-1A, Class A,
7.05%, 2/18/2031(a)
812,251
812,551
Republic Finance Issuance Trust Series 2021-A,
Class A, 2.30%, 12/22/2031(a)
500,000
462,325
Santander Drive Auto Receivables Trust
Series 2021-3, Class D, 1.33%, 9/15/2027
300,000
281,987
Series 2022-4, Class C, 5.00%,
11/15/2029
1,250,000
1,222,546
SCF Equipment Leasing LLC Series 2021-1A,
Class D, 1.93%, 9/20/2030(a)
535,000
478,364
SEE NOTES TO FINANCIAL STATEMENTS.
August 31, 2023
J.P. Morgan Exchange-Traded Funds
145


JPMorgan Short Duration Core Plus ETF
SCHEDULE OF PORTFOLIO INVESTMENTS
AS OF August 31, 2023  (Unaudited) (continued)
INVESTMENTS
PRINCIPAL
AMOUNT($)
VALUE($)
Asset-Backed Securities — continued
Sierra Timeshare Receivables Funding LLC
Series 2023-2A, Class A, 5.80%,
4/20/2040(a)
1,172,082
1,178,129
Skopos Auto Receivables Trust Series 2019-1A,
Class D, 5.24%, 4/15/2025(a)
142,417
142,236
Sound Point CLO Ltd. (Cayman Islands) Series
2019-1A, Class AR, 6.67%, 1/20/2032(a)
(f)
400,000
397,393
Stratus CLO Ltd. (Cayman Islands) Series
2021-1A, Class A, 6.39%, 12/29/2029(a)
(f)
371,168
368,860
Symphony CLO Ltd. (Cayman Islands) Series
2016-18A, Class A1RR, 6.71%,
7/23/2033(a) (f)
250,000
248,468
Tricon Residential Trust
Series 2021-SFR1, Class E1, 2.79%,
7/17/2038(a)
240,000
213,397
Series 2023-SFR1, Class B, 5.10%,
7/17/2040(a)
800,000
766,611
Upstart Pass-Through Trust
Series 2021-ST4, Class A, 2.00%,
7/20/2027(a)
68,603
65,542
Series 2021-ST5, Class A, 2.00%,
7/20/2027(a)
78,364
74,895
Series 2021-ST8, Class A, 1.75%,
10/20/2029(a)
94,320
91,636
Series 2021-ST9, Class A, 1.70%,
11/20/2029‡ (a)
79,090
76,590
Series 2021-ST10, Class A, 2.25%,
1/20/2030(a)
157,918
153,259
Series 2022-ST1, Class A, 2.60%,
3/20/2030(a)
247,421
238,402
Upstart Securitization Trust
Series 2021-2, Class B, 1.75%,
6/20/2031(a)
218,332
214,789
Series 2021-3, Class A, 0.83%,
7/20/2031(a)
10,077
10,028
Series 2021-4, Class B, 1.84%,
9/20/2031(a)
231,000
219,953
Series 2021-5, Class B, 2.49%,
11/20/2031(a)
225,000
213,883
Series 2022-4, Class A, 5.98%,
8/20/2032(a)
354,794
352,299
US Auto Funding Series 2021-1A, Class B,
1.49%, 3/17/2025(a)
53,160
52,694
US Auto Funding Trust Series 2022-1A, Class B,
5.13%, 12/15/2025(a)
574,000
530,471
VCAT LLC
Series 2021-NPL2, Class A1, 2.12%,
3/27/2051(a) (e)
115,477
110,014
INVESTMENTS
PRINCIPAL
AMOUNT($)
VALUE($)
 
Series 2021-NPL3, Class A1, 1.74%,
5/25/2051(a) (e)
129,209
120,739
Series 2021-NPL4, Class A1, 1.87%,
8/25/2051(a) (e)
174,789
163,427
Venture CLO Ltd. (Cayman Islands) Series
2018-32A, Class A2A, 6.64%,
7/18/2031(a) (f)
150,000
148,990
Veros Auto Receivables Trust
Series 2022-1, Class A, 3.47%,
12/15/2025(a)
127,147
125,730
Series 2021-1, Class A, 0.92%,
10/15/2026(a)
2,751
2,748
VOLT CIII LLC Series 2021-CF1, Class A1,
1.99%, 8/25/2051(a) (e)
223,610
206,498
VOLT CV LLC Series 2021-CF2, Class A1,
2.49%, 11/27/2051(a) (e)
377,266
347,299
VOLT XCIX LLC Series 2021-NPL8, Class A1,
2.12%, 4/25/2051(a) (e)
116,407
108,483
VOLT XCVI LLC Series 2021-NPL5, Class A1,
2.12%, 3/27/2051(a) (e)
88,131
83,391
VOLT XCVII LLC Series 2021-NPL6, Class A1,
2.24%, 4/25/2051(a) (e)
118,859
110,969
Westlake Automobile Receivables Trust
Series 2019-3A, Class E, 3.59%,
3/17/2025(a)
83,295
83,221
Series 2021-1A, Class D, 1.23%,
4/15/2026(a)
250,000
237,599
Series 2021-3A, Class D, 2.12%,
1/15/2027(a)
1,000,000
931,095
Series 2023-1A, Class D, 6.79%,
11/15/2028(a)
500,000
498,606
Total Asset-Backed Securities
(Cost $55,696,618)
54,269,125
U.S. Treasury Obligations — 16.7%
U.S. Treasury Notes
4.63%, 2/28/2025
32,500
32,275
3.88%, 3/31/2025
125,000
122,739
2.88%, 6/15/2025
5,820,000
5,613,799
3.00%, 7/15/2025
2,847,800
2,750,574
3.13%, 8/15/2025
195,000
188,655
3.50%, 9/15/2025
657,700
640,590
4.25%, 10/15/2025
4,970,000
4,914,282
4.50%, 11/15/2025
5,285,000
5,252,795
4.00%, 12/15/2025
4,635,000
4,560,043
3.88%, 1/15/2026
2,475,000
2,428,207
4.00%, 2/15/2026
6,605,000
6,500,765
0.50%, 2/28/2026
15,000
13,543
4.63%, 3/15/2026
586,100
585,665
SEE NOTES TO FINANCIAL STATEMENTS.
146
J.P. Morgan Exchange-Traded Funds
August 31, 2023


INVESTMENTS
PRINCIPAL
AMOUNT($)
VALUE($)
U.S. Treasury Obligations — continued
3.75%, 4/15/2026
425,000
415,819
0.75%, 5/31/2026
290,000
261,544
4.13%, 6/15/2026
1,480,000
1,462,887
4.38%, 8/15/2026
2,575,000
2,563,332
0.75%, 8/31/2026
1,180,000
1,056,423
0.88%, 9/30/2026
65,000
58,330
4.00%, 2/29/2028
172,700
170,575
3.63%, 3/31/2028
3,040,000
2,955,213
3.63%, 5/31/2028
420,000
408,483
Total U.S. Treasury Obligations
(Cost $43,404,762)
42,956,538
Mortgage-Backed Securities — 13.8%
FHLMC Pool # 841368 ARM, 3.31%,
9/1/2047(f)
1,805,467
1,804,819
FHLMC Gold Pools, 30 Year Pool # G08878,
4.50%, 5/1/2049
251,862
243,192
FHLMC UMBS, 10 Year Pool # RD5034, 2.00%,
9/1/2030
424,919
386,191
FHLMC UMBS, 15 Year
Pool # ZS6689, 2.50%, 4/1/2028
150,675
143,315
Pool # SB0725, 4.00%, 8/1/2037
954,127
918,938
Pool # SB8184, 4.00%, 10/1/2037
726,197
697,152
Pool # SB8189, 4.00%, 11/1/2037
2,030,575
1,950,277
Pool # SB8222, 4.50%, 4/1/2038
1,382,817
1,346,932
Pool # SB8229, 4.50%, 5/1/2038
1,886,684
1,837,699
FHLMC UMBS, 30 Year
Pool # ZT1703, 4.00%, 1/1/2049
826,945
777,302
Pool # SD8231, 4.50%, 7/1/2052
837,983
794,618
Pool # SD8343, 6.00%, 7/1/2053
4,184,057
4,194,799
FNMA Pool # BM4562 ARM, 6.12%,
5/1/2047(f)
1,133,967
1,141,743
FNMA UMBS, 15 Year
Pool # FM1156, 2.50%, 4/1/2033
749,525
689,985
Pool # MA4361, 2.50%, 6/1/2036
353,540
318,552
Pool # CB1216, 2.50%, 7/1/2036
661,737
596,300
Pool # FS1563, 2.50%, 7/1/2036
497,670
448,456
Pool # FS1329, 2.00%, 2/1/2037
906,766
797,401
Pool # MA4640, 3.50%, 6/1/2037
672,299
633,957
Pool # MA4944, 4.50%, 3/1/2038
2,700,288
2,630,246
FNMA UMBS, 20 Year
Pool # FM3075, 3.50%, 11/1/2039
982,588
906,402
Pool # CA8310, 2.50%, 12/1/2040
250,209
216,992
Pool # MA4780, 4.50%, 10/1/2042
2,544,385
2,445,648
FNMA UMBS, 30 Year
Pool # FM2972, 4.00%, 12/1/2044
858,826
815,899
Pool # FS2237, 4.00%, 10/1/2046
2,017,100
1,915,157
INVESTMENTS
PRINCIPAL
AMOUNT($)
VALUE($)
 
Pool # BM1285, 4.50%, 5/1/2047
135,739
131,394
Pool # FS1847, 4.00%, 1/1/2049
251,377
236,401
Pool # FS1891, 4.00%, 1/1/2050
836,765
786,909
Pool # FS0085, 4.00%, 11/1/2050
908,696
853,102
Pool # MA4733, 4.50%, 9/1/2052
846,033
802,207
Pool # MA5039, 5.50%, 6/1/2053
2,148,828
2,121,254
GNMA II, 30 Year
Pool # MA8201, 4.50%, 8/20/2052
715,015
681,916
Pool # MA8429, 5.50%, 11/20/2052
1,244,221
1,231,654
Total Mortgage-Backed Securities
(Cost $36,543,755)
35,496,809
Commercial Mortgage-Backed Securities — 4.6%
Beast Mortgage Trust Series 2021-1818,
Class B, 6.88%, 3/15/2036(a) (f)
179,000
150,284
BX Commercial Mortgage Trust Series
2021-VOLT, Class D, 7.07%, 9/15/2036(a)
(f)
275,000
261,289
BX Trust
Series 2021-RISE, Class D, 7.17%,
11/15/2036(a) (f)
341,171
332,182
Series 2022-LBA6, Class D, 7.31%,
1/15/2039(a) (f)
525,000
507,878
Series 2022-FOX2, Class A2, 6.06%,
4/15/2039(a) (f)
416,737
403,410
Citigroup Commercial Mortgage Trust
Series 2021-PRM2, Class F, 9.18%,
10/15/2038(a) (f)
275,000
260,263
Series 2015-GC27, Class B, 3.77%,
2/10/2048
200,000
186,109
Series 2015-GC27, Class C, 4.57%,
2/10/2048(f)
440,000
401,953
Series 2015-GC29, Class C, 4.28%,
4/10/2048(f)
400,000
362,981
Series 2015-GC31, Class C, 4.17%,
6/10/2048(f)
250,000
191,274
Commercial Mortgage Trust
Series 2019-WCM, Class G, 8.12%,
10/15/2034(a) (f)
385,000
380,641
Series 2014-UBS5, Class C, 4.76%,
9/10/2047(f)
500,000
441,614
Series 2014-CR20, Class C, 4.60%,
11/10/2047(f)
100,000
88,918
Series 2015-CR26, Class B, 4.61%,
10/10/2048(f)
200,000
181,879
Series 2015-PC1, Class B, 4.42%,
7/10/2050(f)
200,000
182,203
CSAIL Commercial Mortgage Trust Series
2015-C4, Class E, 3.71%, 11/15/2048(f)
325,000
246,184
SEE NOTES TO FINANCIAL STATEMENTS.
August 31, 2023
J.P. Morgan Exchange-Traded Funds
147


JPMorgan Short Duration Core Plus ETF
SCHEDULE OF PORTFOLIO INVESTMENTS
AS OF August 31, 2023  (Unaudited) (continued)
INVESTMENTS
PRINCIPAL
AMOUNT($)
VALUE($)
Commercial Mortgage-Backed Securities — continued
FHLMC, Multi-Family Structured Pass-Through
Certificates
Series K068, Class X1, IO, 0.55%,
8/25/2027(f)
3,540,185
50,376
Series K111, Class X3, IO, 3.29%,
4/25/2048(f)
405,000
66,487
Series K110, Class X3, IO, 3.52%,
6/25/2048(f)
380,000
65,420
Series K115, Class X3, IO, 3.06%,
9/25/2048(f)
430,000
65,987
Series K125, Class X3, IO, 2.74%,
2/25/2049(f)
460,000
67,200
FREMF Mortgage Trust
Series 2018-K732, Class C, 4.19%,
5/25/2025(a) (f)
200,000
191,010
Series 2014-K41, Class C, 3.96%,
11/25/2047(a) (f)
100,000
96,488
Series 2016-K57, Class C, 4.05%,
8/25/2049(a) (f)
185,000
173,870
Series 2016-K58, Class C, 3.87%,
9/25/2049(a) (f)
110,000
102,694
GS Mortgage Securities Trust
Series 2016-GS2, Class B, 3.76%,
5/10/2049(f)
100,000
89,100
Series 2017-GS5, Class D, 3.51%,
3/10/2050(a) (f)
250,000
147,417
Independence Plaza Trust Series 2018-INDP,
Class C, 4.16%, 7/10/2035(a)
150,000
138,723
JPMBB Commercial Mortgage Securities Trust
Series 2015-C31, Class C, 4.78%,
8/15/2048(f)
150,000
118,005
Series 2016-C1, Class D1, 4.36%,
3/17/2049(a) (f)
400,000
326,449
JPMCC Commercial Mortgage Securities Trust
Series 2017-JP5, Class C, 3.90%,
3/15/2050(f)
800,000
634,152
Series 2017-JP5, Class D, 4.65%,
3/15/2050(a) (f)
275,000
186,951
JPMorgan Chase Commercial Mortgage
Securities Trust Series 2013-C16, Class D,
5.13%, 12/15/2046(a) (f)
200,000
170,506
KKR Industrial Portfolio Trust Series 2021-KDIP,
Class D, 6.67%, 12/15/2037(a) (f)
108,467
106,899
Life Mortgage Trust Series 2021-BMR, Class C,
6.52%, 3/15/2038(a) (f)
191,679
186,141
MHC Commercial Mortgage Trust Series
2021-MHC, Class D, 7.03%, 4/15/2038(a)
(f)
250,000
244,983
INVESTMENTS
PRINCIPAL
AMOUNT($)
VALUE($)
 
Morgan Stanley Bank of America Merrill Lynch
Trust
Series 2014-C14, Class D, 5.22%,
2/15/2047(a) (f)
175,023
165,796
Series 2015-C24, Class D, 3.26%,
5/15/2048(a)
220,000
181,850
Series 2015-C25, Class B, 4.67%,
10/15/2048(f)
500,000
460,296
SG Commercial Mortgage Securities Trust Series
2016-C5, Class B, 3.93%, 10/10/2048
225,000
189,604
SMRT Series 2022-MINI, Class E, 8.01%,
1/15/2039(a) (f)
350,000
328,929
STWD Mortgage Trust (Cayman Islands) Series
2021-LIH, Class B, 7.01%, 11/15/2036(a)
(f)
400,000
386,589
Velocity Commercial Capital Loan Trust Series
2021-2, Class A, 1.52%, 8/25/2051(a) (f)
130,046
106,861
Wells Fargo Commercial Mortgage Trust
Series 2015-NXS4, Class B, 4.22%,
12/15/2048(f)
500,000
451,148
Series 2015-LC22, Class D, 4.70%,
9/15/2058(f)
205,000
166,841
WFRBS Commercial Mortgage Trust
Series 2013-C11, Class C, 4.08%,
3/15/2045(f)
117,000
94,117
Series 2014-C25, Class B, 4.24%,
11/15/2047(f)
160,000
148,386
Series 2014-C22, Class C, 3.91%,
9/15/2057(f)
725,000
567,211
Series 2014-C22, Class AS, 4.07%,
9/15/2057(f)
1,000,000
910,984
Total Commercial Mortgage-Backed Securities
(Cost $13,317,102)
11,966,532
Collateralized Mortgage Obligations — 2.9%
Connecticut Avenue Securities Trust
Series 2022-R01, Class 1M2, 7.19%,
12/25/2041(a) (f)
521,000
511,240
Series 2022-R02, Class 2M2, 8.29%,
1/25/2042(a) (f)
225,000
225,141
FHLMC STACR REMIC Trust
Series 2022-DNA1, Class M1A, 6.29%,
1/25/2042(a) (f)
677,390
670,226
Series 2020-DNA1, Class M2, 7.10%,
1/25/2050(a) (f)
49,954
49,954
Series 2020-HQA3, Class B1, 11.15%,
7/25/2050(a) (f)
178,079
193,200
FHLMC Structured Agency Credit Risk Debt
Notes Series 2021-DNA2, Class M2, 7.59%,
8/25/2033(a) (f)
93,584
93,759
SEE NOTES TO FINANCIAL STATEMENTS.
148
J.P. Morgan Exchange-Traded Funds
August 31, 2023


INVESTMENTS
PRINCIPAL
AMOUNT($)
VALUE($)
Collateralized Mortgage Obligations — continued
FHLMC, REMIC
Series 2673, Class PE, 5.50%, 9/15/2033
89,909
90,034
Series 4754, Class VG, 4.00%, 12/15/2036
625,000
604,441
Series 3878, Class PL, 4.50%, 11/15/2040
375,136
365,288
Series 4376, Class A, 4.00%, 7/15/2041
1,176,034
1,148,460
Series 4718, Class DA, 3.00%, 2/15/2047
250,449
226,823
Series 5021, Class MI, IO, 3.00%,
10/25/2050
436,562
67,786
FNMA, REMIC
Series 2012-136, Class DL, 3.50%,
12/25/2042
227,436
214,171
Series 2022-42, Class EA, 3.75%,
6/25/2052
2,264,621
2,128,131
Series 2022-43, Class P, 4.00%, 7/25/2052
523,467
494,068
GNMA Series 2021-9, Class MI, IO, 2.50%,
1/20/2051
229,389
29,341
Legacy Mortgage Asset Trust Series 2021-GS3,
Class A1, 1.75%, 7/25/2061(a) (e)
111,912
105,767
LHOME Mortgage Trust Series 2021-RTL1,
Class A1, 2.09%, 2/25/2026(a) (f)
58,527
58,121
NYMT Loan Trust Series 2021-SP1, Class A1,
1.67%, 8/25/2061(a) (e)
254,042
232,829
Verus Securitization Trust Series 2021-2,
Class M1, 2.19%, 2/25/2066(a) (f)
144,000
97,201
Total Collateralized Mortgage Obligations
(Cost $7,964,491)
7,605,981
Foreign Government Securities — 0.7%
Arab Republic of Egypt 6.20%, 3/1/2024(d)
200,000
187,664
Dominican Republic Government Bond
6.00%, 7/19/2028(d)
300,000
289,490
4.50%, 1/30/2030(a)
150,000
130,439
Federal Republic of Nigeria
7.63%, 11/21/2025(d)
200,000
189,872
6.50%, 11/28/2027(d)
200,000
171,364
8.38%, 3/24/2029(a)
200,000
176,156
Republic of Angola 8.25%, 5/9/2028(d)
200,000
174,540
Republic of Cote d'Ivoire
6.38%, 3/3/2028(d)
200,000
188,330
5.75%, 12/31/2032(d) (e)
56,694
51,220
Republic of Iraq 5.80%, 1/15/2028(d)
140,625
129,218
Turkiye Ihracat Kredi Bankasi A/S 9.38%,
1/31/2026(a)
200,000
203,884
Total Foreign Government Securities
(Cost $2,052,648)
1,892,177
INVESTMENTS
PRINCIPAL
AMOUNT($)
VALUE($)
Municipal Bonds — 0.0% (g) ^
California — 0.0% ^
California Housing Finance Agency Series
2021-1, Class X, Rev., 0.80%, 11/20/2035
(Cost $111,849)
2,126,682
107,038
SHARES
Short-Term Investments — 4.4%
Investment Companies — 2.2%
JPMorgan Prime Money Market Fund Class IM
Shares, 5.46%(h) (i)
(Cost $5,674,175)
5,672,852
5,674,554
Investment of Cash Collateral from Securities Loaned — 0.3%
JPMorgan U.S. Government Money Market Fund
Class IM Shares, 5.27%(h) (i)
(Cost $607,965)
607,965
607,965
PRINCIPAL
AMOUNT($)
U.S. Treasury Obligations — 1.9%
U.S. Treasury Bills
5.14%, 9/14/2023(j)
4,370,000
4,361,727
5.42%, 2/15/2024(j) (k)
588,000
573,577
Total U.S. Treasury Obligations
(Cost $4,935,599)
4,935,304
Total Short-Term Investments
(Cost $11,217,739)
11,217,823
Total Investments — 99.5%
(Cost $264,798,397)
256,573,097
Other Assets Less Liabilities — 0.5%
1,166,314
NET ASSETS — 100.0%
257,739,411

Percentages indicated are based on net assets.
Abbreviations
 
ABS
Asset-Backed Securities
ARM
Adjustable Rate Mortgage. The interest rate shown is the rate in
effect as of August 31, 2023.
CLO
Collateralized Loan Obligations
CME
Chicago Mercantile Exchange
FHLMC
Federal Home Loan Mortgage Corp.
FNMA
Federal National Mortgage Association
GNMA
Government National Mortgage Association
ICE
Intercontinental Exchange
SEE NOTES TO FINANCIAL STATEMENTS.
August 31, 2023
J.P. Morgan Exchange-Traded Funds
149


JPMorgan Short Duration Core Plus ETF
SCHEDULE OF PORTFOLIO INVESTMENTS
AS OF August 31, 2023  (Unaudited) (continued)
IO
Interest Only represents the right to receive the monthly interest
payments on an underlying pool of mortgage loans. The principal
amount shown represents the par value on the underlying pool.
The yields on these securities are subject to accelerated principal
paydowns as a result of prepayment or refinancing of the
underlying pool of mortgage instruments. As a result, interest
income may be reduced considerably.
LIBOR
London Interbank Offered Rate
REIT
Real Estate Investment Trust
REMIC
Real Estate Mortgage Investment Conduit
Rev.
Revenue
SCA
Limited partnership with share capital
SOFR
Secured Overnight Financing Rate
SOFRINDX
Compounding index of the Secured Overnight Financing Rate
UMBS
Uniform Mortgage-Backed Securities
USD
United States Dollar
^
Amount rounds to less than 0.1% of net assets.
Value determined using significant unobservable
inputs.
 
(a)
Securities exempt from registration under Rule 144A
or section 4(a)(2), of the Securities Act of 1933, as
amended.
 
(b)
The security or a portion of this security is on loan at
August 31, 2023. The total value of securities on loan
at August 31, 2023 is $589,233.
 
(c)
Variable or floating rate security, linked to the
referenced benchmark. The interest rate shown is the
current rate as of August 31, 2023.
 
(d)
Security exempt from registration pursuant to
Regulation S under the Securities Act of 1933, as
amended. Regulation S applies to securities offerings
that are made outside of the United States and do not
involve direct selling efforts in the United States and
as such may have restrictions on resale.
 
(e)
Step bond. Interest rate is a fixed rate for an initial
period that either resets at a specific date or may
reset in the future contingent upon a predetermined
trigger. The interest rate shown is the current rate as
of August 31, 2023.
 
(f)
Variable or floating rate security, the interest rate of
which adjusts periodically based on changes in current
interest rates and prepayments on the underlying
pool of assets. The interest rate shown is the current
rate as of August 31, 2023.
 
(g)
The date shown represents the earliest of the
prerefunded date, next put date or final maturity date.
 
(h)
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.
 
(i)
The rate shown is the current yield as of August 31,
2023.
 
(j)
The rate shown is the effective yield as of August 31,
2023.
 
(k)
All or a portion of this security is deposited with the
broker as initial margin for futures contracts or
centrally cleared swaps.
 
Futures contracts outstanding as of August 31, 2023:
DESCRIPTION
NUMBER OF
CONTRACTS
EXPIRATION DATE
TRADING CURRENCY
NOTIONAL
AMOUNT ($)
VALUE AND
UNREALIZED
APPRECIATION
(DEPRECIATION) ($)
Long Contracts
U.S. Treasury 2 Year Note
99
12/29/2023
USD
20,181,305
24,573
U.S. Treasury 5 Year Note
380
12/29/2023
USD
40,642,187
200,083
 
224,656
Short Contracts
U.S. Treasury 10 Year Note
(67
)
12/19/2023
USD
(7,438,047
)
(59,219
)
U.S. Treasury 10 Year Ultra Note
(33
)
12/19/2023
USD
(3,830,578
)
(31,780
)
U.S. Treasury Long Bond
(11
)
12/19/2023
USD
(1,337,188
)
(14,289
)
 
(105,288
)
 
119,368
Abbreviations
 
USD
United States Dollar
SEE NOTES TO FINANCIAL STATEMENTS.
150
J.P. Morgan Exchange-Traded Funds
August 31, 2023


Centrally Cleared Credit default swap contracts outstanding - buy protection(*) as of August 31, 2023:
REFERENCE
OBLIGATION/INDEX
FINANCING
RATE PAID
BY THE FUND
(%)
PAYMENT
FREQUENCY
MATURITY
DATE
IMPLIED
CREDIT
SPREAD
(%)(a)
NOTIONAL
AMOUNT(b)
UPFRONT
PAYMENTS
(RECEIPTS)
($)(c)
UNREALIZED
APPRECIATION
(DEPRECIATION)
($)
VALUE
($)
CDX.NA.HY.40-V1
5.00
Quarterly
6/20/2028
4.26
USD1,530,000
(5,495
)
(53,244
)
(58,739
)
(*)
The Fund, as a buyer of credit protection, is generally obligated to make periodic payments and may also pay or receive an upfront premium to or from
the protection seller, in exchange for the right to receive a contingent payment, upon occurrence of a credit event with respect to an underlying reference
obligation, as defined under the terms of individual swap contracts.
(a)
Implied credit spreads are an indication of the seller's performance risk, related to the likelihood of a credit event occurring that would require a seller to
make payment to a buyer. Implied credit spreads are used to determine the value of swap contracts and reflect the cost of buying/selling protection, which
may include upfront payments made to enter into the contract. Therefore, higher spreads would indicate a greater likelihood that a seller will be obligated
to perform (i.e. make payment) under the swap contract. Increasing values, in absolute terms and relative to notional amounts, are also indicative of
greater performance risk. Implied credit spreads for credit default swaps on credit indices are linked to the weighted average spread across the underlying
reference obligations included in a particular index.
(b)
The notional amount is the maximum amount that a seller of credit protection would be obligated to pay and a buyer of credit protection would receive,
upon occurrence of a credit event.
(c)
Upfront payments and receipts generally represent premiums paid or received at the initiation of the agreement to compensate the differences between
the stated terms of the swap agreement and current market conditions (credit spreads, interest rates and other relevant factors).
Abbreviations
 
CDX
Credit Default Swap Index
USD
United States Dollar
SEE NOTES TO FINANCIAL STATEMENTS.
August 31, 2023
J.P. Morgan Exchange-Traded Funds
151


JPMorgan Ultra-Short Income ETF
SCHEDULE OF PORTFOLIO INVESTMENTS
AS OF August 31, 2023  (Unaudited)
INVESTMENTS
PRINCIPAL
AMOUNT($)
VALUE($)
Corporate Bonds — 39.6%
Aerospace & Defense — 0.3%
Airbus SE (France) 3.15%,
4/10/2027(a)
10,000,000
9,409,181
L3Harris Technologies, Inc.
3.85%, 12/15/2026
2,902,000
2,773,363
5.40%, 1/15/2027
34,681,000
34,765,245
RTX Corp. 3.20%, 3/15/2024
20,734,000
20,458,113
 
67,405,902
Automobile Components — 0.1%
Magna International, Inc. (Canada)
3.63%, 6/15/2024
16,015,000
15,742,714
Automobiles — 1.3%
BMW US Capital LLC (Germany)
2.25%, 9/15/2023(a)
3,130,000
3,126,733
(SOFRINDX + 0.53%), 5.88%,
4/1/2024(a) (b)
22,838,000
22,852,185
(SOFRINDX + 0.62%), 5.94%,
8/11/2025(a) (b)
9,237,000
9,255,964
Hyundai Capital America
1.25%, 9/18/2023(a)
2,506,000
2,501,128
0.80%, 1/8/2024(a)
48,000,000
47,164,017
4.30%, 2/1/2024(a)
876,000
869,594
0.88%, 6/14/2024(a)
47,002,000
45,169,857
1.00%, 9/17/2024(a)
5,566,000
5,290,690
2.65%, 2/10/2025(a)
8,000,000
7,647,587
5.80%, 6/26/2025(a)
24,390,000
24,419,300
6.00%, 7/11/2025(a)
28,960,000
28,997,494
1.80%, 10/15/2025(a)
1,792,000
1,652,877
5.50%, 3/30/2026(a)
1,961,000
1,952,751
1.50%, 6/15/2026(a)
2,659,000
2,378,351
1.65%, 9/17/2026(a)
1,451,000
1,288,578
Kia Corp. (South Korea) 1.00%,
4/16/2024(a)
12,580,000
12,200,902
Mercedes-Benz Finance North
America LLC (Germany) 0.75%,
3/1/2024(a)
1,065,000
1,039,017
Volkswagen Group of America
Finance LLC (Germany)
4.25%, 11/13/2023(a)
39,386,000
39,252,299
0.88%, 11/22/2023(a)
14,938,000
14,778,927
2.85%, 9/26/2024(a)
5,725,000
5,546,845
4.63%, 11/13/2025(a)
1,960,000
1,931,708
3.20%, 9/26/2026(a)
9,504,000
8,887,801
 
288,204,605
INVESTMENTS
PRINCIPAL
AMOUNT($)
VALUE($)
 
Banks — 16.7%
ASB Bank Ltd. (New Zealand) 3.13%,
5/23/2024(a)
6,755,000
6,626,293
Australia & New Zealand Banking Group
Ltd. (Australia)
4.83%, 2/3/2025(a)
23,413,000
23,234,962
5.38%, 7/3/2025
72,769,000
72,811,568
Banco Bilbao Vizcaya Argentaria
SA (Spain) 0.88%, 9/18/2023
1,200,000
1,197,852
Banco Santander SA (Spain)
2.71%, 6/27/2024
11,635,000
11,318,027
(US Treasury Yield Curve Rate T
Note Constant Maturity 1 Year +
0.45%), 5.74%, 6/30/2024(b)
47,257,000
47,111,624
3.50%, 3/24/2025
10,215,000
9,844,302
Bank of America Corp.
(SOFR + 0.41%), 5.78%,
6/14/2024(b)
85,060,000
84,789,881
(3-MONTH CME TERM SOFR +
1.23%), 3.46%, 3/15/2025(b)
2,992,000
2,949,379
(SOFR + 0.69%), 0.98%,
4/22/2025(b)
42,672,000
41,222,159
(SOFR + 1.11%), 3.84%,
4/25/2025(b)
75,312,000
74,226,272
(SOFR + 1.29%), 5.08%,
1/20/2027(b)
110,000,000
108,554,044
Bank of America NA (SOFR + 0.78%),
6.09%, 8/18/2025(b)
5,320,000
5,322,438
Bank of Montreal (Canada)
(SOFRINDX + 0.35%), 5.71%,
12/8/2023(b)
14,990,000
14,989,533
5.30%, 6/5/2026
99,000,000
98,657,491
Bank of New Zealand (New Zealand)
4.85%, 2/7/2028(a)
80,000,000
78,008,503
Bank of Nova Scotia (The) (Canada)
0.55%, 9/15/2023
166,000
165,764
(SOFR + 0.26%), 5.62%,
9/15/2023(b)
6,667,000
6,667,048
(SOFRINDX + 0.55%), 5.91%,
9/15/2023(b)
47,576,000
47,581,971
5.45%, 6/12/2025
74,090,000
73,657,391
4.75%, 2/2/2026
67,362,000
66,160,937
1.30%, 9/15/2026
8,539,000
7,566,373
Banque Federative du Credit Mutuel SA
(France)
0.65%, 2/27/2024(a)
7,485,000
7,301,009
4.94%, 1/26/2026(a)
78,781,000
77,215,077
5.90%, 7/13/2026(a)
106,402,000
106,726,567
SEE NOTES TO FINANCIAL STATEMENTS.
152
J.P. Morgan Exchange-Traded Funds
August 31, 2023


INVESTMENTS
PRINCIPAL
AMOUNT($)
VALUE($)
Corporate Bonds — continued
Banks — continued
Barclays plc (United Kingdom)
(US Treasury Yield Curve Rate T
Note Constant Maturity 1 Year +
0.80%), 1.01%, 12/10/2024(b)
29,647,000
29,237,185
(ICE LIBOR USD 3 Month + 1.61%),
3.93%, 5/7/2025(b)
34,200,000
33,700,021
BNP Paribas SA (France) 3.80%,
1/10/2024(a)
44,645,000
44,261,277
BPCE SA (France)
4.00%, 9/12/2023(a)
19,526,000
19,517,409
5.03%, 1/15/2025(a)
119,399,000
117,439,650
Canadian Imperial Bank of Commerce
(Canada)
(SOFRINDX + 0.40%), 5.76%,
12/14/2023(b)
50,032,000
50,019,378
(SOFR + 0.94%), 6.28%,
4/7/2025(b)
95,598,000
95,855,127
5.14%, 4/28/2025
80,000,000
79,318,086
Citigroup, Inc. (SOFR + 0.69%), 0.78%,
10/30/2024(b)
10,270,000
10,176,693
Citizens Bank NA (SOFR + 1.02%),
5.28%, 1/26/2026(b)
241,889,000
230,370,101
Cooperatieve Rabobank UA
(Netherlands)
3.88%, 9/26/2023(a)
2,850,000
2,846,297
0.38%, 1/12/2024
650,000
637,990
(SOFRINDX + 0.30%), 5.64%,
1/12/2024(b)
60,834,000
60,824,022
Credit Agricole SA (France)
5.57%, 2/28/2025(a) (c)
112,332,000
111,737,514
5.59%, 7/5/2026(a)
74,257,000
74,233,132
DNB Bank ASA (Norway) (SOFRINDX +
1.95%), 5.90%, 10/9/2026(a) (b)
17,680,000
17,710,162
Federation des Caisses Desjardins du
Quebec (Canada)
0.70%, 5/21/2024(a) (c)
26,044,000
25,097,010
(SOFR + 0.43%), 5.74%,
5/21/2024(a) (b)
41,345,000
41,289,590
(SOFRINDX + 1.09%), 5.28%,
1/23/2026(a) (b)
203,120,000
200,559,532
Fifth Third Bancorp
3.65%, 1/25/2024(c)
2,742,000
2,716,094
2.55%, 5/5/2027
12,223,000
10,926,545
HSBC Holdings plc (United Kingdom)
(SOFR + 0.71%), 0.98%,
5/24/2025(b)
59,681,000
57,362,095
HSBC USA, Inc. 5.63%, 3/17/2025
1,560,000
1,555,988
INVESTMENTS
PRINCIPAL
AMOUNT($)
VALUE($)
 
Banks — continued
ING Groep NV (Netherlands)
4.10%, 10/2/2023
14,532,000
14,510,520
3.55%, 4/9/2024
34,170,000
33,681,238
KeyBank NA
(SOFRINDX + 0.34%), 5.69%,
1/3/2024(b) (c)
1,546,000
1,539,114
(SOFRINDX + 0.32%), 5.68%,
6/14/2024(b)
68,003,000
66,629,203
5.85%, 11/15/2027(c)
1,510,000
1,456,509
Mitsubishi UFJ Financial Group, Inc.
(Japan)
2.53%, 9/13/2023
1,247,000
1,246,115
(US Treasury Yield Curve Rate T
Note Constant Maturity 1 Year +
0.68%), 0.85%, 9/15/2024(b)
47,145,000
47,075,574
2.19%, 2/25/2025
10,504,000
9,963,498
(US Treasury Yield Curve Rate T
Note Constant Maturity 1 Year +
0.55%), 0.95%, 7/19/2025(b)
26,701,000
25,518,670
(US Treasury Yield Curve Rate T
Note Constant Maturity 1 Year +
0.45%), 0.96%, 10/11/2025(b)
33,780,000
31,861,196
(US Treasury Yield Curve Rate T
Note Constant Maturity 1 Year +
1.08%), 5.72%, 2/20/2026(b)
59,401,000
59,227,240
Mizuho Financial Group, Inc. (Japan)
(3-MONTH CME TERM SOFR +
0.87%), 0.85%, 9/8/2024(b)
63,901,000
63,878,987
(3-MONTH CME TERM SOFR +
1.26%), 3.92%,
9/11/2024(b) (c)
27,646,000
27,632,781
MUFG Bank Ltd. (Japan) 4.10%,
9/9/2023(a)
200,000
199,959
National Bank of Canada (Canada)
Series FXD, 0.75%, 8/6/2024
7,390,000
7,051,111
5.25%, 1/17/2025
198,389,000
197,566,455
(SOFR + 1.01%), 3.75%,
6/9/2025(b)
60,344,000
59,181,491
NatWest Group plc (United Kingdom)
3.88%, 9/12/2023
73,172,000
73,145,684
(ICE LIBOR USD 3 Month + 1.76%),
4.27%, 3/22/2025(b)
10,045,000
9,931,697
(US Treasury Yield Curve Rate T
Note Constant Maturity 1 Year +
1.35%), 5.85%, 3/2/2027(b)
50,000,000
49,703,161
NatWest Markets plc (United Kingdom)
(SOFR + 0.53%), 5.84%,
8/12/2024(a) (b)
19,015,000
18,945,679
SEE NOTES TO FINANCIAL STATEMENTS.
August 31, 2023
J.P. Morgan Exchange-Traded Funds
153


JPMorgan Ultra-Short Income ETF
SCHEDULE OF PORTFOLIO INVESTMENTS
AS OF August 31, 2023  (Unaudited) (continued)
INVESTMENTS
PRINCIPAL
AMOUNT($)
VALUE($)
Corporate Bonds — continued
Banks — continued
PNC Financial Services Group, Inc. (The)
3.50%, 1/23/2024
9,103,000
9,004,697
(SOFR + 1.09%), 4.76%,
1/26/2027(b)
81,210,000
79,723,317
Royal Bank of Canada (Canada)
(SOFRINDX + 0.45%), 5.78%,
10/26/2023(b)
33,530,000
33,538,778
Skandinaviska Enskilda Banken
AB (Sweden) 0.55%, 9/1/2023(a)
1,060,000
1,059,830
Societe Generale SA (France)
4.25%, 9/14/2023(a)
11,607,000
11,601,440
3.88%, 3/28/2024(a)
10,000,000
9,858,967
2.63%, 10/16/2024(a)
10,595,000
10,193,263
Standard Chartered plc (United
Kingdom)
(US Treasury Yield Curve Rate T
Note Constant Maturity 1 Year +
0.78%), 0.99%,
1/12/2025(a) (b)
10,000,000
9,791,480
(US Treasury Yield Curve Rate T
Note Constant Maturity 1 Year +
0.88%), 1.21%,
3/23/2025(a) (b)
12,000,000
11,635,515
(SOFR + 1.74%), 7.09%,
3/30/2026(a) (b)
10,609,000
10,663,993
(US Treasury Yield Curve Rate T
Note Constant Maturity 1 Year +
1.85%), 6.19%, 7/6/2027(a) (b)
45,000,000
45,094,023
Sumitomo Mitsui Financial Group, Inc.
(Japan)
3.94%, 10/16/2023
10,000,000
9,976,817
5.46%, 1/13/2026
25,879,000
25,796,358
Sumitomo Mitsui Trust Bank Ltd. (Japan)
0.80%, 9/12/2023(a)
27,871,000
27,843,684
0.85%, 3/25/2024(a)
48,302,000
46,972,266
(SOFR + 0.44%), 5.80%,
9/16/2024(a) (b)
33,827,000
33,734,651
5.65%, 3/9/2026(a)
20,516,000
20,539,952
Svenska Handelsbanken AB (Sweden)
5.25%, 6/15/2026(a)
137,014,000
136,136,403
Toronto-Dominion Bank (The) (Canada)
0.45%, 9/11/2023
548,000
547,549
Wells Fargo & Co.
3.75%, 1/24/2024
894,000
886,867
(SOFR + 0.51%), 0.80%,
5/19/2025(b) (c)
19,800,000
19,059,011
(SOFR + 1.32%), 3.91%,
4/25/2026(b)
24,500,000
23,686,113
INVESTMENTS
PRINCIPAL
AMOUNT($)
VALUE($)
 
Banks — continued
(SOFR + 2.00%), 2.19%,
4/30/2026(b)
7,656,000
7,199,830
(SOFR + 1.56%), 4.54%,
8/15/2026(b)
500,000
488,237
Westpac New Zealand Ltd. (New
Zealand) 4.90%, 2/15/2028(a)
35,000,000
34,184,465
 
3,810,460,751
Beverages — 0.1%
Constellation Brands, Inc.
3.60%, 5/9/2024
22,819,000
22,467,727
3.70%, 12/6/2026
3,941,000
3,755,133
Keurig Dr Pepper, Inc. 3.13%,
12/15/2023
5,785,000
5,740,156
 
31,963,016
Biotechnology — 0.5%
AbbVie, Inc.
2.60%, 11/21/2024
894,000
862,572
3.80%, 3/15/2025
45,025,000
43,842,262
Amgen, Inc.
1.90%, 2/21/2025(c)
983,000
934,762
5.25%, 3/2/2025
66,086,000
65,804,515
2.60%, 8/19/2026
631,000
586,670
Gilead Sciences, Inc. 3.70%, 4/1/2024
4,950,000
4,891,936
 
116,922,717
Building Products — 0.0% ^
Carlisle Cos., Inc. 0.55%, 9/1/2023
2,027,000
2,027,000
Capital Markets — 2.9%
Bank of New York Mellon Corp.
(The) (SOFR + 1.35%), 4.41%,
7/24/2026(b)
11,494,000
11,236,560
Charles Schwab Corp. (The) (SOFRINDX
+ 0.50%), 5.86%, 3/18/2024(b)
16,307,000
16,289,032
Goldman Sachs Group, Inc. (The)
4.00%, 3/3/2024
25,257,000
25,006,531
3.00%, 3/15/2024
64,873,000
63,871,208
(SOFR + 0.49%), 0.92%,
10/21/2024(b)
38,732,000
38,427,821
(SOFR + 0.61%), 0.86%,
2/12/2026(b)
2,575,000
2,388,583
3.75%, 2/25/2026
13,456,000
12,906,249
(SOFR + 1.07%), 6.38%,
8/10/2026(b)
34,982,000
34,980,920
Series VAR, (SOFR + 0.79%), 1.09%,
12/9/2026(b)
7,025,000
6,305,756
SEE NOTES TO FINANCIAL STATEMENTS.
154
J.P. Morgan Exchange-Traded Funds
August 31, 2023


INVESTMENTS
PRINCIPAL
AMOUNT($)
VALUE($)
Corporate Bonds — continued
Capital Markets — continued
3.85%, 1/26/2027
60,000,000
56,946,175
Intercontinental Exchange, Inc. 3.65%,
5/23/2025
5,000,000
4,839,790
Mizuho Markets Cayman LP (Japan)
5.83%, 1/17/2024(a)
33,500,000
33,502,844
Morgan Stanley
(SOFR + 0.47%), 5.79%,
11/10/2023(b)
22,354,000
22,355,763
(SOFR + 0.46%), 5.79%,
1/25/2024(b)
8,363,000
8,361,212
(SOFR + 0.51%), 0.79%,
1/22/2025(b)
2,958,000
2,893,462
(SOFR + 1.16%), 3.62%,
4/17/2025(b)
85,300,000
83,993,857
(SOFR + 0.53%), 0.79%,
5/30/2025(b)
76,634,000
73,475,257
(SOFR + 1.30%), 5.05%,
1/28/2027(b)
50,000,000
49,468,796
State Street Corp. 3.70%, 11/20/2023
6,479,000
6,452,525
UBS AG (Switzerland)
(SOFR + 0.36%), 5.68%,
2/9/2024(a) (b)
23,894,000
23,883,987
(SOFR + 0.45%), 5.77%,
8/9/2024(a) (b)
30,423,000
30,366,214
UBS Group AG (Switzerland) (US
Treasury Yield Curve Rate T
Note Constant Maturity 1 Year +
1.60%), 4.49%, 8/5/2025(a) (b)
56,499,000
55,580,456
 
663,532,998
Chemicals — 0.3%
Air Liquide Finance SA (France) 2.25%,
9/27/2023(a)
17,489,000
17,446,505
LyondellBasell Industries NV 5.75%,
4/15/2024
31,974,000
31,909,810
Nutrien Ltd. (Canada) 5.90%,
11/7/2024
726,000
725,761
Sherwin-Williams Co. (The)
3.13%, 6/1/2024
1,881,000
1,843,907
4.05%, 8/8/2024
13,400,000
13,183,615
Westlake Corp.
0.88%, 8/15/2024
4,583,000
4,365,191
3.60%, 8/15/2026(c)
2,915,000
2,764,604
 
72,239,393
Consumer Finance — 3.7%
AerCap Ireland Capital DAC (Ireland)
1.15%, 10/29/2023
57,979,000
57,534,735
INVESTMENTS
PRINCIPAL
AMOUNT($)
VALUE($)
 
Consumer Finance — continued
American Express Co.
0.75%, 11/3/2023
514,000
509,991
3.38%, 5/3/2024
13,210,000
12,996,171
3.30%, 5/3/2027
49,917,000
46,527,254
5.85%, 11/5/2027
24,076,000
24,593,627
American Honda Finance Corp.
(SOFRINDX + 0.62%), 5.94%,
6/7/2024(b)
79,056,000
79,126,756
Series A, 4.60%, 4/17/2025
17,885,000
17,649,396
5.00%, 5/23/2025
134,270,000
133,034,821
Capital One Financial Corp.
(SOFR + 0.69%), 1.34%,
12/6/2024(b)
20,097,000
19,808,654
(SOFR + 0.69%), 6.07%,
12/6/2024(b)
12,130,000
11,999,360
(SOFR + 1.29%), 2.64%,
3/3/2026(b)
27,974,000
26,438,509
(SOFR + 2.16%), 4.98%,
7/24/2026(b)
8,298,000
8,110,725
(SOFR + 0.86%), 1.88%,
11/2/2027(b)
21,014,000
18,421,820
Caterpillar Financial Services
Corp. 3.75%, 11/24/2023
971,000
967,488
General Motors Financial Co., Inc.
(SOFR + 1.20%), 6.51%,
11/17/2023(b)
23,000,000
23,030,110
5.10%, 1/17/2024
7,000,000
6,977,313
1.05%, 3/8/2024
18,436,000
17,971,400
3.95%, 4/13/2024
15,000,000
14,803,200
Hyundai Capital Services, Inc. (South
Korea) 0.75%, 9/15/2023(a)
13,858,000
13,834,441
John Deere Capital Corp. (SOFR +
0.50%), 5.84%, 7/3/2025(b)
52,201,000
52,402,723
Toyota Motor Credit Corp.
0.45%, 1/11/2024
881,000
865,461
(SOFRINDX + 0.33%), 5.67%,
1/11/2024(b)
41,950,000
41,954,687
(SOFR + 0.38%), 5.69%,
2/22/2024(b)
107,172,000
107,202,137
(SOFR + 0.52%), 5.82%,
8/22/2024(b)
113,611,000
113,707,115
 
850,467,894
SEE NOTES TO FINANCIAL STATEMENTS.
August 31, 2023
J.P. Morgan Exchange-Traded Funds
155


JPMorgan Ultra-Short Income ETF
SCHEDULE OF PORTFOLIO INVESTMENTS
AS OF August 31, 2023  (Unaudited) (continued)
INVESTMENTS
PRINCIPAL
AMOUNT($)
VALUE($)
Corporate Bonds — continued
Consumer Staples Distribution & Retail — 0.0% ^
7-Eleven, Inc. 0.80%, 2/10/2024(a)
10,000,000
9,773,307
Dollar General Corp. 3.88%,
4/15/2027
519,000
495,542
 
10,268,849
Diversified Telecommunication Services — 0.1%
AT&T, Inc. 0.90%, 3/25/2024
3,381,000
3,288,160
British Telecommunications plc (United
Kingdom) 4.50%, 12/4/2023
157,000
156,351
Telstra Corp. Ltd. (Australia) 3.13%,
4/7/2025(a)
14,950,000
14,392,135
Verizon Communications, Inc. 3.38%,
2/15/2025
631,000
612,124
 
18,448,770
Electric Utilities — 1.3%
American Electric Power Co., Inc. Series
M, 0.75%, 11/1/2023
9,684,000
9,604,200
Arizona Public Service Co. 2.55%,
9/15/2026
1,170,000
1,070,340
Cleveland Electric Illuminating Co.
(The) 5.50%, 8/15/2024
26,109,000
26,006,454
Duke Energy Corp.
3.95%, 10/15/2023
22,900,000
22,839,106
2.65%, 9/1/2026
747,000
691,143
Emera US Finance LP (Canada) 0.83%,
6/15/2024
11,121,000
10,588,551
Enel Finance International NV (Italy)
2.65%, 9/10/2024(a)
5,000,000
4,836,673
6.80%, 10/14/2025(a)
4,522,000
4,611,104
1.38%, 7/12/2026(a)
3,005,000
2,665,056
Entergy Corp. 2.95%, 9/1/2026
699,000
649,404
Entergy Louisiana LLC 0.62%,
11/17/2023
9,363,000
9,267,417
Evergy, Inc. 2.45%, 9/15/2024
14,641,000
14,120,648
Eversource Energy
Series N, 3.80%, 12/1/2023
174,000
173,108
4.20%, 6/27/2024
9,000,000
8,871,623
Exelon Corp. 2.75%, 3/15/2027
3,246,000
2,979,222
Florida Power & Light Co. (SOFRINDX +
0.38%), 5.72%, 1/12/2024(b)
49,271,000
49,271,554
NextEra Energy Capital Holdings, Inc.
(SOFRINDX + 0.40%), 5.72%,
11/3/2023(b)
20,524,000
20,531,019
4.20%, 6/20/2024
1,088,000
1,073,272
4.26%, 9/1/2024
27,414,000
26,978,133
6.05%, 3/1/2025
14,645,000
14,702,736
INVESTMENTS
PRINCIPAL
AMOUNT($)
VALUE($)
 
Electric Utilities — continued
5.75%, 9/1/2025
35,823,000
35,907,861
1.88%, 1/15/2027
6,424,000
5,741,483
3.55%, 5/1/2027
5,944,000
5,602,401
Niagara Mohawk Power Corp. 3.51%,
10/1/2024(a)
8,320,000
8,069,961
Pinnacle West Capital Corp. 1.30%,
6/15/2025
190,000
175,392
Southwestern Electric Power Co. Series
K, 2.75%, 10/1/2026
460,000
425,379
 
287,453,240
Electronic Equipment, Instruments & Components — 0.3%
Amphenol Corp. 3.20%, 4/1/2024
15,475,000
15,249,844
TD SYNNEX Corp. 1.25%, 8/9/2024
24,822,000
23,661,675
Teledyne Technologies, Inc. 0.95%,
4/1/2024
31,122,000
30,220,768
 
69,132,287
Energy Equipment & Services — 0.0% ^
Schlumberger Holdings Corp. 4.00%,
12/21/2025(a)
5,937,000
5,779,300
Entertainment — 0.1%
Take-Two Interactive Software, Inc.
3.30%, 3/28/2024(c)
968,000
954,264
3.55%, 4/14/2025
8,715,000
8,425,933
5.00%, 3/28/2026
1,924,000
1,903,332
 
11,283,529
Financial Services — 0.9%
Citigroup Global Markets Holdings,
Inc. 0.75%, 6/7/2024
29,285,000
28,049,887
Element Fleet Management Corp.
(Canada)
1.60%, 4/6/2024(a)
15,298,000
14,885,765
6.27%, 6/26/2026(a)
67,601,000
67,912,276
Fidelity National Information Services,
Inc. 0.60%, 3/1/2024
961,000
936,343
Fiserv, Inc.
2.75%, 7/1/2024
5,697,000
5,555,307
3.20%, 7/1/2026
10,000,000
9,426,188
Jackson Financial, Inc. 1.13%,
11/22/2023
50,194,000
49,677,593
National Rural Utilities Cooperative
Finance Corp. 0.35%, 2/8/2024
15,017,000
14,676,505
SEE NOTES TO FINANCIAL STATEMENTS.
156
J.P. Morgan Exchange-Traded Funds
August 31, 2023


INVESTMENTS
PRINCIPAL
AMOUNT($)
VALUE($)
Corporate Bonds — continued
Financial Services — continued
NTT Finance Corp. (Japan) 0.58%,
3/1/2024(a)
320,000
311,769
Siemens Financieringsmaatschappij
NV (Germany) (SOFR + 0.43%),
5.79%, 3/11/2024(a) (b)
23,914,000
23,942,427
 
215,374,060
Food Products — 0.3%
Campbell Soup Co.
3.95%, 3/15/2025
7,004,000
6,817,595
3.30%, 3/19/2025
1,695,000
1,634,144
Conagra Brands, Inc. 4.30%, 5/1/2024
4,409,000
4,359,493
Danone SA (France) 2.59%,
11/2/2023(a)
56,688,000
56,392,959
General Mills, Inc. 4.00%, 4/17/2025
1,271,000
1,238,845
Mondelez International Holdings
Netherlands BV 0.75%,
9/24/2024(a)
1,410,000
1,337,721
 
71,780,757
Ground Transportation — 0.4%
ERAC USA Finance LLC 2.70%,
11/1/2023(a)
1,816,000
1,806,458
Penske Truck Leasing Co. LP
3.90%, 2/1/2024(a)
4,900,000
4,854,400
2.70%, 11/1/2024(a)
13,854,000
13,295,231
3.95%, 3/10/2025(a)
2,754,000
2,662,836
5.75%, 5/24/2026(a)
54,563,000
54,185,085
3.40%, 11/15/2026(a)
4,558,000
4,229,097
 
81,033,107
Health Care Equipment & Supplies — 0.1%
Baxter International, Inc.
0.87%, 12/1/2023
8,190,000
8,091,457
2.60%, 8/15/2026
5,000,000
4,616,769
Stryker Corp. 0.60%, 12/1/2023
3,486,000
3,442,844
Zimmer Biomet Holdings, Inc. 1.45%,
11/22/2024
585,000
555,373
 
16,706,443
Health Care Providers & Services — 0.2%
Cardinal Health, Inc. 3.08%,
6/15/2024
26,892,000
26,303,074
Cigna Group (The)
3.50%, 6/15/2024
14,584,000
14,337,881
3.25%, 4/15/2025
3,050,000
2,936,581
CVS Health Corp. 5.00%, 2/20/2026
792,000
785,907
INVESTMENTS
PRINCIPAL
AMOUNT($)
VALUE($)
 
Health Care Providers & Services — continued
Laboratory Corp. of America Holdings
4.00%, 11/1/2023
1,900,000
1,893,628
3.25%, 9/1/2024
1,356,000
1,321,107
 
47,578,178
Health Care REITs — 0.1%
Welltower OP LLC 3.63%, 3/15/2024
13,150,000
12,980,330
Insurance — 4.4%
Athene Global Funding
1.20%, 10/13/2023(a) (c)
32,955,000
32,775,952
0.95%, 1/8/2024(a)
9,598,000
9,414,618
1.00%, 4/16/2024(a)
21,061,000
20,333,663
(SOFRINDX + 0.70%), 6.01%,
5/24/2024(a) (b)
43,521,000
43,203,576
Brighthouse Financial Global Funding
1.20%, 12/15/2023(a)
43,419,000
42,830,414
1.00%, 4/12/2024(a)
7,007,000
6,793,803
1.75%, 1/13/2025(a)
18,888,000
17,798,621
Corebridge Global Funding
0.40%, 9/13/2023(a)
39,623,000
39,569,314
(SOFR + 0.38%), 5.74%,
12/15/2023(a) (b) (c)
48,943,000
48,925,438
0.65%, 6/17/2024(a)
24,078,000
23,055,526
5.75%, 7/2/2026(a)
34,554,000
34,393,603
Equitable Financial Life Global
Funding 1.10%, 11/12/2024(a)
4,277,000
4,036,572
Jackson National Life Global Funding
3.25%, 1/30/2024(a)
21,256,000
20,994,966
2.65%, 6/21/2024(a)
1,302,000
1,266,232
1.75%, 1/12/2025(a)
4,116,000
3,860,264
MassMutual Global Funding II (SOFR +
0.98%), 6.31%, 7/10/2026(a) (b)
113,952,000
114,046,521
Mutual of Omaha Cos. Global
Funding 5.80%, 7/27/2026(a)
22,341,000
22,301,981
New York Life Global Funding 3.86%,
8/26/2024(a)
179,360,000
176,183,147
Pacific Life Global Funding II
(SOFRINDX + 1.05%), 6.38%,
7/28/2026(a) (b)
54,040,000
54,225,494
5.50%, 8/28/2026(a)
45,284,000
45,437,996
Pricoa Global Funding I 5.55%,
8/28/2026(a)
12,602,000
12,694,224
Principal Life Global Funding II
0.50%, 1/8/2024(a)
1,046,000
1,026,523
(SOFR + 0.90%), 6.20%,
8/28/2025(a) (b)
63,245,000
63,284,698
SEE NOTES TO FINANCIAL STATEMENTS.
August 31, 2023
J.P. Morgan Exchange-Traded Funds
157


JPMorgan Ultra-Short Income ETF
SCHEDULE OF PORTFOLIO INVESTMENTS
AS OF August 31, 2023  (Unaudited) (continued)
INVESTMENTS
PRINCIPAL
AMOUNT($)
VALUE($)
Corporate Bonds — continued
Insurance — continued
Reliance Standard Life Global Funding II
3.85%, 9/19/2023(a)
4,360,000
4,356,075
2.50%, 10/30/2024(a)
3,544,000
3,385,645
5.24%, 2/2/2026(a)
169,725,000
165,812,177
 
1,012,007,043
Life Sciences Tools & Services — 0.1%
Thermo Fisher Scientific, Inc. 0.80%,
10/18/2023
26,013,000
25,855,368
Machinery — 0.7%
Daimler Truck Finance North
America LLC (Germany)
1.13%, 12/14/2023(a)
25,477,000
25,133,037
(SOFR + 1.00%), 6.34%,
4/5/2024(a) (b)
58,479,000
58,576,877
1.63%, 12/13/2024(a)
2,399,000
2,277,189
5.20%, 1/17/2025(a)
38,702,000
38,433,226
5.60%, 8/8/2025(a)
17,943,000
17,913,274
5.15%, 1/16/2026(a)
5,604,000
5,561,572
2.00%, 12/14/2026(a)
10,000,000
8,989,562
3.65%, 4/7/2027(a)
2,950,000
2,795,334
Stanley Black & Decker, Inc. 2.30%,
2/24/2025
5,000,000
4,760,096
 
164,440,167
Media — 0.1%
Cox Communications, Inc. 3.35%,
9/15/2026(a)
515,000
484,496
Fox Corp. 4.03%, 1/25/2024
17,827,000
17,685,877
 
