Dear Shareholder,

“While financial markets may experience near-term uncertainty, we believe it is critical for investors to maintain a long-term perspective and a well-diversified portfolio.” — Brian S. Shlissel

The strong global economic recovery that marked 2021 has given way to accelerating inflation, pandemic uncertainty in China and the destabilizing impact of the conflict in Ukraine. While equity markets continued to outperform bond markets throughout the six months ended April 30, 2022, a broad sell-off in the wake of Russia’s invasion of Ukraine largely erased equity market gains realized in the final months of 2021.

Robust consumer spending, continued job growth and resilient corporate earnings in the U.S. bolstered equity markets in the final months of 2021 and provided a counterweight to weakening investor sentiment late in the reporting period.

In response to rising inflation and a tightening labor market, the U.S. Federal Reserve (the “Fed”) in March 2022 raised its benchmark interest rate for the first time since 2018 and raised it again in May 2022. Amid the highest levels of U.S. inflation in nearly 40 years, the Fed has indicated it plans to further raise interest rates in the months ahead, leaving investors to ponder the magnitude of such increases.

Similarly, the Bank of England raised interest rates multiple times since the start of 2022 and the European Central Bank signaled it is poised to raise interest rates in July 2022, which would mark its first rate increase in 11 years.

Emerging markets largely underperformed developed markets during the period as rising prices for energy and food weighed on economic growth. Moreover, a pandemic resurgence in China that began in late 2021 led to strict lockdowns in several large cities, which curtailed manufacturing and other economic activity and had a negative spillover effect on other emerging market economies.

Looking ahead, the ongoing pandemic, the conflict in Ukraine, the responses of leading central banks to inflationary pressures and disrupted supply chains appear most likely to influence global economic growth and financial markets. Notably, in mid-June 2022, the Fed raised its benchmark interest rate by the largest magnitude in nearly 30 years in an aggressive effort to tamp down inflation.

While financial markets may experience near-term uncertainty, we believe it is critical for investors to maintain a long-term perspective and a well-diversified portfolio. Our broad array of innovative investment solutions is designed to equip investors with the tools to build durable portfolios that can serve to meet their financial goals.

Sincerely,

Brian S. Shlissel
President, J.P. Morgan Exchange-Traded Funds
J.P. Morgan Asset Management
1-844-4JPM-ETF or jpmorgan.com/etfs for more information

April 30, 2022

J.P. Morgan Exchange-Traded Funds

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J.P. Morgan Exchange-Traded Funds

April 30, 2022

INVESTMENT OBJECTIVE***

The JPMorgan ActiveBuilders Emerging Markets Equity ETF (the “Fund”) seeks to provide long term capital appreciation.

INVESTMENT APPROACH

The Fund invests primarily in equity securities and equity-related instruments that are tied economically to emerging markets and seeks to construct a portfolio of holdings that will outperform the MSCI Emerging Markets Index (the “Benchmark”) over time while maintaining similar risk characteristics. The Fund allocates investments to the adviser’s actively managed emerging market equity strategies across countries, regions and style strategies and may invest across all market capitalizations.

HOW DID THE FUND PERFORM?

For the six months ended April 30, 2022, the Fund had a negative absolute return and underperformed the Benchmark.

Relative to the Benchmark, the Fund’s overweight position in the financials sector and its underweight position in the materials sector were leading detractors from performance, while the Fund’s security selection in the consumer discretionary sector and its underweight position and security selection in the communication services sector were leading contributors to relative performance.

By country, the Fund’s security selections in India and Taiwan were leading detractors from performance relative to the Index, while the Fund’s overweight position in Mexico and its underweight position in China were leading contributors to relative performance.

Leading individual detractors from relative performance included the Fund’s overweight position in PJSC Sberbank and its out-of-Index positions in Sea Ltd. and Severstal. Shares of Sberbank, a Russian bank and financial services provider, fell after multilateral financial sanctions were imposed on Russia in response to its February 2022 invasion of Ukraine. Shares of Sea, a Singapore-based digital entertainment provider, fell after Tencent Holdings Ltd. reduced its stake in the company to about 19% from 21%. Shares of Severstal, a Russian steelmaker, fell after multilateral financial and trade sanctions were imposed on Russia in response to its February 2022 invasion of Ukraine.

Leading individual contributors to relative performance included the Fund’s underweight positions in Yandex NV, Alibaba Group Holding Ltd. and NIO Inc. Shares of Yandex, a Dutch e-commerce and taxi service provider, fell amid investor concerns about its exposure to Russia and the potential impact of multilateral sanctions on its business. Shares of Alibaba, a Chinese e-commerce provider, fell amid investor concerns about China’s increase regulatory scrutiny of large technology companies and expectations for a weaker Chinese economy due to renewed pandemic lockdowns. Shares of NIO, a Chinese electric vehicle maker, fell amid investor concerns the company would be delisted from U.S. stock exchanges for failing to meet U.S. Securities and Exchange Commission audit guidelines.

HOW WAS THE FUND POSITIONED?

During the reporting period, the Fund’s largest overweight allocations relative to the Benchmark were to the information technology and consumer staples sectors and its largest underweight allocations were to the materials and

April 30, 2022

J.P. Morgan Exchange-Traded Funds

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J.P. Morgan Exchange-Traded Funds

April 30, 2022

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 redeemed, may be worth more or less than their original cost. Current performance may be higher or lower than the performance data shown. For up-to-date month-end performance information please call 1-844-457-6383.

Fund commenced operations on March 10, 2021.

The graph illustrates comparative performance for $10,000 invested in shares of the JPMorgan ActiveBuilders Emerging Markets Equity ETF and MSCI Emerging Markets Index (net total return) from March 10, 2021 to April 30, 2022. The performance of the Fund reflects the deduction of Fund expenses and assumes reinvestment of all dividends and capital gain distributions, if any. The performance of the MSCI Emerging Markets Index (net total return) does not reflect the deduction of expenses associated with an exchange-traded fund and has been adjusted to reflect reinvestment of all dividends and capital gain distributions of the securities included in the Index, if applicable. MSCI Emerging Markets Index (net total return) is a free float-adjusted market capitalization-weighted index that is designed to measure the performance of

large- and mid- cap stocks in emerging markets. Net total return figures assume the reinvestment of dividends after deduction of withholding tax, applying the maximum rate to nonresident individual investors who do not benefit from double taxation treaties. Investors cannot invest directly in an index.

Performance shown in this section does not reflect the deduction of taxes that a shareholder may pay on Fund distributions or on gains resulting from redemption or sale of Fund shares.

International investing involves a greater degree of risk and increased volatility. Changes in currency exchange rates and differences in accounting and taxation policies outside the United States can raise or lower returns. Also, some overseas markets may not be as politically and economically stable as the United States and other nations.

The returns shown are based on net asset values calculated for shareholder transactions and may differ from the returns shown in the financial highlights, which reflect adjustments made to the net asset values in accordance with accounting principles generally accepted in the United States of America.

April 30, 2022

J.P. Morgan Exchange-Traded Funds

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INVESTMENT OBJECTIVE***

The JPMorgan ActiveBuilders International Equity ETF (the “Fund”) seeks to provide long term capital appreciation.

