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