18,170,373
Metals & Mining — 0.3%
Anglo American Capital plc (South
Africa) 3.63%, 9/11/2024(a)
5,501,000
5,355,114
Glencore Funding LLC (Australia)
4.13%, 3/12/2024(a)
20,800,000
20,608,662
4.63%, 4/29/2024(a)
45,008,000
44,615,823
 
70,579,599
Multi-Utilities — 0.6%
Ameren Corp. 1.95%, 3/15/2027
7,702,000
6,923,597
Berkshire Hathaway Energy Co. 3.75%,
11/15/2023
2,000,000
1,992,289
CenterPoint Energy, Inc. (SOFRINDX +
0.65%), 5.96%, 5/13/2024(b)
35,739,000
35,729,973
Centrica plc (United Kingdom) 4.00%,
10/16/2023(a)
11,634,000
11,606,860
CMS Energy Corp. 3.88%, 3/1/2024
1,503,000
1,487,249
INVESTMENTS
PRINCIPAL
AMOUNT($)
VALUE($)
 
Multi-Utilities — continued
Consolidated Edison, Inc. Series A,
0.65%, 12/1/2023
329,000
324,940
Dominion Energy, Inc. Series D, (ICE
LIBOR USD 3 Month + 0.53%),
6.08%, 9/15/2023(b)
31,071,000
31,070,965
DTE Energy Co.
4.22%, 11/1/2024(d)
3,385,000
3,320,051
2.85%, 10/1/2026
3,215,000
2,976,331
NiSource, Inc. 3.49%, 5/15/2027
4,155,000
3,897,360
WEC Energy Group, Inc.
0.55%, 9/15/2023
15,845,000
15,820,997
0.80%, 3/15/2024
32,578,000
31,736,533
 
146,887,145
Oil, Gas & Consumable Fuels — 1.5%
ConocoPhillips Co. 2.40%, 3/7/2025
547,000
524,274
Enbridge, Inc. (Canada) 3.50%,
6/10/2024
19,971,000
19,608,360
Energy Transfer LP 4.90%, 2/1/2024
26,434,000
26,297,245
Eni SpA (Italy) Series X-R, 4.00%,
9/12/2023(a)
55,705,000
55,682,593
Kinder Morgan Energy
Partners LP 4.30%, 5/1/2024
3,463,000
3,423,830
Kinder Morgan, Inc. 5.63%,
11/15/2023(a)
4,000,000
3,996,406
Magellan Midstream
Partners LP 5.00%, 3/1/2026
3,435,000
3,394,582
Phillips 66 3.85%, 4/9/2025
392,000
381,423
Pioneer Natural Resources Co. 5.10%,
3/29/2026
28,294,000
28,074,021
Sabine Pass Liquefaction LLC 5.75%,
5/15/2024
6,796,000
6,785,896
Saudi Arabian Oil Co. (Saudi Arabia)
1.25%, 11/24/2023(a)
8,000,000
7,912,480
Spectra Energy Partners LP
4.75%, 3/15/2024
24,217,000
24,063,671
3.50%, 3/15/2025
3,762,000
3,629,285
TransCanada PipeLines Ltd. (Canada)
3.75%, 10/16/2023
29,316,000
29,245,431
1.00%, 10/12/2024
1,618,000
1,534,445
Williams Cos., Inc. (The)
4.30%, 3/4/2024
28,883,000
28,624,846
4.55%, 6/24/2024
88,179,000
87,232,553
 
330,411,341
SEE NOTES TO FINANCIAL STATEMENTS.
158
J.P. Morgan Exchange-Traded Funds
August 31, 2023


INVESTMENTS
PRINCIPAL
AMOUNT($)
VALUE($)
Corporate Bonds — continued
Personal Care Products — 0.1%
Haleon UK Capital plc 3.13%,
3/24/2025
16,322,000
15,698,920
Pharmaceuticals — 0.3%
Bayer US Finance II LLC (Germany)
3.88%, 12/15/2023(a)
32,500,000
32,316,869
3.38%, 7/15/2024(a)
3,651,000
3,571,048
4.25%, 12/15/2025(a)
6,140,000
5,946,478
Bayer US Finance LLC (Germany)
3.38%, 10/8/2024(a)
3,000,000
2,918,874
Pfizer Investment Enterprises Pte.
Ltd. 4.65%, 5/19/2025
14,348,000
14,193,873
Shire Acquisitions Investments Ireland
DAC 2.88%, 9/23/2023
130,000
129,759
Takeda Pharmaceutical Co. Ltd. (Japan)
4.40%, 11/26/2023
325,000
323,787
 
59,400,688
Semiconductors & Semiconductor Equipment — 0.5%
Microchip Technology, Inc.
0.97%, 2/15/2024
47,575,000
46,480,099
4.25%, 9/1/2025
13,591,000
13,226,341
NXP BV (China)
4.88%, 3/1/2024
61,066,000
60,641,591
3.88%, 6/18/2026
168,000
160,868
 
120,508,899
Software — 0.1%
Oracle Corp.
2.40%, 9/15/2023
3,827,000
3,821,642
2.50%, 4/1/2025
11,687,000
11,127,652
Roper Technologies, Inc. 2.35%,
9/15/2024
1,175,000
1,135,287
VMware, Inc. 1.00%, 8/15/2024
7,113,000
6,798,048
 
22,882,629
Specialized REITs — 0.1%
American Tower Corp.
2.95%, 1/15/2025
2,868,000
2,756,867
2.40%, 3/15/2025
6,264,000
5,944,824
4.40%, 2/15/2026
1,960,000
1,907,230
1.60%, 4/15/2026
1,221,000
1,102,628
 
11,711,549
Specialty Retail — 0.0% ^
AutoZone, Inc.
3.63%, 4/15/2025
534,000
517,977
INVESTMENTS
PRINCIPAL
AMOUNT($)
VALUE($)
 
Specialty Retail — continued
3.75%, 6/1/2027
3,204,000
3,046,912
Lowe's Cos., Inc. 3.38%, 9/15/2025
2,000,000
1,919,287
 
5,484,176
Technology Hardware, Storage & Peripherals — 0.6%
Dell International LLC
4.00%, 7/15/2024
2,000,000
1,969,417
6.02%, 6/15/2026
3,129,000
3,161,969
4.90%, 10/1/2026
1,941,000
1,906,266
Hewlett Packard Enterprise Co.
1.45%, 4/1/2024
37,209,000
36,267,647
5.90%, 10/1/2024
86,671,000
86,748,566
 
130,053,865
Textiles, Apparel & Luxury Goods — 0.0% ^
VF Corp.
2.40%, 4/23/2025
1,300,000
1,225,295
2.80%, 4/23/2027
1,679,000
1,525,241
 
2,750,536
Tobacco — 0.3%
Altria Group, Inc. 2.35%, 5/6/2025
4,665,000
4,416,407
BAT Capital Corp. (United Kingdom)
3.22%, 8/15/2024
8,102,000
7,901,026
2.79%, 9/6/2024
9,067,000
8,795,529
Reynolds American, Inc. (United
Kingdom) 4.85%, 9/15/2023
45,368,000
45,352,463
 
66,465,425
Wireless Telecommunication Services — 0.2%
Rogers Communications, Inc. (Canada)
4.10%, 10/1/2023
39,643,000
39,580,702
Total Corporate Bonds
(Cost $9,084,450,407)
9,009,674,265
Asset-Backed Securities — 8.5%
522 Funding CLO Ltd. (Cayman Islands)
Series 2019-4A, Class AR, 6.67%,
4/20/2030(a) (e)
39,951,772
39,792,244
Aimco CLO Ltd. (Cayman Islands)
Series 2020-12A, Class XR, 6.16%,
1/17/2032(a) (e)
3,166,667
3,164,890
Series 2020-12A, Class AR, 6.48%,
1/17/2032(a) (e)
3,689,000
3,666,630
AIMCO CLO Ltd. (Cayman Islands) Series
2019-10A, Class AR, 6.67%,
7/22/2032(a) (e)
10,000,000
9,939,080
SEE NOTES TO FINANCIAL STATEMENTS.
August 31, 2023
J.P. Morgan Exchange-Traded Funds
159


JPMorgan Ultra-Short Income ETF
SCHEDULE OF PORTFOLIO INVESTMENTS
AS OF August 31, 2023  (Unaudited) (continued)
INVESTMENTS
PRINCIPAL
AMOUNT($)
VALUE($)
Asset-Backed Securities — continued
Anchorage Capital CLO Ltd. (Cayman
Islands) Series 2016-9A, Class XR,
6.52%, 7/15/2032(a) (e)
500,000
499,849
Apidos CLO (Cayman Islands)
Series 2016-24A, Class A1AL,
6.54%, 10/20/2030(a) (e)
35,000,000
34,809,250
Series 2019-31A, Class A1R, 6.67%,
4/15/2031(a) (e)
28,565,000
28,422,175
Ares CLO Ltd. (Cayman Islands)
Series 2016-40A, Class A1RR,
6.44%, 1/15/2029(a) (e)
20,458,834
20,358,299
Series 2013-2A, Class XR2, 6.58%,
10/28/2034(a) (e)
3,250,000
3,249,688
Atlas Senior Loan Fund (Cayman
Islands) Series 2019-13A,
Class A1NR, 6.69%, 4/22/2031(a)
(e)
9,613,641
9,550,162
Atlas Senior Loan Fund Ltd. (Cayman
Islands) Series 2021-18A, Class X,
6.42%, 1/18/2035(a) (e)
1,333,333
1,332,408
Bain Capital Credit CLO (Cayman Islands)
Series 2019-1A, Class X, 6.41%,
4/19/2034(a) (e)
3,300,000
3,298,320
Bain Capital Credit CLO Ltd. (Cayman
Islands) Series 2020-3A, Class X,
6.46%, 10/23/2034(a) (e)
2,346,667
2,345,747
Ballyrock CLO Ltd. (Cayman Islands)
Series 2020-2A, Class A1R, 6.60%,
10/20/2031(a) (e)
20,955,000
20,830,318
Series 2019-1A, Class A1R, 6.60%,
7/15/2032(a) (e)
42,764,000
42,307,024
Benefit Street Partners CLO Ltd.
(Cayman Islands)
Series 2013-IIA, Class A1R2, 6.44%,
7/15/2029(a) (e)
6,892,984
6,870,520
Series 2013-IIIA, Class A1R2, 6.59%,
7/20/2029(a) (e)
13,939,667
13,904,358
Series 2015-6BR, Class X, 6.29%,
7/20/2034(a) (e)
600,000
599,873
BMW Vehicle Owner Trust Series
2023-A, Class A2A, 5.72%,
4/27/2026
41,730,000
41,729,729
Buckhorn Park CLO Ltd. (Cayman
Islands) Series 2019-1A, Class XR,
6.22%, 7/18/2034(a) (e)
1,666,664
1,665,921
Capital One Prime Auto Receivables
Trust Series 2021-1, Class A3,
0.77%, 9/15/2026
15,357,078
14,715,210
INVESTMENTS
PRINCIPAL
AMOUNT($)
VALUE($)
 
Carlyle Global Market Strategies CLO
Ltd. (Cayman Islands)
Series 2015-1A, Class AR3, 6.57%,
7/20/2031(a) (e)
7,481,028
7,450,198
Series 2015-5A, Class A1RR, 6.67%,
1/20/2032(a) (e)
7,458,161
7,422,645
Series 2015-4A, Class A1R, 6.93%,
7/20/2032(a) (e)
5,000,000
4,989,010
CarMax Auto Owner Trust Series
2022-2, Class A2A, 2.81%,
5/15/2025
4,325,267
4,308,018
Carvana Auto Receivables Trust Series
2022-P1, Class A2, 2.57%,
5/12/2025
12,907,233
12,862,282
Cedar Funding II CLO Ltd. (Cayman
Islands) Series 2013-1A, Class AXR,
6.44%, 4/20/2034(a) (e)
1,919,643
1,911,726
CIFC Funding Ltd. (Cayman Islands)
Series 2017-1A, Class AR, 6.61%,
4/23/2029(a) (e)
1,491,847
1,488,741
Series 2017-5A, Class A1, 6.75%,
11/16/2030(a) (e)
24,291,600
24,243,794
Dell Equipment Finance Trust
Series 2022-1, Class A3, 2.49%,
8/23/2027(a)
12,911,000
12,661,521
Series 2023-2, Class A2, 5.84%,
1/22/2029(a)
23,413,000
23,405,866
Dewolf Park CLO Ltd. Series 2017-1A,
Class AR, 6.49%, 10/15/2030(a)
(e)
12,848,580
12,785,121
Dryden Senior Loan Fund (Cayman
Islands)
Series 2017-47A, Class A1R, 6.55%,
4/15/2028(a) (e)
40,809,466
40,668,266
Series 2013-30A, Class AR, 6.45%,
11/15/2028(a) (e)
1,701,272
1,692,160
Series 2013-26A, Class AR, 6.47%,
4/15/2029(a) (e)
6,237,750
6,215,487
Series 2014-36A, Class AR3, 6.59%,
4/15/2029(a) (e)
34,408,530
34,284,212
Series 2015-41A, Class AR, 6.54%,
4/15/2031(a) (e)
5,422,648
5,386,821
Elmwood CLO Ltd. (Cayman Islands)
Series 2022-5A, Class AR, 6.96%,
7/17/2033(a) (e)
39,000,000
38,986,194
Series 2021-3A, Class A, 6.63%,
10/20/2034(a) (e)
10,000,000
9,936,000
Enterprise Fleet Financing LLC Series
2022-4, Class A2, 5.76%,
10/22/2029(a)
36,158,000
36,075,332
SEE NOTES TO FINANCIAL STATEMENTS.
160
J.P. Morgan Exchange-Traded Funds
August 31, 2023


INVESTMENTS
PRINCIPAL
AMOUNT($)
VALUE($)
Asset-Backed Securities — continued
Enterprise Fleet Funding LLC Series
2021-1, Class A2, 0.44%,
12/21/2026(a)
19,031,057
18,717,646
Flatiron CLO Ltd. (Cayman Islands)
Series 2018-1A, Class A, 6.52%,
4/17/2031(a) (e)
3,941,169
3,921,779
Ford Credit Auto Lease Trust Series
2023-A, Class A2A, 5.19%,
6/15/2025
11,775,912
11,747,485
Ford Credit Auto Owner Trust Series
2019-1, Class A, 3.52%,
7/15/2030(a)
14,586,000
14,452,000
Galaxy CLO Ltd. (Cayman Islands)
Series 2015-19A, Class A1RR,
6.56%, 7/24/2030(a) (e)
9,509,922
9,445,968
Series 2013-15A, Class ARR, 6.54%,
10/15/2030(a) (e)
30,285,894
30,181,832
Series 2016-22A, Class XRR, 6.47%,
4/16/2034(a) (e)
2,315,789
2,314,666
GM Financial Automobile Leasing Trust
Series 2022-2, Class A2, 2.93%,
10/21/2024
18,999,566
18,916,139
GM Financial Consumer Automobile
Receivables Trust
Series 2022-1, Class A2, 0.76%,
2/18/2025
1,379,431
1,376,495
Series 2023-3, Class A2A, 5.74%,
9/16/2026
49,810,000
49,825,247
Goldentree Loan Management US CLO
Ltd. (Cayman Islands)
Series 2022-12A, Class X, 6.33%,
4/20/2034(a) (e)
3,000,000
2,998,176
Series 2022-14A, Class X, 6.53%,
7/20/2035(a) (e)
1,845,000
1,844,875
Greenwood Park CLO Ltd. Series
2018-1A, Class A1, 6.60%,
4/15/2031(a) (e)
2,500,000
2,484,155
Harriman Park CLO Ltd. (Cayman
Islands) Series 2020-1A, Class XR,
6.19%, 4/20/2034(a) (e)
1,249,997
1,249,536
Honda Auto Receivables Owner Trust
Series 2023-1, Class A2, 5.22%,
10/21/2025
66,361,000
66,120,415
Hyundai Auto Lease Securitization Trust
Series 2022-C, Class A2A, 4.34%,
1/15/2025(a)
30,865,938
30,726,159
Hyundai Auto Receivables Trust
Series 2021-A, Class A3, 0.38%,
9/15/2025
2,220,458
2,171,808
INVESTMENTS
PRINCIPAL
AMOUNT($)
VALUE($)
 
Series 2023-B, Class A2A, 5.77%,
5/15/2026
67,662,000
67,648,853
Series 2021-A, Class A4, 0.62%,
5/17/2027
12,390,000
11,656,412
ICG US CLO Ltd. (Cayman Islands)
Series 2016-1A, Class XRR, 6.53%,
4/29/2034(a) (e)
2,105,266
2,105,066
Series 2014-1A, Class XR, 6.39%,
10/20/2034(a) (e)
1,166,667
1,166,255
KKR CLO Ltd. (Cayman Islands)
Series 13, Class A1R, 6.37%,
1/16/2028(a) (e)
1,540,038
1,536,642
Series 28A, Class A, 6.69%,
3/15/2031(a) (e)
13,139,507
13,055,664
Series 32A, Class A1, 6.89%,
1/15/2032(a) (e)
18,000,000
17,955,954
Series 24, Class A1R, 6.67%,
4/20/2032(a) (e)
10,000,000
9,955,210
Series 16, Class X, 6.34%,
10/20/2034(a) (e)
875,000
874,846
LCM LP (Cayman Islands)
Series 20A, Class AR, 6.63%,
10/20/2027(a) (e)
158,907
158,785
Series 14A, Class AR, 6.63%,
7/20/2031(a) (e)
20,980,000
20,820,195
LCM Ltd. (Cayman Islands)
Series 24A, Class AR, 6.57%,
3/20/2030(a) (e)
25,701,149
25,542,779
Series 25A, Class AR, 6.43%,
7/20/2030(a) (e)
22,269,397
22,107,276
Series 26A, Class A1, 6.66%,
1/20/2031(a) (e)
13,115,326
13,069,448
Series 29A, Class AR, 6.64%,
4/15/2031(a) (e)
20,000,000
19,821,040
Madison Park Funding Ltd. (Cayman
Islands) Series 2015-18A, Class ARR,
6.54%, 10/21/2030(a) (e)
21,530,697
21,440,763
Magnetite Ltd. (Cayman Islands)
Series 2012-7A, Class A1R2, 6.37%,
1/15/2028(a) (e)
32,026,862
31,905,960
Series 2016-18A, Class AR2, 6.51%,
11/15/2028(a) (e)
39,399,478
39,260,122
Series 2014-8A, Class AR2, 6.55%,
4/15/2031(a) (e)
10,246,518
10,211,731
Series 2016-17A, Class AR, 6.69%,
7/20/2031(a) (e)
8,500,000
8,490,004
Series 2015-15A, Class AR, 6.62%,
7/25/2031(a) (e)
4,000,000
3,982,520
SEE NOTES TO FINANCIAL STATEMENTS.
August 31, 2023
J.P. Morgan Exchange-Traded Funds
161


JPMorgan Ultra-Short Income ETF
SCHEDULE OF PORTFOLIO INVESTMENTS
AS OF August 31, 2023  (Unaudited) (continued)
INVESTMENTS
PRINCIPAL
AMOUNT($)
VALUE($)
Asset-Backed Securities — continued
Series 2020-25A, Class A, 6.81%,
1/25/2032(a) (e)
20,250,000
20,197,978
Series 2017-19A, Class X, 6.27%,
4/17/2034(a) (e)
1,250,000
1,247,061
Marathon CLO Ltd. (Cayman Islands)
Series 2019-1A, Class AANR, 6.89%,
4/15/2032(a) (e)
35,000,000
34,911,765
Marlette Funding Trust Series 2022-1A,
Class A, 1.36%, 4/15/2032(a)
133,978
133,722
Mercedes-Benz Auto Receivables Trust
Series 2023-1, Class A2, 5.09%,
1/15/2026
37,516,176
37,362,240
Neuberger Berman CLO (Cayman
Islands) Series 2013-15A,
Class A1R2, 6.49%, 10/15/2029(a)
(e)
34,597,322
34,448,346
Neuberger Berman CLO Ltd. (Cayman
Islands)
Series 2013-14A, Class AR2, 6.66%,
1/28/2030(a) (e)
16,479,294
16,440,040
Series 2017-16SA, Class XR, 6.37%,
4/15/2034(a) (e)
3,750,000
3,727,901
Neuberger Berman Loan Advisers CLO
Ltd. (Cayman Islands)
Series 2017-26A, Class AR, 6.49%,
10/18/2030(a) (e)
27,212,658
27,082,064
Series 2020-37A, Class AR, 6.56%,
7/20/2031(a) (e)
26,036,000
25,854,920
Newark BSL CLO 2 Ltd. (Cayman Islands)
Series 2017-1A, Class A1R, 6.58%,
7/25/2030(a) (e)
28,365,359
28,172,248
Newark BSL CLO Ltd. (Cayman Islands)
Series 2016-1A, Class A1R, 6.72%,
12/21/2029(a) (e)
19,494,598
19,425,275
OCP CLO Ltd. (Cayman Islands)
Series 2017-13A, Class A1AR,
6.53%, 7/15/2030(a) (e)
5,881,130
5,853,195
Series 2018-15A, Class A1, 6.69%,
7/20/2031(a) (e)
1,715,000
1,709,841
Series 2020-8RA, Class A1, 6.79%,
1/17/2032(a) (e)
35,000,000
34,879,110
Series 2019-17A, Class A1R, 6.63%,
7/20/2032(a) (e)
13,000,000
12,891,463
Series 2020-18A, Class AR, 6.68%,
7/20/2032(a) (e)
1,750,000
1,737,220
Series 2015-9A, Class X, 6.06%,
1/15/2033(a) (e)
2,000,000
1,998,148
INVESTMENTS
PRINCIPAL
AMOUNT($)
VALUE($)
 
Octagon Investment Partners 30 Ltd.
(Cayman Islands) Series 2017-1A,
Class A1R, 6.59%, 3/17/2030(a)
(e)
32,988,782
32,835,978
Octagon Investment Partners 35 Ltd.
(Cayman Islands) Series 2018-1A,
Class A1A, 6.65%, 1/20/2031(a)
(e)
9,173,472
9,150,850
OHA Credit Funding 7 Ltd. (Cayman
Islands) Series 2020-7A, Class XR,
6.02%, 2/24/2037(a) (e)
312,500
312,075
OHA Credit Partners Ltd. (Cayman
Islands) Series 2016-13A, Class XR,
6.45%, 10/25/2034(a) (e)
1,125,000
1,115,851
OSD CLO Ltd. (Cayman Islands)
Series 2021-23A, Class A, 6.44%,
4/17/2031(a) (e)
8,757,270
8,669,680
Series 2023-27A, Class A, 6.65%,
4/16/2035(a) (e)
12,000,000
11,944,680
Palmer Square CLO Ltd. (Cayman
Islands) Series 2018-2A, Class A1A,
6.67%, 7/16/2031(a) (e)
12,500,000
12,460,050
Palmer Square Loan Funding Ltd.
(Cayman Islands)
Series 2020-4A, Class A1, 6.65%,
11/25/2028(a) (e)
15,604,294
15,562,755
Series 2021-1A, Class A1, 6.49%,
4/20/2029(a) (e)
833,037
828,576
Series 2021-2A, Class A1, 6.44%,
5/20/2029(a) (e)
20,150,346
20,046,290
Series 2021-4A, Class A1, 6.37%,
10/15/2029(a) (e)
21,953,994
21,840,843
Series 2022-1A, Class A1, 6.36%,
4/15/2030(a) (e)
31,030,911
30,836,657
Porsche Financial Auto Securitization
Trust Series 2023-1A, Class A2,
5.42%, 12/22/2026(a)
35,740,000
35,643,995
Santander Drive Auto Receivables Trust
Series 2022-6, Class A2, 4.37%,
5/15/2025
8,778,373
8,769,741
Series 2023-1, Class A2, 5.36%,
5/15/2026
9,691,551
9,673,312
Sculptor CLO Ltd. (Cayman Islands)
Series 27A, Class X, 6.64%,
7/20/2034(a) (e)
4,000,000
3,968,436
Sound Point CLO II Ltd. (Cayman Islands)
Series 2013-1A, Class A1R, 6.68%,
1/26/2031(a) (e)
2,380,147
2,366,123
SEE NOTES TO FINANCIAL STATEMENTS.
162
J.P. Morgan Exchange-Traded Funds
August 31, 2023


INVESTMENTS
PRINCIPAL
AMOUNT($)
VALUE($)
Asset-Backed Securities — continued
Sound Point CLO Ltd. (Cayman Islands)
Series 2019-1A, Class AR, 6.67%,
1/20/2032(a) (e)
7,268,000
7,220,634
Stratus CLO Ltd. (Cayman Islands) Series
2021-1A, Class A, 6.39%,
12/29/2029(a) (e)
927,919
922,150
Symphony CLO Ltd. (Cayman Islands)
Series 2018-20A, Class X, 6.57%,
1/16/2032(a) (e)
250,000
249,988
Series 2020-24A, Class A, 6.81%,
1/23/2032(a) (e)
28,550,000
28,443,480
Symphony Static CLO Ltd. (Cayman
Islands) Series 2021-1A, Class A,
6.44%, 10/25/2029(a) (e)
24,494,574
24,327,203
TCI-Symphony CLO Ltd. (Cayman
Islands) Series 2017-1A, Class AR,
6.50%, 7/15/2030(a) (e)
18,499,038
18,390,800
Venture CLO Ltd. (Cayman Islands)
Series 2019-36A, Class XR, 6.29%,
4/20/2032(a) (e)
1,375,000
1,369,558
Series 2021-43A, Class X, 6.62%,
4/15/2034(a) (e)
4,583,333
4,581,101
Volkswagen Auto Loan Enhanced Trust
Series 2023-1, Class A2A, 5.50%,
12/21/2026
102,380,000
102,081,112
Voya CLO Ltd. (Cayman Islands)
Series 2015-1A, Class A1R, 6.47%,
1/18/2029(a) (e)
6,467,717
6,450,558
Series 2017-3A, Class XR, 6.44%,
4/20/2034(a) (e)
2,095,238
2,094,212
Westlake Automobile Receivables Trust
Series 2021-3A, Class A3, 0.95%,
6/16/2025(a)
10,101,019
10,033,585
Total Asset-Backed Securities
(Cost $1,945,469,300)
1,941,347,805
U.S. Treasury Obligations — 2.3%
U.S. Treasury Notes
1.50%, 2/29/2024
20,260,000
19,873,794
0.38%, 7/15/2024
528,400,000
505,963,639
Total U.S. Treasury Obligations
(Cost $529,469,590)
525,837,433
U.S. Government Agency Securities — 0.6%
FFCB Funding Corp.
4.88%, 9/25/2023
5,200,000
5,197,583
INVESTMENTS
PRINCIPAL
AMOUNT($)
VALUE($)
 
FHLB
5.20%, 9/7/2023
4,000,000
3,999,760
4.90%, 11/22/2023
121,670,000
121,421,000
Total U.S. Government Agency Securities
(Cost $130,861,609)
130,618,343
Commercial Mortgage-Backed Securities — 0.1%
Benchmark Mortgage Trust Series
2018-B3, Class A2, 3.85%,
4/10/2051
1,287,988
1,248,701
Citigroup Commercial Mortgage Trust
Series 2018-B2, Class A2, 3.79%,
3/10/2051
3,096,650
3,089,279
UBS Commercial Mortgage Trust Series
2018-C11, Class A2, 3.99%,
6/15/2051
228,761
228,099
Wells Fargo Commercial Mortgage Trust
Series 2018-C46, Class A2, 4.06%,
8/15/2051
2,935,183
2,926,775
WFRBS Commercial Mortgage Trust
Series 2013-UBS1, Class AS, 4.31%,
3/15/2046(e)
6,584,641
6,561,328
Total Commercial Mortgage-Backed
Securities
(Cost $14,533,481)
14,054,182
Foreign Government Securities — 0.0% ^
Province of Ontario 3.05%, 1/29/2024
(Cost $4,858,182)
4,895,000
4,844,089
Short-Term Investments — 48.7%
Certificates of Deposits — 14.5%
Bank of Montreal (Canada) , 5.00%,
10/6/2023
25,000,000
24,984,041
Bank of Nova Scotia (The) (Canada)
(SOFR + 0.64%), 5.95%,
5/31/2024(b)
43,016,000
43,061,057
6.05%, 6/28/2024
3,636,000
3,638,749
Barclays Bank plc (United Kingdom)
5.70%, 12/8/2023
110,000,000
109,950,173
6.00%, 8/8/2024
103,000,000
102,934,889
BNP Paribas SA (France) , 5.32%,
2/6/2024
135,295,000
134,967,571
Canadian Imperial Bank of Commerce
(Canada)
5.60%, 3/7/2024
31,908,000
31,864,184
6.01%, 6/28/2024
89,201,000
89,281,236
Citibank NA
5.63%, 3/1/2024
115,569,000
115,424,735
5.80%, 3/5/2024
16,352,000
16,344,918
SEE NOTES TO FINANCIAL STATEMENTS.
August 31, 2023
J.P. Morgan Exchange-Traded Funds
163


JPMorgan Ultra-Short Income ETF
SCHEDULE OF PORTFOLIO INVESTMENTS
AS OF August 31, 2023  (Unaudited) (continued)
INVESTMENTS
PRINCIPAL
AMOUNT($)
VALUE($)
Short-Term Investments — continued
Certificates of Deposits — continued
5.84%, 4/30/2024
101,301,000
101,308,531
Cooperatieve Rabobank UA
(Netherlands)
5.41%, 2/20/2024
174,909,000
174,814,899
5.57%, 3/1/2024
65,572,000
65,450,589
Credit Agricole Corporate and
Investment Bank (France)
5.41%, 11/17/2023
84,786,000
84,763,713
5.42%, 11/20/2023
17,899,000
17,894,096
5.30%, 1/11/2024
139,018,000
138,781,604
DNB Bank ASA (Norway)
5.39%, 11/16/2023
27,948,000
27,942,237
5.48%, 11/24/2023
45,823,000
45,820,142
Kookmin Bank (South Korea)
(SOFR + 0.73%), 6.04%,
1/22/2024(b)
59,465,000
59,536,011
(SOFR + 0.73%), 6.04%,
1/26/2024(b)
38,932,000
38,978,443
6.00%, 5/20/2024
111,963,000
111,952,028
Lloyds Bank Corporate Markets plc
(United Kingdom)
5.49%, 12/14/2023
61,071,000
61,007,496
5.31%, 1/18/2024
72,299,000
72,139,922
Lloyds Bank Corporate Markets PLC
(United Kingdom) (SOFR + 0.66%),
5.97%, 8/15/2024(b)
28,414,000
28,435,304
Mizuho Bank Ltd. (Japan) , 5.40%,
12/14/2023
105,860,000
105,741,028
Natixis SA (France) , 4.29%, 9/8/2023
85,666,000
85,642,666
Nordea Bank Abp (Finland)
4.14%, 9/5/2023
93,036,000
93,018,784
5.17%, 1/31/2024
205,870,000
205,345,392
Norinchukin Bank (The) (Japan) ,
5.71%, 1/17/2024
195,021,000
195,025,688
Royal Bank of Canada (Canada) ,
4.87%, 9/22/2023
81,567,000
81,533,400
Standard Chartered Bank (United
Kingdom) , 5.44%, 1/12/2024
145,077,000
144,888,958
Sumitomo Mitsui Banking Corp. (Japan)
(SOFR + 0.70%), 6.01%,
6/6/2024(b)
226,669,000
226,920,827
(SOFR + 0.72%), 6.03%,
8/7/2024(b)
48,274,000
48,300,037
Toronto-Dominion Bank (The) (Canada)
4.35%, 9/12/2023
180,015,000
179,946,277
5.37%, 12/15/2023
74,200,000
74,114,991
INVESTMENTS
PRINCIPAL
AMOUNT($)
VALUE($)
 
Certificates of Deposits — continued
Wells Fargo Bank NA
(SOFR + 0.60%), 5.90%,
9/1/2023(b)
9,466,000
9,467,170
(SOFR + 0.60%), 5.91%,
8/2/2024(b)
27,552,000
27,555,402
Westpac Banking Corp. (Australia)
5.33%, 1/11/2024
17,800,000
17,773,605
5.18%, 2/1/2024
110,036,000
109,757,209
Total Certificates of Deposit
(Cost $3,308,485,760)
3,306,308,002
Commercial Paper — 27.4%
3M Co.
5.55%, 9/7/2023(f)
142,458,000
142,311,743
5.50%, 2/5/2024(f)
29,029,000
28,334,515
ABN AMRO Funding USA LLC
(Netherlands) 5.47%,
11/22/2023(f)
51,300,000
50,650,552
AT&T, Inc.
5.68%, 12/20/2023(f)
76,529,000
75,197,688
5.92%, 2/21/2024(f)
38,550,000
37,480,495
Australia & New Zealand Banking Group
Ltd. (Australia)
5.39%, 9/12/2023(f)
67,235,000
67,115,680
5.38%, 11/17/2023(f)
100,210,000
99,047,965
5.52%, 11/20/2023(f)
68,765,000
67,936,622
5.52%, 11/22/2023(f)
98,754,000
97,534,758
5.39%, 12/15/2023(f)
129,378,000
127,328,127
Aviation Capital Group LLC 6.19%,
9/6/2023(f)
37,400,000
37,365,162
Banco Santander Chile (Chile)
5.93%, 10/24/2023(f)
10,000,000
9,911,980
6.14%, 1/26/2024(f)
4,942,000
4,817,639
6.23%, 2/7/2024(f)
27,198,000
26,455,434
6.21%, 2/9/2024(f)
24,520,000
23,841,850
Banco Santander SA (Spain)
5.55%, 11/17/2023(f)
84,219,000
83,218,310
5.63%, 2/22/2024(f)
120,440,000
117,164,283
Bank Montana System 5.50%,
11/17/2023(f)
83,809,000
82,816,813
Bank of Montreal
5.55%, 11/6/2023(f)
168,723,000
167,011,948
5.47%, 1/4/2024(f)
29,203,000
28,639,207
Bell Canada, Inc. (Canada) 5.60%,
10/3/2023(f)
2,400,000
2,387,777
BNP Paribas SA (France) 5.29%,
10/2/2023(f)
191,424,000
190,523,712
SEE NOTES TO FINANCIAL STATEMENTS.
164
J.P. Morgan Exchange-Traded Funds
August 31, 2023


INVESTMENTS
PRINCIPAL
AMOUNT($)
VALUE($)
Short-Term Investments — continued
Commercial Paper — continued
BPCE SA (France)
5.41%, 10/6/2023(f)
63,131,000
62,789,714
5.17%, 10/20/2023(f)
7,000,000
6,947,082
5.33%, 11/7/2023(f)
257,310,000
254,641,209
Brookfield Corporate Treasury Ltd.
(Canada) 5.76%, 9/6/2023(f)
100,000,000
99,907,883
Citigroup Global Markets, Inc.
5.52%, 11/27/2023(f)
10,460,000
10,317,914
5.43%, 1/8/2024(f)
23,541,000
23,064,949
Cnh Industrial Capital 5.93%,
2/5/2024(f)
35,000,000
34,089,547
Commonwealth Bank of Australia
(Australia) 5.93%, 7/22/2024(f)
132,398,000
125,658,772
Cooperatieve Rabobank UA
(Netherlands) 5.19%,
10/31/2023(f)
59,006,000
58,477,493
Credit Agricole Corporate and
Investment Bank (France) 5.65%,
11/27/2023(f)
3,996,000
3,943,350
Credit Industriel et Commercial (France)
5.38%, 11/10/2023(f)
137,202,000
135,755,951
5.59%, 11/22/2023(f)
55,099,000
54,418,353
DNB Bank ASA (Norway)
5.47%, 11/17/2023(f)
158,329,000
156,497,133
5.51%, 11/22/2023(f)
75,690,000
74,756,210
5.38%, 12/19/2023(f)
112,419,000
110,567,865
Duke Energy Corp. 5.90%,
2/22/2024(f)
50,356,000
48,933,303
EIDP, Inc.
5.76%, 11/17/2023(f)
10,970,000
10,844,218
5.94%, 12/1/2023(f)
10,519,000
10,375,558
Enel Finance America LLC (Italy) 5.63%,
9/15/2023(f)
1,068,000
1,065,558
General Dynamics Corp. 5.59%,
9/27/2023(f)
2,600,000
2,589,534
Glencore Funding LLC (Australia)
5.87%, 11/10/2023(f)
18,694,000
18,483,775
6.01%, 2/20/2024(f)
73,687,000
71,638,846
GTA Funding LLC 5.75%, 1/10/2024(f)
80,139,000
78,500,532
HSBC USA, Inc.
6.07%, 12/8/2023(f)
97,500,000
96,000,645
6.34%, 5/1/2024(f)
5,050,000
4,847,337
5.99%, 5/20/2024(f)
25,000,000
23,912,020
6.25%, 6/6/2024(f)
52,663,000
50,213,585
6.50%, 8/1/2024(f)
2,870,000
2,708,396
INVESTMENTS
PRINCIPAL
AMOUNT($)
VALUE($)
 
Commercial Paper — continued
ING US Funding LLC (Netherlands)
5.27%, 9/21/2023(f)
271,850,000
271,002,869
L3Harris Technologies, Inc. 6.32%,
8/27/2024(f)
33,020,000
31,087,227
Leidos, Inc. 6.02%, 9/1/2023(f)
28,600,000
28,595,475
Lloyds Bank Corporate Markets plc
(United Kingdom) 5.22%,
10/20/2023(f)
3,000,000
2,977,125
Lloyds Bank plc (United Kingdom)
5.90%, 4/22/2024(f)
121,445,000
116,970,629
LSEGA Financing PLC (United Kingdom)
5.55%, 9/29/2023(f)
9,500,000
9,456,923
Macquarie Bank Ltd. (Australia)
5.63%, 11/21/2023(f)
84,979,000
83,902,595
5.58%, 12/1/2023(f)
11,600,000
11,434,199
5.15%, 4/5/2024(f)
120,000,000
115,889,974
5.93%, 5/17/2024(f)
58,200,000
55,818,812
6.00%, 8/20/2024(f)
19,877,000
18,782,092
MUFG Bank Ltd. (Japan) 5.82%,
1/19/2024(f)
110,645,000
108,227,720
National Australia Bank Ltd. (Australia)
5.46%, 12/1/2023(f)
56,925,000
56,119,068
5.62%, 12/11/2023(f)
192,846,000
189,818,960
National Bank of Canada (Canada)
5.81%, 2/26/2024(f)
35,852,000
34,855,682
5.77%, 3/15/2024(f)
9,761,000
9,462,200
Natixis SA (France)
5.46%, 9/1/2023(f)
50,000,000
49,992,703
5.53%, 11/17/2023(f)
2,000,000
1,976,375
NatWest Markets plc (United Kingdom)
5.63%, 2/6/2024(a) (f)
83,924,000
81,826,040
Nordea Bank Abp (Finland) 5.38%,
11/13/2023(f)
56,456,000
55,830,267
Philip Morris International, Inc. 5.19%,
10/24/2023(f)
2,750,000
2,727,741
Quanta Services, Inc. 5.83%,
9/5/2023(f)
16,350,000
16,336,913
Royal Bank of Canada (Canada)
5.61%, 11/22/2023(f)
103,570,000
102,273,151
5.48%, 12/8/2023(f)
37,000,000
36,445,259
5.39%, 12/15/2023(f)
136,186,000
133,996,182
Sempra
5.61%, 9/5/2023(f)
51,525,000
51,485,927
5.61%, 9/6/2023(f)
11,895,000
11,884,176
SEE NOTES TO FINANCIAL STATEMENTS.
August 31, 2023
J.P. Morgan Exchange-Traded Funds
165


JPMorgan Ultra-Short Income ETF
SCHEDULE OF PORTFOLIO INVESTMENTS
AS OF August 31, 2023  (Unaudited) (continued)
INVESTMENTS
PRINCIPAL
AMOUNT($)
VALUE($)
Short-Term Investments — continued
Commercial Paper — continued
Skandinaviska Enskilda Banken AB
(Sweden)
5.35%, 10/2/2023(f)
110,210,000
109,695,784
5.17%, 10/23/2023(f)
11,000,000
10,914,704
5.39%, 11/17/2023(f)
241,108,000
238,290,694
Societe Generale SA (France)
5.44%, 12/15/2023(f)
205,985,000
202,655,858
6.00%, 5/13/2024(f)
33,394,000
32,037,580
5.90%, 6/21/2024(f)
31,600,000
30,123,240
Standard Chartered Bank (United
Kingdom)
5.58%, 2/21/2024(f)
24,395,000
23,724,922
6.05%, 8/13/2024(f)
40,071,000
37,885,942
6.08%, 8/27/2024(f)
6,290,000
5,933,842
Sumitomo Mitsui Banking Corp. (Japan)
5.52%, 1/5/2024(f)
36,002,000
35,311,209
Suncor Energy, Inc. (Canada) 5.87%,
11/2/2023(f)
42,523,000
42,108,433
Svenska Handelsbanken AB (Sweden)
5.36%, 10/10/2023(f)
104,101,000
103,496,520
5.33%, 1/9/2024(f)
133,099,000
130,454,061
6.00%, 8/22/2024(f)
67,788,000
64,040,312
TELUS Corp. (Canada)
5.58%, 9/14/2023(f)
31,454,000
31,386,882
5.74%, 10/5/2023(f)
13,965,000
13,889,620
5.74%, 10/10/2023(f)
40,395,000
40,145,763
5.90%, 1/9/2024(f)
2,884,000
2,823,782
Toronto-Dominion Bank (The) (Canada)
5.98%, 8/23/2024(f)
93,960,000
88,762,044
TransCanada PipeLines Ltd. (Canada)
5.72%, 9/27/2023(f)
38,918,000
38,756,354
5.87%, 12/20/2023(f)
10,874,000
10,682,722
Westpac Banking Corp. (Australia)
5.36%, 2/9/2024(f)
7,000,000
6,826,844
Westpac Securities NZ Ltd. (New
Zealand) 5.61%, 11/30/2023(f)
54,000,000
53,257,031
Total Commercial Paper
(Cost $6,245,019,010)
6,241,419,419
SHARES
Investment Companies — 5.8%
JPMorgan U.S. Government Money
Market Fund Class IM Shares,
5.27%(g) (h)
(Cost $1,325,392,391)
1,325,392,391
1,325,392,391
 INVESTMENTS
SHARES
VALUE($)
Investment of Cash Collateral from Securities Loaned — 0.1%
JPMorgan Securities Lending Money
Market Fund Agency SL Class Shares,
5.50%(g) (h)
6,709,568
6,710,910
JPMorgan U.S. Government Money
Market Fund Class IM Shares,
5.27%(g) (h)
1,799,874
1,799,874
Total Investment of Cash Collateral from
Securities Loaned
(Cost $8,510,784)
8,510,784
PRINCIPAL
AMOUNT($)
Repurchase Agreements — 0.9%
Wells Fargo Securities LLC, 5.73%,
dated 8/31/2023, due 9/19/2023,
repurchase price $200,604,833,
collateralized by Asset-Backed
Securities, 0.00% - 13.50%, due
11/20/2023 - 3/25/2068, with the
value of $223,151,501.
(Cost $200,000,000)
200,000,000
200,000,000
Total Short-Term Investments
(Cost $11,087,407,945)
11,081,630,596
Total Investments — 99.8%
(Cost $22,797,050,514)
22,708,006,713
Other Assets Less Liabilities — 0.2%
48,197,043
NET ASSETS — 100.0%
22,756,203,756

Percentages indicated are based on net assets.
Abbreviations
 
CIFC
Commercial Industrial Finance Corp.
CLO
Collateralized Loan Obligations
CME
Chicago Mercantile Exchange
FFCB
Federal Farm Credit Bank
FHLB
Federal Home Loan Bank
ICE
Intercontinental Exchange
LIBOR
London Interbank Offered Rate
REIT
Real Estate Investment Trust
SOFR
Secured Overnight Financing Rate
SOFRINDX
Compounding index of the Secured Overnight Financing Rate
USD
United States Dollar
^
Amount rounds to less than 0.1% of net assets.
(a)
Securities exempt from registration under Rule 144A
or section 4(a)(2), of the Securities Act of 1933, as
amended.
 
(b)
Variable or floating rate security, linked to the
referenced benchmark. The interest rate shown is the
current rate as of August 31, 2023.
 
SEE NOTES TO FINANCIAL STATEMENTS.
166
J.P. Morgan Exchange-Traded Funds
August 31, 2023


(c)
The security or a portion of this security is on loan at
August 31, 2023. The total value of securities on loan
at August 31, 2023 is $8,275,241.
 
(d)
Step bond. Interest rate is a fixed rate for an initial
period that either resets at a specific date or may
reset in the future contingent upon a predetermined
trigger. The interest rate shown is the current rate as
of August 31, 2023.
 
(e)
Variable or floating rate security, the interest rate of
which adjusts periodically based on changes in current
interest rates and prepayments on the underlying
pool of assets. The interest rate shown is the current
rate as of August 31, 2023.
 
(f)
The rate shown is the effective yield as of August 31,
2023.
 
(g)
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.
 
(h)
The rate shown is the current yield as of August 31,
2023.
 
SEE NOTES TO FINANCIAL STATEMENTS.
August 31, 2023
J.P. Morgan Exchange-Traded Funds
167


JPMorgan Ultra-Short Municipal Income ETF
SCHEDULE OF PORTFOLIO INVESTMENTS
AS OF August 31, 2023  (Unaudited)
INVESTMENTS
PRINCIPAL
AMOUNT($)
VALUE($)
Municipal Bonds — 96.2% (a)
Alabama — 4.6%
Alabama Federal Aid Highway Finance
Authority
Series A, Rev., 5.00%, 9/1/2023(b)
90,000
90,000
Series B, Rev., 5.00%, 9/1/2023(b)
25,000
25,000
Series 2015, Rev., 4.00%, 9/1/2024(b)
46,810,000
47,103,279
Series 2015, Rev., 5.00%, 9/1/2024(b)
75,000
76,193
Alabama Public School and College
Authority Series 2014B, Rev., 5.00%,
1/1/2026
90,000
91,102
Alabama Public School and College
Authority, Capital Improvement
Series 2013-C, Rev., 5.00%, 9/1/2023
125,000
125,000
Series 2013A, Rev., 3.25%, 6/1/2024
40,000
39,973
Series 2014-B, Rev., 5.00%, 1/1/2025
75,000
76,037
Alabama Special Care Facilities Financing
Authority-Birmingham Series 2015, Rev.,
5.00%, 6/1/2024
255,000
257,774
Autauga County Board of Education Rev.,
5.00%, 4/1/2024
30,000
30,267
Birmingham Airport Authority Rev., 5.00%,
7/1/2026
20,000
20,960
Black Belt Energy Gas District, Gas Prepay
Series 2018A, Rev., 4.00%,
12/1/2023(c)
165,000
164,830
Black Belt Energy Gas District, Gas Prepay
Project No. 4 Series 2019A-1, Rev.,
4.00%, 12/1/2025(c)
40,000,000
39,671,296
Black Belt Energy Gas District, Gas Project
No. 6 Series 2021B, Rev., 4.00%,
12/1/2026(c)
60,000
58,647
Black Belt Energy Gas District, Gas Supply
Series 2022D-2, Rev., LIQ : Royal Bank of
Canada, (SOFR + 1.40%), 4.96%,
9/6/2023(d)
25,575,000
25,326,235
City of Hoover, Warrants GO, 2.00%,
3/1/2025
30,000
29,087
City of Huntsville, Warrants
Series 2020B, GO, 5.00%, 9/1/2023
30,000
30,000
Series 2013-C, GO, 5.00%,
11/1/2023(b)
25,000
25,065
City of Huntsville, Warrants, Water Revenue
Series 2015, Rev., 5.00%, 5/1/2025(b)
1,400,000
1,438,594
City of Trussville, Warrants Series 2014A,
GO, 5.00%, 10/1/2023(b)
25,000
25,030
City of Tuscaloosa Series 2019A, GO,
4.00%, 7/1/2024
35,000
35,208
County of Mobile, Warrants GO, 5.00%,
8/1/2025(b)
25,000
25,822
INVESTMENTS
PRINCIPAL
AMOUNT($)
VALUE($)
 
Alabama — continued
Industrial Development Board of The City of
Mobile, Alabama Power Control, Barry
Plant Project Series 2007A, Rev., 1.00%,
6/26/2025(c)
100,000
94,862
Limestone County Water and Sewer
Authority Series 2014B, Rev., 4.00%,
12/1/2023(b)
30,000
30,050
Madison County Board of Education, Tax
Anticipation Warrants Rev., 5.00%,
9/1/2023
20,000
20,000
Southeast Alabama Gas Supply District
(The), Project No. 1 Series 2018A, Rev.,
4.00%, 4/1/2024(c)
245,000
244,286
Southeast Energy Authority A Cooperative
District, Project No. 4 Series 2022B-1,
Rev., 5.00%, 8/1/2024
1,160,000
1,167,662
UAB Medicine Finance Authority Series
2016B, Rev., 5.00%, 9/1/2023
1,000,000
1,000,000
University of Alabama (The)
Series 2012-A, Rev., 5.00%, 7/1/2024
310,000
310,340
Series 2014B, Rev., 5.00%,
7/1/2024(b)
50,000
50,618
Series 2017A, Rev., 5.00%, 7/1/2024
20,000
20,255
Total Alabama
117,703,472
Alaska — 0.6%
Alaska Housing Finance Corp.
Series 2017A-II, Rev., 5.00%,
12/1/2023
50,000
50,177
Series 2014D-II, Rev., 5.00%,
12/1/2024
2,800,000
2,847,183
Alaska Housing Finance Corp., General
Mortgage Series 2019A, Rev., 1.50%,
6/1/2024
305,000
299,695
Alaska Municipal Bond Bank Authority
Series 2020 ONE, Rev., 5.00%,
12/1/2023
150,000
150,497
Series 2012-2, Rev., 5.00%, 9/1/2024
60,000
60,063
Series 1, Rev., 5.00%, 12/1/2024
190,000
193,364
Series 1, Rev., 5.00%, 12/1/2025
85,000
87,732
Rev., 5.00%, 12/1/2026
25,000
26,212
Borough of Matanuska-Susitna
Rev., 5.25%, 9/1/2027
1,550,000
1,596,574
Series 2015, Rev., 5.25%, 9/1/2028
3,000,000
3,088,982
Borough of Matanuska-Susitna, Goose Creek
Correctional Center Project
Rev., 5.00%, 9/1/2024
560,000
567,546
Rev., 5.00%, 9/1/2025
165,000
169,461
SEE NOTES TO FINANCIAL STATEMENTS.
168
J.P. Morgan Exchange-Traded Funds
August 31, 2023


INVESTMENTS
PRINCIPAL
AMOUNT($)
VALUE($)
Municipal Bonds — continued
Alaska — continued
Rev., 5.25%, 9/1/2026
135,000
139,030
Borough of North Slope
Series B, GO, 5.00%, 10/30/2023
20,000
20,045
Series 2020A, GO, 5.00%, 6/30/2025
35,000
35,996
City of Anchorage Series 2014A, Rev.,
5.00%, 12/1/2024(b)
4,575,000
4,663,809
Municipality of Anchorage
Series 2018D, GO, 4.00%, 9/1/2023
155,000
155,000
Series D, GO, 5.00%, 9/1/2023
25,000
25,000
State of Alaska Series 2016B, GO, 5.00%,
8/1/2028
20,000
20,566
University of Alaska Series 2015T, Rev.,
5.00%, 10/1/2023
90,000
90,062
Total Alaska
14,286,994
Arizona — 2.4%
Arizona Health Facilities Authority Series
2014A, Rev., 5.00%, 12/1/2026
25,000
25,354
Arizona Health Facilities Authority, Banner
Health Series 2015B, Rev., (SIFMA
Municipal Swap Index Yield + 0.25%),
4.31%, 9/7/2023(d)
9,400,000
9,274,626
Arizona Health Facilities Authority, Phoenix
children's Hospitals Series 2013B, Rev.,
5.00%, 2/1/2026
1,065,000
1,065,513
Arizona Industrial Development Authority
Series 2021A, Rev., 5.00%, 2/1/2024
1,450,000
1,457,473
Arizona Industrial Development Authority,
Equitable School Revolving Fund LLC
Series 2019A, Rev., 5.00%, 11/1/2024
95,000
96,177
Arizona School Facilities Board Series
2015A, COP, 5.00%, 9/1/2023(b)
20,000
20,000
Arizona State University Series 2015B,
Rev., 5.00%, 7/1/2026
45,000
46,377
Arizona Transportation Board, Excise Tax,
Maricopa County Regional Area Road
Fund Rev., 5.00%, 7/1/2025
40,000
41,269
City of Buckeye, Excise Tax Series 2015,
Rev., 5.00%, 7/1/2024
25,000
25,329
City of Mesa Series 2013, Rev., 5.00%,
7/1/2024
110,000
111,404
City of Phoenix Series 2014, GO, 4.00%,
7/1/2024
35,000
35,211
City of Phoenix Civic Improvement Corp.,
Junior Lien, Wastewater System Rev.,
5.00%, 7/1/2024
230,000
230,277
City of Scottsdale Series 2015, GO, 4.00%,
7/1/2024
35,000
35,194
INVESTMENTS
PRINCIPAL
AMOUNT($)
VALUE($)
 
Arizona — continued
County of Maricopa Series 2018A, COP,
5.00%, 7/1/2024
25,000
25,321
County of Navajo Rev., 4.00%, 7/1/2025
20,000
20,202
Maricopa County Industrial Development
Authority, Banner Health
Series C, Rev., 5.00%, 10/18/2024(c)
150,000
152,310
Series 2023A-1, Rev., 5.00%,
5/15/2026(c)
5,000,000
5,181,180
Maricopa County Unified School District No.
41 Gilbert Series 2019C, GO, 5.00%,
7/1/2024
65,000
65,883
Pima County Regional Transportation
Authority, Excise Tax
Rev., 5.00%, 6/1/2024
60,000
60,758
Series 2014, Rev., 5.00%, 6/1/2025
330,000
330,315
RBC Municipal Products, Inc. Trust, Floater
Certificates Series E-147, Rev., VRDO,
LOC : Royal Bank of Canada, 4.09%,
9/8/2023(c) (e)
11,000,000
11,000,000
Salt River Project Agricultural Improvement
and Power District Series 2015A, Rev.,
5.00%, 12/1/2045
29,000,000
29,717,683
Tempe Industrial Development Authority,
Friendship Village of Tempe Project
Series 2021C-2, Rev., 1.13%,
12/1/2026
1,880,000
1,750,946
Total Arizona
60,768,802
Arkansas — 0.3%
City of Little Rock, Water Reclamation
System Rev., 4.00%, 11/1/2023
250,000
250,095
State of Arkansas, Federal Highway GO,
5.00%, 10/1/2023
70,000
70,082
University of Arkansas, Various Facility
Fayetteville Campus
Series 2019A, Rev., 5.00%, 9/15/2023
35,000
35,015
Series 2015A, Rev., 5.00%,
11/1/2024(b)
6,060,000
6,169,491
Total Arkansas
6,524,683
California — 1.7%
Alameda County Joint Powers Authority,
Multiple Capital Projects Series 2013A,
Rev., 5.00%, 12/1/2023
50,000
50,199
Anaheim Public Financing Authority, Public
Improvement Project Series 1997C, Rev.,
AGM, Zero Coupon, 9/1/2023
1,350,000
1,350,000
Antelope Valley Community College District
GO, 5.00%, 2/15/2025(b)
70,000
71,873
SEE NOTES TO FINANCIAL STATEMENTS.
August 31, 2023
J.P. Morgan Exchange-Traded Funds
169


JPMorgan Ultra-Short Municipal Income ETF
SCHEDULE OF PORTFOLIO INVESTMENTS
AS OF August 31, 2023  (Unaudited) (continued)
INVESTMENTS
PRINCIPAL
AMOUNT($)
VALUE($)
Municipal Bonds — continued
California — continued
Brentwood Infrastructure Financing
Authority Series 2012A, AGM, 3.50%,
9/2/2023
50,000
50,000
Brentwood Infrastructure Financing
Authority, Civic Center Project Rev.,
5.00%, 10/1/2024
40,000
40,627
California County Tobacco Securitization
Agency, Gold Country Settlement Funding
Corp. Series 2020A, Rev., 5.00%,
6/1/2026
1,090,000
1,129,403
California Educational Facilities Authority,
University of Southern California Series
2012A, Rev., 5.00%, 10/1/2023(b)
35,000
35,043
California Health Facilities Financing
Authority, Adventist Health System
Series 2011A, Rev., 3.00%,
3/1/2024(c)
480,000
477,783
Series 2013A, Rev., 5.00%, 3/1/2024
110,000
110,056
California Health Facilities Financing
Authority, Cedars-Sinai Medical Center
Rev., 5.00%, 11/15/2024
375,000
382,630
California Health Facilities Financing
Authority, Health System
Series 2014A, Rev., 5.00%, 10/1/2023
125,000
125,127
Series 2016A, Rev., 5.00%, 10/1/2023
25,000
25,025
Series 2017, Rev., 5.00%, 2/1/2025
30,000
30,611
California Health Facilities Financing
Authority, Providence St. Joseph Health
Series 2016B-2, Rev., 4.00%,
10/1/2024(c)
275,000
275,669
California Health Facilities Financing
Authority, St. Joseph Health System
Series 2019C, Rev., 5.00%,
10/1/2025(c)
420,000
428,873
Series 2013A, Rev., 5.00%, 7/1/2026
80,000
80,089
California Infrastructure and Economic
Development Bank, Colburn School (The)
Rev., (SIFMA Municipal Swap Index Yield
+ 0.90%), 4.96%, 9/7/2023(d)
28,500,000
27,668,960
California Infrastructure and Economic
Development Bank, Infrastructure State
Revolving Fund Series 2014A, Rev.,
5.00%, 10/1/2023(b)
25,000
25,032
California Infrastructure and Economic
Development Bank, The Broad
Sustainability Bonds Series 2018C, Rev.,
(SIFMA Municipal Swap Index Yield +
0.35%), 4.41%, 9/7/2023(d)
5,250,000
5,200,077
INVESTMENTS
PRINCIPAL
AMOUNT($)
VALUE($)
 
California — continued
California Pollution Control Financing
Authority, American Water Capital Corp.
Project Rev., VRDO, 0.60%,
9/1/2023(c)
145,000
145,000
California State Public Works Board Series
B, Rev., 5.00%, 10/1/2023
45,000
45,060
California State Public Works Board, Various
Capital Projects Series 2013I, Rev.,
5.00%, 11/1/2026
40,000
40,103
California State University, Systemwide
Series 2016A, Rev., 5.00%, 11/1/2023
20,000
20,059
California Statewide Communities
Development Authority, Southern
California Edison Co. Series D, Rev.,
2.63%, 12/1/2023(c)
290,000
289,524
Camarillo Community Development
Commission Successor Agency, Camarillo
Corridor Project Rev., AGM, 5.00%,
9/1/2023
25,000
25,000
Chula Vista Elementary School District COP,
AGM, 5.00%, 9/1/2023
30,000
30,000
Chula Vista Municipal Financing Authority
Series 2015B, 5.00%, 9/1/2023
45,000
45,000
Rev., 5.00%, 5/1/2024
10,000
10,108
City of Livermore Series 2020B, COP,
4.00%, 10/1/2023
40,000
40,018
City of Long Beach Harbor, Private Activity
Series 2020A, Rev., 4.00%, 5/15/2024
20,000
20,114
City of Los Angeles Department of Airports,
International Airport Subordinate Series
2018E, Rev., 5.00%, 5/15/2024
15,000
15,185
City of Los Angeles, Wastewater System
Series 2013-A, Rev., 5.00%, 6/1/2025
75,000
75,066
Series 2013A, Rev., 5.00%, 6/1/2026
50,000
50,045
Series 2013A, Rev., 5.00%, 6/1/2027
75,000
75,067
City of Petaluma Series 2019, Rev., 5.00%,
5/1/2024
30,000
30,315
City of San Francisco, Public Utilities
Commission Water Series 2017A, Rev.,
5.00%, 11/1/2024(b)
30,000
30,645
City of Vernon, Electric System Series
2021A, Rev., 5.00%, 10/1/2025
200,000
203,428
Colton Joint Unified School District, Election
of 2008 Series 2010B, GO, AGM, 5.80%,
8/21/2026(b)
25,000
26,870
Corona-Norco Unified School District Public
Financing Authority, Senior Lien Series A,
Rev., 5.00%, 9/1/2023(b)
20,000
20,000
SEE NOTES TO FINANCIAL STATEMENTS.
170
J.P. Morgan Exchange-Traded Funds
August 31, 2023