INVESTMENT APPROACH

The Fund invests primarily in equity securities and equity-related instruments of foreign companies across various market capitalizations and seeks to outperform the MSCI EAFE Index (the “Benchmark”) over time while maintaining similar risk characteristics. The Fund allocates investments opportunistically in the adviser’s actively managed international equity strategies, including country, region and styles strategies.

HOW DID THE FUND PERFORM?

For the six months ended April 30, 2022, the Fund had a negative absolute return and underperformed the Benchmark.

Relative to the Benchmark, the Fund’s security selection in the communication services and health care sectors was a leading detractor from performance, while the Fund’s security selection in the materials and information technology sectors was a leading contributor to relative performance.

By country, the Fund’s security selection in the U.K. and its underweight allocation to Australia were leading detractors from performance relative to the Benchmark. The Fund’s security selection in Sweden and its underweight allocation to Japan were leading contributors to relative performance.

Leading individual detractors from relative performance included the Fund’s overweight positions in Sea Ltd., Delivery

Hero SE and Adyen NV. Shares of Sea, a Singapore-based digital entertainment and e-commerce platform provider, fell after Tencent Holdings Ltd. reduced its stake in the company to about 19% from 21%. Shares of Delivery Hero, a German food ordering and delivery service, fell after the company had forecast breakeven results for its food delivery business in the first half of 2022. Shares of Adyen, a Dutch payments and e-commerce, fell amid a broad sell-off in the information technology sector in the first quarter of 2022.

Leading individual contributors to relative performance included the Fund’s overweight positions in Novo Nordisk A/S and Diageo PLC, and its underweight position in Prosus NV. Shares of Novo Nordisk, a Danish pharmaceuticals company, rose after the company reported better-than-expected earnings and sales for the fourth quarter of 2021. Shares of Diageo, a U.K. distilled spirits maker, rose in January 2022 after the company reported better-than-expected earnings and sales for the final six months of 2021. Shares of Prosus, a Dutch e-commerce and internet platforms operator, fell amid investor concerns about its exposures to Russian markets and to Tencent Holdings Ltd. 

HOW WAS THE FUND POSITIONED?

At the end of the reporting period, the Fund’s largest overweight allocations relative to the Benchmark were to the financials and industrials sectors and its largest underweight allocations were to the real estate and health care sectors. By country, the Fund’s largest overweight allocations were to Denmark and France and its largest underweight positions were in Australia and Japan.

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J.P. Morgan Exchange-Traded Funds

April 30, 2022

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 redeemed, may be worth more or less than their original cost. Current performance may be higher or lower than the performance data shown. For up-to-date month-end performance information please call 1-844-457-6383.

Fund commenced operations on July 7, 2021.

The graph illustrates comparative performance for $10,000 invested in shares of the JPMorgan ActiveBuilders International Equity ETF and MSCI EAFE (Europe, Australia, Far East) Index (net total return) from July 7, 2021 to April 30, 2022. The performance of the Fund reflects the deduction of Fund expenses and assumes reinvestment of all dividends and capital gain distributions, if any. The performance of the MSCI EAFE Index (net total return) does not reflect the deduction of expenses associated with an exchange-traded fund and has been adjusted to reflect reinvestment of all dividends and capital gain distributions of the securities included in the Index, if applicable. MSCI EAFE Index (net total return) is a free float-adjusted market capitalization-weighted index that is designed to measure the performance of large- and mid- cap stocks in

developed markets, excluding the U.S. and Canada. Net total return figures assume the reinvestment of dividends after deduction of withholding tax, applying the maximum rate to nonresident individual investors who do not benefit from double taxation treaties. Investors cannot invest directly in an index.

Performance shown in this section does not reflect the deduction of taxes that a shareholder may pay on Fund distributions or on gains resulting from redemption or sale of Fund shares.

International investing involves a greater degree of risk and increased volatility. Changes in currency exchange rates and differences in accounting and taxation policies outside the United States can raise or lower returns. Also, some overseas markets may not be as politically and economically stable as the United States and other nations.

The returns shown are based on net asset values calculated for shareholder transactions and may differ from the returns shown in the financial highlights, which reflect adjustments made to the net asset values in accordance with accounting principles generally accepted in the United States of America.

8

J.P. Morgan Exchange-Traded Funds

April 30, 2022

INVESTMENT OBJECTIVE***

The JPMorgan BetaBuilders Canada ETF (the “Fund”) seeks investment results that closely correspond, before fees and expenses, to the performance of the Morningstar® Canada Target Market Exposure Index^SM (the "Underlying Index").

INVESTMENT APPROACH

The Underlying Index is a free-float adjusted market capitalization-weighted index consisting of stocks traded primarily on the Toronto Stock Exchange. Using a "passive" investment approach, the Fund attempts to replicate the Underlying Index as closely as possible, before considering fees and expenses, and invests in substantially all of the securities in the Underlying Index in approximately the same proportions as the Underlying Index.

HOW DID THE FUND PERFORM?

For the six months ended April 30, 2022, the Fund performed in line with the Underlying Index, before considering the effects of differences in the timing of foreign exchange rate calculations, operating expenses, fees and tax management of the Fund’s portfolio.

The Fund’s and the Underlying Index’s exposures to the information technology and financials sectors were leading detractors from absolute performance, while their exposures to the energy and material sectors were leading contributors to absolute performance. 

HOW WAS THE FUND POSITIONED?

During the reporting period, the Fund’s and the Underlying Index’s largest allocations were to the financials and energy sectors and their smallest allocations were to the health care and real estate sectors.

TOP TEN HOLDINGS OF THE PORTFOLIO AS OF April 30, 2022			PERCENT OF TOTAL INVESTMENTS
1.	Royal Bank of Canada (Canada)		6.8 %
2.	Toronto-Dominion Bank (The) (Canada)		6.3
3.	Enbridge, Inc. (Canada)		4.2
4.	Bank of Nova Scotia (The) (Canada)		3.6
5.	Brookfield Asset Management, Inc., Class A (Canada)		3.5
6.	Canadian Natural Resources Ltd. (Canada)		3.4
7.	Canadian National Railway Co. (Canada)		3.4
8.	Bank of Montreal (Canada)		3.4
9.	Canadian Pacific Railway Ltd. (Canada)		3.2
10.	Nutrien Ltd. (Canada)		2.6

    

PORTFOLIO COMPOSTION BY SECTOR AS OF April 30, 2022		PERCENT OF TOTAL INVESTMENTS
Financials		34.1%
Energy		16.7
Industrials		11.3
Materials		10.8
Information Technology		5.6
Consumer Staples		4.0
Utilities		3.3
Consumer Discretionary		3.1
Communication Services		3.0
Others (each less than 1.0%)		0.9
Short-Term Investments		6.8

*

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 $64.63 as of April 30, 2022.

**

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 April 30, 2022, the closing price was $64.68.

April 30, 2022

J.P. Morgan Exchange-Traded Funds

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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 redeemed, may be worth more or less than their original cost. Current performance may be higher or lower than the performance data shown. For up-to-date month-end performance information please call 1-844-457-6383.

Fund commenced operations on August 7, 2018.