INVESTMENTS
PRINCIPAL
AMOUNT($)
VALUE($)
Municipal Bonds — continued
California — continued
Folsom Cordova Unified School District
School Facilities Improvement Dist No. 4,
Election of 2012 Series A, GO, 5.00%,
10/1/2023(b)
20,000
20,025
Fontana Redevelopment Agency, Successor
Agency, Tax Allocation Series 2017A,
Rev., 5.00%, 10/1/2023
70,000
70,081
Fremont Public Financing Authority Series
2017B, Rev., 5.00%, 10/1/2023(b)
25,000
25,029
Garden Grove Agency Community
Development Successor Agency, Tax
Allocation Rev., 5.00%, 10/1/2023
20,000
20,021
Grossmont Healthcare District Series C, GO,
5.00%, 7/15/2024
25,000
25,260
Hermosa Beach Public Financing Authority
Rev., 4.00%, 11/1/2024
25,000
25,185
Los Angeles County Facilities, Inc., Vermont
Corridor County Administration Building
Series 2018A, Rev., 5.00%, 12/1/2023
80,000
80,317
Los Angeles County Public Works Financing
Authority Series 2019E1, Rev., 4.00%,
12/1/2023
85,000
85,184
Madera County Board of Education COP,
4.00%, 10/1/2023
20,000
20,006
Merced Union High School District GO, AGM,
Zero Coupon, 2/18/2025(b)
350,000
107,071
Municipal Improvement Corp. of Los
Angeles, Real Property Series 2016B,
Rev., 5.00%, 11/1/2023
25,000
25,068
Orange County Water District Series 2021A,
COP, 4.00%, 2/15/2025
175,000
177,130
Orcutt Union School District Series 2021,
GO, BAN, 5.00%, 10/1/2023
75,000
75,090
Otay Water District Financing Authority
Series 2018A, Rev., 5.00%, 9/1/2023
30,000
30,000
Padre Dam Municipal Water District Series
2017A, COP, 5.00%, 10/1/2024
50,000
50,864
Palmdale Community Redevelopment
Agency Successor Agency Series 2016A,
Rev., 5.00%, 9/1/2023
45,000
45,000
Palomar Community College District GO,
5.00%, 5/1/2024
50,000
50,616
Perris Union High School District GO,
5.00%, 9/1/2023
10,000
10,000
Pismo Beach Public Financing Agency,
Beach Municipal Pier Project Rev.,
5.00%, 12/1/2023
30,000
30,120
INVESTMENTS
PRINCIPAL
AMOUNT($)
VALUE($)
 
California — continued
Poway Unified School District Public
Financing Authority, Special Tax
Community Facilities District No. 2 Series
2015C, Rev., AGM, 5.00%, 9/1/2023
40,000
40,000
Rancho Santiago Community College
District Series 2013, GO, 4.00%,
9/1/2023
85,000
85,000
Sacramento County Sanitation Districts
Financing Authority Series 2014A, Rev.,
5.00%, 12/1/2023
35,000
35,149
Sacramento Municipal Utility District,
Electric Series 2019B, Rev., 5.00%,
10/15/2025(c)
285,000
291,433
San Diego Redevelopment Agency
Successor Agency Series 2017A, Rev.,
5.00%, 9/1/2023
10,000
10,000
San Francisco City and County Airport
Commission, San Francisco International
Airport
Series 2019D, Rev., 5.00%,
5/1/2024(b)
45,000
45,516
Series 2016A, Rev., 4.00%, 5/1/2025
25,000
25,354
San Francisco City and County Public
Utilities Commission Wastewater Series
2016B, Rev., 5.00%, 10/1/2023
35,000
35,045
San Joaquin Hills Transportation Corridor
Agency, Toll Road, Senior Lien Series
1993, Rev., Zero Coupon, 1/1/2025(b)
120,000
115,057
San Juan Water District Rev., 5.00%,
2/1/2025
45,000
45,997
San Marcos Unified School, District No. 4,
Community Facilities, Special Tax Rev.,
4.00%, 9/1/2023
25,000
25,000
Sanger Public Financing Authority Series
2014, Rev., AGM, 4.00%,
6/15/2024(b)
20,000
20,526
Sequoia Union High School District GO,
5.00%, 7/1/2024(b)
40,000
40,628
Silicon Valley Clean Water, Wastewater
Series 2019A, Rev., 3.00%, 3/1/2024
625,000
624,041
Southern California Public Power Authority,
Windy Point/Windy Flats Project Series
2020-1, Rev., 5.00%, 4/1/2024
75,000
75,455
State of California Department of Water
Resources, Central Valley Project, Water
System Series AW, Rev., 5.00%,
12/1/2023
45,000
45,196
State of California, Various Purpose
GO, 5.00%, 12/1/2023
25,000
25,117
SEE NOTES TO FINANCIAL STATEMENTS.
August 31, 2023
J.P. Morgan Exchange-Traded Funds
171


JPMorgan Ultra-Short Municipal Income ETF
SCHEDULE OF PORTFOLIO INVESTMENTS
AS OF August 31, 2023  (Unaudited) (continued)
INVESTMENTS
PRINCIPAL
AMOUNT($)
VALUE($)
Municipal Bonds — continued
California — continued
GO, 5.00%, 11/1/2024
60,000
60,176
GO, 5.00%, 9/1/2025
135,000
135,207
GO, 5.00%, 10/1/2025
1,705,000
1,769,949
GO, 5.00%, 11/1/2025
40,000
40,110
GO, 5.00%, 12/1/2025
50,000
50,179
Suisun City Redevelopment Agency,
Redevelopment Project Series B, Rev.,
5.00%, 10/1/2023
40,000
40,043
Sulphur Springs Union School District,
Community Facilities District No. 2002-1,
Special Tax Series 2014A, Rev., 3.00%,
9/1/2023(b)
25,000
25,000
Tahoe-Truckee Sanitation Agency,
Wastewater Rev., 5.00%, 7/1/2024
30,000
30,432
Tobacco Securitization Authority of
Southern California Series 2019A, Class
1, Rev., 5.00%, 6/1/2025
55,000
56,386
Tustin Unified School District, School
Facilities Improvement Districts No.
2002-1 and 2008-1 GO, 5.00%,
8/1/2025
30,000
31,066
Twin Rivers Unified School District Series
2014A, GO, Zero Coupon, 2/1/2024(b)
350,000
169,130
Ventura County Public Financing Authority
Series 2016A, Rev., 5.00%, 11/1/2024
25,000
25,480
West Hollywood Public Financing Authority,
Hollywood Park Phase II Rev., 5.00%,
4/1/2024
75,000
75,689
Total California
43,859,112
Colorado — 2.4%
Adams 12 Five Star Schools, The City and
County of Broomfield
GO, 4.00%, 12/15/2023
100,000
100,049
GO, 5.00%, 12/15/2024
30,000
30,037
Apex Park and Recreation District GO,
3.00%, 12/1/2024
50,000
49,754
Aspen Fire Protection District COP, 4.00%,
12/1/2023
125,000
125,133
Board of Governors of Colorado State
University System Series 2015A, Rev.,
5.00%, 3/1/2025(b)
45,000
46,145
Boulder Larimer and Weld Counties St.
Vrain Valley School District Re1J Series
2014A, GO, 5.00%, 12/15/2023
40,000
40,181
City and County of Broomfield, Sales and
Use Tax Series A, Rev., 5.00%,
12/1/2024
180,000
180,214
INVESTMENTS
PRINCIPAL
AMOUNT($)
VALUE($)
 
Colorado — continued
City and County of Denver, Airport System
Series B, Rev., 5.00%, 11/15/2024
125,000
127,529
Series B, Rev., 5.25%, 11/15/2026
25,000
25,069
City of Colorado Springs Series B-2, Rev.,
5.00%, 11/29/2023
25,000
25,076
City of Colorado Springs, Utilities System
Improvement
Series 2015A, Rev., 5.00%,
11/15/2023
40,000
40,119
Series 2018A-1, Rev., 5.00%,
11/15/2023
35,000
35,104
Series A-1, Rev., 5.00%, 11/15/2023
25,000
25,074
Series A-2, Rev., 5.00%, 11/15/2023
25,000
25,074
City of Longmont, Wastewater Rev., 5.00%,
11/1/2023
25,000
25,064
City of Northglenn Series 2017, COP,
5.00%, 12/1/2024
20,000
20,388
Colorado Health Facilities Authority
Series 2019A, Rev., 5.00%, 11/1/2023
430,000
430,778
Series 2016C, Rev., 5.00%,
11/15/2023(b)
130,000
130,410
Series C, Rev., 5.00%, 12/1/2023
50,000
50,187
Series 2019A-1, Rev., 5.00%, 8/1/2026
145,000
149,399
Series 2016C, Rev., 5.00%,
11/15/2026(c)
60,000
62,585
Series 2019B, Rev., 5.00%,
11/19/2026(b)
590,000
624,036
Series 2019B, Rev., 5.00%,
11/19/2026(c)
1,280,000
1,335,365
Series C, Rev., 5.00%, 12/1/2026
20,000
20,741
Series 2022C, Rev., 5.00%,
8/15/2028(c)
18,060,000
19,420,458
Colorado Health Facilities Authority, Advent
Health Obligated Group Series 2016C,
Rev., 5.00%, 11/15/2023(c)
370,000
371,168
Colorado Health Facilities Authority,
Adventist Health System/Sunbelt
Obligated Group Series 2018B, Rev.,
5.00%, 11/20/2025(c)
570,000
587,174
Colorado Health Facilities Authority,
Children's Hospital Colorado Project
Series C, Rev., 5.00%, 12/1/2024
75,000
76,154
Colorado Health Facilities Authority,
Commonspirit Health Series 2019A-1,
Rev., 5.00%, 8/1/2025
175,000
177,931
SEE NOTES TO FINANCIAL STATEMENTS.
172
J.P. Morgan Exchange-Traded Funds
August 31, 2023


INVESTMENTS
PRINCIPAL
AMOUNT($)
VALUE($)
Municipal Bonds — continued
Colorado — continued
Colorado Health Facilities Authority,
CommonSpirit Health
Series 2019B-2, Rev., 5.00%,
8/1/2026(c)
745,000
762,791
Series 2019A-2, Rev., 5.00%, 8/1/2027
5,000,000
5,217,033
Colorado Health Facilities Authority,
CommonSpirit Health Obligated Group
Series 2022A, Rev., 5.00%, 11/1/2024
40,000
40,518
Series 2022A, Rev., 5.00%, 11/1/2028
700,000
741,988
Colorado Health Facilities Authority, NCMC,
Inc., Project Rev., 4.00%,
5/15/2026(b)
280,000
285,284
Colorado Health Facilities Authority, School
Health System Series 2019A, Rev.,
5.00%, 1/1/2025
1,210,000
1,232,932
Colorado State Board for Community
Colleges and Occupational Educational
System, Arapahoe Commnunity Collage
Series 2017A, Rev., 3.00%, 11/1/2023
20,000
19,986
County of Adams COP, 5.00%, 12/1/2023
860,000
863,242
County of Jefferson COP, 5.00%,
12/1/2023
20,000
20,072
Denver Convention Center Hotel Authority
Rev., 5.00%, 12/1/2023
30,000
30,043
Denver Health and Hospital Authority Series
2017A, Rev., 5.00%, 12/1/2023(e)
4,530,000
4,538,144
E-470 Public Highway Authority Series
2000B, Rev., NATL - RE, Zero Coupon,
9/1/2023
16,445,000
16,445,000
Eagle County School District No. Re50J GO,
3.00%, 12/1/2023(b)
20,000
19,985
El Paso County Facilities Corp. Series
2011A, COP, 4.00%, 12/1/2023
25,000
25,035
El Paso County School District No. 20
Academy Series 2017, GO, 5.00%,
12/15/2023
20,000
20,094
El Paso County School District No. 49 Falcon
Series 2017B, COP, 5.00%, 12/15/2023
10,000
10,042
Jefferson County School District R-1 GO,
5.00%, 12/15/2023
20,000
20,087
Larimer Weld and Boulder County School
District, R-2J Thompson GO, 4.00%,
12/15/2023
35,000
35,017
Mesa County Valley School District No. 51
Grand Junction GO, 5.00%, 12/1/2023
35,000
35,125
Regional Transportation District, Denver
Transit Partners
Series 2020A, Rev., 5.00%, 1/15/2024
475,000
475,939
Series 2020A, Rev., 5.00%, 7/15/2025
45,000
45,855
INVESTMENTS
PRINCIPAL
AMOUNT($)
VALUE($)
 
Colorado — continued
Serenity Ridge Metropolitan District No. 2,
Limited Tax Series 2018B, GO, 7.25%,
12/15/2023(b)
636,000
660,726
State of Colorado Series 2019O, COP,
5.00%, 3/15/2024
20,000
20,176
State of Colorado, Tax-Exempt Series
2020A, COP, 5.00%, 9/1/2023
35,000
35,000
State of Colorado, UCDHSC Fitzsimons
Academic Series 2013A, COP, 5.00%,
11/1/2023(b)
25,000
25,063
Town of Castle Rock, Sales and Use Tax Rev.,
5.00%, 6/1/2025
25,000
25,687
University of Colorado, Enterprise System
Series B-1, Rev., 4.00%, 6/1/2024(b)
25,000
25,115
Series A, Rev., 5.00%, 6/1/2024(b)
60,000
60,710
Series 2021C-3B, Rev., 2.00%,
10/15/2026(c)
6,250,000
5,900,066
Total Colorado
61,993,151
Connecticut — 0.2%
City of New Haven Series 2013B, GO, AGM,
3.75%, 9/1/2023(b)
25,000
25,000
Connecticut State Health & Educational
Facilities Authority., Yale New Heaven
Health Series A, Rev., 5.00%, 7/1/2026
75,000
75,659
Connecticut State Health and Educational
Facilities Authority, Connecticut State
University System Series L, Rev., 4.00%,
11/1/2023
100,000
100,040
Connecticut State Health and Educational
Facilities Authority, Trinity Health Credit
Group Series 2016CT, Rev., 3.00%,
12/1/2023
100,000
99,838
Connecticut State Health and Educational
Facilities Authority, University System
Issue Series L, Rev., 3.00%, 11/1/2026
120,000
119,231
Connecticut State Health and Educational
Facilities Authority, Yale New Haven
Health Issue Series 2010A3, Rev.,
0.25%, 2/9/2024(c)
950,000
934,494
Connecticut State Health and Educational
Facilities Authority, Yale University Series
X-2, Rev., 0.25%, 2/9/2024(c)
635,000
624,635
South Central Connecticut Regional Water
Authority Series 29, Rev., 5.00%,
8/1/2024
65,000
65,072
State of Connecticut
Series 2014E, GO, 5.00%, 9/1/2023
375,000
375,000
Series 2018F, GO, 5.00%, 9/15/2023
215,000
215,099
SEE NOTES TO FINANCIAL STATEMENTS.
August 31, 2023
J.P. Morgan Exchange-Traded Funds
173


JPMorgan Ultra-Short Municipal Income ETF
SCHEDULE OF PORTFOLIO INVESTMENTS
AS OF August 31, 2023  (Unaudited) (continued)
INVESTMENTS
PRINCIPAL
AMOUNT($)
VALUE($)
Municipal Bonds — continued
Connecticut — continued
Series A, GO, 5.00%, 4/15/2024
35,000
35,364
State of Connecticut, GAAP Conversion
Series 2013A, GO, 5.00%,
10/15/2023(b)
415,000
415,720
State of Connecticut, SIFMA Index Series
2013A, GO, (SIFMA Municipal Swap Index
Yield + 0.99%), 5.05%, 9/7/2023(d)
175,000
175,018
State of Connecticut, Special Tax
Transportation Infrastructure Purposes
Series A, Rev., 5.00%, 9/1/2023
50,000
50,000
Series B, Rev., 5.00%, 9/1/2023
25,000
25,000
Series 2013, Rev., 5.00%, 10/1/2023
525,000
525,590
Series 2018A, Rev., 5.00%, 1/1/2024
20,000
20,102
Series 2013, Rev., 5.00%, 10/1/2024
55,000
55,063
Series 2018C, Rev., 5.00%, 10/1/2024
85,000
86,468
Series 2013, Rev., 5.00%, 10/1/2028
40,000
40,039
University of Connecticut
Series 2013A, Rev., 5.00%, 2/15/2024
120,000
120,133
Series 2015A, Rev., 5.00%, 2/15/2026
25,000
25,557
Total Connecticut
4,208,122
Delaware — 0.0% ^
County of New Castle GO, 5.00%,
4/1/2024
25,000
25,247
Delaware River and Bay Authority
Series C, Rev., 5.00%, 1/1/2025
35,000
35,172
Series C, Rev., 5.00%, 1/1/2027
85,000
85,369
Delaware State Economic Development
Authority, Delmarva Power and Light Co.
Project Series 2020A, Rev., 1.05%,
7/1/2025(c)
715,000
674,425
Total Delaware
820,213
District of Columbia — 1.2%
District of Columbia Housing Finance
Agency Rev., 4.00%, 12/1/2023(c)
3,940,000
3,755,609
District of Columbia Housing Finance
Agency, Multi-Family Development
Program Series 2019B-1, Rev., VRDO,
FHA, 1.75%, 9/1/2023(c)
545,000
545,000
District of Columbia Housing Finance
Agency, Paxton Project Series 2022,
Rev., 4.00%, 9/1/2025(c)
4,005,000
4,006,170
District of Columbia Water and Sewer
Authority Series A, Rev., 5.00%,
10/1/2023
130,000
130,155
District of Columbia Water and Sewer
Authority, Public Utility, Subordinate Lien
Series 2014C, Rev., 5.00%, 10/1/2023
55,000
55,066
INVESTMENTS
PRINCIPAL
AMOUNT($)
VALUE($)
 
District of Columbia — continued
District of Columbia, Children's Hospital
Series 2015, Rev., 5.00%, 7/15/2024
375,000
378,456
District of Columbia, Federal Highway Rev.,
5.00%, 12/1/2024
320,000
320,429
District of Columbia, Gallery Place Project
Rev., 5.00%, 6/1/2024
100,000
100,121
District of Columbia, Water and Sewer
Authority, Public Utility, Senior Lien Rev.,
AGM, 5.50%, 10/1/2023
80,000
80,123
District of Columbia, Water and Sewer
Authority, Public Utility, Subordinate Lien
Series 2014C, Rev., 5.00%, 10/1/2024
25,000
25,445
Metropolitan Washington Airports Authority
Aviation Series 2010C-2, Rev., VRDO,
LOC : TD Bank NA, 4.02%,
9/12/2023(c)
20,000,000
20,000,000
Metropolitan Washington Airports Authority
Dulles Toll Road Series 2009B, Rev., AGC,
Zero Coupon, 10/1/2023
20,000
19,945
Washington Convention and Sports
Authority, Senior Lien Dedicated Tax
Series 2018A, Rev., 5.00%, 10/1/2023
1,500,000
1,501,300
Washington Metropolitan Area Transit
Authority Series 2017B, Rev., 5.00%,
7/1/2024
20,000
20,263
Total District of Columbia
30,938,082
Florida — 5.6%
Brevard County Health Facilities Authority,
Health First, Inc., Project Rev., 5.00%,
4/1/2039
500,000
502,754
Brevard County School District Series 2014,
COP, 5.00%, 7/1/2027
220,000
222,415
Capital Trust Agency, Inc., Sustainability
Bonds -The Marie
Rev., 4.00%, 6/15/2024(e)
1,000,000
991,578
Rev., 4.00%, 6/15/2025(e)
340,000
333,135
Central Florida Expressway Authority,
Senior Lien Series 2016B, Rev., 5.00%,
7/1/2025
25,000
25,726
Central Florida Tourism Oversight District
Series 2017A, GO, 5.00%, 6/1/2025
100,000
102,254
Central Florida Tourism Oversight District
Utility Series 2013-1, Rev., 5.00%,
10/1/2023
50,000
50,056
City of Apopka, Utility System Rev., 5.00%,
10/1/2023
30,000
30,037
City of Clearwater, Water and Sewer Rev.,
5.00%, 12/1/2023
50,000
50,187
SEE NOTES TO FINANCIAL STATEMENTS.
174
J.P. Morgan Exchange-Traded Funds
August 31, 2023


INVESTMENTS
PRINCIPAL
AMOUNT($)
VALUE($)
Municipal Bonds — continued
Florida — continued
City of Deltona, Utility System Rev., 5.00%,
10/1/2023(b)
25,000
25,028
City of Gainesville, Utilities System Series
2017A, Rev., 5.00%, 10/1/2024
95,000
96,540
City of Hallandale Beach Rev., 5.00%,
10/1/2023
55,000
55,057
City of Jacksonville
Rev., 5.00%, 10/1/2023
10,000
10,011
Series 2018, Rev., 5.00%, 10/1/2023
275,000
275,313
Series A, Rev., 5.00%, 10/1/2023
200,000
200,215
Series 2013A, Rev., 5.00%, 10/1/2024
50,000
50,055
Series B, Rev., 5.00%, 10/1/2025(b)
75,000
77,628
City of Lakeland Department of Electric
Utilities Series 2018, Rev., 5.00%,
10/1/2023
280,000
280,311
City of Lakeland, Department of Electric
Utilities
Rev., 5.00%, 10/1/2023
25,000
25,028
Rev., 5.00%, 10/1/2026
20,000
20,731
City of Orlando, Capital Improvement Series
2016B, Rev., 5.00%, 10/1/2024
25,000
25,445
City of Orlando, Florida Contract Tourist
Development Tax Payments Series
2014A, Rev., 5.00%, 5/1/2024(b)
20,000
20,210
City of Pompano Beach, John Knox Village
Project Series 2021B-2, Rev., 1.45%,
1/1/2027
760,000
678,549
City of Sarasota, St. Armands Paid Parking
Area Improvements Series 2017A, Rev.,
4.00%, 10/1/2023
25,000
25,009
City of St Augustine, Capital Improvement
Series 2017, Rev., 4.00%, 10/1/2023
25,000
25,007
City of St. Petersburg, Public Utility Series
2014B, Rev., 5.00%, 10/1/2023
30,000
30,035
City of Tallahassee, Energy System
Series 2015, Rev., 5.00%,
10/1/2023(b)
310,000
310,303
Series 2020, Rev., 5.00%, 10/1/2023
65,000
65,068
Series 2020, Rev., 5.00%, 10/1/2027
65,000
69,515
City of Tallahassee, Utility System
Rev., 5.00%, 10/1/2023
30,000
30,032
Series 2015, Rev., 5.00%,
10/1/2023(b)
70,000
70,079
City of West Palm Beach Series C, Rev.,
5.00%, 10/1/2023
35,000
35,039
Ciy of Jacksonville Series 2016, Rev.,
5.00%, 10/1/2025
25,000
25,785
INVESTMENTS
PRINCIPAL
AMOUNT($)
VALUE($)
 
Florida — continued
County of Brevard, Water and Wastewater
Utility Rev., 5.00%, 9/1/2023
40,000
40,000
County of Broward, Airport System
Series P-2, Rev., 5.00%, 10/1/2023
440,000
440,365
Series Q-1, Rev., 5.00%, 10/1/2023
740,000
740,614
Series Q-1, Rev., 5.00%, 10/1/2024
280,000
280,229
Series Q-1, Rev., 5.00%, 10/1/2025
195,000
195,140
Series 2013C, Rev., 5.25%, 10/1/2026
100,000
100,100
County of Broward, Half-Cent Sales Tax Rev.,
5.00%, 10/1/2023
30,000
30,034
County of Broward, Senior Series 2019C,
Rev., 5.00%, 9/1/2023
1,000,000
1,000,000
County of Escambia Series 2018, Rev.,
5.00%, 10/1/2023
100,000
100,115
County of Hillsborough, Communications
Services Tax Rev., 5.00%, 10/1/2024
35,000
35,627
County of Hillsborough, Community
Investment Tax Rev., 5.00%, 11/1/2025
25,000
25,858
County of Lee Series A, Rev., 5.00%,
10/1/2024
145,000
145,163
County of Lee FL Transportation Facilities
Revenue Series 2014, Rev., AGM, 5.00%,
10/1/2027
2,550,000
2,578,091
County of Lee, Tourist Development Tax
Series 2019A, Rev., 5.00%, 10/1/2024
25,000
25,427
County of Lee, Transportation Facilities Rev.,
AGM, 5.00%, 10/1/2024
1,500,000
1,520,363
County of Lee, Water and Sewer
Series A, Rev., 4.25%, 10/1/2023(b)
25,000
25,017
Series A, Rev., 5.00%, 10/1/2023(b)
40,000
40,048
Series B, Rev., 5.00%, 10/1/2023
55,000
55,061
County of Miami-Dade Aviation
Series 2017B, Rev., 5.00%, 10/1/2023
500,000
500,525
Series A, Rev., 5.00%, 10/1/2023
350,000
350,301
Series 2019B, Rev., 5.00%, 4/1/2024
115,000
116,076
Series A, Rev., 5.00%, 10/1/2025
60,000
61,810
Series 2015B, GO, 5.00%, 7/1/2026
145,000
147,052
Series B, Rev., 5.00%, 10/1/2026
110,000
113,327
Series 2016B, Rev., 5.00%, 4/1/2027
175,000
181,351
Series A, Rev., 5.00%, 10/1/2027
35,000
36,653
Series A, Rev., 5.00%, 10/1/2028
50,000
52,313
County of Miami-Dade, Aviation System
Series B, Rev., 4.00%, 10/1/2023
585,000
585,088
Series 2020A, Rev., 5.00%, 10/1/2023
90,000
90,077
Series 2020A, Rev., 5.00%, 10/1/2024
300,000
304,041
Series B, Rev., 5.00%, 10/1/2024
400,000
400,351
SEE NOTES TO FINANCIAL STATEMENTS.
August 31, 2023
J.P. Morgan Exchange-Traded Funds
175


JPMorgan Ultra-Short Municipal Income ETF
SCHEDULE OF PORTFOLIO INVESTMENTS
AS OF August 31, 2023  (Unaudited) (continued)
INVESTMENTS
PRINCIPAL
AMOUNT($)
VALUE($)
Municipal Bonds — continued
Florida — continued
County of Miami-Dade, Building Better
Communities Program Series 2016A, GO,
5.00%, 7/1/2024
30,000
30,395
County of Miami-Dade, Building Better
Community Program GO, 5.00%,
7/1/2028
20,000
20,858
County of Miami-Dade, Water and Sewer
System
Rev., 5.00%, 10/1/2023
305,000
305,321
Series B, Rev., 5.00%, 10/1/2023(b)
370,000
370,443
Series B, Rev., 5.25%, 10/1/2023(b)
110,000
110,151
Series 2015, Rev., 5.00%, 10/1/2024
250,000
254,185
County of Okaloosa, Sales Tax Rev., 5.00%,
10/1/2023
25,000
25,028
County of Osceola Series 2019A-1, Rev.,
5.00%, 10/1/2023
640,000
640,389
County of Palm Beach Rev., 5.00%,
11/1/2023
30,000
30,078
County of Pasco, Fire-Rescue Projects Series
2019B, GO, 5.00%, 10/1/2023
170,000
170,179
County of Polk, Utility System Rev., 5.00%,
10/1/2023(b)
10,000,000
10,011,983
County of Sarasota
Series 2013, Rev., 4.75%,
10/1/2023(b)
25,000
25,025
Rev., 5.00%, 10/1/2023
335,000
335,401
Series 2015, Rev., 5.00%, 10/1/2023
65,000
65,078
County of Sarasota, Utility System Rev.,
5.00%, 10/1/2023(b)
25,000
25,030
County of St. Johns, Sales Tax Rev., AGM,
5.00%, 10/1/2023
35,000
35,041
County of St. Lucie, Power and Light Co.
Project Rev., VRDO, 4.05%,
9/1/2023(c)
45,750,000
45,750,000
Escambia County School Board Series
2020A, COP, 5.00%, 2/1/2026
50,000
51,542
Florida Department of Environmental
Protection
Series 2014A, Rev., 5.00%, 7/1/2024
60,000
60,785
Series 2016A, Rev., 5.00%, 7/1/2024
65,000
65,851
Series 2016A, Rev., 5.00%, 7/1/2027
720,000
751,274
Florida Department of Management
Services
Series 2015A, COP, 5.00%, 8/1/2024
140,000
141,984
Series 2017A, Rev., 5.00%, 9/1/2024
200,000
203,280
Series 2018A, COP, 5.00%, 11/1/2024
25,000
25,455
Series 2018A, COP, 5.00%, 11/1/2026
20,000
21,124
INVESTMENTS
PRINCIPAL
AMOUNT($)
VALUE($)
 
Florida — continued
Florida Development Finance Corp. Series
2020A, Rev., 5.00%, 4/1/2024
225,000
226,952
Florida Gulf Coast University Financing
Corp., Housing Project Series 2008A,
Rev., VRDO, LOC : TD Bank NA, 4.01%,
9/8/2023(c)
9,825,000
9,825,000
Florida Higher Educational Facilities
Financial Authority, Rollins College
Project Series 2012B, Rev., 3.13%,
12/1/2025
100,000
97,659
Florida Housing Finance Corp.
Series 2023E, Rev., 5.00%,
5/1/2025(c)
2,530,000
2,570,291
Series 2023C, Rev., 5.00%,
12/1/2025(c)
4,665,000
4,756,408
Florida Municipal Power Agency,
All-Requirements Power Supply Project
Series 2016A, Rev., 5.00%, 10/1/2023
665,000
665,723
Series 2017A, Rev., 5.00%, 10/1/2025
60,000
61,822
Series 2015B, Rev., 5.00%, 10/1/2026
25,000
25,702
Series 2016A, Rev., 5.00%, 10/1/2026
545,000
570,654
Series 2018A, Rev., 4.00%, 10/1/2028
25,000
25,713
Series 2016A, Rev., 5.00%, 10/1/2028
155,000
162,142
FSU Financial Assistance, Inc. Series 2012C,
Rev., 3.00%, 10/1/2025
100,000
98,561
Hillsborough County School Board, Sales
Tax Series 2015B, Rev., AGM, 5.00%,
10/1/2023
665,000
665,704
Hillsborough County, Aviation Authority,
Tampa International Airport Series
2015B, Rev., 5.00%, 10/1/2024(b)
5,160,000
5,251,850
Jacksonville Transportation Authority,
Senior Lien Gas Tax Rev., 5.00%,
8/1/2024
25,000
25,343
JEA Electric System Rev., 5.00%,
10/1/2023(b)
60,000
60,065
JEA Water and Sewer System Series
2008A-1, Rev., VRDO, LIQ : US Bank NA,
4.20%, 9/1/2023(c)
13,200,000
13,200,000
Key West Utility Board, Electric System Rev.,
5.00%, 10/1/2023
125,000
125,145
Lee County School Board (The)
Series 2014B, COP, 5.00%, 8/1/2024
25,000
25,319
Series 2019A, COP, 5.00%, 8/1/2026
35,000
36,620
Lee Memorial Health System Series A-1,
Rev., 5.00%, 4/1/2024
115,000
115,796
Manatee County School District, Sales Tax
Rev., AGM, 5.00%, 10/1/2023
65,000
65,066
SEE NOTES TO FINANCIAL STATEMENTS.
176
J.P. Morgan Exchange-Traded Funds
August 31, 2023


INVESTMENTS
PRINCIPAL
AMOUNT($)
VALUE($)
Municipal Bonds — continued
Florida — continued
Martin County School District Series 2021,
COP, 5.00%, 10/1/2023
30,000
30,027
Miami Beach Redevelopment Agency Series
A, Rev., 5.00%, 2/1/2028
400,000
401,900
Miami-Dade County Educational Facilities
Authority Series B, Rev., AMBAC, 5.25%,
4/1/2024
100,000
100,860
Miami-Dade County Expressway Authority
Series 2014B, Rev., 5.00%, 7/1/2027
1,000,000
1,010,003
Series 2016A, Rev., 5.00%, 7/1/2028
20,000
20,625
Miami-Dade County Housing Finance
Authority
Series 2023, Rev., 5.00%, 9/1/2025(c)
2,250,000
2,282,738
Series 2023, Rev., 5.00%,
10/1/2025(c)
4,625,000
4,720,275
Monroe County School District Series 2017,
Rev., AGM, 5.00%, 10/1/2023
50,000
50,054
Orange County Convention Center, Tourist
Development Tax Series 2015, Rev.,
5.00%, 10/1/2023
525,000
525,416
Orange County Health Facilities Authority,
Orlando Health Obligated Group
Series 2016A, Rev., 5.00%, 10/1/2023
115,000
115,095
Series 2019B, Rev., 5.00%, 10/1/2025
525,000
540,522
Orange County School Board
Series 2015D, COP, 5.00%, 8/1/2024
100,000
101,408
Series 2015C, COP, 5.00%,
8/1/2025(b)
20,000
20,658
Series 2015D, COP, 5.00%,
8/1/2025(b)
25,000
25,752
Orlando Utilities Commission
Series 2019A, Rev., 5.00%, 10/1/2023
165,000
165,188
Series 2013A, Rev., 5.00%, 10/1/2025
500,000
517,620
Orlando Utilities Commission, Utility System
Series 2012A, Rev., 5.00%, 10/1/2023
20,000
20,023
Series 2016A, Rev., 5.00%, 10/1/2023
25,000
25,029
Series 2018A, Rev., 5.00%, 10/1/2023
25,000
25,028
Series 2013A, Rev., 5.00%, 10/1/2024
260,000
264,408
Palm Beach County Health Facilities
Authority, Baptist Health South Florida
Obligated Group Rev., 5.00%,
8/15/2024
1,135,000
1,150,634
Palm Beach County School District
Series 2015B, COP, 5.00%, 8/1/2024
50,000
50,659
Series 2018B, COP, 5.00%, 8/1/2024
50,000
50,659
Series 2014B, COP, 5.00%, 8/1/2025
45,000
46,287
Series 2017B, COP, 5.00%, 8/1/2025
155,000
159,432
INVESTMENTS
PRINCIPAL
AMOUNT($)
VALUE($)
 
Florida — continued
Pasco County School Board
Series 2013A, COP, 5.00%, 8/1/2024
1,315,000
1,316,394
Series 2013, Rev., 5.00%, 10/1/2024
500,000
508,106
Pasco County School Board, Sales Tax Rev.,
5.00%, 10/1/2023
375,000
375,394
Polk County School District Series 2019B,
COP, 5.00%, 1/1/2025
125,000
127,434
Polk County School District, Sales Tax
Rev., 5.00%, 10/1/2023
335,000
335,327
Rev., 5.00%, 10/1/2024
30,000
30,518
Sarasota County Public Hospital District,
Sarasota Memorial Hospital Series
1998B, Rev., NATL - RE, 5.25%,
7/1/2024
345,000
349,506
School Board of Miami-Dade County (The)
Series 2014D, COP, 5.00%, 11/1/2024
95,000
96,749
Series 2015D, COP, 5.00%, 2/1/2025
865,000
884,521
Series 2014D, COP, 5.00%, 11/1/2025
585,000
594,104
COP, 5.00%, 5/1/2026
70,000
71,374
Series 2014D, COP, 5.00%, 11/1/2026
275,000
279,186
Series 2015A, COP, AGM, 5.00%,
5/1/2027
190,000
194,445
School Board of Miami-Dade County (The),
Florida Certificates Of Participation
Series 2015D, COP, 5.00%, 2/1/2024
3,930,000
3,955,178
Series 2014A, COP, 5.00%,
5/1/2024(b) (c)
1,455,000
1,467,445
COP, 5.00%, 7/1/2026
70,000
71,754
COP, 5.00%, 8/1/2027
60,000
62,681
COP, 5.00%, 5/1/2028
175,000
178,547
School District of Broward County
Series 2015A, COP, 5.00%, 7/1/2024
80,000
80,924
Series 2015B, COP, 5.00%, 7/1/2024
215,000
217,832
Series 2015B, COP, 5.00%, 7/1/2025
185,000
189,878
School District of Broward County (The)
COP, 5.00%, 7/1/2025
80,000
82,109
School District of Broward County, Florida
Certificates Of Participation
Series C, COP, 5.00%, 7/1/2024
200,000
202,309
COP, 5.00%, 7/1/2026
20,000
20,943
Series A, COP, 5.00%, 7/1/2026
40,000
41,886
COP, 5.00%, 7/1/2027
25,000
26,045
Series 2015B, COP, 5.00%, 7/1/2027
25,000
25,689
COP, 5.00%, 7/1/2028
230,000
239,675
COP, 5.00%, 7/1/2028
365,000
373,562
COP, AGM, 5.00%, 7/1/2028
270,000
276,573
SEE NOTES TO FINANCIAL STATEMENTS.
August 31, 2023
J.P. Morgan Exchange-Traded Funds
177


JPMorgan Ultra-Short Municipal Income ETF
SCHEDULE OF PORTFOLIO INVESTMENTS
AS OF August 31, 2023  (Unaudited) (continued)
INVESTMENTS
PRINCIPAL
AMOUNT($)
VALUE($)
Municipal Bonds — continued
Florida — continued
Seacoast Utility Authority Series B, Rev.,
5.00%, 3/1/2024
75,000
75,612
South Broward Hospital District, Memorial
Healthcare System
Series 2016, Rev., 5.00%, 5/1/2024
40,000
40,436
Rev., 4.00%, 5/1/2026
195,000
198,530
South Florida Water Management District
Series 29, COP, 5.00%, 10/1/2023
175,000
175,216
St Lucie County School Board, Sales Tax
Series 2015, Rev., AGM, 5.00%,
10/1/2023
150,000
150,163
St. Johns County Industrial Development
Authority, Vicar's Landing Project
Series 2021A, Rev., 4.00%,
12/15/2023
120,000
119,587
Series 2021A, Rev., 4.00%,
12/15/2024
145,000
142,761
St. Johns County School Board, Sales Tax
Rev., 5.00%, 10/1/2024
70,000
71,135
State of Florida Series 2023A, GO, 5.00%,
6/1/2026
125,000
131,322
State of Florida Board of Education, Public
Education Capital Outlay Series 2015A,
GO, 5.00%, 6/1/2026
35,000
35,514
State of Florida Department of Education
Series 2021A, Rev., 5.00%, 7/1/2024
1,000,000
1,010,976
Series 2018A, Rev., 5.00%, 7/1/2025
1,000,000
1,026,187
State of Florida Department of
Transportation Rev., 5.00%, 7/1/2024
35,000
35,475
State of Florida Department of
Transportation Turnpike System Series
2016B, Rev., 2.50%, 7/1/2026
20,000
19,392
State of Florida, State Board of Education,
Lottery Series 2014A, Rev., 3.00%,
7/1/2025
70,000
69,424
Sunshine State Governmental Financing
Commission, Miami Dade Country
Program Series 2010A-1, Rev., 5.00%,
9/1/2023(b)
25,000
25,000
Sunshine State Governmental Financing
Commission, Miami Dade County
Program
Series 2011B-1, Rev., 3.75%,
9/1/2023(b)
50,000
50,000
Series 2011B-1, Rev., 4.00%,
9/1/2023(b)
30,000
30,000
Series 2010A-1, Rev., 4.13%,
9/1/2023(b)
25,000
25,000
INVESTMENTS
PRINCIPAL
AMOUNT($)
VALUE($)
 
Florida — continued
Series 2011B-1, Rev., 5.00%,
9/1/2023(b)
20,000
20,000
Series 2011B-1, Rev., 5.50%,
9/1/2023(b)
30,000
30,000
Series 2011C-1, Rev., 5.50%,
9/1/2023(b)
45,000
45,000
Tampa Bay Water, Regional Water Supply
Authority, Utility System Series 2013,
Rev., 5.00%, 10/1/2023
550,000
550,538
Tampa Bay Water, Water Supply Rev., NATL -
RE, 5.50%, 10/1/2023
510,000
510,789
Volusia County School Board Series 2016,
Rev., 5.00%, 10/1/2023
55,000
55,065
Total Florida
143,073,277
Georgia — 0.4%
Atlanta and Fulton County Recreation
Authority, Park Improvement Series A,
Rev., 5.00%, 12/1/2023
25,000
25,097
Braselton Urban Redevelopment Agency,
Municipal Facilities Project Rev., GTD,
4.00%, 7/1/2024
30,000
30,094
City of Atlanta Series 2014A, Rev., AMT,
5.00%, 1/1/2028
30,000
30,129
City of Atlanta Airport Passenger Facility
Charge, Sub Lien
Series 2014A, Rev., AMT, 5.00%,
1/1/2024
25,000
25,123
Series 2014A, Rev., AMT, 5.00%,
1/1/2025
20,000
20,102
Series 2014A, Rev., AMT, 5.00%,
1/1/2026
265,000
266,035
City of Atlanta Airport Passenger Facility
Charge, Subordinate Lien Series 2014A,
Rev., AMT, 5.00%, 1/1/2027
40,000
40,159
City of Atlanta, Public Improvement GO,
4.75%, 12/1/2024(b)
30,000
30,474
City of Atlanta, Water and Wastewater
Series 2013B, Rev., 5.25%,
11/1/2023(b)
35,000
35,104
Rev., 5.00%, 11/1/2026
25,000
25,693
Cobb County Kennestone Hospital Authority
Rev., 5.00%, 4/1/2024
80,000
80,102
Cobb-Marietta Coliseum and Exhibit Hall
Authority, Performing Arts Center Project
Rev., GTD, 4.00%, 1/1/2024
85,000
85,044
SEE NOTES TO FINANCIAL STATEMENTS.
178
J.P. Morgan Exchange-Traded Funds
August 31, 2023


INVESTMENTS
PRINCIPAL
AMOUNT($)
VALUE($)
Municipal Bonds — continued
Georgia — continued
Columbus Medical Center Hospital
Authority, Piedmont Healthcare Inc.,
Project Series 2019A, Rev., 5.00%,
7/1/2026(c)
235,000
241,251
County of DeKalb, Special Transportation,
Parks and Greenspace and Libraries Tax
GO, 5.00%, 12/1/2025
40,000
41,557
County of DeKalb, Water and Sewerage Rev.,
5.00%, 10/1/2023
70,000
70,079
Gainesville and Hall County Development
Authority, Hall County Facilities Project
Rev., 5.00%, 5/1/2024
20,000
20,213
Gainesville and Hall County Hospital
Authority, Northeast Georgia Health
System, Inc.
Series 2020A, Rev., 5.00%, 2/15/2024
240,000
240,813
Series 2014A, Rev., GTD, 5.25%,
2/15/2025(b)
330,000
338,806
Georgia Municipal Association, Inc. Series
2018, COP, 5.00%, 12/1/2023
75,000
75,286
Main Street Natural Gas, Inc., Gas Supply
Series 2018A, Rev., VRDO, LIQ : Royal
Bank of Canada, 4.00%, 9/1/2023(c)
1,400,000
1,400,000
Series 2018B, Rev., VRDO, 4.39%,
9/1/2023(c)
370,000
370,000
Series 2018E, Rev., LIQ : Royal Bank of
Canada, (SIFMA Municipal Swap Index
Yield + 0.57%), 4.63%,
9/7/2023(d)
6,590,000
6,586,522
Series 2018C, Rev., LIQ : Royal Bank of
Canada, 4.00%, 12/1/2023
100,000
100,070
Municipal Gas Authority of Georgia, Gas
Portfolio IV Project Series A, Rev.,
5.00%, 10/1/2023
25,000
25,024
Paulding County School District GO, 5.00%,
2/1/2025(b)
50,000
51,163
Richmond County Board of Education Series
2021, GO, 5.00%, 10/1/2024
430,000
437,426
State of Georgia Series 2013A, GO, 5.00%,
10/10/2023
50,000
50,076
Valdosta & Lowndes County Hospital
Authority Series 2019A, Rev., 5.00%,
10/1/2023
210,000
210,246
Total Georgia
10,951,688
Hawaii — 0.0% ^
City and County Honolulu, Wastewater
System Series B, Rev., 5.00%, 7/1/2024
25,000
25,319
INVESTMENTS
PRINCIPAL
AMOUNT($)
VALUE($)
 
Hawaii — continued
City and County of Honolulu
Series C, GO, 4.00%, 10/1/2023
20,000
20,008
Series C, GO, 5.00%, 10/1/2023
40,000
40,043
Series C, GO, 5.00%, 10/1/2024
25,000
25,432
Series 2012C, GO, 3.00%, 11/1/2025
175,000
173,645
County of Hawaii Series 2013B, GO, 3.00%,
9/1/2023
45,000
45,000
State of Hawaii
Series FG, GO, 4.00%, 10/1/2023
45,000
45,019
Series FE, GO, 5.00%, 10/1/2023
170,000
170,194
Series FG, GO, 5.00%, 10/1/2024
25,000
25,432
Series FH, GO, 5.00%, 10/1/2024
105,000
106,813
Total Hawaii
676,905
Idaho — 0.5%
Ada & Canyon Counties Joint School District
No. 2 Meridian Series 2015, GO, 5.00%,
8/15/2025(b)
2,515,000
2,599,382
Canyon County School District No. 134
Middleton GO, 5.00%, 9/15/2023
10,000
10,005
Idaho Housing and Finance Association,
Federal Highway Trust
Series 2015A, Rev., 5.00%, 7/15/2025
30,000
30,864
Series 2015A, Rev., 5.00%, 7/15/2026
70,000
73,219
Idaho Housing and Finance Association,
Single Family Mortgage Series 2009A,
Class I, Rev., VRDO, 4.24%,
9/12/2023(c)
2,640,000
2,640,000
Twin Falls County School District No. 411
Twin Falls
Series A, GO, 4.25%, 9/15/2024(b)
4,025,000
4,063,285
Series A, GO, 4.50%, 9/15/2024(b)
2,235,000
2,261,859
Total Idaho
11,678,614
Illinois — 6.4%
Champaign County Community Unit School
District No. 4 Champaign Series 2017,
GO, 5.00%, 1/1/2025
25,000
25,506
Chicago Board of Education, Capital
Appreciation School Reform Series
1999A, GO, NATL - RE, Zero Coupon,
12/1/2023
3,440,000
3,405,302
Chicago Board of Education, Unlimited Tax
Series 2018A, GO, AGM, 5.00%,
12/1/2024
275,000
278,499
Chicago Midway International Airport Series
2014A, Rev., AMT, 5.00%, 1/1/2025
3,000,000
3,005,379
SEE NOTES TO FINANCIAL STATEMENTS.
August 31, 2023
J.P. Morgan Exchange-Traded Funds
179


JPMorgan Ultra-Short Municipal Income ETF
SCHEDULE OF PORTFOLIO INVESTMENTS
AS OF August 31, 2023  (Unaudited) (continued)
INVESTMENTS
PRINCIPAL
AMOUNT($)
VALUE($)
Municipal Bonds — continued
Illinois — continued
Chicago Midway International Airport,
Second Lien
Series 2013B, Rev., 5.00%, 1/1/2025
720,000
720,799
Series 2013B, Rev., 5.00%, 1/1/2026
360,000
360,269
Chicago O'Hare International Airport Series
C, Rev., 5.00%, 1/1/2028
20,000
21,029
Chicago O'Hare International Airport,
General Airport Senior Lien Series A,
Rev., 5.00%, 1/1/2027
40,000
42,230
Chicago O'Hare International Airport,
General Airport, Senior Lien
Series B, Rev., 5.00%, 1/1/2024
50,000
50,224
Series 2020B, Rev., 5.00%, 1/1/2026
40,000
41,524
Chicago O'Hare International Airport, Senior
Lien Series E, Rev., 5.00%, 1/1/2026
30,000
31,143
Chicago Park District Series 2015A, GO,
5.00%, 1/1/2024(b)
35,000
35,179
City of Chicago, Second Lien Waterworks
Project Series 2012, Rev., 4.00%,
11/1/2023
500,000
500,061
City of Chicago, Waterworks, Second Lien
Series 2014, Rev., 5.00%, 11/1/2023
30,000
30,054
City of Decatur
GO, 4.00%, 3/1/2024
120,000
120,033
GO, 4.00%, 3/1/2025
195,000
196,304
GO, 4.00%, 3/1/2026
170,000
172,431
GO, 4.00%, 3/1/2027
200,000
204,524
Cook County Community College District No.
508,Unlimited Tax Series 2013, GO,
5.00%, 12/1/2023
25,000
25,072
Cook County Community High School
District No. 229 Oak Lawn Series 2016,
GO, 4.00%, 12/1/2023
25,000
25,027
Cook County High School District No. 205,
Thornton Township, Limited Tax Series
2017C, GO, 5.00%, 12/1/2023
30,000
30,083
County of Cook
Series 2021B, GO, 4.00%, 11/15/2023
390,000
390,218
Series 2022A, GO, 5.00%, 11/15/2024
1,000,000
1,016,695
Series 2021B, GO, 4.00%, 11/15/2026
120,000
122,304
County of Cook, Sales Tax Series 2022A,
Rev., 5.00%, 11/15/2023
270,000
270,773
Du Page and Will Counties Community
School District No. 204 Indian Prairie GO,
4.00%, 12/30/2024
50,000
50,410
DuPage & Cook Counties Community Unit
School District No. 205 Elmhurst Series
2015, GO, 5.00%, 1/1/2024
140,000
140,626
INVESTMENTS
PRINCIPAL
AMOUNT($)
VALUE($)
 
Illinois — continued
DuPage County Forest Preserve District
Series 2015, GO, 5.00%, 1/1/2024
60,000
60,317
Illinois Finance Authority, Advocate Health
and Hospital Corp. Obligated Group
Series 2013A, Rev., 5.00%, 6/1/2024
50,000
50,027
Series 2014, Rev., 5.00%, 8/1/2024(b)
19,225,000
19,469,913
Series 2021A, Rev., 5.00%, 8/15/2025
40,000
41,032
Illinois Finance Authority, Ascension Health
Credit Group Series 2016C, Rev., 4.00%,
2/15/2024
240,000
240,494
Illinois Finance Authority, Clean Water
Initiative Revolving Fund
Series 2016, Rev., 4.00%, 7/1/2026
60,000
61,035
Series 2016, Rev., 5.00%, 1/1/2028
160,000
166,157
Illinois Finance Authority, Northwestern
University
Series 2015, Rev., 5.00%, 12/1/2023
90,000
90,350
Series 2015, Rev., 5.00%, 12/1/2026
20,000
20,674
Illinois Finance Authority, OSF Healthcare
System Series 2015A, Rev., 5.00%,
11/15/2024
140,000
141,878
Illinois Finance Authority, Presbyterian
Homes Obligated Group Series 2021B,
Rev., (SIFMA Municipal Swap Index Yield
+ 0.70%), 4.76%, 9/7/2023(d)
5,790,000
5,654,655
Illinois Finance Authority, Riverside Health
System
Rev., 5.00%, 11/15/2023
215,000
215,255
Rev., 5.00%, 11/15/2024
1,680,000
1,681,879
Illinois Finance Authority, Rush University
Medical Center Series 2015A, Rev.,
5.00%, 11/15/2027
20,000
20,387
Illinois Finance Authority, Rush University
Medical Center Obligated Group
Series 2015A, Rev., 5.00%,
11/15/2024
20,000
20,268
Series 2015A, Rev., 5.00%,
11/15/2025
190,000
194,177
Illinois Finance Authority, Social
Bonds-Learn Chapter School Project Rev.,
4.00%, 11/1/2023
135,000
134,901
Illinois Finance Authority, Southern Illinois
Healthcare Enterprises, Inc. Series
2017C, Rev., 5.00%, 3/1/2027
1,210,000
1,255,898
Illinois Finance Authority, Swedish Covenant
Hospital Series 2016A, Rev., 5.00%,
8/15/2026(b)
355,000
371,546
SEE NOTES TO FINANCIAL STATEMENTS.
180
J.P. Morgan Exchange-Traded Funds
August 31, 2023


INVESTMENTS
PRINCIPAL
AMOUNT($)
VALUE($)
Municipal Bonds — continued
Illinois — continued
Illinois Finance Authority, The University
Medical Center Series 2015A, Rev.,
5.00%, 11/15/2023
40,000
40,083
Illinois Finance Authority, The University of
Chicago Medical Center Series A, Rev.,
5.00%, 8/15/2024
235,000
237,974
Illinois Finance Authority, Unitypoint Health
Series 2016D, Rev., 5.00%,
2/15/2024(b)
745,000
750,311
Illinois Finance Authority, University of
Chicago Series 2015A, Rev., 5.00%,
10/1/2025(b)
27,000,000
27,863,806
Illinois Housing Development Authority Rev.,
FHA, 4.00%, 6/1/2025(c)
2,785,000
2,778,051
Illinois Municipal Electric Agency, Power
Supply System Series 2015A, Rev.,
5.00%, 2/1/2024
590,000
593,470
Illinois State Toll Highway Authority
Series 2014B, Rev., 5.00%, 1/1/2026
25,000
25,088
Series 2013A, Rev., 5.00%, 1/1/2027
65,000
65,072
Series 2014B, Rev., 5.00%, 1/1/2028
95,000
95,393
Lake County School District No. 112 North
Shore Series 2022, GO, 5.00%,
12/1/2024
335,000
341,421
Lake County Township High School District
No. 121 Warren Series 2016A, GO,
3.00%, 1/1/2024(b)
370,000
369,668
McHenry County Conservation District GO,
5.00%, 2/1/2024
20,000
20,127
McLean and Woodford Counties Community
Unit School District No. 5 Normal Series
2017A, GO, 4.00%, 12/1/2023
445,000
445,344
Metropolitan Water Reclamation District of
Greater Chicago
Series A, GO, 5.00%, 12/1/2023
25,000
25,085
Series B, GO, 5.00%, 12/1/2023
100,000
100,341
Public Building Commission of Chicago
Series 2006, Rev., AMBAC, 5.25%,
3/1/2024
1,000,000
1,005,444
Railsplitter Tobacco Settlement Authority
Rev., 5.00%, 6/1/2025
255,000
260,964
Series 2017, Rev., 5.00%, 6/1/2026
565,000
587,086
Regional Transportation Authority Series
2017A, Rev., 5.00%, 7/1/2024
50,000
50,606
Rock Island County Community Unit School
District No. 40 Moline, Alternative
Revenue Source GO, 3.00%, 2/1/2024
20,000
19,973
INVESTMENTS
PRINCIPAL
AMOUNT($)
VALUE($)
 
Illinois — continued
South Suburban College Community School
District No. 510, Limited Tax GO, AGC,
Zero Coupon, 12/1/2023
25,000
24,750
Southwestern Illinois Development
Authority, Memorial Group Inc. Series
2013, Rev., 7.13%, 11/1/2023(b)
2,405,000
2,417,341
Southwestern Illinois Development
Authority, Memorial Group, Inc. Rev.,
7.13%, 11/1/2023(b)
3,220,000
3,236,523
State of Illinois
Series 2018A, GO, 5.00%, 10/1/2023
25,000
25,020
Series 2018B, GO, 5.00%, 10/1/2023
175,000
175,138
Series 2017D, GO, 5.00%, 11/1/2023
1,470,000
1,472,551
Series 2019A, GO, 5.00%, 11/1/2023
19,500,000
19,533,844
Series 2017A, GO, 5.00%, 12/1/2023
100,000
100,272
Series 2017B, GO, 5.00%, 12/1/2023
200,000
200,544
GO, 5.00%, 2/1/2024
120,000
120,575
Series 2021C, GO, 4.00%, 3/1/2024
950,000
951,032
Series 2021B, GO, 5.00%, 3/1/2024
300,000
301,765
Series 2022A, GO, 5.00%, 3/1/2024
5,300,000
5,331,189
Series 2022B, GO, 5.00%, 3/1/2024
5,760,000
5,793,896
Series 2018A, GO, 4.00%, 5/1/2024
25,000
25,037
Series 2018A, GO, 5.00%, 10/1/2024
50,000
50,650
Series 2022B, GO, 5.00%, 3/1/2025
1,400,000
1,425,311
Series 2018B, GO, 5.00%, 10/1/2025
35,000
35,882
Series 2020B, GO, 5.00%, 10/1/2025
40,000
41,008
Series 2017D, GO, 5.00%, 11/1/2025
20,700,000
21,243,162
Series 2017A, GO, 5.00%, 12/1/2025
250,000
256,824
GO, 5.00%, 2/1/2026
25,000
25,736
Series 2021A, GO, 5.00%, 3/1/2026
50,000
51,528
Series 2016-6, GO, 5.00%, 6/1/2026
450,000
465,190
Series 2018B, GO, 5.00%, 10/1/2026
125,000
129,768
Series 2020B, GO, 5.00%, 10/1/2026
1,305,000
1,354,772
Series 2017D, GO, 5.00%, 11/1/2026
2,760,000
2,868,198
Series 2022A, GO, 5.00%, 3/1/2027
50,000
52,180
Series 2020B, GO, 5.00%, 10/1/2028
40,000
42,574
Series 2017D, GO, 5.00%, 11/1/2028
170,000
178,647
State of Illinois, Sales Tax
Rev., 5.00%, 6/15/2024
510,000
510,340
Series 2016A, Rev., 5.00%, 6/15/2024
115,000
116,129
Series 2002-4, Rev., NATL - RE, 6.00%,
6/15/2024
300,000
305,227
Taylorville Community Unit School District
No. 3 Series 2013, GO, 5.75%,
12/1/2023(b)
1,000,000
1,005,290
SEE NOTES TO FINANCIAL STATEMENTS.
August 31, 2023
J.P. Morgan Exchange-Traded Funds
181


JPMorgan Ultra-Short Municipal Income ETF
SCHEDULE OF PORTFOLIO INVESTMENTS
AS OF August 31, 2023  (Unaudited) (continued)
INVESTMENTS
PRINCIPAL
AMOUNT($)
VALUE($)
Municipal Bonds — continued
Illinois — continued
Tender Option Bond Trust Receipts/
Certificates Series 2017-XF2500, Rev.,
VRDO, LIQ : Citibank NA, 4.11%,
9/12/2023(c) (e)
10,220,000
10,220,000
Village of Midlothian
GO, AGM, 4.00%, 1/1/2024
70,000
70,058
GO, AGM, 4.00%, 1/1/2025
40,000
40,164
Village of Rantoul GO, 4.00%, 1/1/2025
350,000
352,108
Village of Streamwood GO, 5.00%,
12/1/2023
20,000
20,064
Village of Villa Park, Alternative Revenue
Source Series 2018C, GO, 4.00%,
12/15/2023
50,000
50,050
Will County Community Unit School District
No. 201-U Crete-Monee GO, AGM, Zero
Coupon, 11/1/2023
300,000
298,165
Will County School District No. 86 Joliet
Series 2015C, GO, AGM-CR, 5.00%,
3/1/2024
6,005,000
6,046,448
Will Grundy Etc Counties Community College
District No. 525 Series 2013B, GO,
5.25%, 12/1/2023(b)
25,000
25,115
Total Illinois
163,867,913
Indiana — 0.5%
Avon Community School Building Corp., Ad
Valorem Property Tax First Mortgage
Rev., 4.00%, 7/15/2024
25,000
25,103
Brownsburg 1999 School Building Corp., Ad
Valorem Property Tax First Mortgage
Series 2015B, Rev., 5.00%, 7/15/2024
30,000
30,343
Carmel Local Public Improvement Bond
Bank Series 2021A, Rev., 4.00%,
7/15/2025
65,000
65,604
Carmel Redevelopment Authority, Option
Income Tax Lease Rental
Series 2014B, Rev., 5.00%, 1/1/2024
35,000
35,168
Series 2014B, Rev., 5.00%, 7/1/2024
70,000
70,865
City of Indianapolis, Department of Public
Utilities Water System
Series 2018A, Rev., 5.00%, 10/1/2023
160,000
160,168
Series 2018A, Rev., 5.00%, 10/1/2026
25,000
26,304
City of Indianapolis,Thermal Energy System,
First Lien Series 2016A, Rev., 5.00%,
10/1/2023
45,000
45,049
Clark Pleasant Middle School Corp., Ad
Valorem Property Tax First Mortgage
Rev., 4.00%, 1/15/2025
35,000
35,195
INVESTMENTS
PRINCIPAL
AMOUNT($)
VALUE($)
 
Indiana — continued
East Allen Multi School Building Corp.,
Indiana Ad Valorem Property Tax, First
Mortgage Rev., 4.00%, 1/15/2024
40,000
40,074
Fishers Industrial Redevelopment District,
Income Tax
Rev., 4.00%, 1/15/2024
25,000
25,033
Rev., 4.00%, 7/15/2024
35,000
35,112
Fort Wayne Redevelopment Authority Lease
Rental Series 2014A, Rev., 3.00%,
8/1/2024
50,000
49,624
GCS School Building Corp. One, Unlimited
Ad Valorem Property Tax First Mortgage
Rev., 5.00%, 1/15/2026
45,000
46,531
Hamilton Southeastern Consolidated School
Building Corp., Ad Valorem Property Tax
First Mortgage Rev., 4.00%, 1/15/2024
25,000
25,046
Indiana Finance Authority
Series 2016A, Rev., 5.00%, 12/1/2023
175,000
175,516
Series 2021-2, Rev., 5.00%, 10/1/2024
25,000
25,419
Series 2016C, Rev., 5.00%, 12/1/2024
40,000
40,830
Series 2015A, Rev., 4.00%,
3/1/2025(b)
25,000
25,203
Series 2021-2, Rev., 5.00%, 10/1/2025
70,000
72,339
Series 2016, Rev., 5.00%, 9/1/2026
40,000
41,697
Indiana Finance Authority, First Lien
Wastewater, CWA Authority Project Series
2021-1, Rev., 5.00%, 10/1/2023
560,000
560,609
Indiana Finance Authority, Franciscan
Alliance, Inc., Obligated Group Series
2016B, Rev., 5.00%, 11/1/2024
345,000
350,840
Indiana Finance Authority, Goshen Health
Series 2019B, Rev., 2.10%,
11/1/2026(c)
60,000
56,101
Indiana Finance Authority, Indiana
University Health Obligated Group
Series 2019C, Rev., 5.00%, 12/1/2024
75,000
76,191
Series 2019B, Rev., 2.25%,
7/1/2025(c)
150,000
145,501
Indiana Finance Authority, Major Hospital
Project Series 2014A, Rev., 5.00%,
10/1/2023(b)
570,000
570,641
Indiana Health Facility Financing Authority,
Ascension Health Credit Group Series
2005A-7, Rev., 4.00%, 10/1/2025
30,000
30,257
Indiana Municipal Power Agency
Series 2017A, Rev., 5.00%, 1/1/2024
30,000
30,151
Series 2014A, Rev., 5.00%, 1/1/2027
25,000
25,406
Series 2016C, Rev., 5.00%, 1/1/2027
40,000
41,641
SEE NOTES TO FINANCIAL STATEMENTS.
182
J.P. Morgan Exchange-Traded Funds
August 31, 2023


INVESTMENTS
PRINCIPAL
AMOUNT($)
VALUE($)
Municipal Bonds — continued
Indiana — continued
Series 2016C, Rev., 5.00%, 1/1/2028
50,000
52,023
Indiana State University, Student Fee Series
T, Rev., 5.00%, 10/1/2023
50,000
50,042
Indianapolis Local Public Improvement
Bond Bank Series 2021A, Rev., 5.00%,
6/1/2024
200,000
201,971
Indianapolis Local Public Improvement
Bond Bank, Stormwater Project Series
2013D, Rev., 3.25%, 1/1/2025
100,000
99,899
Ivy Tech Community College of Indiana,
Student Fee
Series W, Rev., 5.00%, 7/1/2024
30,000
30,361
Series W, Rev., 5.00%, 7/1/2025
25,000
25,681
Jackson County Building Corp. Rev., 2.00%,
1/15/2025
125,000
121,436
Merrillville Community School Corp. GO,
2.00%, 1/15/2024
1,040,000
1,030,615
New Prairie United School District Building
Corp., First Mortgage Rev., 4.00%,
1/15/2025
35,000
35,256
Perry Township Schools
Series 2022A, GO, 4.00%, 1/15/2024
2,800,000
2,799,509
Series 2022B, GO, 4.00%, 1/15/2024
2,950,000
2,949,483
Series 2022C, GO, 4.00%, 1/15/2024
2,375,000
2,374,584
Pike Township Multi-School Building Corp.,
First Mortgage Rev., 5.00%, 7/15/2024
350,000
354,682
South Gibson School Building Corp., First
Mortgage Rev., 4.00%, 1/10/2025
40,000
40,299
Southmont School Building Corp., Ad
Valorem Property Tax, First Mortgage
Rev., 5.00%, 1/15/2025
20,000
20,420
Twin Lakes School Building Corp., First
Mortgage Rev., 4.00%, 7/15/2024
35,000
35,130
Whitestown Redevelopment Authority Rev.,
3.00%, 1/15/2024
25,000
24,916
Winfield Building Corp., Indiana Lease
Rental, Sewage Works Treatment Plant
Project
Series 2020B, Rev., 4.00%, 1/15/2024
35,000
35,039
Series 2020B, Rev., 4.00%, 7/15/2024
35,000
35,100
Series 2020B, Rev., 4.00%, 1/15/2025
40,000
40,197
Series 2020B, Rev., 4.00%, 7/15/2025
40,000
40,292
Series 2020A, Rev., 4.00%, 1/15/2026
110,000
111,172
INVESTMENTS
PRINCIPAL
AMOUNT($)
VALUE($)
 
Indiana — continued
Series 2020B, Rev., 4.00%, 1/15/2026
40,000
40,426
Zionsville Community Schools Building
Corp., First Mortgage, Capital
Appreciation Series 2003Z, Rev., NATL -
RE, Zero Coupon, 1/15/2025
25,000
23,763
Total Indiana
13,555,857
Iowa — 1.5%
County of Linn Series 2019, COP, 5.00%,
6/1/2024
90,000
91,012
Iowa Finance Authority, Health System
Series 2018A, Rev., (SIFMA Municipal
Swap Index Yield + 0.50%), 4.64%,
9/7/2023(d) (e)
14,220,000
14,211,057
Iowa Finance Authority, UnityPoint Health
Series 2018B, Rev., 5.00%, 2/15/2024
30,000
30,148
State of Iowa Board of Regents, University
of Iowa, Hospitals and Clinics Series
2019, Rev., 5.00%, 9/1/2025
25,000
25,773
University of Iowa (The), Parking System
Bond Anticipation Project Series 2023,
Rev., BAN, 3.50%, 7/1/2026
24,140,000
23,716,514
Waukee Community School District
Infrastructure Sales Services & Use Tax
Series 2017A, Rev., 4.00%, 6/1/2024
1,220,000
1,223,839
Total Iowa
39,298,343
Kansas — 0.1%
Blue Valley Recreation Commission Series B,
COP, AGM, 5.00%, 10/1/2023
30,000
30,034
Butler County Unified School District No.
375 Circle, School Building Series
2013-1, GO, AGM, 3.38%, 9/1/2023(b)
20,000
20,000
City of Manhattan, Temporary Notes Series
2020-03, GO, 0.75%, 6/15/2024
100,000
96,759
City of Olathe GO, 5.00%, 10/1/2023
25,000
25,028
County of Shawnee COP, 3.00%, 9/1/2024
35,000
34,737
Johnson County Public Building Commission
Series 2018A, Rev., 5.00%, 9/1/2023
55,000
55,000
Johnson County Unified School District No.
233 Olathe
Series 2016C, GO, 5.00%, 9/1/2023
50,000
50,000
Series 2016A, GO, 4.00%, 9/1/2024(b)
25,000
25,145
Neosho County Unified School District No.
413 GO, AGM, 4.00%, 9/1/2023(b)
25,000
25,000
Reno County Unified School District No. 308
Hutchinson Series 2015, GO, 4.00%,
9/1/2023
100,000
100,000
SEE NOTES TO FINANCIAL STATEMENTS.
August 31, 2023
J.P. Morgan Exchange-Traded Funds
183


JPMorgan Ultra-Short Municipal Income ETF
SCHEDULE OF PORTFOLIO INVESTMENTS
AS OF August 31, 2023  (Unaudited) (continued)
INVESTMENTS
PRINCIPAL
AMOUNT($)
VALUE($)
Municipal Bonds — continued
Kansas — continued
Rice County Unified School District No. 376
Sterling Series 2015, GO, AGM, 4.00%,
9/1/2025(b)
1,200,000
1,213,748
Sedgwick County Unified School District No.
266 Maize Series 2015A, GO, 4.00%,
9/1/2023(b)
25,000
25,000
Seward County Unified School District No.
480 Liberal Series 2017-B, GO, 5.00%,
9/1/2023
10,000
10,000
State of Kansas Department of
Transportation Series 2015A, Rev.,
5.00%, 9/1/2023
45,000
45,000
Wyandotte County-Kansas City Unified
Government Utility System Series 2014A,
Rev., 5.00%, 9/1/2023
725,000
725,000
Total Kansas
2,480,451
Kentucky — 0.9%
County of Daviess Series 2012A, GO,
2.00%, 9/1/2023
50,000
50,000
Fayette County School District Finance Corp.
Series 2013A, Rev., 5.00%,
10/1/2023(b)
25,000
25,028
Kenton County Public Properties Corp.,
Court Facilities Project Rev., 3.00%,
3/1/2024
500,000
497,773
Kentucky Asset Liability Commission
Series 2021A, Rev., 5.00%, 11/1/2023
60,000
60,127
Series 2021A, Rev., 5.00%, 11/1/2024
615,000
625,061
Kentucky Asset Liability Commission,
Federal Highway Trust Fund
Series A, Rev., 5.00%, 9/1/2023
100,000
100,000
Series 2013A, Rev., 5.25%, 9/1/2023
520,000
520,000
Kentucky Economic Development Finance
Authority, Catholic Health Initiatives
Series 2011B-3, Rev., (SIFMA Municipal
Swap Index Yield + 1.40%), 5.46%,
9/7/2023(d)
12,715,000
12,728,253
Kentucky Economic Development Finance
Authority, CommonSpirit Health
Obligated Group Series 2019A-1, Rev.,
5.00%, 8/1/2025
685,000
696,474
Kentucky Infrastructure Authority,
Wastewater and Drinking Water Revolving
Fund Series 2018A, Rev., 3.00%,
2/1/2024
25,000
24,939
Kentucky Municipal Power Agency, Prairie
State Project
Series 2015A, Rev., NATL - RE, 5.00%,
9/1/2023
1,930,000
1,930,000
INVESTMENTS
PRINCIPAL
AMOUNT($)
VALUE($)
 
Kentucky — continued
Series 2015A, Rev., NATL - RE, 5.00%,
9/1/2024
310,000
313,996
Kentucky Public Energy Authority, Gas
Supply
Series 2022A-1, Rev., 4.00%, 2/1/2024
2,500,000
2,498,422
Series 2018A, Rev., 4.00%,
4/1/2024(c)
155,000
155,057
Series 2020A, Rev., 4.00%,
6/1/2026(c)
710,000
703,763
Kentucky State Property and Building
Commission, Project No. 106 Series
2013A, Rev., 5.00%, 10/1/2023(b)
55,000
55,062
Kentucky State Property and Building
Commission, Project No. 108
Series B, Rev., 5.00%, 8/1/2026
45,000
47,045
Series A, Rev., 5.00%, 8/1/2028
75,000
77,137
Kentucky State Property and Building
Commission, Project No. 115 Rev.,
5.00%, 4/1/2028
20,000
21,019
Kentucky State Property and Building
Commission, Project No. 122 Series A,
Rev., 5.00%, 11/1/2027
50,000
53,250
Kentucky Turnpike Authority Series 2016A,
Rev., 5.00%, 7/1/2027
25,000
26,065
Kentucky Turnpike Authority, Revitalization
Projects
Series 2014A, Rev., 5.00%, 7/1/2024
105,000
106,170
Series B, Rev., 5.00%, 7/1/2025
265,000
271,987
Series B, Rev., 4.00%, 7/1/2027
100,000
102,304
Lexington-Fayette Urban County
Government, Various Purpose Series
2012B, GO, 3.00%, 7/1/2024
100,000
99,565
Louisville and Jefferson County Metropolitan
Government, Norton Healthcare, Inc.
Series 2016A, Rev., 5.00%, 10/1/2023
50,000
50,045
Series 2020B, Rev., 5.00%,
10/1/2023(c)
1,780,000
1,781,608
Louisville Water Co., Metro Government
Waterworks Board
Rev., 5.00%, 11/15/2023
25,000
25,079
Series 2019, Rev., 5.00%, 11/15/2023
40,000
40,126
Scott County School District Finance Corp.
Rev., 5.00%, 6/1/2025
20,000
20,434
SEE NOTES TO FINANCIAL STATEMENTS.
184
J.P. Morgan Exchange-Traded Funds
August 31, 2023


INVESTMENTS
PRINCIPAL
AMOUNT($)
VALUE($)
Municipal Bonds — continued
Kentucky — continued
University of Kentucky, General Receipt
Series 2014A, Rev., 4.00%,
4/1/2024(b)
175,000
175,477
University of Kentucky, General Receipts
Series 2015B, Rev., 5.00%, 10/1/2024
20,000
20,329
Total Kentucky
23,901,595
Louisiana — 2.1%
Ascension Parish School Board Series 2020,
GO, 4.00%, 3/1/2024
25,000
25,059
City of Shreveport, Water and Sewer, Junior
Lien Series 2018C, Rev., 5.00%,
12/1/2023
1,175,000
1,178,835
Jefferson Parish School Board Series 2015,
GO, 5.00%, 3/1/2024
50,000
50,377
Louisiana Local Government Environmental
Facilities and Community Development
Authority, LCTCS Act 360 Project Series
2014, Rev., 5.00%, 10/1/2024(b)
100,000
101,621
Louisiana Local Government Environmental
Facilities and Community Development
Authority, LCTCS Act 391 Project Series
2017, Rev., 5.00%, 10/1/2024
250,000
253,262
Louisiana Public Facilities Authority,
Hurricane Recovery Program Series
2014, Rev., 5.00%, 6/1/2024
120,000
121,358
Louisiana Public Facilities Authority, Tulane
University Project
Series 2016A, Rev., 5.00%,
12/15/2023
50,000
50,186
Series 2016A, Rev., 5.00%,
12/15/2026
70,000
73,574
Louisiana State University and Agricultural
and Mechanical College, Auxiliary
Facilities System Series 2016A, Rev.,
5.00%, 7/1/2024
75,000
75,683
State of Louisiana
Rev., 5.00%, 9/1/2023
15,000
15,000
Series 2014C, GO, 5.00%, 8/1/2025
65,000
65,955
Series 2014A, GO, 4.00%, 2/1/2034
12,095,000
12,125,228
State of Louisiana Gasoline and Fuels Tax
Series 2014B, Rev., 5.00%,
5/1/2024(b)
30,000
30,315
Series A, Rev., 4.50%, 5/1/2025(b)
31,500,000
32,040,247
State of Louisiana Gasoline and Fuels Tax,
Second Lien Series 2022A, Rev., (SOFR +
0.50%), 4.22%, 9/6/2023(d)
7,880,000
7,722,425
Total Louisiana
53,929,125
INVESTMENTS
PRINCIPAL
AMOUNT($)
VALUE($)
 
Maine — 0.0% ^
Maine Governmental Facilities Authority,
Lease Rental Series 2015B, Rev., 2.00%,
10/1/2023
10,000
9,986
Maine Health and Higher Educational
Facilities Authority, Mainehealth Series
2020A, Rev., 5.00%, 7/1/2026
35,000
36,248
Maine Municipal Bond Bank
Series 2016C, Rev., 4.00%, 11/1/2023
25,000
25,025
Series 2018B, Rev., 5.00%, 11/1/2023
20,000
20,050
Series 2021A, Rev., 5.00%, 11/1/2023
500,000
501,259
Series 2014C, Rev., 5.00%, 11/1/2024
25,000
25,480
Maine School Administrative District No. 51
GO, 4.00%, 8/1/2025
50,000
50,672
University of Maine System Rev., 5.00%,
3/1/2025
55,000
56,336
Total Maine
725,056
Maryland — 0.4%
County of Baltimore, Consolidated Public
Improvement GO, 5.00%, 2/1/2025
25,000
25,588
County of Montgomery Series 2017C, GO,
5.00%, 10/1/2023
55,000
55,062
County of Montgomery, College Foundation,
Inc. Series 2016A, COP, 5.00%,
11/1/2023
150,000
150,354
County of Montgomery, Consolidated Public
Improvement Series 2015B, GO, 5.00%,
12/1/2023
115,000
115,447
County of Prince George's, Consol Public
Improvement Series 2014A, GO, 4.00%,
9/1/2024
30,000
30,217
County of Prince George's, Consolidated
Public Improvement Series 2013A, GO,
3.00%, 3/1/2024
30,000
29,943
Maryland Community Development
Administration, Housing and Community
Development Series 2019A, Rev.,
2.10%, 3/1/2024
20,000
19,845
Maryland Health and Higher Educational
Facilities Authority, Lifebridge Health
Issue Rev., 5.00%, 7/1/2025
45,000
46,018
Maryland Health and Higher Educational
Facilities Authority, Medstar Health Issue
Series 2013A, Rev., 5.00%, 8/15/2024
570,000
570,346
Series 2020B-1, Rev., 5.00%,
7/1/2025(c)
150,000
152,396
SEE NOTES TO FINANCIAL STATEMENTS.
August 31, 2023
J.P. Morgan Exchange-Traded Funds
185


JPMorgan Ultra-Short Municipal Income ETF
SCHEDULE OF PORTFOLIO INVESTMENTS
AS OF August 31, 2023  (Unaudited) (continued)
INVESTMENTS
PRINCIPAL
AMOUNT($)
VALUE($)
Municipal Bonds — continued
Maryland — continued
Maryland Health and Higher Educational
Facilities Authority, Peninsula Regional
Medical Center Series 2015, Rev.,
5.00%, 7/1/2024(b)
9,320,000
9,423,807
Maryland Stadium Authority, Construction
and Revitalization Program Series
2018A, Rev., 5.00%, 5/1/2024
25,000
25,274
State of Maryland Series 2016, GO, 4.00%,
6/1/2028
25,000
25,022
State of Maryland Department of
Transportation, Second Issue Rev.,
5.00%, 6/1/2025
65,000
65,049
State of Maryland, Department of
Transportation Rev., 5.00%, 11/1/2023
40,000
40,101
Total Maryland
10,774,469
Massachusetts — 2.1%
Boston Water and Sewer Commission Series
B, Rev., 5.00%, 11/1/2023(b)
25,000
25,065
Bristol-Plymouth Regional Vocational
Technical School District GO, BAN,
4.50%, 2/28/2024
6,000,000
6,036,548
City of Boston Series 2013B, GO, 4.00%,
1/1/2024
20,000
20,011
City of Chicopee Series 2016, GO, 4.00%,
8/15/2024
30,000
30,195
City of Quincy GO, BAN, 4.50%, 9/15/2023
100,000
100,036
City of Woburn, Municipal Purpose Loan GO,
2.63%, 11/15/2025
100,000
97,377
Commonwealth of Massachusetts
Series 2006B, GO, AGM, 5.25%,
9/1/2023
50,000
50,000
Series C, GO, 5.00%, 10/1/2023
25,000
25,030
Series 2015A, GO, 5.00%, 5/1/2024
80,000
80,097
Commonwealth of Massachusetts Federal
Highway, Accelerated Bridge Program
Series 2014A, Rev., GAN, 5.00%,
6/15/2024
25,000
25,329
Massachusetts Development Finance
Agency, Boston University Issue Series
2019DD-1, Rev., 5.00%, 10/2/2023(c)
5,110,000
5,115,969
Massachusetts Development Finance
Agency, Caregroup Issue
Series 2015H-1, Rev., 5.00%, 7/1/2024
500,000
504,394
Series 2015H-1, Rev., 5.00%, 7/1/2025
35,000
35,805
Massachusetts Development Finance
Agency, Children's Hospital Corp
Obligated Group Series 2014P, Rev.,
5.00%, 10/1/2024(b)
17,000,000
17,266,636
INVESTMENTS
PRINCIPAL
AMOUNT($)
VALUE($)
 
Massachusetts — continued
Massachusetts Development Finance
Agency, North Hill Community Issue
Series 2013A, Rev., 6.50%,
11/15/2023(b) (e)
675,000
678,665
Massachusetts Development Finance
Agency, Partners Healthcare System
Issue
Series 2019T-1, Rev., (SIFMA Municipal
Swap Index Yield + 0.60%), 4.66%,
9/7/2023(d) (e)
1,075,000
1,064,144
Series 2017S-4, Rev., 5.00%,
1/25/2024(c)
200,000
201,017
Series 2017S-2, Rev., 5.00%,
1/30/2025(c)
345,000
351,486
Massachusetts Development Finance
Agency, Salem Community Corp.
Rev., 5.00%, 1/1/2024
345,000
344,510
Rev., 5.00%, 1/1/2025
365,000
362,812
Massachusetts Development Finance
Agency, Trustees of Boston University
Series X, Rev., 5.00%, 10/1/2023
4,000,000
4,004,498
Series 2019DD-2, Rev., 5.00%,
10/2/2023(c)
40,000
40,047
Massachusetts Housing Finance Agency,
Sustainability Bonds Series 2020A-3,
Rev., FHA, 0.88%, 12/1/2023
180,000
178,786
Massachusetts School Building Authority,
Dedicated Sales Tax
Series 2018A, Rev., 5.00%,
2/15/2024(b)
20,000
20,143
Series 2018A, Rev., 5.00%, 2/15/2028
30,000
30,190
Massachusetts State College Building
Authority
Series 2017D, Rev., 5.00%, 5/1/2024
45,000
45,505
Series 2016A, Rev., 4.00%, 5/1/2025
20,000
20,271
Massachusetts Transportation Trust Fund
Metropolitan Highway System, Senior
Series 2019A, Rev., 5.00%, 1/1/2024
30,000
30,158
Massachusetts Water Resources Authority
Series 2014F, Rev., 5.00%,
8/1/2024(b)
30,000
30,443
Series 2014F, Rev., 5.00%, 8/1/2024
5,000
5,080
Montachusett Regional Transit Authority
Rev., RAN, GTD, 4.50%, 7/26/2024
11,000,000
11,056,663
Town of Hatfield GO, BAN, 4.50%,
5/16/2024
2,290,000
2,304,467
Town of Marshfield, Municipal Purpose Loan
GO, 5.00%, 11/1/2024
25,000
25,032
SEE NOTES TO FINANCIAL STATEMENTS.
186
J.P. Morgan Exchange-Traded Funds
August 31, 2023


INVESTMENTS
PRINCIPAL
AMOUNT($)
VALUE($)
Municipal Bonds — continued
Massachusetts — continued
Town of Medfield, Municipal Purpose Loan
GO, 2.13%, 9/15/2023
100,000
99,966
Town of Middleton, Municipal Purpose Loan
GO, 2.50%, 8/15/2025
40,000
38,807
Town of Randolph GO, BAN, 4.75%,
6/27/2024
3,303,800
3,326,986
Town of Tewksbury, Municipal Purpose Loan
GO, 4.00%, 1/15/2025
25,000
25,242
Town of West Springfield GO, BAN, 4.75%,
6/20/2024
1,430,000
1,438,642
Total Massachusetts
55,136,052
Michigan — 3.3%
Charter Township of Lyon Series 2006-A,
GO, XLCA, 4.13%, 11/1/2023
45,000
45,057
City of Ann Arbor, Limited Tax GO, 3.00%,
10/1/2023
25,000
24,989
City of Brighton Series 2021, GO, 4.00%,
10/1/2024
80,000
80,504
City of Detroit Series 2004A, Rev., AGM,
5.25%, 7/1/2024
25,000
25,369
City of Grand Rapids, Capital Improvement,
Limited Tax GO, 5.00%, 4/1/2024
50,000
50,448
City of Lathrup Village, Limited Tax GO,
5.00%, 10/1/2025
45,000
46,485
City of South Haven, Limited Tax GO,
4.00%, 10/1/2023
70,000
70,021
County of Jackson, Transportation GO,
2.00%, 5/1/2024
250,000
246,581
Dearborn School District, School Building
and Site Series 2014A, GO, Q-SBLF,
4.00%, 11/1/2023(b)
35,000
35,029
Grand Valley State University
Series 2014B, Rev., 5.00%, 12/1/2023
310,000
311,094
Series 2016A, Rev., 5.00%, 12/1/2024
670,000
682,188
Series 2016A, Rev., 5.00%, 12/1/2027
1,590,000
1,648,778
Great Lakes Water Authority, Water Supply
System, Second Lien Series 2018A, Rev.,
5.00%, 7/1/2024
55,000
55,653
Kalamazoo Hospital Finance Authority,
Bronson Healthcare Group, Inc. Rev.,
5.00%, 5/15/2024(b)
5,000
5,052
Karegnondi Water Authority, Water and
Supply System Series 2014A, Rev.,
5.00%, 11/1/2026
125,000
125,171
Kent Hospital Finance Authority, Mary Free
Bed Rehabilitation Hospital
Series 2021A, Rev., 5.00%, 4/1/2024
540,000
542,214
Series 2021A, Rev., 5.00%, 4/1/2025
565,000
571,885
INVESTMENTS
PRINCIPAL
AMOUNT($)
VALUE($)
 
Michigan — continued
Lake Michigan College District, Building and
Site, Limited Tax
GO, 4.00%, 9/1/2023(b)
25,000
25,000
GO, 4.25%, 9/1/2023(b)
20,000
20,000
Linden Community School District, School
Building and Site, Unlimited Tax Series
2021I, GO, Q-SBLF, 4.00%, 5/1/2025
30,000
30,246
Livonia Municipal Building Authority,
Limited Tax Rev., 4.00%, 5/1/2024
40,000
40,148
Michigan Finance Authority, Ascension
Senior Credit Group Series 2016E-1,
Rev., 4.00%, 8/15/2024(c)
60,000
60,086
Michigan Finance Authority, Beaumont
Health Credit Group
Series 2022A, Rev., 5.00%, 4/15/2024
500,000
504,294
Series 2015A, Rev., 5.00%,
8/1/2024(b)
100,000
101,273
Michigan Finance Authority, Clean Water
Revolving Fund
Series 2016B, Rev., 5.00%, 10/1/2023
25,000
25,029
Series 2016B, Rev., 5.00%, 10/1/2024
150,000
152,638
Michigan Finance Authority, Detroit
Regional Convention Facility Authority
Series 2014H-1, Rev., 5.00%,
10/1/2024
680,000
680,676
Michigan Finance Authority, Henry Ford
Health System
Rev., 5.00%, 11/15/2023
20,000
20,045
Series 2016, Rev., 5.00%, 11/15/2025
40,000
40,950
Michigan Finance Authority, Hospital Trinity
Health Credit Group
Series 2015MI, Rev., 5.50%, 12/1/2026
635,000
654,496
Series 2017A-MI, Rev., 5.00%,
12/1/2027
30,000
32,006
Series 2015MI, Rev., 5.50%, 12/1/2027
1,435,000
1,481,620
Michigan Finance Authority, Local
Government Loan Program, Detroit Water
and Sewerage Department, Sewage
Disposal Series 2014C-3, Rev., AGM,
5.00%, 7/1/2027
175,000
176,835
Michigan Finance Authority, Midmichigan
Health Series 2014, Rev., 5.00%,
6/1/2024(b)
40,000
40,444
Michigan Finance Authority, Trinity Health
Credit Group
Series 2015MI, Rev., 5.00%, 12/1/2023
100,000
100,348
Series 2019MI-1, Rev., 5.00%,
12/1/2023
125,000
125,453
SEE NOTES TO FINANCIAL STATEMENTS.
August 31, 2023
J.P. Morgan Exchange-Traded Funds
187


JPMorgan Ultra-Short Municipal Income ETF
SCHEDULE OF PORTFOLIO INVESTMENTS
AS OF August 31, 2023  (Unaudited) (continued)
INVESTMENTS
PRINCIPAL
AMOUNT($)
VALUE($)
Municipal Bonds — continued
Michigan — continued
Series 2017A-MI, Rev., 5.00%,
12/1/2024
285,000
290,497
Series 2019MI-2, Rev., 5.00%,
2/1/2025(c)
5,910,000
6,032,754
Series 2017A-MI, Rev., 5.00%,
12/1/2026
25,000
26,219
Michigan State Building Authority, Facilities
Program
Series 2023-I, Rev., VRDO, 4.18%,
9/1/2023(c)
20,000,000
20,000,000
Series 2013 1-A, Rev., 5.00%,
10/15/2023(b)
25,000
25,038
Michigan State Building Authority, Multi
Modal Program Series III, Rev., VRDO,
4.18%, 9/12/2023(c)
8,635,000
8,635,000
Michigan State Building Authority,Facility
Program Series 2013 1-A, Rev., 5.00%,
10/15/2023
8,385,000
8,397,654
Michigan State Hospital Finance Authority,
Ascension Health Credit Group Series
2010F-3, Rev., 4.00%, 7/1/2024(c)
100,000
100,135
Michigan State Hospital Finance Authority,
Trinity Health Credit Group Series 2008C,
Rev., 5.00%, 12/1/2024
255,000
259,919
Michigan Strategic Fund Limited Obligation,
Facility For Rare Isotope Beams Projects
At Michigan State University
Series 2014, Rev., 5.00%, 3/1/2025
45,000
45,308
Series 2014, Rev., 5.00%, 3/1/2026
235,000
236,588
North Kent Sewer Authority Series 2016,
Rev., 5.00%, 11/1/2024
755,000
768,813
Northern Michigan University Series
2018A, Rev., 5.00%, 12/1/2023
310,000
311,169
Portage Public Schools Series 2016, GO,
5.00%, 11/1/2024
25,000
25,472
RIB Floater Trust Various States Series 46,
Rev., VRDO, LOC : Barclays Bank plc,
4.07%, 9/1/2023(c) (e)
30,000,000
30,000,000
Royal Oak Hospital Finance Authority Series
2014D, Rev., 5.00%, 3/1/2024(b)
1,145,000
1,153,458
Saginaw City School District, Unlimited Tax
GO, Q-SBLF, 5.00%, 5/1/2024
35,000
35,333
Schoolcraft Community College District,
Limited Tax GO, 3.00%, 5/1/2024
115,000
114,472
South Lake Schools, School Building and
Site GO, Q-SBLF, 4.00%, 11/1/2024
25,000
25,076
State of Michigan Trunk Line Series 2020A,
Rev., 5.00%, 11/15/2023
50,000
50,161
INVESTMENTS
PRINCIPAL
AMOUNT($)
VALUE($)
 
Michigan — continued
Troy School District, Unlimited Tax, School
Building and Site GO, Q-SBLF, 5.00%,
11/1/2023(b)
20,000
20,049
Walled Lake Consolidated School District,
School Building and Site GO, Q-SBLF,
5.00%, 11/1/2023(b)
30,000
30,071
Wayne State University
Series 2013A, Rev., 5.00%,
11/15/2023
100,000
100,237
Series 2019A, Rev., 5.00%,
11/15/2024
210,000
213,457
Western Michigan University Series 2015A,
Rev., 5.00%, 11/15/2024
40,000
40,701
Total Michigan
85,815,686
Minnesota — 1.5%
City of Minneapolis, Improvement and
Various Purpose GO, 4.00%, 12/1/2023
45,000
45,069
City of New Hope, Hennepin County Series
2018A, GO, 4.00%, 2/1/2024
50,000
50,121
City of Rochester Series 2015B, GO,
5.00%, 12/1/2023
20,000
20,067
City of St Cloud Series 2014B, Rev., 5.00%,
5/1/2024
210,000
211,905
City of St. Cloud, Infrastructure
Management Fund Series 2013A, GO,
3.00%, 2/1/2025
45,000
44,864
City of St. Paul, Sales Tax Series 2019C,
Rev., 3.00%, 11/1/2023
25,000
24,972
City of West St. Paul Series 2017A, GO,
4.00%, 2/1/2025
30,000
30,236
County of Anoka, Capital Improvement
Series 2020A, GO, 5.00%, 2/1/2024
40,000
40,264
County of Clay Series 2017A, GO, 5.00%,
2/1/2025
50,000
51,184
County of Lyon Series 2015A, GO, 5.00%,
2/1/2024
25,000
25,166
County of Martin Series 2021A, GO, 3.00%,
12/15/2023
40,000
39,930
County of St. Louis, Capital Improvement
Series 2015B, GO, 3.00%, 12/1/2023
75,000
74,911
Series 2016B, GO, 5.00%, 12/1/2023
35,000
35,137
Duluth Independent School District No. 709
COP, 4.00%, 2/1/2027
50,000
50,352
COP, 4.00%, 2/1/2028
2,750,000
2,769,824
Series 2019B, COP, 5.00%, 2/1/2028
395,000
421,085
SEE NOTES TO FINANCIAL STATEMENTS.
188
J.P. Morgan Exchange-Traded Funds
August 31, 2023


INVESTMENTS
PRINCIPAL
AMOUNT($)
VALUE($)
Municipal Bonds — continued
Minnesota — continued
Minneapolis-St. Paul Metropolitan Airports
Commission Series 2014A, Rev., 5.00%,
1/1/2026
70,000
70,273
Minnesota Housing Finance Agency Series
2020D, Rev., 4.00%, 8/1/2024
125,000
125,434
Minnesota Municipal Gas Agency Series
2022B, Rev., LIQ : Royal Bank of Canada,
(SOFR + 1.00%), 4.56%, 9/6/2023(d)
35,000,000
34,422,801
Minnesota State Colleges and Universities
Foundation Series 2019A, Rev., 5.00%,
10/1/2023
25,000
25,029
Minnetonka Independent School District No.
276 Series E, COP, 4.00%, 10/1/2023
115,000
115,022
Northern Municipal Power Agency Series
2013A, Rev., 5.00%, 1/1/2024
50,000
50,049
Rochester Independent School District No.
535 Series 2014A, COP, 3.00%,
2/1/2024
25,000
24,928
Rosemount-Apple Valley-Eagan
Independent School District No. 196
Series 2016A, GO, 5.00%, 2/1/2025
35,000
35,809
Sartell-St Stephen Independent School
District No. 748 Series 2016A, GO,
5.00%, 2/1/2024
30,000
30,187
Southern Minnesota Municipal Power
Agency Series 1994A, Rev., NATL - RE,
Zero Coupon, 1/1/2024
70,000
69,161
St Paul Port Authority Series 2013-2, Rev.,
5.00%, 12/1/2023
200,000
200,754
St. Cloud Independent School District No.
742 Series 2021A, COP, 3.00%,
2/1/2025
125,000
123,780
State of Minnesota Series 2014B, GO,
4.00%, 8/1/2025
75,000
75,533
Total Minnesota
39,303,847
Mississippi — 0.2%
City of Ridgeland GO, 4.00%, 8/1/2024
25,000
25,142
Madison County School District GO, 5.00%,
3/1/2024
25,000
25,193
Mississippi Business Finance Corp., Waste
Management, Inc. Project Rev., 0.70%,
9/1/2026(c)
1,250,000
1,122,758
Mississippi Development Bank, Department
of Corrections Walnut Grove Correctional
Facility Refunding Bonds Project Series A,
Rev., 5.00%, 8/1/2026
35,000
36,394
Mississippi Development Bank, Harrison
County Series 2013A, Rev., 5.00%,
1/1/2026
2,190,000
2,266,005
INVESTMENTS
PRINCIPAL
AMOUNT($)
VALUE($)
 
Mississippi — continued
Mississippi Development Bank, Hinds
County Project Rev., 5.00%, 11/1/2023
105,000
105,165
Mississippi Development Bank, Madison
County, Mississippi Highway Refunding
Project Series 2013C, Rev., 5.00%,
1/1/2024
20,000
20,092
Mississippi Development Bank, Rankin
County School District Project
Rev., 5.00%, 6/1/2024
30,000
30,311
Rev., 5.00%, 6/1/2025
35,000
35,819
Rankin County School District, Limited Tax
GO, 5.00%, 8/1/2025
25,000
25,761
State of Mississippi
Series 2013B, GO, 5.00%,
12/1/2023(b)
200,000
200,802
Series 2020B, GO, 5.00%, 9/1/2024
150,000
152,460
Series 2015F, GO, 5.00%,
11/1/2025(b)
70,000
72,639
State of Mississippi, Tax-Exempt
Series 2012H, GO, 4.00%, 12/1/2023
25,000
25,011
Series 2017A, GO, 5.00%, 10/1/2024
25,000
25,432
University of Mississippi Educational
Building Corp., Campus Improvement
Project Series 2015C, Rev., 5.00%,
11/1/2023
35,000
35,090
University of Mississippi Educational
Building Corp., Facilities Refinancing
Project Rev., 5.00%, 10/1/2024
195,000
198,471
Total Mississippi
4,402,545
Missouri — 1.0%
Cape Girardeau School District No. 63 GO,
4.00%, 3/1/2025
25,000
25,185
City of Chesterfield COP, 5.00%,
12/1/2023
75,000
75,286
City of Kansas City
Series 2019A, Rev., 5.00%, 12/1/2023
35,000
35,143
Series 2017C, Rev., 5.00%, 9/1/2027
20,000
21,274
City of Kansas City, Downtown Arena Project
Series E, Rev., 5.00%, 4/1/2028
30,000
30,667
City of Kansas City, Special Obligation Series
E, Rev., Zero Coupon, 2/1/2024
275,000
270,467
City of Kansas City,Missouri Special
Obligation Refunding and Improvement,
Main Streetcar Extention Project Series
2022C, Rev., 5.00%, 9/1/2025
40,000
41,144
City of St Louis Airport Series 2005, Rev.,
NATL - RE, 5.50%, 7/1/2027
75,000
80,955
SEE NOTES TO FINANCIAL STATEMENTS.
August 31, 2023
J.P. Morgan Exchange-Traded Funds
189


JPMorgan Ultra-Short Municipal Income ETF
SCHEDULE OF PORTFOLIO INVESTMENTS
AS OF August 31, 2023  (Unaudited) (continued)
INVESTMENTS
PRINCIPAL
AMOUNT($)
VALUE($)
Municipal Bonds — continued
Missouri — continued
County of Clay Series 2018A, COP, 4.00%,
5/1/2024(b)
30,000
30,142
County of Dunklin Rev., 3.00%, 12/1/2026
400,000
391,985
County of Jackson, Special Obligation Rev.,
4.00%, 12/1/2023
35,000
35,050
Fort Zumwalt School District Series 2022,
GO, 5.00%, 3/1/2024
100,000
100,763
Health and Educational Facilities Authority
of the State of Missouri, BJC Health
System Series 2021B, Rev., 4.00%,
5/1/2026(c)
5,510,000
5,564,962
Health and Educational Facilities Authority
of the State of Missouri, Children's Mercy
Hospital Obligated Group
Series 2016, Rev., 5.00%, 5/15/2024
680,000
686,953
Rev., 5.00%, 5/15/2025
60,000
61,266
Health and Educational Facilities Authority
of the State of Missouri, Mercy Health
Series 2018A, Rev., 5.00%, 6/1/2027
25,000
26,328
Health and Educational Facilities Authority
of the State of Missouri, SSM Health Care
Obligated Group Series 2014A, Rev.,
5.00%, 6/1/2024(b)
25,000
25,268
Health and Educational Facilities Authority
of the State of Missouri, St Luke's Health
System Rev., 5.00%, 11/15/2028
110,000
113,612
Health and Educational Facilities Authority
of the State of Missouri, St. Luke's Health
System, Inc. Rev., 5.00%, 11/15/2023
125,000
125,321
Jasper County Reorganized School District
No. R-IX Carthage, Missouri Direct
Deposit Program Series 2013, GO,
4.00%, 3/1/2024
2,625,000
2,633,168
Joplin Schools, Missouri Direct Deposit
Program GO, 4.00%, 3/1/2025
100,000
100,015
Missouri Development Finance Board, Office
Building Project Series 2013A, Rev.,
3.00%, 10/1/2023
50,000
49,982
Missouri Housing Development Commission,
Single Family Mortgage, First Place
Homeownership Loan Program Series
2021C, Rev., GNMA / FNMA / FHLMC,
0.35%, 11/1/2023
480,000
477,498
Missouri Joint Municipal Electric Utility
Commission, IATAN 2 Project
Series 2014A, Rev., 5.00%, 1/1/2025
2,500,000
2,508,744
Series 2014A, Rev., 5.00%, 1/1/2027
2,000,000
2,007,333
INVESTMENTS
PRINCIPAL
AMOUNT($)
VALUE($)
 
Missouri — continued
Missouri Joint Municipal Electric Utility
Commission, Prairie State Project
Series 2015A, Rev., 5.00%, 12/1/2024
20,000
20,347
Series 2015A, Rev., 5.00%, 6/1/2028
100,000
102,093
Missouri State Board of Public Buildings
Series 2014A, Rev., 4.00%, 10/1/2023
95,000
95,046
Series 2020B, Rev., 5.00%, 10/1/2023
375,000
375,449
Missouri State Environmental Improvement
and Energy Resources Authority, Water
Pollution Control and Drinking Water
Series 2013A, Rev., 5.00%, 7/1/2024
60,000
60,072
St. Charles County Public Water Supply
District No. 2
COP, 3.00%, 12/1/2023
45,000
44,912
Series 2016B, COP, 5.00%, 12/1/2023
50,000
50,055
St. Louis County Library District COP,
4.00%, 4/1/2027
2,010,000
2,010,521
Tender Option Bond Trust Receipts/
Certificates Series 2018-XG0176, Rev.,
VRDO, LIQ : Royal Bank of Canada,
4.19%, 9/12/2023(c) (e)
6,315,000
6,315,000
Total Missouri
24,592,006
Nebraska — 0.8%
City of Lincoln, Electric System Rev.,
2.70%, 9/1/2023
10,000
10,000
City of Lincoln, Stormwater Drainage and
Flood Management System GO, 3.00%,
12/15/2023
40,000
39,939
City of Omaha, Sanitary Sewerage System
Series 2020A, Rev., 4.00%, 4/1/2025
35,000
35,420
County of Douglas, Creighton University
Projects Series 2021B, Rev., (SIFMA
Municipal Swap Index Yield + 0.53%),
4.59%, 9/7/2023(d)
15,935,000
15,705,745
Douglas County Hospital Authority No. 2,
Children's Obligated Group Series 2020B,
Rev., 5.00%, 11/15/2025(c)
2,100,000
2,140,739
Nebraska Public Power District
Series B, Rev., 5.00%, 1/1/2024
60,000
60,297
Series 2012B, Rev., 5.00%, 1/1/2025
10,000
10,011
Series A-1, Rev., 5.00%, 1/1/2025
35,000
35,727
Series 2016A, Rev., 5.00%, 1/1/2026
75,000
77,739
Papillion-La Vista School District No. 27
Series 2020B, GO, 4.00%, 12/1/2023
35,000
35,056
Public Power Generation Agency, Whelan
Energy Center Unit 2 Series 2015A, Rev.,
5.00%, 1/1/2026
845,000
859,806
SEE NOTES TO FINANCIAL STATEMENTS.
190
J.P. Morgan Exchange-Traded Funds
August 31, 2023


INVESTMENTS
PRINCIPAL
AMOUNT($)
VALUE($)
Municipal Bonds — continued
Nebraska — continued
Southern Public Power District Series 2015,
Rev., 5.00%, 12/15/2024(b)
1,615,000
1,649,352
State of Nebraska Series 2020A, COP,
3.00%, 9/1/2023
45,000
45,000
University of Nebraska, OMAHA Student
Housing Project Rev., 3.25%,
5/15/2024(b)
60,000
59,941
Total Nebraska
20,764,772
Nevada — 0.1%
Clark County School District
Series 2015D, GO, 5.00%, 6/15/2024
30,000
30,311
Series 2016B, GO, 5.00%, 6/15/2024
165,000
166,712
Series 2016E, GO, 5.00%, 6/15/2024
50,000
50,519
Series 2018A, GO, 5.00%, 6/15/2024
60,000
60,623
Series 2015C, GO, 5.00%, 6/15/2025
35,000
35,911
Series 2021C, GO, 5.00%, 6/15/2026
25,000
26,109
Clark County School District, Limited Tax
Series 2015C, GO, 5.00%, 6/15/2028
260,000
268,769
Series 2017C, GO, 5.00%, 6/15/2028
120,000
128,523
Clark County School District, Limited Tax,
Various Purpose Series 2016F, GO,
3.00%, 6/15/2026
100,000
98,349
County of Clark Passenger Facility Charge,
Las Vegas Mccarran International Series
2019E, Rev., 5.00%, 7/1/2026
45,000
47,221
County of Clark, Department of Aviation,
Nevada Airport System, Subordinate Lien
Series 2019D, Rev., 5.00%, 7/1/2024
400,000
404,845
Series 2019D, Rev., 5.00%, 7/1/2025
40,000
41,105
County of Clark, Limited Tax
Series 2016B, GO, 5.00%, 11/1/2023
25,000
25,061
Series 2016B, GO, 5.00%, 11/1/2024
45,000
45,839
County of Clark, Park Improvement, Limited
Tax GO, 5.00%, 12/1/2024
25,000
25,501
County of Clark, Transportation
Improvement, Limited Tax
Series 2018B, GO, 5.00%, 12/1/2023
20,000
20,075
Series 2018B, GO, 5.00%, 12/1/2025
35,000
36,316
State of Nevada Highway Improvement,
Motor Vehicle Fuel Tax Rev., 5.00%,
12/1/2023
40,000
40,168
State of Nevada, Capital Improvement and
Cultural Affairs
Series 2015B, GO, 5.00%, 11/1/2024
25,000
25,494
INVESTMENTS
PRINCIPAL
AMOUNT($)
VALUE($)
 
Nevada — continued
Series 2015B, GO, 5.00%, 11/1/2025
20,000
20,549
State of Nevada, Limited Tax Series 2012-A,
GO, 4.00%, 11/1/2024
55,000
55,026
Total Nevada
1,653,026
New Hampshire — 0.0% ^
Windham School District Series 2014A, GO,
5.00%, 7/15/2024
60,000
60,767
New Jersey — 10.3%
Bergen County Improvement Authority
(The) Series 2023, Rev., GTD, 4.50%,
5/31/2024
3,983,229
4,019,123
Borough of Bellmawr County of Camden,
New Jersey Bond, General Improvement
Water Utility Note GO, BAN, 4.50%,
8/6/2024
6,693,506
6,746,143
Borough of Carteret Series 2023, GO, BAN,
4.75%, 5/31/2024
18,334,000
18,499,611
Borough of Chatham GO, BAN, 4.50%,
5/17/2024
4,571,630
4,602,605
Borough of Emerson GO, BAN, 4.50%,
7/26/2024
3,701,000
3,713,560
Borough of Englewood Cliffs GO, BAN,
4.50%, 8/8/2024
1,885,830
1,896,957
Borough of Essex Fells GO, BAN, 4.50%,
9/8/2023
3,822,500
3,822,333
Borough of Glen Ridge GO, BAN, 4.50%,
7/11/2024
2,380,625
2,392,460
Borough of High Bridge GO, BAN, 5.00%,
6/13/2024
1,272,625
1,282,982
Borough of Kenilworth GO, BAN, 4.50%,
3/1/2024
7,632,000
7,653,760
Borough of Lebanon GO, BAN, 3.75%,
9/11/2023
1,063,100
1,063,027
Borough of Montvale GO, BAN, 4.50%,
4/11/2024
5,080,000
5,098,686
Borough of Mountainside GO, BAN, 5.00%,
7/19/2024
3,568,000
3,597,699
Borough of North Caldwell GO, BAN,
4.50%, 7/12/2024
2,885,000
2,907,460
Borough of Ogdensburg GO, BAN, 4.50%,
7/26/2024
1,475,000
1,479,353
Borough of Palisades Park GO, BAN, 4.50%,
3/15/2024
5,363,000
5,372,024
Borough of Pitman GO, BAN, 4.50%,
9/8/2023
4,198,135
4,197,977
Borough of Riverdale GO, BAN, 3.75%,
9/7/2023
8,496,000
8,495,560
SEE NOTES TO FINANCIAL STATEMENTS.
August 31, 2023
J.P. Morgan Exchange-Traded Funds
191


JPMorgan Ultra-Short Municipal Income ETF
SCHEDULE OF PORTFOLIO INVESTMENTS
AS OF August 31, 2023  (Unaudited) (continued)
INVESTMENTS
PRINCIPAL
AMOUNT($)
VALUE($)
Municipal Bonds — continued
New Jersey — continued
Borough of Sussex GO, BAN, 4.50%,
7/19/2024
3,034,000
3,047,142
Borough of Union Beach GO, BAN, 4.50%,
4/23/2024
3,901,509
3,909,848
Borough of Woodcliff Lake GO, BAN, 4.50%,
9/21/2023
4,221,000
4,220,728
Brick Township Board of Education GO,
4.00%, 1/1/2025
35,000
35,256
Burlington County Bridge Commission
County Guaranteed Bridge System Bond
Series 2013, Rev., GTD, 5.00%,
10/1/2023
50,000
50,062
Burlington County Bridge Commission,
Governmental Loan Program Series
2013A, Rev., GTD, 5.00%, 12/1/2023
80,000
80,099
Camden County Improvement Authority
(The)
Series 2017B, Rev., GTD, 4.00%,
1/15/2024
25,000
25,057
Series 2015A, Rev., GTD, 5.00%,
9/1/2024
25,000
25,403
Camden County Improvement Authority
(The), City Hall Project Rev., GTD, 5.00%,
12/1/2025
30,000
31,128
Camden County Improvement Authority
(The), Rowan University School
Osteopathic Series 2013A, Rev., 5.00%,
12/1/2023
240,000
240,755
City of Clifton GO, 3.00%, 10/15/2023
20,000
19,988
City of Jersey City Series 2014, GO, 5.00%,
12/1/2023
50,000
50,188
City of Linwood GO, BAN, 4.50%,
7/26/2024
1,862,600
1,869,567
City of Long Branch Series 2020A, GO,
5.00%, 9/15/2025
30,000
30,937
City of Newark Series 2020A, GO, AGM,
5.00%, 10/1/2023
1,375,000
1,376,344
City of Ocean City, General Improvement
GO, 4.00%, 9/15/2023
120,000
120,022
GO, 4.00%, 9/15/2025
40,000
40,479
City of Rahway GO, 4.00%, 10/1/2023
25,000
25,010
City of Sea Isle City GO, 3.00%, 9/1/2023
45,000
45,000
City of Ventnor City GO, BAN, 4.50%,
7/10/2024
7,225,000
7,265,042
City of Vineland GO, BAN, 5.00%,
11/8/2023
24,407,000
24,463,622
County of Atlantic GO, 0.50%, 6/1/2024
1,805,000
1,747,856
INVESTMENTS
PRINCIPAL
AMOUNT($)
VALUE($)
 
New Jersey — continued
County of Essex Series A, GO, 4.00%,
9/1/2023
20,000
20,000
County of Hudson
GO, 5.00%, 12/1/2023
25,000
25,100
Series B, GO, 4.00%, 7/1/2025
40,000
40,376
Glen Rock School District GO, 4.00%,
9/1/2023
25,000
25,000
Gloucester County Improvement Authority
(The)
Series 2013A, Rev., GTD, 5.00%,
9/1/2023
40,000
40,000
Series 2013A, Rev., GTD, 5.00%,
9/1/2024
15,000
15,016
Hainesport Township School District GO,
5.00%, 1/15/2024
35,000
35,195
Hopewell Valley Regional School District GO,
3.25%, 1/15/2025
25,000
24,865
Hudson County Improvement Authority,
Courthouse Project Rev., 4.00%,
10/1/2025
40,000
40,534
Jersey City Municipal Utilities Authority,
Sewer Project Notes Series 2023A, Rev.,
4.00%, 5/3/2024
32,500,000
32,575,270
Jersey City Municipal Utilities Authority,
Water Project Notes Series 2023B, Rev.,
4.00%, 5/3/2024
23,500,000
23,554,426
Middlesex County Improvement Authority,
Open Space Trust Fund Series 2011,
Rev., GTD, 3.00%, 9/15/2023
30,000
29,997
Middletown Township Board of Education
GO, 2.25%, 8/1/2024
720,000
709,079
New Brunswick Parking Authority Series
2016, Rev., GTD, 5.00%, 9/1/2023
240,000
240,000
New Jersey Economic Development
Authority
Series 2015A, Rev., 5.00%, 6/15/2024
350,000
353,551
Series 2023RRR, Rev., 5.00%,
3/1/2026
40,000
41,396
Series 2024SSS, Rev., 5.00%,
6/15/2026(f)
2,730,000
2,787,948
Series 2024SSS, Rev., 5.00%,
6/15/2027(f)
1,600,000
1,653,057
New Jersey Economic Development
Authority, School Facilities Construction
Series 2005N-1, Rev., NATL - RE, 5.50%,
9/1/2023
75,000
75,000
Series 2012-II, Rev., 3.00%, 3/1/2024
350,000
348,886
SEE NOTES TO FINANCIAL STATEMENTS.
192
J.P. Morgan Exchange-Traded Funds
August 31, 2023


INVESTMENTS
PRINCIPAL
AMOUNT($)
VALUE($)
Municipal Bonds — continued
New Jersey — continued
Series 2018FFF, Rev., 5.00%,
6/15/2024
50,000
50,507
Series XX, Rev., 5.00%, 6/15/2024
800,000
808,117
Series 2019GGG, Rev., 5.25%,
9/1/2024(e)
7,000,000
7,107,767
Series 2014PP, Rev., AGM-CR, 5.00%,
6/15/2025
3,500,000
3,539,908
Series 2005N-1, Rev., AGM, 5.50%,
9/1/2025
95,000
98,709
New Jersey Economic Development
Authority, Transit Corporation Projects
Series B, Rev., 5.00%, 11/1/2023
350,000
350,688
New Jersey Educational Facilities Authority,
College of New Jersey Series 2015G,
Rev., 5.00%, 7/1/2025(b)
35,000
36,035
New Jersey Educational Facilities Authority,
Higher Educational Capital Improvement
Series 2014A, Rev., 5.00%, 9/1/2024
75,000
75,974
New Jersey Health Care Facilities Financing
Authority, Barnabas Health Obligated
Group Series 2019B-2, Rev., 5.00%,
7/1/2025(c)
235,000
240,485
New Jersey Health Care Facilities Financing
Authority, Greystone Park Psychiatric
Series 2013B, Rev., 5.00%, 9/15/2023
65,000
65,022
New Jersey Health Care Facilities Financing
Authority, Hospital Asset Transformation
Program Series 2017, Rev., 5.00%,
10/1/2024
1,000,000
1,014,102
New Jersey Health Care Facilities Financing
Authority, RWJ Barnabas Health Obligated
Group
Series 2019B-1, Rev., 5.00%,
7/1/2024(c)
1,260,000
1,274,136
Series 2016A, Rev., 5.00%, 7/1/2026
55,000
57,367
New Jersey Health Care Facilities Financing
Authority, Valley Health System Obligated
Rev., 5.00%, 7/1/2026
50,000
52,056
New Jersey Health Care Facilities Financing
Authority, Virtua Health Obligated Group
Series 2013, Rev., 5.00%, 7/1/2027
45,000
45,206
New Jersey Health Care Facilities Financing
Authority, Virtual Health, Inc.
Rev., 5.00%, 1/1/2024(b)
30,000
30,150
Rev., 5.00%, 7/1/2024
200,000
200,828
Rev., 5.00%, 7/1/2025
135,000
135,675
Rev., 5.00%, 7/1/2026
185,000
185,778
INVESTMENTS
PRINCIPAL
AMOUNT($)
VALUE($)
 
New Jersey — continued
New Jersey Higher Education Student
Assistance Authority, Senior Student Loan
Series 2019A, Rev., 5.00%, 12/1/2024
40,000
40,655
New Jersey Housing and Mortgage Finance
Agency, NBA-New Brunswick LLC Series
2022C-2, Rev., 3.13%, 8/1/2024(c)
5,100,000
5,022,365
New Jersey Infrastructure Bank,
Environmental Infrastructure
Series 2020A-R1, Rev., 3.00%,
9/1/2023
40,000
40,000
Series 2015A-R1, Rev., GTD, 5.00%,
9/1/2023
510,000
510,000
Series 2015A-R1, Rev., GTD, 5.00%,
9/1/2024
35,000
35,591
New Jersey Sports and Exposition Authority
Series 2018A, Rev., 5.00%, 9/1/2024
210,000
212,585
New Jersey Transportation Trust Fund
Authority, Transportation Program
Series 2014AA, Rev., 5.00%,
6/15/2025
125,000
126,329
Series 2023AA, Rev., 5.00%,
6/15/2025
2,000,000
2,047,895
New Jersey Transportation Trust Fund
Authority, Transportation System
Series 2008A, Rev., Zero Coupon,
12/15/2023
140,000
138,570
Series 2010D, Rev., 5.00%,
12/15/2023
1,545,000
1,550,586
Series 2005B, Rev., AMBAC, 5.25%,
12/15/2023
105,000
105,451
Series 2006A, Rev., 5.25%,
12/15/2023
150,000
150,645
Series 2010D, Rev., 5.25%,
12/15/2023
1,020,000
1,024,383
Series 2006A, Rev., 5.50%,
12/15/2023
125,000
125,622
Series 2013A, Rev., 5.00%, 6/15/2024
150,000
151,522
Series 2006C, Rev., AMBAC, Zero
Coupon, 12/15/2024
2,515,000
2,397,503
New Jersey Turnpike Authority Series
2014A, Rev., 5.00%, 1/1/2027
1,100,000
1,112,346
Passaic County Utilities Authority, Solid
Waste Disposal Rev., GTD, 4.50%,
3/1/2024
75,000
75,410
Penns Grove-Carneys Point Regional School
District GO, GAN, 4.50%, 7/3/2024
3,713,000
3,729,428
Pequannock Township Board of Education
GO, 4.00%, 1/15/2025
50,000
50,411
SEE NOTES TO FINANCIAL STATEMENTS.
August 31, 2023
J.P. Morgan Exchange-Traded Funds
193