The graph illustrates comparative performance for $10,000 invested in shares of the JPMorgan BetaBuilders Canada ETF and Morningstar^® Canada Target Market Exposure Index^SM (net total return) from August 7, 2018 to April 30, 2022. 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 Morningstar^® Canada Target Market Exposure Index^SM (net total return) does not reflect the deduction of expenses associated with an exchange-traded fund and has been adjusted to reflect reinvestment of all dividends and capital gain distributions of the securities included in the Index, if applicable. The Morningstar^® Canada Target Market Exposure Index^SM (net total return) is a rules-based, float-adjusted market capitalization-weighted index designed to cover 85% of the equity float-adjusted market capitalization of the

Canada equity markets. Net total return figures assume the reinvestment of dividends after deduction of withholding tax, applying the maximum rate to nonresident individual investors who do not benefit from double taxation treaties. Investors cannot invest directly in an index.

For periods presented prior to November 1, 2019, the date on which a unitary fee structure was adopted, Fund performance reflects the waiver of the Fund’s fees and reimbursement of expenses for certain periods since the inception date. 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.

International investing involves a greater degree of risk and increased volatility. Changes in currency exchange rates and differences in accounting and taxation policies outside the United States can raise or lower returns.

The returns shown are based on net asset values calculated for shareholder transactions and may differ from the returns shown in the financial highlights, which reflect adjustments made to the net asset values in accordance with accounting principles generally accepted in the United States of America.

April 30, 2022

J.P. Morgan Exchange-Traded Funds

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INVESTMENT OBJECTIVE***

The JPMorgan BetaBuilders Developed Asia Pacific ex-Japan ETF (the “Fund”) seeks investment results that closely correspond, before fees and expenses, to the performance of the Morningstar® Developed Asia Pacific ex-Japan Target Market Exposure Index^SM (the "Underlying Index").

INVESTMENT APPROACH

The Underlying Index is a free-float adjusted market capitalization-weighted index consisting of equity securities from developed Asia-Pacific countries other than Japan, including: Australia, Hong Kong, New Zealand and Singapore. Using a "passive" investment approach, the Fund attempts to replicate the Underlying Index as closely as possible, before considering fees and expenses, and invests in substantially all of the securities in the Underlying Index in approximately the same proportions as the Underlying Index.

HOW DID THE FUND PERFORM?

For the six months ended April 30, 2022, the Fund performed in line with the Underlying Index, before considering the effects of differences in the Fund’s net asset value calculations versus the Underlying Index’s valuation calculations, differences in the timing of foreign exchange rate calculations, as well as operating expenses, fees and tax management of the Fund’s portfolio.

The Fund’s and the Underlying Index’s exposures to the financials and health care sectors were the leading detractors from absolute performance, while their exposures to the materials and energy sectors were leading contributors to absolute performance.

By country, the Fund’s and the Underlying Index’s exposures to Hong Kong and New Zealand were leading detractors from absolute performance, while their exposures to Singapore and Australia were leading contributors to absolute performance.

HOW WAS THE FUND POSITIONED?

During the reporting period, the Fund’s and the Underlying Index’s largest allocations were to the financials and materials

sectors and their smallest allocations were to the information technology and energy sectors. The Fund and the Underlying Index’s largest allocations by country were to Australia and Hong Kong, followed by Singapore and China.

Effective March 1, 2022, the Fund's name was changed to be consistent with the name of the Underlying Index and to better reflect the Fund's underlying equity exposure.

TOP TEN HOLDINGS OF THE PORTFOLIO AS OF April 30, 2022			PERCENT OF TOTAL INVESTMENTS
1.	BHP Group Ltd. (Australia)		8.8 %
2.	Commonwealth Bank of Australia (Australia)		6.5
3.	AIA Group Ltd. (Hong Kong)		6.2
4.	CSL Ltd. (Australia)		4.8
5.	National Australia Bank Ltd. (Australia)		3.9
6.	Westpac Banking Corp. (Australia)		3.1
7.	Australia & New Zealand Banking Group Ltd. (Australia)		2.8
8.	Macquarie Group Ltd. (Australia)		2.7
9.	Hong Kong Exchanges & Clearing Ltd. (Hong Kong)		2.6
10.	DBS Group Holdings Ltd. (Singapore)		2.3

    

PORTFOLIO COMPOSTION BY COUNTRY AS OF April 30, 2022		PERCENT OF TOTAL INVESTMENTS
Australia		63.6%
Hong Kong		19.0
Singapore		10.1
China		2.4
New Zealand		2.0
United Kingdom		1.0
Others (each less than 1.0%)		1.6
Short-Term Investments		0.3

---

*

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 $52.07 as of April 30, 2022.

12

J.P. Morgan Exchange-Traded Funds

April 30, 2022

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 redeemed, may be worth more or less than their original cost. Current performance may be higher or lower than the performance data shown. For up-to-date month-end performance information please call 1-844-457-6383.

Fund commenced operations on August 7, 2018.

The graph illustrates comparative performance for $10,000 invested in shares of the JPMorgan BetaBuilders Developed Asia Pacific ex-Japan ETF and Morningstar^® Developed Asia Pacific ex-Japan Target Market Exposure Index^SM (net total return) from August 7, 2018 to April 30, 2022. 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 Morningstar^® Developed Asia Pacific ex-Japan Target Market Exposure Index^SM (net total return) does not reflect the deduction of expenses associated with an exchange-traded fund and has been adjusted to reflect reinvestment of all dividends and capital gain distributions of the securities included in the Index, if applicable. The Morningstar^® Developed Asia Pacific ex-Japan Target Market Exposure Index^SM (net total return) is a rules-based, float-adjusted market capitalization-weighted index designed to cover 85% of the equity float-adjusted market capitalization of the Developed Asia Pacific ex-Japan

equity markets. Net total return figures assume the reinvestment of dividends after deduction of withholding tax, applying the maximum rate to nonresident individual investors who do not benefit from double taxation treaties. Investors cannot invest directly in an index.

For periods presented prior to November 1, 2019, the date on which a unitary fee structure was adopted, Fund performance reflects the waiver of the Fund’s fees and reimbursement of expenses for certain periods since the inception date. 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.

International investing involves a greater degree of risk and increased volatility. Changes in currency exchange rates and differences in accounting and taxation policies outside the United States can raise or lower returns. Also, some overseas markets may not be as politically and economically stable as the United States and other nations.

The returns shown are based on net asset values calculated for shareholder transactions and may differ from the returns shown in the financial highlights, which reflect adjustments made to the net asset values in accordance with accounting principles generally accepted in the United States of America.

14

J.P. Morgan Exchange-Traded Funds

April 30, 2022

INVESTMENT OBJECTIVE***

The JPMorgan BetaBuilders Europe ETF (the “Fund”) seeks investment results that closely correspond, before fees and expenses, to the performance of the Morningstar® Developed Europe Target Market Exposure Index^SM (the "Underlying Index").

INVESTMENT APPROACH

The Underlying Index is a free-float adjusted market capitalization-weighted index consisting of equity securities from developed European countries or regions, including Austria, Belgium, Denmark, Finland, France, Germany, Ireland, Italy, the Netherlands, Norway, Poland, Portugal, Spain, Sweden, Switzerland and the U.K. Using a "passive" investment approach, the Fund attempts to replicate the Underlying Index as closely as possible, before considering fees and expenses, and invests in substantially all of the securities in the Underlying Index in approximately the same proportions as the Underlying Index.