JPMorgan Ultra-Short Municipal Income ETF
SCHEDULE OF PORTFOLIO INVESTMENTS
AS OF August 31, 2023  (Unaudited) (continued)
INVESTMENTS
PRINCIPAL
AMOUNT($)
VALUE($)
Municipal Bonds — continued
New Jersey — continued
Rutgers the State University of New Jersey,
Tax-Exempt Series 2016M, Rev., 5.00%,
5/1/2024
25,000
25,246
South Brunswick Township Board of
Education GO, 5.00%, 8/1/2024
45,000
45,286
State of New Jersey, Various Purpose
GO, 5.00%, 6/1/2024
20,000
20,245
GO, 4.00%, 6/1/2026
40,000
40,020
GO, 5.00%, 6/1/2026
65,000
66,850
Tobacco Settlement Financing Corp.
Series 2018A, Rev., 5.00%, 6/1/2026
265,000
274,860
Series 2018A, Rev., 5.00%, 6/1/2028
490,000
523,795
Township of Bloomfield, General
Improvement and Water Utility GO,
5.00%, 2/1/2024
40,000
40,260
Township of Bridgewater GO, 4.00%,
9/1/2023
25,000
25,000
Township of Colts Neck GO, 4.00%,
11/15/2025
40,000
40,630
Township of Eastampton GO, BAN, 4.50%,
7/24/2024
3,232,000
3,247,957
Township of Hamilton Series 2013, GO,
4.00%, 8/1/2024
50,000
50,018
Township of Harrison GO, 4.00%,
8/1/2025
50,000
50,515
Township of Hillsborough Series 2023A, GO,
BAN, 5.00%, 2/15/2024
4,803,000
4,825,850
Township of Lawrence GO, BAN, 5.00%,
6/7/2024
2,710,000
2,729,265
Township of Little Falls, General
Improvement GO, 4.00%, 8/15/2025
30,000
30,289
Township of Lopatcong GO, 4.00%,
9/1/2023
30,000
30,000
Township of Middle, General Improvement
Sewer Utility GO, BAN, 4.50%,
9/5/2024(f)
6,155,000
6,196,344
Township of Millburn GO, BAN, 5.00%,
1/26/2024
4,030,000
4,053,457
Township of Pennsauken GO, BAN, 4.50%,
7/12/2024
2,089,900
2,100,326
Township of Readington, General
Improvement GO, 5.00%, 1/15/2025
25,000
25,539
Township of Rochelle Park GO, BAN, 4.50%,
8/9/2024
3,024,000
3,038,864
Township of South Brunswick Series 2020,
GO, 4.00%, 10/1/2024
200,000
200,528
Township of Tewksbury Series 2023A, GO,
4.50%, 5/14/2024
2,595,000
2,610,352
INVESTMENTS
PRINCIPAL
AMOUNT($)
VALUE($)
 
New Jersey — continued
Township of Toms River, General
Improvement, Golf Utility Improvement
GO, 3.00%, 12/15/2023
45,000
44,916
Township of Verona GO, BAN, 4.50%,
10/26/2023
2,839,800
2,842,689
Township of Washington GO, 4.00%,
3/1/2025
30,000
30,218
Township of West Deptford GO, 3.00%,
9/1/2026
100,000
99,455
Total New Jersey
265,520,130
New Mexico — 0.0% ^
Albuquerque Municipal School District No.
12, School Building Series 2018, GO,
5.00%, 8/1/2024
100,000
101,408
City of Santa Fe, Wastewater Utility System
Series 2019, Rev., 5.00%, 6/1/2024
125,000
126,570
New Mexico Finance Authority, Senior Lien
Public Project Revolving Fund Series
2016C, Rev., 5.00%, 6/1/2024
25,000
25,301
New Mexico Finance Authority, Subordinate
Lien Public Project Revolving Fund,
Tax-Exempt
Series 2017B, Rev., 3.50%, 6/15/2024
50,000
50,091
Series 2018C-1, Rev., 4.00%,
6/15/2024
30,000
30,169
New Mexico Hospital Equipment Loan
Council, Presbyterian Health Care
Services Series 2019B, Rev., 5.00%,
8/1/2025(c)
100,000
102,265
State of New Mexico Severance Tax
Permanent Fund Series B, Rev., 4.00%,
7/1/2024
75,000
75,379
State of New Mexico, Capital Projects GO,
5.00%, 3/1/2025
55,000
56,392
University of New Mexico (The),
Subordinate Lien System Series 2014C,
Rev., 5.00%, 6/1/2024
25,000
25,290
Total New Mexico
592,865
New York — 17.9%
Battery Park City Authority Series 2013A,
Rev., 5.00%, 11/1/2023
75,000
75,183
Bedford Central School District, Boces
Project GO, 3.00%, 11/15/2023
25,000
24,978
Broome County Local Development Corp.,
Good Shepherd Village at Endwell, Inc.
Rev., 3.00%, 7/1/2024
610,000
599,881
Series 2021, Rev., 3.50%, 7/1/2025
455,000
442,230
SEE NOTES TO FINANCIAL STATEMENTS.
194
J.P. Morgan Exchange-Traded Funds
August 31, 2023


INVESTMENTS
PRINCIPAL
AMOUNT($)
VALUE($)
Municipal Bonds — continued
New York — continued
Canton Central School District GO, BAN,
4.50%, 7/5/2024
14,850,000
14,938,252
Chenango Forks Central School District GO,
BAN, 4.50%, 6/28/2024
14,065,000
14,131,608
City of New York
Series G, GO, 5.00%, 8/1/2024
35,000
35,247
Series 2014J, GO, 5.00%, 8/1/2025
60,000
60,973
Series 2014I-1, GO, 5.00%, 3/1/2026
50,000
50,357
City of New York, Fiscal Year 2014 Series
2014I-1, GO, 5.00%, 3/1/2024
75,000
75,638
City of New York, Fiscal Year 2015 Series
2015A, GO, 5.00%, 8/1/2026
30,000
30,396
City of New York, Fiscal Year 2016 Series E,
GO, 5.00%, 8/1/2024
90,000
91,412
City of New York, Fiscal Year 2017 Series C,
GO, 5.00%, 8/1/2025
40,000
41,346
City of New York, Fiscal Year 2018 Series
2018F-1, GO, 4.00%, 4/1/2025
30,000
30,374
City of New York, Tax-Exempt Series 2015C,
GO, 5.00%, 8/1/2025
30,000
30,750
City of Rochester Series 2023I, GO, BAN,
4.50%, 2/28/2024
30,350,000
30,502,812
City of Troy GO, BAN, 4.50%, 7/26/2024
5,971,812
6,002,549
Clarence Central School District GO, BAN,
4.50%, 6/20/2024
14,200,000
14,285,311
County of Livingston, Public Improvement
GO, 4.00%, 2/1/2024
35,000
35,097
County of Nassau, General Improvement
Series 2017C, GO, 5.00%, 10/1/2023
325,000
325,389
Series 2016A, GO, 5.00%, 1/1/2025
50,000
51,123
County of Saratoga GO, BAN, 4.00%,
9/22/2023
10,000,000
10,000,892
County of Suffolk Series 2017D, GO,
5.00%, 10/15/2023
50,000
50,088
County of Washington Series 2023, GO,
BAN, 4.50%, 3/22/2024
2,496,000
2,503,369
Deposit Central School District GO, BAN,
4.75%, 6/28/2024(f)
2,497,050
2,511,258
East Islip Union Free School District GO,
BAN, 4.50%, 6/26/2024
21,379,277
21,510,678
Erie County Industrial Development Agency
(The), City School District of the City of
Buffalo Project
Series 2013A, Rev., 5.00%, 5/1/2026
195,000
195,198
Series 2013A, Rev., 5.00%, 5/1/2027
75,000
75,076
Evans-Brant Central School District GO, BAN,
4.50%, 6/20/2024
23,608,239
23,737,008
INVESTMENTS
PRINCIPAL
AMOUNT($)
VALUE($)
 
New York — continued
Fonda-Fultonville Central School District GO,
BAN, 4.50%, 7/12/2024
3,750,000
3,774,406
Frewsburg Central School District GO, BAN,
4.50%, 7/9/2024
3,545,000
3,562,216
Geneva Development Corp., Hobart And
William Smith College Project Series
2014, Rev., 5.00%, 9/1/2023(b)
100,000
100,000
Greenwich Central School District GO, BAN,
4.50%, 6/25/2024
2,000,000
2,009,385
Guilderland Central School District GO, BAN,
4.50%, 7/26/2024
14,683,569
14,777,263
Hempstead Union Free School District GO,
RAN, 5.00%, 6/28/2024
10,400,000
10,494,501
Hudson Yards Infrastructure Corp., Second
Indenture Series 2017A, Rev., 5.00%,
2/15/2025
20,000
20,525
Iroquois Central School District GO, 5.00%,
6/15/2025
25,000
25,638
Lafayette Central School District
GO, RAN, 5.00%, 6/14/2024
2,330,000
2,349,399
GO, BAN, 4.50%, 6/28/2024
4,375,000
4,393,724
Lakeland Central School District GO, BAN,
4.50%, 8/16/2024
3,416,000
3,438,615
Le Roy Central School District GO, BAN,
4.75%, 6/28/2024
6,290,000
6,336,896
Letchworth Central School District of
Gainesville GO, BAN, 4.75%, 6/21/2024
8,820,000
8,883,285
Long Island Power Authority, Electric
System
Series 2020B, Rev., 0.85%,
9/1/2025(c)
125,000
117,182
Rev., 1.00%, 9/1/2025
315,000
293,457
Lyncourt Union Free School District GO,
BAN, 4.50%, 6/27/2024
2,825,000
2,837,735
Malone Central School District GO, BAN,
4.50%, 6/27/2024
10,335,250
10,382,575
Massena Central School District GO, BAN,
4.50%, 6/28/2024
14,070,000
14,152,595
Metropolitan Transportation Authority
Series 2005D-2, Rev., VRDO, LOC : Bank
of Montreal, 4.00%, 9/1/2023(c)
16,950,000
16,950,000
Series 2008B-3, Rev., 5.00%,
11/15/2023
70,000
70,182
Series 2013E, Rev., 5.00%,
11/15/2023(b)
25,000
25,081
Series 2014C, Rev., 5.00%,
11/15/2023
395,000
396,029
SEE NOTES TO FINANCIAL STATEMENTS.
August 31, 2023
J.P. Morgan Exchange-Traded Funds
195


JPMorgan Ultra-Short Municipal Income ETF
SCHEDULE OF PORTFOLIO INVESTMENTS
AS OF August 31, 2023  (Unaudited) (continued)
INVESTMENTS
PRINCIPAL
AMOUNT($)
VALUE($)
Municipal Bonds — continued
New York — continued
Series 2017B, Rev., 5.00%,
11/15/2023
225,000
225,584
Series A-1, Rev., 5.00%, 11/15/2023
285,000
285,742
Series A-2, Rev., 5.00%, 11/15/2023
445,000
446,160
Series 2013D, Rev., 5.25%,
11/15/2023(b)
25,000
25,093
Series 2016D, Rev., 4.00%,
11/15/2024
125,000
125,428
Series 2016B, Rev., 5.00%,
11/15/2024
75,000
76,124
Series 2017B, Rev., 5.00%,
11/15/2024
250,000
253,747
Series D-1, Rev., 5.00%, 11/15/2024
30,000
30,450
Metropolitan Transportation Authority,
Dedicated Tax Fund
Series 2016A, Rev., 5.00%,
11/15/2023
100,000
100,326
Series 2017A, Rev., 5.00%,
11/15/2023
10,000
10,033
Series 2013B-1, Rev., 5.00%,
11/15/2024
125,000
125,328
Monroe County Industrial Development
Corp., Rochester Schools Modernization
Project Series 2015, Rev., 5.00%,
5/1/2024
50,000
50,525
Monroe County Industrial Development
Corp., The Rochester General Hospital
Project Series 2013B, Rev., 4.00%,
12/1/2023
500,000
499,992
Mount Vernon City School District GO,
5.00%, 9/15/2023
25,000
25,011
New York City Health and Hospitals Corp.,
Health System Series 2008C, Rev., VRDO,
LOC : TD Bank NA, 4.10%,
9/12/2023(c)
25,000,000
25,000,000
New York City Industrial Development
Agency, Queens Baseball Stadium Project
Series 2021A, Rev., AGM, 5.00%,
1/1/2028
1,250,000
1,327,143
New York City Municipal Water Finance
Authority, Second General Resolution,
Fiscal year 2023 Series 2023B-1, Rev.,
VRDO, LIQ : Mizuho Bank Ltd., 3.70%,
9/1/2023(c)
20,000,000
20,000,000
New York City Municipal Water Finance
Authority, Water and Sewer System,
Second General Resolution, Fiscal year
2021 Series 2021EE-2, Rev., VRDO, LIQ :
State Street Bank & Trust Co., 4.25%,
9/1/2023(c)
25,000,000
25,000,000
INVESTMENTS
PRINCIPAL
AMOUNT($)
VALUE($)
 
New York — continued
New York City Transitional Finance Authority
Future Tax Secured
Series 2021A, Rev., 5.00%, 11/1/2023
120,000
120,268
Series B-1, Rev., 5.00%, 8/1/2024
25,000
25,388
New York City Transitional Finance
Authority, Future Tax Secured Series
2014D-1, Rev., 5.00%, 2/1/2026
20,000
20,108
New York City Transitional Finance
Authority, Future Tax Secured, Fiscal Year
2014
Series 2014B-1, Rev., 5.00%,
11/1/2024
25,000
25,284
Series 2014C, Rev., 5.00%, 11/1/2026
20,000
20,175
New York City Transitional Finance
Authority, Future Tax Secured, Fiscal Year
2017 Series 2017F-1, Rev., 5.00%,
5/1/2024
25,000
25,280
New York City Transitional Finance
Authority, Future Tax Secured, Fiscal Year
2018
Series 2018B-1, Rev., 5.00%,
8/1/2024(b)
30,000
30,449
Series 2018B-1, Rev., 5.00%, 8/1/2024
10,000
10,155
New York City Transitional Finance
Authority, Future Tax Secured, Fiscal Year
2021
Series 2021C, Subseries C-1, Rev.,
5.00%, 5/1/2024
25,000
25,280
Series 2021-1, Rev., 5.00%, 11/1/2025
40,000
41,508
New York City Transitional Finance
Authority, Future Tax Secured, Fiscal Year
2022 Series 2022B-1, Rev., 5.00%,
8/1/2024
530,000
538,222
New York City Transitional Finance
Authority, Future Tax Secured,
Tax-Exempt, Fiscal Year 2016 Series
2016, Subseries E-1, Rev., 5.00%,
2/1/2025
125,000
128,029
New York City Water and Sewer System,
Second General Resolution, Fiscal Year
2019 Series 2019DD-2, Rev., 5.00%,
6/15/2025
55,000
55,273
New York State Dormitory Authority,
Hospitals Center, Langone Hospitals
Obligated Group Series 2016A, Rev.,
5.00%, 7/1/2024
40,000
40,429
New York State Dormitory Authority, Icahn
School of Medicine at Mount Sinai Series
2015A, Rev., 5.00%, 7/1/2025
35,000
35,892
SEE NOTES TO FINANCIAL STATEMENTS.
196
J.P. Morgan Exchange-Traded Funds
August 31, 2023


INVESTMENTS
PRINCIPAL
AMOUNT($)
VALUE($)
Municipal Bonds — continued
New York — continued
New York State Dormitory Authority,
Northwell Health Obligated Group Series
2019B2, Rev., 5.00%, 5/1/2024(c)
240,000
240,453
New York State Dormitory Authority, Pratt
institute Series 2015A, Rev., 5.00%,
7/1/2024(b)
105,000
106,255
New York State Dormitory Authority, School
District Financing Program Series A, Rev.,
5.00%, 10/1/2023
150,000
150,169
New York State Dormitory Authority, School
District Financing Progrram Series
2017G, Rev., 5.00%, 10/1/2023
100,000
100,121
New York State Dormitory Authority, School
Districts Financing Program
Series 2017G, Rev., 4.00%, 10/1/2023
20,000
20,010
Series 2014A, Rev., AGM, 5.00%,
10/1/2023
25,000
25,030
Series 2015D, Rev., 5.00%, 10/1/2023
120,000
120,144
Series 2017F, Rev., 5.00%, 10/1/2023
20,000
20,023
Series D, Rev., AGM, 5.00%, 10/1/2023
300,000
300,360
Series G, Rev., 5.00%, 10/1/2023
40,000
40,048
Series H, Rev., 5.00%, 10/1/2023
10,000
10,012
Series 2017G, Rev., 5.00%, 10/1/2024
65,000
66,192
Series 2018A, Rev., 5.00%, 10/1/2024
50,000
50,917
Series C, Rev., 5.00%, 10/1/2024
15,000
15,016
Series H, Rev., 5.00%, 10/1/2025
10,000
10,009
New York State Dormitory Authority, State
Personal Income Tax Series 2015B, Rev.,
5.00%, 2/15/2024(b)
20,000
20,151
New York State Dormitory Authority, State
Personal Income Tax, General Purpose
Series 2014A, Rev., 4.00%,
2/15/2024(b)
35,000
35,112
Series 2014A, Rev., 5.00%,
2/15/2024(b)
60,000
60,454
Series 2019D, Rev., 5.00%, 2/15/2024
40,000
40,289
New York State Dormitory Authority, State
Sales Tax
Series 2016A, Rev., 5.00%,
3/15/2024(b)
50,000
50,451
Series 2015A, Rev., 5.00%,
3/15/2025(b)
25,000
25,675
New York State Environmental Facilities
Corp., State Revolving Funds, Master
Financing Program Series 2012E, Rev.,
5.00%, 5/15/2024
15,000
15,019
INVESTMENTS
PRINCIPAL
AMOUNT($)
VALUE($)
 
New York — continued
New York State Housing Finance Agency,
Historic Front Street Series 2003A, Rev.,
VRDO, LOC : Landesbank
Hessen-Thuringen Girozentrale, 4.12%,
9/8/2023(c)
22,000,000
22,000,000
New York State Thruway Authority
Series J, Rev., 5.00%, 1/1/2024
75,000
75,418
Series K, Rev., 5.00%, 1/1/2024
50,000
50,279
Series L, Rev., 5.00%, 1/1/2024
40,000
40,223
Series J, Rev., 5.00%, 1/1/2026
200,000
200,920
New York State Thruway Authority, State
Personal Income Tax, Transportation
Series 2013A, Rev., 5.00%,
11/10/2023
125,000
125,354
New York State Urban Development Corp.,
Personal Income Tax Series 2016A, Rev.,
5.00%, 3/15/2025
30,000
30,784
New York State Urban Development Corp.,
State Personal Income Tax, General
Purpose Series 2014A, Rev., 5.00%,
3/15/2024(b)
50,000
50,451
New York Transportation Development
Corp., Terminal 4 John F. Kennedy
International Airport Project, Tax-Exempt
Series 2020C, Rev., 5.00%, 12/1/2023
340,000
341,077
Onondaga Central School District GO, BAN,
4.50%, 6/28/2024
11,160,000
11,202,966
Onondaga County Industrial Development
Agency, Series 2022, Rev., 4.00%,
12/1/2023(c)
1,415,000
1,414,267
Onondaga County Water Authority Series
2015A, Rev., 2.25%, 9/15/2023
40,000
39,982
Oriskany Central School District GO, BAN,
4.50%, 7/5/2024
4,870,000
4,891,283
Otego-Unadilla Central School District, New
York General Obligation Anticipation GO,
BAN, 4.50%, 7/18/2024
7,500,000
7,538,820
Owego Apalachin Central School District GO,
BAN, 4.50%, 7/5/2024
5,765,000
5,799,849
Port Authority of New York and New Jersey
Series 185, Rev., AMT, 5.00%,
9/1/2023
95,000
95,000
Port Authority of New York and New Jersey,
Consolidated
Series 189, Rev., 5.00%, 5/1/2025
45,000
46,211
Series 175, Rev., 5.00%, 12/1/2025
100,000
100,124
Series 179, Rev., 5.00%, 12/1/2025
175,000
175,639
Series 175, Rev., 4.00%, 12/1/2026
105,000
105,036
SEE NOTES TO FINANCIAL STATEMENTS.
August 31, 2023
J.P. Morgan Exchange-Traded Funds
197


JPMorgan Ultra-Short Municipal Income ETF
SCHEDULE OF PORTFOLIO INVESTMENTS
AS OF August 31, 2023  (Unaudited) (continued)
INVESTMENTS
PRINCIPAL
AMOUNT($)
VALUE($)
Municipal Bonds — continued
New York — continued
Sales Tax Asset Receivable Corp., Fiscal Year
2015
Series 2015A, Rev., 5.00%,
10/15/2023(b)
40,000
40,072
Series 2015A, Rev., 5.00%,
10/15/2024(b)
45,000
45,830
Saranac Lake Central School District GO,
BAN, 4.50%, 6/21/2024
2,855,000
2,868,138
Schenectady City School District GO, BAN,
4.50%, 7/19/2024
11,220,000
11,295,732
Shenendehowa Central School District GO,
BAN, 4.50%, 6/28/2024
10,100,000
10,158,486
South Country Central School District at
Brookhaven GO, 5.00%, 10/15/2023
35,000
35,059
Spencer Van Etten Central School GO, BAN,
4.50%, 6/28/2024
8,752,842
8,790,078
Three Village Central School District
Brookhaven & Smithtown GO, 5.00%,
5/15/2025
30,000
30,812
Town of Brookhaven Series 2016, GO,
4.00%, 3/15/2028
60,000
60,348
Town of Lancaster GO, BAN, 4.50%,
7/19/2024
6,469,500
6,504,803
Town of Monroe GO, BAN, 4.50%,
8/2/2024
2,700,000
2,715,858
Town of Orchard Park GO, BAN, 4.50%,
8/16/2024
3,658,000
3,686,316
Town of Oyster Bay Series 2023, GO,
5.00%, 3/8/2024
20,000
20,175
Town of Oyster Bay, Public Improvement GO,
4.00%, 11/1/2023
200,000
200,213
Town of Riverhead GO, BAN, 4.50%,
8/15/2024
2,850,000
2,869,857
Town of Southampton Series 2021, GO,
5.00%, 9/1/2023
150,000
150,000
Town of Stillwater Series 2023, GO, BAN,
4.50%, 5/31/2024
2,940,000
2,961,468
Town of Wawarsing GO, BAN, 4.50%,
7/25/2024
4,200,000
4,220,420
Triborough Bridge and Tunnel Authority
Series 2008B-1, Rev., 5.00%,
11/15/2023(b)
25,000
25,081
Series 2022A, Rev., BAN, 5.00%,
8/15/2024
55,000
55,829
Triborough Bridge and Tunnel Authority,
MTA Bridges and Tunnels
Series 2013A, Rev., 5.00%,
11/15/2023
85,000
85,094
INVESTMENTS
PRINCIPAL
AMOUNT($)
VALUE($)
 
New York — continued
Series 2016A, Rev., 5.00%,
11/15/2023
20,000
20,062
Triborough Bridge and Tunnel
Authority,Payroll Mobility Tax Series
2022B, Rev., BAN, 5.00%, 12/16/2024
90,000
91,933
Tully Central School District GO, BAN,
4.50%, 6/27/2024
1,519,528
1,527,553
Utility Debt Securitization Authority Series
2016A, Rev., 5.00%, 12/15/2025
25,000
25,096
Vestal Central School District GO, BAN,
4.00%, 9/29/2023
639,740
639,766
Victor Central School District Series B, GO,
BAN, 3.75%, 9/15/2023
2,267,382
2,267,238
Village of Frankfort, Public Improvement
GO, AGM, 3.00%, 11/15/2023
25,000
24,960
Village of Lancaster Series 2023, GO, BAN,
4.50%, 5/24/2024
1,400,000
1,408,748
Village of Skaneateles GO, BAN, 5.00%,
6/14/2024
1,550,000
1,562,905
Warwick Valley Central School District GO,
BAN, 4.75%, 6/28/2024
5,017,154
5,056,599
Wayne Central School District GO, BAN,
4.50%, 7/26/2024
2,900,000
2,912,618
Westchester County Local Development
Corp., Purchase Senior Learning
Community, Inc. Project Series 2021D,
Rev., 2.88%, 7/1/2026(e)
1,885,000
1,795,520
Westfield Central School District GO, BAN,
5.00%, 6/13/2024
2,245,000
2,263,627
Windsor Central School District GO, BAN,
4.50%, 7/26/2024
6,464,000
6,495,563
Total New York
461,341,038
North Carolina — 0.3%
Charlotte-Mecklenburg Hospital Authority
(The) Series 2016A, Rev., 5.00%,
1/15/2024
250,000
251,294
Charlotte-Mecklenburg Hospital Authority
(The), Atrium Health Variable Rate,
Health Care Series 2021B, Rev., 5.00%,
12/2/2024(c)
1,430,000
1,451,544
City of Charlotte, Airport Special Facilities
Series A, Rev., 5.00%, 7/1/2024
35,000
35,432
City of Charlotte, Convention Facility Project
Series 2019A, COP, 5.00%, 6/1/2024
60,000
60,723
City of Charlotte, Equipment Acquisition and
Public Facilities Series 2016A, COP,
5.00%, 12/1/2023
30,000
30,115
City of Durham GO, 5.00%, 9/1/2023
10,000
10,000
SEE NOTES TO FINANCIAL STATEMENTS.
198
J.P. Morgan Exchange-Traded Funds
August 31, 2023


INVESTMENTS
PRINCIPAL
AMOUNT($)
VALUE($)
Municipal Bonds — continued
North Carolina — continued
City of Raleigh, Limited Obligation Rev.,
5.00%, 2/1/2024
50,000
50,334
County of Forsyth GO, 5.00%, 12/1/2023
50,000
50,199
County of Iredell Series 2021, GO, 5.00%,
12/1/2023
100,000
100,404
County of New Hanover Series 2017, Rev.,
5.00%, 10/1/2023(b)
225,000
225,253
County of Wake, Hospital System Rev., NATL
- RE, 5.13%, 10/1/2026(b)
100,000
102,119
North Carolina Capital Facilities Finance
Agency, Duke University Project Series
2015B, Rev., 5.00%, 10/1/2025(b)
20,000
20,701
North Carolina Housing Finance Agency,
Homeownership Series 44, Rev., 1.50%,
7/1/2024
230,000
225,560
North Carolina Medical Care Commission,
Caromont Health Series 2021B, Rev.,
5.00%, 2/1/2026(c)
325,000
336,615
North Carolina Medical Care Commission,
Novant Health Series 2013A, Rev.,
5.00%, 11/1/2024
160,000
160,166
North Carolina Medical Care Commission,
Wake Forest Baptist Obligated Group
Series 2012B, Rev., 5.00%, 12/1/2023
240,000
240,256
North Carolina Municipal Power Agency No.
1, Catawba Electric Series A, Rev.,
5.00%, 1/1/2024
25,000
25,116
North Carolina State University at Raleigh
Series 2013A, Rev., 5.00%,
10/1/2023(b)
20,000
20,023
North Carolina Turnpike Authority, Triangle
Expressway System, Senior Lien
Rev., AGM, 5.00%, 1/1/2024
1,150,000
1,155,033
Series NTS2020, Rev., BAN, 5.00%,
2/1/2024(b)
600,000
603,286
Orange County Public Facilities Co., Limited
Obligation Rev., 5.00%, 10/1/2023
40,000
40,047
Raleigh Durham Airport Authority Series
2020A, Rev., AMT, 5.00%, 5/1/2025
940,000
957,085
State of North Carolina
Rev., 5.00%, 3/1/2024
40,000
40,286
Series 2022A, Rev., 5.00%, 5/1/2025
435,000
446,992
State of North Carolina, Limited Obligation
Series 2013A, Rev., 2.25%, 5/1/2026
10,000
9,582
University of North Carolina at Greensboro
Series 2014, Rev., 4.00%, 4/1/2039
200,000
200,432
Total North Carolina
6,848,597
INVESTMENTS
PRINCIPAL
AMOUNT($)
VALUE($)
 
North Dakota — 0.1%
City of Grand Forks, Altru Health System
Rev., 5.00%, 12/1/2024
120,000
120,373
County of Grand Forks Series 2022, GO,
4.00%, 10/1/2023
1,075,000
1,075,367
County of Stutsman Series 2014A, GO,
4.00%, 10/1/2023
25,000
25,006
Minot Public School District No. 1 GO,
4.00%, 8/1/2025
25,000
25,350
North Dakota Housing Finance Agency,
Home Mortgage Finance Program Series
2020B, Rev., 1.05%, 7/1/2026
125,000
115,228
North Dakota Public Finance Authority,
Capital Financing Program Series 2019A,
Rev., 1.75%, 11/1/2023
430,000
428,285
North Dakota Public Finance Authority,
State Revolving Fund Program Series
2012A, Rev., 5.00%, 10/1/2023
35,000
35,042
University of North Dakota COP, AGM,
5.00%, 6/1/2024
580,000
586,224
West Fargo Public School District No. 6,
School Building GO, 4.00%, 8/1/2024
40,000
40,227
Total North Dakota
2,451,102
Ohio — 6.4%
Akron Bath Copley Joint Township Hospital
District Series 2022A, Rev., 5.00%,
11/15/2024
75,000
76,199
Akron Bath Copley Joint Township Hospital
District, Children's Hospital Medical
Center of Akron
Series 2022A, Rev., 5.00%,
11/15/2026
355,000
371,713
Series 2022A, Rev., 5.00%,
11/15/2027
470,000
499,924
American Municipal Power, Inc.
Series 2017A, Rev., 5.00%, 2/15/2024
1,120,000
1,126,256
Series 2020A, Rev., 5.00%, 2/15/2024
220,000
221,229
American Municipal Power, Inc., Electric
System Improvement, City of Wapakoneta
Project Rev., BAN, 4.50%, 6/21/2024
1,970,000
1,979,845
American Municipal Power, Inc., Prairie
State Energy Campus Project
Series 2019B, Rev., 5.00%, 2/15/2024
1,200,000
1,206,703
Series 2015A, Rev., 5.00%, 2/15/2026
5,290,000
5,319,317
Big Walnut Local School District, Unlimited
Tax Series 2015, GO, 5.00%,
6/1/2025(b)
670,000
690,012
Central Ohio Solid Waste Authority Series
2016, GO, 5.00%, 12/1/2024
1,000,000
1,019,168
SEE NOTES TO FINANCIAL STATEMENTS.
August 31, 2023
J.P. Morgan Exchange-Traded Funds
199


JPMorgan Ultra-Short Municipal Income ETF
SCHEDULE OF PORTFOLIO INVESTMENTS
AS OF August 31, 2023  (Unaudited) (continued)
INVESTMENTS
PRINCIPAL
AMOUNT($)
VALUE($)
Municipal Bonds — continued
Ohio — continued
Central Ohio Solid Waste Authority, Solid
Waste Facilities, Limited Tax GO, 5.00%,
12/1/2023
45,000
45,170
Cincinnati City School District Series 2014,
COP, 5.00%, 12/15/2024(b)
3,260,000
3,325,234
City of Akron Income Tax, Various Purpose
Series 2014, Rev., 5.00%, 12/1/2023
1,155,000
1,158,659
City of Akron, Income Tax Rev., 5.00%,
12/1/2023
20,000
20,063
City of Akron, Various Purpose GO, 4.00%,
12/1/2023
200,000
200,061
City of Athens, Swimming Pool Facilities GO,
3.00%, 12/1/2023
25,000
24,948
City of Blue Ash GO, BAN, 4.25%,
3/28/2024
5,400,000
5,406,710
City of Cincinnati Series 2019, GO, 5.00%,
12/1/2023
30,000
30,117
City of Cincinnati, Unlimited Tax
Series 2015A, GO, 5.00%,
12/1/2023(b)
15,000
15,057
Series 2015A, GO, 5.00%, 12/1/2023
20,000
20,078
City of Cleveland Series 2017A-3, Rev.,
4.00%, 10/1/2023
55,000
55,023
City of Cleveland Income Tax, Subordinate
Lien Series A-2, Rev., AGM-CR, 5.00%,
10/1/2023(b)
400,000
400,479
City of Columbus,Variour Purpose Unlimited
Tax Series 2014A, GO, 4.00%,
2/15/2028
145,000
145,350
City of Delaware GO, BAN, 4.38%,
1/18/2024
2,675,000
2,679,088
City of Sandusky, Variour Purpose Limited
Tax GO, BAN, 4.50%, 9/6/2024(f)
12,270,000
12,344,372
City of Springfield GO, BAN, 4.25%,
4/3/2024
4,480,000
4,485,153
City of Strongsville Series 2023, GO, BAN,
4.50%, 6/7/2024
2,740,000
2,760,368
City of Westerville, Special Obligation Rev.,
5.00%, 12/1/2023
25,000
25,097
Columbus Metropolitan Library, Ohio
Library Facilities, Special Obligation
Series 2020, Rev., 4.00%, 12/1/2024
20,000
20,141
County of Allen
Series 2020A, Rev., 5.00%, 12/1/2023
1,295,000
1,299,102
Series 2017A, Rev., 5.00%, 8/1/2025
95,000
97,504
County of Allen, Hospital Facilities, Mercy
Health Series 2017A, Rev., 5.00%,
8/1/2024
720,000
728,851
INVESTMENTS
PRINCIPAL
AMOUNT($)
VALUE($)
 
Ohio — continued
County of Cuyahoga Series 2020D, Rev.,
4.00%, 12/1/2023
800,000
801,041
County of Cuyahoga, Ohio Economic
Development Series 2020D, Rev.,
4.00%, 12/1/2024
1,850,000
1,860,984
County of Franklin Series 2016C, Rev.,
5.00%, 11/1/2024
45,000
45,762
County of Greene, Sewer System Series
2007A, Rev., AMBAC, 5.00%,
12/1/2023
50,000
50,189
County of Hamilton, Cincinnati Children's
Hospital Medical Center Obligated Group
Series 2014S, Rev., 5.00%, 5/15/2026
1,040,000
1,048,378
County of Hamilton, Hospital Facility
Cincinnati Children Hospital Series
2014S, Rev., 5.00%, 5/15/2027
2,000,000
2,016,794
County of Hamilton, Parking Facilities,
Limited Tax Series 2021A, GO, 5.00%,
12/1/2023
25,000
25,095
County of Hamilton, Sales tax Series
2016A, Rev., 5.00%, 12/1/2026
620,000
654,337
County of Hamilton, Sales Tax
Series 2016A, Rev., 5.00%, 12/1/2023
25,000
25,088
Series 2016A, Rev., 5.00%, 12/1/2024
35,000
35,658
County of Hamilton, Sewer System
Series 2013A, Rev., 5.00%,
12/1/2023(b)
275,000
276,103
Series 2014A, Rev., 5.00%, 12/1/2023
175,000
175,664
Series 2014A, Rev., 5.00%, 12/1/2027
370,000
377,227
County of Montgomery, Catholic Health
Initiatives Series 2008D-2, Rev., 5.45%,
11/13/2023(b)
140,000
140,533
Cuyahoga Community College District,
Facilities Construction Improvement,
Unlimited Tax GO, 3.00%, 12/1/2023
20,000
19,976
Cuyahoga Metropolitan Housing Authority
Rev., FHA, 4.75%, 12/1/2025(c)
4,350,000
4,391,784
Cuyahoga Metropolitan Housing Authority,
Carver Park Phase III Project Rev., FHA,
4.00%, 6/1/2025(c)
7,200,000
7,165,117
Dayton Metro Library, Unlimited Tax GO,
4.00%, 12/1/2024
40,000
40,325
Dublin City School District, School Facilities
Construction and Improvement Series
2019C, GO, 4.00%, 12/1/2024
20,000
20,172
Franklin County Convention Facilities
Authority, Tax Lease
Rev., 5.00%, 12/1/2023(b)
50,000
50,182
Rev., 5.00%, 12/1/2024(b)
75,000
76,456
SEE NOTES TO FINANCIAL STATEMENTS.
200
J.P. Morgan Exchange-Traded Funds
August 31, 2023


INVESTMENTS
PRINCIPAL
AMOUNT($)
VALUE($)
Municipal Bonds — continued
Ohio — continued
Lakewood City School District Series
2014B, GO, 5.00%, 11/1/2023
115,000
115,293
Licking County Career and Technology
Education Centers GO, 3.13%,
12/1/2023
50,000
49,952
Licking Heights Local School District Series
2022, GO, 5.00%, 10/1/2023
50,000
50,057
Lucas-Plaza Housing Development Corp.
Series B, Rev., FHA, Zero Coupon,
6/1/2024(b)
970,000
944,566
Miami Valley Career Technology Center
Series 2018, GO, 4.00%, 12/1/2023
200,000
200,308
Miamisburg City School District Series
2016, GO, 5.00%, 12/1/2025(b)
390,000
404,497
Northwest Local School District, School
Improvement, Unlimited Tax GO, 5.00%,
12/1/2023(b)
45,000
45,175
Oak Hills Local School District, School
Improvement GO, 5.00%, 12/1/2023
20,000
20,071
Ohio Higher Educational Facility
Commission, Case Western University
Project
Series 2021B, Rev., (SIFMA Municipal
Swap Index Yield + 0.23%), 4.29%,
9/7/2023(d)
5,500,000
5,389,845
Rev., 5.00%, 12/1/2023(b)
45,000
45,159
Rev., 5.00%, 12/1/2023
100,000
100,365
Ohio Housing Finance Agency, Marianna
Terrace Apartments Series 2022A, Rev.,
1.30%, 3/1/2024(c)
1,000,000
985,106
Ohio Housing Finance Agency, RAD Post
Oak LLC Series 2022, Rev., 3.35%,
7/1/2024(c)
4,740,000
4,683,485
Ohio Housing Finance Agency, Riverview
San Macro LLC Series 2023, Rev.,
5.00%, 8/1/2025(c)
3,916,000
3,973,697
Ohio State University (The), General
Receipts
Series 2010D, Rev., 5.00%, 12/1/2023
40,000
40,141
Series 2020A, Rev., 5.00%, 12/1/2023
30,000
30,100
Ohio Water Development Authority Drinking
Water Assistance Fund Series 2016, Rev.,
5.00%, 12/1/2023
125,000
125,501
Orange City School District, Unlimited Tax
GO, 5.00%, 12/1/2023
40,000
40,153
Perrysburg Exempted Village School
District, Unlimited Tax GO, 5.00%,
12/1/2023
30,000
30,102
INVESTMENTS
PRINCIPAL
AMOUNT($)
VALUE($)
 
Ohio — continued
Rocky River City School District Series
2014, GO, 4.00%, 12/1/2023(b)
140,000
140,233
State of Ohio
Series 2018D, Rev., 5.00%,
9/15/2023(c)
13,775,000
13,779,138
Series 2017B, Rev., 5.00%, 10/1/2023
650,000
650,745
Series 2020A, Rev., 5.00%, 10/1/2023
30,000
30,034
Series 2016A, GO, 5.00%, 12/15/2023
35,000
35,157
Series 2019A, Rev., 5.00%, 4/1/2024
20,000
20,187
Series 2018A, Rev., 5.00%, 6/1/2024
25,000
25,301
Series A, Rev., 5.00%, 6/1/2024
25,000
25,301
Series 2016A, Rev., 5.00%, 2/1/2025
50,000
51,163
Series 2017B, GO, 5.00%, 9/15/2025
450,000
465,660
State of Ohio Department of Administrative
Services Series 2016, COP, 5.00%,
9/1/2023
145,000
145,000
State of Ohio, Adult Correctional Building
Fund Projects Series 2013A, Rev.,
5.00%, 10/1/2024
35,000
35,616
State of Ohio, Capital Facilities Lease
Appropriation
Series 2017A, Rev., 5.00%, 12/1/2023
25,000
25,096
Series 2017A, Rev., 5.00%, 12/1/2024
55,000
56,121
State of Ohio, Capital Facilities Lease
Appropriation Cultural and Sports
Facilities Building Fund Projects Series
2016A, Rev., 5.00%, 10/1/2023
50,000
50,057
State of Ohio, Capital Facilities Lease
Appropriation Mental Health Facilities
Improvement Fund Projects Series
2015A, Rev., 5.00%, 2/1/2024
55,000
55,364
State of Ohio, Cleveland Clinic Health
System
Series 2019F, Rev., VRDO, LIQ : US Bank
NA, 3.65%, 9/1/2023(c)
10,000,000
10,000,000
Series 2019D-2, Rev., VRDO, 4.05%,
9/12/2023(c)
20,890,000
20,890,000
State of Ohio, Higher Education Series
2014A, GO, 4.00%, 5/1/2024
80,000
80,342
State of Ohio, Highway Improvement Series
T, GO, 5.00%, 11/1/2023
95,000
95,242
State of Ohio, Infrastructure Improvement
Series 2012C, GO, 5.00%, 9/1/2023
125,000
125,000
Series 2015A, GO, 5.00%, 9/1/2023
25,000
25,000
Series 2015B, GO, 5.00%, 9/1/2023
25,000
25,000
Series 2016A, GO, 5.00%, 9/1/2023
20,000
20,000
Series 2017B, GO, 5.00%, 9/1/2025
30,000
31,021
SEE NOTES TO FINANCIAL STATEMENTS.
August 31, 2023
J.P. Morgan Exchange-Traded Funds
201


JPMorgan Ultra-Short Municipal Income ETF
SCHEDULE OF PORTFOLIO INVESTMENTS
AS OF August 31, 2023  (Unaudited) (continued)
INVESTMENTS
PRINCIPAL
AMOUNT($)
VALUE($)
Municipal Bonds — continued
Ohio — continued
State of Ohio, Juvenile Correctional Building
Fund Projects Series 2019B, Rev.,
5.00%, 10/1/2023
35,000
35,040
State of Ohio, Major New Infrastructure
Project
Series 2016-1, Rev., 5.00%,
12/15/2023
25,000
25,112
Series 2018-1, Rev., 5.00%,
12/15/2023
120,000
120,538
Series 2019-1, Rev., 5.00%,
12/15/2023
25,000
25,112
Series 2018-1, Rev., 5.00%,
12/15/2024
30,000
30,632
State of Ohio, University Hospitals Health
System, Inc.
Series 2021B, Rev., VRDO, 4.44%,
9/1/2023(c)
15,500,000
15,500,000
Series 2014B, Rev., VRDO, 4.44%,
9/12/2023(c)
14,000,000
14,000,000
Series 2020B, Rev., 5.00%,
1/15/2025(c)
295,000
299,585
State of Ohio,University Hospital Health
System Series 2016A, Rev., 5.00%,
1/15/2027
40,000
40,993
Tender Option Bond Trust Receipts/
Certificates Series 2018-XF2659, Rev.,
VRDO, LIQ : Citibank NA, 4.13%,
9/12/2023(c) (e)
4,000,000
4,000,000
Toledo City School District, School Facilities
Improvement GO, 5.00%,
12/1/2023(b)
20,000
20,078
University of Cincinnati Series D, Rev.,
5.00%, 6/1/2024
40,000
40,429
Westerville City School District, School
Facilities Project COP, 5.00%,
12/1/2023
30,000
30,118
Wright State University Series 2021A, Rev.,
4.00%, 5/1/2024
550,000
549,929
Total Ohio
165,966,773
Oklahoma — 0.8%
Canadian County Independent School
District No. 69 Mustang Series 2023, GO,
4.00%, 6/1/2027
3,530,000
3,607,258
Grady County School Finance Authority,
Educational Facilities Lease, Tuttle Public
Schools Project Rev., 5.00%, 9/1/2023
10,000
10,000
Grand River Dam Authority
Series 2016A, Rev., 4.00%, 6/1/2024
50,000
50,201
INVESTMENTS
PRINCIPAL
AMOUNT($)
VALUE($)
 
Oklahoma — continued
Series 2014A, Rev., 5.00%, 6/1/2028
115,000
116,158
Oklahoma County Finance Authority,
Educational Facilities, Lease Midwest
City-Del City Public Schools Project
Rev., 5.00%, 10/1/2024
100,000
101,421
Rev., 5.00%, 10/1/2025
30,000
30,808
Oklahoma County Finance Authority,
Western Heights Public Schools Project
Series 2018A, Rev., 5.00%, 9/1/2023
10,000
10,000
Oklahoma Development Finance Authority,
Health System, Integris Obligated Group
Series 2020C, Rev., VRDO, 4.60%,
9/12/2023(c)
15,610,000
15,610,000
Series 2015A, Rev., 5.00%, 8/15/2024
30,000
30,246
Oklahoma Development Finance Authority,
State System Higher Education Master
Real Property Series 2014A, Rev.,
5.00%, 6/1/2024
50,000
50,537
Oklahoma Turnpike Authority, Second
Senior Series 2020A, Rev., 5.00%,
1/1/2025
125,000
127,646
Tulsa County Industrial Authority
Educational Facilities Lease, Broken
Arrow Public Schools Project Rev.,
5.00%, 9/1/2025
35,000
35,036
Total Oklahoma
19,779,311
Oregon — 0.1%
City of Eugene, Electric Utility System Rev.,
4.00%, 8/1/2024
140,000
140,052
City of Portland, Water System, Second Lien
Series 2013A, Rev., 5.00%, 10/1/2023
20,000
20,014
Hospital Facilities Authority of Multnomah
County Oregon, Adventist Health System
Rev., 5.00%, 3/1/2025(c)
260,000
262,344
Medford Hospital Facilities Authority, Rogue
Valley Manor Series 2013A, Rev.,
5.00%, 10/1/2023
1,000,000
1,001,125
Metro, Oregon Convention Center Hotel
Project Rev., 5.00%, 6/15/2025
20,000
20,566
Oregon State Facilities Authority,
Providence Health & Services
Series 2013A, Rev., 5.00%, 10/1/2023
200,000
200,203
Series 2013A, Rev., 5.00%, 10/1/2024
110,000
110,113
State of Oregon, Housing and Community
Services Department, Single-Family
Mortgage Program
Series 2020A, Rev., 0.88%, 1/1/2024
325,000
321,851
Series A, Rev., 3.00%, 1/1/2024
200,000
199,341
SEE NOTES TO FINANCIAL STATEMENTS.
202
J.P. Morgan Exchange-Traded Funds
August 31, 2023


INVESTMENTS
PRINCIPAL
AMOUNT($)
VALUE($)
Municipal Bonds — continued
Oregon — continued
Series 2020A, Rev., 0.90%, 7/1/2024
435,000
424,513
Tri-County Metropolitan Transportation
District of Oregon
Series 2017A, Rev., 5.00%, 10/1/2023
110,000
110,118
Series 2017A, Rev., 5.00%, 10/1/2025
50,000
51,569
Washington County Clean Water Services,
Senior Lien Rev., 5.00%, 10/1/2023
20,000
20,024
Total Oregon
2,881,833
Pennsylvania — 6.7%
Allegheny County Hospital Development
Authority
Series 1997B, Rev., NATL - RE, 6.00%,
7/1/2024
50,000
50,917
Series 2019A, Rev., 5.00%, 7/15/2024
255,000
257,761
Allegheny County Hospital Development
Authority, UPMC Series 2021B, Rev.,
5.00%, 10/15/2023
330,000
330,442
Allegheny County Sanitary Authority Rev.,
5.00%, 12/1/2026
65,000
65,236
Allegheny County Sanitary Authority, Sewer
Series 2015, Rev., 5.00%, 12/1/2024
955,000
974,939
Ambridge Borough Water Authority Series
2019, Rev., 4.00%, 11/15/2024
25,000
25,107
Bethel Park School District GO, 5.00%,
8/1/2025
35,000
36,079
Borough of Hanover Series 2020B, GO,
4.00%, 10/1/2024
25,000
25,171
Borough of Lansdale Series 2020, GO,
4.00%, 10/1/2023
25,000
25,009
Boyertown Area School District Series
2019, GO, 4.00%, 9/1/2023
20,000
20,000
Canon McMillan School District Series
2014C, GO, AGM, 5.00%,
12/15/2023(b)
1,500,000
1,506,594
Carlisle Area School District, Limited Tax
GO, 3.00%, 9/1/2024
25,000
24,845
Centennial School District Bucks County
Series 2017C, GO, 5.00%, 12/15/2023
55,000
55,246
Series 2017A, GO, 5.00%, 12/15/2024
25,000
25,473
Central Dauphin School District Series
2016, GO, 5.00%, 2/1/2026
25,000
25,940
Chambersburg Area School District Series
A, GO, 5.00%, 3/1/2025
150,000
150,180
Cheltenham Township School District
GO, 4.00%, 9/15/2023
25,000
25,004
Series 2019A, GO, 4.00%, 2/15/2025
20,000
20,148
INVESTMENTS
PRINCIPAL
AMOUNT($)
VALUE($)
 
Pennsylvania — continued
City of Philadelphia
Series 2019B, GO, 5.00%, 2/1/2024
150,000
150,852
Series 2017A, GO, 5.00%, 8/1/2024
100,000
101,274
Series 2021A, GO, 5.00%, 5/1/2028
40,000
43,044
City of Philadelphia, Airport System
Series 2017A, Rev., 5.00%, 7/1/2024
300,000
303,341
Series 2020A, Rev., 5.00%, 7/1/2024
125,000
126,392
City of Philadelphia, Water and Wastewater
Series 2017B, Rev., 5.00%, 11/1/2023
455,000
456,074
City of Philadelphia, Water and Wastewater
System Rev., 5.00%, 10/1/2023
575,000
575,626
Commonwealth Financing Authority
Series B-1, Rev., 5.00%, 6/1/2024
45,000
45,480
Series 2019B, Rev., 5.00%, 6/1/2027
20,000
21,192
Commonwealth Financing Authority,
Tobacco Master Settlement Payment
Rev., 5.00%, 6/1/2025
40,000
40,915
Rev., 5.00%, 6/1/2027
25,000
26,230
Rev., 5.00%, 6/1/2028
125,000
133,007
Commonwealth of Pennsylvania
Series 2013, GO, 5.00%, 10/15/2023
110,000
110,196
Series 2014-1, GO, 5.00%, 6/15/2024
40,000
40,511
GO, 5.00%, 7/1/2024
25,000
25,337
Series 2016, GO, 5.00%, 9/15/2024
635,000
645,768
GO, 5.00%, 9/15/2026
20,000
21,109
Series 2018A, COP, 5.00%, 7/1/2028
400,000
430,614
Series 2013, GO, 4.00%, 10/15/2028
40,000
40,024
Council Rock School District
GO, 4.00%, 11/15/2023
120,000
120,140
Series 2019A, GO, 4.00%, 11/15/2025
35,000
35,470
County of Adams Series 2017B, GO,
5.00%, 11/15/2023
25,000
25,074
County of Allegheny
Series C-69, GO, 5.00%, 12/1/2023
50,000
50,058
Series C-75, GO, 5.00%, 11/1/2027
20,000
21,009
County of Dauphin
Series 2016C, GO, 4.00%, 10/1/2023
25,000
25,011
GO, 4.00%, 11/15/2023
35,000
35,041
County of Montgomery
Series 2019C, GO, 5.00%, 9/1/2023
50,000
50,000
Series 2009C, GO, 5.00%, 12/15/2023
25,000
25,029
County of York Series 2016A, GO, 3.00%,
12/1/2023
30,000
29,947
Cumberland County Municipal Authority
Series 2015, Rev., 5.00%, 1/1/2025(b)
1,620,000
1,653,231
SEE NOTES TO FINANCIAL STATEMENTS.
August 31, 2023
J.P. Morgan Exchange-Traded Funds
203


JPMorgan Ultra-Short Municipal Income ETF
SCHEDULE OF PORTFOLIO INVESTMENTS
AS OF August 31, 2023  (Unaudited) (continued)
INVESTMENTS
PRINCIPAL
AMOUNT($)
VALUE($)
Municipal Bonds — continued
Pennsylvania — continued
Daniel Boone Area School District
Series 2017, GO, 5.00%, 4/1/2024
40,000
40,331
Series 2017, GO, 5.00%, 4/1/2024(b)
20,000
20,189
Delaware County Authority, Villanova
University Rev., 5.00%, 8/1/2024
55,000
55,770
Delaware County Industrial Development
Authority, United Parcel Service Project
Rev., VRDO, 4.10%, 9/1/2023(c)
40,000,000
40,000,000
Delaware River Port Authority Series
2018B, Rev., 5.00%, 1/1/2024
55,000
55,287
Delaware Valley Regional Finance Authority,
Local Government
Series 2020D, Rev., VRDO, LOC : TD Bank
NA, 4.00%, 9/8/2023(c)
19,500,000
19,500,000
Series 2020B, Rev., 5.00%, 11/1/2024
100,000
101,761
Derry Township Industrial and Commercial
Development Authority, Derry Township
Municipal Center Project Rev., 1.00%,
11/15/2023
160,000
158,713
East Penn School District GO, 4.00%,
11/15/2023
45,000
45,042
Easton Area School District Series 2020A,
GO, 4.00%, 4/1/2025
20,000
20,216
Elizabeth Forward School District
Series 2021B, GO, AGM, 2.00%,
12/1/2023
20,000
19,878
Series 2021C, GO, AGM, 2.00%,
12/1/2023
10,000
9,939
Garnet Valley School District Series 2017,
GO, 4.00%, 4/1/2027
35,000
35,363
Geisinger Authority, Health System Series
2020B, Rev., 5.00%, 2/15/2027(c)
145,000
150,832
Gettysburg Area School District GO, 5.00%,
1/15/2024
20,000
20,106
Halifax Area School District Series 2020,
GO, 5.00%, 9/1/2023
125,000
125,000
Hamburg Area School District Series
2020A, GO, 4.00%, 4/1/2024
60,000
60,214
Methacton School District GO, 4.00%,
9/15/2025
75,000
75,943
Monroeville Finance Authority, University of
Pittsburg Medical Center Rev., 5.00%,
2/15/2026
55,000
56,888
Montgomery County Higher Education and
Health Authority, Thomas Jefferson
University Series 2018A, Rev., 5.00%,
9/1/2023
50,000
50,000
INVESTMENTS
PRINCIPAL
AMOUNT($)
VALUE($)
 
Pennsylvania — continued
Montgomery County Industrial Development
Authority, Waverly Heights Ltd. Project
Rev., 4.00%, 12/1/2023
125,000
124,885
North Allegheny School District, Unlimited
Tax Series 2019A, GO, 4.00%,
5/1/2024
50,000
50,175
North Penn School District Series 2019A,
GO, 3.00%, 1/15/2025
30,000
29,749
North Penn Water Authority Rev., (SIFMA
Municipal Swap Index Yield + 0.56%),
4.62%, 9/7/2023(d)
1,225,000
1,225,106
Northampton County General Purpose
Authority, Lafayette College Rev., 5.00%,
11/1/2023
30,000
30,073
Oxford Area School District Series 2019A,
GO, 4.00%, 9/1/2023
90,000
90,000
Parkland School District Series 2020A, GO,
4.00%, 1/15/2024
20,000
20,040
Pennsylvania Economic Development
Financing Authority Rev., 5.00%,
3/15/2026
50,000
51,787
Pennsylvania Economic Development
Financing Authority, PPL Electric Utilities
Corp. Project Rev., 0.40%, 10/1/2023
800,000
797,252
Pennsylvania Economic Development
Financing Authority, University of
Pittsburgh Medical Center
Series 2017C, Subseries C1, Rev., (SIFMA
Municipal Swap Index Yield + 0.37%),
4.43%, 9/7/2023(d)
1,500,000
1,499,283
Series 2017A, Rev., 5.00%,
11/15/2023
1,730,000
1,734,100
Series 2014A, Rev., 5.00%, 2/1/2025
50,000
50,585
Series 2017A, Rev., 5.00%,
11/15/2026
25,000
26,185
Pennsylvania Economic Development
Financing Authority, UPMC Obligated
Group Series 2016, Rev., 5.00%,
3/15/2024
175,000
176,166
Pennsylvania Higher Educational Facilities
Authority Series AW, Rev., 5.00%,
6/15/2024
200,000
202,214
Pennsylvania Higher Educational Facilities
Authority, BRYN MAWR College
Rev., 5.00%, 12/1/2023
25,000
25,088
Rev., 5.00%, 12/1/2024
70,000
71,316
Pennsylvania Higher Educational Facilities
Authority, Trustees of the University
Series A, Rev., 5.00%, 10/1/2023
25,000
25,029
SEE NOTES TO FINANCIAL STATEMENTS.
204
J.P. Morgan Exchange-Traded Funds
August 31, 2023


INVESTMENTS
PRINCIPAL
AMOUNT($)
VALUE($)
Municipal Bonds — continued
Pennsylvania — continued
Pennsylvania Higher Educational Facilities
Authority, University of Pennsylvania
Health System Series 2019, Rev., 5.00%,
8/15/2028
30,000
32,359
Pennsylvania Housing Finance Agency,
Single Family Mortgage Series
2019-130A, Rev., 1.40%, 4/1/2024
260,000
256,339
Pennsylvania Turnpike Commission
Series 2018A-1, Rev., (SIFMA Municipal
Swap Index Yield + 0.60%), 4.66%,
9/7/2023(d)
25,000
25,006
Rev., VRDO, LOC : TD Bank NA, 4.01%,
9/8/2023(c)
33,000,000
33,000,000
Series 2021C, Rev., 4.00%, 12/1/2023
275,000
275,325
Series 2011A, Rev., 5.00%, 12/1/2023
35,000
35,124
Series 2013C, Rev., 5.00%,
12/1/2023(b)
970,000
973,423
Series 2019, Rev., 5.00%, 12/1/2023
725,000
727,558
Series A-1, Rev., 5.00%, 12/1/2023
25,000
25,088
Series A-1, Rev., 5.00%, 12/1/2025
750,000
770,568
Series B-2, Rev., 5.00%, 6/1/2026
100,000
104,255
Series 2016A-1, Rev., 5.00%,
12/1/2027
70,000
73,551
Series 2016A-3, Rev., 5.00%,
12/1/2027
30,000
31,482
Series 2017, Rev., 5.00%, 12/1/2028
100,000
107,203
Series 2021A, Rev., 5.00%, 12/1/2028
20,000
21,956
Series 2014, Rev., 5.00%, 12/1/2031
3,680,000
3,735,750
Series 2014A, Rev., 5.00%, 12/1/2038
2,685,000
2,724,407
Series 2014C, Rev., 5.00%, 12/1/2039
6,660,000
6,753,458
Pennsylvania Turnpike Commission, Senior
Lien Series 2012A, Rev., 5.00%,
12/1/2023
175,000
175,184
Perkiomen Valley School District GO,
5.00%, 3/1/2024
25,000
25,188
Peters Township School District Washington
County GO, 5.00%, 1/15/2026
20,000
20,736
Philadelphia Authority for Industrial
Development
Series B-2, Rev., VRDO, LOC : TD Bank
NA, 4.01%, 9/8/2023(c)
25,000,000
25,000,000
Series 2019, Rev., 5.00%, 10/1/2023
3,265,000
3,268,239
Series 2016, Rev., 5.00%, 4/1/2028
320,000
327,359
Philadelphia Gas Works Co. Series 13, Rev.,
5.00%, 8/1/2024
750,000
759,823
Pittsburgh School District GO, AGM, 5.00%,
9/1/2023
25,000
25,000
INVESTMENTS
PRINCIPAL
AMOUNT($)
VALUE($)
 
Pennsylvania — continued
Pittsburgh Water & Sewer Authority, First
Lien Series B, Rev., 5.25%,
9/1/2023(b)
200,000
200,000
Reading Area Water Authority Rev., AGM,
4.00%, 12/1/2023
75,000
75,021
Salisbury Township School District Series
2021A, GO, 4.00%, 10/15/2023
590,000
590,207
School District of Philadelphia (The)
Series 2018A, GO, 5.00%, 9/1/2023
600,000
600,000
Series 2019A, GO, 5.00%, 9/1/2023
1,945,000
1,945,000
Series 2020, GO, 5.00%, 9/1/2023
2,200,000
2,200,000
Series 2021A, GO, 5.00%, 9/1/2023
590,000
590,000
Series F, GO, 5.00%, 9/1/2023
500,000
500,000
Series F, GO, 5.00%, 9/1/2024
5,545,000
5,617,023
Southeastern Pennsylvania Transportation
Authority
Rev., 5.00%, 3/1/2025
45,000
46,073
Series 2020, Rev., 5.00%, 6/1/2026
130,000
135,427
Series 2020, Rev., 5.00%, 6/1/2028
30,000
32,370
Southeastern Pennsylvania Transportation
Authority, Capital Grant Receipts Rev.,
5.00%, 6/1/2024
20,000
20,204
Southern Lehigh School District Series A,
GO, 5.00%, 9/1/2023
35,000
35,000
Sports and Exhibition Authority of
Pittsburgh and Allegheny County Series
2020, Rev., AGM, 4.00%, 2/1/2024
75,000
75,112
State Public School Building Authority, The
School District of the City of Harrisburg
Project Series 2016A, Rev., AGM, 4.00%,
12/1/2026(b)
15,000
15,396
State Public School Building Authority,
Westmoreland County Community College
Series 2016A, Rev., AGM, 5.00%,
10/15/2023
35,000
35,061
Township of Hampden Series 2020, GO,
4.00%, 5/15/2024
25,000
25,069
Township of Hempfield GO, 5.00%,
10/15/2023
35,000
35,059
Township of Lower Paxton GO, 4.00%,
4/1/2024
30,000
30,090
Township of Palmer Series 2020A, GO,
5.00%, 11/15/2023
30,000
30,089
Upper Dublin School District Series 2017,
GO, 5.00%, 11/15/2024
25,000
25,464
West Jefferson Hills School District
GO, 3.00%, 8/1/2024
25,000
24,855
SEE NOTES TO FINANCIAL STATEMENTS.
August 31, 2023
J.P. Morgan Exchange-Traded Funds
205


JPMorgan Ultra-Short Municipal Income ETF
SCHEDULE OF PORTFOLIO INVESTMENTS
AS OF August 31, 2023  (Unaudited) (continued)
INVESTMENTS
PRINCIPAL
AMOUNT($)
VALUE($)
Municipal Bonds — continued
Pennsylvania — continued
Series 2017A, GO, 5.00%, 8/1/2024
25,000
25,350
West View Municipal Authority Water Series
2014, Rev., 5.00%, 11/15/2024(b)
2,995,000
3,052,652
Total Pennsylvania
171,116,495
Rhode Island — 0.1%
Rhode Island Commerce Corp.
Series 2016A, Rev., 5.00%, 6/15/2024
75,000
75,830
Series 2016B, Rev., 5.00%, 6/15/2028
60,000
62,268
Rhode Island Commerce Corp., Grant Rhode
Island Department Of Transportation
Series 2016B, Rev., 5.00%, 6/15/2027
70,000
72,778
Rhode Island Health and Educational
Building Corp.
Series 2013A, Rev., 5.00%,
9/1/2023(b)
20,000
20,000
Series 2016A, Rev., 5.00%, 5/15/2024
125,000
126,390
Rhode Island Health and Educational
Building Corp., Higher Education
Facilities, Brown University Rev., 5.00%,
9/1/2023
25,000
25,000
Rhode Island Health and Educational
Building Corp., Providence College Series
2012B, Rev., 5.00%, 11/1/2023
125,000
125,131
State of Rhode Island Series 2013E, COP,
4.00%, 10/1/2023
1,465,000
1,465,554
State of Rhode Island and Providence
Plantations, Courthouse Project Series
2013A, COP, 5.00%, 10/1/2023
45,000
45,049
Total Rhode Island
2,018,000
South Carolina — 0.9%
Beaufort County School District Series
2015B, GO, SCSDE, 5.00%, 3/1/2024
30,000
30,239
Berkeley County School District, Securing
Assets for Education Series 2015A, Rev.,
5.00%, 12/1/2025
95,000
95,272
Charleston Educational Excellence Finance
Corp. Series 2013B, Rev., 5.00%,
12/1/2023
815,000
818,269
Dorchester County School District No. 2
Series 2013B, Rev., 5.00%, 12/1/2027
1,075,000
1,077,810
Dorchester County School District No. 2,
Growth Installment Purchase Series
2013B, Rev., 4.00%, 12/1/2024
6,320,000
6,323,419
Greenwood Fifty Schools Facilities, Inc.
Series 2016, Rev., 5.00%, 12/1/2023
25,000
25,088
INVESTMENTS
PRINCIPAL
AMOUNT($)
VALUE($)
 
South Carolina — continued
Lancaster Educational Assistance Program,
Inc., School District Project Series
2013B, Rev., 5.00%, 12/1/2023
35,000
35,124
Patriots Energy Group Financing Agency
Series 2018A, Rev., LIQ : Royal Bank of
Canada, 4.00%, 2/1/2024(c)
4,395,000
4,384,726
Piedmont Municipal Power Agency
Series 2017A, Rev., 5.00%, 1/1/2024
110,000
110,457
Series 2017B, Rev., 5.00%, 1/1/2024
50,000
50,219
Rev., NATL - RE, 5.38%, 1/1/2025
105,000
107,414
Series 2015A, Rev., 5.00%, 1/1/2026
1,700,000
1,724,432
SCAGO Educational Facilities Corp. for
Pickens School District Series 2015, Rev.,
5.00%, 12/1/2023
50,000
50,158
South Carolina Jobs-Economic Development
Authority, Anmed Health Project Rev.,
5.00%, 2/1/2024
25,000
25,122
South Carolina Jobs-Economic Development
Authority, Bon Secours Mercy Health, Inc.
Series 2020B, Rev., 5.00%,
10/1/2025(c)
990,000
1,012,301
South Carolina Jobs-Economic Development
Authority, York Preparatory Academy
Project Series 2014A, Rev., 7.25%,
11/1/2024(b) (e)
5,250,000
5,456,238
South Carolina Public Service Authority
Series 2014C, Rev., 5.00%, 12/1/2024
50,000
50,758
Series 2022A, Rev., 5.00%, 12/1/2026
465,000
483,912
South Carolina Public Service Authority,
Santee Cooper
Series 2013A, Rev., 5.75%,
12/1/2023(b)
40,000
40,226
Series A, Rev., 5.00%, 12/1/2026
1,170,000
1,195,219
South Carolina Transportation
Infrastructure Bank Series 2015A, Rev.,
5.00%, 10/1/2024
125,000
127,027
University of South Carolina, Higher
Education Facilities Rev., 5.00%,
5/1/2025
70,000
72,021
Total South Carolina
23,295,451
South Dakota — 0.0% ^
County of Pennington, Limited Tax Series
2017A, COP, 3.00%, 12/1/2023
100,000
99,841
South Dakota Board of Regents Housing and
Auxiliary Facilities System Series 2015,
Rev., 5.00%, 4/1/2024
20,000
20,172
SEE NOTES TO FINANCIAL STATEMENTS.
206
J.P. Morgan Exchange-Traded Funds
August 31, 2023


INVESTMENTS
PRINCIPAL
AMOUNT($)
VALUE($)
Municipal Bonds — continued
South Dakota — continued
South Dakota State Building Authority
Series 2019A, Rev., 4.00%, 6/1/2024
30,000
30,116
Series D, Rev., 5.00%, 9/1/2024
25,000
25,374
Total South Dakota
175,503
Tennessee — 0.2%
City of Bristol Electric System Series 2013,
Rev., 4.00%, 9/1/2023(b)
1,325,000
1,325,000
City of Chattanooga GO, 3.13%,
10/1/2025
140,000
138,855
City of Knoxville, Wastewater System Series
2020A, Rev., 5.00%, 4/1/2024
35,000
35,322
County of Maury GO, 5.00%, 4/1/2024
30,000
30,286
County of Wilson GO, 4.00%, 4/1/2025
750,000
750,205
Johnson City Health and Educational
Facilities Board, Ballad Health Series
2023A, Rev., 5.00%, 7/1/2025
755,000
770,482
Knox County Health Educational and
Housing Facility Board, Covenant Health
Series 2012A, Rev., 5.00%, 1/1/2024
85,000
85,071
Series 2012A, Rev., 5.00%, 1/1/2026
25,000
25,222
Metropolitan Government Nashville and
Davidson County Health and Educational
Facilities Board, Trevecca Nazarene
University Project
Series 2021B, Rev., 4.00%, 10/1/2023
130,000
129,935
Series 2021B, Rev., 4.00%, 10/1/2024
170,000
168,286
State of Tennessee Series A, GO, 5.00%,
8/1/2025(b)
610,000
629,492
Tennessee Energy Acquisition Corp.,
Commodity Project
Series 2021A, Rev., 5.00%, 11/1/2025
350,000
355,299
Series 2021A, Rev., 5.00%, 11/1/2026
500,000
511,468
Tennessee State School Bond Authority,
Higher Educational Facilities Second
Program
Series B, Rev., 5.00%, 11/1/2023
50,000
50,126
Series B, Rev., 5.00%, 11/1/2024
20,000
20,384
Series 2015B, Rev., 5.00%,
11/1/2025(b)
25,000
25,942
Town of Smyrna GO, 5.00%, 4/1/2024
30,000
30,284
Total Tennessee
5,081,659
Texas — 7.4%
Arlington Higher Education Finance Corp.
Series 2014A, Rev., PSF-GTD, 5.00%,
8/15/2024(b)
1,000,000
1,013,291
INVESTMENTS
PRINCIPAL
AMOUNT($)
VALUE($)
 
Texas — continued
Austin Independent School District Series A,
GO, PSF-GTD, 4.00%, 8/1/2025(b)
1,905,000
1,925,682
Bay City Independent School District,
Unlimited Tax GO, PSF-GTD, 5.00%,
2/15/2025
40,000
40,941
Bexar County Hospital District, Limited Tax
GO, 5.00%, 2/15/2025
55,000
56,223
Brazosport Water Authority Series 2015C,
Rev., 5.00%, 9/1/2024
40,000
40,574
Cameron County Housing Finance
Corp.Sunland Country Apartments Series
2021, Rev., 3.95%, 2/1/2024
3,500,000
3,496,955
Central Texas Regional Mobility Authority,
Subordinated Lien Series 2020F, Rev.,
BAN, 5.00%, 1/1/2025
55,000
55,492
City of Abilene GO, 5.00%, 2/15/2024
25,000
25,174
City of Austin
GO, 5.00%, 9/1/2023
25,000
25,000
Series 2022, Rev., 5.00%, 11/15/2023
60,000
60,192
Series 2019B, Rev., 5.00%,
11/15/2024
100,000
101,952
City of Austin Airport System Series 2017A,
Rev., 5.00%, 11/15/2027
205,000
215,419
City of Austin, Public Improvement GO,
5.00%, 9/1/2023
70,000
70,000
City of Austin, Water and Wastewater
System
Series 2013A, Rev., 5.00%,
11/15/2023
5,000
5,006
Series 2013A, Rev., 5.00%,
11/15/2024
15,000
15,018
City of Brownsville
Rev., AGM, 5.00%, 9/1/2025
1,265,000
1,299,203
Series 2013A, Rev., 5.00%, 9/1/2025
200,000
200,189
City of Brownsville, Utilities System Series
2013A, Rev., 5.00%, 9/1/2024
275,000
275,266
City of Buda GO, 5.00%, 8/15/2024
20,000
20,285
City of Cedar Hill, Refunding and
Improvement GO, 5.00%, 2/15/2025
40,000
40,963
City of Conroe
Series 2018B, GO, 5.00%, 11/15/2024
110,000
112,108
Series 2019A, GO, 5.00%, 3/1/2025
35,000
35,845
City of Copperas Cove GO, 4.00%,
8/15/2025
25,000
25,241
City of Dallas
Series 2013, Rev., 5.00%, 10/1/2023
275,000
275,299
GO, 5.00%, 2/15/2024
55,000
55,404
SEE NOTES TO FINANCIAL STATEMENTS.
August 31, 2023
J.P. Morgan Exchange-Traded Funds
207


JPMorgan Ultra-Short Municipal Income ETF
SCHEDULE OF PORTFOLIO INVESTMENTS
AS OF August 31, 2023  (Unaudited) (continued)
INVESTMENTS
PRINCIPAL
AMOUNT($)
VALUE($)
Municipal Bonds — continued
Texas — continued
Series 2013A, GO, 5.00%, 2/15/2025
25,000
25,030
City of Dallas, Waterworks and Sewer
System Series 2012A, Rev., 5.00%,
10/1/2023
120,000
120,131
City of Deer Park GO, 3.00%, 3/15/2024
25,000
24,929
City of Denton Series 2022, GO, 5.00%,
2/15/2024
1,200,000
1,208,823
City of Denton Utility System Series 2017,
Rev., 5.00%, 12/1/2027
50,000
52,079
City of Denton, Utility System Rev., 5.00%,
12/1/2023
525,000
526,916
City of Farmers Branch GO, 4.00%,
2/15/2025
35,000
35,324
City of Friendswood, Waterworks & Sewer
System Revenue Series 2018, Rev.,
5.00%, 3/1/2024
25,000
25,180
City of Frisco, Collin and Denton Counties
GO, 5.00%, 2/15/2025
35,000
35,853
City of Garland, Electric Utility System
Series 2016B, Rev., 5.00%, 3/1/2025
415,000
423,863
City of Georgetown Series 2018, GO,
5.00%, 8/15/2024
40,000
40,581
City of Granbury Series 2016A, GO, 4.00%,
8/15/2025
35,000
35,449
City of Heath, Combination Tax and Surplus
GO, 5.00%, 2/15/2025
40,000
40,912
City of Houston
Series 2016A, GO, 5.00%, 3/1/2024
35,000
35,272
Series 2021A, GO, 5.00%, 3/1/2026
20,000
20,721
City of Houston, Airport System,
Subordinate Lien
Series 2018D, Rev., 5.00%, 7/1/2026
45,000
47,122
Series 2020B, Rev., 5.00%, 7/1/2026
35,000
36,650
Series 2020B, Rev., 5.00%, 7/1/2027
50,000
53,282
Series 2023B, Rev., AGM, 5.00%,
7/1/2028
35,000
37,951
City of Houston, Combined Utility System,
First Lien
Series 2013B, Rev., 4.00%,
11/15/2023
25,000
25,028
Series 2002C, Rev., 5.00%,
11/15/2023
25,000
25,075
City of Houston, Combined Utility System,
Junior Lien Series A, Rev., AGM, Zero
Coupon, 12/1/2024
85,000
81,194
City of Houston, Convention and
Entertainment Facilities Series 2015,
Rev., 5.00%, 9/1/2023
1,005,000
1,005,000
INVESTMENTS
PRINCIPAL
AMOUNT($)
VALUE($)
 
Texas — continued
City of Houston, Water and Sewer System
Series 1998A, Rev., AGM, Zero Coupon,
12/1/2023(b)
80,000
79,304
City of Kenedy, Combination Tax GO, 4.00%,
5/1/2025
25,000
25,237
City of Lakeway GO, 4.00%, 2/1/2024
45,000
45,085
City of Laredo
GO, 5.00%, 2/15/2024
50,000
50,053
GO, 5.00%, 2/15/2024
25,000
25,167
City of Laredo, Combination Tax GO, 5.00%,
2/15/2025
40,000
40,884
City of Lubbock GO, 5.00%, 2/15/2027
20,000
20,468
City of Lubbock, Electric Light and Power
System
Rev., 5.00%, 4/15/2024
425,000
428,650
Series 2018, Rev., 5.00%, 4/15/2024
500,000
504,294
Series 2021, Rev., 5.00%, 4/15/2028
35,000
37,450
City of Mansfield, Combination Tax GO,
2.00%, 2/15/2024
25,000
24,794
City of McKinney GO, 5.00%, 8/15/2025
25,000
25,783
City of Midland Series 2018A, GO, 5.00%,
3/1/2025
70,000
71,710
City of Midland, Certificates of Obligation
GO, 5.00%, 3/1/2025
40,000
40,977
City of Midlothian, Combination Tax,
Navarro College District GO, 3.00%,
8/15/2024
25,000
24,774
City of Missouri City GO, 5.00%,
6/15/2024
30,000
30,339
City of Missouri City, Combination Tax,
Certificates of Obligation Series 2018B,
GO, 4.00%, 6/15/2025
25,000
25,241
City of Mont Belvieu, Certificates of
Obligation Series 2017A, GO, 5.00%,
8/15/2024
25,000
25,356
City of New Braunfels Series 2016, Rev.,
5.00%, 7/1/2024
150,000
151,976
City of New Braunfels, Combination Tax,
Certificates of Obligation GO, 5.00%,
2/1/2025
40,000
40,831
City of Odessa Series 2015, GO, 5.00%,
3/1/2024
250,000
251,847
City of Pasadena Series 2012A, GO, 5.00%,
2/15/2024
55,000
55,069
City of Pearland, Permanent Improvement
GO, 5.00%, 3/1/2024
40,000
40,321
Series 2016B, GO, 5.00%, 3/1/2024
25,000
25,200
SEE NOTES TO FINANCIAL STATEMENTS.
208
J.P. Morgan Exchange-Traded Funds
August 31, 2023


INVESTMENTS
PRINCIPAL
AMOUNT($)
VALUE($)
Municipal Bonds — continued
Texas — continued
City of Plano
GO, 5.00%, 9/1/2023
30,000
30,000
Series 2022, GO, 4.00%, 9/1/2024
1,370,000
1,378,583
City of Port Aransas, Combination Tax,
Certificates of Obligation GO, 4.00%,
2/1/2025
25,000
25,227
City of Round Rock Series 2017, GO,
5.00%, 8/15/2024
30,000
30,469
City of Sachse, Combination Tax and Limited
Surplus Series 2017A, GO, 4.00%,
2/15/2025
65,000
65,610
City of San Antonio, Drainage Utility System
Rev., 5.00%, 2/1/2024
100,000
100,115
Rev., 5.00%, 2/1/2027
50,000
50,057
City of San Antonio, Electric and Gas
Systems Rev., 5.25%, 2/1/2024
155,000
156,097
City of San Marcos, Combination Tax,
Certificates of Obligation GO, 5.00%,
8/15/2024
35,000
35,469
City of Sherman, Combination Tax,
Certificates of Obligation GO, 5.00%,
8/15/2024
25,000
25,326
City of Waco, Combination Tax, Certificates
of Obligation
GO, 5.00%, 2/1/2024
20,000
20,131
GO, 5.00%, 2/1/2025
30,000
30,694
City of Waxahachie Series 2016A, GO,
5.00%, 8/1/2024
60,000
60,754
City of Waxahachie, Combination Tax,
Certificates of Obligation GO, 4.00%,
8/1/2024
25,000
25,093
City of Weatherford GO, 4.00%, 3/1/2025
30,000
30,253
City of Weslaco, Certificates of Obligation
GO, 5.00%, 2/15/2024
20,000
20,125
Columbia-Brazoria Independent School
District, Unlimited Tax GO, PSF-GTD,
3.00%, 2/1/2025
200,000
197,885
Comal Independent School District Series
2017, GO, PSF-GTD, 5.00%, 2/1/2024
100,000
100,628
Comal Independent School District,
Unlimited Tax
GO, PSF-GTD, 5.00%, 2/1/2025
55,000
56,218
Series B, GO, PSF-GTD, 5.00%,
2/1/2025
25,000
25,161
Conroe Independent School District Series
2014, GO, PSF-GTD, 5.00%, 2/15/2026
20,000
20,127
County of Bexar Series 2016, GO, 4.00%,
6/15/2025(b)
25,000
25,291
INVESTMENTS
PRINCIPAL
AMOUNT($)
VALUE($)
 
Texas — continued
County of Bexar, Combination Tax,
Certficates of Obligation Series 2014,
GO, 5.00%, 6/15/2024(b)
65,000
65,874
County of Bexar, Flood Control Tax GO,
5.00%, 6/15/2024
45,000
45,578
County of Comal, Limited Tax GO, 4.00%,
2/1/2025
35,000
35,313
County of El Paso Series 2015, GO, 5.00%,
2/15/2024
20,000
20,116
County of Fort Bend Series 2014, GO,
4.50%, 3/1/2024
35,000
35,024
County of Galveston, Limited Tax GO,
5.00%, 2/1/2025
30,000
30,648
County of Harris
Series 2022A, GO, 5.00%, 10/1/2023
1,500,000
1,501,687
Series 2022A, GO, 5.00%, 10/1/2024
2,240,000
2,278,687
County of Harris, Permanent Improvement
Series 2017A, GO, 5.00%, 10/1/2023
25,000
25,028
County of Harris, Unlimited Tax Series
2022A, GO, 5.00%, 10/1/2024
220,000
223,800
County of Hays, Limited Tax GO, 5.00%,
2/15/2025
35,000
35,788
County of Nueces, Combination Tax,
Certificates of Obligation
GO, 4.00%, 2/15/2025(b)
15,000
15,106
GO, 4.00%, 2/15/2025
10,000
10,076
County of Taylor, Limited Tax GO, 5.00%,
2/15/2025
30,000
30,671
County of Tom Green, Combination Tax and
Limited Surplus GO, 5.00%, 2/1/2025
35,000
35,732
County of Williamson Series 2014, GO,
5.00%, 2/15/2024(b)
3,640,000
3,665,145
Cypress-Fairbanks Independent School
District Series 2014C, GO, PSF-GTD,
5.00%, 2/15/2027
30,000
30,198
Dallas Area Rapid Transit, Sales Tax, Senior
Lien
Rev., 5.00%, 12/1/2024
105,000
107,000
Series 2014A, Rev., 5.00%, 12/1/2024
210,000
214,000
Dallas County Park Cities Municipal Utility
District Rev., 4.00%, 8/1/2025
25,000
25,285
Dallas County Utility and Reclamation
District Series 2016, GO, 5.00%,
2/15/2028
210,000
223,922
Dallas Fort Worth International Airport
Series 2013F, Rev., 5.00%, 11/1/2023
870,000
872,053
Series 2014C, Rev., 5.00%, 11/1/2023
600,000
601,227
Series 2013F, Rev., 5.13%, 11/1/2023
540,000
541,378
SEE NOTES TO FINANCIAL STATEMENTS.
August 31, 2023
J.P. Morgan Exchange-Traded Funds
209


JPMorgan Ultra-Short Municipal Income ETF
SCHEDULE OF PORTFOLIO INVESTMENTS
AS OF August 31, 2023  (Unaudited) (continued)
INVESTMENTS
PRINCIPAL
AMOUNT($)
VALUE($)
Municipal Bonds — continued
Texas — continued
Series 2021B, Rev., 5.00%, 11/1/2024
50,000
50,773
Series 2020B, Rev., 5.00%, 11/1/2025
30,000
30,973
Series 2023B, Rev., 5.00%,
11/1/2026(f)
1,600,000
1,680,625
Series 2023B, Rev., 5.00%,
11/1/2027(f)
1,500,000
1,604,265
Series 2023B, Rev., 5.00%,
11/1/2028(f)
1,000,000
1,086,075
Dallas Independent School District,
Unlimited Tax
Series 2016A, GO, PSF-GTD, 4.00%,
2/15/2025(b)
25,000
25,177
GO, PSF-GTD, 5.00%, 2/15/2025
50,000
51,247
Denton County Housing Finance Corp., THF
Pathway on Woodrow LP Series 2022,
Rev., 5.00%, 2/1/2025(c)
3,250,000
3,296,062
DeSoto Independent School District Series
2013, GO, PSF-GTD, Zero Coupon,
8/15/2025
500,000
460,983
El Paso Housing Finance Corp., Columbia
Housing Partners LP Rev., 4.50%,
3/1/2025(c)
3,500,000
3,521,774
Floresville Independent School District,
Unlimited Tax GO, PSF-GTD, 3.00%,
2/1/2025
35,000
34,644
Frisco Independent School District Series
2016A, GO, PSF-GTD, 5.00%,
8/15/2025
2,500,000
2,574,486
Galveston Public Facility Corp., The
Oleanders at Broadway Rev., 0.47%,
8/1/2024(c)
3,775,000
3,640,033
Garland Independent School District,
Unlimited Tax, School Building
Series 2016, GO, PSF-GTD, 5.00%,
2/15/2025
20,000
20,487
Series A, GO, PSF-GTD, 5.00%,
2/15/2025
50,000
51,219
Grand Parkway Transportation Corp. Series
2013B, Rev., 5.25%, 10/1/2023(b)
550,000
550,635
Hallsville Independent School District Series
2020, GO, PSF-GTD, 5.00%, 2/15/2025
100,000
102,295
Harris County Cultural Education Facilities
Finance Corp., Memorial Hermann Health
System
Series 2019C-2, Rev., (SIFMA Municipal
Swap Index Yield + 0.57%), 4.63%,
9/7/2023(d)
575,000
575,204
Series 2019A, Rev., 5.00%, 12/1/2023
130,000
130,427
Series 2014A, Rev., 5.00%, 12/1/2024
25,000
25,440
INVESTMENTS
PRINCIPAL
AMOUNT($)
VALUE($)
 
Texas — continued
Series 2019A, Rev., 5.00%, 12/1/2024
385,000
391,769
Series 2020C-2, Rev., 5.00%,
12/1/2024(c)
160,000
162,210
Series 2014A, Rev., 5.00%, 12/1/2025
20,000
20,325
Series 2014A, Rev., 5.00%, 12/1/2027
25,000
25,433
Harris County Cultural Education Facilities
Finance Corp., Texas Children's Hospital
Series 2019A, Rev., 5.00%, 10/1/2023
20,000
20,020
Harris County Flood Control District Series
2021A, GO, 5.00%, 10/1/2023
30,000
30,035
Harris County Health Facilities Development
Corp., Sisters of Charity of the Incarnate
Word Series 1997B, Rev., 5.75%,
7/1/2027(b)
5,995,000
6,272,918
Hidalgo County Regional Mobility Authority
Series 2013, Rev., 5.00%,
12/1/2023(b)
50,000
50,194
Housing Options, Inc., Brooks Manor - The
Oaks Project Rev., 0.50%, 3/1/2025(c)
6,250,000
5,862,710
Houston Housing Finance Corp. Multi Family
Housing Sunset Garden Apartments
Series 2022, Rev., FHA, 4.00%,
10/1/2024(c)
300,000
299,387
Houston Independent School District Series
2014B, GO, PSF-GTD, 4.00%,
2/15/2027
25,000
25,066
Houston Independent School District,
Limited Tax Schoolhouse GO, PSF-GTD,
5.00%, 2/15/2025
155,000
158,711
Humble Independent School District,
Unlimited Tax School Building Series
2020A, GO, PSF-GTD, 5.00%,
2/15/2025
35,000
35,838
Klein Independent School District, Unlimited
Tax
Series 2015A, GO, PSF-GTD, 5.00%,
8/1/2024
65,000
65,997
GO, PSF-GTD, 5.00%, 2/1/2025
50,000
51,156
Lewisville Independent School District,
Unlimited Tax
Series 2023, GO, PSF-GTD, 5.00%,
8/15/2024
8,500,000
8,628,969
Series 2023, GO, PSF-GTD, 5.00%,
8/15/2026
925,000
973,048
Lower Colorado River Authority, LCRA
Transmission Services Corp. Project
Series 2016, Rev., 5.00%, 5/15/2024
100,000
101,084
Series 2019, Rev., 5.00%, 5/15/2024
25,000
25,271
Series 2022, Rev., 5.00%, 5/15/2024
285,000
288,091
SEE NOTES TO FINANCIAL STATEMENTS.
210
J.P. Morgan Exchange-Traded Funds
August 31, 2023


INVESTMENTS
PRINCIPAL
AMOUNT($)
VALUE($)
Municipal Bonds — continued
Texas — continued
Series 2022A, Rev., 5.00%, 5/15/2024
650,000
657,049
Rev., 5.00%, 5/15/2025
140,000
143,860
Rev., 5.00%, 5/15/2026
1,100,000
1,108,906
Series 2019A, Rev., 5.00%, 5/15/2026
150,000
155,944
Series 2019, Rev., 5.00%, 5/15/2028
40,000
42,857
Metropolitan Transit Authority of Harris
County, Sales and Use Tax
Series 2016D, Rev., 5.00%, 11/1/2023
440,000
441,087
Series 2017B, Rev., 5.00%, 11/1/2023
25,000
25,062
Series 2017B, Rev., 5.00%, 11/1/2025
3,040,000
3,139,838
Series 2018, Rev., 5.00%, 11/1/2026
550,000
577,876
Metropolitan Transit Authority of Harris
County, Sales and Use Tax, Contractual
Obligations
Rev., 5.00%, 11/1/2023
30,000
30,074
Series 2015B, Rev., 5.00%, 11/1/2023
25,000
25,062
New Hope Cultural Education Facilities
Finance Corp., Jubilee Academic Center
Rev., 4.00%, 8/15/2024(e)
1,475,000
1,456,193
New Hope Cultural Education Facilities
Finance Corp., Student Housing Texas
A&M University Series 2017A, Rev.,
5.00%, 4/1/2025(b)
1,105,000
1,132,176
North Harris County Regional Water
Authority Series 2016, Rev., 5.00%,
12/15/2023
135,000
135,582
North Texas Municipal Water District Water
System
Series 2019A, Rev., 3.00%, 9/1/2024
40,000
39,798
Rev., 5.00%, 9/1/2024
30,000
30,486
North Texas Tollway Authority
Series 2015B, Rev., 5.00%, 1/1/2024
100,000
100,512
Series A, Rev., 5.00%, 1/1/2024
130,000
130,640
Series 2020A, Rev., 5.00%, 1/1/2026
70,000
72,699
North Texas Tollway Authority, First Tier
Series 2016A, Rev., 5.00%, 1/1/2024
200,000
201,024
Series 2019A, Rev., 5.00%, 1/1/2024
20,000
20,102
Series A, Rev., 5.00%, 1/1/2024
60,000
60,068
Series A, Rev., 5.00%, 1/1/2025
100,000
100,115
Series 2016A, Rev., 5.00%, 1/1/2026
110,000
110,478
Series A, Rev., 5.00%, 1/1/2026
55,000
55,050
Series 2016A, Rev., 5.00%, 1/1/2027
370,000
371,643
Series A, Rev., 5.00%, 1/1/2028
55,000
57,159
North Texas Tollway Authority, Second Tier
Series B, Rev., 5.00%, 1/1/2024
20,000
20,021
Series B, Rev., 5.00%, 1/1/2025
50,000
50,054
INVESTMENTS
PRINCIPAL
AMOUNT($)
VALUE($)
 
Texas — continued
Series B, Rev., 5.00%, 1/1/2026
260,000
260,170
Northwest Independent School District,
Unlimited Tax Series 2016A, GO,
PSF-GTD, 5.00%, 2/15/2026(b)
600,000
625,218
RBC Municipal Products, Inc. Trust, Floater
Certificates Series 2023-G-124, Rev.,
VRDO, LOC : Royal Bank of Canada,
4.26%, 9/7/2023(c) (e)
7,500,000
7,500,000
Red River Education Finance Corp., Christian
University Project Series 2016A, Rev.,
5.00%, 3/15/2025
50,000
51,097
Richardson Independent School District,
Unlimited Tax Series 2015B, GO, 5.00%,
2/15/2025
30,000
30,727
Robstown Independent School District
Series 2016, GO, PSF-GTD, 4.00%,
2/15/2026
305,000
306,862
Rockwall Independent School District,
Unlimited Tax GO, PSF-GTD, Zero Coupon,
2/15/2025
50,000
47,470
San Antonio Housing Trust Finance Corp.
Series 2010, Rev., FHLMC COLL, LIQ :
FHLMC, 3.50%, 10/1/2024(b) (c)
2,020,000
1,966,705
San Antonio Independent School District
GO, PSF-GTD, 5.00%, 8/15/2024
100,000
101,573
San Antonio Water System, Junior Lien
Series 2013E, Rev., 5.00%, 9/19/2023
20,000
20,012
Series 2016A, Rev., 5.00%, 5/15/2024
25,000
25,283
Series 2014A, Rev., 5.00%, 5/15/2025
45,000
45,148
San Elizario Independent School District
Series 2015, GO, PSF-GTD, 5.00%,
5/1/2025(b)
310,000
317,790
San Jacinto Community College District,
Limited Tax GO, 5.00%, 2/15/2025
30,000
30,727
Southwest Higher Education Authority, Inc.
Series 2016A, Rev., 5.00%, 10/1/2023
80,000
80,084
Southwest Higher Education Authority, Inc.,
Southern Methodist University Project
Series 2016A, Rev., 5.00%, 10/1/2024
20,000
20,314
State of Texas, Transport Commission GO,
5.00%, 4/1/2024(b)
35,000
35,322
State of Texas, Transportation Commission
Series A, GO, 5.00%, 10/1/2023
85,000
85,102
State of Texas, Transportation Commission
Mobility Fund GO, 5.00%, 10/1/2024
20,000
20,180
State of Texas, Veterans
Series 2015A, GO, VRDO, LIQ : State
Street Bank & Trust Co., 4.15%,
9/8/2023(c)
16,570,000
16,570,000
SEE NOTES TO FINANCIAL STATEMENTS.
August 31, 2023
J.P. Morgan Exchange-Traded Funds
211


JPMorgan Ultra-Short Municipal Income ETF
SCHEDULE OF PORTFOLIO INVESTMENTS
AS OF August 31, 2023  (Unaudited) (continued)
INVESTMENTS
PRINCIPAL
AMOUNT($)
VALUE($)
Municipal Bonds — continued
Texas — continued
Series 2013A, GO, VRDO, LIQ : State
Street Bank & Trust Co., 4.15%,
9/12/2023(c)
10,025,000
10,025,000
Tarrant County Cultural Education Facilities
Finance Corp., Cook Children's Medical
Center
Series 2014, Rev., 5.00%, 12/1/2023
300,000
301,023
Series 2014, Rev., 5.00%, 12/1/2026
90,000
90,214
Rev., 5.00%, 12/1/2028
345,000
345,910
Series 2014, Rev., 5.00%, 12/1/2033
165,000
165,340
Series 2013A, Rev., 5.25%, 12/1/2039
170,000
170,299
Tarrant County Cultural Education Facilities
Finance Corp., Methodist Hospitals of
Dallas Project Series 2013, Rev., 5.00%,
10/1/2023(b)
1,775,000
1,776,932
Tarrant County Cultural Education Facilities
Finance Corp., Texas Health Resources
System Series 2016A, Rev., 5.00%,
2/15/2024
145,000
145,906
Tender Option Bond Trust Receipts/
Certificates Series 2015-XF0228, Rev.,
VRDO, LIQ : TD Bank NA, 4.21%,
9/12/2023(c) (e)
50,745,000
50,745,000
Texas A&M University, Financing System
Series 2017C, Rev., 5.00%, 5/15/2028
80,000
85,064
Texas Department of Housing & Community
Affairs, Fishpond at Corpus Christi
Apartments Series 2020, Rev., 4.00%,
12/1/2023(c)
1,150,000
1,150,054
Texas Department of Housing & Community
Affairs, Socorro Village Series 2023,
Rev., 4.75%, 8/1/2024(c)
940,000
943,223
Texas Department of Housing & Community
Affairs, Socorro Village 34 LLC Series
2022, Rev., 4.00%, 8/1/2024(c)
3,175,000
3,164,302
Texas Public Finance Authority Rev., 5.00%,
2/1/2025
25,000
25,592
Texas State University System Series
2017A, Rev., 5.00%, 3/15/2025
60,000
61,496
Texas State University, Financing System
Series 2019A, Rev., 5.00%, 3/15/2025
40,000
40,997
Texas Transportation Commission State
Highway Fund, First Tier
Rev., 5.00%, 10/1/2023
110,000
110,132
Series 2016B, Rev., 0.56%, 4/1/2026
10,135,000
9,161,397
Texas Water Development Board, State
Revolving Fund Series 2020, Rev.,
5.00%, 8/1/2025
100,000
103,214
INVESTMENTS
PRINCIPAL
AMOUNT($)
VALUE($)
 
Texas — continued
Texas Water Development Board, Water
Implementation Fund Series 2018A,
Rev., 5.00%, 10/15/2024
50,000
50,846
Tomball Independent School District,
Unlimited Tax School Building GO,
PSF-GTD, 5.00%, 2/15/2025
35,000
35,873
Trinity River Authority, Denton Creek
Wastewater Treatment System Rev.,
5.00%, 2/1/2024
40,000
40,245
Trinity River Authority, Water Project
Rev., 5.00%, 2/1/2024
25,000
25,153
Rev., 5.00%, 2/1/2025
75,000
76,610
University of Houston Series 2017A, Rev.,
5.00%, 2/15/2025
45,000
46,046
University of North Texas System, Financing
System
Series 2017A, Rev., 5.00%, 4/15/2025
25,000
25,638
Series 2020A, Rev., 5.00%, 4/15/2025
500,000
512,770
Weatherford Independent School District,
Unlimited Tax GO, PSF-GTD, Zero Coupon,
2/15/2025
50,000
47,530
Total Texas
189,822,607
Utah — 0.2%
City of Salt Lake City, Sales and Excise Tax
Series 2016A, Rev., 4.00%, 10/1/2023
30,000
30,015
City of Sandy City, Sales Tax Rev., 5.00%,
3/1/2024
25,000
25,209
City of St. George, Franchise Tax Rev.,
5.00%, 12/1/2023
40,000
40,151
City of Woods Cross City Series 2017, Rev.,
4.00%, 12/15/2023
20,000
20,036
County of Utah, IHC Health Services, Inc.
Series 2020B-1, Rev., 5.00%,
8/1/2024(c)
3,775,000
3,819,048
State of Utah GO, 5.00%, 7/1/2024
75,000
76,061
University of Utah (The) Series 2017A,
Rev., 5.00%, 8/1/2024
45,000
45,654
Utah Associated Municipal Power Systems,
Horse Butte Wind Series 2017A, Rev.,
5.00%, 9/1/2026
725,000
758,072
Utah State Building Ownership Authority,
Master Lease Program Series 2012A,
Rev., 3.00%, 5/15/2025
35,000
34,677
Total Utah
4,848,923
Vermont — 0.0% ^
Vermont Municipal Bond Bank Series 3,
Rev., 5.00%, 12/1/2023
25,000
25,102
SEE NOTES TO FINANCIAL STATEMENTS.
212
J.P. Morgan Exchange-Traded Funds
August 31, 2023


INVESTMENTS
PRINCIPAL
AMOUNT($)
VALUE($)
Municipal Bonds — continued
Virgin Islands — 0.0% ^
Matching Fund Special Purpose
Securitization Corp. Series 2022A, Rev.,
5.00%, 10/1/2025
1,000,000
1,011,055
Virginia — 1.3%
Chesapeake Bay Bridge and Tunnel District
General Resolution Series 2019, Rev.,
BAN, 5.00%, 11/1/2023
25,640,000
25,682,724
City of Chesapeake Series A, Rev., AGM-CR,
4.00%, 7/15/2024
25,000
25,011
City of Hampton Series 2015B, GO, 5.00%,
9/1/2024(b)
30,000
30,448
City of Norfolk
Series A, GO, 5.00%, 10/1/2023
10,000
10,012
Rev., 5.00%, 11/1/2024
100,000
101,875
Commonwealth of Virginia Series 2013B,
GO, 4.00%, 6/1/2025
20,000
20,011
County of Chesterfield COP, 4.00%,
11/1/2023
100,000
100,041
County of Fairfax, Public Improvement
Series 2015A, GO, 5.00%, 10/1/2023
40,000
40,047
County of Loudoun Series 2016A, GO,
5.00%, 12/1/2023
75,000
75,301
County of Pulaski GO, 5.00%, 2/1/2024
40,000
40,266
Culpeper County Economic Development
Authority, Capital Projects Rev., 5.00%,
6/1/2024
330,000
334,024
Henry County Industrial Development
Authority Rev., GAN, 2.00%, 9/5/2023
1,040,000
1,040,000
Louisa Industrial Development Authority,
Electric and Power Co. Project Series
2008B, Rev., 0.75%, 9/2/2025(c)
100,000
91,863
Virginia College Building Authority Series
2021A, Rev., 5.00%, 9/1/2023
2,200,000
2,200,000
Virginia College Building Authority, Virginia
Educational Facilities, Public Higher
Education Financing Program
Series 2014B, Rev., 5.00%, 9/1/2023
25,000
25,000
Series 2016A, Rev., 5.00%, 9/1/2023
55,000
55,000
Virginia Commonwealth Transportation
Board, Capital Projects
Rev., 5.00%, 5/15/2024
35,000
35,406
Series 2017A, Rev., 5.00%, 5/15/2025
40,000
41,156
Virginia Commonwealth Transportation
Board, Federal Highway Transportation
Rev., GAN, 5.00%, 3/15/2028
20,000
21,007
Virginia Commonwealth Transportation
Board, Federal Transportation Rev., GAN,
5.00%, 3/15/2025
30,000
30,780
INVESTMENTS
PRINCIPAL
AMOUNT($)
VALUE($)
 
Virginia — continued
Virginia Commonwealth University Health
System Authority Series B, Rev., 5.00%,
7/1/2025
45,000
46,202
Virginia Housing Development Authority
Series 2020B, Rev., 0.99%, 3/1/2024
62,898
61,839
Virginia Public Building Authority, Public
Facilities Series C, Rev., 4.00%,
8/1/2026
25,000
25,117
Virginia Public School Authority, School
Financing 1997 Resolution Series
2015A, Rev., 5.00%, 8/1/2024
25,000
25,388
Virginia Resources Authority, Infrastructure
Moral Obligation Series 2012B, Rev.,
4.00%, 11/1/2024
15,000
15,007
Wise County Industrial Development
Authority, Electric and Power Co. Project
Series 2010A, Rev., 1.20%,
5/31/2024(c)
2,110,000
2,055,185
Total Virginia
32,228,710
Washington — 1.5%
Auburn School District No. 408 of King and
Pierce Counties, Unlimited Tax GO,
5.00%, 12/1/2024
25,000
25,510
Benton County School District No. 17
Kennewick, Unlimited Tax GO, 5.00%,
12/1/2023
60,000
60,238
Central Washington University Rev., 4.00%,
5/1/2026
270,000
270,002
City of Auburn, Utility System Rev., 5.00%,
12/1/2023
35,000
35,129
City of Edmonds, Water and Sewer Rev.,
5.00%, 12/1/2023
25,000
25,018
City of Everett, Water and Sewer Rev.,
5.00%, 12/1/2023
25,000
25,096
City of Lynnwood, Utility System Rev.,
4.00%, 12/1/2023
30,000
30,048
City of Olympia, Limited Tax GO, 5.00%,
12/1/2024
25,000
25,510
City of Redmond, Utility System Series
2014, Rev., 5.00%, 12/1/2024(b)
1,600,000
1,632,036
City of Richland, Waterworks Utility Rev.,
4.00%, 11/1/2023
20,000
20,018
City of Seattle, Drainage and Wastewater
System Improvement Series 2021, Rev.,
5.00%, 9/1/2023
90,000
90,000
City of Seattle, Limited Tax Series 2013A,
GO, 4.00%, 10/1/2023
25,000
25,007
SEE NOTES TO FINANCIAL STATEMENTS.
August 31, 2023
J.P. Morgan Exchange-Traded Funds
213


JPMorgan Ultra-Short Municipal Income ETF
SCHEDULE OF PORTFOLIO INVESTMENTS
AS OF August 31, 2023  (Unaudited) (continued)
INVESTMENTS
PRINCIPAL
AMOUNT($)
VALUE($)
Municipal Bonds — continued
Washington — continued
City of Seattle, Municipal Light and Power
Improvement Series 2016C, Rev.,
5.00%, 10/1/2023
45,000
45,055
City of Spokane, Water and Wastewater
System Rev., 5.00%, 12/1/2023
20,000
20,079
City of University Place, Limited Tax GO,
4.00%, 12/1/2023
35,000
35,054
City of Walla Walla, Unlimited Tax GO,
3.00%, 12/1/2023
25,000
24,965
Clark County Public Utility District No. 1
Electric Rev., 5.00%, 1/1/2024
15,000
15,073
Clark County School District No. 37
Vancouver, Unlimited Tax GO, 5.00%,
12/1/2023
30,000
30,120
Clark County, Vancouver School District No.
37 GO, 3.00%, 12/1/2023
25,000
24,974
County of Benton, Limited Tax GO, 3.00%,
12/1/2023
30,000
29,947
County of King, Junior Lien, Sewer Series
2020A, Rev., 0.63%, 1/1/2024(c)
1,545,000
1,526,474
County of King, Sewer, Junior Lien Series
2020B, Rev., 0.88%, 1/1/2026(c)
60,000
55,918
County of Pierce Series A, GO, 5.00%,
8/1/2024
20,000
20,317
County of Skagit, Limited Tax GO, 5.00%,
12/1/2024
60,000
61,165
Eastern Washington University, Services and
Activities Fee Series 2016A, Rev.,
5.00%, 10/1/2023
35,000
35,037
Energy Northwest, Project 1 Series 2014C,
Rev., 5.00%, 7/1/2026
90,000
91,149
Energy Northwest, Project 3 Electric Series
2018C, Rev., 5.00%, 7/1/2025
25,000
25,766
FYI Properties, State of Washington District
Project Series 2019, Rev., 5.00%,
6/1/2024
55,000
55,590
King and Snohomish Counties School
District No. 417 Northshore, Unlimited
Tax GO, 5.00%, 12/1/2024
25,000
25,522
King County Fire Protection District No. 2,
Unlimited Tax Series 2016, GO, 4.00%,
12/1/2023
100,000
100,154
King County Fire Protection District No. 39,
Unlimited Tax Series 2015A, GO, 5.00%,
12/1/2024
40,000
40,825
King County Public Hospital District No. 1,
Valley Medical Center Series 2016, GO,
5.00%, 12/1/2023
300,000
301,023
INVESTMENTS
PRINCIPAL
AMOUNT($)
VALUE($)
 
Washington — continued
King County Public Hospital District No. 2,
Evergreen Healthcare, Limited Tax Series
2015B, GO, 5.00%, 12/1/2024(b)
20,000
20,400
King County School District No. 403 Renton,
Unlimited Tax GO, 4.00%, 12/1/2024
65,000
65,575
King County School District No. 405
Bellevue, Unlimited Tax
GO, 5.00%, 12/1/2023
45,000
45,181
GO, 5.00%, 12/1/2024
160,000
163,399
King County School District No. 409 Tahoma
Series 2013, GO, 5.00%, 12/1/2028
25,000
25,092
King County School District No. 415 Kent,
Unlimited Tax GO, 5.00%, 12/1/2023
30,000
30,119
Lewis County Public Utility District No. 1,
Cowlitz Falls Hydro Electric Project Rev.,
5.00%, 10/1/2023
100,000
100,117
Port of Seattle
Series 2016, Rev., 5.00%, 2/1/2026
80,000
83,235
Rev., 5.00%, 2/1/2028
20,000
20,760
Port of Seattle Intermediate Lien Series
2022A, Rev., 5.00%, 8/1/2026
35,000
36,769
RBC Municipal Products, Inc. Trust, Floater
Certificates Series G-123, Rev., VRDO,
LIQ : Royal Bank of Canada, 4.26%,
9/7/2023(c) (e)
5,860,000
5,860,000
Spokane County School District No. 356
Central Valley, Unlimited Tax GO, 5.00%,
12/1/2023
45,000
45,180
State of Washington Series R-2022C, GO,
4.00%, 7/1/2027
15,000,000
15,514,425
State of Washington, Senior 520 Corridor
Program, Federal Highway Series 2014C,
Rev., 5.00%, 9/1/2024
245,000
245,160
State of Washington, State and Local
Agency Personal Property Series 2014B,
COP, 5.00%, 7/1/2024
50,000
50,642
State of Washington, State and Local
Agency Real and Personal Property
Series 2018C, COP, 5.00%, 7/1/2024
35,000
35,450
State of Washington, Various Purpose
Series 2014C, Rev., 5.00%, 9/1/2023
70,000
70,000
Series R-2015E, GO, 5.00%, 7/1/2024
25,000
25,348
Series 2018A, GO, 5.00%, 8/1/2024
40,000
40,613
Series R-2018C, GO, 5.00%, 8/1/2024
35,000
35,537
Series 2021C, COP, 5.00%, 1/1/2025
1,000,000
1,020,904
University of Washington Series 2020C,
Rev., 5.00%, 4/1/2026
25,000
26,050
SEE NOTES TO FINANCIAL STATEMENTS.
214
J.P. Morgan Exchange-Traded Funds
August 31, 2023


INVESTMENTS
PRINCIPAL
AMOUNT($)
VALUE($)
Municipal Bonds — continued
Washington — continued
Washington Health Care Facilities Authority,
Multicare Health System Series B, Rev.,
5.00%, 8/15/2026
390,000
398,338
Washington Health Care Facilities Authority,
Providence Health and Services
Series 2012A, Rev., 5.00%, 10/1/2023
1,430,000
1,431,058
Series 2012A, Rev., 5.00%, 10/1/2024
55,000
55,024
Series 2012A, Rev., 5.00%, 10/1/2025
25,000
25,019
Series 2012A, Rev., 5.00%, 10/1/2026
1,030,000
1,030,260
Washington Health Care Facilities Authority,
Seattle Cancer Care Alliance Rev.,
5.00%, 3/1/2026
500,000
508,271
Washington State Housing Finance
Commission, Herons Key Senior Living
Series A, Rev., 7.00%, 7/1/2025(b) (e)
6,530,000
6,879,756
Washington State Housing Finance
Commission, Rockwood Retirement
Communities Project Series A, Rev.,
7.00%, 7/1/2025(b) (e)
1,100,000
1,158,918
Washington State University Series 2014,
Rev., 5.00%, 4/1/2024(b)
30,000
30,284
Total Washington
39,904,703
West Virginia — 0.0% ^
West Virginia Economic Development
Authority, Appalachian Power Co. Series
2015A, Rev., 2.55%, 4/1/2024(c)
135,000
133,362
West Virginia Economic Development
Authority, Correctional Juvenile and
Public Safety Facilities
Series 2012A, Rev., 5.00%, 6/1/2024
125,000
125,123
Series 2012A, Rev., 5.00%, 6/1/2025
805,000
805,828
West Virginia Economic Development
Authority, Solid Waste Disposal Facilities,
Appalachian Power Co. Amos Project
Series 2010A, Rev., 0.63%,
12/15/2025(c)
100,000
91,119
Total West Virginia
1,155,432
Wisconsin — 1.2%
City of De Pere Series 2013A, GO, 3.38%,
12/1/2026
460,000
457,607
City of Madison, Promissory Notes GO,
4.00%, 10/1/2023
30,000
30,012
City of Madison, Water Utility Rev., BAN,
1.50%, 11/1/2024
1,075,000
1,039,986
City of Oak Creek Series 2021B, Rev.,
2.00%, 9/21/2023
5,020,000
5,016,774
INVESTMENTS
PRINCIPAL
AMOUNT($)
VALUE($)
 
Wisconsin — continued
City of Oshkosh, Street Improvement Series
2019A, GO, 2.00%, 12/1/2023
200,000
199,000
County of Milwaukee, Corporate Purpose
Series 2018D, GO, 3.00%, 8/1/2024
100,000
99,195
County of Waushara Series 2023A, Rev.,
4.75%, 12/1/2023
10,200,000
10,207,178
Milwaukee Redevelopment Authority, Public
Schools
Rev., 5.00%, 11/15/2023
130,000
130,375
Series 2016A, Rev., 5.00%,
11/15/2023
40,000
40,115
Public Finance Authority Series 2014A,
Rev., 5.75%, 11/15/2024(b) (e)
2,550,000
2,604,717
Public Finance Authority, Coral Academy of
Science Series 2021A, Rev., 4.00%,
7/1/2025
315,000
309,500
Public Finance Authority, Entrance Fee
Principal Redemption, Searstone CCRC
Project Series 2021B2, Rev., 2.25%,
6/1/2027(e)
1,975,000
1,830,010
State of Wisconsin
Series 2016-2, GO, 5.00%, 11/1/2024
20,000
20,387
Series 2014-4, GO, 5.00%, 5/1/2025
90,000
91,775
State of Wisconsin Clean Water Fund
Leveraged Loan Portfolio
Series 2015-1, Rev., 5.00%,
6/1/2024(b)
530,000
535,687
Series 20161, Rev., 5.00%,
6/1/2024(b)
50,000
50,537
Village of Fox Crossing, Corporate Purpose
GO, 3.00%, 4/1/2024
185,000
184,131
Village of Menomonee Falls, Corporate
Purpose Series 2019B, GO, 3.50%,
2/1/2024
245,000
245,084
Wauwatosa School District, School Building
and Improvement Series 2019B, GO,
5.00%, 9/1/2024
30,000
30,480
Wisconsin Health and Educational Facilities
Authority, Advocate Aurora Health Credit
Series 2018B-4, Rev., 5.00%,
1/29/2025(c)
420,000
427,592
Wisconsin Health and Educational Facilities
Authority, Advocate Aurora Health Credit
Group
Series 2018B-2, Rev., 5.00%,
6/24/2026(c)
75,000
77,794
Series 2018C1, Rev., 5.00%,
7/29/2026(c)
630,000
654,320
SEE NOTES TO FINANCIAL STATEMENTS.
August 31, 2023
J.P. Morgan Exchange-Traded Funds
215


JPMorgan Ultra-Short Municipal Income ETF
SCHEDULE OF PORTFOLIO INVESTMENTS
AS OF August 31, 2023  (Unaudited) (continued)
INVESTMENTS
PRINCIPAL
AMOUNT($)
VALUE($)
Municipal Bonds — continued
Wisconsin — continued
Wisconsin Health and Educational Facilities
Authority, Ascension Health Alliance
Senior Credit Group
Series 2016A, Rev., 5.00%,
11/15/2024
375,000
381,437
Series 2016A, Rev., 5.00%,
11/15/2026
2,000,000
2,075,341
Series 2016A, Rev., 5.00%,
11/15/2028
95,000
98,738
Wisconsin Health and Educational Facilities
Authority, Ascension Health Credit
Series 2013A, Rev., 5.00%,
11/15/2023(b)
20,000
20,053
Series 2013B-5, Rev., 5.00%,
12/3/2024(c)
1,100,000
1,115,137
Wisconsin Health and Educational Facilities
Authority, Ascension Senior Credit Group
Series 2019A, Rev., 5.00%,
11/15/2024
250,000
254,291
Wisconsin Health and Educational Facilities
Authority, Mercy Alliance, Inc. Rev.,
5.00%, 6/1/2026
160,000
160,096
Wisconsin Health and Educational Facilities
Authority, Oakwood Lutheran Senior
Ministries
Rev., 4.00%, 1/1/2024
160,000
159,383
Rev., 4.00%, 1/1/2025
210,000
206,729
Wisconsin Health and Educational Facilities
Authority, St. John's Community, Inc.
Projects Series 2018A, Rev., 4.25%,
9/15/2023(b)
1,500,000
1,500,297
Wisconsin Health and Educational Facilities
Authority, The Monroe Clinic, Inc.
Rev., 3.00%, 8/15/2025(b)
25,000
24,797
Rev., 4.00%, 8/15/2025(b)
30,000
30,332
Wisconsin Health and Educational Facilities
Authority, Unity Point Health
Series 2014A, Rev., 5.00%, 12/1/2023
25,000
25,064
Series 2014A, Rev., 5.00%, 12/1/2024
185,000
187,409
Series 2014A, Rev., 5.00%, 12/1/2025
600,000
606,932
Total Wisconsin
31,128,292
Wyoming — 0.0% ^
Wyoming State Loan and Investment Board,
Capital Facilities Series 2012A, Rev.,
5.00%, 10/1/2023
30,000
30,035
Total Municipal Bonds
(Cost $2,486,408,106)
2,474,968,241
INVESTMENTS
SHARES
VALUE($)
Short-Term Investments — 4.0%
Investment Companies — 4.0%
JPMorgan Institutional Tax Free Money
Market Fund Class IM Shares,
3.71%(g) (h)
(Cost $102,975,787)
102,969,821
102,980,118
Total Investments — 100.2%
(Cost $2,589,383,893)
2,577,948,359
Liabilities in Excess of Other Assets —
(0.2)%
(5,613,950
)
NET ASSETS — 100.0%
2,572,334,409

Percentages indicated are based on net assets.
Abbreviations
 
AGC
Insured by Assured Guaranty Corp.
AGM
Insured by Assured Guaranty Municipal Corp.
AMBAC
Insured by American Municipal Bond Assurance Corp.
AMT
Alternative Minimum Tax
BAN
Bond Anticipation Note
CCRC
Congregate Care Retirement Center
COLL
Collateral
COP
Certificate of Participation
CR
Custodial Receipts
FHA
Federal Housing Administration
FHLMC
Federal Home Loan Mortgage Corp.
FNMA
Federal National Mortgage Association
GAN
Grant Anticipation Notes
GNMA
Government National Mortgage Association
GO
General Obligation
GTD
Guaranteed
LIQ
Liquidity Agreement
LOC
Letter of Credit
MTA
Metropolitan Transportation Authority
NATL
Insured by National Public Finance Guarantee Corp.
PSF-GTD
Permanent School Fund Guaranteed
Q-SBLF
Qualified School Bond Loan Fund
RAN
Revenue Anticipation Note
RE
Reinsured
Rev.
Revenue
SCSDE
South Carolina School District Enhancement
SIFMA
The Securities Industry and Financial Markets Association
SOFR
Secured Overnight Financing Rate
VRDO
Variable Rate Demand Obligation
XLCA
Insured by XL Capital Assurance
^
Amount rounds to less than 0.1% of net assets.
(a)
The date shown represents the earliest of the
prerefunded date, next put date or final maturity date.
 
(b)
Security is prerefunded or escrowed to maturity.
 
SEE NOTES TO FINANCIAL STATEMENTS.
216
J.P. Morgan Exchange-Traded Funds
August 31, 2023


(c)
Variable or floating rate security, the interest rate of
which adjusts periodically based on changes in current
interest rates and prepayments on the underlying
pool of assets. The interest rate shown is the current
rate as of August 31, 2023.
 
(d)
Variable or floating rate security, linked to the
referenced benchmark. The interest rate shown is the
current rate as of August 31, 2023.
 
(e)
Securities exempt from registration under Rule 144A
or section 4(a)(2), of the Securities Act of 1933, as
amended.
 
(f)
All or a portion of the security is a when-issued
security, delayed delivery security, or forward
commitment.
 
(g)
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.
 
(h)
The rate shown is the current yield as of August 31,
2023.
 