HOW DID THE FUND PERFORM?

For the six months ended April 30, 2022, the Fund performed in line with the Underlying Index, before considering the effects of differences in the Fund’s net asset value calculations versus the Underlying Index’s valuation calculations, differences in the timing of foreign exchange rate calculations, as well as operating expenses, fees and tax management of the Fund’s portfolio.

The Fund’s and the Underlying Index’s exposures to the consumer discretionary and financials sectors were leading detractors from absolute performance, while their exposure to the energy sector was  the sole sector contributor to absolute performance.

By country, the Fund’s and the Underlying Index’s exposures to the Netherlands and Germany were leading detractors from absolute performance. There were no country contributors to absolute performance.

HOW WAS THE FUND POSITIONED?

During the reporting period, the Fund’s and the Underlying Index’s largest allocations were to the financials and industrials

sectors and their smallest allocations were to the real estate and communications services sectors. The Fund’s and the Underlying Index’s largest country allocations were to the U.K. and Switzerland and the smallest allocations were to Portugal and Austria.

TOP TEN POSITIONS OF THE PORTFOLIO AS OF April 30, 2022			PERCENT OF TOTAL INVESTMENTS
1.	Nestle SA (Registered) (Switzerland)		3.5 %
2.	Roche Holding AG (Switzerland)		2.6
3.	ASML Holding NV (Netherlands)		2.2
4.	Novartis AG (Registered) (Switzerland)		2.1
5.	AstraZeneca plc (United Kingdom)		2.0
6.	Shell plc (Netherlands)		2.0
7.	Novo Nordisk A/S, Class B (Denmark)		1.8
8.	LVMH Moet Hennessy Louis Vuitton SE (France)		1.7
9.	HSBC Holdings plc (United Kingdom)		1.2
10.	Unilever plc (United Kingdom)		1.2

    

PORTFOLIO COMPOSTION BY COUNTRY AS OF April 30, 2022		PERCENT OF TOTAL INVESTMENTS
United Kingdom		18.3%
Switzerland		14.6
France		14.4
Germany		10.8
Netherlands		7.6
Sweden		5.3
Denmark		3.9
Spain		3.6
Italy		3.1
United States		2.9
Finland		1.9
Belgium		1.4
Australia		1.4
Norway		1.2
Others (each less than 1.0%)		3.9
Short-Term Investments		5.7

April 30, 2022

J.P. Morgan Exchange-Traded Funds

15

***	The adviser seeks to achieve the Fund’s objective. There can be no guarantee it will be achieved.

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 redeemed, may be worth more or less than their original cost. Current performance may be higher or lower than the performance data shown. For up-to-date month-end performance information please call 1-844-457-6383.

Fund commenced operations on June 15, 2018.

The graph illustrates comparative performance for $10,000 invested in shares of the JPMorgan BetaBuilders Europe ETF and Morningstar^® Developed Europe Target Market Exposure Index^SM (net total return) from June 15, 2018 to April 30, 2022. 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 Morningstar^® Developed Europe Target Market Exposure Index^SM (net total return) does not reflect the deduction of expenses associated with an exchange-traded fund and has been adjusted to reflect reinvestment of all dividends and capital gain distributions of the securities included in the Index, if applicable. Morningstar^® Developed Europe Target Market Exposure Index^SM (net total return) is a rules-based, float-adjusted market capitalization-weighted index designed to cover 85% of the equity float-adjusted market capitalization of the Developed Europe equity markets.

Net total return figures assume the reinvestment of dividends after deduction of withholding tax, applying the maximum rate to nonresident individual investors who do not benefit from double taxation treaties. Investors cannot invest directly in an index.

For periods presented prior to November 1, 2019, the date on which a unitary fee structure was adopted, Fund performance reflects the waiver of the Fund’s fees and reimbursement of expenses for certain periods since the inception date. 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.

International investing involves a greater degree of risk and increased volatility. Changes in currency exchange rates and differences in accounting and taxation policies outside the United States can raise or lower returns. Also, some overseas markets may not be as politically and economically stable as the United States and other nations.

The returns shown are based on net asset values calculated for shareholder transactions and may differ from the returns shown in the financial highlights, which reflect adjustments made to the net asset values in accordance with accounting principles generally accepted in the United States of America.

April 30, 2022

J.P. Morgan Exchange-Traded Funds

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INVESTMENT OBJECTIVE***

The JPMorgan BetaBuilders International Equity ETF (the “Fund”) seeks investment results that closely correspond, before fees and expenses, to the performance of the Morningstar® Developed Markets ex-North America Target Market Exposure Index^SM (the "Underlying Index").

INVESTMENT APPROACH

The Underlying Index is a free-float adjusted market capitalization-weighted index consisting of equity securities from developed countries outside the U.S. and Canada. Using a "passive" investment approach, the Fund attempts to replicate the Underlying Index as closely as possible, before considering fees and expenses, and invests in substantially all of the securities in the Underlying Index in approximately the same proportions as the Underlying Index.

HOW DID THE FUND PERFORM?

For the six months ended April 30, 2022, the Fund performed in line with the Underlying Index, before considering the effects of differences in the Fund’s net asset value calculations versus the Underlying Index’s valuation calculations, differences in the timing of foreign exchange rate calculations, as well as operating expenses, fees and tax management of the Fund’s portfolio.

The Fund’s and the Underlying Index’s exposures to the consumer discretionary and industrials sectors were leading detractors from absolute performance, while their exposures to the energy was the sole sector contributor to absolute performance. By country, the Fund’s and the Underlying Index’s exposures to Japan and Germany were leading detractors from absolute performance, while their exposures to Singapore and Australia were leading contributors to absolute performance. 

HOW WAS THE FUND POSITIONED?

During the reporting period, the Fund’s and the Underlying Index’s largest sector allocations were to the financials and industrials sectors, while their smallest allocations were to the real estate and utilities sectors. The Fund’s and the Underlying Index’s largest country allocations were to Japan and the U.K., while their smallest allocations were to Portugal and New

Zealand.

TOP TEN POSITIONS OF THE PORTFOLIO AS OF April 30, 2022			PERCENT OF TOTAL INVESTMENTS
1.	Nestle SA (Registered) (Switzerland)		2.3 %
2.	Roche Holding AG (Switzerland)		1.7
3.	ASML Holding NV (Netherlands)		1.4
4.	Toyota Motor Corp. (Japan)		1.4
5.	Novartis AG (Registered) (Switzerland)		1.3
6.	AstraZeneca plc (United Kingdom)		1.3
7.	Shell plc (Netherlands)		1.3
8.	Novo Nordisk A/S, Class B (Denmark)		1.2
9.	LVMH Moet Hennessy Louis Vuitton SE (France)		1.1
10.	BHP Group Ltd. (Australia)		1.1

    

PORTFOLIO COMPOSTION BY COUNTRY AS OF April 30, 2022		PERCENT OF TOTAL INVESTMENTS
Japan		22.9%
United Kingdom		12.1
Switzerland		9.6
France		9.4
Australia		8.5
Germany		7.1
Netherlands		5.0
Sweden		3.5
Denmark		2.6
Spain		2.4
Hong Kong		2.3
Italy		2.0
United States		2.0
Singapore		1.4
Finland		1.3
Others (each less than 1.0%)		4.9
Short-Term Investments		3.0

---

*

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 $51.86 as of April 30, 2022.

18

J.P. Morgan Exchange-Traded Funds

April 30, 2022

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 redeemed, may be worth more or less than their original cost. Current performance may be higher or lower than the performance data shown. For up-to-date month-end performance information please call 1-844-457-6383.

Fund commenced operations on December 3, 2019.

The graph illustrates comparative performance for $10,000 invested in shares of the JPMorgan BetaBuilders International Equity ETF and Morningstar^® Developed Markets ex-North America Target Market Exposure Index^SM (net total return) from December 3, 2019 to April 30, 2022. 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 Morningstar^® Developed Markets ex-North America Target Market Exposure Index^SM (net total return) does not reflect the deduction of expenses associated with an exchange-traded fund and has been adjusted to reflect reinvestment of all dividends and capital gain distributions of the securities included in the Index, if applicable. The Morningstar^® Developed Markets ex-North America Target Market Exposure Index^SM (net total return) is a rules-based,

float-adjusted market capitalization-weighted index designed to cover 85% of the equity float-adjusted market capitalization of the Developed Markets ex-North America equity markets. Net total return figures assume the reinvestment of dividends after deduction of withholding tax, applying the maximum rate to nonresident individual investors who do not benefit from double taxation treaties. Investors cannot invest directly in an index.

Performance shown in this section does not reflect the deduction of taxes that a shareholder may pay on Fund distributions or on gains resulting from redemption or sale of Fund shares.

International investing involves a greater degree of risk and increased volatility. Changes in currency exchange rates and differences in accounting and taxation policies outside the United States can raise or lower returns. Also, some foreign markets may not be as politically and economically stable as the United States and other nations.

The returns shown are based on net asset values calculated for shareholder transactions and may differ from the returns shown in the financial highlights, which reflect adjustments made to the net asset values in accordance with accounting principles generally accepted in the United States of America.

20

J.P. Morgan Exchange-Traded Funds

April 30, 2022

INVESTMENT OBJECTIVE***

The JPMorgan BetaBuilders Japan ETF (the “Fund”) seeks investment results that closely correspond, before fees and expenses, to the performance of the Morningstar® Japan Target Market Exposure Index^SM (the "Underlying Index").

INVESTMENT APPROACH

The Underlying Index is a free-float adjusted market capitalization-weighted index consisting of stocks traded primarily on the Tokyo Stock Exchange or the Nagoya Stock Exchange. Using a "passive" investment approach, the Fund attempts to replicate the Underlying Index as closely as possible, before considering fees and expenses, and invests in substantially all of the securities in the Underlying Index in approximately the same proportions as the Underlying Index.

HOW DID THE FUND PERFORM?

For the six months ended April 30, 2022, the Fund performed in line with the Underlying Index, before considering the effects of differences in the Fund’s net asset value calculations versus the Underlying Index’s valuation calculations, differences in the timing of foreign exchange rate calculations, as well as operating expenses, fees and tax management of the Fund’s portfolio.

The Fund’s and the Underlying Index’s exposures to the industrials and consumer discretionary sectors were leading detractors from absolute performance, while their exposures to the energy and utilities sectors were leading contributors to absolute performance.

HOW WAS THE FUND POSITIONED?

During the reporting period, the Fund’s and the Underlying Index’s largest allocations were to the industrials and consumer discretionary sectors and their smallest allocations were to the energy and utilities sectors.

TOP TEN HOLDINGS OF THE PORTFOLIO AS OF April 30, 2022			PERCENT OF TOTAL INVESTMENTS
1.	Toyota Motor Corp. (Japan)		6.0 %
2.	Sony Group Corp. (Japan)		2.9
3.	Keyence Corp. (Japan)		2.1
4.	Mitsubishi UFJ Financial Group, Inc. (Japan)		2.0
5.	Tokyo Electron Ltd. (Japan)		1.8
6.	Recruit Holdings Co. Ltd. (Japan)		1.7
7.	KDDI Corp. (Japan)		1.5
8.	Shin-Etsu Chemical Co. Ltd. (Japan)		1.5
9.	Nintendo Co. Ltd. (Japan)		1.4
10.	SoftBank Group Corp. (Japan)		1.4

    

PORTFOLIO COMPOSTION BY SECTOR AS OF April 30, 2022		PERCENT OF TOTAL INVESTMENTS
Industrials		22.7%
Consumer Discretionary		19.2
Information Technology		12.6
Financials		9.7
Health Care		8.9
Communication Services		7.7
Consumer Staples		6.7
Materials		5.2
Real Estate		4.0
Utilities		1.1
Energy		0.8
Short-Term Investments		0.2

*

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 $46.60 as of April 30, 2022.

**

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 April 30, 2022, the closing price was $46.65.

April 30, 2022

J.P. Morgan Exchange-Traded Funds

21

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 redeemed, may be worth more or less than their original cost. Current performance may be higher or lower than the performance data shown. For up-to-date month-end performance information please call 1-844-457-6383.

Fund commenced operations on June 15, 2018.

The graph illustrates comparative performance for $10,000 invested in shares of the JPMorgan BetaBuilders Japan ETF and Morningstar^® Japan Target Market Exposure Index^SM (net total return) from June 15, 2018 to April 30, 2022. 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 Morningstar^® Japan Target Market Exposure Index^SM (net total return) does not reflect the deduction of expenses associated with an exchange-traded fund and has been adjusted to reflect reinvestment of all dividends and capital gain distributions of the securities included in the Index, if applicable. Morningstar^® Japan Target Market Exposure Index^SM (net total return) is a rule based, float-adjusted market capitalization-weighted index designed to cover 85% of the equity float-adjusted market capitalization of the Japan equity markets.  Net total return figures assume the reinvestment of

dividends after deduction of withholding tax, applying the maximum rate to nonresident individual investors who do not benefit from double taxation treaties. Investors cannot invest directly in an index.

For periods presented prior to November 1, 2019, the date on which a unitary fee structure was adopted, Fund performance reflects the waiver of the Fund’s fees and reimbursement of expenses for certain periods since the inception date. 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.

International investing involves a greater degree of risk and increased volatility. Changes in currency exchange rates and differences in accounting and taxation policies outside the United States can raise or lower returns. Also, some overseas markets may not be as politically and economically stable as the United States and other nations.

The returns shown are based on net asset values calculated for shareholder transactions and may differ from the returns shown in the financial highlights, which reflect adjustments made to the net asset values in accordance with accounting principles generally accepted in the United States of America.

April 30, 2022

J.P. Morgan Exchange-Traded Funds

23

INVESTMENT OBJECTIVE***

The JPMorgan BetaBuilders U.S. Equity ETF (the “Fund”) seeks investment results that closely correspond, before fees and expenses, to the performance of the Morningstar^® US Target Market Exposure Index^SM (the “Underlying Index”).