SEE NOTES TO FINANCIAL STATEMENTS.
August 31, 2023
J.P. Morgan Exchange-Traded Funds
217


STATEMENTS OF ASSETS AND LIABILITIES
AS OF August 31, 2023 (Unaudited)
 
JPMorgan
Core Plus
Bond ETF
JPMorgan Income ETF
JPMorgan
International
Bond
Opportunities ETF
JPMorgan
Municipal ETF
ASSETS:
Investments in non-affiliates, at value
$1,233,885,329
$677,382,509
$332,780,555
$579,694,712
Investments in affiliates, at value
235,103,925
2,637,620
14,922,581
65,310,239
Cash
26,404
47,538
13,111
Foreign currency, at value
30
37
359,753
Deposits at broker for futures contracts
7,318,000
1,790,000
3,513,730
210,000
Deposits at broker for centrally cleared swaps
1,028,000
3,347,000
1,432,000
Receivables:
Due from custodian
97,468
204,833
Investment securities sold
11,881,092
2,688,017
490,756
Interest from non-affiliates
9,086,801
5,447,539
4,117,031
5,584,397
Dividends from non-affiliates
106
Dividends from affiliates
33,973
395
2,156
170,406
Tax reclaims
17,542
Variation margin on futures contracts
437,568
131,573
702,265
12,988
Variation margin on centrally cleared swaps
26,731
21,687
601,618
Unrealized appreciation on forward foreign currency
exchange contracts
2,842,257
Total Assets
1,498,872,292
693,682,658
361,249,851
651,597,471
LIABILITIES:
Payables:
Investment securities purchased
21,049,049
5,772,032
1,096,757
1,707,184
Investment securities purchased — delayed delivery
securities
26,738,580
82,209,531
7,700,959
Unrealized depreciation on forward foreign currency
exchange contracts
75,417
150,509
542,637
Variation margin on centrally cleared swaps
529,001
Outstanding OTC swap contracts, at value
97,968
83,873
Accrued liabilities:
Management fees(See Note 3.A.)
440,576
195,805
148,890
87,076
Deferred foreign capital gains tax
13,554
Total Liabilities
48,930,591
88,411,750
1,801,838
9,495,219
Net Assets
$1,449,941,701
$605,270,908
$359,448,013
$642,102,252
SEE NOTES TO FINANCIAL STATEMENTS.
218
J.P. Morgan Exchange-Traded Funds
August 31, 2023


 
JPMorgan
Core Plus
Bond ETF
JPMorgan Income ETF
JPMorgan
International
Bond
Opportunities ETF
JPMorgan
Municipal ETF
NET ASSETS:
Paid-in-Capital
$1,513,375,630
$627,365,878
$396,061,184
$654,110,351
Total distributable earnings (loss)
(63,433,929
)
(22,094,970
)
(36,613,171
)
(12,008,099
)
Total Net Assets
$1,449,941,701
$605,270,908
$359,448,013
$642,102,252
Outstanding number of shares
(unlimited number of shares authorized - par value
$0.0001)
31,600,000
13,530,000
7,800,000
12,950,000
Net asset value, per share
$45.88
$44.74
$46.08
$49.58
Cost of investments in non-affiliates
$1,282,079,023
$689,042,499
$361,873,276
$587,326,934
Cost of investments in affiliates
235,103,925
2,637,620
14,922,581
65,306,566
Cost of foreign currency
28
37
747,342
Net upfront payments/(receipts) on centrally cleared swaps
67,379
(824,430
)
(109,983
)
(221,496
)
Net upfront payments on OTC swap contracts
51,886
26,082
SEE NOTES TO FINANCIAL STATEMENTS.
August 31, 2023
J.P. Morgan Exchange-Traded Funds
219


STATEMENTS OF ASSETS AND LIABILITIES
AS OF August 31, 2023 (Unaudited) (continued)
 
JPMorgan Short
Duration Core
Plus ETF
JPMorgan
Ultra-Short
Income ETF
JPMorgan
Ultra-Short
Municipal
Income ETF
ASSETS:
Investments in non-affiliates, at value
$250,290,578
$21,174,103,538
$2,474,968,241
Investments in affiliates, at value
5,674,554
1,325,392,391
102,980,118
Investments of cash collateral received from securities loaned, at value(See Note
2.E.)
607,965
8,510,784
Repurchase agreements, at value
200,000,000
Cash
28,338
9,114,694
140,174
Foreign currency, at value
42
Deposits at broker for futures contracts
240,800
Receivables:
Investment securities sold
70,526
19,023,554
Fund shares sold
1,831,345
4,943
Interest from non-affiliates
1,745,614
165,060,354
25,310,622
Dividends from affiliates
849
191,521
292,220
Securities lending income(See Note 2.E.)
942
12,783
Variation margin on futures contracts
35,136
Variation margin on centrally cleared swaps
1,988
Total Assets
260,287,877
22,901,650,419
2,603,696,318
LIABILITIES:
Payables:
Investment securities purchased
1,869,939
133,576,413
1,116,952
Investment securities purchased — delayed delivery securities
29,877,585
Collateral received on securities loaned(See Note 2.E.)
607,965
8,510,784
Accrued liabilities:
Management fees(See Note 3.A.)
70,562
3,359,466
367,372
Total Liabilities
2,548,466
145,446,663
31,361,909
Net Assets
$257,739,411
$22,756,203,756
$2,572,334,409
NET ASSETS:
Paid-in-Capital
$275,075,371
$22,864,624,379
$2,596,213,512
Total distributable earnings (loss)
(17,335,960
)
(108,420,623
)
(23,879,103
)
Total Net Assets
$257,739,411
$22,756,203,756
$2,572,334,409
Outstanding number of shares
(unlimited number of shares authorized - par value $0.0001)
5,630,000
452,950,000
50,800,000
Net asset value, per share
$45.78
$50.24
$50.64
Cost of investments in non-affiliates
$258,516,257
$21,263,147,339
$2,486,408,106
Cost of investments in affiliates
5,674,175
1,325,392,391
102,975,787
Cost of repurchase agreements
200,000,000
Cost of foreign currency
42
Investment securities on loan, at value(See Note 2.E.)
589,233
8,275,241
Cost of investment of cash collateral(See Note 2.E.)
607,965
8,510,784
Net upfront receipts on centrally cleared swaps
(5,495
)
SEE NOTES TO FINANCIAL STATEMENTS.
220
J.P. Morgan Exchange-Traded Funds
August 31, 2023


STATEMENTS OF OPERATIONS
FOR THE SIX MONTHS ENDED August 31, 2023 (Unaudited)
 
JPMorgan
Core Plus
Bond ETF
JPMorgan Income ETF
JPMorgan
International
Bond
Opportunities ETF
JPMorgan
Municipal ETF
INVESTMENT INCOME:
Interest income from non-affiliates
$23,141,552
$15,291,664
$7,713,096
$8,114,474
Interest income from affiliates
1,024
1,656
Dividend income from non-affiliates
563
Dividend income from affiliates
3,693,503
220,558
173,337
692,293
Total investment income
26,835,618
15,513,246
7,888,089
8,806,767
EXPENSES:
Management fees(See Note 3.A.)
2,061,529
929,908
799,839
420,154
Interest expense to non-affiliates
10,882
3,946
1,810
59
Interest expense to affiliates
57
3,537
1,583
Total expenses
2,072,411
933,911
805,186
421,796
Net investment income (loss)
24,763,207
14,579,335
7,082,903
8,384,971
REALIZED/UNREALIZED GAINS (LOSSES):
Net realized gain (loss) on transactions from:
Investments in non-affiliates
(4,240,707
)
(3,159,842
)
(2,868,915
)(a)
(760,604
)
Investments in affiliates
(735
)
(2,943
)
Futures contracts
(8,935,953
)
(3,921,051
)
(2,831,302
)
(153,788
)
Foreign currency transactions
5
614,724
Forward foreign currency exchange contracts
(260,895
)
(526,200
)
(2,839,612
)
Swaps
82,518
(538,889
)
(228,990
)
(724,631
)
Net realized gain (loss)
(13,355,037
)
(8,146,712
)
(8,154,095
)
(1,641,966
)
Change in net unrealized appreciation/depreciation on:
Investments in non-affiliates
(6,857,184
)
2,350,037
7,437,835
(2,831,120
)
Investments in affiliates
14
1,897
Futures contracts
2,544,712
564,983
(585,219
)
50,893
Foreign currency translations
(157,838
)
Forward foreign currency exchange contracts
34,463
78,571
(1,510,628
)
Swaps
88,147
(1,261,264
)
(592,492
)
425,403
Change in net unrealized appreciation/depreciation
(4,189,862
)
1,732,341
4,591,658
(2,352,927
)
Net realized/unrealized gains (losses)
(17,544,899
)
(6,414,371
)
(3,562,437
)
(3,994,893
)
Change in net assets resulting from operations
$7,218,308
$8,164,964
$3,520,466
$4,390,078

(a)
Net of foreign capital gains tax of $(13,554).
SEE NOTES TO FINANCIAL STATEMENTS.
August 31, 2023
J.P. Morgan Exchange-Traded Funds
221


STATEMENTS OF OPERATIONS
FOR THE SIX MONTHS ENDED August 31, 2023 (Unaudited) (continued)
 
JPMorgan Short
Duration Core
Plus ETF
JPMorgan
Ultra-Short
Income ETF
JPMorgan
Ultra-Short
Municipal
Income ETF
INVESTMENT INCOME:
Interest income from non-affiliates
$4,733,621
$507,739,884
$38,762,889
Interest income from affiliates
507
7,744
Dividend income from affiliates
155,882
80,742,294
2,458,936
Income from securities lending (net)(See Note 2.E.)
8,067
81,544
Total investment income
4,898,077
588,571,466
41,221,825
EXPENSES:
Management fees(See Note 3.A.)
360,068
19,897,650
2,156,562
Interest expense to non-affiliates
1,051
3,743
Interest expense to affiliates
416
15,077
10,547
Total expenses
361,535
19,912,727
2,170,852
Net investment income (loss)
4,536,542
568,658,739
39,050,973
REALIZED/UNREALIZED GAINS (LOSSES):
Net realized gain (loss) on transactions from:
Investments in non-affiliates
(1,447,057
)
(58,402,225
)
(1,402,866
)
Investments in affiliates
(1,604
)
(6,836
)
Futures contracts
(716,468
)
(42,712,853
)
(1,776,264
)
Foreign currency transactions
115
Forward foreign currency exchange contracts
(113
)
Swaps
(46,463
)
Net realized gain (loss)
(2,211,590
)
(101,115,078
)
(3,185,966
)
Change in net unrealized appreciation/depreciation on:
Investments in non-affiliates
1,426,189
52,547,870
2,194,330
Investments in affiliates
379
1,000
(6,380
)
Futures contracts
133,271
325,334
Foreign currency translations
(1
)
Swaps
(9,036
)
Change in net unrealized appreciation/depreciation
1,550,802
52,548,870
2,513,284
Net realized/unrealized gains (losses)
(660,788
)
(48,566,208
)
(672,682
)
Change in net assets resulting from operations
$3,875,754
$520,092,531
$38,378,291
SEE NOTES TO FINANCIAL STATEMENTS.
222
J.P. Morgan Exchange-Traded Funds
August 31, 2023


STATEMENTS OF CHANGES IN NET ASSETS
FOR THE PERIODS INDICATED
 
JPMorgan Core
Plus Bond ETF
JPMorgan Income ETF
 
Six Months Ended
August 31, 2023
(Unaudited)
Year Ended
February 28, 2023
Six Months Ended
August 31, 2023
(Unaudited)
Year Ended
February 28, 2023
CHANGE IN NET ASSETS RESULTING FROM OPERATIONS:
Net investment income (loss)
$24,763,207
$15,449,243
$14,579,335
$9,509,946
Net realized gain (loss)
(13,355,037
)
(8,263,378
)
(8,146,712
)
(5,053,206
)
Change in net unrealized appreciation/depreciation
(4,189,862
)
(34,402,057
)
1,732,341
(10,704,366
)
Change in net assets resulting from operations
7,218,308
(27,216,192
)
8,164,964
(6,247,626
)
DISTRIBUTIONS TO SHAREHOLDERS:
Total distributions to shareholders
(21,310,110
)
(13,633,852
)
(12,228,022
)
(8,447,314
)
CAPITAL TRANSACTIONS:
Change in net assets resulting from capital transactions
701,359,922
526,669,693
260,423,076
225,744,829
NET ASSETS:
Change in net assets
687,268,120
485,819,649
256,360,018
211,049,889
Beginning of period
762,673,581
276,853,932
348,910,890
137,861,001
End of period
$1,449,941,701
$762,673,581
$605,270,908
$348,910,890
CAPITAL TRANSACTIONS:
Proceeds from shares issued
$701,359,922
$526,669,693
$260,423,076
$225,744,829
Total change in net assets resulting from capital
transactions
$701,359,922
$526,669,693
$260,423,076
$225,744,829
SHARE TRANSACTIONS:
Issued
15,100,000
11,200,000
5,760,000
4,950,000
Net increase (decrease) in shares from share transactions
15,100,000
11,200,000
5,760,000
4,950,000
SEE NOTES TO FINANCIAL STATEMENTS.
August 31, 2023
J.P. Morgan Exchange-Traded Funds
223


STATEMENTS OF CHANGES IN NET ASSETS
FOR THE PERIODS INDICATED (continued)
 
JPMorgan International Bond
Opportunities ETF
JPMorgan Municipal ETF
 
Six Months Ended
August 31, 2023
(Unaudited)
Year Ended
February 28, 2023
Six Months Ended
August 31, 2023
(Unaudited)
Year Ended
February 28, 2023
CHANGE IN NET ASSETS RESULTING FROM OPERATIONS:
Net investment income (loss)
$7,082,903
$10,187,081
$8,384,971
$6,193,320
Net realized gain (loss)
(8,154,095
)
(4,176,011
)
(1,641,966
)
(4,252,858
)
Distributions of capital gains received from investment
company affiliates
1,815
Change in net unrealized appreciation/depreciation
4,591,658
(12,105,884
)
(2,352,927
)
(4,719,224
)
Change in net assets resulting from operations
3,520,466
(6,094,814
)
4,390,078
(2,776,947
)
DISTRIBUTIONS TO SHAREHOLDERS:
Total distributions to shareholders
(8,103,088
)
(9,201,940
)
(7,578,061
)
(5,243,802
)
CAPITAL TRANSACTIONS:
Change in net assets resulting from capital transactions
79,523,199
(23,314,375
)
237,147,692
315,520,744
NET ASSETS:
Change in net assets
74,940,577
(38,611,129
)
233,959,709
307,499,995
Beginning of period
284,507,436
323,118,565
408,142,543
100,642,548
End of period
$359,448,013
$284,507,436
$642,102,252
$408,142,543
CAPITAL TRANSACTIONS:
Proceeds from shares issued
$79,523,199
$37,437,091
$237,147,692
$346,910,716
Cost of shares redeemed
(60,751,466
)
(31,389,972
)
Total change in net assets resulting from capital
transactions
$79,523,199
$(23,314,375
)
$237,147,692
$315,520,744
SHARE TRANSACTIONS:
Issued
1,700,000
800,000
4,750,000
6,950,000
Redeemed
(1,300,000
)
(650,000
)
Net increase (decrease) in shares from share transactions
1,700,000
(500,000
)
4,750,000
6,300,000
SEE NOTES TO FINANCIAL STATEMENTS.
224
J.P. Morgan Exchange-Traded Funds
August 31, 2023


 
JPMorgan Short
Duration Core Plus ETF
JPMorgan Ultra-Short
Income ETF
 
Six Months Ended
August 31, 2023
(Unaudited)
Year Ended
February 28, 2023
Six Months Ended
August 31, 2023
(Unaudited)
Year Ended
February 28, 2023
CHANGE IN NET ASSETS RESULTING FROM OPERATIONS:
Net investment income (loss)
$4,536,542
$5,819,211
$568,658,739
$495,099,163
Net realized gain (loss)
(2,211,590
)
(7,004,929
)
(101,115,078
)
18,789,084
Change in net unrealized appreciation/depreciation
1,550,802
(4,603,014
)
52,548,870
(52,916,345
)
Change in net assets resulting from operations
3,875,754
(5,788,732
)
520,092,531
460,971,902
DISTRIBUTIONS TO SHAREHOLDERS:
Total distributions to shareholders
(4,365,870
)
(5,562,119
)
(547,437,731
)
(471,003,120
)
CAPITAL TRANSACTIONS:
Change in net assets resulting from capital transactions
67,807,530
9,311,169
(2,360,951,811
)
6,468,357,505
NET ASSETS:
Change in net assets
67,317,414
(2,039,682
)
(2,388,297,011
)
6,458,326,287
Beginning of period
190,421,997
192,461,679
25,144,500,767
18,686,174,480
End of period
$257,739,411
$190,421,997
$22,756,203,756
$25,144,500,767
CAPITAL TRANSACTIONS:
Proceeds from shares issued
$67,807,530
$74,909,941
$1,038,666,963
$9,164,313,805
Cost of shares redeemed
(65,598,772
)
(3,399,618,774
)
(2,695,956,300
)
Total change in net assets resulting from capital
transactions
$67,807,530
$9,311,169
$(2,360,951,811
)
$6,468,357,505
SHARE TRANSACTIONS:
Issued
1,480,000
1,620,000
20,700,000
182,650,000
Redeemed
(1,430,000
)
(67,800,000
)
(53,750,000
)
Net increase (decrease) in shares from share transactions
1,480,000
190,000
(47,100,000
)
128,900,000
SEE NOTES TO FINANCIAL STATEMENTS.
August 31, 2023
J.P. Morgan Exchange-Traded Funds
225


STATEMENTS OF CHANGES IN NET ASSETS
FOR THE PERIODS INDICATED (continued)
 
JPMorgan Ultra-Short Municipal
Income ETF
 
Six Months Ended
August 31, 2023
(Unaudited)
Year Ended
February 28, 2023
CHANGE IN NET ASSETS RESULTING FROM OPERATIONS:
Net investment income (loss)
$39,050,973
$42,193,863
Net realized gain (loss)
(3,185,966
)
(16,769,517
)
Distributions of capital gains received from investment company affiliates
13,700
Change in net unrealized appreciation/depreciation
2,513,284
(2,836,541
)
Change in net assets resulting from operations
38,378,291
22,601,505
DISTRIBUTIONS TO SHAREHOLDERS:
Total distributions to shareholders
(37,154,845
)
(37,164,875
)
CAPITAL TRANSACTIONS:
Change in net assets resulting from capital transactions
50,649,462
(581,594,995
)
NET ASSETS:
Change in net assets
51,872,908
(596,158,365
)
Beginning of period
2,520,461,501
3,116,619,866
End of period
$2,572,334,409
$2,520,461,501
CAPITAL TRANSACTIONS:
Proceeds from shares issued
$235,383,262
$980,178,647
Cost of shares redeemed
(184,733,800
)
(1,561,773,642
)
Total change in net assets resulting from capital transactions
$50,649,462
$(581,594,995
)
SHARE TRANSACTIONS:
Issued
4,650,000
19,300,000
Redeemed
(3,650,000
)
(30,900,000
)
Net increase (decrease) in shares from share transactions
1,000,000
(11,600,000
)
SEE NOTES TO FINANCIAL STATEMENTS.
226
J.P. Morgan Exchange-Traded Funds
August 31, 2023


THIS PAGE IS INTENTIONALLY LEFT BLANK
 
 
227


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 Core Plus Bond ETF
Six Months Ended August 31, 2023  (Unaudited)
$46.22
$1.08
$(0.44
)
$0.64
$(0.98
)
$
$(0.98
)
Year Ended February 28, 2023
52.24
1.68
(6.23
)
(4.55
)
(1.47
)
(1.47
)
Year Ended February 28, 2022
54.31
1.09
(1.96
)
(0.87
)
(1.09
)
(0.11
)
(1.20
)
Year Ended February 28, 2021
54.17
0.97
0.70
(f)
1.67
(0.88
)
(0.65
)
(1.53
)
Year Ended February 29, 2020
50.36
1.45
4.13
5.58
(1.44
)
(0.33
)
(1.77
)
January 28, 2019(h) through February 28, 2019
50.00
0.13
0.36
0.49
(0.13
)
(0.13
)
JPMorgan Income ETF
Six Months Ended August 31, 2023  (Unaudited)
44.90
1.41
(0.34
)
1.07
(1.23
)
(1.23
)
Year Ended February 28, 2023
48.89
2.36
(4.24
)
(1.88
)
(2.10
)
(0.01
)
(2.11
)
October 28, 2021(h) through February 28, 2022
50.00
0.58
(1.24
)
(0.66
)
(0.45
)
(0.45
)
JPMorgan International Bond Opportunities ETF
Six Months Ended August 31, 2023  (Unaudited)
46.64
1.03
(0.41
)
0.62
(1.18
)
(1.18
)
Year Ended February 28, 2023
48.96
1.57
(2.48
)
(0.91
)
(1.41
)
(1.41
)
Year Ended February 28, 2022
51.04
1.16
(1.92
)
(0.76
)
(1.32
)
(1.32
)
Year Ended February 28, 2021
49.98
1.45
1.00
(f)
2.45
(1.39
)
(1.39
)
Year Ended February 29, 2020
48.75
1.71
1.86
3.57
(2.34
)
(2.34
)
Year Ended February 28, 2019
50.54
1.94
(0.97
)
0.97
(2.56
)
(0.20
)
(2.76
)
JPMorgan Municipal ETF
Six Months Ended August 31, 2023  (Unaudited)
49.77
0.85
(0.24
)
0.61
(0.80
)
(0.80
)
Year Ended February 28, 2023
52.97
1.37
(3.44
)
(2.07
)
(1.13
)
(1.13
)
Year Ended February 28, 2022
54.37
0.85
(1.18
)
(0.33
)
(0.85
)
(0.22
)
(1.07
)
Year Ended February 28, 2021
55.15
1.00
(0.71
)
0.29
(0.94
)
(0.13
)
(1.07
)
Year Ended February 29, 2020
51.92
1.24
3.91
5.15
(1.22
)
(0.70
)
(1.92
)
October 29, 2018(h) through February 28, 2019
50.00
0.46
1.90
2.36
(0.44
)
(0.44
)

 
(a)
Annualized for periods less than one year, unless otherwise noted.
(b)
Calculated based upon average shares outstanding.
(c)
Not annualized for periods less than one year.
(d)
Includes adjustments in accordance with accounting principles generally accepted in the United States of America and as such, the net asset values for financial
reporting purposes and the returns based upon those net asset values may differ from the net asset values and returns for shareholder transactions.
(e)
Prior to December 9, 2019, market price return was calculated assuming an initial investment made at the market price at the beginning of the reporting period,
reinvestment of all dividends and distributions at market price during the period, and sale at the market price on the last day of the period. The price used to
calculate the market price return was the midpoint of the bid/ask spread at the close of business on the listing exchange of the Fund. Effective December 9, 2019,
the closing price was used to calculate the market price return; however, any prices used in the calculation for market price return prior to December 9, 2019,
would have used the midpoint of the bid/ask spread at the close of business on the exchange.
(f)
Calculation of the net realized and unrealized gains (losses) per share does 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.
(g)
Prior to November 1, 2019, the Fund may have waived fees if expenses exceeded the expense cap. On November 1, 2019, the Fund adopted a unitary fee structure
where a management fee is accrued by the Fund based on prior day net assets and other expenses are paid by the Advisor.
(h)
Commencement of operations.
(i)
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.
(j)
Certain non-recurring expenses incurred by the Fund were not annualized for the period indicated.
(k)
Amount rounds to less than 0.5%.
SEE NOTES TO FINANCIAL STATEMENTS.
228
J.P. Morgan Exchange-Traded Funds
August 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)
$45.88
$46.03
1.37
%
1.52
%
$1,449,941,701
0.39
%
4.62
%
0.39
%
14
%
46.22
46.30
(8.76
)
(8.84
)
762,673,581
0.39
3.55
0.39
36
52.24
52.37
(1.66
)
(1.73
)
276,853,932
0.40
2.02
0.40
81
54.31
54.48
3.08
2.87
146,648,110
0.36
1.76
0.36
272
54.17
54.44
11.24
11.52
54,168,824
0.38
2.76
0.69
(g)
91
50.36
50.48
0.97
1.21
(i)
25,178,102
0.38
(j)
2.96
5.38
(g)(j)
(k)
44.74
44.92
2.41
2.01
605,270,908
0.40
6.24
0.40
100
44.90
45.25
(3.84
)
(3.52
)
348,910,890
0.40
5.17
0.40
216
48.89
49.09
(1.34
)
(0.94
)(i)
137,861,001
0.39
3.47
0.39
13
46.08
46.36
1.33
1.50
359,448,013
0.50
4.39
0.50
12
46.64
46.84
(1.81
)
(1.43
)
284,507,436
0.50
3.39
0.50
71
48.96
48.98
(1.56
)
(2.10
)
323,118,565
0.50
2.28
0.50
52
51.04
51.34
5.02
5.95
250,097,283
0.50
2.90
0.50
136
49.98
49.83
7.39
6.89
169,928,839
0.53
3.40
0.69
(g)
88
48.75
48.83
2.09
2.13
180,357,231
0.54
3.92
0.82
(g)
73
49.58
49.53
1.21
1.03
642,102,252
0.17
3.36
0.17
7
49.77
49.81
(3.89
)
(3.88
)
408,142,543
0.16
2.74
0.16
33
52.97
53.01
(0.66
)
(0.55
)
100,642,548
0.18
1.56
0.18
48
54.37
54.35
0.54
0.67
76,120,305
0.23
1.84
0.23
56
55.15
55.06
10.09
9.71
52,390,882
0.23
2.31
0.67
(g)
51
51.92
52.01
4.74
4.92
(i)
31,153,558
0.23
(j)
2.65
1.06
(g)(j)
15
SEE NOTES TO FINANCIAL STATEMENTS.
August 31, 2023
J.P. Morgan Exchange-Traded Funds
229


FINANCIAL HIGHLIGHTS
FOR THE PERIODS INDICATED (continued)
 
Per share operating performance
 
 
Investment operations
Distributions
 
Net asset
value,
beginning
of period
Net investment
income
(loss) (b)
Net realized
and unrealized
gains
(losses)
on investments
Total from
investment
operations
Net
investment
income
Net
realized
gain
Total
distributions
JPMorgan Short Duration Core Plus ETF
Six Months Ended August 31, 2023  (Unaudited)
$45.88
$0.95
$(0.12
)
$0.83
$(0.93
)
$
$(0.93
)
Year Ended February 28, 2023
48.60
1.31
(2.78
)
(1.47
)
(1.25
)
(1.25
)
March 1, 2021(f) through February 28, 2022
50.00
0.62
(1.42
)
(0.80
)
(0.59
)
(0.01
)
(0.60
)
JPMorgan Ultra-Short Income ETF
Six Months Ended August 31, 2023  (Unaudited)
50.28
1.18
(0.09
)
1.09
(1.13
)
(1.13
)
Year Ended February 28, 2023
50.35
1.17
(0.18
)
0.99
(0.97
)
(0.09
)
(1.06
)
Year Ended February 28, 2022
50.78
0.28
(0.35
)
(0.07
)
(0.32
)
(0.04
)
(0.36
)
Year Ended February 28, 2021
50.51
0.58
0.28
0.86
(0.59
)
—(h
)
(0.59
)
Year Ended February 29, 2020
50.20
1.28
0.32
1.60
(1.29
)
(1.29
)
Year Ended February 28, 2019
50.01
1.37
(0.04
)(j)
1.33
(1.14
)
(1.14
)
JPMorgan Ultra-Short Municipal Income ETF
Six Months Ended August 31, 2023  (Unaudited)
50.61
0.78
(0.01
)
0.77
(0.74
)
(0.74
)
Year Ended February 28, 2023
50.76
0.70
(0.19
)
0.51
(0.66
)
(0.66
)
Year Ended February 28, 2022
51.01
0.13
(0.25
)
(0.12
)
(0.13
)
(0.13
)
Year Ended February 28, 2021
50.53
0.32
0.52
0.84
(0.36
)
(0.36
)
Year Ended February 29, 2020
50.26
0.78
0.26
1.04
(0.77
)
(0.77
)
October 16, 2018(f) through February 28, 2019
50.00
0.35
0.23
0.58
(0.32
)
(0.32
)

 
(a)
Annualized for periods less than one year, unless otherwise noted.
(b)
Calculated based upon average shares outstanding.
(c)
Not annualized for periods less than one year.
(d)
Includes adjustments in accordance with accounting principles generally accepted in the United States of America and as such, the net asset values for financial
reporting purposes and the returns based upon those net asset values may differ from the net asset values and returns for shareholder transactions.
(e)
Prior to December 9, 2019, market price return was calculated assuming an initial investment made at the market price at the beginning of the reporting period,
reinvestment of all dividends and distributions at market price during the period, and sale at the market price on the last day of the period. The price used to
calculate the market price return was the midpoint of the bid/ask spread at the close of business on the listing exchange of the Fund. Effective December 9, 2019,
the closing price was used to calculate the market price return; however, any prices used in the calculation for market price return prior to December 9, 2019,
would have used the midpoint of the bid/ask spread at the close of business on the exchange.
(f)
Commencement of operations.
(g)
Since the shares of the Fund did not trade in the secondary market until the day after the Fund’s inception, for the period from the inception to the first day of
secondary market trading, the net asset value is used as a proxy for the secondary market trading price to calculate the market returns.
(h)
Amount rounds to less than $0.005.
(i)
Prior to November 1, 2019, the Fund may have waived fees if expenses exceeded the expense cap. On November 1, 2019, the Fund adopted a unitary fee structure
where a management fee is accrued by the Fund based on prior day net assets and other expenses are paid by the Advisor.
(j)
Calculation of the net realized and unrealized gains (losses) per share does 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.
(k)
Certain non-recurring expenses incurred by the Fund were not annualized for the period indicated.
SEE NOTES TO FINANCIAL STATEMENTS.
230
J.P. Morgan Exchange-Traded Funds
August 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)
$45.78
$45.84
1.83
%
2.03
%
$257,739,411
0.33
%
4.11
%
0.33
%
25
%
45.88
45.85
(3.03
)
(3.11
)
190,421,997
0.32
2.82
0.32
199
48.60
48.61
(1.63
)
(1.61
)(g)
192,461,679
0.32
1.26
0.32
175
50.24
50.25
2.19
2.17
22,756,203,756
0.16
4.67
0.16
38
50.28
50.30
2.01
2.00
25,144,500,767
0.17
2.34
0.17
57
50.35
50.37
(0.14
)
(0.12
)
18,686,174,480
0.18
0.56
0.18
70
50.78
50.79
1.72
1.67
16,144,037,713
0.17
1.14
0.17
94
50.51
50.54
3.22
3.22
11,591,489,504
0.18
2.53
0.22
(i)
46
50.20
50.23
2.68
2.66
5,703,062,275
0.17
2.74
0.28
(i)
43
50.64
50.61
1.54
1.54
2,572,334,409
0.17
3.07
0.17
54
50.61
50.58
1.01
0.97
2,520,461,501
0.17
1.39
0.17
94
50.76
50.75
(0.23
)
(0.29
)
3,116,619,866
0.17
0.26
0.17
50
51.01
51.03
1.66
1.64
1,410,311,158
0.16
0.63
0.16
67
50.53
50.56
2.09
2.09
207,185,582
0.18
1.55
0.34
(i)
153
50.26
50.29
1.16
1.22
(g)
57,799,591
0.17
(k)
1.88
0.79
(i)(k)
61
SEE NOTES TO FINANCIAL STATEMENTS.
August 31, 2023
J.P. Morgan Exchange-Traded Funds
231


NOTES TO FINANCIAL STATEMENTS
AS OF August 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 Core Plus Bond ETF
Diversified
JPMorgan Income ETF
Diversified
JPMorgan International Bond Opportunities ETF
Diversified
JPMorgan Municipal ETF
Diversified
JPMorgan Short Duration Core Plus ETF
Diversified
JPMorgan Ultra-Short Income ETF
Diversified
JPMorgan Ultra-Short Municipal Income ETF
Diversified
The investment objective of JPMorgan Core Plus Bond ETF (“Core Plus Bond ETF”) is to seek a high level of current income by investing primarily in a diversified portfolio of high-, medium- and low-grade debt securities.
The investment objective of JPMorgan Income ETF (“Income ETF”) is to seek to provide income with a secondary objective of capital appreciation.
The investment objective of JPMorgan International Bond Opportunities ETF (“International Bond Opportunities ETF”) is to seek to provide total return.
The investment objective of JPMorgan Municipal ETF (“Municipal ETF”) is to seek to provide monthly dividends, which are excluded from gross income, and to protect the value of your investment by investing primarily in municipal obligations. For purposes of the Fund’s investment objective, “gross income” means gross income for federal income tax purposes.
The investment objective of JPMorgan Short Duration Core Plus ETF (“Short Duration Core Plus ETF”) is to seek total return, consistent with preservation of capital.
The investment objective of JPMorgan Ultra-Short Income ETF (“Ultra-Short Income ETF”) is to seek to provide current income while seeking to maintain a low volatility of principal.
The investment objective of JPMorgan Ultra-Short Municipal Income ETF (“Ultra-Short Municipal Income ETF”) is to seek to provide as high a level of current income exempt from federal income tax as is consistent with relative stability of principal.
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
Core Plus Bond ETF
Cboe BZX Exchange, Inc.
Income ETF
NYSE Arca
International Bond Opportunities ETF
Cboe BZX Exchange, Inc.
Municipal ETF
Cboe BZX Exchange, Inc.
Short Duration Core Plus ETF
NYSE Arca
Ultra-Short Income ETF
NYSE Arca
Ultra-Short Municipal Income ETF
Cboe BZX Exchange, Inc.
Market prices for the Funds’ shares may be different from their net asset value (“NAV”).
The Funds issue and redeem their shares on a continuous basis, through JPMorgan Distribution Services, Inc. (the “Distributor” or “JPMDS”), an indirect, wholly-owned subsidiary of JPMorgan, at NAV in large blocks of shares, referred to as “Creation Units”. Creation Units are issued and redeemed in exchange for a basket of securities and/or cash. Shares are generally traded in the secondary market in amounts less than a Creation Unit at market prices that change throughout the day. Only individuals or institutions that have entered into an authorized participant agreement with the Distributor may do business directly with the Funds (each, an “Authorized Participant”).
232
 
 


2. Significant Accounting Policies
The following is a summary of significant accounting policies followed by the Funds in the preparation of their financial statements. The Funds are investment companies and, accordingly, follow the investment company accounting and reporting guidance of the Financial Accounting Standards Board (“FASB”) Accounting Standards Codification Topic 946 — Investment Companies, which is part of U.S. generally accepted accounting principles (“GAAP”). The preparation of financial statements in conformity with GAAP requires management to make estimates and assumptions that affect (i) the reported amounts of assets and liabilities, (ii) disclosure of contingent assets and liabilities at the date of the financial statements, and (iii) the reported amounts of increases and decreases in net assets from operations during the reporting period. Actual results could differ from those estimates. 
A. Valuation of Investments  Investments are valued in accordance with GAAP and the Funds' valuation policies set forth by, and under the supervision and responsibility of, the Board of Trustees of the Trust (the "Board"), which established the following approach to valuation, as described more fully below: (i) investments for which market quotations are readily available shall be valued at their market value and (ii) all other investments for which market quotations are not readily available shall be valued at their fair value as determined in good faith by the Board.
Under Section 2(a)(41) of the 1940 Act, the Board is required to determine fair value for securities that do not have readily available market quotations.  Under SEC Rule 2a-5 (Good Faith Determinations of Fair Value), the Board may designate the performance of these fair valuation determinations to a valuation designee. The Board has designated the Adviser as the “Valuation Designee” to perform fair valuation determinations for the Funds on behalf of the Board subject to appropriate oversight by the Board. The Adviser, as Valuation Designee, leverages the J.P. Morgan Asset Management Americas Valuation Committee (“AVC”) to help oversee and carry out the policies for the valuation of investments held in the Funds. The Adviser, as Valuation Designee, remains responsible for the valuation determinations.
This oversight by the AVC includes monitoring the appropriateness of fair values based on results of ongoing valuation oversight including, but not limited to, consideration of macro or security specific events, market events, and pricing vendor and broker due diligence. The Administrator is responsible for discussing and assessing the potential impacts to the fair values on an ongoing basis, and, at least on a quarterly basis, with the AVC and the Board.
A market-based approach is primarily used to value the Funds' investments. Investments for which market quotations are not readily available are fair valued using prices supplied by approved affiliated and/or unaffiliated pricing vendors or third party broker-dealers (collectively referred to as “Pricing Services”) or may be internally fair valued using methods set forth by the valuation policies approved by the Board. This may include the use of related or comparable assets or liabilities, recent transactions, market multiples, book values and other relevant information for the investment. An income-based valuation approach may be used in which the anticipated future cash flows of the investment are discounted to calculate the fair value. Discounts may also be applied due to the nature or duration of any restrictions on the disposition of the investments. Valuations may be based upon current market prices of securities that are comparable in coupon, rating, maturity and industry. It is possible that the estimated values may differ significantly from the values that would have been used had a ready market for the investments existed, and such differences could be material. 
Fixed income instruments are valued based on prices received from 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 NAVs of the Funds are calculated on a valuation date. Certain foreign equity instruments are valued by applying international fair value factors provided by approved Pricing Services. The factors seek to adjust the local closing price for movements of local markets post-closing, but prior to the time the NAVs are calculated.  
Investments in open-end investment companies (“Underlying Funds”) are valued at each Underlying Fund’s NAV per share as of the report date.
Futures contracts are generally valued on the basis of available market quotations. Swaps and forward foreign currency exchange contracts are valued utilizing market quotations from approved Pricing Services.
See the tables on “Quantitative Information about Level 3 Fair Value Measurements” for information on the valuation techniques and inputs used to value level 3 securities held by Core Plus Bond ETF and Short Duration Core Plus ETF at August 31, 2023.
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.
 
 
233


NOTES TO FINANCIAL STATEMENTS
AS OF August 31, 2023 (Unaudited) (continued)
Level 2 Other significant observable inputs including, but not limited to, quoted prices for similar investments, inputs other than quoted prices that are observable for investments (such as interest rates, prepayment speeds, credit risk, etc.) or other market corroborated inputs.
Level 3 Significant inputs based on the best information available in the circumstances, to the extent observable inputs are not available (including the Funds' assumptions in determining the fair value of investments).
A financial instrument’s level within the fair value hierarchy is based on the lowest level of any input, both individually and in the aggregate, that is significant to the fair value measurement. The inputs or methodology used for valuing instruments are not necessarily an indication of the risk associated with investing in those instruments.
The following tables represent each valuation input as presented on the Schedules of Portfolio Investments ("SOIs"):
Core Plus Bond ETF
 
 
 
 
 
Level 1
Quoted prices
Level 2
Other significant
observable inputs
Level 3
Significant
unobservable inputs
Total
Investments in Securities
Asset-Backed Securities
$
$211,673,202
$13,444,777
$225,117,979
Collateralized Mortgage Obligations
48,092,460
2,217,680
50,310,140
Commercial Mortgage-Backed Securities
69,283,112
2,458,638
71,741,750
Common Stocks
Diversified Telecommunication Services
172
172
Oil, Gas & Consumable Fuels
16,319
1,925
18,244
Professional Services
115
115
Wireless Telecommunication Services
6,210
6,210
Total Common Stocks
16,319
8,422
24,741
Corporate Bonds
Aerospace & Defense
7,358,085
7,358,085
Automobile Components
4,053,310
4,053,310
Automobiles
2,004,128
2,004,128
Banks
76,585,045
76,585,045
Beverages
2,370,393
2,370,393
Biotechnology
4,719,841
4,719,841
Broadline Retail
2,477,552
2,477,552
Building Products
3,994,902
3,994,902
Capital Markets
25,416,784
25,416,784
Chemicals
5,049,411
5,049,411
Commercial Services & Supplies
4,800,896
4,800,896
Communications Equipment
788,107
788,107
Construction & Engineering
1,440,537
1,440,537
Construction Materials
307,400
307,400
Consumer Finance
14,414,901
14,414,901
Consumer Staples Distribution & Retail
3,088,661
3,088,661
Containers & Packaging
4,519,701
4,519,701
Distributors
665,068
665,068
Diversified Consumer Services
395,242
395,242
Diversified REITs
921,782
921,782
Diversified Telecommunication Services
11,326,931
3
11,326,934
Electric Utilities
29,978,468
29,978,468
Electrical Equipment
1,170,501
1,170,501
Electronic Equipment, Instruments & Components
711,146
711,146
Energy Equipment & Services
1,844,358
1,844,358
Entertainment
9,223,352
9,223,352
Financial Services
4,011,161
4,011,161
Food Products
2,115,194
2,115,194
234
 
 


Core Plus Bond ETF (continued)
 
 
 
 
 
Level 1
Quoted prices
Level 2
Other significant
observable inputs
Level 3
Significant
unobservable inputs
Total
Gas Utilities
$
$1,571,640
$
$1,571,640
Ground Transportation
5,666,631
5,666,631
Health Care Equipment & Supplies
2,889,852
2,889,852
Health Care Providers & Services
16,451,742
16,451,742
Health Care REITs
221,620
221,620
Health Care Technology
393,588
393,588
Hotel & Resort REITs
709,321
709,321
Hotels, Restaurants & Leisure
12,229,820
12,229,820
Household Durables
2,284,937
2,284,937
Household Products
1,527,195
1,527,195
Independent Power and Renewable Electricity
Producers
1,449,072
1,449,072
Industrial REITs
732,318
732,318
Insurance
3,737,039
3,737,039
Interactive Media & Services
1,204,937
1,204,937
IT Services
1,014,046
1,014,046
Leisure Products
13,602
13,602
Life Sciences Tools & Services
1,372,254
1,372,254
Machinery
3,232,313
3,232,313
Media
20,955,700
20,955,700
Metals & Mining
4,778,420
4,778,420
Mortgage Real Estate Investment Trusts (REITs)
950,602
950,602
Multi-Utilities
3,655,586
3,655,586
Office REITs
150,719
150,719
Oil, Gas & Consumable Fuels
37,506,876
37,506,876
Passenger Airlines
4,032,377
4,032,377
Personal Care Products
3,055,158
3,055,158
Pharmaceuticals
10,947,846
10,947,846
Real Estate Management & Development
135,464
135,464
Residential REITs
340,032
340,032
Retail REITs
450,532
450,532
Semiconductors & Semiconductor Equipment
6,544,837
6,544,837
Software
5,755,245
5,755,245
Specialized REITs
4,436,215
4,436,215
Specialty Retail
7,844,459
7,844,459
Technology Hardware, Storage & Peripherals
4,013,593
4,013,593
Textiles, Apparel & Luxury Goods
320,259
320,259
Tobacco
7,965,066
7,965,066
Trading Companies & Distributors
3,702,786
3,702,786
Transportation Infrastructure
172,621
172,621
Wireless Telecommunication Services
7,067,403
7,067,403
Total Corporate Bonds
417,236,580
3
417,236,583
Loan Assignments
4,105,576
4,105,576
Mortgage-Backed Securities
285,853,595
285,853,595
Municipal Bonds
67,916
67,916
Preferred Stocks
2,223
2,223
Rights
1
1
U.S. Government Agency Securities
1,612,300
1,612,300
 
 
235


NOTES TO FINANCIAL STATEMENTS
AS OF August 31, 2023 (Unaudited) (continued)
Core Plus Bond ETF (continued)
 
 
 
 
 
Level 1
Quoted prices
Level 2
Other significant
observable inputs
Level 3
Significant
unobservable inputs
Total
U.S. Treasury Obligations
$
$177,811,160
$
$177,811,160
Warrants
1,365
1,365
Short-Term Investments
Investment Companies
235,103,925
235,103,925
Total Investments in Securities
$235,120,244
$1,215,735,901
$18,133,109
$1,468,989,254
Appreciation in Other Financial Instruments
Futures Contracts
$2,457,012
$
$
$2,457,012
Swaps
254,659
254,659
Depreciation in Other Financial Instruments
Forward Foreign Currency Exchange Contracts
(75,417
)
(75,417
)
Futures Contracts
(80,675
)
(80,675
)
Swaps
(149,854
)
(149,854
)
Total Net Appreciation/ Depreciation in Other
Financial Instruments
$2,376,337
$29,388
$
$2,405,725
Income ETF
 
 
 
 
 
Level 1
Quoted prices
Level 2
Other significant
observable inputs
Level 3
Significant
unobservable inputs
Total
Investments in Securities
Asset-Backed Securities
$
$162,815,070
$2,142,112
$164,957,182
Collateralized Mortgage Obligations
45,615,779
448,550
46,064,329
Commercial Mortgage-Backed Securities
83,807,020
83,807,020
Corporate Bonds
233,598,053
233,598,053
Foreign Government Securities
16,401,823
16,401,823
Mortgage-Backed Securities
131,954,058
131,954,058
Municipal Bonds
600,044
600,044
Short-Term Investments
Investment Companies
2,637,620
2,637,620
Total Investments in Securities
$2,637,620
$674,791,847
$2,590,662
$680,020,129
Appreciation in Other Financial Instruments
Futures Contracts
$606,908
$
$
$606,908
Swaps
59,746
59,746
Depreciation in Other Financial Instruments
Forward Foreign Currency Exchange Contracts
(150,509
)
(150,509
)
Futures Contracts
(175,961
)
(175,961
)
Swaps
(1,479,840
)
(1,479,840
)
Total Net Appreciation/ Depreciation in Other
Financial Instruments
$430,947
$(1,570,603
)
$
$(1,139,656
)
International Bond Opportunities ETF
 
 
 
Level 1
Quoted prices
Level 2
Other significant
observable inputs
Level 3
Significant
unobservable inputs
Total
Investments in Securities
Asset-Backed Securities
$
$5,184,100
$
$5,184,100
236
 
 


International Bond Opportunities ETF (continued)
 
 
 
Level 1
Quoted prices
Level 2
Other significant
observable inputs
Level 3
Significant
unobservable inputs
Total
Collateralized Mortgage Obligations
United States
$
$1,774,291
$1,180,200
$2,954,491
Commercial Mortgage-Backed Securities
3,539,773
3,539,773
Common Stocks
172
172
Corporate Bonds
202,460,970
202,460,970
Foreign Government Securities
117,951,207
117,951,207
Supranational
680,823
680,823
U.S. Treasury Obligations
9,019
9,019
Short-Term Investments
Investment Companies
14,922,581
14,922,581
Total Investments in Securities
$14,922,581
$331,600,183
$1,180,372
$347,703,136
Appreciation in Other Financial Instruments
Forward Foreign Currency Exchange Contracts
$
$2,842,257
$
$2,842,257
Futures Contracts
1,103,017
77,629
1,180,646
Swaps
617,177
617,177
Depreciation in Other Financial Instruments
Forward Foreign Currency Exchange Contracts
(542,637
)
(542,637
)
Futures Contracts
(499,622
)
(499,622
)
Swaps
(1,329,925
)
(1,329,925
)
Total Net Appreciation/ Depreciation in Other
Financial Instruments
$603,395
$1,664,501
$
$2,267,896
Municipal ETF
 
 
 
 
 
Level 1
Quoted prices
Level 2
Other significant
observable inputs
Level 3
Significant
unobservable inputs
Total
Investments in Securities
Municipal Bonds
$
$575,767,368
$
$575,767,368
U.S. Treasury Obligations
3,927,344
3,927,344
Short-Term Investments
Investment Companies
65,310,239
65,310,239
Total Investments in Securities
$65,310,239
$579,694,712
$
$645,004,951
Appreciation in Other Financial Instruments
Futures Contracts
$51,206
$
$
$51,206
Depreciation in Other Financial Instruments
Swaps
(137,465
)
(137,465
)
Total Net Appreciation/ Depreciation in Other
Financial Instruments
$51,206
$(137,465
)
$
$(86,259
)
Short Duration Core Plus ETF
 
 
 
 
 
Level 1
Quoted prices
Level 2
Other significant
observable inputs
Level 3
Significant
unobservable inputs
Total
Investments in Securities
Asset-Backed Securities
$
$52,814,125
$1,455,000
$54,269,125
Collateralized Mortgage Obligations
7,605,981
7,605,981
Commercial Mortgage-Backed Securities
11,966,532
11,966,532
 
 
237


NOTES TO FINANCIAL STATEMENTS
AS OF August 31, 2023 (Unaudited) (continued)
Short Duration Core Plus ETF (continued)
 
 
 
 
 
Level 1
Quoted prices
Level 2
Other significant
observable inputs
Level 3
Significant
unobservable inputs
Total
Corporate Bonds
$
$91,061,074
$
$91,061,074
Foreign Government Securities
1,892,177
1,892,177
Mortgage-Backed Securities
35,496,809
35,496,809
Municipal Bonds
107,038
107,038
U.S. Treasury Obligations
42,956,538
42,956,538
Short-Term Investments
Investment Companies
5,674,554
5,674,554
Investment of Cash Collateral from Securities Loaned
607,965
607,965
U.S. Treasury Obligations
4,935,304
4,935,304
Total Short-Term Investments
6,282,519
4,935,304
11,217,823
Total Investments in Securities
$6,282,519
$248,835,578
$1,455,000
$256,573,097
Appreciation in Other Financial Instruments
Futures Contracts
$224,656
$
$
$224,656
Depreciation in Other Financial Instruments
Futures Contracts
(105,288
)
(105,288
)
Swaps
(53,244
)
(53,244
)
Total Net Appreciation/ Depreciation in Other
Financial Instruments
$119,368
$(53,244
)
$
$66,124
Ultra-Short Income ETF
 
 
 
 
 
Level 1
Quoted prices
Level 2
Other significant
observable inputs
Level 3
Significant
unobservable inputs
Total
Investments in Securities
Asset-Backed Securities
$
$1,941,347,805
$
$1,941,347,805
Commercial Mortgage-Backed Securities
14,054,182
14,054,182
Corporate Bonds
9,009,674,265
9,009,674,265
Foreign Government Securities
4,844,089
4,844,089
U.S. Government Agency Securities
130,618,343
130,618,343
U.S. Treasury Obligations
525,837,433
525,837,433
Short-Term Investments
Certificates of Deposits
3,306,308,002
3,306,308,002
Commercial Paper
6,241,419,419
6,241,419,419
Investment Companies
1,325,392,391
1,325,392,391
Investment of Cash Collateral from Securities
Loaned
8,510,784
8,510,784
Repurchase Agreements
200,000,000
200,000,000
Total Short-Term Investments
1,333,903,175
9,747,727,421
11,081,630,596
Total Investments in Securities
$1,333,903,175
$21,374,103,538
$
$22,708,006,713
Ultra-Short Municipal Income ETF
 
 
 
 
 
Level 1
Quoted prices
Level 2
Other significant
observable inputs
Level 3
Significant
unobservable inputs
Total
Investments in Securities
Municipal Bonds
$
$2,474,968,241
$
$2,474,968,241
238
 
 


Ultra-Short Municipal Income ETF (continued)
 
 
 
 
 
Level 1
Quoted prices
Level 2
Other significant
observable inputs
Level 3
Significant
unobservable inputs
Total
Short-Term Investments
Investment Companies
$102,980,118
$
$
$102,980,118
Total Investments in Securities
$102,980,118
$2,474,968,241
$
$2,577,948,359
Core Plus Bond ETF
Balance as of
February 28,
2023
Realized
gain (loss)
Change in net
unrealized
appreciation
(depreciation)
Net
accretion
(amortization)
Purchases1
Sales2
Transfers
into
Level 3
Transfers
out of
Level 3
Other(a)
Balance as of
August 31,
2023
Investments in
Securities:
Asset-Backed Securities
$2,208,139
$185
$(352,398
)
$18,973
$11,137,465
$(1,274,779
)
$931,367
$
$775,825
$13,444,777
Collateralized Mortgage
Obligations
3,547,824
(10,226
)
1
1,500,000
(50,465
)
(1,993,629
)
(775,825
)
2,217,680
Commercial
Mortgage-Backed
Securities
825,407
2,786
(74,587
)
1,945
2,539,257
(836,170
)
2,458,638
Common Stocks
8,693
275
(271
)
(275
)
8,422
Corporate Bonds
3
6
(6
)
3
Preferred Stocks
2,567
(344
)
2,223
Rights
1
1
Warrants
2,460
(1,095
)
1,365
Total
$6,595,094
$3,252
$(438,921
)
$20,919
$15,176,722
$(2,161,695
)
$931,367
$(1,993,629
)
$
$18,133,109

 
1
Purchases include all purchases of securities and securities received in corporate actions.
2
Sales include all sales of securities, maturities, paydowns and securities tendered in corporate actions.
(a)
Certain Level 3 investments were re-classified between Collateralized Mortgage Obligations and Asset-Backed Securities.
The changes in net unrealized appreciation (depreciation) attributable to securities owned at August 31, 2023, which were valued using significant unobservable inputs (level 3) amounted to $(444,364).
There were no significant transfers into or out of level 3 for the six months ended August 31, 2023.
Income ETF
Balance as of
February 28,
2023
Realized
gain (loss)
Change in net
unrealized
appreciation
(depreciation)
Net
accretion
(amortization)
Purchases1
Sales2
Transfers
into
Level 3
Transfers
out of
Level 3
Balance as of
August 31,
2023
Investments in Securities:
Asset-Backed Securities
$3,524,503
$
$3,120
$(170
)
$
$(710,825
)
$
$(674,516
)
$2,142,112
Collateralized Mortgage
Obligations
1,620,029
(6,350
)
(1,165,129
)
448,550
Total
$5,144,532
$
$(3,230
)
$(170
)
$
$(710,825
)
$
$(1,839,645
)
$2,590,662

 
1
Purchases include all purchases of securities and securities received in corporate actions.
2
Sales include all sales of securities, maturities, paydowns and securities tendered in corporate actions.
The changes in net unrealized appreciation (depreciation) attributable to securities owned at August 31, 2023, which were valued using significant unobservable inputs (level 3) amounted to $(3,231).
 
 
239


NOTES TO FINANCIAL STATEMENTS
AS OF August 31, 2023 (Unaudited) (continued)
There were no significant transfers into or out of level 3 for the six months ended August 31, 2023.
International Bond Opportunities
ETF
Balance as of
February 28,
2023
Realized
gain (loss)
Change in net
unrealized
appreciation
(depreciation)
Net
accretion
(amortization)
Purchases1
Sales2
Transfers
into
Level 3
Transfers
out of
Level 3
Balance as of
August 31,
2023
Investments in Securities:
Collateralized Mortgage
Obligations
$1,124,280
$
$55,919
$1
$
$
$
$
$1,180,200
Commercial Mortgage-Backed
Securities
394,851
2,742
81
(360
)
2,686
(400,000
)
Common Stocks
172
172
Warrants
120
(120
)
Total
$1,519,251
$2,742
$56,052
$(359
)
$2,686
$(400,000
)
$
$
$1,180,372

 
1
Purchases include all purchases of securities and securities received in corporate actions.
2
Sales include all sales of securities, maturities, paydowns and securities tendered in corporate actions.
The changes in net unrealized appreciation (depreciation) attributable to securities owned at August 31, 2023, which were valued using significant unobservable inputs (level 3) amounted to $56,091.
Short Duration Core Plus ETF
Balance as of
February 28,
2023
Realized
gain (loss)
Change in net
unrealized
appreciation
(depreciation)
Net
accretion
(amortization)
Purchases1
Sales2
Transfers
into
Level 3
Transfers
out of
Level 3
Balance as of
August 31,
2023
Investments in Securities:
Asset-Backed Securities
$1,755,429
$
$14,650
$1,408
$499,999
$(380,436
)
$116,625
$(552,675
)
$1,455,000

 
1
Purchases include all purchases of securities and securities received in corporate actions.
2
Sales include all sales of securities, maturities, paydowns and securities tendered in corporate actions.
The changes in net unrealized appreciation (depreciation) attributable to securities owned at August 31, 2023, which were valued using significant unobservable inputs (level 3) amounted to $14,650.
There were no significant transfers into or out of level 3 for the six months ended August 31, 2023.
The significant unobservable inputs used in the fair value measurement of the Funds' investments are listed below. Generally, a change in the assumptions used in any input in isolation may be accompanied by a change in another input. Significant changes in any of the unobservable inputs may significantly impact the fair value measurement. The impact is based on the relationship between each unobservable input and the fair value measurement. Significant increases (decreases) in enterprise multiples may increase (decrease) the fair value measurement. Significant increases (decreases) in the discount for lack of marketability, liquidity discount, probability of default, yield and default rate may decrease (increase) the fair value measurement. A significant change in the discount rate or prepayment rate (Constant Prepayment Rate or PSA Prepayment Model) may decrease or increase the fair value measurement.
Core Plus
Bond ETF
Quantitative Information about Level 3 Fair Value Measurements #
 
Fair Value at
August 31, 2023
Valuation
Technique(s)
Unobservable
Input
Range (Weighted
Average) (a)
 
$8,714
Discounted Cash Flow
Constant Prepayment Rate
0.00% - 30.00% (12.09%)
 
 
Constant Default Rate
0.00% - 37.00% (2.25%)
 
 
Yield (Discount Rate of Cash Flows)
6.88% - 15.00% (9.45%)
 
 
 
 
Asset-Backed Securities
8,714
 
 
 
240
 
 


 
Fair Value at
August 31, 2023
Valuation
Technique(s)
Unobservable
Input
Range (Weighted
Average) (a)
 
718
Discounted Cash Flow
Yield (Discount Rate of Cash Flows)
15.68% (15.68%)
 
 
 
 
Collateralized Mortgage
Obligations
718
 
 
 
 
-
(b)
Pending Distribution Amount
Expected Recovery
$0.01 ($0.01)
 
 
 
 
Rights
-
 
 
 
Total
$9,432
 
 
 
#
The table above does not include certain level 3 investments that are valued by brokers and Pricing Services.  At August 31 2023, the value of
these investments was $8,701. The inputs for these investments are not readily available or cannot be reasonably estimated and are generally
those inputs described in Note 2.A.
(a)
Unobservable inputs were weighted by the relative fair value of the instruments.
(b)
Amount rounds to less than one thousand.
Short
Duration
Core Plus
ETF
Quantitative Information about Level 3 Fair Value Measurements #
 
Fair Value at
August 31, 2023
Valuation
Technique(s)
Unobservable
Input
Range (Weighted
Average) (a)
 
$777
Discounted Cash Flow
Constant Prepayment Rate
0.00% - 100.00% (6.38%)
 
 
Yield (Discount Rate of Cash Flows)
6.01% - 7.79% (7.07%)
 
 
 
 
Asset-Backed Securities
777
 
 
 
Total
$777
 
 
 
#
The table above does not include certain level 3 investments that are valued by brokers and Pricing Services.  At August 31, 2023, the value of
these investments was $678. The inputs for these investments are not readily available or cannot be reasonably estimated and are generally
those inputs described in Note 2.A.
(a)
Unobservable inputs were weighted by the relative fair value of the instruments.
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 August 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. Repurchase Agreements  Ultra-Short Income ETF may enter into repurchase agreement transactions that meet the credit guidelines of JPMIM. Repurchase agreements involve the purchase of securities subject to the seller’s agreement to repurchase the securities at a mutually agreed upon date and price. The Fund requires that the collateral received in a repurchase agreement transaction be transferred to a custodian in a manner sufficient to enable the Fund to obtain collateral in the event of a counterparty default. If the counterparty defaults and the fair value of the collateral declines, realization of the collateral by the Fund may be delayed or limited. Repurchase agreement collateral may be held in segregated accounts maintained by JPMorgan Chase Bank, N.A. (“JPMCB”), a wholly-owned subsidiary of JPMorgan.
The Fund's repurchase agreements are not subject to master netting arrangements.
 
 
241


NOTES TO FINANCIAL STATEMENTS
AS OF August 31, 2023 (Unaudited) (continued)
D. When-Issued Securities, Delayed Delivery Securities and Forward Commitments  The Funds purchased when-issued securities, including To Be Announced (“TBA”) securities, and entered into contracts to purchase or sell securities for a fixed price that may be settled a month or more after the trade date, or purchased delayed delivery securities which generally settle seven days after the trade date. When-issued securities are securities that have been authorized, but not issued in the market. A forward commitment involves entering into a contract to purchase or sell securities for a fixed price at a future date that may be settled a month or more after the trade date. A delayed delivery security is agreed upon in advance between the buyer and the seller of the security and is generally delivered beyond seven days of the agreed upon date. The purchase of securities on a when-issued, delayed delivery or forward commitment basis involves the risk that the value of the security to be purchased declines before the settlement date. The sale of securities on a forward commitment basis involves the risk that the value of the securities sold may increase before the settlement date. The Funds may be exposed to credit risk if the counterparty fails to perform under the terms of the transaction. Interest income for securities purchased on a when-issued, delayed delivery or forward commitment basis is not accrued until the settlement date.
International Bond Opportunities ETF may be required to post or receive collateral for delayed delivery securities in the form of cash or securities under a Master Securities Forward Transaction Agreement with the counterparties (each, an “MSFTA”). The collateral requirements are generally calculated by netting the mark-to-market amount for a Fund's transactions under the MSFTA and comparing that amount to the value of the collateral pledged by a fund and the counterparty. Daily movement of cash collateral is subject to minimum threshold amounts. Collateral posted by a Fund is held in a segregated account at the Fund's custodian bank and is included on the Statements of Assets and Liabilities as Restricted cash. Collateral received by the Fund is held in a separate segregated account maintained by JPMCB. These amounts are not reflected on the Fund's Statements of Assets and Liabilities.
The Funds had when-issued securities, delayed delivery securities or forward commitments outstanding as of August 31, 2023, which are shown as a Receivable for Investment securities sold —  delayed delivery securities and a Payable for Investment securities purchased — delayed delivery securities, respectively, on the Statements of Assets and Liabilities. The values of these securities held at August 31, 2023 are detailed on the SOIs, if any.
E. Securities Lending The Funds, except International Bond Opportunities ETF, 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.
242
 
 


The following table presents for each lending Fund, the value of the securities on loan with Citibank, net of amounts available for offset under the master netting arrangements and any related collateral received or posted by the Funds as of August 31, 2023.
 