INVESTMENT APPROACH

The Underlying Index is a free-float adjusted market capitalization-weighted index consisting of equity securities traded primarily in the U.S. It targets 85% of those stocks by market capitalization, and primarily includes large- and mid-cap companies. Using a "passive" investment approach, the Fund attempts to closely correspond to the performance of the Underlying Index, and invests in substantially all of the securities in the Underlying Index in approximately the same proportions as the Underlying Index.

HOW DID THE FUND PERFORM?

For the six months ended April 30, 2022, the Fund performed in line with the Underlying Index, before considering the effects of operating expenses, fees and tax management of the Fund’s portfolio.

The Fund’s and the Underlying Index’s exposures to the information technology and communication services sectors were leading detractors from absolute performance, while their exposures to the energy and consumer staples sectors were leading contributors to absolute performance.

HOW WAS THE FUND POSITIONED?

During the reporting period, the Fund’s and the Underlying Index’s largest allocations were to the information technology and health care sectors and their smallest allocations were to the utilities and materials sectors

TOP TEN HOLDINGS OF THE PORTFOLIO AS OF April 30, 2022			PERCENT OF TOTAL INVESTMENTS
1.	Apple, Inc.		6.6 %
2.	Microsoft Corp.		5.6
3.	Amazon.com, Inc.		2.9
4.	Tesla, Inc.		2.0
5.	Alphabet, Inc., Class A		1.9
6.	Alphabet, Inc., Class C		1.7
7.	Berkshire Hathaway, Inc., Class B		1.6
8.	UnitedHealth Group, Inc.		1.3
9.	Johnson & Johnson		1.3
10.	NVIDIA Corp.		1.3

    

PORTFOLIO COMPOSTION BY SECTOR AS OF April 30, 2022		PERCENT OF TOTAL INVESTMENTS
Information Technology		27.5%
Health Care		13.8
Consumer Discretionary		11.3
Financials		11.0
Communication Services		8.4
Industrials		7.9
Consumer Staples		6.5
Energy		3.9
Real Estate		3.0
Utilities		2.8
Materials		2.7
Short-Term Investments		0.8

*

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 $74.35 as of April 30, 2022.

**

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 April 30, 2022, the closing price was $74.35.

24

J.P. Morgan Exchange-Traded Funds

April 30, 2022

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 redeemed, may be worth more or less than their original cost. Current performance may be higher or lower than the performance data shown. For up-to-date month-end performance information please call 1-844-457-6383.

Fund commenced operations on March 12, 2019.

The graph illustrates comparative performance for $10,000 invested in shares of the JPMorgan BetaBuilders U.S. Equity ETF and the Morningstar^® US Target Market Exposure Index^SM from March 12, 2019 to April 30, 2022. 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 Morningstar^® US Target Market Exposure Index^SM 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. Morningstar^® US Target Market Exposure Index^SM is a free float-adjusted market capitalization-weighted index which consists of stocks traded primarily on the US Stock Exchange. Investors cannot invest directly in an index.

Performance shown in this section does not reflect the deduction of taxes that a shareholder may pay on Fund distributions or on gains resulting from redemption or sale of Fund shares.

The returns shown are based on net asset values calculated for shareholder transactions and may differ from the returns shown in the financial highlights, which reflect adjustments made to the net asset values in accordance with accounting principles generally accepted in the United States of America.

26

J.P. Morgan Exchange-Traded Funds

April 30, 2022

INVESTMENT OBJECTIVE***

The JPMorgan BetaBuilders U.S. Mid Cap Equity ETF (the “Fund”) seeks investment results that closely correspond, before fees and expenses, to the performance of the Morningstar^® US Mid Cap Target Market Exposure Extended Index^SM (the “Underlying Index”).

INVESTMENT APPROACH

The Underlying Index is a free-float adjusted market capitalization-weighted index consisting of mid-cap equity securities traded primarily in the U.S. It targets those securities that fall between the 85^th and 95^th percentiles in market capitalization of the investible universe. Using a "passive" investment approach, the Fund attempts to closely correspond to the performance of the Underlying Index, and invests in substantially all of the securities in the Underlying Index in approximately the same proportions as the Underlying Index.

HOW DID THE FUND PERFORM?

For the six months ended April 30, 2022, the Fund performed in line with the Underlying Index.

The Fund’s and the Underlying Index’s exposures to the health care and information technology sectors were leading detractors from absolute performance, while their exposures to the energy and utilities sectors were the leading contributors to absolute performance.

HOW WAS THE FUND POSITIONED?

During the reporting period, the Fund’s and the Underlying Index’s largest allocations were to the industrials and information technology sectors and their smallest allocations were to the utilities and consumer staples sectors.

TOP TEN HOLDINGS OF THE PORTFOLIO AS OF April 30, 2022			PERCENT OF TOTAL INVESTMENTS
1.	Marathon Oil Corp.		0.6 %
2.	Targa Resources Corp.		0.6
3.	LPL Financial Holdings, Inc.		0.5
4.	APA Corp.		0.5
5.	Zendesk, Inc.		0.5
6.	ZoomInfo Technologies, Inc., Class A		0.5
7.	Carlisle Cos., Inc.		0.5
8.	Ovintiv, Inc.		0.4
9.	Liberty Media Corp-Liberty Formula One, Class C		0.4
10.	Rexford Industrial Realty, Inc.		0.4

    

PORTFOLIO COMPOSTION BY SECTOR AS OF April 30, 2022		PERCENT OF TOTAL INVESTMENTS
Industrials		16.8%
Information Technology		14.2
Financials		12.9
Consumer Discretionary		12.7
Health Care		10.8
Real Estate		9.8
Materials		5.8
Energy		4.8
Consumer Staples		3.3
Communication Services		3.2
Utilities		2.6
Short-Term Investments		2.8

*

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 $78.06 as of April 30, 2022.

**

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 April 30, 2022, the closing price was $77.99.

April 30, 2022

J.P. Morgan Exchange-Traded Funds

27

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 redeemed, may be worth more or less than their original cost. Current performance may be higher or lower than the performance data shown. For up-to-date month-end performance information please call 1-844-457-6383.

Fund commenced operations on April 14, 2020.

The graph illustrates comparative performance for $10,000 invested in shares of the JPMorgan BetaBuilders U.S. Mid Cap Equity ETF and Morningstar^® US Mid Cap Target Market Exposure Extended Index^SM from April 14, 2020 to April 30, 2022. 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 Morningstar^® US Mid Cap Target Market Exposure

Extended Index^SM 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 Morningstar^® US Mid Cap Target Market Exposure Extended Index^SM is a free float adjusted market capitalization weighted index that consists of mid cap U.S. equity securities. Investors cannot invest directly in an index.

Performance shown in this section does not reflect the deduction of taxes that a shareholder may pay on Fund distributions or on gains resulting from redemption or sale of Fund shares.

The returns shown are based on net asset values calculated for shareholder transactions and may differ from the returns shown in the financial highlights, which reflect adjustments made to the net asset values in accordance with accounting principles generally accepted in the United States of America.

April 30, 2022

J.P. Morgan Exchange-Traded Funds

29

INVESTMENT OBJECTIVE***

The JPMorgan BetaBuilders U.S. Small Cap Equity ETF (the “Fund”) seeks investment results that closely correspond, before fees and expenses, to the performance of the Morningstar^® US Small Cap Target Market Exposure Extended Index^SM (the “Underlying Index”).

INVESTMENT APPROACH

The Underlying Index is a free float adjusted market capitalization-weighted index consisting of small-cap equity securities traded primarily in the U.S. It targets those securities that fall between the 95^th and 99^th percentiles in market capitalization of the investible universe. Using a "passive" investment approach, the Fund attempts to closely correspond to the performance of the Underlying Index, and invests in substantially all of the securities in the Underlying Index in approximately the same proportions as the Underlying Index.

HOW DID THE FUND PERFORM?

For the six months ended April 30, 2022, the Fund had a negative absolute return and performed in line with the Underlying Index.

The Fund’s and the Underlying Index’s exposures to the health care and information technology sectors were leading detractors from absolute performance, while their exposures to the energy and consumer staples sectors were leading contributors to absolute performance.

HOW WAS THE FUND POSITIONED?

During the reporting period, the Fund’s and the Underlying Index’s largest allocations were to the financials and industrials sectors and their smallest allocations were to the utilities and communication services sectors.

TOP TEN HOLDINGS OF THE PORTFOLIO AS OF April 30, 2022			PERCENT OF TOTAL INVESTMENTS
1.	Southwestern Energy Co.		0.6 %
2.	Independence Realty Trust, Inc.		0.4
3.	Sailpoint Technologies Holdings, Inc.		0.4
4.	Murphy Oil Corp.		0.4
5.	Matador Resources Co.		0.4
6.	Murphy USA, Inc.		0.4
7.	Chemours Co. (The)		0.4
8.	Rogers Corp.		0.4
9.	Commercial Metals Co.		0.4
10.	Kite Realty Group Trust		0.3

    

PORTFOLIO COMPOSTION BY SECTOR AS OF April 30, 2022		PERCENT OF TOTAL INVESTMENTS
Financials		16.0%
Industrials		15.7
Information Technology		13.3
Health Care		13.1
Consumer Discretionary		10.4
Energy		7.3
Real Estate		6.3
Materials		4.9
Consumer Staples		3.7
Communication Services		2.8
Utilities		1.9
Short-Term Investments		2.9

*

The return shown is based on net asset value and may differ from the return shown in the financial highlights, which reflects adjustments made to the net asset value in accordance with accounting principles generally accepted in the United States of America. The net asset value was $55.22 as of April 30, 2022.

30

J.P. Morgan Exchange-Traded Funds

April 30, 2022

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 redeemed, may be worth more or less than their original cost. Current performance may be higher or lower than the performance data shown. For up-to-date month-end performance information please call 1-844-457-6383.

Fund commenced operations on November 16, 2020.

The graph illustrates comparative performance for $10,000 invested in shares

of the JPMorgan BetaBuilders U.S. Small Cap Equity ETF and Morningstar^® US Small Cap Target Market Exposure Extended Index^SM from November 16, 2020 to April 30, 2022. 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 Morningstar^® US Small Cap Target

Market Exposure Extended Index^SM 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 Morningstar^® US Small Cap Target Market Exposure Extended Index^SM is a free float-adjusted market capitalization-weighted index that consists of small cap U.S. equity securities. Investors cannot invest directly in an index.

Performance shown in this section does not reflect the deduction of taxes that a shareholder may pay on Fund distributions or on gains resulting from redemption or sale of Fund shares.

The returns shown are based on net asset values calculated for shareholder transactions and may differ from the returns shown in the financial highlights, which reflect adjustments made to the net asset values in accordance with accounting principles generally accepted in the United States of America.

32

J.P. Morgan Exchange-Traded Funds

April 30, 2022

INVESTMENT OBJECTIVE***

The JPMorgan Carbon Transition U.S. Equity ETF (the “Fund”) seeks investment results that closely correspond, before fees and expenses, to the performance of the JPMorgan Asset Management Carbon Transition U.S. Equity Index (the “Underlying Index”).

INVESTMENT APPROACH

The Fund is passively managed to the Underlying Index, which primarily tracks large- and mid-cap equity securities of companies located in the U.S. and is designed to capture the performance of companies that have been identified through the Underlying Index’s rules-based process as better positioned to benefit from a transition to a lower carbon economy while also providing broader U.S. market exposure. Companies are then evaluated based on the rules-based process to determine how they effectively manage emissions, resources and carbon-related risks and are ranked within each sector.

HOW DID THE FUND PERFORM?

For the six months ended April 30, 2022, the Fund provided a negative absolute return and performed in line with the Underlying Index, before considering operating expenses, fees and tax management of the Fund’s portfolio. Both the Fund and the Underlying Index outperformed the Russell 1000 Index, which is a more traditional market capitalization-weighted index.

The Fund’s and the Underlying Index’s exposures to the information technology and consumer discretionary sectors were leading detractors from absolute performance, while their exposures to the health care and energy sectors were the leading contributors to absolute performance.

Relative to the Russell 1000 Index, the Fund’s and the Underlying Index’s exposures to the health care and information technology sectors were leading contributors to performance, while their exposures to the materials and industrials sectors were leading detractors from relative performance. 

HOW WAS THE FUND POSITIONED?

During the reporting period, the Fund’s largest allocations were to the information technology and health care sectors and the smallest allocations were to the materials and utilities sectors.

TOP TEN HOLDINGS OF THE PORTFOLIO AS OF April 30, 2022			PERCENT OF TOTAL INVESTMENTS
1.	Apple, Inc.		6.5 %
2.	Microsoft Corp.		5.7
3.	Alphabet, Inc., Class A		3.7
4.	Amazon.com, Inc.		3.0
5.	Tesla, Inc.		1.7
6.	UnitedHealth Group, Inc.		1.6
7.	Johnson & Johnson		1.5
8.	NVIDIA Corp.		1.3
9.	Visa, Inc., Class A		1.3
10.	Exxon Mobil Corp.		1.2

    

PORTFOLIO COMPOSTION BY SECTOR AS OF April 30, 2022		PERCENT OF TOTAL INVESTMENTS
Information Technology		29.4%
Health Care		14.9
Consumer Discretionary		11.8
Financials		11.4
Communication Services		7.3
Industrials		6.6
Consumer Staples		6.1
Energy		4.1
Real Estate		3.6
Utilities		2.7
Materials		2.0
Short-Term Investments		0.0 ****

---

*

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 $55.54 as of April 30, 2022.

April 30, 2022

J.P. Morgan Exchange-Traded Funds

33

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 redeemed, may be worth more or less than their original cost. Current performance may be higher or lower than the performance data shown. For up-to-date month-end performance information please call 1-844-457-6383.

Fund commenced operations on December 9, 2020.

The graph illustrates comparative performance for $10,000 invested in shares of the JPMorgan Carbon Transition U.S. Equity ETF, the JPMorgan Asset Management Carbon Transition U.S. Equity Index and the Russell 1000 Index from December 9, 2020 to April 30, 2022. 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 JPMorgan Asset Management Carbon Transition U.S. Equity Index and Russell 1000 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 JPMorgan Asset Management Carbon Transition U.S. Equity Index is a rules-based, proprietary index built to achieve a meaningful reduction in carbon intensity without relying on exclusions or sector deviations. It is a proprietary index designed to reflect the performance of a subset of the U.S. large and midcap companies in developed markets that, based on the index rules, are determined to be best positioned to benefit from a transition to a low-carbon economy. The Russell 1000 Index is a market capitalization-weighted index, which measures the performance of the 1,000 largest companies in the Russell 3000 Index. Investors cannot invest directly in an index.