Investment Securities
on Loan, at value,
Presented on the
Statements of Assets
and Liabilities
Cash Collateral
Posted by Borrower*
Net Amount Due
to Counterparty
(not less than zero)
Short Duration Core Plus ETF
$589,233
$(589,233
)
$
Ultra-Short Income ETF
8,275,241
(8,275,241
)

 
*
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.
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 August 31, 2023, JPMIM waived fees associated with the Funds' investment in the JPMorgan U.S. Government Money Market Fund as follows:
Short Duration Core Plus ETF
$330
Ultra-Short Income ETF
1,315
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).
Core Plus Bond ETF, Income ETF, International Bond Opportunities ETF, Municipal ETF and Ultra-Short Municipal Income ETF did not lend out any securities during the year ended February 28, 2023.
F. 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.
Core Plus Bond ETF
For the six months ended August 31, 2023
Security Description
Value at
February 28,
2023
Purchases at
Cost
Proceeds from
Sales
Net Realized
Gain (Loss)
Change in
Unrealized
Appreciation/
(Depreciation)
Value at
August 31,
2023
Shares at
August 31,
2023
Dividend
Income
Capital Gain
Distributions
JPMorgan U.S. Government
Money Market Fund
Class IM Shares, 5.27%
(a) (b)
$111,022,635
$429,174,071
$305,092,781
$
$
$235,103,925
235,103,925
$3,693,503
$

 
(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 August 31, 2023.
 
 
243


NOTES TO FINANCIAL STATEMENTS
AS OF August 31, 2023 (Unaudited) (continued)
Income ETF
For the six months ended August 31, 2023
Security Description
Value at
February 28,
2023
Purchases at
Cost
Proceeds from
Sales
Net Realized
Gain (Loss)
Change in
Unrealized
Appreciation/
(Depreciation)
Value at
August 31,
2023
Shares at
August 31,
2023
Dividend
Income
Capital Gain
Distributions
JPMorgan Prime Money Market Fund
Class IM Shares, 5.46% (a) (b)
$4,011,385
$202,279,402
$203,652,446
$(735
)
$14
$2,637,620
2,636,829
$220,558
$

 
(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 August 31, 2023.
International Bond Opportunities ETF
For the six months ended August 31, 2023
Security Description
Value at
February 28,
2023
Purchases at
Cost
Proceeds from
Sales
Net Realized
Gain (Loss)
Change in
Unrealized
Appreciation/
(Depreciation)
Value at
August 31,
2023
Shares at
August 31,
2023
Dividend
Income
Capital Gain
Distributions
JPMorgan U.S. Government Money
Market Fund Class IM Shares,
5.27% (a) (b)
$486,978
$96,878,300
$82,442,697
$
$
$14,922,581
14,922,581
$173,337
$

 
(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 August 31, 2023.
Municipal ETF
For the six months ended August 31, 2023
Security Description
Value at
February 28,
2023
Purchases at
Cost
Proceeds from
Sales
Net Realized
Gain (Loss)
Change in
Unrealized
Appreciation/
(Depreciation)
Value at
August 31,
2023
Shares at
August 31,
2023
Dividend
Income
Capital Gain
Distributions
JPMorgan Institutional Tax Free
Money Market Fund Class IM
Shares, 3.71% (a) (b)
$28,406,555
$213,530,595
$176,625,865
$(2,943
)
$1,897
$65,310,239
65,303,708
$692,293
$

 
(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 August 31, 2023.
244
 
 


Short Duration Core Plus ETF
For the six months ended August 31, 2023
Security Description
Value at
February 28,
2023
Purchases at
Cost
Proceeds from
Sales
Net Realized
Gain (Loss)
Change in
Unrealized
Appreciation/
(Depreciation)
Value at
August 31,
2023
Shares at
August 31,
2023
Dividend
Income
Capital Gain
Distributions
JPMorgan Prime Money Market Fund
Class IM Shares, 5.46% (a) (b)
$
$65,810,247
$60,134,468
$(1,604
)
$379
$5,674,554
5,672,852
$155,882
$
JPMorgan U.S. Government Money
Market Fund Class IM Shares, 5.27%
(a) (b)
805,328
7,109,522
7,306,885
607,965
607,965
22,300
Total
$805,328
$72,919,769
$67,441,353
$(1,604
)
$379
$6,282,519
$178,182
$

 
(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 August 31, 2023.
Ultra-Short Income ETF
For the six months ended August 31, 2023
Security
Description
Value at
February 28,
2023
Purchases at
Cost
Proceeds from
Sales
Net Realized
Gain (Loss)
Change in
Unrealized
Appreciation/
(Depreciation)
Value at
August 31,
2023
Shares at
August 31,
2023
Dividend
Income
Capital Gain
Distributions
JPMorgan
Securities
Lending
Money
Market Fund
Agency SL
Class Shares,
5.50%
(a) (b)
$14,713,952
$88,999,999
$97,000,000
$(4,041
)*
$1,000
$6,710,910
6,709,568
$472,928
*
$
JPMorgan
U.S. Government
Money
Market Fund
Class IM
Shares,
5.27%
(a) (b)
1,401,082
53,013,390
52,614,598
1,799,874
1,799,874
85,373
*
JPMorgan
U.S. Government
Money
Market Fund
Class IM
Shares,
5.27%
(a) (b)
2,751,326,315
7,078,735,106
8,504,669,030
1,325,392,391
1,325,392,391
80,742,294
Total
$2,767,441,349
$7,220,748,495
$8,654,283,628
$(4,041
)
$1,000
$1,333,903,175
$81,300,595
$

 
(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 August 31, 2023.
*
Amount is included on the Statements of Operations as Income from securities lending (net) (after payments of rebates and Citibank’s fee).
 
 
245


NOTES TO FINANCIAL STATEMENTS
AS OF August 31, 2023 (Unaudited) (continued)
Ultra-Short Municipal Income ETF
For the six months ended August 31, 2023
Security Description
Value at
February 28,
2023
Purchases at
Cost
Proceeds from
Sales
Net Realized
Gain (Loss)
Change in
Unrealized
Appreciation/
(Depreciation)
Value at
August 31,
2023
Shares at
August 31,
2023
Dividend
Income
Capital Gain
Distributions
JPMorgan Institutional
Tax Free Money
Market Fund
Class IM Shares,
3.71% (a) (b)
$143,883,279
$1,471,672,526
$1,512,562,471
$(6,836
)
$(6,380
)
$102,980,118
102,969,821
$2,458,936
$

 
(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 August 31, 2023.
G. Foreign Currency Translation The books and records of the Funds are maintained in U.S. dollars. Foreign currency amounts are translated into U.S. dollars at the prevailing exchange rates of such currencies against the U.S. dollar. The market value of investment securities and other assets and liabilities are translated at the exchange rate as of the valuation date. Purchases and sales of investment securities, income and expenses are translated at the exchange rate prevailing on the respective dates of such transactions.
The Funds do not isolate the effect of changes in foreign exchange rates from changes in market prices on securities held. Accordingly, such changes are included within Change in net unrealized appreciation/depreciation on investments in non-affiliates on the Statements of Operations.
Reported realized foreign currency gains and losses arise from the disposition of foreign currency, currency gains or losses realized between the trade and settlement dates on securities transactions, and the difference between the amounts of dividends, interest and foreign withholding taxes recorded on each Fund's books on the transaction date and the U.S. dollar equivalent of the amounts actually received or paid. These reported realized foreign currency gains and losses are included in Net realized gain (loss) on foreign currency transactions on the Statements of Operations. Unrealized foreign currency gains and losses arise from changes (due to changes in exchange rates) in the value of foreign currency and other assets and liabilities denominated in foreign currencies, which are held at period end and are included in Change in net unrealized appreciation/depreciation on foreign currency translations on the Statements of Operations. 
H. Derivatives  The Funds used derivative instruments including futures contracts, forward foreign currency exchange contracts and swaps, in connection with their respective investment strategy. Derivative instruments may be used as substitutes for securities in which the Funds can invest, to hedge portfolio investments or to generate income or gain to the Funds. Derivatives may also be used to manage duration, sector and yield curve exposures and credit and spread volatility.
The Funds may be subject to various risks from the use of derivatives, including the risk that changes in the value of a derivative may not correlate perfectly with the underlying asset, rate or index; counterparty credit risk related to derivatives counterparties’ failure to perform under contract terms; liquidity risk related to the potential lack of a liquid market for these contracts allowing the Funds to close out their position(s); and documentation risk relating to disagreement over contract terms. Investing in certain derivatives also results in a form of leverage and as such, the Funds' risk of loss associated with these instruments may exceed their value, as recorded on the Statements of Assets and Liabilities.
The Funds are party to various derivative contracts governed by International Swaps and Derivatives Association master agreements (“ISDA agreements”). The Funds' ISDA agreements, which are separately negotiated with each dealer counterparty, may contain provisions allowing, absent other considerations, a counterparty to exercise rights, to the extent not otherwise waived, against the Funds in the event the Funds' net assets decline over time by a pre-determined percentage or fall below a pre-determined floor. The ISDA agreements may also contain provisions allowing, absent other conditions, the Funds to exercise rights, to the extent not otherwise waived, against a counterparty (e.g., decline in a counterparty’s credit rating below a specified level). Such rights for both a counterparty and the Funds often include the ability to terminate (i.e., close out) open contracts at prices which may favor a counterparty, which could have an adverse effect on the Funds. The ISDA agreements give the Funds and a counterparty the right, upon an event of default, to close out all transactions traded under such agreements and to net amounts owed or due across all transactions and offset such net payable or receivable against collateral posted to a segregated account by one party for the benefit of the other.
Counterparty credit risk may be mitigated to the extent a counterparty posts additional collateral for mark-to-market gains to the Funds.
246
 
 


Notes H(1) — H(3) below describe the various derivatives used by the Funds.
(1) Futures Contracts  The Funds used treasury futures contracts to manage and hedge interest rate 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 interest rate 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). 
(2) Forward Foreign Currency Exchange Contracts   Core Plus Bond ETF, Income ETF, International Bond Opportunities ETF and Short Duration Core Plus ETF are exposed to foreign currency risks associated with some or all of their portfolio investments and used forward foreign currency exchange contracts to hedge or manage certain of these exposures as part of an investment strategy. The Funds also bought forward foreign currency exchange contracts to gain exposure to currencies. Forward foreign currency exchange contracts represent obligations to purchase or sell foreign currency on a specified future date at a price fixed at the time the contracts are entered into. Non-deliverable forward foreign currency exchange contracts are settled with the counterparty in U.S. dollars without the delivery of the foreign currency.
The values of the forward foreign currency exchange contracts are adjusted daily based on the applicable exchange rate of the underlying currency. Changes in the value of these contracts are recorded as unrealized appreciation or depreciation until the contract settlement date. When the forward foreign currency exchange contract is closed, the Funds record a realized gain or loss equal to the difference between the value at the time the contract was opened and the value at the time it was closed. The Funds also record a realized gain or loss, upon settlement, when a forward foreign currency exchange contract offsets another forward foreign currency exchange contract with the same counterparty.
The Funds' forward foreign currency exchange contracts are subject to master netting arrangements (the right to close out all transactions with a counterparty and net amounts owed or due across transactions).
The Funds may be required to post or receive collateral for non-deliverable forward foreign currency exchange contracts.
(3) Swaps    Core Plus Bond ETF, Income ETF, International Bond Opportunities ETF, Municipal ETF and Short Duration Core Plus ETF engaged in various swap transactions, to manage credit and interest rate (e.g., duration, yield curve) risks within their respective portfolios. The Funds also used swaps as alternatives to direct investments. Swap transactions are contracts negotiated over-the-counter (“OTC swaps”) between a fund and a counterparty or are centrally cleared (“centrally cleared swaps”) through a central clearinghouse managed by a Futures Commission Merchant (“FCM”) that exchange investment cash flows, assets, foreign currencies or market-linked returns at specified, future intervals.
Upfront payments made and/or received by the Fund are recorded as assets or liabilities, respectively, on the Statements of Assets and Liabilities and amortized over the term of the swap. The value of an OTC swap agreement is recorded as either an asset or a liability on the Statements of Assets and Liabilities at the beginning of the measurement period. Upon entering into a centrally cleared swap, the Fund is required to deposit with the FCM cash or securities, which is referred to as initial margin deposit. Securities deposited as initial margin are designated on the Schedule of Portfolio Investments, while cash deposited, which is considered restricted, is recorded on the Statements of Assets and Liabilities. Daily changes in valuation of centrally cleared swaps, if any, are recorded as a variation margin receivable or payable on the Statements of Assets and Liabilities. The change in the value of swaps, including accruals of periodic amounts of interest to be paid or received on swaps, is reported as Change in net unrealized appreciation/depreciation on swaps on the Statements of Operations. A realized gain or loss is recorded upon payment or receipt of a periodic payment or payment made upon termination of a swap agreement.
 
 
247


NOTES TO FINANCIAL STATEMENTS
AS OF August 31, 2023 (Unaudited) (continued)
The central clearinghouse acts as the counterparty to each centrally cleared swap transaction; therefore credit risk is limited to the failure of the clearinghouse.
The Funds’ OTC swap contracts are subject to master netting arrangements.
Credit Default Swaps
Core Plus Bond ETF, Income ETF, International Bond Opportunities ETF, Municipal ETF and Short Duration Core Plus ETF entered into credit default swaps to simulate long and/or short bond positions or to take an active long and/or short position with respect to the likelihood of a default or credit event by the issuer of the underlying reference obligation.
The underlying reference obligation may be a single issuer of corporate or sovereign debt, a basket of issuers or a credit index. A credit index is a list of credit instruments or exposures that reference a fixed number of obligors with shared characteristics that represents some part of the credit market as a whole. Index credit default swaps have standardized terms including a fixed spread and standard maturity dates. The composition of the obligations within a particular index changes periodically.
Credit default swaps involve one party, the protection buyer, making a stream of payments to another party, the protection seller, in exchange for the right to receive a contingent payment if there is a credit event related to the underlying reference obligation. In the event that the reference obligation matures prior to the termination date of the contract, a similar security will be substituted for the duration of the contract term. Credit events are defined under individual swap agreements and generally include bankruptcy, failure to pay, restructuring, repudiation/moratorium, obligation acceleration and obligation default.
If a credit event occurs, the Funds, as protection sellers, would be obligated to make a payment, which may be either: (i) a net cash settlement equal to the notional amount of the swap less the auction value of the reference obligation or (ii) the notional amount of the swap in exchange for the delivery of the reference obligation. Selling protection effectively adds leverage to the Fund’s portfolio up to the notional amount of swap agreements. The notional amount represents the maximum potential liability under a contract and is not reflected on the Statements of Assets and Liabilities. Potential liabilities under these contracts may be reduced by: the auction rates of the underlying reference obligations; upfront payments received at the inception of a swap; and net amounts received from credit default swaps purchased with the identical reference obligation.
Interest Rate Swaps
International Bond Opportunities ETF entered into interest rate swap contracts to manage fund exposure to interest rates or to either preserve or generate a return on a particular investment or portion of its portfolio. These are agreements between counterparties to exchange periodic interest payments based on interest rates. One cash flow stream will typically be a floating rate payment based upon a specified interest rate, while the other is typically based on a fixed interest rate.
(4) Summary of Derivatives Information The following tables present the value of derivatives held as of August 31, 2023, by their primary underlying risk exposure and respective location on the Statements of Assets and Liabilities:
 
Core Plus
Bond ETF
Income ETF
International
Bond
Opportunities
ETF
Municipal
ETF
Short
Duration
Core Plus
ETF
Foreign Exchange Rate Risk Exposure:
Unrealized Appreciation on Forward Foreign Currency Exchange
Contracts
$
$
$2,842,257
$
$
Unrealized Depreciation on Forward Foreign Currency Exchange
Contracts
(75,417
)
(150,509
)
(542,637
)
Interest Rate Risk Exposure:
Unrealized Appreciation on Futures Contracts*
2,457,012
606,908
1,180,646
51,206
224,656
Swaps at Value (Assets)**
617,033
Unrealized Depreciation on Futures Contracts*
(80,675
)
(175,961
)
(499,622
)
(105,288
)
Swaps at Value (Liabilities)**
(666,787
)
Credit Risk Exposure:
Swaps at Value (Assets)**
322,038
69,105
Swaps at Value (Liabilities)**
(97,968
)
(2,287,547
)
(772,977
)
(358,961
)
(58,739
)
248
 
 


 
Core Plus
Bond ETF
Income ETF
International
Bond
Opportunities
ETF
Municipal
ETF
Short
Duration
Core Plus
ETF
Net Fair Value of Derivative Contracts:
Unrealized Appreciation (Depreciation) on Futures Contracts*
$2,376,337
$430,947
$681,024
$51,206
$119,368
Swaps at Value**
224,070
(2,218,442
)
(822,731
)
(358,961
)
(58,739
)
Unrealized Appreciation (Depreciation) on Forward Foreign Currency
Exchange Contracts
(75,417
)
(150,509
)
2,299,620

 
*
Includes cumulative appreciation/(depreciation) on futures contracts, if any, as reported on the SOIs. Only current day’s variation margin is
reported within the Statements of Assets and Liabilities.
**
Includes the fair value of centrally cleared swap contracts as reported on the SOIs. Only current day’s variation margin is reported within the
Statements of Assets and Liabilities.
The following table presents the Fund's gross derivative assets and liabilities by counterparty net of amounts available for offset under netting arrangements and any related collateral received or posted by the Fund as of August 31, 2023:
International Bond Opportunities ETF
Counterparty
Gross Amount of Derivative Assets
Subject to Netting Arrangements
Presented on the Statement of Assets
and Liabilities (a)
Derivatives
Available
for Offset
Collateral
Received
Net Amount Due
From Counterparty
(Not less than zero)
Barclays Bank plc
$7,927
$(7,927
)
$
$
BNP Paribas
64,978
(64,978
)
Citibank, NA
366,307
(12,812
)
353,495
Goldman Sachs International
85,403
(85,403
)
HSBC Bank, NA
499,931
(34
)
499,897
Merrill Lynch International
2,760
(2,760
)
Morgan Stanley
1,806,254
(1,599
)
1,804,655
Royal Bank of Canada
296
(296
)
State Street Corp.
5,961
(1,628
)
4,333
TD Bank Financial Group
2,440
2,440
 
$2,842,257
$(177,437
)
$
$2,664,820
Counterparty
Gross Amount of Derivative Liabilities
Subject to Netting Arrangements
Presented on the Statement of Assets
and Liabilities (a)
Derivative
Available
for Offset
Collateral
Posted
Net Amount Due to
Counterparty
(Not less than zero)
Barclays Bank plc
$13,765
$(7,927
)
$
$5,838
BNP Paribas
260,965
(64,978
)
195,987
Citibank, NA
12,812
(12,812
)
Goldman Sachs International
210,830
(85,403
)
125,427
HSBC Bank, NA
34
(34
)
Merrill Lynch International
26,099
(2,760
)
23,339
Morgan Stanley
1,599
(1,599
)
Royal Bank of Canada
2,280
(296
)
1,984
Standard Chartered Bank
12,625
12,625
State Street Corp.
1,628
(1,628
)
 
$542,637
$(177,437
)
$
$365,200

 
(a)
For financial reporting purposes the Fund does not offset derivative assets and derivative liabilities subject to master netting arrangements on
the Statement of Assets and Liabilities.
 
 
249


NOTES TO FINANCIAL STATEMENTS
AS OF August 31, 2023 (Unaudited) (continued)
The following tables present the effect of derivatives on the Statements of Operations for the six months ended August 31, 2023, by primary underlying risk exposure:
 
Core Plus
Bond ETF
Income ETF
International
Bond
Opportunities
ETF
Municipal
ETF
Short
Duration
Core Plus
ETF
Ultra-Short
Income ETF
Ultra-Short
Municipal
Income ETF
Realized Gain (Loss) on Derivatives Recognized as a Result From Operations:
Foreign Exchange Rate Risk Exposure:
Forward Foreign Currency
Exchange Contracts
$(260,895
)
$(526,200
)
$(2,839,612
)
$
$(113
)
$
$
Interest Rate Risk Exposure:
Futures Contracts
(8,935,953
)
(3,921,051
)
(2,831,302
)
(153,788
)
(716,468
)
(42,712,853
)
(1,776,264
)
Credit Exposure Risk:
Swap Contracts
82,518
(538,889
)
(228,990
)
(724,631
)
(46,463
)
Net Change in Unrealized Appreciation (Depreciation) on Derivatives Recognized as a Result of Operations:
Foreign Exchange Rate Risk Exposure:
Forward Foreign Currency
Exchange Contracts
34,463
78,571
(1,510,628
)
Interest Rate Risk Exposure:
Futures Contracts
2,544,712
564,983
(585,219
)
50,893
133,271
325,334
Swap Contracts
66,839
Credit Exposure Risk:
Swap Contracts
88,147
(1,261,264
)
(659,331
)
425,403
(9,036
)
Derivatives Volume
The table below discloses the volume of the Funds' options, futures contracts, forward foreign currency exchange contracts and swaps activity during the six months ended August 31, 2023. Please refer to the tables in the Summary of Derivatives Information for derivative-related gains and losses associated with volume activity:
 
Core Plus
Bond ETF
Income ETF
International
Bond
Opportunities
ETF
Municipal
ETF
Futures Contracts:
Average Notional Balance Long
$271,934,719
$161,361,125
$110,270,345
$9,130,962
Average Notional Balance Short
(26,505,621
)
(13,916,991
)
(85,923,771
)
(1,275,556
)
Ending Notional Balance Long
398,471,391
120,533,594
179,037,758
13,281,406
Ending Notional Balance Short
(11,372,860
)
(19,084,312
)
(118,096,154
)
Forward Foreign Currency Exchange Contracts:
Average Settlement Value Purchased
(2,962,051
)
(5,532,332
)
(49,405,109
)
Average Settlement Value Sold
248,108
491,063
272,489,506
Ending Settlement Value Purchased
(3,438,722
)
(5,881,474
)
(39,473,059
)
Ending Settlement Value Sold
362,328,619
Interest Rate-Related Swaps :
Average Notional Balance - Pays Fixed Rate
65,000,000
Average Notional Balance - Receives Fixed Rate
6,535,714
Ending Notional Balance - Pays Fixed Rate
104,000,000
Ending Notional Balance - Receives Fixed Rate
23,250,000
250
 
 


 
Core Plus
Bond ETF
Income ETF
International
Bond
Opportunities
ETF
Municipal
ETF
Credit Default Swaps:
Average Notional Balance - Buy Protection
$8,815,714
$42,197,000
$13,213,763
$9,350,000
Average Notional Balance -Sell Protection
18,250,000
2,285,714
Ending Notional Balance - Buy Protection
8,410,000
64,600,000
15,358,810
9,350,000
Ending Notional Balance - Sell Protection
18,250,000
1,800,000
 
Short
Duration
Core Plus
ETF
Ultra-Short
Income ETF
Ultra-Short
Municipal
Income ETF
Futures Contracts:
Average Notional Balance Long
$46,670,104
$1,381,480,010
$106,330,287
Average Notional Balance Short
(12,128,013
)
Ending Notional Balance Long
60,823,492
Ending Notional Balance Short
(12,605,813
)
Forward Foreign Currency Exchange Contracts:
Average Settlement Value Purchased
(108,513
)
Average Settlement Value Sold
108,469
Credit Default Swaps:
Average Notional Balance - Buy Protection
2,722,857
Average Notional Balance -Sell Protection
571,429
Ending Notional Balance - Buy Protection
1,530,000
The Funds may be required to post or receive collateral based on the net value of the Funds’ outstanding non-deliverable forward foreign currency exchange contracts and/or OTC swap contracts with the counterparty in the form of cash or securities. Daily movement of cash collateral is subject to minimum threshold amounts. Collateral posted by the Funds is held in a segregated account at the Funds’ custodian bank. For certain counterparties cash collateral posted by the Funds is invested in an affiliated money market fund (See Note 3.E), otherwise the cash collateral is included on the Statements of Assets and Liabilities as Restricted cash for OTC derivatives. Collateral received by the Funds is held in a separate segregated account maintained by JPMCB, an affiliate of the Funds.
International Bond Opportunities ETF’s derivative contracts collateral requirements and collateral posted or received by counterparty as of August 31, 2023 are as follows:
Fund
 
Fund Counterparty
Value of swap
contracts
Collateral
amount
International Bond Opportunities ETF
Collateral Received
Goldman Sachs International
$
$(280,000
)
The Funds' derivatives contracts held at August 31, 2023 are not accounted for as hedging instruments under GAAP.
I. 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.
Dividend income, net of foreign taxes withheld, if any, is recorded on the ex-dividend date or when a Fund first learns of the dividend.
To the extent such information is publicly available, the Funds record distributions received in excess of income earned from underlying investments as a reduction of cost of investments and/or realized gain. Such amounts are based on estimates if actual amounts are not available and actual amounts of income, realized gain and return of capital may differ from the estimated amounts. The Funds adjust the estimated amounts of the components of distributions (and consequently their net investment income) as necessary, once the issuers provide information about the actual composition of the distributions.
 
 
251


NOTES TO FINANCIAL STATEMENTS
AS OF August 31, 2023 (Unaudited) (continued)
J. 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 August 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.
K. Foreign Taxes The Funds may be subject to foreign taxes on income, gains on investments or currency purchases/repatriation, a portion of which may be recoverable. The Funds will accrue such taxes and recoveries as applicable, based upon their current interpretation of tax rules and regulations that exist in the markets in which they invest. When a capital gains tax is determined to apply, the Funds record an estimated deferred tax liability in an amount that would be payable if the securities were disposed of on the valuation date. 
L. Distributions to Shareholders  Distributions from net investment income, if any, are generally declared  and paid at least monthly and are declared separately for each class. Net realized capital gains, if any, are distributed by each Fund at least annually. The amount of distributions from net investment income and net realized capital gains is determined in accordance with Federal income tax regulations, which may differ from GAAP. To the extent these “book/tax” differences are permanent in nature (i.e., that they result from other than timing of recognition — “temporary differences”), such amounts are reclassified within the capital accounts based on their Federal tax basis treatment.
3. Fees and Other Transactions with Affiliates
A. Management Fee JPMIM manages the investments of each Fund pursuant to a Management Agreement. For such services, JPMIM is paid a fee which is accrued daily and paid no more frequently than monthly based on each Fund's respective average daily net assets at the following rate:
 
 
Core Plus Bond ETF
0.40
%
Income ETF
0.40
International Bond Opportunities ETF
0.50
Municipal ETF
0.18
Short Duration Core Plus ETF
0.33
Ultra-Short Income ETF
0.18
Ultra-Short Municipal Income ETF
0.18
Under each Management Agreement, JPMIM is responsible for substantially all expenses of each Fund, (including expenses of the Trust relating to each Fund), except for the management fees, payments under the Funds' 12b-1 plan (if any), interest expenses, dividend and interest expenses related to short sales, taxes, acquired fund fees and expenses (other than fees for funds advised by the Adviser and/or its affiliates), costs of holding shareholder meetings, and litigation and potential litigation and other extraordinary expenses not incurred in the ordinary course of each Fund’s business. Additionally, each Fund is responsible for its non-operating expenses, including brokerage commissions and fees and expenses associated with each Fund’s securities lending program, if applicable. For the avoidance of doubt, the Adviser’s payment of such expenses may be accomplished through a Fund’s payment of such expenses and a corresponding reduction in the fee payable to the Adviser, provided, however, that if the amount of expenses paid by a Fund exceeds the fee payable to the Adviser, the Adviser will reimburse that Fund for such amount.
B. Administration Fee  JPMIM provides administration services to the Funds. Pursuant to each Management Agreement, JPMIM is compensated as described in Note 3.A.
JPMCB 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 the Administrator.
C. Custodian, Accounting and Transfer Agent Fees JPMCB provides custody, accounting and transfer agency services to the Funds. For performing these services, JPMIM pays JPMCB transaction and asset-based fees that vary according to the number of transactions and positions, plus out-of-pocket expenses.
Additionally, Authorized Participants generally pay transaction fees associated with the creation and redemption of Fund shares. These fees are paid to JPMIM to offset certain custodian charges that are covered by each Management Agreement.
Interest income earned on cash balances at the custodian, if any, is included in Interest income from affiliates on the Statements of Operations.
Interest expense paid to the custodian related to cash overdrafts, if any, is included in Interest expense to affiliates on the Statements of Operations.
252
 
 


D. Distribution Services  The Distributor or its agent distributes Creation Units for each Fund on an agency basis. The Distributor does not maintain a secondary market in shares of each Fund. JPMDS receives no fees for their distribution services under the distribution agreement with the Trust (the “Distribution Agreement”). Although the Trust does not pay any fees under the Distribution Agreement, JPMIM pays JPMDS for certain distribution related services.
E. Waivers and Reimbursements  The Funds may invest in one or more money market funds advised by the Adviser (affiliated money market funds). The fees for the affiliated money market funds, except for investments of securities lending cash collateral, are covered under each Management Agreement as described in Note 3.A.
F. Other   Certain officers of the Trust are affiliated with the Adviser, the Administrator and JPMDS. Such officers receive no compensation from the Funds for serving in their respective roles.
The Board designated and appointed a Chief Compliance Officer to the Funds pursuant to Rule 38a-1 under the 1940 Act. The fees associated with the office of the Chief Compliance Officer are paid for by JPMIM as described in Note 3.A.
During the six months ended August 31, 2023, the Funds purchased securities from an underwriting syndicate in which the principal underwriter or members of the syndicate were affiliated with the Adviser.
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 August 31, 2023, purchases and sales of investments (excluding short-term investments) were as follows:
 
Purchases
(excluding
U.S. Government)
Sales
(excluding
U.S. Government)
Purchases
of U.S.
Government
Sales
of U.S.
Government
Core Plus Bond ETF
$605,651,037
$103,541,751
$90,236,800
$23,248,534
Income ETF
685,443,384
369,499,293
International Bond Opportunities ETF
97,136,722
35,202,930
8,706
Municipal ETF
237,198,744
31,218,553
3,984,023
Short Duration Core Plus ETF
69,528,021
26,399,018
44,459,286
27,389,988
Ultra-Short Income ETF
3,681,317,258
5,498,121,893
532,930,547
522,848,984
Ultra-Short Municipal Income ETF
1,216,841,133
1,182,442,030
5. Federal Income Tax Matters
For Federal income tax purposes, the estimated cost and unrealized appreciation (depreciation) in value of investments held at August 31, 2023 were as follows:
 
Aggregate
Cost
Gross
Unrealized
Appreciation
Gross
Unrealized
Depreciation
Net Unrealized
Appreciation
(Depreciation)
Core Plus Bond ETF
$1,517,302,213
$6,614,633
$52,402,602
$(45,787,969
)
Income ETF
690,881,771
4,170,224
16,969,870
(12,799,646
)
International Bond Opportunities ETF
376,685,874
7,448,363
34,273,188
(26,824,825
)
Municipal ETF
652,412,004
1,903,874
9,618,682
(7,714,808
)
Short Duration Core Plus ETF
264,792,902
527,188
8,686,364
(8,159,176
)
Ultra-Short Income ETF
22,797,050,514
8,146,843
97,190,644
(89,043,801
)
Ultra-Short Municipal Income ETF
2,589,383,893
606,385
12,041,919
(11,435,534
)
 
 
253


NOTES TO FINANCIAL STATEMENTS
AS OF August 31, 2023 (Unaudited) (continued)
At February 28, 2023, the following Funds had net capital loss carryforwards which are available to offset future realized gains as follows:
 
Capital Loss Carryforward Character
 
Short-Term
Long-Term
Core Plus Bond ETF
$4,248,680
$3,612,550
Income ETF
2,129,264
324,114
International Bond Opportunities ETF
1,218,196
4,707,351
Municipal ETF
2,687,809
1,536,830
Short Duration Core Plus ETF
3,729,251
399,954
Ultra-Short Municipal Income ETF
8,097,767
7,457,996
Specified ordinary losses and 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 February 28, 2023, the Funds deferred to March 1, 2023 the following net capital losses (gains):
 
Net Capital Losses (Gains)
Specified
Ordinary Losses
 
Short-Term
Long-Term
Core Plus Bond ETF
$645,515
$1,099,281
$174,661
Income ETF
931,969
1,826,186
1
International Bond Opportunities ETF
(120,254
)
2,507,917
Municipal ETF
211,373
53,428
Short Duration Core Plus ETF
233,434
3,207,638
Ultra-Short Income ETF
3,619,486
11,643,452
Ultra-Short Municipal Income ETF
762,814
1,030,672
During the year ended February 28, 2023, the following Funds utilized capital loss carryforwards as follows:
 
Capital Loss Utilized
 
Short-Term
Long-Term
International Bond Opportunities ETF
$31,785
$
6. Capital Share Transactions
The Trust issues and redeems shares of the Funds only in Creation Units through the Distributor at NAV. Capital shares transactions detail can be found in the Statements of Changes in Net Assets.
Shares of the Funds may only be purchased or redeemed by Authorized Participants. Such Authorized Participants may from time to time hold, of record or beneficially, a substantial percentage of the Funds' shares outstanding and act as executing or clearing broker for investment transactions on behalf of the Funds. An Authorized Participant is either (1) a “Participating Party” or other participant in the clearing process through the Continuous Net Settlement System of the National Securities Clearing Corporation (“NSCC”); or (2) a DTC Participant; which, in either case, must have executed an agreement with the Distributor.
Creation Units of a Fund may be created in advance of receipt by the Trust of all or a portion of the applicable basket of fixed income 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.
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
254
 
 


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 August 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 30, 2023.
The Funds had no borrowings outstanding from the unsecured, uncommitted credit facility during the six months ended August 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 August 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.
The Funds are subject to risks associated with securities with contractual cash flows including asset-backed and mortgage-related securities such as collateralized mortgage obligations, mortgage pass-through securities and commercial mortgage-backed securities, including securities backed by sub-prime mortgage loans. The value, liquidity and related income of these securities are sensitive to changes in economic conditions, including real estate value, pre-payments, delinquencies and/or defaults, and may be adversely affected by shifts in the market’s perception of the issuers and changes in interest rates.
International Bond Opportunities ETF’s investments in sovereign and corporate debt obligations within emerging market countries may be subject to potentially higher risks than investments in more developed markets and the prices of such investments may be volatile. The yields of emerging market debt obligations reflect, among other things, perceived credit risk. The consequences of political, social or economic instability in these markets may have disruptive effects on the market prices of the Funds’ investments and the income they generate, as well as the Funds’ ability to repatriate such amounts.
The Funds are subject to interest rate risk. Investments in bonds and other debt securities will change in value based on changes in interest rates.  If rates increase, the value of these investments generally declines.  Securities with greater interest rate sensitivity and longer maturities generally are subject to greater fluctuations in value.  The Funds may face a heightened level of interest rate risk due to certain changes in monetary policy. It is difficult to predict the pace at which central banks or monetary authorities may increase interest rates or the timing, frequency, or magnitude of such increases. Any such changes could be sudden and could expose debt markets to significant volatility and reduced liquidity for Fund investments. 
The Funds are subject to credit risk. The Funds' investments are subject to the risk that an issuer and/or a counterparty will fail to make payments when due or default completely. Prices of the Funds' investments may be adversely affected if any of the issuers or counterparties it is invested in are subject to an actual or perceived deterioration in their credit quality. Credit spreads may increase, which may reduce the market values of the Funds' securities. Credit spread risk is the risk that economic and market conditions or any actual or perceived credit deterioration may lead to an
 
 
255


NOTES TO FINANCIAL STATEMENTS
AS OF August 31, 2023 (Unaudited) (continued)
increase in the credit spreads (i.e., the difference in yield between two securities of similar maturity but different credit quality) and a decline in price of the issuer’s securities.
Core Plus Bond ETF, Income ETF, International Bond Opportunities ETF and Short Duration Core Plus ETF invest in high yield securities that are not rated or rated below investment grade (commonly known as “junk bonds”). These securities are considered to be high risk investments. Investments in lower-rated securities or unrated securities of comparable quality tend to be more sensitive to economic conditions than higher rated securities. Junk bonds involve a greater risk of default by the issuer because such securities are generally unsecured and are often subordinated to other creditors’ claims. The market price of these securities can change suddenly and unexpectedly. As a result, the Funds are intended for investors who are able and willing to assume a high degree of risk.
International Bond Opportunities ETF may have elements of risk not typically associated with investments in the United States of America due to concentrated investments in a limited number of foreign countries or regions, which may vary throughout the period. Such concentrations may subject each of these Funds to additional risks resulting from political or economic conditions in such countries or regions and the possible imposition of adverse governmental laws or currency exchange restrictions could cause the securities and their markets to be less liquid and their prices to be more volatile than those of comparable U.S. securities.
Derivatives may be riskier than other types of investments because they may be more sensitive to changes in economic and market conditions and could result in losses that significantly exceed the Funds’ original investment. Many derivatives create leverage thereby causing the Funds to be more volatile than they would have been if they had not used derivatives. Derivatives also expose the Funds to counterparty risk (the risk that the derivative counterparty will not fulfill its contractual obligations), including credit risk of the derivative counterparty. The possible lack of a liquid secondary market for derivatives and the resulting inability of the Funds to sell or otherwise close a derivatives position could expose the Funds to losses.
The Funds are also subject to counterparty credit risk, which is the risk that a counterparty fails to perform on agreements with the Funds.
Disruptions to creations and redemptions, the existence of significant market volatility or potential lack of an active trading market for the Shares (including through a trading halt), as well as other factors, may result in Shares trading significantly above (at a premium) or below (at a discount) to the NAV or to the intraday value of the Funds’ holdings. During such periods, investors may incur significant losses if shares are sold.
The Funds may not track the return of their underlying index for a number of reasons and therefore may not achieve their investment objective. For example, the Funds incur a number of operating expenses not applicable to their underlying index, and incur costs in buying and selling securities, especially when rebalancing the Funds’ securities holdings to reflect changes in the composition of the underlying index. In addition, each Fund’s return may differ from the return of its underlying index as a result of, among other things, pricing differences and the inability to purchase certain securities included in the underlying index due to regulatory or other restrictions. To the extent of the previously outlined items, each Fund’s return may differ from the return of the underlying index.
London Interbank Offered Rate ("LIBOR") was a leading floating rate benchmark used in loans, notes, derivatives and other instruments or investments. As a result of benchmark reforms, publication of most LIBOR settings has ceased. Some LIBOR settings continue to be published but only on a temporary, synthetic and non-representative basis. Regulated entities have generally ceased entering into new LIBOR contracts in connection with regulatory guidance or prohibitions. Public and private sector actors have worked to establish alternative reference rates to be used in place of LIBOR. There is no assurance that any such alternative reference rate will be similar to or produce the same value or economic equivalence as LIBOR or that it will have the same volume or liquidity as did LIBOR which may affect the value, volatility, liquidity or return on certain of the Funds' loans, notes, derivatives and other instruments or investments comprising some or all of the Funds' investments and result in costs incurred in connection with changing reference rates used for positions, closing out positions and entering into new trades. Certain of the Funds' investments may have transitioned from LIBOR or will transition from LIBOR in the future. The transition from LIBOR to alternative reference rates may result in operational issues for the Funds or their investments. No assurances can be given as to the impact of the LIBOR transition (and the timing of any such impact) on the Funds and their investments.
The Funds, excluding Municipal ETF and Ultra-Short Municipal Income ETF, invest in foreign issuers and foreign securities (including depositary receipts) that are subject to additional risks, including political and economic risks, civil conflicts and war, greater volatility, expropriation and nationalization risks, sanctions or other measures by the United States or other governments, currency fluctuations, higher transaction costs, delayed settlement, possible foreign controls on investment, liquidity risks and less stringent investor protection and disclosure standards of foreign markets. In certain markets where securities and other instruments are not traded “delivery versus payment,” a Fund may not receive timely payment for securities or other instruments it has delivered or receive delivery of securities paid for and may be subject to increased risk that the counterparty will fail to make payments or delivery when due or default completely.
Events and evolving conditions in certain economies or markets may alter the risks associated with investments tied to countries or regions that historically were perceived as comparatively stable becoming riskier and more volatile. 
The Funds 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 this, or any future, pandemic to public health and business and market conditions may have a significant negative impact on the performance of a Fund's investments, increase a Fund's volatility,  negatively impact a Fund’s arbitrage and pricing mechanisms, exacerbate other pre-existing political, social and economic risks to
256
 
 


the Funds and negatively impact broad segments of businesses and populations. In addition, governments, their regulatory agencies, or self-regulatory organizations have taken or may take actions in response to a pandemic that affect the instruments in which the Funds invest, or the issuers of such instruments, in ways that could have a significant negative impact on a Fund’s investment performance. The ultimate impact of any pandemic and the extent to which the associated conditions and governmental responses impact a Fund will also depend on future developments, which are highly uncertain, difficult to accurately predict and subject to frequent changes.
Derivatives may be riskier than other types of investments because they may be more sensitive to changes in economic and market conditions and could result in losses that significantly exceed the Funds’ original investment. Many derivatives create leverage thereby causing the Funds to be more volatile than they would have been if they had not used derivatives. Derivatives also expose the Funds to counterparty risk (the risk that the derivative counterparty will not fulfill its contractual obligations), including credit risk of the derivative counterparty. The possible lack of a liquid secondary market for derivatives and the resulting inability of the Funds to sell or otherwise close a derivatives position could expose the Funds to losses.
The Funds are also subject to counterparty credit risk, which is the risk that a counterparty fails to perform on agreements with the Funds.
Disruptions to creations and redemptions, the existence of significant market volatility or potential lack of an active trading market for the Shares (including through a trading halt), as well as other factors, may result in Shares trading significantly above (at a premium) or below (at a discount) to the NAV or to the intraday value of the Funds’ holdings. During such periods, investors may incur significant losses if shares are sold.
The Funds invest in foreign issuers and foreign securities (including depositary receipts) that are subject to additional risks, including political and economic risks, civil conflicts and war, greater volatility, expropriation and nationalization risks, sanctions or other measures by the United States or other governments, currency fluctuations, higher transaction costs, delayed settlement, possible foreign controls on investment, liquidity risks and less stringent investor protection and disclosure standards of foreign markets. In certain markets where securities and other instruments are not traded “delivery versus payment,” a Fund may not receive timely payment for securities or other instruments it has delivered or receive delivery of securities paid for and may be subject to increased risk that the counterparty will fail to make payments or delivery when due or default completely.
Events and evolving conditions in certain economies or markets may alter the risks associated with investments tied to countries or regions that historically were perceived as comparatively stable becoming riskier and more volatile.
As of August 31, 2023, the following Funds had non-U.S. country allocations representing greater than 10% of total investments  as follows:
 
Ultra-Short
Income ETF
Canada
11.3
%
 
 
257


SCHEDULE OF SHAREHOLDER EXPENSES
(Unaudited)
Hypothetical $1,000 Investment
As a shareholder of the Funds, you incur two types of costs: (1) transaction costs, including brokerage commissions on your purchase and sales of Fund shares and (2) ongoing costs, primarily management fees. The examples below are intended to help you understand your ongoing costs (in dollars) of investing in the Funds and to compare these ongoing costs with the ongoing costs of investing in other funds. The examples assume that you had a $1,000 investment at the beginning of the reporting period, March 1, 2023, and continued to hold your shares at the end of the reporting period, August 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 Fund 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
March 1, 2023
Ending
Account Value
August 31, 2023
Expenses
Paid During
the Period*
Annualized
Expense
Ratio
JPMorgan Core Plus Bond ETF
Actual
$1,000.00
$1,013.70
$1.97
0.39
%
Hypothetical
1,000.00
1,023.18
1.98
0.39
JPMorgan Income ETF
Actual
1,000.00
1,024.10
2.03
0.40
Hypothetical
1,000.00
1,023.13
2.03
0.40
JPMorgan International Bond Opportunities ETF
Actual
1,000.00
1,013.30
2.52
0.50
Hypothetical
1,000.00
1,022.62
2.54
0.50
JPMorgan Municipal ETF
Actual
1,000.00
1,012.10
0.86
0.17
Hypothetical
1,000.00
1,024.28
0.86
0.17
JPMorgan Short Duration Core Plus ETF
Actual
1,000.00
1,018.30
1.67
0.33
Hypothetical
1,000.00
1,023.48
1.67
0.33
JPMorgan Ultra-Short Income ETF
Actual
1,000.00
1,021.90
0.81
0.16
Hypothetical
1,000.00
1,024.33
0.81
0.16
JPMorgan Ultra-Short Municipal Income ETF
Actual
1,000.00
1,015.40
0.86
0.17
Hypothetical
1,000.00
1,024.28
0.86
0.17

 
*
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).
258
J.P. Morgan Exchange-Traded Funds
August 31, 2023 


LIQUIDITY RISK MANAGEMENT PROGRAM
(Unaudited)
Each of the Funds covered in this report has adopted the J.P. Morgan Funds and J.P. Morgan Exchange-Traded Funds Amended and Restated Liquidity Risk Management Program (the “Program”) under Rule 22e-4 under the Investment Company Act of 1940, as amended (the “Liquidity Rule”). The Program seeks to assess, manage and review each Fund’s Liquidity Risk. “Liquidity Risk” is defined as the risk that a fund could not meet requests to redeem shares issued by the fund without significant dilution of remaining investors’ interests in the fund. Pursuant to an exemptive order (the “Exemptive Order”) from the Securities and Exchange Commission, the Program permits the Funds to use liquidity definitions and classification methodologies that differ from the requirements under the Liquidity Rule in some respects. Among other things, the Liquidity Rule requires that a written report be provided to the Board of Trustees (the “Board”) on an annual basis that addresses the operation of the Program and assesses the adequacy and effectiveness of its implementation, including the operation of any Highly Liquid Investment Minimum (“HLIM”), where applicable, and any material changes to the Program. 
The Board has appointed J.P. Morgan Asset Management’s Liquidity Risk Forum to be the program administrator for the Program (the “Program Administrator”). In addition to regular reporting at each of its quarterly meetings, on February 7, 2023, the Board reviewed the Program Administrator’s annual written report (the “Report”) concerning the operation of the Program for the period from January 1, 2022 through December 31, 2022 (the “Program Reporting Period”). The Report addressed the operation of the Program and assessed its adequacy and effectiveness of implementation, including, where applicable, the operation of a Fund’s HLIM. There were no material changes to the Program during the Program Reporting Period.
The Report summarized the operation of the Program and the information and factors considered by the Program Administrator in assessing whether the Program has been adequately and effectively implemented with respect to each Fund. Such information and factors included, among other things: (1) the effectiveness of the Program with respect to the identification of each Fund that qualifies as an “In-Kind ETF” (as defined in the Liquidity Rule); (2) the liquidity risk framework used to assess, manage, and periodically review each Fund’s Liquidity Risk and the results of this assessment; (3) the methodology and inputs for classifying the investments of a Fund (other than an In-Kind ETF) into one of the required liquidity categories that reflect an estimate of the liquidity of those investments under current market conditions (and, for In-Kind ETFs, the methodology and inputs for determining whether any investments should be classified as “Illiquid Investments” (as defined or modified under the Program)); (4) whether a Fund (other than an In-Kind ETF) invested primarily in “Highly Liquid Investments” (as defined or modified under the Program), as well as whether an HLIM should be established for a Fund (other than an In-Kind ETF) and the procedures for monitoring any HLIM; (5) whether a Fund invested more than 15% of its assets in “Illiquid Investments” and the procedures for monitoring for this limit; and (6) specific liquidity events arising during the Program Reporting Period. The Report further summarized the conditions of the Exemptive Order and whether all applicable Funds were in compliance with the terms of the Exemptive Order.
Based on this review, the Report concluded that: (1) the Program continues to be reasonably designed to effectively assess and manage each Fund’s Liquidity Risk; and (2) the Program has been adequately and effectively implemented with respect to each Fund during the Program Reporting Period.
August 31, 2023 
J.P. Morgan Exchange-Traded Funds
259


BOARD APPROVAL OF MANAGEMENT AGREEMENTS
(Unaudited)
JPMorgan Core Plus Bond ETF, JPMorgan Income ETF, JPMorgan International Bond Opportunities ETF, JPMorgan Municipal ETF, JPMorgan Short Duration Core Plus ETF, JPMorgan Ultra-Short Income ETF and JPMorgan Ultra-Short Municipal Income ETF
The Board of Trustees (the “Board” or the “Trustees”) has established various standing committees composed of Trustees with diverse backgrounds, to which the Board has assigned specific subject matter responsibilities to further enhance the effectiveness of the Board’s oversight and decision making.  The Board and its investment committees (Money Market and Alternative Products Committee, Equity Committee, and Fixed Income Committee) met regularly throughout the year and, at each meeting, considered factors that are relevant to their annual consideration of the continuation of the management agreements. The Board also met for the specific purpose of considering management agreement annual renewals. The Board held meetings June 20-21, 2023 and August 8-10, 2023, at which the Trustees considered the continuation of the management agreements for each Fund 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 includes 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 assess
ments 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.  The Trustees considered information provided with respect to the Funds over the course of the year, as well as the materials furnished specifically in connection with this annual renewal process.  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. The Trustees determined that the compensation received by the Adviser from each Fund under the Management Agreement was fair and reasonable and that the continuance of the Management Agreement was in the best interests of each Fund and its shareholders.
The factors summarized below were considered and discussed by the Trustees in reaching their conclusions:
Nature, Extent and Quality of Services Provided by the Adviser
The Trustees received and considered information regarding the nature, extent and quality of the services provided to each Fund under its respective 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;
260
J.P. Morgan Exchange-Traded Funds
August 31, 2023 


•  Information about the structure and distribution strategy of each Fund and how it fits with 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 services to be provided to the Funds by the Adviser.
Costs of Services Provided and Profitability to the Adviser and its Affiliates
The Trustees received, reviewed, considered and discussed information regarding the profitability to the Adviser and its affiliates from providing services to the Funds. 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 allocation methodologies developed by the Adviser and reviewed with the Board.  The Trustees also recognized that it is difficult to make direct comparisons of profitability from fund management contracts because comparative information is not generally publicly available and is affected by numerous factors, including the structure of the particular adviser, the types of funds it manages, its business mix, numerous assumptions regarding allocations and the fact that publicly-traded fund managers’ operating profits and net income are net of distribution and marketing expenses.  Based upon their review, 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 these 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 certain J.P. Morgan Funds' operating accounts are held at JPMCB, which, as a result, will receive float benefits for certain J.P. Morgan Funds, as applicable.  The Trustees also noted that the Adviser supports a diverse set of products and services, which benefits the Adviser by allowing it to leverage its infrastructure to serve additional clients, including benefits that may be received by the Adviser and its affiliates in connection with the Fund’s potential investments in other funds advised by the Adviser.  The Trustees also reviewed the Adviser’s allocation of fund brokerage for the J.P. Morgan Funds complex, including allocations to brokers who provide research to the Adviser, as well as the Adviser’s use of affiliates to provide other services and the benefits to such affiliates of doing so. The Trustees also considered the benefit to the Adviser and its affiliates from allocating client assets to the Funds.
 Economies of Scale
The Trustees considered the extent to which each Fund will benefit from potential economies of scale.  The Trustees noted that each Fund has a “unitary” management fee which does not contain breakpoints. The Trustees considered that shareholders would benefit because expenses would be limited even when a Fund is new and not achieving economies of scale. The Trustees considered the fact that increases in assets would not lead to management fee decreases even if economies of scale are achieved, but also that the Trustees would have the opportunity to further review the appropriateness of the fee payable to the Adviser under the Management Agreement in the future. The Trustees also concluded that all Funds benefited from the Adviser’s reinvestment in its operations to serve the Funds and their shareholders. The Trustees noted that the Adviser’s reinvestment ensures sufficient resources in terms of personnel and infrastructure to support the Funds. After considering the factors identified above, the Trustees concluded that the Fund’s shareholders will receive the benefits of potential economies of scale.
Fees Relative to Adviser’s Other Clients
The Trustees received and considered information about the nature and extent of management services and fee rates offered to other clients of the Adviser, including, to the extent applicable, institutional separate accounts, collective investment trusts, other registered investment companies and/or private funds sub-advised by the Adviser, for investment
August 31, 2023 
J.P. Morgan Exchange-Traded Funds
261


BOARD APPROVAL OF MANAGEMENT AGREEMENTS
(Unaudited) (continued) 
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, as applicable.  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 the Funds’ performance throughout the year. In addition, the Trustees received and considered absolute and relative performance information for Funds with at least one-year of performance history in a report prepared by Broadridge.  The Trustees considered the total return performance information, which included ranking the Funds within a performance universe comprised of funds with the same Morningstar investment classification and objective (the “Universe”), by total return for applicable one-, three and five-year periods.  The Trustees reviewed a description of Broadridge’s methodology for selecting exchange-traded funds in each Fund’s Universe and noted that the Universe quintile rankings were not calculated if the number of funds in the Universe did not meet a predetermined minimum. The Trustees also considered each Fund’s investment strategy and processes, portfolio management teams and competitive positioning against peer funds, as identified by Broadridge and/or management. As part of this review, the Trustees reviewed each Fund’s performance against its benchmark and considered each Fund’s performance information provided at regular Board meetings by the Adviser. 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 Core Plus Bond ETF’s performance was in the second and first quintiles 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.
The Trustees noted that the JPMorgan Income 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 International Bond Opportunities ETF’s performance was in the first quintile of the Universe for the one-year period ended December 31, 2022. Broadridge did not calculate quintile rankings for the three- and five-year periods due to the limited number of funds in the Universe. 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 Municipal ETF’s performance was in the second and third quintiles 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.
The Trustees noted that the JPMorgan Short Duration Core Plus ETF’s performance was in the third 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 Ultra-Short Income ETF’s performance was in the second, first and first quintiles of the Universe for the one-, three- and five-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.
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J.P. Morgan Exchange-Traded Funds
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The Trustees noted that the JPMorgan Ultra-Short Municipal Income ETF’s performance was in the second and first quintiles 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.
Management Fees and Expense Ratios
The Trustees considered the contractual management fee rate paid by each Fund to the Adviser and compared the rate to the information prepared by Broadridge concerning management fee rates paid by other funds in the same Morningstar category as each Fund.  This review included ranking of each Fund within an expense universe comprised of funds with the same Morningstar investment classification and objective (the “Universe”), as well as a subset of funds within the Universe (the “Peer Group”).  The Trustees reviewed a description of Broadridge’s methodology for selecting funds in the Peer Group and Universe, as applicable, and noted that the Peer Group and/or Universe quintile rankings were not calculated if the number of funds in the Peer Group and/or Universe did not meet a predetermined minimum.  The Trustees also reviewed information about other expenses and the total expense ratio for each Fund.  The Trustees compared the management fee for each Fund to fees charged to mutual funds and/or institutional accounts with similar investment objectives or in similar asset classes managed by the Adviser.  The Trustees recognized that it can be difficult to make comparisons of management fees because there are variations in the services that are included in the fees paid by other accounts.  The Trustees considered how the Funds are positioned against peer funds, as identified by management and/or Broadridge and noted that each Fund’s management fee was appropriate as compared to identified peer 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 Core Plus Bond ETF’s net management fee and actual total expenses were both in the second quintile of both the Peer Group and Universe.  After considering the factors identified above, in light of this information, the Trustees concluded that the management fee was fair and reasonable in light of the services provided to the Fund.
The Trustees noted that the JPMorgan Income ETF’s net management fee was in the first and second quintiles of the
Peer Group and Universe, respectively, and that the actual total expenses were in the first quintile of both the Peer Group and Universe.  After considering the factors identified above, in light of this information, the Trustees concluded that the management fee was fair and reasonable in light of the services provided to the Fund.
The Trustees noted that the JPMorgan International Bond Opportunities ETF’s net management fee was in the first and second quintiles of the Peer Group and Universe, respectively, and that the actual total expenses were also 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 Municipal ETF’s net management fee was in the second quintile of both the Peer Group and Universe, and that the actual total expenses were in the first 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 Short Duration Core Plus ETF’s net management fee was in the third quintile of both the Peer Group and Universe, and that the actual total expenses were and in the third and second quintiles of the Peer Group and Universe, respectively.  After considering the factors identified above, in light of this information, the Trustees concluded that the management fee was fair and reasonable in light of the services provided to the Fund.
The Trustees noted that the JPMorgan Ultra-Short Income ETF’s net management fee and actual total expenses were both in the second quintile of both the Peer Group and Universe.  After considering the factors identified above, in light of this information, the Trustees concluded that the management fee was fair and reasonable in light of the services provided to the Fund.
The Trustees noted that while Broadridge provide data for funds in the Peer Group and Universe for the JPMorgan Ultra-Short Municipal Income ETF, Broadridge did not calculate quintile rankings due to the limited number of funds in both the Peer Group and Universe. After considering the fees relative to the funds in the Peer Group, the Trustees concluded that the management fee was fair and reasonable in light of the services provided to the Fund.
August 31, 2023 
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J.P. Morgan Exchange-Traded Funds are distributed by JPMorgan Distribution Services, Inc., an indirect, wholly-owned subsidiary of JPMorgan Chase & Co. Affiliates of JPMorgan Chase & Co. receive fees for providing various services to the Funds.
Contact J.P. Morgan Exchange-Traded Funds at 1-844-457-6383 (844-4JPM ETF) for a fund prospectus. You can also visit us at www.jpmorganfunds.com. Investors should carefully consider the investment objectives and risks as well as charges and expenses of the fund before investing. The prospectus contains this and other information about the fund. Read the prospectus carefully before investing.
Investors may obtain information about the Securities Investor Protection Corporation (SIPC), including the SIPC brochure, by visiting www.sipc.org or by calling SIPC at 202-371-8300.
Each Fund files a complete schedule of its fund holdings for the first and third quarters of its fiscal year with the SEC as an exhibit to its report on Form N-PORT. The Funds' Form N-PORT reports are available on the SEC’s website at http://www.sec.gov. Each Fund's quarterly holdings can be found by visiting the J.P. Morgan Funds’ website at www.jpmorganfunds.com.
A description of each Fund's policies and procedures with respect to the disclosure of each Fund's holdings is available in the prospectus and Statement of Additional Information.
A copy of proxy policies and procedures is available without charge upon request by calling 1-844-457-6383 and on the Funds' website at www.jpmorganfunds.com. A description of such policies and procedures is on the SEC’s website at www.sec.gov. The Trustees have delegated the authority to vote proxies for securities owned by the Funds to the Adviser. A copy of the Funds' voting record for the most recent 12-month period ended June 30 is available on the SEC’s website at www.sec.gov or at the Funds' website at www.jpmorganfunds.com no later than August 31 of each year. The Funds' proxy voting record will include, among other things, a brief description of the matter voted on for each fund security, and will state how each vote was cast, for example, for or against the proposal.


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