Performance shown in this section does not reflect the deduction of taxes that a shareholder may pay on Fund distributions or on gains resulting from redemption or sale of Fund shares.

The returns shown are based on net asset values calculated for shareholder transactions and may differ from the returns shown in the financial highlights, which reflect adjustments made to the net asset values in accordance with accounting principles generally accepted in the United States of America.

April 30, 2022

J.P. Morgan Exchange-Traded Funds

35

INVESTMENT OBJECTIVE***

The JPMorgan Climate Change Solutions ETF (the “Fund”) seeks to achieve long-term capital appreciation by investing in companies that the adviser believes are developing solutions to address climate change.

INVESTMENT APPROACH

The Fund invests primarily in common stocks and depositary receipts that are currently, or in the process of, providing solutions to address climate change, or implementing business practices in response to climate change. The Fund uses a "thematic" investment approach that seeks to identify and invest in companies that are relevant to climate change solutions and selects companies within key sub-themes, including sustainable transportation, sustainable construction, sustainable food and water, renewable energy, recycling and re-use.

HOW DID THE FUND PERFORM?

For the period from inception on December 13, 2021 to April 30, 2022, the Fund provided negative absolute return and underperformed the MSCI All Cap World Index (the “Index”).

Overall, the Fund’s exposure to growth stocks, which generally underperformed value stocks during the period, and its holdings of stock in companies most exposed to rising global supply chain costs were leading detractors from absolute performance.

Relative to the MSCI All Cap World Index, the Fund’s security selection in the industrials and materials sectors and its underweight position in the energy sector were leading detractors from relative performance. The Fund’s overweight positions in the materials and utilities sectors and its underweight position in the information technology sector were leading contributors to performance.

HOW WAS THE FUND POSITIONED?

During the reporting period, the Fund’s largest allocations were to the industrials and materials sectors and the smallest allocations were to the energy and consumer staples sectors.

TOP TEN POSITIONS OF THE PORTFOLIO AS OF April 30, 2022			PERCENT OF TOTAL INVESTMENTS
1.	Deere & Co.		4.1 %
2.	Linde plc (United Kingdom)		3.7
3.	Schneider Electric SE		3.6
4.	Weyerhaeuser Co.		3.3
5.	NextEra Energy, Inc.		3.3
6.	Johnson Controls International plc		3.2
7.	Trane Technologies plc		3.2
8.	AGCO Corp.		3.1
9.	Boliden AB (Sweden)		3.1
10.	CNH Industrial NV (United Kingdom)		3.1

    

PORTFOLIO COMPOSTION BY COUNTRY AS OF April 30, 2022		PERCENT OF TOTAL INVESTMENTS
United States		44.7%
United Kingdom		8.1
Sweden		5.7
Netherlands		5.3
Switzerland		4.5
Spain		4.0
France		4.0
China		3.8
Germany		3.8
Finland		3.3
Japan		2.5
Canada		2.1
Ireland		2.1
Denmark		2.0
Italy		1.9
South Korea		1.6
Norway		0.6

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*

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 $37.78 as of April 30, 2022.

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J.P. Morgan Exchange-Traded Funds

April 30, 2022

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 redeemed, may be worth more or less than their original cost. Current performance may be higher or lower than the performance data shown. For up-to-date month-end performance information please call 1-844-457-6383.

Fund commenced operations on December 13, 2021.

The graph illustrates comparative performance for $10,000 invested in shares of the JPMorgan Climate Change Solutions ETF and the MSCI All Country World Index (net total return) from December 13, 2021 to April 30, 2022. The performance of the Fund reflects the deduction of Fund expenses and assumes reinvestment of all dividends and capital gain distributions, if any. The performance of the MSCI All Country World Index (net total return) does not reflect the deduction of expenses associated with an exchange-traded fund and has been adjusted to reflect reinvestment of all dividends and capital gain

distributions of the securities included in the Index, if applicable. The MSCI All Country World Index (net total return) is a free float-adjusted market capitalization-weighted index that is designed to measure the performance of large- and mid- cap stocks in developed and emerging markets. Net total return figures assume the reinvestment of dividends after deduction of withholding tax, applying the maximum rate to nonresident individual investors who do not benefit from double taxation treaties. Investors cannot invest directly in an index.

Performance shown in this section does not reflect the deduction of taxes that a shareholder may pay on Fund distributions or on gains resulting from redemption or sale of Fund shares.

The returns shown are based on net asset values calculated for shareholder transactions and may differ from the returns shown in the financial highlights, which reflect adjustments made to the net asset values in accordance with accounting principles generally accepted in the United States of America.

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J.P. Morgan Exchange-Traded Funds

April 30, 2022

INVESTMENT OBJECTIVE***

The JPMorgan Diversified Return Emerging Markets Equity ETF (the “Fund”) seeks investment results that closely correspond, before fees and expenses, to the performance of the JP Morgan Diversified Factor Emerging Markets Equity Index (the “Underlying Index”).

INVESTMENT APPROACH

The Fund is passively managed to the Underlying Index, which provides emerging markets large- and mid-cap equity exposure, diversified across emerging market regions, supersectors and individual securities. The Underlying Index uses a proprietary multi-factor stock selection process that utilizes the following characteristics: value, momentum and quality. The Underlying Index methodology includes quarterly rebalancing.

HOW DID THE FUND PERFORM?

The Fund posted a negative absolute return for the six months ended April 30, 2022, and performed in line with the Underlying Index, before considering differences in the net asset value calculations and foreign exchange pricing between the Underlying Index and the Fund and fees and operating expenses incurred by the Fund. The Fund and the Underlying Index outperformed the FTSE Emerging Index, which is a more traditional market capitalization-weighted index.

From a super-sector perspective, the Fund’s and the Underlying Index’s positions in the industrials and consumer super-sectors

were leading detractors from absolute performance, while their positions in the financials super-sector was the sole sector contributor to absolute performance.

From a regional perspective, the Fund’s and the Underlying Index’s positions in Asia Pacific, excluding China, and in China were leading detractors from absolute performance, while their positions in Latin America and in the Europe, Middle East and Africa (EMEA) region were leading contributors to absolute performance.

Relative to the FTSE Emerging Index, the Fund’s and Underlying Index’s multi-factor security selections in the consumer super-sector and their underweight positions in the industrials super-sector were leading contributors to performance, while their multi-factor security selections and underweight positions in financials super-sector were leading detractors from relative performance. 

HOW WAS THE FUND POSITIONED?

During the reporting period, the Fund’s and the Underlying Index’s largest allocations were to the banks and telecommunications super-sectors, while their smallest allocations were to the media super-sector and the travel and leisure super-sector. The Fund’s and the Underlying Index’s largest regional allocations were to Asia Pacific, excluding China, and to EMEA and their smallest allocations were to China and Latin America.

April 30, 2022

J.P. Morgan Exchange-Traded Funds

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